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RAILWAY AND
INDUSTRIAL
SECTION
OF THE
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Copyrighted in 1922, according to Act of Congress, by W ILLIAM B. D ANA COMPANY, in office of Librarian of Congress, Washington, D. C.
Vol. 115.
and
I ndustrial
Section .
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THE TRANSPORTATION ACT OF
1920
IN NOVE IBER
1922.
On M arch 1 1920 the railroads of the United States, which
on Jan. 1 1918, as a w ar measure, had been taken over for
operation as one system by the United States Railroad
Administration, wore, in so far as still under its control (the
short lines having previously been surrendered), restored to
their owners. Federal control was thus terminated pur
suant to a proclamation issued on Dec. 24 1919 by the
President of the United States and subject to the terms of
tho Transportation Act of 1920, approved by the President
on Feb. 28 1920. The complete text of tho A ct was printed
in the “ Chronicle” of Feb. 21 1920, pages 715 to 732, with
an amendment in V . 110, p. 2253.
On Sept. 1 1920 tho Government guaranty of income which
was granted to assenting roads for tho six months following
tho end of Federal control expired by limitation.
On M arch 1 1922, two further provisions of the Transpor
tation A ct expired by limitation, namely: (1) The provision
of Section 15 (a) making it incumbent on the Inter-State
Commerce Commission when adjusting freight and passenger
rates during the two years beginning M arch 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 5 j^ % per annum and in addition
at the discretion of the Commission an additional ^ of 1 %
to make provision for improvements, betterments or equip
ment; (2) The provision in Section 210
permitting the
carriers to apply for loans from the Federal Revolving Fund
within two years from the termination of Federal control.
On M a y 24 1922 the Inter-State Commerce Commission,
as required by tho A ct, made known its decision as to what
would be a new reasonable rate of return on tho investment
of the roads, for use when fixing rates for passenger and freight
transportation. The decision of tho Commission was reached
in considering the question of rate reductions, and tho full
text of the Commission’s report and opinion in that caso, in
which a horizontal cut of 10% in freight rates was made, was
given in the “ Chronicle” of M a y 27 1922, pages 2317 to 2329.
Tho conclusions as to the rate of return will be found on
page 2327. The Commission ruled: “ That on and after
M arch 1 1922 a fair return upon the aggregate value of the
(a)
No. 2996.
railway property of the carriors dofined in Section 15a of
the Inter-State Commerce Act, determined as therein pro
vided, will bo 5.75% of such aggrogato property valuo as a
uniform percentage for all rato groups or territories desig
nated by this Commission.”
The Transportation A ct of 1920 was designed to enable the
railroads as a whole to meet their financial problems caused
by the w ar and Federal operation, and to assist them in thoir
future financing by giving them a reasonable, though oxtremely moderate, return on thoir investment. The im
mediate effect was most disappointing owing to an onormous
increase in labor costs and a procipitate decline in railroad
traffic. (V . 113, p. 1732 to 1734.) Tho railroads wore
therefore obliged to curtail their expenses drastically and to
seek a reduction in the wages of their employees.
Comparative statistics show these results for railways
having annual operating revonues abovo $1,000,000 (seo full
data in V . 113, p. 1852 to 1854, 1739 to 1742; V . 114, p.
1492):
Average
Calendar Yearly
Year. Wage
$892
1916
1917
1,004
1918
1,419
1919
1,486
1920 ____ 1.820
1921 ____ 1,665
_ _ _ _
R ailway
NEW YORK, NOVEMBER 25 1922.
Total
Labor Cost.
$1,468,576,394
1,739,482,142
2,613,813,351
2,843,128,432
3,681,801,193
2,765,236,353
Cross
Operating
Revenue.
$3,596,865,766
4,014,142,747
4,880,953,480
5,144,795,154
6,178,438,459
5,516.556,455
Net
Return
Operating on Prop.
Income.
Value.
$1,040,084,517 6.16%
934-,068,770 5.26%
638,568,603 3.51 %
454,984,953 2.46%
17,226,902 0 .00 %
600,888,351 3.08%
In April 1921 the Railroad Labor Board ordered tho
abolition on July 1 1921 of some of the provisions of the
“ National Agroomonts” which tho railroad managors claim
have cost the railroads of the U . S. $300,000,000 per annum,
but laid down 1G cardinal principles that must be maintained.
(V . 112, p. 1580, 1581; V . 113, p. 34, 805, 893, 915, 91G,
132G, 1429, 1G44, 1731, 1732.)
Subsequently in 1921-22 the national agreements were
revised by the Labor Board, romoving some of thoir most
burdensome features in tho case of railroad labor other than
trainmen’s brotherhoods. Seo below.
The United States Railroad Labor Board, at Chicago, on
M a y 10 handed down a docision holding tho practico of
contracting shop repair work to outsido firms as a violation
of the Transportation Act. V . 115, p. 34, 1597; V . 114, p.
2084, 2174.
In M a y and June 1921 the L abor Board announced its
decision that the exigencies of tho situation demanded a sub
stantial decroase in railroad expenses, and for that reason
railroad wages on tho largor roads should bo reduced on the
averago 12%. A strike against this decreaso and to forestall
any further charges in wages and working conditions was
ordered by the four trainmon’s brotherhoods and tho switch
men’s union; but on Oct. 27 1921, on the ovo of its becoming
effective, was declared off, as below stated.
In N o v . 1921 many reductions in froight rates had already
been made (since A ug. 1920), and tho railway executives, in
order further to roduce these rates as domanded by the public,
posted notices of a proposed additional wage cut of about
10% with tho intent of wiping out tho remainder of the
wage advance of 1920. Tho railroads agroed to pass on all
benefit from this further wago cut to tho public, and in an
ticipation of same put in effoct on Jan. 7 1922 an experimental
reduction of 10% on agricultural products for all parts of the
country, this reduction to stand during tho six months in
which tho plan to reduce wages will como boforo tho Labor
Board. Seo also V . 113, p. 2153, 2470, 278G. Tt was
not until M a y 1922 that tho Labor Board announced its do
cision as to furthor wago reductions, and it then promul
gated decreases in tho pay of tho shop craft employees,
maintenance of way mon, froight car mon, signal mon, cloarks,
&c., effoctivo July 1 1922, which it was computed would
effect a saving to tho carriers of $135,000,000 per year.
4
RAILWAY AND INDUSTRIAL SECTION
This led to a prolonged strike, as noted further on in the arti
cle on Railroad W ages. V . 114, p. 2432, 2541, 2784. The
maintenance of w ay 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.
Late in 1921 and early in 1922 the Federal Government
sold a large amount of its holdings of equipment trusts, (see
below ), and was using 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 A ct of 1920,
would have permitted the settlement of the largo amounts
due by the Government to the railroads on account of
compensation, guaranty, &c., and the funding of $500,000,000 of indebtedness due b y them to the Government for
expenditures made during Federal control on additions and
improvement account. Compare V . 113, p. 2371, 2043,
2043, 2042, 1730, 1115, 910 to 914, 805, 696, 488, 487, 149.
F or tentative valuations of 150 roads filed in 1921, see
V . 113, p. 1008, 1011, 1539. See also article entitled “ Fed
eral Valuation of the Railroads in the United States,’’ by
the Committee on Railroad Securities of the Investment
Bankers’ Association of America, in “ Chronicle” of Oct. 21
1922, page 1798.
#
.
The general railroad consolidation plans submitted ten
tatively in 1921 were outlined in V . 113, p. 1429 to 1431,
1950 to 1952. Hearings on the so-called Ripley plan,^ ap
proved with certain modification by the Inter-State Com
merce Commission were scheduled to begin before that Com
mission on April 24, but were postponed. ^ Hearings, how
ever, were resumed N o v . 17. V . 115, p. 2232.
George B . M cG in ty , Secretary of the Inter-State Com
merce Commission, in a letter to Senator W illis of Ohio
in M a y 1921, said in part:
“ It is not a question to-day whether or not the rates shall
produce 5 K or 6 % upon the value of tho carriers’ properties.
“M ore than one-lialf of tho carriers are earning loss than
their operating expenses and taxes. A very few individual
roads are earning their interest charges. Some of thorn
are not even earning their operating expenses.
[Refutation of statements that railroad securities are
badly watered. Penna. R R ., “ Chronicle” V . 112, p.
2712; N . Y . Central, V . 112, p. 2046.]
The following outlines the Transportation Act of 1920:
G U A R A N T E E D IN C O M E F O R S IX M O N T H S .— Railroad companies
signifying by March 15 1920 their acceptance o f such guaranty shall be
guaranteed by the United States Government for the first six months ending
Sept. 1 1020 following the termination o f Federal control, sums at the
same rate as their compensation during that control.
Roads Declining Six Months' Guaranty (.Inserted by E ditor).
N ew Y ork Chicago & St Louis
Alabama Great Southern
Northwestern Pacific
A tlanta & W est Point
Pere Marquette
Atlantic C ity R R . Co.
Perkiomen Railroad Co.
Bessemer & Lake Erie
Po rt Reading
Carolina Cltnchfield & Ohio
Rich. Frederick. A Potom ac R R .
Cine. N ew Orleans & Texas P a cific
St. Louis Southwestern R y . C o.
Duluth & Iron Range
St. L . Southwestern R y . o f Texas
Duluth Mlssabe & Northern
Southern Railw ay
Elgin Joliet & Eastern
W est Jersey & Seashore
Long Island
Western Pacific.
Louisiana & Arkansas
Western Railw ay o f Alabama
N ew Orleans & Northeastern
R A T E S M U S T R E A D J U S T E D SO AS T O Y I E L D A F A IR R E T U R N .
— Rates shall be adjusted from time to time so that the carriers as a whole,
or as a whole In each rate group or territory, will, under honest, efficient
and economical management and reasonable maintenance expenditures,
earn an annual net railw ay operating income, as nearly as may be, to a
fair return upon the aggregate value o f the property o f such carriers held
for or used in the service o f transportation.
T o this end the Commission, pending the completion o f its valuation o
the railway properties in the United States, Is required to make tentative
valuations o f the several roads as a basis for rate making.
R E T U R N O N C A P I T A L F O R F IR S T T W O Y E A R S .— During the
tw o years beginning M arch 1 1920 the Commission shall adopt 5 MJ% as a
fa ir return on the actual value o f railroad properties and at Its discretion
m ay add a sum not to exceed a total o f M % fo r improvements, betterments
or equipment chargeable to capital account.
D I S T R I B U T I O N O F E A R N IN G S I N E X C E S S O F 6% .— N e t railw ay
operating Income In any year In excess o f 6% o f the value or the property
■hall be utilized as follows: (a) One-half o f such excess shall be placed In
a Reserve Fund maintained by the railroad: (b) the remaining one-half shall
go Into a General Railroad Contingent Fund.
R E F U N D IN G O F C A R R IE R S ’ IN D E B T E D N E S S T O T H E U N I T E D
S T A T E S — Th e net Indebtedness o f each carrier to the United States for
additions or betterments m ay be funded for a period o f ten years (or less
at option o f company) from the termination o f Federal control with interest
at 6% per annum, subject to the right o f the carrier to anticipate the pay
ment o f the whole or any part o f the Indebtedness. A n y remaining debt
to U . S. to be evidenced by 6% notes running one year or less.
C O N S O L ID A T IO N OF R A IL R O A D P R O P E R T IE S — S T O C K C O N
T R O L . &C .— Th e Inter-State Commerce Commission Is directed to
prepare and adopt a plan for the consolidation o f railroad properties Into
a limited number o f competing systems, and consolidations /ire authorized
when in harmony with the plan so adopted and approved by the Commta■ion. See plans as proposed In 1921, V . 113, p. 1429 to 1431 and 1950.
T h e 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.
J O IN T USE O F T E R M IN A L S .— T h e Inter-State Commerce Commii■ion whenever in its opinion there exists an emergency may require such
Joint or common use o f terminals. Including main-line tracks for a reason
able distance outside o f such terminals as in Its opinion will best meet the
emergency and serve the public Interest.
IN T E R - S T A T E C O M M E R C E C O M M IS S IO N M A Y I N I T I A T E
R A T E S .— In the exercise o f its power to prescribe Just and reasonable
rates, the Commission can Initiate as well as m odify and establish rates.
C O N T R O L O V E R S E C U R IT Y ISSU ES.— Th e 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
o f said notes o f the railroad amounts to less than 5% o f Its capitalization.
See regulations, V . I l l , p. 1814, 1049, 587.]
L A B O R B O A R D S T O A R B I T R A T E D IS P U T E S B E T W E E N W A G E E A R N E R S A N D E M P L O Y E R S .— Th e law authorizes a system o f labor
boards o f adjustment to be established by employers and employees. A
[V ol. 115.
central railroad labor board of appeall s created with power to hoar disputes
and initiate Investigations.
, .
Th e members o f this board, three o f whom are to represent labor, three
railroad managers, and three the public, to be appointed by tho President
and confirmed by tho Senate. There are no penal provisions for the
enforcement o f the decisions o f this board. [See list o f members on page 6.)
F ed era l C o n tr o l— S ta n d a rd R e tu rn .
Th e 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.
C O N T R A C T S FOR G O V E R N M E N T C O N T R O L — R E N T A L P A Y
M E N T S .— Th e form o f contract which tho Government exocuted, with
ght variations, with the railroads, will be found in V 107. p. 1157, 956.
T h e A ct o f Congress approved March 21 1918 (cited In V 106, p. 1421)
uthorized tho President ‘ ‘ to agree with and to guarantee” to any carrier
that during the period o f such Federal control it shall receive as just come nsation 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 anil when Federal control was terminated Feb. 29 1920 there
still remained a number o f roads concerning which the question o f compensa
tion, whether the standard return or a larger sum, was still to bo determined.
Out o f tho 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 fixod charges, and also any dividends
allowed on their capital stock.
,
„
A list o f the compensation contracts finally executed up to Sept. 151920
will be found, with the amounts o f the compensation agreed upon, on pages
6. 7 and 252 o f the issue o f this Section for N o v . 27 1920. Others have
been noted from week to week In subsequent issues o f the “ Chronicle.
U n ite d S tates R a ilro a d A d m in istra tio n .
Director-General o f Railroads and A gent o f tho President, James O.
Davis; Assistant to the Director-General, E . M . A lvord: C hief Clerk, A . W .
Stoll; Comptroller, L . J. Tracy. Division o f Finance, D . O. Porteous,
Director; Ralph Blalsdell, Treasurer; Division o f Liquidation Claims,
E. M . Alvorcl, Director; Short Lino Section. Sidney F. Andrews, Chairman,
H . W . Tweed, W G . Goodrich. Headquarters, nu rloy-W right Building,
18th and Pennsylvania A v e ., N . W ., Washington, D . O.
LOANS, ETC., MADE BY FEDERAL AUTHORITIES
UNDER CONTROL ACT , ACT OF 1920, ETC.
During the Federal control poriod from Jan. 1 1918 to
Feb. 29 1920, and tho guaranty poriod of 6 months from
M arch 1 to A ug. 31 1920, and as a result of tho financial
operations called for by the Control A ct of 1918, tho Trans
portation A ct of 1920 and tho A ct incorporating tho W a r
Finance Corporation, advances to a largo amount wero made
to the railroads by the U . S. Treasury, tho Director-General
and the W a r Finance Corporation on account of additions
and improvomonts, the funding and refunding of loans and
in the case of the Boston & M aine for reorganization purposes.
The securities acquired on account of such advances by
the U . S. Treasury and still hold by it on recent dates were:
(1) Obligations o f *55,810,000 Held by United States Aug. 31 1922. under
Sec. 7 o f Federal Control A ct of 1918.
*500,000
Boston A Maine R R _______S26.114,000 Pittsburgh A Lake Erie R R .
Mlnnoap. A St. Louis R R ..
750,000 Soaboaril Air Line R R _____ 1,850,000
Receiver M .K.AT.Ry.of Tex.
52,000 Washington Brandywine A
50,000
Point Lookout R R ...........
New York Central R R ____
6,500,000
Pennsylvania R R __________ 20.000,000
(2) Obligations o f *129,926,500 Acquired by United States Pursuant to Sec. 207
of Transportation Act of i920 and Held A ug. 31 1922.
Ann Arbor R R ____________
$550,000 Internat A Gt Northern R R . 12,400,000
750,000
Baltimore A Ohio R R ______ 9,000,000 Maine Central R R _________
Bangor A Aroostook R R ___
325,000 Missouri Paclflo R R ............. 3,000,000
Boston A Maine R R ________ 1,030,000 N Y Chicago A 8t Louis R R . 1,000,000
Chicago A Eastern Illinois R R 3,425,000 N Y N II A Hartford R R ___ 64,316,500
Chicago Mllw A St Paul R y .. 20,000,000 St L-San Francisco R y _____ 3,000,000
Chic Rock Island A Pac R y .. 8,000,000 Wabash R y . . . .................... 1,500,000
Erie R R .............................. 8,250,000 Western Mnryland R y ....... . 2,000,000
900,000
Gulf Mobilo A Northern R R .
480,000 Wheeling A Lake Erie R y . . .
(3) Obligations o f 5317,886,667 Acquired by United States Government to
N ov. 1 1922 Pursuant to Sec. 210 of Transportation A ct o f 1920
for Loans from *300,000.000 Revolving Fund.
International A-Great West
Alabama Tennessee A Nor
ern Ry., Receiver of___ x*194,300 00
thern R R ...................... x$ 189,000 00
Alabama A Vicksburg R y .. 1,394,000 00 Des Moines A Central Iowa
Ry., formerly tho InterAkron Canton A Youngs
Urban R y.....................
633,500 00
town R y ______________
212,000 00
Ann Arbor R R ....... ......... x650,000 00 Kansas City Mexico A Ori
ent RR., Receiver of the.x5,000,000 00
Aransas Harbor Term. R y .
50,000 00
Kansas City Terminal R y ..
580,000 00
Atlanta Birmingham A At
lantic R y ______________ x200,000 00 Lake Eric Franklin A Clar
ion R R _________
x25,000 00
Baltimore A Ohio R R ....... 3,000,000 00
Bangor A Aroostook R R __ x200,000 00 Long Island RR., Tho....... X719.000 00
Louisville A Jeffersonville
Birmingham A Northwest
Bridgo A R R .................
162,000 00
ern R y________________
75,000 00
Boston A Maine R R ____ xl9,705,179 00 Maine Central R R ............ 2,373,000 00
Mlnneap. A St. Louis R R .. 1,382,000 00
Buffalo Rochester A Pitts
burgh R y ______________ 1,000,000 00 Missouri Kansas A Texas
Ry. of Texas. Receiver of x450,000 00
Cambria A Indiana R R ___ x250,000 00
Carolina Clinch. A O Ry.. -10,000,000 00 Missouri A North Ark. R y . 3,500,000 00
Central of Georgia R y ....... x237,000 00 Missouri Pacific R R ____ xl0.071.760 00
Central New England R y ..
300,000 00 National Railway Service
Corporation................ xll,437,830 00
Central Vermont R y ______ xl93,000 00
Charles City Western R y -140,000 00 New Orleans Texas A Mex
ico R y .......................... X234.000 00
Chesapeake A Ohio R y ___ x9,097,000 00
Now York Central R R __ x26,775,000 00
Chicago A Eastern Illinois
RR. Receiver__________
785,000 00 New York New Haven A
Hartford R R .............. xl9,430,000 00
Chicago Great Western RR.x2,685,373 00
Chicago Ind. A Loulsv. R y . x200,000 00 Norfolk Southern R R .......x 1,311,000 00
Chicago Mllw ?& St. P. Ryx60,340,000 00 Northern Pacific R y ......... xO,000,000 00
Chicago R. I. A Pac. R y --- 9,802,000 00 Pennsylvania R R ________xl2,480,000 00
Chicago A West. Ind. RR..x8,000,000 00 Peoria A Pekin Union Ry__xl,799,000 00
61,000 00
Cisco A Northeastern R y ..
230,450 00 Rutland R R .....................
Salt Lake A Utah R R ....... xl.000,000 00
Cowlitz Chehalls A Cascade
R y ...............................
45,000 00 Seaboard Air Line R y ____ 8,698,400 00
Tho Seaboard-Bay Lino Co. 4,400,000 00
Cumberland A Manchester
29,000 00
R R ...............................
375,000 00 Shcarwood R y ___________
100,000 00
Erlo R R _______
11,574,450 00 Tampa Northern R R ____
Tcnnessco Central R y ____ 1,500,000 00
Evansville Indianapolis A
Terre Haute R y ________
400,000 00 Terminal RR. Association
of St. L ou is................. x89G,925 00
Fernwood Columbia A Gulf
R R ..............................
33,000 00 Toledo St. Louis A Western
RR., Receiver of_______ x692,000 00
Flemingsburg A Nor. R R . .
7,250 00
Trans-Mississippi Terminal
Fort Dodge Dcs Moines A
n u Co
____________ 1,000,000 00
Southern R R ................
200,000 00
Virginia Blue Ridge R y . . .
106,000 00
Fort Smith A Western RR.,
38,000 00
Receiver of the_________
156,000 00 Virginia Southern R R . . . . .
2,000,000 00
Gainesville A N. W. R R . . .
75,000 00 Virginian Ry, The....... .
Waterloo O F A Nor R y ..x 1,320,000 00
Georgia A Florida Ry., Re
ceivers of______________
792,000 00 Western Maryland R y___ x3,422,800 00
Great Northern R y ......... x33,490,000 00 Wheeling A Lake Erie R y. 2,960,000 00
90,000 00
Greene County R R _______
xOO.OOO 00 Wilmington Bruns A So R R
381,750 00
Gulf Mobile A Nor. R R .. . 1,433,500 00 Wichita Northwestern R y .
Hocking Valley R R ........... 1,665,000 00
Illinois Central R R ...........x4,440,000 00
T o ta l........................ $317,888,667 00
Indiana Harbor Belt R R __ x579,000 00
x Repayments o f the foregoing loans under Section 210 have beon made
i tho extent shown at top o f next pago.
RAILWAY AND INDUSTRIAL SECTION
Nov., 1922.]
O f the loans included
ing had been repaid up
the foregoing table, the followNov. 1 1922.
Ala Tenn * Nor R R Corp.
S13
Ann Arbor H R.............
120
Atlanta Birm A Atl R y __
20
Bangor A Aroostook R R ..
20
Boston A Maine R R _____ 5,000
Cambria A Indiana R R __
250,
Carolina Clinch! A Ohio Ry 2,000
15
Central of Georgia R y____
Central Vermont R y______
13
Chosapeako A Ohio R y___ 1,023
Chicago Great Western R R
210
Chicago Ind A Louisv R y ..
45
Chicago Mllw A St Paul Ry25,340
Chicago A Western Ind RR
183
Great Northern R y_______ 31,020
Greene County R R _______
0
Indiana Harbor Belt R R ..
105
Illinois Central R R ...........
592
Int A Gr Nor Ry, Receiver
38,
Kansas City Mex A Orient
RR. Receiver__________ 2,500, 000 00
*2,500 00
Lake Erie Fr A Clarion R R
2X9,000 00
Long Island R R __________
Mo Kan A Texas Ry of
Texas, Receiver________
30.000 00
Missouri Pacific R R ....... . 4 442.000 00
National Ry Service Corp.
612,540 07
234.000 00
N O Texas A Mexico R y ..
N Y Central R R ................ 3, 785.000 00
N Y N II A Hartford R R ..
100.000 00
Norfolk Southern R R ____
11,100 00
Northern Pacific R y _______ 6 000,000 00
Pennsylvania R R ...............12,480.000 00
Peoria A Pekin Union R y ..
2,000 00
96.000 00
Salt Lake A Utah R R .......
Terminal RR Assoc of St L 896,925 00
Toledo St Louis A Western
46.000 00
RR, Receiver__________
60.000 00
Waterloo C F A Nor R y ..
1 0 0.000 00
Western Maryland R y ___
T o ta l.......................... $98,323,511 10
The aforesaid securities aro in addition to securities re
ceived by the Director-Genoral of Railroads as follows:
Definitive Securities o f Carriers Held bn Director-General Nov. 1 1922 (.Total
$198,105,400.)
(a) Bonds— $27,317,900—
Amount.
M ortgage bonds o f Boston & M aine (0orles‘ 'O , ” “ D ” a n d“ L ” )-$27,144,000
Kansas Oklahoma & G u lf R y (Series " A " _____________ 1_______
173,900
(b) Collateral Notes— $128,940,500 (Amount o f Collateral Deposited,
$172,366,000)—
Ann Arbor R R .....................
550,000 Gulf Mobile A Northern R R .
4S0.000
Baltimore A Ohio R R . ______ 9,000,000 Maine Central R R _________
750,000
Bangor A Aroostook R R ___
325,000 Missouri Pacific R R ________ 3,000,000
Chicago A Eastern 111 R y___ 3,425,000 N Y Chic A St Louis R R ___
1 , 000,000
Chicago Great Western R R ..
950,000 N Y N II A Hartford R R ... 64,316,500
Chicago Mllw A St Paul R y. 20,000,000 St Louts- San Francisco R y .. 3.000.
Chic Rock Island A Pac R y . 8,000,000 Wabash R y ........................
1,500,000
Delaware A Hudson Co____
1,500,000 Western Maryland R y ......... 2.000.
Erie R R .......................
8,250,000 Wheeling A Lake Erie R y __
900,000
(
I?p/*rirprv*
International & Great Northern Ity ., duo March 1 1930_______ $2,400,000
(d) Equipment Trust Obligations— (o f which $307,055,750
have been sold or paid at m atu rity)_______________________ 39,501,000
Tho W a r Finance Corporation also aided in the financing
during Fedoral control.
Railroad Loans fade by War Finance Corporation Unpaid Nov. 14 1922
Brio R R . (Oollat. 1st Cons. Gen. Lien 4% , $19,- Orig. Am ’t. Unpaid.
217,000; Gen. M . 4% , Ser. " D , ” $8,372,000;
Gen. M . S o r / 'B ,” 440,000................................. 12,768,420 10,000,000
T o ta l o f all loans made to, or on account of, carriers
In 1918-19 by W ar Finance Corporation______ $204,794,520 $10,000,000
Railroad Loans Paid in Fu ll Since Aug. 1 1921.— N . Y . Central R R .,
$20,500,000; Chic. Ind. & Louisvillo R R .. $1,400,000; Southern R y .,
7,355,270; Ann A rbor R R ., $50,000; Chicago Rock Island & Pacific R y .,
10,430,000; to tol, $39,735,270.
{
Comparo also “ Government Financing of Railroads” on
page 240.
EQUIPMENT TRUST AGREEMENTS OF JAN.
15 1920.
Equipment trust agreements wore executed oarly in 1920
by some 80 leading railroad companies with tho DirectorGenoral of Railroads and tbo Guaranty Trust Co. of N ow
Y ork as trustee, covering approximately $323,000,000 worth
of new rolling stock, built and building. This rolling stock
was ordered by tho United States Railroad Administration
during the poriod of Federal control of railroads and has
been allocated to tho railroad companies namod below and
accoptod by thorn. (Com paro V . 109, p. 1668, 1955, 2406.)
The notes, while issuablo from time to time as equipment
is delivered to tho roads, aro all datod Jan. 15 1920, payablo
both principal and intorost, in gold of present standard.
Each issue will maturo in 15 equal installments on Jan. 15
n each year, 1921 to 1935, both inclusive, and will bear
interest at 6 % per annum, payablo semi-annually, July 15
and Jan. 15 at tho office of tho trustee in N o w Y o rk City.
Tlioy will bo subject to redemption at the option of tho
maker prior to maturity at 103 and interest on any interest
dato after 60 days’ notico, but only as ontiro issues.
The W a r Financo Corporation, in a statement issued by
M anaging Director Eugono M eyer Jr., on Jan. 22 announced
that tho Director-Gonoral had addressed a lottor to all
railroads of which tho U . S. Troasurv still holds issues of
equipment trust obligations no part ol’ which has yet been
sold by it, asking [in order to increase tho saleability of its
holdings] that ho bo permitted to subordinate to the re
mainder of tho issuo [which remainder ho might thon sell]
not alono tho last fivo maturities, 1931 to 1935, or any ono
or moro of them, but such portion of tho maturities of any
year as ho may determine. The official statement says:
Tho amended clause w ill road as follows:
" ’ Eleventh; Upon request o f tho holder, or holders, o f all tho notes
which by their terms shall bo due and payable in any year, and upon pre
sentation o f such notes for that purpose, tho trustee snail stamp thereon,
or upon such part thereof as said holder, or holders, m ay designate and
request, the following words;
‘ For value received and as an inducement to purchases o f unstamped
notes, tho holder o f this noto lias caused tho same to bo stamped pursuant
to Article F.loventh o f tho Equipment Trust Agreement mentioned In the
note, and, as provided in said A rticle Eleventh, tho unstamped notes shall
bo payable in preference and priority to tho stamped notes out o f any
moneys received or collected by tho Trusteo under said Equipment Trust
Agreement upon enforcement o f Its rights or remedies in case o f a default
o f the carrier.’
, ..
_
“ For tho present, it Is tho purpose o f tho Director-Genoral, upon the
execution o f tho supplemental agreements, making the amended clause
operative, to makes salos o f railroad equipment trust obligations under an
arrangement, to subordinate, on tho part o f tho Government, approximately
33 1-3% o f tho principal amount o f each maturity; and tho Director-General
w ill bo prepared to sell 00 2-3% o f issues o f equipment trust obligations,
unsubordinated, at par and accrued interest to dato o f delivery. Tho
Railroad Administration w ill thus retain the one-third subordinated part
o f all serial maturities.”
5
Statement o f Equipment Trust Notes Originally Issued and on Hand as o f
Nov. 15 1922.
Still for
Original
Still for
Original
Sale.
Issue.
Sale.
Issue.
S
Road—1
S
Road—
$
$
L A N (Trust 37). 7,689,000
Ala Great South..
165,000
(Trust 37A)___ 2,869,500
228,800
790,500
Ann Arbor_______
347,100
Maine Central___ 1,203,000
Ath Top A S F e ... 7,356,000
Atl Birm A A t l. ..
982,500 *851,500 Michigan Central. 5,196,000
436.800
Minn A St Louis.. 1,512,000
Atl Coast L (Tr 4) 5,929,500
365.300
Mo Kan A Texas. 1,261,500
(Trust 4A ).......
450,000
751.400
Balt A Ohio ........17,800,500 5,142,800 Mo Pacific (Tr.41) 2,601,000
748.800
(Trust 41A)___ 2,592,000
Boston A Maine.. 6,813,000 1,978,600
739,700
(Trust 41B)___ 2,563,500
Buff Roch A Pitts. 2,001,000
768.300
(Trust 41C)___ 2,656,500
Caro Clinch A Ohio 6,210,000 1,794,000
175,500
Mobile A Ohio___
607,500
Central RR of N J 5,932,500
493,500
Charles A W Caro.
817,500
227,500 Monongahela R y .
751.400
Morgan A King’d. 2,601,000
Ch A Ohio (Tr. 13) 9,697,500
Nash Chat A St L . 1,297,500
(Trust 13A )___ 1,669,500
Chicago A Alton.. 1,816,500
525.200 N Y Central....... 13,840,500
Chic A East Illinois 741,000
213.200 N Y N H A I I ___ 4,438,500 1,285,700
Norfolk A Western 6,885,000
Chic A Northwest 9,973,500
132,000 *114,400
Chic A West Ind..
279,000
80,600 Norfolk Southern.
Northwest Pacific.
271,500
Chic Burl A Quincy 6,060,000
Chic Great West. .
651,000
188,500 Penn (Notes 1-14)54,516,000
(Note 15)......... 3,896,000
Ch Ind A Louisville 1,039,500
300,300
Pere Marquette..10,099,500 2.918,500
Chicago Junction. 478,500
582,000
Ch Mllw A St Paull6,444,500 4,751,500 Pitts A Lake Erie.
Pitts M cK A Youg 2,824,500
Ch R I A Pacific.. 8,117,250
Rich Fred A Pot’c.
984,000
Chle St P M A Om 2,352,000
107,900
370,500
Rutland_________
C N O A Texas Pac 957,000
St L-San Francisco
C C C A St Louis. 5,200,500
821,600
(Trust 71A)___ 2,844,000
Colo A Southern.. 1,050,000
826,800
(Trust 7IB )___ 2,860,500
Del A Hudson___ 3,981,000
863,200
(Trust 71C)___ 2,989,500
Det A Tol Sh Line 501.000
144,300
841.100
(Trust 71D)_____2,910,000
Det Tol A Ironton 844,500
803.400
(Trust 7I E )___ 2,779,500
Erie..................... 4,501,500 1,301,300
477.100
Seaboard Air Line. 1,650,000
Ft W A Denver C .
508,500
Southern Pacific.. 2,814,000
Atl Coast Line A)
Southern Railway-10,293,000
Louisv A Nash) 1,183,500
253,500
Sp Portl A Seattle.
879,000
Joint Lessees of
000
Term Assn of St L
342,000
Georgia R R — j
eiff.eoo
Gr Trunk of Can.
898,500
258,700 Texas A Pacific... 2,392,500
000
Gr Trunk Western 3,097,500
894,400 Tol A Ohio Central 2,172,000
341,900
Tol St L A Western 1,182,000
Great Northern__ 4,294,500
Virginian Railway 1,630,500
Hock Val (Tr. 32). 1,345,500
Wabash Railway. 11,331,000 3,273’,400
(Trust 32A)___ 1,489,500
Wash Southern__
421,500
Illinois Central... 9,706,500
94,500
Wash Terminal__
Ind Harbor Belt..
589,500
248,300
West Maryland__
856,500
Kanawha A Mich. 1,035,000
Kan City Southern 954,000
275,600 Wheel A Lake Erie 4,587,000 1,326,000
Kan City Terminal 187,500
T o t a l......... ..346,556,750 39.435,500
Lake Erie A West.
648,000
* Com plete maturities 1923 to 1935, inclusive, portions o f which have
not been sold.
A ll other items in “ Still for Sale” column are approximately one-third of
maturities from 1923 to 1935. inclusive, stamped as to subordination.
NATIONAL RAILWAY SERVICE CORP. EQUIP. TRUSTS
This company was incorporated in M aryland July 29 1920
at the instance of the National Association of Owners of
R R . Securities (S. Davies W arfield of Baltimore, President)
to co-operate with tho I.-S . C . Commission in assisting
the railroads of tho country to finance their needs for new
rolling stock, as permitted by the amendment to tho Trans
portation A ct of 1920.
(Compare V . I l l , p. 458.)
The certificates were described by President W arfield
substantially as follows (compare V . I l l , p. 1661, 458, 493):
Corporation.— A public corporation, operated without profit.
Th e
entire capital stock, which is nominal, has been subscribed by the N ational
Association o f Owners o f R R . Securities and will be deposited with the
Secretary o f the Treasury.
Description.— The initial certificates were issued in two series, not to
exceed $30,000,000 each, maturing in 15 years in 30 semi-annual payments.
Seven railroads or systems (see below) were to be included.
Class of Certificates.— Th e Certificates o f each series are divided Into
(a) P rior Lien and (6) Deferred Lien Certificates. Trustee, Guaranty T r . Co.
on conditional sales basis; Bankers Trust C o. on lease basis.
Th e Prior Lien Certificates are prior In lien, bear Int. at rate o f 7% and
will be taken by life insurance companies and investment institutions to
the extent o f 60% o f the present issue o f each series.
Deferred Lien Certificates to the extent o f 40% bearing Int. at 6% will
be Issued to secure the Government loans to the Service Corporation as the
terms to each carrier are approved by tho I.-S. C . Commission.
Security, A c .— The Deferred Lien Certificates are deferred both as to
principal and interest to the Prior Lien Certificates In the hands o f investors.
A contingent fund and a sinking fund are provided under the trust agree
ments, which, 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 or the equipment.
Railroads Included in Present Series.— The' carriers which were to be in
cluded in one or the other o f the Initial series were as follows (compare V . 113,
P. 183: V . 112, p. 1144, 372, 62):
Baltimore & Ohio R R .
Minneapolis & St. Louis R R .
Chicago Rock Island & Pacific R y . N ew Orl. T ex. & M ex. ( V . 112,p.1144)
Bangor & Aroostook R y .
Wheeling & Lake Erie R y .
In N o v . 1921 there had actually been issued (a) on the conditional sales
basis $6,580,000 Prior Lien and $6,179,000 Deferred Lien Otfs., and these
had been created for the B. & O., N . O. Tex. & M ex. and Bangor & Aroos
took; (b ) on lease basis an additional amount for Chicago R . I. & Pac.,
Minn. A St. Louis and W heeling & Lake Erie, viz., Prior Lien C tfs., $7,760,000 (excl. $128,000 already paid); deferred lien ctfs.. $5,258,730.
RAILROAD WAGES.
On July 20 1920 tho U . S. R R . Labor Board, acting under
Transportation Aot of 1920, granted wage increases to the
2,000,000 railway employees of the United States, retroactive
to M a y 1 1920, which the Board estimated would add approx
imately $600,()00,000 to the pay roll, but which tho Associa
tion of Railway Executives estimated at $625,921,085, or
21% , but which appears to have aggregated possibly
$720,000,000. Increases aggregating about a billion had
been domanded. See V . I l l , p. 347 to 350, 459, 460;
V . 110, p. 2252, 2254, 2624.
On July 1 1921, after careful investigation, the U . S. Labor
Board permitted the railroads, aside from tho so-called short
lines (which are in a class by themselves), to make a wago de
crease of about 12%, as against the aforesaid wago advance
of M a y 1 1920. It was estimated that this would effect a
saving in the yearly pay-rolls of tho roads of $375,000,000.
(Comparo V . 112, p. 2143 to 2150, 2377; V . 113, p. 33.)
W hile tho decrease was duly put in effect, tho question
whether it should be accepted or should bo opposed by^a
strike was referred by the leaders of the 16 railroad unions
6
BAIL WAY AND INDUSTRIAL SECTION
[V ol. 115.
ABBREVIATIONS USED IN THIS SECTION
E X P L A N A T O R Y .— This Supplement is expressly Intended for useln connection with the Investment news and official reports published from week to
week In the “ Chronicle.” Frequent reference Is made therefore to the volume and page o f the “ Chronicle” (as V. 115, 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. Annual reports are In black-faced figures.
Dividends.— Th e dividends ( “ divs.” ) In tho text are in general those actually paid during the calendar years named, irrespective o f 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 o f space, sometimes only In text below) as follows:
M iles o f Road.— Opposite bonds, this means the miles o f road owned covered by the mortgage.
Site or Par Value.— Shows (In dollars unless otherwise m arked), the denominations or par value, “ 100, A c .,’ ’ signifying $100 and larger.
Rate Per Cent.— Th e interest and dividend rate per annum Is here shown; g, gold; cur, currency; x, extra; s, stock or scrip.
When Payable.— J A J stands for January and July; F A A . February and August; M A 8, March and September; A & O, April and October: M & I f .
M a y and Novem ber; J & D , June and December; Q-J, quarterly from January; Q-F, quarterly from February; Q -M , quarterly from M arch.
Bonds, Principal When Due, & c.— This column shows for bonds the date when they mature; for stocks the amount and date o f tho last dividend paid «r
declared.
Other Abbreviations: M for “ mortgage” ; Gen M for “ general mortgage” : Con M or consol M for “ Consolidated mortgage” ; Inc M for “ Income m ortgage’ 1
g for “ gold” ; c or cur for “ currency” ; guar p A l f o r “ guaranteed principal and Interest” ; cum for "cum ulative” ; non-cum for "non-cum ulatlve"; conv
for “ convertible Into stock at holder’s option” ; prer for "preferred” ; pref a & d for “ preferred as to assets and dividends” ; s f for “ sinking fu nd"
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 ca ll"; p m “ per m ile"; ass’d, “ assumed."
Taxes.— The position as regards deductions for taxes (deductible at source) is indicated in tho table as follows: “ x " Th e bonds so marked contain the
broad tax-exemption clause that tho company will pay the interest thereon without deduction for any tax. Tho Federal Acts approved Oct. 3 1917
and Feb. 24 1919 provide, however, that only one normal 2% income tax shall bo deducted at tho source and that all further Federal Income taxe*
shall be met by the recipient o f the income. See V . 108, p. 521. xx "Com pany was paying at last advices so much o f the normal Income tax as com
pany is required to deduct as withholding agent (V . 104, p. 699). xxx "F re e from U . 8. Income tax up to 2 % . deductible at source." xxxx "Free
from U. 8. 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 ta x ." t " N o provision as to exemption from taxes.” i t “ Payable with deduction o f normal Federal Income ta x ." k "F re e from
Pennsylvania State tax.” kk “ Free from N ew Y ork State ta x ." v "F r e e from U . 8. taxes, deductible at source.”
vv "P a y a b le 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 o f inheritance taxes, vvvvv Payable without deduction o f U. S. (or Governm ental)
taxes other than successive Inheritance and income taxes.
Mortgage Trustees and Stock Transfer Agents (T R Treasurer’s O ffice) are Indicated thus:
NEW Y O R K C IT Y —
Bn — Bankers Trust Go
Ce — Central Union Trust
Co
Col — Columbia Trust Co
Em — Empire Trust Co
Eq — Equitable Trust Co
F
— Farmers’ Loan & T r
Q
— Guaranty Trust Co
Me — Mercantile Trust Co
Mp — Metropolitan Trust Co
N
— N ew York Trust Co
T
— T itle Guar Sc Trust Co
Us — United States Trust
Usm— U 8 M tg e & Trust Co
SBa — Safe Dep Sc Trust Co N C — Northern Trust Co Bk
PC — Peoples T r Sc Sav Bank
SC — Standard Trust Sc Sav
B O STO N—
Bank
A B — American Trust Co
BB — Boston Safe Dep Sc T r UC — Union Trust Co
CB — Commonwealth T r Co
C IN C IN N A T I—
FB — Federal Trust Co
U C i— Union Sav Bank & T r
IB — International T r Co
CLEVELAND —
NB — N ew England T r Co
CCI — Citizens' Sav Sc T r Co
OB — Old Colony Trust Co
SB — State Street Trust Co Cl C l— Cleveland Trust Co
FCI — First Trust Sc Sav Bk
UB — United States Trust Co Q
C I — Guardian S Bk Sc T r
C H IC A G O
D E T R O IT —
C e C — Central Trust Co o f III DD — Detroit Trust Co
C hC — Chicago C ity B k Sc Tr SD — Security Trust Co
B A L T IM O R E —
CC — Continental A Com UD — Union Trust Co
BBa — Baltimore Trust Co
mercial T r Sc Sav Bank
C oB a — Continental T r Co
FC — First Trust Sc Sav Bk
IN D IA N A P O L IS —
EBa — Equitable Trust Co
HC — Harris T r Sc Sav Bank UI — Union Trust Co
FBa — Fidelity Trust Co
F o C — Fort Dearborn T r &
LO S A N G E L E S , C A L —
MBa — M aryland Trust Co
Sav Bank
L L o — Los Angeles T r A Sav
M eBa— Mercantile T r Sc Dep IC — Illinois Trust Sc SavBk
Bank
MC — Mercnants' Loan Sc Tr S Lo — Security T r & Sav Bk
RAILROAD WAGES.
( Concluded from Page 5.)
to their local organizations (V . 113, p. 149), which, it appears,
were quite generally in favor of a strike, both to recover tho
lost wages and prevent further unfavorable changes in wage
or labor conditions.
W hen, however, it came to the actual declaring of a strike
only tho four trainmen’s brotherhoods and the switchmen’s
union were prepared to take this step in the face of a strongly
adverse sentiment on the part of the public and the Federal
Government, and even in the case of these unions, on a
number of roads, notably the Pennsylvania Eastern Lines,
the necessary 66 2-3% vote was lacking (V . 113, p. 1326,
1706, 1718, 1730 to 1738).
The strike was scheduled to begin in the various sections
of the country Oct. 30 to N o v . 5 (V . 113, p. 1735), but it
was called off on Oct. 27 after a hearing before the Labor
Board, in view of the vote by the latter that it would not
take up the matter of wage decreases until all the questions
relating to national rules and regulations have been disposed
of by it.
(V . 113, p. 1849 to 1852, 1943.)
In 1921-22 the national rules were rewritten by tho Labor
Board on a somewhat more reasonable basis for the shop
crafts and maintenance of w ay men, clerks and station
employees, signal men, supervisors, firemen and oilers, train
dispatchers, railway express employees, &c., but not for the
Brotherhood of Locomotivo Engineers, Brotherhood of
Locomotive Firemen and Enginemen, Order of Railroad
Conductors, Brotherhood of Railroad Trainmen and Switch
men’s Union of N orth America. The efforts of tho railroads
to get these latter bodies to agree to a wage reduction of
about 10% and to submit to various changes in the rules
failed in April 1922.
Reductions in wages of shopmen, maintenance of way
men, freight car men, signal men, clerks, &c., aggregating
approximately $135,000,000 per annum, were announced
by the U . S. Railroad Labor Board in M a y and Juno last,
effective July 1 1922. V . 114, p. 2432, 2541, 2784.
Following the wage reduction, tho shop craft organizations
went on strike July 1 1922, and for three months thereafter
the railroads of the country were seriously handicapped in
their operations. V . 115, p. 139. On July 17 1922 about
8,000 stationary firemen, engineers and oilers also were
called out. President Harding made strenuous efforts to
get the strikers to return to work and held numerous confer
ences with representatives of the unions and with railway
executives. But his proposals for the settlement of the
strike of railway shopmen, though accepted A ug. 2 by the
employees, fell through, because tho carriers rejected the
recommendation that tho men return to work with their
former seniority and other rights unimpaired (V . 115,
p. 611, 612). Later in the month, however, many of the
roads made individual agreements with their men on the basis
of the so-called Baltimore plan or other separate arrangements
and where this was not done the strikers in large numbers
L O U IS V IL L E —
F L — Fidelity & Oolumt T r
L L — Louisville Trust Co
N E W A R K , N J—
FN — Fidelity Trust Co
NEW O RLEAN S—
H N o — Hibernia B k & T rC o
W N o— Whitney Central T r &
Sav Bank
S T . L O U IS —
Am St— American T r Co
M eSt — Mercantile Trust Co
M St — Mississippi Valley T r
SSt — St Louis Union Trust
P H IL A D E L P H IA —
C P — Commercial Trust Co
FP — Fidelity Trust Co
G P — Girard Trust Co
G u P — Guaranty T r A 8 Dep
P IT T S B U R G H —
C1PI —Colonial Trust Co
M P — Merchants Un T r Co
C w PI-C om m on w ealth T r Co P h P — Philadelphia Trust Oo
DIM — Dollar Sav Sc T r Co
P IP — Provident Life A Trust
FPI — Fidelity T itle Sc Trust P e P — Penn Co for Insur on
P P l — Pittsburgh Trust Co
Lives A Gr Annuities
R P i — Real Estate T r Co
R P — Real Estate T A I Co
UPI — Union Trust Co
W P — West End Trust Co
SA N F R A N C IS C O —
P O R T L A N D , ME.—
AS — Anglo California T r Os
F P o — Fidelity Trust Co
MS — Mercantile Trust Oo.
P R O V ID E N C E —
IP r — Industrial Trust Co
US — Union Trust Oo
R P r — R h odeisIH ospTrC o
W IL M IN G T O N . D E I .
U P r — Union Trust Co
W W — Wllminvton T r Oo
gradually drifted back, so that by tho end of September the
strike ceased to bo much of a disturbing influence. V . 115,
p. 2123, 1596, 1282, 1283.
A preliminary injunction restraining tho officials of the
Federated Railway Shop Crafts from interfering in any
w ay with tho operation of tho railroads was granted at
Chicago Sept. 23 by Federal District Judge James H .
Wilkorson, and later was continued in forco. This was an
additional aid in breaking up tho strike. V . 115, p. 1495,
2123.
The threatened striko of 400,000 maintenance of way men
had meanwhile been stayed, E . F . Grable, President of tho
United Brotherhood of Maintenance of W a y Employees and
Railway Shop Laborers, having reached an agreement with
the Railroad Labor Board to withhold any striko ordor until
tho Board could arrango for a rehearing (V . 115, p. 139,
395). After tho rehoaring tho Labor Board (Oct. 14) granted
tho employees, represented by tho United Brotherhood of
Maintenance of W a y Employees and Railway Shop Laborors
and tho Brotherhood of Railroad Station Employees, an
increase, effective Oct. 16 1922, of 2 cents an hour over tho
reduced schedulo put in forco on July 1 (V . 115, p. 1790).
Tho rules as revised for tho other unions in gonoral add
from ono to two hours to tho eight hours that must bo worked
at the regular pro rata rato beforo the punitivo extra!pay
becomes operative.
RAILROAD RATES.
On N o v . 17 1921 the Railroad Executives, in anticipation
of a furthor wage cut of 10%, announced a 10% reduction in
rates on farm products for all parts of tho country, oxcept
N ow England (and in N e w England also it was voluntarily
accepted by tho loading railroads), tho old rates to bo restored
at the end of six months in caso the expected lowering of
railroad wages had not been accomplished.
(V . 113, p.
2154, 2470, 2786.) This movo followed numerous and
important rato reductions on many products sinco A ug. 26
1920, when tho general advance below described was ordered.
Tho 10% reduction in rates on farm products it was estimated
would save shippers about $55,000,000.
The Inter-State Commorco Commission in M a y 1922 last
ordered a horizontal reduction of 10% in rates, effective
July 1 1922. For full text of decision seo “ Chroniclo” of
M a y 27 1922, pages 2317 to 2329. In tho caso of grain,
grain products and hay in Western territory tho Commis
sion had tho previous autumn ordered a froight rato reduction
of 1 6 )^% , which wont into effect Jan. 1 1922. T hat reduc
tion was allowod to stand without chango, tho 10% out not
in any w ay affecting it.
The I.-S. Commerce Commission in July 1920 having
placed a valuation of $18,900,000,000 upon tho railroad
properties, against a book value of $20,040,572,611, under
took to allow them 6 % upon the property investment,
(.Continued on Page 239.)
[For key to th e various abbreviations used in his p u b lication see page 235.]
RAILROAD COMPANIES
Subscribers will confer a favor by giving immediate notice of anr error discovered In these tables.
R A IL R O A D C O M P A N IE S
[For abbreviations, A c., see notes on page 6]
Adirondack R y — See Delaware & Hudson Go.
Micron Ik Barb Belt— 1st M a s fd calls 105. Usmx.o* Ar
A kron Can & Youna— 1st M $ 1,500,000 ft call 105 CICI
Northern Ohio K y 1st mtgo (guar p & i ) _______ Ce
\iabama (lreat Southern— Ordinary stock-------- -----Preferred stock 0% and participating $4.000,000 . .
First M gold ext In 1908 (V 85, p 1645. 1460)--F z.o
General mortgage £1,160,000________________ Ccz.c
First Consol M $25,000,000 gold.............. Q .zc*r*
Equip trust Series E due $55,000 s-a g ___________
G ovt equip trust duo $11,000 annually-------------G
Alabama Midland— See Atlantic) Coast Line R R
A labam a T e n n essee Sc N o rth e rn R R C orp—
Common stock, $2,500,000 v t c _____________________
Pref stock 6% $l,70u.000 cum after Jan. 1 1924----Prior lien M , $3,500,000 g call 10254-------Mpxxxc*
Gen (2d) M $2,116,001/ g call 105; Incomes 5 yrs -C o
Alabama Sc Vicksburg— Stook (see t e x t )____________
N ew first mortgage bonds— notes— see tex t_______
A lb a n y & N o r th e r n — See Georgia 8outhw Sc Gulf
Albany Sc Susq— Stook, dividends guar by D A H (end)
1st M $10,000,000 g eu d Sc 1 oon v(text) Ustnx.o’ Ar
A lb a n y & V erm on t— Stock 3 % guaranteed by rental
Miles Date
Road Bonds
Rale
%
When
Payable
4 g
$888,000
$1,000
1,117,000
6 g
100
2,500,000
5g
1,000
7,830,000 7 in 1922
50
3.380.350
7
50
1,749,000 5 (6) g
1.000
1878
£711.500
5g
£100
290 1888
5g
1913 * . £ A fr $4,312,000
1,000
385,000
1916
454 g
143,000
6g
1,000
1920
1902
1910
1895
186
186
143
142
12
100
100
100 See
Last Dividend
and M aturity
Sc D June 1 1942
As J July 1 1930
& O Oct 1 1945
&i D Dec 28’22 351
Feb 16*23 .3 X
Deo 1 1927
Deo 1 1927
Dec 1 1943
0une’23-June '26
T o Jan 15 1935
Places Where Interest and
Dividends are Payable
U S Mtge Sc T t Go , N Y
Cleveland Trust Co
Chase N a t Bank, N Y
Checks mailed
do
do
Farm L & T r. N Y : Sc B
Morgan ,Grenf&Co .Lon
Guaranty Trust C o, N Y
Guaranty Trust, Co. N Y
Guaranty Trust Co, N Y
&
100
2.500.000
1,700,000
J
950,000
6g
2.116,000 U p to 6
2,100,000 See text
M etropolitan T r Co, N Y
J July 1 1948
Columbia T r C o, N Y
Oct 1 1948
A pr 15’22 354% Central Union T r Co. N 4
100
1906 1,000 Ao
100
3.500.000 See text J
10.000,000
354 g A
M
600,000
3
&
&
&
Del Sc Hudson Go, N Y
J See text
do
do
O A pr 11946
N N o v 15 1922 154 T r o y , N Y
1918
1918
A K R O N & B A R B E R T O N B E L T R R .— See page 235.
A K R O N C A N T O N & Y O U N Q S T O W N R Y .— See page 235.
A L A B A M A F L O R ID A & G U L F R R — Operates from Cowarts, G a „
on Atlantic Coast Line H R . south to Greenwood, 32 milee. Capital stock,
$50,000; par, $100. First mtgo. 7% s. f. gold bonds, due A pril 1 1941.
$150,000. V. 113, p. 530. Pros., W . S. Wilson; Aud., J. B . Bivlngs,
Dothan, A la.— (V . 114, p. 1061.)
A L A B A M A G R E A T S O U T H E R N R R .— Owns Chattanooga, Tenn.. to
Meridian, Miss.. 292 miles (about 30% double-tracked); leases B elt R y .,
Chattanooga, 1.62 m.; owns 60% lnt. Woodstock Sc Blocton R y ., 8 m.;
trackage, 11 m.; total operated, 313 miles.
O R G A N IZ A T IO N .— Controlled by Southern R y .. but operated Inde
pendently. V. 81. p. 1722; V . 82, p. 159. Owns $975,100 stock o f 8. W .
Construction C o. received for $833,300 OIn. N ew Orl. Sc Tex. Pac. stock.
L A T E D IV S .— T l t o ’ 15. T 6 .
1917.
1918. T9 .
'20. ‘ 21. ’ 22.
5 yrly.
7
6&2ext.
3
11
7
654
7
Com. stock___
Prof, stock____
6 yrly.
7
6 & le x t.
654 754
7
654
7
In 1922; On com., Juno 29, 354%.
B O N D S .— The First Consols ($25,000,000) are issuable in lettered series,
$6,223,500 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 Improvements
at not over $500,000 yearly. V. 97. p. 1285. 1582. 1820; V. 9 8 .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 allo
cated to this company. See article on page 3.
—Net after Taxes-----E A R N IN G S .—
-Gross1922.
1921.
1921.
(I .- S . C . C . figures.)
1922.
$786,623
$450,157
$6,966,910
Jan. 1 to Sept. 30.......... $0,088,431
R E P O R T .— For 1921, in V . 115, p 1206, showed:
Interest, Pref.
Common Balance,
Operating Net ( after
Total
Surplus.
Cal.
Revenue.
Taxes).
Income. Rents, &c. Dividend. D iv.
$
$
$
$
Years
$
$
$
913,393 219,723 508,950 193,583
1921 . 9,542,225 1,017,483 1,448,483
919,499 236,624 548,100 873,350
1920.11,703,433 2,056,964*2,577,574
637,972
236,624 548.100 461.456
1919-10.529,739 1,779,530 1,884,152
....
* Includes opor. lncomo for 10 mos. (M arch-D ec.), $2,057,518; Federal
comp., 2 mos. (Jan.-Fob.), $283,863: other Income. $236,193.
Pres., Fairfax Harrison; Sec., C . E . A . M cC arthy; Treas., Charles
Patton. Offico, Birmingham, A la.— (V . 115, p. 1206.)
A L A B A M A TE N N E S S E E & N O R T H E R N R R . C O R P .— Owns and
operates 186 miles main track, extending from Calvert, A la., at Junction
with Southern R y. System, north to Reform, A la., on Mobilo Sc Ohio R R .
Also terminal tracks and valuable harbor frontage In M obile, A la., formerly
owned by M obile Terminal Sc R y . and 16 locomotives. 12 passenger cars
and 258 freight cars.
O R G A N IZ A T IO N .— Incorp. In Alabama Oct. 12 1918 as successor o f the
A . T . Sc N . Railway, foreclosed and reorganized per plan In V. 106, p. 2558;
V. 107. p. 290, 400, 1286, 1579; V. 108, p. 1720.
S T O O K V O T IN G T R U S T .— Th e now common stock Is held In a voting
trust, with George O. Van Tu yl Jr., Louis V . Bright, George E. Warren,
James O. Colgate, John T . Cochrane and I I . A . Smith as voting trustees.
B O N D S .— Th e only flxod charge for the first fiv e years Is the $950,000
6% Prior Lion bonds, which wore Issuod for cash per plan.
Or the ermalnder o f the $3,500,000 issue, $1,400,000 is roscrved for uso
undor restrictions In extending the lino if found doslrablo, northerly 50 miles
to connection with the St. Louls-San Francisco Ity ., and southorly to M o
bilo, 30 miles, with necessary improvements, and tho final $1,150,000 will
bo restricted to futuro impts. and oxtons. and tho refunding o f equip, obliga
tions, new or old.
Government loan, V. 113, p. 2612.
E A R N IN G S .— For calendar year 1921: Gross. $959,570; net oper.
Income, $127,084; other Income, $1,325; int., rentals, &c., $103,837; bal.,
sur., $24,572.
,
„
O F F IC E R S .— John T . Cochrane, Proa., Mobile; Louis V. Bright, V .-P .,
N ew York: E. A . Carstons, Sec., and K . R. Guthrie, Treas., Mobile.
D IR E C T O R S .— Louis V. Bright, John T . Cochrane and I. H . Lehman,
N ew York: II. A . Smith, Hartford: D avid Taylor. F. J. Ltsman and George
O. Van T u yl Jr., N ew Y ork.— (V . 113, p. 182, 2310, 2612.)
A L A B A M A Sc V IC K S B U R G R Y .— Owns Vicksburg to M eridian, Miss,
and branch. 141 miles. Controlled by Sterling Trust L td . or London
D i v s ! — 1^'97-"99*.'*00. ‘ 01. ’02. ‘03. ’04-T4. T 5 . T 6 -T 8 . T 9 .
‘20. '21.
Cash „ % 1 6 yrly. 6
6
0
9 7 jT ly . 5 7 yrly. 754
7
7
Stock % }
. 50
- - 100 In 10 ------------The*entlre'bondod debt o f tho company, aggregating $1,936,900, falling
due April 1 1921, was taken up on that date from the proceeds o f $l,9on.900
5-year 6% notes, datod April 1 1921, and maturing A pril 1 1926.
O f those
notes $542,900 were taken at par by holders ol maturing bonds, and the re
mainder, $1,394,000, were Issued to tho United States Government to
obtain a loan for the same amount at 6 % . Tho $4,000,000 First M o rt
gage bonds and the bonds Issued therounder were created for the purpose of
furnishing collateral to tho holders o f tho 6% notes. The required amount
will be deposited as collateral and the remainder w ill be retained In the
treasury o f the company for future n e e d s ......................
The bonds w ill be dated A pril 1 1921; due April 1 1951. lnt. at rate o f
6% p. a. Rod. as a whole on any lnt. date prior to m aturity at 105 and Int.
Amount
Outstanding
Par
Value
-N et after Taxes
-Gross—
E A R N IN G S .—
1922.
1921.
1922.
1921.
(I.-S . C . C . figures.)
$141,913
$62,065
Jan. 1 to Sept. 30____ 1. $2,199,723 $2,450,345
R E P O R T .— F or 1921, in V . 115, p. 540, showed:
Cal.
Gross
Net after Comp.
Gross
Interest, Dividends Balance,
Surplus.
Yrs. Earnings.
Taxes. Fed. Oovt, Income. Rents. A c.
Paid.
$38,841
1921.$3,397,144 $231,931
.......... $383,686 $197,845 $147,000
1920.$3,645,603 $146,873 $53,809 $174,393 $93,274 $147,000 ---------1919.$2,794,556 $281,745x$322,854 $439,164 $202,054 - - - - - 1918.$2,470,856 $287.543x$322.854 $456,531 $189,690 *147.000 *119,840
x Compensation granted under Federal contract (as signed).
Larz A . Jones, Pres. Sc Gen. M g r.; Udolpho W olfe, Sec. Sc Treas. Office
N ew Orleans, L a .— (V . 115, p. 540.)
A L A S K A A N T H R A C IT E R R .— (V . 114, p. 197. 2239.)
A L A S K A G O V E R N M E N T R O A D .— (V . 114, p. 625, 1405, 1531.)
A L B A N Y & SU SQ U EH A N N A R R .— (See Map Delaware A Hudson.)
R O A D .— Owns Albany to Binghamton. N . Y .. 142 miles.
L E A S E D for term of charter, viz., 150 years from April 19 1851. to D el. 5c
Hudson Co.; rental was 9% per annum on stock (454% J-& J .), V. 56, p.
774), but the courts having held that the stock was entitled to the benefit
o f 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 o f 309! ($1,050,000) was paid N o v . 16
1909 from the proceeds o f the Judgment for back rentals due by reason of
refunding. A special dividend o f 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 154% extra and in
Jan, 1921 and Jan. 1922 paid 2% extra.— V. 107, p. 2374; V. 89, p. 1141,
1666: V . 90, p. 913.
B O N D S .— The bonds are guar. p. Sc I., and until A pr. 1 1916 were convert
Into D. Sc H . stock— $500 stock for $1,000 bonds; $3,556,000 were so con
verted ($3,500,000 pledged by D . Sc H .; V . 105, p. 389). V . 80. p. 1174.
1362, 2343. Guaranty, V . 82. p. 989.
^ T, ^
Arthur W . Butler. Pres.; George W olwood M u rray, V .-P .: C . F . Coanoy,
Sec., & Treas.; Arthur A . Gammall, Asst. Sec. Sc Asst. Treas. O ffice,
7 W all St., N ew Y o rk .— (V . 113, p. 2612.)
*
„
A L B A N Y & V E R M O N T R R .— Owns road from Albany to W aterford
let. N . Y .. 12 m. Leased to Rensselaer Sc Saratoga In 1860 and now oper
ated by D el. Sc Hudson Co. Annual rental, $20,000.— (V . 106, p. 923.)
A L O O M A C E N T R A L & H U D S O N B A Y R Y .— Owns from Sault Ste
Marie, O nt., and Michlplcoten Harbor to a connection with the Can. N o rth
ern R y .. 272 miles: branch to Helen M in e. 12 m.; extension to nearst on
Grand Trunk Pacific R y . 50 m: total. 334 miles. Cash subsidy. $6,400
per mile. Land grant. 2.137,144 acres. V. 103. p. 2076; V. 99, p. 1671;
V. 101, p. 772. Lake Superior Corp. guarantee, see that company under
^Ownsstock and leases for 999 years Algoma Central Terminals, L td .,
with bonds secured on terminal properties and on $900,000 1st M . 5%
bonds and *99,300 stock o f Algoma Eastern Terminals, L td . V . 95. p.
1540; V . 96. 0^651.^1020. 1491; V. 99. p. 268. 536; V . 100, p. 7 2: V . 104.
P P L A N .— In 19^6 a reorganization plan was put Into effect (V . 102, p. 885,
1058. 2078: V . 103, p. 843; V . 104. p. 1700, 2341; V . 105, p. 908).
Under this plan a committee Including O. B . B . Smlth-Blngham and
J. O. Dalton, for the Railway bonds, and A . F . P . Roger and Andrew
Williamson for the Terminals bonds, vote the common stock o f both cos
The Interest on the Railw ay 1st M . from June 1 1914, and Interest and
sinking fund on the Terminals bonds to be paid only If and to the extent
that the Joint net earnings available for the purpose permit (except as Indi
cated below), but the Interest to be cumulative up to 5 % , with right to
6% per annum. ir earned. In the following priority (a) Terminals bonds for
current and all prior years 3% p. a., said payment, however, to be a fixed
obligation for each year after Aug. 1 1921. (6) Both issues pari passu
as though one Issue, 27o. (c) Railw ay bonds, 3 % . (d) A ny arrears up to
5% on either issue, (e) Teuntnals sinking fund, i f ) Railway bonds, 1%
and Terminals bonds. >4 o f 1% . While the guaranty o f the Lake Superior
Corporation remains, the committee alone can enforce It. V . 105, p. 1998.
Holders o f the 5% bonds o f Algom a Central Terminals received In A pril
1917. 3% for the year to Aug. 1915; A pril 30 1918 Interest a t 3 % p e r a n n .
Tor period from Aug. 1 1915 to June 30 1917: N o v. I 1918 5% for year 19171918' N o v . 1 1919, 4% for year to June 1919; M a y 1 1922, 154% for six
months from Aug. 1 1921: N o v . 1 1922, 154% for six months from Feb. 1
1922
Railw ay 5s N o v . 1 1918 received 2% ; N o v . 1 1919 received 1% .
V 107, p. 1669; V . 109, p. 1792. N o interest was paid to either the R ailway
or Terminal bondholders in respect o f the years ended Juno 30 1920 and
1921 nor to the Railw ay bondholders for tho year ended June 30 1922.
Stock, common. $5,000,000. all owned by Lake Superior C orp.; pref., 5%
non-cum.. *5,000.000. Including $3,000,000 new pref., represented by
v. t. c. The pref. shares have a par value of $40 each. V . 105, p. 71.
1st
M . bonds, see V 91. p 93. 1159. 1327. 1573.
R E P O R T .— For year ending June 30 1922:
June 30
Gross.
Net D eficit after
Years—
Earnings.
Earnings. Bond In t.
1021--’ >
........................$1,722,919 def.$95,403
*849,039
1920-21..................
...................... 2,715,679
$79,691
594,210
1919-20...........7 - 7 - — ....................... 2,059(588 def. 169.071
921.032
Pres., R . Home Smith; Sec., Alex. Taylor, Toronto; Treas., J. M . Alton ;
Com p., E . B . Barber, Sault Ste. M arie, Ont.— (V . 115, p. 2157.)
8
ripsf
RAILWAY STOCKS AND BONDS
Sgarass^
§^K*#g£
l i f t
[V ol. 115,
Nov., 1922.]
9
RAILWAY 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]
Miles
Road
Amount
Outstanding
Rate
%
1910
£100 $10,080,000
1914 $£
318.800
1912 £100 &c
4,992.713
1911 *. £. Soo
2.500.000
$100
3.200.000
1898
1,000
2.000.000
text
text
text
5e
6
4g
1839
19J8
1895
1920
1905
1894
1910
1914
1893
__
1887
1895
1895
1895
1903
1903
1915
1905
1,000
500
1,000
1.000
1.000
1,000 See
•
450.000
300.000
7.000.000
See text
2,000.000
1.492,000
9,155,000
1.000
217.000
100 227,020.500
100 124.173,700
1.000 Sec
560,000
500 Soo rl 51634500
600 Soo t 6 252 500
500 Ac sl5.093.500
1.00) Soo 9.603,0)0
1.000 &o 22,545,000
1,000 Sea 3,000,000
1,000 Soo 6.785.000
6
5
4
6
5
5
5
5
g
g
g
g
g
g
g
4 G?
6
5
5 g
4g
4g
4g
4g
4 g
4g
4g
When
Payable
J
*
Last Dividend
and Maturity
Places Where Interest and
Dividends are Payable
See text
D June 11960
do
Sept 1 1904
do
Aug 1902
Bk of Mont, Lon& N Y
Moh 1 1961
July 1 1922 3% A Iselln So Co. New Y ork
Oct 1 1998
F Sc A
M Sc S
J So J
A So o
O ffice. 437 Chestnut. Ph
Union Tr Co. San Fran
Metropolitan T r Co, N Y
Empire Trust Co, N Y
See text
So Pao Co 165 Bway N Y
do
do
J
M
A J
So N
C— J
M So N
M So S
M So N
M Sc N
July
N ov
July
May
Sept
N ov
M ay
M ar
J
Central Union T r Co, N Y
July 1 1923
Dec 1 1922 1)4 Checks mailed from N T
do
do
Aug 1 1922 2)4
6 Nassau Street, N Y
Jan 1 1937
do
do
Oot 11995
do
do
July 1 1995
do
do
July 1 1995
do
do
Moh 1 1928
do
do
July 1 1958
do
do
Jan 1 1965
do
do
June l 1955
Sc J
0 —M
F So A
J So J
A So O
M & N
M * N
M So S
J f* J
J Sc J
J Sc D
1 1929
21938
1 1995
1 1941
51925
1 1924
1 1950
1 1964
o
d
; , r ’ 'Jc“ s’ Also In trea3,D ec31’ 21 o f *r” $1,923,000 (w ith
P ar
Value
o
U i o n a C & H B a r — 1st M g gu red 105 textU sm xo*
2d M Incomes g $3,240,000 (V 9 9 .P 5 3 8 .1213).U im
dig Oen Terminals 1st M g gu rd 105----- Usm .xc*
A lgom a Hast R r — Man & No Sh 1st M g gu red Utmo*
63
alibgnenr & W estern— Stook $3,500,000' g u a r ------63
P irn M $2,500,000 gold guar p So I (en d)___ (l.xo*
Allegheny V a lley —'lee Pennsylvania R B
3
A llen to w n T e r m in a l— 1st M g ext cal I102H -C e.xc*
12
A m ajor C entral— 1st M gold (2% s t began 1013) ..x x
292
Ann A rb or— First mtge $7,000,000 gold----- Mp.xo*
Im pt and ext M $10,000,000 gold---------------------- x
Apalachicola Northern RR —First mtge $2,000,000 g ._ 93.68
124
Arizona Eastern— Gila Vail G1 & N 1st M g g u .M p .z
187
First Refunding M a f --------------- -------------P,c*& r
A rk & Mem R y, B dge & T .— 1st M $7,500,000 g .Q
Asheville & Spartanburg— See Southern R y. Carolina D iv.
Atchison & Hastern Bridge— 1st M [gs(jred atpar.C e.x
Atch Top & Santa He Ry —Stook, com $250.009,000—
Stoolc pref $131,480,009 5% non-oum----------------439
Chicago Santa Fe So California 1st M g ___ BB.zo*&r
General mortgage gold (see t e x t ) . . ------ C e.xo*& r 8.516
Adlust Ino M oum slnoe July 1 1900 g.C e.xo’ &r 8.516
do do Interest stamped payable M So N _____ x 8.516
479
■ astern Oklahoma Div 1st vr *10,090.000 gG .xo*& r
1102
Transom 3L 1st M $30.00) 0 Ml g red 110. axo*<fcr*
91
Rocky M tn D iv Is' M $20,000,000 g red .O ,yc*Jtr*
Bonds convertible t.U June 1918 red (text) Q xc*&r*
—
Date
Bonds
$3,353 ,000 mor e available uncerttfie d ); o f *a” $296.000;of‘ *t" $86,000
A R K A N S A S & L O U IS IA N A M IS S O U R I 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.
A R K A N S A S & M E M P H IS R A I L W A Y . B R ID G E & T E R M IN A L C O .
— Owns double-track bridge (with wagon-way) across the Mississippi R iver
at Memphis, Tenn.; opened tor traffic July 15 1916. V . 103, p. 321.
Stock outstanding $2,520,000 owned one-third each by the St. Louta
Southwestern R y., Chicago Rock Island & Pacific R y. and Missouri
Pacific R R .. which use the road under a 50-year operating agreement.
These roads join tly and severally guarantee the 1st M . bonds, prln. and lnt.,
by endorsement. O f the $7,500,000 1st M . bonds, $3,750,000 are owned
by the three proprietary companies. O f the remainder $2,250,000 are in
the company's treasury subject to the indenture o f Dec. 21 1917, $3,603,000
are outstanding; $147,000 have been retired through sinking fund and
$1,500,000 are unissued. V . 108, p. 1721.
Pros., W . 8. M artin; Sec. & Treas., Carl N yqu lst.
ATCHISON & EASTER N B R ID G E .— Owns railroad and wagon bridge
at Atchison, K an., connecting with the union station. Used by the Atoh.
Top. So Santa Fe. the Ohio. R . I. So P.. the Mo. Pao. and the Ohio. Burl. &
Quincy. Stock, $700,000; par, $100 per share. Pres., H . A . K elley
Treas., H . P . Eells Jr.; Sec . W . P . K e lly , Cleveland. O.— (V . 67. p. 578.
(T H E ) A T C H IS O N T O P E K A & S A N T A FE R Y .— (See M a p .)—
On Jan. 1 1922 comprised 11,707 miles o f railroad (11,509 m. ow ned).
Including an unbroken line from Chicago, 111., via Kansas C ity , M o ., and
Albuquerque, N . M ., to the Pacific Ocean; also to Galveston, T e x ., and the
G u lf o f Mexico. For operating purposes the 11,707 m.were divided as follows:
Atchison Topeka Sc S. F ____ 8,862.47[Panhandle Sc Santa F e ......... 852-38
Rio Grande El Paso & S. F e .
20.221Grand Canyon______________
64.09
G u lf Colorado Sc Santa F e __1,907.641
Also controls Jointly with Southern Pacific Co. (Northwestern Pacific
R R .— which soo, & c.), 516.91 miles; Sunset R y ., 49.86 miles. V. 109, p
1987
The railway company on Doc. 311921 owned in fee 7,128 miles of system,
and also all, or nearly all, the bonds and stocks of the other companies.
Tho shareholders voted Oct. 25 1917 to acquire several subsidiaries.
A M A D O R C E N T R A L R R .— Tone to Martell. Cal.. 12 m. Stock. $400,000. V . 105, p. 908; V. 106, p. 2343. See V . 106, p. 2130.
„
par, $100. M ortgage, soo V. 88, p. 156
Year ending Dec. 31 1921. gross,
In April 1915 the St. Louis Rocky M t. Sc Pacific R y.. extending from Dos
$76,992; not, aftor taxes, $772; bal. aftor lnt., rentals, &c., def. $14,089. Moines. N . M ., west to Raton, with branches. 106 miles, was purchased for
Dlvs. 1911-12, 6 2-3%, $25,000 from accumulated surplus, 1918 and 1919, $3,000,000 Rocky M tn. D iv . 1st M . 50-yr. 4s. See V . 97. p. 363, 442:
1% each yr. Pros., M ota J. Erickson, San Francisco.— (V . 88, p. 156.)
V. 95. p. 543. 1771; V . 97, p. 666; V . 100. p. 1169. 1591.
„
Th e Oklahoma Central R R .. Lehigh. O k l a . . to Ohlckasha, 133 miles, was
A M E R IC A N N I A G A R A R R .— (V . 112, p. 160.)
leased for 5 years from Aug. 1 1914. wlih privilege o f renewal for 5 years.
AN N ARBOR R R .—Owns from Toledo, O., to Frankfort,on Lake Mich.
An option to purchase the $1,500,000 stock and $1,600,000 Income bonds
294 miles; operates car ferries between Frankfort. M ich.. Kewaunee and for $800,000 was exercised In 1917, about 80% o f the $1.200.000 1st M tg e.
M anitowoc. W ls.. and Menominee and Manlstlque. M ich. Wabash and 5% bonds due Aug. 1 1934 bolng also acquired. V . 106, p. 2130. V . 98.
Pere M arq. use Toledo terminals.
1844: V. 99. p. 406: V. 101. p. 845.
,
, , „ _
Owns capital stock o f Manlstlque & Lake Superior, Manlstlque, M ich., p. In
April 1921 was authorized to operate, pursuant to a lease dated A pril 7
to Evelyn, 42 mllos (with branch, 13 miles). V. 92, p. 1108; V. 107, p. 1920, the Buffalo (Okla.) Northwestern R R ., which includes 61 miles or
1844, 2156 V. 106, p. 2194, 2410. Ten tative valuation, V . 113, p. 1052.
road, extending from a point o f connection with its main line at W aynoka,
ST O C K , &o.— Common. $3,250,000; pref., $4,000,000; 5% non-oum. Okla., to Buffalo. V. 112. p. 1616. Tho stockholders in M a y 1921 also
r * r $100. Pref. stock oert., see Issue Oot. 30 1897. p. 3.
V. 94. p. 205. approved tho leases o f tho Osage County Sc Santa Fe and tho Barton County
B O N D S .— T h e company In M a y 1921 received authority to Issue & Santa Fe. In Oct. 1921 rocelved authority to lease the California
$2,000,000 6% Im pt. & t'.xt. bonds in llou o f similar 5% bonds, and for per Southern R R . V . 113, p. 1771.
mission to rotlro $500,000 o f Its outstanding $2,500,000 5% bonds.
O R G A N IZ A T IO N .— Organized Dec. 12 1895 under laws o f Kansas, as
Equipment trusts Issued to Director-General for rolling stock allo •uccessor o f Atch. Top. 9c S. Fe R R . C o., foreclosed. V. 60, p. 658.
cated to this company ($685,100 outstanding in M a y 1922). See article
S T O C K .— The preferred stook has preference as to assets and non-oumuon page 3 and V. 114, p. 1761.
lative dividends not exceeding 5% per ann.
Government loan. V. 111. p. 1369; V . 112, p. 256. 371.
D IV S .—
'00.01. 02-'05. 06. 07. 08. 09.
1910 to D ec 1922.
E A R N IN G S —
----------- Cross------------Net after Tates---------Oom. ( % ) ............... 0
3 * 4 yrly. 4 K 6
5
5 4 6%
(I.-S . O. O. Flguros)
1922.
1921.
1922.
1921.
5
5
5
5% y r ly (2 )4 % F & A )
Pref. ( % ) __________ 4 5 5 yrlv. 5
Jan. 1— Stpt. 80................... $3,691,770 $3,682,102
$508,111
$339,526
BON DS .— The Gen. Mort. (Abstract V. 62.p. 731-739; see also V . 68.
R E P O R T .— For calendar year 1921, gross opor. revenue, $5,139,216;
p. 974; V. 86. p. 1098) gives a Hen, either by direct mortgage or by collateral
opor. Incomo, $663,680: other Incomo, $56,118; deductions, $633,746;
trust, on 8.516.53 m. o f the system, with equip., terminals, &e.
bal., sur., 886.053. V . I l l , p. 2710. 2818.
Th e unissued Gen. M . 4s have been reserved as follows: T o retire under
D IR E C T O R S .— Newman Erb, J. S. Bache, F . Kingsbury Curtis.
H . B. Blanchard, W . J. VVoilman, W . M . Wadden, all o f N ew York: Fred lying bonds. $2,004,960: for im pts.. &c., $1,852,102; acquisitions o f other
, ,,
erick Hortensteln, Cincinnati; E. F. Blomoyor, Toledo; Pres., Newman lines, $6,731,554: no longer available, $2,339,383.
Adjust. ( Income) Mtae. a b stra c t. V. 62. p. 739. In t. payable only U
Erb; V.-Pres., J. S. Baeho and E. F. Blomeyor; V .-P . A Treas., W . M .
earned up to 4% In each year, cumulative. Present Issue limited to $51,Wadden; Soc., II. B. Blanchard.— (V . 114, p. 1061, 1531, 1764, 2710,
728.000. Dut when the $30,000,000 gen. 4s auth. for Improvements as above
2818; V. 115, p. 9,87.)
la v e been Issued. *20,000,000 additional adjustment 4s may be Issued for
A N T H O N Y & N O R T H E R N R R .— Reorganized In 1919 as the Wichita
;he same purpose at not exceeding *2.000,000 In any one year, but only by
Northwestern R R ., which soo.
» m ajority vote of the adjustment bondholders. Interest— In N o v. 1897
A P A L A C H IC O L A N O R T H E R N R R .— R iver Junction to Port St. Joe,
paid 3% : since, full 4% yearly.
__
95.62 miles: Franklin Junction to Apalachicola, 3-06 miles; total main line
Eastern Oklahoma division 4s of 1903. V . 76, p. 434: V . 79. p. 1331:
owned, 98.68 miles. M ain lino leased from Atlantic Coast line, 0.44 miles
f . 84. p. 1549: V. 85. p. 598; V. 86. p. 980. 1041.
, J
and slile tracks owned, 9.02 mllos. V. 87, p. 935. Capital stock. $1,000,000.
Th e “ Trans-Continental Short Lin e” first gold 4s o f 1908 are lim ited to
Bonds. $2,000,000 (111. State T r. C o.. K. St. Louis, trustee), all held ny
130.000. 000 auth. Issue. The *17,000.000 sold In Aug. 1908 covered 693
commlttoo, A . T . Perkins, St. Louis, Chairman; S. N . K irb y, T . S. M o ffit,
miles then In operation; the remaining * 13.000,000 can be Issued at *25,000
W . c . Fordyce and Win. E. Batos, which collects Interest only as oarned.
oer mile. V. 100. p. 2008. Compare Issue June 26 1915. V. 87, p. 479. 878.
M ar. 1913 and subsequent coupons woro not paid at maturity; In Doc.
The 4s of 1905 (*49,711.000 auth. Issue) were convertible Into oom. stojk
1917, $37,600, and in Den. 1918, $17,400 was paid on past duo coupons;
at par till June 1 1918. V . 79. p. 2695; V. 80. p. 649; V. 81, p. 1174:
none thereafter to Doc. 1921, when $14,800 was paid.
V . 82, p. 391,867. Th e 4s o f 1909 wore convertible into com. stock at par to
For cal. yoar 1921, gross, $254,068; net, $7,937; other Incomo, $21,743; June 11918. V . 88, p. 1435, 1559. Th e 4s o f 1910 are conv. Into com. stock
Intorost, rontals, See., $115,332; bal., dof., $85,651. A . T . Perkins, Chalr- at par to June 1 1923. V. 90. p. 913, 1043. 1612: V . 92. p. 393, 593, 1700.
mand and President, St. Louis; Bryan Snydor, V .-P . Sc Gen. M gr.; G. II.
The several Issues o f convertibles must be secured by any future mtge.
Williams, V .-P . Sc Gen. Counsel, St. Louis; R . R . Tompkins, Sec., St. covering the lines owned at time the convertible issue was made, and are
Louis; F. V. Dubrouillot, Troas., St. Louis.— (V . 104, p. 763.)
callable at 110.
The Callfornia-Arlzona Lines 1st and Ref.m tge. of 1912 (*50.000,000 autb.
A R IZ O N A E A S T E R N R R .— Owns Maricopa te Hassa yam pa. Ariz..
74 miles; Bowie to M iam i. A rlz.. 136 m.; Cochise to Gleeson, 35 m.; Tem pe Issue) o f which $18,521,177 4 4 s are outstanding covers 804 miles of
to Mesa, 8 in.: other. 36 m.: leases Phoenix. A rlz., to Winkelman. 92 m.; road Including the line from Needles to M ojave, 242 miles, which was
other. 1 m.; total, 383 mllos. Stock auth., $40,000,000, o f which $9,000,000 acquired from the Southern Pacific Co., on which there are outstanding
outstanding Doc. 31 1921, $.8,999,100 owned by Southern Pacific C o.; with *4 127,500 Sou. Pac. bonds due N ov. 1 1937. The latter also oover over
$1,160,000 o f the $9,155,000 outstanding First RoL 5s. T h e remainder of 1,000 miles of Sou. Pao. Co., which has agreed to Indemnify the Cal. Arlx.
the bonds are hold in sinking funds o f proprietary cos. Calendar year 1921; Sc Santa Fe R y. against any claim on account thereof.
O f the remaining C al.-Arlz. bonds. $26,311,823 are Issuable for not
Gross, $2,647,503; not opor. Incomo, dor., $11,786; other incomo, $76,098;
deductions, $837,064; bal., dof., $772,751. V. 107, p. 1286; V . 108, p. exceeding the actual cash expenditures for betterments. Improvements and
additions on and after Jan. 1 1912 and *5.167,000 are reserved to refund the
074: V . 113, p. 1052, 1887.
A L O O M A E A S T E R N R Y .— Owns from Sudbury. Ont.. to L ittle C ur
rent (Manttoutln Island) through nickel and copper districts, 86 m.. com
pleted Jan. 1 1913; branches. 3 m. Land grant 682.692 acres In Ontario
and cash subsidies from Prov. and Dom. o f Can. V . 92. p. 265: V . 95, p.748.
Leasee for 999 years Algoma Eastern Terminals, L td ., rental covering Int.
and sink, fund on $900,000 1st M . 5% bonds. See Algoma Central T e r
minals, L td ., m tge., under Algoma Central 9c 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 $l ,000,000 common owned by Lake Superior
Corporation. Bonus (M an. 9c N o. Shore R y .) auth., $3,000,000. issuable
at $30,000 per mile (Issued, $2,500,000). guar., prln. & lnt., by Lake Super
ior Oorp. Th ey are subject to call as a whole at par or may be drawn at
105. niterest duo M arch 1 1922 was paid Oct. 1 1922. V. 92. p. 396.
462, 527. 1032; V . 93, p. 227, 106; V . 94. p. 1382.
R E P O R T .— F or v o ir onded Juno 30 1922 In V . 115, p. 1097, showod:
N ot earnings, $13,684: Interest and rentals. $227,601; not incomo, dof.,
$213,717. Pros., G. A. M ontgom ery, S. S. M ario, Ont.; Sec., Alex. Taylor,
Toronto; Troas., J. M . Alton, Sault Ste. M arie.— (V . 115, p. 768, 1097,
1530, 1729.)
A L L E G H E N Y & W E STE R N R Y .— (See M ap B u ff. RocA. * P itts .)—
Pnnxsutawney to Butler, Pa., 60 m. andbr. 3 m. An extension of Bud. Roch.
A Plttsb.. to which leased In perpetuity for guaranty of bonds, taxes and 6%
on stock. Uses B. A 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.
A L L E N T O W N R R .— Topton to Kutztown, P a „ 4.39 m Stock, $1,268.884 (par $50), lnol. $1,071,400 pledged under Reading Co. gen.M. No bonds.
A L L E N T O W N T E R M IN A L R R .— Owns 3.27 miles of railroad In Allen
town, Pa., connecting the East Penn. (Phlla. A Reading' with the Cent, of
N . J. Leased for 999 years to Phtla. A Read, and Cent, of N. J. (by assign
ment from Lehigh Coal & Navigation C o.) at lnt. on bonds and 5% on
$450,000 stock (par $50) taxes and corporate expenses.
Bonds were extended from July 1 1919 to July 1 1929, the Interest rate
being raised from 4% to 6% ; the mortgage security remains unimpaired but
the guaranty o f P . Sc R . R y . and Lehigh Coal Sc N a v . Co. was canceled.
Callable after July 1 1920 at 102)4 and l n t — (V . 50. p. 422; V . 108. p. 2628.)
10
RAILWAY STOCKS AND BONDS
[V ol .
115,
II
falnspot't-^ta
1\ f V V
I -IM S-w* ,
\ huatou
BetdlnX ^ \ \\
tt-----— ‘v
\ sj v ^''
----E N T O N 1/ *
■:
vsj!;!|I
/ I , 1//
" x ' /"'N £ W c;| '
Wj
Nov., 1922.]
KAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 6]
Miles Date
Road Bonds
Par
Value
Amount
Outstanding
Rate
%
When
Payable
11
Last Dividend
and Maturity
Places Where Interest an 4
Dividends are Payable
June 1 1955
June 1 1980
Jan 1 1928
Oot 1 1940
Sept 1 1942
o Apr 1 1928
s Mch 1 1962
J July 1 1937
J Jan 1 1934
N N o v 1 1945
S N o v 1 19.30
8 Sept 1922 4 )4 %
J July 1 1944
5 Nassau Street, N T
do
do
do
do
do
do
do
do
do
do
do
do
New Y ork Trust Co, N T
July ’21 int in default
Equitable Trust Oo, N Y
Sept 1920 Int deferred
U S Mtge & Tr Co, N Y
Central Un T r O o, N Y
A A O Oot 1 1938
J A
J J u n e l1940
F A A Aug 11939
J A D Dec 31 ’22 3%
M A N May 1 1929
A A O Apr 11930
A A O Apr 11948
J A J July 1 1951
C — M Sept 10 '22 3%
J
A n Irredeemable
J A j
J A J Jan 1 1925
J A j Jan 10 1923 3)4
J A j Jan 10 1923 3)4
M A N M a y 1922 2)4
M A N Oct 1 1952
J A D June 11964
J Sc D June 1 1964
M 6t N N ov 1 1939
M A N 15 M a y 15 19.30
M A N Irredeemable
J A
J T o Jan 15 1935
J
J T o Jan. 15 1935
F & A Feb 1 ’23 to ’36
AtlantaC en B kATr Oorp
do
do
Guaranty Trust Co, N Y
Atlanta. Ga
Reading Terminal, PhlLa
do
do
do
do
do
do
A tc h iso n T o p ek a Sc S an ta Fe R y (Con.)—
1909
1910
Hutohln A So 1st M e red 105 slnoe l908-.O B.zo*
141 1898
Ban Fr A San Jo Val 1st M e call 110 aft 1915. Ba.zc
375 1896
Santa Fe Pres & Phoenix— 1st M __________ 2 Ba.zo*
195 1892
Prescott Sc Eastern 1st M guar------------------- C e.zc*
26 1898
Oal-Ar L 1st A R ef M $50,000,000 g red 110.d.xo*Ar*
804 1912
Athens Terminal Co— 1st M gold redeem 105.-N .xo*
1907
A tl Blrm Sc A t l— A tl 4 B 1st M red 110----- O B .xc*
337 1904
First Sc R e f M $15,000,000 k call (te x t).E q .y y c *A r *
634 1915
Income M 5% n-c $5,200,000 call par Sc ln t-C o l.y c *
637 1915
A tla n ta Sc C h a rlo tte A ir L in e— Stock (see te x t)___
263
1st M $20,000,000 ($ 5 .5 0 0 .0 0 0 serA 4 )4 )C e.yc*A r*
263 1914
Atlanta Knoxville & Northern R y — See Louisville A N ashvlll e
A tl Sc S t And B ay— 1st M $500,000 g red par____ c*
82 1908
Second mt2e ($500,000 authorized)________________
82 1914
A tla n ta T e rm in a l— lstM$2,500,000sor A g Gxxxc’ A r 4.912 1919
Atlanta & West P o in t—Stock $2,464,400 auth______
93
A tla n tic C ity — Is t M g g u c a ll 10 5M ay’24 G uP.xxxc*
81 1889
• Atlantic Olty purohase money real estate m tge.U Px
1900
Sea Coast prior lien mortgage gold____________ . . x
68 1898
1st Cons M $4,500,000 gold guar______________QPx
A ll
1901
Atlantic Coast Line Co (Conn)— Stook (see t e x t )____
Oerth of Indebt Inc non-oum $5.000,000..SBa.zr
1897
do Class B red 105 after N ov 1920(V 89,pl666)z
1900
do redeemable at par since 1910______________z
1905
Atlantic Coast Line R R — Stook common (t e x t )______
Class “ A ” com stook tax exempt (Rich & Pet oertts)
Preferred stock 6% (V . 75. p. 1252)........................
Coll tr M gold secured by L & N stk red 105.xo* Ar*
1902
Gen Unified M ortgage___________________ U s.c*Ar* 4,423 1914
Do
series B _______________________Us.c*&r* 4.423 1914
Oonv debs $23,562,500 red 105 after M ay’ 16 SBa.xr
1909
Securod gold notes redeemable tex t________ c *A r*
1920
Certificates of Indebtedness (n e w ).. ___________ z
1902
Equip trust N o . 4 due $395,300 annually___________
1920
do
N o . 4-A due $30,000 annually____________
1920
do
Series D , due $300,000 y e a r ly . ......... SBa
192!
t Further $17,008,683 4)4s in treasury and $10,000, 00 0'pi edged
_
__
---
_ __
_
_ __
_ __
..
--.....
_
_
_
_
Sl.OOO&c
1.000 Ac
1.000
1.000
1.000
1,000
$ A £
1,000
1,000
1,000
1.000
100
1.000 Ac
1.000
1.000
100
1.000
1,000
1.000
50
100 A c
100 Ac
100 Ac
100
100
100
1,000 Ac
1,000 Ac
1.000 Ac
500 Ac
100 A c
1,000
Dec. 31
underlying bonds, $4,940,000 Santa Fe Prescott A Phoenix 5s. $224,000
Prescott A Eastern 5s and $3,000 on the line from GoBs to Ivanpah. Cal..
45 miles. V. 94. p. 649, 696. 766: V. 95. p. 543.
O f the Rocky M tn . D lv. 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 . Sc Pac. Oo., Des Moines to Raton, N .M ., Ac., 91 miles. Th e remainder
may be issuod for extensions. V. 100, p. 1593: V. 102, p. 250
Equipm ent trusts Issued to Dlroctor-General for rolllnsr stock allocated
to this company, to bo retired Jan. 15 1923. Compare V. 115, p. 2045.
E A R N IN G S .—
-Gross------Net after Taxes—
(I.-S . O. O. figures.)
1922.
1921
1922. _
1921.
Jan. 1~-Sept. 3 0 _ ™ ...$156,800,270$169,979,941 $23,849,158 $30713,144
R E P O R T .— For 1921, in V. 114, p. 1779, showed:
1920.
**•"’ 1921
______ $228,925,069
______ 173,217,915
Operating rovonuos________________________________
Operating expenses________________________________
N ot operating revenue___________________
Railw ay tax accruals (Including war taxes)..
Uncolloctlblo railway rovenuos_______________
Equipment and join t facility rents__________
$55,707,154
14,836.268
77,317
474,739
N o t railway operating income__________________
$41,268 30
N e t ry. oner. inc. (4 1110s. ending Dec. 31 1920)-.$14,868,379
Equalization ch irgcs 1 mos. end. Doc. 31 1920 and
offsetting credit In 1921.... ............... ................
2,612 564
2,612,564
Compensation under Federal control contract___
7,699,531
3,175.149
Guaranty un,der Soc. 209 o f Transportation A ct
1920—approxim ate____________________________
22,553,225
9,842,116 5,293,888
Other Income_____________________________________
Gross income__________________________________ .$52,350,687 $52,349,908
War tax accruals (8 mos. ending Aug. 31 1920)1. . 1,880,588
..........
Miscellaneous tax accruals_______________________
47.554
225,828
Rent for loasod roads and other charges__________
772,173
539,417
.
,
, , ,
$49,650,372 $51,284,663
Int. on bonds, incl. accrued Int. on adjust, bonds. 12,015,621 11,953,001
N ot corporate income (representing amount
available for dividends and surplus)........ ........... $37,634,751 $39,331,662
Preferred dividends..............................
6,208,685
6.208,685
Common dividends..................................
13,441.108 13,518,420
Miscellaneous deductions___________________
103,496
119,543
Balanco, surplus.................................................... $17,881,462 $19,485,014
O F F IC E R S .— W . B . Storey. Pres.; E. J. Engel, W . E. Hodges, A . G
Wells and Edw. Chambers, V .-P .; D . L . Gallup, Com p.: E. L. Copeland.
Sec. Sc Troas.; C . lv. Cooper, Asst. Troas.- L . C . Doming, Asst. Soc.
D IR E C T O R S .— Charles Steele, Edward J. Berwind, nonry S. Pritchett*
Ogdon L . M ills. John W . Davis, W . C . Potter, N ew York; S. T . Bledsoe.
W . B . Storey, Chicago; Andrew C. Jobes, Merriam , Kan.; Howel Jones,
Topeka; W . E. Brown, Wichita, Kan.; Arthur T . iladley. N ew Haevn;
J. E. Otis, Chicago. Office, 5 Nassau St., N ew Y o rk .— (V . 115, p. 721
644, 1099, 1530. 1729, 1836, 2045, 2158.)
ATHENS T E R M IN A L CO.— Owns freight terminals and approaches'^
Athens. Ua. Stook 525.001), equally owned by Seaboard Air Line and
Gainesville Midland, wbloh agree to nay operating expenses and Interest
charges In proportion to tonnage used Bonds ($250,000 auth. Issue), see
table above.
Proa. Sc Troas., Gordon O. Carson; Sec., A . M . Yetterdah),
120 Broadway, Now York C ity.
A T L A N T A B IR M IN G H A M & A T L A N T IC R Y .— Owns Brunswick. Ga .
to Birmingham, A la., 455 miles; Sessoms to Waycross, Ga., 26 miles,
Fitzgerald to Thomasvllie, 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. 101. p. 2116.
Pros. B. L . Btigg 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 M arch 1921 was authorized to borrow $125,000 to pay
past duo wages. V . 112, p. 1398. Wage decision, V. 112, p. 1739. Ten
tative valuation, V. 113, p. 1052. Foreclosure suit filed, V. 114, p. 1177.
O R G A N IZ A T IO N .— On Jan. 1 1916 succeeded to foreclosed properties
o f the A . B. Sc A. RR. C o., Georgia Terminal Oo. aud Alabama Terminal
R y .. per plan In V .101,p .2143. Result o f Federal valuation, V .103.p .1887.
Government loan, V. I l l , p. 492.
S T O O K .— $30,000,000 In $100 shares was underwritten at $12 a share
to discharge equipment obligations ($1,266,366), Sec. V. 102. p. 344. 885.
$1,190,000
4g
5,924.000
48
192.000
5 fy
5.913,000
5 g
4,940.000
5g
224.000
5 g
18.521,177
4)4 e
200.000
5 e
4,090.000
5 g
See text
text
4.543,907 See text
1,700.000
9
20.000.000 4)4 A 5
425.000
425.000
1.090.000
2.463.600
2,200.000
75.000
350,000
1.851,000
8,820,000
5,000,000
61,800
1.122,200
67.586.200
1.000,000
196,700
35.000,000
t22.919.000
100.000
4,444.830
6,000.000
135.100
5,138,900
.390.000
4.200,000
1921.
6g
6
6 g
6
5)48
4)4
5g
4g
12
5 cur
4
4
7
7
5
4 g
4)4
4
4
7g
4
6
6
6)4 8
I
l
J
A
M
A
M
J
J
M
M
M
J
A
A
A
A
A
A
A
A
A
A
A
A
A
D
D
J
O
S
do
do
do
do
do
do
do
do
be so declared by the Board. Th e board m ay. 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 o f Interest, shall reach $300,000. This "In com e Bond Reserve
Fund, carrying Interest at 6 % . may be distributed to the Income bond*
at any time and in any amount, and any balance at the m aturity o f the
bonds shall be paid over to the trustee for the benefit o f the bondholders.
Total auth. Issue, $5,200,000; held by or for company, $656,093;outstanding. $4,543,907. V . 105. p. 68.
The first Installment o f Interest on the 15-yr. 5% Income M . bonds at
th e fu ll rate o f 5% per annum, from N o v. 1 1915 to June 30 1916, $33 33
per $1,000 bonds was paid Sept. 1 1916, but only as to 2)4 % from earnings;
M ar. 1917 to M a r. 1918 lncl., 2 )4 % (s.-a.) was paid on the Incomes; on
Jan. 12 1920 Interest was paid at the rate o f 5% per ann. on the coupons
due Sept 1 1918, M ar. 1 1919 and Sept. 1 1919. V . 110, p. 260. M ar. 1
1920 paid 2 )4 % . Sept. 1 1920 Interest was deferred. V. I l l , p. 989.
In view o f the default on the A tl. & Birm. 1st mtge. bonds, a protective
committee was formed for the income bonds in Dec. 1921, w ith George E .
warren. Chairman, and A . W . Hutchins, Sec.; depositary, Columbia
Trust Co., N ew Y ork (V . 113, p. 2404), and also for the A . A B. 1st mtge.
bonds, with Francis R . H art, Chairman, and W alter F . W yeth, Sec., 17
Court St.. Boston; depositaries, Old Colony Trust C o.. Boston, and Farmers
Loan A Trust C o.. N ew Y o rk (V . 113, p. 2718; V . 115. p. 72.)
As to A tl. A Birm. R y . $4.090.000 1st M . 5s, see V . 80, p. 710, 115;
V . 113. p. 2503.
Equipment trusts ($982,500) issued to Director-General for rolling stock
allocated to this company. See article on page 3 and Y . 114, p. 1061.
U. S. G ovt, long-term notes due $20,000 annually to 1930, $200,000.
R E P O R T .— For year ending Dec. 31 1921, showing:
Calendar
Gross
Net. after
Other
Interest,
Balance,
,„ Y e a r —
Earnings.
Taxes.
Income.
Rents. A c. S u r.o rD e f.
}921.............. $.3,201,634df$l ,697,430
$82,911 $386,873def$2,001.391
1920..............$5,829.862df$l.265,397 6$1,566,111 $364,534 def$63.820.
1919- - .......... 4.961,072
*480,000
28.924
523,825 def. 14,901
* Standard return, b Includes standard return, $80,000, and G ovt,
guaranty, $1,383,402.
D IR E C T O R S .— Brooks M organ. B. L . Bugg, W . W . Banks, T . K .
Ghmn, J. L . Edwards, M ell ,R. Wilkinson. W . W . Croxton and W . E.
I aschall, o f Atlanta: A . H . AVoodward, Birmingham, A la.; Galen L . Stone.
Boston: Percy R. Pyno and George C . Clark, Jr., N . Y . C ity: W . G. Brant
ley. Washington, D . C .; F. D . M . Strachan, Brunswick, Ga.; W . C . Vcreon,
M oultrie, Ga.
P r e s . , -------------- ; V.-Pres., J. L . Edwards; Treas., AY. E . Paschall;
Sec., A . V . B. G ilbert.— (V . 115, p. 72, 307, 542.)
. A T L A N T A & C H AR LO TTE A IR L IN E R Y .— Owns Charlotte. N . C.. to
Armour. Ga., 263 miles.
In 1914 It was agreed to m odify the operating contract made with
the Richmond & Danville R R . under which the dividend to be paid will be
9% yearly without regard to earnings. Instead o f a maximum o f 7% . de
pendent upon gross earnings, the Southern R y . to have an option to pur
chase the stock
on any dividend
at $250
share
Inycash.
...........................
— - date
-V. —
t9 §per
# g36
60g.
1O0 V.
p 98,
2^ p.
g
1458, 1765, 1918;
V. 98. p. 1991;
99.
(So. R y . ) . Th e final $4,000,000 1st M . s was sold in 1917 on account of
double-tracking. Ac. V. 104, p. 1044. V . 102, p 1058. 1162; V . 101.
p. 286, 368: V 103. p. 577. 664.
Pres.. O. S. Fairchild, N . Y .— (V . 104. p. 1044, 1898; V . 105, p. 388.)
A T L A N T A & S T . A N D R E W S B A Y R Y .— Owns from Dothan, A la., to
Panama C ity, Fla., on Guir o f M exico, 82 miles. Stock auth., $1,000.000; outstanding, $300,000; par, $100. Central Bank Sc Trust Corp. o f
Atlanta, trustee o f first mtge. V.98, p. 391, 1460: V . 88. p. 685: V. 83.P.270.
S,0.^eC.n7?ent awa£d - v - 112- *>• 256. For year ending Dec. 31 1921, gross,
$346,778: net, after taxes, $53,210; other income, $111,229; interest and
rentals, $79,452: bal., sur., $84,977.
Pres., M in or C . Keith; Sec., H . H .
Hanson, both o f N ew Y o rk .— (V . 115, p. 72.)
\ T L \ N T \ T E R M IN A L CO.— Owns union passenger station opened
May 14 190o. with approaches, used bv Southern R y .. Central of Georgia
R y ., Atlanta A West Point R R ., Atlanta Birmingham A Atlantic R y . and
Seaboard Air Line Ry. Stock. $150 000. owned In equal proportions by
tho Tirst three companies named. Th e stock receives 4% p. a., payable
M ar. I or each year, charges and expenses being paid by the fiv e using
companies on car basis. Th e $1,000,000 Series " A '/6% bonds are guaran
teed p. A 1. by the three companies owning tho stock. Th ey were Issued to
retire tho $1,500,000 First M tge. 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. 476, 577, 271.)
& W EST PO IN T R R ,— Atlanta, Ga.. to W est Point, G a..
93.19 m. T h e Georgia R R . A Banking Co. owned $936,100 stock, but sold
same in 1010-11 to the lessees at $135 per share with option o f repurchase
at same price.
M » rTT 1920 announced that the Georgia R R ., the Atlanta A West Point
and the Western Ry. o f Ala. would in future bo operated In close organlzation independently. Th e three properties w ill be directed as to operation
from Atlanta, Oa.
B O N D S .— First and Refunding Bonds.— When Issued will be a first
mortgage on 336 miles o f main-line track and second mortgage on
301 miles, and upon the terminal properties in Birmingham and Atlanta.
T o be Issued only (a) to retire, at or before maturity, Atlantic Sc Birming
ham R y. $4,090,000 1st 5s due 1934. (b) For future Improvements, ex
tensions and acquisitions under restrictions. In t. rate to be fixed at time of
Issue, not to oxceed 6 % . V. 103, p. 405. Callable at 110 & Int. N o v . 1920
to 1925: at 105 Sc Int. 1925 to 1935. and thereafter at 102)4
On Dec. 31 1920 $1,424,000 First Sc Ref. M tge. bonds had been Issued,
but nono had been sold: $530,000 pledged to seucre notes or $365,000, and
$295,000 and $400,000 incoinos pledged to secure notes o f $200,000.
•
1 1554 t0 Ju 'y 1901, Inclusive. 6% yea rly.
J. A J.; Oct. 1 1899, 25% extra: 1902 to Dec 1922, 6% yearly.
E A R N IN G S —
-Gross-N et after Taxes----- (I.-S . C . C . Figures.)
1922.
1921.
1922.
1921.
Jan. 1-Sept. 30.............. $1,827,096
$1,885,883
$197,940
$144,626
Income Bonds.— Entitled to non-cura. 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.-B. Comm. Commission, at: available for that purpose, shall
Y ea r ended Dec. 31 1921, gross, $2,470,655; net, $190,696: other income,
$208,861: Interest, rentals, $279,135; divs. (6 % ), $147,816; bal.. def .
$27,393. Pres., C . A . Wickorsham. Office, Atlanta, Ga.— (V 110, p.
1288.)
Nov., 1922.]
13
RAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[For abbreviations, A c ., see nores on page 6]
Baltimore & Ohio— Common stock $210.250.000........
Pref Block 4% non-cum authorized $60.000,000----P rior Lien mtge gold (closed) not oall----- B a.xo'A t
First M gold red at 105 after July 1923-.U s.xo*<Scr
SouthwDIv 1st M$45.000,000g........................Fxc*Ar
Pitts June A Mid Dlv $20,000,000 1st M g.C e.xo*A r
P L B 4 W V Sys ref g red 100 after 1925-Un.xo* Ar
Convertible bonds redeemable (t e x t )----- C e.xc*A r*
R efA G enM Ser A g (call, all 105 b o g'2 5 )yG .c*A r*
Tolodo-OInclnnat Dlv./Ser. A call 10244-Bayc*Ar*
Oollat trust M (closed) g call 101 (Coal & Coke R y
Secured Gold bonds call 102 44 (text).U sm .xx xc*A r*
Underlying Toledo A Cincinnati D ie. M tge.—
Cln Ham A Dayton 2d (now 1st) mtge gold__Fxc*
General mortgage $7,800,000 gold _____________xc*
O H & D Ry 1st A Ref M , part g u a r..B a ,x c*& r*
Plqua & T roy 1st M $250,000 gold guar p & 1— xc
Dayton & Michigan (leased) com stock (guar)____
Preferred (8% guaranteed) endorsed
1st M gu p & 1end ext In 1911 red 10214 beg T 7 .c
Bonds Underlying Pitts June A M id Dlv M 3 44sOent Ohio $2,500,000 con 1st M (1st loanig MeBa.:
Bonds Underlying Pittsburgh Lake Erie * West V ir
Olov Lor & Wheel cons M (now 1st) gold.U sm .xo*
Amount
Outstanding
Rais
%
When
Payable
Last Dividend
and M a tu rity
M ilts Date
Road Bonds
Par
Value
1898
1898
1899
1898
1901
1913
4.508 1915
text 1917
) - - - 1919
1919
M ar 1 1919 2%
$151945519 See text
Text
4
M A S Sept.l 1922 2%
58,863.181
344 g J A J1I July v 1925
74.910,025
A A Oil July J 1948
81,995,310
4g
A Jli July 1 1925
44,991.390
3 44 g J
N ov 1 1925
c
66,124,500
344 g
M A N N ov 1 1941
42.980.000
4g
8 Mch 1 1933
63.250.000
444 g M A
.1 A D Dec 1 1995
60,000,000
5 g
J July 1 1959
J A
4g
100 Ac 10,985 200
A A O April 1 1924
3,000.000
6g
1,000
J A
J July 1 1929
6
1,000 35.000,000
Go’s Office, 2 W all St.W T
do
do
do
do
do
do
Oo’s offloe, 2 W all St. N T
do
do
do
do
do
do
do
do
O o ’s office. 2 W all St .N Y
Cos office N Y 4 Balt
N ew York
Jan 1 1937
June 1 1942
July 1 1959
N o v 1 1939
Oct 1 1922, 1 M
Oct 1 1922. 2%
Jan 1 1931
J P Morgan & C o. N Y
Kuhn Loeb & C o., N Y
Sept 1 1930
O ffice. 2 W all St. N Y
Oot 1 1933
June 11936
Jan 1 1930
N ov 11995
Mch 1 1950
June 1 1938
Apr 1 1937
Apr 1 1990
T o April 1 1923
M ay 1923 to '26
Apr 1 1923 to 27
T o Jan 15 1935
Aug 1 ’23 to ’37
reg. lnt. Q .-F
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Co.s office. 2 W all St N Y
Girard Trust C o, Phila
New York
do
do
Guaranty Trust Co, N Y
Gira'rd Trust C o., Phlia
. ii Reg lnt. Q.-J.
1,091
1,675
920
381
1,646
1887
1892
1909
1899
1871
1871
141 1881
60
60
All
9
$100
100
500 Ac
500 A c
500 Ac
500 A c
1,000
500 Ac
1,000
1,000
$ A £
1.000
50
50
1,000
2.000,000
3.000.000
61,000
7,000
2.401,950
1,211,250
2,727.000
J
444 8 J A
J A D
5g
J
J A
4
M A N
4 g
A A O
344
8
J— J
J A
J
444
1.009.000
1.000
444 Z M A s
143 1886
ginta 4*—
A A o
5.000.000
1,000
5g
198 1893
890,000
J A n
1,000
198 1896
6g
950.000
1.000
444 Z J A j
198 1900
3.301.000
M A N
1,000
4 g
83 1895
M A S
228.000
5 g
1,000
Ohio & Little Kan R y 1st M $250,000 red 105 g . .
72 1900
2,000,000
J A D
6 Z
1,000
Ohio River 1st M g _______________________ FP.xc
166 1886
A A O
2.941,000
1,000
5 g
208 1887
General mtge gold 1st on 39 miles______ ______xo*
4g
A A O
3.829.000
1.000
177 1 8 9 0
W Va & P 1st V' g 5s scaled, red at p a r.. Me.Ba.xo*
A
A O
1.000.000
1.000
1913
4m
Kqulpbdsdue $1,000,000 yrly (V 97. p 80 2)-G P .xc
M A N
l
.
o
o
n
2.000,000
4
V
4
1916
ao due $500,000 yrly call 102 44_______ G Pc
5.009.000
1.000
1917
444 E A A O
do due $1,000 000 yrly call 10214
Q P y r*
.1 A .1 15
15,427.100
6
1920
do due $1,186,700 ann_____________________ G
F A A
6,750,000
5
1,000
1922
do duo $150,000 yearly_______________ (
c Coups. M A N .;
Pitt*. L . E. A W .V a Sys. 4s.
Dividends art PayabU
On Sav Bk & T r Cln Co,
Cincinnati, Ohio
do
J P Morgan & C o. N Y
(4) B. A O.. Pittsb .Jct. A M id . D i v . 3 ) i i . Expected to be ul
timately a first lien upon the railroads of the Central Ohio
system and Pitts. Jet. R R . Co.. 381 miles In all. T o t a l . . . . $20,000,000
$6,124,500 Is In hands o f the public and $8,712,550 pledged under Pitts.
Lake Erie A W. Va. 4s. Closed except to retire underlying bonds, see table.
(5)
Pittsburgh Lake Erie A West V irginia System mtge. refunding 4% gold
bonds (authorized amount $75,000,000) are a lien on 1,646 miles,
forming a direct connection with Pittsburgh, Cleveland, Falrport, Lorain
and Sandusky, subject to underlying bonds outstanding thereon (see table
above). In Dec. 1921 $36,351,450 additional underlying bonds. Including
$8,712,550 Plttsb. Juno. A Middle D lv. 3 44s, were held In trust as part se
curity. 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, 1628; V . 87.
p. 36; V. 88. p. 451. 685; V. 105. P. 715. _
_
^ „
. .
(7)
Convertible 20-year 444* $63,250,000. dated M arch 1 1913. will
be convertible into common stock up to Feb. 28 1923 at $110 pet
share and redeemable beginning March 1 1923 at 10244- These 444* * r®
secured by the new blanket mortgage below described pari passu with th*
new bonds. See V. 96. p. 134, 200, 651. 715. 1088. 1421; V . 97. p. 727.
Schuylkill River East 81de 4s. V . 77. p. 1745; V . 81. P. 727.
B A L T IM O R E & C U M B E R L A N D V A L L E Y R R . E X T E N .— Waynes
(8) Refunding A General Mortgage o f 1915 due Dec. 1 1995 (V . 101, p. 1884).
boro to Shlppcnsburg. Pa., 2U.52 miles. Leased to Western Maryland R R .
The Initial $60,000,000 5% bonds o f this Issue was brought out In Deo.
for 50 years from July 1 1881. with privilege of renewal, lor lnt. on bonds
1915. See below; also V. 101. p. 1884: V. 102. p. 975; V. 103. p. 1989. In
•nd dividend on stock, amouutlng In all to $38.730.— (V . 75. p. 665.)
June 1919 an additional $15,000,000 and in N o v . 1919 an additional
$2,000,000 Series A was pledged as part collateral for $35,000,000 secured
B A L T IM O R E & O H IO R R .— (See M a p .)— Operates from Balti
more to Philadelphia and Baltimore to Chicago. Cincinnati and St. Louis: gold bonds.
The I.-S. O. Commission In Jan. 1921 authorized the company (1) to
total mileage leased, owned and operated on Dec. 31 1921, 5,187 miles.
Access Is had to Now Y ork via the Phlia. & Reading R y ., Central R R . o f Issue $3,000,000 Ref. A Gen. M tg e. Series " B " 5% bonds, for tlm pur
pose o f retiring by exchange an equal amount o f R ef. A Gen. M tg e. Series
N . J. and the Pennsylvania R R .
r‘A ” 5% bonds; and (2) to pledge $3,000,000 Ref. A Gen. M tg e. bonds.
The system embraces, subject to mortgages, the following lines:
Pr.Ken 3 44% AT.— (1,091 m .)M iles. Pittsburgh & Western_________ 214 Series " A , ” and $10,000,000 (reduced to $7,000,000 in Aug. 1922) ref. A
38 gen. mtge. bonds, Series " B / ’ as security for its $9,000,000 promissory
Balt.to Wheeling, 13elpre.O.,&o. 760 xPlttsb. Cleveland A Tol. B r . .
Oumb. to Plttsb. & w .. A o ____ 331 xPlttsb. Palnesv. A Fair. B r__
51 note to bo issued to the Director-Gonoral o f Railroads. Additional
Monongahela River B r_________
37 $5,000,000 Series " B " pledged with G ovt, to secure $3,000,000 loan. V .
IK Mtge. 4 % — (581 trifles) —
112, p. 468. In Jan. 1921 $3,250,000 was pledged as security to U . S.
81
Balt, to Phlia. and branches___ 133 xClev. Terminal A V alley_____
N a t. R y . Service Corp. $5,200,000 loan for equipment.
Chicago, 111., to Akron, O h io .. 365 xCleve. Lorain A Wheeling B r__
Security.— Secured on practically entire system. 4,514 miles o f first track,
Wheeling
to
Cleveland,
A
c
.
.
200
Branches to Fairm ont,W .Va.. Ao. 83
South W. D iv. 3 44% M .—
xOhlo River Lines—
264 and equipment or Interest therein, having In 1921 a net value o f over
Also covers the passenger and freight terminals in Phlladel59 $118.833.629.
Belpre, 0 .,v la Clno. to S t.L .. Ao. 920 West Virginia Short Line B r___
xOhlo A Little Kanawha B r___
72 uhia, Baltimore, Pittsburgh and Chicago and the freight terminals on
puts. Jet. 3 44% AT.— <381 miles)
xOther purchased lines_________
70 Staten Island, N . Y ., in Cincinnati and Washington, as well as one-half
Bellatre to Midland City, Obloi
stock Interest in the Washington Terminal Co. and one-half ownership
Lines Under OlherMtges.—
Shawnee to Sandusky, O h io../ 374
Pittsburgh Junction R R ........ ..
7 Toledo D ivision_______________ 390 o f joint yards at Washington. A direct lien upon about 2.297 miles o f first
P .L .E . A W .Y .S t/ ».4 % A f.(*l, 6 16m.) Coal A Coke R y _______________ 197 track, and a Hen, through the deposit o f bonds, and In most cases all, and
n no case less than 96% o t stock, o f the co. owning remaining mileage.
West Virginia & Pittsburgh___ 179 Sundry branches. A c __________ 362
Reservation o f Bonds.— The mortgage reserves bonds to retire about $282.• Inoludes38l m.. also covered by Pitts. Jot. Is tM . a See this com pany. 000,000 prior liens on various parts of the system and the $63,250,000 con
x The company has purchased these lines. Long Fork R y ., V.109, p.1980.
vertible gold bonds Ithese last being secured by the new mortgage pari
Owns B. A O. Chic. Term . R R ., $8,000,000 sto< k and $32,000,000 of Its passu with the bonds issued thereunder] and provides for the reservation of
4% bonds. See below
Sandy Valley A Elkhorn Ry. See V. 100, p.307.
bonds for construction, improvements, now equipment and the acquisition,
Also controls S. I. It. T . R y . Co. and Long Fork R y . Co.
directly or Indirectly, o f properties and securities. Th e right Is reserved to
E ffective April 28 1918, was ordered by Director-General o f Railroads to refund the Prior Lien 3 44s Into 1st M 4s o f 1898 due 1948. and to extend
use the Penn. R R . passenger station In N . Y . C ity , and In Sept. 1921 com the due date o f the S. W . D lv. 344s to date not later than July 1 1950.
pleted contracts with the Pennsylvania R R . for the permanent use o f the
Th e authorized Issue Is limited to an amount which, together with all th*
Pennsylvania station as the Eastern terminus for Its passenger trains
prior debts o f the Railroad C o., after deducting therefrom the bonds reserved under the provisions o f the mortgage to retire prior debts at m aturity,
V . 113, p. 1154, 2184.
H IS T O R Y .— Receivers were appointed In Feb. 1896, but In 1899 reor shall not exceed 5 times the then outstanding capital stock, with the addl*
ganized without foreclosure, per plan In V. 66, p. 1235. See also V . 67. ttonal limitation that when the aggregate amount o f tnelbonds^outetandtn*
p. 688. 1206. 1356; V. 95. p. 681. 1121 1744; V. 98. p. 134: V. 97. p. 363. and the bonds reserved to retire prior debts shall be $600,000,000. no addi
T h e purchase o f the Cln. Ham. A Dayton (now Toledo A Cine. R R .) on tional amount o f bonds shall thereafter be Issued, except the bonds so re
July 19 1917 added 390 miles to ro-ul operated (see "B on ds" below: also served to retire prior debt, without the further consent o f the stockholders
V . 103, p. 1991; V. 107, p. 1283.) On Feb. 1 1917 also acquired entire capital o f the railroad company, and such additional bonds may be Issued only to
stock o f Coal A Coke R v. (which see). Purchased the Morgantown A an amount not exceeding 80% o f cost o f work done or property acquired.
(9) Toledo-Cincinnati D iv. Bonds.— Ia July 1917, following foreclosure
Kingwood R R . In Fob. 1920. V . 110, p. 969.
sales. 391 miles of the former Cincinnati Hamilton A D ayton R y . System
R E A D IN G CO.. A o.— In 1901 $68,505,000 (virtual control) of the $140.- was reorganized per plan in V. 102, p. 1059; V. 105, P* 715, 908jas the
000,000 Reading Co. stock, consisting of $12,130,000 1st pref., $28,530,000 Toledo A Cincinnati R R . C o., whose outstanding securities ($5,000,000
2d pref. and $27,905,000 com., was acquired Jointly with the N ew York
capital stock, $16,250,500 First A Ref. M tg e. bonds and $20,000,000 Ad
Central R R ., each co.,taking one-hair, but In 1904 each sold $3,950,000 justment A Improvement bonds) were then acquired by the B. A O. R R .
of the common. V. 76, p. 101: V. 80. p. 1856.
The aforesaid 390 miles embrace: Main line Cincinnati to Toledo, 201 miles,
S T O C K .—Prer stock see V. 71 p. 1166 1143; V. 72. p. 1186.
including 141 miles leased from D ayton A Michigan R R . (a verv profitable
Union Pacific R R . in '21 owned $3.594,035commonand$1.805.992pref. tease; see caption o f that company): Tontogany to North Baltimore. 19
D IV ID E N D S . 1900. 1901-04. 1905. 1906. 1907-14. 1915-17. 1918-22. miles; Deshler to Flndlav, 18 miles; Hamilton to East M iddleton. 13 miles;
Common-------(% )
2
4 yrly.
4 44
544 6 yrly. 5 yrly.
text Plqua to T roy 9 miles; Dayton to Ironton Jet., 123 miles; other, 8 miles.
The B. A O. R R . having acquired all the securities Issued by the Toledo
P re fe r r e d ----- (% )
4
4 yrly.
4
4
4 yrly.
4 yrly.
4
The pref. dividend has boen paid as usual to and including Sept. 1922. but A Cincinnati R R .. made a deed o f trust covering the same to secure not
owing to delay In the signing o f the contract for Government operation exceeding $35,000,000 collateral bonds, which are Intended ultimately to
the common dividend due Sopt. 1 1918 was not paid until Feb. 1 1919, when be made as far as possible a direct Hen on this division. O f these new B. A
only 2% was distributed. On M ar. 1 1919 the common again received 2% . O. bonds. $11,250,500 o f 4% and $5,000,000 or 5% were Issued forthwith
V . 108. p. 377; V. 107, p. 2374, 1747, 400, 295.
under the plan
The remainder wore raserved to retire at m aturity or
In June 1910 the directors decided temporarily to suspend dividend pay earlier the bonds undisturbed by the plan as shown in table above, or for
ments on the Common shares In order to set aside part o f the road's Income acquisition of underlying stocks, branch lines, branch line bonds, aid for
for capital expenditures so that the company's credit should not be extended refunding additions and betterments, or to acquire First A Ref. M tge.
under existing conditions. V. 108, P- 2628; V. 109, p. 269.
bonds of new company Issued therefor
V 105. p. 2364.
B O N D S .— (1) Prior Lien 344%.
first Hen on main line and branches,
(10) Coital. Bds. ( Coal A Coke Ry.)— This $3,000,000 (closed) Issue was sold
Parkersburg branch and Pittsburgh division, about 1,091 miles of first track In March 1919 to provide (along with treasury cash) for $5,000,000 1st M .
and 1,769 miles of se ond, third and fourth tracks and sidings, and also all 5s o f Coal A Coke R y., maturing April 1. (See that co.) Th e new issue Is
the equipment now or hereafter acquired. Total auth., $75,000,000. See secured by pledge o f ail the $5,000,000 1st M . 6s o f Coal A Coke R y . due
application to list. V .fiO .p . 30; V. 78. p. 1906; V. 86. p. 1528; V 86. p. 36.
1924. See V. 108, p. 1273.
(2)
First M . 4% Bonds. Due July l 1948; a first lien on the Philadelphia. (11) The $35,000,000 6% Secured Bonds dated July 1 1919 have as se
Chicago and Akron divisions and branches and the Fairmont Morgantown A curity: $6 065.000 Reading Co. First Pref. stock; $14,265 000 Reading Co.
Pittsburgh R R .. covering about 581 miles of first track and about 914 miles Second Prpf stock- $10.002,555 Reading Co Common stock- $15 000.000
of second, third and fourth tracks and sidings; also on the properties covered B. A O. R ef. A Gen". M tge. 6% bonds, Series “ B ,” and $2,000,000 Series
by the B. A O. Term . M lt«j. o f h894. all owned by the B. A O. and B alti “ A ,” due Dec. 1 1995. The trust indenture provides that the aggregate
value o f the collateral deposited shall always be maintained at least equamore Belt R R . Also a lien, subjdbt to prior mtge.. upon main line, A c
to 125% o f bouds outstanding. V 108. p. 2628; V. 109. p. 71
V . 89. p. 30: V. 79. p. 211: V. 97. p. 297. 594: V. 102. p. 1435.
Th e trust Indenture provides tdat tne company in each year, beginning
Tota l Issue closed at $82,000,000 ( V. 104, p. 1044). except for $75,000,000
July 1 1919, after providing for its fixed charges, will set aside out of net
reserved to retire prior lien bonds In 1925.
Income accruing after that date, not less than $3,500,000 p. ann. until a
13) Southwestern Division lsi M . 344*. A first collateral lien
total o f $17,500,000 has been set aside, such sums to be used from time to
upon former B. A O. 8. W . system. 920 miles of 1st track and
567 miles o f 2d track and sidings. All Issu ed... . . . ______ _ 45,000.000 time, solely for capital expenditures theretofore made, to pay loans Incurred
AVON OENESEO & M T. M O R RIS 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 44% on stock.— (See V. 63. p. 512; V . 62. p. 318. 589.)
B A LT IM O R E C H E S A PE A K E & A T L A N T IC R Y .— Owns Claiborne to
Ocean C ity, M d ., 87.06 m.; Salisbury M d , to Fulton, 0.55 m.; from Clai
borne to Baltimore, 44 m., transfer Is made by water; steamer lines owned,
1,110 m : total of all. 1,203.61 miles. The Ponna. and allied cos. own all
tne $1,000,000 common and 95% of the S1.VJ0.000 5% cum. pref. stocks
V. 92, p. 625. 593. D lv. on prer.. 2% Mar. 1 1905; In 1906. M ar., 3% :
O ct.. 2% ; In 1907, Mar., 3% ; Sept.. 2% ; in 1908. Oct.. 2% : 1910. Jan., 5% :
Sept 2% ; 1911. Jan. 31. 3% ; M ar. 31. 2% ; Oct. 2. 3% : 1912. July 1.
214%: none since.
Net After Tires-----E A R N IN G S .—
------------- Cross
1921.
1922.
1921.
1922.
(I.-S . G. O. figures.)
f.S l2.933 SB $68,480
.........................
$1,223,742 ■S .I.284.684
. — ■ ■ ■ ■dIc_________
a.n. . . ......
1-Sopt.
30------In year 1921, gross income, $83,810; deductions, $175,253: bal., def.
$91,443. Pres., Turnbull Murdoch; V .-P .. A . J. County; Sec.. Lewis
Neilson; Treas., Jas. F . Fahnestock.— V. 112, p. 1282.)
12
KAILWAY {STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
IFor abbreviations, A c ., see notes on page 6]
Atl Coast Line RR (Concl) —
Bonds to be Refunded by General Unified Bonds—
First cons (1st M on 1,087 miles) clo s e d ..F .x c ’ &r*
North East (S C) Cons M gold Flor to Charleston.xo
Atlantlo C L of S C Gen Is tM G s t on 594 m )gSBazo*
Petersburg M olass A g o l d . ----- --------- ------------- *
do
do
class B g (Petersburg to W e ld o n ),z
Rlohmond & Petersburg Consol M g ________Ce.xo*
Wllm Sc Weldon Oen M (*938.000 are4s) g.SB a.zo*
W ilm ington Sc Newbern 1st M gold assum. .SBa.x
Nor & Car 1st M gold (P Pt Va to Tar, N O .C e .z c *
Second mortgage gold__________________ SBa.zo*
Sav Fla & W 1st M g (*2,444,900 are 5s)-M p.xo*A r
Charleston & Savannah gen mtge gold___SBa.zo*
Bruns & W 1st M (Brunswlok to A lbany)g gu Alp.zo
Alabama Midland 1st M g (Balnb to Montg) ...M p.xc
Florida So 1st M g o ld .. ___________ _______ AB.zo*
Sanford & St Petersburg first mtge gold-------- PePx
Atlantic & Danv— 1st M *4,425,000 g lnt ren t..B axo*
Second mort *1.525.000 gold lnt r e n t a l____ Ea.xo*
Atlantic & North Carolina— Stock *1,800,000--------A tla n tic Q uebec & W r it — 1st M callable 110----- c*
Atlan & W est’ n— Is t M *1.500,OOOg red 105..,FB ac*
Augusta & Savannah— Stock 5% rental Central of Ga
A u gu sta S ou th ern — See Georgia A Florida R y .
Augusta Union Station— First M *250.000 gold.SBax
Austin & N W — See Houston & Texas Central
Avon Ueneseo & Mt Morris R R — Stock (see t e x t )____
Baltimore Chesapeake & Atlantic— 1st M gold.M p.zo*
B alt & Cum b V ail R y — See Western M aryland lty
■ A C V RR Exten— Stook gu (*270,000 carries 7 % ).
First mortgage Interest rental ...... ................M eBa
B alt & H a rrisb u rg R y — See Western M aryland Ry
Miles Date
Road Bonds
3.941
102
696
69
69
27
479
91
110
no
543
111
167
174
244
145
278
278
—
24
53
Par
Value
Amount
Outstanding
Rate
%
When
£ (Viable
4 K M s>
1902 $1 OOOAc x$50863000
s
J
1,000
657.000
6g
1883
A
J
1,000
5.547.000
4g
1898
J
A
868,000
1.000
5g
1881
A Sc
800.000
6g
1881
1.000
300.000
1890
1,000
444 g A Si
A
4,000.000 4 g Sc 5 g J
1885
1,000
F A
1,000
108.000
4 «
1897
A St
1,314,000
1,000
5g
1889
J St
400,000
1,000
1896
5g
6.500.000 5 g & 6 g A St
1.0(H)
1884
St
J
1,500,000
1,000
7g
1886
J St
1,407.000
4g
1888
500 Ac
M St
2.800.000
5g
1,000
1888
St
2.418.000
J
1,000
4 g
1895
J St
1894
275,000
1,000
4g
J A
1,000
3,925.000
1900
4g
J Sc
1,000
1,525.000
1904
4g
100
J A
1,797,200
3
J Sc
text
1905
2,548,675
£100
6
Text
1919
M Sc
500 Scc
303.000
5g
1912
J Sc
1,022,900
100
5
[V ol .
Last Dtvtdmo
and Maturity
115.
Places Wnere interest and
Dividends are Payable
United States T r C o . N Y
S July 1 1952
United States Tr Co. N Y
J Jan 1 1933
Safe Dep Sc Tr Oo. Balto
J July 1 1948
Meron N at Bk, Rloh'd.Va
J July 1 1926
do
do
o Oot 1 1928
Brown Brothers, N Y
o Apr 1 1940
First Nat Bk, N Y &Balt
J July 1 1935
Safe Dep A Tr Oo Balt
A Aug 1 1947
Central Union Trust,N Y
O Apr 1 1939
Safe Dep A Tr Oo Balt
J Jan 1 1946
United States Tr Co. N Y
O Apr 1 1934
do
do
J Jan 1 1933
do
do
J Jan 1 1938
Metropolitan T r Co. N Y
N N ov 1 1928
United States T r Co. N Y
J Jan 1 1945
do
do
J Jan 1 1924
Bankers Trust Co, N Y
J July l 1948
Equitable Trust Co
J July 1 1948
J July 1922
144 Check from Co's Office.
See text
J July 1 1935
1949
F idelity Trust C o., Balt.
N May 1 1952
J July 1922 244 Savannah, Ga
Safe Dep A Trust Co.Balt
1903
1.000 &o
225.000
4g
J
Sc
J July 1 1953
17.7
88
1894
100
1.000
225.000
1.250,000
344
5 g
J
M
St
St
J July 1 1922 144 Erie Railroad, New York
Phlla and N ew York
S Sept l 1934
26.5
1881
50
1.000
890,600
230.000
5 & 7
6
J
J
A
A
J July 1 1922
J July 1 1931
Company's office. N Y
N a t Bk Commerce N Y
x Further $388,000 in treasury Dec. 31 1921 and $75 ,000 p lodged
A T L A N T IC C IT Y RR.— Camden to Atlantlo City ,58.36mlles; branches
Winslow Junction to Cape May. N . J., 55.77 miles:
Wllllamstown,
22.67 miles- Gloucester, 10.85 miles: Sea Isle City, 12.35 miles: Ocean
City, 10 16 miles; total, 170.15 miles. V .7 2, p.1278. STO C K , common.
*2,625.000; pref., *1,000.000 (par. *50). Reading Co. owns over 99% ol
stock, and guarantees consol. 4s, prln. and lnt.
Form of guaranty. V.
75. p. 1398.
Of the latter, *2.649.000 are reserved to retire prior lien
bonds. V. 73. p. 81. There are *22,800 Sea Coast “ A ” 5s; $1,200 " B " 5s.
The 1st 5s duo M a y 1 1919 were extended at 544% Interest until M ay 1
1929 (subject to call at 105 on and after M a y 1 1924), and unconditionally
guaranteed, principal and Interest, by the Reading Oo. V. 108. p. 1721.
For 1921, gross, $4,615,848; net opor. Income, $441,176: other income,
$52,711; interest,rentals, &c.,$761,386; bal.,dof.,$267,499.— (V . 113,p.2310.)
A T L A N T I C C O A S T L IN E C O .— Organized M a y 29 1899 In Connecticut
and owned Juno 30 1922 $19,930,827 common stock and a large amount of
bonds o f Atlantic Coast Line H R .; also stocks and bonds o f other companies.
S T O C K , A c.— Reduced in 1914 to $8,820,000. V. 98, p. 234, 609.
As to the certificates of Indebtedness, see editorial Oct. 1897. Supple
ment. p. 3: V. 65. p 564: V . 71. p. 1310. In 1898 *5,000,000 stock was
distributed as a 100% dividend (V . 67. p. 954), and In 1900 *10,000.000 4%
oertlflcates of Indebtedness (Including *2,500.000 of Atlantlo Coast Line
R R . Co.) as a 100% dividend. (V . 71. p. 697: V . 73, p. 493.)
CASH
T02. ’03. ’04. ’ 05. ’06. ’07. ’08. *09. '10. ’ l l . ’ 12 to Sept 1922
D IV 8 — % /6H 8
8
9 10 10
8
9 10 10
12 yrly (3 Q-M>
R E P O R T .— For year ending June 30 1922, in V . 115, p. 2154, showed:
1921-22.
1920-21. I
1921-22.
1920-21.
Total credits.$1,787,985 $1,888,226 Divs. (12% )-.$1,058,400 $1,058,400
Total deduc’ns
339,157
354,9381H al. over divs.
390,429
474,888
N et incom e.. 1.448,829 1.533.288|Tot.p.&l.sur_ 15,814,588 15,418.880
Pres., H . Walters; Sec., It. D . Cronly; Trcas., J. J. Nolligan. Office,
Bridgeport, Conn.— (V . 115, p. 2154.)
A T L A N T IC COAST L IN E R R .— (See M a p .)— Operates from Richmond
and Norfolk, Va., to Fort Myers, M oorehaven, Port Tam pa and River Jet.,
Fla., on the south, and Montgomery, A la., and Augusta. Ga., on the west,
reaching the ports of Norfolk, Va.: W ilm ington, N . C.: Charleston, S. 0.:
Savannah and Brunswick. G a „ and Jacksonville and Port Tampa, Fla.
Lines owned. A c. (C on.)— Miles
Lines owned and trackage— M iles.
Haines C ity to Im mokalee_____ 126
Richmond, Va., to Port Tampa,
F l a ...... .......................
912 Sylvan Lake near Sanford to
Norfolk, Va., to South Rooky
St. Petersburg, F la____ _____ 145
Mount_______________________
115 Palatka, Fla., to B rooksvllle.. 145
Oontentnea to W ilm ington____ 105 Milldale, Fla., to P erry________ 163
Branches, A c___________________ 1,828
Wilmington, N . C., to Pee Dee
Leased—
Junction ____________________
97
Florenoe. S. C., to Augusta, Ga. 167 Central R R . of So. Carolina—
Lanes to Sumter S . C ______
40
45
Sumter to Columbia___________
Other lines______________________ 12
Yadkin Jet. (Wilmington, N.O.)
to Sanford__________________
116
T o t. miles oper. Dec 31 1921.4,924
Waycross, Ga., to Folkston, Ga.
34 Closely allied lines (see each co.)—
Jesup, Ga.. to Montgomery, A la. 355 Louis. & Nash. (lncl. ail cos.) .7,688
Brunswick, Ga.. to A lbany____ 169 Charleston & Western Carolina. 343
Dupont Jet. to Fort Myers. F la . 350 Northwestern R R .o fS o . C a r..
81
Also owns one-sixth Interest In the Richmond-Washlngton Co. Leases,
lolntly with the Louisville & Nashville R R ., the Georgia R R ., 571 miles.
In 1918 opened a line from Sebrlng, Fla., to M oore Haven, 59.70 miles.
V. 103, p. 577. Now station In Richmond, Va. V. 108, p. 266.
Th e Tam pa Southern R R . C o., an auxiliary company. In 1917 let con
tracts for a 50-m. line from Tam pa, via Orient, to Palm etto, and In April
1919 was operating from Uceta to Palm etto, 35.6 miles. In Jan. 1920 the
lino between Palm etto and Bradentown, Fla., was complotod and placed in
service. V . 105, p. 2457. Property operated by agreement with ownor,
James R iver to Acca (R . F. A P . R R .), 3.56 miles.
O R G A N IZ A T IO N .— On A pril 18 1900 absorbed by consolidation (V . 70
p. 840. 893), Wilm ington A \Veldon R R ., A tlantic Coast Line ItR s. or S. O.
and Va. and N o rf. & Car. R R . On A p ril 10 1902 absorbed the Savannah
Fla. A Western R y . Co. T h e St .Johns & Lake Eustis R y. Co. was merged
June 12 1902. Florida Southern and Sanford A St. Petersburg were merged
April 1903. V. 76, p. 918, 971. Jacksonville & South Western was merged
July 28 1904, the Winston A Bone Valley R R . Co. Feb. 18 1909, and the
Conway Coast A Western R R . C o. on July 1 1912. In Oct. 1913 the rail
road o f the Sanford A Everglades R R . C o. was purchased by and conveyed
to this company. In July 1922 acquired control o f the Rockingham R R .
V. 115, p. 307. Tho Atlantic Coast Lino Co. (o f Conn.) Juno 30 1922
owned $19,930,827 common stock, $17,640,000 having been distributed
March lO 1914 among its stockholders. See that company abovo. V . 70,
p. 893: V. 71, p. 1116, 1310; V . 83, p. 560.
In Oot. 1902 acquired *30,600.000 of the *60.000,000 Louisville & Nash
ville R R . stock and in 1913 an additional $6,120,000. On Dec. 31 1921
this $36,720,000 stock was on deposit along with $306,000 stock o f Louis
ville Property C o., as security for the company's $35,000,000 collateral
trust 4s o f 1902. V. 75. p. 733. 792. 905: V . 79, p. 785.
S T O C K .— A tl. Coast Line of Va. class A (Rich. & Pet. ctfs.) tax-exempt
itock was assumed as so much of the com. stook of the new company.
D IV S . (% ) — ’06. ’07. '08. '09. '10. ’ l l . '12-T4. ’ 15. 16. ’ 17 to Jan. ’ 23
C om .(lncl.C l.A.) 6
6 5544 5 K 8
6 7 yrly
5 6 7 % (3 4 4 % s .a .)
Also In 1905 20% In com. stock scrip and 5% In Atlantic Coast Line Co.
4% certificates o f indebtedness. V. 81, p. 1558. 5 Includes 3% paid In
Jan. In Atlantic Coast Line R R . 4% certificates o f Indebtedness.
B O N D S .— In April 1914 the Unified M ortgage o f 1909 was closed and
new $200,000,000 GenoralUnlfled M ortgage was made permitting (unlike
the mortgage o f 1909) the issuing o f bonds In series at various rates o f Interest
The old Unified 4s held by the R R . Co. and the Atlantic Coast Line Co.
($21,330,000 and $3,008,000) were exchanged at once for new Series A
44*s. $ for $. V. 98, p. 761. 1070, 1154, 1243: V. 100, d . 1916. Listing,
see V. 103, p. 2237. Th e Unified M tge. was cancelled in 1920. V . 110,
p. 2386. Or the $53,836,584 General Unified bonds issued to Doc. 31 1921,
$23,019,000 were on that date in hands o f public ($22,919,000 at 444%
and $100,000 at 4 % ) and $17,008,683 t 444% and $3,808,900 at 6% were
a
held in tho treasury, whilo $10,000,000 were plodgod as collateral. V . 106.
P. 2235.
Purposes fo r which the $200,000,000 General Unified Bonds were or are issuable
Issuable as Ser. A 444s to refund $30,817,484 Unified 4s-------- $30,847,484
Reserved to retire 4% certlfs. 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) *or future construction. Improvements. A c . . 79.749.806
T h e 10-year secured notes o f 1920 are redeemable on and aftor M a y 15
1923 at 100 and lot. plus a promium o f 1 % for oacn year to maturity. Se
cured by plodge o f $10,000,000 Gen. U nified 4 His, 1964. V. 110, p. 2075.
T h e 4% convertible debentures aro rodeemaole 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 "O rganization"
above. They are subject to call at 105 In amounts not less than *100,000.
The Washington & Vandemere 4 44s (*1,500,000 authorized, of which
$720,000 outstanding) are guar., p. & 1., by endorsement. V . 84, p. 1246.
As to Winston-Salem South Bound R R . guar. 4s. see that company.
Guarantees, Jointly with Richmond Frodoricksburg Sc Potom ac R R .,
$3,380,000 first mtgo. 5% bonds o f Richmond Terminal R y. duo Jan. 1 1952.
Equipment bonds, S eries" I ) , " V. 112, p. 60.
Equipment trusts issued
to Director-General for rolling stock
allocated to this company. See article on page 3 and V. 113, p. 1359.1469.
E A R N IN G S .—
-------------Cross----------— — — Net After Taxes— —
(I.-S . C . figuros.)
1922.
1921.
1922.
1921.
Jan. 1-Sont. 30........ ...$51,464,507 $49,790,336 $11,131,908 $3,197,156
R E P O R T .— For calendar year 1921, in V. 114, p. 2233, 2252, showed:
1921.
1920.
xl919.
xl018.
Gross rocoipts................$60,730,768 $74,121,956 $63,558,452 $56,992,329
Opor. e p., taxes, A c ___ 61,150,483 72,216,736 56,345.437 45,366,201
N o t earnings................ $5,580,285 $1,875,220
Federal compensation____
______
1,684,187
Other income....................
1,668,685 8,802,972
D iv. L . & N . stock (7 % ) 2,754,425
2,890,384
$7,213,015
10,180,915
1,364.989
2.570,400
11,026,128
10,180,915
1,317,829
2,570,400
Grossincome..............$10,003,395 $15,252,783 $14,110,304 $14,069,144
Interest on funded debt. $6,042,237 $6,028,525 $0,042,301 $6,050,981
47,446
92,773
902,541
1,142,766
Other interest__________
685,885
692,530
431,153
1,027,824
Rentals, See____________
9,835
9,835
Preferred divs. (5 % )___
9,835
9,835
4,729,158
4.729,158
Common divs. (7 % )____ 4,731.034
4,731,034
70,000 (7% )70.000 ____________
(7% )70,000
Divs. R . A P . A 'vstock
70,000
Balance, su rp lu s...d of.$3,020,300 $3,079,692 $2,479,707 $2,475,839
x Rosults under Federal control.
O F F IC E R S .— Chairman, Ilonry Walters; Pros., J. R . Kenly; Exec.
V .-Pres., Lyman Delano; v .- P ., R. A . Brand; V .*P . Sc Gen, DoonaeL
Goo. B. E lliott; Gen. M g r., 1*. R . Albright; V .-P . Sc Sec., Herbert. I,. Bor
den; Troas., John T . Roiu; Com p., II . C . Prineo.— (V . 115, p. 307, 1729.)
A T L A N T I C & D A N V IL L E R V . C O . (T 1 IE ).— West N orfolk to D an
ville, Va., 205.1 miles; three branches, 22.25 miles; James R iver Jet.to Clare
mont (3-ft. gauge), 50.30 milos; total, 277 miles. Leased to Southern R y .
from Sept. 1 1899 to July 1 1949 for taxes, repairs, maintenance and cash
rental sufficient to cover lnt. charges, with privilege of renewals for terms of
99 years. In addition the Southern R y . agrees to pay the same rate of d iv i
dends on com. stjck as paid on Its own com . stock. V.71,p.447: V .79,p.025.
Suit to enforce provisions o f lease, V. 95. p. 1606.
BO NDS.— Of the *4,425,000 4s of 1900, *500.000 can be Issued only for
Improvements upon request of Southern R y ., Interest charges to be oovered
by increased rental.— (V . 89, p. 1410; V . 95, p. 1606.)
A T L A N T IC & NORTM C A R O L IN A R R .— Morehead CRv to Goldsboro.
N . G ., 96 miles. S tite of N o. C ir . Aug. 1917 owned $1,266,500 of $1,797.200 stk. V. 96. p. 862, 1088. Leased from Sept. 1904 to Jan, 1 1998 to
Atlantic Sc North Carolina Co. (the lease being later transferred to Norfolk
Southern R R .) for lnt. on bonds, taxes, A c ., and divs. at 3% for 20 yea n ,
then Increasing 44% everv 10 years till 5% is reached; thereafter 8%
D IV S .— '93. ’94. ’95. ’98. '97. 98. 99. 1900-04. Underlease
Per cent____ 2
2
0
2
2
2
2
0
as above
The $325,000 1st mtge. 6% bonds duo July 1 1922 wore paid o ff and
now 20-year bonds wore sold (o take the place o f snmo.
Pres., C . D . Bradham; Sec. Sc Trcas., W . Stamps Howard.— (V . 113, p.
291.)
A T L A N T I C Q U E B E C St W E S T E R N R Y .— Paspeblac to Oaspe. Que
bec, 10244 miles- trackage, 144 m. Stock $2,000,000 In $100 snares.
Tho Interest due July 1 1917on 1st M . 5% debenture bonds was not paid,
and the bondholders agreed to forego all interest during tho war except
In so far as earned. See V . 105, p. 1616, 2007; V. 91, p. 1253. Unpaid
Interest. V 109. p. 1985; V . I l l , p. 2422. A 5% Second M tgo. Debenture
amounting to $2,050,000, dated Juno 30 1919, due Jan. 1910, filed Sept. 30
1919. V. 109, p. 1460. Chairman Sc Pres., Earl o f Ranfurly, London.
Eng.— (V . 109, p. 1985; V . I l l , p. 2422.)
A T L A N T I C & W E S T E R N R R ,— Sanrord to Llllln gton . N . O .. 24 m.
Stock. $303,000; par, $100. Bonds lssuablo at $12,000 per mile. See
tablo abovo. For yoar 1921, gross, $53,102: not, $1,271; other Income,
$3,208; deductions, $22,073; bal., dof.. $17,593
Pros.. H . O. Huffor Jr.,
366 Madison A vo., N ow Y ork; Sec. & Troas., W . It. Sullivan, 31 Pino St.,
N ew Y o rk .— (V . 95, p. 1038; V. 108, p. 2021; V . 110, p. 2386.)
A U G U STA & SA V A N N A H R R .— Mlllen to Augusta. Ga., 63 miles. In
1895 re-leased to Cent, of Ga. for 101 yrs. at 5% on stock.— ( V . 106, p. 709.
A U G U S T A S O U T H E R N R R .— See Georgia Sc Florida R y .
A U G U STA UNIO N STATIO N 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
stook
Stook, *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.
Pree., Chas. A . Wlckersham; Soc., W . H. Vincent.— (V .8 2 , P. 48.)
Nov., 1922.]
15
RAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
IFor abbreviations, A c ., see notes on page 6]
Miles Date
Road Bonds
Par
Value
B a lt & O h io (Concl)—
1920
M organtown A Klngwood Tilt equip tr notes_______
1921
Bethlehem Stool Oo Eq " B ” _______________________
1920
Seaboard A ir Line E q ‘’ S” __________________________
1920
N ational Railw ay Service Oorp D o f Lion__________
—
1920
National Railw ay Service Oorp Prior Lion _________
Leased Lines and Other Securities—
$1,000
Schuylkill R iver E S R R 1st M g guar p A len d or.z 10.55 1903
500
37 1909
Hampshire So 1st M gold__________________________
Goal A Coke R y .. see that company, also text boiow
1,000
1886
Balt & Ohio Chic Term R R — Ch A G tW IstM gass’d .v k
1888
City ot Chicago purchase money mtge assumed____
1910
First mortgage $50,000,000 authorized__________ x
B a ltim ore & P o tom a c— See Phlla Balt A Wash.
100
B an go r & A ro o sto o k — Common stock_____________
100
Prer stock 7% cum red. 110 $10,000,000 auth_____
1,000
First mortgage ($10,000 per mile) gold____ G-xxo*
211 1893
1,000
77 1899
First mtge Piscataquis Dlv $1,500,000 g .. (l.x x o *
1,000
33 1899
V Bur E x t 1st M $500,000 g (V 69. p 9 5 2 ).a .x x c*
1.000
Aroostook Northern 1st M $225,000 gold __G.xxo*
15 44 1897
1.000
412 1901
Oonsol refunding mtge $20,000,000 gold___OB.xo*
1.000
28 1907
M edford E x t 1st M $1.000.000g(V84.p692)Us.xxo*
1.000
55 1909
Washburn E x t 1st M g (V 90, p 848,913) -C e.c*xxA r
1.000
St Johns R lv E xt 1st M $1,800,000 guar Ce.xxo* Ar
60 1909
1.000
Oar trust Ser F part due y o a rly ____________________
’ ll'- 1 5
Guaranteed by Bangor A Aroostook
1,000
N o r M e Seaport 1st M guar p Sc 1 end___U sm .c’ &r
54 1905
1.000
1914
Van Buren B ’ge 1st M g gu pAI end red text Usm.c*
1.000
10 1889
B ath & Hammondsport— First mtgo. Extended g old .*
1.000
Seoond m ortgage__________________________________ z
10 1893
B ay o f Q u ln te R y — Seo Canadian Northern R y .
