Full text of Commercial and Financial Chronicle : November 26, 1927 : Railway and Industrial Compendium, Vol. 125, No. 3257

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

RAILWAY ^ INDUSTRIAL
COMPENDIUM
A SECTION OF

PAGES

1 TO 3 6 4 INCLUSIVE.

GENERAL INDEX
P ag b

RAILROADS—STATUS UNDER TRANSPORTATION
ACT OF 1920
3
STEAM RAILROADS............................................................ 9-142
INDUSTRIAL AND MISCELLANEOUS COMPANIES
NEW YORK AND BROOKLYN BANKS
NEW YORK AND BROOKLYN TRUST CO’S

143-257
258

•

258

N. Y. AND BROOKLYN FIRE INSURANCE CO’S -

-

259

have no extra copies of this

Section

3 T -v im T > ~ 2©
S Q P
~or
1927.
WILLIAM

B. D A N A C O M P A N Y , P U B L I S H E B S
F ront, F ins & D epbysthr S ts., Naw Y ork.

Copyrighted in 1927, according to Act of Congress, by WILLIAM B. DANA COMPANY, in office of Librarian of Congress, Washington, D. 0.




BROWN BROTHERS & CO.
ESTABLISHED 1818

1531 W alnu t Street
PHILADELPHIA

60 State Street
BOSTON

59 WALL STREET, NEW YORK

Investment Securities
Commercial Credits

Travelers Credits
Foreign Exchange

BROWN, SHIPLEY & COMPANY

F oun ders C ou rt, L oth bu ry
LONDON, E.C.

ESTABLISHED 1810

V;

O ffice fo r T r a t e k * '
123 Pall Mall, LONDON, S.W .

~T1

G r a h a m , Pa r s o n s & Co.
PHILADELPHIA

NEW YORK

INVESTMENT SECURITIES

*

Deal in and Purchase Issues of

MUNICIPAL BONDS
and Bonds and N otes of

RAILROADS, PUBLIC UTILITIES, and INDUSTRIAL CORPORATIONS
o f

ESTABLISHED VALUE

A. B. LEACH & CO., Inc.
Investment Securities
57 William Street, NEW YORK
39 So. La Salle Street, CHICAGO
Philadelphia
Milwaukee
Minneapolis

Boston
Detroit
St. Louis

San Francisco
Los Angeles
Providence

Seattle
Portland
Buffalo

The National City Company
National City Bank Building

New Y ork

Uptown Office: National City Building 42nd St. at Madison Avenue

PRINCIPAL OFFICES
ALBANY; N . Y.
Ten Eyck Building.
ATLANTA; OA.
80 North Broad St.
ATLANTIC CITY; N. J.
Chalfonte Block.
BALTIMORE, MD.
Charier * Fayette Ste.
BOSTON; MASS.
80 Congress Street.
BUFFALO; N . Y .
EUioor Square Building
CHICAGO; ILL.
187 So. La Salle St.
CINCINNATI; OHIO.
Dixie Terminal Bullfling.
CLEVELAND; OHIO.
Guardian I

Bonds




LOUISVILLE, KY.
DAVENPORT, IOWA.
Putnam Building.
U.
S. Trust Bullfling.
MEMPHIS. TENN.
DENVER, COLO.
Bank of Com. A Tr. Co. Bidg
First National Bank Bldg.
MIAMI, FLA.
DETROIT. MICH.
Seybold Building.
First National Bank Bldg.
MILWAUKEE, WI3.
HARTFORD, CONN.
First Wls. Nat. Bank Udg.
U.
S. Security Truet Bldg,
MINNEAPOLIS, MINN.
Builders' Exchange Bldg.
HOUSTON, TEXAS.
NEWARK, N. J.
First National Bank Bldg.
Kinney Building.
INDIANAPOLIS, IND.
Fletohor Say. A Trust Bldg. NEW ORLEANS, LA.
Western Union Building.
JACKSONVILLE, FLA.
OAKLAND. CALIF.
Peninsular Casualty Bldg
Central Bank Building.
KANSAS CITY, MO.
OMAHA. NEB.
1017 Baltimore Aye.
First National Bank Bldg.
LOS jANGELES, CALIF.
PHILADELPHIA, PA.
1417 Chestnut St
613 West 6th St

PITTSBURGH, PA.
TOLEDO, OHIO.
Union Trust Building.
Home Bank Building
PORTLAND, ME.
WASHINGTON, D. O.
Chapman Building.
741 15th St.. N. W
PORTLAND, ORE.
WILKES-BARRE, PA.
U.
S. National Bank Bldg. Miners’ Bang Building.
PROVIDENCE. R. X
.
MONTREAL, CANADA
12 Westminster St.
205 St. James Strac..
ROCHESTER, -l. Y.
TORONTO, CANADA.
Wilder Building.
10 King St., East.
SANjDIEGO. C A L IF .
LONDON, E. C.t 2. ENG.
Union Building.
34 Blshopagate.
SANIFRANCISCO. CALIF
COPENHAGEN. DENMARK
Standard Oil Building.
16 Holmens Kanal.
SEATTLE, WASH.
GENEVA, SWITZERLAND,
Hoge Building.
1 Rue de la Tour do j'inc.
ST. LOUIS, MO.
TOKIO, JAPAN.
Boatmen's Bank Bulldln
12 Nakadorl Martinouch.
SAINT PAUL. MINN.
SHANGHAI, CHINA.
Merchants’ Nat. Bank Bldg.
2-A Kulkiang Road

Short Term Notes

Acceptances

H. M. BYLLESBY &. COMPANY
INCORPORATED

NEW YORK
111 Broadway

CHICAGO
231 So. La Salle St.

ST. PAUL
Pioneer Bldg.

MINNEAPOLIS
McKnight Bldg.

DETR O IT
Dime Bank Bldg.




PROVIDENCE
Turks Head Bldg.

PHILADELPHIA
Stock Exchange Bldg.

BOSTON
14 State Street

KANSAS C ITY
Land Bank Bldg.

DES MOINES
Liberty Bldg.

D irect Private Wires—
Chicago-New York-B oston—
Philadelphia

Investment Securities

Bonds for Investment
We own and offer a comprehensive list of carefully selected
Government, Municipal, Railroad and Public Utility
Bonds which we recommend for investment. W e shall be
pleased to send descriptive circulars to investors on
‘ equest.

H a r r is , Fo r b es & Co
,
Pine Street, Corner William
NEW YORK

Bertron, Griscom & Co., Inc.
GOVERNMENT
And
CORPORATE FINANCING
40 Wall Street
NEW YORK

Land Title Building
PHILADELPHIA

2

H a r v e y F is k & S o n s
Members New York Stock Exchange

D E A L E R S IN
U N IT E D ST A T E S G O V E R N M E N T , R A IL R O A D ,
IN D U S T R IA L A N D PU B LIC U T IL IT Y B O N D S

T R A D IN G AC CO U N TS C A R R IE D IN N E W Y O R K
STOCK E X C H A N G E S E C U R IT IE S

NEW YORK
1 2 0 Broadway

LO N D O N , E N G L A N D
9 -1 3 King W illiam St., E. G. 4

B R A N C H O F F IC E 2 5 1 W E S T 5 7 th S T R E E T

100-fold diversification
in
asingle
^ n investment in Cities Service Common stock
is an investment in a nation-wide organiza­
tion made up of more than 100 companies.
Cities Service subsidiaries operate in 32 States
and foreign countries.
Not only are Cities Service activities diver­
sified geographically but industrially as well.
The organization’s earnings come from three
essential industries— electric light and power,
natural and manufactured gas, and petroleum.

This diversification means unusual protection
for your investment dollars.
With this safety feature you also get good
yield. Cities Service Common stock yields
over S}4% in cash and stock dividends. Since
1911 the Company has paid total dividends
on this stock in excess of $90,000,000.
It will pay you to investigate this 17-year-old
security of the $650,000,000 Cities Service
organization.

lie r t y
n

G O W A L L ST.
B R A N C H E S IN

y

N E W YORK
"PRINCIPAL cities

Clip and mail
HENRY L. DOH ERTY & CO.
60 Wall Street, New Y ork C ity
Please send me, without obli­
gation, full information about
Cities Service Common stock.




Name ________________________________________________________________
Address_______________________________________________________________
(158C-8)

RAILW AY ^ IN D U ST R IA L
COM PENDIUM
A SECTION OF THE

( ^ .OMMERCIAL~&~p INANCIAL ( ^ .HRONICLE
Copyrighted in 1927, according to Act of Congress, by WILLIAM B. DANA COMPANY, in office of Librarian of Congress, Washington, D. C.

VOL. 125.

NEW YORK, NOVEMBER 26 1927.

R a il w a y a n d In d u s t r ia l C o m p e n d iu m
The Railway and Industrial Com pendium is one of the publications
o f the Commercial & Financial Chro icle and is issued half yearly on the
last Saturday o f M ay and November.
Terms for the C hronicle are $10 per annum within Continental United
States, except Alaska; $11.50 in Canada and $13.50 in other foreign
countries and United States Possessions and Territories.
CHICAGO O F F IC E — 208 South La Salle Street.
LONDON OFFICE.— Edwards & Smith, 1 Drapers’ Gardens, E. C.
WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York.

Statements of

Public Utility Companies,
such as

Light, Power, Gas, Water, Tele­
phone and Telegraph
Formerly appearing in this publication
will now be found in our

PUBLIC UTILITY COMPENDIUM
Issued on October 29 1927.

THE TRANSPORTATION ACT OF 1920.
The railroads of the United States are now operated
under the Transportation Act of 1920. On March 1 1920
these railroads, which had on Jan. 1 1918, as a war measure,
been taken over for operation as one system by the United
States Railroad Administration, were, in so far as still
under its control (the short lines having previously been
surrendered), restored to their owners. Federal control
was terminated pursuant to a proclamation issued on Dec. 24
1919 by the President of the United States and subject to
the terms of the Transportation Act of 1920, approved^by
the President on Feb. 28 1920. The complete?text of the
Act was printed in the “ Chronicle” of Feb. 21 1920, pages
715 to 732, with an amendmentjin V . 110, p. 2250.
On Sept. 11920 the Government guaranty o f income which
had been granted to assenting roads for the six months
following the end o f Federal control expired by limitation.
On March 1 1922, two further provisions of the Transpor­
tation A ct expired by limitation, n am ely: (1 ) The provision
of Section 15 (a ) making it incumbent on the Inter-State
Commerce Commission when adj usting freight and passenger
rates during the two years beginning March 11920, 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, at $18,900,000,000 (against a book value of
$20,040,572,611), a sum equal to 5 % % per annum and in
addition at the discretion of the Commission an additional
of 1 % to make provision for improvements, betterments or
equipment; (2) The provision in Section 210 (a) permitting
the carriers to apply for loans from the Federal Revolving
Fund, w ith in tw o years from the termination of Federal
control.
Rate of Return Allowed by Commission.
On M a y 24 1922 the Inter-State Commerce Commission,
as required by the A ct, made known its decision as to what
would be a new reasonable rate of return on the investment




NO. 3257.

of the roads, for use when fixing rates for passenger and
freight transportation. The decision of the Commission was
reached in considering the question of rate reductions, and
the full text of the Commission’s report and opinion in that
case, in which a horizontal cut of 1 0 % in freight rates was
made, was given in the “ Chronicle” of M a y 27 1922, pages
2317 to 2329; the conclusions as to the rate of return will be
found on page 2327. The Commission ruled: “ That on and
after March 1 1922 a fair return on the aggregate value of the
railway property of the carriers defined in Section 15a of
the Inter-State Commerce A ct, determined as therein pro=
vided, will be 5 .7 5 % of such aggregate property value as a
uniform percentage for all rate groups or territories desig­
nated by this Commission.”
The Commission in July 1920,
as already stated, fixed the tentative values of the properties
at $18,900,000,000.
Following a decision handed down March 17 1923 by the
Federal Court at New Orleans upholding the constitutionality
of the provision in the Transportation Act generally known
as the “ recapture” clause, which was regarded as a test
case (see V . 116, p. 1723), the Inter-State Commerce Com ­
mission on M ar. 23 1923 issued an order requiring all rail­
roads to report by M a y 1 1923 as to their earnings during
the year 1922 and to pay over to the Government under the
Transportation Act one-half of the amount by which such
earnings exceeded a 6 % return on the value of the invest­
ment (V. 116, p. 1243). On Jan. 7 1924 (V . 118, p. 163) the
United States Supreme Court also upheld the constitution­
ality of the “ recapture” clause. The proceedings attacking
the constitutionality of this clause were brought by the D ayton-Goose Creek R y . of Texas, but when the action reached
the U . S. Supreme Court, nineteen trunk lines had become
parties to the brief filed in behalf of the road.
(See V . 117,
pages 2176-2179.)
The Commission on March 31 1927
handed down its first decision interpreting and applying the
so-called recapture clause (see below and also V . 124, p. 1898.)

The Inter-State Commerce Commission on April 4 1924
issued an order requiring all railroads whose net railway oper­
ating income exceeds 6% of the value of the property for
the calendar year 1923 to file with the Commission, before
May 1 1924, a report in the matter. This requirement is
now a regular one each year. The Commission also an­
nounced that pursuant to a ruling of the Comptroller General
of the United States, interest on amounts of excess railway
operating income payable to the United States under the
Transportation Act will be required at the rate of 6 % ,
beginning four months after the termination of the period
for which the excess income is computed. The railroads,
however, claim much higher valuations than those fixed by
the Inter-State Commerce Commission, and in most of the
cases where income has been large enough to lay the basis
for an apparent claim to excess payments the right of the
Government to the money is in dispute. The annual report
of the Inter-State Commerce Commission (Y. 123, p. 2996),
issued in Dec. 1926, in referring to this matter, said in p a rt:
Under our orders carriers have been permitted to compute their claimed
values upon such basis as they deem proper. Many different bases have
been used. When the values have been fixed by us, the number of carriers
found to have earned excess income and the amount of such excess income
may differ from the results shown by the carriers’ reports. Important
principles pertaining to values under Section 15a are under consideration
in pending cases.
During the year 20 carriers paid to us the aggregate amount of $930,403.57
on account o f one-half of their excess income as preliminarily computed for
the various recapture periods. This amount added to the $5,687,645.61
paid prior to N ov. 1 1925, makes the total o f such payments $6,618,049.18.
As the bulk o f these payments has been made under formal protests and
reservations, the general railroad contingent fund has not been made
available for the purpose contemplated by the statute.

Changes in Wages and in Transportation Rates.
The Transportation Act of 1920 was designed to enable the
railroads as a whole to meet their financial problem* caused

4

RAILWAY AND INDUSTRIAL COMPENDIUM

[V ol. 124.

by the war and Federal operation, and to assist them in their Board (with few exceptions), but. as a result of the action of
future financing by giving them a reasonable, though ex­ many different roads. Late in 1926 and during 1927
tremely moderate, return on their investment. Operating certain classes of employees received an increase of 7)^%
costs had enormously increased under Federal control and in wages, especially in the Eastern and Southeastern area
big advances in transportation rates were necessary to place (see below). Numerous other wage increases of one kind
the roads on a solvent footing. Furthermore, on July 20 or another were also made during 1927.
1920 the U . S. Railroad Labor Board awarded wage increases
An increase in freight rates, amounting to 5% , sought by
aggregating over $625,000,000 a year. Accordingly, on the Western railroads, was denied by the Inter-State Com­
July 31 1920 the Inter-State Commerce Commission author­ merce Commission on July 17 1926. The Commission at
ized advances in rates calculated to add $1,500,000,000 to the same time denied the petition of security holders of
the yearly revenues of the roads. The immediate effect was Northwestern carriers for an additional 15% horizontal in­
most disappointing, owing to a precipitate decline in railroad crease in rates in Western Trunk Line territory.
traffic (V . 113, p. 1732 to 1734). The railroads were there­
Watson-Parker Act Abolishing Labor Board.
fore obliged as one of their first steps to curtail their expenses
On M ay 20 1926, President Coolidge signed the Watsondrastically and to seek a reduction in the wages of their
Parker railroad labor bill, which was passed by the House
employees. Subsequent wage decisions made by the Board,
on March 1 and by the Senate on May 11 1926. This newr Act
until the latter part of 1922, resulted in decreases in rates of
abolishes the Railroad Labor Board, as established under the
pay. Comparative statistics show the following results for
Transportation Act of 1920. and provides for the creation
Class 1 railroads (those with annual operating revenues above
of boards of adjustment, a board of mediation to be appointed
$1 ,000 ,00 0), exclusive of switching and terminal companies
by the President, methods of submitting railroad labor dis­
(see also nine-year statement, appearing on pages 5 to 7 of
putes to arbitration, and, when occasion demands, for the
this compendium, containing property investment, revenues,
appointment of an emergency board by the President (see
expenses, fixed charges, dividends, train, traffic and wage
V. 122, p. 2749, 2905). The text of the Watson-Parker bill
statistics in more detailed form ). The following figures
will be found in the “ Commercial & Financial Chronicle” of
have been compiled by the Bureau of Railway Economics
May 29 1926, pages 3038-3040. The bill had been agreed
from the records of the Inter-State Commerce Commission:
Average
Calendar Yearly
Total
Year. Wage.
Labor Cost.
IB16 - - - - *892 *1,468.576.394
1917
-.1.004
1,739.482,142
1918 -- -.1.419
2.613.813.351
1919 . . --1.486
2.843,128,432
1920 - - --1.820
3.681.801.193
1921 - - --1.666
2.765,218.079
1922 - - -.1,623
2.640.817.005
1923 . . -.1.617
3.004.071,882
1924 - - -.1,613
2,825.775.181
1925 - - -.1,640
2,860,599,920
1926 - - -.1,655
2,946.118,103

Gross
Operating
Revenue.
*3.596.865,766
4,014,142.747
4.880.953.480
5,144.795,154
6,178.438.459
5.516,798,242
5,559.092,708
6,289,580.027
5,921,496.325
6,122,509,856
6,382,939,546

A'et
Return
on Prop.
Operating
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 0.09%
600,937.356 3.07%
760,187,319 3 83%
961,955,457 4.66%
973,837,202 4.54%
1,121,076,341 4.97%
1,213,089,966 5.11%

These figures show the return on the Investment in road and equipment
without any reference to materials and supplies on hand or to working cap­
ital.

In April 1921 the United States R R. Labor Board ordered
the abolition on July 1 1921 of some of the provisions of the
“ National Agreements” which the railroad managers claimed
had cost the railroads of the United States $300,000,000 per
annum, but laid down 16 cardinal principles that must be
maintained (V . 112, p. 1580, 1581; V . 113, p. 34, 805, 893,
915, 916, 1326, 1429, 1644, 1731, 1732).
Subsequently, in 1921-22, the national agreements were
revised by the Labor Board, removing some of their most
burdensome features in the case of railroad labor other than
trainmen’s brotherhoods. See below.
In M ay and June 1921 the Labor Board announced its
decision that the exigencies of the situation demanded a sub­
stantial decrease in railroad expenses, and for that reason
railroad wages on the larger roads should be reduced on the
average 12%. A strike against this decrease and to forestall
any further changes in wages and working conditions was
ordered by the four trainmen’s brotherhoods and the switch­
men’s union; but on Oct. 27 1921, on the eve of its becoming
effective, was declared off, as below stated.
In N o v . 1921, after many reductions in freight rates had
been made (since Aug. 1920), the railway executives, in order
to be able to further decrease these rates as demanded by the
public, posted notices of a proposed additional wage cut of
about 1 0 % with the intent of wiping out the remainder of the
wage advance of 1920. The railroads agreed to pass on all
benefit from this further wage cut to the public, and in antici­
pation of same put in effect on Jan. 7 1922 an experimental
reduction of 1 0 % on agricultural products for all parts of the
country, this reduction to stand during the six months in
which the plan to reduce wages would come before the Labor
Board. (See also V . 113, p. 2153, 2470, 2876.)
It was not
until M a y 1922 that the Labor Board announced its de­
cision as to further wage reductions, and it then promul­
gated decreases in the pay of the shop craft employees,
maintenance of way men, freight car men, signal men, clerks,
& c .f effective July 1 1922, which it was computed would
effect a saving to the carriers of $135,000,000 per year.
This led to a prolonged strike, as noted further on in the arti­
cle on Railroad W ages. (V . 114, p. 2432, 2541, 2784.) The
maintenance of way men, who did not join in the strike, had
a portion of the decrease remitted to them on a rehearing,
the remission amounting to 2 cents an hour. In 1923 and
1924 wage increases of one kind or another again became
common, not as a result of orders of the Railroad Labor




upon in 1925 by most of the railway executives and heads of
the four brotherhoods. The bill provides in brief as follows:

1. That the railroads and employees shall establish adjustment boards to
arrange disputes.
2. That the President shall appoint, with the consent of the Senate, a
board of mediation of five persons, none o f whom has a pecuniary interest on
either side, to intervene when the adjustment boards fail.
3. That boards of arbitration shall be created when both parties consent
to arbitration.
4. That when the above methods fail the Board of Mediation shall notify
the President, who may appoint an emergency board to investigate and
report to him within thirty days. For thirty days after the report has been
made there shall be no change in the conditions of the dispute except by
agreement of the two parties concerned.

A comparison of the labor provisions of the Transportation
A ct with those of the Watson-Parker bill was given in the
“ Chronicle” of M arch 6 1926, page 1259. (See also V . 122,
p. 2749 and 2905.)

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

Valuation of Properties by Commerce Commission.
To date the I.-S. C. Commission has set final valuations
on approximately 570 carriers. A table containing the final
valuations of 279 carriers was published in our “ Railway &
Industrial Compendium” of May 29 1926, pages 5 and 6.
Other final valuations have been given in our “ General Invest­
ment News Department” from week to week since then under
the headings of the respective carriers. A petition presented
by the National Conference on Valuation of American
Railroads, of which the late Senator La Follette was the
head, to have the proceedings of the I.-S . C. Commission iD
the physical valuation of the railroads of the country recom­
mitted to the Bureau of Valuation, was denied by the Com ­
mission on D ec. 3 1923 (V . 117, p. 2617). The Conference
sought to have the Commission establish the original cost of
property investment and labor in railroads, as well as other
data. All the existing valuation work of the Commission
was attacked as unsound. Tne Commission held that its
procedure in ascertaining Information with respect to aids,
gifts, grants or donations, was in substantial compliance with
the Valuation A ct, and that analysis of method of arriving
at final value was not required by the law.
T . P . Artaud of the Valuation Bureau of the Inter-State
Commerce Commission on D ec. 18 1925 delivered an address
before the Engineers Club of Ham pton Roads on the subject
of the Federal Valuation of Railroads, its Origin, Scope and

RAILWAY AND INDUSTRIAL COMPENDIUM

Nov., 1927.]

Utility, which was reproduced in full in the “ Chronicle” of
Dec. 26 1925, page 3083.
According to a report recently completed by Frederick H.
Lee, Secretary of the Presidents’ Conference Committee on
Federal Valuation of the Railroads in the United States, the
I.-S. C. Commission served 1,022 tentative valuation reports
up to June 30 1927, of which 529 became final by decision
and order up to that date. These tentative valuations cover
219,705 miles of road, or 90% of the railroad mileage under
valuation.
The Federal District Court for the Western District of
Missouri on Dec. 31 1926 handed down a decision setting
aside the final valuation placed upon the property of the
Kansas City Southern Ry. and its subsidiaries by the I.-S. C.
Commission on the ground that the latter had failed to con­
strue and apply the law correctly and had acted beyond its
statutory powers and contrary to the evidence before it.
The U. S. Supreme Court in a decision handed down on
Feb. 21 1927 held that the so-called order of the I.-S. C. Com­
mission affecting the valuation of the Los Angeles & Salt
Lake R R ., for which an injunction had been sought, “ is
merely the formal record of conclusions reached after a
study of data collected in the course of extensive research
conducted by the Commission, through its employees.”
The general view of this decision is that the Supreme
Court has taken the stand that it can take no action in the
valuation problem until the Commission makes some affirma­
tive decision as to valuation which acts adversely to the inter­
ests of the carrier. When such an adverse effect appears
the door is left open for the railroad to thrash its trouble
out in court. (See “ Chronicle” of Feb. 26 1927, p. 1168.)
The West Virginia Northern Ry. Co. on Aug. 27 1926
filed a petition in the District Court of the United States
for the Eastern District of Pennsylvania to enjoin and annul
an order of the I.-S. C. Commission fixing the final single
sum value of the petitioner’s property and to restrain the
use of the value so found, for any purpose under the InterState Commerce Act. The defendant, the United States
of America and the Inter-State Commerce Commission, in­
tervening defendant, duly filed answers and motions to
dismiss. Argument was heard on Sept. 8 1926 by Circuit
Court Judge Davis and District Court Judges Dickinson
and Johnson. On M ay 10 1927 the following order was
entered in the above case by Judge Dickinson:

cess of 6% on its value for any year following the passage of
the Act. By a vote of 6 to 4 the Commission held that Con­
gress intended to fix values of railroad properties for recap­
ture purposes without awaiting completion of final valua­
tions under the provisions of the Valuation Act. It was
also held that, for that purpose, it is warranted in basing its
valuation on its tentative valuation figures as of 1919 (based
on the 1914 unit prices), as far as available, plus net additions
to property in succeeding years at actual cost, less deprecia­
tion, without giving effect to the cost of reproducing the
original property at present-day prices. The issue was pre­
sented in a recapture of excess earnings case brought by the
St. Louis & O’Fallon Ry. and the Manufacturers’ R y., two
short lines operating in the vicinity of St. Louis, M o., con­
trolled by the Adolphus Busch estate. The issues were
treated as test cases as to the method of ascertaining value
of roads for recapture purposes. The majority opinion
recognized that, “ having in mind the whole railroad situa­
tion, the decision is of the greatest consequence from the
public and private viewpoints.” (For full details see “ Chron­
icle” of April 2 1927, pages 1898 to 1903, and April 29 1927,
pages 2039 to 2041, and compare also “ Chronicle” of June 5
1926, pages 3164 to 3167.) A petition was filed on M ay 3
1927 in the District Court of the United States for the
Eastern Division of the Eastern Judicial District of Missouri
by William Cotter, President of these two roads, for an in­
junction restraining the Commission from enforcing the
aforesaid order. It is expected that the Court’s decision
will be rendered before Dec. 10, the effective date to which
attorneys for the Commission indicated that the recapture
order would be extended (V. 125, p. 2478).

This cause is ruled by the Los Angeles Case (not yet reported): and in
view o f that ruling, the petition o f the plaintiff is dismissed with costs to
the defendants.” (V. 123, p. 1253).

The I.-S. C. Commission on Mar. 31 1927 issued its first
decision interpreting and applying the so-called recapture
clause of the Transportation Act of 1920. The Commission
held that for rate-making purposes, the value as determined
by the Commission for 1914 approaches more nearly the
reasonable and necessary investment in a railroad than the
cost of reproduction of it. The recapture clause provides
for the payment to the Federal Government of one-half of
the net railway operating income of a railroad system in ex­ .

Proposed Plans of Consolidation.

The Transportation Act of 1920 contemplates the ultimate
consolidation of all the railroads o* the United States into
a limited number of competing systems, and under one of
the provisions of the Act the Inter-State Commerce Com ­
mission is directed to prepare a plaD to that end. The
provision is not compulsory as far as the roads are concerned.
In the process of carrying out the requirement, the Com­
merce Commission directed Prof. William Z. Ripley of
Harvard University to prepare a plan of consolidation, and
with that as a basis, the Commission prepared a tentative
plan which was put forward in September 1921 “ in order
to elicit a full record upon which the plan to be ultimately
adopted can rest.” The plan was outlined in V . 113, p.
1429 to 1431, 1950 to 1952. A table showing the grouping
of roads in the plans of consolidation under consideration
by the I.-S. C. Commission was given in V. 119, p. 628
and 629. Hearings were held on the different systems
proposed, principally the Northern Pacific-Burlington,
the Great Northern-St. Paul, the Union Pacific-North­
western, the Frisco-Katy-Cotton Belt, the Baltimore
& Ohio-Reading, the New England-Great Lakes, the Pennsyl­
vania and the N ew York Central Systems, but a final de( Continued on page 8)

Nine-Year Statement of United States Railroads—Property Investment, Revenues, Expenses,
Fixed Charges, Dividends, Traffic, Train and Wage Statistics.
The Bureau of Railway Economics, Washington, D. C., in a bulletin designed as a convenient reference for statistics
of railway operation in the United States, has compiled the following tabulations, based upon official summaries of the
Inter-State Commerce Commission for the calendar years ended Dec. 31 1918 to 1926. The tabulations cover the opera
tions of railways of Class 1 only, namely, carriers with annual operating revenues above $1,000,000 (switching and termina
company statistics are not included). Class 1 railways operate approximately 90% of the total railway mileage of the United
States and earn about 96% of the total reven ues.
PROPERTY INVESTMENT AND OPERATING INCOME ACCOUNT OF CLASS I RAILW AYS IN THE UNITED STATES.

Calendar Years—

1918.

1919.

1920.

1921

1922

1923.

1924.

1925.

1926.

Property Inveslm't as at End of Y ear.

Inv. In rd. & equip.
(Accts 701 & 702)
(see note)_______ $18,213,629,613 $18,529,749,653 $19,061,239,186 $19,578,545,638 $19,871,241,404 $20,657,166,329 $21,468,836,773 $22,534,949,977 $23,202,912,213
Material & supplies
(Account 716)__
a629,274,660
a629.274.660
755,563,278
665.147,099
682,725,812
560,048,899
546,284,853
525,853,107
551,694,794
Total........ .......... $18,842,904,273 $19,159,024,313 $19,816,802,464 $20,243,692,737 $20,417,526,257 $21,339,892,141 $22,028,885,672 $23,060,803,084 $23,754,607,007
Cash (Account 708)
8355,559,015
a355,559,015
369,421,765
418,265,549
483,717,274
407,339,592
560,163,699
517,387,168
535,589,781
Grand total____ $19,198,463,288 $19,514,583,328 $20,186,224,229 $20,661,958,286 $20,901,243,531 $21,747,231,733 $22,546,272,840 $23,620,966,783 $24,290,196,788

Operating Income
Account—

Av. miles represent,
by income acc’t-234,668.34
233,203.72
233,808.87
234,419.24
235.185.43
235,500.62
236,580.61
234,825.47
236,631.40
Freight (Acc’ts 101
and 121)________ $3,453,935,308 $3,556,451,084 $4,328,297,621 $3,924,119,819 $4,005,558,722 $4,622,364,989 $4,345,538,231 $4,552,756,017 $4,809,640,798
Passenger (Acc'ts
102 and 122)___
1,032,869,815
1,180,276,923
1.288,503,573
1,075,936,844
1,147,588,884
1,076,456,783
1,057,704,231
1,153,791,925
1,043,070,646
Mall (Acc’ts 106 &
57,510,421
bl51,565,942
125)____________
53,537,403
95,609,962
90,991,024
92,920,296
97,961,371
97,106,075
96,165,492
Express (Acc’ts 107
126,331,714
127,630,576
143,737,933
and 126)________
145,377,429
104,577,059
143,291,195
152,910,540
143,388,606
149,071,699
269,566,104
All other revenue-214,279,240
222,926,150
258,151,334
266,333,390
238,499,477
243,314,923
273,795,318
284,990,911
Total oper. re v ..




$4,880,953,480 $5,144,795,154 b$6,178.438.459 $5,516,598,242 $5,559,092,708 $6,289,580,027

$5,921,496,325 $6,122,509,856 $6,382,939,546

Calendar Years—
Maint. way & struc.
Maint. of equipiu’tT ra ffic___________
Transportation (rail
and water)_____
General .
All other expenses. .

[V ol. 125,

RAILW AY AND INDUSTRIAL COMPENDIUM

6
1918

1919

1920.

1921.

1922

1923

1924

1926.

1925.

$649,794,953
1.103,031.350
48,713,289

$772,186,045 $1,032,540,381
1,226,532,195
1,590,364,640
47.673,883
74,530,997

$756,413,690 _ $728,663,534
1,251,479.443
1,252,517,250
84,183,424
86,506,907

$813,688,760
1.465,156.595
93.976,686

792,678,023
1,260,019,916
98,873,241

816,443,205
1,259,835,276
106,052,896

866,824,326
1,283,086,338
114,690,513

2.029,459,671
118,432,684
32,636,250

2,168,646.844
141.853,744
42,822,804

2,262.471,84S
166,515,125
41,604,772

2,149,763,823
156,705,481
40,365,339

2,321,283,138
162,057,024
39,004,616

2,151,979,169
167,819,209
36,515,479

2,138,310,041
175,528,516
40,710,357

2,181,517,078
184,389,906
38,828,575

2,904,086,435
173,088,251
52,980,442

Total oper. exps $3,982,068,197 $4,399,715,515 $5,827,591,146 $4,562,668,302 $4,414,522,334 $4,895,166,819 $4,507,885,037 $4,536,880,291 $4,669,336,736
81.58
85.52
79.41
77.83
76.13
73.15
Oper. ratio, per pent
94.32
82.71
74.10
$898,885,283
$745,079,639
$350,847,313
1,713,602,810
$953,929,940 $1,144,570,374 $1,394,413,208 $1,413,611,288
1,585,629,565
Net oper. revenue. .
331,915,459
223.175,379
232,601.396
272,061,453
301,034,923
358,516,046
388,922,856
Ry. tax accruals__
275,875.990
340,336,686
1,851,594
1,924,382
916,889
1,311,617
1,840,863
1,462,523
1,941,658
2,306,113
IJncollectible ry rev
613,821
R y. oper. income
Hire of equip., net
balance (Dr.)___
Joint facility rents,
net balance (Dr.)

$675,096,083

$511,561,354

15.676.577

33.488,823

20.850,903

23,087,578

Net ry. oper. inc.
Rate of return on;
Inv in rd. & eq.
do incl. mat'l
& supplies
do incl. mat’l
& supplies
A cash

$638,568,603

$77,474,243

$676,213,087

$842,072,928 $1,060,556,091

$1,070,968,489 $1,225,189,137 $1,322,828,360
82,888,693

52,564,547

59,543.325

73.884,508

72,907,855

79,394,078

60,347,341

22,711,184

22,342,284

24,716,126

24,223,432

24,718,718

26,849,701

$454,984,953

$17,226,902

$600,937,356

$760,187,319

$961,955,457

$973,837,202

$1,121,076,341

$1,213,089,966

3.51%

2.46%

0.09%

3.07%

3.83%

4.66%

4.54%

4.97%

5.23%

3.39%

2.37%

0.09%

2.97%

3.72%

4.51%

4.42%

4.86%

5.11%

3.33%

2 33%

0.09%

2.91%

3.64%

4.42%

4 32%

4.75%

4.99%

a "Material and supplies” and “ Cash” as shown lor years 1918 and 1919 represent the average on hand as ol Dec. 31 1917 and Dec 31 1920.
b Total operating revenues and mail revenue for the year 1920 includes $64,508,260 of mail pay applicable to the years 1917, 1918 and 1919, of which $7,584,084 was
earned in 1917, approximately $30,000,000 in 1918, and $26,924,176 in 1919
Note.—The figures of “ Investment in road and equipment” cover Class I roads and their non-operating subsidiaries. The figures of “ Investment” are those taken
from the annual reports of the carriers and do not include investment of some proprietary companies which do not render annual reports, notably the proprietary roads in
the Baltimore & Ohio system. For the years 1916 to 1921 they also Include some duplications In the Atchison Topeka & Santa Fe system. Data for the years 1918,
1919. and 1920 represent the combined results of the Federal and corporate operations of Class 1 roads under Federal control, also data for Class 1 roads not under
Federal control, but do not take into account the general administrative expenses of the United States Railroad Administration.
FIXE D CHARGES AND DIVIDENDS OF CLASS I RAILWAYS IN THE UNITED STATES.

Calendar Years—
Net ry. oper. in c..
Other Income (incl
misc. oper. Inc.).

1918.

1919.

1920.

$638,568,603

$454,984,953

$17,226,902

415,564,568

622,486,235

1,053,807,031

1921.

1922.

1923.

1924.

1925.

1926.

$600,937,356

$760,187,319

$961,955,457

$973,837,202

$1,121,076,341

$1,213,089,966

375,000,544

265,032,855

260,655,476

269,187,830

268,142,018

298,126,335

Total income___ $1,054,133,171 $1,077,471,188 $1,071,033,933
Rent for leased rds.
126,977,239
123,276,608
127,209,762
Int. on funded debt
396,465,997
404,089,456
427,825,418
Int. on unfund debt
29,933,496
42,722,596
48,169,931
Other deductions _.
114,211,187
60,553,271
37,310,866

$975,937,900 $1,025,220,174 $1,222,610,933 $1,243,025,032 $1,389,218,359 $1,511,216,301
166,453,515
144,640,039
151,660,285
116,770,581
146,215,665
156,414,977
471,048,541
496,454,508
457,893,803
493,011,338
455,522,623
504,674,448
12,102,289
14,932,168
10,993,107
42,726,754
24,424,277
11,155,266
26,943,720
29,974,635
27,967,573
28,688,623
22,513,297
47,355,180

Total deductions.
Net inc. avail, for
add’ns to prop.,
res., divs., &c__
Divs. declared out
of income_______
Divs. declared out
of su rp lu s .____

$667,587,919

$630,641,931

$640,515,977

$662,375,138

$655,646,742

$667,615,629

$684,558,676

$688,386,995

$701,954,032

$386,545,252

$446,829,257

$430,517,956

$313,562,762

$369,573,432

$554,995,304

$558,466,356

700,831,364

809,262,269

214,077,006

213,960,125

180,018,747

182,433,297

176,858,099

195,029,636

199,605,083

202,453,923

224,423,545

61,259,541

64,556,783

91,712,922

a218,298.581

94,715,652

bl51.514.812

120,824,684

cl4 1 ,666,962

dl80,800,418

$275,336,547
$271,731,669 a$400,731,878
$271,573,751 b$346,544,448
$278,516,908
$320,429,767 C$344,120,885 d$405,223,963
a Includes slock dividend declared by Delaware Lackawanna & Western R R. of $42,220,550; also stock dividend declared by Chicago Burlington & Quincy RR.
amounting to $60,000,000 issued primarily to enlarge the outstanding capital stock in order to provide adequate basis for Ref. Mtge. issued. These special dividends
were declared with the specific approval of the Inter-State Commerce Commission, b Includes stock dividend declared by Louisville & Nashville R R. of S45,000,000
and stock dividend obligation distributed by Richmond Fredericksburg V Potomac R R. of $5,417,000. both dividends declared with specific approval of the InterState Commerce Commission, c Includes stock dividend of $2,100,000 declared by Alabama & Vicksburg, with specific approval of the Inter-State Commerce Com­
mission d Includes stock dividend of $5,980,000 declared by Cincinnati New Orleans & Texas Pacific Ry. with the specific approval of the Inter-State Comm. Comm.
Note.— “ Net railway operating income” for the years 1918, 1919 and 1920 represents the combined results of the Federal and corporate operations ol Class 1 roads
under Federal control, also data for Class I roads not under Federal control, but does not take into account the general administrative expenses of the United States
Railroad Administration. Items 2 to 11 represent the corporations’ Income or charges only. Rentals received by the corporations from the U. S. Government in con
sideratlon of their lease, in excess of their net railway operating income, are Included above In other income.

Total divs. declared

EMPLOYEES AND THEIR COMPENSATION, AND FREIGHT AND PASSENGER TRAFFIC OF CLASS I RAILW AYS IN TH E UN ITED STATES

Calendar Years—

1918.

1919.

1920.

1921.

1922.

1923.

1924.

1925.

1926.

Employees and Th n—

1,857.674
1,751,362
No. of employees—
1,626,834
1,841,575
1,913,422
2,022,832
1,659,513
1,744,311
1,779,281
No. of hours worked
(hourly and daily
employees) .a ----5,446.740,533 4,147,318,574
4,311,097,145 4,928,651,132 4,534,878,818
4,531,361,471
4,671,741,256
5,701,417,385
5,032,493,422
Avge. No. of hours
worked per empl.
2,653.1
2,589.3
3,095.9
2,650.0
2,630.1
2,692.6
2,499.1
2,597.8
2,625.6
Aggregate compen­
sation of empl_
_ $2,613,813,351 $2,843,128,432 $3,681,801,193 $2,765,218,079 $2,640,817,005 $3,004,071,882 $2,825,775,181 $2,860,599,920 $2,946,118,103
Avge. compensation:
Per empl. per hr.
hourly and dally
$0,623
$0,610
$0,631
$0,667
$0,631
employees) - a ..
$0,676
$0,610
$0,458
$0,565
$1,613.47
$1,639.96
$1,655.79
Per empl. per year
$1,419.34
$1,820.12
$1,666.28
$1,623.29
$1,617.11
$1,485.89
Pr’t &Pass. Traffic—
Revenue tons originating on line:
116,586.794
109,317,655
111,787,032
109,313,068
111,787,387
110,839,554
114,068,706
115,033,319
116,050,505
Prod, of agricul..
27,747,010
28,254,446
26,323,842
26,243,489
35,493,662
24,263,008
26,230,230
35.776,736
26,594,856
Animals & prod .
713,734,824
637,582.265
678,336,071
757,703,138
511,270,449
532,997,597
589,950,958
712,154,458
Products of mines
734,796,460
108,094,065
107,391,084
115,617,993
104,850,837
76,419,241
97,256,399
94,075.639
100,765,537
89,059,248
Prod, of forests _
256,736.581
285,290,606
296,066,483
267,766,748
251,864,290
172,169.145
220,441,687
226,076,989
210,256,077
Mfrs. & miscell.Merchandise—All
40.549,023
40,586,944
44,338,556
39,490,989
43,229,213
53,386,904
53,202,296
41,992,011
51,301,616
L. C. L. freight
Tons unassigned
338,034
astocommodity
Total tons origi­
nating on rd. b l ,263,343,993 d l ,096,449,305
Rev. tons trans­
ported (incl.
tons fr’m conProd, of agric_Animals* prod
Prod, of mines.
Prod, of forests
Mfrs. & m isc..
Mdse.— All L.
C. L. freight
Tons unassign’d
as to com-

1,255,420.991

940.182,560

1,023,745,007

1.279,030,222

1,187,295,744

1,247,241,615

1,336,142,323

228,322,331
61,404,525
1,263.502,734
192,616,711
463,011,395

229,039,755
62,024,319
1,041,605,697
187,446,191
430,336,689

220,049,724
44,853,503
1,209,097,673
195,579,878
494,556,078

222,678,348
41,777,754
878,224,636
148,042,825
332,991,002

220,660,207
44,838,913
912,438,354
171,239,150
421,829,412

220,489,536
48,873,197
1,250,245,258
222,561,537
517,845,804

230,851,877
48,521,368
1,114,637,140
209,359,687
500,275,846

215,124,520
46,314,799
1,212,013,894
210,076,838
552,543,934

223,923,885
47,022,643
1,341,577,242
204,790,308
579,829,682

98,368,439

93.939,796

89,901.495

67,048,130

69,948,534

73,585,432

68,072,787

68,200,761

68,224,846

338,034

5,944,927

Tot. rev. tons
2,304,274,746 2,465,368,606
2,171,718,70
1,690.762,695
1,840,954,570 2,333,600,764
2.259.983.278
transp’ted. c2,307,226,135 e2,044,730,481
Non-rev. tons oar254,585,489
277,249,248
248.605,208
276,455,373
238,148,987
217,036,646
216.565.48C
211,331,921
235,028,890
rled (co. fr’t ) ___
R ev. ton-miles____ 405,379,284.206 364,293,063,017 410.306,209,802 306,840.203,512 339,285,347,571 412,727,228,422 388,415,312,335 413,814,261,072 443,746,487,348
Non-rev. ton-miles. 34,622,429,459 31,385,988,712 36.972,000,067 34,021,947.258 32,660,213,120 43,510,651,101 38,418,398,236 39,004,420,359 42,518,942,792
Tot. net ton m. 440,001,713,665 395,679,051,729 447,278,209,869 340,862,150,770 371.945,560,691 456,237,879,523 426,833,710,571 452,818,681,431 486,265,430,140
888,267,296
862,361,333
932,678,46^
986,913,075
1,177,820,454
1.234,862,048 1,035,496,321
967,409,205
Rev. pass, carried..
1,084,997,896
Rev. pass, miles__ 42,676.579,199 46,358,303,740 46,848,667,987 37,312,585,966 35,469,961,582 37,956,594,827 36.090.886,478 35,950,222,811 35,477,524,581
Rev. ton-miles per
m. ofrd . (fr‘ ght
1,749,147
1,875,265
1,649,318
1,754,901
1,444.840
1,748,451
1,308,938
1,738,305
1.558,081
Rev. pass. m. per
m. of rd. (pass.
152,319
149,927
153,618
161.777
151,410
183,066
199.708
159,551
density)______
198,345
a Days worked by those employees on a daily basis, converted to hours on basis of 10 hours per day for years 1916 to 1918. incl., and 8 hours per day for years

subsequent to 191$. b Includes 722,939 Iona oanrlod by the Southern Pacific Steamship Line* for which no ton-miles or freight revenue was reported,




c Includes

7

KAILW AY AND INDUSTKIAL COMPENDIUM

Nov., 19l’7.]

1,401,195 tons carried by the Southern Pacific Steamship Lines for which no ton-miles or freight revenue was reported, d Includes 899,306 tons carried by the
Southern Pacific Steamship Lines for which no ton-miles or freight revenue was reported, e Includes 1,500,706 tons carried by the Southern Pacific Steamship Lines
for which no ton-miles or freight revenue was reported.
Note.— Data as shown above for “ number of employees” represent the average number at four counts In each year for calendar years 1916 to 1921, inol.. and 12
count* for 1922 to 1926. Data relative to employees for years 1918 and 1919 Incudes employees of the corporate organizations for roads under Federal control.
TRAFFIC AVERAGES OF CLASS I RAILWAYS IN THE UNITED STATES.

Calendar Years.—

1919.

1918.

1921.

1920.

1922.

1923.

1924.

1925.

1926.

Freight revenue (Acct. 101 ).. $3,440,741,9 0 $3,543,266,303 $4,317,440,080 $3,911,277,268 $3,992,441,331 $4,606,720,192 $4,333,585,195 $4,541,646,040 $4,797,780,122
Passenger rev. (Acct. 102)_
_ 1,031,563,016 1,178,453,860 1,286,613,273 1,151,770,842 1,074,108,060 1,145698,579 1,075,039,219 1,056,395,303 1,041,816,167
Passenger service train-rev.
(Accts. 102 to 109)________ 1,247,637,547 1,400.613,589 1,635,616,896 1.408,490,684 1,364,592,013 1,451,895,438 1,378,297,734 1,360,427,159 1,350,764,401
Traffic Averages—
Avge. rev. rec. from each ton
$1.91
$2.31
$2.17
$1.97
$1.49
$1.73
$2.00
of freight (indiv. ry .)--------$1.97
$1.95
1.062
1.275
1.177
1.116
Av. rec. per ton-mile (cents). .
0.849
0.973
1.116
1.081
1.097
Avge. haul per revenue ton
181.55
181.48
184.30
176.86
178 29
178.85
(indiv. ry.) (miles)-----------176.81
179.99
179.59
Avge. rev. rec. from each
$1.04
$1.11
$1.11
$1.16
$1.00
$1.15
$0.95
$1.21
pass, (indiv. ry .)__________
$1.19
2.414
2.745
3.086
3.027
2.540
3.018
2.978
Avge. rec. per pass.-m. (cts.).
2.936
2.938
Avge. journey per passenger
37.94
39.86
36.03
38.46
39.33
36.66
41.13
38.70
40.47
(indiv. ry.) (miles)________

Per Locomotive-Mile Avges.:

6.05

6.28

6.20

6.26

6.34

6.42

6.58

6.76

32.95
560.76

32.61
575.58

34.20
515.42

34.19
543.07

35.32
569.01

37.18
576.87

38.89
599.79

40.05
621.30

$2.32
$5.38

Pass.serv.tr.rev.per pass.tr.-m

Frt. rev. per frt. train-mile..
Total oper. rev. per transportatlon service train-mile.
Total oper. exp. per transportatlon service traln-mile.
Net. oper. rev. per transportat.ion service train-mile____
Rev. pass.-m. per pass, tr.-m.
R ev. ton-m. per frt. train-m_.
Employees 1,000 transportstion service train-mile____
Compensation of empl. per
transp. service train-mile..
Per Car-Mile Averages■ —
Rev. pass .-miles per pass

6.23

31.00
550.91

Pass.-tr. car-m. per loco.-m _ _
Frt.-tr. car.-m. (incl. caboose)
per freight loco.-mile___ .
Rev. ton-m. per fr. loco.-m ._
Per Train-Mile Averages—

$2.56
$6.20

$2.88
$6.86

$2.51
$7.37

$2.50
$7.18

$2.56
$7.18

$2.41
$7.21

$2.37
$7.41

$2.33
$7.58

$4.15

$4.60

$5.16

$6.06

$5.04

$5.21

$5.05

$5.15

$5.27

$3.39

$3.94

$4.87

$4.18

$4.00

$4.05

$3.85

$3.82

$3.85

$0.76
79.51
634.39

$0.66
84.89
637.14

$0.29
82.52
652.40

$0.88
66.57
578.19

$1.04
64.87
610.56

$1.16
67.04
643.37

$1.20
63.20
646.55

$1.33
62.56
674.93

$1.42
61.32
700.99

1.57

1.71

1.69

1.52

1.48

1.54

1.49

1.47

1.47

$2.22

$2.54

$3.08

$2.53

$2.40

$2.49

$2.41

$2.41

$2.43

16.28
$0.49

15.31
$0.46

14.78
$0.43

14.26
$0.42

25.16
$0.28

24.45
$0.27

24.54
$0.27

24.95
$0.27

16.41
15.92
19.94
19.76
20.50
$0.54
$0.52
$0.48
$0.4S
$0.51
Pass rev. per pass, car-m a . .
Rev. ton-miles per loaded
24.59
26.71
25.45
24.30
26.98
freight car-mile.. ------- ...
$0.29
$0.31
$0.28
$0.23
$0.25
Frt. rev. per loaded frt. car-m.
a Based on passenger car-miles of passenger, sleeping, parlor, and observation cars.
Note.— "Per train-mile” and “ per locomotive-mile” averages as applied to freight and passenger service based
portion of mixed and special miles divided on basis of car-miles in mixed and special trains

on train-miles and locomotive-miles, including pro­

TRAIN AND CAR MILEAGE OF CLASS I RAILWAYS IN THE UNITED STATES.

Calendar Years—
Train Mileage

1919.

1918.

1921.

1920.

1922.

1923.

1924.

1925.

1926.

603,074,559
13,076,857

539,332,963
10,324,109

594,360,963
13,147,181

502,645,188
7,646,508

525,389,413
9,265,581

609,959,502
10,370,032

571,677,314
7,893,948

584,243,628
7,337,962

603,513,070
7,467,046

$616,151,416
529,443,568
28.855.569
1,332,238

Freight— Ordinary _
Light.. ________

$549,657,072
539.803.363
27,733,153
700.118

$607,508,144
561,633,392
26,785,920
691,697

$510,291,696
554,804.976
25.408.580
686,505

$534,654,994
541,275,421
25,925,807
638,012

$620,329,534
560,980,411
25,766,700
637,604

679,571,262
566,012,544
25,598,510
629,243

591,581,590
569,764,884
25,759,717
625,239

610,980,116
573,626,649
26,440,325
570,345

Total transport’n
1.171,811,559
1,187,731,430
1,211,617,435
service train-m. $1,175,782,791 $1,117,893,706 $1,196,619,153 $1,091,191,757 $1,102,494,234 $1,207,714,249
25.672.043
27,369,588
37,384,812
41.494,199
36.705.124
32.489,978
33,114,358
45,039.419
37,241,627
Work serv. train-m.
Freight-Train Car ains):
Loaded___________ 15.024,899,742 14,312,795,375 15.362.641,776 12.480.345.664 13,964,736.854 16,401,635,348 15,884,652,691 16,864,189,769 17,784,626,735
7.262,029.587
7,316,311,513 6,802,902,257 8,533,173,994 8,517,732,768
9,319,015,104 10,153,318,818
7,161,805,262
6,532.524.351
E m pty___________
Total (ld.&emp.)
P.C. load, to total.
Exel. work equip.a.

22.186,705,004 20.845,319,726 22.624.671,363 19,796,657,177 20.767,639,111 24,934,809,342 24,402,385,459 26,183,204,873 27,937,945,553
63.04
67.24
65.78
67.90
65.09
67.72
68.66
64.41
63.66
621,445.254
519.755,576
544,215,619
630,109,720
591,136,252
558.961.893
603,604,989
621,619.396
622,662,213
a
41,087,826
a
45,717,605
53,565.130
38,585.468
a
45,957,725
42,143,748

Tot.frt.-tr. car m. 22.808.324.400 21,404.281.619 23.246.116.617 20.357.500.579 21.357.572,335 25,618.484.192 25,032,107,179 26,832,767,587 28,602,751,514
Pass, train car miles
(in pass., mixed &
3,306.714,296 3,469,042,189 3.637,225.473 3.519.519.625 3,465.765.684 3.634,920.429 3,696,048,994 3,795,046,896 3,885,701,476
sp'l trains)______
Total transports
serv. car-miles. 26,115,038,696 24,873,323,808 26,883.342.090 23,877,020.204 24,823,338,019 29,353,404,621 28,728,156,173 30,627,814,483 32,488,452,990
117,991,917
182,083,756
123,288,206
179,095,499
155,723,491
160,928,653
157,728,788
177,589,667
179,883,776
Work serv. car miles
a Freight-train car miles, "exclusive work equipment." not reported separately prior to 1921.
cars, &c.

This item represents special freight equipment cars, such as derrick

DISTRIBUTION OF RAILW AY OPERATING REVENUES OF CLASS I RAILWAYS IN THE UNITED STATES.

Calendar Years.—

1919.

1918.

1921

1920

1922.

1923.

1924.

1925.

1926.

Total operating revenues------- $4,880,953,480 $5,144,795,154 $6,178,438,459 $5,516,598,242 $5,559,092,708 $6,289,580,027 $5.92 496,325 $6,122,509,856 $6,382,939,546
Labor (salaries and wages).a. 2,430,846.416 2.644,109,442 3,424,075,109 2,589,716,833 2,468,454,036 2,785,238,264 2.624 - 18 637 2,645,842,686 2,717,652,538
518,283,929
474,174,792
674,836,361
523,724,145
529,219,236
437
694
407,263,044
500,225,205
407,431,929
Fuel (locomotive)----------------821,687,786 1,001,647,973 1,366,538,753 1,133,900,365 1,150,488,825 1,265,968,381 1.132 £91 376 1,158,047,349 1,211,557,681
Material, supplies & miscell .b.
Loss and damage, injuries to
154,408,092
219,405,759
161,199.852
108,949,813
110,688,906
111,612,940
persons, and insurance___
107,775,220
103,726,167
103,048,929
144,046,781
155,967.970
169.808,254
126,292,105
205,069,656
208,064,223
119,233,705
223,925,427
231,497,253
Depreciation and retirements.
275.875.990
272,061,453
301.034,923
331,915,459
223,175.379
232,601,396
340.3~6.686
358,516,046
388,922,856
Taxes_____ _________________
Hire of equipment and Joint
60,247.341
75,275.731
98,600.634
81,885,609
56,576,401
97,131,287
109,738,394
36,527,480
104,112,796
facility net rentals________

41

Total expenses and taxes— $4,242,384,877 $4,689,810,201 $6,161,211,557 $4,915,660,886 $4,798,905,389 $5,327,624,570 $4,947,659,123 $5,001,433,515 $5,169,849,580
$17,226,902 $600,937,356 $760,187,319 $961,955,457 $973,837,202 $1,121,076,341 $1,213,089,966
Net railway operating income. $638,568,603 $454,984,953

Distribution Expressed in
Cents per Dollar of Gross
RevenueTotal operating revenues-----

Labor (salaries and wages).a.
Fuel (locomotive) _ -----------Material, supplies & miscell.b.
Loss and damage, injuries to
persons, and insurance------Depreciation and retirements.
Taxes____________________ Hire of equipment and joint
facility net rentals-----------Total expenses and taxes_
_
Net railway operating Income.

100.0
49.8
10.3
16.8

100.0
51.4
9.2
19.5

100.0
55.4
10.9
22.1

100.0
46.9
9.5
20.6

100.0
44.4
9.3
20.7

100.0
44.3
8.4
20.1

100.0
44.3
7.4
19.1

100.0
43.2
6.6
18.9

100.0
42.6
6.4
19.0

2.3
2.4
4.6

3.0
2.5
4.5

3.6
2.3
4.4

2.9
2.8
5.0

2.0
3.0
5.4

1.8
3.2
5.3

1.8
3.5
5.8

1.7
3.7
5.9

1.6
3.6
6.1

0.7

1.1

1.0

1.4

1.5

1.6

1.7

1.7

1.7

86.9
13.1

91.2
8.8

99.7
0.3

89.1
10.9

86.3
13.7

84.7
15.3

83.6
16.4

81.7
18.3

81.0
19.0

a Labor expenditures do not include that portion of payroll chargeable to capital account. Amount of employees’ compensation chargeable to operating expenses
tor 1916 to 1920 inclusive, partially estimated by Bureau of Railway Economics from data submitted before Inter-State Commerce Commission— Docket 13293— Respondents
Exhibit Nos. 47, 58 and 59; and for years subsequent to 1920 compiled and published by the Inter-State Commerce Commission,
b Includes uncollectible railway revenues.
Note.__Data for years 1918, 1919 and 1920 represent the combined results of the Federal and corporate operations of Class I roads under Federal control, also data
for Class I roads not under Federal control, but do not take Into account the general administrative expenses of the United States Railroad Administration.




8

RAILWAY AND INDUSTRIAL COMPENDIUM

[V ol. 125.

ABBREVIATIONS USED IN THIS COMPENDIUM

EXPLANATORY.— This Compendium is expressly intended Tor use in connection with the investment news and official reports published from
week to week in the ‘Chronicle.” Frequent reference is made, therefore, to the volume and page of the “ Chronicle” (as V. 124, p. 000), where fuller
information may be found. Following each statement also is given a reference to the latest news item in the “ Chronicle” respecting the company. As
every such item has appended a reference to the last preceding item, the reader can run back at pleasure.
Dividends.—The dividends (“ divs.") In the text are In general those actually paid during the calendar years named, irrespective of when earned
Net Earnings are given after deducting operating expenses and frequently taxes, but not interest or other fixed charges.
Securities.— These are described In table at head of page (except the stock, for lack of space, sometimes only in text below) as follows:
Miles of Road.— Opposite bonds, this means the miles of road covered by the mortgage.
Size or Par Value.— Shows (in dollars unless otherwise marked), the denominations or par value. “ 100. A c .," signifying $100 and larger.
Rate Per Cent.— The interest and dividend rate per annum is here shown: g, gold; cur, currency
When Payable.— J & J stands for January and July; F A A, February and August; M A S , March and September; A & O, April and October; M A N
May and November; J A D, June and December; Q-J, quarterly from January; Q-F, quarterly from February; Q-M, quarterly from March.
Bonds. Principal When Due. A c .—This column shows for bonds the date when they mature; for Btocks the amount and date of the last dividend paid
or declared.
Other Abbreviations: M for mortgage” ; Gen M for “ general mortgage” ; Con M or consol M for “ consolidated mortgage” ; inc M for “ Income mortgage” ;
g for gold; c or cur for •currency” ; guar p A i for “ guaranteed principal and interest” ; cum for “ cumulative” ; non-cum for" non-cumulative” ; conv.
for "convertible into stock at holder’s option” ; pref for “ preferred” ; pref a A d for “ preferred as to assets and dividends” ; s f for “ sinking fund” .
Igr for “ land grant"; r “ fully registered (no coupons)” ; c “ coupon” ; c* coupon, but may be registered as to principal” : r* "registered” and “ coupon '
Interchangeable; br “ branch” ; end “ endorsed” ; red “ redeemable” ; dr'n or drawn; by lot call, “ subject to call” ; p m “ per mile” : ass’d, “ assumed.”
Taxes.— The posi; ion as regards deductions for taxes (deductible at source) is indicated In the table as follows: " x " The bonds so marked contain the
broad tax-exemption clause that the company will pay the interest thereon without deduction for any tax. The Revenue Act of 1926, like the Revenue
Acts of 1924, 1921 and 1918, provides, however, that only one normal 2% income tax shall be deducted at the source and that all further Federal
income taxes shall be met by the recipient of the income, xx “ Company was paying at last advices so much of the normal income tax as
company is required to deduct as withholding agent” (V. 104, p. 699). xxx “ Free from U. S. income tax up to 2 % , deductible at source.” xxxx “ Free
from U. S. income tax up to 4 % , deductible at source.” v “ Free from taxes except Federal Income tax.” w “ Free from all taxes except Federal
and State income tax.” z “ N oprovision as to exemption from taxes.” zz “ Payable with deduction of normal Federal income tax.”
k “ Free from
Pennsylvania State tax.” kk “ Free from New York State tax.” v “ Free from U. S. taxes, deductible at source.” w “ Payable without deduction
for taxes, except succession, inheritance and income taxes.” f tv Payable without deduction for Federal, State, A c., taxes deductible at source otbe
than Federal 2% income tax. wvv Same with the exception also of Inheritance taxes, twvtv Payable without deduction of U. S. (or Governmental
taxes other than successive inheritance and income taxes.
Mortgage Trustees and Stock Transfer Agents (TR Treasurer's Office) are Indicated thus;
MBa — Maryland Trust Co
PC — Peoples Tr A Sav Bank
NEW Y O R K C IT Y —
NEWAR K, N. J.
ST. LOUIS—
Ba — Bankers Trust Co
MeBa— Mercantile Tr A Dep SC — Standard Trust A Sav FN — Fidelity Union Tr Co AmSt— American Trust Co
C h — Chase National Bank SBa — Safe Dep A Trust Co
Bank
MeSt — Mercantile Trust Co
MSt — Mississippi Valley Tr
i_e — Central Union Tr Co
UC — Union Trust Co
NEW ORLEANS—
C ol — Am Exch Irving Tr Co
BOSTON—
H N o— Hibernia Bk A Tr Co SSt — St Louis Union Trust
CINCINNATI—
AB — American Trust Co
Em — Empire Trust Co
UCI— Fifth-Third Un Tr Co WNo— Whitney Central Tr A
BB — Boston Safe Dep A Tr
PHILADELPHIA—
Eq — Equitable Trust Co
Savings Bank
FP— Fidelity-Phila Trust Co
CB —Common wealth-Atlan­
F
— Farmers’ Loan A Tr
CLEVELAND—
Bn — Bank of N Am A Tr Co
G — Guaranty Trust Co
tic Nat Bank
Cl Cl— Cleveland Trust Co
PITTSBURGH
UP — Girard Trust Co
Mp — Chatham A PhenixNat FB —
Federal Nat Bank
GCI — Guardian Sav Bk A Tr Cl Pi — Colonial Trust Co
Guaranty Tr A
Bank A Trust Co
NB — New England Tr Co
CwPi— Commonwealth TrCo Q uP— Integrity Trust S Dep
MP —
Co
Na — National City Bank
OB — Old Colony Trust Co
DETROIT—
DPi — Dollar Sav A Tr Co
PhP— Fidelity-Phila TrustCo
N — New York Trust Co
SB — State Street Trust Co DD — Detroit Trust Co
FPi — Fidelity Title A Trust PIP — Provident Trust Co
SD — Security Trust Co
T — Title Guar A Trust Co UB — United States Tr Co
PPi — Pittsburgh Trust Co PeP — Penn Co for Insur on
UD — Union Trust Co
Us — United States Trust
RPi — Real Estate Trust Co
Lives A Gr Annuities
Usm— U S Mtge A Trust Co
CH ICAGO—
UPi — Union Trust Co
RP — Real Estate T A I Co
1
INDIANAPOLIS—
Ch — Chase National Bank C eC — Central Trust Co of 1 1
WP — West End Trust Co
ChC— Chicago City Bk A Tr Ul — Union Trust Co
Na — National City Bank
PORTLAND. ME.—
SAN FRANCISCO—
N be — National Bank o f Com­ CC IContinental A ComFoC Jmercial Tr A Sav Bank
AS — Anglo California TrCo
LOS ANGELES, CAL.— FPo — Fidelity Trust Co
merce
MS — American Trust Co
FC — First Trust A Sav Bk S L o — Security Tr A Sav Bk
BALTIMORE—
US — We!is Fargo Bank A
—Union Bank A Tr Co
HC — Harris Tr A Sav Bank Ub ■
BBa — Baltim ore Trust Co
PROVIDENCE—
Union Trust Co
I Pr — Industrial Trust Co
LOUISVILLE—
CoBa — Continental Trust Co 1C — Illinois Merch Trust
FL — Fidelity A Colum Tr
RPr — Rhode Ts! Hosp Tr Co
W ILM INGTON. DEL.—
R\C —
do
do
EBa — E quitable Trust Co
WW — Wilmington Trust Co
NC — Northern Trust Co
LL — Louisville Trust Co
UPr — Union Trust Co
FBa — Fidelity Trust Co

Transportation Act of 1920.
(.Continued from Page 5.)

termination has not yet been made. The hearings ter­
minated Dec. 4 1923. Oral arguments on the proposed
consolidations were concluded Jan. 12 1924. (See also
V. 120, p. 540.)
On March 2 1926 the I.-S. C. Commission handed down its
decision denying, by a 7 to 1 vote, the application of the Van
Sweringen interests for authority to unify under control of
the New York Chicago & St. Louis Ry. (the proposed new
company) the present New York Chicago & St. Louis R R .,
the Erie R R ., the Pere Marquette R y., the Chesapeake &
Ohio Ry. and the Hocking Valley R y. The rejection by the
Commission was based chiefly on the proposed financial
structure which denied voting control to the preferred stock­
holders and placed control in the hands of a “ powerful few .”
[The full text of the Commission’s findings was given in V.
122, p. 1249, 1255.] On Feb. 11 1927 the Van Sweringen in­
terests made known their new plans when the C. & O. Ry.
filed an application with the I.-S. C. Commission for author­
ity to acquire control of the Erie and Pere Marquette rail­
roads through stock ownership (V. 124, p. 1061). Simul­
taneously in a separate petition to the Commission, approval
was sought for a proposed issue of additional common shares
of C. & O. stock of a par value of $59,502,400, for the en­
hancement of-the capital structure, through substitution of
stocks for bonds, and for the purpose of reimbursing the com­
pany’s treasury for capital expenditures for additions and
betterments. The minority stockholders of the Chesapeake
& Ohio R y., who successfully combated the first plan, are
also opposed to the revised terms. Briefs of both sides
have been filed and the decision of the Commission is awaited.
Early in 1925 the Chicago Rock Island & Pacific R y. pur
chased the stock holdings of Edwin Gould in the St. Louis
Southwestern R y. This acquisition, supplementing holdings
purchased in the open market, together with the shares owned
by interests friendly to the Rock Island, gave the latter con­
trol of the St. Louis Southwestern R y. On M ay 4 1925 the
Rock Island applied to the I.-S. C. Commission for authority
to acquire control of the St. Louis Southwestern R y. C. V.
Burnside, Assistant Director, Bureau of Finance, of the Com­
mission, in a report in August 1925 (V. 121, p. 800), recom­
mended that the application be denied. The objections of
M r. Burnside were based on the fact that the Commission’s
tentative plan for the consolidation of the railroads of the
country into 19 systems provided for the merger of the St.



j Louis Southwestern with the St. Louis-San Francisco system,
j The Rock Island under the Commission’s plan would be a
part of the Southern Pacific Co. In October 1925, before
the Commission acted on the report of M r. Burnside, the
Rock Island announced that it had sold its holdings in the
St. Louis Southwestern to the Kansas City Southern R y.
This announcement was further supplemented by a state­
ment of Chairman L. F. Loree of the Kansas City Southern,
which said that “ this step was contemplated when the com­
pany a few months before acquired an interest in the MissouriKansas-Texas R R .” The Commission on M ay 19 1927 made
public its decision, dated M ay 3 1927, denying the application
of the Kansas City Southern R y. to acquire control of the
Missouri-Kansas-Texas R R . and of the latter to acquire con­
trol of the St. Louis-Southwestern Ry. The Commission’s
denial (V. 124, p. 2980-2987) was based chiefly on the ground
that it would not be in the public interest. From a purely
transportation standpoint, the Commission found no objec­
tion to the proposed combination. The Commission’s objec­
tions were based first on the method of financing, it finding
the Kansas City Southern “ too small a base on which to build
a financial pyramid.” The Commission, secondly, objected
to the plan because it did not afford adequate protection to
minority stockholders.
The I.-S. C. Commission on Oct. 11 1926 denied theproposed acquisition by Norfolk & Western Ry. of control of the
railroad of the Virginian Ry. by lease. In denying the appli­
cation the Commission said: “ Upon the facts presented we
are unable to find that the acquisition by the N. & W. of
control of the Virginian R y., under the terms of the lease
described in the application, will be in the public interest.
An order will be entered denying the application.” (For
report of the Commission see V. 123, p. 2258.)
The I.-S. C. Commission in Nov. 1926 received recom­
mendations in the form of a proposed report by Examiner
O. D. Weed, suggesting a finding by the Commission that
the proposed lease of the Buffalo Rochester & Pittsburgh Ry.
for 999 years to the Delaware & Hudson Co. is not in the
public interest. The report was the subject of argument
before the Commission at Washington, D. C., on Dec. 21
1926. (See report of the Examiner in V. 123, p. 2650.)
Although the option to lease the B. R. & P. Ry. has ex­
pired, the Delaware & Hudson C o.’s application is still be­
fore the Commission and on May 19 1927 the latter company
filed its brief with the Commission supporting this applica(Continued on page 255)

Subscribers will con fer a favor by giving im mediate n otice of any error discovered in these tables.
RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8]

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

A dirondack Ry— See Delaware & Hudson Oo.
$1,000
$732.000
Akron & Barb Belt— 1st M g s fd call 105. Usmx.c*&r 22 86 1902
4g
100 1.500 000
6g
Akr Can & Y o u n g — 1st M $1,500.000 g call 105 CICI 18 99 1910
Gen & ref mtge g Ser A $4,000,000 red (text)--xxxc* 18.99 1925. 500 &c
750,000
6g
1926 500-1,000
do Ser B red (text)________________________ xxxc*
800,000 5)4 g
l .000 2,500 000
Northern Ohio Rv 1st mtge (guar p & 1)______ -Ce 152.35 1895
5g
1926
l,000j
187,000
Equip trust cert red 102_______________________ c*
4)4
50 7,830,000 See ud<t
Alabama Great S outhern— Ordinary stock - - - 50 3,380.350 See text
Preferred stock 6% and participating $4,000,000
1,000
1878
1.749,000 5 (6) g
First. M gold ext in 1908 (V 85, p 1645, 1460)--F z .c
£100
290 1888
£711.500
General mortgage £1.160,000----------------------Cez.c
5g
1913 $. £ & fr $4,312,000
First consol M $25 000,000 gold--------------- G.zc*&r*
5g
1,000
Govt equip trust due $11,000 annually__________ G
1920
88.000
6g
tr.finip treat Series G due $190,000 annually_______
1923
1,000 2,090.000
5g
Alabama Midland— See Atlantic Coast Line1 R R .
'
A.«t„.. a Tennessee & N orthern RR Corp—
100 2,406,78)
Comm > stock $2 500,000 v t c
n
--------100 1 509,780
Pref stock cum since Jan 1 1924 $1,700,000________
100 &c 1,820.000
186 1918
6 g
Prior lien M Si.500.000 g call 102)4 . - .M p.xxxc*
1,977,429
Gen (2d) M $2,116,000 g call 105 C o _____________
186 1918
100 4.200 000 See text
Alabama & V icksburg— Stock $4 200 000------- -----143
1924
1,000 2,500.000
First Mtge gold bonds Series “ A ” red (t e x t)--c * ___
5g
Albany & N orthern— See Georgia Southw & Gulf.
Albany & Susq— Stock, divs guar by D & H (end)---1st M $10,000,000 g gu p & 1conv (text) Usmx.c*&r

J &
J &
A &
A &
A &
.1 &
J &
F fc
J &
J &
,1 &
J &
A &

Last Dlvtdena Places Where Interest and
and Maturity
Dividends Are Payable

D June 1 1942
J July 1 1930
O Apr 1 1945
O Apr 1 1945
O Oct 1 1945
D To 1941
D Dec 30 ’27, 6)4
A Feb 13 ’28. 6)4
J Dec i 1927
D Dec 1 1927
D Dec 1 1943
JiTo Jan 15 1935
O To April 1938

D S Mtge & Tr Co, N Y
Cleveland Trust Oo
Cleveland and N ew York
Cleveland and N ew York
Oen ral Un T r Co, N Y
Guardian S.&Ti ,Co.,Cle
)Udob 8 nailed
do
Farm L & Tr, N Y. & B
Morgan .Grenf & Co .Lon
Guaranty Trust Co, N Y
Guaranty Trust Co, N Y
P Morg an S Oo, N Y
c

J & J July 1 1948
Ohat&PhNB&TrOo. NY
Oct 1 1948
Seml-ann Oct 1 1927 3% Illinois Central R R . Oo
M & N M ay 1 1974
Illinois Central R R . Co
Can-Corn I’r&SB, N Orl

100 3.500.000 See text J
142 1906 1,000 &c 10.000.000
3)4 8 A

AKRON & BARBERTON BELT R R .— Belt line at Barberton, O., and
Falrlawn to Akron. O.: total, 22.86 m
Stock, $100,000. owned equally
by the Pennsylvania Ohio & Detroit, Baltimore & Ohio, Erie R R . andy
Northern Ohio Ry. Bonds auth., $1,500,000; issued. $1,240,000. $503,000
redeemed by sinking fund; $260,000 for future needs. The l.-S. O. Com­
mission has placed a tentative valuation of $1,228,360 on the total owned
and $1,225.000 on the total used property o f the company as o f June 30 1916.
REPO RT.— For 1926:
yjinvi
lru..
Calendar Years—
Gross.
Net.
Income. Rentals.Ac. Balance.
1926_________________ $438,223 $91,679 def.$55,813 $35,866
None
1925_________________ 402,948 86,251
def.51,266
34,985
None
Pres., E. T. Whiter; V .-P ., Daniel Willard; Sec., S. H. Church; Treas.,
T . H. B. McKnight, Pittsburgh, Pa.— (V. 120, p. 2007.)
AKRON CANTON & YOUNGSTOWN R Y . (TH E ).— Miles o f track
owned. Main line, 18.99 miles; yard track and sidings, 22.74 miles. Stock,
all issued, $1,500,000. V. 92, p. 1434; V. 95. p. 678. Initial div. of $4 per
share was paid on Oct. 1 1925; same amount paid quar. to & incl. Oct. 1
1927. In Jan. 1920 obtained control o f Northern Ohio R R . under a
999-year lease from Lake Erie & Western R R . See that company below.
The gen. & ref. mtge. 6% gold bonds, series A, are callable, all or part, at 105
and interest to and including April 1 1935; thereafter at par plus a premium
o f M % for each year o f unexpired maturity. The series B bonds are callable
all or part, at 105 and interest to and including April 1 1935. thereafter at
par plus a premium of H % for each year of unexpired maturity. Of the
remaining bonds authorized under this mortgage, $1,500,000 are re­
served for refunding the first mortgage 6s of 1930 and the balance may be
issued up to 90% o f the cost o f additions or betterments to fixed property,
or 65% o f cost o f additional rolling stock. V. 120, p. 1875: V. 122, p. 605.
The I.-S. C. Commission has placed a tentative valuation of $1,626,245 on
the total owned and $1,626,935 on the total used properties of the company
as o f June 30 1S18.
R EPO RT.— For 1926:
Calendar Years—■
Gross.
Net.
Int.,Rents,Ac.
Balance.
1926___________________$3,313,877
$859,612
$658,956
$200,656
1925___________________ 3,194,729
1,070,659
651,097
420,462
Pres., H. B. Stewart, Akron, O.; Sec., P. J. Pahler, Akron, O.— (V. 123,
p. 79.)
ALABAMA FLORIDA & GULF R R .— Operates from Cowarts, Ga.,
on Atlantic Coast Line R R ., south to Greenwood, 32 miles. The I.-S. C.
Commission has placed a final valuation of $195,810 on the total owned
and used properties of the company as of June 30 1918. Capital stock,
$50,000. par $100 First mtge. 7% s. f. gold bonds due April 1 1941,
$150,000. V. 113, p. 530. Receivers, R. D. Crawford and W .W . Beall;
Aud., H. H. Hill. Dothan, Ala.— (V. 122, p. 3334.)
Al ABAMA GREAT SOUTHERN RR. CO. (TH E).— Owns Chatta­
nooga, Tenn., to Meridian, Miss., 292 miles (about 30% double tracked):
leases Belt Rv CUiattanoosra. 1.69 m.; trackage. 21 m.: total operated
3l5 miles. The I.-S. C. Commission has placed a tentative valuation o f
$21,150,000 on the owned and used properties o f the company as o f June 30
1918.
ORGAN IZATION .— Controlled by Southern R y., but operated inde­
pendently. V. 81, p. 1722; V. 82, p. 159. Owns $975,100 stock of S. W.
Construction C o., received for $833,300 Cin. New Orl. & Tex Pac. stock
LATE DIVS.— ’ 16 ’ 17. ’ 18. T9. ’20. ’21. '22. ’23 24 ’25. ’26. '27.
Common stock____ 7 7
3
11
7 6)4 7
7 7)4 7
13 13
Preferred stock - 7 7
6)4 7 1 * 7 6 1 4 7
7714
7
12 11
Paid in 1927: On pref., Feb. 14 3)4% and 1% extra, and Aug. 15, 3)4
and 3% extra. On common, June 28, 3)4% and 3% extra; Dec. 30,
3)4 % and 3% extra.
BONDS.— The 1st consols ($25,000,000) are issuable in lettered series.
$8,150,000 reserved 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. 98, p. 72, 1534. The 1st mtge. 5s and the gen. mtge. 5s
will be retired at maturity (Dec. 1 1927) by the issuance of 1st consol,
mtge. bonds. V. 125, p. 2803.
Equipment trusts issued to Director-General for rolling stock allocated
to thi® company
8ee article on page 3
R E PO RT.— For 1925, in V. 122, p. 2639, showed:
Operating Net [after
Total
Int., Pref.
Common Balance.
Cal.yrs. Revenue. Taxes).
Income. Rents,Ac. Div.
Div.
Surplus.
1926.-10,599,163 2,728,463 3,405,218 632,757 439,446 1,017,900 1,315,116
1925.-10,433,271 2,999,281 3,640,581 642,233 236,625 548,100 2,213,623
1924.-10,093,450 2,487,078 2,818,680 655,424 253,526 587,250 1,322,480
1923.-10.853,219 2,469,543 2,793,010 762,573 236,625 548,100 1,245,712
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres., Fairfax Harrison; Sec., C. E. A. McCarthy; Treas.,
Charles Patton; Comp., E. H. Kemper. Principal office, Birmingham,
Ala. Transfer office, 120 Broadway, N. Y .— (V. 125, p. 2803.)
ALABAMA TENNESSEE & NORTHERN RR. CORP.— Owns and
operates 186 miles main track, extending from Calvert, Ala., at junction
with Southern Ry System, north to Reform. Ala., on Mobile A Ohio
R R . Extension being constructed from Calvert to Mobile, about 28 miles.
Also terminal tracks and valuable harbor frontage in Mobile, Ala., formerly




When
Payable

& J See text
& O Apr 1 1946

Del & Hudson Oo, N Y
do
do

owned by Mobile Terminal & R y. The I.-S. C. Commission has placed a
l tentative valuation o f $2,204,700 on the owned and used property o f the
company, as o f June 30 1918. V. 124, p. 1814.
O R G A N IZA TIO N .— In-orp In Al.iOu.rna Oct. 12 1918 as successor of the
A. T . & N. Railway, foreclosed and reorganized per plan In V. 106, p 2558;
V. 107, p 290, 400 1286 1579: V 108 p 1720
STOCK.— Stock voting trust has been dissolved.
BONDS.— The prior lieD 30-yr. 6% gold bonds are callable at 102)4
and int. on 30 days’ notice. $950 issued in 1918, and $1,000,000 issued
in 1927 and sold by F. J. Lisman & C o., at 98)4 & int. V. 125, p. 510.
Or on.- remainder o f the 43.500,000 issue jtOO OOo is reserved tor use
under restrictions in extending the line if found desirable, northerly 50 miles
to connection with the St Louis-San Francisco Ry., and southerly to M o­
bile, 30 miles, with necessary improvements, and the final $1,150,000 will
be restricted to future impts. and extens and the refunding of equip obliga­
tions new or old
The gen. lien (2d mtge.) 6% gold bonds wereonan Income basis up to
Dec. 31 1923 (no interest having been paid), but from Jan. 1 1924 were
entitled to 6% per annum.
The holders of the bonds in June 1923 re­
ceived a communication asking them to consent to the reduction of the
interest rate from 6% to 2% annually. The company made a payment
at the rate of $20 for each $1,000 bond to all holders of General Mortgage
bonds who became parties to the agreement and deposited their bonds with
the Irving Bank-Columbia Trust C o., New York. The pla n was declared
operative in Oct. 1923. Compare V. 116, p. 2880; V. 117,p. 1662.
Government Inau V 11 3,p .i613 .
RE PO RT.— For 1926:
Xfitsrcst
Cal. Yrs.
Gross.
Net.
Other Inc. Rentals, Ac.
Balance.
$857,466
$56,793
$54,383
$100,933
$10,241
1926...........
O F F IC E R S — John T C ochrane, Pres., M obile; Louis V Bright, V - P .,
New Y ork; K A Oarsoens, Sec., and K R Guthrie T reas.. M obile.

DIRECTORS.— Louis V. Bright and I. H Lehman, New York; John T.
Cochrane and John T. Cochrane Jr., Mobile; H. A. Smith, Hartford;
F. J. Lisman and George C. Van Tuyl Jr., New York.— (V. 125, p. 2383.)
ALABAMA AND VICKSBURG R Y, CO, (TH E),— Owns Vicksburg to
Meridian, Miss., and branch, 141 miles.
The I.-S. C. Commission has placed a tentative valuation of $7,691,997
on the total owned and $7,691,734 on the total used properties of the
company as of June 30 1918.
The I.-S. C. Commission on May 3 1926 authorized the lease of the road
until July 1st 2282 and for such further term as the lease may be extended,
to the Yazoo & Mississippi Valley R R ., under the guarantee o f the Illinois
Central. V. 122, p. 2942.
DIVS.— f ’98-’99. ’00. ’ 01-03. ’04-T4. T5. T6-T8. T 9-’24. ’25. ’26. ’27.
Cash---- % { 5 yrly. 6
6 yrly. 7 yrly.
5 7 yrly. 7yrly.
8
6 6
Stock. . . % [ _____50
_____100 in T O . .
_____ _____ 100
_____
Paid in 1927: April 1, 3% ; Oct. 1, 3 % .
Tne stockholders voted Dec. 10 1924 to increase the capital stock from
$2,100,000 to $4,200,000, the increase being distributed to stockholders of
record Jan. 2 1925 as a 100% stock dividend.
BONDS.— The first mtge. Series “ A " gold bonds are redeemable as an
entirety on any interest date upon 90 days’ notice at 107)4 and int. on or
prior to May 1 1929, at 105 and int. after May 1 1929 and on or prior to
M ay 1 1964, and at )4 of 1% less than 105 and int. for each succeeding
year.
Of the $2,500,000 Series “ A ” bonds, $1,936,900 were used to retire a like
amount of 6% Gold notes which were issued to take up maturing bonds in
1921, and the proceeds from the remaining $563,100 of bonds were used to
reimburse the treasury for expenditures made prior to M ay 1 1924 for addi­
tions and betterments.— V 122. p 2942
OFFICERS.— Larz A. Jones, Pres.; W . Brewer, Sec. & Treas. Office,
New Orleans, L a.— (V. 122, p. 2942 )
ALBANY & SUSQUEHANNA RR.— [See M ap Delaware A Hudson.).
ROAD.— Owns Albany to Binghamton, N. Y .. 142 miles.
LEASED for term of charter, viz., 150 years from April 19 1851, to Bel. &
Hudson Co.; rental was 9% per annum on stock (4)4% J- & J.) (V. 56, p.
774), but the courts having held that the stock was entitled to the benefit
of refunding effected in 1906, $120,750 additional rental was paid in Jan.
yearly, beginning 1910, making 3.45% available for corporate purposes.
Jan. 1914 to Jan. 1918, 20 cents was deducted yearly for co .’s Federal
Income tax. A special dividend of 30% ($1,050,000) was paid Nov. 16
1909 from the proceeds of the judgment for back rentals due by reason ol
refunding. A special dividend of 3.25% was paid Jan. 10 1916 and again
Jan. 6 1917 and Jan. 4 1918, but no special payment was declared In Dec.
1918, owing to Federal taxation
In Jan. 1920 paid 1 t* % extra and in
Jan. 1921, 1922, 1923, 1924, 1925, 1926 and 1927 paid 2% extra.
BONDS.— The bonds are guar. p. sc i. aud until Apr. i 1916 were con­
vertible into D. & H. stock— $500 stock for $1,000 bonds; $3,556,000 were
so converted ($3,500,000 pledged by D. & El.; V. 105. p. 389). V. 80. p.
1174, 1362, 2343. Guaranty. V. 82, p. 989.
OFFICERS.— Arthur W. Butler, Pres.; George Welwood Murray, V.-P.;
C. F. Coaney, Sec. & Treas.; Arthur A. Ga nmell. Asst. Sec. & Asst. Treas.
Office, 24 Broad St., New Y o r k — (V. 123, p. 3315.)

10

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

Amount
Outstanding

Rate
%

$600,000
100
£100 10,080,000
1910
$£
1914
318.800
1912 £100 &c 4,992.713
1911 $, £, &C
2,226,500
$100 3.200,000
1,000 2.000,000
1898

3
text
text
text
5g
6
4g

M S N M ay 15 1927 IK
c
J S D June 11960
c
Sept 1 1964
M S N Aug 1962
c
M S F Mar 1 1961
c
J S J July 1 1927 3%
c
A S O Oct 1 1998
c

T r o y .N Y
See text
do
do
Bk of M ont, Lon & N Y
A Iselin S Co, New York
c
do
ao

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

J S J July 1 1929
c
M S N Nov 21938
c
Q— J July 1 1995
M S, N M a y l 1941
r
M S S Mar 15 1930
c
J & ,T Jan 15 1935
c J To Jan ’34
J S
A & O 20 To Oct 20 1927
M & S Mar 1 1930
M & S Sept 15 1930

Office, 437 Chestnut, Ph
Union Tr Co, San Fran
Ohat&PhNB&TrCo, NY
Empire Trust Co. N Y
Seaboard N at’l Bk, N Y
Guaranty Tr. Co, N Y
New York Trust Co N Y
American Loco Co, N Y
Am Exchange-Irv Tr Co
See text

M S. N M a y l 1950
r
M & S Mar 1 1964
J S J July 1 1928
c
Q— M Dec 1 1927 2K
F & A Aug 1 1927 2K
J & J Jan 1 1937
A & O Oct 1 1995
Nov. July 1 1995
M & N July 1 1995
M & S Mar 1 1928
J < J July 1 1958
&
J S. J Jan 1 1965
t
c
J S D June 1 1955
X As signed to Amer

So Pac Co 165 Bway N Y

Miles Date
Road Bonds

12
Albany & Verm ont— Stock 3% guar by rental_____
Algoma C & H Bay— 1st M g g u r e d lh'5 text Usm.xc* 352.42
2d M Incomes g $3,240,000___________________ Usm
Alg Cen Terminals 1st M g gu rd 105____Usm.xc* 22.60
Algoma East Ry— Man & No Sh 1st M g gu rd Usm.c* 95.76
A llegheny & W estern— Stock $3,500,000 guar--------75
First M $2,500,000 gold guar p & 1 (end)_ G.xc*
_
75
Allegheny Valley— See Pennsylvania RR
Allentow n Term inal— 1st M g ext cal 102K -C e.xc*
3
Amador Central— 1st M gold (2% s f began 1913). xx
12
294
Ann Arbor— First mtge $7,000,000 gold------Mp.xc*
Impt and ext M $10,000,000 gold------------------------x
Secured gold notes red (text)_______________kxxxc*
Equip gold notes series o f 1921____________________
Equip trust ctfs Series A red 105 due semi-an.-xxxc*
Amer Loco Co notes due $12,656 quar___________
x U S Gov’t Federal Settlement note_______________
_
_
A palachicola N orthern RR — 1st mtge $2,000,000 g- 98.68
Arizona Eastern—
First Refunding M s f_____________________ F.c*&r
187
Ark & Mem Ry, B&T— 1st M $7,500,000 g Q.yc*&r*
A tchison & East Bdge— 1st M g s f red at par.Ce.x
A tch Top & Santa Fe Ry— Stock, com $350,000,000Stock pref $131,486,000 5% non-cum------------------Chicago Santa Fe & California 1st M g — BB.zc*&r
439
General mortgage gold (see text)------------ Ce.xc*&r 8.581
Adjust inc M cum since July 1 1900 g--C e.xc*& r 8,581
do do Interest stamped payable M & N ____ x 8,549
Eastern Okia Div 1st M $10,000,000 g-G.xc*&r
476
Transcon SL 1st M $30,000,000 g red 110.G.xc*&r* 1,113
Rocky Mtn Div 1st M $20,000,000 g red.G.yc*&r*
100
Bonds convertible till June 1918red (text'l_G.xr*Ar*
• ”
t
" t . ” Alsointreas. Dec 31 ’ 26V>f “ r” $628. 000: of

Par
Value

1,000
1889
100
1908
1,000
1895
1911
1925 500&1000
lOOfec
1920
1924
1.000
1923
1921
1,000
1905
1910 1,000 &c
1914
1898
1,000
100
100
1887 1,000 &c
500 &c
1895
500 Sec
1895
500 &c
1895
1903 1,000 &c
1908 1,000 See
1915 1,000 &c
1905 1 .000 Sec
$296,000:

ALBANY & VERMONT R R .— Owns road from Albany to Waterford
Jet., N . Y ., 12 m. Leased to Rensselaer & Saratoga in 1860 and now oper­
ated by Del. & Hudson Co. Annual rental, $20,000.— (V. 106, p. 923.)
ALGOMA CENTRAL & HUDSON BAY R Y .— Owns from Sanlt Ste.
Marie, Ont., to Hearst on Transcontinental, 292.78 m .; Branch,
M ichipecoten Harbor to Hawk Jet., 24.38 m .; spurs and sidings, 35.26 m .;
total 352.42 miles. Cash subsidy, $6,400 per mile. Land grant, 2,137,144 acres, o f which about 1,752,240 acres still owned by Railway company.
V . 103, p. 2076; V. 99, p. 1671; V. 101, p. 772. Lake Superior Corp.
guarantees, see that company under “ Industrials.”
Owns stock and lease* for y99 years Algoma Central Terminals, Ltd.,
with bonds secured on terminal properties and on $900,000 1st M . 531
bonds and $99,300 stock of Algoma Eastern Terminals Ltd. V . 95, p
1540: V. 96. p. 651, 1020, 1491; V. 99. p. 268. 536: V. 100, p . 702: V. 104.
p. 1700; V. 105. p. 71.
PLAN.— In 1916 a reorganization plan was put into effect (V 102. p 885,
1058. 2076; V 103. p. 843; V. 104. p. 1700. 2341; V 105. p. 908).
Under this plan a committee including C. B. B. 8mitb-Bin«haro and
J. C . Dalton, for the Railway bonds, and Sir Alexander Roger and Andrew
Williamson for the Terminals bonds, vote the common stock of both cos.
The Interest on the Railway 1st M . from June 1 1914, and Interest and
sinking fund on tbe Terminals bonds to be paid only if and to the extent
that the joint net earnings available for the purpose permit (except as lndi
cated below), but the interest to be cumulative up to 5% . with right to
6% per annum, if earned, in tho 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. (b) Both issues pari passn
as though one issue. 2 % . (c) Railway bonds. 3% . (d) Any a_rears up t o
5% on either issue, (e) Terminals sinking fund, if) Railway bonds. 1%
and Terminals bonds. K o f 1% . While the guaranty of the Lake Superior
Corporation remains, the committee alone can enforce it. V. 195. p 1998.
Holders o f the 535 bonds o f Algoma Central Terminals received in April
1917. 3% for the year to Aug. 1915: April 30 1918 interest at 3% per ana
for period from Aug. 1 1915 to June 30 1917: N ov 1 1918 5% for year 191 1918: Nov 1 1919. 4% for year to June 1919: May 1 1922. 1 K % for sb
months from Aug. 1 1921; N ov. 1 1922, 1 K % : May 1923, 1 K % : Nov. 1
1923, 1 K % : M ay 1 1924, 1 K % : N ov. 1 1924, 1 K % ; May 1 1925, 1 K % ;
N ov . 1 1925, I K % ; M ay 1 1926, 1 K % : N ov. 1 1926, l K % ;M a y 1 1927,
1K %• Railway 5s N ov. 1 1918 received 2 % ; N ov. 1 1919 received 1% .
V . 107, p. 1669; Y . 109, p . 1792.
Stock, common. $5,000,000. all owned by Lake Superior Corp.: pref., 5%
on-cum., $5,000,000. (including $3,000,000 new pref., represented by
v. t. c.) The pref. shares have a par value o f $40 each. V. 105, p. 71First mtge. bonds, see V. 91 p. 93, 1159, 1327. 1573
R E PO RT.— The operations o f the railway company and Algoma Centra *
Terminals for the fiscal year ended June 30 1927 resulted in a net profit
before bond interest, o f $220,651, as against a net profit before bond in­
terest, o f $35,355 for the fiscal year ended June 30 1926. V. 123, p. 3176.
Pres., R . Home Smith; Sec., Alex. Taylor, Toronto: Treas.. J. M . Alton;
Comp., E . B . Barber, Sault Ste. Marie. Ont.— (V. 123, p. 3176.)
ALGOMA EASTERN R Y . CO. (TH E ).— Owns from Sudbury, Ont.. to
Turner, $3.89 m.; spurs and sidings 11.87 m.; total 95.76 miles, through
nickel and copper districts. Land grant 682,692 acres, o f which 138,666
acres still owned by R y. C o. Balance was sold in 1922 in Ontario, and
the last installment on purchase price was paid in Sept. 1926. In addition
there were cash subsidies from Province and Dominion o f Canada.
V. 92, p. 265; V. 95, p. 748. Sale o f land, V. 117, p. 1014. Leases for
999 years Algoma Eastern Terminals, L td ., rental covering interest and
sinking fund on $900,000 1st mtge. 5% bonds. See Algoma Central
Terminals, L td ., mortgage under Algoma Central & Hudson Bay R y. above.
Common stock, $2,000,000, all issued, and pref. 5% non-cum., $1,000,000, all Issued. All pref. and $1,000,000 common owned by Lake Superior
Corporation. Bonds (Man. & No. Shore R y.) auth.. $3,000,000, issuable
at $30,000 per mile (Issued, $2,226,500), guar., prin. & int., by Lake Supe­
rior Corp
They are subject to call as a whole at par or may be drawn at
105. V . 92, p. 105, 396, 462, 527, 1032; V. 93. p. 227, 406; \ . 94, p. 1382;
V. 116, p. 1048.
R E PO RT.— For year ended June 30 1927 showed: Net earnings.
$205,091; interest and rentals, $168,586; reserved for income tax, $2,795;
net income, $33,710. Pres., G. A . Montgomery, S. S. Marie, Ont.; Sec.,
Alex. Taylor, Toronto; Treas., J. M . Alton, S. S. Marie.— (V. 123, p. 978.)
ALLEGHENY & WESTERN R Y .— (See M ap Buff. Roch. & Pitts.)—
Punxsutawney to Butler, Pa.. 60 m. and br. 15 m. An extension of Buff.
Roch. Sc Pittsb., to which leased in perpetuity for guar, of bonds, taxes and
6 % on stock. Uses B . & O from Butler to New Castle and Pittsburgh under a
trackage arrangement, making in all 156 m. V. 70, p. 849.— (Y. 124, p. 367.)
ALLENTOWN R R .— Topton to Kutztown, Pa., 4.39 m. Stock. $1,268.884 (par $50), incl. $1,091,300 owned by Reading Co. No bonds.
ALLENTOWN TERMINAL R R .— Owns 3.27 miles of railroad in Allen
town, Pa., connecting the East Penn. (Phila. S Reading) with the Cent, of
c
N. J. Leased for 999 years to Phila. & Read, and Cent, o f N. J. (by assign­
ment from Lehigh Coal & Navigation Co.) at int. on bonds and 5% on
$450,000 stock (par $50) taxes and corporate expenses.
Bonds were extended from July 1 1919 to July 1 1929, the interest rate
being raised from 4 % to 6 %; the mortgage security remains unimpaired but
the guaranty o f P. & R. Ry. and Lehigh Coal & Nav. Co. was canceled.
Callable at 102K and int. (V. 50, p . 422; V . 108, p. 2628.)— V. 119,
p . 1842.
ALTON & EASTERN R R .— This road on April 1 1925 took over the
operation o f about 41 miles of track formerly operated by the Chicago Peoria
& St. Louis R R ., which it had bought at auction for $1,350,000.
The newly acquired tracks run from Grafton, 111., to East St. Louis and
are known as the “ Bluff Line.”
The property, including tracks, roundhouses and other buildings, was
bought by James Duncan o f Alton, Pres, o f the Litchfield & Madison R R .,
who represented a syndicate formed to buy the properties. See also
V. 121, p. 2151.
AMADOR CENTRAL R R .— lone to Martell, Cal., 12 m. Stock, $400 000, par $100. M tge., see V. 88. p. 156. Year ending Dec. 31 1926, gross,
$55,543; net oper. inc., def., $4,Sl8; other inc., $787; def. after int.,
rentals, &c., $23,702. Divs. 1911-12, 6 2-3% , $25,000 from accumulated
surplus, 1918 and 1919, 1% each yr. Pres., Meta J. Erickson, San Fran­
cisco.— (V. 88, p. 156.)
AMERICAN NIAGARA R R .— (V 117. . 1883.)




[V ol. 125.

RAILW AY STOCKS AND BONDS

450,000
300,000
7.000,000
See text
903,000
421,600
546.000
12,656.25
213,000
2.000,000

15,676,000
5
3,426.000
5g
4g
179.000
232,409.500 See text
124,172,800
5
560,000
5g
r!51934500
4g
t4,400,000
4g
846,946,000
4g
9,603.000
4g
22,545.000
4g
3.000.000
4g
4g
6.785.000
of * ”
‘t
*s« non

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Central Un Tr Co, N Y
Checks mailed from N Y
do
do
5 Nassau Street. N Y
do
do
do
do
do
do
do
do
do
do
do
do
Ho
do
Exch-Trving Trust Co.

ANN ARBOR RR. CO. (TH E ).— Owns from Toledo. O.. to Frankfort,
on Lake Michigan, 294 miles; operates car ferries between Frankfort, M ich .,
Kewaunee and Manitowoc. Wis.. and Menominee and Manistique, M ich ,
Owns capita] stock of Manistique & Lake Superior. Manistique. Mich,
to Doty, M ich., 38 miles (with branch, 10 miles). V. 92, p. 1108; V. 107, p.
1344, 2156; V. 106, p. 2194, 2410.
The I.-S. O. Commission on N ov. 2 1925 approved the acquisition by
the Wabash R v. Co. o f control o f the company b y purchase of its capital
stock. (95.8221% acquired as of Dec. 31 1926.) V. 121, p. 2398; V. 122.
p. 605.
The final valuation as of June 30 1915 has been fixed at $11,127,277 by
l;he I.-S. O. Commission.
STOCK.— Common, $3,250,000; pref., $4,000,000; 5% non-cum., par
$ 100 .

BONDS.— On Sept. 30 1927 $3,670,000 impt. & extension mtge. 6% gold
bonds had been issued, of which $695,000 were in treasury and the balance
pledged as collateral for notes.
The 6% secured gold notes of 1925 are red. all or part on 30 days’ notice
at 102 K and int. during first year and at K o f 1% less during each suc­
ceeding year to maturity. Secured by pledge of $2,000,000 o f impt. S
c
ext. mtge. 6% gold bonds due M ay 1 1941. V. 120, p. 1322.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V . 114, p. 1764; V . 120, p . 1086.
Equip, trusts Series A , V . 118, p. 430, 1266.
Government loan, V. i l l , p. 1369; V. 112, p. 256, 371.
REPO RT.— For 1926 in V. 124, p. 2275, showed:
1923.
1924.
Calendar Years—
1925.
1926.
Total oper. revenues____ $5,882,293 $5,867,692 $5,532,186 $5,602,575
1,059,575
1,241,307
1,428,909
Net oper. revenue_____ . 1,437,035
253,683
289,997
267,617
Taxes, & c ____________
289,749
$805,892
$951,309
Operating Income____ $1,147,286 $1,161,291
117,533
115,088
109,244
Other income__________
114,334
$923,425
Gross in c o m e _______ $1,261,620 $1,270,535 $1,066,397
444,394
300,612
263,642
213,657
Hire of equipment, & c ..
358.436
380,229
491,894
Interest on funded debt.
442,985
28,448
33,609
Int. on unfunded d e b t..
67,317
95,495
12,137
15,089
Miscellaneous__________
36,534
37,988
$843,416
$729,540
$810,856
Total deductions_____
$838,656
$80,008
$336,857
$459,6.79
Net Income____________
$422,964
For latest earnings, see “ Railway Earnings Section” (issued m onthly).
BALANCE SHEET as o f Dec. 3 1926 in V. 124, p. 2275.
OFFICERS.— Chairman, William H . Williams, Pres., J. E. Taussig
V .-P ., Sec. & Treas., J. C. Otteson; Gen. M gr., G. H. Sido; V .-P ., J. W .
Newell; Auditor, J. F. Cress. Office, 120 Broadway, New York.— (V.
124, p. 3347).
ANTHONY & NORTHERN R R .— Reorganized in 1919 as the Wichita
Northwestern R R ., which see.
APALACHICOLA NORTHERN R R .— River Junction to Port St. Joe,
95.62 miles: Franklin Junction to Apalachicola, 3.06 miles; total mam line
owned, 98.68 miles. Main line leased from Atlantic Coast Line, 0.44 miles
and side tracks owned, 9.02 miles. V. 87, p .935 . Capital stock, $1,000,000.
The I.-S. G. Commission has placed a tentative valuation o f $1,515,800
on the owned and used properties of the company, as of June 30 1917.
Bonds, $2,000,000 (111. State Tr. C o., E. St. Louis, trustee), all held by
committee, A. T . Perkins, St. Louis, Chairman; D . N . Kirby, T . S. M offit,
and W . G. Fordyce, which collects interest only as earned. March 1913 and
subsequent coupons were not paid at maturity; in Dec. 1917, $37,000,
and in Dec. 1918, $17,400, was paid on past-due coupons; then none until
Dec. 1921, when $14,800 was paid; Feb. 1923, paid $94,700; March 1924
paid $86,525; Feb. 1925 paid $35,570; April 1926 paid $3,875.
R E PO RT.— For 1926:
Other
Interest,
Balance
Calendar
Income. Rentals, Ac.
Deficit.
Years.
Gross.
Net.
$12,543
$119,541 def.$101,238
$251,362
$5,760
1926______
10,051
120,230 def.96,124
1925______
254,621
35,654
OFFICERS.— A. T . Perkins, Chairman and Pres., St. Louis; B. W .
Eells, V .-P . & Gen. M gr., Port St. Joe, Fla.; R . J. Lockw ood, V .-P .,
St. Louis; R. R . Tompkins, Sec. & Treas., St. Louis; H. A . Drake,
Auditor, Asst. Sec. S Asst. Treas., Port St. Joe, Fla.— (V . 122, p. 2942.)
c
AR IZO N A EASTERN R R . C O .— Owns property leased N ov. 1 1924
to Southern Pacific G o., effective N ov. 8 1924.
Main lines from W elton to Phoenix 136.72 m .; Temple to Normal
Jctn. 3.33 m ., McQueen to Picacho 55.85 m. Total main lines 195.91 m.
Total mileage including branch lines 437.261 m.
Stock auth., $40,000,000, o f which $9,000,000 outstanding, all owned
by Southern Pacific C o., which in N ov. 1924 was authorized to lease
the road.— (V. 122, p. 477.)
ARKANSAS & LOUISIANA MISSOURI R Y .— Incorporated in Loulsi
ana in Aug. 1920 as successor to Arkansas & Louisiana Midland R R . Com
pare V. I l l , p. 790, 895, 1369; V . 112, p. 1143; V. 113, p. 69, 291; V. 121
p. 1223.
ARKANSAS & MEMPHIS R A ILW A Y. BRIDGE & TERMINAL CO
— Owns double-track bridge (with wagon-way) across the Mississippi R ive'
at Memphis, Tenn.; opened for traffic July 15 1916 V. 103, p 321
Tentative valuation o f $4,793,000 on the owned and used property of
the company as of June 30 1918.
^ ^
Stock outstanding $2,520,000 owned one-third each by the St. Louis
Southwestern R y., Chicago Rock Island & Pacific R y. and Missouri
P acific.R R .. which use the road under a 50-year operating agreement.
Theseroads jointly and severally guarantee the 1st M . bonds, prin. and int.,
by endorsement. Of the $7,500,000 1st M . bonds, $2,250,000 are in the
company’s treasury subject to the indenture of Dec. 21 1917, $3,426,000 are
outstanding; $324,000 have been retired through sinking fund and $1,500,000
are unissued. All or any part of outstanding bonds redeemable at 105 and
int. on any int. date prior to March 1 1929; at 104 and int. on March 1 1929*
or any int. date thereafter prior to March 1 1939; and at 103 and int. on
March 1 1939, or any int. date thereafter. Annual sinking fund of 1% of
principal amount of 1st mtge. bonds outstanding is to be applied to purchase
of bonds at not exceeding 100 and int., or if not obtainable at that price, to
redemption of bonds at redemption prices as above. V. 119, p. 1508.
Pres., W . S. Martin; Sec. & Treas., Carl Nyquist.— (V. 125, p. 510.)

Nov., 1927.]

11

RAILW AY STOCKS AND BONDS
Miles Date
Road Bonds

RAILROAD COMPANIES
[For abbreviations, A c., see notes on page 8j

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest an
and Maturity
Dividends Are Payable

A tchison T opeka & Santa Fe Ry (Con.)—
1909 $1,000Scc $1,190,000
J * D Junel 1955
Bonds convertible till June 1918 red (text)Q,xc*&r*
4g
1910 1,000 See
S
Bonds convertible till June 1923 red (text) Q ,xc*Scr*
526.000
4 g .1 <c D Junel 1960
Hutchins & So 1st M g red 105 since 1908--O B .zc*
141 1898
1,000
192,000
5 g J & J Jan 1 1928
A & () Oct 1 1940
375 1896
1,000
8an Ft & San Jo Val 1st M g call 110________Ba.zc
5,757,000
5g
193 1892
1,000 4.940,000
M & S S ep tl 1942
Santa Fe Pres S Phoenix 1st M g __________ Ba.zc*
c
5g
26 1898
A. S () Apr 1 1928
1,000
c
Prescott S Eastern 1st M guar------------------ Ce.zc*
c
224,000
5g
Cal-Ar L IstSc ref M $50,000,000 g red 110-Q.xc*&r*
734 1912
$ & £
18.522,832
&
4H g M < N Mar 1 1962
_ 1907
1.000
Athens Term inal Co— 1st M gold redeem 105--N.XC*
c
200.000
5 g J S J July 1 1937
None
A tlanta Birin & Coast RR— Common stock-----------J
J
100 5,180,300
Pref stock 5 % cum guar by A tl Coast Line red (text)
5
263 __
100 1,700,000
M & S M ay 1927 444%
A tlanta & C harlotte Air Line— Stock (see text)----9
263 1914 1,000 Sec 20.000.000 44i & 5 J < J July 1 1944
fc
1st M $20,000,000 ($5,500,000 ser A 4M)Ce.yc*Scr*
Atlanta Knoxville & N orthern Ry— See Louisville & Nashv die
82 1908
1,000
A Sc o Oct 1 1938
425,000
Atl & St And Bay— 1st M $500,000 g red par------- c*
6g
82 1914
J & J June 1 1940
Second mtge ($500,000 authorized)---------------425,000
6
4.10 1919
1,000
F S A Aug 1 1939
c
1,200.000
A tlanta Term !— 1st M $2,500,000 ser A g.G.xxxc*Scr
6g
100 2,463,600 See text J Sc l> Dec 311927 4%
93 __
A tlanta & West P oint— Stock $2,464,400 auth
1,000 2,200,000
81 1889
A tlantic City— IstM g gu call 105---------- QuP.xxxc*
544 g M & N May 1 1929
_ 1900
1,000
&
Atlantic Cjty purchase money real estate m tge.G P.x
75.000
444 A < () Apr 1 1930
100
Sea Coast prior lien mortgage gold------------------------ x
68 1898
350,000
A Sc <) Apr 1 1948
5g
1901
1,000
1st cons mtge $4,500,000 gold guar__________ GP.x All
1.851,000
4 g J & .1 July 1 1951
_ 1924
Purchase Money (Camden Terminal) mtge.PeP. xc*
1,000 3,200,000
5 g J & D June 1 1954
_ __
50
A tlantic Coast Line Co (C on n)— Stock (see text)
_ 1897 100 Sec 11,760.000 See 5 text J G— M D Sept 10 ’27 20%
Certif of indebt inc non-cum $5,000,000 -SBa.zr
5.000.000
cur
Irredeemable
_ __
100 81,342,700 See text J Sc J Jan 10 ’28 5%
A tlantic Coast Line RR— Stock common (text)----_ __
100
Class “ A ” com stock tax exempt (Rich & Pet c tfs )..
c
1.000,000 See text J S J July 11 ’27 5%
_ __
100
196.700
5
Preferred stock 5% (V 75, p 1252)-----------------------10 ’27
_ 1902 1,000 &c 35.000.000 4 g M & N Nov 1 1952 244
Coll tr M gold secured by L Sc N stk red 105.xc*Scr*
M S N Oct
c
General unified mortgage, Series A _____ l)s.c*Scr* 4,513 1914 1.000 &e t31,579,000
c
444 J S D June 1 1964
do
do
series B __________ Us.c*&r* 4,513 1914
.1 < 1) June 1 1964
fe
100.000
4
_ 1909 1.000 See
Conv debs $23,562,500 red 105____________ SBa.xr
M & N Nov 1 1939
4
_ 1902 100 Sec 4,444.830 4
Certificates o f indebtedness (new)_______________z
135.100
M & N Irredeemable
_ 1920
Equip trust No 4, due $395,300 annually__________
J & J To Jan 15 1935
3,162,400
6
_ 1920
do
No 4-A, due $30,000 annually___________
J S J To Jan 15 1935
c
240 000
6
_ 1921
1,000 2,700,000
c
do
Series D, due $300,000 annually___ SBa
644 g F S A To Feb 1 1936
1926
1,000 4,728,000
do Series E, due $339,000 annually_________ SBa
c
444 g F S A To Feb 1 1941
t A further $74,605,244 4 K s in treasury

ATCHISON Sc EASTERN BRIDGE-— Owns railroad and wagon bridge
at Atchison, Kan., connecting with the union station. Used by the Atch
Top. & Santa Fe, the Chic. R. I. & P.. the M o. Pac. and the Chic. Burl. &
Quincy. Stock, $700,000: par, $100 per share. Pres., W. F.Guthrie;
Treas.. H. P. Eells. Jr.: Sec.. W .P . Kelly. Cleveland. O.— (V. 67, D. 578 )
ATCHISON TOPEKA & SANTA FE RY. CO. (THE).— On Jan. 1 1927
comprised 12,211 miles of railroad (12,013 m. owned. Including an un­
broken line from Chicago, III., via Kansas City, M o., and Albuquerque,
N. M ., to the Pacific Ocean; also to Galveston, 7 ex., and the Gulf of
Mexico. For operating purposes the 12,011 miles r 'e divided as follows
Atchison Topeka & S. F ______ 9,317 |Panhandle St
nta Fe_______
949
Gulf Colorado & Santa F e ____1.9451
Also controls jointly with Southern Pacific Co. 1 Northwestern Paclfl
R R .— which see. 515 miles; Sunset Ry.. 50
fs. V. 109. p 1987
The shareholders voted Oct. 25 1917 to acquire several subsidiaries.
T. 105. p. 908; V. 106, p. 2343. See V. 106, p. 2130.
In April 1915 the St. Louis Rocky M t. S Pacific R y., extending from Des
c
Moines. N. M ., west to Raton, with branches. 106 miles, was purchased for
$3,000,000 Rocky M tn. D iv. 1st M . 50-yr. 4s. See V. 97. p . 363. 442
V . 95. p. 543, 1771; V. 97. p . 666: V 100. p. 1169. 1591.
The Oklahoma Central R R ., Lehigh, Okla., to Chickasha, 133 miles, was
leased for 5 years from Aug. 1 1914, the lease being renewed for a further
period commencing Aug. 1 1924 and ending July 31 1934, and thereafter
from year to year, subject to termination by either party on 90 days’ notice.
V. 119, p. 1951. An option to purchase the $1,500,000 stock and $1,500,000
Income bonds for $800,000 was exercised in 1917, about 86% o f the $1,200,000 1st mtge. 5% bonds due Aug. 1 1934 being also acquired. Y . 106, p.
2130. V. 98, p. 1944; V. 99, p. 406; V. 101, p. 845.
The Buffalo (Okla.) Northwestern R R ., 52.59 miles o f road, extending
from a point o f connection with its main line at Waynoka, Okla., to Buffalo,
was leased May 26 1920. The stockholders in May 1921 also approved
the leases o f the Osage County & Santa Fe and the Barton County &
Santa Fe. In Oct. 1921 received authority to lease the California Southern
R R . V. 113, p. 1771. In April 1923 was authorized to lease the Rio
Grande, El Paso & Santa Fe R R . V. 116, p. 1759.
The I.-S. C. Commission on June 30 1926 authorized the company to
acquire control of the New Mexico Central R y. by purchase of capital
stock and by lease. V. 123, p. 451.
Valuation.— The I.-S. C. Commission in Aug. 1927 placed a final valua­
tion o f $579,057,598 on the total owned, and used properties o f the system
as o f June 30 1916.
This report, the Commission says, embraces the Atchison Topeka &
Santa Fe R y., California Arizona & Santa Fe R y., Dodge City S Cimarron
c
Valley R y., Garden City Gulf & Northern R R ., Laton Sc Western R R .,
Minkler Southern R y., Oil Fields & Santa Fe R y., Rocky Mountain S
c
Santa Fe R y., Verde Valley R y., Western Arizona Ry. and Oklahoma Cen­
tral R R ., Gulf Colorado Sc Santa Fe R y., Cane Belt R y., Concho San Saba
& Llano Valley R y., Gulf & Northern R y., Gulf Beaumont S Kansas City
c
R y., Gulf & Interstate R y. o f Texas, Jasper S Eastern R y., Texas & Gulf
c
R y., and Port Bolivar Iron Ore R y.; The Panhandle & Santa Fe and Pecos
River railroads, Pecos & Northern Texas R y. and Grand Canyon Ry.
V. 121, p. 1345; V. 125, p. 907.
Valuation to be contested by the railway company.
ORGANIZATION.— Organized Dec. 12 1895 under laws o f Kansas, as
successor of Atch. Top. Sc S. Fe R R . C o., foreclosed. V. 60, p. 658.
3TOCK.—The preferred stock has preference as to assets and non-oumuiative dividends not exceeding 5% per ann.
The company in 1924 was given permission to Increase the authorized
capital stock by $100,000,000 to a total o f $481,486,000.
DIVIDEN DS ’00.
’01. ’02-05. ’06. ’07. ’08. ’09. T 0-’24.,25. ’26. ’27.
Common ( % ) ___ 0
3>4 4 yrly. 4 }i 6 55H 6 yrly. 7
7 7

Preferred

( % ) ___ 4

5

5 yrly.

5

5

5

5

5 yrly.

5

5

5

Paid on common in1927; Mar. 1, 1% % and % % extra; June1, 1M %
and H, % extra; Sept. 1, 1M % and M % extra; Dec. 1, lh .% and % % extra.
BONDS.— The gen. mort. (A bstract V. 62, p. 731-739; see also V. 68,
p. 974; V. 86, p. 1098) gives a lien, either by direct mortgage or by collateral
trust, on 8,580.55 m. o f the system, with equip., terminals, See.
The unissued gen. M . 4s have been reserved as follows: To retire under­
lying bonds, $2,005,539; for lmpts., Sec., $1,852,059: acquisitions of other
lines, $6,731,018; no longer available, $2,339,384
Adjust. (Income) Mtge. A bstract, V. 62, p. 739. Int. payable only if
earned up to 4% in each year, cumulative. Present issue limited to $51,728,000, but when the $30,000,000 gen. 4s auth. for improvements as above
have been issued, $20,000,000 additional adjustment 4s may be issued for
the same purpose at not exceeding $2,000,000 in any one year, but only by
a majority vote of the adjustment bondholders. Interest— In Nov. 1897
paid 3% ; since, full 4% yearly.
Eastern Oklahoma division 4s of 1903, V. 76, p. 434; V. 79, p. 1331;
V. 84. p. 1549; V. 85. p. 598; V. 86, p. 980, 1041.
The “ Trans-Continental Short Line” first gold 4s o f 1908 are limited te
$30,000,000 auth. Issue. The $17,000,000 sold in Aug. 1908 cov ered 693
miles then In operation; the remaining $13,000,000 can be issued at $25,000
per mile V . 100. p. 2008. Compare Issue June 26 1915. V. 87, p. 479. 878
The 4s of 1905 ($49,711,000 auth. Issue) were convertible Into com. stojk
at par till June 1 1918. V. 79. p. 2695; V. 80, p. 649; V. 81, p. 1174;
V. 82, p. 391,867. The 4s of 1909 were convertible Into com. stock at par to
June 1 1918. V. 88, p. 1435,1559. The 4s of 1910 were conv. into com stock
at par to June 1 1923. V. 90, p. 913, 1043, 1612; V. 92, p. 393, 593, 1700;
V 116, p.2635.
The several Issues o f convertibles must be secured by any future mtge.
covering thel ines owned at time the convertible issue was made, and are
callable at 110.
The Californla-Arlzona Lines 1st and Ref mtge of 1912 ($50,000,000auth.
issue) of which $18,522,672 4Hs are outstanding covers 734 miles of
road, including thq line from Needles to M ojave, 242 miles, which was
acquired from the Southern Paciflo Go., on which there are outstanding
$4,127,500 Sou. Pac. bonds due Nov. 1 1937. The latter also cover over
1,000 miles of Sou. Pac. Co., which has agreed to indemnify the Cal. Ariz
& Santa Fe R y. against any claim on account thereof.




5 Nassau Street, N Y
do
dc
do
dc
do
dt
do
dc
do
dc
do
do
New York Trust Co, N Y
U S Mtge & Tr Co, N 1
Central Un Tr Co, N Y

Cits Sc So Bank, Atlanta
do
do
Guaranty Trust Co. N Y
Atlanta Ga
Reading Terminal, Phils.
do
do
do
do
do
do
do
do
Baltimore
Treas Office, Wilm, N O
do
do
do
do
J P Morgan & Co. N Y
United States Tr Co, N Y
do
do
Treas office,W llm’n. N C
Treas Office, Wilm, N O
Guaranty Trust Co, N Y
' do
do
J P Morgan A Oo. N V
J P Morgan & Co, N Y

Of the remaining Cal.-Ariz. bonds. $26,295,728 are issuable for not
exceeding the actual cash expenditures for betterments, improvements and
additions on and after Jan. 1 1912 and $5,167,000 are reserved to refund the
inaeriying bonds, $4,940,000 Santa Fe Prescott & Phoenix 5s, $224,000
.‘resoott & Eastern 5s and $3,000 on the line from Goffs to Ivanpah. Cal.,
t5 miles. V. 94. p. 649. 696. 766; V. 95. p. 543
Of the Rocky Mtn. Div. 1st 4s of 1915 ($20,000,000 auth. issue), $3,000,000, redeemable at 105- were issued to purchase the St. Louis Rocky
Mtn. & Pac. Oo., Des Moines to Raton, NT M ., Sec., 91 miles. The re­
mainder may be issued for extensions. V. 100, p. 1593; V. 102. p. 250.
R E PO R T .— For 1926, in V. 124, p. 2267, showed:
1926.
1925.
1924.
1923.
Operating Revenues—
$
$
$
$
Freight-------------------------- 196,327.515 174,868,231 168,101.036 166,332,196
Passenger---------------------- 44,024,407 44,116,182 48,154,636 52,918,570
Mail. exp. S miscell------- 18.688,393 17,958,116 19.155,280 19,432,970
c
Total revenue..........--259,040,316 236,942,529 235,410,952 258,683,736
Operating Expenses—
Mamt. o f way & struct’s 34,656,075 34,205,079 36,713,084 33,621,546
Maint. of eq u ip m en t-- 47,423,683 46,893,904 52,780.856 57,605,367
6,740.213
4,460,560
4,216,341
Traffic------------------------- 5,171,495
Transportation— rail line 76,901,305 72,800,601 72,599,043 73,590,674
Miscellaneous operations
112,314
184,790
136,350
77,472
General expenses----------- 5,491,466
5,518,571
5,212,236
5,036,334
Transp. for invest.— Or.
997,029
821,431
1,587,321
1,071,467
Total expenses----------- 168,759,308 163,541,728 170,314,808 173.076,268
Net railway oper. rev— 90,281,008 72,788,781 66,325.760 67,987,108
T ax es............................... 20,986,148 17,565,042 17,730,961 20,316,491
Uncollectible ry. rev-----48,391
71,564
66.085
112,187
Joint facility rents--------------1.485,482
1,245,435
1,196,156
R y. oper. income____ 69,246,469 55,764,194
Hire of equip.— cred. baLDr2,487,611 Drl,328.693
Joint facility rent income Dr679,977
716,673

47,299.098
551,912
677.704

45,178,78
1,760.908
618,732

Net ry. oper. income. 66,078,881
Non-Oper. Income—Inc. from lease of road-_
208,260
Miscell. rent income____
446.350
Misc .non-op .phys .prop
188,273
Dividend income_______ 2,822.822
Inc. from funded secur. - 1,180,670
Inc. from unfund. sec.
S accts
c
- ______
1,310,546
Inc. from sink. Sc other
reserve funds _ __
_
902
Miscell. income credits. _
28,974

53,666,693

47,283.279

46,362.271

201,052
Dr52,887
172,952
3,461,980
934,270

187.961
417,476
159,472
1,559,033
3,202,802

189,809
440,126
141,703
2,507,733
2,631,532

916,820

1,022,795

1,449,137

831
74,105

52
104,280

45
144,183

Gross income________ 72,265,677
* Deductions—
Rent for leased roads_
_
10,604
Miscellaneous rents____
165,635
Miscell. tax accruals____
54,545
Interest on funded debt. 11,256.182
Int. on unfunded d e b t..
56,679
Miscell. income debits.90.536
Preferred dividends____ 6,208,640
Common dividends_____ 18,011,736
Calif.-Arizona Lines bds.
sinking fund. . _ _
19,560
S. F. S S. J. V. R y. Co.
c
bonds sinking fund_
_
56,440

59,375,815

53,937,149

53,866.541

11,067
171,170
61,827
11,246,718
123,664
1,603,434
6,208,640
16,268,665

10,917
173,969
53,896
11,247,995
186,605
111,959
6,208,640
14,525.594

13,073
166,403
54.480
11,323,743
115.992
105,047
6,208,685
13,909,245

18,994

18,437

17.896

29,042

26,776

26,897

Balance, surplus_____ 36,335,110 23,632,593 21,372,359 21,925,078
For latest earnings, see “ Railway Earnings Section” (issued monthly).
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 2267:
OFFICERS.— W . B. Storey, Pres.; E. J. Engel, A. G. Weils and F. B.
Houghton, V.-Ps.; L. C. Deming, Compt.; E. L. Copeland, Sec. & Treas.;
C. K. Cooper, Asst. Treas.; J. W . MacLachlan, Asst. Sec.; C. W . Jones,
Asst. Sec. Sc Asst. Treas.; J. E. Baxte, Gen. Aud. (V. 125, p. 1966.)
DIRECTORS.— Charles Steele. Edward J. Berwlnd. Henry S. Pritchett.
Myron O. Taylor, Myer Hurley, J. G. Harbord, W . O. Potter, New York;
S. T. Bledsoe, E. J. Engel, J. E. Otis, W . B. Storey, Chicago; Andrew C.
Jobes, Merriam, Kan.; Howell Jones, Topeka; W . E. Brown, Wichita, Kan.;
Arthur T . Hadley, New Haven. Offices, 5 Nassau St., New York, and
80 East Jackson Boulevard, Chicago.— (V. 124, p. 230.)
ATHENS TERMINAL <~0.— Owns freight terminals and approaches In
Athens, Ga. Tentative valuation $197,000, as of June 30 1918. Stock,
$25,000, equally owned by Seaboard Air Line and Gainesville Midland,
which agree to pay operating expenses and interest charges in proportion
to tonnage used. Bonds ($250,000 auth. issue), see table above. Pres.,
E. R . Hodgson, Athens, Ga.; Sec. & Treas., Gordon C. Carson, Savannah,
Ga. V. 125, p. 90.
ATLANTA BIRMINGHAM & COAST R R . CO.— Incorp. under laws
of Georgia on N ov. 24 1926, and acquired the property of the Atlanta
Birmingham Sc Atlantic R y. C o., as per reorganization plan dated Feb. 23
1926 (V. 122, p. 1164). Owns Brunswick, Ga., to Birmingham, Ala.,
455 m .; Sessoms to Waycross, Ga., 26 m .; Fitzgerald to Thomasville,
Ga., 80 m.; Atlanta to Manchester, 76 m.; total, 637 m. The I.-S. C.
Commission has placed a tentative valuation of $26,548,250 on the property
of the company as of April 1921.
STOCK.— The preferred stock is redeemable as a whole only at 103 and
divs. on any div. date after Jan. 1 1935 upon 3 months’ notice; non-voting
except in case of continuing default in the payments of two semi-annual

13




RAILW AY STOCKS AND BONDS

[V ol. 125,

Nov., 1927.]

13

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

A tlantic Coast Line R R (Concluded)—
Bonds to Be Refunded by General Unified Bonds—
First cons (1st M on 1,087 miles) closed--F.xc*&r* 3,941
North East (S C) cons M gold Flor to Charleston _xc
102
Atlan C L o f S C gen 1st M (1st on 594 m) g.SB a-zc*
696
Richmond & Petersburg consol mtge gold._Ce.xc*
27
Wilm & Weldon gen M ($938,000 are 4s) g_.SB a.zc*
479
Wilmington & Newbern 1st M gold assum. _SBa.z
91
Nor & Car 1st M gold (P Pt Va to Tar, N C ).C e.zc*
110
Second mortgage gold---------------------------SBa.zc*
110
Sav Fla & W 1st M g ($2,444,000 are 5s)..M p.xc*& r
543
Charleston & Savannah gen mtge gold___ SBa.zc*
111
167
Bruns & W 1st M (Bruns to Albany) g gu._M p.zc
174
Alabama Midland 1st M g (Bainb to M ontg). . Mp .xc
Florida Southern first mtge gold___________ AB.zc*
244

Par
Value

Amount
Outstanding

Rate
%

When
Payable

4g M
1902 ll.OOO&c X50.863 ,000
1,000
6g J
1883
657 ,000
1.000 5,047 ,000
4g
1898
1,000
300 .000
4^ g
1890
1,000 4.000 ,000 4 g & 5 g
1885
1,000
F
106 ,000
4g
1897
1,000
A
1.314 ,000
1889
5g
1,000
400 .000
1896
5g
1,000 6.500 .000 5 g 6 6 g
1884
1.500 .000
1.000
1886
7g
500 &c 1,406 .000
4g
1888
1,000 2,800 ,000
5g M
1888
1,000 2,417 000
4g J
1895

&
&
&
&

&
&

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

July
Jan
July
Apr
July
Aug
Apr
Jan
Apr
Jan
Jan
Nov
Jan

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

1952
1933
1948
1940
1935
1947
1939
1946
1934
1936
1938
1928
1945

United States Tr Co, N Y
United States Tr C o,N Y
Safe Dep & Tr Co, Balt
Brown Brothers, N Y
First Nat Bk, N Y,&Balt
Safe Dep & Tr Co, Balt
Central Union Trust.N Y
Safe Dep & Tr Co, Balt
United States Tr Co,N Y
do
do
do
do
Ohat&PhNB&TrOo, NY
United States Tr Co, N Y

t Further $388,000 In treasury Dec. 31 1926 and $75. 000 p ledged

divs., in which case it is to have exclusive voting power so long as any
default continues. Dividends at the rate of 5% cumulative are guaranteed
by the Atlantic Coast Line R R ., which owns the entire 150,000 shares
(no par value) o f common stock. The guarantor also agrees to redeem the
preferred stock at 103 and accrued dividends in case of liquidation, dis­
solution or winding up of the affairs o f the company, whether voluntary or
involuntary; or in case o f merger or consolidation, or any transfer or con­
veyance, whether by operation o f law or otherwise, all of, or a substantial
part of, the Atlanta Birmingham & Coast R R .. while any of its preferred
stock shall be outstanding.
R E PO RT.— Receivers report for year ending Dec. 31, 1926, showed:
Calendar
Gross
Net, after
Other
Interest,
Balance,
Year—
Famines.
Taxes
Income.
Rents &c. Sur. nr Del.
$345,016
$72,212 $543,470 def$126,241
1926_________ $5,726,345
1925.............
5,448,188
251,207
92,438
648.596 def304.951
1924_________ 4,810,482
263,829 deb22,795
485,935 def244,901
1923_________ 4,63.8,689
def86.968
87,514
397,298 def396,752
1922_________ 4.017,228
df379,662
79.850
393.258 def693.070
For latest earnings, see "Railway Earnings Section” (issued monthly).
OFFICERS.— Pres., Benjamin L. Bugg, Atlanta; V .-Ps., Lyman Delano,
Wilmington, No. Caro.; V .-P ., J. L. Edwards, Atlanta; Sec. & Asst. Treas.,
H. L. Borden, New York; Asst. Sec., F. D . Lemmon, New York; Asst.
Sec., A. B. V. Gilbert, Atlanta; Treas., W . E. Paschall, Atlanta.— (V.
124, p. 501.)
ATLANTA & CHARLOTTE AIR LINE R Y .— Owns Charlotte, N. U..
to Armour, Ga., 255 miles.
In 1914 it was agreed to modify the operating contract made with the
Richmond & Danville R R ., under which the dividend to be paid will be
9% yearly without regard to earnings, instead o f a maximum of 7% . de­
pendent upon gross earnings, the Southern Ry. to have an option to pur*
chase the stock on any dividend date at $250 per share in cash. V. 98. D.
1458, 1765, 1918; V. 98, p. 1991; V. 99, p. 195, 536. 608; V. 106, p. 2758
(So. R y.). The final $4,000,000 1st M . 5s was sold in 1917 on account of
double-tracking, &c. V. 104, p. 1044. V. 102, p. 1058, 1162; V. 101.
p. 286, 368; V. 103, p. 577, 664.
Pres. Geo. F. Canfield, N . Y .— (V. 104, p. 1044,1898: V. 105. p. 388.)
ATLANTA & ST. ANDREWS BAY R Y.— Owns Dothan, Ala., to
Panama City, Fla., on Gulf of Mexico, 82 miles. Stock auth., $1,000,000; outstanding, $300,000; par, $100. Citizens & Southern Bank of At­
lanta. trustee o f first mtge. V. 98, p. 391, 1460; V. 88, p. 685: V. 83. p. 270.
The I.-S. C. Commission has placed a final valuation o f $1,026,150 on the
owned and used properties o f the company, as o f June 30 1917. For year
ending Dec. 31 1926, gross, $313,389; net after taxes, def. $116,515; other
income, $6,003; interest and rentals, $115,374; bal., def., $225,887. Pres.,
Minor C. Keith; Sec., H. H. Hanson, both o f New York.— (V. 125, p. 777.)
ATLANTA TERMINAL CO.— Owns union passenger station opened
May 14 1905, with approaches, used by Southern R y., Central of Georgia
R y., Atlanta & West Point R R ., Atlanta Birmingham & Atlantic Ry. and
Seaboard Air Line R y. The I.-S. C. Commission has placed a final
valuation of $2,926,315 on the property of the company as of June 30 1918.
Stock, $150,OO , owned in equal proportions by the first three companies
O
named. The stock receives 4% per annum, payable March 1 of each
year, charges and expenses being paid by the five using companies on car
basis. The $1,200,000 series A 6% bonds are guaranteed principal and
interest by the three companies owning the stock. They were issued to
retire the $1,500,000 1st mtge. 4s, due July 1 1953. Secured on entire
terminal property. V. 109, p. 577, 1271. President, R . B. Pegram.—
V. 124. p. 1215.)
ATLANTA AND WEST POINT RR. CO.— Atlanta, Ga., to West
Point, Ga., 93.19 miles. The Georgia Railroad & Banking Co. owned
$936,100 stock, but sold same in 1910-11 to the lessees at $135 per share
with option o f repurchase at same price.
In Mar. 1920 announced that the Georgia R R ., the Atlanta & West Point
and the Western Ry. o f Ala. would in future be operated in close organiza­
tion Independently. The three properties will be directed as to operation
from Atlanta, Ga.
The I.-S. C. Commission has placed a tentative valuation of $6,053,000
on the owned and used properties as o f June 30 1918.
DIV ID E N D S.—
1884-1923. ’24. ’25. ’26 ’27.
Common (% )-----------------------------------------------6% yearly 7
8
8
8
Extras: Oct. 1 1899,25%; Feb. 1 ’26 ,20% .
R EPO RT.— For 1926:
Oper.
Other
Interest,
Cal. Yrs.-—• Gross.
Income.
Income. Rent'ls, &c.
Divs.
Balance.
1926...$3,173,185 $544,182 $201,875 $423,685 $689,808 def$367,437
1 9 2 5 .3 ,1 8 4 ,1 8 1 600,000
233,478
293,894
197,088
343,158
For latest earnings see “ Railway Earnings” Section (issued monthly).
Pres., C. A. Wickersham. Office, Atlanta, Ga.— (V. 124, p. 2583.)
ATLANTIC CITY RR.— Camden to Atlantic City, 57.90 miles; branchet
Winslow Junction to Cape M ay, N . J., 55.61 miles; Williamstown, 22 68
miles; Gloucester, 10.86 miles; Ocean City, 14 22 miles:total. 161.27 miles.
V. 72, p. 1278. The I.-S. O. Commission has placed a tentative valuation
o f $7,801,500 on the owned and used property o f the company, as of
June 30 1917.
STOCK.— Common, $2,625,000; pref., $1,000,000 (par $50). Reading
Oo. owns over 99% of stock, and guarantees consol. 4s, prin. & int. Form
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 due May 1 1919 were extended at 5)^ % interest until M ay 1
1929 (subject to call at 105 on and after May 1 1924), and unconditionally
guaranteed principal and interest, by the Reading Co. V. 108. p. 1061.
R EPO RT.— For 1926:
Cal.
Other
Int.,
Bal.,
Yrs.— Gross.
Net.
Inc.
Rentals.
Def.
$494,606
$120,753
$856,789
$24J ,430
1926______$4,796,785
600,559
97,061
832,852
135,232
1925--------- 5,043,448
For latest earnings see “ Railway Earnings Section" (issued monthly).




OFFICERS.— Pres., Agnew T . Dice; V.-P. Oper., C. H. Ewing; V .-P.
Fr. Traf., E. D. Hilliary; Sec., J. V. Hare; Treas., H. E. Paisley.— Office,
Reading Terminal, Philadelphia. Pa.— (V. 124, p. 1061.)
ATLANTIC COAST LINE CO. (TH E ).— Organized M ay 29 188^
in Connecticut and owned June 30 1926 $19,930,827 common stock and
a large amount of bonds of Atlantic Coast Line R R .; also stocks and bonds
of other companies.
STOCK.—-In Oct. 1927 issued for subscription $2,940,000 additional
capital stock at par on the basis of 1 sh. for each 3 shs. owned. Reduced
in 1914 to $8,820,000. V. 98, p. 234, 609.
As to the certificates of Indebtedness, see editorial Oot. 1897, Supple­
ment. p. 3; V. 65, p 564; V. 71, p. 1310. In 1898 *5,000.000 stock was
Utributed as a 100% dividend (V. 67, p. 954), and In 1900 *10,000.000 4%
ertlfloates of indebtedness (including *2,500,000 of Atlantic Coast Line
i « . Co.t as a 100% dividend. (V. 71, p. 697; V. 73. p. 493 )
C A S H D I V I - / ’05. ’06. '07. '08. ’09. ’ 10. ’ l l . 12' to ’23. ’24. *25. ’26DENDS ( % ) ___ 1 9 10 10
8
9 10 10 12 yearly 1454 *21 22
* Incl. an extra div. o f 4% paid. Jan. 15 1925. t Inc. 2% extra paid
Nov. 30 1926.
R EPO RT.— For year ending June 30 1927, in V. 125, p. 2521, showec:
Years Ended June 30—
1927.
1926.
1925.
1924.
Total income_______________$2,593,273 $2,373,217 $2,078,990 $2,062,418
Expenses and taxes________
50,420
52,053
50,553
62,277
291,754
252,472
267,187
293,189
Interest___________________
Other income_____________
70,592
9,240
--------------Dividends_________________ 1,940,400
1,719,900 1,852,200 1,102,500
Surplus_________________
$240,107
$357,431 def$90,950
$604,452
Pres., H. Walters; Sec., R. D Croniy; Treas., J. J. Nelligan. Office.
Bridgeport, Conn.— (V. 125, p. 2521.)
ATLANTIC COAST LINE R R . CO.— (See M ap.)— Operates from R ich­
mond and Norfolk, V a.,to Fort Myers, Moore Haven, Port Tampa and River
Jet., Fla., on the south, and Montgomery, Ala., and Augusta, Ga., on the
west, reaching the ports of Norfolk, Va.; Wilmington, N. O.; Charleston,
S. O.; Savannah and Brunswick, Ga., and Jacksonville and Port Tampa. Fla.
Lines Owned and Trackage— Miles.
Lines, Owned. &c., (Con.)— Miles.
Richmond, Va., to Port Tampa,
Brunswick, Ga., to Albany____ 169
Fla_________________________ 912 Dupont Jet. to Fort Myers, Fla. 360
Haines City to Immokalee_____ 126
Norfolk, Va., to South Rocky
Mount_____________________ 115 Sylvan Lake near Sanford to
St. Petersburg, Fla_________ 145
Oontentnea to Wilmington____ 105
Wilmington, N. O., to Pee Dee
Palatka, Fla., to Brooksville_
_ 145
Junction____________________
97 Milldale, Fla., to Yuste_______ 203
Florence, S. O , to Augusta, Ga. 167 Branches, &c_________________ 1,860
45 Leased—
Sumter to Columbia__________
Yadkin Jet. (Wilmington,N.C.)
Central R R . of So. Carolina—
40
to Sanford_________________ 116 Lanes to Sumter, S. O ______
Waycross, Ga., to Folkston, Ga.
34 Other lines___________________
12
Jesup. G a., to Montgomery,Ala. 355 Tot. miles oper. Dec. 31 1926.4,996
Also owns one-sixth Interest in the Richmond-Washington Oo. Leases,
Jointly with the Louisville & Nashville R R ., the Georgia R R .. 571 miles.
In June 1924 the I.-S. C. Commission authorized the company and the
Louisville & Nashville to acquire joint control of the Carolina, Clinchfield
& Ohio Ry. and its subsidiaries by lease. V. 118, p. 3075; V. 119. p. 941.
The Tampa Southern R R . C o., an auxiliary company, in 1917 let con­
tracts for a 50-m. line from Tampa, via Orient, to Palmetto, and in April
(919 was operating from Uceta to Palmetto, 35.6 miles. In Jan. 1920 the
line between Palmetto and Bradenton Fla. was completed and placed in
service. V. 105, p. 2457. In Dec. 1926 a line from Sarasota to Eutopia
10 miles, was put in operation. The Fort Myers Southern R R . Co., a sub­
sidiary company, extended its line from Collier County to Naples, Fla.,
12 miles and put same in operation in Oct. 1926. To build 40 miles in
Florida, V. 121, p. 2398.
The I.-S. C. Commission on Nov. 4 1926 authorized the company to
acquire control of the Columbia Newberry & Laurens R R ., by purchase
o f its capital stock. The Commission in Dec. 1926 also authorized the
company to acquire control o f the Atlanta Birmingham & Coast R R . Co.
by purchase o f its entire common stock (150,000 shares o f no par value),
and to assume obligation and liability, as guarantor, in respect o f the pref.
stock o f the Atlanta Birmingham & Coast R R . See that company above.
Tentative Valuation.— The I.-S. C. Commission has placed a tentative
valuation o f $151,700,000 on the owned and used property, $1,065,705 on
the owned but not used property, $2,659,373 on the used but not owned
(leased) property of the company, as o f June 30 1917. The report also
includes the properties o f the Central R R . o f S. C. and the South Carolina
Pacific R y., which are included in the figure for property used but not
owned. V. 124, p. 105.
ORGAN IZATION .— On April 18 1900 absorbed by consolidation (V. 70
p. 840, 893), Wilmington & Weldon R R ., Atlantic Coast Line RRs. of S. O.
*nd Va. and Norf. & Car. RR. On April 10 1902 absorbed the Savannah
Fla. & Western R y. Co. The St .Johns & Lake Eustis R y . Oo. was merged
lune 12 1902. Florida Southern and Sanford & St. Petersburg were merged
April 1903. V. 76 ,p . 918, 971. Jacksonville & South Western was merged
July 28 1904, the Winston & Bone Valley R R . Co. Feb. 18 1909, and the
Conway Coast & Western R R . Oo. on July 1 1912. In Oct. 1913 the rail­
road of the Sanford & Everglades R R . Oo. was purchased by and conveyed
to this company. In July 1922 acquired control of the Rockingham R R .
V. 115, p. 307. The Atlantic Coast Line Co. (of Conn.) June 30 l926
awned $19,930,827 common stock, $17,640,000 having been distributed
March 10 1914 among its stockholders. See that company above. V. 70,
p. 893; V. 71, p. 1116, 1310; V. 83, p. 560.
In Oct. 1902 acquired $30,600,000 of the $60,000,000 Louisville & Nash.
RR. stock and in 1913 an additional $6,120,000. On May 1 1923 the L A N .
paid a stock div. of 62 H % , increasing this company's holdings to $59,670,000. On Dec. 31 1926 this $59,670,000 stock was on deposit along with
$306,000 stock of Louisville Property C o., as security for the company’s
$35,000,000 collateral trust 4s of 1902. V. 75, p. 733, 792, 905; V. 79, p. 785.

14

RAILROAD COMPANIES
\For abbreviations, dec., see notes on page 8]

Atlan & Danv— 1st M $4,425.00u g mt rent-.B a.xc*
Second mortgage $1,525,000 gold int rental.-E q.xc*
A tlantic & North C arolina— Stock $1,800,000 -

Miles
Road

Date
Bonds

Par
Value

Amount
Outstanding

Rate
%

$1,000 $3,925,000
4g
1.525.000
1,000
4g
1.797.200 See text
100
325.000
i§22
6g
Text
£100 2.548,675
1905
Text
5
1919
303.000
5g
500 <fec
1912
5
100 1.022,900
225.000
4g
i§03 1,000 &c

278 1900
278 1904

A tlantic Q uebec & W est— 1st M callable 110----- c*
Second m ortgage debentures
. . .
"24
Atlan & West— 1st M $1,500,000 g red 105--FB a.c*
Augusta & Savannah— Stock 5% rental Cent of Ga. 53.26
A ugusta Union S ta tion — First M $250,000 g.S B a.x
A ustin & N W— See Houston & Texas Central
17.7
Avon Geneseo & Mt Morris RR— Stock (see te x t)..
Baltimore Chesap & A tla n tic— 1st M gold.M p.zc*
88 1894
B alt & Cum b Vail Ry— See Western Maryland Ry
B & C V RR Exten— Stock gu ($270,000 carries 7 % ).
First mortgage Interest rental
_ .
. .MeBa 26.5 1881
Balt & Harrisburg Ry— See Western Maryland Ry

100
1,000

225.000
1.250.000

3A
5g

50
1,000

390,600
226.000

5&7
6

STOCK.— Atl. Coast Line of Va. class A (Rich. & Pet. otfs.) tax-exempt
(took was assumed as so much of the oom. stock of the new company
The stockholders on Dec. 13 1926 increased the authorized capital stock
by $24,000,000 to $100,000,000. Of the additional stock, $13,756,500 was
offered at par to pref. and common stockholders o f record Nov. 30 1926
to the extent o f 20% o f holdings. V.il23,_p. 2771, 3177.
DIYS. (% )—
f ' l l . ’ 12-’ 14. ’ 15. ’ 16. ’ 17 to ’23. ’24. ’25. ’26 ’ 27.
Com. (lncl.Cl. A )_____\ 6 7 yearly. 5
5 7 yearly. 8
8 9)4 10
Paid and declared in 1927: Jan. 10, 3)4% and 1)4% extra.
BONDS.— In April 1924 the Unified Mortgage of 1909 was closed and
a new $200,000,000 General Unified Mortgage was made permitting (unlike
the mortgage o f 1909) the Issuing of bonds in series at various rates of interesi
The old Unified 4s held by the R R . Oo. and the Atlantic Coast Line Co
($21,330,000 and $3,(08,000) were exchanged at once for new Series A
4 A b , $ for $. V. 98, p. 761, 1070, 1154, 1243: V. 100, p. 1916. Listing
see V. 103, p. 2237. The Unified Mtge. was cancelled in 1920. V. 110.
p. 2386. Of the $106,284,244 general unified bonds issued to N ov. 1 1927,
$31,679,000 were on that date in hands o f public ($31,579,000 at 4 A %
and $100,000 at 4% ) and $74,605,244 at 4 A % were held in the treasury.
V. 106, p. 2235.
Purposes for which the $200,000,000 General Unified Bonds were or are issuable.
Issuable as Series A 4)4s to refund $30,847,484 Unified 4s______ $30,847,484
Reserved to retire 4% certificates of indebtedness, pref, stock
and debenture bonds______________________________________ 4,963,960
Reserved to retire underlyin'? bonds__________________________ 84,438,750
Reserved (along with any bonds not issued to retire certificates
of indebtedness) for future ’onstruction. improvements. &c__ 79.749.806
The 10-year secured notes o f 1920 were redeemed M ay 16 1927 at 103
and interest.
The 4% convertible debentures are redeemable at 105 and were con­
vertible into common stock at fl3 5 a share to Jan. 1920. V. 97, p. 1513As to the $35,000,000 collateral trust 4s of 1902, see “ Organization"
above. They are subject to call at 105 in amounts not less than $100,000
*” The Washington & Vandemere 4)4s ($1,500,000 authorized, of which
$720,000 outstanding) are guar., p. & 1., by endorsement. V. 84, p. 1246.
As to Winston-Salem South Bound R R . guar. 4s. see that company
Equipment bonds, series D . V. 112, p. 60. Series E, V. 122. p. 1164.
RE PO RT.— For 1926, in Y. 124, p. 2419, showed:
Operating Revenues—
1926.
1925.
1924.
1923.
Freight________________ $68,001,687 $64,657,121 $57,288,726 $56,580,484
Passengers_____________ 21,257,077 22,042,718 17,755,927 17,995.083
M ail__________________
1,619,618
1,347,208
1,281,724
1,239,674
Express_______________
2,827,798
2,835,344
3,026.193
2,658.978
Other transportation___ 1,039,075
864,232
780,548
763,584
Incidental & joint fa cil.. 2,341,262
2,251,076
1,652,802
1,644,506
Railway oper. rev____$97,086,517 $93,997,698 $81,785,921 $80,882,310
Operating Expenses~~~
Mafnt. o f way & struct_$13,018,939 $10,820,231 $10,660,590 $10,191,289
Maint. of equipm ent..18,518,916 17,544,834 16,833,082 17,349,030
Traffic________________
1,878,173
1,724,863
1,531.249 1,367,842
Transportation________ 34,469,600 32,310.002 29,063,109 28,814,876
Miscell. operations_____
834,480
804,997
465,338
424.306
General________________ 1,981,662
1,761,194
1,781,757 1,721,085
Operating expenses...$70,701.770 $64,966,121 $60,335,126 $59,868,428
Net from railway oper._$26,384,747 $29,031,576 $21,450,795 $21,013,882
Tax accruals__________
6,725,000
6,600,000
5,625,000
5,425,000
Uncollectibles__________
22,630
20,033
59,234
42,457
Railway oper. income.$19,637,117 $22,411,543 $15,766,561 $15,546,425
Non-operating Income—
Hire of equipment______
Cr. 14,415
Joint facility rent income
302,935
388,498
338,859
310,408
Dividend income_______ 4,866,998
4,086,675
3,897,690
3,222,086
Income from unfunded
securities & accounts.
510,132
625,474
558,695
641,915
Income from fund, secur
618,542
471,355
537,734
537,961
Miscell. & other income.
427,862
352,741
340,586
373,193
Dividend approp’n ___
2,057,586yd6.1371,724 xdeb.685,862
Gross income.
$24,359,318 $26,997,970 $20,783,199 $20,530,750
Deduct—
Rent for leased roads_
_
$50,076
$46,276
$45,276
$45,276
Hire o f equipment____ D 2,015,237 r .2,187,549 Dr.500,193
______
Joint facility rents_____
424,571
378,304
390,119
374,639
Miscellaneous rents____
226,292
240,520
282,657
281.150
Int. on unfunded debt_
43,313
24,672
16,362
17,306
Int. on funded debt____ 5,997,542
6,031,281
6,031,282
6,042,286
Int. & divs. on equip.
trust notes, &c_______
617,402
472,368
517.386
562,404
Int. on 10-year notes___
420,000
420,000
420,000
420,000
Miscellaneous__________
46,233
44,952
46,306
31,245
Net for year-------------- $14,462,287 $17,111,418 $12,589,983 $12,797,073
Inc. appl. t o s. f., &c.,fds
28,424
20,363
28,645
25,617
Income approp. for inv.
in physical prop______
570,933
440,749
249,152
250,566
Transferred to P. & L . $13,862,929 $16,650,307 $12,312,186 $12,520,890
Credit balance Jan. 1
83,071,732 71,276,846 63,503,519 55,440,787
Miscellaneous credits_
_
267,484
182,097
377,159
562,709
Total surplus________ $97,202,145 $88,109,250 $76,192,864 $68,524,385




[V ol. 125.

KAILW AY STOCKS AND BONDS
When
Payab e

J
J
J
J
J

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

&
&
&
&
&

J July 1 1948
J July 1 1948
See text
J
J July 1 1942
J July 1 1935
1949
M & N M ay 1 1952
J & J July 1927 2 A
J & J July 1 1953

Bankers Trust Co, N Y
Equitable Trust Co N Y
Check from C o’s Office
See text
Fidelity Trust C o, Balt
Savannah, Ga
Safe Dep & Tr Co, Balt

J &
M &

J July 1 1927 1J4 Erie Railroad, New York
S Sept 1 1934
See text

J
J

J
See text
J July 1 1931

Pref. dividends (5 % ).._
Common divs. (7 % )____
Surplus appropriated for
physical property____
Loss on retired road and
equipment___________
Debt discount_________
Miscellaneous d e b its ...

&
&

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

1926.
1625.
1924.
9,835
9,835
9,835
4,801,034 a4.801,034 z4,801,034

1923.
9,835
4,801,034

136,849

27,243

15,682

137,868

25.374
156,002
26,641

69,702
______
129,704

47,788
______
41,679

16,162
______
55,967

Bal. credit Dec. 31...$92,046,410 $83,071,732 $71,276,846 $63,503,519
x Extra div. of 1 % paid from non-oper. income to common stockholders
July 10 1924. y Extra divs. on common stock of 1% July 10 1925, 1%
Jan. 11 1926, 1)4% July 10 1926 and 1)4% Jan. 10 1927. z See also “ x .”
a See also “ y .”
BALANCE SHEET, as o f Dec. 31 1926, in V. 124, p. 2419.
lo r latest earnings, see “ Railway Darnings Section" (.issued monthly).
OFFICERS.—-Chairman, Henry Walters; Pres., J. R. Kenly; Exec.
V.-Pres., Lyman Delano: V.-P., R. A. Brand; V .-P . & Gen. Counsel
Geo. B. Elliott; V.-P. & Gen. M gr., P. R. Albright; V .-P . & Sec., Herbert
L. Borden; V .-P ., T . F. Darden; Treas., John T . Reid; Com p., W. D . M cCaig.
‘
Directors.— H. Walters, J. R. Kenly, George C. Jenkins, Waldo New­
comer, J. J. Nelligan, F. B. Adams, H. L. Borden, F. W . Scott, F. K.
Borden, Lyman Delano, George B. Elliott, H. O. McQueen, W . W. M ackali. Office. 71 Broadway, New York.— (V. 125, p. 2803.)
ATLANTIC & DANVILLE RY. CO. (TH E).— West Norfolk to Dan
ville.Va., 203 .21 miles; three branches.22.09 miles; James River Jet.to Clare
mont (3-ft. gauge), 50.42 miles; total, 275.72 miles. Leased to Southern Ry
from Sept. 1 1899 to July 1 1949 for taxes, repairs, maintenance and cash
rental sufficient to cover Int charges, with privilege of renewals for terms o*
99 years. Total available income from lease, &c., $370,987. In addition
the Southern R y. agrees to pay the same rate o f dividends on common
stock as paid on its own common stock. V. 71, p. 447; V. 79, p. 625.
Suit to enforce provisions o f lease, V. 95, p. 1606.
BONDS.— Of the $4,425,000 4s of 1900, $500,000 can be issued only fer
improvements upon request of Southern R y ., interest charges to be covered
by increased rental.— (V. 89, p 1410: V. 95. p. 1606.)
Pres., Edgar Newgass, London, Eng.; Sec. & Treas., C. O. Haines,
208 Southern Produce Bldg., Norfolk, Va.
ATLANTIC & NORTH CAROLINA R R .— Morehead City to Golds­
boro, N. C., 96 miles. Stateof North Carolina Aug. 1917 owned $1,266,500
of $1,797,200 stock. V. 96, p.862 1088. Leased from Sept. 1904 to Jan. 1
1996 to Atlantic & North Carolina Co (the lease being later transferred to
Norfolk Southern R R .) for int. on bonds, taxes, &c., and divs. at 3% for 20
years, then increasing )4 % every 10 years till 5% is reached; thereafter 6 %.
DIVS.— 1893. 1894 1895 1896 1897 1898 1899. 1900-04. Underlease
Per cent. 2
2
0
2
2
2
2
O a s above.
The $325,000 1st mtge. 6% bonds due July 1 1922 were paid o ff and
new 20-year bonds were sold to take place of same. V. 115, p. 2683.
Pres., Chas. S. Wallace; Sec. & Treas., W . Stamps Howard.— (V. 125,
p. 908.)
ATLANTIC QUEBEC & WESTERN R Y .— Paspebiac to Gaspe, Que­
bec, 102M miles: trackage, 194 miles. Stock, $2,000,000 in $100 shares.
The interest due July 1 1917on 1st M . 5% debenture bonds was not paid,
and the bondholders agreed to forego all Interest during the war except
in so far as earned. See V. 105, p. 1616. 2007: V. 91. p. 1253
Unpaid
interest, V 109, p. 1985; V. I l l , p. 2422. A 5% Second Mtge. Debenture
amounting to $2,050,000, dated June 30 1919, due Jan. 1940, filed Sept. 30
1919. V. 109, p. 1460. Chairman & Pres., Earl of Ranfurly, London,
Bng.— (V. 109, p. 1985; V. 111. p. 2422.)
ATLANTIC & WESTERN R R .— Sanford to Lillington, N . O ., 24 m.
Stock, $303,000: par, $100. Bonds issuable; at $12,000 per mile See
table above. The I.-S. C. Commission has placed a final valuation of
$241,720 on the total owned and used properties o f the company as of June
30 1917. E. T. Ussery o f Sanford, N . C ., was appointed receiver in Dec.
1926. The sale of the road, which was sold under foreclosure proceedings
Aug. 1 1927, and bought by H. C. Huffer, N. A. Carples, W . R . Sullivan,
of N. Y . and L. P. Wilkins and W . R. Williams of Sanford, N. C ., has been
confirmed by the court. V. 125, p. 1188.
R EPO RT.— For 1926:
Cal. Years. Gross.
Net.
Other Inc. Int. & Rents. B al.,D ef.
1926 ------------ $82,478
$18,272
$220
$28,805
$10,312
1925 ------------ 88,064
23,309
376
29,364
6,018
Pres., H. C. Huffer Jr., 366 Madison Ave., New York; Sec. & Treas.,
W . R . Sullivan, 33 Pine St., New York. General office, Sanford, N. C.—
(V. 125, p. 1188.)
AUGUSTA & SAVANNAH R R .— Millen to Augusta, Ga., 53 miles. In
1895 re-leased to Cent, o f Ga. for lOl years at 5% on stock.— (V. 106, p 709.)
AUGUSTA UNION STATION CO.— Owns union passenger station at
Augusta, Ga., used by all roads entering the city, the latter under their
operating contract providing for interest on the bonds and 4% dividends on
stock. Stock, $75,000 (30% paid in), held equally by Southern R y., Atlan­
tic Coast Line R R . and lessees of Georgia R R . V. 78, p. 2333; V. 79, p. 500.
The I.-S. C. Commission has placed a final valuation of $235,649 on the
total owned and used property and $32,925 on the used but not owned
properties of the company as of June 30 1916.
Pres., Chas. A. Wickersham; Sec., W . H. Vincent.— (V. 121, p. 835.)
AVON GENESEO & MT. M ORRIS R R .— M t. Morris to Avon, N. Y .,
17.7 miles. The I.-S. C. Commission has placed a tentative valuation of
$475,000 on the property of the company as of June 30 1918. Leased to
Erie R R . Feb. 26 1896 in perpetuity; rental (after 1911), 3)4% on stock,
and $100 organization expenses.— (V. 123, p. 321.)
BALTIMORE CHESAPEAKE AND ATLANTIC R Y . CO.—Owns
Claiborne to Ocean City, M d., 87.22 miles; Salisbury, M d., to Fulton,
0.55 miles; total, 87.77; trackage rights, 42.99 miles; steamer lines owned,
750 miles. The I.-S. C. Commission in Dec. 1924 authorized the co. to
acquire control of the Baltimore & Eastern R R . The Pennsylvania and

Nov., 1927.]

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8]
Baltimore & O hio— Common s t o c k ____________
Pref stock 4% non-cum authorized 860,000,000
First M gold red at 105__________________Us.xc*&r
do
red (text)_______________________ Us.c*&r*
Southw Div 1st M $45,000,000 g red (text) .F.sc*&r*
P L E J t f f V Sys ref g red 100__________ Un.xc*&r
Convertible bonds redeemable (text)____Ce.xc*&r*
R ef & gen M Ser A g Icall. all 105)______ yG.c*&r*
do
Ser C (call all 107
beg,1934)______ c*&r*
do
Ser D (call all 105 beg 1936)_______ yc*&r*
Toledo-Clncinnati Div Ser A call 102^ --B a.yc*& r*
Morgantown & Kingwood R R 1st mortgage_______
Underlying Toledo & Cincinnati Div. Mtge.—
CIn Ham & Dayton 2d (now 1st) mtge gold-.F xc*
General mortgage $7,800,000 gold_____________xc*
C H & D R y 1st & Ref M , part guar ._Ba.xc*&r*
PIqua & Troy 1st M $250,000 gold guar p & i ___ xr
Dayton A Michigan (leased) com stock (guar)_____
Preferred (8% guaranteed) endorsed____________
1st M gu p & 1end ext in 1911 red 10214_______ c
Bonds Underlying Pitts June & Vfid Div Vf 314 s—
Cent Ohio $2,500,000 con IstM (1st loan) gM eBa.zc
Bonds Underlying Pittsburgh Lake Erie & West Vir
Olev Lor & Wheel cons M (now 1st) gold-.U sm .xc*
General mortgage g redeem 105___________N.xc
Cons ref M gold red at 102 14_____________ Eq.xc
Cleveland Term A Valley 1st M gold guar_Ba.xc*&r
Ohio A Little Kan Ry 1st M $250,000 red 105 g_ z
_
Ohio River 1st M g ______________________ FP.xc*
General mtge gold 1st on 39 miles___________ xc*
W Va & P 1st M g 5s scaled red at par___ Me.Ba.xc*
Equip bds due $1,186,700 an n ._________________ Q
do
due $450,000 yearly_____________GPxc*
do
due $925,000 a n n ______________ GPxc*

Miles Date
Road Bonds

Par
Value

2,730
147

60
60
All
9

1887
1892
1909
1900
1871
1871
141 1881

Rale
%

When
Payable

Mast Dividend Places Where Interest and
and Maturity
Dividends Are Payable

143
ginia
187
187
187
78
72
173
208
179
_

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

1 1927 114
1 1927 1 %
do
do
1 1948
do
do
1 1948
do
do
1 1950
do
do
1 1941
do
do
1 1933
do
do
1 1995
do
do
1 1995
do
do
1 2000
do
do
1 1995
do
do
1 1935
Davis Tr C o, Elkins, W Va

1,000
1,000
$& £
1,000
50
50
1,000

2,000,000
3,000,000
34,000
7,000
2,401.950
1,211,250
2,728,000

J P Morgan A Co, N Y
4 14 « J A J Jan 1 1937
Kuhn, Loeb A Co. N Y
5 g .1 A D June 1 1942
4
.1 & J July 1 1959
Un Sav Bk A Tr Co Cin
4 g M A N Nov 1 1939
Cincinnati, Ohio
314 A A O Apr 1 1927
8
< — J Apr 1 1927 2%
,
do
J & J Jan 1 1931
J P Morgan A C o, N Y
4X

1,000

1,009,000

4 14 8 M

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

5.000.000
890.000
950.000
3,301.000
228,000
2,000,000
2,941,000
3.749.000
9,493,600
1,000 4,950,000
1,000 10,175.000

Total B . & O. R R . System.5,437

Total collateral ownership_ 2,878 Which includes:
_
Operated under lease_________
3
5,166 Operated under trackage rights. 168
Free of lien___________________ 179
VALUATION.— The I. S. C. Commission has placed a tentative val
uation of $348,250,000 on wholly owned and used property; $1,297,475 on
owned but not used property, and $231,429,283 on the leased property of
the cmnpany, as of June 30 1918. Full report in V. 125, p. 1320. Company
has filed a protest with the Commission against the valuation, V. 125, p.
1966.
HISTORY.— Receivers were appointed in Feb. 1896, but in 1899 reor­
ganized without foreclosure, per plan in V. 66, p. 1235. See also V. 67,
p. 688, 1206, 1356; V. 95. p. 681. 1121, 1744; V. 96. p. 134; V. 97. p. 363.
The purchase o f the Cin. Ham. & Dayton (now Toledo & Cine. R R .) on
Julj 19 1917 added 391 miles to road operated (see “ Bonds” below; also
V. lo3, p. 1991; V. 107, p. 1283.) On Feb. 1 1917 also acquired entire capital
stock o f Coal & Coke R y. Purchased the Morgantown & Kingwood
R R . in Feb. 1920.— V. 110, p. 969.
Owns B. A O. Chic. Term. R R ., $8,000,000 stock and $32,000,000 of it»
4% bonds. See below. Also controls S. I. R . T. R y. Co.
The I .-S .C . Commission has authorized the company to acquire control
o f the Cincinnati Indianapolis & Western R R . by purchase of its capital
stock. The B. & O., which had applied for authority to obtain control of
not less than 80% of the shares, will pay $24 50 a share for the prf. and
$14 50 for the common stock, or a total of $2,086,500. V. 122, p. 2646.
The I.-S. C. Commission in Oct. 1926 authorized the acquisition by the
company o f control of the Hamilton Belt R y. and the Dayton & Union
R R . under operating contracts. V. 123, p. 2255.
The I.-S. C. Commission on Jan. 15 1927 approved the acquisition by
the company o f control of the Cheat Haven & Bruceton R R . under an oper­
ating contract. V. 124, p. 915.
The I.-S. C. Commission on Jan. 24 1927 approved the acquisition by the
company o f control o f the railroad o f the Indian Creek Valley R y. under an
operating contract. V . 124, p. 915.




Amount
Outstanding

$100 $215187854 See text Q —M Dec
4
100 58.863.181
Q —M Dec
4 g A A O July
1,687 1898
500 &c 81,995,100
A & <) July
5g
1,687 1924
500 &c 75,000.000
J A .) July
910 1899
500 &c 45.000.000
5g
M & N Nov
1,000 42,980,000
4g
1.629 1901
1913
506 &c 63,250,000
414 g M & SM ar
5,084 1915
60.000,000
5 g J A D Dec
6
J A D Dec
5,084 1924 500-1000 35|000.000
5
M & S Mar
5,084 1926 500-1000 30,000,000
fe
100 &c 10,985.200
4 g J < J July
Text 1917
—
500 &c
1,500,000
J & J Jan
1905
5

allied cos. own all the $1,000,000 com. and 95% o f the $1,500,000 5% cumul.
ref. stocks. V. 92, p. 525, 593.
!L D IV ID E N D S.—
1905. 1906. 1907. 1908. 1910. 1911. 1912. None
5
5
2
7
8
214 since
Preferred ( % )_________ 2
The interest on the 1st mtge. bonds due Mar. 1 1922 and seubsequent
semi-ann. dates was not paid; Pennsylvania R R . purchased coupons due
on Mar. 1 1922 to Mar. 1 1926; in July 1926 the Pennsylvania R R . an­
nounced that it would not purchase any further coupons. In July 1927 the
Pennsylvania R R . agreed to take the bonds with coupons of Sept. 1 1926
and latter dates attached, for $500, per $1,000 bond. Bondholders receiving
$481.04 net per $1,000 bond. V. 125, p. 643. A bondholders’ protective
committee has been formed consisting of William B. Skelton, Lewiston, Me.
(Chairman); Josiah S. M axcy, Gardiner, M e.; Franklin R . Chesley, Saco,
M e.; Fred G. Boyce, Jr., Baltimore, and William G. Edinburg, New
York. Depositaries, First Nat. Bank o f Lewiston, M e., and Mercantile
Trust & Deposit Co. of Baltimore. V. 116, p. 2128; V. 123, p. 451, 2891.
R E PO RT.— For 1926;
Cal.
Net oper.
Other
Int.
years.
Gross.
deficit.
Inc.
Rentals, etc.
Balance.
$152,169
$16,718 $211,249 def$348,549
1926----------- $1,427,348
1925----------1,486,831
84,814
17,823
195,472
def262,783
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres., Turnbull Murdoch; V .-P ., A. J. County; Sec.,
Lewis Neilson; Treas., Henry fi. Lee; Compt., F. J. Fell Jr. Office, Broad
Street Station, Philadelphia.— (V. 125. p. 643.)
BALTIMORE & CUMBERLAND VALLEY R R . EXTEN.— Waynes­
boro to Shippensburg, Pa., 26.52 miles. Leased to Western Maryland R R .
for 50 years from July 1 1881, with privilege o f renewal, for int. on bonds
and dividend on stock, amounting in all to $38,730.— (V. 75. p. 665.)
BALTIMORE & EASTERN RR. (OF MD.).— This company has been
organized in Maryland as one of the successors to the Maryland Delaware
& Virginia R y., the property of which was sold under foreclosure. The
new company took charge on Feb. 1 1924 and now operates trains, as did
the old co., between Love Point, M d., and West Denton, M d., 32.80 m.
Br. to Centervile, M d., 5.37 m.
Stock, $191,500, par value $50, owned by Baltimore, Chesapeake &
Atlantic R y .— (V. 119, p. 3004.)
BALTIMORE AND OHIO R R . CO .(TH E ).— (SeeM ap.)— Operatesfrom
Baltimore to Philadelphia and Baltimore to Chicago, Cincinnati and St.
Louis; total mileage leased, owned and operated on Dec. 31 1926, 5,321
miles. Access is had to New York via the Phila. & Reading R y., Central
R R . of N . J. and train-side motor coach service to the heart of the city.
V. 123, p. 707, 1247.
The system embraces, subject to mortgages, the following lines;
Direct ownership:
Miles.
Miles
First mortgage_____________ 880 Operated under lease_________
3
P. L. E. & W . Va. mtge____1,335 Operated under trackage rights. 152
Ref. & gen. mtge__________
73
Total Balt. & Ohio R R . C o . . 5,321
Separately operated cos.:
2,288
Staten Island R y. C o_______
Free of lien______________________
13
Staten Island R . T. R y. C o.
10
72
Total direct ownership______ 2,288 B . & O. Chic. Term. R R . C o._
Dayton & Union RR C o ______
32
Collateral ownership:
Hamilton Belt R y. C o________
3
First mortgage______________ 807
P. L. E. & W. Va. mtge____ 294
Southwestern Division m tge. 910
Trackage rights_____________
19
Tol.-Cin. div. 1st lien & ref. M 391
Ref. & gen. mtge__________ 296
Total separately oper. prop . 149
Free o f lien___________________

15

RAILW AY STOCKS AND BONDS

A

S Sept 1 1930

Office, 2 Wall St, N Y

A A O Oct 1 1933
5g
do
do
5 g .1 A 1) Junel 1936
do
do
do
do
4 14 g J A J Jan 1 1930
4g
M A N N ov 1 1995
do
do
M A S Mar 1 1950
5g
do
do
J A D June 1 1936
5g
do
do
A
5g
() Oct 1 1937
do
do
do
do
4 g A A O Oct 1 1990
J &J15 T o Jan 15 1935 Guaranty Trust Co. N Y
6
F & A To Aug 1 1937 Girard Trust Co, Phila
5
F A A To Feb 1 1938 New York
5

READING CO., &c.— In 1901 $68,565,000 (virtual control) of the $140,000,000 Reading Co. stock, consisting of $12,130,000 1st pref., $28,530,000
2d pref. and $27,905,000 com., was acquired jointly with the New York
Central R R ., each co. taking one-half, but in 1904 each sold $3,950,000
of the common. V. 76. d . 101: V. 80. p. 1856.
Also purchased in M ay 1926 the following Reading Co. stock: $775,000
1st pref., $750,000 2d pref. and $3,142,500 common.
STOCK.— Pref. stock, see V. 71, p. 1166, 1143: V. 72. p. 1186.
Union Pacific R R . on Dec. 31 1926 owned $3,594,035 common and
$1,805,992 preferred.
DIVS.—
1901-04. 1905. 1906. 1907-14. 1915-17. 1918-27.
Common-------------- (% ) 4 yrly.
414
514
6 yrly.
5 yriy.
Text
Preferred-------------- (% ) 4 yrly.
4
4
4
yrly.
4 yrly.
The pref. dividend has been regularly paid to and including June 1927,
but owing to delay in the signing of the contract for Government operation
the common dividend due Sept. 1 1918 was not paid until Feb. 1 1919, when
only 2% was distributed. On Mar. 1 1919 the common again received 2%
then none until Dec, 1 1923, when I H % quarterly was paid: same amount
paid quarterly to Sept. 1 1926; on Dec. 1 1926 paid 114% quarterly: on
Mar. 1 1927 paid 114% quar. and >2 % extra; on June 1 1927, Sept. 1 1927,
and Dec. 1 1927, and 114% qu.
BONDS.— First M . 4% Bonds, due July 1 1948; Covers about 1,687 miles
of first track and about 2,687 miles of second, third and fourth tracks and
sidings; also on the properties covered by the B. & O. Term. mtge. of 1894,
all owned by the B. & O. and Baltimore Belt R R .
Total authorized amount of the First Mortgage is limited by the terms
of the Ref. & Gen. Mtge. to $157,000,000, of which there are outstanding
$81,995,100 of 4% bonds and $75,000,000 of 5% bonds (issued in Aug.
1924; V. 119, p. 809). The 5% bonds are not subject to redemption before
Apr. 1 1945. All or any part of the 5% bonds may be repurchased by com­
pany on April 1 1945, or any int. date thereafter, on 3 months’ notice and
upon payment of a premium of H % for each three months from the date of
repurchase to the date of maturity. The prior lien 3 }4% bonds due July 1
1925 were accepted at 100% and int. in payment for the 5% bonds.
Southwestern Division First Mortgage 5s.
These bonds were issued under the Southwest Division 1st mtge. of
Baltimore & Ohio R R ., dated Jan. 1 1899, in extension o f the 314% bonds
for a like amount maturing on July 1 1925 (which were accepted in pay­
ment for new bonds at 100 and interest) and the principal and interest at
the rate of 314% per annum are secured by the lien thereof. Because of
the provisions of the refunding and general mortgage, the additional interest
on these bonds will not be secured under the Southwestern Division first
mortgage, but the company will agree in a supplemental indenture that in
the event that it should hereafter place any new mortgage upon the property
on which these bonds are a first lien, and on which the ref. & gen. mtge.
bonds are also a lien, the additional 1)4% int. which these bonds bear is to be
secured thereon by a lien prior to any bonds issued under such new mtge.
These $45,000,000 bonds are secured through the deposit and pledge with
the trustee o f the mortgage of $45,000,000 first mtge. bonds and all the other
funded indebtedness and all the stock of Baltimore & Ohio Southwestern
RR.,_which owns the properties. The Baltimore A Ohio Southwestern
Division bonds are thus in effect secured by a first lien on 910 miles of first
main track, extending from the western approach of the bridge of Baltimore
& Ohio R R . across the Ohio River at Belpre, Ohio, to and through the city
(tf Cincinnati and through the States o f Ohio, Indiana and Illinois to the
City o f East St. Louis, 111., a distance of 529 miles, together with branches
or divisions connecting with the main line, comprising an additional 153
miles, and 228 miles comprising the Springfield Division extending from
Shawneetown, 111., to Beardstown, 111., all tracks, 1,468 m iles, together with
all extensions, lands, build jags, appurtenances and other property, fran­
chises, &c., all as described in the mortgage. This issue of bonds, consti­
tuting a closed mortgage, is thus outstanding at the rate of $49,450 per mile
of first main track.
The bonds are not subject to redemption before July 1 1945. All or any
part o f the bonds may be redeemed on July 1 1945 or any interest date there­
after on not less then three months’ previous notice, upon payment of their
principal amount plus a premium o f 14 % for each 6 months from the date
of redemption to the date o f maturity. V. 120, p. 1743.
Pittsburgh Lake Erie & West Virginia System mtge. refunding 4% gold
bonds (authorized amount $75,000,000) are a lien on 1,629 miles (all tracks,
2,870 miles), forming a direct connection with Pittsburgh, Cleveland,
Fairport, Lorain and Sandusky, subject to underlying bonds outstanding
thereon (see table above). The unissued bonds are reserved to retire
underlying bonds. V. 74, p. 266; V. 79, p. 2793; V. 80. p. 1423; V. 86.
p. 479, 1528; V. 87, p. 36; V. 88, p. 451, 685; V. 105, p. 715.
Convertible 20-year 4 14s $63,250,000, dated March 1 1913, were
convertible into common stock up to Feb. 28 1923 at $110 per
share and redeemable beginning March 1 1923 at 10214. These 4 ‘4 s are
secured by the new blanket mortgage below described pari passu with the
new bonds. See V. 96, p. 134, 200, 651, 715, 1088. 1421; V. 97, p. 727.
Schuylkill River East Side 4s. V. 77, p. 1745; V. 81 p. 727.
Refunding & General Mortgage of 1915 due Dec, 1 1995 (V. 101 p. 1884)
To Dec. 31 1926 $151,808,500 bonds had been issued under the mtge.,
o f which $60,000,000 are series A 5s dated Dec. 1 1915, due Dec. 31 1995;
and $15,000,000 are series B 6s dated Dec. 1 1915, due Dec. 31 1995; and
$42,500,000 are series C 6s dated Dec. 1 1915, due Dec. 31 1955; and $34,308,500 are series D 5s dated Dec. 1 1915, due Mar. 1 2000. Of the issued
bonds $26,808,500 ($15,000,000 series B, $7,500,000 series C, and $4,308500 series D bonds), are in the treasury of the company, leaving $125,000,000 ref. & gen. mtge. bonds outstanding as of Dec. 31 1926. Of the treas­
ury bonds, $15,000,000 series B, $7,500,000 series C, and $2,000,000 series
D are deposited as part collateral to the $35,000,000 10-year gold 6s of
July 1 1929.
Security.— Secured on practically entire system, 5,084 miles of first track,
5,272 m. of 2d track and sidings, and equipment or interest therein, having in
1924 a net value of over $149,069,544. Also covers the passenger and
freight terminals in Philadelphia, Baltimore, Pittsburgh and Chicago and the
freight terminals on Staten Island, N. Y ., in Cincinnati and Washington, as
well as one-half stock interest in the Washington Term. Co. and one-half

B A IL W A Y STOCKS AND BONDS

[V ol. 125.




0
5

Nov., 1927.]

17

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Halt & O hio (Concl) —

Equipment bonds Series A due $500,000 yearlyGPxc*
do
due $432,000 s - a ___________________
do
Series
B due $543,000 ann_c *
do
Series C due $558,000 annually. _GP.yc*
do
Series D due $575,000 ann beg 1029 GP.yc*
do
Series E due $750,000 annually.-Usm.c*
Morgantown & Kingwood KB equip tr notes..
Bethlehem Steel Go Eq “ B " _________________
Seaboard Air Line Eq “ S” __________________
Leased Lines and Other Securities—
Hampshire So 1st M gold___________________
B & O Chic Term RR— Oh & Gt W 1st M g ass’d -.v k
Oity of Chicago purchase money mtge assumed____
First mortgage $50,000,000 authorized__________ x
Baltimore & Potom ac— See Phila Balt & Wash.
B angor and A roostook R R — Com stock $5,610,000
Pref stock 7% cum red 110 $10,000,000 auth.
First mortgage ($16,000 per mile) gold___ G.xxc*
First mtge Piscataquis Div $1,500,000 g -.G .x x c*
V Bur Ext 1st M $500,000 g (V 69, p 95 2).-G .xxc*
Aroostook Northern 1st M $225,000 g old..G .xxc*
Consol refunding mtge $20,000,000 gold_ OB.xc*
_
Medford Ext 1st M $1,000,000 g(V84,p692)Us.xxc
Washburn Ext 1st M g (V 90, p 848. 913).Ce.c*xx&r
St John Riv Ext 1st M $1,800,000 guar_Ce.xxc*&r
Equipment trust Series G prior lien_________
Equipment trust Series H due $25,000 ann_____xxx
do
Series I due $36,000 annually________ xxx
Guaranteed by Bangor & Aroostook
Nor Me Seaport 1st M guar p & i end_ Usm.c*&r
_
Van Buren B ’ge 1st M g gu p&l end red text Usm.c*

--37

_
212
76
33
15H
424
28
55
60

_

...
58
. ..

1923
1924
1925
1926
1926
1927
1920
1921
1920
1909
1886
1888
1910

Par
Value

Amount
Outstanding

$1,000 $6,000,000
1,000
7,344,000
1,000 7,059,000
1,000 7,812,000
1,000 7.475.000
1,000 9,750,000
1,387,200
300,000
82,368
500
1,000

Rate
%
5
4H
4)4
4H
4 14
4H
6
6
6

5,000
5
219.000
5g
650,000
5
32,000,000 B&O RR

When
Payable
,T
M
M
F
J
A
.1
J
J

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

&
&
&
&
*
&
&

D To Dec 1 1938
N Nov ’27-N ov’35
N To M ay 1 1940
A To Feb 1 1941
.1 July 1 ’29 to ’41
O Apr 1 1942
J To Jan 1935
D Junel 1930
& D Dec 1927

J & J July 1
.1 & 1) Junel
M & N M ayl
A
O Apr 1

1934
1936
1938
1960

Girard Trust Co, Phila
New York
New York
U S Mtge & Tr Co, N Y
Guaranty Trust Co, N V
Bankers Tr Co, N Y
Commercial Tr Co. Fhlla
Farm L & Tr Co, N Y
B & O R R Co, N Y
To City of Chicago

1893
1899
1899
1897
1901
1907
1909
1909
1921
1923
1923

50 5,328,000 See text
Q— J Jan 1 1928 87c.
100 3,480,000
7
,)— J Jan 1 1928 1 %
1,000 3,360,000
.1 Jan 1 1943
5g J
1,000
1.417.000
5 g A & () Jan 1 1943
1,000
fe
430,000
5 g A < <) Jan 1 1943
1,000
186,000
A < () Oct 1 1947
&
5g
1,000 n6.331,000
4 g J & .1 July 1 1951
1,000
M (fc N M a y l 1937
982,000
5g
1,000 p i,448,000
F & A Aug 1 1939
5g
1,000 m l,556,000
F «fc A Aug 1 1939
5
90,000
7
.1 < J To Jan 1 1936
&
1,000
150,000
5)4 g J & J To Jan 15 1933
1,000
216,000
5)4 M & N To M ay 1 1933

Checks mailed
do
Brown Bros & Co. N Y
do
do
do
do
Guaranty Trust Co, N Y
Lee, Higginson & Co, Boe
Brown Bros & Co, N Y
do
do
do
do
First Nat Bk, Bangor, Me
First Nat Bk,Bangor,Me
First Nat Bk,Bangor,Me

1905
1914

1,000
1.000

Brown Bros & Co, N Y
do
do

4,340,000
155,000

5g
6g

A & O Apr 1 1936
M & s Sept 1 1934

n m p Also in treasury; n $2,536,000: m $244,000: p $202 ,000.

ownership o f joint yards at Washington. A direct lien upon about 2,288 m.
o f first track, and a lien, through deposit of bonds, and in most cases all, and
In no case less than 96% of stock, of the co. owning remaining mileage.
Reservation of Bonds.— The mortgage reserves bonds to retire about $282,
000,000 prior liens on various parts of the system and the $63,250,000 con­
vertible gold bonds (these last being secured by the new mortgage parpassu with the bonds issued thereunder] and provides for the reservat on of
bonds for construction, improvements, new equipment and the acquisition,
directly or Indirectly of properties and securities. The right is reserved to
refund the Prior Lien 314s Into 1st M . 4s of 1898 due 1948, and to extend
the due date o f the 8 W. Div. 334s to date not later than July 1 1950.
The authorized issue is limited to an amount which, together with all 'he
prior debts of the Railroad Co., after deducting therefrom the bonds re­
served under the provisions of the mortgage to retire prior debts at maturity,
shall not exceed 3 times the then outstanding capital stock, with the addi­
tional limitation that when the aggregate amount of the bonds outstanding
and the bonds reserved to retire prior debts shall be $600,000,000, no addi­
tional amount of bonds shall thereafter be issued, except the bonds so re­
served to retire prior debt, without the further consent of the st jckholders
of the railroad company, and such additional bonds may be Issued only to
an amount not exceeding 80% of cost of work done or property acquired
Toledo-Cincinnati Div. Bonds.— In July 1917, following foreclosure
sales, 391 miles of the former Cincinnati Hamilton & Dayton Ry. 8yetem
was reorganized per plan in V. 102, p. 1069: V. 105, p. 715, 908, as the
Toledo & Cincinnati R R . C o., whose outstanding securities ($5,000,000
capital st< o c, $16,250,500 First & Ref. Mtge. bonds and $20,000,000 Adt
lustment < Improvement, bonds' were then acquired bv the B *
v
RR.
The bonds are a first collateral lien on 36 miles (Hamilton to Middletown,
Ohio, 13 m.; Tontogany to North Baltimore, Ohio, 19 m.; Hamilton to
West Hamilton, Ohio, 3 m .); second collateral lien on 12 miles (Troy to
Piqua, Ohio, 9 m.; West Dayton to National Soldiers Home, Ohio. 3 m.);
third collateral lien on 205 miles (Cincinnati to Dayton and Wellston,
Ohio, 187 m.; Deshler to Findlay, Ohio, 18 m .); a fourth collateral lien on
141 miles, Dayton to Toledo, Ohio. Total, 394 miles.
The B S O. RR. having acquired all the securities Issued by the Tokdo
t.
& Cincinnati R R ., made a deed o f trust covering the same to secure oot
exceeding $35,000,000 collateral bonds, which are Intended ultimately to
be made as far as possible a direct lien on this division. Of these new F &
t
O. bonds, $11,250,500 of 4% and $5,000,000 of 6% were issued forthwith
under the plan.
In addition, $2,447,000 Series “ C ” bonds have been
Issued for capital expenditures. The remainder were reserved to retire at
maturity or earlier the bonds undisturbed by the plan as shown in table
above, or for acquisition of underlying stocks, branch lines, branch line
bonds, aid for refunding additions and betterments, or to acquire First &
Ref. Mtge. bonds of new company issued therefor. V. 105, p. 2364.
The trust indenture provides tnat the company in each year, Degluninp
July 1 1919, after providing for its fixed charges, will set aside nut of Del
income accruing after that date, not less than $3,500,000 p. ann. until a
total of $17,500,000 has been set aside, such sums to be used, from time tc
time, solely for capital exponditur s theretofore made, to pay 'oans Incurred
or maturing funded obligations. Moneys set aside in any year In excess of
$3,500,000 may be credited against moneys required to be set aside tr
subsequent vears
Ralance o f total set aside in 1923
V. 108. p. 2628
The $35,000,000 6% Secured Bonds dated July 1 1919 were redeemed at
10234%. V. 125, p. 2883.
EQUIPMENT BONDS.— Equipment trusts o f 1917, V. 104, p. 1386
Equip, trusts of 1922, V. 115, p. 434. Equip, trusts of 1923, V. 116, p. 175.
Equipment trusts. Series A, V. 117, p. 2431. Equip, trusts of 1924, V. 119,
p. 1623. Equipment trusts. Series B. V. 120. p. 2265. Series C, V. 122,
p. 345. Series D , V. 122, p. 3078. Series E, V. 124, p. 1814.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114. p. 737: V. 118, p. 549.
R E PO RT.— For 1926. showed:
1926.
1925.
1924.
Revenue from freight transportation-207,985,595 193,558,361 180,179,357
Revenue from passenger transports. 27,808,659 27,904,665 29,047,718
Rev. from mail, exp. & other transp. 16,567,576 16,083,914 15,091,720
Total railway operating revenues..252,361,830 237,546,940 224,318,795
Maintenance o f way and structures.. 31,525,661 28,440,416 26,638,363
Maintenance o f equipment_________ 53,440,119 53,206,661 48,659,504
Traffic_____________________________ 5,048,399
4,551,082
4,242,473
Transportation_____________________ 87,519,068 84,621,877 85,313,755
General___________________
6,570,014
6,210,388
6,169,512
Miscellaneous_____________________
2,203,012
2,069,173
1,729,025
Total railway operating expenses.. 186,306,273 179,099,597 172,752,632
Transportation ratio________________
34.68%
35.62%
38.03%
Total operating ratio_______________
73.83%
75.40%
77.01%
Net revenue from railway operations. 66,055,557 58,447,343 51,566,163
Taxes______________________________ 11,843,416 10,064.868
9,548,086
Equipment and joint facility rents_
_ 3,406,804
5,348.388
3,933,753
Total charges to net revenues_____ 15,250,220 15,413,256 13,481,839
Net railway operating income_______ 50,805,337 43,034,087 38,084,324
Other income______________________
6,890,426
6,237,801
5,657,290
Total income from all sources......... 57,695,763 49,271,888 43,741,614
Interest................................
28,674,543 26,642,481 25,141,409
All other deductions________________
526,926
1,835,899
2,280,515
Total deductions_________________ 29,201,469 28,478,380 27,421,924
Bal. avail, for divs. & oth. corp. purp. 28,494,294 20,793,508 16,319,690
Divs. decl. were: Pref. stock ( 4 % ) . . . 2,354,528
2,354,527
2,354,527
7,597,270
7,597,377
Common stock (5 % )_____________ 9,116,725
Total dividends_____________
11,471,253
9,951,797
9,951,864
Leaving a surplus o f------------------------ 17,023,041 10,841,711
6,367,826
For latest earnings see “ Railway Earnings Section” (issued monthly).
Balance Sheet as o f Dec. 31 1926 in V. 124, p. 1388.




OFFICERS.— Daniel Willard, Pres.; Geo. M . Shriver, F. C. Batchelder
r W. Galloway, Archibald Fries, V.-Pres.; C. W. Woolford, Sec.; E. M
Devereux. Treas.: J. J. Ekin, Comp.
DIRECTORS.— R. Brent Keyser, Robert Garrett, John J. Cornwell
and George M . Shriver, Baltimore; F. H. Rawson, Chicago: Paul M .
Warburg, Delos W . Cooke, John R. Morron, John F. Stevens, Henry
Ruhlender, New York; Joseph E. Widener, Philadelphia; Newton D.
Baker, Cleveland. Offices. Baltimore, M d. and 2 Wall St., New York.
— (V. 125, p. 2383.)
BALTIMORE & OHIO CHICAGO TERMINAL R R .— Property con­
sists of passenger and freight terminals In city of Chicago, lines of railway
leading thereto and a belt line around the city; also 760 acres of land in
and adjacent to the city, of which 50 acres are in the centre of the business
district; also includes 7,500 ft. of dock property on Chicago River. Total
track operated, 273.33 m., of which 253.55 is owned, 71.65 of the latter
being first track. Total first track including trackage, 75.67 miles.
Valuation.— Tentative valuation of $31,467,733 on the owned and
$25,162,226 on the used property of the company as of June 30 1918.
H ISTORY.— Successor to Chicago Terminal Transfer R R ., forcloseain
1910. V. 90, p. 166. 108. 235, 625. Stock, $8,000,000, all owned by B. & O.
TE N AN TS.— Balt. & Ohio, Chicago, Great Western, Chicago Hammond
& Western R y. (Indiana Harbor Belt), Suburban R R ., Chicago. Terre
Haute & Southeastern (Chic. Milw. St. Paul & P ac.), (Chicago & West
Towns), Pere Marquette, Wabash R y. and Minneapolis, St. Paul & Sault
Ste. Marie. V. 77, p. 948, 2158; V. 79, p. 901; V. 96, p. 486. Total mini­
mum rentals from tenants: Joint facility rent income, $1,281,313; income
rom le ase o f road, $502,223; total, $1,783,535. V. 79, p. 2084
BONDS.— Of the 1st M . bonds of 1910, the $32,000,000 outstanding are
owned by B. & O. RR. and pledged under its mtge. Y. 90, p. 1295.
R E PO RT.— For 1926:
Cal. Years—
Gross.
Net.
Other Inc. Int.,Tax.,&c. Balance.
1926----------------$3,821,558 $210,309 $1,853,192 $2,063,501
None
1925---------------- 3,609,954
94,165 1,859,785
1,953,950
None
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres., F. C. Batchelder; V.-Pres., G. M . Shriver; Sec.
C. W. Woolford; Treas.. E. M . Devereux. Address, Baltimore, M d .’
V. 125, p. 1320.
BANGOR AND AROOSTOOK R AILROAD Co.— Stockton Harbor
M e., to Van Buren, with branches; Dec. 31 1926, 615,52 miles; second
track, 30.29 miles; spurs, 34.11 miles; yard tracks and sidings, 189.10 miles;
owned but not operated, 8.85 miles.
The I.-S. C. Commission bas placed a final valuation of $21,030,000 on
the owned and used properties and $3,850,084 on the used but not owned
properties of the company, as of June 30 1916.
ORGANIZATION.— Incorporated under laws of Maine Feb. 13 1891
and under its charter it constructed its railroad from Brownville to Caribou
with branches to Fort Fairfield and Ashland (1891 to 1895). with extension
Caribou to Van Buren (1899). During the same period it acquired the
Bangor & Piscataquis RR Old Town to Greenville, and Bangor & Katahdin
Iron Works R y., Milo (Derby) to Katahdin Iron Works. It also acquired
by purchase the Patten & Sherman R R ., Patten to Sherman, and Aroostook
Northern R R ., Caribou to Limestone, both of Which railroads had been
organized and constructed independently of this company.
It has since constructed as extension or by separate organization with
later acquisition: Fish River R R ., Ashland to Fort Kent (1902); Northern
Maine Seaport R R ., South Lagrange to Searsport (1904); Schoodic Stream
R R ., to the paper mills at East Millinocket (1906); Medford Extension,
South Lagrange to Packard via Medford (1907); St. John River Extension,
Van Buren to St. Francis (1909-1910); Washburn Extension, Squa Pan to
Stockholm, via Washburn with branch, Mapleton to Presque Isle (19091910), and extension to Van Buren Bridge (1915).
Owns all of the capital stock of Van Buren Bridge Co. which connects its
system with Canadian National Railways by international bridge between
Van Buren, M e., and St. Leonard, Province of New Brunswick, Canada.
It also owns all the capital stock (except directors’ qualifying share) o f the
Northern Telegraph Co. On Dec. 31 1926 the Van Buren Bridge Co. owned
all o f the stock o f the Bangor Investment Co.
STOCK.— The stockholders on Nov. 14 1924 approved a change in the
par value of the common stock from $100 to $50, each stockholder receiving
two shares of $50 par value stock for each share of $100 par value, thus
increasing the number of shares from 38,600 to 77,200. Each share of $50
par value entitled to one-half vote. V. 119. p. 2405, 2642.
On July 19 1927 the stockholders increased the authorized amount of
stock from 77,200 to 112,200 shs. V. 125, p. 510.
D IV .—
f0 7 -T 2 . T3. ’ 14. T5. T 6 .’ 17. T 8-’22. ’ 23. ’24. ’25. ’ 26 ’27.
Common % J 4 y r ly . 3 3)4 3
3
5 4 yrly. 4)4 514 6
6 6M
7 yearly.
Preferred % . [ ------------- First authorized in 1917________
Paid or declared on common in 1928: Jan. 1, 87c.
BONDS, &c.— Piscataquis D iv. 5s, see V . 67. p. 1159; V. 68, p. 84, 329
Of the Consol. Ref. 4s. $12,500,000 were reserved to pay off outstanding
bonds, lnoludlng those of controlled roads, oar trusts and pref. (took,and to
acquire such controlled roads; $3,000,000 for Improvements over a aeries
of year and $4,500,000 for extensions at $25 000 per mile, lnoludlng equip­
ment. V. 73, p. 286, 896; V. 74, p. 93. All the 2d M. bonds were retired
in 1918, leaving the 4s a second lien on main line and a first lien on several
branches. V. 108, p. 2235. The Northern Maine Seaport bonds ($5,000,000 auth.). V. 81. p. 265; V. 82, p. 392; V. 84, p. 391, 692; form of guar.,
v 81, p. 727. Van Buren Bridge Co. bonds are callable at 110 and int
There are besides $155,000 outstanding, $75,000 in sinking fund and $20,000
in company’s treasury. V. 100. p. 311: V. 109. p. 1460.
The St. John River Extension 1st 5s of 1909 ($1,800,000 auth. Issue),
guaranteed, prin. & int., were issued at $30,000 per mile. V. 93. p. 939.
Equipment trusts Series “ H ,” V. 116, p. 175: Series “ I .” V. 117, p. 2768.
Series “ G ," prior lien equipment trusts are due $8,000 annually for 5 years
and $10,000 annually for 10 years.

18

Miles Date
Road Bonds

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8]
Bath & Hammond sport— First mtge Ext g o l d ------z
Second mortgage red 1 0 5 _____________
____z
Beech Creek— Stock (guar 4% by endorsement)----First mtge gold guar p & 1 (endorsed) - - Col.xcAr
8econd M for $1,000,000 g guar p & i (end).Un.xcAr
Beech Creek Exten— 1st M $4,500,000 g gu pAiG.xc*
Beech Creek consol M $20,000,000 g gu pA i.G .c*Ar
Belt Line Ry, M ontgomery— 1st M gold $300,000 x
Belt RR & Stock Y ds, Ind— Stock auth $3,000,000-Preferred stock cumulative
- 1st refunding mtge $1,000,000 gold
.xc*
Belt Ry of C hattanooga— 1st mtge gold._MeBa.xc*
Belvidere Delaware— Stock $4,000,000—
1875 $4,000,000/Guar by United C o’s sk fd
__xc*
1Consol mtge __ .
- _
B ennettsville & Cheraw— 1st M $150,000 g-MeBa
Bessemer & Lake Erie—
Meadville eq tr due $55,000 yrly________ ______ xx
Albion eq tr due $75,000 ann to ’32; $100,000 in ’33&’34
_xx
Euclid equip trust due $250,000 yrly____ Girard equip trust due $240,000 yrly - - - . - —
Osgood equip trust due $90,000 yrly,
_.z
Birmingham Term inal— 1st M $3,000,000 gold gu_x
Bloom sburg & Sullivan RR — 1st M ...
FPx
Second mortgage income non-cum $200,000--FPx
B oonville St L & S outh Ry— 1st M g red 107 M - - Eq
B oston & Albany— Stock ($25,000,000 authorized)-Bonds (not mortgage) guaranteed prin and i n t .z c
Bonds (not M ) $1,000,000 (V 71,p 1218;V 72,p44)-Z
Impt bds (not mtge) g u p & i - ---- ------ -------------- z
Impt bonds (not mtge) $1,000,000 guar p & i ----- z
do
do
$2,015,000 guar p & i ------zc*Ar
Bonds (not mtge) $3,627,000 guar p A i ------zc*Ar*
Bonds $1,000,000 guar p & i (V 105, p 71 5)--.c*A r

10
10
163
163
163
56
135
237
_
_
_
_
-- 49
_
_
80

1889
1893
___
1886
1892
1901
1906
1911
____
____
1909
1895

Par
Value

Amount
Outstanding

$1,000
1,000
50
1,000
1.000
l.OOOAc
1.000&C
1,000
50
50
1,000
1,000
50
1,000
1,000
1,000

1923.
$5,589,827
884,634
295,341

Railway oper. revenue $6,927,603
1,143,112
Maint. of way A struc
Maintenance o f equip . . 1,447,214
Traffic________
_
61,505
Transportation _
. _
1,866,829
General A miscellaneous
313,790
3,042
Transp. for invest. (Cr.)

$6,862,488
1,268,914
1,410,353
57,353
1,888,222
292,224
3,199

$6,924,115
1,217,016
1,586,408
50.125
1,980,447
266,494
1,450

$6,769,802
1,241,658
1,432,680
51,005
2,115,696
241,413
2,678

$2,098,195
Net oper. revenue _
552,693
Tax accruals A uncollec.

$1,948,621
572,440

$1,825,076
519,946

$1,690,027
531,684

Railway oper. income. $1,545,502
332,716
Hire o f equipment _
80,345
Other i n c o m e .____

$1,376,181
Cr.327,196
• 71,623

31,305.130
Cr.434,398
66,454

$1,158,343
Cr.507,759
D r.4,348

Gross income . ____ $1,958,564
Interest on funded debt. 1,023,942
7,017
Int. on unfunded debt-.
11,333
Miscellaneous charges
1,947
Amort, o f disc. op. fd. dt
243,600
Preferred d iv id e n d ._
_
Common dividend____(6%)231,600

$1,775,000
1,031,651
6,118
11,387
2,216
243.600
231,600

$1,805,983
1,045.175
11,346
23,238
3,474
243,600
221,950

$1,661,754
1,042,719
11,113
11,906
1,106
243,600
221,950

$129,360
$257,200
$248,428
Balance, surplus
$439,126
x38,600
77,200
Shs. com . outst. (par $50)
77,200
77,200
$4.55
$6.21
Earns, per sh. on corn ..
$6.22
$8.69
x Shares o f $100 par value.
For latest earnings, see “ Railway Earnings Section” (issued m onthly).
BALANCE SHEETfas o f Dec. 3111926 in. V. 124, p. 2114.
OFFICERS.— Chairman o f Exec. Comm., John Henry Hammond; Pres..
Percy R. Todd; V.-Pres., James Brown and Frank C. Wright; Treas.,
Wingate F. Cram; Gen. M gr., W . K . Hallett; Gen. Counsel, Henry J. Hart,
Office, Bangor, M e.— V. 122,1p. 2324.
BATH & HAMMONDSPORT R R .— Bath, N. Y .. to HammondsportN . Y ., 10 miles. Control acquired by Erie R R . in 1908. V. 114, p. 197Stock, $100,000. 1st M t. 5s ($100,000) due June 1 1919, were extended
at 6% to June 1 1929. 2d mtge. 5s were extended to April 1 1943. V . 116,
p. 2128.
Paid in 1927: Jan. 2 % ; July 1, 2% .
BEECH CREEK R R .— (See Maps New York Central Lines.)— ROAD.
Jersey Shore, Pennsylvania, to Mahaffey, 112 miles; branches to mines,
&c., 30 miles; total, 142 miles. Leased in 1890 to New York Central &
H. R . R R . for 999 years at int. on bonds and 4% on stock. V. 68, p.
872. Carries mostly coal and coke. See guaranty, V. 52, p. 570. The
bonds are endorsed with N. Y . Central’s guaranty of prin. & int. See
V. 52, p. 570. Assumed by N. Y . Central on consolidation, Dec. 23 1914,
Guarantees interest on $545,000 Clearfield Bituminous Coal 1st 4s, due
Jan. 1 1940— (V. 106, p. 497 '
BEECH CREEK EXTENSION R R .— (See Maps N . Y. Central Lines.)
— Clearfield, Pa., to Keating, 52.14 m.; Curry to Curwensville, 15.77 m.;
Dimeling to Irvona, 26.76 m.; Mahaffey to Arcadia, 13.88 m.; branches,
25.12 miles; total, 133.67 miles. A low-grade coal line, leased to N. Y
Central & H. R. RR. (which owns entire $5,179,000 stock and $3,964,000
consol. 4s) for 999 years from June 1 1905, bonds being guar., p. & i. Of the
consols., $3,500,000 are reserved to retire old bonds. V. 80, p. 1174, 1479;
V. 81, p. 30; form o f guaranty, V. 82, p. 1267. Assumed by New York
Central on consolidation, Dec. 23 1914.— (V. 82, p. 1267.)
BELT LINE RY. OF MONTGOA4ERY.— Owns real estate and a belt line
in Montgomery, Ala., about 2 miles of track on Tallapoosa, Bell, Perry and
Columbus streets. The Inter-State Commerce Commission has placed a
final valuation o f $205,000 on the property o f the company as of June 30
1917. Atlantic Coast Line R R . pays an annual rental equal to bond
interest and difference between taxes, insurance and cost of operation
and gross earnings from others than the Atlantic Coast Line. Atlantic
Coast Line R R . owns entire issue of $200,000 stock, par $100. V. 92, V.
1242; V 93, p. 43.— (V. 123, p. 838.)
BELT RAILROAD & STOCK YARDS OF INDIANAPOLIS.— Owns
14 miles of belt road, Ac. Leased for 999 years to Ind. Union— which seeDIVS.— Com i’ 14. T5. T6. T7. Y8. ’ 19. ’20. ’21 ’ 22. ’23. ’24 ’25. ’26Cal. yrs., cash! 14 18 20 16 18 11 11 8
7 11
10 9
7
Also stock
'33 1-3
.. .
_ _ 50 _ . ■ __ - -Paid in 1927: Jan., 2 % , July 1 ,2 % .
Mortgage trustee, Onion Trust Co., Indianapolis. V. 89 p. 40; V. 92,
Pres., S. E. Rauh, Indianapolis, Ind.— (V. 102, p. 1249; V. 106, p. 923.)
BELT RAILW AY (OF CH ATTAN OO GA).— Owns 49 miles of belt
railroad In Chattanooga, Tenn. V. 67, p. 72.
Leased till July 1 1945 to The Alabama Great Southern R R . Co.; renta:
guaranteed to meet interest on $300,000 1st Mtge. 5% bonds and $24,000
2d Mtge. 4% bonds, taxes and maintenance. STOCK, $300,000, owned
by The Ala. Great So. R R . Co. Bonds are tax-free, due 1945; red. at par
BELVIDERE DELAWARE R R .— Owns from Trenton, N. J., to Ma
nunka Chunk, N . J., 67 miles; branches, 14 miles; total operated. 80 miles
Leased to United Companies, and, March 7 1876, transferred to Penn. RR,
which owns $244,600 of the stock
Net earnings paid as rental
1897-05. ’06-T1. T2. T3. T4. T 5 -’22. ’23-’26
6 - - 4 yrly. 6 yrly.
D IV ID E N D S ( % ) ________ 5 yrly. 10 yrly. 7
BONDS.— All of the outstanding bonds are secured by the consolidated
mortgage of 1875 for $4,000,000; sinking fund. 1% of outstanding bonds if
earned. They are guaranteed by the United New Jersey R R . A Canal Co.
Guaranty, V . 76, p. 918.

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

50 Church St, New York
$100,000
6 g J & D Junel 1929
A & () Apr 1 1943
200,000
do
do
5
— .1 Oct 1 1927 1% 466 Lexington Ave, N Y
4
6,000,000
5,000,000
4 g J & J July 1 1936
do
do
1,000,000
do
do
5 g J A .1 July 1 1936
3,500,000
do
do
33^ g A & () Apr 1 1951
s
3,964,000
do
do
4 g A A O Apr 1 1955
& J July 1 1941
Safe Dep A Tr Co, Balt
245,000
5g
3,000,000 See text Q— J July 1 1927 2% C o’s office, Indianapolis
500,000
6
do
do
t, — .1 July 1 1927 l h
t
Nat City Bank, N Y
1,000,000
4 g M A N M a y l 1939
t
Mercantile Tr A D , Balt
J A J July 1 1945
300,000
5
Penn RR Co. Phila
1,253,000 See text yearly See text
do and New York
848,000
3>4 J & J Jan 1 1943
4
,T & ,TJan 1 1933
do
do
259,000
c
Merc Tr A Dep C o, Balt
101,000
5 g J A J Jan 1 1941

1903
1893
45 1911
_
_
1,000
220,000
_ 1911
1912
1,000
575,000
_
_ 1914
1,000
1,750,000
_
_ 1916
1,000
1.440,000
_
_ 1920
1.000
990,000
5.9 1907
1,000
1,940.000
29 1898
100 &c
242,000
29 1898
100 Ac
199,600
44 1917
1,000
250,000
_
100 25,000,000
393
_
_ 1902
1,000 3,858,000
_
_ 1901
1,000
1,000.000
_ ’ 08-T0
_
1,000 13,500.000
_ 1912
1,000
1,000,000
1,000
1913
_ 1913 1,000 &c 2,015,000
3,627,000
1917 1,000 &c
1.000,000

R E PO RT.— For 1926, in V. 124, p 2114, showed:
1924.
1925.
1926.
$5,852,025 $5,867,703 $5,831,831
Freight revenue______
694,413
788,445
764,641
Passenger revenue____
303,839
300,372
310,937
Mail, express, Ac
_ -




[V ol. 125,

BAILW AY STOCKS AKD BONDS

5
5
5
5
6
4g
5
5
5g
8*4
3H
3H
4
4H
5
5
5

M A S To Mar 1931
c
c
.1 A 1) To June 1934
A J To July 1933
M A N To Nov 1932
c
F A A To Feb 1 1938
M A S Mar 1 1957
c
c
J A J Jan 1 1928
c
J A J Jan 1 1928
F A A Aug 1 1951
Q— M Sept 30 ’ 27 2%
A A O Apr 1 1952
c
c
J A J Jan 1 1951
M A N M ay 1 ’ 33-34-35
c
.1 A J July 1 1937
,1 A J July 1 1938
A A () Oct 1 1963
c
c
J A D June 1 1942

J

Home Tr Co, Hobok.NJ
do
do
do
do
Union Tr Co. Pitts, Pa
do
do
Equitable Trust Co, N Y
Fidelity-Phila Tr Co,Phi
Reg Bi’msb’ gh, wh earn
Trustees’ office, Toledo
Office, Term Sta, Boston
do
do
do
do
do
do
do
do
do
do
do
do
do
do

E A R N IN G S.—For 1926:
Cal. Years—
Gross Inc. Int.,Rentals,&c. Dividends.
Bal., Sur.
1926________________ $652,469
$63,983
$75,180 (6% )
$513,306
1925________________ 559,556
107,620
75,180 (6% )
376,757
BENNETTSVILLE & CHERAW R R .— Owns Kollocks, S. O., on Sea­
board Air Line, via Bennettsville and Brownsville, to Sellers on Atlantic
Coast Line, 45 miles. In Sept. 1921 was authorized to abandon 10.44 miles
of its lines. V. 113, p. 1154. Final valuation of $6,750 on the used but
not owned property and $345,000 on the total owned property of the com­
pany as of June 30 1918. Stock, $250,000.
T6. T 7. T8. T9. ’20. ’21. ’22. ’23. ’24. ’25.
DIVIDEN DS ( % ) ........... —
9 --6
6
9
6 5H
6 4)3
Bond sinking fund, $3,000 yearly. $49,000 bonds held in sinking fund.
V. 92, p. 116.
EARNINGS.— For 1925, gross revenue, $108,491; net operating'! ncom e’
$27,987; other income, $648; interest, rentals, &c., $25,565; dividends$11,250; deficit, $8,180
Pres., J. J. Heckart; Gen. M gr., J. I. McLain.— (V. 113, p. 1154.)
BESSEMER & LAKE ERIE R R .— Kremis to Osgood (K . O. Junction;
Pa.. 8.81 miles; leased (Pittsb. Bess. & L. E. R R . Co., 176.40 miles'
Meadville Conneaut Lake & Linesville R R . C o., 21.61 miles), 198.01 miles,
total, 206.82 miles; trackage (N. Y . Chic. & St. L. R R ., Cascade to Wallace
Junction, Pa., 12.20 miles; Baltimore A Ohio R R ., Pittsburgh Junction to
Standard Junction, Pa., 0.97 miles), 13.17 miles; total operated Dec. 31
1926, 219.99 miles. Second track (owned), 8.05 miles (leased), 134.66
miles; total, 142.71 miles. Branches and spurs (owned), 0.29 miles; (leased)
31 84 miles, total .32 13 miles. Yard tracks and sidings ( owned), 8.62
miles; (leased) 198 22 miles; trackage, 4.86 miles; total, 206.70 miles. In
addition the Bessemer & Lake Erie RR. Co. leases the following from the
Pitt#. Bess. & L. E. R R . C o., and in turn subleases to the Union R R .,
reserving trackage rights for passenger trains, 8.04 miles from North
Bessemer to East Pittsburgh, Pa., 8.04 miles of second track, and 89.11
miles of yard tracks and sidings; gauge 4 ft. 814 in.; rail. 130 lbs.
The I.-S. C. Commission has placed a tentative valuation of $36,501,288
on the property of the company as of June 30 1916.
Stock auth., $500,000. Dividends paid: In 1904, 100%; 1905, 50% ; 1906)
40%: 1909. 200%; 1910, 150%; 1911. 150%: 1912, 200%: 1913. 200% ,
L914, 275%; 1915 and 1916, 150%; 1917, 100%; 1918, 190%; 1919. 150%,
1920. 200%; 1921, 150%; 1922, 200%; 1923, 200%; 1924, 250%; 1925.
400%; 1926, 400% . Controlled by U. S. Steel Corp. Guaranty on Mar­
quette A Bessemer Dock & Nav. bonds. V. 77, p. 1228; V. 76, p. 1358;
V. 82, p, 160.
R E P O R T .—For 1926:
Cal.
Other Int. Rents,
Yrs .—
Gross.
Net.
In c.
&c.
Divs.
Balance.
1926 .$16,972,124 $5,768,361 $972,880 $1,418,844 $2,000,000 $3,322,397
1926 15,546,686 4,750,202 999,122 1,484,092 2,000,000 2,265,232
For latest earnings see “ Railway Earnings Section” (issued monthly).
President, J. H. R eed.— (V. 125, p. 1188.)
BIRMINGHAM & NORTHWESTERN R Y .— Jackson, Tenn., north­
westerly to Dyersturg, 49 miles. The I.-S. 0 . Commission in Mar. 1922
Authorized the company to issue $400,000 1st Mtge. 6% bonds, due Mpr. 1
1927, for the purpose of refunding or retiring an equal amount of 1st Mtge.
bonds maturing M ir. 1 1922. The new bonds are dated M ar. 1 1922 and
mature Mar. 1 1927. V. 114, p. 1061.
The I.-S. C. Commission has placed a final valuation of $722,847 on the
owned and used property of the company as of June 30, 1917.
Pres., I. B. Tigrett; >ice-Pres., C. W . McNear; Sec., C. W . Hewgle
Treas., J. E. Edenbon. Office, Jackson, T enn.— (V. 124, p. 2901.)
BIRMINGHAM & SOUTHEASTERN R R .— The I.-S. O. Commission
on Dec. 23, 1924 issued a certificate authorizing the Birmingham A South­
eastern R R . to acquire and operate the line of railroad of the railway com­
pany extending from Union Springs to Eclectic, a distance of 46-89 miles,
all in the State of Alabama. The Commission on Dec. 20 authorized the
company to issue $300,000 capital stock in connection with the acquisition.
(For plan of readjustment of Birmingham & Southeastern R y. see V. 120,
p. 205. 698. 826.)— V. 121, p. 2399.
BIRMINGHAM TERMINAL.— Owns passenger terminals at B irm ­
ingham, Ala. The I.-S. O. Commission has placed a tentative valuation of
$1,560,800 on the property of the company, as of June 30 1916. Stock all
owned by the Illinois Central, Southern R y., Seaboard Air Line, Central of
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. Of the bonds ($3,000,000 au­
thorized), $1,060,000 are reserved for additional properties. In addition
to being a 1st mtge. on 5.9 miles of track the bonds are also a 1st mtge.
on all the company’s property.
BLOOMSBURO & SULLIVAN R R .— Owns Bloomsburg to Jamison
City, Pa., 29 miles. The I.-S. C. Commission has placed a final valuation
of $560,650 on the property of the company, as of June 30 1918. Stock is
$600,000; par, $50. V. 66, p. 80, 952.— (V. 123, p. 838.)
BOONVILLE ST. LOUIS & SOUTHERN R Y .— Boonville to Ver­
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 Mo. Pac. R R . C o . under new lease, dated Aug. 1
1917, and running until Aug. 1 1955. Consideration, payment o f main­
tenance expenses, taxes and an annual rental of $12,500, being the interest
on the new outstanding bonds plus $30 annually to corporate trustee.
Under financial readjustment in Feb. 1918 the holders of the $500,000
1st mtge. bonds of 1911 (coupon of Feb. 1916 unpaid) were offered in
exchange pro rata $250,000 new First M tge. 5% gold bonds o f Boonville
Co. under new mtge., dated Aug. 1 1917, payable Aug. 1 1951; and also
$250,000 pref. stock v. t. c. of Missouri Pacific R R . C o., together with a
cash adjustment of $50,000, equal to the defaulted interest. Trustees, the
Spltzer Rorick Trust A Sav. Bank, Toledo, Ohio, and Lewis O. Nelson.
Pres., L. W . Baldwin; Treas., F. M . Hickman; Sec., F. W. Irland, St.
Louis, M o.— (V. 105, p. 996.)

Nov., 1927.]

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

BOSTON & ALBANY R R .— Owns Boston, Mass., to Albany, N. Y .,
199 miles; branches, 107 m.; leased lines, 90 m.; total, 396 miles.
Leased in 1900 for 99 years to the New York Central & Hudson River R R .
for guaranteed rental of 8% per annum on the 825,000,000 stock, payable
quarterly (Mar. 31, &c.), organization expenses, interest on bonds, taxes,
expenses of maintenance, &c. The B. & A. received for certain property
not included in the lease $5,500,000 in N. Y . Central 314 % 100-year deben­
tures, thus adding .77% per annum to 8% guaranteed on stock. See lease
to V. 69, p. 282, 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 bonds are guar. prin. and int. by New York Central &
Hudson 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. 277, 1055, 1316, 1625.
DIVIDEN DS.— Since 1900 to date, 8 H % , viz., 2% each in March,
June and September, and 2)£% in December.
Calendar Operating
Oper. Inc.
Other
Interest,
Balance,
Year— Revenues. (after Taxes.)
Income. Rentals. &c. Sur. or Dei
1926 ____$32,826,056 $5,050,832
$603,301 $4,895,372 sur.$758,761
1925 ____ 32,141,494 3,981.871
279,529
3.521,479 sur. 739,921
1924 ____ 32,280,373 3,739,406
3,390,862 sur.
613,847
265,304
3,200,515sur. 1,545,068
1923 ____ 36,687,782 4,533,951
211,632
3,201.503 sur. 1,477,809
1922 ____ 32,541,904 4,489,589
189.723
OFFICERS.— Pres, William Endicott; V .-P ., Allen Forbes.'— (V. 125,
p. 1832.)
BOSTON & LOWELL R R .— See Boston & Maine R R .
BOSTON AND MAINE R R .— ROA D .— The system with its many
branch lines covers the territory from Boston, Mass., to Portland, M e. (two
lines), Springfield, Mass., Wells River, Vt., Rotterdam; Jet. and Troy,
N . Y ., Worcester, Mass., to Portland, M e., and most of New Hampshire.
Description—
----- Mileage——
Oxcned.
Steam Roads—
Leased.
Total
Mainlines____________ -----------------1,041.06
230.54
1,271.60
Branch lin e s ............... ............ ....... 558.70
219.08
777.78
Trackage r ig h ts ______
32.87
32 87
- .............-.1,599.76
----------------- 501.17
----------------1.20
----------------1,087.71

482.49
0128.76
65.85
210.81

2,082.25
629 93
7.05
1.298.52

Total track operated. ----------------3,189.84
Electric Railways—
____ ______
28.71
. . .
1.84

827.91

4.017.75

__________

30 55

28.71
1.84
30.55

Grand total tracks operated—
Steam and electric roads—
Dec. 31 1926______________ 3.220.39
4.848.30
827.91
a Includes trackage rights, 21.29 miles, b Incl. trackage rights. .99 mile
On Aug. 29 1916 the Boston & Maine R R . was placed In temporaryreceivership on account o f inability to pay its maturing obligation of nearly
$20,000,000. Pres. James H. Hustis was appointed temporary receiver
and continued in this position until reorganization and consolidation of
the system on Dec. 1 1919.
The reorganization plan (V. 107, p. el918
2375. 2475), which became effective Jan 1 1919, provided for th con­
solidation o f the Boston & Maine R R . with its seven directly leased lines
and the assumption by the consolidated company o f all sub-leases and other
obligations.
The final valuation o f the Boston & Maine R R . as of June 30 1914 was
found by the I.-S. C . Commission to be $234,189,816 for all properties
owned or used. The value o f properties owned and used was found to be
$101,712,971,' and o f properties used but not owned, $132,476,845.
The Commission found that the investment in road and equipment,
including land, was $90,653,840 on the valuation date. The cost of
reproduction new of total properties used was found to be $223,317,897
and the cost, less depreciation, $170,629,869.
The Boston R R . Holding Co. held $21,918,900 common and $654,300
preferred stock, and this was ordered by the Court to be sold by Oct. 1
1923. V. 108, p. 2122. The Court, on June 4 1923, modified the decree
of Oct. 17 1914, the modification restoring to the New Haven its investment
in the B. & M . V. 116, p. 2635.
The Boston & Maine Transportation Co. was organized in June 1925
for the purpose o f opera ting motor coach routes. Compare V. 120, p. 3308;
V . 121, p. 702, 2151; V. 124, p. 2423.
Reorganization.— On Sept. 1 1926 the reorganization plan was declared
effective. Under the plan (V. 121, p. 1223) $40,490,000 bonds of various
maturities were extended for 15 years and a new issue of $13,000,000 prior
preference stock was created. For further details concerning stockholders
rights, &c., s e e ‘ ‘ Railway & Industrial Compendium” of M ay 1927 or V.
121, p. 1223.
STOCK.— The 7% prior preference stock has voting powers and has
priority over the 1st pref., pref. and common stock as to divs., which shall
be cumulative, and also in liquidation at par and accumulated divs. It is
callable as a whole but not in part on any div. payment date after Jan. 1
1930 at $110 per share and accumulated divs. but in case of any such call
made on or before Jan. 1 1940 a period o f at least 90 days shall intervene
between the first publication o f the call and the date fixed for redemptionl
and during said period any bonds which are convertible may be converted
into prior preference stock without regard to the limitation upon the amount
o f bonds convertible in any calendar year, and the stock to be called and re­
deemed shall include all shares issued in exchange for bonds so converted,
but in this event the conversion privilege on all bonds not so converted
within the period o f 90 days shall terminate at the end o f the period.




When
Payable

Rate
%

elow.
$100 $39,505,356
B oston & Maine— Common stock_________________
Prior preference stock 7% cum red (text)_______
100 13,000,000
7
First Pref Cum (after July 1 1927) stock, all same priorit y $50, 817.900
“ A ” (for Fitchburg preferred 5% stock)_______
100 18,860,000 See text
“ B ” (for B & L and L & A 8% s to c k __________
100
7,648,800 See text
100
7.917,100 See text
100
4,327,000 See text
100
65,000 See text
“ E ” (for K & K 4 H % stk)____
ion
3 14Q son
Old Pref stock non-cum (see text).
1,000 3,991 iooo
1,651 1923
6 g
cos--Series H __________________________________________
6
5,443,979
1920
Series J__________________________________________
1921
6
3,049,000
Series K __________________________________________
1922
5,000,000
6
Series O __________________________________________
1924
5.894,000
6
Series Q __________________________________________
1926
426,000
5
Series R __________________________________________
3,580,000
1926
5
Series S__________________________________________
500,000
5
1926
5
Series T __________________________________________
1926
8,348,000
Series U __________________________________________
500,000
1926
5
Series V __________________________________________
2,359,000
a4
1926
Series W __________________________________________
1,867,000
64
1926
Series X __________________________________________
323.000
c4
1926
Series Y __________________________________________
d4
1,363,000
1926
Series Z __________________________________________
1926
2,306.000
e4 y2
Series A A _________________________________________
10,382,000
f4l4
1926
Series B B _________________________________________
342,000
1926
Series CC______________________________________
64
690,000
1926
Series D D ________________________________________
3,268,000
?6
1926
Series E E _________________________________________
555,000
k7
1926
Series F F _________________________________________
1.191.000
1926
1026
846,000
Series 6 G _________________________________________
Series A C ______________________________________
30,942,000
5
1927
a to m The above issues bear interest at the rates ^iven to and including the iollow i ng dates,
b April 1 1927; c July 1 1927; d Jan. 1 1928; e M ay 1 i 928; / April 1 1 929; g April 1 1929; 6
1 1932; n April 1 1932.

Total road operatedSecond t r a c k ________
Third track___________
Side t r a c k . _______ __

19

RAILW AY STOCKS AND BONDS

J

&

J Oct 1 ’2 7 ,1 3 Vo
A

Q— J
Q— J

Oct 1 ’27,
Oct 1 ’27,
Oct 1 ’27,
Oct I ’27,
Oct 1 ’27,

Q—J
Q— J
Q— J

J

'&

M

&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&

A

J
.1
F

M
M
M
M
M
A

J
.)

M

A
A
J
J
J
J
A

A.
r

Last Dividend Places Where Interest ana
and Maturity
Dividends Are Payable

j

1K %
2%
1% %
2y2%
1 Vs %

J a n 'l 1933 “

N Nov 1 1930
O Oct 1931
D Junel 1935
J Jan 1 1934
A Feb 2 1940
N M ay 1 1940
S Sept 1 1940
s Sept 1 1Q41
N Nov 1 1941
S Mar 1 1942
O Apr 1 1942
J July 1 1942
J Jan 1 1943
N M ay 1 1943
O

o

J Jan
D
.T Jan

1 1945
1 1Q4R

8 O Anr 1 1Q4-7
r.
& s Sept 1 1967
after wh ich the rate bee

M

J a n .1 19 30; June 1 1930

k; Jan 1. 1931; m Jan.

DIVS.— f’93. ’94-’98. ‘99. ’00-’07. '08. ’09. TO. ’ l l . T2. 13. None
Com. ( % ) . { 8
6 yly.
7 yly. 65* 6
6
5
4
2
since
On Jan. 31 1920 paid a div. of $2 67 per share on the Pref. stock, the first
payment since March 1913. V. 110, p. 359. Mar. 10 1920, 2% ; Sept. 1 1920,
2% ; March. The company declared out of earnings for the six months
ended June 30 1926, semi-annual dividends as follows on the first pref.
stock, payable Aug. 12 1926: class A 1st pref., $2 50; class B ls t pref., $4:
class C 1st pref., $3 50; class D 1st pref., $5; and class E 1st pref., $2 25;
No dividends had been paid on these stocks since July 1920.
The directors on Dec. 14 1926 declared an initial dividend of $2.33 per
share on the 7 % prior preference stock (to cover the initial 4 months’ period)
and the regular semi-annual divs. of 2)£% on the class A 1st pref. stock,
4% on the class B 1st pref., 3 M % on the class C 1st pref., 5% on the class D
1st pref. and 2)4 % on the class E 1st pref., all payable Jan. 1 1927.
The directors also declared the accumulated div. on the pref. stocks for
the 6 months ended Dec. 31 1925, payable Jan. 1 1927. V. 123, p. 3178.
prior
B,
Oct. 1 ’27, 1 H % .
BONDS.— The new 1st & ref. mtge. secures all of the consolidated com­
,
pany’s bonds equally with the bonds given to the Government, and will
cover all the property owned or hereafter acquired, subject only to the
following divisional mortgage bonds: Portsmouth Great Falls & Conway
R R . due June 1 1937, $1,000,000; Worcester Nashua & Rochester R R .,
$530,000 ($380,000 due Oct. 1 1934, $150,000 due Jan. 1 1935). The bonds
are therefore secured by; (1) a 1st mtge. on 1,480 m. of road owned by the
company; (2) a 1st mtge. on the lessee’s interest in the leased lines covering
400 miles of road; (3) a mtge. on the remaining 119 miles of road subject to
the $1,575,000 prior mtge. bonds mentioned above, and (4) a 1st mtge. on
the terminal properties owned. Bonds issued in series. (See table at head
of page.) ’
Leased Lines.— Leases assumed by the consolidated company are:
Stock
Div
Stock
Div.
Outstanding. Rate.
Outstanding. Rate.
6
Vermont & Mass_$3,193,000
Massawippi Valley. $800,000
6
Troy & Bennington. 150,800 10
New Boston R R ____
84.000
Nashua & Lowell_
_ 800,000 9
Con. & Portsmouth. 350.000
$tony Brook_______ 300,000 7
Pemigewasset Valley 541,500
Wilton R R ________ 240.000 8)4 Concord & Clarem’t 400.700
Peterborough R R .. 385,000 4
Franklin & T ilton .. 132,800
Northern R R ______ 3,068,400
6
None
Peterb. & Hillsboro.
Oonn. & Passumpsic 2,500,000 6
Newport & Richford
None
Boston & Maine guarantees $1,328,000 1st 5s of St. Johnsbury & Lake
lhamplain. Jointly with Maine Central guarantees $300,000 Portland Union
8y. station (now Portland Terminal Co.) bonds. V 93, p. 940, 1323. Also
suarantees $500,000 Concord & Claremont 1st mtge. 5s. due Jan. 1 1944.
Equipment Gusts issued to Director-General for rolling stock allocated
so this company. See article on page 3.
Stockholders’ suits, V. I l l , p. 73, 188, 692, 895; V. 112, p. 561. Govt,
loan, V. I l l , p. 791; V. 112, p. 160, 2747; V. 113, p. 1052; V. 114, p. 408,
1405; V. 117, p. 2541.
R EPO RT.— For 1926, to V 124 p 1811, showed:
Operating Revenues—
1926.
1925.
1924.
1923.
Freight--------------------------$51,813,305 $51,422,292 $47,944,422 $53,409,041
Passenger---------------------- 20,058,276 20.213,911 21,309,338 23,022.484
1,246,020
1,311,213
1,286.138
913,946
M a il---------------------------Express----------------------- 2,995,352
3,126,301
2,804.753 3,122,184
O ther--------------------------- 5,512,424
5,555,046
5,352,647 5,843,285
Total oper. revenues..$81,625,376 $81,628,763 $78,697,298 $86,310,941
OperatinQ Exp6TLS€S~~m
Marnt. of way & struc__$10,998,090 $10,241,687 $10,076,152 $11,546,362
Maint. of equipment_ 15,189,191 15,893,992 16,289,365 19,489,240
_
T ra ffic-----------------------893,999
799,145
694,260
659,348
Transportation________ 32,148.846 32,857,838 33,828,789 40,705,825
Miscellaneous operations
290,194
290,423
273,641
300,491
General------------------------ 2,838,019
2,904,378
2,750.349
2,574,326
Total oper. expenses..$62,355,456 $62,987,463 $63,912,556 $75,275,588
Net operating revenue..
19,269,920 $18,641,300 $14,784,742 $11,035,353
Tax accruals---------------- 3,079.050 $3,187,885 $3,040,802 $2,935,235
Uncollectible revenues._
13,030
18,638
11,948
4,428
Operating income----- $16,177,840 $15,434,777 $11,731,992
Other income--------------- 2,486,724
1,572,007
1,116,486
Adjustment___________
______
Gross incom e_
_
T ^ p f h ir lin n q__.

...$18,664,564 $17,006,784 $12,848,478

Hire of freight cars (net) $3,183,318
Rent for leased roads_
_
1,139,132
Interest and discount_
_ 6,972,984
Other deductions______
795,725

$2,868,390
1,229,351
6,685,141
754.993

$2,592,303
925,523
6,733,724
824,191

$8,095,690
1.351,001
Dr.89,070
$9,357,621
$4,853,576
902,363
6,319,301
773,451

Total deductions------- $12,091,159 $11,537,875 $11,075,741 $12,848,691
Net income----------------- 6.573,404
$5,468,909$1,772,7.37df$3,491,070
Inc. app. to sink, funds.
168,326
$156,234
$147,560
$271,714
Dividends_____________ a3,926,319
_______
Total appropriations- $4,094,645
$872,434
$863,760
$929,164
Balance surplus-----------$2,478,759 $4,596,475
$908,977df$4,420,234
a As follows: 7)6 % on the 1st pref. A; 12% on the 1st pref. B; 10)4 % on
1st pref. C; 15% on 1st pref. D; 4)1 % on 1st pref. E, and $2.33 per share
(covering four months) on the prior preference stock,
y Equipment trust installments.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Homer Loring, Chairman; George Hannauer, Pres.: Wm.
J. Hobbs and N . W . Hawkes, V.-Ps.; H. R . Wheeler, Treas.; A. B. Nichols.
Clerk.

20




RAILW AY STOCKS AND BONDS

[V ol. 125.

Nov., 1927.]

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

Miles Date
Road Bonds

B oston & Maine— (Concluded)
(equipment gold notes, due $454,200 annually-_G
1920
Equipment gold cert, due $121,000 annually _c*&r
1922
do
do
due $141.000 annually______
1923
Bonds of Merged Properties Assumed—
Improvement bonds s f not subject to c a l l _______ z
1887
B nds for improve ent & ref________________zc&r
1892
Bonds gold_________________________________ zc&r.
1894
Bonds exchanged for Fitchburg stock (V 70, p 175)-z
1900
Portsm Gr Falls & Con 1st M assum_________ __ _z
73 1877
Worcester Nashua & Roch first mortgage equally]
/ 47 Var.
secured___ _ ____ ___________________________ zf
147 1894
Boston & Lowell— Bonds_____________________ zc*
1913
Bonds___ ____________________________________
1916
Connecticut River b o n d s _____________________ zc
1893
Fitchburg— Bonds to State o f Massachusetts____zr
1887
Bonds $450,000 authorized____________________ z
1913
Bonds __________ ____________________________ z
1914
Bonds of Leased Lines—
Concord & Claremont (N H)— 1st m t g e . . _____zc
71 1914
Conn & Passumpsic 1st mtge $1,900,000 gold____zc*
110 1893
Boston & Providence — Stock 10% gu 99 yrs Old Col
63
_______ OByc
Gold debentures______ . . ._
1923
Boston RR H olding Co — Pf stk 4% cum red llO .z g u
B oston Revere Beach & Lynn — Stock $850,000___ z
1st M $1,000,000_____________________ g SBzc*&r* 13.12 1927
Boston Terminal Co — 1st mtge currency..OB.zc&r
1897
B oyne City Gaylord & Alpena— 1st M $800,000__ 91.52 1917
Brownsville & Matam Bridge Co— 1st M g gu SSt.x
1910
Gold bonds $100,000 guar jointly____________ N.x
1911
BuffaloC r— Con(nowlst)M $l,000,000g int as rent c*x
6 1891
1st ref M total auth $5,000,000 g red 105_ Usm.x
_
5.77 1911

Amount
Outstanding

Par
Value
100 &c

$3,633,600
1,210,000
1,551,000

1,000
1,000 &c
1,000
1,000
500 Sec
1,000
1.000
1,000 &c
1,000
1,000
1,000
1,000 &c
1,000 &c

1,919,000
2.500.000
6,000,000
5,454,000
1,000,000
150,090
380,000
1,000,000
1,250,000
1,000,000
5,000.000
400,000
1.872,000

1,000
500,000
1,000 1,900.000
100 3,996,000
1,000 2,170,000
100 27.293.900
100
850,000
1,000 &c 1,000,000
1,000 &c 14,500,000
800,000
100
1,000
290,000
1,000
90,000
1,000 1,000,000
1,000 2,000,000

DIKECTORS.— Frank D . True, Frank P. Carpenter; Walter C. Baylies,
James Duncan Upham, Reginald Foster, H. H. Dudley, W. J. Hobbs,
R . L. Patrick, Alba M . Ide, W . M . Parker, Roger Pierce, E. M . Hopkins,
W m. D . Woolson, William B. Skelton, T. Jefferson Coolidge, Louis K.
Liggett, Homer Loring, W . Rodman Peabody, Thomas Nelson Perkins,
Louis M . Atherton and William Dexter.— (V. 125, p. 2384.)
BOSTON & PROVIDENCE RR.— Owns Boston, Mass., to Providence,
R . I., 43 miles; branches, 20 miles. Leased 99 years April 1 1888 to N. Y .
N. H. & Hartford R R .: rental 10% yearly on stock, lease being modified in
1912. V. 95, p.235. The N. Y . N. H. & Hartford on Dec. 31 1924 owned
$524,600 stock. The company issued in M ay 1923 $2,170,000 15-year 5%
gold debentures to refund the 6s due July 1 1923. Endorsed on the bond
and signed both by lessee and lessor is a statement to the effect that the
bonds are issued under provisions o f lease of 1888. Interest payable at
Old Colony Trust Co., Boston. The company in April 1923 applied to the
I.-S. C. Commission for authority to Issue $2,710,000 of 5% 15-Year De­
benture bonds with which to refund these bonds.— (V. 116, p. 2255.)
BOSTON RAILROAD HOLDING CO.— Incorporated in Massachusetts
June 18 1909 under special Act with power to hold securities of Boston &
Maine. The N . Y . N . H. & Hartford transferred its holdings of $27,600,400 pref. and com. stock to trustees appointed by the U. S. District
Court, and as guarantor paid pref. divs. which Co. could not meet
Owned $21,918,900 common and $654,300 pref. stock o f the Boston &
Maine, for which was issued $27,293,900 non-voting 4% cum. pref. stock
($2,684,000 outstanding in the hands o f the public), redeemable at 110,
guar., prin. & divs., by endorsement by the N . Y . N . H. & H. R R . Co.
The latter company also owns the entire $3,106,500 com. stock of the Boston
R R . Holding Co. V. 93, p. 870, 1461; V. 94. p. 205; V. 95, p. 968.
OFFICERS.— Pres., A. P. Russell; V.-Pres., C. F. Choate Jr. and J. L.
Richards; Treas., A. S. May, Clerk, H. E. Ross. Office, 492 South Sta­
tion, Boston, Mass. — (V. 117, p. 2108.)
BOSTON REVERE BEACH & LYNN R R . C O — Owns narrow-gauge
road from Lynn to East Boston, Mass,. 9 miles, connecting with Boston by
company’s ferryboats; East Boston to Winthrop, 9 miles; also Winthrop to
Point Shirley, 1 mile. V. 94, p. 982; V. 95, p. 1121, 1402.
DIVS.— ( ’97-’05. ’06. ’ 07. ’08-T0. ’ l l . ’ 12-T9. ’20. '21. ’ 22. ’2 3 .-’26
P e r c e n t .. 1 2 yrly. 4
5 6 yrly. 6 6 vrly. 3
. . 2 4 6 vrly
Paid in 1927: Jan 3 , 1)4% ; April 1, 114%; July 1, l> £ % ;O ct. 1 ,1 )4 % .
BONDS.— The 1st mtge. 4% % bonds are red. as a whole only on any
int. date on 60 days’ notice at 103 and int. Issued to refund a like amount
of bonds maturing July 15 1927. See V. 124, p. 3064.
Year ended—
Gross.
Net.
Int.&Tax. Divs.Paid. Balance.
Dec. 31 1926_____ $1,426,882 $160,367 $103,600 $51,000 sur.$5,766
Dec. 31 1925_____ 1,468,469
158,409 106,181
51,000 sur. 1,227
Dec. 31 1924_____ 1,515,739
158,186 104,283
51,000 sur. 2,903
OFFICERS.— Pres., Karl Adams; V .-P ., H. C. Mildram; Sec. & Treas.,
C. J. Curtaz, 350 Atlantic Ave., Boston, Mass.— (V. 125, p. 1188.)
BOSTON TERMINAL CO.— Owns Southern Union Depot In Boston,
opened in 1899. V. 68, p. 40; V. 69, p. 591. N . Y . Central (Boston & Al­
bany), Boston & Prov., Old Colony and N. Y . N . H. & Hartford R R . cos­
own the $500,000 capital stock and pay as rental in monthly installments
sums sufficient to pay all expenses, charges. Interest on bonds and 4% on
stock. These companies are jointly liable for any deficiency in case of
foreclosure. Reg. int. Q.-F.: coup., F. & A .— (V. 93. p. 1598.)
BOYNE C ITY GAYLORD & ALPENA R R .— Operates Boyne City to
Alpena, Mich., with branches, a total o f 122.79 miles, forming a cross-State
line from Lake Michigan to Lake Huron. The I.-S. C. Commission has
placed a final valuation o f $1,706,500 on the company’s property as of
June 30 1918. Capital stock authorized, $1,000,000; outstanding, $669,800.
An issue o f $800,000 1st M . 20-year 5s was sold in 1917. Report for 1926:
Gross, $168,616; net oper. inc., $4,186; other inc., $287; interest charges,
&c., $93,606; def., $89,134.— (V. 124, p. 1215.)
BRAZIL R A ILW A Y.— (V. 123, p. 2391.)
BROWNSVILLE & MATAMOROS BRIDGE CO.— Owns international
steel bridge over the Rio Grande River between Brownsville, Tex., and
Matamoros, M ex., connecting St. Louis Brownsville & Mexico R y. (New
Orleans Texas & Mexico) and National Rys. o f Mexico. Stock, $650,000,
•ne-half (except directors' shares) owned by each o f said companies, which
jointly guarantee both classes of bonds. 1st M ., $333,000 auth. Year
ended Dec. 31 1926, gross, $105,763; net, $79,145; other income, $4,222,
Interest, $18,100; taxes, &c., $20,372; net income, $42,421. See National
Rys., V . 94, p. 277.
BUFFALO CREEK R R .— Owns 6 miles o f terminal road in Buffalo, N.
Y . In Dec. 1889 leased for term o f charter less one day to the Lehigh Valley
and the Erie R R ., which together own entire capital stock o f $250,000.
Rental is int. on bonds, 7% on stock and organ, expenses. First ref. bonds
are issuable to retire old 5s. V. 108, p. 1610; V. 118, p. 1664. The I.-S. C.
Commission has placed a tentative valuation o f $77,110 on the owned and
used property of the company as o f June 30 1917. Pres., F. D . Underwood,
New York, N. Y .; V .-P., F. H. Silvernail, N . Y .; Sec. & Treas., E. A.
Albright, N. Y .— (V. 123, p. 574.)
BUFFALO ROCHESTER & PITTSBU RGH RAILW AY CO —
(See M ap.).— Operates from Buffalo and Rochester, N . Y ., to bituminous
coal regions.
Lines owned in fee—
Miles. Penn. R R .— Penn. R R . Jet. to
Buffalo Creek, N . Y ., to M t.
Shuman Run Y . Pa_________ 20
9
Jewett, Pa____________________ 98 Other________________________
Leased— Stock not owned—
Clarion Jet. to Lindsey, P a_____59
Rochester to Ashford, N . Y _____ 94 Allegheny & Western—
Branches_______________________ 119
Punxsutawney to Butler, Pa.;
Trackage—
Miles
&c...............................
75
Erie— M t. Jewett to Clarion Jet. 20 Clearfield & Mahoning—
B .& 0 .— Butler, Pa. ,to Pittsburgh 41
Clearfield to Beech Creek R R .. 26
Ribold Jet. to New Castle____33 Mahoning Valley R R __________ 2
Willow Grove to Pittsburgh, P a. 7
Total Dec. 31 1926.......................... .......................................................... 602




21

RAILW AY STOCKS AND BONDS
Rate
%

When
Payable

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

J & J 15 To Jan 15 1935 Guar Trust Co, N Y C
6
5)4 g F & A To Aug 1 1937 First Nat Bank, Boston
J & D To June 1 1938
6
do
do
4
F
4
F
4)4 g .1
3 g J
4)4 J
4
J
4
A
F
4)4
V
5
4g M
M
4
4)4 J
J
5

&
&
&
&
&
&
&
&
&
&
&
&
&

A Feb 1
A Aug 1
.1 Jan 1
J July 1
1) Junel
J Jan 1
O Oct 1
A Feb 1
S Mar 1
s Sept 1
N Feb 1
J Jan 1
J Jan 1

1937
1942
1944
1950
1937
1935
1934
1933
1936
1943
1937
1933
1934

J & J Jan 1 1944
5
4 g
A & O Apr 1 1943
10
Q— .1 Oct 1 1927 2)4
5 g J & J 1938
4
J &“ J10 July 10 1927 2%
6
Q— ■ Oct 1 1927 l ) i
4H g J & J15 July 15 1947
Text
Feb 1 1947
3)4
J & J Jan 1 1937
5
5 g J & .1 Jan l j.930
Jd & s Sept 1 1931
V
4
5 g J & J Jan 1 1941
J & J Jan 1 1961
5g

Company’s office, Boston
do
do
do
do
do
do
Second Nat Bk, Boston
Amer Trust Oo, Boston
do
do
do
do
do
do
At company’s office
do
do
do
do
do
do
Met Trust Co, Boston
Safe Dep & Tr Co, Bos
Treasurer’s office, Bost
See text
N Y , N H & H RR
Office, or checks mailed
State St Trust Co, Bost
Merch Nat Bank, Boston
Grand Rap, Mich, Tr Oo
St Louis Union Trust Oo
New Yorg Trust Co
U S Mtge & Tr Oo, N Y
do
do

The I.-S. C. Commission has placed a tentative valuation of $48,827,821
on the total owned, and $57,529,352 on the total used property of the com­
pany as of June 30 1917. V . 122,p .879.
Lease to Delaware & Hudson Co.— The stockholders on Sept. 15 1925
approved the lease of the property to the Delaware & Hudson Co. for 999
years from Jan. 1 1926, subject to the approval of the I.-S. C. Commission.
The lease provides for a rental suficient to pay 6% net annual dividends
on the $6,000,000 outstanding pref. and $10,500,000 outstanding common
stocks, the payment of all fixed charges and assumption of its maturing
obligations. The case is still pending before the I.-S. C. Commission.
However, on March 2 1927 the Company exercised its option to be free from
any commitment to lease its properties.
ORG.— Successor 1887 of Roch. & Pittsb., foreclosed, plan V. 41, p. 516.
The entire capital stock ($4,000,000) of the Rochester & Pittsburgh Coal
S Iron Co. (V. 66, p. 1088), carrying control o f the Jefferson & Clearfield
c
Coal & Iron C o., was transferred in 1906 (subject to the lien o f the General
Mtge.) to the Mahoning Investment Co. in consideration o f $4,125,000
of its stock, which was then distributed pro rata among holders of R y.
com. and pref. stock. V. 83, p. 1468; V. 85, p. 414, 415. Allegheny S
c
Western R y. and Clearfield & Mahoning R y. securities are guaranteed.
DIVS----- I ’07. '08. ’09. ’10. ’ l l . T2. ’ 13. T4. T5. T6 .’ 17. ’ 18.’ T9-27.
Cm % — 1 5 )( 4 K 4
4
5 514 6
5
4
5
6
5 4 yearly.
BONDS, &C.— General 5s $5,573,000 reserved for prior bonds. &c.
The 50-year Consols ($35,000,000 authorized) are to bear not over 434 %
Int. $3,000,000 were issuable at once, $18,145,000 to retire underlying
obligations at or before maturity and the remainder for future requirements.
On Sept: 1 1927, $29,114,000 were outstanding in hands of public. V. 84,
p. 867, 1306; V. 85, p. 39, 414; V. 95, p. 361, 749; V. 98, p. 999, 1070,
1155, 1315; V. 99, p. 118, 1748; V. 100, p. 228; V. 113, p. 2718.
Equipment Bonds.— Series F were redeemed at par and interest on Oct. 1
1924.
Series G have an annual 6% sinking fund to retire bonds at par; if
not purchasable, bonds to be drawn by lot. V. 89, p. 468; V. 91, p. 400;
V. 93. p. 1785, 939; V. 94. p. 122; V. 97, p. 364. Series H, V. 97, p. 1582;
V. 98, p. 1459. Series J, V. 105, p. 388, 605.
(No Series I.) Series K,
V. 107, p. 1099, 2375. Series No. 10 are redeemable at 103 and interest.
V. 113, p. 1469. Series L, V. 116, p. 933.
Equipment trusts issued to Director-General for rolling stock allocated
>o this company. See article on page 3.
R E PO RT.— For 1926, showed:
Calendar Years—
1926.
1925.
1924.
1923.
.$16,515,591 $14,314,886 $13,575,578 $19,310,382
. 1,250,011
1,442,158
1,628,372
1,762,856
Other transportation___
581,482
680,809
643,698
662,235
Incidental________
76,188
122,928
104,205
289,178
.$18,423,273 $16,560,781 $15,951,853 $22,024,651
Maintenance o f way____. 2,257,887
2,100,406
1,713,591
3,913,515
Maint. of equipment_ . 5,253,615
_
4,527,035
4,683,447
7,079,623
Traffic___________
342,671
325,661
307,580
309.012
Transportation___
6,229,922
. 6,445,996
6,240,218
8,433,139
Miscellaneous____
29,648
29,986
29,568
31,968
General__________
521,774
477,720
476,719
408,012
.$14,851,592 $13,690,729 $13,451,122 $20,175,269
Net operating revenue. . 3,571,681
2,870,052
2,500,731
1,849.382
Tax accruals & uncollec.
605,129
496,015
407.932
401,886
Hire of freight cars _
Other income______

. $2,966,552
424,644
440,024

$2,374,037
397,348
398,190

$2,092,798
618,000
417,431

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

Rents________
Interest______
Miscellaneous.

.

. $3,831,220
790,523
1,674,955
37,448

$3,169,574
781,163
1,705,869
20,946

$3,128,230
752,099
1.727,030
27,217

$3,563,775
760,164
1,713,965
8.148

. $1,328,295
$661,596
. 3,447,665
4,060,543
.De652,138 De6494,473
Preferred divs. (6 % )____
360,000
360,000
Common divs. (4 % )____
420,000
420,000

$621,883
4,277,420
De658,760
360,000
420,000

$1,081,498
4,002,448
De626,526
360,000
420,000

$4,060,543

$4,277,420

P rofit & loss, surplus. $3,943,822

$3,447,665

BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 1347.
OFFICERS.— Pres., Wm. T. Noonan, Rochester; V .-P., Adrian Iselin,
W. Emlen Roosevelt, N. Y .; Thos. F. Brennan, Rochester; Aud. & Treas.,
J. F.Dinkey, Rochester; Sec. & Asst. Treas., Ernest Iselin. New York.
Directors.— Henry G Barbey, A . Iselin, William E. Iselin, J. Herbert
Johnston, C. O’D. Iselin, W . T. Noonan, George E. Roosevelt, W . Emlen
Roosevelt, Ernest Iselin, O’Donnell Iselin, Samuel Woolverton, Hamilton
F. Kean, R. M . Young. Officers, Rochester, N . Y ., and 36 Wall St.,
New York.— (V. 125, p. 382.)
BUFFALO & SUSQUEHANNA RAILROAD C O R PO R ATIO N .—
Owns from Sagamore, Pa., to Wellsville, N. Y ., with several branch lines
Incl. 15.44 m. trackage. Total mileage Dec. 31 1926, 253.54. Incorp. in
Pennsylvania and succeeded Dec. 31 1913, per plan in V. 98, p. 1503, the
B. & S. RR., foreclosed Dec. 5 1913. V. 97, p. 1582; V. 93, p. 1596. For
description of property see V. 108, p. 1828, 1830; V. 100, p. 1007, 980.
Connects at Driftwood Jet. with Pennsylvania R R . for Buffalo.
Tentative valuation as of June 30 1919. $9,845,905.
STOCK.— Authorized (par $100), common, $3,000,000; 4% pref. (p. ft
d .), cumulative after Jan. 1 1915, $4,000,000. Listed on N . Y . and Phila.
Stock Exchanges. Voting trust expired Dec. 31 1923.
Dividends— 1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924. 1925.
On com. stock
7
7
7
10
7
17
17 9 )4
6
No payments have been made on common stock since Dec. 30 1925, when
H % was paid.
BONDS.— The 1st mtge. bonds ($10,000,000 auth.) are secured on the en­
tire property and further by deposits of mortgages aggregating $687,681
oo coal lands of the Powhatan Coal ft Coke Co. and o f a mtge. for
$1,000,000 on the properties of the Buffalo ft Susquehanna Coal ft Ooke

22

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

Miles Date
Road Bonds

B uffalo R ochester & Pittsb— Common stock_ Tr
_
Pref stock non-cum common 6% then pro rata_.Tr
B R & P 1st gen mtge ($10,000,000) gold__Un.zc*
273
Line P & Chari 1st M gold guar_________ Un.zc*
10
B R & P consol mtge g $35,000,000 auth__Ce.xc*&r
370
Equip bonds G $3,000,000 gold sinking fund Q.xc*
do
H gold $125,000 due yearly text___ Q.xc*
do
J gold (no “ I ” ) $50,000 due s-an__ Gk.yc*
do
K $40,000 due semi-annually______ Ce.kc*
do
No. 10 g notes $133,600 ann__________ Q.c*
do
L due $128,000 annually___________ Qk.c*
B uffalo & Susq RR Corp— Common stock-----------Preferred stock 4% cumulative __________________
First mortgage $10,000,000 gold____________ Eq.x
Bull Frog & G oldfield— First mortgage bonds______
B urlington Cedar Rapids & Nor— See Chicago R ock Isl
B utte A & P— 1st M g gu sink fund call 105.yc*&r*
131
Cairo & Thebes RR— First mortgage------------------- x
25
Calgary & Edm onton— See Canadian Pacific R y.

Par
Value

Amount
Outstanding

Rate
%

$100 $10,500,000 See text
100 6,000,000
6
1887
1.000 4.427.000
5g
1889
1,000
350.000
5g
1907 1,000 &c 29,114,000
444 g
1,000
1909
298.000
4g
1,000
1913
375.000
,'g
1917
1,000
596.000
5g
1,000
1918
480.000
6g
1,000
1920
1,068,800
6g
1,000
1923
1.408.000
5g
100 3.000.
See text
000
100
4
4.000.
000
100 &c 4,555 500
4g
1920
148.000
5
and & Pacific R y
1914
$ 1,000 2.333.000
5g
1,000
1911
4
1.699.000

Co. and of all the stock of the Addison & Susquehanna RR and all the
stock and bonds o f the Wellsville Coudersport & Pine Creek R R . and of all
the stock of the Keystone Store Co. V. 73, p. 619, 899; V 84, p. 748.
Of the bonds, $6,959,000 have been issued. The remaining $3,041,000
bonds, or any of them, may bear not to exceed 5% interest and can be issued
only for additions, extensions, improvements, acquisitions of property or
acquiring or discharging liens on property o f corporations in which 90% of
stoc«£ Is owned. Sinking fund for redemption o f bonds at not to exceed par
and int., $50,000 per ann. for 35 years; also all sums in excess of $50,000 per
ann. received on account of principal of any mortgages held as collateral
under such mortgage and any further payments authorized in case of issue
of further bonds or otherwise. Bonos retired through operation of the
sinking fund to be held alive To Sept. 30 1927, $2 035,000 had been retired
while $368,500 were held in treasury and $4,555,500 were outstanding
V. 97, p. 1503; V. 98, p. 1765; V. 100, p. 980, 1006; V. 108, p. 2329, 2240
BUFFALO & SUSQUEHANNA COAL & COKE CO.— This company
the $1,000,000 5% M . bonds of which are owned by the B. & 3. RR. Corp .
owns coal lands at Du Bois, Onondaga and Sagamore, Pa. Three mines in
operation. V. 77, p. 1301; V. 79, p. 2091-92; V. 82. p. 1322; V . 85. p 1266
1st M . 5% bonds have been paid ->ff.
POWHATAN COAL & COKE CO.— This company, all of whose bonds
are owned by the B. & S. RR. Corp., owns coal lands at Tyler and at
Sykes. Its coking plants have a capacity o f 1,800 tons of coke daily
Keystone Store Co., stock $50,000, all owned by RR. Corp
R E PO RT.— For 1926 in V. 124. p. 1973. showed:
Calendar Years—
1926.
1925.
1924.
1923.
Total oper. revenues___ $1,307,499
$1,463,315 $1,914,201 $2,780,877
1,509,971
1,941,347 2,652,044
Operating expenses_____ 1,386,305
Taxes, &c____________
26,214
36,469
43,882
147,991
181,164
221,475
363,640
610,307
Hire o f equip.— C r_____
Joint fac. rents, &c.— __
Dr26,746
26,431
26.473
26,450
Net railway oper.inc.
Dividend income_______
Int. on securities, & c_
_
Miscellaneous__________

$49,398
110,347
167,249
1.157

$111,919
2,878
172,786
1,428

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

Gross income________
Bond interest__________
Sinking fund___________
Miscellaneous__________

$328,151
188,833
74,822
14,996

$289,011
194,325
69,295
15,653

$531,353 $1,082,201
200,546
218,683
63,074
44,947
11,877
10,652

$564,699
308,909
208,033
560

Total deductions_____
$278,651
$279,273
$275,497
$274,282
Surplus for year________
49,500
9,738
255,856
807,919
Dividends paid_________
160,000
340,000
445,000
670,000
For latest earnings see “ Railway Earnings Section” (issued monthly).
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 1973.
D IR E C TO RS.— E. R . Darlow (Pres.); A. A. Jackson, P. G. Bartlett,
J. S. Farlee, Charlton Yarnall, Albert L. Smith and A. M . Darlow (V.-P.
& Gen. M gr.), Ganson Depew, G. Dawson Coleman; Sec.-Treas., F. E.
Hall; Gen. Aud., T. J. Elmer, 986 Ellicott Square, Buffalo, N. Y .— (V.
125, p. 243.
BULL FROG-GOLDFIELD R R .— Beatty, Nev. to Goldfield, N ev., 80
miles. The I.-S. C. Commission has placed a final valuation of $1,463,276
on the owned and used property o f the company, as of June 30 1918. In
June 1914 control was obtained by Las Vegas & Tonopah R R ., duplicate
lines being abandoned, but in 1918 that company went out of business
and this road has since been operated in connection with Tonopah &
Tidewater R R . and Death Valley R R . V. 99, p. 1536. During the latter
part of 1919 Messrs. Althause and La Grange purchased a majority of the
$1,628,463 outstanding stock, and In the spring of 1920 announced that they
proposed to scrap the road, pay o ff the bonds and divide the remainder of
the proceeds among the stockholders. Opposition to this plan developed
and Tonopah & Tidewater R R . purchased the stock held by Althause and
La Grange at the price paid by them, plus 6% int. for the period during
which they held the stock. W. A. Clark, Montana, the holder of the out­
standing bonds, agreed to take $148,000 In new 1st Mtge. bonds in exchange
for the old 1st and 2d Mtge. bonds held and in partial satisfaction of unpaid
accrued int. on outstanding bonds. Officers: R . C. Baker, Pres.; C. B.
Zabriskie, V.-P. & Treas.; U. S. Miller, Sec., 1014 Central Bldg., Los
Angeles, Calif.— (V. 124, p. 1215.)
BUTTE ANACONDA & PACIFIC R Y — Owns Butte to Anaconda.
M ont., 25 miles; spin’s, 37 miles; 2d track, 2 miles; sidings, 67 m.; total,
131 m.; also leases Stuart to Anaconda, 9 m.; sidings; 5 m.; total, 145
miles, o f which 115 miles operated electrically. V. 97, p. 1114; V. 96, p.
Tentative valuation o f $4,523,577 on the property of the company used
for common carrier purposes, as of Dec. 31 1919. Stock, $2,500,000, all of
which Anaconda Copper Co. owns. Dividends 1910 and 1911, 6% ; 1912,
3% and 150% in stock; 1914, 444%; 1915, 6% ; 1916, 1917 and 1918, 12%;
1919, 6% ; 1920-24, none; 1925, 15%. Bonds ($5,000,000 auth. issue), of
which $2,441,000 are outstanding, are guar., p. & i., by Anaconda Copper
Mining Co. V. 98, p. 837. For year ending Dec. 31 1926, gross, $1,599,339,
net, $232,052; other inc., $4,927; charges, $146,079; balance, $90,900.
Pres., C. F. Kelley; V.-Pres., B. B. Thayer; Sec., Treas. & Aud., P. M .
Halloran. Office, Anaconda, M ont. (V. 125, p. 1833).
CAIRO & 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. Ry
(now M o. Pac. RR.) for 99 years from Mar. 1 1911, rental covering int. on
an authorized issue of $2,000,000 4% bonds, o f which $1.699,000 are issued
and outstanding, all owned by L. & N. V. 95, p. 1121. Fidelity & Columbia
Trus iC o., of Louisville, K y., trustee. Stock (all owned by M o. Pac. R R .
C o.), $10,000; par, $100. Pres., L. W. Baldwin; Treas., F. M . Hickman;
Sec., F. W . Irland, St. Louis.— (V. 95, p. 1221.)




[V ol. 125,

RAILW AY STOCKS AND BONDS
When
Payable

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

&
&
&
&
&
&
&

A Aug 15 1927 2
A Aug 15 1927 3
S Sept 1 1937
J Jan 1 1939
N M a y l 1957
O Oct 1 1929
J To Jan 1930
& o Oct '27 to Oct'33
& A Aug'2ttoA ug’33
& J To Jan 15 1935
& D To June 1938
D c 301925 H
&D30 June 30 '27 2%
& J Dec 30 1963
& O Oct 1 1928
Feb 1 1944
Mar 1 1961

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

CALGARY & EDMONTON R Y .— Owns Calgary Jet.. Canada, to
Wetaskiwin to Hardisty, 93.8 m.; Lacombe to Kerrobert, 223.3 m. Jet.
with Pheasant Hills Br. to Hardisty, 6.2 m .; total, 624.0 miles. V. 93, p.
1785; V. 94, p. 910.
In 1903 re-leased to Canadian Pacific (which owns entire $1,000,000 stock
and $7,440,000 1st M . 4% bonds) for 99 years; debenture stock interest is
guaranteed at 4% . In 2002 the bonds will be paid or a further lease entered
Into. V. 76. p. 434; V. 77. p. 1224; V. 80. p. 116.— (V. 94, p. 910.)
CALIFORNIA-W ESTERN RR. & NAVIGATION CO.— Owns Fort
Bragg. Cal., to Willits, 50.66 miles. Stock Issued, $1,000,000; par, $100
Divs. paid year 1909. 244%; 1910. 744%: 1911. 10%: 1912. 10%: 1913-14.
none: 1916, 6% : 1917.2 44 %: 1918, 7 44 % : 1919. 14i% ;1924, andl925,244%
(paid from surplus); 1926, none. Bonds are guar. p. & i. by Union Lumber
Co. V. 99, p. 894, 1213' V . 100, p. 1436. Year ending Dec. 31 1926, gross,
$253,559’ net after taxes, $32,310’ other income, $42,408' deductions,
$42,729’ balance before dividends, $31,989; dividends, none.— (V. 106,
p. 1179.)
CAMBRIA & INDIANA R R .— Colver to Manver, Pa., 18.70 m.; Dob;
son Jet. to Rexis, Pa., 4.25 m.; Colver to Colver Heights, Pa., 2.20 m.
Regan Jet. to Nant-Y-Glo, Pa., 7.60 m.; Nant-Y-Glo to Revloc, Pa.
4.90 m.; yard tracks and sidings, 22.30 m.; total, 59.95 m.
The i.-S. C. Commission has placed a final valuation of $3,965,000
on the total owned and used properties of the company as of June 30 1918.
Stock, $1,500,000. Bonds, $900,000 authorized and issued; sinking fund
2c. per gross ton on coal originating on the line; minimum. $16,000.
Authorized issue of 1st M . 5s of 1911, $900,000, of which on Dec. 31
1924 $900,000 had been issued, and of these $359,000 had been retired;
$75,000 held In treasury.
Gen. M. bonds. 6% Series “ A ,” auth., $4,000,000; nominal date of issue,
Aug. 1 1919; date of maturity, Aug. 1 1944, of which par value outstanding
as of Dec. 31 1921 Is $1,630,000. Of this amount $89,000 are in treasury.
Equip, trusts Dec. 31 1921, $15,000 " B ” 5s, due ann. to Mar. 1 1927;
$80,000 “ C " 5s, due ann. to Feb. 1 1928; $120,000 Series “ E " 5s, due part
ann. to May 1 1929, and $616,000 “ F” 444s. due ann. to Dec. 1 1931.
In April 1923 sold $1,700,000 Series “ G ” 544s, due ann. to M ay 1 1938,
of which par value outstanding as of Dec. 31 1924 was $1,587,000.
EARNING S.— For cal. year 1924, gross, $1,014,421; net oper. deficit,
$319,648, other income, $829,308; int., rentals, &c., $322,859, bal., sm’ .,
$186,801.
Pres., C. E. Sprout; Asst, to Pres. & G. F. A., A. L. Horst; Sec., C. M .
Johnson; Treas., L. G. Ball. Office, 260 S. Broad St.. Philadelphia, Pa.
— (V. 125. p. 1966).
CAMDEN & BURLINGTON COUNTY R Y .— Owns from Pavonia,
N. J., to Pemberton, N. J., 22.34 miles; connection with P. & A. R R . at
Birmingham, N. J., 0.12 m.; other branches, 8.82 m.; total, 31.28 m.
Organized in 1915 as a consolidation. Auth. capital stock, $800,000.
V. 101, p. 46, 1092; V. 102, p. 65. Operated under lease by Penn. R R .,
which guarantees 6% on stock.— (V. 121, p. 974.)
CAMPBELL’ S CREEK R R .— (V. 124, p. 2583.)
CANADA & GULF TERMINAL R Y .— Owns M ont Job to Hammermill,
Que., 3844 miles. Stock authorized, $4,000,000; par, $100. Bonds, see
table. For 1926, gross, $132,682’ net, $34,114’ int., rentals, &c., $129,350;
bal., def., $95,236. Pres., M . J. O’Brien, Ottawa, Ont.’ V.-Pres., J. A .
O’Brien, Ottawa, Ont.’ Sec.-Treas., E . M . Hoctor, Montreal, Que.
CANADA SOUTHERN R Y .— (See Maps New York Central Lines.)—
ROAD.— Main line from Suspension Bridge station, including the Cantilever
Bridge, to Windsor, Ont., 226 m.; branches to Courtright, Ont., &c., and
controlled lines, 154 m.; total, 380 m.; Canada So. Bridge, 244 m. Track­
age. St. Thomas to London, Ont., 15 m. Double track. 242 miles.
ORGANIZATION, <fcc.— The company wa9 chartered In Canada Feb
28 1868 and debt readjusted In 1878. In 1903 made a new lease to Michigan
Central for 999 years, the latter, which owns $7,810,000 stock, guaran­
teeing divs.; rate since Jan. 1 1911, 3% yearly. V. 76, p. 1191, 1247.
The Mich. Cent, guarantees prin. and int. of $40,000,000 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 of Canadian taxes. V. 95, p. 1607,1744:
V. 96, p. 134, p. 200, 789, 1421.
CANADIAN NATIONAL RA ILW A YS.— (See M ap.)— In 1919 a com­
pany under the name of “ Canadian National Railway Company" was in­
corporated by the Dominion Government with the intention of having that
company take over or operate the railways owned or controlled by the
Government. This company was organized in October 1922.
In Jan. 1923 an amalgamation was effected between the above company
and the Grand Trunk Ry. of Canada, the result being a new company ’with
the name “ Canadian National R y. C o.” and which new company became
vested with the properties of the two amalgamating companies and became
liable for the obligations of said companies. Pursuant to the agreement be­
tween the Dominion of Canada and the Grand Trunk Ry. Co. all the com­
mon and preference stocks of the Grand Trunk Co. became vested in His
Majesty the King on behalf of the Dominion of Canada and as a result of
this and of the above amalgamation there was issued in favor of the Minister
of Finance of the Dominion of Canada in trust for His Majesty as above
$180,424,327.70 of capital stock of the new Canadian National R y. Co.
This amount represented the previously outstanding capital stock of the
Grand Trunk C o., there being no capital stock outstanding of the previous
Canadian National Ry. Co. The Canadian National Rys. now operates
22,681.95 miles of railway, all under control of the same directors and the
same general and executive officers, whether acting respectively as directors
or officers of one or another of the companies included in the Canadian
National Railways System.

Nov., 1927.]

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

8
]

Cal W R R & N— New mortgage $750,000__________
Cambria & Clearfield— See Pennsylvania RR.
Cambria & Indiana RR— 1st M gred 102>£ .GPxc*&r
General mtge Series A red 102H______GPk.xxxc*
Camden & B urlington C oun ty— Stock 6% guar_
_
Canada Atlantic— SeeOanadian National Ry.
Canada & G u lf Term’ l Ry— 1st M $1,140,000 gold.
Canada Southern— Stock_________________________
Cons guar gold bonds (1st M on main line) ,Q.zc*&r*
Leamington & St Clair 1st M g gu p & 1 (end)_ zc*
_
Canadian N ational Rys— See text.

Miles Date
Road Bonds

Par
Value

Am ount
Outstanding

52 1914
26 1911
1919
"31 —

Rate
%

When
Payable

541,000
See text
502,150

1920
1,000
1,140,000
100 15,000,000
380 1912 1,000 &c 22,500,000
1,000
14 1895
130,000

Total
Road
Mileage.
2,879.15
7.601.73
990.71
10,717.84
492.52

Total mileage steamoperated lines___ 21.064.51
1.382.05
235.43
22.681.95
Total second main track, 1,270.60 miles; total third main track, 23 05
miles: total fourth main track, 7.69 miles; spurs, sidings and yard tracks,
6.770.43 miles; inactive mileage, 134.52 miles.
Schedule of Companies Comprising the Canadian National Railway System
as of Dec. 31 1926
Capital
Held by
Held by Govt.
Name of Issuing Company—
Stock.
System.
and Others.
S
$
Canadian National Railway C o_____ 180,424,327 x l4 ,796,589 xl65,627,738
15,000
Bay City Terminal Railway C o_____
15.000
-----------Canada Atlantic Transit C o________
219,000
219.000
-----------♦Can. Atl. Transit Co. of U. S______
250,000
250.000
________
1,768,800
The Canadian Express C o_________
1,768,800
------------The Champlain & St. Law. R R . C o .
50,000
50.000
...........
♦Chicago N. Y. & Boston Refrig.Co. 1,129,400
1,129,400
------------Detroit Gr. Hav. & Milw. Ry. C o .. 1,500,000
1.500.000
________
Grand Rapids Terminal RR. C o____
50,000
50.000
______
The Grand Trunk Junction R y. C o .
500,000
500.000
______
Grand Trunk Western R y. C o______ 6,000.000
6 , 000,000
__________
1,500,000
International Bridge C o___________
1.500.000
______
Lachine Jacques Cartier & Maisonneuve Ry. C o___________________
1,200
1,200
______
Michigan Air Line R y ______________
300,000
300.000
______
*Montreal & Sou. Counties R y. C o .
500,000
309.500
190,500
30,000
Maganetawan River Ry. C o_______
30.000
______
♦Montreal Warehousing C o________
236,000
221,100
14,900
400,000
New England Elevator C o_________
400.000
______
♦Oshawa Railway C o______________
40,000
40.000
______
Ottawa Terminals Ry. C o_________
250,000
250.000
______
Pembroke Southern Ry. C o ________
107,800
90.500
17,300
Portland Elevator C o______________
50,000
______
50.000
♦Rail & River Coal C o_____________ 2,000,000
2 , 000.000
______
St. Clair Tunnel C o________________
700,000
700.000
--------♦Terminal Warehousing Co., Ltd___ 1,000,000
1, 000,000
________
60,000
♦Thousand Islands Ry. C o________
60.000
--------Toledo Saginaw & Muskegon R y.C o. 1,600,000
1.600.000
--------Toronto Belt Line Ry. C o_________
50.000
26.000
24,000
United States & Canada R R . C o____
219,400
218,925
475
Vermont & Province Line R R . Co__
200,000
200.000
______
♦Prince Charles, Limited__________
10,00b
10.000
Canadian National Land Settlement
Association_____________________
________
Pontiac Oxford & Northern R R . C o . 1,000,000
f, ooo',666
::::::
Detroit & Huron Ry. C o __________
148,000
148.000
______
Chicago & Kalamazoo Term .R R .C o.
100,000
100.000
------Grand Trunk-Milw. Car Perry C o ..
200,000
2 0 0 .0 0 0
--------W hippleC arC o----------------------------- 1,400,000
1.400.000
______
Total Canadian National Railway
(Grand Trunk) group_________ 204,008,928 38,134.014 165,874,914
Canadian Northern Ry. Oo________ 101,000,600
1 , 000.000 100,000,600
Bay of Quinte Ry. C o--------------------- 1,395,000
1.395.000
Bessemer & Barry’s Bay Ry. C o____
125,6o6
125.000
Canadian Northern Alberta R y. C o . 3,000,000
3.000.
000
Canadian Nor. Ry. Express C o.,Ltd. 1,000,060
1.000.
000
Canadian Northern Manitoba R y -250,000
250.000
Canadian Northern Ontario R y. C o . 10,000,000 10,000.000
Canadian Northern Pac. Ry. C o____ 25,000,000 25,000.000
y Canadian Northern Quebec R y __ 9,550,000
5,700,800
3,849,200
♦Canadian National Realties, L td -40.000
4 0 .0 0 0
Can. Nor. Saskatchewan Ry. C o_
_ 1,000,000
1 , 000,000
Canadian Northern Steamships, L td . 2,600,000
2 , 000.000
♦Can.Nor.Coal & Ore Dock Co.,Ltd
560,000
500.000
Can. Nat. Rolling Stock, L td______
50,060
50.000
Can. Nor. Rolling Stock, L td______
50,000
50.000
♦Can. National Electric R ys_______ 1,750,000
1.750.000
Can. National Express C o_________
1,600,000
1, 000,000
Can. Nor. System Terminals, L t d .. 2,000,000
2 , 000,000
♦Can. National Telegraph C o______
500,000
500.000
♦Can. National Transfer C o_______
500,006
500.000
Can. Northern Western R y. C o____ 2,000,600
2 , 000,000
Central Ontario R y ________________ 3,331,06o
3.329.000
2,000
Continental Realty & Holding C o.,
L t d _____________
90,000
90.000
Dalhousie Navigation Co., L td _____
56,666
50.000
Duluth Winn. & Pacific R R . C o____
100,o6o
100.000
Dul. Winn. & Pacific Ry. C o_______ 6,000,000
6 , 000,000
♦Duluth & Virginia Realty C o______
45,000
45.000
Duluth Rainy Lake & Winn. R y. Co. 2,000,000
2 , 000.000
♦Great N . W. Telegr. Co. of Canada
373,625
33,850
8,275
do
do
(held in escrow) ________
331,500
Halifax & South Western Ry. C o_
_ 1,000,000
1 , 000,000
Irondale Bancroft & Ottawa R y. C o .
53,500
53.000
500
James Bay & Eastern R y. C o ______ 1,250,000
1.250.000
Marmora Railway & Mining C o____
128,600
128,600
Lake Superior Terminals Co., L td -500,000
500.000
Minnesota & Manitoba R R . C o____
400,060
400.000
Minnesota & Ontario Bridge C o____
106,000
100.000
Mount Royal Tun. & Term. C o.,Ltd. 5,000,000
5,000,000
♦Niagara St. Catharines & Toronto
Ry. C o-------------------------------------925,000
924,900
100
♦Niagara St. Catharines & Toronto
Nav. Co. (L td.)-------------------------100,000
100,000
Quebec & Lake St. John R y. C o____ 4,508,300
4,019,140
489,160
Qu’Appelle Long Lake & Saskatche­
wan R R . & Steamboat C o_______
201.000
201.000
St. Boniface Western Land C o_____
250,006
250,000

Last Dividend
and Maturity

Places Where Interest and
Dividends are Payable

Oct 1 1934

Anglo-Cal Tr Co. San Fr

ig

M & N M a y l 1936
F & A Aug 1 1944
J & J July 1927

3% Broad St Station, Phila

3
5g
4g

J
F
A
A

$585,000
$1,000
1,000
25

38

Summary of Mileage (First Main Track).
Mileage Owned Mileage Un- Mileage of
by Constituent der Lease or
Trackage
Territory—
Companies.
Contract.
Rights.
Atlantic region_ ____2,571.76
_
224.78
82.61
Central region____ ------7,145.04
444.87
11.82
Gr’d Trunk West. lines
841.81
121.12
27.78
Western region_ ___ 10,233.22
_
430 55
54.07
Central Vermont Syst.
272.68
160.69
59.15




23

RAILWAY STOCKS AND BONDS

§g

& J Jan
& A Aug
& O Oct
& O Oct

Name of Issuing Company—St. Charles & Huron River R y. C o._
Toronto Niagara & Western R y .C o.
Winnipeg Land C o., L td__________

2
1
1
1

Girard Trust Co, Phila

Royal Tr Co, Montreal
1940
1926 1 ^ 466 Lexington Ave, N Y
do
do
1962
Agts Bk of Montreal, NY
1945

Capital
Stock.
$
10,000
125,000
100,000

Held by
Held by Govt,
System,.
and Others.
$
$
10,000
125,000
100.000

Total Can. Nor. R y. group______ i 88,351,625
Grand Trunk Pacific Ry. C o_______ 24,942,000
Grand Trunk Pac. Branch Lines C o . 1,002,000
Grand Trunk Pac. Sask. Ry. C o____
200,000
♦Gr. Trk. Pac. Develop. C o., L t d .. 3,000,000
♦Canadian Nat. Steamship C o ., Ltd.
15.000
♦Grand Trunk Pac. Alaska S. S. C o .
50,000
♦Gr.Trk.Pac.Term.Elev.Co. (L td .).
501.000
♦Grand Trunk Pac. Telegraph C o_.
100,000
♦Gr. Trk. Pac. Dock Co. of Seattle..
150,000

84,001,795
24,942,000
1,002,000
200.000
3,000,000
15,000
50,000
501,000
100.000
150,000

29.960.000
3,000,000
Central Vermont Transportation Co.
200,000
Bethel Granite Ry. C o ____________
25,000
The Barre Granite Ry. C o _________
Montreal & Province Line Ry. C o .. i~,6o6~66o
The Montreal & Vermont Jc. Ry.Co.
197,300
The Stanstead Shefford & Chambly
Ry. C o _________________________
608,333
Southern New England Ry. Co. (in
receivership)____________________
Southern New England Ry. Corp.
(in receivership)_________________

29,960.000
2,192,400
200,000
25,000

Total Central Vermont Ry. Group 5,030,633
Summary—
Can. Nat. R y. (Grand Trunk) group 204,008,928
Canadian Northern Ry. group_____188 351,625
Grand Trunk Pacific R y. group------ 29,960,000

104,349,835

807,600

1,000,000
197,300
608,333

4,223,033

807,600

38,134.014
84,001.790
29,960.000

165,874 914
104.350 835

427,351.186 156,318,837 z271,032,348
Canadian National Rys. (France) .fr.30,000,006fr.30,000,000 __________
* The accounts of companies indicated (*) are taken up in the system
income account as “ Separately operated properties.”
y $5,144,600 C. N. Q. stock is held by the Northern Consolidated Hold­
ing Co. The Canadian Northern Ry. owns 44,467 shares in that company
out of a total issue of 61,815. For the purpose of this statement the Hold­
ing Company is ignored and the proportion of the C . N . Q . stock thus owned
by the Canadian Northern Ry. is shown as held by the latter company.
x One certificate for $180,424,327.70 of the company's capital stock is
issued in the name of His Majesty as representing $165,627,738.70 of Grand
Trunk stock previously held by the public and $14,796,589 previously held
In that company's treasury.
z ‘*‘>66 6 2 8 .3 3 8 70 n f this a m o u n t is owned bv the D o m in io n o f Panada,
a Offer made by the Canadian National Rys. to retire these bonds on
Jan. 1 1928 at 99% exclusive of the coupon for 6 mos. int. due upon that
date which will be paid in the usual way.
Unmatured Funded Debt Held by Public as of Dec. 31 1926.
Issuing
Date of
Principal
mg.
Name of Security.
Company.
Maturity.
Outstanai
Guaranteed by Dominion Govt.—
5% Perpetual debenture sto ck ..G . T . R _____ Perpetual
$20,782,491
5% G. W . perpetual deb. stock__G. T . R _____ Perpetual
13,252,322
4% Perpetual debenture stock._G . T . R _____ Perpetual
119,839,014
4% Nor. Ry. perpetual deb. stk.G . T . R _____ Perpetual
1,499,979
4% Perpetual guaranteed stock.G . T . R _____ Perpetual
60.833.333
7% Sink, fund gold deb. bon d s..G . T . R _____ Oct.
1 1940
24.743.000
6% Sink, fund gold deb. bon ds..G . T . R _____ Sept . 1 1936
25.000.
000
3% 1st M . bonds (ex. Govt, hold­
1 1962
34.992.000
ings) ________________________G. T. P ______ Jan.
1 1962
8,440,848
4% Sterling bonds, due 1962___ G. T . P ______ Jan.
3% 1st mtge. debenture stock__Can. Nor____ July 10 1953
9.359.996
3 yu % 1st mtge. debenture stock.Can. Nor___ July 20 1958
7,896,575
17.060.333
4% Debenture stock___________ Can. Nor___ Sept.
1 1934
24.793.000
7% Sinking fund deben. bonds..C an. Nor___ Dec.
1 1940
1 1946
634% Sinking fund deb. bonds..C an. Nor___ July
25.000.
000
434% Gold coupon bonds______ Can. Nor____ Feb. 15 1935
17.000.
000
334% 1st mtge. debenture stock.C . N. A _____ M ay
4 1960
3,149,998
34.229,996
334% 1st mtge. debenture stock.C . N. O_____ M ay 19 1961
18.000.
000
5% Equip, trust Series“ G ” _____Can. Nat. serially Jan. 8 '38
434% equip, trust series “ J” ____Can. Nat. ann. M ay 1 1942
15.000.
000
50.000.
0nn
5% 30-year bonds______________Can. N at___Feb.
1 1954
434% 30-yr. g. bds. guar. p.&i._Can. N at___July
1 1957
65.000.
000
4p2% 30-yr. guar, gold bonds_ Can. Nat___Sept. 15 1954
_
26.000.
000
18,000,000
434 % Gold coupon bonds_______ Can. N at___Feb. 15 1930
Guaranteed by Pros, of Ontario—
7.859.997
334 % 1st mtge. deb. stock_____ C. N . O ______ 1936 & 1938
Guaranteed by Prov. o f Manitoba—
10,785,993
4% Consolidated deb. bonds____Can. N or___June 30 1930
1,137,340
4% Sifton Branch bonds_______ Can. N or___Feb.
1 1929
2,433
4% Gilbert Plains Branch bonds.Can. Nor____N ov. 11930
510,513
4% Man. & South East. bonds__Can. Nor___Feb.
1 1929
5,680,373
4% Ontario Division bonds_____Can. Nor___June 30 1930
64.240
434% Ontario Division bonds_ Can. Nor___ June 36 1930
_
1 1939
3,000,000
4% Winnipeg Terminal bonds__ Can. Nor___ July
4% 1st mtge. debenture stock__ Can. Nor___ June 30 1930
2.859.998
349,000
4% Prov. o f Manitoba bonds__ Can. Nor___ Sept.
1 1931
Guaranteed by Prov. of Saskatchewan—
9,874,062
4% 1st mtge. bonds___________ G. T. P ______ Jan. 22 1939
8.029.999
4% 1st mtge. deb. stock________Can. N or____Jan. 23 1939
Guaranteed by Prov. of Alberta—
1,153,764
4% 1st mtge. bonds, 1942______G. T . P . ......... Feb. 15 1942
2.430.000
4% 1st mtge. bonds, 1939______G. T. P ______ Feb. 15 1939
5,586,665
4% 1st mtge. deb. stock________Can. Nor____Feb. 25 1939
2,799,997
■134% 1st mtge. deb. stock, 1943.C. N . W ____Oct. 22 1943
6.424.000
434% 1st mtge. deb. stock, 1942.C. N. W ____Feb. 16 1942
Guaranteed by Prov. of British Columbia—
16.412.001
4% 1st mtge. deb. stock________ C. N . P _____ April 2 1950
8.614.000
434 % Terminal debenture stock.C . N . P ____ April 2 1950

R A IL W A Y STOCKS ANT) BONOS
[V ol. 125.




Nov., 1927 ]

B A IL W A Y STOCKS AND BONDS




8

36

[V ol. 125.

RAILWAY STOCKS AND BONDS

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

Canadian P acific— Stock $335,000,000 authorized..
Preferred stock limited to 4% non-cumulative___ r
First mortgage on Algoma Br g ._ . . _____ c*&r
Consol perpetual debenture stock____________ .
Collateral trust gold bonds red (text)________ c*&r*
do
do
red (text) ______ _______
c*&r*
Sinking und seemed note certificates red (text)_
_
Vic Roll Stk&RealtyCo eq t.r serT$470,000saPeP.c*
Equip tr cert due $500,000 s-a. _____ __
_____ .
do
series B due $500,000 s a .
. Up>
Securities of Principal Leased, &c.. Lines.
Manitoba S W Col R y $12,000 per mile int guar gold
Atlantic & Northwest— 1st mortgage gold gu__c*&r
St Lawrence & Ottawa— first mortgage gold see text
Ontario & Quebec stock guaranteed in perpetuity. .
Ontario & Quebec deben interest guar in perpetuity
Toronto Grey & Bruce 1st M gold interest as rental
New Brunswick Ry 1st M gold int from rental_ c*
_
Perpetual consol debenture stock, interest guar..
Calgary & Edmonton deb stock gold interest as rent
Branch line bonds (owned by Can Pac) . ____
Lindsay Bobcayg & Pontypool 1st M $700,000 gold

Miles Date
Road Bonds

181
__

Par
Value

Amount
Outstanding

$100 $297500000
100 100,148,588
1888 £100 &c 3,650,000
1889 £ & $
264,244.882
1924
100 &c 12.000,000
1926 500-1000 20,000,000
1924
100 &c 27,577.610
1915
$1,000
470,000
1920
1,000 4,500.000
1926
1,000 10,500,000

215 1884
346 1887
59 1876
678
191 1883
174 1884
1890
81
1890
1
[618
39 1903

Aroos Val (El) RR 1st M g red 105 int guar .
1909
First & Ref M $1,700,000 call 105 int guar.Ba.xc*
32 1911
Minn St P & Sault Ste Marie and Duluth South Shor e & At lantic

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Dec 31 ’ 27 2)4
O Oct 1 1927 2%
J July 1 1937
.1 Irredeemable
O April 15 1934
s Sept 1 1946
15 Dec 15 1944
J Jan' 28-July '28
<) Apr ‘28-Apr '32
D June ’28-’38

Lond & 64 Wall St. N Y
Company’s Office. Lond
Baring Bros & Co, Lond
Company’s Office, Lond
Bk or M ont. M ont or Tor
Bank of Montreal
Bank of Montreal

J & D June 1 1934
$2,544,000
5g
J & J Jan 1 1937
£1,330,000
5g
€200,000
(6) 4 J & D15 See text
J & D June 1 1927 3%
$2,000,000
6
J & 1) Irredeemable
£4,007,381
5
J & J July 26 2882
£719,000
4g
F & A Aug 1 1934
£600,000
5g
J & J Irredeemable
£904,533
4
3
J & J July 1 1933
$500,000
4g
£1,121,700
J 3 & .T 2002
$1,000 $7,440,000
J & .1 1955
4
1,000
J & J July 1 2002
500,000
4g
5
,T A ,T16 Jan 15192724*
£694,850
F & A
4
£904,837
J & J15
£338 000
34*
5 '
.T &.T15 Jan 1 1963
£338,000
500 &c
$250,000
4)4 g F & A Aug 1 1929
See text
M & N July 1 1961
455,832
4)4
— See sta tements of those co mpanles

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

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

10
Q—
A &
4
J
&
5g
J &
4
A &
5g
4 1* g M &
4)4 J & D
4)4 g J &
A &
6g
4)4 g J &

Guaranty Trust Co. N Y
/Union Trust Co, Pittsb
(Bankers Tr Co, N Y

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

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

Calendar Years—
1924.
1923.
Issuing
Date of
Principal
19261925.
Deductions (Cont.)—
Outstanding.
$
Name of Security.
Company.
Maturity.
$
$
$
928,211
Joint facility r e n t s ____
Unguaranteed (by Provinces or Dominion)—
683,544
933,503
958,464
Rent for leased road s_
_
1,452,709
1,387,906
16.000.
092
4% Canada Atlantic 1st M . bds.G . T. R _____ Jan. 1 1955
1,276,120
1,487,040
109.868
75,609
111 ,922
88.427
7% Wellingt’n Grey & Bruce bds.G . T . R _____ By drawings
219.005 Miscellaneous rents _ .
162,062
124.477
482.580
70.566 Misc. tax accruals______
6% Nor. Ry. 3d preference bds__G. T. R _____ Indeterminable
162,486
795.877
802,470
539.100 Separ. oper. prop.— loss.
6% Eq. tr. notes “ U. S. R. A .” .G . T. R _____ Jan. 15 1935
646.747
759.060
614 % Equip, trust ctfs. “ F ” ___ G. T . R _____ Feb.
1 1936
11.230.000 Interest on funded debt. 39.701,896 40,438.235 38,361.704 35.041.380
3M % New England Elevator Co. lsts_________July 1 1941
150.000 Int. on Dom. Govt. adv. 32,090,454 31,450.382 31,271,043 30,157.944
239,536
4% Portland Elevator Co. lsts_______________ Jan. 1 1937
377.115
133,051
109.026
55.000 Int. on unfunded d eb t..
4% Pembroke Southern R y. lsts_____________ Sept. 1 1956
150.000 Amort, of dis. on fund
119.173
317,671
debt . .
. .
514.024
1 1955
518,886
4% 2d mtge. Prairie“ A ” _______G. T . P _____ April
10.206.000
674.860
58,894
608,538
4% 2d mtge. Mountain “ B ” ___ G. T . P _____ April
120,693
1 1955
9.963.000 Misc. income charges _.
19,503
- - 60 567
57.606
1 1955
4% 1st mtge Lake Superior___ G. T . P _____ April
7.533.000 Misc. approp. of income.
Unguaranteed, (by Provinces or Dominion)—
Total deductions . _ . 80,360,747 77,724,151 76,233,308 74,179,431
4% Perpetual debenture sto ck -.G . T. P _____ Perpetual
34,879.252
Net income, deficit_ 29,894,073 41,444.764 54,860,419 51.697.675
_
4% Perpetual consol, deb. stock.Can. N or____Perpetual
44,943.019
41* % Prince Albert Branch bds.Can. Nor____ June 30 1930
300.000
OFFICERS.— Pres., Sir Henry Thornton; Sec., R. P. Ormsby; Gen.
800 000 Treas., J. A. Yates. General offices, Montreal.— (V. 125, p. 2803.)
6% Equip, trust. Series “ A ” __Can. Nor_____ July 1 1928
6% Equip, trust, Series " B ” __Can. N or_____ Jan. 1 1929
1.875 000
6% Equip, trust. Series“ C ” __Can. Nor____ May 1 1929
CANADIAN NORTHERN RA ILW A Y S Y S T E M — Operated as part of
1.875.000
6% Equip, trust, Series“ D ” __Can. N or____ Dec. 1 1929
2.250.000 Canadian National Rys. See that company.
14.000.
000
7% Equip, trust, Series“ E ” __Can. N or____ May 1 1935
CANADIAN PACIFIC RAILW AY CO.— (See M aps.)— Owns a trans­
4% Perpetual consol, deb. stock.C . N . O_____ Perpetual
8,724.113
774,773 continental railway from Montreal to the Pacific Ocean, made up as follows
1 1934
5% 1st mtge. bonds___________ C. O. R ______ Jan.
5% 1st mtge. bonds___________ Bay of Quinte.Jan.
2 1927
730.000 Dec. 31 1926:
Also controlled but oper. sep.—
4% Perpetual consol, deb. stock.C . N. Q______Perpetual
5,250.369 Montreal to Vancouver_____ 2,895
4% 1st mtge. gold bonds______ G. N. o f C ____Oct. 1 1934
3,510,250 Branches, leased lines, &c___ 11.513 aMinn. St. P. & Sault Ste. M ..4 .3 9 7
a Duluth South Shore & Atlantic 616
4% 1st mtge. perpetual deb. stk.Q . & L. St. J__Perpetual
4,252,503
Total in traffic returns____ 14,408 aMineral R a n ge______________
78
4.447.000
3 H % 1st mtge. bonds__________ H .& 8 .W ____Sept. 30 1942
484
a See each company’s statement.
4% 1st mtge. deb. stock________ Q.L.L.&S.RR.July 1 1936
5.019.701 Mileage of other lines worked.
162 Steamships, see V. 116, p. 1435.
5% 1st mtge. rent charge bonds.M .R .Tnl.& Tl.A pril 15 1970
1.697.493 Lines under construction_____
The 5-mile tunnel through the Selkirk Mts. was put in use in Dec. 1916.
5 % 1st mtge bonds_____________ C.N.C.&O.DkJan.
1 1936
1.375.000
H ISTORY, &C.— Incorporated Feb. 16 1881 under charter from Do­
4% 1st mtge. deb. stock________D . W . & P ___ June
1 1939
7,004,997
10,964,416 minion of Canada, receiving $25,000,000 in cash as a subsidy; also 25,000,000
4% 1st mortgage bonds________G. T. W _____ July
1 1950
acres of land, all to be fit for settlement.
6% Equip, trust notes_________G. T . W _____ Jan. 15 1935
1,858,500
Full financial resume by Chairman in M ay 1918 with statement as to
5% 1st mtge. bonds___________ G .T . Jet_____ Jan.
1 1934
938.960
8.125 000 company’s $253,000,000 of outside assets was in V. 106, p. 1906. Kaslo
4)4 % Equip, trust Series"H ” _ Can. N at____ July
_
1 1939
8.659.000 & Slocan Ry. lease and bonds, see V. 107, p. 2097. In July 1920 assumed
5% ref. mtge. gold bonds______ C. V . R y ____ May 1 1930
6% equip, trust series E ________ C. V. R y ____Ser.Mayl '30
313.000 operation of the Edmonton Dunvegan & British Columbia and Central
5% equip, trust series F ________ C. Y. R y _ Ser.Jan 10 '32
_
575.000 Canada Railway Cos. See V. 112, p. 1408.
The special committee of the Senate on railways, which made its report
4% 1st mortgage bonds_________M . & P. L. Ry Oct. 1 1950
200.000
4% indebtedness_______________ S. S. & C. RR.Optional
155,865 to the Canadian Upper House on June 25 1925, recommended merging of
the Canadian National and Canadian Pacific R y. systems for purposes of
4% Montreal Warehousing Co. lsts___________ April
1
1936 136,000
5% Rail & River Coal Co. lsts________________ April
11938 1.465.000 administration and operation. Compare V. 121, p. 69.
5% Niagara St. Oath. & Tor. R y. Co. lsts_____Nov. 1 1929
1.098.000
STOCK.— On Aug. 5 1927 the directors voted to issue and offer to share­
4)4% Toronto Suburban debenture stock______ July 15 1961
2.628.000 holders, $32,500,000 of ordinary capital stock at $150 per sh. in the ratio
24,137.846 of 1 share in 8 of their respective holdings. V. 125, p. 908. The issue of
*5% Can. Nor. income charge deb. stock______ May 16 1930
Can. National Realties Ltd. outstanding mtges.
Various
____________
607,520 preferred must never exceed one-half the common.
Total debt held by public_______________________________ 8935.383.110
COMMON DIVIDEN DS.—
( 1903-05. 1906. 1907-09. TO 1911-27.
* On Nov. 15 1927 the income debenture stockholders were to vote on a Railroad earnings since 1902______ 16 yearly.
6 6 yearly. 7 7 yearly
plan for the redemption of this issue in M ay 1928 at 94. V. 125, p. 2258. Interest from land sales. &c______I ---------)4
1 yearly 1)4 3 yearly
The former plan for the redemption o f this stock V. 123, p. 1993, was
Paid in 1927: Apr. 1, 2)4 %; June 30, 2)4 % ; Oct. 1, 2)4 %; Dec. 3 1 ,2)4 % ■
voted down by the stockholders.
BONDS, DEBENTURE STOCK, GU A R A N TE E D BONDS. &C.—
List o f securities owned D ec. 31 1921, V. 114, p . 1426.
R EPO RT.— For 1926. in V. 124, p. 2579, showed:
The shareholders on M ay 4 1921 gave the directors blanket authority
Calendar Years—
1926.
1925.
1924.
1923.
to issue any form of security for any purpose, provided it is junior to the
Revenue—
$
$
$
$
Freight________________ 207,157,028 180,482.544 171,045,298 186,240,897 Consolid. Debenture 4% stock, and does not exceed the amt. of this stock.
Passenger______________ 39,427,265 36.618.482 37.233,998 39,285.318
The balance sheet of Dec. 31 1926 showed $264,244,882 Consol, de­
M a il__________________
3,688.357
3,554,200
3,595,262
3,543,078 benture stock outstanding. V. 108. p. 1280: V. 119, p. 692.
Miscellaneous__________ 25,297,660 24,315,977 23,713,624 25,066,194
In June 1890 company guaranteed the principal and interest of $20,000,000
1% bonds issued by the Dul.
& Atl.;
Total___
................ 275,570,310 244,971,203 235.588,182 253,135,487 bonds of the Minn. St. P. & S.So. Sh. .. and inalso 4% int. on Consolidated
Ste. M
1899 interest on the 2d mtge.
Expenses—
4s and in 1890 interest on the 1st mtge. 4s o f the latter. Owns Dul. So. Sh.
Maint. of way & stru c.. 48,536.503 43,006,814 44,039,965 44,778,445
Maint. of equipment_ 51,211,821 47,902.092 47,972,444 52.176,320 & Atl. consols. $15,107,000, &c.
_
Collateral Trust Bonds.— The 5% collateral trust gold bonds are secured
T ra ffic ________________ 7,026,005
6.726,473
6,892,751
5,792,928
Transportation________ 111,393.758 106.477,437 110.085.034 120,302,451 by deposit of $15,000,000 4% Consol. Deb. stock. The bonds are redeem­
Miscellaneous operations 2,336,041
2,253,051
2,381,469
2.304,106 able, all or part, at 102)4 and int. after April 15 1926. V. 118, p. 1909.
The 4 )4 Vo collateral trust gold bonds are secured by deposit of $25,000,000
General________________ 7.881,496
7.223,774
7,633,834
8,063,391
Transp. for invest’t— Cr. 1,040,343
882,852
661,567
712,802 4% consol, deb. stock. The bonds are redeemable, all or part, at 102 up
Total________________ 227,345,281 212,706,788 218,343.931 232,704,838 to and including Sept. 1 1931, and at a declining premium of )4 of 1%
Net earnings__________ 48,225,030 32,264,415 17,244,251 20,430,649 during each five-year period thereafter. New York Stock Exchange has
authorized listing. V. 124, p. 639.
Total oper. incom e.. 42,843,846 27,877,343 12,235,017 16,273,239
Secured Note Certificates.— The sinking fund secured note certificates are
Non-Operating Income—
redeemable, all or part, on any int. date on six weeks’ prior notice at 102
586,129 and int. up to and incl. Dec. 15 1929, and at a declining premium o f )4 of
259,928
318,575
268.840
Rent from locomotives. _
177,663
127,843 1% during each 5-year period thereafter. They will be secured by the
145,541
252,093
Rent from pass.train cars
1,003 assignment to the trustee, by way o f security, of all unpaid purchase money
337
920
Rent from floating equip.
150
317,012
486,620
209,284 or deferred payments owing or accruing due to the company in respect of
352,012
Rent from work equip
1,019,689
994,988
895,448 lands in the Province of Manitoba, Saskatchewan, Alberta and British
Joint facility rent income 1,068.235
78.602 Columbia, sold or contracted to be sold by it prior to Dec. 1 1924. The
83.040
85,698
Inc. from lease of roa d ..
91,375
1,158,333
837,194 amount due or accruing due to the company on Dec. 1 1924 in respect of
1,201,060
Misc. rent income______
633.544
165,128
493.176 said sales was $66,000,000. The company will covenant to pay to the trus­
192,139
M isc.non-op.phys.prop .
204,263
853.754 tee all moneys, both principal and interest, less expenses and taxes paid to
1,179,057
1,044,876
Separ. oper. prop— profit 1,606,280
454.613
515,436 protect the security, received by the company in respect o f these contracts.
386,959
Dividend income_______
413,228
673,193
572.872
523.094 The company covenants that it will not charge the lands in respect o f which
Inc. from funded securs.
642,732
Income from unfunded
such deferred payments are or shall be due so as to prejudice in any manner
1,068,883 the security hereby created.
1,538,573
securities & accounts. 1,269,329
2,055,955
Income from sinkg., &c.,
All moneys received by the trustee will be utilitized for the payment of
519,739
371,227 Interest on these note certificates and thereafter as a sinking fund for the
634,785
reserve funds________
736,907
1,650,393 loss352,555 purchase and cancellation o f these note certificates at the best prices obtain­
221,226
Miscellaneous income__ ______ 83.836
8,402,044
9,137,872
Total non-oper.income 7,622,827
6,208,517 able up to the call price prevailing at the time o f such purchase. I f note
Gross income________ 50,466,674 36,279,387 21,372,889 22,481,756 certificates cannot be so purchased the trustee shall redeem the note cer­
tificates by lot at the prevailing call price. The company will covenant
Deductions—
that in the fourth and each succeeding year the annual amount available
Hire of freight cars—
1,718,372
3.887.479 for the purchase of note certificates will be at least $300,000.
1,694,487
debit balance________ 3,947,606
St. Lawrence & Ottawa bonds are endorsed with the Canadian Pacific’s ac­
163,038
Rent for locomotives_
_
33,392
27,125
54,016
147,862 ceptance of a 999-year lease at a rental sufficient to pay 4% int. on bonds;
Rent for pass, train cars.
364,675
353,854
145,527
21,748
8,944
11,271 and tne bondholders’ agreement to accept int. at 4% (instead of 6% ) and to
R ent for floating equip . .
9,224
5,672
5,492
12,944 refrain from demanding principal (due 1910) during lease. V. 90, p. 1361.
R ent for work equipment
13,643




Nov., 1927.]

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

Miles Date
Road Bonds

Carolina C entral— Bonds— See Seaboard Air Line Ry
Caro C linch & Ohio— Lick Crk & L E 1st M g assu_x
8
256
1st M $15,000,000 red 110__________________ F.xc*
1st & consol mtge Ser A red (text)— Eqkxxxc*&r
276
do
do Ser B _______________________________
276
Eq gold notes (U S R A) due $414,000 ann______Q
do
Ser • ” due $25,000 s-a red 102>£--Mp.c*
‘H
do
do
Ser “ 1” due $50,000 s-a_______ xxxc*
Bonds Guaranteed, Prin and Int, by Endorsement—
Black Mountain Railway 1st M tge________________ 11.93

1902
1908
1922
1926
1920
1923
1924
1916

5g

A

37,227,242 37,479,011
14,070,287 13,470,653
500,000
500,000

Total income------------ 40,725.039
Preferred div. (4 % )____ 4,005,944
xCommondivs. (10% )— 26,000,000

36,573,633
4,005,944
26,000,000

34,899,409
3.421,943
26,000,000

Balance, surplus------- 10,719,095
6,567,689
2,771,132
5,477,466
x Of this 10% in dividends paid on Ordinary stock 7% is from railway
earnings and 3 % is paid out o f special income (which account is given below ).
SPECIAL INCOME ACCOUNT FOR CALENDAR YEARS.
From this special income is derived the 3 % in special divs referred to above.
1926.
1925.
1924.
1923.
Net rev. from Invest. &
avail, res. (see below). $2,576,410 $1,755,003
$645,756 $2,158,178
Int. on dep. & int. and
divs. on oth. securities
less exchange________
2.940,485 3,313,249
3.059,507
1,545,355
Net earns. Ocean &
Coastal SS. Lines____
2,053.883 2,881,651
3,630,675
4,292,141
Net earns. Commercial
Tel. and news de t ,
hotels, rentals & misc.
3,485.492 3,407,472
2,635,314
3,395,378
$9,971,252 $11,391,052
7,800,000

7,800,000

$3,256,271 $3,557,375 $2,171,252 $3,591,052
BALANCE SHEET as o f Dec. 31 1926, in V. 124, p. 2000;
MISCELLANEOUS INVESTMENTS. Par $47,005,125 (Cost $24,522,843).
From these investments was derived the first item in foregoing table.
Coeur d ’Alene & Pend d’Oreille R y. 1st mtge. bonds__________
$47,000
Consolidated Mining & Smelting Co. stock___________________
6,088,525
Cambridge Collieries Co. 1st mtge. ref. bonds________________
250,000
Canadian Pacific Express Co. stock__________________________ 5,000,000
Duluth South Shore & Atlantic R y. ordinary stock__________
6,100,000
do
preferred stock___________________________________ 5,100.000
Minneapolis St. Paul & Sault Ste. Marie Ry. ordinary s to ck .. 12,723,500
do
preferred stock___________________________________ 6,361,800
Pennsylvania-Ontario Transportation Co. stock______________
187,500
150,000
Quebec Salvage & Wrecking Co. stock______________________
Spokane International Ry. Co. stock________________________ 3,941,800
Toronto Hamilton & Buffalo R y. Co. consol, mtge. bonds____ 1,000,000
West Kootenay Power & Light Co. preferred stock__________
55,000




Places Where Interest and
Dividends A re Payable

1,000

25,216,258 22,656.955 23,508,357
11,357,375 9,971,252 11,391,052

Balance Dec 31_____

Last Dividend
and Maturity

J & J Jan 1 1933
Wash (D C) Loan&Tr Co
J & D June 1 1938
71 Broadway, N Y
71 Broadway, N Y
J & D 15 Dec 15 1952
A & O Apr 1 1956
71 Broadway, N Y
J & J15 To Jan 15 1935 Guaranty Tr Co, N Y
M &S15 Mar ’28-Mar ’33 Chat & Ph N B & Tr, NY
J & D June’28-June’34 Blair & C o, New York

Balance, surplus_____ 29,668,768
Special income_________ 11,056,271

Total special income. _ $11,056,271$11,357,375
Less payments to share­
holders in divs (3 % ).
7,800,000 7.800,000

When
Payable

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

Totaloper. expenses.. 153,080,465 J43,201,230 145,274,914 158,358,079

32,628,207
3,857,075
26,000,000

$200,000

Rate
%

13,950,000
8 ,000,000
1,0 0
1.497.000
3.312.000
1.0 O
f
1,090
275 000
650.000
1.000

$1,000
100 &c

Total gross earnings_.198,025,592 183,356,006 182,502,156 195,837,090
Operating Expenses—
TransportationF expenses OQ 900 1 07 OC J 79 (i H A 0^7 077 900 O A72,730,571
66.691.423 65,009,477 66,311,741
n o o a tirn- v
t
77£?
A 09
Maintenance o f way, P ta 28,322,187 25,473,904 27.277,389 30,776,423
&c.
Maintenance o f equip_ 36,722,467 33,108,545 32,640,070 34,124,839
_
T ra ffic ________________ 9,088,420
8,477,103
8,341,350
8,180,042
Parlor car, &e_________
1,861.682
1,724,501
1,831,498
2,005,970
Lake and river steamers. 1,275,647
1,217,175
1,266,592
1,386,816
General (incl. all taxes). 9,118.638
8,190,526
7,606,274
9,153,418
40,154,776
14,438,517
500,000

Am ount
Outstanding

Par
Value

The New Brunswick Railway consolidated debenture stock has interest
guaranteed by Canadian Pacific; interest on the first mtge. bonds, though
not guaranteed, is paid out o f rental under 999-year lease of 1890.
The Calgary A Edmonton Ry. debenture stock is guaranteed interest at
4% under new lease o f 1903. V. 76, p. 435; V. 77, p. 636.
The Lindsay Bobcaygeon & Pontypool Ry. bonds are issued under a 99-year
lease covering the interest. V. 77, p. 1225; V. 79, p. 2085.
The First & Ref. M . 444s o f the Aroostook Vy. (electric) RR. are issuable
at rate of $25,000 per mile. Denom. £100 or $500. Sinking fund, 44 of 1 %
yearly of issued and outstanding bonds from Feb. 1 1916-20, 1% thereafter.
Callable for sinking fund at 105. V. 89, p. 846; V. 90, p. 107; V. 92, p. 259.
Kettle Valley Ry.— See V. 108, p. 1721, 1282.
Victoria Rolling Stock & Realty 444%. V. 99, p . 1672, 543; V . 100, p . 139
In March 1920 sold $12,000,000 6% equip, trust certifs. V. 110, p. 1288.
Lands.— Lands unsold Dec. 31 1926 were 158,014 acres in Manitoba
(book value $1,580,140), 1,314,207 acres in Saskatchewan (book value
$15,770,484), 2,406,386 acres in Alberta (book value $28,876,632), 1,014,861
acres in British Columbia (book value $4,979,451), &c. Total of all lands
owned Dec. 31 1926. 6.038,003 acres (book value $93,805,866).
SUB. COS.— Dominion Atlantic R y., Yarmouth to Truro, with branches,
total 247 miles, with 45 miles trackage to Halifax, is leased for 999 years
from 1912. V. 91, p. 728; V. 90, p. 1490,1424; V. 93, p. 1461; V. 94, p. 278.
Alberta Ry. & Irrigation Co., see V. 92, p. 955; V. 93, p. 593; V. 94, p. 1316;
V. 95, p. 617. Quebec Central R y ,. see V. 93, p. 667, 1106; V. 94, p. 1625;
V. 96. p. 361, 715.
R EPO RT.— For 1926. in V. 124, p. 1967. showed:
Calendar Years—
1926.
1925.
1924.
1923.
Earnings—
$
$
$
$
Passengers_____________ 34,150,428 33,126,445 33,900,668 36,315,818
Freight_________________ 141,205,619 128,410,056 123,505,140 134,299,556
M a ils _________________
3,607,036
3,552,416
3.537,662 3,572,372
Sleeping cars,mise.& exp. 19,062,509 18,267,088 21,558,686 21,649,344

Net earnings------------ 44,945.127
Fixed charges__________ 14,676,359
Pension fund__________
600,000

27

RAILW AY STOCKS AND BONDS

300.000

& O Apr 11936

N Y Trust Co, N Y

OFFICERS.— Chairman and Pres., E. W . Beatty; Vice-Presidents
Grant Hall, I. G. Ogden, W . R. Maclnnes; Vice-Pres. & Compt., John
Leslie; Vice-Pres. Eastern lines, A. Q. MacTier; Vice-Pres., Western lines,
D . C. Coleman; Sec., Ernest Alexander.
DIR E C TO RS.— Sir Herbert S. Holt, Ohas. R . Hosmer Hon. Fred
L. Beique, K.C. Senator; Ross H. McMaster, Colonel Frank S. Meighen,
C .M .G .; John K. L. Ross, Edw. W. Beatty, Sir Vincent Meredith, Bart.,
Rt. Hon. Lord Shaughnessy, K .C .; Grant Hall and F. W. Molson, Mon­
treal; W. N. Tilley, K .C ., Toronto; Hon. Reginald McKenna, E. R . Pea­
cock, London, Eng.; Col. Henry Cockshutt, Brantford, Ont.; James A.
Richardson, Winnipeg, Alan, and W. J. Blake Wilson, Vancouver, B. C.
Main Office, Montreal; N . Y. office, Madison Ave. & 44th St.— (V. 125,
p. 908.)
CAROLINA CLINCHFIELD AND OHIO R Y .— Owns from Elkhorn
City. R y ., to Spartanburg, S. C ., 274 m.; branches and spurs, 10 miles;
leased. 3 m.; trackage, 22 m.; total, 309 m.
The stockholders in June 1923 authorized the lease of the road (approved
by the I.-S. C. Commission in June 1924, V. 118, p. 3075) to the Atlantic
Coast Line RR. and the Louisv. & Nashv. RR. for 999 years. In general,
the broad terms of the lease provide for a rental equal to int. on all its obliga­
tions and dividends on the common stock as follows: The rental is to begin
Jan. 1 1925. and for 3 years thereafter the rental will be $750,000, or 3%
on the $25,000,000 Common stock. Beginning Jan. 1 1928 and for 10 years
thereafter $1,000,000 a year, or 5% on the stock. Beginning Jan. 1 1938
and thereafter to M ay 10 2922, $1,250,000 a year, or 4% on the stock.
All these rentals will be paid quarterly.
The I.-S. C. Commission has placed a tentative valuation of $36,595,514
on the property of the company as of June 30 1917.
STOCK.— Authorized and outstanding, $25,000,000 common.
In Nov. 1924 $12,600,000 leased line stock was offered by bankers. For
the convenience of those preferring a uniform $5 annual rate from Jan. 1
1925, it was stated that arrangements would be made, upon payment of an
additional sum at the time of delivery of stock (approximately $13 65 per
share based on payment Dec. 1 1924) for the delivery of special certificates
entitling the holder to receive in addition to the dividends declared a further
payment of $2 annually for the three years commencing Jan. 1 1925 and $1
annually for the ten years from Jan. 1 1928. V. 119, p. 2406BONDS, E TC.— First mtge. of 1908, V. 86, p. 667. 856; V. 88, p. 944.
Car trusts of 1917, V. 104, p. 2235.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 118, p. 662.
Of the 1st & consol, mtge. bonds ($50,000,000 authorized), $8,000,000
Series A bonds have been issued out o f a total authorized amount of $9,500,000. Series A bonds are redeemable, all or part, on or before Dec. 15 1937
at 107}4 and int., the premium decreasing )4 o f 1% each year thereafter
until maturity. Compare V. 115, p. 2793.
Series B total authorized $1,500,000. Redeemable as a whole but not
in part on any int. date after not less than 60 days’ notice at 103 and
accrued interest.
OFFICERS.— Chairman, Norman S. Meldrum; Pres., John B. Dennis;
V.-Pres., Ed. C. Bailly and C.Ledyard Blair; Sec. & Treas., T . J. Cunning­
ham. Office, 452 Fifth Ave., N . Y. C — (V. 120, p. 3182.)
CAROLINA & QEORQIA R Y .— (V 125 p 1321 )
CAROLINA & NORTHWESTERN R Y .— Owns standard-gauge road,
Chester, S. C., to Edgemont, N . C., 124 miles.
V. 107, p. 502 The
1. -S. C. Commission has placed a tentative valuation o f $2,937,000 on
the owned and used properties o f the company as o f June 30 1918.
Stock auth., $1,000,000 each of com. and 4% non-cum. pref.; outstand­
ing, $854,250 com. and $550,000 pref. stock. Of the first 5s due 1953,
$1,500,000 were used to retire all underlying bonds and $1,000,000 were
applicable to extensions, new equipment. &c. For 1926, gross, $1,004,838
net oper. income, $204,876; int., rentals, &c., $107,134; bal.. sur., $108,012:
Pres., Fairfax Harrison; Treas., Maury Middleton.— (V. 123, p. 2891.)
CATASAUQUA & FOGELSVILLE R R .— Catasauqua, Pa., to Rittenhouse Gap, Pa., 19.70 m., and branches, 31 47 miles. Stock, $426,900 (par
$25), $426,375 is owned by Reading Co. The first mortgage gold bonds o f
1928 have been redeemed. Dividends paid in 1904-05, 7 %; in 1905-06, 8% ;
in 1906-07, 8% ; 1908-09, 8% ; 1909-10, 10%; 1910-11, 10%; 1911-12, 10%;
1912-13, 10; 1913-14, 10; 1914-15, 20%; 1915-16, 15%; 1916-17,30%;
1917-18, 30; 1919, 30%; 1920, 20%; 1921, 25%; 1922-26, 30% . For cal.
year 1926 gross, $926,855; net, after taxes, $503,515; other income, $98,111;
deductions, $34,137; bal., sur., $567,487 (before divs.).
Pres., A. T . Dice; Sec., J. V. Hare; Treas., H. E. Parsley, address,
Reading Terminal, Philadelphia.
CATAW ISSA R R .— Owns from Tamanend, Pa., to Newberry Jet., Pa.
103.32 miles; second track, 40.10; total, 228.11 miles.
Re-leased
Dec. 1 1896 for 999 years to Philadelphia & Reading Railway.— Rental,
int. on bonds, 5% divs. on pref. stock, all taxes and $8,000 for org. exp.
See also V. 63, p. 969, 1116. The following amounts have been deducted
from the 2)4 % semi-annual divs. for income tax: N ov. 1917, 5 cents; Nov.
1918, 12 cents; M ay 1919, 13 cents; N ov. 1919 to N ov. 1921, 10 cents:
May 1922 to Nov. 1924, 13 cents; M ay 1925 to N ov. 1926, 11 cents. Of
the pref. stocks, $1,000,000 is 2d pref. Common, $1,159,500; par, $50.
Reading Co. owns $732,800 common.
Sec., S. N . Leidy, 1001 Lewis
Bldg., Phila., Pa.
CAYUGA & SUSQUEHANNA R R .— Owns from Susquehanna River to
Ithaca, N. Y ., 34 m. Leased during length of charter and renewals thereof
D the Delaware Lack. & Western at a rental of $54,600 a year. Divs. of
o
9% per annum were paid regularly to 1917, except In 1904 when 0)4% was
paid; in 1918 paid 8 )4 % ; 1919 to 1926 paid 8% p. a.— (V. 106, p. 497.)
CE ' TRAL ARGENTINE R Y ., LTD.—-ROAD.— Extends from Buenos
Ayres a city with a population of about 2,300,000, through the city of
Rosari to Cordoba, Santa Fe and Tucuman. Comprises 3,305 miles of
track
1 except 202 miles is owned in fee; and partly double-tracked).
1
Prop os
extensions, V. I l l , p. 389.

*

R
t-1

i

STOCKS AND BONDS
[V ol. 125.




QO

Nov., 1927.]

RAILW AY STOCKS AND RONDS

MA P

OF

THE

CANADIAN PACIFIC RAILWAY
T he Minneapolis , St . Paul & Sault Ste . Marie Ry .
T he Duluth , South S hore & Atlantic Railway
T he Spokane I nternational R?,
AND CONNECTIONS

(W E S TE R N SEC TIO N )




fcS

30

RAILWAY STOCKS AND BONDS

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

Miles Date
Road Bonds

Carolina & N orthw estern— IstM $2,500,000 goldGx
Caldwell & Northern 1st M ____________ '________ x
_
Catawissa— Pref stock 5% guar P & R R y (see text)
First consol mortgage $2,215,000 gold_ PeP.xc*
_
103
Cayuga & Susquehanna— Stock rental D L 4 f f _
_
34
Central A rgentine Ry—
Convert pref stock 6% cum ______________________
Convertible notes (see text)_______________________
Central of Georgia Ry— Common stock___________
Ten-year secured bonds call after June 1 1924. .xxx
1st mortgage $7,000,000 gold___________ G.xe*&r
312
Refunding and general mortgage Series “ A ” _
do
Series “ B ” redeemable (text)_ _xxxc*&r* 1,489
do
Series “ C ” redeemable (text)__xxxc*Ar* 1,489
Consolidated mtge $18,500,000 gold_ Ba.xc*Ar 1,493
_
Mobile Dlv 1st M (Columbus to Andalusia) g .G .xc*
138
Macon & North Div 1st M $840,000 gold.MBa.xc*
102
Ocon Div 1st M Brewton to Dover $6,000 p m .G .xc*
77
Mid Ga & Atl Div 1st (consol) 7 $9,000 p m__G.xc*
65
Chattanooga Div purch money M $2,400,000gG.xc*
164
Chattanooga Rome & So 1st M $500,000 g Un.xc*
137
1st pref incomes (Tnterest up to 5% f___________ Mez
2d
do
do j gold if earned 1____________C ez
3d
do
do i non-cumulative l____________ Baz
Central RR & Bk coll tr bonds g red at 110_ Ce.c*
_
Equip trust Series M $59,000 semi-annually_ CP
_
do
Series
N due $66,000 annually_C Pc*
__
do
Series
O due $194,000 annually_c*
do
Series
P due S94.0C0 annually__
do
Series Q due $256,000 ann_______________
Augusta & Savannah stock guar (no bonded debt). _
53
Southwestern Railroad stock guar (no bonded debt)
331
Chattahoochee & Gulf stock guar_________________
First M gold $2,000,000 lnt rental s f red at 1 0 2 x
91

1903
1907
1898
—

1923
1919
1895
1919
1919
1919
1895
1895
1895
1901
1897
1901
1897
1895
1895
1895
1887
1921
1922
1923
1925
1925
1900

Par
Value

When
Payable

Rate
%

$1,000 $1,528,000
5
1,000
543,000
5
50 3,200,000
5
1,000 2,215,000
4g
30
589.110 See text

Total owned.
Total oper. Dec. 31 1926------1,914
1,478
Valuation.— I.-S. C. Commission has placed a final valuation of $63,"
458,485 on the owned and used property, $15,743,087 on the used but not
owned, and $878,184 on the owned but not used property of the company.
ORGAN IZATION .— Succeeded N ov. 1 1895 the Central R R . & Banking
Co. of Georgia, foreclosed. V. 60, p. 1008; V. 61, p. 68. Ocean SS. C o.,
V. 102, p. 344.
The entire $20,000,000 capital stock is owned by the Illinois Central but
the road is operated independently.
Government loan, V. I l l , p. 492; V. 112, p. 371, 469.
STOCK.—The I.-S. C. Commission on Dec. 5 1923 authorized the com­
pany to issue $15,000,000 Common stock and to retire a like amount of
Preferred stock by exchange, share for share, of Preferred for the new Com­
mon, so that the Capital stock of the company will consist solely of 200,000
shares of Common stock (par $100). V. 117. p. 2651.
Dividends.— On common stock, 1913 to 1923, 5% per annum; 1924, 6% :
1925, 6% ; June 30 1926, 3% .
BONDS.— The first mortgage of 1895 (described in V. 63, p. 1160) and
V. 84, p. 529, 605; V. 87, p. 550.
Consol. Mtg (see abstract, V. 61, p. 873; also V. 63, p. 1160; V 83, p.
1347); V. 85, p. 605; V. 89, p. 777.
Collateral Trust Mortgage, abstract was in V. 45, p. 242.
Chattanooga Division Mortgage, V. 72, p. 1134; V. 78, p. 1446.
Ten-Year Secured Bonds.— The shareholders on May 28 1919 authorized
an issue of Ten-Year 6% secured bonds (see offering V. 108, p. 2240)
amounting to $8,000,000. Redeemable on 60 days’ notice on June 1 1924 or
any interest date thereafter upon premium of 4$ of 1 % for each 6 months
between redemption date and date of maturity. Secured by the deposit of
$11,000,000 6% Ref. & Gen. Mtge. bonds, Series “ A ,” due April 1 1959.
Refunding and General Mortgage.— The authorized maximum of the Ref.
& Gen. Mtge. bonds (including amounts issued) issuable or reserved to re­
fund $31,178,300 outstanding prior lien bonds, (the extension of these old
bonds being forbidden), is limited to three times the capital stock, which
makes a present limit of $60,000,000. Series “ A ” 6% bonds amounting to
$11,000,000 are pledged as security for the 10-year 6% bonds of 1919. In
Feb. 1924, $5,000,000 Series “ B ” 54$ % bonds were sold. V. 118, p. 1011.
The Series “ B ” bonds are redeemable as a whole only at 105 and interest
on or after April 1 1934. The Series “ C ” bonds are redeemable as a whole
only upon not less than 90 days’ notice on April 1 1934 or on any int. date
thereafter, at 105 and int. until and incl. April 1 1954, and thereafter at a
premium which shall diminish at the rate o f 4$ % lor each 6 months elapsed
up to date o f maturity. The ref. & gen. mtge. bonds o f 1919 are secured
by a direct mortgage on 1,489 miles o f railroad owned in fee (of which 58
miles are leased to Seaboard Air Line R y .), on valuable leaseholds and
trackage rights covering 491 miles, and on important and valuable terminals

o l

.

125

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

J

A J July 1 1953
& 1) Junel 1957
M A N See text
A & <) Apr 1 1948
J A J See text

J

£10 £4,000,000
J A ,T
6
£100 Ac £2,000.000
J & J July 1 1933
5
$100 $20,000,000 See text J A D31 June 30 '26 3%
8,000,000
6 g .1 A D Junel 1929
1,000 7,000,000
5 g F A A Nov 1 1945
Pledged
6g
Apr 1 1959
1,000 5,000,000
O Apr 1 1959
54$ g A
1,000 3,000,000
A < O Apr 1 1959
fc
5g
1,000 18,498.000
5 g M A N Nov 1 1945
1,000
1,000,000
6 g J A .1 Jan 1 1946
1,000
840.000
5 g J A .1 Jan 1 1946
1,000
462,000
5 g J A I) Dec 1 1945
1,000
413,000 6 cur .1 A .1 Jan 1 1947
1.000 2,057,000
4 g J A 1) Junel 1951
1,000
343,000
5 g J A J July 1 1947
1,000
134.500
Oct 1 Nov 1 1945
5
1,000
94,750
5
Oct 1 Nov 1 1945
1,000
45.600
5
Oct 1 N ov 1 1945
1,000 4,840.000
5 g M & N M a y l 1937
E & A Aug ’27-Feb ’36
1,000
531,000
64$
1,000
330.000
54$ M & S To Mar 1 1932
1,000 2,134.000
J A D To June 1 1938
5
1,000
1 222 000
44$ M & S To Mar 1 1940
M & N To N ov 1 1940
1,000 3,584.000
44$
100
.1 A
.1July 1927 24$%
1,022,900
5
100 5.191,100
.1 A J July 1927 24$%
5
100
436,400
5
J A .1July 1927 24$ %
1,000
407,000
5 g J A J July 2 1930

ORGAN IZATION .— Originally organized in 1863. Operates under a
perpetual concession and an amended law contract running until 1947,
entitling it, without restriction, to charge such rates, payable in gold equiva­
lent, as will net 6.80% on the capital investment recognized by the Argen­
tine Government, now amounting to over $250,000,000. In lieu of taxes,
3% o f the net receipts go to the Government.
Outstanding Capitalization (at $4 86 to £).
Cent.Deb.314 % stk.(l50m) £73,058110-year 5% notes_______ £1,985,700
414% West. Ann. (202 m.) 2,017,500 414% non-cum. pref. stk. 9,695,718
4% Deb. stk. (gen’l ch.)..13,488,722'C onsol. ordinary stock_ 28,186.950
_
_
811,800
6% cum. conv. pref. stk_ 4,000,0001Deferred stock___________
The Consol. Ordinary stock is entitled to non-cum. 5% dividends before
the deferred stock receives any dividends and shares equally with the
deferred stock in the distribution o f earnings after the latter has received 5 %.
Offered in March 1917. V. 104, p. 256, 1044, 1144; V. 105, p. 1998.
Issue of £5,000.000 6% Cumulative Convertible Perference Stock Approved.—
The stockholders on Oct. 14 1926 approved the creation of an issue of
£5,000,000 6% cumul. conv. pref. shares, £4,000,000 outstanding. The
proceeds were used to retire the $15,000,000 o f 10-yrs. 6% conv. gold notes,
due Feb. 1 1927 and to pay for extensions o f lines, new stations and mar­
shalling yards.
The notes of 1923 are convertible into 4% debenture stock as follows:
In Jan. or July 1924, £115 of 4% debenture stock for every £100 note; in
Jan. or July 1925, £113 of 4% debenture stock for every £100 note. V. 116.
p. 2006.
REPORT.— For fiscal year ending June 30 1927, showed:
Cal. Years—
Gross.
Net.
Int. Rentals, Ac.
Bal.
1927________________ £12,643,559
£4,298,342 £2,780.945
£1,517,396
1926________________ 11,261,374
3,392,341
1,022,387
2,376,068
1925________________ 11,567,907
3,576,339
1,231,160
2,345,179
OFFICERS.— Pres., Dr. Frias; Gen. M gr., Ronald Leslie; Sec., F.
Fighlera. Office, 3 A , Coleman St., London, E. C. 2.— (V. 125, p. 90.)
CENTRAL OF GEORGIA R Y . CO.— Operated Dec. 31 1926. 1,917 miles
Lines leased (see these cos.) Miles.
Lines owned in fee—
Miles.
Savannah to Atlanta_________ 293 Southwestern R R .—
Gordon to Covington_________
81
Macon to Eufaula__________ 142
Fort Valley to Perry__________
13
Columbus to Birmingham, Ala. 156
Fort Valley to Columbus____
71
60
Oolumbus to Americus________
Smithville to Columbia_____
85
Montgomery to Eufaula, Ala__
81
Cuthbert to Fort Gaines____
20
Columbus to Greenville, Ga_
_
48
Opelika to Roanoke__________
36 Augusta & Savannah R R .— ___
Miilen to Augusta____________
53
Eufaula to Ozark______________
60
Griffin, Ga., to Chatt.,Ten.,&c 261 Chattahoochee & Gulf R R .—
Chicamauga to Durham______
Columbia to Lockhart______
91
17
Savannah to Tybee___________
16
18 T rackage______________________
Columbus to Andalusia_______ 138 Less— Lines to Ga. & Ala. Ry.
Co. and Chatt. Station C o. 59
Mogul to Athens______________ 102
Brewton to Dover_____________
77
Barnesville to Thomaston__________ 16
Covington to Porterdale______
4
Upper Cahaba Branch
Greenville to Raymond_______
24




Amount
Outstanding

[V

Checks mailed
do
Company’s Office, Phila
Reading Terminal, Phila
30 Pine St, New York
London, Eng.
do
do
C o’s off 32 Liberty St NY
Guaranty Trust Co, N Y
Guaranty Trust C o, N Y
do
do
do
do
do
do
Guaranty Trust Co, N Y
do
do
do
do
Guar Tr Co, N Y or Sav
do
do
do
do
Guaranty Trust Co, N Y
Commercial Tr Co, Phila
do
do
Savannah, Ga
Savannah and Macon
Savannah, Ga
Oitlzens’Bk.Savann’h.Ga

at Savannah, Macon, Atlanta, Columbus, Ga., and elsewhere, subject to
$31,058,300 o f prior lien bonds. V. 118, p. 1011; V. 122, p. 1306.
Equipment trusts. Series M . V. 112, p. 561.
Equipment trusts, Series N, V. 114, p. 1406.
Equipment trusts, Series O, V. 116, p. 2128.
Equipment trust, Series P, V. 120. p. 952.
R E PO RT.— For 1926, in V. 124, p. 2111, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Total ry. oper. revenues.$31,825,369 $30,229,408 $27,173,209 $26,19,,846
Net ry. oper. in c o m e ... 5,953,291
5,467,744
4,555,803
3,944,371
Gross income___________
7,388,568 6,589,823
5,593,838
6,811,961
Deductions__
Int. on funded debt____ 3,038,128
2,795,481
2,686,240
2,403,650
Int. on non-nego’le debt
to affiliated companies
36,585
33,922
38,372
117,948
Rent for leased r o a d s ...
373,243
373,360
372,959
372,710
Miscellaneous_________
265,218
281,947
259,971
261,296
Net income_________
Preferred dividends____
Common dividends_____

$3,675,393 $3,105,113
______
______
1,200,000 1,200,000

$2,236,294
______
1,200,000

$3,656,354
900,000
250,000

Balance, surplus_____ $2,475,393 $1,905,113 $1,036,294 $2,506,354
For latest earnings see "Railway Earnings Section” (issued monthly).
BALANCE SHEET as o f Dec. 31 1926 In V . 124, p. 2308.
OFFICERS.— Chairman, Charles H. Markham, Chicago, 111.; Pres.,
J. J. Pelley; V .-P ., A. R. Lawton, Chas. T . Airey, Albert C . Mann; V .-P .
& Gen. M gr., Henry D . Pollard; Sec., Charles F. Groves; Treas., W. C.
Askew: Comp., W m. B. M cKinstry. General office, Savannah, Ga.—
(V. 125. p. 2143.)
CENTRAL INDIANA R Y .— M uncieto Brazil, Ind., 117.69 miles owned
and 9.43 leased. Controlled by Cleveland Cincinnati Chicago & St. Louis
and Pennsylvania Co. In N ov. 1922 William P. Herod o f Indianapolis was
appointed receiver. The road was to have been sold at foreclosure sale
on Mar. 17 1924, but representatives o f the Central Union Trust Co., N. Y .,
trustee under the mortgage, appeared in court and stated that the decree o f
foreclosure had been satisfied, and asked the court to enter an order return­
ing the road to its former managers for operation. All bonds were destroyed
and mortgage released of record Mar. 25 1924. On April 1 1924 property
was restored to owners for operation. There is no bonded indebtedness at
the present time. $120,000 capital stock outstanding held in equal pro­
portions by the Pennsylvania Co. and Cleve. Cine. Chic. & St. Louis Ry.
Co. The I.-S. C. Commission has placed a final valuation of $1,904,560
on the total owned and used properties o f the co. as o f June 30 1917. The
company in Dec. 1925 applied to the I.-S. C. Commission for authority
to abandon its entire line o f road, and permission was granted on March 29
1927, provided the line is not sold in whole or part for continued operation
within six months. Pres., J. Q. Van Winkle, Anderson, Ind.; V.-Pres..
C. M . South, Philadelphia, Pa.; Sec., S. H. Church, Pittsburgh, Pa.;
Treas., W . S. Parkhurst, Anderson, Ind. Office. Anderson, Ind.— (V. 124,
p. 2583.)
CENTRAL NEW ENGLAND R Y. CO.— Merged into the N . Y . N . H.
& H. R R .
CENTRAL PACIFIC R Y . CO.— (See Map of Southern Pacific.)
Lines Owned—
Miles. Hazen. Nev., to Keeler, Cal__288.67
Oakland, Ac., local lines______ 18.84 Black Butte to Grass Lake------22.45
Oakland pier to Elvas, Cal___133.14 Grass Lake to Klamath Falls. _ 62.12
Klamath Falls to Natron, Ore.184.04
Sacramento, Cal., to Cecil
Jet., near Ogden, Utah____690.17 M ojave to Owenyo, Cal______ 142.90
Niles to San Jose, Cal________ 17.59 Fernley, Nev., to Westwood,
C a l ..._____ _______________ 136.60
Niles Jet. to Redwood Jet____ 16.22
Branches_____________________179.82
Umbria Jet., Nev., to near
Ogden, Utah______________ 141.64
Lathrop to Goshen Jet., C a l..146.55 Leased________________________ 24.73
Roseville, Cal., to Oregon
State Line________________ 297.83
Total____________________2,429.31
ORGANIZATION.— Incorp. in Utah in July 1899, per plan in V .68,p.378.
In 1914 the Government brought suit to separate the company from the
Southern Pacific Co., but lost in lower court in 1917. V. 104, p. 1044. The
U. S. Supreme Court on M ay 29 1922 ordered the dissolution of ownership
and control by the Southern Pacific Co. Compare V. 114. p. 2470;
V. 115, p. 1729, 1837. The I.-S. O. Commission, however, on Feb. 6 1923
handed down a decision granting the application of the Southern Pacific
Co. to retain its control of the Central Pacific R y. by ownership of its stock
and lease of its lines upon certain conditions. Compare V 116. p 685.
STOCK.— The Southern Pacific Co. owns the entire $67,275,500 common
and $20,000,000 pref. Pref. is 4% cum. and participates equally with com­
mon after 4% on each. All pledged for its coll, trust 4s. V. 96, p. 419
LATE DIVS. ’ 1 2 .’ 13. ’ 14. T5. T6. T 7. ’ 18. ’ 19. ’20. ’2 1 .’22. ’ 23 ’24 ’25.
Preferred, % 6 6 26.6 4
4 6 6 4 4 4
4 4 4 4
Common, % 6
6 26.6 14$ I X 6
6
4
4
2
2 2 2
2
BONDS.— First Refunding Mtge. gold 4s, $100,000,000. V. 69, p. 808,
and V. 70, p. 739; V. 78. p. 228: V. 87. p. 225, 285. 479; V. 88, p. 52
Thirty-year gold 34$s, $25,000,000, secured by a second lien upon all the
properties covered by the 1st Ref mtge. and also by deposit with the trus­
tees, as acquired, of all securities and moneys held in any sinking fund of the
Central Pacific R y., consisting Dec. 31 1925 of $4,178,000 in securities,
and by a trust deed upon all the lands covered by mortgage dated Oct. 1
1870. See Mortgage Abstract, V . 69, p. 858; also see p. 851. From the
proceeds of these sinking funds and land sales cancellations of bonds are
made from time to time; to Dec. 31 1925 $20,248,725 had been canceled
or purchased for cancellation, reducing those outstanding to $4,850,275.
Lucin Cut-off 4s are call, at 1071$. V. 79. p. 1641; guar., V. 80. p. 162.
In Feb. 1911 the sale was arranged in France of 250,000,000 francs 4%
35-year coll, trust bonds, guaranteed by the Southern Pacific Co. (the latter
pledging as security for the guaranty part of its interest in affiliated cos.,
notably So. Pacific R R .). V. 92, p. 593. 794; V. 94, p. 130, 1762; V. 101,
p. 2146.

Nov., 1927.]

31

RAILW AY STOCKS AKD BONDS

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

500 &c 98,574,000
F & A Aug 1 1949
Central P acific— 1st ref M g g u p & i end_.Ce.xc*&r 1,349 1899
4g
500 &c 4,226,550
3 ^ s S25.000,000 gold guar p & i end------- Us.xc*&r 1,349 1899
3M g J & D Aug 1 1929
103 1904
1,000 9,640,000
A & O Oct 1 1954
Lucin cut-off 1st M $10,000,000 gu (text)_Q.xc*&r*
4g
500 fr. 16,201,158
M & S Mar 1 1946
Bonds 250,000,000 francs guaranteed red par.-U s.x
1911
4
4
s Mar 1 1946
M
do
do
U S gold__________________________
32,061,358
o 1936 & 1939
50-year mortgage bonds ($78,000 5s due 1939)----103 000 5 & 6 A
1925 500&1000 40,000,000
F & A Aug 1 1960
Guaranteed gold bonds red text)________ yc*&r*
5g
479 1911
M fr N N ov 1 1941
Nevada & California, &c, 1st mtge assumed_______
8,500.000
6
86 1912
J & J Jan 1 1942
Oregon Eastern first mortgage assumed___________
5,000,000
6
Other bonds— see text
100 27.436,800
12
Central RR o f N J—-Stock ($30,000,000 authorized)_
Q F Nov 15 ’27 2%
1,0001 b43,924,000 / 5 g
1887
.7 & J July 1 1987
Central RE o f N J gen mtge $50,000,000 g--C e.xxrc All
— 1 July 1 1987
1887 500 &c J
do
do
registered_________________ xx All
l 5g
1920
1,000
M & N To M ay 1 1930
810,000
6
Equip trust Series H due $270,000 yearly-----------1.000
1922
None
.1 fr, D To June 1 1932
do
Series I due $200,000 y ’ly (allin treas)
6
1923
M & S To Mar 15 1933
1.000 2.250 000
do
Series J due $375,000 yearly-------------- c*
5
1924
1,000
J fr. 1) To June 1 1934
do
Series K due $137,000 yearly-----------959 000
5
1,000
A fr o To April 1935
1925
1,200,000
do
Series L due $150,000 yearly-------------4H
1.000 2,482,000
1926
do
due $178,000 yearly------------------------- c*
g F fr A To Aug 1 1941
1926
1,000
F <c A Aug 1 1941
S
1,064,000 4 ^
do
due $76,000 each Aug 1-------------------- c*
1920
1,000 3,164.000
J & .1 To Jan 15 1935
6g
Equip notes issued to Govt due $395,500 ann------ G
'1910
1.000 5,564.000
.1 fr, .1 To Junel 1950
L & W B con M $20,000,000 serial g guar.PeP.xxc*
4g
1,000 4,979 000
1881
1 < .1 July 1 1936
&
Am Dock & Imp Co 1st M guar redeem (text)-_xxc*
6
l.onn 2,500,000 4 & 5 g M & S Sept 1 1941
38 1891
N Y & L B gen M g int gu jtly ($192,000 5s)_Ce.xxc*
40.2 1921
1,000
290,000
Central RR of South C arolina— First mtge gold-_xc
6 g J & J To July 1 1976
Central Terminal R R — See Minneapolis St Paul & S ault S te Mar ie Ry
100 3,000.000 $2,191. 100 held by Canadian N
Central Vermont— Stock $3,000,000------------- -----M & N M a y l 1930
1920
12,838,300
R ef mtge guar p & i by Canadian National Rys_ N
_
5
200 000
100 &c
A & O Oct 1 1950
40.6 1900
Montreal & Province Line Ry 1st M guar p & i------c
4g
4
155,866
Stanstead Shefford & Chambly RR bonds-------------1,000
1922
M fr. N N ov ’27-May’30
264 000
6
Equipment trust notes Series E due $49,000 s-a----1,000
A & O Oct ’27-Oct ’32
1924
5
527,000
do
Series F due semi-ann___________________
1,000
31 1913
500,000
Cent W Va & South RR— 1st M g s f red text------c*
8 g J & J Jan 1 1933
Charleston & Savannah— See Atlan Coast Line RR
1907 1,000 &c
250,000
4 g J & J Jan 1 1937
Chari Un Sta— 1st M $400,000 g gu text)--Eq.xc*& r

165 Broadway,New York
do
do
do
do
London, Paris, Belg, &c
do
do
Owned by South Pac Co
do
do
Office 143 Liberty St.NY
New York Trust Co, N Y
Check from Treas Office
New York Trust Co, N Y
Office, 143 LibertySt.NY
New York Trust Co, N Y
do
do
do
do
Hudson Tr Co, Hoboken
Hudson Tr Co, Hob.,NJ
Guaranty Trust Co, N Y
New York Trust Co, N Y
do
do
do
do
Bankers Trust Co, N Y
ational Railways
New York Trust Co, N Y
Amer L & Tr Co, Boston
Am Exch Irv Tr Co, N Y
do
do
West End Trust Co.Phila
Equitable Trust C o, N Y

b Additional $1,167,000 in treasury Dec. 31 1926.

The $8,500,000 outstanding Nevada & California 6% bonds ($15,000,000
auth. issue) were assumed on purchase Feb. 29 1912; also $3,000,000 Cen­
tral California R y.. $1,000,000 Chico & Northern R R .. $2,500,000 Sacra
mento Sou. R R . and $5,000,000 Oregon Eastern R y. V. 94, p. 982, 1118
All of the five foregoing issues are owned by So Pac. Co.
The 5% guaranteed gold bonds, due Aug. 1 1960, are unconditionally
guar, as to both principal and int. by endorsement by Southern Pacific Co.
Not redeemable before Aug. 1 1955. Redeemable as a whole but not in
part, upon not less than sixty days’ previous notice, on any interest date
on or after Aug. 1 1935, at 105 and int., up to and incl. Aug. 1 1955, and
thereafter at a premium equal to K % for each six months between the
redemption date and date o f maturity. V. 121. p. 194.
. .
LAND GR A N T.— Total land grant was about 12,000,000 acres, of which
6,489,762 acres unsold Dec. 31 1926. Sales in 1926 173,838 acres; average
price per acre. $2.79
Land contracts Dec 31 1926, $1,123,378.
R E PO RT.— For calendar year 1926; Income from lease of road, $15,338,743; other income, $903,451; deductions, $9,724,463; net income,
$6,517,731; dividends paid, $3,491,020. (V. 124, p. 368).
CENTRAL RAILROAD CO. OF NEW JERSEY (T H E )— Operates
from Jersey City, opposite New York City, westerly to Wilkes-Barre and
Scranton, Pa., and the neighboring anthracite coal fields; also southerly
to the seashore resorts o f New Jersey and to the Delaware River.
Miles
Owned in Fee
Miles.
Jersey City to Phillipsburg_______ 72 Nesquehoning Valley*____________ 17
Sundry branches________________ 319 Lehigh & Susquehanna, Phillipsburg to Union J e t .____________105
Controlled by Stock Owned—
4 Wilkes-Barre & Scranton*______ 4
Easton & Western R R __________
Other lines_______________________ 70
Controlled by Agreement, Ac.
Trackage—
(mostly under 999-yr. leases):
Allentown Term. R R . (op. jointly) 3 Delaware & Hudson______________ 12
Other trackage__________________ 33
New York & Long Branch R R .,
Perth Amboy to Bay Head____38
Total operated Dec. 31 1926_691
Dover & Rockaway R R ________ 5
_______ __
_______________
*See this company.
Ogden Mine R R *_______________ 10
There are 267 miles of 2d. 43 miles o f 3d and 39 miles o f 4th tracks
H ISTORY.— Reorg. in 1887 without foreclosure; V. 44, p. 714. 716;
V. 105, p. 1707. In 1901 Reading Co. acquired control, owning $14,500,000
stock. The latter co. will dispose of its holdings under its dissolution plan.
V. 113, p. 1469; V. 112, p. 743, 2304; V. 72, p. 86, 136, 241, 391, 721. In
Sept. 1913 the Govt, brought suit alleging violation of both the Sherman law
and the commodities clause o f the I.-S. Commerce law. In Oct. 1915 final
decree of U. S. District Court dismissing said suit ordered that this co. must
dispose o f its interest in the Lehigh & Wilkes-Barre Coal Co. within 90
days. Both parties appealed to the U. S. Supreme Court. On April 26
1920 the U. S. Supreme Court sustained most of the Government’s charges
The plan for the disposal by the company of all the stock o f the Lehigh &
Wilkes-Barre Coal Co. owned or controlled by it (as embodied in the disso­
lution decree o f the Reading Co. dated Feb. 14 1921), provided that the
stock be disposed o f within six months after entry o f the decree or previous
to any other later date which may be fixed by the Court. Announcement
was made on Nov. 17 1921 that the company had sold its 169,788 shares
of Coal Co. stock to a syndicate for $32,500,000. See V . 114, p. 737 , 946.
2578; V. 115, p. 182. 644, 868; V. 117, p. 669. 1555; V. 113, p. 1982, 2184.
2719; V. 112, p. 743, 2641; V. 101, p. 1464, 1807: V. 110, p. 1816. Full
Crew Law. V. 105. D. 1897. 2093. Rebate decision in V. 109, p. 1891
Tentative Valuation.— The I.-S. C. Commission has placed a tentative
valuation o f $103,473,706 on the total owned property o f the system and
$125,111,211 on the total used property as o f June 30 1918. The tentative
valuations include Central R R . o f New Jersey, the Dover & Rockaway R R .,
the Easton & Western R R ., the Hibernia Mine R R ., the Lehigh Coal &
Navigation Co. (Lehigh & Susquehanna RR.) the Ogden Mine R R ., the
Tresckow RR. and the Wilkes-Barre & Scranton Ry.
The co. has filed with the I.-S. C. Commission a brief on its protest against
the Commission’s tentative valuation of its property. The co. claims a final
valuation o f $234,996,653, as against the $162,659,531 allowed in the
tentative report.
DIVS.— ’91. ’ 92 to ’ 94. ’95. ’ 96. ’ 97. '98. ’99. ’00 1901 to N ov. 1927.
Regular.. 614 7 y ’rly . . 4J4 434 4
4
5
5
H yearly (Q F).
Special___________________________ Dec. 1899 to Jan. 1928, 4 yearly (J & J'
BONDS.— For General Mortgage abstract, see V. 45, p. 402.
The Lehigh & Wilkes-Barre consol, serial 4s, guar. p. & i., matur«
$2,500,000 every 5 years, beginning June 1 1915During 1918 the remainder of the property o f the American Dock A
Improvement Co. was deeded to the Central, and the underlying bonds
$4,987,000 set up as a part of its funded debt— V. 109, p. 1268. Bonds were
extended to July 1 1936 at 6% . Redeemable as a whole only from July 1
1926 to July 1 1931 at 105 and int. and thereafter at 10234 and int. V. 112
p . 2751; V. 113. p. 73
REPO RT.— For 1926, in V. 124, p. 3058, showed:
1923.
1924.
Operating Revenue—
1926.
1925.
$26,754,152 $25,264,906 $26,096,912
3,874,600
3,408,500
4,429,050
Bituminous coal_______ 4,909,350
Anthracite coal.:_______ 13,991,567 10,434,387 13,740,174 14,064,247
9,437,463
9,199,532
9,237,071
Passenger______________ 9,068,992
1,477,049
1,914.447
1,578,977
Express and mail_______ 1,671,213
475,343
442,383
475,854
Water line____________
404,146
404,483
429,652
491,091
Water transfer_________
626,963
1,194,960
1,078,702
1,033,089
Incidental____________
1,297,504
358,594
332.211
314.884
Miscellaneous_________
322,562
$55,092,100 $55,466,963 $57,383,653
Operating Expenses—
Maintenance of way, &c. $6,777,562 $6,300,306 $6,058,276 $5,660,110
9,819,916 17,087,290
Maintenance of equip
14,408,216 12,113,409
Transportation expenses 22,517,903 20,953,331 21,798,966 23,820,559
449,521
459,050
481,872
Traffic expenses_
536,857
1,288,800
1,289,409
1,293,760
General expenses_ 1,504,506
236,202
232,624
250.143
Miscell. operations_____
268,682
1,722
408
325
Transp. for invest.— Cr.
20,105
$41,388,145 $39,652,657 $48,550,289




1923.
Oper. Exp. [cont.)—
1926.
1924.
1925.
Net revenue______ $14,177,497
$13,703,955 $15,814,306 $8,833,365
4,513,237
3,791,767
Railway tax accruals___ 4,780,862
4,540,580
15,343
29,172
47,481
Uncollectible revenue._
77,810
Cr.48,077
744,829
516,744
821,128
Hire of equipment_____
491,096
635,911
463,593
Joint facility rents_____
446,162
$7,753,462 $10,273,250 $4,583,236
Net oper. income_$8,051,535
Non-operating Income—
$396,057
Miscell. rent income____
$367,833
$370,114
$371,509
Non-oper. phys. p ro p ..
146,237
156,181
150,219
134,974
Dividend income_______
264,142
264,142
268,413
280.067
1,112,874
Income from funded sec.
1,094,925
905,370
742,105
Inc. from unfunded sec.
110,933
113,320
107,754
180,080
Receipts from U .S.G ov.
665,245
33,792
35,842
Miscellaneous_________
41,553
41,924
Gross income________ $10,391,152 $9,592,073 $12,299,372 $6,734,494
Rent for leased roads_
_ 2,343,873
2,312,238
2,327,831
2,328,081
Miscellaneous rents____
274,802
322,707
326,707
264,558
Miscell. tax accruals____
317,341
310,549
329,227
304.619
2,981,472
Int. on funded debt___
3,068,939
3,079,289
3,072,608
Int. on unfunded d e b t..
72,832
47,229
7,148
6,655
15,599
95,371
15,381
Miscell. income charges.
13,905
$625,412
Net income__________ $4,368,760 $3,596,118 $6,187,840
Dividends paid (12% )_____________ 3,292,416
3,292,416
3,292,416
3,292,416
Balance, surplus______ $1,076,344
___ ___
$303,702 $2,895,424df$2,667,004
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— W . G. Besler, Chairman; R . B. White, Pres.; C. E. Miller,
Gen. Attorney; A. H. Elder, Gen. Solicitor; F. T. Dickerson, Sec. & Treas.
N. Y . office, 143 Liberty St.— (V. 125, p. 1703.)
CENTRAL RR. OF SOUTH CAROLINA.— Owns from Lane*. S. O.. to
(uniter, S. C., 40.2 miles; spurs, &o., 1.61 m.; total, 41.81 m
Leased to
Vtlantlo Coast Line R R .; rental 531,000 yearly and taxes
Stock. $170.000; par, $50. Pres., J. N. Natham, 15 Broad St., Charleston, S. C.
— (V. 112, p. 2082, 2536, 2747.)
CENTRAL VERMONT R Y. CO.— Operated from St. Johns, Que., to
New London, Conn., with branches, 433 miles in all, o f which 161 miles
leased, viz., New London & Northern (see that co.), 123 miles; Montville
Branch, 3; West River R R ., 35 m.; V. 68, p. 1076. In May 1914 received
authority to lease for 999 years Southern New England R y., partly built,
Palmer, Mass., to Providence, and in M ay 1916 asked right to purchase
it; a contractor in Nov. 1918 obtained $2,000,000 attachment on said line
but suit was discontinued in Mar. 1920. V. 110, p. 1416; V. 107, p. 2008;
V. 102, p. 1718. Steamboats, V. 103, p. 406. Valuation, V. 112, p. 62;
V. 114, p. 2359. Government loan, V. 112, p. 2078.
SECURITIES, &c.— The Canadian National Rys. holds $2,192,400 of
the $3,000,000 stock. Form of interest guaranty, V. 85, p. 283. The
Massachusetts Department o f Public Utilities in April 1920 approved the
petition of company allowing it to transfer by mortgage and deed of trust
Its property including the leasehold of the New London & Northern RR to
the New York Trust Co. to secure an issue of bonds amounting to $15,000,000, dated M ay 1 1920 and due M ay 1 1930. V. 110, p. 2567.
R E PO RT.— For calendar year;
Year—
Gross.
Net.
Total Income. Charges.
Bal., Def.
1926_______ $9,089,724 $1,439,154 $1,593,538 $1,861,769
$268,231
---------------------1,004,321
1,827,076
822,755
867,056
1925_______ 8,463,639
1924_______ 8,380,752
897,063
851,968
1,013,555
1,910,618
1923............ 8,627,980
831,595
1,913,271
707,204
1,081,676
___________ _______
______
1.018,930 1,755.744
1922_______ 7,626,626
881,375
736.814
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Chairman, Sir Henry W. Thornton. Montreal; Pres.,
E. O. Smith; Compt., E. Deschenes; Treas., J. B. W ood, St. Albans, Vt.
— (V. 124, p. 2584.)
CENTRAL WEST V IRGIN IA & SOUTHERN R R .— Hendricks. W .
7a., to Armentrout, 29.5 miles; leases from Armentrout to Horton 1.6
miles; total, 31 miles. The I.-S. C. Commission has placed a final valua­
tion of $535,450 on the owned and used property of the company, as of
June 30 1918. Stock, $500,000; par, $100. Bonds ($1,000,000 author­
ized), of which $500,000 reserved for new construction. Callable on any
interest day after January 1923 at 105. Sinking fund retires 5% of bonds
outstanding semi-annually. Pres., Robert F. Whitmer; V .-P ., Charles
Steele; Treas., J. T . Richards; Sec., M . M . Daly, Philadelphia, Pa. Office,
Hendricks, W . Va.— (V. 123, p. 2514.)
CENTRAL WISCONSIN RY.— (V. 112, p. 1023.)
CHARLESTON UNION STATION CO.— Owns passenger station at
Charleston. S. C ., used by Atlantic Coast Line and Southern R y., each of
which owns H the stock and guarantees the bonds, p & 1 , by endorsement.
Rental covers interest on bonds and 4% on stock. Seaboard Air Line R y ..
also uses passenger station under agreement.
The I.-S. C. Commission has placed a final valuation of $274,226 on
the property of the company as of June 30 1917.— (V. 122, p. 3206.)
CHARLESTON & WESTERN CAROLINA R Y — Port Royal, S. 0 .. via
Augusta, Ga., to Spartanburg, S. 0 .. 246 m.; branches to Anderson and
Greenville, S. C ., 95 m.; total, 341 m. Track rights, 2 m. Entire stock
owned by At!. Coast Line Co. V. 66, n. 38, 335
Final valuation, $9,991,825. V. 124, p. 2743.
BTOOK — *1,200.090; par $100 See Augusta Term. Ry. V 68. p. 383
BONDS.— Of the 1st consol. 50-yr. bonds o f 1914 ($10,000,000 auth
issue), $2,380,000, issued to retire the income bonds, have int. payable at
2% yearly for the first 2 years, 3% for the next 3, 4% for the next 5 and
thereafter 5 % . Now pay 5% int. Of the remainining bonds (to bear int. no
higher than the So. Caro, rate), $2,720,000 are issuable from time to time to
retire the old 1st 5s, $600,000 to take up the Augusta Term. 6s and $4,300,000 ext., better, or equip. V. 98, p. 1315; V. 100, p. 1347.
Equipment trusts issued to Director-General for roiling stock allocated
to this company
See article on page 3 and V. 114, p. 1764.

32

RAILROAD COMPANIES
IFor abbreviations, &c., see notes on page 8]
Chari & W est Caro— 1st M g ($8,000 p m ).Ce,xc*&r
1st consol mortgage Series A _. _______ _SBa.sc*
Augusta Term Ry 1st M gold guar p & i end__ Ce.x
Equipment trust certificates due $54,500 yearly----C hattahooch e Valley— Consol mtge _________ ABx
C hattanooga S tation— 1st M g gu ftext) __Eq.xc&r

Miles Date
Road Bonds
341
341
341
44.5

Conv coll trust bonds $48,000,000 auth..G z.c*& r*
Chesapeake & O h io— Com stock. _
_
_________
Preferred stock Series A cum conv & red (see text) _
First consol mtge for $30,000,000 gold._Ce.xc*&r
697
Rich & All Div 1st & 2d Ms ($ i,000,000 2ds)Ce.xc*
242
Craig Valley Branch first mortgage gold___ Ce.xc*
26
Warm Springs Branch first mortgage gold_ Ce.xc*
_
25
General mtge (for $70,000,000 &c) g6ld__Ce.xc*&r 1,433
Paint Creek Branch 1st M $750,000 gold_ Ce.xc*
_
22
Coal River 1st mtge gold assumed_______ .C e.xc*
104
Greenbrier Ry 1st M $3,000,000 g assumed.-Eq.xc*
101
Big Sandy R y first mtge $5,000,000 gold_ Ce.xc*
_
86
Potts Cr Br 1st M $1,000,000 auth (V 83 p 693) Ce.xc*
20
Virginia Air Line 1st M $900,000 g assumed___ xc*
30
Raleigh & Southw 1st M $1,500,000 g ass'd..C e.xc* 35)4
Gen fd & imp M $11,000,000 red 107 )4 -Usmxc*&r* 1,661
Conv g bonds $37,200,000 red text . Usm.xc*&r*._
Ches & Ohio Nor 1st M (closed) red 105 gu p & l.r*
30.4

Par
Value

Amount
Outstanding

$1,000 $2,720,000
1896
1914
1,000 2,380.000
1914
1,000
1,000
600,000
1897
1920
436,000
1900
1,000
470,000
1907 1.000 &c
1,000,000
1927
1889
1890
1890
1891
1892
1905
1905
1900
1904
1906
1907
1906
1909
1910
1915
1910
1908

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

48.000,000
117,667,400
1,326.400
30,000,000
7,000,000
650,000
400,000
48,129,000
539,000
2,441,000
1,599,000
4,025,000
600.000
900,000
767,000
p3,698,000
31,390.000
1,000,000

Rate
%

R E PO RT.— Year ending Dec. 31 1926"
Balance.
Calendar Gross
Net after
Other
Interest,
Common
Surplus
Years. Earnings.
Taxes.
Income Rents. Ac. Dividends.
$263,599
$72,000
1926 -.$3,862,901 $685,551 $104,848 $454,800
1925
4,118,309
900,792
532,571
406,946
72.000
110,725
1924 . . 3.908.781
210,627
72.000
676,146
93,165
486,684
124,371
1923 „ 3,878,505
546,683
72.000
103.265
639,791
1922
3,221,243
72.000
497,795
618,153
220,461
154,103
1921 . . 3.281,933def165,923
.
______
115,897
______
483.751
______
.def 5.33.777
For latest earnings, see “ Railway Earnings Section" (Issued monthly).
Pres., F. B. Grier, Greenwood, S. C .; V .-P., J. R. Kenly; V .-P ., Lyman
Delano; V.-P. & Gen. M gr., A. W. Anderson, Augusta, Ga.; Sec., R. D.
Oronly; Treas.,John T. Reid; Gen. Aud., W . D. McCaig, Wilmington,
N . O.— (V. 124, p . 3347.)
CHATTAHOOCHEE VALLEY R Y — Standing Rock, Alabama to
Bleecker, Alabama, 41.46 miles. The l.-S . O. Commission has placed a
tentative valuation o f $585,137 on the total owned and $589,360 on the
total used properties o f the company, as o f June 30 1917. Stock auth.,
$1,000,000; issued, $110,000; par. $100. Bonds, see table above. Year,
1926, gross, $276,504; net, $94,406; charges, $64,973; bal., $29,433
— V. 120, p. 3062.)
CHATTANOOdA STATION CO-— Owns union passenger station opened
Dec 1 1909 and approaches at Chattanooga. Tenn., used by the Souther*
R y.. Central of Georgia, Alabama Great Southern and Cln. N. O. & Texa»
Paolflo, whloh eaoh owns one-fourth of the stook and guarantees the bond*
Jointly and severally, p. & 1., by endorsement. Rental covers bond interest
and 4% on stock. The I.-S. O. Commission has placed a final valua­
tion o f $1,118,000 on the total owned and $1,129,021 on the total used
property o f the company as o f June 30 1916.— V. 122, p. 3078.)
CHESAPEAKE CORPORATION (THE).— ORGANIZATION.— Incorp. M ay 5 1927 in Maryland as a holding company. Owns 600,000 shares
o f Chesapeake & Ohio R y. common stock.
STOCK.-—A majority of the com. has been distributed to the com.
stockholders of the N. Y . Chic. & St. Louis R R . Co.
D IV ID E N D S.— Initial div. o f 75 cents per share paid Oct. 1 1927.
FUNDED DEBT.— The 20-yr. 5% conv. collateral trust bonds are
secured by pledge o f 600,000 shares o f C. & O. com. stock. One share of
stock is pledged for each $80 o f bonds. For further data see V. 124, p.
2901. Red. b y operation o f sinking fund and also in amounts o f not less
than $2,500,000 at option o f co ., upon 60 days’ notice on any int date,
at 100 and int. Convertible at par after M ay 15 1932 into the pledged
stock at $220 per share. However, the C. & O. has applied to the I.-S. C.
Commission for authority to issue 595,024 additional shares o f com. stock,
which, if granted, will reduce the convertibility price to $180 per share.
Bonds offered in M ay 1927 at 94 and int. by a syndicate headed by J. P.
Morgan & Co.
O FFIC E R S.—Pres., O. P. Van Sweringen; V. Pres., Alva Bradley, HA. Marting, J. F. Atterbury and W. A . Merrick; Sec. & Treas., John
P . M urphy.— (V. 124, p. 2901; V. 125, p. 2384.)
CHESAPEAKE AND OHIO R Y . CO. (THE).— (.See M ap.)— On
Dec. 31 1926 operated:
Lines oicned in fee—
Miles. Whitcomb, W . Va., to WinterFt.Monroe,Va.,toCovington,Ky. 663
burn, W. Va________________ 101
St. Albans. W. Va.. to Sover­
Richmond via Lynchburg, to
230
C lift o n F o r g e , V a ____________
eign and Seth, W. Va_______ 136
Branches in Va. and W. Va_
_ 396 Barboursville, W. Va., to West
Seaton, K y., to Lexington____ 103
Gilbert, W . Va____________ 140
Big Sandy Jet. to Elkhorn City,
with branch________________ 128
Total owned________________ 2,244
Branches in Kentucky________
4 L eased______________________ 130
Ches. & Ohio Nor____________
30 Tracks used jointly___________ 267
Cincinnati, O., to H. Y . Tower,
I n d _______
261
Total of all_________________ 2.651
Lindsay, Va., to Strathmore, Va.
30
Second track (546 owned) 736 miles: third track operated, 16 miles;
sidings, 1,413 miles; total all tracks, 4,807 miles. Also controls Hocking
Valley, 350 m., and one-sixth int.in Richmond-Washington Co.
The Chesapeake & Hocking R y., a new corporation owned by the Chesa­
peake & Ohio R y., in Sept. 1926 was granted by I.-S.C . Commission
authority to construct 63 miles of line from Gregg to Valley Crossing
The proposed line, which is now under construction, will form a connection
between the Chesapeake & Ohio and the Hocking Valley railroads. V.
123, p. 2133. 2514: V. 124, p. 105.
The I.-S. C. Commission has placed a tentative valuation o f $189,257,789
on the total used properties and $182,687,175 on the total owned properties
of the company, as o f June 30 1916. These valuation figures do not include
the O. & O. o f Indiana.
HISTORY, &c.— In 1888 reorganized without foreclosure. V. 88. p.
294. For 9-year financial statement to Dec. 31 1917, see V. 106, p.
1911. Owns $8,837,900 of $11,000,000 Hocking Valley com. stock; for
court decision in 1917, see V. 105, p. 908, 997. In July 1917 purchased
8,000 acres o f coal land through the Western Pocahontas Fuel Co. V. 105.
p. 180: V. 106. p. 1911.
During the year 1918 the Pond Fork R y. C o., Gauley & Meadow River
R R . Co., the Kanawha Bridge & Terminal 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 by pur­
chase or otherwise all the property of Chesapeake & Ohio Northern R y. Co.
The Elkhorn & Beaver Valley R y. was merged in 1920. In April 1921 the
stockholders approved the lease o f the Ches. & Ohio Ry. of Ind. V.
113, p. 2719. The I.-S. O. Commission on Dec. 23 1924 authorized the
company to acquire control by lease o f the Ashland Coal & Iron R y., the
Long Fork R y. and the Millers Creek R R . V. 120, p. 205. On July 31
1925 the I.-S. C. Commission authorized the company to acquire control
of the Sandy Valley & Elkhorn R y. by purchase o f capital stock and by
lease. V. 121, p. 837.

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

A S o Oct 1 1946
c
Cent Union Trust, N Y
.1 & j Jan 1 1964
New York or Baltimore
J
j Jan 1 1964
A & o Apr 1 1947
Cent Union Trust, N Y
6g
6 g .1 & .1 To Jan 15 1935 Guaranty Trust Co. N Y
J & J 15 July 1 1940
Amer Trust Co. Boston
6
J P Morgan & Co, N Y
4 g J & J Jan 1 1957
Oct 1 ’27 75c.
5
M & N 1 5 M ay 15 1927
See text
Q— J Oct 1 '27 2)4% J P Morgan & Co, N Y
J & J Jan 1 1928 3 M
do
do
6)4
&
do
do
5 g M < N M a y l 1939
c
do
do
4 g .1 S J Jan 1 1989
c
do
do
5 g .1 S J July 1 1940
M & S Mar 1 1941
do
do
5g
c
do
do
4)4 g M S S Mar 1 1992
c
do
F S A Feb 1 1945
do
4g
do
do
4 g .1 & D Junel 1945
do
do
4 g M & N Nov 1 1940
do
c
do
4 g J S D Junel 1944
do
do
4g J
J July 1 1946
do
c
do
5 g M S N M ay l 1952
do
do
4 g .1 & J July 1 1936
do
c
do
5 g J S J Jan 1 1929
do
do
4 )4 g F ft. A Feb 1 1930
do
do
5 g A & O Oct 1 1945
5
Dec 1 1930
A & O Apr 1 1948
Fidelity Phila Tr Co, Phil
5g
6
1930-32
5g
2 to 6

Kanawha Br & Ter 1st M g red 1 0 5 ______ FP.xc*
1,000
429,000
17,273.024
Car and equipment trusts (see text)_______________
Guaranteed bonds—
Elev Co 1st M g g u p & i . _
_
_____ .Ce.zc*
1888
1,000
820.000
Louis & Jeff Bdg Is tM $5,000,000 gu p & I end ..c*
1895
1,000 a4,500,000
Norfolk Ter & Trans 1st M (V 67, p. 322)gu p&l.xc*
1898
1.000
500,000
_ 1905
Western Pocahontas Corp 1st N (V 84, p 995)_ x
_
1,000
750,000
do
do
do
Extension N olxc*
1906
1,000
97,000
do
do
do
Extension No2xe*
1906
1,000
51.000
Richmond-Washington Co (one-sixth interest)___
1903 1,000 &c 10,000,000
p Further $7,302,000 pledged under mortgage of 1910.
a Guaranteed jointly and severally with Cleveland Cincin nati C hicago & St Louis; C hes




[V ol. 125,

RAILW AY STOCKS AND BONDS

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

A
M
F
F
F
A
J

&
S
c
S
c
S
c
S
c
S
c
S
c

O
s
A
A
A
O
D

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

1938
1945
1948
1945
1945
1946
1943

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

& Oh io propor tion is one-third

Huntington interests acquired by O. P. Van Sweringen. V. 116, p. 175
115 P 2904.
In accordance with authority granted by the I.-S. C. Commission the
company purchased as o f April 28 1926 all o f the outstanding common stock
of the Pond Fork & Bald Knob R R . Co., and on M ay 6 1926 purchased all
o f the outstanding common stock o f the Island Creek R R . Co. On Feb. 5
1927 the I.-S. C. Commission conditionally authorized the acquisition o f
the Chesapeake & Hocking R y. Co. by lease. V, 124, p. 1215.
Merger Plan Rejected.— The proposed unification plan of this road with
the New York Chicago & St. Louis R R ., Pere Marquette, Erie and Hocking
Valley railroads was rejected by the I.-S. C. Commission on March 2 1926.
Compare V. 122. d . 1249.
For the revised terms of proposed unification plan see V. 124, p. 916.
Hearings are now being held by the Commission. V. 125, p. 1703, 1455,
908 and 243.
George S. Kemp, Chairman of the stockholders’ protective committee,
in Aug. 1926 issued a statement to the preferred and common stockholders,
in which it was claimed that “ considering the enormous earning power and
strong financial condition of the Chesapeake & Ohio, the committee feels
that the new proposal of me Messrs. Van Sweringen is no improvement
on the original proposition, and in the event of the modified plan being sub­
mitted to the I.-S. C. Commission, Munford, Hunton, Williams & Ander­
son will again represent the committee before that bod y." Compare
V. 123, p. 707, 1757. The committee consists of George S. Kemp (Chair­
man), Lindsay Hopkins, Berkeley Williams, Granville G. Valentine and
J. Luther M oon.
STOCK.— Author, stock was increased in 1916 to $155,000,000, of which
$37,200,000 was reserved for conversion of 4)^8 of 1910 and $50,225,000 for
conversion of 5s of 1916 V. 102, p. 1162. 1625.
The stockholders on Sept. 26 1922 authorized an issue of $30,000,000
preferred stock, of which $12,558,500, known as 6)4% cumulative con­
vertible preferred Series A. was offered to common stockholders of record
Sept. 1 1922 to the extent of 20% of their holdings. The Series A preferred
stock is convertible at the holder’s option into common stock at any time,
share for share, up to thirty days prior to any date fixed for redemption
thereof. All of this stock except $1,326,400 par amount had been converted
into common stock as of Sept. 30 1927. Subject to redemption as a whole on
Jan. 1 1933, or on any semi-annual dividend date thereafter, upon not less
than sixty days’ notice, at 115 and divs. V. 115, p. 987.
DIVS.: ’09. ’ 10. ’ l l . ’ 12. ’ 13. ’ 14. '15. ’ 16. ’ 17-’20. ’21. ’ 22-’25. ’26.
Percent 3 4% 5
5 4)4
3
0
2 4 yrly
0
4 yrly. 12
Paid in 1927: April 1, 2% ; July 1, 2>*%; Oct. 1 ,2 )4 % .
BONDS.— Abstract of consol, mtge. of 1939 in V. 49, p. 147; V. 86, p.
1588; V. 92, p. 260; of Richmond & Allegheny mtges, in V. 51, p. 144.
The general mortgage of 1892 (Central Union Trust Co. and H. T. W ick­
ham, trustees) is for $70,000,000, but additional amounts at $25,000 per
mile may be issued for double-tracking. See full abstract of mortgage in
V. 54, p. 644.
General funding and impt. mortgage, V. 87, p. 1663; V . 8 p. 157.
The mortgage of 1910, securing the first lien & impt. mtge. bonds, is
limited to $125,000,000 bonds, bearing interest at rates not to exceed 5 % .
It provides for extensions and improvements and the retirement o f-certain
equipment and other obligations, including the “ General Funding and
Improvement” bonds, and for other corporate purposes. Of entire $75,045,000 outstanding under this mortgage in Dec. 1926. $23,329,000 are
pledged as security for loans from U. S. Govt, and $50,488,000 were in
treasury.
Collateral Dec. 31 1926 for First Lien and Impt. Mortgage Bonds.
First Lien on—
Par Value.
Chesapeake & Ohio Equip. Corp. securities representing e q u ip ..$11,925,632
Chesapeake & Ohio R y. Co. of Indiana, all stocks, bonds & notes 15,444,308
8,825,000
Hocking Valley R y. Co. stock_______________________________
C. & O. Ry. Co. general funding & improvement bonds________ 7,302,000
C. & O. Northern Ry. Co. stock______________________________
4,026.500
Elkhorn & Beaver Valley R y. C o., all stock and bonds________ 1,032,000
Logan & Southern R y. Co., all stock__________________________
306,106
In addition, there has been expended by the company for additions,
betterments and branch lines for which mortgage bonds have been drawn
about $41,936,700.
The first lien & improvement bonds are secured by a first lien, direct or
through pledge of all stocks and bonds, upon 392 miles of road, including
261 miles of main line between Cincinnati and Chicago, 108 miles o f coal
branch lines in West Virginia and 23 miles of coal branch lines in Kentucky
The 4)4 % convertible bonds, due Feb. 1 1930, have a parity of lien with
the first lien & impt. bonds on such lines as were owned on April 28 1910,
but not on the above-mentioned collateral.
Of the authorized $37,200,000 convertible gold bonds of 1910, $31,390,000
were issued in that year. They are redeemable after 1915 at 10214.
The option to convert these bonds into stock expired Feb. 1 1920. V . 90.
P. 771. 848; V. 91. p. 870, 945, 1159, 1574.
All the outstanding 5 % convertible 30-year secured gold bonds due April 1
1946 were called for redemption on Oct. x 1926 at 105 and int.
Louisville & Jeffersonville Bridge.— See separate statement of the co.
All of the following are assumed by the C. & O. R y. Co.:
Greenbrier Ry. 4s V. 72, p. 626; see also V. 71, p. 554, 602; V . 79, p. 915,
Big Sandy 4s of 1904, V. 79,, p. 917; V . 82, p. 297; V . 87, p. 225, 414.
1418. Guaranty, V. 81, p. 668.
Coal River 4s, V. 80, p. 2219; V . 83, p. 693; V . 89, p. 720; V . 98, p. 452
Paint Creek Br. 4s $211,000 reserved for extensions. V. 81, p. 974, 910
Raleigh & Southwestern 4s, V. 84, p. 1114; V . 89, p. 720.
Kanawha Bridge & Terminal 5s, V. 91, p 1629 assumed b O. < O. R yk
V. 109. p. 785
V

Nov., 1927.]

RAILW AY STOCKS AND BONDS

to
to




34

BAILW AY STOCKS AND BONDS

R AILR O AD C O M P A N IE S
[For abbreviations, & c., see notes on page 8]

C hesterfield & Lancaster— IstM $750,000 g Col.xc*
C hestnut Hill R R — Stock rental P & R R y ________
C hicago & A lton RR — Common stock_____________
Preferred stock 4% non-cumulatlve_______________
4% cumulative participating and prior Hen stock. _
Cldc & Alton R R (old) ref M g (see text) IC.xc*&r*
First lien (old Ry) M subject to call at par_F,xc&r
Gen M $20,000,000 g red text_______ Usmxc*&r*
Equipment trust due $121,100 yearly__________ G
do
Series “ A ” due $200,000 s a__________ xxx
Kansas City St Louis & O preferred stock quar____
Joliet & Chicago 7 % stock perpetual guar by O & A
Louisiana & Missouri guaranteed preferred stock. _
Rutland Tol & No 1st M g gu red____________ NCc*

Miles Date
Road Bonds

35 1905
4

__

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

Par
Value

$ 1,000

$186,000
195,650
19,542,800
100 19.544.000
100
868,700
1.000 &c 45.350.000
1.000 &c 22,000,000
1.000 &c 16.834.000
968,800
1,000 4 000,000
100
1.750.000
100
1.500.000
100
329.000
100 &c
225.000

Principal Car Trusts Oold (Denom. $1,000 Each).
Outstanding.
Mature in Installments.
S 1920 6 } * % ................. $3 375,000 Dec. 1 ’27-Dec. 1 ’35 $375,000ann
T 1922 5>* % _________ 5,090 000 June ’28-June ’37
509,000 ann.
13 1920 6 % . . ............... 5,172.000 a n .’28-Jan.'35
646,500ann.
13a 1920 6 % __________
890,400 J a n .’28-Jan ’35
11l.300ann.
U 1923 5% ...............- . 5,775,000 Mar. 15'28 t o ’ 38
525.000 aun.
V 1924 5 % ____________ 15.600,000 July ’27-July '39
1.200,000 ann.
W 1925 4 M % _________ 4,592,000 Oct. 1 ’27-Oct. 1 ’40
328,000 ann.
Interest paid semi-annually as indicated by maturity days: “ S,” “ T ”
and “ V ” at J. P. Morgan & C o., New York; 13 ana 13a at Guaranty Trust
C o., New York; “ U ” at Guaranty Trust C o., N . Y.
Equipment trusts Issued to Director-General for rolling stock allocated,
to this company. See article on page 3
R E P O R T /—-For 1926, in V. 124, p. 2112, showed:
Operating Revenues—
1926.
1925.
1924.
1923.
Freight traffic________ $119,155,160$108,283,190 $92,223,413 $85,202,379
Passenger traffic_______ 9,082,094
9,623,037 10,851,180 11,650,941
Transporta’n o f mails---897,747
894,146
876,645
822,373
Transporta’n of express. 1,144,349
1,247,091
1,183,615 1,278,851
Miscellaneous_________ 3,694,681
3,136,639
2,898,596 3,021,253
Total oper.revenues.$133,974,031$123,184,103S108,033,448S101,975,798
Operating Expenses—
Maint. o f way & struc..$19,059,976 $18,778,635 $15,551,838 $12,847,570
Maint. of equipment_ 30,667,370 31,128,451 30,116,566 28,693,866
_
T ra ffic________________ 1,438,937
1,310,419
1,173,219
1,040,339
Transportation________ 36,415,924 34,730,786 33,127,514 33,725,951
423,490
Miscell. operations_____
444,148
431,926
418,951
2,677,903
2,521,742
2,248,921
G en eral_______________ 3,004,815
Transp. for investmentCr39,724
Cr88,924 0141,102
08 5,82 2
Totaloper. expenses..$90,970,788 $88,981,419 $82,781,702 $78,889,776
Net oper. revenue______ $43,003,242 $34,202,684 $25,251,746 $23,086,021
Railway tax accruals______________ 8,240,412
6,776,290
4,628,463
4,687,394
Uncollec. ry. revenue______________ 15,211 36,000
160,206
29,275
Railway oper. income.$34,747,619 $27,390,394 $20,463,076 $18,369,351
Equipment rents (n e t).. 3,611,403
3,857,576
2,748,747
2,155,899
Joint, facii. rents (n e t)..D rl,347,997 Drl,299,898 Drl,318,903 Drl,389,894
Net ry. oper. income_$37,011,025 $30,018,071 $21,892,920 $19,135,356
Inc. from Other Sources—
Interestfr. inv. & acc’ts. 2,210,735
1,710,108
1,348,630
1,332.966
Miscellaneous_________
193,658
175,972
161,799
867,418
Gross income___$39,415,418
$31,512,836 $23,779,000 $21,351,404
Deduc. fr. Gross In c.—Interest on debt__$9,696,867
$11,035,252 $11,263,067 $11,991,208
Rentals, leased roads,
joint tracks, &c______
281,695
180,289
194,417
139,995
Loss on C. & O. grain e l.
18,015
23,328
18,187
15,793
Miscellaneous_________
24l ,333
204,653
217.443
251,109
Preferred dividends____
322,995
816,302
816,302
815,247
Common dividends_ 13,635,760
2,591,032
3,035,885
2,619,500
Total deductions_____$24,206,666 $15,335,970 $15,113,733 $15,779,308
Net income___________ $15,208,751 $16,176,867 $ 8,665,267 $5,572,096
BALANCE SHEET as o f Dec. 31 1926 in Y. 124, p. 2150.
OFFICERS.— O. P. Van Sweringen, Chairman, Cleveland; W . J. Harahan, Pres.; G. B. Wall, V.-Pres.; Herbert Fitzpatrick, V.-Pres. & Gen.
Counsel; F. M . Whitaker, Y .-P . in charge o f traffic; R N. Begien, V.-P..
in charge o f operation, Richmond; A. Trevvett, Sec. & Treas., Cleveland;
E. M . Thomas, Compt., Richmond. Offices, Richmond, Va., and Cleve­
land, Ohio.— V. 125, p. 1703.
CHESAPEAKE & OHIO NORTHERN R Y .— See Chesapeake & Obit.
CHESAPEAKE & OHIO R Y . OF INDIANA.— Owns Cincinnati, Ohio
to Indiana-IUinois State line. 260.7 miles; trackage rights, 23.7 m.: Total
oper., 284.4 miles. The I.-S. C. Commission has placed a tentative
valuation o f $9,250,000 on the total owned properties o f the company, and
$9,355,713 on the total used properties as o f June 30 1916. First 5s,
$8,452 000 outstanding, all pledged under C. & O. First Lien & Impt. mtge.
In April 1921 stockholders approved lease o f property to Ches. & Ohio R y..
see C. & O. R y. above.— V. 120, p. 2811.)
CHESTERFIELD & LANCASTER R R . CO.— Owns Cheraw, S. C ., to
Pageland and Crowburk, 38 miles. Tentative valuation of $335,200 on
property o f co. as of June 30 1918. First mtge. 50-year 5% bonds ($750000) issuable at $5,000 per mile; outstanding, $186,000, due Aug. 1 1955
Second mtge. bonds matured and unpaid, $67,000 (all owned by Seaboard
Air Line R y. C o.). Stock, $500,000. a majority being acquired in June
1909 by the Seaboard Air Line R y.; par, $25. For 1926, gross, $122,680;
net operating income, $15,360; other income, $1,535; interest and rentals,
$52,770; bal., def., $35,875. V.-Pres., Sec. & Treas., R . L. Nutt, 24 Broad
St., N . Y — (V. 89, p. 40.)
CHESTNUT HILL R R .— Owns from Germantown to Chestnut Hill
Pa., 4 miles. Re-leased in 1896 to Phila. & Read. R y., the rental being re­
duced from 12 % to 6 % on stock, the latter being increased in June 1902 from
$120,650 to $195,650. Reading owns $75,000 stock. E. B. Colket, Pres.;
O. C. Wilson, Sec. & Treas., 3rd & Chestnut Sts., Phila.— (V. 75, p. 76.)
CHICAGO AND ALTON R R . CO. (TH E ).— ROAD.— Chicago to St.
Louis, Kansas City, & c., in all 1,056 miles.




Amount
Outstanding

Rate

%

When
Payable

[V ol. 125.
Last Dividend Places Where Interest'and
and Maturity
Dividends Are Payable

& A Aug 1 1955
Am Ex Irv Tr Co, N Y
Q— M Dec 5 1927 1H Treasurer’s office, Phila
Feb 15 ’ 10, 2% Checks mailed
Jan 16 ’ l l , 2%
do
do
Jan 15 ’ 12. 2%
A & O Oct 1 1949
See text
3g
33^ g J & J July 1 1950
Jan. ’23 lnt. In default.
J & J July 1 1932
2 Rector St, New York
6g
6g
J & J 15 To Jan 15 1935 Guaranty Trust C o. N Y
M & N N o v '27 M a y ’37 New York Trust Co, N Y
See text
Checks mailed
7
do
8=3 See text
F & A See text
7
do
A & O Oct 1 1930
4g
Northern Tr Co, Chicago
5g
6

F

Road owned—
Miles.
RoadfOwned—
Miles.
Chicago to East St. Louis, 111___a280 Mexico, M o., to Cedar City, M o.b50
Sherman, 111., to Grove, 111______ 51 Roodhouse, 111., to Kan. C ., Mo.c245
Barnett to Reddish Road and E.
Bloomington to Wann, via Jack­
Hardin. HI____________________ 62
sonville, Godfrey and Upper
Coal City Line 111_______________ 25
Alton (all in Illinois)__________158
Dwight, 111., to Washington and
Lacon.IH _____________________81 Trackage to Peoria, 111., &c--------- 43
lies to Murrayville, 111__________ 34
Total owned and operated Dec. 31 1926 (299 m. double tracked)___1,056
a Of this amount 37 miles are leased, b Leased, c Of this amount
207 miles leased.
The I.-S. C. Commission has placed a tentative valuation of $53,493,218
on the total owned and $75,960,936 on the total used property of the
company as of June 30 1919.
O R GAN IZATION .— The (oid) railway company was organized in April
1900 and purchased substantially all the stock o f the Chic. & Alton Railroad.
The two were consolidated in 1906 per plan in V. 82, p. 451, the Railway
changing its name to the O. & A. Railroad. V. 82. p. 160: V. 70. d . 686, 995.
Receivership.— William G. Bierd and W . W . Wheelock were appointed
receivers on Aug. 30 1922 by Judge George A . Carpenter in the Federal
Court at Chicago
V. 115, p. 1099.
The following protective committees have been formed:
Protective Comm, for 3}*% 1st Lien 50-Year Bonds, due 1950.— F . H.
Ecker (V.-Pres. Metropolitan Life Ins. C o., N . Y .), Chairman; Bertram
Cutler, New York; J. H. Perkins (Pres. Farmers’ Loan & Trust C o., N . Y .),
J. V. E. Westfall (V.-Pres. Equitable Life Assurance Society of N . Y .)
and Asa S. Wing (Pres. Provident Life & Trust C o., Phila.), with F. A.
Dewey, Sec., 22 William St., N. Y .; Cotton & Franklin, counsel, and
Farmers’ Loan & Trust C o., depositary, 22 William St., N . Y . The Jan.
1923 and subsequent interest on these bonds is in default. V. 116, p. 74.
Protective Committee for 3% Ref. 50-Year Gold Bonds.— Charles A. Pea­
body, Chairman (Pres. Mutual Life Ins. C o., N . Y .); Darwin P. Kingsley
(Pres. New York Life Ins. C o.), John J. Mitchell (Pres. Illinois Trust &
Savings Bank, Chicago), W . A. Day (Pres. Equitable Life Assurance
Society), E. D . Duffield (Pres. Prudential Ins. Co. of America), George E.
Roosevelt (Sec. Bank for Savings, N . Y .).
The interest due April 1 1925 on the 3% refunding mortgage bonds was
paid in Sept. 1925. V. 121, p. 1456.
Stockholders’ Protective Committee.— Walter T . Rosen, Chairman (Ladenburg, Thalmann & C od ; Franklin Q. Brown (Redmond & C o., New York);
George W oodruff (V.-Pres. Nat. Bank o f the Republic, Chicago), Edward
A. Pierce (A. A . Housman & C o.), and Hugh K . Prichitt (Prichitt & C o.),
New York, with Feiner, Maass & Skutch, attorneys; S. O Levinson, coun­
sel; Thomas F. Thornton, Sec., 22 Exchange Place, New York.
Depositaries.— Bank o f the Manhattan C o., 40 Wall St., N . Y ., and
National Bank o f the Republic, Chicago.
Independent Stockholders' Committee for Leased Lines.— See Joliet & Chi­
cago R R . in V. 115, p. 2056.
STOCK.— The cumulative 4% participating and prior lien stock is
entitled, in addition to prior right to accumulative dividends at the rate of
i% per annum, to receive additional dividends equal to the rate of dividends
declared on the common stock of the consolidated company
In Aug. 1907
the Toledo St. Louis & Western purchased from the Rock Island the
controlling interest, viz., $14,420,000 com. and $6,480,000 pref. stock, and
deposited the same under its collateral trust bonds, on which interest was
defaulted Aug. 1 1914. In Nov. 1921 the Toledo St. Louis & Western, as
the result of litigation involving legality, cancelled the collateral trust bonds,
the Chicago & Alton stock being returned to the bondholders. V. 88,
p. 468, 529, 792; V. 99, p . 341, 408, 1051, 1210; V. 113, p. 1984, 2081.
D IV ID E N D S.—
’06. '07. ’08. ’09. '10. ’ l l . ’ 12. Since.
Common stock__________________ . . . .
1
4
2 None
None
Preferred stock_________________ 2
4
4
4
4
2 NoneNone
Prior lien participating pref______ 2
4
5
8
6
4
2 None
BONDS.— First lien (oid R y.) 3}*s of 1900, V. 71, p. 1021; V. 82, p. 451.
The Railroad (old) mtge. securing the 3s of 1899 will provide funds for
Improvements and extensions. Bonds in excess of $40,000,000 were to be
Issuable thereunder on vote of two-thirds of stockholders for extensions of
not over 500 miles main track, at not exceeding $20,000 per mile, to fund
leased line rental obligations and for future betterments not to exceed
$5,000,000, at not over $1,000,000 per annum, from Jan. 1 1900. V. 69,
p. 178; V. 69. p. 26, 129, 541; V. 70, p. 429, 739, 995; V. 79, p. 211, 967;
V. 84, p. 480, 507, 626, 803, 809; V. 88, p. 99. 293.
Of the issue of $20,000,000 of 6% Gen. M . gold bonds, $16,834,000 were
outstanding and $216,000 in treasury Dec. 31 1926, $8,417,000 being owned
by the Union Pacific R R . $4,100,000 were reserved to retire equipment
trust obligations. Bonds are redeemable on any interest date at 105.
V. 94, p. 1565. 1695; V. 95, p. 749; V. 96, p. 789; V. 98. p. 838, 1315.
Equipment trusts, series “ A ,” V. 117. p. 2211.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114, p. 1889.
R E PO RT.— For 1926, in V. 125, p. 379, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Operting revenue_____$31,474,824 $31,077,083 $30,854,030 $33,588,193
Expenses, taxes, &c___ 25,446,161 24,717,990 25,141,376 26,673,361
Operating income____$6,028,663 $6,359,093 “$5,712,654 $6,914,832
Equipment rents, &c
2,042,260 1,811,223
1,317,861 1,595.26-5
Net oper. income____$3,986,403 $4,547,870 $4,394,793 $5,319,567
Other income__________
188,148
212,293Pr a642,868
242,884
Total income________ $4,174,551 $4,760,163 “ $3,751,924 $5,562,451
interest, rent, &c______ 4,673,309
4,718,880
4,787,166
4,445,306
Net income_________ def$498,758
$41,283def$1035,242 $1,117,145
alncludes charge of $859,438. guaranty period claim, which was not
allowed by Government and applies to prior period.
For latest earnings, see “ Railway Earnings Section” (Issued monthly).

Nov., 1927.]

35

EAILW AY STOCKS AND BONDS

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

8]

C hicago B urlington & Q u in cy— Stock----------------Gen mtge $75,120,000 lawful money____Ce.zc*&r*
First & ref mtge Ser A red (te x t)_________________
do
do
series B __________________ c*&r*
Illinois Div first mortgage 1$85,000,000 currency. 1
(V. 83, p. 625: V. 69, p .2 8 3 )} redeem at 105..NBz|
Equipment gold notes due $404,000 annually— G

Miles Da e
Road Bonds

8,485 1908
8.972 1921
8.972 1927
1,639 (1899
\1899
1920

Par
Value

$100
1.000 &c
100 &c
1.000 &c
1.000 &c
1.000 &c

Amount
Outstanding

Rate
%

When
Payable

J
$170839100
10
M
65.247.000
4
F
40.000.
000 5 g
30.000.
000 4H g F
J
50.449.000
3H
J
33.976.000
4
J
3,232,000
6g

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

& D June 25 '27 5%
& S Rich 1 1958
& A Feb 1 1971
& A Feb 1 1977
& J July 1 1949
& J July 1 1949
& J To Jan 15 1935

N Y , Boston & Chicago
New York and Boston
New York
New York City
New York and Boston
do
do
Guaranty Trust C o, N Y

OFFICERS.— Pres., W . G. Bierd; V .-P ., Wm. W . Wheelock; ec. &
OFFICERS.— Hale Holden, Pres.; O. G. Burnham, Executive V.-Pres.:
Wm. W. Baldwin, Edw. P. Bracken, O. E. Spens, V.-Pres’ts, Bruce Scott,
Treas., Jas. Williams; Compt., E. S. Benson. Office, Chicago, 111.
D IR E C TO RS.— J. J. Mitchell, Joy Morton, W. G. Bierd, Samuel Insull, Gen. Counsel; Chas. I. Sturgis, V.-Pres., Sec. & Treas.; H. W . Johnson,
A. R . Fay, E. F. Swinney, Wm. W . Wheelock and V. D . Skipworth.— Comp.; Harry D . Foster, Gen. Aud. Office, Chicago, 111.— (V. 125,
p. 1321.)
(V. 125, p. 1187.)
CHICAGO AND EASTERN ILLINOIS R Y . CO.— Operates road from
C H IC A G O A T T IC A & S O U T H E R N R R .— (V. 123, p. 3034.)
Chicago, 111., to Evansville, Ind.; also Chicago to St. Louis, leaving main
CHICAGO BURLINGTON & QUINCY RR. CO.—
line at Woodland Junction; and lines to Thebes and Joppa, 111., reaching
R OAD.— Operates a great system o f roads extending from Chicago various bituminous coal fields.
Lines Owned in Fee—
Miles. |
Rossville Jet., HI., to Sidell Jet..
westerly, reaching St. Paul and Minneapolis, Minn.; St. Louis and Kansas
City, M o.; Omaha, Neb.; Denver, Colo.; Cheyenne, W yo.; Black Hills, Dolton Jet.,111.,to Evansville,Ind.2701 111___________________________ 35
Danville, 111., to Villa Grove, Jet. 421Evansville Belt_________________ 4
S. D ., and Billings, M ont., viz.:
O
M a in lin e____________________4,6711
Lines leased___________________ 368 Findley Jet., 111., to Thebes, 111_1941 ther__________________________ 29
Joppa Jet. to Joppa, 111_________ 17
Other Trackage, &c.—
Branches and spurs__________4,3541
Total miles oper. Dec. 31 1926-9,397
Clssna Jet. to Cissna Park, HI___11 IPana, 111., to Granite C ity_______ 76
In Dec. 1908 $23,657,500 of the $31,000,000 Colorado & Southern com
stock (practically a controlling Interest) was acquired, affording connections Milford Jet., 111., to Freeland|Chicago to Dolton,Ch.& W. Ind. 17
Park, Ind____________________ 111Other lines_____________________ 28
with the Gulf of Mexico. V. 87. p. 1663; V. 88, p. 157. 685.
Woodland, 111., to Pana, 111_____ 123 |
Owns jointly with the Nashville Chattanooga & St. Louis and Illinois
Central R . R. C o., the Paducah & Illinois R R . (which owns a double-track
-----Branches to Coal Mines_________ 35 1
bridge over the Ohio River at Metropolis, 111., and has built from Metro­ Rossville Jet. to Judyville, Ind_14 j Total Dec. 31 1926___________ 945
polis to Paducah, K y., 14 m.) and jointly guarantees! ts bonds. See that
Mt. Vernon Jet., Ind., to M t
|2d tra ck___________________ 319
38 I3d track________________________ 20
company below
Vernon, Ind________________
The I.-S. C. Commission has placed a tentative valuation of $494,632,557
Tentative Valuation.— The I.-S. O. Commission has placed a tentative
on the total owned and used properties, $205,557 on the wholly owned but
?alue of $69,206,753 on the property as of June 30 1915.
not used properties and $3,014,808 on the used but not owned properties
H ISTORY. &c.— Organized to succeed the Chic. & Eastern Illinois RR.
of the company as o f June 30 1917.
for which receivers were appointed on May 27 1913), as per reorganization
ORGANIZATION, &c.— A consolidation in June 1864; since merged
plan dated March 31 1921, published in V. 112, p. 1517. The plan was de­
Chicago Burlington & Northern, Kansas City St. Joseph & Council Bluffs.
clared operative Nov. 21 1921 and the property was taken over by the new
company on Jan. 1 1922. V. 113, p. 2310; V. 114, p. 77. As of July 9
Hannibal & St. Joseph, Burlington & Missouri, &c., &c.
In 1901 $107,613,500 of the $110,839,100 stock was exchanged for the 1927 the I.-S. C. Commission authorized the company to acquire control of
Joint 20-year 4% bonds of the Gt. Northern and Northern Pacific, secured the Chicago Heights Terminal Transfer R R . by purchase of its capital
by the deposit o f the stock in trust, on the basis of $200 in bonds for $100 stock. V. 125, p. 510, 1046.
stock (in 1921 replaced by an Issue of 6)4% bonds due 1936). See V. 72,
STOCK.— The preferred stock became cumulative on Jan. 1 1924
p . 871: V. 73, p. 293, and bonds under Great Northern. (The $60,000,000
Preferred and common stocks have equal voting power.
stock div. paid in 1921 increased the holdings o f the North. Pac. and
BONDS, &C.— The Prior Lien Mtge gold bonds are subject to $5,137,600
Gt. Nor. to $165,867,400.)
underlying bonds. These bonds will mature not earlier than 1961 and will
DIVIDEN DS—
’02 to ’06. ’07. '08 to ’20. ’ 21. '22. ’23. ’24. ’25. ’26.
bear such interest payable semi-annually, be issued in such series and may
Regular (per cent)____7 yearly 7M 8 yearly 12 10 10 10 10 10
be made redeemable in whole or in part, and at such premiums as may be
Extra (per cent)______ . _______ 6 Sept.'17.10 1 5 _____ ____
determined by the board at time of issue and stated in the bonds of such
Also paid a stock dividend o f 54.132% ($60,000,000) to stockholders of series. They will be used only:
record March 31 1921.
a) As collateral to the U. S. (incl. 25% margin) for moneys bor­
BONDS.— Gen. mtge. bonds ($75,120,000 auth. and issued, of which
rowed and to fund obligations to the U. S. Any balance not
9,873,000 are held in the Treasury, interest 4% ) are a first lien on 5,375
so used or released on payment o f obligations to the U. S. to be
miles o f road, and on retirement o f the outstanding underlying bonds will
used as shall be provided in said mortgage Series “ A ” 6------$4,281,300
be a first lien on 8,485 miles. The generals have been issued as follows:
b) To fund outstanding obligations (undisturbed by reorganiz’n] 5,137,600
To retire outstanding bonds (incl. $17,428,300 in sink, funds).$46,363,000
c) For additions and betterments to the road, for equip, and for
For reimbursing the treasury for additions & betterments,
add’l lines of railroad and for such other purposes and under
purchase o f stock, &c. ($23,041,000 sold)___________________ 28,757,000
Series " B ” 5H s in hands of Treasurer Dec. 31 1926_______ 3,590,200
Series “ A ” 6s in hands of Treasurer Dec. 31 1926_____________
981,200
In Jan. 1909 $19,363,000 general 4s were issued, o f which $13,724,000
were sold and used to purchase $23,657,000 Colorado & Southern common
The Gen. Mtge. 5% gold bonds bear interest from M ay 1 1921
stock.
Total authorized principal amount at no time to exceed $35,500,000; to
The 1st & ref. mtge. covers 497 miles by direct first lien, 6,837 miles
•nature not later than 1951 and to bear 5% interest from M ay 1 1921, pay­
by direct 2d lien, subject to the lien o f the Gen. Mtge. under which bonds
able semi-annually, and to be redeemable, all or part, at par and int. for a
are outstanding at the rate of about $7,700 per mile on the mileage covered
linking fund which shall receive cumulative payments out of net earnings
by that mortgage, and 1,638 miles by direct or collateral lien-subject to th*
toove fixed charges equal in each year to 3^ o f 1 % of the total face amount
Gen. Mtge. and prior liens. No more o f the underlying mtge. bonds, in­ of bonds originally issued. Bonds retired by the sinking fund will continue
cluding the Gen. Mtge. bonds, may be issued except for the purpose of pledge 6o draw interest until maturity and will not be reissued. Failure to make
under the 1st & Ref. Mtge., but the company reserves the right to sell about
linking fund payments, if earned but not otherwise, will constitute default.
$10,000,000 o f underlying bonds now held in its treasury.
Equipment trusts issued to Director-General for rolling stock allocated
o
Under the terms of the mortgage the issue of bonds for the acquisition of C this company. See article on page 3.
property and for add’ns & betterments to the co .’s property in no event can
Note to Director-General of R R s., due 1930, $3,425,000.
exceed the actual cost of the property to be placed under the mtge. The auth.
RE PO RT.— For 1926, in V. 124, p. 2895, 3062, showed:
Issue is limited to an amount which, together with all other then outstanding
Operating Revenue—
1926.
1925.
1924.
1923.
prior debt of the co., after deducting therefrom bonds reserved to retire prior
Freight_________________ $21,414,226 $19,924,410x$19,381,436 $21,243,932
debt shall never exceed 3 times the oar value of ca pital stock then outstand
4,680,586
4,527,685
4,672,601 5,029,040
ing. The series “ A ” bonds are red. as a whole only on and after, but not be­ Passenger______________
1,795,541
1,694,601
1,798,718
fore, Feb. 1 1942 as follows: On Feb. 1 1942 or on any int. date thereafter Mail, express, &c_______ 1,790,523
366,414
326,872
320,151
333,718
prior to Feb. 1 1952 at 1 0 7 & int.; on Feb. 1 1952 or on any int. date there­ Other than transport’n . .
Total oper. revenue..$28,251,751 $26,574,508 $26,068,789 $28,405,408
after prior to Feb. 1 1962 at 105 and int., on Feb. 1 1962 or on any int. date
thereafter prior to maturity at 103 and int. V. 114, p 518: V. 118 p. 905. Maint. of way & stru c.. $3,044,951
2,654,757
2,604,958 3,144,876
7,740,583
7,827,155 8,694,382
The series “ B ” bonds are red. as an entirety but not in part, on or after Maintenance of equip’t . 7,241,196
Feb. 1 1952 as follows: On Feb. 1 1952 or on any int. date thereafter prior to 5 raffic expenses________
948,621
774,410
633,423
539,476
Feb. 1 1967 at 105 and int.; on Feb. 1 1967 or on any int. date thereafter Transportation_________ 10,349,070
9,904,912 10,408,217 10,948,327
Miscell. operations, & c._
177,984
185,254
166,684
128,049
prior to maturity at 103 and int.
General expenses_______
844,129
823,693
812,818
824,001
The Nebraska Extension bonds o f 1887 matured M ay 1 1927.
The Illinois Division Mortgage bonds o f 1899-1949 are a first lien on the
Total oper. expenses..$22,605,951 $22,083,610 $22,453,256 $24,279,112
company’s lines in Illinois and on its line to St. Paul and Minneapolis, in­ Net earnings____________$5,645,800
4,490,898
3,615,533
4,126,296
cluding its terminals in Chicago, Quincy and East St. Louis, 111.: Clinton and Taxes, &c______________ 1,651,934
1,406,642
1,459,615
1,562,865
Dubuque, Iowa; Winona, St. Paul and Minneapolis, Minn.; and part of its
Operating income____$3,993,866 $3,084,256 $2,155,917 $2,563,430
terminal at Burlingiton, Iowa.
Operating Revenue—
Equipment trusts issued to Director-General for rolling stock allocated
Hire of equip, (cred it).. D r.834,080 deb.599,808 deb.201,187
1,058,335
to this company. See article on page 3 and V. 113. p. 1359.
Joint facility rent income Dr.551,244 D r.336,181 Dr 487,472 Dr.297,649
R E PO RT.— For 1926, in V. 124, p. 2769, showed:
Other income__________
422,243
409,234
386,119
444,931
Calendar Years—
1926
1925.
1924.
1923.
Total income_________ $3,030,785
$2,557,501 $1,853,378 $3,769,047
Operating revenue___ $161,317,442$159,155,178$162,674,878S171,270,661
Operating expenses_____ 116,462,808 116,671,868 119,958,734 134,290,379 Interest_________________$2,189,750 $2,202,638 $2,228,432 $2,261,466
154,685
151,417
152,145
152,720
Taxes, &c______________ 11,539,145 11,025,425 10,718.049 9,325,511 Rents_________________
Miscellaneous__________
41,995
41,478
41,248
46,729
Operating income____ $33,315,488 $31,457,885 $31,998,094 $27,654,771
Other income___________ 2,996,604
3,367,050
3,286,469 3,670,841
Total charges_________ $2,386,430 $2,395,534 $2,421,825 $2,460,914
$644,355
161,968 def568,447 1,308,133
Gross income_________$36,312,092 $34,824,935 $35,284,563 $31,325,612 Balance.......................
Interest, rents, &c_____ 12,324,124 13,640,342 13,384,734 12,035,083 Inc. applic. to sinking &
other reserve funds_
_
225,450
215,252
209,104
196,171
Net income__________$23,987,968 $21,184,593 $21,899,829 $19,290,529
Sinking funds__________
98,034
293,500
293,930
289,409
Balance, sur. or def_ sur$418,905 def$53,285 def$777,551 s r$ l,lll,9 6 2
_
D ividends_____________ 17,083,800 17,083,785 17,083,765 17,083,735
x Includes an item of $167,049 representing the estimated freight revenue
Surplus.-..................
$6,806,134
$3,807,308 $4,522,133 $1,917,385 earned by the company in respect to forwarded interline shipments in
For latest earnings, see “ Railway Earnings Section” (issued monthly).
transit at the close of the year.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
BALANCE SHEET, as o f Dec. 31 1926, in V. 124, p. 2773.




36

[V ol. 125.

EAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate

%

Chicago & Eastern Illinois Ry— Common stock
$100 $23,845,300
100 22,046,100
Preferred (a & d) stock 6% cum since Jan 1 1924
First mortgage extension______________________ xc*
14 1881
1,000
6
91,000
Consolidated mortgage (for $6,000,000) gold.Ce.zc*
1,000 2,736,000
130 1884
6g
1,000
Evansville Belt R y first mortgage g o ld __________ x
4 1910
5g
142.000
Prior lien mortgage gold bon ds__________________
See text
1921
See text
1921
General mortgage gold bonds red (text)_________
33,844.436
5g
(1 4 B I Eq 1920 Series due $49,400 ann__________
1920
6
395.200
Equip trust cert due $60,000 ann________________ G
1926
5
840.000
1,000 12, 000,000
C hicago & Erie— 1st M g int guar till prin pd-Ce.zc*
249 1890
5g
Income bonds for $10,000,000 5% non-cum___ Nz
249 1890 1,000 Acc alO,000,000
5
Chicago & Atlantic Term 1st M g ext 1918_.Ce.zc*
300.000
1888
5g
100 45,210.513
Chicago Great W estern— Common stk $46,000,000
100 47,132,102 See text
Pref (prin A div) 4% cum red $50,000,000 auth.
c
c
First mortgage gold $75,000,000______ G.xc*Acr* 1,410 1909 $. £ A fr 35.485,000
4g
Minneapolis Terminal mortgage gold assumed_
_
1,000
500.000
1900
3H g
Mason City A Fort Dodge— See that company.
c
c
347.200
1920 100 A 1,000
Equipment trust notes due $43,400 yearly______
6
Note— Secretary o f Treasury o f U S____________
6
1.70.000
1920
1922
Collateral gold notes___________________________
6
950.000
Equipment trust notes red (text)_______________
2,169,810 5 & 5 K
1927
RR
C hicago Hammond & W estern— See Indiana Harbor

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

A D Dec 1 1931
c
A O Oct 1 1934
c
& J
See text
M & N M ay 1 195)
J & J 15
F A A
c
M A N
c
Oct 1 Oct 1 1982
c
J A J
J
A
J

M A
c
J A
c

S Sept 1 1959
J

J A
c
J A
c
M A
c

s

J
J

N Y , Mech A Metals Bk
c
N Y . CentUnTrust (text)
A m .E x .Irv . Tr. C o.,N Y
U S Mtge & Tr C o, N Y
Guaranty Trust C o . N Y
Guaranty Tr Co, N Y
Erie Railroad, New York
do
do
do
do
J P Morgan A Co, N Y
c
do
do
Bank of Montreal, N Y
Guaranty Trust Co, N Y
Washington, D C
J. P. Morgan A Cy, N Y
c
111 Merch Tr Co

a Of which $9,902,000 are pledged.

OFFICERS.— Chairman o f Board, John W. Platten; Chairman Exec.
Comm., W. J. Jackson; Pres., Thomas C. Powell; V.-P. A Gen Counsel,
c
W. H. Lyford; V.-P. & Gen. M gr., Frank G. Nicholson; V .-P ., Traffic,
J. B. Ford; Sec., G. A. Burget; Treas., J. P. Reeves. Office, 332 So.
Michigan Ave., Chicago.— (V. 125, p. 1046.)
CHICAGO & ERIE R R .— Owns from Marion, Ohio, to Hammond,
Ind., 249 miles, and leases trackage over Chicago A West Ind. to Chicago,
c
20 miles. Erie R R . Co. owns entire $100,000 stock.
The I.-S. C. Commission has placed a tentative valuation of $24,820,886
on the total owned and used and o f $21,232,548 on the total owned proper­
ties o f the company as o f June 30 1918.
BONDS.— First Mortgage covers 249 miles of road, the contract with the
Chicago & Western Indiana. $999,900 of that company’s stock and
$239,900 stock of Chicago Belt Ry. Interest on income bonds is paid
regularly; Erie RR. owns all except $98,000 of the $10,000,000. See
abstracts. V. 51. p. 911; V. 61. p. 750; V. 111. p. 1948.
CHICAGO GREAT WESTERN RR. CO.— Forms the "C orn Beltroute, radiating from Oelwein, Iowa, northerly to St. Paul, easterly to
Chicago and southerly and westerly to Kansas City and Omaha
Trackage (total, 86 miles)— Miles.
Lines owned (total 1.035 miles). Miles.
11
Chicago to St. Paul___________ 401 St. Paul to Minneapolis_______
10
Oelwein to St. Joseph_________ 290 Chicago Terminals___________
Bee Creek to Beverly_________
23 Galena Jet.,111., to Dubuque,la. 14
22 Des Moines Terminals________
3
Sumner to Waverly___________
_
26
Mantorville, &c., branches____
21 Leavenworth to Kansas City_
9
Leavenworth to Kansas C ity___
1 St. Joseph, M o., to Bee Creek.
5
Mankato to Red Wing, M in n ..
96 other trackage________________
Operated under agreement—
Red Wing to Osage, Iowa_____ 118
c
Winona to Simpson, M inn_____
54 Mason C’y A Ft.Dodge.375 m.,viz.:
Oelwein, la ., to Coun. Bluffs 260
Branch to Clay Banks, M in n ..
3
Hayfield.Minn..to Clarion,la. lOO
Goodhue to Belle Chester_____
6
Branches to Lehigh, &c_____
15
8
Trackage to So. Omaha_____
Total mileage Sept. 30 1927.. 1.496
The entire capital stock of the Mason City A Fort Dodge RR. Is owned
t
and the road operated under agreement (see separate statement for that
company). Up to Aug 31 1927 the C. G. W. RR. Co. had acquired
$11,885,000 1st mtge. 4% bonds o f the Mason City A Fort Dodge RR.
c
which were pledged under the first mortgage. V. 116, p. 75, 1531. In
1910 acquired entire stock o f the Leavenworth Terminal R y. & Bridge Co.
V. 91, p. 214, 397.
The stockholders on May 6 1920 passed a resolution ratifying the con­
solidation of the Wisconsin Minnesota & Pacific with the Chicago Great
Western.
The I.-S. C. Commission has placed a tentative valuation of $69,011,616
on the properties of the company and its subsidiaries, as of June 30 1916
ORGAN IZATION .— lncorp. in Illinois Aug. 11 1909 as successor per plan
V. 88. p. 1497. of railway acquired at judicial sale. V. 89. p. 528. 592.
STOCK.— The pref. stock ($50,000,000 auth. issue) was entitled to
non-cum. divs. at 4% per ann. to June 30 1914 and to cum. divs. thereafter
at that rate ahead o f the com. stock, and also to a preference as to principal
and accrued dividends in case o f dissolution or liquidation.
D IV ID E N D S.— Pref. stock. No. 1, Dec. 1 1915, 1%; May 1 and Oct. 2
1916, 1%; Apr. 1917, 1%; none then till Aug. 15 1918. p a i d 1% ; J a n . and
July 1919, 1 %; none since.
Bonds.— On Aug. 31 1927 $60,722,000 o f first mtge. 4s of 1909 had been
issued, $35,485,000 being held by the public and $19,736,000 by the com­
pany, and $5,501,000 were pledged.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3.
Equipment trust dated 1927 is due $72,600 quar. to Feb. 15 1933; $49,935
quar. from thence to N ov. 15 1933; and $35,234 quar. from thence to Nov.
15 1936.
R E PO RT.— For 1926, in V. 124, p. 2274, showed:
Operating Revenue—
1926.
1925.
1924.
1923.
Freight_________ ______ $20,031,749 $18,844,285 $18,764,368 $19,259,353
4,277,383
3,382,716
3,909,610
Passenger___
3,637,611
1,074,539
990,241
Mail and express 987,151
948,401
635.563
628,669
Miscellaneous___
533,874
619,446
282,152
262,306
Incidental______
247,010
271.508
171,484
194,715
Joint facility___
176,500
181.509
Total railway op. re v .$25,359,000 $24,502,760 $24,726,678 $25,723,706
Operating Expenses—
Mamt. of way A stru c.. $3,422,674 $3,442,378 $3,682,233 $3,791,296
c
Maint. o f equipment—.
4,991,567 4,849.979
4,726.280 5,238,113
Traffic________________
921,447
884,102
806.996
777.057
Transport’n— Rail line—
9,854,747 9,803.838 10,228,278 10,806,237
Miscellaneous operations
156,118
174,221
163,328
165,000
General_______________
705,586
672,533
651.407
665.967
Transp’n for invest.— Cr
24,643
14,333
20,111
12,655
Total oper. expenses..$20,027,496 $19,812,718 $20,238,411 $21,431,016
Net rev. from ry. o p e r.. $5,331,504 $4,690,042 $4,488,267 $4,292,690
Railway tax accruals_
_ 1,129,183 $1,000,262
$945,933
$856,144
Uncollec. railway rev_
_
6,120
3,849
3,854
3,330
Railway oper. income. $4,196,201 $3,685,931 $3,538,480 $3,433,216
Non-Operating Income
Hire o f equipment______$1,619,016 $1,736,930
$2,009,729 $2,360,451
Joint facility rent income
93,965
94,210
90,827
91,061
Misc. non-op. phys. prop
1,407
1,339
Deb.107
348
Misc. rent income______
78,769
86,406
84,271
81,224
Dividend income_______
5,569
134,844
4,878
61,137
Inc. from funded securs.
106,360
87,879
94,675
120,154
Income from unfunded
securities A accounts.
c
41,184
48,043
40,084
53,392
Miscellaneous income_
_
500
332 De6.49,l0o De6.49,366
Gross income.




$6,142,971

$5,875,914

$5,813,677

$6,151,617

Deductions—
1926.
Interest on funded debt. $1,698,304
Int. on unfunded d e b t..
13,384
Hire of equipment______ 2,481,686
Joint facility rents_____
960,350
Rent for leased r o a d s...
44,818
Miscellaneous rents___
9,249
Miscell. tax accruals___
1,258
Amortization of discount
on funded d e b t..........
13,883
_
18,636
Misc. income charges_

1925.
$1,709,840
19,483
2,438,464
990,693
45,021
9,672
1,870
13,853
18,098

1924.
1923.
$1,714,325 $1,674,019
7,125
5,526
2,472,460 2,853.939
932,530
912,117
44,818
44,818
8,775
9,556
2,133
2,158
14,505
15.448

14,445
64,271

Net income.................
$901,405
$628,920
$601,558
$570,766
a Amount stated under 1922 includes $1,738,400 of collections and credits
for allowances by United States Government under guaranty.
For latest earnings, see “ Railway Earnings Section’ ’ (issued monthly)
BALANCE SHEET as of Dec. 31 1926, in V. 124, p. 2274.
OFFICERS.— Chairman, S M Felton; Pres.. N. L. Howard; V.-P. &
Sec., W. G. Lerch; Treas., C. A. Cook; Compt., Con. F. Krebs; Gen. M gr.,
C. L. Hinkle. President’s office. People’s Gas Building, Adams St. and
Michigan Boulevard, Chicago, 111.
DIRECTO RS.— Samuel M . Felton, N . L. Howard, B. E. Sunny,
E . A. Cudahy, E . N . Hurley, S. L. Avery, Henry M . Dawes, Chicago, 111.;
Charles Steele, New York; E. F . Swinney, Kansas City; G. W . Wattles,
James E. Davidson, Omaha; E. C. Finkbine, Des Moines; Milton Tootle,
Jr., St. Joseph; C. T . Jaffray, Minneapolis; G. H. Prince, St. Paul.— (V.
124, p. 2274.)
CHICAGO & ILLINOIS MIDLAND R Y .— Owns Compro to Taylorville, 111., 30.68 miles. Stock authorized, $2,000,000; outstanding, $1,600,000 (par of shares, $100) all (except directors’ shares) owned by Common­
wealth Edison Co. Bonds out (Dec. 31 1926), $4,460,000. The promissory
notes were issued to the Pullman Co. in return for equipment. V. 125, p.
1966. See table above. Leases entire property of Springfield Havana &
Peoria R R . from Springfield through Havana to Pekin, 111., 77.09 miles,
of which entire stock, $500,000 (except directors’ shares) and all outstanding
1st mtge. 6% bonds ($1,960,000) are owned by Midland C o.— (V. 124,
p . 1966.)
CHICAGO & ILLINOIS WESTERN R R .— Miles o f road owned
Western Ave., Chic., to Gary, 111., 10.64 m.; 26th St. Chic, to Hawthorne,
111., .91 m. Total 11.55 miles. Trackage rights, 7.45 m . Total operated
19.50 m.
The I.-S. C. Comm, has placed a tentative valuation o f $1,021,601 on
the owned and used property of the co. as of June 30 1918. V. 124, p. 2743.
The Commonwealth Edison C o., Illinois Central R R . Co. and the Peoples
Gas Light Ac Coke Co. of Chicago acquired control of the road during 1924
through purchase of its capital stock. Stock outstanding, common, $1,000,000; preferred, $291,000 (V. 97, p. 1114, 1356). Of the gen. 6s of
1907 ($4,000,000 auth. issue), $959,000 are outstanding, of which $589,000
have been guaranteed as to principal and interest by Dolese Ac Shepard
Co. under the terms of purchase by the three companies mentioned above,
the purchasers agreed to “ save and protect harmless the said Dolese &
Shepard Co. from any payments required under said guaranty, either on
account of the principal of said bonds or on account of the interest accruing
after Feb. 1 1924 and from any claims and demands connected therewith.”
Equipment trusts, $489,500. V. 86, p. 107; V. 88, p. 685. Pres., A. E.
Clift. 135 East 11th Place, Chicago.— (V. 124, p.2743.)
CHICAGO INDIANAPOLIS & LOUISVILLE R Y . CO.— Operates the
"Monon R oute," from Chicago, 111., via Monon, Ind.. to Indianapolis, Ind.,
and Louisville, K y., with branches. Total Dec. 31 1926 650.56 miles viz..
Lines owned—
Miles. Oper.underTrackage contract— Miles.
State line to New Albany, Ind -.2 9 8 Chicago to Indiana State Line____20
Monon, ind., to Mass. Ave., In d . 93 New Albany to Louisville----------- 6
Monon, Ind., to Mich. City, Ind . 60 Miscellaneous__________________ 11
Bedford to Switz C ity------------------40 Less— Track north of Dinwiddle,
Ind., not operated____________ (4)
Orleans to French Lick Springs.. l8
Clear Creek to Harrodsb’g, In d _9
Wallace Jet. to Shirley Hill A b r. 64
c
McCoysburg to Dinwiddle_______ 36
A lease Tor 999 years with Chicago A Western Indiana (of whose stock this
c
company owns $1,000,000) gives entrance to Chicago on a mileage basis.
Owns one-third interest in Ky. A Ind. Terminal R R . at Louisville, Ky.
c
H ISTORY.— Successor July 1 1897 of Louisville New Albany A Chicago,
c
foreclosed per plan in V. 63. p. 922. Suit settled. V. 75, p. 1031.
In Aug. 1902 the Louisville A Nashville and Southern Ry. acquired 93%
t
af $10,500,000 com. and 77% of $5,000,000 pref. stock, on the basis of $78
and $90 per $100 share, respectively, in their joint 50-year 4% collateral
trust gold bonds at par, secured by the stock acquired. See description of
bonds under Louisville A Nashville. V. 74, p. 1088. 1138: V. 75, p. 28.
c
Tentative valuation, V. 113, p. 2184.
DIVS since 1902—
1 ’ 06. ’07. ’08. '09-T3. ’ 14-T5. T 6. ’ 17. ’ 18-’ 26.
On common___________ % ) 3
3
3 3 U y ’ly
0
4J-* 3H text
Common dividends, 3 X % June 29 and 1%% each in Dec. 1916, June
and Dec. 1917; then none until June 29 1920, when 1H % was paid: there­
after \% % semi-annually to Jan. 1924; July 1924 paid 2% ; Jan. 1925 to
July 1927 paidS2Ji% s.-a.; also paid 1% extra in July 1926, Jan. 1927 and
July 1927.
BONDS.— Refunding Mortgage (closed $15,000,000), see V. 90, p. 1613
V. 91, p. 518, 1095; V. 92, p. 1031, 1700; V. 93, p. 44; V. 94, p. 1118
Purposes for which $40,000,000 First & Gen. M . Bonds of 1916 are Issuable.
Reserved— To refund Ref. M . bonds due July 1 1947---------------- 15,000,000
To exchange for outstanding Ind. A Louisv. Ry. 1st M . bonds 1.172,000
c
To refund 60 % of equipment bonds (40 % from income)------- 1
For acquisitions, improvements, &c., under restrictions_____(12,469,000
The First A General Mtge. covers the entire property, being (compare
c
V. 102, p. 1810):

Nov., 1927.]

Miles Date
Road Bonds

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

C hicago & III Midland— 1st M gold

...

_x 30.68

C hicago & 1 1 W —Gen(nowlst)M g gu red par CCxc*
1
Chicago Ind & Sou— See New York Central RK.
C hicago Indianapolis & Louisville— Common stock
Preferred 4% non-cumulative $5,000,000
- . Refunding (now 1st) M ($4,700,000 are 6s)..C e .x
x
do
$15,000,000 gold Series O -----------Indianap & Louisv 1st M closed (assumed).G.xc*
First & gen M $40,000,000 gold Ser A
yg.c*&r*
do
do
Ser B red 105 aft Jan 1 '37 G.c*&r*
do*

do

Ser D due $24,000 semi-ann.-N.c*

I S RR 1st mtge gold boDds closed (assumed)----- _
Equip trust notes Pullman C & M Corp— Prin notes

Ouaranti i d Bonds—
Interest notes
Kentucky A Indiana Terminal RR 1st M 4Hs — See
Monon Coal Co 1st M g int only gu s f red 110 Ba.xc*
C hicago Indianapolis & St Louis Short Line— See
C hicago Lake Shore & East— 1st M g gu red text.xc*
C hic Mem & G u lf— 1st M g red i05— Ba.xc*&r

_
618
618
64
618
618

1925
1927
1907

Par
Value

Amount
Outstanding

Rate
%

$1,000 $4,460,000
1,058,531
1.000
959 000

6g

J

6g

J

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

k A dd’
e Add'
f A dd’
gEntir

(1) A Direct Lien on All Road Owned, viz. A 1st mtge. on 36 miles, 2d
mtge on 509 miles and a 3d mtge on 73 miles.
(2) A Direct Second Mortgage, subject only to the closed refunding mtge.,
(a) on the leasehold interests In terminal facilities in Chicago, Louisville
and Indianapolis and in Kentucky & Indiana Bridge; (b) on 10,000 shares
o f capital stock o f Chicago & Western Indiana R R . and 2,400 shares of
capital stock of Belt Ry. Co. of Chicago; (c) rolling stock and equipment
owned by the company, including its equity in all equipment held under
equipment trusts.
Indianapolis & Louisville bonds, entire issue $1,650,000, was assumed
Dec. 31 1916, of which $478,000 are held in the treasury along with $253,000
Ind Stone RR. (assumed) IstM . 5s. V. 105, p. 1305: V. 82, p. 508; V. 83,
p. 1290; V 102. p. 1810. Also guarantees int. on $2,875,000 Monon Coal
s. f. 1st M . 5s, due June 1 1936, redeemable at 110 ($3,000,000 authorized
issue). V. 93, p. 44 . 697; V. 108, p. 485.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114, p. 1890.
Government loan, V. 111. p. 1660: V. 112, p. 372; V. 114, p. 519.
R E PO RT.— For 1926, In V. 124, p. 1968, showed;
Operating Revenues—
1926.
1925.
1924.
1923.
Freight________________ $14,107,670 $13,156,908 $12,381,665 $13,012,281
Passenger_____________
2,684.182
2,807,328
3,014,956 3,217,161
M ail_____ ______
307.566
298.609
297,657
276,929
Express................
407,644
434.605
400,589
411.629
Misc. pass, train revenue
100,108
87,777
84.368
102,366
Other transport’n rev_
_
204,809
198,516
209.466
244,940
Other operating revenues
786,087
702,297
655.298
658,241
Total.................. ......... $18,598,066 $17,686,040 $17,043,999 $17,923,547
Operating Expenses—
Maint. of way & stru c..
$1,799,734 $1,841,716 $1,769,709 $1,767,297
Maint. of equipm ent...
3,867,302 3,766,046
3,603,969
3,912,056
446,373
419.144
403,381
397,154
Traffic expenses_______
Transportation expenses
6,621.311 6,267,012
6,111,834
6,288,278
Miscellaneous operations
193,531
190,442
191,919
194,296
General expenses_______
417,662
401,267
409,179
401,606
Transp'n for invest.— Cr
18,792
16,433
21,250
17,229
T o ta l......................— .$13,327,121 $12,869,194 $12,468,741 $12,943,458
Net rev. from ry. o p e r.. 5,270,945 $4,816,846 $4,575,259 $4,980,090
_ 1,055,470
895,069
936,986 1,043,768
Railway tax accruals_
Uncoil, railway revenue.
2,754
1,415
1,353
1,031
Railway oper. income. $4,212,721 $3,920,362 $3,636,920 $3,935,291
Deduct—
Hire of frt. cars, Dr. bal.
536,131
613,813
789,554
869,418
_
Drl0,788
Cr.971
D r.299
Dr.634
Rent from equipment_
Net joint facil. rents. Dr.
686,661
463,997
689,697
712,205
$2,843,523
128,736

$2,157,370
152,411

$2,353,034
165,034

Gross income_________ $3,097,628
Deduct—
Rent for leased roads_
_
40,826
Misc. rents & tax accr'ls.
5,030
Interest on funded debt.
1,350,266
Int. on unfunded d e b t..
4,750
Misc. income charges_
_
7,115

$2,972,259 $2,309,781 $2,518,068

Net incom e..................$1,689,640
Previous surplus_______ 3,245,269
Miscellaneous credits___
27,539

$1,620,750
1,449,609
2,037,838

$1,004,745 $1,256,006
2,061,673 2,267,906
714,742
622,229

Total surplus_________ $4,962,448
Preferred dividends____
199,652
Common dividends_____
734,790
Miscellaneous debits____ 1,681,422

$5,108,197
199,652
524,850
1,138,426

$3,781,155 $4,146,141
199.652
199,652
472,365
341,152
1,659,528
1,543,663

$36,951
5,180
1,300,691
1,679
7,009

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

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

Profit & loss, surplus. $2,346,584 $3,245,269 $1,449,609 $2,061,673
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 1968.
OFFICERS.— Pres., H. R . Kurrie. Chicago; V.-P. of Traffic, E. P.
Vernia, Chicago; Treas. & Asst. Sec., H. R. Mardorf, 608 South Dearborn
St., Chicago; Sec. & Asst. Treas., P. J. Harkins, 120 Broadway, N. Y .—
(V. 125. p. 382.)
CHICAGO JUNCTION R Y .— Owns 4.19 miles main track and 29.61
miles yard tracks and sidings. Leases 16.83 m. main track and 126.08 m
yard tracks and sidings from Union Stock Yard & Transit Co. of Chicago
Trackage rights from Chicago River & Indiana R R .. 3.34 miles main tract
and 1.48 miles yard tracks and sidings. Total mileage operated, 33.80
miles main track and 142.91 miles yard track and sidings. All operated by
the Chicago River & Indiana R R . Co. under lease dated M ay 19 1922.
In 1907 New York Central interests, through the Indiana Harbor Belt
R R . Co., acquired the outer belt line, extending from Whiting, Ind., to
Franklin Park, 111., assuming the $2,500,000 bonds o f the Chicago Hammond
& Western R R . Co.
Equipment trusts issued to Director-General for rolling stock allocated
to this co. (assumed by the Chicago River & Indiana R R . C o.). See
article on page 3 and V. 114, p. 1285. Govt, loan, V. I l l , p. 791.—
(V. 124, p. 3064.)
CHICAGO JUNC. RYS. & UN. ST K . Y AR D S.— See “ Industrials.’
CHICAGO LAKE SHORE & EASTERN RY.— Embraces 506.21 m. Of
track, connecting the various works of the Illinois Steel Co. ana Indiana
Steel Co. at Chicago, Joliet. Milwaukee and Gary with diverging trunk lines,
and also with steamship lines, stone quarries, industrial establishments.
Ac.; also reaches the coal fields of 111. and Ind., and Joliet, 111. Stock,
$9,000,000. all owned by the Illinois Steel C o., and so by the U. S. Steel




kl 0,495.700 See text
e4,991,300
4
b 9 ,698,000 5 & 6 g
5,300,000
4g
b l 172,000
4g
c4 911 000
6g
d4.000.000
6g
552.800
504,000
5g
4.000
5H
g253.000
5
1,010.790
5
353.777 Int notes

When
Payable

Last Dividend Places Where Interest and
amd Maturity
Dividends Are Payable

& D June 1 1955
Sept 15 1937
&
J July 1 1947

C & O Tr A S B . Chicago

J July 11'27 3 X
& J July 11'27 2%
& J July 1 1947
& J July 1 1947
&
J Jan 1 1956
& N M a y l 1966
.1 <
fc J M a y l 1966
J & 115 To Jan 15 1935
M & S Sept'27-Sept'37
1 * 1 ) 1 5 Dec 15 1928
M & S S ep tl 1948
J & I) Junel 1940
J & D Junel 1940

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

J
J
J
J
J
M

1897
1910
1906
1916
1922
1920
1922
1,000
1898
1898
1,000
_ 1925 37,436
_
1925 Various
that c ompan y
1911
1.000 2.875,000
5g J
Cleve land C incinnat i Chicago & St Louis
$1,000 $9,000,000
1909
4H g J
J
52 1910
1,000
735,000
5g

b Additional $478,000 held in treasury.
c Additional $2,000 in treasury.
d Additional $1,865,000 In treasury.

Net ry. oper. income. $2,979,140
Non-operating incom e..
118,489

37

RAILW AY STOCKS AND BONDS

&

do

do

New York Trust C o, N Y
Cent Union Tr Co, N Y
111 Mer Tr C o. Chicago
do
do

D Junel 1936

Bankers Trust Co. N Y

& D Junel 1969
& J Jan 1 1940

71 Broadway, New York
Bankers Trust Co, N Y

&

1 $4,300
1 $8,700
1 $2,000
e $253,00

held in treasury
held in treasury
held in treasury
0 held In treasur

Corp., which, with Elgin Joliet & Eastern guar, the bonds, prin and int.,
by endorsement. The last named leases the road for 60 years from lune 1
1909, rental covering all charges and divs. on stock, denendent on er.rnings.
See V. 90, p. 108.
Bonds are redeemable In whole or in part from Dec. 1 1919 at 110 and mt.;
.hey are limited to *20,000.000 and further issues of bonds beyond the
*9.000.000 now outstanding can be made only for 50% of cost of property
V. 88. p. 1372-1 89. p. 224. 1410.— (V. 91. p. 1446: V. 103. p. 1301.)
7
CH ICAGO MEMPHIS & GULP R R .— Owns Dyersburg Tenn.. to
Hickman, Ky , 52 miles. Property leased to Illinois Central R R . Co.
effective Jan. 1 1923
Stock, common, $520,000 and 6% cum. pref.,
$150,000. all acquired in 1913 by Illinois Central R R . V. 96. p. 716.
The I.-8. C. Commission has placed a tentative valuation of $812,174
on the company's property, as of June 30 1915.
Bonds ($lO,OOO,0OO auth.) outstanding. $735,000; reserved for terminals,
&c., $1,750,000, and remaining $7,515,000 at not to exceed 85% of cost or
new construction, nor over $20,000 per mile main line — (V 119, p 1171 )
CHICAGO Mil WAUKEE & GARY R Y .— Rockford. IU.. to Aurora,
111., 59.57 m.; Joliet, 111., to Delmar, HI., 37.43 m.; trackage. 23 34 m .;
total operated, 120.34 m. The I.-S. C . Commission has placed a final
valuation of $2,789,475 on the owned and used properties of the company,
as of June 30 1915. Control was acquired by Chic. Milw. & St. Paul on
Jan. 1 1922 through acquisition of $l,OOO,OO0 capital stock and guaranty
of bonds and interest thereon subsequent to Jan. 1 1924, under agreement
with St. Louis Union Trust Co. Compare V. 114, p. 853.
In addition to $3,000,000 first 5s outstanding, there are $2,700,000 owned
by Chic. Milw. & St. Paul, which guarantees the prin. and int. on the bonds
outstanding.
The bonus 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. For 1926, gross. $874,857; net
oper. income., $242,302: other income, $30,625; int., rentals, &c., $351,009;
net, def., $78,082. Pres.. H. E. Byram, Chicago.— (V. 123, p. 707.)
CHICAGO MILWAUKEE ST. PAUL & PACIFIC R R .— New name for
reorganized Chicago Milwaukee & St. Paul R y. Co. See that co. below.
CHICAGO MIL. & PUGET SOUND R Y .— See Chic. M . & St. P. Ry.
CHICAGO MILWAUKEE & ST. PAUL R Y . CO.— (See M ap).—
Operates from Chicago westerly to Seattle and Tacoma, Wash., with
numerous branches:
Road—
Miles. I Road—
Mites.
Anes owned Dec. 31 1926 (o f
2d, 3d & 4th tracks.. _______1.111
which 109 m. owned ' oin tly )i0.2381Trackage(incl.2d.3d&4th tracks) 789
VALUATION.— The I.-S.C . Commission has placed a tentative val­
uation of $558,914,672 on the total owned, and $558,801,596 on the totul
used property of the company as of June 30 1918. V. 125, p. 1966.
HISTORY, <kO.— Organized May 5 1863 and on Feb. 11 1874 took pres­
ent name. The Chicago Milwaukee & Puget Sound Ry., forming Pacific
extension, was acquired In fee Jan. 1 1913. its bonded debt being assumed;
the stock ($100,000,000) is held alive merely as a muniment o f title. V.
96, p. 62; V, 95. p. 1683: V . 97. n . 819
In lyi6-17 built from Great Falls to Agawam, M ont., 70 miles, and
Jrass Range to Winnett, 23 miles. Partly built, Blackfoot June, to Clearvater, 22 miles. The electrification of 440 miles of th“ Puget Sound main
line, contracted for in Jan. 1913, was completed in Feb. 1917, and was
subsequently extended over the Cascade Mtns. The electrification of the
line between Othello and Seattle and Tacoma, 219 m., commenced in March
1917, has been completed. V. 104, p. 451, 1489, 2116. See V. 96,_p. 135;
V. 97. p. 1821; V 101, p. 845; V. 103, p. 1687; V. 105, p. 1998; V . 106.
p. 2005: V. 107, p 802: V 108. p 682.
In Dec. 1918 took title to the railway franchises, A c., of the following
companies, all of whose outstanding capital stock were owned by It: Tacoma
Eastern RR. C o., Puget Sound & Willapa Harbor Ry. C o.. Seattle Port
Angeles & Western Ry. C o., Bellingham & Northern Ry. C o., Milwaukee
Terminal Ry. C o., and Gallatin Valley Ry. C o. V. 108. p. 2017.
The stockholders on M ay 21 1921 approved a proposition to lease the
Chicago Terre Haute & Southeastern Ry. Co. for a term of 999 years from
July 1 1921, with option to purchase the leased property. By the terms
of the lease this company guarantees as rental for the use of the leased prop3rty the payment of the annual interest on the bonds and securities o f the
Southeastern Company, amounting to approximately $900,000, together
with the annual taxes, approximately $235,000. This company further
agrees to purchase any or all of the 43,000 shares of the outstanding stock
of the Southeastern Ry. at $10 per sbare, and agrees to assume the out­
standing securities, amounting to about $19,000,000, the bulk of which
mature in 1951 and 1960. (See terms of lease under Chic. T . H. & S. E
Ry in V. 111. p. 2519.i
The l.-S. C. Commission In Feb. 1922 authorized the company to acquire
control of the Chicago Milwaukee & Gary R y . by purchase of its $1.000,000
Capital stock, and to assume obligation or liability, as guarantor, in respect
of $3,000,000 of the $5,700,000 1st Mtge. 40-year 5% gold bonds, due Apr. 1
1948, by endorsing thereon its guaranty of payment of principal thereof and
of interest accruing from and after Jan. 1 1924- Compare V. 114, p. 853R eceivership.
Receivers Appointed.— H. E. Byram, Mark W . Potter and E. J. Brundagc
were appointed receivers by Federal Judge Wilkerson at Chicago on March
18 1925. The same receivers were appointed at Grand Rapids, Mich.,
Minneapolis, M inn., and Great Falls, M ont. H. E. Byram and Mark W.
Potter were appointed receivers in the New York district.
The following protective committees have been formed:
(a)
Committee for Bondholders.— Frederick H. Ecker, Chairman; Bertram
Cutler, Samuel H. Fisher, Jerome Hanauer, William E. Knox, Charles E .
Mitchell, Charles A . Peabody, H. F. Whitcomb, Edward D . Duffield,
with S. H. E. Freund, Sec., 55 Wall St., New York, and Sherman &
Sterling, Counsel.

38

KAILW AY STOCKS AND BONDS

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

C hicago Milw & Gary— 1st M g (gu) red 105-SSt.xc*
C hicago Milwaukee & St Paul—Gom stock (see text)
Preferred stock 7% yearly not cum ($116,274,900-.
Gen M (for $150,000,000) gold Series A_lJs.xc*&r
do
do
Series A registered____x
do
do
Series B _____________ xc*
do
do
Series B registered_____ x
do
do
Series O gold------------- xc*
do
do
Series O registered______x
1st M bds sec gold loan of 1924 red (text)_ xc*&r*
_
Milw & Nor 1st M No Milw to Gr Bay ext 1913--xc*
Consol mtge extended 1913 (V 96, p 1364)_____zc*
Deb $50,000,000 g _______(All secured (— F.xc*&r*
Deb 250,000,000 francs__ (b y the G e n -____ Usm.x
xGold ($) bds call at par all
and
--U sm .xc*
Debentures g red 105------- (R ef M t g e ____ xc*&r*
Oh Mil & Puget Sound 1st M (text) ass’t — Us.xc*&r
General and refunding M Series A _______ Gc*&r*
do
do
convert series B (see text) ._c*&r*
Bellingham & Nor— B B & B C 1st M assumed_____
Equipment gold notes due $1,095,500 annually— G
do
do
Series A due $539,000 an n..M .pc*
do
do
Series B due $128,000 ann
CPc*
do
do
Series C due $900,000 ann
yc*
do
do Series D due $618,000 ann___ yc*
U S Government note______________________
do
do
____________________________
do
do
____________________________

Miles Dat
Road Bonds

_ __
_ __

6,246
6.246
6,246
6,246
6,246
6,246

126
403
10.258
10.258
10,258
10,258
2,430
10.258
10,258|
67

1889
1889
1889
1889
1889
1889
1924
1913
1913
1909
1910
1916
1912
1909
1914
1915
1901
1920
1922
1923
1923
1925
1920
1Q92
1Q22

Par
Value

Amount
Outstanding

$1,000
100
100
1,0001
1,000/
1,0001
1,000/
1,0001
l.OOOf
500&1000
1,000
1,000
1,000 &c
500 fr &c
1,000 &c
100 &c
100 fire
100 &c
100 &c
1,000
1,000
1,000
1,000
1,000

Rate
%

When
Payable

[V ol. 125.
Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

St Louis Un Tr Co, St L
$3,000,000
5 g A & O Apr 1 1948
117,406,000 See text
Sept 1 ’17, 2% N Y office, 42 Broadway
do
do
115,845.800 See txet
Sept 1 '17, 3)3
do
do
48,241,000 1 4 g J & J M a y l 1989
do
do
i 4g
y—J M a y l 1989
do
do
8,950,000 J 3)3 g J & .1 M a y l 1989
do
do
1 3)3 g Q— J M a y l 1989
&
42,597,000 / 4)3 g J < .1 M a y l 1989
do
do
do
do
1 4)3 g y—J M a y l 1989
14,000.000
do
do
6 g J & .1 Jan 1 1934
do
do
2,117,000
4)3 J & D Junel 1934
do
do
5,072,000
4)3 .1 fir. 1) Junel 1934
July 1925 int. in default.
fe
33,286,000
4 g .1 < .1 July 1 1934
Prin. & int. in default
,1 & 1) Junel 1925
11,831,515 f 4
Prin. & int in default
35,100,000 l 4 g .1 & 1) Junel 1925
June 1925 int. in default
&
49,980,800
4)3 g .1 < 1) Junel 1932
July 1925 int i n default
J fir .1 Jan 1 1949
26,175,000
4
April 1925 int in default
43,089,000
4)3 g A fir. O Jan 1 2014
F fir. A Jan 1 2014
N Y office 42 Broadway
29,129,800
5g
San Francisco
406 000
5 g .1 & 1) Dec 1 1932
8,764.000
6 g J & T15 To Jan 15 1935 Guaranty Trust Co, N Y
5,390 000
5 g .1 & J To July 15 1937 Chat&Ph N .B .T .C o.N Y
F & A To Feb 1 1935 N Y office 42 Broadway
1.024 000
5
A & O To Apr 1 1938 N Y office 42 Broadway
9.900,000
5)3
F fir A To Aug 1 1940 New York
8.034,000
5
M & S Mar 1 1930
20,000.000
6
7 T *r s Mar 1 1027
V
25 000 000
6
o
J & 7 Jan 1 1930
10 000 000

x Secured by pledge of French loan debentures, whic h in tu rn are secured b y the Gen & R ef Mtg e.

The committee is formed to represent the holders o f the ollowing bond
(1) 4% gold bonds o f 1925.
(2) 4% 15-year European loan bonds o f 1910, due 1925.
(3) 414% convertible gold bonds, due 1932.
(4) 25-year 4% gold bonds of 1909, due 1934.
(5) Chicago Milwaukee & Puget Sound 1st mtge. 4% gold bonds,
due 1949.
(6) Gen. & ret. mtge. gold bonds, series A and B, due 2014.
Depositaries.— The bondholders’ protective committee announced that
the following depositaries have been appointed:
(а) Guaranty Trust Co. for the gen. & ref. mtge. 414s, series “ A ,” and
for the gen. & ref. mtge. 5s.
(б) United States M tge. & Trust Co. for the 4% 15-year European loan
bonds of 1910, due on June 1 1925, and for the 4% gold bonds of 1925
due on the same date.
(c) United States Trust Co. for the 414% conv. gold bonds due 1932.
la) The Farmers’ Loan & Trust Co. for the 25-year 4% gold bonds of
1909, due 1934.
(«) Bankers Trust C o. for the Chicago Milwaukee & Puget Sound Ry.
1st mtge. 4% gold bonds due 1949.
Roosevelt Committee.
A bondholders’ protective committee headed by George S. Roosevelt
(Roosevelt & Son) was formed “ to secure a reorganization more equit­
able to the junior bondholders,” and to oppose the consummation o f the
plan proposed by Kuhn, Loeb & Co. and the National City C o. The com­
mittee represents (1) 4% gold bonds, due 1925: (2) 4% 15-year European
loan o f 1910 bonds, due 1925: (3) 414 % conv. gold bonds, due 1932; (4) 4%
25-year gold bonds o f 1909, due 1934: (5) Chicago Milwaukee & Puget Sound
R y. Co. 1st mtge. 4% gold bonds, due 1949, and (6) gen. & ref. mtge. gold
bonds. Series A and B, due 2014.
Protective Committee.— George E. Roosevelt, chairman (Roosevelt & Son);
Philip A . Benson (Trustee & Sec. Dime Savings Bank, Brooklyn, and
Chairman o f Committee on Investments o f the Savings Banks Association
o f the State o f New York); Charles A . Collins (Pres. Lynn Institution for
Savings and Chairman Chicago Milwaukee & St. Paul Ry. Committee,
Savings Banks Assn, o f the State o f Mass.); Edwin G. Merrill (Pres. Bank
o f New York & Trust C o.): Willis D . Wood (Wood, Low & Co.) with
E. T. Gregory, Sec., 30 Pine St., N . Y . City, and Root, Clark, Howland &
Ballantine, Counsel.
Depositary.— Bank o f New York & Trust C o., 52 Wall St., New York.
Junior Bondholders’ Committee.
The following committee has been formed to protect the interests o
junior bonds: Edwin C. Jameson, Chairman (Pres. Globe & Rutgers Fire
Ins. Co., N. Y .), Leroy Baldwin (Pres. Empire Trust C o.), Louis Y. Bright
(Pres. Lawyers Trust C o.), Joseph S. Frelinghuysen (Pres. N. Y . & N . J.
Land Bank, Newark, N. J.), Thomas Read (Pres. Union Ferry Co. o f New
York & Brooklyn), Brooklyn, with Lane F. Gregory, Sec., 160 Broadway.
N . Y ., and Nathan L. Miller and Prentice & Townsend, New York, and
John Dickey Jr., Philadelphia, counsel. Depositary, Lawyers Trust Co.,
160 Broadway, New York. V . 121, p. 2269. The committee filed a
petition to intervene in the receivership proceedings. The U. S. Circuit
Court o f Appeals on Oct. 28 1926 filed a decision denying the application of
the committee for leave to appeal from the order handed down by Judge
James H. Wilkerson o f the U. S. District Court, denying the Jameson com­
mittee intervention in the foreclosure proceedings pending in the Federal
Court in Chicago, brought by the Guaranty Trust Co. o f New York and
Merrel P. Callaway as trustees under the gen. & ref. mtge. of the Chic.
Milw. & St. Paul R y ., and the United States Trust Co. o f New York and
Edward W . Sheldon as trustees o f the 1st mtge. of the Chic. Milw. & Puget
Sound R y. It was announced on N ov. 4 1926 that the committee would
carry the case to the U. S. Supreme Court. Compare V. 122, p. 1451: V.
123, p. 79. 1110. 1499, 1758, 1994, 2388.
Preferred Stockholders' Protective Committee.
The committee has been formed at the request of large holders of preferred
stock to protect the interests o f the preferred stock in view of the statement
of the directors and the conclusion of Coverdale & Colpitts, engineers,
advising a readjustment of the debt and capitalization o f the company.
The committee has designated New York Trust Co. as depositary.
Committee.— Mortimer N . Buckner (Chairman New York Trust C o.),
Chairman: Arthur W . Loasby (Pres. Equitable Trust C o.), Oliver C. Fuller
(Chairman First Wisconsin National Bank, Milwaukee), Harold I. Pratt
(Charles Pratt & C o.. New York) and John McHugh (Pies. Mechanics &
Metals National Bank), with Boyd G. Curtis, Secretary, 100 Broadway,
New York, and George Welwood Murray, Counsel.
Protective Committee for Common Stock.
In view o f the statement of the directors setting forth the conclusion o
Coverdale & Colpitts, the engineers who have been examining the companys
properties, that a readjustment of the capital structure is essential, the
committee, representing large holders of common stock, has been formed to
protect the interests of the common stockholders and to represent them in
the consideration of any readjustment plan.
The committee has named Central Union Trust C o., 80 Broadway,
New York City, as depositary.
„
„
Committee.— Donald G. Geddes, Chairman: George W. Davison, Bayard
Dominick, Walter L. Johnson, Percy A . Rockefeller, and Stanley Field of
Chicago, with C. E . Sigler, Secretary, 80 Broadway, New York City,
and Cotton & Franklin, Counsel.— V. 120, p. 1410, 1454.
Stockholders' Committee.
The committee named below, representing a large amount of the pref
and common stock, have asked the Court to permit them to intervene on
behalf o f the stockholders in the receivership and foreclosure proceedings
now pending in the Federal Court at Chicago. The petition was dismissed
by Federal Judge Wilkerson at Chicago. Y. 121. p. 2517.
Committee.— Ernest Iselin, Howard Caswell Smith, Van Santwood MerleSmith, Frederick Osborn, with John Esher Knovel, acting Secretary, 120
Broadway, N . Y . V 121, p. 2152.
Investigation of Company by I.-S. C. Commission.— The I.-S. C. Com­
mission on M ay 16 1925 ordered an investigation into the history, manage­




ment, financial and other operations, accounts and practices of the com­
pany. V. 120, p. 2681; V. 121, p. 2748; V. 122, p. 1758.
Sale and Reorganization Plan Approved.
SVOn Jan. 19 1927 Judge James H. Wilkerson, in the Federal Court of the
Northern District of Illinois, approved of the reorganization plan and sale
of the road to Robert T . Swaine, and Donald C. Swatland, representatives
of the reorganization managers, Kuhn, Loeb & Co. and the National City
Co. The sale prices was $140,000,000, this figure being $17,500,000 in
excess of the upset price fixed by Judge Wilkerson. V. 124, p. 639.
The sale of the properties has recently been approved in all the judicial
districts, and thus makes it possible to begin execution o f the foreclosure
proceedings. V. 124, p. 916.
R eorganization Plan (as M odified), Dated June 1 1925.
It was announced on Nov. 20 1925 that the Kuhn, Loeb-National City,
Roosevelt and Iselin interests had agreed upon certain modifications to the
plan of reorganization dated June 1 1925, as proposed by Kuhn, Loeb & Co.
and the National City Co. as reorganization managers. The bondholders’
committee, the Pref. stockholders' committee and the Common stock­
holders’ committee under the Kuhn, Loeb-National City Co. plan approved
the modifications. The Roosevelt committee also approved the plan as
modified and recommended the deposit of bonds thereunder. The Iselin
committee stated that in its opinion the plan as modified is fair to the stock­
holders and therefore that the committee did not advise against the de­
posit of stock thereunder. The modified plan (compare V. 121, p. 2516)
provides as follows:
Amount of Cash Estimated To Be Required To Carry Out the Plan ($70,032,548)
To be applied to the following and such other and further purposes as
may be determined by the reorganization managers or by the new company:
(1) To pay the 6% note dated Mar. 1 1922, held by U. 8. Govt-$25,000,000
(2) To pay the 6% note dated Dec. 15 1922, held by U. 8. G ov t. 10,000,000
(3) To provide for cash payment in connection with the liquida­
tion o f the 6% note dated N ov. 1 1920, held by U. 8. G o v t -. 17,000,000
(4) To provide for adjustments and payments o f interest in
respect o f bonds deposited under the plan---------------------------- 1,544,325
(5) To provide for additions and betterments, new equipment
and miscellaneous expenses_________________________________ 16,488,223
(1) Provision for Cash Requirements.— The cash requirements are to be met
by payments of $28 per share by the holders o f the $115,931,900 existing
pref. stock and o f $32 per share by the holders o f the $117,411,300 existing
common stock, for which only $60,698,820 o f new bonds will be issued.
The modified plan contains a statement regarding the possibility o f a
reduction in the cash assessment payable by stockholders in case of legis­
lation during the coming session of Congress resulting in the funding, or
extension for a long period, of the railway company’s debt of $55,000,000
to the U. 8. Government on terms which will meet the immediate and
permanent requirements summarized in the modified plan, namely, that
such debt should (subject to such reduction as might be obtained) be pressently funded at an annual interest charge of not more than 5% and by
long-term obligations junior in lien to the new financing mortgage.
(Obligations To Be Exchanged for New Securities {Total, $230,950,796).
(21) Refunding bonds, due Jan. 1 2014: (a) Series A 414%
bonds, $43,089,000; (6) Series B 5% bonds, $29,141,300-—e$72,230,300
(22) 4% bonds, deu 1925____________________________________ 36,344,981
(23) European loan bonds other than bonds pledged to secure
.xll.831,515
the 4% bonds, due 1925)_____________
. 50,000,000
(24) 414% bonds, due 1932_____________
. 33,369,000
(25) 4% bonds, due 1934________________
.f2 7,175,000
(26) Puget Sound bonds, due Jan. 1 1949.
.115,931,090
(27) Preferred stock_____________________
.117,411,300
(28) Common stock_____________________
x At the rate o f exchange stipulated for conversion into 4% bonds, due
1925, the European loan bonds being payable at the option o f the holders
in French francs or English pounds sterling.
a Not including: (1) Series D 5% bonds in treasury, $8,370,000 (this
Includes $3,370,000 not yet actually drawn down but now available under
the terms of the gen. mtge. to be drawn down for the treasury o f the co.
and may be of anv series); (2) Series D 5% bonds pledged to secure notes to
U. S. Govt., $18,000,000; (3) Series D 5% bonds pledged to secure 10-year
bonds of 1924, $20,000,000
b Not including $2,700,000 in treasury.
c Not including $100,000 pledged under Chicago Terre Haute & South­
eastern R y. 1st & ref. mtge. 5s, 1960.
d Not including: (1) $200,000 pledged under Southern Indiana R y . 1st
mtge. 4s, 1951; (2) $301,000 pledged to secure 6% note due Oct. 1 1925, o f
Chicago Terre Haute & Southeastern R y.
e Not including $72,892,000 Series Z pledged to secure notes to U. S
Government, and (2) $44,388,200 Series Z in treasury.
f N ot including $154,489,500 pledged under the refunding mortgage.
(Obligations To Remain Undisturbed, Total $181,370,400).
(A) Direct obligations of Company, and other obligations
assumed or guaranteed by it, or secured by lien upon its
property.
(1) Milwaukee & Northern R R . Extended 4 )4 % 1st mtge.
bonds, 1934________________________________________________ $2,155,000
(2) Milwaukee & Northern R R . extended 4)4% consol, mtge.
bonds, 1934_______________________________________________ 5,092,000
(3) Chicago & Missouri River Division 1st mtge. 5s, 1926------ 3,083,000
(4) Bonds issued under general mortgage due M ay 1 1989:
(a) Series A 4% bonds, $49,000,000; (6) Series B 3)4 % bonds,
$8,950,000; (c)Series C 4)4% bonds, $42,597,000------------- al00,547,000
(5) Bellingham Bay & British Columbia R R . 1st M . 5s, 1932—
455,000
(6) 10-year 6% 1st mtge. bonds security, gold loans bonds of
1924, due Jan. 1 1934----------------------------------------------------- 14,000.000
(7) Chicago Milwaukee & Gary R y. 1st mtge. 5s, 1948...........b3,000,000

RAILW AY STOCKS AND BONDS
Nov., 1927.]



40

KAILW AY STOCKS AND BONDS

(B) Obligations in respect of which company has assumed
liability under lease dated July 1 1921, from Chicago Terre
Haute & Southeastern Ry.:
(8) Bedford Belt Line R y. 1st mtge. 5s, 1938___ ____________
c250,000
(9) Southern Indiana R y. 1st mtge. 4s, 1951_________________ 7,287,000
(10) Chicago Terre Haute & Southeastern R y. 1st & ref. mtge.
50-year 5s, 1960---------------------------------- ----------------------------- d8,056,000
(11) Chicago Terre Haute & Southeastern Ry. income mtge.
6,336,000
50-year 5s, 1960__________________________________________
(12) 6% note o f Chicago Terre Haute & Southeastern R y., due
Oct. 1 1925....................... ................................................. ............
167,400
(C) Equipment Trust Obligations.
(13) 6% equip, trust gold notes, dated Jan. 15 1920__________ $10,955,000
(14) 5% Equip, trust certifs.. Series A, dated July 15 1922___ 7,007,000
(15) 5% equip, trust certifs.. Series B, dted Feb. 1 1923_____
1,280,000
(16) 5Jia% equip, trust certifs.. Series C, dated April 1 1923_ 11,700,000
xApproximate Capitalization of the System Upon Consummation of the Plan.
Auth., Incl. Bonds Presently
in Treasury, &c. Outstanding.
The obligations to remain undisturbed, aggre­
gating in principal amount as of June 1 1925- $238,045,000 $181,370,400
The following securities to be authorized by
new company to effect the reorganization:
yTwice par
None to be
value of stock issued in the
outstanding
reorganiz'n
_ 106,888,980
106,888,980
(Z) JNew 50-year 5% mtge. gold bonds_
(3) New 5% adjustment mtge. bonds____ 184,760,640
184.760,640
(4) New preferred stock________________ 292,380,400 zll5,931,900
(5) New common stock (no par)_______w2,097,917shs. l,174.113shs.
w The reorganization managers may in their discretion cause the Com­
mon stock to be of such par value per share as they may determine.
x The amounts stated may be increased by the amount of any securities
which may be issued in connection with the liquidation of the 6% note
dated N ov. 1 1920 held by the U. S. Government.
y The stock without par value which is issued in the reorganization is to be
taken at $100 per share and any such stock which is issued hereafter is to be
taken at the price at which it is issued, or if issued for property at the value,
as determined by the directors, of such property, all as shall be more fully
provided in the 1st & ref. mtge.
z This amount will be increased by the amount of Pref. stock applied in
settlement of claims of general creditors of the company.

(

Description of New Securities.
The new company is to authorize the following securities:
First & Refunding Mortgage Bonds.— Total authorized at any one time out­
standing, together with any bonds reserved under the 1st & ref. mtge. for
refunding underlying securities, shall be limited to twice the aggregate par
value of the stock of the new company of all classes at the time issued and
outstanding (stock without par value which is to be issued in the reorganiza­
tion to be taken at $100 per share) and any such stock issued hereafter to be
taken at the price at which it is issued, or if issued for property at the value,
as determined by the directors of the new company, of such property, as all
shall be more fully provided in the 1st & ref. mtge. The 1st & ref. mtge.
bonds will be secured by a mortgage and deed of trust to a trustee or trustees
to be selected by the reorganization managers, which will embrace (with such
exceptions as the reorganization managers may determine) all railroads and
other property, including stocks and bonds of subsidiary companies (but not
Including obligations o f the classes to remain undisturbed under the plan)
acquired by the new company in the reorganization and all properties there­
after acquired by the use of 1st & ref. mtge. bonds or their proceeds.
The 1st & ref. mtge. will be a lien on the owned lines subject, as to various
parts of the mileage, to an authorized amount of approximately $191,893,000
of undisturbed underlying bonds, and a lien upon the leasehold interest in
Chicago, Terre Haute & Southeastern Ry. C o.’s lines (upon which there will
remain an authorized amount o f approximately $26,250,000 of obligations
in respect of which the company has assumed liability under the lease) and
upon the stock of Chicago Milwaukee & Gary Ry. Co. (upon the lines of
which there is an authorized amount of approximately $20,000,000 of bonds,
$3,000,000 whereof have been guaranteed by the company and are outstand­
ing, and an additional $2,700,000 whereof are owned by the company). For
the refunding of all of the underlying bonds. Including those on the leased
and controlled lines, 1st & ref. mtge. bonds will be reserved. The 1st &
ref. mtge. will provide restrictions for the release from the lien thereof of
property subject thereto.
The 1st & ref. mtge bonds may be issued in separate series, maturing on
the same or different dates and bearing interest at the same or different rates
payable on the same or different dates, and any series may be of such princi­
pal amount, mature on such date or dates, be redeemable in whole or in part
at such times, on such notice and at such premiums, and may have such con­
version privileges and other provisions as may be determined by the directors
at the time of the creation of such series and be stated in the bonds of such
series. New company will have the right upon the retirement of any series
in whole or in part (other than upon conversion into stock or through my
sinking fund or by the application of proceeds of released property) to issue,
for such purposes and under such restrictions as may be prescribed in that
behalf in the mortgage, a like aggregate principal amount of bonds of an­
other series or of other series, bearing the same or different rates of interest
as the bonds retired and with such maturity or maturities and with such
other provisions as the directors may determine.
Provision may be made that, if so determined, the principal or interest, or
both, or any of the 1st & ref. mtge. bonds of any series may be made pay­
able (a) in New York City only, or (6) in N . Y . City and also in one or more
other cities in the United States or foreign cities or countries, or (c) only in
one or more foreign cities or countries. The bonds of any series which shall
be payable as to principal or interest, or both, in the U. S. of America, shall
be payable in gold coin of the U. S. of America of or equal to the standard
of weight and fineness existing at the date of the coupon bonds of such series
and may be made payable without deduction for any tax, assessment or
governmental charge which the new company or the trustee or trustees
under the 1st & ref. mtge. may be required or permitted to pay thereon or
to retain or deduct therefrom under any present or future law of the United
States or of any State, county or municipality or other taxing authority
therein.
In case any bonds of any series shall be payable as to principal or interest,
or both, in any foreign country or countries such bonds may be made pay­
able in the currency of the respective currencies there current, at fixed rates
of exchange, and may contain appropriate provisions as may be requisite or
expedient to conform to the requirements of law or of commercial usage in
the foreign country or countries in which they may be made payable, includ­
ing provisions requiring the payment of the principal or interest thereof with­
out deduction for taxes, foreign or domestic.
The 1st & ref. mtge. bonds shall be issuable, under restrictions and con­
ditions to be determined by the reorganization managers and expressed in
the 1st & ref. mtge., only for the purpose of providing for betterments, im­
provements and extensions, and for the acquisition of additional property
and equipment, and for the purchase, redemption, retirement, refunding or
payment of bonds and other obligations seemed by liens, prior to the lien of
the 1st & ref. mtge., upon any of the property which, or a leasehold interest
in which, may at the time be subject to the 1st & ref. mtge., and for such
other corporate purposes as shall be stated in the mortgage. A sinking
fund, to be determined by the reorganization managers, shall be provided
for any bonds issued in respect of equipment. After the principal amount
o f bonds issued for capital expenditures other than refunding presently out­
standing undisturbed obligations shall have aggregated $150,000,000, bonds
may be issued only for 80% of such expenditures.
N o 1st & ref. mtge. bonds are to be issued in the reorganization.
50-Year 5% Mortgage Gold Bonds.— Will be limited to a total authorized
principal amount of not exceeding $60,698,820 at any one time outstanding,
will mature in 1975. will bear interest payable semi-annually at the rate of
5% per annum, and will be secured by a mortgage and deed of trust to a
trustee or trustees to be selected by the reorganization managers, which is to
embrace the properties embraced in the 1st & ref. mtge. and from time to
time becoming subject thereto, subject, however, to the 1st & ref. mtge.
and to the prior payment out of the mortgaged property of all bonds at any
time issued and outstanding under the 1st & ref. mtge. The bonds will be
redeemable on any int. date at par and int. and a premium, to and including
5 years from the date of maturity, of 5% of the principal amount, and,
thereafter, at a premium equal to Yi of 1% for each 6 months from the
date o f redemption to the date o f maturity. The mortgage securing the
bonds will provide restrictions for the release from the lien thereof of prop­
erty subject thereto.




[V

o l

.

125.

The form of the 50-year 5% mtge. gold bonds and of the mortgage seem­
ing them shall be subject to the approval of the pref. stockholders’ com­
mittee and the common stockholders’ committee. The modified plan pro­
vides for the creation o f a cumulative sinking fund o f $225,000 a year after
April 1 1936 for the retirement o f 50-year 5% mtge. gold bonds.
5 % Adjustment Mortgage Bonds.— Limited to the total authorized principa
amount at any one time outstanding of not exceeding $230,950,800 plus any
amount thereof which may be issued in connection with the liquidation of
the 6% note of the railway co., dated Nov. 1 1920, held by the U. S. Govt.,
and will mature Jan. 1 2000. Secured by a mtge. and deed of trust to a
trustee or trustees to be selected by the reorganization managers, whicn is
to embrace the properties embraced in the 1st & reg. mtge. and from time to
time becoming subject thereto, subject, however, to the 1st & Ref. Mtge.
and to the mtge. securing the 50-year 5% mtge. gold bonds and to the prior
payment out of the mortgaged property of all bonds at any time issued and
outstanding under said mortgages. The adjustment mtge. will provide re­
strictions for the release from the lien thereof of property subject thereto.
The adjustment mtge. bonds will bear interest, payable annually or semi­
annually, at the rate of 5% p. a., but required to be paid, prior to the ma­
turity of the principal only out of the new company’s net income ascertained
In accordance with the accounting rules of the I.-S. C. Commission, or other
analogous Federal authority, from time to time in force, but without deduc­
tion for int. on the adjustment mtge. bonds or for the sinking fund under the
adjustment mtge. The net income of the new company thus to be appli­
cable to the payment of int. on the adjustment mtge. bonds is herein called
the available net income. The int. on the adjustment mtge. bonds
will be non-cumulative prior to Jan. 1 1930, but will be cumulative from
and after Jan. 1 1930, but accumulations of int. shall not bear int. At the
maturity of the principal, all arrears of cumulative int. shall be payable.
Int. on the adjustment mtge. bonds issued in exchange for bonds deposited
under the plan shall be computed from Feb. 1 1925 to which date int. on the
deposited bonds is to be adjusted. Int. on any adjustment mtge. bonds
which may be issued in connection with the liquidation of the 6% note of
the railway co. dated Nov. 1 1920 held by the U. S. Govt, shall be com­
puted or adjusted from the date to which int. is paid on said note.
The adjustment mtge. will provide that the new company shall on or be­
fore April 1 1936 and on or before April 1 in each year thereafter, so long as
any of the adjustment mtge. bonds shall be outstanding, pay or set apart as
a sinking fund, as hereinafter provided out of the available net income of the
new company remaining after payment of full cumulative int. on the adjust­
ment mtge. bonds, an amount equal to Yt of 1 % of the authorized principal
amount of the adjustment mtge. bonds; and such obligation shall be cumu­
lative. The sinking fund shall be applied to the purchase either at public or
private sale at not exceeding their principal amount together with full cumu­
lative int., or to the redemption of adjustment mtge. bonds, all bonds pur­
chased or redeemed for the sinking fund to be kept alive and the int. paid
thereon from time to time to be added to the sinking fund and applied in the
same manner. [If the sinking fund installments and all int. on the bonds in
the sinking fund are regularly paid without accumulation, the entire issue
will be retired by 1986.] Adjustment mtge. bonds will be redeemable for the
sinking fund only on any int. payment date on or after April 1 1936 at the
principal amount of the bonds redeemed together with full cumulative int.
The adjustment mtge. will provide that until Jan. 1 1930, the date after
which int. on the adjustment mtge. bonds will become cumulative, no divs.
on any class of stock at the time outstanding shall be paid in any year, or
set apart for payment in any year, unless int. on the adjustment mtge.
bonds for such year at the full rate of 5% per annum shall have been paid
or set apart for payment, and that no divs. on any class of stock at the time
outstanding shall be paid in any year, or set apart for payment in any year,
after Jan. 1 1930, unless the full cumulative int. on the adjustment mtge.
bonds shall have been paid or set apart for payment, and after April 1 1936
unless, in addition to said int., the full cumulative sinking fund payments
under the adjustment mtge. shall have been paid or set apart.
The adjustment mtge. will further provide that all of the available net in­
come of the new company for each year beginning Jan. 1 may be applied,
and that two-thirds o f the available net Income of each year until the avail­
able net Income of such year shall equal $7,500,000, and all of the available
net Income of each year in excess of $7,500,000 shall be required to be
applied, so far as necessary therefor, to the payment o f int. on the adjust,
mtge. bonds and thereafter, beginning April 1 1936 to the sinking fund under
the adjust, mtge., including all accumulations of both int. and sinking fund
during the cumulative period. Int on the adjustment mtge bonds will,
however, be required to be paid only in multiples of a M of 1% , smaller
fractional amounts being carried forward and added to that portion of the
available net income of the new company for the ensuing year required to be
applied to the payment of int. and sinking fund on the adjustment bmtge.
bonds. Any remaining available net income of the new company of any year
until Jan. 1 1930, for which int. on the adjustment mtge. bonds at the full
rate of 5% per annum shall not have been paid or set apart for payment,
and any remaining available net income of the new company of every vear
thereafter for which full cumulative int. and full cumulative sinking fund
payments shall not have been paid or set apart for payment, will be required
to be carried into a separate account available only for expenditures charge­
able to capital account under the accounting rules of the I ,-S. C . Commission
or other analogous Federal authority, from time to time in force, or for pro­
viding for discounts on securities sold, or, as to that'part of the special ac­
count arising from available net income accruing after Jan. 1 1930, for install­
ments of cumulative int. on the adjustment mtge. bonds, or, when full cumu­
lative int. on the adjustment mtge. bonds to date shall have been paid, for
the sinking fund.
For the pin-pose of determining the available net income for any period
from and after Feb. 1 1925 before the mortgaged lines of railroad embraced
in the plan shall have been delivered to the new co.. the gross income of the
railway co. or of the receivers of the system for such period shall be deemed
gross income of the new co. for such period and shall be subject only to such
deductions, including proper depreciation charges, as would have been made
if the mortgaged lines of railroad had been owned and operated by the new
co. during such period and the bonds secured under the ref. mtge. and the
Puget Sound bonds had been exchanged under the terms of the plan on
Feb. 1 1925 for new adjustment mtge. bonds. For the period Feb. 1 1925 to
Dec. 31 1925, however, eleven-twelfths of the gross income for the year
1925 shall be taken.
The adjustment mtge. bonds will be redeemable otherwise than for the
sinking fund, at the option of the new co., in whole or in part, on any int,
payment date on or after Oct. 1 1930 at 105 together with full cumul. int.
The form of the adjustment mtge. bonds and of the adjustment mtge.
shall be subject to the approval of the bondholders’ committee.
The entire authorized issue of adjustment mtge. bonds (except such
amount as may be issued in connection with the liquidation of the 6% note
of the railway co. dated N ov. 1 1920, held by the U. S. Government) is to
be applied in exchange for bonds $230,950,796 deposited under the plan.
Preferred Stock.— Authorized 2,000,000 shares, par $100 each. Holders of
the pref. stock shall be entitled in any fiscal year of the new co. to receive
divs. to the amount of $5 per share, but no more, before any divs. shall be
paid in such fiscal year, or declared or set apart for payment in such fiscal
year, upon the common stock; but no part of such divs. shall be accumu­
lative whether or not in any fiscal year there shall be net income available
for payment of such divs. After full divs. on the pref. stock to the amount
of $5 per share shall have been paid in any fiscal year, or declared and set
apart for payment in such fiscal year, holders of the common stock shall be
entitled to receive all further divs. which may be paid in such fiscal year,
or declared or set apart for payment in such fiscal year, up to the amount
of $5, but no more, before any further divs. shall be paid in such fiscal year,
or declared or set apart for payment in such fiscal year, upon the pref. stock
but no part of such divs. shall be cumulative whether or not in any fiscal
year there shall be net income available for payment of such divs. All
divs. in excess of $5 per share which may be paid in any fiscal year, or de­
clared or set apart for payment in any fiscal year, shall "be paid or declared
or set apart for payment equally in amount per share upon both the pref.
stock and the common stock. Divs. on both the pref. stock and the com­
mon stock shall be payable only out of the net income or the surplus of the
new company as determined by the directors and only as and when declared
by the directors, but may in any fiscal year be paid out of such net income
or surplus whether arising during the same fiscal year or accrued during the
prior fiscal years and may be paid annually, semi-annually or quarterly.
In the event of the dissolution, winding up or liquidation of the new com­
pany, the holders of the pref. stock shall be entitled to receive out of the
assets of the new company the par value of their shares before any distribu­
tion shall be made to the holders of the common stock, but shall not be
entitled to share in any assets of the new company thereupon remaining.
The pref. stock and the common stock are to have equal voting power per
share.
Of the authorized issue of new preferred stock $115,931,900 is to be
offered to holders of pref. stock o f the company deposited under the plan.
The remainder of the authorized issue (except such amount as may be issued

Nov., 1927.]

in connection with the liquidation o f the 6% note o f the railway company
dated N ov. 1 1920, held by the U. S. Government and as may be required to
be applied in settlement o f claims o f general creditors o f the company) will
be reserved for future issue for corporate purposes o f the new company.
Common Stock.— Authorized, 1,174,113 shares, which shall be without
par value, or may have such par value as the reorganization managers
shall determine.
The entire authorized issue o f new common stock is to be offered to
holders o f common stock deposited under the plan.
Voting Trust.— All o f the pref. stock and com. stock issued in connection
with the reorganization shall be deposited under a trust agreement, in such
form and with such terms (which may include the pledge o f the stock as
additional security for the adjustment mtge. bonds) as the reorganization
managers shall determine, and under which the entire voting power in respect
o f the stock shall be vested in 5 voting trustees, to be designated by the
reorganization managers. Of the voting trustees named in the trust agree­
ment, three shall be persons approved by the bondholders committee, one
by the preferred stockholders committee and one by the common stock­
holders committee.
The reorganization managers have announced that the five trustees
whom the voting power o f the new stock is to be vested until Jan. 1 1930,
that is, for the period during which the int. upon the new adjust, mtge.
bonds is not cumulative, are Elihu R oot, Frederick H. Ecker, Henry S.
Pritchett, Samuel Rea and W . D . Van Dyke.
New Securities in Exchange for Old Securities Participating in Plan.
Cash Adjust. -------- Will Receive-------o f Int. to New50-yr.5% New5%Adj
Existing Securities— Outstanding. Feb. 1 '25. Vl.G.Bds. Mtge. Bds.
European loan_________ $11,831,515 $78,876 76 $2,366,303 $9,465,212
800
200
Per $1,000...................
$6.66 2-3
7,268,996 29,075.985
4% bonds 1925________ 36,344,981 242,299 88
800
$6.66 2-3
200
Per $1,000__________
4 H % bonds 1932______ 50,000,000 375,000 00 10,000.000 40,000,000
800
Per $1.000__________
$7.50
200
6,673,800 26,695,200
4% bonds 1934________ 33,369,000 111,230 00
800
200
Per $1,000---------------$3.33 1-3
5,435,000 21,740,000
Puget Sound bonds_____ 27,175,000
90,583 33
200
800
$3.33 1-3
Per $1,000__________
Ref. bonds, Series A ____ 43,089,000 646,335 00
8,617,800 34,471,200
800
Per $1,000---------------$15.00
200
Ref. bonds, Series B ____ 29,141,300
5,828,260 23,313,040
Per $1,000---------------200
8C
Terms Offered to Present Stockholders.
------------------ Will Receive-------------------OutIf
standing.
Paying. 5% M.Bds. Pref. Stock. Com. Stock.
______
Pref. stock .$115,931,900 $28 per sh. 27,823,656 115,931,900
Each $100.
$24
$100
Com. stk__ 117,411,300 $32 per sh. 32,875,164
________ 1,174,113 shs.
Each $100.
$28
1 sh.
The sum o f $28 in respect o f every share o f deposited preferred stock
shall be payable (a) $14 per share on a date fixed therefor by the reorganiza­
tion managers upon 30 days notice when or after the plan has been declared
operative, and notation o f such payment will be made on the certificates
o f deposit, and (ft) $14 per share on, or at the option o f the holders of the
certificates o f deposit at any time before Feb. 15 1927 with int. at the rate
o f 6% per annum from the date fixed for payment o f the first installment
to the date o f full payment.
The sum o f $32 in respect o f every share o f deposited common stock
shall be payable (a) $16 per share on a date fixed therefor by the reorgan­
ization managers upon 30 days notice when or after the plan has been de­
clared operative, and notation o f such payment will be made on the certifi­
cates o f deposit, and (ft) $16 per share on, or at the option o f the holders of
the certificates o f deposit at any time before Feb. 15 1927, with interest
at the rate of 6% per annum from the sate fixed for payment o f the first
installment to the date o f full payment.
Failure by any holder o f a certificate o f deposit for preferred stock or
common stock to make payment o f the first installment, or to make full
payment, will forfeit all rights in respect of the shares o f stock represented
by his certificate o f deposit, all rights in respect o f all prior payments under
such certificate and all rights to receive new securities and otherwise under
the plan, and his certificate of deposit shall thereupon become void and of
no effect for any purpose.
Interest on the new 50-year 5% mtge. gold bond deliverable to de­
positors of stock shall accrue from, or be adjusted as of, the date upon which
said first installment shall be payable.
Provision for Other Obligations and for General Creditors.
The 6% notes held by the U. S. Government for $25,000,000 and $10,000,000, dated respectively March 1 1922 and Dec. 15 1922, are to be
paid in fu 1 in cash.
For the 6% note held by the U. S. Government for $20,000,000 dated
Nov. 1 1920, there is offered to the Government the option to receive
either (a) $17,000,000 cash and $3,006,000 par value o f new pref. stock,
with full interest on the note to the date o f settlement in cash, or (6) $32,000,000 new 5% adjustment mtge. bonds, interest on which shall be
computed from the date to which interest is paid on the note.
The reorganization managers may, in case offer (6) shall be accepted,
purchase for cancellation such principal amount o f new adjustment mtge.
bonds as they may determine not exceeding $32,000,000, and at such prices
as they may determine not exceeding on the average the price at which
the refunding bonds are now pledged as collateral for said note.
The timber loan, to the extent that it remains unliquidated under the
loan agreement upon the completion o f the reorganization, may be liqui­
dated by the sale to the holders o f the loan of such of the obligations of third
parties held as collateral to the loan, and at such prices as the reorganization
managers in their discretion may determine, and the obligations so taken
by the purchasers may be guaranteed by the new company by endorsement
or otherwise, or the loan may be dealt with in such other manner as the
reorganization managers in their discretion may determine.
In so far as any creditors o f and claimants against the company (other
than holders o f obligations dealt with) are not paid by the company or by
the receivers, such creditors and claimants shall be entitled upon the com­
pletion o f the reorganization to receive pref. stock in the new company
at par for the face amount o f their claims, but only in so far as such claims
shall have been allowed by one o f the District Courts o f the United States
in which the receivers have been appointed, and only upon assignment of
such claims to the National City Bank, New York, as depositary for the
reorganization managers.
Comparative Table Showing Capitalization and Interest Charges.
-------------Present----------------- After Reorganization—
CapitaliFixed Int.
nCapitaliFixed Int.
zation.
Charges.
zation.
Charges.
Undisturbed bonds___ $181,370,400 b$8,431,904$181,370,400 b$8,431,904
Timber loan to be liqui’d 2,200,000
110,000
Notes held by U. S. Govt,
to be paid, compro­
mised or settled______ 55,000,000
3,300,000
9,994,889
Bonds to be exchanged..230,950,796
50-yr. 5% M . gold bonds
______
5.344 449
106,888.980
Adjustment mtge. bonds
______
184.760,640
.c l 15.931,900
Preferred stock________ 115,931.900
.dll7.411.300
Common stock________ 117,411,300
Total.......................... $702,864,396 $21,836.793$706.363.216 $13,776,353
a Amounts may be increased by the amount o f any securities which may
be issued in connection with the liquidation o f the 6% note o f the railway
Company dated Nov. 1 1920 held by the U. S. Govt. These amounts in­
clude the new securities issued for new money, b Aggregate of interest
for full year at respective rates on principal amount o f obligations outstand­
ing June 1 1925. c This amount will be increased by the amount of pref.
stock required to be applied in settlement o f general claims against the
company, d Taking no par value common stock at $100 per share.
Plan Declared Operative.— The reorganization managers on Oct. 9 1925
declared the plan operative.
New Name to Be Chicago Milwaukee St. Paul & Pacific.— The reorganized
company will be a Delaware corporation called the Chicago Milwaukee St.
Paul & Pacific RR.,
CAPITAL STOCK.— The pref. stock has a prior right over the com. stock
to a dividend of not over 7% from net earnings in each year, but if not
earned it has no cumulative right
After 7% on com., both share pro rata.




41

RAILW AY STOCKS AND BONDS

D IV ID E N D S.— 1 ’95. '96. ’97-’00. ’01. '02-’l l . '12-T4. T 5-T6. '17.
4 5 y ’ly
6 7 y ’ly 5 y'ly 414 5
4)4
in c o m m o n ______% ) 2
The pref. shares received 7% per annum continuously from 1867 to Sept.
1917. but are non-cumulative
BONDS.— The 100-year General and Refunding Mortgage of 1913 is an
open mortgage and not limited to any specified amount, but the bonds at
any time outstanding are limited to three times the outstanding stock, now
amounting to $233,251 800. When the amount of bonds issued thereunder
(bearing interest not in excess of 6% ) reaches approximately $700,000,000,
further issues must be limited to 75% of the cost of property placed under
the mortgage
The mortgage is secured by a direct lien on all the properties, including
about 10,143 miles directly owned, 109 m. jointly owned, terminal proper­
ties in Chicago. Milwaukee. Seattle Tacoma Spokane & other cities, and
the entire eauipment. •jubiect to $184,421,000 prior liens ($18,331 p. m.),
to retire which an equal amount of bonds Is reserved. $132,007,200 being
also reserved to retire debentures and convertible bonds, which are equally
•ecured thereunder None of the prior liens may be extended and no further
amounts Issued except gen. M. for refunding purposes, so that eventu­
ally ihe Gen and Ref bonds will become an absolute first lien. Further
bonds may be Issued for Improvements, betterments, acquisitions, construc­
tion, equipment. &c. Of the bonds. $154,489,500 have been issued In ex­
change for Chic Milw. & Puget Sound 1st 4s (leaving only $26,175,000 of
the latter outstanding). On Dec. 31 1924 the treasury held available $117,217,200 of the new bonds issued for said exchange and against impts., &c
V 104 p 451, 1701, 2640; V 100. p. 307; V 97. p 1662. 1583; V 98. v
73, 303. 386, 1244, 1315, 1766: V. 99, p. 1450. The April 1915 Interest
on the Series " A " bonds is in default
The $29,129,800 Gen. & Ref. Mtge bonds issued in 1915 were convertible
into common stock at par for 10 years beginning Feb. 1916. V. 100, p
139, 228. 307, 811. 900. 981; V. 101. p. 287.
The 6% 1st Mtge. Bonds Security, Gold Loan of 1924, secured under a
trust indenture to National City Bank, New York, as trustee, by the deposit
and pledge of $20,000,000 Gen. (now 1st) Mtge. 5% Gold bonds, due
May 1 1989. The entire issue but not any part, redeemable on 60 days’
notice at 103% and int. on Jan. 1 1928 and on any int. date thereafter at
their face value and accrued int., together with a prem. of \i % for each 6
mos. between the red. date and the date of maturity. V. 118, p. 201.
A bitracts older mortgages. V. 45. p. 114. 144. 212: V. 48. p. 830.
The General mortgage of 1889 (see abstract in V . 48. p. 830; V . 96. p. 1088.
1156; V 97, p. 175, 520; V. 98. p. 386; covers the entire railway property
and franchises of the company (therein described), subject to prior lien*
which are paid as they mature. V 89, p. 1279, 1541, 1596, 1667; V. 103,
p 1114. Milw & Nor. RR. consols, see V. 107. p. 2097.
The $33,286,000 4% 25 year debs of 1909 are secured by new Gen. and
Set mtge
V 88 p 1559; V 89. p. 1223, 1346
In May 1910 sold to a group of French banks 250,000,000 francs 15-yeat
4%debentures, equally sec. by General and Ref Mtge. V. 90, p 1424,
1489. 1554; V 91. p. 38, 1710; V. 98. p. 303. Dollar bonds were issued in
1915-16 to replace 4% 15-year French loan bonds. These bonds are se­
cured by an equal face value of the French bonds (which in turn are secured
by Gen. & Ref M. of 1914 equally with other bonds), on the basis that 500
francs equal $96.3533. V. 102, p. 344; V. 101. p. 2143; V. 102, p. 1625.
The $49,980,800 4)4% debentures of 1912 are redeemab e at 105 and
int. They are secured by new Gen. and Ref. mtge. V. 94, p. 1056,
1118, 1565; V. 95. p. 744, 1472; V. 97, p. 364; V 98, p. 303, 452.
Of the $181,664,500 C’hlc. Milw. & Puget Sound Ry 1st 4s assumed on
purchase of road, $26,175,000 were sold, $1,000,000 held in insurance fund
and $154,489,500 were exchanged for C. M . & St. P. Gen. & Ref. bonds
and deposited under that mortgage. V. 92. p. 593, 659, 725, 1374; V. 93,
p 1386, 488; V. 94, p. 767. 1185; V. 98, p. 1692. Bonds cover road, term!
nals and equipment, and run to maturity. The July 1925 interest on these
bonds is in default.
Govt, loan V. I l l , p 791. 2323, 2423; V. 112, p. 1976; V. 114. p. 304;
V. 115, p. 2683.
Equipment trust issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114. p. 1764.
Equip, trust certificates Series A, V. 114, p. 2823; Series B, V. 116, p
822; Series D, V. 121, p. 703.
R E PO RT.— For 1926, in V. 124, p. 3202, showed;
xl926.
1925.
1924.
1923.
Operating Revenues—
$
$
$
$
Freight_________________ 124,405,026 125,671,655 120,070,603 127,953,106
Passenger______ _________ 19,596,028 19,966,179 21.768,171 24,175,892
Mail, express,&c________ 13,824,294 13,652.204 13,766,295 14,506.350
Incidentals, &c________
2,713,091 2.730,656
2,761.389 2,992,990
Total oper. revenues.. 160,538,440 162,020,693 158,366.458 169,628,338
Maintenance of way____
Maint. of equipment_
_
Traffic expenses_______
Transportation_________
General expenses_______
Miscell. operations_____
Transp. for investment.

24,056,868
36,458,013
3,040,054
59,986,505
4,151,455
1,030,411
Cr.322,139

22,141,286
39,680.380
2,720.644
61,074,468
4,114,564
978,692
Cr.260,402

22,449.379
34,120.037
2,425,579
61,880,508
3,908,563
930,175
Cr.164,181

23,063,613
38,375,029
2,506,007
66.545,638
3,826,697
963,097
Cr.280,854

Total oper. expenses..128,401,168 130,449.632 125,550,061 134,999.228
Per cent op. exp. to earn.
(79.98)
(80.51)
(79.28)
(79.59)
Net operating revenues. 32,137,272 31,571,061 32,816,398 34,629,110
Uncollec. railway rev s..
36,174
66,064
3,112
127,830
T ax es_________________ 8,900,896
8,938,834
9,014,061
8,614,180
Operating income____ 23,200,202
Non-Operating Income—
Rents received_________
703,467
Income from lease of road
363,284
Miscellaneous income___
194,396

22,566,163

23,674.506

26,011,818

607,068
361.598
934,718

699,994
463,817
612.129

743,087
339,939
627.969

Gross income________ 24,461,349
Deduct—
Int. on fundede debt___ 18,743,557
Int. on unfunded d e b t .. 2,025,474
Rents for hire of equip’t,
joint facilities, &c____ 5,924,601
Miscell. deductions_____
214,790

24,469.547

25,450.446

27.722,813

19,448,840
1,264,357

20,447,614
273.054

19,443,503
586,161

7,415,325
275.636

5,850,710
747.676

6,852,619
632,845

Balance, deficit______ 2,447,075
Previous surplus_______ 10 251,505
Miscellaneous credits_
_
259,881

3,934,611
15,411,099
315,690

1,868.606 sur.207,686
20,373,792 22,628.543
502,914
806.097

Total surplus________
Miscellaneous debits_
_

11,792,178
1,540,673

19.008.098
3,596,999

8,064,311
2,100,378

23,642,326
3,268,534

Total profit & loss sur. 5,963,933 10,251,505 15,411,099 20,373,792
♦Corporate and receivers accounts combined.
F«r latest earnings see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres H. E. Byram: V.-Pres.. R. M . Calkins, W. W. K
Sparrow, R. J. Marony, H. B. Earling; Treas., John Dickie, Chicago.
Sec., T. W . Burtness, Milwaukee; Compt., W. V. Wilson, Chicago.
Directors.— A. L. Gates, Donald G. Geddes, Mortimer N . Buckner,
W. E. S. Griswold, George G. Mason, E. S. Harkness, Samuel McRoberts
John McHugh, New York; J. Ogden Armour. Chicago; Franklin M . Crosby,
Minneapolis; H. E. Byram. Chicago: C H McNider, Mason City, la.
N. Y . office, 42 Broadway.— (V. 125, p. 2268.)
CHICAGO AND NORTH WESTERN RY. CO.— (See M ap.)— Operates
system of roads uniting Chicago, 111,, with Omaha, Neb.; St. Paul. Minn,
with the great wheat belts of Dakota, Nebraska, &c., and with the mining
regions o f Michigan and the Black Hills, 8,460 miles, Dec. 31 1926, viz.Road Owned in fee—
Miles.
Main lines, &c_____________________________________________________ 8,460
75
Trackage rights___________________________________________________
Second track_______________________________________________________ 930
Also has large interest in Chic. St. Paul Minn. & Omaha___________ 1,842
Through passenger service between Chicago and Pacific coast is main­
tained via Union Pacific. V. 93, p. 1667; V. 94, p. 697.
The I.-S. C. Commission has placed a tentative valuation of $477,219,249
on the total owned and $481,679,456 on the total used properties of the com­
pany as of June 30 1917
HISTORY, &C.— Incorporated under laws of Illinois, Wisconsin and
Michigan in 1859. Valuation, V. 117, p. 781.

42

RAILW AY STOCKS AND BONDS

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

C hicago & N W— Com stock $177,539,880 auth— Tr
Preferred stock (not cumulative) see text)___
Tr
Milwaukee Lake Shore & Western—
Ext & Impt M for $5,000,000 g s f not drawnCezc*
First and refunding mortgage - - . ___ zc*Ar*
do
do
. _
_______ __________ zc*&r*
Sink fund bds o f '79 ($15,000 p m) red 105 -F.vcAr
Sinking fund debentures 1933 _________ Un.zc*&r
_
Gen gold bond M $165,000,000-- - _ Us.xc*Ar
do
do
do
registered----- x
do
do
do
x and y c *
do
do
do
x and y registered
do
do
do
yc*r
do
do
d o _________ _.yc*&r*
Secured gold bonds . - - - - -Ce.yc*&r*
do
do
- ______________ -U<(.yc*&r*
Milw & State line 1st M g gu (V 88, p 230)-F.xc*Ar
O & N W equip tr due $664,900 annually. - ______ G
do
do
Series G to Q— (See text)
Branch Line Bonds Assumed—
Sioux City & Pacific 1st M gold $4,000,000.F.zcAr
Minn & So Dak 1st M gold $582,000_
_
F.zc*
Iowa Minnesota & Northwestern 1st M g F.cz*&r
Mil Sparta & N W 1st M g $15,000,000 gu Fxc*&r*
Des Plaines Valley Ry 1st M $2,500,000._F.xc*Ar*
Mani Gr Bay & NW 1st M g gu(V88,p230) F.zc*&r
St Paul East Gr Trk 1st M g g u .. _____ .xc*&r*
S t L P A N W M g guar (V 97, p 1203)____F.yc*&r*
Frem Elk & M V cons M $25,000 per mile assumed..z
h $20,500,000 add’l pledged for

614%

bonds due

Miles Date
Road Bonds

Par
Value

Rate
%

When
Payable

$100 $158364300 See text J
J
100 22.395,120
7
591 1889
1,000
1.000
8.383 1920
8,386 1927
1,000
1,036 1879 1,000 Ac
1883 1,000 &c
5,088 1897 1.000 &c
5.088 1897 1,000 &c
5,088 1897 1,000 &c
5,088 1897 1,000 &c
5.088 1897 1.000 Ac
5,088 1897 1,000 &c
500 &c
1920
500 &c
1921
50 1906 1.000 Ac
1920 100&1000
125
33
195
179
114
50
115
1,170

1901
1900
1900
1912
1912
1906
1913
1913
1883

&
A

o l

.

125.

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

D Dec 31 ’27 2% C o’s office l l l B ’ way.NV
D Dec 31 ’27 3 Is
do
do

do
do
3,577 000
5 g F A A Feb 1 1929
15 250 000
do
do
5 g J & D M ay 1 2037
do
do
20,572,000
4)4 g J & D May 1 2007
do
do
9,138,000 5 A 6 A & O Oct 1 1929
M & N M a y l 1933
do
do
5
7.146,000
do
do
131,316,000 J 3V4 g M A N Nov 1 1987
J
do
do
\ 3)4 g Q—F Nov 1 1987
M & N Nov 1 1987
do
do
130.554,000
4
j
do
do
4
Q—F Nov 1 1987
do
do
h33,855,000
5 g M & N Nov 1 1987
do
do
18,632,000
4>A g M & N Nov 1 1987
do
do
15,000,000
7 g ,1 A D Junel 1930
do
do
15,000,000
6)4 g M A S Mar 1 1936
do
do
2,500.000
3)4 g J A J Jan 1 1941
J A J15 To Jan 15 1935 Guaranty Tr Co, N Y
5,319,200
6

1,000 Ac 4,000,000
528.000
1,000
1,000 &c 3,900.000
1.000 15.000.000
1,000 Ac 2,500.000
1.000 Ac 3,750,000
1.000 Ac
1.120,000
1,000 Ac 10,000,000
1,000 7,724,000

3)4 g F
3)4 g J
3)4 tr .1
4g M
M
4 )4
3)4 g J
J
4 )4
5g J
A
6

&
&
&
A
A
A
A
A
A

A Aug
J Jan
J Jan
8 Mar
H Mar
J Jan
J Jan
J July
O Oct

1
1
1
1
1
1
1
1
1

1936
1935
1935
1947
1947
1941
1947
1948
1933

do
do
do
do
do
do
do
do
do

do
do
do
do
do
do
do
do
do

Marc h 1 19 36.

The directors on Jan. 13 1925 authorized an offer to the minority holders
of stock o f the Chicago St. Paul Minneapolis A Omaha R y . Co. for exchange
of their stock for North Western com. stock, on the following bases: 3 shares
of North Western com. stock for 2 shares Omaha pref. stock: and 5 shares
of North Western com. stock for 7 shares Omaha com. stock. This offer
was not to become effective unless accepted by the holders o f such amount of
Omaha stock as should be satisfactory to the North Western company. The
plan was declared effective June 23 1925 and was approved by the I.-S. C.
Commission in Feb. 1926.
CAPITAL STOCK.— Of the com .stock, $2,343,457, and o f the preferred
$3,834 additional to amounts shown as outstanding in table above were in
treasury on M ar. 31 1927. Pref. stock has prior right to 7 % : then com . 7 %:
then pref. 3% : then com. 3 % ; then both classes share. V. 89. p. 1482:
V. 104, p. 451, 863.
Dec. 31 1926 Union Pacific system (Oregon Short Line) owned $4,420,600
common stock.
DIVS.— (1902-./ara.’20. July ’20 to July ’23. Jan.'24. July '24 to Dec. '27.
C om m on..] 7 yearly
2 )4 semi-annual
1)4
2 semi-annual
Preferred..]. 8 yearly
3 )4 semi-annual
3 )i
3)4 semi annual
BONDS.— General Mortgage.— See A bstract in V. 65, p. 1175. Author­
ised issue Is $165,000,000 (U. S. Trust C o., trustee.) V 65. p 69. 111.
571: V. 75, p. 980; V. 88, p. 280, 563. In April 1927 there was outstanding
$31,316,000 gen. 3 Ms, $30,554,000 4s, $ 18.632,000 4 Jis, and $33,855,000 5s.
Of the balance o f $30,143,000 bonds, $6,406,000 were in treasury, $20,382,000 were reserved to retire prior liens and the debentures due in 1933, and
the remaining $3,355,000 bonds were reserved for improvements or additions
including equipment, but not exceeding $1,000,000 in any one year. In
April 1926 $20,500,000 5s were pledged as security for $15,000,000 6)4%
bonds (see below).
Outstanding Oenerals are free from all taxes except $8,054,000 4s, and
$33,855,000 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. p. 2289; V. 108. p. 877.
The Sinking Fund bonds of 1879 are secured by deposit in trust of $12,860 600 of 1st M. bonds at S15.000 per mile on subsidiary lines, the most im­
portant being described is "Supplement” of May 1894
Of the sinking fund
bonds of 1879, $4,573,000 are 6s; the sinking fund Is at least 1% of out­
standing bonds, which are subject to call at 105, and through its operation
those outstanding have been reduced from $15,000,000 to amount In table.
The Fremont Elkhorn A Missouri Valley consols have a nrst lien on l,24l
miles (Fremont, N eb., to Deadwood, 8. D ., and branches to Hastings,
Albion, A c.).
Milwaukee Sparta A Northwestern Ru. 1st M . bonds (assumed In April
1912). road merged In O. & N . W . V. 94, p. 416, 1056, 1186. In Jan.
1913 sold $2,500,000 Des Plaines Valley Ry. (assumed March 1913) and
in Feb.191 3 $1,120,000 St. Paul Eastern Grand Trunk Ry. guar. 4)4 b, and
In Oct. 1913 $10,000,000 St. L. Peoria A 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.
The stockholders on April 14 1920 authorized the creation of a new First
A Refunding Mtge. and the absorption of eleven proprietary companies
all o f wnose stock is now owned by the company. The new mortgage will
be seemed by a lien on all the company’s lines o f railway owned at the
date of the mortgage and their equipment and appurtenances, including the
terminals in Chicago, Milwaukee and substantially all o f tne other cities
which it serves, together with all other property thereafter acquired by the
use o f bonds secured by tne 1st & ref. mortgage.
$15,250,000 1st A ref. mtge. 5% gold bonds due M ay 1 2037 were soli
in N ov. 1923. $20,572,000
sold in March 1927. Compare V . 117
p. 2211. There are also $15,000,000 6% bonds pledged.
The $15,000,000 10-yr. 7% bonds due June 1 1930 are secured by depo ii
of (a) $15,000,000 Chicago & North Western R y.N ew 1st & Ref. Mtge. 6%
gold bonds, due May 1 2037; (6) $2,500,000 Chicago A North Western RK
Gen Mtge. 5% gold bonds due Nov. 1 1987. V. 110, p. 2487.
The $15,000,000 15-year 6)4% bonds due Mar. 1 1936 are secured by
deposit of $18,665,000 gen. mtge. 5% gold bonds due Nov. 1 1987. V - l 19
p. 652.
Equipment trusts, Series “ H ” to “ R" —
Series “ H ” 5s, due $400,000 annually to Jan. 1 1928__________
400,000
Series “ I ” 5s, due $178,600 annually to July 1 1929----------------356.600
Series " J ” 6)4s, due $186,000 annually to Mar. 1 1936________ *1,674,006
Series ” K ” 6H s, due $267,000 annually to April 1 1936_______ *2,403,000
Series “ L ” 6)4s, due $187,000 annually to M ay 1 1936________ 1,683,066
Series “ M ” 5s, due $345,066 annually to June 1 1938_________ *3,795,006
Series “ N ” 5s, due $317,600 annually to June 1 1938___________*3,487,600
Series “ O” 5s, due $412,000 annually to Dec. 1 1938___________*4,944,000
Series “ P ” 5s, due $104,000 annually to Feb. 1 1939___________*1,248,000
Series “ Q” 4Ms, due $361,000 annually to Oct. 1 1940__________ 4,693,060
Series “ R ” 4)4s due $130,006 ann. to M ay 1 1942____________ 1,950,600
* Held by public.
Equipment trusts issued to Director-General^ or rolling stock allocated
to this company. See article on page 3, and V. 113, p. 1470.
R EPO RT.— For 1926, in V. 124, p. 2462, showed:
1926.
1925.
1924.
1923.
S
S
S
$
Gross earnings_________ 154,335,724 148,538,269 149,454,584 160,425,965
Expenses, taxes, &c____129,906,276 125,630,280 129,885,487 141,849,073
Operating income____ 24,429.447 22,907,989 19,505,576 18,576,892
Equipment rents, A c
2,134,308
1,799.245
2,721,525 2,733,517
Net operating Income. 22,295,139 21,108,750 16,784,051 15,843,375
Other income................... 2,705,403 2,316,246
3,437,327
4,536,206
Total income________ 25,000,542 23,424,996 20,221,378 20,379,581
Interest, rents, &c_____ 12,580,701 12,640,418 12,550,054 11,642,113
Net income_________ 12.419,841
10,784,578
7,671,324 8,737,468
Preferred dividends____ 1,567,650
1,567,650
1,567,650 1,567,650
Common dividends_____ 6,243,250
5,806,100 5,806,100 5,806,100
Surplus--------------------- 4,608,941
3,410,828
297,574
1,363,718




Amount
Outstanding

[ V

BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 2463.
For latest earnings see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres., F. W . Sargent, Chicago; V .-P s., S. A . Lynde, A . O.
Johnson, Frank Walters, William Walliser; V .-P . & Gen. Counsel, R . N .
Van Doren; Sec., J. D . Caldwell, Chicago; Treas., A . S. Pierce, 111 Broad­
way, New York.
D IR E C TO RS.— Marvin Hughitt (Chairman), Chicago: F. W . Vander­
bilt, Harold S. Vanderbilt, Chauncey M . Depew, W . Seward W ebb Jr.,
N. Y .; Cyrus H. McCormick, Chauncey Keep, Fred W . Sargent, Chicago;
Henry C. McEldowney. Pittsburgh, Pa.; Gordon A bbott, Oliver Ames.
Boston; A . A. Sprague. Chicago; Samuel A. Lynde, New York; Marshall
Field, New York; Walter W. Head, Omaha, Neb.; John D . Caldwell, R . N.
Van Doren, Chicago- C. W. Nash, Kenosha, Wis. General offices, 226
W . Jackson Blvd., Chicago. N . Y . office, 111 Broadway.— (V. 125, p.
2804.)
CHICAGO RIVER & INDIANA R R .— Owns 28.76 miles o f terminal
'Tacks; Atch. Top. A S. F. trackage. 14.64 m.; P. C. C. A St. L. Ry. trackige, 7.12 m.; Ind. H. B. RR. trackage. 3.29 m; tracks operated under lease:
Chic. Junction Ry On.. 177-51 m : grand total operated 231-32 miles
(all in Chicago). Tentative valuation of $2,120,000 on the property o f
the company as o f June 30 1919.
Stock
authorized
$i .000,000: outstanding, $500,000; par, $100.
For 1926. gross, $6,934,671. net op>-r inc.. $1,910,614 other income,
$1,497,433 interest --iia ls . Ac.. $2 236,138 dividends 110%). $50,000;
Dal., surplus, $1,121,910
For latest earnings, see “ Railway Earnings Section” (Issued monthly).
Pres., P. E. Crowley; Sec.. E F. Stephenson; Gen. Treas.. H G Snelling;
Compt., W .C . Wishart.— (V. 101. p. 773; V. 107, p 694; V. 125, p. 511.)
CHICAGO ROCK ISLAND AND PACIFIC R Y . CO. (T H E ).— (See
Map.)— The system extends from Chicago. 111., via Omaha, Neb., to
Denver and Colorado Springs. Colo., also to Minneapolis, Kansas City,
Ac. Connects with the Southern Pacific for Pacific Coast service.
Ownea in t e e (ezcl.irackaue.i Miles Liiuuon, C olo., to Denver, C olo.
90
Jbloago III . to (Jol Spgt., Col. 1,07b Ulerton, la., to Manly Ia_ 202
Davenport. Ia., to Terral. Okla. 831 McFarland, Kan., to Belleville,
Kan...................................... 103
Serlngton. Kan., to Texhoma,
O k la ......................................... 324 Memphis, Tenn.. to Texola,
Okla . . . _________________ 650
Burlington. Ia., to Mlnn’p.Mlnn. 367
to
Flnton, Ia., to Watert’n, S. D 377 Hot Springs Jet., Ark
Eunice, La_______________ 332
3t. Louis, Mo., to Kan. City, M o.299
Branch lines________
2,752
Bravo. Tex. (New Mex. State line)
to Santa Rosa, N. M_________ 112 Chic. R . I. & G u lf................. 459
Jlenrlo, Tex., to Tuoumoari,
T o t a l ............................ .........8.017
N. M................................
41
The list of companies Included in the term “ Rock Island Lines” Is as
follows: Chic. Rock Isl. & Pac. Ry. C o., Chic. Rock Isl. & Gulf Ry. Co.,
Choctaw Okla. & Gulf R R . Co., Rock Isl. Ark. & La. RR. C o., Rock Isl.
Memphis Term. Ry. C o., St. Paul & Kansas City Short Line RR. C o.,
Rock Isl. Stuttgart & Southern R y. C o., Rock Isl. & Dardanelle Ry. Co.
and Morris Terminal R y. Co. The company also leases Peoria & Bureau
Valley R R . Co. and White & Black River R y. C 0.
The company in 1924 acquired a minority interest in the stock o f the
St. Louis Southwestern R y. C o., but, while the ownership o f this interest
was still under consideration by the I.-S. C. Commission, disposed of its
holdings to the Kansas City Southern R y. Co. at a net profit of approxi­
mately $2,467,000.
It was announced in Jan. 1926 that the St. Louis-San Francisco R y. had
purchased a substantial amount of the company’s stock. V . 122, p. 477;
V. 121, p. 1904.
ORGANIZATION.— The company at midnight on June 24 1917 re­
turned possession of its property, having been successfully reorganized,
without forei-losure. The sale of $29,422,160 7% pref. stock to a syndicate
and $5,000,000 6% pref. to former directors provided for old floating obli­
gations ana reorganization expenses, while the $20,000,000 debentures of
1912 were replaced by $20,000,000 6% pref. stock. V. 104, p. 2641, 2552,
2451.2342; V. 106, p. 2025. Plan of reorganization was in V. 103, p. 1887.
1980. 2155; V. 104. p. 451.
FULL FINANCIAL STATEM ENT TO N . Y . STOCK EXCH ANG E
of Feb. 26 1919, see V. 108, p. 1172 to 1174. Valuation, V. 109, p. 1461;
V. 113, p. 1470, 1573, 1771; V. 114. p. 2240.
In Jan. 1919 the company concluded a settlement o f Its litigation with
the Colorado & Southern R y. Co. respecting the Trinity & Brazos Valley
R y., extending from Fort Worth and Dallas to Houston and Galveston,
whereby the Colorado & Southern accepted in cash 60% of the amount
due on the contract, which, under the final decree in the Rock Island
receivership, would be payable In full in 6% preferred stock at par, such
as was paid to all other general creditors of the Rock Island. This Involved
the payment o f some $4,000,000 and the Rock Island now owns outright
a half interest in the Trinity & Brazos Valley R y. and will have a per­
manent outlet to the Gulf ports. V. 108. p. 378; V. 109, p. 672.
Settlement with “ Clover Leaf” regarding Chicago & Alton stock. V . 113
p. 2078.
The Keokuk & Des Moines R y ., which formerly had been operated
under lease, was acquired outright during 1924 for $2,641,000 1st & ref.
mtge. 4% bonds. Compare V. 119, p. 324, 455, 2407, 2526.
CAPITAL STOCK.— Of the $75,000,000 com. stock, $517,478 on
Dec. 31. 1926 was in the treasury.
(1) Two Classes of Pref. Stock, 7% and 6 % , with Same Preference as to Assets
and Sharing Pro Rata in all Dividends after Prior 1% on 7% Pref. Stk.
— Both Cumulative up to 5% from July 1 1917.
7% Pref. Stock, callable at 105. Auth., $30,000,000, viz.; In
treas., $256,111; canceled, $321,700: balance outstanding_ $29,422,189
_
6% Pref. Stock, callable at 182. Auth.. $35,000,000; outstanding 25.127,300
The auth. pref. stocks may not be increased except by vote of a ma­
jority of each class of stock, voting separately. V. 106, p. 2026.

Nov., 1927]

RAILW AY STOCKS AND BONDS

M




44

[V ol. 125.

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Par
Value

C hicago R ock Isl & Pac—

Amount
Outstanding

100
100
100
General (now 1st) Mtge$100,000,000gold.Ba.xc*&r 3,253 1898 1,000 &c
500
Text 1001
First & Ref M $163,000,000 tr
_____C exc*& r
_ 1927 500 &c
Secured gold bonds series A (see text) .
Na.xc*
_ 1924
1.000
Secured gold notes red (text)_______________ ..x x x
_
_ 1924
1,000
Secured gold notes red (text)____________
Ce.xxx
. . . 1926
Secured gold notes red at par . . . _ Ce.xxxc
_
1,000
Old Divisional Bonds, A c .—
1,000&;
B C R & Nor consol first mortgage gold__Ce.zc*&r 1,292 1884
1,000
Choc & Mem 1st M $3,750,000 assumed..GP.xc&r
2s0 1899
1,000
Choctaw Okla & Gulf Consol mtge gold----GP.xc*
685 1902
363 1910
500 &c
R I A & L 1st M $30,000,000 g gu red 105-Ba.xc*&r*
1911
1,000
Little Rock & Hot Spgs West notes guar p & i------St P - K C Short L— 1st M g gu red 105. Ba.xc*&r*
345 1911 $ & £
_
_ 1920
1,000
Eq note Ser I g *540 000 ann_________ __
.G
l ,000
. . . 1923
do Ser L g $285,000 s-a_ ________ __ Nxxxc*
_
1924
1.000
1.000
1925
do Ser N due $360,000 ann----------------- -E q.c*
1927
1,000
do Ser O due $655,000 ann.(beg.July 1930.x&c*
C h icago St Louis & New Orleans— See Illinois Cent
7% pf stk call 1051(5% cum) same p f as to assets..

...

....

74,482,522
29,422,189
25,127,300
61 .581.000
a 104582000
40,000.000
10.000,000
5,000.000
6,000,000
11.000.000
3,525,000
5,41 1.000
bl 1.000,000
453 600

cO,968.215
4.320.000
6.270.000
2 820.000
5,040.000
8,515,000

Rate
%

7
6
4g
4
4y g
2
5g
5g
4H g

When
Payable

J

J
J

&
&

&

A &
M &
J

&

M &
J &

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Dec 30'27 1J*%
J Dec 31 27 6 A
J Dec 31 27 3%
J Ian 1 1988
O Apr I 1934
S Sept 1 1952
,1 July 1 1929
S Sept 1 1929
D June 1 1928

5 g A & O Apr 11934
5 g J & J Jan i 1949
5 g M & N M ayl 1952
414 g M & S Mar 1 1934
T & J Tuly 1 1939
4
4H g F & A p eb 1 1941
6 g J &J15 To Tan 15 1935
J & D D ec’ 27-.Tune’38
5g
A & O
F < A To Aug 1 1940
fe
4H
J & J July 1 1942
4'A

First Nat Bank, N V
do
do
York
York
York
York

New
New
New
New

First Nat Bank, N Y
do
or Phlla
do
do
do
or Europe
C o’s office, Chicago
New Arork ami London
Guaranty Trust Co, N Y
New York Trust Co, N Y
New York
Interstate Tr Co, N Y C

a Also $55,340,000 in treasury Dec 31 1926 or pledge d as co llateral
Also b $2,192,000 and c $6,041,000 in treasury.

D IV ID E N D S .— The semi-annual dividends of 3H % on the 7% pref
stock, and 3% on the 6% pref stock have been paid from Jan 14 1P1S
to June 30 1927. Common stock, 114% < Mar. 1927, June 1927 and
Sept. 1927.
BONDS.— General 4s of 1898. V. 66, p. 622; V. 78, p. 228:V.80,p.272.
FIRST A REFUND. 4% BONDS OF 1904 ($163.000.000 A U T H . ISSUE.
A 1st lien (either directly or through pledge of entire issues of bonds ol the
companies owning the same) on terminal property in St Paul, Minneapolis
and Kansas C ity . new equlpt and shops at S ilv i. near East Moline, 111., and
on railways aggregating 1,276 miles: also a Junior lien subject to existing
mortgages on all the other lines of the system o f the Railway company. aggre­
gating, exclusive of leased lines and trackage, on Dec. 31 19'6. 4,541 miles,
also on the entire capital stock and leasehold interest on lines aggregating
966 miles and on leasehold Interests on 109 miles. See V. 78 p. 228.
234; V. 79, p. 1716, 2206; V. 84, p. 219; V. 85. p. 98. The deed of trust
forbids the creation of a Junior mortgage without the consent of the
holders of all the Ref M . 4s. In Oct 1920 the company brought suit tc
have this latter clause changed
V. I l l , p 1369. V. 87. p 1089. 1419
V. 88, p. 623, 822; V 89. p 666; V . 90, p 108, 236. 1170, 1424; V. 91, p
1766: V. 93, p 1667. 1785; V 99. p. 1748. 1831; V 100. p. 900
Rock I . Ark. A La. 1st M . 434s (V. 90. p. 626. 699. 1161) and St. P. &
Kansas City Short Line 1st M . 434s, V. 92, p. 526. 593; V. 93, p. 1196; 1169
V. 94, p. 1056; V 97. p 236. 1114), were guaranteed, principal and Int.
Rock Island-Frisco Terminal 5s. see that co and V. 84 p 569 748.
The secured 434% gold bonds series A are seemed by the deposit of $45,000.000 1st & ref. mtge. 4% gold bonds, due April 1 1934.
The bonds are red. as a whole upon 60 days previous notice, on Sept. 1
1932 or any int. date thereafter, at 10234 up to and incl. Sept. 1 1947 and
thereafter at par pius M % for each six months between red. date and the
maturity date. The proceeds o f this issue will be used to redeem the
three issues of secured gold notes and the U. S. Treasury note described
below.
The bonds were sold in Aug. 1927 at 95 and int. to yield 4.85% by
Speyer & Co., the National City Co. and J. & W . Seligman & Co. V. 125,
P The $10,000,000 secured gold notes due July 1 1929 will be called Jan. 1
1928. Secured by deposit of $15,000,000 1st & ref. mtge. 4% gold bonds,
due April 1 1934. Redeemable, as a whole only, on July 1 1925 or Jan. 1
1926. at 101 and int., and on any int. date thereafter at M of 1% less for
each succeeding year, or part thereof. V. 118, p. 3076.
The $5,000,000 secured gold notes due Sept. 1 1929 will be called Mar.
1 1928. Secured by $7,500,000 1st & ref. mtge. 4% gold bonds due April
1 1934. The entire issue (but not a part thereof), red. upon 30 days’ notice
on Sept. 1 1925 or Mar. 1 1926 at 101 and int., and on any int. date there­
after at 14 o f 1 % less for each succeeding year or part thereof. V. 119, p. 810.
The $6,000,000 secured gold notes due June 1 1928 will be called Dec.
1 1927. Secured by deposit of $8,700,000 1st & ref. mtge. 4% gold bonds,
due April 1 1934. Redeemable, as a whole only, at par and int.
10-year U. S. Treasury note due 1930 $7,862,000.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114, P -2359; V . 115, p . 1531
RE PO RT.— For 1926, in V. 124, p. 1500, showed:
1924.
1923.
1925.
1926.
$
$
Operating Revenues—
$
$
Freight revenue________ 102.203,024 95,923,398 95,185.730 93,109,327
Passenger revenue_____ 23,857,117 24,356,632 25,886,047 27,458,814
2,636,220
2,576,690
2,515,758
Mai] revenue__________
2,597,828
3,518,313
3,409,277
3,649,875
Express revenue_______ 3,658,133
1,710,990
1,756.728
1,786,406
Other transport’n rev_
_ 2,292,988
659,895
707,012
817,825
Dining & buffet car rev.
814,136
1,359.027
1.309,527
1,633,352
Miscellaneous revenue.. 2,488,191
.137,911.415 130.683,246 130,880,512 130,403,086
Operating Expenses—
Maint. o f way & struc. . 17.145,109 15,622,835 15,086,589 15,669,452
Maintenance of equip’t . 28.607,808 28.271,705 27.937.0S0 29,153,666
2,410,660
2,629,300
2,941,232
Traffic_______________ . 3,021,627
Transportation_______ . 49.848,490 49,868,630 51,781,162 54.103,307
943,262
833,611
1,152,292
i
Miscellaneous operations 1,123.752
3.371,291
3,601,701
3,754.781
. 3,934.834
. Cr 869.364 Cr.841,989 Cr.772.549 Cr.551,852
.102,812,256 100,769,486 101,206,546 104,990,136
Net rev. from ry. oper.. . 35,099,160 29,913,760 29,673,966 25,412,950
5,600,634
6.571,087
7,037,771
Railway tax accruals.. . 7,490.680
56.722
17.002
76,044
68.620
Uncoil, railway revenue
Total railway op. inc. . 27,539,860 22.799.945 23.046.156 19.795.314
1923.
1924.
1925.
Other Income—
1926.
Rent from equip, (not
549,329
305,949
296.394
357,987
freight cars)_________ '
780,969
717,140
744,869
848.727
Facil. & misc. rent in c ..
34,393
38,737
34,764
Income from lease of road
I
34,766
490,243
365,161
1.001.916
716,973
Miscellaneous income.
Gross income______ . 29,498.308 24,877.887 24,532,629 21,590,763
Deductions—
3,317.118
3,758,492
3,328,423
Hire o f freight cars_____. 3,761,215
Rent from equip, (not
865,166
564,580
404.794
472,823
freight cars)_________ '
1,855.778
1,908,417
1,989,765
Facility & misc. rents_ . a ,953,235
_
408,554
265,831
172,734
161,009
Bent for leased roads_
_
Interest on debt_______ . 11,475,619 11,861,200 11,030,796 10,483.184
169,293
179,460
154.833
158.527
Other income charges_
_
Total deductions_____ 17,982,427 17.911,756 17,697 409 17 109 260
4 481,502
6 835 221
6 966 132
Net income____________ 11 515 881
2,059,547
2,059,547
2.059,547
7 % preferred dividends.. 2,059,547
1,506,588
1,507,638
1,507,638
1,507.638
915,367
7,948,696
3,398,947
3.268,036
Balance, surplus
For latest earnings, see ‘ ‘Railway Earnings Section” (issued monthly).




OFFICERS.—-Chairman, Chas. Hayden; Chair. Exec. Com ., E, N.
Brown; Pres., Jas. E. Gorman; V.-Ps. M . L. Bell, L. C. Fritch, H. G.
Clark, L. M . Allen, F. D . Reed, W . H. Burns; V .-P ., Sec. & Treas., Carl
Nyquist, A. Mackenzie.
Directors.— E. N. Brown, M . L. Bell, N . L . Amster. Charles Hayden,
A. C. Rearick, F. W. Scott, G. W. French, W. Z. Ripley, J. M . Kurn,
A. A. Cook. J. Hirschman, P. G. Ten Eyck and J. E. Gorman. Offices,
139 West Van Buren St., Chicago, and 25 Broad St., New York.— (V. 125,
p. 2668.)
CHICAGO ST. PAUL MINNEAPOLIS AND OMAHA R Y . C O .—
(See dap Chicago & North Western.) ROAD.— Elroy. Wis., to St. Paul,
Minn., 193 miles; Minneapolis to Omaha. Neb., 378 miles; other lines, 1,175
miles; total, Dec. 31 1926, 1.746.53 miles.
The I.-S. C. Commission has placed a tentative valuation o f $86,710,600
on the total owned, and $86,734,107 on the total used properties o f the
company as of June 30 1917.
In Nov. 1883 Chicago & North Western R y. purchased control, viz.:
$9,320,000 com. and $5,380,000 pref.; and in 1910 $220,000 com
The directors of the Chicago & North Western Ry. under date of Jan. 13
1925 offered to issue in exchange for the pref. and com. stocks of the Chicago
St. Paul Minneapolis & Omaha Ry. com. stock of the Chicago & North
Western Ry. on the following basis: Three shares of Chicago & North
Western com. stock for two shares of Omaha pref. stock, and five shares of
Chicago & North Western com. stock for seven shares of Omaha cornstock. Compare Chicago & Northwestern R y. Co. above
STOCK.— Outstanding: Common stock and scrip, $18,559,087; preferred
stock and scrip, $11,259,859. Held by the company Dec. 31 1926 com.
stock and scrip, $2,844,207; pref.stock and scrip, $1,386,974. Pref. stock
has a prior right to non-cumul. dividends of 7 % , but com. is never to
receive more than preferred.
LATE DIV8.— >'01. 02. ’03. '04. ’05-'16. T7. T 8. T 9 '20-’23 '2 4 -’25.
Common------------ / 5
8
6
6 7 y '.y 6
5
6 5yrly
None
Last payment on common 214% in Aug. 1923. V. 117. P- 2651
Paid on pref.: In 1924, 8 ^ % ; Dec. 31 1925, 5% ; Dec. 31 1926, 5% ; Dec.
31 1927, 5%
BONDS.— Superior Short Line R y. 5s. V. 92. p. 954, 1310.
North Wise. 1st 6s, due 1930, are exchangeable at option of holder at any
time, $ for $, for consol. 6s. V. 68. p. 521: V. 77, p. 2389
The $6,070,000 St. Paul & Sioux City 6s matured April 1 1919 and were
replaced by $6,070,000 Consols, of 1880. V. 108. p. 877. 977. This made
the disposition of the $30,000,000 Consols Dec. 31 1925: (a) Outstanding
3% bonds, $24,447,000; 3H % bonds, $3,734,000; (b) reserve to retire under­
lying bonds, andfor new lines not to exceed $15,000 per mile, $1,833,000.
Of the $13,900,000 debentures ($15,000,000 authorized), $9,819,000 are
‘plain” and $4,700,000 are “ stamped” as subject to income tax. V. 101,
p. 1806. Any increased mtge. (except for extensions) must secure deben­
tures. V. 94, p. 278, 487, 1316; V. 95. p. 812; V. 96. p. 1421, 1556: V. 98
p. 386‘ V. 101 p- 129.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 113, p. 1359
R EPO RT.— For 1926. in V. 124, p. 2465, showed:
1926.
1925.
1924.
1923.
G ross--------------------------$26,433,019 $26,850,133 $27,915,736 $28,363,234
Expenses, taxes, &c___ 22,559,822 23.052,041 23,805,763 25.114,651
Operating income------$3,873,197
Equipment, rents, & c ._ .
693,108

$3,798,092
576,474

$4,109,973
700,984

$3,248,584
219.669

Net operating income. $3,180,089
Other income---------------199,734

$3,221,619
188.330

$3,408,989
251.062

$3,028,916
237.705

Total income------------ $3,379,823 $3,409,949 $3,660,051
Interest, rents, &c------- 2,570,081
2,596.784 2.623.143
Net income-------------Preferred uividends____
Common dividends_____

$809,742
$562,965
______

$813,165 $1,036,908
$562,965
$562,965
______
______

$3,266,621
2.642,448
$624,173
$788,151
463,917

D eficit--------------------$246,777
$250,200 sur$473,943
$627,895
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres., F. W . Sargent; V.-Ps., Alex. C. Johnson, S. A .
Lynde; V.-P. & Gen. Counsel, R. N . Van Doren; Sec., J. D . Caldwell:
Treas., A . S. Pierce. Offices, 275 East Fourth St., St. Paul; 226 West
Jackson Boulevard. Chicago: 111 Broadway. New York.— (V.125. p.2668.)
CHICAGO TERRE HAUTE & SOUTHEASTERN R A ILW A Y.—
Owns Chicago Heights. 111., to Westport, Ind., 298.09 m.; Blackhawk to Sulivan, Indiana, 18.50 m.; Blue Island Yard, Illinois, 0.88 m.; Bedford to
Oolitic. Indiana., 4.76 miles; 10 branches, 39.08 miles; trackage Blue
Island Yard to Chicago Heights, Illinois, 12.47 miles; trackage to
Union Depot, Terre Haute, Indiana, 0-52 miles; total 374.30 miles
Incorporated in Indiana and Illinois in November 1910 as successor of
the Southern Indiana R y. and the Chicago Southern R y. (both foreclosed),
per plan In V. 91, p. 337, 333. V. 97, p. 1110. A tentative valuation by the
1.-8. O. Commission In June 1919 fixed the cost o f reproduction at $22,347.890. and the present value less depreciation at $17,561,168 V .109,p.ll79.
The l.-S. C. Commission has placed a final valuation of $20,150,000 on
the owned and used properties, and $1,223 on the used but not owned
properties of the company, as of Junp 30 1916.
The stockholders and income bondholders voted M ay 11 1921 to lease
che company for 999 years beginning July 1 1921 to the O. M . & St. P. Ry.
Che latter company guaranteeing principal and interest of all outstanding
securities. See terms of lease in V. I l l , p. 2519; V. 112, p. 560; V. 115, p.
2579; V. 117, p. 2541.
BONDS.— The new “ first and ref.” M . is a first lien on about 115 miles
and a second (consol.) mortgage on the remaining 246 m. awaed. V. 91.
p. 337; V. 92, p. 596; V. 94, p. 1118.

Nov., 1927.]




RAILW AY STOCKS AND BONDS

45

MAP O F T H E

ROCK ISLAND LINES
A N D ITS CONNECTIONS

46

[V ol. 125.

BAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

$100 $18,559,087 See text
C hicago St Paul Minn & Omaha— Common sto ck ..
100 11,259,859 See text
Preferred stock non-cum including scrip (see text). .
1,000
Nor Wis 1st M Lake St C to nr Spooner ass’d Ce.zc*
80 1880
485,000
6
1,000
Superior Short Line 1st M $1,500,000 ass’d.U n.zc*
1895
1,500,000
5
1,000 24,477,000
O St P M & O M $30,000,000 ($15,000 p m ).C e.zc* 11.669 11880
6
1,000 3,734.000
do
do
consols interest reduced
(1880
3H
/
Debfn gold $2,000,000 “ stamped” g; text_Cexc*Ar*
1912 1,000 &c 13,900.000
5g
Equip trust certif ser “ A ” due $110,000 ann . . .
1,000
1918
110.000
7g
1,000
do
do
ser “ B ” d u e$95,000 ann_ F.c*
_
1921
380.000
7g
da
do
ser “ D ” due $83,000 each Nov 1 ..
1927
1,000
830,000
4M
Equip gold notes due $156,800 a n n . . _____ . _G
. . . 1920
100 &c 1,254,400
6g
inn 4,172,995
Bedford Belt first mortgage, not assumed (guar).z
1,000
250,000
5 1898
5
242 1901
Sou Ind Is tM g (see text) not assumed (gu ).G P .zc*
1,000 7,287,000
4g
1st & Ref M $20,000,000 g call 107 ^ (gu). I C.xc*&r*
361 1910 1,000Ac 8,256.000
5g
100 &c 6,336 nno See text
Income M $6,500,000 call par (cum) (guar)___ FCx
361 1910
. . . Note. 500 & 1,000 60.000,000 See text
C hic U nion S ta tio n — 1st M g gu pAi red.IC.yc*&r*
1,000 7,000,000
Guar gold bonds red (text)$15,000,000 auth.yc*&r*
1924
100 5,ooo,nno
C hicago & W estern Indian a— Stock (see text)
General mortgage gold sink fund subj to call 105-xc* 57.83 1882
1,000
594,000
Cons M $50,000,000 g ______ ______IC.xc*&r*
1902 1,000 &c 49,406.000
First & ref mtge Series “ A ” red 105--Ba.xc*Ar*
1912 1,000 &c 27,755,000
15-year collateral trust gold notes
.
1920 1,000 &c 7,430 000
do
do
do
. _________
1920 1,000 &c
955,000
Equip trust notes due $18,600 a n n ___ __
100 &c
1920
148,800
C hoc & Mem— C hoc Okla & G u lf— See Ch R I & P
C in cin n ati H am ilton & D ayton— See Balt & Ohio RR

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

When
Payable

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

Aug 20 ’23 2 ^
See text Dec 31 ’27 5%
fc
.1 < ,T Jan 1 1930
M & S Junel 1930
,T & 1) Junel 1930
J & D Junel 1930
M A HMar 1 1930
J A 1) T o Dec 1 1927
.1 & .1 ToJan 1 1931
M & N T o N ov 1 1927
J & J 15 To Jan 15 1935
J & J July
F A A Feb
J A D Dec
See text Dec
J A J July

Office 111 B ’way, N V
do
do
do
do
do
do
do
do
do
do
Farmers’ L A T C o, N Y
do
do
New York City
Guaranty Tr C o, N Y

1st Nat. B k.N .Y . or Chic
do
do
do
do
do
do
Hllneis Merch Tr C o, C hi,
or Penn R R Co, N Y
J A D Dec 1 1944
do
do
Chicago
(, — J See text
J P Morgan A Co, N Y
0 —M Dec 1 1932
1 1 Tr A S Bk,Chic;ANY
1
J A J July 1 1952
M A S Sept 1 1962
Bankers Trust Co, N Y
A A o Oct 7 1935
Bankers Trust Co, N Y
M A s Sept 1 1935
Bankers Trust Co, N Y
J A J T o Jan 15 1935 Guaranty Trust Co. N Y
1
1
1
1
1

1938
1951
1960
1960
1963

Note.— Series A, 1916; series B, 1919; seriesC, 1920.

Purposes for which $20,000,000 First and Refunding Bonds were Issuable.
Issued under plan (of which $1,156,000 held In Treasury)______$9,412,000
Reserved to retire So. Ind. Ry. and Bedford Belt 1st M . bon d s.. 7,787.000
Reserved under careful restrictions for extensions, additions, im­
provements. acquisition o f sub-company stock and bonds, & c. 2,801.000
Protective Committee.— In view o f the receivership o f the Chicago Milwau­
kee & St. Paul R y ., the following at the request of holders of a large number
o f the above-named bonds, have consented to act as a committee to protect
their interests: John W. Stedman, Chairman (V.-Pres. Prudential Insurance
Co. of America), Newark, N . J.; John E. Blunt Jr. (V.-Pres. Illinois Mer­
chants Trust C o.), Chicago, 111.; Samuel J. Steele (Treas. Fidelity Mutual
Life Insurance C o.), Philadelphia; John C. Traphagen (V.-Pres. Seaboard
National Bank), New York, with F. Rogers Parkin, Sec., 115 Broadway,
N . Y . City, and Masten & Nichols, counsel, 49 Wall St., New York, N. Y.
V. 120, p. 1454.
The income bonds dated Dec. 1 1910, $6,500,000, bear interest from
Dec. 1 1912 at 5% per annum from net earnings (determined as provided in
the mortgage), payable if earned, but cumulative to extent ot paid. The
incomes have at all stockholders’ meetings one vote for each $100 par value
the condition and manner o f casting such vote being fully - tated in the mtge
s
Div. on incomes, 1% , semi-annuall' paid Sept.1911 to Mar. 1913 incl.
1H % Paid Sept. 1913; then none till March 1 1917; to Mch. 1 1920,1 M %
■eml-annually (2 W % p .a .). In Aug. 1919 paid 1 \i% on account of coupon
No. 15 due March 1 1915, and in March 1920 paid 1 M % on account of
coupon No. 16 due March 1 1915. On Sept. 1 1920 paid 1 H % on account
o f coupon No ifi due S«pt 1 1915. In Sept. 1922 paid coupons Nos. 44
45 and 4$. Numbers 47 to 66 incl. have been paid on their respective due
dates.
Protective Committee.— The committee named below has been formed to
protect the owners o f income bonds: B. A. Eckhart, Chairman, Chicago;
P. J. Goodhart, New York City; Harold E. Foreman, Edward A. Engler
nd William F. Peter. Chicago. V. 120. p. 1877.— (V. 121, p. 703.)
CHICAGO UNION STATION CO.— Incorporated in Illinois. The
ompany’s new station was opened in July 1925. V. 121, p. 455. Capital
tock authorized, $3,500,000; outstanding, $2,800,000, held one-fourth
ach by Pennsylvania R R ., P. C. C. & St. L. R .R ., Chic. B. & Q. R R . and
Chic. Milw. & St. Paul R y. The station will be used by the four pro­
prietary companies and the Chicago & Alton R R . V. I l l , p. 1851.
The company has issued $60,000,000 first mtge. bonds of which $30,850,000 are series A 4M % bonds, dated 1916. $13,150,000 are series B 5%
bonds, dated 1919, and $16,000,000 are series C 614 % bonds, dated 1920.
Auth. issue, $60,000,000. The bonds are guaranteed, prin. and int., by
the four proprietary cos. Series A and series B bonds are redeemable at
105; series C redeemable at 110 on or after Jan. 1 1935. See V. 103. p. 60.
667. 1301; V. 107, p. 180, 1836; V. 114, p. 2468.
The guaranteed 5% gold bonds due Dec. 1 1944 are redeemable as a whole
only at 105 and int. on or after Dec. 1 1929 and on or before Dec. 1 1939.
and thereafter on any interest date at their principal amount and a premium
equal to K % for each six months between the date o f redemption and the
date e f maturity. Bonds are to be unconditionally guaranteed as to both
principal and interest, jointly and severally, by endorsement by the four
proprietary companies.
The Indenture under which these bonds are issued contains appro­
priate provisions to the end that the company shall not create any mortgage
m addition to its first mortgage dated July 1 1915 for $60,000,000, upon the
properties owned by it at the date o f such new mortgage, or upon any part
thereof, without making effective provision in such mortgage that all the
bonds o f this issue then outstanding and unpaid or thereafter to be issued
shall be secured under such new mortgage by a lien ranking pari passu with
any bonds issued under such new mortgage. V . 119, p. 2525.
R E PO RT.— For 1926 in V. 125, p. 382.
1926.
1925.
Railway operating revenue______________________
______
$91,421
Railway operating expenses_____________________
______
48,274
Railway tax accruals and uncollect, rys. revenue,.
$788,331
$640,734
Operating deficit______________________________
Non-operating income___________________________

$788,331
4,555,970

$597,587
3,719,025

Gross income_________________________________ $3,767,640 $3,121,438
Interest, amortization, & c_______________________ 3,627,640 3,004,771
Net income___________________________________
$140,000
$116,667
F Pres., W. W. Atterbury; V.-Pres., W. W. K. Sparrow; Sec.. W. G.White
Treas., O. I. Sturgis. Office, Chicago. 111.-— (V. 125, p. 382.)
P CHICAGO AND WESTERN INDIANA R R . CO.— Owns a valuable
t
terminal system affording entrance into Chicago to the roads named below
Iti lines extend from Dearborn Station, Polk St., Chicago, to Dolton, 17 m.
also to Indiana State line, 10 m.; to Cragln, 21 m „ and to South Chicago
5 m.; total, 58 m.; total track, including 2d, 3d, 4th traoks and sidings, 560
m.; also owns real estate, car yards, warehouses, &c. The clearing yard
embraces 1,810 acres.
f The I.-S. C. Commission has placed a tentative valuation of $55,940,971
on the property o f the company as of June 30 1919.
Leases.— The station terminal properties, Including the “ Dearborn Sta
lion" and its connecting tracks, are used for freight and passenger business
under 999-year leases (which have been in force for many years) by the
following companies, which own all the capital stock of the Chicago &
Western Indiana R R . Co. ($1,000,000 each), viz.: Chic. & Eastern lllinoii
R R ., Chic. Ind. & Louisville R y ., Grand Trunk Western R y ., Wabash Ry
and Erie R R . Co. The Atch. Topeka & Santa Fe Ry. Co. also uses these
tracks and station under a long-term lease at a fixed annual rental. plus a
proportionate maintenance, &c.
The “ Belt Railway” division, including the clearing yard upon which
the First and Refunding Mortgage bonds are a first lien, is operated under
a'50-year exclusive lease by the Belt Railway Co. o f Chicago, all of whose
stock is owned by the following 13 roads: Pennsylvania Co., Atchison
Topeka & Santa Fe Ry. C o., Illinois Central R R ., C o., Chicago Burling­
ton & Quincy R R . C o., Chicago Rock Island & Pacific Ry. Go., Chesa




peake & Ohio R R . Co. of Indiana, Minn. St. Paul & S. S. M . R y ., Chic. &
East. 111. R R ., Chic. Ind. & Louisv. R y., Erie R R ., Grand Tr. West. R y.l
Wabash R y., Pere Marquette R y. The Belt R y. (V. 104, p. 1488; V. 105.
p. 388) is merely an operating company, owning no mileage. The lease to
the Belt R y. Co. provides for an annual rental, of which at least $1,143,000
is payable directly to the trustee of the 1st & ref. mtge. in monthly install­
ments this payment to be increased from time to time by an amount equal
to the Interest on all obligations Issued for improvements to the “ Belt
Division” .
D IV ID E N D S.—
/ ’9 5 . ’ 96. ’97 ’98.'99.
1900 to 1926.
0
6
6
6 yearly (114Q-J)
P e r c e n t ________________ l 7H 0
BONDS.— The gen. mtge. bonds are drawn quarterly at 105 and int.
Of the Consol. 4s of 1902 (auth. issue $50,000,000), sufficient are re­
served to retire General 6s. V .87, p. 36. 1604, 1603; V. 88,_p. 100. 374;
V.92, p. 394: V. 93. p. 1668: V.97, p. 1425: V.98. p. 235, 452: V T 04. p.862.
Of the first & ref. bonds of 1912 ($200,000,000 auth. issue), $16,092,000
Series “ A ” 5H % gold bonds were sold in Jan. 1925. The mortgage has
been amended so that bonds bearing interest in excess of 5% per annum
may be issued thereunder. The mortgage is secured (as to principal and
as to interest not in excess of 5% per annum) by a first lien on the clearing
yard. It is a junior lien on all of the remaining property of the company,
subject to the lien of underlying mortgages, so far as they attach, under
which $50,000,000 bonds are outstanding. As a sinking fund for the Series
“ A ” bonds, there is payable under the first & ref. mtge., as amended,
$176,730 annually beginning Mar. 1 1925, plus the interest on bonds in the
sinking fund. Sinking fund moneys are to he applied to the purchase of
bonds at not exceeding 105 and interest, or to the acquisition of bonds upon
call by lot at such price.
All of the outstanding $5,380,000 15-year 7 H % coll, trust sinking fund
gold bonds, dated Sept. 1 1920, were redeemed on Mar. 1 1925 at 102 H and
Interest.
Government Loan.— The I.-S. O. Commission on Aug. 14 1920 granted the
company a loan of $8,000,000 for 15 years at 6 % . to be secured by a part
•f the company’s 1st & Ref. Mtge. bonds. Series A
R E P O R T — For 1926:
Interest
Cal. Years. Gross. Net Loss. Other Inc. Taxes, &c.
Vivs.
Bat. Sur.
1926_______ $372,299 $173,034 $4,886,936 $4,069,583 $300,000 $344,319
1925_______ 376,381
40,423 5,172,586 4,130,136 300,000
29,184
OFFICERS.— Pres. A Chief Engineer, E. H. Lee; V.-P. & Gen. Counsel
G. G. Austin Jr.; V .-P ., J. F. Hogan; Sec. & A ud., R . L . Porter; Treas.
J. E. Murphy. Office, Dearborn Station, Chicago.'— (V. 125, p. 382.)
CINCINNATI INDIANAPOLIS & WESTERN R R . CO. (T H E ).—
Owns Hamilton, O., to Springfield, 111., 283 miles; Melcher to Brazil, Ind.,
25 miles; trackage B. & O. for passenger trains, Hamilton to Cincinnati,
25 miles; other trackage, 13 miles; total operated, 347 miles. On Dec. 1
1915 succeeded Cincinnati Indianapolis & Western Ry., foreclosed and reor­
ganized independently of Cin. Ham. & Dayton R y., per plan in V. 100, p.
2084 V. 101, p. 47, 1552; V. 102, p. 250; V. 103, p. 1786. 1888; V. 104. p.
361, 2451; V. 105, p. 72. Sidell & Olney was sold for $200,000. V . 108,
p. 1722, 974; V . 106, p. 2559, 2230; In 1922 purchased 25.78 miles o f road
of the Chicago & Indiana Coal R y. V. 115, p. 1099.
The I.-S. G. Commission has placed a tentative valuation of $11,767,532
on the total used property and $11,724,500 on the total owned property of
the company as of June 30 1918.
The I.-S. C. Commission in April 1926 authorized the Baltimore & Ohio
RR. to acquire control of the company by purchase of its capital stock.
The B. A O., which had applied for authority to obtain control of not less
than 80^ of the shares, will pay $24 50 a share for the pref. and 814.50 for
the common stock, or a total o f $2,086,500. The operation o f the railroad
and properties was taken over by the B. & O. R R . Co. as a part of its system
on June 1 1927, under an agreement between the two companies, approved
hy the I.-S. C. Commission April 28 1927.
STOCK.— Capital stock auth. common, $7,500,000 5% non-cum. pref.
$7,500,000. Par $100. * The present issues, $5,350,000 of each class.
BONDS.— The first mtge. is limited to $12,000,000. Besides outstand­
ing amount, $193,000 additional in treasury. See table.
Equipment trusts of 1922-1923 outstanding, $400,000. V. 115, p. 2684.
RE PO RT.— For year ending Dec. 31:
Net
Interest
Cal. Years. Gross,
after Taxes.
Income. Rentals,&c.
Balance.
$65,888
$726,014 def$943,305
1926_______ $4,940,769 def$283,179
1925_______ 4,787,435
605,797
65,015
544,957
125,855
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres., Daniel Willard; Senior V.-Pres., Geo. M . Shriver;
V.-Pres., C. W . Galloway, and A. Fries; Sec., G. F. May; Treas., E. M .
Devereux; Compt., J. J. Ekin; Aud., W . R . Owens, all of Baltimore, M d.
— (V. 124, p. 2902.)
CINCINNATI INTER-TERMINAL RR.— Owns a road 0.6 m. in length
connecting the Chesapeake & Ohio bridge and the Cin. Ham. & Dayton
terminals. Controlled by Chesapeake & Ohio R y. Common stook, $10,600
In $100 shares. Issued for purpose of oontrol. There Is authorized $1,000,000 of 1st pref. 4% cum. non-voting stock; divs. are guaranteed by the
Covington & Cincinnati Elevated R R . & Transfer & Bridge Co. out of
rentals paid by Ches. & Ohio and Louisville & Nashville. Stock is subject
to call on any int. day after Feb. 1 1915 at 105. V. 79, p. 212; V. 80, p.
1728. 2398, 2620.— (V 80, p. 2620.)
CINCINNATI LEBANON & N ORTH. R Y .— Consolidated with Cleve­
land Akron & Cin. R y. C o., Manufacturers R y. Co., Penna Detroit R R .
Co. and Toledo Colorado & Ohio River R R . Co. to form the Penna. Ohio
& Detroit R R . Co. (See that company below). Funded debt assumed by
the new company.— (V. 121, p. 3128.)

Nov., 1927.]

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

Miles Date
Road Bonds

C in cin n ati Ind & W estern— 1st M $12,000,000
gold redeemable on any interest day at 105--E q.c*
283
Equipment trust Series C due $10,000 sem i-ann-.c*
do
do d ue$15,000semi-annually (J & D)__
C incinn ati Inter-Term inal R R — ls tp fs tk (see text) Text
Cin Lebanon & N orth— See Penn O hio & Det R R Cin & Musk Val— See Cleve Akron & Cincinnati Ry.
Cin New Or! & Tex Pac— Common stock $9,000,000
Preferred stock (a & d) 5% cumulative $3,000,000Equip trust Series E due $65,000 semi-annually____
Equip trust notes due $63,800 ann_______________G
Equip trust Series G due $180,000 ann_______
--C incinnati N orthern— Capital stock-------------1st M $3,000,000 gold__________________ G.xc*&r
206
New York Central Lines equipment trusts_______
do
do
_______________________________
Clearf & M ahoning— Stock 6% rent $1,000,000 auth
First mortgage gold guaranteed B R & P G.xc*&r
26
Clev Akron & Cin— See Penn Ohio & Detroit R R ____
Cleveland C incinn ati Chi & St Louis— Com StockPreferred stock 5% non-cumulative_________
Refunding & Impt Mtge Ser A callable 103_G.c*&r* 1,827
do
do
Series C— see text.
do
do
Series D red 105________ G.c*&r* 1,827
Underlying Bonds—
Cincinnati indianapolis St Louis & Chicago
Gen 1st M $10,000,000 g s f not drawn.-Ce.xc*r
Cl Col C & 1 Gen cons M ($12,000,000) g _Us.xc*&r
391
Cl Cin Chic & St L White Wat Val Div 1st g -C e.xc*
62
Spr & Col Div (Col Spr & Cin) 1st M gold_ Ce.xc*
_
45
Cairo Division 1st M $5,000,000 gold_____Ce.xc*
,269
St Louis Div coll tr gold____________ Ce.xc&r
194
_
Clncin Wab < Mich Div first mtge gold_ Us.xc*
&
204

1915
1922
1923
—

Par
Value

Amount
Outstanding

$100 &c $4,675,000
220,000
185,000
100
825,000

100
10C
1918
1.00C
1920 100-100C
1,000
1923
1901
1922
1924
1893

1,000
5C
1,000

Rate
%

When
Payable

M & N
5g
5H g J & D
Q— M
6
F & A
4

8,970,000 See text
2,453.400
5
195.000
6
510,400
6g
1,980.000
5g
3.000.
000
1.000.
000
4
5
770,000
324,000
5
900,000
6
650,000
5g

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity
RBLuckey ,2WallSt N Y
N ov 1 1965
Dec ’27-Dec ’37
Dec ’27-Dec ’32
J P Morgan & Co, N Y
See text

& D June 25 ’27 4% Cincinnati
do
Q— M Dec 1 1927 I X
F & A Aug '27-Aug ’28 Pen Co for Ins on Lives, &c
J &J15 To Jan 15 1935 Guaranty Trust Co, N Y
A & O To Apr 1 1938 Pen Co for Ins on Lives, &,c
See text July 2 0 ’27 5% 466 Lexington Ave, N Y
Guaranty Trust Co, N Y
& J July 1 1951
& D To June 1 1939
& D To June 1 1939
& J July 1927 3% Checks mailed
36 Wall St, New York
& J Jan 1 1943
J

1919

100 47,028,700 See text Q— J Oct 201927 2% Treas office. New York
do
10C 9,998,500
do
5
Q— J Oct 20 1927 1M
do
100 &c 15,000,000
do
6 g J & J July 1 1929

1923

100 &c 20,000.000

1886 1,000 &c
1.00C
1884
1,000
1890
500 &c
1890
1,000
1890
1890 1.000 &e
1,000
1891

CINCINNATI NEW ORLEANS & TE XA S PACIFIC R Y .— Operates
Olncinnati Southern R y., owned by city of Cincinnati. Cincinnati to
Chattanooga. Tenn.. 336 miles: trackage. 2 miles. Owns entire stock
of Harriman & Northeastern B 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
11.100,000 for 20 years; thereafter $1,200,000. V 73, p. 722; V. 74, p. 1251:
V. 95. p. 1402. Guaranty o f interest o f City o f Cincinnati bonds as addi­
tional rental. V. 112, p. 161; V. 114, p. 2468; V. 117, p. 2323; V. 118, p.
’ 267. Pref. stock has no voting power. V. 74. p 528, 829.
The I.-S. C. Commission has placed a tentative valuation of $13,975,615
on the total owned and $53,053,650 on the total used property of the
company as of June 30 1918.
3T O C K .—The directors on March 24 1926 declared a 200% stock
dividend on the outstanding $2,990,000 common stock, payable in common
stock on April 29 1926.
DTVS.— / ’ l l . T 2-T 5. T 6. T 7. T8. T 9. ’20. '21. '22. '23. ’24. ’ 25. ’ 26.
C om m on.% t 8 11 y ’ly 12)4 13 13 13 13 12 13 13 13 13 11
Also paid 200% in common stock on April 29 1926. Majority of common
stock is owned by 8. W . Construction C o., which in turn is controlled by
Ala. Grt. Sou. RR. V. 61, p. 26; V. 65, p. 1173.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 113, p. 1470.
R EPO RT.— For 1926. in V. 124, p. 2113, showed:
Calendar Years —
1926.
1925.
1924.
1923.
Operating revenue____ $23,310,331 $23,433,243 $21,951,667 $23,049,393
Expenses, taxes, <fec____ 17,602,642 16,104,289 17,377,224 18,192,687
Net operating income. $5,707,689
Other income__________
716,931

$7,328,954
848.137

$5,574,443
430,402

$4,856,706
351,197

Total income________ $6,424,620
Interest, rents. &c_____ 1,665,317
_
Preferred divs. (5 % )_
122,670
Common divs. (13% )_
_
986.700
Additions & betterments 1,393,700

$8,177,091
1,665,076
122,670
388,700
429,793

$6,004,845
1.689,672
122,670
388,700
884,847

$5,207,903
1.575,241
122,670
388.700
46! ,331

Surplus. _ _
___ $2,256,233 $5,570,852 $2,918,956 $2,651,961
For latest earnings, see ‘ ‘Railway Earnings Section” (Issued m onthly).
OFFICERS.— Pres., Fairfax Harrison, Washington, D. C.; Sec., C. E. A
McCarthy, New York; Treas., Chas. Patton, Cincinnati; Compt.. E. H.
Kemper, Washington, D . C . N . Y . office, 120, Broadway, N . Y .—
(V. 124, p. 2423.)
CINCINNATI NORTHERN R R .— (See laps New York Central Lines.)
— Owns Franklin. O., to Jackson, M ich., 205 miles; trackage (C. C. C. &
St. L .), Franklin to Cincinnati, 37 miles, at Jackson, 2 miles. The I. S. C.
Commission has placed a tentative valuation o f $7,335,000 on the owned
and used properties o f the company, as of June 30 1918. The stock­
holders on Sept. 27 1926 ratified the lease o f the road to the Cleveland
Cincinnati Chicago & St. Louis R y. On Dec. 31 1926 Cleveland Cin­
cinnati Chicago & St. Louis owned $2,931,600 o f the $3,000,000 stock.
Equip, trusts, see V. 101, p. 1713. Divs. Mar. 1910 and 1911, 3% ; 1912,
and 1913, 114%; 1914 and 1915. none; 1916 to 1922, 3% yearly. In March
and Aug. 1923 and March and Aug. 1924 paid 3% each. In March and
Aug. 1925, Jan. and July 1926 and Jan. and July 1927 paid 5% each.
Total
Calendar
Operating Net Oper.
Fixed Dividends Balance,
Income.
Income.
Year.
Revenues.
Charges.
Surplus.
9 mos 1927.$3,520,136 $626,476 $661,238 $85,937
______ $575,302
1926______ 4,808,433 1,056,117 1,091,615 109,037 300,000 682,578
1925______ 4,756,220 1,732,152 1,480,493 516.497 300,000 663,996
1924______ 4,826,932 1,373,353 1,422,590 566,842 240,000 615,748
1923 _______ 5,174,419 1,352,579 1,410,121 661,171 180.000 568.950
1922--------- 3.505.287
623,084
687,204 421,952
.....
90.000 175,252
_____
For latest earnings, see "Railway Earnings Section” (issued monthly).
OFFICERS.— Pres., P. E . Crowley; Sec., E . F. Stephenson; Gen. Treas.
H. G. Snelling; Compt., W . C. Wishart.— (V. 125, p. 2804.)
CINCINNATI RICHMOND & FORT WAYNE R R .— Owns from Rich­
mond, Ind., to Adams, Ind., 86 miles. Now operated by Pennsylvania RR.
Stock, $2,186,600 (par $50); Penn. Co. owns $1,293,250. The $1,800,000
bonds outstanding are owned by the Penn. Co.
CISCO (TE X.) & NORTHEASTERN R Y .— (V. 124, p. 230.)
CLEARFIELD & MAHONING R Y.— (See Map Buf. Roch A Pitts.) —
Owns road, completed In 1893, from Du Bols Jot., Pa., on Buf. R. & P ., tr
Clearfield on Beecn Creek R R .. 26 miles. Leased during corporate existence
and renewals thereof to Buffalo Rochester A Pittsburgh— which see— at *
rental payable in gold and equal to 6 % on stock (par $50), taxes and 5 %
on bonds, the latter being guar. p. & i. by end.— (V. 89, p. 1141.)
CLEVELAND, AKRON & CINCINNATI R Y .— See Pennsylvania Ohio
& Detroit R R .
CLEVELAND CINCINNATI CHICAGO AND ST. LOUIS R Y. CO.
(TH E).— See Maps N. Y. Central Lines.)— ROA D .— Radiates from In­
dianapolis, Ind., westerly to Chicago, Peoria, Cairo, 111., St. Louis; easterly
to Sandusky, Cleveland, Columbus and Cincinnati, O., and southerly
to Louisville.
Main Line owned—
Miles.
Main Line oioned—
Miles.
Cleveland to Springfield, O___ 180 Cairo to Danville, 111_________ 260
Miami City Jet. to Ludlow
Springfield, O., to Indianapolis,
Grove, Ohio__________
46
I n d ______________
136
Gallon, 0 ., to Indianapolis, Ind. 202 Benton Harbor, M ich., to RushCincinnati, O., to LaFayette,
ville, Ind __________________ 204
I n d _______________________ 169 Sundry______________________
7
Indianapolis, Ind., to East St.
Louis, 111_________________ 249
Total main line owned______ 1,453




47

RAILW AY STOCKS AND BONDS

6,064.000
3,205.000
650,000
1,103,730
5,000,000
8,781.000
4,000,000

J

4
6
4
4
4
4
4

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

g
g
g
g
g
g
g

&

J July 1 1963

5g

1
1
1
1
1
1
1

1936
1934
1940
1940
1939
1990
1991

do

do

do
do
do
do
do
do
do

do
do
do
do
do
do
do

Leased Lines—
Branches owned—
MilesCincinnati Sandusky & Cleve­
Fairland to Martinsville, Ind__
38
land R R ___________________ 170 O th er________________________
25
Evansville Mt. Carmel S
c
Northern R y _______________
33
Total branches owned______ 243
Central R R . of Indianapolis_______
Total main line and branches
Total.................
203
owned______________________ 1,695
Line Operated Under Contract _ 329
Branches owned—
50 Trackage rights_______________ 171
Delaware to Springfield, O____
Hillsboro to Lenox, 111________
56
Harrison, O., to Hagerstown, Ind. 63
Total mileage operated_____ 2,397
HISTORY, &o.— A consolidation of the Cincinnati Indianapolis St. Louis
A Chicago Railway Co., the Cleveland Columbus Cincinnati & Indianapolis
Railway Co. and the Indianapolis & St. Louis Railway Co., made in July
1889. per plan in V. 48, p. 427. The N. Y . Central R R . Co. on Dec. 31
1926 owned $8,468,100 pref. and $42,941,100 common stock.
The company Is also one-eighth owner of Peoria & Pekin Union Ry.
(through the Peor & East, R y .), one-fifteenth owner in Terminal R R .
Association of St, Louis, and two-flfths owner of Indianap. Union R y., and
part owner of Cent. Indiana R y., Cent. Union Depot & R y. of Cincinnati,
Union Depot of Columbus, Dayton Union R y., Dayton & Union R R ., Mun
eie Belt R y., operated independently.
The company has acquired the entire common stock of the Evansville
Ind. & Terre Haute R R .
It is proposed to operate the property as the
Evansville Division of the company.— V. 112, p. 932, 1399, 1977.
The directors on Dec. 14 1921 authorized the making of an offer to pur­
chase the stock and the 4% income bonds of the Peoria & Eastern R y. on
the basis of one $1,000 4 'A % first mtge. bonds of the Evansville M t. Carme
& Northern R y.. due 1960 (guaranteed by the O. C. C. & St L. R y ), for
60 shares of Peoria & Eastern stock, and one $1,000 4 H % (guaranteed)
first mtge. bond of the Evansville M t. Carmel & Northern R y. for three
$1,000 4% Peoria & Eastern income bonds.
The directors of the N. Y . Central R R . in Dec. 1921 authorized the mak­
ing of an offer to purchase the stock of this company, for details o f which
see New York Central RR. below and V. 114, p. 1286; V. 115, p. 435. 1428.
The stockholders were to vote Sept. 27 1926 on leasing the road to the
N. Y . Central, but owing to a temporary restraining order obtained by
minority stockholders, action on the lease was postponed. Compare N . Y .
Central R R . Co. below and V. 123, p. 707, 978, 1111, 1629, 1994.
Minority Stockholders Committee.—-Ten Eyck Wendell, Chairman; John W
Morgan, F. B. Keech, G. Trowbridge Hollister, Fred H. Greenebaum, R . F.
Westerfield, Seth B. Robinson, 42 W. 44th St., N. Y ., is Secretary of the
committee. The depositary is the Central Union Trust Co. and Root
Clark, Howland & Ballantine are counsel.
Tentative valuation, $164,163,042, as of June 30 1915. V. 115, p. 1531.
DIV ID E N D S ( ’ l l . T2. ‘ 13. ’ 14-T5. T6. ’ 17-’21. ’22. ’23. ’24. ’25. '26.
Common_____%\ 0 0 0
0
0
0
4 4
4 ^ 5 ^ 7
Preferred_____% { 5
5 3M
0
2M
5
5 5 5
5 5
Divs. on pref. stock July 1916 to Oct. 1927, l)i% q u a r . (5% per annum.)
Payments on common stock were resumed June 15 1922 with a payment
of 2% : Nov. 1 1922 paid 2% : Jan. 20 1923 to Jan. 19 1924 paid 1% quar.:
April 19 1924 to Oct. 20 1925 paid 1 X % quar.: Jan. 20 1926 to Apr. 20 1927
paid 1M % quar. July 20 1927, and Oct. 20 1927 paid 2% .
REFUNDING AND IM PR O V E M E N T M O RTG AG E.— A direct lien
on 1,827 miles o f railroad owned and on the company's interest in 568 miles
of railroad operated under lease, contract or trackage rights; total, 2,396.
V. 109, p. 270, 370.
The company may Issue bonds beyond $25,000,000 (incl. $20,000,000
auth. Series “ A ” bonds), but not for over 80% of the cost of work done,
or, o f property acquired and with the consent of a majority of the pref. stock,
and only when the annual income applicable to interest charges out of
18 months next preceding such issue, shall not be less than 1X times interest
charges, incl. interest on bonds to be issued. These limitations do not apply
to bonds issued for refunding prior liens, the European Loan of 1910 and the
Debentures of 1911. Bonds may be issued in series, subject to certain con­
ditions as determined by the board of directors. The financial plan out­
lined in 1919 resulted in the sale (V. 109, p. 270) of $15,000,000 of the new
series A bonds, to provide for paying or reducing short-term obligations.
Series B bonds amounting to $6,511,000 have been issued and are held by
the company. Has also issued $1,051,600 series C bonds. In June 1924
$20,000,000 series D bonds were sold. V. 118, p. 2703.
The 20-Year European Loan 4s of 1910 and the 20-Year Gold Debenture
W s of 1911 are secured by the new mortgage on a parity with all bonds to
be issued thereunder.
OLD BONDS.— St. Louis Division bonds, see V. 52. p. 42-45.
The 100-year mortgage is limited to $50,000,000. On Dec 31 1914
117,090,000 Gen. 4s were reserved for prior Hens (exclusive of Cairo division,
Peoria Division, Michigan Division and the St. Louis Division west of Terre
Haute), and the balance for equipment, construction and betterments. See.,
$1,000,000 yearly. See V. 79. p. 733; V. 83. p. 379; V. 87, p. 1010; V. 90,
p. 620, 1044: V 94. p 1118: V 97, p. 1114; V. 98. n. 1459: V. 101. p. 2134.
Guar. Chic. Ind. & St. Louis Short Line R y. and Springfield Union Depot
Co. bonds. V. 77, p. 510, 517, 769, 1363, 2280; V. 78, p. 1906, 1961; V
79, p. 2589; V. 95, p. 1541.
As to the $9,650,181 4s sold M ay 1910, payable in francs, and $10,000,000
4Hs sold in June 1911, see V. 89, p. 720, 778, 1141; V. 90. p. 1238, 1296.
1424, 1554; V. 91. p. 1710; V. 92, p. 1700. Also see ‘ ‘Ref. & Impt. M tge.’.
’
above.
Guarantees Evansv. M t. Carmel & Northern R y. bonds. V . 95, d . 890.
V. 114, p. 2468.
Guarantees Jointly with other roads Gen. & Ref. bonds of Indianapolis
Union R y ., which see. V. 100. p. 555.