50
163
Beech C reek — Stock (guar 4% by endorsement)____
1.000
163 1880
First mortgage gold guar p & 1 (endorsed)Col.xoAr
1.000
163 1892
Second M for $1,000,000 g guar p A 1 (end) .Un.xo&r
56 1901 $1,000Ac
Beech Creek Exten— 1st M $4,500,000 g gu p& 1(1.xo*
Beech Creek consol M $20,000,000 g gu pAI (J.o*&i
135 1906 1,000 Ac
When
;Payable
Last Dividend
and Maturity
Places Where Interest ant
Dividends are Payable
Amount
Outstanding
Rate
%
$2,244,200
600.000
453,024
4,680,000
7,020,000
6
6
6
6
7
J
.1
J
M
M
A
A
A
A
A
.1 Jan 1935
Guaranty Trust Co. N Y
Bankers T r C o, N Y
.1 June 1 1930
D Dec '23-Dec '27 Commercial T r C o, Phila
Guaranty T r C o, N Y
N N o v 1 1935
Guaranty T r C o, N Y
N N o v 1 1935
4g
5
J
J
&
A
n June 11925
j July 1 1934
5.000.000
5.000
394.000
5 g
J
650.000
5
M
32,000,000 B A O R R A
3,860.000 See text
3.480.000
7
3.360.000
5 g
1.500.000
5 g
500.000
5 g
225.000
5 g
n6.331.000
4 g
1.000.000
5 C
p i , 618.000
5g
m 1.632,000
5
29,000
3
4,743.000
250.000
100,000
200.000
6.000.000
5.000.000
1,000.000
$3,500,000
3.964.000
5g
6g
6K
5
4
4
5
3
4
& n June 11936
<fc N May 1 1938
<5* o Apr 1 1960
518 Walnut St, Phila
N Y . Farm L A T r Oo
B A O R R C o. N
To City of Chicago
Y
A A o Apr 1 1922 2% Checks mailed
do
do
A A (> Apr 1 1922 34$
Guar Trust Oo, N ew York
J & I Jan 1 1943
do
do
A & o Jan 1 1943
do
do
A & () Jan 1 1943
do
do
A A <) Oet 1 1947
Lee, Higginson A Co, Bos
J & .1 July 1 1951
Brown Bros A Co, N Y
M A N May 1 1937
do
do
F A A Aug 1 1939
F & A Aug 1 1939
do
do
PennCo for Ins .Ac .Phila
seml-ann T o 1925
A A
M A
A
J
A A
g
I
J
g
4g A
A
g
O Apr 1 1933
H Sept 1 1934
D June 1 1929
O Oct 1 1923
Q - -J
A J
A J
A o
A o
Oct
July
July
Apr
Apr
Brown Bros A O o. N Y
do
do
50 Ohuroh St. N ew York
do
do
1 1922 1% Grand C entTerm ln al.N Y
do
do
1 1936
1 1936
do
do
11951
Grand C entTerm ln al.N Y
do
do
11955
n m p Also In treasury, n $2,536,000; m $168,000; p $32, 000.
or maturing funded obligations. Moneys 9et aside In any year in excess of
$3,600,000 may be credited against moneys required to be set aside in
subsequent years. V 108. p 2628.
Promissory Note.— Th e companv has Issued a promissory note for $9,000.
000 dated March 1 1920. payable to tho Director-General o f Railroads
ten years after date with interest at 6% p. a., payable semi-annually. The
following collateral has boon pledged as socurity: $7,000,000 Ref. A Gen.
M tgo. Series “ B " 6% bonds. $3,000,000 Ref. A Gen. M tg e. Series “ A 5%
bonds and $2,200,000 Sandy Valley A Elkhorn R y . R eL A Gen M tg e. 5%
bonds. V . 112. p. 468.
. „
E Q U IP M E N T B O N D S .— Equipment bonds o f 1915, seo V . 102, p. 2341;
V. 103, p. 144. Equipment trusts o f 1917, V. 104, p. 1386. Equipment
trusts o f 1922, V . 115, p.434.
,
. . .
Equipment trusts Issued to Dircctor-Goneral for rolling__stock al
located to this company. Seo article on page 3 and V . 114, p. 737.
E A R N IN G S .—
------------- Gross---------------------Net after Taxes-----(I.-S. O. C . figuros.)
1922.
1921.
1922.
1921.
Jan. 1 to Sept. 30........$140,316,79,r>$148,170,774 $15,852,342 $17,589,210
R E P O R T ,.— For caiondar yoar 1921, in V . 115, p. 1334:
1920.
Railway Operating Revenues—
1921.
Freight ............................................................
$156,421,212
Passenger_________________________________________ 29,331,034
M a ll........................................................................... 2,757,398
Express____________________________________________ 2,089,845
Other transportation rovonue______________________
2,970,933
M iscellaneou s..___________________________________
5,051,950
Mb
--------------Tota l railway operating revenue_______________ $198,622,373
Total operating expenses___________________________ 166,457.024
21.853,546 26,434,295
Railw ay operating incom o.............................
Gross income______________________________________ 31,974,370 31,834,154
816.739
R e n ta ls...............................................
809,318
In terest_____________________________________________ 23.117.218 22,161.259
297,707
Miscellaneous tax accruals________________________
246,974
737,098
Separately operated properties— loss______________ 1,287,425
575,870
Miscellaneous charges_____________________________
124.544
R E P O R T .— For 1921, in V . 114, p. 1885, showed:
Cal.
Operating Total N et
Interest,
Pref.
Common
Balance
Year—
Revenue.
Income. Rents, A c.
D iv .
Dividends.
Surp.
1 9 2 1 .. .$7,348,708 $1,286,261$1,038,308 $243,600
(4)$154,400 df$150,047
1 9 2 0 .-- 6,675,480
1,547,617
996,094 243,600 (4) 154,400 sr 153,523
1 9 1 9 .. . 5,287,300 1,555,775 1,082,186 243,600 (4) 154,400 sr
75,589
1918--- 4,863,223
1,555,775 1,070.445 243.600 (4) 154.400 sr 87.330
Chairman o f Exec. Com m ., John Ilen ry Ilam m ond; Pres., Percy R .
Todd: V.-Pres., James Brown and Frank C . W right: Treas., W ingate F .
Cram: Gen. M g r ., W . K . H allett; Gen. Counsel, H en ry J. H a rt.— (V . 115,
p. 1428, 1836, 1941.)
B A T H & H A M M O N D S P O R T 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.— (V . 114, p. 197.)
B A Y O F Q U IN T E R Y .— See Canadian Northern Railway.
BEECH C R E E K R R .— ( See M aps New York Central L in es.)— R O A D .
Jersey Shore. Pennsylvania, to M ahaffey, 112 m.; branches to Phlillpsburg,
to mines, A c.. 52 m.; total. 163 miles. Leased In 1890 to N . Y . Central A
II .R . R R . for 999 years at lnt. on bonds and 4% on stock. V . 68. D.
872. Carries mostly coal and coke. See guaranty. V . 52, p. 570. The
bonds are endorsed with N . Y . Central’s guaranty o f prln. A ln t. See
V . 52, p. 570. Assumed by N . Y . Central on consolidation, Dec. 23 1914,
Guarantees Interest on $545,400 Clearfield Bituminous Coal let 4e due
Jan. 1 1940— see that co. under “ Industrials.” — (V . 106, p. 497.)
BEECH C R E E K E X T E N S IO N R R .— (See Maps N . Y . Central Lines.)
—ClearOeld, Pa., to Keating, 52.14 m.; Curry to Curwensvllle, 15.77 m .)
Dtmellng to Irvona, 26.76 m.; M ahaffey to Arcadia. 13.67 m.; branche*.
27.02 miles; total. 135.36 miles. A low-grade coal line, leased to N . Y .
Central A H . R. R R . (which owns entire $5,179,000 stock and $3,964.00$
consol. 4s) for 999 years from June 1 1905, bonds being guar., p. A l . O f the
consols, $3,600,000 Is reserved to retire, $ for $, old bonds. V . 80, p. 1174.
1479; V. 81, p. 30: form o f guaranty. V. 82, p. 1267. Assumed by N . Y .
Central on consolidation, Dec. 23 1914.— (V . 82. p. 1267.)
N o t incomo................................................................................... $6,388,891$7,245,481
f ' O F F IC E R S .— Daniel W illard, Pros.; Geo. M . Shrlver, F . C. Batcheldor.
B E LT L IN E R Y . OF M O N TG O M ER Y.— Owns real estate and a belt llfce
C . W . Galloway, Archibald Fries, V.-Pres.; C. W . W oolford, Sec.; E . M In Montgomery, A la., about 2 miles of track on Tallapoosa, Bell, Perry and
Devereux, Treas.
D IR E C T O R S .— R . Brent ICoysor, Robert Garrett, John J. Cornwell Columbus streets. Atlantio Coast Line R R . pays an annual rental equal to
bond Interest and dlderenoe between taxes, lnsuranoe and oost of operation
and Gcorgo M . Shrivor, Baltimore; F . I I . Rawson, Chicago; Paul M .
Warburg, Charles A . Peabody .John II. M orron, N . Y .; Joseph E. Widener, and gross earnings from others than the Atlantio Coast Line. Atlantic
Philadelphia; F. II . G off, Cleveland. Offices, Baltimore, M d ., and 2 W all Coast Line R R . owns entire issue o f $200,000 stock; par. $100. V . 92, p.
St.. N ew Y ork.— (V . 115, p. 72. 307. 434, 542, 758, 987, 1334, 1530. 1242; V . 93, p. 43.— (V . 93. p. 43.)
1631, 1729, 1938, 2045.) ,
_ ___________—
B E L T R A IL R O A D & STOCK Y A R D S OF IN D IA N A P O L IS .— Owns 14
“ B A L T IM O R E A OHIO CHICAGO T E R M IN A L R R .— Property con miles of belt road. &o.Leased for 999 years to Ind. Union— whlob see.
sists of passenger and freight terminals In city of Chicago, lines of railway
D IV S .— Com ( '10. ' l l .
'12.
'13. '14.
'15.
'16.
leading thereto and a belt line around the city: also 760 acres of land in Cal. yrs., cash
6 5 11 13
14 18 20 16 18
11 11
8
8
and adjacent to the city, of which 60 acres are in the centre of the business Also stock____ ( __ 50 . .
--33 1-3 - -— -- - 50 . .
district; also Includes 7,500 ft. o f dock property on Chicago River. Tota l
M
ortgage
trustee.
Union
Trust
C
o..
Indianapolis.
V.
89.
p.
40;
V
.
92.
track operated, 300 miles, o f which 266.49 Is owned. 83.05 of the latter Pres., S. E. Rauh, Indianapolis. Ind.— (V . 102. p 1249; V. 106. p. 394.)
being first track. Total first track Including trackage 91.46 miles.
H IS T O R Y .— Successor to Chicago Terminal Transfer R R ., foreclosed In
1910. V . 90. p. 166. 108. 235. 625. Stock. $8,000,000. all owned by B .& O .
T E N A N T S .— Balt. A Ohio, Chicago Great Western, Chicago Hammond
A Western R y . (Indiana Harbor B elt). Suburban R R . (Chicago A West
’I'owns), Pere Marquette, Oh. Terre Haute A S. E. R y. and Mlnneap. St
Paul A Sault Sto. M . V. 77, p. 948. 2168; V. 79. p. 901; V. 96, p. 486.
Votal minimum rentals from tenants, $1,335,087 annually. V. 79. p.2084^
B O N D S .— O f tho 1st M . bonds of 1910, the $32,000,000 outstanding are
owned by B. A O. R R . and pledged under its M tge. V. 90. p. 1295.
f*“ K A R N IN G S .— For 1921. gross, $2,028,783; net oper. deficit, $705,047:
other incom e,'$2,365,612; interest and rentals, $1,660,565; balance, none.
B A N O O R & A R O O S T O O K R R .— Stockton Harbor. M e ., to Van
Buren, with branches; Doc. 31 1921. 625.82 miles.
O R G A N IZ A T IO N .— See V . 66, p. 855.
In Oct. 1919 merger o f Northern Maine Seaport R R .— a 54-mile sub
sidiary— with the Bangor A Aroostook was consummated, the latter assum
ing all obligations and having tho right to issue bonds under the Seaport
mortgage. V . 109, p. 1460.
Government loan, V . l l l , p.293; V . 112, p.256. Ten tative valuation,
V. 113, p. 729, 1573.
D I V ID E N D .
(1905. 1906. 1907-12 ’ 13. ’ 14. '15. ’ 16. '17. ’ 18-’21.
Common % ________ i 14$
2
4 yearly 3 34$ 3 3
5
4
Preferred % ________ I------------- First authorized in 1917-----------7
S T O C K .— During 1917 issued $3,480,000 o f a now $10,000,000 Issue of
7% cumulative pref. stock and also an additional $411,400 common stock,
(see below). V . 105, p. 1616; V. 106, p. 1788.
B O N D S , A c.— Piscat. D lv. 5s, see V. 67. p. 1159: V. 68, p. 84. 329.
O f the Oonsol. R ef. 4s, $12,600,000 were reserved to pay o ff outstanding
bonds. Including those of controlled roads, car trusts and pref. stock.and to
zoqulre suoh controlled roads; $3,000,000 for'Improvements over a series
of years and $4,500,000 for extensions at $25 000 per mile. Including equip
ment. V. 73. p. 286. 896: V. 74. p. 93. All tho 2d M . bonds wero retired
In 1918, leaving tho 4s a second lien on main line and a first lien on several
branches. V. 108 p. 2235. Tho Northern M aine Seaport bonds ($5,000,OnO auth.). V 8 l\ p 265; V. 82. p. 392; V . 84. p. 391 692; form o f guar
v . 81 p. 727. Van Huron Bridge Oo. bonds are callable at 110 and int.
^ The*St. John^RIver* Extension 1st 5s of 1909 ($1,800,000 auth. issue)
guaranteed, prln. A lnt., were Issued at $30,000 per mile. V. 93, p. 939.
E A R N IN G S .—
------------- G ross--— ------------- N e t after Taxes----( I - S C C fig u res)
1922.
1921.
1922.
1921.
Jan l i o S e p t T . . . . $5,717,373 $5,256,344 $1,212,616
$519,011
B ELT R A IL W A Y (OF C H A T T A N O O G A !— Owns 49 miles o f bolt
railroad In Chattanooga. Tenn. V 67. p 72.
Leased till July 1 1945 to T h e Alabama Great Southern R R . Co.; rental
guaranteed to meet interest on $300,000 1st M tg e. 5% bonds and $24,000
2d M tge. 4% bonds, taxes and maintenance. S T O C K , $300,000, owned
by T h e Ala. Great So. R R . Co. Bonds are tax-free, due 1945; red. at par.
B E L V ID E R E D E L A W A R E R R .— Owns from Trenton. N . J., to M anunk i Chunk, N . J.. 67 miles; branches, 13 miles; total operated. 80 miles.
Leasod to Unitod Companies, and, March 7 1876, transferred to Penn. R R .,
which owns $214,600 o f the stock. N e t earnings paid as rental.
Dividends.— 1897 to 1905 . 5% yearly: 1906 to 1911. 10% yearly; 1912.
7% ; 1913, 6% : 1914, none; 1915 to 1921, 4% yearly.
B O N D S.— A ll of the outstanding bonds are seoured by the consolidated
mortgage of 1875 for $4,000,000; sinking fund. 1% of outstanding bonds If
earned. The issues of 1885. 1887 and 1903 are guaranteed by the United
New Jersey R R . & Canal Co. Guaranty. V . 76. p. 918.
E A R N IN G S .— In 1921. gross income, $195,984; deductions, $177,562;
dividends paid (4 % ), $50,120.— (V . 110, p. 1088.)
B E N N E T T S V IL L E & C H E R A W R R .— Owns Kollocks, 8. O .. on Seahoard \lr Line via Bennettsville and Brownsville, to Sellers on Atlantic
Coast Line, 45 miles. In Sept. 1921 was authorized to abandon 10.44 miles
o f its line. V 113. p. 1154. Stock, $250,000. Dividends in 1912, 6 % :
1913. 3% ; 1914 and 1915. 5% : 1916. 9% ; 1917-18 (? ); 1919. 6 % . B ond
sinking fund. $3,000 yearly. V. 92, p. 116.
Pres.. J. J. Ileckart: Gen. M g r.. W . J. Posner.— V . 113, p. 1154
BESSEMER & L A K E E R IE R R .— Kremis to Osgood (K . O. Junction)
Pa., 8.81 miles; leased (Pittsb. Bess. A L . E. R R . Co., 173.66 miles;
M eadville Conneau Lake A Linesville R R . C o., 21.61 miles). 195.27 miles;
total, 204.08 miles; trackage (N . Y . Chic. A St. L. R R ., Cascade to Wallace
Junction, I*a., 12.20 miles; Baltimore A Ohio R R ., Pittsburgh Junction to
Butler, Pa., 0.97 miles), 13.17 miles; total operated Dec. 31 1921, 217.25
miles. Second (rack (owned), 8.05 miles (leased), 134.66 miles; total,
142.71 miles. Branches and spurs (owned), 0.29 miles; (leased), 35.59
miles, total 35.88 miles. Y ard tracks and sidings (owned), 8.62 miles;
(leased), 182.93 miles; trackage, 4.81 miles; total, 196.41 miles. In
addition tho Bessemer A Lake Erie R R . Co. leasas the following from tho
Pitts. Bess. A L. E. R R . Co., and in turn subleases to tho Union R R .,
reserving trackage rights for passenger trains, 8.08 m los from N orth
Bessemer to East Pittsburgh, Pa., 8.08 miles o f second track, and 85.52
miles o f yard tracks and sidings; gauge 4 ft. 84$ in.: rail, 130 lbs.
'17.
RAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 6]
M iles Date
Road Bonds
Par
Value
Rate
% •
When
Payable
Last Dividend
and Maturity
115.
Places Where Interest ana
Dividends are Payable
_ 1911
__
___ 1909
1895
-- • __
1885
1887
1,000
50
50
1,000
1.000
50
1.000
1.000
$ 145,000
6g
3.000.000
8
500,000
6
1.000,000
4g
300,000
5
1.253,000 See text
5)0.000
4
4
653.000
A
J
<J- J
Q— J
M A N
A J
J
yearly
M A S
K A A
1903
1911
1905
1907
1911
1912
1914
1916
1.000
1.000
1,000
1.000
1,000
1.000
1.00C
1.000
894.000
150,000
1.060.000
550.000
495.000
950.000
2.500,000
2.400,000
5.g
6
6
6
5
e
5
J
A J Jan 1 1943
do and N ew York
J St J Jan 1 1941
Merc T r & Dep Co, Balt
A A O Apr 1 1925
Home T r Co, H obok, N J
M A S Mch 1923 1927
do
do
M A s Mch 1923-1931
do
do
J Sc D June 1923-'34
do
do
J Sc J July 1924-1933
do
do
M Sc IS N ov 1923-1932 Union T r Oo. Pitts, Pa
1920
1,000
1.250,000
6
F
1911
1914
1907
1898
1898
100 Ao
100
1.000
100 Sec
100 Sec
539.000
(T)
1.910.000
242,000
199,600
6 sc
0g
4 g
6
5
M A
F A
M A
J A
J A
1,000
250.000
1917
100 25.000.000
1902
1.000 3.858,000
1.000
1901
1.000.000
1.000 13.500.000
08-’ 10
1.000
1.000.000
1912
1913
1.000 2,015.000
1913 1,000 Ac
3.627,000
1917 1,000 Ac
1.000,000
5 g
8M %
■SH
B eltL in e Ry. Montgom ery— 1st M gold $300,000x_
B elt RR & Stk Yds. Ind— Stock auth J3.000.000----Preferred stock cumulative
1st Refunding M Jl.000,000 gold_______________ xo*
B elt Ry of Chattanooga— First mtge gold._M eBa.xo
49
B elvid ere Delaware— Stook $4,000,000
Consolidated guaranteed by United Co’ s sk fd __xr
8(1
guaranteed by United Co’s sk fd . . x r
mortgage
80
of 1875
$4,000,000 guaranteed by United Co's sk fd .x c *
80
B e n n e tts v ille & Cneraw— 1st M $150,000 g ..M eB a
46
Bessemer & Lake Erie— Standard equip trust------- xx
Bessemer equipment trust, due $110,000 yearly.xx
M eadvilleeq tr due $55,000yly begin. M a r . '22___ xx
Albion eq tr due $75,000 yrly to 1932____________ xx
Euclid equipt trust due $250,000 yrly beg 1924___xx
Girard Equip trust due $240 000 y ly begin 1918____
—
Osgood equip trust due $40,000 yrly 1924 & 1925
and $9,000 yearly beginning 1926_____________ xx
B irm in gh am B e lt— Bee St Loms-San Francisco.
4.8
Birm'h & Southeas— 1st M $3,000,000 g red 107 H .C ex
48
General and eqt M gold red 101 $1,500,000---- Col
5.9
Birmingham Terminal— 1st M $3,000,000 gold guar x
29
Bloomsburg & Sullivan R R — 1st M ----------------- FPx
Second mortgage lnoome non-oum $200.000___FPx
29
B o o n v ille B ridge— See Missouri Kansas & Texas Ry
44
Boonville St L & South R y — 1st M g red 107 44----- Eq
393
Boston & Albany— Stook ($25,000,000 authorized)___
Bonds (not mortgage) guaranteed prin and ln t___zo
Bonds (not M ) $1,000,000 (V 71.p 1218: V 72.p 44).z
Im pt bds (not mtge) $4,500,000 due 1934 gu p & l.B
Im pt bonds (not mtge) $1,000,000 guar. p. & 1..*
do
do
do $2,015,000 gu p A l.z c ’ Ar
Bonds (not mortgage) $3.627.000. guar pA I_zc*A r*
Bonds $1.000.000 guar pA i (V 105. p 715)___c*A r
—
Equipment trust obligations— See N Y Central R R
B oston & L o w e ll— Bonds— See Boston & M aine R R below.
___
_
...
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 Corp. Guaranty on
M arquette & Bessemer Dock & N a v . bonds, V. 77, p. 1228: V. 76, p. 1358;
V . 82, p. 160.
E A R N IN G S —
---- Net after Taxes----Gross(I.-S. O. O. figures.)
1922
1921
1922.
1921
Jan. 1— Sept. 3 0 .____ ........... $9,555,981$10,630,393 $2,054^260 $1,228,164
For year ending Dec. 31 1921, gross. $13,527,593: net. $2,264,350;
other income, $716,878: taxes, $389,253: interest charges, $588,108: rentals,
&c., $1,118,924: other deductions, $25,366; dividends, $750,000: bal., sur.,
$109,577. Pres. J. H . Reed.— (V . 110, p. 1088.)
B IR M IN G H A M C O LU M B U S & S T . A N D R E W S R R .— C hipley to
South Port, Fla., 38 miles. S. A . A lford, receiver. Chipley, Fla.; A . E.
Edge, Auditor; John B . Glen Jr., Supt., Chipley, Fla.
B IR M IN G H A M & N O R T H W E S T E R N R Y .— Jackson, Tenn., north
westerly to Dyersburg, 49 miles. Th e I.-S. C. Commission in M ar. 1922
authorized the company to issue $400,000 1st M tg e. 6% bonds, due M ar. 1
1927, for the purpose o f refunding or retiring an equal amount o f 1st M tge.
bonds maturing M ar. 1 1922. Th e proposed bonds w ill bo dated M ar. 1
1922 and mature M ar. 1 1927. V . 114, p. 1061.
Tho G u lf M obile & Northern R y . in Aug. 1922 applied to tho I.-S. C.
Commission for authority to purchase tho road. V. 115, p. 1209.
Pres., A . B. Tigrott; Vico-Pres., C. VY. M cN ear: Sec., R . F. Spragins:
Treas., J. E . Edenton. Office, aackson, Tenn.— (V . 115, p. 182, 1209.)
B IR M IN G H A M & S O U T H E A S T E R N R Y .— Owns Union Springs to
Eclectic, A la .. 48 miles. V. 94. p. 1316. Interest on the 1st M . bonds having
been defaulted N o v . 1 1916, a protective committee with George C . Van
Tu yl Jr. as Chairman and II. M . DeLanole, 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, D. 1316.
Cal. year 1921, oper. income, $25,412; other income, $2,142; deductions,
$11,316; net income, $16,238. Office, Union Springs, A la.— (V . 94, p.
1316; V . 103, p. 1887, 2340; V . I l l , p. 492, 791.)
B IR M IN G H A M
T E R M IN A L .— Owns passenger terminals at Birm
ingham, A la. Stock all owned by the Illinois Central, Southern R y .. Sea
board A ir Line, Central o f Georgia. St. Louis A 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. O f 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.)
B L O O M S B U R G & S U L L IV A N R R .— Owns Bloomsburg to Jamison
C ity , P a., 29 miles. Stock is $600,000; par, $50. V. 66, p. 80, 952.
— (V . 66. p. 952.)
B O O N V IL L E S T . L O U IS & S O U T H E R N R Y .— Boonville to V er
sailles, 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, paym ent o f main
tenance expenses, taxes and an annual rental o f $12,500, Deing the interast
on the new outstanding bonds plus $30 annually to corporate trustee.
Under financial readjustment In Feb. 1918 the holders o f the $500,000
1st mtge. bonds o f 1911 (coupon o f Feb. 1916 unpaid) were offered In
exchange pro rata $250,000 new First M tge. 5% gold bonds o f Boonville
Oo. under new m tge., dated Aug. 1 1917, payable Aug. 1 1951: and also
$250,000 pref. stock v. t. c. o f Missouri Pacific R R . C o., together with a
cash adjustment o f $50,000, equal to tho defaulted interest. Trustees, the
Spltzer Rorick Trust & Sav. Bank, Toledo, Ohio, and Lewis C. Nelson.
Pres., A . Robertson1 Treas., F . M . Hickman- Sec., F . W . Irland, St.
Louis, M o .— (V . 95, p. 968.)
BOSTON & A L B A N Y R R .— Owns Boston. Mass,, to Albany. N . Y ..
200 miles: branches, 104 m.; leased lines, 90 m.; total, 394 m
Leased In 1900 for 99 years to the New York Central & Hudson R Iver.R R .
for guaranteed rental of 8% per annum on the $25,000,000 stook, payablo
quarterly (Moh. 31. A o.). organization expenses, Interest on bonds, taxes,
expenses o£ maintenance, Ac. The B. & A . received for oertaln property
not Inoluded In the lease $5,500,000 In N . Y . Central 3 V4% 100-year deben
tures, thus adding .77% per annum to 8% guaranteed on stook. See lease
In V. 69. p. 282 V. 69. p. 1061, 1102. 1246: V. 70. p. 74: V. 71, p. 645 963;
V . 107. p. 1918. Lease assumed by N . Y . Central R R . Dec. 23 1914.
B O N D S .— The $13,600,000 26-year 4% Impt. bonds are guar. prin. and
lnt.. by N ew York Central & Hudson River R R . N o mortgages can be
placed on the property without Jointly Including the bonds In the lien.
V. 86. p. 1099: V. 89. p. 102; V 91. p. 396. V.94. p .2 7 7 .1056. 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. 948. 1365. 1489. 1838; V 97. p. 1838.
In June 1916 all bonds Issued since the lease to the N . Y . G A II R RR
Oo. had been guaranteed iprin & lnt.) by the lessee. In Aug. 1917 sold
1.000 000 guar. 25-year 5s for additions. A c. V . 105, p. 715.
D IV ID E N D S .— Since 1900, 8 H % > vl*.: 2% eaoh In Maroh and Sept
2 H % In June aDd 234 % In Deo
Calendar Operating
Oner. In c.
Other
Interest,
Balance,
Year— Revenues. {after Taxes.)
Income. Rentals. A c. Sur. or Def
1921____ $30,688,574 $1,870,703
$255,224 $3,477,870 df.$l,351,943
1920 ------ 29,402.671
440.453
4,039.203
4,597,898
d ef.l 18,242
1919_____ 27,373.491
2,366.061
146,366[U. S. R R . A dm inistrate
1918_____ 25.552.079 2.913,922
616,910
do
do
— (V . 114, p. 2354; V . 115, p. 1631.)
B O S T O N & L O W E L L R R .— See Boston Sc Maine R R .
B O S T O N & M A IN E R R .— R O A D .— The system with its many branor
lines covers the territory from Boston, Mass., to Portland. Me. (tw o lines)
Springfield, Mass., Sherbrooke, Can., Rotterdam Jot. and Troy, N . Y .i
Worcester; Mass., to Portland. Me., and most of New Hampshire.
Amount
Outstanding
[V ol .
4
4H
5
6
6
J
&
July 1 u r n
Safe Dep Sc T r Oo. Balt
Oct 1 1922 2% Co*« offloe. Indianapolis
Oct 1 1922 1>4
do
do
May 1 1939
Nat City Bank. N Y
July 1 1945
Mercantile Tr A Dep.Balt.
Penn R R Oo.. Phlla
See text
Sept 1 1925
do
do
do
do
Feb 1 1927
A Fob 1 1938
N
A
S
J
J
F A A
Q— M
A A O
J A J
1C A N
J A J
J A
J
A A o
J Sc D
May
Fob
Moh
Jan
Jan
11961
1 1924
1 1957
1 1928
1 1928
do
do
N o v 1916 coupon unpaid
Interest In default
Equitable Trust Oo. N V
F I T A 3 D Co. Phlla
Reg Bloomsburgh.wh ear
Trusteos' office, T oledo.
Aug 1 1951
Offloe. Term Stat'n, Boat
See text
do
Apr 11952
do
do
Jan l 1951
do
do
May 1 ‘33-34-35
do
do
July 1 1937
do
do
July 1 1938
do
do
Oct 1 1963
do
do
June 1 1942
do
Description—
— Mileage —
Steam Roads—
Owned.
Leased.
Total.
M ain lines. _ _________________________________ 1.040.66 280.53
1.321.19
Branch lines_________________________ 629.77
267.44
896.71
Trackage rights__________________ _
_____ _
25.27
25.27
T o ta l road operated______________1.669.d3
2,243.16
673.24
Second track_________________________ 501.84
096.78
598.62
Third track__________________________
3.21
65.87
9.08
Fourth track_______________________
1.98
1.98
SIdo track___________________________ 1,130.37
254.88
1,385.25
Tota l track operated_____________ .3,307.33
930.77
4,238.10
Electric Railways—
Branch lines_________________________
44.19
44.19
Side tracks__________________________
2.92
2.92
4 7 .li
T o ta l____________________________ 1
47.11
Grand total tracks operated—
Steam and Electric roads—
D ec. 31 1921..............................3.354.44
930.97
a ,285.21
a Includes trackage rights, 21.29 miles. 6 Incl. trackage rights, .99 mile.
Reorganization.— On Aug. 29 1916 tho Boston & M aine R R . was placed
In temporary receivership on account o f inability to pay Its maturing obli
gation o f nearly $20,000,000. Pres. James II. llustis was appointed tem
porary receiver and continued In this position until reorganization and’
consolidation o f the system on Dec. 1 1919.
Tno reorganization plan (V . 107. o. 1918, 2375, 2474). which bocamo ef
fective Dec. 1 1919, provided as follows:
(1) Consolidation o f the Boston Sc Maine R R . with Its seven directly
leased lines and the assumption by the consolidated company o f all sub
leases and other obligations.
(2) Payment in cash o f principal and back lntorost o f all matured obli
gations o f the eight consolidating companies.
(3) Paymont in cash o f back lntorost on unmaturod bonds and deben
tures o f the consolidating companies, these being loft as original or assumed
obligations o f tho Boston & Maine R lt.
(4) Exchange o f stock o f consolidating leased linos on which dividends
had boen paid as rentals for like amounts o f Boston Sc Malno Cumulative
First Preferred stocks, tho latter to bo Issued In series with dividends cor
responding to the dividends on tho old leased line stocks, but for a poriod
o f 5 years these dividends to bo paid at 20% loss than tho normal rates.
(5) Preferred stock o f tho Boston & M aine remains undisturbed, excopt
that it is subordinated as to dividends but not as to principal to tho First
Preferred stock, and the regular 6% rate reduced to 4% for tho poriod o f
5 years. Howover, it has boon stipulated that tho dividend on this stock
must bo paid if oamod.
(6) The Common stock o f tho Boston & Maine Is undlsturbod. but Is to
receive no dividends for a poriod o f 5 yoars, excopt under conditions men
tioned below. In case o f liquidation all throe classes o f stock are to share
equally In assets after providing for obligations and accumulated dividends
on the First Preferred and Preferred stocks.
(7) The money necessary to pay o ff tho matured obligations was obtained
by the selling o f $19,879,000 bonds to the U. S. G ovt , thoso bonds being
secured by the consolidated properties under a mortgago which equally
secures all the outstanding bonds o f tho consolidated companies, oxcept
that $8,338,000 bonds o f tho consolidated companies which previously have
been secured by mortgages retain those mortgages, which are senior In lien
on tho divisions covered to tho lion o f the new goneral mortgago.
(8) The agreement In respect to the reduction o f Proforrod dividends and
non-payment o f Common dividends during 5 years is modified by tho pro
vision that If during tho poriod o f 5 years tho company shall sell $12,000,000
6% First Preferred stock at par and apply tho proceeds In tho reduction
o f debt to tho Government, restrictions In respect to Boston Sc 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
tho reduction In dividend on tho Prof, stock and the om itting o f dividends
on the Common are to be paid to a trustee to bo applied in the purchase from
the Government o f the bonds It takes for Its advances or investod In hunts.
V. 10 ', p. 1918, 2375, 2474.
Payments.— On Dec. 1 1919 announcement was made that the notes of
the Boston & Maine R R ., Connecticut Rivor R R and Fitchburg R II.
would bo paid with accrued interest: the notes o f the Vermont Valley R R .
purchased at par and accruod interest, and the overdue coupons o f tho Bos
ton & Maine R R . and St. Johnsbury Sc Lake Champlain R R . paid.
V 109. p 2171.
C A P I T A L S T O C K .— First Pref., authorized. $50,817,900, o f which
$12,000,000 is raserved to retire $12,000,000 o f new bonds. Issuod,
$38,817,900. Pref. only as to dlvs. (see paragraph 4 above). Preferred
and Common stocks (see paragraphs 5 and 6 above). The Boston R R .
Holding Co. holds $21,918,900 Common and $654,300 Preferred stock, and
this has been ordered by the Court to be sold by Oct. 1 1922. V.108.p.2122
B O N D S .— In exchange for the $19,879,060 advanced by the Government
the company issued $17,606 060 5% bonds payable July 1 1920 and $2,273,000 6% bonds pavable 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 Sc ref. mtge. secures all o f tho consolidated company’s bonds
equally with the bonds given to tho Government, and w ill cover all the
property owned or hereafter acquired, subject only to the following divldonal mortgage bonds: Portsmouth Great Falls Sc Conway R R ., duo
June 1 1937, $1,000,000; Worcester Nashua Sc Rochester R R , $1,205,000
($735,000 due Jan. 1 1930. $380,000 duo Oct. 1 1934, $150,000 due Jan. I
1935); Troy & Boston R R ., duo July 1 1924, $573,000. Bonds are to bo
Issued In series. (See table at hoad o f page.)
Proceeds o f tho $4,000,000 mortgage gold bond 6% bonds sold In N o v .
1922 are to be used toward the retirement o f obligations maturing In Jan.
and M a y 1923, amounting to $3,991,000, viz.: $2,000,000 Boston Sc Malno
R R . 3Ms, due January 1923; $909,000 Connecticut R iver R R . 3H s, clue
January 1923: $250,000 Boston & Lowell R R . 3>4s, duo M ay 1923; $772,000Vermont & Massachusetts 3J4s, duo M a y 1923. V. 115, p. 2158.
_
1G
R A IL R O A D C O M P A N IE S
[For abbreviations, A c ., see notes on page 6]
Date
Miles
Road Bonds
B oston & M aine— Corn stock (dividends d e fe rre d ).First Pref (Jinn stock, all same priority $50,817,900, not pr eferred
“ A ” (for Fitchburg preferred 5% stock )----------•’ B " (for B. 4 L. and L. 4 A. 8% stock)----------... —
“ O ” (for Concord 4 Montreal stock)-------------“ D ” (for Conn. Rtv M I L and L 4 A 10% stock)
... —
“ E ” (for K 4 K 4 V i%
See opt, V 107, p .1918)
—
“ F ” (if Issued to retire bonds) $12,000,000____
Old Pref stock non-cum (see t e x t )_________________
M ortgago gold b o n d s ---------- . - — ..O B .c * & r * 1,651 1923
Now First 4 R ef M (sec equally all issues o f merged cos—
1920
Series O ___________ _________________________
1920
Series I ) . _ __________________________________
1920
Sorios F _____________________________________
1920
Series G _____________________________________
1020
Sorios I I ____________________________________
Sorios I ____ ________________________________
1921
Series J ____________________________________
1020
Equipment gold notes, due $454,200 annually____ G
•1922
Equipment gold cert, duo $121.000 annu ally..
Bonds o f Merged Properties Assumed—
1,887
1892
Bonds for improvement 4 r e f _______________ zo4r
1894
Bonds gold----------------------------------------------- zo4 r
1900
Bonds exchanged for Fitohburgstook (V 70 , p 175)-*
1003
Bonds $2,000,000.......................
*
1905
Bonds 20-yoar______________ ______________________ z
1906
Bonds our______________________________________ *o4r
1909
73 1877
Worcester Nashua & Roob drst mortgage equally)
f47 Var.
secured ($785,000 due 1920 and $150,000 1935)zj
147 1894
1H92
Boston & Liowoll— Bonds 40 y r s ________
1903
Bonds
do
do
.zc*
1905
Bonds
do
do
1906
Bonds
do
do
1907
Bonds
do
do
1909
Bonds
do
do
1913
Bonds
do
do
1916
Bonds
do
do
x Shows the maximum dlv. rate after Jan. 1 1924: till ' then scaled
. . $4,171,936 $11,933,384
. . 10,990,193 11,729,633
N o t incomo_______ dof.$6,818,257
Equip, trust installm’ts.
548,979
D iv id e n d s ______________
______
$203,751
340,496
1,227,948
100 4 c
1,000
1.000 4o
1.000
1,000
1,000
1.000
1,00040
1.000 4c
500 4o
1,000
1,000
1.0'K)
1.000
1,000
1.000
1.000
1.000
1 00 4c
1 .000
to 80%
$3,060,285
889,339
a6,178,178
$9,321,576 $10,208,209
6,760,612 10,037.658
$2,500.96-1
..........
2,035,716
$170,571
Balance ................der.$7,307,236df$l,364,693
$525,248
$170,571
Note A .— “ For tho years 1918, 1919, 1920 and 1921 tho corporate and
Federal incomo accounts aro combined, and in order that balances carried to
profit and loss may agree with corporate accounts, an adjustment is made
eliminating Federal incomo transactions and clearance accounts, ‘ Rovenues
and expenses prior to Jan. 1 1918.’ ” Tho Standard Return for 1920
(2 months) was $1,583,441. against $9,500,643 for years 1918 and 1919, tho
road having been operated by the U. S. R R . Administration from Jan. 1
1918 to M ar. 1 1920 — Ed.
b Up to Doc. 31 1920 the l.-S . O. Comm, had authorized payments aggre
gating $11,500,000 on account o f tho 6 mos.' guaranty claim o f $ 7,691,310.
Only tile $11,500,000 is Included in the $13,078,935 hero shown for 1920.
O F F IC E R S — .lames II. Hustls, Pros.; W m . J. Hobbs, V.-Pros.; I I . R.
Wheolor, Troas.; A . B. Nichols, Clerk.
D IR E C T O R S .— Norman L . Bassett, Augusta, M o.; Charles W . Bosworth, Springfield, Mass.; Frank P. Carpontor Manchester, N . II.: Charlos
Sumner Cook, Portland, M e.: Henry B. D ay, West Newton, Mass.; James
Duncan Upliam, Claremont, N . H .; J. l l . Hustis, Winchester, Mass.;
Richard Billings, Woodstock, Vt.; II. H . Dudley, Concord, N . II.: Geo. von
L . M eyer. Hamilton, Mass.: Alba M . Ide, T ro y , N . Y .; W . M . Parker,
Manchester, N . II.: Geo. R. Wallace, Fitchburg, Mass.: I I . E. Warner,
Lincoln, Mass.; Harry G. Stoddard, Worcostor, Mass.; E. M . Hopkins,
Hanover, N . II.; Woodward Hudson, Concord, Mass.: W m . J. Hobbs'
Malden. Mass.; W m . D. Woolson, Springfield, V t.— (V . 115, p. 72 182'
435, 512, 644. 758, 1729, 1941, 21^80
B O STO N & P R O V ID E N C E R R .— Owns Boston. Mass., to Providence
R . 1. 43 miles: branches 20 inlics. 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 Vnrk N 11 Sc ifartford on Dec. 31 jq >1 owned
$524,600 stock. Th e company issued as o f July 1 1918 $2,170,000 5-year
6% gold debentures due luly 1 1923 to refund the 4s then due. Endorsed
on the bond and signed both by lessee and lessor is a statement to the effect
that tho bonds are issued under provisions o f lease o f 1888. Interest pay
able at office o f J P, Morgan & C o., N . Y ., National Shawmut Bank or
First National Bank. Boston
(V . 108. p. 1274.)
B O STO N R A IL R O A D H O L D IN G C O .— Incorporated in Massachusetts
Juno 18 1909 undei special A ct with power to hold securities o f Boston A
M aine. Tho N Y . N . II. Sc Hartford has transferred its holdings o f $27,600,400 prof and com. stock to trustees appointed by tho U. S. District
Court, and as guarantor has paid prof divs. which C o. could not moot
Owns $21,918,900 common and $654,300 pref. stock o f tho Boston &
Maine, for which was issuod $27,293,900 non-voting 4% cum. pref. stock,
redeemable at 110, guar., prln. Sc divs., by endorsement by the N . Y . N . II
Sc II. R R . Co. T h e latter company also uowns
entire
com
w u .i the
VUU U
l i l d l B .$3,106,500
9 , ),lU U , O U U L
U IU
stock o f tho Boston R R . Holding Co "*
V. 93, p. 870. '1461; V . 94. p. 205;
V . 95, p. 968.
Rate
%
When
Payable
100 39,505,100 N o divs f or 5 year
as to as sets—
100 $18,860,000 4 (5 % )x
7,648.800 6.4 (8 )x
100
7,917,100 5.6 (7)x
100
4,327,000 8 (10)x
100
65.000 3.6(4.5)x
100
6
65.000
100
3,149,800
4 (6)
100
4,000,000
6 g J & J
1,000
A N N U A L R E P O R T .— For year end. Dec. 31 1921, in V . 114, p. 1883,
showed:
Combined Corporate and Federal Income Account.
Calendar Years —
1921.
1920.
1919.
1918.
Operatingrovonucs........... $78,289,750 $80,652,745 $72,935,146 $70,157,584
Operating expenses........... 73,833,472 90,989,432 67.144,003 64,779,651
Taxes, 4 c .......................... 2,675,749 3,049,214
3,044,449 2,317,647
$2,746,634
Operating income____ $l,780,529dr$7,385,90l
Other incomo_____________
1,655,7421)13,078,935
803,409
Adjustment (sooN oto A )
a735,665 aO,240,350 a5.771,532
Amount
Outstanding
Par
Value
Leased Lines.— Boases assumed by tho consolidated company are
Stock
D iv.
Stock
Div
Outstanding. Rate.
Outstanding. Rate.
4
N ew Boston R R ____ $60,000
Vermont & Mass__$3,193,000
6
Con. & Portsmouth. 350.000
T roy Sc Bennington. 150,800 10
Suncook V a lley____ 278.640
Nashua & L ow ell___ 800.000 9
Pemigowasset Valley 503.400.
Stony Brook________ 300,000 7
W ilton R R _________ 240.000 8V4 Concord 4 Clarom’t 400,700
Nashua & A c t o n ___
None
Peterborough R R . . 351.900 4
Franklin 4 T ilt o n .. 132.800
Northern R R '......... 3,008,400 6
Poterb. Sc H illsboro.
None
Conn. & Passumpslc 2.500.000 6
N ew port & Richford
None
Massawlppl V a lley . 800,000 6
Boston Sc M aine guarantees $1,328,000 1st 5s o f St. Johnsbury & Lake
Champlain. Jointly with M aine Central guarantees $300,000 Portland Union
Ity . station (now Portland Terminal C o.) bonds. V 93, p. 910, 1323. Also
guarantees $500,000 Concord & Claromont 1st mtgo. 5s, duo Jan. 1 1914,
and $772,000 Vermont & Mass. 3 ^ s , due M a y 1 1923.
Equipment Wusts issuod 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. G ovt,
loan, V. I l l , p. 791: V. 112, p. 160, 2747: V. 113, p. 1052: V . 114, p. 408.
1405. Tentative valuation, V. 114, p. 1764.
D IV 8 .— ('93. '94-'98. '99. 0O-’07. ’ 08. ’ 09. ’ 10. ’ l l . ’ 12. 1913. None
Common (% )1 8
6 vly. QVi 7 yly. 6*4 6
6
5
4
2
since
On Jan. 31 1920 paid a dlv. o f $2 67 per share on the Prof, stock, the first
payment sinco March 1913. V. 110, }>. 359. M ar. 10 1920, 2% ; Sept. 1
1920, 2% . Th e Jan. and July 1921 divs. on the now pref. were om itted.
For July 1920 payments see table at head o f page. V. I l l , p. 2323.
E A R N IN G S .—•
— ----------- Gross------ :------------- Net after Taxes----- (I.-S . O. C . Figures.)
1922.
1921.
1922.
1921.
Jan. 1-Sept. 30............--.$58,474,926 $57,931,223 $7,496,030 dof.33.259
Tota l incomo_____
D ed u ction s_________
1 7
KAILWAY STOCKS AND BONDS
Nov., 1922.]
Last Dividend
and Maturity
Places Where Interest and
Dividends are Payable
a unless bond* b eld by U . 8. G ov. are pd
IJuly 1 ’ 20,2%
J’l y l ’20,3 20%
J'lyl'20,2.80%
J’ly 1’20, 4%
J 'ly l’20,1.80%
Sept l" '20 2%
Boston
Jan 1 1933
10,273.000
17.606.000
3,826.000
1,212.500
5.443,979
609.000
3,010,000
5.904.600
1.815.000
J &
6
.1 &
6
J a
6
J &
6
M &
6
7g J 4
A &
6
6
J & .1
5V4 g F 4
J Jan 1 1929
J Jan 1 1929
1) Juno 1 1930
J Jan 1 1929
N N o v 1 1930
.1 Jan 1 19.31
<) Oct 1931
15 T o Jan 15 1935
A Aug 1 ’23 to '37 Boston
1,919.000
2,500.000
6,000.000
5,454,000
2.000,000
500.000
10,000.000
11,700.000
1,000.000
885,000
380,000
1.000.000
250.000
500.000
500.000
325.000
350.000
1.000.000
1.250.000
F 4
4
F 4
4
4Vi g J 4
3g J 4
3H J 6
F 4
3H
M *
4
4 Vi A 4
4 Vi J 4
J *
4
A *
4
A 4
4
M 4
34
M 4
34
4
U 4
4
4
J
A 4
4
F dc
44
M 4
5
A Feb 1 1937
A Aug 11942
J Jan 1 1944
J July 1 1950
J Jan 1 1923
A Feb 2 1925
S Sept 1 1920
o April 1 1929
D June 1 1937
J Jan 1 19304'35
O Oct 1 19.34
a Aor 1 1932
N M a y 1 1923
s Sept 1 1925
N N ov 11926
J July 1 1927
O April 1 1929
A Feb 1 1933
8 M ar 1 1936
Com pany’s office, Boston
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Second N a t Bk, Boston
Amer Trust Go. Boston
do
do
Meroh N at Bk Boston
Merch. N a t. B k. Boston
do
do
do
do
do
do
do
do
do
do
do
do
In March 1914. under order o f court to divorce the system, the B. Sc M •
stock was transferred to fiv e trustees, v iz .: George W . Anderson a n d
James L. Doherty o f Springfield, Mass.: Henry B. D ay and Charles P .
Hall o f Boston; Frank P. Carpenter o f Manchester, N H .. with orders t o
sell the same on or before Fob. 1 1909, but U . 3. D ist. Court extends d
order to Oct. 1 1923. V. 108, p. 2122.
As to receivership o f B. Sc M . I d
A ug. 1916. see thatcompany. V . 93, p. 47; (V . 108, p. 76.)
BOSTON R E V ER E BEACH & L Y N N R R .— Own* narrow-gauge road
from Lynn to East Boston, Mass., 9 miles, oonneotlng with Boston by com
pany's ferryboats; East Boston to Wlnthrop, 5 miles; also Wtnthrop t o
Point Shirley,’ 1 mile. V . 94. p. 982; V. 95, p. 1121. 1402. Faros. V . 106,
p. 2122. 2344; V . 107, p. 180.
D IV ID E N D S .— ( ’97-'05. ’06. ’ 07. '08-’ 10. ’ l l . 1912.-’ 19. ’20. ’21. ’22.
5 6 y rly . 7V4 6% yearly
3
2V4
Per cent_________ ( 2 y rly . 4
Y r. end.—
Gross.
Net.
In t.A T a x . Divs. Paid.
Balance.
Dec. 31 1921-51,606,979 5103,537 $101,511
------- sur. $2,026
D e c .31 1920- 1,651,728 def.89,216
93,259 (D 4 )$ 1 2 ,750 def.$195,225
— (V . 115, p. 1209.)
B O S T O N T E R M IN A L C O .— Owns Southern Union Depot In Boston,
opened in 1899. V. 68. p. 40; V. 69. p. 591. N . Y . Central (Boston Sc A l
bany), Boston Sc P rov., Old Colony and N . Y . N . H . Sc 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 o f
foreclosure. R eg. Int. Q .-F.; coup., F . 4 A .— (V . 93, p. 1598.)
B O Y N E C I T Y G A Y L O R D & A L P E N A R R .— Oporates Boyne C ity to
Alpena, M ich., with branches, a total o f 136 miles, form ing a cross-State
line from Lake Michigan to Lake Huron. Capital stock, authorized,
$1,000,000: outstanding, $669,300. An issue o f $800,000 1st M . 20-year
5s was sold In 1917, also $47,000 note maturing part yearly July 1 1918 to
1922. incl. In April 1919 the road had been taken out o f hands o f receiver.
See V. 105, p. 1616, 2183; V . 110, p. 969.— (V . 112, p. 743.)
B R A Z IL R A I L W A Y .— (V . 113, p. 2818.)
B R O W N S V IL L E & M A T A M O R O S B R ID G E C O .— Owns Internationa
iteel bridge over the Rio Grande River between Brownsville, T e x ., and
Matamor<>8. M ex., connecting St. Louis Brownsville 4 M exico R y . (N ew
Orleans Texas 4; Mexico) and National Rys. o f Mexico. Stock, $650,000.
me-half (except directors’ shares) owned by each o f said companies, which
jointly guarantee both classes o f bonds. 1st M ., $333,000 auth . Y ea r
ended Dec. 31 1921, gross, $123,598; net, $86,593; other incomo, $1,412;
interest, $20,250; taxes. Sec.. $21,435; net income, $46,320; divs., $39,000;
bal., sur., $7,320. See National Rys., Y . 94, p. 277.
B U F F A LO C R E E K R R .— Owns 6 miles of terminal road In Buffalo. N .Y .
In Deo. 1889 leased for term of oharter less one day to the Lehigh Valley and
the Erie R R ., whloh together own entire capital stock of $250,000. R ental
is int. on bonds. 7% on stock and organ, expenses. First R e f bonds are Is
suable to retire old 5s. V. 108, p. 1610. Pres.. O. A . Brunn, Buffalo.
N . Y .; V .-P ., F. H Silvernatl, N . Y .; Sec. Sc Treas., E . A . A lbrigh t, N . Y .
— (V . 92, p. 259, 593; V . 93. p. 43; V . 108. p. 1610.)
B U FFA LO ROCHESTER & PIT TSB U R G H R A lL W A Y .— (See M a p .) —
Operate* from Buffalo and R o oh „ N . Y .. to bituminous ooal regions.
Lines owned in fee—
M iles. W illow Grove to Pittsburgh, P a . 7
Penn. R R .— Penn. R R . Jot. to
Buffalo Creek, N . Y ., to M t.
Shuman Run Y . P a _____________ 21
Jewett, P a ___________________ - 98
9
O th e r ____________________________
JlarloD Jot to Lindsey, P a -------- 59
Leased— Stock not owned—
Rochester to Ashford, N . Y -------94
Obarlotte, N . Y „ to Lincoln Park 10 Allegheny & Western— a
Punxsutawney to Butler. Pa.;
Indiana Branoh___________________79
4o.......................................... 63
Six branches______________________-28
Trackage—
M lks Clearfield 4 Mahoning— a
Clearfteld to Beeoh Creek R R „ 28
Erie— Mt Jewett to Clarion Jot. 20
2
8 . 4 0 — Butler. Pa..to Pittsburgh 41 Mahoning Valley R R ___________
Ribola Jet. to N ew Castle----- 33
----Tota l Dec. 31 1921 (a See separate statement for this c o m p a n y )..690
O RG — Successor 1887 o f Roch. Sc Plttsb., foreclosed plan V. 41, p. 516.
The entire capital stock ($4,000,000) o f the Rochester 4 Pittsburgh Goal
4 Iron Oo. (V . 66. p. 1088), carrying control o f the Jerferson 4 C learfield
Coal 4 Iron C o., was transferred In 1906 (subject to the lien o f the General
M tge ) to the Mahoning Investment Co. in consideration o f $4.125,o00
of Its stock, which was then distributed pro rata among the holders o f
R y common and pref. stocks. V 83, p 1168: V. 85. p 414, 415; report,
V 109 p. 1459
Eor bonds o f these coal companies see “ Industrial C os.’
Clearfield 4 Mahoning Ry. securities are guaranteed.
D IV S . f ’06. ’07. ’08. '09. TO. ’ l l . T 2 . T 3 . ’ l l . T 5 . T 6 .’ 17. T 8 . T 9 -’22.
Cm % t 6 5 Vi 4Vi 4
4
5 5Vi 6
5
4
5
6
5 ly o a r ly .
Mahoning Investment Oo. (see above) paid on Its stock in 1907. 2 % ; In
1908 4% ; 1912 & 1913, 3% ; 1914. 214%; none thereafter till 1917, 6 % :
1918. 12%: 1919. 7Vi%\ payments now being made l V i % Q -M . V . 88
p 685; V 94, p. 419; V. 99. p. 233. Compare above and V. 107, p. 798.
V. 85. P 283.
B O N D S . 4 0 . — General 5s for $5,573,000 reserved for prior bonds, 4 c .
Tho 50-.vear Consols ($35,000,000 authorized) aro to boar not over 4 44%
int. $3,000,000 were issuable at once, $18,145,000 to retire underlying
obligations it or b 'foro maturity and the remainder for futuro requirements.
In Doc. 1921 $18,078,000 were outstanding in hands o f public and $4,081.000 were held in treasury. V. 84, p. 867, 1.306; V. 85, p. 39, 414; V . 95,
p. 361, 749; V. 9S, p. 999, 1070, 1155, 1315; V. 99. p. 118, 1748; V . 100.
p. 228: V. 113, p. 2718.
Equipment Bonds.— Series F m ay be purchased b y sinking fund at not
over par or drawn by lot at par and m ay also be drawn at 102 and Int. on
RAILWAY STOCKS AND BONDS
[V ol. 115.
^ IU .
18
Nov., 1922.]
R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 61
B oston & M aine— ( Concluded.)
Connecticut K iver Bonds-------------------------------- zc
Bonds______________________________________________ z
Fitchburg— Bonds to State o f Massachusetts----- zr
Bonds ($2,750,000 aro 4s o f ’97)...............--zc& r
Bonds............................................................. zc*&r
Bonds currency--------------------------------------zc*r
Bonds............................................................... zc&r
Bonds $1,350,000 authorized currenoy----- zo’ Ar
Bonds $450,000 authorized--------------------------- z
B o n d s_____________________________ — ------------- z
T roy & Boston first mortgage (V 53, P 405)----zo&r
Bonds o f Leased Lines (Stock see each co)—
Concord & Claremont (N I I ) — First m ortgage— zc
Conn & Passumpslc First M $1,900,000 gold— zc*
Vermont & Massachusetts plain bonds guar---- zo&i
Boston & Providence— Stock 10% guar 99 yrs Old Coi
Gold debentures______________________________OByc
Boston RR Molding Co— Pref stk 4% oum red 110.zgu
Boston Revere Beach & Lynn— Stook $850,000 ----- z
1st M (V 65. p 68; V 83, p 379) $1,000,000 gSB zo'& r
Boston Terminal Co— First mortgago ou rr.-O B .-zo& r
B oyne C ity G a ylo rd & A lp e n a — 1st M $800,000—
B rinson R y— See Savannah * Northwestern H R .
Brownsville & Matatn Bridge Co— 1st M goldguarSSU
Gold bonds $100,000 guar Jointly------------------ N .x
Buffalo Cr— Con (now 1st)M $ l.000,000 g lnt as r en to'x
1st rof M .— Total auth. $5,0OO,0OO g rod 105-Usmx
Buffalo New York & Erie— Soe Erie Railroad
M iles
Road.
Date
Bonds
1893
1903
1887
’97-98
1907
1905
1908
1912
1913
1914
35 1874
71
110
63
13.12
109
6
1914
1893
1903
1918
1897
1897
1917
1910
1911
1891
1910
Par
Value
Amount
Outstanding
Rate
%
$1,000 $1,000,000
1,000
969,000
5,000.000
1,000
1,000 &o
4,200,000
1,000 &c
2.000,000
1,000 &o
3,660,000
1,000 &c
2,400,000
1,000 &e
1,200.000
400.000
1.000 &c
1,000 &C
1.872.000
573.000
1.000 &o
4g
34*
4
4
4
4
44*
4b
4 4*
5
7
1,000
5
500.000
1,000
4g
1,900,000
3b
772.000
1,000 &c
10
100
4,000,000
2,170,000
1,000
6 g
100 27.293.900
4
100
850.000 See text
1.000
1.000.000
44* s
1.000 Ac 14.500,000
34*
100
5
800.000
1,000
1,000
1,000
1,000
any lnt. day. V. 84. p. 1365; V. 85. p. 283. 414. 863. V. 105, p. 2183.
Series G have au annual 6% sink fund to retire bonds at par; If not purchaa
able, honds to bo drawn by lot. V. 89, p. 468: V. 91, p. 400: V. 93. p. 1786,
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. (N o Series I .) Series K . V. 107. p. 1099.
2375. Series N o. 10 aro redeemable at 103 & lnt. V. 113, p. 1469.
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.
E A R N IN G S .—
— ----------- Gross---------------------Net A fter Taxes-----(I.-S. O. O. figuros).
1922.
1921.
1922.
1921.
Jan. 1-Sept. 3 0 .. — ...$10,247,301 $10,677,758def.$729,193
$3,611
R E P O R T .— For 1921, in V . 114, p. 1783, showed:
1921.
Operating Income—
Revenues ____________________________
.
Tax accruals___________
Miscellaneous revenuo.
.
Non-operating Income—
Rental— U. S. R R . Adm inistration_________
I
Rental— Guaranty period___________
.
1920.
$9,145,766 08
7,126,122 02
$526,201 68
339.300 00
1,222 59
$2,019,644 06
507,000 00
46 63
$340,522 59
$507,046 63
$185,679 09
$1,512,597 43
" 75,321 54
1,099,608 59
$557,935 43
1,759,612 97
731,439 71
$1,174,930 13
$3,048,988 11
. $1,360,609 22
- $2,307,206 92
$4,561,585 54
$2,235,825 18
N et income_______________________________ _def$946,597
def$946,597 70
Appropriations— Pension & fire insur. fundsi.
18,910 58
$2,325,760 36
30,710 95
Surplus available for dividends___________dcf$965,508 28 $2,295,049 41
In 1921 carriod 3,854,947 tons o f bituminous coal (out o f 7,503,909 totatons o f froight m oved), as compared with 9,402,558 tons o f bituminous coa
out o f 14,941.182 total tons o f freight moved In 1920).
1
O F F IC E R S .— Pros., W m . T . Noonan. Rochester: V .-P ., Adrian Iselin,
W . Einlen Roosevelt. N . Y , Thos. F, Brennan, Rochester; Treas., J. F.
Dlnkoy, Rochester; Sec., Ernost Iselin, Now York.
Directors.— Henry G. Bar boy, A . Iselin, W illiam E. Tselin. J. Herbert
Johnston: C. O D. isolin, W . T . Noonan, George E. Roosevelt, W . Emlen
Roosevelt. Ernest Tsolin, O ’ Donnell Isolin. Oscar Grisch. Samuol W oolver.
ton. Hamilton F . Koan. N . Y . office, 30 W all St.— (V . 115. p. 72, 868,
1729, 1836.)
B U F F A L O & S U S Q U E H A N N A R A IL R O A D C O R P O R A T IO N .—
Owns from Sagamore. Pa., to Wollsville, N . Y .. with several branch lines
incl. 15.44 m. trackage. Tota l mileage Dec. 31 1921, 253.54. Incorp. in
Pennsylvania and succeeded Doc. 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 D riftw ood.Jet. w ith Pennsylvania R R . for Buffalo.
S T O C K .— Authorized (par $100). common. $3,000,000; 4% pref. (p. &
d .). cumulative after Jan. 1 1915, $4,000,000. W ill be held In voting trust
until Jan. 1 1924. P . G . Bartlett. J. S. Farlee and Herbert H. Dean,
all o f N . Y . C ity, voting trustees. Llstod on N . Y . Stock Exchange. See
ull statement to the Exchange as o f April 1 1919.— V . 108, p. 1828- 30
f D IV ID E N D S —
1916.
1917.
1918.
1919.
1920. 1921
On common stock__
5
5 & 2 ext.
7
7
10
7
On pref. stock In full to date. jjO n com. in 1922: M ar. 31, 1 H % ; June 30,
1
Sopt. 30. 14*%.
B O N D S .— Th e first M . bonds ($10,000,000 auth.) aro secured on the en
tire property and further by deposits o f mortgages aggregating 913,778
on coal lands o f the Powhatan Coal & Coke C o., and o f a second mortgage
for $1,300,000 on the properties o f the Buffalo & Susqeuhanna Coal & Coke
C o., and o f all the stock of the Addison & Susquehanna R R . and all the
stock and bonds of the Wollsville Goudersport & Pine Creek R R ., and o f all
the stock o f the Keystone Store Oo. V . 73, p. 619, 899; V. 84. p. 748.
O f the bonds, $6,959,000 have been Issued. The remaining $3,041,000
bonds, or any o f them, may bear not to exceed 5% Interest and can be Issued
only for additions, extensions. Improvements, acquisitions o f property or
acquiring or discharging liens on property o f corporations i n which 90% of
stock is owned. Sinking fund for redemption o f bonds at not to exceed par
and lnt., $50,000 per anu. for 35 years; also all sums in excess o f $50,000 par
ann. received on account o f principal o f any mortgages held as collateral
under such mortgage and any further payments authorized In case o f Issue
of further bonds or otherwise. Bonds retired through operation o f the
•Inking fund to be hold allvo. T o N »v . 1 1922. SI .002.900 had been ret red
while $368 500 wore held in treasury and $5,587,600 were outstanding,
V. 97, p. 1503; V. 98. p. 1765; V. 100. p. 980.-1000: V. 108, p.2329. 2210.
B U F F A L O & S U S Q U E H A N N A C O AL & C O K E CO.— This company
the $1,300,000 M . 6% bonds of which are owned by the B. & S. RR.
Oorp.. owns coal lands at Du Boto, Onondaga and Sagamore, l a.
Six mines In operation. V. 77. p 1301: V. 79. p. 2091-9«, V. 82. p. 1322.
V . 85. p. 1266. 1st M . 5% bonds have been paid off.
P O W H A T A N C O AL & COKE CO. This company, all of whose'bonds
are owned by the B. A S. R « . C o r p . . ■ Sf
dMW
K ey
Sykes. Its a<*n.,-....... . . . a capacity o f 1,800 tonsior coke dally, n ey•tone Store C o., stock $50,000, all owned by R R . Oorp.
19
KAILWAY STOCKS AND BONDS
333.000
90,000
1,000,000
1,000,000
5 g
4
5g
'5 g
When
Payable
Places Where Interest and
Dividends are Pagable
Last Dividend
and Maturity
& S Sept 1 1943
& J Jan 1 1923
M & N Fob 1 1937
Various 1927-1928
A A O Apr 1 1927
M A N May 1 1925
M A N May 1 1928
J
A J Jan 1 1932
J &
J Jan 1 1933
.1 & J Jan 1 1934
J
A J July 1 1924
Ask company’s office
do
do
do
do
do
do
do
do
Office. FItchb R R , Bost
do
do
do
do
do
do
do
do
do
do
Jan 1 1944
Apr 1 1943
May 1 1923
Jan 1 1923 24*
July 1 1923
July 10 1922 2%
Jan 1 ’20 14*%
J A J16 July 15 1927
Feb 1 1947
Text
J & J Jan 1 1937
M e t Trust C o, Boston
Safe D ep & T r Co, Boston
do
ao
Treasurer’s office, Boston
See text
J &
M &
J* ft
J &
St Louis Union Trust Co
N ew Y ork Trust Oo.
U S Mort & Tr Oo, N J Y
do
do
M
J
J & J
A & O
M A N
3— J
J & J
J A J10
J
S
I
3
Jan
Sept
Jan
Jan
1 1930
1 1931
1 1941
1 1961
Office, or checks mailed
State St Trust Co, Boston
Merch National Bk, B o*‘
Grand R ap, M ich . T r Oo
E A R N IN G S .—
------------- Gross--------------------- Net A fter Taxes——
(I.-S. C . C . figures.)
1922.
1921.
1922.
1921.
Jan. 1-Sept. 30.............. Sl.037,772 $1,485,532 def.$94,120def.$359,803
R E P O R T .— For cal. year 1921:
Calendar Years—
1921.
1920.
1919.
1918.
Tota l operating revenues
$2,052,782 $3,107,466 $2,157,830 $2,249,666
Operating expenses_____
2,351,926
3,269,050
2,574,417
2,267,595
Tax.,&c. (except war tax.)
42,662
41,969
41,154
38,800
Hire o f equipment______ Cr.428,213
Cr.579,213
Cr.90,837 Cr.193,369
Joint facility rents, & C-.
D r .25,359 D r .62,440
D r .43,354 D r .38,659
N e t railway operating income:
Corporation__________
61,048
U. S. R R .A d m ........................ ..
N e t ry. oper. income___
$61,048
Federal com pensation..
______
Dividend income________
172,447
ln t. on securities, & c___
192,407
M iscellaneous__________
950
Federal guaranty______
______
352,918
-------def.39,698 def.410,258
$352,918
-------98,602
590,598
99,973
6,000
188,412
201,751
624
98
351,041
— ---
-------97,981
-------592,628
12,750
192,517
D r. 2,791
--------
Gross income........ .
AVar taxes........................
Bond interest___________
Sinking fund..................
M iscellaneous................
$1,091,570
50,273
234,826
28,896
15,036
$795,104
52,000
244,829
19,414
29,133
$426,852
Cr.8,990
229,946
33,727
8,739
$798,447
34,110
244,619
24,301
57,603
Tota l deductions.........
$263,422
$329,031
$360,633
$345,376
Surplus for y e a r ............
$163,430
$762,539
$437,814
$449,728
Note.— The net railway operating Income o f the U . S. R R . Administration
shown is much less than actual, because (1) failure to give proper credit
for hire o f freight cars, and (2) at the same time charging to operating
expenses the cost o f repairs to B. &. S. cars on roads which paid nothing
to owning road as rental.
D IR E C T O R S .— E. R . Darlow (Pres.). A . A . Jackson. P . G . B artlett.
Herbert H . Dean, J. S. Farlee, James R . M cK ee, Julius F. AVorkum, C harl
ton Yarnall, Albert L . Smith and J. Rutherford M cAllister; F . E . H all
(Sec.-Treas.): Gen. M g r., A . M . Darlow; Gen. Aud., T . J. Elm er, 986 Ellicott Sq.. Buffalo.— (V . 110, p. 1088, 1414, 2191; V . I l l , p. 2227.)
B U L L F R O G -G O L D F IE L D R R .— Beatty, N e v .. to G oldfield, N e v ., 80
miles. In June 1914 control was obtained by Las Vegas & Tonopah R R .,
duplicate lines being abandoned, but In 1918 that company went out of
business and this road has since been operated In connection with Tonopah
& Tid ew ater R R . and Death V alley R R . V . 99, p. 1536. During the latter
part o f 1919 Messrs. Althause and L a Grange purchased a m ajority o f the
$1,628,463 outstanding stock, and in the spring o f 1920 announced that they
proposed to scrap the road, pay o ff the bonds and divide the remainder of
the proceeds among the stockholders. Opposition to this plan developed,
and Tonopah & Tidew ater 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 o f the out
standing bonds, agreed to take $148,000 in new 1st M tge. bonds in exchange
for the old 1st and 2d M tge. bonds held and in partial satisfaction o f unpaid
accrued int. on outstanding bonds. Officers: R . C . Baker, Pres.; C . B.
Zabriskie, V .-P . & Treas.; N . S. M iller, Sec., 523 Pacific Electric Bldg.,
Los Angeles, C alif.— (V . 113, p. 1052.)
B U T T E A N A C O N D A & P A C IF IC R Y .— Soe page 235C A IR O & THEBES R R .— Owns Cairo, 111., to the bridge across the
Mississippi River at Thebes, 111., 25 miles. Leased to St. L . I. M . & So. R y .
(now M o. Pac. R R .) for 99 years from M a r. 1 1911, rental covering int. on
an authorized issue o f $2,000,000 4% bonds, o f which $1,699,000 are issued
and outstanding, all owned by L . & N . V. 95, p. 1121
Columbia Trust
Co. o f Louisville, K y ., trustee. Stock (all owned b y M o . Pac. R R . C o .),
$10,000; par, $100. Pres., A . Robertson; Treas., F . M . Hickman; Sec.,
F . AV. Irland, St. Louis.— (V . 95, p. 4121.)
C A L O A R Y & E D M O N TO N R Y .— See page 235.
C A L IF O R N IA - W E S T E R N R R . & N A V . C O .— See page 235.
C A M B R IA & I N D IA N A R R .— See page 235.
C AM D EN & B U R L IN Q T O N C O U N T Y R Y .— Owns from Pavonla..
N. J. to Pemberton, N . J., 22.34 miles; branch, Burlington, N . J., to M t .
Holly 7.12 m.; connection with P. &. A . R R . 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 stock, $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.)
C A N A D A & a U L F T E R M IN A L R Y .— Owns Ste. Favie to Hamm erm ill.
Q u e..384* miles. Stock authorized, $4,000,000: par $100. Bonds, see
table. For 1921. gross, $138,632: net, $25,487; int., & c., $120,228; bal..
def., $94,740. Pres., M . J. O ’ Brien, O ttawa, Ont.; V .-Pres., Hugh
Doheny, M ontreal. Que.; Sec.-Treas., E . M . H octor, M ontreal, Que.
C A N A D A S O U T H E R N R Y .— (See Maps New York Central Lin es.)—
R O A D .— Matn line from Suspension Bridge station. Including the Cantilever
Bridge, to Windsor. Ont.. 226 m.; branches to Courtright, O nt., &c., and
controlled lines, 154 m.; total, 380 m.; Canada So. Bridge. 2)4 m. T ra ck
age. St. Thomas to London. O nt., 15 m. Double track. 242 miles.
O R G A N IZ A T IO N , ETC.— The company was chartered In Canada
fe b . 28 1868 and debt readjusted In 1878. In 1903 made a new lease to
Vfloh. Cent, for 999 years, the latter, which owns $7,810,000 stook, guaran
teeing dlvs., rate since Jan. 1 1911, 3% yrly. V . 76. P 1191. 1247.
The M ich. Cent guarantees, prln. and int. o f $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. R eport for 1921. gross, $20,310,515; net
oper. income, $5,860,637; other income, $261,616; interest, rentals. &c..
$4,655,805; bal.. sur., $1,466.448.— (V . 96. p. 1884; V . 101, p. 1972.)
20
RAILWAY STOCKS AND BONDS
[V ol. 115,
Nov., 1922.]
BAILWAY STOCKS AND BONDS
21
Nov., 1922.]
23
RAILWAY STOCKS AND BONDS
FUNDED DEBT OF CAN AD IAN N O RTH ERN R Y . SYSTEM DEC. 31 1921.
Ilnterest Is payable seml-ann. on dates Indicated by maturity except as follows: a Mar. * S. 30; b J. & D.; c 3. & J. 20; d M. &
Amount
Amount of
Held try
Date of
Dale of
Pledoed
Security—
Public.
Maturity.
Maturity. Total Issue.
Security—
(1) Guaranteed by Dom'n Govt.:
S
*
S
(7) Unguaranteed Securities—
Canadian Northern Ry.—
Canadian Northern Ry.—
9,359,997
9,359,997
3% 1st M . deb. stk. 1903___ JulylO 1953
4% Perp. Cons. Deb. stk.1903 Perpetual
7.S96.588
3 « % 1st M. deb. stk. l908_.July20 1958
7.896.588
4% 1st M . Pas Mission bonds. April 1939
4% 1st M. deb. stk. 1914___ Sept. 1 1934 44.866.667 17.060,3.33 27.833.334
4M% 1st M.GunfltntBr. bds.June 1930
7% s. f.g.doben.bonds 1920..Doc. 1 1940 24.793.000 24,793,000
1st M . Pr. Albert bds._June 1930
6)$% s. f. g. dob. bonds 1921.-July 1 1946 25.000.000 25,000,000
Minnesota & Man. Ry. 4% __ Sept. 1931
Canadian Northern Alberta Ky.—
Canadian Northern Ontario Ry.—
3,149.999
3,149,999
1960
3H% 1st M . deb. stock....... May
4% Perpet. Cons.Deb.stk. '09 Perpetual
3,569.997
3,569,996
3H% 1st M. deb. stock____ April
1962
Canadian Northern Ontario Ry.—
Central Ontario Ry.—
1,540.003
1961 35.770.000 34.229.997___________
3 H % 1st M . deb. stock....... May
5% 1st M . bonds 1909_______Jan. 1 1934
Total Dominion........................................ 154 407,247 121,489.914 32.943.334 Bay of Qulnte Ry.—
(2) Guaranteed by Province of Ontario—
5% 1st M . bonds, 1902______Jan. 2 1927
anadlan Northern Ontario R y.—
Canadian Northern Quebec R y.—
6,724,015
6.724,015
.............
3H% 1st M. deb. stock......... JuneSO 1938
4%
Perpet. Cons. Deb. stock. Perpetual
3H% 1st M. deb. stock....... JulylO 1936
1.135.982
1.135.982
............
Great Northern Ry. of Canada—
T o ta l................................................... .
7,859,998
7.859.998
4%
1st M . bonds 1904........... Oct. 11934
(3) Guaranteed by Manitoba Govt.—
Quebec & Take St. John Ry.—
anadlan Northern Ry.—
4% Perpet. lstM.deb.stk.1912 Perpetual
4% Cons. deb. bonds 1904__ June30 1930 12,436.280 xl2,436,280
1,460.000 Duluth Winnipeg & Pacific R y.—
4,319,999
2,859.999
4% 1st M . deb. stock________ June30 1930
3,000,000
3,000,000
4% 1st M . Wpg. Term, bonds July 11939
4% 1st M . deb. stock 1909__ June 1 1939
5.580.607
4% Ontario Dlv. 1st M . 1901.June.30 1930
5,580,607
Halifax & South Western Ry.—
164.980
4H% Out. Dlv. 1st M . 1901-June30 1930
164,980
1st
M . bonds_______________ Sept.30 '42
Canadian Nor. Manitoba Ry.—
160.6S0 Toronto Suburban Ry. Co.—
m % 1st M. dob. stock______June 1930
160,680
Manitoba A Southeastern R y . Co.—
414% 1st M . deb. stock______July 15 1961
512,460
512,460
4% 1st M. bonds................... Fob. 1 1929_________
Niagara St. Cath. & Toronto Ry.—
Total......................................................... 26,175,005 24,554,326
5% 1st M. bonds 1899______Nov. 1 1929
(4) Guaranteed by Saskatchewan Govt.—
5% 2d M . bonds 1910......... .N ov. 1 1929
Canadian Northern Ry.—
Tunnel A Term. Co., I.td —
5,679.400 M t5%Royal
4% 1st M. deb. stock 1909...Jan.23 1939 13,709,400 b8.030,000
1st M . rent charge stock..Apr. 15 1970
Canadian Northern Sask. Ry.—
1.174,813 Qu’Appelle L. L. A S. Ry. A C. B. Co.—
4H % 1st M. deb. stock......... Deo. 1943
1.174.813
4% 1st M. deb. stock 1906...July 1 1936
6,854.213
. 14.S84.213
8,030,000
James Bay A Eastern Ry —
(6) Guaranteed by Alberta Govt.—
1945
5% 1st M . bonds___________ Sent
Canadian Northern R y.—
9,726,364 b5.586,666
4,139,699 Can. Nor. Coal & Ore Dock Co., Ltd.—
4% 1st M. deb. stock 1909...F e b .25 1939
Canadian Northern Western Ry.—
5% 1st M . bonds_________ _____ _________
0,424,000 bO,424.000
4H% 1st M.deb.stk.l912-T3.Fob.l0 1942
2,799,998 d2,799,998
4H% 1st M. deb. stk. 1911._Oct.22 1943
4_.13!)’ 699 Short-term note issues (see text).
T o ta l______________ __________ _________ 18,950,302 14,810,663
(6) Guaranteed by llrit. Col. Govt.—
Canadian Northern Pacific Ry.—
4,587,990
4% 1st M . dob. stock 1909...April 2 1950 20,999,998 10,412,001
8,614,000
8,614,000
4H% 1st M . term'l stk. 1913.April 2 1950
5,543,528
5.543,528
4V$% 1st M . branch lines stk.April 2 1950
4,999,999
4.999,999
4H% 2d charge dob. stock__ April 2 1950
N.; e J. & D. 30; g A. Sc 0.;h J .4 J
Amount
Held by
Amount of
Pledoed.
Public.
Total Issue.
$
61,837,789 e44,943.019
880,000
669.000
300,000
693,900
4349.000
349.000
16,894.770
880,000
669,000
393,900
12,658,910
9,083,628
3,575,28J
903,253
819,547
780.000
780 000
5,435,127
e5,250,369
3510,250
3,510.250
184,758
4,486,814 h4,359,015
127,799
8.221.907
7.011.324
1,210.858
5.663,667
4 447,000
1,216,687
2,628,000
2,628,000
1.504,000
536.500
1.098,000
406,008
536,50#
11.430.033
2 075 146
9.191,307
5,019.540
5.019.540
----------
300,000
1,750,000
1,750,000
295,150,454
T o ta l......................................................... 40,157,524 25,026,001 15,131,523 Total funded debt......... ........... — .............
Income charge 5% convertible deb. stock___ 26,000,000 24 999,388
see text
Grand total Provincial___________________ .108,027,102
108,027,102 80,280.988 27,746.115 Imperial rolling stock equip trusts (text)__
x Includes $1,652,233 roterved to retire the following underlying Issues, viz.: Sirton Bran"h 4s of 1899, due Feb. 1 1929, $1,137,340; Manitoba A Southeastern
4s of 1899, duo Feb. 1 1929, $512,460: Gilbert. I la ns Branch 4s, of 1900, due Nov. 1 1930. $2,433.
__________
C A N A D IA N N O R T H E R N O N T A R IO R Y .— Owns: Montreal to Port
Arthur, 1.010.94 miles; Toronto to Oaprool. 276.43 miles; Toronto to
Ottawa, 250.25 miles: total. 1,537.62 miles. V. 92, p. 162; V. 97, p. 1023
Owns modern ore-handling plant at Key Harbor, 80 miles from mines.
Respecting securities see Canadian Northern R y. above and V . 87, p. 96;
V. 88. p. 1060; V. 93, p. 1190, 1667; V. 92. p. 1635.)
C A N A D IA N N O R T H E R N P A C IF IC R Y .— Yellowhead Pass to Van"
oouver and Pacific tidewater, about 500 m.; also 15 m., Victoria Co •
Patricia Bay (In operation). Also under construction a 150-mile lino to the
east coast o f Vancouver ltd. 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.
526; V. 101. p. 46; V. 103, p. 2078; V. 105, p. 1207. Has trackage rights be
tween N ew Westminster and Vancouver, B. O.. 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.)
C A N A D IA N N O R T H E R N O U EB EC R Y .— Owns M ontreal to Quebec
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:
outstanding, $9,550,000. In Dec. 1920 the Can. North. Ry. owned
$2,000,000 o f 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 Que. R y. stock;
total so controlled, $7,144,600, or 74.7%. V. 95. p. 1471; V. 96. p.
201; V . 97. p. 951.
S E C U R IT IE S .— 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 N or. R y . o f Canada, guar.:
as to prln. and hit. by Canadian N or. R y .; Central Trust C o. of N . Y
Orrice, Toronto. Ont.— (V . 96. p. 201; V. 97. p. 950: V. 107, p. 2187.)
C A N A D IA N P A C IF IC R Y .— (.See M a p s).— Owns a trans-continental
Railway from M ontreal to the Pacific Ocean, made up as followsDec 31 1921
Also controlled but oper. sep.Montreal to Vancouver------- 2.895
Branchos, leased linos, A c -----10,517 aMInn. St. P. A Sault Ste. M ..4.376
nDuluth South Shore A Atlantto 621
Total In traffic returns^ . .13,444 aMineral Range_______________ 101
aSee eaoh company’s statement.
M ileage o f other lines w ork ed .. 940
Lines under construction-------- 400 |Steamships, seo V . 114, p . '1424.
The 5 mile tunnel through the Selkirk M ts. was put In use In Dec. 1916
H IS T O R Y , E T C .— Incorporated Feb. 17 1881 under oharter from Do
minion of Canada, receiving $25,000,000 In cash as a subsidy; also 25,000.000 acres o f land, all to bo fit Tor settlement.
Full financial rosumo by Chairman In M a y 1918 with statement as to
company’s $253,000,000 o f outside assets was in. V. 106. n. 1906. Kaslo
Sc Slocan R y . loaso and bonds, see V. 107, p. 2097. In July 1920 assumed
operation for a period or 5 yoars o f tho Edmonton Dunvegan & Brit. Col.
and Cent. Canada R v. Cos. Soo V . 112, p. 1408. Acquisition by G o v t,
suggested In now rail plan submitted by Chairman Lord Shaughnessy.
V. 112, p. 1865.
S T O C K .— Th e Issue o f preferred must never exceed one-half the common
’04-06.
'07-’09. ’ 10. '’ l l ’ 12 to Dec. 1922.
C O M M O N D IV S — 1’03. ’0406. ’07-’09.
R R . earnings since 1902} 53$ 6 yrly. 6 yrly. 6 4 7 7 yrly 12 4 % quar
2 4 3 yrly I
Land sales, Int., A c ____ J
_______ 1 yrly. 1
B O N D S , D E B E N T U R E S T O C K , G U A R A N T E E D B O N D S , See.—
List, o f securities owned Doc. 31 1921, V. 114, P- 1426.
Tho shareholders on M a y 4 1921 gave tho directors blanket authority
to Issue any form o f security for any purpose, provided It Is junior to the
Consolidated Dobonturo 4% stock, and does not exceed the amount o f this
stock. It was also announced In London on M a y 6 1921 that the company
had sold £800,000 5% debentures. V. 112, p. 1976.
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 E x
change, was Issued and loaned to the Im perial Treasury for a maximum
period o f five years, at a premium o f 4 % per annum, over the Interest
payable on the stock. Provision is made In the agreement for the sale to
the British Treasury o f this stock In annual installments, should the com
pany require money for any o f Its purposes In Great Britain, and th«Treasury reservos the right to purchase all or any o f the stock during the
fiv e years at 80% o f face value. V . 104, p. 1604, 1388; V . 106. p. 1241
Tho balance sheet o f Doc. 31 1921 showed $238,206,432 Consol, debenture
stock outstanding. V . 108. p. 1280.
. . .
.. .
In June 1890 company guaranteed tho principal and Interest of $20,000,000
4% bonds Issued by the Dul. So. Sh. & A tl.; also 4% Int. on Consolidated
bonds o f tho M inn. St. P . & 8. Ste. M ., and In 1899 Interest on the 2d M
4s o f the latter. Owns Dul. 8o. Sh. Sc A tl. consols, $15,107,000, etc.
St. Lawrence A Ottawa bonds are endorsed with the Canadian PaolOo'i 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 0 % ) and to
refrain from demanding prlnolpal (due 1910) during lease. V . 90, p. 1361.
The New Brunswick Railway consolidated debenture stock has interest
guaranteed by Canadian Paolflo: Interest on the 1st mtge. bonds, though
-iot guaranteed. Is paid out of rental under 999-year lease of 1890.
The Calgary A Edmonton Ry. debenture stook Is guaranteed Interest at
4% under new lease ol 1903. V . 76. p. 435: V. 77. p. 636.
The Lindsay Bobcaygeon A Pontypool Ry. bonds are Issued under a 99year lease covering the Interest. V . 77, p. 1225; V . 79, p. 2085.
The First & Ref. M . 4 4 s o f the Aroostook V y. (electric) R R . are Issuable
at rate o f $25,000 per mile. Denom. £100 or $500. Sink. fund. 4 o f 1%
yearly o f issued and outstanding bonds from Feb. 1 1916-20, 1% there
after. Call, for s. f. 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 Sc R e a lt y 4 4 % V .99. p. 1672. 543; V . 100.p . 139.
In March 1920 sold $12,000,000 6% equipment trust ctfs. V. 110, p.1288.
S P E C IA L IN V E S T M E N T F U N D N O T E C E R T IF IC A T E S .— On
Dec. 8 1913 a trust fund was created known as ‘ ‘Th e Special Investment
Funds". made up o f deferred payments on land sales and securities in which
the cash proceeds o f land sales are invested, to the aggregate o f $55,000,000:
Royal Trust C o. o f M ontreal, trustee. Stockholders were offered the
right to subscribe pro rata for $52,000,000 6% note certificates at 80. The
certificates are payable at their face value on or before M ar. 2 1924. but
may be redeemed by drawings at any time. Interest Is payable at the
Bank o f Montreal in Montrea land also at par at the agency o f that bank In
N . Y . C ity , and at the agency in London at the rate o f 4.86 2-3 per pound
sterling. V. 97, D. 1732, 1897; V. 99. p. 544; V . 103, p. 937. Compare
V . 106, p. 1242, 1243: V . 112, p. 1409.
Lands.— Lands unsold Dec. 31 1921 were 137,692 acres In M anitoba
(book value $1,376,920), 1,214,587 acres in Saskatchewan (book value
$15,789,631), 2,521,105 acres in Alberta (book value $36,129,625) ,1,073,651
acres In British Columbia (book value $5,273,743), &C. T o ta l o f all lands
owned Dec. 31 1921. 5,606,351 acres (book value $91,962,630).
SU B . COS.— Dominion Atlantic R y .. Yarm outh to Truro, w ith branches,
total 247 miles, with 45 miles trackage to H alifax, is leased for 999 year#
rrom 1912. V . 91. p. 728; V. 90. p. 14§0.1424; V . 9$. p. 1461; V 94, p. 278.
Alberta R y. Sc Irrigation C o., see V. 92, p. 955; V . 93, p. 593; V . 94, p.
1316'V .9 5 ; p. 617
Quebec Central R y .. see V . 93. p. 667. 1106; V . 94.
p. 1625; V. 96, p. 361, 715.
F.
A
R
K
T
N
O
S
----------------——
LA K.N llN U S.
ig22 GrOSS-------------------------------------192j
1922. Net——
lg21
Jan. 1-Scpt. 30.......... $124,826,771 $136,387,627 $19,308,349 $21,900,671
R E P O R T .— Report for 1921 in V . 114, p. 1400, 1424, 2143:
Calendar Years1921.
1920.
1929.
1918.
P-iiU ifgernUeS
.......... 41,565,8S5 49,125,739 46,182,151 30,837,254
F r e k h f. : : : : : : ----------12s.s49.440145,30.3,400111.0e4.442 n o ,is7 ,2 8 8
-10.3,021.854 216,641,349 176,902,060 157,537,698
- 34,201,740 33,15.3,044 32,933,036 34,502,388
Fixed charges----------- - 11,510,072 10,775,409 10.161,510 10,177,513
500,000
500,000
500,000
500,000
Pension fund------------193,977
T o special income acc t
h
il
_ 18,200,000 18,200.000 18,200,000 18,200,000
3,227,276
3,227,276
. 3,227,276
3,227,276
755,392
450.359
844,250
2,203,662
6.839,001
4,148,198
6,472.403
4,494,045
6,213,577
2,805,764
2,214,869
6,913,882
. 11,742,501
. . 7,800,000
10,066,448
7,800,000
9,049,341
7,800,000
8,128,751
7,800,000
B a la n c e...................... 3,942.59 1 3,166,448
Total special income____ 21,767,491 18.580,292
1,249,341
15.413,842
328,705
14,164,511
Balance, surplus—
(2) Other Income—
T o t a l ........ .........
.
.
""o F F IO E R 9 .— Chairman, Lord Shaughnessy, K . C . V ."0 .; Pres., E . W .
Beatty; Vice-Presidents, I. G . Ogden, W . R . Maclnnes, Anthony D .
Mactler, D. C. Coleman and Grant lla ll, Montreal; Sec., Ernest AlexandorTreas., H. E. Suckling; Com pt., J. Leslie.
STd IR E C T O R s!— RTchard"EL Angus'*Slr Herbert S.^HoltTChas. R . Hosmer. Hon Fred. L . Belque, K .O ., Lord Shaughnessy, K .O .V .O ., Colonel
Frank S. Meighen, John K . L . Ross, Edw. W . B eatty, Sir Vincent Meredith,
Grant H all and lio n . William J. Shaughnessy, M ontreal; Sir Edmund B.
O slei. W . N . T illey , K .C .. Toronto: Si>’ Thomas Skinner. London, England;
Sir A M . Nanton, Winnipeg. Main office, M ontreal. N . Y . office,
Madison A ve. &k44th!St.— (V . 115, p.i72,*1099, 1729.)
Nov., 1922.]
RAILWAY STOCKS AND BONDS
24
RAILWAY STOCKS AND BONDS
[V ol. 115,
RAILWAY STOCKS AND BONDS
22
R A IL R O A D C O M P A N IE S
For abbreviations,
sec notes on page 6]
M ile t Dite
Road Bonds
Par
Value
Amount
Outstanding
B u ffa lo R o ch ester & P itts b — Common s to c k _.T r
5100 $10,500,000
fr e t stock non-cum common 6% then pro ra ta _ .T r
10(
6.000.00C
P R & P 1st gen m tge (.510,000.000) g o ld _ .U n .z c *
253 1887
1,030
4.427.00C
Line P & Chari 1st M gold guar___________ U n.zc*
10 1889
1,00'J
350,OOC
B R & P consol mtge g 535,000,000 a u th ..C e.x c*& r
368 1907 1,000 Ac 18.078.00C
Equip bonds P 53,000,000 gold red sinking fund__x
1907
.000
487,000
do
G 53,000,000 gold sinking fund____ G .xc*
1909
’ .009
1.185,000
do
H gold 5125,000 due y rly tex t____ G .xc*
1913
*-.ooc
1,000.000
1°
Cno “ I ” ) *50,000 due s-an__G k.yc*
1917
1.000
1,126,000
do
K 540.000 due s-an______________ Ce.kc*
1918
1.000
880.000
tt 1 °
N o - 10 *2.004,000 g notes 5133,600 an Gc*
1920
1.000
1,736,800
U S Government loan______________________________
1921
1.000.000
B u ffa lo & Susq R R C orp— Common stock v t c ____
100
3 000,000
I referred stock 4% cumulative v t c ______
100
4,000,000
First mortgage 510,000,000 gold........ .............Eq'.x
100 &c
5,587,600
Bull F rog & G o ld fie ld — First mortgage bonds______
1920
148,000
B u rlin g to n C ed ar R apid s & N o r— See Chicago R OOSi Is] and & PaolQo R 7.
B u rlin g to n & Missouri V a lley— See Chicago Burl’t i So Q ulnoy.
B u tte A 6c P — 1st M g g u s k fd c a ll 105________yc*& r*
I-1 1914
1.000
3.000.000
C airo & Thebes R R — First mortgage_____
x
25 1911
1.000
1.699.000
C a lg a ry & E dm on ton — Seo Canadian Pacific R y " ’
Cal W _RR & N — N ew mortgage 5750,000-..........
52 1914
660,000
C am bria & C le a rfie ld — See Pennsylvania R R .
C am bria & In d ia n a R R — 1st M g red l0 2 H O P xc*& r
28 1911
1.000
630,000
Gen m tge Series A red 10234__________ G Pkxxxc*
1919
1,000 See text
Cam den & B u rlin g to n C o u n ty — Stock 6% guar___
'3 8
25
1501,975
First M g gu p Sc i b y Un N J R R & Can C o .G P .x c *
30 1897
1.000
350,000
C an ada A tla n tic — Seo Grand Trunk R y.
C anada & G u lf T e rm ’ l R y— 1st M 51,140,000 g .
38 H 1920
1,000
1,140,000
C anada S ou th ern — Stock___________
100 15.000,000
Cons guar gold bonds (1st M on main line)'G*zc*&r*
385 1912 1,000 Sec 22,500.000
Leamington & St Clair 1st M g g u p & i (e n d )-.z c *
14 1 8 9 5
l.O(X)
130.000
C an ad ian N a t R ys— S F equip tr c t f (toxt)G Pxxxc*
1,000 14,000.000
1920
C an ad ian N o rth e rn — Stock 5125,000,000_______
100 100.000.600 411
Funded debt, see following page.
Rate
%
[V ol .
When
Payable
Last Dividend
and M aturity
4
6
5 £
5 g
L m
4H z
4
5g
5g
6g
6g
6
7
4
♦ g
5
F Si A
F
A
M So S
J
So J
M So N
A & O
A So O
J Sc J
A Sc O
F Sc A
J & J
J Sc .1
Q— M 31
J &D30
J Sc J
A Sc O
ft K
«
F Sc
M So
A
S
6
A
0 c
Oct 1 1934
5g
6g
tt
4 ff
M A N
F
A 7
r So J J
F So A I
5g
3
5g
1£
7g
owne
1 Sc
F
A Sc
A So
M Sc
d or to
Sc
J
A
0
0
N
be
Aug
A ug
Sept
Jan
May
Apr
Oot
115.
Places Where Interest and
Dividends are Payable
15 19222% 36 W all St. New Y ork
15 1922 3%
do
do
1 1937
cto
do
1 1939
do
do
1 1957
do
do
1 1927
do
do
1 1929
do
do
do
do
do
do
do
do
Guaranty Tru st Co, N Y
36 W all St, N ew York
By trustee s choctc on N Y
2%
do
do
E .B . Smith Sc C o.. N Y
1 1928
Guaranty T r C o. N
3ee text
J
c
<
A
0
Y
Anglo-Oai T r C o. San Fr
Girard Trust C o. Phila
1 1927
2 1940
1 1982
1 1945
3% Broad St Station, Phila
do
do
Royal T r Co, M ontreal
Grand Cent Term . N Y
do
do
Acts Bk of Montreal N Y
Girard Trust Co, Phila
nadlan Government.
C A N A D IA N N A T IO N A L R A I L W A Y S .— (See M a p .)
f qr 511.500,000.
In 1919 a company under the name o f "Canadian National Railw ay Com- l l i ’333'333' P 3oe a?soSV^aiP ™ ^ Ur! " ° ^ " 2’- - ar
pany was incorporated by the Dominion G ovt, w ith the intention o f having
1450:' VL ioo. p .^07?1591.
5v!«t r5ortl panrX^ake over au(* operate the railways owned or controlled by
Pe ( W '
T h!s company was organized in Oct. 1922 and it is expected
*5®* before long the Government-owned and controlled lines will bo en
trusted to it for operation as a consolidated system. A t the present timo
these lines, aggregating about 22,200 miles, are being operated as tho Ca
nadian N ational Railways, as to 17,400 miles, and as the Grand Trunk
System as to 4,800 miles.
V
A S fr n V V ,.9° ' p - 1295: V ■ 92‘ p- 794. 880: V. 93. p. 162:
In M a y 1920 W m . A . Read & C o., N ow Y ork, offered 515,000,000 7%
• • i d P\ 284. (d) Debenture stock, guar, by Province o f Saskatchewan
equipment trust gold certificates, dated M a y , 1920. and due M a y 1 1935.
B rovln re of Alberta see V. 89. p. 40: V. 88. p. 761, 1497, 1619; V. 91,
Semi-annual payments o f 5500,000 each beginning N o v . 1 1920 must p- l ; 9
t l p H l 5>V i 97X p ’ 1582: V . 98, p. 761. (e) Canadian NorthDe used by the trustee to purchase certificates at or under par. I f obtainable. ^ nQ'.ye®tel!b fjy - Is® M . 444%, guar. prln. Ac Int., by Province o f Alberta.
A t the end o f each six months any unexpended balance must be used at the
Y.\
1724: V. 97 p 1^83; V. 98. p. 610, 838, 1155: V. 108, p. 179
direction o f the railw ay to purchase either certificates or Canadian Governn /inS?nso,- ,««5 - t 3 # , 1904- V - 78. P- 1274: V . 79, p. 2794; V. 80.
ment obligations due before the m aturity date o f the certificates. Ccrp * i i ? ’ X ’o n1, §• 1607; V. 82. p. 568. (/) Winnipog Terminal 4s, V. 89.
tiricates m ay be purchased at a premium and tendered by the railway
0.
605, 1480. See also caption o f tho leading subsidiaries bolow.
company to the trustee, under the foregoing provisions.
Tw enty-year 7% sinking fund gold debenture bonds duo D e c .l 1940.
R E P O R T .— For 1921 showed:
Calendar Years—
1921
1920
bonds V e July®!
T lJ "? . “i&t* S‘nk,ng f'md go,d debenture
Gross operating revenues........ ......... .................. 5126,69l',456 5125,641.752
8 T ° C K . — Tho
Income Charge Oonv. D eb. stk.
t?,xes------------------------------------------dof17.677,931 dof38,074,092
---------------------------------------------------------4,439,8885,421,415 to f-f.YOilO.OO L is r e i. at any ci ne after \f.iv 6 1920 and is oon^ , forU/nin 1
9J1,7n.‘
at.h°i.8r r8 «y?«!0n’ ,nto f “ H-Pald common sharee.
rho
17s.) o f dob. stock for 5500 capital stock, on 30 days’ notice.
Plxed charges---------------------------------------------- 40.777,915
33.194.244
Aain Interest Is payable M a y 2 and N o v. 2 only to tho extent that tho net
Balance, deficit___________________ _
g.xn R71 Q34 $67,505,059
N
o
v
*911
8V
fo8ntpa f1822 aylDg flX° d chargoa- Interest paid In full to
St. John Sc Quebec R y . (leased)______ def310!6l5
def346,016
5% Land M ortgage debentures. V. 100, p. 393: V. 97, p. 1424.
Total deficit.................................................... 556,989,979 567,851,075
Maturity.
Short Term Loans Made by or Through—
Am ount.
I ? 0 foregoing figures aro tho combined results o f tho Canadian
April 5 1922 Guar. Secured gold notes o f 1919. Trustee, Lloyds
Northern R y. System, Canadian G ovt. Rys. and Grand Trunk Pacific R y.
Bank London ( v . 108. p. 2122, 1822, 049)............ £1,049,800
(Collateral Trust gold 6% notes o f 1919, secured!
(^/OFFICERS.— Pres., Maj.-Gen. Sir Henry W orth Thornton. K .B .E .;
Mitehell. C. A . Hayes, M . H . M acLeod, S. J. Hungerford
?od R . C. Vaughan; Gen. Counsel, Gerard Ruel: Sec., R. P . Ormsby.—
(V . 114, p. 197, 946, 1762: V. 115, p. 542, 1320: 1729, 1941.)
-
m l^ v!
7 ? R T ,HCRN R A IL W A Y S Y S T E M .— (See M ap Canadian
Nat. Rys.)— -The Canadian Northern R y. System, with a maximum grade o f
practically H o f 1 % , on Dec. 31 1920 had in operation 9,868.9 miles o f road
extending from Quebec, Montreal, and Toronto to Vancouver, British C o
lumbia, with many branches and intersecting lines in tho provinces o f Quebec. Ontano, M anitoba, Saskatchewan and Alberta. V. 105, p. 1207,
HIM , V. 1U7, p. 1286.
Mileage. Dec. 31 1920.
Central Division— West o f P o rt Arthur_______________________ 1,954.3 miles
Prairie D ivision............ ............................. ...................
25 98 •
Western Division— W est o f Po rt Arthur________________ l ~ I ~ h ,409.0 *
Pacific Division— West o f Edm onton___________ ______” 11111 709.0 ‘
Ontario Division— East o f Port Arthur
”
1 7QS o ■
Quebec Division............
^.......... * ........... 7S1 x •
Lines in N o va Scotia.......... .............I I I I I I ”
378 1 •'
Minnesota Division_____________ 1720 ‘
Electric lines in Ontario_________111111111111111111111
126.2 *
T o ta l..........................................................................................9.863.9 miles
In N o v . 1918 au Order-in-Council was passed transferring the management and operation o f all the other Governm ent railways, in Canada
N o r th e r r fR y f system” wh ch had beon appointed to manage tho Canadian
Jo ne ^ i49 tii,e Canadian National R y. was incorporated at the Instance
Canadian Government, which owns Its entire capital stock, to operate
« J l t h e G < ^ m r a t ^ w p e d I'nes. o n June 30 1919 the title to the physical
Pro£5f*iy * iD be Canadian Northern R y. Co. and its subsidiaries ’"as still
vested ln the several original companies, and they were directly liable for
ponds though Hon. J. D Reid, Minister o f Railway, on June 30
Informed the Canadian House o f Commons that if the not earnings o f the
Canadian Northern R y. are insufficient to pay the bond Interest tho Govern
ment had arranged to provide for such interest for the current fiscal year.
D O M IN IO N C O N T R O L A N D L O A N S .— In 1914 the Canadian G ov
«33 nann n ^ e d ;l l a ’000’(]90» o f 4 7° debentures and took over an addl
tional 533,000,000 o f the capital stock over the 57,000,000 previously ac
,1fn 11918, tbe balance o f the 5100.000.000 was a c q u ir e d ' The
^
L
ta,r St°Kw ls now $100,000,500 o f which $500 is outstanding In
V 9S?pa i600PU1607. 1918
’ P ' 23441 V ' 107> P' 11915 V ’ 108- p - 1822
- Hl ° j.91.7. under A ct of the Canadian Parliament, the Government
advanced to the roads o f the system 525,000.000 with which to mev-t couin2n^°o5?^ nia^uring obligations (V . 105, p. 496, 996, 1207. 2271, 2364;
V 166. P- 2344. In 1918 further agreed to assist the company by guaranty
o f principal and interest, in renewing or postponing maturing obligations
5JL#1® :
, 7 . 1 0 ^ 0 . 1796, 2223. Also In 1918 voted to w an t a
further loan or 525.000,000. Compare V. 106, p. 2559. 2344 , 2336, 2223
19?4A *2 ? ’ nmnJriw0 K ,-_ 0 L the Jl^.OOO.OOO cap. stock as Increased In
♦h i
v? was ^Habl® only in exchange for Income Charge Stock
V 105htp 0 996hange expinng Jan- 1 1922’ V - 981 p - 16°°: v - 100. p. 393';
„ lrl?.E B T-— Tho $15,000,000 debenture stock was guaranteed In 1914, prlnilw i
nmioby Jbe Dominion G ovt, under plan outlined In V. 98. p
I? 99, .607. 1918. In June 1917 544,866,667 o f this Issue had been disposed
wild?
l9 l 4, a? d i 9 ! 5- *17.033,333 (£3.500.000); pledged
with Dominion G ovt, against advance o f 510,000.000 Dominion notes
Canada (V . 114, p. 1062).......................................511,000,000
Imperial Rolling Slock Equipment Trusts Series Gold (5500 and $1 000 each) —
Interest Semi-Annual— A ll 444* Except Series " I I - 1" a n d " L - 1” 5s.
Dote.
OutsCd'o. Install. Due. Ser. Date. Outst'd'g.
Install. Due.
d W qIQ
$inS non
O -l-J913
$165,000 $55,000 M & 8
S V - } J }2
165,000
165,000 A&O FI-1.1913
15) 000
40 000 JA D
f 'i ' io i?
fiin'nnn
? ' L1914
635,000 105.’000 A&O
F-1.1913
640 000
210,000 M&S L - 1.1916
656,000
66.000 FA;A
M
i i w
^6t7^n m n
i l
StHcli Gyld * li° 0 0 6% Certfs. (P e p xxx) Guar. O. N . R y.
&?*■’
* *>) due July 1 annually, 1920,
*450,000 each and July 1 1927 and
1928, $400,000 each (V . 107, p. 81)
ft'* 750 000
^ ’ A 919 (,P tv i* *■ J-). duo 5375,000 JT & J*' July"I*f920 to ”
Jan. 1 1929 lncl. (V . 108, p. 377)..........
5 625 000
SC? “ .non ^19,(Il?,tr- V g 0* N ) ’ due *375,000 M . Sc N .. N o v. 1 1919
to 1929, lncl. (V . 108. p. 2021)...................................
6 000 000
Series D 1919 (int. J. &; D .). due $375,000 J. Sc D .. Juno 1 1920
to Dec. 1 1929 lncl. (V . HO. p. 166)...................... .................. 6 000,000
Government purchase o f rolling stock. V. 107, p. 81; V. 109, p. 172.
G tJ A R A ? 4 T Y .-TFor first 3 years after road ls opened from Vancouver to
Quebec the G ovt, agreed, at the request o f the company, to advance all or
n ' ?8i’ p ' l8o8v 1601.) Similar provisions wore made rospoctlng the
Dominion guaranty o f tne bonds on the Canadian Northern Ontario R y
between Montreal and Port Arthur, but for 2 years only. V. 105, p. 1304.
1754E 223^7V0 ?05.°PM 12078 IO N 8 '_ ( V ‘ 104' P ' 1700)-
V
104 p ’ 18™ ’
R E P O R T .— Y ea r ending Dec. 31 1921 in V. 115, p. 70:
1921.
1920.
1919.
1918.
R y . opor. rovenuo--------- 569,088,474 $66,6957399 $53,562,178 S177'10,012
R y . opor. expenses.......... 75,561.385 82,953.979
60,034.024 4 L062.950
N e t deficit...................... $8,475,911 $16,258,58056,471,846 sr$3,247,062
IK E & S ftffiS rffife s H ?!49 >
1.020.554
4. 590.325
do affn. cos____
P ro fit on exchango_____
D eficit to p. Sc 1.......... 536,379,610 510.013,831 525,670,358 $14,497,810
D IR E C T O R S under Canadian Government ownership: D. B . Hanna,
Pres.: A . J. M itchell, V.-Pros. In charge o f finance and accounts, and E. R .
Wood al! o f loron to; M ajor Graham A . Bell, O ttawa, Ont.; Robert Hobr? 1?’ Ram ilton, O n t.; 8 l r I I Laporto, Montreal; R. T . R iley, Winnipeg,
Col. Thos. C an tley, N ow Glasgow. N . S.: A. P. Barnhill, St. John, N B.
Secretary is R. P. Ormsby; Asst, to President, A .J . Hills, all or Toronto.
Ont.— (V . 115. p. 70. 1729. 2158.)
Nov., 1922.]
RAILWAY STOCKS AND BONDS
25
24
RAILWAY STOCKS AND BONDS
[V ol. 115,
26
RAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 6]
Date
Miles
Hoad Bonds
par
Value
Amount
Outstanding
Rate
%
When
Payable
[V ol. 115.
Last Dividend
and Maturity
Places Where Interest and
Dividends are Payable
C an ad ian N o rth e rn O n ta rio ] See Canadian
C a n a d ia n N o rth e rn P a c ific ) Northern R y .
C an ad ian N o rth e rn Q u ebec]
above
Canadian Pacific— Stook $335,000,000 authorized____
$100 $260 000900
10
Q —J Doc 30 1922 21* Lond A 64 Wall St, N Y
Preferred stool* limited to 4% non-oumulatlve____ r
---$10( 89,681,921
1
A A O Sopt30 1922 2% Company's Office, Lond
fir s t mortgage on Algoma Br g ________________ o* Ar
180 1888 £100 Scc
3.650,00.
5% J
A J July 1 1937
Baring Bros & Co, Lond
Consol perpetual debenture stook_________________
1889 £ Set
See text
1
J
A J Irredeemable
Company’s Office. Lond
N ote Certificates special Investment fund red p a r..
1914
$20. Ac 52.000.00C
0
M & S M ar 2 1924
See text.
Vic Roll S tkA R ealtyO o oq tr serT$470.000saPeP.c*
IH15
$1 00(1
5 ,6 10.00C
4 1* g J A
J Jan’ 23-July '28
Equip tr cert $500,000 s-a_____________________
1920
1,000
9,500,000
0g
A & O Apr ’23-Apr '32 Guaranty Trust Co, N Y
Securities o f Principa l Leased, A c.. Lines.
Manitoba S W Col R y $12,000 per mile lnt guar gold
1884
$1,000 $2,544,000
5 g
J
A D June l 1934
London & 64 W all St N Y
Atlantic A Northwest— 1st mortgage gold g u ._o *A r
1887 £100 Sc0 £1.330,006
5g
J A
.7 Jan 1 1937
Baring Bros A Co, Lond
St Lawrence A Ottawa— first mortgage gold see test
1870
£50 Sc0
£290,000
(3) 4 J A D15 See text
Can Pao offloe, London
Oatarlo & Quebec stool* guaranteed In p erpetu ity..
4100 $2,000,090
6
J
A D Dec 1922 3% Montreal and London
Ontario & Quebec deben Interest guar In perpetuity
£1 £4.907,381
5
J
A D Irredeemable
Morton, Rose, London
Toronto Grey A Bruce 1st M gold Interest as rental
1883
£100
£719.009
4g
J A J July 26 2882
Toronto and London
New Brunswlolt R y 1st M gold lnt from rental___o*
1884
£100
£600,000
5 % F A A Aug 11934
London
Perpetual consol debenture stock. Interest guar_
1890
£1
£904,533
4
J A J Irredeemable
do
N ew Brunswick So 1st M __________________________
81
$500,090
3
J A
J July 1 1933 2>* Guaranty Trust C o, N Y
Calgary A Edmonton deb stook gold Interest as rent
1890
£1,121,709
4 S J 3 A J 2002
Can Pao Offloe, London
Branch line bonds $1,040,090 (owned by CanPao)
1905
$1,000 *1,010,000
4
J A j 1QKK
Can Pao Offloe. Montreal
Lindsay Boboayg & Pontypool 1st M $700,000 gold
39 1903
1.000
500.000
4g
J A J July 1 2002
Bk of Montreal, Toronto
Quebec Central stock dividend guaranteed________
£091,850
5
J A J15 July 15 1922 24$
1st M deb stk lnt gu red 110 arter 20 yrs________
604,837
4
F A A
2d M deb stock prln and lnt guar_______________
338.999
3M
J A J15 Jan 1 1963
3d M bonds prln and lnt guaranteed____________
336,50 )
5
J A J15 Jan 1 1963
Arons Val (E l) R R 1st M g red 105 lnt g u a r ______
500 Ao
1909
$250,009
41* g F A A Aug 11929
N Y and Augusta, M e
First & R e f M $1,700,000 call 105 lnt gu ar.B a.xc*
32 1911 See text
455.832
41*
M A N July 1 1961
Bankers Trust Co. N Y
Minn St P & Sault Ste Marie and Duluth South Shor e & A t lantlo — See sta tements of those 00 mpanles
Carolina Central— Bonds— See Seaboard Air Line Ry
Caro Clinchf & Ohio— Lick Crk & L E 1st M gassu -.s
8 1902
195.000
J A J Jan 1 1933
5 g
Wash (D O) L oa n A T r Co
1st M $15,000,000 red 110___________ ________ F.xo*
250 1908
1.000 13 950.099
5g
J A D June 1 1938
Blair A C o.. N . Y .
Mortgage gold notes $5,000,000 red par oxt.E q.xo*
1 0 )0
256 1939
Pledged
6 g
J A
J July 1 1930
Blair & C o., N . Y .
Cumulative Income debentures red. par_______ __
1,099
1920
5.000.000
6
J A
J July 1 1935
N ew Y ork T r. C o., N . Y .
Eq gold notes Ser " E due $13.000s-a____________ N
1.009
1914
52,000
A A O Vpr 2 5-Oct' 24 Blair St, Co, N ew York
5g
do
do Ser “ F ” due $38,000 s-a___________ Ns
1917
342,000
5g
T A
J Jan ’23-Jan '27
do
do
do
do Ser “ O ” due $42,000 s-a not call C Pv
1917
1.009
378.099
5g
A A O Apr '23-Apr '27 Commercial T r C o. Phlla
do
do (U S R A ) due $414,000 ann___i . . Q
1920
5,382.000
6g
J A J15 T o Jan 15 1935 Guaranty T r C o. N Y
C A R O L IN A C L IN C H F IE L D & O H IO R Y .— (See M a p .)— Owns from
Elkhorn C ity. K y ., to Spartanburg, S. C ., 28C m.; branches and spurs
10 m.; leased. 3 m.; trackage, Carbo to St. Paul, Va., 8 m.- total, 301 m.
Th e line forms a low-grado heavily-built link in the through line for
general traffic between the Great Lakes and the Atlantic seaboard, serving
also extensivo coal operations owned by Clinchf fold Coap Corp. Seo 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 A ir Line R y.. with which co se relations are maintained and tide*
v aT o 2 'Sp r 20°76d '
V ' 88’ P ' 914’ V ' 87 ’ P ' 670‘
Se° report o f exP °r t.
S T O C K .— Authorized, $50,000,000. o f which $25,000,000 Is 6% pref. and
$25,000,000 com.; outstanding, $25,000,000 com. and $11,500,000 preL
of which $1,500,000 has been owned by Holston Corp., a subsidiary o f the
railway. A further $2,000,000 pref. was deposited with trustee o f mortgage
gold notes to provide for conversion o f notes. V. 94, p. 1625; V. 103.
p. 1980. Dividends on pref., 3 % semi-annually M arch 1913 to Sept. 1914
Inclusive. N one since.
B O N D S . E T C .— First mtge. o f 1908, V. 86, p. 667, 856; V. 88. p. 944
T h e $2,000,000 1st M . 5% notes, due July 1 1919, were extended at 6%
lnt. till July 1 1920. On the latter date the notes were again extended to
July 1 1930 and the Issue Increased to $5,000,000, all o f which have been
u y i, m
i n IS total
deposited with the m
G ovt,
as Bccuriby
security ior
for a loan oi
o f »Z,UUU,UUU.
$2,000,000. This
Issue o f notes hass the right o f conversion into pref. stock $ for $.
-------------------V. 109, p. 1179; V. 89,
~~ p. 285.
—
$5,000,000
Elkhorn Extension M tge. 5-yr.
5% notes extended to Jan. 1 ____
1923, are pledged for 1 year 6% G ovt. loan.
Car trusts o f 1917, V . 104. p. 2235. Oh M a y 18 1917' purchased $475,000
1st M tge. 5% gold bonds, $50,000 6% Conv. 1st Incomo debens. and $250,000 6% 2d Income debens. o f Black Mountain R y. Co. (K o n a .N .O .. to
Eskota, 24 m .; In 1918 built 2.30 miles in N or. C aro.). A n option to
purchase the entire $50,000 capital stock was also obtained. V. 106, p. 2219.
Cum ulative income debentures, V . 112, p. 161. G ovt. loan. V. 111.
p. 261, 293, 1471; V . 113, p. 1674, 2310. 2818
Th e guaranteed securities (see V.103.p.l588) Included $1,500,000 Holston
Corporation notes (callable at par and convertible $ for $ Into Car. C l. & O
pref. stock.— See stock above.
Equipment trusts ($6,043,500) issued to Director-General for rolling stock
allocated to this company. See article on page 3.
E A R N IN G S .—
—Gross-N et after Taxes(I.-S . C . C . figures.)
1922.
1921.
1922.
1921.
Jan. 1 to Sept. 30______ $5,660,343 $5“,484,391 $1,606,147 $1,106,870
R E P O R T .— For 1921, in V . 115, p. 430, showed:
Years ending Dec. 31.
1921.
1919.
1920.
1918.
Coal carried, tons______
3,326,264
4,261,427
3,877,502
2,966.917
Tota l oper. revenue____ $7,464,112 $7,560,980 $6,277,826 $5,022,077
N o t after taxes_________
1,702.140
1,348,732
2,318,716
1,019,598
H ire o f equipment, & c._
1,151,910
920,658
142,638
101,158
T o ta l income______ __ $2,622,798
ln t. on funded debt____ $1,187,582
ln t. on equipment trust.
407,138
Misc. lnt. and rents____
41.650
ln t. on income deb_____
262,820
$3,470,626
$1,605,274
288,290
21.203
Balance, sur. or def..sur$723,608 sur$555,859
$1,491,4)5
$1,211,199
251,344
71,092
$1,120,756
$1,107,268
124,729
123,319
def$4,220 def$234,560
O F F IC E R S .— Norman S. M eldrum , Pres.; C . Lodyard Blair and J. J.
Campion V.-Prcs ; 24 Broad St., N . Y .; I. McQuilkin, V .-P .; John W .
Sanders, Troas., Johnson C ity, Tonn.— (V . 115, p. 430.)
C A R O L IN A & G E O R G IA R Y .— (V . I l l , p. 2467.)
? N O R T H W E S T E R N R Y .— Owns standard-gauge road.
Chester, S. C ., to Edgemont, N . O., 1334* miles. V. 107, p. 502. The
Albemarle Steam N avigation Co. was acquired in Sept. 1918.
Stock auth., $1,000,000 each o f com. and 4% nou-cum. pref.; outstandcom ' and *550.000 pref. stock. O f 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, Ac. For 1921 gross. $693.709net, $71,084; int., taxes, See., $188,460; bal., def., $117 376.
’
V
Pres., Fairfax Harrison; Treas., E . F . Parham.— (V . 105. P. 605; V. 107.
p. 500. 1099.)
j j j j * 4
CARO LINA & YA D K IN R IV E R R R ,— Owns High Point via T h o ~
vllle and Denton to High Rock N . O ., 35 miles. Freight is switched elec
trically to the main line. L. H . Hole Jr. o f Greensboro N . O. was ap
pointed receiver In A pril 1922.
Coupons due June 1 1917 remain unpaid. On June 8 1917 W N
0 o le r ^ - 9 ^ P fL N ' , Y -’
£ ad financed the enterprise and then owned
some $250,000 bonds and $1,800,000 stock, made an assignment to Arthur
D . Hammond o f Brooklyn.
Application for permission to abandon the road was made to the I -S. C.
Commission by H. L . Hole, receiver, in Oct. 1922.
Bondholders'com m ittee: A lvin W . Krech, Chairman: Samuel Armstrong.
Stock authorized, common, $3,000,000; pref., 5% non-cum. $1 000.000;
ouJ?i£ndI?P.' common. $1,540,000. and pref , $300,000; par $100.
O ffice, High Point, N . C ■ N . Y . offico, 43 Cedar St.— (V . 115, p. 2045.)
r C A T A S A U Q U A & F O d E L S V IL L E R K .— Catasauqua, Pa.T to RItten19,71
and branches, 31.76 miles. Stock, $426,900 (par
$25); $254,300 Is owned by Reading C o. D lvs. 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%. For cal.
year 1921, gross, $516,501; net, after taxos, $155,613: othor Incomo, $36,066;
deductions. $10,364; bal., sur., $180,915. J J
■*$
y j 3!
C A T A 'V IS S A R R .— Owns from Tamanend, Pa., to Newberry Jot., Pa..
101-05 miles; second track, 40.07 miles: total, 222.20 miles. Re-leased
Deo. 1 1896 for 999 years to Philadelphia Sc Reading Railway. Rental,
lnt. on bonds. 5% dlvs. on Dref. stock, all taxes and 48,000 for org. exp.
See also V. 63. p. 969. 1116. In N ov. 1917 paid the dividend of 24*%
on the pref. stocks lass 5 conts per share for war Income tax; M a y 1918 paid
24* % on prof, stock. In N o v . 1918 the dividend o f 24* % on the preferred
stock was paid less 12 cents per share for war Income tax. In M a y 1919
paid 21*% on the preferred stock less 13 cents per share for war Incomo tax.
from N o v . 1919 to N o v . 1921 paid semi-annually 24*% loss 10 cts. for
corp. Incomo tax; on M a y 19 and N ov. 18 1922 paid 24*% less 13 cts. for
corp. incomo tax. O f the pref. stocks, $1,000,000 is 2(1 pref. Common,
$1,159,500; par, $50. Reading Co. owns $732,800 com .— (V . 96, p. 1421.)
C A Y U Q A & SU SQ U EH ANN A R R .— Owns from Susquehanna River to
Ithaca, N . Y ., 34 m. Leased during length of oharter and renewals thereof
to the Delaware Laok. A Western at a rental of *54,600 a year. Dlvs. paid
are 9% y ly ., with an occasional extra; 1904 94* % was paid. V . 106, p. 497.
CENTRAL
A R G E N T IN E
R Y ..
L T D .— R O A D .— Extends
from
Buenos Ayres, a city with a population o f about 1,800,000, through
the city o f Rosario, to Cordoba, Santa Fo and Tucuman. Comprises 3,305
miles o f track (all except 202 miles Is owned In fee; and partly double-tracked).
Proposed extensions, V . I l l , p. 389.
O R G A N IZ A T IO N .— 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 w ill net 6.80% on the capital Investment recognized by the Argen
tine Government, now amounting to over $250,000,000. In lieu o f taxes.
3% of the net receipts go to the Government.
Outstanding Capitalization (at $4 86 to £) June 30 1922.
Oen t . Deb.3 4* % stk. (150m)
£84,527 5-yoar 6% notes (n o w )..
£500,000
4><% West. Ann.(202 m .) 2,017,500 44* % non-cum. pref. stk. £9.695,718
4% Deb. stk. (gen I chg.)£13,4G2,312 Consol, ordinary sto c k .. 28.186,950
10-year 6% notes (n e w ).. 3,092,783 Deferred s to c k ..............
811.800
The Consol. Ordinary stock la entitled to non-cum. 5% dividends before
the deferred stock receives any dividends and shares equally with the de
ferred stock In the distribution o f earnings after the latter has received 5 % .
Offered In March 1917. V. 104, p. 256, 1044, 1144; V . 105. p. 1998.
C O N V E R T IB L E N O T E S .— These have Interest payable without de
duction for any taxes Imposed by Great Britain or the Argentine Republic.
Denom. $1,000. Prln. and Int. payable In N Y . In U. S. gold at office of
•J* P . M organ & C o.; In London at London County & Westminster Hank at
$4 85 per £1 sterling. The entire Issue, but no part, may be redeemed
at 102 and lnt. on and after Feb. 1 1922 upon six months' notice.
Th ey are convertible at option o f holdor any time after Jan. 31 1918
prior to redemption Into ordinary shares o f £10 each, at par, $4 85 per £1
E A R N IN G S .— For fiscal year ending June 30 1922:
June 30 Years—
1921-22.
1919-20.
1920-21.
Gross earnings___________ £9,412,5(52 £9,746,664 £9,769,754
N e t incomo...............
£2,126,604 £2,421,647 £3,308,374
Interest, & c---------------873,337
836,724
830,725
P ref. stock (4 4 * % )____ \
430,000
Ordinary stock----------/ 1,563,784
1,563,784{ (6)022,827
1918-19£0,925,798
£1,330,586
836,724
436,000
(2)564,047
Balance, surplus_____ dof£310.517
£160,290 £1,112,823
£19,746
Chairman. Sir Joseph W . T odd, Bart. 'O ffice, 3A, Coleman St., London,
E. C . 2 — (V . 113, p. 2310.)
C E N T R A L O F G E O R G IA R Y .— Operated Doc. 31 1921, 1,914 miles:
Lines owned in fee—
M iles.
Lines leased (see these 00s.) Miles.
Savannah to A tlan ta__________ 293 •Southwestern R R .—
Gordon to Covington__________
82
Macon to Eufaula___________
142
Columbus to Birmingham, A la . 156
Fort Valley to P erry_________
13
Columbus to Amerlous_________
62
Fort Valley to Columbus____
71
Montgomery to Eufaula, A la__
81
Sralthvllle to Columbia_____
85
Columbus to Greenville, G a____
48
Cuthbert to Fort Gaines____
20
Opelika to Roanoke___________
36 Augusta So Savannah R R .—
Eufaula to Ozark______________
60
Mlllen to Augusta___________
53
Griffin, Ga., to Chat.. Tenn..Ao. 190 Chattahooohee & Gulf R R .—
Chlckatnauga to D u r h a m .___
18
Columbia to Lockhart______
91
Savannah to T y b ee________
18 T ra o k a g e ..................
15
Columbus to Andalusia_______
138
M ogul to A th e n s ______________ 102
Total oper. Dec. 31 1921 ...1 ,9 1 4
Brewton to D over_____________
77 Also owns Modrlm to Lyons. 58 m.
Barnesville to Thomaston_____
18
(leased to Seaboard A ir Line).
Covington to Portordale______
4 Ooean SS. Co., cst. cqulv. o f____ 300
Upper Cahaba Branch_________
n Controls Wrlghtsvtllo A Tennllle and
Greenville to Raym ond_______
24
VVadloy Southern R y ., Sylvanla
Central and Loulsv. A VVadlcy R R .
Total owned
__. . . . ____ j 422
O R G A N IZ A T IO N .-S u c c e e d e d N ov. 1 1895 the Central R R . & Banking
0 ° . or Georgia, foreclosed. V. 60. p. 1008; V. 61. p. 68. Ocean S3. C o..
1102, p. 344.
In June 1909 the $5,000,000 stook was acquired by the Illinois Centrral
but the road Is operated Independently. V. 88, p. 1559: V. 84. d . 1550;
V. 85. p. 1082. 1268; V. 86, p. 667. On June 3 1912 $15,000,000 pref.
itock was issued to retire the Income bonds acquired by III. Gent. ($14,461,900), remaining $539,000 as prasented: V . 94, p. 1316. 1565; V. 95. p. 1037.
Government loan, V. I l l , p. 492: V . 112, p. 371. 469.
T en tative valuation. V . 113, p. 1052.
D IV ID E N D S .— On common stock. 1913 to June 30 1922, 5% per ann.
Pref., 6% p. a. since June 1913. V. 108, p. 2240.
BO N DS.— The first mortgage of 1895 (described In V . 63, p. 1180) and
V, 84. p. 529, 605: V . 87. p. 550.
Application for listing firsts and consols In V . 63, p. 1160.
Nov., 1922.]
KAILWAY STOCKS AND BONDS
27
28
RAILWAY 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 61
Miles Date
Road Bonds
C a ro lin a C lln c h fie ld & O h io (Concluded) —
Bonds Ouaranteed. Prin . and In t., bg Endorsem’t—
Holston Oorp Realty & Ooll T r Go convert notes
call at oar convert Into R y pref_________ C e.c*& r*
1916
Black Mountain Railway 1st M tg e ________________ 2,550 1916
Carolina tSt Northwestern— 1st M 12,500,000gold._Q x
--- 1903
C aldw ell* Northern 1st M _________________________x
1907
C arolin a & Y a d k in R lv — 1st M g red 105 a f.E q .x c *
35 1912
Catasauqua & Fogelsville— First M gold___P eP.ro*
32 1898
_ __
Catawlssa— Pret stock 5% guar P & R R y (see text)
___ 1898
First consol mortgage *2,215,000 gold____ PeP.ro*
Cayuga & Susquehanna— Stock 9% rental D L i f f .
34 ____
C en tra l A rg e n tin e R y — Oonv gold notes call (text) Q
1917
Central Arkansas & Eastern— See St Louis Southwest ern
C en tra l o f Q e o rg la R y — Common stock_______
Preferred stock 6% cum____________________________
Ten-year Secured bonds call after June 1 1924--xxx
___ 1919
1st M *7,000,000 g o l d . . ___________________ Q .x o 'A r
312 1895
Refunding & General M ortgage___________________
1919
Consolidated m ortgage518,500,000igold..Ba,xo* Ar 1.493 1895
Mobile D lv 1st M (Columbus to Andalusia' g . .G .xo*
138 1895
Maoon * North Dlv 1st M *840,000 gold._M B a.xo*
102 1895
Ocon D lv 1st M Brewton to Dover *6,000 p m _Q.ro*
ZZi 1901
Eatonton Branoh first mtge not guaranteed gold x
21 1896
Mid Ga A A tl Dlv 1st (oonsol) M *9,000 p m ..Q .x o *
65 1897
Chattanooga D lv puroh money M *2,400,000 gQ.ro*
161 1901
Chattanooga Rome A So 1st M *500.000 gUn.xo*
138 1897
Upper Oababa 1st M g due *15,000 a-* call 102 H .N r
12 1905
Greenv Sc N ew 1st M g duo $15,000 s-a call 102)4Nr
24 1905
_ „ _ 1895
1st pref inoomesl Interest up to 5%
f _________ Mpz
2d
do
do )■ gold If earned •)__________ Cez
1895
8d
do
do J non-oumulatlve l _________ Baz
. . . 1895
Central R R A B g ooll tr bonds g red at 110___ Ce.o*
___ 1887
Equip trust series 1. *50 nno semi-annually_______
do
Series M $59,000 semi-annually_______C P
1921
do
Series N due $66,000 annually_____ C Pc*
___ 1922
___ L890
Ooean SS Co Qrst mortgage gold guaranteed.Ce.zo*
Augusta & Savannah stook guar (no bonded debt) _
53
Southwestern Railroad stook guar (no bonded debt)
333
-Chattahoochee * Gulf stook guar
First M gold *2.000.000 Int rental sf red'at 102 Mix
91 190U
_
__
_
Par
Value
--» v * VUUUO U » Ci CAUUi
Taxes__________________________
Uncollectible railway revenues.
Raff
%
$1,000 *1,500,000
5g
1,000
375,000
5g
1.000
1.700.000
5g
1,000
543,000
5
100 Ac
1,288,600
5g
1.000
135.000
4 <
50
3.200,000
5
1,000
2.215,000
4g
30
589,110
9
1.000 15.000.
000 6 g
1,000
1,000
1,000
1,000
1.000
500
1,000
1,000
1,000
1.000
1.000
1,000
1,000
1.000
1,000
1.000
1.000
1,000
1.000
100
100
100
1 000
Consol, mtge. (see abstract V . 61. p. 873; also V . 63. p. 1160; V. 83. p.
1347). V r 85, p. 605: V . 89. p. 777.
Collateral trust mortgage abstraot was In V. 45. p. 242.
Chattanooga Division mortgage, V . 72, p. 1134; V . 78, p. 1446.
»« - ^ 2 £ r .£ a^a^a Branch bonds, V . 81, p. 920, 1099. Th e shareholders on
M a y 28 1919 authorized (a) a General & Refunding M tge. bond Issue and
(5) 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 int. date thereafter upon premium of H o f 1% for each 6 mos.
between redemption date and date o f maturity. Secured by the deposit of
the Initial $11,000,000 6% Ref. & Gen. M tge. bonds. Series " A , " due
■April 1 1959. The authorized maximum o f the Ref. & Gen. M tge. bonds
(Including amounts Issued; issuable or reserved to refund $31,462,300 out■tanding prior lien bonds, the extension o f these old bonds being forbidden)
tbi"6® times the capital stock, which makes a present lim it of
Th e G 0n- * Rer. M tge. dated Oct. 1 1912, under which
*11,135,000 bonds were authorized to be Issued but none of which were out
standing, has been canceled. V . 108, p. 1822, 2240, 2329, 2432.
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.
------------- Cross--------------------- Net after Taxes-----E A R N IN G S —
d.-S. O. C. Figures.)
1922.
1921.
1922.
1921.
$583,090
Jan. 1— Sept. 30----------$16,719,217 $16,810,078 $2,761,869
R E P O R T .— For calendar year 1921 In V. 115, p. 86, showed;
.
„
1921.
1920.
Average miles operated____________________________
1,913 63
1,913 63
Operating revenues----------------------- ---------- ------$22,057,499 $20,676,551
JJ. S. G ovt.— Guaranty period claim____________ ____________ _
3,111,966
Rental from U. S. R R . Adm inistration__________ _____________
732,893
Total operating revenues_________________
Operating expenses_________________________
Amount
Outstanding
.$22,057,499 $24,521,409
. 20,020,843 x21,102.368
. $2,036,656
899,875
46,588
$3,419,041
795,151
5.585
. $1,090,192
235,177
104,714
$2,618,305
167,337
83,581
5.000.000
5
15.000.
000 6
8,000.000
6g
7.000,000
6g
See text
6g
18.5)0.000
5 g
1.000,000
5g
840,000
5 g
462.000
5g
168.000
6g
413.000
0 cur
2.057,000
4g
343.000
fi 8
90.000
4g
90,000
4K
135.500
5
101.800
5
45.600
6
4.840.000
5 g
350 nno
4)4
650.000
6^
600,000
1,000,000
7g
1.022.900
5
5.191.100
5
430.400
5
172 000
5 g
Whsn
Payable
A
A
J
J
J
J
M
J
F
[V ol .
Last Dividend
and M aturity
115.
Places Where Interest and
Dividends are Payable
Sc o Apr 1 1926
Central Un T r C o. N Y
& o Apr 1 1936
N Y Trust Co, N Y
& j July 1 1953
Cheoks mailed
Sc D Ju*e 1 1957
do
do
Sc D Jan 1 1962
June 1917 coups unpaid
So J July 1 1928
Reading Terminal, Phil*
Sc N See text
Company's Office, Phil*
O A pr l 1948
Reading Term inal, P h il*
A J July 1922
4)4 80 Pine Street New York
Sc A Feb 1 1927
N Y J P M organ & C o ,& L od
semi-ann June 30 '22 2)
semi-ann
30 ’22 3 ‘
.1 & D
F A A
M Sc N
J Sc J
J Sc J
J Si D
J
A D
J A J
J A D
J
A J
F A A
M A S
Oct 1
oot i
Oot 1
M A N
1 Sc J
F & A
M & S
1 A
J
J
A J.
J A
J.
J
A J.
r
a
■T .
Co's o f 32 Liberty St N Y
Guaranty Trust Co N Y
Guaranty Trust Co, N Y
do
do
do
do
do
do
Savannah, Go
Guaranty T ru it Co, N Y
1 1947
do
do
Union Trust Co, N ew I k
Guaranty Trust Co, N Y
do
do
Guar T r Co.N Y or Sevan
do
do
do
do
Guaranty Trust Co, N Y
Commercial T r C o. Phlla
do
do
do
do
Guaranty Trust Co, N Y
2>4% Savannah, Ga
i <4% Savannah and Maoon
Savannah, Ga
Cltlzens'Bk.Savannah.G*
1 1946
E A R N IN G S —
------------- Oross(I.-S. O. O. Figures.)
1922.
1921.
Jan. 1— Sept. 30________$4,869,980 $0,182,121
-N et after Taxes-----1922.
1921.
$904,503 $1,449,048
R E P O R T .— For 1921: Gross, $8,382,791; not, $2,062,215; other income.
$524,336; deductions, $2,068,582; balance, surplus, $517,969.
O F F IC E R S .— O. L . Bardo, Pros.; A . S. M a y , Treas.; Arthur E . Clark.
Sec.; H . S. Palm er, Com pt.— (V . 113, p. 1359, 2719.)
C E N T R A L P A C IF IC R Y .— (.See M a p o f Southern P a cific.)
Lines Owned—
M iles. Hazon, N e v ., to Keeler, C al_288.65
Oakland. &c., local lines_____ 18.84
Weed, Cal., to K irk, O re____ 127.38
Oakland pier to Elvas. C a l . . . 133.46 Natron to Oakrldge, Ore_______34.39
Sacramento, Cal., to Cecil
M o jave to Owenyo. C al_______ 142.90
Jet., near Orden, U tah_____ 692.20 Fernley, N e v .. to W estwood,
Niles to San Jose, C al_________ 17.58
C a l ........................................136.60
Nilos Jet. to Redwood Jet____ 16.24
Branches_____________________ 139.08
Umbria Jet., N e v ., to near
Ogden. U tah _______________ 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
State L in e............................296.58
T o t. oper. Dec. 31 1921..2.288.92
O R G A N IZ A T IO N .— Incorp. In Utah In July '99. per plan In V .68,p.378.
In 1914 tho Government brought suit to separate the company from the
Southern Pacific Co., but lost In lower Court In 1917. V. 104, p. 1044.
Tho U. S. Supremo Court on M a y 29 1922 ordered tho dissolution o f owner
ship and control by tho Southern Pacific Co. Compare V. 114, p. 2470:
V. 115, p. 1729, 1837.
S T O O K .— The Southern Pacific Co. owns the entire $67,275,500 com
mon and $17,400,000 pref. Pref. Is 4% cum. and participates equally with
common after 4% on each. A ll pledged for Its coll, trust 4s. V .9 6 .P .4 1 9 .
L A T E D IV S . '09. '10.
Preferred,
6
6
Common, % __ 6
6
' l l . '12. '13. '14. '15. '16. '17. '18. '19. '20. *21.
10 6
6 26.6 4
4
6
6
4
4
4
10 6
6 26.61 Vi 1)4
6
6
4
4
2
B O N D S.— 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. scoured by a second lien upon all the
Equipment rents— net cre d it..
properties covered by the 1st Ref. mtge. and also by deposit with the trus
Joint facility rents— net debit.
tees. as acquired, of all securities and moneys held In any sinking fund of the
Central Pacific R y ., consisting Doc. 31 1921 o f $4,729,000 in securities,
$1,220,655 $2,702,061 and by a trust deed upon all tho lands covered by mortgage dated Oct. 1
Non-operating income.
918,424
1,777,309 1870. See M ortgage Abstract, V . 69, p. 858; also soo p. 851. From
rhe proceeds o f these sinking funds and landsales cancellations o f bonds are
$2,139,079 $4,479,370 made from time to time; to Dec. 31 1921 $18,382,675 had been canceled
3,118,893
2,962,662 or purchased for cancellation, reducing those outstanding to $6,617,325.
Lucln Cut-off 4s are call, at 107)4. V .7 9, p. 1641: guar., V .80. p. 162.
In Feb. 1911 the sale was arranged In Franoe of 250,000.000 francs 4%
N e t Income............................................................ *$979,814 $1,516,707
35-year coll, trust bonds, guaranteed by the Southern Paolflo Co (the latter
♦Asterisk denotes deficit,
pledging as security for the guaranty part o f Its Interest In affiliated cos.,
x Includes corporate operating expenses for the months o f January and
notably So. Pacific R R .). V . 92. p. 593. 794: V. 94. p. 130. 1762. V .
101, p. 2146.
February 1920 amounting to $12,592, not assumed by U. S. R R . Admin.
The *8,500,000 outstanding Nevada A California 6% bonds (*15,000,000
O F F IC E R S .— Chairman, Charles II. Markham, Chicago, 111.; Pros.,
Jr . A . Wlnburn; V .-P ., L . A . Downs, A . R . Lawton, Chas. T . A lrey, Albert auth. issue) were assumed on purchase Feb. 29 1912; also *3.000.000 Cen
tral
California R y ., *1,000,000 Chico A Northern R R .. *2,500,000 Sacra
O. Mann; Sec., Charles F. Groves; Treas., W . O. Askew. General office.
mento Sou. R R . and $5,000,000 Oregon Eastern R y. V . 94. n. 982. 1118.
Savannah, Ga.; N . Y . office, 32 Liberty St.— (V. 115, p 68, 86.)
A ll o f the fivo foregoing Issues aro ownod by So. Pac. Co. Thero aro also
C E N T R A L IN D IA N A R Y .— Muncie to Brazil, Ind., 117.69 miles. outstanding (all ownod by So. Pac. C o.) $2,560,000 Sacramonto Southern
Controlled by Cleveland Cincinnati Chicago & St. Louis and Pennsylvania R It. 1st M tgo. 6s duo N ov. I 1941 and $1,000,000 Chico Sc Northern R R .
R R . Interests
Bonds, guaranteed by C leve. Cin. Chic. & St. Louis 1st M tge. 4s duo July 1 1940.
S6.9’00° stock), are lim ited to $20,000 per mile. Stock
L A N D G R A N T .— Total land grant was about 12,000,000 acros, o f which
•
T*1® Penn. Co. owns $60,000 stock. Calendar year 1921: Gross
$120,000. Tho Penn. Co. owns $60,000 stock. Reported in N o v . 1922 6.625,324 acres unsold Doc. 31 1921. Sales in 1921, 41,318 acres; avorago
price
per acre, $3 97. Land contracts Dec. 31 1921, $1,692,351.
that William P . Herod o f Indianapolis, had been appointed receiver. V .
115, p. 2045. Calendar year 1921: Gross incomo, def., $200,285: deduc
R E P O R T .— For calendar year 1921: Incomo from leaso o f roads, $10,tions, $61,418; bal., def., $261,703. Pres., J. Q. Van Winkle.— (V . 052,052; other incomo $438,820: deductions, $8,035,010; divs., $2,041,510
115, p. 2045.)
•
bal., sur., $414.352— (V . 115, p. 1729 )
..C E N T R A L N EW E N O L A N D R Y .— Owns from Campbell Hall, crossing
C E N T R A L R R . CO. O F N E W J E R S E Y .— Operates from Jersey C ity ,
the Hudson River at Poughkeepsie by Its own bridge, to Sllvernalls, 34 m
opposite Now Y ork C ity , westerly to Wilkes-Barre and Scranton, P a., and
Poughkeepsie. N . Y .. to Hopewell. 12 m.: Wicopee Jot., N . Y .. to State tho neighboring anthracite coal fields; also southerly to tho seashore rosorts
line, 53 m.; Poughkeepsie, N . Y ., to Boston Corners, 36 m.: total owned
o f N ew Jersey and to the Delaware River.
138 m ; and leases and oontrols Hartford A Conn. Western R R ,. Hartford
to Rhlnecllff, 109 m., and branches, 13.24 m.; trackage, Hopewell Jet. to Owned in Fee (V . 106,p .1787) M iles.
M iles.
Danbury. &c.. 33.43 m .; total, 295.87 miles. V. 89. p. 918; V. 95. p. 418. Jersey City to Phllllpsburg________ 72 Nesquchonlng Valley • ____________17
Sundry branches__________________318 Lehigh & Susquehanna, Phllllp*. ',° J } ’£ & £ 1ZAT 1 0 N ° n D0C-31 1921 the N , Y . N . H . & H . R R . owned
Controlled by Stock Owned—
burg to Union Jot., A o________ 105
*3.737.083 pref. and *4.795.054 com. stook. V. 85. p. 404, 858: V. 89. Easton Sc Western R R __________
4 Wilkes-Barre A Scranton • ____
4
P-4 69 ; V. 90, p. 1238, 1296, 1489; V. 91, p. 153, 396, 870. T h e stockControlled by Agreement. A c.
Other lines_____ ___________________ 70
holders in M a y 1921 voted to merge w ith tho N . Y . N . II. & I I . R R .
(mostly under 999-y r . leases):
Trackage—
V . 112, p. 1976.
Allentown Term . R R . (op. jointly) 3 Delaware Sc Hudson______________ 12
York & Long Branch R R .,
Other trackage____________________ 30
. ® TOC,K .— Common, *4,800,000; pref., $3,750,000; par, $100. A fter New
Perth Am boy to Bay H ead____ 39
4 % °n the pref., both classes participate equally.
Dover & Rookaway R R _________ 5
Total operated Dec. 311921..689
Dividend on non-cum. pref., 4 % . paid In 1913-14: In 1914-15. 6% on
• See this oompany.
anc* about 2% on common. Cal. year 1916, 6% on pref. and Ogden Mine R R * ________________ 10
There are 267 miles of 2d. 41 miles of 3d and 38 miles of 4th track*.
°,n, S®.®1111011! 1917, 3% pref. and 3% on common.
In 1918 and
1919 paid 6% on pref. and 2% on com. N o payments in 1920 or 1921.
H IS T O R Y .- -Reorg. In 1887 without foreclosure: V . 44, p. 714, 716; V .
coal
see Lehigh & Wilkes-Barre Coat
■ fc
'V jJproperties,
w - .B O N D S.— The 1st guaranteed 4s of 1911 (*25,000.000 auth. Issue) are a 105, p. 1707. Concerning
Oo. and Lehigh Coal Sc Navigation In “ Miscellaneous.” In 1901 Reading Co.
first lien on 141 miles o f road and the Poughkeepsie Bridge; those unsold,
acquired
control,
ow
ning
$14,500,000
stock.
Tho latter company w ill
(except $287,000 reserved for Dutchess Co. bonds) are set aside for not
®*ce®dms 75% o f the cost o f extensions, additions and Improvements. dlsposo o f its holdings under tho dissolution plan dated Feb. 14 1921. V. 113,
V. 98, p. 1315. V. 92. p. 1374. 1635; V. 94. p. 206; V. 96. p. 134. p. 1469: V. 112, p. 743, 2304; V. 72. p. 86. 136, 241, 391. 721. In Sept. 1913
The outstanding $6,000 Gen. M tge. Income bonds,due Feb. 1 1949, on tho G ovt, brought suit alloglng violation o f both tho Sherman law and the
which 5% p. a. Is regularly paid each Oct. 1. are covered by a special de commodities clause o f tho I.-S. Cominorce Law. In Oct. 1915 final decree o f
U . S. Dist. Court dismissing said suit, ordered that this company must
posit. V . 103. p. 1031; V. 105, p. 997; V. 107. p. 1099; V . 109. p. 1079.
dispose o f its lntorest In tho Lehigh Sc Wilkos-Barro Coal. Co.within 90
Government loan, V . I l l , p. 1660.
days. Both parties appealed to tho U. S. Supreme Court. On April 26
Nov., 1922.]
R A IL R O A D C O M P A N IE S
[For abbreviations, A c ., see notes on page 6]
Cent Indiana— 1st M 14,01)0.000 gu pA l ena.Ce.xo* Ar
Cent New England— Dutch Co R R 1st M g guar Ba.xo*
C N E 1st MS25.000.000g gu redl05bRe'21-Fxo•A^•
O N E Serial N otes to Secretary o f Treasury-------Central Ohio— See Baltimore & Ohio
Central Pacific— 1st R ef M g gu p * l end C e.x o 'A r
3H s S25.000.000 gold guar p & 1 end----- U s.xo»A r
Lunin out-ofT 1st M $10,000,000 gu (te x tJ .a .x o 'A r *
Bonds 250.000.000 francs guaranteed red par_.U sx
do
do
U S g o ld ______________________ —
50-year mortgage bonds ($78,000 5s due 1939)-Nevada & Cal, &e, 1st M assu m ed -.-------------Oregon Eastern first mtge assumed-----------------Other bonds— see text
Central R R of N J — Stock ($30,000,000 a u th orized)..
Central R R of N J Gen M $50,000,000 gold -C ------do
do
registered-------------Equip trust Series G $1,500,000 (all In treasury). .
do
Series H duo $270,000 yearly............
Equip notes Issued to G ovt due $386,400 ann------ G
L A W BO onM $20,000,000serial g guar.PeP.xxo*
Am Dock A Im p Co 1st M guar redeem (text) - .x x c “
N Y A L B r Gen M g lnt gu Jtly ($192,000 5s) .Cexxo'
Miles
Road
117
12
141
1,349
1.349
103
479
86
Date
Bonds
Amount
Outstanding
Par
Value
Rate
%
Charleston Un Sta-
98,718 000
6,017,325
9 640.000
16,201.158
32.061,358
103,000
8,500,000
6,000,000
500 Ao
1899
1899
500 Ao
1904 1.000
500 fr
1911
do
Equipment trust certificates duo $54,500 yea rly —
Charlotte Columbia & Augusta— See Southern R y
C h a rters— See Plttsb Cincinnati Chicago A St T.ouls
b Additional $1,167,000 in tro a s . Doc. 31 1921.
1911
1912
1903 1,000 Ac
1907 1.000 Ac
1,000
1890
1,000
1914
1.000
1914
1897
1.000
1920
1920 the U . S. Suproino Court sustained most o f the Government’s charges.
Tho plan for the disposal by the company o f all the stock o f tho Lehigh &
Wilkes-Barre Coal Co. owned or controlled by it (as embodied In the disso
lution decreo o f tho Heading C o. dated Feb. 14 1921), provided that the
stock bo disposed o f within six months after entry o f tho decreo or previous
to any other later date which m ay bo fixed by the Court. Announcement
was made on N o v. 17 1921 that tho 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, 641, 868; V. 113, p. 1982, 2184, 2719: V. 112, p. 743,
2641; V. 101, p- 1464, 1807; V. 110, p. 1816. F u ll Crow Law , V. 105, p.
1897, 2093. Rebate decision In V. 109, p. 1891.
D IV S .— *91. ’ 92 to '94. ’ 95. '96. ’ 97. ’98. ’ 99. ’00. ’ 01. 1902to N o v ’22
R egu la r.. 6)4 7 y ’rly 5>4 5 4M 4
4
5
5
8 yearly (Q - F ).
Special
- - - - - - - - - .......... l3ec. 1899 to July 1922.4 yearly (.1 A D1
Special semi-ann. dlvs. or 2% each (making total annual 12%) were paid
out o f Leh. A W . B . Coal C o. dlvs. or $1,097,472 per annum received
Juno 1909 to July 1922, incl. Tho coal company paid a cash dividend of
150% on M arch 5 1921 and another cash div. o f 70% on N o v . 29 1921.
B O N D S .— For General Mortgage abstract, see V . 45, p. 402.
Th e Lehigh A Wilkes-Barre consol, serial 4s, guar. p. A 1., mature
$2,500,000 every 5 yoars, beginning Juno 1 1915.
During 1918 the remainder o f tho property o f the American Dock A
Improvement Co. was deeded to the Central, and the underlying bonds.
$4,987,000 sot up as a part o f Its funded debt— V . 109, p. 1268. Bonds wore
extended to July 1 1936 at 6% . Redeemable as a whole only from July 1
1926 to July 1 1931 at 105 and lnt. and thereafter at 102H and lnt. V. 112,
p. 2751; V . 113, p. 73.
-N et after Taxes-----GrossE A R N IN G S .—
1922.
1921.
(I.-S.
C.__
C. figures.)
________
„
. .
1922.
1921.
Jan. 1 to Sept. 3 0 ......... $34,952,975 $39,469,157 $2,772,143 $5,978,232
R E P O R T .— For 1921, in V. 114, p.
Earnings
1921.
1920.
from —
$
$
Merchandise .19,172,052 21,324,604
Bitumln’s coal 4,297,586 4,999,826
Anthr. c o a l. ..16,685,114 11,874,513
Passengers___ 9,141,722 9,399,107
M a il, exp., Ac. 3,122,238 4,083,749
2575, showed;
1921.
1920.
Carried for$
$
w a r d ______ 44.181.938 57,493,096
R y . tax accr’ls 3,001,175 2,933,251
Oper. In c .. 5,235,601 df8,744,768
G ovt, guaran
ty , 6 mos__
_______
5,146,411
T o ta l.......... 52,418,714 51,681,799 Other lncomey21,659,447 2,811,970
Deductions—
Oper. Expenses—
M aint. o f way
Rentals.......... 3,418,327 3,441,125
A structures 6,470,243 7,004,229 Interest______ 2,967,779 3,395.082
237,186
235,704
M aint. oquip.13,002,959 20,279,617 Miscellaneous
Transporta’n .22,141,541 28,035,053
N et incomo 20,241,755df7,858.298
O t h o r ............ 1,967,190 2,114,198
Divs. p a id .(12)3,292,416(10)2743680
T o ta l______ 44,181,938 57,493,096
y Dividond incorno In 1921 Includes approximately $19,780,302 received
from tw o semi-annual dividends o f 6)4 % each and tho cash div. o f 150%
paid March 5 and a cash div. o f 70% paid N o v. 29 on tho $8,489,400 stock
owned in tho Lohigh-Wilkos Barro Coal Co.