48

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

Miles Date
Road Bonds

Cleve Cine C h icago & St Louis (Con.)—
Gen M 100 years for $50,000,000 gold____Ba.xc*&r 1,021
do
Series B __________ _______________ 1,021
44
Ch I & St L S L 1st M $3,000,000 gold gu.Ce.xc*&r
Springfield D iv lien held by Peoria & East R y --------136
Debentures secured by mortgage o f 1919___Gc*&r*
Debentures______________________________________
Big Four Ry equip trust due $373,000 y early ._G .c*
do do equip trusts g guar due part yearly_____
Other equipment trusts (see text).
Obligations of Proprietary Lines.
Cincinnati Sandusky & Cleveland— Preferred stock.
_
Consol (now first) mtge $3,000,000 gold_ AB.zc
170
Evansv M t Oar & N o 1st M $5,000,000 gu G.xc*&r*
Louisville & Jeffersonville Bridge 1st M — See that Co
Tndianap tin R y G e n & Ref M $10 000.000 See text.
Cleveland Union Terminals Co— See that company
Cleveland C olum bus C in cin n ati & Indian apolis— Cin
Cleve Lorain & W heeling— See Baltimore & Ohio RR

Par
Value

Rate

%

When
Payable

50
1,000

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

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

Treas office. New York
do
do
do
do
Treas office, New York
Morgan,Harjes&Co.Parls
Guaranty Trust Co, N Y
Comm Tr Co, Phila

428,997
2.571.000
2.118.000

M & N M ay 1 1927 3% Treas office. New York
6
do
do
5 g J & J Jan 1 1928
(All owned by Big Four)
4H g J & J July 1 1960

See text

1888
1910

5g

J

&

J Jan 1 1965

Farmers Loan & Trust Co

India nap St L ouis & Chi c a g o — ! ee Cleve) andCincinna tiC hicago & St Louis

Net rev. fr. ry. o p e r.-$24,481,322 $25,059,588 $20,971,654 $22,826,703
Percent, of exps. to revs. (74.10)
(72.78)
(76.09)
(75.96)
Railway tax accru als... 5,384,906 5,534,374
4,906,837
5,124,227
Uncollectible ry. r e v s ...
29,700
36,733
14,851
13,206
Railway oper. income.$19,066,716 $19,488,481 $16,049,966 $17,689,270
Equip, rents, net d e b it..
47,960
91,940
1,112,206
269,866
Jt. facil. rents, net debit
491,510
835,832
573,492
727,503
N e try . oper. income.$18,527,246 $18,560,709 $14,364,267 $16,691,901
Miscellaneous revenues.
12,117
17,069
26,247
29,513
Miscel. exps. & ta x e s ...
15,705
17,249
22,182
22.175
Total oper. income_ $18,523,658 $18,560,529 $14,368,333 $16,699,239
_
Gross income___________$20,013,722 $20,156,869 $15,845,727 $19,299,598
Deductions —
Rent for leased roads_
_
134,458
150.299
552,258
587,731
Miscellaneous rents____
224,804
262,779
209.311
216,722
Miscel. tax accruals____
25,000
22,200
18,303
19,800
Sep. oper. prop.-—loss..
Crl7,445
145,584
21.055
39,868
Interest on funded debt. 7,484,068
7,450,885
7,073,343
6,729,744
Int. on unfunded d e b t..
76,342
41,108
16,370
267,813
Amort of disc, on funded
debt_________________
234,393
269,730
269,144
206,551
Maint. of invest organiz.
744
778
311
331
17,452
Miscel. income charges.
21,554
22,417
19,016
Net income_________ $11,395,283 $8,749,344 $8,080,932 $11,617,354
Divs. onpref. stk. (5 % ).
499,925
499,925
4S9.925
499,925
Divs. on com. stk.(7%)3292009(5^%)2,586,578 (5)2,351,435 (4)1,881,148
Sinking funds_________
47,421
45.301
43,218
41,169
Sur. cr. to profit & loss $7,555,928 $8,275,720 $5,186,354 $9,195,112
Period End. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 Mos.— 1926.
Railway oper. revenues_$24,036,253 $24,959,398 569,455,576 $70,287,206
Net ry. oper. income_
_ 4,465,924
5,363,622 11,674,596 13,416,154
Miscell. & non oper. inc.
396,042
1,117,813
1,108,583
396,534
$5,760,156 $12,702,508 $14,519,736
2,185,307
6,295,923
6,356,778

Net income__________$2,703,505 $3,574,849 $6,496,586 $8,162,958
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres., P. E. Crowley; Sec,, Edw. F. Stephenson; Gen
Treas., H. G. Snelling; Compt., W . C. Wishart, New York.
DIRECTO RS.— William K . Vanderbilt, Warren S. Hayden, Frederick
W. Vanderbilt, Chauncey M . Depew, Geo. F. Baker, H. S. Vanderbilt,
Jackson E. Reynolds, Chas. B. Seger, P. E. Crowley, H. A. Worcester. E.
S. Harkness, Albert H. Harris, Frank J. Jerome, Wm, C. Proctor, Bertram
Cutler.— (V. 125, p. 2668.)
CLEVELAND & MAHONING VALLEY R Y.— Owns from Cleveland, O .
to Penn. State line, 81 m. (77 double track); Niles, O., to Lisbon, O.
36 m.; Girard to Youngstown, O., 6 m. Leased to Nypano R R . (formerly
N. Y . Penn. & Ohio) under new lease dated 1917; rental, $550,967, with an
additional amount contingent. The shareholders voted Feb. 23 1917 (a'
to issue $2,851,800 pref. (a. & d.) stock for impts., elimination of grade
crossings, &c. (none issued to May 1927); (6) to make a modified lease foi
999 years from Mar. 9 1917, during the corporate existence and all exten­
sions thereof, to the Nypano R R . C o., a subsidiary of the Erie Railroad
Co. V 104, p. 163 Coui) tnt is J . & J ., reg in t,. O.-J. Common stock Is
$3,259,200, of which $3,258,400 is held by “ Atlantic Leased Lines Limited,”
o f London. Dividends:in 1906 to 1911. 11.40%; 1912, 8 :>4%; 1913, 11.20%;
1914, 11.25%: 1915, 11.40%: 1916, 11%: 1917, 11.75%; 1918, 10.75%
1919, Jan., 2 fg % ; April, 2%%', Oct., 1919 to Oct. 1927, 2 % % quar. Also
on Oct. 1 1927 paid 1% extra. For 1926, total income, $568,574; Fed.
taxes, $54,985; interest, $146,800; rentals, &c., $21,027; divs., $342,216;
bal., $3,546. Corporate office, 530 Guardian Bldg., Cleveland, O.— (V.
104, p. 1701.)
CLEVELAND & PITTSB U R G H R R .— (See Map Pennsylvania RR.)—
Cleveland, 0 ., to Rochester, Pa., 122 miles; branches, Bayard, O., to
Goshen, O., 38 m .; Yellow Creek to Bellaire, 43 m.; branches to Dover and
Valley Jet., 2 m.; trackage, Rochester to Pittsb. (P. Ft. W . & C hic.). 20
tn.; other trackage, 23 m.; total, 253 miles.




Amount
Outstanding

$1,000 $28,579,000
&
1893
1,000 4,161,000
1893
II A &
&
1903
1,000 3.000.
000
5.000.
000
V March
1890
1,000 5.000.
1911
000 g J &
4
J &
1910 300$fr &c 9,650.181
4
J &
1914 1,000 &c
746.000
5
1,000
230.000
1915
5g J &

Jointly with other roads covenants to pay New York Central Lines
equipment trusts o f several issues, the amount outstanding Dec. 31 1925
on account o f equipment so acquired by the C. C. O. & St. L. being: Issue
o f 1912, $159,890: 1913, $233,467; 1920, $7,611,114: 1922, $4,500,000:1922,
$2,688,000: 1923, $806,000: 1924, $5,978,000 1924: $5,264,000: 1925,
$4,950,000. V. 85, p. 1401: V. 86, p. 168: V. 88, p. 761: V. 90, p. 1677;
V. 93, p. 1726.
Guarantees jointly with N. Y . Central and N. Y. Chicaago & St. Louis
$12,000,000 Series “ A " 5 H % and $5,000,000 Series “ B ” 5% 1st mtge. s. f.
gold bonds o f Cleveland Union Terminals Co. V. 114, p. 2716.
Equipment trust 1917, V. 108, p. 973. 1060. 2329, 2341: V. 105, p. 72:
V. 106, p. 2021; V. 107, p. 695.
Equipment trusts issued to Director-General for rolling stock allo­
cated to this company. See article on page 3 (outstanding in Dec. 1926,
$3,120,300).
R E PO RT.— For 1926 showed:
Calendar Years—
1926.
1925.
1924.
1923.
Miles operated________
2,397
2,391.46
2,398.01
2,407.90
Railway operating revs.$94,539,987 $92,061,070 $87,712,381 $94,941,444
Railway operating e x p .. 70,058,665 67,001.482 66,740,728 72,114,741

Gross income________ $4,861,967
Deduct, from gross in c .. 2,158,462

[V ol. 125.

RAILW AY STOCKS AKD BONDS

LEASE.— Leased for 999 years 1871 to Penn. R R . Co. and since Jan. 1
1918 operated directly by that company. Rental, divs. on stock, int. on
bonds and organization expenses. “ Speolal guaranteed betterment stock”
(subordinate to the original stock as to dividends only), with dividends of
4% guar by the Penn. R R ., Is Issuable for impts. V. 79, p. 2205, 2642;
V. 83. p. 625; V. 85, p. 1082; V. 87. d . 812: V. 91. p. 1446; V 93, p . 1785;
V 96. p 135: V 97 p. 1425: V 98. p. 999; V. 100, p. 1348
Of the special
guaranteed 4% stock, Penn. R R . Co. owns $7,500,000, and of the guar­
anteed betterment stock, the Pennsylvania Co. owns $6,050,000. V . 101
p. 1464, 448; V. 92. p. 1031, 1108.
BOND8.— All equally secured: guaranty. V. 56, p. 604; V. 106, p. 259:
V. 109. p. 1079.
REPO RT.— For 1926:
Cal. Years—
Gross.
Deductions.
Dividends.
Balance.
$336,272
$1,899,815
$3,003
1926____________ $2,239,089
1925_____________ 2,244,045
344,178
1,899,815
52
OFFICERS.— Pres., Andrew Squire; V.-Pres., L. A. Murphy; Sec. &
Treas., J. E. Kloss, Cleveland, O.; Asst. Treas., J. W . Marshall, 380 7th
Ave., New York City.— (V. 119, p. 810.)
CLEVELAND UNION TERMINALS CO. (TH E).— Company was or­
ganized to construct in the centre of Cleveland a new union passenger
station and terminal facilities. made necessary by the continuous growth in
the great volume of railroad traffic moving to, from and through that city.
The station will be used by the railroad companies named below , these com ­
panies having entered into an operating agreement with the Terminals
Company under which they are obligated to pay to the Terminals C o.,
each in proportion to its use, sums covering in the aggregate all operating
expenses, taxes, interest and sinking fund charges of the Terminals Co.,
but with the reserved right in the Terminals Co. to admit other railroads to
the use of the terminal property as tenants, upon terms and conditions to
be agreed upon and approved by the railroad companies.
BONDS.— The 1st mtge. sinking fund gold bonds are unconditionally
guaranteed, principal and interest, jointly and severally, by endorsement,
by New York Central R R ., Cleveland Cincinnati Chicago & St. Louis
Ry. and New York Chicago & St. Louis R R . (see description in V. 117,
p 207). Series “ A ” bonds are redeemable, as a whole only, on and after
April 1 1942 at 105 and int. '.also for sinking fund on and after Oct. 1 1927.
Series “ B” bonds are redeemable at 105 and int. in whole or in part on April 1
1943, or on any interest date thereafter, and for sinking fund semi-annually,
beginning Oct. 1 1928.
OFFICERS.— Pres., C. L. Bradley; Sec., C. W . Stage. Treas., W . J.
Pinkett. Office, Cleveland, O.— (V. 125, p. 644.)
COLORADO AND SOUTHERN R Y . CO. (TH E ).— Operates a system
of roads from Guernsey, W yo., through Denver to Fort Worth, Galveston,
Houston, Dallas, &c. Total oper. Dec. 31 1926, 1 ,819 miles, including
170 miles operated under lease or contract, notably 130 miles of trackage,
Denver to Pueblo, over Atch. Topeka & Santa Fe. Total line owned.
1,726 miles (of which 78 miles not operated b y the co .), viz. (*whicb
see):
Colorado & Sou. R y. (owned)_ 822 Wichita Valley R y _______________ 52
_
Wichita Falls & Oklahoma______ 35
Controlled Lines—
Wichita Valley R R ______________ 61
Colorado R R __________________ 91 Abilene & Northern______________ 38
Fort Worth & Denver City_____*455 Stamf.& N.W . R y.(V .89, p.1284) 83
The I.-S. C. Commission has placed a tentative valuation of $34,789,000
on the total owned and $38,209,922 on the total used property of the com­
pany as of June 30 1918.
In April 1906 acquired a one-half interest In the Trinity & Brazos Valley
R y., own tag a line from Cleburne to Houston. T ex .,236 miles, with branch to
Waxaha1chie. 67 miles. The suit against Ch. R . I. & Pac. R y. to compel
payment of latter's share of cost of building the T . & B. V. R y., was settled
Dec. 23 1918. V. 109, p. 672; V. 108. p. 378, 479. 1610; V. 103, p 2428
See that co. and V. 98, p. 1920.
O R G A N IZA TIO N .— Reorganization Jan. 1899. V. 67. d . 748. In
Dec. 1908 the Chicago Burlington & Quincy aoqulred $23,667,500 common.
V. 87, p. 1663, 1604; V. 88, p. 158. 685.
Owns a large majority of the com. stock of Fort Worth & Denver City
Ry. which see. Controls Denver & Interurban (Electric) Railway
which owns 9.48 miles, and operates 36.14 miles of Coi.& Sou., electrified,
under lease. V 87, p 950: V. 89. p. 934.
DIVS.
1 ’08-T1. '12. '13. '14-T5 .1916’17-’2 0 .’21-’
1st pref% _ ----- ) 4 yrly
4
4 None
2%
4
4
2d pref. % . — 14 yrly 4
4 None
____
4
4
3ommon% ___ J2 yrlv 1
0 None
___
3
Paid in 1927 June 30, 2% on 1st pref.
BONDS.— 1st M.. see V. 68. p. 1027; V. 77, p. 2158: V. 87. p. 444, 1160.
The$100,000,000 Refunding bonds of 1905 were made Issuable as follows
For Refunding bonds and equipment obligations of system_____$36,850,000
For betterments and improvements, including equipment, at the
oum. yearly rate of $500 per mile of operated & controlled lines 15,000,000
For reimbursement of the treasury of the company. Sec________
2,500.000
For acquisition of additions (incl. double-tracking)__________ 45.650.000
The Refunding bonds are secured by a first lien on all the bonds andpra^
tloally all the stock of the cos. owning about 706 miles of road. Including the
Wichita Valley lines and the Trinity & Brazos Valley Ry.; also, by direct
lien, subject to the first mortgage, on about 1,002 miles of road owned by
the Colorado & Southern and on the stock of subsidiary cos. whose bond*
are not pledged under the mortgage, owning 556 miles of road, matins
1,604 additional miles, on whioh there are outstanding $30,174,900 undue
lying bonds: total thus covered, 2,304 miles, on whioh the total outstanding
unded debt, including these bonds and all prior liens, averaged $26,471
per mile. V. 80. p. 1791; V. 91, p. 462. 214: V. 93. p. 1021.
Of the Fort Worth & Denver Terminal bonds, $300,000 sold and $428,608
held bv Ft. W. & D. O. Ry. V. 86, p. 52. 1100: V. 87, p. 949.

Nov., 1927.]

49

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Cleve & M V— Pref stk 446 % cum ($2,851,800 auth)_
$50
Cons M (now 1st) $3,000,000 g .
_____Ce.xc&r
123 1888 1,000 &c
Cleve & Mar— See Toledo Columbus & Ohio Riv Ry
__
Cleve & P ittsbu rgh— Stock 7% guar by Penn RR Co
50
Special betterment stock $28,738,135 auth guar 4 % .
50
Gen M $10,000,000 gold. F fS e r ie sA & B
. xc*
205 1892
1,000
Guaranteed prin "and int-! Series B int reduced.x
205 1892
1,000
(endorsed) Penn R R .. iSeries C & D __ xc*
205 ’98-00
1.000
Cleveland S h ort Line— See New York Central RR
Cleveland Term inal & Valley— See Balt & Ohio.
Cleveland U nion Term inals Co— 1st mtge s f g—
Series “ A ” red text
_
__ __ _ c*&r*
_
1922 500&1000
Series “ B ” red (text)
. __ __c*&r*
1923 500&1000
Coal River Ry— See Chesapeake & Ohio.
C olorado & S ou th ern — Common stock $31,000,000.
100
100
First preferred 4% non-cumulative $8,500,000 _ .
100
Second preferred 4% non-cumulative $8,500,000. .
First mortgage gold $20,000,000___________ Eq.zc* 1,011 1898
1,000
Ref & Ext M $100,000,000 gold red 101. _Ce.xc*&r* Text 1905
100 &c
Equip tr No 19 (U S RR Adm) due $70,000 ann_ G
_
1920
Equipment trust o f 1922.
.
.
__
1922
1,000
Lines Controlled by Ownership of Practically Entire Capita l Stock
Fort Worth & Denver City 1st mtge gold . .B a.zc*
1,000
454 1881
Equip trust No 20 (U S RR Adm) due $33,900 ann.G
. . . 1920
Equipment trust o f 1922, due $50,000 annually
1922
1,000
Ft W & Den Ter R y 1st M $2,500,000 call 105.Ba.xc
1.000
1907
C olo Springs & C ripple Creek D istrict Ry—
1,000
First mortgage $2,000,000 gold sinking fund_.C e.z
74 1900
1,000
First consol mortgage $3,600,000 gold___
G.xc&r
1902
1,000
Colum Newb & Laurens— 1st M $12,000 per m .SBaz
75 1887
C olum bus & T oled o— See Hocking Valley Ry

Rate
%

When
Payable

None
$1,936,000

433
5g

11,229,000
27,822 250
4,114,000
349,000
3,500,000

Q— M
7
Q— M
4
43$ g
a
33$ g A & O
y
33$ g

11,967,700
26,000,00(1

53$ g A
A
5g

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

A & O Apr 1 ’27 2 % %
Winslow, Lan & C o, N Y
See text Jan 1 1938

& O Apr 11972
& O Apr 11973

31,000,000 See text. See text.
8,500,000
4
J & D
8,500,000
Dec
4
sl2,288,000
4g F & A
r28,978,900
43$ g M & N
560,000
6
J & J 15
1,950,000
53$ M & N
8,173,000
271,200
500,00C
300,000

53$ g J &
6
J & J
53$ M &
J &
6

1,255,000
1,379,000
888,000

5g
5g
3g

J
A
J

D ecl ’27 873$c. Asst. Treas. C o.’s office
do
do
Dec 1 1927 50c.
do
do
Jan & Oct 1942
Oct 1 1942
do
do
do
do
1948-1950

D
15
N
D

New York or Cleveland
do
do

Dec 31 1926 3% Office 26 Liberty St, N 3
do
do
June 30 ’27 2%
do
do
Dec 31 19264%
Feb 1 1929
do
do
do
do
M a y l 1935
To "Jan 15 1935 Guaranty Trust C o, N Y
First Nat Bank, N Y
M a y l 1937
Dec 1 1961
Office, 26 Liberty St, NY
To Jan 15 1935
To M ay 1 1937 First National Bank.N V
Office, 26 Liberty St,N Y
Dec 1 1937

& J Jan 1 1930
& O Oct 1 1942
& J July 1 1937

See text
See text
Safe Dep & Tr C o, Balto

a Series “ A .” J & J: “ B ” A & O.
y “ C ." M & N: ” n . ” f & A.
s Additional $7,114,000 owned or controlled by the compa ny.
r Additional $7,067,371 owned or controlled by the compa n „
RE PO RT.— For 1926, in V. 124, p. 3061, showed:
Colorado & Southern Lines.
Calendar Years—
1926.
1925.
1924.
1923.
Total oper. revenues..$28,172,807 $25,654,155 $25,946,731 $23,869,220
Total oper. expenses..$18,973,320 $17,750,629 $17,770,169 $18,699,465
Railway tax accru als...
1,750,817 1,637,703
1,512,347
1,321,188
Uncoil, railway revenue.
8,596
6,993
9,828
12,698
Hire of equipment (n et;. Ur.559,934 U r.531,425 U r.386,743 Cr.290,205
Joint facility rents .n e t).
U r.179,06 Ur.65,924 Ur.46,880 Ur.51,800
Operating income___ $6,701,079
$5,661,483 $6,220,764
Non-oper. income___
741,319
694,229
708,744
Gross income_________ $7,442,398 $6,355,702 $6,929,518
Miscellaneous rents____
3,693
7,121
21,072
Int. on funded debt____ 2,460,139
2,551,365
2,698,055
Int. on unfunded d e b t..
9,905
7,860
9,365
Amort .of disc.on funded
31,756
32,157
32,926
88,868
91,259
112,129
Miscell. inc. charges____
1,610,299
680,311
680,311
Dividends_____________

$4,065,274
674,136
$4,749,410
20,493
2,707,965
8,841
33,425
54,441
680,537

Balance, surplus_____$3,237,738 $2,985,628 $3,375,660 $1,244,009
For latest earnings, see “ Railway Earnings Section” (Issued monthly).
OFFICERS.— Pres., Hale Holden, Chicago: Exec. V .-P.. C. G. Burn­
ham, Chicago; Y .-P. & Gen. M gr., Robert Rice, Denver; Sec. & Treas.
B. F. James, Denver; Asst. Sec. & Asst. Treas., C. I. Sturgis, Chicago.
— (V. 125, p. 1703.)
COLORADO SPRINQS & CRIPPLE CREEK DISTRICT RY.— Colorado
Springs to Crippie Creek, Col., 47 m.; branch, Cameron to Victor, 5 m.
other branches and spurs, 22 m.; total, 75 m.; of whioh 57 m. steam, 16 m
steam and electric and 2 m. solely eleotrlc. In Jan. 1905 Colorado 4
Southern aoaHired all the stook except $900 com. V. 80. o. 472, 1111 1423.
Leased to Cripple Creek Cent. Ry. system in 1912 (V. 94, p. 123), but the
rental due having been In default since M ay 1 1918 the lease was terminated
April 22 1919. George M . Taylor. Colorado Springs, was appointed re­
ceiver May 10 1919 at the reouest of the bondholders' committee. V. 108
p. 2022. The burning of a bridge in M ay 1918 temporarily put the main
fine out of commission, but this having been repaired operations were begun
again July 15 1919. but. proving unprofitable, operations were again sus­
pended in 1920. Receiver’s certif. for $50,000 for two years at 7% issued
June 15 1919 to replace the bridge, &c., and for $130,000 sold at end of
1921 to settle accrued taxes have been paid off. V. 108, p. 170. 479, 2528.
The road was sold on Oct. 16 1922 to W . D. Corley o f Colorado Springs,
for $370,000. Certain claims and funds in the hands of the receiver were
excluded from the sale. From the proceeds of the sale $150 per bond was
paid in June 1923 to holders of certificates of deposit for 1st mtge. 5s. In
April 1924 a further $100 per bond was paid out of moneys collected from
the Federal Govt, under the Transportation Act of 1920. V. 118, p. 1910.
A suit for $1,000,000 for unpaid taxes, damages, &c., instituted in 1919
by the receiver against the former lessee and others is still pending.
On Oct. 1 1918 the interest on the $1,379,000 First Consols and on Jan. 1
1919 the interest and sinking fund on the $1,255,000 First Mtge. bonds went
unpaid. In Aug. 1919 the Central Union Trust C o., N. Y ., declared the
principal of 1st M . 5s immediately due and payable. V. 109. p. 887.
Committee: (a) For 1st M . os (majority deposited): James Timpson
(2d V.-Pres. Mutual Life Ins C o., N . Y .), Chairman; Central Union True;
Co., depositary, (b) For 1st Consols (majority deposited): F. J. Lismar;
of N. Y ,. Chairman; hi. Y T r u s t C o., depositary. V. 108. p. 170. 378
479. 578, 2433, 2528; V. 118, p. 1910.
Stock, all outstanding, com., $1,200,000; pref., 5% non-cum., $800,000
Par of shares, $100 each. Div. 5% on pref.. paid Feb. 1907, June 1908 anc
Nov. 1 1909. On com , 2% . Sept. 1908. Sinking fund to retire first mtge
bonds yearly at 110 for first 15 years, then at 107 3$ for 5 vears then 105 fo;
next 5 years. 102 4$ for 3 years, thereafter at par, is in default. V. 76.
p. 345. E. H. Leslie, Sec.— (V. 118, p. 1910.)
COLUMBIA NEWBERRY & LAURENS R R .— Columbia to Laurens
S. C ., 75 m. The I.-S. C. Commission has placed-a tentative valuation o '
$1,797,000 on the owned and used property o f the company, as of June
30 1918. Stock $500,000. Bonds were 6s, but reissued as 3s in 1900,
Income certificates to amount of 40% o f bonds being Issued. Bonds issued.
$899,000; in treasury $11,000. At last accounts had also outstanding
$359,600 5% non-cum. certfs. for funded coupons
The I.-S. C. Commission on N ov. 4 1926 authorized the Atlantic CoaB
Line R R . to acquire control o f the company by purchase of its capital stock
Year ending Dec. 31— Gross.
Net.
Other Inc. Cha^oes Surplus
1926 __________________ $638,339 $205,994 $111,785 $111,785 $109,391
1925 __________________ 597,541
151,857
12,843
121,420
43,280
1924 - _____
630,439
149,893
12,481
127,022 35,353
Pres., J. P. Tavlnr: V.-Pres.. T. B. S. Lyles: Treas.. C. P. Seabrook.
Columbia, S. C .— (V. 124, p. 3626.)
COLUMBUS & XENIA RR.— Owns from Columbus, O., to Xenia, O.
B5 miles. Operated as a division of the Little Miami, and is leased for 96
years from Dec. 1869, in connection with that road, to the Pittsburgh Cin­
cinnati Chicago & St. Louis, which pays 8% on stock. The lease was as­
signed to the Pennsylvania R R . C o., March 26 1921. Since Sept. 1913 the
quarterly dividends have been: Mar. 10, 2 1-5%; June 10, 2% ; Sept. 10,
2 1-5%, and Dec 10,2 1-5%, making the yearly dividend rate 8 3-5 % . Pres.,
Rutherford H. Platt; V.-Pres., B. G. Huntington; Sec. & Treas., Charles
A. Covert.— (V. 72, p. 532.)
CONCORD & PORTSMOUTH RR.— Owns Portsmouth, N. H. to Man­
chester, N . H ., 39.82 m. Leased to Boston & Maine R R . in 1862 for 99
years; rental $25,000; 7% on stock and org. exp. Oper. by Boston & Maine.
CONNECTICUT & PASSUMPSIC RIVERS RR.— White River Jet., Vt.
to Canada Line. 110 m.; leases 999 years Massawippi Valley, 37 miles.
Owns all the stock ($350,000) of the Newport & Rlchford R R ., New­
port, Vt., to Canadian line, 21 miles, operated under lease by Montreal
& Atlantic Ry. (Can. Pac. system), and guarantees its $350,000 1st 30-yeat
5% bonds dated Jan. 1 1911. V. 91, p. 946.




LEASE.— From Jan. 1 1887 leased to the Boston & Lowell (now merged
with Boston & Maine) for 99 years. Rental is 6% per annum on the stock
The Boston & Main in 1926 leased that part of the road between Wells
River Jet. and Newport, Vt.. to the Canadian Pacific. V. 122, p. 2795.
The Boston & Maine has leased the Massawippi Valley R y. to the Quebec
Central Ry. Co.
SECURITIES.— Massawippi stook reoeives 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. o f the $2,500,000 pref.. $700,000, as also
$100,000 Massawippi Valiev Ry. stock, was purchased Feb. 1 1910 by tbs
Vermont Valley. Pres. H. E. Folsom; V.-Pres., G. B. Young; Sec. & Treas.,
Harry Blodgett; St. Johnsbury, V t.— V. 122, p. 2795.)
CONNECTICUT RIVER R R .— See Boston & Maine RR.
CONNECTING RAILW AY CO.— Owns from Girard Avenue to
Frankford Phlla., 6 m.; North Phila. to Chestnut Hill. 7 m.; branches,
Ac., 23 m.; total, 36 m. V .103, p.1508. Stook authorized, $5,800,000; out­
standing. $4,116,650. of which $3,825,350 owned by Penn. R R . Dec. 31
1926, which operates road under lease assigned to that company by Philh.
& Trenton R R .. terminating Feb. 18 2862. Dividends 4% yearly (J. & D .).
In 1911 made a new 1st M . for $15,000,000, guar., p. & 1.. by Penn RR.
V. 103. p. 1508. V. 93. p. 229. 730: V. 98. p. 522, 610.— (V . 119, p 2874.)
CONNELLSVILLE & MONONGAHELA R Y .— Owns Moser Run Jetto Brownsville, Pa., 15.68 miles; branches and spurs, 6.75 miles; to W
22.43 miles (connecting Penn, with Monongahela R y .). Incorporated n
Penn. Mar. 11 1905. Leased to Penn. RR. until Jan. 1946at rental equal
to 4% on cost of road, taxes, operating and maintenance charges, rental
being more than sufficient to pay interest charges and retire principal of
bonds through sink, fund at or before maturity. Sink. fd. $25,000 yrly
to call bonds in numerical order, but to be kept alive. V. 93, p. 407. On
Dec. 31 1926 $211,000 were outstanding and $796,000 were in sinking fund.
Stock, $700,000. Controlled by or in interest o f U. S. Steel Corporation
Pres.. W . H. Clingerman; Sec. & Treas., J. D. McCreery.— (V. 119, p. 1083. i
CONSOLIDATED RAILROADS OF CUBA.— Incorp. on July 28 1924
in Cuba. Owns all the common stock of Cuba R R ., substantially all of the
common stock of Cuba Northern Rys. The corporation has issued approxi­
mately 400,000 shares of cumulative 6% pref. stock and 400,000 shares of
com. stock having no par value. Only the com. stock has voting rights.
Cuba Co. owns 34,345.9, 189.5 shares o f the Preferred stock and 395,050.7
shares of the com. stock. A few shares of the pref. and com. stocks remain
in the treasury of Consolidated Railroads o f Cuba to be exchanged event­
ually for com. stock o f Cuba Northern Rys. The com. shares of Consoli­
dated Railroads of Cuba have been deposited with five voting trustees, of
whom four are stockholders and directors of Cuba Co. Voting trustees are
Guy W . Currier, Herbert C. Lakin, Horatio S. Rubens, Jose M . Tarafa,
and William H. Woodin.
R E PO RT.— For year ended June 30 1927 in V. 125, p. 1576, showed
1925.
Year Ended June 30—■
1927.
1926.
Dividends on stock owned____________ $2,515,000 $2,650,000 $1,950,000
1,305
Interest______________________________
17,368
4,896
Profit on sale of securities_____________
133,849
--------Total______________________________ $2,666,217 $2,654,896 $1,951,305
55,003
72,563
Administrative and general expenses—
47,678
Net income________________________ $2,619,139 $2,599,893 $1,878,742
Dividends on preferred stock__________ 2,398,877 2,398,466 1,197,144
Net surplus________________________
Refund of prior yrs. exp---------------------Balance surplus

$245,263
25,000
$201,428

$681,598

D IR E C TO RS.— William H. Woodin, Horatio S. Rubens, Guy W. Cur­
rier, Herbert C. Lakin, Jose M . Tarafa, Percy A. Rockefeller. Richard B.
Van Horne. Edward J. Berwind, W m. V. Griffin, and W m. H Baker.
V. 125, p. 2668.
COOPERSTOWN & CH ARLOTTE VALLEY R R .— Entire $45,000
capital stock owned by Del. & Hudson Co. (V. 77, p. 88). which also owns
$269 900 (87%) of the $307,400 outstanding stock of Coonerstown & Susauehanna Valley R R . Owns Hemlock Road to Davenport Centre, 4.01 m., of
which 1.77 m. are operated; leases for 99 years from Apr. 15 1891 Cooperstown & Susq. Val. R R ., Cooperstown to Hemlock Road, with branch to
Cooperstown Jet., 19.75 miles. The I.-S. C. Commission has placed a final
valuation o f $26,000 on the owned and used and $515,427 on the used but
not owned property of the company as of June 30 1916.
COPPER RANGE R R . CO.— Calumet, M ich., to Mass City, with
branches; total, 93 miles; side tracks. 41 miles. Lease Mohawk R R . to
Gay, jl5.84|miles,with branches, &c., 1.66 miles. Final valuation of $4,665,180
on the owned and used property of the company as of June 30 1919. V.
124, p.3491. Stock, $4,244,300, all owned by Copper Range Co. Bonds
limited to $20,000 per mile of main line and branches and $15,000 per mile
of sidings.
Pres., William A. Paine; V.-P. & Treas., F. W . Pafn3; Sec., J. A. Ack"Ovd, Boston.— (V. 124, p. 3491.)
COPPER RIVER & NORTHWESTERN R Y .— Owns from Cordova,
Alaska, on tidewater, through the Copper River Valley to Kennecott, 197
miles. Kennecott Copper Corp. (V. 101, p. 1889) in Dec. 1915 acquired
all of the outstanding securities, $4,817,400 stock and $23,020,000 1st M .
5s.— (V. 118, p- 2303.)
CRIPPLE CREEK CENTRAL R Y. CO. (TH E ).— Owns Cripple Creek
& Colorado Springs R R . and Midland erminal Ry. through ownership
of all their stock.
Miles.
Main line, Colorado Springs to Cripple Creek_ _________________ _ 53.21
_
Branches and spurs____________________________________________- 39.06
Total system __________________________________________________ 97.27

50

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

Miles Date
Road Bonds

Colum bus & Xenia-— Stock 8% rental .
. .
55
39.82
C oncord & P ortsm outh— Stock 7 % rental 99 years
Conn & Passumpsic— Pref stock 6% rental 99 yrs c*
110
First mortgage $1,900,000 gold
_ . __
zc*
Massawippi stock guar same div as Conn & Passump
37
Newport & Richford 1st M gold guar by C & P ..z c *
21
C on n ecticu t River— Bonds— See Boston & Maine RR
(36
C onn (P hila)— lstM $15,000,000guarp & i.G P .kvc*
136
C onnellsvllle & M onon— IstM g s f redpar.UPi.xc&r
C opper Range— First mortgage gold (see te x t).. . . x Text
C opper Riv & N orthw est— IstM $50,000,000-G.xc*
197
C ripple Creek C entral— Common stock.
...
Preferred stock 4% non-cumulative. __________ .
Cuba Railroad Co— Common stock 1,000,000 shares
Preferred stock 6% non-cumulative $10,000,000. .
First mortgage gold $20.000 per mile
. . G .xc*&r * 719.09
Impt & equip ment gold $12,000 per mile.
-N.xc* 719.09
First lien and refunding Series A ______ kxxxc&r*
do
do
Series B red 102__________ xxxc*
—
Equipment trust certificates—■
due $85,000 semi-annually__________ .c *

1893
1911
1911
1911
1905
1899
1909

1902
1910
1921
1926
1920

Par
Value

Amount
Outstanding

$50 $1,786,200
100
350,000
100 2.500,000
1,000 2,900,000
400.000
100
1,000
350,000

Rate
%

1,000

510,000

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Treasurer, Columbus, O
8 2-5 Q— M See text
J & J Jan 1 1927 3 ^ Manchester, N H
7
F & A Feb 1 1927 3% Safe Dep & Tr Co .Boston
6
A & O Apr 1 1943
do
do
4g
F & A Feb 1 1927 3%
do
do
6
do
do
5 g J & J Jan 1 1941

1,000 7,000,000
4g
1,545,000
1,000
5g
1,000
211.000
4g
500 &c 2.280,000
5g
1,000 23,020,000
5g
100, 2,500,000 See text
1.980,000 See text
65
None 500,000 shs See text
100 $10,000,000
6
1.000 &c 14,418,000
5g
$ & fr
4,000,000
5g
100 &c 4.000,000
7Y> g
6 g
500-1000
1,376,000

Reorganization (per plan in V .78 ,p. 2018; V. 77. p. 1542.) of the Denver
& Southwestern, foreclosed Oot. 4 1904. V. 79- p. 1461; V. 101. p. 1184
The lease o f the Colorado Springs & Cripple Creek District R y. termi­
nated April 22 1919. See that company.
STOCKS AN D BONDS.— Com. stock, $2,500,000 auth. and outstand­
ing; 4% non-cum. pref. stock, $3,000,000 auth. Redeemed by capital dis­
tributions $1,020,000, par o f shares, $100. Y . 82, p. 1156; V. 85, p. 1209.
BONDS.— $326,000 first mtge. bonds o f the Florence & Cripple Creek
RR. C o ., assumed and guaranteed by the Cripple Creek & Colorado Springs
R R . Co. and owned by Cripple Creek Central Ry. Co. were paid during
1918. The company still owns $319,000 o f these bonds.
D IV I8.— '07. ’08. ’09. ’ 10. ’ l l . ’ 12. 13-15. ’ 16. ’17. ’ 18.
1919-26
Com., %
6 0 0 0 0 3
4
1 5 6
3
See text
Pref %___ 4 4 4 4 4
4 4 4 4
See text
in Feb. 1916 an extra dividend o f 10% was declared with the quarterly
1% , on common stock, both payable March 1. In Sept. 1918 the common
dividend was omitted, but the usual pref. dividends Nos. 52 and 53. 1%
each, were paid Dec. 1918 and March 1 1919.
A capital distribution (No. 35) of 1% was paid on the pref. stock Dec.
1927 “ out o f funds heretofore realized from sale o f capital assets.” Thirtyfourprevious quarterly distributions each o f 1 % had been made from capital
assets. No. 1 June 1 1919, and No. 34 on Sept. 1 1927. The present dis­
tribution, it is understood, will reduce the face value of the pref. shares to
$65.
REPORT.— For 1926 (Midland Terminal Ry. C o.):
Cal. Years— Gross.
Net.
Other Inc. Rents, Fares,&c. Balance.
1926__________$618,324 def$5,881
$8,315
$24,154
def$21,721
1925--------------- 623,358
5,033
7,220
165,361
defl53,108
OFFICERS.— Pres., A. E. Carlton; V .-P ., Spencer Penrose; Sec., E. S
Hartwell; Treas., A . S. Gill; Gen. M gr., J. J. Cogan, Office, Colorado
Springs.— (V. 124, p. 106.)
CUBA RAILROAD CO. (TH E).— Incorp. M ay 1 1902. Owns from
Santa Clara, Cuba, to Santiago de Cuba, 356 miles; Marti-Bayamo San Luis
line, 141 miles; 10 branches, 294 miles; total June 30 1927, 791 miles. In
Nov. 1915 purchased the entire $2,000,000 capital stock o f the Camaguey
& Nuevitas R .R ., which on Jan. 8 1923 was increased to $5,000,000, all
of which was owned by Cuba R R . Co. This stock has been sold to Con­
solidated RRs. o f Cuba. The stockholders on Aug. 22 1924 authorized the
purchase o f the assets o f the Camaguey & Nuevitas R y. and this authorzation was duly carried into effect. Camaguey & Nuevitas R y. was dis­
solved in M ay 1927. The Cuba R R . Co. assumed $4,000,000 bonds o f the
Camaguey & Nuevitas R y ., all o f which are owned by the Cuba R R . C o .
In Sept. 1926, the entire capital stock o f the Espirituans Rys. was pur­
chased by the Cuba R R . C o., and in Aprl 1927 the stockholders o f the
latter company authorized the dissolution o f Espirituans Rys. and the
taking over o f all its properties and assumption o f all o f its debts.
STOCK.— The stockholders on June 27 1923 increased the auth. Common
stock from 200,000 shares, par $100, to 1,000,000 shares, no par value.
500.000 shares o f no par value stock being issued in place of the then
existing 158,000 shares o f $100 par value. The entire common stock has
been acquired by the Consolidated Railroads of Cuba.
DIVIDEN DS (% ) 1910
’ l l ’ 12 ’ 13 ’ 14 ’ 15 ’ 16 ’ 17-’20
’21-’26
Preferred----------------- 3H
4 ^ 5M
6
6
6
6 6 yrly
See
Common (in cash)_ ____________
_
46 6
6 ______
text
Also on com. in com. stock In 1916, Jan., 20% ; June, 25% - V .106. p. 752
On Feb 1 1918 paid a scrip dividend of 3% on the pref. stk, redeemable
on Feb. 1 1921, or earlier at option of company, with 6% Interest pa yable
annually Feb. 1; also Aug. 1 1918 on pref. a scrip dividend of 3 % . and. Feb
1919 to Aug. 1920 paid cash divs. of 3% s. a.; Feb. 1921 div. was omitted
payments resumed in Aug. 1922, when 3% was paid; Feb. 1 3 to Feb. 1927
paid 3% semi-annually. The scrip due Feb. 1 1921 was calleu fai ■ vment
Feb. 1 1920. V. 109. p. 1986; V. 110, p. 77Dividends on common stock were resumed Dec. 1 1923, when $4.00 a
sh. was paid; Aug. 30 1924, $4.00; Dec. 31 1924, $1.20 a sh.; Jan. 26 1925,
$0.20 a sh.; March 31 1925, paid $1.20 per share; on June 30 1925 paid
$1.30 per share; Sept. 30 1925 paid $1.50 per share; Dec. 31 1925 paid $1.40
per share; March 31 and June 30 1926 paid $1.20 per share, Oct. 1 1926
paid $1.40 per share, Dec. 20 1926 to Dec. 28 1927, paid $1.20 per share
quar.
BONDS, &c.— 1st M . bonds application to list, V. 86. p. 924: V. 88, p
451; V. 89. D. 162; V. 91, p . 38, 1253; in 1919 sold additional $1,150,000
V. 108, p. 2329. The 5% Improvement & Equip, bonds o f 1910 are limited
to $12,000 per mile (excl. sidings) owned. V. 91, p. 588,1253; V 95. d . 175
The 1st lien & ref. mtge. gold bonds, Series A and B, are secured by the
pledge o f $4,000,000 (entire issue) Camaguey & Nuevitas Ry. (Ferrocarri!
de Camaguey y Nuevitas) 1st Mtge. 7 H % bonds, due Dec. 1 2021, or prior
thereto, on demand, and $3,956,000 Cuba R R . Impt. & Equip. Mtge. 5%
bonds, due 1960, in addition to being secured (in the opinion of counsel! by
direct mtge. on entire property o f Cuba R R . Co., and all o f the 1st mtge.
bonds o f the Ferrocarril Espirituano (Espirituano R R .), which is a wellconstructed standard-gauge railroad approximately 42 kilometers in length
extending from Sancti Spiritus to the Port o f Tunas de Zaza.
RE PO RT.— For year ending June 30 1927, in V. 125, p. 1576, showed:
June 30
Gross
Gross
Interest Pref .Divs. Common Balance.
Years—
Earnings. Income. Charges.
(6%) Dividends. Surplus.
$
$
S
$
$
$
1926-27-------15,541,644 3,610,632 1,466,001 600,000 2,500,000def9551
369
1925-26_____ 16,605,764 4,982,464 1,373,307 600,000 2,650,000 359,157
1924-25_____ 19,511.046 6,422,828 1,477,308 600,000 3,950,000 395,520
1923-24_____ 14,384,257 5,012,380 1,485,985 600,000 2,000,000 926,395
1922-23------- 14,146,198 4,669,480 1,540,272 600!()00 ’ ______ 2.529,207
1921-22------- 11,722,972 3.232.286 1,685.842 600,000
______
946,444
OFFICERS.— Chairman & Pres., Horatio S. Rubens: Sec., W m. H.
Baker; Treas., Thomas L. Clear. Corporate office, 83 Montgomery St.,
Jersey City, N . J.; general offices, 3007 Grand Central Terminal Building,
New York; Secretary’s office, 441 Lexington Ave., New York.'— (V. 125, p'




[V ol. 125.

RAILW AY STOCKS AND BONDS

7 g

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

Mar 15 1951
Mar 15 1951
Sept 1 1930
Oct 1 1949
Feb 1 1950
See text
See text
Dec 28'27 $1.20
Feb 1 1928 3%
July 1 1952
M ayl 1960
Dec 1 1936
Dec 1 1936

Treas Pa R R Co, Phila
do
do
Union Tr Co, Pittsb, Pa
Old Colony Tr Co .Boston
J P Morgan & C o, N Y
Checks mailed
do
Checks mailed
Royal Bank o f Can, N Y
do
do
National City Bank, N Y
do
do

& O Oct ’27-Apr '30 Commercial Tr C o, Phila

CUMBER! AND & PENNSY* YANIA R R — Owns from Cumberlande
M d „ to Piedmont, W. Va., and several branches, 51 milee. Owned by th.
Consolidation Coal C o., which owns all the $1,500,000 stock. The I.-S. O
Commission has placed a final valuation of $4,105,700 on the property o
the company as of June 30 1918. Pres., C . W . Watson; Sec. & hreas.,
H. H. Warfield.— (V. 123, p. 1629.)
CUMBERLAND RAILW AY & COAL CO.— Owns road from Springhll
Jot. to Springhll! Coal Mines, N. S., and Parrsboro on the Bay of Fundy,
32 miles; also ooal acres, timber lands, &c. The Dominion Steel Corpora­
tion late in 1910 arranged to acquire the $1,000,000 stock. the $979,000 6%
bonds being exchanged for $1,167,000 5s guaranteed by Steel Corp. issued
under a mtge. for $3,000,000providing for future requirements. V. 91, p.
1629. 1766; V. 92, p. 186, 1435; V. 97. p. 1583 Leased to Dominion Coal
Co.— (V. 117, p. 1346.)
DAYTON & MICHIGAN R R .— Owns Dayton, O., to Toledo June., O.
140.87 miles. Leased May 1 1863 in perpetuity to Cin. Ham. & Dayton
(assumed by Toledo & Cincinnati R R . C o.). Lease modified June 23
1870. Rental is maintenance o f organization, interest on bonds and 8%
on preferred stock and 3)4% on common. Guaranty on preferred is
secured by mtge. of 1871, but the pref. earries no voting power. V. 561
p. 813. Mtge. of 1856 is held alive under mtge. of 1881. V. 91, p. 1446,
V 92, p 118. Status of stock and bonds was undisturbed by plan of 1916
by which B. & O. R R . took over possession, under lease, along with main
line of Cin. Ham. & Dayton.— (V. 92, p. 526.)
DAYTON UNION R Y .— Union depot at Dayton, O. Used by Pennsyl*
vania R R ., Cleve. Cin. Chic. & St. L., Balt. & Ohio R R ., Dayton & Union
RR. and Erie R R .. under lease which provides that interest on bonds and
other expenses be divided between them on train basis. The I.-S. C. Com­
mission has placed a tentative valuation of $666,135 «n the owned and
used property of the company as of June 30 1918. Stock, auth., $508,000;
outstanding, $321,000, all common. Pres., B. M cKeen, St. Louis, M o.;
Sec., S. H. Church, Pittsburgh, Pa.— (V. 124, p. 2584.)
DELAWARE RAILROAD CO. (THE) — (See Maps Pennsylvania RR.)—
Shellpot Crossing, Del., to Delmar, Del., 95.20 miles; branches, Centreville,
M d., to Townsend, Del., 34.98 miles; Clayton, Del., to Oxford, M d., 54.27
miles; Seaford, Del., to Cambridge, M d.. 32.96 miles; Massey. M d., to
south of Chestertown, M d , 20.52 miles; other branches, 7.29 miles; total,
245.22 miles.
Leased to Philadelphia Baltimore & Washington (which owns $2,704,600
it the stock! for 99 years from Mch 1 1910 at a guaranteed rental of 8% on
the stock, int. on funded debt and organization expenses. Operated by
Pennsylvania R R . under lease o f P. B. & W . R R . C o., effective Jan. 1 1918.
A special stock dividend of 70% was being paid Feb. 28 1910; also a special
cash dividend of 20% and an extra cash dividend o f 5% .
For cal. year 1926, rental, $423,349; other income, $2,209; charges,
$17,190; divs. (8 % ), $406,262; bal., sur., $87,752.— (V. 118, p. 430.)
DELAWARE & BOUND BROOK RR. (THE).— Bound Brook Junction,
N. J., to Delaware River (Pennsylvania State line), 27.86 miles; Trenton
Junction to Trenton, N. J., 3.74 m .; total, 31.60 m. Second track, 27.62
m. Third and other tracks, 37.44 m. Sidings, &c., 22.87 m.
HISTORY.— Chartered M ay 12 1874 under the laws of New Jersey.
Main line opened M ay 1 1876; Trenton Branch in 1877. In connection
with the Central R R . of New Jersey and the North Pennsylvania R R . this
road forms a line between New York and Philadelphia. Leased to the
Philadelphia & Reading R R . Co. (now Reading Co.) for 990 years from
May 1 1879; annual interest on bonds, taxes, maintenance expenses and
8% on capital stock. Rental, $213,107.50. The company controls the
East Trenton R R . Co. through ownership o f stock.— (V. 81, p. 210.)
DELAWARE AND HUDSON CO. (TH E)—(SeeAfap.)— OperatesR. Rlines from Wilkes-Barre, Pa., via Albany and Schenectady to Rouses PointN .Y ., near the Canadian line,with branches to Binghamton, Troy, Lake
Placid, N . A ., Rutland, V t., and other points, a total of 905.59 miles (of
ivhich 330.13 owned in fee, 463.82 miles leased or controlled through stock
ownership and 111.64 miles trackage rights, viz.:
Lines leased— *See these cos. Miles.
Steam Lines owned (330 m.) Miles.
Oarbondale to Scranton,Pa.,& br. 22 ♦Albany & Susquehanna________ 143
LookoutJct. to HonesdaleJct.,Pa. 28 ♦Rensselaer & Saratoga__________190
tfineveh, N.Y.toJefferson Jet.,Pa 22 ♦Chateaugay & Lake Placid R R .. 79
OherryV al Jet.toC herry V a l.,N . Y . 21 Other leased lines________________ 52
Schenectady to Delanson, N . Y _ . 14 ♦Jefferson R R . (trackage)______ 35
Greenwich to G reenw'ch Jct,,N . Y 10 Boston & Maine (trackage)_____ 37
Saratoga to North Creek, N. Y ._ 57 Other trackage__________________ 40
Whitehall to Rouses Point, e t c ..138
Jther lines owned_______________18
Total operated Jan. 1 1927 ___906
Second track, 371.42 miles; third track, 53.02 miles; fourth track, 18.79
miles; industrial tracks, yard track and sidings, &c., 675.53 miles.
Also leases Utica Clinton & Bingh. and Rome & Clinton R R ., 44 miles,
which are sublet to N. Y . Ont. & W . V. 116, p. 1760, 2128
The I.-S. O. Commission has placed a final valuation o f $57,195,100 on
the owned and used properties, $38,639,879 on the used but not owned
properties and $37,312 on the owned but not used properties o f the com­
pany, as o f June 30 1926.
The stockholders on Sept. 8 1925 approved the lease by the company
of the Buffalo Rochester & Pittsburgh Ry. for a period of 999 years. Under
the terms of the lease both the common and preferred stockholders of the
Buffalo Rochester & Pittsburgh are guaranteed a 6% dividend during the
duration of the lease. Application to the I.-S. C. Commission for approval
of the lease was filed in July 1926. V . 123, p. 575. Examiner averse to
lease, compare V. 123, p. 2650, 3034.
H ISTO R Y.— Incorporated April 23 1823 as “ The President, Managers
and Company o f The Delaware and Hudson Canal Company” ; name
changed April 28 1899.
A leading carrier of anthracite coal (V. 86, p. 913; V. 105, p. 2093.
All coal produced from the company’s mines is sold at the pit mourn to

Nov., 1927.]

51

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

When
Payable

Rate
%

Last Dividend Places Where Interest ant
Dividends Are Payable
and Maturity

Cum berland Ry & Coal Co— 1st M $3,000,000 g gu.
$1,000 $2,646,000
48 1910
5 g A & O Oct 1940
D ayton & M ichigan— Com stock (3 H % gu Tol Oinn)
A & () See text
1871
50 2,401,950
3X
Preferred (8% guaranteed Tol Cinn) endorsed_____
50 1,211,250
1871
8
Q— J See text
1st M gu p & 1 end ext in 1911 red 1023^__________ c
1,000 2.728.000 4M (5) J & J Jan 1 1931
141 1881
1,000
c
Dayton U nion Ry— First mtge sink fund call par.F.x
2 1899
290,000
4 g J A .1July 1 1949
Delaware RR— Stock 8% guaranteed______________
.1 S J Jan 2 1927 4%
c
245
25 5,078,275
8
General mortgage gold______________________ FP.sc*
1,000
c
309,000
117 1892
4M g J S J July 1 1932
100 1,800,000
Delaw & B ound Brook— Stock 8% gu Phila A Read.
c
8
Q— F N ov201927 2%
1,800,000
First consol mtge $1,800,000guar_______ Pep.sc*&r 30.97 1905
1,000
3H g F & A Aug 1 1955
100 51,573,900
9
Delaware & H udson— Stock $55,711,500 (text)_____
Q— M D ec2 0 1927 2 H
1,000
c
Adirondack 1st M gold guar p A i end_ Us.zc*&r
c
_
1,000,000
57 1892
4H g M S S Mar 1 1942
M < N M a y l 1943
&
Ist&refM $50,000,000 g s f red 107H.............xc*Acr*
4
825 1908 1,000 &c 39,000,000
500 &c
A
Bonds gold redeemable text______________________
() Oct 1 1935
1915
844.650
6g
500 &c 10,000.000
Secured gold bonds____________________Usm.c*&r*
c
1920
7 g J S D Junel 1930
I c
lo-year gold bonds red (text)______ Usm.xxxc*&r*
1922 500&1000 7,500,000
5H g -V A N M a y l 1937
J A J To Jan 15 1935
c
Equipment gold notes Series “ A ” due $265,400 ann
1920
2,123,200
6
iV A S Mar 1 1930
l c
United States Government note______________
1,500,000
. . .
1922
6
Guaranteed Bonds—
1,000
c
300,000
J S J Jan 1 1940
Bluff Point Land Improvement Co 1st M g g u ..z c*
1890
4
1,000
J S J July 1 1939
c
800,000
1889
5
Utica Clinton & Binghamton RR first mortgage___
1,000 10,000.000
c
Albany & Susquehanna R R first mortgage________
1906
—
3H g A A o Apr 1 1946
Wilkes-Barre Conn RR 1st & impt mtge (guaranteed
M A N M a y l 1947
2,186,000
c
jointly with Pennsylvania R R )_______________
5
1917
1,000
1,300,000
J & J Jan 1 1942
4
Obateaugay Ore & Iron Co refunding first mortgage
1902

the Hudson Coal Co. (V. 8 9 ,p . 1449). The canal was abandoned and the
cost charged off In 1898. The old “ Gravity” road, built In 1829, was
broadened to standard gauge and opened for regular service lu 1900. The
companies taken in by merger Include: Adirondack R y., Schen. & Duanesb.
R R ., N. Y . & Canada R y., Cherry Valley Sharon & Albany R R .
Allied Properties.— (a) Entire capital stocks owned: Quebec Montreal A
Southern R y, C o., Nanlerville Junction R.v Co. Greenwich & Johnsonvllle Ry. C o., Schoharie Valley R y. Co. and United Trac. Co.; (6) one-half
the stock owned; Wilkes-Barre Connecting R R . Co. and Schenec. R y. See
list o f stock, &c., holdings. V . 106, p. 1893. Anthracite rate case,
V. 101, p. 2072; V. 102, p. 1357.
The stockholders in June 1925 approved the recommendation of the
managers to transfer to a corporation or corporations, all of whose stock
shall be owned by The Delaware & Hudson Co., all or any of the anthracite
lands and interest therein belonging to it and all or any real and personal
property owned or controlled by it pertaining to the mining, preparation
and marketing o f anthracite, including the stock o f subsidiary corporations
owning properties o f that nature, for such consideration in the form of the
stock, bonds or other securities o f the purchasing corporation or corpora­
tions, or otherwise, as the Board o f Managers may deem adequate and
advantageous."
The stockholders at a special meeting Oct. 25 1926 approved the extension
o f authority to the board of managers to transfer to a separate corporation
the company’s transportation properties and allied interests. The new
corporation will be under Delaware & Hudson ownership and the name of
the Delaware & Hudson Co. will be preserved. V. 123, p. 2256.
Albany & Susq. stocKDolders were ueid oy higher Federal courts to be en
titled to the saving of interest effected by the refunding at 3 H % of the re
maining $7,060,000 of the $10,000,000 issue o f Albany & Susqueh&nns
R R . Co. 7% bonds, increasing the yearly rental paid. V. 85, p. 721
V . 83, D. 1036: V. 80. p. 1174, 1362. 2343' V. 88. D. 938. 1499; V. 89. p
1068, 1141; V. 90, p. 911. To April 1 1916, when the conversion privilege
expired, $3,556,000 A. Ac S. bonds had been exchanged for D. & H. stock.
See Albany & Susquehanna.
Sinking Fund.— The sinking fund, created May 9 1899 and amended
May 10 1910. receives out of the yearly net profits not less than 5 cents per
ton on coal mined, and has accumulated $8 670.501 from 1900 to Dec. 31
1925, which amount has been applied to the purchase and retirement of
$1,288,500 of the capital stock (in 1900 to 1906) and in part to the purchase
o f coal lands In the Wyoming aad Schuylkill regions.
D1V8.—
/ ’87. ’88. 89 to '96. 97 to 00. 01 to ’06. '07 to Dec. 20’27
Since 1886 _% I 5
6 7 yearly. 5 yearly. 7 yearly. 9yrIyQ -M 2j£%
BONDS, &c.— On M ay 12 1908 stockholders authorized a First & Ref
Mtge. for $50,000,000, bearing not over 4% int. and running 35 years, and
■ubjeot to redemption as an entirety only at 107 H on any Int. day, beginning
May 1 1918. One per cent of the amount of bonds outstanding Is to be paid
to the trustee June 1 annually from 1909 to 1942, to be used to purohast
bonds or for improvements and extensions. Of the issue, $39,000,000 are
outstanding in the hands o f the public, $10,000,000 are pledged and the re­
maining $1,000,000 are reserved to retire a like face amount o f prior lien
bonds due in 1942 on a branch line. V. 86, p. 98, 1409, 1589; V. 87, p. 96,
480, 1419, 1604; V. 89, p. 847, 1541; V. 90, p. 51, 167; V. 92, p. 186, 394;
V. 96, p. 1156, 1700; V. 97, p. 1024; V. 98, p . 1168, 1844; V. 99, p. 48;
V. 122, p. 1022.
The stockholders on Seot. 30 1915 authorized the Issuance of $14.451.000
20-year 5% bonds, which were offered to stockholders. The bonds were
prior to Oct. 1 1927 convertible 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 of interest
and dividend). The entire issue, but not a part, may be called for redemp­
tion air 105 and int. on any semi-ann. interest day on 90 days’ notice,
but if so called during the conversion period the bonds may be converted
up to 30 days prior to such call day. V . 101, p. 773, 1092; V. 102, p. 800,
1356; V. 104, p. 1044; V. I l l , p. 2323.
The $10,000,000 7% secured gold Ponds of 1920 are secured by deposit
and pledge with trustee of the following: (1) $10,000,000 Dei. & Hudsor
1st & Ref. 4s of •943; (2) $3,500,000 Albany & Susq. R R . 1st 31<s of 1946:
(3) $1,000,000 Wilkes-Barre Connecting R R . 1st & Improv. 5s, due M ay 1
1947 (principal and interest guaranteed jointly and severally, by endorse­
ment, by Pennsylvania R R . and Delaware & Hudson Co. ; (4) $500,00C
Rensselaer & Saratoga RR. Guaranteed stock; (5) $400,000 Albany A
Susq. RR. Guaranteed stock.
The $7,500,000 15-year 51$ % gold bonds due M ay 1 1937 are redeemable
as a whole only on May 1 1932 at 105 and interest, and thereafter at
less for each 6 mos. from M ay 1 1932 to redemption date. V. 114, p. 1406.
Guarantees Interest on $2,000,000 Rensselaer & Saratoga 1st Mtge. 6s
due May 1 1941. V. 112. d . 1865,1977
Equipment trusts Issued to Director-General for rolling stock allo­
cated to this company. See article on page 3 and V. 113, p. 1470.
Government loan. V. 111. p. 692, 1851.
R E P O R T — For 1926, in V. 124, p. 2271, showed:
1926.
1925.
1924.
1923.
Transportation o f mdse.$18,308.677 $17,007,189 $16,314,917 $16,220,200
Transportation o f c o a l.. 21,767,237 17,772,850 22,308,428 24,329,812
Passengers.................
5,784,215
5,752,360
5,832,388
4,999,972
573,561
1.237.092
557,255
1,770,467
M iscellaneous...........
Total oper. revenue..$46,433,690 $41,769,491 $45,012,988 $47,320,452
Maint. o f way, &c______ 5,373,037 $4,713,894 $5,328,910 $4,414,384
Maint. o f equ ipm ent... 11,506,764 11,121,308 12,200,672 13,114,203
T ra ffic .............................
619,518
609,370
574,235
486.676
Transportation________ 15,411.348 15,499,877 16,688,257 19,366,915
General, &c., expenses_ 2,031,152
2,085,677
1,935,852
1,970,062
Total oper. expenses..$34,941,819 $34,030,126 $36,727,926 $39,352,240
Net earns, before taxes.. 11,491,871 $7,739,365 $8,285,062 $7,968,212
Other Income—
Hire o f freight cars.........
37,018
$194,512
$595,409 Dr$262,635
Rent freight equipment196,848
175,837
148,313
164,454
185,981
178,725
167,825
180,133
Joint facility rents_____
Gross ry. oper. income$l 1,911,717




$8,288,439

$9,196,608

$8,050,165

Montreal, Canada
Cincinnati, Ohio
do
J P Morgan & C o, N Y
Farmers' L & Tr Co, N Y
Checks mailed
Treas Penn RR Co,Phila
11 W State St, Trenton
Mech N Bk. Trenton,N J
Office, 32 Nassau St.N Y
do
do
do
do
do
do
do
do
do
do
Guaranty Trust Co, N Y
Office, 32 Nassau 8t,N Y
New York Trust C o, N Y
Office, 32 Nassau St.N Y
do
do

do
do

1926.
Railway tax accruals___. 1,688,168
Uncollectible r y . reve
3
Cr7,886
Rent for equipment .
55,927
Joint facility rents. _
400,673

1925.
$1,136,746
3,754
58,331
374,165

1924.
$1,437,180
11,404
76,717
362,543

1923.
$1,119,358
11,095
85,556
384,029

Net ry. oper. income. $9,774,816
Non-operating IncomeIncome from leased roadl
91,401
Miscell. rent income____
81,400
Misc. non-op. phys. propi 1,971,475
Dividend income_______ . 1,335,309
Inc. from fund. secs, and
unfund. secs. A accts.
c
559,800
Miscellaneous income_ . 1.820,740
_

$6,715,442

$7,308,764

$6,450,026

$91,395
73,422
1,265,865
1,279,236

$91,389
72,718
2,173,147
1,436,603

$91,389
108,520
1,924,454
1,412,606

516,672
2,186,009

293,207
1,795,565

285,300
1,511,192

$15,634,941 $12,128,041 $13,171,393
Deductions—
Rent for leased roads_
_
1,962,169 $1,904,152 $1,855,034
3,464,771
Interest on funded debt.. 3,641.312
3,602,113
169,790
Int. on unfunded debt
183,985
223,206
1,864,422
1,530,082
. 1,930,809

$1,843,810
3,479,592
160,718
1,587,667

3,836,902

$4,907,708
3,825,270

$5,817,376
3,825,270

$4,711,699
3,825.270

$4,040,543

$1,082,438

$1,992,106

$886,429

Net income.
.

425,030
outstanding (par $100)
425,030
425,030
430,927
$13.69
$11.08
Earns, per sh.on cap.stk.
$18.28
$11.54
OFFICERS.— L. F. Loree, Pres., N. Y . City; W . H. Williams, O. A.
Peabody, N. Y. City, Vice-Pres.; F. P. Gutelius, Montreal, Resident V.-P.;
J. T. Loree, Albany, V.-P. & Gen. Mgr - F. W. Leamy, Asst, to Pres. A
c
Asst. Sec.; J. W. Coon, Sec.; W . H. Davies, Treas.; W . E. Eppler, Comp­
troller, N. Y . City.
Board of Managers.— Chauncey M . Depew, Charles A. Peabody. Leonor
F. Loree, Cornelius Vanderbilt, Edward R. Harriman, E. H. Outerbridge,
Theo. Pratt, all of New York; Percy H. Stewart, Plainfield, N. J.; Robert
C. Pruyn, Albany, N. Y .; William H. Williams, Lyon Mountain, N. Y .;
Henry W. De Forest, Oyster Bay, N. Y .; Charles S. Weston, Scranton, Pa.;
John W . Mettler, East Millstone, N . J. Office, 32 Nassau St-, N . Y .—
(V. 125. p. 2143.)
DELAWARE LACKAWANNA AND WESTERN R R . CO. (TH E ).—
Operates main line from Hoboken, N. J., opposite New York City,, to
Buffalo, N. Y ., with branches to anthracite region, & c.. viz (*see this c o ):
Lines Leased (Concl.)—
Miles.
Lines Owned—
Miles.
ff. J. State line to N. Y. line____i l l •Oswego & Syracuse--------------------35
Branch to Northumberland_____80 •Syracuse Binghamton & N. Y__ 81
Erie A Central N. Y.CV.96.P.202) 18 •Utioa Chenango & Susquehanna 07
Bangor & Portland R y ___________38 •Valley RR. of New Y o rk .......... 11
Other lines owned______________ 8 Sussex Railroad_________________ 31
•Lackawanna RR. of N. J --------- 27
Lines Leased— (See eaoh oo.)—
Lines Controlled and Operated—
•Morris & Essex and leased brohs.176
•N. Y. Lackawanna & W estern..214 Laokawanna & Montrose R R ____11
•Cayuga & Susquehanna________ 34
Total operated.
Greene Railroad
____
8
986
Tentative Valuation.— The I.-S. O. Commission has placed a tentative
valuation of $95,217,200 on the owned and $231,044,442 on the used prop­
erty of the company as o f June 30 1918.
HISTORY, &c.— Chartered In 1832, present title assumed in 1853.
In June 1909 the D. L. & W. Coal Co. was Incorporated with 56,800,000
authorized stock, to act as selling agent for the company’s coal In Pennsyl­
vania. the raiiroad stockholders being permitted to subscribe for Its stock
See extra dividend below, also that company’s caption under Miscel. Cos.
United States Supreme Court on June 21 1915 In the suh brought by
the Government held that the company, under the contract of Aug. 2 1900.
violated the commodities clause of the Hepburn Act and the Sherman anti­
trust law (V. 100, p. 2114; V. 101, p. 17). in Its relations with the D. L. & W.
Coal Co. A new contract was arranged. V. 101. p. 47.
‘The company on Sept. 17 1920 submitted to the I.-S. O. Commission
plan for the segregation of its coal properties and the operation of its mines
owned, as distinct enterprises from its railroad properties
4 he Comission,
in April 192] authorized the company to issue $45,000 000 common stock
to be distributed as a stock dividend. The stockholders on July 21 1921
authorized an increase of $45,000,000 in the capital stock and also approved
the sale of the road’s anthracite coal properties to the Glen Alden Coal Co.
for $60,000,000 Compare V 112 p 2190
Lackawanna Securities Co.— On March 29 1927 the Lackawanna Securities
Co. was formed (V. 125, p. 1188, 777) to hold following securities which rail­
road was no longer allowed to hold in its ti easury. (In original plan securities
which constituted the assets of the Lackawanna Securities C o., included
$9,871,000 Morris & Essex 3 % % bonds, $10,000,000 Morris & Essex 5%
bonds and $13,635,000 N. Y . Lackawanna & Western 5% bonds, but on
July 21 1927 the I.-S. C. Commission ruled that the D. L. & W . R R .
could not include these securities. V. 125, p. 600.) (figures are par values):
1st mtge. Glen Alden Coal Co. 4% bds. (due $1,500,000 each
Sept. 1____________________________________________________ $57,000,000
The stock, consisting of 844,411 no par value shares, was distributed to
stockholders of the Del. Lack. & West. R R . on Sept. 6 1927, on basis of
one share of new stock for two shares of the railroad company’s stock. The
distribution of the shares of the Lackawanna Securities Co. will end the
segregation of the Lackawanna’s coal properties, which originated in 1915
with a decision by the U. S. Supreme Court that the Lackawanna’s relation­
ship with the Delaware Lackawanna & Western Coal Co. was in violation
of the commodity clause of the Hepburn Act (see above), and that the con­
tract between the two constituted a monopoly. The Delaware Lackawanna
& Western Coal Co. was organized in 1909, after the Supreme Court had
ruled that railroads could not transport lawfully in inter-State commerce
coal which they themselves owned.— V. 125, p. 2274.

52




RAILW AY STOCKS AND BONDS

[V ol. 125.

Nov., 1927.]

53

BAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Delaware Lacka & W estern— Stock auth $87,277,000
Bangor & Portland mortgages gold_______________x
Del Riv RR & Bridge— 1st M g gu n & i s f 1% -G P .xc*
10
Denver & Rio Grande W estern—
Common stock (see text)_________________________
Pref stock 6% cum red 105 $17,000,000 auth______
Ref & impt mtge g Series “ A ” red (text)__________ text
Gen mtge s f g (Inc bonds until Feb 1 1929) red 105 text
Equip trust ctfs due $300,000 annually____ xxxc*
do
do
certificates due $105,000 annually..
Bonds of old Denver & Rio Grande RR—
First consol M $42,000,000 now 1st M g.ljs.xc*& r f1,647
11,647
Improvement M ($5,000 per mile) goId..Us.xc*&r 1,647
Rio Grande Western 1st M gold(V69,p284).Ce.zc*
699
First cons mtge redeem at par (see text) g .G .xc*
699
62
Rio Grande Junction 1st Mtge guar______Ce.xc*

80-’86
1896
1924
1924
1923
1927

Par
Value

Amount
Outstanding

When
Payable

Rate
%

$50 $84,441,100 See text
100 &c
97,600
6g J
F
1,000
4g
1.098.000
100
100 &c
1,000

1,000

See text
16,229,400
2 , 000,000
29.808.000
3.300.000
1.575.000

500 &c v34,125,000
1886
1,000 6.382.000
1898
500 8.335.000
1888
1889 1.000 &c 15.190.000
1899 1.000 &c yl5,080,000
1.000 2 , 000,000
1S89

6g
5g
SH
4 'A

A
F
M
M

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

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Q—J Oct 20 1927 3% 90 West St, New York
&
&

J 1930-1936
A Aug 1 1936

do
do
Pa R R Ca. Phila & N

Y

& O Oct 1 1974
& A Aug 1 1955
& S To Mar 1 1938 New York
New York
& N M ay 11942
Jan 1
Jan 1
& D Junel
July 1
& O Apr 1
& D Dec 1

1936
1936
1928
1939
1949
1939

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

Y
Y
Y
Y
Y
Y

v-x-y Additional amounts held in treasury or by trust ees De c. 31 *2 6. viz.: v $1,445,000: y $1,395, 000.

DIVS.— 11910 to 1920. 1921. 1922. 1923. 1924.
1925.
1926.
P ercen t_____\ 20% yearly
16
17
12
12 12 & 2 ext. 12 & 2 ext.
Paid in 1927: Jan. 20, 3% quar. and 2% extra; April 20, 3% ; July 20,
3 % : Sept. 6, A sh. o f Lackawanna Securities Co. com. stk. for each sh.
o f Del. L. & W. com. stk.; Oct. 20, 3% .
July 1909 paid special oasn dividend 50% one-half applicable. If desired,
to subscription of stock of new D. L. & W . Coal Co. selling agenoy: also
paid 15% stock dividend Aug. 2 1909. and In Deo. 1911 35% in 4% guar
•tockof Lack. RR. of N. J. V. 89. p. 41, 224: V. 93, p. 1323: V. 94. p.549.
On Aug. 20 1921 paid a stock dividend o f 100%. V. 113, p. 531.
R EPO RT.— For 1926, in V. 124. p. 1209, showed:
Years ending Dec.31—
1926.
1925.
1924.
1923.
C o a l_____________
$22,711,502 $17,757,554 $23,576,425 $25,151,010
Merchandise freight____ 42,456,050 42,091,064 39,874,878 39,085,364
Passengers_____________ 13,338,081 13,628,673 13,600,454 14,185,914
9.675,427
9,814,686
Mail, express, &c........... 10,299,112 10,157,766
$83,804,745 $83,635,056 $86,727,184 $88,236,974
G ross_______
Operating income______$18,746,352 $14,402,022 $15,328,663 $12,751,170
Coal department (net)__
______
______
D r.164
418
Other miscell. in co m e -., 6,229,362
6,608,530
5,700,507
6,320,878
Total net income_____$24,975,714 $21,010,552 $21,029,006 $19,072,466
Interest and rentals____$6,999,162
$6,539,379 $6,321,761 $6,068,514
Renewals & betterments
692,196
914,876
569,808
503,136
Miscellaneous d e b its ...
63,351
40,978
38,377
122,814
D ividends____________ 11,821,754 11,821.754 11.821.754 10.132.932
Balance, surplus_____$5,399,251
$1,693,564 $2,277,306 $2,245,069
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 2303.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Chairman Board o f Managers, W . H. Truesdale; Pres.
John M . Davis; V.-P. & Gen. M gr., E. M . Rine; V.-P. & Gen. Counsel,
W. S. Jenney; V .-P ., P. J. Flynn; Sec. & Treas., W . G. Van De Water;
Gen. Aud., R. B. Ferguson; Compt., G. E. Hustis.
DIRECTORS.— W. 8. Jenney, Paul Moore, Wm. H. Truesdale, Geo. F.
Baker. Jr., M . H. Dodge, Beekman Winthrop, William Fahnestock, J. F,
Talmadge, Samual Sloan, P. R. Pyne, R oy C. Gasser, Clarence M . Woolley,
Lowell R. Burch, Horace Havemeyer. Office, 90 West St., New York.—
(V. 125, p. 2669.)
DELAWARE & NORTHERN RR.— East Branch to Arkville, 38 miles,
Incorp. in N. Y . Oct. 14 1911 as a reorganization o f Del. & Eastern R R .,
foreclosed per plan V. 93, p. 588. Stock, common, $1,000,000; 6% cum.
pref , $250,000; par, $100. No bonds. The I.-S. O. Commission has
placed a final valuation o f $1,417,210 on the properties o f the company,
as o f June 30 1916.
Pres., Andrew M . Moreland; Sec. & Treas., Howard Feist; Asst. Sec. &
And., H. G. Eckert. Office, Margaretville, N. Y .— (V. 122, p. 2646.)
DELAWARE RIVER RR. & BRIDGE CO.— Frankford Jot.. Pa., to
Haddonfieid, N. J., and branches. 9.52 miles.
Capital stock, *1,300.000. all owned by Penn RR- which guarantees
bonds, prin. & int., by end. Effective Apr. 1 1918 leased to Penn. R R .
for a rental equal to 6% on capital stock, int. on bonds and organization
expenses. Lessee pays taxes. V. 106, p. 2228; V. 63, p. 1062, 1159; V.
89, p. 1596.
DIVS.— ’06-’07. ’08. ’09-’ 10. ’ l l . ’ 12-'13. ’ 14. ’ 15.
1916-26.
P ercen t____5 y ’ly
6
6 y ’ly
6
6 y ’ly
4
4
6% yrlj
— (V. 101. p. 2071: V. 102. p. 1540: V. 106, p. 2228.)
DENVER AND RIO GRANDE WESTERN R R . CO. (TH E ).— Milea
Road owned and operated_____2,4461 Of the preceding:
Oper. under trackage rights
[Standard gauge_______________1,709
or contract_________________ 1161Narrow gauge only___________ 852
Total operated____________ 2.5621
The I.-S. C. Commission has placed a tentative valuation of $96,465,948
on the owned, and $98,520,359 on the used property o f the company (incl.
leased lines) as o f June 30 1919.
H ISTO R Y.— Incorp. in Dela. N ov. 15 1920 as successor to the Denver
& Rio Grande RR.
On July 21 1922 a receiver was appointed for t
Denver and Rio Grande
Western R R . System by the U. S. District Court for Colorado in suits to
foreclose the 1st & ref. mtge. and the adjustment mtge. o f the Denver and
Rio Grande R R . Co. (the old Denver company), and there were transferred
to the receiver at the same time cash and cash items and certain properties
of the Denver and Rio Grande Western R R . Co. concerning which disputes
existed as to whether or not they were subject to the lien of said mortgages.
On Sept. 18 1924 final decree was entered by the court and on Oct. 29
1924 the properties constituting the Denver and Rio Grande Western R R .
System were sold at public auction and were purchased by representatives
of the reorganization managers under the reorganization plan. The.
purchasers afterwards assigned all their rights to the railroad company.
Said sale was confirmed by the court on N ov. 20 1924 and at 12:01 a. m.
on Dec. 20 1924 the railroad company resumed possession and operation
of the property.
BONDS.— Refunding & Impt. Bonds.— To be seemed by a mtge. which
will be a lien (subject only to existing liens of underlying bonds and to liens
subject to which after-acquired properties may be acquired) on all of the rail­
road properties and equipment of the new co., including its interest in ter­
minal properties, and such securities and (or) after-acquired property as the
reorganization managers shall determine. Bonds may be Issued in separate
series, maturing on same or different dates and bearing same or different
rates o f int. and other provisions determined by directors at time o f issuance.
The mortgage securing the ref. & impt. bonds shall authorize the issue
thereunder by the new company o f such principal amount of bonds, at any
one time outstanding, not exceeding $150,000,000 as determined by the
directors. Of the bonds so authorized there si *11 be reserved to refund
underlying bonds a principal amount equal to 105% of the principal amount
of underlying bonds (now $81,112,000) from time to time outstanding.
The I.-S. G. Commission on N ov. 1 1924 authorized the company to issue
$3,000,000 ref. & impt. mtge. 6% bonds, series “ A ” ; said bonds to be
sold at not less than par and interest. The bonds will be designated




series” A ,” will be dated Oct. 1 1924, will bear int. at rate o f 6% per annum
will be redeemable, in whole or in part, on or after Oct. 1 1934 at 10734and
Int., and will mature Oct. 1 1974.
Gen. Mtge. Bonds.— Limited to the total authorized amount o f not ex
ceeding $30,000,000, maturing Aug. 1 1955 and bearing 5% int., payable
semi-ann. from Feb. 1 1924. Bonds will be secured by a mortgage subject
and subordinate to the ref. & impt. mtge. and co-extensive therewith as
to property and rights covered.
The general mortgage will contain further provisions to the effect that
(a) general mortgage bonds shall be redeemable, all or part, at any time
at 105 and interest; (6) new company shall pay, on or before M ay 1 in
each year, so long as any of the general mortgage bonds shall be out­
standing, an amount equal to 1% of the maximum amount of general
mtge. bonds at any one time issued and outstanding, such payments to be
required to be made only out of net income for the last preceding calendar
year (but to be cumulative) as a sinking fund, to be applied to the purchase
at not exceeding redemption price, of gen. mtge. bonds, all bonds purchased
or called for the sinking fund to be kept alive and the interest paid thereon
from time to time to be added to sinking fund and applied in same manner.
The reorganization plan as modified provided that “ Until Feb. 1 1929 the
gen. m tge. bonds shall be income bonds, cumulative from F eb. 1 1924, to the
full extent of 5% per ann.; the payment of the int. accruing on the gen.
mtge. bonds for the period from Feb. 1 1924, until Feb. 1 1929, shall not
be mandatory even if the same shall have been earned by the new company;
but if earned and available, whether prior to Feb. 1 1929, or thereafter, the
int. on the bonds accruing during such 5-year period (including accumula­
tions, if any), shall be paid to the extent that in the reasonable discretion
of the directors o f the new company such payment is not inconsistent with
due regard for the protection of the property of the new company and the
maintenance of efficient service thereon. Commencing Feb. 1 1929, int.
upon the gen. mtge. bonds accruing from and after that date shall be a
fixed charge of the new company.”
No interest payments were made on M ay 1 1925, N ov. 1 1925, M ay 1
1926, Nov. 1 1926, M ay 1 1927, or N ov. 1 1927.
The directors on March 30 1926 authorized the payment on M ay 1 1926
of the full amount of the sinking fund under the general mortgage for the
two-year period ending Dec. 31 1926, amounting to $596,160.
STOCK.— Preferred Stock.— Authorized, $17,000,000 (par $100). En­
titled to receive cumulative dividends at the rate of 6% per annum, payable
quarterly. Dividends on the pref. stock shall accrue from Feb. 1 1924,
Redeemable all or part upon 30 days’ notice at 105 and dividends.
The reorganization plan provided that a preferred stockholders' com­
mittee, consisting of three members, shall be created. The members shall
hold office for 5 years. The pref. stockholders’ committee at any time when
as many as four quarterly dividends upon the pref. stock (whether or not
consecutive) shall have accrued and be unpaid, may, and at the request In
writing of the holders of record of at least 10% of the then outstanding pref.
stock shall, appoint an accountant familiar with railroad affairs, a banker
and a man of experience in practical railroad work, who shall be given full
access to the books and accounts o f the new company and of its subsidiaries
and also to the books and accounts of the Utah Fuel Co. Such appointees
when so required Dy tne oref. stockholders’ committee, shall report their
opinions and conclusions concerning the propriety of declaring dividends
upon the pref. stock and the proper availability of moneys therefor, and their
opinions and conclusions as to the carrying out of the policies prescribed for
the new company.
Common Stock.— The common stock possesses full voting rights. The
reorganization plan provided for the creation, under a voting trust, o f equal
beneficial interests in the common stock, to oe vested in the Missouri
Pacific and the Western Pacific, each of which owns 50% (150,000 shares)
of such beneficial stock interests.
REPO RT.— For 1926, In V. 124, p. ,2113 showed:
1926.
1925.
1924.
1923.
Operating Revenues—
$
$
$
$
F reig h t_______________ 26,907,818 26,062,655 25,107,743 25,309,886
Passenger__________ ___ 4,494,547
4,879,229
5,789,354
5.151.130
Mail, express, &c______ 1,237.551
1,845,506
1,921,894
2,553,032
Incidental________
795,191
890,296
800.050
Joint fa cility __________
42,024
35,600
44.926
Total oper. revenues. 34,030,309
Operating Expenses—
Maint. o f way & stru ct.. 5,899,265
Maint. of equipment_
_
6,242,158
Traffic
______________
675,673
Transportation________ 10,304,180
Miscellaneous operations
561.335
General
_ ...
_
1,051,033
Transp. for invest.— Cr_
119,830

33,629,463

33.011,558

34,587.496

5,742,197
5.948,303
652,277
10,835,670
623,420
1,042,650
50,269

6,128,432
9.151,008
615.702
11,378,447
574,466
1,034,556
291,156

5,534,639
9,653,291
591,502
12,698,471
669,891
1,015,083
> 132,210

Total oper. expenses. _ 24,614.314
Net revenue from oper. . 9,415,995
Tax accruals_
_
_____ 2,430,000
Uncollectible revenues..
4.172

24,794,249
8,835,215
2,316,092
7,385

28,591,457
4,420,101
1,986,335
9,837

30,030,669
4,556,827
1,885,130
8,137

Total oper. income_
_ 6,981,823
Non-operating IncomeHire of fr’t cars— rects.. 1,684,141
Rent from equipment_
_
234,010
Joint facility rent income
475,066
Miscell. rent income___
82,820
Misc.non-op. phys.prop.
20,291
Income from unfunded
securities & accounts
129,786
Miscellaneous income_
_
651

6.511,738

2,423.929

2,663,560

1,415,882
152,995
456,252
72,759
15,406

1,550,614
163,328
432,024
57,372
16,147

2.039,970
153,585
434,837
58,807
18,154

90,759
510

62.681
409

48,482
347

2,204,563
8.716,301

2,282,576
4.706.504

2,754,184
5,417,744

Total non-oper .income
ross income__________

2,626,765
9,608.588

54

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

Miles Date
Road Bonds

Denver & Salt Lake Ry— Stock----------------------------1st Mtge. bonds, series “ A ” red 105______________
do
series “ B ” red 105______________
Income mtge bonds $11,000,000 auth red 102______
Denver Un 1 erin Ry— 1st M red 105____________ CC 5,898
Des Moines & Fort D odge— See Minneapolis & St L

Par
Value

Amount
Outstanding

None 50,000 shs.
$2,500,000
1,000 3.000. 000
11, 000,000

$ 1,000
1914

i .000

Deductions—
1926.
1925.
1924.
1923.
Hire o f freight cars—
Payments___________ $1,553,501 $1,563,526 $1,583,938 $1,837,359
Rent for equipment____
47,914
29,426
29,628
33.140
Joint facility rents_____
182,311
174,863
181,417
171.246
Rent for leased roads_
_
102,865
447.212
107.301
413.223
Miscellaneous rents____
932
1,021
1,111
964
Int. on funded debt_
_ 3,665.553
4,974.658
3,619,230
5,321.926
Int. on adjust, mtg. bds.
700.000
677,419
Int. on unfunded d e b t-.
6,283
18,846
74,422
52.805
Misc. income charges—
27.600
30,756
36.739
38,458
Income applic. to sk. fd .
298,080
298,080
253,064
261.500
Inc. applic. to red. equip,
395.833
300.000
trusts____________
310.000
240.000
Balance, sur. or d e f.. $3,346,203sr$2,562,986 def$4,167,784df$3356.410
OFFICERS.— Chairman, William H. Williams, New York; Pres., J . S.
Pyeatt, Denver: See. & Treas., Rawson F. Watkins, Denver; Gen. M gr.,
Irvin H. Luke, Denver; Gen. Aud., Edward R . Dickerson, Denver; Asst.
Sec., W . W . Hatton, New York.
Directors.— Alvin W. Krech, William H. Williams, W . W . Aldrich, T . M.
Schumacher, F. H. Ecker, Matthew C. Brush, John J. Raskob, New York
L. W . Baldwin, St. Louis J. S. Pyeatt. Denver.
Offices, 120 Broadway, New York, and Equitable Bldg., Denver, Colo.
— (V. 125, p. 1967.)
DENVER & SALT LAKE R Y CO.— Incorporated under laws o f Dela­
ware on Nov. 3 1925 and acquired, under terms o f reorganization plan dated
July 15 1925 (V. 121, p. 835), the property o f the Denver & Salt Lake RR.
as o f Jan. 1 1927. The latter company was incorporated in Colo. Dec. 1912
and took over as of May 1 1913 (per plan, V. 95, p. 890) the Denver & North­
western & Pacific R y., foreclosed. Leases Northwestern Terminal R R .,
Denver. See that company below.
Mileage operated: Denver to Craig, C olo., 255 miles; Steamboat Springs
to Craig. 41 miles.
The I.-S. C. Commission has placed a tentative valuation of $15,035,500
on the property of the company as o f June 30 1919.
STOCK.— See table at head o f page.
BONDS.— The new first mortgage bonds may be issued from time to
time in separate series under such provisions as may be determined by the
directors.
Income Bonds.— Secured by an income mortgage, which shall be a lien
on all o f the property o f the new company covered by the new first mortgage,
but subordinate thereto.
Income bonds will bear interest, at the rate o f 6% per annum, payable
only out o f the net income o f the new company. Income bonds shall be
preferred to the extent o f interest at the rate o f 6% over the stock and the
directors shall authorize the distribution and payments on account of
interest on the income bonds o f 75% o f the net income o f the new company
for any fiscal year within three months after the close o f such fiscal year,
which 75% o f net income shall be cumulative as a charge in favor of the
income bonds and a^ against the stock. Interest on the income bonds if
earned and payable at all, will be paid only In multiples o f 1% o f the then
outstanding income bonds and smaller fractional net income available for
such interest shall be carried forward and added to similar available net
income for the ensuing year or years, and to be applied to the payment
o f interest on income bonds.
Income mtge. shall also provide that series o f new 1st mtge. bonds other
than ser. A and B shall not be authorized or issued until notice is given to
the holders o f income bonds, and not then if 60% or more o f the out­
standing income bonds shall in writing notify the new company o f their
dissent from and disapproval o f the issuance o f such proposed series of
new 1st mtge. bonds.
OFFICERS.— Chairman, Gerald Hughes; Pres., W . R . Freeman;
Treas., L. C. Phipps, Jr.; Asst. Treas., A. L. Dodd; Sec., D. C. Bromfield;
Auditor, S. S. M ayer.— (V. 124. p. 3064.)
(THE) DENVER UNION TERMINAL R Y .— Organized to take over
the Union Depot & R y. Co. and extend and Improve the passenger ter­
minals at Denver, Colo. The I.-S. C. Commission has placed a final valua­
tion o f $3,861,000 on the owned and used properties of the company, as
of June 30 1917. Stock $30,000, equally owned by the Union Pacific,
Denver & Rio Gr. Western, Colo. & South., Chic. Burl. & Quincy, Atch.
Topeka & Santa Fe and Chicago Rock Island & Pacific which guarantee the
bonds ($10,000,000 auth. issue), o f which $4,000,000 were sold to Union
Pacific. V . 106, p. 2756; V. 97, p. 1024,1115; V . 98, p. 762; V. 99, p. 406.
The I.-S. C. Commission has placed a final valuation o f $3,861,000 on the
owned and used property o f the company as o f June 30 1917. Pres., J. S.
Pyeatt; V .-P ., G. H. Martin; Treas., J. C. Houston; M gr., J. Keating;
Sec. & Aud., C. R. Hines.— (Y. 125, p. 909.)
DES MOINES UNION R Y .— In Des Moines, la ., 4.225 miles. Second
track and siding 24.711 miles. Gauge 4ft. 814 in. Rail 75 lbs. Equipment:
Locomotives, 9; cars-coal, 15; service, 8; total, 23.
H ISTORY.— Incorp. Dec. 5 1884 in Iowa; road opened in Jan. 1886.
Owns terminal properties in Des Moines, Iowa. Owned and operated as
trustee for the Wabash R y. Co. and the Chicago, Milwaukee and St. Paul
Railway Co. Passenger facilities used by owners and by Chicago Great
Western R R . & Chicago Burlington & Quincy R R . as tenants.
STOCK.— Authorized, $2,000,000; outstanding $400,000. Shares $100.
The Chicago, Milwaukee & St. Paul R y. Co. and the Wabash R y. Co. own
the stock. Secretary o f company acts as transfer agent and registrar.
Annual meeting third Wednesday in April at Des Moines, la . It has no
Income and no dividends are paid.
DIR E C TO RS.— N . S. Brown, J. E. Taussig, S. E. Cotter, St. Louis,
M o.; J. W . Howell, John N . Hughes, H. A . Miller, Des Moines, la.;
J. T. Gillick, Chicago; B. F. Van Vliet, Des Moines, la.
OFFICERS.— J. T. Gillick, Pres., Chicago; J. E. Taussig, Vice-Pres.,
St. Louis, M o.; T. S. Ford, Sec. & Aud.; C. H. Hueston, Treas.; J. A.
Wagner, Gen. M gr. & Pur. A gt.; John N . Hughes, Gen. Atty.; A. L.




[V ol. 125.

RAILW AY STOCKS AND BONDS

4 .0 0 0.

Rate
%

6
6
6
000
4*4 K

When
Payable

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

1950
1950
1960
Mar 1 1964

New York City.

Morgan, Chief Engr., R. H. Kautzky. Master Mechanic, Des Moines, la.
General office, Des Moines, la .— V. 123, p. 2892.
D ETROIT CARO & SANDUSKY R Y .— (V. 121, p. 2269.)
DETROIT HILLSDALE & SOUTHWESTERN R R .— Owns Ypsllantl to Bankers. M ich.. 65 m. Leased In perpetuity In 1881 to L. S. & M .
8. R y. (now N. Y . Cent. RR.p.rental. $54.500— 4% on stk.iV. 106. p 601.)
DETROIT & I RONTON R R .— Organized in 1920 by Henry Ford who
acquired control o f the Detroit Toledo & Ironton RR. on July 9, 1920 by
the purchase for cash of approximately 98% of the Adjustment Mortgage
bonds and the Pref. and Common stock. The price paid was $600 for each
$1,000 bond and $5 and $1 for each share o f the Pref. and Common stock
respectively (V. I l l , p. 492 , 294).
The I.-S. C. Commission in May 1921 authorized the company to con­
struct a standard-gauge steam railroad, approximately ]5 miles long, ex­
tending southward from Fordson, M ich., 8 miles west o f the Detroit city
hall, to a connection with the Detroit Toledo & Ironton R R . This road
will connect with the Detroit Terminal R R . on the north, which wiil give
it a connection with the other steam railroads at Detroit, 'm e company
was authorized to issue $1,000,000 capital stock for the purpose o f building
the road. The I -S. C. Commission on Oct. 16 1926 authorized the com­
pany to issue $2,972,200 capital stock. V. 123, p. 2256.
The Detroit & Ironton R R . Co. is leased to and operated by the Detroit
Toledo & Ironton R R .
The I.-S. C. Commission on Aug. 1 1924 authorized the company to
construct a line of railroad extending from a connection with the line of the
Detroit Toledo & Ironton R R . at Malinta, Henry County, O., in a northerly
and northeasterly direction through Henry and Fulton counties, O., and
Lenawee and Monroe counties, M ich., to a connection with the Ironton
at Durban, Monroe County, Mich., a distance of approximately 55.71 miles.
Authority was also granted to issue an initial series of $7,500,000 let
Mtge. gold bonds. Series “ A ,” 5% , for cash at par for the purpose of pro­
viding funds for the proposed construction.
The I.-S. C. Commission has dismissed the application of this road to
acquire control of the Detroit Toledo & Ironton R R . and the Toledo-Detroit
R R ., through the purchase of 63,763 shares o f common and 59,325 shares
of preferred stock, that being a majority o f all stock outstanding. Com­
pare V. 121, p. 2399; V. 123, p. 838; V. 124, p. 3491.
DETROIT AND MACKINAC R Y . CO.— Owns from Bay City, M ich.,
to Cheboygan, 196 miles; Rose City Branch, 31 m .; Prescott Branch, 12 m.;
Lincoln Branch, 15 m.; Au Gres Branch, 8 m.; Alabaster Branch, 4 m .;
Hillman Division, Alpena to Hillman, M ich., 23 m .; Rogers City Branch,
14 m .; Rockport Branch, 14 m ., total Dec. 31 1926, 318 m. Henry K .
McHarg and associates control.
The l.-S . C. Commission has placed a tentative valuation of $6,559,700
on the property of the company as of June 30 1917.
BONDS.— “ Mortgage bonds” fo* $500,000 were reserved for betterments,
kc at not over $50,000 per >ear. V. 74. p. 629.
DIVIDENDS.— On pref., 2)4 V July 1 1903; since to Jan. 1921,5% y ’ly.
o
On common, in 1911 to Jan. 1919, 5% yearly (except July 1915 and July
1917 none: also in July 1918 and 1919, none; Jan. 1920, 2>4%; none since.
RE PO RT.— For calendar years:
Cal. Year—
Gross. Net aft. Tax. Tot. Inc. Int.,Rent,&c. Balance.
$63,910 $147,897 $118,122 sur.$29,775
1926 __________ $1,625,950
66,890
216,950
116,659 sur.xt00,291
1925 __________ 1,697,184
1924 __________ 1,925,509
196,567
276.194
119.065 sur.157,129
1923 __________ 1,924,863
52,487
176,193
116,904 sur.*59.289
L922 __________ 1,868,154
_____
45,755
54,322
111,384
def.57,052
♦Before deducting $140,416 spent for add’ns & betterm’ts to pronerty.
x Before deducting $314,366 for appropriations for investment in physical
property.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres., H. K. McHarg; Sec.-Treas., Jas. M cNeil. Offices,
East Tawas, M ich., and 40 Wall St., New York.— (V. 125, p. 777.)
DETROIT RIVER TUNNEL CO.— Owns double-tube tunnel and ap­
proaches under the Detroit River, with terminals, all leased for 999 yeari
from Jan. 1 1907 to Michigan Central R R . Co. (N . Y . Central System),
which owns the entire $3,000,000 stock and guarantees, prln. & int., of the
bonds and 6% on the stock. Of the $30,000,000 bonds, $12,000,000 are
reserved under restrictions for additions and improvements, interest rate
not to exceed 5 % .— (V. 122, p. 2795.)
DETROIT TOLEDO & IRONTON R R .— Road from Detroit, M ich., to
[ronton, via Lima, 342.66 m., and 57.70 miles o f trackage; branches, Kingman to Sedalia, O., 31.10 m.; Jackson to Cornelia, 17.43 m ., and Lisman
Jet. to Bartles, O., 2.13 m.; total, 485.72 m.; coal mine tracks, sidings,
&c., 212.09 miles. Incorp. in Dela. Mar. 1 1914 as successor, per plan
V. 97, p. 1821, o f the Railway, foreclosed. Toledo-Detroit R R ., Toledo,
O., to Dundee, 21.24 miles. V. 103, p. 60.
Control of this road was taken over by Henry Ford on July 9 1920 by
the purchase for cash of approximately 98% of the Adjustment Mortgage
bonds and the preferred and common stock. The price paid was $600 for
each $1,000 bond and $5 and $1 for each share of the preferred and common
stock, respectively. V. I l l , p. 294, 492.
The Detroit & Ironton R y. was inemp. to lease and take over the opera­
tion of the road. M i orit sto khol ers in Aug. 1920 brought suit to
prevent the proposed lease
V. I l l , p. 895. The lease was upheld by
Supreme Court Justice Finch on Oct. 8 1920. and the decision was later
affirmed by the Appelate D iv. of the^Supreme Court. V. I l l , p. 1472,2041;
V. 114. p. 1178; V. 122, p. 2646.
BONDS, &C.— The issue under the first mortgage is not limited, but
$1,000,000 thereof has been disposed of solely to rehabilitate the property
and provide for equipment and payment of equipment liens, and an addi­
tional $1,000,000 solely for Improvements and additional facilities. Fur­
ther 1st M . bonds may only be issued thereafter from time to time, under
carefully guarded restrictions, for improvements, &c.— V. 102, p. 2341.
The l.-S. O Commission on Oct. 9 1923 authorized the company to issue
I not exceeding $1,000,000 of investment certificates, or certificates of
i Indebtedness to employees. V. 117, p. 2108; V. 118, p. 1135; V. 119, p. 578.
V. 121. p 326

Nov., 1927.]

55

BAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

J & J Jan 5 1927 2%
65
$100 $1,350,000
Det H illsdale & S W— Stock 4% rental N Y O R R
4
D etroit & I ron ton RR — See text
100 2,000,000 See text
Jan 2 1920 2H
D etroit & M ackinac— Common stock $2,000,000 auth
100
Jan 3 1921 2>S
950,000 See text
Pref stock non-cum $1,000,000 auth (V 74, p 629)-1,000
1,500,000
4 g .1 & 1) Junel 1995
1895
“ First lien" $1,500,000 gold__________________ Gxc* All
All
1,000
1,250.000
1895
4 g .1 & D Junel 1995
“ Mortgage bonds" $1.750.000 g red at par----- Gxc*
1,000 18,000,000
V
Detroit Riv T u n — 1st M $30,000,000 gu end_G.xc*r* 2.72 1911
4}4 g J4 & N M a y l 1961
100 6,500,000
D etroit T ol S I ron ton — Common stock $6,500,000c
100 5.989,948
Pref stock (p < d) non-cum 4% & partlc $6,000,000&
1,000 3,249.000
First. M gold red 105______________________ N.yc* 393.32 1914
5 g J & .) Mar 1 1964
_
_ 1920
100
Equipment gold notes due $56,300 annually______
506,700
6
J & J To July 15 1935
1920
M ay To M ay 1 1929
75,000
6
do
do
due $37,500 annually__________
F & A To Mar 1 1930
1923
ib o.ooo
300.000
U 8 Govt notes due $100,000 annually____________
6
1,000 3,000,000
48 1903
Det & Tol Sh L— 1st M $3,000,000 g gu____Ba.xc*&r
4 g J & J Jan 1 1953
1920
Equipment gold notes due $33,400 yearly________ G
263,100
6 g J & J 15 To Jan 15 1935
100
A & O Apr 1927
—
150,000
Dover & R ockaw ay— Stock 6% rental 990 years
6
3%
—
Dub & Sioux C ity— See Illinois Central—
A & O Oct 1 1937
538 1887 1,000 &c 8,151,000
5
D u lu th & Iron Range— First mortgage___ Mp.zc&r
D u lu th Missabe & N orth ern—
1,000
J & J Jan 1 1941
General mortgage gold s f, red 105----------------Nxc*
361 1906
7.127,000
5g
D uluth Rainy Lake & W in nipeg— SeeDul Win & Pac
1,000
A & o Apr 1 1935
130 1885
1,077,000
6
D uluth So Sh & Atl— Marq H & On gen M -_C e.zc*
1,000 3,816,000
594 1887
5 g J & J Jan 1 1937
Duluth South Shore & Atlantic 1st M g-_Ce.xc&r
1,000 15,107,000
594 1890
4 g F & A Aug 1 1990
First consol mtge gold interest guar_ Ce.zc*&r
_
1892
3,000.000
4
Income certificates held by Canadian Pacific______ z
F & A To Aug 1 1934
1924
1,000
352,000
5g
Equip trust gold certif Series “ A " due $44,000 ann.

Farmers' L & Tr C o, N Y
H K M cHarg, New York
do
do
J P Morgan & Co, N Y
do
dc
Office of Treasurer, N Y
New York Trust Co
Guaranty Trust Co, N Y
U S War Department
Farmers L & Tr Co, N Y
Bankers Trust C o, N Y
Guaranty Trust C o, N Y
143 Liberty St, New York
Office Empire Bldg. N Y
Company’s office. N Y
64 Wall St, New York
do
do
New York or London
Minneapolis Trust Co

RE PO RT.— For 1926, in Y . 124, p. 1506, showed:
C A PITAL STOCK.— Common, $12,000 000: pref. 6% non-cum., $10,000,000; par, both $100 On Dec. 31 1926 the Canadian Pacific owned
Calendar Years—
1926.
1925.
1924.
1923.
Gross earnings__________$12,891,530 $13,911,371 $11,995,758 $10,417,412 $6,100,000 common and $5.100,fC0 preferred stock
Net oper. income______ 2,075.275
3,614.644
2,554,761
1,786,924
BONDS, &c.— Abstract first mortgage, V. 45, p. 274.
Other income___________
91,589
144.595
84,337
363,130
The first consolidated mortgage o f 1890 has interest at 4 % , guaranteed
Deductions_____ ______
757,591
1,686,450
918,114
733,018 by Can. Pac., w’ ich Dec. 31 1926 held the entire outstanding issue ($15.Net income____________ 1,409.273
2,072,789
1,720,984
1,417,036 1C7.000) in its treasury as security for its 4% debenture stock: consols for
For latest earnings see “ Railway Earnings section” (issued monthly).
$4,893,000 are reserved for prior bonds, and additional amounts may be
OFFICERS.— Pres., Henry Ford; V .-P ., E. G. Liebold; Sec. & Treas., issued at $20,000 per mile o f new lines. Canadian Pacific R y. Dec. 31 1926
G. R . Brubaker: Gen. M gr., F. L. Rockelman; Gen. Aud., C. C. Straub.
also held $3,000,000 overdue income certificates.
Directors.— Henry Ford, W . C. Cowling, G. R. Brubaker, F. L. Rockel­
The Marquette Houghton & Ontonagon R R . gen. mtge. 6% bonds due
man, Edsel B. Ford and E. G. Liebold. Office, Dearborn, M ich.— April 1 1925 were extended to April 1 1935 at the same rate o f interest.
Equipment trusts, Dec. 31 1925, 14th senes, $42,000.
(V. 125, p. 511.)
1926,
RtEPORT.— For 1926 showed:
EPO RT.—
DETROIT AND TOLEDO SHORE LINE RR. CO. (T H E )— Extend
Oper Inc. Other Inc. Charges.
Balance.
Cal. Year— Gross.
from Toledo to (suburbsof) Detroit, 47.49 m.; 2d track, 34 88 m.; sidings.
$458,725 $73,914
$660,841 def$128,202
*1927............. $4,032,752
67.63 m.; trackage rights, 3-21 m .; total track, 153.21 miles.
$342,095 $120,128
$890,513 def$428.290
Tljp I.-S. C. Commission has placed a tentative valuation of $2,650,100 1 9 2 6 --.......... $5,281,270
1925________ 5,808,935
861,105
162,955 1,142,772 defll8,712
on the owned and used properties o f the company as of June 30 1917.
1,118,989
196,217 1,559.530 def244,325
The Grand Trunk Western R y. (Canadian National Rys.) and the N . Y . 1924............... 5,905,360
818,513
96,166 1,095,175 defl 80,496
Chicago & St. Louis R R . own the entire $1,428,000 stock and jointly guar­ 1923________ 5,861,203
135,902
59,983
923,095
def727,210
. .. ........
antee the bonds, prin. & int., by endorsement. See form o f guaranty, V. 76, 1922 ______ 4.492.354
* For 9 mos. ended Sept. 30 in V. 125, p. 2522.
p. 653. First dividend, 4 % , paid from earnings prior to June 30 1908; in
For latest earnings, see "Railway Earnings Section” (issued monthly)
fiscal year 1908-09, 6 % . and in 1909-10, 1910-11, 1911-12, 1912-13 and 1913OFFICERS.— Pres., C. T . Jaffray; Sec., W . R . Harley: Treas., W . J.
14. 8% , and in 1913-14, $630,000 from accumulated surplus paid in 1st
mtge. 4s); 1914-15, 8% and 6% extra; 1916 to 1921, 8% yearly. In 1922 Ellison. Office, Marquette, Mich. New York office, 64 Wall St.— (V.
paid 8% and special div. 39.014%. In 1923 paid 8% and special div. o f 125, p. 2522.)
DULUTH WINNIPEG & PACIFIC R Y .— Virginia, M inn., to Duluth,
8 % . In 1924 paid 8% ; 1925, 8% ; 1926, 8% and special div. o f 8% Jan. 31
81 miles; Virginia to the international boundary, 6 miles; total operated,
and May 31 and 10% Oct. 31.
Equipment trusts issued to Director-General for rolling stock allocated 87 miles. Owns entire $2,000,000 stock o f Duluth Rainy Lake & Winnipeg
to this romnany
See article on page 3 and V. 114, p. 1286; V. 118, p. 793. Ry. Capital stock auth., $6,000,000, par $100. Operated as part o f the
R E PO RT.— For 1926:
Canadian National Rys. V. 98, p. 1601: V. 102. p. 152.
Cal.Yrs. Gross.
Ry.Oper.Inc. Other Inc. Int.,Rent.,&c.
Balance.
The I.-S. C. Commission has placed a tentative valuation of $4,225,136
1926 .--$4,781,204
$2,108,122
$63,928
$1,204,533
$967,516 on the total owned and used property and $8,306,221 on the total used
1925 - - - 4,270.835
1,855,100
47,002
1,253,604
551.134
property (including several leased lines) as of June 30 1919.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
SECURITIES.— The 1st mtge. 4% deb. stock of 1910 is guar., p. &. L, by
OFFICERS.— Pres., Walter L. Ross; V .-P., H. E. Whittenberger; the Canadian Nor. Ry. Co. Of the $10,500,000 auth. issue, £1,439,383 is
Gen. M gr., James P. Main; Aud., Bryan Thomas: Sec. & Treas., W m. C. outstanding; $1,525,000 was issued to retire existing securities, $2,000,000
Tomkins. Office, Detroit, M ich.— (V. 120, p. 2681.)
was reserved to retire the Duluth Rainy Lake & Winnipeg bonds (extended
DOVER & ROCKAW AY RR. (N. J .).— Total, 5.12 miles. Operated in 1916 to 1921), the remaining bonds to be available for further exten
sions, &c. The D. R. L. & W . stock is vested with the trustees, the
under lease by Central R R . o f New Jersey.
DULUTH AND IRON RANGE R R . CO. (THE).— Owns Duluth to National Trust Co. of Toronto and the British Empire Trust Co. V. 102,
Winton, M inn., 132.35 m.; Tower Jet. to Tower, 1.56 m.; Allen Jet. to East p. 152 V. 90. p. 1490: V. 91. p. 154 1322
Earnings.— For latest earnings, see “ Railway Earnings Section” (issued
Virginia, 49.96 m.; McKinley to Largo, 21.92 m.; Fayal Yard to Eveleth,
l . 46 m.; Waldo to Mile 49 on main line to Winton, 15.01 m.; Mesaba to monthly).— (V. 123, p. 575.)
Mile S, 16.40 m.; Robinson to Burntside Lake, 3.26 m.; other branches,
DURHAM & SOUTH CAROLINA R R .— Durham. No. Caro., south 42
24.28 m.; operated under trackage rights, 7.32 m.; industrial tracks, 62.34 miles to Duncan on Norfolk Southern. Stock, $500,000 ($250,000 com­
m. Second track, 71.71 m.; yard tracks and sidings, 134.64 m.
mon and $250,000 5% preferred); par, $100. Of the $300,000 1st mtge.
The I.-S. C. Commission has placed a tentative valuation of $28,583,609 bonds, about $140,000 are in sinking fund, leaving about $160,000 outstand­
ing. The road was acquired by the Norfolk Southern R R . in 1920 ana is
on the company’s property as o f June 30 1919.
STOCK, &c.—Stock, auth., $10,000,000; out., $6,500,000. Minnesota leased by that road for 99 years from M ay 26 1920. V. 110, p. 2387.
Iron Co. (see U. S. Steel Corp.) owns the stock. First mtge., authorized,
The I.-S. C. Commission has placed a final valuation o f $460,796 on
$25,000 per mile for construction and $7,000 for equipment. Dividend* the property o f the company as o f June 30 1917.
since 1904: 1905. 65% ; 1906. 40% ; 1907. 80%: 1908. 80%; 1909. 145%; in
Pres., Ernest Williams; Aud., R . S. Harris, Lynchburg, Va.— (V.
fiscal year 1909-10. 100%; 1910-11. 135%: 1911-12 and 1912-13. 90%; 119, p. 1843.)
1913-14, 75%; 1914-15. 20% : 1915-16. 50% : 1918. 25% : 1917. 12%: 1018
DURHAM & SOUTHERN R Y .— East Durham to Dunn, N . C ., 57 m.
7% : 1919. 30%: 1920. 15%: 1921, 15%: 1922,20%; 1923,25%; 1924,15%
East Durham to Durham, 2 m. The I.-S. C. Commission has placed a
1925, 15%; 1926. 15%.
tentative valuation o $946,000
f the company as of
Cal.Yrs. Gross.
Net.
Oth. Inc. Int.,Rl.,&c. Divs.
Balance. June 30 1917. Stock fauthorized, on the property o$1,350,000; par, $100.
$2,000,000; out.,
1926 --$7,041,389 $1,875,129 $441,255 $595,831 $975,000 $775,553
Divs. of 24% were paid in 1910-11; in 1911-12, 24%; in 1912-13, 14%;
1925 - - 6,813,655 1,555,359 470,512
622,437
975,000
428,435 in 1913-14, 11%; 1915, 7 )4 % ; 1916, 7% ; 1917, 8% ; none since.
For latest earnings see “ Railway Earnings Section" (issued monthly).
Pres., B N. D uke: Sec.. W. O. Parker. Office. D urham . N . O.—
OFFICERS.— Pres., Horace Johnson; Sec. & Treas., Chas. E. Wachtel. (V 122, p. 1022.)
Offices. Wolvin Bldg., Duluth, and 71 Broadway, N . Y .— (V. 124, p. 3063.)
EAST BROAD TOP R R . & COAL CO. (P a.).— Owns from M t. Union,
DULUTH MISSABE AND NORTHERN R Y . CO.— Owns from Stony Pa., to Alvan, Pa.. 32.62 miles: Orbisonia to Neelyton. Pa., 9.60 miles
Brook to Mountain Iron, Minn., 52.03 m.; Missabe Jet. to Columbia Jet.. Rocky Ridge to Evanston. Pa., 4.90 ‘ m.: Coles to Joller. 2.49 m.;
29.48 m., with numerous branches; total of all track owned, 765.42 m. Also Neelvton to Stanton. 1.53 m.: Shlrleysbur Clay Quarry. 0.98 m.; total
leases from Spirit Lake Transfer R y. (V. 104, p. 664) and Interstate Transfer 52.12 m. A coal road opened In 1874, V . 97, p . 1663, 18 2.
R y., 24.96 miles, with 3.43 miles branches and spurs and 15.24 miles yard
The I.-S. C . Commission has placed a tentative valuation o f $1,645,085
tracks and sidings. Owns extensive ore docks at Duluth. Entire $4,112,500 on the total owned and $1,649,685 on the total used properties o f the com­
stock controlled by U. S. Steel Corp.
pany as of June 30 1917.
The I.-S. C. Commission has placed a tentative valuation of $45,780,030
Stock, $938,7C0 (par $50), o f which $246,750 in 6% non-cum. pref. Sec­
on the company’s property as o f June 30 1919.
ond m tge. 4 % income bonds, $464,000, due Jan. 1958, given in 1908 for back
BONDS.— Of the Gen. 5s o f 1906, additional bonds may be issued at ot int. from 1885. Y'ear ended D ec. 31 1926. Total railway operating reve­
over $30,000 per mile for additional single main track and $20,000 .or nues, $"’ 17,40'!; total operating expenses, $516,124; railway tax accruals,
second, third and fourth main tracks and for not over 75% of cost of irn- &c , $6,338; net operating income, $194,944; other income. $13,853: gross
Drovements, &c. Sink, fd . 2% yly, (incl. bonds in sink.fd.) retires by If.c at income, $208,797. Deduct: Int. on funded debt, $42,276. Other de­
105. Dec. 31 1926 $6,845,000 in sinking fund. V. 88, p. 822; V. 98, p. ductions. $9,511. Balance, def., $30,730. Pref. divs. (20%) $49,350;
common divs. (20% ), $138,390.
1693, 1844.
The Rockhill Coal & Iron Co. early in 1920 acquired substantially all of
DIVIDEN DS paid in recent years: 1916, 100%; 1917, 50%; 1918, none.
V. 122, p. 1022.
1919, 70%, 1920, 75% 1921, 75% 1922, 75% 1923, 100%; 1924, 80%; the outstanding bonds and capital stock o f the co. 122, p. 1022.)
Office, 260 South Broad St., Philadelphia.— (V.
1925, 80%: 1926, 100%.
EAST CAROLINA RY.— Owns Tarboro to Hookerton, N. 0 ., 38 miles.
REPORT.— For 1926 showed:
Incorporated In North Carolina July 1 1898. Leased to Pres. Henry C.
Years End. Dec. 31—
1926.
1925.
1924.
1923.
Gross oper. revenues_ $18,943,968 $18,054,509 $13,856,099 $22,253,354 Bridgers for 4% yearly on stock, payable Dec. 10. Stock auth. $200,000;
_
Net earnings__________ 8,015,773
8,187.883
3,857,198 10,676,232 outstanding, $55,500; par, $100. Bonds, see table above. Pres., Treas. &
Other income__________
842,386
797.564
788,024
647,892 Gen. M gr., Henry C. Bridgers; Sec.. A . D . Fowlkes. Office, Tarboro.
Int., rent. Fed. tax, & c. 1,053,129
2,098,077
971.024
1,128,140 N. O.— (V. 108, p 480.)
Sinking, &c., reserves_
_
126,030
1,061,245
-----------------------EAST MAHANOY R R . — Owns from East Mahanoy Junction to St.
Dividends paid________ 4,112,500
3,290,000
3,290.000 4,112,500 Nicholas and branches, 8.67 m.; 2d traok, 6.90 m.; total traok 20.67 m.
Balance, surplus_______ 3,566,499
2,536,125
384,198 6,083,483 Re-leased Deo. 1 1896 for 999 years to Little Schuylkill Nav. R R . & Coal Co.
OFFICERS.— Pres. & Gen. M gr., Wm. A. McGonagle; 1st V .-P ., at 5% on stock, and lease assignd to Phila. & Read. R y. (now Reading
Chas. E. Carlson; Sec. & Aud., Joseph Seifert; Treas., Joseph Kempton. C o.)— (V. 106, p. 923.)
Offices, Wolvin Bldg., Duluth, and 71 Broadway, N . Y .— (V. 124, p. 3346)
EAST PENNSYLVANIA R R .— Owns Reading, Pa., to Allentown, Pa.,
DULUTH SOUTH SHORE AND ATLANTIC R Y . CO. (T H E ).— 85.84 miles; miles 2d main track, 34.24; all track, i05.52 m. Leased for 999
Operates Superior to Sault Ste. Marie, 407 miles; “ Soo’ Junction to St. years from May 1 1869 to the Phila. & Reading R R . at a rental of 6% per
Ignace, 43 miles; other,1140 miles; total, 590 miles, including 28 miles of ann. on the stock & int. on bonds & taxes. Lease assumed in 1896 by
Phila. & Read. Railway Co. (now Reading C o.). Of the stock, $1,275,300
trackage; owned but not operated, 26 miles.
is owned by Reading Co. V.106, p. 923.
Tentative valuation as of June 30 1916, $17,967,191. V. 115, p. 182.




56

[V ol. 125,

RAILWAY STOCKS AND BONDS
R AILR O AD C O M P A N IE S

\For abbreviations, & c., see notes on page

8]

Oul W inn & Pac— 1st M deb stk gu by Can Nat Ry
Durham & So Car— 1st M $300,000 g red 105-MeBa.x
Durham Union S ta tion — 1st M $75,000 g_G.xc*&r
Dutchess C ou n ty RR — See Central New England Ry
East Broad T op RR & C oal— 1st M ext 1908_______
2d mortgage incomes_____________________________
Shade Gap 1st mortgage________________________c*
East Carolina Ry— First mortgage $300,000 g old-.x
East Mahanoy R R — Stock. -------------------------------East Pennsylvania— Stock 6% guar---------------------First mtge gold guar p & i___________________ kvc*
East Tennessee Va & G eorgia— See Southern Ry
East Tenn & W No Car— 1st M g (V 81 p 1723)GuP.zc*
Eastern Ry o f M innesota— See Great Northern
Edmonton Dunv & Br C ol— 1st M deb stk gu see text
1st M (on extensions) $2,420,000 g $20,000 p m —
El Paso & S outhw Co— Stock ($50,000,000 a u th )..
E1 Paso & S W RR— 1st & Ref M g $25,000 p m----- F
El Paso Union Pass D epot— 1st M g $240,000 sf.E j.x
Elgin Joliet and East— 1st M ($10,000,000)g.Cexc*
Elgin Eq Tr due $120,000 annually_______________
Joliet Eq Tr due $125,000 annually___________ Us

Allies
Road

Date
Bonds

Par
Value

Rate

£1,439.383
See text
$60,000

4
5g
o g

J & D Junel 1939
M & S July 1 1941
M & N M a y l 1955

1,000

50
50
1,000

500.000
464,400
92.500
300.000
497.750
2,126,900
495.000

4
4
4
4g
5
6
4g

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

1,000

500.000

5g

M & N Nov 1 1935

42

*£l
1910
$ 1,000
1911
190o 1.000 &c

40
40
11
38

1908
1908
1908
1906

‘ 36
36

1888

36 1905
357
121

1912
1916

458 1915
281 1905
236 1891
1920
1923

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Am ount
Outstanding

1,000

100 &c
500

When
Payable

%

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

J Jan 1 1958
260 So Broad St, Phil a
J July 1 1958
do
do
J July 1 1958
do
do
J July 1 1936
Safe Dep &Tr Co, Balt
15 June 15 ’27 2 'A Reading Term, Phila, Pa
J Jan 15 1927 3%
do
do
do
do
8 Mar 1 1958

£1 &c £1,438.356
F & A 16 Feb 16 1942
4
1.000 2.420.000
4 X g A & O 22 Oct 22 1944
None 25,000 000 See text Q— J
See text
1,000
A & O Apr 1 1965
8.397.000
5
1,000
96 000
5 g J & J To Jan 1 1935
1,000 10 , 000.000
5 g M & N M a y l 1941
1.320.000
6 g A & O To Apr 1 1938
J & J To July 1 1941
5
1.875.000

Guar Tr & S D Co, Phila
Lloyds Bank, Ltd, Lond
National Park Bank, N Y
Farm L & Tr Co, N Y
Equitable Trust Co, N Y
71 Broadway, New York

*A ny multiple o f £1.

EAST TENNESSEE & WESTERN NORTH CAROLINA R R .— A
narrow gauge road from Johnson City, Tenn., to Cranberry, N . C ., 34 m.;
also Johnson City to Valley Forge, Tenn., 12 m ., third rail. Controlled
by Cranberry Iron & Coal Co. V. 96, p. 1156. 1296. Final valuation as
o f June 30 1916, $1,613,600.
Capital stock, $490,000. Dividends. 4% paid since 1908-09; in 1909-10,
8 % ; 1910-11, 9% and 10% extra; 1911-12, none; 1912-13. 18%; 1913-14,
17% 1914-15. 1514%; 1915-16. i ;m % 1917 4%; 191S. 13%; 1919, 18%.
1920, 12%; 1921, 3% : 1922-23, 12%; 1924, 15%; 1925, 5% .
Cal. Years—
Gross.
Net.
Other Inc. Deductions. Balamce.
$71,152
$10,263
$25,742
$55,676
1926____________ $317,617
1925____________ 289,306
55,789
9,284
25,591
39,482
Pres., Edgar P. Earle; V .-P . & Treas., J. E. Vance; Sec., Hammond
Prosser. Office, Johnson City, Tenn.—-(V. 125, p. 1216.)
EDMONTON DUN VEGAN & BRITISH COLUMBIA R Y .— Road runs
from E.lmonton in a northerly direction 130 miles, then northwesterly to
Spirit River: branch line from Rycroft to Grande Prairie. Main line
358 miles; branches, 65.42 miles; leased, 4.36 miles; total, 427.86 m . Con­
nection E. D. & B. C. Ry. wild Strai hcona Terminals, Canadian Pa. Ry
at Edomoton, 6.65 miles. Sidings, 52.50 miles. The 30-year 4% deben
ture stock (at present limited to $7,000,000, at $20,000 per mile, on said
350 m .), is guaranteed, prin. & int., by the Province of Alberta. The
$2,420,000 1st M . 4!^s of 1916, with same guaranty, cover 121 miles of
extensions. V 103. p 938
See V 95 p. 1273 V. 96. p. 419. 1422
The company has also issued $2,400,000 6% debentures to J. D. McArthur
Corp., Ltd., and Royal Bank to cover indebtedness (interestu npaid). Ad­
vance by Provincial Government to re-condition road, $2,740,065, at 6%
(interest unpaid).
Premier J. E. Brownlee o f Edmonton announced that the Province of
Alberta took over the operation o f the Edmonton Dunvegan & British
Columbia R y. and the Central Canada Ry. on N ov. 10 1926, when the
Canadian Pacific’s operating agreement expired. An agreement was com­
pleted with the Canadian National Ry. for the handling o f the traffic.
V. 123. p. 2515.
The Government has discontinued the publication o f operating results.
V. 123, p. 2515.
EL PASO & SOUTHWESTERN CO.— The I.-S. C. Commission on
Dec. 26 1923 approved and authorized:
(1) The acquisition, through the exchange o f securities, of direct control
by the El Paso & Southwestern Co. o f certain of its subsidiaries con­
trolled indirectly; (2) the acquisition by the El Paso & Southwestern RR.
of control of certain subsidiaries of the El Paso & Southwestern Co. by ex­
changing its capital stock for the capital stock o f subsidiaries: (3) the acqui­
sition by the El Paso & Southwestern R R . o f control of the properties of
certain subsidiaries o f the El Paso & Southwestern Co. by lease; (4) granted
authority to the El Paso & Southwestern R R . to issue not exceeding $12,570,000 capital stock and not exceeding $11,914,000 First & Ref. Mtge
bonds in exchange for stock and bonds of certain subsidiaries o f the El Paso
& Southwestern Co. and in part payment for equipment to be purchased
from that company. The bonds have been or will be issued for the following
purposes; (1) To refund: (a) 1st mtge. 5% bonds o f Dawson Ry., $3,000,000; (&) 1st mtge. 5% bonds o f El Paso & Northeastern R y., $2,700,000;
(c) 1st mtge. 5% bonds o f El Paso & Rock Island Ry., $2,500,000; (d) 1st
mtge. 5% bonds o f Alamogordo & Sacramento Mountain R y., $372,000.
and (6) 1st mtge. 6% bonds o f Arizona & New Mexico R y., $1,294,000
(2) In part payment for equipment purchased from El Paso & Southwestern
Co., $2,048,000, and (3) to refund $5,055,000 1st mtge. 5% bonds which
matured Jan. 1 1923 (refunded and now outstanding), $5,055,000; total,
$16,969,000. Compare V. 118, p. 906.
On June 20 1924 an agreement was entered into by and between El Paso
& Southwestern Co. and Southern Pacific Co. whereby, subject to the
approval o f the I.-S. O. Commission, it was agreed that in exchange for
stocks, bonds and other assets owned by El Paso & Southwestern Co,
having an aggregate value o f not less than $57,400,000 over and above
the $9,100,000 o f bonds outstanding in the hands of the public, and repre­
senting that company’s ownership o f and interest in the El Paso & South­
western R R . System, and also in the Nacozari RR. and in the Tucson.
Phoenix & Tidewater R R ., the Southern Pacific Co. would issue and
deliver $28,000,000 common stock, as well as $29,400,000 20-year 5%
(collateral trust) gold bonds
The securities and other assets to be acquired by Southern Pacific Co.,
either direct or indirect, under said agreement, are as follows:
(a) All the issued and outstanding capital stocks and all, except approxi­
mately $9,100,000 o f the issued and outstanding funded debt o f (1) El Paso
& Southwestern R R .; (2) El Paso & Southwestern R R . o f Texas; (3) Burro
Mountain R R .; (4) Arizona & New Mexico R y.; (5) El Paso & Northeastern;
(6) Dawson Ry. & Coal Co.; (7) Dawson Ry.; (8) Alamogordo & Sacramento
Mountain R y .; (9) El Paso & Northeastern R y.; (10) El Paso & Northeastern
R R ., and (11) El Paso & Rock Island R y., whose lines form the El Paso &
Southwestern system o f railroads; as well as all the issued and outstanding
capital stock o f the Nacozari R R ., which owns a line extending from Agua
Prieta to Nacozari, Mexico, and o f the Tucson, Phoenix & Tidewater Ry.,
which owns certain real estate, franchises, and rights o f way in Phoenix,
Arizona and elsewhere, and
(b) All book accounts, claims against, and other interest in said companies
owned by the El Paso & Southwestern Co.; and all other property o f any
kind whatsoever owned by or held in trust for the El Paso & Southwestern Co.
The operation o f the properties of the system was formally taken over
by the Southern Pacific Co. on N ov. 1 1924.
Stock.— The proposed change o f the El Paso & Southwestern Co. stock
o f $100 par value to no par value stock was approved by the l.-S. C. Com­
mission on July 18 1921. While certificate has been filed with the Secretary
of State o f New Jersey, no action has been taken as yet to make the exchange
Pres. T. M. Schumacher; Sec., Geo. Notman. N. Y. office, 99 John St
— (V. 123, p. 978.)
EL PASO UNION PASSENGER DEPOT CO — Owns depot at El Paso
Tex., which was completed about N ov. 1 1905. The I.-S. C. Commission
has placed a tentative valuation o f $648,300 on the owned and used proper­
ties o f the company, as of June 30 1917. Leased by El Paso North­
eastern. El Paso Southwestern. Galveston Harrisburg & San Antonio (Sou.




Pac. Sys.), Atch. T op. at Santa Fe. Texas at Pac. and Mex. Cent, railroad*
on a wheelage basis providing for maintenance and all charges. Stock
auth., $240,000; outstanding, $88,800. Owned equally by six road*
named. Of bonds (see table above). $12,000 mature Jan. 1 yearly, begin­
ning 1916 V 78. p. 104: V. 81. p. 1043 — (V. 123, p. 839.
ELGIN JOLIET AND EASTERN R Y . C O — Owns from Waukegan,
111., on Lake Michigan, via Joliet, to Porter, Ind., 129.94 miles, and
branches: main line owned, 195.13 m.; spurs to coal mines, &c., 45.86 m.;
trackage, 249.39 m.: 2d track, 42.40 m.; side and yard tracks owned,
188.04 m ; total, 720.82 m. Also leases Chic. L. S. & East., 16.05 miles
with 320.82 miles branches and spurs and 14.85 miles 2d track, and 124.88
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. & i. V. 89, p. 1410.
Leases from miscellaneous foreign roads, branches and spurs to mines and
industries 1.82 miles; yard tracks and sidings, 3.47 miles. Controlled by
U. S. Steel Corp.
The I.-S. C. Commission has placed a final valuation of $34,660,000 on
the company’s properties owned and used as o f June 30 1914. The report
palso covers the properties of the Chicago Lake Shore & Eastern Ry.and
the Blue Island R y.
STOCK.— $10,000,000, as increased from $6,000,000 In June 1909; par
$100. Dividend, 4% yearly (in Dec.) in 1899 to 1922; paid 6% in 1923,
4% in 1924, 4% in 1925 and 6% in 1926.
R EPO RT.— For 1926 , in V. 124, p. 3063, showed:
1923.
1924.
1926.
1925.
Operating revenues____ $26,432,112 $25,006,966 $21,521,787 $27,539,298
Operating expenses_____ 17,275,369 17,411,663 15,287,842 18,483,534
Tax accruals . _ _ _
_
1,314,899
1,343,534
1,087,373
1,429,750
Operating income___ $7,726,992
Equipment rents_______ 2,068,940

$6,251,769
2,230,143

$5,146,572
1,825,496

$7,740,865
2,330,527

Net railway incom e,.. $5,658,052
Other income . . .
365,716

$4,021,626
336,340

$3,321,076
324,089

$5,410,338
372,464

G ro ss______________ . $6,023,768
Deductions . . .
. .. 3,963,195

$4,357,966
3,046,439

$3,645,165
3,106,682

$5,782,803
3,190,626

Net in c o m e ._
_
$2,060,573
Other credits_
_
_____
8,289

$1,311,527
26,668

$538,483
23,293

$2,592,177
8,033

Surplus for y e a r . __ . $2,068,862
Dividends
600,000
Other debits.
__
14,870

$1,338,195
400,000
29,404

$561,776
400,000
18,584

$2,600,210
600.000
128,976

$908,791
8,051,873

$143,192
7.908,680

$1,871,234
6,037,447

Profit
. . .
Previous surplus

. . .

$1,453,992
8,960,664

Profit & loss surplus.. $10,414,656 $8,960,665 $8,051,873 $7,908,680
For latest earnings see “ Railway Earnings Section” (issued m onthly).
OFFICERS.— Pres., A. F. Banks; V .-P ., S. M . Rogers; Sec. & Treas.,
F. L. Koontz. Offices, 208 So. La Salle St., Chicago, and 71 Broadway.
New York.— (V. 124. p. 3063.)
ELKIN & ALLEGHENY R R ,— This company was chartered early in
1920 with $1,000,000 authorized capital stock to take over, operate and
extend the road of the same name sold at receiver’s sale in the summer of
1919. V. 109, p. 2074. The line, projected from Elkin to Sparta, N. O .,
about 40 miles, has been completed and is in operation between Elkin and
Veneer, 16 mites. Beyond the latter point, it is said that about 20 miles
of grading have been done, and the new company intends to continue con­
struction not only to Sparta, but to Jefferson, N. C ., a total distance of
about 75 miles. Those interested in the plan are H. O. Chatham. C. B.
Penny. Winston-Salem, N. C .; J. Clinton Smoot. North Wilkesboro, N .C .,
R. A. Doughton, Sparta, J. F. Hendren, G. T . Roth and others on Elkin,
N. C.
The I.-S. C. Commission has placed a final valuation o f $335,046 on
the owned and used, and $34 on the used but not owned properties of the
company as of June 30 1915.— V. 121, p. 1904.
ELMIRA & LAKE ONTARIO R R . CO.— Owns from Canandaigua’
N. Y ., to Chemung Jet., 64.19 m.; Sodus Point to Stanley, 34.06 m.; other
1.66 m.; total, 99.91 m. The I.-S. C. Commission has placed a tentative
valuation of $4,000,000 on the owned and used property of the company as
of June 30 1918. Leased to the Northern Central, which owns all the
$1.500.000 stock. Penn. R R . assumed lease in 1914. Lease may be termi­
nated on 30 days’ notice. Rental, net earnings. The $500,000 Sodus Bay
& Southern R R . 1st gold 5% bonds, due July 1 1924, were purchased at
maturity by the Northern Central R y. Co. at par.— (V. 123, p. 79.)
ELMIRA & WILLI AMSPORT RR. CO.— Owns from Williamsport, Pa.,
to Elmira, N. Y ., 73.49 m. Leased to the Northern Central R y. for 999
years from May 1 1863. Lease was assumed in 1914 by Penn. R R . Co. as
)f Jan. 1 1911. The divs. on the common stock are 5% and on the pref.
7%, less taxes, making div. on common 4.60% , and on pref 6.44% . The
$963,000 1st 6s due Jan. 1 1910 were extended at 4 % . V. 89, p. 1667.
ERIE & KALAMAZOO R R .— Vulcan near Toledo to Palmyra, 21.82 m.
Leased In perpetuity in 1849 to Lake Shore (now N. Y . Central R R .) at
*30.000 ner ann. Dividends 1913 to 1916. 9 ^ % per ann; 1917. 9 H % ;
1918 to 1925, 9% yearly; 1926, 8M % accrued.
ERIE & PITTSBURGH RR.— Owns New Castle. Pa., to Girard Jet., Pa.,
9.58 miles: branch to Erie docks, 3.43 m.; total operated, 83.01 miles.
Leased to Penn. R R . for 999 years in 1870 at 7% on stock and int. on bonds
and since Jan. 1 1918 operated directly by it. Under agreement o f N ov. 1
1905 the Penn. R R . provides sinking fund installments required by the gen.
mtge., the E. & P. to deliver its 33^ % debentures at par for such advances
and at maturity o f the gen. mtge. bonds to exchange new mtge. bonds
therefor.

Nov., 1927.]

KAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

73
Elmira & W illiam sport— Stock com 5% rental._N.c
73
Preferred stock 7 % rental Penn R R _______________
First mortgage extended 1910----------------------------- kv
73
__
Tncome bonds 999 years to run_________________ zc*
22
Erie & K alam azoo (leased) stock___________________
Erie & P ittsbu rgh — Stock 7% rental 999yrs PennRR
83
Special guaranteed betterment stock $7,500,000__
83,
General mtge 'now 1st) $4,500,000 gold guar.Un.k
83
Gold debentures_________________________________
Erie Railroad Co— Common stock $189,000,000 auth
Second pref stock 4% non-cum redeemable at p a r ..
First pref stock 4% non-cum redeemable at par____
A— Old Bonds Assumed— Roads Consolidated—
N Y A Erie 1st M Pierm to Dun ext 1897 gold-.xc*
447
447
Second mortgage (ext in 1919) gold call 110— zc*
447
Third mtge (ext in 1883 A 1923) gold red 105-.zc*
465
Fourth mtge (extended in 1880 and 192b) g.xxxc*
465
Fifth mortgage (extended in 1888) gold--------- xc*
60
Erie R y 1st M Buff Br Hornellsv to Attica gold._zc*
526
First consol mtge $30,000,000 gold $ or £ ..F .z c *
N Y L E 4 West first consol mortgage gold___ zc*
526
67
Buff & S W 1st M gold ext 1918 at 6% red 105 g -.x c *
12
Newburg & N Y 1st M gold extended in 1889------vc*
250
Chic A Erie 1st M g (Marion O to Ham’d Ind) .C ezc*
39
Erie A Jersey 1st M gold s f red text---------G.c*Ar*
32
Genesee River 1st M gold s f red text------G.c*Ar*
...
Chicago & Atlantic Term 1st M ext 1918 gold-.C e.z
B—-Erie Railroad Company B o n d s 67
Second mtge on Buff A S W gold ext 1918------G.xc*
First consol mortgage o f 1895, securing—
(1) Prior lien bonds $35,000,000 gold----- F.xc*&r
(2) General lien $140,000,000 gold----------F.sc*Ar
Penn coll trust M $36,000,000 g s f (text)..B a.xc& r
General mortgage fSeries A $10,000,000— G.sc*Ar
convertible,
iSeries B $12,000,000--------xc*Ar
$5 0.00 0,00 0... [Series D $28,000,000_____ xc*Ar
_
Refunding A impt M $500,000,000 g _ ________ Ba
r u Further amounts owned by company as follows: Of r

___
1860
1863
____
1890

Par
Value

$50, $ 500,000
50
500,000
1,000
963.000
500
570.000
50
300.000
50 2,000.000
50 2,933,150
1,000 3,501,000
818 514
$100 134,612.700
100 16,006.000
100 47,904,400

Rate
%

When
Payable

1895
1895
1895
1901
1903
1903
1903
1916
$19,21

1,000
1,000
1,000
1 ,0|Q &c
1,000 &c
1,000 &c
100 Ac
500
9,000 un

W63.000

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

M & N See text
Broad St Station Phila
5
,1 < .1 See text
fc
7
do
do
4
J A .1 Jan 1 1950
do
do
A < O Oct 1 2862
fe
5
do
do
F & A See text
Text
Lincoln Nat Bank, N Y
7
G —M Sept 10 ’27 I X Treas office, Erie, Pa
do
do
7
Q—M June 10 ’27 I X
Penn RR Agent, N Y
3)4 g J A J July 1 1940
J July 1 1940
Treas office, Erie, Pa
3)4 j
April 1907
April 1907

1847
1,000 2,482,000
4g M
1849
1,000 2 148.000
5g M
1,000 4,616,000
1853
4)4 g M
1,000 2,912 000
1857
A
5g
1858
500 &c
709,500
4 g .1
1861
200 &c
182,400
4g J
1,000 15,569.000
M
1870
7g
500 Ac
1878
2,005,o00
M
7g
1877
50 &c
1,500,000 (5) 6 g J
1,000
1868
250,000
5g J
1890
1,000 12,000,000
M
5g
1,000 6.981,000
1905
6 g .1
1907 1,000 &c 5,659.000
6g J
l.c o o
1888
300,000
5g J

STOCK.— The special betterment stock ($7,500,000 auth.) is subordinate
to the old stock, but guaranteed 7% dividends. Dividends on old stock are
subject to a 4-mill tax on assessed value, on special betterment, tax-free.
EAR N IN G S.— For 1926, gross income, $502,883; deductions, $169,708:
dividends, $333,175; bal., def., $145.— (V. 125, p. 243.)
ERIE RAILROAD CO.— Embraces trunk line from Jersey City to
Chicago, 111.; and branches, 2,317.26 miles; restricted trackage rights, 128.27
miles; owned and leased to other companies, 12 miles; leased and released
to other companies, 2 miles; total, 2,460.25 miles; second track, 1,423.85
miles; thirdfrack, 36.24 miles; fourth track, 35.87 miles.
Leased Lines—
Miles
Lines Owned in Fee—
Miles.
Pierm ont.N.Y.,to Dunkirk A br 447 Avon Gen. A Mt. Morris______ *16
Buffalo to Jamestown, N. Y ___
66 Montgomery & Erie__________ *10
Buffalo to Corning, N. Y ______ 140 Northern R R . of New Jersey.. *26
Hornell to Buffalo_____________
92 Goshen & Deokertown________ *12
Other branches_______________ 101 Rochester & Genessee V alley .. *18
17
Stock all (a) or nearly all (b) owned. Other lin e s ...________________
Leased to Nypano RR.—
aChlcago & Erie R R __________ *250
aJefferson R R ________________ *45 Cleve. & Mahoning Valley R R . *123
Sharon Railway_______________ *33
N. Y . & Greenwood Lake R Y _*54
141
Erie & Wyoming Valley R R _
_
80 Trackage_____________________
aNypano R ailroad___________ 424
Lines In system_______________2,317
bTioga Railroad______________
42
Other lines___________________ 180 N. Y . Susauehanna A Western. *222
New Jersey A NewYork R R .. *46
• See this company.
Frontier Electric R R .. V. 106, p IS
Valuation.— The I.-S. C. Commission has placed a tentative valuation
o f $282,390,148 on the total owned and $172,026,148 on the total used
property o f the company and its subsidiaries as o f June 30 1918. V. 125,
p. 1704. The company has filed with the Commission a protest against
the tentative valuation.
HISTORY.— o n Deo. 1 1895 succeeded, per plan In V. 61, p. 368, the
N Y . Lake Erie A Western RR. Co., sold In foreclosure under Its second con­
solidated mtge. The company holds In fee or through ownership of all or
praotlcally all the stock of the subsidiary oompanles the line from New
York to Chicago (Including the Nypano R R . and Chic. A Erie companies)
COAL PR O PE R T Y.— T he allied coal properties at last advices aggre­
gated 12,400 acres o f anthracite, o f which about 9,000 acres, and 53,000
»cres o f bitum inous coal lands were held by allied coniDanies. 14.000 acres
of bituminous held under mineral rights. Pennsylvania coal properties ac­
quired in 1901 are additional. V. 82, p. 1322.
Merger Plan Rejected.— The proposed unification of this road with the
New York Chicago A St. Louis R R ., Hocking Valley, Chesapeake & Ohio
and Pere Marquette roads was rejected by the I.-S. C. Commission on
March 2 1926. Compare V. 122, p. 1249.
For the revised terms o f proposed unification plan, see Chesapeake &
Ohio R y. in V. 124, p. 916.
STOCK.— Prior and General Lien bonds of 1895 have 10 votes for each
#1,000 of principal. Provisions of pref. stock were in “ Supplement” of
April 1897. page 3. V. 66. p. 335. 573.
DIVIDENDS (cash) %\ ’01.
’02.
’03.
’04.
‘05.
On first preferred_______1i n
3 3X 4
4
4
Apr., 2
0
On second preferred____ J__ . . __ _ 2 4
Apr., 2
0
BONDS.— First Consol mtge. of 1895 for $175,000,000 (Farmers
Lioan A Trust Co., trustee)— see abstract, of deed, V. 62. p. 89, secures the
135,000,000 Prior Lien (V. 103, p. 1032) and $140,000,000 General Lien
^onds. Both series have voting power: see “ Stock" above
Or the $140.000.000 Jonsoi M i e n . Lien 4s, $92,668,000 were reserved for
ultimate acquisition of bonds and guaranteed stocks left undisturbed on
various Darts of tne system (see list. V. 62, p. 89), and $17,000,000 were
reserved for new construction, betterments, additions, < c0 after 1897—
5 .
aot over $1,000,000 to be used In any one year. On Dec. 31 1926 $55,104,'■ 0 Gen. Lien bonds had been issued, of which $35,885,000 were in hands of
*0
the public and $19,219,000 owned by Erie R R . V. 102, p. 2077; V. 97,
p. 1898; V. 100, p. 1168.
The collateral trust 4s of 1901 are seoured by 51% of the entire N. Y
Susq. A Western stock ($26,000,000 total Issue), all of the Pennsylvania
Coal Co. stock, and the stock of the Erie A Wyoming Valley R R ., Scranton
Pa., to Lackawaxen, 80 miles, and Delaware Valley & Kingston RR.
Sinking fund of 10c. per toD of coai mined from mines o f Penn. Coal Co
V. 71, p- 121y, 1311: V. 72, p. 44, ana circular, p. 36, 532, 257; V. 79, p
212; $21,353,000 included In the $34,000.000’ ’ outstanding” were in sinking
fund Dec. 31 1926.
The gen. mtge. convertible 4s of 1903 ($50,000,000 authorized) cover the
entire system subject to prior liens, and when issued were convertible into
common stock, but the conversion period has expired for all issues. There
is no series C .
Refunding eft Improvement Mortgage.—-The shareholders on Dec. 1 1916
authorized a refunding and improvement mortgage, limited to $500,000,000,
to provide for refunding existing funded debt and for necessary capital
expenditures over a long period of years. V. 103, p. 412.
In May 1918 was authorized to amend the mortgage so as to make possible
the extension o f the old (underlying) bonds.
In M ay 1927 authority was obtained to issue $50,000,000 ref. < impt.
ft
mtge. 5% gold bonds, series o f 1927. The mtge. is subject to underlying
mtges. securing $195,252,300 bonds outstanding. The ref. & impt. mtge.
covers substantially all the railroads o f the Erie system, comprising about
2,185 miles. The mtge. is a direct lien on 858 miles o f road owned in fee
and a lien upon the company’s rights by stock ownership, leasehold*and
otherwise in the rest o f the system covered by the mtge. Also a lien upon
entire capital stock o f Pennsylvania Coal Co., subject to the rights of $13,140,000 4% bonds, and $37,331,600 4% conv. bonds. The Penn Coal Co.
has no funded debt (V. 124. p. 2902).
In Feb. 1915 sold $7,400,000 Erie A Jersey (closed) 1st M . and $6,000,000
Genesee River 1st M . bonds. Both Issues are subject to call as a whole or
In part to July 1 1920 at 110, and thereafter at 115. Cumulative annual




Amount
Outstanding

57

5g

35.000,000
4g
r35,885,000
4g
x34.000.000
4g
10,000.000
4g
u l 101.5.000
4g
u309 500
4g
50,000,000
5g
pledged.
u $9,357,

J

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

2%
2%

N M a y l 1947
S Sept 1 1939
S Mar 1 1933
() Oct 1 1930
1) Junel 1928
.1 July 1 1931
s Sept 1 1930
s Sept 1 1930
.1 July 1 1928
.1 Jari 1 1929
N M ay l 1982
J Juyl 1 1955
.1 July 1 1957
J July 1928
J July 1928

J < J
&
J & J
F < A
fc
A A O
A < O
&
A A <)
M & N
900 unpl

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

Jan 1 1996
50 Church St, New York
Jan 1 1996
do
do
Feb 1 1951
do
do
Apr 1 1953
do
do
Apr 1 1953
do
do
Apr 1 1053
do
do
M ay 1 1967
do
do
edged, x Inclu des $21,333,000 in sink.fd

sinking fund for each Issue. Both roads have been merged In the Erie RR
Co. V 100. p. 474.481.397, 555, 641.981, 1437; V. 104. o. 863.
N. Y . Lake Erie A Western Docks & Impt. Co. 1st 5s (extended) are re­
deemable at 105. V. 96, p. 1422, 1772; V. 97, p. 54. 370.
As to extension of bonds (three issues), due July 1 1918. see V. 106, p.
1756; extension of Jefferson R R ., $2,800,000 5% bonds in 1919 at 5 )4 % .
See V. 108, p. 1165. (Extension of N. Y . & Erie, $2,149,000 2d M .
5«. callable at 110. See V. 109, p. 370.
J. P. Morgan & Co. on behalf of the company offered to extend the
12,926,000 N. Y . & Erie R R . 4th Mtge. Extended 5% bonds from Oct. 1
i£20 until Oct. 1 1930, at 5% per annum, and to pay $142 50 per $1,000
bond to such holders as presented their bonds for extension on or before Sept.
20 1920. The extended bonds are subj. to redemption at 105% A int. on
iny int. date on 30 days’ notice, and interest is to be paid without deduction
Tor any taxes which the company may be permitted or required to pay
thereon or to deduct therefrom (except such part of any Federal income tax
is may be in excess of 2 % ). The present mortgage security is to remain
unimpaired.
In Aug 1920 offered to extend $16,891,000 consol, mtge. 7s of 1870 and
13,699,500 N. Y. L. E. & Western RR ,1st consol. 7s of 1878, which became
iue Sept. 1 1920 to Sept. 11930 at 7% interest, a payment of $10 per $1,000
bond to be made to assenting holders. The extended bonds are redeemable
it 110. Announced on Sept. 1 1920 that a sufficient amount of the bonds
had been deposited to permit the company to carry out the plan o f extension.
V. I l l , p. 588, 692, 792, 895, 990.
In April 1922'offered to extend $1,100,000 N. Y . L. E. & W . Coal & RR.
1st mtge. 6% gold bonds due May 1 1922 to May 1 1942 at 5)4% and to
pay $40 for each $1,000 of bonds so extended. The bonds were extended
is series A bonds and will have the guaranty of the Erie R R . as to principal
ind interest. Red. all or part on any int. date at 105 if called for redemp­
tion on or before M ay 1 1932; plus a premium of 2)4 % if called for redemp­
tion after M ay 1 1932, but on or before May 1 1937; and thereafter at )4 %
less than that premium for each 12 months or part thereof which shall
have elapsed between M ay 1 1937 and any subsequent date fixed for
redemption. Compare V. 114, p. 1891.
In Feb. 1923 offered to extern1 the N. Y . A Erie R R . 3d Mtge. Extended
bonds to March 1 1933 at 4 )4 % . subject to prior redemption, as a whole
only, at 105 and int the present lien of the mtge. indenture securing such
bonds to remain unimpaired.
The company agreed with Drexel A Co. and White, Weld A Co. to
provide them with funds for the payment to the holders of the bonds of the
turn of $42 50 for each $1,000 of bonds so extended. V. 116, p. 720.
Car Trust Series, Oold (Denomination $1,000 each).
Date. Interest.
Outstanding.
Mature in Installments.
‘N o. 29” __ .1920 6 JAJ 15 2,400,800 To Jan 15 1935
300.100 ann.
FF” _____ 1921 6
MAN $1,380,000 To M ay 1 1930
$230,000 s.-a.
GG” _____.1922 5H JAJ
2,856,000 To July 1 1937
150,000 s. a.
*HH” ____ .1922 5 M AN 1.954,000 To Nov 15 1937
93,000 s.-a
‘ 1 1 " ... . . . .1923 5)4 AAO
660,000 To Apr 1 1938
30,000 s.-a.
“ JJ” _____ .1923 6
MAN 5,764,000 To May 1 1938
262,000 s.-a
• K K " ____ .1923 6
AAO 1,150,000 To Oct 15 1928
50,000 s.-a
“ LL” _____ .1926 4)4 MAS 2,044,000 To Mar. 1 1941
73,000 s.-a
“ M M ” ____ .1926 414 FA A
332,000 To Aug. 15 1939
12,000 s.-a
’06. . ...1927
1925; 6,422,000 To July 15 1942
“ N N ”1907. 08 to4)4 JAJ
247,000 s.-a.
U. S. Govt..1921 6
June
360,000 To June 1 1931
90,000 ann
do
Aug
120,000 To Aug 1 1931
1921 6
30,000 ann.
do
Mar
1922 6
112,500 To Mar 1 1932
22.500 ann
Equipment trusts issued to Director-General fo. rolling stock al­
located to this company. See article on page 3
Government loan, V. I l l , p. 792, 895. 2041; V.113,p.l052:V.114.p.521.
R E P O R T . — F o r 1926 in V . 124, p . 2 2 9 8 , s h o w e d :

1926.
Operating Revenues—
$
Merchandise___________ 72,634,390
Coal___________________ 29,344,776
Passenger______________ 13,014,757
Mail, express, &c______ 10,479,581
Gross oper. revenues.125,473,504

1925.
$
71,501,650
23,170,636
13,750,260
10,120,910
118,543,456

1924.
$
66.555,067
28,909,949
13,957,951
9,673,889
119,096,856

1923.
$
73,207,913
35,543,065
14,696,897
9,530,580
132,978,45s

M ainT^oFway ancTstruc _ 14,202,443 13,442,522 13.730,008 14,307,569
Maint. of equip________ 30,212,436 27,653,902 29,554,255 36,054,579
Traffic________________
2,057,119
2,036,706
2,027,674 1,942,234
Transportation________ 48,249,922 45,669,835 46,080,879 51,319,167
Miscell, operations_____
615,122
604,666
616,862
631,727
General________________ 3,959,414
3,961,317
3,893,356 3,905,408
Transp. for invest______
122,963 Cr.130,413 Cr.118,259 Cr.90.53<)
Total ry. oper. e x p ... 99,173,495 93,238,535 95,784,775 108,070,145
Net operating revenue._ 26,300,008 25,304,920 23,312,081 24,908,310
Railway tax accruals_
_ 4,868,270
4,750,791
4,521,873
4,260,003
Uncollectible ry. yevenue
45,267
44,695______ 91.659_____ 109,189
Oper. income________ 21,386,470 20,509,435 18,698,549 20,539,117
Net hire of equip, rents,
deb. balance_________ 3,290,146
3,179,110
1,479,509 2,021,156
Net joint facility rents,
deb. balance_________
43,572
Cr.200,295
146,863
197,548
Net ry. oper. income.$18,052,723 17,530,619 17,072,177 18,320,413
Non-over. Income—
Dividend income______ 5,013,995
3,177,537
7,002,537 6,027,537
Claim under Gov. guar.
______
______ Dr.258,975Dr.2,107,386
Miscell. rent income____
436,456
457,929
471,757
401,608
Inc. from funded secur..
143,367
164,657
185,562
162,588
Inc. from unfunded se­
curities and accounts.
166,802
210,346
205,965
216,071
Inc. from lease of r o a d ..
45,325
59,579
75,783
75,781
Miscellaneous income_
_
168,703
97,750
27,119
15,117
Totalnon-oper. i n c ... 6,874,648 4,167,799
7,709,746
4,791,317
Gross income__________ 24,927,370 21,698,418 24.781,924 23,111,730

58

[V ol. 125.

INDUSTRIAL STOCKS AND BONDS

R AILR O AD C O M PA N IE S
[For abbreviations. dec., see notes on page 81

M ile s

Road

Date
Bonds

Am ount
Outstanding

P ar
V alu e

Rate

%

When
Payable

L ast D ivid en d
a n d M a tu rity

P laces W h ere In terest and
D ivid en d s A r e Payable

Erie RR (Concluded)—

Equipment trust certificates— See table in text
AvonGeneseo & M t Morris and Rochester & Genesee Valley
O— Bonds on properties controlled by ownership— or by
Bergen Co 1st M Ruth Jet to Ridgewood extended.x
10
eGoshen & Deek'ton 1st & 2d Ms ($60,000 are 2 d )-.z
cMont & Erie 1st & 2d mtges ($40,500 are 2d)_____z
Jefferson 1st & 2d Ms ext (Honesdale Branch)_____
1st M Carbon to S depot g ext "19 red 105- FP.xc*
Long Dock Co cons M g (now 1st M ) (see text)-xc*
cN Y & Greenw L prior lien M $1,500,000 gold._Nx
52
Tioga RR first mortgage__________________________
N Y L E & W O RR 1st M ser A (ext) guar p & i
red (text)______________________________ Mp.zc*
NYLE&W D&ICo ex g ’ 13 red text(V96,p 1776) F.xc*
_
N Y Pa & Ohio prior lien mtge gold $ or £_ F.zc*
422
Do Leased lines— see separate statements for Cl evelan
N Y Susquehanna & Western— Northern New Jersey — New
22
Essex Terminal R.v Co— First mortgage____________
Est R ailroad Co o f France— See text
Evansville Indian ap & Terre H aute Ry— Comstock

1926.
Deductions—
$
Rent for leased r o a d s ...
2,425,131
434,612
Miscellaneous rents____
128,027
Miscell. tax accruals____
Interest_______
11,731.449
4,087
Amortization o f disc____
Miscellaneous__________
90,671
Applic. to sink, fund, &c 1,368,901
Balance, surplus_____

8.744,493

stocks —see tho se companie
(c) lea
200.000
1881
$ 1,000
7
246.500
'68-’69
6
170.500
’66-67
5
'67-’69 $500 &c
96.000 4K & 6
1,000 2,800,000
1889
5>S g
1.000 7.500.000
1885
6g
100 &c
1,484,890
1896
5g
239.500
5g
1852 500-1000

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

1,000
978.000
1882
1883
1,000 3.396.000 5H
5g
500 &c
1880
,
4JS g
d & M ahoning Valley RR and Shar
Jersey & New York— See each
206.000
5

M & N M ayl
J & J July 1
M & S Mar 1
on Ry
mpany
J & J July 2

8 000,000

100

1925.
$
2,450,472
319,580
105,897
11,989.179
63
103,921
1,146,915

1924.
1923.
$
$
2,461,540 2,426,681
364,889
352.134
108,859
97.547
12,154,900 11,669,440
1,948
42,035
88,158
88,620
1,238,262 1,217,063

5,582,391

8,363,367

7.218,208

OFFICERS.— Pres., John J. Bernet; V .-P ., C. E . Denney; V .-P . &
Gen. Counsel, G. F. Brownell; V .-P ., David L. Gray; V .-P. & Sec.,
George H. Minor; Traffic V .-P ., Carl Howe; Treas., John G. Walsh;
Comp., Chas. P. Crawford. Office, 50 Church St., New York.
D IR E C TO RS.— Geo. E . Marcy, Stephen Birch, John J. Bernet, F. DUnderwood, W m. Wrigley, Jr., B. A. Eckhart, L. F. Loree, Geo. F. Baker.
Mitchell D . Follansbee, Robert W . Pomeroy, Grenville Kane, Geo. G ■
Mason. Geo. F. Brownell, Henry S. Sturgis, George M . M offett.— (V. 125,
p. 2669.)
ESSEX TERMINAL R Y . CO.— Owns road from Grand Trunk R y. to
Amherstburg, Ont., 19.44 miles. Entire $400,000 capital stock acquired
Feb. 1918 by the Canadian Steel Corp., Ltd., a subsidiary of the U. S. Steel
Gorp., which in 1918 was constructing works at Ojibway, Can. O'
$420,000 1st M . bonds, $206,000 are outstanding in hands of public and
$214,000 are held in the treasury of the U. S. Steel Corp. subject to sale,
— (V. 108, p. 1274.
EST R R . CO. OF FRANCE (COMPAONIE DES CHEMINS DE FER
DE L’ EST).— The company operates 3,124 miles of track. It serves an
Industrial region characterized by the numerous metallurgical concerns in
the neighborhood of Nancy and the mines o f the Briey Basin.
The first o f its three most important lines connects Paris with the region
o f the Ardennes, with Belgium and with Luxembourg, by way of Rheims
and Charleville; the second connects it with Alsace and with Lorraine by
way of Chalons-sur-Marne, Bar-le-Duc and Nancy; the third connects it
with Switzerland and by way of Troyes, Vesuol, Belfort and Basle. The
geographical situation of its system assures it, therefore, a large freight
traffic, because, on the one hand, it serves one of the most important indus­
trial regions of France, and, on the other hand, it provides the avenue for the
exchange o f commodities with the countries o f Central Europe.
CAPITAL STOCK A N D BONDS.— The company’s balance sheet dated
Dec. 31 1925 (compare V. 122, p. 2489) showed shares and debentures
issued amounting to Frs. 4,635,615,732. Dividends have been paid on the
common stock without interruption since 1846.
In January 1925 Dillon, Read & C o., Marshall Field, Glore, Ward & Co.,
White, Weld & Co., Cassatt & C o., New York, and Union Trust C o., Cleve­
land. sold at 87Jd and int., $20,000,000 7% ext. sk. fd. gold bonds ($19,793,000 outstanding). Dated N ov. 1 J924, due Nov. 1 1954. Int. payable
M . & N. Denom. $1,000 and $500 C*. Principal and interest payable in
U. S. gold coin of the present standard o f weight and fineness at the office
o f Dillon, Read & C o., New York, without deduction for any French taxes
present or future. A sinking fund is provided, beginning M ay 1 1925,
which is calculated to retire the entire issue by maturity, by purchase in the
market at or below 100% and interest, or if not so obtainable, by call by lot
at 100% and interest. Redeemable as a whole at 105 and int. on N ov. 1
1929 or any interest date thereafter.
G U ARAN TY OF FREN CH STATE.— The convention between the
French Government and the principal French railway companies signed on
June 28 1921 and approved by the Law o f Oct. 29 1921, secured to the Est
R R . (with the other principal railway companies) the payment of its working
expenses and the interest on and amortization of its loans o f every kind, and
dividends on and amortization o f its capital stock. In the event of receipts
proving insufficient to meet these charges the deficit has to be borne by a
“ common fund” formed for the benefit o f all the large systems. Into this
fund excess receipts o f all the systems are paid and tariffs have to be adjusted
to meet the requirements of the fund, but if this adjustment of tariffs should
not produce sufficient income for the purpose, the deficiency has to be made
good by the French Treasury. Further, at the expiration o f the concession,
the payment of interest on and amortization o f any bonds which may be out­
standing will be borne by the State. These guarantees are identical to those
under which all other issues o f the principal French railway companies have
been made pursuant to the above law.
PROVISIONS OF ISSUE.— This issue o f bonds will be the direct obliga­
tion o f the company, rank pari passu with all other issues of the company
now outstanding, and the company agrees that it will not place any mort­
gage, lien or other charge on any of its properties or revenues or on any of
the rights accruing to the company under the convention dated June 28 1921
and the law o f Oct. 29 1921 confirming the said convention, without causing
the above issue to share ratably in the security created by such mortgage,
lien or charge.
The company covenants that it will not while any of the bonds of this loan
are outstanding, be instrumental in, or give its consent to, any change in the
convention with the Government of the French Republic approved by the
law dated Oct. 29 1921, which would curtail any security, guaranty, benefit
or advantage accruing to the Est R R . in respect of the bonds of this loan,
or through it to the holders of the bonds of this loan under said convention
or said law o f Oct. 29 1921.
The company has obtained assurance from the Government of the French
Republic that, while any o f the bonds o f this issue are outstanding, no ob­
stacle will be placed in the way o f the railroad company to fulfil its obliga­
tions in respect thereof.




Apr 1 1931
1928-1929
1927-1956
July 1 1929
Apr 1 1929
Oct 11935
M a y l 1946
N ot 1 1935
1942
1943
1935

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

1942

4.290.000

E A R N IN G S.—
Results of Operations Years Ended December 31.
1925.
1924.
Gross receipts, all sources________________ Frs.1,443,173,189 1,273.219,845
Operating expenses___________________________ 1,158.189,800 1,002,907.287
Interest and sinking funds____________________ 235,363,615 194.939,903
Various disbursements, participations, &c_____
821,922
Cr.471,534
D ividends..___________
9,052,000
9,052,000
Premiums-----------------------------------------------------25,108,362
25,305,905
T o ta l.-------- ---------------------------------------- Frs.1,428,535,699 1,231,733.561
Profit to be contributed to railroad com. fund.
14,637,491
41,486,284
— (V. 125, p.225.)
EVANSVILLE INDIANAPOLIS & TERRE HAUTE R Y .— Organized
In Indiana to carry out the plan and agreement dated Feb. 19 1920 for
the reorganization of the Evansville & Indianapolis R R . Owns road from
Evansville to Terre Haute via Worthington, 140 miles. Trackage rights,
6 miles.
Under the reorganization plan, the company entered into agreement
vith the Cleveland Cincinnati Chicago & St. Louis Ry. C o., whereby the
Big Four” was to operate the E. & I. R R . for the benefit and at the risk
of the New 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
urchaslng the entire capital stock of the New Company for the sum of
1,000,000. payable in cash, or, at the election of the Big Four,” in bonds
of the “ Big Four” issued under its Refunding and Improvement Mortgage
dated June 27 1919. The ‘ Big Four” in April 1921 received authorit' from
the I.-S. C. Commission to acquire the entire stock. The stockholders in
Nov. 1926 approved the lease o f the road to the Cleveland Cincinnati
Chicago & St. Louis Ry. Government loan. V. 112, p. 2536. Tentative
valuation. V. 113, p. 1052.
BONDS.— All of the outstanding $1,500,000 1st mtge. 7% gold bonds
dated M ay 1 1920 were redeemed on Nov. 1 1925 at 102 and int.
REPORT.— For 1926: Gross, $2,627,306; net, oper. income. $386,420
other income, $8,215; interest, rentals, &c., $70,343: bal., $324,292.
For details of reorganization plan, compare V. 110, p. 1186.— (V. 123.
p. 2515.)
FERN WOOD COLUMBIA & QULF R R.— Owns Fernwood to Colum ’
bia, Miss., 44 m. Stock outstanding, $100,000. Bonds, see table aboveThe I. S. C. Commission in April 1921, authorized the company to issue
»nd sell $200,000 6% ref. & mtge. bonds. V. 112, p. 1865. For cal.
year 1926 gross, $368,372: net oper. income, $89,543; interest and rentals,
$53,826; bal., sur., $16,189. Pres., A. F. Wortman; V .-P ., J. P. Fraim;
Sec., J. G. Gardner; Treas., E. R. Cobb. Office, Taylertown, Miss.— (V.
112, p. 1875, 1977.)
FITCHBURG RR.— See Boston & Maine R R .
FLORIDA EAST COAST RY. CO.— Owns from Jacksonville, Fla., via
Moultrie to Key West, 503 m.; branches, 337 m.; trackage, 7 m.; total,
847 m. Forms connection to Southern and Eastern Florida and thence to
Ouba for the Atlantic Coast Line, Southern Ry. and Seaboard Air Line.
Oar ferry service from Key West to Havana, 96 miles, is now operated by
Florida East Coast Car Ferry Co. V. 97. p. 1115, 1281, 1583; V. 99
p. 406; V. 100, p. 140; V. 102, p. 1346. Final valuation, $46,964,196 as o f
June 30 1916. V. 118, p. 2179. New construction authorized. V.
116, p. 295.
STOCK.— The I.-S. C. Commission on Sept. 23 1924 authorized the com­
pany to issue $25,000,000 capital stock, par $100, said stock to be delivered
upon the surrender and cancellation of a like amount of gen. mtge. income
5% bonds. This increased the outstanding capital stock to $37,500,000.
BONDS, &c.— The 1st M . 4 Jds ($12,000,000 auth.) are a first lien on 617
miles. V. 88, p. 1620; V. 94, p. 1185; V. 98, p. 1993.
lsf & Ref. Itge.— The total amount o f bonds authorized to be outstanding
under this mortgage at any one time is limited to $150,000,000. Bonds
may be issued in series under the mortgage, each series bearing such rate
of interest, maturing on such date and subject to redemption before maturity
at such time and at such price as the company may determine in regard
to each series.
The Series “ A ” bonds are redeemable, all or part, on 90 days’ notice on
any int. date, as follows: On or after Sept. 1 1944 and prior to Sept. 1 1971,
at 105 and int.; on or after Sept. 1 1971, at 100 and int. V. 119, p. 1509;
V. 120, p. 1605.
REPO RT.— For 1926, in V. 124, p. 2898, showed:
1926.
1925.
1924.
1923.
Gross oper. revenue____ $29,427,460 $29,132,738 $20,106,910 $16,023,998
Net oper. revenue______
7,436,748
7,687,340
5,511,463 3,896,031
Other income___________
843,648
715,955
417,586
475.602
D eductions____________ 5,496,446
4,562,925
2,411,558 1,613,959
Net income____________ 2,783,950
3,840,370
3,517,492 2,757,672
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., W . R . Kenan Jr.; V .-P. & Treas., L. C. Haines; Sec., C. D. Boice.
General offices, St. Augustine, Fla. New York office, 120 Broadway.
— (V. 124, p. 2898.)
FONDA JOHNSTOWN & GLOVERSVILLE R R . CO.— Owns Fonda
to Northville (steam), 25.47 m.; Gloversville to Schenectady (electric),
32.47 m.; Gloversville to Fonda (electric), 8.70 m .; Belt line in Amsterdam
(electric), 3.78 m.; Belt line in Gloversville (electric), 3.84 m.; Hagaman
line (electric), 2.29 m.; second track (electric), 22.75 m. Operates under
lease branch line Broadalbin Jet. to Broadalbin, 6.15 m. (steam); also local
line Qloversville to Johnstown (electric), 4.08 m .; yards and sidings, 14.88
m.; trackage, 3.98 m .; total, 86.78 m. of road (128.39 m. of track).
Owns entire $105,000 common stock of Coal Co. of Fulton Co.
D IVIDEN DS.— On com., 2 % , July 20 1910; July 10 1911, 2 % ; Aug
1912 and 1913, 2% ; none since. Pref. div. paid regularly 6% per annum.
BONDS.— Consol. 4J4s, $7,000,000 auth.; $1,300,000 is reserved to re­
tire prior liens. See V. 115, p. 2158. Guarantees $30,000 Gloversville*.
Broadalbin 5s and $50,000 Johnstown Glov. & K. 5s and $50,000 8%stk.

Nov., 1927.]
R A IL R O A D C O M P A N IE S

59

BAILW AY STOCKS AND BONDS

[For abbreviations, <fec., see notes o n p a ge 8]

M ile s
Road

D a te
Bonds

Par
V alu e

A m ount
O utstan ding

R ate

%

44 1911
$500,000
$1,000
Fernwood Colum bia & G u lf RR— First M $500,000
7g
1921
170,500
6
F itchburg RR — Bonds— See Boston & Maine RR ab ove.
Florida C entral & P eninsular— See Seaboard Air L ine Ry
617 1909 1,000 &c 12,000,000
Florida East Coast— lstM $12,000,000g-Ba.xxc*& r*
4 )4 g
856 1924
100 &c 45.000,000
1st & ref mtge Series “ A ” red (text)____Baz.c*&r*
5g
1,000 1.200.000
Equip trust certs ser C due $200,000 yearly_____zc*
1923
5
_
_ 1924
1.000 1.500.000
do
Series D due $125,000 ann________ Bazc*
5g
1,000 1,040.000
do
Series E due $80.000 ann__________ Bazc*
1925
4 )4
1,000 1,040,000
do
Series F due $90,000 ann__________ Bazc*
1925
4 )4
_
_ 1925
1,000
do
Series G due $70,000 ann--------- --B a zc*
560,000
4)4
1,000 2,520,000
do
Series H due $180,000 ann________ Bazc*
1926
4 )4 s
Florida W est Shore— See Seaboard Air Line.
100 2,500,000
100
500,000
Pref stock 6% cum call at 105 $1,000,000 auth-----6
26 1897
1,000
First consol refunding mtge $500,000 gold-N.xc*
500,000
4 )4 g
1,000
26 1900
General refund mtge $800,000 (V 71, p 34) N.xc*
800,000
4g
75 1902
1,000 5,700,000
First cons gen ref M $7,000,000 g red 120 N.xc*&r
4)4 g
1,000
4 1893
Johnstown G & Klngsboro 1st M assum ext 1913 _z
50,000
5
100 2,634,000 See text
1,363,100
166 See 5,400,000
152 1913
1st M g red 105 $50,000 due serially Dec 1 to 1937_ _
5g
_
_ 1923 500-1000
388,000
Debenture gold bonds Series A red 105 -Nk.xxxc*
7g
Fort Smith & W estern— See text
__ 1891
1,000 1,000.000
Fort S treet Union D epot C o.— 1st mtge gold--C e.x
4)4 g
100 2,727,548
5)4
Fort Wa.vne & Jackson— Pref stock 5)4 % rental------ 97.36
1,000 8,173,000
454 1881
Ft W orth & Den City— 1st M g $18,000 p m .B a.zc*
5)4 g
Eq tr No 20 (U S R R Admin) due $33,900 ann_ G
_
1920
271,200
6

W hen
Payable

L ast D ivid en d
and M a tu rity

Places W h ere In terest and
D ivid en d s A r e Payable

M & N M a y l 1950
J
J Jan 1 1932

Interstate T & B C o,N O

J
M
.1
J
M
F
A
M

Bankers Tr Co.New York
J P Morgan & Co. N Y O
Bankers Trust C o, N Y
J P Morgan 4c C o, N Y
de
do
Bankers Tr C o. N Y O
do
do
Bankers Trust Co. N Y

Sc

&
&
&
Sc

<
fe
&
&

D Junel 1959
8 Sept 1 1974
J To July 1 1933
J To July 1 1939
S To Mar 1 1940
A To Aug 1 1940
O To Oct. 1 1935
S To Mar 1 1941

Aug
Q —M Sept
J & J July
,T & .1 July
M Sc N Nov
J & J July
J
J

15 ’ 13 2%
do
15 ’ 27 1 )4
1 1947
N Y Trust C o, N Y
do
do
1 1950
New York Trust C o, N Y
1 1952
Ful Co N Bk.G lov’lle.NY
1 1933

& D T o Dec 1 1938
& D Junel 1933

New York
New York Trust Co, N Y

• A J Jan 1 1941
T
M & H See text
J & D Dec 1 1961
J & J 15 To Jan 15 1935

Central Union Tr C o , N Y
Farmers’ L & Tr C o , N Y
Office. 32 Nassau 8t, N Y
Guaranty Trust Co, N J
h

R E P O R T — For 1926, in V. 124, p. 2899 showed:
The I.-S. C. Commission has placed a tentative valuation o f $17,975,310
Pref. Div. Surplus. on the total owned and $18,856,348 on the total used property o f the com­
Yrs.— Gross. Net aft.Tax. Oth. Inc. Int., cfec.
$1,411 pany as of June 30 1918.
1926 --$1,217,034 $327,548 $88,775 $384,912 (6%)$30.000
12.954
381,067 (6% ) 30.000
85,534
1925 - - 1,245,843
338.487
-------STOCK, dto.—Colorado & South. R y. Dec. 31 1926 owned all but $3,452
25.298 jf the $9,375,000 capital stock, the latter Including $6,835,008 comm on
351,748
377,588 (6% ) 30.000
81.138
1924 - - 1,279,865
392,259 (6% ) 30.000 139.469 and $2,539,992 stamped stock. V. 63. p. 1063. 75.
83,918
477,811
1923 . . 1,471,220
502.903
382,643 (6% ) 30,000 159,014
68,754
1922 - . 1,409,648
Payments under stamped stock agreement of Oct. 12 1895, 4% per annum.
OFFICERS.— Pres., J. Ledlie Hees; V .-P., James P. Argersinger; Sec.,
BONDS.— Abstract of mortgage. V. 45, p. 440. Certfs. of Indebtedness
Frank Burton; Gen. Supt., Judson Zimmer; Aud. & Treas., Geo. A. Harris. owned by Colo. Sou. Dec. 31 1925, $299,917
Equipment trust. V 82.
Office, Gloversville, N . Y .— (V. 125, p. 1188.)
p. 1101; V. 84, p. 508: V. 114, p. 2115. Ft. Worth & Denver Terminal R y.,
FORT DODQE DES MOINES & SOUTHERN R R .— Owns from Des $2,500,000 20-year 6% bonds (Bankers Trust C o., N. Y ., trustee), subject
Moines, la ., to Fort Dodge, Boone, Ames and Rockwell City. 128h m.: to call at 105, of which $728,000 have been issued, $300,000 sold and $428,
also extension to Lehigh and Webster City. 25 miles; total. 152.02 miles. 000 held by Ft. W. & D. O. R y. V. 86, p. 52. 1100, 1589; V. 87, p. 949.
Originally a steam line but now electrically equipped. V. 97, d . 1357.
The company in Nov. 1921 offered tq extend the $8,176,000 1st mtge.
68, due Dec. 1 1921 to Dec. 1 1961, at 5 )4 % , plus $40 in cash for each
1426, 1583; V. 106, p. 393. Acquisition o f bus lines, V. 121, p. 1225.
DIVS.—
1917. 1918. 1919. 1920. 1921. 1922. 1923. '24-25. '26. $1,000 bond extended. The bonds, as extended, will be redeemable, as a
whole but not in part.on or after Jan. 1 1935, at 105 during the 5 years
6
5
5
0
0
0
0 0
On common_____ 6
ending Dec. 31 1939; 104 during the next 5 years; 103 during the next 5
On preferred_____ 7
7
7
7
*3)4
0
5M
7
0
years; 102 during the next 5 years, and 101 thereafter until Sept. 30 1961
* Of which 1% % was paid in acrip.
(plus interest in each case). Compare V. 113, p. 2185.
BONDS.— Open mtge., V. 101. p 1272, 1972. Due serially on Dec. 1
Equipment trusts Issued to Director-General for rolling stock allocated
$50,000 yearly, 1916 to 1937, both inclusive, and remainder in 1938, but
redeemable all or part on any interest date at 105 and int. Additional to this company. See article on page 3.
bonds Issuable only for 80% of cost of additions, See., when annual net ean*
RE PO RT.— For 1926 showed:
ings are 1M times interest, including bonds proposed. V. 106, p. 395
Cal.
Gross
Net (after Other
Interest,
Dividends Balance,
Debenture gold bonds. Series A, V. 116, p. 2883.
Yrs. Earnings.
Taxes).
(8% ).
Surplus.
Income. Rents, cfee.
Government loan. V. 112. p. 1519
1926 -$13,298,548 $4,578,902 $427,360 $656,195 $1,378,656 $2,760,971
1925 - 11.504,381 3,621,238 616,089 1,021,903 1,378,656 1,836.768
EARN ING S.— Year ending Dec. 31 1926:
854,124 1.378.656 2,030,279
1924 - 11,170,306 3,838,128 424,931
Net
Other
1923 . 9,625,851 2,501,792 671,183
746,985 1.378.656 1,047,336
Cal. Year—
Gross.
after Tax. Income.
Int., &c.
Balance.
____
______
.
903,109
1922 - 9,717,038 2,552,094 355,287
916,466 1,087,806
1926____________ $1,501,390 $220,410 $172,767 $355,780 def$37,397
For latest earnings, see "Railway Earnings Sectibn (issued monthly).
232,737 137,342
367,361 *def92,995
1925____________ 1,630,404
Pres., Hale Holden, Chicago; V.-P. & Gen. M gr., F. E. Clarity; Sec. &
* After preferred dividends of $95,417.
Treas., W . O. Hamilton, Forth Worth, Tex.— (V. 122, p. 2943.)
Pres. & Gen M gr., C. H. Crooks; Sec., Treas. & Aud.. F. M . Johnston
— (V. 123, p. 2515.)
GAINESVILLE MIDLAND R R .— Owns Gainesville, Ga.. to Fowler
FORT SMITH & WESTERN R Y .— Operates Fort Smith, Ark., to Guth­ Jet., 40 miles; Fowler Jet. to Athens (trackage)I 2 miles standard gauge.T
rie, Okla., 216 miles, of which Coal Creek, Okla., to Guthrie, 196 m., P
On Oct. 15 1927, the 1,-S.C. Commission authorized the Gainesville
owned and Ft. Smith to Coal Creek, 20 m., is Kansas City Southern track­ Midland R R . to take over the assets and part of the road formerly operated
age. In Oct. 1915 contracted for use of M . K. & T. tracks, Fallis to Okla­ by the Gainesville Midland R y. See. V 125, p. 2522. The 32 mile branch
homa City, 30 miles. V. 101. p. 1553.
from Belmont to Monroe was abandoned.
The I.-S. C. Commission has placed a tentative valuation of $4,908,300
In Nov. 1927 acquired control of the Athens Terminal Co. by ownership
on the total owned and $4,914,060 on the total used properties of the of its capital stock. V. 125, p.2804.
company, as o f June 30 1919.
STOCKS.—
outstanding, $5,000, all of which is
On Oct. 9 1915 Gen. Mgr. Arthur L. Mills was made receiver, but retired owned by the Authorized $5,000; Ry.
Seaboard Air Line
on April 15 1921- being succeeded by Chas. T. O’Neal, of Washington, D. C
The I.-S. C. Commission has placed a final valuation of $1,174,665 on the
V. 101, p. 1272. Sold In Jan. 1923 to A. O. Dustin of Cleveland, repre­
company’s property owned and used for carrier purposes, as o f June
senting the bondholders, for $50,000, plus $800,000 of receivership in­ old 1915.
30
debtedness.
BONDS.— The 1st mtge. gold bonds ser A, are secured by a 1st mtge.
The property of the old Ft. Smith & Western Railroad on Feb. 1 1923
on the company’s property and in addition are guaranteed p. & i. by the
was acquired by Fort Smith & Western Railway, a Delaware corporation
organized in the interests of the bondholders o f the old Railroad Co. I d Seaboard Air Line R y.
Red. as a whole or in part on any int. date at their principal amount and
exchange for the bonds of the old Railroad Co. (substantially all of which
were in the possession of a bondholders’ protective committee), such pro­ accru. int., plus premiums as follows: 114% if red. prior to Oct. 1 1928;
tective committee received all the securities issued by the new Railway C o ., 1% if red. on or after Oct. 1 1928 and before Oct. 1 1930; )4 of 1% if red.
on or after Oct. 1 1930, and before Oct. 1 1932, and at the principal amount
to wit:
thereafter. V. 125, p. 2804.
$1,500,000 20-year 1st mtge. 6% bonds;
3,744,000 20-year 2d mtge. 5% bonds (income bonds for first 10 years);
GALVESTON HARRISBURG & SAN ANTONIO R Y .— (See Map
62,400 shares no par common stock.
Southern Pacific.)—
The new Railway Co., in addition to the railroad itself and the equip­
Main Lines—
Miles.
Main Lines—
Miles
ment, receive current assets and inventory amounting to $545,000 and
9-02
assumed current and other liabilities of the receiver amounting to approxi­ Houston to Rio Grande-----------829.24 Harriston to Stella-----------Branch lines______________
474.57
mately $800,000. These liabilities are prior in lien to the above-mentioned Galena Jctn. to West Shore
Galv. B ay__________________46.31 Owned jointly with other
bonds. Feb. 1 1925, all receiver's debts, excepting Govt loan of $156,000 East shore of bay to 34th st.
lines___________________
2.13
due Dec. 1925, had been paid.
G alv______________________ 3.87
Pres. Alton O. Dustin in Feb. 1923 stated that the bondholders’ com­
Total__________________ 1,368.45
mittee (the protective committee of the old bondholders) will continue to Stella to West J c t n __________ 3.3]
Southern Pacific Co. owns $27,076,200 of the $27,084,400 stock (par
function for at least another year in order to pay its debts and the receiver’s
debts before it will ne in a position to make any distribution to the old $100). V. 79, p. 2642: V. 81, p. 211, 668, 1242: V. 83, p. 1528.
mortgage bondholders, and that it was impossible at the time to give any
The I.-S. C. Commission has placed a tentative valuation o f $49,305,300
estimate as to what the old bondholders will receive.
on the total owned and $54,617,450 on the total used properties of the
R E PO RT.— For calendar years:
company as of June 30 1918.
1926.
1925.
1924.
1923.
The stockholders o f the San Antonio & Aransas Pass R y. on Dec. 15
Gross rev. from oper____$1,773,705
$1,896,725 $1,909,118 $1,590,571 1924 authorized the leasing of the road to this company. The lease was
Other income__________
def79,207
def69,932
def89,532
defl,355 approved by the I.-S. C. Commission on March 25 1925. On Mar. 1 1927,
T o t a l________________ $1,694,498 $1,826,793 $1,819,586 $1,589,516 the lease was assigned to the Texas and New Orleans R R . Co. See that
Operating expenses_____ $1,425,287
$1,382,872 $1,416,219 $1,370,250 company.
BUNDS.— See V. 92. p . 1636; V. 94, p. 130; V. 96. p. 1772; V. 107.
Rentals and taxes______
203,938
153,439_____ 149,863____ 151,640
p. 1482. Western Divs. 2ds $2,539,000 are “
guaranty by
T o t a l________________ $1,629,225
$1,536,311 $1,566,082 $1,521,890 Southern Pacific Co. of payment of principalstamped" with areduced from
and interest as
Net income___________
$65,273
$290,481
$253,504
$67,626 8% to 5% from Jan. 1 1915. V. 100. p. 397. Equip, bonds, $1,558,000 6*
For latest earnings, see “ Railway Earnuigs Section’ ’ (issued monthly).
owned by Southern Pacific. V. 76, p. l300; V. 77, p. 2160. The Sou. Pac
Pres., A. O. Dustin, Cleveland, O.— (V. 120, P- 3183.)
Oo. owns $444,000 out of a total of $2,539,000 Mex. & Pac. ext. 2d M . fie
FORT STREET UNION DEPOT CO.— Owns passenger station with
ind all of the $4,728,000 G. H. & 8. A . East Div. 1st 6s (ext.), due Aug. 1
approaches, 2.39 miles of main track; leased for 990 years from Dec. 10 1889 1935. $1,000,000 2nd M . 6s. and $10,000,000 Gal Victoria Div 6s.to Pennsylvania, Wabash, Pere Marquette and Canadian Pacific for rental
R EPO RT.— For 1926. gross, $30,426,108; net oper. income, $3,600,656,
equal to 5% of total cost o f property and current expenses. Incorp. in other income, $721,657; deductions, $2,592,301; net income, $1,730,013.
Mich. Aug. 24 1889. Stock, $1,000,000, o f which Pere Marquette owns
For latest earnings, see “ Railway Earnings Section” (issued monthly).
$515,800; par $100. The I.-S. C. Commission has placed a final valuation — (V. 124. p. 368.)
on the property o f the company o f $1,919,102 on its owned and used
GALVESTON HOUSTON & HENDERSON R R . CO. OF 1882.— Owns
property as of June 30 1915; $286,677 on property owned but not used,
Houston,
50
See V. 61. p. 1013.)
and $304,234 on property used but not owned. Pres., F. H. Alfred, from Galveston, Tex., toThe M .-K Tex., R R miles. of Texas (formerly The
ORGANIZATION.—
.-T .
. Co.
Detroit.— (V. 121, p. 836.)
M . K. & T. R y. Co. of Texas) and International-Great Northern R R . Co.
FORT WAYNE & JACKSON RR.— Owns Jackson, Mich., to Fort Wayne have had trackage rights since Dec. 1895 under a contract providing for
Ind., 97.36 nlles. On Aug.24 1882 leased perpetually to Lake Shore & Michi­ payment to American Exchange Irving Trust C o., as mortgage trustee, of
gan Southern (now New York Central at a rental of $126,027, equal tc $106,100 yearly to meet interest on G. H. & H. bonds. See. V. 61, p. 1964;
5)4 % on the pref. stock (see V. 56, p. 812), and after 1887 any net earnings
V. 63, p. 697. Dividends, M ay 1904 to 1906, 4% yearly; none since. Of
over 8% on pref. stock to be t>aid on com., but not exceeding 2% a year
the 1st gold 5s ($5,000,000 auth. issue), $1,000,000 is reserved for not over
Common stock. $436,132. V. 106, p. 601.
90% of cost of new equipment. Redeemable at 105 on any int. day. V .9 8 ,
FORT W ORTH AND DENVER C ITY R Y . CO.— Ft. Worth, Texas, to p. 839; V. 102, p. 1987.
Stock, $1,000,000; par, $100— (V. 114, p. 305.)
Texline, 454 miles. Owns securities of Ft. W . & Den, Term. R y.




60

R A ILR O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 8]

Miies Date
Road Bonds

Par
Value

Amount
Outstanding

74 1905
Gainesville Midland— First M $1,000,000 g red at 110
$ 1,000 See text
1913
Notes $400,000 auth extended to Oct 1 1922_______
100 &c
$325,000
256 71-'80
Galv Harrisb & San A nt— 1st & 2d M g 1 gr e x t..c*
1,000 5.728.000
671 1881
Western Division 1st M (Mex & Pac ext) gold— x
1,000 13,418,000
do
do
2d M “ stamped” guar p & i_____
1881
2.539.000
1910
Galveston-Victoria Div 1st M $10,000,000 auth_
_
1,000 10 . 000,000
Equipment trust series A _________________________
1.558.000
50 1913
1,000 2.122.000
Galv Hous & Hend RR Co— 1st M g Col yc*&r*
1908
Galveston Term ’ l— 1st M $5,000,000 gu (text)-Ba.x
1,000 x l. 106.000
1882
1,000
Galveston W harf Co— 1st (r e) M gold s f ---------zc*
424.000
1890
First series (wharf & railroad) gold 5s sink fund.zc*
1,000 1,006.000
Ref mtge Series A red (text) $5,000,000 auth _kxxxc*
1,000 1.250.000
1926
16 1899
Genesee & W yom ing RR— 1st M gold $500,000..Col
1,000
484.000
G eorgia & Alabama— G eorgia Carolina & Northe rn— S ee Sea board Ai r Line Ry.
No par 100,000 shs
Georgia & Florida R R — Com stock 100,000 shares.
100 9.000.
Preferred stock $9,000,000 authorized (text)______
1st M gold bonds issuable in series (text) $15,000,000
500 &c 4.200.000
500 1926
Series A ________________________________N.kx&c*
792.000
IT S Government loan $792,000 auth_____________
1,000
1926
Equipment trust certifs due $50,000 annually----- FP
750.000
1,000 1.500.000
1926
Income non-mortgage debentures $1,500,000 auth..
Georgia Florida & Alabama— Equip trust cert Ser A
1,000
1925
due s-a red 102______________________ PeP.xxxc*
650.000
1,000 1.650.000
98 1896
G eorgia Midland Ry— 1st M g $1,650,000 int gu.x
100 4.200.000
307
Georgia Railroad & B anking Co— Stock--------------1,000 1.000.
1907
Bonds not mortgage currency (V 87, p 226. 285).zc
1921
Bonds refunding not mortgage currency________
1.500.000
100 2,000,000
G eorgia S outhern & Florida— Common stock..
100
First pref stock 5% & partic non-cum red______
684.000
100 1.084.000
Second pref 5% & partic non-cum $1,084,000..
1,000 4.000.
285 1895
First mortgage gold $4,000,000_________ MeBa.xc*
391 1902
1,000 2.000.
_
First consol mortgage $10,000,000 gold_ N.xc*&r
1924
Debenture bonds red 102 H _______________________
386,272
1924
1.000 1.067.000
Equipment trust Series F due sem i-ann_________ ct
xOf the amount outstanding $1,051,000 guaranteed and $5 5,000not guaranteed

GALVESTON TERMINAL RY.— Owns extensive terminals at Galveston
Tex., used by Trinity & Brazos Valley R y., Colorado Southern and Chic
R. I. & Paoiflo, which own practically all the stock. V. 87, p. 950. Own#
a large freight depot and warehouse and about 14 blocks along Galve«toD
water-front. Operates 49 miles o f main line and 20.33 miles of sidings
Stock, $25,000. Of the 1st 6s ($5,000,000 authorized issue), $1,106,000
guar. Jointly by the Ch. R . I. & P. and Col. & Sou. V. 86, p. 1100, 1589;
V. 87, p. 1478; V. 103, p. 2428, 1980. Pres., J. A. Hulen, Houston, Tex.:
V.-P., Chas. Fowler: Sec. & Treas., E . R . Cheesborough, both of Galveson, Tex.— (V. 100, p 2085.)
GALVESTON W HARF CO.— Owns wharf properties extending from
10th to 41st Sts., Galveston, Texas, and 12.8 miles main line switching
tracks in city, with yard tracks and sidings. Incorp. in Texas Feb. 24 1854.
The I.-S. C. Commission has placed a final valuation of $13,635,000
on the property o f the company a's o f June 30 1917. Stock outstanding
$2,626,600; par, $100. Dividends in 1904, 354%: 1905, 414%; 1906 to
1908,5% yearly; 1909, 4H%-, 1910 to 1913, 5 K % : 1914, 5M %; 1915,4 3 %;
A
1916, 4% ; 1917, 4 U % ‘. 1918, 3% ; 1919. 3% ; 1920, 3?4% : 1921, 6% ; 1922,
6% ; 1923, 6% ; 1924, 5% ; 1925, 5% : 1926, 6% .
.
J
„
The refunding mtge. 514% gold bonds. Series A, are redeemable all or
part on the first day o f any month on 30 days’ notice up to and incl. Dec. 1
1926 at 105 and int. the premium decreasing thereafter H o f 1 % for each six
months or portion thereof, resulting in a call price o f 100 and int. on and after
Dec. 1 1936. These bonds will be secured by a direct mortgage upon an
undivided two-thirds interest in the entire property, subject only to the
liens of $1,505,000 closed mortgage bonds maturing in 1932 and 1940
and to certain leases from which the company receives a substantial revenue.
Also these bonds will be further secured by the pledge of $495,000 of prior
lien bonds, thus sharing in the liens of these bonds to the extent of 24.8%
of such bonds issued. V. 123, p. 575.
RE PO RT.— For 1926, showed:
Net aft.
Other Int. Rents
Cal. years.
Gross.
tax.
Inc.
&c.
Divs.
Bal.
1926_________ $2,008,301 $746,744 $185,663 $451,495 $157,596 $323,316
1925_________ 1,580,754 204,709 116,903
87,243.131,330 103,039
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., Geo. Sealy; V.-Pres., R. W . Smith; G.-M gr., E. E. Gossrau; Sec.
C. W . Branch. Office, Galveston, Tex.— (V. 124, p. 1216.)
GAULEY & EASTERN R Y .— V. 113, p. 1772.
GENESEE & W YOM ING R R .— Retsof, N . Y ., to Pittsburgh & Lehigh
Junction, 11 miles; Retsof Junction to Griegville, 4 miles: branch, 2 miles;
total, 17.52 miles. The I.-S. C. Commission has placed a tentative value
of $434,810 on the property o f the company as o f June 30 1917. Stock,
$500,000; par, $100. Dividends since 1909: August 1910, 1 % % ;
N ov., 1 H % : 1911, 5 % , paid 134% Q--J-; 1912 and 1913, 5% (Q.-F.); 1914.
Feb. and May, 1)4% ; Aug. 1914 to Aug. 1916, 1)4% quar.; N ov. 1916, 2%
1917, 10%, 2% Q.-F. with a special div. o f 2% paid in Aug. 1918; Feb. &
6% ; 1925, 10%; 1926, 10%. Pres., M . B. Fuller, Scranton, Pa.; V.-P. &
Gen. M gr., H. C. Finch, Retsof. N. Y .; Sec., H. J. Osborn; Treas., W . H.
Barnard, 2 Rector St., New York.— V. 121, p. 455.)
R E PO RT.— For 1926, showed:
Net aft.
Other Int. Rents
Cal. years.
Gross.
Tax.
Inc.
&c.
Divs.
Bal.
$9 023 $113,335 $50,000 $50,054
1926__________ $477,871 $204,366
1925__________
571,790 226,035 11,307 132,445
50,000 54,897
GEO R G IA & FLORIDA R R .— Owns from Augusta, Ga., to Madison.
F la., 250 miles; branch lines, 194 miles; sidings, spurs, and industrial tracks,
62 miles. Also owns entire capital stock o f the Statesboro Northern R y.,
40 miles, which is operated separately.
.
.
Construction has been commenced on the extension o f the main line
from Augusta, Ga., to Greenwood, S. C ., a distance o f 56 miles.
Valuation.— The I.-S. C. Commission has placed a tentative valuation of
$5,881,782 on the properties of the company as of June 30 1918. This
valuation includes Augusta Southern R R . placed at $920,903.
OR G A N IZA TIO N .— Organized under the laws o f Georgia as successor
by reorganization and foreclosure to the Georgia & Florida Ry. For plan of
reorganization see Railway & Industrial Compendium o f M ay 28 1927 ,also
weekly “ Chronicle” V. 124, p. 1815 and 230.
STOCK.— Dividends on the 6% preferred stock shall be cumulative on
and after 3 years from date o f completion o f the extension of railroad from
Augusta, Ga., to Greenwood, S. C.
Preferred stock red. in whole or in
part from time to time on any div. date on 60 days’ notice at $110 and divs.
In event o f (1) a voluntary or involuntary liquidation or o f a voluntary or
involuntary sale o f all, or substantially all, o f the assets, or upon any
voluntary or involuntary distribution o f its capital, the holders of the
preferred stock shall be entitled to receive par and dividends.
The holder o f each share o f preferred stock shall be entitled to one vote,
and the holder o f each share o f common stock shall be entitled to one vote.
FU N DED D E B T .— The 1st mtge. 20-year gold bonds are secured by a first
mortgage on approximately 460 miles o f main and branch line, including
the proposed extension, and, as to the approximately 40 mile branch line
o f the subsidiary Statesboro Northern R y ., by pledge with proper coven­
ants o f all the stock o f that company. The company will agree forthwith
to pledge also all the 1st mtge. bonds of such subsidiary so that the bonds
will in effect, in opinion o f counsel, be secured by a first mortgage on 500
miles o f main and branch line at the rate o f $10,600 per mile. Total
authorized amount o f mortgage is $15,000,000, which is to be issued in series.
The series A bonds are red. at any time, all or part, on 60 days’ notice,
at 105 on or before N ov. 1 1941, and thereafter at premiums 1% less for
each year or fraction thereof; plus in each case int. to the redemption date.
The series A bonds were sold Jan. 1927 at 98 and int. to yield 6.17%
by Hayden, Stone & Co. and Harrison, Smith & Co. of New York. V.
The U. S. Government loan is secured by $1,100,000 of additional lsi mtge.
gold bonds.
.
„
Income Non-Mortgage 6% Debentures were issued in exchange for old
securities o f the Georgia & Florida R y. See V. 123, p. 2134. Redeemable,
all or part, at par at any time on not less than 60 days’ notice, and the
interest thereon to be payable semi-annually, but only if earned, and to
be cumulative from the date o f the completion of the Gree wood extension.




[V ol. 125,

RAILW AY STOCKS AND BONDS
When
Payable

Rate

%

5g
6
6g
5g
5
6
6

S*

6g
5g
5X
5g

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

M & N Nov 1 1935
Q—J Oct 1 1922
Various 1935
M & N M a y l 1931
J & J July 1 1931
J & D Junel 1940
A & O Demand
A & O Apr 1 1933
M & S Mar 1 1938
J & J July 1 1932
A & O Apr 1 1940
g J & D June 1 1951
A & O Apr 1 1929

Prin and int in default
Owned by Sou Pac Co
SoP acC o,165B 'w ay,N Y
do
do
do
do
Amer Ex Irv Tr Co, N Y
Bankers Trust Co, N Y
Nat City Bk, N Y , or Gal
do
do
New York
Amer Ex Irv Tr Co, N Y

000
6g

M & N N ov 1 1946

5
6

M &

5H
3g
10
000
4
6
See text
See text
000 g
5
000 g
4
5
4)4 g

New York Trust Co, N Y

S Sept’27- Sept’41 Fidelity Phila Trust C o
1951

M & N
A & O
Q— J
J & J
A & O

Pep or ChaseNat Bk. N Y
J P Morgan S Co, N Y
c
Augusta, Ga
Am Ex Irv Tr Co, N Y

M
M
J
J
A
M

M T & D Co, Balt: & N Y
do
do
do
do
do
do
do
do
Pa Co for Ins on Lives.Pb

&
&
&
&
&
&

Nov ’27-Nov '40
Apr 1 1946
Oct 15 1927 2)4
Jan 1 1947
Oct 1 1951
Nov 26 '26
N N ov 28 '27 iS
N N ov 28 ’27
J July 1 1945
J July 1 1952
O Apr 1 1952
N To Nov 1939

All accumulations of unpaid interest on debentures shall be paid before any
dividends are paid on any shares of stock of the company and upon the ma­
turity of the debentures any interest unpaid and accumulated at that time
shall be payable, together with the principal of the debentures. V. 124,
p. 230.
R E PO RT.— For 9 months ending Sept. 30:
1927.
1926.
$1,463,656 $1,528,553;
Railway operating revenues_________________r
Railway operating expenses_________________ 1
1,155,544
1,097,753
Net revenue from railway operations------Railway operating income_________________

$308,111
238.077

$430,800
365,965

Net railway operating income-------------------------Non-operating income_____________________

$211,111
20,835

$183,966
8.066

Gross income_________________________________
Deductions from income___________________
Surplus applicable to interest_______________
Total interest accruals_____________________

$231,947
10,874
221.073
150,998

$192,033
3,257
188,776

Net income__________________________________ $70,075
For latest earnings, see “ Ry. Earns. Section” (issued monthly).
OFFICERS.— Chairman, R. L. Williams; Pres., H. W . Purvis; V .-P s..
J. S. Williams, S. W . Saye and F. H. Weston; Sec., D. C . Porteous.
D IR E C TO RS.— R . L. Williams, F. Q. Brown, R . W . Daniel, Thomas.
J. Hamilton, Geo. A. Sancken, John R . Slater, W. R . Strickland, Herman
W . Baruch, W . H. Coverdale, W . V. Griffin, H. W. Pin-vis. A. C. Sher­
wood, W . B. Smith, W. J. Yereen and J. W . White 1 (V. 125, p. 909.)
—
GEORGIA FLORIDA & ALABAMA R Y .— Owns Richland, Ga., to;
Tallahassee, Fla., 131.22 miles; Tallahassee to Carrabelle, on the Gulf of
Mexico, 49.68 miles; branch, Havana, Fla., to Quincy, 11.23 miles; total,
192.13 miles. The I.-S. C. Commission has placed a final valuation o f
$2,783,000 on the wholly owned and used property o f the company as of
June 30 1917. Stock, $2,685,000, par $100.
N et
.
Cal. Yrs.— Gross. Op. Inc. Other Inc. Deductions. Divs.
Surplus.
1926_____ $1,391,597 $302,676
$13,094
$57,905 $53,700 $204,019
9,874
101,090 40,275 141,660
1925_____ 1,120,201 273,151
Pres., J. L. Nisbet; Sec.-Treas., L. G. Papy, Bainbridge, Ga.; Gen.
M gr., R. B. Coleman, Bainbridge, Ga.— (V. 122, p. 1452).
GEORGIA MIDLAND RY.— Owns road from Columbus to MoDonough.
Ga. 98 miles
Leased from July 1 1896 for 99 years to the Southern Rail­
way Co. for $49,500 annual rental (being Interest on the first mtge. bonds.
4c.) and $2,500 for Columbus terminal property. Stock Is $1,000,000.
owned by Southern Railway Co.— (V. 63, p. 361: V. 82, p. 751.)
GEORGIA RR. AND BANKING CO. (TH E ).— Georgia R . R . Augusta
to Atlanta, 171 m.; branches to Washington and Athens, 58 m .; M acon &
Augusta R R . (proprietary road), Camak, Ga., to Macon, Ga., 74 m.:
trackage, 4 m.; total, 307 m. Owns 50% stock o f Western R y. o f Ala.
Tentative valuation, $17,521,976 as of June 30 1916.
Lease.— In 1881 road leased for 99 years to W . M. Wadley et al lor the
Cent, of Ga. and the Loulsv. & Nashv., at $600,000 per year, but in April
1899 the Loulsv. & Nashv. was held to have acquired all rights under the
lease; Atlantio Coast Co. 1899 acquired half Interest. V . 68, p. 722. Own*
majority ($989.9001 stock “ Ga. R R . Bank."
In Mar. 1920 announced that the Georgia R R ., the Atlanta & West Point
RR. and the Western Ry. of Alabama would in future be operated in close
organization rather than independently. The three properties will be
directed as to operation from Atlanta.
nn nnr,
The $1,500,000 6% bonds of 1921 provided for the retirement o f $300,000
6% bonds and $1,200,000 5% bonds due Jan. 1 1922. V. 113. p. 960.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3, and V . 113, p. 1471.
DIVS.— 1 ’83-’87. ’88. ’89foJon .’ l l Apr. 11 to A p r.’24. July '24 to Oct .'27 .
Regular. | 10 yly. 1 0 ^ 11 yearly.
12% yrly. (Q.-J.)
2H % Quar.
Extra (from bank earns ). Jan. 1917. l% ;J a n . 1920, 1% .
RE PO RT.— For year ended Mar. 31 1926:
P. & L.
Cal
Int- & Other
Surplus.
Yrs.— Gross.
Net.
Charges.
Divs
$1,972,167
1926______$600,000
$530,306
$132,500
$420,000
1,994,361
575,589
132,500
420.000
1925_____ 639,556
Pres., Chas. H. Phinizy, Augusta, Ga.— (V. 118, p. 2703.)
GEORGIA SOUTHERN AND FLORIDA R Y . C O .— (See M ap of
Southern Ru.)— Owns from M acon, Ga., to Grand Crossing, Fla. (near Jack­
sonville), 257 miles; Valdosta, Ga., to Palatka, Fla., 134 miles; trackage,
11 miles; total, 402 miles. V. 60, p. 928; V. 79, p. 551. Also owns oneeighth of stock of Jacksonville Terminal C o., and one-third of stock of Macon
^ T h p 1L -S . C. Commission has placed a final valuation of $9,451,992 on
the property of the company as of June 30 1915.
D IV ID E N D on J1900-05. 1906. 1907-20. 1921-22. 1923. 1924-27.
1st & 2d p r e f...(% )1 4 yrly.
4)4
5 yrly.
None
2)4
5 yrly.
Paid in 1927 on 1st & 2d pref.: M ay 26, 2 K % ; N ov. 28, 2 )4 % .
On common stock paid initial dividend of 5% on N ov. 26 1926.
STOCK.— Southern Ry. Co. owns $177,700 first pref., $558,700 second
pref. and $1,882,400 common stock.
BONDS.— First mtge. of 1895 (A bstract, V. 61, p. 429) provides that the
$684,000 first pref. stock shall be a lien second only to the bonds and coupons.
The First Consol. 4s of 1902 are for the authorized amount of $10,000,000
of which $4,684,000 are issuable to retire the $4,000,000 5s and $6844)00 Is*
pref. stock and $3,316,000 are reserved for future needs
V . 75. p. 980.
The I.-S. C. Commission on June 5 1924 authorized the company to issue
$438,000 debenture 5% bonds to be exchanged for certain first mtge. bonds
of the <a 'Mnsville & Florida Southern R y. Compare V. 118, p. 2948.

Nov., 1927.]

61

RAILW AY STOCKS AND BONDS

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

G eorgia Southw & G u lf— Albany & Nor 1st M g - .c
---- ---------------- _.C e
G S W & Gulf mortgage .
German Railways Co— See text.
G ettysb & Harris— Con(nowlst)M$565,000g(text)_x
G ouverneur & Osw egatchie— See N Y Cent R R ...
Grand R aoids & Indiana Ry— Stock $6,000,000—
First mtge mostly land grant gold ext in 1899-. _.zc*
First mtge extended gold guar by Penn R R — -ZC*
Second mortgage $5,000,000 gold
. ---------- --X C *
Traverse City RR — - irst mortgage gold--------- ____z
G reat N orthern— Stock $250,000,000. ------Gt Nor Jst & Ref M g red 105 beg 1941.Ba.xc*&r*
do
gen mtge Series A
_
— zc*&r*
._zc*&r*
do
do
Series B _________
do
do
Series C __________ ________ zc*&r*
do
do
Series D ___________________ zc*&r*
do
do
Series E ___________________ zc*&r*

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

36 1896
36 1909

$1,000
100

$400,000
76,800

5g
6g

J
J

&
&

42 1891

1,000

565,000

4)4

A

St o Oct 1 1956

367
367
419
27

1869
1869
1896
1883

7,273
7,504
7.504
7,504
7,504
7,504

1911
1921
1922
1923
1926
1927
1920
1921
1923
1924
1925

___ __
do
do
due $101,000 ann
do
do
Series B due $575,000 ann. __ c*
do
do
Series C due $300,000 ann.
do
do
Series D due $283,000 ann.
Old Underlying Divisional Bonds—
St P M & M consol mtgel (now 1st M ) gold- _ -Cezl 2,542
for $50,000.000_____f(V 91. p 518) sink fu n d .zl 2.542
2,542
Montana Ext 1st M ($25,000 p m) gold..C e.zc*& r
833
849
Pacific Extension M £6,000,000 gold - - Ce.zc*&r
284
E o f M No Div M call 105 beg 1928 ass’d_Ba.zc*&r
247
Mont Cent 1st M g ($6,000,000 are 6s) aas’d Ce.zc&r
Willmar & Sioux Falls 1st M g assum (end)Ce.zc*&r
304
130
Spokane Falls & North 1st mtge g assum ..B a.xc*

$100 $5,791,700
1,000
918,000
1,000 4,455,000
1,000 5.000.000
1,000
135 000
100 248,968,950
1,000 &c x35,668,000
100 &c 115,000,000
100 &c 30,000,000
100 &c 15,000.000
1,000 &c 15,000,000
1,000 &c 20,000,000
2,290,400
1,000
404.000
1,000 6,325.000
1,000 3.600,000
1,000 3,684,000

4
3)4 g
4H g
4g
3g
5
4M g
7g
5)4 g
5g
4 y3 g
4K g
6
6)4
5g
4)4 g
4)4

1,000 13,344,000
1883
6g
1,000 20,798,000
1883
4)4 B
1,000 7,822,000
1883
4g
1,000 ylO,185,000
1887
4g
1890 £100 &c z28,38.3,515
4g
1898 1.000 &c 9,695,000
4g
1887 1.000 &c 10,000,000 5 & 6 g
1,000 3,625,000
1888
5g
1,000
1889
229,000
6

J
J

A
J
F
J

.1

J

.1

J
J
J

S
c
S
c
&
&
&
&

S
c
S
i
C
St
ft.
&

F &
M &
M

&
&

J
J
.1

S
c
S
c
S
c

J
A

a
a
a.

J

J
J
J
J

&
St
&

j Jan 1 1946
j

Jan 1 1959

New York and Baltimore
C o’s office, Albany, Ga
Reading Terminal, Phlla

See text
J July 1 1941
J July 1 1941
o Oct 1 1936
J Jan 1 1933
A Aug 1 1927 2)4
J July 1 1961
.1 July 1 1936
J Jan 1 1952
J Jan 1 1973
J July 1 1976
J July 1 1977
J To Jan 15 1935
A To Aug 1 1931
S To Sept 1 1938
S To Sept 1 1939
J To Jan 1 1940

Office, Grand Rap, Mich
Penn RR Co, N Y
do
do
do
do
do
do
32 Nassau St, New York
do
do
New York
New York
New York
New York
New York.

J July 1 1933
July 1 1933
July 1 1933
Juriel 1937
July 1 1940
Apr 1 1948
July 1 1937
Junel 1938
J July 1 1939

First Nat Bank, N Y
do
do
do
do
do
do
N Y & Lon, Baring Bros
32 N assau N Y ;Lee,H ,Bos
32 Nassau St, N Y
do
do

J
.1
1)
.1
()
J
1)

First
First
First
First

Nat Bank, N Y
Nat. Bank, N . Y .
Nat Bank, N Y
Nat Bank, N Y

* y z Add’l amts, pledged, viz.: x $36,332,000 under Gt. N or.R y. Co.Gen. M .; y $11,5 02,000 u nder Pac . Ext. M .; z £14 5,900 und. 1st & Ref. M

RE PO RT.— For 1926, in V . 124, p 1970, showed:
1924.
Calendar Years—
1926.
1925.
Gross oper. revenues_ $6,764,554 $6,749,302 $5,180,128
_
4,415.379
3,611,860
Total oper. expenses____ 5,071,913

GETTYSBURG & HARRISBURG R Y — Carlisle to Gettysburg. Pa.. 31.18
tn.: branch to Round Top, Pa., 2.96m.; branch Pine Grove Furnace to Hun­
ter’s Run, 7.46 m. The I.-S. C. Commission has placed a tentative valua­
tion o $1,047,475 on the owned and used property of the company, as of
June 30 1917. The Reading Co. owns $575,250 of the $600,000 capital
Net rev. from oper_ $1,692,641 $2,333,923 $1,568,266 $1,217,157 stock. The $565,000 5% bonds due Oct. 1 1926 were extended until
_
239,621 Oct. 1 1956 at 4)4 % interest. Principal and interest guaranteed by Reading
Taxes & uncollec. rev. .
377,178
220,734
337,981
Equip. & jt. facil. rents.
557.814
486,619
344,515 Co. For cal. year 1926: Gross, $489,713; net, after taxes, def., $32,272:
401,406
other income, $2,144; deductions, $83,261; bal., def., $48,844.— (V. 123,
R y. oper. income___
$860,916
$633,021 p. 1871.)
$953,254 $1,398,391
Other income. _________
19,961
52,891
46,945
40,220
GRAND RAPIDS & INDIANA R Y . CO.— (See Maps of Pennsylvania
RR.).— Owns from Fort Wayne, Ind., to Mackinaw City, 367 m.; branches,
_
Total gross income_
$652,982 110 m.; total owned, 477 miles. On M ay 1 1917 purchased the property of
$907,861
$993,474 $1,451,282
Deducs. from gross inc. .
30,721
15.972 the Muskegon Grand Rapids & Indiana RR. and Traverse City RR.
106.305
10,524
Int. on mtged., bonded
See V. 106, p. 2644; V. 76, p. 811; Y. 82, p. 988, 1098. Successor Aug. 1896
& seemed debt_______
295,947
245,327 of R R . Co. foreclosed. V. 63, p. 153.
341,197
350,682
Div. on preferred stock. (5%) 88,400 (5%) 88,400
44,200
88,400
The stockholders on Dec. 22 1920, approved the lease o f the road and
Common dividends.. (5%) 100,000
properties to the Pennsylvania R R. effective Jan. 1 1921. The lease is
ror a term of 999 years and upon the general basis of paying a rental suffi­
Income balance______
$492,792
$915,380
$347,483 cient to cover fixed charges and a dividend of 4% on the stock.
$464,917
The Pennsylvania Co. offered to purchase the minority stock, giving Id
For latest earnings, see “ Railway Earnings Section” (Issued monthly).
payment par for par second mtge. 4% bonds o f the Grand Rapids & Indiana
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 2114.
Ry
V. 111. p. 1949: V. 112, p 61, 927: V. 115, p 645.
OFFICERS.— Pres., Fairfax Harrison, Washington, D. C.; Sec., C. E.
The I.-S. C. Commission has placed a tentative valuation of $22,533,087
A. McCarthy, New York; Treas., Maury Middleton; Comp., E. H. Kem­ on the company’s property as of June 30 1917.
per, Washington, D . C .— (V. 124, p. 2114.)
STOCK.— Stock, $5,791,700 out. Pennsylvania Co. owns $5,773,200
GEORGIA SOUTHWESTERN & GULF R R . (Albany & N orthern
BONDS.— The first mtge. bonds extended at 4)4% are endorsed with the
R y .).— Projected to extend from Albany, Ga.. southwest to St. Andrews
guaranty of the Penn. R R . Co. to purchase the coupons as they mature, and
Fla., on the Gulf of Mexico. In Feb. 1910 acquired the entire capital stock
the bond Itself at maturity. See guaranty, V. 56, p. 649; V. 69, p.1193.
of the Albany & Northern R y.. Albany to Cordele, 35 miles; trackage rights
Of the 2ds, $1,038,000 are guaranteed principal and interest by the
0.64 miles. V. 90, p. 109, 502. The I.-S. C. Commission has placed a Pennsylvania Co.
tentative valuation of $9,700 on the total owned and $459,700 on the total
REPO RT.— For 1926, gross income, $732,304; deductions, $500,636
used property of the company, as of June 30 1918. G. S. W . & S. stock dividends, $231,668.
auth., $4,000,000; issuable at $20,000 per mile; outstanding, $14,700. The
OFFICERS.— Pres., W . W . Atterbury; Sec., S. H. Church; Treas.,
$4,000,000 mortgage is secured by pledge of $350,000 capital stock of
T. H. B. McKnight; Compt., F. J. Fell, Jr.
Office. Pittsburgh. Pa.
Albany & Northern R y., &c.; bonds issuable at $20,000 per mile.
— V. 124, p. 917.
REPO RT.— For 1926:
GREAT NORTHERN R Y . CO.— Operates a line from St. Paul and
Calendar Years—
Gross.
Net.
Oth.Inc. Int.,Rentals Balance.
Duluth, Minn., via Spokane, Wash., to Seattle, Wash., and Vancouver,
1926_________________$176,642 $33,521
$4,657 $47,919
def.$9,742
1925------------------------- 189,011 58,496
3,314 57,815
3,995 B. C ., with trackage rights into Portland, Ore., and numerous branches in
Dakota, Montana,
OFFICERS.— Pres. & Gen. M gr., W . M . Legg, Albany, Ga.; V .-P ., Minnesota, Iowa, North and South Total miles of roadIdaho, Washington,
in system Dec. 31
Sec. & Treas., H. J. Bruton, Bainbridge, Ga.; Acting Aud., J. H. Conley, Manitoba and British Columbia.
1926, 8,164 miles; and mileage owned but not operated as part of system,
Albany, G a — (V. 123, p. 1250.)
6 miles, total 8,170 miles, viz.:
Leased Companies—
Lines owned in fee—
Miles.
GERMAN RAILW AYS CO. (DEUTSCHE REICHSBAHN).— Jerome
B. Sullivan & C o., New York, in June 1926 offered in conjunction with St. Paul to St. Vincent, M in n .. 393 Wat. & Sioux Falls R y ________ 102
2
foreign banking interests at 95K flat, gold mark 150,000,000 preferred Minneapolis to Seattle, W ash..1,804 Minneapolis Western R y ______
Everett, Wash., to Int. Boundary 90
Trackage—
stock, series IV.
Seattle to Vancouver, Wash_
_ 173
Denom. 200, 500, 1,000, 10,000 reichsmark. German Reichsbank Other lines owned in fee to Su­
231
perior, Butte, Sioux City, &C.4.847 Various other lines___________
trustees certificates for 7% cumulative participating preferred stock.
Dividend guaranteed by the German Government. Dividends payable Total road owned_____________7,134 Second, &c., tracks & sidings._3,492
Controlled Companies—
Miles
annually, first quarter of the year. 1 gold mark equal 1-2790 kilo fine gold.
Vancouv., Vic. & East. Ry.&N. 231
Property.— The German Federal R y. system comprises 33,000 miles of Other lines___________________ 297
track and employs more than 700,000 men. The Dawes Commission
New terminal companies 1917, V. 104. p. 560: V. 106, p. 174.
worked out a plan to reorganize the different railroads of Germany into
Owns jointly with Northern Pacific the Spokane Portland A Seattle F.y
one economical unit, to operate as a private enterprise. This began its
*56 miles. V. 85, p. 1273: V. 86, p. 1529.
existence Oct 11. 1924 as a public law corporation under Government
in Dec. 1908 Chic. Burl. & Quincy (Jointly held with Nor. Pac.) acquired
supervision.
sontrol of Colo. & Southern. V. 87. p. 1664. Uses jointly Northern
Pacific line. Seattle to Vancouver. Wash.. 173 miles. V. 88.P.1372.
Capitalization.— The authorized capitalization is as follows:
Controls Midland R y. of Manitoba jointly with Nor. Pac. R y. V.95, p.238
Reparations bonds (held in trust for the Allies)________ R m .11,000,000,000
Tentative valuation, $395,353,655, as of June 30 1915. V. 116, p. 1649.
Preferred stock (Rm. 731,000,000 Series I, II & III held
by the Govt.; balance unissued by railroad, 1,269,1760. 2955
President Ralph Budd on M ay 21 1925 announced that the co. would go
000,000)___________________________________________ Rm. 2,000,000,000
into the bus transportation business in Minnesota to supplement and protect
Common stock (held by the Government)_____________ R m .13,000,000,000
its railroad transportation business. The Great Northern has purchased
T otal__________________ _____ ______________________Rm .26,000,000,000 several bus lines, and has consolidated them into the Northland Transpor­
Security.— The R m .881,000,000 preferred stock outstanding is followed tation C o., which owns a fleet of 125 buses. In 1925 a law enacted in Min­
by Rm.13 billion common stock, all of which is owned by the German nesota gave the State Railroad and Warehouse Commission authority over
Government. The prior obligations consist of R m .ll billion 5% bonds, Che use of highways by commercial vehicles, and makes it practicable for the
which are held in trust for the Allied Governments, and an obligation first time in this State, to provide a complete transportation system cor­
imposed by tne Dawes Commission to set aside annually, out of the gross relating the use of the railways with that of the highways. V. 120, p. 2811.
Ry. and Great Northern Ry.
income, a reserve of 2% until this fund shall total 500 million reichmark.s p. Unification Plan of Northern Pacificof the Northern companies (V. 124,
1062). The
was an­
The preferred stock is, therefore, at present a third lien, and it is estimated nounced Feb. 14 plan for aunification composed of George F. Baker, Chair­
1927 by committee
that it will advance to the place of a second lien by 1931, when the reserve
of 500 million marks has been created. In addition to this lien the German man; Arthur Curtiss James, Deputy Chairman; J. P. Morgan, Louis W .
Government has unconditionally guaranteed the 7% dividend on this Hill and Howard Elliott.
A railroad corporation now existing or to be organized (called the new
stock, and the shares have been made redeemable in gold, to protect the
company) will lease the properties of the Spokane Portland & Seattle Ry.
holders against a possible depreciation in German currency.
and thereafter will exchange its new stock, share for share, for the stock of
Extra Dividends.— If a dividend is declared out of surplus earnings on the Northern companies. As soon as feasible, the new company, or a com­
the common stock, the preferred stock shall be entitled to an extra dividend, pany directly or indirectly controlled by the new company, will also acquire
equivalent to one-third of such surplus earnings, before any payment is by lease the railroads and properties of each of the Northern companies.
made upon the common stock.
The terms of each lease, as to the properties to be leased, rental to be paid,
Dividends are subject to 10% German income tax, but the company and all other provisions thereof shall be as agreed upon by the companies,
agrees to bear any further increase in tax levies over and above 10%.
parties thereto, subject to the approval of the I.-S. C. Commission, and the
Redemption.— Under the Railway Act the preferred shares must all be committee shall have full discretion to adopt as a factor in the plan, or in
redeemed by the time of expiration of the company’s right to operate the any modified or substitute plan, any such lease the terms of which shall
Government Railways, Dec. 31 1964. Provision has therefore been made have been so approved.
The committee shall have power to provide that the new company shall,
to retire the shares by lot. The redemption schedule is as follows: Nonredeemable until 1942; before Oct. 11 1949, 120; before Oct. 11 1959, 110; subject to the approval of the I.-S. C. Commission, acquire control by pur­
chase, lease or otherwise, of any additional railroads, bus lines or other
thereafter, 100.
Management.— The management of the German Federal Railway Co. is transportation facilities and properties which it may deem beneficial to or
vested in the Administrative Council and the Board, the former consisting in furtherance of the plan, or of any modified or substitute plan, and to issue
of 18 members, one-half of whom are appointed by the German Government, the obligations or stock of the new company therefor.
The issue of the new stock and the leases contemplated by the plan will
while the others are nominated by the Allied Trustee for the Railway
be subject to the approval of the I.-S. C. Commission and to compliance
Reparation bonds. At least four of the latter must be foreigners.
The Board, composed entirely of Germans, includes the Managing with such legal requirements as counsel to the committee may advise. The
Director, and, under the jurisdiction of the Administration Council, necessary application or applications to the Commission have bee* made
and are now pending.
performs the official functions of operation.— (Y. 123, p. 3335.)




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

62

RAILW AY STOCKS AND BONDS

ORGANIZATION.— In 1907-08 absorbed St. Paul Minn. < M an.. &c..
&
V. 85. p. 600. 1209; V. 86. p. 168. 794: V. 106. p. 1577.
STOCK.— “ Single class, with uniform rights.” V.83. p.1469: V.84,p.749
DIVS.—
/ ’97. ’98. ’99. ’00. ’01-’21. ’ 22. ’23. '24. ’25. ’ 26. ’27.
P e rce n t__________ \
&M 7
7 7 y ’rly 53* 5
5
5
5 5
Paid in 1927:"Feb. 1 , 2 ^ % , and Aug. 1,234% .
Also In 1898 50% in Seattle Sc M ont. Btock, which was then exchanged
at 80 in payment of 40% o f subscription to additional Gt. Nor. pref. V . 66.
p. 1044, 1188: V . 74. d . 829. In M ay 1901, H % and In N ov. 1907 1 H %
was paid from earns, o f Lake Superior C o., Ltd., and in Dec. 1906 unit for
unit, shares in Great Nor. Iron Ore Properties.
BONDS.— The 1st & ref mtge. closed at $72,000,000, of which, on
Dec. 31 1926, $35,668,000 were in hands o f public, and $36,332,000
were pledged under general mortgage. These bonds (in hands of pub­
lic) are a first lien, directly or through deposit o f stock, on 2,500.88 miles of
road at $14,262 per mile and a general lien (subject to existing liens of
$21,812 per mile) on 4,771.75 miles; total mileage covered, 7,272.63; also
ecured by equipment at the time o f the mortgage costing $59,073,180,
upon $46,200,068 o f which it is a first lien. V. 92, p. 1499; V. 93, p. 871.
V. 98, p. 698.
St. Paul Minn. Sc M an. c o n so l, m to e. o f 1883. for $50,000,000. is now a
•irst lien on both land grant and 2,541.24 miles o f road. V . 91, p. 518; V.
»4, p. 518; V. 86. p. 229; V . 87, p. 1533; V. 88, p. 295, 624, 1061. 1372.
M on ta n a E xten sion mtge. Is limited to $21,687,000 on 833 miles In State
o f Montana; $10,185,000 are In hands o f the public and $11,502,000 with
trustee of Pacific ext. mtge. to secure to that mtge. first Hen on tracki
Pacific Jet. to Idaho State line, 417 miles.
P a cific E xten sion mtge., £6.000.000, at £6,000 per mile In Montana and
i7,000 per mile west o f Montana. V. 66, p. 1044, 1188; V . 80, p. 1111.
1174; V . 90. p. 383. See ab stract o f mtge., V. 52. p. 82.
On Dec. 31 1920 G t. Nor. and N or. Pac. owned $107,613,500 of the
$110,839 100 Chicago Burl. & Quincy R R . stock, exchanged for their
Joint 2(Lyear 4% gold bonds (secured by deposit of the stock In trust),
on basis of $200 In bonds for each $100 stock. See olroular, V. 72, p. 871
1034, 1135, and application toLst, V. 73, p. 294, 903; V.85, p.600. Through
the declaration o f a stock dividend by the C. B & Q. of 54.132% ($60,000,000) to stockholders of record Mar. 31 1921, these holdings were increased to
$165,867,400 out o f a total o f $170,839,100.
In April 1921 a syndicate headed by J. P. Morgan & Co. and First Nat
Bank, New York, offered an issue of $230,000,000 Northern Pacific-Great
Northern joint 15-year 6)4% convertible gold bonds (C. B. & Q. collateral)
due July 1 1936, at 96)4 and Int. The C. B. & Q. collateral joint 4% bonds
due July 1 1921, with final coupon attached, were accepted in payment at
100 and int. to date o f payment on allotments.
Bonds are to be the joint obligations o f the Northern Pacific R y. and of
the Great Northern R y ., and are secured by pledge of the following collateral
conservatively valued at an amount in excess o f 120% of the principal
amount of this issue:
1,658,674 shares o f the capital stock o f the Chic. Burl. & Qiuncy RE
$33,000,000 North. Pacific R y. Ref. & Impt. M . 6% bds., ser. B, due 2047
$33,000,000 Great Northern Ry. Gen. M . 7% bds., ser. A, due 1936.
The bonds are redeemable as a whole or in amounts o f not less than
$5,000,000 at 103)4 and int.
In the Indenture securing the bonds the Northern Pacific and Great
Northern Ry cos have covenanted that, in the event o f any mortgage
being placed on the properties junior, respectively, to the Northern Pacifk
Ref. & Imp. M . and to the Great Northern Gen. M ., such new mortgagee
will secure the Joint 6 )4 % bonds outstanding by a lien pari passu with that
securing such new bonds.
The indenture also provides that if the amount of that issue is reduced
through conversion or retirement the bonds and stock deposited as collateral
may be withdrawn proportionately by the respective companies.
The bonds are convertible into Northern Pacific Ref. & Imp. M . 6%
bonds. Series B, due 2047, or into Great Northern Gen. M . 7% bonds
Series A, due 1936. part of which issues are deposited as collateral and of
which an additional amount is reserved, sufficient to provide for the con
version o f the Joint 6)4% bonds
The conversion may be exercised by the holder of Joint 6 )4 % bonds with
a view to obtaining a like principal amount of bonds, either all in the Ref
& Imp. M 6% bonds, Series B, o f the Northern Pacific, due 2047; all It
the Gen. M . 7% bonds. Series A, of the Great Northern, due 1936, or in
bonds of both issues in any ratio between the two which the holder maj
desire, but not more than $115,000,000 o f either of such bonds will bi
Issued in conversion.
As Joint 6)4% bonds are presented for conversion, the trustee will with
draw from the deposited collateral a proportionate amount of C. B. & Q
stock and will deposit such stock with the trustee of the Northern Pacifi.
Ref. & Imp. M ., or the trustee o f the Great Northern Gen. M ., as required
by the demand for conversion, and will deliver such Northern Pacific oGreat Northern bonds, as the case may be, in exchange for the Joint 6)4 %
bonds presented for conversion. At the time o f conversion an adjustment
o f accrued interest will be made between the Joint 6ys% bonds presented
for conversion and the mortgage bonds issued in exchange. Compari
V, 112, p. 1866.
The G. N. R y. O o.’s portion, $115,000,000, has been converted into t
like amount o f gen. mtge. 7% bonds and proportionate amount of Burling
ton stock has been released from lien o f the joint indenture and pledgee
under the gen. mtge. The remaining outstanding joint convert, bondi(the Northern Pacific’s portion not converted) were called for redemptior
July 27 1922 at 103)4 and int. V. 114, p. 2240.
The Gen. Mtge. bonds are secured by a mortgage covering the entirt
railroad property o f the Great Northern R y. in the U. S., subject to existing
debt. and. in addition, by pledge o f $36,332,000 Ref. M . bonds secured bj
the same mortgage under which the $35,668,000 Great Northern Ref. M
4)* % bonds, due 1961, now outstanding in the hands o f the public, wer<
Issued in 1911 and subsequently. They will be additionally secured bj
such shares o f stock o f the C . B. & Q. R R . as are released by the trustet
o f the joint indenture as a result o f the conversion o f the Joint 6)4 % bond
into the Great Northern Gen. M . 7% bonds. Bonds are not subject
to redemption before maturity.
As to offering o f $30,000,000 gen. mtge. 5 A % Series B gold bonds, dn
Jan. 1 1952, compare V. 114, p. 626; for offering o f $15,000,000 Series “ C” '
5% gold bonds, due Jan. 1 1973, compare V. 118, p. 2572. The series E
bonds were offered in Oct. 1927 by J. P. Morgan & Co., First National
Bank and the National City Co. V. 125, p. 2384.
Eastern By. ol Minnesota.— Nor. Dlv. mtge. of 1898 limited to $9,700,000
are red. at 105 after April 1 1928. V. 66, p. 471: V. 88. p. 1002, 1253
Equipments trusts Issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 113, p. 1360R E PO RT.— For 1926 showed:
Calendar Years—
1926.
1925.
1924.
1923.
Freight revenue_________$93,346,740 $90,098,763 $86,144,671 $93,672,147
Passenger revenue_____ 13,041,058 13.955,742 13,683,383 15,305.242
Mail and express________ 5,034,497
5,029,651
5,608,259 5.886,976
Other transportation___ 1,838,775
1,879,541
2,050,589 2,101,005
Incidental_____________ 3,862,635
3,724,766
2,740.487 3,103.278
Joint facility (net)..........
260,177
236,497
15,714
9,123
Total oper.revenue..$117,383,909$114,924,960$110,243,104$120,077,771
Maintenance o f way____ 14,140,177 $14,297,715 $13,888,267 $15,255,041
Maint. o f equipment_ 17,856,698 17,200,491 17,102,587 21,723,923
_
T raffic________________
2,639,978
2,354,083
2,086,736
1,821,171
Transportation________ 37,294,132 38,406,298 39,064,820 45,146,275
Miscellaneous.............
1,481,558
1,449,468
1,240.693 1,273,839
General________________ 2,621,005
2,662,601
2,624,708 2,525.819
Transp. for inv.— Cr_
_
748.084
543,368
795.752
996,144
Total oper. expenses..$75,285,464 $75,827,288 $75,212,058 $86,750,523
Net rev. from ry. o p e r .. 42,098,445 $39,097,672 $35,031,046 $33,327,248
Railway tax a c c ru a ls... 9,699,807
9,801.946 10,257,741
9,113,227
Uncoil, ry. revenues____
15,339
7,844
12,267
20,982
Ry.operatingincom e.$32,383,299 $29,287,882 $24,761,037 $24,193,040
Equipment rents_______ De&808,498 De&726,135 De&304,269
Cr806,631
Jt. facil. rents (net deb.)
294,372
285,564
255,481
267,679
N e try . oper. income.$31,280,429i$28,276,183 $24,201,287 $24,731,992




[Y ol. 125.

Non-oper. Income—
1926.
1925.
1924.
1923.
Inc. from lease o f r o a d ..
$1,728
$4,582
$35,543
$1,459
502,631
590,914
508,119
512,659
Miscell. rent income____
Misc. non-op. phys. prop
101,096
69,917
24,666
58,025
Dividend income______
9,472,727
9,310,875
9,287,584 8,403,519
Inc. from funded securs.
2,316,394
807,706
1,137,523
552,287
Inc.fr.unfd.sec. & accts.
568,641
438,911
459,541
440,670
Miscellaneous in c o m e ...
212,454
205,343
200,901
344,641
Grossincome-------------$44,456,100 $39,704,431 $35,855,165 $35,045,252
Deducs. fr. Gross Inc.
Separately oper. prop_
_
$35,638
______
______
______
Rent for leased r o a d s ...
118,288
$119,727
$123,324
$116,623
Miscellaneous rents____
9,035
8,904
9.727
16,301
91,027
75,820
80,458
100,837
Miscell. tax accruals____
Int. on funded debt____ 17,931,341
17,591,927 17,187,797 16,348.339
Int. on unfunded d e b t ..
16,630
155,490
182,257
212,483
Amortization o f discount
on funded debt______
247,378
236.803
202,737
123,495
Miscell. income charges.
63,505
80.364
127,264
59,226
Net income--------------- $25,943,258 $21,435,396 $17,941,600 $18,067,947
Inc. applied to sinking S
c
other reserve funds___
5,512
$6,291
$8,285
$11,123
D iv. approp. o f income. 12,445,855 12,369,145 12,473,617 12,473,605
Balance................... ...$13,491,891 $9,059,960 $5,459,698 $5,583,220
•Income from fund. secs.
elim. from this acct.
int. on S. P. & S. R y.
bonds (accr. in 1921),
______ ______ ______
______ Dr5.227.721
still unpaid__________ _
Income balance transf.
to profit and lo ss.. .$13,491,891 $9,059,960 $5,459,698
$355,498
• The charge of $5,227,721 to “ income from funded securities” should
not be considered In determining the amount earned by the company
during the year 1923, as it is solely a book adjustment having no effect
on the cash account. The net income earned during the year was $18,
067,947, which is a return of 7.24% on the outstanding capital stock.
For latest earnings see "Railway Earnings Section” (issued monthly).
OFFICERS.— Chairman, Louis W . Hill; Pres., Ralph Budd; V.-Pres. &
Asst. Sec., E. T. Nichols; V.-Pres. Exec. Dept., G. R. Martin and L. O.
Gilman; V.-Pres. & Gen. Counsel, F. G. Dorety; V.-Pres. Oper. Dept.,
C. O. Jenks; V.-Pres. & Dir. o f Traffic, W . P. Kenney; Sec. & Treas..
F. L. Paetzold; Comp., G. H. Hess Jr. New York office. 32 Nassau St.
D IR E C TO RS.— L. W. Hill. R. Budd. F. E Weyerhaeuser, W. P
Kenney, St. Paul; A. L. Ordean, Duluth; Joseph Chapman, A. C. Loring,
Minneapolis; E. T. Nichols, E. E. Loomis, Arthur Curtiss James, J. E.
Reynolds, Vincent Astor, New York.— (V. 125, p. 2384.)
GREEN BAY AND WESTERN R R . CO.— Owns Green Bay, W is., to
East Winona, 213 miles; branches, &c., 38 m.
The I.-S. C. Commission has placed a final valuation of $7,264,197 on
the owned and used property of the Green Bay & Western R R ., the Ke­
waunee Green Bay & Western R y., and the Ahnapee & Western R y. (coreidered as one system) as of June 30 1916.
SECURITIES.— There are no fixed charges on the property other than
taxes, nor can any be placed thereon or the property be fold or leased
without consent of 75% of stock. Class A debentures are entitled to 2)* %
Interest, if earned, then common stock to 2 46 % , then the two share ratably
qut after 5% on both, class B is entitled to all surplus earns. V 61, p. 471
DIVS.&INT. 13. 14. T5. T6 '17. T8. T 9-’21. ’22 ’23.’ 24. ’2 5 .’26. ’27
Glass “ A debs. 5 5
5 5 5
5
5
5
5
5
5 5
5
Capital stock .. 5 5
5 5 5
5
5
a
5
5 5
5
5
Class “ R ” debs 1 A M
! H H 1 H
H
A
A
H A
R E PO RT.— For 1926:
Taxes,
Cal. Yrs. Gross.
Net.
Other Inc. Rents, &c.
Divs.
Balance.
1926______$1,645,802 $374,490 $100,129 $281,823 $190,000sur$2,796
88,679 290,691 125,000
4,964
1925--------- 1,578,446 332,976
For latest earnings see” Railway Earnings Section (.issued monthly).
OFFICERS.— F. B. Seymour, Pres., Green Bay, Wise.; Edgar Palmer,
V.-Pres.; Charles W . Cox, Sec. & Treas., 40 Wall St., N . Y .; J. C . Thru-man,
Gen. Aud., Green Bay, Wise.— V. 124, p. 18'5.
GREENE R R .— Owns road from Chenango Forks to Greene, N . Y ., 8
miles. Leased to Delaware Lackawanna & Western for term o f charter
for 6% on stock. The stockholders in Mar 1924 authorized an issue of
$300,000 bonds
V. 118. p 1267, 2179; V 119, p 1732. Stock, $200,000,
par, $100.— (V. 123, p. 8 3 9 .) __________ _ ___ _ ____ ____
________
GREENVILLE & NORTHERN R Y .— Organized in Jan. 1920. Pur­
chased the road and all physical property o f what was formerly the Green­
ville & Western Railway Co. Operated for freight service only between
Greenville, S. C., and River Falls, S. C ., a distance of 23 miles. Pres.,
F. E. Gary, Chicago, 111.; Vice-Pres. & Sec., F. G. Hamblen, Greenville,
S. C.; Treas., O. E. Siddall, Chicago, 111.— (V. 123, p. 839.)
j
GREEN WIC h “O o H NSONVILLE R Y.— Owns from Northumberland,
N. Y ., to Johnsonville, N. Y ., 21.46 m. The I.-S. C. Commission has
placed a final valuation o f $901,912 on the owned and used property o f the
company as o f June 30 1916. Stock, $225,000, all owned by Del. & Hudson
Co.; V. 90, p. 790.
RE PO RT.— For 1926, showed:
Cal. Yrs.— Gross.
Net.
Other Inc. Int.,Rentals,&c. Balance.
1926________ $190,859
$46,747
$2,148
$72,627
def.$23,732
1925.............. 177.543
41,114
5,537
66,204
def. 19,553
President, L. F. Loree, N. Y .; V .-P ., W . H. Williams, N. Y .; V -P .,
J. T . Loree, Albany, N. Y .; Sec., J. W . Coon, N . Y .; Treas., W . H. Davies,
N. Y .; Compt., W. E. Eppler, N. Y .— (V. 124, p. 369.)
GROVETON LUFKIN & NORTHERN R Y .—Owns Yeitch to Vair,
Tex., 21.15 miles; trackage, Groveton to Veitch, 1.25 m ., and Vair to
Lufkin, Tex., 13.6 m.: total, 36 miles. The I.-S. C. Commission has placed
a final valuation of $291,840 on the property o f the company as of June
30 1919. Stock, $50,000; par $100. Bonds, $437,000; see table above
(V. 90, p. 100). Pres., J. S. Joyce. Chicago. Office, Groveton, Tex.—
(V. 122, p . 1452.)
GUANTANAMO & WESTERN R R CO — Owns from Guantanamo Bay
on south coast of Cuba, via San Justo and La Maya to San Luis, with
branches to various sugar mills; total mileage, incl. sidings and yards, 108.42
miles. Incorp. in Maine. A reorganization after foreclosure Mar. 1 1910
per plan in VT 88, p. 294.
Stock authorized and Issued, common, $2,750,000; 1st pref. 7% non-oum.,
$2,750,000, and 2d pref. 5% non-cum., $250,000 (in treasury $232,300.
$233,600 and $153,000 respectively); par o f all shares, $100 each. On
June 30 1925 paid an initial dividend o f 6 H % on the 1st pref. stock; on
Dec. 31 1925 paid 7% .
The Rtfunding Mtge. for $6,000,000 was executed Feb. 1 1918 and subiequently to June 30 1926 $4,300,000 6% bonds were issued, of which
12 421.500 were held in the Treasury and $1.878.500 outstanding
For year ending June 30 1926, gross, $1,042,340; net, $204,486; other In­
come, $84,468; taxes, $22,169; int., $177,110; miscell. deductions, $18,099;
1st pref. divs., $176,148; bal., def., $104,572 V 123, p 3176
OFFICERS.— Antonio San Miguel, Pres.; F. Bartes, Treas.; M . J.
Manduley, Sec. Main office, 1 Amargura St., Havana, Cuba. Corporate
office, 57 Exchange St., Portland, M e. New York agency, Peat, Marwick,
Mitchell & C o., 40 Exchange Place.— (V. 123, p . 3176.)
GULF MOBILE & NORTHERN R R . CO.— Owls or controls and
operates 733.87 miles, viz.: M obile, Ala., to Jackson, Tenn., 409 miles;
McLain Jet. to Piave, Miss, 25 m .; Union, M iss., to Meridian, Miss,
(leased), 32 m .; Jackson, Tenn., to Dyersburg, Tenn. (leased), 48 m..
Union, Miss., to Jackson, Miss, (leased), 74 m .; Jackson, Tenn., to Paducah
K y ., 145 miles (trackage rights over N . C. < St. L .).
&
Valuation.— The I.-S. C. Commission has placed a final valuation of
$10,715,000 on the total owned and used property of the company as of
I June 30 1917.
) ORGAN.— Successor Jan. 1 1917 of New Orleans Mobile & Chicago R R .;
I foreclosed. V . 100, p. 1078; V . 103, p. 2238; V . 104, p. 256, 764.

Nov., 1927.]

63

RAILW AY STOCKS AND BONDS

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

Green Bay & W estern RR— Stock (see text)
Debenture Class A incomes text non-cum
_zc*
Class B incomes after 5% on stock non-cum zc*
G reene RR (New Y ork)— Stock guaranteed 1st & ref mtge_________ ____ ______ ___________ - .
G reenw ich & Joh nson ville— lstM$500,000g.Gzc&r.
G roveton L ufkin & N orthern Ry— First mtge gold
G u antan am o & W est— 1st M $600,000 gold Col.x
Refunding mortgage $6,000,000
- - -C ol
G u lf M obile & Nor RR— Common stock (vot tr ctfs)
Pref (p & d) (vot tr ctfs) 6% cum from Jan 1 1920-_
First mtge Series “ B ” red (text)_____Usm.wc*&r*
First mtge series “ O” red (text)_____U sm.vvc*&r*
First Ref & Term Mtge gold sink fund N.xc*x&r*
G u lf Term , M obile— IstM $700,000 g gu(text)xc*&r*
G u lf Tex & W est— 1st M $10,000,000 g red 105- Mp.x
H ancock & C alum et— See Mineral Range RR
H arrisburg P orts Mt J & Lane— See Penna RR
Hartford & C o n n e cticu t W estern— Stock__ __
First mortgage extended in 1903 and 1923_ ____ z
_
H ibernia Mine RR— S t o c k ______________________
H ocking Valley Ry Co (T h e)— Stock - _
—
Columbus & Hocking Val first mtge gold ext- -xc*
Col & Tol 1st M gold ext 1905 (V 81, p 211) . G.xc*
First consolidated mortgage $20,000,000 gold _.C ex
Equip notes gold Series 32 due$89,700 ann_
_G
do
do
Series 32A due $99,300 an n .. _G
do
do
Series o f 1923 due $268,000 ann G
do
do
Ser of 1924 due $116,000 ann____c*

Miles Date
Road Bonds

1896
1896
8 1924
21 1923
21 1909
1909
- - - 1918
433 1925
433 1926
307 1902
1907
99 1909
124
124 1883
4M
119 1867
121 1875
346 1899
1919
1920
1920
1923
1924

Par
Value

Amount
Outstanding

Rate
%

$100 $2,500,000
5
1,000
600,000
5
1,000 7.000,000
H
$100
$200,000
6
1,000
207,000
5
1,000
500.000
6g
437.000
5g
600,000
1,000
6g
6
1,878,000
100 10,996,100
100 11,415,600 See text
1,000 4.000.000
5)4 g
1,000 3,000,000
5g
100 7,013,100
1,000 &c 2,635,000
5g
1,000
600,000
4g
1,000 2,000,000
5g

When
Payable

Last Dividend Places Where Interest an
Dividends Are Payable
and Maturity

Y early Feb 7 1927 5%
Yearly Feb 7 1927 5%
Y early Feb 7 ’27 X %
J & D June 1927 3%
M & S 1974
J & D Dec 1 1943
J & J Jan 1 1939
M & N 15 N ov 15 1929
F & A Feb 1 1948

Am Ex Irv Tr Co, N Y
do
do

Q— J Jan 3 ’28 2)4%
& O Oct 1 1950
& O Apr 1 1950
In 1917 4%
J & J Feb 1 1952
J
& J Jan 1 1957
M & N Nov 1 1939

U S M tge & Tr C o. N Y
do
do
do
do
Gulfport. Miss
Chat & Ph N B & T r, NY
Bank of America, N Y
Chat & Ph N B & Tr. N Y

A
A

100 2,967,000
2
F&A
1.000
J &
700,000
6
$100
A &
200,000
3
100 11,000,000 See text
Q-J
500 &c
4g A &
1,401,000
1,000 2,441,000
4g F &
1,000 &c 15,889,000
4>* g J &
1,000
6g
1,000
717.600
6g J & J
1,000
794,400
6g J & J
1,000 2,948,000
A &
5
1,000
1.392,000
5g J &

See text
July 1 1933
See text
Sept30’27 2*4 %
Oct 1 1948
Aug 1 1955
J July 1 1999
Jan 1 1949
15 To Jan 15 1935
15 To Jan 15 1935
O To Apr 1 1938
J To July 1 1939

31
J
O
31
O
A

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

Hartford, Conn
do
See Central RR of N J
J P Morgan & C o, N Y
do
do
do
do
do
do
Guaranty Trust C o, N Y
do
do
Un Tr. Clev; JPM or.N Y
Un T r . Clev; JP M or, NY

DIVIDENDS.— 1903 to 1910. 4% yrly: ’ l l . 4% : T 2-T 3. 2 % : '17. 4%
Owns entire capital stock and bonds o f Meridian & Memphis R y. Co.,
BONDS.— Of the first 5s outstanding In Dec. 1924, $2 098.000 bonds were
32 miles between Union and Meridian, Miss., and Jackson & Eastern Ry.
Oo., 74 miles of road between Union, Miss., and Jackson, Miss. Owns In sinking fund. See V. 74, p. 425, and application to list. V. 74, p. 1257.
all o f the outstanding funded debt and majority stock of the Birmingham V. 81. p. 264.
& Northwestern Ry. Co., 48 miles o f road between Jackson, Term., and
R E PO RT.— For year ending Dec. 31 1925:
Dyersburg, Tenn. The properties o f these three companies are operated Cal. Yrs.—
Net.
Other Inc.
Charges. Bal., Surp.
Gross.
by Gulf Mobile & Northern R R . Co. under lease.
$536,547 df$l 343,563
1926------------- $3,957,234 def$868,907
$61,891
STOCK.— The pref. stock was 6% non-cumulative until Jan. 1 1920, 1925________ 3,768,812
639,803 df 131,481
423,098
85,224
and cumul. thereafter. Stock outstanding as shown in table above. 1924------------- 3,582,994
424,017
231,891
607,000
48,908
D IVIDEN DS.— An initial div. o f 1 % on the pref. stock was paid Nov. 15
440,185
232,406
1923-----------3,319,005
622,313
50,277
1923, same amount paid Feb. 15 1924; M ay 15 1924 to Nov. 15 1924 paid 1922________ 2.947,651
1,180,081
205.686
395,934
989,833
U 4 % quar.; Feb. 16 1925 to Nov. 22 1925 paid 1 y2% quar.; Jan. 1 1926
For latest earnings, see “ Railway Earnings Section ’ (issued monthly).
paid % % and 334% on account o f accumulations, April 1 1926 to Jan. 3
OFFICERS.— Pres., C. II. Markham, Chicago; Sec.. B . A . Beck.
1928 paid 1}4% quar., also on Jan. 3 1927 paid 2 14% and on Jan. 3 1928 Chicago; Treas., O. F. Nau. Chicago.— (V. 123, p. 3178.)
paid 1% on account o f accumulations, reducing the latter to 16H % OULF TERMINAL CO.. MOBILE.— Owns union passenger station and
BONDS.— The company executed on Oct. 1 1920 its first mtge. to U. S.
Mtge. & Trust C o., trustee, to secure an issue of $15,000,000 bonds. There approaches at Mobile, Ala., leased by the Southern Ry. and Mobile & Ohio
RR .which own the stock and guarantee the bonds,jointly and severally,
have been issued under the said mortgage $4,000,000 5 'A% Series “ B ”
p. & L, by end. The I.-S.C . Commission has placed a final valuation
gold bonds and $3,000,000 series C 5% gold bonds.
The entire series B, but not a part thereof, red. upon 60 days’ notice of $495, 148 on the company’s property owned and used, as of June 30
on any int. date on or before April 1 1943 at 107)4% and int., and thereafter 1915.— (V. 119, p. 2176.)
on any int. date at their principal amount plus a premium equal to )4 %
OULF TEXAS & WESTERN RY.— Seymour to Salesville, T
99
for each six months between the redemption date and the date of maturity. miles. Has trackage agreement for freight trains to Weatherford, ex.. m .,
31
Entire $3,000,000 5% series C gold bonds, but not a part thereof, red. and for passenger trains to Mineral Wells, 9 m ., giving entrance via Weatb.
upon 60 days’ notice on any int. date on or before Oct. 1 1945 at 105 and Mineral Wells & N. W. and Texas & Pacific to Dallas and Fort Worth.
int., and thereafter on any int. date at their principal amount plus a prem. W. Frank Knox, Sec. & Treas., was appointed receiver in Jan. 1921. V
equal to J4% for each six months between the redemption date and date of 112. p. 652.
maturity. Bonds issued under the first mortgage dated Oct. 1 1920 and
The I.-S. C. Commission has placed a final valuation of $1,668,000 on
are secured by a direct first mortgage on all o f the lines of railroad and the total owned and used properties of the company as of June 30 1917
appurtenances thereto, including equipment, now owned and upon all
Stock auth. and outstanding, $500,000; par of shares, $100. Of the 1st
property hereafter acquired by the issuance o f 1st mtge. bonds.
5s ($10,000,000 auth. issue), $2,000,000 have been issued on the first 99
Authorized amount limited to $15,000,000, o f which $7,000,000 bonds
miles. V 89, o. 933. 1223; V. 90, p. 109; V. 93, p. 44; V. 99, p. 406.
is the total amount outstanding at the rate o f $16,130 per mile o f road sub­
RE PO RT.— For 1926 showed:
ject to mtge. Balance o f authorized amount may be issued from time to time Cal. Yrs.— Gross.
Net after Tax. Other Inc. Int., Rents, &c. Bal.
under conditions provided in mtge., for the purchase, acquisition or con­ 1926 ______$464,144
$151,764
$6,262
$57,935
$100,092
struction o f additional properties, for additions, betterments and improve­ 1925 ______ 407,088
111,925
5,544
59,298
58,179
ments chargeable to capital account, for the acquisition of eauipment or
HARRIMAN & NORTHEASTERN R R — Harriman to Petros, Tenn 20
to reimburse the treasury o f the company for expenditures made for such
miles
In Nov. 1902 entire ($600,O S ) stock acquired In Interest of Olnc.
CO
purposes. V. 120, p. 1582.
Mew Orleans & Tex. Pac. R y.,but is operated separately
R E PO RT.— For 1926, in V. 124, p. 1656, showed:
The I.-S. C. Commission has placed a tentative valuation o f $789,000 on
1926.
1925.
1924.
1923.
the owned and used properties o f the company, as o f June 30 1918.—
Oper. revenue— freight- $5,729,757 $5,667,036$5,392,374 $5,192,875
Passenger-----------------375,325
400,869
461,310
515,544 (V. 123, p. 3178.)
188,239
179,727
168,839
164,544
Mail, express, &c____
HARTFORD & CONNECTICUT WESTERN RY.— Hartford. Conn., to
Incidental revenue-------76,265
73,401
65,507
71,586 RhineoliB, N. Y ., 109 miles, and branch, 15 miles. Leased till Aug. 1940
Total oper. revenue.. $6,369,586 $6,321,033 $6,088,030 $5,944,549 to Central New England Ry. (now controlled by New York New Haven &
Hartford R R .), the rental paying charges and 2% on stock.
Operating expenses—
The I.-S. C. Commission on Oct. 20 1923: (1) authorized the company
Maint. o f way & struc. $1,006,296
$927,246
$948,756
$907,224
Maint. o f equipment971,574
963,358
1,014,371
1,020,982 to extend from July 1 1923 to July 1 1933 the date of maturity of $700,000
Traffic---------------------305,029
286,766
264,238
212,989 1st Mtge. bonds, and to increase the rate of interest from 4 'A to 6 % , and
(2) authorized the Central New England R y. to assume obligation and
1,772,562
1,861,110
1,886,358
2,110,081
Transportation______
liability in respect of the $700,000 bonds. Compare V. 117, p. 1883.—
Miscell. operations_
_
2,133
5,593
______
______
General expenses_____
283,335
294,046
255,847
211,659 (V. 117, p. 2323.)
Transp’n for investm’t
HAWAII CONSOLIDATED R Y ., LTD .— Owns and operates Hilo to
_____________ Cr.77
Cr.3,284
Cr2,983
Total oper. expenses.. $4,340,930 $4,338,042 $4,366,287 $4,459,952 Puna Plantation, with branches to Glenwood, &c., 55.16 m.; Hil to
Poauilo, 33.7 m.; spurs and sidings, 12.70 m .; total, 101.56 miles. Suc­
Net operating revenue.. $2,028,656 $1,982,991 $1,721,743 $1,484,896 cessor in April 1916 of Hilo R R ., sold under foreclosure and reorganized
Railway tax accruals, &e
518,929
489.044
346.696
326 799
per plan in V. 101, p. 1713, 2071, with authorized issues as follows: (a)
Net operating income. $1,509,728 $1,493,948 $1,375,048 $1,157,797 *2,500.000 1st M 5s; (h) $2,575,000 7% cum. first pref. stock: (c) $679,960
Rent from equip., & c „ .
deb96,843deb. 103,977deb.163,071 deb.202,490 6% non-cum. 2d pref. stock; (d) $400,000 com. stock. Of the bonds,
22,257
20,712
22,131
97,373 $78,300 have been redeemed and $150,000 are held in treasury, leaving
Miscellaneous--------------Inc. fr. unf. secs. & accts
24,877
19,359
14,280
13,167 $2,271,700 outstanding. Report for calendar year 1926 showed: Gross,
Inc. from funded securs.
122,594
107,994
52,222
33,750 $961,213; net, $206,203; other income, $61,865; interest, &c.. $115,474;
Gross income-------------- $1,582,613 $1,538,037 $1,300,610 $1,099,597 bal., sur., $152,594. Pres., J. R . Galt. Office, Honolulu, Hawaii.
Rent for leased roads.. .
33,750
33,750
33,750
33.750 — (V. 124, p. 3203.)
Interest on funded debt.
220,000
187,347
123,022
125,172
HIBERNIA MINE RR.— Owns Rookaway to Hibernia Mines, N . J*
Int. on unfunded d e b t..
3,283
11,340
20,966
179 4.2 m., ieased to Cent, of N. J. to Oot. 1930 at $6,000 yly.— (V .91,p.l766.'
Misc. income charges_
_
6,151
4,549
648
_______
HOCKING VALLEY R Y . CO. (THE)— The company’s main line ex*,
Maint. o f inv. organ____
______
3,000
. . .
Preferred dividends____
970,260
998,788
598,932
228,136 tends from Rockwell to Columbus, 120 miles; Columbus to Athens, 76 m .’
Oldtown to Pomeroy, 81 m. total main line, 277 miles, with trackage
Balance, surplus----------$349,168
$299,262
$523,291
$712,361 (Toledo Term. RR.) Toledo to Waibridge. 3.5 m.; (N. Y . C. R .R .).
Shares com. stock out­
Toledo to Rockwell, 2.5 m.; Columbus and Athens, 0.8 m.; total main line
standing (par $100)..
109,961
109,941
109,926
109,881 and trackage, 284 miles. Branches, 44 miles; leasee W . & J. B. R y..
Earned per sh. on c o m ..
$5.77
$5.57
$3.98
$2.33 Dundasto Jackson, 17 m.; Pomeroy Belt R y., Pomeroy, O., 4 m.; total.
x The operations o f the Meridian & Memphis R y. were taken over by 349 miles; 2d track, 138 m. Owns part interest in Toledo Terminal RR.
the company under an operating contract as o f Jan. 1 1923. and such V 99. p. 1210.
revenues and expenses are included in the income account for 1923, 1924 and
The I.-S. C. Commission has placed a tentative valuation o f $32,310,421
1925. The year 1922 has been restated for purposes o f comparison.
on the total owned and $33,332,123 on the total used property (including
F o r latest earninsrs. see “ Railway Earnings Section” (issued monthly).
$1,022,123 for leased lines), as of June 30 1917.
O FF IC E R S— John W Platten. Chairman & V.-P., N Y ; I. B. Tigrett,
HISTORY, &c.— Successor Feb. 25 1899, per plan V. 68, p. 231, of
Pres., Mobile: P. E. Odell, V.-P. & Gen. M gr., Mobile; R . F. Brown, Columbus Hocking Valley & Toledo R y. foreclosed. Decision in Ohio
V .-P., Sec. & Asst. Treas., N . Y .; H. F. Ricker, Treas. & Asst. Sec., Mobile; State aDti-trust suit, V. 105, p. 997, 909, 818. Appeal filed in coal company
F. M . Hicks, V.-Pres. & Traf. M gr., Mobile; R. E. De Neefe, Compt., decision, V. 112, p. 2305.
M obile. Offices, 71 Conti St., M obile, Ala., and 55 Cedar St., N. Y .—
M ERG ER PLAN REJE C TED .— The proposed unification of this road
(V. 125, p. 2804.)
with the New York Chicago & St. Louis R R ., Chesapeake & Ohio, Pere
GULF & SHIP ISLAND RR.— Owns from Gulfport, on Mississippi ■-tnrna- Marquette and Erie railroads was rejected by the I.-S. O. Commission on
Gulf o f Mexico, to Jackson, Miss., 159.73 m.; Laurel, Miss., to Jackson, March 2 1926. Compare V 122, p. 1249.
1.73 m .; Maxie to Mendenhall, 104.76 m.; Saratoga to Laurel, 40.92
For the revised terms of pr< posed unification plan, as reported unofficially
miles; total, 307 m. The I.-S. O. Commission has placed a final valuation see V. 123. p. 577.
o f $9,034,850 on the owned and used property of the co. as of June 30 1916.
LATE DIVS.— JT3. T 4. ’ 15. ’ 16. ’ 17. ’ 18. T 9. ’20. ’21. ’ 22-’25. 1926.
The I.-S. C. Commission on Dec. 3 1924 approved and authorized the
7
3
4 5)4 4
4
4
2 4 yrly. 8&4ex.
acquisition bj the Edward Hines Yellow Pine trustees o f control, by lease P erC en t----------- tl2
for a period of 15 years, o f that part o f the line o f road owned, extending
Paid in 1927: March 31, 2 % ; June 30, 2 )4 % : Sept. 30, 2 X % .
A
from Lumberton to Maxie, a distance o f approximately 16 miles, in Lamar,
STOOK.— C hesapeake < Ohio Ky owns $8,837,900 stock.
s
Pearl River and Forrest Counties, Miss.
BONDS.— The consols (§20,000,000 authorized), besides a ilen on the
The I.-S. C . Commission in June 1925 approved conditionally the entire property, subject only to §3,842,000 prior bonds, have a first lien on
acquisition by the Illinois Central R R . through the Mississippi Valley Co. the coal lands of the Buckeye Coal & Ry. Co.; $3,842,000 consols are reserved
o f the control o f the Gulf & Ship Island R R . by purchase o f capital stock. to retire the existing bonds (the latter may be extended at maturity). V. 72,
V 1 2 1 ,p. 71
p. 338; V. 74, p. 1038: v - 86, p. 229. Substantially all of the bonds and




64

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

H ousB elt& Ter— lstM $5,000,000gredl05 text Ce.xc*
H ous & Brazos Val— 1st M (trus Merc Tr Co, St L)
Hous E & W Tex— 1st M gu p & i by So Pac.C e.zc*
First mortgage S3,000,000 gold not guaranteed___ z
H ous & Tex C RR— IstM 1gr gredllO int guCe.zc*&r
Waco & N W Div 1st M g $25,000 p m _ Ce.zc*&r
_
Austin & N W (merged) 1st M g gu p & i.M p.zc*&r
Cut-of fis t M $3,000,000 auth (V 94, p 131)_______
H udson & M anhattan (H udson River T u bes)—
Common stock___________________________________
Preferred stock 5% non-cumidative_______________
New York & Jersey first mtge red 110_____Usm.xc*
First mortgage convertible________________ G.xc*&r
First lien & ref M $65,000,000 g red 105-Ce.xc*&r*
Adj inc M 5% cum $33,574,000 red p a r _ G.xc*&r
_
Real estate mortgages____________________________
H u ntingd on & Broad T op — Common stock.
Preferred stock 7% non-cumulative_______________
First mortgage extended Series A _________________
Second mtge old 7s extended Series B ________ GP.x
Third mtge consol extended_______________GP.xc*
Equipment trusts due about $15,000 per year, .PeP
do
do
due $10,000 semi-annually___ c*

Miles Date
Road Bonds

61
28.40
1 192
/
453
55
106
94

74.11
74.11
74.11
74.11
74.11

1907
1907
/1893
11893
1890
1900
1891
1910

Par
Value

Amount
Outstanding

$100 $1,085,000
100
420,000
1,000 2,735.000
1,000
265,000
1,000 1,383,000
1,000 1,105,000
1,000
1,920,000
1,000 2,383.000

Rate
%

5
5
5
5
5
6
5
6

g
g
g
g
g
g

When
Payable

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

A
<
fc
<
fc
<
&
&
&
&
&

l

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

J July 1
.1 July 1
N M ayl
N M ayl
.1 July 1
N M ayl
,T July 1
D Junel

1937
1937
1933
1933
1937
1930
1941
1940

100 39,995,385 See text See text Junel 1927 I X
100 5,242.939
5
F & A 15 Aug 15 1927 2 X
1902
1,000 5,000,000
F & A Feb 1 1932
5g
1907 $, £ or fr
944,000
4 X g F fr. A Feb 1 1957
1913
100 &c 37,521,234
F & A Feb 1 1957
5g
500 &c 33,102,000
1913
See text Feb 1 1957
5
75.000
50 1,371,750
Jan 28 1904 1%
50 2,000,000 See text Text
Aug 1 1922 1%
1920 500-1000
406,000
A & O Apr 1 1940
6
1857
500
367,500
A & O Apr 1 1940
6g
1,000 1,497,000
1865
5 g A & O Apr 1 1940
1918
1,000
15,000
6
To Jan 1928
500 &c
1921
190,000
6 g J & j July’27-July '36

stock o f the Wellston & Jackson Belt R y., 18 miles, are deposited under
said mortgage, see V. 101, p. 370; V. 68, p. 823; V. 102, p. 2167.
The Gen. Mtge of 1919 is limited to $50,000,000 and it Is also provided
that the outstanding bonds Including underlying Issues must not exceed
three times the outstanding capital stock. None of the gen. mtge bonds
are outstanding in the hands o f the public. Additional bonds within the
amount above stated may be issued hereafter at par, for refunding pur­
poses, for additions to and betterments of, and for other capital expend­
itures, and also to the extent of 80% o f the cost thereof for equipment,
but with a sinking fund o f 5 % per annum for 20 years in each case upon
the amounts issued for equipment. V. 108, p. 784.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3.
RE PO RT.— For 1926, in V. 124, p. 1811, showed:
Revenues—
1926.
1925.
1924.
1923.
Freight-------------------------$16,995,351 17,094,153 15,021,470 15,156,748
Passenger______________
785,524
816,865
898,984
1,113,924
M a il---------------------------85,808
85,003
87,651
81.790
Express___________
138.294
151,011
138,329
176,312
Miscellaneous_________
1,545,283
1,512.681
1,296,964
1,034,628
Total-------------------------$19,550,258 $19,659,712 $17,443,399 $17,563,402
Expenses—
Maint. o f way & stru c.. $2,389,905 $2,478,769 $1,896,334 $1,734,736
Maint. of equipment___ 5,030,627
5,380,978
5,337,946
6,476,072
185,157
175.995
168,161
159,443
T ra ffic ________________
Transportation________ 5,717,221
5,815,393
5,344.105
5,219,253
General-----------------------505,417
472,895
433,978
442,915
Transp. for invest— C r ..
Cr.2.215
Cr.14,633
2,022
5.231
Total------------------------ $13,826,111 $14,309,397 $13,178,503 $14,027,189
Netrevenue___________
5,724,147
5.350,315
4,264,896
3,536,213
Railway tax a ccru als... 1,331,760
1,220,004
1,219,610
1,074,399
Uncollectible railway rev
572
1,534
441
984
Operating income____$4,391,815 $4,128,776 $3,044,845 $2,460,830
Equipment rents (net)_. Dr.240,338 Dr.579,937 Cr.399,144 Dr.95,699
Joint facility rents (net).
45,558
70,375
74,091
88,936
247,432
656,817
656,817
289,558
Other income__________
Less rents, &c_________ deb.68,170 deb.56.244 deb.84.856 deb.81,309
Gross income_________ $4,376,297 $3,853,464 $4,090,041 $2,662,317
1,785,717
1,759,957
1,739,476
Interest on debt_______ 1,634,490
Dividends-------------- (12% ) 1,319.940(4 %)439,980 (4%)439,980(4%)439,980
Balance, surplus_____$1,421,867 $1,627,767 $1,890,104
$482,861
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 2154.
The income account for 1924 contains a credit of $453,631 for the amount
received from the U. S. Government in full and final settlement of the
guaranty, for the six months’ operation from March 1 to Aug. 31 1920, under
Sections 209 and 212 o f the Transportation Act, 1920; also a net credit of
$66,578 on account of adjustments of reserves and other accounts for the
same period.
For latest earnings, see “ Railway Earnings Section” (issued monthly)
OFFICERS.— O. P. Van Sworingen. Chairman of Board, Cleveland
W . J. Harahan. President. Columbus. O.; G. B. Wall, V.-Pres.; H. Fitz­
patrick, V.-P. & Gen. Counsel; F. M . Whitaker, V.-Pres. in charge of traffic,
Columbus, O.; R . N. Begien, V.-P. in charge of operation, Columbus, O.;
A. Trevvett, Sec.-Treas., Cleveland, and F. D . Hodgson, Compt., Colum­
bus, O. General offices, Columbus, O.; executive offices, Marshall Bldg.,
Cleveland, O.— (V. 124, p. 3203.)
HOOSAC TUNNEL & WILMINGTON R R .— Hoosac Tunnel, Mass,
to Wilmington, Vt., 24 miles. Made standard-gauge in 1912. V. 95, p ;
1541. Common stock $250,000 outstanding. The I.-S. C. Commission
has placed a final valuation of $641,864 on the company’s property as of
June 30 1916. Stock, $250,000; par, $100. Divs.: In 1903, 2% ; year
1905-06, 3% ; 1910-11 and 1911-12, 10%; none to 1923; 1924, 5% ; none
since. Earnings for 1926: Gross, $56,527; oper. def., $36,873; other income,
none; fixed charges, $965; bal., def., $37,838.— (V. 125, p. 777.)
HOUSTON BELT & TERMINAL RY.— Owns a terminal line in aid
around Houston, Tex., 20 miles, with large freight and passenger ter­
minals. Controlled by four proprietary roads, viz., Beaumont Sour Lake
3 Western R y.. Gulf Colo. & Santa Fe (Atchison System), St Louis
c
Brownsville & Mexico R y. and Trinity & Brazos Valley R y., which each
own 26% o f the $25,000 stock and, under the terms of an agreement dated
July 1 1907. agree to pay, under a pro rata wheeiage basis, operating ex­
penses, and, on a one-fourth basis, fnt. on bonds and annual sink, fund of
i% o f bonds issued. The Terminal Co. has leased from Gulf Colo. &
Santa Fe Ry. for 99 years from July 1 1907 all of Its property in Houston.
Tex., and the Terminal Co. has agreed to pay monthly rental and maintain
the property. The I.-S. C. Commission has placed a tentative valuation
of $4,872,868 on the total used and $3,917,500 on the total owned property
o f the company as o f June 30 1916. Protest has been filed by the company
as to this valuation. Pres., F. G. Pettibone.— V. 122, p. 3207.)
HOUSTON & BRAZOS VALLEY RY. CO.— Owns Anchor to Freeport
and Bryanmound, 28.40 m.; Freeport to Sulphur Docks mouth of Brazos
River, 2.07 miles; Hoskins Jet. to Hoskins, 12.56 m.; total mileage, 43.03.
Switches and sidings, 13.93 m. The I.-S. C. Commission has placed a
tentative value of $667,733 on the total used properties o f the company,
as o f June 30 1917.
In M ay 1923 the M . K. & T . reorganization committee disposed of the
Interests o f the M . K. & T. Co. in the H. & B. V . properties to the Freeport
Texas Co. and associates, New York.
In Feb. 1924 the receiver was dismissed under an order in the form of a
judgment which allowed claims in the sum of $1,130,639 to be divided
equally between the Freeport Texas Co. and the Southern Pacific lines
V. 118, p. 794.
The I.-S. C. Commission on March 28 1924 authorized the acquisition
of the company by the New Orleans Texas & Mexico Ry. by purchase of
stock and other securities of and claims against the Houston company
Compare V. 118, p. 1772.
Stock authorized, $120,000; outstanding, $24,000.




[Vo . 125.

RAILW AY STOCKS AND BONDS

CentralUnion Trust,N Y
Mercantile Tr Co, St L
165 Broadway .New York
do
do
do
do
do
do
do
do
do
do
U 8 Mtge & Tr Co, N
Hud & Man R R Co, N
Guaranty Trust C o , N
Chase Nat Bank, N
do
do
do
do
Hud & Man R R Co, N

Y
Y
Y
Y
Y

Phila office, Packard Big
Phila office, Packard Big
Phila office, Packard Big
Philadelphia
Pa Co for Ins on L, Phila

R EPO RT.— For 1926, showed:
Railway
Net
Calendar Years—
Gross.
Oper. Inc.
Rents.
Oper. Inc.
$483,638
$151,031
$54,260
$97,771
1926---------------------------1925----------------------------483,966
203,903
37,677
166,226
— (V. 120, p. 2939.")
HOUSTON EAST & WEST TEXAS RY.— (See Map of Southern Pacific.)
Owns from Houston, Tex., to Sabine River at Logansport. 190.59 miles.
Stock $1,920,000, of which $1,919,100 owned by So. Pao. Co., which has
juaranteed $2,704,000 of the bonds, prln. and Int., by endorsement, relervinar the right to call them at 105 A int,
V 70. p. 841: V 71, p 236
The I.-S. C. Commission on Dec. 28 1926 authorized the lease o f the road
to the Texas & New Orleans R R .— see that company below.
The I.-S. C. Commission has placed a tentative valuation of $4,352,000
on the owned and used property of the company as of June 30 1918.
Dlv., 16% paid in 1902-03, 30% in 191)7-08. 10% In 1909-10, 11% in
1911-12 and 4% 1912-13, to 1915-16, incl. 6% ; 1917, 6% ; 1918. 6%
1919. 6% ; 1920, 4% ; 1921, 6% ; 1922, 5% ; 1923-25, nil.
RE PO RT.— For 1926:
Net
Col. Yrs.— Gross.
Oper. Inc.
Other Inc. Deductions. Net Income.
$637,259
$26,833
$153,771
$546,321
1926......... - $3,335,849
1925--------- 3,387.763
570,320
20,387
152,243
447,464
For latest earnings, see "Railway Earnings Section” (issued m onthly).—
(V. 124, p. 369.)
HOUSTON & TEXAS CENTRAL R R . CO.— (See Map of Southern
Pacific.)— Owns from Houston, Tex., to Denison, Tex., 337.98 miles; Hemp­
stead, Tex., to Llano, Tex., via Austin, 214.68 miles; Bremond to Ross,
Tex., 55.30 miles; Garrett to Ft. Worth, 52.83 miles; Mexia to Nelleva,
94.06 miles; Giddings to Hearne, 58.10 miles; other, 43 miles. Total oper­
ated Dec. 31 1926, 862.97 miles.
The I.-S. C. Commission on Dec. 28 1926 authorized the lease o f the
road to the Texas & New Orleans R R .— see that company below.
The I.-S. C. Commission has placed a tentative valuation o f $31,846,800
on the owned and used property of the company as of June 30 1918.
Old minority stockholders’ suit, V. 123, p. 3034.
STOCK.— Stock, $10,000,000; par, $100, all owned by Southern Pacific
Co. In 1002-03 6% was paid out of accumulated surplus; in 1910-11, 20%;
1912-13, 3% ; 1914-1924, none; 1925, 6% ; 1926, 10%.
BONDS.— The 1st M . 5s are being gradually retired at or below 110 with
land sales. The1 first mtge. was for $8,634,000. See abstract of mtge. in
7. 52, p. 242. With the exception of $1,149,000 consol. M . 6s (on which
00 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 of land sales.
Southern Pacific Co. owns $450,000 Lampasas Extension 1st M . 5s, $400,000 Waco & N W. D 'v. 6s and $2,000,000 Cut-Off 6s. Unsold land
grant Dec. 31 1926, 5,008 acres.
R E PO RT.— For 1926:
Net
Cal. Yrs.— Gross.
Oper. Inc. Other Income. Deductions. Net Income.
$210,742
$407,434 $2,265,239
1926______ $14,453,822 $2,461,931
1925______ 14,775,807 2,120,304
278,393
443,300
1,955,397
For latest earnings see “ Railway Earnings Section” (issued m onthly).—
(V. 124, p. 369.)
HUDSON & MANHATTAN RR. CO.— Owns and operates double-tube
electric tunnels opened in 1908 from Sixth Ave. and 33d St., New York
City, under the Hudson River to the D. L. & W. R R . station, Hoboken,
N. J., and also southwardly through the Erie and Pennsylvania RR
stations in Jersey City and under the Hudson River to the Hudson Terminal
Buildings on Church St. (one block west of Broadway), extending from
Cortland) to Fulton St. Mileage operated, 8.50 miles. Also affords
through service between Newark and New York City, using Pennsylvania
RR. tracks from Jersey City to Newark. 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.
D IV ID E N D S.— An initial div. o f 2 X % on the pref. stock was paid
Aug 15 1923; same amount paid semi-annually to Aug. 15 1927. On
common stock, paid initial dividend of i 14% on June 1 1925: same amount
paid Dec. 1 1925, June 1 1926, Dec. 1 1926. June 1 1927 and Dec. 1 1927.
BONDS.— Under the readjustment of Jan. 14 1913 (without fore­
closure) (V. 96, p. 208) fixed charges were reduced from $3,021,660 t»
$1,851,750. The plan was assented to in 1913 by about 9 8 X % of the
4 >4% bonds and 9614% of stock. Application to list. V. 98, p. 393-8.
First Lien A Ref. Mtge. $65,000,000 lAuth.) issued, 5% callable any interest
date at 105---------------------------------------------------------------------------- $37,521,234
Reserved (interest rate not to exceed 5% ) for—
(1) Retirement of N. Y . & Jersey R R . 1st 5s car trusts and
real estate mortgages, not over__________________________ $9,538,000
(2) Additions, betterments and equipment; also for exten­
sions free from prior encumbrances, provided the annual net
Income of the company is 1 X times the interest upon the
new 1st M . bonds, incl. those then about to be Issued, say. 11,942.766
(3) Extension to Grand Central Station on same conditions. 6,000,000
Adjustment Income Mortgage Bonds— Int. payable out of surplus
income and 5% cum. from Jan. 1 1920 (V. 96, p. 209).ilssued 33,102.000
Reserved for exchange for remaining 1st M . bonds________
472.000
INTEREST ON INCOM E BONDS.— 2% yearly 1913 to Oct. 1916 Incl..
beginning April 1917, none, pending establishment of $1,000,000 reserve
tor contingencies; April 1 1921 paid 2% ; Oct. 1 1921 paid 2 X % : April 1 and
Oct. 1 1922 and April 1 1923 paid 2 X % and an additional 1% on account
nf accumulated int., these payments cleaning up all accumulations.
Oct. 1 1923 to Oct. 15 1927, paid 214% semi-annually.
First lortgage 414 % • Outstanding, $944,000. The balance of the issue
—
($66,204,000) is deposited with the trustees of the first lien and ref. mtge.
and the adjustment income mtge. in accordance with the terms thereof.

Nov., 1927.]

BAILW AY STOCKS AKD BONDS

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

Miles Date
Road Bonds

Illinois C entral— Common stock___________________
Convertible preferred stock Series A red (text)____
Leased line 4% stock guaranteed________________ z
_
First mtge of Sterling bond old 6s ext in 1895_ z
1 8 7 4 for Bonds extended in 1905 as $ bonds.
$15,000,000 4s o f 1886 due 1951 gold
zc*&r
secures all 3 H s o f 1886 due 1951 gold._zc*Ar
_
equally .U s 3s o f 1895 due 1951 g o l d . _ zc*&r
(V 83, p 76) [3Hs of 1903 due 1951 gold_____c*Ar
Trust bonds sterl (sec by Ch St L & N O cons) .U s.z
Springf Dlv 1st & ref M (V 66, p 1237) g ___ Us.c*Ar
Cairo Bridge bonds g o ld _________________ Us.zc*Ar
St Louis Div A Term M $10,000,000 gold._Us.c*Ar
do
$5,000,000 (see V 65, p 1173) g_.U s.yc*& r
Underlying St L Div 1St Louis South 1st M g Ba.c
& Terminal mtge. (Carb A Shaw 1st mtge gold.c
Purchased lines 1st M $20,000,000 gold Us.xc*Ar
Ref M (Nor Lines) $120,000,000 g red___ G.xc*Ar*
Collateral trust bonds gold _
_
. .Us.zc*Ar
Coll trust $25,000,000 gold on L N O & T .U s.zc*A r
Secured gold bonds _ _ _
_
_____ F.xxxc*Ar*
40-year gold bonds red (text)____________ Fy.c*&r*
Western lines first mortgage gold
. _Us.zc*Ar
Ch St L & N O cons M ($18,000,000) g int gu.xc*&r
do
guaranteed principal and interest___
Joint 1st ref M (Southern lines) $120,000,000—
Series A callable 110.. . _____________ F.yc*r
Series B callable at 110__________________
Series C, callable at 105._ _ __
_
_____ .
MemDhis Div 1st M gold guar p & i (end) Us.zc
Louisville Div A Term M $25,000,000 g Us.c*&r
Omaha Division IstM gold $5,000,000
.Us.xc*Ar
_
Litchfield Division IstM gold * 4 .0 0 0 ,0 0 0 ._ F.xc

706

111
1 239

a Tnclnrles *5.266.000 consol 5s pledged to secure
x $40,740,000 are 4s and $13,447,000 are 5s.

30
17
748
2,187
857
798
218
567
567

1875
1875
1886
1886
1895
1903
1886
1898
1892
[1897
11897
1 886
1887
1904
1908
1888
1892
1921
1926
1895
1881
1881

Par
Value
$100
100
100
£200
1,000
1,000
1,000
£200
$l,000&c
£200
1,000
1,000
500 &c
1,000
1,000
1,000
1,000 &c
1,000 Ac
500 Ac
500 Ac
500 Ac
500 &c
1,000
1,000
1,000

$909,290
644,902
308,149

$822,812
620,031
299,618

When
Payable

500 &c 48.484,500
5g J &
1913
1913 £100 Ac
207,095
5g T A
J A
1,000 17,350,000
4X
1913
$1,000 3,500.000
4g J &
1889
500 Ac 23,732,000
1897
3H g J &
5,000,000
3g F A
1900 1,000 Ac
1,000 3,235.000
3 g ,T &
1900
483,000
5g J A
Illinoi s C en tral colla reral trust bonds of 1886.

$713,384 $1,143,000
586,682
794,103
307,522
303,875

Balance-------------------- loss$43,762 loss$96,836 loss$180,820 sur$45,021
OFFICERS.— Pres. Joseph Bancroft; V .-P., C. S. Newhall; Sec. A Asst.
Treas., J. D. Gormley; Treas. A Asst. Sec., J. W . Matthew's. Office,
200 Packard Bldg., Philadelphia.— (V. 125, p. 2258.)
ILLINOIS CENTRAL R R . CO-— (See M ap.)— ROAD.— Operates from
Chicago, 111., southerly to New Orleans, La., and westerly to Sioux City,
la., with numerous branches, viz.:
First
Second Add’l Yd. Track
Main
Main
Main
and
Line Owned—
Track.
Track
Track
Sidings
(a) Original charter Line:
Chicago, 111., to Cairo, 111.. . . . .
364.73 362.78 165.91
749.12
Central Jet., 111., to E. Dubuque, 111. 340.77
29.55
222.85
T otal_______
_ . _________
705.50
(&) Lines subsequently acquired _____ 1,548.65
Lines jointly owned__________________
9.49

392.33
75.38
1.75

165.91
7.87

Total owned. . . . ___________
2,263.64
Lines oper. but owned by proprietary,
corp. and not formally leased______ 148.04
Operated under lease.. . _____ . . . 1,505.38
Operated under contract or agreement- 760.89
Trackage rights _ .
____________
196.64

469.46

173.78

1,542.66

16.28
361 90
2.75
38.56

4.67
85.31
5.17
6.37

74.17
924 41
259.35
0 99

Total mileage oper. Dec. 31 1926__ 4,874.66 888.85 275.30
Y azoo & Mississippi Valley RR. Co.
Total mileage operated Dec. 31 1926.-1,279 91
31.77

2,806.47




Rate
%

—

971.86
567.94
2.86

465.42

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

$124921392
7
Q —M Dec 1 1927 1%
M & S Sept 1 1927 3%
29,194,400
6
9,989,700
J & J Jan 2 1928 2%
4
2,500,000
4 g A & O Apr 1 1951
1,000,000
3H g .1 A D Dec 1 1950
1,500,000
4 g .1 A .1 Jan 1 1951
2,499,000
3 H g .1 & J Jan 1 1951
£500,000
3 g M & S Mar 1 1951
$3,000,000
3H g A & o Apr 1 1951
5.266.000
3H g J & .1 July 1 1950
2,000.000
3 g .) A J Jan 1 1951
3,000,000
4 g .1 A D Dec 1 1950
8.377,000
3H g J & J July 1 1951
4,998.000
3 g J & J July 1 1951
538.000
4 g M & S Sept 1 1931
241.000
4 g M & s Mar 1 1932
12,000,000
3H g .1 A .1 July 1 1952
x54,187,000 4 A 5 g M A N N ov 1 1955
15,000,000
4 g A & o Apr 1 1952
24.929,000
4 g M A N Nov 1 1953
8.000 oon
fc
6 e J < .1 July 1 1936
35,000,000
4 ^ g F & A Aug. 1 1966
5,425,000
4 g F A A Aug 1 1951
al6,635.000
5 g J A D 15 June 15 1951
1,359,000
3H g J A D 15 June 15 1951

1.544
1 .544
1,544
100
640
130

R E P O R T — For 1926. in V. 124, p. 2420, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Gross revenue__________ $8,855,678 $8,680,111 $8,393,835 $8,228,523
Operating incom_______ 5,788,406
5,515,891
5,356.214 5.148,189
Other income__________
351,423
308,957
296,397
279.245
D eductions....................
201,925
212,187
233,219
247,444
Bond interest__________ 2,168,535
2,168,535
2,168,535 2,168,535
Int. on adj. inc. bon ds.. 1,655,100
1,655.100
1,655,100 1,655.100
Preferred dividends____
262,081
392,923
262,039
131,006
999,775
999,745_____ ______ _______ ______
Common dividends_____
Balance, surplus_____
$852,413
$396,357 $1,333,717 $1,225,349
OFFICERS.— Pres., Oren Root: V.-Pres., J. V. Davies: Treas , Wesley
S. Twiddy; Sec., Robert B. Kay; Compt., Thos. N . Willins. New York
office, 30 Church S t — (V. 124, p.2420.)
HUDSON RIVER CONNECTING R R . CORP.— Incorp. in N. Y State March 19 1913 and built for the New York Central R R ., which
•wns the entire $250,000 capital stock, a high-level railroad bridge across
the Hudson River between Castleton and Shodack Landing, about 22 miles
south of Albany. The I.-S. C. Commission on Oct. 5 1926 authorized the
N. Y. Central RR. to acquire control of the lines of railroad of the corpora­
tion, and the franchises and facilities appurtenant thereto by lease. Leased
N ov. 14 1926 to the N. Y . C. R R . Co. for 99-years renewable in perpetuity.
— V. 123, p. 2134.)
HUNTINGDON & BROAD TOP MT. RR. & COAL CO. (TH E).—
Owns from Huntingdon, Pa., to Mount Dallas, Pa., 44 miles: branches, &c..
34 miles.
The I.-S. C. Commission has placed a tentative valuation of $3,878,700
on the owned and used properties of the company as of June 30 1918.
DEPOSIT OF STOCK.— Over 75% of stock was deposited with 8
trustees (Drexel & C o., Phila., depositary) under agreement limiting the
•ale o f the stock, the pref. to not less than $50 and the com. to not les*
than $25 per share. In 1923 the trust was extended till April 1 1928
V 106. p. 1230: V. 96. p. 420. 1021. 1297. 1488
BONDS.— The company, in Jan. 1925, approved and made operative a
Ian o f readjusting the financial structure o f the company, made necessary
y the maturity o f its first, second and consolidated mortgages. Under tbP
plan the first and second mortgages were extended under an agreement
which will secure to the bondholders of both mortgages an equality of lien
upon the properties of the railroad company. Bonds under the first mort­
gage [$416,000 outstanding, due March 31 1925 and bearing 7% int.]
were designated as “ Series A " and were extended for a period of 15 years
with int. at the rate of 6% per annum. There was also created an annual
sinking fund of $10,000. applicable to the retirement of the bonds of this
series.
Bonds under the second mortgage [$367,500 outstanding, due Feb. 1 1925
and bearing 4% Int.] were designated as “ Series B ” and will participate
with the “ Series A ” bonds in an equal lien upon the property, and were
extended for a period of 15 years at the rate of 6% per annum.
Bonds under the consolidated mortgage [$1,497,000 outstanding, due
March 1 1925 and bearing 5% int.] were extended at the rate of 5% per
annum for a like period of 15 years, under the same lien and conditions as
recited in that mortgage.
DIVS. '98. ’99. ’00 01. ’02. ’03. ’04. ’05. ’06. ’07. ’08. ’09-’ 20 ’21-’26
Oommon 0 0 0 0 0 5
1
0 0 0 0
0
See
Preferred 5 5 H 7
5
6
7 6 5 M 7 H 7 3 H
0
text
On Feb. 15 1921 resumed divs. on pref. stock with payment of 1H % :
on Aug. 1 1921, Feb. 15 1922 and Aug. 1 1922, paid 1% each: none since.
R EPO RT.— For 1926, in Y. 124, p. 1062, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Operating income--------$874,884
$786,783
$677,758
$990,081
Other income__________
34,406
36,029
35,626
152,919
Total in c o m e ............
Operating expenses, & c.
Interest, deprec., & c . . .

Amount
Outstanding

65

D Dec
I) Dec
D Dec
D Dec
J July
A Aug
.1 Jan
J

1
1
1
1
1
1
1

1963
1963
1963
1951
1953
1951
1951

32 Nassau St. N Y .A Lon
do
do
do
do
B aring Bros, London, Eng
32 Nassau St. New York
do
do
do
do
Baring Brothers, London
32 Nassau St, New York
Baring Brothers, London
32 Nassau St, New York
do
do
do
do
do
do
do
do
do
do
do
d#
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Baring Bros, Lon A N \
32 Nassau St, New York
do
d»
do
do
do
do
do
do

HISTORY, LEASES, &c.—Chartered on Feb. 10 1851. The Chi­
sago St. L. A N. O is leased for 400 years from July 1 1882 at 4% per annum
jn its $10,000,000 capital stock deposited to secure the leased line stock and
interest on bonds.
Owns all the cap. stock ($20,000,000) of Central of Ga. R y. but road Is
operated independently. See that co. above.
Substantially all or the stock oi t he Yazoo A Mississippi Valley R R .,
1,272.91 miles, is owned in the interest or the Illinois Central, the latter
alst >wnlng nearly all of the bonds.
Owns entire stock of Chicago Memphis & Gulf RR . and Dubuque & Sioux
City RR .; also leases those roads. V. 96, p. 420, 716: V. 116, p. 720.
Owns $1,000,000 stock of Madison Coal Corp. See V. 105, p. 1899. On
Nov. 17 1924 acquired control of the entire outstanding capital stock of the
Gulf A Ship Island RR. Co.
The stockholders of the Alabama & Vicksburg Ry. and the Vicksburg
Shreveport A Pacific Ry. on April 1 1925 approved the lease of the roads
to the Yazoo & Mississippi Valley RR. under the guarantee of the Illinois
Central. (Authorized by I.-S. O. Commission in May 1926. Y. 122.
p. 2943.)
The I.-S. C. Commission in June 1925 approved conditionally the acquisi­
tion by the Illinois Central through the Mississippi Valley Co. of the control
of the Gulf A Ship Island RR. by purchase of capital stock. V. 121, p. 71.
VALUATION.— The company has filed a protest with the I.-S. C.
Commission against the tentative valuation of $347,680,187 on the property
of the company as of June 30 1915.
CAPITAL STOCK — m e leased line stock is seoured by deposit of $10,*
000,000 Ch. St. Louis & New Orl. stock. V. 65, p. 1071: V. 106. D. 395.
In Dec. 1926 Union Pacific owned $16,050,000 common and $6,975,000
preferred stock, in addition to $3,486,420, common and $1,936,900 preferred
stock of Railroad Securities C o., the latter company owning $10,120,000
common and $2,852,000 preferred additional.
The stockholders on April 19 1922 approved an authorized issue of
$50,000,000 preferred stock, to be issued from time to time as the company’s
needs require. The pref. stock may be issued in one or more series and
shall be entitled to receive non-cumulative divs. at rates not exceeding 7%
per annum. Pref. stock shall have full voting rights. Pref. stock or any
series thereof may, if the directors so determine at time of the issuance, be
convertible into com. stock within such period and at such rate, taking the
pref. stock at par and the com. stock at not less than par, as the directors
shall determine at the time of the issue o f such pref. stock. The directors
may at the time o f issuance provide that the pref. stock, or such series there­
of, shall be subject to redemption as a whole at a premium which shall not
exceed 15% and dividends. V. 114, p. 738, 1765.
The Series “ A " stock is convertible into common stock, share for share,
and is redeemable after Sept. 1 1927 at 115 and divs.
Common stockholders of record Oct. 22 1925 received the right to sub­
scribe. at par to additional preferred stock, Series A, to the extent of 10%
of holdings, payment in full being due D ec. 10 1925. V . 121, p. 1674.
LA TE \'018ept.'04. ’05 to T 2. T 3. T4. T 5. T6. 1917. Mar. T 8 -« e p t’27.
D IV S ./ 6 yearly
7 yearly
6
5
5 6K 6 & 1 ex 7% p.a.(l M Q.-M)
BONDS. —Cairo bridge see adv. in “ Chronicle,” May 7 1892.
The Trust Bonds of 1886 are seoured by deposit of $5,266,000 Chicago St. L
* New Orleans consols of 1881: also by a lien on the road. See V. 86. d . 1343
Collateral Trust bonds o f 1952 cover by pledge o f $16,350,000 5% 1st M
bonds 863 miles o f subsidiary lines. V. 55. p. 550: V. 102, p. 1346.
The $25,000,000 collateral trust bonds of 1953 are seoured by pledge of all
the Loulsv. N. O. & Texas (now Yazoo & Mississippi Valley R R .), $16,900.000 1st 4s, except $68.000, and $9,104.000 mtge. incomes. V . 61. p . 112
Chicago St. Louis A New Orleans 5s have their Interest guaranteed (by
endorsement) until the principal is paid. The 3
of 1897 are guar., prin­
cipal and Interest, by endorsement— see guaranty. V. 65. p 1071.
Western Lines Loan of 1895, see “ Supplement” of Jan. 1899. Total auth.,
$10,000,000; $5,425,000 outstanding and $4,575,000 owned by company
on Dec. 31 1925.
The St. Louis Division A Terminal bonds are for $15,000,000 authorized.
Abstract of mtge in V. 66, p 138. See also V. 66 p. 133: V 71. p. 646.
Louisville Division A Terminal mtge. is for $25,000,000: of the bonds
$1,112,000 were reserved to purchase the 46 m. (Cecilia br.) from Louisville
is Nashville and to retire the L. & N. bonds thereon. Chicago St. Louis A
tfew Orleans took title to the Loulsv. Dlv. and Joined in making mtge. See
V. 66, p. 136, for abstract; also "Supplement” of Jan. 1899. V. 65, p. 367,
51« V 66 p. 133: V 67. p. W l-V . 75. p. 671 V 97 p 887. 1024
Of Purchased Lines 3H s of 1904, $14,662,000 were issued on 748 miles of
subsidiary branch lines purchased, of which $2,662,000 were canceled in
Jan. 1911 and ref. bonds substituted therefor. (See V. 71, p. 288: V. 79.
p. 1273. 1642, 2588; V. 81, p. 1105.)
Refunding Mtge. Gold Bonds of 1908 (auth. $120,000,000) are subject to
call at 107H and int., M . A N. V. 104, p. 863; V. 87, p. 1357, 1420; V. 88,
p. 295; V. 92. p. 261, 527. 1636; V. 97, p. 1024; V. 98. p. 1459, 1608; V. 99.
. 1300. Cover main line, Chicago terminals, so-called purchased lines,
pringfield Div., the St Louis Div., &c., a total of 2,174 m., subject to
bonds aggregating $61,766,000, incl. $2,500,000 Chic. Havana & West. 5s
and Rantoul RR. 5s pledged under 4s of 1952. Of the outstanding bonds,
$13,447,000 are 5s, issued in Feb. 1923. (See V. 116, p. 822.) Of the
unissued bonds, $57,588,000 are reserved to retire a like amount of prior
lien bonds and $8,225,000 are pledged as part collatral for 6 H % secured
gold bonds due 1936
The Iliinois Central and Chic. St. Louis A New Orl. R R . Joint First Refunding M . bonds ($120,000,000 auth. issue) are issuabie in series bearing
Interest at not to exceed 5% and are secured on about 1,544 miles of the
Southern lines, including the main line from Cairo, 111., to New Orleans
La., A c ., and comprising all the system lines south of the Ohio River except
the Chicago Memphis S Gulf R R .. the Montieello Branch (52 m. and 21 m
c
respectively) and the Yazoo A Miss. Vail. R R ., and in addition is secured
by a direct mtge. on the important bridge over the Ohio River at East
Cairo, K v ., with its Kentucky approach, and on valuable terminal properties
in New Orleans, La.; Louisville, K y., Memphis, Tenn., Evansville, Ind.,
and elsewhere, subject to existing liens which may not be renewed or
extended. V. 97, p. 1822, 1733. 1204; V. 98, p. 1459, 1608: V. 99, p. 1300;
V. 100, p. 397, 474, 1852; V. 108, p. 2757; V. 107, p. 696; V. 118, p. 663.

R

66




RAILW AY STOCKS AND BONDS

[V ol. 125,

Nov., 1927.|

RAILW AY STOCKS AND BONDS

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

Miles Date
Road ■Bonds

Illinois Central (Concluded)—
Equip certs—
Ser F due $737,000 yearly___________________ CP
Ser G due $324,000 yearly__________________ CP
Ser H due $217,000 annually____________ CPxxx
Ser I due $443,000 annually_______________CP.c*
Ser J due $1,273,000 ann beg M ay 1 1928_ xxxc*
_
Ser K due $863,000 ann___________________ xxxc*
Ser L due $616,000 annually________________ yc*
Ser M due $386,000 annually by M ay 1 1929____
Ser N due $311,000 annually each Oct 1______c*
Ser O due $564,000 each July 1__________ B.n&c*
Govt equip trust due $647,100 yearly___________ G
Equip contract— The Pullman C o_______________c*
Ind Harbor Belt— Gen M $25,000,000 g._G.xc*& r*
do
do
do
________
do
do
do
____________
Equipment trust certificates $540,000____________
do
due $36,680 annually________________ G
do
due $60,000 annually_____________ G.c*
do
due $25,000 annually________________ G
Indiana Illinois & Iowa— See N Y Central RR
Indian apolis & Louisville— See Chicago Indianapolis
Indianapolis U nion—
Gen & R ef M $10,000,000 g gu red text___F.c*&r*
do
Series B g gu call (text)_______ F.c*&r*
International-G reat N orthern RR— S to ck ----------1st mtge gold bonds Series A red l07J^..Eq.yc*& r*
do
Series B redeemable 1 0 2 )4 _______ c*&r*
Adjust mtge gold bonds Ser A red par_____Col.yc*
Equipment trust Series “ A ” due $129,000 ann_____
do
Series “ B ” due $117,000 ann________ c*

1920
1921
1922
1922
1923
1924
1925
1926
1926
_ 1927
1920
1922
46 1907
46 1907
46 1907
1916
1920
1923
... 1924

Par
Value

1,000
6,633,000
1,000
2,268,000
1,000
1,953,000
1,000
4,873,000
1,000 14,003,000
1,000 11,219,000
1,000 8,624,000
1,000
5,018,000
1,000 4,354,000
1,000 8,460,000
5,176.800
1,075,149
1,000 &c 2,500,000
1,000 (fee 1,725,000
1,000 &c 5,000,000
144,000
1,000
314,400
500-1000
660,000
300,000

2,881,557
37,741

1915
1,000 3,861,615
1922 1,000 &c 3,974,000
100 7,500,000
100 &c 17,250,000
1,106 1922
1,000 6,000,000
1,106 1926
100 (fee 16.176 700
1,106 1922
1,000
1925
1,792,000
1927
1,000
1,750,000

175,484,398 171,427,465 184,109,280
2,657,766
2,377,262
2,605,344
33,403
48,541
27,461

Total ry. oper. r e v .-186,632,490 178,169,625 173,838,131 186,703,166
Ry. Operating Expenses—
Maint. o f way & struct. 27,756,246 26,355,918 23,921,030 29,012,992
Maint. o f equip________ 41,683,536 38,657,682 39,359,635 43,737,749
3,061,282
2,792,407
2,694,603
Traffic_________________ 3,534,101
Transp.— rail line______ 64,633,792 62,476,986 63,404,919 69,934,258
Miscell. operations_____ 1,263,428
1,317,242
1,189,397
1,137,609
General________________ 4,844,317
4,328,427
4,450.948
4,367,123
Transp. for invest.— C r.
595,561
937,533
970.897
861,060
135,382,526 134,024,920 150,023,276
Net rev. from ry. oper. 43,512,627
R y. tax accruals_______ 12,344,721
Uncollectible ry. revs_
_
47,441

42,787,098
12,729,951
38,344

39,813,211
12,722,492
56,902

36,739,890
11,048,431
27,396

R y. oper. income____ 31,120,465 30,018,802 27,033,816 25,664,062
Add’ns to Ry. Oper. In c.—
233,429
R e n tfr j ocomotives___
815,412
206,602
334,226
Rent f r .pass, train cars.
652,281
725,228
658,888
820,266
Rentfr. floating equ ip..
3,530
3,500
6,200
3,500
Rent fr. work equipment
177,022
114,998
158,260
95,177
Joint facility rent inc_
_ 2,363,177
2,169.618
2,265,837
2,219,745
Tot. add’ns to ry .op .inc 4,011,423
Deduct .fr .Ry .Oper .Inc.—
Hire o f fr.cars-deb.bal. 2,182,624
Rent for locomotives_
_
550,166
Rent for pass .-train cars
396,463
Rent for floating equip._
12,049
Rent for work equip____
80,516
Joint facility rent deduc. 1,715,518

3,489,752

3,180,435

3,345,292

1,168,392
36,318
608,180
8,971
20,943
1,738,805

0295,580
31,428
635,005
4,117
22,610
1,714,596

1,795,582
38,191
611,207
17,120
25,228
1,658,584

Deducs. fr. ry. oper .inc 4,937,337

3,581,612

2,112,178

4,145,915

Net ry. oper. inc_____ 30,194,550
Total non-oper. inc_____ 4,540,606

29,926,943
3,623,813

28,102,073
3,577,826

24,863,439
4,907,859

Gross income________ 34,735,157

33,550,756

31,679,899

29,771,298




Rate
%

7
6)4
5)4
4)4
5
4)4
4)4
4)4
4)4
4 y2
6g
6
4g
4g
4)4 g
4)4
6g
5g
5g

When
Payable

A
F
F
A
TI
V
F

&
&
&
&
&
&
A &
M &
A &
.1 A
e
J &
A &
.1 &
.1 &
.1 &
J A
c
.1 & J
.1 &
J &

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

O To Oct 1935
A To Feb 1 1934
A To Feb 1 1936
<) To Oct 1 1937
N May 1 '28 to '38
A To Aug 1 1939
O To Oct 1 1940
N M ay 1 1941
(> To Oct 1 1941
J To July 1 1942
J To Jan 15 1935
O April 1932
J July 1 1957
J July 1 1957
J July 1 1957
J Jan 1 1931
15 To Jan 15 1935
1) To June 1 1938
D To June 1 1939

New York
N Y o ff or Bk o f N A &T
New York
New York
Bk of No Am & T r, Phila
,
New York
Bk of N A & Tr Co, Phila
Guaranty Trust Co, N Y
Grand Cent Term, N Y
do
do
do
do
Comm’l Trust Co, Phjl.
Guaranty Trust Co, N Y
do
do

& Lou isville

Purposes for Which Said $120,000,000 Joint Bonds Were Issuable.
[April 30 1927 amount issued, $69,861,595 ($48,491,005 series A, $207,095 series B, and $17,350,000 series C), o f which the Illinois Central R R .
owned $3,820,000 series A, leaving $66,041,595 outstanding in the hands
o f the public.]
(a) To purchase and improve railroads, terminal properties.
&c., covered by this mortgage, all sold____________________ $33,348,1M
(b) To refund or retire a like amount o f prior mortgages______ 50,132,00C
(c) For future Improvements, construction, etc______________ 36.519.90'
(d) To retire $16,000,000 gold notes__________________________ 17.350,000
The $16,000,000 514% Secured Gold Bonds, issued in 1919,were red.
on July 1 1927 at 101 and int.
The $8,OUO.0O0 6 H % Secured gold bonds due July 1 1936 are secured by
deposit of $8,225,000 Illinois Central R R . Ref. Mtge. 4s due N ov. 1 1956
and $3,820,000 111. Cent. R R . & Chic. St. L. & N . O. R R . Joint Ref. Mtge
5s due r>ec 11963
V 113 p 71
The $35,000,000 40-year 454 % gold bonds due Aug. 1 1966 are red. as a
whole but not in part at the option o f the co., upon not less than 60 days
previous notice, on any int. date on or after Aug. 1 1936 at 102)4 and int.
up to and incl. Aug. 1 1961 and thereafter at a premium equal to 14 % for
each 6 months between the redemption date and date o f maturity.
The indenture under which these bonds are to be issued wlli provide
among other things that so long as any of the bonds o f this issue are out­
standing, co. will not create any new mortgage or other lien (except to
extend or refund existing liens, as set forth in the indenture) upon any of the
lines o f railroad or branches, leaseholds or trackage rights, or stock of sub.
cos. (as specified in the indenture) now owned by it, unless effective pro­
vision be made in such new mortgage, or in the instrument creating such
lien that the bonds o f this issue shall be secured by such mortgage or other
lien ratably with the other indebtedness secured thereby, all as provided in
the indenture. V. 123, p. 1248.
Equipment Trusts.— V. 96, p. 135, 553; V. 102, p. 608, 345; V. 99, p
1748. 48; V. 100. p. 1257. Series E Is subject to call, all (but not part'
on or after N ov. 1 1922 at 1021$ and div. V. 106, p. 189, 1577, 2123
Series F, V 111, p. 1752; Series G, V. 112. p. 849. 1024- Series H. V. 114
p. 1286: Series J. V. 116. p. 1893: Series K. V. 119, p.2407: Series L, V. 121,
p. 2748, Series M , V. 123, p. 3079, Series N , Y. 123, p. 2515.
Equipment trusts issued to Director-General for rolling stock allocated
to this company
See article on page 3 and V. 113, p. 1471.
RE PO RT.— For 1926 in V. 124, p. 2448, showed:
1924.
1923.
1926.
1925.
Average miles operated
6,243
6,218
6,208
6,435
$
Ry. -\Operating Revs.—
$
$
$
Raine transp:
Freight______________ 139,054,456 131,613,651 126,685,948 136,270,307
Bridge tolls & misc.fr. 5,994,361
5,383,383
6,451,349
5,554,479
Passenger___________ 27,925,991 27,777,205 28,698,324 30,951,847
Bridge tolls & misc.pass
364,305
422,318
418,986
421,785
Excess baggage______
162,705
183,137
200,090
209,165
66,317
Parlor and chair c a r ..
72,105
80,284
52,475
M ail________________
2,591,762
2,496,374
2,478,802
2,558,406
4,189,524
Express_____________
4,230,988
4,044,107
4,145,522
582,219
647,202
675,362
558,674
M ilk________________
Other pass.—train___
568,178
525,334
433,909
322,645
Switching___________
2,133,235
2,072,123
2,029,009
2,038,783
Special service train_
56,426
71,662
75,061
94,030
Total incid’tal.oper. revs
Total joint facility rev. .

Amount
Outstanding

67

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

J
J

&
&

J Jan

J Jan

1965
1965

.T & ,T July 1 1952
J & J July 1 1956
Text July 1 1952
J & D Dec 1 1940
A & O Apr 1 1942

Pennsylvania R R Co
380 Seventh A ve.,N .
Apr 1 1926 paid 4%

1926.
1925.
1924.
1923.
$
D ed.fr. Gross In c.—
$
$
$
Rent for leased roads___
,384,586
1,758.574
1,770,245
1,704.438
Miscell. rent deducs____
8,987
8,610
7,930
9,345
Miscell. tax accruals____
1,866
2,034
1,903
2,338
Separ. oper. prop.— loss
13,108
51,974
149,546
213,786
Interest on funded debt. 14 ,524,999 13,609,364 12,922,536 12,192,088
Int. on unfunded d e b t..
223,201
205,538
127,504
156,568
Amort of disc’t on fd. debt
364,083
412,450
331,508
Maint. o f invest, organ.
655
1,363
660
300
Miscell. inc. charges_______ 32.565
36.152
34,097
36.423
Total deductions_______ 17 584,758 15.999,013 15.431.341 14,286,225
Net income__________ 17 150,398 17,551,742 16,248,557 15,485.073
Note.— Figures include Yazoo & Mississippi Valley R R . Co.
OFFICERS.— Chairman, Chas. H. Markham; Pres., L. A. Downs; Senior
V.-Pres., Albert E. Clift; V .-P ., J. L. Beven; J. J. Pelley, E. B. Bowes,
Albert C. Mann, G. J. Bunting; Gen. Counsel, W . S. Horton; Sec., D. R.
Bvirbank; Treas., R. E. Connolly. General offices, Chicago, 111.; New York
office, 32 Nassau St.
D IRECTO RS.— John W . Auchincloss, Lawrence A. Dows, William
Averell Harriman, R . W . Goelet, Cornelius Vanderbilt, Stanley Field,
Vincent Astor, Chas. A. Peabody, R. S. Lovett, H. W . De Forest, David R.
Burbank, Chas. H. Markham, and ex-officio, Hon. Len Small, Governor
o f Illinois.— (V. 125, p. 2384.)
ILLINOIS SOUTHERN R Y .— See Missouri-IUinois R R .
INDIANA HARBOR BELT RR.— Owns Whiting, Ind., to Blue Island,
111., 14 miles; McCook to Franklin Park, 111., 10.5 m.; Argo to Union Stook
Yards. Chicago. 11 m.; State line to Grasseli, Ind.. 5.5 m.; branches, 5 nr.
total owned, 45.5 miles: trackage. 71 m.; total. 116 miles.
Tentative valuation of $6,700,000 on the owned and used property of
the company, as of June 30 1917.
Stock outstanding, $5,000,000. of which N Y . Central and Mich. Central
V. 106, p. 2018— , which guarantee the bonds, own 60% and C. M . St. P
& Pac. and Chic. & Northw., 40% . V. 93, p. 164; V. 105, p. 2183.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V 114. p. 854. Equipment
trusts of 1921, V. 112. p. 1282. Equipment trusts of 1923, V . 117, p. 1461
R E P O R T — For 1926 in V. 125, p. 511, showed:
Net
Other
Int.
Balance
Cal. Years—
Gross.
Oper.
Income. Rentals,&c. Surplu
9 Mos. 1927_____$8,470,338 $1,365,999 $66,633 $403,003 $1,029,629
502,237
1,449,012
74,424
1926____________ 11,363,945 2,660,221
3,109,181
73,267
1925____________ 11,210,774
504,901
1,439,855
524,949
417,483
1924____________ 10,778,697 2,298,889
80,136
For latest earnings, see "Railway Earnings” Section (issued monthly).
OFFICERS.— Pres., P. E. Crowley; Sec., E. F. Stephenson; Gen. Treas.;
H. G. Snelling; Compt., W . O. Wishart.— (V. 125, p. 2804.)
INDIANAPOLIS UNION R Y .— Owns 1.77 m. of road, 1.76 m. 2d main
crack and 10.73 m.yard tracks and sidings, with terminals at Indianapolis,
ind.; leases for 999 years the Belt R R . of Indianapolis— 14.18 m. (which see).
Cleve. Cine. Chic. & St. Louis and Pittsburgh Cincinnati Chicago & St.
.ouis RR. are proprietors, having invested in it $1.244,874 to Dec. 31 1926.
Ownership evidenced by certificates o f ownership. Elevation of tracks
completed. V. 109, p. 676.
BONDS.— The General and Ref. M . of 1915 will secure not over $10;000,000 bonds maturing Jan. 1 1965, to bear rates of interest as may be
hereafter determined, to be guar, jointly and severally, prin. and int.. by the
companies above named. $8,000,000 have been issued as 5s ($4,000,000
series A and $4,000,000 series B ). At Dec. 31 1926 $79,000 par value had
been retired by sinking fund. The guarantor companies and also N. Y .
Chic. & St. L. R R ., Cine. Ind. & Western, Chicago Indianapolis & Louis­
ville R y. and Illinois Central R R . have contracted to use the property
perpetually as their main passenger terminal. The using companies in
addition to paying expenses of operation and maintenance pay a rental
based on the total valuation of the property. The bonds are redeemable
as a whole or in series 15 years after date, or any int. day thereafter at 103.
Sinking fund beginning 1926, 1% on issued bonds and 5% on redeemed
stock. Farmers’ Loan & Tr. Co., N. Y ., and Union Trust Co., Indianapolis
trustees. V. 100, p. 1257, 555; V. 101, p. 1272; V. 116, p . 2 9 5 — (V. 125,
p. 1704.)
REPORT.— For 1926, gross, $416,225; net operating deficit, $357,375;
other income, $1,097,435; deductions, $611,925; balance, surplus, $128,135.
Note.— The company is a switching and terminal line operated for joint
benefit of connections at cost. Operating expenses and operating revenues
are apportioned each month to the interested roads on the basis of property
use and are debited or credited to the appropriate joint facility account in
accordance with classification of Inter-State Commerce Commission.
INTERNATIONAL-GREAT NORTHERN RR. CO.— Successor, as
per reorganization plan outlined below, of the International & Great
Northern R y. Total system Dec. 31 1926, 1,159.5 miles, viz.:
Lines owned—
Miles. \ Lines owned (concl.)—
Miles.
Long View Jet., T ex., to Houston 232 Magnolia Park Terminal________ 10
Palestine to Laredo____________ 413 Sundry branches________________ 129
Spring to Ft.W orth, T.& P.C onn.272] Joint Trackage—
Houston to East Columbia breh. 50|Galv. Houston & Henderson,etc.53.5
In June 1924 the New Orleans Texas & Mexico Ry. acquired 74,991
shares of common stock of the company, the sale of which was approved
by the stockholders in March 1924, and by the I.-S. C. Commission in Dec.
1924. V. 118, p. 2948, 3077, 3197; V. 119, p. 2757.
Tentative valuation, $38,178,650, as of June 30 1917.
The reorganization managers, J. & W. Seligman & Co. and Speyer & Co.,
In June 1922 prepared a reorganization plan (V. 114, p. 2468). The plan
was declared operative on July 5 1922.
BONDS.— 1st Mtge. Bonds.— Total authorized amount, $40,000,000, at
any one time outstanding. Interest, payable s.-a., at such rate as may
from time to time be determined at the time of issue.

68

[V«l. 125.

RAILW AY STOCKS AND BONDS

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

International Rys o f C ent Am— Ordinary shares..
Preferred stock 5% and partic see text____________
Preferred dividend notes__________________________
First lieu and refunding mortgage_____________ xc*
Guatemala Central 1st M g ext 15 yrs to ’31 USm.z
Internal Rys (1st M on 104 miles; 2d on bal.) Eq.x
First mtge gold red 102 X ___________________ Em.x
First mtge collateral gold notes red 102_ kxxxc*
_
nteroceanic Ry o f Mex— 1st pref stk 5% non-cum ..
Second preferred stock 4% (V 87, p 1160) non-cum.
4% debenture stock subj to call at par £1,150,000..
Ordinary stock___________________________________
Debenture stock 7% “ B ” subj to call 120 cum _____
Second debenture stock red at 10 5____________ ___
Mex E deb stock £450,000 guar red 105___________

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

$100 $30,000,000
See text
100 10, 000.000
Q— F 15 Nov 15'27 I X %
5
1921
J & D 15 June 15 1936
2.424.600
6
597 1927 lOOO^OO 7.500.000
6 X g F & A F e b .1 1947
1.000 2.319.000
74 1886
6 g A & O Apr 1 1931
1,000 2.261.000
1912
J & .1 Jan 1 1972
5
458 1912 £, fr, &c 15,150,494 | 5 g M & N M a y l 1972
1 £983,460
1,000 2,600,000
... 1926
6 g M & N M a y l 1941
Stock £1,400,000 See text
Dec 19 1913 4%
Stock £ 1, 000,000 See text
Nov 14 19122%
M & S 15 Sept 15 1950
£1,150,000
4
Stock £1,700,000
£100
1911-12 Sept 15 1950
£469,459
7
£100 £1,300,000
___ —
4 ^ M & N30 Nov 30 1950
£100
£400,000
J & D 15 Jan 1 1984
5

Office, 17 Battery P i,N Y
J H ’y Schroder Bkg Corp
Office, 17 Battery P i,N Y
do
do
EmpireTrCo.NY.Lon ,&c
Henry Schroder Bkg Corp
London
do
See text
London
See text
See text

1926.
Bonds may be issued in separate series maturing on the same or different
1925.
1924.
1923.
Deductions from Income
18,996
dates, and any series may be made redeemable all or part at times, on
27,727
29,454
41,134
int.on fixed charge oblig. 1,282,706
notice and at premiums, and may have such conversion privileges, as may
1,179,000
1,191,314
1,183,734
int. on adjust, mtge. 4s.
680,000
be determined by the directors at the time of issue.
The company may
680,000
680,000
680,000
have the right to retire any series, all or part, and to issue for such purposes
like aggregate principal amount o f bonds in another series, bearing the same
Balance of income___
$684,650
$447,461
$773,413
$431,511
or different rates of interest, &c.
For latest earnings see “ Railway Earnings Section” tissued monthly ! .
Series A 6% 30-year gold bonds, dated and carrying interest from July 1
OFFICERS.— Chairman, William H. Williams; Pres., L. W . Baldwin
1922, maturing July 1 1952, are redeemable as a whole only at 107 H and
Exec. V .-P ., H. R . Safford; V .-P ., Sec. & Treas., A.R.Howard. Offices,
int. On Dec. 311926 $17,250,000 had been issued. Kuhn, Loeb & Co. in Union Station Bldg., Houston, Tex.; 120 Broadway, New York, and
June 1926 sold at 95 and int., $6,000,000 first mtge. 5% gold bonds, series Railway Exchange Bldg., St. Louis.— (V. 125, p. 2187.)
B, dated July 1 1926 and due July 1 1956. The entire series B, but not
part thereof, is redeemable at 102K and interest. In Oct. 1927 an additional
INTERNATIONAL RAILW AYS OF CENTRAL AM ERICA.— (See
amount o f series B bonds to the amount o f $1,575,000 were procured to be M ap.)— Owns 59.13 miles (main line and branches) of 3-ft. gauge railway,
pledged and repledged from time to time as collateral security for short­ sidings, 61,47 miles under construction, 197 miles construction contem­
term notes.
plated, 108 miles.
The remaining first mortgage bonds, authorized, will be issued or reserved
incorporated in New Jersey June 8 1904 as Guatemala R y., name being
Hanged In April 1912 and Guatemala Central RR (V. 79, p. 902, 903)
for issue under the regulations provided in the first mortgage, to the extent
aken over. For concessions and subsidy, see issue for Feb. 1918.
of not exceeding $3,191,000 bonds to be issuable to a principal amount
equal to the entire cost, and beyond that amount of bonds to 80% of the
Stock authorized, as increased from $7,500,000 in April 1912, $30,000,000
cost of new equipment, improvements, betterments, additions, new mileage
jommon and $10,000,000 5% pref.: par $100. Pref. is entitled to share
or property, or (if permitted by law) stocks or bonds representative of new equally in all dividends paid in any year after 5% has been paid on both
mileage or property, whether csnstructed or acquired by the company or itocks. V. 95, p. 544. First quar. dlv. on pref.. 1 X % . paid Aug 15 1912.
by some subsidiary company.
Nov. 15. \X%\ 1913. 5% ; 1914. Feb., May & Aug. 15, 1 X %
On Feb. 16
(2) Adjustment Mortgage Hands.— Total authorized amount, $25,000,000
1917 provision was made for the payment of aii dividends due to that date
at any one time outstanding. Secured by mtge. to Irving Bank-Columbia (1214%) with $1,250,000 6% div. notes due Feb. 15 1927. V. 107, p.398.
Trust C o., as trustee, on the properties embraced in the new First Mtge. and
The company in June 1923 offered to holders of the 5% Pref. stock in
from time to time becoming subject thereto. Subject to the First Mtge. and payment of the 2 X years’ interest in arrears, accrued from Feb. 1 1921 to
to the prior payment out o f the mortgaged property of all bonds at any time May 1 1923, 6% dividend notes due June 15 1936 at the rate o f $11.25 per
$100 Pref. share. V. 117, p. 86. Cash payments were resumed Aug. 15
Issued and outstanding under the First Mortgage. Interest payable annu
ally or semi-annually as may be provided, at such rate as may from time to 1923. when I X % was paid: same amount paid quar. to N or. 15 1927.
time be determined by the directors at the time of issue, but required to be
BONDS.— For 60-year gold 5s of 1912 (£6,000.000 auth. issue), see V . 94
paid (except as to arrears, if any, of cumulative interest payable on ma
p. 1449: V. 96, p. 1488; V. 118, p. 1664; V. 120, p. 1323.
turity of the principal), only out o f net income as defined in the mortgage.
The $2,500,000 bonds issued by the International Rys. covering all lines
They may be issued in separate series maturing on the same or different
as a second lien bore interest at 2% the first year, 3% the 2d year. 4% the
dates, and any series may be made redeemable, ail or part, on notice and at 3d year and 5% thereafter. The $239,000 purchased and in the treasury as
premiums, as may be determined by the directors at the time of issue, but of Dec. 1 1926 have been exchanged for 1st mtge. 5s o f 1942 at their par
in all cases with accrued cumulative interest. Payment of installments of amounts and the latter pledged as security for the $7,500,000 1st lien &
interest for any period on Adjustment Mortgage bonds o f different serie- ref. 6 Xs .
carrying different rates of interest shall be made in amounts which in all
The $2,500,000 Guatemala Central 1st M . 6s due Apr 1 1916 were ex
cases bear to each other the same proportions as the respective maximum tended till 1931. The $181,000 purchased and in the treasury as of Dec. 1
rates of interest carried by such respective series bear to each other.
1926 have been exchanged for 1st mtge. 5s of 1942 at their par amounts and
Under the Adjustment Mortgage the new company may reserve the right the latter pledged as security for the $7,500,000 1st lien & ref. 6H s. ...
to retire any series, all or part, and to issue for such purposes like amount?
The 1st mtge collateral 6% gold notes due M ay 1 1941 are secured by
of bonds in another series, bearing same or different rates of interest, &c.
deposit of first mortgage bonds of a principal amount equal to at least
The Adjustment Mortgage will provide that the net income applicable
150%, and of a market value equal to at least 110%, of the principal o f all
to the payment of interest on the Adjustment bonds shall be deemed to be notes outstanding. V. 122. p. 2647.
Its net income as that term is defined in the accounting rules of the I.-S. C
The $7,500,006 1st lien & ref. mtge. 6 X % due Feb. 1 1947 are secured by
Commission from time to time in force, but without deduction in ascer
a direct lien on all the lines of railroad, equipment, &c. and also by deposit
taining net income for interest on the Adjustment Mortgage bonds; and of $3,475,000 principal amount of the company’s 1st mtge. 5s of 1972.
only such portion o f the net income for each year beginning Jan. 1 as direc
Y . 124, p. 917.
a
tors may determine, but not less than 50% o f such net income for each such
RE PO RT.— For 1926 in V. 124, p. 3201, showed]
year ending prior to Jan. 1 1928 shall be required to be applied (to the extent
Calendar Years—
1926.
necessary) to the payment o f interest on the Adjustment bonds and tha'
1925.
1924.
1923.
any remaining net income for any such year prior to Jan. 1 1928 to the Railway oper. revenues. $6,826,574 $6,097,012 $5,120,571 $4,271,923
extent o f any difference between the full interest on the Adjustment bonds Railway oper. expenses. 4,130,824
3,677,562
2,816,024
2,392,198
and the interest actually paid thereon, shall be carried into a separate Railway tax accruals_
_
271,104
137,092
242,150
209,672
account which shall be available for capital expenditures or other corporate
purposes, but shall not in any year be a part o f surplus available for the
Railway oper. income $2,424,645 $2,177,299 $2,094,874 $1,742,633
Net inc. fr. misc. o p er..
181,021
payment o f dividends on any class o f stock at the time outstanding.
83,722
49,028
187,696
After Jan. 1 1928 the interest on tiie Adjustment Pond- at the rate Non-oper. income______
143,220
20.082
97,261
38,610
borne will be cumulative, and at the maturity o f the principal all arrears of
cum. int. shall be payable, but accumulations of interest shall no’ hear int
Gross income_________ $2,748,887 $2,462,255 $2,198,679 $1,830,271
_
$782,640
Series A 6% 30-year adjustment bonds dated July 1 1922 and carrying Int. on bonds & notes_
$789,031
$848,897
$798,440
Interest from Jan. 1 1923, maturing July 1 1952, have been issued to the Amort, of discount_____
7,505
7,504
7,504
7,50-1
Inc. appl. to Occidental
extent o f $17,000,000. Red. at par and accrued accumulative interest.
The New Orleans Texas & Mexico Ry. in Feb. 1925 offered to guarantee
R R . minority interest
36
57
49
578
to holders o f adjustment bonds a minimum distribution at the rate of
4% per annum in respect o f interest thereon for the interest period beginning
Net income__________ $1,958,706 $1,605,797 $1,402,094 $1,050,979
Jan. 1 1924 and ending Dec. 31 1927, in consideration of the grant by the Sinking fund reserve____
$84,456
$44,333
$29,333
owner of each such assenting adjustment bond o f an option to New Orleans Dividends, pref. sto ck ..
50O.OOO
X500.000
500.000
500,000
Texas & Mexico R y. to purchase such assenting bond at any time at the
following prices: (a) If the date designated for such delivery be before
Balance, surplus_____$1,374,250
$1,061,464
$872,761
$550,979
Jan. 1 1928 at 85% o f the face amount thereof with interest on such face
x Of this amount $250,000
amount to the delivery date at the rate of 4% per annum from Jan. 1 1924 notes and $250,000 ( 2 X % ) in(or 2'A % ) was paid in 13-year 6% dividend
cash.
or as the case may be, from the later Jan. 1 beginning the interest period
3 Months ending March 31—
1927.
1926.
next succeeding the last interest period for which interest on the adjustment
$1,916,828
bonds, Series “ A ,” has been declared due and payable; (b) if the delivery Gross earnings (estimated!______________________ $1,985,696
1,155,967
1,119,750
date be on or after Jan. 1 1928 at the face amount thereof together with Operating expenses and ta x es___________________
accrued and unpaid cumulative interest thereon to the delivery date (but
Net income___________________________________
$829,729
$797,078
only to the extent that coupons for such interest shall be surrendered with
such bond) and also, If interest for the year ended Dec. 31 1927 shall not
OFFICERS.— Minor C. Keith, Pres.; Henry B. Price, 1st V .-P.; Henry
theretofore have been declared due and payable, together with interest for H. Hanson, V.-P. & Compt.; Edward S. Hyde, Sec. & Treas. N. Y .
the year at the rate of 4% per annum.
>ffice, 17 Battery Place.— (V. 124, p. 3493.)
JSotes.— All o f the outstanding 6% gold notes, due 1930, were redeemed on
Sept. 1 1926 at 100 and interest.
INTEROCEANIC RY. OF MEXICO, LTD.— Vera Cruz to Mexloc City
Mex., 338 miles; Los Reyes to Puente de Ixtla. 123 miles; Los Aroos tc
Equipment Trusts.— Series A, series B. V. 124, p. 1816.
Cuautla, 102 m.; 3 branches, 30 m.; Mexican Eastern Ry. (V. 73, p. 1263)
R E PO RT.— For 1926, in V. 124, p. 2268^ showed:
141 miles; leases Mex. Southern R y., 313 miles; total, 1,047 m
Conoer
Calendar Years—
1926.
1925.
1924.
1923.
Operating revenues_____$19,245,644 $17,083,748 $16,901,448 $15,806,608 lions end Feb. 1982, after which road passes to State at a valuation
Nat. Rys. of Mexico (which see) owns £1,038.450 of the 2d debentures
Operating expenses_____ 15,074,442 13,517,750 12,955,240 12,542,633
£1,310,500 ordinary and £244,800 pref stock. About Aug. 16 1914 tb»
Net oper. revenue____$4,171,202
$3,565,998 $3,946,208 $3,263,975 Mex. Govt, took possession, the lines being returned on Jan. 1 1926. V
T axes_________________
543,291
516,138
555,456
485,295 100, p. 55. See Nat. Rys. of Mexico.
Other oper. charges____ 1,073,113
810,582
818,832
602,754
SECURITIES.— The deben. stockholders in 1914 approved a plan (V. 99
T o t a l ...______________$1,616,404 $1,326,720 $1,374,288 $1,088,049 p. 48, 674) for deferring interest payments. The moratorium has been
Operating income______ 2,554,798
2,239,278
2,571,920 2,175,926 extended from time to time and is still in operation.
Non-oper. income______
111,554
94,910
102,261
160,453
D IV ID E N D S on let pref., 4H % 1908 and 1S09, 5% 1910 and 1911
5% each (M . & N .). In 1912. N ov.. 5% ; 1913, Dec., 4 % . On 2d pref.,
•rossincom e________ $2,666,352
$2,334,188 $2,674,181 $2,336,379 1% 1909; Nov. 1910, 4% ; Nov. 1911. 4% ; Nov. 1912. 2% ; none since.




Nov., 1927]

R A IL W A Y STOCKS AND BONDS

c&




70

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

Interstate RR (of Va)—
Equip tr ser D due $40,000 s-a red 10214____FP.c*
Equip tr ser E due $28,000 s-a red 102 Vi____FP.e*
Iowa C entral— See Minneapolis & St Louis
Jacksonville, G ainesville & G u lf Ry—
1st mtge ser A (see text)_________________________
Jacksonville Term— 1st M gold guar . . Mp.xc*
1st & gen M gold gu p & i (end) $3,500,000--US.c*
R ef & ext mtge series B red (text) - - - -US.c*&r*
do
Series A . - . - .
- _
_
_______
Jamestown Franklin & C learfield— See New York
Jefferson— 2d M s ext in ’87 & '89 (H’dale B r)_____c
1st M g ext 1908 & again 1919 red 105 gu p & i FP.c*
Joplin Union Sta— 1st M gu j ’tly red 105________ xc*
Ju n ction (P hiladelphia)— See Pennsylvania RR
Kanawha & Mich— Stock $10,000,000-_
____Ce.xc*
1st M $15,000 per mile g guar p & i
Equipment g $69,000 annually________ __ ____G
Controlled Company—
Kanawha & West Va— 1st m g gu $2,067,000 auth.c*
Kansas City Fort S cott & Memphis Ry—
Ref M $60,000,000 gold guar p & i end-.Ba.xc& r
Kan City Ft Scott & Memphis R R cons M -N B .xc*
Kan C & M R y & Bdge 1st M g s f drawn at ll0 -x c *
Kan O Mem & Birm gen M $4,500,000 cur_-OB.xc
Income non-cum. No fixed int coupons.OB.xc
do
stamped fixed interest redeemable text - _x
Kansas C ity Memphis & Birmingham — See Kansas
K C & Memphis Ry & Bridge Co— See Kan City Ft

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest and
amd Maturity
Dividends Are Payable

1923
1923

$1,000
1,000

$840,000
616.000

5 14
5V4

J & J Jan ’28-Jan ’38 Philadelphia
M & N M ay’28-M ay’38
do

56 1926
31 1894
1917
1921
1921
Cent! R R .
8 1867
37 1889
1910

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

450,000
400,000
100,000
1.100,000
2,400,000

6
5g
5
6g
5g

A
J
J
J
J

& O Oct 1 1951
< J July 1 1939
fc
& J July 1 1967
& J July 1 1967
& J July 1 1967

Cont Tr Co, Balt, M d
Guaranty Tr Co, N Y
U S Trust Co, New York
do
do
do
do

1,000
1,000
1,000

96.000
2,800,000
650,000

6
J & J Jan 1 1929
5 14 g A & O Apr 11929
4 14 g M & N M a y l 1940

FIdelity-Phila Tr Co.Phi
Erie RR, New York
Phil Tr S Dep & Ins Co

100
1,000

9,000,000 See text Quar. See text
J P Morgan & Co, N Y
2,469.000
4 g A & O Apr 11990
Central Un Tr C o, N Y
552,000
6 g J & J30 To Jan 15 1935 Guaranty Trust C o, N Y

1,000

1.477.000

5g

J

1.000&C 25,941 000
1901
1,000 13,736,000
1888
1,000 1,998.000
1889
500 &c 3.323,390
1894
500 &c
53.280
1894
500 &c 4.123.991
1894
S & M emphis.
& Me mphis.

4g
6
5g
4
5
5

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

164 1890
1920
38 1905
1,085
715
3
285
285
285
City F
Scott

RE PO RT.— The directors’ report for the 6 mos. end. Dec. 31 1925 says:
At the last annual meetng the stockholders were informed that, from a
cablegram just received from Mexico, the board had reason to believe that
it was the intention of the Mexican Government to return the railways of
the company, and o f its leased lines, to private management, on Jan. 1
1926. These railways £ere, in fact, so returned on the date named, and the
operating management was resumed by the National Railways of Mexico,
under the terms of the old management agreement.
In consequence o f the resumption of management taking effect as from
Jan. 1 last, it has become desirable to alter the company’s financial year
so as to make it terminate on Dec. 31 in each year, instead of on June 30.
Accounts will therefore be issued for the 12 months to Dec. 31 1926, as soon
as possible after they have been received and audited.
The company made a hopeful beginning— the provisional returns for the
first half of the current year showing gross earnings from the whole system
amounting to $7,221,990 Mexican currency, with net earnings of $1,291,032
Mexican currency. No accounts have yet been received for any portion of
the second half of the year, but the directors have been informed that the
ines are not now being worked at a profit.
On Dec. 31 1925 the debit balance against net revenue account— mainly
in respect o f accrued interest on debenture stocks and rentals of leased
lines-—amounted to £3,440,910.
The company’s claims against the Mexican Government, which were
forwarded to Mexico a year ago are still the subject of discussion.
With the consent o f the debenture stockholders’ committee appointed in
M ay 1923, and with the acquiescence of the leased lines, the moratorium
granted to the company has been extended from time to time and is still
in operation.
A scheme for the purpose of terminating the moratorium and for providing
a modus vivendi, for a limited period, has been prepared by the directors,in
consultation with the debenture stockholders’ committee. This is now in
the hands o f the company’s legal advisers, but owing to the many complica­
tions o f the position it will not be ready for submission to the debenture
stockholders and other parties interested until early in the new year. The
proposed arrangement is intended as preliminary to a comprehensive
scheme to be formulated and submitted after a settlement of the claims
against the Mexican Government has been effected.
N . Y . office, 25 Broad St.— (V. 123. p. 3315.)
OFFICERS.— Chairman, W m. S. Poole; Thomas Sinton, Sec, N . Y .
office, 25 Broad St.— (V. 123, p . 3315.)
INTERSTATE R R . (OF V A .).— Stonega to Miller Yard, Va.. with
branches, sidings, &c., 81 miles. Incorp. in Va. in 1896. The Inter-State
Commerce Commission has placed a tentative valuation of $1,802,200 on
the co.'s property as o f June 30 1916. Proposed extension, V. 112, p. 1144;
V . 113, p. 182. No funded debt other than equip, trust ctfs. which are being
retired annually. The lines have direct connection with the Southern
» R y ., the Louisville & Nashville R R ., the Norfolk & 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 the Virginia Coal & Iron Co. (V. 91,
p. 1636), which owns 99% o f the capital stock. Equip, trusts of 1923,
V. 115, p. 2684; V. 116, p. 2007.
R E PO R T .— For 1926
Net
Interest
Cal.Yrs. Gross after Tax. Oth. Inc. Rents,&c. Balance.
Dividends.
1926 .--$1,339,829 $122,706 $918,125 $382,113 $658,718(7K) $621,688
1925 . . . 1,367,771
32,058 860,916 353,201 539,773 1714 %) 615,989
Chairman, Otis’ Mouser; Pres., Harry L. Miller, Andover, Va.; Sec.,
Lafayette Lentz; Treas., Russell Thayer Jr..Land Title Bldg., Philadelphia.
— (V. 122, p. 477.)
JACKSONVILLE, GAINESVILLE & GULF R Y .— Sampson City to
Emathla, Fla., 56 miles.
The I.-S. C. Commission has placed a final valuation o f $500,000 on the
owned and used property o f the company as o f June 30 1915.
The Jacksonville, Gainesville & Gulf R y. acquired the properties and
assets o f the Tampa & Jacksonville Ry. Co. July 14 1927 by the issuance of
$5,000 capital stock and $450,000 first mortgage twenty-five year 6% gold
bonds. Stock authorized $5,000; par $100; issued $5,000, all of which is
owned by the Seaboard Air Line R y. Co.
BONDS.— First Mortgage 25-Year 6% Gold Bonds, Series A , secured by
the entire line o f railroad and other property owned or hereafter acquired;
also guaranteed as to payment o f principal and interest by endorsement by
Seaboard Air Line Railway Co. These bonds may be redeemed on any
interest date at par plus accrued interest provided notice o f redemption is
published not less than 90 days’ and not more than 100 days’ prior to the
redemption date. Pres., S. Davies Warfield; V.-Pres., Chas. R . Capps;
V.-Pres., Sec. & Treas., Robt. L. Nutt of N . Y . C.
JACKSONVILLE TERMINAL CO.— Owns passenger depot, shops, 15
locomotives, &c., at Jacksonville, Fla., including 46.95 miles of track
used by Atlantic Coast Line R R . C o., Florida East Coast Ry. Co., Sea­
board Air Line Ry. C o., Southern R y. C o., Georgia Southern & Florida
R y. C o., which own entire capital stock o f $375,200. These lines meet the
cost o f operation o f the terminal company on a car handled basis.
The 1st & Gen. M tge., dated Jan. 1 1917, authorizes the issuance of
$3,600,000 of bonds, $500,000 to be used to retire the 1st mtge. bonds,
balance for construction o f new stations, &c. As to guaranty, see above
The ref. & ext. mtge. is limited to an authorized amount of $4,000,000
bonds. Of the authorized amount, $500,000 bonds are reserved to retire
prior lien bonds and $2,000,000 5% bonds, Series A, were used to take up
and retire a like amount o f first and gen. mtge. bonds. The $1,100,000
Series B bonds are redeemable as a whole only on and after Jan. 1 1937 at
1 0 7 and interest.
Principal and interest guaranteed unconditionally and jointly and sev­
erally, by endorsement, by Atlantic Coast Line R R ., Florida Bast Coast
R y., Southern R y. and Seaboard Air Line R y. V. 114, p. 1407.
OFFICERS.— Pres. & Gen. M gr., J. L. Wilkes; V .-P ., H. N . Rodenbaugb; Sec. & Treas., F. O. Sawyer; Aud., O. E. Christman. Office.
Jacksonville, Fla.— (V. 121, p. 582.)




[V ol. 125,

RAILW AY STOCKS AND BONDS

&

J Julyll 1955
Oct 1
M ayl
Oct 1
Mar 1
Mar 1
Mar 1

1936
1928
1929
1934
1934
1934

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

JEFFERSON RR.— Owns Lanesboro, Pa., to Carbondale, Pa., 37 mile*
touble track; branoh. West Hawley, Pa., to Honesdale Pa.. 8 miles. Leased
in perpetuity for an amount equal to interest on bonds per annum to Erie
R R ., owner of $2,095,700 stock. Used by D . & H. to reach Carbondale.
The $2,800,000 5% bonds due in 1919 were extended 10 years at 5>4%.
See V . 108, p. 1165.
JONESBORO LAKE C IT Y & EASTERN R R .— Owns Jonesboro to
Barfield, Ark., 63.1 miles; Dell to Victoria, Ark., 23.6 m.; total, 86.7 miles.
The I.-S. C. Commission has placed a final valuation of $1,117,328 on the
owned and used property and $36,657 on the used properties of the com­
pany, as of June 30 1916. Stock, $600,000. Bonds, $724,000 all o f which
are owned by St. Louis-San Francisco R y. Co. who acquired control and
leased the road in July 1925. V. 121, p. 2035. Office, Jonesboro, Ark.—
(V. 121, p. 2035.)
JOPLIN UNION DEPOT CO.— Owns union freight and passenger station
»n 26 acres at Joplin, Mo., completed In 1911, used by the Atchison, Topeka
k Santa Fe, Kansas City Southern, Missouri Kansas & Texas and Missouri
k North Arkansas, whioh Jointly own the $40,000 stock and jointly
»nd severally guarantee the bonds, prln. and Int. Of the bonds ($750,000
auth.), $650,000 sold. Total stock auth., $750,000.
The I.-S. C . Commission has placed a final valuation of $560,000 on the
owned and used property of the company as of June 30 1918.— (V. 90, p. 502.
627; V. 107. p. 802; V. 124, p. 788.)
KANAWHA BRIDGE & TERMINAL CO.— Owns bridge across the Great
Kanawha River near Charleston, W. Va., used for railway, street railway
*nd general traffic. Stock. $400,000, owned by Ches. & Ohio which odiratee property. Bonds, see table and V. 91. p. 1629.
KANAWHA & MICHIGAN R Y .— (See Map N . Y . Central R.R.)—
Mileage Dec. 31 1926:
2d YardTrack
Miles
Total
Mam and Sidof
Road. Track. ings. c£c. Mileage.
Corning
. 56.62
43.19
105.28
5.47
. 1.85
4.42
2.57
78.88
177.68
. 94.85
3.95
. 2.92
2.92
Glouster to Drakes. Ohio_______________. 8.20
8.20
Smithers to Marting, W . Va___________ . 4.36
3.89
—
8.25
Total mileage________________________.168.80
168.80
9.42
127.53
307.75
Diming 1919 acquired 4,001 shares each of the pref. and the com. stock
of the New Gauley Coal Corp. V. I l l , p. 1469.
In Oct. 1916 had agreed to assume the $1,477,000 bonds and car trust
ctfs. of Kan. & W . Va. R R . (entire capital stock owned), a line extending
from Charleston, W . Va., to Blakely, 33 m., with branch, 4 m. V. 106,
p. 2221; V. 103, p. 844; V. 104, p. 2005. In Feb. 1920 the Kanawha &
W. Va. R R . acquired the Gauley & Eastern R y. Co. V. 113, p. 1768.
The I.-S. C. Commission has placed a tentative valuation of $14,711,881
on the total owned and $15,088,604 on the total used properties of the com­
pany, as of June 30 1918.
HISTORY. &o.— Reorg. in April 1890 of K. & O. R y. foreclosed (see
7. 50, p. 451,483). Toledo & Ohio Central R y. (V. 100, p. 1251) acquired
(n 1915 $8,947,900 of the $9,000,000 capital stock. V. 105, p. 818, 998;
V, 99, p. 1052; V. 98, p. 912, 1537; V. 96, p. 63. Leased to N. Y . Central
RR. for a rental of fixed charges and taxes and 6% on its stock. V. 113.
p. 2614; V. 115, p. 543.
Govt. loan. &c.. V. I l l , p. 2520; V. 112, p. 162.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3.
For 1926, total income, $858,346; interest and rentals, $387,165; divs.
(5 % ), $450,000; balance, sur., $21,181.
Pres., P. E. Crowley; Sec., E. F. Stephenson; Gen. Treas., Harry G.
Snelling; Compt., W . C. Wishart.— (V. 124, p. 3768.)
KANSAS C ITY CLINTON & SPRINGFIELD R Y .— Owns from
Olathe, Kan., to Ash Grove, M o., 154 miles. V. 107, p. 2476. Stock,
$1,775,400. Bonds were guaranteed by the Kan. City Ft. Scott & Mem.
RR. (old co.). Tentative valuation as of June 30 1917, $2,936,553.
By authority of I.-S. C. Commission granted in October 1924, theKansas
City Ft. Scott & Memphis R y. Co. acquired all outstanding stock of
K. C . C . & S. R y. C o., and St. Louis-San Francisco Ry. Co. leased the
property of the K . C. C. & S. R y. Co. for a term expiring June 12 2000;
now operated as part of Eastern Division, St. L.-S. F. R y.
Pres., J. M . Kurn; Aud., E. H. Bunnell; Sec. & Treas., F. H. Hamilton.
St. Louis, M o.— (V. 119, p. 2064.)
KANSAS C ITY FORT SCOTT & MEMPHIS R Y — Operates Kansai
City, M o., to Memphis, Tenn., and branches, 925 miles. Also has a
controlling Interest in stock of the Kansas City Memphis & BIrm. R R .,
owning line from Memphis, Tenn.. to Birmingham, Ala., with branoh, 290
miles, and of Kansas City & Memphis R y. & Bridge Co., owning bridge
aoross Mississippi River at Memphis, 3 miles. Total, 1,215 miles.
The K . O. Memphis & Birmingham was leased Dec. 17 1903 for 99 years
from Jan. 1 1904, but terminable upon 6 months’ notice from either party;
rental is net earnings, after payment of interest on bonds, taxes, organiza­
tion expenses and cost of additions and betterments. This superseded the
old traffic contract. Kansas City Fort Scott & Memphis R y. owns entire
capital stock (V. 103. p. 2340.)
The I.-S. C. Commission, in Oct. 1924, authorized the company to
acquire control of the Kansas City Clinton & Springfield R y. through stock
ownership. V. 119, p. 2064.
ORGANIZATION.— V. 72. p. 1237. See V. 72, p. 438, 532, 675, 988
The St.L. & San Fran. R R . owned the entire stock and leased the road, guarantefing the bonds of 1901, prin. and int., and 4% on pref. stock trust certs.
The reorganization by which the St. Louis-San Francisco R y. Co. was
formed (V. 102, p. 896) left undisturbed the lease and outstanding bonds
of this system. Provisions in the new Frisco mortgages allow that company

Nov., 1927.]

EAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Par
Value

Amount
Outs anding

$100 20 000,000

Kansas C ity Mexico & O rient— Stock see text..
$ ,
Two year gold notes $6,000,000 red par---------Col.c
1914
_____j 5,640.200
Kansas City & P acific— See Missouri Kan & Texas Ry be low
500
150,000
Kansas City Shrevep & G u lf Term— 1st M red 105_z
1897
100 29.959,900
Kansas City S outhern— Common stock $30,000,000
Preferred stock 4% non-cum $21,000,000________
100 21,000.001
First mortgage $30,000,000 gold_______ Ba.xc&r
1900 1.000 &c 30,000,000
R ef & impt M $21,000,000 gold red 105. .xc*<fcr.N
1909 1.000 &c 21 000.000
500 &c 2 , 000,000
Pt Arthur Canal & Dock 1st M Ser “ A ” gu p&i c*&r*
1923
do
do
1st M Ser “ B ” gu p & i
500 &c
500.000
1923
Texarkana & Fort Smith Ry 1st mtge Series " A ”
guar prin & int redeemable 107 Yi________ xxxc*&r
500 &c 10,000,000
1925
508,800
jnquip notes due $63,600 y e a r ly ------------------------ G
1920 500&1.000
1,188,000
do
Series E due $108,000 ann______xxxc*
1923
1,000
2 , 2 0 0 ,0 0 0
Kansas C ity Term Ry— Stock auth $50,000,000-----1st M red as a whole on or aft Jan 1930 at 105 & int.x
1910 1.000&C 50,000,000

make improvements, extensions, &c., on the Kansas City Fort Scott
A Memphis Railway system and buy equipment and deal with obliga­
c
tions of the system, and for these purposes to Issue and renew bonds un
tier any existing mortgage o f this system, and to issue new bonds of thli
company, or of 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
mtge debt on this system must not at any time exceed $75,000,000.
STOCK.— Common, authorized, $45,000,000; issued, $16,660,000; all
owned by St. Louis-San Francisco Ry. and pledged under its prior lien mort­
gage; pref. stock pledged under prior lien mortgage, $14,939,500.
BONDS.— Of the Refunding bonds o f 1901 ($60,000,000). $25,941,000 were outstanding Dec. 31 1925, $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
22.500 per mile thereof. As to guaranty, see “ organization,” above
r. 75. p 853. See V. 87, p. 414; V. 91. p. 38, 154: V. 92. p. 1311; V. 93
p. 45; V. 94, p. 279
The interest on all except $53,280 o f the $4,454,780 Kan. City Memphis
S Birm. Income bonds is guaranteed by the Kan. City Ft Scott & M . Ry,
c
OnM ay 20 1918 holders of these unguaranteed incomes received on account
of coupon due Sept. 1 1916 1.198% and on coupon due Sept. 1 1917 5%
•On Sept. 3 1921 coupons due Sept. 1 1918. 1919, 1920 and 1921 were paid
V. 113, p. 1156; V- 106, p. 2229; V. 74, p. 477, 577; V. 103, p. 2340. As to
K. O. Mem. Ry. & Bridge .see V. 78, p. 1549; V. 99, p. 1597: V. 102, p. 800
— (V. 119, p. 2064.)
KANSAS C ITY KAW VALLEY & WESTERN R Y .— (V. 119, p. 693.)
KANSAS CITY MEXICO AND ORIENT R Y . CO. (THE)—Road.
Owned Unci. K . C. M. A O. Ry. of Texas. Securities Owned). Miles.
Wichita, Kan., to Alpine, Tex. (including trackage St. Louis & San
Francisco R R „ Foley to Ewing, Okla., 12.74 m iles____________ 737.95
Marquez, Mex., to Tobalaopa--------------------------------------------------------86.77
Minaca to Sanchez, Mex. (74.28 m .); El Fuerte to Topolobampo,
62.23 miles).............................................................................................136.51
Mochls. Mex., to Mochis Junction. Mex_________________ . ._
2.92
The I.-S. C. Commission has placed a tentative valuation of $6,146,500
on the owned and used properties o f the company as o f June 30 1919.
ORGAN IZATION .— In April 1917 W. T. Kemper of Kansas City was
appointed receiver. V. 104. p. 1591; V. 103, p. 1508, 1301; V. 99. p. 119.
V. 98. p. 1920. S. W . Rider is receiver for the lines in Mexico.
Government loan, V. I l l , p. 1566; V. 113, p. 2504. To build in Mexico
V. 111. p. 1852.
The receivers on Sept. 29 1920 filed application with the I.-S O. Comm
for authority to issue a receiver’s certificate to the amount 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.
Sale of Road.— The road was sold at public auction at Wichita, Kansas
on Mar. 27 1924 to Clifford Histed, General Counsel for the road, for
$3,000,000. Compare V. 118, p. 1520. The sale was approved on Mar. 24
1925 by Federal Judge John O. Pollock.
Modified Reorganization Plan in V . 125, p. 1456.
Reorganization Plan.— A plan of reorganization for the road was filed
Feb. 7 1925 in Topeka at the office of the Clerk of the Federal Court.
Under the proposed plan, the Government would be called upon to grant
a 15-year extension on the $2,500,000 loan which the Orient now owes the
Government. The extension would run from Dec. 1 1921 and ending in
1936. The new money which the road would acquire, according to the plan,
would be $2,250,000; $1,000,000 to be advanced by the Government as an
equipment loan and the balance to be advanced by M r. Histed.
The Government would take prior lien on the Orient properties under
the 15-years extension on the $2,500,000 loan now due the Government
and under the proposed $1,000,000 advance in the reorganization plan.
It wa f proposed that the new operating company for the Orient be
organized with a capital o f $7,500,000. [The new company was chartered
in Kansas on or about April 1 1925]. In return for the advance of $1,250,000, 35,000 shares o f stock valued at $3,500,000 is to be delivered
to M r. Histed.
The remainder o f the $4,000,000 in Common stock is to be allotted
among the noteholders for subscription. The subscription price shall be
$80 per share, payable in cash and installments without interest, as follows:
20% in cash to accompany the subscription. 25% on or before Sept. 1 1925,
25% on or before Dec. 1 1925. The remaining 30% on or before March 1
1926. Compare also V. 120, p. 2142.
Capital Stock.— In addition to the $20,000,000 capital stock outstanding
there is also outstanding $1,000,000 stock of Kansa.s City Mex. & Orient
Ry. Co. o f Texas.
Notes, Ac.— The $5,640,200 2-year gold notes are secured by deposit of
$31,000,000 adjustment gold 5s, due July 1 1964. Funded debt o f Kansas
City Mex. & Orient R y. Co. o f Texas, $9,116,633.
Committee for First M . 4s (old Co.)— Lord Monson (Chairman); Columbia
Trust C o., N . Y ., and Glyn, Mills, Currie & C o., London, depositaries.
Of the $21,409,000 in the hands o f the public, $19,545,000 had been de­
posited in June 1914. V. 94, p. 767. 911, 1566; V. 97. p. 443; V. 98, p
763. 1244. 1767.
Note Committee — Chairman J. N. Wallace and H. Bronner, N. Y. City;
Jozach Z. Miller, Kansas City; Henry Sanderson, o f C . D . Barney &Co
of N . Y .; William J. Gray, Detroit; Herbert F. Hall, P. W . Goebel, W . 8
McLucas and Clifford Histed of Kansas City, and O. M . Sigler, 54 Wall St.,
N. Y . City, Sec’y. Central Trust C o., N. Y ., and Commerce Trust Co.,
Kansas City, M o., depositaries. V. 102. p. 1436, 1896. 2166.
EARN ING S.— For 1925, gross, $5,600,308; net oper. income, $532,608;
other income, $249,316: int. and rentals, $1,140,728; bal., def., $358,805.
For latest earnings see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres., Wm. T. Kemper; V.-P. & Gen. Counsel, Clifford
Histed; Sec., W . S. McLucas; Treas., R . C. Kemper.— (Y. 125, p. 2384.)

f




Rate
%

When
Payable

71
Last Dividend Places Wher Interest and
and Maturity
Dividends Are Payabl

6g

A & O 30 Apr 30 1916

Prin & int over-due

4

F

Treas Off, Kan City, M o

&

A See text

Oct 15 1927 1% Checks mailed
Apr 1 1950
New York Trust C o, NY
do
do
Apr 1 1950
Feb. 1 1953
Ladenburg, Thalmannft
Feb 1 1953
Co and Nat City B k, N Y
Laden burg, Thalmann&
5H g F & A Aug 1 1950
Co and Nat C ’y Bk, N Y
6
J & J15 To Jan 15 1935 luaranty Trust Co, N Y
5H g M & S To Sept 1 1938 Nat’l City Bank, N Y

4
3g
5g
6g
6g

4g

Q—J
A & O
J & J
F & A
F & A

S

Jan 1 1960

N Y , Boston & Chicago

KANSAS C IT Y SHREVEPORT & GULF TERMINAL CO.— Owns
union depot at Shreveport, La., including 1.58 miles o f yard and terminal
track. Stock, $150,000. all owned by Kansas City Southern Ry. Bonds,
Pioneer Trust Co., Kansas City trustee. All but a few of the dutstanding
bonds have been redeemed, and acquired by the K. C. S. The I.-S. C.
Commission has authorized the extension of the bonds from Aug. 1927 to
Aug. 1 1937. Office, Kansas City, M o. (V. 125, p. 2669.)
KANSAS C IT Y SOUTHERN R Y. CO. (THE).— (See M ap.)— Operates
a line extending from Kansas City, M o., to Port Arthur. Texas., thence
by its ship canal, 7 miles, to deep water on Gulf of Mexico, with branches
and extensive terminals used by various roads entering Kansas City.
Lines owned—
M iles.
Main Line Owned or Contr’d. Miles
Kansas City, Mo., to Beit Ju n e.. 12 Branches to Fort Smith, De
Grand View, Mo., to Port Ar­
Quincy, La., etc____________ 70
thur, Texas__________________ 765 Trackage— To Gr. View. Mo., etc 18
Miles of 2d track, 20; yard, terminal and side tracks, 498: total track
mileage in system, 1,383.
The I.-S. C. Commission on Feb. 25 1926 approved the acquisition by the
company o f control, by lease, o f part o f the railroad o f the Texarkana &
Fort Smith R y. V. 122, p. 1306.
Also owns entire $650,000 eacn of stock and bonds of Arkansas Western
Ry., Waldron to Heavener, Ark., 32 miles, operated separately; also con­
trols K. C. Shreve. & Gulf Terminal Co. V. 83. p. 38. 492.
ORGAN IZATION .— A reorganization of Kan. C. Pitts. & Gulf R R ., fore”
closed in 1900 per plan in Y. 69, p. 1012, 1062. V. 73. p. 1356; V. 74. p. 94
V. 80, p. 1971; V. 81, p. 559; V. 84, p. 1366; V. 88, p. 375.
Valuation, V. 118. p. 2948; V. 119. p. 74. 197. 1952: V. 120. p. 699;
V. 121. p. 1225, 2035: V. 124, p. 108
The application of the Kansas City Southern Ry. for authority to acquire
control o f the Missouri-Kansas-Texas R R ., and of the latter to acquire
control of the St. Louis-Southwestern R y., by purchase of capital stock,
was denied by the I.-S. C. Commission by a vote o f 7 to 4. The decision,
dated M ay 3 and made public M ay 19 1927, was based on the ground that
the proposal would not be in the public interest. The proposal is that gen­
erally known as the “ Loree merger” plan, because L. F. Loree, Chairman
o f the Kansas City Southern and o f the Missouri-Kansas-Texas, was one
of the chief proponents. The proposed consolidation is disapproved mainly
because o f the methods by which the merger is to be brought about. The
rejection was also prompted by the weakened position in which the so-called
short line affected would be left. The Commission also held that minority
interests in the roads concerned were not properly safeguarded. The total
mileage o f the proposed unification, known as the Loree merger, would be
5,801. Under the terms of the applications, the Kansas City Southern
would obtain majority holdings o f Missouri-Kansas-Texas stock and the
latter would purchase enough stock o f the St. Louis Southwestern from the
Kansas City Southern to give the M . K. T. a majority control o f that
carrier. The three roads would retain their corporate entities but unified
operation would be possible. For full report of the I.-S. C. Commission
see V. 124, p. 2980, 2987.
SECURITIES.— As to the $21,000,000 “ ref. & impt. bonds of 1909”
see V. 88, p. 1128, 1253, 1437; V. 89, p. 104; V. 90, p. 167; V. 92, p. 322,
and $500,000 Series B of Port Arthur Canal & Dock C o., V. 117, p. 1245;
V. 120, p. 827. Guaranty of $10,000,000 1st mtge. 5 H % gold bonds.
Series A . of Texarkana & Fort Smith R y. V. 122, p. 1452.
D IVIDEN DS — First div. on pref. stock, 4 % . pah- July 1 1907 out of
earns, for 1906-07; Oct., 1% ; 1908 to July 15 1927. 4% p. a. (Q.-J.).
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3.
RE PO RT.— For 1926, in V. 124, p. 1970, showed:
[Kansas City Southern R y ., Texarkana & Fort Smith R y.]
Operating Revenues—
1926.
1925.
1924.
1923.
F r e ig h t.........................$18,196,796 $17,439,572 $16,927,685 $18,086,262
Passenger______________ 1,615,559
1,749,399
2,054,819 2,422,776
Mail, express, &c______ 1,830,956
1,684,725
1,602,246 1,632,050
Incidental & joint facility
278,635
291,459
439,262
344,011
Gross revenues______ $21,921,947 $21,165,155 $21,024,012 $22,485,099
Maint. o f way & stru c.. $2,506,165 $2,843,100 $2,972,755 $3,547,641
Maint. o f equipment_
_ 3,523,780
3,473,567
3,858,494 4,274,864
T ra ffic ________________
687,870
634,671
577,128
533,644
Transportation________ 6,766,974
6,607,757
6,794,325 7,401,645
Miscellaneous operations
18,719
18,067
34,113
17,655
G en eral_______________ 1,076,034
1,040,909
1,037,122
954,668
Transporta, for in v est.. Cr.30,883
Cr.32,267
Cr. 17,410
Cr.21,306
Total operating e x p s ..$14,548,658 $14,585,804 $15,256,529 $16,708,811
Net revenue_____________$7,373,288 $6,579,352 $5,767,484 $5,776,287
1,350,568
1,280,811 1,435,907
T ax es_________________ 1,437,017
Uncollectible revenues..
6,683
9,713
5,292
10,310
Operating income____$5,929,587
$5,219,070
Rent from equipment_
_
75,491
89,259
Joint facility rent income
168,845
172,996
Inc. from lease o f r o a d ..
968
935
Miscell. rent income____
11,384
9,785
Misc. non-op. phys. prop
42,305
22,688
Dividend income_______
337,500
168,750
Inc. from funded secur..
7,829
11,388
Inc. from unfund, secur.
and accounts________
311,646
77,535
Miscellaneous income___
634
347

$4,481,381 $4,330,070
99,913
99,150
165,754
171,018
880
891,302
9,383
10,144
28,190
28,985
2,113
960
Dr. 1,543

Total non-op. income.
$956,604
$553,683
Gross income___________ $6,886,192
$5,772,753

$462,710 $1,312,174
$4,944,091 $5,642,244

157,335
293

110,388
427

12




RAILW AY STOCKS AND BONDS

[V ol. 125,

Nov., 1927.]

73

KAILW AY STOCKS AND BONDS
M iles Date
Road Bonds

Kansas Oklahom a & G u lf Rv— Govt lien notes----- 314.42 1920
1926
1st M gold bonds red 102 $4,000,000 auth. GP.xxxc*
Series A 6 % cum pref stock_______________________ 314.45
Series B 6% non-cum pref stock___________________
Series 0 6% non-cum pref stock___________________
1919
Equipment trust notes____________________________
1911
Ken & ln d Term R R — 1st M guar (see text).G .xc*A r
K eokuk & Ham B on d h old ers Co— Stock---------------Secured notes callable any int date_______________
La Crosse & S E Ry— 1st M $1,000,000 g red 105— z
Lackaw RR o f N J— Stk auth $12,000,000 gu 4% div
L E Frank & Clarion R R — 1st M g call 1918 105-FP
Lake Erie & D etroit River— See Pere Marquette R R .
Lake Erie & P ittsbu rg— Stock rental guaranty------28
First mtge $15,000,000 g guar__________ G.xc*Ar*
Lake S hore & M ichigan S o u th e rn — See New York Oentr

Amount
Outstanding

Par
Value

$1,000
100
100
100
£100451000
10

1915
1904

1,000

1913

1,000

1915
al RR.

$1,410,000
1.999.000
2.811,300
274,300
5,700,100
107,273
f £1,351.000
l $467,000
1 , 000,000
384,800
300.000
10.750.000
970.000

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Apr 1 1932
Jan 1 1976

6

6g
6
6

6
4^ g J

6

5g
4
5g

A
A
J

A

J Jan 1 1961

Philadelphia, Pa
Giraid Trust C o, Phila
do
do
do
do
do
do
do
do
J P M A C o, N Y ; AILon

See text
O 1945
La Crosse Wis
O Oct 1 1944
Western R
July 1 1927 1% Del Lack
A D Dec 11953
U S Mtge & Tr Co W ?

A
A

G
i

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

100
4.300.000
Text See text
5
1,000 Ac t 3,682,000 4>* & 5 g J A J July 1 1965

Treasurer's office. N Y

x Of this amount $142,000 are 5% series A and the b alance 4 H % bonds.

Deductions—
Hire o f fr ’t cars, deb.bal.
Rent for equ ipm ent_
_
Joint facility r e n t s ____
Rent for leased roads __
Miscellaneous rents____
Misc. tax accruals ____
Int. on funded debt
Int. on unfunded d e b t,.
Amort, o f disc, on fd. dt.
Misc. income charges_
_

1926.
$764,831
146,183
259.068
173,268
493
5,895
2,490,576
736,384
5.138

1925.
$568,712
107,863
311,324
161,578
611
2,832
2,062,832
421,368

1924.
$547,180
107,941
227,550
125,414
654
106
1,899,587
31,130

1923.
$673,293
112,152
277,692
30,637
983
119
1,856,527
Cr. 103,652

new 6% 6-year note o f the company in the same principal amount and
secured by the deposit as collateral o f $2,001,000 new 6% first mtge. bonds.
Bonds Sold.— In 1926 $1,999,000 1st mtge. 6% gold bonds were sold.
Bonds are part o f 6% series 1976, and are secured by a direct first mtge.
on the system in Okla. and by pledge o f all the stocks and bonds o f Kansas
Okla. & Gulf Ry. Co. o f Texas and the Missouri Okla. & Gulf R y. Co.
(Kansas) subsidiaries owning the portions o f the system in said States
respectively. Of the remainder, 6% series 1976 bonds, $2,001,000 are
held as security for a note o f $1,410,000 to the U. S. Government, due
n 1932. V. 123, p. 576.
Exchange of Old for New Securities.
Listing Securities.
Outstanding. ------------------------Will Receive6% Notes. 6% Pref.A. 6% Pref.B. 6% Pref.C.
Government lien notes $1,410,000 $1,410,000
................................................
1,000
Each $1,000...............
Mtge. bonds series A___ 2,831,164
_____ 28,311 shs.
Each $1,000...............
10 shs.
Income bonds series B__
281,920
_____
2,819 shs.
Each $1,000..............
10 shs
Income bonds series C__ 5,783,650
_____
57,836 shs.
Each $1,000-.........
10 shs.
a Gen.creditors(prtorA)each$l,000.
10 shs.
a Other gen. creditors each $1,000-_____
a Unsecured creditors total about $100,000.
R E PO RT.— For 1926:
Cal.Yrs.
Gross.
Net.
Other Inc. Int.,Rents.,Ac. Bal., Def.
def$364,314
$32,361
$393,731
$725,685
1926---------- $2,751,590
1925............ 2.518.478
151.787
31.898
426.526
242.842
For latest earnings see “ Railway Earnings Section,” published monthly.
V. 125, p. 778.
KENTUCKY & INDIANA TERMINAL R R . CO.— Owns 2-track steel
bridge over Ohio River at Louisville and lb.44 mile* main track and
58.44 miles yard tracks and sidings in and about Louisville. Tentative
valuation of $4,068,155 on property o f co. as o f June 30 1917. Sou. R y.,
Balt. & Ohio and Chic. Ind & Louisv. own the $75,000 capital stock, and
under new lease from Jan. 3 1911, pay monthly, in proportion to can
handled, any deficit In operations, rentals, taxes and Int. Bonds, £2.000.000 auth. Issue, of which £1,446,961 guar, by the three proprietary cos.,
were Issued to retire the $2,136,600 old bonds and for new construction: re­
mainder reserved for future purposes. Of the outstanding amount, $467,000 are payable In U. S. gold coin. Of the sterling bonds, 9,585 bonds are
endorsed, payable in New York in U. S. gold coin at the fixed rate o f $10.95
per coupon, leaving a balance o f 3,925 bonds payable in pounds sterling.
V. 92, p. 187; V. 91, p. 589, 214, 38; V. 92, p. 201. 1032: V. 93, p. 469; V. 95.
p. 1403; V. 102, p. 437; V. 118, p. 85.
Pres., H. R. Kurrie: V .-P ., A. P. Humphrey; Treas., H. D . Ormsby:
Sec. & Aud., F. J. Flispart.— (V. 125, p. 511.)
KEOKUK & HAMILTON BONDHOLDERS’ CO.— Incorporated in
May 1914 to acquire (per plan V. 99, p. 1920) the bonds of the Keokuk A
Hamilton Bridge C o ., which owns bridge across Mississippi River at Keokuk,
la ., used by Toledo Peoria A Western and Wabash RRs. and foot pass­
engers, 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 M % per annum, were exchanged $ for $ for the
Bridge Co. bonds. These debentures have since been exchanged for an
issue of stock for like amount
Interest on the 6% secured notes has been paid to date.
D IV ID E N D S.— July 1918 paid 2.25% ; July 1919, 1.25%; July 1920.
2.20%; July 1921. 1.20%; July 1922, 1.20% ; none since.
EARNINGS of Keokuk A Hamilton Bridge Co. year ending Dec. 31 1926,
gross, $122,369: net after taxes. $56,864; interest (accrued), $80,041; net
(deficit), $23,177. Treas., Theodore Gilman Jr., 535 Fifth Ave., N. Y .
— (V. 122, p. 1915.)
LA CROSSE AND SOUTHEASTERN R Y . CO.— Owns La Crosse and
Southeastern Jet. to Viroqua, Wis., 40-81 miles; trackage La Crosse and
S. E. Jet. to La Crosse, 1.8 miles; total, 42.61 miles. Stock authorized,
$1,000,000; outstanding, $955,000; par, $100. Bonds, $1,000,000 auth.;
outstanding, $300,000. Wisconsin Trust Co. o f Milwaukee, trustee.
Year ending Dec. 31 1926, gross, $111,586; net, $27,035; int., taxes, rentals,
$23,496; balance, $3,539. Pres., J. H. MacMillan; Sec., Cargill MacMillan;
Treas., J. H. MacMillan Jr. Office, 300 Main St., La Crosse, Wis.— (V.
80. p. 222.)
LACKAWANNA R R . OF NEW JERSEY.— Owns from Hopatcong,
N. J., to a point near Portland, Pa., 27.44 miles, opened Dec. 1911. D. L
A W . leases the road for a guaranty of 4% on the stock. V. 93, p. 1324.
1786; V. 92. p. 656; V. 90, p. 557; V. 88. p. 558; V. 86, p. 543. Stock out,
standing, $10,750,000, was distributed in Dec. 1911 as a dividend to the
D. L. A W. stockholders.— (V. 106, p. 601.)

21,059
22,724
22,333
24,530
Total deductions _. . $3,659,454 $2,962,287 $2,868,810
Net income_
_
_____ $4,606,360 $2,113,299 $1,981,803 $2,773,434
840,000
840,000
840,000
Preferred divs. (4 % )_ $2,279,832
_
840,000
Income balance trans---- ------------ferred to prof. & loss $1,439,832 $1,273,299 $1,141,803 $1,933,434
For latest earnings, see “ Railway Earnings Section' (Issued monthly).
BALANCE SHEET as o f Dec. 31 1926, in V. 124, p. 2111.
OFFICERS.— Chairman, L. F. Loree; Pres., J. A. Edson; V.-P. in charge
o f traffic, J. F. Holden: V.-P. & Asst, to Pres., A. M . Calhoun; V.-P. & Gen.
Mgr., G E. Johnston: V.-P. & Sec., G. O. Hand; Treas., I. O. McGee;
Comp. & Asst. Sec., L. J. Hensley. New York office, 25 Broad St. General
offices, Kansas City, M o.— (V 125, p. 2143.)
KANSAS CITY TERMINAL R Y .— Owns 27 miles o f road, with passen­
ger depot and freight and passenger terminals at Kansas City, M o. Con­
trolled by 12 proprietary cos., vis.: Chic. R . I. & Pac., Atchison Topeka
te Santa Fe, Chic Milw & St. Paul, Chic. A Alton, St. Louls-San Fran.,
Union Pacific, Wabash, Ohio. Burl. A Quincy, Mo. Pao., Missouri-Ran.Tex.. Kan. City Southern and Chic. Gt. Western, whloh will pay equally
any excess of fixed charges. V. 89, p. 1671. Has 150 miles now built of
main and ndustrlal railroad tracks, 6 local freight sub-stations, passenger,
freight and switching yards, A c., and union passenger station. V. 107.
p. 2008 V 90. p 627 630; V. 91. p. 1386: V 98. p. 1244; V 99, p. 1130.
On Feb 15 1919 put In operation double-decked viaduct over Kaw
Valley bottoms to connect with (1) Union Pac. and Oh. R. I. A P . Rys.
(2) M o. Pac. and Ch. Grt. West. V. 103. p. 1980: V. 106 p. 1126.
The I.-S. C. Commission has placed a tentative valuation o 1$37,437,292
on the used and $37,299,066 on the owned property o f the company as of
June 30 1916.
BONDS.— 1st 4s ($50,000,000 auth. and outstanding), V. 90, p. 627
V. 91, p. 1386; V. 92, p. 395: V. 93, p. 164; V. 96, p. 135, 202; V. 98, p.
1244, 1316; V 100. p. 733: V. 106, p. 296; V. 107, p. 2008.
The 10-year 6 H % secured gold notes o f 1921 were redeemed on Jan. 1
1926 at 102.
The 3-year 5 K % secured gold notes of 1923 were redeemed on N ov. 15
1925 at 101 and interest.— V. 124, p. 1062.)
KANSAS OKLAHOMA & QULF R Y .— This company was organized
as the “ new company” provided for in the plan o f adjustment o f the Mis­
souri Oklahoma A Gulf R R . System, dated Dec. 31 1918 (V. 108, p. 1936)
The plan was approved bv the Director^General o f Railroads during the
period of Federal control. In accordance with the plan the company
acquired the properties that were subject to the receivership and was au­
thorized by the I.-S. O. Commission to Issue bonds, capital stock and equip­
ment trust notes as below, for the purpose o f further execution of the plan
The Missouri Okla. A Gulf Ry. owned and operated 203.31 miles o f malD
track and 41.3 miles of sidings, extending from Wagoner to Red River
Muskogee and Henryetta; Dewar to end o f track, 9 m.; Junction to Bormide, 4 m.; Missouri Oklahoma A Gulf RR. (V. 96. p. 1022), Wagoner Okla
to Baxter, Kan., 98.2 miles. Kan. Ok. A Gulf B y . o f Texas owned and
operated 9.1 miles Red River to Denison.
The company was authorized to issue, as o f March 1 1920 the following
securities: $2,994,750 series A 6% bonds, due Jan. 1 1937, $285,478 6%
series B income bonds; $6,120,5006% series C bonds, due Jan. 1 1949;
$9,120,500 pref. stock; $729,640 common stock; $743,034 equipments
trusts. The bonds are to be subject and inferior to the Government’s lien
mortgage dated March 1 1920, under which $1,410,000 Govt, lien notes
have been issued.
Compare V. 112, p. 469.
Receivershiv.— H. W . Gibson and H. L. Traber o f Muskogee, Okla., were
appointed receivers on June 6 1924. V. 118. p. 2949. H. L. Trober re­
leased as co-receiver Aug. 1 1925. Receivership terminated April 30 1926.
The Muskogee company has been incorporated under laws of Delaware
as a holding company to own a controlling interest in the securities of the
Kansas Oklahoma A Gulf R y., upon its reorganization and foreclosure.
V. 121. p. 1225.
Readjustment Plan (V. 122, p. 744).— A plan for the readjustment of
securities o f the company was prepared by the following committee:
Charles E. Ingersoll, Chairman, Philadelphia; H. H. Ogden, (First National
Bank) Muskogee, Okla.; A. A . Jackson (Girard Trust C o.), Philadelphia,
Pa., and F. J. Lisman (F. J. Lisman A C o.), New York, Owners o f series
LAKE ERtE & EASTERN R R .— Penn Crossing, Ohio, to Girard Jet.,
A, B and C bonds and general creditors were requested to deposit the bonds Ohio, switching facilities, 8 31 miles main track, 8.28 miles second main
and assignments o f their claims with First National Bank, Miskogee, Okla., track, 35.28 yards and sidings. The I.-S. C. Commission has placed a
tentative valuation of $4,925,000 on the owned and used property of the
or Girard Trust C o., Philadepha, depositaries.
To Create New Bonds Prior to Existing Bonds— Exchange of Existing Bonds company as of June 30 1916. Stock (V. 106, p. 2011), authorized, $8,000,for Pref. Stock.— The plan formulated proposed that the company issue a 000;outstanding, $6,903,000. The Pittsburgh A Lake Erie RR. Co. and
new 6% first mortgage and that the old series A, B and C bonds be the Mahoning Coal R R . Co. each owns 50% of the stock outstanding. An
exchanged, par for par, for 6% preferred stock o f three series. A, B and C, initial div. of 2% was paid July 1 1926; same amount paid quar. to July 1
series A to be cumulative from Jan. 1 1926, series B and C to be non-cumu- 1927 — (V. 124, p. 1816.)
lative, each series to be issued in the same amounts as are the principal
LAKE ERIE FRANKLIN St CLARION R R .—Owns Summerville to
amounts o f the old A, B and C bonds, and otherwise to have the same Clarion. Pa.. 15 miles; branch, Strattonville to Mill Creek, Pa., 3.10 m ,
relative priorities with respect to earnings and distribution of assets in other branches. SH m.; trackage, Sutton to Franklin, Pa., 47.9 m.; total.
liquidation as have been A, B and C bonds.
74.76 miles. Capital stock $1,000,000. par $50. 1st M. bonds auth. $1 Government to Cancel Lien Notes Totaling $1,410,000 and Accept Company 000.000. Callable at 105 and interest. Government loan. V. 112. p. 2414.
Notes — The Government cancelled its Government lien notes totaling
The I.-S. C. Commission has placed a tentative valuation o f $669,000
$1,410,000, the interest thereon being paid, and accepted in lieu thereof on the property o f the company as o f June 30 1917.




74

[V ol. 125.

RAILW AY STOCKS AND BONDS

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

Leavenworth Term inal Ry & Bridge— 1st mtge gold
due $40,000 yearly _
.
___
Lehigh & H udson River— Stock $5,000,000 auth_
_
Lehigh & New E ngland— S tock ..
First mortgage $1,000,000 g o l d _______
...F P .x
Gen mtge ser A g red 105______________GuP.kc*
do ser B g red 105. ______________GuP.kc*
Equip tr ser C guar gold redl02>* $35,000 ylyGuP.x
do ser D due $40,000 yearly guar
PeP.xc*
do ser E d ue$55.000ylv (gu) (V 103.P 1405)PeP
do ser F dne $50,000 yly (V. 125, p 1704) - Pep
Lehigh Valley— Common stock $80,000,000__ .O p
Preferred stock 10% (V 79, p 151, 269). . . .G p
First mortgage extended in gold in 1898 - GP.xc&r
Consol M originally $40,000,000 outstanding annuity $2,538,000 4)*s $10,062,000 6s. ______ FPx
General consol mtgel $150,000,000 g o ld .. GPxc*&r
do
do
)
do
do
Bonds of Controlled Properties—
Lehigh & N Y 1st M gold guar p & i _ .Mp.xc*&r
Lehigh Valley Ry 1st M g gu p & i (end) GP.xc*&r
Lehigh & Lake E 1st M $3,000,000 g . -Usm.xc*&r
Lehigh Val Term 1st M g guar p & i end. Ce.xc*&r
Easton & Nor 1st M g guar by Leh Val GP.xc*&r
Middlesex Valley 1st mtge $600,000 gold .C e.zc*
Pa & N Y Can & R R — Cons gu (text) (end)_GP.xr
Cons real est 1st M $2,600,000 (V 83, p 702). . Usm
L V Harbor Term Ry 1st M g 5% series guar p & i
red (text) ___________ ______________ )fcxxxc*&r*

Miles Date
Road Bonds

2.70 1923
All
1895
196 1914
196 1914
1913
1914
191R
1927
264 1868

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

»
$1,000
$240,000
51* g M & N To M ay 1 1933
100 4,707,000 See text Text
Dec 31 ’26 6%
50 6,800,000 See text Various! See text
1,000
1,000,000
5 g J Sc J July 1 1945
1,000 4.000,000
5 g J Sc .1 July 1 1954
J Sc J July 1 1954
1.000 2,000.000
5g
60,000
1,000
41* F Sc A Feb 1928
80.000
1,000
41* M Sc S Mar 1928 to '29
1 .000
195.000
fe
4V* A < () Apr 1928 to '31
A Sc O Oct 1 1942
1,000
750,000
4>*
50 60,501,700 See text y — J Oct 1 ’27 1 % %
106,300
10
50
y — J Oct 1 ’27 21*%
j
& D Junel 1948
1,000 5,000,000
4g

278
278
278
278

& D
1,000 12,600,000 41* & 6 j
1873
M Sc N
4g
1903 1,000 &c 26,953,000
41* g M & N
1903 1,000 &c 20,697,000
M Sc N
5g
1903 1,000 &c 12,000,000

115
514
11
27
13
29
123

1895
1890
1907
1891
1895
1892
1888
1906

1,000 2,000,000
4g
1,000 15,000,000
41*
1,000 3,000,000
41*
1,000 9,999,000
5g
500 &o
50,000
41*
190,000
1,000
6g
1.000 8,500,000 4. 41*,
4
1.000 In treasury

1924

500 &c 10,000,000

For calendar year 1923, gross, $323,208; net, $46,721; other Income
$36,520; fixed charges, $69,361; bal., sur., $13,880. Pres., Gen. Charles
Milier, Franklin, Pa.; V.-Pres., T . J. Odell, N. Y .; Treas., H. H. Hughes
— (V. 124, p. 108.)
LAKE ERIE & P IT T S B U R d R Y .— Owns 27.76 miles between M arcj
at a connection with Cleveland Short Line By. (now N . Y . Central RR .)
and Brady Lake Jet. on Penna. R R .: was opened Oct. 15 1911. V. 98
p. 1241. Jointly owned by N . Y . Central RR. and Pennsylvania Co.
which have trackage rights over the road. rental providing for Interest and
6% on stock. Stock auth. $6,000,000. as increased In M ay 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 $3,540,000 4>*% bonds
were issued. V. 101, p. 694; V. 103, p. 320.— (V. 115, p. 436.)
LAKE SUPERIOR & ISHPEMINO R R — The new company was
lncorp. Aug. 17 1923 for the purpose of consolidating and operating as one
railroad the properties of the Lake Superior & Ishpeming R y. and the
Munising, Marquette & Southeastern Ry, both Michigan corporations,
operating a continuous line of railroad between Ishpeming In Marquette
County, and Munising, in Alger County, with connections at Marquette.
Its authorized capital stock Is $4,300,000 (par $100). The agreement of
consolidation approved by the stockholders Oct. 30 1923 provides that the
constituent companies are thereby consolidated into one corporation, which
shall possess all the powers, rights and franchises held by those companies,
or either o f them, and transact all business theretofore carried on by said
companies, or either of them. In the same manner and to the same extent
In all respects as they, or either o f them, might have done prior to the
execution o f the agreement.
The 1.-8. O. Commission on Jan. 22 1924 authorized the company to issue
15,000 shares o f capital stock (par $100) and to exchange 10,000 shares for
a like number o f shares o f $100 par of the Lake Superior & Ishpeming
R y., and to exchange 4,280 shares for 18,700 shares o f $100 par each of
the Munising Marquette & Southeastern Ry. (V. 117, p. 2770), the 720
remaining shares to be held by the co. until further order of the Commission.
In 1927 paid a 200% stock dividend.
The I.-S. C. Commission has placed a final valuation of $4,831,350 on the
owned and used properties of the company as of June 30 1916.
R E PO RT.— For 1926
Cal.
Net
Other
Int.,
*
~ fP
~
Years—
Gross.
after Tax.
Inc.
Rents, &c.
Divs.
Bal.
1926______$2,451,312 $971,072 $95,877 $302,674 $714,000 $50,905
1925--------- 2,252,532
646,544 65,015
100,685 285,600
325,274
For latest earnings see “ Railway Earnings Section” (Issued mommy).
Pres. W m .G . Mather, Cleveland, O.; Gen. M gr., H. R . Harris, Marquette.
Mich.— (Y. 125. p. 2258.)

5g

Irredeemable
M ay 1 2003
M a y l 2003
M ay 1 2003

M & S Sept 1 1945
g J & J July 1 1940
g M & S Mar 1 1957
A Sc O Oct 11941
g M Sc N Nov 1 1935
M & N Nov 1 1942
5 A & O Apr 1 1939
F Sc A Feb 1 1956
F

& A Feb 1 1954

J P Morgan & C o, N Y
Warwick, N Y
Philadelphia office
437 Chestnut St, Phila
do
do
do
do
Guar Tr & S D C o, Phila
Penn Co for Ins, &c. Phil
do
do
do
do
Checks mailed
do
C o’s office, 228 So 3d St
Phila, and J P Morgan
& Co, New York
Of.Phil,& JP M & C o.N Y
do
do
do
do
O f.P h il.& JP M & C o.N Y
do
do
do
do
Lehigh Valley R R , Phila
Of Phil & JPM&Co. N Y

On Jan. 1 1918 paid a stock dividend of 28.36% . to represent surplus
expended on the property prior to April 1912. In Dec. 1918 a div. of 6%
was declared and paid on Feb. 10 1919; June 1919 and Dec. 1919 paid 6% :
Oct. 1920 paid 6% ; Mar. 1921 paid 6% ; June 1921 paid 4% and 6% on
new stock from date of Issue to June 30; Dec. 1921, 4% on increased cap­
italization; June 30 1922, 4% : Dec. 29 1922, 4 % ; June 30 1923. 4 % ; Dec. 29
1923, 4% and 2% extra; April 15. June 30 and Sept. 30 1924, 2% each;
Dec. 23 1924, 2% and 2% extra; Mar. 31 1925 to Dec. 31 1926. 2% quar.;
also 2% extra on Dec. 31 1925 and 4% extra on Dec. 31 1926; June 30
1927, 2 % .
R E PO RT.— For 1926. in V. 124, p. 2743, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Railway oper. revenues. $3,567,884 $3,053,596 $3,146,657 $3,117,709
Railway oper. expenses.
2,343,112 2,237,097
2,240,096
2,193,039
_
203,787
155,504
Railway tax accruals_
165,917
135,33$
Uncollectible ry. revs_
_
18
101
22
Non-operating income. _

$1,020,984
59,932

$660,977
40,710

$740,543
39,938

$769,040
101,704

Deduct— Hire o f equ ip ..
_
Joint facility rents_
Interest due & accrued
Miscellaneous charges1

$1,080,916
203,642
145.554
554
32

$701,687
146,683
135,903
662
32

$780,480
150.322
140,350
2,602
32

$870,745
101,813
143,749
208
32

$731,135
2,189,394
D r.909
564,840

$418,406
2,241,683

$487,175
2,225,527
Dr320
470.700

$624,942
2,073,445
Dr2,159
470,700

Profit & loss adjustm’ts.
Dividend appropriations

470,700

$2,354,780 $2,189,394 $2,241,683 $2,225,527
OFFICERS.— Pres. & Gen. M gr., Morris Rutherfurd: Sec. & Treas.,
William H. Sayer. Office, Warwick, N . Y .— (V. 124, p. 2743.)
LEHIGH AND NEW ENOLAND R R . C O — Main line, Hauto, Pa.
to Hainesburg Jet.. N. J., 66 miles; Swartswood Jet., N. J., to N . Y
State line, 21 m.; branches, 89 m.; total owned, 176 miles: leased, 5 m.
trackage rights, 36 m.; total, 217 m.
Tentative valuation, $11,791,083, as o f June 30 1919.
Proposed lease to Reading co. See that company below.
SECURITIES.— Stock auth.. $7,500,000; outstanding Dec. 31 1926.
$6,800,000, nearly all owned by Lehigh Coal & Nav. Co.; par, $50.
D IV ID E N D S.— 1918 1919 1920. 1921. 1922. 1923. 1924. 1925. 1926.
6% 10% 10% 3% 15%
10% 20%
LARAMIE, NORTH PARK & WESTERN R Y .— (V. 118, p. 3197.) P e r c e n t ..------- - - - 8 % 8%
Bonds, <£e.— Of the Gen. M . 5s of 1914 ($15,000,000 auth.). $1,000,009
were reserved to retire the 1st 5s. V. 102, p. 976, 1060; V. 99, p. 49, 674.
LEAVENWORTH TERMINAL RAILW AY & BRIDGE.— Owns high­
way and railroad bridge (opened Jan. 1 1894), 1,112 ft. long over Missouri
RE PO RT.— For 1926 showed; Gross, $5,662 328; railway oper, income
River at Leavenworth, Kan., and valuable terminal property in that city. $1,963,503; other income, $190,074; deductions, $494,349; dividends,
The I.-S. C. Commission has placed a final valuation o f $370,000 on the $1,460,000; bal., sur., J$1,089,476.
For latest earnings see “ Railway
owned and used property o f company as o f June 30 1916. V . 124, p. 3493.
Earnings Section" (issued m onthly).
In July 1910 the Chicago Great Western acquired the entire stock. V. 91
p. 214, 397. Kansas City St. Joseph & O. B. (Chicago B. & Q.) and Chic.
Pres., Samuel D. Warriner; V.-P. & Gen. M gr., Rollln H. Wilbur;
R . I. & P. use the bridge at an annual rental o f $16,000 each, under a 30-year V.-P. & Gen. Counsel, Wm. Jay Turner; Sec. & Treas., Henry H. Pease;
extension from Mar. 14 1922, by exercise o f their option, of a contract of 437 Chestnut St., Philadelphia, Pa.— (V. 125, p . 1704.)
Mar. 14 1894. Chicago Great Western R R . also uses the bridge under a
LEHIGH VALLEY R AILROAD CO.— Main line extends from Jersey
20-year contract dating from Jan. 1 1923, at an annual rental o f $18,000.
Stock $60,000. A new first mtge. of $400,000 was made M ay 1 1923, and City, N . J. to Buffalo, N . Y . Oper. Dec. 31 1926, 1,364 miles viz.:
Owned-------------------------------------2791Leased__________________
142
bonds issued as o f that date.— V. 116, p. 2255.— (V. 124, p. 3493.)
Controlled by ownership of entire
Trackage _
45
capital stock________________ 898]
LEAVENWORTH & TOPEKA R Y .— Leavenworth to Topeka, 57
miles, including 11 miles trackage at terminals. The railway was bid in at
Second track, 61 6 miles; 3d track, 104 miles; 4th track, 50 miles; industrial
foreclosure sale on May 10 1918 for $80,000 by residents along the line and track, 326 miles; yard tracks and sidings, 1,118 miles.
turned over to the present company, Incorporated in Kansas on M ay 15
By an agreement with the Pennsylvania R R . C o., its passenger
1918, with $100,000 stock in $10 shares.
terminals at New York and Jersey City are used by this company.
The I.-S. C. Commission has placed a final valuation of $900,000 on the
owned and used and $401 on the owned but not used property of the Leaven­
Tentative Valuation— The I.-S. O. Commission has placed a tentative
worth & Topeka R y., as o f June 30 1916.
valuation of $90,367,116 on the owned and used properties and $200,618,202
The I.-S. O. Commission on Jan. 16 1925 authorized the company to on the used but not owned properties o f the company as o f June 30 1917.
Issue not exceeding $64,000 1st mtge. 6% bonds, $48,000 of the bonds to
HISTORY. E T C .— V 91. p. 276
be sold at par and the proceeds used ror retiring a like amount of 1st mtge.
Black Tom
2008;
108,
973, 2122; V. 110. D
7s which were redeemed on Feb. 1 1925, and $16,000 of the bonds to be 1089 1816; V. decision, V. 107, p.V. 113, V. 2185.p. Coal rate case, V . 120
112, p. 2305, 2748;
p.
deposited with the Central Trust Co. o f Topeka, Kan., for the purpose of p. 2739
creating a sinking fund as required by the laws o f Kansas.
The company on Feb. 7 1923 filed with the U. S. District Court for the
OFFICERS.— Pres., J. E. Waddell, Kansas City; V .-P ., Otto B. Gufler, Southern District of New York an amended plan for the segregation of its
Topeka; Treas., George W . Hanna, Clay Centre; Sec., S. C. Porter, Leaven­ coal properties pursuant to a decree of the Court entered Feb. 24 1921
(V. 112, p. 849). The plan is a modification of the original plan filed with
worth, Kan.— (V. 123, p. 3035.)
the Court in Oct. 1921 (V. 113, p. 1574), to which the Attorney-General
LEHIGH & HUDSON RIVER R Y. CO. (TH E).— Owns from Maybrook of the United States filed several objections (V. 113, p. 1674 1987). A
on Central New England R y. to Belvidere, N . J., on the Penn. R R . 73 9 final decree was signed by Federal Judge Learned Hand on N ov. 7 1923.
miles, and from Phillipsburg, N . J., to Easton, Pa., .70 m.; trackage. Penn. The plan, given in full in V. 116, p. 576, and as supplemented by the fina
R R ., Belvidere to Phillipsburg, 13.3 m.; D . L. & W . trackage, Andover decree, V. 117, p. 2109, provided as follows:
Jet. to Port Morris, N . J., 8.7 m.; total op. 96.6 m.
1.
The Lehigh Valley Coal Co. will create a new $40,000,000 50-year
mortgage carrying 5% interest and protected
The I.-S. C. Commission has placed a tentative valuation of $5,090,000 arrangements. This mortgage until Jan. 1 1933by adequate sinking fund
will be a second mortgage
on the owned and used property of the company as of June 30 1918.
on a small part of the coal company’s properties, and thereafter will be a
STOCK.— The stockholders voted Sept. 10 1920 to increase the author­ first mortgage on all its properties. O f the bonds $15,000,000 will be sold
ized capital stock from $1,720,000 to $5,000,000. Stockholders were giveD at once and the proceeds paid over to the Lehigh Valley R R . in satisfaction
the right to subscribe at par to $2,987,000 new stock to the extent of 173.7% of all indebtedness on account of advances for capital expenditures and
o f holdings. Proceeds were used to pay and discharge the principal of otherwise in the past. The proceeds will be devoted by the railroad com­
the entire mortgage debt o f $2,587,000, and to pay and discharge all the pany to the improvement of the railroad properties pledged under its gen­
debenture bonds o f $400,000. the remainder o f such increased capital of eral consolidated mortgage o f 1903, the income from said fund, however.
$293,000 to be held in the treasury.
In the meantime to be received by the railroad company and used for genera
The stockholders prior to such increase were to have the option and right purposes.
to take and pay fer at par a pro rata amount of such increased stock Id
The remaining $25,000,000 o f bonds provided for by the new Lehigh
proportion to the number of shares o f stock held.
Valley Coal Co. mortgage will be reserved for the purpose of retiring the
present outstanding bonds of the Lehigh Valley Coal Co. when due— that is.
D IV ID E N D S.—
1 1912. 1913. 1914. 1915. 1916. 1917.
1918-26
on Jan. 1 1933— to the extent not provided for by the then existing sinking
Per cent............... J 4
4
4
8 8&6 extra 12
8ee text fund. The Lehigh Valley Coal Co. bonds now outstanding amount to




N ot., 1927.]

75

EAILW AY STOCKS AND BONDS

R A I L R O A D CO J P A N I E S
[F or abbreviation s, & c .. see notes on p a g e 8]

L exington U nion S ta tion — Pref stock (see text)____
L igonier Valley RR — IstM $300,000_____________ x
Lime R ock — Consolidated refunding mortgage gold_

M ile s
R oa d

D ate
B on d s

16 1913
12

Par
V a lu e

$100
1,000
1,000

A m ount
O utstanding

R ate

$390,600
75,000
400,000

4
6
4 g

%

W hen
P a y a b le

L ast D ivid en d
and M a tu rity

P la ces W h ere In terest and
D ivid en d s are Payable

J & J Jan 1 1927 2% Office, Lexington, R y
M & N -Vlayl 1943
Mellon Nat Bk, Pitteb
J & J July 1 1929
Portland, M e

$11,514,000, and it is estimated that the sinking fund, which now amounts
Seneca C ounty R y ., $500,000 gu. bds.; none sold D ec.311926. V.79, p.1271
to $2,871,000 par value o f securities therein, will by Jan. 1 1933 with
Lehigh A L a k e E r ie mortgage ($3,000,000) oovers 11m . double-track ter­
accumulations and additions have a value o f at least $5,000,000, so that
minal road at Buffalo. V. 81. p. 211; V. 83. p. 702. Now a part of the
the bonds then to be paid off from new funds will not amount to more than Lehigh Valley R y. Oo. V. 84. p. 1248; V. 85. p. 312: V . 87. P- 817, 818
$6,500,000
This will leave approximately $18,500,000 of the new mortgage
Lehigh Valley Harbor Terminal Ry.— Incorp. in N . J. in 1916 to provide
bonds o f the coal company available for Improvements or other capital additional terminal facilities upon New York harbor. The first mtge.
expenditures by the coal company as occasion may demand.
bonds of 1924 are redeemable, all or part, on 60 days’ notice at a premium
2. The ($9,465,0001 stock o f the Lehigh Valley Coal Co. is pledged with of 5% on Peb. 1 and Aug. 1 1944. and thereafter on any tat. date, said
the Girard Trust Co. of Philadelphia, as trustee under the railroad com­ premium to be reduced by >4 of 1% commencing Feb. 1 1945, with a like
pany’s general consolidated mortgage o f Sept. 30 1903, which mortgage additional reduction commencing on Feb. 1 of each year thereafter until
matures In 2003. The railroad company sold for $1,212,160 all of its maturity, in each case with accrued interest. Leased to the Lehigh Valley
right, title and interest in the equity of redemption which it owns in said RR. C o., which provides for an annual rental sufficient to cover expenses
stock, also voting rights and dividends payable thereon, to a new trustee and Interest charges of the terminal company, and will provide that the
Issued certificates for 1,212,160 shares of interest therein carrying Lehigh Valley R R . shall maintain the property and equipment in good con­
voting rights and dividends, thus making certificates on the basis of one dition and shall pay all taxes assessed against it. See V. 118, p. 202.
share of interest in Lehigh Valley Coal Co. stock for each share of Lehigh
R E PO RT.— For 1926, in V. 124, p. 1501. showed:
Valley R R . stock, both common and preferred. The shareholders of
1926.
19251924.
1923.
the railroad company were given the right by said new trustee to subscribe
1.364
1.370
1,375
1,374
to said shares o f interest at the rate of $1 per share. Shares of interest not Average miles operated.
Operating Revenues—
subscribed for on or before Jan. 15 1925 were sold by the new trustee
Anthracite coal freight—$22,870,175'$17,888,896 $13,148,359 $26,392,972
to the I^htvh V a liev Coal Co. at the rate of $1 per share.
Bituminous coal freight- 2,274,316 j 1,696,396
1,722,397 2.233,608
Shareholders of the railroad company who bought and buy shares oi
41,157.064 38,681,551 34,496.241
interest as aforesaid will be obliged to dispose of their said shares of interest Merchandise freight____ 41,638,101
Passenger________
7,936,047
8,034,040 7,688,392 7.406.346
on or before Dec 31 1927 unless in the meantime they shall have disposed
307.770
305,265
304,396
298,641
of their railroad company stock. Neither the railroad company nor any M ail__________________
1,444.285
1,139,562
1,370.422
corporation controlled by it, nor any person acting in its Interest, shad) Express________________ 1,362,808
Other transp. revenue—
2,892,729 2,715,050 2,671,466
2.661.686
acquire by purchase or otherwise any of said shares o f interest
Incidental revenue_____ 1,171,204
1,189,577
1,018.683
1,075.237
3. All certificates for shares o f interest as above stated were, at the timr
of sale, registered by the Lehigh Valley Coai Co. in appropriate form
Total oper. revenue..$80,453,150 $74,430,573 $76,374,805 $75,935,154
in the names of the purchasers or their nominees, upon Information furnished
Operating Expenses—
by the trustee, and thereafter transfer may be made only on the books oi
Maint. of way & stru c.. $9,176,529 $8,574,787 $8,421,393 $7,812,892
the coal company
4. The Girard Trust C o., as trustee under the general consolidated mor«- Maint. of equipm ent... 17,190,980 15,910,834 18,609,488 23,762.227
1,491.868
1,400,377
1.176.966
gage, holds the legal title to all o f the coal company stock and gives the Traffic expenses_______ 1,573,921
railroad company a proxy to vote the same, the giving of this proxy being Transportation expenses 30,935,758 29,361,230 30,558,447 32,140,661
421,508
373,274
345,476
302.707
dependent upon there being no existing default under the mortgage
After Miscellaneous operations
1.735,378
1,647,798
1,563.962
the sale o f the railroad company’s equity in the coal company’s stock, as General expenses_______ 1.674,231
14,291
13,981
15,012
5,202
stated above, the trustee holding said equity will exercise Its voting power Transp’n for invest.— Cr
for the benefit of and at the direction o f the owners o f the shares of interest
Total operating exp..$60,958,636 $57,433,390 $60,967,969 $66,754,214
that is to say, the registered owners of the coal certificates as shown by the
transfer book of the coal company will exercise their voting power ex­ Net operating revenue._ 19,494,514 $16,997,183 $15,406,837 $9,180,940
Total tax accruals, & c._ 4,205,776 $3,621,582
3,217,086
2,327.243
clusively through their trustee
6.
Upon the maturity or termination o f the general consolidated mort
gage, the stock o f the Lehigh Valley Goal Oo. will be available for dis
Operating income____$15,288,738 $13,375,601 $12,189,751 $6,853,697
tribution to the then owners o f said certificates o f interest and will b* Dividend income_______ 1,740,211
1,251.159
2,238,328
8,681,062
distributed to them accordingly, each certificate o f interest entitling the Miscellaneous in c o m e ... 1,423,810
1,241,073
1,019,629
902,232
bolder to a pro rata share o f the coal company’s stock.
Total other in c o m e ... $3,164,021
$2,492,232 $3,257,957 $9,583,294
6. The [$2,910,150] stock o f Ooxe Brothers & Oo., Inc., will remaiii
15,867,833 15,447,708 16.436,991
in pledge under the collateral trust agreement o f N ov. 1 1905 until the Total income__________ 18,452,759
maturity of that agreement on Peb. 1 1926, except that the voting powef
Income Charges—
In the meantime will oe assigned to a trustee to be appointed by the District
$1,154,456
$944,061
$428,675
Court. At the maturity o f the collateral trust agreement, the stock will Hire of equipment-.........$1,588,811
Joint facility rents_____ 0102,678
0273,835 0145,859 0148,099
be sold by the Lehigh Valley RR
Rent for leased r o a d s ... 2,342,039
2,345,825 2,301,307
1,870,970
7 The ($1,500,0001 stock o f the Delaware Susquehanna & Schuylkll
321,659
298,496
336,057
315,893
Miscellaneous rents____
R R . will remain in pledge under the collateral trust agreement also unti
Miscell. tax accruals____
534,714
386,986
455,139
528.067
the maturity of the agreement on Peb. 1 1926, the voting power In the Interest on funded debt. 3,529,005
3,552,5X8 3,802,695 4,407,731
meantime to be assigned to a trustee to be appointed by the District Court
Int. on unfunded debt—
33,124
36,457
107,330
115,066
In the meantime application will be made to the Inter-State Commerce Misc. income charges_
_
184,972
320,296
294,941
332,072
Commission for authority to merge and consolidate this company with the
Lehigh Valley R R ., in accordance with the provisions of the Inter-Scate
Total deduc. from inc. $8,431,646
Commerce Act which permits authority to be granted notwithstanding Net income___________ 10,021,113 $7,821,269 $8,095,669 $7,850,377
8,046,564
7,352,038
8,586.612
the status o f the petitioners under the Federal Anti-Trust Laws.
Divs. shown in profit and
8. The Lehigh Valley Coal Sales Oo will negotiate and enter Into s
loss account_________ 6,050,170
4,245,749
4,245,749
4.245,749
For lacest earnings, see ‘ Railway Earnings Section’ (issued monthly).
lawful sales contract with the mining companies (Lehigh Valley Coal Oo
and Ooxe Brothers & C o., Inc.).
OFFICERS.— Pres., E. E. Loomis; V .-P ., J. A . Middleton; V .-P ., P. L.
Blendinger; Acting V .-P ., G. H. Poster; V.-P. & Oompt., O. E. Hlldum;
DIVS.
I’05. ’06. ’07-'10. ’ 11-’ 14. 1915 to T8 ’ 19 20-’26 *27.
Per cent______ 1 4
4
6 y ’ly. 10 yrly.
10 yrly. 8)4 7 yrly. text
Sec., D. G ., Baird; Treas.. A. F. Bayfield; Gen. Counsel, R . W . Barrett.
In Peb. 1912 also an extra cash dividend of 10%, applicable if deslreu
DIRECTORS.— H. S. Drinker, Fred M . Kirby, Alfred H. Swayne, Ed­
to subscription for stock of new Leh. Val. Coal Sales Oo.
In July 1919 ward S. M oore, S. Brinckerhoff Thorne, William O. Sproul, Henry B.
the common dividend was reduced from 214% to 1 *4 % quarterly. Oct
Coxe, Harry C. Trexler, Morris L. Clothier, George T. Slade, J. P. Bell.
J. Wm. Robbins, E. E. Loomis (ex-officio). Office Philadelphia, Pa.—
1919 to Oct. 1927, 1)4% quar.; also paid 3% extra In Jan. 1927(V. 125, p. 511.)
BONDS.— Gen. Consol. Mtge. of 1903 Is for $150,000,000 bonds, bear
tag not to exceed 5% tat., covering the entire road, the stock of the Lebiet
LEXINGTON & EASTERN R Y .— 8ee Louisville & Nashville.
Valley Coal Co. and other stocks owned. In Oct. 1926 there were out­
LEXINGTON (K Y .) UNION STATION CO.— Owns passenger station.
standing in the hands o f the public $20,697,000 4)4s, $26,953,000 4s and
Common stock, $15,000, owned two-thirds by Louisv. & Nashv. and one$12,000,000 5s; pledged, $15,000; held in treasury, $38,071,000. re­ chird by Ches. & Ohio. There has been authorized $500,000 of 4%
served to retire underlying bonds, and bonds o f subsidiaries, $52,264,000
cumulative (non-voting) preferred stock secured by mtges. and rentals paid
Old bonds may, however, be extended, if necessary, for not over 2 years. by above-named roads on basis of passenger cars. The I.-S. C. Com­
Provision may be made at time o f issue o f bonds thereunder for right to mission has placed a final valuation of $776,498 on the owned and used
convert into stock at pleasure o f holder not over $25,000,000 at any one time properties of the co. as o f June 30 1917. Pres., A. Mitchell Jr. V. 122,
outstanding. V. 103, p. 586; V. 102, p. 1346, 1436; V. 97, p. 1823, 1898, p. 72.
V. 99, p. 477; V. 77. p. 824; V. 78, p. 287; V. 79, p. 1642; V. 82, p. 1380
LIGONIER VALLEY
Ligonier,
V. 86, p. 1343; V. 88, p. 1372; V. 81. p. 211; V. 108, p. 2241; V. 119, p. 578. nier to Fort Palmer, Pa., R R .— Latrobe to 16 miles. Pa., 10.3 miles, Ligo5.7 miles; total,
The I.-S. O. Commission has placed a final valuation of $751,900 on the
GUARANTIES.— Lehigh Valley Rail Way Co.— Owned Buffalo, N. Y.
owned and used properties of the company as of June 30 l9 l7 .
to near Sayre, Pa., 175.16 miles, double track, and branches, 339.75 miles
in all 614 91 m.. covered by $15,000,000 mtge. of 1890. but In 1903 and
Stock, $500,000; par $50. Divs. paid in recent years: 1917, 8% ; 1918 to
1905 consolidated with other sub. cos. and in 1907 absorbed the Lehigh A 1922, 10% yearly; 1923 to 1926, 6% yearly. Bonds see table above. For
Lake Erie. Stock, $11,745,000, all owned by Lehigh Valley RR. Mortgage 1926. gross, $224,040: net oper. income, $39,032; other income, $1,513;
abstract, V. 51, p. 114; V. 77. p. 147, 972; V. 81. p. 784; V. 84, p. 1366. deductions, $28,419; bal., sur., $12,126, Pres,, J. R . Mellon; V .-P ., T. A.
Mellon; Sec., R. B. Mellon; Treas., R . K . Mellon. Office, Ligonier, Pa.—
L eh igh Valley RR. Co. 0 New Jersey.— Owned double-track road Iron,
}
Philllpsburg, N. J., to Jersey City, and branches, with about 125 acres at (V. 123, p. 1500.)
Jersey City and a large water front, &c. Total mileage, 122 miles. Stock
LIME ROCK RR.— Owns road in and around Rockland, Me., 11 m.
outstanding, $20,433,000, all owned by Lehigh Valley R R ., which In 1914 srackage, 1 m.; total. 12 m. Stock, $450,000; controlled by the Rockland*
leased road for 99 years. V. 77, p, 972; V. 63 p. 640 880; V. 81. p. 784
Sookport Lime Co. of Maine (V. 92, p. 960). Dlv. In 1905-06, 5% : 1906'
V. 83. p. 703; V. 98. p. 1845, 1920
J7. 5% , of which 3% from accumulated surplus; 1907-08. 214%: 1908-09
6%: 1909-10. 444%; 1910-11, 3 U % : 1911-12. 2)4% : 1912-13, 4)4%
P e n n . A N. Y . Canal A R R . — Leased for 99 years from Dec. 1 1888 to
Lehigh Valley, whloh has assumed its debt and owns all Its stock. Consols 1913-14, 1 )4 % ; 1914-15, 1)4% ; 1915-16, 1)4% ; 1916-17. 3% ; none since.
Office, Rockland, M e.— (V. 82, p. 1380.)
•nclude $4,000,000 5s, $3,000,000 4s, $1,500,000 4)4s. V. 122, p. 950.




76

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

Miles Date
Road Bonds

L itchfield & M adison— First mtge $1,000,000 gold.x
44
L ittle Miami— Stk original guar 8% _. .
_
_
Special guaranteed betterment stock ($5,000,000) General mortgage $10,000,000
.
.
_ z
_
L ittle Rock & Hot Sp W est— See Missouri Pacific an d Chic
L ittle Schuylkill Nav RR & Coal— Stk (rental guar)
32
Live Oak Perry & G u lf RR— First mortgage ------x
83
Long Island R ailroad Co (T he)—
Consol mortgage (gold) ($3,609,500 are 5s)___ Ce.v
156
General mortgage gold______ . .
- ____Ce.vc*
163
Stewart Line mtge o f 1932 for $500,000 g o ld -.C e.v
lb
Debenture ($1,500,000) gold not subject to call— z
Bklyn&Mont 2d M assu BusSta to E ’tp’t&brs Ce.zc*
76
L 1 City & Flushing M gold assumed___ Ce.vc*
IS
New York Bay Extension 1st M ass’d $200.000____z
6
Montauk Extension $600,000 1st M assumed____z
21
Unified M gold callable at 110 $9,673,000. Usm.xc&r
316
Refund mtge $45,000,000 gold gu p & i..E q.xc*& r
316
______
Usm.yyxc*&r*
Deben call at 1023-^ No Sh Br con M (ass’d) $1,425,000 gu p & i.C e.vc*
3
(1
N Y B & Man B 1st cons M $1.726.000 assumed Ce.v
IS
_
Equipment trust
Series C $138,000 due yearly.. FP
do
do
Series D due $98,000 a n n ____FP
do
do
Series E due $114,000 yrly.F P .c*
do
do
Series F due $125,000 yrly FP.xc*
do
do
Series G due $73,000 yearly___
do
do
(iss. to Govt) due $314,934 yrly G
Los Angeles & Sait Lake R R —
First mortgage $70.000.000__ ________ ____ . G.x
1,038
302
First mortgage $7,000,000 gold (text)
. _G.xc*&r
302
Equip certificates Series J due $6,000 semi-ann.. .
do
do
Series “ K ” due $4,000 s-a____G

Par
Value

1904
1912
R I & Pac
I9l2
1881
1888
1892
1894
1888
1887
1893
1895
1899
1903
1917
1892
1885
1920
1922
1923
1924
1925
1927
1920
1911
1902
1923
1924




35,077,885

1,000,000
4,837.300
4.908,300
1,070,000

Rate
%
5g
8 3-5
4
4

When
Payable
M &
Q - -M
0 —-M
M &

$50 $1,487,950 See text J
1,000
629.000
A
5

1.000 4,730,000 4 & 5 g
1,000 3,000,000
4g
332,000
1,000
4g
1,000 1,135,000
5g
1.000
600,000
5g
1,000
650,000
5g
1.000
100.000
5
1,000
315.000
5
1.000 3,512.000
4g
500 &c 26,424.000
4g
100 &c 5.202,100
5g
l.OOC 1,262,000
5g
1.00C 1.601.000
5g
1,000
690,000
6
490.000
1,000
6
1,000 1,254.000
5
1.000 1,500 00C
5
1,000
949,000
5
4K
1,000 1,148.000
1,000 3,765,000
4M
1,000 1.756,986
6g
1.000
100
1,000
1,000
1,000

Total owned__________________ 388 TotalDec.31 1926_____________ 401
It was announced in June 1925 that the New York Brooklyn & Man­
hattan Beach R y. had been merged with the Long Island R R .
PLAN .— In 1917, the minority shareholders having generally surrendered
their holdings, the Penn. R R . C o.: (a) accepted in settlement of the approxi­
mately $30,000,000 of indebtedness due it by the L. I. R R . Co. (consisting
chiefly of 4% debentures), $5,202,100 new 5% 20-year debentures, and for
the remainder capital stock at par; (5) gave $5,202,100 5% debs, in exchange
for minority stocli:, $ for $. V. 104, p. 361; V. 106, p. 2222.
The debentures will be secured by any future mortgage on the prop­
erty. V. 104, p. 633, 863. 1146, 1263. 13899. 2235. 2452.
STOCK.— Authorized, $40,000,000; outstanding $34,110,250, of which
the Penn. R R . on Dec. 31 1926 owned $34,084,900. V. 104, p. 361. 1899;
V. 106. p. 2222.
DIVIDENDS.—
J ’82. ’ 83-’90. ’ 91. ’92. ’93 '94. ’95. ’96
None
Per cent______________1 1 4 y ’ly. 4 )i 5
5 4J4 4
4
since.
BONDS.— The Refunding 4s of 1903 ($45,000,000 authorized issue) are
Secured by a lien on the entire road, subject to $17,863,420 outstanding
old bonds, to retire which an equal amount is reserved; remainder guar­
anteed as to prin. and int. by the Penn. R R ., were sold, the proceeds to
be used for various Improvements and additions in connection with the
Pennsylvania tunnels to and through New York City, principally for addi­
tional terminal facilities at Bay Ridge and Long Island City and for a double­
track connection with the New Haven road, for additional terminals, tracks
equipment, and to retire old bonds. V. 78, p. 583, 1549; V. 79, p. 796.
V. 80, p. 1111; V. 81, p. 211; V. 82, p. 868; V. 92, p. 527. The I.-S. O.
Commission in May 1921 authorized the company to issue $3,876,000
(guar.) ref. mtge. 4s and to exchange them for a like amount of unified
mortgage 4s.
„
The Unified Mortgage is limited to the amount now outstanding. Bonds
are subject to call at 110 In whole or in part. See Refunding 4s above. V
68, p. 618. Mtges. on real estate, $1,925,180. V. 76, p. 266; V. 85, p. 160;
V. 89. p. 529. 1411; V. 90, p. 698, 1040; V. 93, p. 1022; V. 102. p. 609; V.
103. p. 2079. Debentures o f 1917, see "plan " above and V. 104, p. 2452
R E PO R T .— For 1926, in V. 124, p. 2273. showed;
Calendar Years—
1926.
1925.
1924.
1923.
Revenues—
$
$
$
$
Freight________________ 11,661,080 10,603,283 10,205,163 10,511,943
Passenger______________ 25,273,802 24,162,883 22,143,572 20,732,638
M ail, express, &c______ 2,713,656
2,103,126
2,729,150 2,840,838
36,869,292

Amount
Outstanding

1,000
50
50
1,000

LITCHFIELD & MADISON R Y .— Owns Litchfield Jet. to Madison.
111.. 44.45 m .; trackage. 17.87 m .; total, 63.32 m. The I.-S. O. Commission
has placed a final valuation o f $1.518.175 on the owned and used properties
o f the company as of June 30 1916. Final value placed by the I.-S. C. not
accepted by the carrier. Stock, common, $500,000, pref., 4% non-cum.,
$500,000, par $100. Pres., John Duncan, St. Louis, M o., and Edwardsville, 111.; Treas. & Sec., S. D . Wheeler, Edwardsville, 111.— (V. 123, p.
2515.)
LITTLE MIAMI R R . CO. (THE).— (See Maps Pennsylvania RR.)—-Owns
Cincinnati, O., to Springfield, O., 85.38 m.; leases, Dayton Xenia &
Belpre R R ., Xenia, O., to Dayton, O., 15.37 m.; Dayton & Western R R .,
Dayton, O., to Ind. State line, 38.06 m.; Columbus & Xenia R R ., Xenia,
O., to Columbus, O., 54.78 m.; Cin. St. Con. R R ., 1.82 m.; Richmond &
Miami R R ., Indiana State line to Richmond, 4.16 m .; total, 199.57 miles.
L E A S E . — On Dec. 1 1869 leased to Pittsburgh Cincinnati & St Louis
now Pittsburgh Cin. Chicago & St. Louis RR.) 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
terment stock and lnt. on debt; $105,800 stock is in treasury. V. 84, p. 51.
815 V. 86, p. 857; V. 104, p. 73.
Beginning Dec. 1899, 1-5% extra paid on com. stock each Dec. anC
June, and with 1912 1-5% also in Sept., from surplus invested funds
making div. 8 3-5% yearly.
BONDS.— The General 4s o f 1912 ($10,000,000 auth. issue; Cent. Trust
Co. o f Cincinnati, trustee) are to bear not over 4% int., and have a first
lien. V. 112, p. 562.
For 1926, gross income, $819,506; deductions, $200,139; dividends
$612,331; bal., sur., $7,035.
P r e s .,_________________ ; V.-Pres., C. L. Harrison; Sec. & Treas., C. I.
Jones; office, 525 Dixie Terminal Bldg., Cincinnati.— (V. 112, p. 562.)
LITTLE SCHUYLKILL NAVIGATION RR. & COAL.— Owns from Port
Clinton to Tamanend and Reevesdale, 31.44 miles; 2d track, 26.47 m.; total
91.71 miles. Re-leased on Dec. 1 1896 to Phlla. & Read. R y .for 999 years.
D IY S.—
\’14. T5. '16. ’ 17. ’ 18. ’ 19. ’ 20. *21. ’22. '23. ’24 ’25. ’26.
Percent_____ J5J4 5 5 5 5 5 5
4H 5 5 4
5 4K
Lessee pays taxes and organization expenses.— (V. 121, p. 2748.)
LIVE OAK PE RR Y & GULF R R .— Owns Live Oak to 72.5 Mile Post.
Fla., 72.5 miles; M ayo Junction to Alton, Fla., 14.41 m .; Springdale Jet., to
Springdale, Fla., .78 m.; trackage 1.5 m .; yard tracks, &c., 9.62 m.; total,
98.81 miles. The I.-S. C. Commission has placed a final valuation of
$699,400 on the total owned, and $701,015 on the total used property of the
company as o f June 30 1917. Stock authorized, $2,000,000; outstanding,
$600,000; par, $100. Bonds, see table. For calendar year 1926, gross,
$263,492; net operating income, $58,939, other income, $22,991; interest,
rentals, &c., $32,450; bal., $49,481; dividends, $24,000. Pres., W . T
Hargrett; Sec. & Treas., R . P. Hopkins; auditor, W . B. Gum. Office,
ILive Oak, Fla.— (V. 125, p. 382.)
LON G ISLAND R R . CO. (T H E ).— Mileage:
Miles. Leases—
Miles.
M ain line— L . I. City to Greenp’t 94 Nassau Electric R R . ___________
9
Long Island City to M ontauk__115 Trackage rights-------------------------- 4
Rockaway BeachDivision-------------12
Branch lines____________________167

Totaloper.revenues._ 39,648,538

[V ol. 125,

KAILWAY STOCKS AND BONDS

34,085,419

See text
S.OOii.O O
O
2,595.000
72.000
60.000

4 g
5g
6
6

N
10
10
N

Last Dividend Places Where Interest ant?
and Maturity
Dividends are Payable
Nov 1 1934
See text
See text
Nov 1 1962

Central Union Tr C o , N Y
Office,Dixie Ter Bldg,Cin
do
do
Farmers' L & Tr Co, N Y

& .1 July 15’ 27 2J^% Office, 410 Walnut, Phila
& O Apr 1 1942
Safe Dep & Tr Co. Balt

TreasPennRR.N Y;&Lon
0 — T Jqly 1 1931
do
do
J A D Junel 1938
do
do
J & D Junel 1932
do
do&Lon
J & D Junel 1934
do
do
J & 1) Junel 1938
M & N M a y l 1937
do
do
&
do
do
.1 < J Jan 1 1943
J & J Jan 1 1945
do
do
do
do&Phil
M & S Mar 1 1949
do
do&Phil
M tr, S Mar 1 1949
do
do&Phil
M & N M a y l 1937
do
do
C— J Oct 1 1932
Treas Penn R R Co. N Y
A & O Oct 1 1935
F <e A To Aug 1 1932 Fidelity-Phila Tr Co.Phil
t
.1 & 1) To June 1 1932
do
do
M & N To May 1 1938
do
do
A & () To Apr 1 1939
do
do
.1 & J To Jan 1 1940
do
do
41
M
s To Mar 1 1Q
■ & D
T
J & J 15 To Jan 15 1935
J & J July 1 1961
Guaranty Trust Co. N Y
Septl5’11 1 \i %
M & S Sept 1 1927
Guaranty Trust C o . N Y
.1 A 1) To June 15 1933
r
J & D To Dec 15 1934 Guaranty Trust Co. N Y

Operating Expenses—
1926
Maint. of way & struc-- 5,045,573
_ 6,360,022
Maint. of equipment_
Traffic expenses_______
379.430
Transportation____
16,159.406
Miscellaneous operations
111,826
General- - _______ __
963,225
Transp. for invest.— Cr_
11,789

1925.
5,446,210
6,166.480
294,110
14,099.458
1JU.148
853,1) J
17,517

1924.
4,418.567
5.733,044
261,244
15,338,176
140,501
797.078
7,757

1923.
4,189,220
5,745,004
267,709
14,567,095
189,594
785,677
7,211

Operating expenses_ 29,007.592
_
Net earnings___________ 10,640,946
Uncollectible revenues.8.147
Taxes_________________
2,151,527

26,972,032
9,897,260
25.226
2,185.104

26,680,854
8,397.031
23.702
1,569.734

25,737,089
8.348,332
11.417
1.788.318

Operating income____
Hire of equipment______
Joint facilities rents (net)

8,481,272
1,356,309
1,292,733

7,686.930
749.022
361.037

6,803.595
651.718
1,612.883

6,548,596
955,068
1,591,562

Net ry. oper. income.
Non-operating income. .

5,832,230
790,783

6,576.870
629.518

4,538,994
642,844

4,001,966
1,075,128

Gross income________
Deduct—
Rents for leased roads .
Miscellaneous rents____
Miscell. tax accruals____
Int. on funded debt____
Int. on unfunded d e b t..
Miscellaneous charges..

6,623,013

7.206,388

5.181.837

5,077,094

60.001
217,104
12,610
3,055,359
104,430
29,877

104,084
168.496
22,553
2,624,828
415,436
31.345

178.801
140.025
16,302
2,564.722
273,008
32.866

178 801
167 449
19 170
2,465 924
556 441
33.179

3,143,633
810,153
Cr. 16,330

3,839,646
1,006,826
a2,022,668

1,976.114
2,969.208
13,731

1,656.559
4,560.762
64,575

Cr.544.340

Cr.481.064

Net income_________
Profit and loss debit. . .
Add-Net deb. diming yr.
Additions to property
through Inc. & simp.

Amount to credit of
profit and loss_____ 3,970,116
810.153 def.462.486 def2.488.144
a Chiefly writing off losses incurred in connection with the Long Island
Consolidated Electrical Companies, New York & Long Island Traction, &c.
For latest earnings, see “ Railway Earnings Section" (issued monthly).
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 2272
OFFICERS.— Pres., W . W . Atterbury; V.-Pres., A. J. County and
George Le Boutillier; Sec., Eugene Wright; Treas., H. H. Lee. Office,
Pennsylvania Station, New York.— (V. 125, p. 1321.)
LOS ANGELES & SALT LAKE R R .— (See Map Union Pacific.',—
From Salt Lake O
Utah, to Los Angeles, on the Pacific Coast, 1,075 miles
of main line and ranches; trackage rights, 132 m.; total operated Dec. 31
1925, 1,208 miles. Has steamship connection via Hawaiian Islands to
China, Japan and Manila. V. 81, p. 1551; V. 82, p. 1323; V. 91, p. 590.
Salt Lake City terminals, V. 76, p. 920, 1193, 1356; V. 77, p. 38, 148, 695:
V. 78, p. 1393; V. 79, p. 1024. Las Vegas & Tonopah R R ., allied, runs
from Las Vegas, Neb., to Beatty, 119 miles. V. 81, p. 1175: V. 98, p. 1920.
Name changed from San Pedro Los Angeles & Salt Lake R R . in August
1916. V. 103, p. 759. Valuation, V . 113, p. 1360; V. 121, p. 2153, 2871;
V. 124, p. 2117.
STOCK.— Auth., $25,000,000; par, $100; all issued, of which $12,500,000
is owned by Union Pacific R R . Co. and $12,500,000 by Oregon Short
Line R R . Co.
BONDS.— The mortgage of 1911 is for $70,000,000; $59,015,000 o f the
$59,022,000 issued were held Dec. 31 1926 by the Union Pacific and Oregon
Short Line. V. 90, p. I l l ; V. 94, p. 124, 490, 699; V 96, p 1703;
V 98, p 1538. 1994; V 100, p 1833: V 101, p. 132.
For latest earnings, see “ Railway Earnings Section" (issued monthly).
— (V 124, p.2117.)
LOUISIANA & ARKANSAS R Y .— Owns from Hope, Ark., to Pineville
Junction, La., 192-88 miles, less 3.98 miles not operated, Packton to Wildsvilie Jco., La., 53.32 m.; Minden, La., to Shreveport, 27.15 m. Leased:
Wildsville Jet. to Concordia Jet., 14.70 miles Trackage: Concordia Jet..
La., to Vidalia, La., 8.92 miles, connecting to ferry across Mississippi with
Illinois Central and Mississippi Central; Tioga, La., to Alexandria, La,
7.24 miles; and on the St. Louis and Southwestern, near Shreveport, 2.01
miles. Rock Island Co. uses 45 miles, Winnfield, La., to Pineville, La.,
under trackage contract, and St. Louis Southwestern passenger trains the
Shreveport terminals under a 25-year lease. V. 93, p. 527.
The I.-S. C. Commission has placed a tentative valuation o f $7,528,150
on the company’s property as o f June 30 1917.
D IV ID E N D S.— 1906 to 1909 3% y ’ly: then to Sept. 15 1911.214% y ’ly
None since
BONDS.—The unissued flrst 5s (total limited to $7,000,000) are reserved
tor betterments, equipment and extensions, of which $1,000,000 reserved
tor bridges across Black and Red rivers, and the balance limited to $20,00(»
oei mile of completed railroad. The entire amount outstanding, but no
part, is subject to redemption at 110 and interest on any Interest date.
Annual sinking fund $75,000 per ann. to buy bonds at 110 and lnt., or under;
otherwise to be invested. $5,196,000 issued; $2,851,000 in hands of public.
See V. 101, p. 2071.
R E PO RT.— For 1926:
Net aft.
Other
Int.
Bal. year—
Gross.
fa x.
Inc.
Rents.
Balance.
1926__________ $4,295,438 $1,059,094 $87,485
$416,698
$729,881
1925__________
4,090,952 1,005,516
72,342
369,825
708,033
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., W . J. Buchanan, Texarkana, Ark; V.-P. & Gen. M gr., C. G. Lunday. Minden, La.; Treas., F. S. Carroll, Texarkana, Ark.— (V. 125, p.
1321.)

Nov., 1927.]

77

BAIL W A Y STOCKS AND BONDS

RAILROAD CO JPANIES
[For abbreviations, &c., see notes on page 8]
Louisiana & North W est R R — Underlying M gold.x
First mortgage $10,000,000 gold
- -MSt.xc*
Louisiana Ry & Nav— First M gold
— xxx F.c&r
Louisv Hend & St Louis— 1st M $2,500,000 gold.G .z
First Consol M $5,000,000 gold
- _
_
Louisv & J e ff Rr & RR— $5,000,000 g gu p & i _xc*
_
Louisville & Nashville— Stock $125,000,000 auth_
First & Ref mtge Ser A red ( t e x t ) _ ____Us.zc*&r*
do
do
Ser B red (text)_____Us.zc*&r*
do
do
Ser O red (text)____ -Us.zc*&r*
L C & Lex Gen mtge gold (V 63, p 1010)_ G.xc*
_
New Orl & M ob Div 1st M N O t o Mobile g_ F.zc*
Second mortgage gold.
_ . . _ _ _ ___ xc*
Southeast & St L Div 1st mtge g call (text). . I C.xc*
Second M gold East St Louis to Evansv & br.xc*
First M (50-year 5s) $15,000 per mile gold .U s.xc*
First mtge collateral trust ($7,000,000) g o ld ..F .zc*
Unified mortgage for $75,000,000 g _ Ce.xc*&r*
_
Mobile & Montgomery joint M $5,000,000 g --C e .x c
Nashv Flor & Sheff 1st M g assumed in 1900-_Ce.zc
Paducah & Mem Div 1st M $5,000,000 gold Ba.xc*
Sou&Nor Ala cons M (V 97, p 1204, 1426)g gu Ce.xc*
Gen cons M $25,000,000 g guar. . Us.xc*&r*
Newp & Cin Br 1st M g s f assum gu by Penn C o . F.x
L & N— Southern R y M onon Collat Joint M $15,.^G.xc*&r
500,000 (see text) call 105________
Lexington & East 1st M $20,000,000 assum. N .yc*
Kentucky Central 1st M ($7,000,000) gold Mp.zc*
Atlanta Knoxville & Northern 1st mtge gold Ce.x
do
do
consol M gold $10,000 p m .U s.x
L & N — Atl K & C Div M $50,000,000. _ Us.xc*&r*
L & N Term M $3,000,000 gold guar join tly. Ba.xc*
Secured gold notes redeemable (see text)____Ba.c*

Miles Date
Road Bonds
35 1895
115 1905
334 1903
181 1896
181 1915
1895
1921
Text
Text
Text
176
141
141
208
208
202
Text
179
105
254
202
202

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

Par
ValUm

Amount
Outstanding

Rate
%

100,000
1,000
1.000 2.069,000
$1,000 $10,361,000
500 2,500,000
1,000
700,000
1.000 4,500.000
147 O O
O
100 117,0(M»,000
1.000 &c vl2.753.00C
1,000 &c w l4 '00.000
1,000 &c yl6,000,00C
1,000 3,258,000
1,000 b4,986,000
1,000
1.000,000
1,000 u 3 ,497,000
1,000 c2,997,000
1,000 d 1,749,000
1,000 e4,705,000
1.000 &c f64,730.00C
1,000 4,000,000
1,000 k l ,996,000
1,000 kk4,619,000
1,000 m 9,292,000
1,000 &c n7,400,000
1,000
1,236,000

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

When
Payable
&
<
&
&
J &
A &
M &
FA A
F &
gA &
A &
gA &
gM &
&
J <
t
J <e
M &
M <
fe
M &
M &
.1 &
gM &
F &
F &
F &
A &
gJ &
J
A
gJ

• EI
Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

j Jan 1 1945
o Apr 1 1935
j July 1 1953
j July 1 1946
o Oct 1 1965
8 Mar 1 1945
15 Feb 15 1931
A Aug 10 1927 3)4
O Apr 1 2003
() Apr 1 2003
o Apr 1 2003
N Nov 1 1931
.1 Jan 1 1930
J Jan 1 1930
8 Mar 1 1971
s Mar 1 1980
N M a y l 1937
N Nov 1 1931
,1 July 1 1940
S Sept 1 1945
A Aug 1 1937
A Feb 1 1946
A Aug 1 1936
() Oct 1 1963
J July 1 1945

Boody, M cL & C o. N Y
Ch & P N B & Tr C o,N Y
See text
L & N RR Co. N Y
New York
J P Morgan & C o, N Y
71 Broadway, New York
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
dc
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do

J P Morgan & Co, N Y
1902 1,000 &c o5,898.000
4 g J & J July 1 1952
71 Broadway, New York
1,000 p7,870,000
1915
5 g A & () Apr 1 1965
71 Broadway, New York
1,000 q6 ,700,000
1887
4 g .1 & J July 1 1987
71 Broadway, New York
1,000
1896
r999,000
5 g J & D Dec 1 1946
do
do
&
1902
1.000
K500.000
4 g M < 8 Mar 1 2002
do
do
1905 1,000 &c s24,742,000
4 g M & N M a y l 1955
do
do
&
1902
1,000 t2,500,000
4 g J < D Dec 1 1952
J P Morgan & C o, N Y
500 &c 7.500.000
1920
7 g M & N May 15 1930
J & J 15 To Jan 15 1935 Guaranty Trust Co, N Y
1920
6
5,931,200
1,000
do
do
Series D due $735,000 annually. Us
1921
6,615,000
6)4 e M & S To Mar 1 1936 71 Broadway, New York
do
do
1,000 4,620,000
1922
do
do
Series E due $420,000 annually.. Us
4)4 g J & D To Dec 1 1937
do
do
1923
1,000
do
do
Series F due $400,000 annually. . Us
4.800.000
5 g M & S To Sept 1 1938
f *5,215.000; g *780,000
b to J Also held in the treasury or by the trus tee, D ec. 31 1926. b $14,000: c $3,000; d $15,00 0;e $424,000;
k to v Also in treasury December 31 1926;
k $10 0,000: kk $217, 000; m $70 8,000; n$ 3,391,00 0; o $15,500; p $2,625,000; q *42,000;;
r *1.000: s *5.743.000: t *101.000: u *3.000: v*15 862.00 0: w *1 .862.00 0: y SI 82 9.000.
213
247
228
228
870

LOUISIANA & NORTH WEST R R .— Owns Magnolia, Ark., to Natchi­
toches, La.. 115 m.; trackage. Magnolia to M cNeil, 6.4 m. On Aug.23
1913 Geo. W . Hunter, St. Louis, was appointed receiver. V. 97, p. 521, 595
Mr. Hunter resigned on Oct. 1 1920 and was succeeded by E. R . Bernstein.
Shreveport, La.
The i.-S . O. Commission In Aug. 1921 authorized the receiver to abandon
that portion o f the line extending from Chestnut to Natchitoches, 22 miles.
V. 113, p. 1053.
The road was purchased In March 1922 by C. N. Haskell. Chairman of
Middle States Oil Corp., and In May 1922 the receiver was dismissed.
Compare V. 114, p. 1187; V. 115, p. 74, 543.
The I.-S. C. Commission has placed a tentative valuation of $1,451,820
on the owned and used property o f the company as o f June 30 1918. The
railroad has filed a protest with the Commission against the valuation.
Stock out, *2,300,000; par, *100. 1st 5s o f 1905. V. 82, p. 628; V. 85.
p. 1462. Initial div. o f 114% was paid Oct. 1 1922; same amount paid
quarterly to Jan. 2 1924: none since.
R EPO RT.— For 1926, in V. 124, p. 2424, showed:
1926.
1925.
1924.
1923.
1922.
1921.
Cnl
©
©
©
©
©
©
Gross--------- 810,991
739,544 709,587 1,003,531 1,708,723 1,122,704
Expenses— . 565,702 521,712
501,555
661,772 1,136,777 820,072
Net income- 245,289 217,832
208,031
341,759 571,946
302,632
Bond i n t ... 108,450 108,450
108,451
110,012
112,400
112,500
Surplus.. 136,839 109,382
99.580
231,746 459,546 190.132
— (V 125, p. 1048.)
LOUISIANA R Y. & NAVIGATION CO.— Owns New Orleans to Shreve­
port, La., 303.41 miles; Aloha to Winnfield, 27.14 miles: total, 330.55 miles.
Stock outstanding. *8,131,000; par, *100.
The I.-S. O. Commission has placed a final valuation of $10,796,479 on
the owned and used properties o f the company, as o f June 30 1917.
Year End.
Gross.
Net.
Other Inc. Int..Tax.,Ac. Bal.,Def.
Dec. 31 1926-$3,830,970
$423,089
$155,534 $1,002,833
$424,210
Dec. 311925- 3,859,607
418,587
85,465
419.335
923,387
Dec. 311924- 4,144.232
187,074
88,638
976,907
701,195
Dec. 31 1923- 3,892,094
400,000
84,643
231,134
800,177
Dec. 31 1922- 3,604,118
422,908
16,089
407,863
438,996
Dec. 31 1921. 3,683,969
434.974
524,859
821,793 sur.138,040
For latest earnings, see “ Railway Earnings Section” (Issued monthly).
Pres., Mrs. Sarah Edenborn, Shreveport; V .-P ., Paul Sippel, Shreveport;
V .-P ., E. A. Staman; Sec., J. J. Tippin; Treas., E. O. Mann, Shreveport.—
(V. 125, p. 244.)
LOUISIANA WESTERN R R .— (See Jap of Southern Pacific.)—
owns from Lafayette, La., to Sabine River, 105.43 miles; Abbeville to
Mamou, 68.21 miles; Mallard Jet. to Lake Arthur, 34-10 miles; total, 207.74
miles, Operated under lease by the Texas and New Orleans R R . Co.
effective Mar. 1 1927. Southern Pacific owns all the $3,360,000 stock.
The Inter-State Commerce Commission has placed a tentative valuation
of $6,472,500 on the property o f the company as of June 30 1918. The
I.-S. C. Commission on Dec. 28 1926 authorized the lease of the road
to the Texas & New Orleans R R .— see that company below. Dividends:
In 1905-06 and 1906-07, 10% yearly; in 1907-08, 85%; in 1908-09, 20%;
1909-10 and 1910-11, 15%; 1911-12, 10%;' 1912-13, 10%; 1913-14, 10%;
1914-15, 10%; 1915-16, 15%: 1917. 15%: 1918. 15%: 1919, 15%; 1920,
15%; 1921, 15%; 1922, 15%; 1923, 15%; 1924, 15%; 1925, 15%; 1926, 15%.
Cal.
Net Oper.
Other
DeducBalance
Yrs.— Gross.
Income.
Income.
tions.
Dies.
Surplus.
1926---$3,873,876 $540,488
$11,333
$5,437
$504,000
$42,385
1 9 2 5 -.- 4,274,113
651,888
9,976
1,942
504,000
155,922
For latest earnings, see “ Railway Earnings Section” (issued monthly).—
(V. 124, p. 369.)
LOUISVILLE HENDERSON & ST. LOUIS R Y . CO.— ROAD.—
Louisville to Henderson, K y., 143 miles (including 6 miles trackage); Irving­
ton to Fordsville. K y.. 44 miles; L. & N . trackage. Henderson, K y.. to
Evansville, Ind., 12 miles; total, 200 miles. The I.-S. C. Commission has
placed a tentative valuation o f $5,940,000 on the owned and used property
of the company as of June 30 1918. Louisville & Nashville on Dec. 31 1926
owned $1,704,600 o f the $2,000,000 5% non-cum. pref. and $1,906,500 of the
$2,000,000 com. (par $100) o f the Louisville Henderson & St. Louis Ry. Co.
V. 94. p. 207; V. 95, p. 1274; V. 96, p. 653.
In Oct. 1915 filed a *6,000.000 1st consol. M . bond. *2,710,000 reserved
to retire $2,500,000 1st M . 5s at maturity and *210,000 equipment bonds
maturing serially. $700,000 sold forthwith and $1,590,000 reserved for
future extensions and additions. V. 103. p. 1882; V. 101, p. 1370DIV ID E N D S.— Initial dividend o f 4% on the pref. stock was paid
Feb. 15 1924; same amount paid Feb. 16 1925; on Sept. 15 1925, Feb. 15
1926, Sept. 15 1926. Feb. 15 1927 and Aug. 15 1927 paid 2 ) 4 %. On com­
mon stock paid initial dividend o f 2% on Sept. 15 1925. On Feb. 15 and
Sept 15 1926 paid 2% on each date, and on Feb. 15 1927 and Aug. 15 1927
paid 2 )4% on each date.
R E PO RT.— For 1926:
Cal.Yrs.
Gross.
Net.
Other Inc. Int.,Bent.,Ac. Divs.
Balance.
$51,108 $260,347
$90,000 $376,265
1926------$3,756,644 $675,504
1925 ------ 3,838,398
884,526
43,322 321,835
180,000 426,013
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., R. N. Hudson; V .-P ., W . R . Cole; Sec. & Treas., Ridgely Cayce.—
(V. 124, p. 1639.)
LOUISVILLE & JEFFERSONVILLE BRIDGE & R R . C O — One-half
mile long; approaches 2 miles; overhead viaducts 1 )4 miles, with connecting
lines in Louisville; 40 acres in Louisville and about 60 acres in Jeffersonville
The I.-S. C. Commission has placed a final valuation o f $2,977,210 on
the owned and used property o f the company as o f June 30 1915.
Stock, *1,425,000; mtge. for $5,000,000; bonds for *500,000 are reserved
for future construction, &c.; the bonds are guaranteed jointly and severally
by the Chesapeake & Ohio and Cleveland Cincinnati Chicago & St. Louis, in
Wh06e interest the stock is owned, and any deficit is payable in the propor­
tion o f one-third and two-thirds, respectively. In support o f U. S. Govern­
ment 10-year collateral notes, $162,O O bonds are pledged. Pres., A. P,
O
Humphrey; Sec,, M . L. Akers; Treas., A. P. Burke
See V. 60, p. 130;
V. 61, p. 327, 559; V. 62, p. 8 4 — (V. 123, p. 2388.)




LOUISVILLE & NASHVILLE RR. CO.— (See M ap.)— R O A D .— Oper­
ates main line, Cincinnati, O., to New Orleans, La., and branches to St.
Louis, Memphis, &c.. total, Dec. 31 1926, 5,034 miles, viz.:
M ile s .

M ile s .

38
Owned, property deeded______ 4,492 Operated under contract______
Entire capital stock owned____ 228 Under trackage arrangements— 138
do
(owned but leased).
5
Operated under lease________ 134
Total______________________ 5.028
The I.-S. O. Commission has placed a tentative valuation of *321,169,838
on the total used property of the system, and *304,895.070 on the total
owned property, as of June 30 1917.
Control by Atlantic Coast Line.— Late in 1902 the Atlantic Coast Line R R .
acquired *30,600,000 of the (then) *60.000,000 stock and owns *59,670,000
of the present *117,000.000 stock, but the roads are operated Independently.
Y 74. p. 830. 1038: V. 75. p. 733. 1399.
Joint lease of Carolina Clinchfield & Ohio R R .— see that company above.
On Dec. 31 1925 the company owned *11,484,100 (a majority) o f the
stock of the Nashville Chattanooga & St. Louis R v., of which *8,802,400
was pledged under the unified mtge. and *2,680,700 was pledged under
the 1st & ref. mtge.
The road now operates over the Alabama State Docks Commission and
the Gulf Mobile & Northern tracks into and near M obile, Ala. V. 124, p.917.
DIVS. (- ’05-’07. 1908. ’09.10 to '14. '15. T6. T7 to ’22. '23. ’24 '25. '26P ercen t.)- 6 y ’ly
5)4 5)4
7 y ’ly
5 6
7 yr’ly *6 5 H 6 6)4
Also in 1908 1% in Louisville Property Co. stock. V. 86, p. 229, 421.
♦Also paid 62)4% in stock on May 7 1923.
Paid in 1927: Feb. 10, 3 )4 % : Aug. 10, 3)4 %■
STOCK AND BONDS.— The stockholders on July 23 1921 authorized
(1) An increase in the capital stock from $72,000,000 to *125,000,000 and
approved the issuance to the stockholders ratably as a stock dividend o f so
much of the *53,000,000 increase as the I.-S. O. Comm, should authorize
to be so issued. (2) Approved the authorization, execution and issuance of
the proposed First & Ref. M tge. and bonds adopted at the annual meeting
April 6 1921. The I.-S. O. Commission on Feb. 24 1923 authorized the
company to issue *45,000,000 capital stock which was distributed as a
*2K % stock dividend on M ay 7 1923. Compare V. 116, p. 935, 1178.
The 1st & ref. mtge. covers as a direct first lien approximately 060 miles
of road, as a second lien 2,652 miles, as a third lien 1,256 miles, and as a
fourth lien 546 miles. Total mileage under mortgage by direct or collateral
lien. 5,115 miles.
The 1st & refdg. mtge. covers as a first lien the company’s terminal
properties in St. Louis, subject to prior liens, the terminal properties and
shops in Evansville, Cincinnati, Knoxville, Louisville, Nashville, Paducah,
Montgomery, Birmingham, Pensacola, M obile, New Orleans, Memphis
and elsewhere. This mortgage closes all prior lien mortgages, including
thb Unified Mtge. of 1890, and no prior lien mtge. matures before 1930.
Under the terms of this mortgage, the issue of bonds for the acquisition
of property and for additions and betterments in no event can exceed the
actual cost of the property to be placed under the mortgage. No bonds
can be issued for equipment to an amount in excess of 80 % of the cost there­
of. The authorized issue is limited to an amount which, together with
all other then outstanding prior debt of the company, after deducting
therefrom bonds reserved to retire prior debt, shall never exceed three times
the par value o f capital stock then outstanding. The Series A bonds are
redeemable as a whole only on Oct. 1 1936 or on any interest date there­
after at 102 and int. The Series B bonds are redeemable as a whole only
on Oct. 1 1938, or on any interest date thereafter at 105 and int. The
Series O bonds are redeemable as a whole only on Oct. 1 1939, or on any
interest date thereafter, at 105 and Int. V. 113. p. 2720; V. 115, p. 1396;
V. 117. p. 894; V. 119, p. 1064.
" Unified" mortgage, *75,000.000. o f which $41,917,660 was reserved to re­
tire all prior liens (none of the prior liens can be extended), the balance for
improvements, extensions (at the rate of $32,000 per mile, Including eaulpment), and for other purposes. The mortgage covers 1,609 miles of 1st
track, 627 miles of 2d track and 209 miles of 3d track; tot‘l, 2,445 miles.
In addition it is secured by stock of companies controlled. See abstract of
mortgage in V. 51, p. 613; also V. 72, p. 1034, 1188; V. 77, p. 968. In
Dec. 1926 of $69,970,000 issued, $5,000,000 were pledged as security for
the 7% notes of 1930, $165,000 were in treasury and $50,000 in sinking
funds.
Mobile A Montgomery—Louisville A Nashville Joint mortgage Is for
$5,000,000; $1,000,000 reserved for Improvements
V. 61. p 196, 750
Kentucky Central 4s
V 45. p 372. Leurisb. A Nor.. V. 101. p. 1272.
Louisville A Nashville Terminal 4s.—Jointly guaranteed, prln. and int.,
by L & N. and Nashv. O. & St. L. V. 88. p. 1313. Co. owns *101,000.
The Louisville & Nashville Southern R y. Monon Collateral Joint Gold 4%
bonds a re secured by *9.796,900 of the *10,500,000 Chic. Indianapolis <c
S
Louisv. common and *3,873,400 of the *5,000,000 pref. stock. V. 74, p.
1138; V. 76. p. 593. Of the *15.500.000 joint bonds $11,827,000 had teen
issued to Dec. 31 1925 each company being liable for $5,913,500, but own­
ing thereof *15,500. leaving outstanding for each *5,898,000. The re­
mainder is reserved to acquire remaining “ M onon" stock and for impts., &c.
The Atlanta Knoxville A Cincinnati division 4s ($50,000,000 authorized)
caver 870 miles. Of the bonds, an equal amount were reserved to retire
it maturity underlying bonds, viz.: Kentucky Central 4s, $6,742,000
Atlanta Knoxville & Northern bonds, $1,500,000; $5,000,000 are pledged
to secure the 7% notes of 1930. The line from Livingston to .Tellico, 61
miles, is subject to prior lien of Unified mortgage. Y. 80, p. 872; V. 84, p.
1428; V. 92, p. 1178, 1311, 1565; V. 96, p. 716, 1022.
The $3,500,000 Southeast & St. Louis Div. 1st Mtge. 6s were purchased
at maturity, March 1 1921. at office of J. P. Morgan & Co. In connection
with this purchase there were issued $3,500,000 6% bonds due March 1
1971, but callable on and after March 1 1930 at 107 and int. The new bonds
will be secured by a first mtge. on the So. East. & St. Louis R y. property.
Of the South & North Alabama R R . Gen. Consol. 5s (*25,000,000 autn,
issue), *7,400,000 have been sold, guar., prin. & Int.. by the L. & N .;
*10.000,000 are reserved to retire the cons. 5s of 1886; remainder for im­
provements, equipment, &c. *3,391,000 are owned by company. V. 98,
p. 454, 156. 1001.
Lexington & Eastern 5s were assumed in 1917 (authorized,*20,000,000).
V. 101, p. 1272; V. 102. p. 1163: V. 104, p. 1489; V. 106. p. 296, 396.

78




RAILW AY STOCKS AND BONDS

[V ol.

125,

Nov., 1927.]

79

RAILW AY STOCKS AND BONDS

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

M il e s
R oad

D a te
B onds

Par
V a lu e

A m ount
O u ts ta n d in g

R a te

%

W h en
P a y a b le

L a s t D iv i d e n d
a n d M a t u r it y

P la ces W h ere Interest and
Dividends are P a ya b le

J & J Jan 2 1927 2% Office Broad St Sta.Fhila
4
$20
$599,120
20
Lykens Vail RR & Coal C o— Stock— Rental pays 4%
No coupons ever paid
J & J July 1 1946
1.00C
500,000
5g
97 1896
Macon & Birmingham — FirstM $500,000g — OB.xc
New York Trust Co, N Y
J & J Jan 1 1947
1.00C 1,529,000
5g
94 1907
Macon D ublin & Sav— lstM $ l,8 4 0 ,0 0 0 g g u .N .x x c*
Amer Ex Irv Tr Co, N Y
.1 & .1 July 1 1965
1.00C 1,600.000
5g
1915
Macon Term inal— 1st M $3,000,000 g gu_Col.c*&r
Nov 1 ’27 25% Grand Cent Term, N Y
5C 1.500,000 See text Q—
71
Mahoning Coal RR— Stock, Common------------------J & J July 1 ’27 2)4% Cent Union Tr Co, N Y
5C
661.367
5
71
Preferred stock (see text)_____________________
do
do
j
& J July 1 1934
l.OOC 1,500,000
6
63 1884
First M Youngs to And &c guar o & 1 (end)_Un.ic
1 % Office. Portland, Me
100 al2,007,100 See text See text Jan 2 ’28
Maine Central— Com stock ($15,000.000)-----------do
do
100 3,000,000 See text Q —M Dec 1 1927 1)4
—
___
Pref stock 5% cum non-voting, $3.000,000-------1st & Ref M $25,000,000 call at 102 & int, Series A,
N Y , Boston & Portland
c
412 1915 1,000 &c 20,000.000 4)4 5& 6 J S D Dec 1 1935
B, O and I (D not callable)___________ c*&r*
N Y , Boston & Portland
1,000 2,213,000
3H K J & J Jan 1 1954
139 1904
Washington County 1st M g gu r e d ________ Ce.zc*
do
do
500 &c
4 g J & J 2 July 2 1950
172,500
41 1900
Somerset Ry Consol mortgage gold______________ z
do
do
1,000
4 2 J & J July 1 1955
864,000
94 1905
First and Refunding mtge $1,500,000 gold._ABz
J & J 15 To Jan 15 1935 Guaranty Trust Co, N Y
632,000
6 g
1920
Equipment gold notes, due $79,000 annually__
5)4 A & O Apr '28-Apr ’38 State St Trust C o, Boston
840,000
1923
Equipment trust certificates due $40,000 s-a------- c*
1.000 1.096.000
5)4 J & D Dec ’27-June’39 State St Tr Co, Boston
_
_ 1924
do
do
due semi-ann-------------------------- c*
Guaranteed Securities—
100 4.392,538
2
Q - -F 28 Aug 31 '27 )4% Maine Cent Off, Portland
110
Portland & Ogdensburg stock (2% rental 999 yrs)
N Y , Boston & Portland
1,000 2.119,000
4)4 M & N Nov 1 1928
110 1908
1st M guar prln & lnt end (V. 86, d .1285)______ i
100
J & J July 1927 2)4% Office, Dover, Me
122,000
5
17
Dexter & Piscataquis stock 5% rental 999 years..
N Y , Boston & Portland
1,000
J & J July 1 1929
175,000
4
17 1889
First M Dexter to Foxcroft guar by end_____ BBz
N Y , Boston & Portland
1,000
M & N M a y l 1930
800,000
4
53 1890
Hereford Ry 1st mtge guar prln and lnt (endorsed) z
A & O Oct 3 1927 2)4 Treas office, Bangor. Me
100 2.494,100
5
124
European & Nor Am stk 5% rental 999 years______
do
do
1.000 1,000,000
4 g J & J Jan 2 1933
1893
56
Maine Central Eur & No Am refunding mtge gold.z
100
M & N M ay 1927 3% Office, Portland, Me
350,000
6
55
Upper Coos RR stock 6% rental 999 years________
N Y, Boston & Portland
500 &c 1,043,000 4 & 4)4 M & N M a y l 1930
55 1890
1st M and Exten M ($693,000 4 H h) guar p S i.z
c
100
122.000
5
J & J July 1927 2)4% Treasurer’s office, P’tl’d
14
Dexter & Newport stock 5 % ____________________
100
200,000
4 H M & N May 1927 2)4% Office, Rockland, Me
19
Eastern Maine stk 4 H % rental 999 years_________
RR— andRu mford Fa lls & Rangel ey Lakes RR Co— See those comp
Portland Terminal Co.— Portland & Rumford Falls
l.OOO&c 12,054,000
Philippine N at. Bk.
4 2 M & N May 1 1939
1909
Manila— 1st M Sou Lines g lnt gu s I red 1 1 0 .. Fxc*&r*
M S N May 1 1959
c
4
1917 1,000 &r 1,122.000
do
do
sinking fund_______________
1.000 13,236,000
London
J S J July 1 1956
c
5g
1916
New 1st M S Ref on Nor Lines $13.236,000____Ce
c
1.000
1 .500.0(m
Chase Nat Bank, N Y
7
M & N M a y 1 1937
1922
Sinking fund bonds_________________________xxxc*
£20 &c £1.919,170
London
4
J & J 15 Jan 15 1956
1906
Manila Ry “ A ” debentures call 105_______________
£20 &c £1.365,478
do
3)4 A & O 15 Jan 15 1956
1906
do
“ B” debentures 4% reduced to 3)4 % . .
a Also $2,881,500 held In treasury.

The 7% notes o f 1920 are secured by deposit of the following: $5,000,000
L. & N. R R . Unified 4s o f 1940: $5,000,000 L. & N. R R ., Atl. Knox. & Cln
D iv. 4s 1955: $200,000 South & North Ala. R R . Consol. 5s of 1936;
$3,000,000 South & North Ala. R R . Gen. Consol. 5s o f 1963. Red. on and
after M ay 15 1923, all or part, at 100 and lnt. plus a premium of 1 % for each
year or portion of a year from the date fixed for redemption to maturity.
Equipment trusts Issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 113, p. 1360, 1471.
Government loan, V. 112, d . 1978.
RE PO RT.— For 1926, in V. 124, p. 2144, showed:
1926.
1925.
1924.
1923.
Calendar Years—
$
$
$
$
Operating revenues_____ 147,136,530 142,244,307 135,505,676 136,375,672
Operating expenses______112,462,391 108,402,256 107,126.897 109,865,090
Taxes, &c______________ 7,927,642
7,081,932
6,224,746 6,564,310
Operating income___ 26,746,497 26,760,119 22,154,033 19,946.272
Equipment, rents, &c
292,821
178,500
137.341
726,871
Net operating income. 27,039,318 26,938,619 22,291,374 20,673,143
Other income__________ 3,783,224
3,219,505
3,016,252
2,926,429
Total income________ 30,822,542 30,158,124 25,307,626 23,599,572
Interest, rents, &c_____ 11,400,432 11,457,413 11,174,833 10,100,637
8,190,000
7,020,000
7,020,000 5,850,000
Dividends ___________
Sinking funds, &c______
13,707
132,303
130,850
221,102
Surplus--------------------- 11,218,404 11,548,408
6,981,943
7,427,833
V. 122, p. 1606.
For latest earnings, see “ Railway Earnings Section” (issued monthly)
OFFICERS.— Chairman, Henry Walters; President, Whiteford R. Cole;
Exec. V .-P., George E. Evans: V .-P ., Addison R. Smith, E. L. Smithers;
V.-P. & Gen. Counsel, Edw. S. Jouett; Treas., E. S. Locke; Sec., J. C.
Michael. Offices, 71 Broadway, N. Y ., and 9th St. & B ’way, Louisville,
K y.— V. 125, p. 2384.
LYKENS VALLEY R R . & COAL CO.— Owns from Millersburg. Pa.,
to WUIiamstown. Pa., 20.43 miles. Was leased to Northern Central for 99
years from July 1 1910; annual rental, $24,000 (equal to 4% on stock
organization expenses. In 1920 operated by Penn. R R . Co. under agree­
ment o f lease dated July 29 1914 (retroactive to Jan. 1 1911)— V. 92, p . 527.
MACON & BIRMINGHAM RY.— Owns Sofkee Jet. to La Grange. Ga
96.70 miles. 7.03 miles of G. S. & F. R y. and 1.10 mile of C. of Ga. Ry
between Sofkee and Macon operated under trackage rights. V. 101
p. 449. In 1908 a receiver was appointed; now Leon S. Dure and R. K.
Hines. V. 86, p. 337. Operations ceased on N ov. 15 1922 by order of the
Superior Court o f Bibb County, Ga. The I.-S. C. Commission on Dec. 9
1926 authorized the abandonment o f the road. V. 123, p. 3179. On
April 5 1927 the road was sold for $212,000 at public auction to local inter­
ests. V. 124, p. 2117. In year 1922 gross $194,037; net, def., $11,069;
other income, $1,175; int., rentals, &c., $65,626; bal., def., $75,520.—
V. 124, p. 2175.)
(
MACON DUBLIN & SAVANNAH RR. CO.— Owns road from M acon to
Vidalia, Ga., 91.93 miles. The I.-S. C. Commission has placed a tentative
valuation of $2,209,300 on the property of the company as o f June 30 1918.
Stock, $3,200,000 auth.; outstanding, $2,040,000 (par$100). Seaboard Air
Line R y. guarantees bonds, principal and interest. Bonds Series 1506
to 1529, inclusive, have clause “ Federal income tax, if any on same, is to
be paid by purchaser.” *V. 89, p. 43; V. 84, p. 102, 450; V. 106, p. 1126.
For year 1926, gross, $963,435; oper. income, $234,823; other income,
$5,751; int., rentals, &c., $169,591; net income, $70,983. Pres., S. Davies
Warfield, B a ltim o r e ; S ec. & T r e a s ., Geo. M . Norwood, M acon, Ga.—•
(V. 125, p. 244.)

from Burnham Jet., M e., to Belfast, M e., would terminate, and operation
of the road by the Maine Central would cease at midnight of Jan. 1 1926.
STOCK.— The stockholders In 1915 authorized retiring $10,000,000 o
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)4s. V 101, p. 923;
1370. 1465. The common stock was thus reduced to $14,888,600. See
bonds below. V. 10i. p. 1628, 1714
The majority Interest In the stock
formerly owned by the Boston & Maine was all disposed of In 1914-10,
through the Maine 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. 1907. ’08-T0. 1911. ’ 12to’ 20. ’21 t o ’25. ’ 26.
On common stock. 17 yearly
7M 8 yearly 7 X 6 yearly
A
None
2
Paid in 1928: July 2, 1% .
No divs. on pref. stock were paid from Dec. 1 1920 to Sept. 1 1924, both
incl.; Dec. 1 1924 to Dec 1 1927 paid 1)4% quar.: on June 15 and Dec. 1
1925 paid 2)4% on each date, and on Jan. 15 and March 1 1926 paid 7)4%
on each date on account of accumulations, clearing up ail accumulated divs.
BONDS.— The 1st & ref. mtge. is limited to $25,000,000; bonds are out.
standing as follows: $7,000,000 Series A 414%, $6,000,000 Series B 4)4%
$3,000,000 Series C 5% and $4,000,000 Series D, not callable, 6 % . A first
mortgage on about 411 miles or road, including the line running from Port­
land to Bangor and on entire stock o f Portland Term. Co. V. 102, p. 976,
1163, 1250; V. 108, p 480; V. 106, p. 1453, 1689.
Guarantees bonds and notes of Portland Terminal Co. See that compan
Equipment trusts issued to Director-General for rolling stock allocated
(O this company. See article on page 3.
REPO RT.— For 1926, in V. 124, p. 2112, showed:
1926.
1925.
1924.
1923.
Total operating revenue _:$20,423,812 $20,070,587 $20,178,336 $21,192,264
Total operating expenses 15,843,270 15,667,792 16,528,551 17,843,123
Net operating revenue $4,580,542 $4,402,795 $3,649,785 $3,349,141
Taxes a c cru e d _
_
1,227.041
1,184,180
1,216,286
1,182,489
Uncollectible revenue_
_
4,453
2,477
4,950
4,186
Railway oper. income. $3,349,048 $3,216,138 $2,428,548 $2,162,465
Other income__________
503,293
559,964
610,573
479,722
Gross income.
_ $3,852,341 $3,776,102 $3,039,122 $2,642,187
_
Interest, rents, &c___
2,581,944
2,599,102
2,650,100
2,631.723
Net income_____ __
$1,270,397 $1,177,000
$389,022
$10,464
Dividends__ . _____
390,142
450,000
337,500
Balance, surplus_____
$880,255
$727,000
$51,522
$10,464
For latest earnings see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres., Morris McDonald; V.-P. & Gen. M gr., Dana O.
Douglass; Treas., L. M . Patterson; Compt., Albert J. Raynes. Office,
222-242 St. John St., Portland, M e.— (V. 125, p. 778.)
MANCHESTER & LAWRENCE R R .— See Boston & Maine R R .

MANILA R R . CO. (THE).— (Gauge 3 ft. 6 in.).— This company, incor­
porated in the P. I. in 1919, successor to company organized In New Jersey
In 1906, has taken over and is operating the only steam road on the Island of
Luzon, Philippine Islands. 658.705 miles (V. 88, p. 1313; V. 91. p. 215).
In operation Dec. 1926, 313.76 miles of Northern lines: 258.31 miles
Southern lines and 86.63 m. o f Legaspi division lines. Additional mileage
has been under construction.
In 1916-17 the Philippine Govt, purchased all the outstanding stock for
$4,000,000 cash. V.103. p. 9J9. 1031; V. 102. p. 609. 251. 2166.
BONDS.— The Manila R R . (Southern Lines) 1st gold 4s of 1909, guar,
as to int. by Philippine Govt, under Act of U. S. Congress, are limited to
MACON TERMINAL CO.— Building, tracks, &c., at M acon, Ga., com
leted and Is used by Central o f Georgia, Georgia Southern & Florida and $30,000,000. Under a supplemental indenture dated July 1 1916 holders of
outhern R y. (all lines entering M acon), which own the $100,000 stock and these bonds were offered the privilege of having due date extended to M ay 1
guarantee the bonds, prln. and lnt.. by endorsement. Rental on wheelage t959. provided bonds then outstanding were presented to trustee for exten­
basis covers int. on bonds and all charges. The I.-S. C. Commission has sion prior to N ov. 1 1918. $1,122,000 were extended. Acceptance is
placed a final valuation o f $1,332,086 on the owned and used properties stamped on each bond. A separate sinking fund was established sufficient
to retire extended bonds by maturity. Interest on extended bonds la
o f the company as of June 30 1917.— (V. 124, p. 2424.)
guaranteed by Philippine Government. The bonds are redeemable as a
MAHONING COAL R R . CO. (TH E ).— Owns from Youngstown to whole at any time at 110 or by lot for a sinking fund of 34 o f 1% yearly from
Andover, O., and branches, 70-57 miles. In December 1907 purchased a May 1 1919 to April 30 1928 and 1% yearly thereafter. V. 91, p. 215, 276.
717, 1711; V. 93, p. 45; V. 104, p. 1801; V. 105, p. 1802, 1898.
one-half interest in the Lake Erie & Eastern R R . in Youngstown, &c.
In June 1917, under agreement of sale ratified Sept. 8 1916, $4,330,000
Leased in perpetuity for 40% of gross earnings to Lake Shore mow N Y
Central), which Dec. 31 1926 owned $894,650 com.and $478,000 pref. stock . Northern Lines First Mtge. 6% bonds and $7,716,000 2d Mtge. 7% bond*
were canceled as ol July 1 1916. In lieu thereof there were Issued $13.LATE DIVS.
/ ’ 12. ’ 13. '14. T 5-’ 19. ’20. ’21. ’22. '23. ’24 t o ’27.
236,000 Manila R R . Co. Refunding Mtge. 5% 40-year gold bonds, dated
On common %) — 1 20 70 60 50 yrly 110 50 90
80
100 yearjy
July 1 1916, a first lien on the Northern Lines and, subject to the Southern
Also paid an extra div. o f 60% in M ay 1920. 30% extra in Dec. 1922 and Lines First 4s, a lien on the Southern Lines. The entire Issue is held and
20% extra in Dec. 1924. Paid in 1927. Feb. 1, 25% ; M ay 2, 25%
pledged by the Manila Ry. Co. (1906), Ltd., as below stated.
Aug 1, 25% and N ov. 1, 25% .
It was also arranged to apply not over £590.000 of the $4,000,000 pur­
The 5% pref. stock guaranteed is callable at par. See V. 107, p. 1579
chase price to payment of loans of Manila Ry. (the English co.), canceling
— (V. 125, p. 2804.)
che A & B deb. stock pledged therefor and so reducing the nominal issues
of Its deb. stock (and bonds) to the amounts theretofore sold, viz., £2.000,000
MAINE CENTRAL R R . CO.— Portland to Vanceboro, Maine, vis
Glass A 4% and £1,880,000 Olass B, the interest rate on the latter being reAugusta, 261 miles (incl. trackage Portland to Falmouth, 7 m i.); Royal
luced from 4% to 3 )4 % . The A and B issues thus to be first and second
Jet. to Waterville, 72 m.; branches, Fairfield to Skowhegan, 16 m.; Bath to
iharges, respectively, on the $13,236,000 new 1st M . 5% 40-year bonds of
Lewiston and Farmington. 76 m.; Oakland to Kineo Sta., 93 m.; Portland
che American co. and on about $2,000,000 Southern Lines 1st M . 4s. See
and Rumford Falls System, 103 m .; Oquossoc to Kennebago, 11 m.; Bath to tlso V. 102, p. 2166; V. 103, p. 145. 493. 1032; V. 103. p. 1888.
Rockland, excl. ferry (0.60 m .), 49 m.; Harmony, Foxcroft, Bucksport and
The 7% sinking fund bonds of 1922 are guaranteed prin. & int. by the
M t. Desert, excl. ferry (7.7 m .), 108 m .; Washington County, 138 m.; Port­ Govt, of the Philippine Islands. There have been deposited with Chase
land to Lunenburg, Vt., 110 m ., and 7-73 m. from Portland Union St. to National Bank, New York, trustee, as security for the payment of the prin­
Windham Line, M e.; Quebec Jet., N. H., to Beecher Falls, V t., 55 m.; cipal and interest of this issue, $2,811,000 Manila RR. (Southern Lines)
total Jan. 2 1926, 1,121 miles, o f which 645 owned, 455 operaged under 1st Mtge. 4% gold bonds, due May 1 1939, guaranteed as to interest by the
leases and 21 trackage. The I.-S. C. Commission announced the tentative Philippine Govt. The company has agreed to create and maintain a sink­
valuation of the road as of .Tune 30 1916 at $61,091,384.
ing fund for the redemption of the bonds at maturity, paying annual in­
The company in Oct. 1925 issued a notice to the effect that the lease to stallments to the Chase National Bank, New York, trustee, sufficient t0
the company by the Belfast & Moosehead Lake R R . o f its railroad extending (etlre entire issue by maturity. V. 115. p. 1210. 1429.

S




80

[V ol. 125.

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 pa ge 8]

M iles
R oad

D ate
B on d s

Manlstique & Lake Sup— Inc M 4% n-c $1,300,000 .8 38.47 1909
Manltou & Pike's Peak Ry— 1st M $500,000 g--F.xo*
9 1908
Maaitoulin & North Shore— See Algoma Eastern R y ..
1924
Md & Del C oast Ry— 1st (closed) mtg gred (text)___
40 1882
Maryland & Pennsylvania— York & Peach Bot M ..x
First mortgage $1,200,000 gold call at 105.MeBa.xc*
80 1901
. . . 1906
Maryland & Pa Ter 1st M $200,000 g gu red llO -.x x
Income bonds— 1st cons mtge bonds— see text___
375, 1905
Mason City & Ft Dodge— 1st M g ___________ Ce.xo&r
37
Massawippi— Stock guar same dlv as Conn & Pass_
_
_
_ 1907
McCloud River— First mortgage $1.200,000____
1913
Memphis U nion S tation— 1st M g guar__Ba.xc*r*
32.2 1913
Meridian & Memphis RR— 1st M $800,000 red 105..
3.27 1905
Meridian Terminal— First M $250,000 g gu..Q xo*& r
Mexican Central— Mexican International— See Nation al Rail ways o
Mexican Northern— Stock, $3,000,000-----------*83 1890
First mtge U 8 gold red 105 s f ext In 1909-G.xc*4;r
1913
Mex No West— Prior Hen bonds £2,500.000 red 102H
1st M gold red t e x t _________________________
1909
1912
Conv Income bds £1,000,000 6% cum red par s t.c*

Par
V a lu e

1,000
$1,000
100&1000
60 &c
1,000
1,000

A m oun t
O utstanding

R ate
%

W h en
P a y a b le

L ast D ivid en d
and M a tu rity

D ivid en d s a re P a ya b le

1.100,000 Up to 4 M Sc R Sept 1 1934
$500,000
6 g A & O Oot 1 1928
300,000
202,450
897,000
200,000

1.000
115,000
100
800,000
1,000
551,000
l.OOO&c 2,500,000
1.000
675.000
1,000 &c
250,000
f Mexico
100 3,000,000
1,000
a708.000
£100 £1,671.000
£100 £5,600.000
£20 <
fcc
£750,000 Up

6g
5
4g
6g

M
M
M
M

&

4g
6
6
5g
6
4g

J
F
A
M
J
M

& D June 1 1955
A A Feb 1 1927 3%
& () Apr 1 1937
Bankers Trust Co, N Y
Sc N N ov 1 1959
Sc J Jan 1 1943
& N May 1 1955

&

&
&

N
S
S
N

M a y l 1944
Apr 11932
Mch 11951
May 1 1936

May 1 ’ 13 1H %
6 g J & D Deo 1 1930
6
1928
SMch 1 1959
5g M & v
to 6 M & S15

do
do
1V14 cuuy uDiorrw
13 coup deferred

RE PO RT.— Income account for fiscal years ended Dec. 31:
June 1 1921 and subsequent coupons were not paid because Interest was
1924.
I n P esos —
1926.
1925.
unearned. Chicago Great Western 1* not liable for Int. on these bonds unles
Total railway operating revenues____ 12,652,401 12,633,660 11,400.165 same Is earned by the Mason City Sc Ft. Dodge R R . Compare V. 111.
7,336,960 p. 2228; V. 112, p. 2305. A protective committee was formed In Dec.
Total railway operating expenses__
7,626.840
7.694.264
4.063.205 1920 and called for deposit o f bonds. Under agreement in Oct. 1922 with
n 4,958,137
5,006,820
130,229 the committee the $12,000,000 o f bonds, with coupons payable June 1
Total taxes, accruals, &c_________
145,046
156,813
1921 and thereafter,
3.932,976 206.000 of Chicago attached, are to be surrendered in exchange for $10.Railway operating income______ - 4,801,324
4,861,774
Western 1st mtge. 4% bonds with
Total non-operating income_______
140,047 payable Sept. 1 1924Greatthereafter attached, and $3,240,000 o f coupons
192,897
187,761
and
Chicago
4,073.023 Great Western pref. stock. As of Sept 1. 1927 all except $115,000 o f the
Gross income__________________ .. 4,994.221
5,049,535
2,653,298
2,737,845 bonds had been acquired, with the interest coupon due June 1 1921 and
.. 2,621,415
185,159 thereafter thereto attached In exchange for Chicago Great Western bonds
2,322,650
.. 2,342,039
and pref. stock pursuant to the terms o f said agreement. Compare V.
30,767
73,587
116, p. 76, 1649.
N o te .— Values are expressed in Philippine currency: 1 peso equals 50 cents
U. 8. A . currency.
MASSAWIPPI VALLEY RY.—
34
Pres., R . R. Hancock, Manila; Gen. M gr., Jose Paez, Manila; non-resi­ miles, with branch, 3 m ; trackage Province Line to Lenoxville. One.. m.
to
toteu, 40
dent Secretary, L. V. Carmack, Insular Bureau, Washington. D . O. Corp. Leased for 999 years from July 1 1870 Sherbrooke, Que., 3 m.;R R . Stock,
to the Boston Sc Maine
office. Manila. P. I.— V. 125, p. 909.
$800,000: par o f shares, $100; dividends payable Feb. and Aug. 1. Divi­
MANISTEE & NORTHEASTERN R Y .— (V. 124, p. 369.)
dends, formerly 6% . 6% since Jan. 1 1897. Of the stock, $400,000 owned
MANISTIQUE & LAKE SUPERIOR RR.— Manlstique. Mich., on Lake by the Conn. & Pass River is deposited under its mtge and $50,000 was
Michigan, northerly to Doty, 38.47 m .; branches, and spurs, 9.66 m. purchased in 1910 under its option at par.— (V. 92, p. 1108.)
V. 81, p. 975; V. 87, p. 97; V. 89, p. 470. The I.-S. C. Commission has
McCLOUD RIVER R R .— Owns from M t. Shasta City to Pondosa,
placed a final valuation o f $668,000 on the owned and used properties Calif., 60 miles. The I.-S. C. Commission has placed a tentative valuation
of the company, as of June 30 1915. The Ann Arbor R R . in April 1911 o f $1,502,000 on the total owned and $1,455,000 on the total used property
acquired the entire $250,000 stock. V. 92, p. 1109. Bonds authorized. of the company as of June 30 1917, which valuation the company has$1,300,000 25-year 4% non-cum. incomes; outstanding, $1,100,000. For protested as unfair and confiscatory. Stock, $1,200,000. Bonds ($1,cal. year 1926, gross, $129,532; net oper. def., $20,227; other income, 200.000 auth.). Mercantile Trust C o., San Francisco, mortgage trustee.
$425; deductions, $4,304; bal., def., $24,106. Chairman, W . H. Williams; V. 85, p. 1005.
Pres., J. E. Taussig; V .-P ., Sec. & Treas., J. C. Otteson; V.-P. & Gen. C al. Y r s .—
B al.
G ross.
N et.
Other I n c .
I n t.
M gr., G. F. Blomeyer; Aud., J. F. Cress.— (V. 121, p. 327.)
1926_____________$504,852
$79,626
$68,991
$24,567
$21,178
MAN1TOU & PIKE’ S PEAK R Y.— Manltou. Col., to summit of Pike's 1925....................... 590,584
30,230
95,633
31,088
96,491
Peak, 8.9 miles; standard gauge. Operated from April to November yrly.
Pres., D. M . Swobe, San Francisco.- -(V. 122, p. 3079.)
The I.-S. C. Commission has placed a final valuation o f $368,741 on
MEADVILLE CONNEAUT LAKE & ______
the property of the company as o f June 30 1918. Stock, $500,000; par of Meadville to Linesville, Pa.; 20.54 miles; LINESVILLE R R . (TH E ).—
Lynces Junction to
shares, $100. D iv., 40% paid in 1913-14; 1915, Sept., 10%; 1916-25, none. Lake Park, Pa., 1.07 miles; total, 21.61 miles; 2d track, 2.34 miles;Conneaut
branches
C a l.
N et
O th er
B a l.
and spurs, 2.41 miles; yard track and sidings, 7.98 miles. Leased toY ears—
G ross.
O p er. I n c .
In c.
In terest.
D ef.
July 1 1990 to Pittsburgh Bessemer & Lake Erie R R .; rental, 25% of gross
$1,403
____
$25,000
$23,597
1926________ $53,628
1925 ______ 80,760
6,213
$908
25,627
18,506 earnings. Stock, $200,000; par, $50. Dividends in 1913 to Oct. 1926,
4% (2%
For year end. Dec.
1926,gross, $29,055;
net.
Pres., Spencer Penrose; Sec. & A ud., E. S. Hartwell; Gen, M gr., J. J. $25,098; A. & O.).$4,212; dividends (4 % ),31 $8,000;balance, surplus*
interest,
Cogan; Treas., A . S. Gill.— (V. 124, p. 2903.)
$12,886— (V. 112, p. 2748.)
MARYLAND & DELAWARE COAST R Y .— The railway runs from
MEMPHIS UNION STATION CO.— Owns union passenger station at
West Denton, M d., to Lewes, Del., cutting across the Chesapeake Peninsula Memphis, Tenn.,
by Louisv. & Nashv.: Nashv.
for over 40 miles, with sidings and spur tracks. The railway also has Southern R y. andused Missouri Pacific and St. Louis Chatt. & St. Louis,
by
Southwestern, since
connection with the Pennsylvania System at West Denton by Love Point to April 1 1912. Interest charges and expenses are apportioned among the
Baltimore, and Lewes, Del., to Rehoboth Beach, Del., with motor bus.
lines on the user basis. Stock, $100,000, owned equally by five roads
BONDS..—The 1st mtge. gold bonds of 1924 are redeemable after 5 years
N ov. 1909
Bankers
at 102J4 and int. Beginning M ay 1 1929 and annually thereafter a sum named. Into secure an made a mtge. to the 6% gold Trust Co. of N . Y .,
issue of $3,000,000
bonds, guar. Jointly
may be set aside sufficient to retire the entire bond issues upon date of as trustee,
and severally by five roads named. V. 97, p. 1025; V. 93, p. 1324: V. 89.
maturity, but the company may devote this sum at any time to purchase p. 1411, 1542; V. 90, p. 236; V. 91, p. 94. The I.-S. C. Commission has
bonds in the open market.— (V. 124, p. 369.)
placed a final valuation of $2,259,000 on the owned properties and $793
MARYLAND DELAWARE & V IR G IN IA R Y .— See Baltimore & on the used but not owned properties of the company as of June 30 1916.
Eastern R R . above and V. 120, p. 1199.
Pres., A. B. Scales, Memphis, Tenn.; Sec., R . M . Marr, Memphis. Tenn.
MARYLAND & PENNSYLVANIA RR.— Baltimore, Md . to York, Pa . — (Y. 121, p. 455.)
77.17 miles; other mileage, 3.52. Tentative valuation o f $3,072,500 on the
MERIDIAN & MEMPHIS R R .— Owns Meridian, Miss., to Union. 32.19
owned and used property o f the company as o f June 30 1918.
miles, with terminals at Meridian. Final valuation of $645,043 on the
STOCK AND BONDS.— Stock authorized, *3,600,000. of which $1,997, owned and used property o f the company as o f June 30 1917. In Jan. 1918
600 reserved for future requirements. In 1902 the authorized issue of the the Gulf Mobile & Northern (which see) purchased the outstanding secur­
first 4s was reduced from $2,700,000 to $1,200,000, o f which $203,000 ities ($500,000 stock and $675,000 1st mtge. bonds) and in 1923 the two
are reserved to retire the York & Peach Bottom 5s and $100,000 additional roads entered into an operating contract. V . 116, p. 2388; V. 106, p. 296;
for future purposes. &c. V. 74. p. 94, 427; V. 79, p. 2205. Maryland & V. 105, p. 2543; V. 103, p. 1118. Pres., I. B. T igrett— (Y. 125, p. 1704.>
Pennsylvania Terminal guaranteed bonds. V. 82, p. 1041, 1102.
MERIDIAN TERMINAL CO.— Owns passenger station at Meridian.
The co. in Sept. 1923 announced a plan whereby the holder of each Miss., opened Sept. 1 1906. and used by
& Ohio.
$1,000 1st income mtge. 4% gold bonds received $500 in new 6% 1st Orleans & Northeastern R R ., Yazoo &Southern Ry.. Mobile R ., and New
Mississippi Valley R
Ala.
consol, mtge. bonds and $500 in stock (par $100 per share).
Great Southern, which own one-fifth each o the cap. stock ($100,000)
Bonds have been or will be issued under the new mtge. in amts, sufficient guarantee the bods jointly and severally by fendorsement; form, V. 85, and
p.
to (a) Exchange for outstanding Income bonds; (6) cover the payment of 601. The I.-S.
$300,000 10-year notes due Oct. 1 1923; (c) provide for capital expenditures the total owned C. Commission has laced a final valuationf of $390,074 on
and used properties o f the company
of the York Terminal R y. Co. and Maryland & Pennsylvania Terminal Ry.; Pres., E. E. Norris; Treas., G. A. Cooke.— (V. 123, p.as o June 30 1918.
1111.)
(d) retire at maturity or purchase Maryland & Pennsylvania Terminal R y.
MEXICAN R Y .. L T D — (V. 124, p. 3626.)
1st mtge. 5s, due 1936; (e) retire at maturity the company’s 1st mtge. 4%
bonds, due 1951, and the $202,450 underlying bonds, due 1932; (f) provide
MEXICAN NORTHERN RY.— Owns from Escalon, Mexico, on the Mexi­
funds for future capital requirements including (not to exceed 80% of the can Central Ry. to Sierra Mojada, 83 miles, all steel. See V. 64, p. 619cost o f), additions to and betterments of the property subject to the mtge. V. 108, p. 480
The Series A bonds will be dated as o f Oct. 1 1923, will mature Oct. 1 1963,
Bonds, see V. 88. p. 1437, 1500; V . 89. s. 104: V. 91 p. 1026.— (V.
will be redeemable at 105 (diminishing 1% per annum during the last five 103. p. 759; V. 107, p. 2098; V. 108. p. 480.
years o f the life o f the bond) and will bear interest payable unconditionally
MEXICO NORTH WESTERN R Y.— Owns and oontrols 540 X miles
at the rate o f 6% per annum. Compare V. 117, p. 1461; V. 118, p. 1392
Oludad Juarez to Tabalaopa
)La Junta to Mlnaoa__________ 6.34
2179. 2573.
(Chihuahua)______________475.78 Cumbre to Chulohupa(building) 5.08
RE PO RT.— Holders of income bonds received Interest on April 1 1925
at the rate o f $23 for each $1,000 bond, this being the first payment since dan Antonio to Cusihulriaohlo. 13.051
The company has leased 250,000 acres o f timber land and owns over
April 1 1914; on April 1 1926 received $10 for each $1,000 bond; on Oct. 1
1926 received $15 for each $1,000 bond, Apr. 1 1927 received $14 for each 3 000.000 acres o f timber lands, with 2 mills at Madera with a capacity
$1,000 bond. Oct. 1 1927 received $37 for each $1,000 bond, thereby of 175,000,000 ft. per year, and 2 mills at Pearson with a capacity o f 250,reducing the accumulated interest to 44.6%. For year ending Dec. 311926, 000,000 ft. per year. Controls finishing, &c., plant at El Paso, Tex.,
gross, $960,027; net after taxes, $242,300; other income, $11,220; interest capacity 100,000,000 ft. per year. See V. 88; p. 749; V. 89, p. 348, 470;
V. 94, p. 1627; V. 96, p. 287.
and rentals, $143,638; balance, surplus, $109,882. Pres., O. H. Nance.—
8tock. $40,000,000 (par $100). or which $25,000,000 issued.
(V. 125, p. 1704.)
BONDS.— Present limit 1st M . 5s, £8,459,700; issued, £5,600,000. V. 88MASON C IT Y & FORT DODQE R R .— Owns road from Oelwein, la.;
to Council Bluffs, 260 miles; Hayfield, M inu., to Clarion, la ., 100 m ., p. 749; V. 93, p. 28, 1324, 1463; V. 95, p. 176; V. 97. p. 521, 595.
As to 6% cumulative convertible Income bonds, see V. 94. p. 1627.
branch to Lehigh, 15 m.; trackage. Council BItaffs to South Omaha, 8
The issue of 15-year prior-lien 6% bonds is limited to £2,500,000, secure®
miles; total. 383 miles. The Chicago Great Western owns entire outstandng common stock ($19,205,400) and pref. stock ($13,635,752), and oper­ by a prior lien on the entire property. Red. at 10214 any time on 6 months’
ates the road as part o f its main line to Omaha under a 100-year agreement notice. Trustee, Nat. Trust C o., Toronto, Ltd. V. 96. p. 285. 1229
dated April 30 1901 and modified June 1904, M . C. & Ft. D. being credited The payment of coupons was deferred, owing to financial conditions in
with 60% o f earnings on business interchanged. Compare Chicago Great Europe and Mexico. V. 99, p. 674.
The holders of the three classes of bonds of the company In Sept. 1923
Western R y . and V. 73, p. 566, 616, 722; V. 7 7 ,p . 640; V. 78, p. 1782;
V. 8 0 .p. 2621. Earnings incl. in those o f O. G. W . system. The interest were invited to co-operate with a committee which has been formed In their
due Dec. 1 1920 on the $12,000,000 1st M . 4s was paid by th eO .G , W. interest to take action in order to safeguard their position. The committee-




Nov., 1927.]

81

RAILW AY STOCKS AKD BONDS

R A IL R O A D C O M P A N IE S

lF or a bbreviation s, & c ., see notes on page 8]
Michigan Central— Stock----------------------------------------Refunding & Impt Mtge $100,000.000_____________
First mortgage 518.000,000 gold---------------G.xc*Ar
M C Michigan Air Line first mortgage____Un.xcAr
1st M on Det A Bay C ity-------------------------------- Un.zc
do
do
bonds without coupons_ zr
_
Debentures gold________________________ Q .xc'A r*
M C new M on Gr Rlv Val 54,500,000,g text.GxoAr
M C first mortgage on Kalamazoo AS Haven.xUn.i
Mich Cent 1st M on Jack Lans A Saginaw g --xc* Ar
M 0 1st M on Joliet A Nor Indiana 53,000.000 g .x
Equip. Tr. $4,500,000 ($300,000 annually) gu. gyc*
Mich Cent Eq Trust, due $600,000 an n---- G.c*&r
do
do
do
do
do
do
do
do
do
do
do
do
Bay City A Battle Cr 1st M g gu p A 1 end.M p.zc*
Battle Cr A Sturgis 1st M g guar p A 1 end.rtlp.ro*
ToICanSo&DetlstM54,500,000 g gu (end)G.xo*Ar_
Detroit Rlv Tunnel Oo
See that company
M iddletown & U nlonv RR— 1st M $500.000.. Ba.y
Second M 6% non-cum adjust inc bonds red p a r..y
Midi Railroad Co— See text
Midland Val RR— 1st M g red 102 H -----------QPxc*
Adjustment mtge (2d Income) gold red par F P .xc*
Wichita St Midland Val 1st M g gu red par------- xo
x An additional $79,000 Is quar by N Y Central RR.
a Exclusive of 573,000 held by sinking fund.

y $305,000 purchased and retired by Land Grant

Am ount
Outstanding

M ile s D ate
Road Bonds

1,200 1917
270 1902
115 1890
171 1881
171 1881
. . . 1909
84 1909
39 1889
379 1901
45 1907
. . . 1916
. . . 1917
. . . 1920
. . . 1922
. . . 1922
. . . 1923
____1924
. . . 1924
. . . 1925
18 1889
41 1889
59 1906
14 1913
. . . 1913

W h en
Payable

L ast D ivid en d
and M a tu rity

July 29 ’27*20%
Se
100 C18736400 See text.
See text
1.000 Sco 18,000,000
3H e M & N May 1 1952
1.000 Sec 2,600.000
J Se J Jan 1 1940
4
5
1,000 , 4,000,000
M & S Mch 1 1931
1.000 Sec
Q— M Mch 1 1931
5
1,000Ac
7.634.000
A & O Apr 1 1929
a *
M A S Sept 1 1959
1.500.000
1,000 Ac
t * M A N Nov 1 1939
700.000
1 ,0 0 0 r 1.695,000
3 H e M A S Sept 1 1951
10 1957
150.000
J
i g J A & 10 JulyOct 1930
1,000
O To
900.000
5g A
3.000.000
1 ,0 0 0 & c
M & 8 To Sept 1 ’32
6
A & 015 To Apr 15 1935
$3,741,318
J & D T o June 11937
5
3.730.000
M & S T o Sept 1 1037
4H
510.000
J & D T o June 1 1938
5
6.952.000
J & D To J’ne 1 1939
5
2.796.000
2.076.000
M & S 15 To Sent 15 1939
4a
$ 1 ,0 0 0 & c
4>4 M & N 1 5 To M ay 15 ’40
3,042,600
1.0 0 0
J A D Deo 1 1989
49,000
3 g
X421.000
1,000
J A D Deo 1 1989
8 g
l.OOOAc
4a
J A J Jan 1 1956
3.100.000
100 Ac

1,000
306 1913
306 1913 500-1000
1,000
. . . 1911
c Of which
Trustees.

Rate
%

Grand Cent Term’ l, N Y
Reg at G C T; cp at G Tr
Cent. Union Tr Co, N Y
do
do
Grand Central Term, NY
do
do
do
do
do
do
Reg at G O T; op at G T»
Guaranty Trust Co, N Y
New York and Phlla
Guaranty Trust C o , N Y
do
do
do
do
do
do
do
do
do
do
Cent Union Tr Oo, N Y
do
do
Grand Central Term, N Y

Nov 1 1933
N ov 1 1933

Empire Trust )o , N Y
Bankers Trust Oo. N Y

A & O Apr 1 1943
6.315.000
5g
5,500.150 Dp to5% Sept. 1 Apr 1 1953
pledged
A & O Jan 1 1931
5g

New York and Phlla
See text
Office. Philadelphia. Pa

190.000 o 6 8
242,500 See text

$17,907, 700 held by N Y Oen tral RR

is as follows: E. R . Peacock (Chairman), Loring C. Christie, H. Malcolm
Hubbard. J. H. Clifford JoLnston, H. A. Vernet and R . Wallace. Com­
pare V.117, p . 1236, 1555: V. 118, p. 1665.
OFFICERS.— Pres, and Receiver, R . Home Smith; V .-P ., Miller Lash,
L. R. Hoard, O. W . Borrett; Sec. & Treas., R . H. Merry.— (V. 118,
p. 1665.)
M ICHIGAN CENTRAL R R . CO. (TH E ).— (See M a p s N ew Y o rk C entra1
L in e s ').— LIN E OF R OAD.— Main line— Kensington to Detroit, 272 miles,
branches owned, 913 miles; line jointly owned, 2 miles; leased lines, 575
miles; trackage rights, 94 miles; total operated, 1,856 miles, with 683
miles o f 2d track, 9 miles of 3d and 9 miles of 4th track, and 1,557 miles
sid© tracks
Chicago kalamazoo St 8aginaw R y., Pavilion to Woodbury. M ich .. 55 m .,
Is controlled, the stockholders in N ov. 1926 approved the lease of the road
to the New York Central R R . Shareholders voted June 8 1916 to purchase
15 subsidiaries, including all those mentioned in bond table at head of page
except Detroit River Tunnel Co. V. 102, p. 2254. Has considerable
interest in Indiana Harbor Belt R R . See that co. and V. 106, p . 2018.
Third-rail electric Detroit River Tunnel, 2.72 m. long. Is leased for 999
Fears. V. 90. p. 710; V. 91, p. 276: V. 92. p. 1499; V. 98. p. 236.
The I.-S. O. Commission has placed a tentative valuation of $130,858,402
on the total owned and $150,703,973 on the total used property of the com­
pany as o f June 30 1918.
C O N T R O L — The N . Y . Central R R . Co. on Dec. 31 1926 owned
$18,577,900 of the $18,736,400 stock issued. See that co .’s statement (also
V. 93, p. 1787; V. 96, p. 1424. for nroposition looking to ultimate merger
The stockholders on N ov. 4 1926 approved the lease to the New York
Central o f the entire railroad subject to approval o f I.-S. C. Commission.
The proposed leasing o f the road to the New York Central R R . for 99
years was temporarily restrained hy the U. S. Circuit Court of Appeals at
Grand Rapids, M ich., Sept. 18 1926, upon a petition by minority stock­
holders o f the Michigan Central.
Holding that no fraud was evident in the proposed 99-year lease of the
road by its majority stockholders, the New York Central R R ., the U. S.
Circuit Court of Appeals at Cincinnati handed down an opinion N ov.3 1926
affirming the decree o f U. S. District Judge C. W . Sessions in Detroit, dis­
missing the application o f the Continental Securities Co. of Chicago, a
minority stockholder, for an injunction. An appeal has been filed.- Com­
pare New York Central R R . Co. below and V. 123, p. 1111, 1500, 1629.
2389, 3035.
LATE DIVS.— J ’06. ’07 ’08to’ 14. ’ 15to’21. ’22. ’23. ’24. ’25. '26. ’27.
P e rc e n t_________ \ 5 8
6 y’ly
4 % y rly . 8 20 20 20 35 37M
Paid in 1927: Jan. 29, 1 7 H % , July 20% .
BONDS — The $100,000,000 Refunding St Improvement mortgage of
1916, covers about 1,200 miles of directly owned road, also leaseholds.
Ac. The new bonds will he Issued in series, ail equally secured, and about
$40,000,000 thereof will be reserved to provide for refunding the under­
lying bonds shown in table above, after $10,000,000 of the new bonds have
been Issued for other than refunding purposes, bonds thereafter put out
under the mortgage for additions and Improvements must not exceed 70%
of the cost o f such outlays. The debentures of 1909 are secured by the
new mortgage on a parity with the bonds issued thereunder. V . 104, p . 1600,
On Dec. 31 1925 $6,171,000 Series A and $507,000 Series B bonds had
been nominally Issued and were held by or for the company.
Battle Creek A Sturgts bonds for $500,000, but o f this $79,000 was sub­
guaranteed by the Lake Shore St Michigan Southern (now merged into
the New York Central). 7 miles, being operated by that company.
As to 3H s o f 1902. see V. 74, p. 728: V. 76, p. 102: V . 83, p. 1229. First
4s on Joliet St North. Ind.. see V. 84. d . 1367: 1428: V. 100. p. 556, 642.
Toledo Canada So. A D e t. 4s, V , 104, p. 1600; V. 82, p. 930; v . 85, p. 406,
In April 1909 an Issue of $25.000.000 4 % 20-year debentures was autnorleed. Of the $4,500,000 authorized 4s on Grand River Valley R R .,
$1,500,000 are reserved for double-tracking. Ac., and $1,500,000 for future
requirements. V. 88. p. 945, 1002. 1061. 1254: V. 90. p. 1554; V. 89,
p. 170: V. 90. p. 627.
As to guaranteed bonds, see Canada Southern and Detroit River Tunnel.
Equipment bonds o f 1915. see V. 103. p. 145: V. 102. p. 1447.
Michigan Central R R . equipment trust o f 1917, V . 104, p. 1794.
Jointly with four other roads covenants to pay New York Central Lines
car trusts o f 1920, 1922, 1923, 1924 and 1925, the company’s share of equip,
trusts outstanding being as shown in table at head o f page.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on another page and V. 113, p. 1471.
Government loan, V. I l l , p. 2520; V. 112, p. 162.
RE PO RT.— For 1926:
Years E ndin g D e c. 31— 1926.
1925.
1924.
1923.
Railroad revenues______$95,524,343 $91,864,377 $87,614,662 $94,798,042
Net from operations____ 23,565,130 29,971,338 25,455,138 27,158,510
Gross income__________ 25,328,516 25,292,987 20,122,325 20,751,012
Rentals leased lines____ 2,735,883
2,735,142
2,734,782 2,736,748
Interest on bonds, &c_-_
3,426,856 3,721,899
3,725,042 3,796,748
Other rents & misceU...
201,878
29,750
34,966
41,365
D ividends...................... 6,557,740
5,152,510
3,747,280 3,747,280

P laces W h ere In te r e s t a n t
D iv id en d s are Payable

Oo.

R E P O R T . — F o r 1926:
C a le n d a r
Y rs.

G ross.

N et.

O th er
In com e.

In terest,
R e n t a l s ,A c . D iv i d e n d s . B a la n c e .

1 92 6____ $18 2 ,4 5 7
$ 4 2 ,3 9 9
$ 2 ,3 6 2
$ 3 3 ,2 0 4
$ 8 ,9 4 0
$ 2 ,9 0 3
1 92 5____ 167 ,997
4 9 ,1 9 2
1,537
3 5 ,4 8 0
4 ,4 7 0
12,027
P re s id e n t, G . T . T o w n s e n d ; V .-P r e s . & G e n . M g r ., J . A . S m ith ; S e c .,
F r a n k H . F in n ; T r e a s ., R . H . C la r k .— ( V . 125 , p . 2 3 8 4 .)
M ID I R R . C O . ( C o m p a g n i e d e s C h e m i n s d e F e r d u M id i.) — T h e
M id i R R . C o . s y s te m in clu d e s 4 ,2 1 0 k ilo m e te r s o f lin e (a b o u t 2 ,6 0 9 m ile s ),
fo rm in g th e o n ly r a ilr o a d c o n n e c tio n b e tw e e n Spa in a n d C o n tin e n ta l E u ro p e .
O R G A N I Z A T I O N .— O rga n ized in 1852; a ssu m ed p r e s e n t title in 1898.
C A P I T A L S T O C K .— 1 2 5 ,0 0 0 ,0 0 0 fr a n c s , d iv id e d in t o 2 5 0 ,0 0 0 sh ares o f
5 0 0 fra n c s e a ch . O f th is a m o u n t 2 8 ,8 4 8 ,0 0 0 fra n c s h a d b e e n ca lle d fo r
r e d e m p tio n u p t o D e c . 31 192 6, le a v in g o u ts ta n d in g 9 6 ,1 5 2 ,0 0 0 fra n c s .
D I V I D E N D S . — A n a n n u al d is trib u tio n o f 1 0 % p e r a n n u m h a s b e e n p a id
o n th e c a p ita l s t o c k s in ce 1883 (see G o v e r n m e n t g u a r a n te e ).
B O N D E D D E B T . — O n D e c . 31 1926 b o n d e d d e b t o f c o . w as as fo llo w s :
P a r V a lu e o f O u t­
s ta n d in g B o n d s .

3 % b o n d s 1 8 5 6 -1 9 5 7 ............................................ .............................F r s . 1 .9 9 4 ,2 2 2 ,0 0 0
1 0 4 .6 4 8 ,0 0 0
2 ^ % b o n d s 1 8 9 7 -1 9 5 7 _________________
1 7 9 ,3 0 0 ,0 0 9
4 % b o n d s 1 9 1 4 -1 9 6 0 ______________
5 % b o n d s 1 9 2 0 -1 9 6 0 ________________________________
1 8 7 ,2 0 0 ,0 0 0
6 % b o n d s 1 9 2 0 -1 9 6 0 _________________________________________ /
2 8 3 ,3 0 7 .5 0 0
|
a l 7 3 , 1 47 ,000
1
6 3 ,0 0 0 .0 0 0
6 % b o n d s Sw iss issu e o f 1 9 2 6 -8 2 __________________
1 0 ,0 0 0 ,0 0 0
2 7 8 ,0 2 4 ,5 0 0
3 % b o n d s 1 9 2 1 -1 9 8 2 ___________________________
6 % b o n d s 1 9 2 1 -1 9 8 2 ________________________________
8 0 1 .2 3 6 ,0 0 0
6 % 1 0 -y e a r n o te s 1 92 1-’ 3 1 _________________________________
1 4 5 ,4 0 1 .0 0 0
6 % 5 -y e a r n o te s , 1 9 2 4 -2 9 ___________________________________
1 3 9 ,8 5 9 ,0 0 0
6 % 1 0 -ye a r n o te s , 1 9 2 4 -3 4 __________________________________
2 6 3 ,8 3 4 ,0 0 0
6 % 1 0 -ye a r n o te s , 1 9 2 5 -3 5 ___________________ ______________
2 7 8 ,7 8 6 ,0 0 0
7 % 1 5 -ye a r n o te s . 1 9 2 7 -4 1 _________________________ _______ 5 ,7 6 5 ,0 0 0
a A m e r ic a n issu e o f 1920.
6 S terlin g, L o n d o n issu e o f 1922.
O f th e 6 % b o n d s , 2 0 3 ,4 0 0 ,0 0 0 fra n c s w e re o ffe r e d fr o m O c t . 1920 t o
D e c . 1926 b y A . Ise lin & C o . , N e w Y o r k . T h e se b o n d s a re r e d eem a b le
a t p a r b y a n n u a l d ra w in g s , in a c c o r d a n c e w ith th e a m o r tiz a tio n s ch ed u le
p rin te d o n th e b o n d s , in a m o u n ts s u ffic ie n t t o r e tire th e en tire issu e b y 1 96 0,
th e c o m p a n y re s e rv in g t h e r ig h t t o in cre a se th e a m o u n t t o b e r e d e e m e d in
a n y y e a r . C o n v e r tib le a t a n y tim e in t o an e q u a l p r in c ip a l a m o u n t o f 6 %
F re n ch b o n d s , lis te d o n th e P a ris B o u rs e , b u t s u b je c t t o F r e n c h ta x e s .
P r in c ip a l a n d in te re s t (J . & D .) p a y a b le a t th e o f fic e o f A . Iselin St C o . ,
36 W a ll S t ., N e w Y o r k , w it h o u t d e d u c t io n fo r a n y F r e n c h t a x e s , p r e s e n t
o r fu t u r e , i f h e ld b y n o n -r e s id e n ts o f F r a n ce . C o m p a r e V . I l l , p . 1472.
N o m o r tg a g e has b e e n issu ed o n a n y p a r t o f th e p r o p e r t y , a ll b o n d s r a n k
e qu a l a n d a re a d ir e ct o b lig a t io n o f th e c o m p a n y (see G o v t , g u a r a n te e ).
G o v er n m e n t G u a r a n te e .—-B y an a g re e m e n t b e tw e e n t h e c o m p a n y an d
th e F r e n c h G o v t . , a p p r o v e d b y a law e n a c te d N o v . 2 0 1 88 3, it is p r o v id e d
th a t i f in a n y y e a r , p r io r t o D e c . 31 196 0, th e en d o f th e co n c e s s io n o f th e
c o m p a n y , th e n e t in c o m e o f th e c o m p a n y is n o t s u ffic ie n t t o c o v e r th e
In terest o n , a n d th e a m o r tiz a tio n o f , its b o n d e d d e b t , a n d t o m a k e a d is­
tr ib u tio n o f 1 2 ,5 0 0 ,0 0 0 fra n c s o n its c a p ita l s t o c k (a t th e r a t e o f 5 0 fra n cs
per share o f 500 f r a n c s ) , th e F r e n c h G o v t , w ill p r o v id e th e c o m p a n y w ith
the a m o u n ts n ecessary t o m a k e u p th e d e fic ie n c y , a n y a m o u n ts s o a d v a n c e d
to b e r e p a id w ith in te re s t a t th e r a te o f 4 % p e r a n n . ( 3 % sin c e 1896 in a c­
c o r d a n c e w ith th e a g re e m e n t in c o n n e c t io n w ith th e tra n sfe r t o th e G o v t ,
o f th e t w o can als m e n tio n e d a b o v e ) o u t o f a n y su rp lu s n e t In c o m e o f the
c o m p a n y re m a in in g a fte r m a k in g d is trib u tio n o f 1 0 % o n its ca p ita l s t o c k ,
an d t h a t i f a t a n y tim e p r io r t o th e e n d o f t h e co n c e s s io n t h e G o v t , shall r e ­
p u rch a s e t h e c o m p a n y ’s p r o p e r t y a n d ta k e o v e r th e o p e r a tio n o f its r a ilr o a d ,
th e G o v t , w ill p a y t o t h e c o m p a n y a n n u itie s n o t less th a n th e ag g reg a te
a m o u n t re q u ire d fo r in te re s t o n , a n d a m o r tiz a tio n o f , its b o n d e d d e b t , an d
fo r m a k in g a d is trib u tio n o f 1 2 ,5 0 0 ,0 0 0 fra n c s o n its ca p ita l s t o c k .
N e w C o n v e n tio n .— S ee P a ris -L y o n s -M e d ite r r a n e a n R R . b e lo w .
E A R N I N G S .— (F ig u re s g iv e n are p e r 1 ,0 0 0 fra n cs').
Y ear—
1926.
192 5.
192 4.
1923.
192 2.
1921.
O p e ra tin g r e c e ip t s ______8 4 9 ,8 0 2 6 4 1 ,9 6 4
5 6 0 ,2 5 2 4 7 5 ,9 1 6 4 4 2 ,9 8 2 4 2 0 ,1 3 6
O p e ra tin g e x p e n se s____ 623 ,111 5 4 4 ,3 8 2
4 8 7 ,4 6 9 4 5 1 ,2 1 1 4 5 7 ,7 8 5 4 9 6 ,3 3 7
N e t o p e r a tin g i n c o m e . .2 2 6 ,6 9 1
9 7 ,5 8 2
7 2 ,7 8 3 2 4 ,7 0 5 - 1 4 ,8 0 2 76,2 0 1
F ix e d ch a rge s, & c ______2 3 6 ,3 6 8 192 ,0 5 6
1 63 ,607 142 ,9 6 3 1 41 ,579 109 ,699
1 0 % d iv id e n d o n s t o c k - 1 2 ,5 0 0 1 2 ,5 0 0
1 2 ,5 0 0 1 2 ,5 0 0
1 2 ,5 0 0 12,5 0 0
A d van ces m a d e b y G o v t.
u n d e r a g re e m e n t w ith
th e G o v e r n m e n t _____
9 ,6 7 7 9 4 ,4 7 4 9 0 ,8 2 4 _______
_______
_______
O F F I C E R S .— P r e s ., G e o rg e s G eissier; V .- P r e s ., H e n r y P e r e ir e , E u g e n e
d ’E ic h th a l, P a u l G ira rd ; S e c ., G e o rg e s B e r tr a n d ; G e n . M g r -, P a u l. O ffic e ,
P a ris, F r a n c e .— ( V . 124 , p . 3 3 4 8 .)

MIDLAND VALLEY R R . CO.— Owns and operates from Excelsior
Ark., south to Hoye, Ark., and north to Fidelity, Ark.; also from Excelsior,
west to Silverdale, K an ., and from Jenks, Okla., to Glenpool, Okla., a total
of 306.17 miles; also operates under trackage from Rock Island, Ark., to
Ft. Smith, 16 m ., and Silverdale to Arkansas City, Kan., 9 m .; leases
Wichita & Midland Valley R R ., Arkansas City to Wichita, 51 miles, for
50 years from July 29 1910, for 25% of the gross earnings (and any de­
Balance, surplus____ $12,406,159 $13,653,684 $9,880,254 $10,429,168
For latest earnings, see “ Railway Earnings Section” (issued m onthly).— ficiency necessary to meet the bond interest and taxes;) total owned or
controlled and operated. 459 miles (V. 121, p. 195.)
<V. 125, p. 2669.)
The I.-S. O. Commission has placed a tentative valuation of $10,750,000
MIDDLETOWN & UNIONVILLE R R .— Middletown, N . Y ., to N . Y
on the total owned, and $11,725,185 on the total used properties of the
S. & W . June., N. Y ., 14.03 miles. Has an agreement with the N . Y . Ont company, as of June 30 1919.
St Western R y. for the use in perpetuity both of the terminal In MiddletowD
ORGANIZ’N .— In 1913 readjusted without foreclosure. V. 9 6 - p. 554.
and o f the mile o f track used in entering that city.
STOCK-— Auth., common, $16,000,000; pref., $5,000,000; outstanding.
Final valuation o f $322,847 on the owned and used properties o f the $4,006,500 common and $3,999,250 5% pref. (prln. St div.): par $50. The
company as o f June 30 1916 and o f property used but not owned, $102,000. voting trustees decided to terminate the voting trust on M ay 10 19«8
Reorganization in 1913 (V. 97, p. 887) of Middletown Dnionville St The pref. stock Is redeemable at par on any div. date after July 11916 on 30
Water Gap R R ., foreclosed. Cap. stock, $150,000. Adjustment mortgage days’ notice.
coupons have been paid as follows: N ov. 1915, 1% ; M ay 1916 to Nov.
D IV ID E N D S.— An initial div. of 2) 4% on the pref. stock was paid
1917, 2% semi-annually; M ay 1918 (for 6 mos. ending Oct. 1917), 4 % ; June 1 1923; same amount paid semi-annually to Dec. 1 1927. On com.,
full 6% paid on income bonds in 1918; N ov. 1 1919 to Apr 1 1927 paid 3% paid initial dividend of 2) 4% on April 15 1925; same amount paid semi­
semi-annually.
annually to Oct. 15 1927.




82

R A IL R O A D C O M P A N IE S
[F o r a b b r e v ia tio n s , & c . , s e e n o te s o n p a g e 8]

M ile s
R oa d

Mill Creek & Mine Hill Navigation & RR— Stock-----Milwaukee Lake Shore & Western— Milwaukee Sparta & Nor
M ilwaukee & N orthern— See Chicago Milw St Paul & P a c —
37
Mine Hill & Schuylkill Haven— Stock (6 % rental) —
16
Mineral Range— Consol mtge (text) gold red at 105-zc
General mtge Interest guar by Canadian Paclflo.Fz
69
Hancock & Cal cons mtge gold red at 105 assum. . z
29
■Inneap & St L— Stock, all of one class, $26,000,000
Receiver’s certificates____________________________
Receivers’ certificates____________________________
First mtge g Merrlam Juno to Albert Lea (ext) F.zc*
109
First Consol Molosed M g (V 59, p 1145) -N.xo*&i
355
138
Des Moines & Ft Dodge gold guar p A l._C e.xc*& r’
First & Rel M 513.244,000 gold ($18,000 p m) „ C e x
770
Refund andExtenM $75,000,000 g red 105.Uxo’ &r* 1,516
Equipment trusts, Director-General of Railroads..
492
Iowa Central 1st M 6 (V 49. p 5 8 2 )................Me.zo*
530
1st Ref mtge $25,000,000 g (see text).U n.xo*& r
U S Govt Federal control settlem ent______________
Equip notes National R y Service C o r p ___________
United States Govt 10-year loan_________________

D a te
B onds

Par
V a lu e

A m oun t
O u ts ta n d in g

R a te

%

W h en
P a y a b le

25
J
&
10
3 2 3 ,3 7 5
th W e s tern — Se e C h ica g o & N o rth W estern
1891
1901
1891

50
500 &c

4 ,2 1 0 200
F
6X
S
593 000 4 g <c 5 g J
J
4 g
J
5 g

100,000
1 .0 0 0 000
1,000
325 000
100 2 5 ,7 9 2 600

1926
1927
1877
600 < co
5
1,000
1894
1,000
1906
1,0 0 0
1899
1912 1 .0 0 0 <fcc
1920
T.666
1888
1901
1.000
1922
1921
1921

T h e s to c k h o ld e r s in S e p t. 1925 w ere g iv e n th e p r iv ile g e o f su b scrib in g
to 40,000 shares (n o p a r v a lu e ) a t $50 p e r share to the e x te n t of 1 6 )4. % of
th eir h old in g s t o th e s t o c k o f th e M u s k o g e e C o m p a n y . T h e la tte r c o m p a n y ,
in c o r p o r a te d u n d er th e law s o f D e la w a r e , w as o rg a n iz e d as a h o ld in g
c o m p a n y t o o w n a c o n tr o llin g in te re s t in th e se cu ritie s o f th e K a n sas
O k la h o m a & G u lf R y . , u p o n its r e o r g a n iz a tio n an d fo r e c lo s u r e . V . 121,
p . 1225.
O n F e b . 20 1926 p a id a s t o c k d iv id e n d o n th e c o m m o n s t o c k , p a y a b le in
s t o c k o f th e B ir d C r e e k C o . t o c o m m o n s to c k h o ld e r s o f re c o r d F e b . 15 1926,
on t h e b asis o f o n e B ir d C r e e k sh are fo r e a c h share o f M id la n d c o m m o n
s t o c k h eld

BONDS.— The first 6s and adjustment M . (income) 5s, issued per plan
V. 96, p. 554, are a first and second lien, respectively, on (1) the entire
property; (2) the leasehold interest in the Wichita & Midland Valley RR
and all the $1,025,000 1st M . bonds o f the latter and $460,000 of its $503,300
c o m m o n s t o c k ; (3) S e b a stia n C o u n t y C o a l & M in in g C o . b o n d s , $ 1 ,2 4 1 ,5 0 0 ,
a n d s t o c k , $ 2 5 0 ,0 0 0 (b e in g to t a l o u ts ta n d in g issu e o f b o t h s e c u r itie s ),
o w n in g a b o u t 1 8 ,5 0 0 acres o f s e m i-a n th r a c ite c o a l la n d s .
O f th e 1st 5s,
$ 5 ,0 0 0 ,0 0 0 h a v e b e e n issu ed o n a c c o u n t o f re tire m e n t o f o u ts ta n d in g
b o n d s a n d o th e r in d e b te d n e s s a n d im p ro v e m e n ts , & c ., o f t h e re m a in in g
$10,000,000 reserved for 8 5 % o f th e c o s t o f lm p ts .. e x te n s, &c., under
careful restriction s. Is s u e d , $ 6 ,9 1 3 ,0 0 0 , o f which $ 6 ,3 1 5 ,0 0 0 are out­
standing and $ 5 9 8 ,0 0 0 are In tr e a s u r y . See V. 96, p. 1423, 1489.

The interest on the adjustment M . bonds is to be paid annually, if earned
The $3,512,500 Series A bonds have priority both as to lien and
payment 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

o n a d ju s tm e n t m t g e . Series A b o n d s ; 4 % in terest w as d e c la r e d p a y a b le
S e p t. 1 1918 fo r th e y e a r e n d e d Ju n e 3 0 1918 b u t sa m e w as n o t m a d e u n til
O c t . 2 1918 o n a c c o u n t o f fu n d s o f c o m p , b e in g u n d er G o v e r n m e n t c o n t r o l
3 % in te re s t w as d e c la r e d , p a y a b le S e p t. 1 1919, fo r y e a r e n d e d Jun e 30
1919; 3 % w as d e cla re d fo r t h e y e a r e n d e d Jun e 3 0 1920, p a y a b le S e p t. 1
1920; S e p t. 1 1921 t o S e p t. 1 1927 p a id e a c h y ear 5 % o n Series A a n a B
b o n d s.
R E P O R T .— F o r 192 6, g r o s s , $ 1 ,6 5 9 ,4 3 1 ; n e t o p e r . in c o m e , $ 1 ,2 9 7 ,4 7 3 ;
o t h e r in c o m e , $ 1 8 2 ,6 0 8 ; i n t ., r e n ta ls , & c ., $70 5 ,1 6 1 ; p r e f . d i v ., $19 9 ,9 6 2 ;
c o m m o n d i v ., $ 2 0 0 ,3 2 5 ; b a l ., s u r ., $ 3 7 4 ,6 3 1 .

For latest earnings, see “ Railway Earnings Section" (Issued monthly;.
P r e s ., O . E . In g e r s o ll; S e c . & T r e a s ., J. R . K . D e la n y . O ffic e , L a fa y ­
ette B u ild in g , P h ila d e lp h ia .— ( V . 125, p . 104 8.)
MILL CREEK & MINE HILL NAVIGATION & RR.— M ill C reek Jet. to
Broad M o u n t a in , Pa. 3 .9 5 m .; b r a n c h e s , 1 .9 2 m .; secon d tr a c k , 3 .7 1 m .,
total t r a c k , 5 9 .8 7 m. Leased in 1861 fo r 999 ye a rs t o P h lla . & R e a d in g R R ,

lea se assum ed in 1896 b y P h ila . & R e a d in g R a ilw a y , a n d in 1923 b y R e a d in g
C o . ; r e n ta l, $ 3 3 ,0 0 0 & ta x e s .

MINE HILL & SCHUYLKILL HAVEN R R — From Schuylkill Haven to
Ashland and Enterprise Jet., 36.72 m.; 2d track, 20.60 m.; total track,
130.40 m. In 1897 rental reduced to 6% on stock under new lease for 999
years from Jan. 1 1897 to Phlla S Read. R y . Co.; 2 14% is paid In Feb. and
s
8% in Aug., 14% being deducted for taxes.— (V. 115. p. 2379.)
M I N E R A L P O I N T & N O R T H E R N R Y . — H ig h la n d t o H ig h la n d J e t ,

Wis., 2 6 .4 m iles; tr a c k a g e t o M in e ra l P o in t , 4 .2 m .; t o t a l, 3 0 -6 m iles.
The I.-S. C . C o m m is s io n has p la c e d a fin a l v a lu a tio n o f $ 5 5 6 ,9 2 7 o n the
owned a n d used p r o p e r t y o f th e c o m p a n y as o f Ju n e 30 1917. S to ck .
$550,000; p a r , $ 10 0. F o r c a l. y e a r 1926, gross, $ 1 0 4 ,9 9 3 ; n e t , $ 3 0 ,7 0 6 ;
c h a r g e s , $ 1 7 ,9 8 5 ; b a l., s u r ., $ 1 2 ,7 2 2 .
P r e s ., T h o s . D . J o n e s , C h ic a g o .
V .- P r e s ., a n d G e n . M g r ., W . R . S m ith , M in e ra l P o in t , W is .— (V . 12 2 , p .

880.)
M I N E R A L R A N G E R R . C O .— M a in lin e o w n e d , 58 m ile s, o f w h ic h 11

m. n o t o p e r a te d ; lea sed lin e s, 20 m . o f w h ic h 8 n o t o p e r a te d ; t o t a l o p e r a te d ,
59 m ile s ; n o t o p e r a te d 19 m ile s; t o t a l m ile s , 7 8 .

In 1895 paid dividends of 1 0 X % ; in 1896, 7% : 1897. 7% : 1898, 3 X % I
none since. Stock, $1,500,000; par, $100.
BONDS.— Consols for $1,000 are reserved for $3,000 old bonds. Of the
$593,000 outstanding, $339,000 are 5s; the Canadian Pacific owns
the remaining $254,000 (which are 4s) and the $1,000,000 gen. mtge. 4s,
both of which it guar, as to int. V . 75, p . 554. See V . 73, p . 556. 61 6 ; V . 73,
p. 785.
R E P O R T . — F o r 1926, gro ss, $ 2 8 5 ,1 7 8 , n e t o p e r . in c ., d e f. $ 3 6 ,7 4 6 ;
o th e r in c o m e , $ 4 6 ,6 8 2 ; d e d u ctio n s , $ 9 9 ,9 9 1 ; b a l. d e f. $ 9 0 ,0 5 5 . V . 122 , p .
2795.
O F F I C E R S .— P r e s ., C . T . J a ffr a y , M in n e a p o lis ; S e c ., W . R . H a r le y ,
M in n e a p o lis ; T r e a s ., W . J . E llis o n , M a r q u e t t e , M ic h . N . Y . o f fic e ,
64 W a ll S t .— (V . 123 , p . 2 3 8 9 .)
M IN N E A P O L IS & S T . L O U IS R A IL R O A D C O . (T H E ).— R oa d
In clu des:
R o a d O w n ed (C o n tin u e d ) —
M il e s .
R o a d O w n ed —
M il e s
W in t h r o p , M in n ., t o 8 to r m L a k e .154
M in neapolis t o A n g u s , l a --------- 260
B ran ohes _______________________
155
D e s M o in e s t o R u th v e n . I a — 138
T r a c k a g e _____________________
114
H o p k in s , M in n ., t o L e o la , S .D -3 2 9
C o n d e t o A k a s k a , S. D _________ 103
N o r t h w o o d t o A lb ia . I o w a --------189
O sk a loosa , l a . , t o Io w a Jet..111.186
.1,628
T o t a l o w n e d a n d o p e r a t e d ------------T h e lin e o f r o a d e x te n d in g fr o m A lb e r t L e a , M in n ., t o M a n ly J u n ctio n ,
I o w a (2 7 .5 8 m ile s ), is o w n e d jo in t l y w ith th e C h ic a g o R o c k Is la n d A
P a c ific R y . C o .
T h e I .- S . C . C o m m is s io n has p la c e d a t e n ta tiv e v a lu a tio n s o f $ 4 6 ,9 4 4 ,4 2 8
o n t h e t o t a l o w n e d , an d $ 4 6 ,0 5 7 ,5 4 4 o n th e to t a l u sed p r o p e r tie s o f th e
c o m p a n y , as o f J u n e 3 0 1917.
O R G A N I Z A T I O N .— I n c o r p o r a t e d in I o w a J u ly 1 1916 ( V . 103, p . 145)
as a c o n s o lid a tio n o f M in n . & S t. L o u is R R . o f M in n , a n d I o w a . V . 59,
p . 371 ; V . 9 3 , p . 1 6 6 8 ), a n d I o w a C e n tr a l & W e s te rn R y . a n d p e r p la n o f
F e b . 1 91 6. V . 102, p . 522 , 529 ; V . 103, p . 2163; V . 104, p . 2 2 4 0 .




[V ol. 125.

RAILW AY STOCKS AND BONDS

200

L a s t D iv id e n d
a n d M a tu r ity

J Jan

& A Aug
& J an
& J Jan
& J an

1927
1
1
1
1

P la c e s W h e r e I n t e r e s t a n d
D iv id e n d s A r e P a y a b le

5 % R e a d in g T e r m , P h lla , P*

1927 3 %
1931
1951
1931

O ffic e 119 S 4 th S t . P h lla
64 W a ll S t . N ew Y o r k
AU o w n e d b y Can P a olflc
6 4 W a ll S t . N ew Y o r k

,000

,000

1,7 5 0
950 000
5 ,2 8 2 000
3 ,0 7 2
13,244
4.004 956
8 0 6 ,400
7 .6 5 0 ,095
7,1 5 6 ,000
625
955 ,350
1,382

.000
.000
.000

,000

6 g
5 g
\ g
4 g
5 g

6

6 g
4 g

D Ju n e 1 1932
N N o v 1 1934
J Jan 1 1935
&
S M ch 1 1 9 4 9
Q— F
F e b 1 1962
J & J 15 T o Jan 15 1935
J
& D Ju n e 1 1938
M A S M ch 1 1951
M a r 1 1930
Jun e 1 1936
A & O Apr 11931

J
M
J
M

&

&
&

M a y 1924 in te re s t u n p a id
J u ly 1924 in te re s t u n p a id
S e p t 1923 in te res t u n p a id
A u g 1923 in te re s t u n p a id
25 B road St N ew Y ork
Jun e 1924 in te res t u n p a id
S e p t 1923 in te re s t u n p a id

R e c e iv e r A p p o i n t e d — P r o te c tiv e C o m m itte e f o r B o n d h o ld e r s . — W . H . B re m ner w as a p p o in t e d re c e iv e r J u ly 26 1923 b y F e d e ra l J u d g e W . F . B o o t h a t
M in n e a p o lis . F o llo w in g th e a p p o in t m e n t o f th e r e c e iv e r , th e c o m m itte e
n a m e d b e lo w w as fo r m e d t o p r o t e c t th e In terest o f th e 1st & r e f. m tg e . 4 %
5 0 -y r . g o ld b o n d s a n d Io w a C e n tr a l R y . 1st & r e f. M . 4 % 5 0 -y r . g o ld b o n d s .
C o m m itt e e .— Ju les S . B a ch e o f .T. S. B a ch e & C o . ; F . Q . B r o w n o f R e d ­
m o n d & C o .; C h a rle s H a y d e n o f H a y d e n . S to n e & C o .; D e W i t t M illh a u s e ;
o f S pey er & C o .; L e R o y W . B a ld w in o f E m p ir e T r u s t C o .; w ith E . P .
G o e tz , S e c ., 42 B r o a d w a y , N . Y , . a n d A lfr e d A . C o o k , co u n s e l. E m p ir e
T r u s t C o ., N . Y . , d e p o s ita r y . V . 117, p . 4 4 0 , 554 ; V . 118, p . 2 0 4 °
In O c t . 1923 a n o th e r c o m m itte e w as fo r m e d t o p r o t e c t th e in te re s t o f th e
1st & r e f. m t g e . 4 % 5 0 -y e a r g o ld b o n d s . T h e c o m m it t e e is c o m p o s e d o f
Jam es H . P e rk in s , P re s, o f F a rm e r s ’ L o a n & T r u s t C o . , N e w Y o r k ; P . L e
R o y H a r w o o d , V .-P r e s . o f M a r in e rs ’ S a v in gs B a n k ; H . F . W h it c o m b ,
N o rth w e s te rn M u t u a l L ife In s . C o . o f M ilw a u k e e , a n d Jam es L e e L o o m is ,
V .-P r e s . o f C o n n e c tic u t M u tu a l L ife In s u ra n ce C o .
S e c’ y is F . A . D e w e y ,
22 W illia m S t ., a n d d e p o s ita r y . F a rm e rs L o a n & T r u s t C o . , N e w Y o r k .
V . 117, p . 1664: V . 118, p . 1135.
I n O c t . 1924 a c o m m it t e e , c o m p o s e d o f L . E d m u n d Z a c h e r , F . J . L is m a n
an d W a lte r H . B e n n e tt, w ith W . O . R o b e r t s o n , S e c ., 128 B r o a d w a y , N e w
Y o r k , an d A m e rica n E x ch a n g e N a t . B a n k , N . Y . , d e p o s it a r y , w a s fo r m e d
to p r o t e c t th e in terests o f th e h o ld e rs o f th e 1st c o n s o l, m tg e . 5 % g o ld
b o n d s, d u e 193 4, a n d t h e D e s M o in e s & F t . D o d g e R R . 1st m t g e . 4 s , d u e
193 5. V . 119 . p . 1184, 2 06 4; V . 120, p . 1583.
In O c t . 1924 th e fo llo w in g c o m m it t e e w as o r m e d fo r th e p r o t e c t io n o f
th e in terests o f th e h o ld e rs o f th e M e r ria m J u n c t io n -A lb e r t . L e a 1st m tg e .
b o n d s, d u e Ju n e 1 192 7: S am uel S lo a n , B e e k m a n W in t h r o p , L e w is B .
C u rtis , w ith P . C . B e a rd sle e , S e c ., 22 W illia m S t ., N e w Y o r k , a n d F a rm ers
L o a n & T r u s t C o . , N . Y . , d e p o s ita r y . V . 11 9 , p . 2 0 6 4 .
I n D e c . 1924 t h e fo llo w in g c o m m it t e e w as fo r m e d fo r th e p r o t e c tio n o f
th e in terests o f t h e h old ers o f I o w a C e n tra l 1st m t g e . 5 % b o n d s d u e
Ju n e 1 1938; G e o rg e E . R o o s e v e lt ( R o o s e v e lt & S on ) C h a irm a n ; W illia m
O . Q uarles (F in a n ce C o m m itte e , N o rth w e s te r n M u t u a l L ife In s u ra n ce C o . ) ;
D a n iel J . G la z ie r (T r e a s . H a r tfo r d F ire In s u r a n c e C o . ) ; R . G . P a g e (B a n k ­
ers T r u s t C o .) w ith H a lv a r U t v i k ,S e c .,3 1 N a s s a u S t ., N e w Y o r k , a n d R o o t ,
C la r k , B u ck n e r & H o w la n d , C o u n s e l, B a n k e rs T r u s t C o . . N e w Y o r k ,
d e p o s ita r y .
S to c k h o ld e r s ’’ C o m m itt e e .— A s t o c k h o ld e r s ’ c o m m it t e e n a s also b e e n fo r m e d
c o n sistin g o f P ie r p o n t W . D a v is , C h a ir m a n ; W . P . H a w le y , W . B . D a v id s ,
S. B . N o v e m b e r a n d C h a s . E . G ra h a m , w ith Ja m e s M c L e a n , S ec y , 55 W all
S t ., N e w Y o r k , a n d M a r c u s L . B e ll, c o u n s e l, 25 B r o a d S t ., N e w Y o r k .
T h e N a tio n a l C it y B a n k o f N e w Y o r k , d e p o s it a r y , 55 W a ll S t .. N e w Y o r k .
V . 117. p . 554 . 1884; V . 121. p . 2 03 5.

S T O C K .— See ta b le a t h e a d o f p a g e .
D IV ID S .
1 '9 7 . ’9 8 . '9 9 . ’0 0 . ’ 01. ’ 02. ’ 0 3 . ’ 0 4 . ’ 05 t o J a n . ’ 10.
None
3 )4 4 1 4 5
5
5
5
5
5 y e a r ly
P r e fe r r e d ______i 3
since
C o m m o n _______ J------ N o n e -----1 X 4
5
5
2X
0
B O N D S . & C .— B o n d s d u e 1927, N os. 1101 t o 1 40 0. fo r $50 0 e a c h , a d d i­
tion al t o th o s e a b o v e , w ere assu m ed b y B . C. R . & N , (n o w G. R . I . & P .)
F . J . L ism a n & C o . p u rch a se d a t th e ir m a t u r it y , Ju n e 1 1 92 7, a t p a r , t h e
$ 9 5 0 ,0 0 0 1st m t g e . 7 % b o n d s (o th e r th a n b o n d s b e a rin g g u a r a n ty o f B . O .
R . & N . R y .), w h ic h w e re te n d e re d fo r sa le . I n lieu o f sellin g b o n d s as a fo r e ­
sa id , b o n d h o ld e rs w e re g iv e n th e p r iv ile g e o f e x te n d in g th e p rin cip a l th e r e o f
fo r 5 y e a rs w ith in te re s t a t 6 % p e r a n n . T h e e x t e n d e d b o n d s w ill b e r e d . on
a n y in t . d a te o n a t least 3 w e e k s ’ n o t ic e a t 10234 a n d in t. u p t o Ju n e 1 1928,
a n d a t le a s t )4 % less p r e m . w ith e a c h s u c c e e d in g y e a r .
S e e V . 1 2 4 ,p . 3 0 6 4 .)
F irst R e fu n d in g m tg e . o f 1899 is lim ite d t o $ 1 3 ,2 4 4 ,0 0 0 . T h e m t g e . i
1st lien o n 277 m iles o f r o a d a n d o n $ 2 9 9 ,5 0 0 s t o c k o f R a ilw a y T ra n sfe r C o .
o f M in n e a p o lis ; also a lien o n p r o p e r t y c o v e r e d b y th e M e r ria m J e t. &
A lb e r t L e a m o r tg a g e , 1st c o n s o l, m tg e . a n d D e s M o in e s & F t . D o d g e 1st
m t g e ., s u b je c t , h o w e v e r , t o t h o s e m o r tg a g e s . In te r e s t d u e S ep t. 1 1923
w as n o t p a id . V . 6 8 , p . 187. 3 3 2 ; V . 7 9 , p . 214 7; V . 8 0 , p . 2 22 0; V . 8 7 .
p . 1420; V . 8 8 , p . 2 9 5 , 4 5 2 , 506 ; V . 117 , p . 112 9. See V . 6 9 , p . 3 2 .
T h e “ R e fu n d in g a n d E x te n s io n ” 5 0 -y e a r b o n d s , d a t e d Ja n . 1 1912 ($ 7 5 ,
0 0 0 ,0 0 0 a u th . issu e) are se cu re d b y a general lien o n p r o p e r tie s n o w o w n e d
s u b je c t to existin g lie n s, a n d h a v e a fir s t lien o n 2 16 .93 m iles o f r o a d , v iz .
W a te r to w n t o L e o la , S. D . , 1 1 3 .8 5 m iles, a n d C o n d e t o A k a s k a , S. D .
103 .08 m iles. Is s u e d t o D e c . 31 192 6, $ 8 ,9 8 5 ,0 0 0 , o f w h ic h $ 1 ,5 0 0 ,0 0 0
w ere p le d g e d as s e c u r ity fo r n o t e issu ed t o D ir e c to r-G e n e r a l o f R a ilr o a d s
c o v e r in g F e d e ra l c o n t r o l s e ttle m e n t; $ 7 8 5 ,0 0 0 w e re p le d g e d as s e c u r ity fo r
lo a n s a n d b ills p a y a b le ; $ 2 ,3 7 7 ,0 0 0 w e re p le d g e d as s e c u r ity fo r 10-year
loan fr o m th e U n ite d S ta te s G o v e r n m e n t; $ 3 1 8 ,0 4 4 w e re h e ld c th e
tre a su ry u n p le d g e d , a n d $ 4 ,0 0 4 ,9 5 6 w e re o u ts ta n d in g in th e h a n d s o f the
p u b lic . O f $ 6 6 ,0 1 5 ,0 0 0 unissued b o n d s , $ 3 7 ,3 5 4 ,0 0 0 are r e se rv ed t o retire
an e q u a l a m o u n t o f u n d e rly in g b o n d s , $ 1 5 ,6 6 1 ,0 0 0 fo r im p ts ., se c o n d
tra ck , & c ., $ 3 ,0 0 0 ,0 0 0 t o p u rch a se r o llin g s t o c k a n d $ 1 0 ,0 0 0 ,0 0 0 fo r a d d i­
tio n a l r o a d , b ra n ch e s o r te rm in a ls . In te r e s t d u e A u g . 1 1923 w as n o t p a id .
T h e $ 3 ,0 7 2 ,0 0 0 D e s M o in e s & F o r t D o d g e 4 % b o n d s d a t e d J a n . 1 1905
w ere g u a r ., p . & i . V . 7 9 , p . 170 4, 2 6 9 6 .
In te r e s t d u e S e p t. 1 1923 o n th e I o w a C e n tr a l 1st & r e f. m t g e . 4s, d u e
M a r c h 1 1951, w as n o t p a id . V . 117, p . 112 9.
In te re s t d u e M a y 1 1924 o n th e 1st c o n s o l, m t g e . 5 % g o ld b o n d s , d u e
1934, w as n o t p a id . V . 118 , p . 2 1 7 9 , 2 4 3 7 . 3
—
In te r e s t d u e Ju n e 1 1924 o n th e I o w a C e n tr a l 1st m t g e . 5 % g o ld lb o n d s ,
d u e 1938. w as n o t jp a id . V . l l K p . 2 8 2 4 ........... .
ln
All i n t e r e s t e d the'S M erriam J u n c tio n -A lb e r t L ea.,1st .m t g e . 7 % b o n d s ,
d u e 1927 p a id t o d a te see also V . 124 , p . 3 0 6 4 ).
E q u ip m e n t trusts issu ed t o D ir e c to r-G e n e r a l fo r r o llin g s to c k ^ allocated
t o th is c o m p a n y .
See a rticle o n a n o th e r p a g e .
___
T h e r e w e re also o u ts ta n d in g as o f S e p t. 30 1927 $ 9 5 5 ,3 5 0 n o te s h e ld b y
| N a tio n a l R y . S e rv ice C o r p ., d u e $ 5 3 ,0 7 5 s .-a . (M a y 20 a n d N o v . 2 0 ) .
G o v e r n m e n t lo a n . V . 112 . p . 1519.

Nov., 1927.]

83

RAILW AY STOCKS AND BONDS

d ls c e l l a n e o u s c o m p a n ie s
{F o r a b b r e v ia tio n s , A c . , s e e n o te s o n p a g e 8

M ite s
R oad

D a te
B on d s

Par
V a lu e

■ I n n e a p St P & S Stelfl — C om s t o c k $ 2 8 ,0 0 0 ,0 0 0
P referred s tock 7 % n o n -c u m $ 1 4 ,0 0 0 ,0 0 0 (see t e x t )

Leased line ctfs $12,500,000 auth ________________
l i t Con M g lnt guar i.end) (see text)_____Ce.xc*&r»
1st ref M s f g Ser ‘ ‘ A' $15,000,000 auth. Qc*&r*
Seoond mtge $5,000,000 gold lnt guar_Ce.xc*&r*
Central Terminal joint 1st M g red text-G.xc* &r*
Collateral trust gold bonds__________________ Bazc*
Collateral trust notes red 102)4_______________Bac*
2-year notes___________________________________ Ce
Car trust Ser H due $50,000 y r ly _________________ c
do
Ser I due $250,000 yrly_________ Cexxxc
do
Ser J due $240,oOo yrly________ Ce.xxxc
do
Ser K due $118,000 s-a________ xxxc*&r*
do
Ser L due $20,000 s-a_______________xxx
do
Ser M due $51,000 s-a_____________ xxxc*
do Ser. N due $53,000 J & J _______________ c
■ In n eiota 1 m ust 1st M g call 102 t t ________ c*&r’
Mils Cent— 1st M S1 0.000 0 00 e gu red (text). _Q.xo*
U S Lumber Co notes due $50,000 s a____________

3 .2 9 2
3.2 9 2
3 .2 9 2

109.97
104

1888
1921
1899
1911
1921
1924
1926
1920
1920
1921
1923
1925
1926
1927

la id

1909
1923

A m oun t
O u tsta n d in g

R a te

%

W h en
P a y a b le

L a s t D iv id e n d
a n d M a tu r ity

P la c e s W h e r e I n t e r e s t a n d
D iv i d e n d s a r e P a y a b le

$100 $ 2 5 ,2 0 6 ,8 0 0 See te x t See t e x t D e c 17 ’ 23 4 % M inn o ffic e ; c b e c k s 'm a ll
K« 12,603.400 See te x t See te x t D e c 17 ’23 4 %
do
do
100 1 1 .2 4 5 .5 0 0
do
do
A & O A p r 1 2008
4

1 ,0 0 0 a 7 1 ,147 .0()0 4 g & 5 g 3
da J J u ly 1 1938
1,000
J
&
J J u ly 1 1946
2 ,4 0 0 000
6 g
1.000
4 g
J
&
J Jan 1 1949
3 .5 0 0 ,0 0 0
1 .0 0 0 &
M fc N N o v 1 1 9 4 1
3 ,9 4 3 ,0 0 0
4 sc
8 S e p t 1 1931
1.0 0 0 1 0.000,000
6 )4 g M &
100 & c
M & S M a r 1 1949
3 ,3 9 8 .2 0 0
5 )*
1 ,5 0 0 ,0 0 0
4 )S
Ju n e 10 1928
1 ,0 0 0
A & <) T o A p r 1 1930
150 000
6
1 ,0 0 0
J & D T o Ju n e 1930
750 000
7 g
H T o M a r 1 1935
1,000
1,9 2 0 .0 0 0
6 14 g M A.
1,000
M &
H S e p t '2 7 -M a r ’33
1 ,2 9 8 .0 0 0
5
1,0 0 0
M & N N o v '2 7 -M a y ’35
5 g
320 P 00
1,000
&
M < N T o M a y 1 1936
8 7 7 .0 0 0
4 )£
1,000
J
&
4 7 9 ,0 0 0
J T o Ja n . 1 1931
5
l.uuu 2.160.OU0
F
a
A A u g 1 1946
6g
500 & c
2 ,8 4 7 ,1 0 0
1
5 g
&
J J u ly 1 1949
3 0 0 ,0 0 0

B a n k o f M o n t r e a l. N Y
B a n k o f M o n t r e a l, N Y
B a n k o f M o n t r e a l, N Y
B k o f M o n t , N Y & L ob
B a n k o f M o n t r e a l, N Y
N ew Y ork

M in n e a p o lis T r C o , M in n
B a n k o f M o n t r e a l, N Y
do
do
D ll ., R e a d , N Y ; & P e P
M in n e a p o lis T r C o . M in n
do
do
C . & C . P . & S. B k ., C h ic
N Y an d St P a u l
N Y , C a lla w a y , F isn atO a

a O f w h ich $ 5 6 ,8 6 3 ,0 0 0 are 4s a n d $ 1 4 ,2 8 4 ,0 0 0 are 5s.

R E P O R T . — F o r 1926, sh o w e d :
----------------------- x C o m b in ed ----------------------- E a r n in g s —
1926.
1925.
1924.
P a ss e n g e r__________________$ 1 ,1 4 4 ,0 7 0 $ 1 ,2 5 1 ,2 6 8
$ 1 ,4 1 4 ,6 7 7
F r e ig h t ____________________ 1 2 ,7 9 2 ,2 7 5 1 3 ,0 2 1 ,8 3 8
1 2 ,8 3 3 ,0 6 2
7 9 7 ,3 7 5
801 ,1 6 7
8 4 8 ,1 3 3
M a l l, express, & c _______
T o t a l o p e r . r e v e n u e . . $ 1 4 .7 3 3 ,7 2 5
M a iiR e n a n ce o f w a y , & c.
M a ln t . o f e q u i p m e n t . ..
T r a n sp o rta tio n expenses
T r a ffic exp en ses_________
G en era l, & c ______________
T a x e s _____________________

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

C o r p o r a te

1923.
$1,6 4 1 ,9 1 1
14,1 0 3 ,6 3 4
8 59 ,576

$1 5 ,0 7 4 ,2 7 3 $ 1 5 ,0 9 5 ,8 7 2 $ 1 6 ,605 ,12 1
$2,4 4 2 ,5 9 1
3 ,2 5 6 ,0 7 5
6 ,5 7 1 ,8 0 1
3 8 9 ,1 7 0
560*532
760 ,8 5 8

$ 3 ,0 4 1 ,8 6 9
3 ,8 5 4 ,6 4 7
6 ,7 8 3 ,1 2 3
3 3 7 ,9 3 5
5 3 5 ,6 5 6
726 ,9 5 5

$ 2 ,3 1 5 ,9 5 4
3 ,8 0 7 ,3 4 6
7 ,3 2 9 ,8 2 8
314 .084
521 ,9 9 3
790 ,483

T o t a l e x p . & t a x e s . ..$ 1 4 ,0 5 5 ,8 5 5 $ 1 3 ,9 8 1 ,0 2 6 $ 1 5 ,2 8 0 ,1 8 4 $ 1 5 ,0 7 9 ,6 8 8
N e t op era tin g r e v e n u e ..
$ 6 7 7 ,8 7 0
$ 1 ,0 9 3 ,2 4 7 d e f$ 1 8 4 ,3 1 2 $ 1 ,5 2 5 ,4 3 3
D iv s . o n s t o c k o w n e d ___
6 4 ,1 4 4
2 4 ,1 4 4
2 4 ,1 4 4
8 4 ,1 4 4
R e n ta ls , lease o f r o a d , & c
2 0 3 ,0 9 9
2 1 8 ,7 4 2
3 6 1 ,8 7 0
330 ,031
T o t a l n et in c o m e ______
$9 4 5 ,1 1 3 $ 1 ,3 3 6 ,1 3 3
$20 1 ,7 0 2 $ 1 ,9 3 9 ,6 0 8
D ed u ct—
In terest on fu n d e d d e b t . $ 2 ,0 3 6 ,5 4 2 $ 2 ,0 5 5 ,1 6 0 $ 2 ,0 7 9 ,9 9 4 $ 2 ,1 2 6 ,6 2 0
l n t . , d is c ’t & e x c h a n g e ..
1 3 9 ,3 0 8
125 ,159
88,361
8 9 ,434
M iscella n eou s c h a r g e s ..
4 2 5 ,1 3 0
4 33 ,001
364,041
362,111
H ire o f e q u ip ., b a l a n c e ..
3 6 1 ,2 6 9
628 ,0 2 2
6 7 2 ,6 1 9
494 ,8 6 4
T o t a l fix e d , & c ., ch ges $ 2 ,9 6 2 ,2 4 9 $ 3 ,2 4 1 ,3 4 2 $ 3 ,2 0 5 ,0 1 5 $ 3 ,0 7 3 ,0 2 9
B a la n ce, d e fic it _________ $ 2 ,0 1 7 ,1 3 6 $ 1 ,9 0 5 ,2 1 0 $ 3 ,0 0 3 ,3 1 4 $ 1 ,1 3 3 ,4 2 2
x C o m b in e d in c o m e a c c o u n t, c o r p o r a tio n a n d r e c e iv e r .
O F F I C E R S .— P re s ., W . H . B rem n er; V .- P . , W . P . H a w le y , E . E . N a sh ;
S e c ., F . M . T o m p k in s ; T r e a s ., W . B . D a v id s ; C o m p t ., A . E . S m ith . O ffic e .
T r a n s p o rta tio n B ld g ., M in n e a p o lis , a n d 25 B r a d S t ., N e w Y o r k .—
( V . 125 , p . 2 3 8 4 .)
M I N N E A P O L I S S T . P A U L & S A U L T S T E . M A R IE R Y . — M ile a g e
o w n e d an d op e ra te d as o f D e c . 31 1926:
M ile s .

M in n e a p o lis , M in n ., t o S a u lt S te. M a r ie , M ic h ____________
S t. P a u l, M in n ., t o C a rd ig a n J e t ., M in n ___________________
S u m m i t J c t ., W is ., t o S t. C r o ix F a lls . W is ________________
M in n e a p o lis , M in n ., t o P o r ta l, N . D _____________________
G le n w o o d , M in n ., t o N o y e s , M in n _________________________
T h ie f R iv e r F a lls , M in n ., t o K e n m a r e , N . D ____________
F o r d v ille , N . D . , t o D ra k e , N . D _________________________
D r a k e . N . D . , t o P la za , N . D _____________________________
P rairie J e t ., N . D . , t o San ish , N . D ____________ ■
__________
H a n k in s o n , N . D ., t o W ish e k , N . D _______________________
W is n e k , N . D . . t o B is m a r c k , N . D ________________________
W is h e k , N . D . , t o P o llo c k , S. D _______________ ___________
B is m a rck , N . D . . t o M a x , N . D ____________________________
F la x to n , N . D . , t o W h ite ta il, M o n t _______________________
F a ir m o u n t, N . D . , t o G re e n v ille , S. D ____________________
E g e la n d , N . D ., t o A rm o u r d a le , N . D ____________________
B r o o t e n , M in n ., t o D u lu th , M in n _________________________
M o o s e L a k e, M in n ., to P lu m m e r, M in n ___________________
L a w ler J e t ., M in n ., to C u y u n a , M i n n _____________________
C u y u n a , M in n ., to K e n n e d y M in e , M in n _________________
R a n g e J e t ., M in n ., t o R iv e r t o n , M in n ____________________
Ir o n to n L o o p , M in n ., a n d N . P . C o n n e c tio n s ____________
Ir o n H u b J e t ., M in n ., to H o ch M in e ______________________
C o lu m b ia H eigh ts J e t ., M in n ., t o H ilo J e t ., M in n ______
D resser J e t ., W is ., to B o y ls t o n J e t ., W is _________________
S u p erior O re D o c k L in e. W i s ________________________________
B a rr o n , W is ., t o R id g e la n d , W is ___________________________
C a m e r o n , W is ., t o R ese rv e , W is ___________________________
R e x , M ic h ., to M e a d e s Q u a rry , M i c h ____________________
R a p id R iv e r , M ic h ., to E b e n J e t ., M ic h _________________
G la d sto n e C o a l D o c k s , M ic h ________ ■
_______________________
W iscon sin J e t ., W is ., t o W in n e b a g o J e t ., W i s ____________
N o r t h W y e , W is ., t o A p p le t o n , W is _______________________
W es tern J e t ., W is ., t o W e s te rn S id in g , W is _______________
H o llis te r , W is ., t o C a m p N o . 5 , W is _______________________
S p u r L in es______________________________________________________
T h ie f R iv e r F a lls . M in n ., t o G o o d r ic h , M in n ____________

4 9 3 .2 7
8 .1 3
2 .0 4
549 .4 3
2 6 5 .0 5
2 9 6 .4 4
130.96
8 3 .6 2
3 2 .8 0
136 .17
7 8 .2 6
7 0 .0 6
90.41
136 .62
87 .1 7
2 1 .8 8
187 .43
192 .47
3 9 .1 5
0 .9 3
5.56
1.53
8 .2 2
1.09
9 6 .7 9
6 .6 3
18.52
4 1 .4 5
11.88
3 0 .5 4
1.54
118.74
1.07
10.75
3 .4 2
17 .1 5
18.67

M ile a g e ow n ed D e c . 31 1 9 2 6 _________________________________ 3 ,2 7 2 .5 4
T h e i .- S . C . C o m m is s io n has p la c e d a te n ta tiv e v a lu a tio n o f $ 1 0 4 ,6 7 4 ,0 0 0
o n th e p ro p e rtie s o f th e c o m p a n y as o f Ju n e 30 1916.
H I S T O R Y .— A c o n s o lid a tio n In 1888 o f M inn. S a u lt S te . M arie & A tl
M inn. & P a c ., & c.
See V . 46, p . 53 8 , 609 ; V . 77, p . 628 .
In 1909 5 1 % of W iscon sin C en t. c o m . s to c k w as p u rch a s e d , a ffo rd in g a
C h icago c o n n e c tio n , th e road be in g leased fo r 99 ye a rs fro m A p ril 1 1909
$ 1 1 ,2 4 9 500 4 % leased line c t fs . h a v e be e n issued (see W is. C e n t .) , secured
by W is. C e n t, p r e f s t o c k , $ fo r $ . V . 8 8 , p . 232, 564 . 686 ; V . 9 8 , p . 1668
T h e c o m p a n y o ffe r e d t o ta k e up a t 43 M W isco n sin C e n tra l C o m m o n sto ck
issu in g in ex ch a n g e 5 1 4 % n otes se cu re d b y W isco n sin C e n tra l s to c k . T h e
o ffe r e x p ired M a r . 31 1924, 9 5 % o f th e m in o rity s to c k h a v in g be e n d ep osited
in a c c e p ta n c e o f th e o ffe r .
V . 118, p . 1665, 2437.
T h e C en tra l T erm in a l R y . , org a n ize d in 1911, o n A p r , 1 1914 o p e n e d a
new C h ic a g o term in al.
See B O N D S b e lo w . V . 9 3 , p . 1463, 1387. 871
285; V . 95. p . 745.
In A u g . 1921 a c q u ir e d th e p r o p e r t y o f th e W isco n s in & N o rth e r n . V.
113. p . 183.
S T O C K .— C a n a d ia n P a c ific o n D e c . 31 1926 ow n e d $ 1 2 ,7 2 3 ,5 0 0 c o m m o n ,
$ 6 ,3 6 1 ,8 0 0 p referred a n d $ 3 ,9 9 3 ,0 0 0 1st m tg e . b o n d s. P r e fe r re d s t o c k has
p referen ce as t o d iv id e n d s o n ly . E a c h y e a r ’s surplus earn in gs are re g a rd e d
as a separate fu n d . I f d iv id e n d s are d e cla re d fr o m a n y s u ch fu n d th e firs t




7 % o n p ar goes t o th e p re fe rre d ; th e n e x t 7 % o n p ar go e s t o th e c o m m o n
a n y fu rth e r d iv id e n d s fr o m th e sa m e so u rce m u s t b e in e q u a l p e rcen ta g es
o n b o t h p r e fe rre d a n d c o m m o n .
D I V I D E N D S .—
1 ’0 3 . ’ 0 4 . ’ 0 5 . ’ 0 6 . '0 7 . ’ 0 8 . ’ 0 9 . 191 0 t o ’2 1 . ’ 2 2 - ’23.
O orn m on___________ % j 2
4
4
4
4
6
0
7 y e a r ly
text i
A d iv id e n d o f 2 % w as d e cla re d p a y a b le A p r il 15 192 2, b u t p a y m e n t o f
this d iv . w as e n jo in e d b y th e U . S. D is tr ic t C o u r t o f M in n e s o ta fo llo w in g
a su it b r o u g h t b y t w o s to c k h o ld e r s in v o lv in g th e q u e stio n o f rig h ts o f p r e f,
and c o m m o n s to c k h o ld e r s. In D e c . 1922 th e d ir e cto r s d e cla re d 2 % pay­
able D e c . 28 1922, this p a y m e n t also b e in g e n jo in e d b y a n o th e r su it b r o u g h t
b y the sam e p la in tiffs. See V . 116, p. 2 1 2 3 . In M a y 1923 a decision
was re n d e re d in fa v o r o f th e d ir e cto r s . V . 116, p. 2129; V . 115, p. 869 ,
1429, 1532, 2 58 1, 2 6 8 5 . O n O c t . 15 1923 th e U . S. S u p re m e C o u r t den ied
an ap p e a l in th e s u it. C o m p a re V . 117 , p . 1775
O n D e c . 17 1923 p a id
4 % o n b o t h th e c o m m o n a n d p re fe rre d s to c k s . N o n e sin ce.
B O N D S .— C a n . P a c . g u a ra n te e s 4 % in t. on all o ld b o n d s asse n tin g t o a
re d u ctio n o f in t. to 4 % ; also o n 4 % co n so ls o f 1888 an d $ 8 ,1 3 6 ,0 0 0 5 %
c o n so ls issued in 1925.
(See V . 50, p . 784; V . 51, p . 2 3 9 .)
A ll b u t $ 4 ,0 0 0
M in n . S. S. M . & A t l. B o n d s a n d p r a c tic a lly a ll o th e r issues a s s en ted .
A b s tra ct o f M i n n . S a u lt S te. M a r i e & A t l a n t i c m tg e . in V . 4 5 , p . 243 ;
C a n . P a c. R y . C o . o n D e c . 31 1926 o w n e d $ 3 ,9 9 3 ,0 0 0 o f th e M . S t. P .
& S. Ste. M . 1st 4s. T h e C o n so lid a te d m o r tg a g e o f 1888, a b s tr a c t V . 4 7 ,
p . 142, was fo r $ 2 1 ,0 0 0 ,0 0 0 o n 800 m iles (s u fficie n t o f th is re se rv e d t o retire
prior b o n d s) and fo r $ 20 ,000 p er m ile o n all a d d itio n s . O u tsta n d in g a m o u n t
is, h o w e v e r , re stricte d t o th r e e tim es th e s t o c k . V . 94, p . 35 1 ; V . 7 3 ,
p. 185; V . 78, p . 820 ; V . 79, p . 1332; V . 80, p . 651; V . 87, p . 1011, 166 4;
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. A s to 2 d 4s, see V . 68, p . 669 , 771 , 97 7 ;
V . 71, p . 845; V . 8 5 . p . 1646; V . 96, p . 1089.
T h e C en tral T erm in al 1st M . 3 0 -y e a r g o ld 4s ($ 2 0 ,0 0 0 ,0 0 0 a u th .) are se­
cu red u n d er a jo in t m tg e . w ith C en tral T e rm in a l R y . on C h ic a g o term in als
o f M in n . S t. P . & S. S . M . a n d C a n. P a c . sy s te m lin es. T h e y are s u b je c t
to oali on a n y Interest d a te b e g in n in g N o v . 1 1916 as a w h ole a t 105 and
Tiiust b e called y e a r ly , be g in n in g N o v . 1 1916, a t 1 0 2 )4 b y a sinking fu n d s u f­
fic ie n t to retire issue a t or b e fo re m a tu r ity if n o t p u rch a sa b le fo r less. T h e
8 '),0 0 0 ,0 0 0 b o n d s sold re p re se n t cash In vestm en t e qu a l a t least t o th eir par
valu e, th e rem a in d er b e in g reserves fo r n o t e x ce e d in g 8 0 % o f c o s t o f e x te n ­
sions an d im p ro v e m e n ts ; in sin k in g fu n d S e p t. 30 1927, $ 2 ,0 5 7 ,0 0 0 . V. 9 3 , p.
1463; V . 95. p . 74 5 .
T h e ref. m tg e . clo s e s a ll p r io r b o n d issu es o f th e c o m p a n y , a t t h e a m o u n t
now o u ts ta n d in g , $ 7 4 ,6 4 7 ,0 0 0 .
I t au th o rize s th e issu e o f b o n d s in series,
w ith Interest ra te a n d m a t u r it y fix e d fo r ea ch series a t th e tim e o f issue.
T h e a u th o riz e d issue is lim ite d so th a t th e a m o u n t a t a n y o n e tim e o u t ­
s ta n d in g , t o g e th e r w ith all o u ts ta n d in g p rio r m o r tg a g e o b lig a tio n s d e fin e d
in th e m o rtg a g e , sh a ll n e v e r e x c e e d th re e tim e s t h e o u ts ta n d in g c a p ita l s t o c k .
An a n n u al sin kin g fu n d , p a y a b le J u ly 1 192 2, a n d o n J u ly 1 in e a ch year
th e re a fte r, o f 1 % o f th e Series “ A ” b o n d s fr o m tim e t o t im e o u ts ta n d in g
In th e h an d s o f th e p u b lic , w ill p u rch a s e b o n d s a t n o t e x c e e d in g p a r a n a
Interest.
V . 114, p 1180.
T h e $ 1 0 ,0 0 0 ,0 0 0 6 ) 4 % co lla te r a l tr u s t g o ld b o n d s d u e S e p t . 1 1931 are
secu red b y p le d g e o f $ 1 2 ,5 0 0 ,0 0 0 2 5 -y e a r 1st r e f. m t g e . 6 % g o ld b o n d s .
Series “ A . ”
V . 113. p . 1156.
N o t e s .— See u nd er “ H is t o r y ” a b o v e .
R E P O R T . — F o r 1926, in V . 124, p . 306 . s h o w e d :
C a le n d a r Y e a r s —
192 6.
1925.
192 4.
1923 6
F r e ig h t___________________ $ 2 1 ,1 6 8 ,1 3 7 $ 2 3 ,1 5 2 ,4 7 6 $ 2 2 ,4 7 1 ,7 7 3 $ 2 1 ,9 8 5 ,3 8 2
3 ,5 9 4 ,3 4 7
3 ,7 4 9 ,2 2 4
P a sse n g e r________________
3 ,2 6 8 ,4 0 6
4 ,4 7 0 ,8 8 1
6 3 6 ,2 6 2
665 ,004
M a i l ______________________
6 3 6 ,0 5 6
631 ,216
583 ,2 9 9
E x p re ss ___________________
5 3 8 ,2 4 0
5 21 ,977
555 ,063
8 3 5 ,6 5 5
809 ,9 3 9
M is c e lla n e o u s ___________
796 ,547
7 9 6 ,3 6 5
4 4 5 ,4 3 2
5 1 2 ,0 '.:
524,031
I n c id e n ta l________________
5 3 0 ,5 1 2
.$ 2 6 ,9 4 3 ,7 1 5 $ 2 9 ,2 6 4 ,7 4 9 $2 8 ,7 2 4 ,6 9 4 $ 2 8 ,9 5 7 ,0 9 5
M a in t . o f w a y & s tru cts. . $ 3 ,8 8 0 ,5 3 2
$ 3 ,9 2 2 ,0 6 3
$ 4 ,3 8 0 ,5 1 5 $4,0 6 3 ,6 2 1
5,1 6 8 ,4 5 7
M a in t . o f e q u ip m e n t -- . 5 ,3 6 6 ,3 3 0
5 ,3 6 3 ,7 9 9
5 ,1 7 8 ,4 7 9
T r a ffic e xp en ses________
480 ,037
487 ,903
4 4 8 ,6 2 7
4 0 2 ,6 9 4
T r a n sp o rta tio n expensess 9 ,6 5 6 ,9 0 9
1 1 ,4 2 2 ,Gor*
1 0,071,157
10,4 2 4 .0 2 7
M is c e ll. o p e r a tio n s _____
151,209
140,323
149 ,540
147,315
752 ,942
G en eral e x p e n se s_______
7 5 0 ,4 3 5
741 .2 4 6
724 .8 8 8
T r a n sp . fo r in v e s t .— C r
4 2 ,5 1 4
4 8 ,1 0 0
4 1 ,8 9 4
49,9 4 7
.$ 2 0 ,2 4 9 ,1 3 4 $ 2 0 ,6 9 3 ,1 0 8 $2 1 ,2 6 1 ,3 0 3 $ 2 1 ,8 8 9 ,1 0 4
. $ 6 ,6 9 4 ,5 8 1
$8,5 7 1 ,6 4 1
$7,4 6 3 ,3 9 1
$ 7 ,0 6 7 ,9 9 0
1 ,984,752
R a h w a y ta x a ccru a ls , & c; 1 ,8 2 6 ,0 5 0
2 .1 5 1 ,4 6 4
1 ,8 5 5 ,6 2 6
R a ilw a y o p e r. in co m e . . $ 4 ,8 6 8 ,5 3 1

$6,4 2 0 ,1 7 7

$ 5 ,4 7 8 ,6 3 9

$ 5 ,2 1 2 ,3 6 5

$15 5,60 1
181,201
19,969
4 1 4 ,0 0 5

$2 3 6 ,6 0 4
189 ,272
6 8 ,6 0 0
4 0 1 ,0 2 6

$27 4,17 3
169,967
18,544
3 4 6 ,2 4 0

$92 0 ,8 8 5
167,312
18,634
403 ,132

G ross in c o m e __________ $ 5 ,6 3 9 ,3 0 8
D ed u ct—
H ire o f e q u ip m e n t ______
$ 16 ,932
J o in t f a c ility r e n t s ______
298 ,884
M is c e ll. ta x a c c r u a ls___
5,3 1 0
In t. o n m o rtg a g e b o n d s .
4 ,1 0 9 ,4 3 0
In t. o n e q . o b lig ., leased
line ce r tific a te s , & c ___
965 ,197
89,233
A m o r t, o f d isc, o n f d . d t M is c e ll. in c o m e c h a r g e s .
32,9 6 7

$ 7 ,3 1 5 ,6 7 9

$ 6 ,2 8 7 ,5 6 3

$ 6 ,7 2 2 ,3 2 8

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

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

$13 ,4 1 9
294,741
46.195
3 ,8 4 8 ,5 9 0

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

1,0 7 2 ,0 6 0
78,773
3 4 ,045

1 ,156,522
82,492
3 8 ,9 4 0

J o in t fa c ility re n t in c o m e)
D iv id e n d in c o m e ________
M isce lla n e o u s in c o m e ___

N e t in c . tra n s f. t o P . & L ■ $ 1 2 1,35 4 $1,7 6 4 ,1 1 1
$844,441 $ 1 ,2 4 1 ,4 2 9
F o r la te s t e a rn in g s, see “ R a ilw a y E a rn in g s S e c t io n " (Issued m o n t h ly ).
S u b sta n tia lly th e en tire a m o u n t o f p r e f. d iv s . o f th e W iscon sin C en tra l
are n aid t o th e “ S o o ” c o m p a n y p r o p e r and In clu d e d in its “ o th e r i n c o m e ."
O F F I C E R S .— P r e s ., C . T . J a ffr a y ; V . - P . , G . W . W e b ste r: S e c ., W . R .
H a r le y : T r e a s ., C . H . B e n d e r ; C o m p ., D . J . B o n d , a ll o f M in n e a p o lis .—
(V . 125, p . 9 0 9 .)