Note.— For comparative purposes tho figures include corporate and Fed
eral operation and oxclude from “ non-operating income" the amount accrued
against tho U. S. R R . Administration on account o f tho standard return,
which for 1920 was $1,675,019; 1919, $10,287,531, and 1918. $8,417,071.
O F F IC E R S .— W . G. Hosier, Pres.; Robert W . do Forest, V.-P. A Gen.
Counsel: T . B. Koons, V.-Pros. A Freight T ra ffic M gr.; F. T . Dickerson,
Sec. A Troas. N . Y . office, 143 Liberty St.— (V. 114. p. 77. 737, 946,
2115, 2467, 2575, 2716, 2822; V. 115, p. 72, 182, 614, 868, 987.)
C E N T R A L R R . OF SOUTH C A R O L IN A .— Owns from Lanes, S. O.. to
Sumter, B. O., 40.2 miles; spurs, Ao., 1.61 m.; total, 41.81 m. Leased to
Atlantic Coast Line R R .; rental, $31,000 yearly and taxes. Stook. $170,000; par. $50. Annual rental, $31,000.— (V . 112, p. 2082. 2536, 2747.)
C E N T R A L R Y . O P C A N A D A .— See Issue o f N o v . 2 1918. and V . 112.
p. 2413.
C E N T R A L R Y . OF SOUTH C A R O L IN A .— (V . 82. p. 927.)
C E N T R A L VERM ONT R Y .— Operates from Rouses Point, at north end
of Lake Champlain, to New London, Conn., with branohes. 533 miles In all,
of whloh 161 miles leased, viz.: New London A Northern (see that oo.). 122
miles: M on tvllle Branch, 3; West River H R .. 36 m. V. 68. p. 1076. In M ay
1914 received authority to lease for 999 yrs. Southern N ew England Ry.
partly built, Palmer, Mass., to Providence; and In M a y 1916 asked right
to purchaso it: a contractor in N o v . 1918 obtained $2,000,000 attachment
on said lino but suit was discontinued in M a r. 1920. V. 110, p. 1416.;
V . 107, p. 2008; V. 102, p. 1718. Steamboats, V. 103. p. 406. Valua
tion,
112, p. 62; V. 114, p. 2359. G ovt, loan, V. 113, p. 2078.
V.
S E C U R IT IE S , Ao.— The Grand Trunk R y . holds $2,164,500 of the $3,000,000 stook. 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
Tho Mass. Department o f Public U tilities in April 1920 approved the
petition o f company allowing It to transfer by mortgage and deed o f trust
its property Including the leasehold o f tho N ew London A Northern R R . to
the Now York Trust Oo. to secure an issue or bonds amounting to $15.000,000, dated M a y 1 1920 and duo M a y 1 1930 proceeds to bo used to
rotlro and refund $12,000,000 1st mtgo. 4s due M a y 1 1920. Ac. V.
110, p. 2657.
R E P O R T .— For cal. year 1921 showod:
Year—
Gross.
Net.
Total Income. Charges.
Bal., Surp.
1921........... $7,135,753 n$4l4,470 a$285,764 $1,347,931 a$1.633,695
1920........... 7,720,522 a l , 704.103
1.434,013
1.169,928
a2.604.541
a D eficit.
Last Dividend
and M aturity
A
A
A
A
N
D
J
N
May 1 1953
June 1 1940
Jan 1 1961
N o v 1 1931-35
A
D
O
S
S
o
N
J
Aug 11949
Aug 11929
Oct 1 1954
Moh 1 1946
Mch 1 1946
1936 A 1939
N ov 1 1941
Jan 1 1942
F A
4g
3)4 S J <5o
A A
4g
4
M A
4
M A
5A 6 A A
6
M A
J A
6
All
All
341
341
341
When
Payable
M
1903
$1,000 $1.500,000
4g
287.000 4)4 (6) g J
1.000
1890
1911 1,000 Ao 13.4 27.000
J
* s
M
300,000
6
60,000
1920
12
100 27,436.800
1887
1,0001 b43.924,000 (
5 g
1887 600 Ao/
1 5 g
1.009
None
1916
4)4
1,000
2,160,000
6
1920
5,023,200
1,000
6 g
1920
5.564,000
1,000
1910
4g
1,000
4,987.000
1881
6
38 1891
1,000
2,500.000 4 A 5 g
300.000
6 g
40 1921
t Ste Marie R y
3.000,000 $2,164.
100
Central Vermont— Stook $3.000,000— .
13,606,000
1920
5
200.000
4g
100 AO
40.C 1900
1,000
705,000
6
1922
Equip, trust notos Series E, duo $49,000 s a ------500.000
1.000
a g
31 1913
C en tra l W Va & S ou th R R — 1st M g s f red te x t-.c '
do
29
RAILWAY STOCKS AND BONDS
800.000
250,000
2.720.000
2.380.000
See text
600.000
708,500
4
4
5
2 to
g
g
g
5
6g
6 g
Dividends are Payable
Fid T Co. Phlla
do
do
do
do
do
ed b
do
do
N o v 1519222%
Q— F
A J July 1 1987
Office
O— J July 1 1987
M A N M ay 1 1923-’ 26
M A N T o M a y 1 1930
.1 T o Jan 15 1935
.1 A
J A D J u nel 1925-50 N ew Y o rk Trust Co N Y
do
do
A J July 1 1936
J
do
do
M & S Sept 1 1941
J A J July 1 ’ 23 to ’76 Bankers Trust Co, N Y
J
500 held
M & N
A A O
M A N
J A J
by Grand Trun
M a y 1 1930
Oot 1 1950
M a y ’ 23-M ay’30
Jan 1 1933
k R y e f Canada
N ow Y ork Trust Co, N Y
Amer L A Tr Co, Boston
A
A
A
A
A
A
&
July 1 1953
Jan 1 1937
Oot 1 1946
Jan 1 1964
Jan 1 1964
Apr 1 1947
T o Jan 15 1935
Guaranty Trust Co, N Y
Equitable Trust Co. N Y
Cent Union Trust, N Y
N ew Y ork or Baltimore
do
do
Cent Union Trust. N Y
Guaranty Trust C o, N Y
J
J
A
.1
J
A
J
J
J
()
J
J
0
J
W est End T r C o. Phlla
O F F IC E R S .— Chairman, Howard G. Kelley; Pres., E . O. Smith; Treas.,
John B . W ood, St. Albans, V t.— (V . 115, p. 307, 1531, 2045.)
C E N T R A L W E S T V I R G I N I A & S O U T H E R N R R .— Hendricks. W .
Va., to Arm entrout, 29.5 miles: leases from Arm entrout to H orton 1.5
miles; total, 31 miles. Stock, $500,000; par, $100. Bonds ($1,000,000
authorized), o f which $500,000 reserved for now construction. Call
able on any Interest day after January 1923 at 105. Sinking fund re
tires 5% o f bonds outstanding semi-annually. Pres., Robort F . W hitmer; V .-P ., Charles Steele; Treas., J. T . Richards; 8ec., M . M . D a ly .
Philadelphia, Pa. O ffice. Hendricks. W . Va.
C E N T R A L W IS C O N S IN R Y . — (V . 112, p. 1023.)
C H AR LESTO N (S. C.) T E R M IN A L CO.— R O A D .— Owns terminal road;
13.33 m.; 14 wharves, 30 warehouses, 2 ootton oompresses, Ao. V . 77,
p 148, 298. Stock authorized, $5,000,000 (Y . 105, p. 2455); Issued,
$200,000, owned join tly by A tlantic Coast Line R R . and Southern R y .,
which agree to make good any deficiency in interest on bonds. For year
ending Doc. 31 1921, gross, $279,323; net after taxes, $10 579; othor in
come, $62,681; int., $32,202; surplus, $41,061,— (V . 108, p. 578.)
C H AR LESTO N U N IO N S TATIO N CO.— Owns passenger station at
Charleston. 8. O ., used Dy A tlantic Coast Lino and Southern R y ., each o f
which owns )4 tho stock and guarantees the bonds, p. A 1., by endorsement.
Rental covers Interest on bonds and 4% on stock. Seaboard A ir Line R y .,
also uses passenger station under agreement.— (V . 84, p. 50..
C H AR LESTO N & W E STE R N C A R O L IN A R Y .— Port R oyal, S. O.. via
Augusta, Ga.. to Spartanburg. S. O.. 246 m.; branohes to Anderson and
Greenville, S. O., 95 m.; total, 341 m. Track rights, 2 m. Entire stock
owned by A tl. Coast Line Co. V. 66, p. 38. 335.
Ten tative valuation, $10,509,027. V . 113, p. 2184.
S T O O K .— $1,200,000; par, $100. See Augusta T erm . R y . V. 66. p. 383.
B O N D S .— O f the 1st consol. 50-yr. bonds o f 1914 ($10,000,000 author
ized issue), $2,380,000. Issued to retire the Income bonds, have Interest
payable at 2% yearly for the first 2 years, 3% for tho next 3, 4% for the
next 5 and thereafter 5% . O f 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 $4,3O0.OOO exten., betterm ’ ts or eaulp. V . 98. p. 1315. V . 100. p. 1347.
V. 100. p. 1347.
Equipment trusts issued to Director-General fo r rolling stock allocated
to this company. See article on page 3 and V . 114, p. 1764.
R E P O R T .— Y ea r ending D ec. 31 1920:
Calendar Gross
Net after
Other
Interest,
Common
Balance,
Years. Earnings.
Taxes.
Income. Rents, A c . Dividends.
Surplus.
1921 . . $3,281,933df$165,923 $115,897 $483,751
df.$533,777
1920--- 2,885,484df 403.661 925,727
517,576
(6)$72,000def. 67,510
1 9 1 9 -..
466.921
414.941
62,979
463.459 (6) 72.000def. 57,530
Pres., F. B. Grier, Greenwood, S. C .; V .-P ., J. R. Konly; V .-P ., Lym an
D el mo; V .-P . A Gen. M g r., A . W. Anderson, Augusta, G a.; Sec., R . D .
Cronly: Treas.. John T . Reid; Gen. Aud., II. O. Prince, W ilm ington, N . C .
— (V . 115, p. 542, 2045.)
C H A T E A U G A Y & L A K E P L A C ID R Y .— Extends from B lu ff Point,
N . Y ., to Lako Placid, 79 miles, o f which B lu ff Point to Dannemora, 16 m .,
is leased at nominal rentral from State o f N ew Y ork.
Stock, $3,450,000, o f which $3,000,000 is 4% non-cum. pref., the latter
all owned by D . A H . (V . 84, p. 50) and $450,000 common stock, o f which
the D. A II. owns $75,000. Leased to the Del. A Hudson until Dec. 31
2403. any balance over expenses of operation, Interest, taxes, maintenance,
damages, dividend on pref. stook, Ao., to go to the lessor. The lease is
subject to revision on 6 months’ notice by either party.— (V . 84. p. 50, 930.)
C HATTAHOOCHEE & G U LF R R .— Columbia. A la., to Florala, 92 m.
L E A S E .— Leased In 1900 In perpetuity to Cent, of Georgia R y . for 6% on
$436,400 stock and $407,000 bonds (o f which only $170,000 outstanding
o f which 1 % to be used as a sinking fund for retirement o f bonds, upon com
pletion o f which rental w ill be 5% on stock, payable J.-J. See Cent, o f
Georgia R y .— (V . 113, p. 2818.)
C H A T T A H O O C H E E V A L L E Y R Y .— Standing Rock, Alabam a to
Bleecker, Alabama, 44.5 miles. Stock auth., $1,000,000; issued, $110,000:
par, $100. Bonds, see table above. Year, 1921. gross, $225,233; net,
$41,632; charges, $28,625; bal., sur., $13,007. Y ea r 1920, gross, $238,083
net, $27,312; charges, $61,569; bal., def., $34,257.— (V . I l l , p. 2227.)
C H ATTA N O O G A STATIO N CO.— Owns union passenger station opened
Dec 1 1909 and approaches at Chattanooga. Tcnn., used by the Southern
Ry. Central of Georgia. Alabama Great Southern and Cln. N . O. A Texas
PaolQo, which eaoh owns one-fourth of the stook and guarantees the bonds
Jointly and severally, p. A 1., by endorsement. Rental oovers bond interest
and 4% on stock.— (V . 84, p. 50.)
C H E S A P E A K E & O H IO R Y .— iSee M a p .)— On Dec. 31 1921 operated.
Lines owned in fee—
M iles.
Controlled by stock—
M ile s .
Ft.M onroe,Va.,toCovlngton,K y. 663 Bridge— Covlngton-Clnelnnatl 2
Richmond via Lynchburg, to
Ches. A Ohio R y . of Indiana___ 261
Clifton Forge, V a ___________ 230
Lines leased—
Branohes In Va. and W . V a _ 732
Sundry branohes leased_______
33
Seaton, K y .. to L e x in g to n _ 103
Trackage to Louisville________
84
Big Sandy Jot. to Elkhorn City,
j N orfolk A W est_______________
62
with branch______________
128
Traokage to Washington, D. O .
85
Branohes In Kentuoky________79 Other traokage__________- ___ _
58
Ches. A Ohio N o r ......................
31,
T o ta , o f a ll.............................2,553
Second track (498 owned) 688 miles; third track operated ,4 miles; sidings,
1 192 miles; total all tracks, 4,433 miles. Also controls Hocking V alley,
350 m ., and one-elxth int. in Richmond-Washlngton Oo.
30
RAILWAY 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]
Miles
Date
Road Bonds
Par
Value
Amount
Outstanding
Rale
%
When
Payable
[V ol .
115,
Last Dividend
and M aturity
Places Where Interest and
Dividends are Payable
Cbattahooche Valley— Consol M tg e _____________ ABx
44.5 1900 ia u .0 0 0
$470,000
6
J
A J 15 July 1 1940
Chattanooga S tation— 1st M g g u (te x t)______ Eq.xoAr
1907 1,000 A c
1,000,000
4n
J
J Jan 1 1957
Shesaoeake A Ohio— Com s t o c k _____________________
10r 62.792,600 See text
Jan 1 1023 2%
Preferred stock Series A cum conv Sc red (see te x t). _
______
100 12 858 500
J & J
6 fi
First Consol mtge tot WO.000.000 gold.-C e.xo*& r
i«8 9
1,00(J Z9,8os.00u
M
6 4
N May l 1939
Rich & A ll Dlv 1st & 2d Ms ($1,000,000 2ds)Ce.xo*
1890
1,00(1
7,000,000
4g
J A
J Jan 1 1989
Craig Valley Branch flrst mortgage gold _____ Ce.xo*
1890
1.000
650,000
5g
J
J July 1 1940
Warm Springs Branch flrst mortgage gold___Ce.xo*
1891
1.000
400,000
5g
M A s Moh 1 1941
General mortgage (lor $70,000,000 Ac) goldC e.xo'Ar
1892
1,000 48.616.000
4 A g M A s Moh 11992
Paint Creek Branoh 1st M $750,000 gold____ Ce.xo*
1905
1,000
539.000
4 g
F A A Feb 1 1945
Coal River IstM g ass d ---------------------------- C e.xc*
1905
1,000
2,590,000
4g
J A D June 1 1945
Greenbrier R y 1st M $3,000,000 g assum ed..Eq.xo*
1900
1,000
1,656,000
M A N N ov 11940
4g
Big Sandy R y flrst mtge $5,000,000 gold___Ce.xo*
1904
1,000
4,289,000
J
4 g
A D
Potts Or Br Is tM $1,000,000 auth(V 83,p 693)Ce.xo*
1.000
1906
600,000
4 g
J A J
Virginia Air Line 1st M $900,000 g assumed_____ xc*
1907
1,000
900,000
5g
M A N
Raleigh A Southw 1st M $1,500,000 g assumedCexc*
1906
1.000
826,000
4g
J A J
Gen Pd A Im p M $11.000,000red 107H -U sm .xc* A r*
1909 1,000 Ac p3.698,000
5g
J A J
1 1929
Convert g bonds $37,200,000 red text U sm .x o 'A r*
1910 1,000 Ac 31,390,000
1 1930
4H g F A A
Convert g bonds $40,180,000 g ______________c*A r*
1916
500 A c 40,180,000
A A O
6g
1 1946
Ghea & Ohio N o r ls t M (closed) red 105 gu p & I _r*
30.4 1915 1,000 Ac
1,000,000
5g
A A O
1 1945
; First Lien A Im pt mtge $125,000,000 a u th o rized ..!
1910
ts
Pledged
. 1 1930
Kanawha Bridge & Ter 1st M g red 105 beg’ 16FPxc*
1908
1,000
45! .000
5g
A A O
1 1 1948
Oar and equipment trusts (see te x t)________________
Guaranteed bonds—
Kiev Co ls tM g (G A O owns $357,000)gu p A I.C e .zc *
1888
1,000
820.000
4S A A O
1938
2d M Inc n-c (C A O owns $406,000) n o t g u a r-zc *
1888
1.000
450,500
4
Oct 1
1988
C h es& O R yoflnd-lstM $30,000,000 redpargu.p&iBax
261 1910
1.000 *7.711,000
5
J A J
1930
Louis * Jeff Hdg 1st M $5,000,000 gu p & 1 e n d ..o *
1.000 *4.500.000
1895
M A S
1945
4(
Norfolk Ter * Trans 1st M (V 67. p 322)gu'p A l.x c *
1.000
1898
500.000
5
F
A
1948
Western Pocahontas Corp 1st M (V 84. p 995)___x
1905
1.000
750.000
r
A A
4H
1945
do
do
do
Extension N o lx c *
1.000
1906
97.000
F A A
414
1946
do
do
do
Extension No2xc*
1906
1.000
51,000
4M
A A O
1946
Rlohmond-Washlngton Co (one-sixth Interest)____
1903 1.000 Ac 10.000,000
4t
1 A D
1943
Chesterfield & Lancaster— 1st M $750,000 g -.C o l.x o *
38 1905
1.000
186.000
F A A
5g
1955
Chestnut Hill R R — Stock rental P & R R y ___________
4 —
50
195.650
6
Q— M
1922. l H
p Further $7,302,000 pledged under mortgage of 1910.
a Guaranteed lolntlv and severally with Cleveland Clncln natl C blcazo A St Lou lf.
* Pledged under mortgage o f 1910.
Amer Trust Co, Boston
J, P . Morgan A Co. N Y
Offloe. 01 Broadway. N T
do
do
J P M organ & Co, N Y
do
do
Office 61 Broadway, N Y
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Fidelity Trust Co, Phlla
Ofrice 6! B ’way. N Y
do
(lo
J P Morgan A Co. JN V
Office 61 Broadway. N T
do
do
do
do
do
do
New Y ork Trust Co. N V
Columbia Trust Co. N \
Treasurer’ s offloe, PhD
1
H IS T O R Y , A 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 $8,825,900 o f $11,000,000 Hocking Valley com. stock, for
court decision In 1917, see V. 105. p. 908, 997. As to Ohes. A Ohio R y . of
Indiana, see below. V. 90, p. 1675; V . 91. p. 93, 214, 802. In July 1917
purchased 8,000 acres o f coal land through the Western Pocahontas Fuel
C o. V. 105, p. 180; V. 106, p. 1911.
During the year 1918 the Pond Fork R y . C o., Gauley & Meadow River
R R . Co., the Kanawha Bridge & Tormina 1 C o., the Logan & South
ern R y . Co. and the Piney River & Paint Creek R R . Co. were merged with
the Chesapeake & Ohio R y. 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 bv pur
chase or otherwise all the property o f Chesapeake Sc Ohio Northern R y . Co
T h e Elkhorn Sc Beaver Valley R y . was merged in 1920. In April 1921 tho
stockholders approved the lease o f the Ches. & Ohio R y . o f Ind.
V.
113. p. 2719.
D IV S .— 1'99-’08. ’09. ’ 10. ’ l l . ’ 12. ’ 13. ’ 14. ’ 15. ’ 16. ’ 17-’20. '21.
1922
P e rcen t./ I yearly 3 4 %
5
5 4\i 3 N one 2 4 yearly 0
text.
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 paid 2% : Jan. 1 1923, 2% .
S T O C K .— Author, stock was increased In 1916 to $155,000,000. of which
$37 200.000 was reserved for conversion o f 4Y4s o f 1910 and $50,225,000 for
conversion o f 5s o f 1916 against which securities are reserved under the
plan o f readjustment effective in 1892. V. 102 p. 1162, 1625.
Tho stockholders on Sept. 26 1922 authorized an issue o f $30,000,000
preferred stock, o f which $12,858,500, known as 6>S% cumulative con
vertible preferred Series A , was offered to common stockholders o f record
Sept. I 1922 to the extent o f 20% o f their holdings. Th e 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 alvidend date thereafter, upon not less than sixty days' notice,
at 115 and dividends. V. 115, p. 987.
B O N D S .— Abstraot of consol, mtge. of 1939 In V . 49, p. 147; V 86 p
1588; V. 92. p. 260; of Richmond & Alleghany mtges.. In V. 51, p. 144
Th e General mortgage o f 1892 (Central Union Trust Co. and II. 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 fuil abstract o f mortgage in
V. 54, p. 644.
General Funding and Im p. mort.. V. 87, p. 1663; V .8 8 .P . 157.
T h e ’Mortgage o f 1910, securing the first liem A impt. mtge. boDds, is
limited to $125,000,000 bonds, bearing interest at rates not to exceed 5% .
I t provides for extensions and improvements and tho retirement o f certain
equipment and other obligations, including the “ General Funding and
Im provem ent” bonds, and for other corporate purposes. O f entire $64,342,000 outstanding under this mortgage in Dec. 1921, $45,920,000 had
been pledged to secure the $40,180,000 convertible 5s o f 1916, due 1946,
and no part held by public. A further $17,094,000 are pledged as part
security for Government loans. V . 112, p. 161.
Collateral Dec. 31 1921 for First Lien and Im pt. Mortgage Bonds.
O. & O. R y . Co. o f Ind.— Stock, $5,998,800; bonds. $7,711.000-$ 13,709,800
Ches. Sc Ohio R y. Co. General Funding & Im pt. bonds_________ 7,302,000
Hocking Valley R y . Co. stock (out o f $11,000,000 outstanding). 8,825.000
Miscellaneous___________________________________________________
993,508
The First Lien and Improvement Mortgage bonds are (1) a first lien either
directly or through deposit o f all stocks and bonds, upon 320-57 miles of
railroad, viz.: (a) D irectly on 29.34 miles o f coal branch linos in West
Virginia; (6) on 260.7 miles o f main line between Cincinnati and Chicago.
(2) A first lien on all stock o f C. & O. Northern R y ., and 80.23% o f stock
o f the Hocking Valley Railway Co. (3) A lien on all tho remaining linos
o f railway owned or controlled by tho company, aggregating about 1,800
miles, subject to $101,872,000 prior liens.
The 4 H % convertible bonds, due Feb. 1 1930, have a parity o f lien with
the First Lien Sc Im pt. bonds on such lines as were owned on April 28 1910.
but not on the above-mentioned collateral.
Or the authorized $37,200,000 convertible gold bonds of 1910. $31,390,000
were Issued In that year. T h ey are redeemable after 1915 at 10244Th e option to convert those bonds Into stock expired Feb. 1 1920. V. 90,
P. 771, 848: V. 91. p. 870, 945, 1159, 1574.
Th e Convertible 30-year 5% gold bonds o f 1916 for $40,180,000 (V . 102, p.
1162) are convertible at option o f holder at face value Into common stock
at $80 per share up to and incl. A pril 1 1923, then at $90 per share up to
and Incl. April 1 1926, and at $100 per share up to and incl. April 1936,
with adjustment o f dividends and Interest. Th e 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 there
after at 100% and Int., upon 60 days’ notice; in case o f redemption during
the conversion period the privilege o f conversion shall terminate . 0 days
prior to the redemption date. Th e bonds are secured by deposit /1th the
trustee o f $45,920,000 First Lien Sc Im pt. M tg e. 5% bonds, above d scribed,
A proportionate amount o f the security may be withdrawn as bonds are
converted Into stock. V . 103. p. 60.
Louisville c% Jeffersonville Bridge.— See separate statement for that co.
Qreenbrier Ry. 4s V. 72. p. 626; see also V. 71, p. 554. 602; V. 79. p 915.
Big Sandy 4s of 1904. V. 79. p. 917: V. 82. p. 297: V. 87. p. 225, 414.
1418. Guaranty, V. 81. p. 668.
Coal River 4s. V. 80. p. 2219; V. 83. p.693; V. 89, p. 720: V. 98. p. 452.
Paint Creek B r. 4s *211.000 reserved for extensions. V. 81. p. 974. 910.
Raleigh A Southwestern 4s. V . 84. p. 1114: V. 89. p. 720.
Kanawha Bridge A Terminal 5s. V. 91. p. 1029 assumed bv O. Sc O. R y
V . 109. p. 785
Principal Car Trusts Gold ( Denom. $1,000 Each) (V . 1U6 p. l u l l ) .
Outstanding.
Mature in Installments.
N 1914 4 X % ................ $340,000 Dec. ’22-June 15 ’24
$85,000 s. a.
~ ------------O
1916-------4 H % call
102H - -----------1,106,000 Jan 15 '23-jan. 15 '26 158,000 s. a.
125,000 s. a.
P 1916 4 H % ................ 1,125,000 Dec. ’22-Dec. ’26
189,000 s. a
R 1917 4 H % call 10 2.. 1,701,000 M a y ’23-M ay '27
375,000 ann
8 1920 614% ................. 4.500.000 Dec. 1 ’24-Dec. 1 '35
509,000 ann.
T 1922 5 H % .................. 7,635,000 June ’23-June ’ 37
13 1920 6 % .................. 8,404.500 Jan. ’23-Jan. ’ 35
646,500ann.
13a 1920 6 % .........
1.446,900 Jan. ’23-Jan. ’35
111.300ann.
Interest paid semi-annually as indicated by maturity days; “ N , ” “ O ,'
P ’ and " R ” at Commercial Trust C o., Philadelphia, and at 61 Broadway,
N . Y .; " S ” and “ T ” at 61 Broadway, N . Y .; 13 and 13a at Guaranty Trust
C o., N ew Y ork.
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. 113, p. 530.
E A R N IN G S — .
--------------Gross-------------------- Net after Taxes-----(I.-S. C . C . Figures.)
1922.
1921.
1922.
1921.
Jan. 1-Sept. 30----------- $62,504,957 $63,J74,313 $11,702,843 $10,596,987
A N N U A L R E P O R T .— Report for cal. year 1921 in V. 114, p. 2610:
Operating Revenues—
1921.
1920.
Freight t r a ffic ............................................................$67,367,983 $72,433,294
Passenger traffic...... ...........
11,739,627 11,814,187
Transportation o f malls.... .......................................
797,740
1,096,793
Transportation o f express___________________ ______
684,564
1,026,217
3,098,044
3,820,255
Miscellaneous...............
Total operating revenues_______________________ $83,687 ,958 $90,190,745
Railw ay operating income____________
14,382 .012
9,446,264
Equipment rents (n e t)........ ....................................
$206 ,053 $2,703,890
Joint facility rents (n e t)____________________________ D r .927 ,139 D r .991,827
N et railway operating income_____________________ 13,060 ,926 11,158.326
Gross income_____________________________________ 14,781 677 16,160,773
Deductions from Gross Income—
Interest on debt_____________________________________$9,691 402 $9,953,407
Rentals, leased roads, joint tracks, A c . ............
133 605
98,472
Loss on C . Sc O. grain elevator_____________________
19 ,289
21,101
Miscellaneous____________________________
744, 780
____________
101,335
Total deductions..................................................$10,589,075 $10,174,314
N e t income........................................................... $4,192,601 $5,986,458
O F F IC E R S .— W . J. Harahan, Pres.; C . E. Graham, Senior V.-Pres;
G. B. W all, V.-Pres.; 11. T . YVickham, V.-Pres. Sc Gen. Counsel; F. M .
Whitaker, V .-P. in charge o f traffic; A . T rov ve tt, Sec. A Treas.— (V . 115.
p. 435, 987, 1099, 1209, 1531, 1729, 1941, 2266.
C H E S A P E A K E & O H IO N O R T H E R N R Y .— See Chesapeake & Ohio.
C H E S A P E A K E & O H IO R Y . O F IN D IA N A .— 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
C. A O. First Lien A Im pt. mtge.
In April 1921 stockholders approved
lease o f property to Ches. & Ohio R y ., see C . Sc O. R y . above.— (V . 113.
p. 2719.)
C H E S T E R F IE L D & L A N C A S T E R R R .— Owns Oheraw, S. O ., to
Pageland and Crowburk, 38 m. First M tge. bonds ($750,000) Issuable at
$5,000 per mile; outstanding, $186,000. Second mtge. bonds matured and
unpaid, $67,000. Stock, $500,000, a m ajority being acquired in June 1909
by the Seaboard A ir Line Ry.; par, $25. Treas., It. L. N u tt. 24 Broad
St., N . \ .— (V . 89, p. 40.)
C H E S T N U T H I L L R R .— Owns from Germantown to Chestnut Hill, I’ a.,
4 miles. Re-leased in 1896 to I’ hlla. & Read. R y ., the rental being reduced
from 12% to 6% on stock, the latter being increased in Juno 1902 from
$120,650 to $195,650. Reading owns $75,000 stock.— (V . 75, p. 76.)
CHICAGO & ALTO N R R .— R O A D .— Chicago to St. Louis, Kansas
City, *0 ., In all 1,051 myes
Iioad owned—
*
Miles.
Road owned—
Miles.
Chicago to East St. Louis,III_____ 280 Mexico, Mo., to Cedar City. M o .. 50
Sherman, 111., to Grove, 111_______ 51 Roodhouse, 111., to Kan. 0., M o ..251
Barnett to Titu s___________________56 Bloomington to Wann, via Jack
Coal City Line, I I I -------------------- 27
sonville, Godfrey and Upper
Alton (all In Illinois)__________ 168
Dwight, 111., to Washington and
Laoon. I l l______________________ 81 Trackage to Peoria, 111., A o______ 37
lies to Murrayvlllo, 111_____________34 Leases Rutland Toluca A N orth . 27
Total owned and operated Dec. 31 1921 (275 m. double traok ed)___1.061
Also operates. Jointly with Clev. Cln. Ch. A St. L ..fr o m Wann to Bast
St. Louis, 18 m..and. with Atch. T . A S. Fe. from Joliet to Pequot, 19 m.
The stock of the Peoria R y . Terminal Co. Is owned by the Chloago & Alton
and Chic. R . I. A Pao. R y ., which guarantee the flrst mtge. bonds ($1,500,>
000 auth. Issue) and 1st Sc rer. M . bonds. V. 81, p. 1099; V. 83. d . 762.
1171, 1291; V. 84. p. 451; V. 85, p. 159.
The Rutland Toluca A Northern R R . Is leased for 999 years and Its bonds
guaranteed prln. and int. V . 91, P. 1024: V . 93, p. 408.
O R G A N IZ A T IO N .— The (old) railway company was organized In April
1900 and purchased substantially all the stock of the Chlo. A Alton Railroad
The two were consolidated In 1906 per plan V. 82, p. 451, the Railway
ohanglnglts name to the C. & A .R ailroa d . V. 82, p. 160: V . 70, p. 686. 995.
Receivership.— W illiam G. Uierd and W . W . Wheelock were appointed
receivers on Aug. 30 1922 by Judge Georgo A . Carpenter In tho Federal
Court at Chicago. V. 115, p. 1099.
Tho following protective committees have boon formed:
Protective Comm, fo r 3 44% 1st Lien 50- Year Bonds, due 1950.— F. II.
Ecker (V.-Pres. Metropolitan L ife Ins. C o., N . Y .), Chairman; Bertram
Cutler, N ew York; J. H. Porkins (Pres. Farmors’ Loan Sc Trust C o., N . Y .),
J. V. E. Westfall (V.-Pres. Equitablo Ltfo Assuranco Society o f N . Y . )
and Asa S. W ing (Pres. Provident L ife Sc Trust C o., Ph lla.), with F. A .
Dewey, Sec., 22 W illiam St., N . Y .; Cotton Sc Franklin,' counsel, and
Farmers’ Loan & Trust C o., depositary, 22 W illiam St., N . Y .
Protective Committee fo r 3% Ref. 50-Year Gold Bonds.— Charles A . Pea
body, Chairman (Pres. Mutual Lifo Ins. C o., N . Y .); Darwin I*. Kingsley
(Pros. N ew Y ork Life Ins. C o .), John J. M itchell (Pros. Illinois Trust A
Savings Bank, Chicago), W . A . D ay (Pros. Equitablo Life Assurance
Society), E. D . D uffield (Pres. Prudential Ins. Co. o f Am erica), George E.
Roosevelt (Sec. Bank for Savings, N . Y .).
Independent Stockholders’ Committee for Leased Lines, seo Joliet Sc Ohlcagr
R R . in V. 115, p. 2046.
31
RAILWAY STOCKS AND BONDS
Nov., 1922.]
32
RAILWAY 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]
Miles
Road
Date
Bonds
Par
Value
Amount
Outstanding
Rate
%
When
Payable
[V ol. 115.
Last Dividend
and Maturity
Places Where IntergSt ami
Dividendsare Pa*~ able
Chicago & Alton R R — Common stock__________
$100 S 19.542.800
Feb 15 *10. 2% Checks mailed
100 19.544.000
Preferred stock 4% non-oumulatlve__________
Jan 16 1911,2%
do
do
4% cumulative participating and prior lien sto c k ..
lot
868.700
do
do
Jan 15 T 2 , 2%
Ohio & A lton R R (old) ref M g (see text) IC .xo*A r
889 1899 1 000 Ac 45,350,000
A A O Oct 1 1949
First National Banit.N T
3 e
First lien (old R y ) M subject to call at par.F .xoA
943 1900 1,000 Ac 22.000.000
do
do
3 M It J A J July 1 1950
•
Gen M *20,000.000 g red text U n m x c 'A r * _______
.1 A J July 1 1932
1912 1.000 Ac 16.834.000
6 g
2 Rector St, N ew Y ork
E Equipment trust due $121,100 yea rly___________ G
J A J 15 T o Jan 15 1935 Guaranty Trust C o, N Y
1920
1,574.300
6g
Kansas City St Louts A U preferred stock guar____
162
10(J
1,750,000
6
Q— F N o v 1 ’ 22 1M (Pieces mulled
Joliet & Chicago 7% stook perpetual guar by C A A
37
10(1
1,500.000
7
do
Q — 1 Oct 1 1922 \M
101
Louisiana & Missouri guaranteed preferred stock ..
F A A Aug 1 1922 3M
329,00(1
10C
7
do
Rutland Tol A N o 1st M g gu red since Oct’ 15.NCo
A A O Oct 1 1930
100 Ac
225,000
27 1910
4 g
Northern T r Co, Chicago
Chicago Burlington & Quincy— Stook------------------10IJ 170,839,100 See text Soo text See text
N Y . Boston & Chicago
Gen m tge 5300,000,000 lawful m oney___C e.zc*A r* 8.488 1908 1 000 Ac 65.247.000
M A s Mch 1 1958
4
New Y ork and Boston
First A ref m tge Ser A red (te x t)_____________c*A r* 8,998 1921
100 Ac 30,000,000
F A A Fob 1 1971
5 g
N ew Y ork
Illinois D lv first mortgage! 585.000.000 ourrenoy . 11.640 J1899
1.000&C 50.451.000
.1 A J July 1 1949
N ew Y ork and Boston
3M
(V . 83, p. 025; V. 69. p. 283)/ redeem at 105.-NBz /
11899 1.000 Ac 33.976.000
I
A
4
J July 1 1949
do
Nebraska Ext 520.000 p m(s f not drawn) -NB.zo* Ar 1.471 1887 1.000 Ao 18, >74.000
4
M A N May 1 1997
do
Equipment gold notes due $404,000 annually____ G
J A J T o Jan 15 1935 Guaranty Trust C o, N Y
1920
5,252,000
6 g
C h ica g o & Eastern Illin o is R y .— Common stock . .
S100 24,13,5,100
Preferred (a & d) stock 6% com after Jan 1 1924. _
100 22,051,100
6
First mortgage extension_______________________ xo*
14 1881
1,000
91.000
J A D Deo 1 1931
N Y . Mech & M etals Bit
6
Consolidated mortgage (for 55.948,000) gold.Ce.zo
1.000 2,736.000
A A O Oct 11934
6g
130 1884
N Y . OentUnTruat (text)
Evansville Belt R y first mortgage gold___________ x
1,000
142.000
4 1910
5g
J A J N o v l 1910
N Y , Columbia T r (tex t)
Prior lien mortgage gold bonus__________________
1921
General mortgage gold bonds red. (t e x t )_________
1921
5g
G A E IE q Series H due $160,000 or $165,000 s a ext
1912
992.000
H M ar'23-Sept '25 See text
1,000
M A
5M
do
1920 Series due $49,400 ann______________
J A J 15 T o Jan 15 1935
1920
642.600
6
_
S T O C K .— The cumulative 4% participating and prior lien stock Is enti
tled. In addition to prior right to accumulative dividends at the rate of 4%
per annum, to receive additional dividends equal to the rate of dividends
deolared on the oammon stook of the consolidated company. In A ug. 1907
the Toledo St. Louis & Western purchased from the Rock Island the con
trolling Interest, viz., $14,420,000 com. and $6,480,000 pref. stock, and
deposited the same under Its collateral trust bonds.on which Interest w ai
defaulted Aug. 1 1914. In N o v . 1921 the Toledo St. Louis & Western, as
the result o f litigation involving legality, cancelled the collateral trust bonds,
the Chicago A A lton stock being returned to the bondholders. V. 88,
p. 468, 529, 792; V . 99, p. 341, 408, 1051. 1216: V . 113, p. 1984, 2081.
Union Pac. owned on Dec. 31 1921 $10,343,100 pref. stk. V. 84, p. 1484;
V . 95. p. 361.
D IV ID E N D S .—
'06. '07. '08. '09. '10. ' l l . '12.
Since.
1
4
2
None
None
Common s to c k _____ . . . . . . . . . . . . .
4
4
4
4
2 None
None
Preferred stock____________ . . . 2
Prior lien participating p r e f ___ 2
4
5
8
6
4
2
None
B O N D S .— First Hen (old R y .) 3 Ms of 1900, V . 71. p. 1021: V . 82. p.451.
The Railroad (old) mtge. securing the 3s of 1899 will provide funds for tmmovements and extensions. Bonds In exoess of $40,000,000 were to be
ssuable thereunder on vote of two-thirds of stockholders for extensions of
not over 500 miles main track, at not exceeding 520.000 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.
O f the Issue o f $20,000,000 o f 6% Gen. M . gold bonds. $16,834,000 were
outstanding and $216,000 In treasury Dec. 31 1921, $8,417,000 being ownod
by the Union Pacific R R . O f the bonds, $4,100,000 w ere reserved to rotiro
equipment trust obligations and $1,425,000 to refund debentures due
June 1 1922. 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 Issued to Director-General for rolling stock allocated
to this company. See article on pago 3 and V . 114, p. 1889.
f
E A R N IN G S .—
------------- Gross---------------------Net A fter Taxes-----(I.-S. C . C. figures.)
1922.
1921.
1922.
1921.
Jan. 1-Sept. 30_________$19,697,110 $23,070,474 $1,537,834 $2,275,968
R E P O R T .— For calendar year 1921, in V. 114, p. 2712:
Years ending Dec. S I—
1921.
1920.
1919.
1918.
Gross earnings__________ $31,057,069*$30,374,933 $25,272,334 $24,358,661
Operating expenses_____ 26,123.947 28,677,221 23,617,902 20,677,428
N e t earnings.......... . S4,933,121 t$l,697,712 t$l,654,431 t$3,681,232
N e t income____________ $5,094,909
---------------------Standard return_______
______
$3,635,243 $3,178,314 $3,178,314
Gross income...... ........... 5,094,909
5,198.721
3,276,212
3,187,914
H ire o f equipment-------1,217,426
680,731
--------------M iscellaneous__________
1,659,814
1,042,873
340,031
808,532
Interest on bonds, A c . . .
3,928,661
3,759,420
3,581,347
3,453,510
D ivs. on guaranteed stk.
250,024
250,024
250,024
250,024
98,514
100,318
102,278
105,105
Discounts written o ff___
Balance, deficit.......... $2,059,531
$634,647
$997,469
$1,429,319
♦Includes Jan. and Feb. 1920 operations. Federal control.
t These items bear no relation to total gross income wliilo road under
Federal control.
O F F IC E R S .— Pres., W . G. Biord: V .-P ., Samuol W . M oore. S. G. Lutz
and Andrew P . Titus; Sec., Jas. Williams; Treas., H . E . R . W ood.
D IR E C T O R S .— J. J. M itch ell, Joy M orton, W . G. Blerd, Samuol Insull,
Samuel W . M oore, W m . M o ffitt, E . M . Richards, E . F . Swinnoy, W m . W .
W heelock, I I . C. Adams and V . D . Skipworth.— (V . 115, p. 72, 1099,
1531, 1941, 2158.)
C H IC A G O A T T I C A & S O U T H E R N R R .— (V . 115, p. 1631.)
C H IC A G O B U R L IN G T O N & Q U IN C Y R R . (See M a p ).— R O A D .—
Operates a great system o f roads extending from Chicago westerly, reaching
St. Paul and Minneapolis, M inn.; St. Louts and Kansas C ity, M o .; Omaha,
N eb.; Denver, Col.; Cheyenne, W yo.; Black Hills, S. D ., and Billings,
M on t., viz.:
Main line______________________ 4,5101Lines leased------ --------- --------- 353
Branches and spurs____________ 4,5301Tota l miles oper. Dec. 31 1921-9,393
In Deo. 1908 *23,657,500 of the *31,000,000 Colorado A Southern com
stock (practically a controlling Interest) was acquired, affording connec
tions with the Gulf of Mexico. V . 87. p. 1663; V . 88. p. 157, 685
Owns Jointly with the Nashville Chattanooga & 8t. Louts the Paducah *
Illinois R R . (which owns a double-track bridge over the Ohio R iver at
M etropolis, 111., and has built from M etropolis to Paducah, K y ., 14 m.)
and Jointly guarantees its bonds. See that company below.
O R G A N IZ A T IO N , A c.— A consolidation In July 1875; since merged
Chicago Burlington A Northern, Kansas City St. Joseph & Counoll Bluffs,
Hannibal & St. Joseph, Burlington A Missouri, Ac., Ac.
In 1901 *107,613,500 of the *110,839,100 stook was exchanged for the
joint 20-year 4% bonds of the Gt. Northern and Northern Pacific, secured
by the deposit of the stook In trust, on the basis of *200 In bonds for *100
stock (in 1921 replaced by an issue o f 6 M % bonds due 1936). See V . 72,
p. 871: V. 73, p. 293, and bonds under Great N orthern. (T h e $60,000,000
stock div. paid in 1921 increased the holdings o f the N orth . Pac. and G t.
N o r. to $165,867,400.)
S T O C K .— The directors In M arch 1921, declared a stock dividend o f
64.132% ($60,000,000) payable to stockholders o f record M a r 31 1921.
D IV ID E N D S — '99 to Sept. '01. '02 to '06. '07. '08 to '20. '21. June '22.
Regular, % ______
6 yearly
7 yearly 7 M 8 yearly
12
5
Extra, % ............................... ............
6 Sept. *17, 10 15
Also paid a stock dlv. o f 54.132% ($60,000,000) to stockholders o f
record M arch 31 1921.
BO N DS.— General mortgage bonds (*300.000.000 auth. Issue, Interest not
to exoeed 5 % ) are a first Hen on 4,821 miles o f road, and on retirement
of the outstanding underlying bonds, for which bonds are reserved as below
noted, will be a first Hen on the entire mileage owned, aggregating 8,488
miles. V. 103, p. 493. Th e 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 (lncl. *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 (*22,000,000 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 whloh *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.
Tho 1st & Ref. M tge. w ill cover 496 miles by dlroct first lion, 5,384 miles
by direct 2d lien, subject to tho lion o f tho Gen. M tge. under which bonds
are outstanding at tho rate o f about $7,700 per mile on the mileage covered
by that mortgage, and 3,118 miles by direct or collateral lion subioct to the
Gen. M tge. and prior lions. N o moro o f tho underlying mtge. bonds. In
cluding the Gen. M tge. bonds, may be Issued except for tho purpose o f pledge
under tho 1st & Ref. M tg e., but tho company reserves tho right to sell about
$12,000,000 o f underlying bonds now hold in its treasury.
Under the terms o f the mortgage tho Issue o f bonds for tho acquisition o f
property and for add’ns & bottormonts to the co.’s property In no ovont can
exceed tho actual cost o f the proporty to bo placed under the mtgo. Tho auth.
Issue is limited to an amount which, together with all other then outstanding
prior debt o f tho co., after deducting tliorofrom bonds rosorved to retire prior
debt, shall never exceed 3 times tho par valuo o f capital stock thon outstand
ing. Tho bonds are rodeemablo as a whole only on and after, but not before,
Feb. 1 1942 as follows. On Fob. 1 1942 or on any lnt. date thereafter prior
to Fob. 1 1952 at 107 M and int., on Fob. 1 1952 or on any lnt. date there
after prior to Feb. 1 1962 at 105 and lnt., on Fob. 1 1962 or on any int. date
thereafter prior to maturity at 103 and int. V. 114, p. 518.
Th e Nebraska Extension bonds o f 1887 aro Issued at $20,000 per mile for
slnglo and $10,000 per mllo for second track on not exceeding 1,500 miles.
N ow a direct first lion. A b stra c t o f deed, V. 45, p. 441; V. 85, p. 721.
Equipment trusts Issued to Dlroctor-General for rolling stock allocated
to this company. Seo article on pago 3 and V. 113, p. 1359.
-------- ------ Gross---------- —■ ------ Net A fter Taxes-----E A R N IN G S .—
(I.-S. O .O . figures.)
1922.
1921.
1922.
1921.
Jan. 1-Sept. 30-------- $117,145,301 $124,731,260 $17,218,753 $22,520,586
R E P O R T .— For 1921, in V. 114, p. 2480, showed:
Calendar Years—
1921.
1920.
Gross earnings............ .............................. .......... $168,712,268z$155,483,805
N ot, after taxes.......... .................................
30,752,354x.r>,670,838
Other in com e-.....................................
1,533,024*25,036,153
T o ta l incom e-............................
$32,285,378
Interest on fundod debt________________________
$6,807,134
Miscellaneous rents, A c _____________ . . . . . Cr. 131,7.30
Sinking fu n d .........................................
294,643
19,300,382
Dividends (8 % ).......
Balance, surplus................................................
$6,014,948
$30,706,991
$6,810,006
966,620
231,078
8,867,128
$13,826,158
* Includes $5,560,114 Fodoral compensation for 2 mos. and $21,991,965
estimated amount due undor 6 mos. guaranty.
x For ton months.
O F F IC E R S .— n.alo Holden, Pres.; O. G. Burnham, Executive V .-Pres.’
O. E. Spons, Edw. P. Bracken, W in. W . Baldwin, H . It. Safford, V .-l’ ros’ ts
O. M . Spencer, Gen. Counsol; Ohas. I. Sturgis, V.-Pres., Sec. A Treas.,
II. VV. Johnson, Comp.; H arry D. Foster, Gon. A ud.— (V . 115, p. 435;
1729, 1837.)
C H IC A G O & E A S T E R N I L L I N O I S R Y .— Operates road from Chicago,
I I I. , to Evansville, Ind.; also Chicago to St. Louis, leaving main line at
Woodland Junction; and llnas to Thebes and Joppa, 111., reaching various
bituminous coal fields.
Lines Owned in Fee—
M iles. M t. Vernon Jet., Ind., to M t.
Dolton to Evansville, In d ________ 269
38
Vernon, In d _________________
Danvillo, III., to Villa Grovo, Jet. 42 Rossville Jet., 111., to Sidell Jet.,
Momence Jet., 111., to Brazil, Ind. 130
I l l ...........................................
35
Findley Jet., 111., to Thobos, 111.. 194 Evansville B olt___________________ 4
Joppa Jet. to Joppa, 111__________ 17 O th er______________________
18
Cissua Jet. to Gissna Park, 111___11
Other Trackage, A c.—
Percy Jet. to La Crosse, In d ____ 46 Pana, 111., to Granite C ity -------- 76
M ilford Jet.,111., to Frooland, Ind 11 Chicago to Dolton,G h.A W . In d . 17
Woodland, 111., to Pana, 111_____ 123 Other lines_________________________ 44
Branches to Coal M ines___________ 40
Rossville Jet. to Judyville, I n d . . 14
Tota l Dec. 31 1920............... 1.131
, 2d track_________________________ 339
Also leases to other companies Rockville extension, 17 miles.
H IS T O R Y , <fec.— Organized to succeed the Chic. & Eastern Illinois RR.
(for which receivers were appointed on M a y 27 1913), as per reorganization
plan dated March 31 1921, published In V. 112, p. 1517.
Tho plan was de
clared operative N o v . 21 1921 and tho property was taken over by the new
company on Jan. 1 1922. V. 113, p. 2310; V. 114, p. 77.
Tentative Valuation.— The I.-S. O. Commission nas placed a tentative
value o f $69,206,753 on the proporty as o f June 30 1915.
S T O C K .— Tho preferred stock becomes cumulative after Jan. 1 1924'
Preferred and common stocks havo oqual voting power.
33
RAILWAY STOCKS AND BONDS
Nov., 1922.]
34
RAILWAY STOCKS AND BONDS
Miles
Road
R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 6]
Date
Bonds
Par
Value
Amount
Outstanding
Rate
%
When
Payable
[V ol .
Last Dividend
and M aturity
M A N May 1 1982
249 1890
$1,000 $12,000,000
5g
Chicago & Erie— 1st M g lnt guar till prln pald.Ce.zo*
A A O Oot 11982
5
249 1890 1.000 Ac al0.000.000
Income bonds tor $10,000,000 5% non-cum----- Nz
J A J July 1 1928
300,000
5 g
1888
Chicago A Atlantic Terminal 1st M g ext 1918 Cezc*
—
Chicago & Grand Trunk— See Grand Trunk West R y
100 45,210.513
1410
Chicago Great Western— Common stock $46,000,000
1410
100 43,926,602 See text
July 1 1919 1%
Pref (prln. A div) 4% cum red $50,000,000 auth.
M A vS Sept 1 1959
4g
1035 1909 $, £ A fr 25.383,000
First mortgage gold $75,000,000_______ G.xo’ Ar*
1.000
1900
500,000
3M g J A J Jan 1 1960
Minneapolis Terminal mortgage gold assumed----- z
Mason C ity A Fort Dodge— See that company
J A
607,600
6
J T o Jan 15 1935
1920
43.400
Equipment trust notes due $43,400 yearly_________
M A N Oct 23 1935
1920
276,000
6
N ote— Sec o f Treas o f U S _________________________
J A
6
J Doc 21 1930
1,929,373
1920
do
do
--------------------------------Chicago & Great Western— See Balt & O Chicago Ter R R
Chicago Hammond & Western— See Indiana Harbor Belt R R
J A D Dec 1 1938
2.500.000
5g
1,000
26 1913
C h ica g o & III m idla n d— 1st M $3,000,000 g o ld ...x
J A J July 1 1947
1.000
820.000
1907
6g
Chicago & 111 W — Gen (now Ist)M g gu red par.CC.xo*
Chicago & Indiana Coal— See Chicago & Eastern 111
C h ic Ind & So— See N ew Y ork Central R R .
July 10 ’ 22 1 H
100 10.500.000 See text
Text
Chicago Indianapolis St Louisville— Common Stook ..
100
5,000,000
J A D July 10 *22 2%
4
Preferred 4% non-oumulatlve $5,000,000 _________
1,000
9.700.000 5 A 6 g J A
J July 1 1947
618 1897
Refunding (now 1st) M ($4,700,000 are 6s)— Cex
1,000
.1 A ,) July 1 1947
5,300.000
4 g
618 1910
do $15,000,000 gold\Series O ________________ x
A
.1 Jan 1 1956
1.000 b l . 172,000
4 g
J
64 1906
Indianap A Loulsv 1st M closed (assum ed)..G .xo*
M A N M ay 1 1966
618 1916
500 Ac C.3.261,000
5g
First A Gen M $40,000,000 gold Ser A — y g .c *A r*
.1 A
.1 M ay 1 1966
3.000,000
6g
618 1922 500 A c
do
do Ser B red 105 aft Jan 1 ’3 7 -G c*A r*
F A A Fob ’23-Aug ’23
1913
1,000
100,000
4*
Equip bonds Ser O due $50,000 s-a_______ Ba.xc
.! A J15 T o Jan 15 1935
1920
900,900
6 g
do
do due $69,300 annually_______________
S M a r’23-Sept'37
! ,000
\1 A
1922
725,000
5g
do
do Ser D due $24,000 s-a_.......... N.c*
v & () N o v 20 1935
1020
200.000
6
U S G ovt! oan— Transportation A c t________________
Guaranteed Bonds—
Kentucky A Indiana Terminal R R 1st M 4 4$s— S ee tha t comp any
1.000
1911
2.875.000
J A D June 1 1936
5 g
Monon Coal Co 1st M g lnt only gu s f red HOBa xc*
115.
Places Where Interest an
Dividends are Payabh
Erie Railroad, New York
do
do
do
do
J P Morgan A Co. N Y
do
do
Bank of Montreal, N Y
Guaranty Trust C o, N Y
Washington, D C
do
do
C A O T r A S B , Chicago
do
do
J P Morgan A Go, N >
do
do
do
do
do
do
Guaranty Trust Co. N \
J P Morgan A Co. N Y
Bankers Trust Co, N Y
Guaranty Trust C o. N Y
N ew York
Bankers Trust Co. N Y
a A ll except $98,000 owned by Erie R R Co
b Additional $478,000 held in treasury Dec. 31 1921
c Additional $3,493,000 in treasury Dec 31 1921.
B O N D S , &C.— The Prior Lien M tg e gold bonds are subject to $5,137,600
underlying bonds. These bonds w ill mature not earlier than 1961 and will
boar such interest payable semi-annually, bo issued In such series and may
bo made redeemable in whole or in part, and at such premiums as may bo
determined by the board at time o f Issue and stated in tho bonds o f such
series. Th ey w ill bo used only:
(o) As collateral to tho U. S. (incl. 25% margin) for moneys bor
rowed and to fund obligations to tho U. S. A n y balance not
so used or released on payment o f obligations to the U. S. to bo
used as shall bo provided in said mortgage---------------------------$5,262,000
(6) T o fund outstanding obligations [undisturbed by rcorganiz n] 5,137,605
(c) For additions and betterments to the road, fo r equipment,
and for additional lines o f railroad and for such other purposes
and under such restrictions as may bo approvod----------------- N o t fixed
Th e Gen. M tge. 5% gold bonds bear interest from M a y 1 1921.
T o ta l authorized principal amount at no time to exceed $35,500,000: to
mature not later than 1951 and to bear 5% interest from M a y 1 1921, pay
able semi-annually, and to be redeemable, all or part, at par and int. for a
sinking fund which shall receivo cumulative payments out o f net earnings
above fixed charges equal in each year to H o f 1 % o f tho total face amount
o f bonds originally issued. Bonds retired by tho sinking fund will continue
to draw interest until maturity w ill will not bo reissued. Failure to make
sinking fund payments, i f earned but not otherwise, will constitute default.
Equipm ent trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3. G ovt, loan, V . 113, p. 1982.
E A R N IN G S .—
------------- Gross---------------------Net after Taxes-----(l.-S . C. C. figures.)
1922.
1921.
1922.
1921.
Jan. 1 to Sept. 30_______ $17,565,066 $20,124,087 $1,527,970
$922,680
R E P O R T .— For calendar year 1921, in V. 115, p. 538, showed:
Calendar Years—
xl921.
xl920.
xl919.
„ *1918.
Gross earnings................. $27,099,146 $31,307,448 $24,795,181 $26,753,092
N et. after taxes...............
1,938,681
418,590 def.221.668
1,610,190
Other income__________
1,706,410
2,663,434
803,307
1,017,943
Gross Income__________ $3,645,091
Interest paid___________
801,272
727,i07
Rents, A c _______________
Accrued lnt. not paid___
2,917,504
$3,082,024
868,774
708,908
2,947,504
$581,638
944,460
977,317
2,947,504
$2,628,133
967,837
1,017,429
3,310,077
Balance_____________ dof.$830,791df$l,443,162df$4,287,642df$2,667.204
x Combined income statement receivers and Federal.
O F F IC E R S .— Chairman, John W . Flatten; Pres., W , J. Jackson.
Chicago; V .-P . A Gen. Counsel, W . I I . Lyford; V .-P . & Gen. M g r., Frank
G . Nicholson; V .-P ., Thomas D . Heed; Sec., F . R . Austin. Chicago; Treas.,
J. P. Reeves, Chicago.— (V . 115, p. 72, 538, 542, 1428, 2158 )
C H I C A Q O & E R I E R R . — [M a p Erie R R .)— Owns from M arion. Ohio,
to Hammond, Ind., 249 miles, and leases traokage over Chloago A West In d.
to Chloago. 20 miles. Erie R R . Co. owns entire $100,000 stook.
B O N D S .— First Mortgage covers 249 miles o f road, the contract with the
Chicago A Western Indiana. $1,000,000 o f that company's stock and
$240,000 stock o f Chicago Belt R y . Interest on Income bonds Is paid
regularly; Erie R R . owns all except $98,000 o f the $10,000,000. See
a bstracts. V . 51, p. 911; V. 61. p. 750; V. I l l , p. 1948
E A R N IN G S .—
------------- Gross---------------------Net after Taxes-----(I.-S. C . O. figures.)
1922.
1921.
1922.
1921.
Jan. 1 to Sept. 30.......... $8,118,388 $7,978,141
$1,162,287
$58,544
CHICAGO O RE AT W E STE RN R R .— Forms the "Corn B e lt" route,
radiating from Oelweln, Iow a, northerly to St. Paul, easterly to Chicago
and southerly and westerly to Kansas City and Omaha.
1
Lines owned (total, 1035miles). Miles Leavenworth to Kansas C ity----Mankato to Red Wing, Minn.
96
Chicago to St. Paul____________ 401
Red Wing to Osage, l a ------- 118
Oelweln to St. Joseph__________290
Winona to Simpson, Minn—
54
Bee Creek to B e v e r ly __________ 23
Branch to Clay Banks, M inn.
3
Sumner to W a ve rly _____________22
Goodhue to Belle Chester.___
6
M antorvllle, Sec., branches______21
Operated under agreement.
Trackage (total, 78 miles) — M iles
Mason
C
yA
Ft.Dodgs.383
m.,vlz.:
St. Paul to Minneapolis________ 11
Oelweln, la ., to Coun'l Bl'CTs. 260
Chicago Terminals______________ 10
Hayfleld,MInn.,to C larlon.Ia. 100
Galena Jot., 111., to Dubuque, l a . 14
Branches to Lehigh. A c-----15
Des Moines Terminals__________ 3
Trackage to So. Omaha----8
Leavenworth to Kansas C ity _____ 26
St. Joseph, M o., to Bee Creek______ 9
___ _________________________________
Tota l mileage Dec 31 1921 — 1.496
Other
trackage____________________ 5
Tho entire capital stock o f the Mason C ity & Fort Dodge IiR . Co. Is
owned and the road operated under agreement (see separate statement for
that company). In 1910 acquired entire stock o f T h e Leavenworth
Term . R y . A Bridge Co. V . 91, p. 214, 397.
T h e stockholders on M a y 7 1920 passed a resolution ratifying the con
solidation o f the Wisconsin Minnesota A Pacific with the Chicago Groat
^ O R G A N I Z A T I O N .— Incorp. In Illinois Aug. 20 1909 as successor per plan
V. 88, p. 1497, o f railway acquired at judicial sale. V. 89, p. 528, 592.
S T O C K .— The pref. stook ($50,000,000 auth. Issue) was entitled to
non-cum. dlvs. at 4% per ann. to June 30 1914 and to oum. dlvs. thereafter
at that rate ahead of the oom. stook,and also to a preference as to principal
and accrued dividends In case of dissolution or liquidation.
D IV ID E N D S .— Pref. stock. N o. 1. Dec. 1 1915. 1%: M a y 1 and O ct. 2
1916, 1% ; Apr. 1917, 1% ; none then till Aug. 15 1918. paid 1% ; Jan. and
July 1919. 1% . V . 107. p. 2097; V. 108, p. 2629.
„
. .
B O N D S .— On Dec. 31 1921 $37,957,000 o f 1st M . 4s o f 1909 had been
Issued. $25,383,000 being held by the public and $7,062,000 by the co
and $5,512,000 were pledged with Sec. o f U . S. Treasury.
Holders or all except $11,000 o f the $6,232,000 Wisconsin Minnesota A
Pacific bonds accepted In exchange per $1,000 bond $500 each In O. G. W .
1st M . 4s and $500 In pref. stock. V . 97. p. 49. 523, 728. 1203. 1217,
Equipment trusts Issued to Director-General for rolling stock allocated
t « this company. See article on page 3.
On Dec. 31 1921. thoro were outstanding $607,600 temporary equipment
trust notos and $2,205,373 notes payablo moro than one year after their date.
Government loan, V . I l l , p. 692, 1660, 2227, 2423; V . 113, p. 531,
2.503
„„
,
------------- Gross------------ -------- Net after Taxes-----E A R N IN G S .—
(I.-S. O. O. figures.)
1922.
1921.
1922.
1021.
Jan. 1-Sopt. 30........ . — $17,580,178 $18,247,818 $1,329,842 $2,148,290
R E P O R T .— Tho report for cal. yoar 1921, in V . 114. p. 1645, shows;
1921.
1920.
1919.
1918.
T o ta l operating revenue.$24,219,937 $24,032,435 $22,128,189 $19,116-925
N o t operating rovonuo— 2,583,799dof2,419,808
2,823,026
1,333,827
61,009
1,093,679
■
36,881 def4,158,344
N ot operating Incomo___
386,708
683,212
Other income___________
423,589 dof.290,132
Gross income___________
1,0/7,766
Deduct— Bond intorost. 1,214,906
521,475
516,990
Rentals_______________
62,197
70,278
M iscellaneous_______________________________________________
____
N e t Income_______ dof $l,374,990df$l,955,169
---—
-------O F F IC E R S .— Pres., S. M . Felton; Sec., W . G. Lerch; Treas., J. F. Coykendall. President’s offico. People’s Gas Building, Adams St. and M ichi
gan Boulevard, Chicago, 111.
D IR E C T O R S .— Samuel M . Felton, John A . Spoor. A . A . Spraguo2d.
Chas. G . Dawes, Chas. II. Throne, E. A . Cudahy, E . N . H urley, Chicago.
111.; Charles Steele, N . Y .; E . F . Swinnoy, Kansas City; G . W . Wattles,
Omaha; E. C . Finkbino, Des Moines; M ilton T ootle Jr., St. Joseph; O. T .
Jaffray, Minneapolis.— (V . 115, p. 1531, 1941, 2045, 2158.)
C H IC A O O & IL L I N O I S M ID L A N D R Y .— Owns Oompro, 111., to
Taylorvllle, 28.4 miles. Stock auth., $2,000,000; outstanding, $1,000,000
(par o f shares $100). all owned bv Commonwealth Edison Co. Bonds out.
$2,500,000; see table above. 1921, gross, $908,138; net, def.$13,860: other
incomo, $286,420; fixed charges, $234,822; bal., sur., $37,738.— (V . 114,
p. 1532.)
C H IC A G O & I L L I N O I S W E S T E R N R R .— Projected W illow Spring*
southwesterly to Joliet. Illinois, with branches, a total o f 54 miles, or
which 17 miles in operation. W illow Springs to Hawthorne. V . 83. p. 491.
Stock, $1,600,000; par, $100. V . 97. p. 1114. 1356. O f theG on. 6s of
1907 ($4,000,000 auth. issue), $820,000 aro outstanding guar. prln A
int. by Dolose & Shepard C o.. Chicago; equip, trusts, £89,890. V . 86.
p. 107; V . 88, p. 685. For 1921, gross, $216,823; not, def., $30,563; other
income, $19,883; fixed charges, $68,832; bal.. dor., $70,512. Pres..
W . B. Clark. Office, 108 South La Sallo St., Chicago.— (V . 114, p. 1764.)
CHICAGO IN D IA N A P O L IS & L O U IS V IL L E R Y .— Operates the
’Monon R ou te" from Chloago, III., via Monon. Ind., to Indianapolis, Ind.;
»nd Louisville, K y ., with branches. Total Dec. 31 1921. 657 miles, viz.:
Over, under Trackage contract— M iles
Lines owned—
M iles.
Chicago to Indiana State L in e .. 20
Indiana State Line to Indian
apolis _________________________ 162 New Albany to Louisville---------- 7
New Albany to Michigan C ity— 289 Connection to Indianapolis.----- - 2
Bedford to Swltz C ity_____________40 Swltz City to west of Victoria----- 10
4
Orleans to French Lick Springs.. 18 Miscellaneous
Clear Creek to Harrodsb'g, Ind__ 9 Less— Track north or Dinwiddle,
Ind., not operated----------------- (4)
Wallaoe Jet. to Shirley Hill & br. 64
McCoysburg to Dinwiddle____ _ 36
,
A lease for 999 years with Chloago & Western Indiana (of whose stock this
company owns $1,000,000) gives entrance to Chloago on a mileage basis.
Owns one-third Interest In K y . & Ind. Terminal R R . at Louisville. K y .
H IS T O R Y .— Successor July 1 1897 of Louisville New Albany A Chloago;
foreclosed per plan In V . 63, p. 922. Suit settled, V . 75. p. 1031.
In Aug. 1902 the Loulsvilio A Nashville and Southern R y . aoqulred 93%
of $10,500,000 com, and 77% of $5,000,000 pref. stock, on the basis of $78
and $90 pe/$100share, respectively. In their Joint 50-year 4% collateral trust
gold bonds at par. secured by the stock aoqulred. See description of bonds
undor Louisville & Nashville. V . 74, p. 1088, 1138; V . /o, p. 28. len ta tlve
valuation. V. 113. p. 2184.
D IV S . since 1902—
l '06. '07. '08. ’09 to '13. *14-15. *16. '17. *18-*22.
On common__________ % f 3
3
3 3 H yly0
.
Common dividends, 3 H % . Juno 29. and 1 H % eacji In Dec. 1916, June
and Dec. 1917; then none until June 29 1920 when 1 H % was paid; Doc.
29 1921 paid 1% % \ July 1922, 1 H %
B O N D S .— 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, $16,310.
First & Gen. M . o f 1916$40,000,000. (V . 102, p. 1810: V . 104. p. 1044.
Purposes for which $40,000,000 First
Gen. M . Bonds of 1910 ore IssuableIssued (incl. $3,493,000 In treasury) to Doc. 31 1921................ $6,754,000
Reserved— T o refund Ref. M . bonds duo July 1 1947. — — — — -15.000.000
T o exchange for outstanding Ind. & Loulsv. Ry 1st M . bonds l,17J.uuu
T o refund 60% o f equipment bonds (40% from Incomo)----- 1
For acquisitions, improvements, &c., under restrictions — -J17,074.uuu
Th e First A General M tg e. covers the entire property, being, (compare
V ’ ( U 2APiBree?Lfen on all Road owned, viz.: A 1st M tge. on 46 mllc.1,
mtge. on 509 miles, and a 3rd mtge. on 64 miles.
(2) A Direct Second Mortgage, subject only to the closed Refunding m tge.,
(a) on the leasehold Intorosts In terminal facilities In Chicago, _Loulsy|lle
and Indianapolis and In Kentucky A Indiana Bridge, (b) on / & M 0«jhare«
of capital stock o f Chicago A Western Indiana R R . and 2,400 shares or
capital stock o f Belt R y . Co. o f Chicago, (c) rolling stock, A c., valued at
° VIn<flan1vJponH()A Louisville bonds, entire issue $1,650,000 was assumed
Dec. 31 1916, o f which $478,000 are held In tho treasury along with $253,000
Ind. Stone Ith . (assumed) 1st M . 5s. V. 105, p. 1305: V. 82. P- 508; V. 83.
d . 1290: V. 102. p. 1810.
Also guarantees Int. on $2,875,0(W Monon Coal
s f. 1st M . 5s due Jqno 1 1936, redeemable at 110 ($3,000,000 authorized
Issue). V . 93. p. 44. 697: V . 108, p. 485.
Nov., 1922.]
Miles
Rond
R A IL R O A D C O M P A N IE S
[For abbreviations, <£c., see notes on page 61
Dais
Bonds
Par
Vaius
Amount
Outstanding
R oil
%
When
Payable
do
Last Dividend
and Maturity
veland Clncln natl Chic ago A St Lo Ull
$1,000 $2,327,000
M A S Mch 1 1945
1905
4g
1,00(1 9,000,000
1909
4H g J A D June 1 1969
1,000
735,000
J A
J Jan 1 1940
52 1910
5g
Sept 1 ’ 17. 2
100 117,406.000 See text
. . . ____
___ ____
100 115,845,SOO See text
Sept 1 ’ 17. 314
1.000
J
A J Jan 1 1924
1.248,000
117 1883
68
1,000 3.083,000
78 1886
J July 1 1920
J A
5
1.0001 48.241.000 / 4 g
6,829 1889
J A J May 1 1989
1,000/
6.829 1889
4g
Q— J May 1 1989
i.o o o l 8,950,000 /l 314
6,829 1889
g J A J May 1 1989
1.000J
6.829 1889
Q— J May 1 1989
1 3H g
1,000 142.597.000 / B i g J A
J M ay 1 1989
6.829 1889
M a y 1 1989
1,000
6,829 1889
1 414 8 G—
1,000 2.117,000
June 1 1934
118 1913
A
J
D
414
1,000 5,072.000
414 1913
A D June 1 1934
414 J
J A ,T July 1 1934
4 g
10,235 1909 1,000 Ac 33,286,000
J
A n June 1 1925
10,235 1910 500 fr Ac 11,903,780 i
4
J A D June 1 1925
10,235 1916 1,000 Ac 35,100.000 1 4 g
100 Ac 49.980.800
10,235 1912
414 g J A D June 1 1932
100 Ac 26.175.000
J A J Jan 1 1949
2,327 1909
4
100 A c 43.089,000
10.235 1914
414 8 A A O Jan 1 2014
100 Ac 29.129.8)0
F A A Jan 1 2014
10.235 1915
5g
1,000
469,000
67 1901
J A I) Dec 1 1932
5g
1,000
803,000
92 1903
J & J Jan 1 1923
5 g
ft fr
.1 fir T1K
1920
14,241,500
i ,666 8,085,000 5 g J A J T o July 15 1937
1922
Sorios A duo $539,000 ann._M .pc*
f>
1920
20,000,000
M A s M a r 1 1930
ft
M A
1922
s M ar 1 1927
25,000,000
J A
J Jan 1 1923
1922
6
10,000,000
Chicago Junction R R — 1st M $2,327,000 g red 105.XO*
C hicago Lake Shore A East— 1st M g gu red te x t-.x o *
C hic Mem & d u lif— 1st M g red 105— Ba.xc’ Ar
C h ica go Milwaukee & St Paul— Com stock (see t e x t ).
Preferred stock 7% yearly not cum $116,274,900-Fargo A Southern first mtge gold assumed..... __z
Chicago A Missouri River Dlv first m ortgage.F.zc*
Gen M (for $150,000,000) gold Series A .U s .x o ’ Ar
do
do
Series A registered_____ x
do
do
Series B --- ------------- xo*
do
do
Series B registered_____ x
do
do
Series O g o ld .. . ..x c *
do
do
Series O registered_____ x
M ilw A Nor 1st M N o M ilw to Gr Bay ext 1913-XO*
Consol m tge extended 1913 (V 96, p 1364)..zc*
xDeb $50,000,000 g ______ (A ll socured ( . . F .xc*A r*
Deb 250.000,000 francs___(b y tho Gen. ( ____ Usm.x
xGold ($)hd.s.cull at par all I
and
|___USmxc*
Convort debs text g ______ 1Ref. M tge. (.U s.x c*A r*
Ch Mil A Puget Sound 1st M (text) ass.. Usxc* Ar*
General and Refunding M , Series A ------ Q c*A r*
do
do
convert series B (see te x t)___c*A r*
Bolllnghain A N or— B B A B O 1st M assumed . .
Tacoma Eastorn 1st M assumed gold red 110. IC .xc*
do
35
KAILWAY STOCKS AND BONDS
x Socured by pledge o f Frcncn loan debentures, w hlch In turn a re secure d by the Ge n. A R e f
Equipment trusts Issued to Director-General Tor rolling stock allocated
to tins company. Soo artlclo on pago 3 and V . 114. p. 1890.
Government loan, V. 111. p. 1600; V. 112, p. 372; V . 114, p. 519.
E A U N IN G S —
------------- Gross-------------------- Net after Tares-----(I -S. O. O. Figures )
1922
1921
1922
1921
Jan 1— Sent 30________$11,587,330 $11,324,841 $2,134,716 $1,232,746
R E P O R T .— For 1921, showed;
Years ending Dec. 31—
1921.
1920.
1919.
1918.
Gross oarnings................ $15,102,870 $16,259,676 $12,355,827 $11,017,274
N e t (artor taxes, A c .)- - - 2.242,919
353,839
1,012,242
1,333.253
Standard return_________
t459,751
*
1,620,000
1,620,000
Dividends, A c., received
249,905
133,907
109,505
113,372
Tota l not Income. . . . . $2,952,576 *$1,127,313
Interest on bonds___ . . . $1,035,531 $1,039,181
1,193.481
1,222,025
Rontals, A c _________ . . .
$1,729,505
$985,667
300,179
$1,733,372
$996,345
137,670
Surplus fo rd lv s ..........
$723,564d f$ l,133,892
$685,488
$599,357
D iv. on preferred (4%1 199,652
199,652
199,652
199,652
D lv. on comm on. . . .(1 % ) 170,573(1 % ) 170,571
______
______
t Represents payments rocelvod during 1921 from 17. S. O ovt. on guar
anty under Transportation A ct o f 1920.
* N ot income for 1920 Includes Standard Roturn (2 mos.) $270,000, and
6 mos.' guaranty porlod, $815,249.
O F F IC E R S .— Pros., II. R. Kurrlo, Chicago; V .-P ., Fred. Zimmerman,
Chicago; Treas. A Asst. Soc., Byron Cassell, 608 So. Dearborn St., Chicago
Sec £ Asst Treas., I*. J. Harkins, 120 I3roadway, N . Y .— (V . 115, p.
1209, 1428, 1631, 1837.)
C H IC A Q O J U N C T IO N R R .— Owns 3.01 miles o f elevated track, con
necting South Side Elevatod R R . with the stock yards. Leased to that
company for 50 years (with right to purchase at cost within 20 years) at a
rental covering bond Interest and all expenses. Capital stock, $50,000.
Bonds are guaranteed, prin. and Int., by Ublcago Junction Rys. A Union
Stock Yards Co.; they are subj wt to call at 105 after 1910. Form o f
guaranty, V. 82, p. 568.
C H IC A Q O J U N C T IO N R Y .— Owns Inner line within the Chicago
Union Stock Yards district. 11.81 m.; side and industrial tracks. 118.58 m.
In 1907 N ew York Central interests acquired the outer belt line, assuming
the $2,500,000 bonds, and In Dec. 1920 filed application to lease, operate
and ultimately purchase the company’s terminal properties In Chicago.
V. 112, p. 62.
Equipment trusts Issued to Director-General for rolling 6tock allocated
to this co. See article on page 3 and V. 114, p. 1285. G ovt, loan, V. I l l ,
p. 791— (V . 115, p. 1099, 1837.)
C H IC A Q O J U N C . R Y S . & U N . S T K . Y A R D S .— See "In du strials."
C H IC A Q O K A L A M A Z O O & S A Q IN A W R Y .— See M ich. Central.
CHICAQO L A K E SHORE & EASTER N R Y .— Embraces 445 miles of
track, connecting the various works of the Illinois Steel Co. and Indiana
Steel Co. at Chicago, Joliet, Milwaukee and Gary with diverging trunk lines,
and also with steamship lines, stone quarries. Industrial establishments.
A c.; also reaches the coal fields o f 111. and In d ., 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 Jollot A Eastern guar, the bonds, prin. and lnt.,
by endorsement. The last named leases the road for 60 years from lune 1
1909, rental covering all charges and dlvs. on stock, dependent on errnlngs
See V. 90, p. 108. Dlvs. paid in 1910, 6% : In 1911, 5% and 2% extra.
’ 12-'13, 10%: ’ 13-’ 14, 7% : r14-’ 15, 15%; '15-16. 10%; '16, 10%; T7 . 8% :
*18, 10%: '19, 10%; ’20, 10%: '21, 10%.
Bonds are redeemable In whole or In part from Dec. 1 1919 at 110 and lnt.;
they are limited to $20,000,000 and further Issues of bonds beyond the
$9,000,000 now outstanding oan be made only for 50% of cost of property
V. 88. p. 1372- r 89. p. 224, 1410.— (V . 91, p. 1446; V. 103, p. 1301.)
C H IC A O O M E M P H IS & Q U L F R R .— Owns Dyersburg. Tenn.. to
Hickman, K y ., 62 miles. Stock, common, $520,000 and 0% cum. pref.,
$150,000, all acquired In 1913 by Illinois Central R R . V. 80. p. 710.
A dividend o f 8% was paid from the earnings o f 1910-11 and credited
towards payment o f pref. stock. D lvs. on pref.. 1>4% Oct. 1 1911;
1912.0%. (O .-J.): 1913. Jan., 1)4%,. None since.
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 o f
now construction, nor over $20,000 per m ile main line. V . 90, p. 108,
302; V. 91. p. 153.
C H IC A Q O M IL W A U K E E & G A R Y R Y .— Rockford, III., to Aurora,
111., 59.57 m.; Jollot, 111., to Delmar, III., 37.26 m.; branches, 13.82 m.;
Jointly operated, 0.97 m.; trackage, 24.24 m.; total operated, 141.86 m.
Tentative valuation, V . 113, p. 1052. Control was acquired by Chic.
M ilw . A St. Paul in Feb. 1922 through purchase o f its $1,000,000 capital
stock and guaranty o f bonds. Compare V. 114, p. 853.
Th e 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 1921 gross,
$497,496; net, def., $211,210; other income, deb. $321,613; deductions,
$418,642; bal., def., $951,465. Pres., A lbert T . Perkins, 401 Locust
St., St. Louis.— (V . 114, p. 197, 853.)
C H IC A Q O M IL W . & P U Q E T S O U N D R Y .— See Chic. M . A St. P R R
C H IC A Q O M IL W A U K E E & S T . P A U L R Y — Operates from Chicago
westerly to Seattle and Tacoma. Wash., with numerous branches:
Road—
Allies. | Road—
Miles.
Lines owned Dec. 31 1921 (o f
2d. 3d A 4th tracks..................1,230
which 109 m. owned Jointly)10,268|Trackage(incl.2d A 3d track s). 548
In 1916-17 built from Great Falls to Agawam, M on t., 70 miles, and
Grass Range to W innett, 23 miles. Partly built, Blackfoot June, to Clear
water, 22 miles. Th e electrification o f 440 miles o f the Puget Sound main
line, contracted for In Jan. 1913, was completed In Feb. 1917, ana navmg
proved very successful, has boon extended over the Cascade M tns. The
Places Where Interest ana
Dividends are Payable
Harris Forbes A Co Chic
71 Broadway. New York
Bankers Trust C o, N Y
N Y Office 42 Broadway
ao
•„
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Paris and London
N Y office 42 Broadway
do
do
do
do
do
do
do
do
San Francisco
Chicago
M etropolitan T r Co, N Y
M tg e.
electrification o f the line between Othello anrt Seattle ana Tacoma. 219 m ..
commenced in March 1917, has been completed. V. 104, p. 451, 1489, 2110
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.
H IS T O R Y , A O .— Organized M a y 5 1863 and on Feb. 11 1874 took pres
ent name. Th e Chicago Milwaukee A Puget Sound R y ., forming Pacific
extension, was acquired in fee Jan. 1 1913, Its bonded debt being assumed;
the stock ($100,000,000) Is held alive merely as a muniment o f title. V.
96, p. 62; V . 95. p. 1683; V . 97. p. 819.
In Dec. 1918 took title to the railway franchises, A c., o f the following
companies, all o f whose outstanding capital stock were owned by It: Tacoma
Eastern R R . C o., Puget Sound A W illapa Harbor R y . C o., Seattle Port
Angeles A Western R y . Co., Bellingham A Northern R y. C o., Milwaukee
Terminal R y . C o., and Gallatin Valley R y . Co. V . 108, p. 2017.
Th e stockholders on M a y 21 1921 approved a proposition to lease the
Chicago Torre Haute A Southeastern R y . Co. for a term o f 999 years from
July 1 1921. with option to purchase the leased property. B y the terms
o f the lease this company guarantees as rental for the use o f the leased prop
erty the payment or the annual interest on the bonds and securities o f the
Southeastern Company, amounting to approximately $900,000, together
with the annual taxes, approximately $235,000. This company further
agrees to purchase any or all o f the 40.000 shares o f the outstanding stock
o f the Southeastern R y . at $10 per sharo, and agrees to assume the out
standing securities, amounting to about $19,000,000. the bulk o f which
mature in 1951 and 1960. (See terms o f lease under Chic. T . I I . A S. E.
R y. in V. I l l , p. 2519.)
Tho I -S. C. Commission In Feb. 1922 authorized the company to acquire
control o f tho Chicago Milwaukee A G ary R y . by purchaso of its $1,000,000
capital stock, and to assume obligation or liability, as guarantor, in respect
o f $3,000,000 o f tho $5,700,000 1st M tge. 40-year 5% gold bonds, due A pr. 1
1948, by endorsing thereon its guaranty o f payment o f principal thereof and
o f interest accruing from and after Jan. 1 1924. C om paroV . 114, p.853.
The U. S. R R . Administration in N ov. 1920 reported a final settlement
with the company o f all matters growing out o f the 26 months o f Federal
control by the payment o f $13,750,000 in cash and the funding for ten years
o f $20,000,000 due from tho company for additions, Ac. T h e adjustment
was made as o f N o v . 1 1920.
C A P IT A L ’S f O C R .— The prel. stock has a prior right over the com. stock
to a dividend of not over 7% from net earnings In each year, but If not
earned It has no cumulative right. A fter 7% on com., both share pro rata.
D IV ID E N D S .— 1 '95. ’90. '97- 00. '01. '02-’ l l . '12-14. T5- 10 17.
4 5 y ’ly
0 7 y ’ ly 6 y 'ly 4 H 5 4H
u n c o m m o n ______ % \ 2
Th e pref. shares received 7% per annum continuously from 1867 to Sept.
1917, but are non-cumulative.
B O N D S .— The 100-year General and Refunding M ortgage o f 1913 Is an
open mortgage and not limited to any specified amount, but the bonds at
any time outstanding are limited to three times the outstanding stock, now
amounting to $233,251 890. When the amount o f bonds issued thereunder
(bearing interest not in excess of 6 % ) reaches $696,000,000, further issues
must be limited to 75% o f the cost o f property placed under the mortgage.
The mortgage is securea by a direct lien on all the properties, including
about 10,180 miles directly owned, 109 in. Jointly owned, terminal proper
ties In Chicago. Milwaukee. Seattle. Tacoma. Spokane A other cities, and
the entire equipment, subject to $179,673,000 prior liens ($18,331 p. m .).
to retire which an equal amount o f bonds Is reserved, $132,007,200 being
also reserved to retire debentures and convertible bonds, which are equally
•ecured thereunder. None o f the prior liens may be extended and no further
amounts Issued except gen. M . for refunding purposes, so that eventu
ally the Gen. and Ref. bonds will become an absolute first lien. Further
bonds may be issued for Improvements, betterments, acquisitions, construc
tion. equipment, Ac. Of the bonds, $154,489,500 have been Issued In ex
change for Chic. M ilw . A Puget Sound 1st 4s (leaving only $26,175,000 of
the latter outstanding). On Dec. 31 1920 the treasury held available $117.217,200 o f the new bonds issued for said exchange and against impts., Ac.
V. 104. p. 451. 1701, 2640; V . 100, p. 307; V. 97. p. 1662, 1683; V. 98. p.
73. 303. 386, 1244, 1315. 1766; V. 99. p. 1450.
Th e $29,089,700 Gen. A Ref. M tge. bonds issued 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.
A bstracts older mortgages, V . 45. p. 114. 144, 212: V . 48. p. 830.
T h e General mortgage o f 1889 (see a b stract In V . 48. p. 830; V. 96. p. 1088.
1156; V . 97, p. 175. 520: V. 98, p. 386: covers the entire railway property
and franchises o f the company (therein described), subject to prior liens
which are paid as they mature. V. 89, p. 1279, 1541, 1590, 1667; V . 103,
p. 1114. M ilw . A N or. R R . consols, see V. 107, p. 2097.
The $33,286,000 4% 25-year debs, o f 1909 are secured by new Gen. and
Ref. mtge. V . 88. p. 1559; V . 89. p. 1223. 1340.
In M a y 1910 sold to a group o f French banks 250,000,000 francs 15-year
4%debenturcsk equally soc. by General and Ret. M tge. V. 90, p. 1424.
1489. 1554; V . 91, p. 38. 1710: V. 98. p. 303. Dollar bonds were Issued Id
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
by Gen. A Ref. M . o f 1914 equally with other bonds), on tho basis that 500
francs equal $96.3533. V. 102, p. 344; V . 101, p. 2143; V . 102. p. 1625.
Th e $49,980,800 4 H % debentures o f 1912 are convertible at par into
common stock after June 1 1917 and prior to Juno 1922. at the option o f the
holders, within 10 days after any dividend shall become payable on the
common stock and redeemable at 105 and int. after June 1 1922 on 90 days’
notice. T h ey are secured by new Gen. and Ref. mtge. V . 94, p. 1050.
1118.1505 V. 95. p. 744. 1472: V . 97. p. 364: V . 98 p .3 0 3 .4 5 2 .
O f the $181,664,500 Chic. M ilw . A Puget Sound R y . 1st 4s assumed on
purchaso o f road, $26,175,000 were sold, $1,000,000 held in insurance fund
and $154,489,500 were exchanged for C . M . A St. P . Gen. A Ref. bonds
and deposited under that mortgage. V . 92. p. 593, 659, 725, 1374; V. 93,
p. 1386, 488; V. 94, p. 767. 1185: V. 98. p. 1692. Bonds cover road, termi
nals and equipment, and run to maturity.
G ovt. loan. V. I l l , n. 791,2323, 2423: V . 112, p. 1976; V. 114, p. 304.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V . 114, p. 1764.
36
BAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[F or abbreviations, & c., see notes on page 61
Miles Date
Road Bonds
C h ica g o 4c N W — Com stook $177,539,880 auth___Tr
Preferred stock (not cumulative) see tex t_________ Tr
Milwaukee Lake Shore & Western—
Michigan Dlv 1st M (for $3,000,000) gold.-C e.zo*
Ashland Division flrst mortgage gold_____ Ce.zo*
E xt & Im p M for $5,000,000 ~g s f not drawn Ce.zo*
N ew first & refunding mortgage— see text
Sink fund bds o f 79 ($15,000 p m) red 105_F.vc&r
Sinking fund debentures 1933___________ U n.zc*& r
Extension 4s *20.000.000 ($20,000 p m ).U n .zc& 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
Secured gold bonds _ . _________ _____ C e.yc*& r*
do
do
________________ ____ U s.yc*& r*
M ilw & State line 1st M g gu (V 88, p 230)-F.xo*&r
O & N W equiptrser.01912, $400 .OOOyrlyseetextF.zc*
do
do
due $664,900 ann __________ G
do
do ser. D to L — (See text.)
Serial notes_______________________________________
Branch Line Bonds Assumed
Boyer Valley R y 1st M g $16,000 per m lleF.zo*&r
Minn & la R y 1st M gold $16,000 per m lle.F .zo’ &r
Princeton & Northw 1st M $2,100,000 gold.F.zo& r
Peoria & Northwest 1st M $2,125,000 gold.F.zo& r
Sioux City & Paclflo 1st M gold $4,000,000-F.zc&r
Minn & So Dak 1st M gold $528,000. _______ F.zo*
Iow a Minnesota & Northwestern 1st M g __F.cz*& r
Mil Sparta & N W 1st M g $15,000,000 guFxo*&r*
Dea Plaines Valley R y 1st M $2,500,000. F .x c * *r *
Manlt Gr B a y & N W ls t M g gu (V88, p230)F.zo*&r
St Paul East Gr T rk 1st M g gu ______ xc*& r*
S t L P & N W M g guar (V 97. p 1203) .. F .y c * r «
Frem E lk & M Voons M $25,000 per mile assumed.z
C h ic Peo& St L R R— PriorlienM g ca lla t 107H Eq.xc*
Gen and Refunding M $15,000,000 gold red te x t-.x
Equipm ent notes Series A due $59,000 vearly _____
c all in s. f.; e all In s. f.; f $1,000; K $1,000. h $20,4
Par
Valus
Rats
%
$100 $145152500
100 22.395.000
82 1884
40 1885
693 1889
1,000
1,000
1,000
1.641 1879
1883
1886
5.038 1897
5,038 1897
5,038 1897
5.038 1897
5,038 1897
___ 1920
1921
50 1906
1912
___ 1920
1.000&O
1,000 &o
1.000 &o
1000 &o\
1000 &c/
l.OOO&oi
1.000&o /
1.000 Sec
500 &c
500 &c
1.000 &c
1.000 Sec
100&1,000
___
90
119
105
85
125
33
195
179
...
114
60
115
1.170
235
235
1898
1899
1901
1901
1901
1900
1900
1912
1912
1906
1913
1913
1883
1900
1909
1913
88.000 additi
When
Payable
T o ta l earnings............................... $146.765.766$168.158,734$150.370.394
Maintenance o f way and structures..$17,987,292 $28,810,633 $23,144,811
Maintenance o f equipment__________ 35,543,850
41,557,151 40,422.005
Transportation and tra ffic___________ 68,972,491
88,001,910 70,395,926
T a x e s ..................................................
8,762,089
11,872,832 6.306,997
M iscellan eou s..................................... 5,736,914
6,327,426
4.598,963
N etearnings..................................... $9,763,129df$8,411,219 $5,501,692
Federal compensation_________________
______ 1f3 1 ,128,2941 27,945,820
T o ta l net income, incl. “ miscell.” ____ 14,134,987/
\ 31,733,534
Deduct— In te re s t................................. 18.948,105
19,834,392 18,059,350
H ire o f equipment____________________
______
3,874,141)
Rents paid........................................... 5.696,590
1,171,883/ 1,317,711
M iscellaneou s_______________________
560,901
808,410J
Expenses prior to 1918 (n e t)_________
______
1,073.446
4,713,428
$7,643,045
t Includes Fed. comp, for 2 mos., $4,640,721; G ovt. guar. (6 m os.),
$22,250,811; railway oper. Income (10 m os.), $1,372,519; and other income.
O F F IC E R S .— Pres., H . E . Byram; V.-Pres., R . M . Calkins, E . D .
Bewail, B . B. Greer, It. J. M arony, H . B . Earling; Treas., A . G. Loomis,
Chicago; Sec., E . W . Adams, Milwaukee; Com pt., W . V. W ilson, Chicago.
Directors.— Samuel I I . Fisher, Donald G. Geddes, M ortim er N . Buckner,
W . E . S. Griswold. George G. Mason, E . S. Harkness, Sanuol McRoborts,
N e w Y ork ; J. Ogdon Arm our, Franklin M . Crosby, A . J. Earling, II. E.
Byram , Chicago. N . Y . office. 42 Broadway.— (V . 115, p. 1531,2045.)
C H IC A Q O & N O R T H W E S T E R N R Y .— (See M a p .)— Operates
system o f roads uniting Chicago, 111., with Omaha, N eb .; St. Paul, M inn,
with the great wheat belts o f Dakota, Nebraska, &c.. and with the mining
regions o f Michigan and the Black Hills, 8,402 miles, Dec. 31 1921. viz.:
Road owned in fee—
M ile s .
Miles.
M ain lines, & c__________________7,919 Pierre & F t. P . Branch_________
2
Entire stock owned—
Pierre R . C . & N . W .................. 165
W o lf R iver Valley______________
2 W yom ing & N . W ______________ 148
D e Pue Ladd & East, (leased)__
Trackage rights________________
73
Belle Fourche Valley (leased)__
Second track___________________ 923
Also has large interest In Chic.
Macoupin County Extension..
James R iv & N o r W est(leased).
St. Paul M inn Sc Omaha____ 1,749
Iow a Southern .
Through passenger service between Chicago and Pacific coast is main
tained via Union Pacific. V. 93. p. 1667; V . 94. p. 697.
H IS T O R Y , &o.— A Vanderbilt line (V . 75. p. 1086) organized in 1859.
Places Where Interest and
Dividends are Payable
J & J 15 Jan 15 1923 2H Go’s offloe 111 B 'w ay .N T
J & J 15 Jan 15 1923 3H
6g
6 K
5g
J
M
F
&
&
&
J July 1 1924
S Moh 1 1926
A Feb 1 1929
9,894.000
6& 0 A & O
8,171.000
5
M & N
18,632,000
4
F 15 * A
31,316,000 / 3 H It M & N
3— F
1 3H g
30,554,000
4
M & N
4
3— F
h28 472,000
M Se N
« g
15,000.000
7 g
J Se D
15,000,000
6H g M & S
2.500.000
& J
3HZ J
N 00.000
J Se J
4H
8,643.700
6
J Se 115
400.000
Last Dividend
and M aturity
5
7
5H
J
Se
do
do
do
do
do
• do
Oot 1 1929
do
do
May 1 1933
do
do
do
Aug 15 1926
N ov 11987
do
N ov 11987
do
do
N ov 11987
do
do
N ov 11987
do
do
N o v 1 1987
do
do
Juno 1 1930
do
do
M ar 1 1936
do
do
Jan 1 1941
Farmers L Se T r Co, N Y
July 1923
Jan 15 '23 to '35 Guaranty T r Co. N Y
J July 1 1924-27
1.000&C
1,440,000
3H z J & D
1,000 &c
1,904,000
3H Z J & D
1,000 &c
2,100.000
3H Z J & J
1,000 &o
2.125.000
3H Z M & S
1,000 &c
4.000.000
3H g F & A
1,000
528,000
3H g J & J
1,000 &c
3,900.000
3H g J & J
1,000 15,000.000
M & S
4g
1,000 See 2.500.000
M Sc s
4H
1.000 &o
3.750.000
3H Z J & J
1,000 Sec
1,120.000
J Sc J
4H
1,000 &c 10.000.000
J Sc J
5g
1,000 g7.721.000
A Sc o
6
$1,000 $2,000,000
4H K M Se s
J & D
2.850.000
1,000
6
M Se N
59.000
onal pled god for 6 H % bonds duo M ar
R E P O R T .— For 1921, In V. 114, p. 2004, showed:
Calendar Years—
1921.
1920.
1919.
A verage miles operated_______________
10,809
10,623
10,647
Passenger earnings___________________ $26,915,456 $31,033,594 $30,391,921
Freight earnings...................................104,894,848 117,183,815 106,288,453
M a il, express, &c., earnings___________ 14,955,462 19,941,324 13,690,020
$4,366,070
1.281.000
1.000.000
3,817,000
1919 1.000&5.000
Equipment trust certificates Series A , V . 114, p. 2823.
E A R N IN G S —
------------- Gross-------------------- Net after Taxes-----(I.-S . C . O. Figures.)
1922.
1921.
1922.
1921.
Jan. 1-Sept. 30............ $112,545.176$108,620,224 $11,329,833 $5,898,332
Balance, surplus......................... d e f$ ll,070,608
Amount
Outstanding
[V ol. 115,
Deo 1 1923
June 1 1924
Jan 1 1926
Moh 1 1928
Aug 1 1936
Jan 1 1935
Jan 1 1935
Moh 1 1947
Mch 1 1947
Jan 1 1941
Jan 1 1947
July 1 1948
Oot 1 1933
M ch 1 1930
Merchants’ L Se T Co. Oh
Go’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
do
do
Mch '18 coup not paid
N ov 1 1923
ch 1 1936.
The Fremont Elkhorn A M issouri Valley oonsolt have a first lien on 1,241
miles (Frem ont, N eb ., to Doadwood, S. D .. and branches to Hastings,
Albion, & c.): but besides the amount o f issue given as outstanding In the
table. $10,675,000 (along with $2,560,000 W yom ing Central firsts, a F . K .
& 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. Se 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 F eb .191 3 $1,120,000 St. Paul Eastern Grand Trunk R y . guar. 4 Ms. and
in Oct. 1913 $10,000,000 St. L . Peoria Se N . W . R y . guar. 5s (assumed).
V.96.p.201. 789: V.97,p.l203; V.98.p.999: V.99.p.829; V.lOO.p.1671.
Th e stockholders on A pril 14 1920 authorized the creation o f a now First
& Refunding M tge. and the absorption o f elovon proprietary companies,
all o f whoso stock is now owned by the company. Th e now mortgage w ill
bo a first lion on these proportios and bonds aro to bo dated M a y 1 1920.
Compare V. 110, p. 561, 969.
The $15,000,000 10-yr. 7% bonds due June 1 1930 aro secured by deposit
o f (a) $15,000,000 Chicago & N orth Western Ity .N o w 1st Sc Ref. M tge. 6%
gold bonds, due M a y 1 2037: (6) $2,500,000 Chicago Sc N orth Wostern R y .
Gen. M tge. 5% gold bonds duo N o v. 1 1987. V. 110, p. 2487.
Equipment trusts held by co. and duo from trustees In Doc. 1921:
Issue 1913—
Series “ D ” ____
Series " E " ____
Series “ F ” ____
Issue 1917$800,000 Series “ O ”
2.910,000 Sorlos “ I I "
690,000 Sorlos " i "
|Series “ I,”
$2,532,000
. 2.800,000
. 1,424,000
. 2,805.000
In M a y 1921 the company Issued $5,436,000 6 M % equip, trust gold
certifs. as follows: $2,232,000 Series “ J” dated March 1 1921 and duo
$186,000 annually March 1 1925 to 1936, inclusive; $3,204,000 Series “ K . ”
dated April 1 1921 and duo $267,000 annually A pril 1 1925 to 1936, inclusive.
V. 112, p. 2082, 2189.
Th e $15,000,000 15-year 6 M % bonds due M ar. 1 1936 aro secured by
deposit o f $20,488,000 gen. mtge. 5% gold bonds due N o v. 1 1987. V . 112,
p. 652.
Equipment trusts issued to Diroctor-Goneral for rolling stock allocated
to this company. See article on page 3, and V . 113, p. 1470.
------------- Gross------------ ------Net after Taxes------E A R N IN G S —
(I.-S. C . C . Figures.)
1922.
1921.
1922.
1921.
Jan. 1-Sept. 30............ $106,391,630$108,705,575 $13,372,025 $4,873,871
R E P O R T .— For fiscal year ending Dec. 31 1921, in V . 114, p. 2026:
1921.
xl920.
1919.
Operating revenues........................... $144,775,476$140,755,628$139,589,915
N et, after taxes, &c.............................
6,651,137
$699,652 $14,245,619
Accrued Federal compensation_________
______ *20,312,184 23,201,016
Dividend income................................. 2,577,208 1,321.244
1,020,460
Other Income....................................... 1,358.179 1,478,482
1,271,547
Gross income________
Rentals, & c____________
Interest on fundod debt.
Sinking funds___________
Preferred dividends____
Common dividends_____
$10,586,524 $23,811,562 $25,493,023
$613,949
$825,413 $2,236,581
. 11,218,008 10.440,293
9,273,859
..........
86,602
..
1,567,650
1,567,650
1,791.600
. 7!257!625
7,257.625 10,160,675
Balance, surplus_______________def.$10,070,708
$3,633,979
$2,030,307
C A P IT A L S T O C K .— Of the oom. stock, $2.342,737.and of the prel. $3,834 additional to amounts shown as outstanding in table above were in
treasury on Dec. 31 1921. There was also outstanding Dec. 31 1921,
$25,000 special stock. P ref. 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 1921 U . P . system (Oregon Short Line) owned $4,420,600
common stock.
* Includes compensdtion for 2 months, $3,802,999, and amount due under
6 months' guaranty, $16,509,185. x Covers operations for 10 monthB
M ar. 1-Dec. 31.
O F F IC E R S .— M arvin H ughitt. Chairman; Pres., W . H . Finley, Chicago:
V .-Ps., S. A . Lyndo, A . C. Johnson, M arvin Hughitt Jr.; V .-P . & General
Counsel, J. B. Shoean; Sec., J. D . Caldwell, Chicago; Treas., A . S. Plerco,
111 Broadway, N ew York.
D IV S —
1 ’95. '96-’ 99. ’00. 1901. 1902-Jan ’20 July ’ 20 to Jan. ’23
C o m m o n ___ 1 4 5 y ’ly
6
6
7 yearly
2M seml-aun.
P r e fe r r e d ___J-----------7 yearly— -------- — 8 y ’ ly —
3H seml-ann.
In M ar. 1920 it was announced that divs. in future would be considered
half-yearly. Com. d lv. reduced from 7% to 5% basis and prof. div. from
8% to 7 % basis In July 1920. V. 110, p. 2487.
Directors.— M arvin n u ghitt (Chairman), Chicago; F . W . Vanderbilt,
narold S. Vanderbilt, Chauncey M . Depew, W . K . Vanderbilt, N . Y .;
Cyrus H . M cCorm ick, Chauncey Keep, W . II. Finley, James B . Sheoan.
Chicago; Henry O. M cEldowncy, Pittsburgh, Pa.; D avid P . Kim ball,
Gordon A bbott, Oliver Ames, Boston: Edmund D . llu lbcrt, Chicago;
Childs Frick, Roslyn, L . I.: Samuel A . Lynde, N ew York; Marshall Field.
N ew Y ork .— (V . 114, p. 197, 1764, 2026, 2716, 2823; V. 115, p. 307. 1320.)
B O N D S .— General Mortgage.— See A b s tra c t in V
Ized issue Is $165.0001000 ( U. S . Trust C o .. trustee.) •S: 65. p. 69. 111.
671; V . 75, p. 980; V . 88, p. 280, 563. In Dec. 1921. there was outstanding
$31,316,000 Gen. 3 H s. $30,554,000 4s and $28,472,000 5s V. 107, p. 2289.
O f the balance o f $74,658,000 bonds, $60,303,000 were reserved to rotire
$41,332,000 prior liens and the debentures due in 1921 and 1933, and the
remaining $14,355,000 bonds were reserved for improvements or additions,
ncluding equipment, but not exceeding $1,000,000 in any one year. In
Dec. 1921 $20,488,000 5s were pledged as security for $15,000,000 6M %
bonds (see below)
Outstanding Generals are free from all taxes except $8,054,000 4s, and
$28,472,000 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. D. 2289; V . 108, p. 877.
The Sinking Fund bonds of 1879 are seoured by deposit in trust o f $12,860.000 of 1st M. bonds at $15,000 per mile on subsidiary lines, the most Imortant being desorlbed is “ Supplement” of May 1894
Of the sinking fund
onds of 1879, $4,928,000 are 6s; the sinking fund is at least 1% o f out
standing bonds, which are subject to call at 105, and through its operation
those outstanding have been reduoed from $15,000,000 to amount in tabic.
The Extension bonds of 1886 are seoured by deposit Intrust of first mort
gage bonds at a rate not exceeding $20,000 per mile. Included in the collat
eral July 1 1916 were $10,675,000 Fremont Elkhorn & Mo. Valley lsts and
$2,560,000 W yom ing Central lsts (consolidated with F . E. & M. V .). Ac.
S
CHICAG O PE O R IA & ST. LO U IS R R .— R O A D .— Owns from Pekin to
Granite City, 111., 179 miles; Granite City to Madison. 2 miles; Madison to
Bridge Jot., 3 m.; Havana to Jacksonville, 111., 42 m.; branoh, Lookhaven
to Grafton, 8 m.; total owned, 234 m.; trackage. Pekin to Peoria, 9 m.j
lines operated, 1 m.; other trackage, 2 m.; total. 247 miles.
Successor, per plan V . 89, p. 285, 1641, o f railway foreclosed N o v . 18
1912. V . 96. P. 135. On July 31 1914 Pres. Bluford Wilson o f Springfield,
III., and W illiam C otter o f St. Louis were appointed receivers.
V . 99.
p. 342. Stock. $4,000,000.
Committee for Prior Lien 4 Ms.— Sidney O . Borg (Chairm an). J. N . B ab
cock. 37 W all St., Sec.; E q . T r . C o., N . Y ., depositary. V.99,p.673. 1627.
Committee for Gen. A Ref. M . 4 Ms.— Frederick J. Llsman (Chairm an),
and Alfred Shepherd: Graham Adams, 30 Broad St., Seer,; Bankers Trust
C o.. N . Y . , depositary. M a jority deposited. V . 99, p. 1213. 1450. 1672.
Committee fo r Equip. 6% Notes.— Chollls A . Austin (Chairman); J O .
Traphagen, 115 B 'w ay, N . Y . (Sec.); Mercantile Trust C o,, N . Y ., depos
itary. V . 109. p. 2073.
B O N D S .— O f the Gen. Sc R e f. M . bonds ($15,000,000 auth.), outstand
ing $2,850,000, $2,000,000 reserved to refund prior lien mtge. bonds.
$150,000 served to retire same, and $700,000 reserved for extensions,
equipment and Improvements; $1,100,000 bear only 3% interest for the
first six years. Th e coupons duo Juno 1914 wore defaulted. V .9 9 . p. 118.
37
RAILWAY STOCKS AND BONDS
Nov., 1922.]
RAILWAY STOCKS AND BONDS
Chic RIv & Ind— 1st M gold guar p A t______ MC.xxc*
1911
C h ica g o R o ck Isl & Pa c—
____
N ew common stock $75,000,000____________________
7 % p f stk call 105 \(5 % cum) same p f as to assets. .
____
6% p f stk call 102/dIvs after 1% on 7% pref______
____
General (now ls t)M tg e 5100.000,000 g old .lla.xo* Ar 3,252 1898
First A R e f M $163,000,000 g .................. C e.xc*A r Text
1904
Old Divisional Bonds, A c .—
B 0 R & Nor oonsol first mortgage gold.Ce.zo* Ar
998 1884
Minneapolis A St Louis 1st M gold (assumed)___Fz
12 1877
Rook Island & Peoria cons 1st M (V 75, p 30).M pz
113 1885
Ohoo & Mem 1st M 53,750,000 assum ed..GP.xo&r
282 1899
Choctaw Okla & Gulf Consol m tge gold___G P.xc*
680 1902
R I A & L 1st M 530,000,000 g gu red 105 Ba.xo* Ar*
363 1910
L ittle Rock A H ot Spg West notes guar p A 1____
1911
St P & K C Short u— 1st M g gu red lU 5.B a.xo* A r*
1911
Eq note Ser D g 5225,000 s-a (V 90,p 813, 1302) .Bax
1910
do Ser F g 512,000 s-a (V 93. p 939)_______ Bax
1911
do Ser G g $170,000 s-a (V 95p 1607)........ Bax
1912
do Ser H g $441.000 ann (V 90. p 1772) . Baxc&r
1913
do Ser I g $541,150 ann----------------------------G
1920
do S e r i , 2 A 3 due $144,973 seml-ann____ . . .
1916
C h ica g o St Louis & New Orleans— See Illinois Central
C h ica g o St Paul Minn & Omaha— Common stock___
Preferred stook non-oum Including sorlp (see text) . .
____
N or Wls 1st M Lake St C to near Spooner ass'd Ce.zo*
80 1880
Superior Short Line 1st M 51.500.000 a ss...U n ,zo *
* 1895
O S t P M i O M 530.000.000 (515.000 p m ).C e.zo * 1.609 /1880
do
do
consols interest reduced____
11880
Deben gold $2,000,000 “ stamped" g;.text.C exo*A r*
1912
Equip trust ce rtif Ser “ B " due $95,000 ann___F.c*
19,21
do
do
Ser “ A " due $110,000 ann. .
1918
Equip gold notes due $156,800 ann_______________G
1920
P ar
Value
Amount
Outstanding
Rate
%
$1,000
$ 765,000
5 g
100
100
100
1,000 Ac
500 A c
74,482,523
29.422.189
25,135,800
61.581 000
a l5 1 115000
7
6
4 ff
4
J
J
J
A
When
Payable
l.OOOAo 11,000,000
500 Ac
150,000
1,000 Ac
450,000
1.000
3,525,000
1.000
5.411,000
500 Ac bi2,065,()<>()
1,000
453,600
$ A £ cl2.700.915
1,000
1,350,000
1,000
96,000
1.000
1,700,000
1 000
441,000
1,000
7,034,950
1.000
869,838
5 ff
A
7g
J
0
J
5 g
J
r> g
M
4 44 g M
4
J
444 9 F
44* K M
4 44 g F
444 g J
5g
J
0 g
.1
5
M
100 18,556,700
100 11.259.300
1,000
514,000
1,000
1,500.000
1,000 24,438.000
1,000
3.734 000
1.000 Ac 13.900.000
1,000
760,000
1,000
550,000
100 &c
2,038,400
5
7
6
5
0
344
5g
7g
7g
6g
8*
Miles Dale
Road Bonds
&
A
A
A
[V ol .
Last Dividend
and Maturity
O
R A IL R O A D C O M P A N IE S
IFor abbreviations, A c ., see notes on page 6)
>
38
Oct 1 1925
J
J
J
O
Doc
D ec
Jan
A pr
Places Where Interest and
Dividends are Payable
Mcrch N a t Bank, Boston
30 '22 3 44
30 '22 3%
1 1988
First N a t Bank. N Y
11934
do
do
A O Apr 1 1934
A D June 1 1927
A J July 1 1928
A J Jan 1 1949
A N May 1 1952
A S Mob 1 1934
A
J July 1 193')
A A Feb 1 1941
A N M a y ’23-Nov'25
A A Fob ’23-Aug '20
A
J Jan '23-July '27
A
J July 1923
A .115
A S
F A
F A
J
A
M A
J A
J A
M A
.1 A
• T A
J A J
115.
A Aug 21 ’22.
A Aug 21 '22,
J Jan 1 1930
Sl June 1 1930
D June 11930
D June 1 1930
S I Moh 1 1930
J 'Jan 1 ‘24 to
DD Dec 1 '23 to
15
First N a t B k, N ew Y ork
do
do
do
do
do
or Phlla
do
do
do
or Europe
Co's office, Chicago
New Y ork and London
First National Bank. N Y
First N a t Bank. N Y
do
do
do
do
Office 111 B 'w ay, N Y
do
do
do
do
do
do
do
do
do
do
Farmers’ L A T Co. N Y
do
do
Guaranty T r Co, N Y
a Includes $56.174,000In treasury Dee 31 1921. orpl edged as collateral.
Includes b $1,905,000 and c $2,757,000 in treasury.
T h e Sept. 1914 coupons on Prior Lien 444s were not paid prom ptly but
these ana subsequent coupons were met about 6;months later within the
grace period. The M ar. 1918 and subsequent coupons remain unpaid.
Notes to Car Trust Realization Co. for $140,132, payable on installments
out o f surplus earnings. Equipment notes (6% Series A ) o f 1913, see
V . 102. p. 1625. Int. and principal due has been paid.
In M ar. 1922 was authorized to issue $335,000 one-year 7% receiver’s
certificates. V. 114, p. 1406.
R E P O R T .— For year ended Dec. 31 1921:
Gross.
Net aft. Tax. Oth. In c. In t..A c.
Balance.
1921.................. $2,080,331 def.$566,835 $177,057 $108,644 def.8558.422
1920................. 2,776,277 def.584,913
15,288 116,297 def.685,922
1919................. 1.736.078 def.837,199
53,341
48,030
dof.831.886
Pres., Bluford Wilson, Springfield. 111.: Sec. A Aud., IT. W . Berger
Springfield, 111.; Treas., F. J. Wilson.— (V . 115, p. 1631, 1729 )
C H IC A G O RIVER & INDIANA RR, — Owns 17.97 miles o f termlna^
road; Atch. T o p . & S. F . trackage. 14.64 m.; P . O. O. A St. L . R y . trackage.
7.12 m.; Ind. H . B. R R . trackage, 3.29 m; trackage through Union Stock
Hards, 15.78 m.: total operated, 58.80 miles.
Stock, authorized, $1,000,000; outstanding. $500,000; par, $100.
Chicago Junction Rys. & Union Stock Yards Co. (see Miscellaneous Com
panies) guarantees the bonds, prln. and int., by endorsement. V. 101. d .
773. Dividends 1913. 8% ; 1915 to 1921 6% y rly . O f the 1st 5s ($2,000,000
auth. Issue), $765,000 have been sold (V . 101, p. 773). Th ey are red. at
105. beginning Oct. 1910. Additional bonds may be issued for 00 2-3%
o f the cost o f additional properties and franchises, but only when annual
earnings are twice the Interest charges. Including bonds then to be Issued.
1921, gross, $971,768; net oper. income, $180,548; other Income,
$274,206; interest, rentals. &c., $278,358; dividends (6 % ), $30,000; bal.,
surplus, $146,396.
Pres., R . Fitzgerald; Gen. A ud., E . S. Gentle; Treas., F . D . O’Connor.
— (V . 101. p. 773; V. 107, p. 694.)
C H IC A G O R O C K IS L A N D & P A C IF IC R Y .— (See M a p ).— 'T he
system extends from Chicago, 111., via Omaha, N eb ., to Denver and C olo
rado Springs, C olo., also to Minneapolis, Kansas C ity , A c. Connects
with the Southern Pacific for Pacific Coast service.
Owned in Fee (ezcl.trackage.) Miles.
M iles
Chicago, 111., to Col. Spgs., C o l.1,073
Davenport. la ., to Terral, Okla. 831 H o t Springs Jet., A rk ., to
Herlngton, Kan., to Texhoma.
Eunice, L a __________________ 332
O k la ............................. ......... 324 Branch lines____________________2,863
Burlington, la ., to Mlnn’p.Mlnn 366 Chic. R . 1. & G u lf____________ 461
Vinton, la ., to W atert'n, 3. D . ___
377
St. Louis, Mo., to Kan. City, M o .298
T o ta l--------------..8,123
Bravo. Tex. (N ew Mex. State line)
Cap. Stk. all owned— (V.106p.2025)
to Santa Rosa. N. M __________ 112 Choo. Okla. A Gulf (leased) . 907
Glenrlo, Tex., to Tuoumoarl.
Rook Island. A rk. A La. R R . 385
N. M ............................... .......
41 St. Paul A K . O. Short Line R R . 183
Lim on, Colo., to Denver, C olo.
14
90 Rock Isl. A Dardanelle R y ____
Allerton, la ., to M anly, la ____ 202 Rock Island Stuttgart A So. R y
21
McFarland, Kan., to Bollovillo,
Stock 50% owned (V . 108. p.378)
K a n _________________________
103 T rin ity A Brazos Val. R y ________ 315
Memphis, Tenn., to Toxola,
Perpet. lease; treated as owned—
O k la _______________________ 650 Peoria A Bureau Valley R R . Co.
47
Leased— K ook. A D. M . R y .. 153 m.; W hite A Black R Iv. Vail. R y .
C o., 62; Peoria & Bureau Valley R R ., 47____________________________ 262
O R G A N IZ A T IO N .— T h e company at midnight on June 24 1917 re
sumed possession o f Its property, having been successfully reorganized,
without foreclosure. T h e sale o f $29,422,160 7% pref. stock to a syndicate
and $5,000,000 0% pref. to former directors provided for old floating obllatlons and reorganization expenses, while the $20,000,000 debentures of
912 were replaced by $20,000,000 6% pref. stock. V. 104, p. 2641, 2552.
2451,2342; V. 106, p. 2025. Plan o f reorganization was In V. 103. p. 1887.
1980, 2155: V. 104. p. 451.
f
F U L L F I N A N C IA L S T A T E M E N T T O N . Y . S T O C K E X C H A N G E
o f Feb. 26 1919, see V . 108, p. 1172 to 1174. Valuation, V. 109, p. 1461;
V. 113, p. 1470, 1573, 1771; V . 114, p. 2240.
1
'
. In Jan. 1919 the company concluded a settlement o f Its litigation with
the Colorado & Southern R y . Co. respecting the T rin ity & Brazos Valley
R y ., extending from F ort W orth and Dallas to Houston and Galveston,
whereby the Colorado A Southern accepted In cash 60% o f the amount
duo on the contract, which, under the final decree in tne Rock Island
receivership, would be payable In full In 6% preferred stock at par, such
as was paid to all other general creditors o f the Rock Island. This involved
the payment o f some $4,000,000 and the Rock Island now owns outright
a half Interest in the T rin ity & Brazos Valley R y . and will have a permanent outlet to the G u lf ports. See “ N otes” below. V. 108. p. 378;
V. 109, p. 672.
Settlement with "C lo ver L e a f" regarding Chicago A Alton stock. V . 113,
P* 2078.
C A P I T A L S T O C K .— O f the $75,000,000
Dec. 1921 was in the treasury.
com. stock, $517,478 In
(1) Two Classes of Pref. Stock, 7 % and 0 % . with Same Preference as to Assets
and Sharing Pro Rata in all Dividends after Prior 1 % on 7 % Pref, Stk.
— Both Cumulative up to 5% from July 1 1917.
7% Pref. Stock, callable at 105. Auth., $30,000,000. viz.: In
. treas;. $256,111: cancoled, $321,700; balance outstanding...$29,422,189
P^«/- Stock, callablo at 102. Auth.. $35,000,000; issued____ $25,135,800
The auth. pref. stocks may not be Increased except by vote o f a ma
jo rity o f each class o f stock, voting separately. V. 106, p. 2020.
D IV ID E N D S .— The semi-annual dividends o f 344% on the 7% prof,
stock, and 3% on the 6% prof, stock have been paid from Jan. 14 1918
to Doc. 30 1922. V. 109, p. 172; V. 108, p. 2432.
B O N D S .— General 4s o f 1898.
V. 60, p. 522; V . 78. p. 228:V.80,p.272
F IR S T A R E F U N D . 4% BO ND S OF 1904 ($103 000.000 A U T H . IS S U E .
A 1st lien (either directly or through pledge o f entiro Issues o f bonds o f the
companies owning the same) on terminal property In St Paul, Minneapolis
and Kansas C ity , new equlpt. and shops at SIlvP, near East Moline, 111., and
on railways aggregating 1,171 miles; also a Junior Hen subject to existing
mortgages on all the other lines o f the system o f the Railway company, aggre
gating, exclusive o f leased lines and trackage, on Dec. 31 1921, 4,669 miles,
also on the entire capital stock and leasehold Interest on linos aggregating
966 miles and on leasehold Interests on 272 miles. Seo V. 78 p. 228,
234; V. 79, p. 1716, 2200; V. 84, p. 219; V . 85, p. 98. The deed of trust
forbids the creation of a Junior mortgage without the consent o f the
holders o f all the Ref. M . 4s, In Oct. 1920 tho company brought suit to
have this latter clause changed
V. I l l , p 1369. V. 87, p. 1089, 1419;
V .S K .p .0 2 3 . 822; V. 89. p. 666; V. 90, p. 108, 236, 1170, 1424; V. 91, p.
1760; V . 93. p. 1667, 1785; V. 99. p. 1748. 1831: V. 100. p. 900.
Chicago A Rock Island Elevator $300,000 mortgage 5% bonds due Oct.
1924 (assumed), see V. 79, D. 2590; V. 82. p. 760.
Rock I . A rk. A La. 1j( M . 4 44* (V . 90. p. 020, 099, 1101) and St. P . A
Kansas City Short Lin e ls( M . 4 44*. V . 92. p. 520, 693; V. 93. p. 1190; 1159;
V- 94, p. 1050; V. 97, p. 230, 1114), were guaranteed, principal and Int.
Rock Island-Frlsco Term inal 5s. see that co. and V. 84. p. 669, 748.
Five-year U. S. Treasury note, duo 1925. $2,000,000; 10-year U. S.
Treasury note duo 1930, $7,862,000.
19Pullman Co. loaso warrants, duo 1924, $717,377 outstanding on Doc. 31
Equipment trusts Issued to DIrector-Genoral for rolling stock allocated
to this company. See article on pago 3 and V. I l l , p. 2359; V. 115, p. 1531.
Rent notes ($0,253,995 on Doc. 31 1921), V. 113, p. 291.
E A R N S , o f System—
-Gross- Net after Taxcs(I.-S. C. C. figures.)
1 ____ P
1922.
1921.
____
_____
1922.
1921.
Jan. 1 to Sept. 3 0 .........$91,900,576$105,101,496 $12,910,912 $15,334,473
R E P O R T .— For calendar yoar 1921, In V. 114, p. 1668, showed:
Combined Corporate and Federal Income Account fo r Calendar Years.
1921.
1920.
1919.
1918.
A ver, mileage operated.
8,123
8,102
8,055
8,250
Operating Revenues—
$
$
$
$
Freight............................ 99,000,440 91,973,798 77,153,311 69,186,218
Passenger........................ 30,579,092 35,336,749 32,502,435 27,891,233
M ail, express, A c ........ . 9,692,491 11,715,605
7,212,114
6,968,938
.139,272,024 142,026,152 110,624,684 104.289,565
.112,953,057 131,498,704 101,497,733 89,550,327
. 26.318,967
Railw ay tax ffcru als.. - 5,663,722
v
21,235
10,527,448
5,660,560
10,332
15,120,950
5,046,922
8,929
14.739,238
4,998,673
11,560
. 20,634,009
. 23,051,831
- 17,271,572
4,856,556
6,637,825
14,769,719
10,071,100
12.063,739
13,830,317
9,729,005
11,373,350
12,559,142
Tota l income__
Bal., sur. or dof........sur.5,780,259dof8,131,894 d e f1,766,578d e f1,185,792
♦D iv id en d s.................... 3,507,695
3,567,485
3,566,903
3,566,027
* The dividends for 1920, 1919 and 1918 wore paid from baianco o f stand
ard roturn aftor providing for all corporate charges.
O F F IC E R S .— Chairman, Chas. Hayden; Pres., Jas. E. Gorman; V.-Ps
M . L . Bell. L . O. Fritch, T . I I . BeacomfGen. M g r .). 8. II. Johnson. L . M
Allen, F. D . Rood, W . II. Burns; V.-P. A Soc. & Treas., Carl Nyqulst
Chicago.
Board.— Carl N yqu lst, M . L . Bell, James A . Patten, N . L . Amstor,
Charlos Hayden, A. C. Itoarlck, F. W . Scott, G. W . French, W. Z, Ripley,
Honry Bruoro, P. O. Ton Eyck and .1. E. Gorman. N ew York office, 66
Broadway.— (V . 115, p. 614, 1320, 1428, 1531, 1729, 1911, 2012, 2158.)
C H IC A G O S T . P A U L M IN N E A P O L IS & O M A H A R Y .— (See M a p ChiWestern A— R O A D .— Elroy, W ls., to St. Paul, M in n., 193
miles; Minneapolis to Omaha, N eb ., 378 miles; other lines. 1.178 m .; total.
Jan. 1 1922, 1,749 miles. V. 69, p. 1147.
In Novem ber 1883 Chloago A North Western R y . purohased control,
v iz.. $9,320,000 common and $5,380,000 pref., and in 1910 $220,000 com.
S T O C K .— Outstanding: Common. $18,556,700; preferred, $11,259,300.
Held by tho oompany Dec. 31 1921. oommon stook and sorlp. $2,844,207
preferred stook and sorlp, $1,386,974. Preferred stook has a prior right
to non-oum. dividend of 7% , but oom Is never to reoelve more than pref.
L A T E D IV S .— 1’99. ’ 00. ’01. 02. ’03. '04. ’05-’ 16. ’ 17. '18. ’ 19.*20-22
5
8
0
0 7 y ’ly 6
5
5 5 yrly
omraon.............. J 3 1 4 5
B O N D S .— Superior Short Line R y. 5s. V. 92. p. 954, 1310.
N orth Wise. 1st 6s, due 1930, are exchangeable at option o f holder at any
time, $ for $. for consol. 6s. V. 08. p. 521: V. 77, p. 2389.
The $6,070,000 St. Paul A Sioux C ity 6s matured April 1 1019 and wore
replaced bv $0,070,000 Consols, o f 1880. V. 108, p. 877, 977. This made
the disposition o f the $30,000,000 Consols Doc. 31 1921: (a) Outstanding
8% bonds, $24,433,000: 314 % bonds, $3,734,000: (b) reserve to retire under
lying bonds, and for now lines not to excood $15,000 por mile, $1,833,000.
O f the $13,900,000 debentures ($15,000,000 authorized), $9,200,000 aro
plain and
700,000 are “ stamped” as subject to income tax. V. 101,
p. 1806. A ny increased mtgo. (except for extensions) must secure deben
tures. V. 94, p. 278. 487, 1316; V. 95. p. 812; V. 90. p. 1421. 1550: V. 98.
" ooo* V. 101, p, 129.
Equipment trusts Issued to Dlroctor-Oonoral for rolling stock allocated
to this company. See artlclo on pago 3 and V. 113, p. 1359.
Nov., 1922.]
RAILWAY STOCKS AND BONDS
39
40
EAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 6]
Miles
Date
Road Bonds
C h ica g o Terre Haute & S E— Stoois_________________
Bedford Belt first mortgage, not assumed (guar)-z
5
Sou Ind 1st M g (see text) not assumed (g u ).G P .zo*
242
1 s t* R e f M 520.000,000 goall 107H (g u )-IC .x o * A r»
361
Income M $6,500,000 oall par (cum) (g u a r )____ FCx
361
Equipment gold bonds due $40,000 seml-ann____ x
do
do
(locomotives) $10,000 ann_________
C h ic U nion S ta tio n — 1st M g gu pA i red .IC .y c’ A r*
Chicago Utilities— Common stook *18,794,000--.
Pref stock 5% non-cum *30,475,000-.....................
1st M ser A g 1st lien $20.000,000-Usm.xc*Ar*
do Ser B g 2nd lien $4,000.000____ Usm .xc*Ar*
Chicago & Wabash Valley R y — See Chic. Ind. A Liou lsvllle
Chicago & Western Indiana— Stook (see t e x t )______
General mortgage gold sink fund sub] to call 105-xo* 57*83
Dons M *50,000.000 g ........................__IC .xo*A r*
First and R ef M *200,000.000__________ Ba xc* & r*
15-yr. coll. tr. s.f. bonds red. 102)4. $7,OOO.OOOBaxc*
15-year collateral trust gold notes__________________
do
do
do
_______________
C hoc & Mem— C hoc O kla & d u l l — See Ch R I & P
C in c in n a ti H a m ilton & D a yto n — See Balt & Ohio R R
C in c in n a ti Ind & W estern — 1st M $12,000,000
old redeemable on any interest day at 105 - -E q .c *
283
■quipment trust $28,000 due semi-an........ ..... Ro
do $32,000 dues-atoApr'21then$33,000-PeF c*
S
E A R N IN G S —
-GrossC. C.
Figures)
-----=-----,
1922.
1921.
— (I.-S.
Jan. 1-Sept. 30----------- $20,608,862 $20,817,151
Par
Value
1882
1902
1912
1920
1920
1920
1915
1916
1916
1.000
l.OOOAo
100 Ac
1,000
1,000
100 Ac
1.000
—Net, after Taxes1922.
1921.
$2,842,389 $1,145,642
$1,520,078
$871,684
$660,732
$690,195
a Covers operations for 10 mos., M ar. 1-Dec. 31. b Includes compensa
tion ror 2 mos., $815,603, and amount duo under 6 mos. guaranty. $2,740.O F F IC E R S .— Chairman o f Board, M arvin Ilughitt; Pros., W . II. Finley;
V .-I s ., A . W . Trenholm, S. A . L.vnde: Gen. Counsel, James B. Sheean
Sec., J. D. Caldwell; Treas., A . S. Pierce.— (V . 115, p. 1320, 1428, 1531.)
n i g r u m . 0 .?
S O U T H E A S T E R N R A I L W A Y .—
J?,!™8 Chicago Heights. 111., to Westport, Ind., 298.09 m.; Blackhawk to Sulj ? a ’ 18-50 m .; Blue Island Yard, Illinois, 0.88 m.; Bedford to
’ v ndJaila ’ ’ 4-76 miles; 10 branches, 39.18 miles; trackage Blue
^ ar(l to Chicago Heights, Illinois, 12.47 miles; trackage to
TTerT® Haute, Indiana. 0.30 miles; total 374.18 miles
incorporated in Indiana and Illinois in Novem ber 1910 as successor of
tne southern Indiana R y . and the Ch’cago Southern R y . (both foreclosed)
per plan In V. 91, p. 337, 333. V . 97, p. 1110. A tentative valuation by the
Commission In June 1919 fix( d the cost o f reproduction at $22,347.890, and the present value less depre< iatlon at $17,561,158. V.109.P.1179.
in o stockholders and income bondholders voted M a y 11 1921 to lease
the company for 999 years beginning July 1 1921 to the O. M . A St. P . R v.
tne latter company guaranteeing principal and Interest o f all outstanding
tiom v f m f p ! 2 T 4 ? fv ' l?3,ep?1052.
P ' 25191 V ' H2> P ‘ 661’
Valua*
B O N D S .— Th e new “ Firstand R e f.” M . Is a flrstllen on about 115 miles
(consol.) mortgage on the remaining 246 m. owned. V . 91.
p. 337: V . 92, p. 596; V . 94, p. 1118.
Purposes for which $20,000,000 First and Refunding Bonds were Issuable.
Issued under plan (o f which $2,090,000 pledged for loans).......... $6,334,000
Reserved to retire So. Ind. R y . and Bedford Belt 1st M. bon ds.. 7.787.000
Reserved under careful restrictions for extensions, additions, Im
provements, acquisition of sub-company stock and bonds: A o . 5,879,000
T h®
b° nda dated D ec- 1 1910, *6.500.000, bear Interest from
JJec. l 191J at 5% per annum from net earnings (determined as provided In
tne m ortgage), payable if earned, but cumulative to extent not paid. The
Incomes have at all stockholders’ meetings one vote for each $100 par value
the condition and manner o f casting such vote being fully stated in the m tge
r i7 w ° n
seml-aumiaMv Dald SeDt.1911 to M a r. 1913 Inch.
1>4% paid Sept. 1913; then none till March 1 1917: to M ch. 1 1920,1M %
P-®-*- I ” A u g -1919 paid 1 \ i% on account o f coupon
N o. 15 due March 1 1915, and In M arch 1920 paiof 1 H % on .account of
coupon N o . 16 due M arch 1 1915. On Sept. 1 1920 paid 1 H % on account
45Tu/d'/o N ° v 15 I '^ p ^ T 'P O 19r3 l
ln
1®22 paid coupons Nos. 44,
A O F F IC E R S .— Pres., M . j . Carpenter; V .-P ., F. O. Wetmore; Treas.
A . G . Loomis; Sec., VV. F. Peter.— (V . 115, p. 1320, 1531, 1941.)
- C H I C A Q O 'U N IO N S T A T IO N C O .— Incorporated In Illinois. Owns
Old Union Station and is building extensive new terminals covering 35 acres,
co onSn SLS*Z’990,000.; Capital stock authorized, $3,500,000; outstanding.
$2,800,000, held ono fourth each by Pennsylvania Co., P . O. O. A St. L.
hlc’. P - £ 9 ' R R - and Chic. M ilw - & St. Paul R y . Tho station
win be used by the four proprietory companies and tho Chicago A Alton R R .
lh o company has entered Into an agreement with the Post Office Dept, for
the construction o f a $4,000,000 P. O. terminal in Chicago. V. l l l . p . 1851.
s ^ n n n C^™P«£ ?L iiatS ASiS77 d v*5^,’002%000 first mfc8e. bonds o f which $30,cVc’onn nnn Swles A 4 H % bonds, $6,150,000 are Series B 5% bonds, and
S16,000,000 are Senes C 6 H % , bonds.
Authorized issue, $60,000,000.
I he bonds are guaranteed, principal and interest, by the four proprietary
companies. Series A bonds aro redeemable at 105 on or after Jan. 1 1921;
Series C redeemable at 110 on or after Jan. 1 1935
See V 103 n 60
n t7, 1 M t J i
180. 1836; V . 114, p .V ie s T * Balance sheetPas o f
P®c’ 31 1?,21A?kX ' 1rlf*’ P ’
T PF®5-' ,j - J- Turner; V .-P ., E. D. Sowall;
P 72?542} '868h 988TreaS” ° '
Sturgis’ ° ffico- Chicago, 111.— (V . 115,
CHICAGO U T IL IT IE S CO.— Incorporated in Maine April 9 1912 to
P.938. 939, 1386; V .9 4. p.350) the Illinois Tunnel
O o . M d Chicago Subway Co. foreclosed. V. 94. p. 911. 1056 1118: V . 96
p. 652. 1089. Reorg. per plan o f Oct. 2 1911 (V . 93, p. 938, 939. 1386.).
There is owned by subsidiary companies 61 miles o f tunnel, designed for
narrow gauge electric motors and cars, for the transfer o f freight between
r t n l £ ™ n h raiLroa^ .
CR? ° f Chicago and to and from the
downtown business district and between business houses; seo V. 86, p. 720;
®7' P ; 1357. , J ho equ im n en tof the (unprofitable) telephone property
was sold. V. 103, p. 1121, 758. 1301; V. 101. p. 369. April 1915
coupons unpaid. V . 100. p. 1256. 1751.
v
v
When
Payable
3.675.000
196.000
231.000
5g
**
5g
Last Dividend
and Maturity
115.
Places Where Interest and
Dividends are Payable
A J July 1 1938
1st N a t Bk. N Y or Ohs
A A Feb 1 1951
do
do
A D Deo 1 I960
do
do
See text. Deo 1 I960
do
(as earned)
A A O April 1923
do
do
J
& J T o July 1 1923
do
do
J & J July 1 1963
N Y .PaR R C o;O h I,IH T rA 8
A
A
O Apr 1 1942
Apr 1 1942
100
5.000.
0006
1.000 2,001.000
6g
Q— M
1.000 Ao 47,998.667
4g
J A
J
1.000 Ac See text
M A S
500 &c 7.000.
0007 X g M A
S
1.000 Ac
6g
7,911,000
A & O
1.000 &c
990.000
6g
M & S
Fed l compensation accr'd
b$3,555,800
$4,934,790 $4,935,700
.......... .
„ 181.125
82,446 (net)275,892 (not)268,135
----- - —
2,478,531
2,405,763
2,282,180 2,260,474
In terest-788,151
788,151
788,151
788,151
Common dividends (5 % )
927,835
927,835
927,835
927,835
Balance, surplus..-def.$2.001,663
Rats
%
$100 $4,172,995
250.000
5
4g
7.287.000
4.554.000
5g
6.336.000 8ee text
5
40.000
5
20.000
See text See text.
100 18.794.000
100 30.475.000
1912 1.000 Ac
5,974.900 „
5*
1912 1.000 Ac
See
4.000.
000 text
1898
1901
1910
1910
1913
1913
R E P O R T .— Report for calendar year 1921 in V . 114, p. 2U3i>:
,,
1921.
a ----1920.
1919,
iw
io.
1919.
1918.
Operating revenue?------ $28,137,408 $26,489,817 $27,732,018 $24,829,981
N et, after taxes, A c$2,065,349 $1,290,230 $3,101,078 $2,651,912
N e t oper. lnc. (FederaD---------------------2,624,720
Other Income___________
"308,629
— ~—
---------229,8-18
Gross income----------- $2,373,978
Amount
Om
nding
[V ol .
See text
Deo 1 1932
July 1 1952
Sept 1 1962
Sept 1 1935
Oct 7 1935
Sept 1 1935
April 1915 coup not paid
do
do
Chloago
J P Morgan A Co.
111 Tr A S Bk.Ohlo;
Bankors Trust Co,
Bankers Trust Co,
Bankers Trust Co,
Bankers Trust Co,
N Y
ANY
N Y
N Y
N Y
N Y
M A N N o v 1 1965
N Y , Equitable Trust C o
F A A Feb ’23-Feb ’ 26
do
do
A A O 15 A pr '23-Apr ’26 PennOoforlns onLI ves, Ac
♦~95«J¥ly i 5 Ap.21 tbo asscts
the company, pledged under Its Indenture
J?, V?e H '
& Trust Co. dated June 1 1914, were sold at public
auctimi p° 292 J' Dunbam> representing J. Ogdon Armour, for $750,000.
E A R N IN G S .— Since 1913 no Incomo from subsidiary companies. The
results or operation during the past eight years have produced deficits as
«°Qp °fro
• *62,576; 1914, $11,100; 1915, $25,661; f916, $28,411; 1917.
*86,550; 1918, $75,226; 1919, $85,880; 1920. $174,420. Seo V. 111, p. 1275.
J , . ■ i u w ' 9racy: Sec., L. J. Gundlach; Treas., L . P . R a y. Chicago
office. 754 W . Jackson Boul.— (V . 113, p. 292).
W E S T E R N IN D IA N A R R .— Owns a valuable tormina1
o ♦ r<i
entrance Into Chicago to the roads named below.
£?■ “ P0® c*Scn<1 5 om Dearborn Station. Polk St., Chloago, to Dolton. 17 m.;
»lio to Indiana State line, 10 m.; to Cragln, 21 m., and to South Chloago,
5 m.; total, 51 m.; total track. Including 2d. 3d, 4th tracks and sidings, 5f0
m.; also owns real estate, car yards, warehouses, elovators. &c. The
clearing yard embraces 1.810 acres.— V. 105, p. 388.
stat*?n torminal properties. Including the “ Dearborn StaC0I}nectlng tracks, are usod for freight and passonger business
^ f 808
have been In force for many years) by the
WMteSfrndSSS'BMR’ "h ic h own a llt h e capital stock o f the Chicago A
Wwtern Indiana R R . Oo. ($1,000j000 each), viz.: Chic. A Eastern Ilflnoli
S d k V l n R R fir ? L ^ laV ' iev?{ ^ ’ Grand Trunk Western R y .. Wabash R y.
£ R V°*°r Th5 A tc h. Topeka A Santa Fe R y . C o. also uses these
prmmrtkm^te'maintenance* A c * ''0" " ,eaae at * f,xod annual rental, p lu s.
“ Belt R a ilw a y " division, including the clearing yard UDon which
7u:
H ^nnding M tge. bonds (m ostly pledgod to socuro“ ?io l^ y o a r
7H % collateral trust sinking fund bonds o f 1935 are a first lion. Is onerated
under a 50-year oxclusivo louse by tho Belt Railw ay Co. o f Chicago all o f
whose stock is owned b y tho following 12 roads: Pennsylvania C o., Atchison
Topeka A Santa F e R y . C o., Illinois Contral R R ., C o., Chicago BurlingrQ niniCyT>I?>R o 0 o ’ v 9 h!9aB° Ro,ck Island & Pacific Ry. Co., Chesa
peake A Ohio R R . Co. o f Indiana, Minn. St. Paul A S. S. M . R v ., Chic. A
S®8*- 111-RR., Chic. Ind. A Louisv. R y ., Erie R R ., Grand T r. West. R y.
nrinr^rn
ReR R7 •
19.4’ P- 1488; V. 105, p. 388) Is merely an
operating company, owning no mileage. Tho lease to the Bolt Railway
Co. provides for an annual rental, o f which at least $798,899 Is payable
directly to the trustee o f the First A Refunding M tg e. In monthly installments, this payment to be Increased from tim e to time by an amount equal
to the interest on all obligations Issued for Improvements to the "B e lt
Division ; also a further $159,000 yearly for sinking fund.
D IV ID E N D S .—
/ *95. ’96. ’97 ’98 .’99. 1900 to 1921.
6
Bei oent ....................................... ( 7 H 6
6
6
6 yearly
BO N DS.— The General M tg e. bonds are drawn at 105 and Interest.
.J ? ,L w e Ooi?s°b ,4 s o f 1902 (auth. Issue $50,000,000). sufficient are referved to retire General 6s. V .8 7. p. 36. 1604, 1603; V. 88, p. 100, 374:
“ . ------------V - l f p.862i
b 1668: V" .9 7 .P
i425: V.98. p. 235, 452:i; V^i04,
Of, the
(S200,000,(M)0 auin.
auth. issue;,
Issue), wnn
with lnreresi
Interest
7 . 1st
. A
.r Ref.bonds of 1912 niuu.uuu.uuu
»d 6% , *50,000,000 wore reserved to refund existing bonds,
IfiO.OOO.OOO for additions and Improvements to tho Bolt division. Including
Chicago Union Transfer R y .. Tor $4,400,000. and $100,000,000 for new
terminals and other Improvements. There are $22,250,000 o f these out
standing, $10,500,000 being pledged as security for tho 15-yoar collateral
slriklriK fund bonds and the balance being held by tho U. 9. and the
Belt R y . C o., as collateral. N o additional First A Ref. bonds can be
issued until the aggregate annual rentals payable above all operating
expenses, taxes, A c., shall equal the interest, including bonds proposed.
1 he leases provide that tho five owning companies will Jointly and severally
pay the Interest on tho $22,250,000 bonds, also a furthor $159,000 yearly
®_“ n'Wns fund until $22,250,000 has boon redeemed. V. 101. o 693
448: v . 100. p. 1671: V. 105. p. 388.
P
'
Th e holders o f tho $15,000,000 7 % notes dated Sept. 1 1917 and extended
to Bent. 1 1920 wore offered a plan whereby tho holder or each $ 1 000 note
would be paid $500 In cash and would receive $500 In now 15-Year 7 U %
Collateral Trust Sinking Fund bonds. The Belt R y. Co. agreed to accent
5.Year «? ?
®>v000',000
,no,tC8 bold bV » ® Uko amount o f now
i f s u nnnnm nns;n
PIan was declared operative In Oct. 1920. holdors
or $14,000,000 notes having assented. V. I l l , n i k « k
The bonds are
m e n ^ h a 7 e V ° ’500’0.00M,St * tre,f,
5 % ,,onda- Series " A " Arranged
™
been mado through tho medium o f a special sinking fund for the
» Vn4X?n*r S lal' thS bond3 before maturity (compare V. 111, p. 791: V. 112,
not oVon m o u lldSiiirl; to bo.P 9 rcbased In tho market by tho sinking fund
for paym ent“ n 02H V 111 d ,no7f9° btainabl« at that price, shal bo called
Bond application, V. l i l , p.’ g89.
'
^dulpment trusts Issued to Dlroctor-General for rolling stock allocated
to this company. See article on page 3.
^A >
,C
,^rJ l!rleT}t ^oaTl
O. Commission on Aug. 14 1920 granted the
company a loan o f $8,000,000 for 15 years at 6 % . to bo secured by a part
o f the company’s 1st A Ref. M tge. bonds. Series A .
Pres., if. G. Iletzlor, Chicago: V .-P ., K. II. Lee- Hoc. A Aud., It. L . Porp i ^ o T ” J'
M u rp b y ’ Office. Doarborn Station, Chicago.— (V . 114.
I,ho
C IN . H A M IL T O N & D A Y T O N R Y .— See B. A O.— (V . 110, p. 261.)
C IN C IN N A T I IN D IA N A P O L IS & W E S T E R N R R .— Owns Hamilton.
SPr J?8fiold, III., 283 miles; Molchor to Brazil, Ind., 25 miles; track
age it. A O. for passonger trains Hamilton to Cincinnati, 25 miles; other
trackage, 13 miles; total operated, 347 miles. On Doc. 1 1915 succoodod
Cincinnati Indianapolis A Western Rg., foreclosed and reorganized indopendontly o f Cin. Ham. A Dayton Ity., per plan In V. 100. p. 2084: V. 101,
"• 47. 1552; V . 102. p. 250; V. 103, i>. 1786, 1888; V. 104, p. 361, 2451;
■ tr’
p - 72. ^ SIdolI A Olnoy was sold for $200,000. V. 108, p. 1722, 974;
y . -106, P- 2559, 2230; In 1922 purchased 25.76 miles o f road o f tho Chicago
A Indiana Coal R y . V . 115, p. 1099.
Nov., 1922.]
R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 6]
Liles Date
Road Bonds
Cincinnati Inter-Terminal R R — 1st prof stk (see text) Text
76
Cincinnati Lebanon & North 1st con g g u p A 1— xc*
29
D ayton Lob A Oln R R A T — First M g call 105 ass'd.
Cln Sc Musk Val— See Cleve Akron A Clnolnnatl R y .
Cl a New Orl & Texas Pac— Common stook {3.0)0.000
Preferred stook (aAd) 5% cumulative $3,000,000-.
Equip trust Her D duo $90,000 s-an_________________
Equip trust Series E due $05,000 semi-annually____
Equip trust notes duo $63,800 ann---------------------G
C in cin n a ti N o rth e rn — Capital stock------------------1st M $3,000,000 g o ld ......... ..................CI.xc*Ar
206
Equip trusts due $43,000 annually____________ k.c*
Clearf’ d & Mahoning— Stook 6% rent $1,000,000 autk
First mortgage gold guaranteed B R & P ._Q .x o *A r
26
Cleveland Akron St Cln— Stook $12.000,000------------Olev Ak A Columbus gen M (now first) g o ld -----c*
137
First oonsol. mtge $4,000,000\guaranteei p A1 end
gold slaking f u n d _______ } not guaranteed.xc*
Oln * Mask Val 1st M $2,000,000 g gu s f ____ F.xo*
148
Cleveland Cincinnati Chicago & St Louis— Com stook
Preferred stook 5% non-oumulattve___________ ____
Refunding Sc linpt M tg e Sor A callable 103 G .c *A r* 1.827
do
do
Sorios B & O— see toxt.
Underlying Ronds—
Cincinnati Indianapolis St Louis A Chicago
Gen 1st M $10,000,000 g s f not drawn.-Ce.xo Ar
Ol Col O & I Gen oons M ($12,000,000) g .U s . x o * Ar
391
Olev Cln Chlo & St L White W at Val D v 1st g-Ce.xo*
62
Mpr & Col DIv (Col Spr ds Oln) 1st M g o ld .. .Ce.xo*
45
269
Cairo Division 1st M $5,000,000 gold_____ Ce.xo*
St Louis Dlv ooll tr gold_________________ Ce xo&r
194
Clnotn W ab A Mioh Dlv first mtge gold___Us.xo*
204
Gen M 100 years for $50,000,000 gold____B a.zo*A
1.021
do
Series B ___________________________ 1.021
Oh I & St L S L 1st M $3,000,000 gold gu Ce.xo* &
44
Springfield D lv lien hold by Peoria A East R v _____
136
Debentures secured by mortgage o f 1919 -_G c *A r*
Debentures_________________________________________
Big Four R y equip trust due $373,000 yearly G .c*
ao do equip trusts g guar duo part yea rly____
do do equip trust duo $237,000 yearly .
c*G
} 187{
1902
1914
Par
Value
Amount
Outstanding
Rate
%
$425,000
1,290.000
300,000
4
4K
6 B
$100
1,000
500 Ac
100
100
1.000
1916
1.000
1918
1920 100-1000
1901
1915
i§93
1887
1900
1900
1898
1919
1886 1.000 Ao
1,000
1884
1,000
1890
590 Ao
1890
1.000
1890
1890 1,000 Ao
1.000
1891
1.000
1893
1.000
1893
1.000
1903
1890
1.000
1911
1910 500$fr Ao
l.OOOAc
1914
1.000
1915
1 000
1917
B O N D S .— The now mtge. Is limited to $12,000,000. See table.
Equipment trusts o f 1916. V. 102, p. 521, 1346, 1435.
E A R N IN G S .—
------------- Gross---------------------Net after Taxes-----(I.-S . C . C . figures.)
1922.
1921.
1922.
192T.
$232,390 def$580,849
Jan. 1 to Sept. 30.......... $3,078,002 $2,690,261
R E P O R T .— For year ending Dec. 31 1921: Gross, $3,716,572; net,
after taxes, def., $585,920: other income, $855,909; deductions, $381,643;
bal., def.. $111,654. V . 115, p. 70.
O F F IC E R S .— Pres., B. A . Worthington: Sec., F . J. Goobel; Treas.,
W . R. Hixlor. Office, Indianapolis, Ind.— (V . 115, p. 70, 307, 868, 1099,
1729.)
C IN C IN N A T I IN T E R -T E R M IN A L R R .— Owns a road 0.6 m. In length
connecting the Chesapeake Sc Ohio bridge and the Cln. Ham. & Dayton
terminals. Controlled by Chesapeake & Ohio R y. Common stook. $10,000
In $100 shares, Issued for purpose of control. There Is authorized $1,000,000 o f first pref. 4% oum. stook seoured by mtge. to the Union Savings Bank
A Trust Co. of Clnolnnatl, as trustee, and rentals paid by Ches. Sc Ohio and
Louisville & Nashville, and subject to call on any Int. day after Feb. 1 101 fi
at 105. V. 79. p. 212; V. 80. P. 1728. 2398. 2620. Pres., Chas. E. Gra
ham.— (V . 80. p. 2620.)
C IN C I N N A T I L E B A N O N St N O R T H . R Y .— Owns Cincinnati. O .. to
Dayton. 55 m.; from M iddletown June, to Middletown, O.. 14 m.; Hemp
■tead to Clement, O., 5 m • branch, 1 m. V. 99. p. 1831; V. 100, p. 139.
Stock, $2,100,000, owned by Penna. Co. V . 75, p. 980: V . 100,p. 53.
D lv. o f 3% paid in 1906, ’09 A ’ 10; ’ l l A '12, 4 % : v13. 5% : '14. 3 % : '15,
nono; '16, 4% ; 1917-1921, nono. V. 99, p. 53. The $1,290,090 1st cons. 4s
are guar., p. & 1., by Ponn. Co. V . 77, p. 86; V. 98, p. 610. Cal. year 1921:
Gross Income, def.$154,291, deductions, $103,111, not income, def.$257,402.— (V . 100, p. 900.)
C IN C I N N A T I N E W O R L E A N S St T E X A S P A C IF IC R Y .— Operates
Cincinnati Southern R y ., owned by city o f Cincinnati. Cincinnati to
Chattanooga, Tenn., 336 miles; trackage, 2 miles. Owns entire stock
o f Harrlman A Northeastern R y ., 20 miles, operated separately. V.
77. p. 1743. In 1901 lease was extended 60 years to Oct. 12 1966
rental under renewal to be $1,050,000 yearly for first 20 years, then
*1,100,000 for 20 yoars; thereafter $1,200,000. V 73, p. 722; V. 74. p. 12.51:
V. 95. ]). 1402. Guaranty o f Interest o f C ity o f Cincinnati bonds as addi
tional rental, V. 112. p. 161; V. 114, p. 2468. Pref. stock has no voting
power. V . 74, p. 528, 829.
D IV ID E N D S .— f '07-T0. ' l l . '12-T5. '16. '17. '18. '19. '20. '21. '22.
C o m m o n .............. %\
5
8 l l y ' l y l 2 ) 4 13 13 13 13 12 text
Dividends on common stock semi-annually (J. & D .), 3 % , and from Dec
1916 to Dec. 1920 paid 3)4 % extra in June and Dec.: In June 1921 paid
'2f t % extra; Dec. 1921 ana Juno 1922, 3 )4 % oxtra. M a jority o f common
stock is owned b v 8. W . Construction Co., which in turn is controlled by
Ala. G rt. Sou. R R . V. 61, ]). 26; V. 65, p. 1173.
Equipment trusts Issued to Director-General for rolling stock allocated
to this company. Soo article on page 3 and V. 113, p. 1470.
E A R N IN G S .—
------------- Gross---------------------Net after Taxes-----(I.-S . C . O. figures.)
1922.
1921.
1922.
1921.
Jan. 1 to Hipt. 30............$11,828,027 $12,921,233 $1,446,035 $1,306,915
R E P O R T .— F or 1921, In V . 115, P. 1425, showed:
Oth.Inc. Rents,Ac. Dies.
Gross.
Net.
Bal., Sur
$
$
$
$
*
$
1921 ............ 17.170,446 1,942,444
276,869 1.515,778 481,470
222,065
1920 ............ ..............*4,412,398
134,359 2,768,122 511,370 1,267,265
1919 ............ 10,313.685x3,541,039
110,043 2,249,616 511,370
890.096
x Standard roturn.— (V . I l l , p. 989, 1078, 2139: V. 112, p. 161. 2079.)
♦Includos $3,822,225 opor. Income for 10 mas., M ar.-D ec., and $590,173
Federal compensation for 2 months.
O F F IC E R S .— Pres., Fairfax Harrison, Washington, D . C .; Sec., C . E. A .
M cO aith y, N ow Y ork; Treas., Chas. Patton, Cincinnati.— (V . 115, p.
1425.)
C IN C I N N A T I N O R T H E R N R R .— (See Maps New York Central Lines.)
— Owns Franklin. O., to Jackson. M ich., 205 miles; branch, Lewisburg, O ., to quarries. 1 m.; trackage (O. O. C . A St. L .), Franklin to Cin
cinnati, 38 miles; at Jackson. 1 mile. On Dec. 31 '21 C lev. Oln. Chic. St
St. L . owned *1,777.400 o f the *3,000.000 stock and $581,000 bonds.
Equip, trusts, soe V. 101, p. 1713. Divs. M ar. 1910 and 1911. 3% : 1913
and 1913, 1 )4 % ; 1914 and 1915. nono; 1916 to 1922, 3% yearly March 1.
-------------dross------------E A R N IN G S .—
— Net after Taxes-----(I.-S . O. C . flguros.)
1922.
^ 1921.
1922.
1921.
Jan. 1 to Sept. 30______ $2,442,257 $2,872,182
$360,006
$671,537
Calendar
Operating Net (.after xAvailable
Fixed
Dividends Balance.
Year— Revenues. Ord.Taxes).
Income. Charges.
Surplus
$887,673 $325,185 $150,000 $412,488
1921..........$3,757,713 $810,418
1920.......... 3:642.728 412.709
633.705 311,318
.......... 322.387
1919.......... 2,872.269 587.552
335,971
95.323
90.000 150.648
x This Includos U. S. G ovt, compensation and miscellaneous Income.
l*ros., A . II. Smith; Soc.. E. F. Stophonson; Gen. Treas., M . S. Barger.
— (V . I l l , p. 1277. 2139, 2520; V. 112, p. 161.)
6.460.000
3,205.000
650.00(1
1,103,500
5.000,000
9.0.38.000
4 000.000
28.579.000
4,16!.000
3 000,000
5.000,000
5.000.090
9,650.181
2.084.000
920 ono
1.422.000
When
Payable
F
M
M
A
A
Sc
Last Dividend
and Maturity
Places Where Interest and
Dividends are Payable
A Aug 1 1922 2% Clnolnnatl
Penn R R Co N Y
N N ov 1 1942
Treas. Pittsburgh, Pa.
8 M ar 1 1934
J A
D Juno 26 '22 6)4
3 —M Sept 1 1922 1 )4.
J Sc. D June ’23-June’ 2ri
F A A Feb ’23 A ug '28
J & J15 T o Jan 15 1935
March M ar 1 1922 3%
J
A J Julv 1 1951
M A
8 Sept 1923 to '25
J A .1 July 1922
3%
J A J Jan 1 1943
See text Dec 1916
4%
M A S Moh 11927
F A A Aug 1 1940
F A A Aug 11940
F A A Aug 1 1918
N o v 1 1922 2%
0 — J Oct 20 1922 1)4
J A
J July 1 1929
Cincinnati
do
Guaranty Trust O o . N Y
PonCo forlns onLives, A c
4g
Q— F Aug 11938
6 g
J A .1 Jan 1 1934
J A J July 1 1940
4g
M A S Sept 1 1940
4g
J A J Jan 1 1939
4g
4g
M A N N ov 1 1990
J A J July 1 1991
4 K
4 2
J A D June 1 1993
J Sc I) June 1 1993
5 K
A A O Apr 1 1953
4K
4
A.pr 1 1940
T Tan 1 1991
4V4 « J A
.1 A D June 1 1930
4
J A D T o June 1929
6
1 A
5 g
J Julv l923-l929
6
J A D T o June 1927
do
do
do
do
do
da
do
do
do
do
do
do
do
do
do
do
do
do
Treas. office. N ew York
2.990.000 See text
2,453,400
5
630 000
4)4 g
780,000
6
893,200
6g
3.000.0 >0 See text
1.000
1,000,000
4
1,000
129.000
5g
50
900.000
6
1.900
650.000
5 g
100 9,300,090
500 Ao
1,800.000
5g
1.000
950.000
4 g
1,000
496.000
4g
1,000
1.600.000
4g
100 47,028.700 See text
100
9,998,500
5
100 Ac 15.000,000
6g
S T O C K — V O T IN G T R U S T .— Capital sto<k auth, common. $7,500,000
5% non-cum. pref., $7,500,000. Par $100. Tne 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 II. Ecker, George K . Johnson, II. F. W h it
comb, L . Edmund Zacher, J. A . Barboy. Equitable Trust C o., agent for
trustees.
41
RAILWAY STOCKS AND BONDS
N Y . Grand Central T e r ’!
Guaranty Trust Go, N Y
Commercial T r Co Phila
Cheeks mailed
36 Wall Street,New York
Treasurer, Pittsburgh,Pa
Winslow,Lanier A C o.N Y
do
do
do
do
Penna R R Co N ew York
Treas office. N ew York
do
do
do
do
Treas office N ew York
Morgan. HarJesAOo, Paris
Guaranty Trust Co N Y
<'ornm T r Go. Ptiiladel la
Guaranty T r. Co. N . Y .
C IN C IN N A T I RICHM OND St FORT W A V N B R R .— Owns from Itlchm m d , Ind., to Adams, Ind., 86 miles; leases 5 miles o f P. F t. W . Sc O.
N ow operated by Grand Rapids & Indiana R y . Rental, net earnings.
Int. Is guaranteed by the Pennsylvania Co. and Pitts. Cln. Chlo. & St. L . Co
Jolntlyfthe P. C. C. & St. L . taking the nlaoe of the Cln. Ham. Sc Dayton
in 1883). Stock. $2,186,600 (par $50); Penn. Co. owns $1,287,850. The
$1,800,000 bonds outstanding are owned by the Penn. Co.
C IS C O (T E X .) & N O R T H E A S T E R N R Y .— (V . 114, p. 737.)
C L E A R F IE L D Sc MAHON I NO R Y .— (See M ap Buf. Roch. A P itts.) —
Owns road, completed In 1893, from Du Bols Jot., Pa., on Buf. R . & P.. to
tllearSeld on Beecn Creek R R .. 26 miles. Leased during corporate existence
and renewals thereof to Buffalo Rochester A Pittsburgh— whloh 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. & I., by end.— (V . 89. p. 1141.)
C L E V E L A N D A K R O N & C IN C IN N A T I R Y .— (See Maps of Pennsyltania R R .)— Owns from Hudson. O , to Columbus, O.. 144 miles; Klllbuok
to TrlDway. 34 m.; Morrow to Trlnway, 148 m.; Apple Creek branoh, 9 m.;
total owned, 335 m. Owns a fourth Interest In Akron & Barberton Belt
R R .. 24 m.. and half Interest In Zanesville Term R R ., 5 m. V. 76, p. 435.
A consolidation July 1 1911. Pennsylvania Company owns $9,290,300
o f 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
F irs td iv ., 2% . paid Sept. 25 1911; in 1912, 6% (M . & S .); 1913, M arch, 3% ;
1914 and 1915, none; 1916, D ec., 4% ; none since.
O f Cleveland Ak. Sc Col. 1st Oonsol. gold 4s o f 1910 (Commercial T r. C o.,
Phila., trustee). $950,000 are guar., p. & 1.. by the Penn Company.
V. 71. p. 390; V 76. p. 653; V . 77. p. 1746. 2280.
Penn Co. also guarantees Oln. Sc Musk. Val. bonds; see form , V . 76, p.
643.
C L E V E L A N D C IN C IN N A T I C H IC A dO & ST. LO U IS R Y .— (See M aps
V. V. Central Lines.)— R O A D .— Radiates from Indianapolis, Tnd..
westerly to Chicago, Peoria, Cairo, 111., St. Louis, easterly to Sandusky.
Cleveland, Columbus and Clnolnnatl, O.. and southerly to Louisville.
Main Line owned—
files.
Proprietary Lines—
M iles.
Cleveland to Springfield, O ____ 183 Cincinnati L aFayette A Chicago
M iam i C ity Jet. to Ludlow
R R .........................................
57
Grove, Ohio_________________
46 Vernon Greensburg & RushGallon, O., to Indianapolis, Ind. 203
ville R R . . ...................
44
Columbus Hope Sc Greensburg
Cincinnati, O., to LaFayotte,
R R .........................................
24
I n d ......................................... 170
Findlay B elt R y _______________
1
Indianapolis, Ind., to East St.
Louis, 111............................... 219
T o ta l proprietary lines______
126
Cairo to Danville, 111__________ 260
Springfield, O., to Indianapolis,
Leased Lines—
I n d ......................................... 136
Cincinnati Sandusky Sc C leve
Benton Harbor, M ich., to Rushland R R ................................. 170
ville. Ind ............................... 204
Evansville M t. Carmel A
Northern R y ________________
33
T o ta l main line owned______ 1.451
M t. Gilead Short Lino R R _____
2
Branches owned—
Delaware to Springfield, O ____
50 Central R R . o f Indianapolis________
Hillsboro to Lenox, 111_________
56
Tota l leased lines___________ 205
Harrison, O., to Hagerstown, Ind. 63
Fairland to Martinsvdle, I n d . .
38
Line Operated Under Contract—
O t h e r __________________________
34
Peoria & Eastern R y __________ 201
T o ta l branches owned______ 241 Trackage rights________________ 187
T o ta l main line and branches
Total mileage operated______ 2,411
owned_____ _________ ________1,692
H IS T O R Y , Ao.— A consolidation of the Cincinnati Indianapolis St. Louis
A Chicago Railway Co., the Cleveland Columbus Cincinnati A Indianapolis
Railway Co. and the Indianapolis A St. Louis Railway Co., made In July
1889. per plan in V. 48, p. 427. O f the com. stock, $30,207,700 was on D ec.
31 1921 owned by N . Y . Cent. R R . V. 72, p. 88; V. 82, p. 749, 191213 purchased subsidiaries (V . 95. p. 418. 890, 1472: V . 97, p. 1114, 1821.
The oompany Is also one-eighth owner of Peoria A Pekin Union R y .
(through the Peor A East. R y .). one-fifteenth owner in Terminal R R .
Association of St. Louis, and two-fifths owner of Indlanap. Union R y ., and
art owner of Cent. Indiana R y ., Cent. Union Depot A R y . of Cincinnati,
nlon Depot of Columbus. Dayton Union R y ., Dayton A Union R R ., Munele Belt R y ., operated independently.
Th e company in April 1921 received authority from the I.-S. C . Commis
sion to acquire the Evans. Ind. & Terre Haute R R . stock. I t is proposed to
operate the property as the Evansville Division o f the co.— V. 112, p.
932, 1399. 1977.
Th e directors on Dec. 14 1921 authorized the making o f an offer to pur
chase the stock and the 4% income bonds o f the Peoria Sc Eastern R y . on
the bisis o f one $1,000 4)4 % first mtge. bonds o f the Evansville M t. Carmel
A Northern Ity., due 1960 (guaranteed by the C. C. C. Sc St. L. R y .), for
60 shares o f Peoria Sc Eastern stock, and one $1,000 4 )4 % (guaranteed)
first, mtge. bond o f the Evansville M t. Carmel & Northern R y . for throe
$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
soo N ew Y ork Central R R . below and V. 114, p. 1286; V. 115, P- 435, 1428.
Tentative valuation, $164,163,012, as o f Juno 30 1915. V. 115, p. 1531.
D IV S.
1 '09. ’ 10. ' l l . '12. '13. 14-'15. '16 '17-’20. 1921. 1922.
Oom.......... % ) 2
2
0
0
0
0
0 0
O S o e
Pref.......... %J 5
5
5
5
3J*
0
2)4
5
5
text
Divs. on pref. stock July 1916 to O ct. 1922, 1 M % quar. (5% per annum.)
Payments on common stock were resumed June 15 1922 with a payment
o f 2% ; N o v . 1 1922 paid 2% .
B
42
KAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 6]
S ieve. C in e. C h ica g o & St. L ou is {Con.)—
Other equipment trusts (see t e x t)_______________
Central Grain Elevator 1st M assumed_________
Obligations o f Proprietary L in es .
Cincinnati Sandusky A Cleveland— Preferred stook.
Consol (now first) m tge J3.000.000 co ld _.A B .zo
Central Indiana 1st M (guar Vi o f $1,500.000). Ce.xf
Evansv M t Car Sc N o 1st M $5,000,000 gu O .x c’ &r*
Louisville A Jeffersonville Bridge 1st M— See thatCo
Indlanap Un R y Gen A R e f M $10,000,000 See text
Cleveland Columbus Cincinnati & Indianapolis— Cleve
C leve L o ra in & W h e e lin g — See Baltimore fit Ohio
Clave & M V — Pref stk 4 V i% cum ($2,851,800 auth)
Cons M (now 1st) $3,000,000 g . _ .............. Ce.xc&r
Cleve & M ar— See Toledo Columbus A Ohio R lv . R y.
Cleve & Pittsbu rgh— Stook 7% guar bv Penn R R Co
Special betterment stook $28,738,135 authguar4%
Gen M $10,000,000 g o ld ._F l Series A A B .........xo*
Guaranteed prln and lntlSerles B lnt reduced.x
(endorsed) Penn R R .J S e r le s C A D _____ xo*
C levela n d S h o rt L in e — See N ew York Central R R
C levela n d Terminal & Valley— See B a l t * Ohio_____
C oal & Ir o n — See Western Maryland. Coal River Ry
Colorado fit Southern— Common stook $31,000,000___
First preferred 4% non-oumulatlve $8.500,000____
Second preferred 4% non-cumulatlve $8,500,000..
First mortgage gold $20.000,000................Eq.zo*
Ref A Ext M $100,000,000 gold red 101 ..C e .x o »A r»
Eq tr N o 19 (U S R R Adm ) due $70,000 ann____ G
Equipment tru t o f 1922____________________________
Lines Conlroilea by Ownership o f Practically Entire
Ft Worth St Denver C ity 1st mortgage gold- Ba-zc*
„ Eq tr Ser O $56,000 s-a red aft M ay '20 102>4 . FP
Eq tr N o 20 (U S R R Adm ) duo $33,900 ann_____ G
Equipment trust o f 1922--.
Ft W St D env T er R y IstM $2,500,000 call 105 Base
Col Sdks St CriD Cr D Ry (See that com pan y)______
x Series " A , ” J & J; " B " A & O. y " C " . M fit N ;
Miles Dale
Road Bonds
Par
Value
j Amount
Outstanding
$17,851,780
110.000
___ 1905-6
... ....
170 1888
118 1903
1910
—
and I
HR
123
___
___
205
205
205
$50
1,000
1,000
428,997
2,571,000
750,000
2,118,000
Rate
%
When
Payable
5
M
8
5g
4g
4Vi 8
M A N
J & J
M A N
J Sc J
fit
[V ol. 115.
Last Dividend
and M aturity
N
N ovi
Jan 1
May 1
July 1
1922 3% Treas office. N ew York
1928
1953
I960
(A ll owned by B ig Four)
____T
f
n
■T Ar J
5g
adlana DOllf St Louis fit Chi cago— Se e Clcvela nd Cincinnati C hloago A St Louis
____
50
None
A St O
4Vi
See text
1888 l.OOOAc 2.936.000
5g
See text. Jan 1 1938
Winslow, Lan A C o „ N Y
____
50 11.228.500
7
Q— M Dec 1 ’ 22,1 *4% Winslow. Lan A Co. N Y
—
60 17,893,400
4
Q— M Doc 1 1922 1%
1892
1,000 4.288,000
4H g
X
Jan A Oct 1942
1892
1,000
319,000
3 H f A A O Oct 1 1942
’98-00
1.000 3,769,000
3 Vi g
194S-1950
do
do
7
—See Chesap eake fit O hlo.
___ ____
100 31.000,000 See text. See text. Deo 30 1922 3%
___ —
100 8*500,000
4
J fit D Dec 30 1922 2%
___ 1882
100 8,500,000
4
Doc
Doc HO 1922 4%
1.011 1898
1.000 19,400.000
4 g
F A A Feb 1 1929
Text
1905
100 Ac r28.978.900
4 H g M A N May 1 1935
—
1920
6
910.000
.1 & J 15 T o Jan 15 1935
1922
1,000 1,425,000
M fit N M a y l 1937
5 Vi
Capita l Stock
1,000 8.176.000
454 1881
5Via J St D Dec 1 1961
1,000
—
1915
392,000
M & N M ay 1 1925
4Vi
1920
410.700
6
J & J 15 T o Jan 15 1935
1,000
___ 1922
750.000
M A N M a y l 1937
5 Vi
. . . 1907
1,000
300,00b
6
J fit D Dec 1 1937
‘ D .”
Places Where Interest and
Dividends are Payable
F & A.;
Office 26 Liberty, N Y
do
do
do
do
Guaranty Trust Co, N Y
First N a t Bank, N Y
Office, 26 Liberty St, N Y
Fidelity Trust Co. Phlla
First N a t Bank, N Y
Orrice, 26 Liberty St, N Y
r Add! tlonal $6.63 l ,370 on Dec. 31 1 921 owned or co ntrollod by the co.
R E F U N D IN G A N D IM P R O V E M E N T M O R T G A G 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.
Th e company may Issue bonds beyond $25,000,000 (lncl. $20,000,000
auth. Series “ A ' bonds), but not for over 80% o f the cost o f work done,
o r. o f property acquired and with the consent or a m ajority o f the pref. stock,
and only when the annual income applicable to interest charges out o f
18 months next preceding such issue, shall not be less than 1Vi times interest
charges, lncl. interest on bonds to be issued. Theso limitations do not apply
to bonds Issued for refunding prior liens, the European Loan o f 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 $7.219,000 have boon Issuod and are held by the company. Has also
Issued $1,052,600 Series " C " bonds.
Th e 20-Year European Loan 4s o f 1910 and the 20-Y ea r Gold Debenture
4 Vis o f 1911 are secured by the new mortgage on a parity with all bonds to
be issued therounder.
„ Th e financial plan outlined in 1919 resulted In the sale (V . 109, p
270) o f $15,000,000 o f the new bonds, to provide for paying or reducing
short-term obligations, as follows: Secretary o f tne Treasury, $3,000,000;
Director-General o f 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. two notes (one for $1,560,000 and one for
* 1 ^3,000) maturing Dec. 23 1930, and also 15 serial notes amounting to
$3,681,067, maturing to Dec. 23 1935.
O L D B O N D S .— St. Louis Division bonds, see V. 52, p. 42-45.
Th elO O -yrar mortgage Is limited to $50,000,000.
On Dec 31 1914
$17,090,000 Gen. 4s were reserved for prior liens (exclusive o f Cairo division,
Peoria Division, MIohlgan Division and the St. Louis Division west of Terre
the balance for equipment, construction and betterments, A c.,
-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 .9 8 . p. 1459: V. 101. p. 2134.
Guar. Chic. Ind fit 8t. Louis Short Line R y .. Cent Ind. R y and
6 l7 - 769- ,3 63' 2280:
As to the $9,650,181 4s sold M a y 1910, payabie In francs, and $10,000,000
4# ® 9?Lfl j n^ u" e 1011. see 7..89. p. 720, 778. 1141: V. 90. p. 1238, 1296,
a b o v e 1554:
01. P- 1710; V . 92, p. 1700. Also see “ Ref. St Im pt. M tg e .”
V G, r , r' T - (RA nav' M t ‘ Carmel & Northern R y . bonds. V . 95, p. 890.
Guarantees Jointly with other roads Gen. & R ef. bonds o f Indianapolis
Union R y .. which see. V. 100, p. 555.
Jointly with other roads covenants to pay N ew Y ork Central Lines
equipment trusts o f several issues, the amount outstanding Dec. 31 1921
°5 ?£92.unt o f equipment so acquired by the O. O. O. & St. L . being: Issue
° f 1007. *246,690: m o . $598,877; 1912, $799,451:
1913. $700,402.
V. 85, p. 1401: V . 86. d . 168; V. 88. p. 761: V. 90. p. 1677; V . 93. p. 1726.
„.
j ° intly w ith N . Y . Central and N . Y . Chicaago fit St. Louis
$12,000,000 1st M tge. 5 V i% s- f- gold bonds o f Cleveland Union Ter
minals Co. V. 114, p. 2716.
V E1061P™e2<M™V 1077, V 6958' P ' 973' 1060, 2329’ 2341: V ' 105, p ' 72:
Equipment trusts issued to Director-General for rolling stock allo
t t e d to this company. See artlclo on page 3 (outstanding In Dec. 1921,
♦4,853,800).
R eport o f Peoria fit Eastern R y . Income Bondholders’ Com m ittee as to
settlement, V. n o , p. 1742.
Government loan. V. I l l , p. 2520: V. 112, p. 161.
E A R N IN G S —
-Gross■Net A fter Taxes(I.-S. C. C. figures.)
1922.
1921.
1922.
1921.
Jan. 1-Sept. 3 0 - - - ........ $61,379,687 $60,038,893 $11,560,588 $6,744,032
R E P O R T — For 1921, in V. 115, p. 192, showed:
Year ending Dec. 31—
1921.
1920.
1919.
M iles o p erated ........ .........................
2,411
2,421
2,409
Railroad revenues
................
$79,793,593 $74,748,521 $73,856,456
Operating income (after taxes)........... $10,104,158 $7,552,444 $14,165,664
Federal com pensation.......................
..............
11,829,376
9,938,597
Other income........ .............
1.405,959
1,624,663
1,251,977
Gross corporate in c o m e ............... $11,510,117 $13,454,039 $11,190,574
Rentals o f leased lines________________
465,284
235,267
516,740
Interest on bonds, &c......................
7,541,797
5,880,769
6,637,841
Other rents___________________________
434,182
146,613
150,586
W ar taxes____________________________
185,679
164,200
Miscellaneous________________________
242,311
346,248
341,684
Item s applicable to prior period_____
100,606
3,580,184
Dividends on preferred ( 5 % ) . .........
499,925
499,925
499,925
Balance, surplus..................... ....... $2,326,617 $5,323,339
$35,005
O F F IC E R S .— Pres., A . I I . Smith; Sec., Edw. F . Stephenson; Gen.
Treas., M ilton S. Barger, N . Y .
crossings, &c. (none Issued to M a y 1922); (b) to make a modified lease for
999 years from M ar. 9 1917, during the corporate existence and all exten
sions thereof, to the Nypano R R . C o., a subsidiary o f the Erie Railroad
Go. V. 101, p. 163. Coup. Int. is J. fit 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., L im ite d ,’ ' o f London. Dividends: in 1906 to 1911.
1913, 11.20%: 1914, 11.25%: 1915. 11.40%; 1916.
11%; 1917. 11.75%; 1918, 10.75%' 1919, Jan., 2 H % ; A pril. 2 H % : O ct..
1919 to A pr. 1922, 2 % % quar— (V . 104, p. 1701.)
C L E V E L A N D & P IT T S B U R G H R R .— (See M a p Pennsylvania RR.)—
Cleveland, O., to Rochester, l*a., 122 miles; branches, Bayard, O ., to
Goshen, O., 38 m .; Y ellow Creek to Bollalro, 43 m .; branches to D over and
Valley Jet., 2 m.; trackage, Rochester to Pittsb. (P . F t. W . St C h ic.), 26
m.; other trackage, 23 m.; total, 255 miles.
. L E A S E , — Leased for 999 years 1871 to Penn. R R . C o. and since Jan. 1
1918 operated directly by that company. Rental, dlvs. on stock. Int. on
bonds and organization expenses. “ Speolal guaranteed betterment stook”
(subordinate to the original stook as to dividends only), with dividends o f
?r%„Suar-J!iy the p enn. R R ., is Issuable for Impts. V. 79. p. 2205. 2642:
o'
’ p' 6 2 * ,y .8 5 . p .1082; V . 87. d . 812; V. 91. p. 1446; V 93. p. 1785:
V .9 6 .P . 135; V. 97. p. 1425; V. 98. p. 999; V. 100. p. 1348. O f the special
guaranteod^l^ stock, Ponn- C o - owns $6,050,050. V. 101, p. 1464, 448;
B O N D S .— A ll equally secured: guaranty. V. 56, p. 604; V. 106, p. 259:
V . 109. p. 1079.
E A R N I N G S — For 1921, gross, $1,855,190; deductions, $352,535; d ivi
dends, $1,502,662.
C L E V E L A N D U N IO N T E R M IN A L S C O .— (V . 114, p. 2011, 2716.)
C L E V E L A N D & Y O U N G S T O W N R R .— See Cleve. Term . Co. above.
„ (T H E ) C O L O R A D O M ID L A N D R R .— Dismantled. See “ R y . fit Ind.
Section for M a y 1921. and V. 113, p. 1887; V. 114, p. 2240.
_ C O L O R A D O & S O U T H E R N R Y .— Operates a system o f roads from
Guernsey, W y o., through Denver to Fort Worth, Galveston. Houston.
Dallas, &c. Tota l oper. Dec.31 1921.1,809.12 miles. Including 134.15 miles
•peratod under lease or contract, notably 118 miles o f trackage. Denver to
Pueblo, over Atch. Topeka St Santa Fe. Tota l line owned 1,938.93 mile#
(o f which 131.98 miles not operated by the com pany), viz. ( ’ which see):
Colorado fit Sou. R y . (ow ned)___ 976 Wlohlta Valley R y .......................... 52
Wlohlta Falls fit Oklahoma______ 22
Controlled Lines—
Wlohlta Valley R R ........................ 61
Colorado R R ____________________121 Abilene fie Northern_______________ 38
Fort W orth fit Denver C ity_____ *454 Stam f.A N .W . R y .(V ,8 8 , p.1181) 83
Leases Colorado Springs & Cripple Creek Dist. R y ., 74 milos (owned) to
Cripple Creek Central R y ., but rental remaining unpaid, the former was
placed In receiver’s hands In M a y 1919. V . 94, p. 123.
In April 1906 acquired a ono-half Interest In the Trin ity fit Brazos Valley
R y.,ow ning a line from Cleburne to Houston. T e x . ,236 miles, with branch to
Waxahatchle. 67 miles. Th esu lt against Oh. R. I. fit Pac. R y . to compel
payment or latter’s share o f cost o f building t h e T . fit B. V . R y ., was settled
Doc. 23 1918. V. 109. p. 672; V . 108. p. 378, 479. 1610; V . 103. p 2428.
Seo that co. and V . 98, p. 1920.
O R G A N IZ A T IO N .— Reorganization Jan. 1899. V . 67, p. 748. In
Doc. 1908 the Chloago Burlington & Quincy acquired $23,057,500 common.
V . 87. p. 1663. 1604; V. 88. p. 158, 685.
Owns a large m ajority of the com. stook of Fort Worth A Denver City
Ty.
which see. Controls Denver fit Interurban (Electric) Railway,
which owns 9.51 miles, and operates 32.77 miles of O oi.A S ou .. electrified,
under leaso. V . 87 p. 950; V. 89. p. 934.
D IV S.
1st pref % _____
2d pref. % _____
3om m on% _____
’06. ’0 7 .’08-’ l l . ’ 12.
4
4 4 yrly 4
4
4 yrly 4
..
. . 2 yrly 1
’ 13.
4
4
0
’ 14-’ 15. 1916. '17-’20. ’ 21.-’22
None
2%
4
4
None
4
4
N one
..
3
B O N D S — 1st M ., see V . 68, p. 1027: V. 77. p. 2158; V . 87. p. 444, 1160.
T h e $100,000,000Refunding bonds of 1905 were made Issuableaa follows:
For Refunding bonds and equipment obligations of system........ $36,850,000
For betterments and Improvements, Including equipment, at tho
ourn. yearly rate of $500 per mile of operated fit controlled lines 15,000,000
For reimbursement of the treasury of the company, A c.............. 2.500,000
For acquisition or additions (lncl. double-tracking)___________ 45,650,000
The Refunding bonds are seoured by a first lien on all the bonds andpraofinally all the stock of the cos. owning about 706 miles of road. Including the
Wlohlta Valley lines and the Trinity fit Brazos Valley R y.; also, by direct
lien, subject to tho first mortgage, on about 1,002 miles of road owned by
Directors.— W illiam K . Vanderbilt, Warren S. Ilayden, Frederick W
the Colorado fit Southern and on the stook of subsidiary oos. whose bonds
Vanderbilt, Chauncey M . Depew, Geo. F. Baker, n . S. Vanderbilt, Walter are not pledged under the mortgage, owning 556 miles of road, making
P. Bliss, R . S. L ov ett, A . II. Smith, II. A . Worcester and E. S. Harknoss, 1,604 additional miles, on which there are outstanding $30,174,900 underAlbert H. Harris, Frank J. Jerome, Festus J. W ade.— (V . 115, p. 192, 307.
ylng bonds; total thus covered, 2,304 miles, on which tho total outstanding
435, 542, 1320, 1428, 1531, 1941.)
v
P
’
funded debt. Including these bonds and all prior liens, averaged $26,471
per mile. V . 80. p. 1791; V. 91, p. 462, 214: V. 93. p. 1021.
C L E V E L A N D fit M A H O N IN G V A L L E Y R Y .— Owns from Cleveland, O..
O f the Fort W orth fit Donvcr Terminal bonds, $300,000 sold and $428,000
to Penn. State line, 81 m. (77 double track): Niles, O ., to Lisbon, O
held b v F t. W . fit D . O. R y. V. 86. p. 52. 1100: V . 87. p. 949.
36 m.; Girard to Youngstown. O ., 0 m. Leased to N ypano R R . (form erly
As to Interest on bonds o f tho Colorado Springs St Cripple Creek District
N . Y . Penn. & Ohio) under new lease dated 1917: rental. $550,967. with an R y ., see that company below.
additional amount contingent. The shareholders voted Feb. 23 1917 (a)
Equipment trusts Issued to Director-General for rolling stock allocated
to issue $2,851,800 pref. (a. & d.) stock for impts., elimination o f grade
to thL company. See article on page 3
Nov., 1922.]
C olo S p rin gs & C rip p le C r D Ist R y —
1st M $2.000.000 g s f . . . . . - - - - - - - - - - tj - - - k First consol mortgage $3,600,000 gold.-.Q jX C & r
C ol W yom & East— Lar. H . Pk & P 1st M g .A B .r c *
1st Sc K e f M $2,600,000 gold rod 102X - - - - - - ........
Gen M (Income) $1,600,000 gold red par text
Colum Newb & Laurens— 1st M $12,000 per m .SBaz
olumbla & Green ville— See Southern R y —
Lolumb
oiumbus Sc Xenia— Stook 8% ren ta l-- - - - -- -- -- - » C on cord & M o n treal— Bonds— See Boston & Maine
Concord & Portsmouth— Stook 7% rental 99 years.
Conn & Pasaumpsic— Pref stook 0% rental .)9 y rs-.o
First mortgage $2,900,000 gold— - ----- ---------- ro
Massawlppl stook guar same dlv as Conn A Passump
Newport A RIohford 1st M gold guar by O & P -zo*
C o n n e cticu t R iver— Bonds— See Boston & Maine
Conn (P h lla)— 1st M $15,000,000 guar p A l-O E k v c *
Connellsville & Monong— 1st M g s f red p a r.U P i xc&r
Cooper Range— First mortgage gold (see text) - . . . x
Copper Ri ver;& Northwestern— IstM $50,000.000Gxc*
C orn w all & L eb a n on — See Pennsylvania U K
Cripple Creek Central— Common stock...................
Preferred stook 4% non-cumulatlve-----------------
g
74
112
112
75
us & T
55
RR ab
39.82
RR
110
37
21
192i1'noo
N o t earnings------------------------------- $2,699,330
Amount
Outstanding
Par
Value
36
Text
197
1911
1905
1899
1909
tJ
192?n oo *
4
4
5
5
7.000.000
1,000
546,000
1,000
600 <5ce 2,280.000
1,000 23,020,000
100
85
. iS S &
Rate
%
5g
$1,000 $1,255,000
1900
1,379,000
5g
1.000
1902
6g
240,000
1.000
1904
550,000
6g
100 Sec
1914
1,600.000 Up to 6
100 Sec
1914
3g
888.000
1,000
1887
oledo— See Hock lng Valley R y.
82*
1,786.200
50
ove
7
350.000
100
6
2,500,000
100
4e
2,900.000
1,000
1893
8
400.000
100
5 g
350.000
1,000
1911
------------- Gross—— ------------ -N e t after Taxes
J a ^ f s ^ C 30P1.g.U.r.e! : )- $ 9 ® 4 6 1
$9^559
R E P O R T .- R e p o r t for 1921 in V.
Calendar Years—
Dots
Bonds
Miles
Road
R A U .R O A D C O M P A N IE S
[For abbreviations, ifee., see notes on page 6]
E A R N IN G S —
43
RAILWAY STOCKS AND BONDS
$ lS * > 4 9
Ry—
191? 'io o
$3,497,813
$2,265,127
T ^ i W c S 1! ? : : : : : : : : : : : : : : : $4,212',§66 *$5,357,713
Tntnrl” TAhlrSS
2.139,128
2,142,427
g ........................: .........
436.547
376,243
M is c o ii.- m c o u fT :::::.8 6 ,4 3 6
232.976
D lv. on first preferred stock (4 % )- - 3}0,0C)0
o Jn'nnr!
D lv. on second proforrod stock (4 % ).
340,000
340,000
*4:206:687
2,105,095
127,249
100,395
q ln n oo
310,000
2.500.000 See
3.000,000 See
g
g
g
g
text
text
When
Payable
J
A
J
J
J
Sc J
& O Oct 1 1942
Sc J July 1 1929
Sc J July 1934
July 1 1944
A J July 1 1937
Q— M
J
F
A
iF
J
Last Dividend
and Maturity
A
A
&
A
A
Places Where Interest a n t
Dividends are Payable
Jan 1919
Oct 1918
July ’21
July '21
coupon
coupon
lnt in
lnt in
unpaid
unpaid
default
default
Safe Dep A T r Co. Balto
SeplO 1922 2 'i% Treasurer. Columbus. O
J J u lyl ’22 3 K % Manchester, N H
A Aug 1 1922 3% Safe Dep & T r Co,Boston
do
do
O Apr 1 1943
do
do
A Aug 1 1922 3%
do
do
J Jan 1 1941
M 15A S Mch 151951
M A S Sept 1 1930
A A o Oot 1 1949
F A A Feb 1 1959
Q .-M . See text
Q.-M . See text
Treas Pa R R Co, Phlla
Union Tr Co, Plttsb, Fa
Old Col T r C o, Boston
J P Morgan Sc C o. N Y
Cheeks mailed
do
C O NNECTICU T & PASSU M PSIC R IV E R S R R .— W hite R lver Jet., \ t.
to Canada Line, 110 m.; leases 999 years Massawlppl G alley. 37 miles.
Owns all the stock ($350,000) of the New port Sc R lch fo rd .R R .. N ew
port. V t.. to Canadian line, 21 miles operated under Imse by Montreal
& Atlantic R y . (Can. Pac. system), and guarantees Its $350,000 1st 30-year
6% bonds dated Jan. 1 1911. V . 91, p. 946.
L E A S E .— From Jan. 1 1887 leased to the Boston A Low ell (now merged
with Boston & M aine) for 99 years. Rental is 6% per annum on the stock.
S E C U R IT IE S .— Massawlppl stook 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 p T e t..i7 0 0 ,•ML
$100,000 Massawlppl Valley R y . stock, was purchased Feb. 1 1910 by the
Vermont Valley.— (V . 106. p. 395.)
C O N N E C T IC U T R IV E R R R .— See Boston Sc M aine R R .
A
W
®
. .
stadtBng? iV?116,650? of which $3!f25.'350°owned by Ven n. R R - .D m . 31
$870,156 $1,926,066 $1,103,946 1921. which operates road under lease assigned to that company by I hlla.
Balance, surplus, for year_________
* T o ta l opor. rev. Includes: Standard return (2 m os.), $413,535; Federal Sc Trenton R R .. terminating Feb. 18 2862. D ividends4% yearly (J.&; D A .
guar., 6 mos., $959,688 (ost.); railway oper. Income, 4 mos., $1,686,457; In 1911 made a now 1st M . for $15,000,000, Fuar p. Sc L . by Penn. R R .
V 103, p. 1508. V . 93, p . 229, 730; V . 98. p. 522, 610.— (V . 103, p. 1508.)
other Income, $2,298,033.
_ _
O F F IC E R 3 .— Pres.. Hale Holden. Chicago: Sec. Sc Treas.. B . F. James,
C O N N E L L S V IL L E A M O N O N G AH E LA R Y .— Owns Moser Run Jot
Donvor; Asst. Sec. Sc. Troas., C . I. Sturgis, Chicago.— (V . 115, p. 429, 759.)
to Brownsville, Pa.. 15 6 8 miles; branches and spurs, 6.75 m ., total tra ck .
22.43 miles (connecting Penn, with Monongaheja R y . , i
t^ n » Il
COLORADO SPRIN G S & C R IP P L E C R E E K D IS TR IC T R Y .— Colorado
Penn. M ar. 11 1905. Leased to Penn. R R . until Jan. 1946at rental equal
Springs to Cripple Creek, Col., 47 m.; branoh, Cameron to Victor, 5 m.;
to 4% on cost of road, taxes, operating and maintenance charges, rental
other branches and spurs, 22 in.; total, 75 m.; of whloh 57 m. steam, 16 m
being more than sufficient to pay interest charges and retire prlnclpa of
steam and clcotrlo and 2 m. solely clcotrlo. In Jan. 1905 Colorado A
bonds through sink, fund at or before maturity. Sink. fd .. * 25.000 y r ly ..
Southern aooulred all the stook cxccDt $900 com. V . 80. d . 472, 1111. 1423.
to call bonds in numerical order, but to be kept alive. V . 93. p. 407. Stock.
Leased to Cripple Crook Cent. R y . system In 1912 (V . 94. p. 123), but the
$700,000. Controlled by or in Interest o f IJ. 8. Steel Corporation. Pres..
rental due having boon In default since M a y 1 1918 the lease was terminated
April 22 1919. Goorgo M . Taylor, Colorado Springs, was appointed re W. H . Cllngerman: Sec. and Treas., J. D . M cO reery.— (V . 99, p. 406.)
ceiver M a y 10 1919 at the roquost o f the bondholders' committee. V. 108,
C O O P E R S T O W N & C H A R L O T T E V A L L E Y R R .— Entire $45,000
. 2022. Th e burning o f a bridge In M a y 1918 temporarily put the main capital stock owned by Del. & Hudson C o. (V . 77, p. 88), which also owns
no out o f commission, but this having been repaired operations wore begun $269,000 (87 % ) or the $307,400 outstanding stock o f Cooperstown A Susoueagain July 15 1919. but. proving unprofitable, operations were again sus- hanna Valley R R . Owns Hemlock Road to Davenport Centre 4.21 m., of
pondod in 1920. Receiver’s ccrtlf. for $50,000 for two years at 7% Issued which 1.76 m. are operated; leases for 99 years from A pr. 15 1891 CoopereJuno 15 1919 to roplaco tho brldgo, &c., and for $130,000 sold at end o f town Sc Susq. Val. R R ., Cooperstown to Hemlock Road, with branch to
1921 to settle accrued taxes havo been paid o ff. V . 108, p. 170, 479, 2528.
D p ^ i^ a lu m e t, M ich., to Mass C ity .with branches,
Tho road was sold on Oct. 10 1922 to W . D . Corlov o f Colorado Springs, Coopers town
for $370,000. Cortain claims and funds in tho hands o f tho receiver were total? 93 n?: side tracks? 4 fm .^ L ea se i Mohawk R R . to Gay 1&84 m U o.
excluded from tho sale.
.
, . . ....
with branches, A c., 1.66 m.
Stock, $4,817,400, all owned by Copper
A suit for $1,000,000 for unpaid taxes, damages, Ac., instituted in 1919 Range Co. Bonds limited to $20,000 per mile o f main line and branches and
by tho rocoivor against tho former lossoo and others is still ponding.
$15,000 per mile o f sidings. Dividend, 10%, paid N o v , 1909 from aoOn Oct. 1 1918 tho interest on tho $1,379,000 First Consols and on Jan. 1
Denton; Sec. & Treas.. F . Ward
1919 tho Interest and sinking fund on tho $1,255,000 First M tge. bonds went cum^atedsuirUiB^ palne; y _p F
unpaid. In Aug. 1919 tho Central Union Trust C o., N . Y ., declared the Paine, Boston.— (V . 114, p. 2359.)
principal o f 1st M . 5s Immediately due and payable. V . 109, p. 887.
C O P P F R R IV E R A N O R T H W E S T E R N R Y .— Owns from Cordova.
Committee: (a) For 1st M . 5s (m ajority deposited): James Timpson
Alaska, on tidewater, through the Coppcr River Valley to Kennecott, 19?
(2d V -Pres. Mutual Lire Ins. C o., N . Y . ), Chairman; Central Union Trust
Co depositary. (b) For 1st Consols (m ajority deposited): F. J. Llsman miles. Kennecott Copper Corporation <V- 1 0 1 .^ . m 9 ) In D « . 1915
acquired all o f the outstanding securities, $4,817,400 stock andl$23,020]JMO
of rfr. Y .. Chairman: N . Y . Trust C o., depositary. V . 108, p. 170. 378.
1st M 5s
In 1921 gross revenue, $ l,2 i3 ,l)3 . net after taxes, $248,585.
A7Q
R7Q 0 4 0 0 orOR
Stock 'all outstanding, com., $1,200,000; pref., 5% non-oum., $800,000. — (V . 106. p. 395.)
“
C
O
T
T
O
N
B E L T .” — Common name for St. Louis Southwestern R y .
Par of shares, $100 each. D lv. 5% on pref., paid Feb. 1907, June 1908 ano
N ov 1 1909
On com., 2% . Sept. 1908. Sinking fund to retire first mtge
C R IP P L E C R E E K C E N T R A L R Y .— Owns Cripple Creek: A C o lo . Spgs •
bonds yearly at 110 for Drat 15 years, then at 107 H tor 5 vears then 105 for
R R . and Midland Terminal R y . through ownership o f all theirstock.(M iles)
next 5 years, 102H for 3 years, thereafter at par, Is in default. V . 76,
Main lino. Colorado Springs to Cripple Creek........................- ........... 2S-XX
Branches and spurs------------------------------------------------------------ Pros., Halo Holden.— (V . 115, p. 1320, 1837.)
(T H E ) C O L O R A D O W Y O M 1 N O & E A S T E R N R Y . - O w n s from the
Reorganhsatlo^^CT^'lan"In V,”78,~p/26i^ vV77,~p". 15423"oYtli^D envM
Union Pacific R R . at Laramie, W yo., to Coalmont, C olo.. 111.35 miles
A Southwestern, foreclosed Oot. 4 1904. V . 79. p. 1461. V . 101. p. 1184.
incorp. in Wyoming June 2 1914. Successor June 4 1914 o f Laramie
H a lu fs Peak Sc Pacific Ity .. foreclosed per plan V . 98, p. 453, 1766. 1845
Th e lease o f the Col. Springs Sc Cripple Creek District R y .. 87.73 miles,
Henry Sanderson and Trowbridge Callaway, as voting trustees will hold
terminated A pril 22 1919. See that company.
tho now stock until all accruod intorost on the incomo bonds shall have been
STO CKS A N D B O N DS.— Com. stock, $2,500 000; 4% non-cum. pref,
paid and tho curront intorost paid regularly for two consecutive years and .tock. $3,000,000; par of shares. $100. V . 82. p. 1 1 W V. 85. P- 1209.
for such furthor pe-' id not cxeoodlng one year as tho trustees In their dis
$326,000 First M tg e. bonds o f the Florence Sc Cripple Creek R R .
cretion may doom \a visa hie. If lawful. Stock, common, $2,300,000; pref.,
C o., assumed and guaranteed by the Cripple Creek Sc Colorado Springs
6% non-cumulatlvo, $2,000,000. par $100. Interest defaulted and proposed
R R .G o. and owned Dy Cripple Creek Central R y.Co.w ere paid during 1918
foreclosure proceedings, V. 113, p. 2184.
Frod B . M iller was appointed receiver in N o v . 1921 with headquarters The company still owns $319,000 o f these bonds.
D IV IS .— ’07. '08. ’09. ’ 10. ’ l l . ’ 12. 13-15. ’ 18. '17. ’ 18.
at Laramie, W y o .
_ „„„
..
,
__
0
0
0
0
3
4
15
6 3
Seetext
For cal. year 1921, gross, $230,177: net, $48,806; other Income, $7,085; Com.. %— 6
Prof . % ____ 4
4
4
4
4
4
4
4 4
Seetext
deductions, $92,845; def., $92,845.
In* Feb7T916 an extra dividend o f 10% was declared with the quarterly
C O L U M B IA N E W B E R R Y & L A U R E N S RR — Columbia to Laurens.
1% on common stock, both payable March 1
In Sept. 1918 the common
8. O.. 75 m. Stock, $500,000. Bonds were 6s, but reissued m 3s In 1900,
dividend was om itted, but tno usual pref. dividends Nos. 52 and 53, 1%
Income certificates to amount o f 40% o f bonds being Issued. Bonds issued,
each were paid Dec. 1918 and March 1 1919.
.
$899 000; In treasury $11,000. A t last accounts had also outstanding
A capital distribution (N o . 15) o f 1% was paid on the preferred stock
$359,600 5% non-cum. cortfs, for funded coupons.
tvw> i 1922 “ out o f funds heretofore realized from sale o f capital assets.
Year ending Dec. 31— Gross.
«.
Olherlnc. Charoes. Surplus
Fourteen previous quarterly distributions each o f 1 % ^av ® ^ een ™acie ^rQI®
re a r m am a
............ $613,467 $104,675
$9,393
$91,805 *22,283 capital assets. N o. 1 June 1 1919 and N o. 14 on Sept 1 10^2:
distribution, t Is understood, will reduce the face value o f the 1 ref. shares
1920
696,612152,578 15,258
113.212 54,624
1919
653,904191,925 11.242
83,394 119.773
to 85.
ProsT," J*. P. Taylor; V.-Pres., J. B. S. Lyles; Treas., O. P . Seabrook,
R E P O R T .— Reports for calendar years show:
1918.
Columbia, 8. O.
1919.
1920.
1921.
$114,194
$32,926
$25,420
COI IJMRUS A X E N IA R R .— Owns from Columbus, O.. to Xenia, O..
$19,706
Gross income-------------8,944
55 miles
Operated as a division of the L ittle Miami, and Is leased for 99 General expense............
7,401
102,799
6,470
5,416
years from Deo. 1869, in connection with that road, to the Pittsburgh Cin T a x e s -------- --------------) 120,000
cinnati Chloago Sc St. Louis, whloh pays 8% on stook. The lease Is guar
(l%)3b',666l
Preferred dividend------£)75,000
antecd by Pennsylvania R R . Co.
Since Sept. 1913 to Sept. 1922 incl.,
Common dividend------the Quarterly dlvs. In Sept, and M a r. havo been 2 1-5% #making the yearly
Loss on $75,000 1st M tg .
72,000
bds.of C .C .& C .S. sold
____________ ___________
dlv. rate 8 2-5% .— (V . 72, p. 632.)
C O N C O R D & M O N T R E A L R R .— See Boston Sc M aine R R .
Balance, d e fic it .........
$58,764
$69,873
$i 1,980
$95,166
CONCORD A PORTSM OUTH R R .— Owns Portsmouth N . H . to Man
Pres.. A . E . Carlton; Sec., E . 8. n artw ell; Treas., A . 8. Gill. Ofifce
chester N . II., 39.82 m. Leased to Boston A Maine R R . in 1862 Tor 99
ColoradoISprings.— (V . 115, p. 2045.)
years; rental $25,000; 7% on stock and org. exp. Oper. by Boston Sc Maine.
R
44
RAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[For abbreviations, & c.. see notes on page 6]
Par
Value
Miles Date
Road Bonds
Amount
Outstanding
Rate
%
When
Payable
[V ol. 115.
Last Dividend
and Maturity
Places Where Interest and
Dividends are Payable
Cuba R R — Common stook $20,000.000_______________
$100 $15,800,000 See text See text
See text
Preferred atook 6% non-oumulatlve $10,000,000..
100 10.000.000
6
F A A Feb 15 ’23. 3% Cheoks mailed
. . . .
First mtge scold $20,000 per m ile________Q.xo*&r*
602 1902 1,000 Ac 13.170.000
J
& J July 1 1952
5 g
Royal Bk of Can, N Y
Im p t A equip M g $12,000 per m ______________Nxo*
* & fr.
1910
4,000.000
5 g
M A N May 1 1960
do
do
____
First lien & ref Series A ________________ kxxxcAr*
100 Ac
1921
4,000,000
N a t C ity Bank, N V
7 X g J A D Dec 1 1936
Equipment trust certs., due $43,000 semi-ann___
1914
1,000
129,000
5
K A A Feb ’2 3 -Fob ’24 Montreal T r Co. M on .
1915
1,000
137,000
J A J21 Jan '23 - Jan ’25 United States T r Co, N Y
do
due $28MA$27M s-an(V100.p.473).U*
5
do
due $40,000 sem l-ann_______________ Us
1915
1,000
210,000
5
J A D 15 June'23-Dec ’25 United States T r C o. N Y
____
do
due $98,000 and $97,000 s-an g _______
1916
1,000
M A N M a y ’23-N ov '2fl Guaranty Trust C o, N Y
780 000
5
do
due $85,000 sem i-ann________________ c*
1,000
1,275,000
1920
A A O Apr '2 3-A pr '36 Commercial T r Co, N Y
7g
____
do
due $285,000 annually________ C olxxxc*
1,000
1920
855,000
7g
M A S 1 6 Sept 16’23 t o ’25 Columbia Trust Co, N Y
1,000
Cumberland R R — 1st M $3,000,000 g o l d . . . ................
12.9 1908
1.028,000
J
A I) June 1 1958
5g
Guaranty Trust Co. N Y
C u m b erlan d R y & C oal Co— 1st M $3,000,000 g gu .
48 1910
1.000
1,142.000
A A O Oct 1940
5g
M ontreal, Canada
Cumberland Valley R R — See Pennsylvania R R
Dayton & Michigan— Com atook (3 X % guar TolCinn)
50
1871.
2,401,950
A A O Oct 1922
3X
1*A Cincinnati. O
Preferred (8% guaranteed T o l Cinn) endorsed____
1871
50
1,211,250
8
Oct 1922
2%
do
Q— J
la t M gu p<Sc 1 end ext In 1911 red 102 X beg 1917-0
141 1881
1,000
2,727.000 4 M (5) J
A J Jan 1 1931
J P Morgan A Co. N Y
Dayton Union R y— First mtge sink fund oall p a r.-F x
1.000
2 1899
344.000
4 g
J <So J July 1 1949
Farmer*' L A Tr Co. N Y
____
D eath V a lley R R — First M call 105 a f begin in 1916
£100 See text
1914
6
M A H March 1 1924
Bayonne, N J. M echTrO
Delaware— Stock 8% guaranteed_____________________
25
245 ______
6,078,275
8
J A J July 1 1922 4% Cheoks mailed
General mortgage gold______________________ FP.xo*
1,000
337,000
113 1892
4 X g J A J July 1 1932
Treas Pa R R Co. Phlla
______
Delaware & Bound Brook— Stock 8% gu Phlla & Read
100
1,800,000
8
Q— F N o v 20 1922 2% 11 W State St., Trenton
First consol M $1,800,000 guaran teed..P eP.xo’ &r 30.97 1905
1,000
1.800.000
3 X g F A A Aug 11955
Meoh N at Bk.Trenton.NJ
Delaware & Eastern (foreclosed)— See Del & Northern
Delaware & Hudson— Stock $55,711,500 (t e x t )_____
100 42,503,000
9
Q— M
Doc 20 1922 2 X Offloe 32 Na»*au St, N Y
Soheneotady & Duaaesburg first m ortgage________ z
100 Ao
14 1874
500.000
M A S Sept 1 1924
0 g
do
do
Adirondack 1st M gold guar p A 1 end___U s.zo*A r
1.000
1,000.000
60 1892
4 H g M A N Moh 1 1942
do
do
l i t A R efM $50,000,000 g a f red 107 X beg’ 1 8 .x o »A r ‘
816 1908 1,000 Ac 32,204,000
4
M A N May 1 1943
do
do
Convert bonds gold red text_______________________
600 Ac 14,451,000
1915
A A O Oct 11935
6g
do
do
Secured gold bonds____________________U sm .c*A r*
1920
500 Ac 10,000,000
.1 A 1) Juno 1 1930
7g
do
do
15-year gold bonds red (te x t)______ Usm .xxxc*Ar*
____
7,500,000
1922 500A1000
N ew Y ork
5 X g M A N M a y 1 1937
3,450.200
1920
Equipment gold notes Series “ A " due $265,400 ann
6
J A J Jan 15 1923-35
do
do
U S Government note______________________________
1,500,000
1922
6
1930
Guaranteed Bonds—
BlufT Point Land Im provem ent Co 1st M g gu.xo*
1.000
300,000
4
1890
J A J Jan 1 1940
Utica Clinton & Binghamton R R 1st M ____________
1,000
800,000
18H9
5
J A
J July 1 1939
N Y Trust Co, N ew Y ork
Albany A Susquehanna R R 1st m tge____________ .
1.000 10.000.000
1906
3 X g A A O April 1 1946
—
Office, 32 Nassau St. N Y
Wilkes-Barre Conn R R 1st A imp mtge (guar jointly
with Penn R R ) ___________________________________
1917
2.186.000
5
M A N M ay 1 1947
1,000
1,300,000
Chateaugay Ore A Iron Co re f 1st m tge____________
1902
4
J A
. . .
J (Jan 1 1942
do
do
,
C R IP P L E C R E E K
Creek Central R y
&
COLORADO
S P R IN O S
R R — See
Cripple
C U B A R R .— Owns from Santa Clara. Cuba, to Santiago de Cuba. 350
miles: M arti-Bayam o San Luis line, 141 miles: Trinidad lines, 56 m.; seven
branches, 109 m.; total June 30 1922, 663 miles. In N o v . 1915 purchased
the entire $2,000,000 capital stock o f the Camaguey & Nuevltas R R .
S T O C K .— The Cuba Co. (V . 105, p. 1993) owns the outstanding $15,800,000 common but only $1,000 pref. V. 98, p. 1760; V. 90, p. 236, 663.
D IV ID E N D S (% ) 1910 ’ l l
P r e fe r r e d ........... ..
3 X 4X
Common (in cash)_______ _____
'12
5X
___
’ 13
6
4
’ 14
6
6
’ 15
6
6
’ 16
6
6
’ 17-’20
6 yrly
'21-'22
See
Text
Also on com. in com. stock In 1916, Jan., 20%: June, 25% . V .103, p. 752.
On Feb. 1 1918 paid a scrip dividend o f 3% on the pref. stk, redeemable
on Feb. 1 1921, or earlier at option of company, with 6% Interest payable
annually Feb. 1: also Aug. 1 1918 on pref. a scrip dividend o f 3% , and Feb.
1919 to Aug. 1920 paid cash divs. o f 3% s. a.; Feb. 1921 div. was omitted,
payments resumed in Aug. 1922, when 3% was paid: Fob. 1923 paid 3% .
Th e scrip due Feb. 1 1921 was called for payment Fob. 1 1920. V . 109,
p. 1986: V . 110, p. 77.
B O N D S , A 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 sold additional $1,150,000.
V. 108, p. 2329. Th e 5% Improvement A Equip, bonds o f 1910 are limited
to $12,000 per mile (excl. sidings) owned. V. 91. p. 588, 1253: V. 95, p. 175.
T o June 30 1922 advances made by the Cuban Q ovt. to the company to
aid In imDrovements, A c., against services to be rendered, were reduced
from $1,320,068 to $437,582.
T h e 1st Lien & R ef. M tg e. 7 X % gold bonds. Series A , are secured by the
pledge o f $4,000,000 (entire issue) Camaguey & Nuevltas R y . (Ferrocarril
de Camaguey y Nuevitas) 1st M tg e. 7 X % bonds, due Dec. 1 2021, or prior
thereto, on demand, and $3,956,000 Cuba R R . Im pt. A Equip. M tge. 5%
bonds, due 1960, in addition to being secured (in the opinion o f counsel) by
direct m tge. on entire property o f Cuba R R . Co. V . 113, p. 2504.
R E P O R T .— For year end. June 30 1922, in V. 115. p. 1425, shows:
June 30.
Gross
Oross
Interest
Pref. Divs. Balance,
Years—
Earnings.
Income.
Charges.
(6 % ).
Surplus.
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
1910-20......... 14.149,108
3,704,873
1,264,705 $600,000
1.840,168
1918-19........ 12,236.245
3,466,960 1,269,640
600.000
1.597,320
1917-18........ 11,645.098 __3.937.078 1,311,488
600,000
2,025.590
** Chairman, I I . SJRubens; Pres., Herbert C . Lakin; Asst, to Pres.,' W m . F
Lynch; Sec., W m . II . Baker; Treas., I I . W . Snyder. Corporate office, 83
M ontgom ery St., Jersey C ity, N . J.; general offices, 52 W illiam St., N . Y .
— (V . 115, p. 307, 1425, 1428.)
C U M B E R L A N D & P E N N S Y L V A N IA R R .— Owns from Cumberland,
M d ., to Piedm ont, W . Va., and soveral branches, 51 miles. Owned by T h e
Consolidation Coal C o., 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 . 113, p. 2311.), c
••
j
r-r^i
C U M B E R LA N D R A I L W A Y & C O AL CO.— Owns road from SprlnghtU
Jot. to Sprlnghlll Coal Mines, N . S., and Parrsboro on the Bay of Fundy,
32 miles; also coal aoies, timber lands, Ao. The Dominion Steel Corpora
tion late in 1910 arranged to acquire the $1,000,000 stock, the $979,000 6%
bonds being exchanged for $1,167,000 5s guaranteed by Steel Corp. Issued
under a mtge. for $3,000,000 providing for future requirements. .V. 91, p.
1629, 1766: V. 92, p. 180, 1435; V. 97. p. 1583 Leased to Dominion doal
C o. Earnings Included in report o f lessee.— (V . 97. p. 1583.)
C U M B E R L A N D 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 o f
Artemus, K y ., was appointed receiver in April 1920. Pres., Fairfax
Harrison; Sec. Sc Treas., " S, W ynn.
. - .7H
"5
yt
— '
' ~-i
■— '"7
D A Y T O N & M IC H IO A N R R .— Owns D ayton, O.. to Toledo June., O.:
140.87 miles. Leased M a y 1 1863 in perpetuity to Cin. Ilam . Sc Dayton
(assumed by Toledo Sc Cincinnati R R . C o.). Lease modified June 23
1870. Rental is maintenance o f organization. Interest on bonds and 8%
on preferred stock and 3 X % on common. Guaranty on preferred Ls
secured by mtge. o f 1871, but the pref. carries no voting power. V. 561
p. 813. M tge. o f 1856 is held alive under mtge. o f 1881. V. 91, p. 1446,
V .9 2 .p . 118. Status o f stock and bonds was undisturbed by plan o f 1916
by which B. Sc O. R R . took over possession, under lease, along with main
Ine o f Cin. Ham. & D ayton.— (V . 92, p. 526.)
D A YT O N & U NION R R .— Owns from Dodson, O.. to Union City, Ind.,
31.74 m.; leases Dayton to Dodson, 15.30 m.: total operated. 47.04 m.
Th e Cleve. Cin. Chic. Sc St. Louis and T ol. & Cincinnati Jointly own the
$86,300 stock. Y ear ending Dec. 31 1921, gross, $165,976: ry. oper. in
come. def., $35,865; other income, $3,855; deductions, $30,715; bal., def.,
$62,726.— (V . 97, p. 236.)
D A Y T O N U N IO N R Y .— Union depot at D ayton.
Used by Pitts
Cin. Chic. & St. L ., C leve. Cin. Chic. A St. L ., Balt. & Ohio R R ., Dayton A Union R R . and Erie R R ., under lease which provides that Interest on
bonds and other expenses be divided between them on train basis. Stock
auth., $500,000; outstanding. $321,000, all common. Pres., B. M cKeen.
St. Louis. M o .: Sec., S. H . Church. Pittsburgh. Pa .— (V . 89. p. 1347.)
D E A T H V A L L E Y R R .— Owns line In Inyo County, C al., to the Biddy
M cCarthy borax mine. &c., 21 miles. Bonds (all or part) guaranteed by
the Borax Consol., L td .— (V . 115, p. 759.)
D E L A W A R E R R .— (See Maps Pennsylvania H R .)— Shellpot Crossing,
Del., to Delmar, D el., 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 o f Chestertown. M d ,.
20.52 m.; otner branches, 7.22 in.; total, 245.15 miles. V . 67. p. 1356.
Leased to Philadelphia Baltimore Sc Washington (which owns $2,704,600
of the stock) for 99 years from Moh. 1 1910 at a guaranteed rental of 8% on
the stock, a special stock dividend of 70% being paid Feb. 28 1910; also •
ipeolal cash dividend of 20% and an extra cash dividend of 5%
For cal. year 1921, rental, $411,774; other income, $42,180; charges,
$71,710; divs. (8 % ), $406,262; bal., sur. $5,982.— (V . 113, p. 292.)
D E L A W A R E & B O U N D B R O O K R R .— Bound Brook June. (C ent. R R ‘
N . J.) to Delaware River, 27.87 milos; branch to Trenton. 3.75 m.; East
Trenton R R ., 3.05 m.; total, 34.67 miles. Tota l track, including 2d, 3d
and 4th tracks, sidings, A c., 123.33 miles. In M a y 1879 leased for 990 y e a n
to Phlla. A Reading. Rental, $213,107.50. paying interest and 8% on
stock.— (V . 81. p. 210.)
, (T H E ) D E L A W A R E A N D H U D SO N C O .- (S e e M a p . )— OperatesR. R.
linos from Wilkes-Barro, Pa., via Albany and Schenectady to Rouses Point,
N . \ . , near tho Canadian line, with branches to Binghamton, T ro y , Lake
Placid, N . \ ., Rutland, V t., and other points, a total o f 908.76 miles (of
which 342.94 owned in fco, 461.38 miles leased or controlled through stock
ownership and 104.44 miles trackago rights, viz.:
Steam Lines owned, (343 m.)
M iles.
Lines leased— •See these cos. M ile s .
Oarbondale to Scranton,Pa.,A br. 22 ♦Albany A Susquehanna_________ 143
LookoutJct. to Hon<«daloJct.,Pa. 28 ♦Rensselaer A Saratoga__________ 190
Nineveh, N .Y.toJefforson Jet..Pa 22 ♦Chateaugay A Lake Placid R R ._ 79
CherryVal J et ,toC herry V a l., N . Y . 21 Other leased lines_________________ 49
Schenectady to Delanson, N . Y _ _ 14 ♦Jefferson R R . (trackago)______ 35
Greenwich to Greonw'ch J e t .,N .Y 10 Boston A M aine (trackago)_____ 37
Saratoga to N orth Creek, N . Y . . 57 Other trackage____________________ 32
Whitehall to Rouses Point, e t c ..151
Other lines owned________________ 18
Total operated Jan. 1 1922 ___ 908
Second track Doc. 31 1921,364.29 m.; third track. 50.10 m.; fourth track,
17.71 m.; yard track and sidings, 653.86 m.
Also leases Utica Clinton A Blngh. and Rome A Clinton R R ., 44 miles,
which are sublet to N . Y . Ont. A W .
H IS T O R Y .— Incorporated April 23 1823: name changed April 28 1899.
A leading carrier o f tho anthracite coal (V . 86, p. 913; V . 105, p. 2093.
A ll coal produced from the company’s mines is sold at the pit mouth to
the Hudson Coal Co. (V . 89,_p. 1449). Th e canal was abandoned and tho
cost charged o ff In 1898. The old “ G ravity ” 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. A Duanesb.
R R .. N . Y . A Canada R y ., Cherry Valley Sharon A Albany R R .
Remarkable development o f property In recent years; see official data, V.
108, n. 2035. Physical condition under Federal control, V. 108. p. 2022
Allied Properties.— (a) Entire capital stocks owned: Quebec Montreal A
Southern R y. C o., N aplervllle Junction R y . C o., Greenwich A Johnsonrllle R y . C o., Schoharie Valley R y . C o.. United Trac. Co. and T ro y A N ew
England R y . Co.; (6) one-half the stock owned: Wilkes-Barre Connecting
R R . Co. and Schenec. R y. See list o f stock, A c., holdings, V. 100, p. 1893.
Coal prices in 1917. V . 105, p. 767. Anthracite rate case, V. 101, p. 2072;
V. 102, p. 1357.
Albany A Susq. stockholders were held by higher Federal courts to be en
titled to the saving o f Interest effected by the refunding at 3)4 % o f the re
maining $7,050,000 o f the $10,000,000 lasuo o f Albany A Susquehanna
R R . Co. 7% bonds. Increasing tho 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 Doc. 31 1921 $3,556,000 A . A S. bonds
had been exchanged for D . A H . stock. See Albany A Susquehanna.
Sinking Fund.— The sinking fund, created M a y 9 1899 and amended
M ay 10 1910. receives out o f the yearly net profits not less than 5 cents per
ton on coal mined, and has accumulated $7,540,656 from 1900 to Aug. 31
1922, which amount has been applied to tho purchase and retirement o f
$1,288,500 o f tho capital stock (in 1900 to 1906) and in part to tho purchase
o f coal lands in tho Wyoming and Schuylkill regions.
D IV S .—
/’87. ’88. ’89 to '90. ’97 to ’00. '01 to ’06. '07 to Dec. 20’22
Since 1886..% I 6
6
7 yearly. 5 yearly. 7 yearly. 9yrly Q -M 2 X %
B O N D S , A c.— On M a y 12 1908 stockholders authorized a First A R e f’
M tge. for $50,000,000, boaring not over 4% int. and running 35 years, and
subject to redemption us an entirety only at 107 X on any Int. (lay, 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 purohaie
bonds or for Improvements and extensions. Of the Issue, $1,500,000 are
reserved to retire outstanding 1st M. bonds; V . 86. p.98. 1409. 1589; V . 87.
P. 90, 480. 1419. 1004; V. 89. p. 847. 1641; V. 90. p. 51. 107; V. 92, p. 186,
394; V. 90, p. 1160. 1700: V. 97. p. 1024; V. 98. p. 1108, 1844: V . 99. p. 48.
The stockholders on Sept. 30 1915 authorized the Issuance o f $14,451,000
20-year 5% bonds, which were offered to stockholders. Tho bonds may at
option o f holders at any tim e after Oct. 1 1917 up to O ct. 1 1927 be converted
Into paid-up shares o f capital stock at the rate o f $1,500 bonds for ten shares
o f stock (with an adjustment o f Interest and dividend). The entire Issue,
but not a part, may be called for redemption on Oct. 1 1922. or on any
semi-annual Interest day thereafter, on 90 days’ notice, at 105 and Int.,
but if so called during the conversion period the bonds may bo 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 tho following: (1) $10,000,000 D el. A Hudson
1st A Ref. 4s o f 1943; (2) $3,500,000 Albany A Susq. R R . 1st 3 X s o f 1946;
(3) $1,000,000 Wilkes-Barre Connecting R R . 1st A Im prov. 5s, duo M a y 1
1947 (principal and Interest guaranteed Jointly and severally, by endorse
ment. by Pennsylvania R R . and Delaware A Hudson C o. ; (4) $500,000
Iiensselaor A Saratoga R It. Guaranteed stock: (5) $400,000 Albany A
Susq. R R . Guaranteed stock-
Nov., 1922.]
KAILWAY STOCKS AND BONDS •
45
46
RAILWAY 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]
Delaware Lacka & W estern— Stook auth *87,277,000.
Banzor A Portland mortzazes z o ld _______________ x
Dal River RR & Brldze— 1st M z z u p & 1 sf l% Q P .x o *
M iles
Road.
10
Date
Bonds
Par
Value
'80-'86
1896
*50 $87,277,000 See text
Q— J Oct 30 ’22 3% 90 West St, N ew York
100 &o
320,000
6 g
J
& J 1930-1936
do
do
1,000
& A Aug 11936
1,169.000
4 k
F
Penn H R C o. Pbila & N Y
Th e 15-year 5M % gold bonds due M a y 1 1937 are redeemable as a whole
only on M a y 1 1932 at 105 & int., and thereafter at
le-* for each six
months from M a y 1 1932 to redemption date. V. 114, p. 1406.
Guarantees interest on $2,000,000 Rensselaer & Sartaoga 1st M tg e. 6s
duo M a y 1 1941. V . 112, p. 1865,1977.
Equipment trusts Issued to Director-General for rolling stock alio
rated to this company. See article on page 3 and V. 113, p. 1470.
Government loan, V. I l l , p. 692, 1851.
— Net after Taxes—
-GrossE A R N IN G S —
1922
1921
(I.-S. C . O. figures.)
1922
1921
$692,137 $5,019*611
Jan 1-Sept. 3 0 - "- - — ---$26,459.641 $34,354i575
R E P O R T .— For year 1921, in V . 114, p. 1775, showed.
1921.
1920.
1919.
Gross operating revenues.....................$45,776,859 $45,354,299 $34,749,709
N et operating income________________
6,759,117
1,818,567
1,664,354
Federal compensation guarantee_____
______
5,621,164
5,445,404
Other income.............
3,432,787
2,991,287 3,420,861
Gross income................................... $10,191,904 $10,431,017 $10,530,619
Deductions................................... ....... 5.254.452
5.497,854
5,925.615
N e t income....................................... $4,937,452
$4,933,163
$4,605,004
O F F IC E R S .— L . F. Loree, Pres., N . Y . C ity; W . I I . Williams, C . A
Peabody, N . Y . C ity, F . P . Gutelius, Albany, C . S. Sims, Montreal. VicePresidents; J. T . Loree. Albany, Gen. M gr.; W . B . Schofield, Asst, to Pres
& Asst. Sec.; F . M . Olyphant, Sec.; W . I I . Davies, Troas.; W . E. Eppler
Comp., N ew Y ork C ity.
Board o f Managers.— Chauncev M . Denew, Charles A . Peabody. Leonor
F. Loree, Cornelius Vanderbilt, Edward Ii. Harriman, E. II. Outerbridge,
a ll’ o f N ew Y ork; Percy H . Stewart, Plainfield, N . J.; Robert C. I ’ruyn,
Albany, N . Y .; W illiam H . Williams, Lyon Mountain, N . Y .; Henry W.
D e Forest, Oyster B ay, N . Y .; Charles S. Weston, Scranton, P a .— (V . 115,
p. 1631, 2045.)
mu
i
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 R R .— Operates main line
from Hoboken, N . J., opposite N . Y . C ity , to Buffalo, N . Y ., 410 m .,
with branches to anthracite region, &c., 547 m .. viz.: (*see this co.)
Lines Owned—
M iles.
N . J. State line to N . Y . line____ i l l
Branch to Northumberland_____ 80
Erie & Centra N . Y . ( V . 96,p.202) 18
Bangor & Portland R y ___________ 38
Other lines owned_______________ 9
Lines Leased— (See each co.)—
•Morris & Essex and leased brchs.176
•N . Y . Lackawanna & W estern..214
•Cayuga & Susquehanna_________ 34
Greene Railroad_________________
8
Lines Leased (Concl.)—
M iles.
•Oswego & Syracuse______________ 35
•Syracuse Binghamton & N . Y . _ 8 l
•Utica Chenango & Susquehanna 97
•Valley R R . of New Y o rk .......... 11
•Lackawanna R R . o f N . J ______ 28
Lines Controlled and Operated—
Sussex Railroad___________________31
Lackawanna & Montrose R R ____ 11
Total operated.
.980
H IS T O R Y , &c,— Chartered in 1832, present title assumed In 1853.
In June 1909 the D. L . & 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 tho contract o f Aug. 2 1909.
violated the commodities clause o f the Hepburn A ct and the Sherman anti
trust law (V . 100, p. 2114: V . 101, p. 17). In Its relations with tbp D . L. & W.
Coal Co. A new contract was arranged. V . 101, p. 47. In M a y 1917
■ult over M o m s & Essex lease was settled, the guaranteed dividend on
M . & E . stock being Increased from 7% to 7 H % P- a- V. 104. p. 2116
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 o f coal prices In 1917. V. 105, p. 767, 2412, 2293. 1961.
Th e company on Sept. 17 1920 submitted to the I.-S. C . Commission a
plan for the segregation o f its coal properties and the operation o f Its mines
ownod, as distinct enterprises from its railroad properties. Tho Comission,
In April 1921 authorized the company to issue $45,000,000 common stock
to be distributed as a stock dividend. T h e stockholders on July 21 1921
authorized an Increase o f $45,000,000 in the capital stock and also approved
the sale o f tho road’s anthracite coal properties to the Glen Alden Coal Co.
fo r $60,000,000. Compare V . 112, p. 2190.
D IV ID E N D S — 11904. 1905. 1906-08. 1909. 1910 to 1920. 1921-22.
Since 1903
{% ) 1 17
194* 20 yearly
70
20% yrl.v. see below
Dividends previously 2 H % Q.-J. (10% p. a.) and 10% extra December
were in 1918 changed to 5% each quarter, which rate was paid to and lncl.
July 20 1921: on Oct. 20 1921 paid 3% ouar. on the Increased stock. On
Jan. 20 1922 paid 3% quar. and 5% extra; A pril 20 1922, 3% ; July 20 1922,
3% ; Oct. 30 1922, 3% .
July 1909 paid special cash dividend 50% one-half applicable. If desired,
to subscription of stook of new D. L . & W . Coal Co. selling agency; also
paid 15% stock dividend Aug. 2 1909, and In Deo. 1911 35% In 4% guar,
stock of Lack. R R . of N . J. V. 89. d. 41. 224: V. 93. p. 1323: V . 94. p.549.
On Aug. 20 1921 paid a stock dividend o f 100%. V . 113, p. 531.
E A R N IN G S —
-Gross------N et after Taxes-----(I.-S . O. O. Figures).
1922
1921
1922.
1921.
Jan. 1-Sept. 30-r-----".$53,770,523 $64,882,823 $4,545,501 $9,373,937
A N N U A L R E P O R T .— For 1921, in V. 115, p. 1528, showed:
Years ending Dec. S I—
1921.
1920.
1919.
C oal______________
$26,606,299 $20,288,483 $19,055,523
Merchandise freigh t......................
36,970,445
40,132,599 32,839,878
Passengers........ ..........
14,438,161
13,868,517 12,380,787
M ail, express, & c..................................
7,962,910
9,110,462
7,547,859
G r o s s ............... ............................. $85,977,815 $S3,340,061 $71,824,047
[V ol. 115.
Amount
Outstanding
Rate
%
When
Payable
Last Dividend
and M aturity
Places Where Interest and
Dividends are Payable
-N ct Tafter Tares—
-Gross_____
Years ending Dec. 31—
1921.
1920,_
1919.
Federal compensation________________
______ _ z$8,373,879y$17,324,424
N e t, after taxes...... ............................ 12,781,395
5,260,235
.......
Coal department ( n e t ) . . ..................... 6,626,405
0,503,942 6.946,297
6,851.739
5,308,464
1,608,925
Other miscellaneous income__________
Total net income..............................$26,259,539 $25,446,520 $25,879,046
Interest and r e n t a ls .......................... $5,730,000 $5,330,712 $0,148,961
Renewals and betterments____________ 1,105,555 2,509,079
809,550
Cr.3,869
111,301
Expenses prior to Jan. 1 1918.............
347,282
R ailw ay tax accruals_________________
_________
1,122,917
1.710,374
M aint. o f inv. org____________________
_________
57,701
305,033
Miscellaneous debits.............................
268,789
1,818,568
420,240
Dividends (2 0 % )................................. 13,510,576 8,444,110
8.444,455
Balance, surplus1
. _________
$5,647,827
W J M .*?.. ??_ _ ______
$5,230,999 $7,027,745
z Includes 2 mos. Federal comp, and 6 mos. G ovt, guaranty,
x Only 90% o f the standard return is included in income or 1918.
y Includesl 0% o f compensation for year 1918.
O F F IC E R S .— Pros., W . I I . Truesdale: V .-P . & Gen. M g r.. E. M . Rlne:
V.
-P. & Gon. Counsel, W . S. Jouney: V .-P ., P. J Flynn; Sec. & Troas.
W . G. Van de W ater; Gen. And., It. B. Ferguson; Com pt., G. E. Hustls.
D IR E C T O R S .— W . S. Jennoy, W m . II. M oore, W m . II. Truesdale,
Geo. F. Baker J r., M . T a ylor Pyne, Henry R. Taylor. M . II. Dodge, Beck
man Winthrop, W illiam Fahnestock, J. F. Talm age, Samuel Sloan, P. R.
Pyne, Henry 11. Spencer, R oy C. Gasser, Frank Itysavy. Offico, 90 West
St., N . Y . — (V . 115, p. 1528, 1631.)
D E L A W A R E & NORTHERN RR.— East Branch to Arkvllle. 38 miles,
and 8-rnlle branch. Inoorn. In N . Y . Oot. 14 1911 as a reorganization of
Del. & Eastern R R ., foreclosed per plan V. 93, D. 588. Stock, common,
$11000.000; 6% cum. prof.. $250,000; par, $100. N o bonds.
For
1921, gross,
$138,842; net. $6,396; other Income. $986;
fixed charges, $6,949; Dal., sur. $433.
Pros.. Andrew M . Moreland;
Sec. & Trees., Howard Feist: Asst. Sec. & Aud., II. G. Eckert. Office,
M argaretville, N . Y . — (V . 115, p. 2045.)
D E L A W A R E R IV E R RR. & B RID G E CO.— Frankford Jot., Pa., to
Haddonfleld, 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 tako a lease
o f the property, paying as rental a sum equal to 6% on the stock, taxes and
fixed chargos. V. 106. p. 2228; V. 63, p. 1062, 1159; V. 89, p. 1596.
D IV S .—
’06-’07. ’08. ’09-’ 10. ’ l l . ’ 12-T3. ’ 14. T 5 .
1916-21.
P e r c e n t----- 6 y ’ly
6
6 y 'ly
6
6 y 'ly
4
4
6% y rly
— (V . 101. p. 2071; V. 102, p. 1540; V . 106. p. 2228.)
D E N V E R B O U L D E R & W E S T E R N R R .— See “ Hallway and Industrie
Section” o f M a y 1920 and V. 112, p. 1143. 1399, 2082.
D E N V E R & R IO G R A N D E W E S T E R N R R .— R O A D .— M ileage.
Road owned and operated_____ 2,4841 Of the preceding:
Rio Gr. Jo. R R ., <to. (lea sed ).. 120 Standard gauge________________ 1,823
------- 1Narrow gauge only_____________ 781
Total operated----------------- 2,604|Scoond track___________________ 316
IIIS T O R Y .-j-In co rp . in Dela. N o v . 15 1920 as successor to the Denver
& Rio Grande R R . A company with the same title (to be tho operating
company) was incorporated in Colorado on N o v. 30 1920.
T itle to the properties o f the Denver & Rio Grande R R . was form ally
transferred to tills company at midnight July 31 1921. Pres. Young on
July 30 1921 stated that the Western Pacific R R . Corp. controlled the
stock o f both the Western Pacific acd tho I). & It. G. W ., but that tho two
properties would have independent operating forces and would be operated
separately except as to the ordinary traffic relations that usually exist botween friendly lines controlled by the same Interests.
Receiver Appointed— Reorganisation Plan Withdrawn.— Joseph H. Young,
President o f the company, was appointed receiver in July 1922 (V . 115, "
p. 542).
Tho reorganization plan proposed early in 1922 (V . 114, p. 519) by tho
Western Pacific Interests, which was opposed by tho committoe for Adjust
ment M tge. bondholders (Richard Sutro, Chairman), and by a committee
for the 1st & Ref. M tge. bondholders (James H. Perkins), Chairman,
has been withdrawn (V . 115, p. 644, 1729).
Judge Learned Hand In the U. S. DIst. Court In N . Y . C ity on M a y 18
1917 decided In favor o f the Equitable Trust Co., as intgo. trustee o f the
old Western Pacific Railway, the suit brought against the Denver & Rio
Grande R R . Co. to enforce the payment o f the guaranteed bonds. V. 105
;>. 1309, 1522; V. 104, p. 2641, 2117. The Circuit Court o f Appeals at
4. Y . on Jan. 4 1918 affirmed the decision, ranking the Judgment as a lien
on the property Inferior to the lien o f the mortgage bonds. V. 107. p. 1186;
V. 106. p. 85. 188. 1126. 1688.
In Sept. 1918 after some $7,771,395 had been realized on the Judgment,
the Western Pacific R R . Corn., holder o f the beneficial Interest In 95% o f
the $50,000,000 1st M . bonds o f the-former Western Pacific R y. C o., was
proposing to sot aside $3,500,000 o f the money so received for the rehabili
tation o f the D . & R . G ., and thus far the protection o f the remainder
o f the Judgment. V . 107. p. 1102.
On Jan 26 1918, In view o f the foregoing Judgment, the property was
jlaced In tho hands o f its President, Edward L. Brown, and Alexander R.
3aldwin. o f San Fran.. V.-Prcs. & Gen. Attorney or 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.107,p.l 180.
On Feb. 28 1918 the U. S. G o v’t, having, as a war measure, taken over
the managment o f tho proDortv, M r. Brown retired as receiver and M r.
Baldwin remained as solo receiver o f the free assets with no part In the
operation o f the road. V. 108, p. 929.
In June 1918, *10,418,700 securities hold by the company In N . Y .
banks were attached; $10,000,000 stock o f Utah Fuol Co. was sold under
thlsjudgm ont on Juno 20 and bid In by William Salomon & Co. on bohalf
of Westora Pacific R lt. Corp. for $4,000 000. V. 106 p. 2648, 2559.
47
KAILWAY STOCKS AND BONDS
Nov., 1922.]
R A IL R O A D C O M P A N IE S
IFor abbreviations. A c ., -see notes on page 6]
Amount
Outstanding
D en ver & R io O ran d e W estern
Bonds of old Denver A Rio Grande RR.
, .
First Consol M $42,000,000 now 1st M g -U s .x o '& r
1.647
,1.647
First A Ref M $150,000,000 gold red 110 Baxp*&r* 2.541
2.5-11
Adjust \I incomes $25,000,000 7% cum red 115 Nxo
Im provem ent M ($5,000 per mile 8 — — -U s.xo &r 1.647
699
Rio Oraade Western 1st M gold (V69. P 284) -Ce.zo
6991
First <’ons intge redeem at par (see text) g-U.xo
Bonds of Affiliated Companies—
180
Rio Grande Southern first mortgage guar----— Lex
62
Rio Grande Junotlon first mortgage guar— — Ce.xo
Utah Fuel Co 1st M $2,000,000 redeem at 110— -Oz
Pleasant Valley Coal 1st M s f redeem at 115- — - Oz
Salt Lake City Union Depot & R R — See that Co.
D env Sc S a lt l. R R -S tock $1,750.000— — — -------Receiver's (1st Hen) ctfs $1,500,000 g call at par text
1st M $35,000,000 gold redeem 105— Ba.xc*&r*
text
Do cash Int: 3 % . 3 y r s ;4 % . 1 yr; then 6% —x
text
Do cash lnt: 4 y r s .l, 2, 3 A 4 % . reap.then 5 % -*
Adlustment (Income) bonds $2,000,000 . — - - - - *
Two-year notes $300,000 auth call 101 — — Lm.y
Equip notes g due $24,000 s-ann— — —
Em.xc
D en ver Un Term R y— 1st M red 105 beg 19 text.C C 5.89S
Des M oines & F ort D o d ge— See Minneapolis * St L
99
Det Bay C & W — 1st M $1.250.000g red t e x ts f FC.xc^
1886
1898
1908
1912
1888
1889
1899
$500 Ac
1.000
$ & mks
$,£,m,Ac
500
1.000 &o
1.000 &o
v34.125.000
$3,382 000
x31.616,000
See text
8.335,000
15.190,000
yl5.080.000
1890
1889
1901
1898
1.000
1.000
1.000
1.000
2,277.000
2.000.000
486.000
897.000
1912
4 g
AH g
5g
7
5 g
4 g
4g
4
5
5
5
g
g
g
g
M
J
6g
$583,515
859,468
3.641.000
4.427.000 3-4-5
1.734.000 1-2-3-4-6
2 . 000.000 Up to 5%
6
217.000
24.000
5g
4.000.000
AH g
$5
1918
1913 $7£.~rrr&c
1913 $ . £ . A c
1913 $ . £ , & c
$1,000
1913
1915 1 .OOOftc
1.000
1913
1 .0 0 0
1914
t8
648.000
1.000
Last Dividend
and Maturity
When
Payable
Bale
%
Par
Value
Miles Date
Road Bonds
M
M
M
M
F
M
M
A
5 g
A
A
A
A
Sept
A N
A N
A N
A N
AA15
A
A S
A
Places Where Interest and
Dividends are Payable
Jan 1 1936
Jan 1 1936
Aug 11955
Apr 11932
June 1 1928
July 1 1939
Apr 11949
National Park Bank, N Y
do
do
Bankers Trust Co, N Y
Oct 1921 Interest not paid
N ational Park Bk, N Y
Guaranty Trust Co, N Y
do
do
July
Deo
Mob
July
Maitland Coppell. N Y
do
do
Guaranty Trust C o. N Y
do
do
1 1940
1 1939
11931
1 1928
Sept 10 1920
M a y 1 1943
M a y 11943
M a y 1 1943
M a y 1 1943
Feb 15 1917
March 1923
M ar 1 1964
O Oct 1932
M a y 1915 coup unpaid
do
do
do
do
N ew York
Prin. A int in default
Empire Trust Co, N Y
Cont A Com TrA SB .C hlo
First T r A Sav Bk. ChU
.000. lncl uding $7,005, 00
v-x-y Additional amounts held In treasury or by trus tees D ec.3 19 20. viz: v $1,445,000: x $10,445
pledged under a d jlitm e n t intge.; y $l,39o,UuU
Th e Equitable Trust Co. on M a y 4 1920 obtain**!Ianorder-from Supreme
Court Justice Lydon, directing David B. K n ott. SherRf or N . Y . Cou ty.
to Issue a further execution upon a Judgmont awarded against the road and
to levy upon certain property o f ‘ be defendant h d d in this(State,
lh e
salo, which took place on M ay 20 1920, realized about $1,200,000. Com
-N e t after Taxes-----1922.
1921.
$4,631,890 $1,893,440
J^ A N N U A lF R E P O R T .—*Fbr ^1920 1n^V? 11|b? . 2 0 7 6 . ' ihowe'dr ^
E A R N IN G S .—
u
.-a . C.
o . C.
u. iisuiOT.;
(I.-S.
figures.)
- Gross-
1922.
1921.
PaKorV pay m oats'nuido2 under foregoing Judgment see Western Pacific
N et. after taxes, A c ........................... V u j ’a I I
2 857 075
Other
.............................
r,R'i
s 8.319.£7J^
319 377
8 319 377
Federal income......
compensation---------------- - 4i'S8R’
1.386,o63
Gross
income
____ ntc
$11,831,707 $15,313,460 $16,034,978
K
JrusN
Iiicuiiiu--------------------------.Dross in c o m e --.- — — - — ----------- i w a i s
*772.467
$208,114
$208,114
$772,467
Hire o f equipment, rents. A c .............. $2,132,015
4.911.475
4,894.397
Interest on fuuded d e b t -. -- - - - - - - - - 4,871.549
700.000
700.000
<00.000
Interest
on
adj.
mtge.
bonds
(7
%
)---pn Feb. 28 1921 by the U. S. Circuit
b ^ ^ e k l ju d g ^ lto b ert1 E
3.276.475
2,817.227
Other interest, A c ........ — — ...............
jjt -a
133.422
203,130_ __________
saie was V ^ e r T f ^
a resale would be ordered
___________
_
Sinking and renewal funds---------------Balance, surplus or deficit-------- sur.$1.036,716df$2.690.57 <d f* l .468,133
lf°tW
hoS stocklmlders'^r«m u nlttco would deposit $100,000 on March 25 1921
^
, v km t in nnn non for tho property at tho rosalo. Judge Low is
t Includes comp, due under 6 mos. guaranty. See note In V . l 12 ,p . 4070
Ki
v r o i m __Franklin W M . (Jutelien. I. de Hruyn, Jonn 13. Dennis.
r e f u s X o perm it^he’c.nnmltwe'to flloPa hand o f $100,000 In lieu o f ciish
Frederick H E c k o r , A M ilu n C A lv in W . W h , John 6 . Marsh. R obert
liidire Lewis in tho Koderal District Court at Denver on April 2 19-1 di.
W M artin George W . M urray, t/yman Rhoades. John Y . Robbins, R . B)
t 'h o p 'r l i l l r ^
Bo n ‘ l9 e p t.% Uiw i'p o rn h ss k ra w L
Young and'Bulkeley W e l l s . - ( V . 115. p. 1531. 1729. 1837. 1941, 2045.)
rtP N V F R & S A L T L A K E R R .— In 1918 256 miles. D enver to C raig, was
In operation, incl. Steamboat Springs toQDraig. 41
° j;en.^o
io i3 l
V 95 n 1403 1541: V . 96, p. 1088; V . 97, p. 1503. v - 108, p. 77.
19T3iio plan bv* which' the city o f Denver was-to aid in building a tunnel
and April 1 1918 on Rio Grande Western 1st Consol. M tge. 4s (V . 106, through tho Continental D ivide was blocked in July 1914 bv a decision o f
p 1401) wore paid on M a y 24 1918
Coupons duo Juno 1 1919 on the the Colo. Supreme Court declaring the proposed # t y bonds illegal. V . 96.
Fmprov. 5s delayed wore paid July 1 ^ ^ i ^ y ^ w ^ t e r n ^ P t S d i c R r ' dorp1 n 14S8- V 92 d 1310; V. 95. p. 1403, 1122; V . 96. p. 1488; V . 97. p.
nrnvIoiLslv offered to purchase them on bohalf or western l acme i u i . v-orp
102U 1503;' W 9 8 . p. 73.60. 762; V. 9W , p. 119. 1597. D efeated by voters
V. 108, p. 2329. Subsequent Interest payments havo been made when due.
Committees Formed in View o f Aforesaid Decision (V . 104, p. 2117).
' V u tG A ^ j\ Z A T IO N !— lueorp. In Colo. Dec. 1912 and took over as o f
First <t Ref 5% M . Bonds.— John Henry Hammond, Chairman: Bertram
\Iav 1 1913 (per plan, V . 95, p. 890) the Denver Northwestern A Pacific
Dniior Charles I tavden M elvin A . Traylor, Andrew J. M iller and Frederick
R y ., foreclosed. V. 95. p ; 1683- *603 1331;j V- 96. P -1 3 o. 1296. 1364.
S tra S s ^ B ^ W ? Joims” Secretary, 16 W all St. Cadwalader Wiekersham A
Leases Northwestern Terminal R y ., Denver, till Jan. 1964. V . 98, P- 911.
T a ft, counsel. Hankers Trust Co., N . Y ., depositary. V . 10G, p. - o o i ,
Cities in Colorado In M a y 1919 formed the Northwestern Colorado
^ \ i p 'n f ^[load
Tho road was sold at public auction on N o v. 20 1920 for
fe
A
*
» & S 5
« ' i ' 2552‘ V ' . l.,2 '. ? : . 1“ :
Jefferson M .
I k S T v t a * l l n " L . . , ;V M V f iii. u k . n. GeonjO F . secor O . Trac£ B o ® * .
% w ° m X £ 'L ^ yr s ± £
Bannard and Albert Strauss, with B. L. Stowoll as Secretary, ^ 0 5 ^ 2 2 2 8
N . Y .; Now York 'Trust C o., depositary. V. JO*, p. 2235, V. 166. p. 2228
Rio Or West. 1st M . 4.1.— See Spencer Trask A C o., 25 Broad S t. N . *
I d Mtge. Bonds o f Rio Or. Jet. Ry.— L . Edmund Zacher, J. Herbert Case.
Edward C Delafleld: with E. 8. Blagden, Secretary, 46 W all St.. N . Y
Fra^kUn Trust Co ! N . Y .. d e p o s ita r y .-V . 104. n. 2(*42.
__
Committees Opposing Reorganization Plan.
An Independent committee, headed by James H- Perkins . P r e ^ Farmers
ft Trust C o., was formed to represent holders o f the 1st
Her. M tge.
A ^ hnnds uid tho Adjustment M tgo. 7s opposing the reorganization^plan.
committee announced that it had arranged with the Farmers
^ atnhe&lsTtr A R ef • 5s &d d
S
t M
11‘'T h o 'iia lir o a ll'1Administration' nurchasod ail receiver's certificates that
havo been issued, amounting to $859,408.
__ .. .
.
. nt
Th e receiver’s certificates ($1,500,000) are to have a first Hen ahead of
the 1st \T bonds and any future Issue o f such certificates.
h R E C E IV E R S H I P - O n A ig. 16 1917 Ores. Chas Boettcher and
W. R. Freeman o f Denver were made receivers. V . 105, P 818. 1419.
Dofault having boon made on Interest payment
M a y 1 1916
«nd se?nLanmiaHy thereafter on the First M tge. 30-year gold bond*,
the bondholders committee
1
l.917rnur5 ^ ^ ^ Y °*a^deoSsltiry^t h o J S L. C. Phipps. Eugene V . R . T h ^ e r and Jlw m a n Walleck. with^Charles D .
^ D ktera?dro’c c S aja n ! 1 l f l l T O
n
'. W
pr° ieCtive
th elfd ^ T re
^ “July
Sjy n1iO
m e ^ ^ Chairman,
h a irm a n 1Joh'n^H
the 6% equipment certificates ^
dated
1915.
Jonn a .
ar^ViSSSUSfe
I X hh° c o m m it ^ c o ^ t e or Ja,nes
‘ Lol,,s) nndI Willis D.
j M
w p W }- y d V
S 5
F.bJ
Leigh,
1 n rw e v Secretary, 22 William St., N . Y . C ity.
W ood, with F. A ^ D e
JG ‘ & Trust C o., N . Y . Sub-depositaries are: r c ^ r o r f to n S A t t c M u lpm cm trusts o f March 1015. all Installment,
_ -.Depositary. Farme
Chicago; the N ational Bank o f Commerce,
a s / n iA
“f o r ^ n d l n j * ; , dr ? e ' » 19' 6 Stf'Loufs^8Banker * Trust Co Denver; H o g e * C o • A ® * ® * * ® ; H olland=
V. 109. r* 732 811. fia jr ite w T n w t^ o - . N ew Y o j ^ p o s U f f l r ^ -----T h e F ar^"7?’
miTtee Vor the Vlrst* A reL mtge. 5% bonds and tho
E A R N IN G S .—
-----, m o ^
,021
1922
1921.
A protective commltt
Richard Sutro, was also formed. Th e
adjustment mtgs. 7s, hoa 1
chairman, senior partner o f Sutro
r (1,A F 4 A n 't fl™ re8 )
S9425 214 S2! o921,425 def$183.'979 def$75.256
llresn A C o
N y " T “
i ! S i S , V.-Prcs. American Exchange ' “ ■ P O K f f i L B S f i f e i i . , 4 r i ? . d i f 0 ll i 18% 1,4 3 '589; °
BfaB O N ?iS ^ o fo fd D. A It. G. R R . C o . ) . — Improvement mortgage abstract in
,,CAhstrMt ofVR^ G PW 22l°st mort. was in V. 49. p. 237. and statement to
N.A^ S t S S k ° is ? o h a n g S !''v \ " K 73: also V - 0 9 p .2 8 4
in a h F u e l 1st 5s
of 1031; see application to list, V. 78, p. 1171. 1178. 1M8, 2015.
° nin G W . First Consol. 4s of 1899. see V. 72, p. 537. 775, 1189.
SL° Refunding mttie. covers the consolidated properties to secure an
T h e *lKO (WO 000 boridta. V. 86.p . 1224. 1284. 1529: V. 87. p. 226. 285
t I i* 1419- V 88. P 100. 230. 2(54. 504. 822; V. 89. p. 348. 593: V. 90
M 4 . 741. 141IL central R R .. $390,000 1st M . 4s paid o ff Jan. 1 1917 ar«
p , 84§ - k .» « it h n A r ! O. Ref. A Mtge. bonds. V. 103. p. 2340
Of
061 000 First A ltef. M tge. 5% gold bonds authenticated Dec. 31
ioor?4« ’» U9«00() wore 1
hold In sinking fund and treasury and $8,117,000
were' pVwigod^^ under the Adjustment M tge.. leaving $31.610.000 in the
ha?n ^ AUmsfm! n't^inteo. (7% oum. Income) bonds authorized In April 1912
/. * >
C^>dr VwiVi Vinn nregent Issue $10,000,000) received their llrst install(total » ^ - ! M!(Vb°JVnnh,trlT on Oct. 11912. and are since entitled (A . A O .)
mant of Interest ai
, (lBn determine out o f surplus net incomi
to emch amount as the board sria ^ ^ June 3Q lmrnedJately preceding
2lirir? eire If any” to be paid at maturity or at date of earlier redemption
an arrears, ii
.*
K. date: ' I H % Interest declar««d payable -.-•ml
f M m V t l A l 1912 to and Including April 1 1921: Oct. 1921 Interest
annually from April U S l l f S 6; y . 101. p. 773; V . 94. p. 911. 1565; V. 105.
5 ° U « R18 VV l i ? n 730. The Western Pacific H R . Corn. In Aug. 1920
Pinrch'-iTitro Its 4% 10-voar Soeurod notes for the adjustment mort
V. I l l , p. 090.) In Oct. 1921 It was announced
that $5,175,000 out o f tho $10,000,000 outstanding had been exchanged.
V. i l l , p. 990; V. 113, p. 730, 847, 1573.
W m Wadden V .-P .; Ward Ii. Pearson, Treas., N . Y . — (V . 115, p. 307.)
(T H P ) D E N V E R U N IO N T E R M IN A L R Y .— T o take over the Union
,J T H E > D E N V E R u n iw ri j 43^ and oxtond and iraprove the passenger
Depot A R y. <-o. ( • . • y stoi k $30,000. equally owned by the Union Pa-
S
, S
. a
^
J
JK!,‘a
t « ^
' 2^ n c m d t n FS U N IO N R A I L W A Y C O .— O R G A N IZ A T IO N .— Incorp.
in ?owa mPDec. 5 1881 to operate railway terminal property In Des Moines,
Iowa
Ownod and controlled jointly by Wabash R y . Co and Chicago M il
waukee A St. Paul R y. Co. Passenger facilities used by Chicago GreatWestern R R . C o., Chicago Burl. A Quincy R R . C o., and Minneapolis A
Iannis R R . Co., as tenants.
„
,
,
8 Owns 4 22 mdes o f terminal main track and 23.48 miles second main
track and’ sidings and bridge across Des Moines R iver.
1 B O N D E D D E B T — $671,000 first 5s. dated N o v. 1 1887, due N o v . 1
1917. These bonds are owned by Wabash R y . Co. and Chicago M ilw . A
Stn m T A L STOCK:.— Authorized, $2,000,000; outstanding, $400,000;
r.->r xiflO* This stock Is owned by Wabash R y . Co. and Chicago M ilwaukce_A St. Paul R y. C o..
48
KAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 6]
Detroit Hillsdale & S VV— S took 4 % ren ta lN Y R C en tR R
D e tr o it & Ir o n to n R R — See text
Detroit & Mackinac— Common stock. J2.000.000 auth
Pref stock non-oura $1,000.000 autb ( V 74, p 629) . .
"F irst lien” $1,500,000 gold____________
Oxo*
“ Mortgage bonds” $1.7.50.000 g red at p a r____ (jxc*
D e tro it R lv T u n — 1st M $30,000,000 gu en d .Q .xc*r*
D e tro it T o l & Ir o n to n — Common stock $6,500,000
P re f stock (p A d) non-cum 4% A partlc.$6.000.000
First M gold red 105_____ _____________ _
N .yc*
AdJ (Inc) M $8,000,000 g cum aft Jan 19 red te x t.C e
Toledo-D otroit R It 1st A R e f gold bonds
Equipment gold notes due $6,500 M A N callable* *
do
do
due $25,000 .1 & D callaDle____
D et & Tol Sh L — 1st M $3,000,000 g g u ____ Ba.xo»&r
Equipment gold notes due $33,400 yearly______ Q
D over & Rockaway— Stock 6% rental 990 years.
D ub & Siou x C ity — See Illinois Central—
Duluth & Iron Range— First mortgage_____ Mp.zo&r
D u lu th M issabe & N o rth e rn —
General mortgage gold s f. red 105____________ Nxo*
Duluth Rainy Lake & Winnipeg— See Dul Win & Pao
M iles Date
Road Bonds
P ar
Value
65
A ll
1895
All
1895
2.72 1911
1914
22 1915
1915
1917
43 1903
1920
100
100
2.000,000
950.000
1.000
1.050.000
1,000
1.2.50.000
1.000 18.000.000
100 6.500.000
100 5.989.998
1.000
1.717.000
100 Ac
7.630.268
400.000
500
39.000
1.000
225.000
1.000
3.000.000
434,200
100
150.000
291 1887 1.000 &o
8.151.000
361 1906
8.610.000
1.000
ceiverI inOtetn t1922V1CVPrn 5 °n % ? ctroit Trust C o“ was appointed reY ear 1921. gross. $689.411; net. $124,735: other income, $701; fixed
charges, $149,/13; bal., def., $24,277. Pres., Thomas L . Handy; V.-Pres
*• Uolon » • “ * • * •
om “
.■ ? .E.T I? !> , T .a, P A N D ,,J-, y EI? o # * ,IL W A U K B B R V . - O . hh from De
troit to Grand Haven. M ich., 189 miles. Charter decision Oct. 1916 V
107. p. 1669. Real estate bonds. & c.f $226,000. Grand Trunk o f Canada
owns entire $1,500,000 stock.
B O N D S . A c.— (A ll owned by Grand Trunk R y. Co. o f Canada). Consol
mteo. 7% bonds dated N o v. 15 1878. extended to N ov. 15 1930. $3,200 000
Konipm em 7% bonds dated N o v . 14 1878, extended to N ov. 14 1930
E A R N IN G S .— For 1921. gross, $4,608,548: net. def., $75,388: othe.
income, $ i ,378,933: interest, rentals, Ac., $1,328,826: bal., def., $25,282
— (V . 113, p. 958.)
D E T R O IT H IL L S D A L E & S O U T H W E S T E R N R R .— Owns Ypsi
lantl to Bankers, M ich., 65 m. Leased In perpetuity In 1881 to L S A M
8. R y . (now N . Y .C e n t. R R .); rental, $54.500— 1% on stk .(V . 106. p. 601.
D E T R O IT & IR O N T O N R R .— Organized in 1920 by Henry Ford who
acquired control o f the Detroit Toledo A Ironton R R . on July 15 1920 by
the purchase for cash o f approximately 98% o f the Adjustment Mortgage
bonds and t he Pref and Common stock. Th e price paid was $600 for each
$1,000 bond and $5 and $1 for each share o f the Pref. and Common stock
respectively (V . 111. p. 492, 294).
The I.-S. C . Commission in M a y 1921 authorized the company to con
struct a standard-gauge steam railroad, approximately 15 miles long ex
tending southward from Springwells or Fordson, M ich., 8 miles west o f the
Detroit city hall, to a connection with the Detroit Toledo & Ironton R R
This road w ill connect with the Detroit Terminal R R . on the north which
will give it a connection with the other steam railroads at Detroit. The
company was authorized to issue $1,000,000 capital stock for the purpose
o f building the road.— (V . 114, p. 1178.)
D ETRO IT & M A C K IN A C R Y .— Owns from Bay City, MIoh., to Cbeboy
on, 116 m.: Au Sable division (fo merly A . 8. & N . W. R R .). 61 m.. Rose
Hty Branch. 31 m.; Prescott B r.nch. 12 m.; Lincoln Branch. 15 m. Au
Gres Branch. 8 m.: Alabaster Branch. 4 m.: Hillman division. Alpena to
Hillman, M ich.. 23 m.; Rogers C ity Branch. 14 m.; logging branches
(largely tem porary), 23 m.; total, Dec. 31 1921,388 m. Henry K . M c IIa rg
and associates control.
B O N D S .— “ M ortgage bonds” for $500,000 were reserved for betterments
&c., at not over $50,000 per year. V. 74, p. 629. In addition to the
amounts shown above as outstanding, $450,000 “ first lien” and $500,000
"m ortgage” bonds are held in treasury.
D IV ID E N D S .— On pref., 2>£ % July 1 1903; since to Jan. 1921.5% y ’ly
On common. In 1911 to Jan. 1919, 5% yearly (except July 1915 and Juiy
1917. none: also in July 1918, and 1919 none; Jan. 1920, 244%.
------------- Gross---------------------Net, after Taxes—
E A R N IN G S .—
(I.-S . C .C . Figures).
1922.
1921.
1922.
1921.
Jan. 1-Sept. 30----------- $1,390,338 $1,492,822
$20,701
$34,057
R E P O R T .— Y ea r ended Dec. 31 1921:
Cal. Year.
Gross.
Net aft. Tax. Tot. In c. Int.,Rent,&c. Dies. Bal.,Sur
1921_______ $1,971,128 $71,083
$80,129 $111,188
______ dfS.31,060
1920............ 2.077.931 def281046
73.303 132.566 $47,500 dfl06762
1919............ 1.687,341 df84.917
X319.126 181 379
-----97.500
40.247
1918............ 1.557.034 df31.210
307,402 177.056
97.500
32,846
x Standard return. $310,662. plus other incomo.
Pres., H . K . M c IIa rg ; Sec.-Treas., Jas. M cN eil. Office, East Tawas,
M ich .— (V . 113. p. 1674.)
D E T R O IT R IV E R T U N N E L C O .— Owns double-tube tunnel and ap
proaches under the Detroit River, with terminals, all leased for 999 year?
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., o f the
bonds and 6% on the stock. O f the $30,000,000 bonds, $12,000,000 are
reserved under restrictions for additions and Improvements, Interest rati
not to exceed 5 % .— (V . 98, p. 1844.)
D E T R O IT T O L E D O & IR O N T O N R R .— Road from Detroit. Mich to
Ironton, via Lim a, 342.57 m., and 38.94 in. o f trackage; branches, Kingman
to Sedalla, O., 31.10 m., Jackson to Cornelia. 17.64 in., and I lynan 'ct. to
D ean, O.. 2.13 in.: total 454.64 m.; coal mine tracks, sidings. A c.. 155.57
miles. Incorp In Dela M ar 1 1914 as successor, per plan V. 97. p. 1821,
o f trie Railwai foreclosed. Toledo & Detroit R R ., Toledo. O.. to Dundee.
22.26 miles
V. 103, p. 60.
Control o f this road was taken over by Henry Ford on July 15 1920 by
the purchase for cash o f approximately 98% o f the Adjustment M ortgage
bonds and the preferred and common stock. Th e price paid was $600 for
each $1,000 bond and $5 and $1 for each share o f the preferred and common
stock, respectively. V. I l l , p. 294, 492.
Th e D etroit & Ironton R y. was Incorp. to lease and take over the opera
tion o f the road. M in ority stockholders in Aug. 1920 brought suit to
prevent the proposed lease. V. I l l , p. 895. The lease was upheld by
Supreme Court Justice Finch on Oct. 8 1920. and the decision was later
affirmed by the^Yppelate D iv. o f the Supreme Court. V. I l l , p. 1472,2041:
S
B O N D S , A C .— The Issue under the first mortgage Is not lim ited, but
$1,000,000 thereof will be disposed o f solely to rehabilitate the property
and provide for equipment and payment o f equipment liens, and an addi
tional $1,000,000 solely for improvements and additional facilities. Fur
ther 1st M . bonds may only be Issued thereafter from time to time, under
carefully guarded restrictions, for Improvements, A 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«
Rate
%
When
Payable
$100 $1,350,000
D E T R O IT B A Y C I T Y & W E S T E R N R R .- O w n s B ay C ity. Mich.
oB w ER' 1° ? n?i,es\ sto<*. all outstanding, $450,000.
The 1st gold 5s
($1,250,000 auth. issue) are redeemable at par prior to Oct. 1 1922. thereafter
at lOo.
Gn5V pl,ai S :.)S“ " “
Amount
Outstanding
&
[V ol .
Last Dividend
and Maturity
J July 1922
115.
Places Where Interest and
Dividends are Payable
2% Farmers’ L A Tr Co. N Y
See text
See text
4 g
4 g
4 H g: M
Jan 2 1920 244 f l K MoHarg, New York
Jan 3 1921 2>4
do
do
& D June 1 1995
J P Morgan & Co. N Y
& D June 1 1995
do
do
A N M ay 1 1961
Office o f Treas, N Y
„ 6g
Dp to 5 M
&
&
6 8
4g
6g
&
&
A
J & J
A A
J M ch 1 1964
8 M ch 1 1954
Sopt 1 1940
N T o N o v 1 1925
D T o J'ne 1 1927
J Jan 1 1953
15 T o Jan 15 1935
O Oct 1922 3 %
A
O Oot 1 1937
M
&
Jan 1 1941
N ew Y ork Trust Co
N ew York Trust Oo
New York Trust Co
Hankers Tr Co. N Y
Guaranty Trust Co. N Y
143 Liberty a t New York
Office Emt lre Bldg. N Y
Company’s offloe, N
Y
? T me»?et lnco,me as defined In the mortgage Bhall suffice to pay.
The Interest will be cumulative from Jan. 1 1919. but there will bo no right
o f foreclosure until maturity o f the principal o f the bonds. Th ey are call?b' e “ a whole with interest as follows: A t 70% during first year, at 75%
y.£a r• at 80% In 3d year, at 85% In 4th year, at 90% In 5//i year and
par th<ZeaM r - . Unt0 the full 6% Int. shall have been paid for 2 successive
an/1 at ,east for 6 years from date o f the mortgage, the holders have
m ^ cas»t 9Pe v 9te for each 8100 at al1 meetings o f the stockholders,
outstanding ° & Detro,t R U - (Purchased Jan. 2 1918) has $400,000 bonds
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114, p. 1407.
, ------ X-----Gross---------------------Net, after Taxes-----(I.-S , O. O. Figures.)
1922.
1921,
1922.
1921. '
^REPO RT
----------- SO,687,749 $4,781,210 $1,016,301
$893,082
For Year ending Dec. 31 1921: gross. $6,453,668: not, $888,152; other
incomo, $116,558; deductions. $1,535,267: bal., def., $530,556.
q „ ? Pr i4?R R S > P ^ s-il n ° ” 7 F o rd ’ D etroit: V .-P ., E. J. Liobold, N .Y .:
Sec. A Ireas., G . R . Bowbakor, D etroit.
Directors.— Henry Ford, W . C . Cowling, E. O. Kauzlor, G. R . BowAU^h1" v El 15^‘
) ° ffice’ Roal Estat0 Exchange Bldg., D otrolt,
S H O R E L IN E R R .— Extends from Toledo to
^suburbs o f) D etroit, 47.6 m.; 2d track, 20 m.; sidings, 45 in.; trackage
rights, 14 m.; total track, 127 m. V. 78, p. 2598.
'
1
The Grand Trunk Western R y . and the Toledo St. Louis & Western R R .
own the entire $1,428,000 stook and Jointly guarantee the bonds, principal
and Interest, by endorsement. See form of guaranty, V. 76. p. 653
First
T^o
p.al.<1 f™rn earnings prior to June 30 1908; In nsoal year
1908-09 , 6 % . and In 1909-10. 1910-11. 1911-12, 1912-13 and 1913-14. 8% :
*r}6.
1
*830,000, from accumulated surplus paid In 1st M . 4sR
1914-15. 8% and 6% extra: 1916 to 1921. 8% yearly.
Equipment trusts Issued to Director-General foY rolling stock allocated
to this company. See article on pago 3 and V. 114, p. 1286.
E A R N IN G S .—■
------------- Gross---------------------Net after Taxes____
(I.-S. C. O. Figures).
1922.
1921.
1922.
1921
Jan. 1-Sept. 30 . ------ $2,590,833
*2.031.335 $1,193,580
8697 115
Year ended Dec 31 1921: Gross, $2,918,140; net oper. incomo, $940 956;
other income, $42,062; interest, rentals, Ac., $776 010' divs *114'240bal.. sur.. $92,774. Pres., W alter L. Ross.— (V . 113, p. 730.) 5 4 '
’
DO VER & R O C K A W A Y R R . (N . J .).— Total, 5.12 miles. Operated
under lease by Central R R . o f Now Jersey.
.D U L U T H Sc IR O N R A N G E R R .— Owns Duluth to W lnton. M inn.;
120 12m : Tower Jet. to Tower. 1.40 m.; Allen Jet to IC.Virginia. 24.53 m..
M cK inley to Webster, 11.32 m.; Waldo to Rollins, 15 m .; Mcsaba to
Lenont, 17.24 m .; Robinson to Burntside Lake. 3.16 m.; other branches.
4.09 m .: branches and spurs, 85 m.; operated under trackage rights, 13.10
m.; total 294.97 miles. Second track and sidings, 257.02 m. Owns ore
docks and yards on Lake Superior costing over $1,500,000.
a »ST9,C K; *?r~^St5 0k’. auth-- S10.000.000: out., *6.500.000. Federal
(see
8 - 8teel Dorp.) owns the stock. First M tge., 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
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% : 1910, 30%: 1920, 15%; 1921. 15%.
W A R N IN G S .—
------------- Gross-------------- ------Net, after Taxes----(I.-S. C. C. Figures.)
1922.
1921.
1922.
1921.
$605,597
ja il. 1-Sept. 30_............ $5,584,337 $4,307,213 $1,745,012
R E P O R T .— For year ending Doc. 31 1921, in V. 115, p. 302, showed:
Grass incomo, $5,348/710; e x p e n s e s , taxes, Ac., $1,668,956; bond interost.
8407,550; other deductions, $127,527; not Incomo, $144,676; dividends paid.
President is F. E. House, Duluth.— (V . 115, p. 302.)
D U L U T H M ISS AB E & N O R T H E R N R Y — Owns Trom Stony Brook to
Mountain Iron, M inn., 48.32 m.; Missabe Jet. to Columbia Jet 29 34 m
with numerous branches; total o f all track owned, 715 miles
Also Iahkm
n °m o W
Ti?ke T,ran^
Ry,’ ( Y- 10t ’ p ' 664) and Interstate Transfer
Ry., 24.96 miles, with 2.71 miles branches and spurs and 14.46 miles yard
tracks and siding. Owns extensive ore docks at Duluth. Entire $4.112,500
stock controlled by U. S. Steel Corporation.
D D N D S j— Of the Gen. 5s o f 1906, additional bonds may bo Issued at not
over $30,000 per mile for additional single main track and $20,000 for
second, third and fourth main tracks and for not over 75% o f cost o f im
provements A c. Sink. fd. 2% yly, (Incl. bonds In slnk.fd.) retires liv lot at
1 9 2 l$ 4 i188,0d5(|n sink. fd. V.88,p.822; V .98.p. 169.3,1844.)
, „ P / V ° E N D ? P,a' (j Hsscal years ending June .30: 1912. 100%; J9I.3, 85% ;
l o w : 70%: ' l o i i i . ' - S :
U R . V & f 'l m % : m 7 - * » * • l018' ” » “ «
E A R N IN G S .—
-------------Gross---------------------Net, after Taxes-----(I.-S. C. C. Flguros).
1922.
1921.
1922.
1921.
Jan.^-SopL 3 0 ----$11,912,194 $10,772,709 $5,182,254 $.3,839,896
R E P O R T .— For calendar year 1921, in V. 115, p. 302, showed:
Combined Federal and Corporate Income Account
ft Dec.
rw 3
11__
inril
1 mnn
m
m
Years ended
1—
1021.
1919.
1918.
Gross oper. revenues___$12,374,949
Not earnings-,.............. 3,682,576
Fed’l compensation accr'd
Other incomo___________
-------402,091*
155.215
106,207
125,24..
I n t ., ren t., Fed. tax, A c . 1,338,249
6,138.311
1,469,508
1,387,077
Amortization, A c ______
.300,212
313,034
389.780
Surplus_________________
- - - - - - - - - - - — - - - 2,746,419
“ . 110,119
«i'Hii)
»•)•)./
i/
2,663,339
3,445,717
3,473,435
x rlhis total entered in the accounts but does not represent an amount
o f compensation agreed upon, no contract having been signed.— (V . 115
p. 302.)
•it
Nov., 1922.]
49
RAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 6]
Duluth So Sh & Atlantic— Marq H A On gen M .Ce.zo*
Duluth South Shore A Atlantlo 1st M g ..C e.x oA r
First consol mtge (told Interest guar— Ce.zo’ Ar
Inoome certs held by Can Pao -------------------------- z
Da Winn & Pnc— 1st M deb stock guar by Can Nor Ry
Durham & So Car— 1st M 1300,000 ft red 105 ..M cBa i
Durham Union Station— First M *75,000g-.G.xo*aer
Dutchess County R R — See Central New England Ry
East Broad Top RR & C o a l— 1st M ext 1908-----2d M Incomes____________________________________
Shade Gap 1st mortgage__________________________ c»
East Carolina R y — First mortgage *300.000 g old ----- x
East Mahanoy R R — S to o k ------------ - - - - - - - - - - - - - - East Pennsylvania— Stook 6% guar 999 yrs Phlla A R
First mtgc gold guar p & 1 by P A R R R (end) kvo*
East Tennessee Virginia & Georgia— See Southern R y
East Tcnn & W No Car— 1st M g <V 81 p 1723>GuP.zoEastern Ry of Minnesota— See Great Northern
Edm onton Dunv & Br C ol— Is t M d e b s tk gu see text
1st M (on extensions) $2,420,000 g $20,000 p m ----El Paso & Northeast— N M R y A Cool tr g red 105.c*Nx
New Mexico R y A Coal M g o ld ------------------c*Eq.x
Alam & Sac Mt first mtge *900,000 gold guar— Nx
K'. Paso A Rook Isl 1st M *2.500,000g guar._Ea.xo*
Dawson R v A Coal col trust gold guar p A I.E a.xo*
El Paso & S ou tliw Co— Stk (auth 1,000,000 shares)
El Paso & S W R R — 1st Sc R ef M g $25,000 p m ___F
Miles Date
Road Bonds
130 1885
604 1887
604 1890
1892
1909
42 1911
1905
50
50
10
38
1908
1908
1908
1906
36
36 1888
36 1905
357 1912
120 1916
165 1897
1901
31 1898
128 1901
133 1901
458 1903
Amount
Outstanding
P ar
Value
$1,000 $1,077,000
3.816.000
1.000
1.000 15.107.000
3,000.000
a7,004,997
243,000
1,000
60,000
1,000 Ao
Rate
%
8
5
4
4
4
6
5
When
Payable
O Apr 11925
J Jan 1 1937
A Aug 11990
Matured
J- A D June 1 1939
M A S July 1 1941
M A N May 1 1955
A
g
g
g
g
Last Dividend
and M aturity
F
A
A
A
Places Where Interest and
Dividends are Payable
55 W all St. N ew York
do
do
New Y ork or London
Held by Canadian Pacific
London or Toronto
M erc T r Sc Dep Co. Balt
Guaranty Trust Co. N Y
4
4
4 g
4 g
5
6
4g
1017 N orth A m B ldg,Phil
It J Jan 1 1958
do
do
A J July 1 1958
do
do
Sc J July 1 1958
Safe Dep A T r Co. Balt
A J July 1 1936
J A D 15 June 15 1922 2)4 Reading Term , Phlla, Pa
do
do
J A J Ju ly 15 ’22 3%
do
do
M A S Mch 11958
500,000
5g
M A N
N ov 11935
Guar T r A S D Co, Phlla
41 Sec £1.438.356
1.000 *2.420.000
1.000
3.000.000
1,792,000
1,000
322,000
1,000
2.500.000
1,000
1.000
3.000.000
None 750.000 sh.
6.055.000
1.000
4
4)4
6 g
5 K
5 g
5 g
5 g
8
6 2
F Sc A16
seml-an
A A O
l A i
. A
A
A
Q— M
J A
J
Feb 16 1942
Oct 22 1944
Oot 1 1947
Oct 1 1951
Apr 1 1928
Jan 1 1951
July 1 1951
See Text
Jan 1 1923
Lloyds Bank. L td ., Lond
N a t’l Park Bank. N Y
Equitable Trust Co, N Y
do
do
do
do
do
do
do
do
1,000
100 Ac
500
1.000
50
50
1,000
500.000
464,400
92.500
300.000
497.750
2.126.900
495.000
1,000
Farm L Sc T r Oo, N Y
a An additional $1,210,583 pledged by Can N or R y Y 105 p 1304
D U L U T H & N O R T H E R N M IN N E S O T A R R .— (V . 115, p. 73, 1209 )
D U L U T H S O U T H S H O R E & A T L A N T I C R Y .— Operates Superior to
Sault Ste. M arie. 410 miles; ’ ’Soo’ ’ Junction to St. Ignace, 43 miles: other.
142 miles; total. 621 miles. Including 26 miles o f trackage and 595 owned.
Ten tative valuation as o f June 30 1916, $17,967,191. V . 115, p. 182.
O A P IT A L S T O C K .— Common, *12,000,000: pref. 6% non-cum., $10,
000.000; par, both *100.
BONDS, Ao.— Abstract 'irst mortgage. V. 45. p. 274.
The First Consolidated mortgage of 1890 has Interest at 4% , guaranteed
by Can. Pao., which I)ec.31 1921 held the entire outstanding Issue (*15,107.000) In Its treasury as security for its 4% debenture stock; consols for *4.893 000 are reserved for prior bonds, and additional amounts may be Issued
at $20 000 per mile o f now lines. Canadian Pacific R y. Dec. 31 1921 hold
$15,107,000 consols. $3,000,000 overdue Income certificates.
Kqulpmont trusts, Doc. 31 1920. 13th Series, $55,000; 14th Series.
252.000.
-------------Gross---------------------Net after Taxes-----E A R N IN G S —
(I.-S. C. C. Figures.)
1922.
1921.
1922.
1921.
Jan. 1— Sept. 30............ $3,237,120 $3,142,242
$23,017 dcf$363,826
R E P O R T .— For cal. year 1920, In V. 113, p. 411:
Year—
Gross.
Oner. Inc. Fed Comp. Oth Inc
Charges.
Tialance.
1921........ - ............ df$502768 ............ $47,578 $1,127.062df.$l.582.853
1920........ $5.949,891 df.S5,275x$445,911 $50,447 $1,111,706 dcr.$329,683
1919........ 4.758.601
83,494 X530.059
50,183
993,750 def.413,508
1918.......... 4.824.186 317.212 x594.637 28.736 1.040.504 def.417.13i
x Represents Income from lease o f road.
Pres.. Edward Ponnlngton: Sec.. G. W . Webster. Office, M arquette,
M ich. N . Y . offlco, 64 W all S t — (V . 113, p. 411; V. 115. p. 182.)
D U LU T H W IN N IP E G & P A C IF IC R Y .— Owns entire *2,000,000 stook
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.
S E C U R IT IE S .— The first mtge. 4% deb. stock of 1910 is guar., p. A 1.. by
the Canadian Northern R y. O f the $10,500,000 auth. Issue, £1,473.353
has been sold, $1,525,000 was issued to retire existing securities, $2,000.000 was reserved to retire the Duluth Rainy Lake Sc Winnipeg bonds (ex
tended In 1916 to 1921). the remaining bonds to be available for further ex
tensions. See. Tho D. R ,L . A W. stock Is vested with the trustees, the
National Trust Co. o f Toronto and the British Empire Trust Co. V. 102,
p. 162: V. 90 d . 1490: V. 91. p. 154. 1322.
In Dec. 1917 made a mortgage to securo demand loan from Canadian
Government. V. 105, p. 2364.
------------- Gross-------------------- Net after Taxes-----E A R N IN G S —
(I.-S. O. C. Figures.)
1922.
1921.
1922.
1921.
Jan. 1— Sept. 3 0 ........... $1,471,710 $1,798,015 def.$l,155 def.SS6.940
D U R H A M & S O U TH C A R O L IN A R R .— Durham, N . O .. south 42
miles to Duncan on N orfolk Sc Southern. Stock. $500,000 ($250,000 com
mon and $250,000 5% preferred); par. $100. Bonds, see table. The
road was acquired by the Norfolk Southern R R . In 1920 and Is leased by
that road for 99 years from M a y 26 1920. V. 110, p. 2387. Pros., Ernest
Williams; Aud., It. S. Harris, Lynchburg, Va.— (V . 106, p. 189; V . 110,
p. 2387.)
D U R H A M & S O U T H E R N R Y .— East Durham to Dunn, N . O., 5 7 'm .
Durham to East Durham. 2 m. Stock authorized. $2,000,000; out., $1.350,000; par. $100. In 1921. gross, $497,400; net oper. income, $119,725;
other income, $31,487; rentals, A c., $68,382; bal., sur., $82,831. Dlvs. o f
24% were paid In ’ 910-11; In 1911-12. 21%: in 1922-13, 14%; in 1913-14,
11%; 1915, 7 )4 % ; 1916, 7% ; 1917. 8% ; none since.
Pres., I). N . Duke. N . Y .; Sec., W .C . Parker. N . Y . Office, Durham.
N . O.— (V . 109, p. 677.)
D U RH A M UNION STATIO N CO.— Owns passenger station at Durham
N . 0., opened May 1 1905 and used by the Southern R y .. Seaboard Air Llm
R y ., Norfolk A Western R y and Durham A Southern, which each own one
fourth of *33.300 stook. Lease provides for rental by several lines sufficient
to pay Int. and other charges. Pros., F . S. W ynn. Sec., W . M . P . Desmond.
E A S T B R O A D T O P R R . & C O A L CO. (P a .).— Owns from M t. Union,
P a ., to Alvan, Pa., 32.54 miles; Orblsonia to Neelyton, Pa., 9.60 miles
Rockv Ridge to Evanston. I’a.. 4.90 m.: Coles to M idvalley. 2.49 m.
N eelyton to Stanton. 1.53 in.; Shirloysburg .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% Incomo bonds, $461,000. duo Jan. 1958. given In 1908. for back interest
from 1885. V ear Dec. 31 1921: Gross, $357,463; net after taxes, def.,
$2,780: other Income, $13,991; int., rentals. A c., $38,004; pref. divs. (6 % ),
$14,805; common dividends (6 % ), $41,517; bal., def., $83,115.
Change in Control.— Tho Rockhlll Coal A Iron Co. early in 1920 acquired
substantially all o f the outstanding bonds and capital stock o f the company
V ’oV fk»,Pi0117)North American Bldg., Philadelphia.— (V . 110, p. 1186.)
EAST C A R O L IN A R Y .— Owns Tarboro to Hookerton. N . C., 38 miles
Incorporated hi North Carolina July 1 1898. I.eased to Pres. H enry Cl
Brldgers for 4% yearly on stock, payable Doc. 10. Stock auth. $200,000;
outstanding, $55,500: par, $100. Bonds, see table above. Pres., Treas. A
Gen. M gr., Henry C . Brldgers; Sec.. A . D . Fowlkes. Office, Tarboro,
N . O.— (V . 108. p 480.)
EAST M A H A N O Y R R .— Owns from East Mahanoy Junction to 8*.
Nicholas and branches, 11.35 m.; 2d track. 4.26 m.; total track 20.97 m.
Re-leased Deo. 1 1896 for 999 years to L ittle Sohuylklll N a v . R R . A Coal Oo.
at 5% on stock, and lease assigned to Phils . A R cad .R y. Of the stook. $280/
000 was deposited by Read. Co. under Its general m ortgage.— V. 106,p.923.
EAST P E N N S Y L V A N IA R R .— Owns Reading. Pa., to Allentown. P a .
35.77 miles; miles 2d main track, 34.64; all track. 101.21 m. Leased for 999
years from M a y 1 1869 to the Phlla. Sc Reading R R . at a rental o f 6% per
ann. on the stock Sc lnt. on bonds Sc taxes. Lease assumed In 1896 by the
Phlla. A Read. Railway Co. Of the stock, *1,275,300 is owned by R ead
ing Co., $1,271,450 being deposited under gen. mtge. of 1897.
EAST TENNESSEE & W E STE RN NORTH C A R O L IN A R R .— A narrow
gauge road from Johnson City, Tenn., to Cranberry, N . C.. 34 m.; also John
son C ity to Valley Forgo. Tenn., 12 m.. third rail. Controlled by Cranberry
Iron Sc Coal Co. V . 96. n. 1156. 1296.
,
„„
Capital stock. $490,800. Dividends. 4% paid since 1908-09; In 1909-10
8% : 1910-11, 9% Sc 10% extra; 1911-12. none; 1912-13, 18%: 1913-14.
17%; 1914-15. 15)4% ; 1915-16. 13)4% : 1917. 4% : 1918. 13%; 1919. 18%;
1920, 12%: 1921. 3 % . For year ending Dec. 31 1921: Gross, $276,452;
net, $58,419; other income, $8,427: deductions, $37,866; net income,
$28,981. Pres., Edgar P . Earle, Johnson C ity .— (V . 115, p. 1730.)
ED M O N TO N D U N V E O A N & B R IT IS H C O L U M B IA R Y .— Road runs
•"rom Edmonton in a northerly direction 130 miles, then northwesterly to
Spirit River; branch line from R ycroft to Grande Prairie. M ain line,
357 miles; branch to Grande Prairie, 49.8 miles; total, 406.8 miles. Con
nection E. D. & B. C. R y . w ith Strathcona Terminals, Canadian Pa. R y .
at Edomoton, 6.65 miles. Sidings. 41.86 miles. T h e 30-year 4% deben
ture t£)ck (at present lim ited 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)4s 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 o f the road has been assumed b y the Canadian Pacific R y . The
latter company is to control and operate the company for a period o f fiv e
years from July 1920, and is to receive as remuneration 15% o f receipts in
excess o f working expenses out o f any surplus revenue after fixed charges,
l ’rcs., D . C. Coleman; V .-P ., Charles Murphy; Sec., C. E. Stockdill: Treas.
E . J. Bulgin. M ain office. Winnipeg, M an., Can.— (V . 115, p. 307.)
E L PASO & N O RTH EASTERN CO.— Owns the El Paso A Northeastern
R R . and R y. from El Paso, T e r ., to Corrizosa, N . M ., 144 miles, with
branches. 26 m.; controls and operates El Paso Sc Rock Island R y ., Carrigasa to Santa Rosa. 128 m.; Alamagordo A Sacramento M tn R y ., Alamagnrdo N . M to Russia 31m - Dawson R y .. Dawson to Tucumcarl. N .M .,
132 m .; total, 461 miles. Also owns the entire capital stock ($400,000)
o f the Alamogordo Lumber Co. Nam e changed from N ew M exico R y. Sc
Coal C o. in 1905. Operated as eastern division o f El Paso A Southwestern
Company, which also owns Burro M tn . R R ., Jet. to Tyrone, N . M ., 13 m.
^ T b e'D a w so n R y . A Coal Co., stook *100,000. has issued *3.000,000
collateral trust bonds, whloh are guaranteed, principal and Interest, and are
secured by the stock and bonds (53.000.000 eaoh) of the Dawson R y ., and
those of the Dawson Fuel Co. (*1.000,000 eaoh), 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.
S T O O K .— Stock. $12,000,000. Owned by E l Paso Sc Southwestern LJo
________
BO N DS.— The
New________
Mexico- R y . * Coal Co. coll. trust 5s of 1897 are
..............................or
I El Paso A N . E. R y . of New M ex. (*2.•ecurcVi by the
stock and bonds of
700 000 of each), the stook of the El Paso « N . E . R R . of Texas. *300.000
(no bonds Issued), and all the stook (*100,000) and all the bonds (*1.500,900) of the New Mexico Fuel Co., the latter covering 3.500 acres of ooal
lands; $900,000 stock o f tho Alnnogordo A Sacramento M tn . R y . Co.;
$1 500,000 (60% ) o f the stock o f tho E l Paso A Rock Bland Ry- Co.; and
$51,000 (51 % ) o f tho stock o f the Dawson R y . A Coal Co. V . 74, p. 776
Th e other i sues are guaranteed.
*
New York office. 99 John St.— (V . 87. n. 1605A
EL PA S O & S O U T H W E S T E R N C O .— A holding company, controlling
the El Paso A N . E. Co. (which see above) and El Paso S. W . R R . (see be
low) and other properties. The I.-S. C . Commission in July 1921 authorized
the company to issue 750,000 shares o f no par value stock in exchange for
the $25 000.000 (par $100) capital stock then outstanding. Th e authorized
capital stock was changed from $35,000,000, par $100. into 1,000,000
shares o f capital stock without nominal or par value. V . 113, p. 532.
E A R N IN G S —
------j------- Gross------------- ------Net after Tates-----1922. '
1921.
(I.-S. C. C. Figures.)
1922.
1921.
Jan. l — Sept. 30........ . $8,348,969 $8,455,792 $1,880,168 $1,015,190
R E P O R T .— Report o f entire system (1,028 miles) for year ending
Dec. 31 1921, in V. I l l, p. 2576, 2713, showed:
1921.
1920.
I
1921.
1920.
Oper. re v ____10,868,799 11,865.369 1Deductions.__ 1,628.059 2,427,500
Op-r. income. 1.316.898 1.921.599 |Dividends____ 1,327,236 2,000,000
Other incomo. 1.63S.397 2,602,695j
___
____
Gross In c ... 2,955,295 4.527,2941 Bal., s u r ...
-------$99,794
Pres. T . M . Schumacher: Sec., Geo. Notm an. N . Y . office, 99 John St.
— (V . 114, p. 2576. 2713; V. 115, p. 182.
EL P A S O & S O U T H W E S T E R N R R .— El Paso, T ex., to Tucsonu Arlz.,
and branches, 457 miles. Owns Burro M tn. R R . Co. Jet. to Tyrone,
N . M ., 13 miles. Forms the western division o f the El Paso A Southwestern
system (see El Paso A Northeastern Co. above), its $14,000,000 stock and
*5.055.000 1st M . 5s being held by the El Paso A Southwestern Company,
which see.— (V . 103, p. 1705; V . 101, p. 287; V . 107, p. 82. 498, 1003’
V . 110. p. 2487.)
50
BAIL WAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
fFor abbreviations, & c., see notes on page 6]
El Paso Union Pass Depot— 1st M g *240,000 sf.E q.x
E lfin Joliet & Eastern— 1st M (*10,000.000) g.C ex.o*
Elgin E q T r due $120,000 annually________________
Elmira & Lake Ont— Sodus Bay A So— xst M g.U n.xo
Elmira & William sport— Stock com 5% rental____ N.o
Preferred stock 7% rental 999 years Northern Cent
First mortgage extended 1 9 1 0 __________________ kv
Income bonds 999 years to run_________________ zo*
Erie & K a la m a zoo (leased) stock Toledo to Palmyra
Erie & Pittsburgh— Stock 7% rental 999 yrs Penn Co.
Special guaranteed betterment stock *2,500,000___
General mtge (now 1st) *4.500.000 gold guar.U n.k
G old deben tu res___________________________________
Brie Railroad— Common stock *153,000,000 auth____
Seoond pref stook 4% non-oum redeemable at p a r ..
First pref stook 4% non-oum redeemable at par___
A — Old Bonds Assumed— Roads Consolidated
It Y 4 Erie 1st M Plerm to Dun ext 1897 gold.xo
Seoond mortgage (ext In 1919) gold call 110.-zo*
Third mortgage (extended In 1883) gold_____ zo*
Fourtn mortgage (extended In 1880 and 1920)gzo*
Fifth mortgage (extended In 1888) gold______ xc*
Erie U y 1st M Bull Br Hornellsv to A ttica gold.zo*
First consol mtge 530.000,000 gold $ or £ .F .z o *
I t Y L B * West First Consol mortgage gold____ zo*
Bud A S W 1st M gold ext 1918at 6% red 105 g.xo*
Newburg & N Y 1st M gold extended In 1889.. vo*
Ch A Erie 1st M g (Marlon O to Ham ’ d Ind) -Ce.zc*
Erie & Jersey 1st M g s f red text_______ G .c *A r*
Genesee River 1st M gold s fd red text____a .c * A r *
Chicago & Atlantic Term 1st M ext 1918 g old -.C ezB— Erie Railroad Company Bonds
2nd mtge on Bull & S W gold ext 1918______ Q.xo*
First Consol M tge o f 1895. securing—
(1) Prior lien bonds *35,000,000 go ld -.F .x o * Ar
(2) General lien *140,000.000 gold____ F .xo*Ar
y $6,270,000 pledgod.
M iles Date
Road Bonds
2.81
236
34
73
73
73
22
83
83
83
1905
1891
1920
1884
1860
1863
1890
Par
Value
Amount
Outstanding
$1,000
1,001
1.00C
5C
5C
1.006
50C
56
50
50
1,000
100
100
100
$156 000
lU.OOO.OOt
1,680,006
500.00C
500,006
500,000
963,000
570,000
300.000
2,000.000
1.723.800
3,707,000
709,557
112,481,900
16.000,000
47,904,400
Rate
%
When
Payable
[V ol. 115.
Last Dividend
and M aturity
Places Where Interest and
Dividends are Payable
5 g
J
J Jan 1 1923-1935 Equitable Trust Co, N Y
M A N May 1 1941
5 St
71 Broadway, New Y ork
A & O A pr 1925-1938
6g
5 g
3 A
J July 1 1924
Treas P a R R .P h ila A N Y
5
M A N See text
Broad St Station, Phlla
7
J A J Soe toxt
do
do
4
J A J Jan 1 1950
do
do
A A O Oot 1 2862
5
do
do
Text
F & A See text
Lincoln N a t Bank. N Y
7
J— M Dec 9 ’22
A ra erE xch N a tB a n k .N Y
7
J— M Doc 9 ’22
do
do
3 Mi K J A J
Penn K it Agent. Phlla
J
J
&
3H
Treas. office, Erie, Pa
18
2% J P Morgan & Co. N Y
2%
do
do
447
447
447
475
476
60
526
526
67
12
250i
39
32
—
1.000
2.482,000
M
4 g
1.000
2.149,000
M
5g
1,000
4,617,000
48 i M
2,926,000
1,000
A
5 g
500 Ac
709.500
J
4g
200 Ac
182.400
J
4e
1.000 yt0,619.000
M
7g
500 Ac z 2 .016.500
7 g
M
50 Ao
1.500,000 (5 ) 6 g
J
1,000
250,000
5 ft
J
1,000 12.000,000
5 ft
M
1.000
7,222.000
J
6g
1.000 Ac
5,855.000
6g
J
1,000
300.000
J
5g
1847
1849
1853
1857
1858
1861
1870
1878
1877
1868
1890
1905
1907
1888
67
1895
1,000
W63.000
5 g
1895
1895
1,000 35,000,000
1.000 r35.887.000
4 ft
4e
A
A
A
A
A
A
A
A
A
A
A
Sc
A
A
N
S
S
o
D
J
9
S
J,
J.
N
J.
J.
J
J
A
JJ
July 1928 (text) 50 Church St, New York
T
J
A
A
JJ
JJ
1 1947
do
do
1 1939
50 Church St, N ew Y ork
1 1923
J P Morgan & Co, N Y
1 1930
do
do
11 1928
do
do
1 1931
do
do
; 1 1930 (ext)
do
do
1 1930(ext)
da
do
1928 (te x t)
do
do
1 1929
do
do
1 1982
do
do
1 1955
50 Church St, N ew York
1 1957
do
do
1928 (text)
do
do
50 Churoh St, New York
do
do
z $1,683,000 pledged.
E L P A S O U N IO N PA S S E N G E R D E P O T C O.— O w n sd epotat El Paso,
T e x ., which was completed about N o v . 1 1905. Leased by El Paso N orth
eastern. E l Paso Southwestern, Galveston Harrisburg A San Antonio (Sou.
Pac. Sys.). Atch. T o p . A Santa Fe, Texas A Pac. and M ex. Cent, railroads
on a wheelage basis providing for maintenance and all charges. Stock
auth., $240,000; outstanding, $88,800. Owned equally by six roads
named. O f bonds (see table above). $12,000 mature Jan. 1 yearly, begin
ning 1016. V . 78, p. 104; V. 81. p. 1043. Pres., H . J. Simmons; V.-Pres.,
G . S. W ald; Sec.. V . R . Stiles; Treas., U. S. Stewart.— (V . 112, p. 161.)
E L G IN J O L IE T & EASTER N R Y .— Owns from Waukegan, III., on Lake
Michigan, via Joliet, to Porter, Ind., 129.94 miles, and branches; main line
owned, 194.88 m.; spurs to coal mines, A c .,40.94 m.; trackage, 248.20 m.
2d track, 41.67 miles; side and yard tracks owned, 179.24 miles; total.
704.90 miles. Also leases Chic. L . S. & East., 16.23 miles, with 336 30
miles branches and spurs and 14.85 miles 2d track, and 124.56 yard tracks
and sidings, for 60 years from June 1 1909, and, with the U. S. Steel Corp..
guar, its $9,000,000 434% bonds, p. & 1. V. 89, p. 1410Leases from mis
cellaneous foreign roads, branches and spurs to mines and Industries.
2.41 miles; yard tracks and sidings, 3.86 miles. Controlled by U . S. Steel
Corn.
S T O C K .— $10 000,000. as increased from $6,000,000 in June 1909; par
$100. Dividend. 4% yearly (In D ec.) in 1899 to 1921.
E A R N IN G S —
------------- Cross-------------------- Net after Taxes----(I.-S . C. O. Figures.)
1922.
1921.
1922.
1921.
Jan. 1-Sept. 30----------- $15,044,516 $14,550,862 $4,959,265 $2,103,082
Income account, year ended Dec. 31 1921. gross. $19,334,942; net, $4,
753,338; other income, $1,510,707; deductions, $5,038,309; divs. (4 % )
$400,000: bal., sur., $825,736.
Pres., A . F . Banks; V .-P .. S. M . Rogers; Sec. & Treas. F . L . Koontz.
Chicago.— (V . 114, p. 2359, 2468.)
. E L K IN & A L L E G H E N Y R R .— This company was chartered early in
1920 with SI .000,000 authorized capital stock to take over, operate find
extend the road o f 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
o f grading have been done, and the new company intends to continuo con
struction not only to Sparta, but to Jefferson. N . C .. a total distance of
about 75 miles. Those interested in the plan are I I . O. Chatham, C. B.
Penny, Winston-Salem. N . C .; J. Clinton Smoot, N orth Wilkesboro, N . O.;
R . A . Doughton. Sparta; J. F . Ilendren, G . T . Roth and others o f Elkin,
N . O .— (V . 110, p. 764.)
E L M IR A & LA KE O N T A R IO R R .— 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.
_T H IS T O R Y .— On Deo. 1 1895 suooeeded, per plan In V . 61. p. 368, the
Erie * Western R R . Co., sold In foreclosure under Its second con
solidated mtge. The oompany holds In fee or through ownership of all or
practically all the stook of the subsidiary companies the lino rrom New
York to Chicago (Including the Nypano R R . and Chlo. & Erie companies)
P R O P E R T Y .— Th e allied coal properties at last advices aggre
gated 12.400 acres o f anthracite, o f which about 9.000 acres, and 53.000
teres ° t bituminous coal lands were held by allied companies, 14,000 acres
o f bituminous held under minoral rights. Pennsylvania coal properties ac
quired in 1901 are additional. V. 82, p. 1322.
ST O C K .—’Prior and General Lien bonds of 1895 have 10 votes for each
$1.000 or principal. Provisions o f pref. stock were in “ Supplement” of
April 1897, page 3. V . 06. p. 335, 573.
D IV ID E N D S (cash) %1 ’01. ’02. ’03. ’04. ’05. ’08. 1907. ’C
08 to 1921;
On Orst preferred........ J 1 3 4 3 3 3 4 4
4
4
A pr., 2
0
On seoond preferred___J . .
..
. . . .
2
4
Apr.. 2
0
B O N D S .—-First Consol, mtgo. or 1895 for $175,000,000 (Farmers
trustee)— see a bstract, o f deed. V. b2, p. 89, secures the
*35,000,000 Prior Lieu (V . 103, p. 1032) and $140,000,000 General Lien
bonds. Both series have voting power: see "Stock'' above
Of the $140,000,000 Consol M . (fen. Lien 4s, $92,668,000 were reserved for
lltlinato acquisition of bonds and guaranteed stocks left undisturbed on
various parts of the system (see list, V. 62, p. 89). and *17,000.000 were
reserved for new construction, betterments, additions, Ac., after 1897—
“ o* ° ver $1,000,000 to be used In any one year. On Dec. 31 1921 $55.104.D00 Gen. Lien bonds had been issued, o f which $35,885,000 were In hands or
the public and $19,219,000 owned by Erie R R . (on Doc. 31 102I $18,217 000
of these had been pledgod to secure the $15,000,000 notes and $1,000,000
y r i°nner 0W*katlons.— (V . 104, p. 1014). tf. 102, p. 2077; V. 97. p. 1898:
V. lOOi p. 11(Jo.
The collateral trust 4s of 1901 are scoured by 51% of the entire N. Y
lusq. A Western stook (*26,000,000 total Issue), all of the Pennsylvania
Goal Co. stock, and the stook of the Erie A W yom ing Valley R R ., Scranton.
?a., to Lackawaxen, 65 miles, and Delaware Valley & Kingston R R .
linking fund o f 10c. per ton o f coai mined from mines o f I’ enn. Coal Co.
V. 71, p. 1219. 1311; V . 72, p. 44, and circular, p. 136, 532, 257; V 79 p
212; $14 ,628 ,000 Included In the $34,000,000 “ outstanding" were in sinking
und Dec. 31 1921.
The Gen. M . Convertible 4s o f 1903 ($50,000,000 authorized) cover the
antire system subject to prior lions, and whon Issued woro 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 o f holdor for
common stock at 50 ($200 par value or stock for $100 of bonds). There
Is no Serias “ O "
Th e other series on Dec 31 1921 Included:
Amounts Held by—
Public Co's Treas.
As Collateral.
Kerlas A no longer convertible______ $10,000,000
Series B
do
do
______ 11,015,000
$984’ . 166
Series D convert till Oct. 1927........ 19,627.100
’ '$966
8.372,900
E L M IR A & W IL L IA M S P O R T R R .— Owns from Williamsport, Pa., to
The $8,372,900 series D 4s are pledgod as part security for the $15,000,000
Elmira. N . Y ., 73.49 miles. Leased to the Northern Central R y . for 999
years from M a y 1 1863. Lease was assumed in 1914 by Penn. R R . Co. as
v - ™ , P- 382. 541; V. 78. p. 768; V. 79. p. 2205; V. 84,
3. 270; V. 102, p. 66, 345; V. 105, p. 606.
o f Jan. 1 1911. Th e divs. on the common stock aro 5% and on the prof.
The shareholders on Doc. 1 1916 authorized a Refunding and Im prove
7% , less taxes, making div. on common 4.52%, and on pref. 6.32%. The
ment mortgage, limited to $500,000,000 (maturing as to Serlos A at
$963,000 1st 6s due Jan. 1 1910 were extendod at 4 % . V . 89, p. 1667.
Dec. 1 1936). to provide for refunding existing funded debt and for
E R IE & K A L A M A Z O O R R .— Vulcan near Toledo to Palm yra, 21.82 ra
necessary capital expenditures over a long period of years V. 103. p. 412.
Leased in perpetuity in 1849 to Lake Shore (now N . Y . Central R R .) at
„ I u N o v. 1917 authority was obtained to issue $15,000,000 6% Series A
$30,000 ner ann. Dividends 1913 to 1916. 9*A% per ann: 1917, 934%;
def.
Im pt. Mtge. bonds and forthwith pledged $8,756,000 theroof as
1918, 9% ; 1919, 8>4%; 1920, 9% ; 1921, 9 % .— (V. 106, p. 817.)
collateral security for a short-term loan aggregating $5,006,000, with the
right to use tho remaining $6,250,000 as security for other and additional
E R IE & PIT TS B U R G H R R ,— Owns N ew Castle, Pa., to Girard, Pa.,
loans, upon tho basis o f not more than $175 In amount o f bonds for each
79.56 miles; branch to Erie dook3, 3.43 m.; traokage to Erie. 16.74 m.; total
$100 in amount o f I jan. On Doc. 31 1921 $13,525,000 pledged. $1,475,000
operated, 99.73 miles. Leased to Penn. R R . for 999 years In 1870 at 7%
unpledged.
on stock and interest on bonds and since Jan. 1 1918 operated directly by
In M ay 1918 was authorized to amend the raortgago so as to make possible
It. Under agreement o f N o v. 1 1905 the Penn. R R . provides sinking fund
<he extension o f tho old (underlying) bonds.
Installments required by the gen. mtge., the E. A P. to deliver Its 334%
In July 1918 obtained permission from tho N ew York P . 9. Commission
debentures at par for such advances and at m aturity of the G er. M tge
(0 Issue further $12,500,000 6% serlos " B ” Ref. & Im pt. M tge. bonds as
bonds to exchange new mtge. bonds therefor.
tecurlty for not over $12,500,000 notes Issuable on account o f Improvements
a«lcjItlotis made and to bo made. V. 107. p. 82, 181. 291; V. 106. p.
S T O C K .— The special betterment stook (*2,500.000 auth.) Is subordinate
.57/, 1900. 2559. In March 1919 $5,466,000 o f " B bonds were pledgod
to the old stook, but guaranteed 7% dividends. Dividends on old stook are
»s part collateral for the $15,000,000 note Issue. V. 108. p. 1060. An
■ubjeot to a 4-inlll tax on assessed value, on special betterment, tax-free.
additional $4,300,000 Series " B " was auth. in Aug. 1920. V i l l p 588.
E A R N IN G S .— Loss to the lessees in 1912. $48,222; 1913. profit. $38,332;
P i1. l *°1c ','lk 1921 $16,800,000 had been issued, o f which $15,670,000 pledged
and $1.130,000 unpledged.
1914, loss. $111,322; 1915. loss $55,754; 1918. profit. $102,430: 1917. loss.
In Feb. 1915 sold $7,400,000 E r i e * Jersey (closed) 1st M . and$6,000,000
$36,632; 1918, loss, $82,769; 1919, loss. $213,250: 1920. loss, $983,477.—
Jenesee River 1st M . bonds. Both Issues are subject to call as a whole or
(V . 114, p. 78.)
? P?rt £° J " 1
/ 1 1920 at 110, and thereafter at 115. Cumulative annual
E R IE R A IL R O A D .— (See M a p ).— Embraces trunk line from Jersey
linking fund lor each Issue. Both roads have been merged In the Krio R R .
C ity to Chicago, 111., and branches, 2.309 miles: trackage rights. 129 miles;
^ v J°9'
474. 481.397. 555, 641.981. 1437; V 104. n 863.
owned and leased to other companies, 12 miles; leased and reloased to other
N . Y . Lake Erie & Western Docks & Im pt. Co. 1st 5s (extended) are recompanies, 2 m'das: total, 2,453 miles; second track, 1,368 miles; third track,
leemabie at 105 thereafter. V. 96, p. 1422, 1772; V. 97. p. 54. 370.