84

R A IL R O A D C O M P A N IE S
IFor abbreviation s. & c .. see notes on page 8 ]

M ile s D ate
R oad B onds

Mo&IIl Br & Belt— StCM & St L B 1st M red g-SSt.zc*
Consolidated mortgage $2,600,000 authorized g _ . x
M lssourl-llllnois RR — Stock $1.800.000-----------M issouri-Kansas-Texas RR. C o.—
Common stock 2,600,000 shares auth------------Pref (a&d) stock Ser A 7% cum aft Jan 1 '28 red 110
Prior lien mtge bonds Series A red 105_______ Cezc*
do
do
Series 11 red 100___________ Cezc*
do
i 'c
Series C red 102 K _________Cezc*
Convert adjust mtge bonds Series A red 100-Colzc*
Equipt trust notes due $84,100. ann______________
Katy Off Bldg Co 1st M ------------------------------ c*&r*
B o n d s r e m a in i n g u n e x c h a n g e d :

First mortgage gold bonds ___________________ Usz
Kansas City & Pacificist M gold assum ed..Fr.cx*
M K & Okla 1st M $5,468,000 g assumed------Ce.xc*
Dallas & Waco 1st M $20,000 p m ggu p &l.Ce,xxc*

3.34 1901
3.34 1904

Par
V alu e

$ 1,000
1 ,0 0 0

100

1,377 1890
127 1890
247 1902
1890

68

500 &c 30,709.000
1 .0 0 0

1,000
1,000

1 91 7, X o f 1 % . P r e s ., E . E . N a s h ; S e c ., F . S. L e a v it t , S t. P a u l, M in n .—
( V . 125 , p . 6 4 4 .)

MINNESOTA WESTERN RR-— (V. 123, p. 322.)
MISSISSIPPI AN R A ILW A Y.— (Y. 117, p. 2653.)
MISSISSIPPI CENTRAL R R . CO.— Owns from Hattiesburg, Miss., to
Natchez, M iss.,150.99 miles; branch lines, 11.78 miles; sidings, &c., 30.06
miles. Stock auth. and outstanding, $3,940,000; par $100. Divs. of 6 %
yearly paid to Oct. 1 1907; 1913,1% ; 1914, to Aug. 1919, 2% (1% F. & A .);
none since.
The I.-S. C. Commission has placed a tentative valuation o f $4,775,000
on the owned and used property o f the company, as o f June 30 1918.
B on d s. — 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
fond of $49,200; also as an entire Issue at same price. Retired by s. f.
to Dec. 31 1926, $1,250,900. They are guar., p. & i., by U. S. Lumber Co.
V . 8 8 , p. 1561.
R E PO R T .— For 1926, showed:
’ N e t. a fter
O th er
In terest,
B a la n c e ,
C a le n d a r
G ro s s
In com e.

R e n ta ls , & c .

S u r p lu s .

$356,287
1926 ------ -$1,688,878
$85,321
$302,201
$139,407
402,943
86.790
302,537 sur.187,195
1925 ____ _ 1,655,520
1924 ------ . 1,855,579
77,812
338.167 sur.160.429
420,785
1923 ------ - 1,796,191
278,839
85,919
371,054 def. 6,297
1922 ------ - 1,502.854
158.533
12,188
323,110 def.152,389
rnings Section” (issued monthly).
For latest earnings see “ Railway
OFFICERS.— Pres., F. L. Peck; V .-P .. C. S. Woolworth; Sec. & Compt..
G. F. Royce; Treas., E. S. Peck; V.-P. & Gen. M gr., L. E. Faulkner;
Aud., Chas. Ehlers. Office. Hattiesburg, Miss. Fiscal agents, Green,
Ellis & Anderson, 100 Broadway, N . Y .— (V. 124, p. 2743.)
MISSISSIPPI RIVER & BONNE TERRE RY.— Owns Riverside. M o.;
•n Mlsslsslopl River, to Doe Run, Mo., 46.46 miles, with branches, 16.38 m.,
also 29.55 miles of side tracks; total tracks 92.39 miles. The I.-S. O.
Commission has placed a final valuation of $3,551,550 on the property
o f the company as of June 30 1914.
STOCK.— Stock auth. and outstanding. $3,000,000; par $100. All stock
except directors’ shares is owned by St. Joseph Lead Co. Divs., 1900 to
191(1, 6 %; 1910-11. 7% : 1911-12, 6 %; 1912-13, 5% ; 1916-22, 6 % ; 1923,
14% : 1924, 6 % ; 1925, 7 % ; 1926, 7 % .
BONDS.— The company redeemed on April 1 1925 all of its 1st mtge.
20-year 5% gold bonds, due Oct. 1 1931, at 105 and interest.
EA R N IN G S.— For calendar years:
N et O p, In c .

O th er I n c .

C h a r g e s.

D iv id e n d s .

B a la n c e .

1926_______$191,302
$18,631
$106
$210,000
def.$173
14)96
21
210,000
1925........... 215,683
sur.6,758
1924_______ 207,650
106,339
89,475
180,000
sur .44,514
1923______ 163,011
383.879
93,896
420,000
sur .32,994
1922---------- 212,529
109,688
114,529
270,000
def.62,312
Pres., Clinton H. Crane; 1st V .-P .. E. O. Smith; 2d V .-P ., F. J. Thomure;
Treas. & Sec., F. H. Dearing
New York office, 250 Park Ave.— (V. 122,
p. 2795.)
MISSOURI & ILLINOIS BRIDGE & BELT R R .— Has double track
bridge 2,100 feet long across the Mississippi River at Alton, 111.; also 3.34
miles o f road. Owned by C. O. C. & St. Louis, Louisville & Nashville,
Chicago & Illinois Midland, Baltimore & Ohio, Missouri Pacific, Wabash,
Chicago Rock Island & Pacific, Chicago & Eastern Illinois, MissouriKansas-Texas and Pittsburgh, Cincinnati Chicago & St. Louis (Penn RR.
system). Incorporated in 1904 as successor of the St. Clair Madison &
St. Louis Belt R R . V. 79, p. 1642, 681: V. 103, p. 2156.
The I.-S. C. Commission has placed a final valuation o f $919,500 on the
Wholly owned and used properties o f the company as of June 30 1919.
Stock, $2,500,000; outstanding, $143,000. Pres., Henry Miller; Sec. &
Treas., W . F. Bender, Railway Exchange Bldg., St. Louis.— (V. 125, p.
1048.)
MISSOURI - ILLINOIS R R .— This company acquired the railroad
formerly owned and operated by Illinois Southern R y., which was foreclosed
Sept. 15 1920 (V. 112, p. 744), the purchaser subsequently having contracted
with St. Joseph Lead Co., Pittsburgh Plate Glass C o., American Smelting
& Refining C o., Desloge Consolidated Lead Co., and National Lead C o.,
to convey the property upon payment o f $900,000 to him by them, to a
corporation to be organized by them. Thereupon these companies caused
the incorporation in Missouri o f the above company.
The line extends
from Salem, III., southwest to Kellogg, and from St. Genevieve. M o.,
southwest to Bismarck, a distance o f 127 miles, with a branch from Collins.
HI., south to Chester, 11 miles. For 1926, gross, $1,206,84S; net oper.
Income, $228,536; other income, $9,993; int., rentals. &c., $50,048: b a l„
sur., $188,481— (V 122, p. 1759.)
M ISSOURI-KAN SAS-TEXAS R R . CO. ( S ee M a p ) . — At midnight
March 31 1923 this co. took over the operation o f the lines o f the Missouri
Kansas & Texas R y. C o. and The Wichita Falls and Northwestern Ry.
C o. (see reorganization plan below). Operates a line with northern terminals
at St. Louis, Kansas C ity and Junction City, Kansas, extending southerly
across the Oklahoma and the Texas cotton belt to tidewater at Galveston,
on the Gulf of Mexico, and to San Antonio, Tex., with branches




112.000

310.000
134.000

W h en
P a ya b le

4 |
4|

807,565sh
29,328,300 See text
5
36,708,429
4
11.523.750
6
100 &c 12,894,570
100 &c 50,825,764
5g
6
756,900
150.000
600 Ac
6X g

V . 104, p . 104 5. T e n ta tiv e v a lu a tio n o f $ 4 ,2 6 0 ,0 0 0 o n th e o w n e d a n d u sed
p r o p e r tie s o f t h e c o m p a n y as o f Ju n e 30 191 9. V . 125, p . 64 4 . S t o c k , $ 6 3 ,-

T a xes.

$716,250
709.000
1,500.000

R ate
%

100
100 &c
100 &c

000, e q u a lly o w n e d b y C h ic . M il w . & S t. P a u l, N o r . P a c ., C h ic . S t. P a u l
M inn. & O m a h a , M in n . & S t. L o u is , C h ic . B u rl. & Q u in cy , G re a t N o r t h .,
Chic. G re a t W e s t ., M in n . S t. P a u l & S a u lt S te M a r ie a n d C h ic . R o c k
I s la n d & P a c if ic . I n J u ly 1916 m a d e a n e w 1st M . fo r $3,500,000, ca lla b le
all o r p a r t a t 1 0 2 X b e g in n in g F e b . 1 1922; s e m i-a n n . sin k in g fu n d fr o m

E a r n in a s .

Am ount
O utstanding

None
1922
1922
1922
1922
1920
1912

MINNESOTA TRANSFER RY.— Union road owning 1 2 .5 3 miles, ex­
tending from junction with Ohio. Mllw. & St. Paul at Merriam Park to Frid­
ley (with stock yards. &o.); side tracks, 9 7 .4 4 miles; total. 1 0 9 .9 7 miles.

Y ears—

[V ol. 125.

RAILW AY STOCKS AKD BONDS

4g
4g
5g
5g

Jan 1 1951
Jan 1 1951

P la ces W h ere In terest a n a
D ividend s are P a y a b le

St Louis Union Trust Co
do
do

Q— F
J & J
J & J
J & J
J & J
J & J15
J 4: D

N o v i 1927 I X
Jan 1 1962
New York
Jan 1 1962
do
Jan 1 1932
do
Jan 1 1967
do
T o Jan 15 1935 Guaranty Trust Co, N Y
St Louis Union Trust Co
Dec 1 1932

J
F
M
M

June
Aug
M ay
Nov

&
&
&
&

D
A
N
N

(1726 m . )
Jet. near St. Louis to Red River
Moberly, M o., to Franklin Jet.
K. C ., M o., to Parsons, K a n .,
Paraons, Kan., to Okla. C ity ..
Junction City to Parsons, K an.
K. O. June, to Paola, Kan____
Osage Jet. to Wybark, Okla___
Red River to Forgan, Okla____
Other branches_______________
M - K - T R R .C o .— O w n ed

L ast D ivid en d
and M a tu rity

1
1
1
1

1990
1990
1942
1940

25 Broad St, New York.
do
do
do
do
do
do

M . M - K - T R R . C o . o f T e x .O w n e d (868 m.)
629 ' Red Riv. to Houston, via Ft. W 357
35 Denison to Hillsb., via Dallas_172
94 Whitesboro to Henrietta______
87
203 Smithvilie to San Antonio_____
98
156 Other branches_______________ 154
87 M - K - T o f T e x .— L e a s e s (366 m.)—
79 *Tex. Cent___________________ 309
287 ♦Wichita Falls R y .......................
18
156 Other lines___________________
39

Total operated Dec. 31 1926_____________________________________ 2,960
Owned but not operated_______________________________________
85
Operated under trackage agreements______________________________ 229
Total operated mileage___________________________________________ 3,189
The I.-S. C. Commission has placed a tentative valuation of $81,884,000
on the total owned and used properties of the Missouri Kansas & Texas
Ry. as of June 30 1918 and a tentative valuation of $40,950,195 on the
total owned property and $51,563,568 on the total used property of the
Missouri, Kansas & Texas R y. of Texas as o f June 30 1918.
Concurrently with the application to the I.-S. C. Commission o f the
Kansas City Southern R y. to acquire control by stock ownership of the
Missouri-Kansas-Texas R R . (V. 123, p. 451), the latter company filed
its brief with the Commission for permission to acquire “ control, not
involving consolidation o f” the St. Louis Southwestern R y.
It was proposed to acquire control of the Cotton Belt by purchase from the
Kansas City Southern Ry. of that road’s holdings of 135,000 shares o f pref.
stocic and 20,000 shares of common stock of the Cotton Belt for $13,613,301,
and by the acquisition of sufficient additional shares of Cotton Belt pref.
and common, or both, to constitute, with the shares purchased from K . C . S .,
at least a numerical majority of the outstanding stock.
In addition to purchasing the present Cotton Belt stock now owned by
he K.O.S., the Katy was also to “ acquire all rights of the Kansas City C o.,
pursuant to the terms of a certain agreement with the Chicago Rock Island
& Pacific R y. C o., referred to in the purchase agreements, to an abatement
or reduction of the purchase price of certain of said shares purchased by the
Kansas City Co. from the Chicago Rock Island & Pacific R y .”
The application of the Kansas City Southern R y. for authority to acquire
control of the Missouri-Kansas-Texas R R ., and of the latter to acquire
control of the St. Louis Louis Southwestern R y ., by purchase o f capital
stock, has been denied by the I.-S. C. Commission by a vote of 7 to 4
The decision, dated M ay 3 and made public M av 19 1927, was based on
the ground that the proposal would not be in the public interest. The pro­
posal is that generally known as the “ Loree merger” plan, because L. F.
Loree, Chairman of the Kansas City Southern and o f the Missouri-Kansas
Texas, was one of the chief proponents. The proposed consolidation is
disapproved mainly because o f the methods by which the merger is to be
brought abodt. Thd rejection was a.lso prompted by the weakened position
in which the so-called short lines affected would be left. The Commission
also held that minority interests in the roads concerned were not properly
safeguarded. The Commission stated emphatically that it did not think
the formation of this distinctly Southwestern Gulf system was objectionable
in itself. For full report of the Commission see V . 124, p . 2980.
R eorganization P lan D ated N o v . 1 1921 (V. 113, p. 2311, 2505).— Pres.
Chas. E. Schaff was on Sept. 27 1915 appointed receiver for the company
by the U .S. District Court at St. Louis. The Reorganization Managers,
J. & W. Seligman & Co. and Hallgarten & C o., New York, announced a
Plan of Reorganization, dated N ov. 1 1921, an outline of which is given
below (for details in full, see V. 113. p. 2311.) The plan was declared
operative in Jan. 1922. V. 114, p. 198. Sale of road, V. 115, p. 2794:
V. 116, p. 616, 721.
The new company authorized the following securities:
P r i o r L i e n M o r tg a g e B o n d s . — The prior lien mortgage bonds are limited to
the total authorized amount of $250,000,000 at any one time outstanding.
They bear interest, payable semi-annually, at such rate as may from time to
time be determined by the directors at the time of issue and be stated in
the bonds, and are secured b y mortgage and deed of trust to Central Union
Trust Co. of New York and Daniel K . Catlin as trustees, which embrace,
except as otherwise dealt with in the carrying out of the plan, all or sub­
stantially all the lines of railroad, franchises and equipment, terminals and
other property (including underlying bonds deposited under the plan and
stocks and bonds of subsidiary companies) which may be vested in the new
company pursuant to the plan and also all additional property of like char­
acter (Including stocks and bonds o f subsidiary companies) at any time
thereafter acquired by the new company subject to existing liens or purchase
money liens thereon. They may be issued in separate series maturing on the
same or different dates and any series may be made redeemable in whole or
in part at times, on notice and at premiums, and may have such conversion
privileges as may be determined by the directors at the time of issue.
C u m u la tiv e A d ju s t m e n t M o r t g a g e G o ld B o n d s . — The adjustment mortgage
bonds are limited to the total authorized amount o f $ 1 0 0 ,0 0 0 ,0 0 0 at any
one time outstanding. They are secured by mortgage and deed o f trust
to Irving Bank-Columbia Trust Co. and Thomas S. M offitt as trustees,
on the properties embraced in the prior lien mortgage and from time to
time becoming subject thereto. The adjustment mortgage is subject to
the prior lien mortgage. Bonds bear interest payable annually or semi­
annually at such rate not exceeding 7% per annum as may from time to
time be determined by the directors at the time of issue, but required to
be paid, prior to the maturity of the principal, only out of the net Income
of the new company as defined in the adjustment mortgage. The Interest
will be cumulative from and after Jan. 1 1925, but accumulations o f Interest
shall not bear interest. At the maturity of the principal, all arrears of
cumulative interest shall be payable. The bonds may be issued in separate
series, maturing on the same or different dates, and any series may be made
redeemable in whole or in part at times, on notice and at premiums, as may
be determined by the directors at the time of issue. The bonds of any
series may be made convertible Into preferred stock at such rate or rates, in
such manner, under such regulations and during such periods as shall be
authorized in the adjustment mortgage.

Nov., 1927.]




RAILW AY STOCKS AND BONDS

85

86

RAILW AY STOCKS AND BONDS

R A IL R O A D C O M P A N IE S
[F o r a b b r e v ia tio n s , A c . , s e e n o t e s o n p a g e 8]

M ile s
R oad

D a te
B onds

Par
V a lu e

A m oun t
O u ts ta n d in g

M o & N A r k R y — S to c k . ..
-.
$100
U 8 G o v t lo a n _ _ _ ______ _____ _______ ______ ______ __
1922
S e c e iv e r s certfs
1927
1,0 0 0
& i» * o u r i P a c i f i c R R . C o .—
C o m m o n s t o c k (a u th $ 2 0 0 ,0 0 0 ,0 0 0 )_________________
100
P re f s to c k 5 % c o n v e r t cu m 1918 call 107
______
100
First A R e f M t g e g o l d _______________________ G .c * A r * —
Series a c a lla b le 10714 & in t . . _____________ ___ y 6.7 4 5 1917
500 * r
Series F c a lla b le a t 105 A i n t y 6,7 4 5 1927 1000&500
i unn
E q u ip g o ld n otes Ser. 4 1 , d u e $ 6 9 3 ,4 0 0 y r ly G - y c *
1M2II
_
_ 1921
E q u ip tru st c e r tfs Ser " A ” d u e $ 1 5 3,00 0 a n n _ _ _y
1 ,0 0 0
E q u ip tr c t f s s e r ” B " d u e $ 2 6 6 ,0 0 0 y e a r ly ____ - y e *
1023
1,0(10
do
Ser “ C ” d u e $ 2 6 0 ,0 0 0 a n n ______________y c *
1.0 0 0
1924
do
Ser “ D ” d u e $ 5 8 8 ,0 0 0 a n n __________
c*
1925
1,000
_
_ 1925
do
Ser “ E ” d u e $ 3 2 2 ,0 0 0 a n n _______ __ yc*
1.000
G en M $ 5 3 ,0 0 0 ,0 0 0 g c a llp a r _
__
B a y o * A r » 6.7 4 5 1917
500 A c
S ecu red serial g o ld b o n d s d u e $ 5 0 6 ,0 0 0 an n u ally
beg in n in g 1931 red (te x t) $ 1 5 ,0 0 0 ,0 0 0 a u t h _ _y c *
1926
1,000
f 1) M i s s o u r i P a c i f i c R a ilw a y S e c u r itie s O u tsta n d in g —
P a c ific R R o f M is s o u r i 1st M e x t In 1887 g o ld . B a zz
285 1868
1,000
S econ d m tg e e x t in 1891 in g o ld St L t o K O -x c *
1,000
1871
First m tg e St L o u is real esta te e xt In 1892 g o ld - x
1872
500 A c
First m tg e C a ro n B r g g u p & 1 (en d) e x t 18 9 3 ___ z 11.25 1873
50 0 A
M o P a c R y th ird m tg e e x t 1896 re d 1 0 5 ____ C e _ z
1876
1,000
(2) F o r m e r S t. L o u is I r o n M t . A S o . , A c . —
1,000
G en C o n s & L ’d G r ’t M t g e ($ 4 5 ,0 0 0 ,0 0 0 ) g B a .z c * 1.539 8 1 - ’ 87
U n ify in g & R e fu n d M g o ld $ 4 0 ,0 0 0 ,0 0 0 -M p -x c * A r
1,0 0 0
612 1899
772 1903
R iv e r & G u lf D I vb 1st M $50,O (K ),o0o g - B a .x c * A r *
1,000
L ittle R o c k & H o t Sp W 1st M g . a s s u m e d ___ S S tx x x
67 1899
1 .0 0 0

T h e a d ju s tm e n t m o r tg a g e b o n d s . Series A 5 % , are r e d e e m a b le in w hole
o r in p a rt a t p ar a n d a c c r u e d in te re s t a n d c o n v e r tib le p rio r t o Jan . 1 1932
In to preferred s to c k Series A 7 % , a t th e ra te o f te n shares fo r e a ch $1,0 0 0
b o n d s w ith a d ju s tm e n t o f in te re s t a n d d iv id e n d s .
P r e fe r r e d S to c k .— T h e p re fe rre d s t o c k is au th o riz e d t o th e a m o u n t of
$ 2 0 0 ,0 0 0 ,0 0 0 , d iv id e d in to 2 ,0 0 0 ,0 0 0 shares o f th e par v a lu e o f $100 each
T h e preferred s to c k m a y b e issu ed in series. E a ch series shall c a rry d iv i­
d e n d s a t s u ch r a te , n o t e x c e e d in g 8 % p er a n n u m , as m a y be d eterm in ed
b y th e d ir e cto r s a n d a n y series m a y b e m a d e re d e e m a b le in w h o le or in
p a r t on su ch te r m s , o n s u ch n o t ic e a n d a t su ch p r e m iu m , if a n y . as m :.y
b e d eterm in ed b y th e d ir e cto r s an d b e s ta te d in th e ce r tific a te s th e r e o f.
D iv id e n d s w ill b e c u m u la tiv e fr o m a n d a fte r Ja n . 1 1928 or later issue
In th e e v e n t o f a n y liq u id a tio n , d is s o lu tio n or w in d in g u p , w h eth er v olu n
ta r y o r in v o lu n ta r y , th e h o ld e r s o f th e p referred s t o c k shall b e e n title d to
b e p a id in fu ll o u t o f th e assets o f th e c o m p a n y $100 per share o f their
s to c k an d all arrears in c u m u la tiv e d iv id e n d s , b e fo re a n y a m o u n t shall be
p a id o u t o f said assets t o th e h o ld e rs o f th e c o m m o n s t o c k , b u t th e y shall
n o t b e e n title d t o a n y o th e r o r fu r th e r d is trib u tio n o f assets. P r o v is io n is
t o b e m a d e t h a t n o a d d it io n a l m o r tg a g e is t o b e p u t o n th e p r o p e r t y b e co m in g
v e s te d in th e n ew c o m p a n y p u r s u a n t t o th e p la n e x c e p t w ith th e c o n s e n t of
th e h o ld e r s o f a m a jo r it y o f s u c h p a r t o f th e p re fe rre d s t o c k a t th e tim e
o u ts ta n d in g .
C o m p a n ie s th e C a p ita l S tock o f W h i c h i s O w n ed by N e w C o m p a n y .
S tock
P a r V a lu e
O u ts ta n d in g .
A c q u ir e d

N a m e o f C om pany—

M is s o u r i-K a n sa s -T e x a s R B . C o . o f T e x a s ----------------$ 1 ,4 0 0 ,0 0 0 $ 1 ,4 0 0 ,0 0 0
T e x a s C en tra l R R . p re fe rre d s t o c k ---------------------------1 ,3 2 5 ,0 0 0
1,325 000
do
c o m m o n s t o c k ___________________________
2 ,6 7 5 .0 0 0
2 ,6 7 5 .0 0 0
W ich ita P a lls B y . C o _________________________________
2 0 .0 0 0
2 0 .0 0 0
W ich ita P a lls & N o rth w e s te r n B y . C o . o f T e x a s __
2 0 ,0 0 0
2 0 .0 0 0
W ith ita P a lls & W e llin g to n B y . C o . o f T e x a s ------15,0 0 0
15.000
1 1 7 ,4 0 0
117 .400
San A n to n io B e lt A T e rm in a l B y . C o ---------------------J op lin U n ion D e p o t C o ______________________________
4 0 ,0 0 0
10.000
T erm in a l B B . A ssocia tio n o f S t. L o u is ------------------- 3 ,0 8 7 .8 0 0
205 .8 0 0
M is s o u ri & Illin iois B r id g e & B e lt R B ------------------1 4 3 .0 0 0
13.000
U n ion T erm in a l C o . (D a lla s )-----------------------------------4 8 ,0 0 0
6.000
G a lv eston H o u s to n & H e n d e rs o n R R ______________
1 ,0 0 0 .0 0 0
500 .000
B o n d s o f O ld C o m p a n y U n e x c h a n g e d ( S ee ta b le a t h ea d o f p a g e ) . — T h e M . K
A T . R y . 1st m t g e . b o n d s , d u e 1990 (a b s tr a c ts in V . 51, p . 495) c o v e r
besides rig h t t o la n d g r a n t, 1,3 7 7 m iles o f r o a d , in c lu d in g line H an n ibal
M o . t o B o g g y T a n k (e x c e p t 71 m iles tr a c k a g e ), and su n d rv bran ch es
D I V I D E N D S . — A n in itia l d iv id e n d o f 1 M % on th e p re fe rre d “ A " s t o c k
w as p a id F e b . 2 1925; sam e a m o u n t p a id q u a r. t o F e b . 1 1926; M a y 1 1926
t o N o v . 1 1927 p a id 1M % q u a r t e r ly .
, in V . 124, p . 196 8, sh o w e d :
1924.
1926.
1925.
1923.
3 ,1 9 3 .1 4
3 ,1 8 8 .5 4
3 ,1 8 8 .5 4
3 .3 5 9 ,7 6
A v e ra g e m ilea ge o p e r ___
$
$
$
$
O p e ra tin g R ev e n u es —
4 5 ,0 5 0 ,7 6 4 4 3 ,7 7 7 .6 4 3 4 2 ,3 3 1 ,7 0 5 3 9 .7 9 1 ,2 1 5
F r e ig h t__________________
9 ,3 2 5 ,0 6 0 1 0 ,457,071
8 ,6 6 9 ,8 9 8
1 1 ,2 9 5 .4 5 6
P a ss en g er_______________
1 ,1 4 3 ,0 5 2
1 ,1 8 9 ,9 6 6
1 ,1 0 7 .6 0 7
1,221.101
M a i l ______________________
1 ,7 5 8 ,9 5 2
1 ,8 2 7 ,7 8 2
1.7 6 8 ,7 8 1
2 .1 8 1 ,2 3 3
E x p ress____________
7 0 5 ,6 5 2
7 5 8 ,8 2 5
6 65 ,305
637 ,147
M is c e lla n e o u s _____
701 .5 0 1
7 2 9 ,5 6 9
7 9 1 .3 5 2
788.634
I n c id e n t a l_________
4 3 ,3 9 0
5 2 ,985
4 6 ,1 6 4
7 3 ,132
J o in t f a c il i t y ______
T o t a l o p e r . r e v e n u e __ 5 8 .1 0 0 .7 6 6
O p e ra tin g E x p e n s e s —
M a in t . o f w a y & s t r u c __ 7 ,8 1 8 ,7 0 7
M a in t . o f e q u ip m e n t ___ 1 1 ,2 0 3 ,0 0 5
1 ,3 1 9 .9 1 8
T r a f f ic ex p en s es_________
T ra n sp o rta tio n expenses 1 7 ,6 2 5 ,9 5 4
3 7 4 ,4 8 0
M is c e ll. o p e r a tio n s ______
1 ,9 8 4 ,7 5 9
G en era l e x p en s es ________
3 4 7 ,7 5 3
T r a n s p . fo r in v e s t .— C r .

5 7 ,4 9 2 ,9 1 4

5 7 ,3 0 9 ,3 4 5

5 5 ,9 8 7 ,9 1 8

7 ,4 0 4 ,5 7 4
11,4 2 2 ,7 8 3
1 ,177,621
1 7 ,5 9 2 ,8 6 4
3 7 2 ,1 7 9
1,886,171
2 3 7 ,5 6 4

7 ,5 6 3 ,1 3 8
1 1 ,5 1 7 ,4 7 5
1 ,1 3 8 ,9 6 2
1 7 ,3 6 3 ,7 7 4
3 8 1 ,0 9 9
1 ,9 1 9 ,7 7 7
152 ,1 9 0

7 ,3 9 3 ,3 0 7
14,6 3 6 ,7 2 4
1,1 5 1 .3 5 3
18,3 8 0 .2 6 8
3 6 2 ,2 3 2
2 ,0 5 3 .3 7 3
3 4 8 .9 3 9

T o t a l o p e r . e x p e n s e s .. 3 9 .9 7 9 .0 7 0

3 9 ,6 1 8 ,1 2 8

3 9 ,7 3 2 ,0 3 5

4 3 ,6 2 8 ,3 1 8

1 8 ,1 2 1 ,6 9 6
3 .3 6 7 .2 0 8
2 9 ,3 1 6
U n c o lle c tib le r y . r ev e n u e

1 7 ,8 7 4 ,7 8 5
2 ,8 6 7 ,5 8 9
25,4 2 4

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

1 2 ,3 5 9 ,5 9 9
2 ,587.461
26,091

3 .3 9 6 ,5 2 4
O th er in c o m e .
G ross I n c o m e .
F ix e d in terest ch arges
I n t . on a d ju s t, b o n d s .

2 ,8 9 3 ,0 1 3

3 ,2 4 7 ,0 9 0

2 ,6 1 3 ,5 5 2

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

1 4 ,9 8 1 ,7 7 2
9 2 1 ,3 8 4

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

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

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

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

15,2 0 7 ,3 7 5
2 ,1 8 2 ,8 9 7
4 ,7 2 5 ,9 5 5 2 ,7 9 0 .0 8 5
3 0 6 ,2 8 8

1 1 ,6 9 9 ,6 4 9
1,517,981
4 ,7 8 1 .9 7 4
2 ,7 9 1 ,0 1 3

5 ,2 0 2 ,1 5 0
4 ,8 3 6 ,0 9 0
2 ,608,681
4 ,7 4 2 ,3 5 6
F o r la te s t earn in gs, see “ R a ilw a y E a rn in g s S e c t io n " (issu ed m o n th ly )
B A L A N C E S H E E T as o f D e c . 1926 in V . 124, p . 2 27 6.
O F F I C E R S .— L . F . L o r e e , C h a ir m a n , N e w Y o r k ; C . H aile , P r e s .;
G e o rg e T . A tk in s . V . - P . in c h a rg e o f tr a ffic , S t. L o u is ; H . E . M c G e e , V . - P .
& G r. M g r ., D a lla s ; J . B . B a rn e s, V . - P . , A s s t. S ec. A A sst. T r e a s ., N e w
Y o r k ; D . M . C o llin s, V . - P . , N e w Y o r k ; J o s e p h M . B r y s o n , G e n . C o u n se l,
S t. L o u is ; A . C . R e a r ic k , C o u n s e l, N e w Y o r k ; J . G . L iv e n g o o d , C o m p t .;
F . J o h n so n , T r e a s .: N . A . P h illip s , S e c ., S t. L ou is; W . K . H a m m o n d ,
A s s t. S ec. & T ra n sfe r A g e n t . O ffic e s , 25 B r o a d S t ., N . Y . , an d R a ilw a y
E x ch a n g e B ld g ., S t. L o u is .— ( V . 124 , p . 3 7 6 8 .)
MISSOURI & NORTH ARKANSAS R Y , CO.— J o p lin , M o . , t o H elena
A r k ., 3 6 4 .5 7 m iles, o f w h ic h N e o s h o M o . , t o J o p lin , 19 m ., a n d S eligm a n ,
M o ., t o W a y n e , 9 m ., are tr a c k a g e . V . 8 6 , p . 168; V . 8 2 , p . 5 6 9 , 1269;
V . 83, p . 39.




R a te

%

W h en
P a y a b le

[V ol. 125.
L a s t D iv i d e n o
a n d M a t u r it y

P l a c e s IV h ere I n te r e s t a n t
D w i d e n d s a r e P a y a b le

$ 3 ,0 0 0 ,0 0 0
6
6

A

&

O 1937

1 7,*40.500
95.0 0 0 ,0 0 0
5 .5 4 7 ,2 0 0
1 .3 7 7 ,0 0 0
2 926 000
3 120 000
7 ,6 4 4 .0 0 0
4 ,5 0 8 .0 0 0
5 1 .3 5 0 .0 0 0

5 g
5 g
6 g

F
M
.1
F
M
M
M
J
M

A
&
&

A

A
S
J
A
N
N
S
D
8

1 3,156.000

5% g J

&

D

4 g
5 g
5 g

F
J

A
A

A A u g 1 1938
J J u ly 1 1938

C o 's o ffic e , 1 2 0 B w a y ,N Y
do
do
do
do
do
do
do
do

5
4
4
4

A
J
M

A
A

O Apr 11931
J J u ly 1 1929

C o ’s o ffi c e ,1 2 0 B w a y ,N Y
do
do
C o o ffic e 120 B ’w a y ,N Y
S t L o u is U n ion T r C o

3 ,5 0 0 0 00

3 2 ,0 0 0

St L o u is U n T r C o . S t L

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

6 .9 9 6 .0 0 0
2 .5 7 3 .0 0 0
800 .0 0 0
237 .5 0 0
3 ,8 2 8 ,0 0 0
4 2 .8 7 4 .0 0 0
3 0 .5 5 1 .0 0 0
3 4 .5 4 8 ,0 0 0
1 .1 4 0 .0 0 0

6X

5H
5
5
414
4 g

&

&
A
A
&

F eb 1 1965
C o ’s o f f i c e . 120 B w s r . K ’V
M a r 1 1977
do
do
T o Jan 16 1935 G iia r a i.r v T ru s t < 0 N Y
T o F e b 1 1936 C o ’s o ffic e 102 B ’w a y N Y
T o N o v 1 1938
do
do
T o N o v 1 1939
do
do
do
do
T o M a r 1 1940
T o D e c 1 1940
do
do
M a r 1 1975

M A N M a y l 1938
4 X g A A O O ct 1 1938
M A N J u ly 1 1938
4
g
g
g
g

J

A
&

N M a y 1 1933
J J u ly 1 1939

In M a y 1927 W . E . S te p h e n so n , P r e s ., w a s a p p o in te d re ce iv er b y J u d g e
J a c o b T r ie b e r o f U . S. D is trict C o u r t fo llo w in g th e filin g o f a p e titio n by
th e W e s te rn T ie & T im b e r C o . o f S t. L o u is .
Succeedeu 1 tu- M issou ri & N o r m Vf'k.tus.is K K . wuicli was sold a t re­
ceiver’s sale in A pril 1922
O p eration s were resu m ed \pril 24 1922
T h e I .-S . C . C o m m is s io n has p la c e d a fin a l v a lu a tio n o f $ 9 ,1 4 8 ,4 6 0
on th e to t a l o w n e d an d $ 9 ,1 7 7 ,5 0 7 on th e t o t a l used p r o p e r tie s o f th e c o m ­
pan y as o f Ju n e 30 1919
E A R N I N G S .—
G ro s s
N e t a ft e r
O th er
In terest,
B a la n c e ,
C a l.y e a r s —
E a r n in g s .
T a xes.
I n c o m e R en ts A c . S u r . o r D e f .
1 9 2 6 _______________$ 1 ,7 5 9 ,0 8 5 d e f$ l4 ,6 1 0
$ 9 ,9 7 8
$ 3 6 3 ,2 7 0 d e f.$ 3 6 7 ,9 0 2
1925 _____________ 1,5 4 8 ,3 4 1
8 6 .7 4 4
13 141
3 3 9 .2 1 4 d e f 2 3 9 ,3 2 9
1924 _____________ 1 .5 8 7 .1 0 4
169.097
9 .9 5 5
3 2 0 .2 8 8
d e f 141 ,236
1923 _____________ 1 ,5 0 9 .8 4 8
2 0 7 .7 8 4
12.784
3 07 .874
d e f.8 7 ,3 0 7
7 5 3 .5 0 8
149 ,676
4,301
1 54 .519
d e f.1 ,7 2 3
1922 _____________
For la te s t earnings, see 'R a ilw a y E arn ings S e c tio n ’ issued m o n t h ly ).
O F F I C E R S .— Pres. & G e n . M g r ., W . S te p h e n s o n , H a rriso n . A r k .; S ec.
A T r e a s .. J . M . M c G a u g h e y .— (V . 125. p . 145 7.)
M I S S O U R I P A C I F I C R R . C O .— O p e ra te s a system e x te n d in g fr o m S t.
L ou is, M o ., to O m a h a , N e b ., a n d P u e b lo , C o l o ., via K an sas C it y , M o . ,
and also to T e x a rk a n a , A rk , L a k e C h a rle s, L a ., and J o h n sto n C i t y , 111.,
O w ns 6831 m iles o f o p e r a te d first m ain t r a c k , v iz .:
Missouri ____1,439 m. |Colorado_____
(5 2 m.|Louisiana______ 556 m.
K a n sas____________ 2 ,2 1 4 m . |Illinois_______ 204 m lO k l a h o m a .____ 162 m .
N ebraska.
349 m - 1A rkansas
1.765 m
A lso has leased lines and tra ck a g e rig h ts a g g re g a tin g 517 m iles, m a k in g
the to ta l m iles o f m ain track D e c . 31 1926, 7 ,3 4 8 .2 6 : to ta l m iles o f all
track o p e r a te d , 1 0 ,1 3 1 .7 2 , T h e tra ck a g e in clu d es 193 m iles o f T e x a s P a c .
R y . in L ou isian a, a ffo r d in g e n tra n ce to N e w O rleans.
T h e I.-S . C . C o m m is s io n on N o v . 6 1926 a p p r o v e 1 th e a c q u is itio n b y th e
c o m n a n y o f c o n tr o l o f th e N ew O rleans & L o w e r '" o a s t HR b y p u rch ase o f
its ca p ita l s to c k .
A ls o on F e b . 12 1927 au th o riz e d th e a c q u is itio n b y th e
c o m p a n y o f c o n t r o l, b y le a se , o f t h e M a r io n & E a s te rn R B . V . 123. p . 2 6 5 1 ;
V . 124. p . 1216.
O R G A N I Z A T I O N .— I n c o r p . in M is s o u r i M a r c h 6 1917 and a b o u t J u n e 1
s u cce e d e d t o th e p r o p e r tie s o f M o . P a c . R y . an d its su b s id ia r y , t h e S t.
L o u is , Iro n M o u n ta in & Sou th ern R y . C o . Ir o n M t . fo re c lo s e d p er p la n in
V . 101, p . 130; V . 103. p . 406 , 493 , 579: V . 104, p . 86 3 . 1899. (A s t o K . C .
& N . W . R R . , see V . 104, p . 1591, 201 0 .)
U nder th e term s o f a re o rg a n iz a tio n p la n fo r th e D e n v e r & R io G ra n d e
W estern R R ., the M isso u ri P a cific a cq u ire d fro m th e W estern P a cific R R .
C o rn fo r $ 9 ,0 0 0 ,0 0 0 o n e -h a lf o f th e c o m m o n s to c k o f the new c o m p a n y
(1 5 0 .0 0 0 no par v a lu e s h a r e s ). F o r d e ta ils o f p la n , see D e n v e r & R io G ra n d e
W estern R R . T h e c o . also o w n e d on D e c . 31 1926 $ 6 0 8 ,8 0 0 o f th e p r e f.
stock o f th e D e n v e r & R io G ra n d e W e ste rn R R .
A lso o w n e d D e c . 31
19 6, 8 1 5 .0 0 0 .0 0 0 c o m m o n s t o c k , $ 2 3 ,7 0 3 ,0 0 0 p r e f s t o c k and $ 4 ,4 4 0 ,5 8 3
n otes o f the T e x a s & P a c ific R y .
T h e p re f. s t o c k is p le d g e d as p a r t s e ­
c u rity fo r the u n ify in g A re f. m tg e . 4s o f th e fo rm e r S t. L o u is Ir o n M o u n t a in
t Sou th ern R y C o .
T h e c o also o w n s a p p r o x im a t e ly 8 7 % % o f t h e o u t s t a n d in g 1 5 0 .0 0 0
shares o f s to c k o f N e w O rl. T e x a s & M e x ic o R y . C o . , w h ic h c o m p a n y in
tu rn ow n s all th e ca p ita l s to c k o f th e In te r n a to n a l G re a t N o rth e r n R R . C o .
O L D B O N D S AL1 IS S U E S .— See issue o f Jun* 2t> iu tft
R em n a n ts
o f an o ld b o n d issu e in c lu d e d in p la n o f r e o r g a n iz a tio n is s till b e in g ex ­
c h a n g e d u n d e r te rm s o f p la n , v i z ., L e x in g to n D iv . 5 s .— V . 105 , p . 498 .
S T O C K .— C o n v e rtib le 5 % P r e f. S tock (p . & d . ) — C u m u la tiv e fr o m
June 30 1918. C o n v e r tib le a t h o ld e r s ’ o p t io n a t p a r in t o c o m m o n s to c k at
par. s u b je c t t o a d ju s tm e n t o f d iv id e n d s . C a lla b le b y c o m p a n y as an en tire
Issue a t 1 0 7 M % and d iv id e n d , s u b je c t t o c o n v e r s io n p r iv ile g e .
F u ll v o t in g
p o w e r.
A u th o riz e d . $ 1 0 0 ,0 0 0 ,0 0 0 : issu e d , $ 7 1 ,8 0 0 ,1 0 0 .
C o m m o n S tock , a u th o r iz e d , $ 2 0 0 ,0 0 0 ,0 0 0 ; Issued, $ 8 2 ,8 3 9 ,5 0 0 .

B O N D S — F ir s t A R e f. M t g e B o n d s — T o t a l issue in clu d in g a m o u n t s
reserved fo r r e fu n d in g , im p ro v e m e n ts , e x te n sio n s, A c . under r e s tr ic tio n s ,
is lim ited (e x c e p t w ith fu rth e r co n se n t o f a m a jo r ity in a m o u n t o f th e s t o c k ,
h olders) to $ 4 5 0 ,0 0 0 ,0 0 0 and fu rth e r lim ite d so th a t tn e to t a l at a n y t im e .
Inclu din g a m o u n ts reserved fo r re fu n d in g b o n d s and e q u ip m e n t tru sts
to g e th e r agg re g a tin g $ 1 3 5 ,9 4 5 ,5 0 0 in Ju n e 1917 e x clu s iv e o f th e e q u ip m e n t
trusts m aturin g prior t o J u ly 1 1918, w h ich w ere p r o v id e d fo r und er p la n ) ,
shall never exceed three tim es th e ca p ita l s to c k at the tim e o u ts t a n d in g ,
nor shall issues a b o v e $ 4 5 0 ,0 0 0 ,0 0 0 e x ceed 8 0 % o f th e e x p e n d itu res fo r I m ­
p ro v e m e n ts and a d d itio n s
First m ain track upon w h ich First & R e f. M . Is a first lien. 3 .3 9 3 .3 4 m iles;
2d lien . 1 627 .6 0 m iles; 3d lien, 1 ,4 3 8 .8 3 m iles; 4th lien, 285 .5 1 m iles; to ta l
6 .7 4 6 m iles, and all m ileage hereafter b u ilt or pu rchased w ith hese b o n d s .
T h e 1st & r e f. m tg e . series “ F " b o n d s w ill b e red. a t th e o p t io n o f th e
c o m p a n y , as a w h o le o r in p a r t, u p o n 90 d a y s ’ n o tice , o n a n y in t. d a te on
and a fte r M a r . 1 1932, an d o n o r b e fo r e M a r . 1 1972 at 1 0 5 % . a n d th e r e ­
a fte r a t their p rin cipa l a m o u n t, p lu s a p re m iu m o f
% fo r e a ch six m o n th s
b e tw e e n r e d e m p tio n d a te and d a te o f m a tu r ity .
T h e p r o c e e d s o f th ese
b o n d s w ere used to re fu n d th e 1st & re f. m tg e . series “ D " o n A u g . 1 1927,
th e 3 -y e a r 5 % secured g o ld n o te s d u e J u ly 1 1927, the $ 8 ,2 2 9 ,7 6 0 o f 6 %
n o te s issued t o U . 8 . G o v t ., an d th e 1st & re f. m tg e . series “ E " w h ich w ere
r e d e e m e d M a y 1 1927. B a la n ce wras u sed fo r o th e r c o r p o r a t e p u r p o s e s .
In S e p t. 1927 t h e C o m m is s io n a u th o r iz e d t h e r o a d t o issu e $ 1 8 ,9 9 4 ,5 0 0
a d d itio n a l series F b o n d s , o f w h ic h a m o u n t $ 1 2 ,0 0 0 ,0 0 0 are t o b e p le d g e d
an d re p le d g e d again st s h o r t te rm n o te s , a n d t h e re m a in in g $ 6 ,9 9 4 ,5 0 0 t o
b e h e ld in tre a su ry s u b je c t t o fu r th e r n o t ic e . V . 125, p . 1967.
G en er a l M o r tg a g e B o n d s — T o t a l a u th o r iz e d , $ 5 3 ,0 0 0 ,0 0 0 . t o bea r
in t and m atu re 1975 b u t r e d e e m a b le as a w h ole b u t n o t in part) at
and in t. o n and a fte r M a r c h 1 1921. A ju n io r lien u p o n ail p r o p e r t y a t
Hme su b je ct to the new First and R e fu n d in g M o r tg a g e
$ 5 1 ,3 5 0 ,0 0 0 w ere issu ed t o th e R e o rg a n iz a tio n M a n a g e rs in 1917 fo r
trib u tio n under Plan an d A g re e m e n t o f R e o rg a n iz tio n o f th e M is s o u ri
c ific R y . C o . an d S t. L o u is I r o n M o u n t a in & S o u th e rn R y . C o .

4%
par
any
d is­
Pa­

S ecu red S e r ia l G old B o n d s . — B o n d s m a tu r e in e q u a l a n n u al in sta llm en ts o f
$ 5 0 6 ,0 0 0 e a c h fr o m D e c . 1 1931 t o D e c . 1 1956 b o t h i n c l. T h e y a re a

Nov., 1927.]
R A IL R O A D C O M P A N IE S

M ile s D a te
Road Bonds

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

Mobile & Birmingham RR— Prel stock ($900,000)____
Prior lien gold $600,000 . ________________ Ce.c
First mortgage $1.200.000_________________ Ba.c
Slohilp & Ohio- Stock
_______ _ ______
Ref & impt mtge $75,000,000 (text)
_F.c*&r*
Genera) mtge lor $iU.5uu,0U0 (now gold) s f.F.zo*
Montgom Dlv 1st M $4,000,000 g( V6 6 ,p 1045)Ce.zc*
Mobile A B Sh 1st M $200,000 assumed gold-F.zc*
St Louis & Cairo 1st M gol assumed __________ zc
Equip tr (Govt) due $40,500 annually_________ __
do
due $36,000 a n n u a lly _____________ __ .
do
ser " L ” due $54,000 s a . - - . - _ - __ Ce
do
Series “ M ” due $112,000 ann______Ce.c*
do

P ar
Value

Am ount
O utstanding

$100

150 1895 2 0 0 , 1000
150 1895 2 0 0 . 1000
917
525
189
46
159
_
_

Series “ N " d u e $ 5 5 ,0 0 0 s-a _ _ _ - C e . c *

$900,000
600.000

1 .200 .00 0

direct obligation of the company and secured by the deposit and pledge of
51,000 par value o f New Orleans Texas & Mexico Ry. stock for each $1,000
of bonds outstanding. Red. as a whole, but not in part, on any int. date
upon 60 days' notice at par and int. plus a premium equal to
for each
6 months between there!. date and date o f maturity, out not exceeding 5%
Proceeds o f the sale o f the bonds were applied to the retirement of $13391,500 o f the c o .’s 15-year 7% sinking fund notes which were called for
red. on Jan. 17 1927. V. 123, p. 2515.
Equipment trusts issued to Director-General for rolling stock allocated
to the company. See article on page 3 and V. 114, p. 410; V. 118, p. 3197.
Equipment trust certificates. Series ” B ,” V. 117, p. 1884; Series “ C ,"
V. 119, p. 2064; Series “ D ,” V. 120, p. 827; Series “ E ,” V. 121, p. 2871.
Government loan, V. I l l , p. 792, 1566. 2229; V. 112, p. 372.
R E P O R T . — For 1926, in V. 124, p . 2578, showed:
1924.
1925.
1923.
1926.
7.235.72
7,337.62
7,359.97
Avge. mileage operated
7,347.09
$
$
O perating Revenues —
$
$
Freight________________ 107,913,649 104,319,277 95,949.391 85,961,414
Passenger______________ 16,035,972 16,536,035 17,525.200 18,970.393
2,854,093
2,989.954
M a i l ..______ __________ 2.649,501
2,886.211
2.882.702
2,901.920
2.747.172
Express________________ 2,890.927
2,279.219
2,006,868
Miscellaneous__________ 2,409,837
2,285.012
1.707.280
1,771,640
Incidental______________ 1,859,186
1,829,703
225,196
230,398
Joint facility___________
231.222
228,252
Total ry. oper. revs_. ,133.990,294 130,831.661 123,647.724 114,607,948
Operating E xpenses —
Maint. o f way & struc.. $21,262,028 $20,465,706 $18,916,235 $16,464,182
Maint. o f equipment__ 26,532,577 25,895,938 25,843,403 30,324.816
2.019,098
2,566.671
3.108,345
3,533,471
Traffic________________
Transports— Rail lin e.. 47,481.048 48,307,743 46,725,525 45.101.683
873.278
1,073.394
1,184,455
Miscell. operations____ . 1,276.158
3,713.741
3,385,243
3,929,948
General_______________ . 4,040.780
228,335
372,604
615,637
Transp. for invest.— Cr. . 1.274.118
102,851,944 102,276,500
. 25,488,846 23,253,239

98,466,365
20,445.464

97,939,966
12,185.417

Gross income_
_
. 30,392,445 28,733,701
D ed u ction s —
4,038,149
H ireoffgt. cars-deb. bal.. 4,286,254
85.152
87.673
Rent for locomotives---333,231
Rent for pass, train cars.
256,363
Rent for floating equip
24,195
8.830
35.963
Rent for work equip____
53.537
Joint facility rents___ . 1,747,237
1,742,339
Reut for leased roads.
138,081
138.845
Miscellaneous rents—
37,111
35,854
17,446
Miscell. tax accruals---20,575
48,004
Separately oper. prop---39.513
Int. on funded debt___ . 15,007.530 14,524.188
40,839
65.752
Int. on unfunded debt
17.509
Miscell. income charges_
16,100

24,857,679

16,332,478

3,375.832
137.002
345.537
930
50,946
1,562.986
148,992
49,466
19,961
loss92,554
12,268,266
285,682
16.307

1,893.376
245.038
304.422
255
52,739
1,541.884
163.469
42,944
20,396
loss62,696
11,815.499
19,039
49,372

Total deductions from1
gross income______ . 21,760,778 21.085,493 18,354.462 16.211,132
Net income____________ 8,631,667
7,648,209
6,503.218
121.346
828.395
Sbs. com. out. (par $100))
828,395
828,395
828,395
Nil
$3.52
Earns, per sh. on c o m ..
$6.09
$4.90
BALANCE SHEET, as o f Dec. 31 1926. in V. 124, p. 2617.
OFFICERS.— Wm. H. Williams, Chairman; L. W Baldwin, Pres.;
E. M . Durham Jr., J. G. Drew, F. J. Shepard, E. J. White, C. E. Perkins,
H. R . Safford, John Cannon, F. P. Johnson, V.-Ps.; O. B. Huntsman,
V .-P., Asst. Sec. & Asst. Treas.; H. L. Utter, Sec.-Treas.; T . M . Niven,
DIRECTO RS.— William H. Williams (Chairman o f Board), Lyon
Mountain, N. Y .; L. W. Baldwin, Archibald R. Graustein, John G. Lons­
dale and George W . Niedringhaus o f St. Louis; Matthew C. Brush, H.
Hobart Porter, J. E. Davey, John J. Raskob, Arthur V. Davis and Charles
H. Sabin, o f New York; James W. Gardiner, Lake Charles, La.; Finley J.
Shepard, New York; Charles E. Ingersoll, Philadelphia; A. Q. Geoghegan,
New Orleans, La.; William T. Kemper, Kansas City; R . Lancaster Williams,
Baltimore. Offices, 120 Broadway, New York, and Railway Exchange
Bldg., St. Louis.— (V. 125, p. 2669.)
MOBILE & BIRMINGHAM RR .— (S ee M a p Southern R y .)— Mobile to
Marion Junction, Ala., with branches, 147 miles. Leased to Southern Ry.
from March 1 1899 for 99 years, the latter agreeing to meet the Interest on
bonds and to guarantee a dividend on the $900,000 pref. stock of 1% for
first year, 2% for second year, 3% for third year and 4% for fourth year
and thereafter. Of the $900,000 common stock, $894,900 Is owned by
Southern R y., and voting power on pref. assigned to Southern Ry. during
lease. V. 6 8 . p. 429. 1134: V. 69, p. 391: V. 71. p. 1013— (V. 72. p. 137
MOBILE AND OHIO R R . CO.— Owns from Mobile, Ala., to East
Cairo, K y., 490 miles; to East St. Louis, with branch, 155 miles; Mont­
gomery Division, Artesia, Miss., to Montgomery, Ala., 180 miles; Mobile
& Bay Shore branch, 34 miles; other branches, 59 miles; total owned, 918
miles; Warrior Southern Ry. (all stock and bonds owned), 14 miles; trackage
rights, 191 miles; operated under agreement Okolona to Calhoun City, Miss.,
38 miles; total operated, 1,161 miles. Valuation, V. 113, p. 1540.
STOCK.— Stock authorized, $10,000,000; outstanding, $6,016,800; par
$100. The voting power on $4,984,200 of the stock is exercised by the Gen­
eral Mortgage bondh olders by virtue of deposit of old debentures of 1879
LATE DIVS.— ’ 15-’ 16. ’ 16-’ 17. '18. ’ 19. ’20. ’21. ’22. ’23. ’24. ’25. ’26.
4
4
4 4 4 4 4 7 7 7 7
Regular (% )_____
Extra (% )_______
..
_. . . -- -- -- -- -3 3
The Southern Railway has acquired $8,355,000 of the $9,471,000
general 4s and $5,650,200 of the $6,016,800 stock. Issuing, $ for $, Its col­
lateral trust 4% gold bonds in exohange for the M. & O. general 4s, secured




R ate
%

4

5g
4

$100 $6,016,800 See text
1927 1,0 0 0 &c 13,879,000
4a g
) 8 S8
JUO &0
9,092,000
42
1897
1,000
5g
4.0UO.000
500 Ac
1899
200 ,00 0
52
4 .0 0 0 noo
1886
500 Ac
42
1920
1,000
324,000
6
1922
1.000
180.000
6
1923
1.000
1.114.000
5g
1924
1,000
1,320.000
5
1.000
1924
1,375 000
4 )4
1926
1,000
1 , 120.000
4 )4
1927
1,000
1,450,000
414

do
Series O due $80,000 ann__________ Ge.c*
do
Series P due $97,000 a n n ____ __ _ ____
Mohawk & Malone— See New York Cent RR.
M onongahela Ry— 1st & Ref. M. $15,000,000 gUPI
1917
1,000
5,000.000
37 1902
Monongahela RR 1st M $1,500,000 joint guar____k
1.000
1 .0 0 0 ,0 0 0
M onongahela S outhern RR— See U S Steel Corp un der In dustrla Is below.
33 .909
Montana W yom & Sou— 1st M g red 110 text-.Em xc*
1.000
835,000
10.43 1866
Montgomery & Erie Ky— 1st M l e x t e n d e d ) __ _ _ _ .
1,000
130.000
1 000
M ontour RR— IstM g$2,750,0O0red 105sftext UP.xc*
57 1913
1,850.000
_
_ 1926
Equip trust gold bonds ser B due $50,000 ann___
1,000
450,000
Morehead & Nor Fork— 1st M g trust Clearf Tr Oo.x 27.91 I9U6
l.uUO
373,U U
U
50 15.000.000
Morris & Essex Stock 7 k % guaranteed D L <c W
5
moo
1st Ref M g $ 3 « . 00 n o o n g u p & i_____ ___F.xc*&r*
l.i’ f’O 35.000 onn
119
_
_ 1925
Consol mtge $35,000,000
_____
____
1,000 11,582,000
H orns & Essex Extension C o.— 8 tock guar 4 % ____
2
100
2 2 1 .0 0 0

G en. A u d .

87

RAILW AY STOCKS AND BONDS
W hen
P ayable

J
J
J
,1

M
M
F
M
J
J
J
M
J
VI
J
F

4H g J
SH g A

M
M
F
4 )4 g J
F
6 8
J
7H
,r
3H &
5S
5
5g

5

4

A
A
A
&
&
A
&
&
*
&
<
fc
&
<
fc
<
fe
&
&

L ast D ivid en d
and M a tu rity

J Jan 2 1927 2% JPMorgan ACo.NY.&L od
J P Morgan A Co, N Y
J July 1 1945
do
do
D June 28 '27 3 )4 Mobile. Ala.
N e w York City
S Sept 1 1977
Hanovei xvat Hank, N T
s Sept 1 1938
do
do
A Feb 1 1947
F rst Nat Bk, Mobile, Ala
A May 1 1949
,7Jan 1 1931
< armers Loan A Tr. N Y
■
J To Jan 15 1935 Guaranty Trust Co, N Y
.1 To July 1 1932 Amer Loco Co, N Y
s Sept ‘27-Mar '38 Central Un Tr Co, N Y
J To Jan 1 1939 New York
N N o v '2 7 - N o v '39 N e w York
J To Jan 15 1941 N e w York
A To Feb. 1 1942 N e w York.
.1 Jwlv 1 1945

A J Jan. 1 1967
A O Got 1 1942

A
A
&
&
d
o
A
A
M &
M A

Places W h ere In terest and
D ividend s A r e Payable

s Sept 1 1939
N May 11956
A Feb 1 19K3
J To Jan 1 1936
A Peh l 1958
.1 July 1 1927 3 )4
r Dec 1 2000
N 1954 to 1987
N M a y 1 1927 2 %

Treas., office, Phila., Pa.
i re..8 . office. PlttsD. Ps
Empire Tr Co. N Y
Goshen, N Y
UnloD Tr C o, Pittsburgh
do
do
Clearfield (Pa) Trust Co
Del Lack A Western, NY
Del Lack Sc West. N Y
do
do
do
do

by a pledge of the latter and had also Issued stock trust certificates for stock
dividends being payable (A. & O.) at 4% in perpetuity. V. 106. p. 2758BONDS .— General m ortgage of 1888 abstract. V . 47. p 83. V. 60, p.967.
R efun ding & Im provem en t M ortgage. — Red. as a whole or in part on any
int. date on or after Sept. 1 1937 and prior to Sept. 1 1974 at 105 and int.;
on or after Sept. 1 1974 at 100 and int.
S e c u r ity . —-Mortgage is a direct lien on 917 miles o f road owned in fee, the
company’s equipment (subject to the lien of equipment trusts and under­
lying mortgages), trackage rights and other property comprising substan­
tially all the property owned by the company; a direct second lien oh 909
miles of owned railroad, subject to the present outstanding bonds. Issue
was sold in Sept. 1927 at 95 and int. to yield 4 M % by J. P. Morgan & Co.,
First National Bank and the National City Co. V. 125, p. 1704.
Guaranteed bonds: Warrior Southern Ky. 1st 4s of 1903 (all owned),
$603,000; Meridian Terminal 1st 4s (jointly), $250,000; Gulf Terminal
1st 4s (jointly). $600,000
Equipment bonds, ser. L, V. 116, p. 721; ser. M , V. 117, P. 2770; ser. N,
V. 119. p. 1844; ser. O. V. 121, p. 3000.
R E PO RT.— For 1926 in V. 124. p. 2114:
Calendar Y ears —
1926.
1925.
1924.
1923.
Total oper. revenue___ $19,342,805 $19,255,064 $19,464,381 $20,112,416
xVet over taxes_________ 3,404.766
3,642,919
3,532,155 2.695,009
Net incl. other incom e.. 3,569,935
3,810.570
3,653.421 2,847,382
Interest, rentals, &c____ 1,683,596
1,622,947
1,572.250 1,719,414
601,680
601,680
421.176
421,176
Dividends paid________
Balance, surplus_____ $1,284,659
$1,585,943 $1,659,894
$706,792
For latest earnings, see "Railway Earnings Section” (issued monthly).
B \LANCE SHEET as of Dec. 31 1926 in V. 124, p. 2114.
OFFICERS.— Pres., Fairfax Harrison, Washington; Sec., C . E. A.
McCarthy: Treas., George A. Cooke; Compt., E. H. Kemper, Washington.
Offices, Mobile, Ala., and 120 Broadway, N. Y .— (V. 125, p. 1704.)
MONON."— See Chicago Indianapolis & Louisville Ry.
M O N O N Q A H E L A R A I L W A Y C O .— B r o w n s v ille J e t ., P a . (co n n e c tio n
with P e n n . R R . and P itts . & L a k e E rie R R .) t o F a ir m o n t , W . V a . 69 m iles ,
w ith bra n ch es a g g re g a tin g 38 m ile s . I n N o v . 1915 o p e r a tio n s ex ten d ed
fro m P e n n .-W . V a . S ta te lin e t o F a ir m o n t, W . V a ., 33 m
A c o n s o lid a tio n
July 1 1915. See P itts . & L . E . r e p o r t. V. 102, p . 1535; V 106. p . 200 3.
T h e I .- S . C . C o m m is s io n o n Ja n . 6 1925 au th o riz e d th e c o m p a n y t o a c ­
qu ire c o n tr o l o f t h e S c o tts R u n R y . b y p u rch a s e o f its ca p ita l s to c k an d lease
o f its p ro p e r tie s , a n d th e M o n o n g a h e la & O h io R R . b y the p u rch a se o f its
c a p ita l s to c k .
T h e I .- S . C . C o m m is s io n o n N o v . 23 1926 a u th o riz e d th e a c q u is itio n b y
th e M o n o n g a h e la R y . o f c o n t r o l (a) o f th e C h a r tie r s S ou th ern R y . b y p u r­
chase o f c a p ita l s to c k a n d u n d e r lease; (b ) o f the In d ia n C reek & N o rth e r n
R y - b y p u rch a se o f c a p . s to c k an d und er lease; (c) o f th e C a ta w b a b ra n ch
an d (d) a p a r t o f th e P a w P a w b ra n ch o f th e B a ltim o re & O h io R R . u n d er
lease, an d (e) o f th e P e n n s y lv a n ia R R . C o . 's T e n M ile R u n b r a n c h , and
(f) o f a p a r t o f th e P e n n s y lv a n ia R R . C o .'s line in W a s h in g to n an d G reen e
c o u n tie s . P a ., b y tran sfer a n d a ssign m en t o f lease.
V . 123, p . 289 2.
T h e I .- S . C . C o m m is s io n has p la c e d a te n ta tiv e v a lu a tio n o f $ 9 ,3 6 0 ,0 0 0
o n th e to t a l o w n e d , a n d o f $ 1 1 ,3 2 5 ,7 5 0 o n th e to ta l used p r o p e r t y o f th e
c o m p a n y (in clu d in g le a se d lines) as o f Ju n e 30 1916.
S to ck a u th o riz e d , $ 1 0 ,0 0 0 ,0 0 0 ; p a r . $50
O u tsta n d in g ,
$ 5 ,0 0 0 ,0 0 0
o f w h ich P ittsb u rg h & L a k e E rie (N Y . C e n tra l S y s te m ! o w n e d $ 1 ,6 6 6 ,6 6 6
P e n n . R R . C o ., $ 1 ,6 6 6 ,6 6 6 a n d B . & O . R R . C o . , $ 1 ,6 6 6 ,6 6 6 as o f Jan . 10
1927. F irst & r e f. m tg e . b o n d s o f 1917 a u th . $ 1 5 ,0 0 0 ,0 0 0 ; issu ed in 1917 t o
c o . in N . Y . C e n tra l a n d P e n n , sy s te m s in s e ttle m e n t o f o u ts ta n d in g n otes,
& c ., $ 4 ,5 8 4 ,0 0 0 . V . 106, p . 2 01 1. $ 4 1 6 ,0 0 0 issu ed M a y 23 1918. A s o f
D e c . 31 1926 P e n n . R R . C o . o w n e d $ 2 ,5 0 0 ,0 0 0 o f o u ts ta n d in g b o n d s a n d t h e
P . & L . E . R R . C o . o w n s $ 2 ,5 0 0 ,0 0 0 . P . & L . E . a n d P it t s b . V a . &
C h a rle s to n (P e n n . R R .) gu a ra n te e th e 3 ) 4 s .
O F F I C E R S . — H e n ry O . N u t t , P r e s .; T . H . B . M c K n l g h t , Treas.; S. H.
C h u r ch . S e c ., P itts b u r g h .— (V . 123, p . 2 8 9 2 .)

MONONGAHELA SOUTHERN R R .— Line extends from Monongahela
Jet. to Mifflin Jet., Pa., and from Clairton Jet. to Wilson, Pa ., 11.56 miles;
second track, 11.58 m.; yards and sidings, 40.12 m .; total, 63.26 miles'
(leased to Union R R . o f Pennsylvania).
STOCK.— Auth. and outstanding, $3,000,000; par, $50, all owned by
Union R R . of Pennsylvania.
BONDS.— First 5s, auth., $3,000,000; outstanding, $3,000,000. Dated
Oct. 2 1905, due Oct. 1 1955. Gen. 6 s, auth., $7,000,000; outstanding,
$2,500,000. Dated April 1 1920. due Oct. 1 1955.
MONTANA WYOMING & SOUTHERN RR. CO.— Owns from Brldger,
M ont., on Northern Pacific, to Belfry, and westerly to Bear Creek, about
33 miles, serving a coal district. Stock outstanding, $1,000,000. Addi­
tional bonds at $25,000 per mile. V . 89, p. 470.
Pres., M . A . Zook.
- ( V . 119. p 1625.)
MONTGOMERY & ERIE RY .— (See M a p E rie R R .)— Owns Montgomery
to Goshen, N . Y ., 10 miles. Leased in 1872 to Erie R R . Rental now
$16,000 per ann. Stock $150,000. Divs. ( 4 ) 4 % per ann.) paid M ay 10
and Nov. 10. S. fd ., $6,500 per ann. There are $40,500 2d mtge. 5s
due Oct. 1 1957.— (V. 125, p. 2143.)
MONTOUR R R .— Owns Montour Jet. to the Mifflin Yards of Bessemer
tt Lake Erie R R . and branches. 51 miles. In Oct. 1916 the Northern Mon­
tour R R . C o., with $350,000 of auth. capital stock, was Incorporated.
The I.-S. C. Commission has placed a tentative valuation of $4,956,500
on the property of the company as of June 30 1917.
Stock $5,100,000. owned by Pittsburgh Coal Co. V. 96, p. 286, 861.
Bonds, originally $2,750,000 1st 50-yr. 5s; retired by sinking fund, $900,000; red. at 105 as awhole or at 102>4 for a sinking fund of $55,000 yearly.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
—(V. 123, p. 2773.)
MOREHEAD & NO. FORK R R .— Morehead to Redwlne, K y ., 24.44
m.; 3.47 m. branch. Stock, auth.. $500,000; out. $260,600; par, $100'
Bonds, see table above. The I.-S. 0 . Commission has placed a final valua-

88

R A IL R O A D C O M P A N IE S
{For abbreviations. & c ., see n otes on page 8 ]

Morristown & Erie— First M 5300,000 g s f red p a r ..
Mt Carbon & Port C RR— Stook (rental guar) text_
_
Mount Hood RR— 1st M *500.000.................................
Nashua & Lowell— Stook 9% rental 99 years B & M._
Nashville C hatt & St Louis— Stock $16.000,000auth
Cons mtge (* 2 0 .0 0 0 .0 0 0 ) *2 0 .0 0 0 p m tcold-.Us.so*
Equipment trusts due $86,500 yearly__________ Q
do
do Series “ B ” due $120,000 annually___
Nashville & Decatur— Stook guar 7 H% by L & N_
_
Nashville Florence & Sheffield— See Louisville & Nash
N ational Rys o f Mexico— Com stk $75,000,000 U S g
First pref stock $30,000,000 4% non-cum (p & d ) __
2d pref stock $125,000,000 5% non-cum (p ft d )___
Prior lien M U S g red 105 (see text)___ Ce.xc*ftr*
Gen mtge U S gold redeem par (text) guar__N.xc*
Nat R R o f Mex prior lien mtge g call 105--U n.xc*
First cons M $60,000,000 gold (see text)..C e,xc*
_
Mexican Central— Priority bonds gold red 110_
First cons inc & scrip n-cum ($9,600 p m) g AB.zc*
2d cons lnc($6,400 p m)red 50% to July ’29 ABzc*
Car and locomotive rental notes_______________x
Equipment 5s $50,000 redeemable yearly at par.x
do ($50,000 yrly par) red 102H ________ OB.xc*
Mex Int prior lien £1.200,000 red at par_Un.xc*ftr
do g guar stamp. . l _______________________
Vera Cruz ft Pacific 1st M g red (text)_________ xc*
Pan Amer (Mex-Guat) 1st M(text)redlOS gu p&i xc*
General mortgage guar prln & Int______________x
Nat Rys 2-year secured gold notes red par_____Ce.x
3-year secured notes $2,460,341 red par________ ,Q
Secured gold notes extended In 1914 and 1915...
Secured gold notes Series B $1,509,752 red par___ G
Secured gold notes Series C $813,090 red par_____G
Notes (for purchase o f notes of Pan-American C o)_

M iles
R oad

D ate
B onds

13 1903
14 H

’07-’ l l

*46 1888
_
_ 1920
_
_ 1922
119
vllle

1,284
1,534
3,407
3,407

1907
1907
1902
1902
1889
1889
1889

1897
1899
615 1897
866 1897
263 1904
285 1903
285 1907
___ 1913
1913
1913
1914
1914
1914

a Does not include $3,000,000 pledged under prior lien m

Par
V a lu e

A m oun t
O utstanding

B ate
%

$187,000
282,350
500,000
100
800,000
100 16,000,000
1,000 16,100.000
692,000
1.320,000
25 3,553,750

6 g

$ .000
50

$, £, &c
$, £, &c
$500 &c
$500 &c
1,000
1 .0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
£100 &c

500 &c
1 ,0 0 0
1 .0 0 0
1,®00

$. £. &c
45. &c
2. &C

74,803,466
28.831,000
120,543,421
84,804,115
50,748,575
23,000,000
24,740,000
1,374,000
65,300
2 1,000

342,000
150,000
300,000
5,850,000
a4,206,50C
7,000,000
2,003,000
1.484,000
26.730,000
2.460,325
746,000
1.509.752
813,055
1.403,000

W hen
P a y a b le

M A
J ft
J
ft
9
M ft
7
F ft
5g
A ft
6 g
J ft J
4X g A &
7H J ft
5

6

L ast D iv id en d
and M a tu rity

S Sept 1 1933
J July 15’27 2Vi
J Jan 1 1927
N N ov 1 1927 3%
A Aug 1 1927 3 X
O Apr 1 1928
15 To Jan 15 1935
o To Oct 1 1937
J Jan 1927 3 Ys

Places W h e re In terest a n t
D ivid en d s are P ayable.

Brooklyn Trust Go, N ¥
Reading Terminal. Phil*
1st ft Utah Nat Bk, Ogden
Check from Co's office
New York and Nashv 1 1
1*
do
do
Guaranty Trust C o, N Y
New York.
Louisville, Ky

Feb 10 ’ 13, 2% Office, 25 Broad St, N Y
4X g J

ft

A Sc
4g
4H g J ft
A ft
4g
5 g J ft
July
3g
3

J July 1 1957
l) Oct 1 1977
.1 Oct 1 1926
o Oct 1 1951
J July 1 1939
10 Jan 10 1939
Jan 10 1939

A ft o Apr 11917
5g
A ft o Oct 1 1919
5g
4*4 g M ft 8 Sept 1 1947
4 g M ft 8 Sept 1 1977
4H g J ft J July 1 1934
5 g J ft J Jan 1 1934
J ft J Jan 1 1937
5
J ft D Junel 1915
6 g
6
J ft J Jan 1 1917
6
6
6

J
J

ft
ft

J Jan 1 1917

J Jan 11917

July 1 1916

See text
See text
See text
See text
See text
None paid
do
See text
Mar 1915 coup not paid
do
do
Jan 1915 coup not paid
See text
See text
Dec 1914 coup not paid
•v
■
Dec 1914 coup not paid
Dec 1914 coup not paid

tge. of the Na t. Rys of M exico.

tion o f $638,031 on the owned and used properties o f the company as of
June 30 1918. For year ending Dec. 31 1924, gross, $52,036: net operating
income, def., $40,608; other income, $2,046; interest, rentals, &c., $20,265;
bal., def., $58,827. Pres., A . W . Lee. Clearfield, Pa.; Sec. & Treas.,
A . W . Lee Jr., Clearfield. Pa. V . 124, p. 640.
MORGAN'S LOUISIANA & TEXAS RR. & STEAMSHIP CO — (S ee M a t
O f Southern P a c ific .) — ROAD.— Owns Algiers to Cheneyville, 204.92 miles;
branches, 119 m .; extensions to Port Allen, La., &c., 50.95 m .; total,
375.37 m .; ferries, 3 miles. Owns $300,000 stock o f Iberia & Vermillion
R R ., 21 miles.
The l.-S . C. Commission has placed a tentative valuation o f $21,510,400
on the owned and used property o f the company as o f June 30 1918.
Sou. Pac. Co. owns the entire $15,000,000 stock and $6,429,000 first mort­
gage bonds outstanding.
^Operated un<*er ^
ease by Texas & New Orleans R R . Co. effective March 1
Dividends, 1907-07, 10%; 1907-08, 25% , 1908-09, 4 % , 1910-11, 6 % ,
1911-12, 4 % , 1915-16, 2 % , 1917 to 1925, none.
C al. Y r s .—
C ross.
N e t O per. I n c . O th .In c .
D ed u cts.
Balance.
1926_______ $8,165,559 def$775,178 $115,121 $460,035 d e f$ l,l 0,092
def71,965
121,960
457,725
fef407,731
1925_______ 8,503,947
MORRIS & ESSEX R R .— Owns from Hoboken, N . J.. with Important
terminal facilities on N . Y . Harbor, to Phillipsburg, N . J., 92 miles; branch,
Denvllle to Hoboken, N . J., 34 miles; leases, 38 miles; total oper., 164 miles.
Leased Dec. 10 1868 in perpetuity to Del. Lack. 9c West., which 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 base should be fixed at 7 X % , payable unconditionally, the additional
rentat { % % ) to r year 1916 to be paid on July 1 1917. and for subsequent
years on each succeeding Jan. 1, respectively. See V . 104. p. 2118.—
(V. 125, p. 2259.)
M ORRISTOW N & ERIE R R .— Owns Morristown. N . J.. to Essex
Fells, N . J., 10.64 miles; 2 branches, 2.32 m ., total, 12.96 m. The I.-S. C.
C o m m ission has placed a tenative valuation o f $410,350 on the property of
the company as o f June 30 1918. Stock, $400,000; par, $100. Bonds,,see
table. In 1925, gross, $158,732; net, $41,413; interest, rentals, &c.
$25,464; bal., $16,708. Pres., R . W . McEwan, Whippany, N. J.—
(V. 124, p. 369.)
MOUNT CARBON & PORT CARBON RR.— Owns Mt. Carbon to Port
Carbon, Pa., 2.62 m .; total track, 12.71 m. Leased to Phlla. & Reading
999 years from Mar. 1910 at 5% on stock, taxes, &c. Lease assumed Dec.
1923 by Reading C o.— (V. 89, p. 42.)
MOUNT HOOD R R .— Hood River to Parkdale, Ore., ]2.2 miles.
Stock, $250,000; par, $100. Bonds, see table. Pres., J. M . Eccles,
Ogden, Utah: Sec., Jos. A. West, Brigham, Utah.
MUSCLE SHOALS BIRMINGHAM & PENSACOLA R Y .— (V. 121.
p. 2871.)
NARRAGANSETT PIER R R .— This road was formerly leased to the
Rhode Island C o., but early in 1920 the lease was terminated by default
and on March 1 1920 the company received its property directly from the
U. S. Railroad Administration. Stock, $133,800. First mtge. 5s, $70,000.
due Aug. 1 1936; int. F. & A. at Rhode Island Hospital Trust C o., Provi­
dence, trustee. Road extends from Narragansett Pier to Kingston, 8.41
miles. The I.-S. C . C o m m issio n has placed a final valuation o f $310,000
upon the properties as o f June 30 1916.— (V. 119, p . 1844.
NASHUA & LOWELL RR.— Owns double-track road from Lowell, Mass.’
to Nashua, N. H ., 14.26 miles. On Oct. 1 1880 leased for 99 years to Boston
& Lowell. In 1887 lease was transferred to Boston & Maine, which pay*
a rental o f $73,000 and $1,000 for annual expenses, and in April 1911
received authority to purchase stock; in N ov. 1906 to 1912 inch, M % extra
i
was paid from accumulated cash surplus. On Oct. 1 1927 the Mass.
Supreme Judicial Court ruled that the Boston & Maine was not obligated,
under the terms o f the lease, to pay the Federal income tax as they had
been doing prior to 1924. The Nashua & Lowell R R . has reduced its
yearly div. rate from 9% to 6 % in order to pay off about $40,000 borrowed
from the bank which was used to pay back taxes. V. 125, p. 1967. Treas.,
Geo. C. Coit, 6 Beacon St., Boston.— (V. 83, p. 970; V. 85, p. 1005; V.
125, p. 1967.)
NASHVILLE CHATTAN OO GA & ST. LOUIS R Y . (TH E).— Owns
from Chattanooga, Tenn., to Hickman, K y., 325 miles; branches to Leban­
on, &c., 532 m.; leases Western & Atlantic, Chattanooga, Tenn., to Atlanta,
Ga., 137 m. (V. 104, p. 452; V. 119, p. 78); and Paducah & Memphis Divi­
sion of the L. ft N ., 254 miles; trackage rights, 12 miles. See V. 71, p. 544,
664, 864. Total operated Dec. 31 1926, 1,260 miles.
The I.-S. O. Commission has placed a tentative valuation o f $69,262,133
on the company’s property as o f June 30 1916.
ORGANIZATION.— A majority (*11,484.100) of the stock Is owned by
the Lou. ft Nash., of which *11,483,100 pledged under Its mtges. West.
& Atl. was leased from State of Georgia till Deo. 27 1919 at $420,012 yrly.
Under the lease as extended to Dec. 27 1969, the rental for the 60 years
will be $540,000 yearly with taxes o f about $113,000 p. a., while $60,000
yearly from t)ec. 27 1919 will be applied to improv’te. V. 104, p. 664. 863.
The Paducah & Memphis Dlv. of the Louisville Sc Nashv. R R . C o. Is
leased for 99 years from Dec. 14 1895; the annual rental is 5% on tbe cost
of road and 5% on amounts paid by L. Sc N . R R . for additions, etc.
Owns jointly with the Chic. Burl. & Quincy and niinois Central the
Paducah & Illinois R R ., which has built a double track bridge over the
Ohio River at Metropolis, 111., and has constructed a line from Metropolis
to Paducah, K y ., 14 miles, and jointly guarantee Its bonds. See that
company and V . 106, p. 1788.
LATE D IV S.— /'07. '08. ’09. ’ lO-’ l l . '12. '13-'14. '15. '16. '17to Aug’27.
P e r c e n t ............... I 6 6*4 5 6 yrly. 6 H 7 yrly. 5 6 K 7yrIy(F&A)
BONDS.— Consol, mtge. of 1888 provides that all prior bonds shall be
paid oil at maturity; sufficient of the *2 0 ,0 0 0 p.m. are reserved for them.
V . 105, p. 607. V. 101. P- 131. 694. 1465; V. 103. p. 1301. 1593.




[V ol. 125.

RAILW AY STOCKS AND BONDS

Jointly, with Lou. ft Nash., guarantees $2,601,000 L . ft N. Ter. 4a;
with the L. ft N ., Southern R y ., St. Louis I. M . ft So. and St. Louis South­
western $2.500,000 Memphis Union Station 5s, and with the Chic. Burl, ft
Quincy R R . and niinois Central R R . Co. $4,285,000 Paducah ft Illinois
R R . 1st mtge. sinking fund 4Ms.
Equipment trusts Issued to Director-General for rolling stock allocated
to this company
See article on page 3 and V . 113, p . 1471.
R E PO RT.— For 1926 In V . 124, p. 2897, showed:
O perating Revenues —
1926.
1925.
1924.
1923.
Freight............................... $17,746,342 $17,317,770 $17,044,426 $18,027,477
Passenger........................... 4,503,571
4,834,798
4,815,185
5,060,565
M a il.................................
605.318
630,327
624,489
592,827
615,436
618.332
600,348
620,381
Express.............................
Miscellaneous...................
535,211
598,823
517,198
500,537
Railway oper. revenus$24,023,878 $24,000,050 $23,601,646 $24,801,787
O perating E xp en ses —
Maint. of way & stru c.. $3,499,473 $3,486,474 $3,573,811 $4,405,882
Maint. of equ ipm ent... 5,001,608
5,215,623
5,325,381
5,919,108
T ra ffic .............................
964,698
946,124
914,280
883,475
Transportation............... 8,558,163
8,567,232
8,806,185 9,466,281
92,066
146,104
74,815
73,233
Miscellaneous.................
General______ ______
907,549
851,251
811,831
742.181
Transport’n for inv.— C r.
30,697
27,712
25,334
37,113
Operating expenses...$18,992,860 $19,185,096 $19,480,969 $21,453,047
Net rev. from ry. oper_ $5,031,018
4.814,954
4.120.676
3,348,740
Tax accruals__________
1,075,000
759,516
651,900
701.900
Uncollectibles_________
4,671
4,596
3,673
3,670
Operating income____. $3,952,348 $4,050,842 $3,465,103 $2,642,169
N o n -O p e r. In co m e —
1926.
1923.
1925.
1924.
Hire of equipment;______. Dr$114,767 D r .$259,148 Dr.$149,752 C r .$305,292
228,706
Joint facility rents, &c._
207,291
275,010
249,511
Inc. from lease of r o a d ..
801
4 801
1,282
801
Misc. physical property 51,810
48,630
40,113
48,990
Inc. from funded securs.
58.906
66.913
68,354
63,879
Inc. from unfund, securs
ps
59,960
130,116
77,411
108,514
Dividend Income______
11,670
6.944
11,670
10,610
Miscellaneous income. .
2,947
49,903
Gross income_______ . $4,305,796 $4,344,412 $3,723,975 $3,399,454
D ed u ction s —
Joint facility rents_____
Rent for leased roads___
$806,506
$806,506
$806,506
$806,506
Miscellaneous rents____
1,067
1,817
1,580
1,316
Miscell. tax accruals..
18,100
60,484
61,841
18,100
Interest on funded debt.
943,699
929.216
940,556
917,876
1,276
Int. on unfunded d e b t..
17,346
1,723
4,198
1 ,1 2 0 ,00 0
Dividends (7 % )_______ . 1 , 120,000
1 , 1 20,000
1 , 1 2 0 ,00 0
Total deductions_____$2,914,537 $2,935,370 $2,888,466 $2,890,648
Net income____________ $1,391,259 $1,409,042
$835,509
$508,806
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres., James B. Hill; V .-P. & Traffic M gr., H JF.[Smith;
V . -P. & Gen. Counsel, Fitzgerald Hall; Sec., T . A. Clarkson; Gen. M gr.,
W . G. Templeton. Office, Nashville, Tenn.— (V. 124, p. 2897.)
NASHVILLE & DECATUR R R .— {See M a p L ou isville dk N a sh v ille .)—
Owns from Nashville, Tenn., to Decatur, Ala., 119 miles. Re-leased to
Lou. ft Nash, in 1900 for 999 years, the rental being 7>£% on stock. The
Lou. ft Nash, owns $1,758,850 of the stock.— (V. 70, p. 1195.)
NATIONAL RAILW AYS OF M EXICO.— On June 30 1914 this sys­
tem, including the Interoceanic and Mexican Southern Rys. (1,047 miles
controlled but operated separately), aggregated 8,027 miles of road (1,342
miles 3-ft. gauge). On Dec. 4 1914 the railway, telegraph and telephone
lines o f the Republic were seized by the Mexican authorities. The railways
were returned to private management on Jan. 1 1926.
ORGANIZATION.— Organized March 28 1908 under speolal Aot of Con­
gress of Mexico, per plan In V. 8 6 , p. 918, 982. The properties of Nat. R R .
of Mexico. Mex. Central and Mex. International were acquired by deeds.
V. 8 8 , p. 452, 1318; V. 89, p. 1601; V. 90, p. 1554. Vera Cruz ft Isthmus
R R . (340 miles) was merged N ov. 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 100,000 shares of 1st pref., 302,783 shares
of 2d pref. and 747,711 shares of common stock, and guarantees the prin­
cipal and Interest of the general mortgage bonds. V. 87. p. 1533.
DIV 8 .— 1st pref.. 1908, 1% ; 1909. 2 % ; 1910 to 1912. 4 % : 1913. 2% :
none since.
BONDS.— The prior lien 4 H % bonds ($225,000,000 auth.) were de­
scribed in V. 8 6 , p. 1319, 919. and the guaranteed general mortgage 4%
bonds ($160,000,000 auth.) in V. 8 6 , p. 1320, 919.
Additional bonds may be issued to retire Mex. Internet. R R . consols.
The General mtge. bonds will be subject to call at par after April 1 1927.
READJUSTM ENT OF D E B T . (Compare advertisement in “ Chron­
icle” of July 14 1923, page xxviil).
The International Committee of Bankers for Mexico In July 1923 an­
nounced that bondholders desiring to participate In the plan for the read­
justment of the Mexican debt (V. 115, p. 1153) may do so by depositing
their bonds with the authorized depositaries. The plan In brief provides
as follows:
(1)
The Mexican Government undertakes to set aside annually toward
the payment of Interest on the bonds after Jan. 2 1923: (a) The entire pro­
ceeds of the oil export tax; (6) 10% of the gross revenues of National Rail­
ways of Mexico; (c) the entire net operating revenues o f such railways.
In any event the Government agrees to provide for such current Interest
an annual fund amounting to not less than 30,000,000 pesos ($15,000,000
U. S. gold) during the first year; and increasing by 5,000,000 pesos ($2,500,000 U. 8 . gold) per annum for each of the ensuing four years, bringing

Nov., 1927.]

89

RAILW AY STOCKS AND BONDS

R A IL R O A D C O M P A N IE S
[F or abbreviations, & c ., see n o tes on pa ge 81

M ile s
R oad

D ate
B onds

Par
V a lu e

A m ount
O utstanding

R ate

W hen
P a y a b le

N evada-C alifornla-O regon—
1st M $2,200,000 $10,000 p m g call 105 s f ..U n .c * 160.12 1917
$ 1,000
M
975,000
6 g
94 1888
Nevada C entral— IstM gold non-cum inc (sk fd).C ez
1 .0 0 0
750,000
5g J
Nevada Co N G RR—
1,000
A
Mortgage sink fund call 105 $500,000 ________ US
59,500
5
20 H 1914
New England— Also New Haven & N ortham pton— See N ew Yo rk New Haven A H artford.
12 1904
1.000
250,000
New Jersey Indiana & Illinois— 1st M $250,000 gold
5g J
K
1923
5
51,540
5
1925
M
211,678
J
1927
5
174,520
F
1,666
New Jersey June— 1st M guar $4,000,000--G.zcAr
4.78 1886
4
1.700.000
34 1880
500 Ac
M
New Jersey & New Y ork— 1st mtge ext 1910- - - 394,000
5
____ - - - 34 1885
100 &c
J
Second mortgage
960
5
34 1892
500 Ac
General mortgage _ _____
_
_
.1
631,000
5
125
100
New L ondon N orthern— Stock— . — ----- -------1,500,000 See text
First mortgage___ ______
- _______ Ba.xc*Ar*
125 1910 1 .0 0 0 &c 1,500,000
4g J
J
West River 1st mtge guar prln and int________ ____
36 1905
75.000
4
243 1905 l.OOO&c 8,140,000
F
■*w Orleans Ureat Northern— First M g __ C ol.xo'& r
5g
•■w Orleans & North Eastern—
Prior lien mortgage gold .................................Ce.xo*
196 1885
1,000
5g M
1,371,000
Ref & Imp M $16,000,000 g SerA call 107)4O xc*A r*
196 1917 1.000 Ac 7.195,000
4)4 g .1
1903 1,000 Ac 14,000,000
J
New Orleans Term— 1st M $15,000,000 g gu.G.xc*Ar
4g

L ast D ividend
and M a tu rity

P la ces W here In terest and
D ivid en d s are P a ya b le

A N M a y l 1967
A J July 2 1938

New York
4% paid Dec 1917

A

Union Tr Co, San Fran

O April 1943

A J July 1 1934
A A
A S To Mar 15 1932
A J To July 1 1932
A A Feb 1 1986
A N M a y l 1950
A J Jan 1 1986
A J Jan 1 1933
'— J See text
A J July 1 1940
A D 1990
A A Aug 11955

466 Lexington Ave, N Y
Office, 50 Church St,NY
do
do
do
do
New London office
Op M AM Bk.NYiregm ’d
New London office
Am Exch Irv Tr Co, N Y

A N Nov 11940
A J Jan 1 1952
A J July 1 1953

Central Union Trust, NY
J P Morgan A Co. N Y
Guaranty Trust Co, N Y

Mech Tr Co.Bayonne.NJ

Stock, common, $1,450,000; pref., $750,000. After 5% on common, both
stocks share pro rata. Divs. on pref., 1906, 3 % ; 1907, 4 % ; 1908 to 1910;
5% each; 1911. 3 % ; Sept. 1912, 2% ; on common. 1 % . 1909; 1 % . 1910:
none since
V 102 p. 1540. 1626
Pres., Charles Moran: Treas., R . Rosa, 68 William St., N . Y .— (V. 123
p. 2893.)
NEVADA CENTRAL R R .— Battle M t. to Austin, N ev.. 94 mile*.
3-ft. gauge. The I.-S. C . Commission has placed a tentative valuation of
$528,700 on the owned and used property of the company as o f June 30 1917.
Stock, $750,000, in $100 shares, largely owned by the Nevada Co. Interest
payments on the $750,000 income bonds in recent years: July 1906, 4% ;
Jan. 1908, 2 1 4 % ; Feb. 1909, 1 H % ; July 1911, l % % ; Aug. 1914. 3 1 4 % ;
March 1916, 1% ; Dec., 1917, 4% ; none since. Pres., J. G. Phelp 9 Stokes,
100 William St., N. Y . City.— (V. 122, p. 3602.)
NEVADA COUNTY NARROW QAUQE R R .— Colfax to Nevada City.
Cal.. 20)4 miles. In May 1913 control was acquired by Oakland Antioch
A Eastern (Elec.) R y. interests. V. 96, p . 1630. Stock, $250,200; par of
shares, $100 each. Divs. paid: In 1882. 3% : 1883. 6 % ; 1903 to 1905. 5%..
1906, 10%; 1909 and 1910. 2 )4 % ; 1911, 6 )4 % : 1912, June. 6 )4 % : 1913
5% ; 1914, 16%; March 1915 to June 1917. 2% quar.; July 19I7TT)4%
2“
'
Oct. 1917, 1)4% ; N ov. 19 1 8 ,2 % . “
Bonds, see table and V. 98. p. 1157
‘
V . 110, p. 360.
NEW JERSEY INDIANA & ILLINOIS R R .— South Bend to Pine, Ind..
11.32 miles. Stock (all owned by Wabash R y.), $825,000; par $100. Bonds,
$250,000. Mechanics’ Trust Co., Bayonne, N. J.. trustee. Year end. Dec.
31 1926, gross, $431,062; net oper. income, $110,683; other income, $76,848;
int., rentals, Ac, $33,916; bal. .sur., $153,615. Pres., T . A . Hynes,
South Bend, Ind.; Sec. & Treas., J. C. Otteson, New York.— (V. 123, p.
1629.)
NEW JERSEY JUNCTION R R .— Terminal road through Jersey City,
Hoboken and Weehawken, about 4.78 miles. The I.-S. C. Commission has
placed a tentative valuation of $2,216,843 on the owned and used property
of the company as of June 30 1917. V. 124, p. 2275- Leased for 100 years
in 1886 to N . Y . Central & H. R. R R . Co. (assumed by N . Y . Central),
which guarantees bonds and owns the $ 1 0 0 ,0 0 0 stock.
NEW JERSEY & NEW Y O R K R R .— Owns from N . J. & N. Y . Jet.
to Stony Point, N. Y ., 29 miles; branches, 4 miles; leased, 2 miles; trackage,
10 miles; total operated, 45 miles. The I.-S. C. Commission has placed a
tentative valuation o f $1,482,000 on the owned and used property o f the
company as of June 30 1918. Erie R R . in April 1896 purchased a majority
o f the stock. Stock, $1,440,800 common, $787,800 pref.; par $100. Con­
trol is with pref. stock and 1st mtge. till 6 % has been paid on pref. for three
years at 5 % .— V. 123, p. 577.
NEW LONDON NORTHERN RR.— Owns from New London. Conn.,
via Brattleboro, Vt., to South Londonderry, Vt., 161 miles.
LEASED for 99 years from Deo. 1 1891 to Central Vermont. The rental
la $213,552 per annum, whloh leaves a small surplus after providing foi in­
terest, A c., and 9)4% divs. An extra div o f )4% was paid July 2 1917,
Jan. 2 1918, July 2 1920, Jan. 3 1921 and each Jan. 2 to Jan. 2 1926 inclusive.
On Jan. 1 1927 paid 3 ) 4 % quar.
Taxes and improvements met by lessee. V . 90. p. 1677.
NEW MEXICO CENTRAL R Y .— Owns Santa Fe., N. M ., to Torrance,
116.7 miles. The I.-S. C. Commission on June 30 1926 authorized the
acquisition by Atchison Topeka & Santa Fe R y. of control of the co. by
purchase of capital stock and by lease. Incorp. in Delaware in Jan. 1918 as
successor of the R R ., foreclosed and bid in for Federal Export Corp. of 115
B ’w a y .N .Y . V. 105, p. 1708; V. 106, p. 499, 929. The I.-S. C. Commis­
sion on July 7 1925 issued a certificate conditionally authorizing the co. to
Balance_____________
6,465,592J
construct an extension of its line of railroad from its present terminus at
N ovr-O per. Revenue
general northwesterly direction to Gallina, a distance
Int. & divs. on sec. own.
680,658
659,373
637,988
616,603 Santa Fe, in a in Santa Fe and Rio Arriba counties, N. Mex. The o f appr.
100 miles, all
request
Int. on pend. amts, spent
for permission to retain excess earnings was also granted. Capital stock
in constr. o f new lines.
550,950
563,770
517,876
493,216 authorized, $500,000, par $100. The I.-S. C. Commission has placed a
Miscellaneous earnings.
_______
332,836
433,692
564,489 final valuation of $1,365,024 on theproperty o f the company as or June 30
1916. Pres., W . B. Storey; V .-P ., E. J. Engel; Sec. & Treas., E . L. Cope­
Total______ _______
7,697,209
1,555,977
1,589,556
1,674,308 land, Topeka, Kan.; Gen. Aud.. J .E . Baxter, Chicago, 111.— (V. 124, p.2424.)
Exp. o f M ex., N. Y . A
NEW ORLEANS GREAT NORTHERN RR.— Owns New Orleans. La.,
London offices_______
297,671
516,030
520,658
534,801
Sundry taxes__________
2,353
2,696
189,071
190,729 to Jackson, Miss., 188 miles, with branches, Rio, La., to Tylertown, Miss..
Int. on sundry oblig’n s ..
124,854
74,980
76,427
80,674 41 m.; Slidell, La., to Folsom, La., Ac., 46 m ., making a total of 275 miles
operated, Inol. 29 m. trackage from New Orleans to Slidell, La., and other
Int. on fund.debt, equip.
& coll.tr. & notes pay. 21,289,712 21,840,762 21,840,762 21,840,762 trackage, 12 m. Stock. $7,500,000. 1st M ., $10,000,000 auth. issue.
Debit bal. o f exch. acct.
321,155
6,790
4,287
3,468 Tentative valuation, $7,201,388, as o f June 30 1916.
R E PO RT.— For calendar years:
Install, acct. sink. fd. Pr.
Gross.
N e t a ft. Tax. Oth. In c . R en t., A c .
Balance.
Lien 43^s____________
______
2,289,434
2,289,434
2,289,434
Sundries_______________
______
______
21
____ 1926 ...................$3,171,232 $755,785 $82,724 $660,632 sur. $177,877
1925 __________ 2,905,044
697,766
35,954
571,662
sur.162,058
648,692 29,609
598,710
sin* .75,591
Balance, deficit______ 14,338,537 23,174,713 23,331,103 23,265,560 1924 ............... — 2.925,031
2,841,010
716,656
78,902
576,003
Total profit & loss d e f.. .300,553 057 286,058,802 262,880,164 239,520,461 1923 -------8ur.219.554
________
660,162
98.528
.
572.120
Chairman o f Bpard, Luis Montes de Oca; Vice-Chairman, Leon Salinas; 1922 ................... 2,547,750
sur. 186,670
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Executive President, Bertram E. Halloway; Sec., R . D. Carrien, all of City
Chairman, Walter P. Cooke; Pres., A. O. Goodyear; V.-P. & Gen. M gr.,
o f Mexico; Executive V.-Pres. A Asst. Treas., E. E. Bashford; Asst. Sec.,
C. R. Smith, New York City. New York office, 25 Broad St.; City of Wm. E. Farris; V.-Ps., F. H. Goodyear, H. H. Redfield; Sec., J. M . Gieger;
Treas.. O. W . Goodyear.— (V. 124, p. 3348.)
Mexico office, 2a Calle de Bolivar N o. 19.— V. 125, p. 909.
NEW ORLEANS AND NORTHEASTERN R R . CO.— New Orleans,
NEVADA-CALIFORNIA-OREGON R Y .— (3-/t. ga u g e.)— In June 1917 La., to Meridian, M iss., 196 miles; trackage, 8 miles. Stock, $6,000,000
the Western Pacific R R . purchased 63 miles of the main line and the 41- (par $100), substantially all of which has been acquired by Southern Ry.
mile branch line in California, together with terminals in Reno, Nev., Co. V. 104, p. 73: V. 103, p. 1792; V. 105, p. 1529.
leaving 171 miles Hackstaff, Cal., to Lake View, Ore. V. 107, p. 1379.
The I.-S. C. Commission has placed a tentative valuation o f $14,335,000
In Aug. 1922 the I.-S. C. Comm, authorized the abandonment of 16 miles on the property of the company as o f June 301918.
o f railroad between Hackstaff and Wendel, Calif.
D IV .—
( ’08. ’09. TO. ’ l l . T 2. T 3. ’ 14-T5. T 6 . '17. T 8-’24. ’25. '26.
The I.-S. C. Commission on M ay 3 1926 authorized the Southern Pacific Yearly (% )\ 4
5 6 H 6)4 5
5 1 yrly. 4
4
6
9 9
Co. to acquire control of the company through purchase of capital stock.
BONDS.— In Mar. 1917 a mtge. was auth. to secure not exceeding $16,V. 122, p. 2944.
000,000 bonds. Theinitial $7,195,000 (Series A— see table above) were made
Of the $2,200,000 gold bonds o f 1917, $750,000 were used to redeem a Issuable only on cancelation of the $1,500,000 income bonds of 1902 and
like amount o f 5% gold bonds o f 1899, and $250,000 were Issuable on account the cancelation of the $6,163,000 Gen. Mtge. bonds (or the deposit of cash
o f additions and improvements. Sinking fund to purchase bonds (or call to redeem any uncanceled Gen. Mtge. bonds). Bonds of $1,371,000 are
at 105 and Int.), 1922 to 1931, yearly X o f 1% bonds then out, and there­ reserved to retire the Prior Lien 5s and $363,000 to retire that amount out
after H o f 1% . V . 104, p . 1592.
of $605,000 equipment trusts outstanding Jan. 1 1917. The remaining

the annual fund up to 50,000,000 pesos ($25,000,000 U. S. gold) In the fifth
year, to be used for the payment In cash of the Interest due on the bonds
dealt with (compare table In “ Chronicle” of July 14 1923, p. xxviii). The
balance o f such Interest will be dealt wltn In 20 -year scrip, not bearing any
Interest during the first five years, but, for the balance or 15 years, bearing
interest at the rate o f 3% per annum, payable half-yearly. Any excess of
the allocated revenues over the minimum fund in any year may be applied
to the purchase or redemption o f such scrip; but the committee has the
power, under certain conditions and in its sole discretion to determine the
disposition o f any such excess, in the Interest o f the bondholders and the
general plan during the year 1923.
(It was announced in March 1924 that the cash warrants maturing up to
and including Jan. 1 1924 would be paid upon presentation. The warrants
maturing July 1 1924 were not paid. Compare V. 120, p . 142.)
(2) The interest coupons maturing on or before Jan. 2 1923 and included
in the plan, with respect to bonds, are to be detached by the respective de­
positaries and lodged with Guaranty Trust Co. o f N . Y . as depositary
against the issue o f receipts to an equivalent face amount. Such receipts
are to be purchased or redeemed by the Government from a fund sufficient
to retire them in full, during a period o f forty years, beginning Jan. 1 1928.
The receipts will be o f two kinds— Class “ A and Class “ B ” ; Class “ A ” to
be retired completely prior to Class “ B "— which will be issued in the
approximate proportions stated in the schedule (see table in “ Chronicle” of
July 14 1923, p. xxviii) to the deposit agreement.
(3) The Government is to make prompt return o f the National Railways
to private management. It recognizes its obligations to restore such rail­
ways, including rolling stock, to their condition at the time the Government
took over the railway lines. The Government has agreed to assume the
payment o f principal, interest and sinking fund o f outstanding bonds of the
National Railway System, listed hereinbefore, subject to the provisions set
forth as to the payments during the five-yea* eriod. The liens created by
the existing mortgages are not to be enforced unless the Government falls
to carry out its obligations under the plan; in which event such liens may be
enforced in favor of the respective bondholders.
(4) The matured 2-year notes o f the National Railways o f Mexico are to
be extended for a period o f ten years from Jan. 1 1923, with interest at 5%
per annum for the first fiv e years beginning in 1923 and at 6 % per annum
thereafter.
The following notes are to be extended to Jan. 1 1933, with Interest at
the rate o f 6 % per annum: National Railways o f Mexico 6 % Secured Gold
Notes, maturing up to Jan. 1 1917.
The following issues are to be extended to Jan. 1 1933, with Interest at
the rate o f 6 % per annum after maturity to Jan. 1 1933: National R R . Co
o f Mexico Prior Lien 4 H % Bonds (No. 17); Mexican Central R y. Co.
Ltd., 5% Equipment Notes (No. 24).
(5) All sinking funds are to be postponed for a period not to exceed flv<
years from Jan. 1 1923.
M o d ifie d A g ree m e n t .— TJnder the terms of a modified agreement reached
In Oct. 1925 the National Railways were returned to private management
on Jan. 1 1926. The modified agreement provided for the separation in
the handling o f the Governments’ direct debt from the debt of the National
Railways or Mexico. The interest payments for 1924 and 1925 now in
arrears will be postponed and paid over an eight-year period beginning
in 1926.
F in a n cia l Statem ent f o r Y ea r s E nded J u n e 30 (in M e x ic a n Gold P e s o s ).
Revenue—
1926.
1925.
1924.
1923.
Total reven u e_________57,117,117]
Total expenses_________ 50,641,525 jN ot available.




90

R A I L R O A D CO .I P A N T E S
IF o r a b b r e v ia tio n s , & c . , s e e n o te s o n p a g e 8]

N e w O r l e a n s T e x a s & M e x ic o R y — S to c k __
------1st M $ 5 0 ,0 0 0 ,0 0 0 g o ld Ser A "call (te x t) . k x x x c *
do
Series B call 100_
.
C o l.c * & r *
do
Series C red 105 ______ __ _ . c * & r *
N o n -c u m 5 % in c $ 2 5 ,0 0 0 ,0 0 0 g Ser A call p ar . c * G
E q u ip tru st cert Ser “ A " d u e $ 1 1 6 ,0 0 0 an n C o l . c *
do
d o Series B d u e $ 5 0 ,0 0 0 a n n . . __
do
do
Series C d u e $ 62 ,000 a n n .
______c *
S t w York B a y — First m o rtg a ge S6 (to o .000 g o l d .Q P x
m \ C e n t r a l R R . C o -— S to ck ($ 4 3 8 ,3 2 5 ,0 0 0 a u th ) T r
L a k e S h ore Sc M S 1st M g o ld , a s s ______U s.x c * & r
do
D e b e n tu r e s (sec b y 2d M ) g ass C e .x c * A r *
do
do
do
g o ld a s s u m e d ____ C e .x c * & r *
C a rtb W a te r & Sack B a r 1st M g gu p & 1 ( e n d ) - . x
P in e C reek I s 1 M gu prin and in t e n d o r s e d _______ .r
D e b e n tu re s ( J u n ior liens u n d er C o n - I ____ U s .x c * & r*
do
f sn lld a tion M o f 1913 \ ______ G .s c * & r
K a la m a z o o Sc W h ite P ige o n 1st M a s s u m ___l ln .x e
G ou v ern eu r & O sw egatch le 1st M g g u p & 1. IJ n .xc
Indian a Illin ois Sc Io w a 1st M g o l d ______ . . I C . x c *
O h lc In d & S ou th c o n s o l M g o l d ________ G .x c * & r
J a m estow n F ran klin & ClearO eld—
1st M $ 2 5 ,0 0 0 ,0 0 0 auth gu ar
_______ G .x o * & r *
N Y C & H R R R M $ 1 0 0 ,0 0 0 ,0 0 0 g ____ C e .x c * A r
do
do
M t g e o n S p u y te n D A P M g . C e ,
C lev ela n d S h ort L in e R y 1st M g o ld g u a r . G .x c * A r
C a rth a ge & A d ir o n d a ck 1st M g g u a r ____ L )n .xc* & r
S tu ig is G oshen & St L o u is 1st M gold p & 1 guar
a
M o b & M a i 1st M $ 15 ,000 p m g g u p & l(e n d )C o l x c *
____
G .x c * & r
C on solid a ted m tge gold
. ..
N Y A P u tn am con s 8 gu p <r 1 _
S
_ ____ U n .x e ’ &r
N Y C & H R R c o ll 3 K s ( M i c h C e n t s t k as c o ll) . . G . x
N Y C & H R R R L a k e S h ore co ll 3 > £ s a s s ’d
_ G .x c * & r
N Y C e n t co n s o l M ( $ 7 0 , 0 0 0 ,0 0 0 ) - ..
-B a .x x x c * & r
N Y C R R ref& im p M g ,s e r “ A , ” ass’d , t e x t G .c * & r *
do
Series “ < red 105 a fte r O ct 1 5 1 - U .C ‘ &r*
C o n v e r tib le b o n d s call 110 $ 1 0 0 ,0 0 0 .0 0 0 .. . . . c * & r *
D eben tu res (V 6 9 , p 1102; V 7 1 . p 5 0 2 , 9 6 4 ) ______x

M il e s
R oad

1,553
1,553
1,553

___

_13
826
29
76
37
13
203
337
1,828
46
w»
182
182
57

D a te
B on ds

Par
V a lu e

A m ount
O u ts ta n d in g

R a te
%

W h en
P a y a b le

L a s t U iv id e n a
a n d M a t u r it y

$100
100 &c
100 A c
1,000
100 A c
1.000
1,0 0 0
1,0 0 0
1 ,0 0 0
100
1,000 Sec
1.000 A c
1,0 0 0 A c
1,000

P l a c e s W h e r e I n te r e s t a n i
D iv id e n d s a r e P a y a b le

1924
1924
1924
1916
1924
1925
1927
1908
—- 1897
1903
1906
1891
1902
1885
1904
1912
1890
1892
1901
1906

$ 1 5 ,0 0 0 ,0 0 0 See text
Q -M
D a c 1 1927 1 Vt
1 5 ,770.000
& o A p r 1 1954
5 l g A
A
A & o A p r 1 1954
16,7 0 0 .0 0 0
5 g
4 ,6 0 0 ,0 0 0
A A u g 1 1956
F
5 g
See te x t
A A
O O ct 1 1935
5
M < N T o N o v 1 1939
fc
1 ,5 0 8 .0 0 0
5
7 0 0 .0 0 0
J
S
c. D T o D e c 1 1940
4M
A A O A p r i l 1942
9 3 0 ,0 0 0
4X
4 u
5 2 0 1 .0 0 0
&
J Jan 1 1945
J
7
N o v 1 1927 2 %
4 2 1 ,5 8 3 ,2 3 5
Q— F
Sc D Ju n e 1 1997
5 0 .0 0 0 .0 0 0
3 (4 g J
5 0 ,0 0 0 .0 0 0
M Sc
H Sept 1 1928
4 g
M St N M a y 1 1031
5 0 ,0 0 0 .0 0 0
4 g
300 .0 0 0
J
Sc
J July 1 1931
5 g
J
J July 1 1932
250.0(10
3
St
J
1 000
8 .5 0 0 .0 0 0
6
Sc D D e c 1 1932
1 ,000A c 4 8 ,0 0 0 ,0 0 0
M Sc N M a y 1 1934
4 g
9 .1 8 8 ,0 6 0
J
1,0 0 0 Sec
Sc
J Jan 1 1042
4 g
J
1,000
4 0 0 .0 0 0
Sc
J Jan 1 1940
6
1.000
3 00 ,000
J
& D June 1 1942
5 g
1,000
St
4.85U.U00
J
J July 1 i9 6 0
4 g
1,0 0 0 Sec 1 5 ,1 5 0 ,0 0 0
J
St
J Jan 1 1956
4 g

C o m p a n y ’s o ffic e
do
do
do
do
do
do
do
do
do
do
do
do
do
do
T reasu rer
Pb1lH<lelohI»
466 L e x in g t o n A v e , N Y
dt
di.
de
dr
at
rtu

1909
1897
1909
(Ml 1
1892
18XU
1892
1902
1894
1898
1898
1913
1914
1921
1915
1900

$ 1 ,0 0 0 * 1 $ 1 1 ,0 0 0 ,0 0 0
1.000 A c 9 4 .0 0 0 .0 0 0
1.000 A c
2 .5 0 0 ,0 0 0
1,000 *-r 1 1 .800.000
1,000
1 .100 .000
1.000
322 .000
1,000
2.5 0 0 000
1.000 A c
3 9 00 .000
3,987 000
1 ,000
1 ,0 0 0 Sec 1 9 .3 3 6 ,0 0 0
1,0 0 0 Sec 2 2 .6 5 2 ,0 0 0
l.OOOAc 67 9 1 5 .0 6 0
$ £ A Tr 4 0 ,0 0 0 .0 0 0
100 A c 8 5 .0 0 0 .6 0 0
Par
12 0 6 0 ,2 0 0
1 bond
5 ,5 0 0 ,0 0 0

466 L e x in g to n A v e , N Y
do
do
ji
df
Ln nd
466 L e x in g to n A v e , N Y
do
do
do
do
do
10
do
do
4
do
do
do
N Y
L o n d o n * P a rk
466 L e x in g t o n A v e , N Y
do
do
do

16 ,6 0 3 ,0 0 0 new b on d s are reserved fo r a d d itio n s an d Im p ro v e m e n ts under
restriction s
T h e old b o n d s , e x c e p t p r io r lien 5s, h a v e all b e e n re tired
V 104, p 8 6 5 , 559 ; V 105, p 1892; V . 107, p . 192 0. F u tu re issu es are to
bear n o t o v e r 6 % in te re s t, m a tu re n o t la te r th an Ja n . 1 1 9 6 7 , an d be
c a lla b le a t s u ch price® as th e d ir e c t o r s shall d e te r m in e .
R F P O R T .-— F o r 1925, s h o w e d :
D iv id e n d s .
B a la n ce
I n t e r e s t . <fec.
C a l. Y e a r —
T o ta l I n c o m e .
su r.$ 6 4 9 ,6 3 3
$39 6 ,9 6 2
$54 0 ,0 0 0
1 9 2 6 _________ . .$ 1 ,5 8 6 ,5 9 5
s u r.6 6 6 ,2 2 9
540 ,000
3 9 9 .7 4 8
1 92 5___________ _ 1 ,665.977
s u r .5 2 0 ,3 6 2
3 9 9 ,7 6 9
360 .000
1924 __________ . . 1,280,131
su r.6 5 5 ,1 9 5
489 ,931
360 ,000
192 3___________ . . 1 ,5 0 5 ,1 2 6
d e f.2 9 3 ,6 5 6
4 9 9 ,4 9 6
360 ,0 0 0
5 6 5 ,8 4 0
1 92 2___________ . .
F or latest earnings, see “ R a ilw a y E a rn in g s S e c tio n " (issued m o n th ly )
O F F I C E R S .— P r e s .. F a irfax H a rriso n , W a sh in g to n , D . C .; S e c ., O . E .
A . M c C a r t h y , N . Y . ; T r e a s ., C h a rle s P a tto n C in c in n a ti; C o m p t ., E . H .
K e m p e r. W a s h in g to n , D . C . — (V . 124 , p. 150 6.)
N E W O R L E A N S L O W E R C O A S T R R .— A lgiers t o B u ra s , L a ., 60 m iles
S u ccessor D e c . 1 1916 o f N ew O rleans F o r t J a ck so n A G ra n d Isle R y . . fo re
closed an d bid in for a s y n d ic a te . V. 103, p . 407 . T h e I .- S . C . C o m m is s io n
h as p la ced a te n ta tiv e v a lu a tio n o f $ 6 2 2 ,1 7 0 on the to ta l o w n e d and used
p r o p e r t y o f th e c o m p a n y as o f Ju n e 30 1918. T h e I .-S . C . C o m m is s io n on
N o v . 6 1926 a p p ro v e d th e a c q u is itio n b y th e M isso u ri P a c ific R R . o f c o n tro l
o f th e c o m n a n y b y p u rch a se o f its c a p ita l s to c k .
V 123. p . 2 65 1.
P res.,
L . W . B a ld w in , S t. L o u is M o .; V .- P s . E . M . D u r h a m , E . J. W h ite ,
C . E . P erk in s , F . P . J o h n so n R . M . M c W illia m s .— (V . 124, p . 6 4 0 .)
N E W O R L E A N S T E R M I N A L C O . — O w ns exten sive term in al p r o p ­
erty at N ew O rleans and a b e lt railroad a ro u n d the c it y , leased t o th e
S outhern R a ilw a y fo r 99 years fro m July 1 1903, rental c o v e r in g all e x ­
p en ses o f o p e r a tio n , m a in te n a n c e , ta xe s a n d in te re st. T e n ta tiv e v a lu a tio n
o f $ 6 ,6 7 5 ,0 0 0 p la c e d b y th e l .- S . C . C o m m is s io n on th e p r o p e r t y o f the
c o m p a n y as o f Ju n e 30 1918.
S ou th ern R a ilw a y o w n s th e $ 2 ,0 0 0 ,0 0 0
o u ts ta n d in g s to c k an d g u a ra n te e s th e b o n d s .
See V . 102, p . 886; V . 98,
p . 304 , 1460; V . 86, p . 721; V . 88, p . 564; Y . 92, p . 660; V . 97, p . 1898.
T h e p a ssen ger term in als are u se d b y th e S ou th ern R y . S y s te m , N e w Or­
lea n s G re a t N o rth e r n R R . a n d L o u is ia n a R y . & N a v . C o . P r e s ., F a irfa x
H arrison.-— Y . 124, p . 1506.
N E W O R L E A N S T E X A S & M E X I C O R A I L W A Y C O .— R O A D
— O R G A N I Z A T I O N .— T h is c o m p a n y and its su bsidiaries, all o f w hose o u t ­
sta n d in g c a p ita liz a tio n , b o th b o n d s and s to c k (e x ce p tin g o n ly $500 to $900
d ir e c t o r s ’ shares) it ow n s , n a m e ly . T h e S t. L ou is B ro w n sv ille & M e x ic o R y
C o . , T h e B e a u m o n t Sour L a ke & W e s t. R y . C o . an d T h e O ra n ge & N o r t h ­
w est. R R . C o ., fo rm a d ir e ct line fr o m B ro w n s v ille , T e x a s, t o B a to n R o u g e
L a ., w h en ce ferry a cross the riv e r and th e Y a z o o & M is s . V a lle y R y
(Illin ois C en tra l r R .) a ffo r d an o p e r a tin g c o n n e c tio n t o N e w O rleans.
T e n ta tiv e v a lu a tio n , V . 113, p 1053.
M ile a g e O p era ted D e c . 31 1926 ( I n c lu d in g A f o r e s a id S u b s id ia r y L i n e s ) .
M a in lin e; A n ch o ra g e t o D e Q u in cy , L a ., 137 m lies; B e a u m o n t t o H ous­
t o n , T e x ., 83 m iles; A lg o a t o B r o w n s v ille , T e x ., 343 m iles; O ra n ge, T e x ., t o
N e w t o n , T e x . , 62 m iles; b ra n ch e s, 250 m iles; o p e ra te d u n d e r tra ck a g e rig h ts,
99 m iles; op era ted u n d er special t r a ffic a g re e m e n t, Y . & M . V . R R . , 93
m iles; tota l o p e r a te d , 1 ,0 6 6 m iles; sid e tr a c k a n d sp u rs, 2 5 7 m iles; to ta l
tr a c k , 1 ,3 2 4 m iles.
T h e c o m p a n y , in Ju n e 1924, a cq u ire d 74,991 shares o f c o m m o n s to c k o f
th e In tern a tion a l-G re a t N o rth e rn R R .
T h e c o m p a n y also o ffe r e d t o a d j .
b o n d h o ld e rs o f the I n te r n a tio n a l-G re a t N o rth e r n R R . th e gu a ra n te e that
d u rin g th e calen d ar years 1924, 1925, 1926 a n d 1927 (th ese a d ju stm e n t
b o n d s b e c o m e cu m u la tiv e Jan . 1 1928) d is trib u tio n on th e a d ju s tm e n t b on d s
fo r each o f th ose years shall not b e less th an 4 % p e r a n n u m ; in co n s id e ra tio n
o f w h ich th e a d ju s tm e n t b o n d h o ld e rs , a c c e p tin g such o ffe r , w ill g iv e to
N ew O rleans T ex a s & M e x ic o R y . the o p tio n to pu rch ase th eir b o n d s until
J a n . 1 1928 at 85 a n d in te re st, an d th e re a fte r a t p ar a n d in te re s t. See
I n te r n a tio n a l-G re a t N o rth e r n R R . a b o v e .
T h e c o m p a n y in A p ril 1924 o b ta in e d p e rm issio n o f th e I .- S . C . C o m m is ­
sion t o a c q u ir e c o n tr o l o f th e H o u sto n & B ra z o s V a lley R y . b y p u rch a se of
Its en tire c a p ita l s t o c k , 240 shares, par $10 0, a n d certa in b o n d s , r e ce iv e r's
c e r tific a te s , p r o m is s o r y n o te s a n d o th e r se cu ritie s at a to ta l c o s t o f $ 1 ,6 0 0 .000 .
T h e I .- S . C . C o m m is s io n o n N o v . 2 1925 a p p r o v e d t h e a c q u is itio n b y th e
c o m p a n y o f c o n tr o l o f San A n to n io U v a ld e & G u lf R R ., A s p h a lt B e lt R y .,
and p rop erties o f L iv e O ak P ip e L in e b y p u r c h a s e o f th e ir c a p ita l s t o c k an d
b o n d s , secu rities tra n sferred D e c . 1 1925.
T h e I .- S . C . C om m is s io n o n N o v . 13 1925 a u th orized th e a cq u is itio n b y
th e c o m p a n y o f c o n tro l o f th e Sugar L a n d R y , th e A sh e rto n & G u lf R y . and
th e R io G ra n d e C it y R y . b y p u rch a s e o f th e capital s t o c k o f th o s e c o s ..
secu rities transferred Jan . 2 1926.
T h e I .- S . C . C o m m is s io n o n N o v . 2 0 1926 a u th o r iz e d t h e a c q u is itio n b y
th e c o m p a n y o f c o n tr o l o f th e San A n to n io S o u th e rn R y .. b y p u r c h a s e o f its
c a p it a l s t o c k . V . 123, p . 2 89 3.
T h e M issou ri P a cific R R ., w h ich ow n s 136 ,060 sh ares, or m o re than
8 7 % , o f th e o u ts ta n d in g 150 .000 shares o f s to c k o f N e w O rleans T e x a s &
M e x ic o R y . , in A p ril 1925 o ffe r e d to p u rch a se a d d itio n a l shares o f sto ck
a t $12 0 per sh are, p a y a b le in M is s o u r i P a c ific R R . 1 5 -Y e a r 7 % Sinking
F u n d n o te s .
O R G A N I Z A T I O N . — F o rm e rly p a r t o f St. L o u is A San F r a n cis c o R R
b u t in 1916 s e p a ra te ly r e o rg a n iz e d , a fte r fo re clo su re s a le , per p la n Id
V . 101, p . 7 7 4 , 768 , 1714; V . 102, p . 8 8 6 . I n c o r p o r a te d in L o u is ia n a
S E C U R I T I E S .— T h e se in c lu d e ;
F ir s t M t g e . G old B o n d s .— U n d e r th e m t g e ., b o n d s m a y b e issu ed in series
bearin g s u ch d a tes , rates o f in terest, & c ., as m ay b e d e te rm in e d b y the
d ir e cto r s .
T h e Series " A ” b o n d s are re d e e m a b le , all or p a rt, on a n y in t
d a te o n o r b e fo r e A p ril 1 1944 a t 105 an d in t ., th e p re m iu m d ecreasin g H %
fo r ea ch year elapsed th e re a fte r u n til m a t u r it y . Series “ B " b o n d s are red.
at 100 a n d in t.
Series “ C ” b o n d s are re d . at 105 and in t.
$ 1 3 ,5 0 0 ,0 0 0
Series “ B " b o n d s are t o b e re s e rv e d t o ex ch a n g e (u n til Ju n o 30 1927) or
r e fu n d an equal fa ce a m o u n t o f in c o m e b o n d s d u e O c t . 1 1935. A s o f
F e b . 2 8 1927, $ 9 ,7 0 5 ,9 0 0 o f 1st m tg e . series B b o n d s h a d b e e n e x ch a n g e d
5 % N o n -C u m u l a t iv e I n c o m e B o n d s . — L im ite d t o $ 2 5 ,0 0 0 ,0 0 0 , s e c u r e d by
a tr u s t in d e n tu r e . T o be a r n o n -c u m u la tiv e in te re st p a y a b le s e m i-a n n u a lly




[V ol. 125,

RAILW AY STOCKS AND BONDS

4 g
3 (4
3 (4
4H
4 g
3 *
4 g
3*
4 g
3 (4
3H
4 g
4*
5 g
6
3 (4

J
g J
g J
KA
J
J
M
« M
A
g F
8 F
F
g A
A
M
KJ

ft
St
St

*
&
*
&
&
A
A
A
A
A
&
A
a

D
J
D
()
D
D
S
s
o
A
A
A
O
()
N
J

Ju n e
July
Ju n e
Apr
D ec
D ec
Sept
M ar
O ct
F eb
F eb
F eb
O ct
O ct
M ay
J Uij

466 L e x in g to n A v e , N Y
ll
at
11
1
dr
do
do
at
do
L ln c o n Mat B ans N Y
466 L e x in g to n A v e . N Y

1 1959
1 1997
1 1959
1 lOHi
1 1981
1 19X9
1 1991
1 2002
1 1993
1 1998
1 1998
1 1098
1 2013
1 2013
1 1935
i aSU c
U

at ra te o f 5 % p er a n n u m , b u t p a y a b le o n ly w h e n a n d as a u th o r iz e d b y
th e b o a r d o f d ir e cto r s , a c c o r d in g t o p ro v is io n s o f th e in d e n tu r e . E n title d
t o share in th e se c u r ity o f a n y new m o r tg a g e issu e o n a p a r ity w ith a n y
s u ch in d e b te d n e ss c r e a te d in e xcess o f $ 1 5 ,0 0 0 ,0 0 0 1st M .
In itia l in terest
p a y m e n t, 1 H % . m a d e A p ril 1 1917, an d fu r th e r 3 ! 4 % O c t . 1, m a k in g
5 % fo r year; th ereafter 2 > | % se m i-a n n u a lly . 5 % P a ., t o an d in el. A p ril 1
1925
Issu ed . $ 1 3 ,5 0 0 ,0 0 0 : ex ch a n g e d for 1st m tg e Series “ B " b on d s
(see a b o v e ) as o f F e b . 28 1927, $ 9 ,7 0 5 ,9 0 0 : b a la n ce o u ts ta n d in g , $ 3 ,7 9 4 ,1 0 0 .
D I V I D E N D S . — In itial d iv . o f 1 H % o n th e c a p ita l s to c k was paid D e c . 1
1920: sam e a m o u n t paid q u a r. to D e c . 1 1922; M a r . 1 1923 t o D e c . 1 1927
p a id . 1 % q u a r.
On Jun e 2 1924 also paid 1646 % e x tra , p a y a b le 444 % in
cash an d 6 % in scrip d u e S e p t. 1 1934, and 6 % in sc r ip d u e D e c . 1 1924.
R E P O R T .— F o r 1926, in V . 124, p . 2 5 8 1 . s h o w e d .
[I n c l. N . O . T e x . & M e x . R y . , St. L . B ro w n s. & M e x . R y ., B e a u m o n t
S ou r L a k e & W . R y ., and O ra n ge & N . W . R R .j
Calendar Y ears—
1926.
1925.
1924.
1923.
F r e ig h t____________________ $ 1 3 ,3 0 2 ,5 9 8 $ 11 ,787 ,38 1 $ 1 1 ,1 8 0 ,2 2 5 $ 9 ,0 1 9 ,9 4 3
P a sse n g e r_________________
2 .2 5 1 .4 1 1
2 .0 4 4 .2 9 5
2 .0 9 4 .6 5 6
2 ,1 9 0 ,1 1 1
M a il, e xp ress, & c ________
9 4 6 ,6 7 2
8 8 7 .1 4 2
9 7 6 ,6 6 5
7 0 1 ,3 6 6
T o t a l o p e r .r e v e n u e s .-$ 1 6 ,5 0 0 ,6 8 3 $ 1 4 ,7 1 8 ,8 1 8 $ 1 4 ,2 5 1 ,5 4 6 $ 1 1 ,9 1 1 ,4 2 0
M a in te n a n c e o f w a y , & c. 3 ,0 7 7 .2 1 0
$ 2 ,2 1 6 ,0 1 8 $ 2 ,4 8 0 ,4 1 9 $ 1 ,7 9 3 ,5 2 9
M a in t . o f e q u ip m e n t ___
2 ,8 0 2 ,0 5 3
2 ,4 0 1 .6 3 7
1 ,879,741
1 ,7 1 8 ,8 4 4
4 6 3 .9 1 9
4 5 4 .8 7 3
3 7 1 .7 6 3
3 6 8 ,8 1 3
T r a ffic exp e n se s________
T r a n s p o r t a t io n __________
4 ,5 9 5 .8 8 5
4 .1 6 1 .4 5 6
3 ,5 8 8 .2 8 0
3 ,1 3 2 ,7 6 1
G en eral & m is c e ll_______
6 4 1 .4 7 0
5 9 4 .6 5 7
5 2 6 .4 0 8
4 4 2 ,6 1 7
T o t a l o p e r . e x p e n s e s ._ $ 1 1 ,5 8 0 .5 3 9
N e t e a rn in g s ____________
4 ,9 2 0 .1 4 3
7 7 0 ,7 2 3
T a x e s , & c ________________

$ 9 ,8 2 8 ,6 4 0
$ 4 ,8 9 0 ,1 7 8
766 .0 3 3

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

$ 7 ,4 5 6 ,5 6 4
$ 4 ,4 5 4 ,8 5 7
7 8 7 ,0 9 4

O p e ra tin g in c o m e ____ $ 4 ,1 4 9 ,4 2 0
E q u ip , ren ts ( n e t ) _______
4 7 5 ,8 5 6
J o in t fa c ility r e n ts (n e t ) .
2 5 7 .8 2 8

$ 4 ,1 2 4 ,1 4 5
97.681
2 6 8 ,6 0 5

$ 4 ,6 7 2 ,1 9 6
4 8 3 .2 0 4
243 ,9 0 1

$ 3 ,6 6 7 ,7 6 2
0 4 6 ,1 3 1
2 6 3 ,2 2 2

N e t o p e r a tin g in c o m e . $ 3 ,4 1 5 ,4 3 5
M is c e ll. re n t in c o m e ____
$ 1 8 ,5 5 5
S e p a ra te o p e r. p r o p s ____
4 .1 8 0
D iv id e n d in c o m e ________
_______
In c o m e fr o m fu n d e d secs
2 5 8 ,6 3 7
In c . fr . un fu n d ed s e c s . . .
7 1 .2 1 2
M isce lla n e o u s! n c o m e ...
D r l 9 ,5 8 0

$ 3 ,7 5 7 ,859
16.876
166 ,2 2 6
_______
400
154.371
18.810

T o t a l n o n -o p e r . i n c . . .
G ro ss in c o m e ____________
L oss o n sep . o p e r . p r o p .
(N e w Ib eria & N . R R .)
In t. o n fu n d e d d e b t ____
In t. o n u n fu n d ed d e b t . .
M is ce lla n e o u s c h a r g e s ..

$ 3 3 3 ,0 0 5
3 ,7 4 8 .7 4 0
_______
1 ,8 6 2 .2 3 8
2 .0 6 2
9,881

T o t a l d e d u c t io n s _____ $ 1 ,8 7 4 ,1 8 0
N e t in c o m e _____________
1 ,8 7 4 .5 5 9
D iv . a p p ro p r ia tio n s ------1 ,0 3 8 ,1 9 8
S u rp . a p p r o p . fo r in v . in
p h y s ic a l p r o p e r t y ____
_______
B al . t o p r o fit & lo s s . . -

$ 8 3 6 ,3 6 2

$ 3 ,9 4 5 ,0 9 1 $ 3 ,4 5 0 ,6 7 1
13,421
1 2 ,302
_______
_______
_______
_______
400
400
9 4 ,9 7 0
104 ,1 9 3
d e b 7 3 .9 3 9
2 0 8 ,2 3 2

$ 3 5 6 ,6 8 2
$ 3 4 ,8 5 3
$ 4 ,114,541 $ 3 ,9 7 9 ,9 4 4
9 9 .4 3 2
1 ,4 6 3 .4 3 8 .
27 ,393 '
10.114
$ 1 ,6 0 0 ,3 7 7
$ 2 ,5 1 4 ,1 6 4
1 ,0 3 8 .1 9 8
_______
$ 1 ,4 7 5 ,9 6 6

$ 3 2 5 ,1 2 6
$ 3 ,7 7 5 ,7 9 7

143.194
1 .0 2 7 .3 2 0
3 5 .5 8 4
9 .7 8 9

1 7 0 ,8 2 2
1 ,1 6 6 ,6 7 9
982
9 ,1 6 0

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

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

_____ _

7 9 6 ,6 5 5

$ 1 ,7 2 5 ,5 5 8

$ 5 8 0 ,9 4 0

S hares o f c a p ita l s t o c k
o u ts ta n d in g (par $10 0)
1 5 0 ,0 0 0
1 5 0 ,0 0 0
1 5 0 .0 0 0
1 5 0 ,0 0 0
E a rn s, p er s h .o n c a p .s tk
$ 1 2 .5 0
$ 1 6 .7 5
$ 1 8 .4 6
$ 1 6 .1 9
O F F I C E R S .— C h a irm a n , W illia m H . W illia m s ; P r e s ., L . W . B a ld w in ;
E x e c. V .- P ., H . R . S a ffo r d ; V .- P . & S e c ., R o y T e rre ll: T r e a s ., A . T . C o le .
G en. M gr
W G . C h o a te : A n d . M E ck e rt.
D I R E C T O R S .— W illia m H . W illia m s , J . E . D a v e y , F ra n k A n d r e w s ,
A lexa n d er B e rge r. C a rl A d e G e rs d o r ff, G . E . W arren , E N . P o t t e r ,
C B . F o x , L . W B a ld w in , M a t t h e w C . B ru sh , H . R. S a ffo r d , H . H o b a r t
P o rte r, Joh n J . R a s k o b , C h a rle s H . S a b in , F in le y J. S h e p a rd . N . Y . o ffic e .
120 B r o a d w a y .— (V . 125, p. 9 1 .)
N E W Y O R K B A Y R R . — O w ns fro m W a v e rly N . J .. to G re e n v ille , N . J .,
and bra n ch es, 12.94 miles
S to c k , $ 6 ,0 0 0 000. a ll ow n e d b y P en n . R R . ,
w h ich leases th e p r o p e r t y .— ( V . 123. p . 2 0 4 .)
N E W Y O R K C B N I R A L R A I L R O A D C O ( T H E ; — (S ee M a p s .) — O w n s
m fee direct lin e fro m N ew Y o r k t o C h ic a g o , 954 m iles o f first an d se c o n d
track 729 m iles o f third track 671 m iles o f fo u rth track , 11 m iles o f fift h
track and 6 m iles o f w e stb o u n d fa s t-fr e ig h t tra ck in D e W itt Y a r d , a n d
n u m erou s b r a n c h e s , th e to ta l m ile a g e o w n e d D e c . 31 1926 a g g r e g a tin g
3 ,7 2 2 m iles. A ls o o w n s s t o c k c o n t r o l o f th e W e s t S h ore R R . (le a s e d ),
N . Y . to B u ffa lo , an d th e n ce to C h ic a g o , v ia M ic h ig a n C e n tr a l R r . a n d
C a n a d a S ou th ern R y .
B y sim ilar c o n t r o l o f th e P itts b u rg h & L a k e E rie
r R . th e C le v e la n d C h ic a g o & St. L o u is R y . an d o th e r c o m p a n ie s , has
c lo s e ru n n in g c o n n e c tio n t o P itts b u r g h , C o lu m b u s , C in c in n a t i, In d ia n a p o lis ,
St. L o u is , & c. T o t a l sy s te m o w n e d , c o n t r o lle d , & c ., D e c . 31 1 92 6, 6 ,9 2 8
m iles o f fir s t t r a c k , a n d to t a l t r a c k a g e o f 17,099 m .
O perated D irectly.
L in es O w n ed —
M i l e s . Beech C reek R R . * ______________
142
New Y o r k t o C h ic a g o _________
954 Beech C reek E x te n . R R . , A c . * - 134
B r a n c h e s ________________________ 2 ,7 6 8 W aikiil V a lle y ..............................
33
M a h o n in g C o a l R R * _________ 70
L i n e s L e a s e d , e tc . (* S e e th is c o . ) —
65
W est S h o r e * ____________________
488 D e tr o it H illsd a le A 8 W * _____ _
__________
28
Troy & G re e n b u s h * ____________
6 L ike Erie & Pit is
98
New Y o r k A H a r le m * __________ 137 F o r t W a y n e & J a c k s o n * _____ 88
New Jersey J u n c t io n * _________
5 Lake E rie A llia n ce & W h e e lin g .
22
D e tro it T o le d o & M ilw a u k e e __
47 Erie & K a la m a z o o R R __________
554
K a la m a zo o A . & G R ________ 68 T r a c k a g e rig h ts A c , . _________
l
St. L a w re n ce & A d ir o n d a c k * -60 B o sto n S A lb a n y s y s te m _______ 396
O tta w a & N e w Y o r k ----------------67 O h io C e n tr a l L in e s ______________ 694
B a ttle C r e e k Sc S tu rg is ________ 7
T o t a l o p e r . D e c . 31 1 9 2 6 ____ 6 ,9 2 8
H u d s o n R iv e r C o n n e c tin g --------24

Nov., 1927.]

R A IL R O A D C O M P A N IE S
[For abbreviations, & c ., see notes on page 8]

M iles
R oad

New Y ork Central RR (Concluded )—
Lake Erie & Pittsburgh— see ibat company—
Eq tr (N Y C RR) due $1,117,000 yrly._ G.yc*Ar
_
Eq tr (N Y C RR) $1,153,167 yrly_______ _ G.c*
Equipment trusts (N Y C Lines)—
Due $742,118 yearly.
_ _________
G.zc*
Due 572,000 yearly _ __________ __
_
Due 569.000 yearly__________________ _ G.zc*
Due 462.000 yearly__________________ . G.zc*
Due 983.000 yearly__________________ . . G .zc *
Due 848.000 yearly____ __
________
G.zc*
Due 734,000 yearly. ________________ _ G.zc*
_
New York Central Lines (Incl. various associated cos .)—
Joint equip trust due $1,600,000 yearly.. -G.zc*Ar
d
*>
iu
due $1,843,000 y e a r ly _ — G.zc*
_
do
do
due $844,000 y e a r ly ___ ___ Gzc*
do
do
din $1,156,000 yearly___ . . G.zc*
do
do
du $1,670,000 yearly. _ . -G.zc*
do
do
due $1 307,000 yearly____ _ G.zc*
_
do
do
$1,500,000 yearly_______

Date
B on d s

1920
1917
1920

Par
V a lu e

7,381,600
5.585,000
9,225,339

R a ti

%

W hen
P a ya b le

43^
5
434
434

j
J
M
J
J
M
M

1 600 000
1913 1,000 Ac
1922 > OAl()oi: 18.430.000
0
1922
500 Ac 8,440.000
1923 500A1000 12.716 000
1924
1,000 20.040 000
1,000 16,764 000
1924
1925
1,000 19,500,000

43-3
5«
434
5g
5g
434
434

gJ
.1
gM
J
.1
gM
g M

In 1916 sold its c o n tr o llin g in te re s t in th e s t o c k o f th e N . Y . C h ic a g o &
St. L ou is R R . and in 1922 th e L a k e E rie A W e s te rn R R . C o . t o th e V a n
S w erin gen In terests in C le v e la n d .
V . 104, p . 1598; V . 114 , p . 1890. E n ­
tire s to c k C lea rfield B itu m in o u s C o a l C o . Is o w n e d . V . 103 , p . 1794.
T h e d irectors on D e c 14 1921 a u th o riz e d the m ak in g o f an o ffe r to
p u rch a se th e s to c k o f th e C le v e la n d C in cin n a ti C h ic a g o & S t. L o u is R y . C o .
on the basis o f on e share o f N ew Y o r k C e n tra l s t o c k fo r o n e share o f 5 %
C le v e la n d C in c in n a ti C h ic a g o A St. L ou is preferred s t o c k , an d o f 80 shares
o f N ew Y o r k C en tra l s to c k fo r 100 shares o f C le v e la n d C in c in n a ti C h ic a g o
& S t. L ou is c o m m o n s lo c k .
V . 113, p 2614; V 115, p . 30 8 , 4 3 6 , 1429.
T h e d ir e cto r s .also a u th o riz e d th e lease o f the T o le d o & O h io C e n tra l,
in clu d in g w ith it th e Z a n e sv ille A W e ste rn , the K a n aw h a & M ic h ig a n and
the K an a w h a & W est V irginia ra ilroad s t o the New Y o r k C e n tra l fo r a
ren ta l o f fix e d ch a rg e s an d taxes, an d in a d tliu o u th ereto an a m o u n t equal
to th e n et earnings o f the T o le d o A O h io C e n tra l for th e y e a r 1921, an d in
the case o f the K a n a w h a & M ic h ig a n o f 6 % on its s t o c k . V . 113, p . 2614:
V 1 M p 6 ?7 V IIS p. 544
T h e I.-S. C . C o m m is s io n in M a y 1922 a u th o r iz e d t h e c o m p a n y t o a cq u ire
c o n t r o l o f th e C h ic a g o R iv e r & In d ia n a R R . b y th e p u r c h a s e o f n o t ex ce e d ­
ing $75 0,00 0 s to c k , and also a u th o rize d the C h ic a g o R iv e r c o m p a n y to
a cq u ire c o n tr o l o f the p r o p e r ty o f the C h ic a g o J u n ctio n R y . b y lease
114. p 2241

T h e s to c k h o ld e r s o n S e p t. 29 1926 a p p r o v e d th e fo llo w in g :
1. A lease o f th e M ic h ig a n C e n tr a l R R . t o th e N e w Y o r k C e n tr a l R R . at
an ann ual rental w h ich in clu d e s a d iv id e n d o n M ic h ig a n C e n tr a l s to c k
p le d g e d as colla tera l fo r th e N e w Y o r k C e n tr a l-M ic h ig a n C e n tra l 3 34 %
c o lla te ra l b on d s in c o m p lia n c e w ith th e p r o v is io n s o f th e in d e n tu re und er
w h ich th ey w ere issued an d an a m o u n t e q u a l to 5 0 % o n th e s to c k o f th e
M ic h ig a n C en tra l n o t o w n e d b y th e N ew Y o r k C e n tr a l.
2 . A lease o f th e C h ic a g o K a la m a z o o & Saginaw R y . t o th e N e w Y o r k
C e n tr a l.
T h e N e w Y o r k C e n tra l an d th e M ic h ig a n C e n tr a l o w n a ll o f th e
s t o c k o f th is c o m p a n y .
3. A lease o f th e C le v e la n d C in cin n a ti C h ic a g o A S t. L o u is R y . t o th e
N e w Y o r k C en tra l at an ann u al rental w h ich in clu d e s an a m o u n t e q u a l to
5 % o n th e p r e fe rr e d s t o c k an d 1 0 % o n th e c o m m o n s t o c k o f th e lessor n o t
o w n e d b y th e N e w Y o r k C e n tra l.
4 . A lease o f th e C in c in n a ti N o rth e r n R R . t o th e C le v e la n d C in cin n a ti
C h ic a g o & S t. L o u is at an a n n u al rental w h ich in clu d e s an a m o u n t e q u a l t o
1 2 % o n th e s to c k o f th e lessor n o t o w n e d b y th e lessee. T h is le a se h o ld
Will b e tra n sferred t o th e N e w Y o r k C e n tr a l.
5. A lease o f th e E v a n s v ille In d ia n a p o lis A T e r r e H a u te R y . t o th e
C le v e la n d C in cin n a ti C h ic a g o & St. L ou is, all o f th e s to c k o f t h e lessor b ein g
o w n e d b y t h e lessee. T h is lea se h o ld w ill be tra n sferred t o th e N . Y . C e n tra l.
T h e N e w Y o r k C e n tra l n o w o w n s m o r e th a n 9 9 % o f th e s t o c k o f th e
M ic h ig a n C en tra l an d m o re th a n 8 4 % o f th e p re fe rre d a n d 9 1 % o f the
c o m m o n s to c k o f th e C le v e la n d C in cin n a ti C h ic a g o A St. L o u is , a n d th e
C le v e la n d C in cin n a ti C h ic a g o & S t. L o u is o w n s m o r e th a n 9 7 % o f th e s to c k
o f th e C in cin n a ti N o rth e r n .
M in o r it y s to ck h o ld e rs o f th e M ic h ig a n C e n tr a l a n d C . C . C . & S t. L .
h a v e o b ta in e d ru lin g s, te m p o r a r ily restra in in g th e leases. See th o s e c o m ­
p a n ies a b o v e .
T h e s to c k h o ld e r s o n Jan . 26 1927 a p p r o v e d th e lea se w h e r e b y th is
c o m p a n y an d th e C h e s a p e a k e & O h io R y . w ill b u ild a n d jo in t ly o w n a
r a ilroa d b e tw e e n Sw iss a n d N a lle n , W . V a ., T h e ro a d w ill b e 29 m iles
lo n g a n d w ill b e k n o w n as th e N ic h o la s , F a y e tt e A G re e n b ria r R R .
P artial L ist o f Stock H oldings D e c . 31 1926.
------ A m ou n ts Owned ------- -----Total Outstanding ---P re f. Stks. Com . Stock.
P re f. Stks. Com . Stock.

Michigan Central______
$18,577,900
None $18,736,400
Pittsburgh A Lake Erie. ________
17.993,100
None 35.985.600
Mahoning Coal R R ____
478,000
894,650
5661,367
1,500,000
C C O A S t Louis R y . 8,468,100 42,941,100
9.998.500 47,02-,700
Toledo & Ohio C entral.. 3,701.400
5,846,300
3,701.400
5 846.300
New York A H a rlem ... 1,142,950
5,551,400
1,343,950
8,656.050
N Y State Railways___
600 13,604.300
3.862.500 19.952.400
Mohawk Vail Co (no par)
______ 511,430 shs.
None 750,000 shs.
West Shore R R ________
10,000,000
None 10.000.000
The New York State Railways Co. (see “ Public Utility Compendium")
is the company’s trolley ally. Compare V. 100, p. 399, 475.
STOCK.— Dividends on stock registered in London are payable at
4934d. to the dollar.
The company offered to stockholders of record Feb. 1 1924 the 603.650
Reading rights which it received at $3 per right, in proportion to holdings
V. 117. p 2653: V. 118. p 794
The stockholders on Sept. 29 1926 approved an increase in the authorized
capital stock from $400,000,000 to $500,000,000.
On Aug. 24 1927 the I.-S. C. Commission authorized the company to
issue $38,325,000 additional capital stock. V. 125, p. 1457.
Dec. 31 1926 the Oregon Short Line R R . Co. (Union Pacific) owned
$22,700,000 N . Y . Central stock; also $3,000,000 ref. & impt. mtge. 434s.
V. 84, p. 52, 571; V. 89. p. 411.
D IV ID E N D S .—
U16. ’ 17. ’18. ’ 19. ’20. *21. ’22. ’23. ’24. ’25 ’ 26
Per cent______________/ 5 5 5 5 5 5 5 6 7 7
7
Paid in 1927: Feb., 1M % ; M ay, 1M % ; Aug. 1, 2% and N ov. 1, 2 % .
C onsolidation M ort. $70,000,000 Secures W ith o u t Increasing Debt.

L ast D ividend
and M a tu rity

P la ces W h ere Interest and
D ivid en d s are P a ya b le

.T A .1 15
6
Guaranty Trust Co, N Y
434 g J A J To Jan 1 1932 Guaranty Trust Co, N Y
7 g A & O To Apr 15 1935 Guaranty Trust Co, N Y

1913
742,118
1922 500-1000 5,720,000
1922
500 Ac 6,259,000
1923 500-1000
5,082,000
1924
1,000 11.796,000
1,000 11,024.000
1924
1,000 9,542,000
1925

otnj.Ai'. N A T IO N .— The New York Central R R . Co. was formed b;
consolidation effective Dec 23 1914. under laws of N. Y ., Penna., Ohio
Ind., Mich and 1 1 , of the N Y . Central A Hudson River RR (as enlarged
1
in 1913 by the absorption of Rome Watertown & Ogdensburg and other
New York branch lines, see bond table above) and its leading Western sub
aidlary, the Lake Shore & Mich. So R y., and 9 minor controlled properties
See V. 96, p. 1425; V. 98, p. 387, 1393; V 100, p. 140.




A m ou n t
O utstanding

l.OOOAc
500 Ac

V a lu a tion .— T h e I .- S . C . C o m m is s io n h as p la c e d a t e n ta tiv e v a lu a tio n o f
$ 1 ,4 5 6 ,9 6 8 ,5 0 8 on th e p r o p e r tie s in its sy ste m as o f v a r io u s v a lu a tio n d ates
fr o m Ju n e 30 1915 to Ju n e 30 1919. T h e c o m p a n y has file d a b r ie f o f p r o te s t
w ith th e C o m m is s io n , in w h ich it is sta te d t h a t th e r a te -m a k in g v a lu e o f
th e p rop erties in its s y s te m s h o u ld b e a p p ro x im a te ly $ 1 ,8 0 0 ,0 0 0 ,0 0 0 . V .
125, p . 2384.

V

91

RAILW AY STOCKS AND BONDS

4 34

5
5

,T
D To
S To
D To
D To
S To
N To

June 1 1937
Sept 1 1937
June 1 1938
June 1 1939
Sept 151939
May 15 1940

Guaranty
Guaranty
Guaranty
Guaranty
Guaranty
Guaranty
Guaranty

A J To
ife I) To
& S To
& 1) To
& 1) To
A 8 To
A N 15 To

Jan 1 1928
June 1 19:<7
Sept 1 1937
June 1 1938
June 1 1939
Sept 15 1939
M ay 15 1940

New York and London
Guarani y Trust Co, N Y
Guaranty Trust Co, N Y
Guaranty Trust Co, N Y
Guaranty Trust Co, N Y
Guaranty Trust Co, N Y
Guaranty Trust C o., N Y

&
A
&
A
A
A
&

Trust Co,
Trust Co,
Trust Co,
Trust Co,
Trust Co,
Trust Co,
Trust Co,

N
N
N
N
N
N
N,

E qually by L ie n P rio r to that S ecuring the D eben tu res and the 4% bonds —
N .Y .C e n t 3 34 % Lake Shore coll bonds of 1898-1998___ . .$90,578,000
(On Aug 31 1927 $67,919,500 of these had been exchanged
for Consolidation Mtge. Series A 4s. See below.)
The Consolidation Mortgage (securing the collateral Issues and other
oonds In the order Indicated above) covers by a lien ranking ahead of the Re­
fund & Impt. M tg (see below) the lines owned In 1913 (inc,. those then
Drought In by consolidation or merger), 75% (3.750 shares) of the stock of
Hudson River Bridge Co. at Albany and the leases of Troy A Greenbush,
New York A Harlem, West Shore and Beech Creek railroads. On the main
line between New York and Buffalo there Is no lien ahead of it except the
$100 000,000 1st M of 1897; and on the railroads consolidated or merged in
1913, such as the Rome Watertown A Ogdensburg. Mohawk A Malone,
■fee., there are nc prior liens except the old underlying mortgages thereof
and the N. Y . Central’s $100,000,000 1st M
V 102, p. 800. 1541

R efu n d in g & Im pt. Mtge. for New C apital and Debt U n ifica tion .
The purpose of the Refunding and Impt Mtge. was to provide for future
financing of the N. Y. Cent. & Hud. River and the consolidated company,
and for the unification of the debt. The bonds are issuable in series, all
due Oct. 1 2013, but bearing date of April 1 or Oct 1 next preceding the
date on which the series is authorized, and carrying interest at such rates,
subject to call at such dates, and prices, and with such provisions as to con­
version, Ac. as shall be fixed for successive series. V 96, p. 1424
The amount of bonds which may be issued under the Ref and mp M.
is not limited to a stated amount, but is determined bv standards a A up
In the mortgage itself, and those standards are believed to be such that a
Dondholder will be indifferent as to the amount of bonds which may be
outstanding under the mortgage, so long as the standards are complied
vith. The amount of Ref. & Impt. M . bonds outstanding cannot exceed
ihree times the amount of the capital stock as from time to time Increased.
After $500,000,000 of the bonds shall have been issued, not more than
10% of the cost of Improvements, additions or new property can be paid
'or from the proceeds of bonds. Not more than one-third of the amount
if bonds can be used In the acquisition of bonds or stocks of other com­
panies. After $500,000,000 of bonds shall have beeD issued, no additional
bonds can be Issued without tne vote of stockholders. Each issue of bonds
must receive approval of RR commissions and P. 8. Commissions. V. 98,
p. 387. 611, 690, 1245. 1393; V 99. p, 1052. 1131. 1367: V. 100. p. 1079;
V. 104. p. 1387; V. 106, p. 2757.
The Ref. & Impt, M Is (1) a lien next to the lien of the Consolidation
sltge (see above) on the properties Ac. covered by the Consolidation
Mortgage
(2) A first lien od the leases of the Beech Creek Extension,
New Jersey Junction and Wallkill Valley railroads, subject to the outt&ndlng bonds of each
(3) A first collateral lien on $500,000 2d Mtge.
ionds of Beech Creek RR. and $3 964 000 Consol Mtge. 4s of the Beech
’’reek Extension RR companies
'4) A first eol’atera) lien od—
Pledge o f Stock ow ned in — P ref. Stock. Com . Stk
P ref. I ss'd . C o m .I s s ’ d.
N. Y A Harlem RR.(par $50)$1.142.950 $5,551,400 $1,343,950 $8,656,050
Vest Shore R R ......................... . _ ........... 10.000.000 ________ 10,000,000
Jeech Creek Extension R R .. ________ 5,179.000 ________ 5,179,000
Vew Jersey Junction RR____ ________
100.000 ________
100 000
The Refunding A Impt Mtge. Is also a ilen upon the properties described
in the supplemental indenture (dated June 15 1915), assuming, as authorized
iy the shareholders the obligations of the Ref A Impt. Mtge. and extendr.g the lien thereof over the former Lake 8hore A Mich. So. Ry.. Chicago
nd A 8o. R R .. Geneva Corning A So. RR .. Dunkirk Alleg VaL A Pitts.
iR . ana all of the other properties included in the consolidation of 1914,
and also over the former Cleveland Short Line Rv. Jamestown Franklin A
liearfield R R ., Sturgis Goshen A St. Louis Ry and Elkhart A Western
ftR.. acquired by conveyances In 1915 (see “ Organization- above). The
(en created by this supplemental mortgage Is subject, as to parts of the
nortgaged properties, to the respective prior liens of the several underlying
mortgages thereon shown in table above. In 1914 $40,000,000 Series A
4 34 % bonds, issued under this mortgage, were sold (V 98. p. 1245);
None of the Series B bonds are outstanding in hands of public; $4,494,000
have been nominally issued and are held by or for the company. In April
1922 $60,000,000 Series C 5% bonds were sold and a further $25,000,000
were sold in July 1922. V. 114, p. 1534; V. 115, p. 308.
Bonds fo r R etirem ent o f which R ef. & Im p t. M o rtga g e B onds w ere Reserved.

1st M . of 1897, due 1997-----------------------------------------------------$100,000,000
Consolidation Mtge. (see above) dated 1913, due 1998______ 167.102.400
17 divisional issues of N. Y . Cent. A Hud. River R R _________
29.509,006
Old bonds of Lake Shore and other cos. absorbed in 1914-15_ 197 002.006
_
wonyertible 6% 20 Year Bond Issue of $100,000,000 Dated May 1 1918*
These bonds were convertible into stock at the rate of $100 of stock for
$105 of bonds, between May 1 1917 and May 1 1925- They may be called
for redemption on any interest date at 110 and int. upon 90 days’ notice
but. If so called they may be converted Into stock up to 30 days prior to
See V. 100, p. 556, 643, 593-4, 813, 902, 1349, 1438, 1833; V . 102, p. 1443;
V. 109, p. 72.
CLD BONDS OF N. Y . C E N TRAL A HUDSON RIVER R R .— F irst
mortgage Is for $100,000,000, covering the original road owned and by
suDDlemental deed 930 miles of lines (Rome Watertown A Ogdenaburg, Ac.) merged in 1913.
V. 77, p.452; V . 86. p. 1043. 1101: V. 88P 506; 7 94. p. 208; V. 96. p. 1424.
Collateral trust 334 s of 1898 were secured by deposit of stock of the Lake
Shore A Mich. Sou. and Mich. Central RRs., respectively at the rate of
{100 of L. S. A M . S. stock for each $200 of bonds and $100 of Mich. Cent,
stock for each $115 of bonds. The Lake Shore collateral 3U s (75% )
exchanged for Consolidation Mortgage 4s, Series A, are a direct (third) mtge
on the former Lake Shore A Mich. So. R y ., Detroit Monroe A Toledo RR
Northern Central Mich. R R ., Kalamazoo A White Pigeon R R . and SwaD
Creek Ry. of Toledo. See the “ Consolidation Mortgage” above. V 96
p.1424; V. 66, p .3 3 6 ,811; V 102, p. 522; V. 100, p. 556. 2085; V. lOl.p.288!
The New York Central Railroad Co. has duly made an indenture
to secure the payment of (a) the 334% gold bonds. Lake hore Ocl-

93




RAILW AY STOCKS AND BONDS

[V ol. 125.

Nor., 1927.]




RAILW AY STOCKS AND BONDS

93

Nov., 1927]

RAILW AY STOCKS AND BONDS

94
R A IL R O A D

C O M P A N IE S

M ile s
R oad

{For a b b r e v ia tio n s , & c . , s e e n o te s o n p a g e 8J

Par
V a lu e

D a te
B onds

N Y Chic & St L R R — C o m

s t o c k $ 5 9 ,6 2 0 ,0 0 0 a u t h .J
P r e f s t o c k S e r " A ” 6 % c u m $ 4 5 ,8 8 0 ,0 0 0 a u th _ _ k x x x

First mortgage gold (closed). _______ -Ce.xc*&r
2d & Impt Mtge $25,000,000 g Ser A,B & C-xxxkc*
_
R e f m tg e g o ld Series " A " red 107 * A _ G .x x x c * & r *
do
Series “ B " re d 1 0 7 1 4 ___________ G .x x x c * & r *

Debenture bonds gold sec by 2d M tge_ G.xc*&r*
_
Equipment trusts sink fd red 101 & int
xxc*

do
d o d u e $ 2 2 5 ,0 0 0 y e a r ly _____________ x x x c *
_
do
d o sin k fu n d red 102 & in t_
do
d o d u e $ 2 8 5 ,0 0 0 y e a r ly _
do
d o d u e $ 1 9 1 ,0 0 0 y e a r ly ____
C ollateral tru st n o te
L a k e E r i e &. W e s te r n B o n d s —

R a te

%

$100
513 1887
513 V o r io u
1.669 1924
1.669 1925
19Ub
1917
1922
1922
1923
1924
1922

100

1.000
500 &c
500 & c
,000 & c

1,000
1,000
1,000

450

E q u ip tr u s t d u e $ 4 3 ,2 0 0 y e a r ly _____________________
N Y C serial n o te s d u e $ 1 3 0 ,0 0 0 y e a r ly ______________
T o le d o St L o u is & W e s te r n b o n d s —
First m tg e g S6.5 0 0 .0 0 0 r e d _________________ E q .x o & i
E q u ip m e n t tru s t n o te s d u e $78,800 a n n u a lly ______G
C o lla tera l tru st n o t e s __________________________________

1900
1920
1921

1,000 &o

1,000

1913 $ l,0 0 0 & c

N Y Conn R R — IstM gred 105----------------- G.yc*&r*

&

M

&
&

5g
4

M

&

5 g

M
M
F
M

&
&
&

1
J
J

&
&
&

5g

1,000
1.000

A

5*4 g A
5K g J
M
5*4

1887
1891
1920
1922

Q— J
Q— J

te x t

6
4g
6 g

1,000
1,000
1,000

706
706

1st M ($10,000 per mile, see V 46, P 45) g_.C e.xc*
2d M (V 54. p *44) $3.625,000 ($5,000 p m) gCe.xc*

S ee

W h en
P a y a b le

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

&
&

Sc

L a s t D iv i d e n d
a n d M a t u r it y

Jan. 3 ’28

P la c e s W h e r e I n t e r e s t and
D iv id e n d s a r e P a y a b le

1*4%

O c t . 1 1927 134
O O ct 1 1937
tChase Nat Bk. N Y
N May 1 1931
do
do
G u a r a n ty T r u s t C o , N Y
O A p r 1 1974
J J u ly 1 1975
G u a r a n ty T r u s t C o , N Y
N May 1 1931
tChase Nat Bank. NY
N May 1 1931
N ew Y o r k an d Cleveland
n
S T o S e p t 1 1937 l T T r , C le v : G u T r , N Y
N To May 1 1932 N e w Y o r k & C le v e la n d
A To Aug 1 1938 U n T r .C le v : G u a r T r .N Y
S To Mar 1 1939 G u a ra n ty T r u s t C o , N Y

Mar 1 1930

J Jan 1 1937
G u a r a n ty T r u s t C o , N Y
do
no
J July 1 1941
J To Jan 15 1935 G u a r a n ty T r u s t C o , N Y
Apr 26 1932

A
& O Apr 1 1950
A m er E x Irv T r C o N Y
J & J 15 To Jan 15 1935 G u a r a n ty T r u s t C o , N Y

4X & 5 g F

&

M ay 15 1936
A Aug 11953

See " c ” below

t R e g is . Int on 1st M . 4 s a n d d e b a t T r e a s O ffic e Olevel anda D o e s n o t in c lu d e $ 1 5 ,7 9 8 ,0 6 6 c o m m a n d $ 1 ,4 2 4 p re f. i n treas

lateral, and (6) by secondary lien thereunder so many of the 4% Consolida­
tion Mortgage Gold Bonds, Series A, as may be issued to pay and retire
an equal amount of 3 34 % gold bonds, Lake Shore collateral (the two issues
aggregating $90.578,400) ,by a lien upon the railroads,& c ., formerly owned by
the Lake Shore, and also on the property of Its four former subsidiaries
viz.: Det. Monroe & Tol. R R . C o., Nor. Central Mich. R R . C o., Kal. &
White Pigeon R R . Co. and Swan Creek Ry. of T ol.. such lien following the
lien thereon of Lake Shore & Mich. So. 1st M . 334s of 1897 and the $100,000.000 Lake Shore debenture (now mortgage) bonds of 1903 and 1906
LAKE SHORE & M IC H . SOUTHERN BON DS.— The N. Y . Centra
R R . by supplemental indenture (dated Jan. 1 1915) assumed the obliga­
tions of the $50,000,000 334% 1st M . of 1897 (see V. 64, p. 1182), and has
extended the lien o f that mortgage over the railroads, &c., formerly
owned by Det. Monroe & Toledo R R C o., Northern Central M ic h . RR
C o.. Kai. & W h ite P ig e o n R R . C o . and Swan Creek R y . Co. o f T o l e d o , and
it has also ex ecu ted a su p p le m e n ta l in d e n tu re d a te d Jan. 2 1915, assuming
tae o b lig a tio n s of the m o rtg a ge d a te d J u ly 1 1914. securin g the 25-year
» ,<, *,uiu lArmls o£ li»03 and iyot) aggregating fHW
.OOO.OOO itw« U»at*a
150.000,000 each), and extending the lien thereof to said add’ l properties
As to g u a r a n ty o f K a n a w h a & H o c k in g C o a l & C o k e a n d C o n tin e n ta l
C o a l C o . b o n d s , see V . 109 , p . 1527. J o in t g u a r a n ty o f C le v e la n d U n io n
T erm in a l C o . b o n d s , V . 114, p . 271 6.
E Q U I P M E N T B O N D S .— See ta b le a t h e a d o f p a g e .
R E P O R T . — F o r 1926, in V . 124, p . 3 0 5 6 , 3 0 8 5 , s h o w e d :
[In clu d in g B o s to n & A lb a n y R R . an d the O h io C e n tra l L in e s.]
R e s u lts f o r C a le n d a r Y e a r s .

192 6.
192 5.
1924.
** 1923.
R cvctiucs^™
§
S
!-v
jjij
T o t a l o p e r . re v e n u e s ____3 9 9 ,5 3 7 .7 4 9 3 8 5 ,9 9 4 ,5 0 5 3 6 9 ,6 0 6 ,9 3 0 4 2 1 ,0 3 4 ,7 8 4
T o t a l o p e r . e x p en s e s ____2 9 8 ,9 3 1 ,0 3 8 2 9 0 ,4 4 0 ,9 5 8 2 7 9 ,9 7 0 ,1 6 3 32 5 ,9 1 7 ,2 4 1
.100,606,711
R a ilw a y ta x a c c r u a ls _
2 6 ,8 8 1 ,8 0 8
U n c o il, r a ilw a y reve n u e si
167 ,080

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

89,6 3 6 ,7 6 7
2 3 ,2 8 9 ,5 4 0
179,340

9 5 ,1 1 7 ,5 4 3
2 2 ,6 5 6 ,8 6 7
104 ,976

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

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

6 6 ,1 6 7 ,8 8 7
4 ,6 0 2 ,5 6 4
3 ,069,751

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

. 7 2 ,1 5 8 ,4 9 2
M iscell. O p e r a tio n s —
R e v e n u e s ________________
8 13 ,799
E x p en ses a n d ta x e s ______
7 9 1 ,5 2 4

6 7 ,9 2 0 ,5 5 0

6 4 ,6 3 5 ,0 7 4

7 0 ,9 8 9 ,1 0 1

973,831
8 8 3 ,4 5 6

1,133,611
970 ,5 9 8

1 ,1 7 5 ,4 4 6
9 6 5 ,1 6 3

M is c . o p e r . in c o m e ___
22,2.76
T o t a l o p e r . in c o m e ___ 7 2 ,1 8 0 ,7 6 8

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

163,012
6 4 ,7 9 8 ,0 8 7

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

I n c . fr o m lease o f ro a d _ _
115,047
M is c e ll. ren t in c o m e ____ . 3 ,1 5 8 ,9 7 9
M is c e ll. n o n -o p e r . p h y s i­
c a l p r o p e r t y ___________
526 ,1 8 8
S e p a ra te d ly o p e r . p r o p .erties— p r o f it __________. 1 ,229,921
D iv id e n d in c o m e _______ . 18,2 2 4 ,2 5 5
I n c . f r . f d . se c . & a ccts _ _
3 ,1 8 5 ,4 5 4
I n c . f r . u n fd .s e c .& a c c ’ ts; 2 ,3 8 0 ,3 5 6
I n c . fr o m sin k in g and
o t h e r re s e r v e fu n d s ___
150 ,670
M is ce lla n e o u s i n c o m e . _
105,821

116 ,289
2 ,7 0 4 ,5 6 4

107,059
2 ,4 9 4 ,9 1 4

120 ,947
2 ,3 1 7 ,5 3 7

E q u ip , ren ts, n e t d e b i t , .
r

N o n -o p e r a t i n g i n c o m e —

5 5 0 ,1 1 0

863,946

7 8 2 ,2 5 9

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

1,297,993
14,388,778
3 ,0 7 3 ,6 6 7
1,648,527

1 ,9 1 4 ,9 5 6
1 4 ,9 1 1 ,8 5 0
3 ,3 6 7 ,8 1 2
1 ,270,761

130 ,599
9 8 .0 4 5

127,312
148 ,620
121,020 d e b .166 ,4 3 4

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

2 5 ,4 1 9 ,0 9 5
9 3 ,4 3 0 ,0 2 0

2 4 ,1 2 3 ,2 1 7
88,9 2 1 ,3 0 4

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

R e n t fo r leased r o a d s ___ . 1 4 ,3 4 0 ,1 8 8
M is cella n eou s r e n t s _____
8 9 1 ,1 0 7
M is c e ll. ta x a ccru a ls____
2 3 5 ,1 9 0
S ep a ra tely o p e r . p r o p e r ­
ties— lo s s ______________
11,271
. 2 9 ,2 6 8 ,3 9 7
I n t . o n u n fu n d e d d e b t . .
67,0 2 6
A m o r t, o f d is c o u n t o n
fu n d e d d e b t ___________
5 2 5 ,2 6 8
M a i n t .o f in v e s t, org a n iz .
5 ,6 6 5
M is c e ll. in c o m e ch arges
2 4 9 ,3 0 5

1 4 ,0 7 9 ,4 8 4
886 ,0 1 2
2 0 2 ,3 0 3

1 3 ,027,600
978 ,209
306 ,560

1 3 ,9 4 8 ,8 3 3
8 69 ,083
284 ,8 8 1

14,701
2 8 ,6 8 4 ,2 8 4
142 ,210

14,979
3 4 ,191,311
223 ,687

7,077
3 3 ,8 8 1 ,2 4 9
5 7 5 ,4 9 6

5 5 0 ,0 7 5
5,4 7 2
2 3 8 ,2 5 5

653,764
5,316
269 ,476

637 ,407
5,112
3 1 9 ,1 3 0

. 4 5 ,5 9 3 ,4 1 7
. 55,6 6 4 ,0 4 1

4 4 ,8 0 2 .7 9 6
4 8 ,6 2 7 ,2 2 4

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

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

1 2 6 ,8 2 7 ,8 1 5
(7 % )
145,179

2 6 ,7 3 2 ,8 3 3
(7 % )
125 ,465
652

2 0 ,7 2 8 ,8 3 5
(7 % )
122,104

17,4 3 2 ,9 7 8

. 2 6 ,9 7 2 ,9 9 4
. 2 8 ,6 9 1 .0 4 7

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

2 0 ,8 5 0 ,9 3 9
18,399.461

17,5 9 0 ,6 4 9
2 7 ,7 4 8 ,7 7 8

D e d u c tio n s —

R a t e o f d iv id e n d s ___

(6 * 4 % )

144,754
12,917

E a r n in g s — I n c l u d i n g B o s to n & A l b a n y R R . a n d O h io C e n tr a l L i n e s . ___

1927— 3 M o s .— 1926.
1927— 9 M o s . — 1926.
P e r i o d E n d . S e p t. 30— $
$
$
$
R a ilw a y o p e r . r e v e n u e _ -1 0 0 ,193 ,4 3 5 1 0 4 ,8 2 9 ,8 6 3 2 9 2 ,6 3 2 ,7 2 0 2 9 7 ,1 8 5 ,9 7 1
R a ilw a y o p e r . e x p _______ 7 4 ,2 3 0 ,0 6 2 7 4 ,8 1 6 ,9 6 6 2 2 0 ,4 4 5 ,2 3 1 2 1 9 ,6 0 2 ,1 0 6
R a ilw a y ta x a c c r u a ls ___
6 ,7 9 1 ,9 8 5
7 ,3 2 9 ,1 3 1
1 9 ,7 0 7 ,2 2 8 2 0 ,6 0 7 ,9 0 0
U n c o il, r y . r e v e n u e s ____
2 2 ,3 4 0
2 8 ,5 0 0
8 6 ,2 1 5
107 ,162
E q u ip . & j t . f a c . r e n t s . _
5 1 3 ,3 9 4
5 5 5 ,5 7 3
2 ,6 0 7 ,2 3 4
1,5 6 7 ,3 1 8
N e t o p e r . in c o m e ____
M is c . & n o n -o p e r . i n c _ ._

1 8 ,6 3 5 ,6 5 3
7 ,5 1 6 ,1 8 7

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

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

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

r G ro s s in c o m e __________ 2 6 ,1 5 1 ,8 4 1
D e d u c . fr o m gross in c _ _ 1 1 ,6 0 3 ,4 2 0

2 9 ,2 9 0 ,5 5 9
1 1 ,6 0 5 ,3 6 9

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

O F F I C E R S .— P r e s ., P a tr ic k E . C r o w le y ; C h a ir m a n , O h a u n c e y M . De­
p e w ; C h a irm a n o f F in a n ce C o m m it te e , A lb e r t H . H arris: V ic e -P r e s id e n ts ,
Ira A . P la c e , A . H . H arris, G . H . In g a lis, R a y m o n d D . S ta r b u c k , H o w a r d
M . N is c o e , J o h n L. B u rd e tt a n d J o h n G . W a lb e r , G e n . T r e a s ., H a rry G .
Suellin g, S e c ., E . F . S te p h e n so n , T r e a s ., E d w . L. R o s s ite r , C o m p t ., Wm,
C . W ish a rt.
D I R E C T O R S . — F . W . V a n d e r b ilt. C . M . D e n e w , H a r o ld S. V a n d e r b ilt,
G e o rg e F. B a k e r, W . K . V a n d e r b ilt, O g d e n M ills , C h a rle s B . Seger, Albert
H . H arris, B e rtra m C u tle r , P a tr ic k E . C r o w le y , E d w a r d S. H a rk n ess.
J a ck so n E . R e y n o ld s , W a r r e n S. H a y d e n , M y r o n C . T a y lo r a n d W illia m
C o o p e r P r o c t e r . O ffic e , 466 L e x in g to n A v e ., N e w Y o r k .— ( V . 1 2 5 ,p .2 6 6 9 .)

NEW Y O R K CENTRAL LINES.— T h e N . Y . C e n tr a l L in es e q u ip )
tru sts c o v e r e n gin es, pa sse n ge r cars an d fr e ig h t ca rs u sed b y v a r io u s lines
o f th e sy s te m , w h ic h j o in t l y a n d s e v e r a lly a g re e t o p a y p r in . a n d i n t ., the
la rge r p a r t b e in g fo r N . Y . C e n tr a l.— ( V . 125, p . 2 6 6 9 .)
NEW Y O R K CHICAGO AND ST. LOUIS R R . CO. (T H E ).— This

c o m p a n y w as fo rm e d in 1923 u n d e r law s of N . Y . , P a ., O h io , I n d . and 111.
as a c o n s o lid a tio n o f th e N e w Y o r k C h ic a g o & S t. L o u is R R . , C h ic a g o &
S tate L in e R R . , T o le d o S t. L o u is & W e s te rn R R . , L a k e E rie & W e s te rn
R R . a n d F o r t W a y n e C in c in n a ti & L o u is v ille R R .
T h e co n s o lid a te d
c o m p a n y op e ra te s 1,6 9 2 m iles o f r o a d , its m a in lin e e x te n d in g fr o m B u ffa lo
th ro u gh C le v e la n d t o th e th ree M id -W e s te r n g a te w a y s a t C h ic a g o , P eoria
and S t. L o u is . Its lin es also re a ch F o r t W a y n e , In d ia n a p o lis , a n d th e
im p o rta n t L a k e p o r ts o f S a n d u sk y an d T o le d o an d th e c o m p a n y a ls o owns
h a lf th e ca p ita l s t o c k o f th e D e tr o it & T o le d o S h ore L in e R y . , c o n n e c t in g
T o le d o w ith D e tr o it .
T h e I .- S . C . C o m m is s io n has p la c e d a t e n ta tiv e v a lu a t io n o f $ 8 7 ,7 5 9 ,1 0 5
o n t h e to t a l o w n e d and $ 9 3 ,2 2 6 ,8 6 1 o n th e t o t a l u s e d p r o p e r tie s o f th e c o m ­
p a n y as o f d a te s o f v a lu a tio n .
T h e ag re e m e n t a n d a rticle s o f c o n s o lid a tio n w ere en te re d in to b y the
d ire cto rs o f th e co n s titu e n t c o m p a n ie s o n D e c . 28 1922. R a tific a t io n b y the
sto c k h o ld e r s, a n d c o m p lia n c e s w ith th e re q u ire m e n ts o f S ta te s ta tu te s ,
w ere c o m p le te d o n A p ril 11 1923, on w hich d a te th e c o n s o lid a tio n b e c a m e
e ffe c t iv e . O n Ju n e 18 1923 th e I .- S . C . C o m m is s io n issu ed a c e r tific a t e of
p u b lic c o n v e n ie n c e a n d n e ce ssity a u th o riz in g th e a c q u is itio n , a n d o p e r a tio n
in in te r-S ta te c o m m e r c e , o f th e lin es o f r a ilro a d o f th e c o n s t it u e n t c o m ­
pan ies b y th e co n s o lid a te d c o r p o r a t io n , a n d a p p r o v e d th e n ece ssa ry issu e of
s ecu rities.
T h e to t a l ca p ita l s to c k o f th e co n s o lid a te d c o m p a n y a u th o r iz e d b y th e
a greem en t a n d a rticle s o f c o n s o lid a tio n is $ 1 0 5 ,5 0 0 ,0 0 0 , o f w h ich $ 4 5 ,8 8 0 ,0 0 0
is pre fe rre d s to c k a n d $ 5 9 ,6 2 0 ,0 0 0 is c o m m o n s t o c k . T h e a m o u n t o f stock
au th o riz e d b y th e I .- S . C . C o m m is s io n t o b e issu ed in e x ch a n g e fo r th e
s to c k s o f th e c o n s titu e n t c o m p a n ie s is $ 7 8 ,9 6 7 ,9 0 0 , o f w h ic h $ 3 2 ,7 2 0 ,0 0 0 is
preferred s to c k a n d $ 4 6 ,2 4 7 ,9 0 0 is c o m m o n s t o c k . O n D e c . 31 1926
ca p ita l s t o c k o f th e co n s titu e n t c o m p a n ie s a m o u n tin g t o $ 7 8 ,8 3 6 ,8 0 0 par
va lu e h a d been e x ch a n g e d , p ar fo r p a r, fo r s t o c k o f th is c o m p a n y , lea v in g
a s to c k lia b ility fo r c o n v e r s io n u n d er th e a g r e e m e n t a n d a rticles o f c on soli­
d a tio n o f $ 1 3 1 ,1 0 0 . A p a r t o f th e s to c k w h ic h w ill be issu ed t o disch arge
th a t lia b ility will b e c o n t r ib u te d t o th e c o m p a n y pu rsu a n t t o th e a g reem en t.
B e ca u se o f c o n tr ib u tio n s b y sto c k h o ld e r s a n d o th e r a d ju s tm e n ts in c id e n t
t o th e co n s o lid a tio n , th e c o m p a n y h o ld s in its tr e a s u r y , o u t o f th e to t a l of
$ 7 3 ,8 3 6 ,8 0 0 issu ed a n d e x ch a n g e d t o D e c . 31 1926, fu lly p a id preferred stock
o f th e par va lu e o f $ 1 ,4 2 4 a n d fu lly p a id c o m m o n s t o c k o f th e p ar v a lu e of
$ 1 5 ,7 9 8 ,0 6 6 . V . 116, p . 721; V . 119, p . 1183.
M e r g e r P la n R e je c te d . — T h e I .- S . O . C o m m is s io n o n M a r c h 2 1926 r e je c t e d
th e p r o p o s e d u n ific a tio n o f th e N ic k le P la te , E rie , P e re M a r q u e t t e , H o ck in g
V a lle y a n d C h e sa p e a k e & O h io ro a d s . F o r fu ll te x t o f C o m m is s io n ’s r e p o r t
c o m p a re V . 122, p . 1249.
F o r th e re v ise d te rm s o f p r o p o s e d u n ific a tio n p la n , as r e p o r t e d u n o ffic ia lly ,
see V . 123, p . 577 .

D I V I D E N D S . — O n J u ly 16 1923 p a id 3 % o n n e w c o m m o n s t o c k ; O c t . 1
1923 t o J a n . 2 1926 p a id 1 * 4 % q u a r .; A p r il 1 1926 p a id 1 *4 % q u a r. a n d
1 M % e x tra ; J u ly 1 1926 t o J u ly 1 1927, p a id 2 % % q u a r .; O c t . 1 192 7, a n d
J a n . 3 1927 p a id 1 * 4 % q u a r.
B O N D S .— F ir s t m t g e ., a b s t r a c t , V . 4 5 , p . 5 4 1 .
T h e s t o c k h o ld e r s o n J u ly 2 1918 a u th o r iz e d a “ S e c o n d & I m p t . M t g e . ’
fo r $ 3 5 ,0 0 0 ,0 0 0 . in c lu d in g th e $ 1 0 ,0 0 0 ,0 0 0 d e b e n tu re s o f 190 6, w h ich are
e q u a lly s e c u r e d , le a v in g $ 2 5 ,0 0 0 ,0 0 0 th a t m a y b e issu e d fo r im p ro v e m e n ts .
T h e b o n d s a re t o b e issu ed in se rie s, each series t o b e a r su ch ra te o f in terest
as m a y be fix e d b y th e d ir e c t o r s . A t D e c . 31 1926 $ 1 4 ,3 0 9 ,0 0 0 h a d b een
issu ed, o f w h ich $ 1 ,3 8 9 ,0 0 0 w ere p le d g e d as s e c u r ity fo r $ 1,000,000 n o te
issu ed t o U . S. R R . A d m in is tra tio n , a n d $ 6 9 0 ,0 0 0 h e ld in tr e a s u r y .
V . 108,
p . 1061. 579 ; V . 107. p . 1670.
In Ju n e 1924 s o ld $ 2 6 ,0 5 8 ,0 0 0 r e f. m tg e . 5 * 4 % g o ld b o n d s, Series “ A . "
an d in D e c . 1925 s o ld $ 9 ,5 7 5 ,0 0 0 Series “ B ” b o n d s . T h e au th oriz ed issu e
o f re fu n d in g m o r tg a g e b o n d s is lim ite d t o a n a m o u n t w h ic h , in c lu d in g a ll
b o n d s a t th e tim e re s e rv e d t o re tire p r io r d e b t , sh all n o t e x ce e d th ree tim es
th e p a r v a lu e o f ca p ita l s t o c k th e n o u t s t a n d in g . V . 118, p . 2 9 4 9 ; V . 121,
p . 3128.
T h e I .- S . C . C o m m is s io n in J u n e 1925 a u th o r iz e d th e c o m p a n y t o issu e
$ 1 0 ,0 0 0 ,0 0 0 o f T o le d o S t. L o u is & W e s te rn R R . 1st m tg e . 4 % g o ld b o n d s
in e x ch a n g e fo r a lik e a m o u n t o f T o le d o S t. L o u is & W e s te rn R R . p rior
lien 3 * 4 % g o ld b o n d s ; said b o n d s so issu ed in e x ch a n g e t o b e p le d g e d w ith
th e tr u s te e u n d e r c o m p a n y ’s r e fu n d in g m o r tg a g e .
E q u ip m e n t tru sts, V . 103, p . 1032; V . 104 . p . 952 , 159 2, 1801; V . 106 , p .
2 00 7; V . 115, p . 1321; V . 117, p . 89 4 ; V . 118, p . 907 .
J o in t g u a ra n te e o f C le v e la n d U n io n T e r m in a l C o . b o n d s , V . 114, p . 2 71 6.
V . 117. p . 2 0 8 .
R E P O R T .— F o r 192 6, sh o w e d :
O p e ra tin g I n c o m e —
R a ilw a y o p e r a tin g r e v e n u e s _______
R a ilw a y o p e r a tin g e x p e n s e s______

7 7 ,0 2 6 ,0 2 6
3 4 ,2 0 4 ,5 2 4

N e t in c o m e ___________ 1 4 ,5 4 8 ,4 2 1
1 7 ,6 8 5 ,1 9 1 4 0 ,0 6 0 ,7 2 2 4 2 ,8 2 1 ,5 0 2
E r n s .p e r s h .o n 3 ,8 3 2 ,5 8 2
s h s .(p a r $10 0) c a p . s t k .
o u t s t a n d in g ___________
3 .7 9
4 .6 1
10.45
11.17
F o r la te s t earn in gs see “ R a ilw a y E a rn in g s S e c tio n ” (issued m o n t h ly ).




1924.
192 6.
1925.
.$ 5 4 ,9 3 8 ,4 9 1 $ 5 4 ,6 7 0 ,9 1 6 $5 3 ,9 9 2 ,4 3 4
. 3 9 .9 9 0 ,3 9 5 3 9 ,6 0 4 ,2 0 0 40.2 7 6 ,9 5 5
.$ 1 4 ,9 4 8 ,0 9 6 $ 1 5 ,0 6 6 ,7 1 6 $ 1 3 ,7 1 5 ,4 7 9

R a ilw a y o p e r a tin g in co m e .

. $ 2 ,9 9 8 ,8 6 4
10,176

$ 2 ,9 6 5 ,5 1 7
7,9 0 7

$ 2 ,7 3 7 ,0 3 2
18,730

$ 3 ,0 0 9 ,0 4 0

U n c o lle c t ib le ra ilw a y re v e n u e s _

$ 2 ,9 7 3 ,4 2 4

$ 2 ,7 5 5 ,7 6 2

.$ 1 1 ,9 3 9 ,0 5 5 $ 12 ,093 ,29 1 $ 1 0 ,9 5 9 ,7 1 6

Nov., 1927.]

M ile s
R oad

R A IL R O A D C O M P A N IE S
[F o r a b b r e v ia tio n s . < £ c., s e e n o te s o n p a g e 8]

D a te
B onds

Par
V a lu e

100 A c
50
50
1.000 Ao
100
1,0 0 0
1,0 0 0

Am ount
O u ts ta n d in g

R a te

%

N Y & Green w Lake— Prior lien M g u p S UN.gxc*
NewYork & Harlem—Common 10% guaranteed
Preferred stock 14%, 10% guaranteed______
Ref. mtge (now first) S12.000.000 guar.. G .xo'Ar
M Y Lackawanna & Western— Stock guar'j5%- (end)
1st & ref mtge Series B guar p & i (end)— F.xxxc*
do
Series A _____________________________
Hew York Lake Erie & Western— See Erie RR
N Y & Long Br— Gen M (now 1st) $2,500,000 g-.C e.c
New York New Haven & Hartford— Stook (see text).
Pref. a&d stock 7 % cum. conv. call 115_____
First and refunding mortgage— See text
15-year secured gold bonds red 105------Colxc*&r*
Debentures ($5,000,000 are 4s) non oonvert-.zc& r
Debentures (for F H & W) (V 78, p 2335)_______ x
Debentures (tor N Y O & W) (V 80. p 2458) -zo*&r

64
146
146
136
214
214
—

1896

38

1891

1925
'9 7 - 01
1904
...
1905

100 & c
1.000
500 A c
1.000

1 9 ,5 0 3 ,3 0 0
1 0 ,0 0 0 ,0 6 0
1 0 ,0 0 0 ,0 0 0
1 5 ,0 0 0 ,0 0 0

6g

Debentures convertible (see text)____________xo*Ar

....

1906

100 A o

9 ,7 6 5 ,4 5 0

Debentures not convertible--------------------------------- z

...

1906

R e n t fr o m l o c o m o t iv e s __________
R e n t fr o m p a ssen ger-tra in c a r s .
R e n t fro m w ork e q u ip m e n t____
J o in t fa c ility re n t in c o m e _______
M is ce lla n e o u s re n t in c o m e _____
D iv id e n d in c o m e ______________________
I n c o m e fro m fu n d ed s e c u r itie s________
I n c . fro m u n fu n d e d s e cu rs . & a c c t s ..
In c o m e fr o m s in k . & o t h e r re s . fu n d s.
M is c e lla n e o u s in c o m e _________________
T o t a l n o n -o p e r a tin g in c o m e _______
D e d u c tio n s f r o m G ro ss I n c o m e —

R e n t fo r l o c o m o t iv e s _________
R e n t fo r p a ssen ger-tra in c a r s .
R e n t fo r w o rk e q u ip m e n t ____
J o in t fa c ility r e n t s ____________
R e n t fo r leased r o a d s _________
M iscella n eou s r e n t s ___________
M iscella n eou s ta x a c c r u a ls ___

1900
1923
1923

—

—

Debentures $39,029,600 gold conv (te x t)____zo’ Ar
Gold coupon debentures_______________________ xc*
Note to Director-General o f Railroads______
___
Chatham Phoenix Nat Bank & Tr Co, trustee.
Notes to Secretary of Treasury____________
N Y Pr & Bost gen M (now 1st) g ass. $4,000,000zoAr
62
87
Housatonlc con M g (assumed)____________ F zo*
N Eng cons (now 1st) M $17,500,000 5s g gu.Ba.io*
862
Danbury & Norwalk—
30
First ref mtge V 82. p 210) gold assumed.xo*&r
Harlem R A Port 1st M gold $15.000,000.U«.xc*&r
12
Naugatuck first mortgage gold assumed_____xo'& r
61
- -Debentures......................................
*
___
Boston A N Y Air Line 1st M $5,000,000 (assum) ..x
N H A Northampton ref M $10,000,000 guar p & i.x
___
Providence Term 1st M $7,500,000 g assum . xo*Ar
Dutch Co RR IstM g __________________ Ba.xc*
12
O N E 1st M $25,000,000g gu red!05______Fxc*&r*
138
u
Consolidated Ry debentures_________ ______
C Keg.Interest (mnr Exch.Nat Rank' conn int.Tr eas. o f
N o n -o p e r a t i n g I n c o m e —

95

RAILW AY STOCKS AKD BONDS

1908
1920
1920
1922
'2 0 -'2 3
1892
1887
1895

1,0 0 0
2 ,5 0 0 ,0 0 0
100 1 5 7 .1 1 7 ,9 0 0
100 4 9 ,0 3 6 ,7 0 0

100 * 0
l.o o n
5 ,0 0 0
5,0 0 0
1,0 0 0
1,0 0 0
1,0 0 0

1905
1904
1904
1902
1905
1906
1906
1890
1911

1,0 0 0
_______ _ _
1 ,0 0 0 4 c
$ 1 ,0 0 0
1 ,0 0 0 & c

P en n

R R , Phi I

1,0 0 0 A o
1 ,0 0 0 4 c

1925.
$92 ,4 6 8
2 5 ,0 1 2
19,528
241 ,661
153,175
2 3 ,9 0 8
1,1 5 7 ,7 7 5
31,3 6 3
156 ,158
425
5 .7 2 0

1924.
$ 2 2 ,3 2 8
2 2 ,2 5 6
19.755
198.291
144 ,274
2 5 ,9 1 8
9 94 ,860
3 9 .7 2 2
2 4 6 .3 1 8
425
5 .3 6 0

$ 4 ,0 2 7 ,2 4 9

$ 1 ,9 0 7 ,1 9 7

$1,7 1 9 ,5 1 1

$ 1 5 ,9 6 6 ,3 0 4 $ 1 4 ,0 0 0 ,4 8 8 $ 1 2 ,6 7 9 ,2 2 8
$ 1 ,4 2 5 ,8 0 8
1 2 ,0 5 9
2 4 ,5 2 2
8 ,0 2 8
4 0 9 ,1 3 5
3 ,3 1 6
111 ,694
4 ,0 0 3
5 ,1 2 0 ,3 9 5
279 ,761
9 5 ,9 1 9
6 0 .0 3 6

$ 1 ,1 4 7 ,5 5 9
2 8 ,1 6 4
7 7 ,0 4 3
5 ,0 5 4
3 7 4 ,8 9 0
11.690
9 7 ,5 8 3
6,3 8 7
4 .6 6 9 .2 5 7
2 6 9 ,8 9 5
71,0 4 7
5 1 ,4 0 6

M & N
See text
See text
M A N
Q— J
M & N
M & N

4g & 5 M A

1 5 ,0 0 0 ,0 0 0

1926.
$75 ,5 6 3
2 5 ,0 1 7
3 5 ,6 4 5
314 ,8 7 7
12,010
2 8 241
2 ,8 9 4 ,0 6 1
2 8 ,0 7 5
6 0 7 .1 3 6
425
6.1 9 3

$ 1 ,7 2 4 ,7 7 8
29.981
4 5 ,6 2 3
6.4 2 6
4 2 5 .5 4 9
5,411
100,192
4 ,2 0 9
5,3 9 8 ,8 6 1
98,8 3 2

1 ,4 8 4 ,8 0 0
5g
8 .6 5 6 ,0 5 0 See text
1 ,3 4 3 ,9 5 0 See text
1 2 .on n.onn
344 g
1 0 ,0 0 0 ,0 0 0
5
1 0 .0 0 0 ,0 0 0
444 g
1 3 ,6 3 5 ,0 0 0
5

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

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

W h en
P a y a b le

7

50 Church St, New York
May 1 1946
See text
466 Lexington Ave, N Y
do
do
See text
do
do
May 1 2000
Oct 1 1927 1M Del Lack A West. N Y
do
do
M ayl 1973
do
do
M a y l 1973

S Sept 1 1941
See text

New York Trust Co, N Y
C o’s office. New Haven

o

J P Morgan & Co, N Y
Amer Ex Irv Tr Co, N Y
2d Nat Bk, New Haven
/Amer Ex Irving Tr Co,
(Linc’n office, NewYork
]2d Nat Bk. New Haven
f Amer Ex Irv Tr C o.N Y
Amer Ex Irv Tr Co, Lin­
coln office, N Y
(2dNat Bk, New Haven
land First Nat Bk, Bost

&
&

344
4

A
M
A
J

A

Apr 1 1940
s MTar 1 1947
o Apr 11954
J July 1 1955

344

J

A

J Jan 1 1956

4

M & N May 1 1956

a

J 6 J15 Jan 15 1948
M & N M a y l 1957
M & S Mar 1 1930
A & o Oct 31 1930
Various To 1935
A a o Apr 1 1942
M A N Nov 1 1937
a 5 g J
A J July 1 1945

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

3 5 0 ,0 0 0
4g J
1 5 ,0 0 0 .0 0 0
4g M
2 .5 0 0 ,0 0 0
4g M
2 3 4 .0 0 0
344 A
K
3 ,7 7 5 ,0 0 0
48
2 .4 0 0 .0 0 0
J
4
4v M
3 ,9 2 8 ,0 0 0
$ 2 8 7 ,0 0 0 444 (6) g .1
J
1 3 ,4 2 7 ,0 0 0
4g
S ee t e x t

A
A
A
A
A
A
A
&
&

P la c e s W h e r e I n t e r e s t a n d
D iv id e n d s a r e P a y a b le

D June 1 1955
N May 1 1954
N May 1 1954
O Oct 1 1930
A Aug 1 1955
D June 1 1956
S Mcb 1 1956
D Junel 1940
J Jan 1 1961

CentUnion Tr C o, N Y
Farmers’ L & Tr Co, N Y
Safe Dep & Tr Co,Boston
Second Nat Bank, N H
Amer Ex Irv Tr Co, N Y
Second Nat Bk. N Haven
do
do
do
do
Second Nat Bk, N Haven
do
do
Fidelity-Phila TCo.Phila
Am Ex Irv Line Off, N Y

NEW YORK LACKAWANNA & WESTERN RY.— Binghamton to Buf­
falo and Internat. Bridge and branohes, 214 m., of whioh the main line, 213
tn., is double track; D. L. & W. has a lease for duration of oharter from Oct.
1882, giving a guaranty of the bonds and 5% yearly on the stook. See form
of guaranty o f terminal bonds in V. 67, p. 1357; see also V. 68, p. 283.
The stockholders on April 26 1922 authorized an increase in the capital
stock from $10,000,000 to $15,000,000.
The $10,000,000 1st & ref. mtge. 4 H % gold bonds Series B are uncon­
ditionally guaranteed by endorsement, both as to principal and Interest, by
Del. Lack. & West. R R . Authorized, $30,000,000. There have also been
Issued $13,635,000 Series A 5% bonds, all of which are held in the treasury
of Del. Lack. & West. R R . V. 116, p. 2767.
NEW YORK & LONG BRANCH R R .— Perth Amboy to Bay H ead.N .J.
38 miles. Operated unuer an agreement made In 1888 for a period of 99
years with Penn. R R . and Cent. RR. of N. J., which Jointly and severally
guarantee Interest and 7% on the $2,000,000 stock, all owned by Central
RR. of N. J. Of the bonds $192,000 are 5s. Pras.. George F. Baker;
Vice-Pres., Robert W . de Forest, and R. B. White; Sec. & Treas., F. T .
Dickerson.— (V. 72, p. 438.)

NEW Y O R K NEW HAVEN & H ARTFORD R R . CO. (TH E ).— Cov­
ers Southern New England and the only direct routes between New York
and Boston.
Lines ow ned in Fee —
M ile s . I L eased [part ow n ed )—
M ile s .
Woodlawn Jet. N . Y ., to ProvlIOld Colony R R . (which see)___ 524
In te re s t on u n fu n d e d d e b t __________
dence, R . I __________________ 1731 L in es Leased —
A m o r t , o f d is c o u n t o n fu n d e d d e b t .
Boston, Mass., to Danbury,
iProvidence and Worcester_____
48
M is ce lla n e o u s in c o m e c h a r g e s _______
6 0 ,1 3 0
70
C o n n _______________________ 179INorw. & Worcester (which see)
New Haven, Conn., to Spring|Other lines___________________ 142
$ 7 ,8 9 9 ,9 9 6 $7,5 5 4 ,6 8 1
$ 6 ,8 0 9 ,9 8 1
field. Mass__________________ 60 ITrack to New York City, &C.
Lines to Pittsfield, Litchfield.
| (V .8 8 .P .5 3 )_______________
$ 8 ,0 6 6 ,3 0 8 $ 6 ,4 4 5 ,8 0 7
$ 5 ,8 6 9 ,2 4 6
Springfield. &c______________ 7161
-------D is p o s i t i o n o f N e t I n c o m e —
Total operated Dec. 31 1926____________________________________ 1,912
I n c o m e a pp lied t o sinking f u n d .
$ 9 8 ,4 2 9
$98 ,686
$ 98 ,184
Second track, 785 m .; third track, 126 m .: fourth track, 116 m .; all other
D iv . a p p ro p r ia tio n o f i n c o m e . 4 ,8 8 7 ,2 3 9
3 ,3 6 7 ,7 3 8
3 ,3 6 1 ,7 7 4
main tracks, 27 m .; yards and sidings, 1,917 m.
On Jan 17 1918 began operating N. Y . Connecting R R . (which see
$ 4 ,9 8 5 ,9 2 5 $ 3 ,4 6 6 ,1 6 7 $ 3 ,4 5 9 ,9 5 8
above). V. 104, p. 1592; V. 105, p. 2094.
I n c . b a l. tra n s ferre d t o P . & L . a c c t . $ 3 ,0 8 0 ,3 8 2 $ 2 ,9 7 9 ,6 3 9 $ 2 ,4 0 9 ,2 8 8
In Oct. 1904 $29,160,000 of the $58,118,982 N. Y. Ont. A West, com •
F o r la te s t earn in gs, see “ R a ilw a y E a rn in gs S e c tio n ” (issued m o n t h ly ).
stock was acquired at $45 per $100 share and $2,200 of the $4,000 pref*
V. 05, p. 481: V. 79. p. 2086, 2642: V. 80. p. 1363: V. 95. p. 1427.
O F F I C E R S .— C h a ir m a n , M . J . V a n Sw erin gen ; P r e s ., W a lt e r L . R o s s i
This company and the New York Central each own $2,352,050 or the
V .- P . o f O p e r ., H . J. K le in ; V . - P . o f T r a f f ic , J . W . G ra h a m ; S e c ., G e o rg e
S. R o s s ; T r e a s ., L . B . W illia m s ; C o m p t ., L ew is A . B e ll. O ffic e , C le v e la n d . majority pref. stock of the Rutland R R . V. 93, p. 1600. 1788; V. 94, p.
1317; V. 95, p. 1608: V. 101. p. 1974.
O h io .— ( V . 125, p . 2 6 6 9 .)
Guarantees $11,927,000 gen. 4s of the Central New England R y., which
N E W Y O R K C O N N E C T I N G R R . C O . ( T H E ) .— O w ns 4 -tra ck v ia d u c t
are now a direct obligation of the N. Y ., N. H. & H. under the merger. V.
b rid g e a n d co n n e c tin g road fo rm in g a lin e 8 .9 6 m iles in le n g th fr o m P o rt
92. p. 1179, 1375, 1436; V. 9 3 ,p. 866.
M o r ris , N . Y . , a t H ell G a te , t o L o n g Isla n d C it y (w ith lin e t o F resh P on d
The stockholders on April 20 1926 authorized the merger of the Central
4 .3 2 m .) , a co n n e c tin g lin k be tw e e n th e N . Y . N . H. & H . R R . a n d the
New England R y. and the Harlem River & Portchester R R . with the New
P e n n s y lv a n ia R R ., ea ch o f w h ich o w n s $ 1 ,5 0 0 ,0 0 0 o f th e $ 3 ,0 0 0 ,0 0 0 ca p ita l
Haven, which was effective as of Jan. 1 1927.
stock .
O pened fo r passenger s e r v ic e A pril 1 1917 and fo r fre ig h t service
Owns practically all the stook of the N .Y . Westohester & Boston. 177tb
Ja n . 17 1918. T h e I .- S . C . C o m m is s io n has p la c e d a t e n ta tiv e v a lu a tio n o f
St., N . Y . C., and M t. Vernon, &c., and guarantees payment of prin. & Int,
$ 2 4 ,5 0 0 ,0 0 0 o n th e o w n e d an d u sed p ro p e rtie s o f th e c o m p a n y as o f Ju n e
of th e 4 f i % 1st mtge. gold bonds. See bond offering, &c., V . 93, p. 346,
30 1918.
866; V. 94, p. 1508, 1627; V. 95, p. 48, 298, 964, 1040, 1208, 1746; V. 100,
P a ssen ger train s ru n th e n c e d ir e c t t o P e n n . R R . s ta tio n in N . Y . ; fre ig h t
p. 643, 1919. See “ Public Utility Compendium.” Tentative valuation.
trains g o t o B a y R id g e , B r o o k ly n , passin g b y fe rr y t o a n d fr o m G r e e n ­
V. 115, p. 2478, 2581; V. 116, p. 77.
v ille , N . J . V . 104, p . 1045, 1388; V . 106, p . 39 6 . O f th e 1st m t g e . b o n d s
($ 3 0 ,0 0 0 ,0 0 0 a u t h .), $ 2 4 ,0 0 0 ,0 0 0 Series “ A ” 434 s an d $ 3 ,3 3 3 ,0 0 0 Series
MASSACHUSETTS A C T.— An Act of Mass. Legislature duly adopted
“ B ” 5s h a v e b e e n s o ld , g u a ra n te e d , p r in c ip a l a n d i n t ., jo in t l y a n d s e v e r a lly ,
by directors on May 8 1917, (1) grants authority to retain possession of
b y P e n n s y lv a n ia R R . a n d N . Y . N . H . & H . R R .
14 subslaiarles, but requires the sale of the Rutland R R . stock within five
R E P O R T . — F o r 1926 in V . 124, p . 1975, sh o w e d :
years (subsequently extended to May 8 1932); (2) makes numerous stipula­
C a le n d a r Y e a r s —
1926.
192 5.
1924.
1923.
tions as to how sundry branch line securities shall be treated in the accounts,
O p e ra tin g r e v e n u e s ______$ 2 ,9 9 5 ,1 1 8 $ 2 ,7 8 2 ,3 4 0 $ 3 ,0 9 1 ,6 4 7
$ 3 ,2 7 8 ,0 5 7
and (3) limits dividend on com. stock to 5% p. a., until various conditions
N e t o p e r a tin g in c o m e ___
1 ,749,888
1,2 5 4 ,2 3 4
1 ,2 8 7 ,0 0 7
1 ,4 7 7 .9 3 9
are complied with. V . 104, p . 2010; V. 114, p . 1766.
G ross in c o m e ____________
1 ,288,716
1 ,2 8 3 ,0 2 4
1,2 8 2 ,3 2 4
1 ,5 0 2 ,0 5 5
SEGREGATION.— The stockholders on Apr. 21 1914 approved an agree­
D e d u c . fr o m g ross in c ___
1,2 8 7 ,9 5 0
1 ,2 8 0 ,8 2 8
1,2 8 1 ,5 6 4
1 ,3 0 3 ,0 1 4
ment which had been reached with the Govt, for a surrender to inde­
N e t in c o m e ____________
$765
$2,1 9 5
$759
$ 1 9 9,04 1
certain parts of the system
as to prevent a suit
For latest earnings see “ Railroad Earnings” (published monthly.) V. pendent control ofas follows: (1) The Boston soR . Holding Co. stockunder
ihe anti-trust law
R
own­
124, p. 3626.
ing 28.3% of the stock of the Boston & Maine R R . has been transferred to
NEW YORK & GREENWOOD LAKE R Y .— (See M a p o f E r ie R R .)— 5 trustees, viz.: Henry B. Day, Geo. W . Anderson. Augustus P. Loring,
Owns from Croxton Jot., N. J., to Sterling Forest, 41 m., and branches to Arthur B. Nichols and Frank P. Carpenter, and, after arrangements have
Ringwood, Ao., 8 m.; Watchung R y., Forest Hill to Orange, N. J., 4 m.; been made to protect the minority stock of the holding company, they shall
total owned, 53 m. Stock, $100,000; par, $50. Leased to Erie R R . for sell the Bos & Maine stock before (as extended) O ct.l 1923 V
7.107,p.1482.
999 years from May 1 1896. Prior lien bonds are guaranteed, prln. and int.: 1802. See V. 103, p. 166; V. 99, p. 1221. See Boston & Maine. Federal
by Erie. See V. 63. p 513; form of guaranty. V . 65, p. 463.
Judge Mayer in the U. 8. District Court for the Southern District of New
NEW YORK & HARLEM R R .— (See M a p New Y ork C entral R ailroad ).— York on June 4 1923 modified the decree of Oct. 17 1914 by which the
Owns steam road N . Y . City to Chatham, N . Y ., 136 m. Also owns street New Haven was required to dispose of the New England Street R y. System
and of holdings in the Boston & Maine R R . The modification restores
railroad on Fourth & Madison avenues. N . Y . City, 10 m. A sse ts, V . 9 5, p . 47
The N. Y . Central R R . owned on Dec. 31 1926, $5,551,400 common and to the N ew Haven its investment in t h e B .& M . See V . 116, p . 2637, 2884.
$1,142,950 preferred of the $10,000,000 stock. V. 94, p. 208, 768; V. 93.
(2) The stocks of the companies which control the Connecticut and
D. 1788. 1600, 1696; V. 94, p. 1057; V. 98, p. 1157; V. 99. p. 1749.
Rhode Island trolleys were placed in the hands of trustees— five for each
The s tea m ro a d (since partly electrified) was leased April 1 1873 for 401 State— and ordered sold by Apr. 1 1926 (as extended). The Rhode Island,
years to the N. Y . Cent. & Hudson River R R . Co.; and the stre e t ra ilw a y
trolley properties were disposed of during 1920. V. 99, p. 1452; V. 108
was leased July 1 1896 for 999 years to the Metropolitan Street R y. (now p. 683, 1275; V. 110, p. 1188, 1291; V. 112. p. 1618N . Y . Railways C o.), at annual rental Intended to provide dividends as
(3) The majority stock of the Merchants' & Miners' Transportation Co.
follows, the interest on the bonds being taken care o f under lease of the
held by the New Haven R R .. has been sold. V. 98. p. 1320, 1396.
steam road.
(4) The majority stock of the Eastern Steamship Corporation, beld by
Rental —
D ividend s.
Che New Haven RR shall be sold by July 1 1921 (as extended in 1919), and
Steam road— ______________________ 10% per annum guaranteed_________
In the meantime shall be deprived of voting power. (Sold in 1919.) Re­
■Street railway_____________________ $400,000 yearly— 4 % p.a . (see below)
These last dividends were not paid in 1919, the N. Y. Railways Co. organization plan in 1916, V . 103, p. 846, 1601. V. 99. p. 1369, 1454;
having defaulted on the street railway rental. By order of Judge Julius V. 106, p. 1345.
M . Mayer in Jan. 1920, the street railway line was returned to the com­
(5) Whether the Long Island Sound steamboat lines may be retained
pany as o f Jan. 31 1920 V. 108. p. 79; V. 109. p. 1273; V. 110, p. 360.
will be determined by I.-S. C . Commission. (Retention authorized on
R E PO R T .— For 1926, total income, $2,633,779; int. and rentals, July 10 1918.) V. 103, p. 1981; V. 105, p. 2184; V. 107, p. 906.
$2,005,092: pref. divs., $134.395com m ondivs,$865,605; baL.def., $371,314.
(6) The Berkshire trolleys shall be sold by Apr. 1 1926. V. 108, p . 1275.
(7) The stocks of companies owning or controlling street railways In
OFFICERS.— Pres., P. E. Crowley; V .-P., Albert H. Harris; V .-P ., John
N. Y . shall be sold by Apr. 1 1926. V. 8 9 j) . 1000, 1072. 1157. 1239. 1245:
L. Burdett; Sec., E. F. Stephenson; Treas., H. G. Snelling; Comp., W . O.
v . 99, p. 467, 270. 198, 120. 1131, 1221; V. 100, p. 642.
Wishart.— (V. 118, p. 2573.)




96

R A IL R O A D C O M P A N IE S
[F or abbreviations. A c . , see notes on p a ge 8]

M ile s
R oad

D ate
B onds

Par
V a lu e

New York New Haven Sc Hartford (C oncluded )—
Providence Secur Oo debs g gu red 105_________ xc*
Bds o f elec roads See text below & “ Public Utility Co
■qalpment trusts. Ser. A due $166,000 yearly _.F
do
ser D D due $171,000 s a ___C P c*
do
ser EE Class A ___________________
do
Govt No 53, due $295,900 yearly_
do
due $121,000 Jan, $12? 000 July____
do
due$167.000June,$166,000Doc.Ba.c*
B onds o f Lea d in g P ro p rie ta ry . A c . . L in e s (V 103. d
Boston E R Holding Co— Boston Term Co— Central
New York Connecting R E and Old Colony— See th
N Y Wes & Bos 1st M $60,000,000 e red 110(1 xc»&r*

A m oun t
O u tstanding

Rate

%

W hen
P a y a b le

1907
$1,000 See text
4K M & N
mpend lum”
A & O
1914
1.000
$332,000
5
1,000
1918
6
342,000
M & N 15
1920
1,000
A & O
1.184.000
7
1920
J & J
6
2,367,200
1925
1,000 3.159.000
5g J & J
1926
1,000 4.995.000
& D
4 H g.
1604)
New
Engla nd R y - See those co mpaniei
ose co mpanl
& £
See text
1911
4H B J A J
N o te. — Certain property o f this company Is subject to a lien un der a mo rtgage of th e New Y ork & Ne
Inal bonds o f that company to the amount o f $1,500, 000, d ue Apr 1 1939 bearing in terest at 4%

On N ov. 20 1925 Judge Francis A. Winslow o f the U. S. Court for the
Southern District o f New York entered an order modifying the decree of
Oct. 17 1914 In the following respects: The New York New Haven & Hart­
ford R R . Co. is relieved o f the obligation to sell any o f the securities o f the
New York or Massachusetts trolleys. The trustees, to whom was trans­
ferred the capital stock o f the Connecticut Company, were directed to re­
transfer the stock to the railroad company. V. 121, p. 2635.
y Report or inter-State Commerce Commission July 1914, V. 99, p . 270.
Suits against former directors. V. 99. p. 198. 270. 407. 538. 1367. 1055;
Y . 102, p . 345. 251, 134: V . 103, p. 844: V . 104, p . 1592, 1801: V. 108, p.
683, 879. 2123. Limited receivership denied, v . 110, p. 2292. Leaseof
real estate in N . Y . City, V . 110, p. 2292.
The stockholders on April 20 1921 authorized the directors and officers to
acquire the property o f the following corporations or any o f them, or to
merge or consolidate any or all o f them with this company: (a) Central New
England R y.; (b) Harlem River & Port Chester R R .; (c) New England SS.
Co.: (d) Hartford & New York Transportation Co.; (e) New Bedford Mar­
tha's Vineyard & Nantucket Steamboat Co.
The merger o f the Harlem River & Port Chester R R . and the Central
New England R y. with the New Haven was approved by the N . Y . P. S.
C ommission and the I.-S. C. Commission on March 15 1927. (V. 124, p.
1816). The New Haven owned all of the stock of both roads.
New Haven is acquiring all stock o f New Eng. Investment Security
C o., which controls the Worcester and Springfield street rys., and is also
acquiring the preferred stock o f the Springfield R y. Co. All of this pro­
cedure is to rehabilitate the Springfield and Worcester street railway
properties. V. 124, p. 640.
The N ew E ngland T ra n sp orta tion C o. was incorporated in June 1925 for
the purpose o f owning, maintaining and operating motor vehicles for the
transportation o f passengers, baggage, freight, mail, express and other
commodities in Massachusetts, Rhode Island, Connecticut and New York,
both in inter-State and intra-State commerce. The authorized capitaliza­
tion o f the company i s j f l .500.000 and it is formed as a subsidiary of New
York New Haven & Hartford R R . Compare also Y . 121, p. 703, 2270,
3128: V . 122, p. 102277307. 1606.
Report o f Joint New England Railroad Committee suggesting plans to
rehabilitate the New England roads. V . 117, p. 87.
STOCK.— Common stock, authorized issue unlimited. Pref. stock,
authorized, unlimited 7% cumulative convertible. V. 125, p. 1576, 1704.
Proceeds from the sale o f the preferred stock, were used as part payment
o f the U. S. Government debt.
D IV ID E N D S.—
j 1873-1895.
1896(0 1912. 1913.
1914. None
Per c e n t _____________1 10 yearly
8
7H
1 )-£ since
GOVERN M EN T LOANS.— On March 27 1918 the Director-General
agreed to advance to the company, for the purpose of protecting its ma­
turing notes, $43,964,000 due as extended April 15 1920, at 6% interest,
with the right of renewal to the company for one year more on the same
terms.
The note was reduced by payment on account from $43 964,000 to
$43,026,500. A new note in this latter amount, dated N ov. 1 1920 and
payable Oct. 31 1930. was given to the Director-General to replace the
note for $43,964,000, dated April 15 1918, since reduced by payments to
$43,000,000 and $50,620,000 o f first & ref. mtge. bonds were deposited with
the United States as collateral security therefor. A note in the amount of
$17,000,000, dated N ov. 1 1920 and due March 1 1930, with interest at
6 % , was given to the United States to refund indebtedness of the company
Incurred during the period o f Federal control, and first & ref. mtge. bonds
In the amount o f $20,000,000 were deposited as collateral security therefor.
A 6% collateral gold note for $4,290,000, due April 1 1925, was issued to
the Director-General of Railroads during 1922, since reduced by paymentsto
$4,000,000 and extended to Oct. 31 1930 (now held by Chatham Phoenix
Nat. Bank & Trust C o., trustee). The company also issued its notes,
payable in fifteen years from date, to the United States o f the total
amount o f $8,130,000, with interest at 6% in return for a loan of that
amount from the revolving fund created by the Transportation Act of
1920, and deposited its first & ref. mtge. bonds to the amount o f $9,565,000
as collateral security.
Further loan under the revolving fund o f $8,000,000 was certified bythe
Inter-State Commerce Commission on Aug. 29 1921. Two ten-year notes
In the respective amounts of $3,000,000 (dated Sept..15 1921) and $5,000,000 (dated Oct. 15 1921) were given to United States in return therefor.
First & ref mtge bonds o f Series “ B ” in the amount of $4,775,000 were
pledged as collateral security for the $3,000,000 note, while certain stock
and bonds o f other carriers were deposited with the United States as security
for the $5,000,000 note.
On N ov. 1 1921 a further loan o f $400,000, covering equipment purchased
under Trust “ E E ” was made and equipment trust notes Class “ B, ’ amount­
ing to $400,000, and first and refunding mortgage bonds, Series “ B ,”
amounting to $660,000, deposited as collateral security. $200,000 of the
above loan have since been paid off, releasing a corresponding amount of
“ E ” trust certificates which were canceled.
On M ay 26 1922 a further loan of $500,000, covering equipment purchased
under trust “ E E ,” was made and equipment notes Class “ A ,” amounting to
$400,000 deposited as collateral security. $200,000 o f the above loan has
since been paid off, releasing a corresponding amount of “ EE” certificates
which were canceled. On Jan. 27 1923 a further loan of $500,000, covering
equipment purchased under Trust " E E ,” was made and equipment notes
Class “ A ” and “ B ,” amounting to $600,000, deposited as collateral security.
$400,000 o f the above loan has been paid off, releasing a corresponding
amount o f trust certificates pledged as collateral.
Series “ O ," aggregating $2,600,000, Issued to secure loans from United
States Government, to secure following notes: M ay 1 1922, $2,100,000 6% .
due M ay 1 1932; June 1 1922, $300,000 6% , due June 1 1932: Jan. 1 1923,
$200,000 6 % . due Jan. 1 1933, on account o f 10% Installment European
___
_____
loan maturing April 1 1925.
.
_
A Government loan o f $7,400,000 was authorized In June 1922. Thefirst
Installment o f this loan, $2,000,000, was received Feb. 1 1923: the second of
$2,000,000, April 2 1923: the third, o f $1 500,000. March 6 1924: and
$1,900,000 March 28 1924. These advances were principally for additions
and betterments and maturing obligations.




[V ol. 125.

RAILW AY STOCKS AND BONDS
L a st D ivid en d
and M a tu rity

P la ces W h ere In terest and
D ivid en d s are P a ya b le

May 1 1957

Equitable Trust C o. N Y

To Apr 1929
Nov ’27-May’28
To Oct 1 1935
To Jan 15 1935
July '27-Jan '40
June '27-Dec '41

Farm Loan 9c TrOo. N Y
Commercial Tr Co, Phila
Old Colony Tr Co, Bost
Guaranty Trust Oo. N Y
J P Morgan & Co, N Y
Bankers Trust Oo, N Y

July 1 1946

New York & London

w England R R . Oo. to secure Boston T

BONDS.— The company has executed and delivered to the Bankers
Trust C o., trustee, its first and ref .mtge. dated Dec. 9 1920. This is an
open mortgage under which substantially all pre-existing obligations are
equally secured with the $95,000,000 bonds authorized to be issued to the
United States Government.
The aggregate principal amount of bonds which at any time may be issued
and outstanding is limited to an amount which, together with all other then
outstanding bonds, notes and other evidences o f indebtedness, shall not
exceed twice the amount o f the then outstanding stock (now $157,117,900),
plus premiums paid in thereon (to date $19,282,887 50), which at the
present time would limit the amount to $352,801,575.
A total of not more than $95,000,000 of new bonds is authorized, o f which
not exceeding $80,000,000 Series “ A ” 6s, dated N ov. 1 1920 and due
Oct. 31 1930, are authorized to refund company’s indebtedness to United
States Government incurred during period of Federal control; and not ex­
ceeding $15,000,000 Series “ B " 6s, due Oct. 31 1935, are authorized to be
issued for security to the United States for loans that may be made to the
company for equipment and betterments (as o f Dec. 31 1926 a total of $125.768,000) (Series A, B, C, D . E, F, G, H, I, J, K , L, M andN, had been
issued and were owned or held as lessee by the company, o f which $122,168,000 were pledged.
Bonds to the principal amount of $149,587,450 are reserved to refund
debentures and underlying mortgage bonds. For further details, including
list of obligations secured under this mortgage, compare V. I l l , p. 2423,
2041. 1942.
15- Y ea r Secured 6% B on d s .— The 15-year secured 6% gold bonds due
April 1 1940 are issued under a collateral indenture with the Irving BankOolumbia Trust Co. whereunder company has pledged as security $23.
000,000 1st & ref. mtge. 6% gold bonds. Series F, dated April 1 1925
payable April 1 1940, issued under and secured by company’s 1st & ref.
mtge. dated Dec. 9 1920. Beginning N ov. 1 1925 and semi-annually M ay 1
and N ov. 1 in each year thereafter, company will pay to the trustee as a
cumulative sinking fund to purchase the bonds at not exceeding 105%
and int., or to the redemption o f bonds selected by call at such price, 1%
of the principal sum at any time issued, and in addition an amount equal
to the int. upon the bonds acquired for the sinking fund by purchase or call,
as of Dec.31 1926. Co. owned $2,774,400 and $722,300 were in sinkingfund.
Proceeds of this issue were used to retire the company’s “ European Loan”
debentures, which matured on April 1 1925. Holders of the debentures
were offered the new 6% bonds in exchange for their holdings, par for par.
V. 120, p. 953, 1323.
„
N. Y . N\ H. & H. Harlem River & Portchester 4s o f 1904, V. 85, P- 1143.
Debenture certfs. o f 1906, V. 81. p. 976, 1039, 1493: V.84, p. 103. 694.
Providence Terminal Co. bonds ($7,500,000 auth.), see V 82, p. 929,
629, 693, 1213. 1323: V. 83, p. 96. 819.
The $39,029,000 6% debentures are convertible into stock at par, and are
secured by lien of 1st & ref. mtge. V. 85, p. 1270, 1339, 1402, 1647.
In April 1918 $3,141,000 of the $19,899,000 30-year 4% debentures of
the Providence Securities Co. had been acquired by the N . Y . N . H. as
H. R R ., which had assumed the issue, and its shareholders voted April
1917 to authorize not exceeding $16,758,000 4% debentures due in May
1957, to be exchanged $ for $ for the rest. In Dec. 1926 $13,001,000 had
been exchanged, leaving $3,757,000 outstanding. V . 106, p. 1577, 1689;
V. 110, p. 2488. 2658.
The I -S O Commission on Oct 16 1920 authorized the company to
Issue and pledge $3,500,000 equipment trust notes. Series EE (Old Colony
Trust Co , trustee), $2,800,000 thereof to be 7% “ Class A ” notes ($2,000,000
of these to be pledged to secure $2,000,000 promissory notes) and $700,000
to be 6% “ Class B ” [second lien notes]
These “ Class B " notes and the
remaining $800,000 “ Class A' notes to be turned over to the U, S. Treasury
In return for a loan of $1,500,000 under terms o f Transportation Act o f 1920.
The “ Class A ” notes are in denom. of $1,000, due serially 1921 to 1935.
The “ Class B ” notes are in denom. of $100,000, are due each Oct. 1 1921
to 1927 inclusive. V. I l l , p. 1567.
Of the $22,190,000 N. Y. Westchester ec Boston 1st 4H s, this company
owned $2,990,000 on Dec. 31 1926. See “ Public Utility Compendium.’ ’
O utstanding Consolidated Ry .C o . D e b en tu res A s su m ed

4% 1904 ...$4,255,000 July 1 195414% 1906 . . $2,011,000 Jan. 1 1966
4% 1905 . . . 2,309.000 Jan. 1 1955 I4% 1 9 0 5 -781,650 Feb. 1 1930
4% 1905 . . . 1.340.000 A p r .l 19551
Outstanding Street Railw ay Bonds A s su m ed as o f D e c . 81 1926.
(All 5 per cents except as shown. See “ Public Utility Compendium.")
W. & O. E. 4>4s $ 469,000 Jan. '43 Branford Elec___ O56.000 Oct. ’37
N. H. & Cent_ 277.000
S ep t.’ 33 M er.So.& C om p.
175,000 July ’28
Hartf. St. 4s_2,494,000
S ep t.’31 Staff. Sp. St____ 400.000 July ’ 5«
4% debs.. 165,000
Jan. ’30 Berk. St. R y. 6s.
770,000 June’37
Greenw. T ra m _ 319,000 July ’3 j
a Prin. and int. to maturity deposited with Union & New Haven Trust C o.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114, p. 2470.
R E P O R T .— For 1926 in V . 124, p. 1969, showed:
C alendar Y ears —
1926.
1925.
1924.
1923.
Avge. miles operated_
_
1,917
1,917
1,986
2,001
O perating R evenues —
$
$
$
$
Freight_________________ 69,234,032 67.667,234 63,432,140 67,186,374
Passenger..............
50,401,785 49,735,504 49,670,377 51,360,209
9,729,747
9,439,333
8,815,058 9,284,224
Mail, express, &c______
Incidental______________ 4,500,422
4,241,128
4,188,399 4,949,794
Joint facility-.............
1,199,851
1,183,223
1,107,723 1,159,985
Total_________________135,065,836 132,266,422 127,213,698 133,940,586
O perating E xp en ses —
Mamt. of way & stru c.. 17,790,161 16,992,836 15,919,488 16,376,045
_
Maint. of equipment_ 28,708,196 27,629,520 27,539,883 32,217,092
711,224
817,441
906,114
Traffic________
967,733
Transportation________ 46,347,231 46,733.099 47,941,947 53,037,109
2,076,259
1,886,747
2,014,756
Miscellaneous operations 2,167,831
3,403,443
3,397,118
3.519,907
General________________ 3,598,025
0 5 ,0 7 8
0 2 1 ,3 0 0
05 0,85 1
Transp. for investment.
03 8,91 6
Total............................. 99.540,261 97.745.382 97.480,323 107.816,094

Nov., 1927.]

97

KAILW AY STOCKS AKD BONDS

R A I L R O A D CO iI P A N I E S
[F or abbreviations, & c .. see notes on page 81

M ile s
R oad

D ate
B on d s

Par
V a lu e

A m oun t
O utstanding

R ate
%

W h en
P a y a b le

L a st D ivid en d
and M a tu rity

Nsw York Ontario ft Western— Common atook----$100 $58,113,983 See text See text Jan 31 1927,1%
Refunding (first) mtge $20,000,000 gold--Ba.xo*ftr Text 1892
1.000 20,000,000
4 g M ft S June 1 1992
Gen M $12,000,000 gold red 110 (see text) -.N x o’ &i
1905
1.000
8.630,000
4 g J ft D June 1 1955
Equip notes Ser O $30,000 s-a (V 9fl,p 420 ..B a x
1913
M ft S Sept’27-Mar ’28
—
1.000
30,000
4X
New York Pliila & N orfolk—
J
First mtge $3,000,000 g (V 68. p 773. 978) ..F P .xc*
112 1899
ft J Jan 1 1939
$1,000 2,600,000
4
_
Inoome mtge g non-cum regls (V 68. p 978)_ FPx
112 1899
1,000,000
1.000
M ft N Jan 1 1939
4
New York & Putnam — See New York Central B R .
72 1880
N Y Sus & West— Midland R R 1st M g ext ’ 10-Ce.xc*
500 &c 3,488.500
A ft O Apr 1 1940
5g
Paterson Exten R R 1st Mext In 1910 at 5% s f g.xo*
1 1881
1,000
200,000
5 g J ft D June 11950
New York Susq ft Western first M ret g ------- Ce.so*
134 1887
1.000 3.744.000
5 g J ft J Jan 1 1937
Seoond M ($1,000,000 gold) 3d M on 72 m.Ce.zo*
134 1887
1,000
447,000
4H g F ft A Feb 1 1937
General mortgage for $3,000,000 g old ___ Ce.xc*
134 1890
1,000 2,551,000
F ft A Aug 1 1940
6g
Terminal first mtge for $2,000,000 gold___Usx.o* &r
3 1893 1.000 &c 2.000,000
M ft N May 1 1943
5g
WUkes-B ft E’n 1st M g gu p &1 (V 60 .p 481)-G.xc*
65 1892
1,000
2,665,000
6 g J ft D June 1 1942
5 % g A ft O To Oct 11939
Equipment notes D ______________________________
1924
179,000
A ltiea C om pan ies —
Passalo d N Y 1st M (999 years rental) ext 1910--x
a
3 1885
500
J ft n Dec 1 1940
70,000
•
Newark ft Bloomfield— Stock, 6% rental___________
4
60
•
A ft o Apr 1 1927 3%
1.600,000
Newport & Cincinnati Bridge— See Louisville d Nash ville
o
Norfolk ft Carolina— See Atlantic Coast Line RR
Norfolk Southern — Stook $16,000,000 authorized----100 16,000,000
Jan 11914.K %
First mortgage___________________________ Mp.xo*
223 1891
1,000
1.655,000
M ft N May 1 1 9 4 1 '
eg
First General mortgage gold redeemable at 115--(lx
1,000
223 19C4
825,000
5 g J ft J July 1 1954
Suffolk d Carolina First Cons mtge gold red 110 xo*
a
75 1902
1.000
642,000
5 g J ft J July 1 1952
1st d: Ref M $35,000,000 red 105................. Ce.xc* dor*
789 1911
500 &c h l2 191,000
F ft A Feb 1 1961
5g
Raleigh do Cape Fear 1st M g ______________Col.xo*
1,000
32 1903
137,000
6g
M ft S Moh 11943
Raleigh d Southport first mort $2,000,000 _ Colx
a
_
1,000
61 1905
374,000
6 g J ft D June 1 1965
Aberdeen ft Asheboro 1st M $164,000 g.MeBa.xo*
1.000
82 1910
164.000
5 K J ft J Jan 1 1940
___ 1920
Equipment trusts No 55. due $8,800 y e a rly
a
70,400
J ft J 15 To Jan 15 1935
6
do
do
Series " D ” due $14,000 an n_________ 1923
6
84.000
To 1933
do
do
Series “ E ” due$7,000semi-annc*
1926
1,000
A ft O Oct ’27-A pr '36
119,000
5
_
_ 1927
do
do
Series “ F” due $30,000 ann w c *
1,000
$300,000
4H g J ft J To 1937
2.42 1911
1,000
Norfolk Terminal— 1st M $2,000,000 g gu red-.Q .xo
M ft N May 1 1961
1.000,000
4 g

P la ces W h ere In terest a m
D ivid en d s are P a ya b le

Gbeoks mailed
Office, Gr Cent Ter, N Y
do
do
Bankers Trust Go, N Y
Broad St. Station, Phlla
Checks mailed
Office, 50 Church St, N Y
do
do
do
do
da
do
do
do
do
do
do
do
Offioe, 50 Churoh St, N Y
90 We»i St, New York
C h & P N B & T r C o ,N Y
Guaranty Trust Go. N Y
International Tr Go, Balt
Central Un Tr C o. N y
Amer Ex Irv Tr C o, N Y
Amer Ex Irv Tr Co, N Y
Merc Tr ft S Dep Go,Balt
Guaranty Trust Co. N Y
M erc Tr ft Dep Co, Balt
Guaranty Trust Go. N Y

h Further amount pledged, see text.

1926.
Net operating revenue. - 35,525,575
Tax accruals__________
5,381,207
Uncollectible revenues..
12,850

1925.
34,521,040
4,890,151
19.045

1924.
29,733,375
4,807,973
20,976

1923.
26,124,492
4,934,004
94,929

Operating income------ 30,131,519 29,611,845 24,904,426 21,095,558
Hire of freight cars_____ Dr2,200,768 D/T,805,339 Drl,038,376 Dr3.486,187
Rent for equipment------£>rl43,319
Cr49,845
£>rll,220 Dr224,339
Joint facility rents--------£>r4,583,378 Dr4,532,556 Dr4,067,551 Dr4,107,304
Net railway oper. inc. 23,204,053

23,324,795

19,787,279

13,277,728

1,210,983
2,116,273
725,188
1,424,326
1,244,652
35,377

1,703,102
1,079,745
1,525,357
1,443,897
1,208,332
26,665

1,262,900
1,126,019
1,301,680
1,378,724
1,172,397
127,529

2,505,506
1,134.663
1,219,624
1,197,513
1,095,872
39,054

Total non-oper. i n c .. 6,756,799
Gross income---------------- 29,960,853
D ed u ction s —
_ 5.967,743
Rent for leased roads_
Interest on funded debt. 15,193,498
Int. on unfunded d e b t.79,524
N . Y . W . B. R y. guar.
(bond interest)______
______
Separately oper. prop’y ______
Miscellaneous__________
476,975

6,987,098
30,311,893

6,369,249
26,156,528

7,192,233
20,469,961

5,915,572
15,410,604
76,384

5,915.414
15,576,807
178,432

5,846,451
15,491,206
497,999

864.000
113,300
512.783

864.000
113,189
510,036

864.000
112,588
574,823

N o n -O p era tin g I n co m e

Dividend income_______
Inc. from funded sec____
Inc. from unfunded sec.
Inc. from lease o f r o a d ..
Miscell. rent income____
Miscellaneous__________

Net income................. 8,243,112
7,418,252
2,998,650def2,917,105
For latest earnings see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres., E. J. Pearson; V.-P. E. G. Buckland, B. Campbell,
A. P. Russell. N. M . Rice; Gen. M gr., J. A. Droege; Sec., Arthur E.
Clark; Treas., A. S. May; Com p., H. S. Palmer; Gen. Counsel. B. I.
Spock.
D ir ector s. — Howard Elliott, N. Y .; James L. Richards and Jos. B,
Russell, Boston; R . G. Hutchins and J. Horace Harding, N . Y . City;
Arthur T . Hadley, New Haven; W. B. Lasbar, Bridgeport: Francis T.
Maxwell, Rockville, Oonn.j Edward Milligan, Hartford, Conn.; Frank W.
Matteson, Providence, R. I.; Harris Whittemore, Naugatuck, Conn.; Edw.
G. Buckland, Benjamin Campbell and Edward J. Pearson, New Haven;
Charles F. Choate Jr., Southboro, Mass.; Frederick C. Dumaine, Concord,
Mass.; George Dwight Pratt, Springfield, Mass. Offices, New Haven,
Conn.; South Station, Boston; Grand Central Terminal Bldg., New York.
— (V. 125, p. 2259.)
NEW Y ORK ON TARIO & WESTERN R Y . CO.— Operates from
Weehawken, opposite N. Y . City, to Oswego, on Lake Ontario, in all 569
miles, viz.:
R oad Owned —
M ile s .
R oad C ontrolled, A c .—
M ite s.
Oswego to Cornwall, N. Y .. ------ 272 tPecksport, Conn, (leased)______ 4
branch to New Berlin.......... -------22 tOnt. Carb. & S. (leaeed) Cadosla,
do
to Delhi-...........................17
N. Y .. to Soranton, Pa, &c____73
do
to Ellenville. e t c __ ____ 9 Rome ft Clinton (leased)_______ *13
Utica Clinton ft Bing, (leased) ..*31
Total owned...................... . . . 320 tWharton Valley (owned)______ 7
Troefcap* (till 2079) W.Shore RR.
tEllenvllle ft Kingston (leased) . . 2 8
O’nwall to W ’ken (V.61.P.425). 53 tP t. Jervis Mont. ft Summltvllle
Other trackage_________________ 3
(leased)______________________ 38
• See this company
t Entire stock and debt owned by N . Y . O. ft W .
CONTROL.— In Oct. 1904 N. Y. N. H. ft H. RR. acquired $29,160,000
«om. 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. d . 1044: V. 07. p. 1427
Tentative valuation, V. 114, p. 522, 627, 1064; V. 123, p. 840.
STOOK.— There $4,000 old preferred
V. 79. p. 977. 980. 1332
COAL PROPERTIES— “ OTHER IN C O M E.” — In 1899-1900 coal
properties having then a maximum output capacity of 2,700,000 tons
annually, were brought under friendly control with aid of loans from the
Railway Co. and are now owned by the Scranton Coal Co. and the Elk
Hill Coal ft Iron C o .. the Railway Co. owning the stock of both companies
The $6,000,000 5% 1st mtge. notes Issued by the railway to enable these
coal companies to acquire the aforesaid properties were all paid off on or
before Dec. 1915, and on Dec. 31 1926 the railway held as first liens on
said properties former 2d mtges. for $1,000,000 and $2,225,000, respec­
tively.
DIVS. T 2 .’ 13 .T 4 -’ 15. T 6.19 17.T 8. T 9 .’20. ’ 21. ’22-24. ’25.
’ 26.
C om .(% ) 0 2 None
1 None 2
1 1 2
None 1%
None
Paid in 1927; Jan. 31. 1% .
BONDS, ecO.— R efu n d in g m tge. for $20,000,000 oovers 320 miles of road
owned, all the securities of the Ont. Garb. & Scran. R v., 54 miles, and all
after-acquired property. V. 72, p. 87, V. 78, p. 2012, V. 80, p. 651.
The gen. mtge. gold 4s o f 1905 are a second lien on all property covered by
the refunding mtge., and a first lien, through deposit with trustee of stock
and bonds on 66 miles, viz., $295,000 stock and a $650,000 bond of the
Ellenville ft Kingston R R . Co., and $105,000 stock and a $450,000 bond
o f the Port Jervis, Monticello & Summitville R R . Co. V. 79, p. 1332, 1432,
V. 92. p. 462, V. 94. p. 1508, V. 96, p. 420, 653.
R E PO R T .— For 1926 in V. 124, p. 1975 showed;
C alendar Y ears —
1926.
1925.
1924.
1923.
Operating revenue------- $13,974,119 $12,247,511 $13,666,131 $13,937,366
Oper. exp., taxes, &c— . 11,547,080 10,751,811 11,492,160 12,568,942
Equip, rents, &c. (net).
618.908
404,239
498,603
361.469
Net oper. income_
_ $1,808,130 $1,091,461 $1,675,368 $1,006,955
Other income_________
379,045
353,766
347,194
508,284
Deductions________

$2,187,176
1,412,047

$1,445,226
1.404,159

$2,022,562
1,395,062

$1,515,239
1,392,454

Net income— .........
$775,128
$41,067
$627,500
$122,785
For latest earnings, see “ Railway Earnings Section” (issued monthly).




OFFICERS.— Pres., John B. Kerr; V .-P ., Sec. & Treas., Richard D .
Rickard. Office. Grand Central Terminal. New York.— (V. 124, p. 1975.)
NEW Y O R K PHILADELPHIA AND NORFOLK R R . CO.— Rail lines
owned, 122 miles; water line, 36 miles. Leased to Pennsylvania R R . for
999 years from July 1 1920. V. 113, 0. 849. Pennsylvania R R . owns all
of the $2,500,000 stock. Bonds, see table at head of page.
The i.-S . C. Commission has placed a final valuation of $11,200,000 on
the owned and used properties of the company as of June 30 1915.
D ivid en d s. — Divs. have been paid as follows: 1901, 6 % ; 1902, 5% ;
1903 , 6% ; 1904, 6 % , and 2% extra; 1905, 8% and 2% extra; 1906, 10%
and 25% In stock; 1907 to 1926, 12% yearly.
OFFICERS.— Pres., A. J. County; Sec., Lewis Neilson: Treas.. Henry
H. Lee; Comp., F. J. Fell Jr. Office. Philadelphia, Pa.— (V 120, p. .3310.)
NEW Y O R K SUSQUEHANNA AND WESTERN R R . CO.— (Se«
E rie M a n .)

Owned (in fe e ) or en tire stock. M i l e s .) Wilkes-Barre & Eastern________ 64
Jersey City to Stroudsburg, Pa__ 99 Susquehanna Connecting R R ____ 8
(Double track 19 miles.)
Other branches__________________ 24
Beaver Lake, N . J., to N . Y .
Trackage_______________________ 7
State Line___________________ 20
.222
Total road operated December 31 1926
The I.-S. O. Commission has placed a tentative valuation of $14,263,500
on the owned and used properties as of June 30 1918.
STOCK.— Pref., $12,964,844; com.. #12,816,319, of whloh the Erie
owns $25,735,417 common and preferred—of this, $6,630,000 com.
and $6,630,000 pref. being deposited under its mortgages. Dividends on
pref.. Nov. 1891 to 1892, 2 H % yearly; none since.
BONDS.— G eneral 5s are reserved to retire 2d 4 H e . See abstract, V. 62.
p. 84. The seconds are exchangeable for generals on payment of an assess’t.
T erm in a l bonds, see Issue of Jan. 1898 and abstract, V. 57, p. 512.
The $3,500,000 Midland RR. 6s were extended 30 years from 1910 at 5%
and $200,000 Paterson Ext. 5s 10 years at same rate. V. 90. p 373. 91.
Equipment notes. 1916, V. 103. p. 61.
R E P O R T . — For 1926 showed:
C alendar Y ears—
1926.
1925.
1924.
1923.
$5,179,121 $5,150,248 $5,482,001
Total ry. oper. rev......... $5,395,850
Operating income______
664,273
491,648
109,416
163,101
Net ry. oper. income---550,709
305,073
defl3,253
193,050
Other income...................
62,699
60,643
56,152
defl,519
Deductions____ _______
819,773
823,129
812,926
809,359
Balance, deficit...........
$206,365
$457,412
$770,027
$617,828.
OFFICERS.— Pres., John J. Bernet; V .-P., W m. A . Baldwin; V .-P ..
& G e n . C o u n s e l, G e o . F. B r o w n e ll; V.-P. & S e c ., G e o . H. M in o r ; V.-P.
David L. Gray; Compt., Chas. P. Crawford; Treas., W m. J. M oody
Offices. 50 Church St., New York.
— (V. 124, p. 1355.)
N IAGARA JUNCTION R Y .— A terminal and switching road extending
from Niagara Falls, N. Y ., to Pfletchers Corners, N . Y ..5.79 miles; factory
sidings, 21.83 miles. Electrically operated since Sept. 1 1913. V. 97, p.
1837. Stock, 10,000 shares of no par value, all owned by Niagara Falls
Power Co.
Pres., Paul A. Schoelkopf; Sec., Fred’k L. Lovelace; Treas., W . Paxton
Little.— (V. 115, p. 2906.)
NORD R A IL W A Y — (V. 121, p. 195.)
NORFOLK SOUTHERN R R . CO.— Operated Dec. 31 192 6 931.783
miles extending from Norfolk, Va., to Raleigh, Goldsboro and Beaufort and
the Piedmont Section, N. O., with branches. Of this total, the company
owns 790.163 miles and leases 133.895 miles (from Goldsboro to Morehead
C ity), and has trackage rights on 7.725 miles.
Owns entire capital stock and bonds of John L. Roper Lumber Co. and
entire stock ($35,000) of Carolina R R ., Snow Hill 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 ft South
Carolina RR in 1920 V. 110, p. 2292.
As to Cumnock Coal Mining C o., an ally, see V. 106, p. 607. 822. '
The I.-S. C. Commission has placed a final valuation of $21,622,000 on
the owned and used property of the company as of June 30 1914 and $6,500
on its owned but not used property, and $2,804,465 on the used but not
owned property. The valuation figure includes the properties of the A t­
lantic & North Carolina R R . and the Carthage & Pinehurst R R .
ORGANIZATION.— Successor May 5 1910 to N. ft S. R a ilw a y , foreclosed
Deo. 7 1909 per plan V 87. p. 614. 678
Inoorp. in Virginia May 2 1910.
BONDS.— Of the “ First ft R ef.” $35,000,000 bonds. $3,981,000 were
reserved to retire a like amount of underlying bonds. T o Dec 31 1926
retired by sinking fund, $2,700,000, held for company by Central Union
Trust C o., $2,039,000; held by public, $12,191,000; as collateral for 3-year
notes o f 1917 pledged, $1,577,000; held by U. S. Govt, and Dir. Gen. of
RR. as collateral, $389,000; in treasury, $11,000. V. 107. p. 604.
These bonds are secured by a first mortgage on 334 miles, and, subject
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
of the John L. Roper Lumber Co. Sinking fund $100,000 yearly, as long as
the lumber company bonds are pledged, at least one-half for purchase or
redemption of bonds of this Issue, and the balance. If any, for construction,
Impts., &c. V. 93, p. 1534; V. 96, p. 487; V. 97. p. 1204; V. 98, p. 523.
The $1,616,000 U. S. Govt, notes were retired on N ov. 16 1927 by the
issuance o f 1st and ref. mortgage bonds.
D IV ID E N D S.— In 1911. 2% (quar.): 1912 to Jan. 1914, 2% (Q.-J.),
None since
V 98. o 1000. 1072.
R EPO RT.— For 1926, in V. 124, p. 2421, showed:
Calendar

O per.

N e t (after

Total

I n t . , ren t,

Bal.

Y ea r —
Rev.
taxes)
in com e.
&c
Sur.
1926--------$10,066,487 $2,252,191 $2,332,100 $1,518,523
$813,578
1925_______ 9,131,878
1,900,088
1.963,398
1,450,874
512,524
1924--------- 9,291,928
1,839,144
1,915,805
1,507.284
408,521
1923______ 9,386,653
1,798,043
2,581.812
2.207,462
374.350
1922_______ 8,412,957
1,413,673
2,049,601
1,940,549
109,051
For latest earnings, see “ Railway Earnings Section” (issued monthly).

Q
C

RAILWAY STOCKS AND BONDS
[V ol. 125.




to

N ot., 1927.]

99

RAILW AY STOCKS AKD BONDS

R A IL R O A D C O M P A N IE S
[F or abbreviation s. & c ., see notes on page 8]

M ile s
H oad

D ate
B on d s

Par
V a lu e

A m oun t
O utstanding

R ate
%

W hen
P a y a b le

L ast D ividend
and M a tu rity

$
Q— M Dec 19 '27 4%
$100 139,940,300 See text
4
Q— F Nov 19 '27 1%
100 22,992,300
Adjustpref(pAd)4% stock non-cum $23,O00,OOO.Qz
7,235,000
6 2 M & N M ay 1 1931
428 1881
1.000
N A W gen (now 1st) M Norf to Brls Ao g — FP.xo*
A & () Apr 1 1932
6g
1,000 2,000,000
194 1882
New River Division first mortgage gold--.F P .xo*
F A A Feb 1 1934
6g
5,000,000
1,000
566 1883
Improvement & extension mortgage gold-FP.xo*
M A N Nov 11989
4g
1,000 5,000.000
127 1889
Soloto Valley & New Eng 1st M assum gold-Ce.zo*
4 g A A () Oot 1 1996
100 Ac 41,053,500
N & W First OonsolmtgeS62.500.000 g--Ba.xo* Ar* 1,620 1896
4 g J & J July 1 1944
Dlv 1st lien & gen M (text) g red 105 beg 1929 Ux 1,982 1904 1,000Ac 35,000,000
4 2 J & D Deo 11941
1,000 13,269.000
1901
Pocah Joint M $20,000,000 g call 105 a f-G P.xo*A i
28o,000
4 2 J & D June 1 1932
1907 1,000 &c
Convertible bonds gold red text------------------------ Ox
41,000
4 g M A S Sept 1 1932
1912 1.000 Ac
do
do
13,300.000 gold red-.G xo*Ar*
115.000
1913 l.OOOAc
4 X g M & H Sept 1 1938
do
do
see text gold r e d
G.xc*Ar*
783,300
6 g M & H Sept 1 1929
1919 1,000 Ac
do
do
$17,945,000 g see text G.yc*Ar*
TJuly 1 1960
5,000.000
42 J A <
1,000
89 1910
Wlnston-Sal So’ b’d lstM$5.000,000 g gu Ui.xo*Ar*
4H
M A N To May 1 1932
1,000 3,350.000
1922
Equip tr Series o f 1922 due $670,000 ann--------- CP
F & A To Feb 1 1933
1,000
4,800.000
4A
1923
do Series of 1923 due $800,000 ann_________
1.000 7,800,000
1924
4H sr A A O O c t ’ 2 7 -A p r '34
do Series o f 1924 due $600,000 s - a ______ c*
& J To Jan 1 1935
4,800,000
1,000
4A g J
1925
do Series o f 1925 due $600,000 ann-----------F A A See text
4,000,000
7
100
226
■orth Carolina— Stock 7% paid from r e n ta l-...........
North East Penn— 1st M gold gu P & R (ext) red 105
5 g A A O April 1 1930
400,000
1.000
GuPkvc*
25.6 1890
Q— F N o v 25 '2 7 2%
8
50 5,522,650
88
■orth Penn— Stook 8% gu 990 yrs $6,000,000 au th ..
M A N May 1 1936
4
1,500,000
500 Ao
57 1866
Old second M (now 1st) (7s extended In 1896) ..k v o
4,500.000
3.32 .1 A ,T Jan 1 1953
88 1873
General mortgage extend. In gold In 1903-FP.kvcAr
408,000
4 2 M A N Nov 11928
1898
Funding loan bonds $409,000 gold-------------------kv
J A J July 1 192p
1,650,000
5
1.666
112 1896
■orthern Alabama— 1st M($350,000 prior lien) Col xc
6
Q— J Jan 3 1927 1H
100 3,068,400
83
Northern (N H)— Stock 6% rental...............................
Northern California Ry— See Southern Paclflo R R —
8
,r A J Tulyl5 1927 4%
50 27,077.200
■orthern Central— Stock (see text)-------------------------J27 Irredeemable
6
1.500,000
0—
142 1855
First mortgage State of Maryland loan (V 74,p 1197)
M & S Mar 1 1974
5g
1,000 8.300.000
142 1924
Gen A ref mtge g o ld Series " A ” ___________ xc*Ar*
S Mar 1 1974
1,000 5,231,000
4A g M &
142 1927
_________________ xc*Ar*
do
do
do

■orfolk & Western— Common stook $ 2 5 0 ,0 0 0 .000-Gx

BALANCE SHEET as o f Dec. 31 1926 In V. 124, p . 2421.
OFFICERS.— Ernest Williams, Chairman; Geo. R. Loyall. Pres.; E. D.
Kyle, V.-P.: F. P. Pelter, V.-P. A Gen. Mgr.; J. F. George, Treas.: M . S.
Hawkins, Sec. A Asst, to Pres.; J. R . Pritchard, Asst. Sec.; J. C. Nelms,
Jr.. Gen. Aud. Office. Norfolk, V a — (V. 124, p. 2804.)
NORFOLK TERMINAL RY.— Owns a union passenger station a’
Norfolk, Va., with approaches, opened June 1 1912, used by the Vir­
ginian Ry., Norfolk A Western R y. and Norfolk Southern R R ., which
own the entire stook and undertake to meet all expenses, charges and
Interest and principal of bonds. The I.-S. C. Commission has placed a
final valuation of $995,000 on the owned and used property of the company,
as o f June 30 1914. Bonds authorized March 20 1911, $2,000,000,
guaranteed, principal and interest, by the three lessor companies, of
which $1,000,000 have been sold. Redeemable at 105. V. 92, p. 660, 1109;
V. 93, p. 667,1191. Pres., C. H. Hix; Sec., T .E . Bristow; Treas., J. F.
George; Gen. Counsel, W. H. T . Loyall, Norfolk, Va.— V. 120, p. 2547.)
NORFOLK AND WESTERN R Y. CO.— (See M a p .) — System extends
from Norfolk, Va., westward to Columbus and Cincinnati, O., and north­
ward to Hagerstown, M d., southward to Durham and Winston-Salem,
N. C ., Bristol, Va., and Norton, Va., with branches to the various coal
fields in Virginia and West Virginia
M ile s .
R oad Owned —
M ile s .
_
Norfolk, V a „ to Columbus, O_ 707 Roanoke to Winston__________ 122
Radford, Va., to Bristol, T e n n .-lll Sundry branches______________ 661
21
Roanoke, Va., to Hagerstown..238 Oper. under lease_____________
Graham to Norton______________ 100 Traokage_________ __________ _
16
No. Caro. Junotlon to Fries_____44
Total operated Dec. 31 1926-2,242
Lynchburg to Durham, N. C____115
Portsmouth Junotlon to Clnoln621
•natl and Ivorydale____________106 Double track.
(^ORGAN IZATION .— Successor In 1896 of Norfolk & Western R R .. Ac.
foreclosed per plan in V. 62, p. 641. As o f Dec. 31 1926 the Penn. RR
owned $58,415,000 common and $12,228,000 adjust, pref. V. 83, p. 502;
V. 88, p. 1062; V. 98, p. 763; V. 95, p. 361, 688. Boat lines, V. 105, p. 73.
Tentative valuation as o f June 30 1916, $237,392,000. Valuation pro­
tested, V. 119, p. 694.
The I.-S. C. Commission on Oct. 11 1926 denied the proposed acquisition
by the Norfolk & Western R y. o f control o f the railroad o f the Virginian
R y. by lease. Compare V. 123, p. 2257.
- STOCK.— Provisions of pref. stook were In the issue of April 1897, p. 4,
On April 10 1919 stockholders authorized an Increase in the authorized
common stock to $250,000,000 chiefly in order to provide for the converslonfeature o f new convertible bonds. V. 108, p .1512. See below.
DIVS.—
f ’07. ’08. ’09. ’ 10. ’l l . ’ 12-'15. ’ 16. ’ 17. ’ 18-’21. ’22-’25. ’ 26.
Com m on._%\ 5
4
4A 5
5 H 6 yrly. 7 H 8
7 yrly. 8 yrly. 10
In June 1916 dividend was increased to 1 % % quarterly and an extra of
1% was paid. 1917, M ar., 1% % and 1% extra; June 1917 to Dec. 1926
1 j£ % ; and 2% Mar. 1927 to Dec. 1927 quar.; also paid 1% extra in Dec.
1922, Dec. 1923, Dec. 1924, Dec. 1925; 3% extra in Dec. 1926; 2% extra
in Dec. 1927. Adjust, pref. receives 4% p. a., paid to Nov. 19 1927 (1%
•Q--F. 19.)
BONDS.— TheFlrstOonsolldated m tge.of 1896 Is limited to $62,500,000,
the balance unissued being reserved to retire the underlying bonds. V 73
p. 602; V. 74, p. 151; V. 75, p. 505; V. 77. p. 1785; V. 7 8 ,p . 229- See
ab stra ct, V. 64, p. 376; V. 72. p. 137, 438, 532. 723, 1080; V. 75. p . 505:
V. 79. D. 213: V. 81. p. 212.
The N. A W.-Pooahontas joint bonds are secured by about 300,000 acres
•f coal lands owned and held by the Pocahontas Coal & Coke C o., of
which about 78,632 acres have been leased to companies whose stock Is
all owned by the United States Steel Corporation and 102,368 to other con­
cerns, subject to royalties. They are subject to call at 105 for a sinking
fund o f 2)4 cts.per ton mined, V. 106. p. 1239. V. 73, p. 845, 902; V. 74,
p. 41, 380, 1197; V. 75, p. 502. These bonds are the joint and several
obligations o f the Railway Co. and o f the Coal & Coke C o., but as between
the two companies the debt is to be paid by the latter company.
D iv isio n a l 1st L ien and O en. M t g e . 4s of 1904 ($35,000,000) authorized for
future capital requirements are a 1st lien on extensions and branches and
also a lien subject thereto upon properties covered by 1st Consol. M . V. 78.
p. 1549; V. 79, p. 501, 628, 973, 1642, 1704. 2148; V. 80. p. 1175; V. 82
p. 510 V. 83, p. 1471 V. 88, p. 231, 453 V. 119, p. 2643.
The Oonv.4s o f 1907, of which $25,569,000 were issued 1907-10 (V. 83,
p. 380,435, 575) were convertible into common stock $ for $, prior to June 1
1917, and thereafter subject to call at 105 & int.; $25,284,000 bonds were
converted. V. 83, p. 1412, 1471; V. 84, p. 1248; V. 86, p. 109, 286; V. 90.
D. 772. 1425; V. 93, p. 1324, 1534; V. 104, p. 1592; V. 106, p. 1237.
Convertible bonds o f 1912 were convertible into common stock, $ for $
prior to Sept. 1 1922, and thereafter subject to call at 105 and int. $13.
259.000 bonds were converted. V. 94, p. 208. 417; V 95, p. 687
The 10 to 25-yr. 4 'A % conv. bonds of 1913 were convertible into com­
mon stock, $ for $, prior to Sept. 1 1923, and thereafter are;sub. to call at
105 & int. Converted, $18,238,000. V. 96, p. 360, 65g, 948 V. 97, p. 666.
T o provide for capital requirements during 1919, &c., the holders ol
both classes o f stock o f record Dec. 18 1918 (see V. 107, p 2098) had the
privilege of subscribing at par for $17,945,000 Convertible 10-year 6%
gold bonds o f 1919 in amounts equal to 12 A % of their respective holdings.
The bonds are convertible at any time before maturity into common stock,
$ for $. Converted to Oct. 10 1927, $17,161,700.
The $5,000,000 Winston-Salem Southbound R y. 1st Mtge. bonds are
guar, jointly with the Atlantic Coast Line R y. Co. Also guar., with Vir­
ginian R y. and Norfolk Sou. R y., $1,000,000 Norfolk Term. R y. 1st 4a
and, with Southern R y. and Winston-Salem Southbound R y., $800,000
Winston-Salem Terminal Co. 1st 5s.




P la ces W h ere In terest and
D ivid en d s are P a y a b le

Office, Philadelphia
Office, Philadelphia
Banker* Trust Go, N Y
do
do
do
do
do
do
Bankers Trust Co, N Y
do
do
do
do
Bankers Trust Co, N Y
do
do
do
do
do
do
United States Tr Co. N Y
Bk of N A A Tr Co, Phila
do
do
do
do
Bk of N A A Tr Co, Phila
BurlIn2 ton, N 0
Reading Terminal. Phila
Office. 240 S 3d St. Phil*
do
do
do
do
Reading Terminal Phil*
Treas office,Washington
50 Congress 8t. Boston
Treasurer’s Office, Balt,
Treasurer’s office, Phila.
Treas .o ff ice , N .Y .APhila.
do
do

. in V. 124, p . 19 6 7 ,showed:
1924.
1926.
1925.
O perating R evenues-

1923.

93,370,357
8.031.229
1,149,651
1.101.736
562.354

81,684,818
8,972,057
1,161,923
1,118,992
581,049

81.321,868
10,301.246
989.497
1,237.913
578,610

1,003,664
. 1,314,830
Total_______________ .120,409.038 105.218,991
♦Other revenue_______
Total_______________ .120,409,038 105,218.991
Operating E xpen ses —
Maint. of way & struc.. 16,413,152 15.109,848
Maint. of equipment__ . 21,215,215 21,655,956
1.190,439
Traffic________________ . 1,309,177
. 30,283,220 28.140,128
272,971
Miscellaneous operationsi
270.640
2,084,549
. 2,269,535
519.077
Transp. for invest.— Cr.
534,026
■ ot,als_______________. 71.226.914 67.934.815
'
Net revenue from o p e r.. 49,182,124 37,284,175
8,600.000
11,075,000
29,022
_
Uncollectible revenue_
12,332

1.061,834
94.580,674
3.126.636
97,707,310

1,162.547
95,591.682
95,591,682

14.801.044
22,796.839
1,054.805
29,217,013
288.092
2,012.582
295.268
69.875.109
27,832.202
7.400.000
13,539

12.408.975
25,140,609
991.805
31.997.613
306,382
1,869.052
115.568
72.598.871
22,992,811
6,225.000
26,172

38,094,793

28,655,153

20,418.662

16,741.639

2,418,469
128,812
280,077

2,386,617
167.130
302,052

1,726,291
17.629
300.787

3,003.995
4,408
258,824

2,827,358
i 40,922,151
Inc. from lease of roa d ..
1,110
Miscell. rent income____
83,433
Misc. non-op. phys. propi
99,159
Dividend income_______
7,099
Income from funded secs.
812,166
Income from unfunded
securities & accounts.
429,432
Miscellaneous income_
_
76,099

2.855.799
31,510,952
1,110
75,873
81,446
7,049
488,545

2.044,707
22,463,369
1,110
79.283
147,277
6,599
622,931

3,267.227
20.008.866
1,025,519
72,581
41,089
5.047
575,280

219,459
6,649

219,494
6,529

1.855,592
29.102

1,508,498
42,430,648
97,625
2.280
5,224,779
13,275

880,131
32,391,0S3
105.388
1,847
5,366,857
74,618

1.083,224
23,546.593
103.805
1,755
5,064,022
20.729

3.604.210
23.613,076
102,307
1.454
4.622.613
33,232

288,599

247.043
30.571

80.751
32,182

64.974

5,626,460
36,804,188

5.826,325
26.564,759

5,303,245
18,243,348

4.824.579
18,788.497

919,692
13,920,718

919,692
10.930,694

919,692
10,563,752

919.692
10.304,434

Freight_____________
.108,703,463
Passenger______________. 7,663,494
. 1.120,521
. 1,067,487
i
539,245
7

N on -O p era tin g In co m e

Hire of freight cars (net)
Hire of other equip.(net)
Joint facility rents (net)

Totals_______________
Rent for leased roads_
_
Miscellaneous rents____
Interest on funded debtInt. on unfunded d ebt-Amortization of discount
on funded debt______
Miscell. income charges.
Dividends on adjustment
preferred stock (4 % ).

Balance, surplus____ 21,963,778 14,714,373
6,759,904
7,564.371
* N o te .— It has been the company’s practice for many years to include in
its figures of operating revenues for each month the revenue from local busi­
ness for that month and the revenue from inter-line forwarded and received
business for the preceding month. By order of the I.-S. C. Commission, It
became necessary, beginning with Dec. 1924, to include the revenue from
inter-line business in the figures for the month in which it was earned. Dec.
1924 figures, therefore, include the revenue from inter-line business for
November and December, and the figures for the year 1924 include similar
revenue for the 13 months Dec. 1923 to Dec. 1924, inclusive.
For latest earnings, see "Railway Earnings Section"
OFFICERS.— Pres., A. O. Needles; V.-Ps., W . J. Jenks, B. W . Herrman,
W. S. Battle Jr., E . H. Alden: Sec. A Asst. Treas., I. W . Booth; Treas.,
Joseph B. Lacy; Comp., W. H. Wilson; Gen. M g r., J. E. Crawford. Offices,
Roanoke. Va.. and Commercial Trust Building, Philadelphia.
DIR E C TO RS.— T . S. Southgate, Norfolk, Va.; David W . Flickwir,
Roanoke, Va.; E. H. Alden, Samuel Rea, W . W. Atterbury, A . J. County,
Phila.; S. P. Bush, Columbus, O.; M . C. Kennedy, Phila., N . D. Maher
and A. C. Needles, Roanoke, Va.; Isaac T . Mann, Bramwell, W . Va
(V. 125, p. 2385.)
NORTH CAROLINA R R .— Owns from Goldsboro to Charlotte. N. O.
223.79 m.; Raleigh, N. C ., entrance to Union Station, 0.33 m .; total
224.12 m. Leased from Jan. 1 1896 to the Southern R y. for 99 yrs. at $266,000 ( 6 H % on stook) per year till Deo. 31 1901 and $286,000 (equal to 7 %
on stook) balanoe of lease; also taxes. V. 63, p. 361. State of North C rojlna ho)Hs $3,00" 000 stock.— (V. 117, p. 325.)
NORTH PENNSYLVANIA RR.— Owns from Philadelphia, P a„ to Beth­
lehem, Pa., 56.54 m.; Delaware River branch, 21.10 m.; Doylestown branch,
10.07 m.; total first track, 87.71 m.; total crack, incl. 2d, 3d and 4th track
»nd sidings, 280.09 m. Leased for 990 years from May. 1 1879 to Phila.
A Reading R R . at 8% on stock, and lease assumed in 1896 by Phila. A
Reading Ry
Pres.. Charles E. Ingersoll.— (V. 18. p. 668; V. 103, p. 2429.)
NORTH EAST PENNSYLVANIA RR.— Owns road from Glenside to
New Hope. Pa., 25.62 miles; 2d track, 2.00 m.; total tracks, 33.28 mllea.
The I.-S. C. Commission has placed a tentative valuation of $751,726 on
the total used, and $751,471 on the total owned properties of the company,
as of June 30 1917. Capital stock, $400,000, of which $323,950 owned by
Reading C o., par $50. The $400,000 1st mtge. 5s, due Ap il 1 1920, were
extended to April 1 1930. All owned by Reading Co.— (V. 120, p. 3063.)

100
BAILWAY STOCKS AND BONDS
[V ol. 125.




Nov., 1927.]

KAILWAY STOCKS AND BONDS

j\

i

O if

T J d J ii

NORTHERN PACIFIC

R A ILW AY

(WESTERN SECTION)

101




M

102

[V ol. 125.

RAILW AY STOCKS AND BONDS
Miles

R A IL R O A D C O M P A N IE S
[F or abbreviations. & c ., see notes on pa ge 8]

R oad

■orthern of New Jersey— Stook guar (see V 69. p 81)
Gen mtge $1,000,000 g int guar by lease_ Usm.xo*
_
Northern Ohio— 1st M g ($15,000 p in) gu p A 1-Ce.xc*
Northern Pacific Ry— Stock $250,000,000 authorized
Wash A Columbia River 1st M gold assumed-F.xo*
Mortgages of Northern Paciflo R a ilw a y —
Prior lien M $130,000,000 gold land g r.B a.x c'A r
General lien M $190,000,000 gold land gr-F.xc* Ar
St Paul-Duluth Dlv pur money M $20,000,000 G.xc*
Bef and Impt M gold ($, t . fr) red text--G .c»A r*
do
do
Series B bonds red (text) _c*Ar*
do
do
Series O bonds red (text) __G.c*&r*
do
do
Series D bonds red (text)--Gc*& r*
Equip, trust cert, due $450,000 yearly____Ba c*
do
do
Due $450,000 yearly__________ .
do
do
Due $235,000 yearly----------------c*
B on d s U nderlying St P a u l & Duluth D iv M tge

St Paul A Duluth first mortgage assumed.......... zo*
Consol mtge assumed $5,000,000 gold-.M p.zc*
Washington Central 1st M g $15,000 p m ____xCol

D ate
B on d s

1900
162 1895
162 1895
4,876
4,876
239
6.467
6,467
6,467
6,467

Par
V a lu e

A m ou n t
Outstanding

R ate
%

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

June 1927 1% 50 Churoh St, New York
do
do
Jan 1 2000
Oct 1 1945
Cent Un Trust Oo, N iY
Nov 1 1927 144 J P Morgan A Co, N Y
July 1 1935
Offloe 34 Nassau St, N Y
Jan 1 1997
Jan 1 2047
Deo 1 1996
July 1 2047
July 1 2047
July 1 2047
July 1 2047
T o May 15 1930
To Aug 15 1932
To Mar 15 1940

1,000,000
1.000 000
©784,000

_

a b c d e Not including amounts in treasury, viz.; a $5,448 .500.

P la ces W h ere In terest and
D ivid en d s are P a ya b le

Q— J
4g
Q— F
3g
4g J A D
444 g J A J
J A J
8
J A J
5g
J A J
5g
M A N
7 g
F A A
444
444 g M A S

108,084,600
a54.55),500
355.000
20.000.000
cl 06959 600
8,702,300
dlO.OOO.OOO
1.350,000
2,250.000
3,055,000

165 1881
226 1898
130 1898

L ast D ividend
and M a tu rity

4
Q— M
4 44 g J A J
A A O
5g
Q— F
6
4g J A J

100
1.000,000
1,000
861,000
1,000
2,500,000
100 248.000.000
1,000
140,000

1897
1897
1900
1914
1921
1922
1923
1920
1922
1925

W hen
P a y a b le

5
4 g
4g

F A A Aug 11931
J A D June 1 1968
Q— M Mar 1 1948

J P Morgan Oo, New York
do
do
do
do
New York. Ac.
New York
New York.
New York
J. P. Morgan A C o., N Y
J P Morgan A Co, N Y
J P Morgan A Co, N Y
J P Morgan A Oo, N Y
do
do
Bankers Trust Oo, N Y

b $2,480 ,000. c $336 .000. d $ 7,837.000 . ©$1,069,000.

1
NORTH & SOOTH R Y . OF W YOM IN G.— (V. 118, p 1912.)
NORTHERN ALABAMA RY.— Sheffield to Parrish, Ala., and branches
104.86 miles. Final valuation of $3,223,000 on the owned and used property
o f the company, as o f June 30 1916. In April 1899 a majority o f stock and
bonds purchased by the Southern R y. V. 68, p .8 2 4 ,8 7 3 . See also V. 69,
p . 391.
Stock is $2,000,000, o f which Southern R y. owns $1,895,400. TJnder
supplementary mortgage of 1898 $400,000 o f the outstanding $1,700,000
1st 5s were made prior liens. V. 67, p. 1208.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., Fairfax Harrison, Washington, D . O.— (V. 69, p. 28.)
NORTHERN (N. H.) RR.— Owns Oonoord, N. H ., to White River Jot.
Y t„ 70 m .; branch to Bristol, N. H ., 13 m.; total, 83 m. Subsidiary lines
Oonoord & Claremont R R ., 71 m.; Peterborough A Hillsborough R R ., 18 n
Lease to Boston & Lowell for 99 years from Jan. 1 1890 was assigned tc
Bost. A Maine: rental now 6% , payable in gold.— (Y . 106, p. 924.)
NORTHERN CENTRAL R Y . CO. (TH E ).— Owns Baltimore, M d „ to
Sunbury, Pa., 134 miles, all double track; branch, 8 miles: total, 142 miles.
Leases o f Shamokin Valley A Pottsville R R . and Elmira & Williamsport
R R . were assumed by Penn. R R . in 1914.
The stockholders on Nov. 2 1910 votea to lease road to Pennsylvania RR
for 999 years from Jan. 1 1911, the holders o f the $19,342,550 stock re­
ceiving a stock div. o f 40% ; also 10% in cash from treasury assets and a
guaranty of 8% on all the stock during the lease, retroactive to Jan. 1 1911
V. 91. p . 154, 337 , 464, 871, 1026. The lease went into effect in July 1914
V. 99. p. 343, 49; V. 91, p. 1768; V. 92, p. 527, 1109, 1179, 1243, 1566
V. 93, p. 45, 286; V. 96, p. 572; V. 102, p. 2342.
STOCK.— Penn R R on Dec. 31 1926 owned $13,058,050 of $27.077,200
outstanding stock. The auth. Issue was Increased In Nov. 1910 fron
$20,000,000 to $27,079,600, and in Feb. 1924 to $33,079,600. A 40% stock
dividend ($7,737,000) was paid Aug. 5 1914. V. 91. p. 1630; V. 98, p. 1695;
V. 99, p. 271, 538.
D IV 8.— ’88. ’89. ’ 90. ’ 91. ’92. ’93. ’ 94-’00. ’01-’ 14.S ince un der L ease
Percent____ 7
8
8
7
8
8 7 yrly. 8 yrly.*
8 yearly.
•Also Jan. 1907, 1244% paid In stock ($2,149,169). V. 83, p. 471.
Also 10% extra In cash and 40% in stock under lease In Aug. 1914 and 28%
extra in cash representing 8% on 40% stock dividend for 244 years from
Jan. 1 1911 to July 1 1914. during which lease was held up. V . 99. p. 343
BONDS.— The total authorized amount of the gen. & ref. mtge. is limited
to $30,000,000 at any one time outstanding. $5,231,000 bonds were issued
on account o f retirement o f bonds which matured on April 1 1925 and
Jan. 1 1926, so that the gen. & refunding mtge. bonds are now a first mtge.
subject only to a charge of $90,000 per ann., payable to the State of Mary­
land. The balance of the authorized amount of bonds may be issued for
additions and betterments, for new properties, for new equipment to the
extent of $5,000,000 and for other corporate purposes, all as provided in
the mortgage. V. 119, p. 455.
R E PO RT.— For cal. year 1926, Rental from lease of road, $2,852,719:
Interest, &c., charges, $678,385; divs., $2,166,172; surplus, $8,162.
OFFICERS.— Pres., W . W . Atterbury; Sec., Lewis Neilson; Treas., H.
H. Lee; Compt., F. J. Fell Jr. Office, Broad Street Station, Phila.,
P a — (V. 125, p. 2903.)
NORTHERN RR. OF NEW JERSEY.— Owns from Croxton. N. J ., to
Sparklll, N. Y ., 21 m.; leases Sparklll to Nyack, 5 m. Leased to the Erie
R R . from June 1 1899 for the term of its corporate existence, for interest
•n bonds, 4% on 51 Q
OO.OOO stook, payable quarterly, taxes, and all cor­
porate expenses.— (Y. 104, p. 2553.)
NORTHERN OHIO R Y .— Owns Ooplay Jet. to Delphos, O., 152.35
miles. Was leased for 999 years to Lake Erie & Western R R .. which owned
the $3,580,000 common stock, but in Jan. 1920 the latter company disposed
o f the lease and stock to the Akron Canton & Youngstown R R . V. 110,
p. 562. Pref. non-cum. 5% stock, $650,000; par, $100. Mortgage auth.,
§4,000,000; issued, $2,500,000, and $1,500,000 reserved for extensions at
$15,000 per mile.
R E PO RT.— For 1926.
C a le n d a r
Y ears.

G ross.

N et.

O th er
In com e.

In terest,
R en ta ls , & c .

B a la n c e ,
D eficit.

$295,996
$9,604
$340,586
$34,986
1926_________ $1,512,121
1925_________ 1,412,072
295,091
8,923
320,391
25,377
— (V. 119, p. 325.)
NORTHERN PACIFIC R Y . CO.— [S e e M a p s . ) — Operates one of the
leading lines to the Pacific, having its eastern terminal at St. Paul, Minn.,
and Duluth, Minn, (the head of Lake navigation), and running thence west­
erly, traversing the great wheat belt of Minnesota and North Dakota, tb.
mining district of Montana and the farming country of Washington to
Tacoma and Seattle and to Portland, Ore., with branches.
_ 179
M a in L in e —
M i l e s . Operated by controlled lines_
Ashland, Wis., to Portland, Ore.2,457 Operated by other companies___ 334
Bt. Paul to Staples and Brainerd 193 Industrail spurs_______________ 148
Other main lines______________ 320 2d, 3d and 4th track__________ 845
Yards tracks and sidings______ 2,692
Total main line_____________2,970
Various branch lines__________ 3.712
Total oper. directly________ 6,682 T o t. Sys. track Dec. 31,' 26-10,367.63
The I.-S. C. Commission has placed a tentative valuation of $417,217,965
on the total owned and $415,255,915 on the total used properties o f the com­
pany as o f June 30 1917. Valuation has been preotested by company.
V. 125, p. 909.
The Manitoba branches, aggregating 355 m., were leased for 999 years
from May 31 1901 to the Provincial Government and sub-let by the latter to
the Canadian Northern R y. at a rental of $210,000 annually for the first 10
years, then $225,000 for 10 years, then $275,000 for 10 years and thereafter
§300,000, with option of purchase any time for $7,000,000. V. 73, p. 610.
Owns jointly with Great Northern the stock of Spokane Portland & Se­




attle R y., extending from Portland to Spokane, Wash., with branches
see V. 81. p. 1101; V. 83, p. 1111; V. 86, p 1530. The Sp. Port. & Seattle
owns majority of the stock of the Oregon Electric and United R ys..of Port­
land. V. 91, p. 1178. Twin City Belt R y .. org. In 1917. See V.104,p.660.
In 1909 arranged for Joint use of Co’s line, Tacoma to Vancouver, Wash.,
135 M ., with Gt. Nor. and Un. Pac.; V. 88, p. 1373; V. 93, p. 1030. In
lan. 1918 began running its own trains into Vancouver, B . O.; discontinued
Aug. 16 1918.
In 1912 the Midland R y. of Manitoba, formed in the Joint interest of the
jompany and the Great Northern, obtained trackage rights from the Canallan Northern R y. between Emerson, Man., and Winnipeg, 66 miles, for
i0 years, with provision for 999 years
V. 95. p. 298,1129: V . 97. P. 1038.
In Jan 1922 acquired the Walla Walla Valley R y. V . I l4 , p. 410.
Oregon-Washington R R . & Navigation Co. and Northern Pacific C o.
have joint use and possession j f a road in Clearwater County extending from
Oro Fino to Headquarters, Idaho, and of an existing line o f the Northern
Pacific that extends from Joseph to Stites. Idaho. See V. 124, p. 640.
U n if i c a t i o n P la n o f N o r t h e r n P a c i f i c R y . a n d G re a t N o r t h e r n R y .