32 miles; fourth track, 31 miles.
to extension o f bonds (throe Issues), duo Julv 1 1918. see V. 106,
2750; extension o f Jefferson R R .. $2,800,000 5% bonds in 1919 at S )4 r
Lines Owned in Fee—
M iles.
Leased Lines—
Miles
4ee v - l 08- P- H65.
(Extension o f N . Y . A Erio. $2,140,000 2d 1
Piermont, N . Y ., to D u nkirk.. 447 A von Gen. A M t. Morris______
*15
5s. callable at 110. See V. 109. p. 370.
Buffalo to Jamestown, N . Y ___
66 Montgomery A Erie___________
*10
• * -M o rg a n & Co. on behalf o f the company offered to extend the
Buffalo to Corning, N . Y ______
140 Northern R R . of New J ers ey .. *26
innn
* ®‘r*e B B . 4th M tge. Extended 5% bonds from Oct. 1
Horne.il to Buffalo______________
92 Goshen & Deckertown_________ *12
1920 until Oct. 1 1930, at 5% por annum, and to pay $142 50 per $1,000
Other branches________________ 206 Rochester & Genessee V a lle y .. *18
83 ?nn\‘ t o ™ ch holders as present tholr bonds for extension on or before Sept.26
Stock all (a) or nearly all (b) owned. Other lines_____________________
1920. I he extended bonds are subject to redemption at 105% and Int. on
Leased to Nypano R R .—
aChloago A Erie R R ___________ *250
xny Int. date on 30 days’ notlco, and Interest Is to ne paid without deduction
aJefferson R R _________________
*45 Cleve. A Mahoning Valley R R . *81
ror any taxes which the company may bo permitted or required to pay
N . Y . A Greenwood Lake R Y . . *54 Sharon Railw ay________________ *31
thereon or to deduct therefrom (except such part o f any Federal Income tax
if
Erie A W yom ing Valley R R ___
64 Other lines_____________
ts may bo in excess o f 2 % ). Tho presont mortgage security Is to romaln
125 unimpaired.
aNypano R a ilr o a d ____________
422 Trackage_______________________
bTloga Railroad_______________
58 Lines In system______ ______ ...2 ,3 0 9
l^'-Ooffered to extend $16,891,000 consol, mtge. 7s o f 1870 and
Other lines_____________________
40 N . Y . Susquehanna A Western. *221
13.099,,>00 N . Y . L . K. Sc Western B R .1st consol. 7s of 1878, widen became
• See this oomoany.
hNew Jersey A New York R R . *38
due Sept. 1 1920 to S e p t.1 1936 at 7% Interest, a payment o f $10 per $1.000
Frontier Electric R R ., V. 106. p. 1900
bond to be made to assenting holders. Tho extendod bonds aro redeemable
51
RAILWAY STOCKS AND BONDS
Nov., 1922.]
52
RAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[For abbreviations, A c ., see notes on first page]
Miles Date
Road Bonds
[V ol .
115.
P ar
Value
Amount
Rale
When
Last Dividend Places Where Interest and
Outstanding
Payable
%
and M aturity
Dividends are Payable
I r l e R R (.Concluded)—
Penn coll trust M <36,000,000 g s f (text) Ba.xo&i
1901$ 1.000 &cx34.000,000
4
g
F
A
A
Feb
1
1951
50 Church St, N ew York
General M ortgage (Series A , $10,000,0 0 0 ._a .x c*A r
1903 1.000 &o$10,OOU.UUU
4 g
A A O Apr 1 1953
do
do
convertible.
(Series B 512,000,000___ xc*Ar
1903 '1.000 &o
‘ s l l , 015,000
4g
A A O Apr 1 1953
do
do
$50,000,000 — (Series D, 528.000.000___ xc*A r
1903
100 Ac U19627.100
4
g
A
&
O
Apr 1 1953
do
do
Refunding & Im pt M 5500.000.000 g Ser A A B _ .B a
1916
500 ENone A pr 22.
Collateral notes to Secretary o f Treasury o f U S and
Director-General o f Railroads____________________
’20-’21
19,824.450
6
1930-1931-1936
Equipment trust certfs— see table In t e x t _____
Avon Geneseo & Mt Morris and Rochester & Genesee Valle y Stoo ks— See t hose Compa nles.
C— Bonds on Properties Controlled by Ownership of En tire (•) or a MaJ orlty (b) of Capital
S took, or by (c) Lease
Bergen Co 1st M Ruth Jot to Rldgew extended___x
10 1881
1,000
200,000
7
A A O Apr 1 1931
50 Church St. New York
cGoshen & Deck’ t ’ n 1st & 2d Ms (560,00U are 2 d ).*
'68-'69
246.500
6
Various 1928-1929
oMont * Erie 1st & 2d Ms (540,500 are 2 d )_____ z
’66-'67
170.500
Various 1926-1927
5
50 Church St. New York
Jefferson 1st & 2d M s ext (Honesdale Branch)___
’ 67-’ 69 500 Ac
300.000 4 44 A
A
July
1
1927-29
Fidelity Trust Co. Phlla
1st M Carbon to S depot g ext '19 red 105._FP.xo
1889
1,000 2.800.000
A O Apr 1 1929
544
50 Church St. New York
Long Dock Co oons M g (now 1st M) (see text).xo *
1885
1.000 7.500.000
6g
A O Oct 1 1935
tN Y & Greenw L prior lien M 51,500,000 gold. Nx
J P Morgan A Co. N Y
1896
100 Ac
1.471.900
May
1
1946
do
do
»N ew Jersey & New York 1st M ext In 1910___xo*
1880
5(K) Ac
394.000
5
May 1 1950
50 Church St, N ew York
General mtge 51,200.000 (red 105 after 5 yrs) g x
1892
500 Ac
631.000
5
Dec 31 1932
do
do
N Y L E & W C R H 1st M ser A (ext.) guar p A i
red (te x t)__________ _____________________ Mp.zc*
1882
1,000
1,100,000
M A N M a y 1 1912
do
do
N Y L E A W D A IC o exg'13red text(V96,p 1776)F.xc*
1883
1.000 3.396.000
5
g
J
A
J
July
1
1943
do
do
N Y Pa & Ohio prior lien mtge gold 5 or £ ___F.zo
422 1880
500 Ac 8.000,000
444 g M A S Moh 1 1935
J P Morgan
A Co,N Y
Do Leased lines— see separate statements for Cl evelan d & M ahonlng
----------Valley R R
N Y Susquehanna & Western— Northern New Jers ey— T toga R R — See each com pan and Sbar on. R y
y
Essex Terminal R y Co first m ortgage______________
22
420,000
5
&
July 2 1942
Evan sville I n d ian ap & T e r re H a u te R y— Com stock
100 4.290.000
1st M 30-yr 7% gold bonds call after 3 years__102__
100 Ac
1920
1.500.000
7 g
M & N May 1 1950
Farmers L A T Co, N Y
F ern w ood C olu m bia & O u lf R R — First M $500,000
44 1911
l
.000
500.000
6
M A N May 1 1936
R e f & m tge bonds due $5,000 y ly '22 to '31 $300,000
InterstateTABkCo. N O
1921
See text
6
J & J Jan 1 1932
F itc h b u rg R R — Bonds— See Boston & M aine R R ab ove.
Florida Central & Peninsular— See Seaboard A ir Line R y
Florida East Coast— 1st M <12.000,000 g_Ba.xxo*&r*
617 1909
1,000 Ac 12. 000.000
4 44 g J
A D June 1 1959
Bankers Tr Co. 14 W all St
General Income M 5% non-oum <25,000,000____xx
1909
25.000.000
6
See text July 1 1959
N ew York
Equipment trust certs ser B (auth 51,000,000) due
5100.000 y r ly ............... ....................................... .
1917
1.000
500.000
A A O Oct 1 '23 to '27 N Y U S M tg e A T r C o.
r i t u Further amounts owned by company Dec. 31 190 1 as fo •lows: Of r $19,217,000 pledge
. .1
pieuge a,
d, sz.uuu
$2,000 unpledged: s
anpledged; t 529.195,000 pledged.$2,605,000unpledg ed; u~ i$2,605|,000 pledged;
w $937|.000 pled ged. x I ncludes $14,628 5984,100 pledged. 5900
.000 held In sinking fin d .
5 44
at 110. Announced on Sept. 1 1920 that a sufficient amount o f the bonds
R E P O R T .— For 1921: Gross. $1,437,690: net d ef $49 657- n t w
had been deposited to permit the company to carry out the plan o f extension
como. $2,753; interest, rentals, Ac., $465,936; bal., def.', $512 840
V. 111. p. 588. 692. 792. 895. 990.
2941 )
8 o f reorganization plan, compare V. 110, p. 1186’.— (V . 115,
In A pril 1922 offered to extend $1,100,000 N . Y . L . E. A W . Coal A R R
1st mtge. 6% gold bonds due M a y 1 1922 to M a y 1 1942 at 544% and to
pay $40 for each $1,000 o f bonds so extended. The bonds were extcndod \TiFEf* |S|)VOOr\JC O ! ' UM,5,A & Q U L F R R .— Owns Fernwood to F t.W orth
as series A bonds and will have the guaranty o f tho Erie R R . as to principal The i ’ u l nm Vs 8to<-k .outs^nding SIOO.OOO. Bonds, see table above.'
and interest. Red. all or part on any int. date at 105 if called for redomp
o
ission in April 1921, authorized the company to issue
and sell $200,000 6% ref. A mtge. bonds. V. 112, p |Mi5
For cal
tion on or before M a y 1 1932; plus a premium o f 244 % if called for redomp
year 1921, gross, $379,744; net oner, incomo, $75,196; total income 879 6o ttion after M a y 1 1932, but on or before M ay 1 1937; and thereafter at A %
less than that premium for each 12 months or part thereof which shall Ba r C8ocS’
bal- «'of- *1.365. Pros’ . * . B. E n o c h s ; " k e !
have elapsed between M a y 1 1937 and any subsequent dato fixed for — (V.1T2',’ 1'!: 18G5 C197Z7 ) rCaS-' J ' M ' Push' ° fficc- Fernwood, Miss.
redemption. Comparo V . 114, p. 1891.
Car Trust Series. Gold (Denomination
51,000 each).
_ . ,
... See V . 88. p. 882
FI TC H B U R Q R R .— See Boston A Maine R R .
Date. Interest.
"
Outstanding.
Mature in Installments.
“ T " _ _ X _____ 1913 5 JAD15
F L IN T B E L T R R .— (V . 113, p. 848.)
132.000 T o June 15 1923
66.000 s.-a
" U " __z_____ 1913 5
JAJ
235.000 T o July 1 '23 5117M o r$ l 18M s.-a
. PJ-O R ID A E A S T C O A S T R Y .— Owns from Jacksonville. Fla. v la S t,
“ V " _ _ x _____ 1913 6 JAD15
190.000
15 1923
"
- T o June
100.000 yrly
Augustine to K ey Wost, 522 m.; branches, 231 m.; trackage 9 m • total
" A A " _ i _____ 1913 5
MAS
112 .000 T o Sept 1 1923
56.000 a.-a
“ B B " ............ 1914 444 F A A
180.000 T o Aug 1 1924
Cuba1fo rFt°hemA Han'Jbw?" fc? ,s.°,,th(f’rn and Eastern Florida and thence to
45.000 a. a
c Coast Line, Southern Ry. and Seaboard Air Line.
“ C O " ............ 1916 4 44 JA D
1.278.000 T o Dec 1925
213.000 s.-a
'• D D '1 .......... 1916 444 JA D
437.000 T o June 1926
62,500 s.-a
“ E E " ............ 1917 4 44 A A O 1.656.000 T o A pr 1 1927
184.000 s..a
“ F F ''______ 19216
M A N 3,450,000 T o M a y V f0 3 0
230.000 s.-a
V . m ’, p’. 730,P1573°; V ’ 102’ P ' 1346' Tcnta^ vc valuation, $47.646.143’
“ N o . 2 9 ''— 1920 6 JAJ 15 3.601.000 T o Jan 15 1935
300.100 ann
Wells Fargo A C o . 5 F A A
60.000 T o Feb. 14 1923
60.000 s.-a
■‘G G ” _____ 1922 5A JAJ 4,500,000 T o July 1 1937
f .% 7?PK n f i f l K v ; *00!'
T i l o T '-T - 9a- p- 1840i v - ,05150,000 s. a.
Equipment trusts Issued to Director-General for rolling stock al
located to this company. See article on page 3
"
*
*
n" ‘
» ” 617
Government loan, V. I l l , p. 792, 895, 20tl:V.113,p.l052;V.114,p.521.
Int. on Incomes, 314%. paid 1910: 1911 4%- 1010 i n n
ln lil
------------- Gross— — — — ------ Net after Taxes------ each. 244%; 1915, 4% :;i916. 5% : N ov. 1917. 5% : A p r lll' 19183 2 & V n a ld
♦ E A R N IN G S —
(I.-S . C. C . Figures.)
1922.
1921.
1922.
1921.
o f cbang0 o f fiscal year o f corporation; Juno 1919,5%.
Jan. 1-Sept. 30----------- $66,083,455 S76.754,664df$l, 149.941 $3,339,663 AATiHiniQo'n0rVc?COUnt
pril 1920, 5%
* Excluding Chicago A Erie.
E A R N IN G S —
-GrossR E P O R T .— For 1921, in V. 114. p. 1645, 2489. showed:
---- Net after Taxes-----tl.-S. C . C . Figures.)
1922.
1921.
m
,
,
1921.
1920.
1922.
1921.
1919.
Jan. 1-Sept. 30_____
-$10,213,238 $10,446,173 $2,500,704 $1,257,507
^
Tota l operating revenues----------- $113,539,098$122,163.099$102,198 906
Operating expenses, taxes, A c _ ........ 111,105.101 136,853.511 100,308.819
R E P O R T .— For calendar year 1921, In V . I l l , p. 2577, showed:
1921.
1920.
‘ xl919
Operating income________________
2,133,697dfl-l,690.112
1.890.086 „
xl918.
Co. Acct.— Compensation receirable_ x3,354,225 *10,523.442 15,811,263 Gross oper revonuo----- $13,579,109 $13,701,190 $10,121 222 $8,841,222
N et operating reven u e.. $1,555,374 $2,330,235 $1 800 006 $2,098,519
Dividend Income----------------- ------9,191,700
3,812,942
3,632,906 Federal
compensation..
_____
1 016 712
2 408 171
N et operating income v4 months;____
______
3,288,619
2,408,171
442,789
' 42’899
74 9nu
861.977
Other incom e------------------- ---------- 2.136,107
2.136.107
937,091 Other income___________
24,120
D eductions.................... 1,231,459
1,136,084
2,147'798
21057.532
Gross income______________________ 16,815.729 18,516.982 20,411.261
Surplus............
766.705
1.387,708
334 576
372 058
372,058
Rent for leased roads________________
2,380.000
2,382,960
2,451.573
x
Figures
revised
by
editor
for
both
1919
and
1918
In
order
to
show'the
Other rents, A c ______________________
71.761
342,462
548.080
tbe
Interest on funded debt______________ 10.701,403 10,610.357 10.417.127 precise amount o f Fedoral compensation for each year
Pres., W . II. Ileardsloy; Treas.. L . C. Haines-Src n ’ r» nnim
Other interest, A c ___________________
968,140
742.616
867.381 offices. St. Augustine. Fla. N . Y . office. 120 Broadway R l ( V .114. p. 2577’)
Sinking, Ac., funds__________________
1.099.171
976.015
1,005.000
FOND,A JOHNSTOW N & O L O V E R S V IL L E RR — Own* Fonda to
Balance, surplus------------------------ 1,595,251
3,462.572
5,122 101
* Includes $2,630,860 Federal compensation for 2 months and $7,892 582 ~ 0.r tpY* 6 <8t.eara)- 2)).47 m.; Gloversvllle toScheneotady (elcotrlo). 32.47
due under 6 months’ guarantee,
x Claim under G ovt, guaranty.
£.■ (l ° ve"
«
n
(?leo‘ rlo). 8.70 in.: Belt line In Amsterdam
O F F IC E R S .— Pres., F. I ). Underwood; V.-P. A Gen. Counsel G F
Pi;-ilk78o^ n nelt l,ne in Dloversvllle (electric), 3.84 m.; Hagaman
Ine (electric) 2.29 m.; second track (eloctrlc), 22.75 m. Operates under
Brownell: V .-P., G. N . Orcutt, Thos. C . Powell. Robert S. Parson- V -P A
Sec., Georgo II. M inor; Treas., W . J. M oody; Comp. Chas. P. Crawford
fn ^ G m v n ™ Mo
•Ic t- •» Broadalbln. 6.15 m. (steam ); also local
50 Church St., N ew Y ork .
to i°J?£9town (electric). 4.08 in.: yard lugs and sidings.
D IR E C T O R S .— Geo. E. M arcy, Arthur M . Anderson, Stephen Birch
total. 88.77 miles o f road (127.33 miles o f
Frank L . Polk, F. D. Underwood, W m . W rigley, Jr.. B. A . Eckhart L F
amlkhighway8Ch 104,51 on Pr,vato right o f way and 22.79 miles on streets
Loree, E. J. Borwind, Mitchell D. Follansbco, Robert W . Pomeroy
Owns entire $105,000 common stock o f Coal Oo. o f Fulton Oo.
Grenville Kano. Julius Kruttschnitt, Geo. G. Mason, Goo. F. Brownell"
— (V . 115, p. 182, 435, 1320, 1631, 2046, 2158.)
,
'
,oR>I L I ?For? P So « 0n com. " 2 % . July 20 1910; July 10 1911. 2% ; Aug.
1912
and 1913. 2% ; none since. Prei. dividend paid regularly 6% per an
ESSEX T E R M IN A L R Y . C O .— Owns road from Grand Trunk R y to
Amherstburg, Ont., 22 miles. Entire $100,000 capital stock acquired
B O N D S .— Consol. 4 44s. $7,000,000 auth.; $1,300,000 is reserved to re
Feb. 1918 by the Canadian Steel Corp., L td ., a subsidiary o f the U. S Steel
tire prior liens. See V . 115 p. 2158. Guarantees $30,000 Gloversvillo A
Corp., which In 1918 was constructing works at OJibway, Can. Of Broadalbln 5s and $50,000 Johnstown GIov. A K. 5s and $50,000 8% stock
$420,000 1st M . bonds, $206,000 arc outstanding in hands o f’ public and
R E P O R T .— For calendar years:
$214,000 are held in the treasury o f the U. S. Steel Corp. subject to sale
Years— Gross. Net aft.Tax. Oth. In c. In t.. A c.
Pref D ir
—- (V . 108, p. 1274.
*1922.$1,159,353 $413,146 $52,239 $.320,740 (4 H %)$22 500 8199 145
E V A N S V IL L E IN D IA N A P O L IS & T E R R E H A U T E R Y .— Organized
1921..$1.355,659 $430,919 853,350
$ (X 1 147 (6 % ; m o O «7 i l1>59
In Indiana to carry out the plan and agreement dated Feb. 19 1920 for
920..$1,431.563
$463,478 $40,425
$392 327 6% )$30 000
881’ 57I
the reorganization o f the Evansville A Indianapolis R It. Owns road from
1919 $1,251,651
$.391,607 $36,729
$372,550 (0% )$30 0on 895 787
Evansville to Terre Haute via Worthington, 131 miles.
♦ F o r 10 months ending Oct. 31.
' /o)$oU,000 $25,787
Under the reorganization plan, the company entorod into agreement
O F F IC E R S .— Pres., J. Lodlio Ilees; Sec., Frank Burton- Gen aav with the Cleveland Cincinnati Chicago A St. Louis R v. Co., whoroby the
II. Collins: And. A Treas., Goo. A . H a rris— (V
1V M I R ? V n r
Big Four' was to operate the E. A I. R R . for tho bonefit and at tho risk PWm.
.4 3 6 ,8 6 8 ,1 5 3 1 ,2 1 5 8 .)
(V . 111. p. 2318; V. 115
o f the N ew Company formed under the plan, for a test period o f not to
exceed three years, with the option at any time during that period of
F O R T D O D Q E DES M O IN E S & S O U T H E R N RR .^-O w na from Des
purchasing the entire capital stock o f the New Company for the sum of
Moines, la ., to Fort Dodge, Boone, Ames and Rockwell C ity 128 4/ m •
$1,000,000, payable in cash, or, at tho election o f tho ‘TIlig F ou r," in bond*
nH%nX
n’n8L0nrtO LeH,KhKa^d Webstor C ity. 25 miles; to ta l.152 12 mlk^.'
o f the "B ig Four" issued under its Refunding and Improvement Mortgage
?4^6 1583- V tO106 p?393U* D° W e oCtrlcal,y equipped. V. 97. p. 1357.
dated June 27 1919. The “ Big Four” in April 1921 received authority from
tho 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 V
O nDS £ ? „ ™ ! 7 _ ' . ...................19J°- 10‘ 7- '» > 8- !1» ° Mg®. 1|21.
112. p. 1399, 1977. Government loan, V . 112, p. 2536. Tentative valua
On preferred............................... 7
7
7
7
7
teV l
tion, V . 113, p. 1052.
Owing to delay In gottln 1 tho dividends approved by the Railroad Ad
Paym ent to holders o f 1st M tg e. 6% bonds due 1924 and 1st Consol,
ministration.
the
usual
144%
dividends
duo
Aug.
and
N
ov.
1
i9
ig
on
m tge. 6% bonds duo 1926 under terms o f Chic. A East. 111. Reorganization
the preferred, and dividends o f 1 44% on the common, were paid several
Plan. See Chicago A Eastern Illinois R R .
weeks late. Th e common dividends. It was hoped, might be restored to
Securities Authorized by New Company
V% 107r pnniU579aS21>87 aS th° comP °nsat,on for Federal use should be fixed”
First M ortgage 30-Year 7% Gold Bonds, interest payable semi
annually. ' Subject to call after throe years at 102 and intorost
on any intorest date on 60 days’ notice. Denom. $1 000 $500
Auga ldlv. Im ltted ? Pr° f ' ’ F e b " U 1 H % ,n cash: M a y h
In 8Cr,P:
and $100. M ortgage limited to $2,500,000: issuable forthwith.
B O N D S .— Open m tge., V. 101, p. 1272. 1972. Due serially on n « . 1
$1,500,000: further amounts not over $1,000,000 in all only
f£
0
.000
yearly.
1916
to
i937.
both
IncIuHivo.
and
remainder
In
19.'J8
but
under propor and carefully safeguarded restrictions only for
reileemable all or part on any interest date at 105 and Int. Additional
betterments (including equipment), additions, extensions and
bonds
Issuable
only
for
80%
o
f
cost
o
f
additions.
A
c.,
when
annual
net
ea?npermanent improvq ts, incl. rebuilding and reconstru ction...$1,700 000
are 144 times Interest. Including bonds proposed. V. 106 d 395
Common stock o f a par value o f $100 por sh are.. .
4 290 000 Ings
Government loan, V. 112, p. 1519.
v ‘ " ‘t0*
p
53
RAILWAY STOCKS AND BONDS
Nov., 1922.]
R A IL R O A D C O M P A N IE S
[For abbreviations, A c ., see notes on paoe 6]
Miles
Road
Date
Bonds
Par
Value
Amount 1T
Outstanding
Rate
%
When
Payable'
Last Dividend
and Maturity
Florida West Shore— See Seaboard Atr Line.
Aug 15 ’ 13 2%
$100 $2,500,000
Fonda Johnstown A Glovcrsvllle— Common stook—
Q— M Sept 15'22 1 ^
6
500.000
100
Pref stock 0% oum oan at 105 $1,000,000 auth— July
1 194/
A
0
4
H
g
1.000
500.000
1897
First oonsol refunding mtge $500,000 gold.N .xo
A J July 1 1950
4 g
1,000
800.000
1900
General refund mtge $800,000 (V 71, p 34) --N.xp
Nov 1 1952
M
A
N
4
*
g
6.150.000
1.000
1902
First Oons Clen R ef M $7,000,000 g red 120-N.xo* Ar
A J July 1 1933
5
1.000
50.000
1893
Johnstown G & Klngsboro 1st M assum ext 1913-.*
See text
2.634.000 See text
100
P o rt D od ge Des M & So— Common stock
See text
See
text
1,363,100
Preferred stock 7 % cu m u la tive---------& D Dec 1 1923-38
6g
5.350.000
T o o "Sc
152 1913
1st M g red 105 $50,000 due serially Dec 1 to 1937-Apr 1 1954
A
A
O
4
g
1.000
6.240.000
1904
Fort Smith & Western— 1st M $7,500,000 g o ld -.-x o *
Jan 1 1941
A
1.000,000
48 g
1,000
1891
Fort Street Union Depot— 1st M gold. _ _ - - - - - — Uex
2J4
100
2.291.416
BH M A s sSept 1922
Fort W ayne & Jackson— Preferred stock 5 H % rental 97.53
Deo 1 1961
J. A
8.176.000
1.000
5H
454 1881
Ft W o rth A Den C ity — 1st M g * 18.000 pm Ba.zc*
M A N T o M ay 1 1925
280.000
1.000
1915
Kq tr Sor O $50,000 s-a rod aft M a y 20 102 H — FP
J & J15 T o Jan 15 1935
440,700
1920
• Eq tr N o 20 (U S It It Adm in) duo $33,900 a n n ... Q
M & N T o M a y 1 1937
1,000
5H
750.000
1922
Equipment trust o f 1922 duo ann------------------ M A N Nov 1 1935
1.000
6 g
See text
74 1905
Gainesville Midland— First M $1,000,000 g red at 110
100
Ac
325.000
0
1913
Q — J Oct 1 1922
Notes $400,000 auth extended to Oct 1 19 22 ..........
Various 1935
1.000
5.728.000
0 X
256 71-’80
Ual veslonHarrisb&SanAnlonlo— lst&2dM g I gr ext o*
M A N May 1 1931 *
5 g
1.000 13,418.000
671 1881
Western Division 1st M (Mex A Pac ext) gold — x
July 1 1931
&
5
2.539.000
1881
do
do
2d M "stam ped" guar p A 1----June 1 1940
A
1.000
6
9.022.000
1910
Galveston-Vlotorla Dlv 1st M *10.000.000 auth —
Apr 1 1933
A
5 g
1.000
2 . 122.000
50 1913
Galveston llous A Mend of 1882— 1st M. g.C ol yo* Ar*
Moh 1 1938
A
1.106.000
6
1.000
1908
Galveston Terminal— 1st M $5,000,000gu (tex t)-B a .x
July 1 1932
A
1.000
452.000
6 X
1882
Galveston Wharf Co— 1st (r e) M gold s f - - - - - - . r o *
Apr 1 1940
A
1,000
5 g
1. 110,000
1890
First series (wliart A railroad) gold 5s sink fund.zo*
Aug 1 1926
A
1,000
392.000
5
g
1901
Seoond series (wharf & railroad) gold 5s s f — zc*
Apr 1 1929
A
1.000
484.000
5x
*l6 1899
Genesee A W yom ing R R — 1st M gold $500,000- _ - C ol
G en eva C orn in g A S o u th e rn — See N Y Central R R
Georgia A Alabama— Georgia Carolina A Northern— See Se aboard A ir Line R y.
100
5.250.000
Georgia A F la —Common stock $15,000 per mile----100
3.500.000
Pref stock non-cum partlo. $10,000 per m ile -----A A O Apr 1 1955
1.000
5 g
212.000
'53 1905
Mlllen A South 1st M ---------------------------------Colx
Jan 31 1924
8
1.600.000
1921
Receivers’ certificates
Nov 1 1950
500
Ac
5
g
M
5.600.000
284 1907
Georgia A Florida mtge $12,000,000 gold------axo*
Feb 1 1932
500 Ac
2,000,000 See text F
1912
Gen M g (cum Inc for 10 yrs) red par------ FBa.xc*
July 1 1930
1910
1.000
2on non
6
J
Georgia A Florida Term M $200,000 guaranteed.._x
Dec 1 1924
1.000
400.000
5 g J
Augusta Southern 1st consol mtge gold-------- Ce.xc
82 H 1894
July 1 1954
1904
1,000
5g J
2.113.000
Georgia Florida & Alabama— First mtge gold — Ba.o* Text
i»
E A R N IN G S .— Y ear ending Doc. 31 1921, gross $2,005,401: net oper.
Income, $223,902; other income, $47,376; int., rentals, Ac., $310,054; pref.
dlvs., $47,709; bal.. dof., $86,484.
_
J
„
Pros. & Gen. M g r., O. H . Crooks; Sec., Treas. & Aud., F. M . Johnston
— (V . 114, p. 2579.)
FORT SMITH & W ESTERN R R .— Operates Fort Smith, A rk. to Guth
rle, Okla, 216 miles, of which Coal Creek. Okla., to Guthrie. 196 m, is
owned and F t. Smith to Coal Creek. 20 m.. Is Kansas City Southern track
age. In Oct. 1915 contracted for use o f M . K . & T . tracks. Fallis to Okla
homa C ity. 30 miles. V . 101. p. 1553. Coal properties are developed
at McCurtaln, Okla., 40 m. west of Fort Smith, producing an average of
30.000 tons per month. Owns 6i % of the capital stook of the St. Louis nd
Reno A West. R y., Guthrie to El Reno. Okla.. 42 m., oper Independently
On Oct. 9 1915 Gen. M gr. Arthur L. M ills was made receiver, but retired
on April 15 1921, being succeeded by Chas. T . O’ Neal, of Washington, D. G.
V. 101, p. 1272. Bonds deposited till July 1 1917, with a comm .consisting
o
f W. L
Brown.
W .. Mellon.
Colgate Hoyt,
W .• H .C onnlff,
O . Mather,
or
L.. .......
Brown,, ,A
Motion,
tioyw
lil pa’ \V.
A: ■y,tt
—. vv
l. Russell,
n ____11 ooigate
t......... J.
t ■
1,.,,*” aS.
II
— J.
, Sullivan,
J.
Geo.
S.
James
Iloyt.
H . Tftl
Tolies, 1
C . it
C . Rnlt.nn
Bolton,
and A . C. Dustin (Superior Savings & Trust Co. of Cleveland, the mtge
trustee, depositary), with power to sell or exchange the same. Ac. V. 91
p. 1446: V. 92, p. 527. In Oct. 1916 was ordered sold under foreclosure;
sale has been postponed from ilm t to time. V. 103, p. 1592.
A new company, tho F t. Smith A Western lty ., lias been incorporated
under laws o f Delaware at tho instance o f the protective committee with a
view to roorganizatlqh.
,
Tho I.-S. O. Commission has authorized tho new co. to issue 62,400 shares
o f common stock without par value, $1,500,000 o f 1st M tge. bonds and
$3,744,000 o f 2d M tge. bonds, which securities It proposes to exchange for
1st M tgo. bonds o f tho F t. Smith A Western R R . (tho old comapny), and
to use the last-mentioned bonds for tho purpose o f acquiring at a mortgage
foreclosure salo all o f tho property, assets and franchises o f the old co.
O f tho securities to bo Issued, it is proposed that tho $1,500.000 1st M tgo.
bonds bo 20-year 7% gold coupon bonds issued under a 1st M tge. upon all
tho properties to bo acquired at tho foreclosure salo, securing an authorized
issue o f $3,500,000 o f bonds rcdeomablo at 102 and int. on any int. date.
I t is proposed that the $3,744,000 o f 2d M tgo. bonds bp 20-year 6% gold
coupon bonds o f an authorized $10,000,000, redeemable at 102 and Int.
on any int. date, anil tho Int. on which, for 5 years from tho date o f issue to is
bo non-cumulatlve and payable only If earned. V . 113, p. 2818.
Proposed Improvements, V. 110, p. 1972.
Government loan, V. I l l , p. 2324.
„
_
.
-nn
Stock. $5,000,000. all outstanding; par $100. For the4s o f 1904 ($7.500.000 auth.), Superior Sav. A Trust C o., trustee. Car trusts outstanding
Doc. 31 1920. $25,343. Receiver^ certificates. 1920. $192,500.
E A R N IN G S .—
----------- -Gross-------------------- Net After Taxes----II -S O. C figures )
1922.
1921.
1922.
1921.
Jan 1-Sept 30
. . . $l!l74,984 $1 203.968
$147,413 def.$70.330
For year ending Dec. 31 1921, gross. $1,773,094: net. oper. Income $2.427; other Income, $2,087: Int. A rentals, $308,654; bal. -def.. $364,140.
Pros., A . C . Dustin, Cleveland, O.— (V . 113, p. 2818.)
F O R T S T R E E T U N IO N DEPOT.— Owns passenger station with ap
proaches, 2.8 miles of main track; leased for 990 years from Dec. 10 1889 to
Wabash, Pore Marquette and Canadian Pacific for rental equal to 5% or
total cost of property and curront oxnonses. Incorp. In Mich. Aug. 24 1889.
Stock. $1,000,000, of which l’ero Marquette owns $515,800, par, $100.
Pres., F . i l . A lfred, D etroit— (V , 100, p. 1832.)
FORT W A Y N E A JACKSON R R .— Owns Jackson, Mich., to Fort Wajnae
In d „ 97 53 miles. On Aug.24 1882 leased perpetually to Lake Shore A MlohlRan Southern (now N ew York Central at a rental of $126,027. OQualI to
on the pref. «tock (see V. 60, p. 812), and after
over 8% on pref. stock to be paid on com., but not exceeding 2% a year.
Common stock, $436,132. V. 106, p. 601.
FORT W ORTH A DENVER C IT Y R Y .— F t. W orth , Tex., to Texllne
464 miles. Owns securities of Ft. W . A Den. Term . R y .
.
n9,
STOOK. A o .— Colorado A South. R y . Doc. 1921 o w n e d tn n a V J
of tho $9,375,000 capital stock, the latter including $6,835,008 common
and $2,539,092 stamped stock. V. 63. p. 1063. 7 5 . _____
Payments under stamped stock agreement o f Oct. 12 189.), 4 % 11®^???°??’
B O N DS.— Abstract or mortgage. V. 45, p. 440. Certfs. of Indebtednes,
owned bv Colo. Sou. Dec. 31 1921. *299,917. Equipment trust. V 82,
n 1101: V . 84 p. 508; V. 114, p. 2115. Ft. W orth A Denver Terminal R y .,
^2,500,000 20-yoar 6% bonds (Bankers Trust C o., N . Y . , trustee), subject
to call at 105, o f which $728,000 have boon issued, $300 .OOOsold and$428,
000 hold by F t. W . A D . O. R y . V. 80. p. 52. 1100, 1589; V . 87, p. 949.
Tho company In N o v. 1921 offered to extend the $8,176,000 1st mtge.
6s duo Dec. 1 1921 to Dec. I 1961. at 5 H % - Plus $40 In cash for each
$1 000 bond oxteniled. Tho bonds, as extended, will be redeemable, as a
whole but not in part,on or after Jan. 1 1935, at 105 during tho 5 years
ending Dec. 31 1939; 104 during the next 5 years; 103 during the next 5
years' 102 during tho next 5 years, and 101 thereafter until Sept. 30 1961
11
(P % ’X m T t
t o F A K N lT w s y-
S c r o llin g stock allocated
806
------------------- Net A fter Taxes-
Jan1'f-'s ep tC 30-T1
-r-OB: )- - $o!895.'510 $8!355,707 $ i ! b 2O.940 $2,505,266
R E PO R T .— For 1921.
in V. 115. P-/iv429, showed;
mr , / _ / j
/
vi I e rn e
Interest.
Dividends Balance.
Other
Cal.
Gross
Net (after
Rents. A c.
(8 % ). Survlus.
Income.
Years. Earnings.
Taxes).
$835,561
$916,466$2,075,079
$392,117
192I--$11,334,958 $3,431,990
836.898
1920-. 11,190.885
477,044 *2.179.887 1.180 881 639.152
in
l i 102 ;<02 3.135,900
;i.l.jo.yuu
151,022 1.019.570 639.152 1 628.193
1919..
11,102,302
•includes $1,651,733 estimated amount due under G ovt m a r. for 6 mi}*:
Pres.. Hale Holden; Gen. M g r., F . E . C larity, Fort W orth, le x .
/Hit
G A IN F S V II I F M ID I A N D R Y .— Owns Gainesville, O a „ to Athens. 42
miles standard gaugm and Belmont to Monroe. 32 miles: gauge now
S a ^ a r d . T 79. P 151, 260. 500. 027. Stock, all outstanding. $5*0.000.
Places Where Interest and
Dividends are Payable
Checks mailed
do
N Y Trust Co, N Y
do
do
New Y ork Trust Co. N Y
FulOo N B k , G lo v ’lle .N Y
N ew Y ork
Oot 1907 ooup last paid
Central Union T rC o , N Y
Farmers’ L A Tr Co, N Y
Offloe, 32 Nassau St. N Y
Fidelity Trust C o. Phlla
F ir s t 'N a t ’Bank, N Y
Jan ’21 int in default
Owned by Sou Pao Co
So Pao Co 165 B’ w ay.N Y
do
do
Columbia Trust Co. N Y
Banker* Trust Co. N Y
Nat City Bk, N Y , or Gal
do
do
do
do
Columbia Trust C o. N Y
Hanover N at Bk, N Y
See text
Fidelity Trust C o. Balt
J P Morgan & C o, N Y
Bankers Trust Co. N Y
Gordon C . Carson o f Now Y ork and W . B. V ^ z e y o f Gainesville were
appointed receivers In Feb. 1921. V . 112, p. 849. Tentative valuat on,
O f’tbe V s s of 1905 ($1,000,000 auth.). $001,000 h a s ^ n s o l d ^ d $ 1 4 ^
000 Is reserved to retire old 6s: $26,000 treasury bonds and $192.000ilssued
to cover broadening gauge o f 32 mile* are pledged to
$400,000 3-year 6% coupon notes of 1913. The»e “ ° ^ J ^ | a A ooo isT m
tlonal security the following, pledged by Individual owners. $645,000 1st M .
bonds (1905 Issue). $514,000 out o f $550,000 cap. »todc. O f these
$325,000 are Series A , having a prior lien on the collators and $75,000 Serlea
B. $250,000 of Serb* A have been Issued and Installments paid thereon to
the extent of $213,285: Series B Is all out. The Series A and B coupon
notes o f 1913 were extended to Oct. 1 1919 and again to Oct. 1 1J-2. Jan1921 Interest In default.
^
_ ot
, QTK .-c n
The Chatham Bk. A T r. C o. Is m tge. trustee. V . 81. p- 1375, 1550.
G ALVESTO N H A R R IS B U R G A SAN ANTO N IO R V; T
J¥ o ^ o ^ a n d e
Pacific.)— Owns Galveston via Houston, Tex. to east b a n k o fR lo Grande
River. 825 miles; Beevllle to Damon, 167 miles; San Antonlo to £.°rt
Lavaca. 136 miles; branches. 235 miles: owns W n tl? 2 m U e * ^
17 m.; total, 1,380 m. Southern Pacific Co. owns *27.075,400 or the
084.400 stock (par $100). V . 79. p. 2642; V . 81. p. 211. 668. 1242. V . 83.
P B O N D S .— See V. 92. p. 1636: V. 94. p. 130; V . 90. p.
y-.JQJ''
p. 1482. Western Divs. 2ds $2,539,000 are "stampod with g u a r a n t y by
Southern Pacific Co. o f payment o f principal and i n t e n t as reduced from
8% to 5% from Jan. 1 1&15. V . 100. p. 397. Equip, bonds, $1,558,000 6a.
owned by Southern Pacific. V . 70, p. 1300; V. 77,, p. 2160. 1 he
Co. owns $444,000 out o f a t o t a l o f $2,539,000 M ex. A l ac. ext. 2d M . 5 »
and all o f the $4,728,000 G. H . A S. A . East D lv. 1st 6s (ext.) due Aug. 1
1935. $1,000,000 2nd M . 6s, and $9,022,000 Gal. Victoria D lv . 6s.
■Net A fter Taxes------GrossE A R N IN G S .—
--------1922.
1921.
(I.-S. C. C. figures.)
1922.
1921.
$1,922,812 $2,410,749
Jan. 1-Sept. 30.............$15,968,577 $18,880,493 -----------R
O lv
R Tl .—
KE
EP
rU
.— For
r or 1921,
iw zi, gross,
gross, $25,003,536; net oper. income, $1,484,844•
V r i vda
other income, S745.257; deductions, $3,781,899; bal., dcf., $1 ,o.)l,7.)8.
— (V . 108. p. 2122.)
O ALVESTO N HOUSTON A HENDERSON R R .
l 88y-T^9.7P9 1101,1
Galveston. Tex., to Houston. Tex.. 50 miles. See V . 61. p. 1013.)
O R G A N IZ A T IO N .— T h eM . K . A T. and International A Great Northern
Kayo hori track&ir6 rlirht8 since Deo. 1895 under a contract providing for pay*
m «V t o C m t r a ? 3
f f i c o T m t g e . trustee, o f *100.000#yearl3|-to meet l n t « j
est on G . II . A H . bonds and an additional rental o f $24,000 per ann . tor
dividends or oTher pu rposee.-See V. 61 n. 1064; V . 63 p 697; d lv l M a y
iQOt to 1006 4 % yearly; none since. M . K . & 1. owns 4.939 snares oi
stock! O f the 1st gold 5s ($5,000,000 authorized issue), S I .000,000 Is reserved for not over 90% o f cost o f now equipment. Redeemable at 105
on any interest day. V . 98, p. 839; V. 102, p. 1987Stock, $1,000,000: par. $100.— (V . 114, p. 305.)
n i ■ VFSTON T E R M IN A L R Y .— Owns extensive terminals at Galveston,
Tex., used by Trinity A Brazos Valley R y.. Colorado Southern and ^blc.
u t a Pacino which own practically all the stock. V . 87, p. 950. Owni
\ large freight "depot and warehouse and about 14 blocks along Galveston
w S f r o n t ^ Operates 49 miles o f main line and 20.33 miles o f sidings.
Stock. $25.000.P O f the 1st 6s ($5,000,000 authorized issue). $1,106,00)
miar iointlv bv the Ch. R . I. & P . and Col. & Sou. V . oo, p. 119U. loov.
fr ‘ 07 n 1.17R- v 103 n 2128 1980. Pres., J. A . Hulen, Iiouston, Tex.;
V*-P * Chas. Fowler; Sec. & Treas., E. R . Cheesborough, both o f Galveson. Tex.— (V . 100, p. 2085.)
Cl A L VFSTON W H A R F CO.— Owns wharf properties extending from 10th
to 41st Sts.. Galveston. Tex., and 12.8 miles main line switching tracks in
olty, with yard tracks and sidings. Incorporated In iexas
’
Stock outstanding at last advices $2,626j600; par. *100. Dlv!Id^ends In
1904 S M % 4 1905 414%: 1906 to 1908. 5% yearly; 1909. 414%. 1910 to
19131 5 4 % : 1914." 5 ‘4 % : 1915. 454%; 1916, 4% : 1917. 4J4%: 1918. 3% :
19F ^ 3M l ° K r o s s ^ s f . ( m 228S^'aet.S55S.599; doductions. $111,728: dlvl-
d%W
1iJ1£^V^Wr'i'a27V-. J
.
Branch."
D .v l.1 B ~ .. O W .
Office, Galveston. Tex.— (V . 107, p. 1195; V . 108, p. 1<0.)
G A U L E Y & E A S T E R N R Y .— V . 113, p. 1772.
OFNFSEE A W YO M IN O R R .— Retsof. N . Y .. to Pittsburgh A Lehigh
J e t.T il miles; Retsof Jot. to Grlegvllle, 4 m.; bra.n°?A 2 P1,” t0it SVn16iIV/1£,:
Stock $500,000; par, $100. Dividends since 1909. Aug. 1910, l H%>
Nnv " l W ^ - l O l l 5% paid 114% Q.-J.; 1912 and 1913.6% (Q .-F .): 1914.
Feb. and M ay. 114%: Aug. 1914 to Aug. 1916. 1H % auar-:
1917 10%. 2% Q.-F. with a special dlv. o f 2% paid In Auif.
*
M a y , 2% quar.; N o v ., 4% ; Feb. 1919 to N o v . 1921, paid 2 H % quar
Vnar ended Dec 31 1921' gro«s $536,324; net oper. income, $243,286
other income S5.238: int.'. Centals* $119,113; divs.. S5C1.000: bal sur
$78 011- For 9 mos. ended Sept. 30 1922, gross, $196,486, net oper.
Income $271,762; other income, $2,394; interest, *18,150; rentals, $57,983
com dh * . $37,500: bal.. sur.. $160,523. Pr.w., M . B. Fuller, Scranton
|,a . y -p
e c u . M gr., il. C3. Finch. Retsof, N . A .; Sec. A Ireas., W. II.
Barnard, 2 Rector St., N . Y . — (V . 76, P- 1218.)
G E O R G IA F L O R ID A A A L A B A M A R Y .— Owns Richland. G ^ . to
Tallahassee. Fla.. 131.22 miles. Including 26 miles opened Sept. 1909. Talla
hassee to Carrabelle. on the G ulf o f M exico. 49.68 miles: branch, H avana.
F lT to Quincy. 11 .’23 miles; total. 192.13 miles. Also operates steamer
line from Carabelle to Appalachlcola. Fla.. 32 miles. Stock. $450.000
m r 8100. For 1921, gross. $656,218: n^t oper. deficit, $100,803, other
Prfcome deb.$3,510; l i t . , rentals, Ac., $153,342: bal., dof.. $257,655. Pres.
Cora B. Williams; Sec.-Treas., L. G. Papy. Bainbridge. Oa., Gen. M gr.
R . B. Coleman, Bainbridge, Ga.— (V . 115, p. 21o8.)
54
RAILWAY STOCKS AND BONDS
U A IL R O A D C O M P A N IE S
[For abbreviations, A c ., see notes on page 6]
Miles
Date
Road Bonds
Par
Value
Amount
Rate
%
When
Payable
[V ol. 115.
Last Dividend
and M aturity
2Jid!?,nd
M e ° ld *1 >650,000 Int gu.x
98 1896
$1,000
$1,650,000
A
1
3
g
<
3
c
C Apr 11946
ueorgia Pacific— See Southern R y ■
Georgia Railroad & Banking Co— S to o k ..
307
100 4,200,<
See text
Q— J Oct 15 1922 3%
Bonds not mortgage currenoy (V 87. p 226. 285)I*c
1907
1.000
1.00C .<
4
J A
J Tan 1 1947
Bonds refunding not mortgage currency_________
1921
1,500,(
6
A & O Oct 1 1951
a S?.r8j a Southern & Florida— Common s t o o k - I I I I I I
100 2.000.
C
...................
First pref stock 5% & partic non-cum red____
100
684.(
See text
Second pref 5% & partic non-cum $1,084,000
N o v 8 ’20 2 X,
100
1,084,(
See text
N o v 8 ’20 2U
First mortgage goid J4 .0 0 0 .0 0 0 --............ MeBa'xo*
285 1895
1,000
4.000.
C 5 g
J & J July 1 1945
First oonsol mortgage $10,000,000 g o ld __.N .x o » Ar
391 1902
1.000
2.000.
C 4g
J & J July 1 1952
Equipment trust Her E due $22M or $23M s-a g c
1915
1.000
135,(
4>S g M A N 15 M ay'2 3-N ov '25
a‘° ™
* a u l f — Albany A N o r 1st M g__c
36 1896
1.000
400, C
6g
J A
0 8 W & G u lfm t g e ______
r e
J Jan 1 1946
36 1909
100
155,£
J A
.1 Jan 1 1959
S?.tty5 bS 11aJT! *£— C on (n ow ist)M $565*600 g~( t ex t) .x
§ 8
42 1891
1.000
565.C
5
A A o Oct 1 1920
O ils V a lley G lo b e & N o rth e rn — See Arizona EaSte rn R R
Q ou vern eu r & O sw eg a tc h ie— See N Y C 4 H R B K
QrSPd-f??pids & Indiana R y — Stock $6,000,000-100
4
See text
Flrst M mostly land grant g extended In lSOQ-.-zo*
367 1869
1.000
J A
J July 1 1941
First M extended gold guaranteed by Penn R R zo*
367 1869
W
8J A
1.000
4H g
J July 1 1941
Second mortgage $5,000,000 gold
xo*
419 1896
1.000
4
g
A A 0 Oct 1 1930
Muskegon Grand Rapids A In d — First M g . '“ C e x
37 1886
1,000
5g
J A
J July 1 1926
_z
Traverse C ity R R — First mortgage g old ___
27 1883
1.000
J & J Jan 1 1933
? «
Grand Trunk Pac— First M £ guar Can Govt (text)o'Ar 1.755 1905
$ &£
3
J A ,J Jan 1 1962
Prairie Seotlon M (Ser A ) £2.100.0001 guar p and I
916 1905 £100 Ac 10,206,000
4
A A o Apr 1 1955
Mountain Seo M (Ser B) £2.050.000) by Grand
j
839 1905 £100 Ac
9.963.000
4
A A o Apr 11955
Lake Superior Dlv 1st M £1,550,0001
Trunk
188 1905 £100 &o
7.533.000
4
A A o Apr 1 1955
I
Sterling bonds guar by Can G ovt $l5.940,800.c*Ar*
1914 £100 Ac
8,440,848
4
J &
J Jan 1 1962
Deb stk $50,000,000 red aft 1936. Int gu by G T
$100 34,879,252
4
M A S Perpetuni
G ov t Loan $10,000,000 seo. on Prairie seotlon do
1909
10,000,000
4
A & o Apr. 1 1919
G ov t Loan $15,000,000 cov. by deb. gu by G T
1913
15,000,000
4
J
& J July 1 1923
Dominion Government loan_______
1914
6 000.000
M Sc N 3u
5
demand
1°
*.8.,(& « ,9S&s e c b y m t« e
7.081.783
6
J
A
J On demand
do
$2’£S?,00° <v 10s>p- 1617, 999. 818, 497)
1917
5.038,053
6
j
A
J On demand
„ do
$7.500.000 (V 106. p 2 5 5 9 )... - - . . - l
1918
7,471,400
Grand T rk Pac Br Lines 1st M gu by A lb text c*
1909
$ A £
2.430.000
Peb 25 1939
do
do
1st M gu by Alb £238,600........
58
£100
1,153,764
4
M A N Feb 15 1942
S>°
. g '.,ar by Saskatchewan (see te x t).
1909 £100 A c 11,309,706
4
M A N 'an. 22 1939
do
Terminals guar by Sask text
1914
£100
1.881,792
M A N 943
4H
do
Bridges auth $1,300,000 guar by Sask
V105.P 1415
4K
..
Oec 18 1943
a
,
Oa0 l 9Jnm , o , ™ Fi ; O R ,i ^ R Y .— Owns from Madison, Fla., to Augusta’
2 V ln2r ' m T n c h e s , 153 m.; total, 406 miles. Owns stock o f Georgia
A riorida Term . C o. o f Augusta and Valdosta and guarantees Its 1st 6s
936°r5°33d
n’ A
81 ’ 27
& 1915
,1211:receivers
V ’ ?5 > p -were
345>'annointed
v - 87> P- 480|
*7oOt lOoo, vv . oo, p. 681. 19n7
On
M arch
tho
^ v e r l n July 1921 being John S k elton W illia m s R i c f f l
from Tan9
sta 8outbern R R -> all operations being merged
bv court*order^°’v Si in
was ordered in Feb. 1920, but was revoked
tions
v T l l , ' p .^228?V? 112? p . 2 5 7 ? ’ loan requested to continue opera1917 $500,000 receivers’ certificates were authorized, and with
stocl?a m f^q ft0non2n^fhn0*^V roooSed $296,000 o f the $400,000 common
« o c k and $296,000 o f the $350,000 preferred stock o f the Augusta Southt rn
oiS e d In FehP-1Q91,5 ,«1B1o/?oo^f the $1.600 000 receivers’ certificates auththat sum at
. ? n H v S ° H 00# ^ Cre, plodKcd Y,lth tbe G ovt, for a loan of
S p l t . l K7 2 “ w f : ™ V ™ ,12i' o mS
S
2
S200-00lb
F r o te ^ iv e Com m ittee fo r ’ls t M . 6s o f 1907: Franklin Q. Brown. 33 Pine
nt n v V^ s nDi i hers'. Depositaries. Baltim ore T r. Co., Central T r. Co
A ’ and Richmond (V a .) T r. A S. Bk. V. 102. p. 712. In July 1919
th InRMa?rhn m iVoa i ? ru™fc 9 ° ’ 'vas made trustee under 1st M . o f 1907.
Ga1
Fh n91t8„J°.hn
Pres\ o f the Citizens Bank o f Valdosta.
In thp
Sk o f Montezum a, having purchased the large Interest
Peld by the Baltimore Trust C o., succeeded S. C . Rowand and D . H . Gordon on bondholders’ committee. V. 106, p. 1344, 1461
M M nm
b0ndS
c l907’ JS.eOO.OOO are in hands o f public and
$630,000 In treasury. V. 85, p. 221, 530; V . 95, p. 1472. Holders o f 1st
a b o u t ° 8 2 < 7 tp fu n d their coupons for § years from N o v . 1913
about 82% agreed. V . 98, p. 155. V. 97, p. 1024, 1504 V. 104. d 2452
iSiEMSS; r.v t- p2'65?°- **•
a
c INoG .f .0v«»
f c « . ), ------------x_-f _l ______
1922
Jan. 1-Sept. 30----------$982,857
1921
$1,048,834
— Net, after Taxes1922.
1921.
$99,462 def$ 120,881
dnneftP ^ m ^ T^?.0r 7vfar .ending D^ ; 31 1921 • ^ross. $1-389,678; not oper
b ^ . f d i l 4$79 3 5 !2 9 7 .-(V n nI3?’p5f 3 i 6)2: lnter0St’ rentals' &c" 5873 ’ 102
r j.QEocR,?n~., M * D L A ND R Y .— Owns road from Columbus to McDonough,
wav’ To 7n!-e*4Q ^nn8« L fro i“ Ju] yi 1, i 8.96 f,or 99 y ears to the Southern Rail°«o, ISn,59 ° a2n Jal rental (being Interest on the first mtge. bonds,
i r ' 500 for Columbus terminal property. Stock Is $1,000,000,
owned by Southern Railw ay Co.— (V . 63. p. 361: V . 82, p. 751.)
i 7 ? n ? R h r ^ ,RhR ’ &
CO.— Georgia R. R . Augusta, to Atlanta,
L7i ? • ;
t0aJV ?.stUn4t02, and Athens, 58 m.; Macon A Augusta
total ( 3n7°meta^
r2atim,£arpa*L
Macon>
74
trackage. 4 m
total,
307 m. Owns
50% stock oG»a44rto
f Western
R y . Ga->
o f Ala.
*8H
8L ro?d '.eased f° r 99 yeara to W . M. W adley et al tor the
A Nashv.Vw u f f i o
h
aL ^ q T e ^ l f erfgrhtbsU^ S e ^ C
v722
n w n ^ 2 r;»,19?S aanour*cod that the Georgia R R ., the Atlanta A West Point
°,f Alabama would in future bo operated in close
S iSw I h
fithaU Independently. Th e three properties will be
directed as to operation from Atlanta.
•
o m W ' c w i 92i pt!?v,d^d for tho retirement o f $300,000
,nds
1.200,000 5 % bonds due Jan. 1 1922. V. 113. n. 960.
*rusta ,ssued to Director-General for rolling stock aliocated
to this company. See article on page 3, and V. 113, p. 1471.
D IV ID E N D S .—
l'8 3 - ’87. '88. '89 to J a n . 'l l .
Since to Oct. 1922
Regular since 18S1 %/10 yrly. 1 0 ji
11 yearly.
12% yearly.
Extra (from bank earns,), Jan. 1917, 1%; Jan. 1920, 1% .
y
ended March 31 1922: Gross income, $639,656: divs.
s u ^ u s * 5*it ’o ^ ’6‘? iere1 ? o*148T'69 k wui 4er’ $13,043: total profit and loss
1 8 ? 960*1155!'1360, 147l'.) JaC° b PhlniZy’ Augusta’ G a . - ( V . 113, p.
n
A S O UTH E R N & F L O R ID A R Y .— (See M ap o f Southern R y .)—
Gh" n s from Macon Ga.. to Palatka. Fla., 285 miles; on N ov. 1 1902 pur?b“ cd A O . V - A W R y Valdosta. Ga., to Jacksonville. Fla., 106 miles:
trackage, 11 m.; total, 402 m. V . 60. D. 928- V . 79 n
Ai«n own.
0DOwnsI « i *
Go. and 1-3 o f stock Macon Term.
L th nnaw ki n! viJLe * Florida Southern R y., Worth to
M
K 43
and Ashburn to Camilla, Ga.. 50 miles, $601,?Q9 i ^ w t ^ . S 0 ds Velng f ^ r - ’ p ’ * I ’ Th e T>-S- C. Comm, in Oct
p9 M 8 5 ; V 9 7 p l 7 ? ? 3 6 5 ! V . T t i p ^ O l V 240*5 ^ ° ° tb ° ^
V ’ 79’
Ten tative valuation. V . 113, p. io52.
J 1?92’ 18o8’ 1829' 1600-05. 1906.1907 to N o v 1920
1st A2nd p ref.(% )\ 2
3
3
4 yearly
4H
5 yearly
ST ther,n R y ’ o,n„ P uc- 31 1921 owned $177,700 first pref..
$478,200 second pref. and $1,691,500 common stock.
(A b s tr a c t. V . 61. p. 429) provides that the
-660 Jirsfpre/. stock shall be a lien second only to the bonds and coupons.
- T P® S W S P S a L - 4sof 19^2 are for the authorized amount o f $10,000,000
nr^fhl?h b-4’6^4i9 °? ia r n ^ suab,e t0 ret,re tbe $4 -000.000 5s and $684,000 1st
pref. stock and $3,316,000 are reserved for future needs. V. 75, p. 980.
E A R N IN G S .—
-Gross-N e t, after Taxes-----(I.-S.
C. C.
___
_ . figures.)
_________
1922.
1921.
1922.
1921.
Jan. 1-Sept. 30----------- $3,358,943
$3,351,486
$371,294 def$364,929
Places Where Interest and
Dividends are Payable
J P Morgan & Co. N Y
Augusta, Ga
Am Exch N at Bk, N Y
M T A D Co. Balt; A N Y
do
do
do
do
do
do
Richm’d.V a.O ld D om T r
Reading Terminal, Phlla
do
do
A
Lanier A
do
Co
Co
do
R E P O R T .— Year ending Dec. 31 1921, in V. 115, p. 1317, showedVfinrv
v Gr,nss
_ Oper.
Total
Interest,
Pref.
Balanc
in.,?ars
a. Edrnings
Income. Income.
A c.
Dies
Surnlus
loon ----------- $ i ’58« ,770 def$290 366 $203,473 $679,257 . . . dfM 7fi 784
}o?J?........ ..... 41,985
88,110 458,835 $88,400 d f 459115
1^I’ros” " w iIr fi y ’^ r4rri01 w 25i2.’677 *524-703 353,619 88,400
82.684
■nt 1
Harrison, Washington, D. O.; Soc., C. E. A. McOarthv
New York; Treas., E. F. Parhan, Washington, D . O.— (V. 115, p. 1 3 1 7 .)
r y^)P— P r o l e c t e P t o ^ i r E R 1? Q u k F R R - (A lb a n y & N o rth e rn
from Albany, G a., southwost to St. Andrews,
of th'n°AihanP*- is?/ ^?exicp- In Fob. 1910 acquired the entire capital stock
n 7a ^,nlaan<T * Northern R y ., A lbany to Cordele, 35 miles; trackage rights,
aide ?? «^n nnh9^ ’ P ’ (P 9, 602’ O- S. W . A G. stock auth., $4,000,000; issu
able at $20,000 per mile; outstanding, $40,500. Tho $4,000 000 mortgage
Is secured by pledge o f $350,000 capital stock o f Albany & N o ? X
&C’90b, ° ndS ,ssuable a t * 29’000 p - m - Unpaid bond Intorost Doc. 31 192l’,
i2 2 m h . n r t L . f f 0nd»oDo°,Co
1921: Gross- S I42.003; net oper. Income;
° tb®lincomo, $3,913; int., rontals, Ac., $38,996; bal., def. for voar.
Aihk°n5v ’ n®ta lvRUnpluf,’ S3i M 08- Pres, and Gen. M g r., W . M . Logg
o *- a //:
m
& H A R R IS B U R O R Y .— Carlisle to Gettysburg, Pa., 31.21
tor’s Run 7 ar m U^rh Tn P’ Pi“ ’ ’ 2-93m-: branoh Pine Grove Furnace to Hunstock-* v i r7nnn^; The Reading Co. owns $574,500 of the $600,000 capital
cal m
M
te Ke,n- ^ tK 0- o f 189«- V. 95. p. 1039. For
(I ^ 0N 9 R A ?.,D.S^ IN D IA N A R Y .— (See Maps of Pennsylvania R R .)—
Owns from F ort W ayno, Ind., to Mackinaw C ity , 367 m - branches
110 m.; tota! owned. 477 miles; operates Cin. Richmond A F t. Wayne
S ? ' ! ? 0 6 S a S / f f i PoroclMCd ( ( £ ’^3, pVi53.)82’
988’ 1M 8'
I he stockholders on Dec. 22 1920, approved the lease o f tho roadfnnd
properties to the Pennsylvania R R . effective Jan. 1 1921
The lease Is
^?r a ft crm o f 999 years and upon the general basis o f paying a ronta?siffflcient to cover fixed charges and a dividend o f 4% on the stock.
Pennsylvania Co. offered to purchase the minority stock, giving In
payment yar for par second mtge. 4% bonds^f the Grand Rapids A Indiana
$5S699,800‘r ~ StOCk' 55,791,700 o u t’
Penn. Co. on Dec. 31 1921 owned
D I V S .— 1900. 1% ; 1901. 2% ; 1902 to April 1910.3% (y ly ): none since’
guarantv o'fTh^Pcnn* n n " c ' ,0.nds extended at 4 46% are endorsed with the
the hond ikicito/t
purobase the ooupons as they mature.and
itself at maturity. See guaranty. V. 5ft n 640* v
n lift?
O f tho 2da# $2,164,900 aro owned by tho Pennsyfvania9Companyl which
R & P ^ R T ^ — For^l921-n' * ln t‘ ° n 51 •038,000 2d A lt«°- bonds.
Calendar
Gross
' Net
Federal
Other
DeducNet
K) 9 f ar~
fo a
Compen'n. Income.
lions.
Income.
.........*8,504,188df$539,636
.......... $776,227 $959,040df$722449
{ S f S ........ c oY q‘ «55
qoVJSA
5941,260 135,592
773,685
303.166
19P r ^ r ■ s '„ ^ ’,?fi8fc6^ 6 TT,897’ 120
929.385
85,415
763,566
251,234
I res. Samuel Itoa Phlla.; Troas., T . H . B. M cK n igh t, Pittsburgh. Pa.
— (V . n o , p. o45, 759.)
P A C IF IC R Y .— (Sec M a p Canadian National Rail~
^ ^ )T Ti lI*v.tr^ns^:ontinontal railway was built with tho Joint financial
support o f tho Government and tho Grand Trunk Ity. o f Canada under
special A ct passed by the Canadian Parliament in 1903 and 1914. Th e
several lines have a combined length o f about 1,750 miles, rromWinnlpcg
t0u£rLnce
B. C ., on Pacific Ocean, 30 miles south o f Alaska HnoK
with branches, 1,180 miles; total, 2,930 miles, v iz.:
,no’
1. Western D ivision, Built, Owned and Operated by Company__
a. Prairie Section. Winnipeg to Rooky Mountains, about
914
b. Mountain Division, Rooky Mountains to Pacific O oean .'abou t'"* 833
2. Sundry Branch Lines— Built by co. and Its subsidiaries
about* 992
3' T h u Z,? UPn rinr D™ ™h. Built and Owned by Co.; Leased A Oplr by GovL—
Thunder Bay on Lake Superior to East. D lv., east of Winnipeg
189
MnSn^’n'1'
n, uilA a l\ i S r era ^ d b, u C a n a d ia n G o v e r n m e n t —
"
Moncton, N . B .. via Quebec to W innipeg__________________________ 1,804
A y Canadian Parliament In 1903. V. 80.
o' on ,, in> i ? ’ ,13\®’ ,,A 1 G m n d Trunk Pacific Branoh Lines Co., see
1437?’^ ' l 0 ^ 4p.a82°; ^ “ no!* p ° 5 6 l ' 82' P ’ 333: V ’ 88, P ’ 295’ 822’ 1372’
, . G “ Anarch’ 4 1919 notice was gl'von that owing to tho lack o f funds
Trunk Pacific R y . was unable to continue operations. Ac
cordingly, under the provision o f the War Measure A ct, an order was
passed in Council on March 6 1919, placing the Grand Trunk Pacific R y . in
*•“ ° b apds o f Minister o f Railways asrecoiver. V . 108, p. 1060, 1274, 2118.
IN T E R E S T P A Y M E N T S .— The Interest duo April 1 1921 on Seriee A
Iralrlo Section Series B Mountain Section, and Lake Superior Branch 4%
bonds was paid In Juno 1921. V. 112, p. 1617. 1740, 1865. 2413.
„ „ V l i arch 191? Um Grand Trunk Ry. Co. paid the Interest due M arch 1
on this company s debenture stock, but tho principal of the $10,000,000 4%
* ^Dn
Dominion G ovt., guaranteed by the Grand Trunk R y ., due
April 1 1919 remained unpaid. V. 108, p. 151, 1917.
The Sept. 1 1919 Interest due on tho 4% debenture stock was not paid at
m am m y, v . 1U9, p. 1272*
t l> «^ o ? ^ r T (^ n thOl;lz/:d’ i?45’()()0’000 ,(par of shares. $100 eaoh), ol which
the $24,940,000 outstanding is owned by the Grand Trunk R y .
B O N D S , A c.— For full debt statement In 1917 see V . 105. p. 1415.
Nov., 1922.]
55
RAILWAY 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)
Trand Trunk R y — Consolidated sto o k ..
4% guaranteed stood non-curoulatlve £12.500,000.
Flrst preference 5% stock £3.420,000 non-cum_.Seoond preference stook £2,530,000 non -cu m ..- —
Third preference 4% stook £7.108.055 non-curn__
Debenture stock £4,270,575------ --------------------Perpetual consol debenture stock (ooll trust) oum.
Great Western perpetual debenture stock........ — o
Northern R y third preference A A B bonds--oi
Debenture stook 4% perpetual £4 25 .85 0------/
Canada Atlantic consol (now 1st) M g g u p a > ---Wellington Grey & Bruce 1st 7s. See V. 108. p. 170
Debenture s f bonds $25,000,000 call aft Oct 35
at 10°H
_____ __________ Ce.c*
Debon s f bonds'$25,000',000 (non-call)
Cexxx.c*
New England Elev 1st M g gu due J 10.000 yeariy.
Montreal Warehousing 1st M $1 000,000 gold guar.
Car trusts Sor O due s-a $112,000
___________________________B(j x
red 102
do Sor D 'due $125".666 s-a cal! 1 0 2H --E q.c
do Scr F duo $100,000 s-a not call ...F P .c J
Equip notes ( U S U A ) duo $59,900 a n n u a lly -----G
G ran d T ru n k W est - 1st M lnt gu $ (cur) A £ - - F x
Gen consol M auth *30,000.000 guar p A 1----- Usmx
Grand Trunk Junction bonds-------------------------
Miles
Road
Date
Bonds
Par
I Amount
Value Outstanding
Rate
%
$116563053
£100| 60,833,333 See text See text
£100 16,644,000
£100 12,312.667
£100 34,884,535
& J 14
5
£100 20.782,402
/l 874
Q— J
4
£100 119.839.014
\1884
F & A
6
£100 13,252.323
Var
A O
70,567
6
J1868
A A
4
1.499,980
(1884
A J
4C
1905 100 , £200 16,000,092
A
J
var,
say4
268,610
1874
A & O
7g
1,000 24,743,000
1920
6 g M A S
1921 500-1000 25.000.000
& J
190.000
3H e
1901 500-1000
A A O
4
$ or £ | 1.000,000
1906
1884
73-’ 74
•73-’ 74
3.512
3.512
836 H
490 H
396
Last Dividend
and M aturity
When
Payable
1913
1917
1921
1920
381 1900
331 1912
4 1883
224.000
1,000
1.250.000
1.000
500 Ac 10.800,000
778,700
1,000
$ & £ 1 15.000,000
11.541.000
3.872.000
The Canadian Government agreed to guaranteei 3% 1st; mortgage
bonds for an amount up to 75% of the cost o [con stru ctio n of the W m e n
division, such amount (a) In the case of the Prairie Sw t t o ^ o t toexoeed
$13,000 per mile, or £3,210,000 In all; and (6) thre^quM ters of t < ^ c ^ t
per mile from the mountains to Pacific Coast, called Mountain Sect!Ion.
Total Issue, £14,000,000; R o ya l'T ru st!D o
Canada, trust.ee. V. 80. p.
990. 1234. 1303; V. 81. p. 507. 613:V.. 89. ]P- 224, 286. V. 91. p. 214. 276
Decision as to guaranty by G ov t. V . 93. D. 1386. 1462. V . 95. P. 16U7.
In 1914 Canadian G ovt, guaranteed £3,280.000 4% bonds due Jan. 1 1962
V. 101. p. 1628; V . 98. p. 1760. 1920; V. 99. p. 342. 674; V . 100. p. 642.
Series “ A ” (Prairie Sec.) and Sor. “ B ” (M tn . Sec.) 4% bonds secured by
(N ational Trust C o.. Toronto. tn w tM ) guar, w to prln. and
lnt. bv tho Grand Trunk By. C o., see In V..80. p. 996. also V. 80, p. 990,
V. 86. p. 794; V. 90. p. 1165; V. 92. p. 725.
a second mtgo.
Although the mortgage to seoure the 3% bonds guaranteed by the Govern
ment ranks before the mtges. securing A and B bonds &uaranteed by the
Grand Trunk R y . of Canada, yet an agreement schedule to an A ct of 1904
provides In effect that In the event of default by the company for 5 years In
payment of the lnt. on the 3% bonds, the remedy of the Government shall
be to nut In a manager with the concurrence of the company to operate tne
Western Division and to collect and distribute net earnings of each particular
division part passu between the holders of the bonds ^uar. t»y tne Govt,
and tho holders of the bonds guar, by the Grand
•*?!“ : *9**® P r£
portion of 75% of suoh earnings to the holders o t h e Govt^bonds and 25
to the holders of the bonds of this division guar, by th" Grand Trunk R y . Co
As to $10,000,000 loan o f 1909, see V . 88. p. 822. 1194, 1061. 1253. For
$15,000,000 loan o f 1913. V. 96. p. 1629. 1772: V. 97. p 175. Regarding
Grand Trunk Pacific Branch Lines bonds, see V . 90, p. 1044, 1165. V. 88^
p. 1437; V . 96. p. 285; V. 97. p. 1583. For Issues guarantcodbyProvinces
of Alberta and Saskatchewan, see V. 99. p.
V®&nPoon
oanrihRi
285: V . 94. p. 1448. As to Dominion guaranty o f $15,940,800 (£3.280,000)
4% Issue o f 1914. the rinal $7,600,000 or which had been Issued In Jan. 1919.
■ee V . 98. p. 1766; V . 108. p. 480, 578.
Perpotual debenture stock, see V . 8 4 .p. 570: V . 96, p. 1296: V . 88. P-624
V. 90 p. 303; V. 96, p. 789; V . 94. p. 207: V . 95. P ; 1207. 1607. V . 96. p
789, 1088,1297,1629, 1700. Seven-year 5% notes o f 1914, see V . 98. d . 73
A
A
Ag
A
6g
A
4g
M A
4g
A
5
4H
5
[See text
Apr 1914 2H
Irredeemable
Irredeemable
Irredeemable
Irredeemable
Irredeemable
Jan 1 1955
SeeV.110,p.77.
Oct 1 1940
Sept 1 1936
July 1923-1941
Apr 1 1936
Places Where Interest and
Dividends are Payable
Check from Co’ s Office
do
do
do
do
do
do
Glyn, Mills, Currie A Oo
London
Mont, N Y A London
London
N ew Y ork
Bank o f M ontreal. N Y
UnSD ATrCo. P o rtl’d.M e
Blair A C o., N ew York
M a y '2 3 -N o v ’23
Feb 23-Aug '27
Feb '23 Feb ’ 36 F idelity Trust Co, Phila
T o Jan 15 1935 Guaranty Trust Co, N T
Bank M ontreal,NY ALon
_ July 1 1950
do
do
8! Sept 1 1962
do
do
J July 1 1934
A committee o f management, consisting o f fiv e persons is to bo formed
to insure tho operation o f tho road as far as R o u b le in
th e n u b ile
Canadian National linos, tho two systems being treated in the public
Interest as nearly as possible as' one s ^ te m . Pending c ^ P le t lo n or the
aforesaid purchase o f stock by the Government. T h e GovOTnm entwui
also be authorized to lend to the committee ofJ ^ n a w m en t.s u c h s u m as
may bo necessary for tho carrying on o f the railw ay. Upon the tranwer t «
tho Government o f tho preference and common stock, !^ 0T ® ° ^ rp ™ff fc
may provide for the discharge o f the receivership.of the G ra n d T ru n k l acinc
R y.System . V . 109.p . 1527,1609,1891; V . 108, p . 2122,1390,12/4. u o v
ernment aid as to rolling stock, V. 107, p. 82.
The shareholders on M a y 12 1921 ratified an. X ^ ^ L ^ t r f n s f e r ' o ^ t h i
agement and the Canadian Government providing for the transfer or tne
control o f the railway to the Government during M a y . V. 112. P- 1&1W.
1740. 1977. 2083. 2190.
Official circular dated Feb. 2 1920. giving history o f negotlatlonsw lth the
Canadian G ovt, and text o f amended agreement. V . 110, p. 22yi-
and controlled co’s. V . 97. p. 1733; V . 98, p. 1156, V . I 09- P- d/u’
2d Equip. 6s were extended for 2 years at same lnt. rate. V. 108, P- 20 a
Th e $25,000,000 7% debenture bonds o f 1920 have Att_
t
h
e
$500,000 per annum, available semi-annually beginning A pr. 1 1921 for the
purchase o f bonds at or below par. V . 111. p. 1472.
T h e $25,000,000 6% debenture bonds o f 1921 have a
$500 000 per annum, available semi-annually and accruing from Sept. 1
1921' V . 113, p- 1250.
Canada Atlantic K y . was merged Jan. 1 1914; V . 100. R ; 14£ 2 :,te 50-yr. 4i
of 1905 (Royal Trust C o., M ontreal, trustee), carry guar-. W in . » ln t., 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 D evel. C o., V . 90, p. 306, V. v l ,
p. 1449; V. 92, p. 1238; V. 93. p. 1107.
In 1917-18 the Canadian G ovt, agreed to loan the company *12,000.0<*
F I N A N C I A L S T A T E M E N T . A C .— A full financial statement as of for Interest charges. Improvements, A c, V . 105. p. 497, 8 18. 991. 1
•
Feb. 29 1916 was given In V . 102, p. 1982. Reports ofmembersi o f the Compare V 108 p 917; V. 107. p. 1384. 1287. Government loan o f $25,000.000 in 1920,' 'f . 111. P- 74. As to the receiverehlp o f Grand Trunk
Royal Commission, V. 104. p. 1754, 1800, 2117, 2235' V . 105, p. 1415.
Pacific Ry., see that co. above and V. 108, p. 1118.
E A R N IN G S .— For year ended Doc. 31 1921, ^ s s $16,638,677; net,
Equipment trusts Issued to Director-General for rolling stock allocated
dof $4 387,086; other incoino, $863,186; deductions, $10,759,668: bal..
to this company ($778,700 in M a y 1922). See article on page 3 and V . 114.
def., $14,283,568.
p. 1651.
O F F IC E R S .— Pros., Tloward G. K elley. M ontreal, Can.; Sec.. Henry
D I V ID E N D S .— Total percentage paid from earnings o f each year
yea since
P h ilip s— (V . 115. p. 543. 1837. 1941. 2046.)
1903 being the October and following April declarations combined:^
G R A N D T R U N K R Y . O F C A N A D A .— (See M a p Canadian Nat. Rys.7—
’05. ’06. ’07. ’08. ’09. ’ 10. ' l l . ’ 12. ’ 13. ’ 14. ’ 15. ’ 16. '47-'22Quebec, Can., Montreal to Chicago, 111., also to Portland, Buffalo, Detroit,
4 4 4 4 4 4 4 4
3M 4 4
See
Guar stock -% 4
5 6
6 5 5 5 5 6 5 0 * 0 5
text.
Toledo. Ac.
1st pref______%
5
5
5
2V4
5
5
5
5
5
0
0
6
Trackage. Tot.Mileage 2d pref___ - - %
Leased.
Owned.
3 0 0
H 1 M 2 X 2HI0 0 0
3,611
3d pref------- % 2 3
22
250
.3,339
992
25
232
734
v „ v 1Q17 to Dec. 1920 none on 4% guaranteed or pref. stocks. On
172
172
Jan. 1 1921 an Initial payment was made at the rate o f 4% P®rannum under
—
N ew England fines.
tho guaranty o f tho Canadian G ovt, on the ^ a ra n tee a debenture stock
4.775
47
655
.4,073
covering tho period from M a y 22 to Dec. 31 1920, less H o f l % to cover
cost o f arbitration. June 30 1921 and Jan. 1 1922pald 2% . Jan^ 9 2 1 in t
H IS T O R Y .— 8ee V. 106, p. 395.
on 5% and 4% debenture stocks was paid. V . 114, p. 198. In M a y 1JlN A T I O N A L I Z A T IO N .— Tho Governor-General o f Canada on N o v . 10 paid 2 % on guar. stock and 2 % on first pref. and an annual 5 % on 2d pref.
1919 signed a bill looking to the acquisition by the, Goyernnmnt o f the
R E P O R T .— Report for calendar year 1921, in V . 114, p. 2233:
entire capita) stock or tho company, except the £12,500.000 4% Ouaran
1921.
1920.
1919.
toed stock. A board o f three arbitrators (Sir W alter C aBSlla, Slr Thomas
W hite and W illiam Howard T a ft) wore appointed to determine what should
‘ “ Jo?:®??
bo paid for tho stock.
6,146,800
Th e arbitration proceedings came to an end on July 8 1921, and on Sept. 7
12,982,607
m
m
1921 tho hoard's decision was made public, tho arbitrators issuing a m ajority
363.270
N e tin c o m e
..................def.l4,064,442def4,599.104
opinion that tho prof, and common stock is worthless. V . 113, p. 1155, 1471.
n F F T C F R S — V -P A Gen. M g r., W . D . Robb; V .-P ., J. E . Dalrym ple
1674, 2185, 2720; V . 115, p. 543, 2267.
and R 8 Logan; V - P A Gen. Counsel, W . H . Biggar; Treas Jam** A .
T h e Governor-General o f Canada on M a y 11 1920 signed the amended Yates' C om pt.7 J • M . Rosovear. Office, Montroal, Canada.— (V . 115, p.
hill for the purchase by the Dominion Government o f the stock control of 4 3 6 .5 4 3 .8 6 8 .9 8 8 . 11C0, 1730.2267.)
this company. Th e committee o f management as announced M a y 21
includes; Chairman. Howard G. K elley, Pres. O r. Trunk Ity .; (a) repre
riD A N D T R U N K W E S T E R N R Y .— Owns from Port Huron. M ich.,
senting Canadian G ovt.: C . A . Hayes, at present V .-P r ^ . o f Canadian N a to Chic. A West. Ind. R R .. at Chicago. 331 m.; leases Chic. Kalamaxoo A
tional Rys.. In chargo o f traffic, and 8. J. Hungorford, Asst, to the V.-Pres.
Saginaw 9.51 m.; Chic. A Kalamazoo Terminal. 1.79 m., trackage Chic. A
o f the Canadian N at. Rys.; ( i ) representing the Grand Trunk R y . Co.:
w S t Iiid 5 m.: total, 347 m. Stock, $0,000,000, all owned by Grand
W D Robb V.-Pres. o f the Grand Trunk, in charge o f transportation, Ac.; Trunk • V . 6 9 .p. ^54; V . 71. p. 22. Allied fine. Pont Ox. A N o r.. 100 m.
Frank 8cott.’ V .-l’rcs. A Treas. o f Grand Trunk R y .
Equipment trusts Issued to Director-General for rolling stock allocated
T h e shareholders ratified the plan Fob. 19 1920. N ew guaranteed stock to this company. See article on page 3 and V. 114, p. 1765.
to the amount o f their aggregated appraised value will bo issued In exchange
BO NDS.— The Grand Trunk unconditionally guarantees the Interest on
for (hose old stocks In proportions to bo determined by tho arbitrators, and
the 1st 4s. The Incomes were called for payment on Dee. 1 1910 at 85 ana
ddvldend»on such now stock at 4% per annum will be guaranteed by the
m y lnt. then due. V . 90. p. 1239. Jointly with Toledo St Louis A West,
Canadian Government; provided, however, that tho Government shall not
guarantees Det. A Toledo Shore Line bonds. V .7 6 ,p . 653: V . 89. p . 1411.
he obligated to pay In any year In excess o f $5,000,000 as dividends on:
<ai tho'nrosent £12 500 000 4% guaranteed stock, and (6) the new 4% stock
Tho Grand Trunk R y . Co. o f Canada owns the entire outstanding
thatwlfTranlnce the presen t First. Second and Third Prof, shares. V. 109, $11,541,000 gen. consol, m tge. bonds o f 1912 and guarantees principal and
p 1891
As to llabilVtles to bo met by Canadian G ovt., see V. 109. p. 1986. interest; $15,000,000 to be held to retire the first at m aturity. V . 92. P 796.
1108. 1242. 1436; V . 93. p. 1323; V . 97. p. 237.— (V . 113, p. 1983.)
Tho Government will also guaranteo tho dividends on the present 4%
Guaranteed stock and tho Interest on tho company’s debenture stock Issues
R E P O R T .— F or 1921, gross, $13,954,333; not orwr. deficit. $728,859:
all those securities at tho same time parting with their voting power
The other Income, $4,957,811: interest, rentals. A c., $4,196,039. bal., sur..
present 4% guaranteed and also the now guaranteed stock will be made
S32.912.—
(V . 115. P. 436. 759.)
subject to call at par and dividends. Compare V. 112 p. 1.40.
.iBHS
56
RAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
tFor abbreviations. & c., see notes on page 6]
Miles
Date
Road Bonds
□rent Northern— Stock $250,000,000.
do
gen mtge Series A ___________
do
do Series B
Equipment trust notes due $286,300 "yearlyl
do
do
due S101.000 ann beg A ug ]
Old Underlying Divisional Bonds—
St P M & M consol m tgel(n ow 1st M) g o ld ._.C e z l
for J50.000.000........ /(V 91 p 518) sink fu n d .z l
Montana E x t 1st M (J25.000 p m) g o ld .._C e.zo *& r
Paclflo Extension M £6.000.000 gold____ Ce.zo*&r
E o f M N o D iv M call 105 beg 1928 ass’d Ba.zc*&r
Mont Cent 1st M g ($6,000,000 are 6s) ass___Ce.zo&r
W illm ar & Sioux Falls 1st M g assum (end)Ce.zc*&r
Spokane Falls & North Qrst mtge g assum ..B a .xo*
a t North Ry of Can— See Canadian North Quebec R y
Oreen Bay <5c Western R R — Stock (see t e x t )_________
Debentures Class A Incomes text non-cum_____ zo*
Class B Incomes after 5% on stock non-cum zo*
flrecne RR (N ew Y o rk )— Stock,gu ar________________
7.437
7.675
7.675
Par
Value
Amount
Outstanding
%
$100 249,478,250
1911 1,00(1 &o x35.668.000
1921
100 &c 115.000.
000
1922
100 &c 30.000. 000
1920
3,721,900
1921
1,000
606,000
2.542 1883
1.000
2.542 1883
1.000
2.542 1883
1,000
834 1887
1,000
849 1890 £100 &o
284 1898 1.000 &o
250 1887 1.000 &o
304 1888
1.000
130 1889
1,000
:::
100
1,000
1,000
100
1896
1896
Rate
%
7
F
4H g J
J
7g
5) 4 g J
6
F
6) 4
13.344.000
8 g
J
20.823.000
4W e J
7.924.000
4g
J
y i o . 185.000
4g
J
z28,383,515
4g
J
9.695.000
A
10,000.000 5 &4 6 g J
3.625.000
5 g
J
229.000
6
J
2.500.000
600.000
7,000.000
20U.000
5
5
)4
6
X y z A d d ’l amts, pledged, viz.: x.$36,332.000 under G t. N or. Ry. Co. Gen . M .: y.$ 11,
502,000
i j . , I - , tie r
*V1'
o iu p s .)— operates a line from St
Paul and Duluth. M inn., via Spokane. Wash., to Seattle. Wash., and Van
couver, B. C . with trackage rights Into Portland, Ore., and numerous
Lines owned in fee—
M iles.
St. Paul to St. Vincent. M in n .. 393
Minneapolis to Seattle, W a sh .. 1,807
Everett, Wash., to Int. Boundary 90
Other lines owned in fee to Su
perior, Butte, Sioux C ity , &C.4.846
Total road owned____________ 7,136
N ew terminal companies 1917, V
but not
«■ »»»
Controlled Companies—
M iles
Vancouv., Vic. & East. R y .& N . 239
419
Other lines___________
Trackage—
Seattle to Vancouver. W ash___ 173
208
Various other lines____________
Second. &c., tracks & sidings..2,871
104. p. 660; V . 106, p. 174.
•56 mni!eJs0,Dt^ S s V p ^ m a T V ? ' P ° rtl a“ d * 8eatt,e « * •
1908 Chic Burl & Quincy (jointly held with N o r. Pac.) acquired
Southern. V. 87. p. 1664. Uses jointly Northern
P a d flc lin e . S e t t le to Vancouver, W ash., 173 miles. V. 88, p.1372.
Controls M idland R y . o f M anitoba Jointly with N or. P ac. R y . V.95,p.236
* m ,° " “
V. 108* j ^ 037gern E dmPment Co. capital stock outstanding $3,500,000
S T O C K .— “ Single class, with uniform rights." V.83. p.1469; V.84,p.749
P « ? 1r.Yn?E N D S ,_
V 92c!i? ’ 96 (1.nol-) l 7’ ’ 98-
M l o f n M F m e n t ^ . n V T ^ t * K l nt-
'00- 19°1 to 1921,’22
wblch
tb e/ e lch .n B ed
a n J D e c - 1906 ,m lt ,o r -
An<!" 3H%
tSe
When
Payable
Sc
&
&
&
[V ol .
Last Dividend
and M aturity
115.
Places Where Interest an 4
Dividends are Payable
\
J
J
J
&
Aug 1 1922 3)4
July 1 1961
July 1 1936
Jan 1 1952
T o Jan 15 1935
A Aug 1 1931
32 Nassau St, New York
do
do
N ow Y ork
N ew Y ork
Guaranty Trust C o ,N Y
First N a t Bank, N Y
&
&
&
&
&
&
&
&
&
J July 1 1933
J July 1 1933
J July 1 1933
D June 1 1937
J July 1 1940
O A pr 1 1948
J July 1 1937
D June 1 1938
J July 1 1939
do
do
do
do
do
do
do
do
N Y & Lond, Baring Bros
32 N assauN Y;Lee,H ,B oi
32 Nassau St, New York
do
do
do
do
Y early
Y early
Y early
J dc D
Fob
Feb
Fob
Dec
27 1922 5% Office 40 Wall St N Y
27 1922 5%
do
do
27 '22 14 %
do
do
201922 3% D L & W , 90 West St
under Pa c. Ext. M .;
zjCI
45,900 und. 1st & Ref. M .
dosire. but not more than $115,000,000 o f olthor or such bonds will be
Issued ln conversion.
As Joint 6 '4 % bonds are prosentod for conversion, tho trustee will witharaw from the deposited collateral a proportionate amount o f C . B. & q ,
stock and will deposit such stock w ith tho trustee o f tho Northorn Pacific
1 .- 1 . * P P ' M -, or tho trustee o f tho Great Northorn G011. M ., as required
oy thedem au d for conversion, and will deliver sucb Northern Pacific or
ureat Northern bonds, as tho caso may bo, In exchange for tho Joint 6 %
bonds presented for conversion. A t tho timo o f conversion an adjustment
01 accruod interest will bo made between tho Joint 613% bonds prosentod
r
and tbo mortgago bonds issuod in exchange. Compare
V. 112. p* loon.
Th e G . N . R y . C o .’s portion, $115,000,000, has been converted into a
like amount or^en. mtge. 7% bonds and proportionate amount o f Burling
ton stock has been released from lion o f tho joint indenture and pledged
under the gen. mtge. Tho remaining outstanding joint convert, bonds
I
^.PrtJP0rn Pacific s portion not converted) wero called for redemption
July 27 1922 at 103H and int. V. 114, p. 2240.
The Gen. M tge. bonds aro secured by a mortgage covering tho entire
railroad property o f the Great Northern R y. in the U. S., subject to existing
debt, and. in addition, by pledge o f $30,332,000 Ref. M . bonds secured by
same mortgago under which tho $35,608,000 Great Northern Ref. M .
4,4 % bonds, duo 1961, now outstanding in the hands o f the public, wero
Issued in 1911 and subsequently. T h ey will bo additionally secured by
Sli (lv. s*}aF°®
stock o f tho C . B. Sc Q. U R . as aro released by tho trustee
0 . .u ° lrU indenture as a result o f tho conversion o f the Joint 6 fz % bonds
into tho Great Northern Gen. M . 7% bonds. Bonds aro not subject
to redemption before maturity.
As to offering o f $30,000,000 gen. mtge. 5
Scries B gold bonds, due
Jan. 1 1952. compare V . 114, p. 626.
Eastern Ry. of Minnesota.— Nor. D lv. mtge. of 1898 limited to $9,700,000;
Me red. at 105 after April 1 1928. V. 66. p. 471: V. 88. p. 1002. 1253.
Equipments trusts issuod to Director-General for rolling stock allocated
to this company. Seo article on pago 3 and V. 113, p. 1360.
E A R N IN G S —
-------------Gross-------------N et after Taxes(I.-S . C . C . Figuros.)
1922.
1921.
1922.
1921.
Jan. 1— Sept. 30----------$72,810,074 $70,078,141 $9,449,381 $3,936,219
R E P O R T .— For year 1921, in V. 114, p. 2604, showed:
Calendar Years—
1921.
1920.
1919.
Average miles operated
8,163
8,174
8.220
Passenger earnings............ .......... --.$16,460,280 $20,551,025 $19,023,859
F reight__________ __________________ _ 74.700.241 89.760.815 77,351,472
M ail, express, & c___________________
7.410,602
8,413,794
6,277,063
Other than transportation___________
2,740,081
3,891,112
3.309,750
SentON30Si ^ 9 he« 9 l
?nn m tge‘ closed at $72,000,000. o f which, on
Hept. 30 1922, $35,668,000 wero In hands o f public, and $36,332 000
r Undf « genera!-m ortgage. These bonds (in hands o f pubr o L at / j^ t9 l1vn^ ^ r^iiLy ° r ,thr0UKh deposit o f stock, on 2,657.12 miles o f
per mile and a general lien (subject to existing liens o f
$22,4/5 per mile) on 4,779.99 miles; total mileage covered, 7 437.11 also
secured by equipment at the time o f the mortgage costing $59 673 ’ ° “
upon $46,200,068 o f which It is a first lion. V . 92, p. 1499; V. 93, p.
V . » o ( p. OifO.
nA6
i * ¥ an‘ consol, mtge. o f 1883. for $50,000,000. Is now a
Gross operating revenues____
$101,317,204$ 122,616,776$ 106,502,145
grant and 2.542.53 miles o f road and a second Hen on N ot earnings___________________ ----........ $20,820,291 $8,617,118 $19,775,872
Federal compensation___________ .................... .......
n 5K i? '-v f a «
oooCHrf0o ? erly,¥oi? nSapolIs Un!on R y . V. 91. p. 618; V.64.
..........
28.686,973
D-*5
J15.;V • 8t f ? ' 229>
87- D- 1533: V . 88. D. 295. 624. 1061. 1372
Add miscellaneous income_____ ........ 32,110,545
..........
3.395,294
™tge- ‘ a^m ited to $21,687,000 on 834 miles In 8tate
Deduct railway taxes__________ ........ 8.339,303
..........
883,076
1«8^ ,00°f^ re. n hands o f tbe Publ,c and $11,502,000 with
tL
•
secure to that m tge. first lien on tracks
Gross corporate inco.Ao..................$14,597.533*$27.801,719 $31,199,192
Pacific Jet. to Idaho State line. 417 miles.
Rentals paid......
$29,108
$255,643
$10,916
«7 imrir^ ™ 7 f f <^TL ? t^ eV^£a;000-009;
*6.°00 per mile In Montana and
H ire o f equipment balanco, & c-------2,350.990
865,994
1,617.303
m t z ? v P o o nJilevooest 2f M ontana.
V . 66. p. 1044, 1188; V . 80. p. 1111. Bond interest, &c
------13,747,509
7,375.984
7.431.387
X* " j P - 383. See abstract o f m tge.. V . 62, p. 82.
Dividends on stock (7% per annum). 17,462,974 17,462.916 17,462,890
*1 uinr a Ci ( l
iw ? r‘
,N o r - P » c - owned $107,613,500 o f the
Miscellaneous appropriations..
24,284
25,685
2.576,230
inint
PiJ oag£ ? urLQuincy R R . stock, exchanged tor their
l2.,1Kt.2u'«5VoftrtSi K2ld b°nds (secured by deposit of the stock In tru st),
Balance, surplus................... $10,982,668
$1,815,497 $2,100,466
i n i j * n o c 5200 In bonds for eaoh $100 stock. See circular. V. 72. p. 871
* Includes Fob. comp, for 2 mos., opor. income for 10 mos. and mlscell.
income.
O F F IC E R S .— Chairman, Louis W . Hill; Pres., Ralph Budd; V .-Pre«. *
Asst. Sec., E. T . Nichols; V.-ljres. Exec. Dept., G . R. Martin and L. C.
n*nfcA ]K lL 1v « 1i? in d ic a t e headed by j . P. Morgan & Co. and First N at.
Nnrthn^,
ikK ° ffer2<,1/ ^ 1 lssue o f $230,000,000 Northorn Paciric-Great
Northern joint 15-year 6 H % convertible gold bonds (C. B. & Q. collateral)
due Julv *1 1i9Q98|' w i t h « a i nt' Th° G :
& Q- collateral Joint 4% bonds
D IR E C T O R S .— L . \V. H ill, It. Budd, F . E. Woyorhaousor, VV. B.
ion
'th f:inal coupon attached, wero accepted in payment at
Doan, W . P . Konnoy, St. Paul; A . L . Ordoan, Duluth; P. L. Howo, A . C .
iOO and int. to date of payment on allotments.
Loring,
Minneapolis; E. T . Nichols, E. E. Loomis, Nicholas Terhuno,
*?ube t5.e Joint obligations o f the Northern Pacific R y . and of
T . M . Schumacher, N . Y . — V . 115, p. 73, 1837.
c o n s ^ v a t w X thvi'b,?/-a,fand are secur e,d by Pled8° o f the following collateral
amount o f th& is tie :
‘ an amount ln excess o f 120% o f the principal
O R E E N B A Y & W E S T E R N R R .— Owns Green Bay. W is.. to East
Winona, 2 U miles; branchos, &c., 38 m .; trackage Oh. & N . W ., 23 mllos.
*99 ooo’ono l ? ar0,?
tJ?£ capital stock o f the Chic. Burl. & Qiuncy R R .
Tentative val., $5,298,582.— V. 113, p. 628, 1573.
*33 nnn non
R £ ' R £f ‘ & IraPt- M . 6% bds., sor. B. due 2047.
S E C U R IT IE S .— Thoro aro no fixed chargos on tho proporty other than
$33.000.000 Greiit N orthern R y . Gen. M . 7% bds., ser. A . due 1936.
taxes, nor can any be placod thereon or tho proporty bo fold or leased
$5 000.000'r f H & K a *£ d fn t? ^ a Wh° le ° r ln amounts o f not l0ss than
without consent o f 75% o f stock. Class A debentures aro ontltlud to 2f6 %
JLb0 Indenture securing the bonds the Northern Paciric and Groat interest, if earnod, thon common stock to 2 >4 % , then the two sharo ratably
Northern R y . cos. have covenanted that, in tho event o f any mortgage but after 5% on both, class I) Is ontitlod to all surplus earns. V. 61, p. 471
Rn?8x ? w ^ d ivr the Properties junior, respectively, to the Northorn Pacific
D I V S . X I N T . -09. -10. 11. ’ 12. '13. ’ 14. ’ 15. '16. ‘ 17. T 8 . T 9 - ’21. ‘22.
Ref. & Im p M . and to the Great Northern Gen. M ., such new mortgages
Class " A " debs. 5 6
5 5 5 5 5 5
6 5
5
6
s o u rin g rs°uche new ^bonds’ b° ndS outstandlng by a Uen Parl Passu with that Capital s to c k ., fl fl
6
5
5
5
5
5
5
6
6
6
Class “ B ” debs.
H
H
1H X
H
H
1 H
K X
♦ h £ ^ . l ndentur1 also Pcc^dos that If the amount o f that issue is reduced
through conversion or retirement the bonds and stock deposited as collateral
E 1R E C T O R S . J . A .Jordan, Pres.; Edgar Palmer. V.-Pros.; Charles W .
be withdrawn proportionately by the respective companies.
C o x ., 8ec. & Treas.. 40 Wall St.. O. Lodyard Blair, J. A . Jordan. Henry R .
T a ylor. W . J. W ilson.— (V . 115, p. 1631.)
bonds are convertible into Northern Pacific R ef. & Im p. M . 6%
bonds. Series B, duo 2047, or into Great N orthern Gen. M . 7% bonds
O R E E N E R R .— Owns road from Chenango Forks to Greene, N . Y .. 8
whi,?h A ‘ d i}SiJi936,i part o f whIch Issues aro deposited as collateral and of
J*ii® ' Leasod to Delaware Lackawanna & Western for term o f charter
for 6% on stock. Stock, $200,000; par, $100.
vera1on ofathe joinnt 6
"bonds636™ ' 1‘ suff,c,ent t0 Provido for tho « » *
.
conversion m ay be oxercised by the holder o f Joint 6 ^ % bonds with
G R E E N V IL L E & N O R T H E R N R Y .— Organized In Jan. 1920 to take
t®.ob.t^ nl,n* a like principal amount o f bonds, either afi in tho Ref.
er and operato tho Greenville <sc Western R y. Onoratod for froight ser& Im p. M 6% bonds, Series B. o f the Northorn Pacific, duo 2047: all In vice
only between Oreonvillo, S. C ., and River Falls, S. O., a distance of
K ^ r P 0rV ^ l i i 77° bon,d s' Series A , o f the Great Northern, duo 1936, or In 23 miles. I res., Walter A . Graff; V .-P ., Ramsay Webstor, Duluth, Minn.;
Donas o f both issues in any ratio between the two which tho holder may
Sec., L. Carlson, Greenvillo, S. C .— (V . 113, p. 2720.)
Nov., 1922.]
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
Road
Qrecnwlcli & Johnsonville— 1st M $500,000 g-G.zo&r
Urovcton Lufkin & Northern R y — l ^ M g o l d - . - - - . - Guantannmo & W estern—1st M $600,000 gold-C ol.x
Kofunding mortgage $6,000,000— -------------- Col
Car trusts os o f June 30 1922 (Series 3 A 4 )-------- ■-Q u lf L in e — See Hawkinsvllle & Florida Southern Ry
Q u lf M obile & N or R R — Common stock (vo t tr ctfs)
Pref (p A d) (v t ctfs) 6% cum from Jan 1 1920---M obile Jackson A K O 1st M -------- ---------------Ce
N ew mortgage $15,000,000 authorized-----------dull & Ship Island— Stook........ ........... ..
First Refund and Term M gold sink fu n d .N .x o 'x & r*
Serial debentures g ca ll at 105 ($50,000 due y ly )- - . y
Qulf Term. Mobile— 1st M $700,000 g gu (text) xo* &r*
Uulf Texas & W est— 1st M $10,000,000g redl05-M px
H am pden R R — First mortgage see tex t----- -----Hancock & Calumet— See Mineral Range R R
Hannibal & St Joseph— See Chicago Burlington A Qul
H a rrisb u rg P orts Mt J & Lane— See Penna R y .
Hartford & Connecticut W estern— S tooa ----------First mortgage extended In gold In 1 9 0 3 - - - - - - - - - *
Henderson Bridge Co— See Louisville & Nashville R Il
Hibernia Mine R R — Stook-------------------------------Hocking Valley R y — Stook — ....................- - - - - .
Oolumhus A Hooking Valley first mtge gold ext.xo*
Ool & Tol 1st M gold ext 1905 (V81 p 2 1 1 )-.a .x o •
First Consolidated mortgage $20,000,000 gold-.C ex
General M ortgage $50,000,000 --------------------- EO
Gold notes call 101 after M ar 1 1921 --.-.E Q z x x x c *
Equip notes goldSer o f 1913 due $100,000 ann----- x
do
do
Her o f 1914 due $80,000 ann------do
do
Sor 32 duo $59,700 ann----------G
do
do
Sor 32 A duo $99,300 ann.........G
Date
Bonds
1904
1909
1909
1918
Var.
Par
Value
$1,000
1.000
Amount
Outstanding
Rate
%
$500,000
437.000
600.000
See text
126.000
4g
6g
6g
6
6
100 11,072,500
100 11,494.400
...
1896
307
"99
1902
1916
1907
1909
124
124
1883
4H
il9
121
346
1,000
5g
See text
See
000text
100 7.000.
0005 g
i1,000 Ac 6.000.
6g
100,000
1,000
600,000
4g
1.000
2,000,000
5g
1.000
See text
100
1,000
2
4H
2.967.000
700.000
B hen
Payable
w H Davies N . Y . — (V . 107, p. 802.)
„
G R O V E T O N L U F K I N & N O R T H E R N R Y .— Owns Veitch to Valr.
T e x ., 21.15 miles; trackage, Groveton to Veitch, 1.25 m ., and Valr to
Lurkin, T e x ., 13.6 m.: total, 36 miles. Stock.
par, $100. Bonds
$437,0(50; see table above (V . 90. p. 100).
Pres.. J. S Joyce. Chicago.
O ffice, Groveton, T e x .— (V . 90. p. 109.)'
G U AN TA N AM O & W ESTERN R R .-O w n s from Boqueron at Granadlllo
Bay on south coast of Cuba, via San Justo and La Maya to San Luis, with
branchos to various sugar mills; total mileage, incl. sidings and yards. 108.42
miles
Incorp. In M aine. A reorganization after foreclosure M ar. 1 1910.
per plan In V. 8 8 .^ . 2 9 4 ^
acquired in Aug. 1916 by Cuban bank*
$50,000;
e r stook authorized a’nd’lssued! common. $2,750.000:1st pref. 7% non-cum..
$2,750,000, and 2d prof. 5% non-cum., $250,000 (in treasury $232,800
$233,600 and $153,000 respectively); par o f all shares, $100 each. Equip
ment trust1notes, Juno 30 1922, $126,000.
,
.
Th e Refunding M tgo. for $6,000,000 was executed Feb. 1 1918 and sub
sequent to Juno 30 1921, $4,300,000 6% bohds were issued, o f which
$2,421,500 were held in the treasury and $1,878,500 outstanding.
O F F IC E R S .— Gabriel .Juvo, Pros. A Troas.; Jaime Cortada, V .-Pros. A
Sec.; Antonio Ollor, Asst. Troas.; John W . McCormack. Asst. Sec. N . Y .
offico, 27-29 Pearl St.— (V .103, p.1503,1592; V.105, p.2179; V. 107, p.4270.)
G U A Y A Q U I L & Q U IT O R V . — ( V 112, p. 1617.)
O U L F M O B IL E & N O R T H E R N R R .— Owns 463 miles viz.; Mobile,
A la., to Jackson, Tcnn., 409 miles (main line); Beaumont to Hattiesburg,
Miss., 26 m. (loasod to Mississippi Central R R .); M cLain Jet. to Muse,
Miss., 28 inllos. Road controlled (Meridian A Memphis R y . C o., Union,
Miss., to M oridian. M iss.), 33.40 m.; total mileage, 496 miles.
O R G A N .— Successor Jan. 1 1917orNew Orleans Mobile & Chicago R R .,
foreclosed. V. 100, p. 1078; V. 103, p. 2238; V . 104, p. 256, 764.
Owns entire capital stock and bonds o f Meridian & Memphis R y. Co.,
operating 33 miles o f standard gauge railroad bet ween Union and Meridian
Miss. In Aug. 1922 appllod for authority to purchase the Birmingham A
Northwestern R R . V. 115, p. 1210.
, ,
. .
..
S T O C K , A c.— A m ajority o f both classes o f stock is vested in a voting
trust oxplring Jan. 1 1925, tho voting trustees being M . Hoby Hutchinson,
John W. Flatten, Frodoric W . Scott, T . Nelson Strother and A . II. S.
Post. Tho prof, stock was 6% non-cumulatlvo until Jan. 1 1920. and cumul.
thoroaftor. Stock outstanding as shown in table above. V. 108. p. 878.
Tho company executed on Oct. 1 1920 Its first mtge. to U . S. Mortgage &
Trust C o., trustee, lo secure an issuo o f $15,000,000 bonds. There have been
Issued under tho said mortgago $4,000,000 first mtge. 6% Series A gold
bonds which under tho order o f tho Inter-State Commerce Commission ap
proving the Issuance thereof may be used, pending further orders o f the <0 re
mission, only as collateral security to loans.— (V . I l l , p. 1182, 1369, 1752,
^ T h o company has also Issued a note for $480,000 to tho Director-General
o f Railroads due March 1930, and notes to tho Secretary o f tho Treasury
covering loans from R evolving Fund o f $1,433,500.
R E P O R T .— For 1921, in V. 115, p. 178, showod:
Balance
December 31
Gross
Net, after
Other
A ll
Surplus
Year—
Earnings.
Tares.
Income.
Charges.
$463,047
1922 (8 m o s .).$2,911.613
$500,382
$51,810
*80,145
44,588
1921
- 4,086,217
98,870
55,721
110.003
*829.989
*703668 d f.815,224
1 9 2 0 "............ 4,147,960 df.941.545
1919.1............ 2.823.506 d.f207,398
80.304
62,062 d f.189.156
• See note In V. 113. p. 623.
T,
,
O F F IC E R S .— John \V. Flatten Chairman N Y . : I B T grett. I resi
dent; R . F . Brown. Soo.. N . Y .; 11. F. Ricker, Trcas., M obile, A la.— (V .
115, p. 178, 183, 436. 988. 1210.)
„ ..
W1 . .
G U LF & S H IP IS LA N D R R .— Owns from Gulfport,,od1Mississippi Sound
Gulf of Mexloo, to Jackson. Miss., 160.50m ; M axleto Mendenhall. 104.7f
m.; Saratoga to Laurel, 41.75 miles; total, 307 miles.
.....
$9,036,302, as or Juno 30 1916.
_
D IV ID E N D S .— 1903 to 1910. 4% yrly: 11. 4 % : 12-13, 2% : 17. 4 % .
B O N D S .— O f thefirst 5soutstanding In Dec. 1921. $1 579,000bonds were
In sinking fund. See V. 74, p. 426, and application to list. V. ,4 .p . 1-5/
V. 81. p. 264.
Net after Tares—
E A R N IN O S —
------------- Gross
1922.
1921.
(I.-S . O. O. Figuros.)
1922.
1921.
$474,142
$160,675
Jan. 1-Sopt. 3 0 -............ $2,216,245 $2,125,278
R E P O R T .— For year ending Dec. 31 1920:
,
Cal. Years—
Gross.
Net.
Other Inc. Charges. Bal..Sur.
1091
$2 852,960df$406,252 $41,218 $266.742d f*631,//6
1920-------$3,061,130df$440,.360 $271,671 S23S.579df$407,268
I O I 9 I I I I I .................. 2,496,260d e f124,621
69,968
5.712 def.60,365
Pres., Mrs. Melodia It. Jones, Buffalo, N . Y .; Sec. & Treas., II. II
TinDcn
f V 11/S p 2159• 1
O U L F P O R T S 'T E R M IN A L R Y — Chartered by State o f Florida in
1916. Th e lino to M obile Is under construction. Distance from 1 ensacola
to M obllo, 60 mllos: 46 miles In operation and grading and bridging dono
on additional 18 mllos. Branch to Muscogeo, Fla., 11 miles.
O F F IC E R S .— Pros., Elwood McLaughlin; V.-Prcs., A . C . Blount
Soc., R . M . Robinson; Troas.. W . J. Forbes. Offico, Pensacola, Fla.
G U LF T E R M IN A L CO.. M O B ILE .— Owns union passenger station and
approaches at Mobllo, A la., leased by the Southern R y . and Mobile & Oh'o
R Il..w h ich own the stook and guarantee the bonds,Jointly and severally,
P (^uV f V e XAS* A VvESTERN R Y .— Seymour to Salesvllle, T ex., 99
miles. Has trackago agreement for freight trains to W eatherford, 31 m.
and for passenger trains to Mineral Wells, 9 m..
entrance via Weath
Mineral Wells A N . W. and Texas A Pacific to Dallas and Fort W orth.
W . Frank Knox, Sec. A Troas., was appointed receiver in I*cb. 1921. V
112, p. 652.
Last Dividend
and Maturity
Jan 1 1924
Jan 1 1939
Nov 15 1929
Feb 1 1948
Various
Places Where Interest and
Dividends are Payable
Guaranty Trust Co. N Y
&
&
M &N
F
&
F &
J
J
15
A
A
J
A
D June 1 1946
J
M
J
M
Gulfport, Miss
In 1917 4%
Metropolitan Tr Co, N Y
& J Feb 1 1952
A N M ay 1923 to '24 Bankers T r Co. Buffalo
Bank o f America, N Y
& J Jan 1 1957
Metropolitan Tr Co, N Y
& N N ov 11939
30 years
F & A 31 See text
J & J July 1 1923
A &
200.000
3
100
100 11,000,000 4 in 1922 J &
&
1.401.000
500 Ac
4g
1867
&
2.441.000
1,000
4 g
1875
&
4H t
1899 l .000 Ao 16.022.000
pledged
6 g
1,000
1919
M
&
7.500.000
6
g
1,000
1919
F &
100,000
6
1,000
1913
F &
1,000
160,000
4K
1914
J A J
6g
1,166,100
1,000
1920
J & J
6 g
1,290,900
1.000
1920
G R E E N W IC H & JO H N SO N V ILLE R Y .— Owns from Sohuylerv lie, N . Y .
to Johnsonville. N . Y . . 21.15tn. Stook, $225,000, all owned by Del. & Hud
■on Co. V. 90 p. 790. Bonds, see table above. For year ending Dec. 31
57
RAILWAY STOCKS AND BONDS
O See text
D Dec 30 1922 2S
Oot 1 1948
Aug 11955
July 1 1999
Jan 1 1949
S M ar 1 1924
A T o Aug 1 1923
A T o Feb 1 1924
15 T o Jan 15 1935
15 T o Jan 15 1935
Columbia Trust C o. N V
do
do
Cent Un Trust Co, N V
Hartford
do
See Central o f N ew Jersey
61 Broadway, N . Y .
do
do
do
do
do
do
61 Broadway, N Y
I Commercial T r C o,P h il.
1 and 61 B w ay. N T
Guaranty Trust Co, N Y
do
do
Stock auth. and outstanding, $500,000; par o f shares, $100. O f the 1st
5s ($10,000,000 auth. issue). $2,000,000 have been issued on tho first 99
miles
V 89 n 933 1223’ V. 90. p. 109; V . 93, p. 44; V. 99, p. 406.
For 1921, gross/$221.762; not, def., $30,605; other income, *7.680; interest,
rentals, A c., $122,119; bal., def., $145,045. Receiver, W . Frank Knox,
Dallas, T e x .— (V . 112, p. 652.)
,
H A M PD E N R A IL R O A D C O R P O R A T I O N — Owns Springfield to
Bondsvdlo, 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 ei line must be completed
and put in operation. Stock auth., $1-400,000. V . 10°. P • 1509. Bonds
not fesued, $1,900,000. N otes, about $2,000,000 6s. V . 99, p . 537- .9“
July 2 1914 suit was filed against B. A M . to enforce alleged contract lia
b ility " amounting to $3,798,000, tho approximate cost o f road.___
The Boston A Maine reorganization plan o f N o v. 1918 made no provision
for the Hampden R R ., as tho Court ba<l 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 ,
11WiFlia^n!E.1Gnbert, Pres, o f the Union Trust C o., Springfield. Mass., w a i
appointed receiver in March 1921.— ( V . 114, p. 1179.)
u u > w n u \ A NO RTH EASTERN R R .— Harrlman to Petros, Tenn.; 20
m l™ . In N o v .1902 entire ($6<W?000> lio o k acquired in interest of Olno.
New Orleans ft Tex. Pao. R y.,bu t Is operated separately. V . /6. p.157, 212.
H A RTFO R D & CONNECTICUT W ESTERN R Y .— Hartford Conn to
RhlneclllT, N. Y .. 110 miles, and branch, 14 miles. Leased till Aug. 1940
to Central New England R y. (now controlled by New York New Haven A
Hartford R R .). the rental paying charges and 2% on stock.— (V.83.P.1290.)
H A W A I I C O N S C L ID A T E D R Y . L T D .— Owns Paauilio to Puna
T . II., 57 miles: Olaa M ill to Glcnwood, 17 m.; branches, 7 m.; total, 81 m
Successor in April 1916 or Hilo R R .. sold under foreclosure and reorganized,
per plan in V. 101. p. 1713, 2071, with authorized issues as follows: (a)
$2,500,000 1st M . 5s; (6) $2,575,000 7% cum. first pref. stock; (c) $679,960
6% non-cum. 2d pref. stock; (d) $400,000 com. stock. Report showed:
For year ending Dec. 31 1921, gross, $875,963: net, $263,646; interest, A c..
$188,606; bal., sur., $85,039. Pres., J. R. Galt, Honolulu, T . H .— (V .
V . 103, p. 2426.)
„
,
H IB E R N IA M IN E R R .— Owns Rookaway to Hibernia Mines, N . J . i
4.2 m.. leased to Cent, of N . J. to Oot. 1930 at $6,000 y ly .— (V.91,p.1760.)
H O C KIN G V A L L E Y R Y .— The company’s main line extends from
Rockwell to Columbus, 119.9 miles; Columbus to Athens. 78 m .; Oldtown to Pom eroy, 80.7 m.; total main line, 276.6 miles with trackage
(Toledo Terra. R R .) Toledo to Walbridge. 3 5 m.; (N . Y . O. R .R .).
Toledo to Rockwell, 2.5 m.; Columbus and Athens, 2.2 m.; total main line
and trackage, 284.8 miles. Branches. 44.1 miles; leasee W . A J. B. R y ..
Dundas to Jackson. 17.3 m.; Pomeroy Belt R y ., Pom eroy. O., 3.9 m.; total.
350 1 miles; 2d track, 81.7 m. Owns part interest in Toledo Terminal R R .
V. 99. o. 1210. Double tracking. V .1 0 5 . p. 1801.
H IS T O R Y , Ac.— Successor Feb. 25 1899, per plan V. 68, P -2 31, o f
Columbus Hocking Valiev A Toledo Ry. foreclosed. Decision in Ohio
Stateantl-trurt suit. V. 105. p. 997. 909. 818. Appeal filed in coal company
decision, V. 112, p. 2305.
,
,..
, , q - i t * i q - i o -on *oi
*oo
L A T E D IV S .f'1 0 . 11. 12. 13. 14. 15. 10. 17. 18. 19- 20. 21. 22.
Par Cant
I 4 7 744 12 7
3
4 5V< 4
4 .4 .
2
4
Action o'n June 1921 div?w as deferred; in Dec. 1921 paid 2% : In June
_____ ____ ^ ,
and Doc. 1922, paid 2% each.
S T O C K .— Chesapeake A Ohio R y . owns $8,825,900 stock.
BO ND S.— The consols ($20,000,000 authorized), besides a lien on the
entire propertv. subject only to $3,842,000 prior bonds, have a first lien on
the coal lands o f tho Buckeye Coal A R y . C o .; $3.842.000 consols are reserved
to retiro tho existing bonds (the latter may be extended at m atu rity). V . 72.
p 338; V. 74, p. 1038; V. 86, p. 229. Substantially all o f tho bonds and
stock o f the Wellston A Jackson Belt R y ., 18 miles, are deposited under
said mortgage, see V . 101, p. 370; V. 68, p. 823; V. 102, p. 216/.
The $7 500,000 5-yr. 6% Secured Gold notes o f 1919 secured by pledge
of the $9,600,000 new Gen. M tgo. 6s, Series " A , ” were issued to replace
the $5,000,000 gold notes Issued In 1917 and on account o f additions and
m 't
he <G en '' M tge.' of°1919 'is" fi ml ted to $50,000,000 and It Is also provided
that the outstanding bonds including underlying.issues m ust.not-exceed
throe times the outstanding capital stock $11,437,000, issued o f which
S9 600 000 Series “ A ” pledged to secure the aforesaid notes; $2,220,000 are
piedged or are to bo pledged as security for G ovt. loan. Additional bonds
within the amount above stated may be issued hereafter at par, for refunding
purposes, for additions to and betterments of, and for other capital expendi
tures and also to the extent o f 80% o f the cost thereof for equipment, but
with a sinking fund o f 5% p. a. for 20 years in each case upon the amounts
issued for equipment. V . 108, p. 784.
, _ , .
,
„ __
Kanawha A Hocking Coal A Coke and Continental Coal bonds. See
V . 109, P- 386, 1527: V. 111. p. 97, and issuo N o v. 1918. Equipment
triEquipment m ists issued 'to°Director-General for rolling stock allocated
to this company. See article on page 3.
G ovt. loan. V. I l l , p. 792; V . 112. p. 562, 744.
E A R N IN G S —
------------- Gross-— ------------ -N e t after Taxes
/r
o F igu res)
1922.
1921.
1922.
1921.
Jan. 1-Sept. 30 7______ $9,670,895 $10,424,138
$1,758,309
$480,018
A N N U A L R E P O R T .— T ra ffic is mostly freight, and over 70% o f this
'• j e
w
r
u
O pVra t! grrcvenucs . .
1921. In V . 114. p. 27,0. 2730
. $ 14,093',001 $17,101,493 $11,654,517 $13,155,861
SU ndaM ' ^ e t u r a ^ . : : 1’708,° 41
188’7"
W ar taxes and expenses.
108,285
1,578.891
Other income (net) - . —
Gross corp. income_____ $1,816,829 $1,767,690
Interest on debt________
1,802,524
4,577,769
D iv id e n d s .....................
219,990( 4%)439,9S0
Balance, surplus______ def$205,684 def$250,059
2.637,167
181,767
34.958
$2,490,359
1,460,491
(4)439,980
$544,220
2,637,167
o
'u j v l i i y
82,708
77.284
$2,631,744
1,271,915
(4)439,980
$831,880
58
RAILWAY STOCKS AND BONDS
[V ol .
115,
Nov., 1922.]
KAILWAY STOCKS AND BONDS
60
RAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 6]
Miles
Road
Date
Bonds
rj
,
^ 1v-‘ , v .11 1 *uiuuu,uuuK reu iuo tCAitcxc
nous & Brazos Valley— 1st M (trus Mero Tr Co, St L)
Hous E & W Texas— 1st M gu p A I by So P a o .C e .zo *
First mtge $3,000,000 gold not guaranteed _
Hous & Tex C R R — 1st M 1gr g red H O ln t guCe.
W aco 4 N W D I V 1st M g $25,000 p m_._Ce.,™ <*.
Austin A N W (merged) 1st M g gu p A I M p .z o 'A r
F t W orth A New Orleans 1st M (W a x to F t W )
_z
Cut-off 1st M $3,000,000 auth (V 94, p 131) . .
H u dson Cos— P re f stock (now com) text $4,000,000
H u dson & M a n h a tta n (H u dson R iv er T u b e s )—
Common stock___________________ ____________ ___
P re f stock 6% n o n -c u m u la tlv e IIIIII” ” ” I ” ” _.
N ew Y ork & Jersey first mortgage red l I 6 .U sm .xo*
First mortgage convertible___________
Q.xc*&r
First lien & ref M $65,000,000 g red 10 5.Cexc*A r*
Adjust Inc M $33,574,000 red par cu beg ’20 Qxc*&r_
Real estate mortgages_______________________
Huntingdon & Broad Top— Common stock____
Preferred stock 7% non-cumulatlve
. .
First mortgago extended__________
Second M old 7s extended In 1895 p A 1 gold . (j~Px
Third M consol extended In gold In 1895-aP.xo’
Equipment trusts duo about $15,000 per year PeP
do
do
due $10,000 s-a______________
c*
49
28.40
l 1911
i
1
453
55
106
41
94
1907
1907
1893
1893
1890
1900
1891
1885
1910
—
1902
1907
1913
1913
1020
1857
1865
1918
1921
*1 9 P S A C T U N N E L & W IL M IN G T O N R R .— Hoosac Tunnel, Mass,
pil:“ “ ngton, vt., 24 miles. M ade standard-gauge in 1912. V . 95, p.
1541.
The road was bought in Jan. 1922 by W m . G. Shortess o f N ow Y ork
^ j? ^ a^ CIates from John p - Kellas o f Albany. V. 114, p. 409. Stock
$250,000,par, $100. D ivs.: In 1903. 2% ; year 1905-06, 3% : 1910-11 and
10%: nono since. Earnings for 1921; Gross, $126,204; net oper.
deficit, .$4,221: other income, $10,146; interest, $10,766: bal., der. $4 841.
Earnings for 1920: Gross, $187,734; net, $21,449; other incomo, S10.343;
interest, $10,866; surplus, $20,926.— (V . 114, p. 409.)
HOUSTON B ELT & T E R M IN A L R Y .— Owns a terminal line In and
around Houston, T ex., 20 miles, with large freight and passenger terminals. Controlled by four proprietary roads, viz ., Beaumont Sour Lake
A Western B y .. Gulf Colo. & Santa Fe (Atchison System ). St. Louis
Brownsville & M exico R y. and T rin ity & Brazos Valley R y .. which each
own 25% o f the $25,000 stock and, under the terms o f an agreement dated
July 1 1907, agree to pay, under a pro rata wheelage basis, operating expenses, and, on a one-fourth basis, fnt. on bonds and annual sink, fund of
S% A°fT,bo2 da
Th e Terminal C o. has leased from G u lf Colo. &
Santa Fe R y . for 99 years from July 1 1907 all o f Its property In Houston,
T ex., and the Terminal Co. has agreed to pay monthly rental and maintain
the property. Pres., W . E . Maxson.— (V . 107, p. 401, 802.)
H O U S T O N & B R A Z O S V A L L E Y R Y . C O .— Owns Anchor to Freeport
and Bryanmound, 28.40 m.; leased mileage Freeport Term . C o., Freeport
to Sulphur Docks (mouth o f 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 o f an extension 13 miles in length from M ile
Post 6, near Velasco, Texas, to Hoskins Mound (19 miles N . E. from
F reep ort). In M arch 1916 Receiver George C. M orris was authorized to
issue $100,000 6% receivers certificates to build a bridgo over the Brazos
River connecting Velasco with Freeport. O f these, only $78,000 was issued
and in Sept. 1917 the entiro issue had been paid. Brazoria County paid
part o f the cost o f bridgo. V . 105, p. 606; V. 102, p. 1250. In N o v . 1921
foreclosure suit filed by Mercantile Trust C o., St. Louis, was pending in
the U . S. District Court, Southern Dist., Texas, Houston. V. 103, p. 2155.
«>,T,h^ IilSS0U,ri K a nsas & Texas owns a half-interest in the stock and
fij> l,00 0 bonds, and the Freeport Texas Co. owns remaining stock and
r7£’£ 0(L o n n™ J - A 108' P; T M 1. Stock auth., $120,000: out., $24,000.
O f the $420,000 bonds, one-half are guar, by the M . K . & T ., prin. and int
which has purchased $131,000 additional. V. 97, p. 15S0.
Incomo account cal. year 1921, gross, $200,488; net, def., $45,455; other
|ncom6, $94,136; deductions, $75,936; bal., def., $27,246.— (V . 115, p. 436,
HOUSTON EAST & W EST T E X A S R Y .— (See M a p o f Southern Pacific.)
Owns from Houston, Tex., to Sabine River at Logansport, 191 miles
Stook $1,920,000, of whloh $1,919,100 owned by So. Pao. Co., whloh has
guaranteed $2,636,000 of the bonds, prin. and int., by endorsement, re
serving the right to call them at 105 A Int. V . 70, p. 841: V. 71. p. 236.
D lv .. 16% paid in 1902-03, 30% in 1907-08. 10% In 1909-10, 11% in
n :
0% : 191S- 6 % :
R E P O R T .— For 1921, gross, $2,994,772; not oper. incomo, $148,707:
d e fCr$'?5 °108 (V 9'l 13 ’ de<jg g t7ions’ * 167,950; dividends, $115,200; bal.,
H O U S T O N & T E X A S C E N T R A L R A IL R O A D .— (S e *M a p of Southern
P a c ific .)— Owns from Houston, T ex., to Denison, T ex., 338 miles; Hempitead, Tex., to Llano. T ex., via Austin, 215 miles; Brcmond to Ross, Tex
66 m.; Garrett to Ft. W orth, 53 m.; M exia to N elleva, 94 m.; Giddings to
Hearne, 58 ra.: other. 43 m.; Trackage rights over San Antonio A Aransas
Pass, 38 m.; Texas A Pacific R y ., Fort W orth to Dallas, 31 m. Other
lines, not classified, 8 miles. T o ta l operated Dec. 31 1921, 933 miles.
S T O C K .— Stock, $10,000,000, of which the Southern PaclOo Co. owns
$9,998,400 par $100. V. 76, p. 1084, 1192, 1407.
In 1902-03 6% was
paid out o f accum. surp.; In 1910-11.20%; 1912-13, 3 % . V .7 6 , p. 1407.
B O N D S .— The 1st M . 5s are being gradually rotlred at or below 110 with
land sales. The ftrsf mtge. was for $8,634,000. See abstract o f mtge. in
V. 52, p. 242. With the exception of $1,149,000 consol. M . 6s (on which
no Interest Is paid) deposited with the trustee as part security for the gen
eral 4s, all of the consolid. 6s have been retired with proceeds o f land sales
Southern Pacific Co. owns $450,000 Lampasas Extension 1st M . 5s, $400,000 W aco A N . W . D iv. 6s and tho $2,383,000 C u t-O ff 6s. Unsold land
grant Dec. 31 1921, 16,471 acres.
E A R N IN G S .—
-Gross— Net after Taxes(I.-S . C . C. figures.)
1922.
1921.
m
*.
M
l.
1922.
1921.
June
30
$9,677,512
$1,948,461
$855,527
- $10,639,066
c
u
.o
il.o
iz
•iiv' 1-Sept.
1 '^‘ *'•,2".----■Cl A tt.lQ 658;
C* not Araon
“1 « ') O T
~other
*l
For year 1921. gross. $14,843
oper. incoiro, C
$1,432,705:
income, S263.219; deductions, $712,756; bal., sur., $983,198.— (V . 112, p.
1519.)
H U D S O N C O M P A N IE S .— Incorp. Jan. 9 1905 In N ew Y ork. Holding
company for Hudson & Manhattan R R . Co. (see bolow). Owned Dec. 31
1920 $2,307,613 o f tho $5,242,151 Hudson A Manhattan R R . pref. and
$25,171,209 o f tho $39,994,890 common stock. V. 106, p. 493.
T h e stockholders voted Jan. 14 1919 to reduce tho capital stock rrom
$21,000,000 to $4,000,000, all the $5,000,000 old common being voluntarily
surrendered and tho $16,000,000 preferred being reduced to $4,000,000 by
a change In the par value o f single shares from $100 to $25. V . 108, p. 78.
Rate
%
_
6
6
6
5
5
6
6
6
6
K
K
g
g
g
g
100 39.994
100 5,242 151
1.000 5.000,
5 g
$, £ or fr
944
444 6
100 A c 37,521
600 A c 33.102,
Up to 6
843,
50 1,371,
50 2 . 000 ,
Seo text
500-1000
416,
7
600
367,
4g
1,000 1.497,
1 .000
99, 000
V
500 &c
280,
6g
O F F IC E R S .— H . E. Huntington, Chairman of Board, N ew Y ork; W . J.
Harahan, President. Columbus. (>.; C . E. Graham, Senior V -P re s
w 'h > ':i G ' ?r' ^Yal1, .V -’ I1’ros-: 11• T - Wickham, V .-P . & Gen. Counsel; F. M.’
Whitaker V.-Pres, in chargo o f traffic, Columbus, O.; A . T revvett, Sec.TJ,®as-' N ew Y ork, and F. D . Hodgson, Com p., Columbus, O. General
offices, Columbus. O.; executive offices, 61 Broadway. N Y — ( V 114 n
409. 1533, 2710, 2730; V . 115, p. 307, 1428.)
y'
( v . m , p.
l » i » ; I6 V °1 9 2 o !t4 ^ 1 M ? ; 6 , % .IM 5 ' 16-
Amount
100
100
1,000
1,000
1,000
1,000
1,000
1 000
1.000
25
—
- - -
—
69.65
69.65
69.65
69.65
69.65
Par
Value
When
Payable
[V ol. 115.
Last Dividend
and Maturity
Places Where Interest and
Dividends are Payable
J
& J July 1 1937
J
& J July 1 1937
M & N May 1 1033
M A N May 1 1933
J
A J July 1 1937
M A N May 1 1930
J
A J July 1 1941
J
A D Deo 1 1925
J A D June 1 1940
Central Union T r . N . Y .
Mercantile T r C o, St L .
165 Broadway. New York
do
do
165 Broadway. New York
do
do
do
do
do
do
do
do
F A A
F & A
F A A
See text
Guaranty Trust Co. N Y
Chase N a t Bank, N Y
do
do
Oct. 1 1922 paid 344%
Hud & Man R R C o. N Y
Feb
Feb
Feb
Feb
1 1932
1 1957
1 1957
1 1957
Jan 28 1904 1%
text
Aug 1 1922 1%
& O M a r 31 1925
A A Feb 1 1925
A O Mob 31 1925
T o Jan 1928
J & J Jan '23-July ’36
A
F
A
Phila office 39 So 10th St
Phila office, 39 So lOthSt
do
Philadelphia
Pa Co for Ins on L , Phila
v Ti*riei
notes duo In 1917 and 1918 were retired as stated In
v . 104, p. 1801. in connection with tho transfer o f Greeley Square Realty
Cor^ ( V . ai05.r p 18O0n6 ;'V Vi0180;tpP 263°)0) * ° ^ GreeIey - » uds° n Securities
Th e whole issue o f $2,000,000 6% sinking fund o f tho said Securities C om .
• i1no/^nLA 123A <but callable at 105) having been disposed o f together with
$1,000,000 o f the stock, leaving $1,000,000 o f tho stock in the treasury o f
Hudson Companies; this latter block was in 1919 distributed to holders o f
the reduced prof, stock o f the Hudson Cos. o f record March 17. ono $100
ahar« <£ 4 hV *°,,& r8 ° r each 16 shares (par $25) o f Hudson Cos. V . 108.
p. /o, 41 /; v . lUo, p. 493.
9 F P.I(AE R S ;T:^y,71- Henry Barnum, Pres. A Trcas.; W m . Evordoll,
V.-P. A Sec., I l l B way, N . Y . — (V . I l l , p. 2330.)
H U D SO N & M A N H A T T A N R R .— Owns and operates doublo-tube
electric tunnels opened in 1908 from Sixth A ve. and 33d St., N ew York
C ity, under tho Hudson R iver to the D . L . A W . R R . station, Hoboken,
N . J., and also southwardly through the Erie and Pennsylvania R R .
stations in Jersey C ity and under tho Hudson River to the Hudson Terminal
Buildings on Church St. (ono block west o f Broadway), extending from
to. Fldt?n S t- M ileage operated. 8.50 miles. Also afford*
through service between Nowark and N ew Y ork C ity, using Pennsylvania
R R . tracks from Jersey C ity to New ark. V . 90, p. 635. 1041. Owns
Hudson Terminal Bldgs. Fare Increases, V. 106, p. 2123, 2757: V. 107. p.
82, 181, 401; V. 110, p. 970, 1526, 1748; V. I l l , p. 294, 792, 1183.
B O N D S .— Under the readjustment o f Jan. 14 1913 (without foreclosure) (V . 96, p. 208) fixed charges were reduced from $3,021,660 to
Tho P,an was assented to In 1913 by about 9844% o f the
bonds and 95*4% o f stock. Application to list. V. 98. p? 393-8
Hrst M • $65.000.000 A u th .)(i*u ed .5 % call.an y int. dateat 105 $37,521,234
Reserved (Interest rate not to exceed 5 % ) for—
(1) Retirement o f N . Y . A Jersey R R . 1st 5s car trusts and
real estate mortgages ($1,207,500), 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 144 times tho Interest upon the
new 1st M . bonds, lncl. those then about to be issued, sa y . 11,942.766
(3) Extension to Grand Central Station on same conditions
6 000 000
Adjustment Income Mortgage Bonds— Int. payable out o f surplus
Income and cum. from Jan. 1 1920 (V . 96, p. 209), Issued........ 33.102 000
472,000
Reserved for exchange for remaining 1st M . bonds_________
The deposited stock Is to be held for 5 years In a voting trust and
so long as the Adjustment bonds shall not have received full 5% int. for the
preceding year, the holders shall have the right to nominate or approve
up to one less than a majority o f the board. Voting trustees; Charles
Francis Adams 2d.. Boston; Felix M . Warburg and Albert H . W lggin. N , Y .
V . 108. p. 1610, 2241; V. 110, p. 2657.
IN T E R E S T O N IN C O M E B O N D S .— 2% yearly 1913 to Oct. 1916 lncl..
beginning April 1917, nono. ponding establishment o f $1,000,000 reserve
for contingencies; A pril 1 1921 paid 2% ; Oct. 1 1021 paid 244%; April 1 and
Oct. 1 1922, paid 244% and an additional 1% on account o f accumulated
'nt.: reducing tho latter to 1%. V. 115, p. 543. (Coupons duo A pril 1
1917 to Oct. 1 1920 worthloss. V . 112, p. 1399.)
REPO RO \— Year ending Doc. 31 1921, In V. 114. p. 2233, showed;
„
1921.
tl920.
Gross operating revenuo____________________________ $7,683,662 $6,838,269
N e t operating income..........................
4,167,770
3,546,816
Other incomo______________________________________
245,715
217,739
D eductions_____________________
258,026
346,289
Bond interest______________________________________ 2,168,535
2,168,535
Reserve for contingencies_________________________
653,000
Interest on adjustment Incomo bonds.... ........... .
1,655J()6
1,655,100
Balance.................................................................sur$331,82 ld f$ 1,058,369
t 2 mos. Fed. control, 6 mos. guaranty period, 4 mos. privato operation.
Note.— Tho loss in passenger fares In 1920 on account o f strlko in A p ri1
Is estimated to bo $260,000.
_ O F F IC E R S .— Pres., Orcn Root: V.-Pres., .1. B. Davies; Troas., Wesley
oA Twiddy; Sec., Robert B. K ay; Com pt., F H. Sillick. N ow Y ork office.
30 Church St.— (V . 114, p. 521, 2233; V. 115, p. 543.)
H U D SO N R I V E R C O N N E C T IN G R R . C O R P .— Incorporated In
N . Y . State March 19 1913 to build for tho N ew York Central R R ., which
owns tho entire $250,000 capital stock, a high-level railroad bridgo across
tho Hudson River between Castioton and Shodack Landing, about 22 miles
south o f Albany. Bridge case decision, V . I l l , p. 1566.— (V . 115, p. 1631.)
H U N TIN G D O N & BROAD TO P MT. RR. A C O AL CO.— Own* from
Huntingdon, Pa., to Mount Dallas, Pa.. 44 miles: branches, Ao.. 28 miles.
D E P O S IT O F S T O C K .— Over 75% o f stock was deposited with 6
trustees (Drexel & C o., Phila., depositary) under agreement limiting the
sale o f tho stock, the pref. to not loss than $50 and the com. to not less
than $25 per share. In 1918 the trust was extended till April 1 1923.
V. 106, p. 1230; V. 96. p. 420, 1021. 1297, 1488
B O N D S , A c.— V . 107, p. 1384; V . 105, P. 2542; V . 106. p. 296. Th e
$416,000 first mtge. (extendod) 4% bonds o f 1854. due Sept. 30 1920, were
redeemed on the latter date. V. I l l , p. 1183. Tho bonds were extended
to April 1 1925 at 7% and were taken. It is understood, by bankers and
Institutions Interested in tho property. V. I l l , p. 1472. Equipment
trusts, V . 113, p. 71.
Nov., 1922.]
R A IL R O A D C O M P A N IE S
[For abbreviations. & c., see notes on page 6]
Miles
Date
Road Bonds
Illinois Central— Com. stook $123,552,001)-------N ow Preferred stock— See text.
Leased line 4% stook guaranteed (see rem arks)— *
First intgo of 1Sterling Bond old 0s ext In 1895— z ‘
118 7 4 for| Bonds extended In 1905 as $ bonds..
700
|15.000.000)4s of 1880 due 1951 g o ld _ ..z o * A r
■eoures a l l 3 X * of 1880 due 1951 g o ld -.zo Ar
equally .U s 3s of 1895 due 1951 g o ld ...z o » A r
(V 83. p 70)J3 Xs of 1903 due 1951 g o ld .--0 * A r
Trust bonds sterl. (seo by Cb St L A N O cons) .U s.z
111
Sprlngf D lv 1st M ref M (V 00. p 1237) g ..U s .c * & r
Cairo Bridge bonds gold (see rem a rk s)..U s.zo*A r
239
St Louis D lv & Term M *10,000,000gold .. U s .o ’ &r
do
*5.000.000 (see V 05. p 1173) g -U s .y o 'A r
Underlying St L ) Belleville A Carondelet 1st M .zo*
Dlv A Term l-lS t Louis Southern 1st M g -.B a .o *
nal m ortgage. JCarb & Shaw 1st M gold ----- c*
Purchased lines 1st M *20.000.000 gold ._U s.xo * Ar
R e f M (N o r Lines) *120.000.000 g red -.Q .x c*& r*
Collateral trust bonds gold * ------------- U s.zo’ Ar
Coll trust *25,000.000 gold on L N O A T _U s.zo *A r
Secured notos................— ------- ---------- -------- - - Secured gold bonds______________________ Fxxxc*&r*
Western lines first mortgage gold ---------- U s.zo*Ar
Oh St L A N O oons M (*18.000.000) g lnt gu .xo*A r
do
guaranteed prlnolpal and Interest----------x
Joint Is t R e f M (Southern linos) *120,000,000—
Series
callable 110 after Dec 1 19 18 -.F .y.c*r*
Series B callable at 110 after Dec 1 1918----------Mempnls Dlv 1st M gold guar p & 1 (en d).U s.zo*
Louisville D lv & Term M $25,000,000 g .-U s .c *& r
Omaha Dlv 1st M g *5.000,000................Us.xo*Ar
Litchfield Dlv 1st M g *4,000.000..................... F.xo*
Secured g bds call 101 on or a ft Jan l'2 4 .F v v v .c * & r *
a Inoludes *5.200.000 oonsol 6s pledged to secure Illlnol
__
1875
1875
1880
1886
1895
1903
1880
1898
1892
11897
{1897
1883
1886
1887
1904
1908
1888
1892
1920
1921
1895
1881
1897
Par
Value
Amount
Outstanding
$100 $109495000
100
£200
1,000
1,000
1,000
£200
*1 .OOOAc
£200
1,000
1,000
500 Ac
1.000
1,000
1,000
1.000
1.000 Ac
1.000 Ac
$500 Ao
500 Ac
500 Ac
1,000
1,000
1.000
9,989,700
2.500,000
1.000.000
1,500,000
2,499,000
£500,000
3.000,000
5,266.000
2.000,000
3,000,000
8,377.000
4,998,000
470,000
538.000
241.000
12.000,000
40.740,000
15,000.000
24,929.000
4,144,000
8.000,000
5.425,000
a l6 ,635,000
1.359.000
Rate
%
7
4
4g
3H
4g
3H
3 g
3H
3H
3H
3H
3g
6g
4g
4g
3H
4g
4g
4g
6
6H
4g
5 g
3X
When
Payable
Q-M
J A
A A
gJ A
J A
g J A
M A
gA A
A
g I
gJ A
J A
gJ A
J A
J A
M <5c
M A
gJ A
M A
A A
M A
A A
gJ &
F A
J A D
gJ A D
500 Ac 29,668.000
J
1913
5g
£100 Ac
J
1913
5g
322,040
*1 OOC
1889
J
3,500,000
4g
500 Ac 23.732.000
1897
3X8 J
F
1900 1,000 Ac
3g
5,000,000
l.orx
I
a v
1900
3.235.000
1.00C 16,000.000
1919
6X K J
s Centr al collate ral trust bo nds of 18 86.
D IV S . ’ 98. ’99. ’00. 01. ’02. ’03. ’04. ’05. ’00. ’07. ’08. ’ 09-’ 20 .’21-’22
6 1 0 0 0 0
0
See
Common
(1 0
0 0
0
preferred
n o5 1*X /7
7
6 5X 7X 7 3X
0
Preferred 5
5o
0n
On Feb. 15 1921 resumed dlvs. on prof, stock w ith payment o f 1 )4 % .
on’Aug. 1 1921. Fob. 15 1922 and Aug. 1 1922. paid 1% each,
h R E P O R T .— For 1921. gross. $1,042,392; net oner. Income, $191,773.
othor Income, $28,441; Interest, rentals, &c., $152,908; pref. dlvs., $50,000,
bal., sur., $17,300.
„ , ,, _
tm.ii rx r
11A ~
ins \
Pros. & Oon. M gr., Carl M . Gage, Phlla.— (V . 114, p. 198.)
ID A H O C E N T R A L R R .— (V . 113, p. 628.)
IL L IN O IS C E N T R A L R R .— (See M a p .)— R O A D .— Operates from Chi
cago 111., southerly to New Orleans. La.. 913 miles, and westerly to Sioux
O lty.
Ia
.. 509
miles, with numerous
branches, f viz.:
_T
.
_ . ... . . .
a /Y I-.
Leased—r ?Control owned—
Miles
Road owned in fee—
M iles.
Chloago St. L . Sc N . O. R R .,
Chloago to Cairo, 111— lMaln
Cairo. 111., to New Orleans___ 540
Oentralla. 111., to E a stlstem .. 700
Line to Louisville, A o ______ 752
Dubuque, Io w a ----- J
Mem.,Tenn.,toMem.Jct.,Miss
98
Dubuq. A Sioux City (see above) 701
Springfield to East St. Louis—
97 St. Louis Alton A Terre H au te. 224
Entire stk.owned-Brnnohee,Ao 984
Peoria. 111., to Evansville, Ind.,
Trackage, A c ________________ 220
with 0-mlle branch----------- 234
Indianapolis, Ind., to Effing
Total operated Dec 31 1921.4,799
ham. 111. (V . 93. p. 880)........ 177
H IS T O R Y , L E A S E S , &c.— Chartered on Feb. 10 1851. Th e 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
rnnm
at
ltlOwns'aM^tho^cap. stock (*4,998,500 common and *15.000,000 pref.) of
Central of G a . R y . but road Is operated Independently. See that co. above.
Substantially all o f the stock o f the Yazoo & Mississippi Valley U IL .
1 382 miles, is owned in the interest o f the Illinois Central, the latter also
owning nearly all o f the bonds, mostly pledged. (See beiow.)
Owns entlro stock o f Chic. Merap. & Gulf R R .. 52 m.. V. 96. P- 420, 710,
also *1,000,000 stock o f Madison Coal Corn. See V . 105, P. 1899, fare decision. V . 106, p. 290. Proposed now terminal at Chicago, V . 109. p. 270.
V . 11&. p. 465, 561: V. 114, p. 521.
.
.
. ...
C A P IT A L S T O C K .— The leased line stock Is secured by deposit or *10.000 000 Ch. St. Louis & N ew Orl. stock. V. 65, p. 1071: V . 106. p. 395.
° In Dec. 1921 Union Pacific owned *22,371,600 o f the common stt^k. In
addition to *3.486.420 com. and $1,930,900 pref. stock of’ R a i l r o a d f o r
ties C o., the latter company owning the equity in $9,200,000 additional.
Th e stockholders on April 19 1922 approved an authorized issue o f
$50 000,000 preferred stock, to bo Issued from timo to timo as the company s
needs require. Th e prof, stock may bo Issued In one or more series and
shall bo entitled to recoivo non-cumulativo dlvs. at rates not exceeding <%
per annum, l’ rcf. stock shall have full voting rights. Pref. stock or any
series thereof may, if tho directors so determine at timo o f the issuance, be
convertible into com. stock within such period and at such rate, taking the
prof stock at par and tho com. stock at not less than par, as the directors
Khali determine at tho timo o f tho issue o f such pref. stock. Th e directors
may at tho timo o f Issuance provide that the pref. stock, or sucj» s e r i e s f T f T
of, shall be subject to redemption as a whole at a premium which shall not
63CT h e d\rMtora\autVhori"ed tho Imuc o’fV l'n / b o ,600 6% conv. pref. stocky
to bo designated Series A. Each stockholder o f record M a y 16 1922 re
ceived the right to subscribe at par for the pref. stock to tho amount o f
10% o f the common stock held. V. 111.4., n. -O H . 2579.
n
..22
D^VS5} ° 0Syearlyl 7 y £ r l y ' « ' « '
« 8& 0* 1 « i V
l M
BO N DS.— Cairo bridge, see adv. In ’ ’ Chronlole, “ W . 7 l » 92.
The Trust Ronds of 1886 arc scoured by deposit of *5.200.(K)0 Chloago S t. L .
A Now Orleans oonsols of 1881: also by a lien on the road’ a j u r i s t m
Collateral Trust bonds o f 1952 cover by ple(lgeof$10.3.)O,OOO 6% 1st M .
bonds 803 miles o f subsidiary lines. V . 55. p. 550. V. 102. p. 1346.
The *25.000,000 collateral trust bortds of 1953 a[e Recured by Pledge
tho Loulsv. N. O. A Texas (now Yazoo A Mississippi Valley R R .), *10.
900,000 1st 4s, except $08,000, and $9,104,000 mtge. incomes. V . 61, p .l 12
Chicago St. Louis A New Orleans 6s have their Inter
endorsement) until the prlnolpal Is paid. The 3)4* of 1897 axe guar., prin
cipal and Interest, by endorsement— see guaranty. V. 65. p. 1071.
Western Lines Loan o f 1895. seo ’ ’Supplement o f Jan. 1899. Tota l auth.,
*10,000,000; $5,425,000 outstanding and $4,575,000 owned by company
0nThe°SI!*L ouG 1Division A Terminal bonds a r e f or *15,000.000 authorized.
A h itrn c t ofm tgo. In V. 00. p. 138. See also V. 66. P - 133, V . 71. p. 546.
Louisville Division A Terminal mtge. Is for ^25,000,000; of the bonds
*1 112,000 were reserved to purchase the 40 m. (Cecilia br.) from Louisville
A Nashville and to retire tho L . A N . bonds thereon. Chicago St. Louis A
■nhaldliirv branch lines purchased, o f which $2,662,01)11 were canceled
fn Jan 1911 and Ref. bonds substituted therefor.
There are also *5.-
^ of^^52Ca*(Seeav l871 * ^ 2 8 ^ V ^ 7 9 ,™ ^ i^ 3 l°l(W 2 ,^ 2 5 ^ ? v!°8L^p.01105d
* * Refun'tUng mtgeYgold 4s'of 1908 (auth.^^O.too.OOO) a re'«u b^ct to call at
i ^ O - V g V p&295- ^
“ p *261° W f i l s o : ’7*9 7. w 1 0 2 4 :V 98. P
1459' 1008- V' 99' p* 1300
C over main line. Chicago terminals, so-called
purcha^l^ilnM ? Springfield D lv !. the 81. Louis D lv.. A c .. a tota o f 2.174
m ., subject to bonds aggregating $01,760,000. Incl. $2,500,000 t-hlc. H ava
na & West. 5s and Rnntoul R R . 5s pledged under 4s o f 1952.
- ...
Purposes for Which *79,260.000 Ref .Bonds [N or.L in e s ) Unissued Were Res d
T o retire a like amount of prior lien bonds.. —
-------*59.U20.uuu
Additional main traok. Improvements, funding debt. Ac . . . . 20.-o4.uuu
[On Dec. 31 1021 III. Cent. R R . owned *20,234.000 o f these bonds, or
which $16,989,000 were pledged and $3,245,000 were In treasury,!
61
RAILWAY STOCKS AND BONDS
Last Dividend
and Maturity
Places Where Interest and
Dividends are Payable
Dec 1 '22 l % %
32N assauSt.N Y , A Lon
3 July 1 1922 2%
O Apr 1 1951
D Deo 1 1950
J Jan 1 1951
J Jan 1 1951
S Moh 1 1951
O Apr 1 1951
J July 1 1950
J Jan 1 1951
D Deo 1 1950
J July 1 1951
J July 1 1951
D June 1 1923
K Sept 1 1931
N Moh 1 1932
J July 1 1952
N Nov 1 1956
O Apr 1 1952
N Nov 1 1953
O Oct 19 1935
J July 1 1936
A Aug
1 1951
15 June 15 1951
15 June 15 1951
& D Dec 1 1903
Sc 1) Dec 1 1963
A D Deo 1 1951
A
J July 1 1953
A A Aug 1 1951
*e J Jan
1 1Q51
Sc J Jan 1 1934
do
do
BarlngBros .London .Eng
32 Nassau St., New Y ork
do
do
do
do
Baring Brothers. London
32 Nassau St, N ew Y ork
Baring Brothers, London
32 Nassau St.. N ew YorK
do
do
do
do
de
do
do
do
do
do
do
do
32 Nassau St,, N . Y .
do
do
do
do
flo
do
do
do
do
do
do
do
do
do
do
do
do
do
Baring Bros, Lon & N Y
32 Nassau 8t. N e w Y o r i
do
do
do
do
do
do
do
do
The Illinois Central and Chic. St. Louis & Now 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 o f the
Southern lines. Including the main line from Cairo, 111., to N ew Orleans,
La.. A c., and comprising all the system lines south o f the Ohio R iver except
the Chicago Memphis & G u lf R R .. the M ontlcello Branch (52 m. and 21 m.
respectively) and the Yazoo A Miss. Vail. R R . V . §7. p. 1822. 1733, 1204;
V. 98. p. 1459, 1608; V. 99. p. 1300; V. 100. p. 397. 474. 1852; V . 100.
p. 2757: V . 107. p. 696.)
Purposes for Which Said $120,000,000 Joint Bonds Were Issuable.
[Dec. 31 1921 amount Issued, $51,184,485 (55Qi ? 54,200 Series1 A and
$330,285 Series B ), o f which the Illinois Central R R . owned *21,194,700.
leaving $29,989,785 outstanding In the hands o f the public.]
(a) T o purchase and Improve railroads, terminal properties,
A c., covered by this mortgage, all s o ld ..-------------------------*33,348,10*
(&) T o refund or retire a like amount o f prior mortgages-------- 50,132.000
(c) For future Improvements, construction, etc---- J6.ol9.9UU
T h e $16,000,000 5 )4 % Secured Cold Bonds, issued in 1919 on account o f
Improvements and additions, were secured by pledge o f the following
securities: (a) $17,350,000 Illinois Central R R . and Chicago S t L o u l s A
N ew Orleans R R . Joint First Ref. M tg e. 5% bonds. Series A , due Dec. 1
1963; (b) $4,550,000 Western Lines 1st M . 4% gold bonds, due Aug. 1 1951.
V The8$8P000.000 02)4 % Secured gold bonds due July 1 1936 are secured by
deposit o f $8,225,000 Illinois Central R R . R e L M tge 4s due N o v . 1 1955
and $3,820,000 111. Cent. R R . A Chic. St. L . A N . O. R R . Joint R ef. M tg e.
5S4u % m e^ ( V S . - 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)
o n o r after N o v . 1 1922 at 102X and dlv. V . 1 0 8 . P . 189. 1577, 2123;
Series F, V. I l l , p. 1752; Series G , V . 112, p. 849, 1024; Series H , V . 114,
1286.
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.
-------------- Gross------- — ----------- N e t A fter Taxes— —
E A R N IN G S —
(I -S C C figures.)
1922.
1921.
1922.
1921.
Jan. 1-Sept. 30-1____$110,428,008 $104,949,272 $17,218,620 $12,598,837
R E P O R T .— Report for 1921, in V . 114, p. 1901, showed:
Calendar Years—
1921.
1920.
Average miles operated-------£ . , , i ‘i 7 'n iiH 1‘.-II $04*579
Operating revenue---------------------------------------- $141,l - i ,O 0o*l3i,»U 4,tpy
United States guaranty-----------------------------------------1JH90.886
-------3,399,b34
Rent U . S. Railroad Administration----------------Tota l operating revenues.................................. Sln q ’ qq7’ 7 9 l!l2 t'q q i*9 8 5
Operating expenses________________________________109,9J7,< Jlxl2 1,9 Jl,9 oo
712,115
N e t operating revenue--------------------------------T«ixcs
_______ _____ _______________ - ____ $o,l t U o o *5 1 , 172,261
UncoUelctibie'railway revenue--------------------------24,318 ____ 23,319
Operating income---------------------------------------Joint facility rent— D eb it---------------------------------
516,533
,196,849
203,177 ___ 191,297
N e t operating income----------------------------------- ^ i 'n o o ’ o^c ^*7' ,522,085
Non-operating income-------------------------------------- o,U3J,zoo
r ,219,881
Gross income----------------------- ---------------- —
Deductions from gross--------------------------------------
do,414
^?9 ,741,967
iz ,170,844
N o t Income_______________________________________ $9,700,794 $13,571,122
Sinking fund reserve--------------------------------------10 non
Investments in physical property............................
44,519
18.080
Dividends (7 % )........................................................ 7.650.<.20
7,650,720
Balance, surplus__________________________________ $2,005,554 $5. 184.121
x Includes operating expenses, corporate, for tho months o f Jan. and
Feb 1920 amounting to $117,658, not assumed by the U . S. Railroad
Administration, which was stated separately in tho report for 1920.
Vaznn
Afiss Valiev Ru.—
1921.
1920.
1919.
Gross ea rn in g
................ $20,759,409 $28,124,175 $24,952,130
N c rb e fo ro
2.231.884
2.049.630
5.607,007
O F F IC E R S .— Chairman A Pres., Chas. H . Markham; Senior V .-P .,
C M K ittle; V .-P ., L . W . Baldwin. F. B. Bowes, M . P . Blauvelt, Albert
O ’ Mann; Sec., D . R . Burbank; Troas., R . E . Connolly. General offices,
Chicago, 111.; N . Y . office, 32 Nassau St.
D IR E C T O R S .— John W . Auchincloss, W illiam A verell Harriman, R . W .
Goelet, Cornelius Vanderbilt. Stanley Field, Vincent Astor, Chas A .
Peabodv. John G . Shedd, It. S. L ovett. H . W . D e Forest, D avid R . Burhank Chas II. Markham, and ex-officio. Hon. Len Small. Governor or
Illinois)-—(V . 115, p. 73. 307, 543, 645, 759. 1210, 1321, 1532, 1941.)
I L L IN O IS S O U T H E R N R Y .— See Missouri-Illinois R R .
I N D I A N A H ARBOR BELT R R .— Owns W hiting, Ind., to Blue Island,
111 14 mileV McCook to1FrankUn Park. 111., 10.5 m.; Argo to Union Stock
Yards Chicago 11 m.; State line to Grasseli, Ind., 5.5 m.; branches, 5 m;
total owned. 45.5 miles; trackage. 74 m.; total, 119 miles.
Stock outstanding. $5,000,000. o f which N . Y . Central and M ^ h . Central
V . 106. n. 2018). which guarantee the bonds, own 60% a n dO , M . A St. P ..
and*Chic. A N orth w .. 40% . V. 93. p . 164; V . 105, p. 2183. O f the bonds
($25 000 000 auth. Issue). $2,500,000 are resorvod to retire Chic. H am . A
W . 6s; $579,000 have been pledged as security for G ovt, loan; $2,500,000
b°EaulnmentVtrusG ’ issued to Director-General for rolling stock allocated
to this company. Seo article on page 3 and V . 114, p. 854. Equipment
trusts o f 1921, V. 112, p. 1282.
G ovt. loan, promissory notes, A c.. V . 112, p. 744.
62
KAILWAY STOCKS AND BONDS
r* Icl loin o is
[V ol .
115.
central
SYSTEM.
Nov., 1922.]
63
RAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 6]
M iles
Road
Illinois Central ( Concluded) —
Equip certs ser A g £400.000 s-a call 102 H.----------x
Berios B g due $175,000 s-a (V 9 7 ,p 2 9 9 )........ x
.98
Series O g due $99.000s-a redl02J4bog 1920 _yc«
Sorios D due $95,000 each J & J; callable 102 Yt Sc
lnt on or after Jan 1 1921------------------- - - - - - £
Ser E due $275,000 s-a call '22 102 >*% g u .C P y c *
Ser F duo $737,000 yearly................................- - Ser G due annually--------------------------------- - - C P
—
Ser II duo $217,000 annually------------------- CPxxx
Oh 9 tL & N O eq tr ser A g gu red 102 H beg Dec'19
due $250,000 seml-ann------ ------------------------- c*
G o v t equip trust duo $047,100 yea rly--------------- G
Equip contract— Th e l ’ ulltnan Go ---------------------—
Illinois T un nel C o — See Chicago Subway Co.
Indiana Decatur & Wes te rn — SeeCIn Ind & Western
46
Indiana Harbo r Belt— GenM*25.000.000g a.xo*<Sor*
do
do
do
-------Ohio Ham Sc W flrst mortgage gold assum ed.xo'&r 27.48
Equlnmont trust certificates $540,000-------------- do
due $35,400 F & A ..................................G
do
duo $30,680 annually---------------------- G
—
Indiana Illinois 6c Iowa— See N ew Y ork Central R U
Indianapolis & Louisville— See Chicago Indianapolis & Lou
1.70
Indianapolis Un— 1st M gold s f not oa llab le.--F P .xo *
Gen Sc K ef M $10,000,000 g gu red t e x t ... F .c *A r*
3-year Socurod Notos t$4,250,000gcall 101-1
Interborough Consolidated Corporation—
Common stock (no par valu e)________________
...
Date
Bonds
Par
Value
Amount
Outstanding
Rate
%
When
Payable
4M g F
F
5g
4K g A
Sc
A
Sc
Last Dividend
and M aturity
Places Where Interest and
Dividends are Payable
A Fob 1923
N Y o ff or Com T r . Phlla
A Feb '23-Aug '23 N Y office or Un T r , Pitt*
O A pr '23-Apr '25 N Y office or Com T r . Phil
1913
1913
1916
$1,000
1.000
$100,000
350.000
495.000
1916
1917
1920
1921
1922
1.000
1.000
1,000
1.000
1,000
665.000
2,750.000
8,107,000
3,564.000
3.255.000
4H
5g
7
m
5K
J
M
(>
F
F
Sc J .Inn '23-Jan ’26 Bankers Trust C o. N Y
Sc N M a y ’23-N ov’27 New Y ork
Sc O Oc* '25-Oct '35
Sc A Pc'; 1 1926-1934
Sc A F eg 1 ’23 to ’37 N ew Y ork
1914
1920
1922
1,000
1,000.000
8,412.300
1,748,500
5g
6g
6
J
J
A
Sc D Juno '23-Dec '24 N ew Y ork
Sc J T o Jan 15 1935
& O April 1932
1907 1.000 Sco
1907
1897
600 &o
1916
io o &c
1921
1,000
1920
2.500.000
1,725.000
2.500.000
334.000
247,800
476,840
4 g
4g
6g
4H
7
6g
Grand Cent Term N Y
J St J July 1 1957
do
do
J
So J July 1 1957
do
do
So J Jan 1 1927
J
I
.Ian 1 1931
J A
Com m 'l Trust C o. Phlla
F A A Feb ’ 23-Feb ’ 26
J & J 15 T o Jan 15 1935 Guaranty Trust C o, N Y
Isvllle
1886
1916
1920
1,000
1 .000
1,000
675.000
14.000.000
4.000,000
4H K M
.1
6g
F
6g
932.627 shrs
100 45,740.500 See text
1906 1,000 &o 67.825.000
4H e A
A N May 1 1926
V J Jan 1 1965
Sc A Feb 1 1923
Sc
Fidelity Trust Co, Phlla
Farmers' L & T r C o. N Y
Union Trust Co, Pittsb
Apr I 1918.I K
April 1919 coupon unpaid
O Apr 1 1956
t $5,000,000 have been Issued as 0s and aro plodgod ror th e3-yea r 6% no tes dated F eb. 1 192 0.
-N e t, after Taxes—
E A R N IN G S .—
_______
„ ____ ,
1922.
1921.
x_.C. figures.)
1922.
1921.
(I.-S. O.
Jan. 1-Sont. 3 0 -............ $7,303,530
$0,070,869 $2,192,420 $1,124,459
R E P O R T .— For 1921, gross, $9,034,538; not opor. Incomo, $2,782,185;
other incomo, dob. $193,450; interest, rentals, &c., $2,217,074; bal., sur.,
$371,661.
O F F IC E R S .— Pros., A . H . Smith- Sec., E . F . Stephenson; Gen. Treas,.
M . S. Barger.— (V . 114, p. 854.)
IN D IA N A P O L IS U N IO N R Y .— Owns 1.70 m. o f road, 1.47 m. 2d main
track and 8.40 m . yard tracks and sidings, with terminals at Indianapolis,
Ind.: leases for 999 years tho Belt H It. o f Indianapolis— 14.18 m .(which *ee).
Clove. Cine. Chic. Sc St. Louis and Pittsburgh Cincinnati Chicago & St.
Louts R R . aro virtual proprietors, having invested In It $1,099,442
to Dec. 31 1921. N o stock outstanding. Elovatlon o f tracks In progress.
V. 109. p. 676.
B O N D S .— T h e General and R of. M . or 1915 will secure not over $10.000.000 50-yoar bonds, to boar rates o f Interest as may be hereafter deter
mined, to bo guaranteed Jointly and severally, prln. and lnt., by the
companies above named; a sufficient amount Is reserved to redeem the
4H s o f 1886. and roinalndor for futuro purposes. $4,000,000 have been
Issuod as 5s and are outstanding in tho hands o f the public, and $5,000,000
Issued as 6s aro pledged for the 3-yonr 6% notes dated Feb 1 1920. Tho
guarantor companies and also tho Lake Erie Sc Wostern R R ., Cincinnati
Indianapolis & Western. Chicago Indianapolis & Louisville Ity . and Illinois
Central R R . have contracted to uso the property perpetually as their
main passenger terminal, and to pay each Its proper and designated
proportion or tho Interest on prosent or futuro values and o f any bond
Issued for additions to or Improvements o f the property. Th e bonds are re
deemable as a whole or In series 15 years after dato, or any lnt. day thereaf
ter at 103; sink, fund beginning 1920. 1% o f outstanding bonds, bonds pur
chased to be canceled; Farmers’ Loan Sc T r . C o., N . Y . , and Union Trust
C o., Indianapolis, trustees. V. 100, p. 1257, 555; V. 101, p. 1272.
Three-Year Notes.— Tho 3-yoar 6% notos dated Fob. 1 1920 aro secured
by pledgo o f $5,000,000 gen. Sc ref. 6s, described above. Callable, all or
part, by lot at 101 and lnt. Company w ill pay the U. 8. normal income tax
up to 2% . Union Trust C o.. Pittsburgh, trustee. V . 110, p. 167.
Yoar ended Doc. 31 1921: Gross, $521,874; not, def., $300,210; other in
como. $1,113,819; deductions, $537,284; bal.. sur., $276,325.
IN T E R B O R O U G H C O N S O L ID A T E D C O R P O R A T IO N .— O R G A N I
Z A T IO N .— A holding company, formed under N . Y . laws June 2 1916 by
plan In V. 100, p. 1437. 1510, 1751, 1917.
Owns $33,912,800 o f tho $35,000,000 stock o f the Interborough Rapid
Transit Co. and $15,054,600 o f tho $17,495,060 stock of the N ew Y ork Rys.
Interborough Rapid Transit C o., subways, &c. (see t b a tc o .)__146.26 miles
Elevated (Manhattan Railway, leased)________________________ 130.23 miles
Surfaoe lines owned or controlled by Interb. Rap. Tran. C o ..141.07 miles
N ew York Railways (soo V. 108, p. 677) Juno 30 1918-------- 151.02 mile
R E C E IV E R S H IP .— James R . Sheffield o f N . Y . was made receiver on
M ar. 21 1919 and trustee on Apr. 25 1919, owing to tho default on tho bonds
which resulted from tho stoppage o f dividends on the I. R . T . C o.’s stock
pledged to secure tho bond issue. V. 108. p. 1165. N ow Y ork Railways
Is also In receiver's hands. V. 109, p. 1273.
(1) Com m ittee for Interboro-M etrop. 4 H % bonds- Grayson M .-P .
M urphy, Chairman; Boudinot Attorbury, Sec., 140 Broadway, N . Y . City.
Guaranty Trust C o., depositary. V. 108, p. 878, 1165, l390; V. 113,
p. 1052.
(2) Com m ittee for Prof, and Common stocks: Chairman, Eugene V . R.
Thayer: Sec., Charles B. Makopoaco, 115 Broadway, N . Y ., with Mercan
tile Trust & Deposit C o., depositary. V . 108, p. 1275.
Report by Stono A Webster, V. 109, p. 1079, 2356, 2436. Report to
Legislature, V. 110, p. 971. Comm. Nixon favors unified control o f all
companies, V. I l l , p. 589.
Soo Interborough Rapid Transit Co. below for readjustment plan.
S T O C K .— Prof, stock Is proL ns to dlvs. and assets, and while tho full
6% Is not paid, has double voting rights. V. 100, p. 1437, 1510, 1751.
B O N D S .— Tho coll, trust 4>$s o f 1906 o f tho In t.-M e t. C o. wero secured
by pledge o f $33,012,800 o f the $35,000,000 stock o f Interborough Rapid
Transit C o., $1,000 in bonds for $500 stock. This stock was sold at
auction on Oct. 11 1922 In accordance with a decree o f foreclosure. V . 82
p. 280; V. 115, p. 1730, 1837. A sinking fund was established in 1910
$300,000 to bo appropriated yearly out o f surplus incomo after interest
and taxes to purchase bonds at not over par, bonds acquired to be kept
allvo in tho sinking fund. Tho fund. It is estimated, w ill exceed $40,000,000
by 1956. V. 93, p. 666. T o N o v. 1 1919 there had boon purchased for the
sinking fund about $3,543,000 (face value) o f tho $67,825,000 outstanding
4^s.
R E P O R T .— For calendar year 1918. In V . 108, p. 372, showed:
1917.
1918.
Cal.Years—
1918.
1917.
Other lnt., &c. $115,215
$110,307
D lvs. on I . R .
229,494
209,922
T . s to c k ...$4,239,100 $0,782,500 T a x e s ............
300,000
300,000
Othor Income.
163,076
173,306 Sinking fu nd.
Prof. d lv s ..(1 H )0 S 6 .108 2,744,430
T o ta l inc-.$4,402,170 $6,955,806
$38,806
$519,480
Int.onI-M4Hs$3.052.125 $3,052,125 Balance, surp.
O F F IC E R S .— P r e s . , ________________ _ V.-Ps., H . IT. Vreeland, Charles
E. Warren: Sec., II. M . Fisher; Treas., II. Loon Popperman. Offico
165 Broadway, N . Y . — (V . 115, p. 183, 543, 1321, 1730, 1837.)
IN T E R B O R O U G H R A P I D T R A N S I T C O .— Incorporated M ay 6 1902
In N . Y Operates municipal tunnel and elevated linos In N . Y . C ity: also
laases Manhattan (Elevated) R y .. which see
Mileage in Operation June 30— -Length of Road- -T o ta l Single Track19.20
(Description new lines, V .109,p .1174) 1921.
1920
1921
Original subways, & c_______________ 25.72
25 72
85 29
85.29
1053
Queensboro lines__________________ 10.53
28.46
28.46
4.49
4.88
15.82
13.80
White Plains road_________________
6.04
18.89
18.89
Jerome Avenue_____________________ 6.04
4.19
Seventh Avenue____________________ 4.19
15.73
1573
5.00
5.00
Lexington Avenue line____________
2115
21.15
2.31
Clark Street tunnel________________ 2.31
46 7
4.67
17.66
Brooklyn lino______________________
5.10
Nostrand A ve. branch______________ 2.70
5.55
21 60
5 11
Pelham Bay Park line______________ 7.15
15.45
Manhattan (Elevated R y .) division 37.67
37 67
130 19
130.19
Webster A ve. line__________________
1.74
5.33
1.67
2.81
Connecting lines____________________ 1.67
2.81
102.73
373.15
Total (system )___________________ 114.70
336.44
Through service to W oodlawn Cem etery was begun A pril 15 1918. V . 106
p. 1037. 2011. On July 1 1918 established through service on the Seventh
A ve. subway between Times So. and the Battery, and via shuttle tlirougn
the Park P L and William St. branch o f the line from Chambers St. and
West Broadway to W all and William streets; also over the 162d St. elevated
•road connection between the Ninth A ve. elevated line and the Jerome A ve.
branch o f the Lexington A ve. subway as far as 167th St. station on the
Jerome A ve. line. On July 171918 the Lexington A ve. subway was opened
for business to 138th St. and Jan. 7 1919 to llunts Point Road. The Pel
ham Bay Park line was put Into operation on Dec. 20 1920. V. I l l , p. 2520;
V. 107, p. 2477, 82; V . 106. p. 2752. The Clark St. tunnel to Brooklyn was
opened In April 1919 V. 107, p. 1005, 2290. On Aug. 23 1920 the co. put
Into operation two new extensions to its lines in Brooklyn— the Eastern
Parkway line extension and the Nostrand A ve. extension— completing the
principal Brooklyn link o f the Interborough System. V. I l l , p. 895. T h e
Webster A ve. extension o f the Third A ve. Elevated lino was opened for
tra ffic In Oct. 1920. V. I l l , p. 1369.
Proposed extensions. V . I l l , p. 1369Owns stock o f N . Y . Sc Queens County R y ., 73 miles, and (Jointly with
Long Island R R .) the N . Y . Sc L . I. Traction C o. and Long Island Elec.
R y., total, 68 miles. V. 80. p. 2621; V. 83, p. 818; V . 86. p. 1100.
‘ ’ Outside assets” In Dec. 1917. V. 103, p. 2365.
N E W L IN E S .— On M ar. 19 1913 an agreement was signed between
the city and this company (V . 94. p. 1507. 1565: V. 96, p. 62, 359, 1701)
and the Brooklyn Rapid Transit Company, providing for the establishment
of comprehensive dual systems o f rapid transit serving all boroughs.
Th e official statement to the N . Y . Stock Exchange, dated June 30 1913,
• as published In "Chronicle” o f Aug. 16 1913. pages 450 to 455, giving full
oartfculars as to new contracts, bonds. Sec. See also V. 97. p. 744, 1024.
Lines to be Over.by Interborough R .T .C o .
Road Track Track
Total
(Exclusiveof Manhattan Ry. and Sidings) — M iles. Subw. Kiev. Track.
56.1
16.9
73.0
ompany’s original lin e s______________________ 25.7
New, to be built Jointly by city and com pany, 48.5
75.6
71.5 147.1
T o ta l............................................................... 74.2 131.7
88.4 220.1
As to aid for contractors and completion o f lines see V. 106, p. 1126, 1344.
1901. 2346. 2451; V. 107. p. 2009. 2098. 2290.
Subway Leases. New and Old. to Run 49 Years— Re-Capture.
The lease by the city to the company o f the new subways Is for 49 years
from Jan. 1 1917. but If their completion should be delayed through n «
fault o f the company, the beginning o f the term will be correspondingly
postponed (date now set Jan. 1 19L9); subject, however, to the city's right
o f recapture after 10 years.
The loases o f the original subways as modified expire contemporane
ously with the lease o f the new subways, but are not subject to termination
by notice except as portions thereof may be taken over In substitution
for the 7th A ve. branch or the Lexington A ve. branch o f the new sub
ways In order to complete a direct longitudinal line, either upon the East
Side or upon the West Side o f the city. As to the old contracts. Nos. 1 and
2, see this Section. Issue o f Feb. 1913 and V . 96. p. 1701.
The authorizations and licenses for the elevated railway extensions and
additional tracks are for 85 years from the beginning o f operation, and are
respectively subject to the right o f the city to purchase and take the propertv at any time after 10 years upon payment therefor.
Under the pooling agreement with the city which became effective
Jan. 1 1919, all the receipts o f the old and new lines o f the Interborough
system, with the exception o f the old elevated linos, will be placed In a com
mon pool, from which will be deducted taxes, maintenance, operating ex
penses, depreciation, the company’s preferential and interest and sinking
fund payments upon the city ’s and the company's investments In the new
lines. A fter these charges are paid the amount o f revenue remaining will be
divided equally between tho city and the company. V. 107. p. 501, 401.
Interest on the securities issued to construct and equip the new lines was
a charge to construction until, and to the extent of, the completion and
commencement o f operation o f the new lines. Under its contracts with
the city the company was reported In Jan. 1919 to be entitled to take, on
basis o f convertible note Issue o f 1918, out o f the revenues o f the Interbor
ough Rapid Transit system, an annual sum which, with $500,000 other cor
porate income, will provide $17,620,072, as compared with $13,101,255
required for Interest and sinking fund on all bonds and notes outstanding
In the hands o f tho public; but in Jan. 1919 not over $9,700,000 o f tho sum
last named was expected to be a charge against the earnings o f the year
1919, owing to the delay in putting tho new linos in operation. See below
and V . 108, p. 171, 268; V . 107, p. 1100
Th e amounts payable to the company out o f the revenues o f Its subways
(compound interest being allowable on any deficiency in any fiscal year)
are to be paid before the city becomes entitled to the Interest on Its invest
ment under its 1913 subway contract with the company. Th e amounts
myable’ io the company out o f tho revenues o f Its elevated linos (compound
nterest being allowable on any deficiency In any fiscal year) are to be paid
before tno city shares any profit from tne operation o f the elevated lines.
When the profits from the operation o f the subway system exceed th «
amount of the company's annual prior claim, and after all accumulated dr-
f
R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 61
Miles Date
Road Bonds
Amount
Outstanding
Par
Value
In te rn a tio n a l & Clrcat N o rth ern — For securities to b e issue d by re organized
$100
Common stock, see t e x t . . __________________________
100
Preferred stock (p & d) non-oum (see text)
500 &c
ls t M tg e gold extended 3 yrs at 7% call (text) — EQ 1.106 1879
1,000
1880
Colorado Bridge bonds sinking fund (see te x t )..F x
1918 1,000 &c
Receiver's ctfs (refunding issue)----------------------—
$ £ fr
1st Refunding M 560.000.000 gold red 110
Cex 1.106 1911
1.000
1911
Three-year 5% secured notes redeemable 101 g.Cex
1.000
1913
Equip notes due $50,000 s-a (V 97, p 521, 729)-E q x
1.000
1916
Receivers' equip trust notes $39,000 semi-annually
f Further $12,150,000 non-exchangeable bonds and $1,600 ,000 ex changeab
R E P O R T .— Y ea r ending Juno 30 1921. in V . 114, p . 1172:
•-----------Years ending June 30----------1921-22.
1920-21.
1919-20.
Operating ex p en se.............................3§ g | g
Operating Income...........................S18.JH5.526 S16.271.601 S17.159.791
Other In co m e ......................- .............
652,875
639,123
608,369
..............
11,016,654
8,233,560
♦Credits, contract N o. 3 ......................
Tn M ,
.
.............. $27,927,378 $26,001,720
In t.a n d rtn'king' fu n d 'city 'b on d s.. . .
- ............ S2,435.768 $2,428,488
«•>
■*««
7,410.893
- ............
7,900.780
In t. on First & Ref. 5 s . . . ................
1,843,018
Sinking Fund, First & Ref. 5s...... ................. —
2,057,705
1,627,360
In t. on Manhattan R y . 5s-----------------------i m
878,150
Other Intorost, & c----- ------- - - - - ...........................
i ’ onn’ oon
4 , 200,000
4,200,000
Guar. div. Manhattan R y. stock..........................
1,616.087
In t. on 3-yoar notes-------------------------------2.1JJ.2UU
I. It. T . Co. dividends......................
..............
..............
..............
Balance, su rp lu s................- .........
- ........ , $6,551,827 $5.997.724
• Credits accrued to the company under contract N o . 3 and related cer
tificates which are payable to the company from future earnings before
the city participates, see V. 107, p. 13S4; V . 109, p. 1175.
Passengers Carried and Cross Revenues (in M illio n s ), June 30 Years.
“
mi
mo
65
RAILWAY STOCKS AND BONDS
Nov., 1922.]
mi
Ma
Mr.
•i a
*17
’IQ
’2 0 .
'2 1 .
22.
1013 993
Passengers 578 607 634 651 647 684 763 771
809
955
$55 $53
G ross____ $29 $31 $32 $33 $33 $36 $40 $40J4 $43
$51
D IR E C T O R S .— August Belmont (Chairm an). W . Leon Pepperman.
Ila rvey I). Gibson, O. E. Dunlap, Cornelius Vanderbilt, Edward J. Berwind, II. M . Fisher, F. do O. Sullivan. Morgan Belmont, Grayson M -I .
M urphy, Frank Hodley, M ortim er N . Buckner, Robert C. Rathbone.
Pres. * Gen. M gr., Frank llodloy; Sec., II. M . Fisher:_ Treasurer, W .
Leon Pepperman. Office, 165 B ’wnv, N . Y . — (V . 115, p. 759, 868,
988. 1100, 1321, 1532, 1631, 1730, 1837, 1941. 2046, 2159.)
IN T E R N A T IO N A L - G R E A T N O R T H E R N R Y .— Successor, as per
reorganization plan outlined below, o f tho International & Great Northern
R y. T o ta l system Dec. 31 1921. 1,159.miles, vlz.j
Lines owned iconcl.)—
M iles
Lines owned—
M iles.
Long View Jet., T e x ., to Houston 232 Magnolia Park Term inal------------ 10
Palestine to Laredo_____________ 413 Sundry branches------------------ --129
Joint Trackage—
Miles.
Spring to F t. W orth, T.*P.O onn.272
Houston to East Columbia breh. 50 G alv. Houston & Henderson e tc. 54
‘ O R G A N IZ A T IO N — Incorporated In Texas on Aug. 10 1911 and
succeeded the Int. & Great N or. RR. foreclosed June 13 1911. per plan In
V 92 d . 1310. T h e I. & G. N . Holding Corporation was incorporated in
Virginia In N o v. 1911 with $6,500,000 capital stock, and owns the common
stock o f the railway. See V . 93, p. 1386; V . 95, p. 176. V . 92, p. 1310.
Suit against Pierce Oil Corp., V. 115, p. 1532.
Receivership.— In 1914 receivers were appointed, both the principal and
Interest o f the $11,000,000 3-year notes being In default. V . 99, p. 467.
406, 342.
p jan Gf R e o rg a n iz a tio n D ated Ju ne 1 1922.
Th e reorganization managers, J. * W. Sollgman & Co. and Speyer & C o.,
In Juno 1922 prepared a reorganization plan (V . 114, p. 2468), the prin
cipal featuros o f which are outlined below. Th e plan was declared operative
company, s
$1,422,000
3.400.000
11,290.500
166.000
1.400.000
f 1.108.000
11,000.000
100.000
273.000
Rate
%
7
S*
5 g
5
5g
6
When
Payable
Last Dividend
and M aturity
Jan
& N N ov
& N N ov
N ov
Aug
Aug
Feb
Jan
2 1913 4%
1 1922
1 1922
1 1922
1 1941
11914
'23-Aug '23
'23-Jan '26
Places Where Interest and
Dividends are Payable
Equitable Trust C o. N Y
Office, 165 B ’way. N Y
Central-Un T r C o, N Y
Aug 1914 coup not paid
Aug 1914 coup not paid
B l a i r * C o. N Y
First T r & Sav Bk. Ohio
le bonds pie dged as p art securi ty for note issue
(2) Adjustment Mortgage Bonds.— T o ta l a u th o r iz o d a m o u ^
at any one timo outstanding. Secured b v rnortgage to Columbia T m s t Co
as trusteo on the properties embraced in the new irst .M tge. ana irom
time to time becoming subject thereto. .Subject to the
^ t g o . and to
the prior payment out o f the mortgaged property o f a ll bonds at any time
issued and outstanding under tho First M ortgage. Interest payablo annuallv or semi-annually as may bo provided, at such rate as inay from tim e o
time be determined by the directors at the tim e o f issue, but required to be
paid (except as to arrears, if any, o f cumulative interest payablo on ma
turity o f the principal), only out o f not income as defined in the mortgage.
Th ey may bo issued in separate series maturing on the same or different
dates, and any serios m ay bo made redeemable, all or Par t . on “ i*}®®L£.n<v,nfc
premiums, as may be determined b y the directors at the tim e o f ',
bu
hi all cases with accrued cumulative interest. Pavm ent o f installments o f
interest for any period on Adjustment M ortgage bonds o f different series
esrrving different rates o f interest shall be made in amounts which in a ll
cases bear to each other tho same proportions as t l ^
rates o f interest carried b y such respective series boar to each
t
Under tho Adjustment M ortgage the new company m ay reserve the right
to retire any serhw, all or part, and to issue for such purpos<* like amounts
o f bonds ]n another serios.bcarlng samo or different rates o f Interest, &c.
Th e Adjustment M ortgage w ill provide that the net income ^ P b e a b le
to the pavment o f interest on tho Adjustment bonds shall bo deemed to be
its net income as that term is defined in tho accounting rules o f to e I.-S. O
Commission from timo to timo in force, but without doduction in a, certain'ng not income for interest on tho Adjustment M ortgage bonds and
only such portion o f the net income for each year beginning Jan.
tors may determine, but not less than 50% o f such net Income for each such
year ending prior to Jan. 1 1928 sahll be required to be applied (to the extent
necessary) to tho paymont o f interest on the Adjustment k
any remaining net income to the extent o f any difference betwoim th e fu ll
interest on tho Adjustment bonds and tho interest actually paid thereon,
shall bo carried into a separato account which shall be available for capital
expenditures or other corporate purposes, but shall not in any yoar bo a
part o f surplus available for tho payment o f dividends on any class o f stock
at tho tim e outstanding.
. . . .
* ,
A fter Jan. 1 1928 the interest on tho Adjustment bonds at tho rate
borne w ill be cumulative, and at tho maturity o f tho principal all arrears or
cumulative interest shall bo payablo, but accumulations o f interest shall not
hC'lH o w t h T t l7 .000,000 Adjustment Mortgage Bonds A re to /^ Applied.
$17,000,000 Scries A 6% 30-Year Gold bonds dated July 1 1922, ranking
for interest from Jan. 1 1923. maturing July 1 1952. rodeomablo all or part,
at par and Interest, and payablo as to principal and intoo£t in N ew \ ork
C ity , to be appliod for tho following purposes and approximately in tho
(a)'°In'r espart o'f'the 3-vcar notes o f tho railway company........ .$13,452,120
\b) In respect o f 1st & Uef. M tge. bonds o f tho railway company 1.08 i,000
(CTho remainingr ^OOO'.bbb'AdJustme'nt bo'nd's'.'to be' a'uth'orlzed,’ w ill be
Issued OT reservod for issuo under such regulations as the reorganization
managers m ^ d o te r m in e . ^
Commfm
u tQ Be Applied
(a) In respect o f the 3-year notes o f tho railway company-------- $2,452,120
fb) In r^ n ect o f 1st & Ref. M tge. bonds o f tho railway company
517,990
(cj T o provide clash for reorganization purposes and for syndi- 4 ^
Rgo
Vafina Tnusf— T h ^ c o m m o n ' stock o f "the' new "company w ill be assigned
v TClnV James Spoyer and Frederick Strauss, as trustoos, and
on July 5 1922. Sgalrilies t0 p c is s u e d by N e w C o m p a n y .
w i l l Z ^ d b'y them, joTnTly.Pand their successors, subject to a trust agree
(1) F ir s t M o rtg a g e B on d s. — T o ta l authorized amount, $40,000,000, at ment in s u ^ f^ r m as the reorganization managers m ay detennlne, for 5 years.
any one tim e outstanding. Interest, payablo s.-a., at such rate as may
New Securities and Cash to Be Issued /or Old PebL_________________
from time to time bo determined at tho time o f issue. Secured by mort
gage to Equitable Trust C o., N . Y ., trustee which is to embrace except as
Amount
1 st Mtge.
A d ). Mtge. Common
Cash.
otherwise dealt with In tho carrying out o f the plan, all or substantially all
Slock.
Existing
Outstanding. Ser. A 6s. Ser. A 6s.
tholinos o f railroad, franchises and equipment, t erm nals and other property
$
$
S
Securities—
$
*
which m ay bo vested in tho now company; also all additional property of
like character at any time thereafter acquired, subject, however, as to the Int. & Gt. N or. R R .
............ 620,977 50
ls
t
M
.
6s,
1922-Xl'l
,290,500
11.290.500
........
property thereafter acquired, to existing lions thereon, and to any purchase
55 00
Each $1,0001.000
money lions thereon created In connection with such acquisition.
Bonds may bo issued In separate issuos maturing on the same or different ° ° l s i M ri7sgC192°2 X130.000
130.000 ................................
7AJ5 00
dates, and any series m ay no made rodeomablo all or part at times, on
Each $1,000.
I- 000
0/00
notice and at premiums, and may have such conversion privileges, as may
bo determined Dy tho directors at tho tim e o f Issue. Tho now company may
have tho right to rotlro any sorlos, all or part, and to Issue for such purposes
like aggregate principal amount o f bonds In another series, bearing the samo
or different rates o f Interest, &c. Provision may bo made for releases of
anv nart o f tho railroads o f tho now company or o f any other property.
x W ith coupons maturing N o v . 1 1922. y W ith coupons maturing M a y 1
First M o rtg a g e Bonds to Be P re s e n tly Issued, a n d D e liv e re d . $20,000,000.
Series A 6% 30-yoar gold bonds, dated and carrying interest from July 1 ^ Th e'V st'm tge'. V '^ ' lionds duo N o v . 1 1922 undopositod under the plan
iqoo maturing July 1 1952, rodeomablo as a whole only at 107H and int.
aiuTnivablo, principal and Int., in Now York, to bo appliod for tho following W<BTOOKh^O f'the^"com 'stock.’ $i.422J>00 had been Issued Dec. 31 1921
mimeses and approximately in tho following amounts:
the remaining $5,078,000 being held for exchange for a like amount o f con?ain?r o bo exchanged for, or to tho extent that holders o f said
rtiHnnal Interim certificates. If Issued, under agreement dated N o v . 1911.
' bends elect not to make such exchange to be sold for cash to
B O N D S .- O f the new 1st Ref. M . 30-yr. 5s ($50,000,000 auth).$12.150.retire International * Great Northorn R R . 1st M tge. bonds
nnn have been pledged as security for the 5% notes due Aug. 1 1914 and $1.In d d o l o r X B r i d g e Co. 1st M tge. bonds........................... -Si 1.420,500
600 oOO^old for cash to the syndicate and by It deposited as further security
/1,\ tpn iw» sold for 1’i i s l i — -------------— - - - - - - oiO»-J,oUU for* said notes (see above). Compare V. 94. p. 350; V . 96. p. 6 5 3 ; V 9 9 .
c) T o secure a note in the sum o f $2,400,000, nyituriutf March l
n0r2Aaq
The secured notes through their collateral cover the entire proptq-to to bo made by tho new company to the Director-General
flncludlng underlying bonds) about $20.5()0 per mile. V. 94. D. 350.
o f lta llro a d sto refund $2,400,000 6% receiver’s certificates
l^v order o f the U. S. District Court, the receiver In Oct. 1919 arranged
tv J o H h v t he receiver and now held by tho Government------- 2,750,000 for the extension o f the First M tge. 6% bonds, due N o v . 1 1919. unttl
T h e remaining $20 000,000 1st M tge. bonds, to bo authorized, w ill bo N o v 1 19* 2. on the following main terms: (1) Coupon maturing N o v . 11919,
« n . nr'riwl'rved*for Issue uniler such regulations as the reorganization Pr.°ho naid to the holders o f bonds assenting to tho extension, (2) interest
,m , L. rs r v
tennllio 'iml as shall be sot forth in the First M ortgage,
rxt A N ) during period o f extension to be paid on the assented bonds at
K
« t n"f f not exceeding $5,000,000 bonds to bo issuable to a principal rate o f 7% P- a.; (3) tho assented bonds to be redeemable at any time In
a m o u n t o q S a l t o \ h o S M»“ «n<l beyond that amount o f bonds to 86%
w hole only bn 30 davs' notice if during the first year, at 101 M and Int
o f the cost o f new equipment, improvements, betterments additions new The second v'-ar at 100X and int.. the first six months o f the third year at
mil ea go'or pro per t y ,'or *(if permitted by law) stocks or bonds representative
io n u and*Int. Assenting holders were requested to present bonds to the
o f new mileage or property, whether constructed or acquired by tho now Equltablo Truat C o., N . Y . , trustee. V . 109, p. 1G10.
company or by some subsidiary company.
^ i ‘®
,U08’000
.....
64
RAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[F o r a b b re v ia tio n s , & c . , see n otes o n pa ge
6]
Miles
Road
In te rb o ro u g h R a p id T r a n s it— Stock $35,000,000-. Text
l « t & Rer M $300,000,000 g sredll 10 (text) a .y c * & r *
Secured conv notes g call series A & B -.x x x .B a .c *
For capitalization under readjustment plan, see text.
Date
Bonds
1913
1918
Pa'
Value
Amount
Outstanding
Rate
%
When
Payable
100 35,000.000 See text
1.000 &c 162.106.000
5 g
J
100 &c
See text
M
8g
ductlons (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. Th e profits from the elevated
system and connections, after all the company's accumulations shall have
been made up, are to be divided equally between the city and the company
Receivership hearing adjourned, V. 115, p. 1911.
R e a d ju s tm e n t P la n , D ated M ay 1 1922.
Th e 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). Th e main purpose
o f the plan is to provide for the capital requirements and arrears o f tho Inter
borough system, estimated at about $30,000,000, and to readjust the M an
hattan dividend rental. Under the plan the Interborough Consolidated
Corp., which is the successor to the Interborough-Metropolitan Co. as the
holding company controlling the Interborough Rapid Transit Co., will
disappear w ith its $45,740,500 o f preferred stock and its 932.626 no par
shares o f common stock and its $63,808,000 o f Coll Trust 4 )4 % bonds.
In place o f these securities the $35,000,000 o f Interborough Rapid Transit
Co. stock w ill remain. V. 114, p. 2011; V. 115, p. 2159.
Sc
&
[V ol. 115.
Last Dividend
and Maturity
Places Where Interest and
Dividends are Payable
.. Jan 2 T 9 2)4 %
.1 Jan 1966
Treas office. 165 B'way
S S e p tl 1922(ext) J P M organ & Oo, N Y
tho Interborough company’s now 10-Year 6% Gold notes as shall not bo
taken by the holders o f Interborough-Motropolitan 4 )4 % bonds and o f
Interborough stock, togother with tho Interborough-Motropolitan 4 )4 %
bonds and Interborough stock surrendered by tho holders thereof.
P a r t ic ip a t io n i n P la n by H o ld e rs o f In te rb o ro u g h R a p id T r a n s it C o . S tock.
Iloldors o f Interborough Rapid Transit Co. stock (o f which $1,087,500
is in tho hands o f tho public) shall be entitled to participate in tho plan by
purchasing at their principal amount and accrued interest now Intorborough
10-Year 6% Gold notes to tho extent o f 32% o f tho par value o f thoir stock
or at their option by surrendering 60% o f thoir stock for delivery to the
above mentioned underwriting syndicate.
T o carry out provisions tho plan o f readjustment, providing for olection
o f directors to represent the public authorities on tho Intorborough board,
a voting trust has been established. Voting trustees are: Grayson M .-P .
M urphy, Guy E. Tripp and Frank L . l ’olk. T h e voting trust is to con
tinue in force until Oct. 1 1927.
For further details o f plan, compare V. 114, n. 2011, 2240.
D e p o s its . — It was stated in N o v. 1922 that holders o f more than 90% o f
the $60,000,000 Manhattan R y . stock, 95% o f the $65,000,000 Intorborough
M etropolitan 4 )4 % bonds and 94% o f tho $38,000,000 Intorborough Rapid
Transit Co. secured notes had consented to tho plan. Roughly speaking,
tho capitalization o f tho combined Intorborough-Rapid Transit Co. and
Manhattan R y . w ill be:
S u m m a ry o f the M a i n F e a tu re s o f the P la n .
(1) Interborough Rapid Transit Co. 1st & Ref. M tg e. 5% bds.$154,446,000
M a n h a tta n R e n ta l. — The Manhattan rental is to bo payable out o f the
(2)
do 10-yr. 7% notes (secured by I. R . T . Co. bonds)____ 34,330,000
earnings o f the combined systems after tho payment o f interest charges
(3) Manhattan Railway Co. bonds____________________________
45,206,000
and is to bo at tho following rates:
!4)
do
do
s to c k ____________________________
60,000,000
For the fiscal year beginning July 1 1922, 3 % .
5)
Intorborough
Rapid,Transit
Co.
unsecured
6%
notes_____
10,500,000
F or the fiscal year beginning July 1 1923,4%.
;6)
do
do
do
s t o c k ____________________ 35,000,000
For the fiscal year beginning July 1 1924, and subsequent years, 5 % .
Tho N ew Y ork C ity Transit Commission on Sept. 29 1921 mado public'a
These preferential payments are to be cumulative and must bo made to plan
for tho readjustment and inorgor o f streot railways and rapid transit
the Manhattan stockholders if the earnings exist.
o f Greater Now Y ork with ovontual city ownership. Compare
In case 4% dividends should bo paid in any year upon Interborough linos
V. 113, p. 1431; V. 114, p. 301; V. 115, p. 73.
stock, any further distribution o f dividends for that year is to bo divided
V A L U A T IO N .—-V. 114, p. 1765.
upon a prescribed basis between the Interborough stock and the Manhattan
stock until the total dividends upon the Manhattan stock for that year have
C O N T R O L .— In Deo. 1907 *33,912.800 of the *35,000,000 stook had
reached 7 % .
been exchanged for 200% In 4 )4% collateral trust bonds of the Interborough
In te rb o ro u g h D iv id e n d s L im it e d to 7 % .— N o divs. shall bo paid upon tho
Metropolitan Co. (which see above), secured by the stock exchanged
capital stock o f the Interborough Co. (a) before July 1 1926. nor (6) out o f
P ro te ctiv e C om m itte e fo r R onds a n d N o te s . — J. P. Morgan, chairman;
income accruing prior to that date, nor (c) unless and until tho foregoing
William Ewing, Sec., 23 W all St. Deposits not yet (A pr. 1922) asked.
Manhattan cumulative div. rental and all taxes upon the Manhattan prop V. 109. p. 1461.
erty and all div. rentals accruing to and incl. July 1 1922 shall havo boon
D IV S .—
1907f o 1910. 1911. 1912. 1913. 1914 to ’ 17. 1918. 1919
aid in full. Th e divs. to bo paid upon the stock o f tho Interborough Co. Since
1906.%
9 yearly.
10)4
15
12 20% y rly .
15
2)4
» any year prior to July 1 1950 shall not exceed 7 % .
In July 1918 reduced div. to 2 )4 % quar. (10% p. a.) and in Oct. 1918
A fter July 1 1950 no div. shall bo paid in excess o f 7% per ann., and no and Jan. 1919 paid at that rate. In Feb. 1919 failed to declare any d iv i
other distribution o f corporate assets shall be made if such payments reduce dend for April 1. 8ee V . 108, p. 878.
the aggregate net value o f the assets o f tho Intorborough Co. below $35.B O N D S .— The “ First and Refunding M o rtg a g e " o f 1913 is limited to
000,000 unless such div. or distribution shall have received tho consent of
$300,006,000. o f which $170,000,000 was underwritten earlv In 1913,
the M anhattan directors.
. . .
in April 1922 $162,106,000 was outstanding and a further $59,602,000
E x is t in g C u r r e n t O b lig a tio n s a n d A r r e a r s to be P a id . — Provision is to bo
mado for the payment o f all existing current obligations, including the had been pledged to securo tho Throe-Year Secured Convertible 7% notes
arrears o f rentals at the present rate and taxes under the Manhattan duo in 1921. V. 107, p. 1100. Sco full data, V. 94, p. 1507, 1565; V. 96.
p. 1228; V . 97, p. 450, 1024: V. 98. p. 304, 611. 1157; V. 99, p. 119. V . 100,
lease down to July 1 1922, the boginning o f the next fiscal year.
Ponding tho consummation o f tho plan no dividends are to bo paid upon p. 2080, 1701: V. 104, p. 764. Offerings, V. 101, p. 1972: V. 102, p. 437.
Manhattan stock, but accruing Manhattan bond interest is to be paid V. 103, p. 1592, 1888. Listing, V . 108, p. 2629. See Gen. Finances below;
The new bonds became N o v . 1 1913 a first lion on all leasehold and
and payment o f $2,500,000 to be made to the C ity o f N ow Y ork on account
other rights of the company In (a) tho existing subways and elevated lines
o f taxes now in arrears on the Manhattan property.
(including power houses, sub-stations, equipment, real estate,&c., owned
M a in te n a n c e a n d Im p ro v e m e n t o f M a n h a tta n P r o p e r ty . — Provision is to
be made to insure tho application o f a proper amount to the maintenance directly by the Interborough C o. subject to tho c ity ’s rights under tho lease)
and improvement o f the Manhattan property, including the installation and (6) In the new subway and elevated line extensions and In the author
ized additional tracks on tho prosent elovated lines. Cum ulative sinking
o f turnstiles at stations and pneumatic control doors for cars.
fund o f not less than 1% yearly o f amount out began July 1918, and is to
S in k in g F u n d o f In te rb o ro u g h R on d s W a iv e d 5 Y e a rs . — The interest pay
ments on tho Intorborough 5% first mortgage bonds and on tho secured retire entire Issue.
In case the city shall exercise its right o f re-capture of any o f the new lines,
notes is to continue uninterrupted, but in order to increase the amounts
available for the improvement o f tho Interborough properties and othor after 10 years from commencement o f operation, the moneys so payable
will retire all outst’g bonds Issued for constructing and equipping same.
capital purposes, the sinking fund in respect o f tho Interborough 5%
C O N V E R T IB L E N O T E S .— Late in 1918 tho company sold $39,400,000
mortgage bonds is to bo waived for a five-year period.
Three-Year Secured Convertible 7% gold notes dated Sept. 1 1918, due
In te rb o ro u g h N o te s E xten d ed 10 Y e a rs . — 90% o f tho $38,144,000 Interborough secured notes, maturing Sept. 1 1922, are to be extended for a Sept. 1 1921, but radoemable all or part at the option o f company at 103%
period o f ten years, the remaining l0 % to be paid in cash within 60 days prior to Sept. 1 1919; then at 102% prior to Sept. 1 1920, and then at 101
after the plan is declared operative. Th e extendod notes w ill be secure 1 by prior to maturity, in each case plus interest. Th ey are secured by pledge
deposit o f $59,602,000 1st & ref. mtge. bonds o f 1966 and w ill be converti of $59,602,000 First & Ref. M . 5% bonds at a price o f 64% . T h e notes
ble into 1st & ref. 5s at 80 during the first 3 years, at 85 during tho second are convertible at any time before maturity (provldod notice o f any election
to convert after Aug. 1 1921 be given on or prior to that date), at option
3 years, and at 90 during the last 4 years.)
,
* „„„ .
o f holder into tho First & Ref. bonds at 87 J4 % with adjustment o f interest.
N e w 10-Y e a r 6% N o te s ( A u th o r iz e d , $15,000,000: T o Re Is s u e d . $10,500,000.)
T o provide for capital expenditures tho Interborough company will Sinking fund $615,870 annually. V 107. p 1000. 1284. 1747. 1837.
In Aug. 1921 the company aslcod tho noteholders ($38,144,400 notes then
create its 10-Year 6% Gold notes to the authorized amount o f $15,000,000,
o f which it is intended presently to issue $10,500,000. U ntil tho payment outstanding) to consent to an extension o f the notes for one year to Sept. 1
o f these notes the Interborough company w ill not sell or issue any 1st & 1922, the interest rate being increased from 7% to 8 % . In A pr. 1922 over
R ef. M tg e. bonds, except upon the conversion o f its Secured Conv. Gold 98% o f the notes had boon thus extended.
G E N E R A L F IN A N C E S .— Tno cast o f the Intorborough now subways,
notes (or renewals or extensions thereof) or for the purpose o f paying the
elevated extensions and third-tracking, &c., as originally estimated In 1913,
principal o f these 10-Year 6% Gold notes.
was paid from tho proceeds o f First & Ref. bonds, o f which $162,106,000
P a r t ic ip a t io n i n P la n by H o ld e rs o f In te r b o r o u n h -M c tr o p o lita n 4)4 % R on d s.
Holders o f Interborough-Metropolitan Co. C oll. Trust 4)4 % Gold bonds are in the hands o f the public. Largely as a consequence o f the war, the
cost o f completing the Interborough now rapid transit system was approxi
m ay participate in the plan:
(1)
B y purchasing, at their principal amount and accrued interest, newmately $37,640,000 more than the original estimates made in 1913.
Tho proceeds o f tho noto lssuo o f 1918 was expected to complete the
Interborough 10-Year 6% Gold notes to an amount equal to 16% o f the
company’s contribution to the cost o f the Interborough now rapid transit
principal amount o f their bonds, or at their option,
(2)
B y surrendering 60% o f their bonds for delivery to an underwritingsystem, while tho city In Sept. 1918 had yot to provide about $40,000,000
syndicate to be organized to purchase such o f tho now $10,500,000 notes to complete its contribution. V . 107. p. 1100. 1284.
T lie city administration doelinod in 1919 to consider an increase of
as are not taken by tho holders o f Interborough-Metropolitan 4 1•» % bonds
or Interborough Rapid Transit Co. stock or by holders o f preferred and fare (from‘ 5cts. to 8 cts.). V . 108, p. 78, 171. Th e company's application
for increased fares was withdrawn m M ar. 192(1. V . 110. p. 1188. Tho
common stock o f Interborough Consolidated Corp.
Th e stock o f the Interborough company pledged to securo tho Inter company stopped dividend payments oarly in 1919 and tills precipitated a
borough-Metropolitan 4)4) % bonds will, when reduced to possession upon receivership for tho holding company, tho Intorborough Consolidated
the enforcement o f tho trust agreement securing them, bo distributed among Corporation, which seo above.
Th e Jan. 1920 charges, aggrogating $5,117,644. were mot with the help
the bondholders participating in the plan in accordance with thoir respective
o f loans from allied Interests In the form o f $2,900,000 fl-months 7% secured
Th e Interborough-Metropolitan 4 )4 % bondholders’ comm ittee will notes, due Juno 30 1920 (extended to Dec. 31 1920 and again to Juno 30
offer to tho holders o f first the preferred and then tho common stock o f 1921 and 45% ($1,305,000) further extendod to Juno 30 1922. V. 110,
Interborough Consolidated Corp. the opportunity o f purchasing such o f p. 658, 167, 78; V . 112, p. 01; V . 113, p. 71.
6
Nov., 1922.]
67
RAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 6]
Kansas City Fort Scott & Memphis R y—
Ref M $60,000,000 gold guar p A 1 en d.B a .xcA r
Kansas City Ft Scott A Memphis R R oons MNB.xo*
Current R iver R R 1st M $20,000 p m g u a r...N B x
Kans Cy A M R y A Bdge 1st M g s f drawn at HOxo*
Kans Cy Mem A Blrm gen M *4.500.000 our._OB.xc
Income non-cum. N o fixed Int coupons.-OB.xc
do
stamped fixed Interest redeemable text.x
Kansas C ity M em ohls & B irm in gh am — See Kansa
K C M em phis R y & B rid g e C o — See Kansas C ity F
K ansas C ity M exico & O rien t— Stock see t e x t . . . .
Two-year gold notes $6,000,000 red par-------- Col.c
Kansas C ity Outer Belt A Elec— Stook (half 4% pref)
1st M *3.000.000 ar
_______ ____________________
Kansas C ity &’ P a c ific — See Missourii K a n s a s * Texas
Kansas City St Joseph & Council Bluffs— See Chicago
Kansas C ity Shrevep & Qulf Term— 1st M red 1 0 5 ..z
Kansas City Southern— Common stock $30,000,000..
First mortgage $30,000,000 gold-------- . . . Ba.xcftr
R ef a n d lm p t M $21,000,000 gold red 105.xc*A r.N
Eauln notes g eer D due $62,000 s-a red p a r_.N *
do
duo $63,600 yoarly------------------------- G
K ansas C ity T t r m R y — Stock auth $50.000.000----1st M red as a whole on or aft Jan 1930 at 105 ft In t. x
Secur gold notes $2,000,000 call (text).xx x.C eC .c*
Sec gold notes $9,850,000 call at 101 ft ln tC C .vc*ftr
K an sas O klahom a & G u lf R y — See text.
M iles
Road
Date
Bonds
Amount
Outstanding
Rate
%
1,085
715
82
3
285
285
285
s C ity
ort Sc
1901 1.000 Ac 25.941.000
1,000 13.736.000
1888
1.606.000
1,000
1887
1,000 b2,293,000
1889
3.323.390
500 Ac
1894
86,280
500 Ac
1894
5.595.500
500 Ao
1894
P 8 ft Memphis
ott & Memphis
4 g
...
---
When
Payable
Last Dividend
and Maturity
Oot
May
Oot
Oot
Moh
Moh
Moh
1 1936
1 1928
1 1927
1 1929
11934
1 1934
11934
Places Where Interest and
Dividends are Payable
Company. 120 Broadway
Bank Trust, N Y ; A Boat
Old Colony T r Co, Boston
Bank T r Co. N Y ; A Bost
Old Colony Trust Co
do
do
do
do
6
A A O
M A N
A A O
A A O
M A S
Sept.
M A S
5.640.200
6g
A A O 30 A pr 30 1916
li788i000
4g
A
A
O Apr 1 1953
Oct 1911 ooup last paid
4
150,000
29.959.900
4
100 21.000.000
000 3 g
1900 1.000 Ac 30.000.
0005 g
1909 1.000 Ac 18.000.
248 000
1Q1 9
1.000
826,800
6 *
1920
F
A
A Aug 11927
Treas Off, Kan C ity, M o
1914
" 8 1903
R y be low.
Burlln gton A
1897
—
Par
Value
1.000
a “ ”a ,
1910 jirdOOAc x33.092.000
2.000.000
1.000
1921
9.850.000
1918 1.000 &C
6
5
5g
4
Q— J
A A O
J A J
J ft D 16
J ft J15
O ct 16 1922 1%
A pr 11950
Apr 1 1950
June'23-Dec ’24
T o Jan 15 1935
J A J Jan 1 1960
4g
6 >4 g J ft J July 1 1931
M & N 1 5 N o v 15 1923
6 g
Prln. ft lnt. over-due.
Checks mailed
New York Trust Co, N Y
do
do
Blair A Co. New York
Guaranty T rust C o, N Y
N V Boston A Chicago
N ew Y o rk and Chicago
N ew Y o rk and Chicago
b Excludes *707.000 held alive in sinking binds
x Tota l Issued $50,000,000. o f which $16,908,000 pie dged t osecur e notes.
T h e reorganization by which the 8t. Loula-8an Francisco R y . C o. * M
form ed (V . 102, p. 896) left undisturbed the lease and outstanding bonds
o f this system. Provisions In the new Frisco mortgages allow that company
to make Improvements, extensions, A c., on the Kansas C ity F ort Scott
ft 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 or 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
lien o f the new Frisco mortgages on this system, but the aggregate prior
m tge. debt on this system must not at any tim e exceed $76,000,000.
S T O C K .— Common, authorized. $45,000,000: outstanding. $16,660.00*}
all owned by St. Louls-San Francisco R y . and pledged under its consolidate11
mtge.; prof, stock pledged undor prior lion mtge. $13,846,300. O f th
$15,000,000 St. Louis ft San Francisco stock trust ctfs. for the Kansas
C ity F t. Scott & Memphis R y. Co. pref. stock, which In accordance with
their terms matured Oct,. 1 1921, holders o f $13,962,800 acceptod the offor
o f exchange made undor tho plan o f reorganization and rocelved from the
reorganization managers in accordance w ith the reorganization plan, $10.472,100 o f this company’s prior lion mtge. 4% bonds and $3,490,700 o f its
adjustment mtgo. 6% bonds. $84,300 par value o f said stock trust ctfs.
have been exchanged for a ltko amount o f tho prof, stock o f the Kansas
C ity F t. Scott & Momphis R y . Co.
B O N D S .— O f the Refunding bonds o f 1901 ($60,000,000). $25,941.000 were outstanding Dec. 31 1921, $26,324,270 were reserved for ex
change against the face amount o f 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
$22,600 per mile thereof. As to guaranty, see “ organization,
above.
V . 76. p. 863. See V . 87. p. 414; V. 91. p. 38. 164; V. 92. p. 1311: V. 93
p. 46: V . 94. p. 279.
T h e interest on all oxcept $86,280 o f the $5,681,780 Kan. C ity Memphis
ft Blrm. Income bonds Is guaranteed by the Kan. C ity St. Scott & M . R y.
O n M a y 20 1918 holders o f these unguaranteed incomes received on account
o f coupon due Sept. 1 1916 1.198% and on coupon due Sept. 1 1917 6%
•On Sept. 3 1921 coupons due Sept. 1 1918, 1919. 1920 and 1921 were paid
V . 113.n. 1156; V. 106, p. 2229; V. 74. P-477, 577: V. 103,p. 2340. As to
K . O. M om . R y . & Bridge .see V . 78. p. 1549; V . 99. p. 1597; V . 102. p. 800.
(TH E ) K A N S A S C IT Y MEXICO ft O R IE N T R R .—^OOd.
Owned Unci. K .O . M . A O . Ry. of Texas. Securities Owned). M iles.
Wlohlta, Kan., to Alpine. T ex. (Including traokage St. Louis A San
Francisco H R ., Foley to Ewing. Okla.. 12.74 m ile s ------------------ *37.95
-------- bo.77
Marquez. Mex., to Tobalaopa------------------------------- - —
Mlnaca to Sanchez. Mex. (74.28 m .): El Fuerte to Topolobampo,
62.23 m iles).........................................................................................136.51
Vfochls. M ex.. to Moehls Junction. M ex_______________________________ 2.92
O R G A N IZ A T IO N .— In April 1917 W . T . Kem per o f Kansas C ity was
appointed receiver. V . 164. 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. l l l . p . 1566; V. 113, p. 2504. T o build in Mexico.
V. 111. p. 1852.
Th e receivers on Sept. 29 1920 riled application with the I.-S. O. Oomm.
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 o f like amount from the Government.
K A N S A S C IT Y SH R EVEPO RT ft O y L F T E R M IN A L C O . - ^ w m union
depot at Shreveport. La . Including 1.16 miles of yard and termlnal traok.
8took. $150,000. all owned by Kansas City Southern R y . Bonds. Ploneor
Trust C o.. Kansas C ity , trustee. O ffice. K ansas C ity , M o .
K A N S A S C IT Y SOUTHERN R Y .— (S ee M a p .)— Operates a llneextendIng from Kansas City, M o., to Port Arthur. T ex., thenoe by Its ship canal.
7 ra., to deep water on Gulf of Mexico, with branohes and extensive term
inals used by various roads entering Kansas C ity.
Lines Owned—
M iles.
Lines Owned—
M iles.
Kansas City, Mo., to Belt Ju n e.. 12 Branches to Fort Smith. De
Grand View, M o., to Port ArQulnoy, L a ., etci . . . - - - - - thur. Texas____________________765 Trackage— T o Gr. V iew . M o., etc. 25
M iles o f 2d track. 19: yard, terminal and side tracks, 435; total track
mileage In system, 1,308.
. ,
_
Also owns entire $650,000 each of stock and bonds of Arkansas Western
R y.. Waldron to Heavener, A rk ., 32 miles, operated separately; also con
trols K . C. Shreve. A Gulf Terminal Co. V . 83. p. 38. 492.
O R G A N IZ A T IO N .— A reorganization of Kan. O Pitts, ft Gulf R R .. fore
closed In 1900 per plan In V . 69. p . 1012, 1062. V . 73, p. 1356. V . 74, p. 94,
V. 80. p. 1971; V . 81. p. 559: V . 84. p. 1366: V . 88. p. 375.
Tentative valuation, V . 113, p. 1053. 1251.
S E C U R IT IE S .— As to the $21,000,000 “ R ef.and Im p .” bonds o f 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; . 100, p. 1832; V. 101. p. 2144. Dectaton on
Kaos&a C ity Suburban Beit R y . notes. V . 97, p. 1663; V . 98. p. 1469.
D IV ID E N D S — First dlv. on pref. stock. 4 % . palvl July 1 1907 out o f
earns, for 1906-07: O ct.. 1% : 1908 to Oct. 16 1922. 4% p. a. (Q .-J-). , .
Equipment trusts Issued to Director-General for rolling stock allocated
to this company. See a rticle on page 3.
------------- Gross--------------------- Net after Taxes-----E A R N IN G S .—
(I.-S. C .C . figures.)
1922.
1921.
1922.
1921.
Jan. 1 to Sept. 30_______ $14,725,864 $16,560,967 $2,768,963 $3.<62,060
R E P O R T .— For calendar year 1921. in V . 114. p. 2596, showed:
Calendar Years—
1921.
1920.
1919. _
Total gross receipts___________________ $21,768,140 $22,355,227 $16,607,011
Operating e x p e n s e s ...._____ ________ 16,103,992
17,911,665 13,329,087
N e t earnings...................................... $5,664,148 $4,443,562 §3.277.923
"Standard return” __________________
______
______
$3,496,385
Total net I n c o m e . . . . . . . ___. . . . . . . $4,994,349 *$5,544,335
3.603.967
Taxes
&c _
_ _ _ _ _ _ ___________
______
______
21L353
Interest on bonds, & c_______________
2,770,270
3,047,802
1,880,549
M iscellaneous________________________
______
___217.^o4
Dividend on pref. stock (4 % )_______
840,000
840,000
840,000
Balance, s u r p lu s .....___. . . . ______$1,384,078
$1,656,533
$452./80
♦Includes Fed. comp. (2 mos.) and G ovt, guaranty (6 mos.)
D IR E C T O R S .— Chairman. L . F . Loree; M oritz Rosenthal, J. A . Blair.
W T Rosen, Andrew J. M iller, W . G. Street. Mason B. Starring, Arthur
Turnbull, Samuel M cRoberts, Pierpont V . D avis, W . C . Loree and Joseph
F. Stillman o f N . Y .; Edward F . Swinney. Geo. M . M yers and J. A .
Edson, Kansas C ity, M o. N . Y . office, 25 Broad St.— (V . 115, p. 1532.)
K A N S A S C I T Y T E R M IN A L R Y .— Owns 27 miles o f road, with passen*
ger depot and freight and passenger terminals at Kansas C ity , M o . Con
trolled by 12 proprietary cos., viz.: Chic. R . I. ft Pac., Atchison Topeka
& Santa Fe, Chlo. Mllw. & St. Paul. Chlo. & A lton, St. Louls-San Fran..
Union Paclflo, Wabash, Chic. Burl. A Quincy. Mo. Pac., Missouri Ran. A
Cavital Stock.— In addition to tho $20,000,000 capital stock outstanding
Tex.. Kan. City Southern and Chlo. Gt Western, which will pay equally
thero is also outstanding $1,000,000 stock o f Kansas C ity M ex. & Orient any excess o f fixed charges. V . 89. p. 1671. Has 150 miles now built o f
R y . Co. o f Texas.
main andi ndustrial railroad tracks. 6 local freigh t sub-stations, passenger,
freight and switching yards. * c . . and union passenger station. V . 107,
N o te s . A c.— Tho $5,640,200 2-yoar gold notes are secured by deposit o f
$31,000,000 adjustment gold 5s, duo July 1 1964. Funded debt o f Kansas p.2008- V. 90. p.627. 630; V. 91. p. 1386: V 98. p. 1244: V. 99. p. 1130.
On Feb. 15 1919 put In operation double-decked viaduct over Kaw
C ity M ex. & Orlont R y. Co. o f Texas, $9,116,633.
Valley bottoms to connect with (1) Union Pac. and Ch. R. I. ft P . R ys.
Committee fo r First M . 4* (old Co.)— Lord Monson (Chairman); Columbia
(2) M o. Pac. and Oh. G rt. West. V. 103. p. 1980; V. 106. p. 1120.
Trust C o., N . Y ., and G lyn, M ills, Currie ft C o., London, depositaries.
O f the 1st 4s ($50,000,000 auth.), $16,908,000 are pledged to secure notes:
Or the $21,409,000 in the hands o f the public. $19,545,000 had been de
V. 90. p. 627; V. 91, p. 1386; V. 92, p. 395: V . 93. p. 164; V. 90. p. 136. 202?
posited In iu n e 1914. V. 94. p. 767. 911. 1566: V. 97. p. 443; V . 98. p.
V. 98. D. 1244. 1316: Y . 100. p. 733: V 106. p. 290: V. 107. p 2008.
In N o v . 1918 sold (V . 107, p. 1920, 2008), $9,850,000 F ive-Y ear 6%
763. 1244. 1767.
Secured Gold Notes In order to retire $9,625,000 notes, maturing on or
Note Committee — Chairman J. N . Wallace and H . Bronner, N . Y . C ity
before N o v . 30 1918. As security for this now Issue there are pledged at
Jozach Z. M iller, Kansas C ity ; Henry Sanderson, o f O. D. Baimey ftC o.
about 71 >4%, $13,783,000 First M tg e. 4% gold bonds, due Jan. 1 1960.
o f N . Y .; W illiam J. G ray, Detroit; Herbert F. Hall, P. W . Goebel, W . 8.
These notes are callable as a whole or In amounts o f not less than $1,000,000
McLucas and Clifford Hlsted o f Kansas C ity , and O. M . Sigler. 54 Wall St.. at any time on 30 days’ notice at 101 and Int.
N . Y . C ity . Sec’ y. Central Trust C o., N . Y .. and Commerce Trust C o..
Th e 10-yoar 6H % secured gold notes are callable N o v . 15 1923 at 103^4;
Kansas C ity . M o ., depositaries. V. 102, p. 1436, 1896, 2166.
In 1924 at 103; 1925 at 102>4: 1926 at 102: 1927 at 10114: 1928 to 1931 at
Plan o f Doc. 8 1915 failed o f adoption. V. 101. p. 2144; V . 102, p. 153. 713, 101 and lnt. Secured by pledge o f $3,125,000 o f company’s 1st m tge. 4s
................ .......
E A R N IN G S .— For 1921 (linos In U. S.), gross, $3,988,998; net oper’ due Jan. 1 1960. V . 112, p. 2642.
Equipment trusts Issued to Director-General for rolling stock allocated
def., $632,396; lilt., rentals, &c., $650,047; bal., def.. $1,282,443.
to this company ($162,500 In M a y 1922). See article on page 3 and V. 113,
O F F IC E R S .— W illiam T . Kem per o f Kansas C ity Is (a) receiver o f the p. 1471; V. 114, p. 854. There Is also outstanding a 5-year 6% note to
U. S. G ovt, for $580,000, due June 28 1926.— V. 114, p. 854.
Kansas and Oklahoma llnee, 272.20 miles; (b) President o f the Texas line.
466 75 miles, and (c) receiver Jointly with 8. W . Rider o f the M exican lines.
K A N S A S O K L A H O M A & CIULF R Y .— This company was organized
226.20 miles.— (V . 115. p. 73. 183, 868, 1210. 1731.)
as the “ now com pany" provided for In the plan o f adjustment o f the M is
souri Oklahoma £ G u lf R R . System, dated Dec. 31 1918 (V . 108, p. 1936).
K A N S A S C I T Y N O R T H W E S T E R N R Y .— (V . 115. p. 869.)
Th e plan was approved bv the Director-General o f Railroads during the
K A N S A S C I T Y OUTTER B E L T ft E L E C T R IC R R .— Incorp. July 18 period o f Federal control. In accordance with the plan the company
1902 In Kansas to construct a double-track belt line: uncompleted In 1922. acquired the properties that were subject to the receivership and was au
V
75 D. 184; V. 76. p. 331: V. 80, p. 871. On Oct. 31 1912 Thomas A.
thorized by the I.-S. O. Commission to Issue bonds, capital stock and equlpBigger was appointed receiver. In N o v . 1912 $100,000 receiver’s certifi ment trust notes as below, for the purpose o f further execution o f the plan.
cates were authorized, of which $91,000 were iw ie d . The property was
The Missouri Okla. & G ulf R y . owned and operated 203.31 miles o f main
sold under foreclosure on June 38 1922. V. 106, p. 2757; V. 108, p. 480; track and 41.3 miles o f sidings, extending from Wagoner to Red R iver,
Muskogee and Ilenryetta; Dewar to end o f track, 9 m.; Junction to BorV. 109. p. 477.
mlde, 4 m.; Missouri Oklahoma A G u lf RR. (V . 96, p. 1022), Wagoner, Okla..
Bondholders’ comm ittee John W . Platten, Chairman; C alvert Brewer
to Baxter, Kan.. 98.2 miles. M o . Ok. & G u lf R y . o f Texas owned and
Bee ; U. 8. M tge. ft Trust C o., depositary. V. 102. p. 713; V . 103, p. 2340
operated 9.1 miles Red R iver to Denison.
V . 104, p. 2641; V . 106, p. 2757; V . 108, p. 480.
66
E AIL WAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 6]
M iles Date
Road Bonds
In tern atio n al Rys of Cent Amer— Ordinary snares.
Preferred stock 5% and partlo see text___________
Dividend notes_____________________________________
Preferred dividend notes____________
__ _____
Guatemala Central lst M g ext 15 yrs to 1931 USmz
Internat Rys (1st M on 104 miles; 2d on bal.) Eqx
First mtg g red 102 H .................... ............... Em.x
Interoceanic Ry of Mex— 1st pref stk, 5% non-oum_.
Second preferred stock 4% (V 87, p 1160) non-cum
4% debenture stook subj to oall at par £1,150.000
Ordinary stock______________________________________
Debenture stook 7% " B ” subj to call 120 cum____
Seoond debenture stook red at 105 since 1911_____
Mex E deb stook P 150.000 guar red 105 since 1914
Interstate R R (of V a )— Equip trust ser A due
$37,000 or $38,000 yearly................. ............P hP
Equip tr ser B due $76,000 yrly call 101______ PhP
Iowa Central— See Minneapolis a St Louis
Jacksonville Term— 1st M gold u ___________ Mp.xo*
1st & Gen M gold gu p & I (end) $3,500,000-USc*
Ref & ext mtge Series B red text)_________Us.c*&r*
Jamestown Franklin & C learfield— See New York
Jefferson— 1st A 2d Ms ext In 87 A ’89 (H ’dale Br)__o
IstM g ext 1908 & again 1919 red 105 gu p & IFP.o*
Jonesboro Lake City & Eastern— 1st M 81,600,000 _x
Joplin Union Sta— 1st M gu J'tly red 105 aft 5 yrsxo*
Junction (Philadelphia)— See Pennsylvania R R
Kanawha & Mich— Stook $10,000.000_______________
1st M $15,000 per mile g guar p A I________Ce.xo*
Seoond mtge $2,500,000 auth gold red p a r .. dxo*
S h ip m en t g $60,000 a-a red par (V 99. p 342)._Un
do
g $69,000 a n n ________________________ G
Controlled Company—
Kanawha A West Va— First M g see te x t_____ c*
Kansas City Belt— See Kan City Terminal Ry
Kansas City Clinton & Spring— 1st M g guar_.NB.xc
___
___
---—
74
___
...
---...
P ar
Value
...
...
...
—
...
...
1913
1917
1894
1917
1921
RR
8 1867
37 1889
116 19U5
1910
—
. . . ---164 1890
1907
. . . 1914
—
1920
31
...
When
Payable
Lasi Dividend
and Maturity
Places Where Interest and
Dividends are Payable
Aug 15’ 14 1 H %
A Feb 151927
15 Juno 15 1936
O Apr 1 1931
J Jan 1 1972
N May 1 1972
Dec 19 1913 4%
Nov 14 19122%
M A S 15 Sept 15 1950
Km plreTrC o.N Y.Lon. &o
London
do
See text
' l l - ’ 12 Sept 15 1950
M A N 30 N o v 30 1950
J A D 15 Jan 1 1984
London
See text
See text
F &
.1 & I)
A &
J
A
M A
Office. 17 B attery PI. N Y
Office, 17 Battery PI, N Y
Office. 17 Battery P i. N Y
38,000
375.000
58
fig
J
A
*
&
J Jan 1923
Philadelphia
O A pr 1 '23 to '27
do
1,000
1.000
1,000
500.000
See text
1.100.000
58
5
6g
J
J
J
*
*
&
J July 1 1939
J July 1 1967
J July 1 1967
1,000
1,000
1,000
1,000
300,000 4M A 6
2,800,000
6H g
674,000
5 g
650,000
4K g
3
A
M
M
A
A
*
A
J July
o Apr
S Sept
N May
100
1,000
1.000
........
Guaranty T r Co. N Y
U 8 M tge & T r C o. N Y
N ow Y ork
'27-Jan '29 F idelity Trust Co. Phlla
1 1929
Erie R R , New York
1 1925
Merc Trust C o, St Louis
1 1940
Phil T r, S Dep A Ins Oo
9,000,000 See text
Quar. Soo text
2,469,000
4g
A A o Apr 1 1990
2,500.000
J A J July 1 1927
58
240.000
4* g J *
J Jan '23-July '24
897,800
6g
J &J30 T o Jan 15 1935
J. P . Morgan A Co -N
Central Un T r Co, N
J P Morgan A Co. N
Cent Union T r Co, N
Guaranty T rust Co. N
Y
Y
Y
Y
Y
38
1905
1.000
1.477.000
58
J
A
J July 1 1955
Scranton (Pa ) Trust Oo
162
1885
1.000
3.274.000
fig
A
A
o Oot 1 1928
Boston .O ld Colony T r Oo
$1,403,313
1.742,737
$1,398,363
1,763,198
Balance, surplus.__def.$l,483,043 $1,331,187 def.$339,424def.$364,835
a Includes the unpaid annual interest $550,000 and $55,400 respectively,
on the 3-year 5% gold notes and First R ef. M tg e. 5s, and also the (unpaid)
annual interest on the accumulations o f overdue interest on these Issues,
making the total unpaid int. so Included, $701,019. Tota l inaturod Int.
unpaid Dec. 31 1921, $5,582,767.
* Includes net oper. income, 4 m os„ $1,544,471: Fed. comp. 2 mos, $262,922; adjust, comp. 1918 and 1919, $365,167; G ovt. guar. 6 mos., $788,765
(est.); miscellaneous, $169,492.
O F F IC E R S .— Chairman, J. W . Kendrick; Pres., T . A. Ham ilton; Sec.
R . E. William s. Company's office, Palestine, T e x .— (V . 115, p. 73, 176,
183, 645, 759, 868, 1100, 1532, 1731, 1942. 2046.
. . I N T E R N A T I ON A L R A I L W A Y S O F C E N T R A L AM ER IC A .— Own.
595.779 miles (main line and branches) o f 3-ft.gauge railway; sidings, 58.721
miles; under construction, 50 miles; cosntruction contemplated, 251 milos.
Incorporated in New Jersey June 8 1904 as Guatemala R y ., name being
changed In April 1912 and Guatemala Central R R . (V . 79, p. 902, 903)
taken over. For concessions and subsidy, see Issue for Feb. 1918,
Stock authorized, as increased from $7,500,000 in April 1912. $30,000,000
common and $10,000,000 5% pref.: par $100. Pref. is entitled to share
equally in all dividends paid In any year after 5% has been paid on both
stocks. V. 95, p.544. First quar. dlv. on pref., 1 H % , paid Aug. 15 1912
N o v . 15, 1 H % '. 1913. 5% ; 1914. Feb.. M a y & Aug. 15.
On Feb. 16
1917 provision was made for the payment o f all dividends due to that date
0 ,2 H % ) with $1,250,000 6% d lv. notes due Feb. 15 1927. V . 107. p. 398.
Dividends on pref. stock unpaid since Jan. 31 1921.
B O N D S .— For 60-year gold 5s of 1912 (£4.500.000 auth. Issue, wblnh
m ay be increased to £6.000,000) see V. 94. p. 1449; V . 96, p. 1488; $137 735
purchased and in treasury Dec. 31 1921.
T h e $3,500,000 bonds issued by the international R ys. 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 1921.
Th e $2,500,000 Guatemala Centra) 1st M . 6s due A pr. 1 1916 were ex
tended till 1931: $181,000 purch. and In treas. Dec. 31 1921.
. R E P O R T . — Report for cal. year 1921, in V. 115, p. 538, showed: Gross,
|3 j679,(104; total income. $1,286,120; deductions, $683,018; bal., sur.,
O F F IC E R S .— M inor C . K eith , N ew Y ork, President: ITenry M . Keith,
N . Y ., V.-Pres.; Edward S. Hyde, Sec. & Treas.; H . H . Hanson. Com pt.
N . Y . office, 17 B attery Placo.— (V . 115, p. 538.)
-.IN T E R O C E A N IC R Y . OF M E XIC O , L T D .— Vera Cruz to Mexico CityM ex., 338 miles; Los Reyes to Puente de Ixtla. 123 miles; Los Aroos to
Ouautla, 102 m.; 3 branches, 30 m.; Mexloan 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 wbloh road passes to State at a valuation.
N at. Rys. of Mexloo (whloh see) owns £1,038.450 of the 2d debentures
C l.310,500 ordinary and £244.800 pref. stock. About A ug.
1914 the
_ t00k Possession
V 100 p 55
See N a t Rys o f M exico
S E C U R IT IE S .— The deben. stockholders in 1914 approved a plan (V . 99,
p. 48. 674) for deferring interest payments and In 1917 extendea the mora
torium for a further three years from M a y 29 and In 1920 for a further two
years. V. 101. p. 130: V. 104. p. 2343.
. „ P I V l D,?J*DSJ >n lst Pre f-1908 and 1909> 5% 1010 and 191)
* N .). In 1912. N o v .. 5% ; 1913. D ec., 4 % . On 2d pref..
1% 1900: N o v . 1910. 4% : N o v . 1911. 4% : N o v . 1912. 2% ; 1913. none
R E P O R T .— For 1920-21 in V. 113. p. 2613.
N . Y . office. 25 Broad St.— (V . 114, p. 79. 2823.)
IN T E R S T A T E R R . (O F V A .).— Operates about 55 miles o f track I,
Southwestern Virginia, o f which 39 miles is owned, extending from Stonega
via N orton, to Glamorgan, &c. Proposed extension, V. 112, p. 1144;
Y . 113, p. 182. N o 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 ., N orfolk & Western R y .
and the Carolina Clinchfield & Ohio R y . Equip, trusts o f 1913 and 1917
(V . 95, p. 1608; V. 104, p. 1045) guaranteed by tho Virginia Coal & Iron Co.
(V . 91, p. 1636). which owns 99% o f tho capital stock. Gross (year ending
Dec. 31 1921), $756,128; net, def., $135,694: other income, $-175,441; int
rents, &c , $154,627: divs. (5 % ), $228,630: bal.. def., $43,510. Pres '
H arry L . M iller, B ig Stone Gap, Va.; Sec., Lafayette Lentz; Treas., Russeil
Thayer, Jr., Land T itle Bldg.. Philadelphia.— (V . 113, p. 182, 730.)
J A C K S O N & E A S T E R N R Y .— (V . 113, p. 417.)
J A C K S O N V IL L E T E R M IN A L R Y .— Owns union passenger depots.
6 locomotives, Ac., at Jacksonville, Fla., Including 31.16 miles of track
used by A tl. Coast Line R R ., Seaboard A ir Line, Florida East Coast
R y .. Southern R y . and Georgia Sou. A Florida R y ., which own entire
stock ($375,200). Th e A tlantic Coast Line, Seaboard A ir Lino and
Florida East Coast each guarantee M . and the Southern R y . and Ga. So. &
Fla. each H o f the Int. under the rentals and meet expenses on wheeiage
basis, the A tl. Coast Line, Seaboard A ir Line and Fla. East Coast R y guar
anteeing by endorsement the Drin. and Int. o f the ls t M tg e. bonds and also
tho bonds o f 1917 below described.
Rate
%
$100 $30,000,000
100 10.000.000
1917
1,207,400
6
192 1 —
1,788,300
6
1886
1,000 2.319,000
6g
1912
1.000 3.281 .000 2 to 5
1912 £, fr. Ac
4,729,031
a 5(5
....
Stock £1,400.000 Seo
text
....
Stock £1.000.000 See text
£1.150,000
4
---Stook £1.700.000
....
£100
£469.459
7
....
£100 £1,300,00
4K
—
£100
£400,000
5
Equipment bonds, V. 97. p. 521. 729.
. T h e Colorado Bridge 7% bonds due M ay 1 1920 were extended to N o v .l
1922 at 7 H % •
Government loan, V . 112, p. 932.
E A R N IN G S .—
------------- Gross--------------------- Net After Taxes(I.-S . C . C . figures.)
1922.
1921.
1922.
1921.
Jan. 1-Sept. 30-------------$10,362,574$13,875,549 $1,457,609
$789,700
R E P O R T .— R eport for year 192i . in V. 115, p. 176, showed:
Calendar Years—
1921.
1920.
1919.
1918.
Gross earnings.............. $17,717,197 $19,514,093 $14,410,300 $13,476,888
N e t, after taxes.............
1,019,408 def.885,766defl,099,953
1,440,353
Standard return-----------------------1,394,946
1,394,946
Other income............ .
872,149
..........
8.367
3,417
Gross income.............. $1,891,557 *$3,130,817
Rents, & c........ ...............\ 3,374,600
1,799,630
a Interest deductions__ /
Amount
Outstanding
[V ol. 115.
in i * G®n - Mtge. dated Jan. 1 1917, authorizes the Issuance of
$3,500,000 of bonds, $500,000 to be used to retire the lst mtge. bonds.
construction o f new stations, &c. Outstanding Dec. 31 1921.
$2,000,000. As to guaranty, see abovo.
Th e ref. & ext. mtge. is limited to an authorized amount o f $4,000,000
bonds. O f tho authorized amount, $500,000 bonds are rosorvod to retire
prior lion bonds and $2,000,000 5% bonds, Series A , are being exchanged
for an equal amount o f lst & gen. mtge. 5% bonds, which, upon such ex
change. are to be canceled. The $1 ,100,000 Series B bonds are redeemable
as a wholo only on and after Jan. 1 1937 at 107 K and Int.
I rincipal and interest guaranteed unconditionally and Jointly and sev51ally, by endorsement, by Atlantic Coast Lino R R ., Florida East Coast
R y ., Southern R y . and Seaboard Air Lino R y . V. 114, p. 1407.— V .
114, p. 1179, 1286. 1407.)
JEFFERSON R R .— Owns Lanesboro, Pa., to Carbondale, Pa., 37 miles
louble traok; branoh, West Hawley, Pa., to Honesdale, Pa.. 8 miles. Leased
In perpetuity for $154,940 per annum to Erie R R .. owner of $2,095.700 stock. Used by D . & H. to roach Carbondale. The $2,800,000 5%
bonds due In 1919 were extendod 10 years at 544%. See V. 108, p. 1165.
™ 3 9 ^ ? ^ P 9 ^ ® ., k A K E C I T Y & E A S T E R N R R .— Owns Jonosboro to
Barfield Ark., 63.1 miles; Doll to Victoria, A rk ., 23.6 m .; total. 86.7 milos.
Stock, $600,000. Bonds, $724,000 outstanding, o f which $50,000 are
plodgod as collateral. Valuation, V. 113, p. 1573. For cal. year 1921.
gross, $632,396: net, $116,232; int., rentals, &c., $119,426: bal., def., $3,194.
Pres. It. Loo Wilson; Treas., E. J. Mason. O ffice, Jonosboro, A rk .—
fV . 113, p. 1573.)
J O P L IN U NIO N DEPOT CO.— Owns union freight and passenger station
on 26 aores at Joplin. M o„ completed In 1911, used by the AtohlsonTopeka
A Santa Fe, Kansas City Southern, Missouri Kansas & Texas and Missouri
A No h Arkansas, whloh Jointly own the $40,000 stock and Jointly
»nd severally guarantee the bonds, prin. anti Int. Of the bonds ($750,000
auth.^, $650,000 sold. Total stock auth., $750.000.— (V . 90, p. 502,
627
107. p. 802.)
K A N A W H A B R ID 0 E & T E R M IN A L 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 Chea. & Ohio, which op
erates property. Bonds, see table and V . 91. p. 1629.
^
K A N A W H A & M IC H IG A N R V .— (See M ap N . Y . Central R R .)__
Owns Corning. O., to Gauley. on Ches. & Ohio. 170 miles, less 17 miles
Pomeroy to Galllpolls, and 1 mile, Athens to Arm ltage, where Hocking
,e? ?.F- tracks are used. Also owns branch o f 11 miles leased to Zanenville & Wostorn R y . During 1919 acquired 4,001 shares each o f tho prof,
and the com. stock o f tho N ow Gauley Coal Corp. V . I l l , p. 1469.
./ n
191« had agreed to assume the $1,477,000 bonds and car trust
ctfs. o f Kan. & W . Va. R R . (entire capital stock owned), a line extending
from Charleston, W . Va., to Blakely. 33 m ., with branch. 4 m. V 106
& -2S21: tX ; 103> P- 844: v - 104, p. 2005. In Feb. 1920 tho Kanawha &
W . Va. R R . acquired tho Gauloy & Eastorn R y . Co. V. 113, p. 1768.
H IS T O R Y . A o.— Reorg. In April 1890 of K . A O. R y . foreclosed (see
7’
T o le d o * Ohio Central R y. (V . 100, p. 1251) acquired
In 1916 $8,947,900 o f the $9,000,000 capital stock. V. 105. p. 818) 998'
V. 99. p. 1052; V. 98, p. 912. 1537: V. 96, p. 63. Loased to N . Y . Central
RR - for a rental o f fixed chargos and taxes and 6% on its stock. V. 113,
p. 2614: V . 115, p. 543.
G ovt, loan, &c., V. I l l , p. 2520; V. 112, p. 162.
D IV ID E N D S —
1911. 1912. 1913. 1914 to June .301921)
6
6
5 p. a .(I H Q .-M . 31
P e r c e n t.......... i ........... ............614
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3.
, ---------------- Gross-------------------- Net after Taxes -----(I.-S. C . C. ligu ros.)
1922.
1921.
1922.
1921.
Jan. 1-Sept. 3 0 _ ._ ........ $2,577,481
$3,611,108 dof$418,721 (lcf 39 443
R E P O R T .— For 1920, in V . 113, p. 1768, showed:
Year—
Gross.
Net.
Gross I tic.. In t..& c .
Dlrs
Balance,
1921......... $4,785,161
$115,142
$814,392 $588,913 $225,000
$470
1920.......... 4,694,928dof 294,677* 1,436,616 516,202 450,000 470,414
iO lO - - - - - - 4,324,755
8,258* 1,477.468 472,997 450,000
554.470
* Including accruod compensation.
Pros., A lfred H . Smith.— (V . 115, p. 543.)
p-.N A N S A S C I T Y
C L IN T O N & S P R IN G F IE L D R Y .— Owns from
S m 1w K ail- to Ash Grove M o . 154 miles; Raym ore Jet. to Pleasant
Hill M o .. 8 m.; total, 102 miles. V . 107. p. 2470. Stock, $1,775,400.
Bends were guaranteed by the Kan. C ity F t. Scott * M em . it R . (old co.)
The interest that accumulated during tho 8t. Louis & San Francisco re
ceivership was all paid up in Dec. 1916 and coupons regularly met since
time. Sco K .O . I t . Scott * Mom. R y. below. For cal. year 1921, gross,
$540,179; not, $35,720: interest, &c., $219,922; bal., def., $214,202. Pros.,
— ( V ‘ H)8PPp gT273<)‘ & AUd” B ‘ M ' Hmllh: Treas., R. F. M cGlothlan.
K A N S A S C I T Y F O R T S C O T T & M E M P H IS R Y .— Operates Kansas
C ity M o ., to Memphis. Tenn., and branches. 925 miles. Also has a
controlling Interest in stock o f the Kansas C ity Memphis & Blrm. R R .
owning line from Memphis, Tenn.. to Birmingham, A la., with branoh, 290
miles, and of Kansas City A Memphis R y . A Bridge Co., owning bridge
aoross Mississippi River at Memphis. 3 miles. Total. 1,215 mllea.
Th e K . O. Memphis & Birmingham was leased Dec. 17 1903 for 99 years
from Jan. 1 1904. but terminable upon 6 months’ notice from either party;
rental Is not 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 C ity Fort Scott & Memphis R y . owns entire
capital stock (V . 103, p. 2340.)
O R G A N IZ A T IO N .— V . 72. p. 1237. See V . 72. p. 438. 532, 675, 988The S t.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 certs
68
RAILWAY STOCKS AND BONDS
[V ol. 115,
---- M A P O F T H E
KANSAS CITY SOUTHERN
RAILWAY.
Nov., 1922.]
R A IL R O A D C O M P A N IE S
[For abbreviations, & c.. see notes on page 6]
Ken & In d . Term R R — 1st M guar (see text) a.xo* Ar
Keokuk & Des Moines— Preferred stock
----- "
First mortgage Interest guaranteed C U I 4 P ----- o’
K eok u k & Ham B on d h old ers C o— Stock------------Secured notes callable any lnt date--------------------Knoxville & Ohio— See Southern R y.
La Crosse & S E R y— 1st M 51.000.000 g red 105 — *
Lackaw RR o f N J— Stkauth 512,000.000 gu 4% dlv
L E F r a n k & C la rion R R - l s t M g call 1918 105-FP
Lake Erie & Detroit River— See Pere Marquette R R .
Lake Erie & Pittsburg— Stock rental guaranty— . .
First mtge 515.000.000 g guar unissued.-O.xc’ &r’
Lake Erie & W estern— Common stock 520,000 p m__
Preferred Btock 6% (not cum) (520,000 per m ile ).,
ls t M ($10,000 per mile, see V 46. P 45) g — C e.xc*
2d M (V 54, p 4 f t ) $3,625,000 ($5,000 p m ) gC e.xc*
Equip trust due $110,000 yrly begin Jan 1 1918-CP
Lake Shore & M ich igan S ou th ern — See N ew York
Lake Super & Ishp— 1st M 570.000 due yrly red 101 xc*
La ra m ie H ahn s Peak & P a c ific R y — See Colorado
Leavenworth Terminal k v & Bridge— 1st M g s f.C e i
L eh igh & Hudson R iver— Stock, $5,000,000 auth.
L e h ig h & N ew E n glan d— Stock----------------------- First mortgage $1,000,000 g o ld ----------------- FPx
General m tge $15,000,000 g red 105----- Q u P .k c*
Equip tr ser A g gu red 102 H due 530,000 yrlyd u P x
do
ser B g gu red 102 H due 545.000 yrlyd u P x
do aer O guar gold red 102H $35.000»yrIy-GuPx
do ser I ) due $40,000 yearly guar-------- PeP.xc*
do ser U due $55,000 yrly (gu a r)(V . 103.p .1405)
New Securities.— Th e company was authorized to Issue, as o f M ar. 1 1920;
the following securities: $2,744,750 Series A 6% bonds. due Jan. 1 1J37.
$285,47H 6% Serlos 1) Income Bonds; $6,120,500 6% Series O bonds, due
Jan 1 1949’ $9 120 500 pref. stock; $729,640 common stock; $436,539 equip
m enttrusts
The bonds are to bo subject and Inferior to the Government s
Beil1mortgage dated M ar. 1 1920. under which $1,411,687 G ovt, lien notes
haU n d ^ t h e plan the Indebtedness of the company was reduced by $13.M E A lt N IN G S — For V a }2 year4% 2 1 , gross, $2,513,860; net, S117.576;
o t lm fi^ c o m ° $595” 230;^‘deductions. 5702.724; b a l„ sur.. $ 1 0 .0 8 2 .-(V .
11KEPN T U C K Y & IN D IA N A T E R M IN A L R R . C O.— Owns 2-track steel
hrWan over Ohio River at Louisville and 16.44 miles main tracs. and
jo QT miloa yard track* and ■IdlnK*
and about Louisville. Sou. R y ., Baltlnuire & Ohio and Chic. Ind. & Loulsv. own the $75,000 capital stock, and
under*now loaso from Jan. 3 1911. pav monthly In proportion to
handled any deficit in operations, rentals, taxes and lnt. Bonds, £2,000.000 auth. Issue, o f which £1.361.00(1 guar, by the three proprietary cos.,
were Issued to retire the $2,136,600 old bonds and ror new construction; re
mainder reserved for future purposes. V. 92. P- 187; V. 91. p. 589. 2 i4 . 38.
V 92 D 201, 1032; V. 93, p. 469; V. 95, p. 1403; V. 102, p. 437.
Pres P aooT II. Campbell; V .-P .. A . P . Humphrey; Treas.. i f . D . Ormsby:
Sec. & ‘A ud.. E. K . Scott.— (V . 9?. p. 521; V. 102. p. 437: V . 105. p. 1898:
V KF?)KIJK0K&^DES MOINES R Y .— Owns from Keokuk. Ia .. to Des
Moines la .,162 miles
Leased fo?45 years from Oct. 1 1878 to the Chl-ago
Rook Island & Paclllo R y . , the lessee paying 25% of the gi^ss earnlngt and
guaranteeing the lnt. (not the prln.) 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 o f Court, but the
Interest on bonds was regularly paid out of the earnings o f the road. Upon
termination of Rock Island receivership In June 1917. the operation of the
property was again taken over by Rock Island R y . under the old lease.
Stock Is $1,524,600 prof, and $2,600,400 com . (par $100). On Dec. 31
1921 Oh. It. laid. Sr P. R y. Co. owned $1,487,900 common and $t>27,800
pref. Pref. entitled to share with common stock In any excess over 8% .
V 99 D 49 969; V. 104. p. 1801. Pref. dlvs were resumed In 1919. 7% .
paid Mttr. l:p a ld 3 H % A u g.4 1919:2% M ar. p i9 2 0 .a n d 3 % M a y 51921.
L a t e d i v .—
\ ‘08. 09. 1 0 1 0 - 1 2 . 1 3 . 14. 1 5 . 1 9 1 6 - 1 8 . 1 9 . 2 0 . 2 1 .
%| M
1 Vi l1 z n Jy n
y?. ’ o n 3 &
preferred____
On1 p
r e fe r r e d -..-%/
r1
S L i S * * 1 3 *2 0 7 :
Yoar ended Dec. 31 1921, total Income. $255,545; Interest, $135,20/.
of. dlvs. (3 % ). $45,732; bal., sur., $74,606.
. . _ _ .
Officers.—
Gorman, i Pres.;
M.. L . Bell, V .-P .; Carl N yqu lst, V .-P .,
(J
fleers,— J. E. oormaii,
ids ., iyx
Treas. & Asst. Soc.; W m . La Venture, Sec.— (V . 112, p. 1617.)
K E O K U K & H A M IL T O N B O N D H O L D E R S ’ C O .
.,
,
Incorporated In M ay 1914 with $100,000 autborlxed stock, of which only
a nominal amount to be Issued at present, to acquire (per plan V. 99. P1920 the bonds of the Keokuk St Hamilton Bridge Co., which owns bridge
across Mississippi River at Keokuk. Ia.. used by Toledo Peoria A Western
and W ab.sh Rlts. and foot passengers, and assist It in rebuilding the bridge.
The $1 000.000 30-year convertible non-cum. Income debentures, to bear
Interest at not to exceed 2 W % per annum, were exchanged $ for $ for the
Bridge Co. bonds. These debentures have since been retired by an Issue
° f Tholfncom0 *0f the now co. Is to bo applied, first, to payment of Interest
on the 6% securod 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
pa™these by Increase In traffic. It Is expected to retire In a reasonable time).
TTnon such retirement the note* will be returned to the stockholders.
UPD I vT d K N D S — July 1918 paid 2.25%; July 1919. 1.25%; July 1920.
2‘ l? A ^ tN lf? a 8 °of Keokuk & Hamilton Bridge Co. yoar ending Dec. 31 1921.
$81 049' not, $46,954: Interest. $41,420: taxes. $4,439; bal.. sur..
f l 005
For 1920, gross, $86,104; not. $56,462: Interest, $49,485: taxes.
$4,252. Treas., Theodore Gllinan, Jr., 55 W illiam St., N . Y . (V . 95,
gross
P ‘ i^A^DrkQ^’p 'A fln ^ S O lIT H E A S T E R N R Y .— Owns La Crosse and South
eastern ^ c t to V lr o q u a % lS ., 40 .81m lles; trackage to La Grosso and
%. E. Jet. to La Crosse. 1.8 miles; total 42.61 miles. Stock authorized,
$1,000,000; outstanding. $955,000; par. $100. Bonds $1,000,000 auth.;
outstanding, $300,000. Wisconsin Trust Co. o f Milwaukeo trustee.
Yoar ending Dec. 31 1921. gross, $150,404; net, $32,3^6, lnt., rentals, Ac..
$27,560; bal.. sur.. $4,766. Pres.. John H . M acM illan . Minneapolis.
M in n.; 1st V .-P .. A . 8. Cargill. Minneapolis M inn.; Secretary A Treas..
Jas. B . T a ylor, Minneapolis, htlnn; 2nd V .-P . A Gen. M g r.. I . Valler,
La Grosso, W ls. Gen. A nd., R. J. Semsch, L a Crosse, W ls.
Office,
300H Main 8t., La .: Crosse. W is.— (V . 80, p. 222.)
L A C K A W A N N A R R . O F N E W J E R S E Y .— Owns from Hopatcong.
N J t o a point near Portland, P a ., 27.44 miles, opened Dec. 1011. D . L.
S i'W . leases the road for a guaranty o f 4% on the stock. V . 93, p. 1324.
1786 V . 02. 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 . A W . stockholders.— (V . 106, p. 601.)
i A k P PR IE & E A S T E R N R R .— Struthers to Brier m il, Ohio. 7.05
Stock (V? 106, p 2011). authorized. $8,000,000; outstanding.
Sm q o 3 000 all ownod >y N . Y . bontral System. Pres., A . H . Smith;
$0.903£00. an mvn
g Y oko. P ltu b u rg h . _ {V . 105. p. 2184; V . 106.
p 2011; V? 107. P- 291; V . 108. p. 171.)
I A K P ERIE F R A N K L IN & C L A R IO N R R .— Owns Summerville to
rabinn
16 miles; branch. Strattonvlllo to Mill Creek. Pa., 3.10 m.;
other hranchos 8W m.; trackage. Sutton to Franklin, Pa.. 47.9 m.; total,
mflM
Capital stock $l?oA0.000. par $50, 1st M . bonds auth. $1.OOO.OOOV Callable on or aftor Doc. 1 1918 at 105 and interest. Governm0Vorl0cM^ndar y2c'a?'l9214'gross. $272,955; net. $28,685; other Income.
*11 5n0^flxed charges1 $68,201; bal.. dof.. $5,007. Pres., Gen. Charles
!lU ie?.9trankllS p f ^ V T - ^ a T . J. Odell. N . Y .; Treas.. H . U . Hughes.
— (V . 114. p. 2717.)
69
RAILWAY STOCKS AND BONDS
Last Dividend
and Maturity
Places Where Interest and
Dividends are Payable
J P M A C o, N Y ;& Lon
First N at Bank. N Y
1945
La Crosse, Wise
Oct 1 1944
Oct 2 1922 1 % Del Lack & Western R R
U S M tg e St T r C o. N Y
Dec 1 1953
Treasurer’s office, N
Y
Jan 15 1908 1% Office, G r C e n t T e r .N Y
Chase National Bk N Y
Jan 1 1937
do
do
July 1 1941
Jan 1 1923 to’27
Feb '23-Feb ’ 31 Clt Sav & T r Co, Cleve
Jan 1 1923
June 1921 '
N o v 1921 ‘
July 1 1945
July 1 1954
Jan 1923
May ’ 23to’ 26
Feb ’ 23to’ 28
M a r ’ 23to’ 29
O Apr ’ 23to’31
Central Union Trust. N Y
W arwick, N Y
Philadelphia office
437 Chestnut St. Phlla
Guar T r & S D Co. Phlla
do
do
do
do
Penn Co for Ins. Sec. Ph il
do
do
L A K E E R IE & P IT T S B U R O R Y .— Owns 27.76 miles between M a rcy
at a connection with Cleveland Short Line R y . (now N . Y . Central R R .)
and Brady Lake Jet. on Penna. R R .: was opened Oct. 15 1911. V . 98.
p. 1241. Jointly owned by N . Y . Central R R . and Pennsylvania C o.,
which have trackage rights over the road. rental providing for Interest and
5% on stock. Stock auth.. $6,000,000, as increased In M a y 1911; outstand
ing. $4,300,000, o f which the Pennsylvania Company and N . Y . Central
R R . each own about $2,150,000. In June 1918 new bonds were issued
$1 770.000 each to Penna. C o. and N . Y . Central, but are not guaranteed.
V . 101. P- 694; V . 103, p. 320.— (V . 115, p. 436.)
(T H E ) L A K E E R IE & W E S T E R N R R . C O .— R O A D .— Owns San
dusky. O., to Peoria, 111., 413 miles; branch to M inster, 10 miles; branch,
Indianapolis to Michigan C ity. 159 miles; F ort Waynr to Connorsvllle and
branch to Rushville, 128 miles; total owned, 710 miles; trackage rights,
9 miles. In Jan. 1920 disposed o f its lease o f the N orthorn Ohio R R . to
the Akron Canton A Youngstown R R .
H IS T O R Y , A c — See V . 50. p. 590; V . 85. P- 600. T h e N . Y . C entral
R R .. which owned $5,940,000 common and $5,930,000 pref. stock, sold its
holdings to the Van Swcringen Interests o f Cleveland In April 1922. T h e
latter also offered to purchase the m inority stock at V]®
Prvle
for the N . Y . Central holdings. Compare V . 114. p. 1890, 2116; V . 115,
p . 869.
D IV ID E N D S .—
1 ’99. '00. ’ 01-’03. ’04. '05. ’ 06. ’07. '08. N one
2 4 y ’rly
3
3
3
3
1
since
On preferred____________ % ) 0
n O N D S .— Equip. 4 « s , V . 104, p. 256.
„
—
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. 2520; V. 112, p. 162.
R E P O R T .— R eport for year end. Dec. 31 1921, In V . 115, p. 69:
Balance.
Com pn. Other Inc. ln t A c
Year— Gross
Net
$898,458df$588,304
........ . $112,902
1921 — $9,061,494
$197,252
894.181
389.729
1920 . — 11.970.928 der.4,909 1,080,032 208.787
507.378
1919 - - - 9,784.826
99,356 1.548.542 141,377 1,182.540
496.289
60,881 1,113,134
1918 . . . 9.343,905
562.340 1.548.542
O F F IC E R S .— Chairman. O. P . Van Swcringen: Pres., J. J. Bernet;
Sec. A Treas., C . O. Collinter. Office, Cleveland, O.— (V . 115, p . 69,
308, 869.)
L A K E S U P E R IO R & IS H P E M IN Q R Y .— Owns Presque Isle (M a r
quette) to Ishpemlng, M ich., 25.78 miles; branches, 7.65 miles; total,
33.43 miles. Also owns large docks at Presque Isle Harbor. Controlled
by Cleveland-Cliffs Iron Co. T h e I.-S. C . Commission has placed a ten
tative valuation o f $4,902,156 on the road as o f June 30 1916.
Sotck.
$1,000,000; par, $100. T h e serial 6s o f 1911 are redeemable In reverse o f
numerical order at 101. V . 92. p. 1636; V . 93, p. 229. For year ending
Dec. 31 1921, gross. $400,687; net, def., $217,678; other income. $58,428;
deductions. $63,696; bal.. def., $222,946. Car trusts ($200,000) were paid
In full July 1918. Pres. W m . G . M ather, Cleveland, O.; Gen. M g r , H
R Harris, M arquette, M ich.— (V 114, p. 738.)
L E A V E N W O R T H B R ID Q E C O .— V . 106, p. 1577.
LE A V E N W O R TH T E R M IN A L R A IL W A Y St B R ID G E .— ° wns high
w ay and railroad bridge (opened Jan. 1 1894). 1,112 ft. long, over Missouri
River at Leavenworth, Kan., and valuable terminal property In that city .
In July 1910 the Chicago G reatW esW rn acqu lredthe entire slock but does
not guarantee or assume bonds. V . 91. p. 214. 397. Kansas C ity a t.
inMnh a c B (Chicago B. & Q.) and Chlo. R . I . & P . uso the bridge at an
annual rental of $16,000 each, under a 30-year contract from 1894. with
r— f i n n
extension. Chicago Great Western R R . also uses the
bridge under a contract expiring in 1924. the annual rental being $12,000.
Stock, $60.000.— (V . 01, p. 397; V . 107. p. 696, V . 108, p. 1936.)
i P A V F N W O R T H & T O P E K A R Y .— Leavenworth to Topeka, 57
miles Alndudlng 1l m llw trackage at terminals. The railway was bid In at
r^eelnsure sale on M a y 10 1918 for $80,000 by residents along the line and
turned8over to the p r «e n t company, incorporated in Kansas on M a y 15
im s with *1 no 000 stock In $10 shares. Th e special benefit district along
this*road In Jeffereon and Leavenworth counties voted a $75,000 bond in
Doc. 1919 for improvement o f road bed and equipment o f the road.
O F F IC E R S .— Pres., J. E . W addill, Kansas C ity; V .-P ., O tto B . G ufler,
Topeka; Treas.. George W . Hanna C lay Centre, and Sec.. F loyd E .
Harper, Leavenworth, Kan.— (V . 114, p. 947.)
i P H id H A HUDSON R IV E R R Y .— Owns trom Maybrook on Central
New England R y . to Belvidere, N . J., on the Penn. R R ., 73.9 miles; and
from PhUllpsburg. N . J., to Easton. Pa.. .70 miles; trackage Penn R R
Belvidere to Phllllpsburg, 13.3 m.; D. L . A W . trackage. Andover Jot. to
Port Morris, N . J.- 8.7 m.; total op. 90.6 miles. V . 79, p. 269: V . 94.p. 416.
B O N D S — The stockholders voted Sept. 10 1920 to Increase the author
izedraoltal stock from $1,720,000 to $5,000,000. Stockholders were given
the S
to subscribe at par to $2,987,000 now stock to the extent of 173.7%
of hoIdinOT. Proceeds were used to pay and discharge the principal of
the entire mortgage debt of $2.587,000 .a n d to pay and discharge all the
debenture bonds of $400,000. the remainder of such increased capital of
« 9 Q3 000 to be held In the treasury.
, , . .
* Thestockholders prior to such Increase were to have the option and right
to take and pay fer at par a pro rata amount of such increased stock In
proportion to the number of shares of stock held.
D IVID ENDS.—
\ 1912. 1913. 1914. 1915. 1916.
1917.
1918-21.
Per c e n t ............ 1 4
4
4
8 8A6 extra 12
See text
Oil Jan. 1 1918 paid a stock dividend o f 28.36%. to represent surplus
exnondod on the property prior to April 1912, thus Increasing.the capital
s ^ k to $1,720,000. V. 106.p . 2335. In Dec. 1918 a dividend o f 6% was
declared and paid on Feb. 10 1919; June 1919 and Dec. 1919 paid 6%
Oct 1920 paid 6% : M ar. 1921 paid 6% : Juno 1921 paid 4% and 6% on
new stock from date o f Issue to Juno 30: Dec. 1921. 4% on increased cap
italization
70
KAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 6]
M iles [ Date
Road Bonds
___
Lehigh Valley— Common stock $80.000,000______ Gi
Preferred stock 10% (V 79. p 151, 269)_________ d l
First mortgage extended In gold In 1898-GP.xc&.
286 1868
Consolidated M lcoupA reg $4,762,000 4 Hs ..x c& rl
1873
$40,000,000 /annuity $2,538,000 4 H s ____FPx/
317/ 1873
General Consol mtge 1$150.000,000 gold. . QPxc*&r
317 1903
do
do
J
317 1903
Coll trust bonds $500,000 due a a, see textQP.xc1905
Coll trust bonds call 103 Sept 1923 or aft.xxxkc*&r*
—
1918
Bonds o j Controlled Properties—
Lehigh & N V 1st M gold guar p Sc 1____ Mp.xc*&r
115 1895
Lehigh Valley Ry 1st M g gu p & 1 (end) O P.xc’ &r
514 1890
Lehigh Sc Lake E 1st M $3,000,000 g Usm .xc*&r..
11 1907
Lehigh Buffalo Term Ry Corp 1st M bonds_________
1916
Further $4,000,000 pledged under coll trust of 1918'.' See tex
Lehigh Val Term 1st M g guar p Sc 1end..Ce.xc*&r
28 1891
Easton Sc N or 1st M g guar by Leh V al.Q P.xc*& r
13 1895
Middlesex Valley 1st mtge $600,000 gold___ Ce.xc*
29 1892
Pa Sc N YCan&RR— Cons gu (text) (end)__QP.xr
136 1888
___
Morris Canal consol stock 4% guaranteed perpetual
Preferred stock 10% guaranteed perpetual______
L V Coal Co 1st M $12,000,000 g s f not dr__xc*&r
1892
do
Interest reduced__________________________x
1892
Delano Land 1st M g gu s f (V 90, p 1617)..QP.x
1891
___ 1906
Cons Real Est Is t M $2,600,000 (V83, d 702)..Usin
Lexington Union Station— Preferred stock (see text).
L lg o n le r V a lle y R R — 1st M $300,000______________x
16 1913
Par
Value
Amount
Outstanding
$50
50
1,000
1.000
1.000
1,000 &c
1,000 S e e
1.000
1,000 &c
1,000
1.000
1.000
1.000
t
Rate
%
When
Payable
$80,501,700
7
106,300
10
8=j
5.000,000
4 g J Sc D
10,226,000 4 X & 6 J S c D
12.600.000 4 H & 6 J S c D
26.953.000
M Sc N
4 g
20.697.000
4 X g M Sc N
F Sc A
2,501,000
4g
M Sc S
15.000.000
6 g
2.000,000
15,000,000
3.000.000
625,000
4 2 M
4X e J
4X g M
M
4X
Sc
Sc
Sc
Sc
1.000
9,999,000
5g
A Sc
500 &c
51,000
4 X g M Sc
1.000
200,000
M
5g
1.000
8.500,000 4. 4 ^ . 5 A S c
100 See text
F Sc
100 See text
10
F Sc
1,000 10,114,000
5g J
Sc
1.000
1.400,000
4g J
Sc
1.000
12,000
5 g J Sc
1.000 In treasury
F St
4
100
390,600
J Sc
4
1.000
150,000
6
M Sc
E A R N IN G S —------------- Gross--------- ---------Net after Taxes—
(I.-S. C. C . Figures.)
1922.
1921.
1922.
1921.
Jan. 1— Sept. 30_______ $1,689,635 $2,386,122
$160,884
$518,690
A N N U A L R E P O R T .— For calendar year 1920:
Dec. 31 Year. Gross.
Net.
Tot. In c. In t., &c. Dividends. Bal.,Sur
1921------ $3,242,291 $812,448 $822,187 $485,231 $395,306 def.$58,350
1920 ------- 3,146,209 373,805 646,574 291,101 103,170
252,303
Lewis A . R iley. Pres., Phlla., Pa.; V .-P . & Gen. M g r ., M orris Rutherfurd; Sec. & Treas., William H . Sayer.— (V . 115, p. 2159.)
L E H IG H & N E W E N G L A N D R R .— Operates road from Hauto, Pa.
to Campbell Hall, N . Y ., 126 miles; Hainesburg Junction. N . J., to
Edgewater, N . J., 61 miles; Bethlehem, P a., to Benders Jet., Pa., 19 miles;
Bath, P a., to M artin's Creek. P a .. 18 miles, and branches. 72 miles; total.
Doc. 31 1921,298 miles, o f which 8 m. are leased and 97 m. trackage rights,
leaving 194 miles owned. In 1918 built from Bethlehem, Pa., to Allen
town. 5 miles. V . 95. p. 1403: V. 105, p. 181. Lehigh Coal & N a v . Co.
owns m ajority o f stock. V. 78. p. 1781, 1962; V. 91. -. 1386. Supreme
Court decision, V . 110, p. 1816.
S E C U R IT IE S .— Stock auth.. $7,500,000; outstanding Dec. 31 1921
$6,800,000, nearly all owned by Lehigh Coal & N a v . C o.; par, $50.
[V ol. 115.
Last Dividend
and Maturity
Places Where Interest and
Dividends are Payable
Oct 3 ’22 I X % Checks mailed
Oct 3 ’22 2*2%
do
June 1 1948
Deo 1 1923
Irredeemable
Co's office, 228 So 3d St.
May 1 2003
Phil, and J P Morgan
M a y 1 2003
at Co, N ew York
Fob ’23-Feb 26
Sept 1 1928
do
do
S
J
S
N
O f.P h ll.& J P M & O o .N Y
do
do
do
do
do
do
O
1 1941
N
1 1935
N
1 1942
O
1 1939
A
1922
A \ug 1922
J
1 1933
J
1 1933
J
1 1932
A
1 1956
J
1 1922
N
1 1943
Of..Phil, Sc J P M . N Y
do
do
Of. Phil ,ScJ P M &Oo ,N Y
Lehigh Valley R R . Phlla
Office. 228 S 3d St. Phlla
do
do
J P Morgan Sc Co, N Y .
and Drexel Sc C o , Phil
Jo’s office. N Y Sc Phlla.
2%
Office. Lexington, Ky
Mellon N a t Bk. Plttab
000 4s; in treasury, $1,000,000 4M s, $12,686,000 4s and $20,000,000
5s; balance reserved to retire underlying bonds. Old bonds may, however, bo extended, if necessary, for not over 2 years. Provision m ay
be made at time o f Issue o f bonds thereunder for right to convert Into stock
?!S?sure
h°lder not over $25,000,000 at any one time outstanding.
V. 103. P. 586; V. 102, d . 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. Sc Co. ($2,910,150) (V . 103, p. 687)
jn d o f Dela. Susq. & Schuylkill R R . In 1905 was financed by an Issue o f
$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 102U, or In ordor o f serial numbers. V. 81.
1175, 1242, 1376; V . 82. p. 100; V. 63. 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 R y. 1st M . 414s, due N ov. 1
1966 (guar. p. Sc I. by Lehigh Valley R R . V. 108, p. 1715); (6) $2,600,000
Consol. Real Estate Co. M tge. 4s, due Fob. 1 1956 (guar. p. Sc I. by Lehigh
Valley R R .); (c) $17,400,000 Lehigh Valloy R R . General Consolidated M tge.
gold bonds, due M a y 1 2003.
D IV ID E N D S .— 1914. 1915. 1916. 1917. 1918. 1919 1920. 1921.
8% 11% 10%
10%
8%
8%
6%
10%
P e r c e n t ..................
Bonds, etc.— o r the Gen. M . 5s o7 1914 ($15,000,000 auth.). $1,000,000
were reserved to retire the 1st 5s and $10,000,000 for future purposes. V.
102, p. 976, 1060; V. 99. p. 49. 674.
G U A R A N T IE S .— Lehigh Valley Railway Co.— Owned Buffalo, N . Y .
to near Sayre, Pa., 174.48 miles, double track, and branches, 339.74 miles’,
a'l 514.22 m.. covered by S15.000.000 mtge. of 1890. but In 1903 and
1905 consolidated with other sub. cos. and In 1907 absorbed the Lehigh St
Lake Erie. Stock. $11,745,000, all owned by Lehigh Valley R R . Mortgage
abstract. V . 51, p. l i d ; V , 77. p. 147, 972; V. 81? p. 784; V/84. p. 1366.
E A R N IN G S ------------- Gross--------------------- Net after Taxes—
(I.-S . C. O. Figures.)
1922.
1921.
1922.
1921.
Jan. 1— Sept. 30----------$2,881,670 $3,542,919
$130,484
$684,768
V clleV 3 R . Co. of New Jersey.— Owned double-track road from
Philllpsburg, N . J.. to Jersey City, and branches, with about 125 acres at
Jersey C ity and a large water rront. &c. Total mileage, 124 miles. Stock
outstanding, $12,506,000. all owned by Lehigh Valley RR.. which In 1914
R E P O R T .— For 1921: Gross, $4,775,737: oper. income, $753,560; other
Income, $364,610; deductions, $422,254; dividends. $680,000; bal., sur.,
$15,916.
Pres., Samuel D . Warriner; V .-P . & Gen. M g r ., Roilin H . W ilbur
V .-P . & Gen. Counsel, W m . Jay Turner; Sec. Sc Treas., Henry H . Pease’
Comp., E. M . Reynolds, 437 Chestnut St., Phila., P a .— (V . 110, p. 970
1849, 2075.)
v
L E H IG H V A L L E Y R R .— Oper. Dec. 31 1921 1.449 miles, viz .:
M ain Line (fee, or all stock owned),
(L e a s e d -. _______________
_
143
Jersey City to Buffalo________ 4461Trackage .
^ ”
61
Branches (fee or all stock own’d) .799 ! (2d track 609 miles)
Under order o f the Director-General of Railroads the N ew York and
Jersey C ity stations o f the Pennsylvania R R . have been used by this com
pany since Sept. 15 1918. V . 107, p. 1101; V. 108. p. 1715.
H IS T O R Y . E T C .— V 91. p. 276
Lehigh-Buffalo Term inal R y . (entire $50,000 stock and $4,375,000
1st M ortgage 4 X s owned Oct, 15 1922) has built a new passenger ami
freight terminal at Buffalo. V. 102. p. 153; V. 99, p. 467; V . 100. p. 397
733. 1257, 1672; V. 101, p. 455; V . 104. p. 1263; V . 106. p. 1461.
Black Tom decision. V. 107. p. 2008: V. 108, p. 973 , 2122: V. 110. p.
1089, 1816; V . 112, p. 2305, 2748; V . 113, p. 2185. Coal rate case, V . 108.
p. 683.
C O A L P R O P E R T Y .— Lehigh Valley R R . Co. on Dec. 31 1921 owned en
tire $9,465,000 stock o f Lehigh Valley Coal Co. Coxe Bros., see "B o n d s ."
Pres. Loomis in Dec. 1920 was quoted as saying that the Lehigh Valley
Coal C o. has coal reserves amounting to between 700,000.000 and 1,000.000,000 tons. V. I l l , p. 2324; compare also V . 113, p. 1772. For annual
report o f Lehigh Valley Coal Co. see V . 113, p. 1767.
In Jan. 1912 the Lehigh Valley Coal Sales C o. was Incorporated. See
extra div. below and Lehigh Valley Coal Sales C o. under “ Industrials.'
V . 94. p. 123; V. 92. p. 956: V . 95. p. 487, 478.
Anti-trust suit appealed by U . S. G ovt. V . 105, p. 1898; V. 103. p .‘ 1118
V . 102, p. 1346; V. 101. p. 2145; V . 102. p. 609. 1626, 1896.
Th e U. S. Supreme Court on Dec. 6 1920 handed down its decision In
the suit brought by the G ovt, against the Lehigh Valley R R . Co. holding
that control o f the coal properties is in violation o f the Sherman Anti-Trust
A ct and, reversing the lower court, ordered the entry o f a decree dissolving
the combination and the redistribution o f the stock, bonds and properties
o f the several coal subsidiaries so as to make each component part in fact
independent and competitive.
On Oct. 5 1921 the company filed w ith the U . S. District Court a plan for
the segregation o f its coal properties. T h e plan provides (1) that the Lehigh
V alley Coal Co. issue $30,000,000 pref. stock as a dividend to the railroad
company; (2) railroad stockholders to receive one share o f coal co. common
stock for each fiv e shares held; (3) the gen. consol, mtge. lien to remain
undisturbed; (4) Coxe Bros. & C o., Inc., stock to be sold at m aturity o f
collateral trust bonds (Feb. 1 1926); (5) consolidation o f Dela. Susq. &
SchuyUdll R R . For details, compare V . 113, p. 1574.
Objections to plan
filed by G ovt.. V . 113, p. 1674, 1983.
Th e company in Jan. 1921 caused the withdrawal o f its representatives
from the management o f the Coal Co. V. 112, p. 372, 849.
'° P ‘ ’°,8' I07: ! 10' ’ H - ’ H - 1915 t o '18 '1 9 ’20-’21 ’ 22
Since 93 (% ) I
4
4
6 y ’ly.
10 yrly.
10 yrly. 8 X 7 yrly. text
In Feb. 1912 also an extra cash dividend o f 10%, applicable if dosired
to subscription for stock o f new Leh. Val. Coal Sales Co.
In July 1919
the common dividend was reduced from
to
quarterly. Oct.
1919 to Oct. 1922,
quar.
IX%
2X%
IX Vc
B O N D S .— Gen. Consol. M tg e. o f 1903 Is for $150,000,000 bonds, bear
Ing not to exceed 5% Int., covering the entire road, the stock o f the Lehigh
Valley Coal Co. and other stocks owned. On Dec. 31 1921 there were
outstanding in the hands o f the public, $20,697,000 4 X s and $26,953.-
'r s
972: v - “ •
M 0 - 880: v - “ • » • 7M ;
M orris Canal.— Stock and bonds mostly owned by Lehigh V alley R R .
See Issue Oct. 1912 and V. 92. n. 527. 1109; V. 93. p. 811. 1106: V. 94 .p.
®6\P* 488; V . 97. p. 373. In N o v . 1915 the lease was heid taxable,
V. 101. p. 1807. Ownership o f basin In Jersey C ity , V . 102, p. 1060.
Penn. & N . Y . Canal & R R .— Leased for 99 years from Deo. 1 1888 to
Lehigh Valley, which has assumed Its debt and owns all Its stock. Consols
Include $4,000,000 5s, $3,000,000 4s, $1,500,000 4 Hs. V . 62, p. 950.
Seneca County Ry., $500,000 gu. bds.; none sold Dec. 31 1920. V.79, p.1271.
Lehigh A Lake Erie mortgage ($3,000,000) covers 11 m. double-track ter“ 'toa! road at Buffalo. V. 81. p. 211: V. 83. p. 702. N ow a part o f the
t ehlgh Valley R y . Co. V. 84. p. 1248: V. 85, p. 312; V. 87. p. 817 818
E A R N IN G S .—
-Gross------------- Net after Taxes-----(I.-S. C. C. figures.)
1922.
1921.
1922.
1921.
Jan. 1-Sept. 30----------- $45,833,132 $56,437,575 $1,269,263 $2,716,106
A N N U A L R E P O R T . For year 1921, in V. 114, p. 2235, showed:
--------------------Year to Dec. 31---------------Revenue from Oper.—
1921.
1920.
1919.
1918.
Coal freight
$29,741,132 $26,407,550 $23,075>38 $24,118,333
Merchandise freigh t------ 32,639,472 35,011,415 28,531,805 29,155,590
Passenger........ ............
7,700,391
7,865,780
6,827,897 6,234,935
M ail, oxpross, & c...........
4,961,802
5,044,836
7,107,062 7,280.045
-$74,997,799 $75,229,584 $05,542,502 $60,788,903
- $5,692,959 df$7,649,345
- 12,839,774
..........
-$18,532,733
Bond interest__________.- $4,528,726
Lease other roads_____ .. 2,956,734
Other rents, & c_______
996,475
Preferred divs_________
10,630
- 4,235,119
See
Corporate
Account
Above.
$3,628,886
859,694
$6,985,564
705,551
$4,488,580
See
Corporate
Account
Above. •
$7,751,115
Seo
Corporate
Account
Above.
- $5,805,048
President, E . E . Loomis; VIce-Pres., J. A . M iddleton; V.-Pres. F L
Blendinger; V .-P . & Gen. Counsel. E . H . Boles; Sec., D . G . Baird' Treas
A . F . Bayfield.
D IR E C T O R S .— II. S. Drinker, Frod M . K irb y, Charles D . Norton,
Edward S. M oore, Daniel G. Reid, Samuel T . Bodino, Henry B. Coxe,
Harry C. Trcxlcr, M orris L . Clothior, George T . Slado, J. F. Bell E. E.
Loomis (ex-officio). O ffice, Philadelphia, P a .— (V . 114, p 306 1407
1533, 2013, 2235, 2241; V. 115, p. 74, 869.)
1
*
’
L E X IN Q T O N & E A S T E R N R Y .— See Louisville Sc Nashville.
LE X ING TO N (K V .) UNIO N STATIO N CO.— Owns passenger station.
Common stock, $15,000, owned two-thirds by Louisv. & Nasliv. and onethird by Ches. & Ohio. There has been authorized $500,000 o f 4%
cumulative (non-voting) preferred stock, secured by mtge., and rentals paid
by above-named roads on basis of passenger cars. Pres., W . A . McDowell.
L IG O N IE R V A L L E Y R R .— Latrobe to Llgonler, P a ., 10.3 miles: Ligo
nler to Fort Palmer, P a., 5.7 m j total, 16 miles.
Stock, $500,000; par $50. Dividend, 25% In stock paid M a y 1 1913.
In year 1913-14 6% deferred dividend and 6% regular were paid. Bonds
ee table above. F o r year ending Dec. 31 1921: Gross, $361,819; not,
$40,992; other income, $35,546; deductions, $27,907; dlvs. (10 % ). $50,000'
bal., dcf., $1,369. Pres., J. R . M ellon; V .-l*., T . A . M ellon; Sec., R . B.
ellon; Treas., R . It. M ellon. Offico, Ligonlor, Pa.
Nov., 1922.]
R A IL R O A D C O M P A N IE S
[For abbreviations, cfee., see notes on page 6]
Lim e Rock— Consolidated refunding mortgage g o ld ..
Litchfield & Madison— First mtge $1,000,000 gold .x
L ittle Miami— Stk original gu 8% 99 yrs P C & St L „
Speclal guaranteed betterment stock ($5,000,000)..
General mortgage $10,000,000----------- -— *
L it t le R o ck & H o t Sp W est— See Missouri Pacific an
MttleSchu vlkill Nav RR & Coal— Stock (rental guar)
L iv e Oak Perry & du ll R R — First m rtgage.......... x
u Consolidated mortgage (gold) ($3.609.000are 6s)Ce.v
General mortgage gold .......... .- .- - . - - C e . v c
Stewart Line mtge of 1932 for $500,000 g o ld ...C e v
Debenture ($1,500,000) gold not subject to c a ll. . . *
Bklyn&M ont 2dM assu BusSta to E ’tp ’t Sc brsCe.zc*
L . I . C ity Sc Flushing M gold assumed ..C e .v c *
New York Bay Extension 1st M ass $200,000------Montauk Extension $000,000 1st M assumed. . .
Unlfled M gold callable at 110 $9.673.000-Usm.xc&
Refund mtge $45,000,000 gold gu p & l_.E q .x c*&
Debent call aft N o v l'2 2 a tl0 2 ^ --U s m .y y x c * & r *
Serial notes (Issued to G o v t) due $71,900 ann-------d o________________________ _
— - - - -Equipment trust Series B $94,000 due yearly.
do
do
Series O $138,000 due year .
do
do
Sorlos D due $98,000 ann------ FP
dc do (Issued to G ov t) due $279,489 y r ly .- C
Leased and Controlled Lines, Prin cip a l or Interest
N o Sh Br con M (assum ed)$l ,425,000 gu p& i.C e.vc'
N Y B Sc Man B 1st cons M $1,726,000 gold g u ..C ei
N Y & It B 1st M(assumed).$984,000 guar p & I..C «
L o i A n g eles & S a lt La ke R R —
San Pedro Los A & Salt Lake 1st M $70,000.000-Qi
Louisiana & Arkansas— Stock $7,000,000 authorized.
First mortgage $7,000,000 gold (t e x t )----- Q.
Equip notes $8,000 due annually-----------------Equip notes Ser " D ” due $13,000 semt-ann-------- G
Equip notes Sorlos " G ” due $11,000 s o m l-a n n ....O
Louisiana & North W est R R — U nderlying M gold _ .x
First mortgage $10,000,000 gold__________MSt.xo*
Date
Miles
Road Bonds
Amount
Outstanding
Par
Value
$1,000
1 000
50,
60
1912
1.000
. R . I. & Pac.
50
32
1.000
81 1912
12
44
1904
156 1881
163 1888
18 1892
1894
76 1888
19 1887
6 1893
21 1895
316 1899
316 1903
1917
1921
1920
1914
1917
1920
1922
-- - 1920
Qtiara meed.
30 1892
19 1885
1887
1,038 1911
302
302 1902
1914
1920
1921
35 1895
115 1905
Rale
%
4 g
5g
8 3-5
4
4
J Sc
M Sc
Q— M
Q— M
M Sc
2,487.950
789.000
5
5
J
A
g
1,000
1,000
1,000
1.262,000
1,601,000
883,000
1,000 59,022.000
100
6.000,000
1,000
3.757,000
1,000
(? )
65.000
100
33.00(1
1,000
1,000
100,000
1,000
2.150.000
ball* d e f.,’$15,348. Pros., James Duncan, A lton , 111.; Treas., S. D. Wheeler.
— (V . I l l , p. 692.)
1 IT T L E M IA M I R R .— (See Maps Pennsylvania R R .)— Owns Cincinnati,
O.. to Springfield, O., 84 m.; branch. Xenia, O., to Dayton. O., 15 m.; D a jton, O., to Ind. State line, 38 m.; leases Columbus & Xenia R R ., Xenia, O.,
to Columbus, O.. 55 m.; Cln. St. Con. R R ., 2 m.; Richmond & Miami R R .,
Indiana State lino to Richmond. 4 m.: total. 199 miles.
L E A S E .— On Deo. 1 1869 leased to Pittsburgh Cincinnati & St. Loul«
(now Pittsburgh Cln. Chicago Sc St. Louis R R .) for 99 years, renewable for
ever. 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.
torment stock and int. on debt; $105,800 stock is In treasury. Total stock,
$10,000,000. 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 dlv. 8 3-5% yearly.
B O N D S .— T h e General Is o f 1912 ($10,000,000 autn. Issue; Cent. Trust
& Safe Dep. Oo. o f Cincinnati, trustee) are to bear not over 4% lnt.. and
have a first lien. V . 112. p. 562.
L IT T L E S C H U Y L K IL L N A V IG A T IO N RR. & C O AL.— Owns from Port
Clinton to Tamancnd ana Reevcsdnlc, 31.44 miles; 2d track, 20.47 m.; total,
•91.71 miles. Rc-leascd on Deo. 1 1896 to Phila.
Read. R y . for 999 yean
and rental reduced from 7% on stock to 5% Rold from Jan. 1 1907
D IV S —
1 TO. 11. T 2 . T3 . T4 . T5 . 16. ’ 17. T 8 . T9. *20. ’21. ’22.
Since 1903 % I 544 5
B X 5 614 B
5
5
5 5
4)4 5
Lessee pays taxes and organization expenses.— (V . 113, p. 2o04.)
L IV E O A K P E R R Y & G U L F R R .— Owns L ive Oak to Econfenla. etc..
Fla. 62.85 miles; M ayo Jet. to Alton, Fla., 14.41 m.; Murat Jet. to M urat
F la., 3.74 m.; 62 M ilo Post to 72 M ilo Post, Fla.. 10.5 m.; branches, 78 m.
T o ta l miles, 92.28. Stock auth., $2,000,000; outstanding, $600,000; par,
.$100. Bonds, see table. For cal. ye .r 19121, gross, $302,778; net, $74,493;
other Income, $110,728; deductions, $5,434,194; bnl., sur., $62,387. Pres.,
J. H. Powell; Sec. & Treas., It. P . Ilopkins. Office, L ive Oak.— (V . 114,
p. 854.)
L O N G IS L A N D R R .— Operates the steam surface roads o f Long Island.
Leases— ( ‘ Which see.)
M iles
Miles.
Main lino— L . I. C ity to Groonp t 94 N . Y . Bklyn & M an. B e a c h * -.. 18
4
Long b land C ity to M ontauk— 115 Trackage rights_________________
Branch lines-------------------------- 158
.398
Total Jan. 1 1922Nassau Electric H R ----------------- 9
Also owns the entlro capital stock o f Northport Traction. Nassau County
U y. Glen C ove 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 of the $10,000,000 of
collateral 4>4« of 1905 being outstanding) a one-half Interest in N . Y . &
Long Island Traction Co.. 42 rn.. and Long Island Electric R y ., 26m. V.
S9. p. 698; V . 90. p. 1010; V. 106, p. 396. 499, 2222.
P L A N .— In 1917, the minority shareholders having generally surrendered
their holdings, the Penn. R R . C o.: (a) accented In settlement o f the approxi
mately $30,000,000 o f Indebtedness due It b y the L . I. R R . Co. (consisting
chiefly o f 4% debentures), $5,202,100 new 5% 20-year debentures, and for
the remainder capital stock at liar; (6) gave $5,202,100 5% debs.I n exchange
for minority stock, $ for $. V. 104, p. 361; V. 108, p. 2222.
The debentures will bo secured by any future mortgage on the prop
erty. V . 104, p. 633, 863, 1146, 1263, 13899. 2235, 2452.
S T O C K .— Authorized. $40,000,000; outstanding $34,110,250, o f which
the Penn. R R . on Dec. 31 1921 owned $33,982,650. V. 104, p. 361, 1899;
V . 106, p. 2222.
D IV ID E N D S .—
f ’82. ’83-’90. ’91. ’92. ’93. ’ 94. ’95. 96.
None
P e r c e n t........................ \ 1 4 y ’ ly. 4 H b
5 4H
4
4
since.
BO N DS.— The Refunding 4s of 1903 ($45,000,000 authorized Issue) are *e
secured by a lion on the entlro 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 l ’onn. R R ., were sold, the proceeds to
be used for various Improvements and additions in connection with in.
Pennsylvania tunnels to and through New York City, principally for addi
tional terminal facilities at Bay Ridge and Long Island City and for a doubletrack connection with the N ew Haven road, for additional terminals, tracks,
equipment, and to retire old bonds. V. 78, p. 583, 1549; V. 79, p. 796;
V . SO. P. m i ; v . 81, p. 211; v . 82, i>. 868; V. 92. p. 527. T h e L -S . O.
Commission in M a y 1921 authorized the company to Issuo $3,8< 6,000
(guar.) ref. mtge. 4s and to exchange them for a like amount o f unified
Mortgage Is limited to the amount now outstanding Bonds
are subject to cull 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.
p. 629. 1411; V. 90. n. 698. l640; V. 93. p. 102b; V . 102. p. 609; V.
103. p. 2079. Debentures o f 1917 «e « "plan” above and V . 104. P- 2452,
Government loan, V. I l l , p. 1560.
G U A R A N T IE S .— In addition to guaranteed bonds In tabic above, guar
antees 5% on $650,000 New York Brooklyn Sc Manhattan Beach pref. stock
as part rental; also 0% on $50,000 P . 1’ . Sc So. Br. stock and 10% on
When
Payable
$400,000
1,000,000
4.837,300
4.908.300
1,026.000
4,730,000 4 & 5 g
1,000
1,000
3.000.000
4g
332,000
4g
1,000
1,135,000
1,000
6 g
600,000
6g
1,000
650.000
6g
1,000
100.000
5
1,000
6
315.000
1,000
3.600.000
4
1,000
500 Sec 26,336.000
4 g
5,202,100
100 Sec
6g
6
71,000
500,000
V a rio u s
6
248,976
1,000
202,00C
5
470,000
1.000
4H
6
1,000
l,380,00f
980,00(
6
1,000
6g
3,633,367
L IM E ROCK R R .— Owns road In and around Rockland, Me., 11 m.,
trackage, 1 m.; total. 12 m. Stock. $450,000; controlled by the Rockland
Rockport Lim e Co. of Maine (V . 92, p. 960). D lv. In
5% : 190607, 5% . of which 3% from accumulated surplus; 1907-08. 2 H % : 1908-09,
5% ; 1909-10. 4 H % \ 1910-11. 3 H % ; 1911-12. 2 H % : 1912-13. 4 H % ;
1913-14.1 H %; 1914-15. \ M % : f o l V l f l . 1 H « :
17. 3 % ; 191%18.
none: 1918-21, none. Office, Rockland.— (V . 82, p. 1380.)
71
RAILWAY STOCKS AND BONDS
6g
5g
6g
Places Where Interest and
Dividends are Payable
Last Dividend
and Maturity
J July 1 1929
N N ov 1 1934
10
See text
10
See text
N N ov 1 1962
Portland. Me
Central U n ion T r Co, NY*
O ffice, Fosdlck Bldg, Cln
do
do
Ifarmers’L n & T rC o . N Y
Sc J July 15’22 2 ^ % Office, 410 Walnut,PhllaSafe D ep & T r O o, Balt'
& O Ju nel 1942
Treas Penna R R O o .N Y
Q— J July 1 1931
do
do
J
& D June 1 1938
J Sc D June 1 1932
do&Lon)
do
J Sc D June 1 1934
do
do
J
& D June 11938
do
do
M Sc N May 1 1937
do
do
J Sc J Jan 1 1943
do
do
J
& J Jan 1 1945
do
do
M Sc S Mch 11949
do
do
M Sc S Mcb 11949
do
do
M & N M a y 1 1937
Treasurer, Philadelphia
F & A Feb 1 1931
do
do
F & A Aug 1 1925
F idelity Trust C o, Pblla
J Sc D June 1923-24
F idelity Trust C o, Phlla
F Sc A Feb 1923-27
F & A Aug 1 ’ 23 to '32 Fidelity Trust C o, Phila
.1 & D T o June 1 1932 Fidelity Trust Co, Phila
J & J15 T o Jan 15 1935
A
M
Q— J Oct 1 1932
Sc O Oct 1 1935
Sept 1 1927
Sc
Treas Penn R R C o, N Y
do
do
do
do
s
Guaranty Trust Oo, N
July 1 1961
J Sep
15’ U I H % Checks mailed
Guaranty Trust Co, N
s Sept 1 1927
T o 1923
o Apr
'23-Apr ’ 25
Y
g
3
Sc
5 g
M
A
A
A
J
A
Y
Sc
Sc
& o
& o A pr ’23-Apr ’24
Boody, M cL Sc Co. N Y
Sc J Jan 1 1945
Treas office, St Louis
Sc o Apr 1 1935
4
a
6
6
6 g
6 g
$100,000 o f the N ew Y ork & Coney Island stock and 6% on $44,000 Is*
M . 6s o f Montauk Steamboat C o., due A pr. 1 1926E A R N IN G S .—
------------- Gross---------------------Net after Taxes-----(I.- S .C .C . figures.)
1922.
1921.
1922.
19?1.
Jan. 1-Sept. 30_________$23,587,475 $22,124,788 $5,123,334 $3,258,694
R E P O R T .— For 1921, In V. 114, p. 1759, showed:
jg ig
Operating revenue.................................$28.720,911 $25,843,749 $24,381,974
N e t (after taxes)____________________
3,969,289 def.609,684
2,726,533
U. S. compensation accrued----------------$2,315,056 $3,221,949
Rents, & c_____________________________ \ 500.232 I
347,016
312,992
Unfunded securities and accounts-------/
\ 412,987
406,283
Gross Income.................. - ...............$4,469,591
Lease o f other roa d s........................ Miscellaneous rents, & c-----------------Bond interest_________________________
Other interest________________________
Miscellaneous_________________________
$665,253
216,518
2,546.8ol
412,656
29,124
$3,075,058
$3,941,225
$426,894
201,523
2,311,618
$366,683
170,246
2,122,785
87 ,u44
217,762
Balance, surplus_
$599,189def.$510,651
$682,506
Pros., Ralph Peters; V .-Pres., A . J. County, Henry T atnall; Sec., Eugene
Wright; Treas., J. F. Fahnestock.— (V . 115, p. 513, 1631.)
LO S A N Q E L E S & S A L T L A K E R R .— (See M a p Union P a c ific .)—
From Salt Lake C ity , Utah, to Los Angeles, on the Pacific Coast. 811 m
of main line, with branches, aggregating in all 1,168 milos; from D aggett
to Riverside. I l l miles. Is trackage over A . T . & 8. Fe and Sou. Rue. Ha*
steamship connection via Hawaiian Islands to China, Jap’an and M anila.
V. 81, p. 1551; V. 82). p . 1323; V . 91. p. 590. Salt Lake C ity 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, rtins from Las Vegas. N e v ., to
Beatty, 119 miles. V . 81, p. 1175; V . 98, p. 1020.
Nam e changed from San Pedro Los Angeles Sc Salt Lake R R . In Aug.
1916. V . 103, p. 759. Valuation, V . 113, p. 1360.
S T O C K .— Auth., $25,000,000; par, S100; all issued; held in voting trust
by Farmers Loan & Trust Co. in joint interest o f Union Pacific and W m . A .
Clark. In 1921 Union Pacific acquired complete control. V . 112, p. 2305.
In Dec. 1912 the U. S. Supreme Court held valid control by Union Pacific.
V . 95. p. 1542.
B O N D S .— T h e mortgage o f 1911 Is for $70,000,000; $29,511,000 were
held Jan. 1 1921 In the Union Pacific (Oregon Short Line) treasury. V .
90. u. I l l ; V. 94, p. 124. 490, 699: V 96. p. 1703; V. 98. p. 1538. 1994:
V. 100, p. 1833; V. 101, p. 132. In M a y 1921 received authority to issue
$2,500,000 promissory one-year 7% notes. V. 112, p. 219C.
------------- Gross -------------------- Net after Taxes-----E A R N IN G S .—
(I.-S. C. C. figures.)
1922.
1921.
1922.
1921.
Jan. 1 to Sopt. 30______ $14,253,008 $14,674,906 $1,177,599 $1,251,624
R E P O R T .— For years ended Dec. 31:
, _
Gross.
Net.
Total Net.
Charges.
Bal.,Sur.
19201............... $17,883,503 $4,106,778 $4,938,835 $4,137,933 $800,902
1019*
•
17,209,932 4,524,617
4,680,033 1,309,342 3.370,691
1618 * r r r _____11.517,378 3,645,690
3,644,364 2,759,509
884.797
* Represents Federal operation, t Corporate only.
Pres., Carl R. Gray; V.-Ps., E. E. Calvin and H . M . Adams; Treas.,
E. G . Smith; Sec., Thomas Price.— (V . 115, P- 308, 1942.)
L O U IS IA N A & A R K A N S A S R Y .— Owns from Hope, A rk . to Tioga*
La., 192.89 miles, loss 3.98 miles not operated, Packton to W ildsville Jet..
La.. 53.32 m.; Minden, L a ., to Shreveport. 27.15 m. Trackage: Concordia
Junction, La., to Vldalla, L a .. 8.92 miles, connecting to ferry across
Mississippi with Illinois Central and Mississippi Central: Tioga, L a ., to
Alexandria. L a ., 7.33 miles; and on the St. Louis and Southwestern, m ar
Shreveport, 2.01 miles. Rock Island Co. uses 36 miles. Packton, L a ., to
Pinevlllo, La., under trackage contract, and St. Louis Southwestern pas
senger trains the Shreveport terminals under a 25-year lease. V . 93, p. 527.
ID V 1D E N D S .— 1900 to 1909.3% y 'ly ; then to Sept. 15 1911.2 f i % y ’ly
None since.
BO NDS.— The untssued first 5s (total limited to $7,000,000) are reserved
for betterments, equipment and extensions, of which $1,000,000 reserved
(or bridges across Black and Red rivers, and the balance limited to $20,000
oer 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 Int.. or under:
otherwise, to be invested. O f the $5,196,000 Issued Dec. 31 1921. $1,646,000 were held alive in the sinking fund. See V . 101, p. 2071. In M a y 1920
applied to Issue $250,000 6% notes. V . 110, p. 1973.
E A R N IG N S .—
------------- Gross•--------------------Net after Taxes------(I.-S. C .C . figures.)
1922.
1921.
1922.
1921.
Jan. 1 to Sept. 30______ $2,443,655 $2,497,595
$541,299^ $203,648
Pres.. W m . Buchanan. Texarkana, Ark.: Gen. M g r.. O. G . Lunday
Stamps, A rk.; Treas., J. A . Buchanan, Texarkana, A rk .— (V . 115, p. 1837.)
L O U IS IA N A & N O R T H W E S T R R .— Owns M agnolia. A rk ., to N atch i
toches. L a .. 115 m.; trackage. Magnolia to M cN eil, 6.4 m
On A ug.22
1913 Geo. W . Hunter, St. Louis, was appointed receiver. V. 97. p. .521, 595.
M r. Hunter resigned on Oct. 1 1920 and was succeeded by E. R . Bernstein,
Shreveport, La.
, . , ,
,
•'
,
Th e I.-S. C . Commission in Aug. 1921 authorized the receiver to abandon
that portion o f the lino extending from Chestnut to Natchitochos, 22 miles.
V The*road\vns purchased in March 1922 by C. N . Haskell. Chairman o f
M id dle States Oil Corp., and in M a y 1922 the receiver tvas dismissed.
Compare V. 114. p. 1187; V . 115, p. 74, 543Stock out. $2,300,000; par, $100. 1st 5s o f 1905, V . 82, p. 628; V . 85,
p. 1462. Initial d iv. o f 1!^% was paid Oct. 1 1922.
„„„
For vear 1921. gross, $1,084,250: net. $356,271: other income. $38,308;
deductions, $204,447; bal., sur., $190,132.— (V . 115, p. 74, 436, 543, 1210.,
1321, 1631, 1731.)
Nov., 1922.]
RAILWAY STOCKS AND BONDS
73
72
EAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 6]
Date
Bonds
Louisiana Ry & Nav— First M gold_______ xxx.F .c& r
1903
Louisiana Southern— 1st M g red at 1 0 5 ________Ce.xo
1897
N ew m ortgage______________________________________
(?)
Loulsv Mend & St Louis— 1st M 82,500.000 g o ld ._ (].r
1896
First Consol M $5,000,000 gold____________________
L ou lsv & J e ff B rid ge & R R — $5,000,000ggup& I.xc*
1895
Louisville & Nashville— Stock $125,000,000 auth. _.
....
First & r e f m tge Ser A red (te x t)_________U s.c*&r* text
1921
I* C Sc Lex Gen mtge gold (V 63, p 1010)____ G.xo*
1881
N ew Orl Sc Mob D lv 1st M N O to Mobile g
F.zo*
1880
Second mortgage gold_________________________xo*
1880
Southeast A St L D lv first mtge g call (te x t)____ xo*
1881
Second M gold East St Louis to Evansv & br.xc*
1921
First M (50-year 5s) $15,000_per mile g old ..U s.xo
1887
First mtge collateral trust ($7,000,000) g o ld ..F .z o *
1888
Unified mortgage for $75,000,000 g ___Ce.xc*&r* Text
1890
Mobile Sc Montgomery Joint M $5,000,000 g.-C e.xo
1895
Henderson Bridge Co 1st M gold drawn 105.Ce.xo*
1881
Nashv Flor Sc Shell 1st M g assumed In 1900.Ce.zo
1887
Paducah Sc Mem D lv 1st M $5,000,000 gold . Ba.xo*
1896
Sou&Nor A la cons M (V 97, p 1204,1426)g guC e.xc*
1886
Gen cons M $25,000,000 g guar____ Us.xc*&r*
1913
Newp Sc Cln Br 1st M g s f assum gu by Penn C o.F.x
1895
L & N — Southern R y M onon Collat Joint M $15,500.000 (see text) call 105.................. CI.xc*&r
1902
Lexington Sc East 1st M $20,000.000assumed N .yc*
213 1915
Kentucky Central 1st M ($7,000,000) gold._M p.zo*
247 1887
A tlanta K n oxville & Nortnern first mtge gold.Ce.x
228 1896
do
consol M gold $10,000 p m .U s.x
228 1902
L Sc N — A tl K & C D lv M $50,000.000..Us.xc*&r*
870 1905
L & N Term M $3,000,000 gold guar Jointly .Ba.xo*
1902
Secured gold notes redeemable (see te x t)__ B a.c*
1920
Equlpt certs g ser A due $325,000 s-a_____F L.xc*
1UI3
do
do duo $703,900 a n n u ally_______________
1920
do
do Series D , due $735,000 annually. _ Us
1921
L y k en s V a il R R & C oal C o— Stock— Rental pays4%
20 —
P ar
Value
Amount
Outstanding
$1,000 $10,361,000
500
250,000
750.00(1
500 2.500.000
700,00(1
1,000 4,500.000
100 See text
1,000 &c 12,753,000
1,000 3.258,000
1.000 b4.988.000
1,000 1,000,000
1.000 u3.472,000
1.000 c2,997,000
1.000 d 1,749,000
1.000 e4.705,000
1.000 &c f64.763.000
1.000 4.000,000
1.000
g.373.000
1.000 k l , 996,000
1.000 kl<4 019.000
1,000 m9.292.000
1,000 Sec n7.400.000
1.000
1,299,000
1.000 Sec
1.000
1.000
1,000
1,000
1.000 Sec
1.000
500 See.
1.000
o5.898.000
p7.870.000
q 6 .701,000
r$999.<)00
500,000
*24,745.000
t2 .500,000
7,500,000
325,000
9,150,700
1,000 10,290,000
20
599,120
Rate
%
When
Payable
48 1 J
M
5 g
5g
J
4 g
M
F
7
5^ K A
4 >4 g M
J
6g
6 g
J
6 g
M
M
3 g
5g
M
5g
M
4g
J
48 g M
6g
M
F
5g
4g
F
F
5g
A
5g
48 g J
St
&
&
&
&
[V ol. 115.