The plan for unification of the Northern companies was announced
Feb. 14 1927 by a committee composed o f George F. Baker, Chairman;
Arthur Curtiss James, Deputy Chairman; J. P. Morgan, Louis W . Hill and
Howard Elliott.
Unification Is to be accomplished in the following manner:
A railroad corporation now existing (called the new company) will lease
the properties of the Spokane Portland & Seattle Ry. and thereafter will ex­
change its new stock, share for share, for the stock o f the Northern com­
panies. A - soon as feasible the new company will also acquire by lease
the railroads and properties of each of the Northern companies. The
terms of each lease, as to the properties to be leased, rental to be paid,
and all other provisions thereof, shall be as agreed upon by the companies,
parties thereto, subject to the approval o f the I.-S. Commerce Com­
mission, and tne committee shall have full discretion to adopt as a factor
in the plan, or in any modified or substitute plan, any such lease the terms
of which shall have been so approved.
The committee shall have power to provide that the new company shall,
subject to the approval of the I.-S. C. Commission, acquire control by
purchase, lease or otherwise, of any additional railroads, bus lines or other
transportation facilities and properties which it may deem beneficial to or
in furtherance of the plan, or of any modified or substitute plan, and to
issue the obligations or stock of the new company therefor.
The issue of the new stock and the leases contemplated by the plan will
be subject to the approval of the I.-S. O. Commission and to compliance
with such legal requirements as counsel to the committee may advise.
The necessary application or applications to the Commission will be made
as soon as deposits under the plan have progressed sufficiently in the opinion
of the committee. V. 124, p. 1062.
HISTORY.— This Wisconsin company on Sept. 1 1896 succeeded to the
railroads, land grant and other property of the Northern Pacific R R .,
reolosed In July 1896 and reorganized per plan In V. 62, p. 550.
The original Northern Pacific Company was chartered by Congress July 2
1864: 450 miles to Bismarck were foreclosed In 1875.
D IV ID E N D S— f ’ 05. ’06. ’07. ’08. ’09. ’ 10-’ 21. ’22. ’ 23. ’ 24. ’ 25 ’ 26.
On common (% ) — \ 7
7
7
7
7 7 yrly 544 5
5
5
5
• A ln o D « “r i o n s
>

11 2 6 % fr n ro « iirp 1 u « o f iv

W

Tmr>t c n

V

RT p

1238

Paid in 1927; Feb. 1, 144%; M ay 2, 144%; Aug. 1, 14£% and N ov. 1,
144%.
BONDS.— The Refunding and Improvement Mortgage o f 1914 covers
6,467 miles of road, on 1,060 of which It Is a first lien. It is an open mortgage
and not limited to any specified amount, but the bonds at any time out­
standing are limited to three times the outstanding capital stock, now
amounting to $248,000,000. When the amount o f bonds Issued thereunder
(bearing interest at rates to be fixed) reaches $500,000,000. further issues
must be limited to 80% o f the cost of new property placed under the mtge.
Bonds of any series may be made redeemable before maturity or convertible
at the election of the holders into capital stock on terms and dates ‘ o be
fixed
Of the bonds, $421,492,500 are reserved to retire, $ for $. ^rior
bonds at or before maturity
In 1914 $20,000,000 Series A 444s were sold, callable as a whole at 110 and
Interest on and after July 1 1919. V. 99, p. 120, 271; V. 105, p. 2366.
Series B 6% bonds were issued in conversion of the joint 0 . B. & Q.
collateral 644% bonds, due 1936, and the mortgage will aiso cover such
shares of stock of the O. B. & Q. as were released as a result of such conver­
sion. The series B 6% bonds may be redeemed as a whole only on and after
July 1 1936 at 110 and int. In July 1922 $8,702,300 series C bonds were sold,
the proceeds providing funds for payment and cancellation of the un­
converted joint 644% bonds called for redemption July 27 1922 at 10344
and int. Series O bonds are redeemable as a whole only on and after July 1
1952 at 105 and int. The series D bonds were sold in Jan. 1923 and are
redeemable as a whole only on and after July 1 1953 at 105 and int. V . 116.
p. 410.
A bstracts of prior lien and general lien mortgages of 1896 were In V. 63,
p. 1012-1019. 1072; see V. 99, p. 49.
Of Gen. Lien bonds, $130,000,000 were reserved to retire Prior Lien 4s.
The St. P a u l-D u lu th D iv isio n mortgage secures $20,000,000 purohase
money bonds on the former St. Paul & Duluth, of whioh $9,215,000 were
Issued to acquire the road, $5,283,000 were reserved to retire existing St. P.
tk D. bonds and the balance for Improvements to the property. V. 70, p.
1250; V. 71, p. 1167. The lands Included in the grant of the former St. Paul
A Duluth are being sold and proceeds applied to purchase of the bonds at
not over 105 and Int., or. If not purchasable at that price, then to better­
ments, improvements or additions to the mortgaged premises or equipment
therefor. To Dec. 31 1926$10,419,000 had been Issued but $10,064,060 had
been purchased and canceled. V. 71, p. 1167; V. 72, p. 339. The
First Nat. Bank of N. Y ., acting as agent for the company, in Aug. 1920
offered 4 44% Liberty bonds in exchange for these bonds. V. I l l , p. 693.
Government loan, V . I l l , p. 793, 1753; V. 113, p. 2614.

Nov., 1927.]

103

BAILW AY STOCKS AKD BONDS
M ile s
R oad

R A IL R O A D C O M P A N IE S
[F or abbreviations. & c ., see notes on page 8]

52
Northern Pac Term Co— First M gold red 110 ..F .xc*
Northern Railway (Cal)— See Southern Pacific RR
N orthern Securities— See Industrials.
515
■orthwestern Pacific— Stock (535,000,000)------------ F
40
Cal Northw 1st M g s k f d ------------------------------------ z
1st&Ret M 535,000,000 g red 110.................-F.xc* &r
N orthwestern RR o f S outh Caro— First cons M —x 80.50
N orthwestern Terminal RR— S t o c k --------------------------1st m tg e in c o m e g o ld b o n d s r e d 1 0 2 _________________
72
■orwich & Worcester— Preferred stock 8% re n ta l...
70
1s t m tg e 444 % b o n d s __________________________________
20
Norwood & St L— 1st M 5300,000 g red 110--------- Eax
10
Ogden Mine R R —s *ock (5% rental Central of N J ) ..
Of densburx & Lane Champlain Ry— See Rutland RR
9
ih lo Conn Ry— 1st M 52,000.000 g eu (text).. .Fxo*
26
O hio & K entucky R y.— 1st m . g o ld , ca ll a t H O .O z c *
I n c o m e c e r tific a te s Ser A ______________________________
do
do
S er. B _____________________________

---

1883

Par
V a lu e

A m ount
O u tstanding

Rate
%

$1,000 $1,340,000

6g

100 35.000,000
1898
1,000
880,000
1907 1,000 &c 28,894 000
1914
360,000
1.000
None
2,217 shs.
1,000 2,217,000
100 3,000,000
1927
1,800,000
1902
600 A c
300.000
—
100
450,000
1903
1896
1926
1926

F irst m o r tg a g e Series B _______________________ zc * & r *

Bonds not m ortgage_______________ OBzo&r

1.000
1,000
50 &c.
1,000

1,760.000
250,000
31,250
175,000

100 23,185,700
1924 1,000 &c 3,500,000
1888
1,000 4*000,000
1925 1,000 &c 5,598,000
1902 1,000 A c 1,000,000

LAND G R A N T.— The land grant was 12,800 acres to the mile In thr
States of Minnesota and Oregon and 25,600 acres per mile In the (then)
Intermediate territories. Unsold on Dec. 31 1926, 5,550,956 acres, viz.:
Minn., No. Dak. & W ise..
25.609 IIdaho____________________ 300,436
W yom ing________________
55,953 W ashington_____________ 1,286,140
Montana------------------------- 3.788,7911Oregon----------------------------94,027
Congressional investigation of land grant, V . 118, p. 907, 1774, 2705.
2825, 2914: V. 119. p. 694.
FINANCES.— In 1901 Nor. Pac. and Gt. Northern acquired $107,612,600 of the $110,839,100 stock of Chic. Burl. & Qulney R R . in exchange
for their joint 20-year 4% gold bonds. See circular V. 72, p. 871, 1034,
1135: V. 73, p. 294, 610: V. 85, p. 601. Through the declaration of a stock
dividend by the C. B. & Q. of 54.132% ($60,000,000) to stockholders of
record March 31 1921, these holdings were increased to $165,867,400 out
of a total of $170,839,100
R E PO RT.— For 1926. in V. 124, p. 2420, showed:
O p e r a tin g R ev e n u e —
1926.
1925.
1924.
1923.
Freight revenue_______ $76,226,065 $76,301,308 $73,422,540 $77,610,570
Passenger revenue____ 12,639,990 13,201,179 13,167,942 15,438,784
Other transport, revenue 6,196,923 6,067,165
6,224,083
6,290,815
Incidental & joint facility 2,288,064 2,294,902
2,477,839
2,661,891
Total operating r e v ..$97,351,042 $97,864,554 $95,292.404$102,002.060
O p e r a tin g E x p e n s e s —

Way & structures_$12,297,403
$12,759,190 $12,240,855 $14,022,694
Equipment_______ 17,414,638
17,605,304 18,675,927 22,464,341
Traffic___________ 2,411,689
2,073,155
1,917,955 1,954,443
Transportation___ 32,291,965
33,538,233 34,190,334 38,535,417
Miscell. operations_____ 1,594.536
1,637,652
1,614,992 1,822,139
2,980,307
2,731,154 2,644,625
General__________ 2,910,820
Transp. for investment. Cr660,105
0621,365
838,154 1,078,849
Total operating e x p ..$68,260,944 $69,972,476 $70,533,064 $80,364,810
Net operating rev______ $29,090,098 $27,892,078 $24,759,340 $21,637,250
Taxes & uncollect, r e v .. 9,171,819
9,372,270
8,563,154
8,482,319
Railway oper. income.$19,918,278 $18,519,808 $16,196,186 $13,154,931
Equipm entrents.net_ $2,300,954 $1,855,789
_
$2,130,763 $2,404,238
Jointfacilityrents.net-. 1,994,468
1,851,722
1,534,128
1,541,389
N e try . oper. income_$24,213,700 $22,227,319 $19,861,077 $17,100,557
Non-operating incom e.. 12,093,575 11,079,164 11,483,432 11,181,676
Gross income________ $36,307,276 $33,306,4S4 $31,344,508 $28,282,233
Int. on funded debt___ $14,774,879 $14,783,165 $14,767,619 $14,707,679
Other deduct, fr o m in c ..
529,643
579,031
606,645
593,127
Net income-------------- $21,002,732 $17,944,288 $15,970,244 $12,981,426
D iv. appropriations____ 12,400,000 12,400,000 12,400,000 12,400,000

J

A
5g
444 gM
4 &5 A
5 g

L a st D ivid en d
and M a tu rity

W hen
P a y a b le

J Jan 1 1933

Winslow,Lanier & Oo.N Y

A
&

O Apr 11928
a Mch 1 1957
o Aug 1 1964

Safe Dep A Tr Co. Balt.

A

Q— J
M & s
A A o
J &J15

4r
5g
5
5

M A a Sent 1 1943
.1 & j July 1 1936
.1 & j July 1 1936
J & j July 1 1936
&
A
A

A

San Franolsoo

See text
Oct 1 1927 2% Mech Nat Bk, Worcestei
Oct 1 1947
Apr 11932
Watertown (NY) Nat Bk
Jan 15 *27 244% Chestnut 8t, Phila

444
6H
5

7
544 g F
J
5g
J
4
J
344

P la ces W h ere In terest and
D ivid en d s are P a ya b le

A

►
"
3
1
O
r

Ohio & L ittle Kanawha Ry— See Balt So Ohio R R .
Ohio River— See Baltimore & Ohio
Old Colony— Stook 7% guaranteed by rental--------- o*
First mortgage gold bonds_____________ OBzc*&r*
Bonds not mortgage___________________________ zr

D ate
B onds

Penn RR Co New York
Seaboard Nat. B k ., N .Y .

Oct 1 1927 I K Treasurer’s Office, Boat
A Feb 1 1944
do
do
J Jan 1 1938
do
do
n Deo 1 1945
do
do
j July 1 1932
do
do

Equipment trusts issued to Director-General for rolling stock allocated
to rhis company ($271.500. due $18,100 annually). See article on page 3.
R E PO R T .— For 1926, showed:
v 8
C a l. y e a r s —

N e t a fter .
T ax.

G ross.

O th er
In c.

I n t . R en ts
& c.

B a la n c e

$121,245 $1,691,988 def.$187,745
1926------------- $7,009,347 $1,382,998
1925------------- 7,045,831 1,158,222
43,959 1,461,039 def. 258 858
For latest earnings, see “ Railway Earnings Section” (issued monthly).
—V. 124, p. 369.)
"
NORTHWESTERN R R . OF SOUTH CAROLIN A . — {See M a p A tla n tic
Coast L in e .)— Wilson Mill, S. C ., via Sumter to Camden, 62.5 miles; branch,
Millard to St. Paul, 3.5 m.; Mannvilie to Rose Hill, 9.5 m.; trackage 5 m ’
total, 81 miles. Stock, $100,000. Dividend, 6% , paid yearly Dec’ 1900
to 1902; 1903 to 1905, 6% ; 1907 and 1909, 4% ; 1910, 5% : 1911 and 1912.
6% ; 1914, 4% ; 1915. 5% : 1916-19. 6% yearly: 1920. 7% : 1921-24
yearly; 1926, 100%. Of the outstanding $360,000 1st consol, mtge. bonds
$285,000 are 4s and $75,000 5s. Year 1926, gross, $213,041- net oper
income, $50,061; other income, $7,951; deductions, $48,278: bal sur
(before dividends), $9,734.
NORTHWESTERN TERMINAL R R .— Organized in 1926 to acquire
the property o f the Northwestern Terminal R y ., as per reorganization
plan in V. 122, p. 1023. Owns terminals covering 36 acres at Denver and
102 acres of right of way in that city, and 100 acres of freight terminals at
Utah Junction, 3 miles north of Denver. Operated by Denver & Salt
Lake R y. Co. under terms of lease outlined balrSw.
The new terminal company was required to make and execute a new lease
on all the properties of the old co., which lease shall run to the new reorgan­
ized Denver & Salt Lake co., and shall provide that (a) the term of the lease
shall be not less than 49 nor more than 99 years as shall be agreed; (6) the
lessee shall maintain and operate the leased properties at its own expense in
connection with and as a part of its railroad system; (c) the lessee shall pay
all taxes and assessments against the leased properties during the term of the
lease; also corporate expenses and current obligations of the lessor not ex­
ceeding $2,000 per annum; (d) the lessee shall pay as rental, in cash an
amount representing 2% per annum on $2,217,000 ( being the face amount
of the bonds of the terminal company outstanding and hereinafter called
the “ base sum” ), such rent to begin on the completion of the M offat
Tunnel and its use or occupancy by the lessee not later than Dec. 31 1927suen annual payment (initially 2% on the base sum) to be increased 44 of
1% on the base sum annually for each increase of $500,000 in the annual
gross or total operating revenues of the lessee over such gross or total oper­
ating revenues for the fiscal year last preceding tne date when rental pay­
ments are to begin until such annual rental payment shall equal 5% on the
base sum, at which amount it shall remain to the end of tne lease- in case of
consolidation, merger or sale of the properties of the lessee the annual rental
payment shall, if it has not already reached that figure, automatically be­
come and remain at 5 % of the base sum with the option in the successor les­
see to decline to pay such additional rental and, in case of such declination
with the option to the lessor to cancel the lease upon 6 months written notice!
S e c u r itie s I s s u e d b y N e w C o m p a n y a n d D is p o s i ti o n T h e r e o f.

B a la n c e _________________ $ 8 ,6 0 2 ,7 3 2

$ 5 ,5 4 4 ,2 8 8

$ 3 ,5 7 0 ,2 4 4

$5 8 1 ,4 2 5

Shs,stk.outst.(par $100)
2,480,000 2,480,000
2,480,000
2,480,000
Earned per share----------$8.47
$7.24
$6-44
$5.23
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Howard Elliott, Chairman; Charles Donnelly, Pres.; H. A.
Clifford, Treas.; E. A. Gay, Sec. & Asst. Treas.; F. W . Sweney, Compt.
N. Y . office, 34 Nassau St.
D IR E C TO RS.— Steph en B ir c h , H o w a r d E llio t t , John S loan e, G re n v ille
K a n e , G e ra ld M . L iv in g s to n , F ra n k L . P o lk , G e o rg e T . S lade, R u d o lp h
W e y erh a eu s er, F ran cis H . B r o w n e ll, E . H a y w a rd F e r r y , N e w Y o r k ; C h arles
D o n n e lly , J . M . H a n n a fo r d , S t. P a u l; T h e o d o r e F . M e r s e le s , C h ic a g o ;
H e n r y B . S p en ce r, W a s h in g to n ; C h arles E . P e rk in s, B u rlin g to n , I o w a .—
( V . 125, p . 90 9 .)

NORTHERN PACIFIC TERMINAL CO. OF OREGON.— Owns terminal*
on the Willamette River, Ore., at Portland, East Portland and Albina
comprising 270 acres land. 40 m track, dock frontage 7.904 feet
The I .- S . C. Commission has placed a tentative valuation of $6,572,612
n t he property of the company as o f June 30 1916.
LEASE.— Leased for 50 years from Jan. 1 1883 jointly ana severally to
Northern Pacific, Oregon Ry. & Navigation and Oregon & California, with
guaranteed rental to pay interest, sinking fund and taxes; leases assumed
in 1899 by new Nor. Pac. and Oregon RR & Nav. V. 69, p. 230.
STOCK.— Stook ($3,000,000) owned by said three companies (40% by
Oregon Ry. A Nav. Co., 40% by Nor. Pao. and 20% by Oregon & Cal.
R R .), and held by Central Trust Co. of New York, to be delivered after
payments to the sinking fund, which la to cancel the bonds.
BONDS.— The first mortgage is for $5,000,000; to Nov. 1 1927 $4,323,000 had been issued, of which $2,983,000 retired by sinking fund.— (V. 125
p. 644.)
NORTHERN SECURITIES CO.— See Industrials
NORTHWESTERN PACIFIC RR.— (See M a p A tc h . T o p . * S F . ) Operates a system extending from Point Tlburon and Sausallto, Cal.
(whence ferry to San Franolsoo, 614 miles), northerly to Eureka, with
branches, 515 miles In all. Inoorp. Jan. 8 1907 in the interest of Southern
Pac. sou Atch. Top. & San. Fe, which each owns $17,500,000 stock. V
95. P. I l l : V. 96. p. 1489.
The I.-S. C. Commission has placed a tentative valuation of $35,595,000
on the property o f the company as of June 30 1916.
BONDS.— Cal. N . W . 5s s. f. $5,000 yearly call, at 110 and int.
Of the 1st & Refund. 444s o f 1907 ($35,000,000 auth.), $28,894,000 were
outstanding Oct. 31 1927, $26,820,000 being owned by Sou. Pac.: the mtge
reserved $6,676,000 to retire a like amount o f underlying bonds, $5,000,000
for lmpts. and equip, and $13,324,000 for new construction, incl. line from
Shively to Willits and from Wendling to connection with main line at
Healdsburg; s. f. $10,000 yearly; bonds drawn at 110. V. 84, p. 221,
194; V. 85. p. 222; V. 96. p. 1773; V. 98, p. 1316.




N e w B o n d s . — A new mortgage will be created upon all of its property
New mtge. shall provide for and secure an issue of 1st mtge. income gold
bonds, to be limited to a total authorized principal amount of $2,217,000
and to mature at such date as the committee may fix, not later than the
date fixed for the termination of the lease. New bonds will bear 5%
interest and shall be redeemable all or part, on any interest date on sixty
days’ publication, at 102 and interest.
S to ck . — An issue of stock all of one class shall be created by the new
company, which shall possess all voting rights and shall consist of 2 217
shares (plus 5 shares to qualify directors of the new company).
D i s p o s i t i o n o f N e w S e c u r itie s .

Holders of old bonds received new securities as followsFor each $1,000 of bonds accompanied by the coupon due Jan. 1 1918
(and all subsequent coupons), the holders received $1,000 in new bonds
and one share of stock in the new company.— (V. 125, p. 1967.)
NORWICH & WORCESTER RR.— Owns from Groton, Conn., to W oroester, Mass., 69.62 miles. Leased to New England R R . for 99 vears from
Feb. 11869 (now N .Y. N, H. & H.Rrental 8% on pref. stk.— V.124, p.3204.
NORWOOD & ST. LAWRENCE R R .— Norwood to Waddington, N Y
20 miles, including extension, 13 miles, opened July 1909. The InterState Commerce Commission has placed a final valuation of $533 078 on
the owned and used and $895 on the used but not owned properties of
Bonds are subject to call at 110. V. 95, p. 1542. The St. Regis Paper Co
in Jan. 1926 acquired the road. Y. 122, p. 361.
RE PO RT.— For 1926:
C a l. Y e a r s —

G ross.

N et.

O th er I n c . I n t . , R e n t s . , & c

B a la n ce

1926------------------ $214,312
$54,382
None
$29,945
$24 437
1925 ---------------- 184,844
44,760
$6,758
3l!o66
2o!452
Pres., F. L. Carlisle; Y.-P. & Treas., R . B. Maltby; V .-P ., D . M Ander­
son; Asst. Treas., C. B. Martin; Aud., P. F. Weed..— (V. 122 d 346 )
OCILLA SOUTHERN R R .— Sold in Jan. 1924. See V. 118 p 203
OGDEN MINE RR.— Owns Nolan’s Point (Lake Hopatoong) to Sparta
(or Ogden Mine), N. J., 10 miles. Leased for 999 years from Jan 1 1882
to Central RR of N J for 5% per ann. on stook and S500 vrly. for ore exn
„ OHIO CONNECTING RY.— Owns bridge over Ohio River near Pitts­
burgh, Pa., and approaches, 9.11 miles. Leased to Pennsylvania RR
rental, 4% divs. and int. on bonds. Stock increased in Dec. 1902 from
$1,000,000 to $2,000,000, in $50 shares. Bonds are guaranteed as to prin­
cipal and interest by endorsement by Pennsylvania C o m p a n y , which owns
the entire stock. Form o f guaranty, V. 81, p. 669— (V. 123 p 840 )
OHIO & KENTUCKY R Y .— Owns from Lex. & East. R y .'a t Jackson,
Kv to Cannel City, Ky. Receiver was discharged in 1916
V 103 n
2238. Receiver, Guy W . Leslie, appointed Dec. 1 1925. The I - S O Com­
mission has placed a tentative valuation o f $817,068 on the companv’s
property, as o f June 30 1917. Common stock, $200,000; pref. stock, $100 000. The 1st mtge. gold bonds have been extended ten years to July 1
1936. All accru. int. has been provided for. The debentures due July 1
1926 were redeemed under reorganization plan given in V. 125, p 1322

104

[V ol. 125,

RAILWAY STOCKS ANTD BONDS
R A IL R O A D C O M P A N IE S

[F o r a b b r e v ia tio n s , & c ., s e e n o t e s o n p a g e

8]

M il e s
R oad

D a te
B onds

Par
V a lu e

Am ount
O u ts ta n d in g

Oregon & Cal.— 1st M . g Series A, $100,000,000 auth. 1,172 1927
$1,000 $20,000,000
Oregon P acific & East Ry— 1st M $500,000 gold_
_ 27.78 1914
lb)
330,000
Oregon Short Line RR—
Utah & North 1st M ext 1908 (V 86, p 1410) .-..io »
1,000
488 1878
4,991.000
Cons 1st M $36,500,000 g (1st M on 400 m) __Q.xc* 1.178 1897
500 Ac 28,752,000
Ref M $100,000,000 g gu red (text)______ Ea.xo*Ar
1904 1,000 Ac 45,000,000
Income bonds Series A 5% non-cumulatlve____OBz
500 Ac
1897
272,500
First & Cons M $150,000,000 g red text.. -Ce.xc* Ar*
1910 1,000 Ao See text
Oregon-Wash RR & Nav— Com stk $50,000,000 auth100
Ore R R & Nav oons(now 1st) $24,312,800 g __N.xc* 1,135 1896
1,000 23.380.000
1st A Kef M $ l t 5 , 0 0 0 , Of 0 g gu p & 1rea 105.F.XC * Ar* Text 1911
A £ c54.699.765
50
Oswego & Syracuse— Stock 9% guaranteed D L & W
1.3 2 0 .4 0 0
35
First and refunding mortgage_____________________
1,000
1924
1 .1 9 3 ,0 0 0
Pacific Great Eastern— 1st M 434% guar deb stock
1912
t l < C $14,234,805
K
2d charge ranking aft 1st M gu by Gov o f B C 1915£1 &C see text
1915
f 500 )
Coupon bonds guar by Prov o f British Oolumbia.c*
1925 ( and } $5,925,195
[ 1,000
Pacific & Idaho North Ry— 1st M g s f 1% y l y .. G.zc
89.9 1899
1,000
1,027.000
2d M $3,000,000 gold_________ _______ ____ Ce.o
76 1907
1,0 0 0
956,000
Paducah & III— 1st M gu $7,000,000 red__UC.c*&r*
14 1915 1.0004c
5.000,000
Pan-Amer (M ex-Guat)— See Nat. Rys. or Mexico.
Paragould S outheastern— See St Louis Southw Ry
Paris A Mt Pleasant— 1st M g red 105 __ -----FC.xo*
53 1912
1,000
600,000
Parls-Lyons-M editerranean R R Co— See text
b Ser “ A .” $1,000; Ser “ B ,” $5,000.

%

W h en
P a y a b le

4J4 g M

6S

J

& s Mar 1 1927
& J Jan 1 1934

4 (7) J A
5 g J A
4s
r J a
Sepl
5
J A

5
4 )4
4 )4

A
A
F &A
M &
J A .1
J & J

4)4

J

4 S
4 g

9

.r

j

&

5 g M A
F A
5g
434 g J Sc
3g

J

L a s t D iv i d e n d
a n d M a t u r it y

A

J July
J July
D Deo
July
D Deo

P l a c e s W h e r e I n t e r e s t on*
D iv id e n d s a r e P a y a b l e

Southern P&olflo Go. N Y

1 1933
1 1946
1 1929
1 1946
1 1960

120 Broadway, NewYork
do
do
do
do
do
do

J July 1 1932

First Nat Bk, N Y Sc Ohio

Offloe 120 B’way. N Y
n June 1 1946
do
do
New York and London
J Jan 1 1961
20 Aug 27 1927 434 Del LaokA West R R .N Y
s 1974
do
do
15 July 15 1942
Brown.S Sc Co.LOnA Viet.
do
do
15 July 15 1942
fCan Bk of Com .Victoria,
J July.15 1942
(Vancouver & Toronto;
[Brown, S& C o,L on,E ng
N Nov 11949
Nov 1914 last p a id
A Feb 1 1937
Not regularly paid
J July 1 1965
New York and Chicago

c Of which $ 1,624. 265 are sterling bonds at $4. 85 per £; an add! tlonal $16,994,0 00 )■ owned by U P R R

OKLAHOMA & RICH MOUNTAIN R R .— The I.-S. O. Commission
on Feb. 18 1926 issued a certificate authorizing the company to construct
a line of railroad extending from a connection with the Kansas City Southern
R y. at Page >n a general westerly direction to a connection with the St.
Louis-San Francisco Ry. at Talihina, a distance o f approximately 35 miles,
all in Le Flore County, Okla. From Page to Pine Valley, Okla., about 15
miles, is now in operation.— V, 122, p. 1759.
OKLAHOMA C IT Y -A D A -A T O K A R Y .— (V. 121, p. 2518.)
OLD COLONY R R . (M ass.).— Owns road from Boston to Provincetown
Mass., Newport, R . 1., &c., 530 miles; leases 101 miles In June 1907 a
bill was passed permitting purchase o f Boston & Providence (leased line)
First mtge. bonds o f 1924, V. 117, p. 2110. First mtge. bonds Series B ,
V. 121, p. 1674.
LEASE.— In 1893 leased to New York New Haven d Hartford for 99
fc
years. Of the stock, $10,684,900 is held by the lessee. The lease provides
for dividends o f 7% per annum on stock not exchanged. V. 76, p. 247,
374; V. 93. p. 1726. 1789; V. 94. p. 68 — (V. 125. p. 2259.)
ORANGE & FREDERICKSBU RG R R .— A charter has been granted
by the Virginia Corporation Commission to this company which will operate
the 38-mile line between Fredericksburg, Va., and a point near Orange,
formerly operated by the Potomac Fredericksburg & Piedmont. The Vir­
ginia State Corporation Commission on M ay 26 1925 granted a petition of
the owners o f the latter road for an order o f dissolution. Modern bus­
line competition and the thinning o f the lumber stand along the route of
the road were assigned as the reasons for the dissolution.
The capital stock o f the new company will be from $50,000 to $100,000
divided into shares o f $100 par value. Officers named in the charter are,
P. H. Faulconer, Cahrlottesville, Pres. & Treas.; R. L. Biscoe, Fredericks­
burg, V.-Pres.; C. L. Young, Rhoadsville, Sec., and V. R . Shackleford,
Orange, Gen. Mgr. The four officers will constitute the boardof directors.
— (V. 122, p. 1307.)
OREGON & CALIFORNIA R R .— ( See M a p Southern P a c .) — All rail­
road property was sold to Southern Pacific Co. by deed dated Jan. 3 1927.
Sale approved by I.-S. C. C ., M ay 27 1927.
BONDS.— The Southern Pacific guarantees principal and interest on
the 1st mtge. 434 % bonds.
EARN IN G S.— For 1926:
Cal. years —
Gross In co m e. D ed u ction s
B alance
1926______________ __________
def.$696,483 $926,998 def.$1,623,482
1925________________________
def. 302,240 874,705 def. 1,176,945
— (V. 124, P. 3349.)
OREGON SHORT LINE R R .— (.See M a p U n io n P a c ific .) Mileage owned
Dec. 31 1926, Main line and branches, 2,342 m.; trackage rights, 13 m.;
leased from Ore.-Wash. R R . & Nav. C o., 237 m.; total, 2,591 m.; deduct
mileage owned but not operated, 54 m.' total operated Dec 31 1006.
2*537 miles. Tentative valuation, $100,380,775 on total owned and $106,144,873 on the total used properties o f the company as o f June 30 1916.
V. 124, p. 3348.
HISTORY.— Successor March 16 1897 of the Oregon Short Line & Utah
Northern R y., foreclosed per plan In V. 62, p. 504, 505. Controlled by Un
Pac.. which holds entire capital stock. V. 3 4 , p. 5 2 , 572. 932.
C A PITA L STOCK.— 8tock, $100,000,000. all In the U. P. treasury
V . 91. p . 871; V . 93. p. 1387. 1669.
BONDS.— F ir s t C onsols, $22,029,000. were reserved to retire old bond*
Series A Incomes, non-cumulatlve 5 per cents, have received; In Sept
1897. 4 % ; Sept. yrly. slnoe, full 5% , at N .Y . office or Old Col. Tr.. Boston
The Ref. gold guar. 4s (oollat. trust) of 1904 (authorized Issue, $100,000.
000) are subject to call at 102)4. The bonds, of which $45,000,000 hav»
been sold, are secured by pledge of $8,700,000 Illinois Central stock
$4,018,700 Chicago Sc North Western R y. com. stock, $1,845,000 Chicago
Milwaukee Sc St. Paul R y. pref. stock. $27,577,000 Los Angeles Sc Salt
Lake 4s and $20,000,000 New York Central R R . stock. The collat
eral may be replaced by other of equal value. See abstract, V . 80. p. 2403:
V. 79, p. 2086; V. 80. p. 1913: V. 96. p. 1424.
Of the 1st and Consol.M. bonds ($150,000,000 auth. Issue, Interest lim­
ited to 5 % ), $34,422,000 are reserved to retire underlying bonds; Ser. A are
subject to call as a whole at 105; other series on such terms and at such
times as the directors or executive comm, may fix. None sold to Dec. 1925
but $41,487,000 were then owned by Union Pacific R R . and $3,587,000
were in the treasury. V. 91. p. 1512: V. 92. p. 1179.
For latest earnings, see "Railway Earnings” Section (issued monthly).
(V. 125, p. 3348.)
OREGON TRU NK R Y .— (V. 122, p. 2944.)
OREGON-W ASHINGTON RAILROAD & NAVIGATION CO.— (Set
M a p U n ion P a c ific .) — Owns from East Portland, Ore., to Huntington,
Ore., 389 miles; Umatilla, Ore., to Spokane, Wash., 184 m.; other lines,
62 m.; branches, 1,372 miles; total owned, 2,006 miles, including 237 miles
leased to Oregon Short Line R R .; leased from Des Chutes R R ., 95 m.;
owned jointly with Chic. Milw. & St. Paul R y., &c., 78 m .; trackage
rights, 306 miles; total operated Dec. 31 1926 (excl. 237 miles leased to
Oregon Short Line R R . and 11 miles owned but not operated), 2,237 miles.
Also operates 101 miles of water lines.
Tentative valuation as of June 30 1916. $129,810,913. V . 116, p. 2131.
ORGANIZATION.— Inoorp. In Oregon Nov. 23 1910 and on Deo. 23
1910 took over by purchase the Oregon R R . & Nav. Go., North Coast Ry
and affiliated lines controlled by the Union Pacific. V. 91, p. 1447, 1512
1630, 1768. Stock auth., $50,000,000; $49,998,500 owned by Ore.Sh.LIne
BONDS.— The 1st and Ref. 50-year gold 4s ($175,000,000 auth. issue)
are guar. p. Sc 1. by U. P. Series A ” are dollar t >nds. Series “ B ” sterling
bonds, each redeemable (but not part of either) at 105 on any Int. day on
90 days’ notice. Sterling bonds are exchangeable for dollar bonds at $4 85
on payment o f $15 per £100 bond. See V. 102, p. 801, 2255The bonds are a first lien on about 767 miles of road owned and a lien,
subject to $23,380,000 Ore. R R . A Nav. 4s, on 1,135 additional miles, on
70 miles Jointly owned find 139 miles of trackage. See V. 92, p . 1500, 1566’
$23,380,000 are reserved to refund the Ore. R R . 4s; inNov. 1927, $54,699 ,•




R a te

765 were held by public; $16,994,000 were held by Union Pac. R R ., $248,230
were in treasury and $79,678,005 were reserved for extensions, improve­
ments, acquisitions, equipment, dec., as In V. 92. p. 1500; V. 92. p. 1437,
1324. 1600; V. 94, p. 699: V. 106. p. 715.
An abstraot of Oregon R R . A Nav. Consol. M was in V. 63, p 928
For latest earnings, see “ Railway Earnings Section” (issued monthly).
— (V 123. p. 2135.)
OSWEGO & SYRACUSE RR.— Owns from Oswego, N. Y ., to Syracuse,
N. Y .. 35 miles
Leased In 1869 during length of oharter and renewals
thereof to the Del. Lack. A Western R R . Go. for 9% per year on $1,320,400
stock and Interest on bonds.
The Inter-State Commerce Commission on Sept. 20 1923 authorized the
company to Issue not exceeding $1,193,000 1st & Ref. 5% 50-Year gold
bonds to be delivered to the Delaware Lackawanna Sc Western R R ., lessee.
In refundment of certain obligations. The Commission also granted author­
ity to the Delaware Lackawanna & Western R R . to assume obligations and
jiability, as guarantor. In respect of said bonds.— (V. 117, p. 1462.)
PACIFIC GREAT EASTERN R Y .— Incorporated In British Columbia
early in 1912. Operates from North Vancouver to W hytecliff, 12.7 m.
From Squamish, at the head of Howe Sound, to Quesnel, 348.5 m. Line
has been completed to Cottonwood River, 364 miles. Line under con­
struction, Cottonwood River to Red Rock Creek, 46-8 miles, which when
completed will give through connection between Squamish and the Cana­
dian National Ry. system and Fort George.
Under the settlement, which received royal assent April 23 1918, the
Province of B. O. had In Oct. 1918 acquired the entire snare capital stock
of the railway ($25,000,000), the Pacific Great Eastern Equipment C o. and
the Pacific Great Eastern Development C o., and had exercised Its option
also on the lands and assets of the last-named, the promoters being released
from their obligations. V . 107, p. 1580, 1101. 182; V . 106, p. 929, 2123.
The $5,925,195 coupon bonds issued In June 1925 (V. 120, p. 3310) con­
sists of $2,565,195 1st mtge. 414% guaranteed bonds and $3,360,000 4)4%
guaranteed bonds, all o f which equally enjoy the guarantee of the Province
of British Columbia as to principal and interest and, in the opinion of
counsel, are secured by the full credit and taxing power o f the Province
equally with its direct obligations.
The Government o f the Province o f British Columbia has undertaken to
Initiate legislation establishing a sinking fund o f $325,931 per ann., payable
out of the consol, revenue fund, which will be sufficient to meet by July 15
1942 40% of the entire issues of the Pacific Great Eastern R y . C o .’s securi­
ties guaranteed by the Province, aggregating $20,160,000.
REPO RT.— For 1926:
C al. Y ears —
G ross.
N e t.
Other I n c . In t.,R e n ts ,& c . B a l .,D e f .
$24,443 $2,441,105 def.$2,690,164
1926............... $473,918def$273,502
1925________
436,838
284,508
19,538 2,442,333 def. 2,687.303
— (V. 120, p. 3310.)
PACIFIC & IDAHO NORTHERN R Y — Owns Wetser to New Maadows, Idaho, 90 miles. Final valuation o f $2,167,562 on the owned and
used property o f the company as of June 30 1916. In June 1918 the receiver
appointed in 1915 was discharged. V. 106, p. 2560. V. 101, p. 846. Stock,
$2,929,800; par $100. Bonds, 1st & 2d mtges., see table above. Pres.,
Samuel Norris; Treas., James B. Ford; Sec., John D . Carberry; Asst.
Treas., F. D. Stover; Gen. M gr., Le Grand Young. Office, Weiser, Idaho.
N. Y . office, 1790 Broadway.— (V. 125, p. 2385.)
PADUCAH & ILLINOIS R R .— Line from Metropolis, 111., to Paducah.
Ky.. 14 miles, including the double-track steel bridge over the Ohio River
was completed Dec. 31 1917. Owned jointly by Nashv. Chatt. & St. L ., Oh.
Bur. & Q. and Illinois Central, which use same as part of a route from
Northern and Central points to the Gulf, and unconditionally guar . prln..
Interest and sinking fund (over $120,000 yearly) on bonds. The I.-S. O.
ICommission has placed a tentative valuation o f $4,850,000 on the com­
pany’s property as of June 30 1919. Stock authorized, $5,000,000 pref.
and $10,000 common, outstanding, $10,000; all except directors shares,
owned by the guarantors and by them pledged with the mortgage trustee.
V. 99, p. 609. The bonds ($7,000,000 auth.) are redeemable for sinking
fund beginning 1921 at 102 34. See offering V. 102, p. 67, 251; V. 103, p.
2342; V. 104, p. 664 — (V. 122, p . 2944.)
PARIS & MT. PLEASANT R R .— Owns Paris, Tex., to M t. Pleasant.
51.43 miles. Stock authorized, $75,000.
The I.-S. O. Commission has placed a final valuation of $813,771 on the
owned and used property of the company as of June 30 1918.
Of tbe 1st gold 6s ($2,000,000 auth. Issue), $600,000 have been sold,
against the present property (53 miles), Including terminals, rolling stock,
Ac., the remainder being reserved for future construction. Redeemable
since July 1 1915 at 105 and int. Sinking fund 5% of gross earnings,
beginning Jan. 1 1915, to be Invested in income-producing securities or ap­
plied to redemption of bonds. V. 94, p. 1509.
R eceivership. — R. W. Wortham of Paris, Tex., was appointed receiver by
Judge Ben H. Denton in March 1920 on the petition of T . D. Wilson and
8. G Norris of Detroit, alleging that the road was in a rundown condition
and there were 350 cars of freight awaiting transportation and delivery to
consignees on which demurrage and other charges were accumulating.
The I.-S. C . Commission on Aug. 27 1925 authorized the issuance of
$90,000 6% receiver's ref. ctfs. to refund a like amount o f 8% ctfs.
RE PO RT.— For 1926:
C a le n d a r Y e a r s —

G ross.

N et.

I n t .,R e n t s ,& c .

B a la n c e .

1926____________________ $153,742
$8,526
$52,644
def.$44,118
1925____________________ 177,022T a 55,896 f FInn Dn wlr, IFrtvdef. \T 1161
56,057
I1
T1 Iji D
^
I
il
01
Pres., R . F. Scott;, r1
Treas., R>. F. Scott. Office, Paris, Tex.—( (V. 121,
p 1346.)
PARIS-LYONS-M EDITERRANEAN R R .— Company was organized In
1857. Its lines in France, comprising about 6,321 miles of road, consist of
a main trunk line from Paris to Lyons and from Lyons to Marseilles; its
branches and extensions reach throughout the part of France southeast of
Paris, through the French Riviera and to the Swiss and Italian frontiers.
In addition the company operates in Algeria 737 miles under lease, and
9.37 miles in M orocco.

Nov., 1927.]

R A IL R O A D C O M P A N IE S
[For abbreviations, cfee., see notes on page 8]

Paris-Orleans RR Co— See text
Paterzon & Hudson Riv— Stock 8% rent N Y L B 4 W
’'emiaewasse* Valley RR— .Stock (rental guaranty)..
First and refunding mtge series A redeemable text - _
Tol Walhond Vail & Ohio RR Co 1st M $4,000,000
Series A _ - - - - - - .
_
___ __ _____F.xc*
_________________ F.xc*
Series B _ . ______
_
. . ___ -F.xc*
Series C .
Cleveland & Marietta 1st M gold guar_
_
.F.xc*
/G u a r p & i___
Clev Akr & Col-—1st cons mtge
$4,000,000goldsinkingfund Bn\Not guar. _
Cine & Musk Val 1st M $2,000,000 g gu s f — F.xc*
Dayton Leb & Cine RR & Ter 1st M g call 105 .
Cincinnati Lebanon A North 1st con g gu p & i __ xc*
Pennsylvania RR -S to o k auth $600,000.000______Tr
Gold coup s f 1% not d r ___ kv.c*
Consolidated
$100,000,000 Sterl (s f in 1900) not dr_kv.o*r*r*
do stamped pay'le In S.kv.cAr
(now 1st)
Sterling _______ ____
. _kv.c*Ar*
M of 1873
do stamped payable in $kv.c*&r*
seoures all
Gold dollar bonds .............kv.c*Ar*
equally
G o ld _____________________ xc*Ar*
G.P.
New York Phlla & Norfolk stock trust cert_____kv
General mortgage gold------------------------ GP.yc*Ar*
do
do
5% bonds Series B _.yc*Ar*
do
do
Ser C $110,000,000 pledged.
Secured gold bonds------------------------------------ c*Ar*
. . . ______ yc*Ar*
do
do
red (text)___________ GP.zc*Ar*
do
do

M iles
R oad

D ate
B onds

14 ____
783

1927

241
241
241
103
187

1891
1893
1902
1895
1900
1900
148 1898
29 1914
76 1902

1463
1463
1463
1463
1463
1463
1463

1893
1895
1895
1908
1908
1908
1915
1908
2834 1915
2834 1918
2834 1920
1920
1921
1924

Par
V alu e

A m ount
O utstanding

R ate
%

W hen
P a ya b le

$50
$630,000 • 8
J
F
10C
541,500
6
$100 $28,410,000
1,000 22,000,000
4% g A

L a st D ivid en d
and M a tu rity

& J Jan 1927
<c A Aug 1926
3
&

Balance____________ sr326,176 def5,290 def51,397defl87,609def244,411
a Charges (interest, amortization and minor costs) o f working capital
and loans less annuities from the Government and various reimbursements
o f charges, b Contributions, bonuses, &c.
OFFICERS.— Pres., M . M . Gabriel Cordier; V.-Pres., La Baron de
Neuflize, and Leon Mauris; Compt., Eugene Mauclere; Gen. M gr., M .
Maurice Margot.
General office, Paris, France.— (V. 125, p. 2259.)
Goldman, Sachs A C o., Bankers Trust Co., Lehman Bros., Halsey,
Stuart A Co., Inc., and Union Trust Co. of Pittsburgh in Sept. 1924 sold
at 93% and int. $20,000,000 7% external sinking fund gold bonds.
Dated Sept. 15 1924; maturing Sept. 15 1958. Denom. $1,000 and
$500c*. Int. payable M . Sc S. Principal and int. payable in gold at the
office of Bankers Trust C o., New York, fiscal agents for the loan, without
deduction for any French taxes. Red. only as a whole on or after Sept. 15
1932 on any int. date at 103 and int., except for sinking fund.
S in k in g F u n d . — Graduated annual sinking fund payments beginning with
$248,000 on Sept. 15 1931 and progressively increasing to a maximum of
$1,540,000, calculated to retire the entire issue by maturity through
purchase at not exceeding 100 and int. or by annual drawings for redemp­
tion at 100 and interest.
PARIS-ORLEANS RR. (COMPAGNIE DU CHEMIN DE FER DE
PARIS A ORLEAN S).— Organized in 1838 to operate a railroad line
between Paris and Orleans. As a result of subsequent mergers, pur­
chases of other companies and construction, now owns and operates the
second largest privately owned system in France.
M ile a g e .— System covers about 7,812 kilometers, or 4,882 miles. The
lines serve (a) the central part of France, providing a direct route between
Paris and the important seaports of Bordeaux, Nantes and St. Nazaire and

P laces W here In terest a n t
D ivid en d s are P ayable

4% Paterson. N J
3% Checks mailed

O Apr 1 1977

1,000 1,489,590
4% g J & ,TJuly 1 1931
1,000
950,000
4% g .1 & J July 1 1933
1,000
902,000
M & S Sept 1 1942
4g
1,000 1,098,000
4% g M & N M ay 1 1935
1,000
913,000
4 g F «& A Aug 1 1940
F & A Aug 1 1940
1,000
4g
458,000
F & A Aug 11948
1,000 1,521,000
4g
M & S Mar 1 1934
1,000
6
300,000
M & N N ov 1 1942
4g
1,000 1,221,000
Q— P Nov 30 ’27 1 %
$50 499 265,700 See text
1,000 2.272,000
4 g M Sc N May 1 1943
3% g J Sc J July 1 1945
£200 12,468,210/
$1,000 )
I
3% g J Sc J July 1 i945
M Sc N May 1 1948
£200 5,267.100
4
M Sc N May 1 1948
4g
1,000 14.570.000
M Sc N May 1 1948
4
1,000 20,000,000
F
A
1.000 49,000,000
4H g J Sc D Aug 11960
Sc June 1 1948
1,000 7.478,250
4g
1.000 125,000,000
4% g J Sc D June 1 1966
1,000 50,000.000
5 g J Sc D Dec 1 1968
A Sc () Apr 1 1970
1,000 Pledged
6g
A Sc O April 1 1930
600 See 50.000.000
7g
500 See 60.000.000
6% g F & A Feb 1 1936
M & N Nov 1 1964
1,000 50,000,000
5g

C a p it a l i z a ti o n . — Company has outstanding debenture bonds to the
amount of 12,406,786,500 francs, £5,000,000 and dollar bonds amounting
to $6O,OOO.OO0. None of the above debentures or bonds carries any special
security nor Is any part o f the company’s system or equipment mortgaged
or pledged in any way. The capital stock originally amounting to 400,000,000 francs, has, through amortization to date, been reduced to 315,271,500
francs.
G u a r a n ty o f F r e n c h G o v e r n m e n t. — Before the war the company paid sub­
stantial dividends on its capital stock in excess o f the minimum rate of 11 %
guaranteed by the Government under the Convention o f 1883. In 1914, at
the outbreak o f the war, the French Government took control o f all French
railroads in order to insure efficient co-ordination for military purposes.
After the war a new convention was entered into on June 28 1921 by the
French Government and the larger railroad companies, including the
Paris-Lyons-Mediterranean R R ., revising the status o f the railroads.
This convention was approved by the law “ Regulating the Great Rail­
road Systems” dated Oct. 29 1921.
Under the terms o f this convention and law there is established a “ com­
mon fund” for the purpose o f creating financial solidarity of the large
companies and, if necessary, during any fiscal year, to provide funds for
the current treasury requirements o f the companies. The railroad com­
panies shall turn over to the "commun fund” any balance o f their gross
receipts available after providing for their operating expenses. Interest
and amortization o f their loans, a variable operating premium intended
to encourage efficient and economic operation, the guaranteed dividends
to the stockholders and other charges as established by the convention.
If, at any time, the gross receipts o f one o f the railroad companies should
be insufficient to meet the charges mentioned above, there will be paid to the
railroad out o f the “ common fund” any sums necessary to make up the
deficiency.
The Government o f the French Republic has undertaken to provide the
“ common fund” with any sums by which the receipts of the “ common
fund” may fall short o f its requirements; provided, however, that if the
Minister o f Public Works so requires, the railroads will issue bonds for
such purposes, the Government o f the French Republic guaranteeing
the interest, amortization and actual expenses of the service of such bonds
until paid. The convention further provides for an adjustment of tariffs,
if necessary, in order to provide the railroads with sufficient revenue to
meet expenditures. In regard to 1,734,800,000 francs of bonds issued
by the company under the special law o f Dec. 26 1914 to cover its defi­
ciencies o f 1,197,200,000 francs since the beginning o f the war, the conven­
tion provides that the Government will reimburse the company therefor by
the payment o f annuities to cover the service for Interest and amortization
o f these bonds. Thus the Government o f the French Republic as above
described undertakes to provide, if necessary, funds sufficient to pay
Interest on the bonds o f this issue and funds for sinking fund sufficient
to retire the entire issue by maturity.
In March 1922 Kuhn, Loeb Sc Oo. and National City Co. sold $40,000,006
6% external sinking fund gold bonds, due Aug. 15 1958.
Dated Feb. 15 1922. Not subject to redemption before Feb. 15 1932,
except for the sinking fund. Entire issue outstanding, but not any part,
will be redeemable at 103 and Int., at the option o f the company on Feb. 15
1932, or on any interest date thereafter. Denom. $1,000 and $500 (c).
S in k in g F u n d . — Bonds are to have the benefit o f a cumulative sinking
fund calculated to redeem the entire issue by Aug. 15 1958. This sinking
fund will begin Aug. 15 1929, and is to operate by purchases of the bonds at
or below 100 and int. or by redemption on Aug. 15 1929, and any Aug. 15
thereafter, at 100 and interest o f bonds to be drawn by lot.
R E P O R T . — For 1926;
[In French francs— Last three figures omitted.]
1922.
C a le n d a r Y e a r s —
1926.
1925.
1924.
1923.
Total revenues_______ 3,689,985 2 803 914 2 396.544 1,955,969 1 ,806,047
Exp. o f maintenance..2,652 532 2 220 829 1 915,748 1,672,551 1 ,5 98,605
a Charges____________ 637,632 525,197 473,433
416,229 403,347
Loss in main. sub. cos.
1,786
2,206
2,157
3,801
4,439
Dividends paid_______
28,000 28,000
28,000
28,000
28,000
bPremiums for system
and personal_______
43,857 32,971
28,602
22,997
16,065




105

RAILW AY STOCKS AND BONDS

Penn RR Co, N Y
do
do
do
do
do
do
do
do
do
do
do
do
Penn R R C o, Pgh
Penna RR C o. N Y
Office, Phila & N Y
Treasurer, Phlla ft B I
London, England
Office, Phlla A N Y
London, England
Office. Phila A N Y
Office, P h ila * N Y
OfTice, Phila A N Y
Fidelity-Phila Tr Co .Phil
Office, Phila A N Y
do
do
Office, Phila A New York
do
do
do
do

forming part of the through lines between Paris and Southern France and
Spain; (6) rich agricultural districts; (c) the industrial centres of Montlucon
(iron), Albi (coal) and Limoges (porcelain); (d) through the western ex­
tension the south coast of Brittany; (e) the Valley of the Loire and the
Aubergne Mountains, carrying a very heavy and profitable tourists’ traffic.
G o v er n m e n t G u a r a n ty . — A law enacted on N ov. 20 1883 provides that the
French Government shall advance each year any amount necessary in addi­
tion to the net income to cover the interest on and amortization of the bonded
debt and to make an annual distribution on the capital stock of frs. 56 per
share of frs. 500 and frs. 45 on the beneficiary shares without par value.
Any amounts so advanced are to be repaid with int. at 4 % p. a. out of any
future surplus remaining after paying the div. on the stock.
This agreement continues in effect until Dec. 31 1956 (the end of the
concession of the company) and contains similar provisions to protect the
bondholders and stockholders in case the Government should take over the
company’s property prior to that date.
N e w C o n v e n tio n — C o m m o n F u n d E s ta b lis h e d . — See Paris-Lyons-Med­
iterranean R R . above
C a p ita l S to c k .— Frs. 300,000,000, divided into 326,491 shares of frs. 500
each, and 273,509 beneficiary shares without par value. The stock la
listed on the Paris Bourse.
B o n d e d D e b t. — The bonded debt of the company consists o f debentures
to the amount o f 6,250,000,000 francs; 2,000,000 pounds sterling; 50,000,000 Swiss francs, and $10,000,000.
In Feb. 1921 A. Iselin Sc C o., Halsey, Stuart & C o., Inc., and Hemphill,
Noyes & C o., New York, offered frs. 50,000,000 6% bonds (Foreign Series),
redeemable at par, by semi-annual drawings, not later than 1956. Interest
from Dec. 1 1920, payable J. & D. at office of A. Iselin & C o., 36 Wall St.,
N. Y . City, without deduction for any French taxes, present o r future, ir
held by non-residents of France. Denom. fr. 1 000.
T a x E x e m p t i o n . — Under a recent French law these bonds are payable,
principal and interest, without any deduction of French taxes, present or
future, provided that are held by a non-resident of France.
C o n v e r tib ility . — The company agrees to exchange any bond of this issue
at its Paris office at any time prior to the drawing of such bond for redemp­
tion without expense for an equal face amount of 6% bonds (French series).
These French Series bonds are listed on the Paris Stock Exchange, but
holders thereof are subject to French taxes.
R e d e m p t io n . — The concessions of the French railroad companies stipulate
that at the expiration of their concessions, their property, except rolling
stock and certain other working assets, shall revert to the Government
free of charge. The companies have, therefore, with the approval of the
French Government, adopted a plan of amortization which provides for
the total redemption of their funded debt, and for the repayment of their
capital stock by the time of the termination of their concessions.
The amortization plan provides for semi-annual drawings at par of a
gradually increasing number of bonds, sufficient to retire the entire issue
by Dec. 1 1956. Drawings under this amortization plan are made semi­
annually and the bonds drawn will be payable on June 1 and Dec. 1 each
year, beginning Dec. 1 1921. £2,000,000 6% sterling bonds o f 1922, see
Midi R R . Co. above. See V. 112, p. 563.
A. Iselin A C o., Brown Brothers & Co., Halsey, Stuart Sc Co. and Hemp­
hill, Noyes Sc Co. in Sept. 1924 sold at 92% and int. $10,000,000 7%
external sinking fund gold bonds.
Dated Sept. 1 1924. Due Sept. 1 1954. Int. payable M . & S. Denom.
$500 and $1,000. Principal and int. payable in New York in gold at the
office of A. Iselin A C o., fiscal agents of the loan, without deduction for
any French taxes. Red. on any int. date as a whole only at 103 and int.
except for sinking fund.
S in k in g F u n d . — S in k in g fu n d b e g in n in g M a r c h 1 1925 s u ffic ie n t t o retire
all b o n d s b y m a tu r ity th ro u g h p u r c h a s e a t n o t e x ce e d in g p a r o r b y sem i­
ann ual d ra w in gs fo r r e d e m p tio n a t p a r .
V . 119, p. 1282.

OFFICERS.— Ch. Verge, Pres.; Ch. Laurent, C. Benac, Etienne Mallet,
V.-Pres.; Jules Cambon, Hon. V.-Pres.; Henry Breaud, M gr.; Felix
Fredault, Sec., Paris, France.— (V. 124, p. 3348.)
PATERSON & HUDSON RIVER.— Owns from Marlon, Jersey City,
N. J. (south to Bergen Junction), to Paterson, N. J., 14 miles: single-traok.
leased in perpetuity (at $48,400 per year for road, $5,000 for rent of lot.
Sec.) t o Erie R R ., forming part o f main line. Erie has built a second
track
PATERSON & RAMAPO RR.— Owns from Paterson. N J., to New York
State line, 14 miles; single-track; part of main line of Erie R R ., to whlob
leased Sept. 1852 during legal existence, at $26,500. and which has built a
second track. Stock, $298,000, majority of which is owned by Erie R R .—
(V. 122, p. 3208.)
PEM1GEW ASSET VALLEY RR.— Plymouth, N. H ., to Llnooln N. H.
11.41 miles. Leased to Boston & Maine for 6% on stock.
PENNSYLVANIA, OHIO AND DETROIT RR. CO — (See M a p o f
P e n n s y lv a n ia R R . ) — Operates a system of roads centring at Columbus,
Ohio, extending northerly to Sandusky, Ohio, and Detroit, Mich, (trackage
rights), easterly to Marietta and Hudson, Ohio, and southwesterly to
Dayton and Cincinnati, Ohio, viz.:
L in e s O w n ed —

M ile s .

L in e s O w n ed —

M ile s .

Cin. to Dayton, O., and
Carleton to Ecorse Jet.,
branches____________________76.17
Mich, and branches________ 29.16
Hudson to Columbus, O_____ 335.21 Toledo, O ___________________
3.02
Columbus to Sandusky, O_ 349.50
_
I Total_____________________ 793.06
O RGAN IZATION .— Incorporated Aug. 25 and Sept. 13 1924 under the
laws of Michigan and Ohio respectively. On Dec. 10 1925 the I.-S. C.
Commission issued a certificate authorizing the company to acquire and
operate the line o f railroad o f the Manufacturers R y . and to acquire the lines
of railroad of four other companies, viz.: Cincinnati Lebanon & Northern
R y., Cleveland Akron & Cincinnati R y., Toledo Columbus A Ohio R R . and
the Pennsylvania-Detroit R R .
C o n tr o l. — The Pennsylvania R R . owns control of the Pennsylvania
Ohio & Detroit R R . through stock ownership, and also leases the road.

106
R A IL W A Y STOCKS AND BONDS
[V ol. 125.




Nov., 1027 .]
KAILW AY STOCKS AND B O N D S __________________ 107




108

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

Pennsylvania RR (Concluded)—
Bonds of Cos. Merged in Pennsylvania RR.—
Sunb Haz & Wllk first Series A drawn at 100___ zo
Second mortgage income . ______ ______ zc&r
Penna Ohio & Detroit RR 1st & ref mtge g bds ser A .
Sunb & Lewis first mtge $600,000 p&l g -UuP.vo*
West Penn consol mortgage g assumed_ PlP.kvo*
_
Allegheny Valley gen (now 1st) M g . FPi-kv.o*&r
Junction (Phila) Gen M (now first) g$725,000 . _kv
Pitts Va & Ch first mtge gold gu p & l.Q P .k v o * * !
Oambrla & Clearfield 1st M (V.96.p. 286) g CP. kvo*
Cambria A Clearfield Gen M $7,500,000 _______kv
Pennsylvania A N W gen M $2,500,000, QuP.kvo*
Harrlsb Portsm M t J & L 1st M ext In 1913.-Gp.kx
Hollidaysburg Bedf & Climb 1st M g gu ass. kixe*
Girard Point Storage 1st M guar p & i by Penn._kr
Susq Blooms A Berwick— First M g __________ FPx
Equipment Trusts—
Gold guar p & 1 due $3,894,000 yearly_______ _.G
Gen equip trust due $2,100,000 yearly
. FP.xc*
do
Series “ B” due $1,340,000 ann. ..F P .x c*
do
Series “ C ” due $1,050,000 ann____FP.xc*
do
Series “ D ” due $1,310,000 ann____FP.yc*

Liles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

44 1878 $100 Ac
$68,100
44 1878
100 Ac
U349.500
783 1927
1,000 22,000,000
1896
1,000
500,000
140 1888
1,000 4,000,000
264 1892
1,000 20,000,000
3 00-07
1,000
725,000
91 1904
1,000 6,000,000
102 1891
1,000
534,000
1,000 2,000,000
407 1905
87 1890
1,000
1.021,000
1853
500 Ac
700,000
72 1911
1,000
1,073,000
_
1,000
1,695,000
1890
42 1902
1,000
700,000

6
4X g
4g
4g
4g
3H g
4g
5g
4g
5
4
4g
3H
5g

$31,154,000
23,100,000
16.080.000
13,650.000
17,030,000

6 g
5
5
4H
4X

1920
1923
1924
1924
1926

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

L e a s e . — The stockholders o f the Pennsylvania R E . on April 27 1926
ratified the lease of the road (approved by the I.-S. C. Commission on
Aug. 3 1926) for 999 years from Dec. 10 1925. The Pennsylvania R R . Co.
agrees to pay a sum sufficient to cover interest on indebtedness, sinking
funds, taxes, administration expenses and 5% dividends on the capital
stock o f the company, of which there is outstanding $28,410,000, all (except
directors’ qualifying shares) owned by the Pennsylvania R R . Co. and its
subsidiaries.
FUNDED D E B T .— T h e 1st a n d r e f. m tg e . gold b o n d s are limited so that
the amount thereof at any one time outstanding, together with all out­
standing prior debts of the company, after deducting therefrom the bonds
reserved under the first and ref. mtge. to retire the prior debts, shall not
exceed twice the then outstanding paid-up capital stock of the company.
S e c u r ity secured by a direct mortgage upon all the lines of railroad and
appurtenances thereof now owned, and upon all properties acquired by
the issuance of any o f the first and ref. mtge. bonds. The first and ref.
mortgage bonds are subject to $8,852,000 of prior lien bonds which may
not be extended or renewed, and for the retirement o f which, at or before
maturity, first and ref. bonds are reserved. Listed on the New York
Stock Exchange.
R e d e m p t io n . — Series A 4H % bonds redeemable as a whole only, upon 60
days’ notice, on April 1 1932, or on any interest date thereafter to and
including April 1 1972, at 102 and interest, and thereafter on any interest
date at a premium equal to M % for each six months between the redemption
date and the date o f maturity. This issue was sold in March 1927 by
Kuhn, Loeb & Co. at 95 and int., to yield 4.76% . For offering see V. 124,
p. 1507.
DIRECTORS (e lected a n n u a l ly ).— A. J. County, C. M . South, M . C.
Kennedy, Geo. J. Adams and T. W . Hulme, Philadelphia, Pa.; T . A.
Roberts and H. E. Bodman, Detroit, M ich., and Paul Jones, Cincinnati, O.
OFFICERS.— A. J. County, President; Geo. J. Adams and C. M .
South, Vice-Presidents; S. H. Church, Secretary; T . H. B. McKnight,
Treasurer.— V. 125, p. 1577.
PENNSYLVANIA RAILROAD CO. (THE).— (S e e L a p s .) — The sys­
tem, as shown on the adjoining maps, extends from New York City westerly,
via Philadelphia, to Pittsburgh, Erie, Cleveland, Toledo, Chicago and
Burlington on the north and to Washington, Cincinnati, Louisville and
St.Louis on the south. The total system on Jan.l 1927 aggregated 11,640.66
miles. On Jan. 1 1926 the lines included in the company’s results aggre­
gated 10,582 miles.
L i n e s A g g r e g a ti n g o n Dee.31'26 10.527.66 M i l e s I n c lu d e d i n P e n n .R R .R e s u l ts .
Rail lines owned__________________________________________ 3.033.59 miles
Rail lines under leases and contracts______________________ 6,989.14 “
Rail lines under trackage rights----------------------------------------- 504 28 “

T o ta l_________________________________________________ 10.527.01 “
Canal and ferries________________________________________
67.00 “
Mileage of System.
Operating Companies—
Miles.
Pennsylvania R R _____________________________________________ 10,527-01
Baltimore, Chesapeake & Atlantic------------------------------------------130.76
Long Island---------------------------------------------------------------------------397.63
Ohio River & Western________________________________________
110.47
West Jersey & Seashore_________________________________
375.89
Other lines___________________________________________________
141.89
Total_______ _____ - -------- -------- -------- ------------------- ---------------- *11,640.66
* Includes 70 miles o f steamer lines, canals and ferries, but excludes
49.89 miles of system, intercorporate trackage rights.
P r i n c ip a l L e a s e d L i n e s .

Miles
M ile s .
’
_
Belvidere Delaware R R --------- 80.35 Phila. Balt. A Washington_ 416.29
Delaware R R ________________ 245.22 PnitedN J .R R .& Canal___ 166.56
Oln., Lebanon & North_
_
76-17 Western N. Y . & Pennsylvania563.26
Grand Rapids & Lnd--------476.69 Cleve. Akron & Cincinnati____335.21
N . Y ., Phila. & Norfolk—.
122.28 Cleveland & Pittsburgh______ 204.75
Pitts., Cin., Chic. & St. L_ 1,874.79 Erie & Pittsburgh_____________82.99
Delaw Maryland & Virginia.. 97 64 Pitts. Ft. Wayne & Chicago. .471 33
Elmira & Lake Ontario______ 99.91 Pitts. Youngstown & Ashtab— 140 47
Elmira & Williamsport_______ 73 49 Toledo Col. & Ohio River___ 349.64
Northern Central------------------142.13 Little Miami________________ 140.63
Terre Haute & Peoria________ 145.07
Tentative Valuation.— The I.-S. C. Commission on Dec. 20 1926 placed a
tentative valuation o f $768,970,997 on the total owned property (including
$9 945,997 for property owned and not used but leased to other companies)
and $1,078,185,180 on the total used property (including $319,160,180 for
property used but not owned, leased from other companies, many of which
are subsidiaries) as o f June 30 1918. |This valuation covers the principal
eastern lines of the Pennsylvania system, the lines west of Pittsburgh and
some o f the other lines of the system having been included in previous re­
ports on the subsidiary companies.] V. 123, p. 3316.
ORGANIZATION, LEASES. <5co.— The charter of the Pennsylvania RR.
was dated April 13 1846. As to agreement in 1917 to take over the prop­
erties and assume the obligations of the Pennsylvania Company, see that
company’s statement below, and V. 106, p. 1031In N ov. 1917 it was agreed that, effective Jan. 1 1918. or such later dates
as might be determined, the leases of railroad property held by the Penn­
sylvania Co. should be reassigned to the Penn. R R ., and the lines west
o f Pittsburgh operated directly by the Pennsylvania R R ., through the same
officials who had heretofore been In charge of the operation of those lines.
I d pursuance of this plan the Penn. R R . Co. had resumed In Oct. 1918
operating under lease the Pitts. Ft. Wayne & Chicago R y., Cleveland A
Pittsburgh R R ., Erie & Pittsburgh R R ., and Pitts. Youngs. A Ashtab.
R y. V. 107, p. 83, 284; V. 106, p. 86, 1031; V. 105. p. 2094, 2184. During
1918 accordingly the Pennsylvania Company was relieved of the operation
o f all the aforesaid lines, which were operated directly by the Penn. RR.
d o . as its “ Western Lines.”




[V ol. 125,

BAILW AY STOCKS AND BONDS

6

When
Payable

Last Dividend Places Where Interest a n d
and Laturity
Dividends Are Payable

M
M
A
J
J
M
A
M
J

A
A
S
C
A
A
A
A
A
A
F A
J A
J A
J A
A A
A A

N May 1 1928
N May 1 193^
O Apr 1 1977
J July 1 193c
D June 1 1925
S Moh 1 1942
O Apr 1 1930
N Nov 11943
J Jan 1 1941
A Feb 1 1956
J Jan 1 1930
.1 July 1 1943
J July 1 1951
O Apr 11949
O Oct 1 1952

J A J
M &
A A
A &
M &

16 To Jan 15 1935 Guaranty Trust C o, N Y
S To Mar 1 1938 Fid-Phila. Tr Co, Phila
do
do
() To Apr 1 1939
do
do
o To Oct 1 1939
do
do
N M ay 15’ 29to’41

Broad St Station. Phila
do
do
do
do
do
do
do
do
Office Phila A New York
Broad St Station. Phila
Office Phila A New York
Broad St Station. Phil*
do
do
dc,
do
do
do
do
do
Treasurer’s Office. Phila
F id.-Phila. Tr Co. Philo

System Operated as a Unit.— It was announced in Feb. '20 that, effective
March 1 1920, the system would be operated as a unit instead of being
subdivided as formerly between the lines east and west of Pittsburgh.
The system was divided into four regions, each in charge of a Vice-President,
the headquarters o f the respective regions being at Philadelphia, Pitts­
burgh, Chicago and St. Louis, and known as the Eastern, Central, North­
western and Southwestern regions. As of June 1 1925 the Northwestern
and Southwestern regions were combined and are now known as the Western
region. V. 120, p. 2812.
In March 1916 Incorporated the Penn.-Detroit R R . with $5,000,000 stock
to build a 52-mile road from Ohio-Michigan line northward to Detroit
V. 104, p. 1146; V. 106, p. 1031; V. 107, p. 91. The stockholders in April
1923 approved the lease of this road to the Pennsylvania R R . for 999 years.
V. 116, p. 1893.
In April 1918 took title to the Susqhehanna Bioomsburg & Berwick R i .
a 42-mile line Watsontown to Berwick, Pa , A c . with $700,000 First M tge
gold 5% bonds outstanding. V. 106, p. 2011.
On Jan. 1 1921 leased for 999 years the Grand Rapids & Indiana R v. and
the Pitts. Cin. Chic. & St. L. R R . V. I l l , p. 1753,1950; V. 115, p. 437, 760.
The stockholders on Mar. 8 1921 approved the leases of 16 railroad prop­
erties constituting portions of the system and controlled through stock
ownership. Compare V. 112, p. 162; V. 114, p. 1526.
The company In 1921 was authorized by the I.-S. C. Commission to lease
for 999 years the property o f the New York Philadelphia & Norfolk R R .
from July 1 1920. V. 113, p. 731. Has also been authorized to purchase
from the Pennsylvania Co. the stock o f the Pitts., Ft. Wayne & Chicago
R y. V. 112, p. 2191; V. 117, p. 2324.
Merger of S ubsidiaries.See Pennsylvania Ohio & Detroit R R . above.
The I.-S. C. Commission in Feb. 1926 authorized the acquisition by the
company of control of the Western Allegheny R R . by purchase of capital
stock. V. 122, p. 1167.
To Build N e w Terminal.— It was announced In Oct. 1924 that the co. will
build a new terminal in West Philadelphia, Pa. Compare annual report
In V. 122, p. 2031.
PROTESTS VALUATION.— The company has filed with I.-S. C. Com­
mission a protest against the tentative valuation of its properties issued
recently, and has asked the Commission to disapprove and withdraw it.
V. 124, p. 640.
SECURITIES OW NED .— Total book value of these on Dec. 31 1926
was $592,489,518, many of which are pledged to secure Pennsylvania Issues.
Revenue derived from these securities In 1926 $29,972,449. The securities
Include $56,823,200 (common) and $12,008,000 (adjustment preferred)
stock of the Norfolk & Western, and $5,312,500 stock o f N . Y . N . H. & H.
R R . Co.
With a view to complete stock control of the Pittsburgh Cincinnati Chi­
cago & St. Louis R R ., the directors of the Penn. R R . Co. and of the Penn.
Co. on Mar. 10 1920 offered to purchase the minority stock of the Panhandle
Co. and to pay for the same, par for par, In new 50-year mtge. bonds of the
latter co. when issued to the Penn. Co , bearing lnt. at the rate of 5% p. a.,
prin. & int. to be guaranteed by the Penn. R R . V. 110, p. 1188. See also
Pitts. Cin. Chic. & St. L. RR below.
The Pennsylvania Co. also offered to acquire the minority shares of the
Grand Rapids & Indiana R y., by exchanging therefor, par for par, 2d mtge.
4% bonds of the latter company, held in its treasury.
D IV ID E N D S.—
1900-’05. ’06. ’07. ’08-’20. ’21. ’22. ’23-’25. ’26
Percent__________________6 yearly 6H 7 6 yrly. 4 f i 414 6 yrly. 6kC
Paid in 1927: Feb., \y2 %; May 3 1 ,1H %: Aug. 3 1 ,1M %; N ov. 3 0 .1 M % CAPITAL STOCK.— Stockholders of record May 6 1913 subscribed for
10% In new stock ($45,387,750) at par.
BONDS.— Consoliaatea mortgage of 1873 (see in V. 86, p. 1043, 1101) In
June 1915 covered 993.01 miles of road by a first lien and by supplement
dated 1913, 409.47 milee by a subsequent lien. V. 100, p. 399, 475, 819,
1169. In 1916 majority of 4% sterling bonds of 1908 were stamped as
bonds. V. 101. p. 2072. 2255: V. 103. p. 321
The General Mortgage Bonds of 1915 (V. 98, p. 695) are a direct obligation
of the company and are secured by a mortgage on its property subject to
prior liens amounting to approximately $133,000,000. The prior liens
mature from 1926 to I960, cannot be increased and a sufficient amount of
bonds authorized by this mortgage Is reserved for their retirement.
Data Regarding Issuance of General Mortgage Bonds of 1915,
Authorized, limited to paid up capital stock of the company
outstanding at the time of issue___________________________ $499,265,700
Outstanding including $60,000,000 sold in March 1917, and
bonds in sinking fund Series A ___ ________________________ 125,000,000
do series B issued in 1919, chiefly for additions and im­
provements___________________________
do Series C pledged as security for $50,000,000 10-year 7%
Secured gold bonds of 1920 and $60,000,000 6 % gold bonds
of 1921__________________________________________________ 110,000.000
Reserved to retire equal amount of prior liens_______________ 133,056,879
Issuable when and as voted by stockholders_________________ 81,208,821
Of the Gen. Mtge. 4H s $65,000,000 was sold in M ay 1915 (V. 100, p.
1593) and $60,000,000 in 1917 (V. 104, p. 1388; V. 105, p. 1105); $50,000,000 Gen. Mtge. Series B 5s were sold in Dec 1918. V. 107, p. 2376.
The 3 J^s of Girard Point Storage Co. became a direct obligation of Penn.
R R . in 1917. V. 105. p. 1310, 1523, 2543.
The 10-year 7% gold bonds due April l 1930 are secured by deposit of
$50,000,000 Penn R R . gen. mtge. 6s, series O, 1970, and $5,000,000 Phila.
Balt. & Wash, new gen. mtge. 6s. V. 110, p. 1527
The 15-year 6 H % gold bonds due Feb. 1 1936 are secured by deposit o f
$60,000,000 Penn. RR. gen. mtge. 6s, Series C, 1970, and $6,000,000
Phila. Balt. & Wash. gen. mtge. 6s, Series A, 1960. Proceeds used
for purchase of equipment, from Pennsylvania C o., purchase of $1,704,420
stock of P. C. C. & St. L. R R . and $20,466,100 stock of Pitts. Ft. Wayne &
Chicago R y., &c. V. 112, p. 1025.
The 40-year 5% gold bonds due N ov. 1 1964 are secured by deposit of
$15,000,000 Philadelphia Baltimore & Washington R R . capital stock,
$10,000,000 Pittsburgh Cincinnati Chicago & St. Louis R R . capital stock,
$7,500,000 Cleveland & Pittsburgh R R . special guaranteed betterment

50,000,00

Nov., 1927.]

Miles Date
Road Bonds

RAILROAD COMPANIES
[For abbreviat ons, dec., see notes on page 8]

Pennsylvania Company—
Guar tr certs J5.000.000 g ass’d Pa R R Ser A -k r r
ao
10.000.000
do Ser B GPkvo*
do
5.000.000
do Ser C .~ k v o*
do
10.000.000
do SerD GPvkc*
do
10 000.000
do SerE.GPkvc*
Gold loan red alter 15 yr* (gu V 83, p. 1229)-GPkvc*
Pennsylvania & Northwestern— See Penn. R R ____
Peoria & Bureau Valley— Stook rental (see text)----Peoria & Eastern— Ind Bloom & W 1st M pf.Cc.xo&r
Ohio Indiana & We t 1st M prel g lntguar_ Ce.xc*
_
Peo & E 1st (cons) M $10,000,000 lnt guar.-Cex.o*
Income M lnt when earned non-cumulatlve_Ce.xc

- --

1897
1901
1902
1904
1912
1906

47
202
338
338
338

1879
1888
1890
1890

Par
Value

100
100 &o
500 &o
1.000
1.000

Total ry. oper. r e v s ..709,817,450 672,136,962 645,299,176 721,397,408
Ry. Oper. Expenses—
Maint. of way & stru c.. 92,362,198 85,003,417 74,025,530 85.383,281
Maint. of equipm ent...161,880,739 162,033,562 158,884,751 188,577,703
Traffic________________
8,884.633
8,175.440
7,846,321
7,754,739
Transportation_________259,815,202 245.226,468 250,364,384 281,851,982
Miscellaneous operations 9,228,605
8,734,359
9,409,244
9.772,346
General________________ 18,642,827 18,203,608 17,222,321 17,345,432
237,507
301,878
167,454
Transp. for invest— Cr. Cr.453,625
Total ry. oper. exps._550.360.578 527.139.347 517.450.673 590.518.030
Net rev. from ry. o p e r ..159.456,872 144,997,615 127,848,503 130,879,378
Railway tax accru als... 37,110,193 31,700,789 30,457,970 32,690.522
Uncollectible ry. r e v s ...
261,611
279,863
212,947
124,598
R y. oper. income___ 122,085.068 113,016,963
Hire of equip.-Deb. bal. 14,921,271 12,723,961
Jt. facil. rents-Deb. bal. Dr731,039 D r.184,995

97,177,586
18,034.348
343,325

98,064,258
13,927,103
590,487

Net ry. oper. income.106,432,757 100,108,008 78,799,913 83,546,667
Non-Operating Income—
Income fr. lease o f road.
100,542
6,464
5,891
5,736
Miscell . rent income____ 2,397,274
2,684,429
2,641,008 2,352,543
Misc. non-op. phys. prop.
52,002
46,536
68,586
56,362
Sep. oper. prop., profit.
77,126
132,437
115.682
66,806
Dividend income_______ 24,038,838 21,804.028 20,456,358 19,802,002
Inc. from fund, securs..
6,808,091 2,335,475
2,208,528 2,588,627
Inc. from unfunded sec.
and accounts________ 3.452,541
7,415,582
2,987,081 5,805,915
Inc. from sink. & other
reserve funds________ 2,958,214
2,850,618
2,492,766 2,530,049
Release of premium on
funded debt_________
3,921
3,921
3,921
3,921
Miscellaneous income_
_
1,487
2,001
29,100
50,648
Total non-op. income. 39,890,036 37,281,490 31,008,921 33,262,610
Gross income__________ 146,322,793 137,389,498 109,808,834 116,809,278
Deductions—
Rent for leased r o a d s ... 45,927,919 44,385,949 38,291,126 35,246,256
Oper. deficits o f branch
roads borne by P a.R R .
206,305
154,858
475,000 Cr.957,964
Miscellaneous rents____ 1,226,473
1,210,820
1,242,826
1,163,997
Miscell. tax accruals____
123,769
115,092
118,369
209,559
lnt. on funded debt____ 30.013,723 28,261,040 30,527,956 28,062,553
lnt. on unfunded d e b t..
976,810
742,411
715,888
841,204
Miscell. income charges.
279,838
299,003
302,992
705,594
75,169,173
62,220,324

71,674,157
38,134,677

65,271,200
51,538,078

4,090,091
29,950,404

3,871,837
29,950,404

5,112,397
29,950,404

Balance, surplus_____ 31,008,137 28,179,829
4,312,436 16,475,277
For latest earnings, see “ Railway Earnings Section” (issued monthly)
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 2109.
OFFICERS.— Pres., W . W. Atterbury; V.-Ps., Elisha Lee, M . C. Ken­
nedy, G. L. Peck, Julien L. Eysmans, A. J. County, M . W. Clement,
Benj. M cKeen,, Thomas W . Hulme, V.-P. & Gen. Counsel; C. B. Heiserman; Treas., Henry H. Lee; Sec., Lewis Neilson; V.-P.s in charge of regions:
Eastern, Charles S. Krick; Central, E. T. Whiter; Western, T . B. Hamilton,
New York office. 380 Seventh Avenue.
DIRECTO RS.— Richard B. Mellon, Charles E. Ingersoll, Samuel Rea,
Jay Cooke, W. W . Atterbury, A. J. County, Arthur W . Thompson, E. B.
Morris, Levi L. Rue, Edgar C. Felton, John T . Dorrance, Howard Heinz,
Elisha Lee, Julien L. Eysmans, M . C. Kennedy, Percival Roberts Jr.,
Charles Day.— (V. 124, p. 2257.)
PENNSYLVANIA COMPANY— (See Maps Pennsylvania RR.)— Oper
ated all the Pennsylvania Railroad lines west of Pitts, until Jan. 1 1918.
Owns no road in fee, and since Jan. 1 1918 has acted solely as an invest­
ment company. (V. 108, p. 967).
To effect a closer unity of its system, the Penn. R R . Co. in 1917 entered
into an agreement to take over as o f Jan. 1 1918 the leases and business
of the Pennsylvania Company, and assume its obligations, liabilities




Amount
Outstanding

$ 1,000 53.444.000
1.000 7 113,000
1.000 3.542.000
1.000 7.425.000
1,000 8.701.000
1.000 16.739.000

4% stock, $4,750,000 West Jersey & Seashore R R . common stock, $8,500,000 Northern Central Ry. capital stock, and $12,000,000 Pittsburgh Ft
Wayne & Chicago R y. guaranteed 7% common stock.
The bonds are redeemable all or part at 105 and interest upon 90 days
notice on any Interest date from Nov. 1 1929 to N ov. 1 1954. and thereafter
on any interest date at a premium equal to M % for each six months between
date o f redemption and date of maturity. V. 119, p. 1625.
Equipment trusts Issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. Il3 , p. 1471; V. 114, p. 410
Equip, trusts of 1923. V. 116, P 1178
Equipment trusts o f 1924, V. 118, p. 1774; V. 119, p. 1510.
Equipment trusts o f 1926, V. 122. p. 2188.
REPORT.— For 1926 in V. 124, p. 2107 shows:
1926.
1925.
1924.
1923.
Mileage (incl. 67 miles of
canals and ferries)____
10,594
10,582
10,575
10,577
Railway Oper. Rev.—
$
$
$
$
Freight........................... .497,424,226 465,013,724 440,567,310 502,698,606
Passenger______________ 147,976,357 144,969.963 147,523,905 155,516,003
Mail, Express, &c______ 42,872,757 42,087,354 38,526,191 41,816,898
Incidental______________ 20,974,876 19,149,262 18,727,546 21,324,982
Joint facility____________ Cr.569,233 Cr.916,659 Dr.45,776
Cr.40,919

Total deductions_____ 78,754,835
Net income____________ 67,567.959
Disposition of Net Income—
Sink. & oth. res. funds. 4,108,483
Dividends_____________ 32,451,339

109

EAILW AY STOCKS AND BONDS
Rats
%

When
Payable

3M B
3M B
3Mg
3M g
4g
A
4g

1.500.000
7M
931,500
4
500,000
5K
8.376.000
4
4.000.000 Dp to

F
A
A

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Sept
Feb
Deo
Deo
May
& O Apr

1 1937
1 1941
1 1942
1 1944
1 1952
11931

Aug
Apr
Apr
& O Apr
Apr

1 1927 3 M Bankers Trust Co N V
Treaa office, N Y
11940
11938
do
1 1940
do
11990
4% paid April 11918

A
*

Q— J

Penn* RR, New Yorll
■ and Girard Tr Oe.
Philadelphia

and duties to the lines and properties In which It had an Interest. The
Penn. R R . owns the entire capital stock of the Pennsylvania Go. and guar­
antees its outstanding bonds. V. 106, p. 1031: V. 107, p. 82. Acquisition
of "Panhandle” and Grand Rapids & Indiana Ry. minority stock, see
Pennsylvania R R . above.
ORGANIZATION.— Chartered in Penna. April 7 1870. Its *80,000.000
stook is owned by the Pennsylvania Railroad. On Dec. 31 ’26 the Penn. Go.
owned sundry stocks and bonds having value, per balance sheet, $122,642,942, yielding in 1926 income of $7,175,217.
DIVS.— f'10 to T 3. T4. T 5. T 6. T 7. T 8. T9. ’20. ’21. ’22. ’23. to ’26.
Per c e n t ..) 7 yrly.
4 6 8 6 6 6 6 6
26
*6 yrly.
♦Also paid 10% in securities in 1924.
Paid in 1927; March 31, I H % ; June 30,1M % : Sept. 30, 1 K % BONDS.— The gold bonds of 1931, secured by leases of P. Ft. W. Sc
O., the Olevel. & Pittsb. and Erie & Pittsb. railroads and of bonds and
stocks having a par value of $20,448,450. as well as real estate, were paid
off in 1921 and the collateral released.
Guaranteed trust certificates, “ A ,” “ B .” “ O ,” “ D ,” and “ E ” were Issued by
Girard Trust Co., Philadelphia, as trustee, under a deed of trust made by
the Penn. Co. and the Penn. R R . Co., whereby the Penn. Co. pledged
an equal amount at par of the 7% guar, special stock of the Pittsb. Ft. W.
& Chic. Ry. Co. These certificates were assumed by the Penna. R R . in
1921. See V. 65, p. 368. 572. 1116; V. 67, p. 122; V. 79. p. 2457; V. 94.
p. 768: V 114, p. 1527.
The gold loan 4s of 1906. guaranteed, are secured by deposit of $33,500,000 Pitts. Cin. Chic. & St. Louis stock. V. 92, p. 335; V. 83, p. 1229.
R EPO RT.— For 1925, in V. 123, p. 78, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Dividend income________ $7,117,425 $6,235,162 $6,661,118 $6,669,487
M iscell. rent income____
______
______
Dr482
13,581
Income from funded secs
57,792
248,855
406,185
423,800
Income from unfunded
securities & accounts.
105,477
216,309
147,096
110,667
Income from sinking and
other reserve funds_
_
201,998
11,901
630
2,000
Gross income_________ $7,482,691
Deductions—
Tax accruals___________
583,546
lnt. on funded debt___
716,847
lnt. on unfunded d e b t..
158
Maint. of invest, organ.
26,034
Miscell. income charges.
6,191
Total deductions_____ $1,332,776

$6,712,227 $7,214,548
423,821
792,484
______
19,361
7,045
$1,242,711

$7,219,536

542,972
793,720
14,119
14,620
7,370

667,781
794,093
455,865
31,845
5,999

$1,372,803

$1,955,583

Net income__________$6,149,915 $5,469,516 $5,841,746 $5,263,952
Inc. appl. to sinking and
other reserve funds
281,442
$18,391
$6,849
$7,367
credit of prof. & loss $5,868,473 $5,451,125 $5,834,897 $5,256,585
Previous surplus_______ $31,036,116 $37,672,419 $43,416,773 $42,324,417
Sund.net cred.during yr.Cr.2373,239
45.015
1,220,749
635,771
Less div. approp. (6 % ). 4,800,000
4,800,000
4,800,000
4,800,000
Special dividend_______
______
______ (10)8000,000
______
Approp. to gen. fund _ . Deb .1000, OOODeft .7,332,442
P. & L. surp. Dec. 31.$28,731,351 $31,036,116 $37,672,419 $43,416,773
—V. 125, p. 2259.
PEORIA & BUREAU VALLEY R R .— Peoria to Bureau Jet., 111.. 47
miles. Leased in 1854 to C. R. I & Pac. Ry. for $125,000 yrly. divs., usu­
ally 8% yearly, and for some years occasionally more. Feb. 1908 and Aug.
1915, 1% extra. In 1919, 1920, 1921 and 1922 at the rate of 7 M % , 3M %
being paid in Feb. and 4% in Aug. Feb. 1923 to Aug 1927 paid 3M %
semi-ann.— (V. lo O , p. 2168.)
PEORIA AND EASTERN R Y . CO.— (See Map New York Central Lines:)
— Owns from Pekin, 111., to Ill.-Ind. State line; holds lease in perpetuity,
Ill.-Ind. State line to Indianapolis, also quit claim deed for same effective
when mortgages on leasehold are satisfied, 202 m.; and holds a purchasemoney lien of $5,000,000 from C. C . C. & St. Louis Ry. Co. (owner) on
Springfield D iv., Indianapolis to Springfield, O., 136 m.; trackage. Pekin
to Peoria, 9 m.; total oper., 211 miles.
OPERATING AGREEM EN T, &c.— Formerly Ohio Indiana & Western,
sold in foreclosure in 1890, reorganized per V. 49, p. 616- Has operating
agreement till April 1 1940 with Clev. Cine. Chic. & St. L., which guar­
antees interest, but not principal, of the 1st consols and the underlying
bonds, and owns $5,000,100 of the $10,000,000 stock, par $100. Sea
‘Supplement” of Jan. 1894 as to provisions respecting any surplus over
charges. Co. owns $173,000 stock and $27,500 deb. bonds o f Peoria S
c
Pekin Union R y.
BONDS.— See abstracts of mtges. of 1890 in V. 51, p. 246.
D IV ID E N D ON INCOM ES.— April 1 1902 to 1908, both incl., paid 4%
yearly; 1909, none; 1910 and 1911, 4% ; 1912, none; 1913, 4% ; none since.
RE PO RT.— For 1926, showed:
Revenue—
1926.
1925.
1924.
1923.
Freight_________________ $2,984,753 $3,402,695 $3,598,814 $3,413,467
Passenger______________
630,968
666,723
745,266
781,929
Mail and express_______
110,835
212,456
192,699
205,977
Other revenue_________
226,142
110,343
97,366
99,455
Incidental____ ________
45,107
20,127
25,914
44,392
Joint facility___________
11,468
12,489
11,653
16,342
Total ry. oper. r e v „ . $4,009,273

$4,424,832

$4,671,714

$4,561,564

[V ol. 125,

BAILW AY STOCKS AND BONDS

110

R A IL R O A D C O M P A N IE S
[F o r a b b r e v ia tio n s , & c . , s e e n o t e s o n p a g e

M ile s
R oad

8]

Peoria & Peki n U n—1st M g Ser’ ’ A " red (text) Ce.c*&r *
Debentures due $45 000 y ’ly (in 1930 $30.000)____*
Pere M arquette R y., Common stock__________ —
Prior prei (a Sc d) stock 5% cum red at par Sc d iv s ..
Pref (a Sc d) stk 5% cum red par Sc divs___________
1st mtge gold (Ser. A 5% call at 105 Sc lnt.yc*& r*
$75,OOO.OOOBa\8er. B 4% call at 100 Sc ln t.y c^&r*
Lake Erie & Detroit Rlv Div coll tr M gold. -----U
Equipment gold notes Ser 63 due $672,000 yly.G r*
Equip trust ctfs ser A due $170,000 Aug 1.
c*
Perkiomen— 1st M Ser 1 gold callable 105_PeP.kv.c*
First M Ser 2 gcall 105_________________PeP.kv.c*
Peterborough RR— Stock (rental 4%)
Phlla & Baltimore C entral— See Phlla Balt Sc Wash
Phils Baltimore A w «*h — Stock auth $29,900,450-.
P W & B reg deb gold.
. — . -----------First mortgage $20,000,000 g o ld ..
- .Q .x c'& r’
General mortgage, Series A _____________________
do
do
Series B _______________xc*&r*
Phlla Sc Balt Cent— 1st M $10,000,000 g gu p&iFP.x
Columbia Sc Port Deposit first mortgage gold------x
Chester Creek R R 1st M $185,000 gold-------------- -

D a te
B onds

Par
V a lu t

1924
1911

1,000
1,000
100
100
100
l.OOO&c
..... _
1.000
1 non
1,000
100 ate
1.000
100

_
_

_

1916
1916
199 1903
1920
1927
38.2 1888
38.2 1888
. . . ....

60
1892
1.000
229 1904 1 000 Sec
1920 1,000 Ac
1,000
413 1924
413 1927
1.000
86 1911
1 000
43 1890
100 &c
6 1868

Am ount
O u ts ta n d in g

R a te
%

W h en
P a y a b le

L a s t D iv i d e n d
a n d M a t u r it y

3.200,000
5 k g F & A Aug 1 1974
120.000
6 e M & N 1928 to 1930
45,046,000 See text Q— J Jan 3 1928 l k
Q— F Feb 1 1928 l k
11.200,000
6
12.429.000
Q— F Feb 1 1928 l k
5
34,476,000
J July 1 1956
5 ft J A
1 S
c J July 1 1956
8.479.000
4 ft
t
3.000.000
4 H 8 F S A Aug 11932
6 t? 1 *
.1 To Jan 15 1935
5,376.000
F & A Aug 1 1942Inte
2,550,000
4k
Q---i
797,100
Jan l 1938
0»
1.125,000
68
Q— J Jan 1 1938
*
385,000
A S O Apr 1927
t
2%
29,837,000
1.000,000
16.070.000
11.000.000
10,000,000
3.822.000
2.200.000
1,500,000
185,000

6
4t
4g
6
5g
4k
4S
4 g
6

J
A
M
A
F

S
i
&
S
t
&
&

P la c e s W h e r e I n t e r e s t am*
D iv i d e n d s a r e P a y a b l e

Central U Tr Co, N Y
Central Un Tr Co, N Y
Office o f company, N Y
Office o f company, N Y
do
do
Office of company, N >
do
do
do
do
Guarantv True* f o . N V
rstate Tr Co, N Y
Reading Terminal Phila
do
dr
Nashua. New Hampshire

D June 3 0 ’27 9°/, Treas, Brd St Sta’n Phila
dt
db
O Oot 1 1932
do
do
N Nov 1 1943
do
do
<) Apr 1 1960
A Feb 1 1974
New York, N Y

M S N Nov 1 1951
t
F Sc A Aug 1 1940
3
Sc
J Jan 1 1933

Treas, Brd St Sta’n, Phil
do
do
do
do

On Jan. 3 1922 paid 10% on the preferred stock; on M ay 1 1922 paid
1 2-3% (for 4 months’ period) and 1 % on account of accumulated divs. and
on Aug. 1 and N ov. 1 1922 paid 1M % quar. and 1 % on account of accumu­
lated divs. On Feb. 1 1923 paid 1 H % quar. and 2% on account accumula­
tions, clearing up all back divs.; M ay 1 1923 to Feb. 1 1928 paid 1 k % quar.
On common, paid initial div. of 1% on July 2 1923; same amount paid
quar. to April 1 1926; on M ay 1 1926 paid an additional k % for the quarter
136,611 ending Mar. 31 1926 and an extra dividend of 2% ; July 1 1926 to Jan. 3 1928
153,683
G e n e r a l . . . __ . .
169,733
206,267
6,062 paid l k % quar. Also paid 2% extra Apr. 3 1927.
4,733
Transp. for invest.— C r.
402
1,355
BONDS.— The first mtge of 1916 is a direct first lien on all the railroad
Total ry. oper. exp_ $3,226,288 $3,488,122 $3,996,516 $3,983,386 property, equipment, Ac., owned by the company in the U. 8. and also
_
578,178 eo rere securities owned in several subsidiaries. The mortgage is for
Net rev. from ry . oper. .
782,958
936,711
675,198
177,896 »75,000 000 (see V. 103, p. 1692. and offering in V. 104, p. 1265, 1388),
Railway tax accruals_
_
211,478
199,200
189,385
493 I«tuable in series, with, if desired, different maturities and call features, the
202
Uncollectible ry . revenue
496
2,323
441,377 interest rates to be fixed at not over 6% p. a. for the following purposes;
481,333
Equipment rents (net)
173,904
313,675
63,641
58.607
Joint facilities rent (net)
46,587
62,474
Now Issued all equally secured, covering as a direct first lien
about 1,821 miles of main line and branches and as a sec­
$105,230
Net ry. oper. deficit-.
$64,144
$348,693 sur$370,681
ond collateral lien 199 miles; total, about 2,020 miles ($0,315,401
Non-operating income. .
275.401
265,640
332,971
000.000 Series A for sale to syndicate; rem. for exchange)—
Series A 5% , due July 1 1956, redeemable at 105 & int__ 34,476,00#
$210,170
Gross income _______
$646,082
$201,496
671,664
Series B 4 % , due July 1 1956, redeemable at par & in t._ 8,479.000
Crl78
Rent for leased roads. .
Reserved to retire undisturbed bonds, viz.: $3,000,000 P. M .
400,832
Int. on fd. & unfd. debt.
402,774
424,360
400,565
(Lake Erie & Detroit River R y. div.) Collateral Trust 4 k s 3,000.06.)
43,981 Reserved for issue, for acquisitions, additions, betterments and
Other deductions______
17,698
21,309
27,666
mprovements, under restrictions__________________________ 29.045.000
$234,466
Net deficit__________ sur$247,581 sur$194,056
$216,768
Equipment trusts issued to Director-General for rolling stock allocated
5,375 „ this company. See article on page 3 and V 114. n. 410.
Sink. & other res. funds.
5,432
5,432
5,431
238.363
Invest, in physical prop
142.401
78,011
t RE PO RT.— For 1926, in V . 124, p. 3063, showed:
Balance, deficit______ sur$164,139 sur$46,223
$222,200
$478,202
1926
1925
1924
1923
OFFICERS.— Pres., Patrick E . Crowley; V .-Ps., W .A . Carnegie Ewen,
A . H. Harris, I. A. Place, G. H. Ingalls, J. L. Burdett and H. A. Worcester; Freight revenue-............$38,972,980 $35,503,610 $33,552,524 $36,345,428
Passenger--------------------- 3,830,410
4,275,249
4,878,996
5,341,020
Sec., E. F. Stephenson; Gen. Treas., H. G. Snelling; Compt., W . C. M ail__________________
441,753
465,541
480,281
499,038
W ishart— (V. 124, p. 3348.)
Express-----------------------989.914
991,666
938,098
985,543
PEORIA AND PEKIN UNION R Y . CO.— Owns Pekin to Peoria, on Miscellaneous.................. 1,564,638
1,474,624
1,948,016
2,794,708
both sides o f Illinois River, and yards at and opposite Peoria. Mileage
Total oper. revenue..$45,799,700 $42,710,690 $41,797,915 $45,965,737
main track, 16.07; second main track, 10.51; total main track owned, 26.58
& strum.
4,850,274
5,084,399
5,949,529
miles. Mileage o f side and yard tracks owned, 113.14. Tentative valua­ Maint. of wayof equ ip .. 4,866,508
Maintenance
9,529,997
9,104,647
8,693,760
9,841,414
tion as o f June 30 1919, $4,805,882.
664,782
640,3£0
629,430
598,623
Capital stock, $1,000,000. Owned by Peoria & Eastern (Cleveland Cin­ Traffic------------------------- 15,457,783 14,928,248 15,381,093 17,352,107
cinnati Chicago & St. Louis system), Chicago & North Western, Illinois Transportation________
Miscellaneous__________ 1,474,956
1,339,017
1,380,970
1,420,643
Central system and N. Y . Chic. & St. L. R R . Co. Extension of bonds and
Govt, loan, V. 112, p. 563, 933. Dividends, 1891, 4% ; 1895-1901, 6% Transportation for inv’t . Cr.108.004 Cr.137,250 Cr.206,723 Cr.291,221
Total oper. expenses..$31,886,Oil $30,725,256 $30,962,930 $34,871,096
per ann.: 1902, 4% ; 1905, 5% ; 1905-16, none; Jan. 1917, 6% ; July 1926,
6 % ; July 1927, 6 % . Debentures, V. 93, p. 1260. In July 1924, $3,200,- Net operating revenue..$13,913,689 $11,985,434 $10,834,985 $11,094,640
2,064,675
2,028,020
1,848,821
000 1st mtge. 5 k % gold bonds. Series " A ,” were sold, the proceeds to be Railway tax accruals___ 2,409.488
13,903
18,330
7,803
13,604
applied to retiring U. S. Govt. Loan, underlying issues and 1st and 2d Uncoil, railway revenues
mtge. 7% bonds, due Feb. 1 1926.
Equipment rents (n et)..
923,186
459,833
919,635
1,625,249
Joint facility rents (net).
773,888
672.374
678,697
520,593
RE PO RT.— For 1926 in V. 124, p. 2743, showed:
Cal.
Over.
Other
Int.,
Net ry. operating inc. $9,793,224 $8,770,220 ' $7,200,828 $7,086,372
Yrs.— Gross.
Inc.
Inc.
Rentals, <%
c.
Balance. Other income (net).........
474,527
288.642
406,053
357,191
1926_____ $1,773,839
$214,480
$334,896
$212,140
$337,236
Total-------------$10,267,751 $9,058,863 $7,606,881 $7,443,563
1925_____ 1,869,476
217,833
340,674
242,494
316,013
Interest on bonds______ 2,197,960
2,197,960
2,197,960
1,664,974
For latest earnings, see “ Railway Earnings Section” (issued monthly.)
364,560
404,880
445,246
485,881
Pres., V. V. Boatner; V .-P ., C. E. Denney; Sec., C. Leber; Treas., Int. on equipment notes.
Miscellaneous interest..
3,228
15,640
28,653
89,898
E. T . Gibbons. Office, Peoria, 111.— (V. 124, p. 2903.)
Divs. on prior pf. stk.(5% ) 560,000
560,000
560,000
560,000
PERE MARQUETTE R Y . CO.— Total system Dec. 31 1926 2.244.53
do do pref. stock_(5%)621,450 (5)621,450 (5)621,450 (7)870,030
miles. The company’s lines gridiron the State of Michigan, serving Detroit,
do do com. stk .(8 %)3,603,680 (4)1.801,840 (4)1,801,840 (3)1,351.380
Port Huron, Bay City, Lansing, Grand Rapids, Muskegon, Manistee, Flint,
Balance, surplus_____ $2,916,874
$3,457,092 $1,951,732 $2,421,400
Traverse City, &c., &c. By means of extensions of its own lines and track­
450,460
450,460
450,460
450,460
age over other systems the company is able to reach Chicago (entering over Shs.com.outst.(par$100)
$14.48
$11.67
$8.33
$8.38
B. Sc O.), the Suspension Bridge at Niagara Falls, using the Michigan Cent. Earns, per sh. on c o m ..
R R . from St. Thomas, Ont., east., Toledo, &c. In Aug. 1921 was author­
OFFICERS.— E. N. Brown, Chairman; F. H. Alfred, Pres.: Clarence S.
e d to acquire control o f Flint Belt R R . V. 113. p. 1157.
Sikes. V.-P.& Oen. Aud.; J.L.Cramer. V.-P. & Treas.: E. M. Heberd Sep
Lines Owned—
Miles. | Trackage—
Directors.— S. T . Crapo, F. H. Alfred, D . P. Bennett, Francis R , Hart,
Main lines and branches______ 1,770! Leased and trackage rights______ 266 John W. Stedman, E. N. Brown, FrankliD Q. Brown, E. V. R. Thayer,
Controlled—
Miles.
Walter W. Colpitts, Wm. J. Wilson, Matthew C. Brush, George O. Fraser
Lake Erie Sc Detroit River______ 1981
M . L. Bell, Frederick Osborn and E. M . Heberd. New York office,
Other lines_____________________ i l l
120 Broadway. Detroit office. Fort St., Union Depot Bldg.— (V. 125,
Operates car ferries Ludlngton to Milwaukee and Manitowoc.
p. 2143.)
ORGAN IZATION .— Incorp. In Michigan March 12 1917 and took pos­
PERKIOMEN R R .— Owns from Perkiomen Jet., Pa., to Emaus Jet.,
session o f property as o f April 1 1917. A reorganization, per plan in V . 103,
, 1692, 2342, of Pere Marquette Railroad Co. after foreclosure sale, under Pa., 38.21 m.; trackage on Reading Company, Emaus Jet. to East Penn Jet.
onsol. M . of 1901, Ref. 4% M . ana Impt. S Ref. Gen. M .: Flint S Pere 3.6 m. The I.-S. O. Commission has placed a tentative valuation of
c
c
Marquette Consol. M . and 1st M .; Port Huron 1st M . 5s; Grand Rapids $1,896,532 on the total owned and used properties of the company as of
Belding & Saginaw 1st M . 5s, and Chicago S West Michigan 1st M . 5s, June 30 1917. Stock ($1,500,000, par value o f shares $50) owned by the
c
Chicago S North Mich. 1st M . 5s; Pere Marquette of Ind. 1st M . 4s, and Reading Co. and mostly deposited under its Jersey Central collat. 4%
c
Detroit Grand Rapids & Western 1st Consol. 4s. Sale o f stock interest of mtge. of 1901. V. 72, p. 283. The bonds, extended till Jan. 1 1938, are
9. P. Morgan S C o., see V. 109, p. 173, 73.
c
subject to call at 105 and int. V . 105, p. 1802. For 1926, gross, $1,440,282;
net after taxes, $562,980; other income, $52,847; interest and rentals.
Tentative valuation as of June 30 1915, $63,309,242. V. 115. P- 183
Merger Plan Rejected.— The proposed unification of the road with the $172,304; balance, surplus, $293,522 (to profit and loss). Pres., A . T .
Nw Chicago & St. Louis R R ., the Erie, Chesapeake & Ohio and Dice; Sec., J. V. Hare; Treas., H. E . Paisley. Address, Reading Terminal,
e York
Hocking Valley railroads was rejected by the I.-S. O. Commission on Philadelphia.
For latest earnings, see “ Railway Earnings Section” (issued m onthly).—
March 2 1926. Compare V. 122, p. 1249.
V.
O.
P. and M . J. Van Sweringen have acquired 40% o f the common stock 120, p. 2939.
o f this company which is sufficient to give them control in directors’
PETERBOROUGH R R ,— Wilton to Greenfield, N . H .. 10.64 mile*
meetings. V. 124, p. 641.
Leased April 1 1893 to Boston S Maine for 93 years at 4% on stock and ex
c
For the revised terms o f proposed unification plan, see V. 124, p. 1061, penses. Capital stock. $385,000; par, $100; div. A. Sc O.
916.
CAPITAL STOCK.— The capital stock (V. 103, p. 1692) Includes
PHILADELPHIA BALTIMORE & W ASHINGTON R R . CO. (TH E).
Common stock_____________ ______________________________ $45,046,000 — (See la p Pennsylvania RR.)
Prior pref. stock 5% cumulative, 1st pref. as to prin. and divs.
Lines Owned—
Miles.
Redeemable at par and dividends_________________________ 11,200.00<
Philadelphia to Washington, D . O., via Baltimore, all double track___ 131
Pref. stock 5% cum. since Jan. 1 1919, 2d pref. as to prin. and
Philadelphia to Octorara, M d., and branches________________________ 91
divs
Redeemable at par and divs....................................
12.429.OOf1 Perryville, M d., to Columbia, Pa., &c______________________________ 43
The I.-S. C. Commission on Oct. 1 1927 denied the company’s application Bowie to Pope’s Creek, M d _________________________________________ 49
for authority to issue $9,009,200 common stock for distribution as a 20% Sundry branches, &c________________________________________________102
stock dividend.—V. 125, p. 2143.
D IV ID E N D S .—N o. 1 of 1 2-3% , was paid Aug. 1 1917 on the prior lien
Total mileage ow n e d ..____________________________________________ 416
pref. stock for the 4 mos. ended July 31 (V. 105, p. 73); N ov. 1 1917 to
The I.-S. C. Commission has placed a tentative valuation of $79,040,000
Feb. 1 1928, 1M % quar.— V. 109, p. 1367, 1793.
on the total owned but not used property o f the company as of 1918.
PEORIA & EASTERN R Y . CO.— Continued—

Maint. o f way & stru c..
Maint. o f equipment_
_
Traffic________________
Transportation________

&




593,872
828,627
67,031
1,568,380

$668,002
877,762
71,217
1,665,276

$930,785
1,062,264
67,908
1.786,608

$802,116
1,139,942
62,102
1,848,676

Nov., 1927.]

R A IL R O A D C O M P A N IE S
[F o r a b b r e v ia tio n s . & c . , s e e n o t e s o n p a g e 8]

M ila & Che* V— 1st M pret old5s red ’96g-PeP. kv.o*
1st mtge old 4s not pref lnt reduced in ’96 g PeP-kvo*
Phila Germ & Norristown— Stock rental P & R R y —
Phila Newtown & N Y— IstM (3s first charge) .kv.c*
Philadelphia & Reading Ry— See Reading Company
Philadelphia & Trenton— Stook 10% rental Penn RR
Philippine Ry— Stook $5,000,000 authorized--------- --1st M $15,000,000 g lnt guar s f red 110-_Ba.xo*&f*
Pine Creek— See New York Central
P ittsburg Bessemer & Lake Erie— Common 3% rent .
Preferred stook 6% cumulative guaranteed by rental
Pittsburg Shenango & Lake Erie 1st M g _Ce.xxc*
Consolidated first mtge for $4,800,000 g -Ce.xxo*
Pitts Bess & L E cons mtge $10,000,000 g _U*.xxo*
Plttsb Chart & Youth— Gen M $1,000,000 g gu.FPik
Plttsb C incinnati Chic & St L RR (new)— S to ck .. .
Gen mtge Series " A ” guar_____________UPyc*&r
Gen mtge Series “ B ” guar_________________ yc*&r*
Ohio St L A Pitts cons M ($22,000,000) g-.U n.xo&r
‘A ” gold.xo*
“ B " gold.xc*
Plttsb Oln Chic & St Louis Ry—
Consolidated mortgage $75,000,000 “ C” gold.xo*
gold guaranteed prln & lnt (end) by “ D” gold.xo*
Pennsylvania Company uncondi­ “ E ” gold.xo*
tionally. all equally secured______ “ F” gold.xo*
“ G” gold.xo*
" H ” gold.xo*
“ I ” gold.xa*
“ J” gold.xc*
Ohartlers first mortgage assumed______________xo*
Vandalia RR \Oons M Ser A sf assmd.F.xc*r&r*
$25,000,0001Series B assumed________________ x
P i t t s Ft W ayne & C — Pref stock (orlg’l guar stock)
Original guaranteed stock unexchanged___________
Common stock (gu spec stock) 7% gu $100,000,000
Guaranteed special stock unexchanged_________

M ile s
R oad

D a te
B on ds

Par
V a lu e

Am ount
O u ts ta n d in g

24 1888
24 1888
30
22.18 1892

$500
500
50
1.000

$280,500
100.000
2,246.900
1,599,000

30.66

100
100
1.000

See text
5,000,000
8.549.000

50
50
1,000
1,000
1,000
1.000
100
500 &c
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
1.000
1,000
100
100
100
100

10.000,000
2,000,000
2,983,000
574,000
6,443.000
14.000
84,718.040
20,000,000
26,000,000
1,375,000
9,508,000
8,220,000
1,335,000
3,163,000
1,142,000
7,015,000
7,078,000
2,124,000
6,197,000
3.400,000
625,000
9,429,000
5.744,000
17,591,300
2,122,986
48,485.100
38.327,700

...
119
13
17
22.7

1907
1890
61893
81897
11892

_ __

1,862 1920
1,862 1925
581 1883
1890
1892
1892
1.144 1895
1899
1903
1907
1910
,1913
1914
23 1901
651 1905
651 1907
485.8 __

_

485.8

__

ORGAN IZATION .— A consolidation 1916-17. V. 104, p. 1586: V
103. p. 1033: V. 102. p. 1897; V. 107, p. 2009, 2188
Property leased to Penn. R R . Co. (V. 106, p. 1031) for 999 years from
Jan. 1 1918 at a fixed rental providing for dividends on stock at rate of
6% per annum lnt. on funded debt and organization expense. V. 105,
p. 1709, 1898, 2543.
STOCK.— Stock authorized, $29,900,450; outstanding, $29,837,000
The Pennsylvania R R . owns $29,836,944 of the stock.
Dividends since consolidation Dec. 31 1902 to June 1916, 2% seml-an .
4% p. a.: Dec. 1916 paid 4% : June 1917 to Dec. 1925, 3% s. a.; 6% D a
BONDS.— The first mortgage of 1904, ($20,000,000 authorized) Is a first
lien on the Phlladelphla-Baltlmore division, 117 miles, all double-tracked,
and also secures pari-passu the $2,930,000 debentures of the former P. W. A
B., and also on the line from Baltimore to Washington. V. 78, p. 49; V. 92
p. 795; V. 97, p. 1427, 1734; V. 98. p. 237. 1000.
The $11,000,000 gen. mtge. Ser. A 6% bonds were issued to the Pennsyl­
vania R R . In part payment for advances and are pledged by that company
as part collateral for its 10-year 7% secured gold bonds due April 1 1930
ana Its 15-year 654% secured gold bonds due Feb. 1 1936. V. I l l , p. 2424.
In Feb. 1924 $10,000,000 Series B 5% bonds were sold. V. 118, p. 665.
The authorized amount o f general mtge. bonds Is limited to $60,000,000,
o f which $24,885,000 are reserved to retire a like amount o f prior lien obli­
gations, all o f which are closed at their outstanding amounts (except that
Phila. Balt. & Wash. R R . 1st mtge. 4s may be issued to refund $1,000,000
Philadelphia Wilmington & Baltimore R R . 4% debentures) and may
not be renewed or extended, but when due will be paid and canceled.
R E PO RT.— For 1926 shows; Income from lease of road, $3,810,004
other Income, $1,384; int., &c., charges, $2,019,787, dividends (6% )
$1,791,601; bal., sur., $1,384.
r OFFICERS.— Pres., W . W. Atterbury; Sec., Lewis Neilson; Treas.,
H. H. Lee; Comp., F. J. Fell Jr. Office, Broad Street Station, Phila­
delphia. Pa.— (V. 125, p. 1705.)
PHILADELPHIA & CHESTER VALLEY R R .— Road from Bridgeport
to Downingtown, Pa., 23.96 miles. Chartered in 1888. Capital stock
(par $50) common, $550,000; preferred, $205,100; total, $755,100, of which
Reading Co. owns $489,300 common and $205,100 preferred. Reading
C o. guarantees bonds, with int. reduced. Officers and companies’ address
same as those of the Catasauqua & Fogelsville R R . See V. 63, p. 1064.
PHILADELPHIA GERMANTOWN & NORRISTOW N R R .— Phila.,
Pa., to Norristown and Germantown, Pa., 21.68 miles; second track, 20.11
miles; third track, 7.61 miles; total track, 85.63 miles; leases Plymouth R R .
9.22 miles. Leased on Nov. 10 1870 to Phila. & Reading for 999 years;
rental, $277,623, incl. $8,000 yearly for organization expenses.— (Y. 119
p. 2177.)
PHILADELPHIA NEWTOWN & NEW Y O R K R R .— Philadelphia to
Newtown, Pa., 22.18 miles; 2d track, 3.34 m.; 3d track, 2.15 m .; sidings
and laterals, 5.19 m. The I.-S. C. Commission has placed a tentative
valuation o f $2,144,100 on the property o f the company as of June 30
1917. Stock— common, $1,225,000; preferred, $400,000. Reading owns
preferred $384,100; common, $672,950; par, $50. Of the bonds, $1,120,200
(with coupons only partly paid— see V. 64, p. 331) are owned by the
Reading Co. and deposited under its general and refunding mortgage of
1924. $26,000 additional being owned but not pledged. In Oct. 1898
Interest on $507,000 bonds was reduced to 3% from April 1 1897 and made
a first charge; remainder, 5% , subject to said agreement.— V. 122, p. 1608.)
Officers and address same as Catasauqua & Fogelsville R R .
PHILADELPHIA & TRENTON R R — Phila. (Kensington). Pa., to
Morrisvllle, P a., 30.66 m., mostly four-tracked. On June 30 1871 leased for
999 years to Pennsylvania RR. at 10% on $494,100 stook, the balance,
$765,900, being owned by United New Jersey RR. < Canal Co.
fc
PHILIPPINE R Y . CO. (THE).— Under a concession granted July 13
1906 by the Philippine Government, in accordance with an Act of Congress
o f the United States in 1905, and with the approval o f the Secretary of War,
this company has contracted to build lines o f railroad in the Philippine Isl­
ands as follows; Island o f Panay, 100 miles; Negros, 100 m.; and Cebu, 95 m.
ORGAN IZATION .— Incorp. Feb. 5 1906 In Connecticut with an auth.
capital of $5,000,000. V. 80, p. 2622; V. 82. p. 219, 752; V. 83, p. 493, 970,
1412: V. 85, p. 794; V. 87, p. 1358. Under the terms of the concession the
Philippine Govt, guarantees interest on an issue o f 1st M . 30-year sinking
fund 4% gold bonds, which may be issued to extent o f 95% of cost of
construction. Any interest payments by the Government become a cum u­
lative lien on the property, subject to the lien o f the 1st M . bonds.
R E P O R T .—For 1926 showed:
Oper.
Other
Int.,
Cal.
Rentals, &c.
Balance.
Inc.
Inc.
Years—
Gross.
$151,752
$2,044
$346,463
def$191,028
1926_______$666,643
349,727
defl47,933
199,376
2,418
1925........... 746,742
DIRECTO RS.— H. T . S. Green, J. H. Pardee, O. Lewis; Major-General
Frank McIntyre, Gen. Wm. Barclay Parsons, J. G. White, Alonzo Potter,
Charles M . Swift, Gen. Cornelius Vanderbilt, Col. Orval P. Townshend,
Oeorge Lindsay. Chairman, J. G. White; Pres., Charles M. Swift;
Sec. & Treas., T . W . M offat. Office. 33 Liberty St., New York.— (V. 125,
p . 3345.)
PITTSBU RG BESSEMER & LAKE ERIE R R (TH E).— East Pitts­
burgh, Pa., to Conneaut Harbor, O., 184.44 miles; 2d track, 140.36 miles;
branches and spurs, 29.43 miles; yard track and sidings, 274.35 miles; total,
028.58 miles, all o f which is leased to Bessemer & Lake Erie R R . C o., who
In turn leases to Union R R . mileage between North Bessemer, Pa., and
East Pittsburgh, Pa., o f 8.04 miles; second track, 8.04 miles, and 87.77
miles o f yard track and sidings, reserving traffic rights to operate passenger
trains over the 8.04 miles.
The I.-S. O. Commission has placed a tentative valuation of $31,000,000
on the property o f the company as of June 30 1916. Valuation protested,
V. 119, p . 1283.




111

KAILW AY STOCKS AND BONDS
R a te
%

4g
3g
12
3& 5

W h en
P a y a b le

A
A

A O
A O
3— M
A Sc O

L a s t D iv id e n d
an d M a tu r ity

Apr
Aor
Dec
Oct

11938
Reading Terminal, Phila
1 1938
do
do
5 1927 3% Mar & Mer Bldg. Phila
1 1942
Reading Terminal, Phila

Q— J

10

July 10’ 27

St

254 Trea* Penn R R Go, Phila

J July 1 1937

4g

J

8
5
5g
5g
5g
4g
5
5g
5g
5 g
454
454
4 54
4g
354
4g
4g
4g
454
454
354
5g
4g
7
7
7
7

A
J
A
J
J
A
J
J
A
A
gA
ft A
ft M
M
ft F
J
M
P
F
M
s A
F
M

O Oct 1 1927
D Dec 1 1927
O Oct 1 1940
J July 1 1943
A J Jan 1 1947
St O Anr 1 1932
Sc J20 July 201927
& D June 1 1970
& O Apr 1 1975
Sc O Oct 1 1932
& o Oct 1 1940
Sc o Apr 11942
& N Nov 11942
& N Nov 11945
A A Aug 11949
A D Deo 1 1953
A
N Nov 1 1957
A A Feb 1 1960
& A Aug 11963
A N M ay 1 1964
A () Oct 1 1931
A A Feb 1 1955
A N Nov 1 1957
Q— J Oct 1 1927
Q—J Jan 4 1927
Q— ,
Oct 5 1927
Q— J Jan 1 1927
St
St
St
St

P l a c e s W h e r e I n t e r e s t an*
D iv id e n d s a r e P a y a b l e

Banker* Trust Go, N Y
154 Cheok from Go’* Office
do
do
3%
Central Union Trust N Y
do
do
United States Tr Co, N Y
Office, Pittsburgh. Pa
254 Treas office. Pittsb, Pa
Pittsburgh and N Y

1K
IK
IK
IK

Reg Penn R R . N Y coup
Penn R R C o.. N Y
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Go's office, Pittsburgh.Pa
Treasurer, Pittsburgh
Pa RR Co. N Y
Winslow, Lanier&Oo.NY
do
do
do
do
do
do

ORGANIZATION, &o.— A consolidation Jan. 18 1897. Boat line* to
Canada, see V. 77, p. 1228; V. 76, p. 1358, 922; V. 61, p. 241, 795.
Of the stook, $5,498,700 oommon and $761,000 preferred are owned by
the U. S. Steel Corp. Leased for 999 years from April 1 1901 to the Besse­
mer & Lake Erie R R ., a subsidiary organization of the U. S. Steel Corp.,
for 6% on pref. and 3% on com. stock. Interest on bonds and organization
expenses, &c., lease guaranteed by the U. S. Steel Corp. V. 72. p. 137.
BONDS.— The mtge. of 1897 is for $10,000,000; $3,557,000 reserved ta
retire Pittsburgh Shenango & Lake Erie bonds. See V. 125, p. 1967.—
(V. 125, p. 1967.)
PITTSBURGH CHARTIERS & Y0UGHIOGHENY R Y — Own* from
Neville Island, Pa. to Beechmont, 20.41 miles; trackage, 2.30 miles; 22.71
miles in all. STOCK outstanding, $1,390,000, owned jointly by guarantors
mentioned below. Auth. stock, $1,500,000. V. 82, p. 1269.
The I.-S. O. Commission has placed a tentative valuation of $1,976,543 on
the total owned and $1,950,350 on the total used property of the company,
as of .Tune 30 1916.
D IV ID E N D S.— In 1895, 4 % ; 1896. 11%; 1897, none; 1898. 7 % ; 1899.
1%; 1900, 4% ; 1906, 6% ; 1907, 10%; 1908, 4% : 1909, 8% : 1910. 4 % : 1911.
none; 1912, 6% ; 1913, 1914 and 1915, none; 1916, June 1, 5% ; 1917, 12%:
1918, 5% 1919-21, none; 1922 to 1925 inclusive. 4 % . O f the 4s, half
are guaranteed (endorsed) by Pitts. Cin. Chic. & St. Louis, the other half by
Pitts. & Lake Erie. See guaranty, V . 56, p. 650. In 1926, gross Income,
$545,788; net income, $148,042; other income, $61,320; deductions, $20,766;
dividends, $111,200; bal., surplus, $77,697. Pres., Henry C . Nutt.—
(V. 120, p. 2682.)
PITT S. CINCIN. CHIC. AND ST. LOUIS R R . CO. (T H E ).— Main
Line:
Miles.
Pittsburgh, Pa., to East St. Louis, III_________________________ 610.54
Bradford, Ohio, to Chicago, 111_______________________________ 231.90
166.11
Rendcomb Jet., Ohio, to Anoka Jet., Ind_____________________
Indianapolis to Clarksville, Ind________________________________ 108.46
Indianapolis to Vincennes, Ind_________________________________ 115-50
Rockville to South Bend, Ind__________________________________ 176.41
Logansport to Butler, Ind_____________________________________
93.10
Chartiers Branch—-Carnegie to Washington, P a__________________
23.62
New Cumberland Br.— New Cumberland Jet. to Chester, W . Va__
22.19
Wheeling Branch— Wheeling Jet. to Benwood, W . Va___________
28.04
Muncie Branch— Converse to Muncie. Ind________________________
43.02
Main Line
Miles.
Effner Branch— Peoria Jet. to Effner, Ind________________________
60.34
Cambridge City Branch— Columbus to Dublin Jet., Ind_________
62.01
Madison Branch— Columbus to Madison, Ind_____________________
44.95
8undry branches__________________________________________________
88-60
Total mileage owned_________________________________________ 1.874.79
ORGANIZATION.— This railroad company completed Its organization
jn Jan. 1 1917 with $100,000,000 of auth. capital stock, per plan In V. 103,
P 666, 844, 2429, as a consolidation of the folio wing cos. belonging to the
Pennsylvania R R . system: Pitts. Cine. Chic. Sc St. L. R y ., Vandalia R R .,
Pitts. Wheel. Sc K y .. Anderson Belt R y. and Chic. Ind. Sc East. R y.
The stockholders on Dec. 29 1920 approved the lease of the road and
property to the Pennsylvania R R . for 999 years upon the general basis of
paying a rental sufficient to cover the fixed charges and a dividend at the
rate of 4% per annum upon the stock for five years and thereafter at the
rate of 5% . V. I l l , p. 1950: V. 112, p. 63: V. 115, p. 437. 989.
The I.-S. O. Commission has placed a tentative valuation o f $184,131,934
on the property of the company and its subsidiaries, as of June 30 1916.
STOCK.— Pennsylvania Co. owns $74,039,400 of the outstanding stock
and Pennsylvania R R . $10,000,000. In March 1920 the Penn. R R . and
Penn. Co. offered to acquire the minority holdings. See under “ Bonds” below
BONDS.— The C o n so lid a te d M o r tg a g e for $75,000,000. made in 1890 by
the Pitts. Cln. Chic. Sc St. Louis R a ilw a y Co. reserves sufficient bonds for
the purpose of retiring all sectional bonds at maturity, at which time they
must be paid off. The remainder are Issuable for Improvements, additions.
Sec.
They are guar, unconditionally as to prln. & lnt. by the Penn. C o.
The ten series are all equally secured. See adv. in "Chronicle” M ay 21
1892 and guaranty on bonds. V. 96, p. 488; V. 97, p. 365, 596; V. 90, p.
303.1555; V. 91. p. 337; V. 92, p. 1243; V. 98. p. 1461: V. 99. p. 199: V. lOu
p. 475; V. 103, p. 2342. Equipment trusts Dec. 31 1926. $7,285,882.
The stockholders on M ay 27 1920 authorized an issue of Gen Mtge.
bonds, $20,000,000 (Series “ A ” ) of which were issued to reimburse the
Pennsylvania Co. for advances made to cover the impt. & exten. of the
“ Panhandle" property. In March 1925, $26,000,000 Series “ B ” bonds
were sold. Gen. Mtge. dated June 1 1920, will be a direct mortgage upon
all the lines of railroad and appurtenances thereto now owned and upon
all properties acquired by the issuance of any of the Gen. M tge. bonds.
These Gen. M tge. bonds are subject to $64,869,000 o f prior lien bonds,
which may not be extended or renewed and for the retirement of which,
at or before maturity, Gen. Mtge. bonds are reserved. Total authorized
amount of Gen. M tge. bonds is limited so that the amount thereof at any
one time outstanding, together with all outstanding prior debts of the
company, after deducting therefrom the bonds reserved under the Gen.
Mtge. to retire prior debts at maturity, shall not exceed three times the
then outstanding paid-up capital stock.— V. 120, p. 1323.
R E PO RT.— For 1926 showed: Gross income, $9,761,477; deductions,
$5,525,562; dividends, $4,235,915.
OFFICERS.— Pres., W . W . Atterbury; Sec., S. H. Church: Treas.,
T . H. B. McKnight; Compt., F. J. Fell Jr. Office, Philadelphia, Pa.
— (V. 125, p. 2804.)
PITTSBURGH FORT WAYNE & CHICAGO R Y.— [See Maps Penn. RR.)
ROAD.— Owns from Pittsburgh, Pa., to Ghioago, 111., and branches, 471
miles. Double traok, 469 miles.

112

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

Miles Date
Road Bonds

76
Pittsburgh & Lake Erie— Stock auth $50,000,000--.
Flrst mortgage gold____________________________ xc
75
Second mortgage gold Series A and B ________ N.ac
75
Equipment Trust Certificates________________ c*&r
___
do
do
due $99,000 yearly____ .G .c *
_
_
do
do
due $38,800 yearly____________G
_
do
do
(N Y O) due $31,856 yearly_____
_
do
do
( N Y C ) _______________________
__
Pittsburgh McKees & Yough— Stock guar (see text)
First mortgage guar by P A L K and L S & M S.xc
57
SO M guar p & 1 (end) b y P A L E a n d L S A M S.xc
57
_
Equipment trusts due $186,700 yearly__________ G
do
do
( N Y C Lines)____________
do
do
__________________________
...
P ittsburgh & Shawmut RR — Stock_________
First mortgage gold red 105_____ __ CE.xc*&r*
First Lien Trust 10-year notes $8,760,000 g________
_
_
Collateral trust notes $1,500,000 auth (ext. 1 y r .)..
Plttsburgh Shawmut & N orth— Receivers' certlfic
Central N Y & Western RR 1st M _______________
First mortgage gold $12,000,000__________ Eq.xo
Refunding mortgage gold $15.000,000___________
...
P ittsburgh 5r West Virginia Ry—
Common stock $30,500,000 auth________________
West Side Belt 1st M g_ _________________ UPlx Text
_
Equip trust cert due $300,000 ann red 102 44 do
due $134,000 ann red 102)4___________ c*

Par
Value

A u th o r iz e d .

Issu ed

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest anc
Dividends are Payable
and Maturity

s
$50 $36,345,456 See text F A A Aug 1927
5%
1878
1,000 2,000.000
s
6 g J A .1 Jan 1 1928
1889
1.000 2.000.000
5 g A A O Jan 1 1928
1913 1.000 &c
265,466
J A J Jan 1 1928
4H
1920
500 &c
792.000
6 44 g A & O To Oct 1 1935
1920
310,400
6 g J & J 15 To Jan 15 1935
1920
254,850
7
A & O 15 To Apr 15 1935
1922
2,230.000
,T & .1 To June 1, 1937
5
1882
50 3,959,650
fc
J < J July 1 1927 3%
6
1882
1,000
I
& J July 1 1932
2,250,000
6
1884
1,000.000
1,000
6
J A J July 1 1934
1920
J S J 15 To Jan 15 1935
c
1,493,600 6 g
1922
5
J & D 1937
2.453,000
1920
549,000
644 A & O Oct 1 1935
$100 15,000,000
1909
1,000 2,218,000
A n Dec 1959
,
5g j
M S N See text
1917
1,000 7.260.000
c
5e
1.100,000
1920
6 g M & 8 Mar 1 1922
J & D 1929
1927
1.000 2,044,350
6s
1892
1,000
J & J Jan 1 1943
733,000
S
1899
1,000
F A A Feb 1 1949
164.000
5g
1902
1.000 14.491.600
4 K F A A Feh 1 1952
1897
1924
1926

100 30,235,100
1.000
7.000
1,000 2,400,000
1.000
1,876,000

Leased to Penn. R R . Co. for 999 years from July 1 1869, and Is operated
direct! v bv that railroad (Y. 105, p. 2095); rental, 7% on stocks outstanding
pavable Q.-J., and a sum sufficient to cover actual organization expenses.
In 1901 an extra dividend of 2% was declared on both stocks, but on
guar, special stock only in case courts so decide
Y. 72, p. 821, 1188. I d
Jan. 1920 paid special dividend of 5M % on both common and preferred Id
addition to regular quarterly payments of 1M % - Compare Y . 108, p. 1275
CAPITAL STOCK.— A pian was adopted Oct. 17 1917 (1) Increasing
the limit of capital stock to $100,000,000, thus permitting the issuance
from time to time as required o f $27,849,414 additional guaranteed
special stock, or as It is now known, common stock, with dividends pay­
able under lease at such rate as shall be fixed at time of issue:
to rename the guaranteed special stock “ common stock" as above stated,
and the “ original” guaranteed stock as pref. stock and the latter to continue
to receive dividends out of sum o f $1,380,000 set aside annually for this pur­
pose under terms of lease, being equal to 7% thereon and to be protected as
stated in V. 105, p. 716; (3) the distribution of fund of approximately
$1,500,000. after meeting expenses of recapitalization, to all stockholders
other than Penna. R R . andPenna.Co. See V. 105, p. 716. Under theabove
plan the authorized capital stock was increased to $100,000,000, and there
had been issued to Dec. 31 1926 $17,747,200 o f pref. stock in exchange for
original guaranteed ,'tock and $49,090,300 o f common stock in exchange for
guaranteed special stock and to Penna. R R . for additional betterments.
In M ay 1922 the authorized common stock was increased from $80,285,700
to $100,000,000.
Penna. R R . Co. owns $32,100,000 guar, special stock and $37,734,900
common stock. Penna. Co. owns $5,320,000 guar, special stock, $19.700 pref. stock and $807,100 common stock.
Capital Stock Dec. 31 1926 (Total Authorized $119,714,300)
R eserv ed f o r C o n v e r s io n

Pref. stock________ $19,714,300 $17,977,500 *1,967.086 (original guar.)
Common stock____ 100,000,000
54,415,800 37,397,000 (special stock)
RE PO RT.— For 1926, gross income, *7,471,877; deductions, $14,365;
dividends, $7,456,896: balance, sur., $616.
Pres., A. J. County; V.-Pres., R. M . Coleman and Charles A. Peabody;
Sec., Lewis Neilson; Treas., Henry H .L e e , New York.—(V. 118, p. 795.)
PITTSBU RGH AND LAKE ERIE RR CO (THE) — (S e e M a p s N . Y .
Central RR.).— Owns from Pittsburgh, Pa., to Haselton, O., 65 m ., to be
4-tracked: branch lines to Newcastle. Elwood City. &c.. Pa.. 11 m.: total
owned. 76 m. (of which 68 m. double track; 52 m. 3d and 50 m. 4th track,
leases Pitts. McKeesport & Yough. (which see), 122 m.; Mah. State Line.
R R ., 3 m.; trackage rights, 31 m .; total, 231 m.
In Jan. 191o a 99-year traffic agreement was made with the Western
Maryland
v op r. ?37- v 92. D. 874.
The I.-S. C. Commission has placed a tentative valuation of $54,020,000
on the owned and used, and $35,920,265 on the used property, and $7,500
on the owned but not used property o f the company as o f June 30 1916.
8TOOK.— Operated in harmony with the N . Y . Central, which, Dec. 31
1926, owned $17,993,100 of the $35,985,600 outstanding stock.
P. & L. E. owns stock of Pitts. M cK . & Yough. Ry. (see below; stock
and bonds In Monongahela Ry. C o., which see above); M ahoningState
Line R R ., $95,350; Pittsburgh S Clearfield R R .. $107,000; Lake Erie A
c
■astern R R .. see that co.
The Pittsburgh & Lake Erie and N. Y . Central RR. Jointly own $3,136.
850 of the $3,959,650 Pitts. McKeesport & Youghiogheny RR. stock.
Covenants to pay New York Central Lines equipment trusts of 1913. its
share o f the amount outstanding Dec. 31 1926 being $265,466.
Equipment trusts of 1920, V. I l l , p. 1473.
All o f the outstanding $310,400 equipment gold notes, series of 1928-35,
have been called for payment July 15 next at 103 and int. at the Guaranty
Trust Co., 140 Broadway, N . Y . City. (V. 124, p. 3064.)
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on another page and V. 113. p 1472
LATE DIVS.-— J ’08. ’09. ’ 10. ’ l l . T2. ’ 13. ’ 14-T5.
1916. ’ 17-’26.
P ercen t__________ / 11 10 50 35 22 15 10 yrly,10&20ext. 10 yrly.
Paid in 1927: Feb. 1, 5% and 10% extra; Aug. 1, 5% ; Dec. 10, 20%
instock.
R E PO RT.— For calendar year 1926.
Calendar
Gross
Net, after Total Net Interest, etc. Dividends Balance
Charges.
Surplus.
Year— Earnings Taxes, Ac. Income.
$
%
%
%
*
641,522
1926___ 34,205,976 9,146.804 10.569,089 2.730,447 7,197,120
1925____32,026,689 8,891.790 10,097,898 2,728,295 3,598,560 3,771,043
1924___ 31,421,148 8,146,221 9,225,897 3.060,742 3,598,560 2,566,595
1923____44,666,690 15,574,595 16.794,617 3,624,510 3,598,560 9,571,546
For latest earnings, see “ Railway Earnings Section" (Issued monthly).
OFFICERS.— Chairman, J. M . Schoonmaker; Pres., P. E. Crowley;
V.-P. & Gen. M gr., J. B. Yohe; Sec., Edw. F. Stephenson; Gen. Treas.,
H. G. Snelling; Compt., W. C. Wishart.— (V. 125, p. 2669.)
PITTSBURGH McKEESPORT & YOUGHIOGHENY RR.— [See Maps
N e w York Central Lines).— Owns from Pittsburgh to Connellsville. Pa.,
56 70 mites; Belle Vernon Jet. to Rrownsville Jet.. Pa.. 38.52 m.; branches.
19 m.; lenses 2.00 m ; total. 116.22 m., of which 95.22 miles double track.
LEASE — Leased to Pittsburgh & Lake Erie RR. for 999 years. Rental
Is 6% on the stock, principal and Interest of the Pittsburgh MoK.ee;-port &
Youghiogheny bonds being guar, by Pitts. & L. Erie and Lake 8h. & Mich.
Sou. (now N. Y . Central R R .) companies the guaranties being endorsed on
the share certificates and bonds
The guaranty of the stock is on the ex­
press condition that the holder shall accept par for the same on July 1
1934. See wording of guaranty In V 56, p. 774. Stock authorized,
$4,000,000 first mortgage bonds authorized, $2,250,000; second mortgage
bonds authorized, $1,750,000.
The Pitts. & Lake Erie and Lake 8hore Sc Mich. Sou. (now N .Y . Central
RR.) offered jointly to purchase the stock at $65 per $50 share; $3,136,850
acquired up to Dec. 31 1926.




[V ol. 125.

RAILWAY STOCKS AND BONDS

Go’s Offloe, Pittsburgh
do
do
New York Trust Co, N Y
Guaranty Trust Co, N Y
Guaranty Tr C o. N Y
Guaranty Tr C o, N Y
Central On Tr Co. N Y
do
do
do
do
Guaranty Tr Co, N Y
Guaranty Trust Co, N Y
Internat Bank. NcwYork
Amer Ex Irv Tr Co, N Y
do
do
In default
Feb 1905 Snt last paid
do
do

6
0 - —,T 31 Oct 31 1927 144
Pittsb’h, Colonial Tr Co
M S H Sept 1 1937
c
5 s
414 g M & N To N ov 1 1934 N Y & tin Tr Co. Cleve
444 g M & S To Mar 1 1941 |Dillon, Read & Co, N Y
(Union Trust Co, Cleve

All of the outstanding $1,506,400 equipment gold notes, series of 1928-35,
have been called for payment July 15 next at 103 and int. at the Guaranty
Trust Co., 140 Broadway, N. Y . City. (V. 113, p. 3064.)
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on another page and V. 113. p. 1472.
OFFICERS.—Pres., _______________; V.-Ps., P. E. Crowley, A . H.
Harris and J. L. Burdett; Sec., E. F. Stephenson; Treas., H. G. Snelling;
Compt., W. C. Wishart.— (V. 124, p. 3064.)
PITTSBURGH & SHAWMUT R R .— Owns from Erie June., Brockvayvllle. Pa., to Freeport. Pa., main line, 102.96 miles: sidings. 61.47 miles.
The I.-S. C. Commission has placed a tentative valuation of $10,515,000
on the owned and used property of the company as of June 30 1919.
BONDS AND NOTES.— In 1909 sold $4,000,000 of an authorized $12,300,000 of 50-yr. 5% g. bonds, callable at 105; ann. s. f., $100,000, begDec. 1914. The bonds are secured on the 103 m. in operation; also pledge
if $11,953,000 of $14,491,600 Ref. 4s and $58,000 of $164,000 Pitts. S. A
Nor. 1st 5s outstanding, pledge of entire $3,606,362 stock and $2,019,703
5% notes of Allegheny River Mining C o.; also contract with last-named
company for minimum coal tonnage. Total bonds issued $12,000,000,
of which $2,201,000 outstanding, $1,799,000 have been canceled by sinking
fund and $8,000,000 pledged as collateral (see below).
Under plan of refinancing May 1 1917, $8,760,000 10-year 5% Trust
Notes were authorized, of which $7,260,000 were issued together with com­
pany's $1,500,000 one-year 5% trust notes, to provide for bills payable and
demand notes then outstanding also to provide for cash payments on car
trust dated April 1 1917. These $7,260,000 10-year notes, which in June
1917 were held by the owners of the property, were on Jan. 1 1918 secured
by pledge of $7,000,000 of the company’s 1st M . 5s of 1909 and $3,000,000
1st M . bonds of Allegheny River Mining Co. and "$600,000 value of loco­
motives and cars borrowed for this purpose from the Alleg. Mining Co.
The remainder ($1,500,000) of the 10-year notes were reserved to retire the
$1,500,000 1-year issue due in May 1918; but in March 1918 $1,500,000
2-year notes were sold to take up the latter. Announced in M ay 1927 that
the 10-year notes would be extended and carried as overdue company
obligations, (V. 124, p. 2903.)
The one-year Collateral Notes ext. to Mar. 1 1922 are secured by $1,000,000 1st mtge. 5% bonds of Pittsburgh & Shawmut R R ., $339,771 6%,
demand note of the receiver P. S. & N. RR. and $600,588 demand note or
Allegheny River Mining Co. V. 110, p. 2388. Announced in Mar. 1921
that the notes “ are held privately by majority stockholders of the co. and
are being carried as over-due company obligations, on which the int. will be
regularly paid but the principal may not be called for a year or more.”
R E P O R T .—For year ended Dec. 31 1926:
C a l.
Y ears—

C ross.

O p er.
In c.

O th er
In c.

I n t .,
R e n ta ls , & c .

B a la n c e .

1926_______ $1,672,914
$378,028
$351,772
$579,357
defx$19,495
1925_______ 1,324,498 249,776
289,884
572,517
def32,857
x After appropriations in 1926 of $130,948.
DIRECTORS.— Arthur T . Walker iChairman) Wm. Shillaber Jr., John
Hubbard, Edwin E. Tait (Pres.), H. H. Gardiner, Nathan L. Strong,
A. C. Griffith (Treas. & Aud.), Lewis L. Delafield, E. E. Rudd, R. E.
Ball. W. W. Morrison, Edgar W. Tait (V .-P.), J. T . Colbert.— (V. 124,
p. 2903.)
PITTSBURGH SHAWMUT & NORTHERN R R .— Owns a road ex
tiding tending
from bituminous coal fields in Elk County, Pa., northerly to WayTotal road owned, 161 miles: total operated. 198.60 miles.
land, N. Y
L eased —
Miles.
O w n ed —
Miles.
Wayland, N. Y ., to Hyde. Pa.144.50 Kersey RR. to Cardiff, Pa____17.00
Prosser to Olean, N. Y _______ 9.00
Trackage—
_ 6.17
Kasson to Hazlehurst, Pa____ 4.69 Hyde to Brockwayville, Pa_
Brown’s Run Branch________ 1.50 Wayland to Wayland J et.,N .Y . 1.26
Horton City to Drum m ond.. 1.27 St. M ary’s, Depot to Junction 0.42
Brockport to Horton City, P a. 2.41
L eased—
Moraine to Hornell, N . Y ____10.38
Total operated.
198.60
The I.-S. C. Commission has placed a tentative valuation o f $7,285,000
on the owned and used property of the company as of June 30 1919.
REORGANIZATION.— On Aug L 1905 a receiver was appointed. V.
92. p. 188: V 96 p 864: V 101. p 208: V. n 1. p. 2521.
Stock, $15,000,000 authorized and outstanding.
Receiver’s certificates and promissory note. Y. 118. p. 2180; V. 124, p.
3493.
The $5,836,000 old firsts of 1899 exchanged for the bonds of 1902 have
not been canceled. V. 75, p. 291.
Protective committee for P. S. S N . bonds. Howard Bayne. Chairman;
c
A. N. Hazeltine, Sec., 60 Broadway, N. Y. In April 1916 a majority of
each class of bonds had been deposited with Columbia Trust Co. as deposi­
tary. V. 102. p. 438. For causes delaying reorganization, V. 105, p. 389.
R E PO RT.— For 1926:
C a l. Y e a r s .
G ro s s .
N et.
O th er I n c . I n t . , R e n t s , &c.
Balance
1926________$1,939,831
$291,775
$22,092
$241,139
$72,728
1925________ 1,901,899
238,182
17,728
227,604
28,306
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Receiver, John D. Dickson.— (V. 125, p. 512.)
PITTSBURGH & SUSQUEHANNA R R .— (V. 123, p. 452.)
PITTSBURGH & WEST V IRGIN IA RY. CO. (T H E ).— Owns road
extending from connection with Wheeling & Lake Erie R y.. near Jewett, O.,
easterly to Pittsburgh, Pa., 60 miles; Longview, Pa., to Mifflin, Pa., 3
miles; Virginia, W. Va., to Bellfield, Pa., 3 miles; also extensive terminals
at Pittsburgh, and ownership of the $1,080,000 capital stock of the West
Side Belt R R ., operating a belt line from Pittsburgh to Clairton, Pa., 21
miles, and branch of 2 miles. Total main line mileage operated (incl.
that leased from the West Side Belt RR.) at Dec. 31 1926 was 89 miles;
second main track, 5 miles; yard track, sidings, &c., 72 miles; total, 166 m.
On N ov. 15 1920 the stockholders approved the purchase of the West Side
| Belt R R ., which was taken over for operation as of Jan. 1 1921. V. I l l ,
p. 897, 2041; V. 113, p. 2721. The I.-S. C. Commission on Jan. 12 1926

Nov., 1927.]

113

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 r e v ia t io n s , & c . , s e e n o te s o n p a g e

8]

M il e s
R oad

138
Fitts Youngst A Ash— Com stk $2,100,000 7% guar.
138
Preferred stock 7% guaranteed $9,100,000____ First General mortgage $15,000,000 goldsf _.Ce.xc* 137.56
do
Series B _______________________ Ce.xc* 137.56
do
Series O______________________ Ce.xc*. 137.56
137.56
Portland A Rumford Falls RR—Stock $1,000.000—
_
_
P. & R . Falls R y . Stock 8% guaranteed. . _____
1st mtge s f gold bonds guar p & i red (text)-.xxxc*
Debenture bonds guar p & 1 by end by Me Oen RR
Portland Term Co— P Un St bds (not M) ser AAB g s f
New M $10,000,000 gold guar $2,800,000 are 5%
(t e x t ) ______ ______________ __ . _____ xc*Ar*
Port Reading— 1st M g guar by old P A R . . PeP.xo* Ar
21
Providence Terminal— See New York New Haven & H artfor
Providence A Worcester— Stook (10% r e n ta l)______
51
First M (ref) our $1,500,000 (V 63. p 1064) ___ sc*
51
Raleigh A Chari—1st M prior Hen bds g redtextg.xo*
43
Consol mtge bonds $l,0OO,000 g guar red text__ xo*
43
Raleigh A S ou th p ort R.v.— See Norfolk Southern
First mortgage g o l d ________ __________________ *c
Reading & Colum bia— 1st consol M g ---------PePkv
Debentures___ __ ______________ ______________c

23
54.03

D a te
B on ds

1908
1922
1924
1927
1926
1916
’87-'89

Par
V a lu e

R a te

%

$100 $2,100,000
7
100 9,089,100
7
1.000 4,230,000
4g
1,000 4,995.000
5g
1,000
1,479.000
5g
1,000 x l,485,000
4^
1U
U l.UUU.UUU See text
100 2.000.000
8
1,000
881,000
5g
300,000
4
1.000
100.000
4

1911 1.000 Ac
1891
1.000
d
100
1897
1,000
1906 $200 &o
1906
200 &o
1889
1912
1877
1912

Am ount
O u ts ta n d in g

100
1.000

___

$1,000

7,300,000 4A 5 g
1.500.000
5g

W h en
P a y a b le

5v
4g
6
5

P la c e s W h e r e I n t e r e s t am
D iv id e n d s a r e P a y a b l e

Q— M Sept 1 1927 1H
Q— M Dec 1 1927 1H
A n June 1 1948
A A Feb 1 1962
A D June 1 1974
June 1 1977
See text See text
Q— F Aug 1 1927 2%
M & N Nov 1 1951
J A D Ju ne I 1935
J A J J A J 1929

Portland. Me
Portland Me
Union S D&T. P ’tl’d. Me.
Portland, Me.
Portland. Me and Boston

J
J

N. Y . Boston & Portlend
Reading Terminal, Phila

,T
F
J

A
A

J July 1 1961
J Jan 1 1941

4
3.500.000
10
Q— 1
A A O
1.500,000
4
F A A
350,000
4g
200.000 See text. F A A
920,000
400,000
$350,000
1.000,000
150.000

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

J
M
J
M

Sept
Oct
Feb
Feb

A j Jan
A 8 Mch
A n Deo
*
Mch

Treasurer. Pittsburgh
do
do
Pennsylv R R Go, N Y
do
do
do
do

30 '27 2H Checks mailed
RI Hosp Tr Co, Prov. R1
1 1947
Baltimore Tr Co, Md
1 1956
1 1956
do
do
1 1939
1 1962
1 1917
1 19fi2

New Jersey Title A Tr
Reading Terminal. Phila
Interest not paid

x Issued to the Penn. R R . at par in N ov. 1927 in pa yment for ad vances m ade to retir e 1st con sol mtge. which matured Nov. 1 1927.

authorized the company to.ontinue control of the railroad o f the West Side
Belt R R . for a period o f 10 years from Jan. 1 1926, through agreement pro­
viding for the operation o f both companies by the Pittsburgh & W . Va. Ry.
The l.-S . C. Commission has placed a tentative valuation o f $22,852,368
on the total owned and $22,855,640 on total used property of the company,
as of June 30 1917.
ORGANIZrATiON.— Incorporated in Penn, and W. Va. in Jan. 1917 as
successor of Wab. Pitts. Term. R y.. foreclosed per plan in V. 103, p. 940:
V. 104. p 74, 258
STOCK.— Holders of common stock o f record Sept. 30 1924 were offered
the right to subscribe for pref. stock (par $100; and common stock (par
$100) of the Pittsburgh Terminal Coal Co. to the extent of 13 shares o f said
pref. stock and 26 shares o f common stock for each 100 shares of common
stock o f the Pittsburgh & West Virginia Ry. held, on payment o f $1,300V. 119, p. 1511.
DIV ID E N D S.— In March 1926 a dividend o f 6% was declared payable
in four quarterly installments, as follows: 114% on April 30 to holders of
record April 13, 114 % on July 31 to holders o f record July 15, 114% on
Oct. 30 to holders of record Oct. 15 and 114% on Jan. 31 1927 to holder*
o f record Jan. 15 1927: on April 2 1927 to July 30 1927, paid 114% quar.
R E PO RT.— For 1926 in V. 124, p. 2580, showed:
1926
1925.
1924.
1923.
Railwayoper.Incom e.__ $5,156,484 $4,856,384 $4,164,733 $3,844,587
Railway oper. expenses. 2,902,850
2,967,268
2,901,327
3,020,328

Union Ry. Station Co. V. 92, p. 1566. The tenant companies pay in pro­
portion to use all costs o f maintenance and operation. Stock, $1,200,000,
owned by Maine Cent. Valuation. V. 113, p. 1540.
BONDS, E T C .— The Boston & M. andMalne Gent. Jointly guarantee the
1100,000 bonds of 1889. V. 93, p. 940
The 1st M . bonds of 1911
($10,000,000 auth. issue; Fidelity Trust Co., Portland, M e., trustee), are
guar, by Maine Central, prin. & lnt.; $4,500,000 bear 4% and $2,800,090
5% interest; the unissued bonds are reserved for extensions and improve­
ments at not exceeding cost. V. 95, p. 1332, 1404; V. 108. p. 2023.
Pres., Morris McDonald; V.-P. & Gen M gr.. D .C . Douglass, Port­
land, M e.— (V. 120, p. 700.)
PORT READING R R .— Owns 19.71 miles of road, completed Sept. 1892
from Port Reading Jet., N. J., to coal piers on Staten Island Sound: second
track, 1.13 miles; sidings and laterals, 56.81 miles; total, 77.65 miles.
The I.-S. C Commission has placed a tentative valuation of $3,527,590
on the total owned and $3,527,800 on the total used properties o f the com­
pany as o f June 30 1917.
Capital stock authorized, $2,000,000: par, $100, all owned by Reading
Co., $1,995,000 being deposited under its general and refunding mortgage
of 1924. Officers and address same as Catasaugua & Fogelsville R R .
— (V. 121, p. 1346.)
POTOSI & RIO VERDE R Y .— San Luis, Potosi, on National Rys, of
Mexico to Ahuacatal, 38 miles. On Aug. 16 1923 the management of this
company was assumed by the American Smelting and Refining Co. in
Net revenue__________ $2,253,634
$1,889,116 $1,263,406
$824,259 connection with the acquisition of smelter site near San Luis Potosi and
Railway tax accru als...
705,922
561,327
498,228
481,112 the operation o f a group of so called Towne properties. Incidental to the
Uncoil, ry. revenues____
149
647
300
46 reorganization which took place at that time the Potosi and Rio Verde
Bonds no longer have the guaranty of the Compania Metalurgica Mexicana.
R y. oper. income___ $1,547,563
$1,327,142
$764,877
$343,101 Warrants were issued for unpaid interest on the bonds and scrip in the
Dividend income_______
______
______
220,000
720,000 amount of $240 for each $1,000 par value of bonds, and $43 20 for each
______
782,291
812,073
979,483 $180 par value o f scrip. The total of warrants Issued to public was $128,Hire & rent of equip, (net)
Inc. from sec. & a c c ts ... 1,165,477
299.519
437,746
44,597 539.20. The reorganization managers were Spencer Trask & Company
Miscellaneous income_
_ 1,185,339
40,114
215,070
42,237 President. H. A. Guess, N. Y .— V. 107, p. 1193.
21,858 -----------------------------------------------------Gross income________
$2,449,067 $2,449,767 $2,129,418
PROVIDENCE A WORCESTER R R — Owns from Providence. R I., to
Worcester, Mass., 44 miles, of which 5 miles are owned jointly with Boston &
Deduct— Interest, & c ... $3,920,246
132,839
22,727
120 Providence; branches, 7 miles total owned. 51 miles; July 1 1892 leased for
______
542,260
544,242 99 years at 10% per annum on stock to N. Y. N. H. & H.— (V. 105,p. 2457.)
Dividends (6 % )_____ 1,814,106
Rent for leased r o a d ..
505,439
397,491
302,617
253,275
Miscellaneous charges
25,539
20,258
4,401
150
Pl'E B IO UNION DEPOT & RR —Owns union pa'weneer station at
Pueblo, Colo., with 3.04 miles o f track and sidings. The I.-S. C. Com­
Balance, surplus_____$1,397,086
$1,898,478 $1,577,762 $1,331,632 mission has placed a tentative valuation o f $386,000 on the owned and used
For latest earnings, see “ Railway Earnings Section" (issued monthly).
property of the company, as of June 30 1916. Stock auth., $300,000:
outstanding, $40,600; one-fourth being owned by each of the tenant roads,
OFFICERS.— Frank E. Taplin, Chairman and Pres.; H. W . Nethken, Denver & Rio Grande Western, Atch. Top. & Santa Fe, Colorado & South,
V.-P. & Gen. M gr.; J. R. Kraus, V .-P .; F. H. Harvey, Sec. & Gen. Aud.; and Missouri Pacific. Operations are all at cost for benefit of tenant lines.
H. C. Moore, Treas., Pittsburgh: Charles F. Taplin, General Counsel. Pres., Robert Rice, Denver, Colo.; V .-P ., J. S. Pyeatt, Denver, Colo.;
Cleveland. Office, Wabash Bldg., Pittsburgh, Pa.
Supt.. C. W . Climenson; Sec. & Treas., A. S. Booth, Pueblo, Colo.—
(V. 125, p. 1049.)
Directors.— Charles F. Taplin, Francis W. Paine, Richraf Sutro, H. W.
Nethken, Walter L. Haehlen, Robert S. McVeigh, William C. Atwater,
QUEBEC MONTREAL & SOUTHERN R Y.— Owned lines: St. Lamoer'
Joseph R. Kraus, Frank E. Taplin, John Sherwin Jr., A. W . Thomson. to Fortierville, 109 69 miles; Bellevue Jet. to Noyan Jet., 81.09 miles;
Alec B. Uhrig, Charles B. Hutchins.— (V. 125, P- 1967.)
trackage rights, 7.46 miles. Napierville Junction Ry., also owned by
Del. & Hudson, operates from International Boundary to Delson Jet.,
PITTSBURGH YOUNOSTOWN & ASHTABULA RY CO.— Owns 27.15 miles, west side of loop to Delson Jet., 1.30 miles, and has 14.56
West Rochester, Pa., to Ashtabula Harbor, O .,98.70m .; Niles to Alliance miles of trackage rights over Canadian Pacific Ry.
June., O.. 24 m.; Homewood to Wampum June.. 6 m • Lawrence June, to
Stock authorized, $2,000,000; outstanding, $1,000,000, all owned by the
New Castle, 3 m.; Bessemer Branch, 5 m. Total, 137.56 miles. Penn­ Del & Hudson
Certificates of Indebtedness. $6,000,000. For year end­
sylvania Company owns 5,774,300 o f the pref. stock and also the $2,100,000 ing Dec. 31 1926, gross, $779,181; exp. & taxes, $858,113; other income,
common. Leased to the Pennsylvania Co. for 999 years from July 1 1910, $335,388; charges, $265,443; balance, deficit, $8,987.— (V. 106, p. 2346.)
the rental to cover 7% dividends on both classes o f stock, interest on bonds,
' QUEEN & CRESCENT."— Common name for Cin. N. O. A Texas Pao
and organization expenses. On Jan. 1 1918 lease was transferred to Penn.
Ala. Gt. Sou., Ala. & Vicka. and Vicks. Shreve. A Pac. lines.
R R . Co. V. 90, p. 915, 1364; V. 92, p. 1243.
RAHWAY VALLEY RR.— Owns Aldene, N. J., on Central R R of New
BONDS.— First gen. mtge. bonds o f 1908, $15,000,000 auth., o f which
$4,230,000 series A outstanding, $770,000 having been canceled by sinking Jersey, to Roselle Park on Lehigh VaUey R R ., and Summit, on the Del.
fund; $4,995,000 series B and $1,479,000 series C outstanding. The series Lack. & West.. 10 miles. V. 83, p. 380. Operated under lease by Rahway
D bonds were assigned to the Penn. R R . in Nov. 1927. (V. 118, p. 665; Valley Co.
The I.-S. C. Commission has placed a final valuation o f $5,495 on the
V. 108, p. 1823; V. 105, p. 73; V. 87, p. 416; V. 97, p. 729; V. 98, p. 1538,
owned and used, and $268,761 on the used but not owned prop, o f the
1994; V. 99, p. 50; V. 107, p. 2290.)
company, as o f June 30 1917.
RE PO RT.— For 1926, gross Income, $1,353,041; deductions, $569,804
Stock autn $4Uu,uuu. outstanding, $213,200. Bonds auth., $400,000
dividends, $783,237— (V. 124, p. 2804.)
1st 25-year 5s due July 1 1931
Of the bonds. $328,000 with $164,000 stock
were at last accounts deposited as collateral for notes payable.
Pres.,
C. J. Wittenberg, Springfield, N. J.— (V. 124, p. 641.)
PORTLAND A RUMFORD FALLS RR,— Leases for 1,000 years from
Net after
Bal.
April 1 1907 the Portland A Rumford Falla Ry. and the Rumford Falls A
Year.
Gross.
Taxes.
Interest.
Surp.
Rangeley Lakes R R ., together extending from Oquossoo, Me., to Rumford
$116,043
$5,335
$3,436
$1,899
1926______________________
Jet., 92.35 miles, with branch to Livermore Falls. 10.27 in.; total, 102 62 m
Lease provides for interest, on Ponded dent or two romnanic“ and
on 1925______________________
111,323
1,568
3,613 2,045,000
$2,000,000 stock of P. & R. Falls Ry. and 2% on $300,000 stock o f the R. F.
RALEIGH & CHARLESTON RR CO.— Owns Lumberton, N. C ., to
& Rangeley Lakes R R . The company is itself leased to the Maine Central
R R . V. 84, p. 868; V. 85, p. 922. Has $1,000,000 auth. stock. The 1st South Marion, S.C., 42.58 m. V. 81, p. 1241, 1437. The Commission has
mtge. sinking fund 5% gold bonds due Nov. 1 1951 are callable as a whole placed a tentative valuation of $581,500 on the owned and used properties
or in part on any int. date at 102 and int. to and incl. N ov. 1 1941; there­ of the company as of June 30 1918. Tbe valuation will be contested. Owns
after at 101 to and incl. Nov. 1 1946; and thereafter at 100H- Callable by stock of Marion & Southern R .R ., 2.7 miles. Stock outstanding $574,500,
lot for sinking fund at 100 on N ov. 1, but not more than $17,000 in any one all owned by Seaboard Air Line R y. V. 95, p. 892.
Of the bonds (Baltimore Trust C o., Balt., M d., trustee), $350 000
year. The bonds are guaranteed, principal and interest, by endorsement
by the Maine Central R R . and also by the Portland & Rumford Falls R R . are 1st mtge. prior lien 4s and $1,000,000 oonsols, the first ten coupons on
Beginning N ov. 1 1927 an annual sinking fund will retire $17,000 principal the latter to be paid in cash up to 4% as earned, the balanoe In 10-year 6%
interest-bearing scrip, with interest payable semi-annually and subject to
amount o f these bonds. V. 123, p. 1872.
call at par
Of the consols, $350,000 are reserved to retire the prior liens
PORTLAND TERMINAL CO.— Owns railroad property In the cities of aud $450,000 for future extensions and Improvements. The Seaboard Air
Portland, South Portland and Westbrook; sub-leases from Maine Centrtl Line guarantees all of the bonds. V 95, p. 892.; V. 83. p. 97.
the property belonging to the Portland A Rumford Falls RR. ana
Year ending Dec. 31 1926, gross, $131,549; net, after taxes. $23,661:
Portland & Ogdeusburg R y. Furnishes terminal facilities at Portland gross income, $31,886: interest. &c.. $63,012; bal.. def., $30,326
Pres.,
(Including passenger and freight stations, wharves, ooal-dlsoharglng S. Davies Warfield, Baltimore; V.-Pres., Sec. & Treas., Robert L. Nutt,
lants, shops and yard facilities) for the Maine Central and Boston & Maine. 24 Broad St., New York.— (V. 125, p. 382.)
'wns 23.88 miles and leases 7-31 miles of track, 2d, 3d A 4th tracks owned
RARITAN RIVER R R .— South Amboy to New Brunswick, N . J., 13
12.55 m.; leased 4,22 m.: yard tracks and sidings,owned 78.70 m.; leased
10.60 miles. Trackage rights, 0.91 m. V. 95, p. 1202. Formerly Portland miles; branches, 10 miles; total, 23 miles.

S




114
R A IL W A Y STOCKS AND BONDS
[V ol.

125.




Nov., 1927.]

115

RAILW AY STOCKS AKD BONDS

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

tfaadinz Company— Common stook________________
rirst preferred stook 4% non-cumulatlve________
Second preferred stock 4% non-cumulatlve----------Gen & ref mtge g. Series A red 105___________ Ce
Jersey Central ooll trust mtge g red 105-PeP j:o*<5cr
Wllm & Nor stk tr otfs g red 105 (V 72, p 340) GP Jtr
Equip trust Ser H due $95,000 s-a______________
do
do Ser I ___________________________ PeP
do
do Ser J due $415,000 s-a__________ PeP.c
do
do Ser K due $400,000 s-a______________
do
do Ser L due $375,000 s-a______________
Delaware River Terminal puroh money M gold. _xo*
Delaware River Term ext puroh money M gold.xo*
Mortgage loan of 1868 gold extended 1893_ kvo&r
_
Imp M gold ext '97 (see V 65, p 870) g --P e P . kvo&r
Consol mortgage 5s ext 1897 (V 65, p 278) --kvo& r
Terminal mortgage gold (see V 64, p 85) --kvo*& r
R eading Belt 1st mtge________________________ kv
Phila & Frankford 1st mtge___________GuP.kvc*
Schuylkill & Lehigh 1st mtge_______________ kv
Sham Sunb & Lewisb Second mtge gold___ kvc
N Y Short Line 1st mtge g __________ PePkvc*
N orristown & Main L C onn 1st mtge g ------GPkv

Miles Date
Road Bonds

148
325
827
7.78
2.55
48
32
9.38
0.64

1924
1901
1900
1920
1922
1922
1923
1924
1892
1892
1868
1873
1882
1891
1900
1892
1898
1890
1907
1902

Par
Value

Amount
Outstanding

Rate
%

W h en

Payable

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

$50 $69,989,100 See text Q— F N ov 10 '27 2%
50j 27,991,200
Q— M Dec 8 ’27 1%
4
50 41.970,650
4
Oct 13 1927 1%
Q— 4
100 &c 59,726.667
444g J & J Jan 1 1997
1,000 21,534,000
A & O Apr 1 1951
4g
Q— M When drawn
1.000
1.289,000
4g
M &
S Sept '27-Sept ’ 30
1,000
665,000
6
1,000
None.
To N ov 1932
5
1,000 4,575,000
J & J Ju ly ’27-July '32
5
1,000 5,200,000
444 M & S Sept ’27-Sept ’ 33
1,000 6,000,000
414 A & O Oct ’27-Apr ’35
1.000
a N M ay 20 1942
500,000
5g
1,000
534,000
& J July 1 1942
5g
& O Oct 1 1933
1.000 2,644,000
5g
9,178,000
& O Apr 1 1947
4g
500 &o 5,725,717
4 g M & S Moh 1 1937
1.000 8,498,000
Q— F May 1 1941
5g
1,000
750,000
4
M & S Sept 1950
1,000
98,000
444 g F & A Aug 1 1952
1,000
488,000
4
M & N May 1 1948
1,000
888.000
J & J July 1 1945
5g
1,000
1,500,000
F &
4g
Feb 1 1957
1,000
250,000
Sept 1 1952
M &
4g

Reading Terminal, Phila
do
do
do
do
J P Morgan & O , N Y&Phil
Girard Trust C o, Phila
Philadelphia
do
Philadelphia
do
do
Guarantee Trust Co, Phil
do
do
Reading Terminal, Phila
do
do
do
do
Prov Trust Co, Phila
Reading Terminal, Phila
do
do
do
do
do
do
do
do
do
do

The I.-S. C. Commission has placed a final valuation of $1,215,416 on P 1119; V. 101, p. 85, 929, 1465, 1807; V. 96, p. 1425; V. 97, p. 666: V. 99’
. 821. The U. 8. Supreme Court on April 26 1920 sustained most o f the
the company’s property, owned and used, as o f June 30 1916, and used
overnment's charges of Illegal combination against the company and cer­
but not owned, $148.
tain of its railroad and coal subsidiaries, and ordered their dissolution. See
DIVS. (% ) ’09. '10. ’ l l ’ 15. '16. ’ 17 to '20. 1922. 1923. 1924. '25. ’ 26
V. 110, p. 1816. The company on June 1 1920 sought a modification of the
(Cal year)s.644 8 8%
9
10 yrly.
2
4
5H 7H
8%
dissolution decree. The motion, however, was dismissed by the Court on
Dec. 1916. 8% extra: 1917, Dec., 12% extra: 1918. Sept. 3. 15% extra.
June 7 1920. V. 110. D. 2358. 2488.
R EPO RT.— For 1926:
Interest
T hird M odified S egregation Plan.
Cal Yrs.
Gross.
Net
Other Inc. Rentals,Ac. Divs.
Bal.
The company on M ay 10 1923 filed with the U. S. District Court for the
$73,600
$43,651
1926--------- $621,176 $182,445 $12,500 $77,694
Eastern District of Pennsylvania a third modified plan for the carrying
1925...........
599,804
176,454 13,793
80,301
69,000
40,947 nut of the decision of the U. S. Supreme Court, which provided as follows:
Pres., Geo. Holmes; V .-P ., George T . Smith; Sec. S Treas., Chas H
c
1. No additional general mortgage bonds shall be authenticated except
Sisson.— (Y. 119, p. 2408.)
that, to refund underlying bonds and obligations [other than those men­
tioned in clause (a) o f Section 5 below], additional general mortgage bonds
READING & COLUMBIA R R .— Owns Columbia to Sinking Springs*
Pa.. 40.33 m.; branches, 13.82 m.; operates Marietta Jet. to Chickies, 6.17 may be issued to the trustee o f the new mortgage of the Reading Co. [pro­
m.; operated under trackage rights, Sinking Springs to Reading, 5.70 m.; vided for in Section 10 below] and stamped to show that they represent
total operated. 66.02 m. The I.-S. C. Commission has placed a tentative obligations of the Reading Co.
valuation o f $2,071,083 on the owned and used properties of the company,
payment by
as of June 30 1917. Stock, $958,373 (par $50), of which $788,200, together or 2. After $6,000,000 inthe Reading Iron Co. to the Reading Co. o f a div.
divs.
cash or
with $698,000 1st consolidated 4s and $1,000,000 debentures of 1917 Readingof will sell all its right, marketable securities at market value,f the
title and Interest in and to the stock o the
and $150,000 new debentures of 1962, are owned by Reading C o., all except Iron Co.,Co.
including the present right to vote and receive dividends thereon,
$3,200 stock, deposited under its general and refunding mortgage. The to the Coal Co. for $8,000,000. The stock of the Iron Co. will, however,
1st consols, o f 1912 are guar., prin. & int., bv the Reading Co. V . 93, p. remain subject to the lien o f the general mortgage but as security for the
1789; V. 94, p. 632; V. 95, p. 833. Year 1926, gross, $843,919: net. $88,313; other income, $6,863; deductions, $211,985; bal., def.. $116,808.— obligation of the Coal Co. and not the obligation o f the Reading Co.
(V. 122, p. 2188.)
3. The liability o f the Reading Co. on the $94,627,000 gen. mtge. bonds
on N
1922 will be decreed
READING COMPANY.— (See M ap.)— Operates a system of roads cen­ outstanding of theov. 30 Co. thereon one-third to be trwo-thirds thereof and
the liability
Coal
thereof.
tering at Philadelphia, extending to Hazleton and Williamsport on the north
4. (Section 4 deals with sinking fund payments, for details of which
and westerly to Harrisburg, Shippensburg and Gettysburg, in Pennsylvania,
compare plan published in full in V . 116, p. 2256.)
apd Wilmington, Del., on the south; also easterly in N. J. to Atlantic City
and CaDe M ay on Atlantic Ocean and to Pt. Reading on N. Y . Harbor, viz
5. There are outstanding certain underlying bonds mentioned In the
Lines Owned in Fee—
Miles. Wilmington & North. R R *_
_ 86.7 Gen. Mtge These bonds include (a) $810,0(10 of the Phila. * Reading
Philadelphia to M t. Carbon,
Phila. & Reading Term. R R .
1.3 R R . Co. 10-year Sinking Fund Ooll. Gold bonds of 1892, extended to
&c.. and branches_________ 128.62 East Trenton R R _____________
3.1 Feb. 1 1932, which are secured by pledge of bonds of coal companies belong­
Shamokin Sun. & Lewisburg-- $1.06 Allentown Terminal R R _____
3.6 ing to the Coal C o., were assumed by the Coal Co. in 1896 and are in
Schuylkill & Lehigh R R ______ 47.21 Mount Carmel R R ____________
5.8 effect guaranteed by the Reading Co.; (b) $5,766,717 of the Phila. ft
Phila. Harrisburg & Pitts. R R . 44.71 Phila. Wilm. & Baltimore R R . 10.0 Reading R R . Co. 1st Series Consol. Mtge. bonds of 1882, extended to
Lebanon Valley branch______61.36 Plymouth R R ________________
9.2 March 1 1937, which are secured by property of the Railroad Co. and of
Lebanon & Tremont branch.. 51.33 Swedesford Bridge C o_________
0.3 the Coal Co. and are in effect guaranteed by the Reading Co. and the Coal
Mahanoy & Shamokin branch. 83.84
C o., and (c) certain other bonds which are not the obligation of the Coal
Schuylkill & Susq. branch____53.55
Totalleased (2dtrack280m.) 562.2 Co. and are not secured upon any property of the Coal Co. The final
1.88 Trackage rights______________ 42.8 decree will make provision so that the covenants of the companies in the
West Reading branch________
Other branch lines___________ 44.09
Gen. Mtge. In respect of these underlying bonds shall bind only the Reading
Total Dec. 31 1926......... .1,152.7 Co. in respect of the bonds described In (b) and (c) above and shall bind
Total (2d track, 265 miles)_547.65
only the Coal Co. in respect of the bonds described in (a) above; and, as
Controlled—
Leased Lines (See each C o.)—
Oolebrookdale R R __________
12.8 Central RR. o f New Jersey_ 642.7 between the companies, the Coal Co. will remain ultimately liable on the
_
East Pennsylvania R R *______ 35.8 Reading & Columbia R R *____ 60.3 bonds described in (o) above, and the Reading Co. will remain ultimately
Allentown R R *______________
4.2 North East Penn. R R *______ 25.6 liable on the bonds described in (6) and (c) above.
Little Schuylkill Nav. & R R * . 31.7 Phila. & Chester Valley R R *. 24.0
6. (Section 6 deals with defaults, liens, &c., and is published In detail
Mine Hill & Schuylkill Haven* 61.8 Atlantic City R R . & branches 161.3
n V . 116. p. 479.)
M t. Carbon & Pt. Carbon RR*
2.6 Catasauqua & Fogelsville R R * 31.5
Mill Creek & Mine H. R R . . .
5.9 Gettysburg & Harrisburg Ry* 41.6
7. The Coal
pay
the Reading Co.
38.2 current assets atCo. will value.to General releases of $10,000,006 In cash or
Schuylkill Valley Nav. & R R * 17.2 Perkiomen R R *____________
market
all claims and liabilities
8.7 Peoples Ry
East Mahanoy R R *_________
3.5 as between the Reading Co.
of approxi­
Phila. Germant’n & Nor. R R * 21.9 Phila. Newtown & N. Y . RR* 22.2 mately $70,000,000 carried and the Coal C o., including the claimas an asset
on the books of the Reading Co.
Chestnut Hill R R *__________
4.0 Port Reading R R *__________
19.7
Coal Co. as
exchanged. The
Oatawissa R R *_____________ 103.3 Pickering Valley____________
11.2 and on the books of the the Reading a liability, will beCo. amounting to
of
Co. to the Coal
North Pennsylvania R R * ___
87.7 Stony Creek R R ____________
10.2 current indebtednessbe paid.
$2,500,000 will first
Delaware & Bound Brook RR* 31.6 Williams Valley R R _________
11.1
Ironton R R _________________ 13.0
(*See this company.)
8. The Reading Co. will, subject to the lien of the Gen. Mtge. (but as
From the company’s docks at the extensive terminal at Port Richmond security for the obligation of the Coal Co. and not the obligation of the
It operates a line o f steamers and barges in coastwise coal traffic and pro­ Reading C o.), sell, assign and transfer all its right, title and interest in
vides berths, with elevators, grain-drier and accommodations for several and to the stock of the Coal Co. to a new corporation to be formed with
trans-Atlantic steamship lines, new ore-unloader and concrete dock capacity appropriate powers, in consideration of the payment by the New Coal Oo.
600 tons per hour.
to the Reading Co. of the sum of $5,600,000, and Its agreement to issue its
Pursuant to the final decree o f the U. S. District Court for the Eastern shares to the stockholders of the Reading Oo. as hereinafter provided. The
District o f Pennsylvania, entered June 28 1923 on the mandate of the New Coal Oo. will issue 1,400,000 shares of stock without par value. Such
U. 8. Supreme Court in the suit by the Govt., Reading Co. merged and no par value stock will be sold by the New Coal Co. to the stockholders of
awmired as o f Jan. 1 1924 the properties o f the following railroad cos.:
the Reading Co., preferred and common, share and share alike, for $5,600,Philadelphia & Reading Ry.
Philadelphia & Frankford RR.
000, or $2 00 for each share o f Reading stock. Provision will be made for
Chester & Delaware River R R .
Philadelphia Harrisburg & Pitts­ the disposition by the Reading Co. of any rights to subscribe which may not
burgh R R .
Middletown & Hummelstown R R .
be availed of by the Reading stockholders within such period as may be
Rupert & Bloomsburg R R .
Schuylkill & Lehigh R R .
fixed by the Reading C o., with the approval of the Court, to the end that
Tamaqua Hazleton & Northern R R . Shamokin Sunbury & Lewisburg RR
the New Coal Co. shall receive the full purchase price of $5,600,000. This
New York Short Line R R .
Norristown Junction R R .
sale will be carried out by issuing to Reading stockholders assignable certifi­
Reading Belt RR.
Norristown S Main Line Conn. R R
c
cates of Interest in stock of the New Coal Oo., exchangeable for such stock
The I.-S. C. Commission has placed a tentative valuation of $72,179,977 only when accompanied by an affidavit that the holder is not an owner of
on the total owned and $200,927,187 on the total used property of the Phila­ any stock of the Reading Co.,
delphia & Reading R R . system as of June 30 1917. In addition to the Phil­
9. The Reading Co. will merge the Railway Co. under the authority
adelphia & Reading Ry. Co. proper, this valuation includes 29 subsidiaries.
contained in the present charter of the Reading Co., and will subject the
Valuation protested, V. 123, p. 1872.
Railway Co.'s property to the direct lien of the Gen. Mtge. The name
ORtiANIZATIUN.— The Philadelphia & Reading RR. (chartered April
4 1833) and the P. & R. Coal & Iron Co. were sold In foreclosure Sept. 23 of the Reading Co., after merger, will not be changed.
1896 and reorganized per plan In V. 61. p. 1109. See V 64, p. 709
10. In order to compensate for any
The "Reading Company” In the reorganization acquired the seourlty fication of the terms of the gen. mtge.injury to the security whicn the modi­
bonds and the general mortgage may
holdings, real estate, equipment, &o., of the old Phila. & Reading RR. Co., cause, and to leave the Reading Co. properly financed to meet its obligations
also the $20,000,000 stock and $20,000,000 bonds of the Phila. & Reading to the public, the Court will direct the Reading Co. and the Coal Co. to
Ry. and the $8,000,000 stock of the Coal & Iron Co.
tender for acceptance by the bondholders the following proposals for the
The U. 8. Supreme Court on Dec. 16 1912 In the Govt, suit (1) dismissed
mortgage and the delivery of new bonds to
the charge o f combination and conspiracy in restraint of trade against the execution of new bonds and bonds:
holders of general mortgage
•ompany and other anthracite coal companies and coal-carrying roads;
(2) held that the Temple Iron Co. is an Illegal organization and should be
(a) The Reading Co. shall execute a new mortgage which will provide
dissolved; and (3) also held Illegal the arrangement under which the coal for the creation of a series of bonds to be known as Series A, to be limited
companies pay the independent operators for coal at the mines 65 % of sell­ to the aggregate principal amount of $63,084,666 2-3, and to be issuable
ing price at tidewater. See V. 95, p. 1684, 1652; V. 96, p. 286, 554, 1090, only upon the surrender of general mortgage bonds as hereinafter provided
1557. The U. S. District Court on July 31 1915 held that the company and Said bonds of Series A will bear interest at the rate of 444 % per annum, will
Its subsidiaries, had not violated either the Sherman Law or the commodi­ mature Jan. 1 1997 and will be redeemable as a whole only at 105 and int,
ties clause o f Commerce Law. The Government filed an appeal. V. 103, on any int. day on 60 days’ notice. The new mortgage will contain appro-




&

116

RAILW AY STOCKS AND BONDS

RAILROAD CO IPAN IE S
[For abbreviations, &c., see notes on page 81

Rmaselaer & Saratoga— Stock 8% guar D <o H (end)
5
First mortgage, Interest guar D , & H _ USMxxx
_
Richmond Fredericksburg & Potom— Com stook----Dividend obligations (same dlv as common sto ck )..
Stook guar 7% except 519,300 guar 6 % __________
Com stock non-voting 6 % (see text)_______________
Consolidated mortgage $500,000 gold— Ce.xo*ftr
General mortgage $4,000,000__________ ________ *
Washington Southern Ry 1st Mtge bonds (assumed)
Equipment trusts due $93.700 yearly____________ G
Richmond ft Petersburg— See Atlantic Coast Line RR

Miles D a te
Road Bonds

Par
Value

Rate
%

When
Payable

$100 $10,000,000
8
July 1 1927,4%
1,000 2,000.000
6 a
May 1 1941
1,316,900 See text
See text
100
100 9,017.500 See text
See text
100
500,400 See text
See text
100 4.000.
000
0
See text
82 1890
1.000
500,000
Apr 1 1940
4H g
2.080 000
3H
Apr 11943
1903J Tarlous
4.000.
000 g
1903
Junel 1943
4
1920
6 g J ft J 15 T o Jan 15 1935
749,600

BONDS.— The final decree of the IJ. S. District Court for the Eastern
District o f Pennsylvania, entered June 28 1923, pursuant to the mandate of
the U. S. Supreme Court, in the suit of the U. S. of America against Reading
Co. et al., severed the joint liability of Reading Co. and Philadelphia &
Reading Coal & Iron Co. upon the Gen. Mtge. bonds and the lien of the
general mortgage upon the properties of said companies and decreed that
the liability of Reading Co. in respect thereof be two-thirds thereof and the
liability of Philadelphia & Reading Coal & Iron Co. one-third thereof. As
further directed by said final decree, Reading Co. and Philadelphia &
Reading Coal & Iron Co. offered to the holders of Gen. Mtge. bonds the
right to surrender their Gen. Mtge. bonds and receive in exchange: (a)
$666 2-3 principal amount of Gen. & Ref. Mtge. 4 K % Gold bonds, Series
“ A ,” of Reading Co., issued under the mortgage and deed of trust dated
Jan. 2 1924, made by Reading Co. to Central Union Trust Co., iNew York,
trustee; and (b) $333 1-3 principal amount of Ref. Mtge. 5% Sinking Fund
Gold bonds of the Philadelphia & Reading Coal & Iron Co. issued under
the mortgage and deed of trust dated Jan. 2 1924, made by Philadelphia ft
Reading Coal & Iron Co. to Central Union Trust Co.. New York, trustee,
for each $1,000 of Gen. Mtge. bonds so surrendered. Two-thirds in prin­
cipal amount of the Gen. Mtge. bonds surrendered for exchange will be
■tamped to show that they are solely obligations of Reading Co. and pledged
under the mortgage securing the new Gen. & Ref. bonds of Reading Co.
One-third in principal amount o f said Gen. Mtge. bonds will be stamped to
■how that they are solely obligations of Philadelphia ft Reading Coal & Iron
Oo. and pledged under the mortgage securing the new Refunding bonds of
Philadelphia & Reading Coal & Iron Co.— V. 118, p. 203, 2305.
Improvement mortgage 6% bonds of 1873 due Oct. 1 189v were extended
at 4% for 50 years from April 1 1897, payable in U. S. gold, and are now an
obligation and are guaranteed, prin. & int., by the Reading Co. V. 64
p . 470; V. 65, p. 516. The consol. 5s of 1882 for $5,766,500 werealso extended
at 4%till March 1 1937, the Reading Co. and the Coal & Iron Co. becoming
responsible. See V. 65, p. 870, for contract. V. 65, p. 152, 870.
Terminal mortgage bonds, see V 6 . p. 85, and V. 60. p. 7 2
4
3
The Jersey Central coll, trust bonds ($23,000,000 present issue) are secured
by deposit o f $14,504,000 Cent. R R . of N . J. (cost $23,200,000) of the
$27,436,800 stk. outstanding, $1,495,000 Perkiomen R R . Co. stk. and $440,U00 Port Refuting RR. stock, the remainder of the $45,000,000 auth. being
reserved acquire the minority stock of the Central Co. They are callable
to
on any lnt.day at l05 ft lnt. Sec abstract.V. 72, p. 487: V. 73. p. 847.
Equipment trust Series F, dated Jan. 1 1916, covers equipment described
In V. 107, p. 697. Series G covers equipment mentioned in V. 106, p. 1786
V. 108, p. 684, 2324. Series J, V. 115, p. 183.

125.

Last Dividend Places Where Interest a n e
and Maturity
Dividends are Payable

190 1921

priate provisions for the creation and Issue of additional series of bonds
equally secured thereby bearing Interest at such rates and maturing on
such dates and otherwise in such form and containing such provisions as
may be determined by the directors at the time of issue.
(b) The Coal Co. shall execute a new mortgage which will provide for
an Issue o f bonds limited to the aggregate principal amount o f $31,542,333 1-3, and to be issuable only upon the surrender of gen. mtge. bonds as
hereinafter provided. Said bonds will bear Interest at the rate of 5% per
annum, will mature Jan. 1 1973, and will be redeemable as a whole, but not
In part except for the sinking fund, at 105 and int. on any lnt. day on 60
days’ notice.
(c) The Reading Co. and the Coal Co. shall offer to the holders of gen.
mtge. bonds the right to surrender their bonds and receive In exchange
•therefor an equal aggregate principal amount o f new bonds (with an adjust­
ment o f interest as of the date of the surrender of the gen. mtge. bonds for
exchange) as follows:
Two-thirds o f said principal amount in 4 K % 74-year gen. (or, If and when
practicable, first) & ref. mtge. gold bonds. Series A, o f the Reading Co.
One-third thereof in 5% 50-year ref. mtge. sinking fund gold bonds of
he Coal Co.
(d) The exchanged bonds will be pledged under the new mortgages.
(For details, see V . 116. p. 2256.)
Plan Approved by Court.— Judges Buffington, Davis and Thompson filed
& final decree in the U. S. District Court June 28 1923 at Philadelphia,
directing the dissolution o f the Reading Co. and its subordinate concerns
within six months.
The decree adopted the third modified segregation plan submitted May
10 1923.
STOOK.— Reading Co. has the right to convert the 2d pref. stock lnt*
one-half first pref. and one-half common stock. See V. 64. p. 709.
Pursuant to the final dissolution decree, the Reading Co. in Jan. 1924
offered to its stockholders, preferred and common, share and share alike,
the right to subscribe for certificates of interest in 1,400,000 shares of the
capital stock (no par value) o f Philadelphia & Reading Coal & Iron Corp.
Stockholders of record Dec. 17 1923 have the right to subscribe for said
certificates of interest at the rate o f a certificate of interest in one share of
stock o f Philadelphia & Reading Coal & Iron Corp. for each two shares of
stock o f Reading Co. pref. or com. held. This right o f subscription must
be exercised before Jan. 1 1927, and certificates of interest may be exchanged
for stock o f the coal corporation by filing the necessary affidavit prior to
July 1 1927. The price o f subscription is $4 for each share of stock of
Philadelphia & Reading Coal & Iron Corp. represented b y the certificates
o f Interest subscribed for, or $2 for each share of Reading stock. Compare
V. 118, p. 203; V. 123, p. 2389, and Segregation Plan above.
D IV ID E N D S —
f ’01. '02. ’03. '04. ’05. ’06-’09. ’ 10-'12. ’ 13-’27.
4 yrly. 4 yrly. 4 yrly.
3
4
4
4
First preferred
,j_4
4 yrly. 4 yrly. 4 yrly.
4
0
Second preferred . .
lo
IK 4
Common______ . .
0
0
0
3.K 4 yrly. 6 yrly. 8 jrly .
l 0
Paid on common in 1927: Feb. 10, 2% and 2% extra; M ay 12, 2% ;
Aug. 11, 2% .




Amount
Outstanding

[V ol.

Del & Hudson Co, N Y
do
ao
Riohmond, v »
Richmond, Va
Richmond, Va
Richmond, Va
N \ , Phlla or Riohmond
Riohmond
Sav Dep ft Tr C o, Bah
Guaranty Tr Oo. N Y

R E P O R T — For 1926, in V. 124, p. 2110, showed:
Ry. Oper. Income—•
•1923.
1926.
1925.
1924.
Freight— Coal . . . . .$40,824,725 $34,914,501 $36,056,193 $42,842,557
Freight— Merchandise . - 43,196,361 41,668,494 40,860,078 45,480,722
Passenger _ ________ . 9,794,351
9,881,422 10,187,574 10,635,379
Excess baggage
19,190
15,882
19,061
17,196
5,411
Parlor and chair car.
5,105
5,254
5,418
Mail
409,923
426,440
438.441
431,330
Express.. _ _____
1,538,229
1,617,531
1,422,449
. 1,480,045
Other passenger train.
177,752
162,502
233,531
179,736
M ilk_____________
326,819
433,543
468,240
401,193
Switching.
879.554
727,143
601,168
509,574
Special service. _
14,085
10,040
8,993
9,617
All other transportation
1,556,691
925,384
737,264
937.848
Incidental____
_
_
1,325,349
1,041,487
1,783,736
1,031,676
$99,290,135 $91,496,379 $92,088,258$ 105,807.431
Ry. Oper. Expenses—
1926.
1925.
1924.
1923.
Maint. of way & struct. $13,744,846 $12,055,882 $11,289,009 $10,778,239
Maint. of equipment__ 21,642,240 20,381,953 21,798,358 23,940,443
Traffic________________
952,082
939,247
862,643
840 986
Transportation________ 34,958,858 33,152,857 34,030 945 38,271,934
Miscellaneous operat’ns.
245,908
163,345
165,846
137 ,606
2,645,903
General expenses______
2,235,982
2,236,259
2,261 209
Transport, for invest__
175,767 deb221,927 deb51 560 deb75,603
Net rev. from ry. oper .$25,781,386 $22,862,863 $21,781,702 $29,048,522
Railway tax accruals_
_ 5,531,266
4,349,772
4,284,017
4,952,591
Uncollectible ry .rev s.__
5,740
5,611
6,010
26,239
Total oper. in com e...$20,244,378 $18,507,479 $17,491,674 $24,069,691
Non-Operating Income—
Hire of freight cars— net $1,415,769 $1,537,333 $1,169,012 $2,254,341
274,177
Other equip, rents— net.
317,713
256,083
219,057
Joint facility rents— net.
55,002
53,732
87,997
57,214
Net ry. oper. incom e.$22,032,863 $20,354,629 $18,967,741 $26,655,425
Other Non-Oper. Inc.—
$256,812
$578,222
$526,350
Miscell. rent income____
$635,387
162,449
Misc. non-op.phys.prop.
313,700
251,869
307,567
Separ. oper. prop.profit.
258,624
2,760,347
2,590,434
5,955,118
Dividend income_______ 2,431,778
Inc. from fund, securs..
761,489
818,879
477,432
829,818
Inc. fr. unf. sec.& accts..
383,758
555,328
567,532
433,078
Inc. fr. skg. funds, & c ..
30,393
29,843
34,731
30,654
Release of premiums on
funded debt_________
5,203
7,523
5,202
5,202
Miscellaneous income_
_
16,356
7.467
12,503
8,228
Separ. oper. prop.— prof.
______
134,322
.$26,869,551 $25,574,952 $23,636,516 $34,113,248
Deduct, from Cross Inc.
_
Rent for leased roads_ .' $2,829,032 $2,829,443 $2,831,655 $2,832,262
1,954
Miscellaneous rents____
1,968
2,840
1,445
159,469
Miscell. tax accruals____
168,568
115,201
169,720
5,059,157
Int. on funded debt___ . 4,972,058
5,085,742
5,213,930
Int. on unfunded d eb t..
41,999
28,232
265,978
37,235
funded debt_________
Miscell. income charges.

27,007
301,931

27,007
260.604

27,007
296,332

27,007
381,248

$18,531,122 $17,159,618 $15,121,316 $25,386,171
Disposition of Net Inc.ic. applied to sinking
other reserve funds.. '
$46,793
$46,243
$47,031
$48,914
4,090,291
i 4,670,000
3,577,343
3,217,332
413,814,329 $13,023,083 $11,496,941 $22,119,924
First pref. divs. ( 4 % ).. . 1,120,000
1,120,000
1,120,000
1,120,000
Second pref. divs. (4 % ).. 1,680,000
1,680,000
1,680,000
1,680,000
Common divs. (6 % )____
5,600,000
5,600,000
5,600,000
5,600,000
Balance, surplus_____$5,414,329 $4,623,084 $3,096,942 $13,719,924
Shs. com. outst. (par $50) 1,400,000
1,400,000
1,400,000
1,400,000
Earns, per share on com .
$11.23
$10.25
$8.80
$16.13
* Includes $3,000,000 special dividend received from the Reading Iron
Co. in connection with the segregation of the coal and iron properties.
For latest earnings see “ Railway Earnings Section-' (Issued monthly)
BALANCE SHEET, as of Dec. 31 1926, in V. 124, p. 2110.
OFFICERS.— Chairman, Edward T. Stotesbury; Pres., Agnew T . Dice;
V.-P. In charge of operations and passenger traffic, Chas H. Ewing; V.-P.
In charge of freight traffic; E. D. Hilleary; Set., Jay V. Hare- Treas., H. E.
Paisley: Compt., William H. Whitehead.
DIRECTO RS.— E. T. Stotesbury, Joseph E. Widener, Agnew T . Dice,
Daniel Willard, Charles H. Ewing, William A. Law, Samuel M . Curwen,
Ira A. Place, Patrick E. Crowley. Office, Reading Terminal, Philadelphia.
— (V. 125, p. 1189.)
RENSSELAER & SARATOGA R R .— (See Map Delaware & Hudson.)—
Road Owned—
Miles.
Leased—
Miles.
Troy to Lake Station, W hitehall..72 Albany to Waterford Junction_ 12
_
Fort Edward to Lake George____15 Schenectady to Saratoga________ 20
Eagle Bridge to Rutland. V t_____63 Vermont Line to Castleton, V t_ 7
_
LEASE.— Leased in perpetuity M ay 1 1871 to The Delaware ft Hudson,
which owns $800,000 of stock; rental, 8% on the stock and Interest on bonds.
Dividends being paid less income tax, V. I l l , p. 1184. Guaranty on stock,
V. 56, p. 773. The $2,000,000 7% bonds due May 1 1921 were refunded
bv a like amount of 6% bonds due May 1 1941. V. 112, p. 1867.— (V.
125, p. 1577.)
RICHMOND FREDERICKSBURG & POTOMAC R R . CO.— Owns
from Richmond, Va., to South End Potomac River Bridge, 109.15 miles.

Nov., 1927.]

Miles Date I Par
Road Bonds
Value

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

^Icb-Wash Co— Coll trust gold gw ' «d 105-N.xo*&r
Rio Urande Southern— First M
7 (if?;- ■ ■ *
,v
Rio Qrande Western— See Denv & Rio Grande Woo.,'
Roberval-Saguenay Ry—
Rochester & Genesee Val— Stock rental Erie R R ____
Rock Island Ark A Louisiana— See Ohio R T & Pacific
R ock Is-Frisco Ter Ry— First M $3,390,000_____c*
Rome & Clinton— Stock (rental guaranteed;___ ____
Roscoe Snyder Sc P acific—
1st ref M $5,000,000 gold red text . --------------- Gy
Rum ford Falls & R L— Stock $300,000---------------- Rumford Falls & R L first mtge gold sink fund .zc*
do
do
sinking fund g mtge . ________ zc

Amount
Outstanding

Rate
%

03-’ 12 $1.000&o $10,000,000
1890
1.00C 4,509,000

175

4g

_
_
12*4

1927
___
1912
1897
1923
1891
1898
1899
1901
1913
1920
1924
1910
___
ridge
1012
1914

Gross income_________ $2,925,805
Int. on funded debt____
361,967
Other deductions______
90,501

$3,479,530
367,589
212,119

$2,627,874
160,429

D June 1 1948
J July 1 1940

New York Trust Co, N Y
Jan 1922 int unpaid

100

1.330,000
7g J
555.200 See text 3

S
c
*

J July 1 1955
J See text

Erie RR Co. New York

1,000
100

3,390,000
4)4 g J
345,360 See text 3

&
*

N Y C & St Louis
J July 1 1957
J Jan 1 1927 2*4 By cheek.

1.000 See text
5g
100
300,000
2
500 &c
400.000
5g
1.000
276,000
6
100 8,961,300
1,000 3,491,000
4H g
1,000
4.400,000
4g
1.000 1.325.000
4g
1.000 In treasury
4g
1.000
14.000
4H
1,000
131,200
6
1,000
660.000
5g
100&1000
225.000
4g
100
255.700 See text
& Belt RR
£560,543
4
1.700 000
1.268,000
1.416,000

$2,811,335
172,646

$2,788,303 $2,983,982
373,211
378,833
9,272
308,114

Net income_________ $2,473,338 $2,899,821 $2,405,819 $2,297,035
Income applied to sink.
& other reserve funds.
______
200,000
______
300,000
Cash dividends________ 1,505,341
1,505,341
963,601
x968,604
Balance, surplus_____
$967,997 $1,194,480 $1,142,218 $1,028,431
x In M ay 1923 a 100% stock div. was also paid, amounting to $5,417,400.
For latest earnings see "Railway Earnings Section” (issued monthly).
Pres., Eppa Hunton Jr.; V.-P. & Sec., Norman Call; Treas., D. K. Kel­
logg. Office, Broad Street Station, Richmond, Va.— (V. 124, p. 2424.)
RICHMOND-WASHlNdTON COMPANY— Controls a "union” line,
Washington, D. C., to Rlohmond, Va .117 miles. In the joint Interest of the
following roads, viz.: the Pennsylvania R R .. Baltimore & Ohio R R .. Atlan­
tic Coast Line Co., Southern R y.. Seaboard A. L. Ry. and Ches. & O. Rj ,
each of which owns 1-6 of the $2,670,000 capital stock. Divs. In 1902, 3f, ;
1903 to 1905. lncl.. 4% yearly; 1906 and 1907. none: 1908 t,n 1915 i". ;
1916. 5% ; 1917 to 1922, 6% yearly; 1923, 7%; 1924-25, 8% ; 1926, 10%.
Incorporated on Sept. 5 1901 and acquired $947,200 of the voting capital
stock of the Richmond Fredericksburg & Potomac RR. and the entire stock
•f Washington Southern B y .. Long Bridge to Quantlco, 36 miles.
The collateral trust 4s of 1903 ($11,000,000 auth. issue; are guaranteed,
Jointly and severally, prln. and int., by the six roads named above. Of the
bonds, $10,000,000 (8er. A to E) have been sold. V 77, p. 629. 695: V 78.
p. 584, 1393; V. 84, 932. The collateral consists o f $2,680,000 Richmond
Fred. & Potomac gen. 3)4s, $947,200 common, $2,604,800 non-voting
dividend obligations, $4,000,000 Washington Southern 1st 4s, $4,000,000
Rich. Fred. & Pot. non-voting stock. See form o f guaranty, V. 77, p.
2391; V. 81, p. 1178.— (V. 84, p. 932).
RIO GRANDE SOUTHERN RR. CO. (THE)— Ridgeway. Colo., to
Durango. 162 m., and branches, 13 m. Tentative valuation of $3,172,800
on the owned and used property of the company as of June 30 1919. V.
125, p. 778. Stock, $4,509,000, of which $3,579,737 owned by Western
Pacific Holding Co. Mortgage abstract, V. 54, p. 163, and application to
N . Y . Stock Exchange in V. 54, p. 446; V. 61, p. 1014. Of the bonds,
$2,277,000 were guar, by the old D. & R. G., which owned $1,779,000 of
the issue. V. 70, p. 791. See guaranty, V. 70, p. 1295. The interest due
Jan. 1 1922 was not paid. V. 113, p. 2819; V. 114, p. 80. Protective com­
mittee, V. 114, p. 80, 199; V. 117, p. 1235. (No provision was made for
these bonds in the Denver & Rio Grande Western reorganization plan.
See V. 117, p. 1235.)
For 1925, gross, $777,327 net, def., $8,316; other income, $1,510; de­
ductions, $183,645: bal., def., $190,451
Pres., T . EL Marshall; Sec. &
Treas., R. F. Watkins.— (V. 125, p. 778.)
ROBERVAL-SAGUENAY R R .— Main line. Port Alfred to Ha-H»
Bay Jet., 19.2 miles. Branches, 37 miles. In Oct. 1925 it was reported
that the Aluminum Co. of America had acquired control of the road. Stock
common, $500,000, and pref., 6% non-cum., $800,000; par $100. The
$536,400 consol, ref. mtge. 5s, $723,600 Ha-Ha Bay Ry. 1st 5s, and the
$70,000 bonds issued June 1 1919 were replaced by a single bond for $1,330,000 7 % ), payable to the General Trust of Canada, Montreal, on July 1




Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

*
*

double-tracked; James River branch, 3.56 m.; other mileage, 4.91 m.; total.
117 62 miles. The div. obligations carry no voting power. T h e R .F .& P
R R . guar, stock is secured by mtge.
The Richmond-Washington Oo. (see belovi In 1901 took over $947,200
of the $1,316,900 common stock. V .7 4 ,p . U 9. Connection RR. franchise
suit, V. 107, p. 2188. The Washington 5:u"hern Ry. was merged in Feb
1920. V 110, p. 168. 872. 1416
The I.-S. C. Commission has placed a ten-adve valuation of $11,384,700
on the company's property and $7,108 460 on the property of former
Washington Southern R y. C o., as o f June 30 1916. Compare also V. 119.
p. 694.
DIVS. on voting stock and/1905-16. 1917. 1918-22. 1923-24. 1925-26.
dividend obligations_____% 19 yearly 14
9 yearly 7 yearly 12 yearly
Paid in 1927; June 30, 3)4% ■
•Also in Jan. 1907 25% iu dividend obligations, and in Feb.. 1916 60% in
same on both stocks and dividend obligations. V. 102, p. 610; V. 83,p. 1526
In Feb. 1923 paid 100% in dividend obligations. V. 116, p. 296.
On non-voting com. stk. paid 6% in 1922, 1923, 1924, 1925, and 1926,
June 30 1927, 3% .
STOCK.— The 6% non-voting common stock was issued in exchange fot
a like amount of common stock of Washington Southern Ry.
The stockholders on Feb. 5 1923 increased the authorized capital stock
from $9,500,000 to $15,000,000. V. 116, p. 722.
BONDS.— Of the gen. 3 H i of 1903 due April 1943 ($4,000,000 author­
ized), $3,500,000 were issuable for double-traoklng and Improvements (of
which $2,680.000,outstanding) are owned oy Rlohmond-Washington Co and
pledged under its mtge. (V. 81. p. 1178), the remaining $500,000 being re­
served to retire the consol 4J4s at maturity. See V. 77. d . 2388. 2391
Guarantees, jointly with Atlantic Coast Cine R R ., $3,380,000 1st mtge.
6% gold bonds due Jan. 1 1952 o f Richmond Terminal Ry. V. 114, p. 948,
Equipment trusts issued to Director-General for rolling stock allocated
to this company
See article on page 3 and V. 113, p. 1472.
RE PO RT.— For 1926, in V. 124, p. 2424, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Railway oper. revenues.$12,801,738 $12,891,176 $11,836,355 $12,077,813
Railway oper. expenses.
8,656,356
8,155,041
7,895,344 7,936,776
_
858,762
787,962
667,206
674,717
Railway tax accruals_
Uncollectible ry. revs_
_
379
180
1,261
227
Equip. & joint facility rts
623,285
670,308
644,670
654,758
$3,277,685
201,846

When
Payable

3
3

1919

18

First consol mortgage for $3,500,000 gold. _Us.sc
120
Ogd S L Ch 1st M $4,400,000 gold assumed.Ce.xo*
c
127
4.3
Rut-Can first M gold assumd $1,350,000 ._OB.xo*
Ohatham S, Leb Val 1st M $500,000 g p & 1 guar.G
c
58
fiqulp trusts due $14,000 yearly __ ____________ *
do
do
due $16,400 y early.. . _
. _G
_
_
do
do
due $55,000 yearly .
. _G.zc*
27
Rutland Toluca Sc Nor— 1st M g gu red _ — NC.xc*
6 84
Rutland Sc Whitehall RR— Stock (no bonds)-----------Si Clair Madison Sc St Louis Belt— See Missouri S, Hit noli B
e
S* John & Quebec Ry— 1st M d e b stk guar see t e x t -----170

Net ry. oper. income. $2,662,956
Non-operating incom e..
262,849

117

RAILW AY STOCKS AND BONDS

M
M
A
M

&
<
&
S
c
&

J
J
J
J

A
*
*
Se

S
c
<
fc
J
&
A *
Q- -F
A

J

J.

N Nov 1 1942
N N ov 1 1926 1%
O Oct 1 1937
N Nov 1 1948
Jan 20 '17 1%
J July 1 1941
J July 1 1948
J July 1 1949
J July 1 1951
O To Apr 1928
.1 To Jan 15 1935
1) To June 1 1939
o Oct 1 1930
15 Aug 15 '27 1)4

S D 1962
c

New York
Portland, Me
Old Colony Tr Oo, Boston
UnionSD&Tr.Portl'd.Me
do
do
do
do
Old Colony Trust Oo.Bos
466 Lexington Ave. N Y
Guaranty Trust Oo. N Y
do
do
do
do
See text
United Nat Bank, Troy
Bank of Montreal, Lotd

1955. For year ended Dec. 31 1926: Gross, $582,716; net, $106,744; other
Income, $26,576: deductions, $120,123; bal., $13,024. Pres., Arthur V.
Davis, Pittsburgh, Pa.; Vice-Pres., E. S. Fickes, Pittsburgh, Pa.— (V. 121.
p. 2154.)
ROCHESTER & GENESEE VALLEY R R .— Aron e Rochester, N. Y .,
18 m. Leased 1871 in perpet. to Erie R y. Rental, $34,012, paid by Erie
RR. direct to stockholders, $33,312, organiz’n, $700. See V. 108, p. 580.
ROCK ISLAND-FRISCO TERMINAL RY.— Furnishes part of St. Loui»
terminals of the Rock Island and St. Louis-San Francisco systems. Includ­
ing freight station and yards in St. Louis, M o., the Chicago R. I. S
e
Pae., St. Louis-San Fran, and Chic. & E. 111. contributing proportionate
amounts equal to operating expenses, taxes and fixed charges. Incorpo­
rated April 9 1906; V. 84, p. 929. The I.-S. C. Commission has placed a
final valuation of $2,140,250 on the owned and used properties of the com­
pany. as of June 30 1915. Auth. stock. $5,000,000. outstanding, $500,000,
$300,000 being owned Dec 31 1926 by Ch. R. I. & Pacific Ry. and $200,000
by St. Louis-San Fran. R y. Co. The 1st mtge. 4 J^s are unconditionally
guar, principal & interest by the Rock Island and the St. Louis-San Fran­
cisco Rys. V. 124, p. 3348. Pres., J. M . Kurn; V.-P. & Gen. M gr., G. W .
Rourke; Sec., Carl Nyquist, La Salle St. Station, Chicago. Office, Chicago,
111.— (V. 125, p. 382.)
ROME & CLINTON RR.— Owns road from Rome to Clinton, N. Y ., 13
miles. Organized in 1869. Leased in perpetuity in 1891 to Delaware A
s
Hudson Canal (now D & H.) Co. and sub-leased to N . Y . Ont. Sc Western.
Rentals, $22,375 yearly and taxes, except income tax. V. 118, p. 907.
Divs. at 6 )4 % P- a. (3)4% J.-J.) paid to Jan. 1910, but payments reduced
thereafter on account of Federal income tax; 3% paid July 1910; 1911 Sc
1912, 6)4%\ 1913, 6 )4 % ; 1914 to July 1917, 6 1 i% ; Jan. 1918 to Jan. 1919,
3% s-a.; July 1919, 2 1 4 % \ Jan. 1920, 2 * 4 % ; July 1920, 3% ; Jan. 1921.
2 H % \ July 1921, 3% : Jan. 1922 to July 1924. 2 * 4 % s.-a.: Jan. 1925, 3 % .
July 1925 to Jan. 1927. 2 * 4 % semi-ann.— (V. 118, p. 907.)
ROSCOE SNYDER & PACIFIC R Y.— Owns Roscoe, Tex., to Flu­
vanna, 50 miles. Stock, $200,000. Dividends for year 1914-15, 25% .
1915-16,15%; 1917,15%; 1920,331-3% in stock; 1921-22, none; 1923-24-25-26
6% . 1st ref. g 5s ($5,000,000), limited to $20,000 per mile, $158,000 were
reserved to retire 157,511 prior liens due July 1917 held by Texas & Pacific
Ry. Of these $57,511 were paid off at maturity and the remaining $100,000
extended for 2, 3 and 4 years, respectively, due one-third each year (paid
in full in June 1921). Bonds are subject to call on any interest day in
blocks of $1,000,000. V. 95, p. 1685 — (V. 124, p. 369.)
R EPO RT.— For 1926.
Calendar
Other
Int.,
Years
Gross.
Net.
Income. Rentals, &c. Divs.
Balance.
$95,945
$9,399
$49,085
$12,000
$56,259
1926_______$289,788
1925---------- 291,578
90.874
12,232
38,000
12,000
53.107
(V. 124, p. 369.)
RUTLAND RR. CO.— (See Maps N. Y. C. RR.)— 413 miles, viz.:
RR. Lines Owned—
Miles.
Leased, A c.—
Miles.
Bshow’s Falls, Vt., to OgdensLines to Tioonderoga, &o________ 17
burg, N. Y __________ ______ ,282
Rutland. Vt., to Chatham. N. Y.114
Valuation.— The I.-S. C. Commission has placed a final valuation of
$21,025,000 on the owned and used properties of the company, as of June
30 1917.
awns entire J100.000 stock and *100,000 4% bqndc of Rutland & Noyan
RR.. entire $200,000 stock of Rutland Transit Co., entire $100,000 stock
Ogdensburg Term. C o., entire $500,000 stock of Addison R R . Co. and
entire $50,000 stock o f Rutland Transportation Corp.
V. 75, p. 1029.
V. 73, p. 437, V. 72, p. 88, 822. In May 1915 the I.-S. O. Commission
ordered the company to sell the Rutland Transit Co. by Dec. 1 1915, six o f
the Transit Co. ships were sold In Aug. 1915. V. 101, p. 695, V. 100.
p. 1753, V. 104, p. 2637.
In a tentative report issued Nov. 14 1922, the Commission placed a
valuation of $21,881,255 on the total owned and $22,205,821 on the total
used property of the road, as of June 30 19-16.
STOCK.— In Dec. 1926 all but $129,800 com. stock had been exchanged
for pref.— 10 of common for 1 of preferred. V. 72, p. 439. On Dec. 31
1926 the Rutland RR. owned $98,100 and the N. Y . Central R R . and the
N. Y. N . H. S H. R R . Co. each owned $2,352,050 of the company's pref.
c
D iv s./ ’98-'99. '00. '01. '02. '03. '04-’05. ’06-’08. '0O-’ 16. '17-T8. '19-'26.
On p f__ \ 2
3
4
3 1
0
134 y ’ly
0
2
0
Paid in 1927: Jan. 20, 1% .
Accumulated dividends on preferred aggregated about 300% Jan. 1927.
Equipment trusts issued to Director-General for rolling stock allocated
to this company
See article on page 3.
R E PO RT.— For 1926 in V. 124, p. 3059, showed:
1926.
1925.
1924.
1923.
Railway oper. revenues. $6,759,524 $6,440,041 $6,509,063 $6,695,786
Net railway oper. income
873,084
786,663
799,608
868,143
Gross income__________
1,169.986
860,309
878,694
919,741
Surplus after charges_
_
475.962
371,913
407,309
463,909
For latest earnings see "Railway Earnings Section” (issued monthly).
OFFICERS.— Pres.. P. E. Crowley; Sec.. Edw. F. Stephenson; Gen.
Treas., H. G. Snelling; Compt., W. O. Wishart. Office, Rutland, Vt.
Gen. Treas. office, 466 Lexington Ave., N. Y .— V. 125, p. 2804.)
RUTLAND TOLUCA S: NORTHERN RR.— Rutland to McNabb. 111.,
27 miles. The I.-S. C. Commission on Feb. 12 1927 issued a certificate
authorizing the Chic. & Alton RR. & Wm. W. Wheelock, and Wm. G.
Bierd, its receivers, to abandon operations under lease. Was leased to
Chicago & Alton R R ., which owns all the $97,000 stock for 999 years from
Oct. 1 1910 and guarantees the bonds, prin. and int. V. 93, p. 408. De­
fault having occurred in the payment of the int. due Oct. 1 1922 on the
bonds. Clifford Bucknam (of Pynchon & C o.), Nathan S. Jones (Pres.
Manufacturers Trust Co.) and Arthur S. Dewing (Professor of Harvard

118

RAILWAY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 81
St Johnib & Lake Champ— 1st M quar . . _ — xo*
2d pref stock 4% non-cumulatlve..’_____________
First mtge $5,000,000 gold______________Ce.xc’ Ar
S Lawr S Adirondack Ry— 1st M $800,000 g --N.xo*
t
Second mortgage $400,000 g ................................ N.x
Si Louis & Cairo— See Mobile A Ohio
•t Louis Iron Mt St S outhern— See Missouri Pacific
St Louis Merchants’ Br Term— 1st M gu p & i g -SSt.so
Meroh Bridge 1st M red since Feb 11909 at 110- SSt x
It Louis & O’Fallon—
Second M $300,000 g red par----------------- -------------y
St Louis Peoria St N W Ry — See Chicago & North W
St Louis-San Francisco Ry — Com stk $250,000,000
Pref stk non-cum $200,000,000 serA6% red par —
Prior lien M $250,000,000 gold securing—
Serlee A 4% callable at par_ ______ Cexc’ Ar*
_
Series B 5% callable at 105 - - _ Cexc*Ar*
_
Series O 6% callable at 1 0 2 ) 4 _ ____ C e.xc’ Ar*
_
Series D 5)4% callable at 102)4______Ce.xc*&r*
Adjust M cum $75,000,000; ser A, call par A IntBax
Income M non-cum $75,000,000; ser A, call par.Un
Old Gen M gold(lston658m)$3,659,000are6sUs.so*
Collateral gold notes red 100__________ __ _ _____
Equip trust series AA due $400,000 yearly_____Gc*
_
do
Series BB due $520,000 y e a r ly _ Ce.c*
Kansas City Ft 8cott & Memphis System bonds—
Remnants Old Bonds, &c, still exchangeable under plan
St Louis & San Francisco—
Consol mtge (V 64. p 1861) gold, no optlon.Ba.s
Quanah Acme & Pac Ry 1st M call 105_______ ____
Kansas City Fort Scott A Memphis— See that co
KO Memphis A Birm— See K O F t Scott & Memphis
Auxiliary Companies
Ft Worth & Rio Gr 1st M gold old 5s int red.Ce.xo*

Miles Date
Road Bonds
118 1894
261 1897
43 1896
43 1896

Par
Value

Amount
Outstanding

Rate
%

$1,000 $1,328,000
100 4,600.000
100 5.499.400
100 3.500.000
1.000 4.000.000
800,000
1.000
400.000
1,000

5g

1890
1889

500 Ac
1,000

3.500.000
2,000,000

9 1903
estern Ry

500 Ac

300,000

Text
Text
Text
Text
Text
Text
986

When
Payable
M A

[ V ol.

125.

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

S Mch 1 1944

B & M RR offloe, Bostcn

1902. 5%
4 g
5C
68

J
J
A

A
A
A

J Jan 1 1947
J July 1 1«96
O Oot 1 1996

U P R R , 120 Bway, N Y
New Y ork Trust Uu j.. Y
Eaultable Trust Co N Y

58
6

A
F

A
A

O Ooi 1 1930
A Feb 1 1929

St Louis Union Tr Co
Farmers L A Tr Co. N v

6g

M

St

S Sep 1 1928

State Bank. Chicago

100 65,543,200 See text
100 6.975,100
6

Q— J
3— F

Jan 3 1928 2%
N ov 1 1928 1)4

1916
1916
1918
1922
1916
1916
1881
1924
1926
1920
1922
1926
see tb at co.
—

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

d91,576,375
4g
25.644,600
5g
10,598,000
6 g
5)4 g
17,173,000
d40,533.443
8g
35,172,000
6g
9,362,000 5 & 6 g
3,000,000
6g
5,000,000
5 g
7,632.000
1,000 3,973.334
5 g
1,000 6,618,950
4)4

J
J
J
J
A

A J July 1 1950
A J July 1 1950
A J July 1 1928
& J Jan 1 1942
A O July 1 1955
Oct. 1 July 1 1960
J A J July 1 1931
M & S Mar 1 1930
F A A Feb 1 1028
■TAJIK To Jan 15 1935
M A 8 To Sept 1 1937
F & A To Feb 15 1941

New York
New York

188 1896
79 1909

1.000
1.000

8.000
110.000

4Z
6g

S
A

A J July 1 1998
A O Oct 1 1939

Bankers Trust oo N Y
American Tr Oo n

223

1.000

1.046.000

4g

J

A

Central Union Tr N '

1888

J July 1 1928

Office of Company,
do
do
do
do
do
do
Paid In full to Oct
Paid in full to Oct
Bankers Trust Co,
New York

d On Dec 31 1926 an additional $1,732,125 Prior 1len “ A "4% b onds and
$14,375 A 6 % ad justment bonds were del d
managers for retirement of trust- certificates f o r K O F 8 . & M R y pref «tk. and und °rlying b onde

N v
1926
1926
N V

by reorganisation

The I.-S. C. Commission has placed a final valuation of $1,906,770 on
University) consented to act as a protective committee, and J. B. War dwell,
20 Broad St., N . Y . City, Sec. Depositary, Manufacturers Trust C o., the total owned and used properties o f the company as of June 30 1918.—
Brooklyn, N. Y . The committee in M ay 1923 announced that the Oct. V. 123, p. 1112.
1922 coupon on the bonds had been paid. The Chicago & Alton R R .
ST. LOUIS IRON MOUNTAIN & SOUTHERN R Y .— {Bonds.)—
having failed to pay the rental due on the Rutland Toluca & Northern
R R ., and the Rutland having defaulted in payment o f int. due April 1 See Missouri Pacific R R . Co. and V. 119, p. 812.
1923 to Oct. 1 1924, incl., on its 1st mtge. bonds, the committee, which
ST I GUIS KFNNFTT & SO UTHF A8 T f i? N R b -Owns KeuneO
has over 95% o f the bonds on deposit, have instructed their counsel, M o., to Piggott, Ark., 20 miles. Stock, $300,000; par, $100. InA u g. 1927
Wollman & Wollman and Robert G. Starr, to begin proceedings to foreclose control was acquired by the St. Louis-San Francisco. Operated as part of
the mortgage and terminate the lease.
that system.— V. 125, p. 1049.
Pres., W . G. Bierd; Sec. A Treas., James Williams. Office, 340 W
Harrison St.. Chicago.— (V. 124, p. 1217.)
ST. LOUIS MERCHANTS’ BRIDGE TERMINAL R Y .— O R G A N I­
ZATION.— Double track road from near Union Station, via Main St., Hall
RUTLAND & W HITEHALL R R .— N. Y . State Line to Castleton, Vt. 8t., Ac., to Ferry St., opposite the Merchants’ Bridge, 4.01 m It owns and
6.84 m. Leased 1870 in perpetuity to Rensselaer &Saratoga RR.(rental controls the Madison 111. & St. L. R y., 1.91 m .; total, 5.92 miles. Tenta­
§15,492— 6% on stock, less U. S. income tax); operated by Del. & Hudson. tive valuation of $3,549,273 on the properties of the company as o f June 30
1919.
f the Merchants’ Bridge Co. (1.99 m.) was conveyed
P S T . JOHN & QUEBEC R Y .— Operated by the Canadian National Rail­ by deedThe property o to the company subject to mortgage for $2,000,000.
Aug. 24 1920
ways. Centerville to Fredericton, 88 miles Fredericton to Gagetown,
19 1925 authoiized the acquisition
31.5 miles; Gagetown to Westfield, 38 miles, and running rights from byThe l.-S . O. Commission on Sept. of St. Louis of control of tne com­
the Terminal Railroad Association
Westfield to St. John, 14 miles, over the Can. Pacific R y. tracks.
pany by lease. V. 121. p. 1786.
The 1st M . debenture stock, unconditionally guaranteed, prln. A int.
Stock auth.,
$100; of
Ter­
by the Province of New Brunswick. Callable for 1% fund beginning in minal Railroad $3,500,000; issued.a$2,939,500; par,Nov. 1893this the R R .
Association owns
majority. In
Term.
1922 at 105. V. 94. p. 1450; V. 95. p. 1747.
Assn, of St. Louis guaranteed by endorsement the prin and int. of its
The title of the railway being now vested in the Proy. of N. B .. the Prov
of N . B. issued Provincial 4 )4 % bonds to complete the railway between $3,500,000 1st m tg e . bonds and the interest on $2,000,000 Merch. Bdge. 6s.
Year—
Gross.
Net.
Other Income Charges.
Balance.
Centreville and Westfield, 157 miles. A. C. Holyoke, Pres., Fredericton,
N . B.; Robert Bayley, Sec., Fredericton, N. B .— (V. 98, p. 1678; V. 112, 1926 ______ *See footnote.
1925 ______ $4,966,629
$1,096,925 $1,025,563 $1,372,240 sur.$750,248
p. 2191.).
1924
$4,609,469
$748,463
$926,332 $1,296,225 sur.$378,570
ST. JOHNSBURY AND LAKE CHAMPLAIN RR. CO. (TH E ).— Owns 1923 ........... $4,885,640
$1,117,296
$962,546 $1,424,229 sur.$655,612
Lunenburg, Vt., to Swanton, Vt., 118 miles (22 miles from Lunenburg to 1922
4,118.952
961.826
775.444
1.043.227 sur. 694,043
St. Johnsbury, V t., is leased to the Canadian Pacific R y.) The road is
♦Operating revenue, expenses, &c., for 1926 are included in the income
now being operated under local management, the Boston & Maine RR. account of the Terminal Railroad Association of St. Louis— see that com­
having withdrawn from participation in the management as o f Jan. 1 1925. pany.— (V . 125, p. 645-)
The 1st mtge. 5% bonds are guaranteed, principal and interest, by the Bos­
ST. LOUIS & O ’ FALLON R Y .— East St Louis, 111., to Mine N*. 2
ton A Maine R R .,V .1 1 9 ,p . 3007. Stock, com.. $2,452,449; pref., $1,154.Incorporated In Illinois June 1 1896
Stock $410,000. all
400; par, $50. Valuation, V. 113, p. 1540. In 1926, gross, $503,507; net 8.94 miles
ry. oper. income, $93,666; other income, $24,520; deductions, $184,914 issued. Final valuation of $810,000 on the owned property o f the company
as o f June 30 1919. For 1926, gross, $486,783; net oper. inc., $150,630;
bal.. def. $66,728.— (V. 125, p. 2669.)
other income, $28,751; int., Ac., $18,806; divs., $41,000; sur., $119,579.
ST. JOSEPH & GRAND ISLAND R Y .— Owns St. Joseph, M o., te Pres., William Cotter, St. Louis, M o.; Treas., Philip Marsh.— V. 125,
Grand Island, N eb., 251 miles; Stouts to Highland, Kan., 7 miles. The p. 2259.
I.-S. C. Commission has placed a tentative valuation o f $7,646,764 on the
ST. LOUIS-SAN FRANCISCO RAILW AY CO.— The company on
property of the company as o f June 30 1919.
Dec. 31 1926 operated directly or through subsidiaries a total o f 5,596.18 m.
HISTORY.— A reorganization Feb. 23 1897 (per plan in V. 62, p. 784
83.64 miles
950) of the St. Jos. A Grand Island Railroad, sold In foreclosure. Unlot o f road of which 5.512.54 miles are owned and extends fromoperated under
St. Louis into
Pacific Dec. 81 1926. owned $4,585,200 com., $5,369,190 first pref. and trackage rights. The mileage of the company
the States o f Missouri, Kansas, Arkansas, Oklahoma, Texas, Alabama,
$3,449,630 2d pref. V. 84. p. 52, 571; V. 92. p. 597. 1244. On July 9 1916 Mississippi and Tennessee. Through the K a n sa s City Ft. Scott & Memphis
Circuit Court of Appeals in a suit by certain pref. stockholders reversed the
Ry., which it controls by stock ownership, the St. Louis-San Francisco R y .,
decision of the lower court, which held illegal the control by the Union also has a direct through route from Kansas City to Memphis and Birming­
Pacific R R . Co. The appeal of the plaintiffs from this decision to the
V. 106, p. 2006; V. 107, p. 2377.
U. S. Supreme Court was voluntarily dismissed June 12 1916. In June 1916 ham. stockholders on Sept. 4 1925 approved the purchase, at a price not
The
the preferred stock deposited with the committee referred to in previous exceeding $1,750,000, of the capital stock o f Jonesboro Lake City & East­
reports was all sold to the Union Pacific R R . Co. V. 102, p. 1812.
ern R R .. and the lease of the property. The acquisition was approved by
DIVIDENDS (.%)—
/1898 1899 1900 1901 1902 None
the I.-S. C. Commission on Oct. 14 1925. V. 121. p. 2035.
On first preferred_______________ \ 5
The I.-S. C. Commission in N ov. 1925 approved the purchase by the
3
3
5
5
Since
BONDS.— Bonds for $1,000,000 can be sold under mtge. of 1897 only for company o f the Muscle Shoals Birmingham & Pensacola R y . V. 121, p.2518.
It was announced in Jan. 1926 that the company had purchased a sunnew mileage at not exceeding $6,000 per mile. See listings In V. 64, p. 1138
stantial amount of stock of the Chicago Rock Island & Pacific R y. Co.
V. 94, p. 763.
V. 122. p. 477.
RE PO RT.— E 1926:
-For
The I.-S. C. Commission on Jan. 7 1925 placed a tentative valuation of
Gross.
Net.
Other Inc. Int., Rentals.
Bal.
Cal. Years—
1926___________ $3,586,348
$488,375
$45,607
$187,322
$346,661 $135,753,722 on the total owned property of the St. Louis-San Francisco R y.
Pres., O. R . Gray; Sec., Thos. Price; Treas., E. G. Smith.— (V. 124, system, as of June 30 1918, and $186,337,063 on the total owned and used
properties. The latter figure, however, does not include the Texas lines.
p. 1217.)
Valuation figures protested. V. 120, p. 450.
ST. JOSEPH SOUTH BEND & SOUTHERN RR.— Owns South Bend
ORGANIZATION.— Incorporated in Missouri Aug. 24 1916 and suc­
Ind., to St. Joseph, Mich., 39 m. Stock, $500,000 com. and $250,000 591
pref. Leased to Ind. 111. A Iowa R R . (now New York Central R R .) for 60 ceeded on Nov. 1 1916, per plan in V. 102. p. 896. 1061, to certain proper­
ties of St. Louis A San Francisco RR., foreclosed under the General Lien
years from Feb. 23 1900, the Michigan Central assuming operation on F eb.If
1905: 5% per annum on pref. and 2% on com. were paid yearly (M A 8 15) and also the Refunding Mortgage. V. 102. p. 2167, 1256. 1342.
since Sept. 1901; in March A Sept., 1926 paid H % on common. In 1905 &
STOCK.— The company’s share capital embraces:
1907 A March & Sept. 1909, Sept. 1911, Sept. 1913, Sept. 1915, Mar. 1918 Non-Cum. Pref. Stock. $200,000,000 Auth.; Now Issued-........... 7 500 000
and Mar. 1920 paid !4 % extra on common. No bonds. Oficers: Jacob S.
Entitled to receive for any fiscal year such non-cumulative dividends
Farlee, Pres. R . D . Farlee, V.-Pres.; S. C. Masters, Sec. & Treas.— (V. 109, as may be determined by the board, provided for the two fiscal years next
p. 982.)
preceding the full interest shall have been paid on the Income Mortgage
bonds. Issuable In series and redeemable, in whole or in part, at such
ST. LAWRENCE St ADIRONDACK R Y .— (See M a p s N . Y. C. Lines
— Owns from Malone, N. Y ., to Adirondack Jet.. 43.67 miles Leases from premiums, A c., as may be fixed at time of Issue.
Common StocK. $250,000,000 Authorized; $50,447,026 Now Issued.
Canadian Nat. Rys., Valleyfield to Beauharnois, Que., 12.7 m., and has
Of the pref. and common stock Issued, the reorganization managers on
trackage rights over Can. Pac. from Adirondack Jet. to Montreal. Que.
8.80 m.; other lines, 5.46: total, 70.63miles
New York Central RR owne Dec. 31 1926 held $524,900 pref. and $168,900 com. Of the common
$5,000,000 was sold in July 1926. V . 123, p. 204.
entire stock, $1,615,000, and leased the road for 21 years from Jan. 1 1916
V. 102, p. 1443; V. 99, p. 1599; V. 101, p. 450, 775. As per lease, the earn­
BONDS.— Compare V. 104, p. 452, 1703; V. 107, p. 2477.
ings are now included with those o f the lessee.— (V . 101. P- 776.)
Bonds; D 5H
ST. LOUIS St HANNIBAL R R .— Hannibal to Gilmore, M o .. 85 .6 miles; Prior Lien Mtge., Series A 4 % ; B 5 % Bonds; C 6% series bearing% Bonds.
Limited to $250,000,000. Issuable in
such Inter­
Rolls Junct. to Perry, 17.80 m. The railway was sold under foreclosure est rates not to exceed 6 % , maturing at separate dates and redeemable at
different
Sept. 28 1917 and reorganized per plan in V. 105. p. 717, all the old bonds luch times, and premiums as may be determined. Including Dec. 31 1926.
being retired and no new bonds issued. The new company took possession
Series A 4% bonds in hands of public------------------------------------ $91,576,375
Dec 31 1917. The company in Sept. 1920 withdrew its petition made to
Held to retire remnants of old securities----------------------------- 1,732,120
the Missouri P. S. Commission in May 1919 for permission to abandon the
In insurance fund--------------------------------------------90,000
entire system and scrap the entire road. George A. Mahan, Hannibal,
attorney for the company, stated that the property had been sold to John Series B 5% Bonds, held by public (V. 103, p . 1889; V. 106, p.
2 0 0 6 )_____________________________________________________ 24,950,000
Ringling (one o f the brothers who owns Ringllng Bros. Circus), who Intends
to improve the property and operate it. Auth. capital stock, $250,000
Held in Insurance fund------------------------------------------------------- _ .§0-000
Held in treasury___________________________________________ 7,660,600
non-cum. 5% pref. stock and $790,000 common (par $100); all the pref. and
$370,000 common stock had been issued to June 1 1918 (V. 105, p. 717)
Series C 6% bonds sold in Dec. 1918 (see V. 107, p. 2477; V . 108,
The I.-S. O. Commission on Sept. 23 1925 authorized the company to
p 2325)___
10,598,uuu
issue not exceeding $650,000 1st mtge. 6% bonds dated Jan. 2 1925, due
Pledged to secure the 6 % coll. gold notes dated Sept. 11924- - 4,000,000
Jan. 2 1955, $250,000 to be delivered to John Ringling to be used in satis­
faction o f advances o f a like amount and $400,000 to be sold at par and the Series D bondsheld by public--------------------------------------------------- 1o ,onl'von
Held in treasury__________________________________________
3,208,
proceeds used for capital purposes.




Nov., 1927.]

119

BAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

St Louig Southwestern— Common stock $110,000,000
Preferred stock 5% non-cumulative $2O,O0O,OO0_ .
First mortgage certs (516,500 per mile) gold.Ce.xe* 1.231 1891
Second M 4% lnc 510,000,000 non-cum g.-B a.xc* 1.231 1891
First Consolidated mtge 525,000,000 g -E g .x o * A r 1,350 1902
FlrstTerm and Unifying M 5100,000,000 g uxo*Ar*
1912
Stephenvllle Nor A Sou Tex 1st M g gu red 105_xc*
106 1910
37
Paragould Southeastern 1st M 55.000.000 gu____
Equipment gold notes—
1923
do
Ser H due $90,000 s-a---------------- Ba.c*
1924
do
Ser I due $60,000 s-a------------------------c*
1925
do
Ser J due $51,000 s-a-------------------------Guaranteed Bonds, A c.—
1897
Gray’s Pt Term 1st M guar p & 1 g o ld .___ SSt.xoAr
1st Ref AExt M54,000,000 g red text gu pAlEa.xo*
1906
1910
Oen ArAE 1st M 53,000,000 g red 105 text SSxc*Ar*
1905
Shreveport Bdge A Term 1st M 5500,000 g g u ----- x
8t Louis Troy & Eastern—
1923
Equip trust cert SeriesA due semi-ann____________ :

Par
Value

Amount
Outstanding

Rate
%

$100 $16,356,100
100 19,893,650
1,000 20 . 000,000
600 Ac 3,042.500
1,000 20,761.750
8.063.000
1.000
1,000 2.423.000
1.000 See text

4g
4
5g
fig

5

5

When
Payable

M
J
J
J
J

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Q— J

Sept 30 ’ 27 I X
A N Nov 11989
A
Nov 1 1989
A
June 1 1932
A
Jan 1 1952
A
July 1 1940
1943

Office, 601 6th Ave, N i
Guaranty Trust Co, N 1
Bankers Trust Co, N Y
Equitable Tr Co, N Y
New York, London, As
New York and St Louis

1.000

1,000

1.980.000
1.380.000
1.275.000

534 g A &
534 g M &
5g M &

Apr ’38
Mar’39
Mar ’40

Bankers Trust Co, N Y
Nat Bk of Commerce,NY
New York

1,000
1.000
1.000
1.000

500.000
See text
1.085.000
450.000

6g
fig
6g

6g

Deo
Aug
July
Aug

N Y . Eq Tr A St Louli
do
do
Guar Tr Co. N Y & S t L
St Louis, Mo

$1,000

140.000

1,000

A

&

1 1947
11956
1 1940
11955

O Oct 1930

Liberty Cent Tr Co. St L

The balance, bearing such rates of Interest not exceeding 6% and having
ST. LOUIS SOUTHWESTERN R Y. CO.— System embraces:
such maturities as may be determined by the directors, are under the mort­
St. Louis S W. Ry. (970miles).—
Shreveport Branch_____________ 63.2
gage reserved and issuable for the following purposes:
Main Line— Delta to Texarkana411.9 Paragould S. E. R y. (leased).. 37.3
9,484,000 for the refunding or acquisition of St. Louis & San Francisco Main line trackage___________ 1.6 St. L. SW. Ry. of Texas (807 miles).—
Ry. Co. gen. mtge. 5% and 6% bonds maturing In 1931.
622,000
for the refunding o f equipment obligations heretofore retired. Illinois Division (trackage)___ 132.4 Main L— Texark to Comanche.373.9
Fort Worth & Dallas
41,591,500 for the acquisition of other lines of railroad and terminals or the Cairo and New Madrid Branohes 63.7 Sherman & Hillsboro Branchesl71.6
Grays Point Term. Ry. (leased) 13 3
Branohes 92.5
capital stock and bonds representative thereof.
Memphis Dlv. trackage, Ac . . 69.4 Lufkin
ranch_______________ 130.9
25,773,600 for new equipment at the cumulative rate of $4,000,000 bi
Cent. Ark. A Eastern (leased). 43 3 Steph. N. k S. T . (leased)____38 3
ennially, but only for two-thirds of cost thereof.
Little Rook
78.8
13,717,200 for improvements and betterments and additions other than Stuttgart* Ark. River Branches 25.7
Pine Bluff
(leased).
Total operated Dec. 31 1926 .1.748
new mileage at the cumulative rate of $4,000,000 biennially,
On Jan. 1 1918 leased Pine Bluff Ark.River Ry.,26 miles.— V. 106,p.297.
but only for two-thirds of cost thereof.
The Stephenvllle North k South Texas Ry Stepheuville to Gatesvllle,
The prior lien bonds are secured by a mortgage which is a first lien ob
over 3,500 miles o f railroad and, subject to the lien o f $9,362,000 under­ 75 m.. and Edson (near Hamilton) to Comanche 30 in. Is leased from
lying mortgage bonds, for the refunding, payment or acquisition of which luly 1 1913 with option of extension for 40 years, or right to purchase at
Leases for 30 years,
prior lien bonds are reserved, and to the equipment notes and certificates, any time. V. 96. p. 1090. 1490, 1774; V. 96, p 1841
is a lien upon all other property o f the company, whether now owned or from July 1 1910, with privilege of purchase on payment of bonds, the Cent.
Arkansas k Eastern, operating from Stuttgart. Ark to England, and Rice
here uer acquired.
Jet, to Hazen; total, 45 miles. V. 90, p. 1045: V. 91, p. 397; V. 93, p. 104.
Cumulative Adjustment Mortgage Bonds.
228; V. 94, p. 417 , 632. Tentative valuation V. 113, p. 534, 1540.
Limited to $75,000,000. Bankers Trust Go. and E. F. Swlnney, Trus
tees. Interest payable at such rate not exceeding 6% per annum as fixed
On Nov. 22 1922 the I.-S. C. Commission authorized the companv to
at time of Issue, but payable, prior to the maturity of the principal, only out
aenuire control of the Valley Terminal Ry. by lease,
V 115, p. 2581.
o f the “ Available Net Income.” Interest accumulated must be paid at
The Chicago Rock Island & Pacific Ry. Co. in 1924 acquired a minority
or before maturity, but accumulations shall not bear Interest.
interest in the stock of the company. While the ownership of this interest
The full semi-annual 3 % Interest on the outstanding Adjustment bond
was still under consideration by the I.-S. O. Commissiou, the Rock Island
has been paid to and including Oct. I 1926, and the full 6% (annual) inter­ disposed of its holdings to the Kansas City Southern Ry. Co. V. 121, p.
est on the outstanding income bonds has been paid to and including Oct. 1 1906. In July 1926 the Missouri-Kansas-Texas RR. Co. applied for per­
1926
V. 106, p. 822; V. 107. p. 1005: V. 108, p. 1166; V. 109, p. 888.
mission to acquire control o f the company. But see decision o f I.-S. C.
Outstanding as of Dec. 31 1926___________________
$40,533,443 Commission in V. 124, p. 2980.
Res. for part ref. stock trust certif. for pref. stock o f K. O. F. 8.
ORGAN.— Reorg. of St. Louis Ark. k Texas, foreclosed in Oct. 1890.
& M Ry. C o_____________________________________________
14,375
„„„„
'09. ’ 10. ’ l l . '12. ’ 13. ’ 14. '15-’21. ’22. ’ 23.to'26
Reserved for 33 1-3% o f cost o f equipment and Improvement*
PREF. DIVS. ( % ) ------ 2
5
4 5H 4 X I X None.
5 y ’rly.
$4,000,000 biennially ($2,000,000 for equip, and $2,000,000
Dlvs. on pref. stock were resumed on Dec. 30 1922 with a payment of
for Improvements)________________________________________ $20,000,000
2 H % : April 2 1923 to Sept. 30 1927 paid \ X % quar.
Reserved to be Issued at par after Jan. 1 1932, at the cumulative
rate o f $3,000,000 annually for that part o f the cost of im­
BONDS.— First Consols; auth. issue, $25,000,000; unissued bonds were
provements and for additions other than new mileage, in re­
eserved to retire the balance of 2d mtge. Incomes outstanding. $900 of
spect of which Prior Lien Mtge bonds shall not be issued.. 14,452,182
onsols for $1,000 of Incomes. See V. 74. p. 831: V. 75. p. 790: V. 77. d
Non-Cum. Income Mtge. Bonds. $75,000,000: Now Issued. $35,172,000
1160; V. 84. D- 1249; V. 87. d . 814: V. 88. p.453.
Limited to $75,000,000. Trustees, Central Union Trust Co. of N . Y ant)
The First
Issue)
J. H. Smith. To bear non-cumulative Interest at such rate not ex cover all theTerminal and Unify'ng 5s of 1912 ($100,000,000 auth.havt a
property secured by existing mortgages and will also
seeding 6% per annum as may be named at time of Issue, but only after the
lrst Hen on all extensions, branohes, equipment, Ac. constructed or acpayment o f all interest on the Adjustment Bonds, which see above.
■uired with the proceeds of the bonds. Of the bonds $16,084,000 have
Reserved for Issue at par for Improvements, additions and equip­
for company
ment. 1922 to 1931. $2,000,000: thereafter $3,000,000 yearly 39 808,000 been issued, including $8,021,000 held by orare reserved to on Dec. 31
1926. Of the remaining bonds, $38,500,000
retire prior
Southwestern Division Bonds.— All o f the outstanding 1st Mtge. South
lien bonds of the company and controlled companies maturing during the
western Division gold bonds were redeemed on Oct. 1 1925 at par and int. life of the mortgage, and $45,416,000 for additions, improvements, equip­
Notes.— The 6% collateral gold notes of 1924 are secured by pledge of ment, &c., under stringent provisions. See V 94, p 1450. 1120. 560 488$4,000,000 prior lien mtge. gold bonds. Series O, 6% , due July 1 1928
V. 95, p. 887; V. 98, p. 891; V. 100, p. 1673; V. 102. p. 1718. Equip,
V. 1 1 9 .p. 2177.
Series
V.
p.
V. 116, p. 1650. Equip,
Equipment trusts Issued to Director-General for rolling stock allocated trusts, of 1924,F. 118,103,552, 1211. Series H,gold not participation certi­
trusts
1136. Secured
to this company. See article on page 3 and V. 114, p. 411: V. 119. p 695. ficates, V. 119, V. 326. p.
p.
D IVIDEN DS.— An Initial quarterly dividend o f 1)4% on the preferred
Guaranties.— Gray's Point Term guar, of 1st 5s, V. 69, p. 1062 St
stock was paid N ov. 1 1924: same amount paid (or declared payable) quar.
.oui8 So. W. owns all stock and leases road till Aug. 1958
V. 65. P. 413
to Nov. 1 1928.
Of the Gray’s Point Term .Ry. 1st Ref. A Ext. SO-yr. gold 5s, redeemabi*
An initial dividend of 1 M % on the common stock was paid Jan. 15 1925same amount paid April 1 1925 and July 1 1925: Oct. 1 1925 to Jan. 3 1928 after 5 *rs. at 105 ($4,000,000 auth. lrsue), $500,000 are reserved tr
paid \% % quar. Also paid 25 cents extra April 1 1927, July 1, Oct. 1 1927 retire the first 5s, $600,000 to acquire $600,000 So. 111. A Mo. Bridge bonds
$843,000 issued and pledged under St. L. & 8 W First Term, and Unif
and Jan. 3 1928.
mtge. V 93. p. 273. 819, 890; V 85. p.222.601
RE PO RT.— For 1926, V. 124, p. 3229, showed:
The Shreveport Bridge & Terminal Co., which is controlled by 8t. L.
1926.
1925.
1924.
1923.
$94,406,054 $94,715,375 $90,509,130 $89,633,152 S. W . R y. Co. and its $500,000 bonds ($450,000 issued) being guaranteed
28,484,144 28.786.428 26,417.127 23,698,532 by them. V. 81. p. 1097, 1101; V. 82, p. 753; V. 83, p. 815.
Operating Charges—
Cent Ark. * Eastera 1st 5s issu»bl6 at $25,000 per mile are guar. p. A 1.
4,842,388 $5,093,124 $4,631,330 $4,289,337 •Iso St.ephensvllle No. k So. Texas 1st 5s and Paragould Southeastern 1st
Taxes_________________
Uncoil, railway revenue ]
31.757 5s ($5. 000,000auth. issue: $511,000Issued, held by St. Louis S. W. Dec. 31
(
403,182
1,371,199
712,907]
Hire o f equipment— net- )
479 996 1925). V. 97, p. 366, 1025, 1824. Pine Bluffs Arkansas River R y.
Joint facility rents— net- I
243,560 (leased) 1st 5s, $126,000 issued, held by St. L. S. W . (pledged) Dec. 31 1925.
l
REPO RT.— For 1926, showed:
$23,238,575 $22,322,105 $21,072,890 $18,653,881
Calendar Years—
1926.
1925.
' 1924.
1923.
Other income.
403,974
611,063
516,209
451.827
$21,993,347 $22,093,552 $21,783,501 $24,596,071
2,126,407
2,486.944
2,918,929
3,390,917
$23,642,550 $22,838,314 $21,072,890 $18,653,881
1,074,188
1,157,549
1.085,618
Deduct— Rentals______
196,036
236,307 Incidental. &c_________ . 1,077,565
495,505
477.578
466.312
478.514
167,381
Misc. Income charges_
_
161.977
Total oper. revenue.. $25,692,826 $26,132,262 $26,326,2yi $29,551,120
13,002
Miscellaneous taxes____ {
603,690
574,158
13,429
Maint. of way & stru c... $4,864,847 $4,626,890 $4,232,984 $4,251,897
Sink. & other res. funds.
295,160
271,927
_
4,660,630
5.504,331
5,878.093
Separ. oper. prop’y— loss J
6,798.326
—
82,601 Maintenance of equip_
Traffic expenses_______
1,029,313
913,528
848,087
784.522
7,536,034
7.770,502
8,984,543
$23,038,860 $22,264,156 $21,012,374 $18,339,467 Transportation________ . 7,491,604
1,307,063
1,345,076
1.298.248
Interest on—
1 .170,924
Fixed charges______ $10,950,957 $10,559,076 $10,439,740 $10,039,232
$19,353,457 $19,925,859 $20,029,914 $21,990,212
2,432,207
2,432,207
2,432,112
Cum. adjust, bonds.
2,427,656 Net earnings________
6,339,369 $6,206,403 $6,298,377 $7,560,908
2,110,320
2,110,320
2,110,320
2,109,720
1,289,631
1,171,512
1.286.014
1,630,624
419,918
Preferred dividends..
420.932
104,628
Uncollectibles__________
5.812
5.532
4.960
5.855
Common dividends_
_
3,431,973
2,489,140
Operating) ncome____ $5,043,926 $5,029,359 $5,007,403 $5,924,429
Hire of freight cars_____
142,024
162,264
184.519
249,766
Balance incom e._.V $3,693,483 $4,252,480 $5,925,574 $3,762,859 Joint facility rents_____
359,608
299,838
252,762
254,777
For latest earnings, see '•Railway Earnings Section” (issued monthly)
Interest income________
89,526
147,573
197,170
217.397
BALANCE SHEET as o f Dec. 31 1926 in V . 124, p. 1210.
Miscell. other income_
_
179,628
158,887
153.350
149 129
OFFICERS.— Chairman, E . N . Brown; Pres., J. M . Kurn; V .-P., Sec.
Gross income________ $5,814,712 $5,797,921 $5,798,304 $6,795,498
& Treas., F. H. Hamilton: V .-P ., J. R . Koontz, J. E. Hutchison, B. T
Deductions—
Wood and C. W . Michel.
$669,347
668.388
698,396
775,001
DIR E C TO RS.— E. N . Brown, Frederick H. Ecker, Walter S. Franklin, Joint facility rents ^____
45,919
43,789
42,046
61,578
C. W . Michel, Theodore G. Smith, Jesse Hirschman, George C. Fraser. Miscellaneous rents____
2,667.974
2,649,714
2,522,425
E. V. R . Thayer, Henry Ruhlender, Robert M . Thompson, New York, Interest on funded debt. 2,655,515
11,573
10,194
13,873
6,110
J. M . Kurn, (_______________), St. Louis; B. F. Yoakum, New York, David Other interest__________
26,818
28,284
29,113
29.292
P. Bennett, Pittsburgh: Grant R. McCullough, Tulsa, Okla; H. P. Wright, Miscellaneous__________
Kansas City: R. E. Lee Wilson, Wilson, Ark. General office, Frisco Bldg.,
Net income--------------- $2,405,540 $2,379,292 $27365,162 $3,401,092
St. Louis, M o. New York office, 120 Broadway.— (V. 125, p. 2523.)
For latest earnings, see “ Railway Earnings Section” (issued monthly).




120

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

Miles Date
Road Bonds

St Paul Bridge & Term Ry— 1st M $500,000.. xxFCz
St Paul Eastern Grand Trunk— See Chic & North West
It Paul & Kansas City Short Line RR— See Chicago R I & P
_
_
it Paul Union Depot— First M gold, Int as rental— s
__
Oonsol mtge gold ($100,000 are 4s), int as rental . . i
1st & ref M Ser A gu $20.000.000 auth red (text) _zc* 13.31
SaltLC Un Dep S RR— 1st M $1,500,000 g red 105 Ba x 4.38
t
_
_
Salt Lake Gar
&West Ry— 1st M $600,000 call 104CC
Second mortgage $200,000 authorized____________
Third mortgage, $150,000 authorized_____________
First M $21,600,000 g guar p & 1 (end)— Ce.xo*&r 839,72
San Antonio Uvalde & G u lf— 1st M $13.500.000.gx
316
Guar, equip, trust certif. Series “ A ” . . xxxc* 139.23
SanFrancisco & San Joaquin Valley— See Atchison T opeka
San Joaquin & Eastern 1st M gold red text----- c*
—
61
32
San Luis Southern R y — First mtge $1,000,000 gold x
San Pedro Los Ang & Salt Lake RR— See Los Ang eles &
Santa Maria Vai RR— 1st M $200,000 g red 105 .c*
18
Santa Fe Prescott & Phoenix— See Atchison Topeka <c Santa
5
_
_
Saratoga & Schenectady— Stock, $450,000 guar 7 % ..
SaultSte Marie Bridge— 1st M gold s f ----- ---------- xc
1H
Savannah & Atlanta Ry— Brinson Ry 1st M g . . Fxc*
111
1st Sc Oonsol M $5,000,000 conv par call 105___ c*
144
Pt W Ter Corp g bonds $2,000,0(50 not pu_.x.Eq.c*
Savannah Florida & Western— See Atlantic Coast Lin e RR

1909

Par
Value

$1,000

G ross.

N et.

I n t ., R e n t s ,& c .

B a la n c e .

$154,011
$36,600
$117,411
1926_____________________ $620,551
232,611
35,312
197,299
1925_____________________ 579,050
Pres., L. F. Swift; Y.-P. & Gen. M gr., T. E. Good; V.-Pres., A. R. Fag
and F. W . Ellis; Sec., A. A. McKechnie; Treas., H. A. Barber. Office,
South St. Paul, Minn.— (V. 121, p. 2522.)
ST. PAUL UNION DEPOT CO. (THE!— Owns Union Passenger Station
with 13 31 miles of track and is building a new station, the first unit of
which was placed in operation in April 1920. V. 110, p. 2293; V. 109,p.
1987: V 107, p. 1838 V. 105. 2543: V. 104, p. 560, 2119: V. 100. o. 641
The I.-S. C. Commission has placed a final valuation of $5,884,000
on the owned and used property of the company as of June 30 191$.
Great Northern, Northern Pacific, Chicago St. Paul Minn. & Omaha,
Chicago Mllw. & St. Paul, Chicago Great Western, Chicago Burl. &
Quincy, Minn. St. Paul & Sault Ste. Marie, Minn. & St. Louis, and the
Chicago Rock Island & Pacific own the entire capital stock equally.
The first & ref. rntge. 5% bonds Series " A " are guaranteed, principal and
interest, by the nine railroads using the depot. They are redeemable as an
entirety at 110 and int. on any int. date from Jan. 1 1942 to July 1 1956.
both incl., and at 105 and int. on any int. date thereafter. V. 117, p. 2543.
Stock authorized, $1,000,000; outstanding, $932,400; par, $100. Rentals
cover int. on bonds, &c., and 4% on stock since May 1 1901. From 1881
to M ay 1901, 6% divs. were paid. Pres., C. O. Jenks; Sec., Charles Jensch.
— (V. 125, p. 1577 )
SALT LAKE C IT Y UNION DEPOT & R R .— Owns union depot and
facilities at Salt Lake City, opened Aug. 20 1910. The I.-S. C. Com­
mission has placed a tentative valuation o f $1,030,017 on the owned and
used properties o f the company as o f June 30 1919. Stock, $200,000,
equally owned by Denver|& Rio Grande Western and Western Pacific, which
jointly guar, bonds, prin. and int. Bonds are subject to call at 105. See
table above.— (V. 91, p . 523; V. 107, p. 1102.)
SALT LAKE GARFIELD & WESTERN R Y .— Salt Lake to Saltalr
Beach. Garfield, Utah, &c., 16.73 miles. V. 65. p. 824. In Aug. 1919 elec­
trification o f line was completed: only electric power now used. The 1st M .
is limited to $600,000 issued, $300,000 paid off, 52,000 call, at 104 and int.
on any int. date in reverse o f numerical order. Remaining bonds are Issuable
for 80% of cost of extensions, A c ., when net earns, are twice the int. charge,
Including the additional bonds. The Sait Air Beach C o., an amusement
resort, was purchased in 1918; property is pledged on both the first and
second mortgages. See particulars, V l04. p. 560, 864: V. 109. p. 2074
stock, $750,000. Year 1925, gross, $106,785; net deb. $4,656; other inc.,
$19,945; deductions, $58,268; bal., def., $42,978.— (V. 105, p. 608; V
106, p. 2011; V. I l l , p. 1950.)
SAN ANTONIO & ARANSAS PASS R Y .— Owns from Kerrville to
Houston, 308.79 miles; Kenedy to Corpus Ohristi, Texas, 88.97 miles;
Yoakum to Waco, 170.95 miles; with branches, 271,Ol miles; total, 839.72
miles.
The I.-S. O. Commission on Mar. 25 1925 approved and authorized (1)
the acquisition by the Southern Pacific Co. o f control o f the San Antonio &
Aransas Pass Ry. by purchase o f capital stock. Operated under lease by
Texas & New Orleans R R . Co. effective Mar. 1 1927 in conformity order
o f I.-S. C. Commission, dated Dec. 28 1926. V. 120, p. 1878.
The I.-S. O. Commission has placed a tentative valuation of $17,396,228
on the total owned and $17,402,723 on the total used properties of the
company as of June 30 1919.
BONDS.— Mortgage is for $21,600,000 (trustee, Central Union Trust
C o.), and the Sou. Pac. C o., by endorsement on each bond, guarantees
unconditionally, “ the punctual payment o f the principal and interest."
Bonds for $2,700,000 reserved for extension, limited to 100 miles at $27,000
per mile equipped. Abstract o f mtge., V. 56, p. 540.
In 1903-04 (.under order of the Texas Railroad Commission) cancels d
$1,356,000 of the outstanding $18,900,000 bonds, reduced the stock to
$1,000,000, and separated the management from the Southern Pacific.
V. 77. p. 90, 148. 401, 452, 2340: V. 78. p. 2600: V. 82, p. 453.
For latest earnings, see “ Railway Earnings Section” (Issued monthly).
Pres., W . H. McIntyre, N . Y .; Treas,, O. M . Longnecker, Houston, Texas;
Sec., G. R . Cottingham, Houston, Texas.— (V. 123, p. 578.)
SAN ANTONIO & MEXICAN R Y .— (V. 119, p. 1626.)




Amount
Outstanding

Rate
%

$400,000

8 g

When
Payable

J

*

Last Dividend Places Where Interest ana
and Maturity
Dividends are Payable,

J Jan 1 1929

Flrit Tr S Sav Bk, Ohls
c

1880
1,000
250,000
t
Central Union Trust. NY
e g M S N May 1 1930
1.000
1894
250,000 4 g & 5 g M A N May 1 1944
Northwest’n Tr Co, 8t P
1922 500&1000 15,000,000
J P Morgan & Co, N Y
5 g J St J Jan 1 1972
1908
$1,000
812,000
5 K M A N Nov l 1938
Bankers Trust Co. N Y
100&C
1916
M V S Tr Sept 1941 Oont St Com Tr St S B , ChU
258.000
6g
7
L F
35,443
1919
150,000
7
Q-—M
100
1,000.000
1.000 17.544.000
1893
4 g J Sc J Jan 1 1943
Central Union Trust, NY
1.000
1913
F Sc A Feb 1 1943
4.413.000
5g
St Louis, M e
See text
1917
6
July 1 1957
1921
500 &c
600,000
6H J & J15 June 15 1930 San Francisco
& Sana Fe
1912
1.000
1.000.000
M A 8 Mar 1 1952
5g
Secur Tr St Sav B k , Los A
1.000
1909
327,000
J
& J Dec 1 1939
Internat Tr Co, Denver
ae
Salt L ake RR above
1.000
1911
127,000
6 K M S 8 Sept 1 1931
t
Sec Tr St Sav Bk. Los Aa
Fe
100
450,000
7
J & J July 1 1927 3H Troy, N Y
1887
1.000
364.000
Bank of Montreal, N Y
c
5 g J S J July 1 1937
1.000
1910
865.000
5 g M & N May 1 1935
May 1921 coup in default
500 See 2.500,000
1917
J A .1 15 May 1 1935
0 g
B a n k of America, N Y
1920
500 &c
A St O Oct 1 1950
1,000.000
8«

OFFICERS.— Chairman, Winslow S. Pierce, N . Y .; Pres., Daniel Upthegrove, St. Louis; V .-P ., Dave H. Morris, F. W. Green, Frank M . Gould and
N. B. Burr; Sec., Paul J. Longua, N. Y .; Treas., Charlton Messick, St.
Louis: Gen. Aud., .1 H. Pahlmann. St. Louis.
DIR E C TO RS.— Winslow S. Pierce (Chairman), Frank M . Gould. Charles
Hayden, L. F. Loree, Paul Rosenthal, E. Roland Harriman, Frank Bailey,
New York; Daniel Upthegrove, C. F. G. Meyer and F. W. Green, St. Louis.
Office, Buder Bldg., St. Louis. N . Y. office, 501 Fifth Ave.— V. 125,
p. 382.
ST. LOUIS T R O Y & EASTERN R R .— East St. Louis, 111., to Troy, 111.,
with branch 1 mile to Donkville, 111.; total, 18.9 miles; ieases St. Louis &
111. Belt, Edwardsville, 111., to near Formosa, 111., 7 m.; total 25.9 miles.
Sidings, &c. (owned, 16.11 m.; leased, 2.92 m .), 19.03 m. Strictly a freight
road. Stock, $850,000. The I.-S. C. Commission has placed a tentative
valuation o f $1,283,838 on the property o f the company, as of June 30
1918. The Illinois Commerce Commission in March 1925 authorized the
Illinois Power & Light Corp. to acquire all o f the outstanding stock of
the company. Div. record: 124£% in 1903 and 1904; 25% each year 1905
to 1909 incl.; 12y2 % in 1910 and 10% in 1912. None thereafter until 1918,
when . div. amounting to $403,649 was paid, none in 1919; 12}4% yearly
1920 to 1924, inclusive; 1925. 4.16% ; 1926, 6.83%. Equip trusts. Ser. A.
V. 117, p. 1557. For year 1926, gross, $738,373; net, $63,824: other In­
come, $56,446; fixed charges. $62,222: bal.. sur., $58,048. Pres., L. E
Fischer, Chicago, 111.— (V. 125, p. 383.)
ST. PAUL BRIDGE fit TERMINAL R Y .— Owns 2.31 miles of right-ofway from St. Paul terminals to stock yards at South St. Paul, w th receiv­
ing yard and other tracks; total, 8.88 miles. Total owned and operated
under lease, 38.38 miles. V. 104, p. 953.
Bonds (authorized, $500,000). See table above and V. 104, p. 953.
R E PO R T .— For 1926:
C a le n d a r Y e a r s —

[V ol. 125.

RAILW AY STOCKS AND BONDS

SAN ANTONIO UVALDE & GULF RR. CO.— Owns San Antonio, Tex.,
to Crystal City, 147.71 miles; Uvalde Jet. to Carrizo Springs, 53 m.;
Pleasanton Jet. to Corpus Christi, 114.87 m.; total 315.58 miles. The
I.-S. C. Commission has placed a tentative valuation of $4,204,300 on the
owned and used property of the company as of June 30 1919.
All the stock and bonds of the company were purchased by the New
Orleans Texas & Mexico Ry. Co. on Dec. 1 1925.
For 1926, gross, $1,885,406; net oper. income, $439,118; total income,
$223,604; interest, $220,650; net income, $6,990.
^
For latest earnings, see "Railway Earnings Section” (issued monthly).
— (V. 125, p. 2385.)
SAN DIEGO & ARIZONA R Y .— Owns and operates a standard gauge
steam railroad connecting San Diego with El Centro, Calif. Main and
branch line trackage owned aggregates 139.23 miles. In addition, company
leases or operates under trackage rights 19.68 miles of line. Lines in lower
California aggregating 44.4 miles are controlled through stock ownership
of Tijuana & Tecate Ry.
Tentative valuation o f $10,130,000 on the owned and used property o f the
company as of June 30 1921. V. 125, p. 778.
The ownership o f the stock Is divided equally between Southern Pacific
Co. and J. D. & A . B. Spreckels Securities Co. The Southern Pacific Go.
owns $7,815,000 of the total outstanding bonded debt of $10,104,000.
In Dec. 1917 obtained authority to purchase physical properties of the
San Diego & Southeastern Ry. In March 1919 isued $1,500,000 of Its own
bonds to make payment therefor. The San Diego & S. E. R y. owns some
73 miles of road in and about San Diego, Calif. V. 105, p. 2366; V. 106, p.
1231, 2758; V. 108. p. 80.
In Oct. 1918 the Calif. RR. Comm, authorized execution of a mtge.
securing $12,000,000 6% bonds, due July 1 1957, and also the issue of
$7,289,088 of the bonds. In June 1920 the California R R . Commission
authorized the issuance of $1,000,000 bonds to pay loan advanced by
Southern Pacific R R . V. 109, p. 1987; V. 108, p. 1275; V. 107, p. 1670In July 1921 Issued $600,000 guaranteed equipment trust certificates.
V. 113, p. 534. Stock auth., $8,000,000; issued, $7,826,000.
RE PO RT.— For 1926:
C a l.
Y r s .—

G ro s s .

N et.

O th e r
In c.

G ross.

N et.

O th er
In c.

I n t .,
R e n ta ls , & c .

B a l.,
D ef.

$106,381
$99,279
$1,064,493
$858,833
1926_____ $1,302,211
1925_____ 1,361.149
234,953
103,687
1,068,978
730.338
Pres., A. T. Mercier; V .-P ., R. C. Gillis; Sec., L. J. Masson; Treas.,
W . G. Daniels; Gen. M gr., A. T. Mercier. Office, Spreckles Bldg., San
Diego.— (V. 125, p. 1049.)
SAN JOAQUIN & EASTERN R R .— El Prado, Cal., on the Southern
Pacific, to Cascada. on Big Creek, Cal., 55.9 miles; sidings 5.8 miles.
The I.-S. C. Commission has placed a final valuation of $1,148,000 on the
roperty of the company as of June 30 1916. Stock, $1,000,000, all owned
y South. Cal. Edison Co., par $100. Bonds are redeemable as a whole at
par and int. on 60 days’ notice or by lot for a sinking fund of 1 % of out­
standing bonds from Mar. 1 1917 to Mar. 1 1951.
REPO RT.— For 1926:

P

C a l.
Y r s .—

I n t .,
R e n ta ls , & c .

B a la n c e ,
D ef.

1926...........$375,841
$27,023
$8,222
$70,649
$35,403
1925_____- 376,621
26,085
7,532
70,438
36.821
Chairman, H. E. Huntington; Pres., J. B . Miller; Treas., E. G. Miller;
Sec., O. V. Showers; Compt., D . M . Trott. Office, Los Angeles, Cal.—
(V. 122, p. 2188.)
SAN LUIS SOUTHERN RY1 Owns Blanca, C olo., on Denver St Rio
.—
Grande to Jaroso, on New Mexico-Colorado State line, 31.53 m. A. O.
Robinson was appointed receiver in March 1924. V. 118. p. 1521. Com.
stock, $750,000; pref., $250,000. Receiver's ctfs., $40,000. V. 118, p.
2180. Bonds ($1,000,000) outstanding, $327,000. International Trust
C o., Denver, trustee. The I.-S. C. Commission has placed a final
valuation of $303,090 on the total owned and used properties of the com­
pany as of June 30 1919. Pres., Henry S. Thompson; Sec., G. W. Brebauer; Treas., Chas. A. Robinson. Office, San Acacio, Colo.— (V. 123,
p. 1112.)
SANTA MARIA VALLEY R R .— Bettaravla to Roadamlte, Cal., 18 m .
leases Guadulupe to Bettaravla, 5 m.; total, 23 miles. Has traffic arrange­
ment with Southern Pacific C o., which owns one-half of bonds. V. 101,
p. 132. Stock, $300,000; par, $100. Bonds. $200,000 1st 20-year 6s.
linking fund 6% gross earnings yearly; redeemable after 1915 at 105.
For year ended Dec. 31 1925, gross, $101,964; net oper. def., $66,871;
other income, debit $1,722; int., rentals, &c., $21,760; bal., def., $86,910.
Pres., C. Allen Hancock; V .-P ., C. C. Magenheimer; Sec., Gerald Magenheimer, Los Angeles, Cal.; Auditor, J. M . Davis, Santa Maria; Treas.,
James Irvine. Los Angeles, Cal.— (V. 101, p. 132.)
SARATOGA & SCHENECTADY RR.— (See Map Del. A Hudson.)—
Saratoga to Schenectady 20.56 m. Leased In perpetuity In 1861 to Rens.
St Saratoga and lease assigned to Del. & Hudson, by whioh It Is operated.
Rental, $31,750 per year. Stook, $450,000. Dlvs., 7% yrly. (J. & J. 15).
—(V. 106 p. 924.)
SAULT STE. MARIE BRIDGE CO.— Owns Sault Ste. Marie Bridge,
incl. 6,421 feet of main track. The Can. Pac., Dul. So. Shore & Atl. and
Minn. St P. S S. Ste. Marie R R . cos. agree to pay lor use of bridge an
c
amount equal to operating expenses and interest and s. f. on debt. The
I.-S. O. Commission has placed a final valuation o f $500,750 on the property
of the company, as of June 30 1916. Bonds authorized and issued, $1,000,000, sinking fund, $5,500 yearly, redeemable at 110 if not purchaseable
at a lower figure, outstanding in hands of public, $364,000; held alive in
sinking fund, $636,000. Bonds to the value of $100,000 which were auth.
but not issued prior to July 1 1926 have been issued and transferred to the
Canadian Pacific Ry. in reduction of advances made by that company.
Stock, $1,000,000. Office, 64 Wall St., New York.— (V. 122, p. 2796.)
SAVANNAH & ATLANTA R Y .— Owns and operates 144.7 miles of
railroad, extending from Ctunak, Ga., on Georgia R R ., to Savannah.
The Port Wentworth terminal, which is owned by the Savannah St Atlanta
R y. C o., comprises about 3,000 acres of land lying along the Savannah River

Nov., 1927.]

RAILW AY STOCKS AND BONDS

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

M ile s
R oad

D a te
B onds

Par
V a lu e

A m oun t
O u ts ta n d in g

R a te

%
it e
4g
6

W h en
P a y a b le

131
Last Dividend
and M a t u r it y

A J Jan 1 1953
33 1903
$1,000
$185,000
)
Sav & Statesboro— 1st M $500,000 gu p A I (end)_xo*
t
UUOOAo
A A O Apr 1 1952
600.000
1902
Savannah Onion Station Co— 1st M $600,000 g — Q.xr
576.050
50
J A J See text
Schuylkill Valley Navigation & RR— Stock------100 37,019,100
Seaboard Air Line Ry Co— Com stock $40,041,000100 23.894,100
Pref 4-2% (non-cum) and partlo. $2 5,000,000-__
100
Pref stock 6% non-cum & participating $2,273,10037,300
Flrst mtge gold subj to call (see text) — CoBa.xcAi 2,493 1900 1.000 Ac ql2775,000
4 g A A O Apr 1 1950
1,000 r19,350,000
Refunding mtge $125,000,000 red 105__ N.xo’ Ar* 3,032 1909
4 2 A A o Oct 1 1959
100 Ac s50,747,500
Iat A Cons M $300,000,000 serA call 107 )4 Gzc*Ar* Text
1915
6 g M A 8 Sept 1 1945
... 1909
1,000 25,000,000 1 p to 5 F <e A Oct 1 1949
1
5
Ad]ustM(5% cum lnt) $25.000,000red par.FBa.xo*
Divisional Bonds and Equipment Trusts.
1,000 5,910,000
Atlanta-Blrm Division 1st M $10.000,000--Col.xc*
200 1903
4 g M A S May 1 1933
1,000
63 1904
Florida West Shore first mortgage gold_________ x
755,000
5 g J A J Jan 1 1934
1,000
J A D Dec 1927
1917
6
Equip mtge “ S" due $60,000 s a _________________
60,000
F A A Aug ’37
1,000
1,640,000
6
do
" T ” due $81,000 *-a red 105___________ c
1922
1,000
1922
do
“ TJ” due $128 000 s-a red105_______xxxc*
1,280,000
5 h A A 015 Oct '32
1923
1,000 4.125,000
_
do “ V ” due $275,000 s-an red 105j_ xxxc*
6 g A A O Apr '35
1,000
1923
1.200,000
6 g J A D15 J'ne’37
do “ W ” due $60,000 s-a red 105_______ xxxc*
1,000 2.825,000
do
“ X ” due $113,000 s-a red 105____ B.xxxc*
5 g J A J Jan ’40
1925
1 ,000 2,538.000
ttD
viuc (ip .' t , ' n > s-a red i* _ )_,
1925
do i“ Y ” due $04,000 (X i vii i ■105____v/C't vac
Cexxxc*
4 14 8 .! A D15 Dec ’40
1,000 8.456,000
4)4 g A & O
do “ Z ” 1st lien due $302,000 s-a red 105-CoBac*
1926
... 1926
1,000 2,034,000
do “ Z ” 2d lien due $113,000 s-a red 105________
5J4 A A O Oct 1 1936
do “ A A ” due $28,000 s-a thru 1937; $29,000
,T A J July 1 1942
s-a after. Redemption 105_____________
1,000
850,000 4)4
1927
F & A Feb ’37
1922
3,165,000
6
do Seab-Bay Line Co “ A ” due $157,000 s-a__
_
Equip trust No 66 due $110,000 yearly---------------880,000
6
1920 ___ _
J A J 15 To Jan 15 1935
4 g 1 A J Jan 1 1949
Oarollna Cent 1st cons M gold guar p A 1 (end) _.Fx
274 1898
1,000 3.000,000
Durham A Northern first mtge $150,000. -AleRaz
M A N Nov 1 1928
42 1888 ......
100,000
6
Florida Cent & Penin L G P vFxt (1st on ext, 89 m)
1,000
694 1890
321,000
5 g J A J Jan 1 1930
$5,226 p m g ________________________ Mp.zc*
Pnn.nl mtn>. I',' , Qlifl , nHA VO H AflH n ml ; rrr»lH - f t to *
1.000 4,372,000
52 !
A J Jan 1 1943
GUUBUi U i l g c %i O W U W
>
A KJ,
p l u g L»1U VI
807 1893
1,000 2.033 000
South Bound 1st M gold Interest rental MeBa.xo*
141] 1891
5 9 4 A () Apr 1 1941
.
Raleigh A Augusta Air Line 1st M red. ( t e x t ) ___ z
1,000
5
I A J Jan 1 1931
97 1885
1.000,000
1,000
6,185,000
A J Oct 1 1946
Georgia & Ala 1st M cons $6,185,000 gold-BBa.xc*
5g )
400 1895
Georgia Carolina & North 1st M gold guar.MeBa.zc*
1,000 5,360.000
26'i 1889
5S J 4
J July 1 1929
Raleigh & Gaston first mortgage gold___ MeBa.zc
1,000
1,200.000
5 g J A J Jan 1 1947
98 1897
Seaboard &Roanoke 1st mtge red (text) _MeBazc*Ac
1,000 2.500.000
1
A
82 1886
5
J July 1 1931
*
Seaboard-All Florida Ry 1st M g Ser A guar p & i
500 Ac 25.000,000
F A A Aug 1 1935
6 a
red t t e x t ) _____ _______________
__ B a .k x x x o * A r *
463 1925
6 g F A A Aug 1 1935
Seaboard-All Fla R y 1st M ser B guar p&i.Ba.c*&r*
463 1926 500A1000 2,000,000
« r • A d d i t i o n a l a m o u n t s o u t s t a n d i n g as collateral. vix. q #27.00 It. oliO. r *56.510.0 0 * *'>0.878 .500 b o n d s p ro p rie ta ry c
on tidewater, 6 miles from Savannah. On this property are located a lumber
company, sugar refinery, shipbuilding concern, pulp mill, barrel factory, Ac
In Mar. 1921 Charles E. Gay Jr. and Thomas B. Felder were appointed
receivers for both companies. V. 112, p. 1025. Mr. Felder resigned as
receiver for Port Wentworth Term. Corp. in July 1922 and was succeeded
by Paul J Burrage
The property o f the Port Wentworth Terminal Corp. has been ordered
sold at foreclosure. V. 122, p. 2647.
STOCK. Ac.— In July 1917, to purchase the Savannah & Northwestern
By., the company increased its authorized capital stock from $500,000 tc
$2,250,000, or which $1,250,000 is to be 7% pref. stock cumulative after
Oct I 1920, and the remaining $1,000,000 will be common stock
BONDS.— In Che merger of July 1917, the old securities were retired,
except the $865,000 Brinson Ry. 5s and $46,198 equipment trusts, and
therewas created a new $5,000,000 First & Consol. Mtge. to the,Franklin
Trust Co. of N. Y ., as trustee, of which $2,500,000 issued. Additional bondi
can be issued for only 85% of the cost of extensions, A c., when net earnings
are twice the total interest charge as increased. See V. 104, p. 2642
May 1921 coupon wasdefaulted and protective committee formed; V. 112, p.
1979; V. 113, p. 2506. Foreclosure proceedings to be instituted, V. 113, p
1888, 1983. Port Wentworth Term, bonds (not guaranteed). V. I l l , p
1370.
In Sept. 1919 was authorized to issue $145,125 of equipment notes to
purchase 3 locomotives and one locomotive crane. V. 109. p. 1180.
The I.-S. C. Commission in June 1926 approved the issuance of $500,000
2-year 7% receiver’s certificates, dated July 1 1926. Denom. $10,000. Of
the proceeds, $150,000 were used to retire a certificate maturing on June 29
1926, approximately $200,000 to take up certain 60-67 lb. worn-out rails,
and replace them with 85-lb. rails, and the remainder will be used to cut
down certain grades on the line between Newington and St. Clair.
EARN INGS.— For 1926:
C a l. Y r s .—

G ross.

N et.

I n te r e s t
O th er I n c o m e . R e n ta l s ,& c .

B a la n c e .

1926_______$1,275,282
$247,835
$13,625
$453,006 def$203,196
1925_______ 1,241,280
287,476
11,995
478,236 def 178,767
Office Savannah Ga.— (V. 122, p. 3451.)
SAVANNAH & STATESBORO R Y . CO.— Owns Cuyler to Statesboro.
Ga., 32.69 m.; sidings, 5.26 m.; trackage, Cuyler to Savannah, 20 m. Stock,
$200,000, all outstanding. Has traffic agreement with Seaboard Air Line,
which guarantees bonds by endorsement, principal and interest; Continental
Trust C o., Baltimore, trustee. V. 75, p. 1303; V. 77, p. 695. Form of
guaranty, V. 81, p. 614.
The l.-S . C. Commission has placed a tentative valuation of $349,029 on
the total used and owned properties o f the company as of June 30 1918.
RE PO RT.— For 1926:
C a le n d a r Y e a r s —

G ro s s .

N et
a fter T a x.

D eficit
a ft e r C h a r g e s

1926___________ __________________
$93,601
$6,375
$27,506
1925---------------------------------------------88,907
3,665
19,872
Pres., J. Randolph Anderson; Sec., H. M . Dunn, Savannah, Ga.; Treas.,
and Asst. Sec., T. W. Anderson; Portsmouth, Va. Office, Satesboro, Ga.
— (V. 121, p. 1225.)
SAVANNAH UNION STATION CO.— Owns union pass, station and
terminal at Savannah, Ga., with 10.8 m. of track. Leased by the Southern
R y ., Sav. Fla. & West, (now Atl. Coast Line R R .) and Seaboard A. L. R y.,
which own the $300,000 stock, the rental providing for interest and s. f. on
bonds, maintenance, Ac. The I.-S. C. Commission has placed a final
valuation of $818,000 on the owned and used property of the company as of
June 30 1917. Pres., Lyman Delano; Treas., Savannah Tr. Co.; Sec.,
J. J. Cornell.— (V. 123, p. 2893.)
SCHUYLKILL VALLEY NAVIGATION & R R .— Port Carbon to
Reevesdale, Pa., 17.21 m.; 2d track, 5.24 m.; total track, 28.94 m. Leased
July 25 1861 for 999 years to Phila. & Read. RR .; assumed by P. & R.
R y. Dec. 1 1896, and by Reading Co. Dec. 1923. Rental, $29,450, which
has paid 5% on stock (J. & J.) and State taxes.
SEABOARD AIR LINE RY. CO.— This system Includes a line from
Richmond and Portsmouth, Va., to Atlanta. Birmingham, Charleston,
Montgomery, Tampa and West Palm Beach, and Miami. On Dec. 1 1926
was operating 4,033 miles o f road, viz.:
Mileage owned----------------------- 3,475 ILeased lines_____________________518
Less leased to others--------------5 Trackage— To Atlanta, A c_______ 38
Proprietary companies________
71
Also owns a 1-6 interest in the Richmond-Washington Co., controlling the
road from Richmond, Va., to Washington, D. C. (V. 73, p. 843), and undei
traffic agreement with the Penn. RR. maintains through oar service between
N . Y ., Phila., Washington and the South. In Jan. 1907 the entire stock of
the Macon Dublin A Savannah, Macon to Vidalia, Ga., 93 m., was acquired
or secured under option, the $1,529,000 5% bonds ($1,840,000 auth. issue)
being guar., prln. and int. V. 84, p. 104, 451. Owns the entire capital stock
of the Balt. Steam Packet Co., operating a line o f steamers between Balti­
more and Norfolk.
Owns entire stock of Chesterfield & Lancaster R y., 37 m.; also owns
entire capital stock of Charlotte Monroe A Columbia R R ., McBee to Jef­
ferson, S. C ., 18 miles; East & West Coast R y., Manatee to Arcadia,
Fla., 48 miles: Florida Central & Gulf Ry., Hernando to inglis, Fla., 29
miles, and Kissimmee River R y.. Walinwa to Nalaca. Fla., 7M miles.
During the fiscal year ended June 30 1912 acquired all the stock of Raleigh
& Charleston R R ., extending from Lumberton, N. CL, to Marion, S. C.,
43 miles, and through stock ownership, a 12 m. extension known as the
Marion & Southern R R .; also of the Tampa Northern R R ., extending from
Tampa, Fla., to Brookville and branch, 62 miles. V. 94, p. 49; V. 95, p,
906. Also guarantees $1,184,000 bonds and owns stock of Tampa & Gulf
Coast R R ., Tampa, Fla., to St. Petersburg. V. 96, p. 1425. See caption
“ Tampa Northern R R .”
in Feb. 1922 organized the Seaboard-Bay Line Co. V. 114, p. 522.
The I.-S. C. Commission on Aug. 13 1924 approved the acquisition by the
company o f control of the Florida Western & Northern R R . lease and
purchase o f stock. Compare V. 118, p. 1774.




P l a c e s W h e r e I n te r e s t a n *
D iv id e n d s a r e P a y a b l* .

Savannah Bk A Tr, Sav’b
Guaranty Trust Co,N Y
Reading Terminal, Phils
24 Broad St, New York
24 Broad St New York
Guaranty Trust Co, N Y
New York Trust Co, N Y
24 Broad 8t. New York
do
do
Bk o f N Am A Trust Co
Chase Nai Bank \ Y
’
do
do
do
do
do
do
Bankers Trust Co, N Y
Cent tin Trust Co, N Y
Continental Tr Co, Balt
Cont’l Trust Co, Balto
Bankers Tr Co, N Y
Continental T r Co, Balt
Guaranty Trust Co N Y
Blair A Co, New York
Merc Tr A Dep Co. Balt
24 Broad St, New York
do
do
Continental Tr Co, Balt
Continental Tr Co, Balt
24 Broad St. New York
24 Broad St. N J ; 4 Balt
Continental Tr Co. Balt
24 Broad St, New York
Dillon. Read A Co. N Y
Dillon, Read A Co, N Y
os *5.947.000

The Seaboard-All Florida Ry. was organized in June 1925 for the purpose
of constructing lines of railroad on both coasts of Florida, including an ex­
tension to Miami, practically all of whicn has been completed and placed in
operation. This company’s lines (including the lines of the Florida Western
& Northern R R . Co. and East & West Coast R y.) have been leased, by
S. A. L . Ry. Co. for 99 years from N ov. 15 1925. V. 121, p. 327, 1098, 2518.
The Brooksville & Inverness R y., a subsidiary, was organized in the fall
of 1925 for the purpose of constructing 19.05 miles of railroad to connect
the lines of the Tampa Northern R R ., a subsidiary, at Brooksville, Fla.,
with the company’s Waldo-Archer-Inverness line near Inverness, Fla.,
and open up a substantial area of undeveloped territory. This link was put
in operation under lease in Dec. 1925 and, together with the lines of the
Tampa Northern, provides a second main line of the company between
Tampa and Waldo.
In Nov. 1925 the lines of the East & West Coast R y., a subsidiary that
was formerly operated separately, were leased by the Seaboard and now
form a part of the company’s South Florida Division.
Effective Jan. 1 1926, the lines of the Charlotte Harbor & Northern R y.
C o., consisting of approximately 104 miles of main line, were leased under a
3-year deferred purchase contract.
The I.-S. C. Commission on Jan. 8 1927 approved the acquisition by the
company o f control, by lease, o f the railroad o f the Tampa & Gulf Coast
R R . V. 124, p. 502.
In March 1926 the company acquired the entire capital stock of the
Tavares & Gulf RR. C o., which extends from a point near Tavares, Fla.,
to Clermont and Ocoee, approximately 34 miles. This line will be operated
separately as a subsidiary of the Seaboard.
Jacksonville Gainesville & Gulf Ry.—Organized in Aug. 1926 to acquire the
property of the Tampa & Jacksonville Ry. Co. Application by Seaboard
Air Line Ry. Co. to acquire control of this company through purchase of its
capital stock has been filed with the I.-S . C. Commission.
Naples Seaboard c% Gulf Ry. Co.-—Organized in 1925 to construct 20.65
miles o f new line from southernmost terminus o f Seaboard-All Florida R y .’s
west coast lines at Estero River into Naples, all o f which has been completed
and placed in operation. The line is now being operated by the Seaboard
and will be taken over within three years by the Seaboard at cost without
int. Construction was authorized by I.-S. C. Commission.
Venice Englewood & Southern Ry.% Organized in the early part of 1926 to
—
construct line o f railroad from a point of connection with the Seaboard’s lino
at Venice, Fla., to Englewood, Fla., and to later construct a line from
Englewood to a point or points of connection with the leased lines of the
Charlotte Harbor & Northern, The I.-S. C. Commission has approved
the construction from Venice, Fla., to Englewood, Fla.
It was announced on Feb. 16 1926 that a new and important through rail
route opening up new gateways to connections throughout the West and
extending along the west coast o f Florida and across the State o f Georgia
will be established as part o f the Seaboard System. Compare V. 122, p.1023
The I.-S. C. Commission has placed a tentative valuation of $125,481,756
on the total owned, and $129,616,457 on the total used properties of the
company as o f June 30 1918. The company will protest the valuation.
V. 124, p. 3768.
In Treasury
Held by
C A PITA L STO C K .—
or Pledged.
Public.
Common Stock (par $100) ------------------------------------$3,021,900 $37,019,100
Preferred Stock $27,273,100, Issued [without prefer­
ence of one part over another] as follows:
37,300
(o) As 6% non-cumulative preferred___________ 2,235.800
(6) As 4-2% non-cum. pref., I. e., entitled to noncum. pref. dlvs. at 4% p. a., and after 4% on
the common, to an additional 2 % ____________ 1.105,900 23.894,100
Stockholders o f record Feb. 24 1926 were offered 304,753 shares o f stock
of the Investment & Securities Co. o f Florida at $25 per share on the basis
of one-half share of Investment Co. stock for each share o f preferred or com­
mon stock o f the Seaboard Air Line Ry. owned, subscriptions to be accom­
panied by checks for $10 per share, the right o f subscription closing March
11 1926. Further payments run from one to ten years. Compare V. 122.
p. 1023, 1452.
BONDS.— The new first and consolidated mortgage to the Guaranty
Trust Co. of New York, as trustee, secures an authorized issue o f $300,000,000 6% bonds maturing in 1945. The mortgage is a first lien on the
442 miles of main-line track between Hamlet ana Savannah, via Charleston,
Lanes and Georgetown, S. O.. and on the lines running from M cBee, S. O .,
located on the Hamlet-Columbla line, to Florence. Poston. Sumter and
Timmonsvllle, 8. O. The mortgage has no direct lien on the former Seaooard Air Line R y.'s property, but there are pledged under It a majority
($56,510,000 out of $75,860,000 issued) of the ref. mtge. bonds, which gives
it a collateral lien on 3,032 miles; and also all the stock of Raleigh & Charles­
ton R R . Co., Kissimmee River R y., Tampa & Gulf Coast R R ., the Seaboard
Bay Line Co. and Tampa Northern R R . C o., Florida Central & Gulf R R .,
Brooksville & Inverness R y., and 1-3 o f the outstanding stock o f Tampa
Union Station C o., and all refunding bonds hereafter issued will be pledged
thereunder.
On Mar. 1 1927 $50,747,500 1st & consol, mtge. 6s (series A) were out­
standing and a further $20,878,500 were pledged; $71,579,000 were reserved
for refunding an equal amount of Seaboard refunding bonds and various
underlying bonds; the rest of said issue are to be reserved for betterments,
improvements, additions and extensions, refunding or payment of liens on
after-acquired property and retirement of equipment obligations under
restriction. V. 101, 528, 1189, 1974; V. 103. p. 1707, 1981, 2156.
Of the First Mtge. 4s of 1900 ($75,000,000), $12,775,000 are in hand*
of public and $27,000,000 are pledged as collateral under the Ref. mtge. of
1909. Of the $i2,775,000, $12,438,000 are stamped subject to call at par
on any interest day upon 3 months’ notice. V. 89, p. 666.
The $125,000,000 Refunding Mortgage of 1909 proviaed for the issuing
of bonds as follows: (a) To retire underlying and divisional bonds, except
■ome $10,728,000 maturing prior to 1959 and certain short-term obligations
and equip, obligations not over $66,576,000; sundry Improvements, doubletracking, A c.. $8,424,000; further Improvements and additions at not over
12.760,000 yearly, $50,000,000. As part security for this mortgage are
pledged $27,000,000 1st mtge. 4s of 1900. On Dec. 31 1926 $56,510,000 of

122
{F o r

[V ol. 125,

RAILW AY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S
a b b r e v ia tio n s , <
fcc.,s e e n o t e s o n p a g e

8
]

M ile s
R oad

D a te
B on ds

Par
V a lu e

A m oun t
O u ts ta n d in g

0
iham
okin Valley & Pottsville— Stock guarby Pa R.R. 4
$ 0 $ 6 ,4 0
5
8 9 5
(baron— Stock ($1,600,000) guar by "rental text— F 3
3
,3 9 0
6
0 1 8 ,0 0
Sharon flrst m
tge gold (Sharon toPymat, d c ..F.x 1 1 8
e)
6 8 9
1 0
,0 0
1 4 0
6 ,0 0
New Castle & Shen.V.— First M extended Int guar.x 1 1 8
1 0
,0 0
7 8 7
2 0 0
5 ,0 0
stern
Shreveport Bridge & Term
inal— S St Louis Southwe
ee
Sierra Railway (of California)— First m
ortgage gold.*7 1 9
6 8 7
1 0
,0 0 1.107,000
Second m
ortgage $ 6 ,0 0 gold_____________ 7
8 0 0 __
_
a
6 1 0
7 1 0
5 ,0 0
9 4
1 0
,0 0
Yosem Short Line 1 M gold guar
lte
st
___________
s
10
0
1 0
9 5
3 5 0
6 ,0 0
Som
erset Railway—See M
aine Central RR
South Carolina & Ga— S Southern Ry Carolina Dlv.
ee
10
0
South Carolina Pacific— Pref stock 6% cum
______ 1 .5
0 8-- 1 4 0
0 ,6 0
South Pacific Coast— 1 M gold gu (s f 1 1 ) .F.zo
st
9 2
91 8
78 7
1 0
.0 0 2,345,000
South & North Alabama— See Louisville Nashvlll e.
A
1 0 3.000,000
.0 0
4 4 91
Southern Illinois M o Br— 1 M $3,000,000 g.Ba.xo* .6 1 0
&
st
Southern Indiana— See Chic Terre & Southeastern
H
Southern Pacific Co— Stcok ($394,451,800 auth.) .
1 0 7 ,3 ,9
0 3 2 80 05
Coll trust m
tge gold subject to call par..Un.xo*&r
0
e
1 9
8 9 5 0 d c 36,700,125
Oonv bonds $82 00 00 gold redeem text.-xo'dcr*- • 1 0 1 0 d c53,815,760
,0 ,0
,
9 9 ,0 0 e
Gold bds $ 0 ,00 ,00 call 1 5 since July ’1 - ..Q.x
1 0 0 0
0
2
1 0
9 9
1 0
,0 0
2 7 0
2 .0 0
S. Fr.Term. 1 M. g call 1 5 since ’lSUsm
st
0
xc'der*
...
dc
e
__ 1910 1000A c 24,860,500
0
_____
r*
Oonv bonds $
55,000,000 g call text yc*&
1 1
9 4 5
3.185.000
Collateral trust gold bonds _ _________. . _ .
1 2
9 4
1,000 2
9.400,000
Equip trSer E $1,250,000 due yearly
__________
yc*
1 2
9 0
1 0
.0 0 10,000,000
1,000 23.100.000
1 2
9 3
do Ser F due $2,100,000 yearly beg 1928. _
_ c*
__________
xxxc*
do Ser G due $1,176,000 yearly
1 2
9 4
1,000 1 ,1 2,0 0
4 1 0
1.000 1 9 ,0 0
do Ser H due $
807,000
yearly ____________
yc*
1 2
9 5
0,4 1 0
1 2
9 6
1.000 5.654 000
do Ser J due $526,000 yearly___
________________
1 2
9 7
1,000
5,786,000
Equip gold notes due $187.600,yearly_______ .. .G
1 2
9 0 100 &c
1,50 ,80
0 0

the $75,860,000 ref. mtge. bonds issued had been pledged under the new
1st & consol, mtge., as will also all further ref. mtge. bonds. V. 92,
p. 189, 1110, 1179, 1244; V. 93, p. 470, 956.
The Adjustment Mtge. bonds (issue limited to $25,000,000) are entitled
to cumulative int. at 5% , to be payable as earned in installments of 1 \i %
or multiples thereof, and are redeemable at par and all unpaid cumulative
Int. on any Int. date, their lien to be immediately subsequent to the refund­
ing bonds. No divs. to be paid on the stock until any arrears o p int. on
the bonds are paid in full. V. 90, p. 1171, 1297, 1555; V. 91, p. 1575. Int
on adjustment bonds, 2)4% Aug. 1 1910; 1911 to Feb. 1921, inel.,5% yearly;
then none until Feb. 1 1924, when 234 % was paid; same amount paid semi­
annually to Aug. 1 1927.
Atlanta & Birmingham division 4s o f 1903 ($10,000,000 authorized issue),
see V 76 p. 1302' V. 77, p. 647; V. 81, p. 1850- Equip. Tr. “ R ," V. 105
p. 2007; “ S ," V. 105, p. 2273: “ T .” V. 115, p. 1101; “ U ," V. 115. p. 1430;
’ ’W ," V. 117, p 2433; “ X .” V. 119. p. 2758.
GUARANTIES.— At Dec. 31 1926 the company was liable as guarantor
o f the Athens Terminal Oo. 1st M ., $100,000; Birmingham Term. Go 1st
M . (Seaboard proportion, 1-6), $1,940,000; Fruit Growers Express Oo.,
ayments, $273,786; Jacksonville Term. Oo. 1st M . (Seaboard proportion
-3), $400,000; 1st & gen. (Seaboard proportion, 3i), $100,000. and ref. &
ext. mtge., 3i of $3,500,000; Macon Dublin & Savannah RR. 1st M .,
$1,529,000; Raleigh & Charleston R R . prior lien A consol, mtges.. $550,000
Richmond-Washington Oo. coll, trust mtge. (Seaboard proportion, 1-6),
$10,000,000: Savannah & Statesboro R R . 1st M ., $185,000; Tampa & Gulf
Coast R R . Is tM .. $1,184,000; Wilmington Ry. Bridge Co. (Seaboard pro­
portion, 34), $217,000; Seaboard-Bay Line Co., payments $150,000; notes
to Secretary of Treasury of U. S., $3,219,000; Georgia & Ala. Term. Co.
1st mtge., $1,000,000; Seaboard-All Florida R y., Florida Western &
Northern RR. Co; East & West Coast Ry. joint and several 1st mtge.,
$25,000,000 and Tavares and Gulf R R. Co. 1st mtge. $425,000.
The $25,000,000 1st mtge. gold bonds, series A, of Seaboard-All Florida
R y ., &c., are red. as a whole only on any int. date on 60 days’ notice, to and
incl. Aug. 1 1926 at the principal amount thereof plus a premium of 3% ,
and thereafter at the principal amount thereof plus a premium of 34 % for
each full year to elapse prior to Aug. 1 1935. Part of the proceeds were
used to redeem the entire outstanding $7,000,000 Florida Western &
Northern R R . 1st mtge. s. f. 7% gold bonds and $525,000 East A West
Coast R y. 1st mtge. 6% gold bonds. V. 121, p. 583The $2,000,000 Seaboard-All Florida 1st mtge. gold bonds, series B, are
red. as a whole only, on any int. date on 60 days’ notice at 103 and int.
on or before Aug. 1 1928, and thereafter at 100 and int. plus 34 o f 1% for
each full year to elapse between the redemption date and Aug. 1 1935. The
proceeds o f the series B bonds were applied toward the reimbursement of
Its treasury for advances received from the Florida Western & Northern
R y. Co., for construction and betterment purposes.
The I.-8. C. Commission on Feb. 4 1926 approved the extension of $1,000,000 Raleigh & Augusta Air Line R R . 6% 1st mtge. bonds to Jan. 1 1931.
with interest at 5 % . The extended bonds are subject to redemption at
any time on 30 days’ notice at par and int., plus a premium o f 1% , at any
time prior to and incl. Jan. 1 1927, and at any time thereafter at par and Int.,
plus a premium o f 34 % for each full year to elapse between the date desig­
nated for redemption and Jan. 1 1931. V. 122, p. 1023.
The I.-S. C. Commission on June 12 1926 approved the extension of the
$2,500,000 Seaboard & Roanoke R R . 1st mtge. 5% bonds maturing July 1
1926, so that they shall mature July 1 1931, with int. at the rate of 5% per
ann., payable semi-ann. on Jan. 1 and July 1 at the office or agency o f the
co.. New York, or Continental C o., Balt., the present mortgage security of
the said bonds to remain unimpaired. The extended bonds are red. at any
time on 30 days’ notice at par and int., plus a premium o f 1 % o f such prin­
cipal amount at any time prior to and incl. July 1 1927, and at any time
thereafter at fa r and int. plus a premium o f 34% o f such principal amount
for each full year to elapse between the date designated for redemption and
July 1 1931. V. 122. p. 2648.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3.
Notes to Secretary of Treas. of U S (Oct. 1 1926' $14,453,900, due
1931-35: note to Director-General o f Railroads, $2,000,000.
R E PO RT.— For 1926 showed:
Operating Revenues—
1926
1924.
1923.
1925.
Freight________________ $48,858,190 $43,884,993 $38,293,401 $36,574,384
Passenger_______________ 12,213,237 13,123,868
9,809,309 10,349,864
1,213,019
1,207,878
M ail_____ _____________ 1,085,971
1,222,247
2,303,766
Express________________ 2,347,101
2,290,179
2,251,396
533,523
Other transportation___
823,409
643,389
596,505
Other than transport’n _ 1.696,946
1.279,695
1.700.035
1,220,540
Total oper. revenues.$67,024,854 $62,864,711 $53,384,173i$52,249,110
Operating Expenses—
M aint. o f way & stru c.. 8,984,654 $8,466,901 $7,846,670 $6,972,362
8,947,037
9,367,209
Maint. o f equipment_ 10,122,639 10,141,243
_
1,642,467
Traffic_________________ 2,371,539
2,226,825
1,713,306
Transportation________ 24,850,183 22,928,176 19,974,912 20,317,381
465,441
544,133
Miscellaneous operations
991,17 0
991,336
2,026,814
General________________ 2,290,096
2,004,681
2,080,438
Cr.29,243
Transp. for investment. Cr357,279 Cr.101,555
Cr.63,277
Total oper. expenses_$49,253,002 $46,733,364 $41,387,634 $40,342,259
Net operating revenues. 17,771,852 $16,131,347 $11,996,538 $11,906,851
2,204,054
Taxes__________________ 3,472,001
3,023,401
2,442,535
12,314
22,583
17,808
Uncollectible railway rev_____ 18,953
Operating income____$14,280,898 $13,085,363 $9,536,196 $9,690,482
Other Income—
131,421
Joint facility rent income
99,004
98,057
102,254
86
Inc. from lease o f r o a d ..
72
73
961
Dividend income_______
743,851
413,934
67,456
413,149
214,427
Inc. from funded securs.
585,981
212,374
225,098
Income from unfunded
39,943
securities A accounts.
225,460
253,027
170,987
194.843
Miscellaneous__________
344,580
208.163
237,951
Gross income________ $16,279,846 $14,288,014 $10,669,572 $10,338,660

?




R a te

%

6
5

W h en
P a y a b le

F
M

6 )4 g J
4 )4 g J

L a s t D iv id e n d
a n d M a tu r ity

P l a c e s W h e r e I n te r e s t and
D iv id e n d s a r e P a y a b l e

& A Feb 1 2
9 7 3%Broad St Station. Phils
S Sept 1 1 22)4 Sharon, Pa
9 7
9 7
D Jan 1 1 3
Farm
ers LA Tr Oo. N Y
9 7
do
du
J Jan 1 1 3

&
A
A

6g
5g

V
A 1 & OApr 121937 Orocker FirstN Bk.San
2
do
do
M 1 d SSept 1 1 4
5 e
5 9 4
do
do
SSept 1 1 4
9 5

6
4g

J
J

4g

M A

4 )4 g M A

A
A

J July 1 2 3%Wilmington, N C
97
9 7
So Pao, 1 5 B’way, N >
6
J July 1 1 3
N Nov 1 9 1
1 5

Bankers Trust Co. N t

ailed
9 8
6
Q— J Jan 3 1 2 1 )4 Checks m
1 5 Broadway, NewYork
6
4g J
A n Aug 11949
do
do
9 9
4 g M A s June 1 1 2
do
do
9 9
J July 1 1 2
4 )4 g J &
m
aw Vorlr, London.
A & 0 Apr 1 1 5
9 0
4
g
>
9 4 New York
5 g 3 A T June 1 1 3
New York
9 4
5g M A N 1 4
J A D To June 1 1 3 New York
9 5
7
.1 & 1) Dec 1 ’28 to ’38 New York
5
M A N To May 1 1 3 New York
9 9
5
.T A D June 1 ’ 28 to ’40
New York
4^
J & Q
4
.T A
Bk. N. Am .& Tr.Co.N .Y
,T July 1 1942
4)4
J A J 1
5 9 5
6
5To Jan 1 1 3

Deduct—
Hire of equip.— Dr. bal.
Joint facility rents_____
Interest on funded debt.
Int. on equip, oblig’ns_
Rent for leased road____
Miscellaneous..................

2,129,363
236,360
6,359,380
1,217,782
1,494,057
89,125

$2,148,605
216,281
5,615,743
1,071,003
942,869
208.354

$412,865
207,874
5,572,736
990,709
59,569
93,740

$1,644,548
219,392
5,395,019
679,742
59,068
68,518

Net surplus............ .. $4,753,779
Int. on adj. mtge. bonds 1,250,000
Annual allotment of disc­
325,109
ount securities______

$4,085,159
1,250,000

$3,332,077
1,250,000

$2,272,379
625,000

250,184

253,134

252,939

Surplus for year______ $3,178,670 $2,584,976 $1,828,943
$1,394,441
D IR E C TO RS.— Chairman, R. L. Nutt; J. W m. Middlendorf, L. R .
Powell Jr., Baltimore; L. F. Loree, B. F Yoakum, R . C. Ream, F. N . B.
Close, Robert L Nutt, F. Q. Brown, W . E. Hooper, Jas. C. Colgate,
W . T . Rosen, New York; Mills B. Lane, Savannah, Ga.; Robert F.
Maddox, Atlanta, Ga.; J. P. Taliaferro, Jacksonville, Fia.; A . H. Woodward
Woodward, Ala.; C. Sidney Shepard, New Haven, Conn.
OFFICERS.— Pres., L. R. Powell Jr; V .-P ., Chas. R . Capps, R obt.
L. Nutt, M . H. Cahill, W . L. Seddon, W . L. Stanley, M . J. Caples, W . R .
Bonsall; Sec. & Treas., Robert L. Nutt. General offices, Norfolk and
Portsmouth, Va., and Savannah, Ga.; executive offices. Continental
Bldg., Baltimore, M d „ and 24 Broad 3t., N . Y .— (V. 125, p. 2804.)
SHAMOKIN VALLEY & POTTSVILLE RR. CO.— (See Maps Pa. RR.)
—Sunbury, Pa., to M t. Carmel, Pa., and branches, 40.93 miles. Leased
Feb. 27 1863 for 999 years to Northern Central Ry. C o., with a guaranty of
taxes, interest on bonds and 6% on stock, o f which N . O. owns $619,650.
The lease assumed in 1914 by the Penna. R R . Oo.— (V. 97, p . 1735.)
SHARON RY.— Owns from Newcastle, Pa., via Sharon to Pymatuning.
Pa., with branches, 32.75 miles. Leased to Erie R R . for 900 years from
Dec. 1 1900 for taxes, interest and a sum equal to 6% on stock. Ac. In
1918 reduced to 5H % and in 1919 to 5% due to refusal of lessee to pay
income tax. In 1922, 1923, 1924, 1925, 1926 and 1927 paid 5) 4% yearly.
The stock has been Increased from time to time on account of Improve­
ments and in 1919 was increased from $1,203,650 to $1,389,000 in connec­
tion with double tracking of the New Castle branch. V. 108. p . 386.
The New O. A 8. V. 6% bonds were extended in 1917 at 4)4% Int. and
$164,000 4 H bdue June 1 1919 until Jan. 1 1937 at 5)4% — (V .I ll 0.793?)
SIERRA RAILW AY (OF CALIFO R N IA )— Owns road from Oakdale
in Stanislaus County,Cal.,to Tuolumne, Tuolumne County, 56.65 m.; James­
town to Angels, 19.3 m .; total, 75.95 m.; yard, &c., track, 23.24 m. Tenta­
tive valuation, $2,077,276 as of June 30 1916Stock authorized. $5,000,000; issued, $3,248,000. Bonds, V . 79, p. 270.
R E PO RT.— For 1926.
Interest
Cal Yrs.
dross.
Net.
Other Inc. Rentals, &c.
Balance.
1926______
$804,883
$232,409
$17,226
$165,867
$83,768
592,425
158,580
14,402
162,671
10,311
1925______
Pres., R. H. Downes: Sec., J. T. Bullock; Treas., C. N . Hamblin,
Jamestown, Cal.— (V. 115, p. 2047.)
SOUTH CAROLINA PACIFIC R Y. CO.— No. Caro. State line to Ben
aettsville, 8. C ., 10.58 miles
Common stock $100,000. $82,260 being
owned by Atlantic Coast Line R R ., which leases the road for a term of
rears from Jan. 11915 at a rental sufficient to pay 6% yearly on $104,600
sum. pref. stock and dividends on the $100,006 common stock as follows
4% for 4 years ending Jan. 1 1922, and 5% thereafter to end o f lease. The
pref. stock is convertible with all accumulated dividends, at option o f holder
at par into any bonds that may be issued which would rank ahead o f the
pref. stock either as to prin. or divs. V. 99 p. 1675; V. 100. p. 142.— (V.
100. p. 142.)
SOUTH GEORGIA R Y. (TH E ).— Adel, Ga. to Hampton Springs. Fla
82 miles. The I.-S. C. Commission has placed a final valuation of $657,800
on the owned and used property of the co. as of June 30 1917. Inc. Mar.
6 1896 in Georgia as the South Georgia R R ., name changed to present title
in 1902. Road opened from Heartpine to Quitman, Ga., 28.0 miles in Mar.
1897; extension from Quitman, Ga., to Greenville, Fla., 23.0 miles opened
in Oct. 1901. The northern terminus o f the road was changed from Heartpine to Adel, Ga., 1904, and in the same year an extension (built under the
charter of West Coast R y. Co.) was opened from Greenville to Perry, Fla.,
26.0 miles. Extension 5 miles from Perry to Hampton Springs, Fla., built
in 1915. Under date of June 30 1924 the entire holdings of the West Coast
Railway C o., bought by permission of the Interstate Commerce Commission
and the two companies consolidated under the name of The South Georgia
Railway Co.
It was announced in April 1926 that the Seaboard Air Line R y. had
entered into a tentative agreement for the leasing of the company. V. 122,
p. 2188. Stock, 7% cum. pref., $199,000, common, $487,000. Dividends
paid in 1908-09, 20%; in 1909-10,30%; in 1910-11, 25%; in 1911-12, 35% ;
in 1912-13, 45% ; in 1913-14, 50%; in 1914-15, 60%; 1916, 40%; 1917, 40% ;
1918, 6% ; 1919, 47M % : 1920, 24% ; 1921, 12%; 1922, 40%; 1923, 35% :
1924, 15% on old capitalization and 1) 4% on new: also a stock dividend of
400% , 1925, 5% . Pres., J. W . Oglesby; V.-Pres. & Treas., C. T. Tillman;
Sec. & Aud., C. F. Cater. Office, Quitman, Ga.— (Y. 122, p. 2648.)
R E PO RT.— For 1926.
Cal.
Other Int.Rent.
Dividends
Bal.
years.
Gross.
Net.
Inc.
etc.
Pref.
Com.
1926____ $258,637 $43,397 $10,447 $32,808 $13,930 $9,740 $2,635
5,212
1925____
265,165 56,061 15,542 28,111 13,930 24,350
SOUTH PACIFIC COAST R Y .— Elmhurst to Santa Cruz, with
branches, total, 94.52 miles; ferry, 3 miles. Leased for 55 years from July 1
1887 to Southern Pacific C o., which guarantees the bonds and owns all the
$6,006,000 stock.

123
B A IL W A Y STOCKS AND BONDS
Nov., 1927.]

tg




m




RAILW AY STOCKS AND BONDS

[V ol. 124.

Nov., 1927.]




RAILW AY STOCKS AND BONDS

125

126

SOUTHERN ILLINOIS & MISSOURI BRIDGE CO.— Owns bridge
(and 4.64 miles o f track) across Mississippi River at Thebes, 111. Stock,
$50,000, all outstanding, equally owned by the St. Louis Southwestern,
Illinois Central, Chicago & Eastern 111. and Missouri Pacific, all of which,
have a 50-year contract dated N ov. 1 1901 for use o f the bridge, under
which they agree to meet all charges. Pres., W . J. Jackson; Sec. & Treas.,
F. P. Johnson.— (V. 121, p. 2754.)
SOUTHERN PACIFIC COM PANY.— (See M ap.)— 'This company owns
only 1,253.89 miles o f railroad in fee; operates under lease 7,534.19 miles;
trackage rights 141.15 m .; total operated 8,929.24 m.; known as Pacific
lines; but through ownership o f stock, it controls 4,590.41 m. o f railroad
in Texas and Louisiana known as Southern Pacific lines in Texas and
Louisiana. Through solely and jointly controlled affiliated corporations
there are also operated 3,374.10 m. o f additional railroad giving a grand
total o f 16,893.75 miles.
The company also operates 3,700 miles o f ocean steamship lines; and 125
miles of river and harbor lines in California; total miles o f water lines, 3,825.
System comprises the following, mostly described under their own titles:
(1) Controlled; also leased.
Miles. Other leased lines.
32.68
Central Pacific Ry (see beiow) 2,429.31 Trackage rights. .
91.49
South Pacific Coast R y ________ 94.52
Total___________________ 4,590.41
Southern Pacific R R _______ 3,200.38
Other Proprietary Companiesj
(x Joinflv controlled.)
2) Controlled bv So. Pac. o.— op . i South. Pac. R R . o f M e x ic o ..1,371.09
erated by T e x a s & N e w O r le a n s RR. C o . j Northwestern Pacific R R __ X474.08
59.73
Owned lines_______________ 466.12 San Diego & Arizona R y ..._
Leased lines_______________ 4,000.12 IAffiliated companies________ 156.24
Trackage agreement with Western Pacific, V. 118, p. 1270.
PROPRIETARY LINES.— A s o fD e c . 31 1926 owned all but $18,752,410
o f the $398,029,900 capital stock o f the proprietary lines, whose bonded
indebtedness was $520,855,743.
The I.-S. C. Commission on Dec. 28 1926 authorized the acquisition by
the Texas & New Orleans R R . o f other lines o f the Southern Pacific System
in the States o f Texas and Louisiana by lease. Among the companies to be
leased by the Texas & New Orleans R R . are: Louisiana Western R R ., the
Morgan’s Louisiana & Texas R R . & Steamship Co., the Iberia & Vermillion
R R ., the Franklin & Abbeville R R ., the Lake Charles & Northern R R .,
the Houston Shreveport R R ., Galveston Harrisburg & San Antonio, the
Houston & Central R R ., Houston & Texas R R ., Houston East & West
Texas R R ., Southern Pacific Terminal and the San Antonio & Aransas
Pass R R . Compare Texas & New Orleans R R . below and V . 124, p. 369
The company in Jan. 1927 applied to the I.-S. C. Commission for
authority to issue $100,000,000 o f Oregon Lines first mortgage bonds, of
which, however, only $61,294,000 are proposed to be used at this tim e, to
finance purchase o f the properties o f the Oregon & California R R . and the
Marion & Linn County R R ., authority for which was also asked. V.
124, p. 502.
ORGAN IZATION .— Organized under laws of Kentucky.
As to disposal made by Union Pacific of its Interests In company in
1913 under order o f court, see V. 97, p. 50, 445, 667.
Suit by the Govt, to compel the company to dispose o f Its holdings in
Central Pacific was decided against the Govt, in the lower court in March
1917: an appeal by the Govt, came up for hearing in the Supreme Court on
April 17 1921, and, after full oral argument, was submitted on April 19 1921
and taken under advisement by the Court. On Jan. 9 1922 the Court
ordered a re-argument o f the case. On M ay 29 1922 the U. S Supreme
Court ordered the dissolution o f ownership and control o f the Centra)
Pacific R y. by the Southern Pacific Co. V. 107. p. 1542; V. 104, p. 1046;
V. 107, p. 513; V . 114, p. 199, 2470, 2718; V . 115, p. 646, 1732. The com­
pany in Oct. 1922 filed an application with the I.-S. C. Commission asking
authority to acquire control o f the Central Pacific by lease and stock own­
ership, pending final determination by the Commission o f a plan for con­
solidation of the railroads into a limited number of systems. This applica­
tion was approved by the Commission upon certain conditions on Feb. 6
1923. Compare V. 116, p - 685. 2768; V. 117, p. 782. As to Union Pacific
decision in 1912, see V. 97, p. 445, 667.
Oil land decision, V. 98, p . 1994; V . 99, p. 1461; V. 100, p. 399. 734, 2011
V. 103. p. 1221; V. 106" p. 2123; V. 107. p. 513; V. 109. p 889, 1988, 2172,
V. 110, p. 1090. In Sept. 1925 the company was awarded $4,075,478 in the
final accounting of the old Oregon-California R R . land, grant cases. Com­
pare V. 121, p. 1457.
The directors on Dec. 1 1920 adopted a plan for the separation of the
company’s California oil properties and of its stock holdings in the Asso­
ciated Oil Co. from its railroad properties, a new company, known as the
Pacific Oil Co., being organized for this purpose. See Pacific Oil Co. un­
der “ Industrials.”
On Jan. 11917 agreed to take part in building and then to operate the San
Diego & Arizona R y. (V. 104, p. 74). San Diego to Yuma, Cal.. 220 mile*
and branches. V. 104, p. 74; V. 105, p. 2367; V. 107, p. 514.
Southern Pacific R R . of Mexico, Incorporated 1909 with $75,000,000
stock (all owned Dec. 31 1926 by Southern Pacific C o.), took over the 1,507
miles covered by Mexican concessions, extending from Empalme to Guada
lajara, 815 miles, with branch lines 692 miles, on Apr. 15 1927, the con­
struction o f the line from Nogales, Ariz., to Guadalajara, M ex., was com­
pleted. In Dec. 1910 obtained additional concession from Guadalajara to
Mexico City. V. 83, p. 1536; V. 84, p. 1141; V. 86, p. 350; V. 87, p. 414;
V . 88, p. 303, 1622; V. 91, p. 1645, 1770; V. 125, p. 645. Northwestern
Pacific R R . (jointly owned with Atchison), see that company.
The Southern Pacific Equipment Co. was incorp. in M ay 1920. V
1 1 0 .p 2293.
The I.-S. C. Commission in Sept. 1924 authorized the acquisition by the
Southern Pacific Co. of control of the carriers comprising the El Paso &
Southwestern System by stock ownership through purchase o f the interest
of the El Paso & Southwestern Co. therein and by lease. Also granted
authority to the Southern Pacific Co. to issue not exceeding $28,000,000
common stock and not exceeding $29,400,000 5% 20-year collateral trust
bonds in payment for the interest o f the El Paso S Southwestern System
c
in the Nacozarl R R . Co. The operation o f the properties of the El Paso
S Southwestern System was formally taken over on N ov. 1 1924. V. 119,
c
p. 1626. 2177.
ELECTRIC RA ILW A YS.— The electric roads controlled Include (a>
Pacific Electric R y., 705.73 miles o f electric interurban road radiating frotr
Los Angeles; (b) Peninsular R y ., serving San Jose, Santa Clara, &c., 79.09 m
c) San Jose Railroads, 29.35 m.; (dj Stockton Electric C o., 14.14m.; Visalia
Electric R R ., 59.07 m .. and (e) Fresno Traction C o.. 31-61 m. See
“ Public Utility Compendium.”
CAPITAL STOCK.— Against the common stock of Southern Pacific Co
there was on deposit with Union Trust Co. of N. Y . on Dec. 31 1924, stocks
of subsidiary companies as follows (at par value): Gal. Har. & San Ant
$27,005,600; La. West. R R ., $3,310,000; Morgan s La. & Texas R R . & SS
C o., $4,994,000; Sou. Pac. R R .. $124,671,861; Texas S New Orl. R R ..
c
$4,997,500; total, $164,978,961.
Stockholders of record Jan. 14 1921 were given the right to purchase ai
$15 per share one share of stock of the Pacific Oil Co. for each share of South
' rn Pacific Co. stock held. See Pacific Oil Co. under “ Industrials.”
DIVIDENDS.—
lO ct. ’06-Apr. ’07. J u ly ’07. Oot. ’07 to Jan. 28.
(Common stook)____/ 5% yrly. (2H s.-a.) 1H % 6% yrly. (1)4 quar.)
BONDS, &c.— The funded and other Interest bearing debt of Southern
Pacific Co. on Dec. 31 1926 aggregated $216,431,885 of proprietary co.,
$520,855,744; total. $737,287,629; held as follows: In hands of public.
$599,267,988: owned by Southern Pacific Co., $119,354,640; held in sinking
funds o f Transportation System Cos., $17,918,000; held in sinking funds of
Solely Controlled Affiliated C o.’s $269,000; and $478,000 held in treasury
o f Solely Controlled Affiliated Companies.
The 4% collateral trust gold bonds o f 1899 are limited to $36,819,000 and
are subject to call at par on 6 months' notice. The $34,100,500 outstanding
Dec. 31 1926 were secured by $67,274,200 common and $17,400,000 pref.
stocks o f the Cent. Pac. R y. Co. See mtge. abstract. V. 69, p. 859.




[V ol. 125.

RAILWAY STOCKS AND BONDS

Collateral for Central Pacific R y. 4% 35-year European Loan of 1911:
(a) Stocks: Houston E. & W. Texas, $1,919,000; Morgan’s La. 8s
Tex. R R . & SS. C o., $10,000,000; Oregon & Cal. R R . com .,
$6,900,000. and pref., $11,991,000: So. Pac. R R .. $35,000,000:
So. Pac. Term. C o., $1,999,500.
(6) Bonds: Galv. Har. & SaD
Ant. Ry. 1st M . East D iv., $4,728,000, and 2d D iv., $1,000,000: Houston
& Texas Central Lampasas Exten. 5s, $450,000; Northwest Pac. 1st Sc ref.
4 ^ s , $5,882,000; total par value. $79,869,500. V. 103, p. 1222; V. 101.
p. 2146; V. 94, p. 130, 1762; V. 92, p. 593, 794.
In Maroh 1909 the stockholders subscribed for $81,814,000 of 4% 20-year
bonds at 96, convertible to June 1 1919 into common stock at 130 at option
of holders and red. at 105. A total of $27,319,240 bonds were so converted
into $21,014,800 par value of stock. V. 109, p. 285; V. 88, p. 507, 1062:
V. 89, p. 44, 105.
On June 8 1909 the directors authorized an issue of not exceeding $100,
000,000 4 H % 20-year gold bonds for "corporate purposes” ; under option
then given $227,000 was exchanged, along with $20 per share in cash, for
$227,000 pref. stock; no others Issued. V. 88, p. 1501; V. 89, p. 1420
“ San Francisco Terminal” bonds ($50,000,000 auth.; Int. rate 5% or less)
cover Bay Shore line and terminals; $24,877,600 4s outstanding.
V . 90, p.
373. 448, 1555, 1615, 1678: V. 91. p. 1631: V. 92, p. 1180.
The 5% 20-year convertible bonds sold in 1914 were convertible prior to
June 1 1924 into full-paid stock at par. They are subject to call (as a whole
only) at 105 on 90 days’ notice.
Guarantees, principal and int., $40,000,000 5% gold bonds, due Aug. 1
1960, of Central Pacific R y. V . 121, p. 194.
Equipment trusts. V. 98, p . 1425; V. 97. p. 697.730; V. 99. p. 1599,1675
V. 110, p. 2488; V. 117, p. 2213; V. 120, p. 2812.
Guaranty of Pacific Fruit Express Co. equipments, V. 110, p. 2082.
Eaulpment trusts issued to Director-General for rolling stock allocated
to mis company. See article on page 3 and V. 113, p. 1472.
R E PO RT.— For 1926. in V. 124, p. 2109, showed:
[Southern Pacific Co. and Proprietary Companies.]
1926.
1925.
1924.
1923.
Operating Income—
$
$
$
$
Freight............................ .216,625,764 211,314,582193,692,958 199,591,192
Passenger......................... 55,262,330 56,101,353 56,566,134 62,158,876
M a il................................. 111,434,005 [11,054,12311,649,054/ 3,864,973
\
{ 7,748.345
Express........................ . . J
Allother transportation. 9,055,585
8,052,861
7,430,607 6,802,889
Incidental....................... 7.383,699
6,822,288
6,459,204 6,921,630
Joint facility— C r e d it ...
418,078
260,824
181,099
175,771
Joint facility— Debt___
1,379,062
531,478
74,946
59,041
Total railway op. revs.298,800,998 293,074,553 275,904,111 287,204,635
Railway Oper. Exp.—
Maint. o f way & stru c.. 42,464,362 40,110,806 39,367,717 41,235,817
Maint. o f equ ipm ent... 50,637,576 49,196,333 47,213,238 50,451,491
T ra ffic________________ 6,359,578
5,638,295
5,239,731
4,990,768
Transportation________ 102,132.950 106,977,411 99,119,568 98,559,831
Miscellaneous operations 4,997,186
4,706,362
4,105,406
4,347,543
General________________ 10,788,767 10,513,786
9,399,614
8,590,865
Transp. for invest— Cr. 1,784,939
1,533,675
1,393,945
1,009,728
Total railway op. exp.215,595,480 215,609,318 203,051,329 207,166,588
Net rev. from ry. op e r.. 83,205.518 77,465,235 72,852,782 80,038,047
Railway tax accru als... 21,476,811 21,275,282 19,867,104 20,365,328
Uncollectible railway rev
80,823
95,349
144,539
87,738
Equipment rents— n e t .. 5,636,727
5,764,352
4,802,215
5,555,374
Joint facility rents— net.
214,439
16,492
Cr.62,492 Cr.198,417
Net railway oper. inc. 55,796,718
Non-Operating Income—
Inc. from lease of road_
95,316
Miscell. rent income____ 1,525.836
Misc. non-op. phys. prop
260,961
erties, profit_________
Dividend income_______ 2,995,796
Income from funded secs 3,191,375
Income from unfunded
securities & accounts. 2,273,964
Income from sinking,& c.,
reserve funds________
993,577
Other miscell. income_
_
571,198
Gross income________ 67,703,740
Deductions—
242,104
Rent for leased roads___
Miscellaneous rents___
774,198
178,732
Miscell. tax accruals_
_
Interest on funded debt. 27,035.588
Int. on unfunded d e b t..
228,624
Amortization o f discount
64,211
on funded debt______
92,413
Maint. of invest’t org’n.
296,497
Misc. income charges_
_

50,313,759

48,101,416

54,228,023

81,853
1,493,683
314,464

901657
1,110,185
261,024

88,144
1,009,653
300,461

2,780,977
3,772,912

2,787,677
5,852,059

16,889
4,443,170
6,045,373

2,365,930

1,084,931

509,276

947,738
536,887

925,102
385,440

887,573
81,0o0

62,613,202

60,598,491

67,609,607

227,880
760,992
206,700
25.339.335
212,341

232,968
743,735
130,092
23,091,183
392,905

239,108
762,002
542,567
21,175,721
97,122

30,199
38,880
139,466

72,737
28,276
152,180

76,563
23,376
140,665

Total deductions_____ 28,912,367
Net income___________ 38,791,374
Disposition of Net Income—
Income applied to sink­
ing, &c., funds________ $1,413,351

26,955,792
35,657,410

35,754,415

24,844,076

23,057,125
44,552,482

$1,232,776

$1,203,379

$1,165,183

invest, in phys. p r o p ..
204,842
Dividends (6 % )_______ 22,342,854

126,669
22,342,854

191,308
20,942,854

372,348
20,662.854

I n c o m e a p p ro p r ia te d fo r

Balance................ ........ 14,830,327 11,955,111 13,416,875 22,352,097
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 2137.
DIR E C TO RS.— J. N. Jarvie. J. Horace Harding, Paul Shoup, Henry
W. De Forest, James S. A l e x a n d e r ,........................... Lewis J. Spence,
Ogden Mills. Cleveland E. Dodge, Walter Douglas, Edward S. Harkness,
William Sproule, Samuel Rea, Chauncey M cCormick and A . D. McDonald.
OFFICERS.— Chairman Exec. Comm., Henry W . De Forest; Pres.,
William Sproule; Vice-Chair. Exec. Comm., A . D . McDonald; Exec. V .-P .,
Paul Shoup; V.-P. & Sec., Hugh Neill; V .-P ., W . A. Worthington; Treas.,
George M . Thornton; Compt., H. B. Johnson. Offices, 165 Broadway,
N. Y .; 65 Market St., San Francisco; Straus Bldg., Chicago, 111., and
Poydras & Camp Sts., New Orleans.— (V. 125, p. 2804.)
SOUTHERN PACIFIC RR CO . — (S e e M a p s . ) — 3,200.38 miles (of
which 24.78 are leased to companies other than the Southern Pacific Co.)
embracing a through line from east bank of Rio Grande River through
New Mexico and Arizona, via Los Angeles, San Francisco and Oakland, to
Tehama, in No.-California, with branches (V. 105, p. 181).
Operated under lease by Southern Pacific Co. V. 125; p. 2804.
STOCK.— Sou. Pao. Co. Dec. 31 1925 held all the $160,000,000 stock.
Olvs : 4% in 1906-07; 13%. 1907-08; 5 % , 1908-09; 6% from 1909-10 to
rune 1914, incl.; 5% 1914-15; 6% 1915-16; 1917 to 1925, 6% yearly.
BONDS.— Consolidated Mortgage of 1894 abstract was in V. 57, p. 104.
The First Refunding 4s of 1905 ($160,000,000 auth.issue) will eventually
oe a first lien. Guaranty, V. 82, p. 49. The mortgage is a lien subject to
existing mortgages on the entire owned mileage. It is a first lien on 2,438
miles, save lien of consol. 5s of 1893 at less than $1,700 per mile (V. 87, p.
1012). V. 88. p. 159 ; V. 89, p. 164; V. 98, p. 264. Sufficient of the issue
Is reserved to retire the underlying bonds.
R E PO RT.— For year ending Dec. 31 1926:
C a l.
yea rs.

In c . fro m
le a s e .

O th er
In c.

D e d u c ti o n s .

N et
In c.

D iv s .

1926___________ $17,452,962 $418,540 $6,550,162 $11,321,340 $9,600,000
1925___________ 14,597,296 418,689 6,551,640
8,464,345 9,600,000
SOUTHERN R A ILW A Y CO.— (See M aps.)— Lines embraces 6,888
miles, extending from Washington, D . C ., and West Point and Richmond.

Nov., 1927.]

1Z7

RAILW AY STOCKS AND BONDS

RAILROAD COMPANIES
For abbreviations, &c., see notes on page 8]
S outhern P acific RR Co— Stock $160,000,000 auth
So Pao Br 1st M gold a I $50,000 1897 not drawn . . »
Flrit Consol mtge guar gold 11 not drawn.Ce.xo’ &r
Nortnem Ry (Cal) oons(now 1st) M gold.Un.zo’ &r
Northern California first mortgage g o l d . ........... .»
First Ref M g gu red 105_______________Eq.xo’ &r*
Coast Line Ry 1st M (owned by So Pac C o)______
Southern Railway— Common stoek$350,000,(j00 auth
Preferred 5% non-cumulatlve $60,000,000________
M * O stook trust certificates___________________ x
Southern Railway Issues—
First Cons M 1st on 900 m g($120,000,000)Ce.xo*&r
Development & Gen M ($200,000,000) g..Q .xc*& r
do
do
__________________________
do
do
___________________
Monon JointM red 105 since 1907half share Q,xc*&r
Col M g $9,500,000 s f (M ob S Ohio)____Q.xc*&r
c
Eq Series
Series 67 due $686,200 yearly_______________ Gc*
Series W gold due $310,000 M & N ____________c*
Series X due $225,000 A & O __________ PePc*
Series Y due $220,000 M & S...................... Pep.c*
Series Z due $235,000 A & O_____________ PeP.c*
Series AA due $230,000 A & O ______________ PeP
A— Properties Merged in Southern Railway Co.
Virginia Mid— 50-yr. 5s Series “ F ” _______________
General mortgage.............
.Cex
East Term Virginia & Georgia Dlv mtge g --U n.se*
K T V# 4 Ga cons M g ($20,000,000)
.Ce.xo&r
B— Southern Railway Divisional Securities.
East Tennessee lien gold________________ Ce.xc*&r
Memphis Dlv 1st M ($8,000,000) gold_ G.xc*&r
_
Aiken Branchfirst mtge gold (V 68, p. 826)_ Mp.x
_
St Louis Division 1st M g $15,000,000..IC.xc*&r
Mobile & Ohio bonds— See Mobile & Ohio RR Co

M ile s
R oad

240
1.685
377
54
3,109

Date
B onds

1887
1893
1888
1889
1905

_

- . . .

—

—

1894
1906
1906
1906
1902
1901

. . .

1920
1922
1923
1924
1924
1926

4,943
text
text
text

1881
*03 1886
552 1880
i.020 1886
1,020
292
24
365

1894
1898
1898
1901

Par
V a lu e

A m oun t
O u ts ta n d in g

R a te

%

$100 160,000,000 See text
3,533,000
6g
500 Sec 4,127,500
56
1,000 4,751,000
5g
1,000 1.074.000
5g
500 See 143,732 500
4g
6
700,000
100 130,000,000 See text
100 60.000,000
5
100 6.650,200
4
1.000 Sec 87,581,000
1,000 Sc c be1,333,000
1,000 &c 30,000,000
1.000 &c 20,000,000
l.OOO&c 5.892.500
1.000 Scc 8,355,000
1,000
1,000
1,000
1,000
1,000
1,000

5,489,600
5,890,000
4,725,000
5,060,000
5,640,000
6,210,000

W h en
P a y a b le

L a s t D iv id e n d
an d M a tu r ity

See text See text
A St O Apr 1 1937
So Pac. 165 B’way, N T
M Sc N Nov 11937
do
do
A S O Oct 1 1938
i
do
do
S
i
J
do
do
D June 1 1929
J A J Jan 1 1955
do
do
M Sc N Nov 1 1941
Q-F
Nov 1 1927 1H J P Morgan A Oo, N v
do
do
Oct 15 1927 1 H
G-J
A S O Oct 1 1927 2%
i
do
do

5g
J Si J July 1 1994
A Si () Apr 11956
4g
c
6)4 g A S () Apr 11956
A & () Apr 1 1956
6g
4 g J Sc J July 1 1952
i
M S s Sept 1 1938
4g
6g J
5)4 g M
A
5 g
5 g M
4)4 g A
4)4 g A

A s Mar 1 1931
A N May 1 1936
A J July 1 1930
A N Nov 1 1956

5
6
fig

M
M
J
M

1,000 4,500,000
1,000 6,883,000
500
150,000
1,000 12.474,000

5
5
4
4

M Sc
J S
c
.1 S
c
J Sc

g
g
g
g

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

&
J To Jan 15 1935 Guaranty Trust Oo, N Y
S N To M ay 1937 Pa Co for Ins, &c, Phils
c
S. O To Apr 1938
c
do
do
S s To Mar 1939
c
do
do
& () To O ct 1939
do
do
& o To Apr 1941
do
do

100 &c 1.310,000
1,000 4,859,000
1.000 3,106,000
1,000 12,770,000

5 g

P l a c e s W h e r e I n t e r e s t ant
D iv id e n d s a r e P a y a b l e

S Sept
J July
J July
J Jan

1
1
1
1

1938
1996
1998
1951

Safe DepSc Tr Go, Balt
JPM
organSc Co. N Y
do
do
do
do
do
do
do
do

do
do
do
do

b Also on Dec 31 1925 $37,519,000 in treasury.

Va., to Danville, Va.. Greensboro, N . O ., Norfolk, V a., Charlotte, N . O.
Application of $120,000,000 First Consol. Mortgage 5s of 1894.
Columbia, S. O. and Atlanta, Ga., thence northerly to Bristol, Tenn,.
Issued to date (of which $154,200 in treasury)_______________$87,735,200
southeasterly to the coast at Brunswick, G a.,and to Columbus, Miss.
Issuable only to (“ prior bonds” (see V. 59, p. 785)__________ 132,264,800
Owned in lee—
Mites. Leased (*
see this co.)—
retire certain 1stocks (see V. 59, p. 786)__________________ J
Alexandria (near Washington)
•North Carolina RR.—
to Greensboro, N. C________ 275
Goldsb.,N. C., to Greensboro.
Application of $200,000,000 Development and General Mortgage Bonds.
2 4 Issuable fortwith and to retire coll. tr. 5s ($16,000,000) Apr. 1909$31,000,000
Charlotte, < ______________ 2
So
s
Charlotte, N. C., to Augusta,Ga 190
Columbia,S.Co.,toGreenv.,S.C.. 144 Atlantic & Danville Ry.—
(1) To retire prior liens not provided for by consol, mortgage-- 31,158,000
West Point, V a „ to D u n d e e .. 179
Norfolk to Danv., Va., & br_ 2 6 (2) T o retire equipment obligations maturing 1906-21------------ 18,008,000
7
Salisbury, N. C., to Morristown,
•Virginia & S. W
........................... 8
1 8 (3) To acquire capital stocks of certain leased lines__________ 10,000,000
Tenn ____________
228 North Carolina Midland
_______ 5
4 (4) For Eastern Division of Tennessee Central (option expired) 10,000,000
Memphis to Stevenson, A a____ 273 Other________________________
(5) To provide for future acquisitions and betterments under
Bristol to Chattanooga. Tenn-- 242
Controlled by Securities —
stringent provisions (a) at not exceeding $5,000,000 yearly
Coster to Cumberland Gap,Tenn. 64 Cum
berland Ry_____________1
_
1
for improvements and equipment and (b) In exchange for
Ooltewah Jot., Tenn., to Bruns­
1st mtge. bonds not exceeding in amount the actual cost
wick, Ga___________________ 412
Trackage R ights —
thereof of
Austell, Ga., to Miss.State line. 259 W
ashington, D. C., to Alex.,Va.
9 On Dec. 31 railroads and terminals hereafter acquired_____ 99,834.000
1926 $61,333,000 of development & gen. mtge. 4% bonds,
Atlanta Jot., Ga., to York, A la. 271 Stevenson,Ala„to Chattanooga,
were outstanding and a
3
Roseland, Ga.. *o Ft.Valley.Ga. 101
Tenn., &__________________ 8 These bonds, subject to further $37,519,000 was available for company’s use.
o
underlying liens, are
to be a direct
B.St.L., 111., to Ind. State Line 146 York, Ala., to M
eridian, Miss.. 2 some 3,880 miles of road, a coll, lien on 1,175now said lien by pledgemtge. on
7
miles,
of lease­
8 holds on 1,813 miles and are also secured by pledge a securities, &c. V. 82,
Branches, <
feo_________________ 1,503 Kentuoky& Indiana Term. RR.
of
Selm N.C.. to Pinnere Pt., V* 1 4
a,
5 D. 397: V. 86, p. 1468: V. 88, p. 565, 626, 1622; V. 105, p. 1530. In Jan. 1922
Total owned________________ 4,287 Hardeev’e, S. C., to Jackson, Fla 1 8
6$30,000,000 development and gen. mtge. bonds were issued, bearing Inter­
Leased— (*see this oo.)—
Miles Other_________________
1 6
0
est at the rate of 6 )3 % , and in Nov. 1923 $20,000,000 bonds were issued,
'Atlanta & Charlotte Air Line,
Total m
3 1 2 .6,888
1 9
bearing 6%
Principal
secured
Chari., N C., to Armour, Ga. 255 Leased toileage Dec.panies_61 7 dev. S gen. interest.Pursuant to and 4% interestindenture,by lien of the
_
_
1
other com
c
mtge.
a supplemental
the company
•Georgia Midland R y . . .............
98
affixed to the bonds its obligation to pay additional interest (2)3 % and 2% ,
Balance oper. Dec. 3 1 2 .6,791
1 9 6
•Mobile & Birmingham R R .—
respectively), thus making the total int. rate 6 )3 % and 6% per ann. The
Controlled— operated separately —
Mobile, Ala., to Marion J o t .. 147
by
•Southern R y., Car. Dlv.—
Blue Ridge
.............................................. additional int. obligations will not be secured willthe dev. & gen. mtge., but
4
4 In
supplemental indenture
covenant that it
Charleston, S. C., to Augusta,
Tallulah Falls.......................................5 the any new mtge. upon anythe companyrailways subject to thewill not
7
create
part of the
dev. &
Ga., with branches to Co­
DanvilleSc W
estern
______________
8
2
lumbia, S. C., &o_______
201 AtlanticSc Yadkin
______________3 gen. mtge. interest obligation equally and ratably with any indebtedness
1
6 additional unless such new mtge. expressly shall secure the payment of the
Kingville, S.C., to Marion, N .C . Yadkin RR.....................
5
2
2
8 secured by such new mtge. The total 614% and 6% int. obligation is com­
Biltm., N. C., to Alston, S. O. 134 H. P. R. A. Sc So. RR...................
several coupons. Y. 114,
Other branches_____________ 188 State University_____________1
_
0 bined in the First Mtge. 5s were Issuedp. 307: V. 117, p. 2214.purchase of
in 1898 on account of
•Rlohmond S Meoklenburg R R .
c
31 Tenn. & Carolina Southern____ 51 Divisional
issue,
V. 67, p. 179; V. 81,
Lockhart R R . ________________
14 Seivern & Knoxville _ _ _ _ 3
_ _ _ _ _ 2 Mem. & Chari. R y.p. Total auth. 84, p. $8,000,000. Louis Division Mtge.,
_
». 1180; V. 83,
436: V.
392. St.
Elberton Southern R y ________
60
V. 72, p. 138: V. 84, p. 392.
Leased for 50 years from July 1 1912. Bluemont branch. 54 m ., to Wash.A
The collateral trust 4s of 1901 have been issued, $ for $, in exchange for
Old Dominion R y. Water lines— Chesapeake SS. C o.. 200 miles.
the Mobile & Ohio gen. 4s as acquired, by a pledge of which they are secured.
Also nas one-sixth interest In Richmond-Washington Co., owning line Stock trust certificates for M . & O. stock are now entitled to dividends at
between Rlohmond and Washington, 115 miles
V. 75. p 449
(-1
rate of 4% per ann. in perpetuity (V. 72, p. 242, 822); $8,356,000 of the
$9,472,000 bonds and $5,670,200 of the $6,016,800 stock have been depos­
Affiliated— (.See each company).
ited. V. 72, p. 439; V. 73, p. 664. See M . S O. statement.
c
Alabam Great Southern_______ 3151Northern Alabama_____________ 110
a
Jointly with St. Louis S San Francisco R R . guaranteed bonds o f New
c
Cincinnati N. O. & Texas Pacific.3381 Georgia Southern Sc Florida_____402
Orleans Terminal Oo., and subsequently acquired entire control o f property
Mobile A O h io -----------------------1,1611New Orleans Sc Northeastern____ 204
(see St. L. & San Fr. plan, V. 102, p. 897). V. 77, p. 38, 699; Y. 79, p. 1466.
Equipment trusts, V. 81, p. 1850: V. 82, p. 1323: V. 88, p. 1374: V. 90,
In July 1918 the Carolina S Northwestern R R . (V. 105, p. 605), with
c
lines from Chester, S. O ., to Edgemont, N. O., 124 miles, was acquired p. 978; V. 97, p. 366: V. 98, p. 1158: V. 102, p . 1897; V. 103, p. 1889, 1981;
Y. 114, p. 1892: V. 118. D. 1393; V. 119, p. 1396; V. 122, p. 2037.
by Southern Railway interests, but remains a separate corporation V.
Atlanta & Chari. Air Line R y. (leased line) bonds, V. 102, p. 1058, 1162.
107. p. 1670.
As to extension and guaranty o f South Carolina & Georgia R y. bonds in
Tentative Valuation.— The I.-S. C. Commission has placed a tentative
Division, below, and V. 108, p. 1166, 1512.
valuation of $250,342,174 on the total owned and $349,066,622 on the total 1919 see Sou. R y., Carolinato Director-General for rolling stock allocated
used properties of the company and its subsidiaries as of June 30 1916. to Equipment trusts issued on page 3 and V. 114, p. 411: V. 115, p. 1321.
this company. See article
Compare V. 121, p. 196.
R E PO RT .ORGANIZATION.— Organ. 1894. V.58. p.363, 385.058, 874. 1018.1058
1923.
1924.
1926.
1925.
In 1903-04 Jointly with Louisville & Nashville acquired $13,680,300 of
$
$
$
$
the $15,500,000 Chicago Indianapolis & Louisville stock in exchange for
155,467.976 149,313,892 142,486,514 150,467.985
their joint 50-year 4% bends. V. 74, p. 1029, 1090.
Total oper. expenses.. .107,866,589 103,811,952 102.674,674 112,414,259
In 1 1 purchased most of stock of N . O. & Northeastern R R ., which
9 6
zee; also V. 104. p. 74: V. 105. p. 1530
. 47,601,387 45.501,940 39.811,840 38,053.726
Effective Mar. 1 1920. for the purposes of administration, the lines con•tituting the Southern Railway system were divided into two groups, viz.. Taxes and uncollectible. 10,394,891
7,041.796
9,490,244
7,752,105
railway revenue______
(1) Lines West— Cincinnati New Orleans & Texas Pacific R y., Alabama Eq. & joint facility rentsi 1,677,713
2,883,794
1,617,015
925,674
Great Southern, New Orleans & Northeastern, Harriman & Northeastern,
Cincinnati Burnside & Cumberland River, Northern Alabama, Georgia
35,086,021 30,442,720 28,128,136
Southern & Florida and the St. Louis Louisville, Memphis, Atlanta, Oolum-, Other income__________ . 35,528,783
4,842,661
3,584,167
. 5,856,954
5,273,998
bus, Birmingham and Mobile operating divisions o f Southern Railway:
(2) Lines East— the following operating divisions of Southern Railway:
Total gross Income_ . 41,385,737 40,360,020 35,285,381 31,712,303
_
Washington, Danville, Charlotte, Richmond, Norfolk, Winston-Salem
Interest & rentals___ 17,789,015 17,780,848 17,516,241 16,575,305
Columbia, Charleston, Spartanburg, Knoxville, Coster, Appalachia, Ash*
3,000,000
Dividend on pref. stock.. 3,000,000
3,000,000
3,000,000
ville. Murphy and Transylvania.
STOOK.— Authorized $350,000,000 com. and $60,000,000 5% non-cum
pref. stock. As to whether the pref. Is callable, see V. 72. p. 1136.
The stockholders on November 18 1926 authorized the issuance of
$30,000,000 common stock, o f which $10,000,000 (par $100) was offered to
stockholders, both preferred and common, o f record N ov. 24 1926 at the
rate o f one new share for each 18 shares held, with the privilege o f paying
either all cash on or before Dec. 28 1926, or 20% on or before that date,
40% on or before Aug. 1 1927, and 40% on or before Nov. 1 1927. The
remaining $20,000,000 is to be issued from time to time as new capital is
required. V. 123, p. 1995. 2136, 2652.
D IV S.— V12. ’ 13. ’ 14. ’ 15-’ 16. ’ 17. ’ 18. ’ 19. '20. ’21. ’22. ’23 to Oct. ’27.
O n p f..% J 4 )S 5 4)* None 2)S 5
5
5
0 2 ^ 5yly. (Q.-J.15)
On common stock, paid initial dlv. o f I X % quar. on M ay 1 1924: same
amount paid quar. to N ov. 2 1925; Feb. 1 1926 to Nov. 1 1927 paid 1% %
quarterly.
Dividend suit filed, V. 122, p. 1165, 1606. Preferred stockholders lose
suit; appeal to be filed. V. 123, p. 1630, 2652.
BONDS AND NOTES.— In Feb. 1917 plan for creation of a refunding
and impt. mtge. V. 103, p. 1593, 2079: V. 104, p. 765: V. 105, p. 1530.
First Consol. Mtge. for $120,000,000, abstract, V.59, p. 783: see V.81,
p. 1850: V. 84, p. 392: V. 89, p. 1598: V. 92, p. 796: V. 97, p. 300, 1205:
V. 99, p. 1834: V. 100, p. 310: V. 102, p. 610; V. 103, p. 580: V. 107, p. 1921.
The $1,000,000 1st mtge. 6s of Ala. Central R R ., due July 1 1918, were
acquired by So. R y. Co. and pledged under Its first consol, mtge.




. 20,596,722
Earns, per sh. on com .
$17.16

19,579.172
$16.31

14,769,140
$12.30

12,136.998
$10.11

For latest earnings, see “ Railway Earnings” Section (issued monthly).
OFFICERS.— Pres., Fairfax Harrison; V.-P. S Gen. Counsel, L . E.
c
Jeffries; V .-P ., H. W. Miller, R . B. Pegram, Elmer R . Oliver, J. B. Munson,
F. S. Wynn; Treas., Maury Middleton; Sec., C. E. A . McCarthy: Compt.,
E. H. Kemper.
D IR E C TO R S.— Fairfax Harrison, Belvoir, Va.; Henry W . Miller, F. S.
Wynn, Washington; Jonathan Bryan, Richmond, Va.; Adrian Iselin,
Devereux Milburn, Jackson E. Reynolds, Walter S. Case, Guy Cary, Jere­
miah Milbank, New York; Gasper G . Bacon, Boston; R . S. Reynolds,
Louisville, K y. General office, 1300 Pennsylvania Ave., Washington,
D . C. New York office, 120 Broadway— (V. 125, p. 2253.)
SOUTHERN RA ILW A Y CAROLINA DIVISION.— Cayce, S. O.. to
Hardeeville, 129 miles; Charleston, S .C .,t o Augusta, Ga., 136 m.; King­
ville, S. C ., to Marion, N. C ., 208 m.; branches, &c., 259 m.; total, 732 m.
Leased to the Southern R y. Stock authorized, $7,798,700, o f which
$4,174,700 owned by the Southern Ry. V .7 5 ,p ,1 3 6 . Holders o f $5,250,000 South Caro. S Georgia 1st M . 5s, due May 1 1919, had the privilege
c
o f extending their bonds for ten years at 5)3 % , at the same time receiving
a cash bonus o f 2 M % . The extended bonds are guaranteed (endorsed) as
to principal and interest by the Southern R y. C o., and are subject to call
at 107)4 and int. V. 108, p. 1166, 1512, 2023.

138

[V ol. 125.

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Wheie Interest and
Dividends ore Payable.
and Maturity

Southern Railway— (Concluded)—
C— On Properties Practically Owned by (*) or Leased to (a) Southe rn Ry.
$1,000
$315,000
31 1898
4 g M & N Nov 1 1948
oRichmond & Mecklenburg 1st M $315,000 g ___ xc
100
1,700,000
aAtlanta & Charlotte— Stock __________ ________
9
M to S Sept 1 ’27 4H %
263 1914 1.000 &c 20,000,000 4H to 5 J to J July 1 1944
1st M $20,000,000 ($14,500,000 Ser B 5s)Ce.yc*&r
C— On Properties Practically Owned by (*) or Leased to (a) Southe rn Ry.
1,000
1,650,000
aGeorgia Midland first mortgage interest guar. ..Ce.x
98 1896
3 g A & O'Apr 1 1946
__
100 4,000,000
F & A Aug 1927 3H %
aNorth Carolina stock 7% guaranteed____________
7
aMobile & Birmingham RR prior lien gold___ Ce.xc
149 1895 2001,000
600,000
5 g J & J July 1 1945
1.200,000
149 1895 2001,000
4
J to J July 1 1945
First mortgage $1,200,000_______________Ba.xc
Preferred stock . .
. . ____________ _____
100
900,000
4
J to J July 1927 2%
aNorth Carolina Midland RR 1st M bonds_ Ce.c*
_
53 1891
1,000
801,000
6 g J to J July 1 1931
Stock_____ _________
.
. . _________
100
924,000
3
Dec 30 Dec 1926 3%
Northern Alabama R y— See that company
1,000 3,925,000
aAtlantic & Danville first mortgage___________ Ba
278 1900
4 g J & J July 1 1948
1,000
1,525,000
4 g J & J July 1 1948
Second mortgage gold. ____________________ Eq
27S 1904
Virginia & Southw— 1st M g g u b y Va I C & O . G.x
136 1903 1,000 &c 2,000,000
5 g J & J Jan 1 2003
First consol mtge $7,000,000 gold_____G.xc*&r*
209 1908 1,000 &c 5,000,000
5 g A & O Apr 1 1958
S outhern Railway, C arolina Division—
aSo Car to Ga 1st M g ext gu call 10714--Ce.xxxc*
1,000
5,250,000
5 H g M & N M ay 1 1929
248 1919
♦Spar Union & Col $1,000,000_____________ g.C.xc*
1895
1,000,000
4 g J to J Jan 1 1995
1,000
1902
5.000,000
General mortgage $18,000,000 gold_____________ N
1.000
4 g J to J July 1 1952
fc
,T < J •T 1 1956
Transylvania RR 1st m ortgage.. . .
_ G.xc*&r
434,000
42 1906 1,000 toe
5g
an
J & J Jan 1927 2H %
Southwestern (G eorgia]— Stock (see text)________ 331.36
5
100 5,191,100
Spartanburg Union & C olum bus— See Southern Ry Carol! na Di vision.
Spokane Internatl— First M $4,200,000 g__Col.vc*
5 g J & J July 1 1955
1,000 4,200,000
141 1905
Coeur d ’A & Pend d ’O 1st M $544,000 g gu.U s.vc*
544,000
5 g J & J July 1 1960
1.000
22 1910
M & S Mar 1 1961
Spok P & S— 1st M $125,000,000 g red text.Ce.c&r
4g
495 1911 1,000 toe 73,710,000
Spuyten Duyvil & Pt Morris— See New York Central RR
f
State Line & Sullivan— 1st M $300,000 g_.U n.xc*
1,000
272.000
24 1898
4H g J <e J Jnlv 1 1929
5 g J & J July 1 1940
1,000 2,607,000
Stephen Nor&Sou Tex Ry Co—-1st M g gu red 105c*
105 1910
A & o Oct 1 1957
1,000
S tony Crk— lstM$350,000ext’07 gu (V85,p532).FP.x
350,000
4
10 1872
1924
1,000
6 g A & o Apr 1 1944
Sullivan C oun ty RR— First mortgage_______ c*&r*
357,000
Sun bury Hazleton & Wilkes-Barre— Sun bury & Lewis town- See Pe ansylvanl a RR
Suncook Valley— S to c k ___ . __ ____ _ . ___
341.700 See text > % J See text
100
Susquehanna Bloom sburg & Berwick— See Penn sylvan la
Syracuse Binghamton & N Y— Stock 12% rental ..
100 2,500.000
12
Q F Aug 1 1927 3%
81
1909
M < s Moh 1 1959
4
Tallulah Falls— First mortgage ..
. .
(I
i .519,000
5
A to o Apr 1 1953
Tampa & G u lf C oast— 1st M g gu red 105.CoBa xc*
1,184,000
1,000
5s
78 1913
s » J * j July 1 1936
Tampa Northern— First M S5.000.000 g red 106 ORi
1900
258.000
.000
SOUTH-WESTERN RR. (G eorgia).— Owns Macon. Oa to Eufaula
Fort Valley to Columbus, Ga., &c., with branches, total 331.36 m. Leased
for 101 years from Nov. 1 1895 to Central of Georgia R y.; rental 5% on
stock
Office, Macon, Ga. —(V. 110, p. 872.)
SPOKANE INTERNATIONAL R Y .— Owns Spokane, Wash., to Eastport, Idaho, on Can. Pac. R y., 141.37 m.; leases for 50 yrs. Coeur d'Alene &
Pend d ’Oreille R y., Coeur d'Alene Jet., Idaho, to Coeur d’Alene, 9.04 m.;
Corbin Jet. to Bay View, Idaho. 11.61 m., operated under trackage rights
in Spokane, 3.67 m.; total operated, 165.69 m. The I.-S. C. Commission
has placed a final valuation o f $4,860,121 on the owned and used property
o f the company as o f June 30 1917. The used but not owned property was
valued at $469,918, including $400,000 for the property of the Coeur d ’Alene
& Pend d’Oreille Ry. Stock, $4,200,000; par of shares, $100. V. 81, p. 156,
1551. Tentative valuation, V. 113, p. 1054.
Year— Gross Earns. Net Earns.
Oth. Inc.
Int.. Ac.
Balance
1926 — .$1,265,290
$385,536
$8,775
$339,237
sur.$55,073
1925 . . .$1,254,965
$354 666
$9,175
$343,561
sur.$20,280
1924 . . . 1,088,664
184,971
7,284
def.135,326
327,581
1923 „ - 1,165,813
229,432
11,549
def.98,879
339,860
1922 —- 1,229,532
335,424
10,137
325,621
sur.19,940
For latest earnings, see “ Railway Earnings Section" (issued monthly).
Pres., C. T . Jaffray; Sec., W. R. Harley, Minneapolis; Treas., J. C
Williams, Spokane, Wash.— (V. 122, p. 3336.)
SPOKANE PORTLAND & SEATTLE R Y .— (See Map Northern Pacific )
/toad Oper. (554.60 to.)—
Miles.
Corporations Controlled—
Miles
Spokane,Wash.,to Portl.,Ore.369.47 Oregon Trk.Ry.(V.89, p. 666).151 92
Goble, Ore., to Holiday, O re .- 79.41 Oregon Elec. Ry. (V. 92, p.
Lyle,Wash.,to Goldendale,Wash42.21
323; V. 107, p. 2188)______156 04
Warrenton,Ore.,to Ft.Stevens.. 3-54 United Rys.(V.90.P. 1297,1364)54.78
Trackage rights______________ 24.68
Leases Wilbridge to Goble, Ore.35.29
From Vancouver, Wash., to a point near Portland, Ore., the line Is owned
as to an undivided 2-3 by this company and 1-3 by Nor. Pac. Ry.
The I.-S. C. Commission has placed a tentative valuation of $56,800,000
on the property o f the company, as o f June 30 1916.
Jointly controlled by Northern Pacific and Great Northern. Stock auth.
$62,500,000; outstanding $40,000,000, equally owned by Nor. Pac. and
Great Northern, together with the $73,710,000 bonds issued which were
Jointly guaranteed and held in treasuries of two companies.
Of the 1st gold 4s of 1911 ($125,000,000 auth. issue), redeemable at 105
and int. after March 1 1931, $80,000,000 are issuable for corporate purposes,
$25,000,000 are reserved for acquisitions, stocks and bonds in other com­
panies, and $20,000,000 reserved for impts., &c.. at not exceeding $1,000,000 a year. V. 92. p. 886.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 119, p. 326.
RE PO RT.— For calendar year 1926:
Cal.Yrs.
Gross.
Net.
Other Inc. Int..Rents,Ac. Bal.,Def.
1926.......... $8,649,179
$2,400,548 $1,008,688 $4,321,846
$912,610
1,983,580
942,031 4,457,799
1.532,188
1925........... 8,184,940
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., W . F. Turner; V.-Pres., Geo. T. Reid; Sec. & Compt., Robt
Orosbie; Treas., J. E. Mang.— (V. 124, p. 3768.)
SPRIN GFIELD HAVANA & PEORIA R R — (V. 122, p. 1452).
STATE LINE & SULLIVAN R R .— Owns Monroeton, Pa., to Berenice,
Pa., 24.06 miles. Stock, $980,250 (par, $50). Dividend. 1 % , paid Dec. 7
1904. Mortgage covers 5,000 acres on coal lands. The bonds are subject to
call at par. V. 67, p. 1209. Road leased till 1934 to Pennsylvania &
New York Canal & R R . (rental, $40,000 per annum:), and so operated by
Lehigh Valley.— (V. 74, p. 479: V. 76. p. 332.)
STEPHENVILLE NORTH & SOUTH TEXAS RY. CO.— Owns
Gatesville to Comanche, Texas, 68.50 m.; Edson to Stephenville, 37.02 m.;
total 105.52 m. Stock all owned by St. Louis Southwestern R y ., which
leases the road (V. 118 p. 1912) and operates it as part o f its Waco division.
— (V. 125 p. 1834.)
STONY CREEK R R .— Norristown to Lansdale, Pa., 10.23 miles; tota
tracks, 14.15 m. The I.-S. C. Commission has placed a tentative valuation
of $382,225 on the owned and used properties of the company, as of June
30 1917. Stock, $300,000 auth. (par $50), o f which $176,100 outstanding,
the Reading Company owning $110,900. Bonds, principal and interest,
guaranteed by Reading Co.— (V. 122, p. 880.)
SULLIVAN COUNTY R R . (T H E ).— Road from Bellows Falls to
Windsor, V t., 26.04 miles. Operated since April 1893 by Boston & Maine
as agent under lease o f Conn. River RR. (consolidated with Boston & Maine
R R . on Dec. 1 1919) Boston and Maine took over lease on Jan. 1 1925.
Stock, $500,000, owned by Vermont Valley R R . First mtge. 6% bonds,
V. 118, p. 2825.— (V. 118. p. 2825.)
SUMPTER VALLEY R Y — (V. 124, p. 232.)
SUNCOOK VALLEY R R .— Owns Suncook to Pittsfield, N. H ., 17.55
miles. The lease to the Boston & Maine R R . was cancelled Sept. l5 1924,
and the road is now being operated independently. V. 119, p. 457. Pres.,
Frank W . Sargent, Manchester, N . H.— (V. 120, p. 2009.)
SUSSEX R R .— Stanhope to Franklin, N . J., and branch, 30 miles.
Operated under lease by Del. Lack. to ’Western, which owns a majority of
the $1,638,000 stock. The I.-S. C. Commission has placed a tentative
valuation of $1,075,000 on the owned and used properties of the company
as o f June 30 1918.— (V. 123, p. 2258.)
SYRACUSE BINGHAMTON & NEW Y O R K R R .— Geddes. N. Y ., to
Binghamton, N . Y ., 81 miles. Stockholders voted Dec. 6 1911 to lease the
road during its corporate existence to the Del. Lack. & Western R R . for
12% on the $2,500,000 stock, o f which the lessee at last advices owned
$2,199,100. Lease took effect Oct. 1 1912. In the suit of minority stock­
holders Justice Geigerich in the Supreme Court in N . Y. on N ov. 16 1916




J P Morgan & Co. N Y
U 8 Mtge & Trust. N Y
Central Un Tr Co, N Y
J P Morgan to Co, N
Burlington, No Caro
J P Morgan to Co, N
do
do
do
do
Treas, Washington, D
Bankers Trust Co, N

Y
Y
O
Y

Bankers Trust Co, N Y
Eauitable Trust Co, N Y
Guaranty Trust Co, N Y
do
do
J P Morgan to C o, N Y
do
do
do
do
Guaranty Trust Co, N Y
Macon and Savannah,Ga
Am Exch-Irv Tr, N Y
do
do
Central Union Trust,N Y
do
do
Guaranty Trust Co, N Y
Reading Terminal, Phils
Safe Dep to Tr Co.Boston
Manchester. N H. Nat Bk
D U W RR Co, N Y
Guaranty Trust Co. N >
N e w York to Baltlmor*
Old Colony Tr Co Boston

decided that the lease of 1912 was inequitable to the minority interests.
On July 2 1920 the Appellate Division reversed the judgment of the trial
eourt and dismissed the complaint. The Court of Appeals affirmed the
judgment of the Appellate Division. The matter is now finally disposed of.
1913-1926.
D IV S '89. ’ 90. ’91. — 1892 to 1909— ’ 10-T2.
12 yearly (3 Q-F)
Per cent_
8
8 13 8 y ’ly (2% quar.) 10 y ’ly
-(V. 94. p. 828; V. 95. p. 481; V. 103, p. 1982; V. 106, p. 601.)
TALLULAH FALLS R Y .— Owns Cornelia, Ga., to Franklin, N. C-.
57-20 miles. Southern Ry. owns $200,000 common stock, of which $199,500
and $123,400 pref. stock and $1,519,000 bonds are deposited under its
development and general mortgage. V. 88,, p. 687, 750, 884. Joseph
F. Gray, Cornelia, Ga., was appointed receiver in July 1923. V . 117, P- 89.
The I.-S. C. Commission has placed a final valuation of 81,795,000 on
the company's property owned and used, as of June 30 1916, and $132 on
the property used but not owned.
Receiver’s operations for year ending Dec. 31 1926, gross, $248,560, net
oper. inc., $20,367.— (V. 120,p. 207.)
TAMPA & GULF COAST RR. CO.— Operates from St. Petersburg to
Tampa, Fla., 55.28 m.. including trackage, 7.82 miles; Tarpon Springs.
Tarpon Junction to Port Richey, 28.68 miles. Has a 50-year trackage agree­
ment with Tampa Northern R R ., giving entrance into Tampa and use of
Tampa terminals. Leased to the Seaboard Air Line R y., who guarantees
the bonds, principal and interest and also owns the entire capital stock.
The I.-S. C. Commission on Jan. 8 1927 approved the acquisition of the
company by the Seaboard Air Line R y. by lease. V. 124, p. 502.
The I.-S. C. Commission has placed a tentative valuation of $1,016,825
on the total owned, and $1,029,325 on the total used property of the com­
pany as of June 30 1918.
,
Of the 1st 5s ($5,000,000 authorized issue) the remainder is Issuable
for extensions or branches at $12,000 per mile, or, in case net earnings for
a preceding year shall have been 1 ^ times the interest on outstanding
bonds, additional bonds may be issued to such an amount that the total
shall not exceed $17,500 per mile o f main track. V. 96, p. 1425. For
1926. gross, $1,932,279; net oper. inc., $699,420; other income, $18,497:
Interest, rentals, <fec., $408,495; bal., surp. $309,422. Pres., S. Davies Warfield, Baltimore; V.-Pres., Sec. & Treas., R. L. Nutt, New York.— V. 124,
p. 3204.)
TAMPA & JACKSONVILLE R Y .— See Jacksonville Gainesville &
Gulf Ry.
TAMPA NORTHERN R R .— Owns Tamps, Fla., to Brooksville, 50 miles.
In July 1912 the Seaboard Air Line Ry. acquired entire stock and in Jan.
1926 leased the principal lines of the road. V. 122, p. 477. The I.-S. C.
Commission has placed a tentative valuation of $1,112,464 on the owned
and $1,123,713 on the used properties of the company as of June 30 1918.
Stock, pref., $250,000; common, $500,000. Bonds (authorized issue $5,000,000) are limited to $10,000 per mile of road, 80% of the cost of new
equipment and the actual cost of terminals. V. 87, p. 814; V. 89, p. 1484.
Govt. loan. V. 112, p. 2750. Pres., S. Davies Warfield, Baltimore; V .Pres ., Sec. & Treas., R. L. Nutt, 24 Broad St., N. Y .— (V. 122, p. 478.)
TAMPA SOUTHERN RAILROAD.— (V. 120, p. 2939.)
TAMPA UNION STATION CO.— Property used Jointly by Atlantle
Coast Line R R ., Seaboard Air Line R y.. Tampa Northern and Tampa &
Gulf Coast R R . Tentative valuation as of June 30 1918 $335 000. Valua­
tion to be protested.— (V. 125 p. 383.)
TAVARES & GULF RR. CO.— Owns Ellsworth Jet. to Ocoee, Fla., 28.37
miles; Wait’s Jet. to Clermont, Fla., 5.95 m.; trackage. Tavares to Ells­
worth Jet. 3.39 m.; total 37.71 miles. Incorp. Mar. 27 1890. The I.-S. C.
Commission has placed a tentative valuation of $301,819 on the property
of the company as of July 1 1918. The I.-S. C. Commission on Jan. 25 1926
authorized the acquisition by the Seaboard Air Line Ry. o f control of the
road by purchase o f stock. V. 122, p. 746. Stock $250 000; par $100.
Pres., S. Davies Warfield, Baltimore, M d.; V .-P ., Sec. & Treas., R . L.
Nutt, N. Y . City.— (V. 125, p. 383.)
TENNESSEE ALABAMA & G E O R G IA R Y .— Owns road from Tennrer
see State line to Gadsden, Ala., 86.74 m.; trackage to Chattanooga, 7.85
m. The I.-S. C. Commission has placed a final valuation of $1,372,809
on the property of the company as of June 30 1917. Gen. M gr., Charles
Hicks was appointed receiver in Dec. 1920. V. I l l , p. 2424; V . 112, p. 1284.
The road was sold April 8 1922 to C. E. James, Chattanooga, for $130,000.
The I.-S. C. Commission has placed a tentative valuation of $1,422,809
on the total used and $1,372,809 on the total owned property of the company
as of June 30 1917.
STOCK.— The I.-S. C. Commission has authorized the company to issue
$200,000 Common stock and $400,000 Pref. stock and to assume obligation
In respect of $97,500 notes made by C. E. James. V. 115, p. 1533. Up to
May 1923 the entire preferred stock was held in treasury.
The I.-S. C. Commission on Aug. 30 1923 authorized the company to Issue
$500,000 of common stock at par and $1,062,000 of 50-year 6% 1st mort­
gage gold bonds at 90. Compare V. 117, p. 1237.
For 1925, gross, $309,859; net oper. income, $53,453; other income, $159;
int., rentals, &c., $67,259; bal., def., $13,646.
_
Pres., O. E. James; V .-P ., W. T . James; Sec. & Treas., J. L. Davies,
Chattanooga, Tenn.— (V. 123, p. 80.)
TENNESSEE CENTRAL R Y . CO.— Incorp. in Tennessee Jan. 26
1922. Company purchased all the properties of the Tennessee Central
RR. and possession of same was given at midnight Jan. 31 1922. Mileage:
Main line owned and operated, 294.95 m.; leased, 1.40 m.; total operated.
296 35 miles.
The I.-S. C. Commission has placed a tentative valuation of $8,790,000
on the owned and used properties of the company as of June 30 1916.
STOCK.— In addition to the amount outstanding as shown in table at
head of page, 10,000 shares of common stock are reserved for conversion of
preferred stock.
BONDS.— See table at head of page.

Nov., 1927.]

RAILW AY STOCKS AND BONDS

RAILROAD CO vIPANIES
[For abbreviations, cfee., see notes on page 8]

TampaU nion S tation Co— First mortgage________
Tavares& Gulf R R C O —1st M gold
------------Bax
Tennessee Central Ry— Common s t o c k ---------------Convertible preferred stock_______________________
First mige bonds red 105 S3,000.000 auth_____ zc*
Equip trust cert due $45,000 an n .________________
Terminal Railroad Association
— First mtge gold a vc"
First Consolidated intge 112,000,000 gold_ Gxc*
_
Gen M Ref $50,000,000^ s f call (text)_Ce.xo’ &r*
Equipment trusts due $22,800 y e a rly __________ G
Terre Haute & Peoria—
First mtge $2,500,000 gold guar p & 1 (end)_Un,*o‘
Texas midland RR— First Refunding mtge *2,500,000
Texas & N O R R— Main line first mortgage---------Consolidated mortgage for $4,195,000___ Q « c * 4 i
Dallas Dlv 1st M gold $20,000 per m (text). Un.sc*
Burrs Ferry Browndell & Chester first mortgage_
_

RE PO RT.— For 1926:

Miles Date
Road Bonds

Par
Value

1910
34 1925
295

1922
1926
1889
1894
1803
1920

145 1892
111 1908
1875
208 1893
1900
1907

Interest
Cal.Yrs.
Gross.
Net.
Other Inc. Rentals &c. Pref.Dirs. Balance.
1926_____ $3,238,513 $328,904
$33,143 $282,560 $10,343 $69,144
1925_____ 3,197,233 430,167
15,367
251,580
______ 193,954
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., H. W. Stanley: V.-Pres., B. P. Morse; Sec.. W. T. Hale Jr.;
Treas., P. D. Houston: Comptroller, Wm. M . M ooney. Office, Nashville.
Tenn.— (V. 125, p. 2385.)
TENNESSEE KENTUCKY & NORTHERN R R .— Leases for long term
Cincinnati Nashville & Southern R y., which extends from Algood, Tenn., on
Tennessee Central RR. to Livingston, 17 miles. V 98, p. 238. The
Olncinnati-Nashville South. Ry. is successor to Overton County R R ., fore­
closed Aug. 13 1912; V. 95, p. 481. The Cin.-Nash. Sou. R y. has issued
$25,000 stock and $150,000 1st M . tax exempt 25-yr. gold 5s, due Oct. 15
1937; int. A. & O. at Colonial Trust & Savings Bank, Chicago, 111., trustee;
denomination $1,000 each. The Tenn. Kentucky & Northern has issued
$10,000 stock and no bonds. The I.-S. C. Commission has placed a final
valuation of $825 on the owned and used property of the company and
$195,000 on the used but not owned property as o f June 30 1918. For 1926,
gross. $65,645; net oper. income, $13,066; deductions, $14,228; bal., def.,
$1,162. Pres., Mrs. P. E. Clark- V.-P. & Gen. Mgr.. C. P. Clark; Sec. &
Treas., F. E. Gillis, Nashville, Tenn.— (V. 124, p. 1663.)
TENNESSEE & NORTH CAROLINA R Y. CO.— A reorganization, as
o f June 26 1920, o f the Tennessee & North Carolina R R . Operates New­
port Tenn.. to Crestmont. N . C.. 19H miles (2 miles over leased track!
On Oct. 19 1926 the company leased the Smoky Mountain B E . (formerly
the Knoxville & Carolina R R .) from Vestal, Tenn., to Seviervfile, Tenn.,
27.80 miles. Trackage rights with Southern R y. from Knoxville to Vestal,
2.20 miles. Total operated, 52.16 miles. The road was bought in on
June 7 1920 for $200,000 by Fred Ely o f Philadelphia on behalf of A. J.
Stevens, representing the bondholders.
The l.-S. C. Commission has placed a final valuation of $431,322 on the
owned and used property of the company as of June 30 1916.
Capital stock authorized and outstanding, $250,000. Year 1926, gross.
$102,502 net oper. income. 1*3,831 other income. $4,587; rentals. <fcc.
$16,457; bal. def. $8,039. Pres., C. Boice; V.-Pres., J. W . Bell; Treas.,
J. W. Bell.— (V. 124, p. 3204.)
TENNESSEE R R .— Organized in 1918 in Tennessee, following a receiver«hip o f the Tennessee Railway (V. 107, p. 502). The main line as now oper­
ated extends from Oneida to Fork Mountain, about 45 miles, with several
•hort branch lines in Scott, Campbell and Anderson counties. The main
line and branches are chieflv used to handle timber and coal.
The road was in receiver’s hands from Jan. 21 1921 to Feb 13 1922
New securities authorized. &o , compare V. 115. p. 1633
The I.-S. C. Commission has placed a tentative valuation of $1,006,866
on the property of the company, as o f June 30 1918.— (V. 122, p. 3602.)
TERMINAL RR. ASSOCIATION OF ST.LOlJIS.— PROPERTY .— owns
and operates extensive terminals at St. Louis, with belt lines and bridges
and a tunnel 4,800 feet In length; owns and operates East St. Louis A
Oarondelet R y., 7.78 m., since 1903. V. 74, p. 479; V. 83, p. 1168. Touch
tnv the Missouri A Tlllnols M Idee \ Relt RR see that co’s statement
Tentative valuation of $18,656,880 on the owned and used properties of
the company, as o f June 30 1919.
ORGANIZATION.— Organized In 1889 The following oompanleB ar*
sole owners: Cleveland Cincinnati Chioago & St. Louis, Louisville & Nash­
ville, St. Louis Iron Mountain & Southern, Baltimore & Ohio Southwestern
Missouri Pacific, Wabash, Pitts. Cin. Chic. & St. Louis R R .. Chic. Rock
Isl. & Paoiflo, St. Louis <e San Fran., Chic. & Alton, Chic. Burl. & Quincy
5
111. Cent., Southern Ry., Mo. Kan. & Tex. and St. Louis Southwestern.
V. 75, p. 1355; V. 76, p. 103. These companies agreed under contract, tc
use the property forever and pay as tolls the interest, taxes, rentals and
other oharges, each line to contribute its proportion to the extent ot
one-flfteenth to make up any defloienoy from unforeseen circumstances
See V. 79, p. 499. See also St. Louis Merchants' Bridge Terminal RR
Government suit, V. 88, p. 1374; V. 90, p. 373; V. 91. p. 39.
Decision o f U. S. Supreme Court permitting all would-be tenants to use
the property, see V 94, p. 1187; V. 95, p. 545, 1208. 1685: V 96, p. 136
1774: v 7 98. p. 764. 1394. 1994: V. 100. p. 1734
In the litigation between the western lines o f the Terminal Railroad Asso­
ciation and the eastern lines over the “ bridge arbitrary,” Judges of the Cir­
cuit Court of Appeals, en banc as District Judges, on Feb. 8 1923 handed
down a final decree which declared that the Terminal and the eastern sub­
sidiary companies had been in contempt of Court since 1914, and ordered
the defendants to rebate to the western lines alleged unfair through freight
charges which they declared had been charged against them, to the advan­
tage of the Terminal Association and the eastern lines. Compare V. 116,
p. 1178. Appeal granted. V 116, p. 1412. Appeal heard and decided
Oct. 13 1924 by the Supreme Court of the United States, reversing the
decree of the District Court entered Feb. 8 1923, and holding that the
making of rates and the division of joint rates is a legislative, and not a
judicial, function, and that the controversy was referable to the I.-S. C.
Commission. Feb. 4 1925 the West Side Lines filed a complaint with the
I.-S. C. Commission and against the East Side Lines, asking for division
and reparation. In this proceeding no complaint is made against the
Terminal Railroad Association charges.
LEASES.—The leases of the Bridge and the Tunnel are for their corporate
existence, and were made July 1 1881. As to litigation, see V. 77, p. 299
612: V. 78. p. 1908. 2443. 2600: V 81. p. 32, 1666.
The I.-S. C. Commission on Sept. 19 1925 approved and authorized the
acquisition by the Terminal Railroad Association of St. Louis of control
of the St. Louis Merchants Bridge Terminal R y., the East St. Louis Con­
necting Ry. and the St. Louis Transfer Rv. hv lease. V. 121 . n. 1786.
STOCK .— Authorized *100.000.000: outstanding $3,087,800.
BONDS. &o.— Of the Gen. M. Ref. 4% s t. gold bds. of 1953 (*50,000,000
auth.), $17,500,000 are reserved to retire prior liens. A sink, fund which
began July 1 1906 retires $100,000 of these bonds yearly by lot at 110 and
Int. if not purchasable for less; $2,100,000 bonds have been canceled by




Amount
Outstanding

R a te

%

$225,000
5
5g
375.000
60.000 shs.
500.000
6
3.000.
000 g
5g
675.000
7.000.
000
5.000.
000
23.790.000
4K
182,400
2.230.000

5g

862.000
1.620.000
3.997.000
165,000

6

2 , 000,000

4

5g
4 g
6

139

| When
Last Dividend Places Where Interest and
Payable\ and Maturity
Dividends are Payable

M & N Nov 1 1940
M & S Sept 1 1935
& O Apr 1 1947
& A To Aug 1 1941
Oct 1 1939
Aug 1 1944
Jan 1 1953
To Jan. 15 1935
Sept
Aug
Aug
July
Aug
Apr

1 1942
1 1938
11930
1 1943
1 1930
1 1937

Safe Dep S Tr Co, Batl
r
Continental Tr, Balt.M d
Am Nat Bk Nash Tenn
JAmer Tr Oo.Nashv'e.or
Chemical Nat Bank. N Y
J P Morgan & Co. N Y
do
do
do
do
Guaranty Tr. C o., N .Y
Penn RR Co. N Y
None ever paid
So Pac. 165 B ’way, N Y
do
do
Commonw'th Tr C o. StL

sinking fund. The entire issue is subject to call at 110 and int. See V. 76,
p. 267, 383, 481, 807 V. 79, p. 499 V. 83, p. 1168; V. 85. p. 1647' V. 99.
p. 50; V. 100, p. 1079; V. 104, p. 2642.
Guarantees $3,500,000 St. L. Merchants’ Bridge Ter. 1st 5s and interest
on $2,000,000 1st 6s of Merchants’ Bridge. See those companies.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 113, p. 1472; V. 114, p. 855 _
REPO RT.— For calendar years:
Year—
Gross.
Net.
Other Inc.
Charges.
Bal., S u r p
1926*______$13,537,818 $3,348,501 $1,801,851 $3,181,902 $1,968,449
804,978
1,832,848
2,804,450 defl66.624
1925---------- 5,173,025
1924_______ 5,103,883
752,939
1,709,929
2,753,683 def290,815
1923---------- 5,121,839
793,770
1,897,745
2,730,711 def39,196
1922_______ 4,498,456
728,907
1,867,561
2,664,200 def67,732
For latest earnings, see “ Railway Earnings Section” (issued monthly).
* The 1926 earnings include the revenue from the St. Louis Merchants
Bridge Terminal Ry. C o., the East St. Louis Connecting R y. and the St.
Loais Transfer Ry. Co.
OFFICERS.— Pres., Henry Miller; V.-P. & Gen. Counsel, T . M . Pierce,
Sec. & Aud., C. A. Vinnedge; Treas., G. H. Steinberg.— (V. 125, p. 910.)
TERRE HAUTE AND PEORIA RR. CO.— (.See Maps of Pennsylvania RR.)
— Road operated from Terre Haute, In d ., via Decatur, to Peoria, 111. 173.62
m .,o f which 137.50 m. are owned and half interest owned in 7.50 m., and 28.55
m is bv trackage over other roads. From Oct. 1 1892leased for 99 years to the
Terre Haute & Indianapolis at rental of 30% o f gross earnings, less joint
facility rents, the lease being assumed Jan. 1 1917 by Pitts. Cin Ch &
St. L., subsequently assumed by Penn. R R . under lease of P. C. C. & St. L.
RR. for 999 years from Jan. 1 1921. V. 104, p. 73; V. 55, p. 766; V. 81,
p. 212. Lessee owns $651,700 o f the $1,837,400 pref. and $1,580,400 of
the $1,926,800 com ., and Pennsylvania Co. owns $1,170,200 pref. and
$289,800 common.
BONDS.— The bonds Central Union Trust C o., N. Y ., trustee), carry
the guaranty of the T . H. & Indianapolis. In 1905 all back coupons were
paid. V. 81, p. 156, 212; V. 72, p. 481,873. See guaranty, V. 81, p. 212.
EARNINGS.— For year 1926, gross income, $340,423; deductions, $310,791; dividends, none; bal., sur., $29,632, before deducting dividends,
charged to profit and loss.
OFFICERS.— Pres., A. J. County; V .-P ., C. M . South; Sec., S. H.
Church; Treas., T. H. B. MoKnight; Compt., F. J. Fell, Jr. Office,
Pittsburgh, Pa.— (V. 104, p. 2012.)
TEXARKANA & FORT SMITH R Y .— See Kansas City Southern R y.
and V. 124 p. 2425.
TEXAS CENTRAL RR-— Waco to Rotan, Tex., 268 m.; branch to
Cross Plains, 41 m. The M o.-Kan.-Tex. RR. Co. owns all of the stock
(common, $2,675,000 auth. and outstanding; preferred $1,325,000 auth.
and outstanding.) M .-Kan.-Tex. RR. of Texas leases the road for 99
years from M ay 1 1914, with authority to purchase the same, &c.— (Y.
104, p. 766.)
TEXAS C ITY TERMINAL R Y .— V. 124, p. 789.
TEXAS MIDLAND RR.— Road from Ennis on Houston & Texas Central
Ry. to Paris, Tex., 125 miles. Extension from Commerce to Greenville,
Tex., 14 miles, was completed and put in operation Nov. 15 1921. The
final valuation as of June 30 1914 has been fixed at $3,080,000 by the
I.-S. C. Commission. Stock, $112,000; par, $100.
Year end. Dec. 31 1925, gross, $1,043,365: net, $161,3i2; other income
$4,246: deductions. $168 634; bal., def., $3,076. Pres., E. H. R . Green;
Treas., W. P. Allen, Terrell, Texas.— (V. 119, p. 943.)
T E X A S & N EW O R L E A N S R R .— (Sec M a p S o . P a c . ) — H o u s to n , T e x .,
to O range (Sabine R iv e r ). I l l m iles; and S ab in e Pass t o D allas, 314 m iles,
s u n d ry bran ch es, e t c ., 120 m iles; to t a l D e c . 31 1925 545 m iles.
T h e I .- S . C . C o m m is s io n has p la c e d a t e n ta tiv e v a lu a tio n o f $ 1 8 ,3 1 3 ,7 3 0
on th e to t a l o w n e d a n d $ 1 9 ,8 0 9 ,8 1 9 o n th e to ta l u sed p r o p e r t y o f th e c o m ­
p a n y , as o f .Tune 30 1918.
L e a s e o f S o u th e r n P a c i f i c L i n e s in T e x a s a n d L o u i s i a n a .-— T h e I .- S . C .
C o m m is s io n o n D e c . 28 1926 a p p r o v e d a n d a u th o riz e d th e a c q u is itio n o f
c o n tr o l b y th e T e x a s & N e w O rleans R R . o f o th e r lin es o f t h e S ou th ern
P a c ific S y ste m in th e S tates o f T e x a s a n d L o u is ia n a , b y lease.
T h e o p e r a tin g s y s te m fo rm e d th ereu n d er b y lease e ffe c t iv e M a r . 1 1927
in clu d e s a b o u t 4 ,5 9 0 .9 1 m iles o f lin e, m a d e u p as fo llo w s :
C om pany—
M ile s .
T e x a s & N e w O rleans R R ______________________________________________ 4 6 6 .1 2
G a lv e s to n H a rrisb u rg & San A n to n io R y ., le a s e d ___________________ 1 ,3 6 8 .4 5
L o u isia n a W e s te rn R R . , le a s e d ________________________________________ 2 0 7 .7 4
M o r g a n ’s L o u isia n a & T e x a s R R . & S team sh ip C o . , le a s e d __________ 3 75 .37
H o u s to n & T e x a s C e n tra l R R . , le a s e d ________________________________ 862 .9 7
H o u s to n E a s t &
T e x a s R y ., le a s e d _____________________________
190.59
H o u s to n & S h r e v e p o rt R R . , le a s e d ____________________________________
3 9 .8 0
Ib e ria & V e r m ilio n R R . , le a s e d ________________________________________
2 1 .4 4
F ra n k lin & A b b e v ille R y . , le a s e d _____________________________________
39 .7 5
L a k e C h a rle s & N o rth e r n R R . , le a s e d ________________________________
4 4 .3 5
2 4 .9 9
D a y t o n -G o o s e C r e e k R y . C o . , le a s e d ________________________________
T h e San A n to n io & A ra n sa s P a ss R y . C o . , le a s e d ___________________ 8 3 0 .0 2
M ile a g e leased fr o m o th e r c o m p a n ie s _________________________________
3 2 .6 8
M ile a g e o p e r a te d u n d e r tr a c k a g e r ig h ts _______________________________
91 .4 9

Total miles operated_________________________________________ 4,590.91
The leases proposed to be executed are substantially uniform in their
provisions, being for the term of one year and thereafter, subject to termi­
nation on 30 days’ notice by either party. The lessee agrees to pay to or
for the account of each of the lessors annually a rental sufficient to provide
for interest on the lessor’s funded debt, income taxes on outstanding taxexempt bonds of the lessor, unextinguished discount on the lessors’ bonds,
sinking fund contributions and expenses necessary to keep up the corporate
organization of the lessor. In addition to these payments, it is provided

130

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

Miles Date
Road Bonds

Texas & P acific Ry— Common stk $50,000,000 auth
Pref (a & d) stock 5% non-cum red par_________
Gen & Ref Mtge ser “ B ” ____________________ c*&r
2,680
First consol (now 1st) mtge g _______________FP.xc* 1.387
Louisiana Dlv Br lines 1st M gold $12,500 p m.Bax
456
Second Cons Inc Mtge g __________________Ba.xc* 1.387
Seemed and unsecured notes— See text.
Equipment bonds Series GG due $219,000 ann_ y
_
do
do
Series HH due $165,000 ann-----------do
do Series JJ due $95,000,000 ann_____c*
do
do (U. S. R R . Adm.) due $159,200 ann_G
do
lease warrants (Pullman C o .)_________
do
do
(American Oar & Foundry)______
Receivers’ equip. 6% notes___________________
Receivers’ equip cert Series F F _______________
Texas Pacific-M issouri P acific Term RR o f New
Orleans—
1st mtge Series A (guar) red (text)__________ yc*&r*

Par
Value

1924
1925
1927
1920
1920
1920
1920
1922

1,000
1,000

1,000

2.847.000
2.145.000
1.425.000
1,273,600
446,493
70,805
141.000
594.000

1924

1,000

6.040,000

1,000

TE XA S AND PACIFIC R Y . CO. (TH E ).— New Orleans. La., west to
El Paso, Texas, 1,164 miles; Marshall via Texarkana Jet. and Whitesboro
to Fort Worth, 312 m.; Opelousas branch, Melville to Crowley, La., 57 m.
branches, 420 m .; total, 1,953 m.; deduct 105 m. trackage rights, Sierra
Blanca to El Paso; balance owned, 1,848 miles.
The I.-S. C. Commission has placed a tentative valuation of $68,170,227
on the total owned, and $65,083,616 on the total used properties of the
company, as of June 30 1916.
The Texas & Pacific Ry. Co. and the Missouri Pacific R R . Co. each
owns one-half o f the $2,000,000 stock of the Texas Pacific-Missouri Pacific
Terminal R R . of New Orleans (formerly Trans-Mississippi Terminal Co.)
And guarantee an issue o f 1st mtge. 534% gold bonds. Series “ A ” — see
that company below.
The I.-S. C. Commission on Dec. 21 1926 authorized the acquisition by
the company o f control o f Cisco & Northeastern R y., by purchase of its
capital stock. Y. 124, p. 232.
On July 6 1927, the I.-S. C. Commission approved the acquisition by the
company o f control of the Pecos Valley Southern Ry. C o., b y purchase of
its capital stock. V. 125, p. 512.
ORGA N IZA TIO N .— In 1888 reorganized (V. 43, p. 164; V. 45, p. 401)
Without having foreclosure sale confirmed, thus preserving Federal charter.
In Oct. 1916 receivers were again appointed and on Dec. 31 1923 the
stockholders approved a plan for a readjustment of the road’s finances,
which was declared operative in M ay 1924. The plan did not disturb
the capital stock but offered holders of the 2d mtge. income bonds 5%
non-cumul. pref. stock on a par-for-par exchange basis. The plan also
rovided for the creation of an issue of new gen. & ref. mtge. bonds secured
y a new mortgage subordinate only to prior mortgages o f about $31.000,000 and subordinate as to equipment trust obligations outstanding at
that time aggregating approximately $4,600,000.
STOCK.— The Missouri Pacific R R . Co. on Dec. 31 1926 owned $15.'
000,000 common stock, $23,703,000 preferred stock and $4,440,583 un­
secured coupon serial 6% notes.
The pref. stock and the com. stock have equal voting power and no mtge.
to secure add’l indebtedness shall be created (except the gen. & ref. mtge.)
no obligations maturing more than two years after their date (except the
notes described below, the Gen. & Ref. Mtge. bonds and equipment trust
obligations) shall be issued, and no stock on a parity with, or having a
priority, either as to dividends or assets, over the Pref. stock shall be issued
without, in each such case, the consent of the hollers of a majority of the
outstanding Preferred stock.
DIVS.— Initial dividend on the 5% non-cum. pref. stock of $2 91 a share
was paid Dec. 31 1924, covering the period from M ay 26 1924 to D ec. 31 '24.
Dec. 31 1925 and Dec. 31 1926 paid 5% annually.
BONDS.— See 1888 mortgage aDstracts, V. 47, p. 82: V. 78, p. 1448
The Weatherford Mineral Wells & Northwestern ($660,000 5s of 1902) tire
guaranteed, principal and Interest, by endorsement. V. 78, p. 344. The
$100,000 Denison St Pacific Suburban 5s are also guaranteed.
Louisiana Branch Lines mtg. is limited to $7,000,000. V. 72, d . 577, 1189
The $5,000,000 5s due Apr. 1 1942 o f the Union Terminal C o., Dallas
Tex., are guaranteed jointly with seven other proprietary companies.
General and Ref. Mtge Bonds.— Series B bonds will be red. as a whole
but not a part thereof, at the option o f the company, upon not less than
60 days’ previous notice, on April 1 1932, or on any int. date thereafter
up to and including April 1 1972 at 105% and accrued int. and thereafter on
any int. date, at a premium, equal to 34 % for each six months between the
redemption date and the date o f maturity. Authorized issue not to exceed 134
times the par amount o f the capital stock from time to time issued. The
mortgage securing these bonds shall be a lien, subject only to such of the
existing liens as are not displaced upon all the railroads, property and fran­
chises, and subject to existing equipment trusts, upon ali equip, now owned.
The lien of the mortgage shall also extend (subject to prior liens) to all
properties hereafter acquired by the use o f the new Gen. & Ref. Mtge.
bonds or their proceeds. Such lien shall be in the form of a direct mortgage,
but It may take the form of the pledge or assignment of securities of a cor­
poration or corporations owning property to which the lien Is intended to
extend.




Amount
Outstanding

$100 $38,755,110
100 23,703,000
1927 1000&500 16,000,000
1,000 24,989.000
1888
1,000 4,970,000
1901
1,000
1888
243.000

t ------------------------------------------------------------------------------------------------------------h at the lessee shall pay cash rental as to certain of the properties, said to
be based in large part upon the past and prospective earnings. The
following table gives the amount o f annual rental in each case:
Carrier—
Annual RentalHouston & Shreveport R R _____________________________________ $40,000
Louisiana Western R R _________________________________________ 504,000
Galveston Harrisburg & San Antonio R y _______________________ 1,000,000
Houston & Texas Central R R __________________________________ 1,000,000
Houston East & West Texas R R _______________________________ 200,000
■Southern Pacific Terminal C o__________________________________ 120,000
Compare also V. 124, p. 369.
SECURITIES, &C.— The stock Is $5,000,000, all but $900 owned by the
Southern Pacific. Dividend of 20% paid in 1909-10 from accumulated sur­
plus.
Of the $3,997,000 Dallas Div. 1st 4s, $1,190,000 are owned by the Sou.
Pac. Co. and the remainder are in sinking funds of proprietary companies.
Of the $862,000 main line first 30-year 6s, $460 000 were on Dec. 31 1925
held in the Sou. Pac. treasury and the remainder in the sinking funds of
■proprietary cos. There were also $2,575,000 Sabine Division bonds,
R E PO RT.— For 1926, showed:
Cal.
Net oper.
Other
Net
years.
Gross.
Inc.
Inc.
Deduction.
Inc.
$950,360
$372,507 $544,686 $778,181
1926_________ $10,317,157
11,095,852 1,765,903
88,667 502,180
1,352,490
1925_________
For latest earnings, see “ Railway Earnings Section” (issued monthly).—
<V. 124, p. 645.)

E

[V ol. 125.

BAILW AY STOCKS AND BONDS

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

5 1
C

text
See text
A & O Apr 1 1977
J <o D June 1 2000
S
J & J Jan 1 1931
Mar 1 Dec 1 2000

5
434
4 34

M
M
A
J

5
6g
5 g
5g

6
6
6

6

5

C o’soffice, 120Bway,N Y
do
do
do
do
do
do

& N To N ov 1 1939 Co’s office ,120 B way ,N Y
& S T o Sept 1 1940
do
do
do
do
& O Apr 1 1942
& J15 To Jan. 15 1935 Guaranty Tr Co, N Y
May 1 1930
J & J Jan 1 1930
M & S Sept. 1 1930 Am Exch-Irving Tr Co
A & O Oct 1 1938
Bankers Trust Co. N Y

534 g M &

S Sept 1 1964

Co’soffice, 120 B way ,N Y

General & Ref. Mtge. bonds may be issued in separate series, maturing
on the same or different dates, and bearing the same or different rates of
Interest, and any series may be made redeemable, in whole or in part, at
times, on notice and at premiums, and may have such conversion privileges
and other provisions as determined by the directors.
Notes to Director-General of Railroads, were redeemed on Sept. 1 1927.
Unsecured Coupon Serial Notes, were redeemed Apr. 1 1927.
Equipment trusts o f 1917, see V. 104, p. 864. Equipment trusts. Series
GG, V. 119. p. 2065. Series HH, V. 121, p. 975.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114, p. 1653.
RE PO RT.— For 1926, in V. 124, p. 2739, showed:
Operating Revenues—
1926.
1925.
1924.
1923.
F reig h t....................... ..$26,556,342 $26,051,237 $23,930,347 $22,482,491
Passenger.....................
6,107,849
6,558,959
7,150,275
7,573,856
715,718
720,485
794,916
733,475
Mail..........................
Express.................
1,106,654
1,022,288
1,047,445
934,413
330,289
321,767
314,414
302,309
Miscellaneous__________
Incidental, & c .............
632,807
598,163
547,183
565,945
T o ta l............... ........... $35,449,650 $35,272,899 $33,784,580 $32,592,489
Operating Expenses—
Maintenance o f way, &c. $5,414,906 $5,205,646 $4,841,083 $4,571,382
6,982,329
6,471,081
7,273,178
Maintenance of equipt. . 6,511,860
786,060
700,031
625,094
845,628
Traffic expenses________
Transportation exp_____ 12,473,426 12,363,073 11,589,114 11,485,278
1,127,694
1,767,090
1,157,622
General expenses______
1,178,699
Transportation for in v . . 0291,817 0.342,917 0.4 20,7 05 0.443,753
Miscellaneous operations
355,686
331,917
294,629
312,857
Total oper. expenses__$26,488,388 $26,453,802 $25,242,324 $24,981,658
Net earnings___________ $8,961,162
$8,819,097 $8,542,256
$7,610,831
1,862,786
1,952,406
1,876,696
1,457,832
Tax accruals, &c______
Operating income____$7,098,476 $6,866,691
Other operating income.
799,923
768,443
Total oper. in c o m e ...
Hire of equipment..........
Rentals, &c....... ..............

$7,898,399 $7,635,134
953,835
967,162
703,888
693,867

Net inc. bef. fix. chgs. $6,240,676
Non-operating in com e..
368,656
Gross income_________ $6,609,333
Int. on funded debt____ 2,474,731
Int. on unfund, debt____
110,917
Misc.rents, taxes, & c.__
96,345

$5,974,105
373,137

$6,665,560
714,804

$6,152,998
693,367

$7,380,364 $6,846,365
926,314
979,935
652,438
628,896
$5,801,611
346,103

$5,237,535
371,812

$6,347,242 $6,147,714 $5,609,347
2,413,255
2,170,339 1,778,841
14,784
26,375
235,987
97,648
72,407
161,407

Net income..................$3,927,341 $3,821,555 $3,878,591 $3,433,111
Pref. dividend............
1,185,150
1,185,150
707,798
...........
Inc. appr. for inv. in
physical property____
______
______
______
2,871,610
Misc. approp. of inc-----------------------------561,501
Income balance______ $2,742,191
$2,636,405 $3,170,793
______
For latest earnings, see “ Railway Earnings Section" (issued monthly).
OFFICERS.— Chairman, William H. Williams; Pres., J. L. Lancaster
V.-P., Finley J. Shepard, Kingdon Gould, O. B. Huntsman, J. B. Payne
and J. A. Somerville; Sec. & Treas., O. W . Veitch. New York office, 120
Broadway.— (V. 1>5, p. 1458.)
TE XA S PACIFIC-MISSOURI PACIFIC TERMINAL RR. OF NEW
ORLEANS.— New Orleans terminals, opened Feb. 15 1916. Formerly
known as Trans-Mississippi Terminal R R . C o., the stockholders on June 13
1924 changing the name as above.
STOCK.— The Texas & Pacific R y. and Missouri Pacific R R . each owns
one-half of the $2,000,000 stock.
BONDS.— In Oct. 1924 company issued $5,000,000 1st mtge. 534!%
gold bonds series A. In M ay 1926 Kuhn, Loeb & Co. sold $1,040,000
additional amount of series A bonds at 100 and int. Guaranteed jointly
and severally by endorsement by Texas & Pacific Ry. and Missouri Pacific
R R . Entire amount of Series “ A ” bonds, but not a part thereof, will be
red. on Sept. 1 1934 or on any int. date thereafter, at 10734 and int., upon
not less than 60 days previous notice.
The first mtge. 534 % gold bonds. Series “ A ,” will be issued under a new
first mortgage of the Terminal R R . Total authorized limited to $7,500,000
at any one time outstanding. The bonds will be issuable in series and will
bear interest at the rate of not exceeding 6% per annum, and the remaining
$2,500,000 of bonds will be issuable under conditions to be stated in the first
mortgage for the acquisition of additional properties to be subjected to the
lien thereof, additions and betterments to the properties owned by the
Terminal R R ., and up to but not exceeding $1,000,000 of bonds, for addi­
tions and betterments to the properties covered by said leases above de­
scribed, and also for the acquisition of equipment to the extent of 90% of
the cost thereof.
The mortgage will provide for a sinking fund of 5% per annum of the
amount of bonds issued in respect of equipment, for a period of twenty
years after such issue. V. 119, p. 1283.
R E PO RT.— For 1926:
Int.,
Bal.,
Cal.
Other
Years—
Gross.
Net.
Inc.
Rentals, &c.
Def.
1926_______$255,602
def$192,481
$797,779
$607,456
$2,159
1925_______ 226.222
def223,598
818,577
595,535
Pres., J L Lancaster — V 123, p. 322.

Nov., 1927.]

131

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

T ol 5c O hio C entral— Com stock ($6,500,000 auth).
197
First Mortgage gold (V 63, p 436) _______ -Ce.x
Western Division first mortgage gold___
_N.xo* Text
General mtge (V 62, p 594) ($2,000,000) g -.Ce.xo*
395
St Mary’s Division first mtge gold $500,000-- G.xc*
60
do
first pref lno $500,000 non-cum 4% -G .r
60
Equipment trust c e r t ific a t e s .._
_
__________
do
do
N o. 52 due $144,800 annually.G

1885
1892
1894
1901
1901
1913
1920
1920

Par
Value

Amount
Outstanding

Rate
%

$100 $5,846,300 See text
100 3,701,400
1,000 3,000,000
5K
1,000
2,500,000
5g
1,000
2.000,000
5g
1.000
500,000
4g
272,000 Got 1 If
1.000
213,323
4)4
1,158,400
6g
7
9,602

When
Payable

Last Dividend
and Maturity

J & J July 1 1935
A & o Oct 1 1935
J & D June 1 1935
F & A Feb 1 1951
earned Feb 1 1951
J k J Jan 1 1928
J & J 15 To Jan 15 1935
A J k filS Apr 15 1935

Places Where Interest a n d
Dividends A re Payable

All owned by N Y O RB
All owned by N Y O RB
Central Union Tr, N Y
do
do
do
do
Guaranty Trust Co, N Y
Second Nat Bank, Toledo
Guaranty Trust Oo. N Y

Guaranteed Bonds— K a D & Mich Ry— See that oo
lOO&c
New York.
T oled o Peoria & W est’ n R R — 1st M (for $1,000,000)
230 1927
1 ,0 00,000
6 g J A J Jan 1 1952
T oled o Terminal— First > $6,000,000 g int guar .Col-x 28.59 1907
Am Exch Irv Tr Co, N Y
1,000 a5,241,000
4)4 g M A N Nov 1 195/
T oled o W albonding Valley & Ohio— S e e P e n n . Ohio & D e troit R R.
T on op ah & G old field — Common stock___________
100
1,650,000 See text Various Mar 15 ’24 3% Company’s office, Phils
Preferred stock 7% n o n -cu m ____________________
do
do
100
500,000 See text Various Apr 12 ’26 7%
T onopah & Tidewater R R .— 1st M deb stk oerts g gu
Ind & Gen Inv Tr .London
1905
A & O 15 July 1 1960
£500,000
4)4
Sterling bonds, guar, redeemable 105__________ .
£100
Glyn,Mills.CurrA Co. Lon
1907
M & S July 1 1960
150,000
5
Toronto Ham & Buff— 1st M g ---------------------- AB.zo* 104.31 1896
(Treas., 466 Lexington
1,000 3,280,000
4 g J & D June 11946
Consol 1st M $10 000,000 sk fund guar_________ Gr
\Ave., N . Y . City.
1916
1,000
2.000,000
4)4 g F Sc A Aug 11966
Guaranty Trust Co. N Y
Transylvania— First mtge gold $500,000 ___ G.xc'& r
42 1906 1.000AO
434,000
6 m J A J Jan 1 1956
Traverse City R R — See Grand Rapids & Ind R y—
Tremont & Gulf— First mtge gold red text_ IC.xo4
_
F Sc A Feb 1 1948
New York and Chios g
o
67 1908
1.000
1.550,000
5
a Additional 259,000 in treasury.

TOLEDO COLUMBUS & OHIO RIVER R R . CO.— Consolidated with
the Cin. Leb. & Nor. R y., Cleveland Akron & Cln. R y., Manufacturers
R y .. and Penna-Detroit R R . to form the Pennsylvania Ohio & Detroit
R R .. which see. Funded debt assumed by the new company.(— V. 125,
p . 3129.)
TOLEDO & OHIO CENTRAL R Y .— Mileage as o f Dec. 31 1926:
Miles Second
Yard Tr'k, Total
of
Main
Sidings,
M ile Road. Track.
Ac.
age.
Toledo to Bremen____________________160.08
1.63
154.08 315 79
Whitmore to Thurston________ ______ 157.14
5.32
94 56
257 02
New Lexington to Corning_____________ 12.33 ____
10.75
23 08
Peoria to St. M ary’s_________________ 58.87
13.45
72 32
Truro to East Colum bus_____________ 4.18
2.40
6.58
Doty to Mine 24______________________
.92
1.22
2.14
Corning to Chauncey___________________ _
____
22.74
22.74
____
0.72
0.72
At Carrington, Ohio___________________ _

TONOPAH AND GOLDFIELD RR. CO.— Owns Tonopah Junction
via Tonopah to Bullfrog Junction, Nev., 89 miles; trackage, 9 miles;
branches. &c., 14 miles. V. 82, p. 80. Tentative valuation, V. 113, p. 1054
DIVS. T3. T4. T5. T6. T7. T8. T9. '20. '21. ’22. '23. '24. '25.
’26.
...............
C o m ... 7)4 7 10)4 7 3)4 10)4 7
7
0
0
7
3
P r e f... 7 7 7 7 7
7 7 7 0 0 7 7
7
7
A sink, fund retired to July 1 1917, all the $1,150,000 bonds theretofore
ltsued under the $1,500,000 mortgage of 1906. V. 105 p. 717 ;V. 82, p.806.
REPORT.— For years ending Dec. 31:
Gross
Total Net
Int.
Pf. Divs. Com. Div. Balance.
Earns. Income. Rents, A c .(7% p.a.) (7% p.a.) Sur. or Del
1926 ____ _____ $271,782def$l ,937 $10,640 $35,000
32,723 11,546 35,000
1925 ____ .......... 345,172
48,066 11,372
sur .36,694
1924 -------_____ 360,218
336,116 10.875 35,000
1923 ____ _____ 412,746
77.809 11.726
1922
......... 420.997
OFFICERS.— Pres. & Gen. M gr., M . B. Cutter; V .-P „ W . L. Haehnlen;
Sec. A Asst. Treas., P.S. Bickmore, Bullitt Bldg., Phila.— (V. 124,p.2276.)
TONOPAH & TIDEW ATER RR.— Owns Ludlow, Cal., on the Atch.
Total mileage........................................ .5 6.950
.
3 3 2
9
299.92 7 0 3
0 9
Top.
The I.-S. C. Com ission has placed a tentative valuation of $26,060,000 & S. Fe., to Beatty, Nev., 169 miles; extension proposed to Tonopah,
m
on the owned and used properties of the com
pany as of June 3 1 1 .Nev., 110 miles. Acquired the Bullfrog-Goldfield R R . in 1920. V. i l l , p.
0 9 8
Owns all stock and D of Zanesville W
onas
A est.R y ., Thurston to Shaw
nee 1567. The I.-S. C. Commission has placed a final valuation of $2,709,998
on
and Zanesville, O., with branches, 9 m oper. separately. V. 75. p. 9 6the owned and used property of the company as of June 30 1915. Stock
0 .,
0
authorized, $1,000,000. The debenture stock certificates are guaranteed
In 1 1 purchased from the Ches. & Ohio Ry. and Lake Shore & Mich
9 4
Southern Ry. now New York Central RR. $8,947,900 of the $ ,0 0 by Borax Consolidated, Ltd., and are secured by deposit of mortgage and
9 0 ,0 (9
0
bonds
Kanawha & Michigan Ry. stock, issuing therefor dem
and or one-year note* issued thereunder with the Indian & General Trust C o., Ltd., of
London; redeemable at 105. V. 81, P- 1793; V. 82, p. 753, 871, 1440- The
for $8,719,012. V. 1 0 p. 1 5 .
0 ,
2 0
New York Central RR. ow $3,7 1,4 0 pref. and $5,846,300 combonds of 1905 and 1907 are guar, by Borax Consolidated. V. 86, p. 722.
ns
0 0
m
on
OFFICERS.— Pres.. R. O. Baker: V.-P. & Gen. M gr., O. B. Zabrlskle;
stock—all the capital stock outstanding—the balance authorized is held
b y the Toledo & Ohio Central Ry. V. 90, p. 7 1 1 9 : V. 92. p. 804. Sec.. M . R. Musser.— (V. 124. p. 2585.)
7 , 0 5
TORONTO HAMILTON & BUFFALO R Y .— Owns Welland Junction
The directors of the N. Y. Central RR. on Dec. 1 1 2 authorized the
4 9 1
»o Waterford Junction, Ont., 80 miles; Port Maitland on Lake Erie, Ont.,
lease of this com
pany for a rental of fixed charges and taxes, and in addition
thereto an am
ount equal to the net earnings for the year 1 2 . V. 1 3 p about 20 miles to Smithville; trackage, 4 miles. Operates car ferry
9 1
1 north
.
between Ashtabula and Port Maitland in connection with N. Y . Central
2 1 : V. 1 5 p. 5 6
6 4
1 .
4
Lines. V. 106. p. 930.
D IV ID E N D S.— fl911.
1913-21.
1913-21. 1922.
1923-25.
STOCK.— Authorized, $5,500,000, $5,415,500 outstanding, held by
[
5 yearly
None
9
5 yearly
Common (% )---------• 5
New York Central system and Canadian Pacific, the last named on
Preferred ( % ) -------- ( 5
5 yearly
None
5
5 yearly
Dec.
GUARANTIES.— The com
pany guarantees the principal and Int. of the 31 1925 owning $1,469,520 stock. V. 61, p. 753; V. 63, p. 359; V. 68.
p. 475. 1134; V . 69, p. 29. In Oct. 1912 a cash dividend o f 20% was paid.
Kanawha & Michigan first m
tge. bonds (see that company).
On
Equipment trusts issued to Director-General for rolling stock allocatedOct. 1 1913 1)4% (quar.) was paid; 1914, Jan., April and July, 1)4% ;
none then to Jan. 1917, when 1)4% was paid; April 1917 to Jan. 1919.
to this com
pany. See article on page 3 and V. 1 4 p. 411.
1 ,
Governm
ent loan, prom
issory notes. V. Ill, p. 2 2 ; V. 1 2 p. 1 3 5% p. a. (1)4% quar. J.). In April, July and Oct. 1919 and Jan 1920.
Ac.,
5 1
1 ,
6
paid 1)4% ; 1921. 6% ; 1922. 6% : 1923. 6% ; 1924. none; 1925, 6% and
REPORT.— For 1 2 :
9 6
20% in stock; 1926, 6% : 1927, 6%
Cal.
Total
Int. A
Com.
Pref.
BONDS.— Under traffic agreement with N. Y . Central, Michigan Cent.
years.
Inc.
Rents.
divs.
divs.
Balance.
Pacific, Interest on 1st
is
1926------------------ $1,756,696 $1,058,406
$185,070 $292,315
$220,905 Oanada Southern and Canadian 68, p. 475. and advt. in Mtge. bonds of
practically guaranteed. See V.
“ Chronicle”
1925--------------1,800,9311,100,154
. ___
_______
185,070
292,315
223,392
OFFICERS.— Pres., P. E. Crowley; Sec., E. F. Stephenson; Gen. Treas. Vfar 11 1899IstM .bon d s ($10,000,000 auth.) areafirst lien on the former
The Consol.
H . G. Snelling ;Compt., W . C. Wishart.— (V. 124. p. 1663.)
Brie Sc Ontario Ry. at $45,000 per mile, and a second lien on remainder of
TOLEDO PEORIA & WESTERN R R .
the property, to provide for betterments, refunding Ac. V. 101, p. 528;
Mileage— Lines Owned—Miles.
Trackage—
Miles. V. 99, p. 1750. Canadian Pacific R y. Co. owns$1,000,000of outstanding
Main line, Effner, Ind., to
Peoria & Pekin Union R y..
bonds. The Michigan Central R R . C o., Canada Southern R y. Co.
Warsaw, 111________________ 219.8
Peoria to Hollis, 111_________ 7.6 and Canadian Pacific R y. Co. were to join in a guaranty of the interest
Lomax Branch-La Harpe to
Keokuk & Hamilton Bridge Co.
thereon and provide for sinking fund in proportion to their respective in­
Lomax, 111_________________ 10.6
to Keokuk, Iowa___________
0.7 terests therein, but in March 1917 the Ohio Supreme Court neld that,
Owned and operated jointly,
while the New York Central might guarantee such of the Toronto Hamilton
Hamilton, 111., to east end
& Buffalo bonds as it may itself own or acquire, it is not permitted, under
Keokuk bridge______________ 0.6
the Ohio law, to make a joint guaranty with the other proprietary com­
Total_______________________231.0
Total______________________
8.3 panies.See V. 101, p. 1975. and Can. Pac.. V. 103. p. 1508: V. 104. p.1146Total mileage operated, 239.3. Yard tracks and sidings, 50.8.
Gross Net (after
Other Charges.
Balance.
Col.
H ISTO R Y.— Incorporated Nov. 15 1926 in Illinois to take over the Year—
Revenue. Taxes).
Income.
Ac.
Dividends.
Surplus.
property o f the Toledo Peoria & Western Railway C o,, which was sold 1926---$3.094,432 $959,582 $201,187 $233,333 (6%)$324,900 $603,537
at foreclosure June 11 1926 to George P. McNear Jr. o f New York, a 1925-.. 2,821.733
617,432 223,038 243,206 (6%) 270,570 326,514
minority bondholder, for $1,300,000. Transfer o f the property was effected 1924--. 2,530,475
143,879 286,487 252.091
------------ 178,275
April 18 1927 as o f April 1 1927. The Inter-State Commerce Commission 1923 —- 2,910,527
721,981 323,896 234,509 (6% ) 270,570 540,618
has placed a tentative valuation o f the property owned and used as of 1922. - 2.444,381
450.108 327,852 255.557 (6% ) 270,750 251.653
June 30 1917 o f $6,881,050, and owned but not used, $237,634, a total of
OFFICERS.— Pres., John N. Beckley; V.-Pres., Ed. W . Beatty; Gen.
$7,118,684.
M gr., H. T. Malcolmson; Sec., Ed. F. Stephenson; Treas., Harry G.
Connection with Atchison Topeka A Sant Fe Ry. Co.-—On April 7 1927 the Snelling. Office, Detroit, Mich.— (V. 125, p. 2805.)
I. S. C. Commission granted a certificate o f convenience and necessity
TRANSYLVANIA RR.— Hendersonville to Lake Toxaway, N . O., 42
for the construction o f a connection with the main line of the Atchison miles. Leased to Southern Ry. for 50 years from Jan. 1 1906 at a rental
Topeka & Santa R y. Co. at Lomax, 111.
of $25,000 yearly for 10 years and $30,000 thereafter. V . 83, p. 97. Stock
C A PITA LIZA TIO N .— Under date of June 22 1927 the I.-S. C. Com­ authorized. $420,000. Bonds, see table.— (V. 87. p. 814.)
mission authorized the issuance and delivery o f a total o f $65,000 common
TREMONT & GULF R Y .— Owns Tremont to Winnfield, La., 48 miles
stock, $100 par value, and $1,000,000 1st mtge. 6% bonds due Jan. 1 Menefee to Rochelle, 18.47 miles; total, 66.74 miles. The I.-S. O. Commis­
1952, to George P. McNear Jr., purchaser of the property at the foreclosure sion has placed a final valuation of $1,222,430 on the property of the
sale, in payment for the purchase price, after making deduction for certain company as of June 30 1916. Stock authorized, $5,000,000; outstanding,
property in Peoria, 111., which was sold to the Peoria & Pekin Union R y. Co. $2,000,000; par, $100. Of the bonds ($5,000,000 auth. issue), redeemable
RE PO RT.— For year ended Sept. 30 1927:
in whole or part on and after Feb 1 1918 at 105 and int ; the $3,450,000
Net Oper.
Other
Deducunissued are reserved for extensions at not over $30,000 per mile for im­
Gross.
Inc.
Inc.
tions.
Net.
provements, &c., under restrictions contained in the mortgage. V. 88,
1926-27----- $1,758,862
$35,601
$17,374
$6,378
$46,597
p. 1314. Pres., J S. Joyce, Chicago; Sec., Frank P. Stubbs Jr., Monroe,
OFFICERS.— Pres., Geo. P. McNear Jr.; Compt., W . A. Weise; Treas., La.— (V. 122, p. 2796.)
F. L. Foxall of Peoria, 111.; Sec., G. A. Gladson o f Chicago, 111.
Office,
T R IN IT Y & BRAZOS VALLEY R Y . CO. (TH E).— Owns Cleburne to
Union Station, Peoria, 111.— (V. 125, p. 1968.)
Houston, Tex., 236 m.; Teague to Waxahachie, 67 m.; operates trackage,
TOLEDO TERMINAL R R .— Owns belt road, 28.59 m. (including two 64 m.; total, 367 miles. On June 16 1914 J. W . Robins was appointed
receiver, the interest on bonds due Jan. 1 1914 being in default. In Sept.
bridges) with 2 M-mile branch to terminal station; total, 31.27 miles.
Tentative valuation o f $2,486,890 on the owned and used properties of 1919, Gen. John A. Hulen was appointed receiver to succeed L. H. Atwell,
resigned. V. 109, p. 1180; V. 98. p. 1921.
the company, as of June 30 1927.
Colorado & Southern and Chic. R .I. & Pac. each own half interest in stock
ORGANIZATION.— Controlled by nine roads. V. 84. p. 130; V. 86.
(the Rock Island’s interest being subject to the lien of the Colorado & South­
p. 100. 347, 1402: V. 86. o 170.
Stock authorized, $6,000,000; outstanding, $4,000,000. The Pere ern mtge.) The Chic. R . I. & P. R y. Co. also agreed to pay for, on M ay 1
1935 (date of maturity of Col. & Sou. refunding and extension mtge.),
Marquette and Baltimore & Ohio each guarantees payment of 16.12%
y
o f the interest on the bonds, and the Hocking Valley, Pennsylvania Co., one-half of the 1st mtge. bonds and other securities of the Tr. Sc B. V. R .
New York Central, Michigan Central, N . Y . Chicago & St. Louis, Grand V. 80, p. 1423. 2622; V. 82, p. 930, 986; V. 99, p. 1529. This latter obliga­
tion was disavowed by receivers of the Oh. R . I . & Pac., but in Jan. 1919
Trunk Western, Hocking Valley and Toledo & Ohio Central, 9.68% each
For cal. year 1926, gross, $1,508,701; net oper. income, $174,984; other a settlement was reached by which the latter company on payment of about
$4,000,000 cash to the Colorado Southern, obtained ownership of a half
Income, $439,479; interest, rentals, A c., $188,809; bal., sur., $425,654
A. B. Newell, Pres. A Gen. M gr.; D. C . Follas, Sec. & Aud.; O. H Interest in the property. V. 109, p. 672, 677; V. 108, p. 380, 1611; V . 103.
p. 2429; V. 100, p. 2087; V. 102, p. 885.
McKeand, Treas.— (V. 120, p. 1745.)




132
K A IL W A Y STOCKS AND BONDS
[V o l.

125.




Nov., 1927.]

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

Miles Date
Road Bonds

Par
Value

5.56
Troy & Greenbush— Stock 7% rental New York Cent
29
Tuckerton RR— 1st M ext 1910 red 1920 at 105----- o*
101
Ulster & Delaware— Cons M tor $2,000,000 -g-Ce.o*
Refunding mortgage $3,200,000___ ____ G.o*Ar
19
Unadllla Valley— First M $200,000 gold redeem at 110
Union Pacific RR— Common stock J296.178.7UU-----Pref stock 4% non-oum $200,000,000 (V 80, p 1364)
First M g RR A land grant $100,000,000 g
Bax 2.090
do
do

do
do

do
do

do
do

sterling.

t> Union Pacific RR on Dec 31 1926 owned an additi onal $ 14.098 .000.

Owns one-quarter interest in Houston Belt & Terminal Ry.
Tentative valuation, V. 113, p. 1054.
Stock, $304,000; par, $100. In Aug. 1905 made a first mortgage to
secure 30-year 6% bonds due 1935 at $30,000 per mile, all to be deposited
as issued under Col. & South, refunding mortgage; outstanding Dec. 1923,
$8,760,000. During 1919 the Colorado & Southern R y . Co. and the Chicago
Rock Island & Pacific R y . Co. canceled all of the outstanding and unsecured
6% certificates of indebtedness theretofore issued by the Trinity & Brazof
Valley R y. Co. under the provisions of the agreement of March 31 1906. for
advances made to cover deficits in the income of the Trinity & Brazos Valle)
Ry. Co. from June 1 1907 to June 16 1914, inclusive. The 5% equip bonds,
of 1907 are guar, jointly, p. & 1., by Col. & Sou. and Chic. R. I. & P
V. 84. p- 509
The I.-S. C. Commission on Nov. 27 1926 authorized the company to
issue $400,000 o f third series receiver’s certificates.
For year end. Dec. 31 1926, gross, $2,816,502; oper. inc., $146,173;
other income, $11,373; deductions, $913,567; bal., def., $756,021. Pres.,
and Receiver. John A. Hulen; Sec., D . C. Haggart; Treas., R. G. Ballinger.
O ffic e , H o u s to n . T e x a s .— (V . 123. p . 3 0 3 5 .J

TROY fir UKEENBUStl RR. -Owns frum froy to Rensselaer, 5.56 m.,
douDle track; leased to the Hudson River RR Co. in 1851 at 7% O jz76 .t,
000 stock. Lease assumed by N. Y . Cent. R R . Dec. 1914 — V. 106. p.92*
1 CLK E R IO in Rk. owns Whitings station to 1'uokertoo N j zb m
i
The I.-S. C. Commission has placed a final valuation o f $503,946 on the
property o f the company as o f June 30 1916. Stock authorized, common,
$125,000: pref., $500,000; outstanding, common, $106,868; pref., $445,375;
par, $50. Dividends on pref. stock were paid as follows: 1921, 2% ; 1922,
4% ; 1923, 4% ; 1924, none; 1925, 2% ; 1926, 4 % . Year ending Dec. 31 1926:
Gross, $130,726; gross income, $20,494; net income. $14,276. Chairman,
T . P. Price; Pres., C. G. Conrad; V.-Pres., C. S. Starr; Sec. & Treas.,
Geo. J. Banse of Philadelphia, Pa.— (V. 123, p. 2773.)
ULSTER AND DELAWARE RR. CO. (TH E).— Owns from KingstonPoint (on Hudson River), N. Y ., to Oneonta, 107.03 miles, with branches,
a total of 128.88 miles. The I.-S. C. Commission has placed a final valu­
ation of $6,468,019 on the owned and used property of the company as of
June 30 1916. Stock, $3,000,000; outstanding, $1,900,000; par, $100. As
to refunding 4s of 1902, see V. 75, p. 667: V. 79, p. 153
P r o te c tiv e C o m m itte e . — It is anticipated that the company will not be able
to make payment on their $2,COO,000 1st consol, mtge. bonds when they
become due on June 1 1928. For that reason holders are urged to make
deposit of their bonds with the June 1 1928 coupon attached, with Gentral
Union Trust Co,, depositary. 80 Broadway, N . Y. City.
C o m m itte e . — Frederick J. Lisman, New York; Arthur M . Collens, Hart­
ford; William G. Edinburg, New York, with Allan B. Lane, Sec., 20
Exchange Place, New York, and Cook, Nathan & Lehman, counsel.—
(V. 125, p. 2669.)
D IV ID E N D S.— Divs. o f 3% annually Dec. 1914 to 1922, incl. none since.
RE PO RT.— For 1926, in V. 124, p. 2114, showed:
G ro s s .

N et.

I n t ., R e n t a l s ,& c .

B a la n ce .

1926_______________ $1,242,253
$104,645
$216,342
d ef.$lll,6 97
1925_______________ 1,331,587
118,444
213,426
def.94,982
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., Edw. Coykendall; Sec., H. H. Flemming; Treas.. Frank Coykendall. Office, Kingston. N. Y .— (V. 125. p. 2669.)
UNADILLA VALLEY R Y.— Owns road from Bridgewater to New
Berlin, N. Y ., 20 m. The I.-S. C. Commission has placed a tentative
valuation o f $316,008 on the total owned and $316,000 on the total used
property of the company as of June 30 1918. Stock, $200,000: par $100.
V. 78, p. 104. Bonds, see table above. V. 78, p. 1499. Lewis R. Morris is
trustee.
R E PO RT.— For 1926:
Calendar Years— Gross.
Net.
Oth.Inc. Int.,Rent,&c. Balance.
1926.-------- ------------- $104,099
$14,612
$2,949
$9,192
$1,915
1925
_________ 91,261
12,500
2,793
9,545
5,748
Pres., Lewis R. Morris, 27 Cedar St., New York.— (V. 122, p. 3336.)
UNION PACIFIC RR CO.— (See Map. )— The lines operated on Dec. 31
1926 aggregated 9,677 miles of road (with 1,494 miles of additional main
track and 3,733 miles o f yard track and sidings), extending from Council
Bluffs and Kansas City in the east, via Denver. Cheyenne, Ogden, &c., to
Portland. Ore., and Spokane. Seattle, &c., in the west. The system comprised:
Miles of Road on
Wholly Owned Leased Tr'k’ge DeducTotal
Dec. 31 1926—
Owned. Jointly.
&c. Rights, tions. Operated.
Union Pacific R R __________ 3,673
3
3
16
7
3,688
Capital Stock Owned (see each co .)—
Oregon Short Line R R ______2,247
x237
13
54
2,443
Ore.-Wash. RR. & N. C o_ 2,006
_
77
95
306
y248
2,237
Los Angeles & Salt Lake R R .l ,075
1
132
1,208
Total------------------- -------- -.9,001
81
335
467
309
9,677
x Leased from Oregon-Wash. R R . & Nav. Co. y Includes 237 miles
leased to Oregon Short Line
Valuation.— The I.-S. C. Commission has placed a tentative valuation of
$242,426,352 on the total owned properties and $242,064,968 on the total
used properties of the company as of June 30 1919. V. 125, p. 512. The
company has filed a protest on the valuation figures. V. 125, p. 1190.
c IS T O R Y . — inoorp. in Utah in 1891 pel plan ol Oct. 15 1895 iV o i, p.
704, 705, and V. 64, p. 424; V. 66, p. 618; V. 67, p 790.)
Under the modified plan for the sale of the Southern Pacific stock ap­
proved by the U. 8. District Court June 30 1913 (V. 97, p 50). $38,292,400
o f «ne Southern Pacific Co. stock was on July 16 1913 exchanged for the
entire holdings of $42,647,200 Baltimore & Ohio stock (one-half pref.) of
the Penn. RR. The remaining $88,357,600 So Pac. stock formerly owned
was deposited with a trustee which Issued certificates of interest in the
stock, certificate holders to have no voting rights and receive no dividends
until they exercised the option to convert their certificates Into 8o Pac.
C o. stock, after first making affidavit to the effect that the applicant owned
no Union Pacific stock and was not acting for any stockholder thereof, or in
the interest of the Union Pacific.
U. P. stockholders in 1913, under an offer, which was underwritten, sub­
scribed for $84,426,700 of said $88,357,600 certifs. of interest at 92. See V.
97,|p. 177, 445, 662, 730, 1288, 1904; V. 99. p. 895, 1675; V. 95. p. 1543.




Amount
Outstanding

$ 0 $275,000
5
1880
500 Ac
100,000
1,000 2,000.000
1888
1,000
1,000.000
1902
9nn non
1904 1,000 &o
100 222.293,100
100 99,543.600
100.000.000
_ 1897 500
1927
1,000 26-835,000
3.556 1908
b64,016.500
$
3.556 1908
1,000 20,000.000
£
a l,828,935
3.556 1908
1,000 20.000.000
1918
1920
1,000
6,668,000
1922
1,000
6,182,000
1,000
1923
5.687.000
1,000 3,000.000
— 1924

Series O due serially.
Series D due serially.

C a le n d a r Y e a r s —

133

BAIL W A Y STOCKS AND BONDS
Rate
%

7
5
5g
42
4g
10
4
4 g
4)4 g
4 g
5g
4g
6g
7
5
4)4
4)4

When
Payable

Last Dividend Places Where Interest a n t
and Maturity
Dividends are Payable

J A D 15 June 15 ’27 3)4
J & J July 1 1930
J A D June 1 1928
A A O Oot 1 1952
J A J Jan 1 1934
3— J Jan 3 ’28 2 H %
A A O Oct 1 1927 2%
J A J July 1 1947
J A J July 1 1S67
M A S June 1 2008
M & s June 1 2008
M & 8 June 1 2008
c
J S J July 1 1928
J & D To June 1 1934
M A S To Mar 1 1937
M A N 1928 to 1938
M & S 1929 to 1939

Troy. N Y
Cam
den (NJ)S D A Tr O
o
Central Un. Trust Co.N
Y
do
do
Bankers Trust Oo,N Y
Office, 120 B’way, N Y
do
do
do
do
do
do
New York and London
do
do
do
do
Office. 120 B ’way. N Y
do
do
do
do
do
do
do
do

a Sterling bo nds are c arried at $4.85 per pound sterling.

Relations with Southern Pacific in regard to Central Pacific R y., see
1—8. O. Commission decision in V 116 p. 685
SECURITIES OW NED.— On Dec. 31 1926 the company and Its subildiaries held: (1) In affiliated companies: (a> stocks, $33,763,153; (b) bonds
*nd notes, $20,367,590; (2) In outside companies' stork, $71,513,947, and
their bonds, notes and equipment trusts, $79,222,437; (3) U. S. Liberty
bonds, $31,807,200.
to m e or Principal Securities Owned as A foresaid Dec. 31 1926 Face Value.
B.& O. RR. com. & pref- $5,400,027 Illinois Central (Concluded)—
Bonds & equip 414s.. 6.275.000
Joint Ref 5s ($5.B. A Alt. RR. Gen Mtge
000,000), A c_______
5.740,000
6s ($8 417,000). &c 9.228.000 N. Y Cent R R . stock.w$22.700.000
C.
A N . W . R y com .stk v4,420,600 & Impt. M 4 Bis. 3.000.
Ref.
000
Gen.M. ($4,500,000),&c. 7,070.200 Penn. RR.Var. b'nds, Ac 7.600.000
Ch.Mil.& St.P.Ry.pref.. x l.845.000 tiK Secur Co stocks-- 5.423 320
sundry bonds________ 4.975.000 So Pacific Co. 4s, 1949
6.399.000
Ch St. P .M .& 0 .d e b .5 s 3.700,000
S o.P ac.R R .1st ref. 4s. 6.026.000
D. & H. gold notes, & C - 3.466.000 N Y Conn. RR 1st 4 )4s 3.000. 000
Illinois Cent. com.stock_y24.750,000 Wabash Ry. equip. 5s_
_ 2 , 200,000
Preferred stock_______ 6,975.000
r w x y Amounts Pledged.— Oregon Short Line mtge. covers $4,018,700
of item “ v,” $20,000,000 of “ w ,” all of “ x ” $8,700,000 of “ y .” . See also
“ Secured gold bonds” below.
Complete control of Los Angeles & Salt Lake R R . was acquired In May
1921. V. 112. p. 2307.
STOCK.— In 1901 common stock was authorized to be increased by
$ <00,000,000, to provide for conversion of First Lien 4s, and on June 15 1907
by S100,000,000, of which 142,857.200 was reserved for conversion of the
»<5,000,000 4s of 1907; balance for future requirements. See BONDS
below
v
D i27i; v. 84, p 1115- v 85 p. 1587
LATE DIVS.—
f ’06. ’07-’ 13. '14. ’ 15. ’ 16. ’ 17. ’ 18. ’ 19-’27
Common (% )_______________ -j
8 10 y ’ly
9 8
8 8 9)4 10 y ’ly
&xtra ( %) _ ___________
t. .
___________text3)4 >4 ............
Paid in 1928: Jan. 3, 2J4%Jan. 1917 paid 2% and 2% extra, Apr., July and Oct., 2% and )4 % extra;
Jan 1918, 2% & )4 % ext.; April 1918 to Apr. 1927. 2)4% quar.
There was distributed on July 20 1914 out of accumulated surplus profits
to the holder of each share of com. stock 12% in Balt. S, Ohio pref. and
c
22)4 % of B. S O. com. held In the treasury and also $3 per share In cash.
c
V 98, p. 157. 238. 454. 525. 840. 914. 1246. 1394. 1639. 1847; V 99. p.
199, 1682
BONDS.— The 1st mtge. of 1897 covers the original 1,854 miles, includ­
ing the telegraph, terminals, equipment and land grants. V. 66, p. 618.
Stockholders subscribed in 1907 for $73,762,000 of $75,000,000 new con­
vertible 4s at 90. These were convertible before July 1 1917 into common
stock at $175 per share, and are redeemable at a premium of 2 )4 % , upon
90 days’ notice. V. 84, p. 1115, 1183; V. 85, p. 100, 161.
The 1st lien and refunding 4s of 1908 are secured by first mortgage
on 1,466 miles of main track, including the line from Julesburg to La Salle,
Colo., and also, subject to the 1st mtge., the 2,090 miles of road covered
thereby, making a total of 3,556 miles covered by the mtge. Of the
remaining bonds, $100,000,000 are reserved to retire the 1st 4s of 1947. In
Sept. 1923 $20,000,000 bonds bearing 5% Int. were soid, the additional 1%
Int. to be secured under a supplemental indenture by a lien on the lines of
railroad, franchises and appurtenances now, or hereafter, subject to the 1st
lien & ref. mtge., subordinate to the lien of the prin. of the 1st lien & ref.
mtge. bonds and int. thereon at the rate of 4% per annum. V. 99, p. 749
818, 895; V. 86, p. 1468; V. 87. p. 546, 1012, 1541; V. 90, p. 448. V. 91. p.’
872; V. 100, p. 1834; V. 101. p. 1465; V. 102, p. 801. 1719; V. 117, p. 1130
In July 1918 sold an Issue of $20,000,000 10-year 0% Secured Gold bondsSecured (V. 106, p. 2758) by deposit of the following collateral: $2,000,000
Chicago & N. W . R y . Gen. Mtge. 4s and $2,500,000 5s, due 1987; $3,000,000
N. Y Central R R . Ref. & Impt. 4)4s, due 2013; $1,000,000 Penna. R R .
Consol. Mtge. 4)4s, due 1960 and $2,500,000 Gen. Mtge. 4)4s. due 1965;
$6,000,000 Southern Pacific RR. 1st Ref. Mtge. 4s, due 1955; $4,000,000
Balt. & Ohio R R . Ref. & Gen. Mtge. 5s, due 1995; $5,000,000 Illinois
Central R R . Co. & Chic. St. Louis & New Orleans R R . Co. Joint First
Ref. Mtge. 5s, due 1963; $4,000,000 Denver Union Terminal R y. 1st M .
4)4s, due 1964 (guaranteed jointly'.
The 40-year 4)4 gold bonds dated July 1 1927 were issued to refund a
like amount o f bonds maturing July 1 1927 (V. 124, p. 3064.)
In June 1920 sold $10,000,000 ser. equip, tr. certfs. ser. A . V . 110,
p. 2388.
In March 1922 sold $6,800,000 5% equip, trust certf. Series “ B ,” due
$618,000 annually Mar. 1 1927 to 1936, both inclusive, and $620,000 Mar. 1
1937. V. 114, p. 1181.
In M ay 1923 sold $5,687,000 4)4% equip, trust ser. “ C ” due serially
1928 to 1938.
In March 1924 sold $3,000,000 4)4% equip, trust certificates. Series
“ D ," due serially 1929 to 1939.
Guarantees $54,694,995 Ore.-Wash. R R . & Nav. 1st & ref. 4s ($175,000,000 auth. issue), not including $17,247,000 in treasury and $45,000,000
Oregon Shore Line R R . refunding 4s. See those companies above. V. 92,
p. 1437; V. 93, p. 1325.
R E PO RT.— For 1926, in V. 124, p. 2606, showed:
1926.
1925.
1924.
1923.
9,676
9,547
9,510
9,483
Average m ile s ...............
S
S
S
S
Operating revenue____ 205,416,264 198,039,901 199,035,118 211,318,465
Oper. exp. & taxes____ 156,509,424 152,320,602 156.098,495 165,843,930
Net revenue_________ 48,906,840 45,719,298 42,936,623 45,474,535
Net from operations____ , 42,100,143 40,038,645 37,913,161 39,660,246
Other income___________ 117,129,664 116,539,698 16,226,202 17,513,566
Income from inv., &c_ (__________ /__________ ___________ ___________
_
Total income________ 59,229,807 56.578,343 54,139,363 57,173,812
Fixed charges, &c______ 18,245,057 18,365,964 18,394,838 17,270,343
Preferred divs. ( 4 % ) . . . 3,981,740
3,981,740
3,981,740
3.981,740
Common divs. (1 0 % )- .- 22,229,160 22.229,160 22,229,160 22,229,160
9,533,625 13,692,569
Balance, surplus_____ 14,768,173 12.001,479
For latest earnings, see “ Railway Earnings Section” (issued monthly).

134
R A IL W A Y STOCKS AND BONDS
[V ol. 125.




Nov., 1927.]

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Union RR— See U S Steel Oorp under “ Industrials
« n Term C o. Dali— 1st M red 106 te x t-----------CCyc*
United N J RR & Canal Co— Stock 10% guaranteed
167
General mortgage of Loan of 1929 gold______xc&r
1871 for $20,000,- Loan of 1944 gold______xc&r
000
(now first Loan o f 1961 gold guar____x
mortgage) FP se­ Loan of 1948 g p & 1 gu.xc&r
cures all equally Loan o f 1973_______________
97
U tica Chen & S * Val Stock 6% guar by D L & W
u q
Utica Clinton & Bingham
ton—C m stock
om on
-------First m
tge guar p & 1by Del & Hud (end)_ N.xo
_
81
Com on stock, guar stam
m
ped div 5% _ _ _ _ _
______
Valley (N Y)—Stock 5% guaranteed by D L & W_
_
11
1 & ref m
st
tge_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ . . .
__________________
Van Buren Bridge—S e Bangor Sc, Aroostook RE.
e
Vandalla RR—S e Plttsb Cln Ch Sc St Louis RR
e
Vara Cruz & Pacific—S e National Railways of M xlco
e
e
56
Vsrm
ont & M
ass—Stock 6% guar by BosSc Maine_
24
Verm
ont Valley Ry—Stock..................................................
24
First m
ortgage $ ,5 0 0 gold.................-BB.zc&r
1 0 ,0 0
Vicksburg Shreve & P c Ry—C m stock $ ,0 0 0 - 188
a
o
3 0 ,0 0
Preferred stock 5% non-cum
ulatlve $ ,2 0 0
2 0 ,0 ------0
G
eneral m
ortgage $3,5
00,0 .............................F.so*
00188
Ref Sc Impt m
tge S
eries “A” red (text)_ _ _ _ zc*
____
Vloks ShrevSc P RR prior lien ext '1 at 5 g-Ce.xe* 188
5
%
Virginia Air Line—S e C e p a e& Ohio
e h sa e k
Virginia & Caro S u
o —1 M $ ,0 0 0 g (se text) .x 64.22
st
1 0 ,0 0
e
Virginia M
idland—S e Southern Rv
e
136
Virginia & Southw 1 M g gu by Vs I C &0
— st
---------Gx
First Consolidated m $ ,0 0 0 gold--G.xo*&r» 209
tg 7 0 ,0 0
_
Virginian Ry—Com on stock auth $ 0 0 ,0 _ _
m
4 .0 0 0 _ _
0
Pref stock $ 6 0 ,0 0 auth 6% cum _ _ _ _ _
3 ,0 0 0
_ _____
_
First M $ 6 0 ,0 0 g S 'A'' red at HOF.xc'&r*
7 ,0 0 0
er
470
_
Equip trust cert S r‘C” due $ 6 ,0 0 s-a_ _ _ *
er
2 0 0
_ _ _c
_
do S "D” due $ 8 ,0 0 ann_ _ _ _ _ _*
er
30 0
_ _ _ _ _c
_
do Ser “E” due $ 4 ,0 0ann _ _ _ _ _Fc*
2 0 0
______
do due $ 0 ,7 0 annually_ _ _ _ _ _ _
1 8 0
_ _ _ _ _ _ _G

1912
1889
1894
1901
1908
1923

__

1889
1924

___

Par
Value

When
Payable

Rate
%

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payabli

$1,000 $5,000,000
5 g A A O Apr 1 1042
100 21,240,400
10
Q— 1 Oct 10 '27 2)4
1,000 6,020,000
4 g M & s Sept 1 1929
&
1,000
5,646,000
4 g M < S Mar 1 1944
1,000 5,669.000
3)4 g M & S Mar 1 1951
1,000
841,000
4 g M (fe S Sept 1 1948
1.824.000
4 H g M & S Feb 1 1973
I
>
100 4,000.000
M & N lM ayl 1927 3%
6
100
649,224 See text F & A 10 See text
1.000
J S J July 1 1939
c
800.000
5
5
J S it June '27 2)4%
100
c
200,000
100
750,000
J A .T July 1 '27 2)4 %
5
M & S 1974
1,000
443,000
5

1901
1923
1885

__

lOOj
50
1,000
100
100
1,000
1,000
1,000

1913

1.000

•• - -

1910

Amount
Outstanding

135

A
3.193,000
6
1,000.000 See text J
1.500.000
4)4 g A
2.856.500 See text A
A
2.142.800
5
M
677,000
5
M
1,845,000
6g
1.323.000
5g M
524,000

5g

J

A
S
c
S
c
(fe
S,
c
S
c
&
S
c
A

Oont&Oom TrAS Blr. Ch
Penn R R , Phila & N Y
do
do
do
do
do
do
do
do
do
do
D L 4 W R R , New York
Utica Tr & Deposit Co
New York Trust Go. N Y
Del Laok S Western.N Y
c
do
do

o Oct 7 1927 3% 53 Devonshire St, Boston,
.1 See text
o Oct 1 J940
Safe Dep S Tr n o . Boston
c
o Oct 1 '27 2)4 Illinois Cent RR Co, 32,
o Oct 1 '27 2)4
Nassau St, N Y C
N May 1 1941
do
do
N Nov 1 1973
do
do
N Nov 1 1940
do
do
J July 1 1943

1903 1,000 Sec 2.000,000
5 g J A J Jan 1 2003
c
1908 1.000 &o 5.000.000
5 g A S o Apr 1 1958
__
100 31,271.500 See text See text Dec 31 ’26 7%
__
100 27.955,000
6
F & A Oct 1 1927 3%
1912
100 Sec 55.344,000
c
5 g M S N May 1 1962
1,000
1920
A S O Apr '28-Apr '30
c
1,300,000
6g
1923
1,000 4.180,000
5 g M (fe N To May 1 1938
1925
1.000
&
3,120,000
4)4 g J < J T o July 1 1940
1920
869.600
6
J & J 15 T o Jan 15 1935

Safe Dep Sc Tr.

Balt,

Guaranty Trust Go, N T
do
do
Farmers’ L i T O o . i i ^ r
[Bk of N A & Tr Oo.,PhU,
lNat’1 City Bank, N Y
Farmers L & T Co, N Y
Guaranty Tr Co, N Y

OFFICERS.—Chairm
an, Robt. S. Lovett; Pres., Carl R. Gray; V.-Ps.,
VERMONT VALLEY R R .— Owns Bellows Falls to Brattleboro, Vt.,
E. -E. Calvin (in charge of operations), H. M. Adam (In charge of traffic) 24.71 miles. Controlled and operated by Boston & Maine R R ., which own$.
s
V.P. & Compt., F. W. Charske; V.-P. & Gen. Counsel, H. W. Clark;
entire stock, and was leased to that road on Jan. 1 1925. V. 76, p. 214;
Sec., Thom Price; Treas., Edward G. Smith.
as
V. 94, p. 1628. Owns all stock of Sullivan County R R ., Bellows Falls to,
Windsor, Vt., 26.04 miles. In March 1911 acquired control of the M on t-’
DIRECTORS.—N com Carlton, Paul M. Warburg, Jam
ew
b
es H.
pelier & Wells River, Barre and Chelsea R R s., incl., with spurs, 68 miles.
Perkins, W. A. Harriman, Robert A. Lovett, Oliver Am
es, H. J. Grant,
V. 92, p. 528, 660. Dividend, long 6% ; 1904, 8% ; 1905 to July ’ 16, incl.,
Chas. A. Stone, Chas. A. Peabody. C. B. S
ege Robert W. Goelet,
r
10% yrly.; ’17-’ 19, none; '20, 4% ; 1921, 4 % ; 1922, 4% ; 1923, 4 % ; 1924,
F. W. Charske, Carl R. Gray, E. E. Calvin and E. Roland Harriman.
10%; 1925, 5% ; 1926, none.
Offices, 1 0 Broadway, N. Y., and O aha, Neb.— (V. 1 5 p. 2 0 .)
2
m
2,
8 5
Bonds ($1,500,000 1st 4 Hs of 1910) are secured by first lien on road, 24
miles, and additionally by deposit of $700,000 Connecticut & Passumpslo
UNION RR., Pittsburgh.—O ns East Pittsburgh to Streets Run and
w
D
uquesne. Pa., 2 .3 m lea : North B sse e to East Pittsburgh. Pa., Rivers R R . and $100,000 Massawlppi Valley Ry stock. V. 91, p. 791.
0 8 .;
sed
e mr
In Jan. 1914 sold $2,300,000 one-year 6% notes to construct the Brattle8 4 m.; P. B. & L. E. RR.; M
.0
onongahela Jet. to Mifflin Jet. and Wilson,
boro extension and for payment of notes for acquisition o f the M ontp. Sc,
Pa., 1 .5 c. St. Clair Terminal RR. (leased), 5 8 m.; total, 4 .5 cm
1 6
.5
5 6
.
The I.-S. C. Com ission h s placed a tentative valuation of $ 4 0 ,0 0 Wells River and Barre and Chelsea roads; these are guaranteed by the
m
a
1 ,9 5 0
c
on the total ow
ned and $ 2 8 ,2 3 on the total used property of the com Connecticut River R R . and endorsed by B. S M . R R ., and were extended/
2 ,9 0 6
­
to Aug. 31 1916. Entire issue owned by Boston & Maine R R . V . 97,
pany a of June 3 1 1 .
s
0 97
p. 1899; V . 98, p. 157, 238; V . 99. p. 1675; V . 100, p. 1919; V . 105, p. 182.
STOCK.—Auth. and outstanding, $ ,0 0 0 ; par, $ 0 all or a majority 999, 1310, 1414; V . 106, p. 930; V. 115, p. 1733.)
2 0 ,0 0
5 ;
ow ed by U. S. S
n
teel Oorp.
V IC K S B U R G S H R E V E P O R T & P A C IF IC R Y . C O .— Delta. La., on
BONDS.—S e U. 8. Steel Oorp. under “Industrial Com
e
panies” below
Mississippi River, to Lorraine, La., 188 miles.
— (V. 1 2 p. 1 2 .)
2,
0 4
The I.-S. O. Commission has placed a tentative valuation o f $8,726,200,
on the total owned, and $8,466,200 on the total used properties of the
(THE) UNION TERMINAL CO., DALLAS, TEX.—O ns union pa
w
ssen
­
company, as o f June 30 1918.
ger station at Dallas, Tex., com
pleted Oct. 1 1 , for u by the Mo. Kan.
96
se
St
The I.-S. O. Commission in M ay 1926 authorized the lease of the road
Texas, Texas & Pacific, Houston & Texas Central, Gulf Colorado & Santa
Fe (Atchison T. & S. Fe. system Fort Worth & Denver ’ity, St. Louis Sc until July 1 2282 and for such further term as the lease may be extended
).
San Francisco, Chicago Rock Island & Pacific and St. Louis Southw
estern to the Yazoo & Mississippi Valley R R . under the guarantee of the Illinois
system each owning )4th of the $ 8 0 capital stock. Under 99-year Central. V. 122, p. 2945.
s,
4 ,0 0
operating contract the com
pany handles the pa
ssen
ger business of the afore­ BONDS, &c.— Of the $3,500,000 general 5s, $1,245,000 have been re­
said com
panies, w discharge all its expenses, liabilities and receive all funded, $1,323,000 are reserved to take up at maturity the prior lien 6s
ho
Incom
e.
which were extended in 1915 to 1940 at 5 % , and $255,000 have been can­
Coven about 1 )4 city blocks on 1 H a
0
cres of real estate In business celled. V. 101. p. 774, 1629.
The ref. & impt. mtge., series “ A ," bonds are redeemable as an entirety
district, with 1 parallel tracks and sp ce for 8 m
0
a
ore; total trackage, 4 4
.8
m
iles of m
ain track, 1 .8 m
1 0 iles of yard tracks. All of the bonds ($5,0
00.- on any int. date upon 90 days’ notice at 107)4 and int. on or prior to N ov. 1
0 0 have b e issued under said agreem
0 )
en
ent, guaranteed prin. and int., 1928 at 105 and int. after Nov. 1 1928 and on or prior to N ov. 1 1963. and,
jointly and severally, by the eight proprietary com
panies. V. 9 , p. 1 7 . at H of 1% less than 105 and int. for each succeeding year
8
03
Gf the $1,845,000 series “ A ” bonds issued, $1,245,000 were issued in
1 5 . 1 9 ; V. 1 3 p. 1 6 In 1 1 -1 William S
18 34
0 .
4.
95 6
alom & Co., N. Y„
on
offered th
ese bonds. V. 1 1 p. 1 8 ; V. 1 2 p. 1 6 ,1 9 . Notes extendedexchange for a like amount o f gen. mtge. 5% gold bonds (leaving only
0,
87
0 ,
1 4 8 8
$677,000 outstanding) and the proceeds from the remaining $600,000 <(f,
V. Ill, p. 1 6 ; V. 1 7 p. 8 ; V. 1 9 p. 1 9 The I.-S. C. Com ission
62
1 ,
9
1 ,
9.
m
has placed a final valuation of $ ,4 2 0 o the property of the com bonds were used to reimburse the treasury in part for expenditures made
4 0 ,3 0 n
­
pany, a of June 3 1 1 . Pres., J. L. Lancaster, Dallas, Tex.; Sec., A. S. prior to 1923 for additions and betterments. V. 117, p. 1887.
s
0 9 7
Steirer. Dallas, Tex.; Treas., M. L. Buckner, Dallas, Tex.— (V. 1 5 p.1 6 )
2 ,
9 8
DIVS.—
( '13. '14. '15. '16. '17. ’ 18-’20. '21. '22. '23. '24. '25. '26,
Common------- { 2
0
0
0
2)4. 3)4 yly. 0
0
2)4 4
4
5
UNITED AMERICAN RYS., INC.— (V. 1 8 p. 3 8 .)
1,
0 0
Preferred-------\ 5
5
0
5
5
5 yly. 5
5
5 5
5
5
UNITED NEW JERSEY RAILROAD & CANAL CO.— (S e Map Penn
e
Paid in 1927: On pref. and com., April 1, 2 )4 % ; Oct. 1, 2 )4 % .
R R .).—Part of a system of roads in Northern New Jersey, extending from
Earnings included in those of the Yazoo & Mississippi Valley R R .
Cam
den to 8outh Am
boy and from Trenton to Jersey City, with branches
OFFICERS.— Pres., L. A. Jones; Sec. & Treas., Wm. Brewer. Office,
and connections, a distance of 1 7 m
6
iles; Hudson River ferries to New York, New Orleans, La.— (V. 122, p. 2945.)
I m.: Del. Sc Raritan Canal, from Bordentown to New Brunswick, Ac..
V IRGIN IA & CAROLINA SOUTHERN RR. CO.— Oyns from Lum6 m
6 iles.
LEASE.—Leased In June 1 7 to the Pennsylvania RR. for 9 9 years berton, N . C ., north to Hope Mills, 25.23 m.; St. Pauls, N. C ., to Eli^h81
9
bethtown, 27.71 m.; Lumberton Jet. to North Luipberton and Bast Lum­
rental equal to 1 % o stock. Interest on bonds, taxes, &
0
n
o.
Of the $ 1 4 ,4 0 stock outstanding, the Penn. RR. on Dec. 3 1 2 ber ton. 3.71 m.; sidings, &c., 8.24 m.; total, 64.69 m.; under trackage con­
2 ,2 0 0
1 96
tract, 0.92 m.; total, 65.81 miles. Stock, $141,000; majority owned by
ow
ned $ ,3 0 0 .
1 5 ,0 0
Atl. Coast Line. The I.-S. C. Commission recently placed a tentative,
EARNINGS.—For year 1 2 , gross Incom $ ,9 9 9 ; deductions. valuation of $659,075 on the property of the company as of June 30 1918.
9 6
e, 2 6 ,5 6
$ 4 ,7 8 dividends, $ ,1 4 4 ; bal„ surp., $ 2 — (V. 1 7 p. 1 5 .)
8 4 2 ;
2 2 ,0 0
88
1 ,
5 7
Year ended Dec. 31 1926, gross, $257,146; net oper. income, $50,912; int.,
&c., $26,924; bal., sur., $26,025. Pres. & Treas., A . T . McLean; 1st V.-P.
UNITED RAILROADS OF YUCATAN.— (V. 1 4 p. 1 7 .)
2 .
9 6
& Sec., H. B. Jennings; Auditor, J. Q. Beckwith; Counsel, Dickson McLean,
Office, Lumberton, N . C .— (V. 122, p. 2796.)
UTICA CHENANGO & SUSQUEHANNA VALLEY RY.—Owns Utica,
N. Y.. to Greene, N. Y.. 7 m
5 iles; branoh to Richfield Springs, 2 m
2 iles
V IRGIN IA & SOUTHWESTERN R Y .— Owns Bristol, Va.. to coal
Leasedto Delaw
are Lackaw
anna W
Sc
estern at 6% on stock. No bonds
fields around St. Charles, Va.. and southerly to mines at Mountain City
—(V. 1 6 p. 6 1
0 .
0 .)
Tenn., with branches, 158 miles; Moccasin Gap to Bristol, Tenn., 30 miles;
side and yard tracks, 85 miles; total, 273 miles. In 1908 Southern R y.
UTICA CLINTON & BINGHAMTON RR.—Owns Utica, N. Y.. to
Randallvllle, N. Y., 3 m
1 iles. Leased during continuance of charter a
nd purchased the $2,000,000 stock at $200 per share and on July 1 1916 took
renew thereof to Delaware Hudson Co., which pays rental of $ 1 0 minated f the road party, at a rental from yearinterest on bonds and equip­
als
Sc
6 ,5 0 a lease o by either for one year and equal to to year thereafter until ter­
per. ann., and sub-leased to N. Y. Ont. & W
estern. V. 1 8 p. 9 7 The ment trust obligations. V. 87, p. 98; V. 103, p. 321. Virginia Iron
1,
0 .
street lines ow
ned (1 m
0 iles) are lea
sed to Utica & M
ohawk Valley Ry. Coal & Coke Co. guarantees 1st mtge. bonds, prin. & int. V. 75, p. 348,
for $ 5 0 per ann. Capital stock, $ 4 ,2 4 (par $ 0 ), $ 0 ,0 0 of w
1 ,0 0
8 9 2
1 0 2 0 0
hich
398, 736: V 76, p . 273. Of the 1st consol. 50-yr. 5s ($7,000.000
Is guar, by Del. & Hudson 5% per ann. (guarantee endorsed on face of the dated April. 1 1908, $2,000,000 are reserved to retire 1st 5s. V.auth. issue),
certificate); balance, variable—3 % , 1 9 to 1 1 , lncl.; 1 1 , 4%; 1 1 , 1161,1187; V. 87. p. 1606; V. 93. p. 1192.— (V. 115, p. 2478.) 86, p. 1102,
H
88
92
93
94
3 X % ; 1 1 and 1 1 , 3^%; 1 1 , ) 4 % ; 1 1 , 3 ) 4 % ; 1 1 . 3 % ; 1 2 .
95
96
9 73
98
99 H
90
3%; 1 1 3H%: 1 2 , 3%; 19 3 3%; 1 2 , 3%; 1 2 , 3%; 1 2 , 3%;
2 ,
9 2
2 ,
9 4
9 5
96
V IR G IN IA N R A IL W A Y C O . (T H E )— {See map.)— The main line of the
1 2 , 3%.— (V. 1 8 p. 9 7
97
1 ,
0 .)
road extends from Deepwater, on the Kanawha River, In West Va., to
Sewall's Point on Hampton Roads, near Norfolk, Va., a distance of 441 miles.
VALLEY (N. Y.) RR.—Bingham
ton, N. Y., to State Line of Penna..
Winding Gulf branch, Mullins, W.
Willabet, 33 miles; other
II m
iles. Leased to Delaware Lackaw
anna & W
estern at 5% per annum owned and leased, 50 miies; trackageVa., to 21 miles; total, 545 miles. lines,
rights,
On
on stock.— (V. 1 9 p. 1 3 .)
1,
7 5
Sept. 1 1922 leased for 999 years the Virginian & Western R y. V. 115, p.
VANCOUVER, VICTORIA & EASTERN RY. & NAVIGATION .—
870, 989.
P
assenger and freight term
inal at Vancouver, B. C.— (V. 1 3 p. 2 8 .)
0 ,
0 0
Road taps the Pocahontas and New River ooal fields, and forms “ the short­
est possible route to tidewater over the lowest grades.” From Princeton,
VENICE ENGLEWOOD & SOUTHERN RY.—The I.-S. C. Com is­
m
the main coal-gathering yard, 350 miles west of Sewell’s Point, the eastsion on April 1 1 2 issued a certificate authorizing the com
9 96
pany to con­
struct a line of railroad from Venice southeasterly to Englewood, a distance bound grade does not exceed 0.2 of 1% , or 10H ft. per mile, exoept for a
9-mile section over the Allegheny Mountains, where the maximum grade
of approximately 1 m
3 iles, all in S
arasota County, Fla.
Is 0.6 of 1% , or 32 ft. per mile; on this section a pusher ie used. One
The com
pany is a Florida corporation and w s organized at the Instance locomotive will haul 80 loaded 50-ton ooal cars, or 4.000 tons of ooal per train
a
of the S
eaboard Air Line Ry. The proposed line will connect at Venice
Tentative valuation as of June 30 1916, $55,862,622. Electrification of
with a line of the Sea
board term
inating there and will form an extension of line between Roanoke, Va., and Mullens, \V. Va. Coal trains of 6,000
that line. The S
eaboard proposes later to acquire control of the applicant tons are hauled from Mullens over Clarks Gap with one 3-unit electric
by purchase of the latter's capital stock or by lea
se.
locomotive and one 3-unit pusher; at Clarks Gap yard they are filled out
The estim
ated cost of the proposed line is $ 4 ,4 6 Construction is to to 9,000 tons and hauled from there to Roanoke by one electric road
5 7 2 .
be co m ce within 6 m
m en d
onths and com
pleted within 1 m
8 onths after the
locomotive. Compare annual report in V. 122, p, 1599,
certificate authorizing such construction is issued. Funds for constructing
The I.-S. C. Commission on Oct. 11 1926 denied the proposed acquisition
the line are to b furnished by the Seaboard.— (V. 1 2 p. 3 8 .)
e
2 ,
0 0
by the Norfolk & Western R y. of control of the railroad of the Virginian
Ry. by lease. Compare V. 123, p. 2257.
VERMONT & MASSACHUSETTS RR.—Road, Fitchburg to Green­
field, Mass,, 5 m
6 iles of double track. Leased to Boston & Maine RR. for
STOCK.— As of Aug. 1 1922 the div. rate on the pref. stock was increased
9 9 years from Jan. 1 1 7 at 6% on stock and organization expenses.— to 6% , stockholders in return surrendering their right to accrued and unpaid
9
84
(V. 7 . p. 2 8 ; V. 1 6 p. 8 8
9
5 9
0,
1 .)
divs. amounting to $30 per share to July 31 1922. V. 115, p. 1101.




136

RAILW AY STOCKS AND BONDS

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

Wabash Railway Co—
Common stock, $70,403,050 a u th -----------------------Conv 5% pref stock B red 110 $3,743,900 auth____
First mortgage gold ($34,000,0001________ Ce.zc*
Second mortgage g old.. . ------------------------ Mp.zc
Deben mtge Income non-oum Series B not red Ba
Ref & gen mtge gold Ser A red (text)------------ yc*&r*
do
do
Series B red (text)------------ yc*&r*
Detroit & Chicago Ext 1st M g s f red 110 -. -Ce.zc*
Des Moines Div 1st M g $1,800,000 (V68,p574) Nxc*
Toledo & Chicago Div mtge g $3,000,060 ..C ol.xo*
Omaha Div $3,500,000 gold (V 75. p 686) --Eu.xc*
1st lien terminal mtge $10,060,000) gold..B a.xc*& r
Kan City Exc Sp & Nor M g guar (V 79 p 2697) -i
Columbia & St Louis $300,000 gold guar o & i_SSt x
Equipment gold notes, due $755,400 yearly___ .G
do
do
due $283,000 yearly . -. ..y c *
Equip trust ctfs Ser.“ C ” due $134,000 ann___ yc*
do
do
due $34,140 semi-ann------------------do
do
Ser “ D ” due $166,000 ann_____yc*
do
do
Ser "E ’ due $171,000 ann_____yc*
do
do
Ser “ F " due $279,000 a n n .. ..y c *
do
do
Ser “ G ” due $175,000 ann. ..y c *

Miles
Road

Date
Bonds

_
_

__ _
__

1.542
1,008
1.542
2,041
2,041
150
94
225
144
__
9
22

1889
1889
1889
1925
1926
1891
1899
1901
1901
1904
1901
1902
1920
1922
1923
1924
1924
1924
1925
1927

_
_
_
_
_

Par
Value

Amount
Outstanding

$100 $66,677,775
100 69.313,050
100 2.502.142
1,000 33,891.000
1.000 13,993.000
1.000
209,000
500&1000 12,500,000
1,000 15,500,000
1,000 2.047,000
1,000
1,600,000
1,000 3.000.000
600 < e 3,173,000
Sc
1.000 See 3,555,000
500
100.000
1.000
200.000
1,000 6.043 200
1,000
2.830.000
1.000
1,474.000
1.000
102.420
1,000
1,826,000
1,000 2,223,000
1,000 3.906.000
1,000 2,625,000

D IV ID E N D S.— On common initial div. o f 4% was paid Dec 31 1923;
same amount paid Dec. 31 1924. On Dec. 31 1925 paid 6% ; on Dec. 31
1926 paid 7% .
BONDS.— The first 5s of 1912 ($75,000,000 auth. issue) are a first Hen
on all property owned or hereafter acquired, including terminals and
equipment. The remaining $19,656,000 are reserved for extensions of the
main line at not over cost, or $75,000 per mile, additional branches or
second track not to exceed $50,000 per mile, additional equipment and
other additions and equipment at not over 75% of cost, and 75% of cost of
not less than 60% o f the securities of other companies whose properties
form extensions or can be operated advantageously therewith (to an aggre­
gate not exceeding $10,000,000), to acquire stocks under restrictions named
in the mtge. V. 94, p. 1058, 1187, 1318, 1385. 1765; V. 95, p. 44, 1270
V. 98, p. 454, 1539; V. 102, p. 252; V. 105, p. 2186; V. 118, p. 3199; V. 121.
p. 704.
Equipment trust 6% certificates o f Apr. 1 1920, V. 110, p. 1291. Series
“ D ,” V. 116, p. 2008. Series “ E ,” V . 120, p. 3310.
Equipment trusts issued to Director-General for rolling stock allocated
to this company, see article on page 3.
RE PO RT.— For 1926, in V. 124, p. 2111, showed:
1926.
1925.
1924.
1923.
Freight revenues_______ $21,282,110 $16,876,047 $16,873,194 $18,093,633
Pass., mail & express. . .
835,510
849,353
1,014,575
1,133,681
Other transportation_
_
1,760,918
1,136,779
1,100,669
1,101,034

Rate
%

When
Payable

[V ol.

125,

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

_____

See
Nov 25 ’27 1 M
Apr 1 ’27' 5%
t
6 g M S N May 1 1939
t
5 g F S A Feb 1 1939
t
6
J S J July 1 1939
c
5 X g M S S Mar 1 1975
c
5 g F (S A Aug 1 1976
t
6 g J S J July 1 1941
t
4 g J S J Jan 1 1939
t
4 g M S S Mob 1 1941
t
3 14 g A S () Oct 1 1941
c
4 g J S J Jan 1 1954
4 g J & J Jan 1 1928
5
4 g M <c N May 1 1942
6 g J & J 15 To Jan 15 1935
fe
F < A To Aug 1 1937
5
514 J & J To July 1 1938
A S < To Apr '29
c >
5
J & I) To ’38
5
.1 & D To Dec 1 1939
5
J S D To Dec 1 1940
c
414
414 A & O Apr 1 1942

C o’s off, 120 B’way. N V
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Guaranty Tr Co, N Y
Co’s office. N Y
Co’s officel20B’way,N Y
do
do
do
do
do
do
do
do
do

The holders of the convertible pref. stock may at any time after Aug. 1
1918, and up to 30 days prior to any date fixed for the redemption of the
entire issue of said profit sharing pref. stock A, convert the same into and
exchange the same for profit-sharing pref. stock and com. stock at the rate
of $50 of profit-sharing pref. stock and $50 of com. stock for each $100 of
convertible pref. stock, with adjustment of unpaid dividends.
DIV ID E N D S.— No. 1 on pref. “ A ” stock Jan. 29 1917, 1% ; April, July
and Oct., 1% ; 1918, Jan. and April, 1% ; then none until May 25 1925,
when l}4 % was paid; same amount paid quar. to Aug. 25, 1927.
BONDS, &c.— The plan of 1915 left it to the new co., after reorganiza­
tion, to provide, by a first & ref. mtge., or otherwise, for refunding the
underlying bonds at maturity and for future capital requirements.
The stockholders on Dec. 29 1924 approved and authorized the creation
of a ref. & gen. mortgage, the aggregate principal amount of which at any
one time outstanding, together with all prior obligations as defined in the
mortgage or deed of trust securing the ref. & gen. mtge. bonds, shall be
limited to 1 % times the aggregate par value of the then outstanding capital
stock, determined as provided in the mortgage. The lines of railroad
covered by the mortgage comprise about 2,041 miles of first main track,
339 miles of second main track and 963 miles of other track, on various
parts of which the ref. & gen. mtge. is subject to prior obligations issued and
outstanding onD ec. 31 1926, in the aggregate principal amount of $68,443,526, for the retirement of which at or before maturity ref. & gen. mtge.
bonds are reserved. None of the prior obligations may be renewed or
extended and no further issues made under the indentures securing them,
Railway oper. rev— $23,878,539 $18,862,179 $18,988,439 $20,328,348 except that $5,936,311 principal amount of additional bonds may be issued
2,490.590
2,219,868 under Wabash R R . 1st lien terminal gold 4% trust indenture dated Jan. 1
2,700,209
Maint. o f way & struct. . 3,052,952
5,344,302 1904, for the acquisition of additional terminal properties. Ref. & gen.
4,102,491
4,077,656
Maint. o f equipment-. . 4,456,406
5,536.112 mtge. bonds are reserved for the retirement of any such additional terminal
5,141,383
4,462,199
Transportation, rail line . 5,196,932
511.139 bonds which may be so issued. The $12,500,000 Series “ A ” gold bonds are
499,817
504,583
533,378
Other expenses----------not red. before March 1 1935. The entire series, but not part thereof, will
.$10,638,870 $7,092,697 $6,778,992 $6,716,927 be red. on Mar. 1 1935, or on any int. date thereafter at 105 and int. upon
1,390,228
1,181,790 not less than 60 days’ previous notice. V. 120, p. 700. The Series “ B ” bonds
1,288,048
. 1,689,100
Taxes .
916
2.426 are not redeemable before Aug. 1 1936. The entire series, but not part
792
15,633
thereof, will be redeemable on Aug. 1 1936 or on any interest date there­
Railway oper. income . $8,948,978 $5,789,017 $5,387,848 $5,532,711 after at 105 and interest upon not less than 60 days’ previous notice.
71,174
72,940 V. 123, p. 452.
70,754
77,720
Rent o f tracks, & c.
51,697
36,697
136,697
136,697
Dividend income. .
Abstracts of the mortgages of 1889 were in V. 49, p. 270-273; Detroit
293.359 & Chicago Exten. mtge., V. 54, p. 1049. Des Moines Division bonds
102,049
622.618
Hire o f equip. (net)
852,895
541.936 of 1889, see V. 68, p. 574; V. 69, p. 1248. Col. & St. L. RR.. V. 73, p. 338.
1,336,065
1.119.077
Other Income_____
824,585
786, 1012; V 74, p. 1040; V. 75, p. 686.
.$10,840,875 $7,738,163 $6,948,833 $6,477,643
1904, see V. 76, p.
2,818,537
2.156.243 V.For $10,000,000 terminal gold bonds of1236; V. 84. p. 997.436, 753. 1032
3,069,849
. 3,295,527
81. p. 1437; V. 82. p. 570; V. 83, p.
114,452
69,466
126,107
119,745
Disc, on bonds & notes.
The 6% secured gold notes due M ar. 1 1930 were redeemed on Mar. 1
557,621
659,129
665,026
666,128
Rent o f tracks, &c
22,869 1927 at par and interest.
35,676
29,663
36,065
Equipment trusts issued to Director-General for rolling stock allocated
. $6,717,047 $3,859,777 $3,315,141 $3,671,445 to this company. See article on page 3 and V. 114, p. 1409: V. 118, p. 665.
Government loan, V. I l l , p. 794.
1,677,300
1,677.300
1,677,300
Preferred dividends_ . 1,677,300
_
1.250,860
1,250,860
1,876.290
. 2.189,005
R E PO RT.— For 1926, in V . 124, p. 2269, showed:
1926.
1925.
1924.
1923.
$743,285 Aver, mileage operated.
$386,981
$306,187
. $2,850,742
2,524.20
2,524.20
2,489.93
2,476.59
as o f Dec. 31 1927. in V. 12 4,p. 2273
Freight revenue_________$57,205,296 $55,329,533 $51,546,110 $51,698,168
9,234,815
9,364,486
9,328.465
9,794.594
OFFICERS.— Chairman, A . H. Larkin, 74 Broadway, N . Y .; Pres., Passenger________
810,434
821,243
849,062
832,169
Chas. H. Hix, Norfolk, Va.; Sec., Ivins A. Browne, 74 Broadway, N . Y ; M a il__________________
Express________________
1,722,641
1,849,684
1,702,325
1,690,049
Treas., G. H. Church, 55 Wall St.. New York.
Miscellaneous_________
2,720,156
2,545,356
2,354,967
2,602,656
DIR E C TO RS.— William E. Benjamin. W . R . Coe, E . W . Knight, Geo.
H. Church, ______________ Adrian H. Larkin, P. J. McIntosh, H. H.
Total oper. revenues..$71,693,341 $69,910,301 $65,780,929 $66,617,636
Rogers, G. W . Davison, Charles H. Hix, James H. Perkins.— (V. 125, p.
Expenses—
910.)
Maint. of way & stru ct.. 9,859,556 $9,311,985 $9,913,565 $9,501,515
WABASH RAILW AY CO.— (See M ap.)— Embraces lines as follows, viz. Maint. of equ ipm ent... 12,457,128 12,348,291 11.579,914 13,884.271
T ra ffic________
1,890.493
1,816,543
1,640,320
1,518.004
Owned and operated—
M iles. Transportation________ 26,276,878 25,431,804 24.973,374 24,997.690
Owned and operated—
Miles.
Pattonsburg. M o ., to Council
Delray, M ich., to Butler, Ind_110
Miscellaneous operations
417,702
387.661
346,745
326,555
Bluffs, la __________________ 144 General................
Montpelier, O., to Clarke Jet.,
1,563,922
1,784,140
1,844,499
1,805,459
I n d ..............................
150 O th er______________________ - 451
Toledo, O., to Aladdin, 111_____ 460
Total owned A operated____2.034
s
Total oper. expenses..$52,465,680 $51,080,424 $50,298,418 $52,033,494
O . & W . I . Jet. to Effingham,Hi. 205 L eased______________________
19,227,661 18,829,877 15,482.512 14,584,141
73 Net rev. from ry. op e r..
Decatur to Bridge Jet________ 109 Oper. under trackage rights__ .__417 Tax accruals__________
3,428,682
3.287.580
3,036.367 2,470.800
St. Louis to Harlem, M o______ 274
Uncollectibles_________
8,380
7.069
14,182
16.384
Total operated Dec. 31 1926.2,524
Moberly. M o., to Ottumwa, la. 131
, Owned and not operated______
7
Operating Income____$15,790,598 $15,535,228 $12,431,963 $12,096,957
Entrance to Chicago is over Chic. & West. Indiana, of whose stock this Otherincome__________
612,211
431,745
712.492
482.325
company owns $1,000.000.
Non-operating incom e.. 1,262,370
770,107
530.392
660,621
The I.-S. C. Commission has placed a tentative valuation of $107,241,951
on the total owned and $116,860,747 on the tota’ used property of the com­
Gross incom e............ .$17,665,179 $16,737,080 $13,674,846 $13,239,904
pany (including $10,235,747 for leased lines), as of June 30 1919.
Hire of freight cars_____ 1,851,695
1,881,230
1,852,217 1.751,072
ORGA N IZA TIO N .— Incorporated in Indiana Oct. 22 1915 as successor Joint facility rents_____ 1,791,809
1,673,350
1,710,086 1,623,654
o f Wabash RR. (foreclosed) under First Ref. & Extension Mortgage, and Rent for leased r o a d s ...
363,258
361,704
365,251
296,527
reorganized per plan in V. 100, p. 1599, 1594; V. 101, p. 1975. Took pos­ Interest on funded debt.
5,027,594 4,587,596
3,953,703 3,860,182
session N ov. 1 1915. The plan reduced the fixed charges from $5,795,278 Rent of equipment_____
197,222
159.877
234.370
207,154
to $3,183,915. besides eliminating guaranties and unsecured obligations.— Miscellaneous.................
216,114
126,884
84,270
90,437
V . 108, p. 270, 1927; V. 109, p. 2074, 2173; V. 110, p. 1090.
The I.-S. O. Commission on N ov. 2 1925 approved the acquisition by the
Total deductions
_____$9,447,692
$8,790,641 $8,199,898 $7,829,030
company o f control o f the Ann Arbor R R . by purchase o f its capital stock
Dividends______________ 3,458,426
(95.8220% acquired as of Dec. 31 1926).— V. 121. p. 2400; V. 122, p. 607. B alance________________ $4,759,062
7.946,438
5,474,949
5.410,873
STOCK.— The pref. shares A and B are respectively pref., prin. and divs
For latest earnings, see “ Railway Earnings Section” (issued monthly;.
(non-cumulative) and are callable at 110.
The A shares are entitled,
OFFICERS.— Chairman, William H. Williams; Pres., J. E Taussig,
after payment in any year of 5% on all stock (com. and pref.), to
c
participate in any further dividend for that year at the same rate as de­ V -Pres, (in charge of traffic), W. C. Maxwell; V.-P. S Gen M gr., 8. E.
clared on common stock (above said 5 % ). Of the authorized com­ Cotter; V.-P. & Gen. Solicitor, N. S. Brown; V .-P. in charge of accounts,
J. W . Newell; V .-P ., Sec. & Treas., J. C . Otteson; V .-P ., H. R . Winthrop;
mon and convertible preferred, $3,750,000 and $1,250 000 respectively
were issuable from time to time on account of unsecured creditors' claims Gen. Counsel, Winslow S. Pierce.
against old co. The pref. and common are issuable as needed for conversion
DIRECTO RS.— William H. Williams, J. E. Taussig. Alvin W Krech,
o f pref. B and on Aug. 31 1926 the amounts outstanding had been increased J. Horace Harding, George W . Davison, J. S. Crutchfield, Robert Goelet,
chiefly in this manner from the totals issued at reorganization in 1915, Winsolw S. Pierce, William A. Jamison, H. R. Winthrop, J. Leonard
namely $43,540,000 and $46,200,000, respectively, to the amounts shown in Replogle, John N. Willys, T . E. Wilson, C. G. Edgar, A. E. Staley. Office
table at top o f page. V. 108, p. 1929; V. 107. p . 182; V. 101, p. 2072, 120 Broadway, New York.— (V. 125, p. 910.)
1599; V. 102, p. 1812.
1907. V. 85. p. 1144.




137
RAILWAY STOCKS AND BONDS
Nov., 1927.]



138

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

Wabash Chester & Western— First mtge gold----- sc*
First consolidated mortgage SI.000.000 g _SSt.sc*
W
arren (N J)— Stock 7% perpetual guar D U s W __
First ret mtge 52,000,000 g gu p & 1____ F.xc*&r
Washington & Columbia River— See Northern Pacltlc
Washington County— See Maine Centra) RR
Washington & Franklin— 1st M 5475,000 g lnt rent-_i
Wash Ter— 1st M g guiS2.000.000 4s) (text) .lis.xo*&r
W ash & Vand—-1st M SI,500,000 g gu p&i_SBa.xC*
W e a th Min W ells & N W — 1st M gu end (text).-B ax
Equipment trust series A ___________________________
W est Jersey & Seashore— Common stock_________
First Consol Mortgage Series A g s f _________ xc*
Series B $1,500,000 g old ____________________ xc*
Gold Series C & D (¥687,000 Series C 3 JSs) _xo*
Gold Series E _________________________________ x
Gold Series F _______________________________ xo*
West Shore— 1st M gu p & 1 end by N Y G-.Un.sc&r
V a st Virginia & P ittsbu rgh— See Baltimore A Ohio

Miles Date
Road Bonds

1888
1893
1900

Par
Value

Amount
Outstanding

$ 1,000

1.000
50
1,000

$300,000
390.000
1,800.000
1.394.000

Rate

%

58
5g
7
3H g

378.000
1.000
19 1901
58
1905 1.000 Ac 12.000.000 3 H & 4g
720,000
4^ g
1,000
406 1907
660.000
1,000
41 1903
5
1926
513,000
1,000
5
e text
50 11,586,450
338 1896
1,472.000
1,000
4g
1,000
338 1896
637.000
3H g
1,743.000 3H & 4
1,000
338 1896
338 1896
669.000
1,000
4g
1896
6S5.000
48
479 1886 1.000 & $49,938,500
4

WABASH CHESTER & WESTERN R R .— Menard, 111., to M t. Vernon,
111., 65 miles. The l.-S. C. Commission lias placed a tentative valuation of
$886,100 on the property o f the cmipany as of June 30 1917. The com­
pany passed into the hands of J. Fred Glister, receiver, on Jan. 4 1924.
M r. Gilster former’y served as receiver from July 15 1914 to Nov. 30 1920,
when the first receivership was dissolved. Stock, $1,250,000; par, $100.
First consol, mtge. coupons due July 1894 paid July 1896: none paid since:
on 1st mtge. bonds the July 1913 coupons were those last paid. Year end­
ing Dec. G 1925, gross, $206,411: net oper. income, def., $9,301 gross in­
come, $145; fixed charges, $81,807; bal., def., $81,662.— (V. 122, p. 3336.)
W A C O , B E A U M O N T , T R I N I T Y & S A B IN E R Y — (V . 125, p . 778.)
W AR R EN R R ., N. J.— New Hampton Jot. to Dela. Bridge, N. J., 19.9

m. Leased in perpetuity to Dela. L. & W . at 7% on stock and interest
on bonds. See form of guaranty, V. 72, p. 628.— (V, 106, p. 601.)
W A S H IN G T O N & F R A N K L IN R Y .— Hagerstown, M d ., to Zum brt,
19-11 miles. Controlled by Phila. & Reading R y. Leased to Westeri
Maryland for lnt. on bonds and 5% on $150,000 stock; par $50 per share
(all owned by Reading C o.)— (V. 73, p. 392.)
W ASHINGTON POTOMAC & CHESAPEAKE R Y .— (V. 122, p. 1760.)
WASHINGTON IERMINAL CO.— Owns union station at Massacbusett:
Ave. Washington. D C with terminal and approaches; opened Oot 2'
Tentative valuation of $11,525,000 on the owned and used property of
the company as of June 30 1915. V. 125, p, 910.
The Philadelphia. Balt. & Wash. (Penn. R R . system) and the Balt. &
Ohio own the outstanding $4,252,000 stock (auth. amount $5,000,000) and
guarantee the bonds, of which $10,000,000 bear 3 % int. and $2,600,000
4 % . V. 80, p. 1973; V. 76, p. 812, 516; V. 77, p. 252; V. 80, p, 652, 1176,
1364; V. 85, p. 42; V. 89, p. 44. Form of guaranty V. 84, p. 1368. Other
tenants, Southern R y., Rich. Fred. & Potomac R R . and Ches. & Ohio
R y. Equipment trust 6% notes dated Jan. 15 1920, $56,700 outstanding,
payable $6,300 per annum. Pres., W . W . Atterbury; Sec., C. W . Woolford;
Treas., E. M . Devereux, Baltimore.— (V. 125, p. 910.)
W ASHINGTON & VANDEMERE R R .— Washington, N . C ., to Vande
mere on Pamlico Sound, 40 miles, completed Jan. 1909. The I.-S. C. Com­
mission has placed a tentative value of $680,400 on the property of the
company, as of June 30 1917. Stock all owned by Atlantic Coast Line RR.
C o., which controls the road by lease and guarantees the bonds, prin. and
int. Bonds are issuable at $18,000 per mile, incl. $4,000 for equip. V. 84,
p. 1249. Form o f guaranty, V. 85, p. 347. For year Dec. 31 1926, gross,
$71,299; net oper. income, def., $29,103; other income, $10,213; int.,
rentals, &c., $55,596; bal., def., $74,486.— (V. 124, p. 2585.)
WATERTOWN & SIOUX FALLS R Y .— Owns Sioux Falls, 8. D ., tc
Watertown, 102 miles. Successor of South Dakota Central R y.. foreclosed
June 12 1916. Capital stock, $1,500,000 authorized; $1,100,000 outst’d’g
As o f Jan. 1 1922 the line o f railway & properties o f the Watertown &
Sioux Falls Ry. Co. were leased to the Great Northern Ry. Co. for a period
o f 25 years and is now operated as a part of the Great Northern Ry. System
The I.-S. C. Commission has placed a final valuation o f $1,675,000
on the owned and used properties o f the company as o f June 30 1918.
OFFICERS.— Pres., C. O. Kalman: Sec.-Treas., F. L. Paetzold
— (V . 125, p. 1458.)
W EATHERFORD MINERAL WELLS & NORTHWESTERN R Y .—
CO. (TH E).— Owns Weatherford via Mineral Wells to Graford, Tex., 41
miles. Tentative valuation, $786,040, as of June 30 1916. Stock, $100,000
authorized, $94,680 issued and owned by Texas & Pacific. Latter guar­
antees the bonds ($1,354,000 authorized issue), principal and interest, by
endorsement. V. 75, p. 908, 1356. See form, V. 78, p. 344.
R E PO RT.— For 1926:
Net
Other
Cal. Yrs.—
Gross.
Oper. Inc.
Inc.
Charges, &c.
Bal.
1926__________$250,162
$60,655
$105,508
$37,244
$128,919
1925__________ 225,596
53,280
7,621
33,421
27,480
Pres., J. L. Lancaster, Dallas; Sec., M .D . Cloyd, Dallas.— (V. 123, p.
1630.)
WEST JERSEY AND SEA SHORE R R . CO.— (See Map Pennsylvania
RR.)— Owns all the lines on the Pennsylvania system in southern New Jersey
including Camden, opp. Philadelphia, to Atlantic City (59 miles), Camder
to Cape May, 81 miles, &c., total, 378.97 miles. V. 62, p. 366, 871. Of this
Camden to Atlantio City, with branch, total about 75 miles, is equipped
electrically. Operated as the “ Atlantic Division” o f the Pennsylvania
System.
The I.-S. O. Commission has placed a tentative valuation of $26,621,783
on the company’s property as o f June 30 1916.
STOCK.— The stockholders on Feb. 4 1915 authorized an increase in the
common stock from $10,000,000 to $13,000,000. Penn. R R . owns $6,747,900 common and $45,350 special guaranteed stock.
D IV ID E N D S.— Common, Sept. 1896 to March 1905, lncl., 5% yearly;
then to ’07. incl.. 6% yrly; ’08. 4% ; ’09. 4 H % ; ‘ 10 to Apr. 1 ’20, 5% (A.-O.)
In Oct. 1920 paid 2 )4% ; then none until Apr. 16 1923, when 2% was paid;
aame amount paid Oct. 15 1923, April 15 1924 and Oct. 15 1924. On
April 1 and Oct. 15 1925 paid 2J£%. On April 1 1926 paid 3% . and on
Oct. 15 1926 paid 2 J i% . Apr. 1 1927 paid 3 % . Oct. 15, 1927, 2 f i % .
BONDS.— First consol, mtge. is for ?7,000,000:190,000 reserved for prioi
lien bonds when due. V. 62, p. 1179; V. 84, p. 160: V . 89, p. 995: V. 92.
p 1702; V. 100. p. 57. 311. 473; V. 102. p. 1156.
R E PO R T .— For 1926 showed:
Cal.Ytars. Cross.
Net.
Total Inc. FixedChgs.
Divs.
Bal.
1926--$12,928,921 $1,162,092 $1,277,918 $231,187 $637,255 $291,536
1925-- 13,451,532 1,178,305 1,500,594
381,823
637,244
481,527
1924.. 12,932,368
821,850 1,099,128
342,955
521,381
234,792
1923-- 14,142,520
990,825 1,547,494
530,246
463,450
553,798
1922. - 14,018,091 1,279,702 1,533,986
434.177 231,725
868,083
For latest earnings, see "Railway Earnings Section” (issued monthly).
— (V. 125, p. 1577.)




[V ol. 125.

RAILW AY STOCKS AND BONDS
When
Payable

Last Dividend
and M aturity

Places Where Interest ana
Dividends A re Payabl

J A
J *
A&O
F &

July 1913 coup last paid
J July 1 1918
July 1894 paid July 1 '96
J Jan 1 1928
15 Oct 15 1927 3 H Del Laok & W RR, N Y
do
do
A Aug 12000

J
F
F
F
F
A

J Jan 1 1939
A Feb 1 1945
A Feb 1 1947
A Aug 1 1930
A Aug. 1936
O Oct 15 1927
J July 1 1936
J July 1 1936
J July 1 1936
J July 1 1936
J July 1 19Pe
J Jan 12361

J
J
J

J
J

J

A
&
&
&
A
&
&
&
&
&
&
0
6

Reading Trust Oo. Phila
Washington & New York
U S Tr Co, N Y & Balt
C o’s officel20B ’way,N Y
do a
do
Broad St^Station, Phila
do
do
do
do
do
do
do
ao
do
dr
466 Lexington Ave, N Y

WEST SHORE R R .— (See Maps N. Y. Central.)— Weehawken, N. J.
opposite N. Y . City, to Buffalo, N. Y ., with branches, 479 miles. Between
Utica and Syracuse is equipped electrically.
LEASE.— Leased in 1885 for 475 years to the New York Central &
Hudson River (now New York Central R R .), with the privilege of a further
term of 500 years, and all earnings, A c., Included In that company's report.
The $10,000,000 stock Is owned by the New York Central R R .
BONDS.— The bonds cover 479 miles o f road and also the terminals at
Weehawken. Abstract o f mortgage in V. 42, p. 176.— (V. 109, p. 1457.)
WESTERN MARYLAND RA ILW A Y CO.— Embraces:
Main line—
Miles
Fulton Junction, M d., to Oonnellsville, Pa____________________ 251.06
Emory Grove, M d ., to Highfield, M d _________________________ 73.48
Ridgely, W . Va., to Belington, W . Va________________________ 128.10
South Elkins, W . Va., to Durbin, W . Va______________________ 46.38
Other main line_______________________________________________
49.06
Total mainline.
Branches and spurs.
Leased lines______
Operated lines____
Trackage rights___

548.08
75.64
45.63
21.27
113.82

Total mileage operated Dec. 31 1926__________________________ 804.44
Second track, 89.63 miles; sidings, 406.14 miles.
Valuation,— Tne I.-S. C. Commission has'placed a tentative valuation o^
$71,228,194 on the total owned and $74,151,827 on the total used properties
of the company as of June 3 1919. V. 125, p. 645.
ORGANIZATION.— A consolidation Jan. 23 1917 per plan in V. 103, p.
700, of “ The Western Maryland R y. (formed as stated In V. 89, p. 287).
md subsidiaries, &c. (V. 104, p. 74, 766, 1047. 1265; V. 105, p. 717.)
This plan was to affect the status of the coal, A c., properties as follows:
(а) The acquisition by the new company of all the system’s terminal
properties at Baltimore, including grain elevator with storage capacity of
!.900,000 bushels. &c.
(б) The underwriting and offer to shareholders at par of $18,000,000 7%
istpref. stock (cum. from July 1 1918) in amounts 30% of their holdings,
(he subscriber with each $100 of 1st pref. receiving also $22 stock of Davis
Goal A Coke Oo. and $25 stock of Monongalia Coal Lands Oo., (V. 103, p.
J157; V.104, p.766), thus distributing the entire outstanding stocks of the
(oal cos. In 1917 these coal properties were merged. V. 105 p . 1421. 717.
(c) The lease to the Davis Coal A Coke Oo. for 99 years of all the rail­
way’s coal mining properties and the transfer of the reserve coal lands to the
Monongalia Coal Lands C o., this measure, with the distribution of their
itock, removing danger of legal complications owing to ownership of coal
properties by the railway. The new railway co.. under the lease, was to
•ecelve as rental 6 cts. per ton on coal mined and was to transport all the coal.
Davis O. A C. Co. was to operate 31 mines having an annual capacity of
1 500.000 tons.— V 103 D 1791
In Feb. 1927 the Baltimore & Ohio purchased 35% o f the common and
pref. stock o f the company. V. 124, p. 917.
Description of New $150,000,000 First and Refunding Mortgage.
(1) A direct first mtge. upon road from Cumberland, M d., to Oonnellerllle, Pa., together with branches, in all 119 49 miles; (2) a new First Lien
oy pledge of all securities representing ownership of branch lines (V. 103, p.
1611), aggregating 17.82 miles; (3) a mortgage subject to existing $500,000
uortgage upon Western Maryland R R . Terminal, and. subject to a $115,000
nortgage upon the Baltimore Fidelity Warehouse and Hazard Wharf:
4) a blanket mortgage, subject only to existing underlying mortgages.
»mounting to $50,177,000, on lines acquired in the consolidation as well as
all extensions. A c., hereafter constructed or acquired with the new bonds:
a) Reserved for corporate purposes__________________________ $1,000,000
70 For funding of underlying and divisional bonds__________ 50,000,000
(C) Under restrictions for terminals and terminal facilities____ 25,000,000
id) Under restrictions for new equip.. extensions A improv’ts
67.500.000
The Series “ A ” 1st & ref. mtge. bonds are red. as a whole only, upon 60
days’ notice, on any int. date on and after July 1 1937, and on or before
July 1 1967, at 105 and int. and thereafter at their principal amount and
int. plus a premium equal to )4 % for each six months between the red. date
and the date of maturity. Sold in July 1927 by Kuhn, Loeb & C o., Speyer
& Co., and the National City Co. at 99)4 and int. V. 125, p. 92.
On Dec. 31 1926 $15,458,000 of series “ B ” bonds were pledged.
The 1st M . 4s of 1902 cover some 522 miles of road, subject as to partto $1,281,500 underlying issues and also coal and coke properties which
In 1917 were taken over under lease or otherwise by the coal companies
mentioned
Compare V. 103. p. 1700: V 75, p. 550. 850; V. 79, p. 1024
V 79. p. 2692. and V. 81. p. 266: V. 80, p. 473. 1914; V. 81. p. 614; V. 83.
p. 273; V. 89. p. 666; V. 92. p. 120. 1437; V. 93. p. 1465.
The 7% equip, gold notes, pref. series, are followed by $1,500,000 notes
of a junior series, which were taken by the U. S. Govt, and which will mature
serially at the rate of $100,000 per annum. V. 112, p. 746.
For 5% 10-year serial equip, trust notes o f 1917, see V. 103, p. 2239. 2343.
V. 108, p. 270.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3.
The collateral trust notes of 1923 are secured by pledge of 1st A ref. mtge.
bonds. V. 117, p. 1888.

Nov., 1927.]

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 8|
W estern Maryland Ry Co—

139

RAILW AY STOCKS AND BONDS
Miles
Road

Date
Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Sinn S50.764.n98
100 17'742,050

100 8,661,000
J & ,TJuly 1 1977
233 Broadway, New Yorif
1st & Ref. m. $150,000,000 Ser A (text) Eg.c*&r*
500 &c 12,000,000
644 1927
J & J July 1 1967
do
do
Ser B _ - ..E qc*& r*
do
do
500 &c
Pledged
5
616 1917
Underlying Bond aad Equipment issues—
Bankers Trust Co, N 'Y
First mortgage $50,000,000 gold______ Ba,xc*<fcr . Text 1902
1.000 46,565.866
4 g A & O Oct 1 1952
6
.1
!)
1.00(1
1923
900,000
M & N1 5 To Nov 1938
5
1926
1,000 2,278,000
J & J 15 To Jan 16 1935 Guaranty Trust Oo, N Y
556.800
6
1920
50,000
6
To M ay 1 1929 233 Broadway, New York
1920
A & O To Oct 15 1937
1922
1.000
300,000
5g
5~ M
2,300.000
N To Nov 1938
1926
Equitable Trust Co, N Y
do
do
Ser “ E ” due $42,000 s-a_ Eq.c*
1,000
1,260,000 4)4 g J & D To Dec 1941
1926
M & S To Mar 1 1936 233 Broadway. New York
Equip gold notes pref series due $100,000 yrly-Eq.c*
1921
1,000
900,000
7 g
do
do
due $100,000 yrly
1921
1,000
900.000
M & H To Mar 1 1936 233 Broadway, New York
6
Nat Bank of Com.. Balt*.
Potomac Val 1st M $2,000,000 g assum.MeBa.zc* &r
1.000
743 000
c
5 g ,! d .1 Jan 1 1941
31 1891
do
do
J & .1 July 1 1929
Balt & Cumb Val Ry 1st m tg e __________________
500
21,500
6
3 1879
do
do
Balt & Cumb Val R R 1st mtge____ _ ____________
.) & .1 July 1 1929
100 &c
50,4)0
6
5 1879
do
do
Balt & Harrisburg Ry mortgage gold.M eBa.z___
5 g M & N Nov 1 1936
1,000
689.000
66, 1886
_
M & N May 11938
do
do
Balt & Harrisburg Ry W Ext g guar_ MeBa.z.-C*
187,000
5g
1,000
15 1888
Securities of Leased Lines—
Balt & Cum Val RR Ext and Washington & Franklin R y— See sta tements for those co mpanies
1,000 9,990,000
Treas. Phil. & N. Yl
W estern N Y & Penn— 1st M ($10,000,000) g-Ba.xc*
576 1887
5 g J & J Jan 1 1937
1,000 10.000,000
A & O Apr 11943
do
do
General mortgage $10,000,000 gold.............. (jn.xc*
4g
586 1895
tneome bonds $10,000,000 gold non-cum ...FP.xc*
1,000 See te t
Fidelity Tr— when eara
5e
Nov 1 Apr 1 1943
.
1895
See text
100 57.449,610 See text
inn 38 123,116
Pref stock 6% (see text) red at 105 conv into com...
6
Q— 1 Apr 6 1927 1)4 Checks mailed
Securednotes red p a r __ . . .
_
_
xxx
A & o Oct 1 1930
New York
1,000 4,943,000
1920
4g
Western Pac RR Co. (oper co) IstM callpar_xxc*&r 1,042 1916
1U &C 33,324,400
U
M & 8 Mar 1 1946
Equitable Trust Co, N Y
5g
Equip trust ctfs due $375,000 annually
Eq.xxxc*
do
do
1923
1,000 4,100,000
5)4
M & H To Mar 1 1938
do
do Series “ C " due $207,000 ann Ea.xxxc*
1,000 2,484,000
do
do
1924
5)4 J & D To Dec 1 1938
W estern R y.(A la)— I s t M g g u by GaRR&BkgOozc* 133.42 1888
Atlanta, Ga
1,000 1.543,000
6 g A & O Oct 1 1928

RE PO RT.— For 1926. in V. 124, p. 2896, showed:
1926.
“ 1925.
1924.
1923.
Freight— Coal and coke$14,154,165 $8,863,686 $8,282,877 $11,410,424
Miscellaneous__________ 9,717,697
9,432,210
9,122,073
9,620,496
Passenger______________
569,631
669,140
959,474
817,157
M ail____________
83.352
85,510
88,333
91,267
97,753
98,802
Express________________
108,498
120.501
176.713
M ilk__________________
120.227
130,639
152,629
Other revenue_________
167,158
183,658
169,802
163.399
Total transport, r e v ..$24,909,985 $19,463,644 $18,744,304 $22,539,343
Grain elevator.
166,280
374,742
298,545
266,470
Other incidental revenue
182,732
138.681
99,203
123,956
Joint facil. oper. revenue
578
382
2,270
833
Total oper. revenues..$25,259,575 $19,861,774 $19,135,563 $23,055,036
Maint. of way & stru c..
2,952,965 $2,493,541 $2,942,390 $2,919,972
Maintenance o f equ ip ..
6,098,196 4,566,342
3,987.192 5,882,271
436,079
439,113
437,753
439,528
Traffic expenses_______
Transportation expenses
7,276,518 5,802,371
6,112,632 7,736,945
Miscellaneous operations
136,974
132,827
152,179
193,655
529,455
535,209
534,548
546,928
General expenses_______
Transp for investment. Cr.25,554
Cr.3,846
Cr. 1,286
Cr.2,865
Total oper expenses. $17,404,633 $13,965,557 $14,165,409 $17,716,434
Net rev. from ry. oper.
7,854.942 $5,896,217 $4,970,154 $5,338,602
Total oper. income......... 6.758J25 $5,121,650 $4,057,314 $4,334,552
Gross income---------------- 6,481,260 $5,054,233 $3,921,163 $5,128,933
Joint facility rents_____
217,373
$247,098
$255,608
$318,846
Rents for leased roa d s..
65,130
65,130
65,130
65.130
4,981
4,921
4,753
4,876
Miscellaneous rents____
Int. on funded debt____ 2,599.985
2,604,659
2,611,867 2,642.036
Int. on equipment c tfs ..
316.069
335,418
402,697
420,532
Int. on unfunded d e b t..
2,029
4,089
5.956
5,530
Misc. income charges_
_
16,352
13,858
1.002
814
Net income....... ............ $3,259,342 $1,779,059
$574,148 $1,671,169
For latest earnings see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Chairman & Pres., M . C. Byers; V.-P. & Gen. Solicitor,
G. P. Bagby; V.-P. Traffic, D. G. Gray: Sec. & Asst. Treas., J. W . Broome;
Treas. & Asst. Sec., S. R. Gehlert. Office, Standard Oil Bldg., Baltimore,
M d.— (V. 125, p. 778.)
WESTERN NEW Y O R K AND PENNSYLVANIA R Y . CO.— (See Map
Pennsylvania RR.)— Owns Buffalo to Emporium, Pa., 121 miles; Buffalo to
Oil City, Pa., 137 miles; Oil City to Olean, 110 miles; Stoneboro to Mahonlngtown, 37 miles; Hinsdale to Rochester, 98 miles; branches, including pro­
prietary lines, 83 miles; total owned, 586 miles; trackage rights, 65 miles;
total, 652 miles.
The I.-S. C. Commission has placed a tentative valuation of $43,136,236
on the property owned as o f June 30 1918. A tentative valuation of $41,400.000 was placed on the owned and used properties as of the same date.
ORGANIZATION.— Reorganization Mar. 18 1895 (per plan in “ Sup
plement" of Jan. 1895) of the Railroad, foreclosed Feb. 5 1895.
Penna. R R . owned on Dec. 31 1926$19,439,001 of the $20,000,000 Stoci
and $9,542,000 of the 5% income bonds and leases the road for 20 year*
from Aug. 1 1903 and from year to year thereafter, subject to termination
on 60 days’ notice. V. 75, p. 1255.
The Penn. RR. in July 1926 offered to acquire the minority stock at $10
per share. V. 123, p 205.
Recapitalization plan.— At a special meeting o f the stockholders on Sept.
21 1927 an increase was authorized in the common stock from $20,000,000
to $25,000,000. The creation of $8,000,000 of new non-cum. 5% pref. stock
was also approved.
The Pennsylvania R R . to accept the common stock at par for the $23 ,846,951 of construction ad vantes due it; to exchange its holdings ($9,542,000)
o f income mortgage bonds for non-cum. 5% pref. stock on the basis of 31%
o f par o f such bonds; to exchange its present holdings ($19,439,001) of
common stock for non-cum. 5% pref. stock on the basis o f 20% of par of
such common stock.
Holders, other than Pennsylvania R R . interests, o f income mortgage
bonds are offered non-cum. 5% pref. stock for such bonds on the basis of
60% o f par value o f such bonds. Holders o f common stock are offered
non-cum. 5% pref. stock for such common stock on the basis of 50% of
par value of such common stock. No change is to be made in the present
outstanding first and general mortgage bonds.
BONDS.— Abstract of 1st M . In V. 47. p. 109.
RE PO RT.— For 1926:
Calendar Years—
Gross.
Deductions.
Balance.
1926_______________________________ $2,321,906 $2,202,557
$119,350
1925----------------------------------------------1,357,580
2,068,666 def.711,086
OFFICERS.— Pres., A . J. County; V.-Pres., T . W . Hulme; Sec., Lewis
Neilson; Treas., H. H. Lee. Broad St. Sta., Phila., Pa.— (V. 125, p. 1705.)
(THE) WESTERN PACIFIC RR. CORPORATION .— A Delaware
holding co owning all the stock o f the Western Pacific R R . (of Oai.), which
In turn owns the railroad running from San Francisco to Salt Lake City
via Oakland, Stockton, Sacramento, Marysville and Orovllle, Oal.. a dls
tance of 930 miles (including San Francisco Bay ferry, 3 miles); brand)
lines, 116 miles. Total mileage Dec. 31 1926. 1,046 miles. Crosses the
mountains at maximum grade o f 1 % . Trackage agreement with Southern
Pacific Co. V. 118, p. 1270. The corporation also owns 50% (150,000
shares) o f the common stock o f the Denver & Rio Grande Western R R .,
the other 50% being owned by the Missouri Pacific RR. Co.
Both the holding company (The Western Pacific R R . Corp., incorp. in
Delaware) and the operating company (The Western Pacific R R . Co.,
Incorp. in Calif.) were formed in June 1916 per reorganization plan of West­
ern Pacific Ry. foreclosed. See plan, &c., V . 102, p. 155, 160, 2168. 2255;
V. 103. p. 62, 240, 408; V . 104, p. 165, 258, 560; V. 103, p. 2080.




In October 1917 arrangements had been made to give financial assist­
ance to the following companies In the construction of their projected
lines which wjll serve as feeders for the Western Pacific, the latter receiving
In return fo the Investment a considerable Interest in their capital stock:
(1) Indian Valley R R ., Paxton Junction to Taylorsville and Engles Coppej
Mine, Cal., 21 miles :(2) Deep Creek R R ., Wendover, Utan. southerly Into
Gold Hill and Ferber Mining District, 46 miles; (3) In 1917 purchased
$1,147,968 of the capital stock of the Tidewater Southern R y.. an e'ectric
railway, now 65 miles In length, extending from Stockton t
eyond
r,’*;r!ock ''see “ Public Utility Compendium” ) . Tentative valuation. . 113;
STOCK.— The two corporations originally had similar capital stocks,
common and preferred, auth. and issued, the holding company owning;
all the outstanding shares of the operating company. The pref. is conver­
tible by holders, $ for $, into common.
The stockholders on N ov. 18 1920 approved an increase in the capital
stock of the holding company from $75,000,000 to $100,000,000. Of thetotal capital $40,000,000 is preferred (par $100) and $60,000,000 com m on,
(par $100). Compare details in V. I l l , p. 1864.
The stockholders on May 11 1925 approved the plan af the management
to make the Pref. stock cumulative to the extent of two years’ dividends.
D IV ID E N D S.— On pref., Feb. 1918 to Jan. 1919 paid 1)4% quar.; May
1919 to April 1920, 1% quar.; July 1920 to & incl. Apr. 1927, 1)4 % quar.
None since.
On July 15 1925 also paid a cash dividend of $5 per share on the Com­
mon stock, a cash dividend of $1,558 on the Preferred stock and a stock
dividend of one share of Common and one share of Preferred stock on each
six shares of either common or preferred stock outstanding. V. 120. p.3063.
BONDS OF OPERATING COM PANY.— Secured by a 1st mtge. on th®
existing railway properties and all property hereafter acquired. Trustees.
Crocker-First Federal Trust C o., San Fran., and Henry E. Cooper.
Total auth. Issue, $50,000,000. Sinking fund beginning In 1919. $50,000
annually. V. 104, p. 1593; V. 103, p. 2157. 2080.
The remaining 1st Mortgage bonds are reserved for future use, with
int. rate not to exoeed 6 % , for or against betterments, add ns and extens.,
ander safeguards, at not over $1,000 in bonds for $1,000 of money actually
Invested In additional physical property, subject to the new mortgage
NOTES.— The holding company In Aug. 1920 offered to exchange iis
4% 10-year secured notes for Denver & Rio Grande adjustment mortgage
bonds $5,175,000 have been issued in exchange, of which $161,000 are in
treasury of holding company V. 113, p. 1573.
Equipment trust certificates, V. 116. p. 823; V. 118. p. 1270.
RE PO RT.— Of operating company for 1926 in V. 124, p. 3200, showed.
1926.
1925.
1924.
1923.
Gross earnings---------------$16,057,065 $15,569,045 $14,370,467 $14,138,269
Total income___________ 5,904,554
5,610,627
4.158,200 4,327,347
Interest, rentals, &c------ 3,434,291
3,159,560
2,828,935 2,507,552
Net income___________ $2,470,264
Preferred dividends------- 1,650,000
Sinking funds__________
50,000

$2,451,067
2,078,450
50,000

$1,329,265 $1,819,795
1,650,000
1,650,000
50,000
50,000

Balance surplus--------$770,264
$322,617 def$370,735
$119,795
For latest earnings, see “ Railway Earnings Section" (Issued m onthly).
R eport o f H olding Com pany.
— Years Ended Dec. 31— July 1,’23 to Year Ended'
Period—
1926.
1925.
Dec. 31 ’24.
1923.
Divs. on stock of West
Pacific R R . C o______ $1,650,000 $4,453,375 $2,475,000 $1,650,000
Interest receipts_______
600.491
534,537
953,025
358,585
Rental railroad equipm’t
______
1,170
10,459
167.431
Profit on securities sold ..
50,417
382,484
76,624
______
Total income-------------- $2,300,908
General expenses---------165,933
Taxes--------------------------3,501
Depr. on railroad equip.
______
Int. on 4% sec. n otes...
201,420
Interest, miscellaneous..
181
Miscellaneous charges. _
______

$5,371,567
209,489
53,813
549
202.280
6.770
67,864

$3,515,109
$182,485
52,775
3.374
303,420
67,864
______

$2,176,016
$220,265
63.158
112,265
202,281
1,71 9

Net income--------------- $1,929,873 $4,898,665 $2,905,110 $1,576,327
Preferred dividends------- 2,285,822
2,335,967 2,749,373
1,571,070
Common dividends____
______
2,276,055
______
______
Balance-------------------- def$355,949
$286,642
$155,738
$5,257
Officers of Holding Company.— Chairman, Arthur Curtiss James; Pres..
T . M . Schumacher; V .-P ., Lyman Rhoades; Sec., M . J. Curray; Treas. &
Asst. Sec., S. C. Matthews; Gen. Counsel, J. F. Bowie. Office, 43 Ex­
change PI., New York.
Officers of the Operating Company.— Chairman o f the Board, Arthur Curtis*
James; Chairman of exec, comm., T. M . Schumacher; Pres., F. M . Adamst
V.-P. & Gen. M gr., Edw. W. Mason; V .-P . & Treas., Charles Elsey; Sec..
Wm. G. Bruen. Office, San Francisco, Calif.— (V. 125, p. 2805.)
WESTERN RY. OF ALABAMA (THE).— Selma to West Point. 133.42m.
Central Trust Co. of N .Y ., as trustee under Central Railroad & Banking
Oo. coll trust 5s of 1937, and Louisville & Nashville, as trustee for Itself
and Atlantic Coast Line R R ., each own one-half the $3,000,000 stock.
The $1,543,000 4)4* of 1888 due Oct. 1 1918 were extended to Oct. 1 1928
at 6%
In March 1920 announced that the Georgia R R ., the Atlanta & West
Point and the Western Ry. of Alabama would in future be operated In close
organization independently. The three properties will be directed as te
operation from Atlanta, Ga.
The I.-S. C. Commission has placed a tentative valuation of $6,015,000
on the property of the company as of June 30 1918.
DIVS.— 1’99. ’00. ’01. ’02-’06. ’07-’ i3 . ’ 14-’23. ’24. *25. ’26. ’27...
Per cent— / 2
7
4 4y rly . 5 yrly.
6 yrly.
7
8
8
8

140

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

W heeling and Lake Erie Ry—
Prior Lien 7% stock cum convert redeem_________
Pref stock (a & d) 6% non-cum convert redeem____
Common stock (further amounts for conversion) . R ef mtge gold Ser “ A ” callable 102 3^-Ceyc*&r*
do
Series “ B ” callable 1 0 3 - - _
_ Cec*&r*
Equip trust series C due $170,000 yearly__________
Left Undisturbed (Issue* eio»ed by Kef M of 1916)
First M Wheel'g Div $ A £ (2d on 187 m) g--C e.zc*
Exten and Im p’s mtge ($1,900,000) gold_ Ce.zc*
_
First Consol mortgage gold $11,697,000 _ Ba.xc*
_
Equipment gold notes due $305,000 annually____G

50 1888
260 1889
451 1899
1920

1,000
1,000
1,000

W heeling Term— 1st M $2,000,000 g « f gu p & l.xc*
White & Biack River Valley— 1st M ir int guar-.F.xc*

9.17 1900
62 1900
1918
1900
1901

1.000
1.000
£10
£1
£1
£10 Ac
£100

1903
1921
1911
1910

$1,000
381.750
1,000
650 & c

$100 $11,882,600
100 10,334.958
100 33,651,300
1.000
1916
4,827.000
1017 1,000 &c 2,000,000
1,000
1,360,000
1925

*‘A " shares £10,000, pref rights to 80% profits_____
Prior Lien debenture stock £300,000 ____________
Cons first mtge deb stock £794,802 red after 1920 110
Mortgage debentures (navigation) £273,440 red 105Secured notes 6% £70,000
- _ _______________
_
Income debentures 6% £168.430 r e d ____________
W hite River RR — 1st M *250.000 auth gold____AB
20
Wichita N orthwestern RR— l»t M g call_________ 100 2
W
ich Un TermRy— 1st M g gu red 108
- - - -Cex 9.11
Wildwood andDelaware Bay Short Line RR— 1st M
4.2

RE PO RT.— For 1926:
C al.Y rs.
Gross.
Oper.Inc. Other Inc. Deduc’ns.
Dies.
Balance.
1926______ $3,344,018 $659,481 $238,204 $295,613 $990,000 def$387,928
1925______ 3,392,382 868,493 278,085 318,556 240,000 sur588,092
For latest earnings, see ‘ Railway Earnings Section" (issued montniy)
O. A. Wickersham. Pres.. Atlanta. Ga.— (V 124, p. 2585 )
WHEELING AND L a k e ERIE R Y . C O .(T H E )— 512 m. of road.viz.:
Lines owned—
Mues. i
Miles
Toledo O to Terminal Juno____2101 'Various branches owned
____81
Cleveland to Zanesville, O_______ 144 ITrackage (C. O. O. & St. L.) LlnOanton to Sherrodsville_________ 451 dale to Wellington_____________ 3S
O RGAN IZATION .— Incorporated in Ohio Dec. 15 1916 as successor of
•IdWheeling & Lake Erie R R ., per plan in V 103. p. 1211. 1689
Tentative Valuation.— The I.-S. C. Commission has placed a tentative
valuation of $40,956,740 on the company’s property as of June 30 1918.
STOCK -Issued: Prior lien. *11.882.600 com.. $33,651,300; pref.
*10,344.958.
In Feb. 1927 the N. Y . Central purchased In excess o f 95,000 shares in
common, pref. and prior lien stocks, the N . Y. Chicago & St. Louis ac­
quired a like amount, and the B. & O. announced their holdings amounted
to^a 1-6 interest in the Wheeling & Lake Erie shares. V. 124, p. 918.
Prior Lien /% otock, eniRleu to
cumulative <llvs from Nov i 191f
payable quar.• (6) to priority over all other stock both as to divs. anc
in liquidation. aBd also, so far as legal, redeemable on or after Nov. 1
1919 at $115 per share and divs.; (c) convertible at any time after Nov. 1
1919 into com. stock, $ for $, with an adjustment of divs.; (d) To elect
for first five years a majority of the directors, and thereafter a majority
of the board, in case of failure to pay the full div on the Prior Lien stock
for five consecutive years; otherwise the three classes of stock shall have
proportionately equal voting rights. No cumulative dividends have been
paid on prior lien stock.
Preferred 6% Stock, entitled to non-cum. divs. from Nov. 1 1916. Prel
over the com stock both as to divs. and n liquidation, and, so far ai
legal, redeemable on or after Nov. 1 1919 at $105. and convertible at any
time after Nov 1 1919 into common sto;k, $ for $
BONDS.— New Refunding Mtge V 104. p 864. 1900; V 103, p. 1211
Purposes for Which the $50,000,000 Refu .d ig Bonds Were Made Issuable
(O) Issued In exchange for such 1st Consol 4% bonds as
assented to plan:Gold. 4 v$s, callable on any int date at 102H .$4,827.00
Issued to retire $2,000,000 1st mtge. Lake Erie Division bonds,
due Oct. 1 1926__________________________ _______ ___________ 2,000,000
(6) All other Ref. M . bonds to bear not over 6% int., and to be
redeemable on any int. date, rate of int., int. dates and re­
demption prices to be fixed at tir -e of issue. Reserved:
(aa) To pay or refund the Wheeling Division bonds and the ex­
tensions and improvements bonds__________________________ 1,303,000
(bb) An amount equal to the amosmt of First Oonsol. 4% bonds
not assenting to plan, reserved to pay or refund the same___ 6,870,003'
(CC) Under restrictions for betterments, extensions and new
propertiis, and to aid in refunding the above-mentioned
bonds, and to retire equip, obllg’ns of receiver or of old co ___ 35,000,00s
Of the Refunding mtge. of 1916 there had been issued to Oct. 30
1926, $17,423,000: held in treasury or temporarily pledged as collateral for
loans, $10,596,000; balance in hands of public, $6,827,000.
Equipment trusts of 1917, V. 104, p. 1047; of 1902, see V. 103, p. 2429
All of the outstanding securities of the L. & W. Va. R y.. viz.:
$1,999,300 stock am $2,000,000 First Mtge. bonds of 1913 are owned.
Equipment trusts issued to Director-General Tor rolling stock aliocat*<
3
to this company. See article on page 3 and V. 114, p. 1654.
Notes.— All of the outstanding 6% 10-year gold notes dated Jan. 1 1923
Nov. 15 1926 at 100 and nterest.
in V. 124, p. 2899, showed:
—-—----- Corporate------------ Fed. & Cor
1926.
1925.
1924.
1923.
Operating Income—
Railway oper. rev--------- $>20,925.898 $20,395,619 $18,332,401 $19,213,669
Railway oper. exp--------- 14,984.089 14.400.990 14.410.273 14.753,220
N etrev .from ry . oper. $5,941,809 $5,994,629 $3,922,128 $4,460,449
1,326,809
1,255.606
Railway tax accruals_
_ 1,664,998
1,568,458
4.732
1,915
3,651
4.108
Uncollec. railway rev_
_
R y. oper. Income------ $4,273,160 $4,422,062 $2,661,791 $3,131,724
Non-Operating Income
109,162
Hire of frt. cars— Cr.bal.
$46,474
$61,050
$50,907
72,895
Rent from equipment---60,603
46,174
41,236
40,101
Joint facility rent income
6,000
6,000
6,000
6,000
Inc. from lease of road -.
19,509
19.392
24,786
22.611
M iscell. rent income-----10
10
Mlsc. non-op. phys. prop
100,279
100.279
104,766
100.279
Inc. from funded sec_
_
Inc. from unfunded se­
45.847
108,624
78.320
155.056
curities and accounts.
a 204.631
4,409
5.637
7,558
Miscellaneous income---Gross income________ $4,813,988 $4,771,219 $2,963,571 $3,594,566
Deductions—
Hire of freight cars,
$371,114
$294,944
$46,073
debit balance________
60.221
13.602
13.036
$15,381
Rent for equipment___
76.209
104,640
84,465
101,563
Joint facility rents------1.529
742
164
192
Miscellaneous rents____
1,303.701
1,278,881
1,254.247
Interest on funded debt. 1,137,178
22,224
22.757
21,653
25.022
Int. on unfunded d ebt-11,740
23,621
11,740
14,637
Amort, disc, on fd. debt.
—
—
4,185
3,675
_
M isc. Income charges_
Invest, in rd. & equip_
_
Inc. applied to sinking &
other reserve funds_
_




[V ol. 125.

RAILW AY STOCKS AND BONDS

$1,282,744
78,115

$1,747,826
87,149

$3,507,355
$100,307

$3,286,279
141,612
30,000

30,000

30,000

$3,407,048

$3,114,667

$1,174,629

$1,630,677

894.000
409.000
6.870 000
2,440 000
8,177,400
1,354 320
600.000
£1,275. (v to
£10,000
£297,660
£582 870
£273,385
£14,000
£168,430
*250.000
381 750
2,300,000
470,600

Rate
%

When
Payable

4* g M &
5g M &
J
&
5

Last Dividend
amd Maturity

9 Sept 1 1966
S Sept 1 1966
J To Jan 1 1935

Places Where Interest and
Dividends Are Payable

New York
Central Union Tr C o,N Y
Guardian I r C o., Oleve.

J &
F &
M A
J
&

J July 1 1928
Central Un. Trust N ¥
A Feb 1 1930
do
do
H Sept 1 1949
Bankers Trust C o, N Y
,1 To Jan 15 1935 Guaranty Trust C o. N Y

4g
5g

F
J

A Aug 1 1940

7
5
0
6

J
J

6s
6
4H e
5 g

J ft J
.! ft D
M A N
J ft D

5
5
4
6

g
g
g
g

&
A

Winslow.Lanler&Oe.N Y
First National Bank, N Y
.1 June 30 1980
Jan 15 1913 1% 9 Clements Lane, Lon.

Dec 1 Dec 1 1935
A J Deo 31 1930
A J Jan 1 1930
Jan

1 1938

tune 1 1931
Nov 11941
June 11940

See text
See text
O D Parker ft Co, Boston
M ldw R esT rC o.K O Mo
Dillon, Read ft Co, N Y
B way Tr C o. Camden. N J

Note.— a $202,547 additional amount received in final settlement with
the U. S. Govt, for guaranty period operation.
For latest earnings, see ‘‘ Railway Earnings Section” (issued monthly).
BALANCE SHEET as o f Dec. 31 1926 In V. 124, p. 1508.
OFFICERS.—-Chairman and Pres., W . M . Duncan; V .-P. & Gen. M gr.,
Geo. Durham; Sec., C. B. Bahl; Treas , J. G. Stidger: Compt., H. H.
Henderson.
D IR E C TO RS.— Thomas S. Grasselli, Harris Creech, E. A . Petrequin,
George A. Coulton, W. M . Duncan, Frederick H. Ecker, F. E. Taplin,
C. F. Taplin, George Fillius, L. F. Loree and Geo. Durham. Office,
Cleveland, O.— V. 125, p. 1049.
WHEELING TERMINAL R Y . CO.— Owns a railway bridge at Wheel­
ing, W Va., and 9.17miies of terminal track. Leased to Pennsylvania R R .
STOCK.— $2,000,000. all owned by Pennsylvania Company, which
guarantees prln. and int. of bonds of which $400,000 are reserved for
additions and Improvements; mtge. trustees Commercial Tr. Co. of Phila.
V. 98, p. 612, 1769. Form of guaranty, V. 76, P 655. Divs. 2% paid In
1906, 1907, 1911. 1912 and 1913. 1916, 2% ; 1917. 3% ; 1918-1926, 4% ann.
Fer the year 1926. gross income, $135,362; deductions, $55,362; dividends.
$80.000 — (V. 125, p. 1577.1
WHITE & BLACK RIVER VALLEY R R ,— Brinkley to Jacksonport,
Ark.. 56 miles; Wiville, Ark., to Gregory, 6 m.; total, 62 miles. Leased for
80 years from July 1 1900 to Choctaw Oklahoma & Gulf R R . (now Chio.
R. I. ft Pac. R y.) for guaranty of int., endorsed on bonds. Stock auth..
$1.875,000; paid in, $323,000.— (V. 90, p. 504.)
W HITE PASS & YUKON R Y .— Owns a narrow-gauge line 110 miles in
length, extending from Skaguau, Alaska, to White Horse with branch to
White Horse copper mines, 12 miles (V. 69, p. 335; V. 67, p. 1162, 1138 ;
also operated steamers between White Horse and Dawson City and Caribou
and Atlin. V. 73. p. 443; V. 75. p. 1300.
REORGANIZATION.— In 1918 the security holders formally approved
with some amendments, plan outlined In V. 107, p. 605, 2099. 2478.
Interest due Jan 1 1915 and subsequently was paid In scrip or defaulted
in order to raise £95,000 (£52,000 for working capital, and about £38,000
to pay off loans, and £5,000 for commissions, & c.), it was arranged under
the plan to issue £100,000 7% Prior Lien debenture stock
Pres, of local (subsidiary) cos., F. O. Elliott, 111 W. Washington Sq.t
Chicago.— (V. 113, p. 2820.)
WHITE RIVER R R .— Owns Rochester to Bethel, V t., 20 miles,
The I.-S. O. Commission has placed a final valuation o f $392,223 on the
property of the company, as of June 30 1917. The bonds have been in
default since Jan. 1925.
Stock. $250,000: par. $100. Bonds ($250,000 anth Issue), see table
ibove. For 1926. gross, $56,180 net operating income, $1,922; other
income, $20; deductions, $26,256; balance, deficit, $24,307. Pres.,
E. S. French, Office, Springfield, Vt.
W ICH ITA FALLS & NORTHWESTERN R Y .— All the property of
this company was sold under foreclosure; owned and operated by MissourtKansas-Texas R R . Co. since April 1 1923.
W ICHITA FALLS & SOUTHERN R Y .— (V. 125, p. 1322)
W ICH ITA NORTHWESTERN R R .— A reorganization of the Anthony
ft Northern RR. Road completed in 1917 from Trousdale, Kan., to
Vaughn, 47 miles, and Pratt via Trousdale to Kinsley, 53 miles. The
Inter-State Commerce Commission has placed a tentative valuation of
$961,700 on the property of the company as of June 30 1919. O. P.
Byers and J. E. Conklin were appointed receivers on Nov 10 1922. Capital
stock, common, $860,000, and preferred, $830,000 The company obtained
a Government loan amounting to $381,750. The loan Is in the form of
one bond deposited with the Treasurer of the United States. The Commerce
Trust Co., Kansas City, M o., successor to Midwest Reserve Trust C o.,
is trustee under the terms of a 1st Consol. Mtge. in the principal sum o f
$800,000 to secure the 6% 1st Consol. Mtge. bond amounting to $381,750.
The bond Is callable upon any s.-a. Int. payment date upon the railway co.
giving 30 days' notice to those concerned of Its Intention to retire the same.
R E PO R T .— For 1926:
Cal. Years— Gross.
Net.
Oth.Inc. Int.,Rents,&c.
1 9 2 6 -.-.........-$171,828
$30,661
$1,700
$33,852
1925________ 123,060
def.9.544
1,149
34,182
Pres., O. P. Byers; Sec., T . A. Fry.— (V. 122, p. 2796.)

Balance.
def.$1,482
def.42.577

W ICH ITA UNION TERMINAL R Y. CO. (TH E).— Owns railway ter­
minal at Wichita, Kan., including a passenger station with elevated track
approaches of about 2 miles, including a four-track main line, to be used by
the Atchison, Chic. Rock Isl. & Pac. and St. Louis & San Francisco. These
three roads own the stock and guarantee jointly and severally the $2,300,000
30-year 4 )4% gold bonds. Final valuation of $1,935,000 on the property
of the company as of June 30 1916. V. 101, p. 1269. Pres., F. H. Shaffer.—
(V. 125, p. 1049.)
WILDWOOD AND DELAWARE BAY SHORT LINE R R — Road
connects with Atlantic City RR. (Phila. & Reading System) at Wildwood
Junction, 4.2 miles from Wildwood.
Stock, $500,000: issued, $378,000;
par $50. Bonds auth.. $562,500 1st gold 5s; issued, $472 100. Broad­
way Trust Co.. Camden. N. J trustee: see table above. For 1926, gross,
$132,451: net oper. income, $41,820; othertnc., $1,903; Int., rentals, & d,
$49 630; bal.. def., $6,301. Pres.. L. R Baker; V.-P. & Gen. Mgr., E. G-.
Slaughter; V.-Pres. & Treas., J. H. Slaughter; V.-Pres. & Compt., Geo. H.
Parker; Sec., O. I. Blackwell; Asst. Treas & Aud., J. F. Clark. Office,
Wildwood, N . J.— (V. 120, p. 2009.)

Nov., 1927.]

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

W
ilkes-Barre & Scranton—Stook 5% rental _ _ _ _ 4.27
____
First m
ortgage gold guar p &Iby L C & N Co-.xxx 4.27
W
illiam Valley— First m
*
tge $ 2 ,0 0 auth_ _ kv
10 0
___
11
Wdinar & Sioux Falls—S e Great Northern
e
90
W ington & Northern— 1 M call 1 0 lnt gu _
ilm
st
97
_ xr
G m
en tge 5 .0 0 0 gold p 1guar (end) — PeP.xr
1 0 .0 0
&
90
D
ebenture bond . .................................................................
W ington & W
ilm
eldon—S e Atlantic Coast Line RR
e
2.4
W ington Ry Bridge—M guar Jointly_ _ _ _ S a
ilm
_ _ _ __ B
89
W
inston-Salem
Southbound— 1 t M g gu--Us.xo*&r*
s
Wlns-Salem Term Co— 1st M g(gu)red text F.c*&r*
W
isconsin Cent Ry— Com on stock $17.500.000..
m
_________
Pref stk 4% n $ 2 0 ,0 0 auth_ _ _ _ _ _ _ _
-o 1 ,5 0 0
First General m
ortgage _ _ _ _ _ _ _ .. .Us.xc*
________
_
839
M
arsh &S E Dlv 1 t M gold subj to callat 1 5 sxc*
s
0 U
53
Sup * Dul Dlv &Term M $ ,5 0 0 g (text) Us.xc* 158
7 0 ,0 0
First a Ref Mg i$ 0 0 ,()(> a ) intguEm
nd
6 ,0 0
0u
.xo* & 1022
r*
Secured gold notes (guar.) redeem (text)_ _ _
_ _ c*
W
orcester N
ashua & Rochester- S e Boston & M
e
aine
Yosem Short Line Ry—S e Sierra Ry of California
ite
e
Yosem Valley—First m
ite
tge $ ,0 0 0 gold a f.xo*
3 0 ,0 0
78

Par
Value




Amount
Outstanding

50

1888
1903

1,000

text
1892

500
1,000

500

1893
1910 1.000 &o
1,000
1924
100
100
1.000
1899
1.000
1901
1.000
1906
$ &£
1909
1,000
1927
1906

$ 1,000

W ILKES-BARRE & SCRANTON R Y .— Owns from Scranton to
Mlnooka Jet., Pa., 4.27 m., of which 1.38 miles double track. Leased
from May 1 1888 to Lehigh Coal & Nav. Co. (which holds all the stock)
during corporate existence, less one year, at $47,500 per annum and taxes.
Lease assigned to Central of N . J. at 6% on cost of road ($1,141,676) & taxes
WILLIAMS VALLEY RR.— Williams Valley Jet. to Lykens, Pa., 11.08
miles. Stock authorized, $120,000; outstanding, $89,900; par of shares,
$50- In April 1907 the Reading Co. obtained control. V. 84, p 933
The $120,000 first mtge bonds were extended to Dec. 1 1938 at 4% , the
Reading Co., guaranteeing the payment o f principal and interest.
T h e l.-S . C. Commission has placed a tentative valuation of $158,486 on
the t tal owned, and $158,485 on the total used property o f the company,
as ol une 30 1917— (V. 121, p. 2519.)
W ILLIAMSPORT & NO. BRANCH R Y .— Hall's to Satterfield, Pa.,
and branch, 46 miles.
The I.-S. C. Commission has placed a tentative valuation of $1,001,600
on the owned and used properties o f the .company, as o f June 30 1917.
On Mar. 9 1921, the road, equipment, &c.. of the Williamsport & North
Branch Railroad was purchased by Joseph H Emery. Edgar R Kiess,
Edward Bailey, D. K. Townsend, and J. K. Rishel, at foreclosure sale con­
firmed by the Court April 4 1921. V. 112, p. 1026. They, with others,
on M ay 16 1921 organized this company to take over and operate the
property.
The l.-S. C. Commission in June 1921 authorized the company to issue
atpar (1) $500,000 1st mtge. 6% gold bonds; (2) $200,000 non-cumulative
6% pref. stock, and (3) $500,000 common stock, in full payment for its
railroad property, rights, and franchises.
The bonds are proposed to be issued under a mortgage to Harrisburg
Trust Co., Harrisburg, Pa., dated July 1 1921. Authorized $500,000 of
which only $200,000 will be now Issued. The common and preferred stoCK
represent the entire authorized Issues.
R E PO R T .— For 1926:
Cal. Years— Gross.
Net.
Oth.Inc. Int.,Rentals,&c. Balance.
$35,368
$118
$35,300
$186
1926_________ $142,766
14,209
152
18,974
def.4.613
1925_________ 130.681
Pres., Edward Bailey: Sec., F. W. Corcoran; Treas.. J. H. Emery.
Office. Hughesville, Pa.— (V. 122, p. 3336.)
WILMINGTON & NORTHERN R R .— Owns Wilmington, Del., to
Highs Farm, Pa., 86.76 miles; total track, 146 84 m. Leased to Phila. &
Read. Ry. for 999 years from Feb 1 1900 for lnt. on bonds and 346% dlv
on stock, payable quar. (Q.-F. 15) and organization taxes. Lease assumed
by Reading C o., in Dec. 1923, V. 80, p. 1858: V. 102, p. 1812. Supreme
Court decision. In Sept. 1927, the I.-S. C. Commission authorized the
company to extend from Dec 1. 1927 to Dec. 1 1907, the maturity of its
1st mtge. bonds. The interest rate was reduced from 5% to 434 %. — V.
125, p. 1705.
W ILMINGTON RAILW AY BRIDGE.— Owns Hilton toNavassa, N .C .,
2.4 miles.
Tentative valuation.— Of $256,000 on the owned and used property as of
June 30 1917. Stock, $40,000, owned by Seaboard Air Line Ry. and At­
lantic Coast Line R R ., which jointly guarantee the $217,000 bonds— see
table above. Pres., Geo. B. Elliott, Wilmington, N. C.; Sec. & Treas.,
T . W . Mathews, Portsmouth, Va.— (V. 125, p. 1968.)
WINSTON-SALEM SOUTHBOUND RV. CO.— Owns Winston-Salem,
N . C ., on Norfolk & Western, to Wadesboro on Atlantic Coast Line RR.,
88 miles; branches, 7 miles; trackage rights, 7 miles; total operated, 102 miles
Under trust agreement (V. 106. p 1239) said two roads own the $1,245,000
stock and jointly and severally, guarantee the $5,000,000 bonds, prin. &
lnt. See form, V. 92, p. 396; V. 105, p. 2367. The I.-S. C. Commission has
placed a final valuation of $5,788,067 on the property of the company owned
and used as o f June 30 1915. Report for 1926; Gross, $1,498,280, ry. oper.
Income. $450,637, other income, $62,408, deductions, $366,100, bal., sur.,
$146,945. Valuation report, 107, p. 1194, V. 108, p. 2124, 2434, V. 113,
'. 1055. Pres., H. E. Fries, Winston-Salem, N. O., Sec., J. F. Post, Treas.,
no. T . Reid. Wilmington, N. O.— (V. 124, p 3204.)
WINSTON-SALEM TERMINAL CO.— Incorporated March 1 1922 in
North Carolina. Owns and operates a union passenger station at WinstonSalem, N. C. An operating agreement between the Terminal Co., Norfolk
& Western Ry. C o., Southern sty. Co., and Winston-Salem Southbound Ry.
Co. obligates the latter three companies to use the terminal facilities of the
Terminal Co. for their passenger train business at Winston-Salem. As
rental the railway companies pay to the Terminal C o., each in proportion to
Its use, sums covering, in the aggregate, all operating expenses, taxes and
Interest charges of the Terminal C o ., and jointly and severally guarantee the
payment of the principal o f and the interest on the bonds by endorsement.
The bonds are redeemable, as a whole only, on or after Oct. 1 1939 at
110 and interest.
The stock of the Terminal Co. is owned one-third each by the three
guarantor railway companies.— (V. 119. p. 1954.)
WISCONSIN & MICHIGAN R R .—-Operates from Menominee, M ich.,
to Iron Mountain, M ich., 70.25 miles. Successor, after foreclosure sale, of
the Wisconsin & Michigan R y. C o., acquiring and operating only the por­
tion of the road above mentioned. The I.-S. C. Commission in Dec. 1920
authorized the company to rebuild 7.17 miles o f road between Fairhorn
Junction and Aragon Junction, M ich., and to resume operation of 13.8
miles of road in Dickinson County, Mich. V. I l l , p. 2522. Capital stock,
$1,500,000. Tentative valuation as of June 30 1916, $2,209,333.
R E PO R T .— For 1926:
Cal. Years. Gross.
Net.
Oth.Inc. Int.,Rentals,&c. Balance.
$11,644
$17,174
$33,351
def.$4.533
1926________ $324,436
1925________ 370,964
72,930
14,890
29,522
51,228
Pres , John Marsch, Chicago; V -Pres , W. H. Wright, Menomiuee
M ich.; Sec. & Treas., Nicholas Marsch, Chicago; Auditor. Wm. A. Ahern.
Menominee. Mich. Office. Menominee, Mich.— (V. 119, p. 3007.)
WISCONSIN CENTRAL R Y. CO.— System extends from Chicago
to Ashland, Wis., and Lake Superior iron mines; also to St. Paul and Minne­
apolis and to Superior and Duluth. By oar ferry connects with the Pere
Marquette and has a short line to the East. V. 63, p. 117. System Inoludes

S

141

RAILW AY STOCKS AND BONDS
Rate
%

When
Payable

Last Dividend
and daturity

Deo 31 See text
M & N May 1 1938
J & D Deo 1 1938

Places Where Interest and
Dividends A re Payable

437 Chestnut St. Phil®
do
do
Tower City (Pa) Nat Bk

Reading Terminal, Phil#
Deo 1 1977
Aug 11932
do
do
Owned by Reading Company
Apr 1 1943
July 1 1960
Apr 1 1966

Safe Dep & Tr Co, Bait
United States Tr Co. N 1
New York

Oct 1 1921 2% Cheeks mailed
July 1 1949
New York
May 1 1951
Bank of Montreal
May 1 1936
Apr 1 1959
New York
Jan 1 1930
Jan 1 1936

Mercantile Tr Co. San Fr

Miles.
Chicago, 111., to Withrow, M inn________________________ 424.44
Cwlon, Wis., to Downing, Wis., cut o ff_________________
14.64
17.96
Garnelian Jet., M inn., to Trout Brook Jet., M inn______
Neenah, Wis., to Manitowoc, Wis_______________________
44.42
Stevens Point, Wis., to Portage, Wis___________________
70-76
Packwaukee, Wis., to Montello, W is____________________
7.86
Marshfield, Wis., to Greenwood, Wis___________________
22.44
Chippewa Falls, Wis., to Eau Claire, W is_______________
9-88
Abbotsford, Wis., to Goodrich, Wis____________________
25.41
Abbotsford, Wis., to Owen, Wis_________________________
12.46
Speucer, Wis., to Ashland, W is__________________________ 145.87
Chelsea, Wis., to Rib Lake, Wis________________________
5.55
Mellen, Wis., to Bessemer, M ich________________________
33.77
Ashland, Wis.. Ore Dock Line___________________________
2.10
Ashland. Wis., Commercial Dock Line__________________
1.14
32.65
Marshfield, Wis., to Nekoosa, Wis___________________
Owen, Wis., to Superior, Wis_________________________ 153.40
Duluth Terminals______________________________________
4.71Total mileage owned Dec. 31 1926____________________________ 1,029.63
ORciAlsiz,AlluiN —Suooessoi July 1899 ot Wisconsin Gent. Go . ior«olosed per plan V 68, p. 725; V 69. p. 29, 133: V. 70, p. 434. In Jan. 1909
Minn. St. Paul & S. S. M . acquired 51% of common stock, and In March
1924 acquired 95% of the remaining minority stock and operates the road
as its “ Chicago Division," the road being leased for 99 years from April 1
1909. Most of the pref. stock has been exchanged for M. St. P. & S. S. M .
leased line certificates, secured by Wisconsin Central pref. stock. As of
Sept. 30 1927, “ Soo” owned $15,977,700 common and $11,249,500 pref.
V. 88, p. 159, 232, 566, 626, 750, 1003, 1439; V. 89, p. 780; V. 118, p. 1667.
The I.-S. C. Commission has placed a tentative valuation ®f $50,245,800
on the total used and $44,995,800 on the total owned property of the com­
pany as of June 30 1917.
STOGK.— Siook. authorized, common, $17,500,000; pref., 4% nonsum. $12,500,000. Outstanding, com., $16,126,300; pref., $11,265,900;
par of shares. $100 After 4% dividends on both olasses shall have beers
Dald In any year both shall participate equally in any further dividends
for such year. The preferred has the right to elect a majority of the direc­
tors on failure for two successive years to receive 4% per annum
DIVIDENDS.— First dlv. on prei. 4% for the year, paid 1% Deo. 23
j.908 and 1% each on Moh. 11 and July 15 and Oot. 15 1909. On June 16
1910, 2% ; Oct. 1, 2% : 1911 to Oct. 1 1921, 4% yearly: none since.
BONDS.— The 1st Gen. gold 4s of 1899 are secured by a mtge. upon all
he lines of railway, terminals, equlpm’t and other property acquired there>y, and also by deposit of all securities owned or acquired under the plan.
<f. 75. p. 734. 1204; V. 77, p. 1236; V. 86. p. 1591.
The Superior & Duluth Division & Term. 4s are limited to $7,500,000;
he present amount outstanding; they cover the road from Owen, Wis.;
Ha Superior to Duluth, Minn., 158 miles, and terminals at both Superior
ind Duluth. V. 82. p. 806, 930. 1103; V. 83. p. 986; V. 84, p. 1429; V.
5. d . 532: V. 86. p. 1411: V. 88. D. 824.
The "First and R ef." mtge. Is limited to $60,000,000, of which $36,459,000
it reserved to refund existing bonds and equipment obligations and the re­
mainder for general purposes; $5 816,000 nave been sold. V. 88, p. 687,
824 . 884; V 89. p 44. 1069; V. 94, p. 489; V. 98, p. 840. The Minn. St.
P & Sault Ste Marie guarantees interest on the bonds
V 95 » Oho.
NOTES.—The 3-year notes of 1927 are secured by the deposit of $10,000,000 Wisconsin Central R y. 1st & Ref. Mtge. 5% gold bonds, due April 1
1959. Principal and interest guaranteed by endorsement by the Minn.
St. Paul & S. S. Marie Ry. Co. Redeemable, all or part, by lot, at any
time on 60 days' notice, at 101 and Interest to Jan. 1 1929, and at 100
and interast thereafter. V. 123, p. 3317.
RE PO RT.— For 1926, showed:
Calendar Years—
Average miles operated.
Freight, iron ore_______
Freight, other_________
Passenger______________
M ailExpress.
Miscellaneous.
Incidental.
Total.
__________ $19,913,023 $20,405,515 $19,220,666 $20,388,242
Maint. of way & stru c.. $2,645,899 $2,508,546 $2,501,066 $2,403,060
Maint. of equipment-. . 3,479,961
3,503,394
3,478,966
3,488.645
Traffic expenses_______
393.093
358,364
332,248
306.328
Transportation expenses 8,172,294
8,305.047
8,545.663
8,860,385
Miscellaneous operations
146,096
135,183
147,948
141,752
General expenses_______
627,311
594,956
576,068
556,943
Transp’n for invest.-—Cr.
16.989
23,062
29,408
31,083
Total________________ $15,447,664 $15,382,429 $15,552,552 $15,726,030
Per cent of exp. to earns.
77.6%
75.4%
80.9%
77.1 .
Net earnings____________ $4,465,359 $5,023,087 $3,668,114 $4,662,212
Inc. from other sources.
221,585
325,304
318.094
230,999
Total________________$4,686,944' $5,348,391 $3,986,208 $4,893,211
Fixed charges, taxes and
‘1
terminal rentals______ 4.792,439
5.039,911
4.809,824
4,459,647
Surplus income______def$105.494
$308,480 def$823,616
$433,563
OFFICERS.— Pres., O. T. Jaffray, V .-P ., G W. Webster, Sec., W. R.
Harley, Treas., C. H Bender. Comp., D. J. Bond.— (V. 124, p. 3060.)
WYOMING NORTH ,v SOUTH RR - V 119 p 695
YOSEMITE VALLEY R R .— Merced, Cal., to the Yosemite National
Park, 78 miles, completed May 15 1907. Stock, $5,000,000, all outstand­
ing; par. $100. 1st M bonds ($3,000,090 auth.). V. 82. p. 511,930: V 84.
p. 1553; V. 122, p, 1453. Chairman of bondholders' committee. Charles K.
McIntosh, care Mercantile Trust Co., San Francisco. 1st mtge. coupons
due Jan. 1 1919 were met in June 1919, the stockholders providing at least
a part of the funds. V. 109. p. 74. On July 1 1923 paid coupons duo
Jan. 1 1923 and July 1 1923. V. 117, p. 90. Second mtge. 5s, $2,000,00$
held in treasury June 30 1914. Pres., Frank G. Drum, West Coast Life
Bldg., San Francisco.— (V. 122, p . 1453.)

Industrial « / Miscellaneous
United States, Cuba, Canada, Mexico and Other Foreign Countries.

Statements of

Public U tility Companies
such as

R E PO RT.— For 1926, in V. 124, p. 1660, showed:
(Adams Express Co. and Southern Express Co.)
Revenue—
1926.
1925.
1924.
1923.
Interest on balances____
$21,926
$15,450
$9,703
$5,968
Int. on securities owned.
144,820
186,858
199,595
193,540
Divs. on securities owned
766,313
821,534
770,671
714,486
Inc. from collat. pledged
608,385
558,177
592,819
639,006
Miscellaneous income_
_
______
______
______
93,326
T o t a l ________________ $1,541,446 $1,582,019 $1,572,788 $1,646,325
Expenses—
Interest on bonds______
$503,222
$518,685
$545,918
$579,881
Salaries, exp.& taxes. . .
72,083
66,467
65,730
151,605
(6)600,000 (6)600.000
(6)600,000 (5)500,000
D ividen d s.................

Light, Power, Gas, Telephone and
Telegraph

Balance, surplus . . . . $366,141
$396,867
$361,141
$414,838
Profit & loss, su rp lu s... 5,726,723
6,608,805
5,369,628
3,600,10?
OFFICERS.— Pres., Wm. M . Barrett; Treas., Ttaos, J. Degnen: Ser.;
doratio H. Gates. Office. 61 Broadway, New York.— (V. 12o, D. 2812.)

Formerly appearing in this publication
will now be found in our

ADVANCE-RUMELY C O — O R G A N IZA TIO N .— Incoro- in Indiana
tec. 16 1915, per plan In V. 101. p. 777, 851, 1276, 2146. Business estabished in 1853. Has plants at La Porte, Ind.. Battle Creek, M ich., and
Toronto, Canada. Products, agricultural Implements, such as tractors
wparators, plowing engines, &c. V. 102, p. 1626; V. 104, p. 1486; V. 106
p. 1575; V. 107, p. 2189. In Dec. 1923 purchased the business of the
4ultman & Taylor Machinery Co. of Mansfield, Ohio. V. 118. p 86
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $13,750,000 ($100). ____
*
$13,750,000
.....................
Pref cum coll 105 $12,500,000. 6 See text $12,500,000 ........... ............
Preferred Dividends.— No. 1, 1)4% paid April 1 1919; to July 1 1921.
1)4 % quar., Oct. 1 1921 to Oct. 1 1926, M% quarterly; none since. Ac­
cumulated divs. on Dec. 31 1926 amounted to 19)4% .
REPORT.— For 1926, in V. 124, p. 1824, showed;
Calendar Years—
1926.
1925.
1924.
1923.
Gross profits__________ $3,244,364 $2,824,041 $1,738,187 $2,008,885
Net income___________ $1,477,619 $1,409,538 $1,014,609
$319,667
Bond interest, &c______
410,106
279,926
237,074
242,944
Depreciation reserve_
_
545,768
496,963
341,798
334,088
Provision for Fed’l taxes
81,376
92,071
______
______
Preferred dividends___
280,690
374,25 <
374,253’
374,253

PUBLIC UTILITY COMPENDIUM
Issued Oct. 29, 1927

ABITIBI POWER AND PAPER CO., LTD.— ORGAN IZATION .—
Incorp. under the Companies’ Act (Canada) by letters patent Feb. 9 1914.
Company manufactured groundwood pulp, sulphite pulp and newsprint
and is also a holding company. Charter is perpetual. Owns 12 buildings
at Iroqouis Falls, Ont.; at Twin Falls a dam and power house, also timber
and water power leases.
k In June 1925 organized the Abltibi Electric Development Co.. Ltd.
It was announced in Jan. 1927 that the company had acquired, through
a subsidiary, the entire undertakings, properties and assets o f the Mattagami
Pulp & Paper Co., Ltd., o f Smooth Rock Falls, Ont., Can., about 60 miles
Balance, surplus_____
$122,911
$166,324
$61,484 def$631,618
from Iroquois Falls, Ont. V. 124, p. 114.
The company has also purchased all o f the issued pref. and com. stock
OFFICERS.— Finley P. Mount, Pres.; A. H. Berger, V.-P. and Sec.,
o f the Abitibi Fibre C o., Ltd. V. 124, p. 924.
W. I. Ballentine, V .-P.; J. Abrams, V.-P.; J. R . Kohne, Treas. Office.
Proposed Consolidation.— After going to press the stockholders were to
vote (Nov. 23 1927) on a plan for the consolidation o f the Abitibi Power & La Porte. Ind.— (V. 125. d . 2289.)
Paper C o., Ltd., with: The Spanish River Pulp & Paper Mills, Ltd., The
AHUMADA LEAD CO.— Incorp. under laws of Delaware March 4 1921.
Fort William Power Co., Ltd., Manitoba Paper C o., Ltd., Ste. Anne
Paper C o., Ltd., and the Murray Bay Paper Co.. Ltd. For complete In accordance with the terms of its charter, the company holds the stock
details o f new financing, terms o f exchange and a balance sheet of the com­ of other corporations, is the purchaser of lead-silver ores and other mine
products, and has contracts with other corporations covering the smelting
bined companies, see V. 125, p . 2389.
and selling of its product.
STOCKS AN D BONDS—
Rate of Int.
Outstanding. Bds. when Due.
The Ahumada Lead Co., through its Mexican subsidiary, the Cia. Miner*
Stocks— Com 250,000 shs (no par) ____
250,000 shs ...................
de Plomo, S. A., owns in fee 1.453 hectares, or 3,591 acres of ground in the
Pref cum $1,000,000 ($ 1 0 0 )--. 7 Q-J
$ 1 ,0 0 0 ,0 0 0
_____________
Los Lamentos Mountains, State of Chihuahua, Mexico. It also has under
Bonds— 20-yr 1st M ser due
6 F-A
$2,061,500 Feb. 1 1934
option, or owns part interest in considerable outlying ground. The Erup$292,500 annually($500, &c) ,.Int. at First National Bank, New York cion Mining Co., through its Mexican subsidiary, the Cia. Minera Erupzc* l and Chicago.
cion y Anexas, 8. A., owns in fee 62 hectares, or 153 acres o f ground in the
4-year gold notes ($500, &c)xc* ^ 6 g M-S
$4,000,000 Mar. 15 1931 same district, adjoining the Ahumada property on the south. These
•{Int. at Farmers’ Loan & Trust, N . Y ., properties take in nearly all of the Los Lamentos Mountains.
and First Nat. Bank, Chicago.
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due'
20-year gen s f M $5,000,000
6 J-J
$3,396,000 Jan. 2 1940
Stocks— Com $1,300,000 ($1)____
Q-J
$1,192,018 ................. —
authred 105 ($500, & c)_____{In t. at Royal Bank o f Canada, Montreal
DIVIDENDS.— Paid as follows:
regular and 2 He.
( and Toronto, and Chase N. B ., N . Y . extra; April 2 1924 to Jan. 2 1925, 7 AJan. 2 1924, 7 J^c.c. ext-a each quar.
c. regular and 7 A
10-yr consol s f M $14,000,- f 8 M-S 15
$2,794,200 Mar. 15 1931 April 1 1925 to Oct. 4 1926, 7 A c. regular and 17 A c. extra each quarter
000 ($100, & c)______ xxxx.c* (in t. at First Nat. Bank, Chicago, and Jan. 5 1927, 7 A c . regular and 7 A c . extra; April 4, 7 A c . reg. & 5c. extra.
( Chase Nat. Bank, New York.
R EPO RT.— For 1926, in V. 124, p. 1669, showed:
STOCK.— Auth. and issued $1,000,000 (par $100) pref. 7% cumul. and
(Ahumada Lead Co. and Companm vimera de Plomo, S. A.]
250,000 shares no par common. Pref. has preference as to cumul. divs. at
1926.
1925.
1924.
rate o f 7% per annum; in event o f liquidation or dissolution has preference Sales of lead and silver.. $3,691,027 $3,397,224 $1,448,573 xl923.
$427,892
as to par and accrued dividends.
Expenses, taxes, &c____ 2,877,601
2,380,803
1,109,594
319,825
D IV ID E N D S.— On pref., in full, from 1917 to date. Common old stock Depreciation__________
44,759
29,516
18,035
12,853
o f $100 par value, initial div. of l ‘ % paid Oct. 1 1919; Jan. 1920, 4 A %
A
Depletion______________
______
______
72,682
27,679
Apr. 1920, 7 A % - On July 15 1920 par value of com. was changed from
$100 to no par, and five new shares were exchanged for one of the old.
Net income_________
$768,667
$986,905
$248,261
$67,535
On no par value stock, paid $1.50 July 1920 and Oct. 1920; 1921. $1; Income from invest’t s ..
298,056
506,828
455,533
309,708
1922, $2; 1923-26, $4 yearly. Paid in 1927: Jan. 20, $1.25; Apr. 20,
$1.25; July 20, $1.25; Oct. 20, $1.25.
Total income________ $1,066,723 $1,493,733
$703,795
$377,243
577,184
217,282
249,199
______
BONDS.— Gen. mtge. bonds sinking fund amounts to sum equal to 3% Previous surplus_______
Taxes over acc., prior yrs
Cr96,900
______
______
______
o f par value o f bonds outstanding plus int. at 6% per annum on par value
______ Cr. 100,361
______
______
of bonds previously purchased or redeemed. Consol, mtge. sinking fund Deple. prev. charged off
of 10% o f annual net profits avail, for divs. (not less than $300,000) to be
$1,740,806 $1,811,376
$952,994
$377,243
applied to purchase of bonds at not over 110. Company guarantees bonds Less trans. to Mexican
and other obligations of the Abitibi Electric Developmet Co.. Ltd..
Legal Reserve_______
30,293
42,174
21,252
9,342
Abitibi Lands & Forests, Ltd., and the Abitibi Transportation & Naviga­
Deduct dividends______ 1,072,816
1,192,018
714,461
118.702
tion C o., Ltd., to the extent o f $2,052,710.
E E P O R T .— For 1926, in V. 124, p. 1982, showed:
Surplus Dec. 3 1 . : ___
$637,697
$577,184
$217,282
$249,199
Calendar Years—
1926.
1925.
1924.
1923.
x Period M ay 1 1923 to Dec. 31 1923 operations commenced on M ay 1.
Gross sales____________ 1 N ot
/ $10,364,677 $10,686,859 $11,047,668
'Latest Earnings. For 9 months ended Sept. 30 1927, in V. 125, p. 2812.
Cost o f sales & expenses-/ available)
6,124,340
6,301,307
6,768,088
OFFICERS.— Louis D. Ricketts, Fres.; Harry O. Dudley, V.-Pres.;
539,781
611,420
762,260
882,625
In terest_______________
Deprec. &depeltion, &c_
597,819
539,000
625,505
930,186 John F. Bankerd, Sec. & Treas.; George H. Cobbe, Asst. Sec. & Asst. Treas.;
Joseph W. Alien, Asst. Sec. Offices, 25 Broadway, New York, and Pacific
Appropriation for taxes.
155,000
220,000
190,000
____
Preferred dividends____
70,000
70,000
70,000
70,000 Southwest Bank Bldg., Pasadena, Calif.-—-(V. 125, p. 1055.)
Common dividends_____ 1,062,500
1,000,000
1,000,000 1,000,000
AIR REDUCTION CO.. INC.— Incorp. In N Y . on Nov 26 1915.
Manufactures oxygen, acetylene, nitrogen and other gases, carbide, oxyBalance, surplus_____$1,829,495 $1,799,916 $1,737,787 $1,396,768
acetylene welding and cutting apparatus and chemicals. Early in 1922 the
Profit & loss surplus.. $7,847,894 $6,984,106 $6,705,651 $6,204,007 company purchased all the assets of the Davis-Bournonville Co. In Aug.
OFFICERS.— Pres., Alexander Smith; V.-P. & Man. Dir., L. R . Wilson; 1925 acquired the assets of the Gas Tank Recharging Co. In O ct.1926 acquired
V .-P ., W . A. Black; Sec. & Treas., W . H. Smith. General office, Canada the assets of the Dayton Oxygen & Hydrogen Products Co. Also owns
Cement Bldg., Montreal, Canada.— (V. 125, P- 2389.)
substantially all of the stocks of the National Carbide Corp. Interest in
California Cyanide Co. Inc. In April 1927 announced the purchase of all
ADAM S E X P R E S S C O . (T H E ).— O RGAN IZATION .— An unincor­ assets of the Interstate Oxygen Co., the Compressed Gas M fg. Co., the
porated association formed in 1854. V. 100, p. 289, 371;V . 104,p . 2120.
United Gas Improvement Contracting C o., and the United Oxygen Co.
As of July 1 1918, at the behest o f the U. S. Govt., all the company's Later in 1927 purchased the assets of the New England Compressed Gas
express business and equipment in the U . S. .together with a required amount Co. V. 124, p. 2431.
o f working capital, was turned over to the American Railway Express Co.
(which see) in return for stock in that company, amounting in Dec.
STOCKS AND BONDS—
Rate o f Int. Outstanding. Bds. when Due.
1925 to $11,914,300. (See Amer. R y. Exp. Co. for dividends declared by Stocks— Com 293,334 shs (nopar)
Q-J 15
224,595 shs _____________
that company.)
D IV ID E N D S.— Paid initial div. of $1 per share on July 14 1927. Same
The I. 8. O. Commission in Dec. 1920, approved the permanent consoli­ amount paid quar. to July 15 1926; Oct. 15 1926 to Oct. 15 1927 paid
dation o f the transportation business and properties of the American. Adams
$1.25 quar. Also paid an extra div. of 50c. per share in Second Liberty
Wells Fargo & Co. & Southern Express Co. into American Ry. Express Co| Loan bonds on Oct. 15 1918 and $1 extra in cash per share on Oct. 15
STOCKS A N D BONDS—
Rate o f Int. Outstanding. Bds. when Du e
1924, Oct. 15 1925, Oct. 15 1926. Oct. 15 1927, $2 extra.
Stocks— Com 120,000 shs ($100). ____
$10,000,000 ................ ..
BONDS.— The convertible debentures Series A bonds were redeemed
Pref cum $10,000,000 ($100)____ 5
Text
____________
April 1 1924 at 105 and int. V. 118, p. 433.
Bonds— 50i-yr collat trust mtge f 4 g M -S
$5,793,500 Mar. 1 1948
RE PO RT.— For 1926 showed:
gold ($500, & c)________ Ba.z lint, at Bankers Tr Co., N. Y ., trustee.
1926.
1925.
1924.
1923.
40-yr mtge gold collat trust / 4 g J-D
$7,103,500 June 1 1947
Gross income................... $12,735,031 $10,500,600 $9,204,836 $>10,201,061
distribution ($500, & c)_____lin t, at Guaranty Tr Co, N . Y ., trustee.
Operating income______ 4,699,407
3,662,880
3,037,420
3,725,597
STOCK.— Late in 1927 a new issue of 5% pref. stock was created (see Reserves---------------------1,871,646
1,294,159
1,102,807
1,031,168
table) and offered to the common stockholders, in exchange for their Bond interest__________
______
______
5,387
118,138
1 oldings, on the basis o f 1 7-10 shares o f preferred stock for each share of Prem. on bds. red’m e d ..
______
______
______
23,265
ommon stock. If all o f the pref. stock is exchanged, 58% of the existing Compens. to o ff. &empl.
122,479
108,546
101,874
112,500
ommon will bo returned to the company’s treasury. V. 125, p. 2389, 1974. Federal taxes..................
443,091
243,309
192,131
302,503
CashDirs.,
1915. 1916. 1917. 1918-21. 1922. 1923. 1924 to 1927 Dividends paid------------ 1,118,462
986,857
954,483
687,588
Per share_____ $4
$6
$5 50
None
$
$5
$6 yearly.
Paid initial div. on new pref. o f $1.25 per share on Dec. 31 1927.
Balance, surplus.
$1,143,729 $1,030,005
$680,739 $1,450,435




Nov., 1927.]