Last Dividend
and M aturity
Places Where Interest and
Dividends are Payable
J July 1 1953
s Mch 11950
See text
R Wlnthrop Sc Co. N Y
J July 1 1946
Oct 1 10«/<
Bk ol Amer. NY:do Louis
s Mch 1 1945
J P Morgan & Co. N Y
A Aug 10 192231$ 71 Broadway N ew Y ork
Sc () A pr 1 2003
do
do
Sc N N ov 1 1931
do
do
Sc
J Jan 1 1930
do
do
Sc
.1 Jan 1 1930
do
do
Sc
a Mch 1 1971
do
do
Sc
M Mch 1 1980
do
do
Sc N May 1 1937
do
do
Sc N N ov 11931
do
do
Sc
J July 1 1940
do
do
Sc
S Sept 1 1945
do
Sc
S Sept 1 1931
do
do
&
A Aug 11937
do
do
Sc A Feb 1 1946
do
do
Sc A Aug 11936
do
do
Sc O Oct 1 1963
do
Sc
J July 1 1945
do
do
4g
J Sr. J July 1 1952
A Sc O Apr 1 1965
5g
J
Sc
4g
J July 1 1987
J
Sc I) Deo 1 1948
6 g
M Sc a Mch 1 2002
4g
4g
M Sc N May 1 1955
4g
J
s» V Deo 1 1952
M Sc N M ay 15 1930
7g
J Sc lJ> June 1923
6g
J & J 15 T o Jan 15 1935
6
6 H B M & S M ar 1 '23 to '36
4
J Sc J July 1 1922 2%
J P Morgan * Oo. N Y
71 Broadway. N ow York
71 Broadway Now York
71 Broadway. N ow Y ork
do
do
do
do
do
J P Morgan Sc Co, N V
71 Broadway. N Y
Cuaranty Trust Co, N Y
71 Broadway, N ew York
Office Broad St Sta,Phils
O
E
v*
0
0
0
b to j: Also hold in troas. or b y Farm. L . Sc Trust Co., truste e, Dec. 311921. b $12,000: c $3,000: d $15,000; e $424,000: f $5 .189.000: e$1.611.000:
j $126,000; k to t: Also in treasury Dec. 31 1921 k $10 0,000. k k$217.
8,000; n$ $3,391,0 00; 0 $15,500: p $2,625,000; q $41,000.
r $1,000. s $5,740,000. t $101,000. u $28,000.
L O U IS IA N A R Y . & N A V IG A T IO N C O .— Owns N ew Orleans to Shreve
Tho 1st Sc refdg. mtgo. covers as a first lien tho company’s terminal
port, L a ., 303.25 miles; Aloha to W innfield, 27.14 m.; M c N e e ly ’s to Gravel properties in St. Louis, subject to prior lions, tho terminal properties and
P it. 2.84 m .; total. 333.23 miles. Stock outstanding, $8,131,000; par, $100. shops in Evansville, Cincinnati, Knoxville, Louisville, Nashvillo, Paducah,
E A R N IN G S .—
------------- Gross--------------------- Net after Taxes------ M ontgom ery, Birmingham, Pensacola, M obilo, N ow Orleans, Memphis
and elsewhere. This mortgage closes all prior lien mortgages, including
(I.-S . C. C . Figures.)
1921.
1920.
1921.
1920.
tho Unified M tgo. o f 1890, and no prior lien mtgo. matures beforo 1930.
$231,080
$490,975
Jan. 1 to Sept. 30-------- $2,491,775 $2,981,883
Under tho terms o f this m ortgage, tho issue o f bonds for tho acquisition
Year ending—
Gross
Net.
Other In c. In t.,Tax.,Ac. Bal., D e f. o f property and for additions and betterments In no event can exceed the
D ec. 31 1921...$3,683,909
$434,974 $524,859
$821,793 surS 138,040 actual cost o f tho property to be placed under the mortgago. N o bonds
D ec. 31 1920— .$4,275,834
$61,787
can bo Issued for equipment to an amount In excess o f 80% o f tho cost there
$36,131
$775,819$077,921
Dec. 31 1 9 1 9 ... 3.542,034
104.360
of. Tho authorized Issue Is limited to an amount which, together with
..........
634,388530.028
D ec. 31 1918— 3.078.059
________
492,085
21.621 _ 773.526_
259.820 all other then outstanding prior debt o f tho company, after deducting
Pres , W m . Edenborn, N ow Orleans; V .-P ., W . C. Morse; Treas Paul
therefrom bonds reservod to retire prior debt, shall never exceed throe times
Sippol, Shreveport; Sec., J. J. Tippin.— (V . 115, p. 1210.)
tho par valuo o f capital stock then outstanding. T h e Series A bonds are
redeemable as a whole only on Oct. 1 1936 or an any interest date there
L O U IS IA N A S O U T H E R N R Y .— Owns N ew Orleans, La ., to Bohemia, after at 102 and int. V . 113, p. 2720; V. 115, p. 1396.
L a ., 50 miles; Poydras to Shell Beach, 16 m .; total, 66 m. Steam for
“ U n ified " mortgage, $75,000,000. of which $41.917,660 was reserved to re
freigh t and gasoline motor cars for passenger service. Operated since tire all prior liens (none o f the prior Hens can be extended), the balance fo r
June 1916 by N ew Orleans Texas & M exico R y . under 12-year lease made Improvements, extensions (at the rate of $32,000 per mile, including equip
Feb. 1911 to St. L . & San Fr. In Jan 1901 the United R y . & Trading Co. ment). and for other purposes. The mortgage covers (besides 1,994 miles
o f N ew England acquired over 95% o f the stock and bonds, that company o f road and equipment), $26,473,606 stock of companies controlled and
also owning the Kenilworth Sugar Estates. 10.000 acres. V. 76. n. 706. $3,150 000 bonds free from any lien. See abstract of mortgage In V. 51.
Stock. $1,000,000; par $100; divs.in 1900-01, 7% : 1901-02, 7 )4 % ; 1905-06
p. 613: also V . 72, p. 1034,1188; V . 77. p. 968. In Doc. 1921. o f $69,970,000
4 H %• Y ea r ending Dec. 31 1921 (as reported by lessee), gross, $139,352 issued, $5,000,000 were pledged as security for the 7% notes o f 1930, $189,net, after taxes, def., $44,555; hire o f equip., net credit, $933; bal., def., 000 were in treasury and $18,000 in sinking funds.
$43,623. Surplus under terms o f lease is applicable first to bond interest,
Mobile A Montgomery— Louisville A Nashville Joint mortgage Is for
second to dividend o f not exceeding 2]4 % on stock, the balance if any to $5,000,000; $1,000,000 reserved tor improvements. V. 61. p 196, 750.
be divided equally between lessor and lessee. Office, Houston, T e x .—
Kentucky Central 4s. V . 45, p. 372. Lewisb. A N o r ., V . 101, p. 1272.
(V . 95, p. 618.)
Louisville A Nashville Terminal 4s.— Jolnt'y guaranteed, prln. and lnt.;
by L . Sc N . and N ashv. C . & St. L . V. 88. p. 1313. Co. owns $101,000.
L O U IS IA N A W E S T E R N R R .— (See M a p o f Southern Pacific.)—
Th e Louisville & Nashville Southern R y . M onon Collateral Joint Gold 4%
Owns from Lafayette, L a ., to Sabine R iver, 105 miles; Abbeville to
bonds are secured by $9,796,900 o f the $10,500,000 Chic. Indianapolis Sc
Mam ou, 68 miles; M allard Jet. to Lake Arthur, 34 milos; total, 208 miles.
Operated independently. Southern Pacific owns all the $3,360,000 Loulsv. common and $3,873,400 o f tho $5,000,000 pref. stock. V . 74. p.
1138; V. 76, p. 693. O f the $15,500,000 Joint bonds $11,827,000 had teen
stock. Dividends: In 1905-06 and 1906-07, 10% yearly; in 1907-08,
85%; in 1908-09, 20%: 1909-10 and 1910-11, 15%; 19li-12, 10%: 1912-13, Issued to Dec. 31 1920. each company being liable for $5,913,500, but own
ing
thereof $15,500, leaving outstanding for each $5,898,000. Th e re
10%; 1913-14, 10%; 1914-15, 10%: 1915-16. 15%; 1917, 15%: 1918, 15%;
1919, 15%: 1920, 15%; 1921, 15%. Y ear 1921, gross, $4,387,857; net opor. mainder Is reserved to acquire remaining “ M onon” stock and for Impts., &c.
The Atlanta Kn oxville Sc Cincinnati division 4s ($50,000,000 authorized)
income, $525,561; other income, $209,584; deductions, $75,152; dividends,
cover 870 miles. Of the bonds, an equal amount were reserved to retire
$504,000; bal., sur., $155,994.— (V . 113, p. 72, 183.)
at maturity underlying bonds, viz.: Kentucky Central 4s, $6,742,000:
Atlanta Knoxvillo & Northern bonds, $1,500,000; $5,000,000 are pledged
L O U IS V IL L E H E N D E R S O N & S T . L O U IS R Y .— R O A D .— Louisville
to secure the 7% notes o f 1930. The lino from Livingston to Jelllco, 61
to Henderson, K y ., 143 miles (Including 6 miles trackage); Irvington to
miles, Is subject to prior lion o f Unified mortgage. V. 80, p. 872; V. 84. p.
Fordsville, K y ., 44 miles; L . Sc N . trackage. Henderson. K y ., to Evans
1428; V . 92. p. 1178, 1311, 1565; V . 96, p . 716, 1022.
ville, In d., 12 miles; total, 200 miles. Loulsv. Sc Nashv. on Dec. 31 1921
T h e $3,500,000 Southeast Sc St. Louis D lv. 1st M tgo. 6s woro purchased
owned $1,591,462 o f the $2,000,000 5% non-cum. pref. and $1,740,071 of
at maturity. March 1 1921, at office o f J. P. Morgan & Co. In connect(on
the $2,000,000 com. (par $100). V. 94, p. 207: V. 95, p. 1274; V. 96. p. 653.
with this purchase thero wero lssuod $3,500,000 6% bonds duo March 1
In Oct. 1915 filed a $5,000,000 1st consol. M . bond. $2,710,000 reserved
1971, but callablo on and after M arch 1 1930at 107 and Int. T h e now bonds
to retire $2,500,000 1st M . 5s at m aturity and $210,000 equipment bonds
maturing serially. $700,000 sold forthwith and $1,590,000 reserved for will be secured by a first intgo. on tho So. East. & St. Louis R y . property.
O f the South & N orth Alabama R R . Gen. Consol. 5s ($25,000,000 auth.
future extensions and additions. V . 103, p. 1882; V. 101, p. 1370.
ssuo), $7,400,000 have been sold, guar., prln. Sc int., by the L . Sc N .;
R E P O R T .— For cal. year 1921: Gross, $2,866,380; railway opor. income.
$10,000,000 are reserved to retire the cons. 5s o f 1886; remainder for Im
$442,407; gross income, $474,968; deductions, $340,097; not lncomo,
provements, equipment, &c. $3,391,000 aro owned by company. V . 98,
$134,870.
p. 454, 156, 1001.
Pres., R . N . nudson: V .-P ., W . L . Mapother; Sec., R idgely Cayce;
Lexington Sc Eastern 5s were assumed In 1917 (authorized,$20,000,000).
Treas., L . W . Botts.— (V . 112, p. 1978.)
V. 101, p. 1272; V. 102. p. 1163; V . 104, p. 1489; V . 106, p. 296, 396.
. T h e 7% notes o f 1920 are secured by deposit o f the following: $5,000,000
L O U IS V IL L E & J E F F E R S O N V IL L E B R ID G E & R R . C O .— One-half L. Sc N . R R . Unified 4s o f 1940; $5,000,000 L . & N . R R ., A tl. Knox. Sc Cln.
m ile long: approaches 2 miles; overhead viaducts 1H miles, with connecting D lv. 4s, 1955: $200,000 South Sc N orth Ala. R R . Consol. 5s o f 1936;
lines In Louisville; 40 acres In Louisville and about 60 acres in Joffersonville. $3,000,000
South Sc N orth Ala. R lt. Gen. Consol. 5s o f 1963. Red. on and
Stock, $1,425,000; mtge. for $5,000,000; bonds for $500,000 are reserved
after M a y 15 1923, all or part, at 100 and lnt. plus a premium o f 1% for each
for future construction, &c.; the bonds are guatanteed Jointly and severally
or portion o f a year from tho date fixed for redemption to maturity.
by the Chesapeake Sc Ohio and Cleveland Cincinnati Chicago & St. Louis, In year
trusts Issued to Director-General for roiling stock allocated
whose Interest the stock Is owned, and any deficit Is payable in the propor to Equipment
this company. See artlclo on page 3 and V. 113, p. 1360, 1471.
tion o f one-third and two-thirds respectively. Pres., A . P . Humphrey;
Government loan, V. 112, n. 19/8.
Sec., M . L . Akers; Treas., R . N . H arry. See V . 60, p. 130: V. 61, p. 327.
E A U N IN G S —
------------- Gross--------------------Net after Taxes-----559: V. 62, p. 84.— (V . 112, p. 562, 653 )
(I.-S. C. C. Figures.)
1922.
1921.
1922.
1921.
L O U IS V IL L E & N A S H V IL L E R R . — (See M a p .)— R O A D .— Operates Jan. 1-Sent. 30..............$90,134,839 $87,663,705 $12,504,423 $1,817,168
R E P O R T .— For cal. year 1921, in V. 114, p.l66.3,showed: Railway oper.
main line, Cincinnati, O ., to N ew Orleans. L a ., 92l m.; branches to St.
revenues, $117,485,777: total opor. income, $6,562,146: other lncomo.
Louis, Memphis, Jtc.. 4,117 m.: total, Dec. 31 1921, 5,038 miles, viz.:
$3,337,982; gross Income, 19,900,128; deduct rentals, $1,427,707; interest,
M iles
M iles.
39 $8,749,463; miscellaneous charges, i90,350; dividends paid, $5,040,000:
Owned, property deeded_______4,494 Operated under contract______
Entire capital stock owned____ 221 Under trackage arrangem ents.. 146 balanco, deficit, $5,507,391.
1920.
1919.
1918.
Operated under lease_________ 134
do
(owned but leased).
5
"S ta n d a rd re tu rn '*............. ............. *$14,288,979 $17,298,920 $17,310,495
Reporting Separately [Making 7,688 M iles Owned and Associated Dec. 31 1921)
Income
from
other
seurcos...................
2,688,219
2,680,200
2.512,826
Nashville Chatt. Sc St. Louis___ 993 Other lines_______________________ 44
25
•Georgia Railroad System______565 Owned but leased to other cos
Gross income............................
$16,877,198 $19,979,120 $19,823,321
•Louisville Hend. Sc St. Louis___181
do
Paducah Sc M em . D lv ___248 Deduct— Rents for leased lines........ .
$168,692
$164,032
$222,198
•Ohlc. Indianapolis Sc Loulsville.657 Deduct (Incl. In trackage a b o v e ).. 65 Miscellaneous rents & tax accruals..
45,846
46,257
42,002
7.410.430
7,449,828
Bond, &c.. Interest.......... ................- 8.170,847
• See separate statements for these companies.
Corporate expenses___________________
65.475
241.227
71,899
Control bv Atlantic Coast L in e .— Late In 1902 the Atlantia Coast Lino R R
Fed oral taxos........................................
605,004
803,650
921.220
acquired $30,600,000 o f the (then) $60,000,000 stock and owns $38,720,000
Accrued premiums on s. f. bonds____
20,107
137,242
96,815
o f the present $72,000,000 stock, but the roads are operated Independently.
Sinking
funds,
&c..........
....................
142,857
89,412
170,319
V . 74. p. 830. 1038; V . 75. p. 733. 1399.
Dividends (7 % ).................................... 5,040,000
5,040,000
5,040.000
D IV S . I ------ ’01-'04. ’05-'07. 1908. '09. 10 to '14. '15. '16. ’ 1 7 to ’ 22.
Balance, surplus.................................$2,718,368 $6,046,869 $5,809,037
Since 1900^_____
01------55 y ’ly 6 y ’ly
5H 5 K
7 y ’ ly
6
6,
7 yrly
* Includes $3,031,341 Federal compensation for2 mos., $9,194,718 for
Also in 1908 1% in Louisville P rop erty Co. stock. V . 86, p. 229, 421.
6 mos.’ guaranty poriod and $2,062,920 not oper. lncomo for 4 mos.
S T O C K A N D B O N D S .— Tho stockholders on July 23 1921 authorized
O F F IC E R S .— Chairman, Henry Walters. N Y ; Pros . W . L . Mapothor;
(1) An increase in the capital stock from $72,000,000 to $125,000,000 and V.-Pros., George E. Evans, Addison R. Smith, E. L . Smlthers; V.-Pres. Sc
approved the issuance to tho stockholders ratably as a stock dlvidond o f so Gen. Counsel, Kdw. S. Jouott; Sec., E. S. Locke; Treas., J. II. Ellis. O f
much o f the $53,000,000 lncroaso as the I.-S. C . Commission shall authorize fices, 71 Broadway, N . Y ., and 9th St. Sc B ’way, Loulsvlllo, K y .— (V . 115,
to be so issued. (2) A pproved the authorization, execution and issuanco o f p. 645, 988, 1532, 2159.)
the proposed First & R ef. M tg e. and bonds adopted at tho annual meeting
L Y K E N S V A L L E Y R R . & C O A L C O ,— Owns from Mlllersburg, Pa.,
A p ril 6 1921.
to Willlamstown, Pa., 20.43 miles. Was leased to Northern Central for 99
Th e 1st & ref. m tge. covers as a direct first lien approximately 658 miles years from July 1 1910; annual rental. $24,000 (equal to 4% on stock)
f road, as a second lien 2,656 miles, as a third lion 1,256 miles, and as a organization expenses and taxes. In 1920 operated by Penn. R R . Oo.
ourth lien 546 miles. T o ta l mileage under mortgage by direct or collateral under agreement o f lease dated July 29 1914 (retroactive to Jan. 1 1911).
lien. 5.116 miles.
— V . 92. p. 627.
RAILWAY STOCKS AND BONDS
75
ncyjti3i.Ni
Nov., 1922.]
74
RAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 6]
Macon & Birmingham— First M $500,000 g ___OB.xc
Macon Dublin & Sav— 1st M $1,840,000 g gu ..N .xxo *
M acon T e rm in a l— 1st M $3,000,000 g g u .C o lc * * r *
Mahoning Coal R R — Stock. Common--------------------Preferred stock (see t e x t )__________________________
First M Youngs to And ico guar n & 1 (en d ).-U n .zc
Maine Central— Com stock ($15,000.000)-------------P re f stock 6% cum non-voting, $3.000.000_________
Collateral trust bonds for Mt Desert Branch.AB.zc
1st & R e f M $25,000,000 call at 102 & Int____ c * * r *
Maine Central Eur & No Am refunding mtge gold.z
Washington County 1st M g gu r e d _________ Ce.zc*
Somerset R y Consol mortgage gold_______________ z
First and Refunding mtge $1,500,000 g o ld ..A B z
Equipment gold notes, due S80.200 a n n u a lly _____
15-year notes to United States_____________________
10-year notes to United States_____________________
Guaranteed Securities—
Portland & Ogdensburg stock (2% rental 999 y rs). .
1st M guar prln & lnt end (V . 86, d . 1285)______ z
Dexter & Piscataquis stock 5% rental 999 years..
First M Dexter to Foxcroft guar by end_____ BBz
Hereford R y stock (rental 999 years)______________
First mortgage guar prln and lnt (endorsed)___z
European & N or Am stk 5% rental 999 years______
Upper Coos R R stock 6% rental 999 years_________
1st M and Exten M ($693,000 4 H * ) guar p & l.z
Dexter & Newport stock 5 % ______________________
Eastern Maine stk 4 M % rental 999 years__________
Belfast & Moosehead Lake common stock, ren ta l..
do
do
preferred stock, rental_____
Portland Terminal C o.— See that company.
Portland & Rumford Falls R R — See that company
Ruraford Falls & Rangeley Lakes R R Co— See that
M anch. & Law ren ce— Bonds— See B & M R R above
Manhattan (Elevated) R y. N Y— Stock $60,000,000..
Manhattan Elev cons (now 1st) mtge gold.C e.xc* &r
2d M $5,409,000 g call at 105 (see te x t)...........E q
Miles
Date
Road Bonds
1896
1907
1915
1884
41
411
56
139
42
94
1883
1915
1893
1904
1900
1905
1920
1920
1921
110
110 1908
17
17 1889
53
53 1890
126
55
55 1890
14
19
1890
1913
Par
Value
Amount
Outstanding
$ 1,000
$500,000
1.529.000
1.600.000
1.500.000
661,367
1.500.000
100 14,888,400
100 3.000.
1.000
481.000
1.000 &c 16,000 (*00
1,000
1.000.000
1,000
2.500.000
500 &c
420.000
1,000
864.000
1,042,600
1.653.000
720.000
i 000
1.000
50
50
1,000
100
1,000
100
1,000
100
1,000
100
100
500 &c
100
100
4,392, ,538
2.119,
,000
122,,000
175,,000
800, 000
800, 000
2,494, ,100
350, 000
1,043, 000
122 , 000
200 , 000
380, 400
267, 700
Rate
%
When
Payable
[V ol. 115.
Last Dividend
and Maturity
6g
6g
o 6text.
8
See
5
5
See text
See
000 text
5
4H&5
4g
3* g
4g
4g
6 g
6
6 •
J
J
J
F
J
J
& J July 1 1946
No coupons ever paid
& J Jan 1 1947
New York Trust Co, N Y
*
J July 1 1965
Columbia Trust C o, N Y
& A Aug 1 ’ 22 40% Grand Cent Term . N Y
<Sc J July 1 ’22 2 f i % Cent Union T r Co, N Y
& J July 1 1934
do
do
Text
Oct 1 1920 1M Office. Portland, Me
T ext
8ept 1 1920 I f i
J & D June 1 1923
American Trust, Boston
J & I) Dec 1 1935
N Y , Boston & Portland
.1 & J Jan 1 1933
do
do
J & J Jan 1 1954
N Y . Boston & Portland
J & J2 July 2 1950
do
do
J & J July 1 1955
do
do
J * J 15 T o Jan 15 1935 Guaranty Trust C o, N 5
M & N Oct 27 1935
1931
2
4M
5
4
4
4
5
6
4 *4 H
6
4«
5.2 in ’21
6
Q-—F 28 N o v 30 ’ 22 H %
M & N N o v 1 1928
J & J July 1 '22 2 M%
J & J July 1 1929
M & N N o v 1922
2%
M & N May 1 1930
A & O Oct 1 1922 2 f i
M & N N o v 1922 3%
M *
N M a y 1 1930
J
& J Juiy 1922 2M %
M & N N o v 1922 2 H %
J & 1)
J & D
100 60,000,000 See text Q— J See text
1,000 &c 40.683,000
A & () A or 11990
4 g
4.523,000
J & D June 1 2013
4g
MACON & B IR M IN G H A M R Y .— Owns Sofkee Jet. to La Grange. Ga.
96 70 miles.' 7.03 miles of G. S. & F. R y . and 1.10 mile o f O. o f Ga. R y
between Sofkee and Macon operated under trackage rights. V. 101p. 449. In 1908 a receiver was appointed; now H . W . M iller. V . 86, p337. Passenger service was ordered discontinued in Oct. 1922. V. 115.
p. 1731. In year 1921, gross, $191,505; net, def., $68,319; other incomo,
$2,211; deductions, $23,107; bal., def., $89,215.— (V. 115, p. 1731.)
M AC O N D U B L IN & S A V A N N A H R R . C O .— Owns road from M acon to
Vldalla, G a .,90.71 miles. Stock *3,290,000 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 yoar 1921, gross, $656,355: not,$74,691; other Income.
$11,464: deductions, $153,903; bal., def., $67,748. Pres., James A . Blair
Jr., N . Y .; Sec. & Treas., Geo. M . Norwood, Macon, Ga.— (V . I l l , p. 403.)
M A C O N T E R M IN A L C O .— Building, tracks, &c., at Macon, G a., com
pleted and Is used by Central o f G eorgia, Georgia Southern & Florida and
Southern R y. (all linesentering M acon), which own the $100,000 stock and
guarantee the bonds, prin. and lnt., by endorsement. Rental on wheelage
basis covers int. on bonds & all chges. V . 101, p. 1886.— (V . 101, p. 1886.)
M A H O N IN G C O A L 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% o f gross earnings to Lake Shore (now N . Y .
C entral), which Dec. 31 1921 owned $862,000 com.and $399,500pref. stock.
L A T E D IV S .— j'95-06. ’07-’09. ’ 10. ’ l l . ’ 12 ’ 13. ’ 14. ’ 15 t o ’22,
____ 110 yrly 12 yrly 66
70 20
70 60 See text
On c o m ..
Dividends 1915-22, 20% vly . (10% s.-a.) with 30 extra in July or A ug.)
Also paid an extra div. o f 60% in M a y 1920.
Th e 5% pref. stock guaranteed is callable at par. See V . 107, p 1579.
— (V . 114, p. 2717.)
M A IN E C E N T R A L R R .— ( See L a p ) . Portland to Vanceboro, M e ., via
Augusta, 266 miles (incl. trackage Portland to Falmouth, 7 m i.); branches.
Royal Jet. to Skowhegan via Lewiston. 90 m.; Bath to Lewiston and Farm
ington, 79 m.: Oakland to Kineo Sta.. 91 m.; Portland and Rumford Falls
System, 103 m.; Oquossoc to Kennebago, 11 m.; Bath to Rockland, Incl.
ferry (0.60 m .). 49 m .; Belfast, Harm ony. Foxcroft, Bucksport and M t.
Desert, incl. ferry (7.7 m .), 157 m.; Washington County, 139 m .; Portland
to St. Johnsbury, V t., 138 m. incl. trackage. 0.11m. St. Johnsbury Sta.,
and 8.27 m. from Portland Union Sta. to Windham Line, M e .; Quebec
Jet., N . H ., to Lim e Ridge, P. Q., 108 m.; total Dec. 31 1921, 1,215 miles,
o f which 654 owned, 546 operated under leases and 15 trackage. The
I.-S. C. Commission announced the tentative valuation o f the road as of
June 30 1916 at $61,091,384.
S T O C K .— 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 4 H s. V .1 0 1 .P . 923,
1370. 1465. The common stock was thus reduced to $14,888,400
See
bonds below. V. 101. p. 1628. 1714. Th e m ajority Interest In the stock
formerly owned by the Boston & M aine was all disposed o f In 1914-16
through the M aine Railways Companies, and trust woundup. V . 98. p
312. 1071; V. 102, p. 1250; V. 103. p. 1407.
D IV ID E N D S — I '04-'06.
'07.
08-’ 10.
’ll.
1912 to O ct. 1920
On common s to c k .) 7 y ’ly.
7K
8 y ’ly.
7H
6 yearly (1 14Q-J'
T h e directors on N o v . 10 1920 deferred action on the pref. dividend.
B O N D S .— Th e 1st & Ref. M tg e. is limited to $25,000,000; $1,700,000
are reserved to retire underlying bonds; $2,300,000 for any lawful purpose;
and $5,000,000 may be issued only for improvements when the earnings
are I f i times all interest charges, including the bonds to be issued. A
first mortgage on about 323 miles o f road, including the line running from
Portland to Bangor and on entire stock o f 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.
There are also $269,000 M aine Shore Line 6s assumed, due 1923, o f which
$193,000 are in treasury.
, , _
„
,
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.
G ovt, loans, V. I l l , p. 1370, 2228; V . 112, p. 372; V . 113, p. 1053.
E A R N IN G S —
— ----------- G ross ------------ - ------ Net after Taxes-----(I.-S. C. C. Figures.)
1922.
1921.
1922.
1921.
Jan. 1-Sept. 30_________$16,269,304 $15,503,469 $1.818,235dof.$305,259
A N N U A L R E P O R T .— For cal year 1921, in V. 115, p. 177;
In c o m e Statem ent S h o w in g i n 1918, 1919 a n d 1920 C o m b in e d R esu lt g. F ed era l
an d C o rp o ra te . E x c lu d in g U n ite d States R e n ta l.
___
C a le n d a r Y e a rs —
1921.
1920.
1919.
1918.
Operatingrovenues_____ $20,590,064 $21,357,508 $17,525,178 S16,415,178
Operating income______ def.210,180def2,485,330defl,185,835 def.518,426
Gross income___________
412,857 defl.904,227 dcf.761,005 def.134.754
Interest on funded d eb t.
1,079,581
1,014,423
941,641
805,872
Rentals, & c____________
1,514,329
1,372,169
1,642.219
1,474,600
Preferred divs. ( 5 % ) - . .
112,500
150,000
150,000
540,666
720,888
720,888
Common divs. (6 % )..........................
Places Where Interest and
Dividends are Payable
Maine Cent Off, Portlr.nd
N Y , Boston & Portland
Office, Dover, Me
N Y , Boston & Portland
Treas office. Portland
N Y , Boston & Portland
Treas office, Bangor, M e
Office. Portland, Me
N Y , Boston & Portland
Treasurer’s office. P ’ tl’d
Office, Rockland, Me
165 Broadway. N Y
do
do
do
do
L E A S E .— T h e Interborough Rapid Transit Co. leases the road for 999
years from 1875, guaranteeing 7% p. a. on stock. V. 108, p. 171; V . 75, p.
1202. 1302: V. 76. p. 212; V. 79. p. 2456; V. 96. p. 791. Guar., V. 76.p .480.
Status o f stock, * c . , V. 108, p. 1610; V. 113, p. 1574. Statements by Pros.
A lfred Skitt and Stone & Webster regarding loaso and consequences o f
physical separation from I. R . T . Co. V. 112, p. 1741.
T h e N ew Y ork C ity Transit Commission on Sept. 29 1921 made public
a plan for the readjustment and morgor o f stroot railways and rapid transit
lines o f Greater N ow Y ork w ith ovontual city ownership. Compare
V . 113, p. 1431.
A readjustment plan dated M a y 1 1922, modifying tho lease to the
Interborough, has been agreed upon, for details o f which see Tnterborough
Rapid Transit Co. above. The stockholders1o f tho Manhattan R y . ap
proved the plan on N o v . 9 1922. V. 115, p. 2159.
Stockholders' Committee.— A lvin W . Ivrech, Chairman; William A . D ay,
J. II . McClem ent, Bertram Cutler and Frederick Strauss. Sec., Lym an
Rhoades, 37 W all St., N . Y . V. 109, p. 1891; V. 113, p. 1156.
BO NDS.— 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. A fter all tho $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,
&c. Th e 2d mtge. is made superior in lion to the lease to tho Iuterborough. V. 106. p. 822: V. 103. p. 1118; V. 102, p. 609, 712, 800; V. 97. p.
1115, 1504. In 1907-09 paid franchise tax 1900 to ’08 ($4,876,545).
R E P O R T .— See report o f Tnterborough Rapid Transit Co. for 1920-21
in V. 114, p. 1172; V. I l l , p. 1076. In the following table the interest
and sinking fund on that company’s bonds, issued for third-tracking and
otherwise improving the Manhattan R y ., are shown as an independent
item, since the legal position o f tho Manhattan R y . with respect to the
same under the lease has not been determined.
Years end. June 30—
1920-21.
1919-20.
1918-19.
1917-18.
Gross oper. revenue____ $20,204,526 $19,855,438 $18,575,002 $18,657,280
N et after taxes_________ 3,708,893
4,135,071
4,467,593
6,503,954
Gross income........ ......... 3,76.8,565
4,208.594
4,579,951
6,692,130
Interest and rent p a id .. 2,452,259
2,335,831
2,297,022
2,073,845
4,200,000
4,200,000
4,200,000
Guar. divs. (7 % )-------- 4,200,000
Surplus to lessee— def.$2,883,69tdf$2,327,237df$l,917,071
In t.& s k .fd .In t.R .T .b d s $2,710,682 $2,539,552 $2,185,610
$ 118,285
$1,189,995
Pres., Alfred Skitt; Asst. Sec.-As t. Treas., P. V. Trainquo.— (V . 115.
p. 18 5, 308, 436, 354,75 9, 869, 1321.2159.)
M A N IL A R R .— (Gauge 3 ft. 6 in .)— This company, incorporated in the
P. I ., successor to company organized in Now Jersoy in 1906, has takon over
and is operating the only steam road on tho Island o f Luzon, Philippine
Islands, 550 miles (V . 88, p. 1313; V. 91, p. 215).
In operation Dec. 1920, 315 miles o f Northern lines and 332 miles
Southern lines. Additional mileage has been under construction.
In 1916-17 the Philippine G ovt, purchr.sed all the outstanding stock fo r
$4,000,000 cash. V.103. p. PJ9. 1031: V. 102. p. 609. 251. 2166.
BO NDS.— The Manila R R . (Southern Lines) 1st gold 4s of 1909. guar
anteed as to Interest by the Philippine Governmnt under A ct of U. S. Con
gress, aro limitod to $30,000,000, o f which $13,903,000 are outstanding,
l'he bonds are redeemable as a whole at any time at 110 or by lot for a sink
ing fund of H of 1% yearly from M av 1 1919 to A pr. 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, 1*98.
In June 1917, under agreement o f sale ratified Sept. 8 1916, $4,330,000
Northern Lines First M tge. 6% bonds and $7,716,000 2d M tge. 7% bonds
were canceled as of July 1 1916. In lieu thereof there were issued $13.236,000 Manila R R . Co. Refunding Mtge. 5% 40-year gold bonds, dated
July 1 1916. a first lien on tho Northern Lines and, subject to tho Southern
Lines First 4s. a lien on the Southern Lines. The entire Issue Is hold and
pledged by the Manila R y . Co. (1906), L td ., as below stated.
I t was also arranged to apply not over £590,000 o f the $4,000,000 pur
chase price to payment o f loans o f Manila R y. (the English co .), cancelling
the A & B deb. stock pledged therefor and so reducing the nominal Issues'
of its deb. stock (and bonds) to theamounts theretofore sold, viz.. £2.000.000
Class A 4% and £1.880.000 Class B, tho Interest rate on the latter being re
duced from 4% t o 3 H % . Th e A and B issues thus to be first and second
charges, respectively, on the $13,236,000 now 1st M . 5% 40-year bonds of
the American co. and on about $2,000,000 Southern Lines 1st M . 4s. See
also V. 102. p. 2166; V. 103, p. 145, 493, 1032; V . 103, p. 1888.
The 7% sinking fund bonds o f 1922 aro guaranteed prin. & int. by tho
G ovt, o f tho Philippine Islands. There have been deposited with Chase
N ational Bank, Now York, trustee, as security for tho payment o f tho prin
cipal and interest o f this issue, $2,811,000 M anila R R . (Southern Lines)
l ,t Mtgo. 4% gold bonds, duo M ay 1 1939, guaranteed as to intorost by tho
Philippine G ovt. The company has agrood to create and maintain a sink
ing fund for tho redemption o f tho bonds at m aturity, paying annual in
stallments to tho Chase National Bank, N ow York, trustee, sufficient to
retire ontiro issuo by maturity. V. 115, p. 1210, 1429.
Balance, sur. or dcf.def.$2.181,053defS4943.985def$4215,753def$3286,114
Pres., Morris M cD onald; V .-P . & Gen. M g r., Dana O. Douglass; V .-P .,
G . S. Hobbs; Treas., L . M . Patterson. Office, 222-242 St. John St., Port
Earns.
Gross.
Net.
Total Income. Charges.
Balance.
land, M e .— (V . 115, p. 177, 759.)
1921..........$6,137,149 S I.383.614 $1,490,601 $1,359,154 sur.$131,447
M A N C H E S T E R & L A W R E N C E R R .— See Boston & M aine R R .
1920......... $5,983,200 $1,046,040 $1,221,336 $1,251,644
dof.$30,308M A N H A T T A N R Y . (E L E V A T E D ).— Owns all the elevated railroads in 1919......... 5,400,163 $1,432,371 $1,517,217 $1,371,009 sur,$146.208
boroughs o f Manhattan and the Bronx, N . Y . C ity , main line and branches,
Pres., Manuel Quozon, Manila. Gen. M gr., E. J. Westerhouse, M anila.
37.67 miles, with 92.52 miles o f 2d, 3d, 4th and 5th track, sidings,
Non-resident Secretary. L. V. Carmack. Insular Buroau, Washington*
&c.; total track, 130.19 miles; 3d rail electric. T h e 2d, 3d and 9th A ve.
D. C. Corp. office, M anila, P. I.— (V . 115, p. 1210, 1429, 1532.)
lines, under agreement with the city made in M arch 1913, have been largely
M A N IL A R Y . (190G), L T D .— (V . 113, p. 731, 1053, 1471, 1675.)
3-tracked, the Interborough Rapid Transit Co. supplying funds.
76
BAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 61
Miles Date
Road Bonds
Par
Value
Amount
Outstanding
Rate
%
When
Payable
[V ol. 115.
Last Dividend
and Maturity
1909 1,000 Ao $13,903,000
4 K M A N See text
Manila— 1st M Sou Lines g Int gu s f red 1 1 0 F --xc•A r•
M A N M ay 1 1959
4
See text
1917
do
do
sinking fund________________
J A
6g
J July l 1956
Pledged
1916
$1,000
N ew 1st M Sc K e f on N or Lines $13,236,000----- Ce
M A N M a y 1 1937
1,500,000
7
1922
1,000
—
Sinking fund bonds $1,500,000 auth----------- xxxc*
Bonds o f Underlying Co. in Hands o f Public—
4
J A J 15 Jan 15 1956
£20 Ac £2,000,000
1906
Manila R y ‘ 'A " debentures call 105--------------------1906
£20 Ac £1,880,000
344 A A O 15 Jan 15 1956
do
" B ” debentures 4% reduced to 344% —
1,100,000 Up to 4 M A H Aug 11934
68 1909
1,000
Manlstique & Lake Sup— Inc M 4% n-c $1,300,000 _z
.1 A J Jan 1919-1939
1,132,000
5g
1.000
text 1909
Manist & N E— 1st M g due 40M y ’ly red text.C C .xc*
A A O Oot 1 1928
500,000
5 g
1,000
9 1908
Manitou & Pike’ s Peak R y— 1st M $500,000 g .-F .x o *
Manitoulln & North Shore— See Algom a Eastern R y . .
F A A Feb 1 1955
2,000,000
5 g
1.000
77 1905
Md Del & Va— 1st M $2,000,000 auth gold guar _.x c*
M A S Apr 11932
5
202,450
40 1882
50 Ac
Maryland & Pennsylvania— Y ork Cc Peach Bot M . .x
M A s Mch 11951
897,000
4g
1,000
80 1901
First mortgage $1,200,000g o ld calla t 105.MeBa.xo*
900,000 8ee text A A o Apr 1 1951
80 1901
1.000
Income mortgage $900,000 4% cum call p a r .. MeBa
J A
J Oct 1 1923
6 g
100 Ac
300.000
1913
Notes $500,000 gold red 102 44-.............. M eBa.xc*
200,000
M A N May 1 1936
5g
1.000
1906
Maryland & Pa Ter 1st M $200,000 g gu red H O -.x x
4g
J A D June 1 1955
1,000 12,000,000
375 1905
Mason City & Ft Dodge— 1st M g ....................Ce.xcAr
F A A Aug 1 1922, 3%
800.000
6
100
37
Massawippi— Stock guar same dlv as Conn & Pass—
A A () Apr 1 1937
5
1907
1,200,000
1.000
McCloud River— First mortgage $1.200,000----------- x
M A N N o v 1 1959
5g
1.000AC
2,500.000
1913
M em phis U nion S ta tio n — 1st M g g u a r..B a .x c*r*
.1 Jan 1 1943
5
.1 A
1,000
675.000
33.4 1913
M eridia n & M em phis R R — 1st M $800.000rod 105-.
M A N May 1 1955
4g
250,000
3.27 1905 1,000 &o
Meridian Terminal— First M $250,000 g g u ..G x c *& r
Mexican Central— Mexican International— See Nation al Rail ways o t Mexico
May 1 ’ 13 144%
3,000,000
100
Mexican Northern— Stock, $3,000,000------------------6g
J
A D Deo 1 1930
1,000
a708,000
” 83 1890
First mtge U S gold red 105 s f ext In 1909-G.xc*Ar
6
1928
1913
£100 £1.671.000
Mex No W est— Prior lien bonds £2.500,000 red 10244
M A s Mch 1 1959
5 g
£100 £5.600.000
1909
1st M gold red t e x t -----------------------------------------1912
£750,000 Up to 6 M A S15
£20 &0
Conv Income bds £1,000,000 6% cum red par s f.c *
Places Where Interest and
Dividends are Payable
Philippine N a t, Bk.
N ew Y ork
Now York.
London
do
Detroit
Jan 1919 prlnAInt unpaid
New York and Chicago
Aug 1920 coup In default
See T ie .A T r.C o . Y o rk .l’a
Brown Bros, N Y A Balt
1914 to Oct ’ 22 none pd
Alex Brown A Sons, Balt
do
do
Juno 1921 lnt In default
Sate Dep A T r Co, Host
Mercantile T r Co, San Fr
Bankers Trust Co, N Y
M orcU T C o.J ack’n.Tonn
Guaranty Trust Co, N V
Offloe, 82 Beaver St. N Y
do
do
Sept 1914 coup deferred
Sept T3 coup deferred
a Exclusive of $53,000 held by sinking fund.
M E A D V IL L E C O N N E A U T L A K E & L IN E S V IL L E .— M eadvlllo to
Linesvllle, Pa., 20.54 miles; Lynoos Junction to Exposition Park, 1.07 miles;
total, 21.61 miles. Leased to July 1 1990 to Pittsburgh Bessemer Sc Lako
Erie R R .; rental, 25% o f gross oarnlngs. Stock, $200,000; par, $50.
Dividends In 1913 to Oct. 1922, 4% (2% A . A O .). For year ending Doc.
31 1921, gross, $33,026; not, $29,998; bond int., $9,500; divs. (4 % ), $8,000;
bal., sur., $12,498.— (V . 112, p. 2748.)
M E M PH IS U NIO N STATIO N CO.— Owns union passenger station at
Memphis, Tenn., used by Loulsv. & Nashv.; N ashv. Chatt. & 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 o v . 1909 made a m tge. to the Bankers Trust Co. o f N . Y ..
as trustee, to secure an issue o f $3,000,000 6% gold bonds, guar. Jointly
and severally by fiv e roads named. V . 97, p. 1025; V. 93, p. 1324; V. 89,
p. 1411, 1542; V. 90, p. 236; V. 91. p. 94. Tho I.-S. O. Commission has
announced tho tentative valuation as o f Juno 30 1916 at $2,341,550. Pres.,
A . B. Scates, Memphis, Tenn.; Sec., R . M . M arr, Memphis, T e n n . ^ V.
114, p. 1063.)
M E R ID IA N & M E M P H IS R R .— Owns M eridian, Miss., to Union, 33
miles, with terminals at Meridian. In Jan. 191$ the G ulf M obile &
Northern (which see) purchased tho outstanding securities ($500,000 stock,
and $675,000 first mtge. bonds), but the properties are operated separately.
V . 106, p. 296: V . 105. p. 2543; V . 103. p. 1118. Pres.. I. B . T ig rett —
(V . 107, p. 181.)
M E R ID IA N T E R M IN A L CO.— Owns passenger stations at Meridian.
Miss., opened Sept, i l906, and used by Southern R y ., Mobile & Ohio, New
Orleans A Northeastern R R ., Ala. A Vicksburg and Ala. Great Southern,
which own one-fifth each o f the capital stock ($100,000) and guarantee the
bonds Jointly and severally by endorsement: form . V. 85. p. 601. Pres..
H . W . M iller; Treas., F . S. W y n n — (V . 107, p. 1670.)
M E X IC A N R Y ., L T D .— (V . 115, p. 183.)
M A R Y L A N D D E L A W A R E & V IR G IN IA R Y .— Operates L ov e P t., M d .1
M E X IC AN NO RTH ERN R Y .— Owns from Escalon. Mexloo. on the M exi
to Lewes, Del., 71.97 m.; Queenstown Jet. to Centerville, Md., 5.46 m.: total
can Central R y . to Slorra MoJada, 83 miles, all steel. See V . 64, p. 619.
77.43 m.; and Lewes to Rehoboth, 5 m., Is trackage over Del M .A Vlr. Also In Jan l9 l9 reported under lease to American M otal C o.
V . 108, p. 480.
owns 10 steamers on the Potomac R iver, &c. (steamer lines, 969 miles), but
Bonds, see V . 88. p. 1437, 1500; V . 89, p. 104; V . 91. p. 1026.— (V .
on Aug. 20 1914 was ordered to dispose o f practically all Its water lines; at
103. p. i59; V . 107, p. 2098; V . 108, p. 480.)
last accounts the matter was not definitely decided. V . 101, p. 694.
MEXICO NORTH W E STE RN R Y .— Owns and oontrols 54044 miles
Reorganization Committee.— (Representing 1st m tge. bonds) W m . B.
I La Junta to Mlnaoa................ . 6.34
Skelton, Chairman; F . R . Chesley. E . D . Spear, J. S. M axcy, H . F . Palm er. Ciudad Juarez to Tabalaopa
(Chihuahua)_______________475.78 Cumbre to Chulohupa(bulldlng) 5.08
— (V . 110, p. 562.)
San Antonio to Cuslhulrlaohlo. 13.051
Bondholders’ Protective Committee.— (V . 110, p. 1290.)
The company has leased 250,000 acres o f timber land and owns over
Stock. $3,000,000. of which one-half each of common and 4% non-cum.
3,000,000 acres o f timber lands, with 2 mills at Madera with a capacity
pref.: par o f shares. $50 each; 1st M . 5% bonds due Feb. 1 1955. $2,000,000;
o
f
175.000,000 ft. por year, and 2 mills at Pearson with a capacity or 250,the Pennsylvania R . R. offered to purchase the Feb. 1 1920 coupons. V.
110, p. 465. Aug. 1920 coupons In default. V. 112, p. 1399. Balt. Ches. 000.000 ft. per year. Controls finishing, Ac., plant at E l Paso. Tex.,
capacity 100,000,000 ft. per year. See V. 88, p. 749; V . 89, p. 348, 470;
& Atlantic R y . (Pennsylvania R R . system) owns all the common and
V. 94, p. 1627; V. 96. p. 287. Status In Aug. 1921, V . 113, p. 628; compare
$300,000 pref. stock, and guarantees bonds. In 1921, gross, income,
def.$82,248; deductions, $162,794; bal., def., $245,042.— (V . 112, p. 1399.) annual roport in V. 113, p. 1464.
Stock. $40,000,000 (par $100). o f which $25,000,000 Issued.
M A R Y L A N D & P E N N S Y L V A N IA R R .— Baltimore. Md.. to Y ork. P a ..
B O N D S .— Presont lim it 1st M . 5s, £8,459,700;Issued. £5,600.000. V .8 8 ,
77.17 miles; other mileage, 3.50.
p. 749: V. 93. p. 28. 1324, 1463; V . 95. p. 176; V. 97, p. 521, 595.
STO C K A N D BO N DS.— Stock authorized, $3,600,000, of which $1,997,As to 6% cumulative convertible Income bonds, see V . 94. p. 1627.
600 reserved for conversion o f notes (see below) and future requirements.
Th e Issue o f 15-year prior-lion 6% bonds Is limited to £2,500,000. secured
In 1902 the authorized Issue o f the first 4s was reduced from $2,700,000 to
by a prior lion on the entire property. Red. at 10214 any time on 6 months’
*1,200.000. o f which $203,000 are reserved to retire the York A Peach
notice. Trusteo, N a t. Trust C o., Toronto. L td. V. 96. p. 285. 1229
Bottom 5s and $100,000 additional for future purposes. A c. V . 74. p. 94.
The paymont o f coupons was deferred, owing to financial conditions In
427; V . 79, p. 2205. O f the 6% notes o f 1913 ($500,000 authorized issue),
Europe and Mexico. V. 99. p. 674.
. „ _
*300,000 have been sold. T h ey are convertible Into common stock at
O F F IO D R S .— Pres, and Receiver, R . TTome Smith: V .-P .. M iller Lash;
$50 per share up to Julv 1 1923. N o mortgage can be made without pro L . R. Hoard, O. W . Borrett; Sec. A Treas., R . H . M erry.— (V . 113,
viding for the notes. V . 97, p. 1115, 951. M aryland & Pennsylvania Ter p. 628. 1464.)
minal guaranteed bonds. V. 82, p. 1041, 1102. Paid on Incomes, 1901,
M IC H IG A N C E N T R A L R R .— (See Maps New York Central Lines)
3 % ; 1902 to A pril 1914, incl.; 4% yearly (2% A . A O .); none since.
— L IN E O F R O A D .— Main lino— Kensington to Detroit, 272 miles,
R E P O R T .— For year ending Dec. 31 1921: Gross, $8tTl,769: net, after and Windsor to Suspension Bridge (Canada Southern), 381 m.; Branches
taxes. $144,933; other income, $2,109; Interest and rentals, $118,836; bal owned and leased, 1,112 m.; trackage (111. Oont.) into Chicago under per
ance, sur., $28,206. Pres., O. H. Nance.— (V . 114, p. 1890.)
petual loaso, 14 m .; other trackage, 85 m.; total Jan. 1 1922. 1,862 miles,
with 667 m. or 2d track, 9 m. o f four, track and 1J>28 m. side tracks, A c.
M A SO N C I T Y & F O R T D O D G E R R .— Owns road from Oelwcln, la .;
Chicago Kalamazoo Sc Saginaw R y ., Pavilion to Woodbury, M ich., 65 m ..
to Council Bluffs, 259 miles; H ayfield, M inn., to Clarion, la ., 100 m., Is controlled but operated independently. V. 84, p. 50. Shareholders
branch to Lehigh, 16 m.: trackage. Council Bluffs to South Omaha, 8 votedJune 8 1916 to purchase 15 subsidiaries. Including all those m ention'll
miles; total. 383 miles. The Chicago Great Western owns entire outstand In bond table at head o f page except D etroit R iver Tunnel C o. V. 102.
ing common stock ($19,205,400) and pref. stock ($13,635,752), and oper p.2254. Has considerable interest In Indiana Harbor Belt R R . See that
ates the road as part o f Its main line to Omaha under a 100-year agreement co. and V . 106, p. 2018.
dated Apr. 30 1901 and modified Juno 1904, M . O. & Ft. D . receiving
Third-rail olectric Detroit R Ivor Tunnel, 2.72 m. long, is leased for 999
60% o f earnings on business interchanged. Compare Chicago Great years. V . 90. p. 710; V . 91. p. 276; V . 92, p. 1499; V . 98, p. 236.
Western R y . and V . 73, p. 566, 616. 722: V . 77, p. 640; V. 78, p. 1782;
C O N T R O L .— The N . Y . Cent. & Hud. R iver R R . Co. In April 1898 gave
V . 80, p.2621. Earnings incl. in those o f O G. W . system. The interest
4115 In Its 3 44% 100-year gold bonds for $100 stock, and so holds $16,819.
due Dec. 1 1920 on the $12,000,000 1st M . 4s was paid by the Chicago
300 of tho $18,738,000 stook Issued. Seo that oompany’s statement (also
G reat Western lessee, with funds loand by the X.-S. O. Comm. The
interest due June 1 1921, Dec. 31 1921 and June 1 1922 was not paid because V. 93. p. 1787; V . 96, p. 1424, for proposition looking to ultimate merger.
unearned. Chicago Great Western is not. liable for int. on these bonds unless
L A T E D IV S .— J ’92-’94. ’9 5 ’ 05. ’06. ’0 7 .’08. ’09-’ 14.1915to’21. '22.
same Is earned by the Mason C ity & F t. Dodge R R . Compare V . I l l ,
Since 1890 ........ %\544 y ’ ly. 4 y ’ly.
5
8
6 6 y ’ly
4 % y r ly .to x t
p. 2228; V . 112, p. 2305. A protective committee was formed in Dec.
From Jan. 1916 to July 1921, 4% p. a. (2% s.-a.); in Jan. and July 1922
1920 and called for deposit o f bonds. See V. I l l , p. 2324. Proposod ac paid 4% each.
quisition b y Chic. G t. West. V . 115, p. 2267.
B O N D S — Th e $100,000,000 Refunding Sc Im provem ent mortgage of
M A S S A W IP P I V A L L E Y RY.— Province Line to Lenoxville, Oue., 34
1916, covers about 1.200 miles o f directly owned road, also leaseholds.
miles, with branch, 3 m ; trackage to Sherbrooke, Que., 3 m.; total, 40 m.
See. Th e now bonds w ill be tssuod In series, all equ ally secured, and about
Leased for 999 years from July 1 1870 to the Boston A Maine R R . Stock. $40,000,000 thereof w ill bo reserved to provide for refunding the under
$800,000: par o f shares, $100; dividends payable Feb. and Aug. 1. D iv i lying bonds shown In table above, after $10,000,000 of the new bonds have
dends, form erly 5% . )% since Jan. 1 1897. O f the stock, $400,000 owned
been Issued for othor than refunding purposes, bonds thereafter put out
by the Conn. A Pass R iver Is deposited under Its mtge and $50,000 was under tho mortgago for additions and Improvements must not exceed 70%
purchased In 1910 under Its option at par.— (V . 92, p. 1108.)
of the cost o f such outlays. The debentures o f 1909 are secured by the
new mortgago on a parity with the bonds issued thereunder. V. 104, p. 1600.
M cC LO U D R IV E R R R .— Owns from Sisson, C alif., to F all River M ills,
On Dec. 31 192i $6,171,000 Series A and $507,000 Series B bonds had
C alif., 60 miles. Stock, $1,200,000. Bonds ($1,200,000 auth.), Morcantile Trust C o., San Francisco, mtgo. trustee. V .8 5 ,p . 1005. F oryea ren d - been nominally issuod and woro hold by or for tho company.
Battle Creek & Sturgis bonds for $500,000. but o f this $79,000 was sub
ing Dec. 31 1921, gross, $323,886; net, $35,064; other income, $28,876;
fixed charges, $157,608; dof., $93,668. Pros., D. M . Swobe, San Fran guaranteed by the Lake Shore Sc Michigan Southern (now merged Into
the
N ew Y ork Central). 7 miles, bolng operated by that company.
cisco.— (V . 85, p. 1005.)
M A N ISTE E & NORTH EASTE RN R R .— Owns from Manistee. Mich., to
Traverse City, 71 m.; Solon to Provem ont, 15 m.; Platte River to Empire.
Jet., 17 m.; other, 80 m.; sidings and spurs, 53 m.; leased, 1 m.: operated
under contract, 6 m .: total. 243 miles. T h e M ichigan Trust Co. o f Grand
Rapids was appointed receiver Dec. 28 1918, the road being unable to meet
Drln. and lnt due Jan. 1 1919 on Its bonds. V. 108, p. 79, 268.
Bonds, see V. 88. p. 375. 823; V. 90. p. 1363. Stock, $2,000,000.
R E P O R T .— For year ending Dec. 31 1921:
Cal. Year—
Cross.
N et.
Tot.Inc. Charges.
Balance.
1921
.......... ..$199,155 def.$28,165 $24,189 $76,885 def.S101.074
17,892
2,777
56,004 dof. 53.227
1920_____________ 620,655
Pres., Edw. Buckley, Manistee, M ich.— (V . 109, p. 1366.)
M A N IS T IO U E & L A K E SU PE R IO R R R .— Manlstique. Mich., on Lake
M ichigan, northerly to D oty, 38.32 m .; branches, 15.49 m. V . 81, p. 975;
V 87 p. 97; V . 89. p. 470. T h e Ann Arbor U R . In A pr. 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 1921,
gross, $167,765; not oper. deficit. $30,523; other Income, $40,689; net
income, $21,621. Pres., Newm an E rb., N ew Y ork; V .-P . A Gen. M g r.,
E . F . Blom eyer, Toledo, O.— (V . 110, p. 2089.)
M A N ITO U Sc P I K E ’ S P E A K RY .— Manitou. Col., to summit of Pik e’s
Peak, 8.9 miles; standard gauge. Operated from April to November yrly.
Stock, $500,000: par o f sharos, $100. D lv., 40% paid In 1913-14; 1915.
SeDt.. 10%: 1916-21, none. For year en d .D e c.31 1921, gross, $51.596; net,
loss $42.742:other Income, $900; bond lnt., $25,000; mlscell., $9S8; def.,
$67,830. Pres., H . J. H olt, M anitou, C olo.— (V . 106, p. 2011.)
M A R IO N & R Y E V A L L E Y R Y .— Owns Marlon to Sugar G rove. V a ..
18 miles. A reorganization In June 1900. Controlled by United States
Spruce Lumber Co. Stock. $100,000. par. $100. Dividend 1915, 6 % .
Pres. A Gen. M gr., J. C. Campbell; Treas., L. A . Amsler; Aud., B. S.
Charlton, M arion, Va.; C. H . M iller, Fairmont, Va.— (V . 112, p. 653.)
Nov., 1922.]
77
RAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 6]
Michigan Central— Stock-------------------------------------Refunding & Im pt M tge S 100.000.000-----------------First mortgage $18,000,000 gold------------- tl,xc*A r
M O Michigan Air Line first mortgage____ Un.xcAr
1st M on D etA Bay C it y ----------------------------- Un.zc
do
do
bonds without coupons— zr
Debentures gold __________________________ Q.xc’ Ar*
M C new M on Gr R lv V a l $4,500,000. g text.O xcAr
M O first mortgage on Kalamazoo A S H aven.xlln.r
Mloh Cent 1st M on Jack Lans A Saginaw g — xc’ Ar
M O 1st M on Joliet A Nor Indiana $3,000,000 g-x
Equip. Tr. $4,500,000 ($300,000 annually) gu. gyc*
Equipment trusts N Y Central Lines, which see—
M ich Cent Eq Trust, due $000,000 an n ----Q .c*& r
do
do
due $341,200 ann----------------- Q
N Y O U R Co equip trust cert due $467,665 a n n ..
Bay City A Battle Cr 1st M g gu p & 1 en d.M p.zc*
Battle Cr A Sturgis 1st M g guar p A 1 end.M p.zc*
TolCanSo&Det lstM$4,500,000 g gu (end)G.xc*&r_
Detroit R lv Tunnel Co
See that company
M id d le to w n St U n lon v R R — 1st M $500,000— Ba.y
Second M 6% non-cum adjust Inc bonds red par— y
M idi R a ilroa d Co— See text
M idlan d Val R R — 1st M g red 102H beg lO .q P x c *
Adjustment mtge (2d Income) gold red p a r F P .x c *
Wichita A M idland Val 1st M g gu red par-------xc
c O f which $10,819,300 hold by N Y Central R R Co.
x Anaddltlonal $79,000 is guar by N Y Central R R .
M iles Date
Road Bonds
1,200
270
115
171
171
*84
39
379
45
1917
1902
1890
1881
1881
1909
1909
1889
1901
1907
1915
07-13
1917
1920
1920
1889
1889
1906
1913
1913
299
299
Pas
Value
Amount
Outstanding
Rais
%
When
Payable
Last Dividend
and Maturity
J & J July 29 ’22 4%
4
$100 C$18736400
See text
1,000 Ac 18,000,000
3 Hi g M A N May 1 1952
J & J Jan 1 1940
4
1.000 Ac
2,600,000
M & S Mch 1 1931
1,000 } 4.000.000 / 5
Q— M Mch 11931
1.000 Ac
l
5
Apr 1 1929
A A
1,000 Ac
7.634.000
4g
4g
M & s Sept 1 1959
1,500.000
M &
Nov 1 1939
5
1,000 Ao
700,000
Sept 1 1951
1.00U y 1.695,000
3H g M &
1.500 000
4 g J & J 10 July 10 1957
Oct ’ 23-Oct ’30
A A
1.000
2.400,000
5g
T o Jan 1 1928
4,843.475 Various
\i a
s Sept 1 '23-'32
6,000.000
6
1,000 Ac
j &
6
4.435 600
15 T o Jan 15 1935
A & 015 T o A pr 15 1935
7
6,079,645
1,000
49.000
3 g J A D Deo 1 1989
J A n Deo 1 1989
x421.000
1.000
3g
l.OOOAc
4 K J A J Jan 1 1950
3.100.000
o
Ns
o
100 Ac
1.000
1913
1913 500-1000
1,000
1911
M
190.000
6g
250,000 See text M
Places Where Interest and
Dividends are Payable
Grand Cent Term ’ l, N Y
R eg at G C T; cp at Q T r
C ent. Union T r Co, N Y
do
do
Grand Central Term. N Y
do
do
do
do
do
do
Reg at G C T ; cp at G T r
Guaranty Trust Co, N Y
N ew Y ork and Phlla
Cent Union T r C o, N Y
do
do
Grand Central Term , N Y
& N N o v 1 1933
& N N o v 1 1933
Empire Trust Jo, N Y
Bankers Trust C o, N Y
Apr 11943
1 Apr 11953
0 Jan 1 1931
N ew Y o rk and Ph lla
See text
O ffice, Philadelphia. Pa
A &
5.524.000
5g
5,500.150 Up to5% Sept
A A
1,025,000
6g
o
y $3 05,000 purchase d and retlr ed by L a nd Grant Trustees.
and to moot sterling commitments o f company, especially for the purchase
o f coal. Subject to call as a whole on or after Sept. 1 1934 at 103 and lnt.
on threo calendar months’ notice. Bonds w ill be redeemod by tho operation
o f cumulative sinking funds, beginning in 1929, either by annual drawings
at par or by purchase under par. Secured on the earnings o f the system
in addition to the provisions mentioned in tho above paragraphs. Th e
company also undertakes not to give or consent to any charge o f any
description to any creditor present or future, in France or in any other
^ As to guara'iHood bonds, see Canada Southern and Detroit River Tunnel. country, without giving to these £2,000,000 sterling bonds the benefit o f
such chargo pari passu with such other creditor. Publicly offered in
Equipment bonds o f 1915, see V. 103. p. 145: V. 102, p. 1447.
London, Eng., in M arch 1922 at 89% .
Michigan Central R R . Equipment Trust o f 1917. V . 104, p. 1794. In
R E D E M P T IO N .— Th e entlro bonded debt is redeemable at par by
M ar. 1919 the $7,800,000 unmatured certificates were placed as 6 per cents.
annual drawings. In accordance with the redemption schedule printed on the
See V . 108, p.973: V. 106, p.2018.
„ „
„
Jointly with four other roads, covenants to pay N ew Y ork Central Lines back o f each bond. A ll bonds are scheduled to bo redeemed before the end
$62,200,000 car trusts o f 1907. 1910. 1912 and 1913, the company's share of o f tho concession, namely Dec. 31 1960.
equipment trusts outstanding Doc. 31 1921 being $260,425 $1,181,881:
G O V E R N M E N T G U A R A N T E E .— B y an agreement between the com
$758,554 and $1,574,157, respectively. V . 85. p. 1402: V . 80. p. 168; pany and the French G ovt., approved by a law enacted N o v . 20 1883, It is
V. 88. p. 701: V . 90, n. 1077: V. 92. p. 807.
,
pr vlded that If In any year, prior to Dec. 31 1960. the end o f the concession
Equipment trusts Issued to Director-General for rolling stock allocat o f the Company, the net income o f the company Is not sufficient to cover
ed to this company. See artlclo on page 3 and V . 113, p. 1471.
the Interest on, and the amortization of, its bonded debt, and to make a
Government loan, V . I l l , p. 2520: V . 112, p. 162.
distribution o f 12,500,000 francs on Its capital stock (at the rate o f 50 francs
E A R N IN G S —
--------------Cross------------ ------ Net after Taxes------ per share o f 500 francs), the French G ovt, will provide the company with
the amounts necessary to make up the deficiency, any amounts so advanced
(I.-S. O. O. Figuros.)
1922.
1921.
1922.
1921.
to be repaid with Interest at the rate o f 4% per ann. (3% since 1896 In ac
Jan. 1-Sopt. 30— .......... $59,354,540 $54,107,636 $13,313,918 $3,829,592
cordance with the agreement in connection with the transfer to the G ovt,
A N N U A L R E P O R T .— Report for 1921. In V. 114. p. 2710, 2728.
o f the two canals mentioned above) out o f any surplus net 1ncome o f the
Years ending Dec. 31—
1921.
1920.
1919.
company remaining after making distribution o f 10% on Its capital stock,
Railroad rovonuos................................ $72,911,852 $87,790,799 $78,844,386 and that i f at any time prior to the end o f the concession the G ovt, shall re
N o t from operations__________________ 20,359,908 10,391,481 21,002.572 purchase tho company’s property and take over the operation o f Its railroad,
G overnm ent compensation__________
______ seo‘ ‘oth Inc”
8,699,812
the G ovt, will pay to tne company annuities not less than the aggregate
5.636,736
-----Operating lncomo aftor ta x __________ 15,423,636
amount required for Interest on, and amortization of, Its bonded debt, and
Othor lncomo_________________________
351,591
9,173,466
858,187 for making a distribution o f 12,500,000 francs on Its capital stock.
E A R N IN G S .— (Figures given aro per 1,000 francs).
Gross corporate lncomo____________ $15,775,127 $14,810,202 $9,557,999
1900. 1905.
ioiO .
1915.
1918. 1921.
Rentals leased lines................................ $2,793,426 $4,078,788 $2,783,598 Year—
5,246,290
4,727,988
4,005,270 Operating receipts........ 107,654 115,990 128,505 135,313 184,496 420,136
Interest on bonds, A c ________________
Othor rents and miscellaneous________
10,073
3,005,323
273.692 Operating expenses____ 50,625 53,440 70.294 81,615 160,247 496,337
‘
-------- 62.550 58,210 53,698 24,249 -76,201
57,029
Exponsos applicable to prior poriod—
______
______
2,428,203 N et operating Income—
60,058 100,699
D ividends____________________________
1,124,184
749,456
749,456 Fixed charges, & c_____ 47,494 49,527 51.961 58.605
12,500 12,500
10% dividend on stock. 12,500 12,500 12,500 12,500
Balance, surplus................................ $6,601,153 $2,248,647
$67,230 Advances made by G ovt,
under agreement with
Pros., A . H . Smith, N . Y . — (V . 114, p. 2710, 2728.)
.........
6,260 17,407 48,309
the Governm ent____ 3,060
M ID D L E T O W N & U N IO N V IL L E R R .— M iddletow n. N . Y ., to N . Y .
Refund o f advances from
S. ft W . June., N . Y ., 14.03 miles. Has an agreement with the N . Y . Ont.
____
460
....................................
the Governm ent____
& Western R y . for the use In perpetuity both o f the terminal In Middletown
O F F IC E R S .— Ch. Verge. Pros.; Comte Louis do Segur, Etienne M a lle t'
and o f the mile o f track used In entering that city.
Jules
Cambon,
V
.-Ps.;
Marcel
Peschaud,
Sec.;
C . Mange, M g r., Paris*
Reorganization In 1913 (V . 97, p. 887) o f M iddletown Unlonville A
France.— ((V . 114, p. 1063, 1179.)
W ater Gap R R ., foreclosed. Cap. stock. $150,000. Adjustment mortgage
M
ID
L
A
N
D
R
A
IL
W
A
Y
.—
Savannah,
G
a..
to
M ld ville. 90 miles. V •
coupons have boen paid as follows: N o v . 1916, 1% ; M a y 1916 to N o v .
105. p. 1118. Formerly Savannah Augusta A Northern R y ., sold In 1910
1917, 2% semi-annually: M a y 1918 (for 6 mos. ending Oct. 1917). 4 % :
by
receiver
for
$250,000
to
W
.
J.
Oliver.
V
.
101.
p. 450, 1372.
fu ll 4 % paid on lncomo bonds in 1918: N o v . 1 1919 to N o v . 2 1922 paid 3%
For financing proposed in Jan. 1919, see V . 108, p. 79; V . 115, p. 645.)
semi-annually (latest payment covorlng 6 mos. ended A pril 30 1922).
F or year ending Dec. 31 1921, gross, $121,481; notoper. Income. $44,061:
M ID L A N D V A L L E Y RR.— Owns and operates from Excelsior A rk .;
othor income, $3,778: deductions, $37,148: not Income, $10,692. Chair south to Hoye, Ark., and north to Fidelity, A rk.; also from Excelsior west
man, Newmnn Erl>: Pres., Charles I. Henry, 21 State St., N . Y .; V .-P . &
to SUverdaie, K an., and from Jenks, Okla.. to Kiefer, Okla., a total o f
Gen. M gr. J. A . Smith; Treas., Garrett T . Townsend; Soc., Frank H. Finn.
310.17 miles; also operates under trackage from Rock Island, Ark., to F t.
— (V . 115, p. 1837.)
Smith. 10 m ., and SUverdaie to Arkansas C ity, Kan., 9.: leases Wichita A
AUDI R R . C O .— (C om pn gn ie des C licm ins do F er du M id i. ) — (See Midland Valley R R .. Arkansas C ity to Wichita, 51 miles, for 50 years from
M a p .)— M IL E A G E .— Th e M idi R lt. Co. system includes 4.098 kilometers July 29 1910. for 25% o f the gross earnings (and any deficiency necessary
to meet the bond lnt. and taxes); total oper.. 386.25 m. V. 92. p. 462,796.
o f lino (about 2,547 miles), forming tho only railroad connection betwoon
O R G A N I Z 'N .— In 1913 readjusted without foreclosure, V . 96- P. 554.
Spain and Continental Europe.
As to 3 H s or 1902, see V . 74. p. 728; V . 76, p. 102; V . 83, p. 1229. First
4s on Jollot & N orth. Ind.. boo V. 84. D. 1367: 1428: V . 100. p. 650. 642.
Toledo Canada So. A Det. 4s, V. 104, p. 1600: V. 82. p. 930; V. 85. p. 400.
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 ..
$1,600,000 are reserved for double-tracking. Ao.. and $1,500,000 for future
requirements. V. 88, p. 945, 1002, 1061. 1254: V. 90, p. 1554: V . 89.
O R G A N IZ A T IO N .— Organized In 1852: assumed present title In 1898.
C A P I T A L S T O C K .— 125.000.000 francs, divided Into 250.000 shares of
500 francs each. O f this amount 39,842 had boen called for redemption up
to Dec. 31 1919, leaving outstanding 210.158 ordinary shares and 39,842
divldond shares without par value, but entitled to 5% dividend per annum.
D IV ID E N D S .— An annual distribution o f 10% per annum has boen paid
on tho capital stock since 1883 (see Government guarantee).
B O N D E D D E B T .— On Doc. 31 1921 bonded debt o f co. was as follows
--------- Number o f Ronds--------Par Value o f
Author- Called for
OutOutstanding
*O f BOO Francs Dcnom.— orized. Redemption standing.
Bonds.
3% bonds 1881-1957------ 4,823,240 1,084.889 3,738.357 /rs.2,015.789.500
2 H % bonds 1897-1957.— 292.862
65.720
227.142
115,184.500
4% bonds 1914-1960....... 363,894
14.500
349,394
190.750,000
5% bonds 1920-1960....... 287.637
3,200
284,437
196,800,000
6% bonds 1920-1960----- 1 98,268
...........
98,268
180.015,000
\ 10.530
...........
16,530
22,997.000
* Except 6s, which are nlso for Frs. 1,000.
O f tho 6% bonds, 50,000.000 francs wore offered In Oct. 1920 b y A . Iselln
A C o ., Now York. Tho samo firm also offered 25,000,000 francs 6% bonds,
lssuo o f 1920. in March 1921. V. 114, p. 1063. These bonds are re
deemable at par by nnnunl drawings. In accordance with the amortiza
tion schodulo printed on tho bonds, In amounts sufficient to retire the
entlro Issue by 1960, tho company reserving tho right to Increase the
amount to be redeemed in any year. Convertible at any time Into an equal
principal amount o f 6% Froncli bonds, listed on the Paris Bourse, but sub
ject to French taxes. Principal and Interest (J. ft D .) payable at the office
o f A . Isolin A C o., 36 W all St., Now Y ork, without deduction for any
French taxes, present or futuro, if held by non-residents o f France. Com
pare V. I l l , p. 1172. All tho abovo-montlonod Issues are scheduled to be
redeemod at or boforo tho ond o f tho concession.
N o mortgage has been Issued on any part o f tho property, all bonds rank
equal and aro a direct obligation o f tho company (see G ovt, guarantee).
Ronds Issued Since Dec. 31 1921 .— £2,000.000 6% storling bonds o f 1922,
duo 1950, lnt. M . ft .1. 1. payable In London, froe from all present and
futuro Froncti taxos or othor French deductions, coupon £100, £500 and
£1,000. Issuod to repay advances obtained In England by the company
S T O C K .— Auth., common. $16,000,000; pref.. $5,000,000; outstanding.
$4,000,500 each o f common and 5% pref. (prln. and d iv .); par. $50. Stock
Is all held In a voting trust terminating Jan. 1 1924 or at any time after
M ay 1 1918, at the discretion o f the votias trustees; Edward T . Stotesbury.
Sidney F. T y le r, J. R . VlcAlIlster, Lloyd W . Smith and Francis I. Gowen.
The pref. stock Is redeemable at par on any div. date after July 1 1916 on 30
days notice, and subject to the right or the Cherokee Construction C o.
to purchase as follows: 1916 and 1917 at 40% ; 1918 and 1919, 45% ; 1920
and 1921, 50% ; 1922 and 1923, 55% .
B O N D S .— Th e first 5s and adjustment M . (Income) 5s. issuod per plan
V. 96, o. 554, are a first and second lien, respectively, on (1) the entire
property; (2) the leasehold Interest In the Wichita A Midland Valley R R .
and all the $1,025,000 1st M . bonds o f the latter and $460,000 o f Its $503,300
common stock; (3) all o f the $250,000 stock o f the Sebastian County Coal
& Mining C o. owning about 18.500 acres o f semi-anthracite coal lands.
Of the first 5s, $5,000,000 have been Issued on account o f retirement o f
outstanding bonds and other indebtedness and Impts., A c., o f the remaining
$10,000,000 reserved for 85% o f the cost o f Impts., extens, A c., under
careful restrictions. Issued, $6,128,000, o f which $5,524,000 are out
standing and $604,000 are in treasury. See V . 96, p. 1423, 1489.
The Interest on the adjustment M . bonds Is to be paid annually, if earned,
out Is not to become a fixed charge, and Is not to be cumulative unless the
Cherokee Construction Co. shall exercise the option to purchase the pref.
The $3,512,500 Series A bonds have priority both as to lien and
oayment o f interest over the $2,000,000 Series B bonds.
For the year ended June 30 1917 3% was earned and paid on Sept. 1.
•lared ]
tame v _______________________
_ J ------------- ------------Government control; 3% Interest was declared, payable Sept. 1 ’ 19, for year
ended June 30 '19 (coupon N o. 3): 3% was declared for the year ended
June 30 1920, payable Sept. 1 1920 (coupon N o . 4): 5% was declared on
Scries A and B for tho year ended June 30 1921, payable Sept. 1 1921 (cou
pons Nos. 5 and 1)- 5% was declared on Seiies A and B for tho year ended
June 30 1922, payable Sept. 1 1922 (coupons N os. 6 and 2). 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.)
Nov., 1922.]
RAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see nores on page 6]
Miles
Date
Road Bonds
Mill Creek A Mine Hill Navigation & R R — Stock____
Milwaukee Lake Shore & Western— Milwaukee Sparta A Nor
Milwaukee & Northern— See Chicago Milwaukee A St
Mine Hill & Schuylkill Haven— Stock (6% ren tal)___
37
Mineral Point & Northern— 1st M $450,000 g o ld .F .x
26
Mineral Range— Consol mtge (text) gold red at 105-zo
16
General mtge Interest guar by Canadian Paclflo.Fz
73
Hancock A Cal oons mtge gold red at 105 assum__z
34
MlnneaD Red Lake & Manltob— 1st M $700,000 g-F .xc
33)4
H ln n eap & St L— Stock, all of one class, $26,000,000
First mtgo Merrlam Juno to Albert Lea g ___F.zo*
109
First Oonsol Mclosed M g (V 59. p 1145) _N .x o *A i
355
Des Molnos Sc F t Dodge gold guar p Sc l.-.C e .x c’ &r'
138
First A Ret M $13,244,000 gold ($18,000 p m)__Cex
770
Refund and ExtenM $75,000,000 g red 105U xc* Ar* 1.510
___
E q T r Ser D due $40,000 each N o v l;c a ll 102)4.PeP
___
do Ser E due $170,000 y ly Feb 1 call 102 H PePc
Am Locomo trusts due $6,250 quar V . 100, p 556..
___
___
Amor Locom otive trusts duo $23,000 s-a___________
___
Equipment trusts, Dlroctor-Gonoral o f R ailroads..
Iowa Central 1st M 6 (V 49. p 582)__________ Me.zo*
502
1st R ef m tge $25,000,000 g (see tcx t)-U n .x o * Ar
540
Hock Goal Go 1st M $600,000 gu red 105 sf..E m .x c »
___
M in neap St P & S S te M — Com stock $28,000,000.
...
Preferred stock 7% non-oum $14.000,000____ _____
__
Leased line ctfs $12,500,000 auth.......... ......... .........
___
Minn Sault Ste Marie A Atlantic 1st M gold.Ce.zo*
495
1st Oons M g.lnt guar (end) ($3,477,000 Bs)Ce.xc*&r 3,163
First ref mtgo s f g Ser “ A ” $15,000,000 a u th .Q c * 3,153
Seoond mortgage $5,000,000 gold lnt guar____ Ce.x 3.163
Central Terminal inlnt 1st M g red tex t.Q .x c »& r*
___
Collateral trust gold bonds______ _____________ B a.c*
...
...
Oar trust Ser E g $169.000s-a (V .96.p.203) . . . Q . x o
do
Ser F due $64,000 a-a (V 97. p 1663). Q P c *
...
do
Ser G due $75,000 s-a (V 103 d 1888).Em.c
...
do
8er H due $50,000 y rly call 102_________c*
...
do
Ser. I due $250,000 y r ly ______________Ce.c
...
do
Sor J duo $240,000 y r ly _________Ce.xxxc
...
Tw o-year gold notes
Par
Value
Rate
%
When
Payable
Last Dividend
and M aturity
$25
$323,3751 10
J A J July 1922 5%
th Wes tern — Se e Chicago A North W estern
_ _
50
4,210,200
5)4 J A J Aug 1 1922 3%
1905
1,000
450,000
5 g
M A N May 1 1925
1891
500 Ac
593,000 4 g A 5 g J
A J Jan 1 1931
1901
100,000
1,000,000
J A J Jan 1 1951
4g
1,000
1891
325,000
5e
J A J Jan 1 1931
1905
1,000
700.000
5g
J A D 30 June 30 1925
100 25,792.600
1877
600 Ac
950,000
7g
J A n June 1 1927
1894
1,000
5,282,000
5g
M A N N ov 11934
1905
1,000
3,072,000
4g
J A
J Jan 1 1935
1,000 13.241.000
1899
4 g
M A S Mch 1 1949
1912 1.000 Sco
4,085.956
5 g
Q— F Feb 1 1962
1,000
1915
120,000
M A N N o v 1 ’23 to ’ 25
6g
1917
1,000
850,000
5
F A A Feb 1 ’ 23 to ’27
1915
250 A c
.56.250
6
Q— J Jan ’ 23-Jan '25
1921
1.000
161.000
6
J & J T o Jan 1 1926
1920
1,310.400
6
J & J 15 T o Jan 15 1935
1888
1,000
7,650,095
5 g J A n June 1 1938
1,000
1901
7.156,000
4g
M A
Moh 1 1951
1,000
1912
126,000
6g
J A j July 1 1932
100 25,206.800 Seo text A A
....
A pr 15 1922 2%
!•*•» 12.603,400 See text A A « A pr 15 1922 2%
....
....
100 11.230,300
A A o A p r 1 2008
4
1,000
1886
8.136.000
4g
J A j Jan 1 1926
1.000 63.011.000 4 A 6 g J
1888
A j July 1 1938
1921 500&1000
2,500,000
J A j July 1 1946
6g
1899
1.000
3.500.000
4g
J A J Jan 1 1949
1911
1.000 Ac
4
5,075.000
W A N N ov 1 1941
1,000 10.000.000
1921
6)4 g M A S Sept 1 1931
1.000
1913
159,000
J Jan 1923
4)4 K J A
1913
1,000
128,000
5g
J A D June’ 23-Dec ’23
1,000
1918
600,000
4)4 g M A N15 M a y '23 -N o v '26
1920
1,000
400.000
6
A A O Apr 1 ’23 to ’30
1,000
1920
2.000,000
7 g
J & D28 June ’23 to '30
1921
1,000
2.400,000
S M a r 1 ’26 to ’35
6)4 g M A
1922
1,000
3,000,000
5)4 g J & D28 June 28 1924
E A R N IN G S .-Oross—Net after Taxes-----.________________
C . C . figures.)
, (I.-S
.
1922.
1921.
1922.
1921.
Jan. 1 to Sopt. 30.......... $3,402,646 $3,312,015
$1,163,240
$563,984
R E P O R T .— For 1921, gross, $4,450,477: not, $1,026,808; other Income,
$979,359: deductions, $672,409: not, $306,950.
Pros., O. E. Ingorsoll; Sec. & Troas., J. R. K . Dolany. Office, Lafayotto Building, Philadelphia.— (V . 115, p. 869.)
M I L L C R E E K A M IN E H I L L N A V IG A T IO N & R R .— Mill Creek Jet. to
Broad Mountain, P a .. 4.01 in.; branches, 2.13 m .; second track, 3.79 m.;
total track, 60.03 m. Leased In 1861 for 999 years to Phlla. Sc Reading R R .:
lease assumed in 1896 by Phlla. Sc Reading Railway, rental. $33,000 Sc taxes
M IN E H I L L A S C H U Y L K IL L H A V E N R R .— From Schuylkill Haven to
Ashland and Enterprise Jet., 36.72 m.; 2d track, 18.85 m.; total track.
129,91 m. Jn 1897 rental reduced to 8% on stock under new lease for 999
years from Jan. 1 1897 to Phlla. * Read. R y . Co.: 2 H % Is paid In Jan. and
3% In July. K % being deducted for taxes.— (V . 96, p. 1365. 1423.)
M IN E R A L PO IN T Sc. NORTHERN R Y .— Highland to Highland Jot ;
W Ia„ 26.4 miles; trackage to M ineral Point, 4.2 m.: total, 30.6 miles.
Stock. $550,000: par, $100. Bonds, see table. For cal. year 1921, gross.
$68,232; net, $57,928; charges, $31,296; bal., sur., $26,632. Pres., Thos.
D . Jones, Chicago; V.-I*., A . D. Terrell, Chicago.
M IN E R A L R A N G E R R .— Houghton, M ich., to Calumet, M ich., 14 m.;
branches, 19m .; South Range exten., Kewoenaw B ay to Riddlo Jet., 36 m.;
total, 69 miles.
In 1895 paid dividends of 10H % ; In 1896, 7% : 1897,7% ; 1898, 3 )4 % i
none since. Stock, $1,500,000; par, $100.
BO NDS.— Consols for $1,000 are reserved for $3,000 old bonds. O f the
$593,000 outstanding, $339,000 are 5s; the Canadian Pacific owns
tho remaining $254,000 (which are 4s) and the $1,000,000 gen. mtge. 4s.
both of which It guar, as to lnt. V. 75, p. 554. See V. 73. p. 556. 616; V. 73,
p. 785. O f tonnage In 1920, 91% was ores and mining products.
R E P O R T .— For 1921, gross, $281,735; oper. incomo def., $186,091;
gross Incomo, def., $164,565; deductions, $87,374; bal., def.. $251,939.
Pres., E. Pennington, Minneapolis; Sec., G. W . Webster, Minneapolis;
Treas., W . J. Ellison, M arquotte, M ich. N . Y . office, 64 W all St.—
(V . 110, p. 970, 1642.)
M IN N E A P O L IS RED L A K E A M A N ITO B A R Y .— Bemldjl to Redby,
Minn., 3314 miles. Stook. $100,000: bonds (see table). For year ending
Doc. 2,1 1921. gros3' $107,199: net. $17,423; lnt. and rentals. $38,706; bal.,
def., $21,283. Sec., A . Ueland; Troas., A . L . Molander, Bemldjl.
M IN N E A P O L IS & ST LO U IS R R .— Road Includes:
Road Owned—
Miles
Road Owned (Continued) — Miles
Minneapolis to Angus. I a ....... 260
WInthrop, M in n., to 8torm L a ke.154
Des Moines to Ruthven. I s __ 138
168
Branches _____________________
Hopkins, Minn., to Leola, S.D.329
Trackage____________________ 113
Oonde to Le Beau, 3. D . . ....... 115
Iowa Jot., III., to Northwood._375
Total owned and operated Dec. 31 1921__________________ __ .
1,651
Leases to O. R . I . A P .. Albert Lea to Iowa Line, 13 m ., Incl. above.
O R G A N IZ A T IO N .— Incorporated In Iow a June 30 1916 (V . 103, p. 145)
as a consolidation o f M inn. A St. Louis R R . o f Minn, and Iow a (V . 59,
p . 371; V. 93. p. 1868), and Iowa Central Sc Western R y .. per plan o f Feb.
1918. V. 102, p. 622, 529; V. 103, p. 2163; V . 104, p. 2240.
S T O O K .— The new consolidated company ban an authorized capital
stock of $26,000,000 (par $100), all o f one class, o f which there was Issued
forthwith $25,792,600. the remainder to be reserved for future needs.
D IV ID S .
1 ’97. '98. ’99. ’00. ’01. ’02. ’03. ’04. '05 to Jan.’ 10.
P re ferred ........ f 3
3 )4 4 )4 5
5
5
5
5
5 yearly
None
Oommon........ J -----None---1 )4 4
5
5
2)4
0
since
BO NDS. AO.— Bonds duo 1927, Nos. 1101 to 1400, for $500 each, addi
tional to those above, were assumed by B. C. R. Sc N. (now C. R. I. Sc P .)
First Refunding mtge. o f 1899 Is limited to $13,244,000. T h e mtge. Is a
1st lien on 277 miles o f road and on $299,500 stock o f Railway Transfer C o
o f Minneapolis; also a blanket lien on rest o f property. V. 68, p. 187, 332
V . 79. p. 2147: V. 80. p. 2220; V. 87. p. 1420: V. 88. p. 295, 452, 606.
800 v • 09 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 Hens, and have a first lien on 229.31 miles o f road, viz.,
Watertown to Leola, S. D ., 113.85 miles, and Conde to Le Beau 8. D ..
115.46 miles. Issued to Doc. 31 1921, $8,896,000, or which $1,575,000
wore pledged as security for “ bills p a y a b le , $2,377,000 wero pledged as
security for 10-year loan from the U. S. G ovt.; $219,000 wero pledged as
security for N a t'l R y. Sorvlco Corp. loan from the U. S. G ovt.; guaranteed
by tho Minneapolis Sc St. Louis R R . Co.; $639,014 wero held In tho treasury
unpledged and $4,085,956 wero outstanding In the hands o f tho public.
O f the $66,104,000 unissued bonds, $37,354,000 are reserved to retire an
equal amount o f underlying bonds, $15,750,000 for improvements, second
track, See., $3,000,000 to purchase rolling stock and $10,000,000 for addi
tional road, branches or terminals.
Tho $3,072,000 Des Moines Sc Fort Dodgo 4% bonds dated Jan. 1 1905
were guar., p. Sc I, V. 79. p. 1704,2698. T h e $126,000 Ilocklng Coal Co
1st 6s ($600,000 auth. issue) are also guar. V. 96. p. 360. Equip, trusta.
V. 104, p. 952; V. 101. p. (714, 1629.
Equipment trusts Issued to Dlroctor-Gonoral for rolling stock allocated
to this company. Seo artlclo on page 3.
There were also outstanding Doc. 31 1921, $141,555 6% notes held by
Union Refrigerator Transit Co., payable In monthly Installments o f $5,055,
and $1,539,175 notes hold by N a t. R y . Sorv. C orp., duo $53,075 s. a.
(M a y 20 A N o v . 20).
Government loan, V. 112, p. 1519.
E A R N IN G S .—
------------- Cross-------------------- Net after Taxes-----(I.-S . O. C . rigures.)
1922.
1921.
1922.
1921.
Jan. tot).S op t. 30......... $11,285,750 $11,888,822 $1,181,599 def$193,014
Amount
Outstanding
79
a
o
g
Places Where Interest an#
Dividends are Payable
Reading Term, Phlla, Pa
Office 119 S 4th St. Phlla
Farmers L A T r Co. N Y
55 W all St. New Y ork
A ll owned by Can Pacific
55 W all St. New Y ork
First Trust A S Bk, Chic
25 Broad St, N ew Y o rk
do
do
do
do
do
do
do
do
25 Broad St, N ew Y ork
do
do
25 Broad St, N ow Y ork
25 Broad St, N ow Y ork
25 Broad St, N ew Y ork
do
do
25 Broad St, N ew Y ork
Minn office; checks mall
do
do
do
do
Bank of Montreal, N v
Bank o f M ontreal, N Y
N ew Y ork
Bank o f M ontreal, N Y
Y ors A London
N ew Y ork
Bank of Montreal, N Y
Girard Trust C o .. Phils
Bank o f M ontreal, N Y
Minneapolis T r C o, M inn
Bank o f M ontreal, N Y
do
do
N ow Y ork
A N N U A L R E P O R T .— F or 1921, in V. 114, p. 2110, showed:
Calendar Years—
1921.
1920.
1919.
1918.
Gross earnings................$16,185.130b$14,352,998$ 13,384,871 $12,028,300
N et, after taxes..............
$624,809df$l,204,168def.$302,623 def.$37,993
Standard return..............................
a3,814,257
2,773,857
2,639,857
Other income..................
274,585
414,866
284,651
180,310
Tota l not incomo........
$899,394 $3,024,955
ln t. on funded debt____ $2,116,069
$2,079,218
H ire o f equipment______
226,411
______
M iscel. deductions........
393,137
345,561
Balance, su rp lu s..-d ef.$1,836,223
$600,176
$3,058,608
$2,040,479
$2,820,167
$2,059,542
587,336
549,796
$430,693
$210,829
a Includes Fed. comp, for 2 mos. and 6 mos.’ guarantee, b For 10 mos.
Chairman, J. S. Bacho; Pros., W . II. Bremner; V.-Pres., W . P . H aw ley
and F. B. Townsend; V .-P ., E. E . Nash; Sec., F. M . Tompkins; Treas.,
W . B. Davids. B. Y . office. 25 Broad St.
D IR E C T O R S .— L . W . Baldwin, Pierpont Davis, W . B. Davis, J. S.
Bache, M . A . Taylor, Newman Erb, F. P. Frazier, W . P. Hawley, N . Y .;
W . II. Bremner, F. A . Chamberlain and F. E. Kcnaston, Minneapolis;
S. B. Novem ber, Baltimore, M d .— V . 115, p. 869, 1210, 1837.)
M IN N E A P O L IS ST. P A U L A S A U L T STE. M A R IE R Y .— 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, Hanklnson, N . D ., to M ax, 305 miles; Glenwood, M inn., to
Noyes, 265 miles; T h ie f R iver Falls, M in n., to Kenmare, N . D ,, 296 m.;
Fordvllle, N . D ., to Drake, N . D ., 131 miles; Moose Lake, M in n ., to Plum
mer. M inn., 193 m.; Wlshek, 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 1921, 3,287 miles;
trackage rights, 31 m ., less trackage used Jointly by Chicago division, 68 m.;
leases Wisconsin Central R y . (w'hichsee), 1,126 miles; total operated, 4,376
miles. Owned but leased to Minnesota N . W . Elec. R y ., T h ief R iver Falls
to Goodridge, M inn., 19 miles. Late in 1916 became interested in Spokane
International R y . V . 104, p. 1899.
H IS T O R Y .— A consolidation In 1888 of Minn. Sault Ste. Marie Sc A tl.
Minn. Sc Pac., Sco. 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:
$11,216,700 4% leased line ctfs. have been Issued (see WIs. C en t.), secured
by WIs. Cent. pref. stock, $ for $. V. 88, p. 232, 564, 686; V . 98, p. 1668
ln t. on Wise. Cent. 1st Sc ref. 4s ($5,816,000out)Is guaranteed. V. 95. p. 968'
The Central Terminal R y ., organized In 1911, on A pr. 1 1914 opened a
new Chicago terminal. See B O N D S below. V. 93, p. 1463. 1387, 871.
285; V. 95. p. 745.
In Aug. 1921 acquired tho property o f the Wisconsin & Northern. V .
113. p. 183.
S T O C K .— Canadian Pacific on Dec. 31 1921 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.
D IV ID E N D S .— \ ’03. ’04. '05. ’06. ’07. ’08. ’09. 1910 to 1921. ’ 22.
Oommon__________%/ 2 4 4 4 4
6
6
7 yearly
text
A dividend o f 2% was declared payablo April 15 1922, but payment o f
this div. was enjoined by tho U. 8. District Court o f Minnesota following
a suit brought by two stockholders involving tho question o f rights o f pref.
and common stockholders. Tho directors subsequently decided not to
declaro further dividends payable in 1922 out o f surplus until the appeal
is decided. V . 115, p. 869, 1429, 1532.
B O N D S .— Can. Pac. guarantees 4% lnt. on all old bonds assenting to a
reduction o f lnt. to 4% ; also on consols o f 1888. (See V. 50, p. 784; V. 51.
p. 239.) About one-half M inn. S. S. M . & A tl. bonds and practically all
other Issuos assented. Abstract o f M in n . Sault Ste. M a rie & Atlantic mtge.
In V. 45, p. 243; Can. Pac. R y . Co. on Dec. 31 1921 owned $3,993,000 o f the
M . St. P. A S. Ste. M . 1st 4s. Th e Consolidated mortgage o f 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. V . 94.
p. 351; V . 73. p. 185; V . 78. p. 820; V . 79, p. 1332; V . 80. p. 651: V . 87.
p. 1011, 1664: V . 89. p. 779: V . 91. p. 1026; V . 95, p. 544: V . 98. p. 1316;
V. 100, p. 812: V. 103, p. 321; V . 106. p. 1126. As to 2d 4s. see V . 68.
p. 669. 771, 977; V . 71. p. 845; V . 85. p. 1646; V . 96, p. 1089.
The Chicago Terminal 1st M. 30-year gold 4s ($20,000,000 auth.) are se
cured under a Joint mtge. with Central Terminal R y. on Chicago terminals
of Minn. St. P. Sc S. S. M. and Can. Pac. system lines. They are subject
to call on any Interest date beginning N ov. 1 1916 as a whole at 105 and
must be called yearly, beginning N ov. 1 1916, at 102 H by a sinking fund suf
ficient to retire Issue at or before m aturity If not purchasable for less. The
$6,000,000 bonds sold represent cash Investment equal at least to their par
value, the remainder being reserved for not exceeding 80*^ of cost of exten
sions and Improvements; in sinking fund Dec. 31 1921, $925,429. V . 93.
p. 1463; V . 95. p. 745.
Tho ref. mtgo. closos all prior bond issues o f tho company, at the amount
now outstanding, $74,647,000. It authorizes tbo issuo o f bonds in sorios.
with interest rate and m aturity fixed for each scries at the time o f Issue.
Tho authorized issue is limited so that the amount at any ono tim e out
standing, togother with all outstanding prior mortgage obligations defined
in the mortgage, shall never exceed throe times the outstanding capital stock.
A h annual sinking fund, payable July 1 1922, and on July 1 In each year
thereafter, o f 1% o f tho Sorios " A ” bonds from time to time outstanding
In tho hands o f the public, will purchase bonds at not exceeding par and
interest. V. 114, p. 1180.
T h e $10,000,000 6 )4 % collateral trust gold bonds due Sept. 1 1931 are
Recured by pledge o f S12,500,000 25-year 1st ref. mtge. 6% gold bonds.
Series " A . ” V . 113, p. 1156.
80
RAILWAY STOCKS AND BONDS
M iles Date
Road 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]
■ I n n e io t a T ra n s f— 1st M g call 102K 1922 a f c*A r*
miss Cent— 1st M S10.000.000 g gu red (te x t)--Q .x o *
M lssR iv & Bonne Ter R y— IstM *2,500.000 g red 105x
M o& Ill Br& Belt— StO M & St L B 1st M red g.SSt.xo*
Consolidated mortgage *2.500.000 authorized g __*
M is sou ri-Illin ois R R — Stock $1,800.000-------------First mtge bonds___________________________________
M issouri Kansas & Texa s—
S e c u ritie s to be issu ed u n d e r R e o rg a n iz a tio n P la n :
Common stock 2.500,000 shares auth____________
P re f (a&d) stock Ser A 7 % cum a ft Jan 1 ’28 red 110
Prior lien m tge bonds Series A red 105___________ Ce
do
do
Series B red 100_______________ Ce
do
do
Series C red 102 _____________Ce
U n d is tu rb e d U n d e r R e o rg a n iz a tio n P la n :
Equipt trust notes gold $95,000 due s-a call p a r.C ex
do
do
Series A $34.000 due s - a _________ CP
do
do due $84,100, ann______________________
do
do due $30,000 ann______________________
M K A T o f Tex Receivers' certlf $3,000,000 auth—
do
receiver’s equip notes, Ser A , B & O ----K a ty O ff Bldg C o 1st M ................... ..............c*& r»
Tex OentlstM$2.000.000g redl 10CS150,0004s) F.xc
San Antonio Belt & Term R y 1st M notea g t e x t ..
P ro v id e d f o r u n d e r R e o rg a n iz a tio n P la n (see text)
Common stock____________________________________
Preferred stock 4 % non-cumulative_______________
1st M g (in T 6 Cent T r Co resigned as tru stee).U s.z
Second mortgage gold__________________________Ba.z
First Extension mortgage gold $3,254,000..Ce.xc*
St Louis Division First Refunding m ortgage. F.xxc*
Missouri Kansas & Eastern 1st M gold assumed
Second mortgage guaranteed, being retired.
---------Gross--------E A R N IN G S (o f System)
( I .- S . C . C . figures.)
1922.
1921.
Jan. 1-Sept. 30________ $33,296,947 $31,360,918
---
1916
1909
1911
1901
1904
:::
1921
164
65
S I.000 $2,059,000
3.352.600
600 Ac
1.968.000
1.000
739,250
1.000
737.000
1,000
100 1.500.000
525.000
See text
See text
52,942,752
27.236,000
12,894,570
N one
—
■ ___
...
100
1922
1922
1922
1.000
1913
1914
1.000
1920
1921
1917 1,000 Ac
1.000
1920
500 Ac
1912
1,000
309 1893
1,000
1919
—
100
100
500 Ac
1,599 1895
500 &c
1,599 1890
1,000
163 1894
1,000
1901
1,000
162 1892
1,000
162 1892
----- Net after Taxes-----1922.
1921.
$5,268,487 dof .$847,739
R E P O R T .— For 1921, in V. 114, p 2110, 2334, showed:
al920.
bl919.
bl918.
Corporate Income—
1921.
--------------------$884,072
Operating income______ def.$43,214
7,322,466c$10,430,423c$10,458,176
Federal compensation..
----------1,687,054
928,735
687,424
Other corporate income. 1,616,018
9,893,592 11,359,158 11,145,601
1.572,804
Gross income___________
6,481,021
6,020,743
6,887,438
Interest, taxes, &c_____ 4,594,338
Dividends—
450,624
450,624
450,624
Leased line ctfs., 4 % ___
450,624
M .S t .P . & S. S .M .R y .
882,238
882,238
882,238
Co. pref. 7 % _________
882,238
1,764,476
1,764,476
1,764,476
do common 7 % ____
1,764,476
Balance, su rplu s...d ef.$6,118,872
$315,233 $2,241,077 $1,160,824
a Federal only, b Corporate and Foderal. c Federal compensation
ess corporate expenses.
Substantially the entire amount o f pref. dlvs. o f the Wisconsin Contral
are paid to the “ Soo” company proper and Included In its “ other Incom e."
Chairman, E. Pennington: Pros., G. R . Huntington: V .-P ., W . L . M artin:
V .-P ., G. W . Wobster; Treas., C. H . Bender; Comp., D . J. Bond, all o f
Minneapolis.— (V . 115, p. 74, 759, 869, 1429, 1532.)
M IN N ESO TA TR AN SF E R R Y .— Union road owning 13.27 miles, ex
tending from Junction with Chic. MIlw. & St. Paul at Merrlam Park to Frid
ley (with stock yards, A c.); side tracks, 93.87 miles; total, 107.14 miles.
V . 104, p. 1045. Stock, *63.000, equally owned by Chic. Mllw. A St. Paul,
Nor. Pac., Chic. St. Paul Minn. A Omaha, Minn. & St. Louis, Chic. Burl. &
Quincy, Great North., Chic. Great W est , Minn. St. Paul A Sault Ste. Marie
and Chic. Rock Island & Pacific. In July 1916 made a new 1st M . for
$3,500,000. callable all or part at 1 0 2 beginning Feb. 1 1922: seml-ann.
sinking fund from 1917, M o f 1% . Pres., G. R . Huntington; Sec., F , 8.
L ea vitt, St. Paul. M in n .— (V . 104, p. 1045; V . 107, p. 697.)
M IS S IS S IP P I C E N T R A L R R .— Owns from a point 14 miles south of
Hattiesburg, Miss., to Natchez. Miss. Operated Dec. 31 1921, main line,
246.05 miles; branch lines, 23.74 miles; sidings. &c., 24.95 miles. In 1921
acquired under loase the Hattiesburg branch o f tho G u lf M obile & Northorn
R R . Stock auth. and outstanding, $3,940,000; par $100. Dlvs. o f 6%
yearly paid to Oct. 1 1907; 1913,1%; 1914, to Aug. 1919,2% (1% F . & A .):
_________
none since.
Bonds.— 1st M. bonds dated July 1 1909. limited to *10,000,000. are Issu
able at *25,000 p. m.; they are subj. to call by lot at 110 for yearly sinking
fund o f $49,200: also as an entire Issue at same price. Retired by s. f.
to Feb. 1 1922 $747,400.
Th ey are guar., p. A L . by U . 8. Lumber Co.
V . 88, p. 1561.
E A R N IN G S .—
------------- Gross-------------------- Net after Taxes(I .- S . C . C . figures.)
1922.
1921.
$830,310
Jan. 1-Sept. 3 0 - - - ........ $1,095,791
R E P O R T .— For calendar years:
Balance,
In t. A
Gross
Net, after
Other
Surplus.
Earnings.
Taxes.
Income. Sink. Fd.
$332,354 dof.$380,628
1921........... $1,184,495 def. $88,438
$40,165
def.579.193
181,075
1920............ 1,047,364 def. 537.528
142,410
______
Pres., F . L . Peck; Sec., G. F . Royce: Treas., E. S. Peck; Gen. M g r
L . E . Faulknor; Aud., Chas. Ehlers. Office, Hattiesburg. Miss. Fiscal
agents, Greon, Ellis & Anderson, 100 Broadway, N . Y . — (V . 113, p. 1156,
1360.)
M IS S IS S IP P I R IV E R A BONNE TE R R E R Y .— Owns Riverside, Mo.
on Mississippi River, to Doe Run, Mo.. 46.46 miles, with branches, 17.43 m.,
also 32.37 miles o f side tracks; total tracks 96.26 miles. Tentative
valuation, V . 113, p. 1053.
S T O C K .— Stock auth. and outstanding. $3,000,000: par $100. Dlvs.
1900 to 1910, 6% ; 1910-11, 7% ; 1911-12, 6% : 1912-13, 5% ; 1916-21. 6% .
BO N DS.— 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 one
half 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 1921 $532,000
were held in sinking fund and $597,000 were in treasury.
E A R N IN G S .— For calendar years:
Dividends.
Balance.
Net Op. In c. Other In c.
Charges.
$180,000 sur. $27,728
1921..........$197,185
$118,307
$107,704
$180,000
sur. 5,595
1920.......... 191,026
115.263
120.694
180,000
def.48,220
134,755
114.785
.....
1919........ . 111,818
Pres., Clinton U. Crane; 1st V .-P ., E . O. Smith; 2d V .-P ., F. J. Thomure;
Treas. A Sec., F . H . Dearing. N . Y . office, 60 W all St.— (V . 113,
p. 1053.)
M ISSO URI & IL L IN O IS B R ID O E & B E LT R R .— lia s bridge 2.100 feet
long across tho Mississippi R iver at Alton, 111.; also 2.75 miles o f road.
Owned by C . C. C. & St. Louis, Louisville A Nashville, Chic. Peoria tc 3t.
Louis, Balt. A Ohio, Missouri Pac., Wabash, Chic. Rock Island A Pac.
Chic. & East. 111., M o . Kan. & Tex. and Pitts., Cinn., Chic. A St. Louis
(Penn. R R system). Incorp. in 1904 as successor o f the St. Clair Madison
A St. Louis Belt R R . V . 79, p. 1642, 681: V. 103, p. 2156. Stock.
$2,500,000; outstanding, $143,000. Pres., Henry M iller; Sec. A Treas.,
W . F . Bender, Railw ay Exchange B ldg., St. Louis.— (V . 103, p. 2156.)
M I S S O U R I- I L L I N O IS R R .— This company acquired the railroad
form erly owned and operated by Illinois Southern R y ., which was foreclosed
Sept. 15 1920 (V . 112, p. 744), the purchaser subsequently having contracted
w ith St. Joseph Lead C o., Pittsburgh Plate Glass Co., American Smelting
A Refining Co., Desloge Consolidated Lead C o., and N ational Load Co.,
to convey tho property upon payment o f $9( 0,000 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
Amount
Outstanding
Par
Value
95,000
136.000
1,093,300
420.000
2.241.000
675.000
200.000
2,000,000
1.850.000
Rate
%
When
Payable
[V ol. 115.
Last Dividend
and Maturity
F
J
A
J
J
&
&
&
A
&
A
J
O
J
J
7
F
A
A Feb 15 1931
5
4
6
J
J
J
&
&
&
J .Tan
J Jan
J Jan
5
5
5
4
4
g
E
t
c
t
J Sc D
5g
J A
J
5
J & J15
6
6
J & J 15
6
F & A 16
Quar.
6
5H R J & D
4& 5 g A & O
A & O
6g
63,283,257
13.000. 000
39,999,500
4
20 .000 .
000 4
5
4
5
5
g
g
g
g
g
g
J
F
M
A
A
A
&
&
&
&
&
&
D
A
N
O
O
O
Aug
July
Oot
Jan
Jan
11946
1 1949
1 1931
1 1951
1 1951
Places Where Interest and
Dividends are Payable
N Y and St Paul
N Y , Callaway .Fish A C o
1st N Bk. N Y A StLoula
St Louis Union Trust Co
do
do
I l'962
1 1962
1 1932
June 1923
Jan ’23-July ’24
T o Jan 15 1935
T o July 1 1 936
N ational C ity B an it.N Y
M a y 16 1922
T o Sept 1922
Dec 1 1932
61 Broadway. N Y
A pr 11923
Chase N a t Bank, N Y
A pr 1 1924
N o v 10 ’ 13 2% Checks mailed
Dec ’ 21 int paid June ’ 22
Junel 1990
Feb 1916 int unpaid
June 1 1990
N o v 1915 int not paid
N o v 1 1944
Apr 1916 int unpaid
A pr 1 2001
Oct 1916 int unpaid
A pr 1 1942
A pr 1916 int unpaid
Apr 11942
from Salem, 111., southwest to K ellogg, and from St. Genevieve. M o .,
southwest to Bismarck, a distance o f 127 miles, with a branch from Collins,
111., south to Chester, 11 miles. For 1921, gross, $590,822; not oper. incomo, $144,152; other incomo, $6,536; interest, rontals, A c., $89,589;
bal., sur., $61,099.— (V . 114, p. 2718.)
M IS S O U R I K A N S A S & T E X A S R R .— Operates a line with north
ern terminals at St. Louis, Kansas C ity , Junction C ity and Hannibal.
Mo., extending southerly across the Oklahoma and the Texas cotton belt
to tidewater at Galveston, on the Gulf of Mexico, and to San A ntonio;
Tex., and Shreveport, L a ., with branches.
M .K .A T.Ry.— Owned (1662 m.) Miles. M .K .A T .o f Tex.-Lcases (448 m.) —
Jet. near St. Louis to Red River 629 •Tex. Cent.(99% stock ow n ed ). 309
18
Hannibal. Mo., to Franklin J et. 105 •Wichita Falls R y ....................
94 Other lines_____________________ 121
K. 0., Mo., to Parsons, K a n ___
Parsons, Kan., to Okla. C ity .. 203 * Wichita Falls & N . W . Rg - - 329
Junction City to Parsons, K a n . 158 O p.Jointlvta.)— M .K .A T .R y ,(76 m.)
27
K. C. Juno, to Paola, K a n _____
86 St. Louis to Machens, M o------45
Oklahoma City to A tok a -------- 132 Kansas City to Paola------------4
Osage Juno, to Verdark, O k la ..
79 Dewoy to Bartlesville__________
Fallls to Guthrie, Okla________
23 (6) M . K . A T . of Tex.(172 m .)—
71
Other branches________________ 164 Whltesboro to Fort W orth----M .K .A T .o f Tex.-Owned (1,119 m .)— Houston to Galveston________60
Red R lv.to Houston,via F t.W . 357 Austin to San Maroos (see Int.
* C t. Nor.; V. 94, p. 416) — .
30
Denison to HUlsb., via D allas.. 172
21
Whltesboro to H enrietta______
87 Othe lines_____________________
Greenville to Shreveport______
150
___ ___________________________
(*See this company.)
-■ —
353
Other
branches________________ _____
Total operated Dec. 31 1921______ _________________________________3.806
Reorganization Plan Dated Nov. 1 1921 (V . 113, p. 2311, 2505).— Pres.
Chas. E . Schaff was on Sept. 27 1915 appointed receiver for tho company
by tho U. S. Circuit Court at St. Louis. Tho Reorganization Managers,
J. A W . Sellgman & Co. and Hallgarton A Co., N ew Y ork, announced a
Plan o f Reorganization, datod N o v . 1 1921, an outline o f which Is given
below (for details in full, seo V. 113, p. 2311.) Tho plan was declared
operative in Jan. 1922, V. 114, p. 198. Salo o f road postopned to N o v .
29 1922. V. 115. p. 2159.
,
_ , .
New Railroad Co.— Th e reorganization Is to embrace, except as stated
below and except so far as tho Reorganization Managers shall otherwise
determine, the various properties now included in tho Missouri Kansas
A Texas System (or securities representative thereof). These are to be
sold under tho general creditors’ bill or under
• decree or other
wise dealt with and a successor company or companies will be o?gxvlzed
or utilized wherever the Reorganization Managers In their dlscrell* J nay
determine.
.
. .
,
Tho now company Is to authorize tho following securities:
Prior Lien Mortgage Bonds.— Tho prior lion mortgage bonds will be
limited to the total authorized amount o f $250,000,000 at any ono time
outstanding. Th ey will bear interest, payablo somi-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 some Individual
as trustees, which Is to embrace, except, as otherwise dealt with in the
carrying out o f the plan, all or substantially all tho lines o f railroad, fran
chises and equipment, terminals and other proporty (Including underlying
bonds deposited under the plan and stocks and bonds o f subsidiary com
panies) which may be vested In tho new company pursuant to the plan
and also all additional property o f llko character (Including stocks and
bonds o f 'jibsldiary companies) at any time thereafter acquired by the
new company subject to existing liens or purchaso money lions thereon.
Th ey may bo issued in separate series maturing on tho same or different
dates and any series may bo made redeemable In wholo or In part at times,
on notice and at premiums, and may have such conversion privileges as
may be determined by the directors at tho time o f Issue.
The prior lien m ortgage bonds are to be applied for tho following purposes
and approximately In the following amounts:
In respect o f existing securities dealt with under the plan and for settle
ment o f secured claims:
_ , ___
Series A 5 % _ _ ......................................................... $52,942,752
Series 114% .____________________- __________________ 27,236,000
$80,178,762
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 uo or provide for socurities not dealt with under the plan, A c ______________________ .156.926,678
$250,000,000
O f the prior lien mortgago bonds there are to bo presently 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;
$27,236,000 series B 4% 40-year, redeemable at par and accrued int.;
$12,894,570 sorios O 6% 10-yoar, redeemable at 102>4 and accrued Int.
Th e Reorganization Managers m ay, in their discretion, procure the issue
o f additional prior lien mortgago bonds to the extent that additions ana
betterments made to the system during tho Federal control period, whten
the receiver advises aro in the neighborhood o f $8,000,000, may bo funded,
or to the extent that other claims o f the Director-General against tho
system may bo sottlod by such lssuo, or to provide for further receivers
certificates which may hereafter be issued ponding completion or tne
reorganization. Such additional bonds may be o f any series authorized
under tho prior lien mortgage and In the event o f such Issue tiro amount
o f prior lien mortgage bonds reserved for future issue will be reduced by
the like amount.
__
,, ^
.
. M
Cumulative Adjustment Mortgage Gold Bonds.— Tho adjustment mortgage
bonds will be limited to the total authorized amount o f $109,000,000 at
any one time outstanding. T h ey aro to be secured by mortgage and
deed o f trust to Columbia Trust Co. and some individual as trustees, on
the properties embraced in the prior Hon mortgage and from time to time
becoming subject thereto. Tho adjustment mortgage will be subject to
the prior lien mortgago. Bonds aro to boar interest payable annually or
KAILWAY STOCKS AND BONDS
Nov., 1922.]
R A IL R O A D C O M P A N IE S
IFor abbreviations. & c.. see notes on first page]
M issou ri'K an sas & Texas (concluded)—
Kansas C ity & Pacific 1st M gold assumed.
M iles
Road
130
227
154
57
378
1890
1902
1904
1906
1889
1913
1890
1892
1901
1909
1910
1911
49
117
182
1909
1903
1893
—
1922
66
225
Properties not indludcd in reorganization (see text)-
Mo & N A rk R y— Stock________________________
U S G o v t loan________________________________
Missouri P a c ific R R —
Common stock (auth $200,000.000)__________
P re f stock 6% convert cum 1918 call 107X ---First A R ef M tg e gold_____________________ G .c * A r *
Series A callable 107 Vi Sc l n t ___________________ y
Dale
Bonds
Par
Value
Amount
Outstanding
$1,000 $2,500,000
1,000
5,468,000
100 &c v9,992,000
1,000 W10421 .000
1,000
743.000
1,000 18,974,000
1,000
1,340,000
1,000
4,505,000
1,000
883.000
1,000
2,098,000
1,000
838,000
1,000 x3,000,000
1,000
1,000
1,000
883,000
2,347,000
1.682,000
3 000 000
3,500.000
Rate
%
When
Payable
F
4 g
M
5g
4 g
M
dyi g J
0
J
M
6g
5g
M
\r
5g
M
4g
.1
5g
J
5g
J
5g
&
A
A
A
A
A
<&
A
A
<fe
&
&
81
Last Dividend
and M aturity
A Aug
N M ay
H Sept
.1 Jan
J July
N M ay
N N ov
S Sept
N N ov
J Jan
J Jan
J Jan
1 1990
1 1942
1 2004
1 1936
1 1929
1 1916
1 1940
1 1942
1 1951
1 1939
1 1925
1 1910
Places Where Interest and
Dividends are Payable
Feb 1921 coup pd July’21
M a y '22 lnt paid Oct ’ 22
March ’ 16 int unpaid
Jan 1 1916 int unpaid
Jan 1 1916 int unpaid
N o v 1915 int not paid
M a y ’ 22 int pd Oct '22
Sept 1916 int unpaid
M a y '22 int pd Oct ’ 22
Jan 1918 int last paid
do
do
do
do
5g
5g
5g
J A
M A
J A
J July 1 1939
S Sept 1 1943
1) Juno 1 1943
01 B ’way, N Y
March ’ 16 int unpaid
Dec 1915 int unpaid
6
A
A
o 1937
Fed Res Bank, St Louis
$100 82,839,500
100 71.800,100
6.696
6,690
6,696
6.696
Series D callable (all) 107 H and ln t____________ y
Equip, gold notes Sor. 41, 41-A, 41-B, & 41-0, due
about $693,400 yearly------------------------------Gc*
Gen M $63,000,000 g call par a ft M c h l’21 B ayc*& r* 6.696
1917
1917
1917
1919
500
500
600
500
&c 17,810.500
&c
See text
&c
9,044,000
&c 23,500,000
5g
5g
5g
6
F
F
F
F
A A
A A
A A
& A
1920
1917
1,000
9.014,200
500 A c a51.350.000
6 g
4g
J
M
&
A
a Bonds o f the Gen. M tg e., am ;untlng to $1,628,00 0, hav e been
Sec. (see te x t).
' <
Feb
Jan
Aug
Feb
1 1965
1 1923
1 1926
1 1949
G o’s office.120 B w a y .N Y
do
do
do
do
do
do
J T o Jan. 15 1935 Guaranty Trust C o, N Y
G o’s office ,120 B w a y .N Y
S M ar 1 1975
deposite d to retire b onds o f t he Centr al Branch Unlo n Pacific R y . 1st M tg e.,
Each $1,000 P rin c ip a l A m ou n t o f E x is tin g Securities
semi-annually at such rate not exceeding 7% pen annum as may from time
to Receive.
to time be determined by tho directors at the tftno o f issue, but required
P r io L ie n P rio r L ien A d ju stm 't Preferred Common
to be paid, prior to the maturity o f the principal, only out o f the net Income
M lge.B d s. M lge.B d s. M lge.B d s.
Stock
Stock
o f the now company as shall bo defined In the adjustment mortgage. The
Existing Securities —
Ser.A5%. Ser.Bi.%. Ser.A5%. Series A . (No.ofSh.)
Interest will be cumulative from and after Jan. 1 1925, but accumulations
o f Interest shall not bear Interest. A t the m aturity o f the principal, all The Missouri Kansas A Texas Ry. Co. of Texas—
1st M. 5% g. bds. Sept. 1 ’42
750
____
641 67
..........................
arrears o f cumulative Interest shall be payable. The bonds may be Issued
In soparate series maturing on the same or different dates, and any series The Dallas A Waco Ry. Co.—
diet M.5% g.bds. Nov. 1 ’40
1,000
.................................................... may be made redeemable In whole or In part at times, on notice and at
premiums, as may bo determined by tho directors at the time o f Issue. The Wichita Falls A Northwestern Ry. Co.—
—
1st M . 6% g. bds. Jan. 1 ’39.
1,200
The bonds o f any series may bo made convertible Into preferred stock at
..........
1st lien col. tr. 5% gold bonds
such rate or rates, in such manner, under such regulations and during such
675
Jan. 1 1925 .....................
—
500
periods as shall bo authorized In the adjustment mortgage.
1st A ref. M . 5% gold bonds
T h e adjustment mortgage bonds are to be applied as follows:
Jan. 1 1940.......................
____
812 50
187 60
—
250
In respect o f existing securities dealt with under the plan, for
Southwestern Coal A Impt. Co.—
settlement o f secured claims, or for other reorganization
890
—
500
1st M. 6% tr. bds. July 1 ’29
purposes_______________________________________________________$51,973,756
T o be offered to stockholders..________________________________5,526,244 The Boonvllle RR. Bridge Co.—
1.000
e 1st M. 4% g.bds. Nov 1 ’51
T o be Issued or reserved for Issue under such regulations and
Missouri Kansas A Texas Ry. Co.—
restrictions as tho Reorganization Managers may determine,
Pref. stock (per 10 shares), on
and as shall bo sot forth In the adjustment mortgage, to a
•
____
10 shares
60
payment of $20 a share___
irlnclpal amount equal to that part in respect o f which prior
Com. stock (per lOshares), on
Ion mortgage bonds shall not be Issued or the entire cost o f
•
___ 10 shares
75
payment of $25 a share____
.____
...
now equipment, Improvements, betterments and additions
Also receives cash payment as follows: a $23.33; b $36.67: c $33.33;
constructed or acquired by the now company or some sub
sidiary company, tho cost o f construction by tho now company
d $33.33; e $26.67.
,
„
* Preferred stock receives $140 and common stock $175 In prior lien
or some subsidiary company o f new mileage or the cost o f the
series " O ” 6% bonds.
acquisition by the new company or some sub. co. o f other lines
Bonds A Notes not Dealt with Under the Plan.— Missouri Kansas &
o f railroad or stocks or bonds representative thereof----------- 42,500.000
Texas R y . equipment trust notes; the Missouri Kansas A Texas R y . C o.
$ 100, 000,000
o
f
Texas equipment trust notes; Texas Central R R . Co. first mortgage
T h e 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. gold bonds; K a ty Office Building C o. first mortgage serial gold bonds; San
maturing Jan. l 1967, redeemable In whole or in part at par and accrued Antonio Belt & Terminal R y . Co. first mortgage gold notes.
Properties N o t Included in the Reorganization.— It Is the Intention o f the
lnt. and convertible prior to Jan. 1 1932 Into pref. stock series A 7% , at the Reorganization
Managers not to include In the reorganization the proper
rate o f 10 shares for each $1,000 bonds with adjustment o f lnt. and dlv.
ties covered by the mortgages securing the bonds listed below, but provision
Preferred Stock.— Th e preferred stock will be authorized to the amount may be made under the plan for the settlement o f any obligation o f Missouri
o f $200,000,000, divided Into 2,000,000 shares of the par value of $100 Kansas & Texas R y . Co. or o f the Missouri Kansas & Texas R y . Co. o f
each. Th e preferred stock may be Issued In series. Each series shall Texas in respect o f guaranteed or assumed bonds; Texas A Oklahoma
carry dividends at such rate, not exceeding 8% per annum, as may be R R . Co. first mortgage 5% gold bonds; the Sherman Shreveport & Southern
determined by tho directors and any series may be made redeemable In R y . Co. 1st mtge. 5% gold bonds (for plan regarding these bonds see V .
whole or In part on such terms, on such notice and at such premium. If 115, p. 646); Beaumont & Great Northern R k . Co. 1st m tge. 5% gold
any. as may bo determined by the directors and be stated In the certificates bonds; Houston & Brazos Valley R y . Co. 1st m tge. 5% gold Donds. For
therefor. Dividends will bo cumulative from and after Jan. 1 1928 or later treatment o f these bonds, compare V . 115, p. 436.
Issue. In the event of any liquidation, dissolution or winding up, whether
For further details o f reorganization plan, compare V . 113, p. 2311, 2505.
voluntary or Involuntary, the holders of the preferred stock shall be en
Sale o f detached lines, V. 114, p. 1534.
titled to be paid In full out o f tho assets o f tho company $100 per share o f
In M ay 1913 sold $1,900,000 5% equip, notes. V . 96. p. 1489. In Aug.
their stock and all arrears In cumulative dividends, before any amount
1915 purchased rolling stock for $895,475, o f which $50,000 paid In cash and
shall be paid out o f said assets to the holders o f the common stock, but they
remainder due In yearly rental payments. V 101. p. 694.
shall not be entitled to any other or further distribution o f assets. Pro
Guaranty San Antonio Belt & Terminal R y ., see that company below
vision Is to be made that no additional mortgage Is to be put on the property and V. 108. p. 1061.
,
,
becoming vested In the new company pursuant to the plan except with the
Equipment trusts ($8,847,000) Issued to Director-General for rolling stock
consent of the holders o f a m ajority o f such part o f the preferred stock at allocated to this company. See article on page 3.
the time outstanding.
„ .
.
.
, „
------------- Gross-------------------- Net after Taxes-----E A R N IN G S .—
The preferred stock Is to bo applied and reserved as follows:
(I.-S. C. O. figures.)
1922.
1921.
1922.
1921.
In respect o f existing securities dealt with under the plan, for
Jan. 1 to Sept. 30______ $38,966,712 $47,335,080 $8,813,032 $7,923,020
settlement o f secured debt or for other reorganization
A N N U A L R E P O R T .— Report for 1921 in V. 114, p. 2465, showed:
purposes----------------- - - - ------------- -------■-----1--------$24,500,000
Years end. Dec. 31—
1921.
1920.
1919.
1918.
T o bo Issued or reserved for conversion o f adjustment m ort
Gross earnings................ $63,020,975 $72,914,737 $61,825,376 $54,138,799
gage bonds and for future Issue for corporate purposes--------175,500,000
Oper. exps. A taxes____ 52,680,548
71,969,734 59,018,765 49,100,565
$ 200 , 000,000
$945,003 $2,806,611 $5,038,234
Operating income----- $10,340,427
T h e preferred stock to be Issued In the reorganization will be o f series A ,
w ill carry dividends at the rate o f 7% per annum, and will bo mado, If Gross income___________ $14,866,132 $1,706,017 $3,258,450 $5,390,795
6,855,343
6,736,793
6,761,282
Interest on bonds, &c_______________ 6,837,874
allowed by law, redeemable In whole or In part at $110 per share and all
1,684,291
2,152,050
1,336,935
Rentals, &c.................... 2,126,908
arrears In cumulative dividends thereon.
Common Slock.— The common stock will be authorized to an amount not
Balance, surplus........ $5,901,349 *$7,301,376 *$5,162,634 *$2,707,424
exceeding 2,500,000 shares, without nominal or par value. The common
* Deficit.
stock Is to be upptied and reserved as follows:
Pros.
& Receiver, C. E. Schaff, St. Louis; Sec., W . W . Brown, Parsons,
In respect o f existing securities dealt with under the plan,
Kan.; Treas., F. Johnson, St. Louis.
_____
for settlement o f secured debt, or for other reorganlzaD IR E C T O R S .— O. E. Spooner, A . S. Johnson, W . W . Brown, Parsons,
tion purposes____________________________________________________
20,322shares
Kan.; J M . Bryson, Edw. A . Faust and Charles E. Schaff, St. Louis;
T o be offered to stockholders______________________________________ 762,833shares
A C. Rearick Harrv S. Black. Stuyvesant Fish, W alter S. Crandell. A. J.
T o be Issued or reserved for future Issue for corporate _
purposes_________________________________________________ _ 1.716,845 shares M iller .De W itt Millhauser, S. E. Kilner. A lvin W . Krech, E . R . Tinker. Jr..
J. B. Barnes, N . Y . Office, 61 Broadway, N . Y .— (V . 115, p. 74, 183, 436,
2,500,000 shares 543, 759, 869, 988, 1321, 1429, 1632, 1838, 1942, 2047, 2159.)
Basis o f Exchange.
M IS S O U R I & N O R T H A R K A N S A S R Y . C O .— Joplin, M o ., to Helena,
Each $1,000 Principal Amount of Existing Securities A rk ., 365.24 miles, o f which Neosho M o ., to Joplin, 19 m ., and Seligman,
to Receive.
M o ., to Wayne, 9 m ., are trackage. V . 86, p. 168; V . 82, p. 569, 1269:
Prior Lien Prior TAen Ad]ustm’i Preferred Common
V . 83 p . 39.
Mtge.lids. Mlge.Rds. Mlge.Bds.
Slock
Stock
Succeeded’ the Missouri A N orth Arkansas R R ., which was sold at re
Existing Securities—
Ser.A5%. Scr.B 4%. Ser.A5%. Series A.(No.ofSb.)
ceiver's salo In A pril 1922. Operations were resumed A pril 24 1922.
Mo. Kan. A Texas Ry. Co.—
E A R N IN G S .—
Gross
N et after
Other
Interest, Balance,
alstM .4%gold bds. Juno l ’OO
$500
.........
Years ending—
Earnings.
Taxes.
Income. Rents, A c. Surplus.
$64 16
____$1,192 50
2d M . 4% gold bds. June 1 ’ 90
................. - - - - -----1921 ......................... $661,973def$461,779
let A ref. M. 4% gold bonds
1920
....................... $2,115,211def$193,705 $308,091 $208.495def$94,109
600
250
603 33
Bept. 1 2004....................1919 ........................... 1.587,827 dcf588.898
63.404
98,064dof633,658
Gen. M. 4)4% sinking fund
O F F IC E R S .— Pres., Charles Gilbert, St. Louis; V.-Pres. & Gen. M g r.,
719 37
73 13
260
gold bonds Jan. 1 1930----250
J. C . M urray, Harrison, Ark.; Sec. & Treas., J. M . M cGaughey.— (V .
525
625
360
2-yr. sec. gold notes May 1 TO
115, p. 2047.)
let M. extension 5% gold
M IS S O U R I P A C IF IC RR.-r-Operates an Important system extending
500
666 67 1 2-3ehs
bonds Nov. 1 1944..------....
from St. Louis. M o ., to Omaha, N eb., and Pueblo, C olo., via Kansas
St. Louis Dlv. 1st M. ref. 4%
750 2K ehs. C ity , M o ., and also to Texarkana, A rk ., Lake Charles, L a ., and Johnston
250
gold bonds April 1 2001....
----C ity , 111. Owns about 6,783 miles o f first main track, viz.:
The Kansas City A Pacific RR . Co.—■
M is s o u r i_____ 1,444 m. JColorado_________ 162 m. I L o u is ia n a ...___656 m.
600
b let M . 4% g. bds. Aug. 1 90
600
K a n s a s ______ 2.213 m. Illinois_________194
m. [Oklahoma______ 162 m.
Missouri Kansas A Oklahoma RR. Co.—
N ebraska_____ 349 m. I Arkansas_____ 1.713 m. I
c let M . 6% g. bds. May 1 ’42
1.000
Also has leased lines and trackage rights aggregating 517 miles, making
The Missouri Kansas A Eastern Ry. C o . the total miles o f main track Dec. 31 1921, 7.300. Th e trackage Includes
637 50
let M. 6% g. bds. Apr. 1 ’42.
760
656 25 1 9-16eb. 193 miles o f Tex. Pac. R y . In Louisiana affording entrance to N ew Orleans.
600
2d M . 6% g. bds. Apr. 1 ’42...............
J
---- .... ---------
|5Q0
RAILWAY STOCKS AND BONDS
82
Date
Bonds
M IS C E L L A N E O U S C O M P A N IE S
[For abbreviations, A c ., see notes on page 6
M issou ri P a c ific R R (Concluded)—
.
i l ) M issouri Pacific Railway Securities Outstanding
Pacific R R o f Missouri 1st M ext in 1887 g old . Bazz
Second m tge ext in 1891 in gold St L to K O .x c *
First m tge St Louis real estate ext in 1892 g old .x
First mtge Oaron Br g gu p & 1 (end) ext 1893- - - z s.
Third M ext 1896 red 105 (V 83. p 492.1348) C e .z
Equip notes series 3 gold $14,000 s-a-----------------Equip trust c tf Rer A due $153,000 y r ly .-C P .x x x c *
Central Br IJn Pac 1st M g .......... ....... ...........U n.x
(2) Former St. Louis Iro n M t. A So.. <Jfee.—
Gen Cons A L ’d G r't M tg e ($45,000,000) g B a.zc'
Unifying A Refund M gold *40,000,000. M p.xc*&i
River A Gulf Divs 1st M *50,000.000 g -B a.xc*& r'
285
13
100
84
1868
1871
1872
1873
1876
1914
1921
1898
1886
1,497 ’81-’87
612 1899
772 1903
44 1903
57 1899
1914
1914
Par
Value
Am ount
Outstanding
Rate
%
[V ol .
When
Payable
Last Dividend
and M aturity
115.
Places Where Interest and
Dividends are Payable
A Aug 1 1938
J July 1 1938
N M a y l 1938
O Oct 1 1938
N July 1 1938
D Juno’23-Dec'24
A Feb 1 ’25 to ’36
D June 1 1948
S M ar 1 1926
C o’s office, 120 B w a y .N Y
do
do
do
do
do
do
do
do
Girard Trust Co. PhITa
G o’s off., 120 B ’way, N Y
120 Broadway, N Y
C o ’s office.120 B w a y .N Y
5 g A A o Apr 1 1931
1,000 42.899.000
4 g J SC J July 1 1929
1.000 30,551.000
M & N M ay 1 1933
4 g
l.OOO&c 34,548.000
A & O Oct 1 1923
880,000
5 g
1,000
J & J July 1 1939
4 g
1,140,000
1.000
M & s M ar’ 23-Sept '23
50,000
1,000
5
J & D J uno’23-Doc '24
80,000
5
1,000
J A J
900,000
*
100
J & J
600,000
5s
200, 1000
4
J & J !>ilv l 1945
1,200.000
200,1000
6,016,800 4 in 19 21 Yearly Dec 31 ’21. 4%
100
A D Dec 1 1927
j
7.000.000
6
500 Ac
1,000.000
6 g
1,000
Q-—Jan
9.471.000
M <5c S Sept 1 1938
4 g
500 Ao
F & A Feb 1 1947
4.000.000
5 £
1,000
M A N May 11949
200.000
5 f
500 Ac
6 g J SC D Dec 1 1927
2 500.000
1.000
4.000 non
& J inn 1 1931
4 fr J
600 Ac
M Sc N M a y ’23-Nov '23
62.000
5 g
1.000
j & j 15 Jan 23 July ’ 24
209.000
5 g
1.000
A 1) Juno’23 June 26
1 nno
331.000
4 44 j
j
A J Jan 15 ’ 23 to ’35
6
526,500
1,000
j
A J
6
366,000
do
do
do
do
Co office. 120 B ’w a y .N Y
do
do
St Louis Union T r Co
l ’ hila Trust Co
Girard Trust C o, Phila
JPMorgauocCo.N V ,<ScLon
J P Morgan & Co, N Y
do
do
M obile, A la.
Farmers L & T r Co, N Y
do
do
Hanover Nat Bank, N Y
do
do
First Nat Bk, Mobile, Ala
Hanover N a t Bk. N Y
Farmers Loan A Tr, N Y
Bankers T r Co. N Y
do
do
Central
tinT Co. N v
Guaranty Trust Co, N Y
$1,000 S6,996.000
2.573,000
1.000
800,000
500 &c
237,500
500
3,828,000
1,000
56.000
1,000
1,836,000
1,000
1,000 s i . 628,000
806.000
1.000
do
Mobile 4c Birmingham R R — Fret stock ($900,000) _ —
160 1895
Prior lien gold $600,000--------------------------- Ce.c
150 1895
First mortgage $1.200,000...--------------------Ba.c
------Mobile & Ohio— Stock........ .............
472 1879
First M Mobile to Columbus (principal g o id )..F ,z c *
525 1883
First M exten Columbus to Cairo & branch g -.F .z c
525 1888
General mtge for $10,500,000 (now gold) s f-F .zc *
189 1897
Montgom Dlv 1st M $4,000,000 g(V66.p 1045>Ce.zc*
46 1899
M obile & B Sh 1st M $200,000 assumed g old .F .zr*
159 1913
M A O St Louis D lv M $3.000.000g red 10244 Cexe*
159 1886
St Louis & Cairo l « t M gol'* xssumed........... ...
*c
1913
Equip tr Ser " G " $32,000 s.-a.— last 3. $31.000Ba.x
1914
do
Ser “ H " $50,000 s-a, last 3 $53.000-Ba.y
1Q1«
do Ser “ J” due s-a «47 .noo Dec. *48,000 J’ne Ce
1920
do
(G o v t) duo $40,500 annually...............
1922
do
due $36,600 annually--------------------------—
Mobile Terminal & R y — See Ala Term A N or R y.
Mohawk & Malone— See New York Cent * H R HR.
1,000
1917
M onongahela R y — 1 s t * Ref. M . *15.000,000 g U P i
1,000
37 1902
Monongahela R R 1st M $1,500,000 Joint guar----- k
M o n on ga h ela S ou th ern R R — See U S Steel Corp un der In dustrla is below.
M o n o n g s h e la River R R — Bonds— See B A O R R
5.000.000
1.136,000
F
4g
5 K J
M
5g
444 gA
M
4
J
5g
F
6 44
J
4g
M
6g
444 g j
344 gA
A
Si
&
A
A
&
A
Sc
SC
A
&
J Jan. 1 1967
O Oot 1 1942
Treas. office, Plttab, Ta
M O B ILE & B IR M IN G H A M R R .—-(Se« M ap Southern R y .)— Mobilei to
Marlon Junction, Ala., with branches. 150 miles. Leased to Southern R y .
from March 1 1899 for 99 years, the latter agreeing to meet the Interest on
oonds and to guarantee a dividend on the $900,000 pref. stock of 1% foi
Irst year. 2% for second year. 3% for third year and 4% for fourth year
ind thereafter. Of the *900.000 common stook, *880.400 is owned by
Southern R y .. and voting power on pref. assigned to Southern R y . during
1 ase. V . 68. p. 429. 1134: V . 69. p. 391: V . 71. p. 1013.— (V . 72. p. 137.)
M O B IL E & O H IO R R .— Owns from M obilo, Alabam a, to East Cairo.’
K y ., 490 m.; Cairo to East St. Louis. 148 m.. with branch to
M illstadt. 7 m.; M ontgom ery Division, Artosia, M iss., to M o n t
O L D B O N D S . A L L ISSU ES.— See issue o f June 26 1915. Remnants gomery. Ala., 166 m.; Mobilo A Bay Shore branch, 38 m.; other branches,
o f three old bond Issues Included in plan of reorganization are still heing ex 73 miles: total owned, 922 miles: Warrior Southern Ry. (all stock and bond*
14 m.: trackage rights, 191 miles; operated under agreement
changed under terms o f plan, v iz ., Central Branch R y . 1st 4s and Lexing owned),
Okolona to Calhoun C ity , Miss., 38 miles; total operated, Dec. 31 1921,
ton D lv . 5s and Central Branch Un. Pac. 1st M tg e. 4s. V. 105. p. 498.
1.165 miles. Valuation. V . 113, p. 1540.
S T O C K .— The new stock Issues (compare V. 101. p. 131) embrace:
S T O C K .— Stock authorized, *10,000.000; outstanding. $6,016,800: par
(1) New Convernnie
h
o
c
k ip.
.j— ^uuiumuvu
uD o
v,
Convertible 6%
5% t'rej.
Pref. c
Stock
(p. «& u
d .)—
Cumulative huuj
from ju
June
30
$100. The voting power on *4.984.200 of the stook is exerolsed by the Gen
________ a i l i .
\ n » ! n n n t r\ur I n t n r » o m m a t n o l f at. n a P
1918. Convertible
at holders' /option
at par Into common stock at par,
eral M ortgage bondholders by virtue of deposit of old debentures of 1879.
subject to adjustment of dividends. Callable by company as an entire
L A T E D IV S .
/’ 12-T3. ’ 13-'14. ’ 14-T5. ’ 15-’ 16. ’ 16-’ 17.18. ’ 19 ’ 20.’ 21.
Issue at 107 44 % and d lv ., subject to conversion privilege, Full voting
nower?"Aut.h?r(zed.'‘$
lo 6 ’o6o“ oo6T Presently Issuable not over $71,800.100.
4
4
4
4
4 4
4
4
Per c e n t __________ 1 4
rlzi
The Southern Railway has acquired $8,356,000 o f the $9,471,000
including $32,500 reserved in N o v . 1922 to retire $ for $ when presented.
general 4s and *5,670.200 of the *6.016,800 stock, issuing, * for *, its col
S3M 0N w eXc X m D
onUIIfoc5*.’ T u t b .. $200,000,000: issued. $82,839,500.
lateral trust 4% gold bonds in exohange for the M. & O. general 4s, secured
>y a pledge o f the latter and had also Issued stock trust certificates for stock,
A ll the common and pref. stocks is ued were in a voting trust which
expired A pril 1 1922. Voting trust certificates are exchangeable for stock dividends being payable (A . A O .) at 4% in perpetuity. V. 106. p. 2758.
at Central Union Trust C o., N ew York.
B O N D S .— General mortgage o f 1888 abstract. V . 47, p. 83. V. 60, p. 967Th e St. Louis D lv. 5% gold bonds (limited to $3,000,000), dated Aug. 1
B O N D S — First A Ref. Mtge. Bonds— Tota l Issue, Including amounts
1913. are secured by a mortgage on the former St. Louis A Cairo R R ., sub
reserved for refunding. Improvements, extensions, &c.. under restrictions
ject to St. Louis A Cairo 1st M . 4s, due Jan. 1931, the latter o f which have
is limited (except with further consent o f a m ajority in amount o f the stock,
been assumed. V . 96. p. 554. 1022. 1365, 1773, 1840. and V . 70. p. 532.
holders) to $450,000,000 and further limited so that tne total at any time
Stockholders In Feb. 1918 authorized the creation o f a mortgage to secure
including amounts reserved for refunding bonds and equipment trusts
not exceeding $50,000,000 bonds, whenevor the board o f directors may deem
(together aggregating $135,945,500 in June 1917, exclusive o f the equipment
trusts maturing prior to July 1 1918. which were provided for under plan),
It advisable. V. 106. p. 929: V. 104, n. 452: V. 102. p. 251; V. 100, p,,253.
Equipment bonds series “ J.” V. 102. p. 1718. There Is no series I.
shall never exceed three times the capital stock at the time outstanding,
Guaranteed bonds: Warrior Southern R y. 1st 4s o f 1903 (all owned),
nor shall Issues above $450,000,000 exceed 80% o f the expenditures for im
provements and additions. The $46,923,150 bonds Issuable under the
$603,000: Meridan Terminal 1st Is (Jointly), $250,000; G ulf Terminal
plan bear 5% Interest and mature and are callable (as an entirety only) In 1st 4s (join tly ). $600,000.
series as shown In table above: future Issues must not carry over 6% InterEquipment trusts issued to Dlrector-Genoral Tor rolling stock allocated
est nor mature earlier than June 1 1948, and if desired may be made con- to this company. See article on page 3.
E A R N IN G S —•
--------------Gross-------------------- Net after Taxes-----VeFlrstf main track upon which First A R ef. M . is a first lien, 3,354 miles;
(I.-S . C. C . Figures.)
1922.
1921.
1922.
192i.
2d lien, 1,615 miles: 3d lien, 1.439 miles: 4th lien, 286 miles; a first lien Jan. 1-Sopt. 30 -............. $12,817,557 $13,472,066
$2,304,656
$624,821
through deposit o f stock, 3 miles; total. 6.696 miles; and all mileage here
R E P O R T .— For calondar year 1921, in V. 115, p. 1205.
after built or purchased with these bonds.
...
.
Calendar Years—
1921.
1920.
1919.
1918.
In M arch 1922 $18,000,000 Series D bonds were sold, part o f the proceeds
to provide the necessary funds for the retirement o f the $13,641,000 Series B Total opor. revenue____ $18,190,180 $19,057,874$15,636,715 814,840,901
______
a481,9H2
2,597,478
2,603,626
bonds, due Jan. 1 1923, which have been called for payment on Aug. 1 Federal com pensation..
182.218
1922 at par and int. at the Guaranty Trust C o., N . Y . V . 114, p. 1287. N e t over taxes................ 1,325,983def 1,748,866 der995,911
2,660.674
2.685,301
N et, incl. other income.
2,289,054
2,688,622
2013.
1,672.216
1,672,294
Interest,
rentals,
&
c____
2.087,348
3,069,598
(2) Oeneral Mortgage Bonds— Total authorized. $53,000,000. to bear 4%
210.672
240,672
Dividends paid ( 4 % ) . . .
210,672
210,072
int. and mature 1975, but redeemable as a whole (but not in part) at par
700
Additions & betterments
______
______
and Int. on and after March 1 1921. A Junior lien upon all property at any
time subject to the new First and Refunding M ortgage.
,,
Balanco, surplus_____ def$38,966 def$631,648
$772,335
$747,086
$51,350,000 were Issued to the Reorganization Managers In 1917 for dis
a For 2 months.
tribution under Plan and Agreement o f Reorganiztlon o f the Missouri I aPres., Fairfax Harrison.— (V. 115, p. 1205, 1533.)
cific R y . Co. and St. Louis Iron Mountain & Southern R y . Co. Approxi
“ M O N O N .” — See Chicago Indianapolis A Louisville R y.
m ately $2,688,500 bonds are still undistributed and are held by Reorgan
ization Managers on account o f undeposited securities, which are approxi
M O N O N O A H E L A R A IL W A Y .— Brownsville Junct., Pa. (connection
with Penn. R R . and Pitts. A Lake Erie R R .) to Fairmont, W. Va.. 69 miles,
m ately as follows:
with branches aggregating 38 milos. In N o v . 1915 operations extended
$1,628,000 Central Branch U . P . 1st M tg e. 4% bonds;
from Penn.-W . Va. State line to Fairmont, W . V a., 33 m. A consolidation
3 000 Central Branch Railw ay 1st M tge. 4% bonds;
July 1 1915. See Pitts. A L. E. report. V. 102, p. 1535: V. 106, p. 2003.
21 000 Kansas & Colorado Pacific 1st A Ref. M tge. bonds;
Stock authorized. $10,000,000; par, $50.
Outstanding, *5,000,000.
2 073 000 stock o f the Missouri Pacific R y . C o., which either has not been
o f which Pittsburgh A Lako Erie (N\ Y . Central System) owned *2.500.000
’
’
deposited or assessment paid in fu ll.
the Penn. R R . Co. $1,676,500 and tho Pennsylvania Co. $823,500, on Doc.
Equipment trusts Issued to Director-General for rolling stock allocated
31 1921. First A Ref. M tge. bonds o f 1917 auth., $15,000,000; issued in
to this company. See article on page 3, and V. 114, p. 410.
1917 to company in N . Y . Central and Pennsylvania systems in settlement
Government loan. V . 111. p. 792. 1566. 2229; V . 112, p. 372.
o f outstanding notes, &c.. $4,584,000. V . 106, p. 2011. Pitts. A L . E.
E A R N IN G S .—
------------- Gross---------------------N et after Taxes------ and Pittsb. Va. & Charleston (Penn. R R .) guarantee tho 344s.
Equipment notes, V . 114, p. 854.
f l - S C C figures.)
• 1922.
1921.
1922.
1921.
Jan. 1 to Sept. 30.......... $73,122,930 $82,034,788 $8,154,474 $9,418,457
E A R N IN G S —
--------------Gross---------— ------Net after Taxes-----(I.-S . C. C . Figuros.)
1922.
1921.
1922.
1921. „
A N N U A L R E P O R T .— For year 1921, in V. 114, p. 2134, showed
Jan.
1-Sept.
30..............
$2,518,106 $2,976,481
$839,417
$664,235
Calendar Years—
1921.
1920.
1919.
1918.
Total oner, revenues..-$109,745,073$118,721,428 $93,577,081 $89,612,397
R E S U L T S .— For cal. year 1921, gross income, $680,140; deductions,
Oneratfrisr expenses
92,042 456 113,319,939 83,357,624 73.231.738 $490,210; bal.. sur., $189,930.
TaxS& c
------- 4 337 739
6.106.860
3,966,440
3,267,634
O F F IC E R S .— Henry O. N u tt, Pres.; T . H . B. M cK n igh t, Treas.; S. H .
Church, Sec., Pittsburgh.— (V . 114, p. 854.)
S ta b a rd *” eturn*1110
$13,364,877 d|f$705;371 $f 6 ;2S3 0J7 |}3,113.026
M O N O N O A H E L A S O U T H E R N RR.— Line extends from Monongahola
Otherlncom e . . I : : : : : .
5.935,266 *18.007,538
2,671,894
3,852.989 Jet. to M ifflin Jet., Pa., and from Clalrton Jet. to Wilson, P a ., 11.55miles
(leased to Union R .R . o f Pennsylvania).
Gross income__________$19,300,143 $19,191,438 $23,131,725 $31,172,829
S T O C K .— Auth. and outstanding, $3,000,000; par, $50. all owned by
Interest, rents, & c......... 18,180,730 31.383,397 14,906,695 15,078,031
Union R R . o f Pennsylvania.
Standard return________
139,491
2,004,840 14,206,814 14,206,814
B O N D S .— 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,
B a l.,s u r.o r def.......... sur$979,922 df$14196,799df$5,981,784sr$ l,887,914
*2.500.000. Dated April 1 1920. due Oct. 1 1955.
O F F IC E R S .— H arry Bronner, Chairman; IL F. Bush, Pres.; J. G. Drew,
M ONTANA W Y O M IN G & SOUTHERN RR.— Owns from Brldger. M ont.;
F . J. Shepard, A . Robertson, E. J. W hite, C. E. Perkins, V.-Pres.; O. B. on Northern Pacific, to Belfry,and westerly to Bear Creek,about 33 miles,
serving a coal district. Stock outstanding, $1,000,000. Additional bonds a t
Huntsman, V.-Pros., Asst. Sec. A Treas.; I I . L . U tter, Sec.-Treas.
$25,000 per mile. V . 89, p. 470. Year 1921. gross $328,664; not opor.
D IR E C T O R S .— Harry Bronner, Arthur V. Davis, Bertram Cutler, J. G.
Income, 569,051; other Income, $5,453: lntcrost, $43,796; bal., sur., $30,708.
Drew Oren Root, Edgar L. M irston . Fiuloy J. Shepard, Chas. Sabin,
Pres., Frank S. Gannon.— (V . 103, p. 1210; V. 105. p . 1309; V . 108, p. 973.)
M atthew C . Brush and W illiam I I . W illiam s N ew Y ork; W illiam IT. Lee,
MONTGOMERY & E- RY.— (S «« M ap E rie R R .)— Owns Montgomery
John G. Lonsdale and B . F. Bush, St Louis; Chas. E . Ingersoll, Phila.:
to Goshen, N . Y „ 10 miles. Leased in 1872 to Erie R R . Rental now
R , Lancaster William s, Baltimore: W illiam T . Kem per Kansas C ity,
116,000 per an. Stock. *150,000. Divs. (444% net•an.) paid M a y 10 and
James W . Gardner, Lake Charles. N ew Y ork office, 120 BroadwayN o r. 10. 8. fd.. *6.600 per an. There are *40.600 2d M . 5s due Oct. 1 1927.
— (V . 115, p. 645. 759, 1838.)
O R G A N IZiA l lU N .— incorp. in iviissuuri ivuuv-u u la i i auu “ “
,
.
■ucceeded 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. 408, 493 579.
V 104 p. 863 1«99
(A s to K O . & N . W B R .s e e V 104. p 1591.2010
Th e Missouri Pacific R R . Co. on Dec. 31 1921 owned 86,200 shares of
common stock o f the Denver & Rio Grande R R . As to receivers hi p in 1918,
see that co., V. 105, p. 1420, 1618. Also owned Dec. 31 1921 $10,000,000
stock, $23,703,000 2d M tge. bonds and $2,979,420 overdue notes o f the
Texas & Pacific R v . The 2nd M tge. bonds are pledged as part security for
the Unifying & Ref. M tg e. 4s o f the former St. L . Iron M tn . & Sou. R y . Co
Official statement as to properties, securities, &c. V . 105, p. 498. 1802
Nov., 1922.]
RAILWAY STOCKS
R A IL R O A D C O M P A N IE S
[For abbreviations, A c., see notes on page 6]
Miles Date
Road Bonds
Montana W yom & Sou— 1st M g roil 1It) text-.E m x o*
33
Montgomery St ErD R y — 1st M (old 7s extended ln'80>
M o n to u r R R — 1st Mg$2,750,000red 105sf text U P.xc*
57
Equipment bonds, see text.
M oroheatl St N or F ork — 1st M g trust Olearf T r O o.x 27.91
Morgantown St Kingwood —
1st mortgage *1,500.000 ______________________ _x
___
E q tr notosgu p & 1by II A O duo $115,600 ann Q c*
Morris St Essex -Stock 7% ’/„ guatauteeu a L oc W .
1st R ef M g $35,000,000 gu p A 1 __________ F.xc*Ar
119
M o rris & Essex Extension C o .— Stock guar 4 % ____
2
Morristown St Erie— First M 4300,000 g s t red pat__
13
Mt Carbon St Fort C RR —Stock (rental guar) te x t___
Mount Hood RR -1 s t M $500.000________ ___________
Mt Royal Tunnel St Term — 1st M rent charge_____
M u n lsln g M n rq u ette & S ou th ea stern — 1st M g .xx
130
Munising First M tg gold _______ _______________ x
130
M u scatin e B u rlin g to n & So— 1st M tge J750.000CC
Teo-year M tge debentures $100.000_______________
M u skegon G rand R apids & In d ia n a — See Grand R aplds
Nashua & L o w e ll—Stock J '/0 reutai 00 years B a M
14)4
N a sh ville C h a tt St St L o u is — Stock $16.000.000auth
First mortgage on Jasper Branch____________ Ccz.o*
23
First mortgage on Centrevllle Branob g ___C e.zc 'A r
46
Dons mtge ($20,000,000' *20.000 p m gold Us zo*
846
Equipment trusts due $86,500 y e a r ly .. _
Q
___
do
do Sorios “ B " due $120,000 annually"
___
Nashville & Decatur—Stock guai 7 r, by 1, * N
119
Nashville Florence St Sheffield -S e e Louisville Sc Nash vllle
N a s h ville T e r m in a l— First M gold red 105 .M e s t.x
First R e f M $3,000,000 auth(V 93. p 1668)call 105.N
1909
I860
1913
1908
1Q0S
1920
1900
1903
....
’07-’ 11
1914
1903
190)
1919
1916
A Indl
1883
188)
1888
1920
1922
—
1902
1909
Par
Value
S i.000
AND
Amount
Outstanding
Rale
%
1.000
$835,000
130,000
2.027.000
5 K
5
5g
1.000
373.000
5g
l.o o o
500 *0
1 459 500
5
1,000
1.502,800
6g
oO io .i m i .uOj
7H
1.000 35.000 0 »o 3)4g
100
4
221.000
1.000
243,000
5g
50
282,350
5
509,000
a
£1 0 0 .A c t2 .153,013
5
1.090
1.000 000
5
1.000
160,000
4 g
100 Ac
517,800
6
52.100
6
ana.
100
800.000 See text
$100 $16,000,000
7
1.000
371.000
6g
1.000
6g
376.000
1,000 15.352 000
5g
1.124.500
6 g
_________
1.800,000
4)4 g
25
3.553,750
7)4
1,000
1,000
1,000 000
1.000.000
8$
BONDS
5 K
5g
When
Payable
Last Dividend
and Maturity
M A.
M A
F A
S Sept l 1939
N May 1 1926
1963
A Feb
F
Places Where Interest and
Dividends are Payable
Empire Tr Co. N X
Goshen, N Y
Union T r Oo, Pittsburgh
A
Feb 1 1958
Clearfleld(Pa)STrust Co
J
A
J A
J A
,r A
M A
M
J A
J
A
A &
J A
A A
J
J A
J
J
J
D
N
S
J
J
O
D
O
J
J
Jan 1 1935
T o Jan 15 1935
July 1’2 2 ,3 )4 %
Deo l 20UU
N o v 1 *22, 2%
Sept 1 1923
J u ly l5 '2 2,2)4%
Jan 1 1927
Apr 15 1970
June 1 1933
Oet 1 1925
July 1 1924
July 1 1926
Davis T r Co, Elkins, w w
Guaranty Trust Co, N Y
Del Laos A Western. N »
Del Lack A W est, N Y
do
do
Brooklyn Trust Co, N Y
Reading Terminal, Phils
Ogden (Utah) Sav Bank
C lt Sav A T r C o, C leve
do
do
Cont A O T r A S Bk. Cb
Ger T r Oo, D avenport,la
M A
F A
J &
J
A
A
J A J
A A
J A
N
A
J
J
O
15
O
J
N o v 1 ’22,4)4%
Aug 1 1922 3)4
Jan 1 1923
Jan 1 1923
Apr 1 1928
Jan 15 '23 to ’35
Oct 1 ’23 to ’ 37
July 1922 3J4%
Check from C o’s o ffice
New York and NashvllS©
do
do
do
do
do
do
Guaranty Trust C o. N Y
N ew York.
Louisville, K y
J
M
J July 1 1932
N M a y 1 1949
A
A
A
See T ext
t Additional amount plodged.
_ MON TO U R R R .— Owns Montour Jet. to the M lffllD Yards o f Bessemer
« Lake Erie R R . and branches. 51 miles. In Oct. 1918 the Northern M on
tour R R . Oo.. with $350,000 o f auth. capital stock, was Incorporated.
Stock $5,100,000, owned by Pittsburgh Goal Go. V. 98. p. 286. 861
Bonds, originally $2,750,000 1st 50-yr. 5s; retired by sinking fund, $723,
000; red com. at 105 as a whole on and after Feb. 1 1924, or at 102)4 for a
sinking fun 1o f $55,000 yearly. Issuo o f 1916 guar, by Pittsburgh Coal Co.,
duo $20,000 yearly Jan. 1 1923 to 1926. 880,000. For year ended Dec. 31
1921, gross, $1,401,940; oper. def., $32,486; other income, $256,361; fixed
chargos, $117,572; bal., sur., $106,303.
E A R N IN G S —
--------------Gross-------------------- Net after Taxes—
(I.-S . O. G. Figuros.)
1922.
1921.
1922.
1921.
Jan. 1-Sopt. 3 0 ________
$590,269 $1,108,454 dof.$35,271 dof.337,827
— (V . 110, p. 2388.)
MORF.I1EAD St N O. F O R K R R .— Morehead to Redwlnn. K y ., 24.44
m.; 3.47 m. branch. Stock, auth., $500,000; out, $260,600; par. $100
Bonds, see table above. For yoar ondlng Doc. 31 1921, gross, $105,752;
net, def., $30,941; Int. & rentals, $19,387; bal., def., $50,32.8. Pres., A . W.
Loo, C learfield, P a.; Sec. A Treas., John W . W rlgley, Clearfield, Pa.
M O R G AN ’ S L O U IS IA N A St TEXAS RR. St S TE A M SH IP CO — See Map
of Southern P a cific.) — R O A D .— Owns Algiers to Cheneyvllle, 205 miles
branches 119 m.; extensions to Port Allen. La.. See.. 53 m.; trackage to
Alexandria. See., 25 m., total, 401 ra.; ferries. 3 miles. Owns $300 000 stock
o f Iboria & Vermillion R R . 21 miles.
Sou. Pac. Oo. owns $15,000,000 stock and $6,419,000 o f the $6,429 000
first mtge. bonds outstanding. Divs. 1906-07, 10%: 1907-08 25%1908-109. 4% : 1910-11, 6% ; 1911-12, 4% ; 1915-16, 2% : 1917 to 1921. none.
E A R N IN G S —
--------------Oross—Net after Taxes(I.-S . O. O. Figuros.)
1922.
1921
1922.
1921.
Jan. 1-Sept. 3 0 - - . - - - - - $5.761,891 SG,398.994 def.$49.846dof.$‘ 206\'053
Jn 1921, gross, $8,789,852; not oper., def., $653,057; othor income,
$169^498^ deductions, $472,375; bal., dof., $955,935.— (V . 106, p 1461;
M O R G A N T O W N & K IN G W O O D R R .— Owns Morgantown to M . A K.
Junction, W . Va., 47.90 miles. Incorp. Jan. 14 1899 in West Virginia.
T h e mad was sold early in 1920 to the B alim o re & Ohio R R . V. 110 p.
970. Stock authorized, $2,000,000; p ir . $100. Bonds, sec table above.
Equipment trusts Issued to Director-General for rolling stock allocated
to this company. See article on pago 3.
*£‘ '1,Lj. W lM m l. *V IMmore; Sec., C. W . W oolford, Baltim ore
Office, 2 W all St., Now York.— (V . 114, p. 1766, 282,3.)
M O R R IS & E SSEX R R .— Owns from IToboken, N . J., with Important
terminal facilities on N V Harbor, to PhUUpsburg. N . J.. 85 miles; branch.
Denville to>Hoboken, N . J., 34 inilos; loases, 38 miles; total oper., 157 miles.
Leased Dec. 10 1868 In perpetuity to Del Lack. & West., wnicn guaran
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 bo fixed at 7 k % , payable unconditionally, the additional
rental ( H % ) fo r yoar 1916 to bo paid on July l 1917, and for subsequent
years on each succeeding Jan. 1, respectively. See V . 104. d . 2118__
(V . 106. p. 601; V. 108. p. 2528.)
’ v
M O R R IS T O W N 5c E R IE 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, boo tablo. In 1921. gross. *135 164- not'
$32 202; Interest, rentals, A c.. $25 588; bal.,
$0,616.
Pros' R vv'
M cEw an, Whippany, N . J.— (V . 90. p. 1629.)
’
MOUNT CARBON fic PORT CARBON R R .— Owns M t. 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, Jtc. (V . 89. p. 42.)
M O U N T H O O D R R .— Hood River to Dee, Ore., 16.4 miles. Stock
$250,000; par. $100. Bonds, sec table. Pres., W. H Eccles. Dee, Ore.;
Sec. A Treas., H. H. Rolapp, Ogdon. Utah.
M O U N T R O Y A L T U N N E L & T E R M IN A L C O .— A constituent com
pany o f the Canadian Northern Ry. system, owning tunnel opened for traffic
Oct. 21 1918 through Mount Royal affording access to term lna.j at M on
treal. V. l()5, 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. N or. R y. notes (paid Dec. 1 1917) were re
deemed (V. 105. p. 2271; V. 103, p. 1209). Th e bonds are callable at
105 and Interest (sinking fund 14% beginning In 1920). Trustee. British
Empire Trust C o., Ltd. In April 1921 $2,153,013 were outstanding, ex
clusive o f amount pledged. In Dec. 1917 made a mortgage to secure
domand loans from Canadian Government. V. 105, p. 2366.
By A ct of Canadian Parliament In M a y 1916. rentals paid the company
by the Canadian Northern Ry., the Canadian Northern Ontario R y. and
the Canadian Northern Quebec R y. are Included In their operating expense**
and thus rank ahead o f their othor fixed charges. V. 103,_p 1210; V. 102.
o. 1987. Capital stock. $5,000,000. owned by Can. N or. R y. Sec.. R . P.
Ormsby. Toronto.— (V . 104. p. 164, 1801; V. 105, p. 1209.)
M U N IS IN G M A R Q U E T T E 5c S O U T H E A S T E R N R Y .— Owns Munls
lng to Big Bay, Lawson to Princeton 96.20 miles: branchos 33.89 miles,
controlled by Cleveland Cliffs Iron Oo. Stock *1.870,000; par *100.
For voar ondlng Doc. 31 1921, gross, $790,020; net, $136,536; other income,
$36,259; deductions, $115,395; bal., sur., $57,400. Gen. M g r., II. R.
Harris.— (V . 115. p. 183.)
M U S C A T IN E B U R L IN G T O N St S O U T H E R N 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 In
Aug. 1016 o f Muscatine North A South R.v. On M a y 20 1921 Thoot W .
Kroln was appointed recolvor. V. 103, p. 579; V . 99, p. 969, 1749. Fore
closure proceedings, V. 115. p. 544, 760. Stock, $750,000; par, $100. The
1st M . 5s or 1916. $750,000. callable at par and guaranteed by Securities
C o., matured July 1 19i9 and woro oxtondod for 5 years at 6% Int. In
N o v . 1916 Muse. Burl. A So. Securities Oo. was incorp. In M aine with
$800,000 auth. cap. stock. V. 103, p. 1081.
For cal yoar 1921, gross.,
S189.782: not after taxes, def., $119,109; int., rental, &c., $45,009; bal.,
def., $163,129. Pres., E. H . Ryan, Davenport, Iow a.— (V . 115, p. 544,
760, 1632.)
M U SC LE S H O A L S B IR M IN G H A M 5c P E N S A C O L A R Y .— (V . 114
p. 1891.)
M U T U A L T E R M IN A L CO. OF B U FFA LO .— Owns 5.22 acres of land
with 1,486 feet of Pontage on the 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. A H . R . R R ., D L . A 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). O f the bonds ($5,000,000 total auth.), $444,000
are reserved for future uses: $4,507,000 to Jan. 1920 retired; the balance o f
$49,000 were called for payment on July 1 1920.
Pres., O. S. Goldsborough, 50 Church St., N . Y .; V.-Pres.. J. A . M id d leton: Treas.. F. H. Sllvernall. 143 Liberty St.. N . Y — (V . 100, p. 1348.)
N A R R A G A N S E T T P IE R R R .— This road was form erly leased to theRhode 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 A . at Rhode Island Hospital Trust C o.. P rovi
dence, trustee. Road extends from Narragansett Pier to Kingston, 8.41.:
miles.— (V . 111. p. 1852: V . 112, p. 2191.)
N ASH U A & L O W E L L R R .— 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 Sc Maine, which pays
a rental o f $73,000 (9% on stock) and $1,000 for annual expenses, and In
April 1911 received authority to purchase stock: In N o v. 1906 to 1912 Incl.
14 % extra was paid from accumulated cash surplus. Treas., Geo. O. C olt.
6 Beacon St.. Boston.— (V . 83. p. 970: V . 85. p. 1005.)
N A S H V IL L E C H A T T A N O O G A St S T . L O U IS R Y .— Owns from C hat
tanooga. Tenn.. to Hickman. K y ., 325 m.; branches to Lebanon. A c ., 532
m.; leases Western A Atlantic. Chattanooga. Tenn., to Atlanta. G a.. 137
m. (V . 104. p. 452; V . 110. p. 78); and Paducah A Memphis Division o f th e
L. A N ., 254 m les; trackage rights, 11 miles. See V. 71, p. 544 , 664, 864.
Total operated Jan. 1 1922, 1.259 miles.
O R G A N IZ A T IO N .— A m ajority ($11,483,100) of the stock Is owned by
the Lou. Sc Nash., of which *8,802,400 pledged under Its mtges. W est.
Sc Atl. was leased from State of Geottia till Dec. 27 1919 at $420,012 yrly.
Under the lease as extended to Doc. 27 1969. the rental for the 50 years
will be $540,000 yearly with taxes o f about $113,000 p. a., while $60,000
yearly from Dec. 27 1919 will be applied to lmprov'ta. V. 104. p. 664. 863.
The Paducah A Memphis D lv. of the Louisville A N ashv. R R . C o. la
leased for 99 years from Dec. 14 1895; the annual rental Is 5% on the cost
af road and 5% on amounts paid by L. A N . R R . for additions, etc.
Owns Jointly with the Chic. Burl. A Quincy the Paducah A Illinois R R ..
which has built a double track bridge over the Ohio River at M etropolis.
EL, and has constructed a lino from Metropolis to Paducah. K y .. 14 miles,
and will Jointly guarantee Its bonds. See that company and V. 106, p. 1788.
L A T E D IV S .— /’07. '08. ’09. ’ lO - 'll. ’ 12. ’ 13-14. ’ 15. ’ 16. ’ 17toAug’22
5 6 yrly. 6)4 7 yrly. 5 6)4 7 y r ly (F A A )
P e r c e n t ----------- 1 6 5)4
BO NDS.— 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. A Nash., guarantees $2,601,000 L . A N T e r. 4si
with the L. A N ., Southern Ity .. St. Louis I. M . A So. aud St. Louis South
western $2,500,000 Memphis Union Station 5s, and with the Chic Burl. A
Quincy R R . $.'>,000,000 Paducah A Illinois R It. 1st M . sinking fund 4)4s.
Equipment trusts Issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V . 113, p. 1471.
------------- Gross-------------------- Net after Taxes----- E A R N IN G S .—•
(I.-S. C. C. figuros.)
1922.
1921.
1922.
1921.
Jan. 1 to Sept. 30-------- $16,126,717 $15,583,279 $1,573,161
$524,642
R E P O R T .— For 1921, in V. 114, p. 2005. showed:
Calendar Years—
1921.
1920.
xl919.
xl918.
Gross e a rn in g s ............. $20,924,602 $24,491,175 $20,044,134 $21,757,402
N et after taxes.............
758,638defl,175,169
685,651
3,752,570
..........
3.182,089
3,182,089
Federal compensation................ ..
Other Income, A c ..........
614,558
...........
180,431
155,532
T o ta l incom e............... $1,373,197 *$2,6S0,868
In te r e s t______ _________
$935,035
$847,266
Rentals, A c ...............
849,560
970,088
Income taxes (estimated)
______
______
Dividends (7 % )............
1,120,000
1.120,000
$3,362,520
$737,508
715,636
118.869
1.120,000
$3,337,621
$684,228
666,009
149,206
1,120.000
Balance, s u rp lu s...d ef.$ l,531,397def.$256,487
$452,014
$718,178
* Includes Fed. comp, for 2 mos., $490,236; 6 mos. guarantee, $1 581 788:
and “ other income.” x Results under Federal control, comparisons fau ltv.
Pres., W hitefoord R . Colo; V .-P ., H . F . Smith; Treas.. J. B. H ill; Sec.
T . A . Clarkson; Gen. M g r., YV. P. Bruce, N ashville, Tenn.— (V . 115 p !
988. 1321. 1632, 1731. 1838, 1912.)!
tv . 110. p.
N A S H V IL L E & D E C A T U R R R .— (See M a p Louisville & Nashville.)—
Owns from Nashville, Tenn., to Decatur, A la., 119 miles. Re-leased to
Lou. A Nash, in 1900 for 999 years, the rental being 7)4 % on stock. T h e
Lou. A Nash, owns $1,758,850 o f the stock.— ( V . 70, p. 1195.)
N A S H V IL L E T E R M IN A L C O .— Owns bridge across the Cumberland
River and 20.17 miles or track. Leased for 99 years to Tenn. Cent. R R .
For several years past the 1st M . coupons have been paid at Merch. T r .
C o. o f St. Louis after some months delay. Th e Jan. 1921 coupon was paid
on June 30 1921 and the July 1921 coupon was paid in Jan. 1922. In A pril
1922 tho Jan. 1922 coupon was the only one in default. Oomparo Tonessoo Central R R . in V . 104, p. 2642, 1900; V . 105, p. 73, 181, 607.— (V . 112.
“ 2537.)
N A T IO N A L R A I L W A Y S E R V IC E C O R P .— (V . 114, p. 948, 1408.)
[V ol. 115.
RAILWAY STOCKS AND BONDS
84
:
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
National Rys of Mexico— Com stock *75,000.000 O S j
First pref stock *30.000.000 4% n-c (p A d )-------2d pref stock *125.000.000 5% n-o (p & d ) ..............
Prior lien M U S g re d 105 ise etex t)______ C e .x o 'A r ”
Gen m tge U S gold redeem par (text) gu a r-.N .xo*
N at R R of Mex Prior Lien m tg e gc a ll 105-.Un.xo* 1,284
First Cons M *60.000.000 gold (see tex t).-C e.x o * 1,534
Mexican Central— Priority bonds gold red 110 — *
• • First Cons lno A sorlp n-oum (*9.600 p m )g AB.zo* 3.407
2d oo ns lno (*0.400 p m ) red 50% to J u ly ’29 AB.zo* 3.407
Car and locom otive rental notes---------------------x
—
Equipment 5s *50,000 redeemable yrly at p a r..x
do (*50,000 yrly par( red 102 H beg ’ 10-OB.xo*
015
M ex In t prior lien £1,200.000 red at par_Un.xo*&r
866
do g guar stamp subl to call at 95 to Mob 1907 .
203
Vera Cru* & Pacific 1st M g red (te x t)------------x c *
285
Pan Am er (M ex-G uat) 1st M (tex t)red l0 5 gu p A i xc*
285
General mortgage guar prln A ln t---------------- --x
N a t Rys 2-year secured gold notes red par-------Cex
8-year secured notes *2.460,341 red par----- ----- G
Secured gold notes extended In 1914 and 1915-----Secured gold notes Series B $1,509,752 red par----G
Secured fold notes Series O $813,090 red par----- G
N otes (for purchase o f notes o f Pan-American Oo)
Nevada-California-Oregon—
. . .
.
1st M $2,200,000 $10,000 p m g call 105 s f__U n .-C *
94
Nevada Central— 1st M gold non-oum lno (sk f d ). Cer
20 J4
N evad a C o N O R R — 1st M ’due part yearly s. fd call
20 H
M ortgage sk fd call 105 *500,000-----------------US
New England— Also New Haven & Northampton— Si e New
12
5.62
34
N ew Jersey & N ew Y o r k — 1st M tg e ext 191034
Second mortgage_____________________________
34
General m ortgage-----------------------------------121
New London Norinern— S to o k ---------------- - —
121
First m ortgage------------------- ---------- — Ba.xc* <fcr*
36
W est River first mortgage guaranteed prln and ln t.
New Mexico R y & Coal— See El Paso & Northeastern Oo
a Out o f the *7.206,800 Mexican International R K . 1
B y *, o f M exico o f June 22 1908. $4.499.000 Income ho ads an
Par
Value
1907
1907
1902
1902
1889
1889
1889
$74,803,466
28.831.000
120,473,321
*. £. &o 84,804.115
$. £ &o 50.748.575
*500 &c 23.000.000
600 Ac 24.740.000
1.374.000
1,000
86,300
1,000
21.000
1.000
1897
1899
1897
1897
1904
1903
1907
1913
1913
1Q13
1914
1914
1914
150,000
T ooo
300.000
1,000
£100 &o 5.850,000
500 Ac a4.206.500
7.000.000
*1.000
1,00(1 2,003.000
1.484.000
1,00(1
* £ Ac 20.730,000
45.&c 2.460.325
746 000
1,509.752
2. Ac
813,055
1.403,000
1917
1888
1914
York
1904
1886
1880
1885
1892
1910
1905
When
Payable
Last Dividend
and M aturity
Places Where Interest and
Dividends are Payable
City of Mexico, Lond, A c
Feb 10 ’ 13. 2% Office, 25 Broad St. N Y
4H
4
4H
4
5
3
3
g
g
g
S
8
g
J
J A
A A G
J A J
A A O
J A J
July 10
A
5 2
A
5 g
4H g M
M
4g
4H g J
J
5g
5
J
J
0g
J
6
6
J
0
.1
6
July
Oct
Oot
Oot
July
Jan
Jan
1 1957
1 1977
1 1920
1 1951
1 1939
10 1939
10 1939
A O Apr 1 1917
A O Oot 1 1919
A s Sept 1 1947
A s Sept 1 1977
«Sc J July 1 1934
A J Jan 1 1934
A .1 Jan 1 1937
A D June 1 1915
J Jan 1 1917
A
June 1 1915
A
J Jan 1 1917
A
J Jan 1 1917
July 1 1916
See text
See text
See text
See text
See text
None jia ld
See text
M ar 1915 coup
do
Jan 1915 coup
See text
See text
Dec 1914 coup
not paid
do
not paid
not paid
Dec 1914 coup not paid
Dec 1914 coup not paid
M a y 1 1967
July 2 1938
1922 to 1924
April 1943
N ew Y ork
4% paid Dec. 1917
Wells, Fargo Bk. San F r
Union T r Oo, San Fran
July 1 1934
Feb 1 1980
M a y 1 1950
N o v 27 1985
Dec 31 1932
Oct 2 ’22 2 H %
July 1 1940
1990
Meoh T r Co,Bayonne,N 1
N Y Central R R .
Office. 50 Church St. N Y
do
do
do
do
New London Office
Cp M A M B k .N Y ; reg md
New London Offloe • •
mtge. o f the National
st con sol. M . 4 s there was pledged $ 3.000.00 0 under prior 11 en
d*15.7 85.200 ca pi tal stock p lodged un dor consol.m . o rN a t.w u . Oo. o f M ex. o f M ch 15 02
O R G A N IZ A T IO N .— Organized March 28 1908 under speolal A ct o f Con
gress of Mexico, per plan In V. 86. p. 918. 982. The properties of N at. R R .
o f Mexico, Mex. Central and Mex. International were acquired by deeds.
V . 88. p. 452. 1318: V . 89. P. 1601; V. 90. p. 1554. Vera Cruz & Isthmus
R R . (340 miles) was merged N o v . 1 1913 and its bonds assumed and the
Pan-American R R . In March 1914. V. 97. p. 1740, 1823; V. 98, p. 1000.
The Mexican Government owns *115.050.367 of the *230.000,000 auth
orized stock, viz.: *10.000.000 first preferred. *30,278.300 second preferred
and *74,778,067 common stock, and guarantees the principal and Interest
o f the general mtge. bonds. V. 87, p. 1533.
A ll interest and other obligations maturing Oct. 1 1914 and subsequently .
Including the principal o f notes due June 1 1915 (*27 470.000), A c., and
lnt. were defaulted, and the plan to fund the July 1 to Sept. 30 1914 ma
turities has not been declared operative. V. 100, p. 2010.
D IV 8 .— 1st pref., 1908. 1% ; 1909 , 2 % ; 1910 to 1912, 4% ; 1913. 2 % .
B O N D H O L D E R S ’ P R O T E C T IV E C O M M IT T E E .— (Representing
both the Prior Lien 4 )*s and the 4%, bonds o f N a t. Rys. and N a t. R R - of
M exico, and M ex. In t. R R . and the secured notes o f N a t. R y s .). Chair
man Laurence Currie. Depositary, Glyn, M ills, Currie & C o., London.
V . 105. p. 716; V . 106, p. 396.
B O N D S .— Th e prior lien 4 H % bonds ($225,000,000 auth.) were doscribed in V . 86, p. 1319, 919. and the guaranteed general mortgage 4%
bonds ($160,000,000 auth.) in V . 86. p. 1320, 919.
,
Additional bonds may be issued to retire M ex. Internat. R R . consols.
T h e General mtge. bonds w ill be subject to call at par after April 1 1927*
R E P O R T .— Report for year ending Juno 30 1921, V. 115, p. 983.
For year ended June 30 1921, total credits wero 1,433,858 pesos and total
debits wero 24,898,516 pesos, leaving a deficit o f 23,464,658 pesos, and in
creasing the total profit and loss deficit to 192,918,018 Peso?Chairman o f Board, Joaquin Pedrero C w d ova; Vice-Chidrman, Lorenzo
Perez Castro: Pres., Leon Salinas; Sec. , R . D. Carrion, all o f C ity o f Mexico,
Executive Vice-Pres. & Asst. Treas., L . E. Bashford, N . \ . C ity. N . Y.
office, 25 Broad St.— (V . 115, P- 983, 1210, 1731, 1838.)
N A T I O N A L T R A N S C O N T IN E N T A L R Y .— See Grand Trunk Pacific.
N E V A D A -C A L IF O R J N IA -O R E G O N R Y .— (3-ft. gauge.)— In June 1917
the Western Pacific R R . purchased 63 miles of the main line and the 41mlle branch line in California, together with terminals In Reno. N e y .,
leaving 171 miles Hackstaff, C al., to Lake View Ore. V. 107, p. 1379.
In Aug. 1922 the I.-S. C. Comm, authorized the abandonment o f 16.miles
o f railroad between Hackstaff and W endel, Calif.
. . .
.
O f the $2,200,000 gold bonds o f 1917. $750,000 were used to redeem a
like amount o f 5% gold bonds o f 1899, and $250,000 were issuable on account
o f additions and Improvements. Sinking fund to purchase bonds (or call
a t 105 and in t.). 1922 to 1931. yearly K o f 1% bonds then out. and theroa f Stock .common 7*1 .^ O O o V in e f.. *750 000
A fter5 % o n co m m o n both
stocks share pro rata. Diva. on pref.. 1906* 3%* 1907, ^% » 190s to 191U,
5% each; 1911. 3% ; Sept. 1912. 2% : on common. 1% . 1909. 1% . 1910.
none since. V . 102. p. 1540. 1626.
R E P O R T .— For calendar years:
Deficit.
fiscell.
-Year ended—
Gross.
Total Net.
Bond In t.
$99,368
$4,972
1921. . . - - 5431,299
def.$35,896
*58.500
1,812
41,462
io«?n
418.304
18.589
58,239
16.393
92,664
1 9 1 9 : " " " - 348.965
def.19,531
56.739
Pres.: Charles M oran; Treas., R . Rosa, 68 W illiam St., N . Y . (V . 115
p. 988.)
n p v a d a C F N T R A L R R .— Battle M t. to Austin, N e v ., 94 miles,
3-ft. gauge? Stock. $750,000. in $100 shares, largely owned by the Nevada
C om pany
years
A ug.
Phelps
n p v a i i a C O U N T Y N A R R O W G A U G E R R .— Colfax to Nevada C ity
C a l E 20 £ mhos In M a y 1913 control was acquired bv Oakland Antioch
A Eastern (Elec ) R ? . interests? V. 96. p . 1030. Stock. *250.200;p a r of
® Eastern
(Eeach.
lec.) M Dlvs.
g ™ paid: In
■hares
*100
xn 1882,
x »» z , 5%
a y0:: 1883.
ia »a , 6%
ov<>;; 1903
iwuo to
w i1905.
w o . 5%
o ».
lQOfl io % * 1909 and 19io» 2 )4 % » 1911, 014%: 1912, June, 014%; 1913
5 % ; 1914. 16%; M arch 1915 to June 1917, 2% quar.; July 1®I7, 1 H %
O ct. 1917! 1 H % ; N o v . 1918,2% . Bonds, see table and V. 98. p. 1167
V YeL°r ending
31 1921. gross, $122,024; net, $9,139; other Income.
*2,034; deductions, $8,792; bal., sur.. $2,380.
Rate
%
M A N
0 z
975.000
1.000
J
J A
5g
750,000
1.000
J
J A
7
77.000
1.000
A A O
5
52,000
1.00C
New Hav en A H artf ord
5g
J A J
250,00(1
1,000
F A A
1.700.00(1
4
1,00(
M A N
394.00(1
5
500 Ac
J
J A
5
1,50(1
100 Ac
J A
J
5
500 Ac
631,000
Q— J
100 1.500,00(1 See text
J A J
4g
1,500.000
1,000 Ac
4
J A D
76,000
N A T I O N A L R A I L W A Y S O P M E X IC O .— On June 30 1914 this sys
tem , Including the Interoceanic and Mexican Southern Rys. 11.047
miles controlled but operated separately), aggregated 8.027 miles o f road
(1,342 miles, 3-ft. gauge). During the revolution o f the succeeding .1 years
■ome miles o f track and many bridges, engines, cars. &c., were destroyed.
On Dec. 4 1914 the railway, telegraph and telephone lines o f the Republic
were seized by the Mexican authorities.
In Oct. 1922 the Mexican Government was operating the bulk or the
lines owned and leased by the National Railways o f M exico. Interoceanic
Railw ay o f M exico and Mexican Southern R y . under title o f N ational Rail
ways o f M exico. Th e use o f the name ‘ 'Constitutionalist Railways or
M exico,” by which these Government-operated lines were previously desig
nated, was dropped Jan 1 1919. V . 108, p. 1816; V . 107, p. 2476.
Th e Vera Cruz & IslYx fjs R R .. 340M miles, and Pan American Railway,
285 miles, were in Jr r lB)7 wir.WV*ted to facilitate the operation o f the
Mexican Railw ay, b
\ t
v operated again as part o f the system.
The Mexican Government in Jan. 1921 was reported to be making pre
lim inary arrangements for a report on the physical condition o f the proper
ties and. a possible settlement o f some kind with the creditors w ith a view to
returning the property to private management. See V. 112, p. 502.
T ext o f agreement providing for adjustment o f debt, V. 115, p. 1153, lbSU^
Dec.
Amount
Outstanding
NEW JERSEY IN D IA N A & IL L IN O IS R R ;—
„Ben<!‘
£ ,no*
11.32 miles. Stock (all owned by Wabash R v .) $100,000, parJIOO. Bonds,
Treas., H . J. Jackson. Office, South Bond, Ind.
NEW JERSEY JU NCTIO N RR.— Terminal road through Jersey C ity.
Hoboken and Wechawken, about 5.82 miles.
Leased for
ywtni In
1886 to N . Y . Central & H . K . R R . Oo. (assumed by N . Y . C entral),
which guarantees bonds and owns the $100,000 stock.
N EW JERSEY & NEW YORK R R .— Owns from Erie ^ t . . N . J.; to
trol°ls with pref. stock and 1st mtge. till 0% has been paid on pref. for three
years at 5 % .— (V . 114, p. 2116.)
N EW LONDON N O RTH ERN R R .— Owns from New London. Conn.,
via Brattleboro, V t.. to South Londonderry. V t., 158 miles.
L E A S E D for 99 years from Deo. 1 1891 to Central Vermont. The rental
Is *213,552 per annum, which leaves a small surplus after providing for in
terest. A c.. and 9 )4 % dlvs. An extra d lv. of 34% was paid July 2 1917.
Jan. 2 1918, July 2 1920 and Jan. 3 1921. Taxes and lmprovaments met
by lessee. V . 90. p. 1077.
N E W M E X IC O C E N T R A L R Y .— Owns Santa Fe. N . M .. to Torrance.
116.7 miles. Incorporated In Delaware in Jan. 1918 as successor or the
RR. , foreclosed and bid In for Federal Export dorp, o f 115 B way, N . Y .
V in'! n 1708- V 100. P . 499, 929. Capital stock authorized, $500,000,
par $100
Pres. S. O Munoz, N . Y .; V.-l>ros., A . F. M ack, N . Y .; V .-P .
& Gen. M gr.. It. O. Ton Eyck, Santa Fo, N . M .; Sec., F. A . Wagner, N . Y -;
Treas., W M . Maule, N . Y . Executive office. 42 Broadway, N ow Y ork;
operating office, Santa Fo, N ow M exico.— (V . 106, p. 929.)
NEW O R LE AN S O R E AT NORTHERN
Jaokson, Miss., 188 miles, with branches, Hlo, La., to Tylertow n. Miss..
41 m.; Slidell. La., to Folsom, La.. A o „ 46 m.. making a total of 275 mile*
operated, lnol. 29 m. traokage from New Orleans to Slidell, La., and other
trackage, 12 m. Stock, *7.500,000. 1st M ., *10,000,000 auth. Issue.
-N et A fter Taxes------OrossE A R N IN G S .—
1922.
1921.
_ __
1922.
1921.
(I.-S. O. C. figures.)
$451,917
$136,470
JanV r-S e p C 3 6 7 .____ $1,883,963
$1,930,691
R E P O R T .— For the years ended December 31:
Balance.
Gross. N et aft.Tax. Oth. In c. Rent.,Ac.
$558,402 dof.$ 105,766
1921____________ $2,528,529
$93,179§59,457
632,127 dof. 281.185
1920
2,670,577
356.283 def607.225
84,863
93,039
1919
2,294,550
53.916123,986
Chairman, W alter P . Cooke: Pros., A . C. Goodyear; V.-P. & Gen. M gr.,
W m . E. Farris; V .-Ps., F . II. Goodyoar. O. I. James; Sec., J. M . Giegor,
Treas., C. W . Goodyear.— (V . 115, p- 74.)
N F W O R I P A N S & N O R T H E A S T E R N R R .— New Orleans. L a ., to
Meridian, Miss., 190 miles; trackage, S m ile s . Slock *6 • ^ • ° Q 0 <pa£ * ( £ 9
substantially all or which has been acquired by Southern R y . C o. V. 104.
p. 73; V. 103, p. 1792: V. 105. p. 1529.
D IV .— (% ) J'00. ’07. *08. TOO- ’ 10. ’ l l . *12. ’ 13. *14-*13. 16- 17 18.-21.
Yearly . .
\ 6
0
4
6 6)4 6)4 5
6
1 yrly 4 4 . 8
In M ar. 1917 a mortgage waa authorized to secure not exceeding $16,000*nnn hnnrin
Thn initial £7 195 000 (Series A— see table above) were made
tMuable^nly^m0cancelation o f the *1,500.000 Income bonds o f 1902 and
the cancelation or the *0.103.000 Gon. M tae. bonds (or the d e b i t o r cash
tn pm I muh anv nncancelod Gon. M tge. bonds). Bonds o f $1*<171,000 are
r ^ v e d V r e t l r e the Prior Lien 5s and $363,000 to retire that amount out
of $605,000 equipment trusts outstanding Jan. 1 1917.
The remaining
*0.603:000 new bonds are reserved for additionaland lm p roT «rat*< u n d er
restrictions
The old bonds, except prior lien 5s. have all been rotirea.
V. 104. p. 805. 559: V. 105. p. 1892; V . 107. p. 1920. Future lssues are to
bear not over 0% Interest, mature not later tha n J an. 1 1967, and bo
callable at such price” as the directors shall determine.
Gross-------------- ------Net A fter Taxes-----E A R N IN G S .—
1921.
1922.
1921.
1922.
(I.-S. O. O. figures.)
Jan.' r - 8 e p t :3 0 .V . V - '- $3T878,183 $1,774,003dof.S 145.458def.* 117,453
R E P O R T .— For calendar year 1921. In V. 115,J).. .1200., showed:
Cal Year—
Total Income. In t.,T a x .,A c.
Dividends.
Surplus.
1921
$795,710
$902,588
(6)S360.000 dof.$466.878
1920
11911 028
1,081,523
(6)$36(i,000
$470,104
h ?-2.85
Pros., Fairfax Harrison; Soc., O. E . A . M cC arth y , N . Y .; Treas., Charles
Patton, Cincinnati.— (V . 115, p. 1206.)
N E W O R L E A N S L O W E R C O A S T R R .— Algiers to BurM . L a .. 60 mile*
Successor Doc. 1 1910 o f N ew Orleans Fort Jackson & Grand j i l e f t y . , fore
closed and bid In for a syndicate. V. 103, P. 407. P r o s 11
Orleans; V .-Ps., Lee Bonolst and T . G . Buan; Treas., Bernard McOloskey; Sec.. A . O . Hammer.— (V . 103, p. 1392; V . 104. p. 2343.)
N E W O R L E A N S T E R M IN A L C O .— Owns extonslvo terminal prop
erty at New Orleans . nd a bolt railroad around the city, leased to the
Southern Railway for 99 years from July 1 1903, rental covering alljaxoenses o f operation, maintenance, taxes and Interest. Southern Railway
owns the $2,000,000 outstanding stock ($5,000,000 auth.), and guarantees
the bonds. Seo V. 102, p. 880; V . 98, p. 304, 1460; V . 80, P. 721, V. 88,
D 664; V . 02. p. 660; V. 97, p. 1898. T h e passenger terminals are used
by the Southern R y . System, N ow Orleans Great Northern R R . and Lou
isiana R y . & N avigation Oo. Pres., Fairfax Harrison.— (V . 98, p. 763,
1460; V . 100. p. 813.)
N E W O R L E A N S T E X A S & M E X IC O R Y .— (See M a p .)— R O A D .—
O R G A N IZ A T IO N .— This company and Its subsidiaries, all or whose out
standing capitalization, both bonds and stock (excepting only $500 to $900
directors’ shares) It owns, namely, the St. Louis Brownsville & M exico R y ..
Beaumont Sour Lake & West. R y . and Orange & Northwest. R R ., form a
direct line from Brownsville. T e x ., to Baton Rouge. L a ., whonce ferry acroes
i 9 i 9 : : : : : : : : : : : : . 1,247,310
521,031
(6)300,000
-
ta/
vgip,
W SS»
RAILWAY STOCKS AND BONDS
86
RAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 6]
Miles
Road
Date
Bonds
Row Orleans Great Northern— First M g ___C ol.xo*A r
243 1905
ffl*w Orleans & North Eastern—
Prior lien mortgage c o ld _____________________Ce.xo*
196 1885
R e f A Imp M $16,000,000 g SerAcall l0 7 4 G .x e * A r *
196 1917
Kqulp trusts Ser D ($17,000 s-an to Aug 15 1924) -___ 1914
8er E g. duo s x. $18,000 Juno: $17,000 D o c .. Ba
___ 1916
Ne"»OrIeans Tertn— 1st M $15,000,000 g g u .G .x o ** r *
___ 1903
N e w O rlean s T exa s & Mexico R y stock $25,000,000.
___ ____
l s t M $15.OO0,OOO gold Ser A call 105--Col y y c «A r *
___ 1915
Non-cum 5% Inc $25,000,000 g Ser A call par . c * 0
___ 1916
N O T i M e t i notes ser B gu due $50,000 s-a____ Q
___ 1911
U S W ar Dept equip obligations_____________________
1920
N a t R y Service C orp______________________________
___ 1921
New York B a y — First mortgage $6,000,000 g old.Q Px
13 1908
N Y Bklyn & Manhattan Beach— Pref stock non-cum. 17.2.5
First cons ratge (now 1st M) gold guar by L I-.C e.o * 17.25 1885
N Y C en tra l R R — Stock ($400,000,000 auth)____T r
...
Convertible bonds call 110 $100.000.000_____ c*A r*
1015
R e fA lm p t M g.Se-les" A ,’ ’assumed .see text G .c *A r*
1914
do Series " B ” ________________________________
1913
do Series “ C ” red 105 after Oct 1 ’51 .G .c*A r*
1921
—
(1) Underlying M a in Line Mortgage—
N Y O t H R R R M $100,000,000 g ____ C e.xc*A r 1.828 1897
___ 1909
do
do
M tg e on Spuyton D & P M g .C e .
Lake Shore 4 M 8 1st M gold, ass______ Us.xc*Ar
82o 1897
do
Debentures (sec by 2d M ) g, ass.C e.xc*Ar
1903
do
do
do
gold assumed *____ C e.xc*A r
1900
(2) N Y C A H Riv bonds secured by Consol'n Mtge etc on line N
Collateral 3 4 s (M ich Cent stock as co llatera l).G .x
___ 1898
L a ke Shore Collateral 314s assumed_____ G .x c’ A r
1898
C onsolidationM ($107.102.500)__________ Ba.xc*Ar
1913
Debentures! Junior liens under C o n -(____ U s.xc*Ar*
1904
do
f solidatlon M o f 19131______ G .sc*A r
1912
(3) Other New York Central A Hudson River RR Asmm ed. A c.
Debentures (V 69, p 1102. V 71, p 502. 964).........x
1900
N ew York & Northern first mortgage gold
zc
57 1887
N Y & Putnam cons g gu p & 1___________ U n.xc*Ar
57 1894
Moh & Mai 1st M $15,000 p m g gu pA I(end )C ol xc*
182 1892
Consolidated mtge g o ld ________________ Q .xc*Ar
182 1902
Par
Value
Rate
%
$1,OOOAc $8,140,000
5g
1,000
1,371.000
1,000 Ac
7.195.000
1.000
85.000
1.000
141,000
1,000 Ac 14,000 000
100 15,005,300
100 Ac
6,870.000
100 A c 13,579,500
$1,000
112.000
12 500
100,000
Various
2,863,057
1.000
6.201,000
100
650.000
1,000
1.726.000
100 249.597,355
Par
100.000.000
%. £ A fr 40.000.000
Pledged
100 Ac 60,000,000
5*
444 g
44
44 g
4g
6
6g
6
5
6
6A 7
48
5
5g
5
0
44 g
6
5g
1.000 Ac
1.000 Ac
1.000 Ac
1.000 Ac
1.000 Ac
Y to Buf
1,000 Ac
1,000 Ac
1 .OOOAc
1.OOOAc
1.000 Ac
Issues—
l bond
1.000
1.000
1.000
L000 Ac
the river and the Yazoo A Miss. Valley R y. (Illinois Central R R .) afford
o p ia t in g connection to N ew Orleans. Tentative valuation, V . 113
p. 1053.
Mileage Operated Dec. 31 1921 (Including Aforesaid Subsidiary Lines).
M ain line: Anchorage to D e Qulncey, La., 137 miles; Beaumont to IIous
ton, Tex., 83 miles; Algoa to Brownsville, Tex., 343 miles; branches and
spurs, 2o9 miles; operated under trackage rights, 99 miles; operated
under special traffic agreement: Y . A M . V. R R ., 93 miles; total operated,
1,015 miles; side track. 6$ miles; yard track and spurs, 170 miles; total
track, 1,253 miles.
O R G A N IZ A T IO N .— Formerly part o f St. Louis & San Francisco R R
gut In 1910 separately reorganized, after foreclosure sale, per plan In
V 101, p. 774. 768, 1714; V. 102, p. 886. Incorporated In Louisiana
S E C U R IT IE S .— These Include (see V. 103, p. 493):
CT Cold Bonds.— Total auth., $15,000,000. In t. rate, not exceeding
6% per annum, as determined at time o f issue. Issuable In series, due
a t the same or different dates, not later than Oct. 1 1925, and callable at
a premium. Reserved under restrictions for future extensions. Im prove
ments, Ac.. $9,000,000.
Issued. $6,941,600, o f which $26,000 were
1,rVnfo l AI.r^ and *1.045,500 were pledged Oct. 31 1922. V. 103, p. 61,
1593, 215b.
5% Non-Cumulative Income Bond*.— Lim ited to $25,000,000 secured by a
trust indenture. T o bear non-cumulatlve interest payable semi-annually
at rate o f 6% per annum, but payable only when and as authorized bv
the board o f directors, according to provisions of the indenture. Entitled
to share in the security o f 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 344% Oct. 1. making
6% for year; thereafter 244% semi-annually. 6% p. a. to and incl
?on’ 0L >922' Outstanding, $13,579,500: pledged, $500,000; in treasury,
<5o“ ♦OUli.
__
$15 005 300
Capital Stock.— $25,000,000; issued,_______________
All the outstanding ($535,000) St. Louis Brownsville A M exico R y .6 %
receiver s equipment trusts due serially to June 1924 were called for pay
ment June 1 1918. V. 106. p. 2011.
,
— Initial div. o f 144 % on the capital stock was paid Dec 1.
1920; same amount paid quar. to Dec. 1 1922.
R E P O R T — For year 1921, In V. 114, p. 2111, showed:
Calendar Years—
1921.
al"920.
al919.
al918.
T o ta l oper. revenue------ $11,090,101 $13,435,246 $9,161,456 $8,013,713
Operating income--------- 2,4-13,249
1,019,903
1,611,068
1,967,825
Gross income.............
3,305,195
1,176,949
1,758,452
2.295,752
Deductions
1,491,928
1,299,569
1,509,852
1,292,863
a .N ote.— Th e figures for 1920, 1919 and 1918 unite the accounts o f the
Railroad Administration with those o f the corporation (disregarding the
Standard Return ) for comparison on the old basis whon not under Federal
control.
O F F IC E R S .— Chairman, G . H . Walker; Pres., J. S. P yeatt; V.-Pres. &
Sec., R o y Terrell; Treas., A . T . Colo.
D IR E C T O R S .— J. S. P y e a tt, G. H . W alker, Frank Andrews, Alex
Berger, Stedman Buttrick, C arl A . de Gorsdorff, J. D . O ’ Keefe. W illard V.
E- Warren, E. N . Potter, M . E. Singleton, C. B. Fox, N . A .
M c M illa n . W . K . B ixby and Elisha Walker. N . Y . office, 60 Broadway.
— (V . 115, p. 183, 760, 1210, 1321.)
N E W Y O R K B A Y R R .— Owns from W averly, N . J., to Greenville, N . J.,
branches, 12.94 milos. Stock, $6,000,000, all owned by Penn. R R ..
which leases the property
V . 113, p. 849. Dlvs. at rate o f 144% paid on
f v ° CTi’
1921. O f the $5,201,000 1st M . 4s, $960,000 were owned by
the Penn. R R . on Dec. 31 1921.— (V . 113, p. 849.)
N E W Y O R K B R O O K L Y N & M A N H A T T A N B EA C H R Y .— Own*
£ro? i
Ju2Ction t ° B ay Ridge, 11.93 miles; Manhattan Beach Jet
to Manhattan Beach, 3.73 miles: Evergreen Branch, Ooopnr A ve. Jet. to
junction Glendale A E. River R R . at Jefferson St., Brooklyn. 1.59 milos;
totah 17.25 miles. Leased for 99 years from Oct. I 1885 to the Long Island
Railroad C o., which owns m ajority o f stock. Rental, interest .on bonds
fn d 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
i 4 .7
l agreed to the use o f the line from Nostrand A ve. to M an
hattan Beach as part o f the Dual Rapid Transit systom for operation by the
Interborough Rapid Transit C o., provided other necessary details can be
arranged. V. 108, p. 379.— (V . 83, p. 1348; V . 106, p. 818.)
. (T H E ) N E W Y O R K C E N T R A L R A IL R O A D C O .— (Sec M a p s.)— Own*
in fee direct lino from N ow Y ork to Chicago, 953 miles o f first and second
track, 723 miles o f third track, 657 miles o f fourth track, 14 miles o f fifth
track and 3 miles o f sixth track, and numerous branches, the total mileage
ow n ed D ec. 31 1921 aggregating 3,699 miles. Also owns stock control o f tho
W est Shore R R . (leased), N . Y . to Buffalo, and thence to Chicago, via M ich
igan Central R R . and Canada Southern R y. B y similar control o f tho P it ’ sburgh A Lake Erie R R . the Cleveland Cincinnati Chicago & St. Louis R y.
and other companies, has close running connection to Pittsburgh, Columbus,
Cincinnati, Indianapolis, St. Louis, Ac. T o ta i system owned, controlled,
&c., Dec. 31 1921, 6.098 miles o f first track, and total trackagoof 15,475 m.
Operated Directly.
Lines Owned—
Miles Beech Creek R R .* _____________ 103
N ew York to Chicago__________ 9.53 Beech Creek Exten. R R ., A c .•_ 136
B ranches______________________ 2,746 Walklll Valley............................
33
70
Lines Leased,etc. (*Seo this co.) — Mahoning Coal R R * __________
West Shore*___________________ 479 Detroit Hillsdale A S W * _____
05
28
T r o y A Greenbush*___________
0 L ik e ><M ' A P i t t i . ___________
98
N ew Y ork A H arlem *_________ 130 Fort W ayne A Jackson*______
88
N ew Jersey Junction*_________
0 Lake Erie Alliance A Wheeling.
22
D etroit T o ’edo A M ilw au k ee..
47 Erie A Kalamazoo R R __________
Kalamazoo A . A G. R _________
58 Trackage rights, A c ,_____ ____ 452
St. Lawrence & Adirondack*__
50
Total In earnings Dec 31 21.5,704
Ottawa A N ew Y o r k ._________
57
Leased— Operated separately—
Battle Creek A Sturgis________
7 Boston A Albany system_____ _ 394
A m mnt
Outstanding
W hin
Payable
F
A
5,500.000
1.200.000
3.987.000
2.500.000
3,900.000
A A O 26
J A J
A A O
A A O
Quar
M A N
A A O
A A O
A A O
34 g J
5g
A
4g
A
4g
M
34 g M
A
A
A
A
A
Last Dividend
and Maturity
A Aug 11955
M
N
.1
J
F A A
J A D
J
A J
c —M
J A 1)
A A O
M A S15
94.000,000
34 g J A
2,500.000
34 g J A
50.000.000
34 KJ A
50.000.000
4 K
M A
50.000.000
4 K
M A
falo. Ac., a nd (b ) B uffalo
19.330.000
34 K F A
24.899,000
34 g F A
65.679,000
F A
4g
48.000,000
4g
M A
9.188.000
J A
4g
[V ol. 115.
J
D
D
S
N
to
A
A
A
N
J
N ov 1 1940
Jan 1 1952
Feb ’23-Aug ’21
June’23-June'26
J Ulv I 1953
D c 1 ’ 22 114%
Oct x 1925
Oct 1 1935
M ar '23-Sept'23
M ay 1 1929
Apr 26 1936
Jan 1 1948
Oct 1922 214%
Oct 1 1935
N o v 1 '22. m
M ay 1 1935
Oct 1 2013
. . 1 201.3
Oct 12013
July 1 1997
June 1 1959
June 1 1997
Sept 1 1928
M ay 1 1931
Chicago, A c
Feb 1 1998
Fob 1 1998
Fob 1 1998
M ay 1 1934
Jan 1 1942
J
O Oct 1 1927
O Oct 1 1993
S
S Mar 1 2002
Places Where Interest and
Dividends are Payable
Columbia Trust Co. N \
Central Union Trust, N Y
J P Morgan A Co, N V
N ew Orleans, La
Bankers Trust Co, N Y
Ouarantv Trust, Co Nt '
Columbia Trust Co, N Y
Columbia Trust Co, NT Y
Guaranty T r Co, N Y
New York
Washington
N ew Y ork.
Treasurer. Philadelphia
Cheeks mailed
Treasurer Penn R R , N Y
Grand Central Term . N Y
Grand Central Ter, N Y
N Y . London & Parla
N ew York
Grand Central Ter. N V
do
do
do
do
do
do
do
do
do
do
Grand Central T e rm ,N Y
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
,
_
Controlled— Operated Separately.
Michigan Central*
........ 1,862 I Toledo A Ohio Central............... 436
Clev. Cln. Chic. A 8t. L . 8yst-*2,409| Kanawha A M ic h ig a n ..
177
Cincinnati N orthern*................ 246 I Zanesville A W estern.......... ' *
87
Pitts. A Lake Erie System *----- 225 Indiana Harb. Belt (V . 93.P.104) 116
Unlcago Kalamazoo & Saginaw
451Toronto Hamilton Sl B u ffa lo ... 104
— The N ew York Central R It Co. was formed by
consolidation, effective Dec. 23 1914, under laws o f N . Y .. Penna.. Ohio,
.
.\nd Ii l ” ° r the N Y . Central A Hudson River R R (as enlarged
IS 1
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. Ho. Ry.. and 9 minor controlled propertle .
Se?
P ; ' i 25; V. 98. p. 387. 1393; V. 100. p. 140.
In 1910 sold its controlling interest In tho stock or the N . Y . Chicago A
,8e ’ k?.u 5
*.° Cleveland Interests. V. 104, p. 1598. Entire stock
Clearfield Bituminous Coal Co. Is owned. V. 103. p. 1794.
in'1917 a subsidiary, tho Hudson River Connecting R R ., received au-
Tho directors on Dec. 14 1921 authorized tho making o f an offer to
purchase tho stock o f the Cleveland Cincinnati Chicago A St. Louis R y Co
on tho basis o f one share o f N ow York Central stock for ono share o f 5%
Cleveland Cincinnati Chicago A St. Louis preferred stock, and o f 80 shares
o f N ew Y ork Central stock for 100 shares or Cleveland Cincinnati Chicago
&
Louis common stock. V. 113, o. 2614: V. 115, p. 308. 136, 1429.
rhe directors also authorized tho loaso o f tho Toledo A Ohio Central,
including with it tho Zanosvillo A Western, tho Kanawha A Michigan and
tho Kanawha A West Virginia railroads to tho Now Y ork Central for a
rental o f fixed charges and taxes, and in addition thereto an amount equal
to tho not earnings o f tho Toledo A Ohio Central for tho year 1021 and in
the case o f the Kanawha A Michigan o f 6% on its stock. V. 113, p. 2614’
V. 114, p. 627; V. 115, p. 514.
The I.-S. C. Commission in M a y 1922 authorized tho company to acquire
control o f the Chicago R iver A Indiana R R . by tho purchase o f not exceed
ing $750,000 stock, and also authorized the Chicago River company to
acquire control o f tho property o f tho Chicago Junction R y. by lease.
V. 114, p. 2241.
Partial List o f Stock Holdings Dec. 31 1921.
------Amounts Owned------------ Total Outstanding---... . .
_ . .
Pref. Stks. Com. Stock.
Pref. Stks. Com. Stock.
Michigan CentraL
.........................$16,819,300
None $18,738,000
Pittsburgh A Lake E rie....................
17.993.100
None 35,985,600
Mahoning Coal R R
399,500
891,650
661,367
1,500,000
S ,0^ ° A 5
L o u te R y .
........
30,207.700
10,000,000 47,056,300
Toledo A Ohio C en tra l..
3,701,400
5,846.300
3,708,000
6,500,000
New York A n a r lo m ...
1,141.450
5.532.450
1,343,950 8,650,050
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 a ilw a y s ...
600 13,604,300
3.862,500 19,9.52,400
Mohawk Valley C o.
5,114,300
None
7,500.000
Also stock o f West Shore, A c .' See •’Stocks Pledged.’
The New York State Hallways Co. (see "E lectric Railway Section” ) Is
the company « trolley ally
Compare V. 100. d 399 475
_ I n April 1922 tho company sold its Interest in tho Lalco Erlo A Western
R R . to tho Van Sweringen interests o f Cleveland. V. 114. p. 1890.
S T O C K .— Dividends on stock reglst. In London are pay. at 49 H d . to $.
The authorized amount o f the capital stock Is $400,000,000 of which
on D ec .31 1921 $249,597,355 was outstanding and $252,005 held by com
pany; $100,000,000 Is reserved for conversion o f debentures o f 1915.
Dec. 31 1921 the Oregon Short Line R R . Co. (Union Pacific) owned $21 000,000 N . Y . Central stock; also $3,000,000 Ref. A Im pt. M . 4 4 s and
$8,000,000 20-year 0% convertible bonds. V. 84, p. 52, 571: V. 89 p 411
D IV ID E N D S
1 ’07. ’08. ’09’ ’ 10. T l ' 1912 to N o v 1922
P e r c e n t . . . .................. /
6 54
5 54
54
5 yrly. (1 X Q-F)
Consolidation Mort. $167,102,400 Secures W ith out Increasing Debt.
(1) Equally by Lien P rior to that Securing the Debentures and the 4% bonds__
(a) N . Y . Cent 3 4 % Lake Shore coll bonds o f 189.8-1998. ...$ 9 0 578 ()( 0
(On Dec. 31 1921 $65,079,000 o f these had been exchanged
for Consolidation M tge. Series A 4a. See below )
3,^ % M ich. Cent. coll, bonds o f 1898-1998____ 19.330.000
(2) Equally by Lien Subsequent to Lien o f Aforesaid—
(c) N . Y . Cent, debentures o f 1904, due 1934_________
js a non 000
Id) N . Y . Cent, debentures o f 1912, due 1942_________I ' l l ”
9 188 000
(e) 4% Consolidation M tg e. bonds dated Aug. 1 1913*and'due
Feb. 1 1998. Issuablo In series A . B .C and 1) only to refund
• hovecollateral bonds and debentures, respectively. Soe below.
The Consolidation M ortgage (securing the collateral Issuos and other
bonds lo the order Indicated above) covers by alien ranking ahead o f tho Ro
tund A Im pt. M tg (soo below), the lines owned In 1013 (Incl. those then
brought In by consolidation or merger), 75% (3.750 shares) of the stock of
Hudson River Bridge C o. at Albany and the leases o f T ro y A Greenbush,
New York A Harlem. West Shore and Beech Greek railroads
On the main
One between New York and Buffalo there is no lien ahead o f It except the
•SI 00 000,000 1st M . o f 1897; and on the ra. Iroads coriKo'Idated or morged In
1913, such as the Romo Watertown A Ogdensburg Mohawk A Malone,
Ac J there are no prior Hens excopt the old underlying mortgages thereof
a n d 'h e N . Y . Central’s $100,(100.000 1st M
V |n-j i> HIM). 1541
R e fu n d in g A Im pt M tge. fo r N ew C npitnl and Debt U n ific a tio n .
The purpose o f the Refunding and Im pt M tge was to provide for future
financing o f the N . Y . Cent. A Hud. River and the consolidated company,
and for the unification o f tho debt. Tho bonds are Issuable In series all
duo Oct 1 2013. but bearing date o f April 1 or Oct 1 next preceding the
date on which the series Is authorized, and carrying Interest at such rates,
sublect to call at such dates, and prices, and with such provisions as to con
version, A c., as shall be flxod for successive series. V . 90, p. 1424.
Nov., 1922.]
87
KAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 6]
Miles Date
Road Bonds
Par
Value
■ e w Y ork C en tra l R R (Concludedt—
$1,000
46 1892
Carthage A Adirondack 1st M g g u a r---.U n .x c *A r
1,000
29 1891
Carth Water A Sack Har I s t M g g a p i 1 (e n d )-.x
1,000
13 1892
Gouverneur Sc Oswegatchle 1st M g RU P Sc l-U n .x c
1902
L ittle Palls A Dolgevllle first mortgage . . . . . . _ .x
(4) Bonds of Other Companies Included in terger of Jan and M ar 1915
1.000
203 1901
Indiana Illinois A Iow a 1st M gold-------- --IC .x c *
337 1906 1.000 See
Ohlc Ind A South consol M g o ld ----------(1 xc*&r
1.000
37 1890
Kalamazoo Sc W hite Pigeon 1st M assum ._-U n.xc
76 1885
Pine Greek 1st M gu prln and Int endorsed----------r
29 1889
Sturgis Goshen Sc St Louis 1st M gold p & 1 g u a r .-t
Jamestown Franklin & Clearfield—
1909
1st M *25.000.000 auth guar................(1 xo*&r*
1911
Cleveland Short Line R y 1st M gold g u a r_.a ,x c *A r
Lake Erie & Pittsburgh— see that company—
(5) Note. A c ., Issues—
.
.
.
1912
Equip trust (B A A ) $500,000 due y rly .-O -Z C ’ &r
1917
Equip tr due $1.031.000 yrly due Jan l ._ -Q .y c * & r
1920
Equipment trust $2,415,000 yearly April 15-G.c
1920
Equip trust N o 43 clue $911,000 yoarly------1920
Ton-year notes, Sec o f Troas o f U S----------1920
Sorial notes, Sec o f Treas o f U S-------- -------------Kalamazoo Allegan A Gr Rapids— See this company
Erie Sc Kalamazoo— See that company.
. . .
N ew Y o rk C en tra l L in es Unci various associated c as) —
1910
„ *2,000.000 an (V 90. p 9 1 4 )..Q .z o , &r
1912
do due *1.000.000 yearly........... (1 zo*&r
do
1913
do due *1.600.000 yoarly--------- a .zc*& r
do
1917
duo $1,117,000 yea rly............
do
do
1920
due $2,415,000 yoarly............
do
do
1920
duo $123,000 yea rly.........................
do
do
1920
duo $922,700 y e a r ly .............. - - - do
do
1922 500&1000
due $1,843,000 yearly........... Q.zc
do
do
When
Payable
Last Dividend
and M aturity
Amount
Outstanding
Rate
%
*1,100.000
300.000
300.000
250.000
4 g
5g
5 g
3
J
J
J
3
A
A
A
A
4,850.000
15.150.000
400.000
3.500.000
322.000
4g
4g
6
6
3g
J
J
J
J
J
A
J July
A
J Jan
J Jan
A
A D Dec
So D Deo
11,000.000
11,800.000
J
4 g
4K g A
2.500.000
10.310.000
31.395.000
11.850.800
11.925.000
13,860.000
414 8 A A O
J
444 g J A
A A O
7g
J A J 15
6
J A D 23
6
J A D 23
6
6.000.000
5.000.000
9 600.000
11,170,000
16,144,313
5,992,000
12,917.000
27,645,000
444 K J
444 g J
444 g J
444 J
A
7
J
6
.r
6
j
5g
Sc
Sc
D
J
D
J
Dec 1 1981
July 1 1931
June 1 1942
July 1 1932
1
1
1
1
1
1950
1956
1940
1932
1989
D June 11959
O Apr 11961
-WCC3 iracio i i i i u m . »I
Dividends are Payable.
do
do
do
do
do
do
Am Exch N a t B k. N Y
do
do
UU VJCIIU ........ .. do
do and Lond
_
Y rly to O ct '27 New Y ork
Jan 1923 to ’32 Guaranty T r C o. N Y
A pr 15 '23 to '35 Guaranty Trust C o, N Y
T o Jan 15 1935
Dec 23 1930
Dec 23 1935
Sc J Jan 1 1923-25 Guaranty Trust Co, N Y
Sc J Jan 1923-1927
New Y ork and London
J Jan 1923-28
A
A
J T o July 1 1932
A o T o Oct 15 1935
A 1) T o Doc 23 1935
J T o Jan 15 1935
A
A D June 1 '23 to '37 Guaranty Trust Co, N Y
1
The amount o f bonds which may be Issued under the R ef. and Im p. M
Is not limited to a stated amount, but Is determined bv standards se tu p
In the mortgage Itself, and those standards are believed to be such that *
bondholder will be Indlfforont as to the amount o f bonds which
outstanding under the mortgage, so lonn as the standards are complied
with1. The amount of Kef. Sc Irnnt. M . bonds outstanding cannot exceed
three times the amount o f the capital stock as from t! ne to time 'n^oastKl
A fter *500.000,000 o f the bonds shall have been Issued, not more than
80% o f the cost or Improvements, additions or new Property can be paid
for from the proceeds o f bonds. N o t more than one-third o f thei amount
of bonds can be used In the acquisition o f bonds or stocks o f o*ber com
panies. After *500.000.000 o f bonds shall have been Issued. no addIHonaJ
bonds can be Issued without tne vote o f stockholders. Each Issue o f bond*
must receive approval o f R R c?,ra™’ s,lon.8„ , “ t*
i'n70.3 8 7 .6 1 1 .6 9 0 .1 2 4 5 1393: V 99. p. 1052. 1131. 1367. V . 100. p. 1079.
* . 104. p. 1387: V. 106. p. 2757.
Th e Iter. Sc Im pt. M . Is (1) a lien next to the lien or the Consolidation
M tge. (see above) on the properties, A c., covered by the Consolidation
M ortgage. (2) A first lion on the leases o f the Beech Creek Extension
New Jersey Junction and Wallklll Valley railroads. 8ubJect to the outstanding bonds o f each. (3) A first collateral lien on *500.000 2d M tge
bonds of Beech Creek R R . and *3.964.000 Consol. M tge. 4s o f the Beech
Creek Extension R R companies. (4) A first collateral lien on—
Pledge of Stock owned in — Pref. Stock. Com. Stk. Pref. Iss'd. Com iss’d
N . Y .Sc Harlem R K .lp ar *5 0 )*1 .141.450 $5.5.32.450 *1.343.950 *8.656.050
West Shore R R .......................................... 10.000.000 .............. 12'9?g-9S2
Beech Creek Extension R R . . _________ 5.179,000 ------------ 5.1 <9.000
New Jersey Junction R R ........................
100.000 ..............
100.000
The Refunding Sc Im pt. M tg e. Is also a lien upon the properties described
In the supplemental Indenture (dated June 16 1915), assuming, as auth° rJzed
by the shareholders, the obligations o f the Ref. & Im pt. M tge. and extend
ing the lien thereof over the former Lake Shore A M ich. So. R y .. Chlcage
Ind. Sc So. R R .. Geneva Corning Sc So. R R .. Dunkirk Alleg Vr.l. Sc Pitts
R R . and all o f the other properties Included in the consolidation o f 191A
and also over the former Cleveland Short Line R v. Jamestown Franklin &
Clearfield R R .. Sturgis Goshen Sc St. Louis R y and Elkhart A WesterD
R R .. acquired by conveyances In 1915 (see Organization above),
rh*
lien created by this supplemental mortgage Is subject, as to parts or the
mortgaged properties, to the respective prior liens o f tbe sevOTal underlyln*
mortgages thoroon shown in tablo above. In 1914 $40,000,000 Scries A
44$% bonds, issuod under this mortgage, woro sold (V . 98, p. 1.45). In
addition. $25,000,000 Series B 6% bonds aro pledged as part security ror
tho N ow Y ork Oontral R R . 10-Year 7% C oll. Trust Gold notes (V 111
p. 792), and $5,494,000 Series B 0% bonds aro pledged as Part collateral
to socuro a loan or *24,785,000 by tho U. S. Treasury, o f which $10,925,000
matures in 1930 and $13,860,000 Is duo serially to 1935. None o f the Series
B bonds aro outstanding in hands o f public. In April 1922 $00,000,000
Seritvs 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. A Im pt. Mortgage Bonds
,
as
i UU7 /i it a 1QQ7
_ ___________ 1UU.UUU,UUU
Ooiisoildatlon M tge. (seeva'bove)'dated‘ f9 f3 . due 1998.......... 109'509'000
17 divisional Issues or N . Y . Cent. A Hud. River B B - - - - - - - 29.509.000
Old bonds o f Lake Shore and other cos. absorbed In 1914-15---- 197.002 into
C o n v e rtib le 6% 20-Y ea r B ond Issue o f *100,000,000 D ated Ma.v 1 191B
Those bonds are convertible into stock at the rate of *100 o f stock for
*105 of bonds, between M ay 1 1917 and M a y 1 1925.
for redemption on any Interest date at 110 and Int. upon 90 days notice,
but. ir so called, they may bo converted into stocku n to1361days prior to
date o f redemption. Donom c* *1.000: r* *100. *500, *1.000. *5.000 and
$10 000. Se<) V. 100, p. 556, 643, 593-4, 813, 902, 1349, 1438, 1833,
_________
V . 102. p. 1443: V . 109, p. 72.
O L D B O N D S O F N . Y . C E N T R A L A H U D S O N R IV E R R R .— Flrtl
mortgage Is for *100 000.000. covering the original road owned, and .b y
■unDlemental deed. 930 miles of linos I Borne Watertown A Ogdensburg. A c.) mergod 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 3 44s or 1898 were secured by deposit o f stock o f the Lake
Shore A M ich. Sou. and M ich. Central R R s.. respectively. at the rate or
*100 of L . 8 A M 8. stock for each *200 o f bonds and $100 o f Mich. Cent,
■tock for oach *115 o f bonds. Th e Lako Shore collateral 3 44s1 (75% )
exchanged for Consolidation M ortgage 4s, Series A, are a direct Jthird) mtge
on tho former Lake Shore Sc M ich. So. R y ., D etroit Monroe Sc Toledo R R .,
Northern Central M ich. R R .. Kalamazoo Sc White P lg e o n R K . and Swan
Creek R y. o f Toledo. See the ' ‘ Consolidation M o r t a g e above. V .0 6 ,
p. 1424: V. 66, p.336, 811; V . 102. p. 522; V. 100. p. 556,2085; V. 101.p.288
Th e New Y ork Central Railroad C o. has duly made an Indenture
to socure tho payment o f (n) tho 3 44% gold bonds Lake Shore C ol
lateral , and (6) by secondary lion thereunder so many o f the 4% Consolida
tion Mortgage Gold Bonds. Series A , as may bo Issued to pay and retire
an equal amount o f 344% gold bonds. Lake Shore collateral (the two issuos
aggregating $90,578,400) .by a lion upon the railroads.Ac.. formerly ownod by
the Lake Shore, and also on the property or Its four former subsidiaries
viz • Dot. Monroe A T o l. R R . C o., N or. Central M ich. R R . Op.. K al. A
White Pigeon R R . Co. and Swan Creek R y. o f T o l.. such lien fobow lngth e
lien thoroon o f Lake Shore A M ich. So. 1st, M . 3 4<s o f 1897 and the *100 000 000 Lake Shore debenture (now mortgage) bonds o f 1903 and 1906.
L A K E SH O R E A M IC H . S O U T H E R N B O N D S .— Tho N . Y Central
R R bv supnlemnntal Indenture (dated Jan. 1 1915) assumed the obllga
tlons of the *50.000.000 3 44% 1st M . o f 1897 (see V 64. p. 1182) and ha*
ecteiuled tho lien of that mortgage over the railroads. A c., form erly
owned by D e t.M o n r o e A Toledo R R C o.. Northern Central M ich. R R
Go Kal A White I’ lgeon R R Co. an<l Swan Crook Ry. Co. o f Toledo, and
it has also executed a supplemental Indenture dated Jan. 2 1015. assuming
|he“ hHgStlons o f the mortgage dated July 1 E H sem-ing the 25-voar
4% gold bonds of 1003 and 1900 aggregating $100,000,000 (two issues
*50,000,000 each), and extending the lien thereof to said add 1 properties.
As to guaranty o f Kanawha A Hocking Coal A Coke and Continental
Co il Co. bonds, see V. 109, p. 1527. Joint guaranty o f Cleveland Union
Terminal Co. bonds. V . 114, p. 2716.
E Q U IP M E N T B O N D S .— See *'N . Y . Central Lines” below.
B. Sc A. equipment trust, see V. 95. p. 1040, 1332, 1403, V . 98, p. 1072.
Equip. Tru st o f 1917. V . 105, p. 1209; V . 106. p. 396; V . 104. p. 2235.
^ E qu ipm en t trust o f 1920, V . 110. P- 1526.
.
„ o. .
Equipment trusts Issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 113, p. 1471.
Government loan, V . I l l , p. 792, 2521; V . 112, p. 162.
Venner suit, V. 108, p. 1275, 1937.
Conmany's real estate holdings in N . Y . C ity. V . 106, p. 60*.
------------- Gross-— - - -------------N e t after Taxes
E A R N IN G S .—
Jan.'f-S?ptG 3 o !? !f- '- .* 2 l e ! ! ! ! , 435*240.123!955 $34.108',184 $31.584',064
R E P O R T .— For year ending Dec. 31 192L In V. 1 1 4 ^ . 2353, 2^09^
192 i .
1920.
$
Calendar Years—
*_ . . .
®
------T o ta l operating income...... ................. 54,975,.>5j
55~,802*631
Federal compensation.........................
1,733,454
Rents, Ac., received_________________
1.696,799
871,602
1.032,775
Separately operated properties-------32,195
6,018,703
6.655.251
6,316.'’ <7
Dividend income-------------------------859.863
1,039,012
Income from funded securities---------- 3,171,613
6,022,252
4.970.251
Income from unfunded securities, A c . 2,017,619
Gross income______________________ 75,097,499 61 '788,441
______________________ _
b
1,019,305
W ar taxes
Rent for leased roads............................
7,861.393 7,909,421
In t e r ™ o n funded d e b t...................... 33.598.469 30.736.911
Interest on unfunded debt................... 7,196,207 5*J76.420
Dividends paid (5 % )........................... 12,479,611 12.479.615
Miscellaneous_________________________ 4,214,200
2,586,o ! 2
71,308,505
1,830,550
9,288,648
29,227,222
5,100,843
12,479,611
____________
Balance, surplus........................
^747^588
1,250.256
7,433.063
* Includes Federal compensation for 2 months, guaranteed income for
6 months and not railw ay operating Income for 4 months, a Additional
compensation and adjustment o f standard return, b War taxes ior lJ J l
included in railway tax accruals.
O F F IC E R S .— President, A . II. Smith; Chairman, Chauncey M . Depew;
Vice-Presidents, Ira A . Place. A . H . Harris G. II. Ingalls, Patrick E.
Crowley, Howard M . Biscoe; Gen. Troas., M ilton S. Barker, Soc., E. 1 .
Stcnhenson
Directors: F. W. Vanderbilt, C. M . Depow, Harold S. Van
derbilt Georgo F Baker, W . K . Vanderbilt, Ogden M ills, It S. L ovett
Albert II Harris Bertram Cutler. A . H. Smith, Edward S. Harknoss and
Frank J. Jerome.— (V . 115. P- 74. 183.308, 436,544. 1210, 1429, 1731, 1942)
N P W v r » P K C F N T R A L L IN E S .— Th e N . Y . Central Lines equip,
trusts cover engines, passenger cars and freight cars used by various linos
of the system, which Jointly and severally agree to pay prln. and Int., the
larger nart being for N . Y . Central
V. 99. p 1598, V . 102. O. 345. V .1 0 3 .
D 1792 1981*
104, p. 362: V. 109, p. 1793; V . 110, p. 167; V . 111. P* 2325
V 11 1.'p 2825; V. 115. p. 308. 1632. 1912.)
N E W Y O R K C H IC A Q O & ST. L O U IS R R . CO. (T H E ).— Owns from
Buffalo N Y .t o 111. State line, except 8 miles leased between Dunkirk and
Silver Creek leaving 495 miles; leases the proprietary line, Chicago A
Stat?Line R R .. Illinois State lino to 71st St.. Chicago. 10 miles; also leases
Dunkirk to Silver Creek. 8 miles; total, 513 miles; trackage In Buffalo,
N Y 2 miles, and 71st St., Chicago, 111 (N . Y . Central R R ), 8 miles.
Tn Auc 1922 the I.-S. C . Comm, authorized the company to acquire
control or the Lake Erie A Western R R . by moans o f an op jrating contract,
which provides that both companies s h ill be oparated, managed and contro lled b v the N . Y . C. A St. L. R R . C o., and all receipts, income expenses
and charges of every kind shall as o f Dec. 31 In each ye ir bo divided between
the parties on same basis as if roads were operated separately. Contract
terminates Dec. 31 1926, or sooner b y mutual agreement.
S T O C K — In July 1916 Cleveland interests bougbt the control o f the
DroneVty from the N ew York Central R R . C o., viz.: $6,240,000 common.
$6 275 000 2d pref. and *2.503.000 1st prof, stock. In payment was given
12 000 000 cash and $6,500,000 notes (secured by the stock and bearing 4%
Inter ost for fiv e yeani and 5% thereafter— one note duo $650,000 In 1921
and the others for like amount at Intervals o f one year thereafter. V. 103.
n 146
The Nickel Plate Securities Corporation was Incorporated In D ela
ware on Doc. 4 1918 with $15,000,000 auth. capital stock ($2,500,000 p re f.)
ro hold the control o f t h e N . Y . Chicago A St. Louis (known as the tflckel
Plate road). Principally a freight road. V. 103. p. 2238: V 104, p. 1899.
A fter 5% on all o f the stocks, all classes o f stock share alike.
f j Y v s 0. ! 0
'10. ’ 11-T2. '13. 'l l. ’ 15. ’ 16. ’ 17. ’ 18. *19. 20. 21. 22.
First preferred. 7 Vi
5 y 'ly 5 2 i i
0
5
5
5
Second p r o f . - 5 y ’. ly 5 2*J
0
0
52 1 ^ 2 ^
Com m on___- — I 3
3 y ly 4 0
0
0 - - - - - - - - i{)
' B O N D S .— First m tge., a b s tra c t, V . 45, p. 541.
__„
Tho stockholders on July 2 1918 authorized a ' Second A Im p t. M tg e.
for *35 000.000. including tho $10,000,000 debentures o f 1906, which are
eoually'secured, leaving *25,000,000 that may be Issued for Improvements.
The bonds are to be issued In series, each series to bear such rate o f Interest
as may be fixed bv tho directors. In M ar. 1919 the Initial *4.135,000 bonds
21
1919
*821.000 auamon-vi
additional uuuw
under this mortgage were so d to
and JU
July
Z l _____
l» i w __
vj
HUU
J- the
_________________
..nniiituroc unrlnp
reimburse
company
for capital expenditures
under R*AHnrnl
Federal nrtnt.rnl
control and
and
prior tHereto. On Sip t. ;<0 1922 i further $5,071,000 h id been nominally
"'E qu ip.'tru sts! V . lo3.' p.’ io32; v l 'l O L P- 952.1592.1801; V . 106, p. 2007;
V. 115, p* 1321.
, TT ,
m __ I__1
AT 114
071 A
Joint miaranteo o f Cleveland Union Terminal Co. bonds, V . 114, p. 2716.
e a u n in g s . _ . — 7
^ r ^ ross- 7 Z T , -----------T $ 2 2 . a fte r
?99S
1
1922.
1921.
(I.-S. C. C. figures.)
; :Vio m s
$28.6-40.024 $26,822,575
nr*. 1-8not. 30
88
RAILWAY STOCKS AND BONDS
[V ol. 115,
Nov., 1922.]
RAILWAY STOCKS AND BONDS
89
90
RAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[F or abbreviations, & c., see notes on page 6]
N ew Y o rk C h ica g o & St L o u is — Common stock___
Second preferred stock (5% non-cumulatlve)______
First preferred (5% non-c"umulative)______________
First mortgage gold (closed)____________ C e.xc*A r
2d A Im pt M tg e $25,000,000 g Ser A . .
_.xxxkc*
Debenture bonds gold sec by 2d M tg e ___G .x c*A r*
Eqps o f T 6 $1.100.000 due$l 10.000 each Aug lG .c *
Equipment trusts due $30,000 yrly Oct 1______ G
do
do sink fd red 101 A in t___________ xxc*
do
do due $225,000 yearly____________ xxxc*
N Y C onn R R — 1st M g red 105 begAug’ 1 8 -G .y c*A r*
N Y & G ree n w La ke— Prior lien M gu p A i.N .g x c *
New York & Harlem— Common 10% guaranteed------Preferred stock 14%. 10% guaranteed........ ...........
R ef. mtge (now first) $12,000,000 g u a r.. G.xo*Ar
N Y Lackawanna A Western— Stock euar’ 5 % . . (end)
Construction mtge guar by D L A W (en d )___F.xo*
Third M Term Im p ($5,000,000) guar p A 1(end) ,F.x
New York Lake Erie & Western— See Erie R R
N Y & Long Br— Oen M (now 1st) $2,500,000 g-.C e.o*
New York New Haven & H a rtford—Stock (see t e x t).
Pref. aAd stock 7% cum $45,000,000 call 110..........
First and refunding mortgage— See text
Debentures ($5,000 000 are 4s) non co n v e rt..zo A r
Debentures (for F H A W ) (V 78. p 2335)_______ x
Debentures (for N Y O 4 V) (V 80. p 2458) .z o 'A r
Debentures convertible (s t e x t )____________ xo*A r
European loan ($29,000 )00)_____________________ x
Debentures $39,029,600 gold conv (t e x t ) -----zo *A r
Debs N . H. station due $100,000 yly ( V . 106, p.1675)
Gold coupon debentures________________________ xc*
Notes to U 3 G ov call ( U S Dar. others 102)___text
do
do
_____ _. ______ _. _________
N Y Pr A Bost gen M (now 1st) gass. $4.000.000zcA r
Housatonlo con M ($3,000,000) g (assumed)-F zo*
N Eng cons (now 1st' M $17,500,000 5s g gu.Bn zo*
U Regis, lnt. on 1st M . 4s and deb. at Treas. Office.
Date
Miles
Road Bonds
505 1887
505 1918
1906
1916
1916
1917
1922
1913
54 1896
146
146
136 1900
214
214 1883
214 1890
38 1891
Par
Value
Amount
Outstanding
Rate
%
When
Payable
[V ol .
115.
Last Dividend Places Where Interest and
and Maturity
Dividends are Payable
$100 $14,000,000 Soo text
Text
Juno 30’ 22 244 Cleveland. Ohio
100 11.000.000
5
Q -V T 31 Dec 30' 22 144
do
do
100
5
5.000,000
do
do
Q - M 31 Doc 30 '22 144
1,000 17.872,000
A A () Oct 1 1937
4g
1IOhase N a t Bk. N Y
500 Ac
6 g
M & N M a y 1 1931
4.956.000
N ew Y ork
1.000 10,000.000
4 g
M A N M ay 1 1931
Chase N a t Bank, N Y
1.000
410.000
444 K F A A Aug 1 '23 to ’ 26 Guaranty T r Co, N Y
1,000
A A (> Oct 1 '23 to '26 Guaranty T r Co. N Y
120.000
444
1,000
5
3,278,000
M & N M ay
New York and Cleveland
1 1931
5g
1.000
3,159.0 )9
M A 3 Sept 1 '21 to '37 (In T r, Clov: Gu T r , N Y
1.000 Ac 24,000.000
444 g F A A Aug 1 1953
See “ a ” below
100 Ac
1.471.900 _ 5 g
M A N M ay I 1946
50 Church St, N ew York
50
8.656.050 See text See text Soo text
Grand Central T e r m ,N Y
50
1.343.950 See text See text Seo text
do
do
1,000 Ac 12.000.000
do
do
344 K M A N M ay 1 2000
5
100 See text
3— J
Oct 2 1922 144 Del Lack A West, N Y
5
1,000
6,000,000
F A A Aug 1 1923
do
do
4
1,000
5,000,000
M A N May 1 1923
do
do
1,000
2,500.000 4 g A 5 M
100 157.1 17,900
100
1,000
•97-’0 l
9,991.000 344 A 4
1904
500 Ac
9.997.900
344
1905
1.000 15.000 000
4
100 Ac
1906
8 913.350
344
4
1906
15.000.000
1907 fres A $
4 g
See text
6g
1908
100 Ao 38.541.200
1916
200.000
5g
1920
1,000 10.401.000
4g
1920 1.000 Ac 43.026.500
6
1920
17.000,00
1920
6,730.000
6 R
1921
9.800,000
1.000
62 1892
1.000,000
4g
87 1887
1,000
2.839,000 .
6g
363 1895
1.000 17.500.000 4 e A f> g
a Reg. Interest Am °c- Exch.
Clevel and.
R E P O R T .— For 1921, in V. 114, p. 2142. showed:
1921.
1920.
1919.
1918.
Railroad revenue.......... $27,030,663 $28,655,764 $23,478,763 $22,656,381
Operating incomo______
4,927,665 $3,721,941 $4,453,272 $4,487,920
Other incomo__________
300,555
379,124
260,484
196.854
A
Now Y ork Trust Co, N Y
S Sept 1 1941
Sept30’ 13 144% Co's office. N ew Haven
I r v N a t Bk, Lincoln office
M A s Moh 1 1947
A A o Apr 1 1954
Second Nat Bank. N H
Ir v N a t Bk, Lincoln office
J A J July 1 1955
J
Second Nat Bank. N H
A
J Jan 1 1956
M
N \f/iy 1 19*>Q
J P Morgan A C o., N Y
A A 6 Soo text
J A J15 Jan 15 1948
Second N a t B k.N ew Hav
M A N N ov '23-N ov '24
M A N M a y l 1957
Treas office. Now Haven
M
A
&
&
s M ar
1 1030
o Oct, 31 1035
A A o
M A N
J A J
N at. Ban
T o 1935
Apr 1 1942
N ov 1 1937
July 1 1945
k; coup. Int. T r
ContUnion T r C o. N Y
Farmers' 1, A T r C o, N Y
Safe Dep A T r C o . Boston
ehs. o f Penn. R It., Phi la
Lines owned in Fee—
M iles.
Leased ( part owned)—
M iles.
Woodlawn Jet. N . Y .. to Provi
Old Colony R R . (which s e e ) . . . 532
Lines Leased—
dence, R I ____________________ 173
Boston, Mass., to Danbury,
Providence and Worcewter_____
48
C o n n __________________________ 179 N orw. Si Worcester (which see)
71
Other lines_____________________ 146
New Haven. Conn., to Springfield. Mass___________________ 60 |Track to N ew York C ity , Scc.
Gross income__________ $5,228,222 $4,101,065 $4,713,756 $4,684,774
Lines to Pittsfield. Litchfield,
Interest on bonds______ $1,623,492
$1,640,640 $1,580,798 $1,378,300
(V . 88, p. 5 3)..........................
Other deductions______
435,658
434,846
764.444
929,584
Springfield See_____________
778
Total oporated January 1 1922___ ................................................................-T.987
B a la n c e.............
$3,169,072 a$2,025,579 a$2.36S,514 a$2,376,890
Second track, 805 m.; third track, 126 m.; fourth track, 116 m .; fifth
Balance for dividends._b$3,070,882 b$2.400,033 b$2,012,163 b l,014,890 track, 11 m.: sixth track, 11m .
First preferred dividend.
249.895
249,895
249,895
249,895
On Jan 17 1918 began operating N . Y . Connecting R R . (which see
Second pref. d iv id e n d ...
549,990
549,990
549,990
549,990 above). V. 104, p. 1592: V. 105, p. 2094.
Common dividend_____
699,480
699,480
699,480
____ In Oot. 1904 $29.100.000 of the $58,118,982 N . Y . Ont. A W est. com.
stock was acquired at $45 per $100 share and $2,200 of the $4,000 pref.
Balance, surplus........ $1,571,517
$900,668
$512,798
$215,005
V. 95 p 481: V. 79 p 2086.2642: V 80. p. 1363; V .9 5 p 1427.
Corporate surplus______$12,133,853 $11,018,696 $8,734,300 $8,245,113
This company and the Now Y ork Central each own $2,352,050 or the
m ajority pref. stock o f the Rutland R R . V. 93, p. 1600, 1788: V. 94, p.
a Corporate and Federal combined, b A fter settlement w ith U . S. G ovt.
1317; V. 95. p. 1608: V. 101, p. 1974.
Owns greater part of stock of Central New England R y . (which see) and
T h e 1919 report charges (a) against income o f 1919 the 5% on First Prefguarantees $14,512,000 gen 4s. V. 92. p. 1179, 1375. 1436; V. 93, p. 866.
paid Jan. 23 1920 and against p rofit and loss the 244 % paid July 22 1919 oe
Owns oractlcally all the stock of the N . Y Westchester A Boston. I77 tt
the 2d pref. for year 1917.
St.. N . Y . O., and M t. Vernon, Ac., and guarantees payment o f prln. A lnt,
Th e 1920 report charges against incomo o f 1920 the 5% on Common
paid Jan. 15 1921, and against profit and loss the 244% paid M a y 1 1920 o f the $19,200,000 444%. 1st M . gold bonds. See bond offering, Ac., V. 93;
P. 346, 866: V. 94, p. 1508, 1627; V. 95, p. 48. 298. 964, 1040, 1208: 1746
on the 2nd Preferred for year 1919.
The 1921 report charges against profit and loss the 5% on 1st and 2nd V . 100. p. 643. 1919. See !‘ Elec. R y ." Section. Valuation. V. 112, p. 62.
M A S S A C H U S E T T S A C T .— An Act of Mass. Legislature duly adopted
Preferred for year 1918, the 2 )4 % on 2nd Preferred and the 5% on Common
by directors on M ay 8 1917, (1) grants authority to retain possession of
for year 1919, all paid Sept. 30 1921.
14 subsidiaries, hut requires tho sale o f the Rutland R R . stock within five
Chairman, O. P. Van Sworingen; Pres., J. J. Bernet; Sec., W . D. Turner;
years (subsequently extended to M a y 8 1927); (2) makes numerous stipula
Treas., L . B. W illia m s— (V . 115, p. 308 , 869, 1210, 1321, 1632, 2159.)
tions as to how sundry branch lino securities shall bo treated In tho accounts,
and (3) limits dividend on com. stock to 5% p. a., until various conditions
N E W Y O R K C O N N E C T IN G R R .— Owns 4-track viaduct bridge and
are compliod with. V. 104, p. 2010; V . 114, p. 1766.
connecting road forming a line 8.96 miles in length from Port M orris, N . Y .
at Hell G ate to Bong Island C ity (with line to Fresh Pond, 4.32 m .). a
S E G R E G A T IO N .— Th e stockholders on Apr. 21 1914 approved an agree
connecting link between the N . Y . N . H. A H . R R . and the Pennsylvania
ment which had been reached with the G ovt, for a surrender to inde
R R ., each o f which owns $1,500,000 o f the $3,000,000 capital stock
pendent control o f certain parts o f tho system so as to prevent a suit under
Opened for passenger service April 1 1917 and for freight service Jan. 17 'IS
'-he anti trust law as follows- (1) The Boston R R Holding Go stock own
Passenger trains run thence direct to Penn. R R . station in N . Y .; freigk
ing 28.3% o f tho stock o f tho Boston A Maino R It. has boon transferred to
trains go to Bay Ridge, Brooklyn, passing by ferry to and from Gres
5 trustees, viz.: Henry B. D ay, Geo. W . Anderson, Augustus I*. lu ring,
vilie, N . J. V. 104. p. 1045, 1388; V. 106. p. 396. O f the 1st M . 4 )4 %
Arthur II. Nichols and Frank P . Carpenter, and. after arrangements havo
($30,000,000 auth.), $24,000,000 have been sold, guaranteed, principal and been made to protect tho minority stock o f tho holding company, they shall
int., jointly and severally, by Pennsylvania R R . and N . Y . N . II. A H . R R .
soil tho B os.A M ain o stock beroro qiw extended' O ct.l 19j3 V.107 p.1482.
— (V . 110, p. 970.)
1802. See V. 103, p. 166; V. 99, p. 1221. Soo Boston A Maino. Federal
Judgo M ayor on M a y 12 1922 m odified tho dissolution decree o f 1914 by
N EW Y O R K & GREENWOOD L A K E R Y .— (See M ap of Erie R R .) —
permitting the N ow Haven to voto its 28.3% holding o f the Boston A
Owns from Croxton Jet., N. J., to Sterling Forest, 42 m.. and branohes to
Maino stock for fivo directors o f tho latter company at tho noxt mooting.
Rlngwood, A o „ 8 m.; Watchung R y „ Forest Hill to Orange, N . J., 4 m.;
V. 114, p. 2241.
total owned, 54 m. Stock, $100,000; par, $50. Leased tft Erie R R . for
(2) The stocks o f the companies which control the Connecticut and
999 years from May 1 1896. Prior lien bonds are guaranteed, prln. and lnt..
Rhode Island trolleys wore placed In the hands o f trustees— five for each
by Erie. See V. 63. p. 513: form of guaranty, V . 65, p. 463.
State— and ordered sold by Apr. 1 1923 (as extended). Tho Rhode Island,
trolley properties wero disposod o f during 1920. V. 99, p. 1452; V. 108
N E W Y O R K & H A R L E M R R .— (See New York Central Railroad).—
p. 683, 1275: V. 110, p. 1188, 1291; V. 112, p. 1618.
Owns steam road N. Y . City to Chatham, N . Y ., 136 m. Also owns street
(3) The majority stock of the Merchants' A Mluors- Transportation Co.
railroad on Fourth A Madison avenues. N .Y . City, 10 m. Assets, V. 95, p. 47
ueld by the New Haven R R .. which has been sold
V. 98. p 1320. 1396
T h e N . Y . Central R R . owned on Dec. 31 1921, $5,532,450 common and
(4) The minority stock of the Eastern Steamship Corporation, held by
$1,141,450 preferred o f the $10,000,000 stock. V. 94, p. 208. 768; V, 93.
the New Haven R R shall bo sold by July 1 1921 (as extended lu 1919), and
p. 1788, 1600, 1696; V. 94. p. 1057; V. 98, p. 1157; V. 99, p. 1749.
In tho meantime shall bo deprived o f voting power. (Sold in 1919.) Re
The steam road (since partly electrified) was leased April 1 1873 for 401 organization plan In 1916, V. 103, p. 846, 1601. V. 99, p. 1369, 1454;
years to the N . Y . Cent. A Hudson River R R . Co.; and the street railway
V. 106. p. 1345.
6) Wherhot- the Long Island Sound steamboat linos may be retained
was leased July 1 1896 for 999 years to the Metropolitan Street R y. (now
N . Y . Railways C o .), at annual rental intendod to provide dividends as w ill bo dotorminod by I.-S. O. Commission. (Rotontlon authorized on
follows, the interest on the bonds being taken care o f under lease o f the July 10 1918.) V. 103, p. 1981; V. 105. p. 2184; V. 107, p. 906.
steam road.
v6) Th e Berkshire trolleys shall be sold by Apr. 1 1923. V . 108, p. 1275.
(7) The stocks of companies owning or controlling street railways in
Rental—
Dividends.
Payable—■
Steam road— 10% per annum guaranteed______________Jan. 5% ; July 5%
N. Y . shall be sold by Apr. 1 1923. V. 89. p. 1000. 1072, 1157. 1239, 1245;
Street railway— $100,000 yearly— 1% p.a. (see below) .April 2% : Oct. 2%
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.
These last dividends were not paid In 1919. the N . Y . Railways Co
4ults against former directors. V. 99. p 198, 270. 407. 538 1367 1052:
having defaulted on the street railway rental. B y order o f Judge Julius
M . M ayer in Jan. 1920, the street railway line was rotumod to the com V. 102, p. 345. 251. 134: V. 103. p. 844: V 104. p. 1592, 1801; V. 108, p.
683. 879. 2123. Limited receivership donled, V. 110, p. 2292. Leasoof
pany as o f Jan. 31 1920 V . 108, p. 79; V. 109, p. 1273; V. 110, p. 360.
real estate In N . Y . C ity . V. 110, p. 2292.
Tho stockholders on April 20 1921 authorized tho directors and officers to
R E P O R T .— For 1921, gross, $1,659,245; net oper. incomo, $101,677;
other income, $1,433,105; int., rentals, A c., $565,322; bal., def., $27,540 acquire the property o f tho following corporations or any o f them, or to
(after preferred and common dividends).
merge or consolidate any or all o f them with this company: (a) Central Now
O F F IC E R S .— Pres., A . H. Smith; Sec., E . F. Stephenson; Treas.,
England Ry.; (b) llarlorn River A l’ort Chester R R .; (c) Now England S3.
Co.; (d) Hartford A Now York Transportation Co.; (e) Now Bedford M ar
M . S. Barger.— (V . 114, p. 410, 854, 1287.)
tha's Vineyard A Nantucket Steamboat Co.
NEW Y O R K L A C K A W A N N A & W E STE RN R Y .— Binghamton to Buf
S T O C K .— Common stock, authorized Issue unlimttod. Prof, stock,
falo and Internat. Bridge and branohes, 214 m.. of which the main line, 213 authorized,
$45,000,000 7% cumulative. Tho plan to sell a block o f this
m.. is double track; D L. A W . has a lease for duration of charter from Oot.
stock
in order to take up tho collateral notos ($43,964,000) was withdrawn
1882, giving a guaranty of the bonds and 5% yearly on the stock. See forrr
In March 1918 when the O o v’t loan below montionod was granted. V. 105,
o f guaranty o f terminal bonds in V. 67, p. 1357: see also V. 68'. p. 283. The
p. 1413, 1420. 1708. 1820; V. 106. p. 1127. 1131, 1231. 1345.
$12,000,000 1st M . 6s, due Jan. 1 1921, wore redeemed by the D. L . A W.
R R . on that date. V. 112, p. 162.
D IV ID E N D S .—
J1873-1893.
1894 to 1912
1913.
None
Th e stockholders on April 26 1922 authorized an increase In tho capital
Per c e n t ____________________1 10 yearly
8
7)4
since
stock from $10,000,000 to $15,000,000
Tho stockholders also auth. an
G O V E R N M E N T L O A N S .— On March 27 1918 the Director-General
Issue o f $30,000,000 bonds. Compare V. 114, p. 1408.— (V . 115, p. 760.)
agreed to advance to tho company, for the purpose of protecting Its matur
ing notes, $43,964,000 due as extended April 15 1920 at 6% Int., with the
NEW Y O R K & LuNO BRANCH R R .— Perth Am boy to Bay Head, N . J.
38 miles. Operated under an agreement made in 1888 for a period of 99 right o f renewal to the company for 1 yoar moro on tho same terms.
Tho note was reduced by payment on account from $43,964,000 to $43.years with Penn. R R . and Cent. R R . of N. J.. which Jointly and severally
026,500. A now note In this latter amount, dated N o v . 1 1920 and payable
guarantee Interest and 7% on the $2,000,000 stock, all owned bv Central
R R . o f N . J. O f the bonds $192,000 are 5s. Pres., George F. Baker; Oct. 31 1930, was given to the Director-General to replaco tho noto for
$43,964,000, dated April 15 1918 and reduced by payments to $43,026,500,
Vice-Pres., Robert W . de Forest, and Sec. & Treas., F . T . Dickerson.—
and $50,620,000 o f 1st A Ref. M . bonds wero deposited with the U. 8.
(V . 72, p. 438.
as collateral security therefor. A noto In the amount of $17,000,000
NEW Y O R K NEW H A v tiN & H A R TFO R D R R — Covers Southern New
dated N o v . 1 1920 and duo Oct. 31 1930 with interest at 6% , was given
England and the only direct routes between New York and Boston.
to the U. S. to refund indebtedness o f tho company incurred during the
Nov., 1922.]
91
RAILWAY 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]
Raw York New Haven & Hartford (Concluded) —
Danbury A N orw alk—
Gen mtge Danbury, Conn, to Wilson P t, A o .zc*
First ref mtge V 82. p 210) gold assumed.xo* Ar
Harlem R A Port 1st M gold $ 15,000.000-U ».xo *A r
Naugatuok first mortgage gold assumed-------xo’ Ar
Debentures______________________________________ *
Boston A N Y Air Line 1st M $5,000,000 (assum) _.x
Pawtuxot Valley 1st M _____ ______________________
N H & Northampton ref M $10,000,000 guar p & 1.x
Providence Terra 1st M $7,500,000 g assum ..xo*& r
Consolidated R y debentures . . . . . . . . . . . . . . . — .
Providence 8ocur Oo dobs g gu red 105 beg 1917.xc*
Bds of eleo roads. See text below 9c “ Electric R y
Equipment trusts, due Ilfi6 000 y e a r ly ---------F
do
ser A A due$48or S49.000s-a.PhPc*
do
ser Dll due $123 & $122,000 s-a .C P
do
ser OO due $65,000 s-a
--------C P
do
ser D O due $171.000 s a . . . C P c *
do
G ovt N o 53, due $295,900 y e a r ly ..
Bonds o f Leading Proprietary. A c. Lines (V 103. p
Boston R R Holding Oo— Boston Term Oo— Central
New York Connecting R R and Old Oolony— See th
N Y Wes & Bos 1st M $60,000,000 g red 1100 xc* Ar*
New England Navigation Co debentures g o l d ----- x
do
do
do ____________________________
Miles Date
Road Bonds
36
36
12
61
5.60
---
1885
1905
1904
1904
1902
1905
1900
1906
1906
Par
Value
$1,000
1,000 Ac
1.000 Ac
1.000
(T)
1,000 Ac
Amount
Outstanding
Rale
%
$150,000
350.000
15.000.000
2,500.000
234,000
3,777,000
160.000
2,400.000
4.000.000
5
4 g
4g
4g
3)4
4K
4
4
4g
1.000 See text
4g
1907
See text 4. 4)4. 5
Sectlo a "
1.000
5
1,162,000
1914
1.000
194.000
6 g
1914
735.000
1915
4)4
520.000
1916
4)4
6
1,881,000
1918
1.000
3,846,700
0
1920
1604"
Engla nd R y — See those co mpanlea
New
ose co mpant es
See text
$ A £
1911
4)4 g
3.600,000
4 g
. . . 1905
675,000
4
When
Payable
Last Dividend
and M aturity
A A O A pr 1 1925
J A D June 1 1955
M A N May 1 1954
M A N M ay 1 1954
A A O Oct 1 1930
F A A Aug 1 1955
A & O Apr 1 1925
J
A D June 1 1958
M A S Mch 1 1956
M A N
Various
A 9c O
M A N
J A D
M A S
M A N15
J A
J
J
A
May 1 1957
1923 to 1956
Apr 1923-1929
M a y'2 3 -N ov ’24
Juno’23-Dec '25
M ar 23-Sept '26
M ay'23-M ay'28
T o Jan 15 1935
J July 1 1946
N ov 13 1955
Jan 1 1955
Places Where Interest an4
Dividends are Payable
Second N a t Bk. N e w H a v
do
do
I r v N a t Bk, Lincoln o ft
Second N a t Bk. N H aven
do
do
do
do
N ew Haven, Oonn
Second N a t Bk, N H aven
do
do
Equitable Trust Oo, N Y
Farm Loan 9c T rO o, N Y
Phlla T r 8 D 9c Ins Oo
Phila Commercial Trust
Commercial T r O o., Ph 11a
Guaranty Trust Oo, N Y
New York 9c London
to a lien un der a mo rtgago o f th e N ew Y ork A N e w England R R . Co. to secure Boston T cr000, d uo A pr 1 1939 bearing in tero-U at 4%
perlorl o f Federal control, and 1st & Ref. M . bonds In the amount o f $20,000.000 were deposited as collateral security therefor. T h e company also
Issued its notes, payable In 15 years from date to the U . S. to the total
amount o f $8,130,000. with Interost at 6% In return for a loan o f that
amount from the revolving fund, created Dy the Transportation A ct o f
1920. and deposited its 1st & Ref. M . bonds to the amount o f $9,565,000
as collateral socurlty.
,
______ ___„
... ,
Further loan under tho R evolving Fund o f $8,000,000 was certified by
the Inter-State Commerce Commission on Aug. 29 1921. T w o 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 9c Ref. M . bonds o f Sorles " B " In tho amount o f $4,775,000 were pledged
as collateral security for tho $3,000,000 note, while certain stocks and
bonds o f other carriers wore deposited with tho U . S. as socurlty for the
$5,000,000 note
______ ,
,
.
_
On N ov. 1 1921 a further loan o f $100,000 covering equipment purchased
undor Trust " E E ” was made and equipment trust notes Class “ B ” amount
ing to $100,000 and first and refunding mortgage bonds. Series " B . "
amounting to $660,000 deposited as collateral security.
B O N D S .— The company has oxocutod and delivered to the Bankers
Trust C o., trustee Its 1st 9c Ror. M . dated Doc. 9 1920. This is an open
mortgage under which substantially all pre-existing obligations aro eoually
secured with tho $95,000,000 bonds authorized to bo issued to tho U. S.
Government.
Tho aggregate principal amount o f bonds which at any time m ay bo 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 excood twice tho amount o f the then outstanding stock (now $157,117,900).
plus premiums paid In thereon (to date $19,282,887 50), which at tho present
time would lim it tho amount to $352,801,575.
A total o f not more than $95,000,000 o f new bonds is authorized, to be
presently Issuod, o f which not exceeding $80,000,000 Series A 6s, dated
N o v. 1 1920 and duo Oct. 31 1930, aro authorized to refund co.'s Indebted
ness to U. S. G ovt, incurred during period o f Federal control; and not ex
ceeding $15,000,000 Series B 6s, duo Oct. 31 1935. aro authorized to be
Issued for socurlty to the U. S. for loans that may bo mado to the co. for
equipment, and betterments (as o f Doc.31 1921 a total o f $87,138,000 had
been Issued and wero owned by tlioco., all being pledged).
Bonds to tho principal amount o f $180,274,000 are reserved to refund
debentures and underlying mortgage bonds. For further details. Including
list o f obligations secured under this mortgage, comparo V. I l l , p. 2423,
2041. 1942.
Harlem River A I’ ortchestor D iv. 4s o f 1904, V. 85. p. 1143.
Debenture cortfs, o f 1906, V. 81, p. 976, 1039, 1493; V.84, p. 103. 694,
In Feb 1907 145,000,000 franos ($29.000.(H)0) 4% 15-year debenture*
with a fixed rato in marks and £ wero sold; $27,582,691 outstanding. V . 84,
p. 391, 450. 508, 804, 931. Th e dollar bonds aro issued In exchange for
tho foregoing bonds $ for .$, and aro to lie secured by any future mortgage
on tlie main line between Woodlawn, N . Y ., and Providence, and also
Springfield, 235 mllos, pro rata with any other bonds secured thereby.
Th e company has executed Its 1st 9c ref. mtge. dated Dec. 9 1920, and in
accordance with tho forogolng has expressly Included these debentures under
tho terms and lien o f the Indenture. V. 103, p. 759. Tho company in a
notice to the holders o f tho 4% debentures outlined a plan fo i extending
these debentures. When the plan becomes operative debenture holders
will be paid 10% o f the amount o f their debentures in cash an < payment of
90% will be extended until April 1 1925 with interest at the ra i <c 17% p. a.
Interest at the rate o f 7% p. a. will lie paid upon the cash payment from
April 1 1922 to tlie date on which such payment shall become payable to
depositing debenture holders. The lion o f 1st 9c ref. mtge. as security for
these dobenturt'8 will remain unimpaired.
The extended 90% o f the franc debentures will lie payable, at the option
o f tho holders, In dollars In N ew Y ork, viz., $86 85 per 450 francs. The
April 1 1922 coupon should be detached and may be collected in the usual
manner. Tho extension plan was declared operative on M a y 13 1922.
Comparo V. 114, p. 1180. 1287, 1534. 1706. 2241; V. 115, p. 544.
Providence Terminal Oo. bonds ($7,500,000 auth.), see V. 82. p. 929.
629. 69.3. 1213. 1323; V. 83. p. 96, 819.
Tho
are convertible Into stock after Jan. 15
“ 'he $39,029,000 6% debentures
debo
23 at par. and are secured by lion o f first and refunding mtge. V. 85,
192
p. 1270, 1339 1402, 1047.
T h e 5% debentures for N ow Haven station aro socured by lion o f first
and ref. mtge. V. 103, p. 1302, 1119, 1503; V. 106, p. 1675.
In April 1918 $3,141,000 of tho $19,899,000 30-year 4% debentures of
tho Providence Securities Oo. had boon acqulrod by tho N . Y . N . II. 9c
H . R R ., which had assumed tho Issue, and Its shareholders voted April
1917 to authorize not exceeding $16,758,000 4% debentures due In M ay
1957, to bo exchanged .$ for $ for the rest. In Doc. 1921 $10,404,000 had
been exchanged, leaving $0,354,000 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. In Juno 1918 a new
$3 420,000 Issue, sorlos D D , at 6% Interost, was sold. V. 106, p. 2560.
Tho I -S O Commission on Oct 16 1920 authorized tho company to
Issue and pledge $3,500,000 equipment trust notes. Series EE (Old Colony
Trust Co , trustee). $2,800,000 thereof to bo 7% "Class A " notes ($2,000,000
o f these to bo plodgod to secure $2,000,000 promissory notes) and $700,000
to be 6% "Class B " Isocond lien notes]
These "Class B " notes and the
remaining $800,000 "Class A' notes to bo turned over to the U S. Treasury
In return for a loan o f $1,500,000 under terms o f Transportation A ct o f 1920.
Th e $2,800,000 "Class A " notes nre In donom. o f $1,000, dueserlally 1921
to 1935. Tho $700,000 "Class B " notes are In denom. o f $100,000, are
due each Oct. 1 1921 to 1927, Inclusive. V. I l l , p. 1567.
O f the $21,390,000 N . Y . Westchester 9c Boston 1st 4H s. this company
owned $2,190,000 on Doc. 31 1921. See "E lectric R y . Section.”
Outstanding Consolidated Ry. Co. Debentures Assumed (see "E lec . R y . S e c ." ).
4% 1904 ..$4,255,000 July 1 195414% 1906 . . $2,011,000 Jan. 1 1956
4% 1905 . . . 2.309.000 Jan. 1 1955 3-3H -4%'05
972.000 Feb. 1 1930
4% 1905 . . . 1,340.000 A pr. 1 19551
Outstanding Street Railway Bonds Assumed as o f Dec. 31 1921.
(A ll 5 per cents except as shown. See “ Elec. R y . Section” ) .
W. 9c O. E. 4 )4s $1,651.000 Jan. ’43 H artf. St. 4 s . . . $2.500.000 Sept. '30
4% debs.......... 165.000 Jan. '30
N. H . & C e n t .. . 283,000 Sept. '33
Mer Horse_____ 415,000 Jan. '24 Greenw. T r a m __ 320.000 July '31
63,000 Oct. '37
Norwich S t........ 350,000 Oct. ’23 Branford Elec___
Bart. M . A R ock. 200.000 Oct. '24 M er. So. & Com p. 175,000 July '28
N ew Lon. S t.R y
l50,000 Oct. '23 Staff. Sp. S t____ 400.000 July '56
Equipment trusts Issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V . 114, p. 2470.
E A R N IN G S .—
------------- Gross--------------------- Net after Taxes-----(I .- S .C .O . figures.)
1922.
1921.
1922.
1921.
Jan. 1 to Sept. 30 -........ $89,944,465 $85,575,656 $13,957,183
$319,285
R E l’ O R T .— For 1921. in V. 114, p. 1643, showed:
(From Jan. 1 1918 to March 1 1920 operated U. S. R R . Adm inistration.)
1918.
1919. „
1920.___
1921.
Average miles operated1,992
1,965
1,972
1,986
Total oper. revenues . -S 102,294,2125106,545,1205123,512,310$116,405,233
Total oper. expenses____ 87,746,523 92,473,381 126.346,383 106,402.295
N et earnings.............. $14,547,689 $14,071.738df$2,831,073 $1,0002,938
Tax accruals.................. 3,216.376
3,770,657
4,500.174
4,443,275
15.991
27,816
15.687
45,722
Uncollectibles................
Operating income____ $11,315,322 $lf,273.265df$7,349,935 $5,513,941
Non-operating income, cliiefly dividend income, $1,595,613;
Inc. from funded & unfunded securities, $2,555,490; rent from
equipment, $1,049,444; inc. from lease o f road, $1,196,906-- 7,465,815
Gross Income__________________________________________________ $12,979,756
Deduct— Rent for equip., $1,648,833; Jt. facil. rents, $4,374,014. 6,022,847
Rentals, leased roads, $5,853,761; miscell. rents, $199,616---- 6,053,377
Miscellaneous tax accruals___________________________________
102,902
112,000
Boston R R . Holding Co. guaranty___________________________
N . Y . W . 9c B. R y. Co. guaranty (bond interost)-------------864,000
Int. on fund, debt, $13,883,311, A unfund, debt, $1,007,485-- 14,890,797
Miscellaneous_________________________________________________
260,468
Balance, netincome, excl. G ovt, guarantees (lapovers)___d ef.$15,326,635
Government guaranties from 1920 (see n ote)____________________cr. 1,205,012
N et corporate Income______________________________________def.$14.121,623
Note.— G ovt, guarantees in 1920 included U . 8. R R . Adm in, operations
and Standard Return for Jan. and Feb. 1920, and guarantees under Trans
portation A ct 6 mos. end. Aug. 31 1920. Th e figures shown against this
item in 1921 cover lap-over items audited during the year but applying to
the Federal control or guaranty periods.
O F F IC E R S .— Pros., E. J. Pearson; V .-P . 9c Gen. Counsel, E . G . Buckland; V .-P ., B. Campbell, A . P . Russell; Sec., Arthur E . Clark; Treas., A . 8.
M ay; Com p., H . S. Palmer.
Directors.— Howard Elliott, N . Y .: James L . Richards and Jos. B. Rus
sell, o f Boston; John T . Pratt and J. Horace Harding, N ew Y ork C ity;
Arthur T . H adley, N ow Haven; W . B . Lashar, Bridgeport; Francis T .
M axwell, Rockville, Conn.: Edwaard M illigan, Hartford, Conn.; Frank
W . M atteson, Providence, It. I.: Harris Whlttemore, Naugatuck, Conn.;
Edw. G. Buckland, Beniamin Campbell and Edward J. Pearson, N ew
Haven.— (V . 115, p. 74, 309, 544, 645, 1533.)
N EW Y O R K O N TA R IO & W EST. R Y .— Operates from w eenaw sen.
apposite N. Y . City, to Oswego, on Lake Ontario, in all 569 miles, viz.;
Road Controlled. A c .—
M iles.
Road Owned—
Miles.
Oswego to Cornwall. N. Y ------- 272 Pecksport, Conn, (leased)---------- 4
branch to New B e r lin .._________ 22 Ont. Carb. & S. (leased) Cadosla,
N. Y ., to Scranton, Pa. 9cc----- 73
do
to D elhi----------. . . -------17
do
to Ellenvlile, e t c _______ 9 Rome & Clinton (leased)---------- *13
Utica Clinton & Bing, (leased) —*31
Total ow ned-------------------- 320 Wharton Valley (ow n ed )---------- 7
Ellenvlile A Kingston (leased)----28
rracKagettiW 2079) W.Shore R R .
C'nwall to W'Uen (V .61.p.425) - 53 Port Jervis Mont. & Summltvllle
Other trackage__________________ 3
(owned and leased)____________ 38
• See this company
O O N TR O L .— In Oct. 1904 N. Y . N . H . & H. R R acquired $29,160,000
cum. stock at $45 per share and $2,200 o f the $4,000 pref. V. 95. P- 481,
V. 79. p. 2086. 2643; V 80. p. 1363. 2458: V 81. p. 1044; V . 97. p. 1427.
Tentative valuation, V . 114, p. 522. 627, 1064.
STO C K .— There Is $4,000 old preferred. V. 79. p. 977. 980. 1332.
C O A L P R O P E R T IE S — “ O T H E R I N C O M E ." — In 1899-1900 coal
properties having then a maximum output capacity o f 2,700,000 tons
annually, were brought under friendly control with aid o f loans from the
Railway Co. and are now owned by the Scranton Coal Co. and the Elk
Hill Coal A Iron Co. the Railway Co. owning the stock o f both companies.
The $6,000,000 5% 1st mtge. notes Issued by the railway to enable these
coal companies to acoulre the aforesaid properties were all paid o ff on or
before Dec. 1915. ana on Dec. 31 1917 the railway held as first liens on
said properties former 2d mtges. for 51.153,000 and $2,400,000, respec
tively. Unpaid Interest due the railway In these mortgages aggregated
$837,500 to June 30 1912, and continued to accumulate without payment of
tho amounts accruing for some time thereafter, but all arrearages w ere
paid in 1921.
D IV S:
J '05. '06 to ’ l l . '12. '13. ’ 14-15. '16. '17. '18. '19. '20. 1921.
O ncom % \4)4 2% yearly. 0
2 None 1% N one 2% 1% 1%
2%
BONDS. AC.— Refunding mtge. for $20,000,000 covers 319 miles of r o a *
owned, all the securities of the Ont. Carb. A Scran. R y .. 54 miles, and all
after-acquired property. V. 72. p. 87; V. 78, p. 2012; V. 80, p. 651. Aa
to the $12,000,000 Gen. M . 4s o f 1904 see V . 79, p. 1332, 1432; V. 92.
p. 462: V . 94. p. 1508; V . 96. p. 420. 653.
E A R N IN G S —
------------- Gross--------------------Net after Taxes-----(I.-S. C . C. Figuros.)
1922.
1921.
1922.
1921.
Jan. 1-Sept. 30_________$9,193,954 $10,943,496 $1,210,945 $1,368,919
93
RAILWAY 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
Par
Value
Amount
Outstanding
Rate
%
When
Payable
[V ol .
Last Dividend
and M aturity
Mew Y o r k & N o rth e rn — See N Y Cent B R .
$100 $58,113,983 See text See text Oct 17 1921.2%
■ ew York Ontario & Western— Common stock-------1.000 20,000,000
Retundlng (first) mtge $20,000,000 g o ld —B a .x c'A r T ext 1892
4g
M A S June 1 1992
1,000 8.630.000
1905
4g
J A D June 1 1955
Gen M 512.000.000 gold red 110 (see text) — Nxo’ A i
M A
1913
1,000
330,000
H M a r’23-Mar ’ 28
Equip notes Ser O $30,000 s-a (V 96.p 420 — Bax
4H
A A O A pril 1923
1,000
Equipment notes Series “ D ” due $35,000 s-a______
35.000
4 tf
- - - 1916
Mew Y o r k & O tta w a — See N Y Central R R .
N e w Y o rk P liila & N o r fo lk —■
J A
1,000 2.600.000
4g
112 1899
J Jan 1 1939
First mtge 53.000.000 g (V 68. p 773. 978) - F P . x o *
1.000
634.000
112 1899
4
M A N Jan 1 1939
Income mtge g non-cum regls (V 68. p 978) — FPx
Equipment trust obligations_______________________
482.842
ew Y o rk & P u tn a m — See N ew York Central R R .
9.38 1905
1,000 1,500,000
4g
F A A Feb 1 1955
Y Short Line— 1st M $1,500,000 g gu p A l.P eP -k vo *
500 Ac
72 1880
3,488.500
A A O A pr 1 1940
N Y Sus & W est— Midland R R 1st M g ext ’ 10-Ce.xo*
5g
1,000
200.000
1 1881
5g
J
A n June 1 1950
Paterson E x te n R R Is tM e x t In 1910at5% a fg .x c *
1,000 3.745,000
5g
New Y ork Susq A Western flrst M ref g ------ Ce.xo*
127 1887
J A
J Jan 1 1937
1,000
127 1887
447,000
Seoond M (51.000.000 gold) 3d M on 72 m .Ce.xo*
4 X g F A A Feb 1 1937
1,000
127 1890
2,552,000
5g
F A A Aug 1 1940
General mortgage for 53,000,000 g o ld ____Ce.xc*
1893 1,000 Ac
2,000,000
5 g
Terminal flrst mtge for $2,000,000 gold
Usx.o* Ar
M A N May 1 1943
1,000
3.000.000
Wllkes-B A E ’n 1st M g g u p A1 (V 6 0 . p 481)-Q.xc*
5 g
J
A n June 1 1942
05 1892
1.00C
1913
22,000
Equipment notes due $22,000 seml-ann___________
M A N M a y 1923
6g
1916
1,000
ao
do O due $28,000-$27,000 seml-ann guar
220.000
A J Jan ’23 to J’ly ’26
4)4 g J
—
A llied Companies—
500
3 1885
70,000
J A D Deo 1 1940
Passalo A N Y 1st M (999 years rental) ext 1910—x
*
New York Texas & Mexico— See Galveston Harrisburg A San Anton lo
60 1.600,000
4 —
•
A A O July 1 1922 3%
Newark & Bloomfield— Stock, 6% rental____________
Newport & Cincinnati Bridge— See Louisville A Nash vllle
Norfolk & Carolina— See Atlantlo Coast Line R R
Jan 1 1014. UV.
100 16,000,000
Norfolk Southern— Stock $16,000,000 authorized----1,000
First m ortgage______ ________ ______________ Mp.xo*
223 1891
1.655.000
6g
M A N May 1 1941
1.000
223 19C4
825,000
J
A J July 1 1954
First General mortgage gold redeemable at 115 — (lx
5g
1 000
642.000
Suffolk A Carolina First Cons mtge gold red 110 xo*
75 1902
5g
J <So J July 1 1952
500 Ac h l l 637,000
789 1911
F A A Feb 1 1901
la tA R e f M $35,000,000 red 105 since 1915 Ce.xo* Ar*
5g
1,000
Raleigh A Cape Fear 1st M g _______________ Col-xo*
32 1903
137,000
5g
M A S Moh 1 1943
1,000
374.000
J
A 1) June 1 1965
Raleigh A Southport flrst mort $2,000,000 ___Colx
61 1905
5 g
1,000
164.000
Aberdeen & Asheboro 1st M 51G4.000 g-MeBa.xo*
82 1910
5g
J A J Jan 1 1940
75.000
1914
J A
J
•94
5
Equipment trusts series A due $25,000 seml-ann___
.1 A .1 15 Tn Jan IS IQfIS
6
1920
114,400
do
do
N o . 55, due $8,800 yearly_____ Q
1,000
1,000.000
M A N May 1 1961
2.42 1911
4 g
N orfolk Terminal— 1st M $2,000,000 g gu red— a.xo*
h Further amount pledged, see text.
S
N E W Y O R K O N T A R IO & W E S T E R N R Y .— (Concluded)—
R E P O R T .— For 1921:
Year ending Dec. S I—
1921.
1920.
1919.
1918.
Gross earnings__________ $14,127,867 $13,154,689 $10,910,027 $10,895,005
N e t, after taxes_____ . . .
1,603,349
10,714
666,445
538,714
761,813
893.700
521,703
245.509
Other income___________
Interest on funded d eb t. 1,170,175
1,176,430
1,185,115
1,194,205
Other deductions..........
558,527
387,251
359.354
309,883
N e t incom e_____________
636,460 def.659,267 def.356,321 def.719,665
Government guarantees______
1,465,156
1,257,001
1,443.483
636,460
805,889
900,680
713,618
N e t corporate income___
Preferred dividends____
210
210
210
210
Common dividends-- ( 2 % ) 1,162,146 (1)581,073 (1)581,073
____
Bal., sur. or d e f______ def$525,686 sur.S224.607 sur$319.397 sur$713.408
Pres., John B . Kerr; V .-P ., Sec. & Treas., Richard D . Rickard. Office,
Grand Central Terminal, N ew Y ork .— (V . 114, p. 522, 627, 1064.)
„ N E W Y O R K P H IL A D E L P H IA & N O R F O L K R R .— Leased to PennR R . for 999 years from July 1 1920. V . 113, p. 849. In Dec. 1921 all but
$7,250 o f the $2,500,000 stock had accepted the offer made by the Penn.
R R . in 1908 to buy the stock (V . 90, p. 977). V . 95, p. 1332. Bonds, see
table at head o f page.
Dividends.— Divs. have been paid as follows: 1901, 6% : 1902, 5% ;
1903, 6% : 1904, 6% . and 2% oxtra; 1905, 8% and 2% extra; 1906, 10%
and 25% in stock: 1907 to 1921, 12% yearly
E A R N IN G S .— For calendar year 1921: Gross income, def., $994,163
other deductions. $408,396; bal.. def., $1,402,559.
O F F IC E R S .— Pres., Samuel Rea.: Sec., Lewis Nellson; Treas., Jas. F .
Fahnestock. Office, Philadelphia, P a .— (V . 114, p. 79.)
N E W Y O R K SHORT L IN E R R .— Owns a$cut-oft for the Reading Co.
between Cheltenham and Neshamlny Falls, 9.38 miles, opened May 1906.
V 79, p.1038. T o be 4-tracked— 2 tracks laid at present and on 1.73 miles
3 tracks. Leased to Phlia. A Reading R y . for 999 years from Feb. 1 1907
The $250,000 stock Is owned by Reading Co., which guarantees the bonds,
principal and Interest.— (V . 84. p. 1552: V. 87. p. 1421.)
N E W Y O R K SU SQ U EH ANN A & W E STE RN R R .— (See E rie M a p .)
Owned (in fee) or entire stock. M iles. I Wllkesbarre A Eastern__________ 6s
Jersey City to Stroudsburg, P a — 9 9 (Susquehanna Connecting R R ____ 8
(Double track 19 miles.)
I Other branches__________________ 25
Beaver Lake, N . J., to Unlonvtlle. 20(T ra c k a g e ________________________
4
Total road operated December 31 1921_____________________________ 221
S T O C K .— Pref., $12,962,392; com., $12,810,941. of which the Erie
owns $25,622,300 common and preferred— of this, $6,630,000 com.
and $6,630,OO0 pref. being deposited under its mortgages. Dividends on
pref., N o v . 1891 to 1892, 2 )6 % yearly; none since.
B O N D S .— General 5s are reserved to retire 2d 4 He. See abstract. V. 52.
p. 84. The seconds are exchangeable for generals on payment of an assess’t.
Terminal bonds, see Issue of Jan. 1898 and abstract. V. 57, p. 512.
The $3,500,000 Midland R R . 6s were extended 30 years from 1910 at 5%
and $200,000 Paterson Ext. 5s 40 years at same rate. V. 90. p. 373. 91.
Equipment notes, 1916, V. 103, p. 61.
E A R N IN G S —
--------------Gross--------------------Net after Taxes—
(I.-S. C. C. Figures.)
1922.
1921.
1922.
1921.
Jan. 1-Sept. 30 -.......... - $2,933,026 $3,215,563 def$171,486 dof$85.095
R E P O R T .— For fiscal year ending Dec. 31:
Calendar Years—
1921.
1920.
1919.
Gross operating revenues____________ $4,513,812 $4,920,489 $4,330,437
Operating Income— _____ __________ dof273,136defl,319,341 dof.232,211
Compensation receivable____________
______
______
999,942
Other Income__________.______________
391,842
______
49,523
^ Gross Income...................................
Interest on funded d eb t_____________
Other deductions---------------------------
$118,706
788,106
53,732
$513,771 $1,049,465
797,072
804,498
9,058
60,201
Balance, surplus........ ................— def$723,132 dof$292,359
$184,766
— (V . I l l , p. 190.)
N I A G A R A J U N C T IO N R Y .— A terminal and switching road extending
from Niagara Falls. N . Y ., to Pfletchers Corners, N . Y ., 4.86 miles; factory
sidings. 9.16 miles. Electrically operated since Sept. 1 1913. V. 97, p.
1837. Stock, $160,000 com. and $134,500 8% cum. pref. ($5,500 more
pref. in treasury), all owned by Niagara B'alls Power Co. The 1st mtge.
bonds duo Aug. 1 1922 have been acquired by tho Niagara Falls Power Co.
and are being held pending a proposed readjustment o f the Niagara Junc
tion R y . C o .’s capital issues.
t Calendar -"ear 1921, gross, $161,619; net, $25,342; deductions, $12,545;
net Income, $12,797. Pres., Paul A . Schoellkopf; Sec., Frod’k L . Lovelace;
Treas., W . Paxton L ittle.
N O R F O L K S O U T H E R N R R .— Operated Dec. 31 1921 942.382miles
extending from N orfolk, V a., to Raleigh, Goldsboro and Beaufort and the
Piedm ont section. N . O .. with branches. O f this total, the company owns
790.593 miles and leases 145.519 miles (from Goldsboro to Morehead C ity ),
and has trackage rights on 6.27 miles.
Owns entire capital stock and bonds o f John L . Roper Lumber Co. and
entire stock ($175,000) o f Carolina R R ., Snow H ill to Pink H ill, N . O .,
35 miles, which company leased in 1921 the Kingston Carolina R R . Co.
until 1996. V. 95, p. 1684; V. 96, p. 863. Acquired the Durham A South
Carolina R R . in 1920. V . 110, p. 2292.
As to Cumnock Coal M ining C o., an ally, see V. 106, p. 607, 822.
Tentative valuation, V. 113, p. 1054.
* O R G A N IZ A T IO N .— Successor May 5 1910 to N . & 3 Railway, foreclosed
Deo 7 1909 per plan V 87. d. 614. 678
Tncorp In Virginia Mav 2 1910
B O N D S .— O f the “ First & R e f." $35,000,000 bonds, $3,981,000 were
reserved to retire a like amount o f underlying bonds. T o Doc. 31 1921
retired by sinking fund, $1,564,000, held for company by Central Union
Trust C o., $2,039,000; held by public, $11,861,000; as collateral for 3-year
notes o f 1917 pledged, $1,577,000; hold by U. S. Govt, and Dir. Gen. o f
R R . as collateral, $3S9,000; in treasury, $11,000. V. 107, p. 604.
115,
Places Where Interest and
Dividends are Payable
Oheoks mailed
Office, Gr Cent Ter, N Y
do
do
Bankers Trust Co. N Y
do
do
Broad St. Station. Phlia
Cheoka mailed
Reading Terminal, Phlia
Office, 50 Churoh Street
do
doi •
do
do
do
do •
do
do
do
do
do
do
Phlia T r 8 D A Ins O
Phlia Trust C o. Phlia
Office, 50 Churoh St. N Y
90 Weal St, New York
Cheeks mailed N orf office
Metropol T r Co, N Y
Guaranty Trust Co, N Y
International T r Co. Balt
Central Un T r C o. N Y
Columbia Trust Co, N Y
Columbia Trust Co. N Y
Mero T r A S Dep Co,Balt
Guaranty Trust Co, N Y
Guaranty Trust Co, N Y
These bonds are secured by a first mortgage on 334 miles, and. subject
to underlying Issues aggregating $3,805,000. on 455 additional miles, and
also by a first lien on practically the entire equipment, valued at about $2,720.625: also by a 1st lien on the entire stock ($1,000.000) and 1st M . bonds
o f 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
redemption o f bonds o f this Issue, and the balance, If any, for construction.
Impts.. Ac. V . 93. p. 1534: V 96. p. 487: V. 97. d 1204: V 98. p 523.
Equipment trust 6s, Series B, duo on or before 1926, $10,400 (D ec. 31 1921).
Equipment trusts $123,200 Issued to Director-General for rolling stock
allocated to this oompany. See article on page 3
Government loan, V. 114, p. 307, 1651.
D IV ID E N D S .— In 1911. 2% (quar.); 1912 to Jan. 1914. 2% (Q .-J .).
None since. V . 98, p. 1000, 1072.
------------ Gross--------------------- Net A fter Taxes-----E A R N IN G S .—
(I.-S . O. C . figures.)
1922.
1921.
1922.
1921.
Jan. 1-Sopt. 3 0 - - - ........ $6,122,293 $5,869,084
$933,042
$474,809
R E P O R T .— For year ending Dec. 31 1921.
Calendar
Oper.
N et (after
Total
In t.,r e n t,
Bal.
Year—
Rev.
taxes)
income.
A c.
Sur.
1921................ .$8,056,795 $957,820
$1,631,889 $l,955,562df$323,674
1920..............
7.294.631def5 19079 x l , 115,178
1.168,739 def53,561
1919................... 6,591,227
180,766 xl.623.111
1,310,125
312,986
285,949 x l . 175,407
1,126,980
48,427
1918.................... 5,753,644
x Includes Federal compensation and other Income.
O F F IC E R S .— Marsden J. Perry, Chairman o f Board; Goo. R . Loyall,
Pres.; Ernest Williams and E . D . K y le, V .-Prest’s; J. F . George, Treas.;
M . S. Hawkins, Sec.; L . V . Lockwood, Asst. Soc.— (V . 115, p. 760.)
N O R FO LK T E R M IN A L R Y .— Owns a union passenger station at
Norfolk, Va., with approaches, opened June 1 1912, used by the Vlrtlnlan R y., Norfolk & Western R y . and Norfolk Southern R R ., whloh
own the entire stook and undertake to meet all expenses, charges and
Interest and prlnolpal of bonds. Bonds authorized Maroh 20 1911, $2,000,000, guaranteed, prln. and Int., by the three lessor companies, o f
whloh $1,000,000 have been sold. Redeemable at 105 after N o v . 1 1925.
V. 92, p. 660. 1109; V . 93, p. 667, 1191. Pres., G. R . L oyall, N ew York;
Treas., M . M anly, N orfolk, V a.— (V . 114, p. 948.)
N O RFO LK & W ESTERN R Y .— (See M a p .)— System extends from N or
folk, Va., westward to Columbus and Cincinnati, O., and northward to
Hagerstown, Md., with branohes to the various ooal fields In Va. and W . V a.
Road Owned—
M iles.
M iles.
Norfolk, Va., to Columbus, O ___707 Roanoke to W inston___________ 122
Radford, Va., to Bristol, T c n n . - l l l Sundry branohes_______________ 659
21
Roanoke, Va., to H agerstow n..238 Opor. under leaso______________
Graham to N orton_______________ 100 T ra c k a g e ______________________
16
No. Caro. Junotlon to Fries_____ 44
hynohburg to Durham. N . C____ 115
T o ta l oporated Dec. 31 1921-2,238
Portsmouth Junotlon to Cincin
nati and Ivorydale_____________106 Double traok_________
557
In 1919 took over Va.-Carolina R y ., A c., lines long controlled, owning
about 98 miles o f road. V . 108, p. 879, 974.
O R G A N IZ A T IO N .— Successor In 1896 o f N orfolk A Wostern R R ., A c.,
foreclosed per plan In V . 62, p. 641. As o f Oct. 1 1922 tho Penn. R R .
owned $37,837,200 common and $6,315,000 adjust, prof, and tho 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 linos. V . 105, p. 73.
ST O C K .— Provisions of pref. stook wore In the Issue of April 1897,p .4.
On A pril 10 1919 stockholders authorized an Increase In the authorized
common stock to $250,000,000 chlofly in order to provide for the converslonfeature o f new convertible bonds. V. 108, p.1512. See below.
D IV S —
/ ’04. ’05. ’0 6 . ’0 7 . ’0 8 . ’09. ’ 1 0 . ’ l l . ’ 12-T5 ’ 16 1917-22
!o m m o n --% 1 3
3 « 4H
5
4 4H
6 6 X 6 y ’ly. 7Ji Text
In June 1916 dividend was Increased to H i % quarterly and an extra o f
1% was paid. 1917. M a r., H i % and 1% extra; June 1917 to Dec. 1922.
l j i % quar.: also paid 1% oxtra In Doc. 1922. Adjust .pref. recolvcs 4%
p. a. (1% Q .-F. 19).
B O N DS.— ThoFIrstOonsolldated m tgo.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 . 229. See
a b stra c t, V . 64, p. 376; V. 72. p. 137, 438, 532, 723, 1080; V. 75, p. 505:
V. 79. p. 213; V. 81, p. 212.
The N . & W.-Pooahontas Joint bonds are seoured bv about 300,000 acres
o f coal lands owned and held by the Pocahontas Coal A Coke Go., o f
which about 78,632 acres have been leased to companies whose stock Is
all owned by tho United States Steel Corporation and 99.368 to other con
cerns. subject to royalties. Th ey are subject to call at 105 for a sinking
fund o f 2)4 cts.per ton mined, V . 100, 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 Railw ay C o. and o f tho Coal A Coke C o., but as between
the tw o companies the debt is to be paid by tho latter company. $4,734,000
have been retired.
Divisional lsl Lien and Gen. M tge. 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 thoreto uponproportles coverod by 1st Consol. M . V. 78,
p. 1549; V. 79, p. 501, 628, 973, 1642, 1704, 2148; V. 80. p. 1175; V . 82.
p. 610; V. 83 .p . 1471; V. 88. p. 231, 453.
The O onv.4s o f 1907, o f which $25,569,000 were Issued 1907-10 (V . 83,
p. 380.435. 575) wore convertible Into common stock, $ for $. prior to Juno 1
1917, and thereafter subject to call at 105 A Int.; $25,284,000 bonds wore
converted. V. 83, p. 1412, 1471; V. 84. p. 1248; V. 80, 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 woro convortlblo Into common stock, $ for $,
prior to Sept. 1 1922, and thereafter subjoct to call at 105 and Int. $13,259,000 bonds woro convortod. V . 94, p. 208, 417; V . 95, p. 687.
93
RAILWAY STOCKS AND BONDS
Nov., 1922.]
94
KAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 6]
M iles Date
Road Bonds
Par
Value
Am ount
Outstanding
Rate
%
When
Payable
[VOL. llS .
Last Dividend
and M aturity
Places Where Interest and
Dividends are Payable
N orfolk & Western— Common stock $250.000,000-Ox
• -- . . -$100 126,045.300 See text
3— M Doc 19 22 2 H Office, Philadelphia
Adjust pref(p& d)4% stock non-cum $23,000.000-Ox
--100 $22,992,300
4
C1— F N oV IS ’22 1% Office. Philadelphia
N & W gen (now 1st) M N orf to Brls &c g _ .F P .x o »
428 1881
1,000
7.235.00C
6 g
M Sc N M a y 1 1931
Bankers Trust Co, N Y
New R iver Division first mortgage g o ld ---F P .x o •
194 1882
6 g
1.00C
2,000.000
A Sc C Apr 1 1932
do
do
Im provem ent & extension mortgage gold .F P .x c*
566 1883
l.OOt
5.000.000
6 g
F Sc A Feb 1 1934
do
do
Scioto Valley & New Eng 1st M assum gold-Ce zo*
127 1889
1,00(
5.000.000
M Sc K N ov 1 1989
4 g
dn
do
N & W First Oonsolm tge$62,500,000 g ,,B a .x c *& r* 1.621 1896
100 See 40.400.500
4 g
A & C Oct 1 1996
Bankers Trust Co, N Y
Dlv 1st lien & gen M (text) g red 105 beg 1929 <ix 1,871 1904
l.OOO.vc 23.000.000
4g
J & J July 1 1944
do
do
Pocah Joint M $20,000,000 g call 105 s f-(lP .x c »& r
- -- 1901
1.000 15.266.000
.1 Sc D Deo 1 1941
4g
do
do
Convertible bonds gold red tex t_________________ Qx
___ 1907 1,000 Sec
285 000
4g
J
& D June 1 1932
Bankers Trust Co. N Y
do
do
13,300 000 gold re d -.Q xc*&r*
1912 1.000 &o
41 000
4g
M Sc S Sept 1 1932
do
do
do
do
see text gold r e d ____ G .xc*& r«
___ 1913
1 000&C
722 000
do
do
4H g M & 9 Sept 1 1938
do
do
$17,945,000 g see text G .y c*& r*
___ 1919 1.000 &c 14.073.700
M & S Sept 1 1929
6 g
do
do
Wlnston-Sal So’b’d lstM$5.000.000 g gu Us.xc*&r*
1.000
89 1910
5.000.000
4 g
J Sc J July 1 1960
United States T r Co. N Y
Equip tr Series o f 1914 g gu $500,000 s a _____ yc
1
000.000
1914
1.000
F
4)$ g
& A Fob 23-Aug ’24 Commercial T r Co. Phila
—
do
Series o f 1922___________________________
1922
6,700,000
Norristown & Main 1. Con— 1st M g gu (en d .)__U P.kv
.64 1902
1.000
250.000
M Sc S Sept 1 1952
4g
Reading Terminal, Phila
North Carolina— Stock 7% paid from ren ta l______
226 —
100
4.000.000
7
F Sc A Aug 1922 3)$ % Burlington, N C
N o rth East Pen n — 1st M gold gu P & It (ext) rod 105
after 1925--------------------------------------- G u P k vc*
25.6 1890
1.000
400.000
A & O April 1 1930
5g
Reading Tormlnal. Phila
North Penn— Stock 8% gu 990 yrs $0,000,000 a u th ..
50
88
5.522.650
8
<3— F A u g 25 ’ 22 2% Office, 240 8 3d St. Phila
Old second M (now 1st) (7s extended In 1896).-kvc
67 1866
600 <fcc
1.500.000
4
M Sc N May 1 1936
do
do
General mortgage extend. In gold In 1903-FP.kvc&r
88 1873
4.500.000
3.3g J Sc J Jan 1 1953
do
do
Funding loan bonds $409,000 g o ld ,....................kv
1898
408.000
M & N N ov 1 1928
4 g
Reading Term inal, Phila
—
N o r th 6c S ou th C a ro lin a — See Seaboard Air Line
Northern A labam a— 1st M($350,000 prior lien) C ol xc
1.000
112 1896
1.650.000
5
J
Sc J July 1 1928
Treas’ office.W ashington
Northern (N H )— Stock 6% rental.............................
100
83 —
3.068.400
6
Oct 2 1922 1 K 50 Congress St. Boston
Q— J
Northern California R y— See Southern Pacific R R —
Northern Central— Stock (see t e x t )______ ______
50 27,077.200
8
Sc J July 15 1922 4% Treasurer’s Office, Ba
J
First mortgage State of Maryland loan (V 74,p 1197)
144 1855
1.500.000
6
do
do
Q--J27 Irredeemable
Consol General mortgage of 1874 gold Series E . . x c
1.000
144 1885
1 757.000
4)$ g A Sc O Apr 1 1925
do
do
Second Gen M Sor " A " & " B " (A $2,537,000) _FPx
3,536.000
144 ’76-’82
1.000
5
J Sc J Jan 1 1926
do
do
Equipment trusts___________________________________
1920
745,283
Northern of New Jersey— Stock guar (see V 69. p 81)
100
4
1.000.000
1% 50 Church St, New Y orx
Q —M Dec 1922
1st M ext at 4)4 % till July 1 1927 see text_________c
21 1887
100 Sec
654.000
4 )$
.1 Sc J July 1 1927
do
do
Gen mtge $1,000,000 g lnt guar by lease___Usm.xo
1.000
1900
154.000
& J Jan 1 2000
4 >$ g J
do
do
_
Th e 25-year 41$ % convertible bonds o f 1913 are convertible into com
mon stock. $ for $, prior to Sept. 1 1923. and thereafter sub. to call at 105
and int. Converted to Oct. 26 1922. $17,631,000. V. 96, p. 360, 653. 918;
V . 97, p. 666. Equipment trusts o f 1914, V. 98, p. 1000, 1072.
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 $17,945,000. Convertible 10-year 6%
gold bonds o f 1919 in amounts equal to 12)$% o f their respective holdings.
T h e bonds are convertible at any time before m aturity into common stock,
$ for $. Converted to Oct. 26 1922, $3,871,300.
Th e $2,500,000 6% secured gold notes duo M a y 1 1924 were paid o ff on
M a y 1 1922 at 101 and int.
Equipment trusts Issued to Director-General for rolling stock allocated
to this company (called for payment Tan. 15 1923 at 103), soo V . 115, p. 1533.
Th e $5,000,000 Winston-Salem Southbound R y . 1st M tge. bonds are
guar. Jointly with the Atlantic Coast Line R y . C o. Also guar., with Vir
ginian R y . and N orfolk Sou. R y .. $1,000,000 N orfolk Term . R y. 1st 4s,
and, with Southern R y . and Winston-Salem Southbound R y ., $250,000
Winston-Salem Union Station Co. 1st 5s.
G E N E R A L F IN A N C E S .— O f the traffic in 1921, 73.36% (21,778,412
tons) was coal; average rate per ton per mile, 0.806 cts.; train-load, 1,013
tons.
E A R N IN G S .—
------------ -Gross---------------------Net A fter Taxes-----(I.-S . C . C . figures.)
1922.
1921.
1922.
1921.
Jan. 1-Scpt. 30_________$69,335,378 $59,352,288 $16,595,055 $6,887,129
R E P O R T .— F or 1921, in V. 114. p. 1400, 1419 , showed:
Years ending Dec. 30—
1921
1918.
1920.
1919.
Gross oper. revenue____ $80,718, 802 $88,489,356 $76,925,599 $82,004,034
N e t oper. revenue______ 16,371 ,945
3,545,519 12,904,314 20,424,737
Federal compensation..
___ . . . tl9.315.345 20,711,8'5 20,634,142
T a x e s _________________
4,757, 981
2,260 000
1,856,097
1,716.000
3,97 1, 379
881 315
1.119,445
1,000,159
Other income___________
D ed u ctio n s____________
5,544 ,162
5,133,951
5,461,442
4,113,775
919,692
919,692
919,692
Preferred dividends____
919 ,692
Com m on dividends_____
8,506 ,190
8,459,373
8,503,989
8,437,410
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 o f M aryland 1st M .
o f 1855. V. 102, p. 1060. 1250.
S E C U R IT IE S O W N E D .— On Dec. 31 1921 among the assets held wore
Elmira & Lake Ont. stock (all), $1,500,000: Sham. »’ al. Sc Pottsv. stook,
$619,650; Union R R . stock. $1,225,000 (the bal. of $875,000 being ueld by
Phila.. Balt. Sc Wash ), &c.
STOCK.. — Penn R R on Doc.31 1921 owned $13,058,050 o f $27,')77.200
outstanding stock. The auth Issue was Increased In Nov. 1910 from
*20,000.000 to $27,079,600. A 40% stock dlv. (.$7,737,000) was paid Aug.
5 1914. V. 91. p. 1630: V. 98. p. 1695; V. 99. p. 271, 538.
D IV 8 .—
’88. '89. ’90. ’91. 92. 93. 94-00 01-14.Since under Lease.
7
8
8
7
8
8 7 yrly. 8 y rly .*
8 yearly.
Percen t----♦ A ls o Jan. 1907, 12)$% 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
Ian. 1 1911 to July 1 1914. during which lease was held up. V. 99. p. 343.
R E P O R T .— For cal. year 1921: Rental from lease o f road, $2,594:689,
Interest, &c., charges, $428,321; dividends, $2,166,172: surplus, $196.
Pres., Samuel Rea; Treas., Jas. F . Fahnstock.— (V . 114. p. 627.)
NORTHERN R R . OF NEVV JE R S E Y.— Owns from Croxton, N. J.. to
Sparklll, N . Y ., 21 m.; leases Sparklll to Vyaok, 5 m. Leased to the E rie
R R . from June 1 1899 for the term of Its wporate existence, for Interest
on bonds, 4% on $1,000,000 stock, payahl quarterly, taxes, and all cor
porate expenses. Th e $650,000 1st M 6% bonds maturing July 1 1917,
were extended until July l 1927. with 4 )$ % Int.
V. 104. p.2553.—
(V . 104 p.2553.)
N O R T H E R N O H IO R Y .— Owns Akron to Delphos, 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 o f
the lease to the Akron Canton Sc Youngstown R R . V. ] 10. p. 562. Pref.
non-cum. 6% stock, $650,000; par, $100. M ortgago 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
P A C IF IC
R Y .— (See Maps.)— Operates one of the
B a la n c e ______________
$617,299 $3,073,107 $5,134,714 $6,447,424 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
t Includes Fed. comp. 2 mos., $3,611,787; railway oper. Income guar
period (6 m os.), $11,005,436; railway oper. income (S ep t.-D ec.), $4.698.1221 erly. traversing the great wheat belt of Minnesota and North Dakota, the
mining district of Montana and the farming country of Washington to
O F F IC E R S .— Pres., N . D . Maher; V.-Ps., A . O. Needles. O. S. Churchili
Tacoma and Seattle and to Portland Ore with branches
E . H . Alden; Sec. & Asst. Treas., I. W . Booth; Treas., Joseph B. Lacy.
M a in Line—
vfl/es T o other companies___________ 145
Ashland, Wis., to Portland. Ore.2,266
Directors.— F . S. Royster, N orfolk, Va.; Samuel Rea, Phila.; David
St. Paul to Staples and Bralnerd 180
W . Flickwir, Roanoke, Va.; E. II. Alden, John P. Green and W . W . Atter7.092
foury, Phila.; Childs Frick. Roslyn, L . I.; S. P. Bush, Columbus, O.: M . C. Other main lines_______________ 520 Industrial spurs________________ 163
Kennedy, Phila.; N . D. M aher and A . C . Noedlos, Roanoko, Va.— (V . 115,
Tota l main line_____________ 2,966
T o ta l...................................... 7.255
p . 1533, 1942. 2017, 2159.)
Various branch linos___________3.692
N O R R IS T O W N & M A IN L IN E C O N N E C T IN G R R .— Owns doubleControlled Properties—
track road. 64 miles long. lncl. bridge over Schuylkill River at Norristown,
Tota l oper. directly_________ 6.658 Minn. & Intem at. R y . C o_____ 178
Pa. Leased to Phila. Sc Reading R y. Jan. 1 1904 for 999 years at 4% on
Big Fork Sc Int. Falls R y . C o ..
34
etock and lnt. on bonds. Reading Co. owns the $50,000 stock and guaranLeased to Others—
Sees the bonds.— (V . 75. p. 1148.)
T o Province o f M a n ito b a ..355
Total system Dec. 31 1921..7.468
N O R T H C A R O L IN A R R .— Owns from Goldsboro to Charlotte, N . O..
Less oper. under trackage
2d, 3d and 4th track___________ 848
222.44 m.; Oarolelgh Jet., N . O ., to Carolelgh M ills, 1.90 m.; total. 224.34
rights & Included a b o v e .. 66
Yards tracks and sidings______ 2,971
miles. Leased from Jan. 1 1896 to the Southern R y. for 91 years at $268.
000 (6 )4 % on stook) per year till Deo. 31 1901 and $286,000 (equal to 7%
T o ta l system track Dec. 31 1921........ ............. ............................ 11,287
on stock) balance of lease: also taxes. V. 63. p. 361. State of North fiaro
The Manitoba branches, aggregating 355 m., were leased for 999 years
Una holds $3,000,000 stock.— (V . 66, p. 665; V . 89, p. 163; V. 113, p.293.)
from May 31 1901 to the Provincial Government and sub-let by the latter to
the Canadian Northern Ry. at a rental o( $210,000 annually for the first 10
NORTH P E N N S Y L V A N IA R R .— Owns from Philadelphia, Pa., to Beth
years, then $225,000 for 10 years, then $275,000 for 10 years and thereafter
dehem. Pa.. 56.53 m.; Delaware River branoh, 21.50 m.; Doylestown branoh
$300,000, with option of purchase any time for $7,000,000. V. 73. p. 610.
10.09 m.; total first track, 88.12 m.; total track, lncl. 2d, 3d and 4th track
Owns Jointly with Great Northern the stock o f Spokane Portland Sc Se
and sidings. 278.94 m. Leased for 990 years from M ay. 1 1879 to Phila
R y ., extending from Portland to Spokane, Wash., with branches;
& Reading R R . at 8% on stock, and lease assumed in 1896 by Phila. & attle
see
V. 81. p. 1101; V. 83, p. 1111: V. 86. p 1530
The Sp Port Sc Seattle
Reading R y- Pres., Charles E. Ingersoll.— (V . 18. p. 668; V. 103. p. 2429.)
owns m ajority of t>VB stock o f the Oregon Electric and United Rys. o f Port
land. V. 91. p.1178. Tw in C ity Bolt R y.. org. Id 1917 See V. 104j).fi80.
NORTH EAST P E N N S Y L V A N IA R R .— Owns road from Glenslde to
In 1909 arranged for Joint use of Co’s line Tacoma to Vancouver. Wash..
N ew Hope. Pa., 25.64 miles; 2d track, 1.99 m.: total tracks, 33.05 miles
135 M .. with G t. N or. and Un. Pac ; V 88. p. 1373: V. 93. p. 1030. In
Cap. stock. $400,000. o f which $328,950 owned by Reading Co.: par $50
T h e $400,000 1st M tge. 5s due A pril 1 1920 were extended to A pril 1 1930. Jan. 1918 began running Its own trains Into Vancouver, B. O.; discontinued
Aug. 16 1918.
— (V . 113. p. 72.)
In 1912 tho Midland R y . of Manitoba, formed In tho Joint Interest of the
N O RTHERN A L A B A M A R Y .— Sheffield to Parrish, A la., and branohes
company and the Great Northern, obtained trackage rights from the Cana
112.50 miles. In April 1899 a m ajority of stook and bonds purchased by
dian Northern R y . between Emerson. Man., and Winnipeg, 65 miles, for
the Southern R y . V. 68, p. 824. 87.3. See also V 69. d 391
20 years, with provision for 999 years. V 95 p 298 1129: V 97. p. 1038.
Stock is $2,000,000. o f which Southern R y . owned $1,513,400 on Doc. 31
In March 1921 organized tho Absaroka Oil Dovolopmont C o., in order
1921. Under supp. mtge. o f 1898 $400,000 o f the outstanding $1,700,000 to further tho dovolopmont o f tho ra
@FedFRASER