RAILW AY STOCKS AND BONDS

Period End. Sept. 30— 1927—3 M os.—1926.
1927—9 M os.—1926.
Gross income__________ $3,332,870 $3,142,373 $10,061,468 $9,334,555
Oper. expenses_________ 2,210,410
2,035,995
6,641,587 5,988,985
Oper. income________ $1,122,459 $1,106,378 $3,419,881
Reserves_______________
150,802
461,408 1,415,669

$3,345,570
1,378,597

Net prof. bef. Fed taxes $621,657
$644,969 $2,004,212 $1,966,972
OFFICERS.— Chairman, F. B. Adams; Pres., O. E. Adams; 1st V.-Pres.,
tn charge o f sales, A. R. Ludlow; V.-Pres., M. W. Randall; V.-Pres., C. S
Munson; V.-P. & Oper. M gr., H. Van Fleet; V.-P. in charge o f devel. &
research, F. J. Metzger; Sec., R. B. Davidson: Treas., O. L. Snow; Asst
Treas., R . W . Ryder; Asst. Treas., G. H. Crofton; Asst. Sec., T . G.
Harrison. Office, Canadian Pacific Bldg., Madison Ave., N . Y .— (V.
125, p. 2390.)
AJAX RUBBER CO., INC.— ORGANIZATION.— The business origin­
ated in Dec. 1905 as the “ Ajax Standard Rubber C o.” and in Sept. 1906,
was consolidated into the Drieb Rubber Co. as the Ajax-Drieb Rubber
Co. In Jan. 1 1927 acquired the Racine Rubber Co. Owns plants in Tren­
ton. N . J. and Racine, Wis.
f STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocifcs-Coml,000,000shs(nopar)
Q-M
663,000 shs -------------------Bonds— 15-yr 1st M s f gold / 8 g J-D
$2,018,000 Dec. 1 1936
bonds^call 110 ($100, &c) ;Int. at W . A. Harriman & C o., New York.
kxxxc*&r[
STOCK.— The stockholders on Jan. 11 1922 auth. the issuance of shares
without par value and exchange of the outstanding 200,000 shares (par $50
each) share for share for the shares without par value, and also authorlzeo
mj Increase in the number o f shares which may be Issued from 400.000
par $50, to 500,000 shares without nominal or par value. The authorized
capital stock was increased from 500,000 shares to 1,000,000 shares in April
1926.
The stockholders o f record Jan. 5 1927 were given the right to sub­
scribe for 200,000 additional shares o f capital stock at $10 per share, on
the basis o f two new shares for each five shares owned.
D IV ID E N D S.— Paid in cal. years since organization, in 1916, $5; in
1917*, $5.85; in 1918, $6; in 1919, $6; 1920, $5.55; none since.
*Incl. div. of 10c. for benefit of Red Cross.
First mtge. 15-year 8% s. f. gold bonds, V. 113, p. 2724.
REPO RT.— For 1926, in V. 124, p. 1824, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Gross sales____________ $22,036,198 $19,868,825 $16,516,716 $16,068,710
Cost of sales, &c______ 20,990,225 18,303,063 xl5,401,842 x l5 ,632,742
$1,114,874
169,412

Net earn in gs............$1,045,974
Miscellaneous income_
_
159,530

$1,565,762
198,804

$435,968
116,917

Net profits.____________ $1,205,504
Federal taxes__________
______
Deprec’n, int., &c______
692,872
Extraordinary adjust'ts.
805,439

$552,885
$1,764,566 $1,284,286
118,177 -------------See x—----------641,321
620,158
569,322
...........
y543,953
______

Balance, surplus_____def$292,808 $1,005,069
$664,128 def$560,390
x Includes Federal taxes, y Includes oss from liquidation of certain
subsidiary companies and inventory adjustment, &c.
OFFICERS.— J. C. Weston, Chairman & Pres.; E. L. Fries, V .-P ., Sec
& Treas.; L. T . Vance, W. McMahon, F. M . Hoblitt, V.-P.; J. H. Dick­
son, Asst. Sec. & Asst. Treas. N. Y . office, 220 W . 57th St., Racine, Wis.—
V. 125, p . 1196,
ALASKA JUNEAU GOLD MINING CO.— Incorp. under laws of West
Virginia, Feb. 17 1897. Mining claims owned by this company are located
on the vein called “ The Juneau Gold Belt” in the Juneau Mining District,
Alaska. The company owns of this vein over one mile in length on the
outcrop with a width between walls of about 900 ft. Vein consists of slate
carrying gold bearing quartz, irregularly distributed through it in the form
o f veinlets, stringers and masses.
STOCKS AND BONDS—
Rate of Int. Outstanaing. Bds. when Due.
Stocks— Com $15,000,000 ($10)
____
$14,000,000 ------------------Bonds— lOyr 1st M $3,500,000 / 7 g M -S 1 5 $1,894,000 Mar. 15 1929
($500 and $1,000)________ xc \Int. at Mercantile Tr. Co., San Fr., trustee
BONDS.— The first mtge. 7s due Mar. 15 1929 are a first Uen on ail o
Che company’s property in the Territory of Alaska now owned or hereaft er
acquired. No dividends shall be declared out o f surplus profits, nor shall
any o f the company’s properties or assets be distributed to stockholders
while these bonds are outstanding.
R E PO RT.— For 1926 showed:
Calendar Years—
1926.
1925.
1924.
1923.
Gross recovered gold, sil­
ver and lead values—
Bullion_____________ $1,504,823 $1,576,984 $1,519,312 $1,173,078
Concentrates______
563,013
607,400
536,470
341,698
T o t a l___________ $2,067,836
Total oper. costs & e x p 2,098,305

$2,184,384
2,018,496

$2,055,782 $1,514,774
1,796,288 1,544,857

Net profit before depr. def$30,468
$165,888
$259,494 def$30,083
Month of April—
1927.
1926.
1925.
Gross earnings_____________________
$163,000
$139,200
$155,000
Deficit after capital expend. & int_
_
40,000
33,800
21,150
Operating loss for the month o f April 1925 amounted to $4,200.
OFFICERS.— Pres., F. W . Bradley; V .-P ., C. Q. O’Sullivan and D. J.
Murphy; Sec. & Treas., J. W . Crosby. Main office, 1022 Crocker Bldg.,
SanlFrancisco.— (V. 125, p. 2672.)
ALLIANCE REALTY CO. (THE)— Incorp. in N. Y. June 7 1899. En­
gaged in the business of holding, managing and dealing in real estate. Ownt
$1,620,400 out o f $2,000,600 com. stock o f The Broad Exchange Co.,
and,also stock interests in other concerns.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 200,000 shs (no par)
Q-J 15
120,000 shs ------------------STOCK.— The stockholders in Feb. 1926 changed the capital stock from
shares of $100 par value to shares of no par value and authorized the ex­
change o f stock at the rate of four shares of stock of no par value for each
share of MOO par value.
D IV ID E N D S.— Paid as follows: Initial div. on old $100 par value com.
stock of 4 K % m 1902; 1903-1905, 6% yearly; 1906-1909, 8% yearly; 1910,
14%; 1911-1913, 8% yearly; 1914, 714%', 1915-1920, 6% yearly 1921, 8% ;
1922, 8% and 25% instock; 1923, 8% ; 1924. 10%; 1925, 6% on $2,500,000,
20% in stock, on $2,500,000 and 2% on $3,000,000; In 1926 changed stock
to that o f no par value and issued four new shs. for one of the old; 1926, $3.
Paid in 1927: Jan. 18, 62lie . quar. and 87K c. extra; Apr. 20, 62lie ; July
18, 62c; Oct. 18, 62K c.
REPO RT.— For 1926, in V. 124, p. 509, showed;
Years Ended Dec. 31—
1926.
1925.
Net income from real estate operations and sales._ $364,797
$322,829
Interest on mortgages___________________________
67,870
59,931
Net p r o fit.._______ ______ _____ ______________
Income from other investments (incl. interest)____

$296,927
370,882

$262,898
296,366

Total income_________________________________

$667,809

$559,264

Years Ended Dec. 31—
General corporate expenses and taxes___________

1926.
134,476

1925.
92,358

Net earnings_________________________________
Previous surplus-------------------------------------------------

$533,333
764,323

$466,906
1,007,416

T otal________________________________________ $1,297,656
Dividends in stock______________________________
______
Dividends in cash_______________________________
360,000

$1,474,322
500,000
210,000

Porift and loss surplus________________________
$937,656
$764,323
OFFICERS.— Pres., Walter T . Rosen; V.-Pres., Harry S. Black and
Clarke G. Dailey; Sec. & Treas.. Howard W. Smith. Office, 115 Broad­
way, New York.— (V. 125, p. 521.)
ALLIED CHEMICAL St DYE CORPORATION .— Incorp. in N. Y . on
Dec. 17 1920 as a consolidation by means of stock ownership of the control
•f General Chemical C o., Semet-Solvay C o., The Solvay Process C o.,




143

The Barrett Co. and National Aniline & Chemical C o., Inc. The plan
provided for the exchange of the pref. and com. stocks of the consolidating
companies by the holders thereof, based on their outstanding capitalisations
for the stock of the “ new company” .
The plan was declared operative In Dec. 1920. For details of plan,
terms of exchange, &c., compare V. I l l , p. 1379.
General Chemical Co. was incorp. Feb. 15 1899 in N. Y . Its business
(s the production, manufacture and sale of acids and other chemicals.
The Solvay Process Co. was incorp. Sept. 28 1881 in N. Y. and Is engaged
in the manufacture of alkalis and soda products in the U. S., operating
plants at Syracuse, N. Y .t Detroit, Mich., and Hutchinson, Kan. SemetSolvay Co. was incorporated Jan. 31 1916 in New York and is engaged in
the manufacture of coke and its by-products. The Barrett Co. was incor­
porated Feb 6 1903 In New Jersey, Its business being the manufacture and
sale of coai tar products. National Aniline & Chemical Co. was incorpora­
ted M ay
1917 in N. V. Business is manufacture and sale nr dyestuffs .
Atmospheric Nitrogen Corp. incorporated in N. Y . Dec. 12 1919, and en­
gaged in the manufacture and sale of nitrogen products. Allied Chemical &
Dye Corp. recently acquired property at Hopewell, Va., where it intends
to produce nitrogen on a commercial scale.
The company, in Dec. 1924, was cited by the Federal Trade Commission
for alleged violation of certain provisions of the Clayton Act. Compare
V. 119, p. 2882: V. 120. p. 960.
The corporation in Jan. 1927 announced the formation o f the new SemetSolvay Engineering Corp., the organization o f which marks the resumption
o f activities in the construction of coke ovens and by-product recovery
plants for the manufactured gas industry. The new company is a con­
solidation of the newly acquired Steere Engineering Co. and the engineering
and construction departments o f the Semet-Solvay Co. V. 124, p. 376.
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
Stocks-Com 3,143,455 shs (no par) $6 Q-F
2,178,109 shs _____________
Pref cum red 120 $97,326,400
($100)------------------------------- 7 Q-J
$39,284,900 ______ ______
STOCK.— The preferred stock has equal voting rights with common
itock and is redeemable in whole or in part at 120.
The authorized capital was increased on Mar. 7 1921 from 373,264 shares
of pref. stock (par $100) and 2,143,455 shares of common stock without
par value, to 973,264 shares of pref. stock (par $100) and 3,143.455 shares
of common stock without oar value.
D IV ID E N D S.— Initial div. on com. of $1 per share was paid M ay 2 1921
same amount paid quar. to N ov. 1 1926; on Feb. 1 1927 to Nov. 1 1927
paid $1.50 quar. On pref. paid 1 M % quar. from Apr. 11921 to Oct. 1 1927.
RE PO RT.— For 1926, in V. 124, p. 1658, showed;
1926.
1925.
1924.
1923.
Gross income after prov.
for deprec., obsol., all
State & local taxes, re­
pairs and renewals__ $27,299,828 $23,140,592 $21,059,690 $21,974,558
Federal taxes_______ III 3,227,008
2,574,000
2!519>29
2i826!086
Net income_________ $24,072,820 $20,566,592 $18,539,961 $19,148,472
Previous surplus______ 150,392,312 141,288,099 134,209,968 126,428,336
Total surplus...........-$174,465,132 161,854,691$152,749,929$145,576,808
Pref. divs. ($7 per share) 2,749,943 2,749,943
2,749,768
2,735,094
Common dividends_____ 9,801,491 8,712,436
8,712,062
8,631,746
Profit & loss surplus.$161,913,698$150,392,312$141,288,099$134,209,968
OFFICERS.— Chairman, Wm. H. Nichols; Pres., Orlando F. Weber;
V.-Pres., W . H. Nichols, Jr., Clinton S. Lutkins and Geo. M . Wells; Sec.,
V. D. Crisp; Treas., Thomas E. Casey; Comp., J. N. Ford. Office, 61
Broadway, N . Y .
DIRECTO RS.— Wm. H. Nichols, W . H. Nichols Jr., Charles Robinson
Smith, Orlando F. Weber, Wm. G. Beckers, Walter E. Frew, Rowland
Hazard, Armand Solvay, Emmanuel Janssen and Sir Alfred M ond.—
(V. 124, p. 3212.)
ALGOMA STEEL CORPORATION.— See Lake Superior Corporation
below
ALLIS-CHALMERS MANUFACTURING C O — ORGANIZATION
incorporated In Delaware on Mar. 15 1913 as successor of the Allis-Ohalmers Co. (foreclosed) per plan V. 94, p. 913. Manufactures power, elec­
trical and industrial machinery.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Common ($100)________
Q-F
$25,770,700 _____________
Bonds— 10-yr gold debentures / 5 g M -N
$15,000,000 M ay 1 1937
$15,000,000(1500,&c)_kx&c* \Int. at
STOCK.— The 7% cumul. pref. stock redeemed on July 1 1927 at
110 and divs.
DIVIDENDS—
T6. T7. T8. T9. ’20. ’21-'24. '25. '26.
Preferred regular)_____________
6 6K 7
7
7 7 yrly. 7
7
On accumulations_______________ 3 3% 3
3 1 - K ______
Common------------------------------------ __ __
*2 4 yrly. 5K
6
In Jan. 1920 the accumulated preferred dividends were paid off In ful
with a final payment of 1 % %.
♦Initial div. of 1% paid Aug. 1920.
Paid in 1927 on common: I K % Feb. 15, 1 K % M ay 16, 1 K % Aug. 15,
I K % N ov. 15.
FUNDED D E B T .— The 10-year gold debentures are a direct obligation
of the company which agreed that it would not issue any secured obliga­
tions without securing ratably ther with the debentures of this issue then
outstanding, except purchase money mortgages on property hereafter
acquired. Red. in whole or in part at option o f the company on 30 days’
notice at 103 and accrued interest to and incl. M ay 1 1931; thereafter at
premiums K o f 1% less for each elapsed year or fraction thereof. Debs,
sold in M ay 1927 by Hayden, Stone & Co. at 99 and interest.
REPO RT.— For 1926, in V. 124, p. 1658, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Sales billed____________ $30,682,543 $28,921,357 $27,855,524 $25,612,709
Cost (incl. deprec., de­
vel., selling, publicity
& adm. exp.)________ 27,186,126 25,639,655 24,751,928 23,032,996
Factory profit-----------$3,496,417 $3,281,702 $3,103,596 $2,579,713
Other income---------------720,475
689,666
632,504
654,924
Net profit_____________$4,216,892
Reserved for Fed'l taxes
620,000
and contingencies____
Preferred dividends___
1,154,811
Common dividends_____ 1,546,242

$3,971,368
554,000
1,154,811
1,546,242

$3,736,101 $3,234,636
515,000
1,154,811
1,030,830

531,000
1,154,811
1,030,830

Balance, surplus_____
$895,838
$716,315 $1,035,461
$517,996
— — 1927------------------------------- 1926--------------Latest Earnings—
Billing.
Net Profit.
Billing.
Net Profit.
First quarter____________$7,906,356
$850,163 $7,328,018
$828,401
Second quarter________ 8,666,874
831,987
7,354,067
826,158
Third quarter_________ 8,479,653
776,709
7,811,854
925,662
Total 9 months______$25,052,883 $2,458,860 $22,493,939 $2,580,221
The net profits reported above are after provision for Federal income
taxes and depreciation, deducting from the foregoing 1927 earnings an item
of $577,453, representing the 2 quarterly dividends paid on the pref. stock
prior to its retirement on July 1, leaves a balance of $1,881,407 available for
the common, which is equivalent to $7.26 per share compared with $6.65
per share for the same 9 months period in 1926.
OFFICERS.— Pres., Otto H. Falk; V.-P. & Gen. Attorney, Max W.
Babb; Compt. & Sec.. W . A Thompson; Treas., R . Dill. Office, M il­
waukee, Wis.— (V. 125, p. 2390.)
ALPINE MONTAN STEEL CORP, AUSTRIA.— V. 125, p. 1731.)
AMALGAMATED LEATHER COMPANIES, INC.— Incorp. in March
1910 in Delaware as the F. Blumenthal Co.; present name adopted Nov. 17
1919. Manufacturers o f black and colored glazed kid and other classes of
leather largely used in the manufacture of shoes. Plants are located In
Wilmington, Del.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 175,000 shs (no par)
See text 175,000 shs _____________
Pref cum red 115 $5,000,000
($100)_____________________ 7 See text
$5,000,000 .......................

144

INDUSTKIAL STOCKS AND BONDS

DIV ID E N D S.— On present capitalization payments have been made as
follows: On pref., paid 1 % % quar. Jan. 1 1920 to Oct. 1 1920: none since.
On common, initial payment of $1 per share was made Jan. 1 1920; April 1
and July 1 1920. $1 each none since.
REPO RT.— For 1926 showed:
Calendar Years—
1926.
1925.
1924.
1923.
Income from operations$800,689
$889,127
$224,569
$842,077
Capital surplus________ 2,004,420adjl,115,493 adj.918,776 adj.161,557

[V ol. 125.

No further 1st refunding bonds shall be Issued unless the average annual)
net earnings for the last three fiscal years, applicable to Interest charges,
ihall oe twice the annual interest charges on the funded debt outstanding,
Including the bonds proposed to be issued.
The bonds are callable all or part at 105 prior to Feb. 1 1926, during next
5 years at 103)4; next 5 years at 102)4; next 4 years at 101; last year at

100 H .

Three per cent annually of total 1st ref. mtge. bonds to be used for pur­
chase or call and retirement of bonds sufficient to retire before maturity
Balance of capital surp $2,805,310 $2,004,620 $1,143,335 $1,003,634 more than 50% of the amount of the present issue.
OFFICERS.— Pres. & Treas., John B. Blatz; V .-P. & Sec., Louis HalleCommon Dividends (Rate % .)
V.-P., William C. Blatz; Asst. Treas., P. H. Van Bloem. Office, 315 Arch
Jan.’ 12-JulyT6.
Oct.T6-JulyT7.
O ct.’ 17-JulyT8.
Oct.T8-A.pr/21.
St., Philadelphia.— V. 125. p. 521.)
*% p .a .(l% q u .) 5% p .».(lM %qu.) (6% p .a .(l)4 % q u .) 8% p.a.(2% qu .)
AMALGAMATED SUOAR CO. (TH E ).— ORGAN IZATION .— IncorpNote.— The Jan. and Apr. 1921 divs. were paid in scrip convertible lnte
Jan. 1915 in Utah. Owns eight beet sugar plants at Ogden, Logan, Lewis­
common stock at par- none since. On pref., July 1921 and subsequent
ton. Cornish and Smithfield, Utah, and Burley, Twin Falls and Paul, Idaho. illvs. have not been paid. V 112. p. 2539: V. 113. p. 1363.
R E PO RT.— For year ended June 30 1927, in V. 125, P- 1317, showed:
bTOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due.
[Incl. subs. cos. and investments in Charlotte Harbor & Northern R y. and
Stocks— Com 724.624 shg (no par)
See text 724,624 shs _____________
Associated Companies.
1st pref cum call 120 s f 2% o f
1927.
1926.
1925.
1924.
issue $5,000,000 ($100)_____ 8 Q-F
$4,156,600 - ............ .......... Consol, income after deduct’g oper. charges &
Bonds— 15-yr 1st (closed) M s f / 7 g A-O
$2,725,500 Apr. 1 1937
int. on notes payable. $2,106,606 $5,303,445 $6,811,478 $5,953,220
gold call 105 ($100&c) xxxc* \Int. at M erc. Tr., S.Fr., & Bankers Tr.N Y
Less reserves for freights,
STOCK.— The stockholders In Nov. 1921 reduced the com. stock from
disc., doubt’la c c ’ts,&c 1,394,439
1,146,020
1,314,680 1,863,909
2,600,000 shares, par $10, to 724.624 shares of no par value and making it Int. paid and accru ed -..
1,572,173
2,051,402
2,340,536 2,441,367
assessable, but limiting the assessments to $1 50 in five years.
Plant depr. & mines depl. 1,064,129
1,082,311
1,110,447 1,535,481
An assessment of $1 39 a share on the outstanding common stock was
levied, payable Nov. 10 1921. Compare V. 113, p 1474, 1677. 2082.
Total________________$4,030,741 $4,279,733 $4,765,663 $5,840,757
An Issue of $3,875,000 7% bonds was sold in May 1922; retired to Feb. 28 Net profit______________dfl ,924,135
1,023,712
2,045.815
112,463
1926, $149,500. V. 114, p. 2243.
Previous deficit________ 16,836,525 17,860,237 19,404,876 12,817,584
Dividends.— The pref. div. due to be paid Aug. 1 1921 was omitted, no
Total deficit_________ $18,760,660 $16,836,525 $17,359,061 $12,705,121
payments being made until June 15 1923, when 2% quar. and 8% on
______
______
501,176
account of accumulations was paid; Aug. 1 1923 to Feb. 1 1924 paid 2% Reduc. in capital assets.
quar. On May 1 and Aug. 1 1924 paid 2% quar. and 3% on account of Reserves:
6,699,754
Bad & doubtful rec_
_
______
______
______
accumulations, clearing up all back dividends. N ov. 1 1924 to N ov. 1 1926
paid 2% quar.
Profit & loss d eficit..-$ 1 8 ,760,660 $16,836,525 $17,860,237 $19,404,875Production and Net Earnings Years Ending Feb. 28.
D IR E C TO R S.— Robert S Bradley (Chmn ). Geo. B. Burton (Pres.)
Year—
1926-27.
1925-26.
1924-25.
1923-24.
John Foster Dulles, Charles B. Whittlesey, James S. Alexander, Samuel
Production (lbs.)______ 47,018,000 127,493,000 64,561,9 0 146,313,500 F. Pryor. G. C. Lee G. C. Clark Jr., Chas. Hayden, Philip Stockton and
Net after Federal taxes.
______
______
$194,943 $2,398,172 Horace Bowker (V .-P .). .Tas. A. Starrett is Sec. and A. W Goeller is Treas.
OFFICERS.— Chairman & Pres., A. W . Ivins; V.-Pres., L. R. Eccles, New York office 420 Lexington Ave.— V. 125, p. 1317.)
M . S. Eccles, and S. L. Richards; Gen. M gr., J. M . Eccles; Sec., F. S.
AA1ERICAN BANK NOTE CO.— O RGAN IZATION .— Incorporated in
Young; Treas., M . S. Eccles. Office, Eccles Building, Ogden, Utah. N. Y. Feb. 20 1906 as United Bank Note Corp., per plan'V. 81, p. 1851,
— (V. 125. p. 1974.)
1794; V. 92, p. 1315, 1503; V. 96. p. 714. Has plants in New York and
AMERADA CORPO R ATIO N .— ORGAN IZATION .— Incorp. In Feb. Chicago, and office building at 70 Broad St., N. Y . V. 104, p. 859. In
1920 in Delaware as a holding company owning the entire capital stock of Oct. 1919 sold the old plant on Trinity Place, N. Y . V. 109. p. 1793.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due^
the Amerada Petroleum Corp. and the Amerada Refining Corp. The
Q-F
$4,945,250 _____________
Amerada Petroleum Corp. as o f Oct. 1 1927 owned oil and gas leaseholds Slocks— Com $10,000,000 ($10)
Pref cum $5,000,000 ($50)____ 6 Q-J
with total area of 1,054,144 acres in Oklahoma. Kansas, Arkansas, Louisiana,
$4,495,650 - ............. ........
Texas and New Mexico, o f which 13,724 acres were producing oil or gas
STOCK.— No lien or new stock without assent of 80% of each class.
at Oct. 1 1927 and 19,442 acres were under development.
On Oct. 1
1 <stockholders on Dec. 1 1925 approved the change in the authorized
1927 the corporation had 575 producing oil wells, 22 producing gas wells, common stock from 200.000 shares, par $50, to 1,000,000 shares, par $10.
and 20 wells drilling. Production in 1926 amounted to 5,659 370 barrels of Five shares of the new stock were issued in exchange for each share of
oil exclusive o f royalties, compared with 3,919,158 barrels in 1925. On common stock held. Each share of preferred stock will have five votes and
Oct. 1 1927 the Amerada Petroleum Corp. operated 10 casinghead gasoline each share of common stock of $10 par value one vote.
plants having a combined capacity o f 100,000 gallons per day. On Oct. 1
Preferred 6% stock of foreign subsidiary held by public Dec. 31 1926.
1926 the Amerada Petroleum Corp. and the Amerada Refining Corp. com­ $387,605.
bined had 1,332,026 barrels o f oil in storage.
DIVS.—
( ’13. ’ 14.-T5.-T6. ’17-’ 19. ’20. ’21. ’22. ’23. ’24. ’25. ’26.
Okla. Kansas. La.
Ark. Texas. N . Mex.
Total.
Common____%\ 6 3)4 2
4
6
7
8 *30 19)4 25 16
26
Producing_____
7,377
1,600
159 274
4,313 _______
13,724
*Aiso paid 10% in common stock.
Under devel’p ’t . 2,941
560
4,061
11,880 _______
19,442
Paid in 1927: Jan. 3, 5% ; April 1 ,5 % : July 1, 5 % ; Oct. 1, 5 % ; Dec. 30,
Undeveloped--.373,790 138,809 33,0386,666 349,898 118,777 1,020,977 extra of $1 in cash and 20% in stock.
On 6% preferred paid in full to date.
Total------------ 384,108 140,969 37,259 6.940 366.091 118,777 1,054,144
R EPO RT.— For 1926, in V. 124, p. 1699, showed:
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Dues
Calendar Years—
1926.
1925.
1924.
1923.
Stocks-Com. 1,000,000 shs (no par)
Q-J
922,075 shs _____________ Net profits____________ x$2,371,059 $1,927,510 $2,199,388 $2,280,713
314,725
294,381
289,010
292,024
D IV ID E N D S .— On old stock o f $10 par value paid initial div. of $1 in Depreciation___________
M ay 1922; July 1922, 50c.; 1923, $1; 1924, $1.50; 1925, $1.50; Jan. 1926,
Balance........................ $2,056,333 $1,633,129 $1,910,378 $1,988,689
$1. On new shares o f no par value, which were exchanged share for share
219,498
168,342
305,874
155,370
for the old stock, paid initial div. o f 40c. a share on April 30 1926; July 30 Miscellaneous income
1926 to Oct. 31 1927 paid 50c. quar.
Total_________________ $2,275,831 $1,801,471 $2,216,252 $2,144,059
R E PO RT.— For 1926, in V. 124, p. 1824, showed:
Misc. int. & sund. deduc.
6,205
14.057
25.520
37,031
Calendar Years—
1926.
1925.
1924.
Pension fund__________
40,000
40,000
40,000
40,000
Gross operatii
.®14,746,503 $8,172,685 $5,690,388 Profit-sharing plan_____
y219,804
147,473
207,970
210,250
Purchases, op
_
269,739
Pref. dividends (6 % )_
269,739
269,739
269,739
tion expenst
. 5.031,042
3,664,230
2.498,618 Common divs_____($2.70)1,335,218
a989,050 (25)1236,312 (19M)964J01
Divs.pf.stk.for’n sub.cos
29,048
35,400
21,797
4,476
Operating i
. $9,715,460 $4,508,455 $3,191,770
Other income
252,533
192,914
103,330
Balance, surplus.........
$376,818
$305,752
$414,914 $618,461
surplus_______
5,502,385
5,109,211
Total incon
. $9,967,993 $4,701,369 $3,295,100 Previous bldgs. & mach. 6,223,05l 5,917,299
______
______
______ Dr.225,289
Deprec’n, depl’n, Fed', tax & reserve.. 5,034,910
2,202,941
2.095,560 Value of
Profit and loss surplus
Net income______________________ . $4,933,083 $2,498,429 $1,199,539 Shares of common out­ $6,598,869 $6,223,051 $5,917,299 $5,502,385
Earnings per share on stock outst’g—
standing (par $ 1 0 )--494,525
b494,525
98,904
98,904
Before deprec’n, depl’n & Fed. taxe 3
$12.23
$7.99
$5.62
share
$2.69
$16.92
$16.05
After all charges________________
$6.05
$4.24
$2.04 Earn, perregularon com . extra $3.52
a 10%
and 6%
on stock $50 par value, and 40c. regular on
$10 par value stock, b Stockholders on Dec. 1 1925 approved the change in
Period End. Sept. 30— 1927— 3 Mos.— 1926.
1927— 9 Mos.— 1926.
the authorized common stock from 200,000 shares, par value $50, to 1,000,Gross oper. income_____$4,459,829 $4,298,483 $14,048,777 $10,593,291
000 shares, par value $10, and the exchange of five new shares for each $50
Oper. costs, admin, exp.,
par
x Profits of the manufacturing and commercial business,
less abandoned, & c.__ 2,250,811
1,617,069
6,587,137
3,975,492 aftershare held, repairs and provisions for bad debts, and for all taxes accrued
deducting
including income taxes, but before providing for special compensation or for
Operating income____$2,209,108 $2,681,414 $7,461,640 $6,617,799
Special compensation of
of combined
Other income__________
127,299
62,368
374,494
182,914 depreciation, y Note Co. and subsidiaries15% excess of fixednet profits of
American Bank
in
minimum of
$764,264 distributable under profit-sharing plan.
Total income________ $2,336,317 $2,743,782 $7,836,134 $6,800,713
Deprec., depict. & Fed.
Latest Earnings.— For 9 months ended Sept. 30 in V. 125, p. 2531
taxes________________ 1,573,044
1,248,841
4,982,432 3,103,912
OFFICERS.— Pres., D. E. Woodbull; 1st. V .-P ., A. Claxton Cary;
Sec. & Comp., John P. Treadwell. Jr.;
Net income__________
$763,273 $1,494,941 $2,853,702 $3,696,801 70 Broad St., N. Y .— (V. 125, p. 2531.)Treas., Charles L. Lee. Office,
OFFICERS.— Pres., E. L. DeGolyer; V.-Pres., A. Jacobsen and John
AMERICAN BEET SUGAR CO.— Incorp. March 24 1899. Owns
M . Lovejoy; Treas., Herbert J. Carr; Sec., Robert Nock. Office, 65 Broad­
and controls 6 beet sugar factories, of which 5 are in active operation, in
way, New York.— (V. 125, p. 2672.)
California, Colorado. Nebraska, Minnesota and Iowa, with a capacity of
AMERICAN AGRICU LTU RAL CHEMICAL CO. (TH E).— ORGANI­ 8,400 tons of beets per day. It also owns and controls 33,535 acres of land,
ZA TION .— Incorp. in April 1$99 in Connecticut under special charter- located adjacent to its factories. The company early in 1925 acquired the
V. 68, p. 974, and V. 72, p. 672: V. 73, p. 664; V. 75, p. 241, 292, 440: entire Issues of cap. stk. of Minnesota Sugar Co. and Northern Sugar Corp.
V. 77, p. 399; V. 83, p. 1230; V. 84. p. 272; V. 87, p. 874; V. 92, p. 324; Company leases from Minnesota Sugar Corp. factory at East Grand Forks,
V. 93. p. 1669; V. 94, p. 209: V. 98, p. 525. See V. 71, p. 545. Operates Minn , with capacity of 1,200 tons per day.
28 fertilizer plants and 4 mining plants. Also owns the Charlotte Harbor
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
& Northern R y. The Seaboard Air Line R y. in Aug. 1925 entered into a
See text 150,000 shs _____________
contract with the company for the acquisition of the Charlotte Harbor & Stocks— Com 260,000 shs (no par)
Pref cum red 110 $6,000,000
Northern R R . under a 3-year lease and for the purchase of the property
auth ($100)__________________ 7 Q-J
$5,000,000 .........................
at the expiration of the lease.
$3,283,000 Feb. 1 1935
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due. Bonds— 10-yr (closed) M conv ( 6 F-A
s f debs red (text) ($500, (Int. at Bankers Trust C o., New York,
Stoclfcs— Com $50,000,000 ($100)See text $33,322,126 _____________
&c)___________________ kxxx [ trustee.
Pref cum $50,000,000 ($100)-- 6%
$28,455,200 ---------------- - Minn Sugar Corp 1st (closed) f 6 g M -N
$1,200,000 M ay 1 ’28to’41
Bonds— 20-yr 1st ref M s f gold f 7 )4 g P -A $19,707,500 Feb. 1 1941
M ser g dated 1925 red (text) (Int. at Irving Bank & Trust C o., New
ser A red (text) ($500, &c) (Int. at Lee, Higginson & C o., New York,
($500, &c)____________ xxxc*[ York, trustee.
OB.xxxc*&r*l Chicago and Boston.
BONDS.— All of the outstanding 1st mtge. 5% convertible gold bonds
STOCK.— The stockholders on Jan. 20 1925 changed the capital stock,
due Oct. 1 1928 were redeemed on Oct. 1 1926 at 103 and int.
consisting of $15,000,000 common and $5,000,000 6% non-cumul. pref., to
The $30,000,000 first ref mtge. 7Hs are secured by a 1st mtge. on all real $6,000,000 7% cumul. pref. stock, par $100. and 260,000 shares of com.
estate, plants and equipment, now owned or hereafter acquired.
stock of no par vaiue, the old stock being exchanged for the new stock on
None o f the subsidiary companies has any funded debt.
a
share for share basis.
Future series may bear such rate of interest, mature at such times, be
D IV ID E N D S— ’ l l 12.T 3-T 5. ’ 16. ’ 17. ’ 18-’20. ’21. ’22-^
’24 *25.
callable at such prices, have such convertible or tax provisions and be paya­ Common---------- %\ ( 1)4 . ’ 5
Nil
4)4 7)4 8y rly .
2 None 3
4
ble In such currencies and at such places as the directors may determine.
do extra___ % (
- - _____ . . 12 _____ ________ ____ __
The total mortgage debt shall never exceed 75% of the value of the mort­
Paid in 1926: Jan. 31, 1% ; none since.
gaged property, based upon the book valuation June 30 1920, plus the cost
•r fair value (whichever may be the less) o f property subsequently acquired
The pref. div. due to be paid on Oct. 1 1926 was passed. None to date.
■abject to the mortgage.
BONDS.— The 10-year 6% (closed) convertible sinking fund debentures
The total combined net assets o f the company and its subsidiaries, after
are redeemable at 105 and int. up to and incl. Feb. 1 1926 and thereafter
deducting all liabilities except funded debt, shall equal at least 250% of
at 105 less 14% for each succeeding year.
the entire funded debt, including bonds proposed to be Issued.
If the total combined current assets rail below 160% o f total current
Convertible at any time into com. stock at $50 per share, if converted on
liabilities, the company shall declare no further dividends upon its common or before Feb. 1 1927; thereafter at $60 per share if converted on or before
■tock until said ratio is restored;! f below 160% it will default under mtge.
Feb. 1 1930 and thereafter at $70 per share.




Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

The trust indenture will provide for a sinking fund o f $100,000 per
annum, payable semi-annually out of net earnings, to be applied to the
purchase of debentures at not exceeding the then current redemption price
or to their redemption by lot at such price. V. 120. p. 585The Minnesota Sugar Co. 1st (closed) mtge. 6% serial gold bonds are
redeemable all or part on any int. date in reverse order of maturity and
numerical order on 60 days’ notice, at par and int., plus a premium of 1%
for each year or part thereof of the unexpired term of the bonds, such
premium in no event to exceed 5% . V. 121, p. 3013.
R E PO R T .— For year ending March 31 1927 in V. 124, p. 3212, showed:
Years Etui, ta r . 31— 1926-27.
1925-26.
1924-25.
1923-24.
Gross surgar sales______ $7,868,536
$7,403,920 $10,192,815 $6,418,674
Cost and expense______ 9,956,472
7,845,204
8,751,148 4,709,868
Federal taxes__________
12,994
23,211
215,880
144,792
Depreciation___________
607,081
631.833
424,339
342,026

145

The main plant at Camden, N. J., includes one of the largest and most
complete shipbuilding plants in the world, producing ships, river and
harbor craft of all sizes and description in their entirety, as well as all of
their operating equipment, including steam turbines of the marine type and
Diesel engines. The corporation is now spending a large sum for additional
tools and machinery and for alterations in some of its shops at Camden to
increase its facilities for manufacturing heavy electrical apparatus.
The Ameiican Brown Boveri Electric Corp. is an American-owned and
American-managed concern, all but 3% of its capital stock is held by
American interests. Through its affiliation with Brown Boveri & C o ., Ltd.,
one of the largest manufacturers of electrical equipment in the world, all
of the latter’s development and engineering experience, both past and
future, have been made available to the American market. The European
organization has its main plants in Switzerland, and associated companies
located in France, Germany, Italy, Norway, and other European countries.
The Swiss company manufactures complete equipment for steam and
water power generating stations, including the largest units adopted by
Net earnings________
$708,011 d f$ l,096,328
$795,447 $1,221,988
the public utilities: all equipment for the transmission of electric energy
Otherincome__________
252,502
456,949
428,651
293,985 and the inter-connection of systems. It designs and builds all systems
for the electrification of railways and all types of electric locomotives.and
$455,509 def$639,379 $1,224,098 $1,515,973 in addition it builds Diesel electric locomotives, rapid transit, traction and
N etin com e__________
Preferred dividends___
87,500(6%)350,000(6%)309,720
300,000
mine equipment, all equipment for industrial electric application, marine
Common dividends_____
______
______(4%)600,000
600,000
drives, and a broad line of mechanical equipment for gas utilities and the
steel industry
Balance, surplus_____df$543,009 def$989,379
$314,378
$615,973
The corporation has completed a license agreement with M .A .N . (Maschinenfabrick Augsburg Nurnberg A .C .) of Germany for the latter’s Diesel
BALANCE SHEET as o f March 31 1927 in V. 124, p. 3355.
OFFICERS.— Pres., R. Walter Leigh; V.-P., F. Q. Brown; V .-P ., Elisha engine development for traction purposes. The corporation in conjunction
Gee; V.-P. & Treas., Charles C. Duprat; Sec., Charles E. Eller. Office, with one of the most important American car building concerns, is now en­
gaged in the manufacture of several Diesel electric cars for use on American
62 William St., New York.— (V. 124. p. 3655.)
railways.
AMERICAN BOSCH MAGNETO CORPORATION.— ORGANIZA­
STOCKS A N D BONDS—
Rate of Int. Oulstanding. Bds. when Due.
TION .— Incorp. in N. Y . Jan. 9 1919, and acquired the assets of every Stocks— Participating (see text)
Character o f the Bosch Magneto Co of N V City (previously German
1,000,000 shs (no par)________
Q-J
392,556 shs _____________
owned), including a plant at Chicopee, Mass., &c. During 1925 the
Founders’ 300,000 shs (no par) ____
300.000 shs _____________
company began producing radio receiving sets and radio loud-speakers.
Pref cum $10,000,000 ($100)_ 7 Q-J
$3,000,000 ------- -------Suits brought by former interests have been dismissed in the Federal Court
5 M
$5,523,800 N ov. 1 1946
and dismissal sustained in the Appellate Court. For information on suits Bonds— 30-yr N Y Shipbuilding 'Int. gat -N
Bankers Trust C o., New York
1st M $25,000,000 call 102/4
see V. 113, p. 296, 537; V. 115, p. 1535, 1841, 2049, 2381; V. 117, p. 442;
and Pittsburgh.
s f 2 /4 % ($100, &c)_________
V. 118, n. 1913; V. 123, p. 1764, 2781.
STUCK.— The stockholders of the New York Shipbuilding Corp. re­
In 1927 the co p. closed an agreement with the Radio Corp. o f America
ceived a dividend of $15 a share in new 7% preferred stock and were offered
for patent rights and manufacture of radio equipment.
Tne starting, lighting and battery ignition business o f the company was in exchange for each share held one share of participating stock and one
share of founders stock of the new company.
sold to the Electric Auto-Lite Co. in March 1926
The participating stock (after pref. stock requirements) is entitled to all
STOCKS AN D BONDS—Rate of Int. Outstanding. Bds. when Due.
net earnings derived from the operation of the business during the period
Stocks— Com 250,000 shs (no par) ____
207,399 shs _____________ from Oct. 1 1925 to Jan. 1 1929, whether or not declared in dividends, prior
STOCK — The stockholders on Oct 13 1925 increased the authorized to said last mentioned date or thereafter, and to 65% of all other net in­
capital stock from 175,000 shares to 250,000 shares o f no par value. The come or gain. All net profit accruing from and after Jan. 1 1929 after
stockholders o f record Oct. 23 1925 were given the right to subscribe for pref. stock requirements shall be declarable in dividends, 65% to the par­
69,133 additional shares of stock at $33 per share on the basis of one new ticipating stock and 35% to the founders stock. On liquidation or disso­
share for every two shares held. The proceeds were used to retire the $2,- lution, the participating stock is entitled to receive, after pref. stock re­
quirements, all undistributed net earnings derived from the operation of the
125,000 8% gold «otes at 105 on Dec. 1 1925
business from Oct. 1 1925
65% of
D IVIDEN DS.— Dividends 1919: April 5. $1 50; June 30 $1 50; Oct. 1, assets, the founders stock to Jan. 1 1929, as well asof 35% . the remaining
to receive the balance
The partici­
$2; 1920. .Tan. 2. $2; April 1, $2 50; July 1 $2 50: July 15, 20% payable in pating stock has no voting power.
stock. Oct. 1 $2 50; 1921, Jan. 2, $2 50; April 1, $1 25; none since.
Voting power is vested exclusively in the founders stock, except in the
REPO RT.— For 1926, in V. 124, p. 1824, showed;
event of default in the payment of preferred stock dividends for four quar­
Calendar Years—
1926.
1925.
1924.
1923.
terly dividend payment periods, in which event the preferred stock is to
$671,580
$882,053
$491,479
$148,711
Operating profit_______
have equal voting power, class for class, with the founders stock, until
Interest on gold notes_
_
______
160,000
184,1671
Not
such time as the defaulted dividends have been paid and the regular divi­
Depreciation___________
223,261
200,660
199,686/ shown
dends on said preferred stock resumed.
Reserve & adjust., &C-_
______
______
______
54,636
D IV ID E N D S.— On pref. stock, paid initial div. o f 1M % on Jan. 1 1926;
same amount paid quar. to Apr. 1 1927. On participating stock paid
Net profit___________
$448,319
$521,393
$107,626
$94,075 initial div. of 50c. per share on Apr. 20 1926, same amount paid quar. to
Period End. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 Mos.— 1926.
Net sales________________$1,903,030 $3,175,673 $4,702,595 $9,987,651 Jan. 20 1927.
R E PO RT.— For 1926 in V. 125, p. 97.
Operating profit_______
170,096
72,023
363,164
17,837
Results for Year Ended Dec. 31 1926.
Depreciation___________
55,248
71,632
167,850
173,694
Net income from operations (after deduction of $665,176 of
expenditures of electrical division at Camden, N . J. (see note). $671,352
Profit (bef. Fed. taxes)
$114,848
$391
$195,314
$244,143
224,672
OFFICERS.— Arthur T. Murray, Pres.; Arthur H. D. Altree, Leon W • Interest, dividends, discount, &c______________________________
Rosenthal and G. J. Lang, V.-Ps.; R. W. Washburn, Sec. & Asst. Treas.;
Total income_______________________________________________ $896,024
Morris M etcalf, Treas. & Asst. Pres.— (V. 125, p. 2531.)
Bond interest, discount, &c___________________________________
586,307
AMERICAN BRAKE SHOE AND FOUNDRY CO. (TH E ).— OR­
GAN IZATION .— Incorp. in N. J. on Jan. 29 1902 Reincorp. in Delaware,
Net income_________________________________________________ $309,717
effective Oct. 1 1916- Manufactures brake shoes for steam and electric Divs. in pref. stock of sub. companies in hands of public________
78,677
cars and castings. V. 105, p. 2453. Amer. Brake Shoe & Fdy. Co. of
Calif. V. 110, p. 1291. During 1919 acquired the Southern Fdy. &
Consolidated net profit applicable to parent company------------ $231,040
Machine Co., Chattanooga, Tenn. (V. 110, p. 1219), and during 1920 Consolidated surplus Dec. 31 1925 (including surplus from
acquired a two-thirds interest in the Amer. Forge Co. V. 112, p. 1395.
appreciation of property and capital surplus)_________________ 2,256,226
On Sept. 1 1922 acquired contro o f the Ramapo Ajax Corp. V. 116, Adjustments (net)____________________________________________
121,575
p. 1409. In Feb. 1924 purchased the National Car Wheel C o., Pittsburgh. Appreciation of land at Camden, N . J__________________________ 4,500,000
V. 113, p- 796. The National Car Wheel Co. and the Southern Wheel Co. Inventory adjustment_________________________________________
481,672
were merged Jan. 1 1925 and are now operating under the name of Southern Discount on repurchased bonds_______________________________
5,019
Wheel Co.
It was announced in Sept. 1926 that the American Brake Material Corp.
Total______________________________________________________ $7,595,533
had been organized as a subsidiary of the American Brake Shoe & Foundry Dividends on preferred stock__________________________________
210.000
Co. With the formation of the new subsidiary the co enters the automobile Dividends on participating stock______________________________
790.512
industry with a new braking material and brake shoe for motor vehicles. Dividend (stock by subsidiary company)______________________
777,511
Operation has been transferred to a leased plant at Detroit, M ich., the Provision of reserve for eontingencies__________________________ 3,500.000
Lancaster plant having been destroyed by fire on Jan. 1 1927.
Expenditures of electrical division at Camden, N . J. (see n ote)-.
536.492
Sundry charges---------126.910
STOCKS AN D BONDS—
Rate o f Int. Outstanding. Bds. when Due.
Stocks— C om l,000,000sh(nopar)
Q-M
648,124 shs _____________
Consolidated surplus Dec. 31 1926 (incl. surplus from appreciation
Pref cum red 125 $10,000,000
of property and capital surplus)_____________________________ $1,654,108
auth ($100)__________________ 7 Q-M
$9,538,500 _____________
Note.— On resolutions of the board of directors passed subsequently to
STOCK,— The shareholders on April 22 1927 ratified a plan for re­
capitalization in accordance with which the authorized common stock of Dec. 31 1926, expenditures amounting to $1,734,322, representing reor­
no par value was increased from 400,000 shs. to 1,000,000 shs., and the ganization fees and expenses, and expenditures deemed by the company
former amount of outstanding com. stock (158,854 shs.) was split up on a to have been made for the development of the electrical division at Camden,
4 to 1 basis.' The plan further provided to increase the redemption price N. J., have been (a) capitalized as deferred charges to the amount of
o f the pref. stock from $110 to $125, and to give to the common stockholders $532,654, (b) charged to “ surplus from appreciation of land” to the amount
the exclusive right to elect 3 of the 15 directors, the remaining 12 to be of $536,492 and (c) charged as expenses of 1926 to the amount of $665,176.
elected by the preferred shareholders (V. 124, p. 1824).
Quar. End. Quar. End. Quar. End. 9 Mos. End.
The pref. stock is entitled to 7% cum. divs. and has voting rights. Re­
Period—
Sept. 30 ’27 June 30 ’27. Mar. 31 ’27. Sept. 30 ’27.
deemable, all or in part, at $125 per share and accumulated divs. The Oper profit____________
$395,520
$139,759 loss$169,184
$366,95
common stock is entitled to divs. at the discretion of the board after divs. Otherincome__________
87,963
103,272
135,728
326,964
on the pref. stock have been paid. The common will not have voting rights
until they shall be granted by a vote of a majority of the pref. stock. In
Gross income________
$483,483
$243,031
loss $33,456$693,059
case of liquidation, the pref. will be entitled to priority to the extent of par Int., deprec., &c_______
275,826
288,617
280,254844,699
and accumulated divs., and the common to the remaining assets.
D IV ID E N D S.—
/1920. 1921. 1922. 1923-24. 1925. 1926.
Profit_______________ x$207,657 loss$45,586
loss$313,710loss$151,640
Common_________________ \ $4
$4
$4
5 yrly.
$5.75
$6
OFFICERS.—Chairman, Wm. M . Flock;
Laurence R.
Paid in 1927: March 31, $1.50; on new capitalization (see under Stock); V.-Ps., Clinton L. Bardo, Theodore Boveri, Pres.,L. Sindeband, Wilder:
M.
W. G
paid June 30, 40c.; Sept. 30, 40c.
Groesbeck, Earle G. Hine and Frank R. Warton; Compt., Norman R.
RE PO RT.— For 1926, in V. 124, p. 1513, showed:
Parker, Sec. & Treas., J. T . Wickersham. Executive offices, 165 Broadway,
Calendar Years—
1926.
1925.
1924.
1923.
New York. —(V. 125, p. 2531 .
♦Net profits_____________$3,029,217
$2,786,607 $2,454,905 $2,727,097
AMERICAN CAN CO.— ORGANIZATION.— Incorp. in
Dividends— Preferred __
667,695
667,695
667,695
667,695 March 19 1901 as a consolidation of about 100 concerns. SeeNew Jersey on
72, p. 582;
Common____________
947,137
829,900
789,599
792,083 V. 84, p. 994; V. 90, p. 371,629; V. 96, p. 1841. Sanitary Can V.o., acquired
Divs. paid by sub. cos__
150
300
11,617
112 In 1908, has been dissolved. V. 85, p. 656; V. 86, p. 336,C 422; V. 90,
2367; V.
Balance, surplus_____$1,414,2*^5
$1,288,712
$985,994 $1,267,206 p. 504, 1230; V. 105, p. Detinning 106, p. 88; V. 86, p. 796. Has arrange­
ment with Goldschmidt
C o., now Metal & Thermit Corporation.
* Net profits from operation o f plants are shown after deducting manu­ V. 88. p. 232, 373; V. 90. p. 371
Dissolution suit dismissed, V. 112, p.
facturing, administration and selling expenses and depreciation of plants 2539; V. 118, p. 2181. Liberty Ordnance Co., V. 107, p. 2190. Settlement
and equipment and including dividends received on stocks of associated of munition contracts. V. 108. p. 2435; V. 110, p. 655. Int. In Amer. Motor
companies whose earnings are not incorporated herein and other income Body C o.. V. I l l , p. 794. Sale o f adding mach. business, V. 1.14, p. 2118.
(net) less estimated Federal taxes.
Refund of taxes.—V. 124, p. 3355.
""""OFFICERS.—Chairman, J. B. Terbeil; Vice-Chairman, W . G. Pearce;
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Pres., J. B. Terbeil; V.-Pres., James S. Thompson, William S. McGowan, Stocks— Com $66,000,000 ($25)
8 Q-F
$61,849,950 .......................
Wm. F. Cutler, Wm. B. Given Jr., Thomas Finigan and Chas. P. Wright;
Pref cum $44,000,000 ($100)— 7 Q-J
$41,233,300 — ...................
Treas., George C. Ames; Sec., George M . Judd; Compt., Wm. M . M cC oy.
STOCK. —The stockholders voted Feb. 9 1926 to change authorized
Office, 30 Church St., N. Y .— (V. 124, p. 3663.)
com. stk. from 440,000 shs. par $100 to 2,640,000 shs. par $25; and also
AMERICAN BROWN BOVERI ELECTRIC C O R P.— Incorp. under ratified the action of the directors authorizing the distribution to the
laws o f New York, N ov. 28 1916, as the New York Shipbuilding Corp., common stockholders of 824,666 shares o f new common stock as a 50%
with plant located at Camden, N . J. In Oct. 1925 the stockholders ap­ stock dividend. The common stockholders received six shares o f the new
proved the change in name to present title, the company at the same time common stock o f $25 par in exchange for each $100 share. To preserve the
acquiring the properties and business o f the Oondit Electrical Mfg. Co. equality of voting power between the preferred and common stocks, each
at Boston and the Scintilla Magneto Co. at Sidney, N . Y . In Nov. 1925, share o f preferred has been given six votes per share.
DIV ID E N D S. — Initial div. o f 1M % on common siock was paid on
acquired the Moloney Electric Co. o f St. Louis. V. 121, p. 2640. In Jan.
1926 acquired the Railway & Industrial Engineering Co. o f Greensburg, Feb. 15 1923 (V. 115, p. 2480); same amount paid quar. to Feb. 15 1926.
P a., and the Electric Development & Machine Co. o f Holmesburg, Pa., Also paid 1% extra on Feb. 15 1924, 2% extra on Feb. 16 1925 and 3%
On March 11 1926 paid 50% in common stock.
near Philadelphia. V. 122, p. 613. The Electric Development & Machine extra on Feb. 15 1926.
M ay 15 1926 to Nov. 15 1927 paid 2% quar. on new stock of $25 par value
C o . has been merged into the Railway & Industrial Engineering Co.




146

INDUSTRIAL STOCKS AND BONDS

DEBEN TU RES.— All the outstanding 5% debentures due Feb. 1 1928
were redeemed on Feb. 1 1925 at 102)4 and interest.
Calendar Years—
1926.
1925.
1924.
1923.
E arnings______________$18,436,382 $21,423,903 $15,906,756 $15,423,202
Reserve for Federal taxes 2,700,000
3,000,000
2,150,000
2,000,000
Depreciation___________ 2,000,000
2,000,000
2 , 000,000 2 , 000,000
Interest on deb. b o n d s..
______
33,867
414,825
440,108
Preferred dividends___
2,886,331
2,886,331
2,886,331
2.886.331
Common dividends_____ 4,947,996
3,298,664
2,473,998
2.886.331

[V ol. 125.

R eadju stm ent Plan.
The stockholders on June 2 1925 approved a plan o f readjustment of
capitalization, dated M ay 12 1925, which provided, among other things,
for the payment of accumulated dividends on the 6% preferred stock and
the issuance o f 24,670 additional common shares.
The company offered: (1) To the holders of the outstanding 30,000 shares
of 6% cum. pref. stock an opportunity to exchange their shares with all
claims for dividends accrued and unpaid thereon on a basis o f 1 M shares of
cum. prior pref. stock for each share of 6% pref. stock surrendered.
(2)
To the holders of the outstanding 185,025 shares of both 6% cum.
Balance, surplus_____ $5,902,055 $10,205,041 $5,569,269 $5,622,765
pref. stock and common stock, 24,670 additional shares o f common stock
at $50 per share. Warrants for subscription to shares o f common stock
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 1223.
were
OFFICERS.— Chairman, F. S. Wheeler; Pres., H. W . Phelps; Sec. & pref. issued to stockholders of record June 4, entitling such holders, whether
2-15
Treas., R . A. Burger; Compt., C. E. Green. Office, 120 Broadway, N . Y . share or common, to subscribe for held. o f a share of common stock for each
(whether common or pref.)
— (V. 125, p. 2390.)
The proceeds o f sale of 24,670 shares of additional common stock were
AMERICAN CAR AND FOUNDRY CO.— ORGANIZATION, &c.— In­ used by the company for the payment o f its bank indebtedness and of Its
corporated in New Jersey on Feb. 20 1899 as a consolidation. Manufac­ 6% 5-year notes outstanding. V. 120, p. 2945, 3067; V. 121, p. 710.
tures freight and passenger cars o f wood and steel. In March 1926 ac­
DIVS.— f ’02. ’03-T3. T4. T5. T6. T 7-T 8. T9. ’20.*21-’25. *26. ’27*
quired the Shippers’ Car Line Corp. V. 122, p. 1613
None $2.25 $3
The American Car & Foundry Securities Corp., a subsidiary, was incor­ C o m m o n . 11 18yly. 20 11)4 I K Nil $4 yrly
On new prior pref. stock paid Initial div. of $2 33 (for four months period)
porated in Delaware on Jan. 24 1925 with an authorized capital stock of
on Oct. 1 1925, Jan. 1 1926 to Jan. 1 1928 paid $1 75 quar.
* 10 , 000 , 000 .
The American Car & Foundry Export C o., a subsidiary, serves as a
On July 1 1926 paid 114% quar. and 2514 % accumulated divs. on the
medium for the handling o f the c o .’s business in the foreign field.
6% pref. stock, clearing up all accumulations: On Oct. 1 1926 to July 1
BRILL CORPORATION.— Incorp. In Delaware Jan. 26 1926. Com­ 1927, paid 1)4% quar.
pany was organized to acquire all or at least 60% o f each class of the out­
Paid or decl. on common in 1928: Jan. 1, 75 cents.
standing capital stock o f J. G. Brill Co. and more than 50% o f the pref.
R E PO RT.— For 1926 in V. 124, p. 794, showed:
and approximately 67% o f the common stock o f the American Car &
Calendar Years—1926.
1925.
1924.
1923.
Foundry Motors C o., a Delaware corporation which owns all the capital
stock o f the Hall-Scott Mtor Car Co. (of California) and more than 90% Total income____________$3,377,562 $3,421,539 $3,020,222 $2,473,973
Net income____________ 1,575,271
1,564,062
1,363,364
960,546
o f the capital stock o f the Fageol Motors Co. o f Ohio.
242,823
313,764
280,282
460,747
Common stockholders of record o f Jan. 29 1926 of Amer. Car & Foundry Interest, discount, &c__
258,707
149,391
___________
C o., were given the right to subscribe for 150,000 shares o f class A and Pref. dividends________
419,838
______
______
______
75,000 shares o f class B stock o f the Brill Corp. in units, each unit consist­ Common dividends_____
ing o f 2 shares o f the class A and one share o f the class B stock at the price
Balance, surplus_____
$653,903 $1,100,907 $1,083,082
$499,799
o f $122 per unit.
The right o f subscription on the basis o f one such unit for each 8 shares
Period End. Sept. 30—
1927.—3 M os.—1926. 1927.—9 M os.— 1926.
of American Car & Foundry Co. common stock held. Compare V. 122, Net profit, after interest,
p. 352. 485. 2950.
deprec. & inc. taxes_____
$455,898
$344,349 $1,208,365
$965,075
STOCKS A N D BONDS—
Rate o f Int. Outstanding. Bds. when Due.
OFFICERS.— Pres. & Chairman of the Board, Thomas H. Blodgett;
Stocks— Com 600,000 shs (no par) $6 Q-J
600,000 shs _____________
Y.-Pres., S. T. Britten; Sec., J. Hoppenfeld; Treas., A. A . Masterson.
Pref (a & d) non-cum $30,$30,000,000 ......... .............. Office. Thomson Ave. & Manly St.. Long Island City, N .Y .— (V. 125, p.
000,000 ($100)........................... 7 Q-J
2268.)
STOCK.— The stockholders on March 5 1925 changed the authorized
and outstanding common stock from 300.000 shares, par $100, to 600,000
AMERICAN C IG A R CO.— The American Tobacco Co. owns a majority
shares o f no par value. The company distributed two no-par shares in of the $20,000,000 com. and $6,499,000 6% cum. pref. stock. See V. 73,
exchange for each $100 par share of common stock.
p. 1113; V. 78, p. 1393; V. 93, p. 1122-24. Holds a large interest in Cuban
The relative voting power o f the pref. and com. stock will remain un­ Tobacco Co. common stock. V. 85, p. 285; V. 86, p. 110; V. 118, p. 672.
changed as the new no par value com. stock will be entitled to only half a Properties, V. 72, p. 185, 284, 937, 1037; V. 73, p. 958; V. 75, p. 1255.
vote instead o f a full vote granted the old $100 stock.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due
DIVS.—
f’09 to 15. ’ 16. '17. T8. T9. '20 to 24. '25. ’26. Stocks— Com $50,000,000 ($100). 8 Q-F
$20,000,000 _____________
2
8
8
9 12 yrly. Text
$6
On com _________ %\ 2 yrly.
Pref cum $10,000,000 ($100)— 6 Q-J
$6,499,000 ...........................
Paid in 1925: Jan., 3% ; April, 3% ; July and Oct., $1.50 per share on
Divs. on pref. stock from July 1906 to July 1912, 3% yearly (3% s.-a.)
new stock of no par value. Paid in 1927: Jan.,$1.50: A p r.l, $1.50; July 1,
Oct. 1912 to Oct. 1927, 1)4% quar. On com. in 1912 to N ov. 1 1918.
$1.50; Oct. 1, $1.50.
Reserve for common dividends on April 30 1927 amounted to $10,800,000. 8% yearly (1)4% Q.-F.); Feb. 1919 to Feb. 1922 paid 2% quar.; M ay 1922
to Nov. 1925 paid 1)4% quar.; Feb. 1 1926 to N ov 1 1927 paid 2% quar.
to be paid when and as declared by directors.
Paid 50% in common stock on Dec. 15 1920 and 33 1-3% in common stock
R EPO RT. —For year ending April 30 1927, in V. 125, p. 88.
on Dec. 31 1926.
Years End. April 30—
1926-27. xl925-26.
1924-25.
1923-24.
Earnings from all sources
R E PO RT.— For 1926 in V. 124, p. 1513, showed:
after providing for tax. $7,837,528 $9,274,572 $9,781,085 $10,786,574
Calendar years—
1926.
1925.
1924.
1923.
y Renewals, repairs, &c_
3,244,151 3,171,674
3,616,981
4,481,607 Net earns.aft.Fed.taxes. $2,666,681 $2,209,922 $1,632,899 $1,724,712
Preferred dividends (6% )
389,955
439,512
600,000
600,000
Net earnings________
$6,164,104 $6,304,967 Common dividends (6% ) 1,200,000
$4,593,377 $6,102,898
900,000
900,000
900,000
Pref. divs. (7 % )_ ...........
2 , 100,000
2 , 100,000
,
,
3,600,000
3,600,000
Divs. on com. (1 2% )___
3,600,000 3,600,000
Balance, surplus------- $1,076,726
$870,410
$132,899
$244,712
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 1513.
Balance.....................def$l,106,623
$402,898
$464,104
$604,967
OFFICERS.— Chairman, Junius Parker: Pres., A. L. Sylvester: Treas.,
41,245,296 40,842,399 37,278,466 36,673.499
Previous surplus...........
C. V. Seaman; Sec., Sidney Schou. Office 111 Fifth Ave., N . Y .— (V . 124,
Total surplus________ $40,138,674$41,245,296 $37,742,570 $37,278,466
p. 1669.)
x Consolidated statement, incl. company, its wholly owned subsids.,
(THE) AMERICAN COTTON OIL C O .— See Gold Dust Corp. below.
American Car & Foundry Securities Corp. and American Car & Foundry
Export Co. y Incl. renewals, replacements, repairs, new patterns, flasks, &c.
AMERICAN DRUGGISTS SYNDICATE.— Has manufacturing plant
OFFICERS.— Pres., William H. Woodin; Sec., H. C. Wick; Treas., at Long Island City; stock largely owned by druggists throughout U. 8 .
S. A. Mallette. General offices. New York (30 Church St.), St. Louis Exclusive agent for John H. Woodbury, and John H. Woodbury Labora­
and Chicago.— (V. 125, p. 521.)
tories, Inc.
STOCKS AND BONDS—
Rale of Int. Outstanding. Bds. when Due.
AMERICAN CHAIN CO., INC.— Incoro. under laws of N .Y . on Dec.
See text
$6,784,510 _____________
131912. Manufactures chains and automobile accessories and also, through Stocks— Com $10,000,000 ($10)_
ownership o f stock o f subsidiary companies, manufactures bar iron, rods,
Dividends paid regularly 1908-1920, rate in 1920, 8 % , then none unti
wire, fence, castings, tools, valves and railroad specialties.
Apr. 15 1925, when 3% was paid. It was announced in M ay 1927 that the
stockholders will be paid 4 % on July 1 and will receive 8 % or more for the
STOCKS AN D BONDS—
Rate o f Int. Outstanding. Bds. when Due.
calendar year 1927
(V. 124, p 3071.)
Stocks— Com 357,143 shs (no par) $3 Q-J
250,000 shs
$ 11 ,000,000
Pref cum $25,000,000 ($100)-. 7 Q-J
The shareholders on Aug. 17 1926 approved a plan whereby the organiza­
$6,135,000 Apr. 1 1933
Bonds— 10-yr debs s f red 105 J 6 A-O
. . .
tion will be controlled by the Schulte Retail Stores Corp. for the next
($500, &c)________ kxxx&c* (Int. at Chemical Nat. Bank, N . Y . City.
10 years.
STOCK.— 8% class “ A ” stock was redeemed April 1 1927 at $30 per
Under the terms of the offer, the Schulte interests guaranty Druggists
share. The new 7% preferred stock is red. as a whole or in part, at any Syndicate shareholders dividends of 6% for the ten year term of controltime, on 30 days’ notice, at $110 per share and accrued divs. Dividends The company has been merged with Schulte Products Distributing Corp.
are free of present normal Fed. income tax. In addition, each preferred
R EPO RT.— For 1926. in V. 124, p. 2284, showed:
certificate will carry a warrant entitling the holder to purchase, on or before
April 1 1932 common stock in the ratio of 34 sh. of common for each share
Calendar Years—
1926.
1925.
1924.
1923.
orpreferred, at $60 per share.
Profit for year........... — .def$329,935
$299,467
$173,280
$189,472
D IV ID E N D S.— C common, paid initial dividend o f $1.50 per share Surplus from revaluation
i.— On
on Jan. 2 1924: March 26 and July 2 1924 paid 50 cents per share; Jan. 2
or plant (net)________
______
______
640,734
--------1925 paid $1 per share; April 8 and Oct. 15 1925, Jan. 15, July 7 and Oct. 4 Previous surplus_______
570,447
541,180
3,062 defl86,410
1926 and Jan. 14 1927 paid 50 cents per share; April 15 1927 and July 15
1927, paid 75 cents per shire.
Total surplus________
$240,512
$840,647
$817,076
$3,062
R E PO R T .— For 1926 in V. 124, p. 2592, showed:
Loss on liquidation of
Consolidated Statement of Earnings for 12 Months Ended Dec. 31.
Canadian branch___
______
5,782
80,896
______
1926.
1925.
1924.
1923.
Reserve for inventories.
______
______
150,000
______
Inc. from oper. (n e t ) ... $4,561,568 $4,270,100 $3,384,777 $4,776,116 Add. prov. for accts. rec.
______
______
45.000
______
Deprec. of plants and
Fed. income & prof. tax.
______
x4,721
______
______
981,160 Loss on sale of subs. cos.
925,579
amort, o f patents____ 1,379,188
1,118,587
444,945
465,181
Interest_______________
405,557
353,722
plants_______________
211,814
56,169
...........
...........
251,327 Dividends (3 % )_______
240,251
Inc. tax— Fed. & foreign
361,942
396,414
______
203,528
...........
...........
525.000
700.000
Divs. on new class A stk.
680,067
700.000
375.000
500.000
Divs. on common stock500,000
500.000
Surplus at end of year.
$28,698
$570,447
$541,181
$3,062
162,531
Div.on stk .red .Apr .2'23
______
Cash approp. for divs. on
x Additional Federal Income tax paid for year 1920. y Paid for the
cl. A stk for 9 mos.
years 1917 to 1919 inclusive.— (V. 125, p. 2673.)
525,000
ended Sept. 30 1924..
______
AMERICAN EXPRESS CO.— An ‘ ’Association” formed under the laws
2,036,153
553,765
Surplus for year_______
1,234,815
1,201,376
if New York State Nov. 25 1868. Not an incorporated company.
On July 1 1918 the American Railway Express Co. under Govt, control
$553,765 $1,511,152
Balance, surplus_____ $1,234,815
$1,201,376
25,281
21,485 took over the domestic express operations of American, Adams, Wells Fargo
17,498
Surp. adjustments (Cr.)
22,979
7,929,465
6,396,828 and Southern express cos. for duration of war. Govt, control terminated
8,508,511
Previous surplus_______ 9,727,387
March 1 1920. The I.-S. C. Commission in Dec. 1920 approved the
Balance at Dec. 31-.-$10,985,181 $9,727,387 $8,508,512 $7,9z9,465 permanent consolidation o f the transportation business and properties
i f the four companies. V. I l l , p. 2522. The American Express Q o,, how­
OFFICERS.— Pres., Walter B. Lashar; V .-P ., William T . Morris
ever, continues to transact a foreign forwarding business and f&Bewm ex­
Sec., William M . Wheeler; Treas., Wilmot F. Wheeler. Office. Bridgeport
change as well as its traveler’s checks, money orders and otherTtnahcial
Conn.— (V. 125, p. 1841.)
activities. In Sept. 1927 the company inaugu-ated an air express service
AMERICAN CHICLE CO.— ORGAN IZATION .— Incorp. In N . J. on connecting New York oi Boston with Chicago, the Pacific Coast and
June 2 1899 and consolidated chewing gum interests (V. 71, p. 545); Id Dallas, Tex. V. 125, p. 1055. Also arranges and conducts tours to all
Ang. 1914 acquired Sen Sen Chiclet Co. V. 90. p. 238; V. 68, p. 871, parts of the world. (See American R y. Exp. Co. for divs. paid by that co.)
1130; V. 77. p. 197; V. 83. p. 152; V. 84. p. 160; V. 86. p. 230; V. 90. p. 238;
The Am. Express C o., Inc., was incorporated in Conn, in Feb. 1918
V. 99, p. 51. 122, 271, 409. In Oct. 1916 Am. Chicle Co. o f N. Y . took
vith $6,000,000 to facilitate the company’s operation in foreign countries.
over property of Sterling Gum Co. V. 103, p. 1594. 1890: V 104 p. 258
V. 108, p. 880.
The company, it was announced in la y 1925, has acquired control of
STOCKS A N D BON DS—
Rate o f Int. Outstanding. Bds. when Due.
Wells. Fargo & Co.
187,170 shs
Stocks— Com 187,500 shs (no par) $3 Q-J
37,500 shs ------------------Prior pref cum (no par)_______ 7 Q-J
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due.
$137,500 ------------------Pref 6% cum ($100)-............... 6 Q-J
Stocks— Com (par not fixed,
$1,423,000 June 14 1929
Bonds— 20-yr Sen-Sen Chiclet ( 6 g J-D
treated as $100)______________ 6 Q-J
$18,000,000 ------------------Co s f call 107)4 (V 106, p (In t. at Guaranty Trust C o., New York. DIVS. 1 '01. ’02 to ’05. '06. ’07 to ’ 13. ’ 14. ’ 15. ’ 16-’20. ’21-'22. '23. ’24-’26
2344) ($500, &c)............... _zz (
Per ct.j 7
8 yearly 11 12 yearly 5 414 6 yrly. 8 yrly.
7 6 yrly.
STOCK.— Pref. and common stocks have equal voting power.
Jan. 1917 paid $2 extra from investments. In July 1913 paid 25%
The voting trustees decided to terminate the voting trust agreement ($4,500,000) in Wells Fargo & Co. stock.
Paid in 1927: Jan. 3 , 114%, April 1 ,1 )4 % , July 1 , 1 )4 % , Oct. 1 ,1 )4 % .
dated June 16 1924 as of M ay 16 1927.




2 100,000 2 100,000

N ov.,

1927.]

INDUSTRIAL STOCKS AND BONDS

14=7

R E PO RT.— For 1926, in V. 124, p. 794, showed:
1925.
1924.
1923.
1922.
Calendar Years—
1926.
1925.
1924.
1923.
Other deductions______
$143,957
$98,518
$62,459
$42,304
Gross income__________ $7,670,167 $6,715,222 $6,239,450 $7,052,297
Interest paid
- _ _
60.720
18,744
13,009
11,704
Oper. exp. (less taxes).. 4,896,379
4,575,647
4,452,716 5,756,817 Depreciation. _
20,379
13,102
7,761
8.161
Taxes, &c______________
745,311
218,044
55,910
117,574 Federal income taxes_
_
103,921
67,615
101,498
61,662
Dividends__________ (6 % )1 ,080,000 (6)1,080,000 (6)1,080,000(6)^)1170000
Reserves_______________
579,732
605,116
419,351
____ Net profit . - - ____
$875,708
$934,339
$775,477
$633,563
Add elimination of nonSurplus for year______
$368,745
$236,415
$231,473
$7,906
recurring charges____
180.832
132,896
71,196
73,631
Shs. stk. outstg. (no par)
180,000
180,000
180,000
180,000
Earned per share_______
$11.27
$10.68
$9.61
$6.54
T o t a l ___________ . $1,056,541
$908,374 $1,005,535
$707,194
In c. from secs, not acr.Dr
9,147
13,005
780
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 1223.
Federal taxes— C r _
103.921
67,615
101,498
61.662
Pres., Fred P. Small; V .-P ., Howard K. Brooks; V.-P. & Compt., Ralph Est. profit for D ec.— Cr.
10,000
T . Reed: V.-P. & Treas., Geo. Weston; V.-P. in Charge of Foreign Traffic, Federal tax at 12 >4 % _
_
145,164
120,373
138,282
96,107
Harry Gee; V.-P. & Sec., L. K . Livingston. Office, 65 Broadway, N. Y .
— (V. 124, p. 2911.)
Adjusted net earnings. $1,016,150
$967,972
$842,611
$672,749
AMERICAN HIDE AND LEATHER CO.— ORGAN IZATION .—
Earnings Statement for the Year Ending Dec. 31 1926.
Organized in New Jersey In 1899 as a merger o f upper leather Interests. Net profit, $1,278,415; est. income tax, $167,899; net income_$1,110,516
Bee V. 69, p. 493; V. 68, p. 925; V. 70. p. 77; V. 102, p. 1348; V. 103. p. Dividend to minority holders in subsidiary company__________
1,433
763. and application to list, V. 72, p. 673.
Dividends paid and payable________________________________
600,000
Surplus adjustment_________________________________________
24,183
Capital R eadjustm ent Plan (V. 119, p. 1955).
Net incomePlan.— The stockholders on March 4 1925 approved a capital readjust­
$484,901
Earned^per share on 300,000 no par shares capital stock $3.70.
ment plan, which provided as follows:
(1) That 35,000 shares o f the unissued pref. stock be changed and re­
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 1069.
classified into 35,000 shares o f 8% cumul. prior preference stock (par
$100 each).
OFFICERS.— Pres., W . H. Kirn, Detroit; V .-P ., Stanley P. Jadwln,
(2) That the authorized capital stock be decreased from $35,000,000, con­ New York; Sec. & Treas., John F. Murray, New York.— (V. 125, p. 1974.)
sisting of 175,000 shares of pref. stock, par $100 each, and 175,000 shares of
AMERICAN
in
common stock, par $100 each, to $25,0OO,O0O, to consist of 35,000 shares of Mar. l l 1899. ICE CO.— aORGANIZATION.— Incorp. coalNew Jersey
Transacts wholesale and retail ice and
business iia
8% cumul. prior preference stock, par $100 each, 100,000 shares of pref. N. Y . City, Long Island, Newark, Philadelphia, Boston, Baltimore, Wash­
stock, par $100 each, and 115,000 shares of common stock, par $100 each
C ., Camden,
J. Operates in
In 1927 the company changed the par value o f its common stock from $100 ington, D. under name of Garwood and Atlantic City, N. p. 165, 363, 453,
Knickerbocker Ice Co. V. 104,
to no par, and exchanged one share o f new no par value stock for one New York
561.
share o f old $100 par value stock. V. 125, p. 2268.
(3) That the decrease of the capital stock o f the company be effected by
STOCKS A N D BONDS—
Rate o f Int. Outstanding. Bds. when Due.
(a) cancelling and extinguishing 10,000 shares o f the unissued pref. stock, Stocks— Com 600,000 shs (no par)
Q-J
401,080 shs _____________
being all o f the auth. pref. stock not heretofore issued, remaining after chang­ Pfnon-cum $15,000,000 ($100)-. 6 Q-J
$15,000,000 .......................
ing and re-classifying 35,000 shares thereof into 8% cumul. prior preference
Bonds— 30-yr real est 1st & gen f 6 g F-A
$4,914,000 Aug. 1 1942
stock; (6) purchasing for retirement at not above par, and retiring, 30,000
M g s f $6,500,000 ($1,000) {Interest at New York and Philadelphia.
shares of the outstanding pref. stock; (c) cancelling and extinguishing 60,000
PeP.xxc* 1
shares o f the unissued common stock, being all o f the authorized common Underlying bonds-------------------------$172,000 ------------------stock not heretofore issued.
STOCK.-—On June 28 1927 the stockholders approved of a plan whereby
(4) That the directors be authorized to purchase from time to time for
the company, for retirement, at not above par, the 30,000 shares of pref. the par value of the common stock was reduced from $100 to no par, and
stock above referred to, by any one or more of the following methods, as in four shares of the new stock were exchanged for one share of the old. Each
the discretion o f the board may seem advisable: (a) pro rata from each share of common stock is entitled to one vote, and each share of $100 pref.
holder o f shares of said stock; (6) from pref. stockholders offering said stock is entitled to four votes.
to the co. at the lowest prices up to a total of not exceeding 30,000 shares, or
DIVIDENDS.—No. 1 on new prer., Apr. 2 1 1 to Oct. 2 1 1 . X %
,
5 97
5 9 9I
any part thereof, all of said stockholders to be given equal opportunity to
lso extra 1%. Oct. 2 1 1 and 1 1 , m
5 98
9 9 aking 6% foryear. Jan. 2
4
submit offerings; (c) in the open market; (d) by direct purchase at private auar.: a
1 2 to Oct. 25 1 2 paid \M% quar. On com on declared 4% for
90
97
m
sale.
90
%
4
4
4
5
All accumulated and accrued unpaid dlvs., and the right to receive the 1 2 . payable 1 each on Jan. 2 , April 2 , Jnly 2 and Oct. 2 . On
Ian. 25 1921 paid 1% quar and 1 extra- \pr11 25 1921. 1 ■ Tulv 25 1921.
same, on any of such shares o f the outstanding pref. stock so as aforesaid
5
purchased for retirement by the co. to be surrendered and extinguished, 1H % : Oct. 25 1921 to July 25 1925, 1 H % quar.; Oct. 26 1925 to July 2
1927, paid 2% quar. On Oct. 25 1927 paid initial div. of 50c. per share
•■he outstanding preferred stock had in this manner been reduced to
on the new no par value stock. Also paid 2% extra on Jan. 25 1926 and
*11.048,300 in Dec. 1925.
Jan. 25 1927.
(5) That the directors be authorized from time to time to issue shares of
BONDS.— The Real Estate First Sc General Mtge. sinking fund gold
8% cumul. prior preference stock up to 35,000 shares, for cash at not lest'
than par, or in exchange for shares of outstanding pref. stock, share for share
6 ($ ,5 0 0 auth. issue) are a first lien on real estate in Maine, New
s 6 0 ,0 0
or upon any other basis of exchange which to the board may seem advisable
York, New Jersey, Pennsylvania, Maryland and District of Columbia,
with such adjustments of divs. as shall be determined by the board, or to sell having a estim
n
ated value of
$20,796,566 a a general lien, subject to exiatnd
n
bran
ces on substantially all the rem
aining property Of bonds.
the
the stock or any part thereof and with the proceeds of such sale to purchase > eencum
shares o f outstanding pref. stock for the company, for retirement, at not $4,914,000 were outstanding N ov. 2, 1927, and $1,586,000 in sinking fund.
above par, provided that for each share of said 8% cumul. prior preference Redeemable at 102)4 as a whole on any int. date or for yearly sinking fund
8 ;
stock issued at least one share o f outstanding pref. stock shall be purchased. beginning Aug. 1 1913, viz.: 2% for 10 years, then 2 )4 % . V. 95, p. 4 2
or acquired, by the company, so that at no time shall there be issued and V. 99, p. 1453; V. 101. p. 529.
outstanding more than a total o f 100,000 shares in the aggregate of both
REPO RT.— For 1926. in V. 124, p. 1983, showed:
classes o f 8% cumul. prior preference stock and pref stock.
Year Ended Year Ended 1 M os. End. Year Ended
4
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
1926.
Dec. 3 '2 Dec. 3 ’ 24. Oct. 3 ’2 .
1 5.
1
1 3
115,000 shs
Stocks— Com 115,000 shs (no par)
G
ross receipts
....................$ 8 5 ,1 1 $ 8 1 ,6 0 $ 7 2 ,3 3 $ 6 2 ,3 6
1 ,1 1 3 1 ,7 8 1
1 ,3 5 0
1 ,1 1 6
$1,000,000
Bref cum (text) ($100)_______ 7 Q-J
Incom from investm
e
’ts,
Prior preference 8% cum
388,222
365.858
423,355
331,070’
Interest, discount, &c.
$3,500,000 auth (see text)
19. ’20.
’21. ’2 2 -’25
6. T 7. T 8 .
$18,539,354 $19,141,965 $17,691,161 $16,452,436Total_____________
5
9
7
0
Per cent c a s h ______ nil
i
5
1*4
0
..
D. 8. Liberty bonds- __
2
—
-.' 14,137,114 13,956,660 14,128.879 12,934.967
From Jan. 1919 to July 1919, incl.. paid l h % quar., O ct 1 1919 paid
. $4,402,240 $5,185,306 $3,562,282 $3,517,468
1H % regular and 2% extra in cash. Jan. 1920 to Jan. 1921, I K % quar
838,431
1,460.071
854,448
April 1921 div. omitted. None since. Overdue pref. divs. Oct. 1 1926, Bond int., Fed’l tax., &c.
690,118
847,103
750.978
956.097
Depreciation_________
about 1 5 0 ^ % .
989.084
R E P O R T — For 1926, in V. 124, p. 1350, showed:
Net gain----------------- . $2,716,706 $2,974,255 $1,751,738 $1,838,266
Calendar Years—
1926.
1925.
1924.
1923.
899,793
899.775
Preferred dividends_
_
899.763
899,742
Profits from operation_xdef$150,755 x$507,264
$537,220 loss$38,908 Common dividends___
540,382
972,285
524.823
524.806
Res. for rebldg, plants.______
Cr343,399
______
______
Inventory reserve______
300,000
----------------$844,628 $1,534,098
$327,152
*413,718
Contingency reserve___
43,399
______
______
OFFICERS.— Pres., Charles C. Small; V.-Pres., Walter Lee; V.-Pres.
Previous surplus_______ 5,675,576
5,168,312
4,631,092
4,670,091
Robert W . Kelly; V.-Pres., Wesley M . Oler Jr.; V.-Pres. & Treas., Thomas
Profit & loss, surplus. $5,524,821 $5,675,576 $5,168,312 $4,631,092 Pettigrew; Sec., Henry C. Harrison; Asst. Sec., Herman Jaeger and R . A .
Smith. Offices, 15 Exchange Place, Jersey City, and 41 East 42d St.s
Period End. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 Mos — 1926.
New York.— (V. 125, p. 2390.)
Net income after taxes,
int. & depreciation_
_
$116,006 def$92,775
$204,454 def$240,802
AMERICAN INTERNATIONAL C O R PO R ATIO N .— ORGANIZA­
Earns.per sh.onl00,000shs.
TION.— Incorp. in N. Y . on Nov. 22 1915.
7% pref. stk. outst’d ’g
$1.16
Nil
$2.04
Nil
Is financially interested in following companies (V. 103, p. 2338): Interna­
OFFICERS.— Pres., J. C. Lilly; Sec. & Treas., A . Stanley Downing. tional Mercantile Marine Co.
Office, 17 East St., Boston, Mass.— (V. 125, p. 2390.)
Other interests are: International Acceptance Bank and Ulen & C o.
AMERICAN HOME PRODUCTS CORP.— Incorp. under laws of
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.Delaware on Feb. 4 1926 by interests identified with Sterling Products, In c., Stocks— Com 750,000shs (nopar) $ 2 A & 0
490,000 shs ___________ and Household Products, Inc., together with interests identified with
STOCK.— The stockholders on April 1 1925 increased the authorized
Wyeth Chemical C o., and affiliated companies including Whitehall PharCommon stock from 490,000 shares to 750,000 shares, this additional stock
macal C o., which owns all of the capital stock o f The Earned Co., engaged
In the manufacture and sale of Hill’s cascara bromide quinine. The to be sold from time to time under such terms and conditions as may be fixed
American Home Products Co. acquired Wyeth Chemical Co. and affiliated by the directors.
All of the outstanding preferred stock was retired during 1925.
companies engaged in the manufacture and sale o f preparations known as
“ Jaa Salts,” “ Wyeth’s Sage and Sulphur,” “ T iz,” “ St. Jacob’s Oil,” “ Ham­
D IV ID
Sept.1917. incl.;
burg Breast T ea,” “ Hamburg Drops,” “ Burdock Oil,” “ Rowles Red Pepper Dec. 1917E N D S.— Common, 75c., paid quar. Dec. 1916 to 1919, 1 20 quar.
to
1919, 90c. each quar.; June and Sept.
R ub,” “ Rowles Mentho-Sulphur,” “ Ely’s Cream Balm” and “ Dioxol” ; on 80% paid March Dec. 1919 to Sept. 1920, $1.50 quar. Resumed Apr. 4
stock;
Deshell Laboratories, Inc., engaged in the manufacture and sale of petrol1927 with payment of $1 per sh. Same amount paid Oct. 3 1927.
agar, a medicinal mineral oil emulsion; The Larned Co. engaged in the
manufacture and sale o f Hill’s cascara bromide quinine; Edward Wesley &
REPO RT.— For 1926, in V. 124, p. 1814, showed:
C o., a co-partnership, engaged in the manufacture and sale of preparations
1926.
Earnings—
1925.
1924.
1923.
known as “ Freezone,” “ Orchaid White,” “ Epsonade,” “ Outgro,” “ Neet Interest_______________
$513,297
$484,872
$305,396
$318,348
and hair groom” ; A. S. Boyle C o., engaged in manufactuiing and selling Dividends___________ _
808,286
748.657
342,474
295.585
“ Old English Floor W ax,” polishers, varnish removers, and other kindred Profit on sales of secure .
631,260
3.885,037
258,782
products; and the business o f Oxzyn Co., engaged in the manufacture Profit on syndicate and
B
and sale of cosmetics and other toilet preparations; the International
credit participations..
153,628
376.176
126.474
Chemical C o., Ltd., engaged in the manufacture and sale in Great Britain Miscellaneous income_
_
25,615
7,298
6.090
52.137
and on the Continent of “ Bisuiated Magnesia,” and other properties.
Total_____________ __ $2,132,086 $5,502,041 $1,039,216
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
$666,070
Deduct— E xpenses_____
327,328
$351,363
$ 305.043
Stocks-Com 1,000,000 shs (no par) $2.40 mthly 438,000 shs ------------------$367,648
19,782
29,356
28,159
27,732
STOCK.— Stockholders subscribed prior to Oct. 8 1927 for 73,000 Taxes__________ _____
Interest_________ __ .
5,071
2,977
2,565
2.637
additional shares of no par value stock at $44 pei share.
D IVIDEN DS.— Paid 20 cents per share monthly from M ay 1 1926 to
Net earnin gs_____ __ $1,779,906 $5,118,345
$703,449
$268,053
June 1 1927.
Surp. at beginning of yr. 9,899,721
5.061.997 a4.358,547def6,953,484
R E PO RT.— Consolidated income accounts for periods stated: (a) Wyeth
Gross (surplus)______ $11,679,627 $10,180,342 $5,061,997df$6,685,430
Chemical C o ., Inc., and affiliated companies for the period from Jan. 1 1921
to N o y . 30 1925; (b) The Larned Co. and predecessor, for the period from
a Surplus resulting from reduction o f capital stock, less revaluation o f
April 1 1922 to Dec. 31 1925; (c) Edward Wesley & Co. and affiliated com­ investments and deficit at beginning o f year.
panies for the period from Jan. 1 1921 to Dec. 23 1925; and (d) Deshell
Period end. Sept. 301927—3 M o s.—1926.
1927—9 M os.—1926.
Laboratories, Inc., for the period from N ov. 15 1922 to Oct. 31 1925.
Total income________
1925
1924.
1923.
1922.
$528,935
$400,399 $1,842,668 $,1508,103
70,297
69,544
233,149
210,639
Net sales............................ $4,711,809 $4,193,509 $4,576,889 $3,6817714 Expenses___________
4,074
674
6,121
4,101
Cost and expenses______ 3,542,466
3,292,985
3,516,986 2,977,746 Interest____________
T ax es_______________
3,813
3,245
10,720
16,535
$900,524 $1,059,902
Operating profit------- $1,169,343
$703,968
Operating income___
$450,751
$326,934 $1,592,678 $1,276,829
72,932
59,165
Other income__________
35,342
53,425
Earns, per sh. on 490,000
shs. of no par cap. stk_
$0.92
$0.66
$3.25
$2.60
Total________________$1,204,685
$973,456 $1,119,067
$757,394




148

INDUSTKIAL STOCKS AND BONDS

[V ol. 125.

O FFIC E R S.—Pres., Matthew C . Brush; V.-Pres. & Treas., Harry A. on Mar. 5 1925 also declared an extra dividend of $10 per snare on the
Arthur; V.-P., Thomas E. Bragg; Sec., Donald G. Millar. New York office, common stock, payable in four installments of $2 50 each, through the
120 Broadway.—CV. 125, p. 2151.)
year 1925, on Mar. 31, June 30, Sept. 30 and Dec. 31 to holders of record
AMERICAN LA FRANCE AND FOAMITE CORP.— Incorp. Dec. 12 Mar. 16. June 15, Sept. 14 and Dec. 14. respectively. V. 120, p. 1206.
R E PO RT.— For 1926, in V. 124, p. 1670, showed:
1912 under laws o f New York as a reorganization of American-La France
1926.
1925.
9124.
1923.
Fire Engine Co.
Not
f $15,919,129 $12,532,462 $17,789,873
On Oct. 28 1927 the stockholders voted to merge with the Foamite- Unfilled orders Dec. 31.1
27,773,49,3 56,301,843 90,180,176
Childs Corp. and to change the name o f the American-La France Fire En- Gross earnings_________ (available
( 27,304,545 47,410,441 74,311,250
ine Co., Inc., to the present name. Foamite-Childs Corp. received Mfg.,maint.& adm.exp.J
1,511,954
l,312,26o
1,445,890
1,581,364
1.800,000
par value o f 7% cum. pref. stock and $1,600,000 par value of Depreciation__________
com. stock o f the Amer.-La France Fire Engine Co., Inc., under th6 terms
Manufacturing profit. $8,840,239 def$843,321 $7,445,512 $14,287,562
o f the merger. V. 125, p. 2673, 2269.
Manufactures commercial trucks, motor fire apparatus, chemical fire Int. on bonds o f constit­
uent companies, & c._
______
______
$36,004
$85,998
engines, aeiial trucks, water towers and hand fire extinguishers.
Plants are located at Elmira, N . Y ., and Bloomfield, N . J. Also owns U. S. and Canadian in­
come & profits taxes-_
824,300
760,000
1,825,000
She entire capital stock of the American-La France Fire Engine Co. of
Pref. divs. (7% per ann.)
2,280,209 1,750,000
1,750,000 1,750,000
Canada, Ltd., with plant at Toronto, Ont.
Common dividends_____ 5,620,000 9,000,000
3,000,000 2,500,000
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Additions & betterments
______
______
875,000
4,500,000
Stocks— Com $7,500,000 ($10)___10 Q-F
$6,093,000 _____________ Acquired thru, purch. of
Pref cum red 120 $7,500,000
Ry. Steel Spring Co.Crl4,166,623
C$100)_____________________ 7 Q-J
$5,800,000 _____________
Bonds— 5-yr gold notes (text) /
514 g J-D $4,000,000 June 1 1931
Net to profit & l o s s .. .$14,282,353df$11593,321 $1,024,507 $3,626,565
($1,000 ________________xxxc lin t, at Chase Nat. Bank, New ifork.
OFFICERS.— William H. Woodin (Chairman),_______________ (Pres.),
Joseph Davis (V.-Pres. & Oompt.), J. B. Ennis (V.-Pres), D. W . Fraser
STOCK.— Pref. and common stock have equal voting power, the pref
10 votes for each share (par $100) and the common one vote for each (V.-Pres.), F. J. Foley (V.-Pres.), Lester S. Carroll (V.-Pres.), W. Spencer
Robertson (Sec.), J. O. Hobby Jr. (Treas.). Office, 30 Church St., New
iShare (par $10).
York.— (V. 125, p. 2812.)
The stockholders on Oct. 28 1927 increased the authorized common stock
(par $10) from $5,000,000 to $7,500,000, and the pref. stock (par $100)
AMERICAN MACHINE & FOUNDRY CO.— ORGANIZATION.—
from $5,000,000 to $7,500,000.
Incorp. under the laws o f New Jersey in 1900. Perpetual charter. The
The stockholders on Dec. 22 1925 increased the auth. com. stock fron
company controls through ownership of the majority o f capital stock the
$3,950,000 to $5,000,000, and the authorized pref. stock from $4,000,000 following companies: Standard Tobacco Stemmer Co., International Cigar
to $5,000,000. Of the increased common stock, $1,043,000 was offered at Machinery Co., American Machine & Foundry C o., Ltd., and the Brook­
lyn Mill Supply Co.
$12 a share to stockholders of record Jan. 7 1926.
The company offered to common and preferred stockholders of record
NATURE OF BUSINESS.— Company manufactures all types of ma­
N ov. 14 1924 the right to subscribe to $1,000,000 7% cumul. pref. stock chinery for the tobacco trade; it also produces other types of high-grade
at $100 a share in the ratio of $16 worth for each share of pref. held and machinery. Plant located in Brooklyn, N . Y .
$1 60 worth for each share o f com. held.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Q-F
200,000 shs _____________
D IV ID E N D S.— On pref., in full to date. On common. Feb. 15 1915 t» Stocks— Com 300,000 shs (no par)
Pref cum $3,000,000 ($100)--- 7 Q-F
$2,000,000 _____________
Aug. 15 1917, paid 1% quar.; N ov. 15 1917 to Feb. 15 1919, 1H % quar
$1,857,500 Apr. 1 1939
M ay 15 1919 to N ov. 15 1919, 2% quar. On new stock of $10 par valut Bonds— 15-yr secured g $2,000,- \ 6 g A-O
000 ($500, &c)___ Ce.x&c* (Int. at Central Un. Tr. Co., N. Y ., trustee
paid 2 H % quar. from Feb. 16 1S20 to Feb 15 1927.
A dir. o f 151
?,
In preferred stock was paid on common June 1 1921.
STOCK.— The pref. stock is red. on or after Jan. 1930 in whole or in
part on any int. date upon 60 days’ previous notice at $115 and acc. divs.
N OTES.— The 5-year 5 }4% gold notes o f 1926 are redeemable, all or The pref. stock shall have no voting power, unless two consecutive quar.
art by lot, on any int. date after 30 days' notice at 102 and int. on or divs. are in arrears, in which case the pref. stockholders shall be entitled
efore June 1 1927 with successive reductions in the redemption price of to vote until the acc. divs. are paid.
H o f 1 % for each year thereafter until June 1 1930. V. 123, p. 86.
Right to Purchase Common Stock.— Each share of pref. carries a nondetachable warrafit entitling the holder to purchase, after Jan. 1 1928 and
I R E PO R T .— For 1926 in V. 124, p. 1363, showed:
before Jan. 1 1929, one share of common stock at $50.
Calendar Years—
1926.
1925.
1924.
1923.
$682,102
$968,803 $1,045,499
$937,424
DIV ID E N D S.— Initial div. in 1914 of 5% ; 1915, 5% ; 1916, 5% ; 1917,
Net profits____________
Federal, &c., taxes_____
______
137,938
250,025
234,884 5% ; 1918, 5% in scrip; 1919 to and incl. 1921, none; 1922, 6% and 200%
in stock; 1923, 4 )4 % ; 1924, 3% ; 1925 and 1926, none. In 1926 the stock
Preferred divs. (7 % )~ _
279,744
279,084
205.697
192,221
was split 3 for 1 and changed from $100 par to no par value. Aug. 1 1927
Common divs. (1 0 % )- -.
423,225
345,000
328,425
290,115
paid 50c. per share. Same amount paid Nov. 1 1927. Dec. 15 1927 paid
$206,780
$261,353
$220,204 $1 per share extra.
Balance, surplus_____def$20,867
FUNDED D E B T .— The 15-year s. f. gold bonds are secured by the
Period end. Sept. 30— 1927—3 M os.— 1926.
1927 —9 Mbs. —1926.
65% of the $10,000,000 outstanding stock f the Inter­
Operating profit________ def$92,146
$275,576 def$53,003
$651,350 deposit of over Machinery Co. The bonds are red. on any oint. date on
29,183
x79,044
87,350
x48,638 national Cigar notice as a whole at the following prices with int.: 105 to
L ess—Interest paid___
60 days’ prior
Net income_________ del'$121,329
$196,532 def$140,353
$602,737 and incl. Apr. 1 1927 and 1% less for each succeeding period of 3 years to
and incl. Apr. 1 1936; 101 for the 2 years thereafter and 100)4 for the last
x Includes Federal taxes.
year. The bonds were offered in Apr. 1924 at 95 and int. by Spencer
OFFICERS.— Pres., Charles B. Rose; V .-P ., Paul Appenzellar, Arthur Trask & Co. and Curtis & Sanger. V. 118, p. 1668.
E. Rhodes and Edward C. Keating; Treas., O. M . Canter; Sec., F. R. Van
REPO RT.— For 1926, in V. 124, p. 2911, showed:
Rensselaer. Main office, Elmira, N . Y. New Fork office, 250 West
Calendar Years—
1926.
1925.
1924.
1923.
57th S t.—(V. 125, p. 2673.
$6,490,398
Sales____ __
.
153,122
Royalties________ _____
AMERICAN LINSEED CO.— ORGANIZATION, &c.— Incorp. on
Dec. 5 1898 in N. J. Produces linseed oil and. through its principal sub­
Total revenue
$6,643,5201
N ot available.
sidiary, Best Foods, Inc., is also engaged in the edible oil business.
Mfg. costs and expenses. 5,631,3931
r STOCKS A N D RONDS—
Rate of Int. Outstanding. Bds. when Due.
Gross profit.
$1,012,127
$641,660
$295,284
$731,646
Stocks— Com $16,750,000 ($100). See text
$16,750,000 ____________
Interest, &c
140,805
129,510
86,480
60,672
K_Pf non-cum $16,750,000 ($100) 7 Q-J
$16,750,000 ------------------Depreciation
248,432
185,497
161,677
214,995
Ilonds— Coupon notes dated / 6 J-D 15
$6,000,000 1930 to 1935
3,654
57,012
1925 (see text)______ E q.c (Interest at_____________________________
Profit . . . ___
$619,236
$326,653
$47,127
$398,967
Stock. —$33,500,000 (one-half 7% non-cum. pref.), par $100. V. 76, p.
135,750
65,375
216. Divs. on pref., 1899 to 1900, aggregated 10)4%; none then till Nov.
1916, when 3% was declared, pay. 1 )4 % Jan. 1 1917 and 1 l % July 1 1917.
A
Net profit$112,502
$754,986
$326,653
$398,967
In N ov. 1917, 1918 and 1919 declared annual dividends o f 7% , payable
70,000
68,165
270,956
quarterly (Q.-J.) in following years (V. 107, p. 201). Jan. 3 and Apr. 1
and July 1 1921 paid 1 % % ; then none until July 1 1925, when 1 % % was
Surplus.
$684,986
$326,653
$44,337
$128,011
paid; same amount paid (or declared payable) quar. to Apr. 1 1927. In
9 Months Ended Sept. 30—1927.
1926.
November 1919 declared an initial dividend o f 3% on the common stock
payable M of 1% Dec. 15 1919 and M ar., June and Sept. 1920. On Orders booked__________________________________$4,882,000 $4,569,000
Sales billed_____________________________________ 4,745.000 4,281,000
Dec. 15 1920 and Mar. 15 1921 paid M % ; none since.
OFFICERS.— Pres., R. L. Patterson; V.-Pres., W . J. Hawkins, D. H.
Notes.— The $6,000,000 6% coupon notes mature as follows: $500,000 Haynes and J. H. Rice: Treas., George Arents Jr.; Sec., C. B. GoldsborJune 15 1930; $750,000 June 15 1931; $1,000,000 June 15 1932; $1,250,000 ough. Office, 511 Fifth Ave., N. Y . City.— (V. 125, p. 2812.)
In each of the years 1933, 1934 and 1935. Redeemable all or part by lot
on 30 days’ notice on any Interest date before June 15 1930 at 102" on or
AMERICAN METAL CO.. LTD. (T H E ).— Incorp. in New York in
after June 15 1930 at 100)4. V. 120, p. 2946.
May 1887. Owns or controls a number of subsidiary companies engaged in
the production, refining and distribution of electrolytic copper, zinc, lead.
RE PO RT.— For 1926, in V. 124, p. 2285, showed:
gold, silver and other metals; also coal mining, production of sulphuric acid,
Calendar Years—
1926.
1925.
1924.
1923.
&c.
Net profits____________
$990,530 $2,574,688 $2,141,549 loss$837,572
S T O C K S A N D BONDS—Rate of Int. Outstanding. Bds. when Due.
Provision for deprec’n _
518.649
510,069
543,787
______
Stocks— Com 1,000,000sh(no par) $3 Q-M
594,765 shs _____________
Federal taxes__________
11,871
218,460
28,882
______
Pref cum red 110 conv (text)
Interest_______________
383,945
384,156
330,932
______
$5,000,000 ($100)_________
7 Q-M
$5,000,000 _____________
Profit on sale o f invest’ts Cr.27,807
______
______
______
STOCK.— Both classes o f stock hare equal voting rights. The prefPreferred dividends____ 1,166,806
1,167,957
______
______
rtock is convertible into common stock on or before June 1 1927 at the rate
Balance, surplus. ..d e f$ l ,062,934
$294,045 $1,237,947 def$837,572 of two shares of common for one share of pref. The conversion basis is
O FFIC E R S.—Pres. & Gen. M gr., R. H. Adams; Exec. V.-P., Arthur subject to change in case of future Issues of common stock or securities con­
vertible Into common stock, but in no event shall be less than two shares of
Boeder; Sec., J. C. Hamilton; Treas., W. I. Branigan; Comp.. W . B.
common for each share of preferred converted.
Montgomery. Office, 297 Fourth Ave., N . Y .— (V. 124, p. 3633.)
D IV ID E N D S.— On preferred in full to date. On new no par value
to Dec. 1 1926 paid $1 quar.; Mar. 1 1927 to Dec. 1 1927 paid 75c.
AMERICAN LOCOMOTIVE CO.— ORGA N IZA TIO N .— Incorp. It
RE PO RT.— For 1926, showed:
N. Y . on June 10 1901 as a consolidation of various companies (see list V
1926.
1925.
1924.
1923.
73, p. 80)
V. 72, p. 1189; V. 73. p. 84, 186, 724; V. 83, p. 686; V. 88. p
Income after expenses-- $4,498,897 z$5,296,109 z$5,317,995 x$4,948,'467
102: V. 89. p. 591; V. 78, p. 1111, 1393, 1448; V. 84, p. 1431: V. 80. p. 474
Deprec., depl., &c., res. 1,694,041
1,606,956
1,285,168 a2,245,261
V. 87, p. 675; V. 104, p. 2454; V. 105, p 182, 906. V. 79, p 1022
Prov. for reduc. of invest.
Suit. V. 105, p. 2096
Plants are located at Schenectady, N. Y .; Dunkirk
& inventory_________
147,548
335,287
721,781
______
N . Y .; Richmond, Va.; Montreal, Canada, and Chester, Pa. Accessories
Sur. from Mexican subs.
22,868
______
______
______
plant at Richmond, Va.
Acq. of stocks of subs_
_
22,381
------------------------A cquisition o f Railway Steel Spring C o.— The stockholders on Preferred dividends____
350,000
350,000
350,000
350,000
April 20 1926 increased the authorized capital stock from 250.000 shares of Common dividends_____ 2,376,003
’ ,926,775
1,773,395
1,642,467
Dref. stock, par $100, and 500,000 shares of com. stock, no par value, to
§85,000 shares of pref. stock, par $100, and 770,000 shares o f com stock,
Balance, surplus_____
$69,181 $1,077,091 $1,187,651
$710,739
no par value. The purpose of these changes was to enable the company to Profit and loss, surplus. 10,278,989 10.348,170
9,264,946
8,152,175
carry out a plan under which it acquired all the property and assets of the
x Includes approximately 90% of Cia Minera de Penoles, S. A ., earnings,
Railway Steel Spring Co., assuming all its debts and liabilities. The stock­
management’s share of profits under contracts and
holders of the Spring Co. received one share of pref. stock of this company z After deducting and Mexican
U. S.
for each share of pref. stock of the Spring C o., and two-thirds of a share of provision for Includes $1,000,000Federal income taxes, but before deprecia­
special appropriation to general reserve.
com. stock o f this company for each share o f com. stock o f the Spring Co. tion. &c. a
Period end. Sept. 30— 1927—3 M os.—1926.
1927—9 Mos. —1926.
held by them respectively.
Net income after charges,
Fed. taxes, depr., &c.
$587,588
$705,728 $1,775,860 $2,098,881
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
8tocks— Com 770,000 shs (no par) $8 Q-M
770,000 shs ------------------OFFICERS.— Chairman, Ludwig Vogelstein; Pres., C. M . Loeb; V .-P c
P ref cum $38,500,000 ($100)-- 7 Q-M
$38,389,600
..................
Otto Sussman; V.-P. & Treas.. J. Loeb; V .-P . & Sec., H. K. Hochschild*
Office, 61 Broadway, N. Y .— (V. 125, p. 2531.)
Bonds— 40-yr Richmond Locom / 6 g A-O
$432,000 Apr. 1 1929
Cons M assumed ($ l,0 0 0 )..z lin t, at 30 Church Street, N . Y . City.
AMER1C AN PIANO CO.— Incorp. under laws of New Jersey on June 10
DIVS. (% )— 1908. 1909-15. 1916.
1917.
'18. T9. ’20-'21. '22-'26 1908. The company is the largest manufacturer of pianos and reproducing
On co m m o n ,.. 3H
Nil
1M 5 & 1 R . O . 5
6M
6
text pianos in the U. S. Its instruments include, Mason & Hamlin, Knabe,
Checkering and Ampico re-enacting pianos. Through its wholly owned
On 8ept. 30 1919 the quarterly dividend was Increased from 1 M to 1)4 %
Which rate was paid quar. to Mar. 31 1923:on June 30 '23 paid 2)4% quar. subsidiary, Foster-Armstrong Co. it produces the J. & C. Fischer, Haines
Sept. 29 1923 to Dec. 31 1924, paid each quar $1 50 a share on new stock Bros, and the Marshall & Wendell. Plants located at Boston, Baltimore,
o f no par value. Mar. 31 1925.to Sept. 30 1927 paid $2 quar. The directors East Rochester and Syracuse, N . Y.

f

E




Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

149

Federal taxes, but before deducting the annual provision for pension and'
benefit fund and depreciation and depletion of properties, b Includes
pref. dividends of subsidiary companies, x After deducting a 50% stock
dividend amounting to $10,354,675 on common stock.
OFFICERS.— Chairman and Pres., C. M . Woolley; 1st V .-P .. Cbas. H.
Hodges; 2d V .-P., Clarence Carpenter; Exec. V .-P., Chas. K. Foster;
Treas., D. M . Forgan; Compt., B. W . Lemley. Office, 40 West 40th St.,
New York.— (V. 125, p. 2390).
AMERICAN RA ILW A Y EXPRESS CO.— Incorp. in Delaware June 22
1918 to act from July 1 1918 during tne period of Federal control of rail­
roads as tne Agent of the Director-General of Railroads in conducting th®
express business of the country.
The property devoted to the express business includes approximately
16.000 motor and horse vehicles. Y. 106, p. 2346, 2452; Y. 107, p. 158G,
Effective Sept. 1 1927, an air express service, as an auxiliary o f its nation­
wide railway express system was inaugurated by the company over th®’
air lines of the Boeing Air Transport, Inc., between Chicago and San Fran­
cisco, Calif., Colonial Air Transport, Inc., between Boston, Mass., and’
New York, N. Y ., National Air Transport, Inc., between New York and1
Chicago,
Dallas, Texas,
N etincom e................. $1,775,429 $1,561,215 $1,407,599 $2,021,417 Express, also between Chicago and City, Utah, andand the Western Air
Inc., between Salt Lake
Los Angeles,
417,389
417.389
420,000
353,192 with service to certain intermediate points on all routes. V. 123, p. Caiif.
Preferred dividends____
Common dividends_____
366,044
343,632
347,058
307,013 Increased rates took effect in July 1918 and again Jan. 1 1919, 2523.
Sept.
Balance, surplus_____
$991,996
$800,194
$640,541 $1,361,212 1920 and Oct. 13 1920. V. 107, p. 2065; V. I l l , p. 694, 794, 898, 1338.
x After deducting intercompany sales of $3,582,478. y Including inter­ Govt, control terminated March 1 1920. V. 109, p. 2405.
company sales.
The l.-S. C. Commission in Dec. 1920 approved the permanent consoH*
Period End. Sept. 30— 1927—3 Mos. —1926.
1927 —9 Mos. —1926.
dation of the transportation business and properties of the American*
Net income after ch’gs
Adams, Wells Fargo and Southern Express cos. into the American R y,
& Federal taxes______ def$16,233
$386,654
$136,942 $1,201,029 Express Co. V 111 p 2522
Contract with railroads. V. 115. p. 439
O F F IC E R S.—Chairman, Geo. G. Foster; Pres., C. A. Wagner; V.-Pres.
& Treas., F. R. Gilfoil; V.-Pres., G. C. Kavanagh and Bond Dudley Jr.,
STOCKS
Rate of Int. Outstanding. Bds. when Due,
Sec., R. R. Paynter. Office, 584 Fifth Ave., New York. —(V. 125, p. 2673. Stocks— ComAND BONDS—
$40,000,000 ($100). 6 Q-M
$34,642,000 ______________
AMERICAN PNEUMATIC SERVICE C O .— O RGAN IZATION .— In­
STOCK.— The total auth. cap. stock is $40,000,000, of which $34,642,000
corporated July 1 1899 in Delaware. V. 68, p. 1130, 1179. Owns the
has been issued to pay for the physical property purchased and also to
entire capital stock o f The Lamson Co. (V. 68, p. 1073: V. 115, p . 439).
furnish cash working capital.
Inter. Pneum. Service C o., &c.
During the period of Federal control, from July 1 1918 to Feb. 29 1920
The companies’ combined pneumatic tube systems total 46 miles of
double 8-lnch pneumatic tubes, of which only 27 miles in New York and inclusive, the Director-General received 50 % % of gross transportation
earnings, but this resulted, after paying operating expenses, taxes, &c., in
Brooklyn arp in operation.
a deficit which was met by the United States RR. Administration. Th®
STOCKS AND BONDS—
Rate o f Int. Outstanding. Bds. when Due.
was paid
individual carriers during the
period
____
198,504 shs _____________ same rateto Aug. 31to1920 incl. The resulting deficitFederal guaranty by the
Stocks— Com (no par)__________
March 1
was guaranteed
1st pref cum $1,500,000 f$50). 7 Q -M
$1,498,050 _____________ Transportation Act of 1920. The express company is conducting its express
Pref non-cum $7,000,000 ($50) Text Q-M
$6,274,350 _____________ operations subsequent to Aug. 31 1920 under contracts with individual
Bonds— 25 yr coll tr M gold s f / 5 g A-O
$30,000 Oct. 1 1928
carriers on an entirely new basis.
$5,000,000 ($500 &c)_ IB .z (Interest at American Trust C o., Boston.
_
D IVIDEN DS.— The company in April 1921 paid a dividend of $2 per
STOCK.— The 7% first pref. stock ranks aheau of olu pref. V. 90, p
share on its $34,642,000 capital stock for the last four months of 1920,
449, 504, 701; V. 91, p. 334. In 1912 reduced the par value of the common and one of SI 50 per share on the -u > for ’ he fi<"=t three months of 1921
,< ci<
stock from $50 to $25 a share. The stockholders in M ay 1925 voted to V. 112, p. 1743. July 15 1921 to Dec. 31 1927 paid $1.50 quarchange the par value of the common stock from $25 to no par value. Sub.
co. stock out, $45,558.
R E PO RT.— For 1926 in V. 124, p. 2752, showed:
1926.
1925.
1924.
1923.
DIVIDEN DS on old (now 2d) pref. stock to Jan. 20 1902, incl., 6% pet
C.nlonriar 'Vonrc
t
c
©
©
$
annum in 1906. 414% in 1907, Jan., 114%; 1912, 2% ; 1913 to March 3C
1918, 3% ; then none until June 30 1923, when 1% was paid; Dec. 31 1923 Charges for transport’n-294,519.014 290.303,042 287,281.415 309.579,474'
Express privileges______ 147.812,159 143.831,906
997,383 155,736,205
and June 30 1924 naid 1% Gee. 31 1924 and June 30 1925 paid 114%
Dec. 31 1925 and Dec. 31 1926 paid 2% : Dec. 31 1926 paid 114% quar.;
Rev. from transport’n 146,706,855 146,471,136 147,284,032 153,843,269
Mar. 31 1927 to Sept. 30 1927, paid 1% quar. Divs. on 1st pref. in full to
Other revenue-------------- 3,390,247
3,243.903
3,600,492
3,355.751
date.
First Mortgage Collateral Trust Sinking Fund.— Of the $5,000,000 5% bond
Total operating rev— 150,097,102 149,715.039 150,639,783 157,443,761
Issue, $1,849,000 has been issued, o f which $1,819,000 in treasury and
Operaring expenses------- 146,824.845 146,432.894 147.446.609 154,446.244
sinking fund.
Uncollectible revenue--18.663
27.876
45.602
25,284
R EPO RT.— For 1926 in V. 124, p. 1670. showed:
Express taxes---------------- 2,143.390
2,058,805
2,102.103
2,138,362
Combined Income Account Years Ended Dec. 31.
Income From Sales & Installations
Operating income------ 1,110,204 1,195,464
1,04.5,468
833,871
on Rental—
1926
1925.
1924.
Other income__________
1,237,080 1.087,767
1.458,258
1,851,290
$504,479
$674,290
$602,749
Mail tube income (less amort, of re­
Gross income------------ 2,347.284 2,283,231
2,503,726
2,685,161
habilitation cost & int. on notes)__
107,795
72.054
65.462 Int. & other deductions28,937
99.590
221.726
225.393
Gross combined earnings_________
$612,274
$746,344
$668,212 Dividends----------------- ($6)2.078.520 ($6)2078.520($6)2078,520($6)2078,520
Int. on Am. Pneum. Serv. Co. bonds.
1,500
1.527
1,734
Malnt. of Boston, Chicago & St. Louis
Netincom e--------------$239,827
$105,120
$203,480
$381,241
Mail Tube cos. & exp. of parent co_
30.961
33.836
42,222
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 2752.
_
Depreciation mail tube companies_
111,870
111 ,870
111.944
Reserve for Federal Income tax______
27,000
78,000
OFFICERS.— Chairman, J Horace Harding; Pres., Robert E. M .
50.000
Dividends paid:
Oowle; V.-P. & Treas., J. W. Newlean; V.-P. in Charge of Accounts;
Minority Lamson stock__________
24
20 Charles A. Lutz; V.-P. in Charge of Traffic, F. S. Holbrook; V.-P. in
28
First preferred stock________________
105 000
105.000
105.000 Charge of Personnel, L. R . Gwyn; Sec., E. R . Merry Jr.; Gen. Counsel,
Preferred stock____________________
H. S. Marx.
221.510
221,510
158.221
DIRECTORS.— Robert E. M . Cowie, Charles Hayden, W. M . Barrett,
Balance, surplus________ __
*109 070 H W. de Forest, M . L. Schiff, J Horace Harding, J. S. Alexander, New­
$114,409
*10 1.573
Nine \Ionths Ended Sept. 30—
1927.
1926.
comb Carlton, W. Averel Harriman, J. G. Milburn, Albert H. W iggin,
Lamson Co. sales _____
___________________ $2,781,065 62,512.975 Frederick H. Ecker. General offices, 65 Broadway, N . Y .— (V 125, p.
Lamson Go. net incom e.---------------------------255.769
269,181 1055.)
Net Income for tubes____
--------------------------93,001
75,443
AMERICAN REPUBLICS C O RPORATION .— (V. 125, p. 2390.)
Total income
$318,870
$314,823
AMERICAN ROLLING MILL CO. (TH E).— O RGAN IZATION .—
Expenses______
27,346
24,035
Originally incorp. in N. J. in 1899; in 1917 consolidated with Columbus Iron
Net income before Federal taxes_______________
$237,621
$236,885 Sc Steel, per plan in V. 104, p. 1900, under laws of Ohio with present name.
Net income for the first quarter of 1927 was equivalent after first preferred Company is engaged in the manufacture and sale of a highly diversified lin«s
dividends to 51 cents a share on 125,4S7 shares of second preferred stock, of specialty sheets— electric, enameling, galvanized, alloy coated, annealed,
pickled and black— used In the manufacture of a wide variety of products.
against 45 cents a share in the corresponding quarter of 1926.
Plants, located at Middletown, Columbus and Zanesville, Ohio, and Ash­
OFFICERS.— Pres., William F. Merrill, v.-Pres. & Sec., Merton L.
land, K y., consist of 4 blast furnaces having a total pig iron capacity of
Emerson; Treas., Henry W. Robinson: Asst Treas., Theodore S. Dutcher.
156,000 gross tons per annum; 18 open hearth furnaces with a combined
Office. Syracuse. N V.— (V 125. p 2812.)
AMERICAN RADIATOR CO. — Incorporated in N. J. Feb. 10 1899. capacity of 805,000 gross tons per annum; 2 blooming mills and 2 bar mills
51 s ta n d s o f h o t mills with a fin is h e d sheet, and lig h t plate c a p a c ity o f
V, 68 o 329 V 80. r. ?346: V. 90. p 374, 629
about 384,000 net tons per annum, and factory buildings. Company has
STOCKS AND BONDS-—
Rate of Int. Outstanding. Bds. when Due.
acquired 90% of stock o f the Norton Iron Works and 33 1-3% interest in
Stocks— Com $47,000,000 ($25)-- 5 Q-M
$31,064,025 - ................. ..
the Ashland Steel Co. The Norton Iron Works have a blast furnace, wire
Pref (not as to assets) cum
mill, nail mill, wire cloth mill and a foundry.
$3,000,000 auth. ($100)____ 7 Q-F 15
$3,000,000 _______ _____
Bonds— 20-yr gold debs $10,- / 414 g M -N $10,000,000 M ay 1 1947
Company also owns over 30,000 acres of coal and timber lands containing"
000,000 ($1,000)------------ xc* (Interest at First National Bank, New York
large reserves of coal of high quality and has substantia) interests in com­
H ItM J h — 1 tie m aretioK lers on V ia, a 1 WZO vv>Leu to reUuci enp par
panies owning limestone quarries, coke works, iron ore properties and
value of the common stock from $100 to $25, four shares of new common s*eamshins on the Great Lakes.
being issued and exchanged for each share of old common stock
Stock­
On Aug. 1 1927 the company acquired the plant property, patents am
tS
holders (both pref and com.) of record Mar 5 1920 were offered th< Inventories o f Forged Steel Wheel Co., Butler, Pa. and 99.65% o f the
privilege of subscribing to new common stock ($25 par) at $62.50 per share outstanding common stock o f The Columbia Steel Co., Elyria, Ohio. The
to the extent of 10% of holdings
assets acquired from Forged Steel Wheel Co. have been transferred tq
The stockholders voted Dec. 4 1924 to Increase the authorized common Columbia Steel Co. (a Penna. Corp.) in exchange for its securities. T he
stock from $22,000,000 to $47,000,000, which, with the $3,000,000 of pref
latter company is engaged in the manufactures o f hot and cold-rolled strip
S t o c k ivitsf.qnrtini! make* a total authorized capital of $50,000,000
steel, ingots, billets, blooms and car wheels. The Columbia Steel C o.
FUNDED D E B T.— 20 year gold debs, are red., all or part, on any int. manufactures cold rolled strip steel.
date upon 60 days notice at following prices & int. Prom Nov. 1 1927 to
STOCKS
Rate of Int
Outstanding. Bds. when Due,
N ov. 1 1931, incl., at 102%; M ay 1 1932 to Nov. 1 1936, incl., at 10114%: Stocks— ComAND BONDS—
$30,000,000 ($25)-- 8 Q-J
$23,151,679 _____________
M ay 1 1937 to Nov. 1 1941, incl., at 101%: and M ay 1 1942 to Nov. 1
Pref cum call 110 $29,527,1946, incl., at 10014%. Debs, sold in M ay 1927 by First National Bank
200 ($100)_________________ 7 Q-J
$11,625,300 ______ _____ _
at 96 & int.
__________ Jan.
$6,650,000 ____ 1 1938e
LATE L>1VS — 1910-11. 1912-13. 1914. T5. T6. ’ 17. T8. ’ 19. ’20-’26 Bonds— 15-yr s f gold notes red J 6 g J-J
text ($1,000)--------- G.xxxc* (Int. at Guaranty Trust Co., N . Y ., trusted
Common, cash— 10 yrly. 10 yrly 1114 16 16 13
12 12
see
Extra, stock. & C - _____ 10 stock lOstk. . . _50stk. 4 bds
text
STOCK.—
jPref. stock provisions In V. 116, p. 179. The $6,882,600 7%
In Feb. 1918 paid extra 4% Liberty bonds: in Mar. 1919 an extra 4%
debenture pref. stock was redeemed on Oct. 1 1923. The stockholders on
in 414% Liberty bonds in Mar 1920 an extra of 4% in cash
June 1920 ti
M ay 15 1924 increased the authorized common stock from $20,000,000 to
Sept. 1926 paid $1 (4% ) quar. on the new $25 par value stock; on Dec. 31 $30,000.000.— V. 118. p. 2440.
1926, to Dec. 31 1927 paid $1.25 (5% quar.; on Dec. 30 1922 and Dec. 31
D IV ID E N D S.— Divs. on pref. stock paid in full to date. Dividends on
1924 also paid 50% in common stock on each date.
the common stock of the present company have been paid as follows:
REPORT.— For 1926, in V. 124, p. 1826,_showed:
Oct. 15 1917 to Jan. 15 1928, incl., 2% quar.; extra dividends of 3% paid
Calendar Years—
19261925.
1924.
1923.
Oct. 1927, Jan. 15 and Apr. 15 1918, and 1% each quarter thereafter to and
a Profit_______________ $14,427,611 $13,196,434 $12,877,554 $13,614,537
including Jan. 15 1921. Stock dividends of 5% were paid Feb. 1 1918. Feb. 1
Other income__________
780.711
925.045 ____438.469 ___ 314.099 1919, Jan. 10 1920, and Feb. 1 1921. A stock dividend of 25% was paid
Total income___$15,208,322
$14,121,479 $13,316,023 $13,928,636 Nov. 15 1920. The directors in M ay 1924 passed a resolution to the effect
Int. paid and exchange.
366.148
254.666
184.196
103.677 that an annual stock dividend policy, as formerly in effect, be resumed at
Pension fund. &c_
167.043
206.585
201.630
159.798 the rate of 5% per annum, to be declared at the discretion of tne board.
Deprec. & depl_
_ 2,198.646
2,026,627
1,776.469
2,696.184 The first of these dividends was paid July 15 1924, the 2d July 15 1925,
the 3d July 15 1926 and the 4th July 30 1927.
Net profit____________ $12,476,485 $11,633,602 $11,153,728 $10,968,977
NOTES.— The sinking fund 6% gold notes, due 1938. are redeemable, al
b Preferred dividends___
477.311
485.798
486.332
495,300
Common dividends_____
5.280.884
4.969.991
3,313.496
3.313.353 or part, at 105 and int. to Jan. 1 1928. the premium decreasing thereafte
72 of 1 % for each year or fraction thereof elapsed subsequent to Jan. 1 1928.
Surplus______________$6,718,289 $6,177,813 $7,353,900 $7,160,324
Sinking fund, commencing April 1 1925, sufficient to retire each year 2K %
Profit and loss, surplus,$31,598.119 $24,879,830 $xl8702,017 $21,702i792 or the total amount of notes issued. V. 116, p. 79.
a Total consolidated profit from operations of all companies after de­
The company has guaranteed the principal and Interest o f $325,00&'
ducting all ordinary and necessary expenses and reserve for estimated Portsmouth By-Product Coke Co. first mortgage 6% bonds.

STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when DueStocks— Com 300,000 shs (no par)
Q-J
226,249 shs _____________
Pref cum $10,000,000 ($100)-. 7 Q-J
$6,000,000 _____________
S T O C K .—On April 25 1927 the shareholders voted to change the par
value of common stock from $100 to no par; issue five new shares for one
o f the old, and to increase the auth. amount of pref. to $10,000,000.
Each share of preferred stock entitles to five votes, and each share of
common is entitled to one vote.
D IV ID E N D S.— On pref., in full to date. On common as follows:
1920, 6% in cash and 20% in stock: 1921. 6%: 1922. 6% : 1923. 6% ; 1924.
9 K % ; 1925, 8% ; 1926, 8% . Paid in 1927: Jan. 2, and Apr. 1, 2M % quar.
in cash and 2>£ % in common stock. On new no par value common stock
paid 75 cents on July 1: Oct. 1, 75c.
RE PO RT.— For 1926 in V. 124, p. 1669, showed:
Calendar Years—
1926.
1925.
yl924.
yl923.
Net sales........................x$13,060,607 x$12161,183 $14,327,901 $12,926,558
Cost o f sales, adm. &
gen. exp., incl. deprec.
& taxes______________ 11,285,178 10,599.968 12.920,302 10,905,141




150

R E P O R T — For 1926, in V. 124, p. 1670, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net sales______________ $34,958,643 $34,257,812 $28,679,818 $26,691,235
Net profit_____________
4,334,221
3,039,697
2,124,761 3,387,483
Other income__________
699,915
667,781
1,671,502
463,529
Interest paid........... ........
437,065
491,706
568,408
158,381
Federal taxes__________
533,020
329,460
328,800
219,733
Cashdivs.— O n 6% p ref.
1,320
1,320
1,320
1.620
________
________
89,301
On 7 % deb. pref. stock ________
On common stock____ 1,807,545
1,721,196
1,639,622 1,514,712
On 7% cum. pref. stk.
824,842
819,401
826,948
807,671
Balance, surplus_____$1,430,344
$344,395
$377,165 $1,059,595
OFFICERS.— Pres., G. M . Verity; 1st V.-P., J. H. Frantz; V.-P. & Gen
M gr., Chas. R . Hook; V .-P ., W . W . Sebald; Sec., R. C. Phillips; Treas.,
C . W. Verity. Office, Middletown, Ohio.— (V. 125, p. 1842.)
AMERICAN SAFETY RAZOR CORP.— O R G A N IZA T IO N — Incorp.
In July 1919 in Virginia as a consolidation o f the Gem Safety Razor Cor­
poration, American Safety Razor C o., Inc., Kampfe Bros., makers of the
T‘Gem ,” “ Ever-Ready" and “ Star” safety razors. Also acquired at time
o f consolidation all of the capital stock of the Ever-Ready Safety Razor Co.,
Ltd. o f Canada, and the Ever-Ready Safety Razor C o., Ltd. of Great
Britain. Since organization has acquired a majority of the stock of the
Jay & Johnson Box Corp. and the Lightfoot Schultz Co., mfrs. of soaps
and toilet articles.
British-American Safety Razor C o., Ltd., V. I l l , p. 2425, 2524.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 250,000 shs (no par) $3 Q-J
208,120 shs _____________
STOCK.— The stockholders on Sept. 21 1926 increased the auth. capital
stock to 250,000 shares of no par value from 200,000 shares of $100 par.
Stockholders received one share of new no par value stock for each old share
o f $100 par value.
D IV ID E N D S (on $25 par value stock).— Initial div. o f 25 cents a share
was paid Oct. 2 1922; same amount paid semi-annually to Oct. 1 1924.
On April 1 1925 paid a semi-annual dividend o f 1H % on the new stock
o f $100 par value: July 1 1925 to Oct. 1 1926, paid
% quar. On Jan. 3
to July 1 1927, paid 75c. quar. on new stock of no par value. Also paid 1 %
in stock on Jan. 3; April 1; July 1, and Oct. 1 1927.
RE PO RT.— For 1926, in V. 124, p. 1826, showed:
1924.
1926.
1925.
$5,555,134 $5,733,867 $5,326,620
4,094,791
4,325,889
4,479,440
Other income.

$1,229,245
105,084

$1,294,427
111,451

$1,231,829
98,098

Depreciation_________
Federal income taxes.

$1,334,329
179,486
140,000

$1,405,878
170,662
155,000

$1,329,926
158,954
150,000

Net profit___
Dividends______

$1,014,843
600.000

$1,080,216
750,000

$1,020,972
400,000

$620,972
$414,843
$330,216
$5.10
Earnings per share.
$5.07
$5.40
Period End. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 Afos.— 1926.
x N et income__________
$400,791
$288,017
$800,038
$941,632
x After depreciation, &c., but before Federal taxes.
OFFICERS.— Chairman of Board, Samuel Mundheim; Pres., Joseph
Kaufman; V .-P., N. W . Greenhut; Sec., Milton Dammann; Treas., Julius
B. de Mesqulta.— (V. 125, p. 2390.)
AMERICAN SEATING COMPANY.— ORGAN IZATION.— Incorp’
under the laws o f New Jersey on June 21 1926 to take over the businesses
o f the predecessor company, which was incorp. in 1906. The company
controls through the ownership o f the entire amount of capital stock the
Warehouse Corp. of Grand Rapids, M ich.
N ATU RE OF BUSINESS.-—The company is the largest manufacturer
o f school, theatre, lodge and church furniture, opera chairs and assembly
hall seats. It also sells school supplies. Company distributes its products
throughout the U. S. through 38 school supply distributors and by direct
representation in the trade, it is represented in many foreign countries
through old and well established agencies. V. 123, p. 87.
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 500,000 scs (no par) ____
200.000 shs _____________
Bonds— 10-yr g notes (text) $4 [ 6 g J-J
$4,000,000 July 1 1936
000,000($500&c) Nbc.xk&c* \lnt. at Nat. Bk. o f Comm.. N. Y ., trustee.
STOCK.— Voting Trust.— Under the reorganization plan dated M ay 22
1926 (V. 123, p. 87) the stockholders agreed to place the stock in a voting
trust for a period of 10 years, subject to earlier termination at the discretion
o f the voting trustees. The trustees are A. H. Walburg, J. A. Ault and
E . H. Turner.
D IV ID E N D S.— Initial div. of 50 cents per sh. paid Oct. 1 1926. Jan. 1
1927 paid $1. Same amount paid quar. to and incl. July 1 1927. Oct. 1
1927 paid 75 cents. Same amount decl. for Jan. 1 1928.
FU N DED D E B T .— The 10-yr. conv. gold notes are red. as a whole or
in part, on 70 days’ prior notice, at 105 on or before July 1 1931; 104 on
or before Juiy 1 1932; 103 on or before July 1 1933; 102 on or before July 1
1934; 101 on or before July 1 1935, and at the principal amount after July 1
1935.
Conversion Privilege.-—The notes are convertible at any time in the ratio
o f 2 shares o f stock for each $100 principal amount of notes.
The notes were sold in July 1926 at 99 34 and int. by Bod ell & Co., Prince
& Whitely, W . A. Harriman & C o., Inc., and the Continental & Commercial
Trust & Savings Bank, Chicago. V . 123, p. 87.
R E PO R T .— For 1926 in V . 124, p. 2593, showed;
Calendar Year—1926.
Sales________________________________________________________ $9,860,967
Cost of sales_________________________________________________ 6,987,790
Gross profit__________________
Administrative and sales expense.

$2,873,171
1,509,749

Interest charges_____________________________________________
Federal income tax___________________________________________

$1,363,428
141,189
191,800

N etprofit_________________________________________________ $1,030,439
Miscellaneous income________________________________________
198,945
Net income_______________________________________________ $1,229,383
OFFICERS.— Chairman, A. H. Walburg; Pres., Thomas M . Boyd;
Sec., H. A. Hite; Treas., E. M . M ootz. New York office, 119 West 40th
Street.— (V. 125, p. 2812.)
AMERICAN SHIP AND COMMERCE CO R P.— ORGANIZATION.—
Incorporated in Delaware July 18 1919 as a holding company, principally for
steamship, shipbuilding and allied companies and to engage in commerce
and industry. Owns 74% interest in the Wm. Cramp & Sons Ship &
Engine Building Co. (see statement below). A passenger and freight vessel
■of 8,170 gross tons.
The stockholders on July 23 1926 (1) ratified the sale to the HamburgAmerican Line of the three steamers Resolute, Reliance, and Cleveland, and
■of shares o f the capital stock of certain subsid. and affiliated shipping cor­
porations, for the following considerations: $1,582,500 in cash; $4,000,000
o f a new issue of notes of the Hamburg-American Line, secured by mortgages
upon the three steamers, and maturing serially in installments from 1927 to
1937; and shares of the common stdck o f the Hamburg-American Line to the
aggregate par value o f 10,000,000 reichsmarks, and (2) authorized the
directors at any time in their discretion, upon such terms as they may deem
.advisable, to sell all or any other ships and (or) shares of stock in shipping
corporation.
STOCKS AN D BONDS—
Rate o f Int. Outstanding. Bds. when Due.
Stocks-Com 1,500,000 shs(no par) ____
591,271 shs _____________
Bonds— 10-yr s f conv notes f
red 102 $2,123,600 ($100 & { 10 F-A 15
$576,000 Aug. 15 1930
$1,000________________ G .c* (Int- at Guaranty Tr. Co., N . Y ., trustee.
NOTES.— The 10-year notes due Aug. 15 1930 are convertible at an>
ax iinto stock at the rate o f 3 shares o f stock for each $100 of notes
112,p. 1027.




[V ol. 125.

INDUSTRIAL STOCKS AND BONDS

R E PO RT.— For 1926, in V . 124, p. 2911, showed:
1926
1925
1924
1923
Total revenue_________ $19,342,309 $26,202,869 $25,726,'l00 $27,991 ,‘ l40
N etp rofit___________ loss 5,267,669
447,876
1,172,120
3.507,966
Deduct— Depreciation
724,059
1,066,365
1,440,294
1,412,939
Interest and taxes____
593,170
473,519
401,529 1,048,550
Net profit________ loss $6,584,8981oss$1092009 loss$669,703
Net profit for American
Ship&Comm. Corp.loss$5,108,200 loss$1056881 loss$930,406
Quar. End. Mar. 31—
1927.
1926.
1925.
$11,246
$255,176
Operating profit______ loss$557,869
Depreciation, &c______
118,226
353,123
324,297
Loss on sale o f cap. assets
316,146
______
______

$1,046,476
$680,501
1924.
$248,499
470,137
______

Total loss___________
$992,241
$341,877
$69,121
$221,638
OFFICERS.— Chairman, W. A. Harriman; Pres., R . H. M . Robinson;
V.-Pres. & Sec., Walter Camp; V .-P ., E. C. Tobey; Treas., R . W . Hart.
Office, 26 Broadway, New York.— (V. 124, p. 2911.)
AMERICAN SHIP BUILDING CO. (TH E).— Incorp. in N. J. March 16
1899, and acquired the plants, properties, &c., of the following companies
located on the Great Lakes and engaged in the construction and repair
of cargo-carrying and passenger ships: The Globe Iron Works C o., Cleve­
land, O.; The Ship Owners’ Dry Dock C o., Cleveland, O.; The Cleveland
Shipbuilding C o., Cleveland and Lorain, O., and F. W . Wheeler Yards
at West Bay City, Mich, (since dismantled). Subsidiary companies are:
Detroit Shipbuilding C o., Chicago Ship Building C o., The Superior Ship­
building C o., Buffalo Dry Dock C o., Milwaukee Dry Dock Co. and The
Independent Steamship Co.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due'
Stocks— Com $15,500,000 ($100). 8 Q-F
$14,714,400 _____________
Prefnon-cum $785,600 ($100)- 7 Q-F
$785,600 .................—
CAPITAL STOCK.— The directors on Mar. 1 1922 declared operative
the plan for exchanging the pref. stock for common stock, submitted Id
Dec. 1921. The plan provided as follows:
(1) Increase authorized common stock from $15,000,000, par $100, to
$15,500,000, par $100. (2) Declare an extra dividend of 20% upon the
old outstanding common stock out of accumulated surplus net profits
of previous fiscal years for the purpose of more nearly equalizing the values
of the pref. and common stocks Tor retirement. (3) Thereafter offer as re­
quired by law to all common stockholders pro rata the right to sub­
scribe for and purchase for cash at par (a) the unissued common stock
amounting to $7,400,000, and (ft) such proposed additional common stock
amounting to the aggregate par value o f $500,000. (4) Offer to all pref
stockholders to purchase then stock at par. payment therefor to be made
share for share in common stock at par; provided that to the extent that any
common stock may be sold for cash as above, the proceeds of such sales
shall be applied pro rata as nearly as possible without the issuance of frac
tlonal shares to the purchase price of such pref. stock and the amount of
common stock used in such purchase shall be correspondingly reduced
V. 114, p. 82, 951. 1410, 1655.
LAT. DIVS. f ’ 12. ’ 13. ’ 14. ’ 15. ’ 16. ’ 17. ’ 18. *19. ’20. ’21. ’22. ’ 23-’26.
Common cash-1 0
0 0
0
0
7H 12 16
16 16 39% 8 yrly.
do Lib. bds. - - - -15 __
__ __
..
_______
Preferred______l 7
7
IX 0
7
7
7
7 7 7 7
7 yrly.
In cal. year 1919 paid each quarter on common beginning Feb. 1, 1 H %
and 2% % extra in cash. Same amount paid quar. from Feb. 1920 to Feb.
1922. On April 24 1922 paid 1 % % quar. and 20% extra- On June 20
1922 paid 10% extra.
Paid in 1927: Feb. 2, 2% ; M ay 2, 2 % ; Augi 1, 2 % ; N ov. 1 ,2 % .
R E PO RT.— For year ending June 30 r927, in V. 125, p. 2142, showed:
Years End. June 30— 1926-27.
1925-26.
1924-25.
1923-24.
Gross income, all props.,
after mfg. expenses--. $3,024,475 $2,128,834 $2,455,165 $1,316,939
Other income__________
416,219
392,515
395,596
390,736
Total income_________ $3,440,694
Deduct— Gen., &c., exps.
592,577
State, county & miscel­
laneous taxes________
214,480
207,326
Sundry charges (net)---Depreciation___________
418,937
Maintenance & repairs-_
______
Net loss sub. c o ________
______
Fed’l taxes, &c. (est.)---260 000
Net income for year-Previous surplus_______
Miscellaneous credits----

$2,521,349
490,184

$2,850,761 $1,707,675
588,791
619,429

238,793
182,153
424,726
______
35,371
---------

253,884
169,233
428,306
271,702
--------15,000

290,054
53,499
333,446
341,672
-----------------

$1,747,374 $1,150,122
5,837,167
6,033,231
88.459
242,682

$1,123,844
5,770,711
45,781

$70,576
7,024,758
924,362

Total_________________ $7,673,000 $7,426,035
Miscellaneous charges-.
42,256
x659,070
Pref. dividends ( 7 % )-- 52.528
52,934
Common d ividends--(8% )1,170,442 (6)876,864

$6,940,336 $8,019,696
557,825 1,016,841
54,992
54,992
(2)294,288(8)1,177,152

Prof. & loss bal. for’d - $6,407,773 $5,837,167 $6,033,231 $5,770,711
Shares of common out­
standing (par $100)-147,144
147,144
147,144
147,144
Earns, per sh. on com ._
$11.52
$7.46
$7.26
$0.11
x Includes $600,000 charged to reduce Type Eleven ships to inventoried
value at June 30 1926.
OFFICERS.— Pres., A. G. Smith; V.-P. and Treas., James E. Davidson
V.-P. & Sec., W . H. Gerhauser. Office, Foot of W . 54 St.. N . W ., Cleve­
land, Ohio.— (V. 125, p. 1584.)
AMERICAN SMELTERS SECURITIES CO-— Dissolved.
can Smelting & Refining Co. below.

See Amer*

AMERICAN SMELTING AND REFINING C O .— ORGAN IZATION ,
k c .— Incorp. April 4 1899 under laws of New Jersey; V. 68. p. 668. Owns
ind operates plants for the smelting of ores and the treatment of lead
aulllon, copper bullion and copper matte in Utah, Montana. Colorado,
Vebraska, Illinois, New Jersey, Mexico and elsewhere. The principal mer­
chantable products are bar gold and silver, pig lead, electrolytic copper
and zinc
V. 106, p . 1457. Plants, rights of stock, &c., V. 102, p. 19891
V. 68. p. 1041; V. 84. p. 160; V. 88, p . 1059; V. 93. p. 471. For status
af mines in Mexico, see V . l08, p. 1159, 2243. During 1919 purchased a
substantial interest in the Premier Mine, in British Columbia, and took
options on several properties in that section. Also completed the acquisi­
tion of over 90% of the Sabinas Coal Co. V. 110, p. 1286. In 1923 sold
Its lead mines in Missouri to the St. Joseph Lead Co. V. 117, p. 1888.
Report o f investigating committee. V. 114, p. 2244. Agreement with
Mexican Metallurgical Co. T . 116, p. 2773; V. 117, p. 210, 1354. Patent
suit, V. 122. p. 1314; 3213.
The stockholders of the American Smelters Securities Co. on Dec. 14
1922 voted to dissolve the company, all of the common stock and 89% of
the A and B Pref. stock having been acquired by the American Smelting &
Refining Co. The outstanding A and B pref. stock of the Securities Co.
still in the hands of the public was entitled to be paid par plus accrued
dividend to the date of dissolution, fixed as of Feb. 1 1923. V. 115, D. 2689.
DIVS. J ’ 12. ’ 13-T5. ’ 16. ’ 17. ’18. ’ 19-’20. ’21. ’22. ’23. ’24. ’25 1926.
Com _% t 4 2-3 4 yly. 5H 7
6
4 y ly . 1
0
2H 5
6%
7%
Paid in 1927: On Common, Feb. 1, 2% ; M ay 2, 2% ; Aug. 1, 2 % ; N ov. 1
2% .
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due
Stocks— Com $65,000,000 ($100). 8 Q-F
$60,998,000 .......................
Pref cum $50,000,000 ($100)-- 7 Q-M
$50,000,000 _____________
Bonds— 30-yr 1st M ser A call f 5 g A-O
$38,911,900 Apr. 1 1947
at 100 prior Oct 1 1930 ($100, {in t. at Central Union Trust C o., New
Ce.c*&r* I York, trustee.
& c)__________ _
30-yr 1st M ser B call text ($500 f 6 g A-O
$9,315,000 Apr. 1 1947
&c) __________ C e.w c*& r* \lnt. at Central Union Tr. C o., N . Y .
STOCK.— The common stock was increased in 1916-17 from $50,000,000
to $60,998,000 in connection with the retirement o f the remaining $10,998,000 6% debentures of American Smelters Secur. Co.
BONDS.— In Jan 1917 the company arranged to make a first mortgage
oond issue, limited in amount to the par amount of the full paid preferred
and common shares at any time outstanding, and Issuable under suitable
restrictions for Improvements, additions, the acquisition of securities, &c

Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

The 1st mtge. Is, directly or through the pledge o f securities, a first lien
on all the property, plants and equipment of the company (excepting Its
holdings of minority interests and investments in other companies), and on
substantially the entire capital stock of certain subsidiary companies. Also
covers such additional real property and additional shares of stock and
obligations of any existing or future subsidiary companies as may be acquired
with the bonds or their proceeds. V. 104, p. 363; V. 105, p. 608; V. 108,
p. 880.
The Initial $30,000,000 series “ A ” bonds were offered In Jan. 1917 In
exchange for the “ B ” stock of the American Smelters Securities C o., $ for $.
These bonds are subject to call on and after Oct. 1 1930, all or part, at par
and lnt. Annual sinking fund beginning in 1918, 1 H % of the maximum
amount of bonds at any time issued. In May 1917 holders o f the Securities
C o.’s total uncalled series “ A ” pref. stock were offered in exchange at par
series “ A ” bonds, plus $7 50 In cash. In Nov. 1921 pref. “ A ” stockhold­
ers were offered an opportunity to exchange their stock for bonds on or
before Dec. 31 1921. V. 113, p. 2187.
In April 1923 $10,000,000 series “ B” 6% bonds were sold (V. 116, p.
1896). Series “ B ” bonds are redeemable, all or part, on or before April 1
1932 at 1 0 7 and lnt., and thereafter at a premium equal to > % for
4
each 6 months between redemption date and date of maturity. Mortgage
provides for annual sinking fund payment equal to 1H % of face value
of maximum amount of bonds outstanding for purchase or redemption of
bonds at not exceeding 110% and lnt.
RE PO RT.— For 1926 showed:
Calendar Years—
1926.
1925.
1924.
Smelting, refining, &c____________ 1 $28,655,133 $26,762,846 ($18,390,081
1 3,081,425
Mining properties--------------------------j
1,469,423
Other income (net)-------------------------- 1,496,160 1,215,781
Gross income____________________ $30,151,293 $27,978,626 $22,940,929
Administration, &c., expenses--------- $ 1,638,530 $1,576,941 $1,496,834
2,321,746
1,612,369
Taxes (including Federal taxes)------- 2,388,874
5,795,226
6,300,937
6,025,884
Depreciation, &c___________________
2,588.241
2,618,851
Bond interest (S. & R. C o .)________ 2,567,941
3,500,000
3,500,000
3,500.000
Preferred dividend_________________
Common dividend__________________ 4,574,850
3,964,870
3,202,395
Surplus_____ _____________________ $9,685,871 $7,725,890 $4,484,596
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 1348.
OFFICERS.— Pres., Simon Guggenheim; 1st Y.-Pres., Francis H. Brow­
nell; Treas., John C. Emison; Sec., George A. Brockington; Comp., Lucius
A. Chapin. Office 120 Broadway, New York.— V. 125, p. 1964.
AMERICAN SNUFF CO.— Incorporated In N. J. on March 12 1900.
Under plan of disintegration of Am Tobacco Co. (V. 93, p. 1122-4). the
assets remaining were large modern grinding factories at Yorklyn, Del., and
Clarksville, Tenn., and finishing works at Memphis, Tenn. Since disin­
tegration a new large and modern grinding plant has been erected at M ­
em
phis, Tenn., and the Yorklyn, Del., plant sold.
In July 1927 ordered to discontinue the unfair practices in the manufac­
ture, advertisement, and distribution of snuff by the Federal Trade
Commission. For full account see V. 125, p. 471.
S TO C K S AND BONDS—
Rate of ln t. Outstandinq. Bds. when Due.
Stocks— Com $11,000,000 ($100). 12 Q-J
$11,000,000 _____________
Prefnon-cum$4,000,000 ($100) 6 Q-J
$3,952,800 _____________
LATE DIVS. (1 3 . T4. '15 t o '17. ’ 18. ’ 19. ’20. 21 '22 '23 '24 '25. ’26
Com m on____% (12
9
12 yly.
10 12
11 11 12 12 12 12
12
do extra _____ ( 3
2 J-i -----------—
—— --- - - 2
Paid in 1927: Jan. 3, 3% ; Apr. 1, 3 % : July 1, 3% ; Oct. 1, 3% .
Also In Dec. 1911, 34 4-11% each In com. stock of Geo. W. Helme and
Weyman-Bruton companies (V 94, p. 280); in July 1913. 10% in Amer. T o ­
bacco Co. pref. stock and 4.54% of Amer. Cigar Co. pref. stock (V. 96, p
1631). In Oct. 1914, distributed P. Lorillard Co. and Liggett & Myert
Tab. pref. stock out o f surplus, making .02204 6-11 and .03127 3-11 of a
chare, respectively, on each share of common stock. V. 99, p. 676, 1678
RE PO RT.— For 1926, in V. 124, p. 1069. showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net earnings___________$1,673,450 *$1,640,158 *$1,858,588 *$2,082,520
Preferred dividends____
237,168
237,168
237,168
237,168
Common dividends_____ 1,320,000
1,320,000
1,320,000
1,540,000
Balance, surplus_____
$116,282
$82,990
$301,420
$305,352
Earn, per share on com .
$13-06
$12.75
$14.74
$16-78
* After deducting Federal taxes.
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 1069.
Pres., Martin J. Condon; Treas., M . E. Finch. Office, Memphis, Tenn.
— (V. 124, p. 1069.)
AMERICAN STEEL FOUNDRIES.— ORGA N IZA TIO N .— Incorpor­
ated in New Jersey on June 26 1902. V. 79, p. 1463; V. 80, p. 224, 602.
V. 83, p. 685,1575; V. 103, p. 495; V 101, p 1373. In July 1919 purchased
most o f the $8,755,600 common stock of the Griffin Wheel Co. In July
1923 acquired the entire outstanding common stock of Damascus Brake
Beam Co.
Works located at Chester, Franklin, Sharon, Verona and Pittsburgh, Pa.;
Granite City and East St. Louis, 111.; Indiana Harbor and Hammond, Ind.;
Alliance and Cleveland, Ohio.
STOCKS AND BONDS—
Rate of Bit.
Outstanding. Bds. when Due.
902,745 shs _____________
Stocks-Com 1,000,000shs(nopar) $3 Q-J
Pref cum non-vot $25,000,000
$8,713,000 _____________
c a l l l l l O s f 1% ($100)_______ 7 Q -M 3 1
STOCK.— The pref. stock is callable at 110 and divs.; sinking fund
equal to 1% of issue, began Dec. 31 1920. No mortgage can be created
without the consent of 66 2-3% of this pref. stock. V. 108, p. 2350.
The stockholders on April 22 1925 changed the authorized common stock
from 750,000 shares, par $33 1-3 (722,196 shares outstanding) to 1,000,000
shares of no par value. Five shares of the new common stock of no par
value were issued in exchange for each four shares of the old common stock
DIVS.— ’ 14. ’ 15. ’ 16. ’ 17. *’ 18. ’ 19. '20. ’21. ’22.’23. ’24. '25
.26’
C om m on..
2 . . IX 6
7
6>i t9 9
a9 9
9 text
$3
Preferred _ _ _ _ _ _ _ _ _ _ _
33-477
7 7
7 7
7
Paid on common In 1925: Jan., 234%; April, 234%; July and Oct., 75
cents a share on new stock o f no par value.
Paid on common in 1927: Jan., 75c.; Apr., 75c.; July, 75c.; Oct., 75c.
♦Also 23-4% In Liberty bonds. tAlso $6 a share payable In stock
a Also 18% in common stock, payable Dec. 30 1922.
R E PO RT.— For 1926. in V. 124, p. 1670, showed:
1923.
1924.
1925.
1926.
Calendar Years—
♦Earnings. . .
------ $5,173,448 $5,402,378 $5,759,070 $9,031,456
1,370,391
1,118,459
1,076,733
893,824
Deduct— D epreciation__
Net profit from oper'n $4,279,624
Miscellaneous income—
422,263

$4,325,645
524,840

$4,640,611
437,044

$7,6x1,065
251,506

Total profits------------- $4,701,887
26,092
Net earnings of sub. cos.
Interest charges, &c------

$4,850,485
180,748

$5,077,655
290,616

$7,912,571
298,659
17,967

Balance, surplus
$4,675,796
617,985
Preferred divs. (7%) —
Common dividends------- 2,708,235

$4,669,737
622,916
2,572,823

$4,787,039
626,591
2,166,588

$7,595,944
607,341
2,166,588

$1,473,998

$1,993,860

$4,822,015

Balance, surplus—

. $1,349,576

*After deducting manufacturing, selling and administrative expenses
and Federal taxes.
1927—9 M os.—1926.
Period End. Sept. 3 0 — 1927—3 M os.—1926.
Net earns, after Fed. tax $1,047,521 $1,142,153 $3,900,505 $4,417,523
757,107
704,607
Depreciation___________
225,662
193,109
Balance_____________
Other income__________

$821,859
126,920

Total income.
Charges, &c___

$948,779
6,468

$1,046,839
6,268

$3,524,197
20,646

$3,988,052
22,090

Net profit.

$942,311

$1,040,571

$3,503,551

$3,965,962




$949,044 $3,143,398 $3,712,916
97,795
380,799
275,136

151

DIR E C TO RS.— Charles Miller, R. P. Lamont, F. E. Patterson, K. L.
Ames, W. D. Sargent, Geo. B. Leighton. John M . Harrison. E. F. Goltra,
J. F. Curtis, Geo. E. Scott, R. H. Ripley.
OFFICERS.— Pres., Robert P. Lamont; 1st V.-Pres., Geo. E. 1 cott;
2d V.-Pres., R. H. Ripley; 3d V.-Pres., YVarren J. Lynch; 4th V.-Pres.,
J. C. Davis; Treas. & Sec., F. E. Patterson; Asst. Sec. & Treas., W . Epple;
Comp., C. C. Jarchow. Office, Chicago, 111.— (V. 125, p. 2673.)
AMERICAN STORES C O — ORGANIZATION -iiic o r p In Dela.,
March 29 1917
Owns 34,700 shares of the 35.000 shares of common
stock of the Acme Tea C o., and also the business and assets of the following
chain store companies: Robinson & Crawford, the Bell C o., Childs Grocery
Co., George M . Dunlap Co. and the Mullison Economy Stores. Weekly
baking capacity about 2,000.000 loaves and 25 tons of cake. Operates a
chain of over 2,100 grocery stores in Pennsylvania, New Jersey, New York,
Delaware, and Maryland. Deals in food products, coffees, groceries,
meats, &c.
STOCKS AND BONDS—
Rate of lnt. Outstanding. Bds. when Due.
Stocks-Com 1,800,000 shs(no par) $2 Q-J
1,800,000 shs ____________
STOCK.— All of the outstanding 1st pref. and 2d pref. stock was re­
deemed on June 1 1922. Common stock was increased from 150,000
shares to 300,000 shares in Feb. 1922 and to 1,800,000 shares in March 1923,
a 700% stock dividend being paid June 15 1923.
D IV ID E N D S .—Initial div. of $1 on common stock paid April 1 1920;
same amount paid quar. to April 1922; July 1922 to April 1923 paid $1 75
quar. On June 15 1923 paid a 700% stock div. July 1923 to Jan. 1925
paid 25c. quar. on increased capitalization, April 1 1925 to Oct. 1 1925
paid 40c. quar., Jan. 1 1926 to Oct. 1 1927 paid 50c. quar. Also paid extra
divs. as follows: May 1 1924, 25c., Dec. 1 1925, 40c., Dec. 1 1926, 50c.,
Dec. 1 1927, 50c.
R E PO RT.— For 1926, in V. 124, p. 2593, showed:
Calendar Years—
1926.
1925.
1924.
Gross sales_______________________ $116,902,229$108,886,071 $98,178,602
Net income after deprec. & taxes____ 7,357,8751
Dividends__________________________ 4,142,145(Not available__________
Balance for year____________________ $3,215,730 $2,726,232 $3,825,714
Adjustment of reserve_______________
767,109
______
______
Previous earned surplus_____________ 15,825,685 13,099,453
9,273,739
Total earned surplus______________$19,808,524 $15,825,685 $13,099,453
3,372,549
1,469,699
Capital surplus_____________________ 3,054,858
Total surplus_____________________ $22,863,382 $19,198,234 $14,569,152
BALANCE SHEET as of Dec. 31 1926 in V. 125, p. 2268.
OFFICERS.— Pres., Samuel Robinson; V .-P ., Robert H. Crawford;
V.-P. & Gen. M gr., James K. Robinson; Sec., E. J. Flanigan; Treas., Wm.
M . M . Robinson. Office, Philadelphia, Pa.— (V. 125, p. 2268.)
AMERICAN SUOAR REFINING CO. (THE).— O R G A N IZ A T IO N . Organized in New Jersey in Jan. 1891. For plan, V. 51, p. 609 (see also V
91, p. 1571). Holds (see description V. 90. p. 164: V 88, p. 943; V. 104, p.
2454) by direct ownership, and ownership of subsidiary companies refineries at Boston, Brooklyn, Baltimore, Chalmette, La., and Philadelphia.
The company s refineries in New Orleans, formerly held in reserve, have
been dismantled. In Nov. 1919 acquired all the capita! stock of a Cuban
corporation, Central Cunagua, a raw sugar property in Oamaguey Province,
Cuba. V. 109, p. 1988; V. 112. p. 1020; V. 113. p. 186.
The company’s investments on Dec 3l 1926 were carried at $25,411,635,
which is said to be much below actual value
They included
Beet Sug. Co. (minority)— Par val I Beet Sug. Cos. (minority)— Par vai.
Michigan Sug. Co., p re f..$2,043,800 Spreckels Sugar C o_______ 2.500,000
Common (V. 106, p. 933)1,437,400 IWaverly Sugar O" com . 300.000
The company also owns a 25% interest in the National Sugar Refining Co.
STOCKS AND BONDS—
Rate of lnt. Outstanding. Bds. when DueStocks— Com $45,000,000 ($100)_ 5 Q-J
$45,000,000 _____________
Pref (not as to assets) cum
$45,000,000 _____________
$45,000,000 ($100)__________ 7 Q-J
Bonds— 15-yr gold call (text) J 6 g J-J
$30,000,000 Jan. 1 1937
($500, &c)__________ kxxxc* \lnt. at National City Bank, New York.
D IVIDEN DS—
f ’92. ’93. '94-99. 1900. '01-20. '21. '22-25 '26. ’27.
Common_________ %■! 9
22 12 yrly. 6H 7 yrly. 5H None.
5
5
1918 to Oct. '20. 3% ( % % qu.)
do
extra_____% { __ July
Paid or declared on common 1928: Jan. 2, 1 % •
On preferred in full to date.
Bonds — The 15-year 6% gold bonds due Jan. 1 1937 are callable as a
whole or by lot In amounts of not less than $1,000,000 at 105 if redeemed
on or before Jan. 1 1927, and thereafter at a premium decreasing
% for
each full year until and incl. Jan. 1 1931. and thereafter at 102 f i . V.
113, p 2724
R E PO RT.— For 1926, in V. 124, p. 1514, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Profit from operation_ $7,091,979
_
$4,477,143 y$327,637 y$l,693,070
lnt. on loans & deposits, 2,044,993
2,989,964
1,644,615
2,955,675
Income from investments
______
10,549
2,593,049
5,552,488
______
______
8,209,380
4,542,631
Net profit from invest-,
Excess res. former years,
______ ______ ______
1,000,000
______
T o t a l ________________ $9,136,971 $7,477,656 $13,119,407 $11,357,724
Depr., renew. & replace, 1,000,000
1,000,000
______ $1,000,000
Sundry reserves________
______
______
______
4,542,631
Interest on bonds______ 1,800,000
1,800,000
1,800,000 1,800,000
Dividends, pref.(7 % ),_ 3,149.986
3.149.986
3.149,986 3,149,986
C om m on ___________
2,219.995
562.498
___________
Total deductions_____$8,199,981 $6,512,484 $4,949,986 $10,492,617
Balance to surplus_____
$936,990
$965,172 $8,169,421
$865,107
x After provision for taxes. yLoss.
DIRECTORS.— Earl D. Babst, Charles Francis Adams, Guy E. Tripp;
7an-Lear Black, A lb e r t H. Wiggin, James H. Douglas. Philip Stockton,
Samuel Me Roberts, James L. Richards, W . Edward Foster, Fred Mason
%nd Newcomb Carlton.
OFFICERS.— Chairman, Earl D. Babst: Pres., W . Edward Foster;
V.-Ps., Ralph S. Stubbs and Edward A. Weber: Sec., Lynde Selden; Asst.
Sec., H. G. Cleaveland; Treas., Arthur B. Wollam; Asst. Treas., D. H.
Gibson; Compt., Henry Edgcumbe. New York office, 117 Wall St.
— (V. 125, p. 2673.)
AMERICAN SUMATRA TOBACCO CORP.— Incorporated in Delaware
Feb. 27 1926 as successor, per reorganization plan dated March 15 1926
(V. 122, p ; 1766) of the American Sumatra Tobacco Co. and is engaged in
the operation of tobacco plantations, raising, curing, sorting and merchan­
dising of cigar wrapper tobacco. The American Sumatra Tobacco Co. at
organization in 1910 acquired the facilities and business in Gadsden County
Fla., and Decatur County, Ga., of eight established tobacco plantation cos ,
Subsequently purchased Connecticut property; also A. Cohn & Co. V. 108,
p. 2023. Conn. Tobacco Corp., see V. 106, p. 1579. The Griffin Tobacco
Co. was acquired in Oct. 1919 and was subsequently dissolved, its property
having been transferred to this company. V. 119. p. 1628.
The receivers in Sept. 1925 sold property of the company In Hartford,
Conn., for $175,000. V. 121, p. 1350.
STOCKS AND BONDS—
Rate of lnt. Outstanding. Bds. when DueStocks— Com (v t c) (no par)____ ____
175,000 shs _____________
Pref cum ($100)______________ 7 Q-M
$1,500,000 ______ ______
S T O C K .—The voting trust was terminated on Dec. 1 1927. V. 125,
p. 2390.
D IV ID E N D S.— The directors on Aug. 11 1926 declared an initial div.
of 3*4% on the new preferred stock (to cover the Quarters ended M ay 31
and Aug. 31 1926), payable Sept. 1 1926; Dec 1 1926 to Dec. 1 1927 paid
1M % ouar.
R E P O R T .—For year ended July 31 1927 in V. 125, p. 1832.
Year Ended July 31 —
1926-27.
Gross profit on sales___________________________________________ $1,097,118
General and selling expenses__________________________________
147,595
Net operating profit_______________________________________
Interest earned, net of interest paid__________________________
Other income, net of deductions______________________________

$949,523
45,907
22,472

Net income_______________________________________________ $1,017,902
Provision for Federal tax_____________________________________
77,408
Net income_______________________________________________
Preferred dividend__________________________________________

$940,494
81,617

Balance, surplus________________________________________ . .
Earnings per share on 175,000 shares of no par com stock outst’g

$858,877
$4.91

153

OFFIC E R S.—Chairman, Seton Porter; Pres., Louis Leopold; V .-P .,
Frank Arguinbeau; Sec. & Treas., Emil Trueb; Asst. Sec. & Treas., W. P.
Miller. Office 131 Water St., New YorK.— (V. 125, p. 2812).
AMERICAN TOBACCO CO. TH E )— ORGA N IZA TIO N .— A merger
Oct. 19 1904 under New Jersey laws. V. 79. p. 1024, 1705; V. 80, p. 168.
On May 29 1911 the U. S. Supreme Court held the comDany a oomblnatior
in violation o f the Anti-Trust law (Y. 92, p. 1501) and required that variou*
of Its properties be disposed of. Properties and output remaining after the
aforesaid sale were given in V. 94, p. 280; V. 107, p.1670. For details of
disintegration plan, compare V. 93, p. 1122, 1325, 1557, 1603, 1670.
Owns a majority o f the stock o f the American Cigar Co. See separate
statement for that company.
In March 1923 purchased a substantial interest in the Schulte Retail
Stores Oorp. V. 116, p. 1535.
In 1927 purchased 51% interest in J. Wix & Son, a British tobacco com­
pany manufacturing the Kensitas and Barone brands of cigarettes. V.
125, p. 2390.
Contract with Tobacco Products Corp. See that company below.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks-Com (A) $50,000,000(850) 12 Q-M
$40,242,400 ____________
Com (B) $100,000,000 ($50)-- 12 Q-M
$57,399,100 ____________
Pref cum (text) $54,010,600
$52,699,700 ____________
($100)_____________________ 6Q -J
Bonds— 40-yr gold (not mtge) J 6 g A-O
$261,700 Oct. 1 1944
$56,100,000($50&c)G.xc*&r (Int. at Guaranty Trust C o., N. Y . C.
50-yr gold (not mtge) ($50 &c) / 4 g F-A ]
(Aug. 1 1951
G.xc*&r \
\
$888,250 {
50-yr Consol Tobacco coll trust f 4 g F-A J
(Aug. 1 1951
M gold ($50 &c)_ G.xc*&r lint, at Guaranty Trust C o., N. Y . City.
_
STOCK.— The shareholders voted Jan. 7 1918 to change 500,000 of tht
697.576 shares o f unissued common stock into “ common shares Class B ,’
having the same rights to dividends and upon liquidation as any othe;
shares o f common stock, but without any voting rights. On Sept 15 1921
stockholders voted to increase the authorized amount o f Common “ B “
st«ck from ssn non,000 to $100,000,000. V. I l l , p . 1185. See under
“ Dividends" below.
The stockholders on N ov. 6 1924 voted to change the authorized common
stock from 500,000 shares of $100 par to 1,000,000 shares of $50 par, and
the authorized 1,000,000 shares of common “ B ” of $100 par to 2,000,000
shares o f $50 par value. Two shares of the new $50 par value stock wer
issued In exchange for each share o f $100 par value stock held.
The stockholders also voted to change the rights of the holders of the
preferred stock so as to give them two votes for each share held instead of
one vote.
D IV ID E N D S.— On common stock since “ disintegration” of 1911-1912.
Year—
1912.
1913
1914
1915 to Dec. 1917. 1918-’26
Regular. cash(%) 7 'A
20
20 (text)
2 0 (5 % Q .-M .)
text
m 1914 paid. Mar. June and Dec., 5% in cash; Sept. 1914, 5% in 6%
scrip, paid off Sept. 1 1915. Also Sept. 1912 $20 per share from sale of
certain securities under the disintegration plan, and 2.986% in Amer. M s
chine & Foundry Co. stock, and in March 1913 a similar cash distribution o'
$15 per share. V. 95. p. 362. 620; V 96, p. 421. On April 20 1914 a dis
Oribution was made in restricted B deferred ordinary shares of Imperial
Yob. Co. equaling about 215-240. or about 9-10 of a £] share V. 98. p 841
The directors in Jan. 1918 decided that for a period the dividends upot
the common stock should be paid In scrip, bearing Interest at rate o:
*% per aim., int. payable M . & S. and maturing in 3 years from Mar. 3
1)18 and redeemable at maturity in cash or common stock “ B ” at par
Gash option eliminated beginning March 1 1919. Option to exchange fo’
stock was extended from March 1 1921. Accordingly paid each quarter
5% in scrip March 1 1918 to June 1919.
In Sept, and Dec. 1919 and Mar. and June 1920 paid a quarterly 5% h
V. 109. p. 579; V. 108. p. 682, 975; V. 106, p. 193, 298, 608, 1902
2452.
The stockholders on May 6 1920 approved the plan of the directors for n
76% stock dividend on common and common stock “ B " by the distnbutio!
of authorized but unissued common stock " B " on Aug. 1 1920. The pla)
carried with it the redemption of the outstanding scrip in exchange for stock
in order that scrip holders may participate in the stock dividend. Compart
V. 110, p. 1644. On Sept. 1 and Dec. 1 1920 and Mar. 1 1921 paid 3% eacl
on common and common “ B ” stock, payable in 8% scrip which was ex
fhamred for common “ B” stock on March 1 1923. V. I l l , p. 591, 1854
V. 112, p, 565. June 1921 to Sept. 1924 paid each quarter 3% each oi
common and common “ B ” stock In cash; Dec. 1 1924 to Sept 1 1925 paid
344 % quar.; Dec. 1 1925 paid 4% quar. and 2% extra; Mar. 1 1926 to Dec. 1
1926 paid 4% quar.; Mar. 1 192/ paid 2% quar.; June 1 1927 to Dec. 1
1927, paid 4% quar. On Aug. 15 1921 paid 4?4 % on par value of common
stock of the Mengel Co. to com. and com. B stockholders. V. 113, p. 293.
R EPO RT.— For 1926, in V. 124, p. 1826, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Sales (incl. cos. whose
stock is owned)______ ____________ Not available---------------- $138,473,340
Net earns, after charges
expenses, &C-X______$22,549,094 $22,288,597 $20,839,694 $15,603,249
Divs. partly owned c o s -.
______
______
______
1,967.409
Miscellaneous income---------------------------371,886
Total net income_____$22,549,094 $22,288,597 $20,839,694 $17,942,544
Prem. on bonds & notes
purchased & cancelled
Cr.4,290
Cr.6,907
Cr.5,299
Cr.39,449
Interest on bonds______
53,736
56,584
60,124
66.403
Int. on div. certifs., & c.
------------------------107,451
Pref. dividends ( 6 % ) 3 , 1 6 1 . 9 8 2
3,161,982
3,161,982
3,161,982
Com. divs. (cash)______ a l5 ,622,486 b l6 ,109,922 cl2.202.675 d l l , 470,695
Balance, surplus_____ $3,715,180

Previous surplus_______ 31,233.096

$2,967,015

28,266.081

$5,420,212

22,845,869

$3,175,462

19,670.407

Profit & loss, surplus.$34.948,276 $31,233,096 $28,266,081 $22,845,869
Shs.com.outstg.(par $50) 1,952.830
1,952,792
1,952.618
y976.118
Earns, per share on com .
$9.90
$9.77
$8.00
$14.50
a 16%. b l6 k S % . c 12 %. d 12% .
x After deducting all charges and expenses o f management, taxes (includ­
ing provision for Federal income taxes), &c. y Represented by shares of
$100 par value.
DIR E C TO RS.— Junius Parker (Chairman), George W. Hill (Pres.),
Charles A. Penn, A. C . Mower and A. L. Sylvester (V .-P.), J. E. Lipscomb,
O. S. Keene, Thomas W. Harris, T . T. Harkrader, James H. Perkins,
Donald Geddes, J. E. Archbell, Paul A. Noell, F. W. Harwood, and Vincent
Riggio, C. F. Neiley (Sec., J. B. Harvie (Treas.
Office, 111 Fifth Ave.,
New York. —IV. 125, p. 2531.
AMERICAN TYPE FOUNDERS CO.— Incorp. in N. J. in 1892 and
acquired the leading type foundries of the United States. Its manufactur­
ing plants are located in Jersey City and Elizabeth, N. J., and Franklin,
Mass. Company has 24 distributing branches in the leading cities in the
United States and 1 in Winnipeg, Canada. In addition to the manufacture
and sale of type, company manufactures and deals ia printers' machinery,
materials and supplies. Also owns and manufactures Kelly printing press.
Owns all of tne common stock of Barnhart Bros. & Spindler, and guaran­
tees $1,250,000 7% 1st pref. (par $100; dividends Q.-F.; also $750,000 7%
2d pref. stock, principal and divs., according t® terms of an agreement with
Guaranty Trust Co. o f New York dated May 19 1911. V. 92, p. 1501. Also
owns (including the stock held by Barnhart Bros. & Spindler) about 60%
of the common stock of the National Paper & Type Co.
STOCKS AN D BONDS—- Rate of Int. Outstanding. Bds. when Due.
Stocks—-Com $12,000,000 ($100)Q-J
$9,000,000 ____________
Pref cum red 105 $6,000,000
($100)_____________________ 7 Q-J
$4,000,000 ____________
Bonds— 30-yr gold debs red 106 f
6 g M -N
$875,100 M ay 1 1939
s f $30,000 yrly (text) $ 2 ,- (Int. at Guaranty Trust C o., N . Y ., trustee
000,000 ($100 &c)_______ G.z [
20-yr gold debs red 105 s f $40,- f
6 g M -N
$618,200 M ay 1 1937
000 yearly $1,000,000 ($100, {Int. at Guaranty Trust C o., N. Y..trustee.
& c)____________________ G .c* [
15-yr gold debs red 105 s f f
6 g A-O
$4,544,000 Oct
1 1940
$250,000 yearly $5,000,000 {Int. at Nat. Bank of Commerce, N. Y .
($1,000)______________kxxxc* [




[V ol. 125.

INDUSTRIAL STOCKS AND BONDS

STOCK.— The stockholders on April 26 1927 authorized an increase in
the capital stock from $10.000,000 (consisting of $6,000,090 common and
$4,000,000 pref.) to $18,000,000 (consisting of $12,008,000 common and
$6,000,000 pref.).
The common stockholders of record M ay 24 1927 were given the right to
subscribe at $110 to $3,000,000 additional common stock In the ratio o f
one new share for each two shares held.
DIV ID E N D S.— On common. Oct. 1898 to Jan. 1923, 1% quar.; Apr*
1923 to Oct. 1923 paid 1>S% quar.; Jan. 1924 to Apr. 1925 paid l h % quar;
July 1925 to Oct. 1927 paid 2% quar. In addition, in Jan. 1902, 6% scrip
in April 1903, 3% scrip; April 1909, 2% scrip; May 1913, 2% scrip was
paid; March 1017, 2% scrip, applicable in payment for bonds of 1917.
V. 104, p. 1265.
DEBENTURES.— Annual sinking fund as follows: Debentures of 1909,
$50,000: debentures of 1917. $40,000: debentures ef 1925. $250,000.
R EPO RT.— For year ending Aug. 31 1927, in V. 125, p. 2521, showed;
Years End. Aug. 31—
1926-27.
1925-26.
1924-25.
1923-24.
Net sales______________ $11,807,353$12,790,753 $12,133,600 $11,197,877
Cost of goods sold ..........
7,243,476 8,055,423
7,613,155
6,048,733
Gross income________
Interest-----------------------Sell., admin., &c., e x p ..

$4,563,877 $4,735,330
422,806
461,325
2,802,490 2,723,182

$4,520,445
______
2,928,990

$5,149,144
______
3,484,953

Operating income____
Other income---------------

$1,338,581 $1,550,823
393,157
455,160

$1,591,455
284,278

$1,664,191
______

Profit----------------------Reserve for deprecia’n . .
Federal taxes paid______

$1,731,738 $2,005,983
515,331
513,879
156,134
183,418

$1,875,733 $1,664,191
538,006
492,075
163,600
161,358

Net profit----------------Previous surplus-----------

$1,060,273 $1,308,686
4.781,187 4,232,501

$1,174,127 $1,010,757
3,747,202
3,283,698

Total surplus------------ $5,841,460 $5,541,187 $4,921,329 $4,294,455
Preferred divs. (7 % )---280,000
280,000
280,000
256,761
Common d iv s ------------ x(S %) 489,0003 %) 480,000 (7 M) 408,828 (6 M >290,493
Surplus Aug. 31_____
$5,081,460 $4,781,187 $4,232,501 $3,747,202
x Being the amount paid on the $6,000,000 com. stock outstanding prior
to the issuance of $3,000,000 additional in July 1927.
O F F IC E R S — Pres. & Gen. M gr., Frank B. Berry; V .-P ., Joseph W .
Phinney and Joseph F. Gillick; V.-P. & Sec., Walter S. Marder, V .-P . &
.
Treas., J. RusselJ Merrick: Asst. Treas., James A. Coleman; Asst. Sec.,
Wadsworth A. Parker; Gen. Counsel, Benjamin Kimball. Office, 300 Communipaw Ave., Jersey City.— (V. 125, p. 2521.)
AMERICAN WHOLESALE CORP.— O RGAN IZATION .— Incorp June
17 1919 in Maryland. Its business started in 1881. Is conducted through
:atalogue instead of salesmen and comprises nearly everything sold by
-be average department stor ( except groceries). See V 109, p. 272STOCKS AND BONDS—
Rale of Int. Outstanding. Bds. when Due.
Stocks— Com 150,000 shs (no par) ____
96,654 shs _____________
Pref cum call 110 s f $9,000,000
$6,118,100 _____________
auth ($100)________________ 7 Q-J
STOCK. A n n u al sinking fund for purchase or redemption of Pref. stock
ommeneiug July 1 1920 is to receive 25% of net profits after Pref. divi­
dends, but not less than 3% of the largest amount of Pref. stock at any one
dme outstanding. Redemption price, $110 and divs. No mortgage with­
out consent of 75% of preferred stock.
D IV ID E N D S .—Initial dividend of 1 ^ % paid on pref. stock Oct. 1
1919; to Oct. 1 1927, \% % quarterly.
REPO RT.— For 1926, in V. 124, p. 510. showed:
Calendar Years—
1926.
192.5.
1924.
1923.
Gross sales---------------------$27,115,736 $28,673,533 $28,561,023 $32,600,408
Net earnings----------------- 1,221.289
1,136.928
1.236.734 2.113,584
Federal taxes (est.)-------165,000
143.000
156.000
265,000
Net earnings------------ $1,056,289
Previous surplus----------- 3.297.453

$993,926 $1,080,734 $1,818,584
2.771.128
2.268.794
927.559

Total surplus-------------- $4,353,742
Preferred dividends, 7%
434.842
Federal taxes previous
Dr.3.313
years (adjusted)------Disc, on pref. stock retir.
Cr.695

$3,765,054
474.644
Cr.106
Cr.6.936

$3,349,528 $2,776,143
503.125
525.707
Dr.85,775
Cr.10.500

Cr.516
Cr.17 .843

Profit and loss-----------$3,916,283
$3,297,453 $2,771,128 $2,268,794
OFFICERS.— Pres., Jacob Epstein; V.-Pres., A. Ray Katz, Sidney
Lansburgh; Sec. & Asst. Treas.. Nathan Epstein; Treas. & Asst. Sec..
Abraham I. Weinberg. Office, Baltimore, M d.— (V. 125, p. 522 )
AMERICAN WINDOW GLASS MACHINE CO.— ORGAN 1ZATION.
—Incorp. in N. J. on Mar. 6 1903 V 76, p 596. Owns exclusive rights
in certain window-glass machine patents in the U 8. See V. 109, p. 372;
V. 76. p 596. 707, V 107 p 2010 Also owns $12,999,200 of tbe .$13,000,900 com. stock of Amer Window Glass Co (V 107, p 1668) and leases
patent rights to latter on royalty. In Oct. 1919 accrued royalties had all
been paid and royalty was being paid regularly
See V . 109. p. 372. V .76,
P- 707. 867; V. 77, p. 2282; V 79. p. 2644; V. 91. p. 1027. Patent
decrees. V 110, p. 2480 V 113. d 2082: V. 114. p 857
STOCKS AND BONDS—
Rale of Int. Outstanding. Bds. when Due.
Stocks— Com $13,000,000 ($100).
Q-J
$12,998,600 _____________
Pref cum $7,000,000 ($100)--- 7 Q-J
$6,999,600 _____________
DIVIDENDS % .— 1920 1921. 1922. 1923. 19Z4. 1925 1926.
On cum. Pref stock. 7
7
7
7
7
7
7
On Common cash
14
7X
6
7
10
9
6
Paid on common in 1927: Jan.. 1 f i % .
RE PO RT.— For fiscal year ended Au; 31 1927 in V . 125, p. 2673.
showed:
Years End. Aug. 31— 1926-27.
1925-26.
1924-25.
xl923-24.
r .yalty received---------$973,605 $1,463,470 $1,630,765 $1,419,898
Other income--------------10,735
16.677
19,090
44,670
T otal in com e -----------General expenses --------

Taxes__________________
Preferred dividends ____
Common divs. (c a s h )-,.
Com. divs. (Lib. bds.)„

$984,340
36.196
130.793
489.965
389.949
---------

$1,480,236 $1,649,855 $1,464,568
50.508
48,895
35,628
192.372
250,590
141,894
489.965
489,965
489.965
779,898
1,299,830
1,299.830
----------------150,000

Balance, sur. or v ef— def.$52,563 def$32,507 def$439,425 def$652,749
x Balance for 16 months, April 1 1922 to Aug. 31 L923.
Report of American Window Glass Co in V. 125 p, 2268.
Years Ending—
1926-27. Aug. 27 '26. Awp.28’25. Aug. 31'24.
N etprofits____________
x$432,l28 $1,344,822 $1,368,173 $1,951,291
Other income__________
335,574
751,955
419,302
544,589
Total income________
Federal and State taxes.
Royalties______________
Other deductions______
Pref. dividend (7 % )____
a Adjustments_________

767,703
--------973,605
175,448
279.650
______

$2,096,777
$67,531
1,463,470
145,066
279.650
______

$1,787,475 $2,495,880
$38,014
$141,336
1,630,765 1,419.898
32.771
42,523
279,650
279,650
29,375
68,845

Balance, surplus_____ def$661,000
$141,060 def$223,100
$543,628
________ $10,845,438 $10,704,378 $10,927,478
P. & L. surplus________
a Charges applicable to prior years' operations.
x After deducting deprec. of plants and property and admin, and selling
expenses.
OFFICERS.— Pres., Wm. L. Monro; V .-P ., A. E. Braun; Sec. & Treas.,
K. J. Askey. Office, Farmers Bank Bldg., Pittsburgh, Pa.— (V. 125, p.
2673.)
AMERICAN WOOLEN CO.— ORGA N IZA TIO N .— Incorporated In
Mass. Feb. 15 1916 as a reincorporation of the New Jersey company
with the same name and capitalization. In 1899 merged the Washing­
ton Mills, Lawrence, Mass.: National Providence Mills. Providence, R. I.,
&c.; see V. 68, p. 472; see also p. 716; V. 69, p. 77; V. 73, p. 446; V. 71,
p. 545- List of properties. V 103, p. 580; V. 78. p. 1118; V. 90, p. 62.
V. 91, p. 1162; V. 71, p. 1316; V. 101, p. 529, 1554, 1715; V. 102, p. 253.
847. 802, 1542. In March 1919 purchased Whitestone Mills, Ellenville,

Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

153

Conn. V. 108, p. 1276. In Dec. 1921 purchased three mills owned by the Stock Exchange on listing of stock. V. 102, p. 2330, 1164, 69. The total
Norwich Woolen Mills Corp. and known as the Norwich Woolen Mills, stock, common and pref., is limited to $7,500,000.
the Winchester Woolen Mills, both of Norwich, Conn., and the \ antic
Year—
1907.1910. l .
3.
’ 17 ’ 18-’25
Woolen Mills of Yantic, Conn. In 1923 acquired the Strathmore Worsted Com. divs — $1.25 $1.50 ’ l$2 ’ 12. T$1 ’ 14-15.50% 1916.
$2
0
in.stk. 8
None
Mills o f Concord, Mass., the Black River Mills of Ludlow, Vt., and S. Slater
Quarterly dividend on pref. shares, 6% each (24% yearly) was paid
& Sons Woolen Mills o f Webster, Mass. The last named has been renamed
the Webster Mills and will be improved and extended. A corporation Aug. 1 1916 to Nov. 1 1920; none since. Accumulated preferred dividends
called the Webster Mills has been organized under Massachusetts laws for on M ay 1 1926 amounted to $33 a share.
Silver Dyke Mining Co. debentures, V. 116, p. 2647.
the purpose o f taking over this Webster property. All o f the capital stock
o f the corporation is owned by the company.
R E PO RT.— For 1926, in Y. 124, p. 2123, showed:
Tbe Wood Worsted M ill Corporation fiiiioD was merged in Sept. 1910
Calendar Years—
1926.
1925.
1924.
1923.
owned a large m ill at South Lawrence, Mass., for the manufacture of yarn* Operating profit----------$502,973
$549,691
$426,233
$432,258
and men's wear fabrics. V, 81, p. 900 842; V. 84, p. 1054; V. 86, p
_
29,230
50,865
66,295
59,341
Interest on bonds, &c_
599 V 90, p. 622; V. 91, o. 522, 1162.
Balance, surplus------473,743
$498,826
$359,938
$372,917
The Ayer Mills (merged Jan. 1 1922), built a yarn mill at South
1,926,655
1,991,808 2,032,035
Previous surplus----------- 1,930,789
Lawrence, Mass. V. 88, p. 508; V. 90, p. 622. 701; V. 92, p. 1312; V
Deduct— Depreciat’n and
102, p. 888: V. 104, p- 766.
depletion reserves_
_
481,280
511,067
425,090
413,144
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Total surplus Dec. 31. $1,923,253 $1,914,415 $1,926,655 $1,991,808
Stocks— Com $40,000,000 (8100)- ___
$40,000,000 ____________
OFFICERS.— C. W . Baker, Chairman; William A. Ogg, Pres.; F. W
Pref cum $60,000,000 ($100)— 7 Q-J 15
$50,000,000 _____________
Batchelder. Sec. & Treas. Office, 1 State St., Boston.— (V. 125. p. 2532.)
Bonds— 10-yr Shawsheen Mills f 7 g A-O
$5,500,000 Oct. 1 1931
Period ena. Sept. 30—
1927— 3 Mos.— 1926.
1927— 9 Mos — 1926.
gold notes (guar) red text (Int. at Brown Bros. & C o., N. Y . City.
Profit before deprec. &
($1,000)__________________ c [
depletion----------------$113,970
$152,137
$223,165
$382,98g
10-yr Webster Mills 10-yr gold f 614 g J-D $5,500,000 Dec. 1 1933
AMSTERDAM TR AD ING C O .-H andelsvereeniging Am sterdam .)—
notes (guar p & i) red text]Int. at Brown Bros. & C o., N. Y . C.
STOCK.— The stockholders voted May 25 1920 to increase the author­ Organized in 1879 and is engaged in the production of sugar, sisal, tapioca,
ized preferred stock from $40,000,000 to $60,000,000, and the common tea, rubber, palm oil and coffee. Owns 35 plantations located in the Dutch
East Indies.
stock from $20,000,000 to $40,000,000. The additional $20,000,000 com
STOCKS AND
Outstanding. Bds. when Due.
stock was offered to stockholders o f record June 7 1920 at $100 per share Stock— “ American BONDS— Rate of Int.
shares” (see 1 ____
x50,000 shs. _______ _____
in the rath of one new share for each three shares of stock held. Stockhold­
text)_______________________j
ers of record April 20 1923 were given the right to subscribe for $10,000,000
Bonds— Issue of 1905-9________
4
$1,900,000
_____ _
pref. stock at par in the ratio of one share of pref. for each eight sham*
Issue of 1916-18____________
5
2,808,000
_____________
(whether com. or pref.) held. V. 116, p. 1652.
x The total amount of outstanding stock of the company is $16,000,000,
GUARANTEED NOTES.—
-The company guarantees, principal and in­
the above mentioned “ American shares.”
terest, $5,500,000 10-year 7% gold notes o f Shawsheen Mills, due Oct. 1 which includes figures given, Dutch florins have been converted into dollars
Note.— In all
1931, and redeemable as a whole on or after Oct. 1 1926 at 103 and int
at the rate of $0.40 to the florin.
V. 113. p. 1775- Also guarantees, prin. and int., $5,500,000 10-yr. 6H %
AM ER IC A N SHARES.— Certificates for “ American shares” were issued
gold notes of Webster Mills, due Dec. 1 1933. and redeemable as a whole or
in part at 103 in 1926, 10234 in 1927, 102 in 1928, 10134 in 1929, and 101 by the Central Union Trust Co. of New York as depositary under a deposit
thereafter.
agreement dated Nov. 3 1927, in the proportion of 40 “ American shares”
for each deposited share of the company of the par value of FIs. 500
D IV ID E N D S.—
1916. 1917. 1918. 1919. 1920-23. 1924. 1925
The deposit^agreement in substance provides, among other things, that
On common stock_________ 3M
5
5
534
7
534 _____ dividends received by the depositary upon deposited shares will be converted
do in e q . Liberty bonds. _
_
___
_
_
15
___
___
__
into dollars and the proceeds will be paid by the depositary to registered
On pref stock— July 1899 to Apr. 1927, 7% per annum (1M % Q.-J.).
In Oct. 1919 increased the common dividend from 134% quarterly to holders of “ American shares;” that certificates for each 40 “ American
shares” will be exchangeable for one deposited share (deliverable at the
1 )4 % ; then to July 1924, 1 H % quarterly: none since.
office of the agent of the depositary in Amsterdam); and that after May
RE PO RT.— For 1926, in V. 124, p. 1660, showed:
1 1928, or prior thereto under certain restrictions, additional shares of
1926.
*1925.
fl924.
tl923.
the company may be deposited, and certificates for “ American shares”
Net profit after taxes. _def$2,103,153 $3,051,065df$4,025,865 $9,326,623 issued therefor, in the proportion above stated.
Preferred dividend_____ 3,500,000 3,500,000
3,500,000
3,120,000
Transfer agent for “ American shares,” Central Union Trust Co. o f New
Common divs. (cash)_
_
________
________
1,516,667
2,800,000 York. Registrar for “ American shares,” New York Trust Co. The shares
Subsidiary dividends
1,750
4,750
8,750 _________
were offered in Nov. 1927 at $43 per share by Brown Bros. & C o., and
Chas. D. Barney & C o.— Y. 125, p. 2532.
Balance, surplus----- def$5,604.903 def$453.685df$9,051,282 $3,405,790
EARN ING S.— Calendar years.—
Previous surplus----------- 23,324,616 20,808,209 34,087,736 32,606,354
„
1923.
1924.
1925.
1926.
Profit from plantations &
Total------------------------$17,719,713 $20,354,524 $25,036,454 $36,012,144
other income, &c-------$10,932,959 $15,228,599 $14,397,593 $11,285,988
09 ,4 5 7
0 250,992 Gen. exps., deprec., &c_ 3,171,469
Res’ve restored to surp. ________ Cr5,071.985
1,967,002
2,041,994 2,124,479
Depreciation---------------- 2,122,692
2,101,893
2,918,555
2,666.411
Bal. for divs. & exten.a 7,761,490 13,261,597 12,355,599 9,161.509
Profit & loss, surplus.$15,597,021 $23,324,616 $22,127,356 $33,596,726 Dividends paid------ (35% )2,800,000(40)4,000,000(35)4200,000(30)4200,000
* Includes Shaw'sheen Mills and Webster mills, x Shawsheen Mills and Surplus (for extern _&c.)a 4,961,490
9,261,597
8,155,599 4,961,5 9
Webster Mills omitted, y Shawsheen Mills omitted.
a Before deducting bonus to officers and directors.— V. 125, p. 2532.
OFFICERS.— Pres., Andrew G. Pierce; V .-P ., Frank H. Carpenter;
ANACONDA COPPER MINING CO.— O R G AN IZATION .— Incor­
2d V .-P ., Wheaton Kittredge; 3d V .-P ., Parry C. Wiggin; Treas., W m. H. porated m Montana June 18 1895 and was for many years the leading oper­
ating subsidiary of the Amalgamated Copper Co., a holding company dis­
Dwelly. Office, 1 Federal St., Boston, Mass.— (V. 125. p 1328 1
AMERICAN W RITIN G PAPER CO., INC.— O RGAN IZATION .— solved in 1915, the Anaconda taking over its assets (V. 100, p. 1594).
Incorp. under the laws o f Delaware Jan. 26 1927 as the new company con­ Company, together with the companies consolidated, produces copper and
templated by the plan and agreement dated July 1 1926 for the reorganiza­ silver, with also a large output of zinc, lead, gold, arsenic and other im­
portant metals, besides treating
tion of American Writing Paper C o., a New Jersey corporation. The new and metals for other producers.upon a custom basis large quantities of ores
company acquired a majority, but not all, of the property of the old com­
Company’s reduction works at Anaconda, M ont., have a normal output
pany and now owns and operates the following plants formerly owned by
the old company. (For old company and reorganization plan see “ Railway amounting t© 16% of the copper produced in the United States and more
than 9% of the world’s total production. Company’s properties include a
& Industrial Compendium” of N ov. 1926.)
Albion Paper Co. Division, George R. Dickinson Paper Co. Division, modern copper refinery at Great Falls, M ont., with aB average annual
Beebe & Holbrook and Massasoit Paper Co. Divisions, Crocker Mfg. Co. capacity of 300.000,000 lbs. Another refinery, located at Perth Amboy,
Division, George C. Gill Paper Co. Division, Holyoke Paper Co. Division, N. J., with an annual capacity of 450.000,000 lbs., is owned by the Raritan
Linden Paper Co. Division, M t. Tom Paper Co. Division, Nonotuck Paper Copper Works, all of whose capital stock is owned by the company. Com­
Co. Division, Norman Paper Co. Division, Parsons Paper Co. Division, pany operates a rad and wire mill at Great Falls with an annual capacity
Riverside (No. 2) Division and Wauregan Paper Co. Division, all of which of 180,000,000 lbs. of manufactured copper. its electrolytic zinc plant at
For further de­
are located at Holyoke, Mass.; the Windsor Paper Co. Division o f Windsor Great Falls has an annual capacity of 240.000,006 lbs.
Locks, Conn., and the Platner & Porter Mfg. Co. Division of Farmington tailed description of properties and holdings, see V. 114, p. 74, in connection
(Unionville), Conn.
The properties now owned and operated include 16 mills which have a
total producing capacity of approximately 900,000 lbs. per 24 hours. The
main products of the company’s mills are high-grade bond and writing papers and to pay therefor $150 cash, and 3 sh. of the stock ©f Anaconda for each
share of Brass stock. To provide for part of the payment of the American
and specialties.
Brass Co., the stockholders of the Anaconda company of record Jan. 3
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due. 1922 were offered the right to subscribe for 233,125 of the 668,750 unissued
Stocks■ Com 155,000 shs (no par) ____
—
155,000 shs _____________ shares of Anaconda company in the ratio of one share of new stock to each
Pref (see text)$9,000,000(8100) 7
$9,000,000 _____________
10 shares owned. V. 113, p. 2725, 2822; V. 114, p. 201. In Feb. 1922.
149,817 out of a total of 150,000 shares of Amer. Brass stock had been de­
Bonds— 20-yr 1st M gold $ 5 ,- / 6 g J-J
$5,500,000 Jan. 1 1947
posited or placed in the controlof the committee for delivery V 114,p 741,
500,000 ($500 &c)---------- c* \Int. at company’s office.
In Jan. 1923 the company acquired a majority interest in the Chile
Serial gold notes dated 1927 (see
Copper Co. through the purchase of 2.200,000 shares from Guggenheim
t e x t ) ------------------------------------ 4 g J-J
$1,000,000 1928 to 1933
Bros, at $35 a share. V. 116, p. 298.
STOCK.— All of the common and pref. stock of the company has been
During 1924 the company purchased, for the sum of $3,000,000, all o f the
issued to Geo. W. Davison, Geo. C. Lee, Henry K. Hyde, Otto Marx and physical property and assets of the Davis-Daly Copper Co.
Murray H. Coggeshall, as voting trustees under voting trust agreement
The company also owns all o f the issued stock of the Butte, Anaconda &
dated Jan. 1 1927, and expiring Dec. 31 1933 unless earlier terminated Pacific Ry. C®. and guarantees, principal and interest, that company’s
by voting trustees.
bonds (see table).
The 7% cumulative pref. stock is redeemable at 110 and dividends.
The Silesian-American Corp. was incorp. July 7 1926 in Delaware for the
FUNDED DEBT.— The ls( mtge. 6% gold bonds are secured by a 1st purpose of acquiring from George von Giesche’s Heirs Mining Co. (Bergmtge. on the company’s manufacturing plants and general office building. werksgesellschaft Georg von Giesche’s Erben), a German corporation, all
The bonds are redeemable at 107)4 and accrued interest. Commencing of the capital stock of the Giesche Company (Giesche Spolka Akcyjna), a
Jan. 1 1932 and annually thereafter until maturity, cash or bonds taken at Polish corporation, together with $6,000,000 of the German company’s
their principal amount equal to 2% of the principal of the bonds then out­ sinking fund mortgage bonds. The new corporation will have authorized
and outstanding the following capitalization:
standing. Bonds are listed on N . Y . and Boston Stock Exchanges.
The serial 4% gold notes mature as follows: Series A, $150,000 Jan. 1 1928; 15-year 7% collateral trust sinking fund gold bonds__________ $15,000,000
series B, $150,000 Jan. 1 1929; series C, $175,000 Jan. 1 1930; series D, 7% non-cumulative preferred stock, par $100_______________ 12.000,000
$175,000 Jan. 1 1931; series E, $175,000 Jan. 1 1932, and series F, $175,000 Common stock (no par value)______________________________ 200.000 shs.
A majority of both the preferred and common sharse of Silesian-American
Jan. 1 1933.
Holding Co.; in
company
R E PO R T .— For 7 months ended Sept. 30 1927, in V. 125, p. 2532, Corp. is to be acquired by Silesian a majority stock this latter The com­
owns
interest.
Gross earnings_______________________________________________
$412,364 Anaconda Copper Mining Co. Co. is to be placed in a 10-year voting trust.
mon stock of Silesian Holding
Interest (Mar. 1 to Sept. 30)_________________________________
215,650 Among the most important Giesche properties are the fields comprising the
Receiver losses (Jan.-Feb.)___________________________________
X77.056 operating unit known as the Bleischarley Zinc and Lead Mine, located in
Federal taxes------------------------------------------------------------------------16,154 Upper Silesia. V. 123, p. 592.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Net profit-------------------------------------------------------------------------$103,504
Stocks— Com $300,000,000 ($50)- 6 Q-M
x Including interest on funded debt for Jan. and Feb., $61,666$150,000,000 _____________
Bonds— 10-yr secured gold ser A f 6 g J-J
$16,933,000 Jan. 1 1929
BALANCE SHEET, as of March 1 1927, in V. 124, p. 1826.
$50,000,000 ($1,000)-G.yc* { Int. at Nat. City Bk. & Guar. T r., N. Y .
OFFICERS.— Chairman and Pres., Sidney L. Willson; V.-Pres., L. M- 30-yr 1st con M ser A s f gold f 6 g F-A
$104,731,000 Feb. 1 1953
Yoerg, W. L. Nixon and Parker Newhall; Sec.., R . D. W. Ewing; Treas..
red text $200,000,000 ($500, -IInt. at National City Bank and Guaranty
L. S. Nold. Offices, Holyoke, Mass., and 41 Park Row, N . Y . City.
&c) ____________ G.kxxxc*r ( Trust C o., New York.
— (V. 125, p. 2532.)
15-yr conv debs red 110 ($500 / 7 F-A
$50,000,000 Feb. 1 1938
AMERICAN ZINC, LEAD AND SMELTING CO.— ORGANIZATION
and $1,000)---------------------c* \Int. at Nat. City Bk. & Guar. Tr., N. Y.
— Incorporated Jan. 26 1899 in Maine as a mining and smelting company
30-yr Butte A & P l s t M s f f
5 g F-A
$2,380,000 Feb. 1 1944
It is also a holding and operating company for certain subsidiaries (V . 102
call 105 (guar p & i) ($1,000) (In t. at Guaranty Trust C o., N. Y .
p. 73; V. 104, p. 1486) in Missouri, Tennessee, Wisconsin, Kansas and Illi­
yc*&r* I
nois.
STOCK.— The stockholders on Feb. 26 1923 Increased the authorized
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks—-Common ($25)_________
See text
$4,828,000 _____________ capital stock from $150,000,000 to $300,000,000.
Pref cum (entitled to $100 per
DIVS. per \ ’ 13. ’ 14. ’ 15. ’ 16. ’ 17. ’ 18. ’ 19. ’20. ’21-’22. ’23. ’24. ’25 ’26.
sh in liquidation ($25)______ See text
$2,414,000 _____________
cent . . .
f 12 10
6 14 17 16
9
8 None 414 1H 6
6
Paid in 1927: Feb. 21, 1 K % ; M ay 23, 1 K % ; Aug. 22, lU%; N ov. 21,
5-yr Silver Dyke Min s f debs f 7 J-D
$330,500 June 1 1928
(guar p & i) red 105 ($500 &c) jInt. at National Shawmut Bank, Boston,
xxxc l
BONDS.— Of the ten-year Secured Gold bonds of 1919, $25,000,000 of
STOCK.— The pref. shares are entitled to cumul. quar. divs. of $6 per Series A were sold in January 1919 to provide for the development of the
share Q.-F., or 24% per ann. and are callable at $100 and divs.. and in 1 South American property and to reimburse the treasury on account of
liquidation will receive up to that amount. See official statement to N . Y . i capital expenditures. These bonds are secured by practically the entire




154

INDUSTRIAL STOCKS AND BONDS

stock not only o f the several South American companies (mining, explora­
tion and railway), but also in the Raritan Copper Works, Int. Smelting Co.,
Int. Lead Ref. C o., &c. No mortgage can be made without seeming these
bonds as a prior lien thereunder. V. 108, p. 81.
The first consol, mtge. Series A sinking fund 6% gold bonds due Feb. 1
1953 are redeemable, all or part, at 105, if redeemable on or before Feb. 1
1933, at 10346 thereafter if redeemable on or before Feb. 1 1943, and at
102 thereafter and prior to maturity.
Secured by a direct mortgage lien on all the plants, real estate and equip­
ment owned by the Anaconda Copper Mining Co. at the date of the execu­
tion of the mortgage and by the pledge thereunder of shares of capital stock
o f certain controlled companies, subject to the prior payment of outstanding
Series A 6% 10-year secured gold bonds, due Jan. 1 1929, for the refunding
o f which an equal amount of bonds are to be reserved under the First consol,
mtge. Company will specifically pledge with the trustee for the prior se­
curity o f bonds issued under the 1st consol, mtge. the following collateral,
which, on basis of actual cost, represents a value in excess of $130,000,000:
2,200,000 shares (par $25) representing over 50% of the issued capital stock
o f Chile Copper Co.
149,500 shares or more (par $100), representing over 99% of the Issued
capital stock of American Brass Co.
297,300 shares (par $20), representing over 25% of the issued capital
stock o f the Inspiration Consolidated Copper Co.
The mortgage will provide for a semi-annual sinking fund beginning
Oct. 1 1923, sufficient to retire all present and future Issues ofSeriesAbonds
by maturity. Prior to Oct. 1 1928 the semi-annual sinking fund payments
shall be in the amount of $750,000 each and shall be used by the trustee In
the purchase of Series A bonds at or below par, provided that any of such
payments remaining unapplied after the expiration of 60 days in each case
shall be returned to the company.
Beginning Oct. 1 1928, the sinking fund payments shall be cumulative and
sufficient to retire by maturity all Series A bonds outstanding on Oct. 1 1928
and all additional Series A bonds thereafter issued. Such sinking fund pay­
ments shall be applied by the trustee to the purchase or redemption of
Series A bonds at not exceeding the current redemption prices. The com­
pany shall have the right to deliver bonds to the trustee at par in lieu of
cash. V. 116, p. 298.
The 7% convertible debentures due Feb. 1 1938, are convertible at any
time prior to Feb. 1 1933 into the common capital stock of the Anaconda
company, as the same may from time to time be constituted, at the following
rates, based upon the present par value of $50 a share, and at rates propor­
tionate thereto in case of any change in such par value; the first $10,000,000
of debentures to be presented for conversion may be converted at a price of
$53 a share; the next $10,000,000 at a price o f $56 a share; the next $10,000,000 at a price of $59 a share; the next $10,000,000 at a price of $62 a
share; and the last $10,000,000 at a price of $65 a share.— V. 116. p. 298.
The Andes Copper Mining C o., a subsidiary, in 1924 issued $40,000,000
Convertible 7% Debentures, maturing Jan. 1 1943. Each $1,000 debenture
is convertible at any time into 44 shares o f stock of Andes Copper Mining
Co.
REPO RT.— For 1926 showed:
1926.
1925.
1924.
1923.
Receipts—
$
$
$
$
Sales of metals & manu­
factured products___ 209,027,852 198,698,145 157,657,107 171,282,496
5,989,510
7,232,771
Royalties, &c__________ 10,375,941 10,593,876
Income from investm’ts,
6,522,991
5,692,276
6,386.346
in sundry companies._ 6,880,926
Sales of mdse, and rev.
3,478.478
2,821,285
2,919.180
from P. S. companies. 3,935,073
Metals & mfd. products
in process & on hand.. 49,506,496 50,645,458 46,645.598 46,402,343
Total receipts_______279,726,288 269,938,947 218,805,776 234,223,136
Disbursements—
Metals in process and on
_______ _
hand Jan. 1_________ 50,645,458 46,645,598 46,402,343 43,672,792
Cost of mdse, sold, &c__ 2,983,721
2/457,793
2,171,563
2,433,772
M fg. exp., incl. selling.. 67,616,863 66,616,862 56,111.300 74.662,321
Mining, &c., expense.. . 48,028,781 45.797,717 41,881,198 43,324,427
Ore purchases_________ 78,946,555 73,404,146 48,601,217 46,569,193
Adm exp. & Fed. taxes. 2,132.994
1,939,601
1,893,190
1,147,767
Depreciation, &c_______ 4,885,599
5,049,347
4,231,422
3.822,894
Total deductions_____255,239,971 241,911.065 201,292,233 215.633,167
Balance________________ 24,486,317 28,027,883 17,513.543 18,589,969
Int., incl. disc, on bonds 10,255.100 10,482.519 10,806,001
9.830.294
________ 9,000.000
9,000.000
2.250,000
9.000.000
Dividends
Balance, surplus_____ 5,231,219
8.545,363
4 ,4 6 /,o42 det24ti,325
Shs. o f stk.out.(par $50) 3,000,000
3,000,000
3,000,000 3,000,000
Earnings per share_____
$4.74
$5.85
$2.23
$2.92
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 2740.
OFFICERS.— Chairman, John D. Ryan; Pres., C. F. Kelley; V.-Pres.,
B. B. Thayer, J. R. Hobbins, R . E. Dwyer; Sec. & Treas., Albert H. Melin;
Gen. Auditor, James Dickson.
OFFICES.— Anaconda, M ont., & 25 Broadway, N .Y .— (V. 125, p.249.)
ANGLO-AMERICAN OIL CO.,LTD. — ORGANIZATION, &c.— Incorp
In Fngland In 1888. Markets most of the oil of the Standard Oil Co of
N . J. in the United Kingdom and is the largest marketing concern there
Owns a large number of tank steamers, chiefly used in trade with the United
Kingdom. Formerly controlled by Standard Oil Co. of N. J. but segre­
gated in 1911. See Standard Oil Co . V 85. p 216. 790; V 93 d 1390.
In Aug. 1925 purchased from Pan American Petroleum & Transport Co.
the entire outstanding capital stock o f the British Mexican Petroleum Co.,
Ltd. V. 121, p. 981.
STOCKS AN D BONDS—■ Rate of Int. Outstanding. Bds. when Due.
Stocks— Com £5,000,000 (£1)---See text £4,007,185 ------------------Pref cum £5,000,000 (£1)------- 8 quar
None
------------------Bonds-Serial gold notes dated 1926 446 g
$6,000,000 1927 to 1929
STOCK.— The stockholders on June 5 1925 approved the payment of a
Stock dividend o f 33 1-3 % on the ordinary shares, increasing the outstanding
ordinary stock to £4,000,000.
The holder of every share warrant was entitled to an allotment of one
bonus share in respect of every 3 ordinary shares comprised in his share
warrant.
LH V1DENDS.— 1917. 1918-21. 1922
1923. 1924. 1925. 1926.
Regular (% )______
15
30 y ’ly
15
20
20 1246
20
Extra ( % ) _______ _
10
.......
....... ....................SSLstk. . .
Paid in 1927: Jan. 4, 746%: M ay 31, 1246%.
R E PO RT.— For 1926— in V. 124, p. 3356. showed:
1923.
1926.
1925.
1924>
Calendar Years—
Profit (aft.exc.prof.duty) £3,042,387 £2,668,233 £3,038,021 £2,167,923
811,485
813,942
756,641
Deprec. (ships,jplant,Ac)
799,195
Interest and premium on
369,605
X66.794
169,308
x67,517
notes paid off, &c-----340,922
575,000
419,787
512,411
Provision for taxes------______
4,912
Loss on steamships sold.
Expenses of issuing new
28,092
55.606
--------capital and gold notes
450.000
675,000
600,000
800,539
Dividends_____________ _
£171,888
£718,425
£874,858
£834,696
Balance, surplus_____
x Interest on gold notes only.
Office, 36 Queen Anne's Gate, London, S .W . 1. Engl.— (Y. 125,p . 2532.)
ANGLO-CHILEAN CONSOLIDATED NITRATE CORP.— Incorp in
Dec. 1924 under laws of Delaware. The company was formed by the
Guggenheim Bros, interests to consolidate various purchases of nitrate
lands and nitrate producing properties in Chile. The management is under
the direction and control o f the Guggenheim firm.
STOCK.— Common stock (1,756,750 shares) will be largely owned by
Guggenheim Bros. There Is also outstanding £3,600,000 1st mtge. 7%
debenture stock. Secured by a first mortgage on the railroad concessions
and equipment and real properties of the corporation, bearing interest at
the rate of 7% , callable for sinking fund at par, callable In whole on any int.
date at 105, payable Jan. 1 1950. Such issue is reduced by an annual sink­
ing fund o f a minimum amount of £150,000 sterling per annum, commencing
Jan. 1 1929. Sinking fund is increased if more than 276,000 tons of nitrate
are produced in a year. The mortgage securing the debenture stock does
not cover any extension to the railroad, or any nitrate grounds or real estate
to be hereafter acquired.
BONDS.— Lehman Brothers, Blair & Co., Inc., and Goldman, Sachs
& C o., in Oct. 1925 sold at 100 and int. $16,500,000 20-year 7% debenture
bonds, carrying the right to receive common stock at the rate of 7.5 shares
for each $1,000 debenture bond, without cost. This stock was issued about




[ V ol.

125.

Nov. 1 1926. Dated N ov. 1 1925; due N ov. 1 1945. Denom. $1,000
and $500 c*. Interest payable M . & N. without deduction for any Fed­
eral income tax not in excess of 2 % . Prin. and i nt. payable at Bankers
Trust Co.. N. Y City, trustee. Red. on any int. date for sinking fund
only, on 30 days’ notice, at 105 and int. Red. on any int. date, all or part,
on 60 days’ notice, at 10746 and int. Company will agree to refund upon
application within 90 days after payment, as provided in the Indenture, the
Penn. 4-mills tax and the Mass, income tax on int. not in excess o f 6% per
annum.
Sinking Fund.— As a sinking fund company will agree to retire on N ov. 1
1928 $475,000 of these debenture bonds and a like principal amount semi­
annually on May 1 and N ov. 1 of each year thereafter, to and incl. M ay 1
1945, by redemption by lot at 105 and int. or by purchase at not exceeding
the sinking fund redemption price. V. 121, p 2042.
REPORT.— For 1926 in V. 124, p. 2911, showed:
Calendar Years—
1926.
1925.
$929,937 $1,655,479
Net operating income___________________________
Other income from int., discount, & c____________
176,027
126,699
Total income______________
Interest _____________________
Taxes_______________________
Amortization o f bond discount.
Miscellaneous_______________
Depreciation________________

$1,105,964
2,403,423
92,724
53,213
14,024
552,202

$1,782,178
1,380,783
60,519
8,869
1,591
565,707

Deficit Dec. 31_______
Depletion reserve Dec. 31

$2,009,620
______

$233,700
72,668

Net deficit Dec. 31____________________________ $2,170,652
$161,032
OFFICERS.— Pres., E. A. Oappelen Smith. Office, 120 Broadway
New York.— (V. 125. p. 2268.)
ARCHER-DAN IELS-MIDLAND CO.— O R G A N IZA TIO N .— Incorp. in
Delaware M ay 2 1923 to take over business and properties of ArcherDaniels Linseed Co. and entire capital stocks of The Toledo Seed & Oil Co.
and Delliwood Elevator Co., Inc., and in addition the plants of Midland
Linseed Products Co. Production and sale of linseed oil of all varieties,
linseed cake and meal, castor oil and pomace, &c., is the business of the
company. Operates 2 mills at Minneapolis, 1 at Chicago, 3 at Toledo.
1 at Buffalo, 2 plants at Edgewater, N. J., and 1 at St. Paul.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when DueStocks— Com 225,000 shs (no par) $3 Q-F
200,000 shs _____________
Pref cum red 115 s f $5,000,000
auth ($100)________________ 7 Q-F
$4,300,000 _____________
Stock.— In event of liquidation or winding up, voluntary or involuntary
pref. stock is entitled to $115 per share. Sink, fund o f at least 3% per ann.
if largest amount of pref. stock at any
ie outstanding. Pref has no
voting power except in default of 3 quarterly pref. dividends; until default
is cured, has exclusive voting power. Holders of pref. stock had the right to
buy from Company up to M ay 1 1926 at $50 per share, 1 share of common
for each 2 shares of pref. held.
DIV ID E N D S.— On pref., in full to Nov. 1 1927. On common, paid
initial div. of 75 cents a share on Feb. 1 1927; paid same amount quar. to
N ov. 1 1927.
R E PO RT.— For 12 months ended Aug. 31 1927 in V . 125, p. 2268>
showed:
— Years Ended A ug. 31— 11 Mo. End. Year End.
Period—■
Aug. 31 ’25. Sept. 30 ’24.
1927.
1926.
Net profit______________ $2,250,090 $2,223,738 $2,513,517 $1,091,288
355,044
379,372
340,715
Provision for deprec’n . .
393,846
92,031
272,575
Prov. for Federal taxes. .
251,660
258,887
Net income _ _____ $1,604,583
Preferred d ivid en d s____
301,000
Common d ivid en d s..($2 25)450,000

$1,585,480
315,000

$1,900,227
339,500

$644,214
350,000

Balance, surplus_____
Profit & loss surplus____
Earns, per sh. on 200,000
shs. no par com. outst.

$853,583
5,563,374

$1,270,480
3,160,847

$1,560,727
1,890,367

$294,214
329,640

$6.52

$6.35

$7.80

$1.47

OFFICERS.— J. W . Daniels, Chairman; S. M . Archer, Pres.; A. F.
Berglund, Secv.; L. M . Leffingwell, Treas. Office, Minneapolis, Minn.
— (V. 125, p. 2532.)
ARMOUR AND CO. OP DELAWARE.— Incorp. in Delaware Dec. 27
1922 to acquire from Armour & Co. of Illinois certain of its properties and as­
sets for the purpose of facilitating the administration and financing of its
business. The properties and assets acquired consist generally of certain
packing houses and cold storage plants, the Armour Fertilizer Works and
various other American subsidiaries, all the South American and Cuban
subsidiaries, plants devoted to the manufacture and distribution of by­
products, including the Armour Soap Works, and approximately $23,000,000
of investments. For list of properties acquired, see V. 116, p. 80; V. 117.
p. 1889.
Acquisition of Morris & Co.— J. Ogden Armour, Chairman, on March 28
1923 announced that the acquisition of the business and physical assets of
Morris & Co. by the North American Provision Co., a subsidiary of Armour
& Co. of Del. had been effected.
North American Provision Co.— Capitalized at $10,000,000 7% cum.
pref. stock and $20,000,000 common stock, all of which is owned by Armour
& Co. of Del., except $8,600,000 of pref. stock, which was issued to acquire
a like amount of the pref. stock of Armour & Co. required as part or the
purchase price. The funded debt of Morris & Co. has been assumed by the
North American Provision Co. Compare V. 116, p. 1415, 2887.
S T O C K S A N D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Guar pref cum red 110
$62,918,200 -------------------$100,000,000 ($100)_________ 7 Q-J
Pref No Am Prov Co cum
$10,000,000 ($100)________ 7 Q-J
$8,600,000 ---------------------Bonds— 1st M ser A red 105 f 546 g J-J $60,000,000 July 1 1943
($100, &c) __CC.kxxxc*&r* \Int. at New York or Chicago.
Funded Debt of Morris & Co.
(Assumed by No. Am. Prov. Co.):
1st M $25,000,000 g red 103 ( 446 S J-J
$15,756,000 July 1 1939
($1,000)__________ FC.xc&r \Int. at New York and Chicago.
10-yr s f gold notes red text f 746 S M-S $12,250,000 Sept. 1 1930
$15,000,000($100,&c)xxx&c* \Int. at New York and Chicago.
STOCK.— The entire $60,000,000 com. stock is owned by Armour A
Co. of Illinois.
The pref. stock is guaranteed as to prin. divs. and sinking fund by
Armour & Co. of 111. Redeemable all or part at any time at 110 and divs.
on 60 days’ notice. On or before Feb. 1 in each year, company shall, out of
its net earnings, after payment of full divs. on the pref. stock, retire at not
exceeding 110 and divs., not less than 1% of the maximum amount of pref.
stock theretofore issued. For further pref. stock provisions, compare
V. 116, p. 80.
BONDS.— The 1st mtge. 546% gold bonds, Series A, are guaranteed,
prin. and int., by Armour & Co. of 111. These bonds, by direct mortgage
of the new company and through the pledge of 1st mtge. bonds or obligations
of subsidiaries, will be secured by a first mortgage upon lands, buildings,
machinery, fixed equipment and properties appurtenant thereto, appraised
at sound values exceeding $85,000,000. V. 116. p. 179.
Securities of Morris & Co. (Assumed by North Amer. Provision Co.).
Bonds.— Auth. issue, $25,000,000; First Trust & Sav. Bank and Emile
K. Boisot of Chicago and the Mercantile Trust Co. of St. Louis, trustees;
Annual sinking fund, beginning July 1 1921, $345,000 (sinking fund was
$200,000 per annum from July 1 1910 to July 1 1920).— V. 91, p. 1510;
V. 89, p. 48, 107; V. 108, p. 2334.
The 10-year sinking fund gold notes « f 1920 are redeemable at 107 during
>
first three years, 106 during next three years, 105 during next two years,
and 104 during last two years. A sinking fund beginning Sept. 1 1922 will
retire in s. a. installments $5,000,000 before maturity as follows: On Sept. 1
and March 1 of each year from Sept. 1 1922 to and including March 1 1928,
$250,000, and on the four following semi-annual dates $500,000 each.
V. I l l , p. 901.
OFFICERS.— Chairman,_____________________ Pres., F. Edson White:
1st V.-Pres., Philip D. Armour.— (V. 122, p. 1614.)

Nov., 1927.]

ARMOUR AND CO. (OF ILLIN OIS).— ORGAN IZATION.— Incorp.
In Illinois April 14 1900. Owns plants in Chicago, Kansas City, South
Omaha, East St. Louis, South St. Paul, M inn., Huron, So. Dak., Fargo,
No. Dak., warehouses, refrigerating stations, tanneries, &c., &c. See ap­
plications to list, V. 90, p. 370, and V. 95. p. 546; V. 98, p. 1002. In Dec.
1923 purchased the soap plant in New York formerly owned by B. T . Bab­
bitt Co. V. 117, p. 2893.
The consent decree of Feb. 27 1920. by which the Big Five packers of
Chicago, Armour & C o., Swift & Co., Morris & Co., Cudahy Packing Co.
and Wilson & C o., Inc., were direr ed to divest themselves of all holdings
but the meat business under a threat of prosecution under the anti-trust
laws, was suspended indefinitely April 23 1925 by Justice Bailey in the
District of Columbia Supreme Court on motion of the California Co­
operative Canneries.
Compare V. 120, p. 2151, 2272; V. 121, p. 463.
The Department o f Justice in Sept. 1926 filed a brief in the District of
Columbia Court of Appeals, defending the validity of the consent decree
of Feb. 27 1920. V. 123, p. 1636.
The Court o f Appeals o f the District o f Columbia, taking the position
that appeal rightfully should have been made to the U. S. Supreme Court,
in Jan. 1927 dismissed the petition o f Swift & Co. and Armour & Co.
Holding demands of the Government as being unreasonable, Judge Samuel
Alschuler of the U. S. Court o f Appeals at Chicago on Oct. 27 1926 ruled
that the United States has no right to examine and make copies of books of
Chicago packing companies.
Basing their action on the Packers and Stockyards Act o f 1921, Govern­
ment attorneys contended that the Act gave the Secretary of Agriculture
the right to examine and copy all books and documents of the packers,
alleging that such information was essential for the use of Congress and as
data for possible investigations of the packing industry.
m giving his decision. Judge Alschuler ordered that mandamus proceed­
ings instituted by the U. S. Atty.-Gen., and previously upheld by Judge
Adam C. Cliffe of the U. S. District Court, be dismissed. The Government,
It is expected, will appeal from the decision.
o n Jan. 14 1920 announcement was made of the formation of the Armour
Leather C o., which would take over the leather and tanning properties of
Armour & Co. Preferred stockholders of Armour & Co. of record Feb. 2
1920 were offered the right to subscribe to the stock of the leather company
V. 110, p. 263. In July 1926 the Armour Leather Co. and the Sylva Tan­
ning C o., a subsidiary, were consolidated under the name of J. K . Mosser
Leather Corp. V. 123, p. 209.
Text of Meat Packers Bill, known as the Packers and Stockyards Act of
1921, V. 113, p. 1422; V. 114, p. 2473.
Armour & Co. of Delaware was organized in Dec. 1922 to acquire certain
of the company’s properties and assets. The entire common stock Is owned
by Armour & Co. (of Illinois). Proceeds of the issue of $50,000,000 1st
mtge. 20-year 5)4 % guar, gold bonds, Series A, and o f $60,000,000 7% guar,
pref. stock of the Delaware company were received by Armour & Co. of 111.
and used by it for the retirement of its $59,968,000 7% 10-year conv. gold
notes and its $3,697,200 6% serial conv. gold debentures, for the reduction
of its floating debt and for its other corporate purposes. Compare Armour
A: Co. of Delaware above and V. 116. p. 179.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com class A ($25)______
See text 150,000,000 _____________
Com class B ($25)___________
____
$50,000,000 _____________
Pref cumulative ($100)_______ 7 Q-J
$59,298,400 _____________
Bonds— 30-yr real estate 1st M f 4J4 g J-D $50,000,000 Dec. 1 1939
red 102)4 $50,000,000 g l i n t , at Farmers’ Loan & Trust Co.,
($1,000, & c )________ xc*&r* [ New York City.
STOCK.— The stockholders on July 28 1920 ratified a plan increasing
the authorized capital stock from $160,000,000 to $400,000,000.
The plan provided for an authorized issue of $300,000,000 Common stock,
divided equally into class “ A " and class “ B” stock, and for an increase of
Preferred stock from $60,000,000 to $100,000,000. Holders of the Common
stock received for each share of Common stock of the par value of $100 held
two shares of class “ A " stock and two shares of class “ B ” Common stock
par value $25 each.
The Class A common stock has preference as to cash dividends up to 8%
over Class B common stock, and after 8% has been paid on Class B stock in
any year both classes of common stock will share alike in percentage of
additional dividends paid during such year. Each share of Class A common
stock shall be entitled to all the rights of any share o f com. stock of the cc.
DIV ID E N D S.—
1920. 1921-24. 1925. 1926.
Class “ A ” stock___________________________ 4
None
$2
$1
Class “ B” stock___________________________ __
None
None
T>aid in 1926: On class “ A ” stock, 50 cents quar. on Jan. 2 and April 1;
none since.
On preferred, Oct. 1918 to Oct. 1927 I K % quarterly.
BONDS.— Of the “ Real Estate 1st mtge.” 4)4s ($50,000,000 authorized
issue), final $20,000,000 were sold in April 1916. V. 102, p. 1542. They
are subject to call as a whole on any interest day at 102)4 and interest on
12 weeks’ notice, and since Dec. 1 1914 in blocks o f not less than 10%.
V. 88, p. 1374; V. 104, p. 665.
All of the outstanding 10-year 7% conv. gold notes, dated July 15 1920.
were redeemed at 105 and int. on April 26 1923. The company also re­
deemed on June 15 1923 all of the outstanding 6% serial conv. gold deben­
tures of 1918 at 100 and int. V 116. p 825
R E PO RT.— For 10 mos. ended Oct. 30 1926, in V. 124, p. 367, showed:
Including Armour & Co. of Illinois, Armour Co. of Delaware, North Amer­
ican Provision Co. and Subsidiaries.
10 Mos. End. — ——■
—— Calendar Years---------------Oct. 30 ’26.
1925.
1924.
1923.
Net sales (in excess o f ) . $750,000,000$900,000,000$800,000,000$800,000,000
Income________________ $25,890,166 $36,213,923 $40,167,497 $38,583,217
Depreciation (buildings,
machinery and cars). .
7,956,281
9,197,017
9,064,575
7,971,703
Interest charges_______ 9,785,315
12,565,096 12,793,183 14,920,256
Pref. stock dividends... 6,901,928
9,247,980
9,293,389
8,357,625
5,000,000
______
______
Class A com. divs______ 1,000,000
(50c.)
($2.50)
B alan ce____________
$246,642
Special charges (net)_
_
202,847
Write-offs & res.agst.sec.
______
Previous surplus_______ 55,010,982

$203,830

$9,016,349

$7,333,632

54,807,152

45,790,803

1 919 232
40!376!402

Total surplus________ $55,054,777 $55,010,982 $54,807,152 $45,790,803
Note.— The fiscal year has been changed to end Oct. 3l instead o f Dec. 31.
OFFICERS.— Chairman, _______________Pres., F. Edson White; 1st
V .-P ., Philip D. Armour; V.-P. & Sec., W m. P. Hemphill; V.-Pres., H. C.
Carlson; Treas., P. S. Reed; Compt., E. L. Salumier. Office, 208 La Salle
St., Chicago, 111.— (V. 124, p. 1827.)
ARNOLD CONSTABLE CORP.— Incorp. under laws o f Delaware in
Sept. 1925 as a merger o f Arnold, Constable & Co., Inc., and M . I. Stewart
& C o., Inc. (compare plan in V. 121, p .842 ). Conducts general department
stores located in New York City.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 225,000 shs (no par)
____
202,099 shs _____________
REPO RT.— For 1926, in V. 124, p. 1671, showed:
12 Mos. End. 7 Mos. End.
Jan. 31 ’27. Jan. 31 '26.
Net sales (incl. leased departments)______________ $11,520,012 $6,439,344
6,483,788
Expenses_______________________________________ 11,153,539
36,251
Depreciation____________________________________
65,679
Profit________
Other income_
_

$300,793
78,355

def$80,695
39,378

Profit*_______
xFederal taxes..
Minority interest.

$379,149
18,428
4,312

def$41,317
11,277

Net profit_________________ _______ __________
$356,409 def$52,594
Shares o f capital stock outstanding (no par)_______
220,390
202,099
Earnings per share on capital stock_______________
$1.62
Nil
x This provision is made for Federal taxes on profit made by M .I.
Stewart & Co. V. 123, p. 1253.
OFFICERS.— Pres., Isaac Liberman; V.-Pres., Leon Wieder; Sec. &
Treas., M.eyer Liberman. Office, Fifth Ave. and 40th St., New York.
— (V. 125 p. 1196.)
ARTLOOM CO R PO R ATIO N .— Incorp. under laws o f Pennsylvania
Feb. 24 1925 as a merger and consolidation of Philadelphia Tapestry




155

INDUSTRIAL STOCKS AND BONDS

Philadelphia Pile Fabric Mills and Artloom Rue Mills. Manufactures
rugs, plushes and tapestries. Plants located in Philadelphia, Pa.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when DueStocks— Com 200,000 shs (no par) $3 Q-J
200,000 shs _____________
Pref cum red 115 $3,000,000
( $ 1 0 0 ) ..._________________ 7 Q-M
$2,000,000 ------------------STOCK.— On or before March 1 1926, and in each year thereafter out
of the surplus and net profits, at least 3% o f the largest amount in par
value of the Preferred stock that shall have been at any one time issued
and outstanding, shall be acquired by the c o m p a n v hv redemotinn or by
purchase at not exceeding the redemption price. As o f Dec. 31 1926 $1,000.000 had been canceled, leaving $2,000,000 outstanding.
D IV ID E N D S.— An initial dividend of 75 cents per share on the common
stock was paid Oct. 1 1925; same amount paid quar. to Jan. 1 1928.
REPO RT.— For 1926, in V. 124, p. 510, showed:
Calendar Years—
1926.
1925.
Net profit_______________________________________ $1,633,292 $2,069,125
Depreciation____________________________________
156,728
159,478
Federal tax provision____________________________
189,035
238,100
Net profit______________
Dividend on preferred stock.
Dividend on common stock.

$1,287,529
172,860
600,000

$1,671,547
152,303
300,000

Balance, surplus______________________________
$514,669 $1,219,244
Period End. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 Mos.— 1926.
Gross profit____________
$284,103
$627,803
$802,171 $1,305,822
Depreciation___________
23,600
39,182
70,932
117,547
Prem. on pref. stock____
______
______
______
23,647
Federal taxes__________
33,000
76,521
94,500
151,402
N etprofit___________
$227,503
$512,100
$636,739 $1,013,226
OFFICERS.— Pres., Joseph Wasserman, V.-P., Benjamin Wasserman;
V.-P., John Zimmermann; Sec., Albert Zimmermann; Treas., Charles
Wasserman. Office, Allegheny Ave. & Front St., Philadelphia, Pa.
— (V. 125, p. 2268.)
ART METAL CONSTRUCTION CO.— Incorp. March 24 1913 under
laws of Mass, and acquired the properties and assets of the New York
company of similar name. On M ay 1 1918 acquired the Crown Metal
Construction C o., since dissolved, and in Nov. 1919 purchased the plant
»nd machinery of the Steelwhite Co. and in June 1920 the assets, &c., of
the Interior Metal M fg. Co. Manufactures metal furniture, including
desks, safes and steel filing cabinets; also structural grille work, partitions,
brass railings, library, bank and similar equipment. Plants are located
*♦ Jamestown N Y
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $6,000,000 ($10)___
Q-J
$3,205,700 _____________
Lnviaenas Paid Since Organization.
Year—
1914. 1916-1917. 1918. 1919. 1920. 1921-1925. 1926.
P e r c e n t --------------- 6
0
10
16 *131* 10 yrly.
x l4
Paid in 1927: Mar. 31, 2 K % ; June 30, 3M % ; Sept. 30, 3 % % .
* Also 100% in stock on June 16 1920.
x Paid extra div. o f 50 cents out o f 1926 earnings.
R E PO RT.— For 1926 in V. 124, p. 1827, showed:
1926.
1925.
1924.
1923.
Net shipments for y e a r.. $8,033,949 $6,479,272 $6,800,820, $5,705,107
Less cost o f g’ds shipped 6,983,254
5,713,045
6,379,903 5,202,326
$766,227
$420,917
$502,780
Gross profit---------------- $1,050,695
Adjustments— C r --------57
8,158
6,088
22,249
T axes_________
143,829
99,610
54,700
69,000
D ividen ds------------------480,855
448,798
320,570
320,570
$426,068
$225,977
$51,735
$162,598
Balance, surplus------Period End. Sept. 30— 1927— 3 Pos.— 1926.
1927— 9 Mos.— 1926.
Shipments---------------------- $1,759,778
$1,887,409 $5,597,478
5,930,762
Cost of goods shipped---- 1,678,755
1,707,274
5,100,290
5,205,745
Estimated taxes-----------11,000
24,000
67,000
97,000
120,213
80,143
400,712
240,428
Dividends-------------------Surplus---------------------def. 50,190
$75,992
$29,476
$387,589
OFFICERS.— Pres., Henry K. Smith; V .-P . & Gen. M gr., Algot J. E .
Larson; Sec. & Treas., H. T. Swanson. Office, Jamestown, N . Y .— (V.
125, p. 2673.)
ASSOCIATED DRY GOODS CO R P.— O RGAN IZATION .— Incorp.
in Virginia M ay 24 1916 and in Aug. 1916 succeeded, per plan in V. 102,
p. 69, 64, to all the properties of the Associated Merchants Co. and United
Dry Goods Co., viz. (V. 103, p. 1412): (a) Retail dry goods stores wholly
owned, with net tangible assets valued Dec. 31 1925 at $26,665,427, viz.,
James McCreery & Co., New York; Hahne & Co., Newark, N. J.; Stewart
& Co., Baltimore; Wm. Hengerer C o., Buffalo; Powers Mercantile Co.,
Minneapolis; J. N . Adam & Co., Buffalo; Stewart Dry Goods C o., Louis­
ville, Ky. (6) Adrico Realty C o., owning equity in McCreery real estate,
West 34th St., N. Y ., $1,600,000. (c) Other investments now including
Lord & Taylor, 1st pref. stock, 21,565 shares; 2d pref. stock, 16,275 shares;
common stock, 25,929 shares; C. G. Gunther’s Sons, 200 shares common
stock; Surety Coupon Co., all capital securities, $200,000; Associated Dry
Goods Corp. of N. Y ., all capital securities, $25,000.
The aforesaid seven retail dry goods companies, whose capital securities
are wholly owned, had on Dec. 31 1925 tangible assets, $31,206,773, liabili­
ties, $4,541,346; net assets, $26,665,427.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 800,000 shs (no par)
Q-F
599,400 shs _________ __
1st pref cum $20,000,000($100) 6 Q-M
$ 13,818,700 _____________
2d pref cum $10,000,000 ($100) 7 Q-M
$6,725,500 _____________
STOCK.— The stockholders on M ay 18 1925 voted to change the auth­
orized common stock from 200,000 shares, par $100, to 800,000 shares of
no par value. Four shares of such stock without par value were issued for
each outstanding share of common stock, par $100.
DIVIDENDS.—Dividends of 1)*% w
ere paid o the 1 pref. stock
n
st
Dec. 1 1917 quar to June 1 1927. On 2d pref. stock (No. 1), 1H % Mar. 1
1918 quar. to Dec. 1 1927. On com., initial div. of 1% paid May 1 1920;
same amount paid quar. to N ov. 1 1923: paid \M % quar. from Feb. 1
1924 to May 1 1925; on Aug. 1 1925 paid 63 cents and on Nov. 2 1925 paid
62 cents per share on new stock of no par value. Paid In 1926: Feb. 1,
62 cents; M ay 1, 62 cents; Aug. 2, 63 cents; Nov. 1, 62 cents. Paid in 1927:
Feb. 1, 63 cents; M ay 2, 62 cents; Aug. 1, 63 cents; N ov. 1, 62 cents.
R E PO RT.— For 1926, in V. 124, p. 1671, showed:
1926.
1925.
1924.
1923
Total profits___________ $4,528,362 $4,969,804 $4,939,963 $4,576,339
Net curr. prof, (after deduc.res.for Fed.taxes. 3,823,721
4,134,941
4,262,865
3,975,406
First pref. dividend____
829,122
829,122
829,122
829,122
Second pref. dividend-. .
470,785
470,785
570,785
470,785
Common dividends------- 1,498,500
1,123,875
749,250
599,400
Divs. on treasury stock.
(>.3,321
Cr.3,071
Cr.2,821
Cr.2,721
Balance, surplus_____$1,028,635 $1,714,230 $2,216,529 $2,078,820
OFFICERS.— Pres., Samuel W , Reyburn; V.-Ps., C. P. Perrie and
R. M . Stauffer; V.-Pres. & Treas., R. M . Stauffen; V.-Pres. & Sec., P. G.
Holt.— (V. 124, p. 1671.)
ASSOCIATED OIL CO.— ORGANIZATION.— Incorp. in Calif. Oct. 7
1901. Owns stockholdings in Associated Pipe Line Co., California Coast
Oil Co., Pantheon Oil Co., Pioneer-Midway Oil Co., Consolidated Reward
Oil Co., Sterling Oil & Dev. C o., The Coalinga Unity Oil Co., West Coast
Oil C o., Associated Supply Co. and Miley-Keck Oil Co. The Amalgamated
Oil Co. was merged in Dec. 1923.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $60,000,000 ($25).
Q-J
a$57,260,000 ......... ..............
Bonds— 12-yr gold notes($1,000) f 6 g M-S $20,266,000 Sept. 1 1935
AS.yc*&r* (Interest at New York and San Francisco.
STOCK.— The stockholders on July 19 1923 increased the authorized
capital stock from $40,000,000 to $60,000,000 and reduced the par value
of the shares from $100 to $25.
Exchange of Stock.— The Tide Water Associated Oil Co. (see statement
below) in March 1926 offered to the holders of the capital stock of Associated
Oil Co. to acquire their stock in exchange for stock of Tide Water Associated

156

INDUSTRIAL STOCKS AND BONDS

Oil Co. on the basis of 1-3 o f a share o f Tide Water Associated Oil C o.'s 6%
cum. pref. stock (par $100) and 1 share of Tide Water Associated Oil C o.’s
com. stock without par value, for each share o f Associated Oil Co. stock so
exchanged. An alternative offer was made by a syndicate formed by Blair &
C o ., Inc., and Chase Securities Corp., to holders o f the capital stock of Asso­
ciated Oil Co. to purchase their stock for cash at $58 50 per share.
DIVS.— 1907. '08-T2. T 3-T4. 1915. '16 '17-19 '20-'24 '25.’26. '27,
Percent
114% None. 3 yrly 414
4 5 yrly. 6 yrly
7 13.2 11.2
Paid in 1927: Jan. 25, 40 cents extra: April 25. 50 cents; June 2, 50 cents
and 40 cents extra; Sept. 24, 50 cents; Dec. 24, 50 cents.
BONDS.— All the outstanding first and refunding mortgage 5% bonds
due 1930 were redeemed on Jan. 15 1924 at par and interest.
N OTES.-The $24,000,000 12-year 6% gold notes were offered in Aug.
1923 (V. 117, p. 1019). On Sept. 1 1925 and semi-annually thereafter until
all of the notes shall have been retired, company will provide a sinking fund
of $1,200,000. or such greater amount as the company shall determine, to be
used to retire the notes, by purchases in the market if obtainable at not
exceeding 102H and interest, or to the extent not so obtainable, by redemp­
tion at that price upon the next interest date.
REPO RT.— For 1926. in V. 124, p. 2741. showed:
Calendar Years—
1926.
xl925.
xl924.
xl923.
Operating income______ $80,739,527 $78,022,133 $69,859,166 $66,093,690
D iv s.,in t.,& c., received
691,469
1,651.111
1,670,291
1.173,302
Total receipts-............$81,430,996 $79,673,244 $71,529,457 $67,266,992
Deductions—
Operating expenses_____$64,214,374 $61,163,525 $57,159,952 $53,973,561
Taxes_________________
1,807,474
1,854.779
1,511,647
1,038,287
Interest on funded debt- 1,397,066
1,435,488
1,440.000
613,276
Miscellaneous interest..
______
______
179,266
923,655
______
______
______
71
Other items___________
Disc, on notes sold, & c._
137,158
174,492
182,738
55,125
Depreciation & depletion 5,228.057
4,579,710
4,650,524
4,712,334
Less retired phys. p ro p ..
653.411
----------------------Dividends__________
7,329,318 (7)4,200,000(6)3,360,000(6)2.632.672

[V ol. 125.

The subsidiaries of the company are (1) Atlantic Oil Producing C o.,
operating producing properties in Texas, Louisiana, Oklahoma, Arkansas,
Kansas and Kentucky; this subsidiary owns 50% of the common and pre­
ferred stock of Atlantic Lobos Oil Co.; is also interested in the Gulf Coast
Oil Corp., Panuco-Boston Oil Co. and Superior Oil Corp.; (2) Atlantic
Refining and Asphalt Corp.; (3) Venezuelan Atlantic Refining Co.; (4)
Colombian Atlantic Refining Co.; (5) Atlantic Oil Shipping Co.; (6) Atantic Refining Co. of Brazil; (7) Atlantic Refining Co. of Africa; (8) Atlantic
Refining Co. of Italy; (9) Red “ C ” Oil Co.; (10) Richmond Oil Co.; (11)
Fede al Warehouse Co p.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $50,000,000 ($100) See text
. 50,000,000 _____________
Pref cum $20,000,000 non-vot
$ 20 ,000,000
($100)_____________________ 7 Q-F
Bonds— 15-yr gold debs ($100
5 g J-J
$14,390,000 July 1 1937
&c)_______________ Eq.xxxc* Int. at Equitable Trust Co., N . Y .
STOCK.— The shareholders voted o c i. t> ivm> to increase tne auth. com.
stock from $5,000,000 to $50,000,000, and to create $20,000,000 7% cum.
(non-voting) Pref stock. This last having been underwritten, was offered
for subscription at par on or before Nov. 1 1919 to shareholders of record
Oct. 6 1919. A 900% stock div. on the common stock was paid in Dec.
1922. V. 115, p. 2480. Pref. stock is redeemable as a whole at 115.
D IV ID E N D S on common stock Dec. 1914 to Dec. 1922, 5% quar.
On Dec. 20 1922 paid 900% in common stock. V. 115, p. 2480. March 151923 to June 16 1924 paid 1% quar. on increased capitalization. Resumed
payments June 15 1927, 1% . Same amount paid quar. to Dec. 15 1927.
Initial div. of 1M % on pref. paid Feb. 2 1920; same amount paid quar. to
Nov. 1 1927.
R EPO RT.— For 1926, in V. 124, p. 1983, showed:
1926.
1925.
1924.
1923.

s

s

s

s

Gross income__________ 161,015.953 137.849.719 124,283,374 117,624,931
Raw materials, operating
and general expenses.143,390,874 118.743,140 107,799,571 106,376,174
Net income from oper. 17.625.079 19,106.579 16.483.803 11,248,757
1,501.748 1,273,538
1,126,906
1,202,926
Other income__________
Profit before Fed .taxes 19,126,826 20,380,117 17,610,709 12,451.683
Total deductions____ $80,075,391 $73,407,994 $68,484,127 $63,948,981 Interest on funded debt1.048,486
1.249,222
1,034,250
783,608
Surplus for year________
$664,136 $6,265,250 $3,045,330 $3,318,011
Depreciation & depletion 8,883,937
9,226,335
9,010,226
7,656,500
Inventory adjustment-.
339,164
730.179
1,410,744
2,233,930
x Exclusive o f Amalgamated Oil Co.
Insurance & other reserve
883.904
957,231
932,115
896,433
OFFICERS.— Pres., William F. Humphrey; Chairman, Axtell J. Byles, Res’ve for Fed. tax (est.)
950.000
1,050,000
52.5,000
45,577
Exec. V.-Pres., A. C. McLaughlin; V.-Pres., F. B. Henderson, L. J. King'
Balance, surplus_____ 7,021,335 $7,167,150 $4,698,374
$835,634
L. D. Jurs and L. F. Bayer; V.-Pres. & Treas., W. A. Sloan; V.-Pres., E. Previous surplus_______ 27,533,745 22,661,879 20,695,166 21,148,447
L. Shea; Sec., P. G. Williams; 1st Asst. Sec., J. P. Edwards; Asst. Sec., Deficit of subsidiaries..
(x)
(x)
(x)
(x)
Geroge Bevan; Asst. Treas., J. J. Spenker.
Office, 79 New Montgomery
St., San Francisco., Calif— (V. 125, p. 1584.)
Total surplus________ 34,555,080 29,829,029 25.393.540 21,984,081
Preferred divs. ( 7 % ) . . . 1,400,350 1,401,050
1.400,000
1,400,000
A T L A N T IC G U L F AN D W E S T IN D IE S S T E A M S H IP L IN E S .—
_____
___
(2)1,000.350(4)2.000,000
Incorp. in Maine Nov. 25 1908 as successor of the Consolidated SS. Lines Common dividends_____
(V. 87, p. 287, 1013, 1090), and owns nearly all the stock of the Clyde, Adjustment prev. years Cr.203,633 .D r.894,234 D r.33 1 ,3 1 0 0 .2 ,111,085
New York & Cuba Mail SS. Co., and all of the Stock of the New York &
P. & L. sur. Dec. 31.x.$33,358,363 27.533,745 22,661,879 20,695,166
Porto Rico SS. Co., Mallory SS. Co. and the Southern SS. Co. Also con­
trols a number o f smaller companies. On Dec. 31 1923 a receiver was
x Deficit of minority interest in 1926 amounted to $65,235, in 1925
appointed for the New York & Cuba Mail SS. Co. Receivership ter­ amounted to $100,116, in 1924 deficit of minority interest amounted to
minated in 1925. See V. 118, p. 92, 440, 560; V. 119, p. 462; V. 121, p. 334. $125,003, and in 1923, $181,546.
In Dec. 19l6 owned 81 ships.
Period End. Sept. 30— 1927— 3 Mos.— 1926.
1927— 9 M o s — 1926.
The Atlantic Gulf Oil Corp. of Virginia, of which the company own
$2,818,123def.$144,419 $6,066,236
53 ^ %, owns or controls several producing wells in Mexico located about 75 Net income____________ $1,333,000
OFFICERS.— Chairman, J. W . Van Dyke; Pres., W. M . Irish; V.-Pres.,
miles south of Tampico
Compare V 111 p 601; V 116 p 2152.
In June 1925 company took over management o f Colombia Syndicate. W . P. Cutler; R. D. Leonard, W . D. Anderson; V.-Pres. & Treas., Albert
Hill; V.-Pres., Edwin R . Cox; Sec., W . M . O’Connor. Office, 260 South
Owns 617,000 shares o f total o f 2,550,000 shares, outstanding.
Broad St., Philadelphia, Pa.— (V. 125, p . 2673.)
The > Ijdc SUsoinslilp 1 u , ea-ly in i 920 acquired bj yureo.a.se the steam
*hip interests of Edw M Ra; h 4 & Co Inc
V 110, p. 766
ATLAS POWDER CO.— ORGANIZATION.— Incorp. Oct. 18 1912 in
Delaware, pursuant to decree of court in suit of United States of America
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
vs. E. I. du Pont de Nemours Powder Oo. Commenced business Jan. 1
Stocks— Com 300,000 shs (no par) See text
199,512 shs ------------ - —
1913, having taken over a number of the plants and a portion of the business
P f $20,000,000 non-cum ($100) See text
$13,742,900 ------------------of E I, du Pont, de Nemours Powder Co. The nature of the company’s
Bonds— 51-yr coll trust M g red j 5 g J-J
$13,000,000 Jan. 1 1959
is
text ($500 &c)________ Eq.xx \Int. at Equitable Trust Co., N . Y ., trustee business andthe manufacture, storage and sale of explosives and blasting
supplies
allied chemicals.
13-yr marine equip trust cert { 7 J-J
$1,865,000 Jan. 15 1934
SUBSIDIARY COMPANIES.— The company owns the entire issued
due annually ($1,000)____G \lnt. at Guaranty Trust Co., N. Y ., trustee
capital stock of the following corporations: The Giant Powder C o., Con­
10-yr marine equip gold bonds f 7 g M -N
$1,560,000 M ay 1 1931
solidated a California corporation, engaged in the manufacture, storage
due yearly ($1,000)________ \lnt. at New York Trust Co., N. Y.
and sale of explosives; Richards & Co., Inc., a Connecticut corporation
engaged in the manufacture of leather cloth lacquers and lacquer enamels;
Bds of sub cos (less amts in treas) 5 s-a
$5,245,000
See text
The Zapon Co. of N. J. and the Zapon Co. of Calif., engaged in the sale of
STOCK.— The stockholders on Aug. 24 1925 changed the common stock lacquers and lacquer enamels and leather cloth, and the G. R . McAbee
from shares o f $100 par value to shares o f no par value and also increased Powder & Oil Oo., Pittsburgh, Pa.
the authorized common stock to 300,000 shares Common stockholders
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due•
of record Aug. 28 1925 were offered for subscription 49,878 shares o f no
Q-M
261,438 shs ------------------par value common stock at $40 per share in the ratio o f one share for each Stocks— Com 500,000 shs (no par)
P f cum $10,000,000 text ($100) 6 Q-F
$9,000,000 ------------------three shares held. V . 121. D. 1105.
CAPITAL S T u C K .—Ttit. stockholders voted June l3 1923 to create
D IV ID E N D S.— On pref stock No, 1, Apr. 10 1916, 1% ; July 1, 17c
500,000 shares of com. stock without par value, of which 450.000 shares
Ip Oct 1916 a dividend of 1h, % was paid, in hiding
for the Apr
shall be voting com. stock and 50,000 shares will be non-voting com stock.
and
% for the July dividends, thus placing the pref. on a 5% basis; Jan
In lieu of the old 100,000 shares of com stock, par $100, of which 90,000
1 1917 to Jan. 1 1920. both incl. 5 7 per ann. (1 H % quar.) V. 108, p. 881
shares were voting com. stock and 10,000 shares non-voting com. stock. The
In Mar. 1920 declared 57c. payable in quarterly installments, Apr. 1
com. stock (par $100) outstanding was changed into shares of com. stock
July 1 and Oct. 1 1920 and Jan. 1 1921; none since. V. 112, p. 1869.
without par value, in the ratio of 3 shares of voting com. stock without par
An initial dividend of 5% was paid Feb. 1 1917 on the common stock
value for each share of voting com. stock (par $100). and 3 shares of non-vot­
Aug. 1917 5% and 1% to Red Cross; Feb. 1918 to F eb-1921,5% semi-ann
ing com stock without par value for each share of non-voting com. stock
none since.
(par $100). The pref. stock is preferred as to assets and dividends and is
BONDS.—The auth. issue of collateral trust 5% gold bonds Is $15,000,- redeemable in whole or in part on Aug. 1 1925 or on any Aug. 1 thereafter
000. The $2,000,000 unissued can only be put out on vote of 66 2-3% oi st 110 plus accrued dividends,
pref. stock. Redeemable at 105 and int. on any date by lot
No foreclos­
DIVS. ON OLD COM . '13. '14. '15. '16. '17. '18. "19. '20. '21. '22. '23.
ure proceedings can be brought for default In Int. for less than 2 years,
P ercen t......................... 1X 6 11H 25 26 21 12 *12 12 12 a6
V. 88. P 160 All coupons free of Federal Income tax
♦Also paid 10% in stock in 1920.
The 5-year 6% gold bonds were redeemed M ay 1 1927.
a On new stock of no par value paid $1 quar. from Sept. 11 1923 to
Bonds of Sub. Companies, $5,813,000.
Dec. 10 1927; also paid $1 extra on Jan. 10 1927.
Int.

Outstanding.

Maturity.

b Clyde SS. Terminal Co 1st M --5 A & O $333,000 Oct. 1 1934 (V.91,p.l887)
c N.Y ,&Porto Rico SS. C o.1st M --5 M & N 1.284.000 May 1 1932 (V.88,p 235)
460 000 Nov. 1 1937 (V .95.P.1748)
b Carolina Terminal C o .ls t M ------5 M & N
c Mallory SS. Co. 1st M --------------- 5 J & J 1.795.000 Jan. 1 1932 (V.83,p. 194)
c Clyde SS. Co. 1st M .....................-5 F * A 1.371.000 Feb. 1 1931 (V.82,p. 807)
5,000 Jan. 1 1932 ....................
Cuba Mail___________________ 5 J & J
b Callable at 105. c Callable at 110.
REPORT.-—For 1926, in V. 124, p. 2752, showed;
yl924.
yl923.
Calendar Years—1926.
xl925
Operating revenue_____$39,110,676 $33,997,631 27,714,302 $25,288,202
Total operating expenses 36,646,114 29,994,689 24,351,959 23,417,112
Net operating income. $2,464,562
409,042
Other income__________

$4,002,942
227,120

$3,362,343
401,302

$1,871,089
462,688

$2,873,604
2,429,453

$4,230,062
2,358,563

$3,763,645
2,408,804

$2,333,778
2,475,127

Interest, rentals, &c------

$444,151 $1,871,498 $1,354,840 def$ 141,349
Net income for y e a r.,
x Includes the operations of the New York & Cuba Mail SS. Co. for four
months, y Excluding operations o f New York & Cuba Mail SS. Co.
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 2912.
Period End. Aug. 31— 1927— 3 Mos.— 1926.
1927— 8 Mos — 1926."!
August gross____________ $2,953,807 $2,945,140 $24,668,973 $26,426,554
Net after depreciation. 175,263
139,162
1,265,603
1,568,051
Gross income__________
254,495
189,892
1,839,192
2,005.079
Int. rent and taxes_____
225,827
235,383
1,771,382
1,910,760
Net income__________
$28,668 def$45,491
$67,810
$94,319
OFFICERS.— Chairman, H. H. Raymond; Pres., F. D. Mooney; V.-P.,
R F Hoyt; V.-P. & Sec., J. G. Gredler; Treas., R . C . MacBain. Office,
25 Broadway, N . Y .— (V. 125, p. 2390.)
ATLAN TIC REFINING CO. (TH E).— ORGANIZATION, &c.— In
corp. in Pennsylvania In 1870. Has refining plants at Philadelphia, Frank
lin and Pittsburgh, Pa., and Brunswick, Ga. Also owns an extensive sys­
tem of sales stations, warehouses and storage plants throughout Pa. and Del
with gasoline and motor oil stations in New England States; a fleet ef 18
tank steamers. &c
Formerly controlled by Standard Oil Oo. of N. J
bu i segregated In 1911. Suit brought by stockholders of Superior Oh
Corp. Y . 119, p. 200, 328; V. 122, p. 2656. Damage award set aside,
V. 123, p. 714, 2904.




REPO RT.— For 1926 in V. 124, p. 784, showed;
Calendar Years—
1926.
1925.
1924.
1923.
Net sales______________ $20,454,323 $20,588,981 $19,462,295 $19,616,170
Net Income___________
2,381.296
2.130,535
1,609,949
2,296.271
Preferred divs. (6 % )_
_
540,000
540,000
540,000
540,000
Common dividends.. . ($5) 1,307,160 ($4) 1045,722 ($4) 1045,644 x l,045,347
Balance, surplus_____
$534,136
$544,813
$24,305
$710,924
Total surplus____________$5,796,294 $5,262,159 $4,717,346 $4,693,041
Earns, per sh. on c o m ..
$7.04
$6.08
$4.09
$6.72
x Incl. divs. of 6% on $100 par value stock for 6 mos. ended June 30 1923
and 2 per share for 6 mos. ended Dec. 31 1923 on no par value stock.
OFFICERS.— Chairman, W . J. Webster; Pres., Leland Lyon; V.-Ps.,
J. P. Van Lear, W . A. Layfield and Leonard Richards, Jr.; Sec.-Treas.,
Isaac Fogg. General office, Wilmington, Del.— (V. 125, p. 652.)
ATLAS TA CK CORP.— Organ in N. Y. on Jan. 30 1920 and is engaged
n the business ef manufacturing, buying, selling and generally dealing in
ill kinds and varieties of tacks, brads, rivets, eyelets and other wares
manufactured from metals or alloys. Main factory at Fairhaven. Mass.;
branch at St. Louis, M o. In Oct. 1926 acquired the assets of the St. Louis
Trunk Hardware Mfg. Co. V. 123. p 2143.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 100,000 shs (no par) See text
95,000 shs ___________ _
STOCK.— Auth., 100,000 shares; outstanding, 95,000 shares; n«
par value.
DIVS.— Quarterly divs. of 75 cents per share were paid in M ay, Aug., and
Nov 1920: none since.
R E PO RT.— For 1926 In V. 124, p. 1671, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net sales______________ $2,003,151 $2,252,290 $2,145,218 $2,235,240
Operating costs, &c____ 1,996,819
2,117,603
2,252,974
2,234 685
Net profit after chges.

$6,333
$134,087 def$107,756
$555
Quar. End. Quar. End. Quar. End. 9 Mos. End.
Period—
Sept. 30 '27. June30 '27. Mar. 31 '27. Sept. 30 '27'
Net sales______________
$580,423
$556,046
$528,118 $1,664,587
Cost of sales, &c_______
587,370
564,478
537,400
1,689,247
Net loss after deprec. .

$6,947

$8,432

$9,282

$24,660

Nov., 1927.]

OFFICERS.— Chairman, W m. F. Donovan; Pres., W m. E. Maxson:
V.-Pres., C. R. Mosser; Treas., C. F. Holbrook; Sec., Ralph Hornblower.
Office 170 Broadway, New York.— (V. 125, p. 2532.)
AUSTIN, NICHOLS & CO., INC.— ORGANIZATION.— Incorp. In
Virginia, Aug. 23 1919. succeeding company of same name, incorp. in New
York, in 1912. Business established about 1855. In Aug. 1919 acquired
(n) the entire capital stock of the Fame Canning Co., owning eight vegetable
canning plants in the Middle West, (6) 100 % of the Capital stock of the W ilson
Fisheries Co. (minority holdings acquired in Non. 1920), owning plants
for the canning of salmon in Washington and Alaska; and (c) the Whiteland, Ind., vegetable canning and condiment plant of Wilson & Co.,
along with the privilege of using certain of the latter’s grocery product
brands. In Dec. 1919 purchased the William M. Hoyt Co. of Chicago
wholesale grocers. In June 1923 acquired from Acker, Merrall & Condit
Co. that firm’s wholesale grocery business. Warehouse and factory in
Brooklyn, N . Y .
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
150,000 shs _____________
Stocks— Com 150,000 shs (no par) ______
Pref cum call 115 s f $13,850,000 ($100)_________________ 7 Q-F
$4,240,000 _____________
STOCK.— Cumulative sinking fund for the redemption of the Pref. stock
At not exceeding 115 and div. will receive from profits, commencing in
1921, a sum equal to 3% of the Pref. stock issued. No mortgage without
2-3 of the Pref. stock. Regular quarterly dividends of 1H % paid on the
Pref. stock of the N. Y . Corporation, from Feb. 1 1912 to Aug. 1 1919; on
the oref stodc of t,he new company paid 1 94 % quar. Nov. 1 1919 to Feb. 1
1927. None since.
The common stock is held in a voting trust expiring Aug. 1 1929. V , 119
p. 459.
R E PO RT.— In V. 125, p. 249, showed:
15 Mbs. End.
—■ Years Ended Jan. 31------- —
Period—
Apr. 30’27.
1926.
1925.
1924.
Gross profit from sales,. $2,859,232 $4,456,859 $5,382,102 $5,312,458
Income from oth. sources
120,423
136,554
102,895
156,398
Total income__________$2,979,645
$4,593,413
Selling &general expenses
3,291,364 3,743,264
Interest_______________
414,040
324,662
Depreciation___________
397,836
160,347
Loss on branches liq.
during year__________
421,097
______
Prov. of conting_______
200,000
______
Less— Provision for Fed.
taxes________________
______
5,000
Dividends on pref. stk.
306,565
315,490
Surplusfor theyear_def$2,051,257
$44,650
Disc, on pref. stock_____ Cr71,266
______
Surplus previous_______ 1,697,211
1,828.534
A dj. appl. to prior yearsD r.l,385,428 Dr. 175,973

$5,404,998 $5,468,856
3,884,147 3,938,053
312,792
349,540
140,128
126,378
______
______

______
______

115,000
318,129

125,000
326,018

$634,801

$603,867

1,193,733

589*866

Surplus end of y e a r.. _d f$l,668,208 $1,697,211 $1,828,534 $1,193,733
Pres______________ Main office, Kent Ave. and North 3d St., Brooklyn,
N . Y — (V. 125, p. 249.)
AUTO KNITTER HOSIERY CO.. INC. (TH E ).— Incorp. Aug. 2s
1921 in N. Y . Business consists of the manufacture and sale, for domestic
use, of hand operated knitting machines and the sale of yarn to the users
of these machines and the purchase from said users of such quantities ot
the finished hosiery produced by them as they may not need for persona)
or other use, and may choose to sell to the company, and the resale of such
finished hosiery. The machines are sold under the registered trade-mark
“ Auto-Knitter,” and the hosiery sold under the registered trade-mark
“ Old Tyme' Wool Rocks. Plants are located in Buffalo, N. Y.
A detailed schedule o f liabilities and assets of the company, thrown into
involuntary bankruptcy on the petition of several creditors, was filed in
Federal Court at Buffalo Jan. 19 1927 by the defunct corporation through
Vice-Pres. F. C. Sylcox. Total liabilities were listed at $349,901 and assets
in hand and accounts receivable at $288,854. The corporation and several
officers were indicted by the Federal grand jury at Rochester on June 9 1925
for alleged fraudulent use o f the mails in violation o f Section 215 of the U. S.
criminal code. Those mentioned in the true bill were Oscar F. O. Kunau,
Mrs. Kunau, Burton Bigelow and the corporation as an entity. Although
bonds were posted and pleas of not guilty entered, no action was taken to
prosecute and the indictments later were nolle prossed. V. 124, p. 926.
STOCKS AND BONDS—
Bate of Int. Outstanding. Bds. when Due.
Stocks— Com 150,000 shs (no par) See text
100,000 shs See text
STOCK.— Stock stricken from N . Y . Stock Exchange list on Feb. 23
1927 (V. 124, p. 1223).
D IV ID E N D S.— On new no par value stock paid initial div. of 75 centf
a share on June 15 1923; on Oct. 15 1923 paid $1 a share; none since.
R EPO RT.— For 1925 showed:
Calendar Years—
1925.
1924.
1923.
1922.
Loss from operations.
$192,014
$191,903
$140,710prof$747,315
Sundry earnings_______
13,327
16,966
10,030
25,328
Loss....... ................ ..
$178,687
$174,937
$130,680prof$772,643
Previous surplus_______ ______ 46.864
221.801
527,481
281.471
Total surplus________ def$131,823
$46,864
$396,801 $1,054,114
Federal taxes__________
______
184,234
Loss by School o f M od­
ern Dress___________
______
212,700
Good-will written o ff_
_
______
29,499
100.200
Dividends_____________ _____ ______
175.000
Profit & loss, surplus.def$131,823
$46,864
$221,801
$527,481
1924.
6 Mos. End. June 30— 1926.
1923.
1925.
Net income after charges loss$66.699
$16,190 loss$35,480
$109,527
OFFICERS.— Pros., _________________ ; 1st V .-P ., Burton Bigelow;
2d V .-P ., Henry Schneider; Sec. & Treas., T. M . Funk. Office, 630
Genesee St., Buffalo, N. Y .— (V. 124, p. 1223.)
AUTOSALES CORP.— ORGANIZATION.— Incorp. in N . Y „ N ov. 12
1917, successor to Autosales Gum & Chocolate C o., as per plan (V. 104
p. 2345; V. 105, p. 1900). Manufactures automatic vending and weighing
machines, chewing-gum and chicle products, chocolate, &c. Plants at
New York and Chicago
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 80,592 shs (no par). ____
text
_____________
Pref non-cum participating___
Q-M
text
_____________
Bonds— 20-yr Weighing & Sales j 5 J-D
$69,707 June 1 1931
Co s f ($100 &c)________ Em (Int. at Empire Trust C o., N . Y ., trustee
STOCK.— The Pref. stock shares equally with the Common stock aftex
6% has been paid in any yearon that stock. No mortgage without consenl
of 2-3 of outstanding Pref. stock
The stockholders in N o v . 1926 voted to decrease the authorized preferred
Stock from 60,000 shares to 35,995 shares, par $50, and the com m on stock
from 90,000 shares, par $50, to 80,592 shares o f no par value. One share
o f new com m on stock will be issued in exchange for each share o f com m on
Stock o f $50 par value.
D IVIDEN DS.— On Pref. stock. Initial div. of 1% paid May 15 1918
July and Sept. 30 1918. 1% each; Dec. 30 1918, 2% : March 31 and June 30
1919, 1% each; Sept. 30 and Dec. 31 1919, 144% regular and 44% extra
March 31 1920, 144%; Dec. 31 1920, 444%, payable in pref. stock. Od
D ec. 31 1921 paid 4% in pref. stock. On Dec. 29 1925 paid 5% in cash,
and on Dec. 24 1926 paid 6% In cash.
REPO RT.— For 1926, in V. 124, p. 1671 . showed:
Calendar Years—
1926.
1925.
1924.
1923.
Earns, aft. cost of goods. $1,153,149 $1,192,752 $1,211,874 $1,260,452
78.248
112,351
125,032
145,701
Net earnings__________
Total income.............
133,689
146,104
158,656
208,109
Federal taxes__________
14,103
29,645
6,600
1,000
Other charges_________
11.250
18,939
89,974
198,237
Preferred dividends____
107,169
93,772
______
_
_
Balance, surplus_____
$1,167
$3,748
$62,082
$8,872
Previous surplus_______ 1,198.815 adj.302,964 adj.243,944 adj.235,270
Miscell. adjust_________Dr.356,360
______
______
______
Net capital surplus_____ 1,198,815
______
______
______
Profit and loss, surplus.. $1,152,845
$306,712
$306,026
$244,142




157

INDUSTRIAL STOCKS AND BONDS

OFFICERS.— Oscar L. Gubelman, Chairman; John Brandt, Pres.; F. E,
Lang, Sec. New York office, 13th St. & Van Alst Ave., Long Island City,
N. Y .— (V. 124, p. 3356.)
BALDWIN LOCOMOTIVE W ORKS (TH E).— OR G A N IZA TIO N .—
Incorporated in Pennsylvania June 7 1911 as a consolidation. Works in
Philadelphia; foundries, shops, &c., at Eddystone, Pa. Capacity 2,650
locomotives yearly. V. 88, p. 1623. See application to list, V. 92, p.
1105,and offering. V. 92, p. 1703; V. 108, p. 875; V 109, p. 75; V. I l l , p. 75.
It was announced in June 1926 that the company had acquired a majority
interest in the stock of the Midvale Co. V. 122 n 3213.
For suggested plans of reorganization see V. 125, p. 284.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. wher: Due•
Stocks— Com $20,000,000 ($100). ____
$ 20 ,000,000 _____________
Pref cum red 125 $20,000,000
($100)_______________________ 7 J-J
$20,000,000
Bonds-30-yr 1st M $15,000,000
5 g M -N
a$6,723,900 M ay 1 1940
gold red (text) ($1,000 &c) Int. at Phila. & at Brown Bros., N . Y .
PeP.kve*&r*
Standard Steel Works 1st M g f 5 g J-J
$1,400,000 Jan. 1 1928
s f ($1,000)------PeP.kc*&r* (Int. at Penn. Co. for Ins., &c., Phila.
a After deducting $3,276,100 in sinking fund.
STOCK.— Pref. stock cannot be increased without consent of majority of
pref. shares outstanding. V. 92, p. 1703; V. 93, p. 47.
D IV ID E N D S.— On pref., 1912 to Jan. 1927, 7% (3H % s.-a.). On
com., in 1912 to July 1915, 2% (J. & J.); none thereafter until Jan. 1 1920.
when 3 M % was paid, then to Jan. 1928 3 A % semi-annually.
BONDS.— Of the 1st 5s of 1910 ($15,000,000), $5,000,000 are reserved
for 75% of cost of extensions and improvements. Redeemable as a whole
at 115 and by lot at 107 A for an annual sinking fund of 2 % of the maximum
bonds theretofore issued. V. 91, p. 40; V. 90 p. 1104, 1046; V. 92, p. 1703)’
sinking fund installments, aggregating $3,276,100, were paid to Dec 13
1926. Standard Steel Works Co. has auth. $5,000,000 1st M . sinking fund 5s,
of which $5,000,000 have been issued, $3,500,000 having been retired by the
sinking fund. Sinking fund, $200,000 yearly. V. 86, p. 232; V. 89.
p. 1416; V. 92, p. 1245. 1703.
R EPO RT.— For 1926 in V. 124, p . 1214.i!showed:
1926.
1925.
1924.
1923.
Gross sales------------------- $47,891,669 $27,876,064 $26,080,352$102,762,075
Manufacturing p r o f it ... 3,811,2531oss$2359625 loss$356,820 $10,184,755
Other income__________
3,857.661 3,373,262
3,256,255
2,912,844
Deduct taxes, int., & c -. 1,176,492
817,073
979,408
1,166,077
Profit------------------------- $6,492,422
Special Deductions—
1926.
______
Res. for depr. & a d ju st..
Res. for taxes & remov’ls
455,000
Deferred profits_______
153,515

$196,564
1925.
______
______
______

N etprofit------------------- $5,883,907
Div. on pref. stock (7% ) y l ,400,000
Div. on com. stk. (7 % ). yl,400,000

$196,564
y l ,400.000
yl,400,000

$1,920,027 $11,931,521
1924.
1923.
$600,000
$600,000
4,400,000
_____
415,058
$1,320,027
y l ,400,000
y l ,400,000

$6,516,464
x2,800,000
x2,800,000

Surplus after divs . . $3,083,907def$2,603,436def$l,479,973 $916,464
x Includes $1,400,000 special dividend reserve for year 1924, in addition
to regular dividend, y Being dividend for the following year transferred
from dividend reserve.
OFFICERS.— Chairman, Thomas S. Gates; Pres., Samuel M . Vauclain.
Senior V.-Pres., John P. Sykes; V.-P. & Treas., William de Krafft; Sec.,
Arthur L. Church; Compt., A. B. Ehst.
DIRECTO RS.— William L. Austin, John M . Hansen, Samuel M . Vanclain, S. F Pryor Thomas S. Gates, Arthur W. Sewall B. Dawson Cole­
man, Joseph N. Ewing, Francis M . Weld; Alva C. Dinkey; William E.
Corey, Sydney E. Hutchinson, Fred. F. Fisher. C .R . Bitting and A . W .
Cutten. Office, 500 N. Broad St., Phila.— (V. 125, p. 2813.)
BAMBERGER (L.) & CO.— O RGAN IZATION .— Founded in 1893
as a co-partnership and incorp. under the laws of New Jersey on Dec. 6 1917.
Subsidiary companies are: L. Bamberger & Co. Publishing Co. and
Chester Realty Co.
NATURE OF BUSINESS.— The company conducts a large department
store in the city of Newark, N. J. Through its subsidiary, Chester Realty
Co., owns an eight-story building located at Market, Washington and
Halsey Streets, together with other properties at Newark, N . J.
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 500,000 shs (no par) ____
500,000 shs _____________
Pref cum $12,500,000 ($100).. 6 A Q-M
$10,000,000 ___________
STOCK.— The f>A% pref. stock may be red. in whole or in part at
any time, upon 60 days notice at $110 per sh. plus acc. divs. On or before
the 1st day of March 1930 and each year thereafter the company will retire
by sinking fund at least 3% of the largest amount in par value of pref.
stock which shall ever have been issued and outstanding. Pref. stock has
no vote unless the company shall be in arrears in the payment of 6 quar.
divs., in which case the pref. stockholders shall have the power to elect a
majority of the directors.
This stock was sold in Feb. 1927 at $104 & div. by Lehman Bros. V.
124, p. 1070.
D IV ID E N D S.—-On common stock, Dec. 30 1922 paid 13394% in stock.
Dec. 31 1924, 37.77% in stock. No cash divs. to date. On pref. initial
div. of 1 % paid Mar. 1 1927. Same amount paid quar. to Dec. 1 1927.
RE PO RT.— For years ending Jan. 31 1927 in V. 124, p. 1827, showed:
1927.
1926.
1925.
Net sales-----------------------------------------$32,508,089 $29,952,280 $28,003,302
Cost of sales----------------------------------- 19,987,412 18,587,906 17,301,767
Gross profit on sales_____________ $12,520,677 $11,364,374 $10,701,535
Other income______________________
369,307
307,561
315,858
Total income_____________________ $12,889,984 $11,671,936 $11,017,393
Expenses_____________________________ $9,359,363 $8,667,349 $8,171,632
Depreciation on fixtures_____________
195,388
179,064
157,613
Depreciation on real estate__________
125,396
108,805
109,883
Federal income taxes---------------------425,000
322,260
291,006
Net profit after Fed. income taxes. $2,784,837 $2,394,458 $2,287,259
OFFICERS.— Pres., Louis Bamberger; V.-P. & Treas., Felix Fuld;
Sec., E. S. Bamberger; F. I. Liveright and Hector Suyker, Asst. Secs.;
4th V .-P ., F. L. Loeb. Office, 131 Market St., Newark, N . J.— (V.
125, p. 652.)
BARNET LEATHER CO., INC.— ORGANIZATION.— Incorp. in Dela­
ware Aug. 2 1919, succeeding Barnet Leather Co. Manufactures high-grade
calf leathers Tannery and plant at Little Falls. N. Y.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 40,000 shs (no par). ___
40,000 shs _____________
P refcu m sfca ll 115 ($100)____ 7 Q-J
$1,000,000 _____________
Stock.—The stockholders on Feb. 18 1924 voted to reduce the author­
ized preferred stock from $2,000,000 to $1,500,000, par $100. On Oct. 19
1925 the directors voted to retire 5,000 shares of the preferred stock,
leaving $1,000,000 outstanding. No mortgage without 75% of pref. stock
outstanding. Callable at 115. Sinking fund 3% per annum first three
years and 5% thereafter. Initial quarterly dividend of 194 % paid on pref.
stock Oct. 1 1919; to Oct. 1 1927. 194 % quar. On common, initial quar.
div. o f $1 50 paid Aug. 15 1920; none since
RE PO RT.— For 1926, in V. 124, p. 1671, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Sales (net)_____________
______
______ $4,431,622 $3,330,326
Net income___________
$312,664
223,165
70,594
62,469
Gross income__________
328,566
262,987
111,070
99,758
Interest paid__________
______
______
______
5,629
Fed. & State tax reserve55,497
37,652
28,205
23.190
Preferred dividends____
70,000
96,250
105,000
119,000
Sinking fund provision..
______
______
______
116,170
Balance, su rplus.._
_
$203,068
$129,085 def$22,135 def$164,232
* After deducting charges for maintenance and repairs of plants, depre­
dation and estimated amount of Federal and State taxes. &c.

158

Period End. Sept. 30— 1927—3 M os.—1926.
$35,456
$84,215
Net earnings*-------------Preferred dividends____
17,500
17,500

1927—9 Mos. —1926.
$112,994
$158,785
52,500
35,000

Balance, surplus_____
$17,956
$66,715
$60,494
$123,785
Surplus as of Sept. 30---- 1,085,769
1,008,650
1,085,769 1,008,650
Earns, per sn. on 40,000
shs. (nopar , com. stk.
$0.45
$1.66
$151
$3.09
* After deducting charges of maintenance and repairs of plants, deprecia­
tion and estimated amount of Federal and State taxes, &c.
Note.— The result is subject to adjustment at the end o f the year when
accounts are finally audited and to change incident to income tax rulings.
OFFICERS.— Pres. & Treas., Sylvan M . Barnet; 1st V .-P ., Sigmund
Rothschild; 2d V .-P ., R . L. White; Sec. & Asst. Treas., Frank R. Ireland.
Office. 360 Madison Ave.. New York.— CV. 125, p. 2390.)
BARNSDALL CO R P.— Organ, in Del. N ov. 13 1916 as Pittsburgh
Investment C o.; name changed to present title In Jan. 1919. In May
1919 merged with Union Metal Mines Co. and subsequently purchased the
assets of the United Investment C o ., which was dissolved. The corporation
Is engaged in the production o f petroleum and its products, the mining of
gold, silver, copper and zinc, etc. Also holds stocks and bonds of other
companies. Compare V. 110, p. 1204: V. 112, p. 1040: V. 114, p. 1311
V. 119, p. 1175; V. 120, p. 1350; V. 121, p. 463. In Jan. 1921 acquired
control o f the Bigheart Producing & Refining C o., giving in exchange one
share of Class B stock for five shares o f Bigheart stock. V. I l l , p. 2523;
V. 112, p. 69, 1040. Organized the Barnsdall-Foster Oil Co In Jan. 1921
(V. 112, p. 473), the Barnsdall Oil Co. o f Maine in March 1921 (V. 112,
p. 935), and the International Barnsdall Corp. in October 1921 (V. 113, p.
2618; V . 116, p. 518). Organized the Barnsdall Tripoli Products Corp. in
Feb. 1924 (name subsequently changed to Barnsdall Products Corp., New
York). In Feb. 1925 organized the Petroleum Chemical Corp. V. 120,
p. 832. In Jan. 1926 acquired the entire stock o f the Waite Phillips Co.
V. 122, p. 351.
A summary o f acreage and wells in which the Corporation and its sub­
sidiaries owned interests at Dec. 31 1926, follows:
Oil ----------- Acreage----------Wells. Operated. 1
Jnoperated
Arkansas__________________________________
2,582.50
California_________________________________ .
99
712.76
4,706.19
Colorado__________________________________
160.00
Indiana___________________________________ .
172.00
13
Illinois____________________________________ _ 37
178.00
80.00
Kansas____________________________________. 118
2,392.00
66,648.00
Louisiana_________________________________
216.00
Oklahoma_________________________________ . 1,750 35,292.00
77,099.23
Ohio______________________________________ . 198
3,562.04
4,324.50
Pennsylvania______________________________. 310
4,505.50
1,242.25
Texas_____________________________________ . 166
2,877.75
30,544.00
West Virginia_____________________________ . 322 23,355.06
11,874.24
Total___________________________________ .3,013 73,047.11 199,476.91
STOCKS AND BONDS—
Pate of Int. Outstanding. Bds. when Due’
Stocks— Com class A $71,250,000
($25)______________________ ____
$54,427,625
Class B $28,750,000 ($25)____ ____
See text
Bonds— 15-yr s f gold debs red { 6 g J-D
$24,863,500 Dec. 15 1940
(text) ($500-$l,000)..kxxxc lint, at Blair & Co., New York.
Stock.—By an amended certificate of incorporation filed Aug. 5 1927,
the auth. issue of class A voting stock was increased from 1,000,000 shs.
of the total par value of $25,000,000 to 2,850,000 shares of the total par
value of $71,250,000, and the auth. issue of class B non-voting capital
stock was decreased from $75,000,000 par value to $28,750,000 par value.
As o f Oct. 11 1927, $1,655,750 class B stock was outstanding. Stock­
holders were requested to exchange their class B stock for class A stock,
share for share.
Holders o f class A and class B stock of record Jan. 25 1926 were given the
right to subscribe for class A stock at $30 per share to the extent of one share
for each share held.
DIVS.— Paid as follows: Oct. 15 1919. 1K%\ Jan. 15 1920, 1 % :
%
April 15 1920 to April 30 1921, 2 K % quar.: then none until Jan. 2 1926.
when 2% was paid; quar. to Jan. 1927. Apr. 5 1927 and July 15 1927
paid 2 K % quar. on A & B. N ov. 1 1927 paid 2 K % in stock.
BONDS.— The 8% sinking fund convertible gold bonds were redeemed
on Feb. 15 1926.
The 15-year s. f. 6% gold debentures are redeemable all or part, at any
time, on 60 days’ notice until Dec. 15 1930 as follows: (1) If accompanied
by both stock purchase warrants pertaining thereto, at 107% and int. up
to Dec. 15 1926, the premium decreasing % % for each 12 months or part
thereof elapsed thereafter; (2) if accompanied by only one stock purchase
warrant, at 103% and Int. up to Dec. 15 1926, the premium decreasing % %
for each 12 months or part thereof elapsed thereafter; (3) if not accompanied
by either stock purchase warrant, then at 100 and int. Also red. after
Dec. 15 1930 in whole or in part on 60 days’ notice at 105 and int. up to
Dec. 15 1931, the premium decreasing K % for each 12 months or part
thereof elapsed thereafter, except that any moneys on hand on Dec. 15 1930
arising from the exercise o f stock purchase warrants are to be applied to the
purchase in the market or redemption o f debentures at 100 and int., the
debentures from which both warrants have been exercised being drawn in
priority to others.
Stock Purchase Warrants.— Each debenture will carry one or more detach­
able warrants entitling the holder thereof to purchase at $25 per share at
any time on or before Dec. 15 1930 the number of shares of class A stock
(prior to Aug. 5 1927 the warrants called for the purchase o f class B stock)
o f the corporation specified in such warrant. The total number of shares
covered by such warrants will equal in par value the principal amount of
the debentures.
Sinking Fund.— The cash received from the exercise o f the stock purchase
warrants during the five years ending Dec. 15 1930 is to be applied to the
purchase or redemption of debentures. The indenture will further provide
a semi-annual sinking fund on June 15 and Dec. 15 o f each year, com­
mencing June 15 1931. as follows: On June 15 1931 an amount sufficient
to retire at the then current optional redemption price (then 105 and int.)
l-20th o f the debentures then outstanding on Dec. 15 1931 an amount
sufficient to so retire at the then current optional redemption price l-19th
of the debentures then outstanding, &c., so that the whole Issue will be
retired by maturity. Debentures will be subject to call for the sinking fund
at the current optional redemption price. All debentures acquired by the
sinking fund are to be canceled. Corporation may tender debentures to the
sinking fund in lieu of cash. V. 122, p . 350.
Funded Debt of Subsid. Cos.—
Auth.
Outstanding. Mat'y Date.
Barnsdall Oil Co. of Calif. 1st mteg.
7% gold bonds_________________ $1,000,000 $300,000
Apr. 1 1930
Sterling Oil & Gas Co. 7% serial
Jan. 1 1929
150,000
mtge. bonds____________________
500,000
Gen. Am. Tank Car Assn. 6% , due
Feb. 21930
$3,975 monthly_________________
238,500
111,300
Standard Tank Car Co. 6 % , due
48,937.50 Mar. 1 1930
$1,687.50 monthly______________
101,250
R E PO RT.— For 1926. in V. 124, p. 1350, showed:
1926.
yl925.
yl924.
yl923.
Gross sales and earningS-$30,344,856 $14,792,299 $10,209,274 $9,288,885
Oper. & general exp___ 19,196,582
9,512,020
7,293,340
7,112,465
Net income_________ $11,148,275
Other income__________
112,434
Total income_________$11,260,709
Interest p a id ,.________
1,723,391
Federal taxes__________
304,697
Deprec. & depletion____ 3,225,135

$5,280,279 $2,915,934 $2,176,420
72,408
252,582
42,767
$5,352,687
617,052
113,166
1,528,468

$3,168,516 $2,219,187
746,050
793,889
24,533
64,662
1,142,026 1,176,747

Net income-------------- $6,007,485 $3,094,001 $1,255,908
Previous surplus_______ 10,253,257
8,372,607 7,138,787
Prem. on sale o f cl. A stk
563.700
______
______
Total surplus________ $16,824,442 $11,466,608




[V ol. 125.

INDUSTRIAL STOCKS AND BONDS

$8,394,695

$183,888
7,175,674
______
$7,359,562

1926.
yl925.
yl924.
\T923.
Adjustments___________
______
______
______
Drl7,466
Loss on mining property
written o ff___________
992,288
______
______
______
Stock disc. & prem. on
bonds called_________
169,650
522,531
______
______
Min. int. in sur. of subs .
_
______
197,034
______
______
disposed of in 1925_
Divs. paid minor, stock­
holders subsid. cos_
_
38,285
38,310
22,088
85,306
Dividends_____________
2,275,172
455,476
______
Profit & loss surplus,.$13,349,048x$10,253,257 $8,372,607 $7,256,790
Shares of capital stock
outstanding (par $25).
1,137,661
910,952
694,624
694,384
Earns, per sh.on cap. stk
$5.28
$3.39
$1.83
$0.14
x Of which $184,648 applicable to minority stockholding in sub. cos.
y These earns, do not incl. those of Waite Phillips Co. acquired in 1925.
9 Mos. Ended Sept. 30—
1927.
1926.
Net operating income after int. and Federal taxes. _ $7,184,869 $7,339,583
Additions to reserves for deprec. and depletion.. 3,836,376
2,572,182
Net income___________________________________ $3,348,492
Dividends paid__________________________________ 2,142,328

$4,767,402
1,706,342

Balance to surplus____________________________ $1,206,164
$3,061,060
Shs. of class A & B stock outstanding (par $ 2 5 ).. 1,153,696
1,137,561
Earnings per share on combined stocks__________
$2.92
$4.19
O F F IC E R S — Chairman, M . C. Brush; Pres., E. B. Reeser; V .-P ., R. A.
Broomfield; V.-P. & Treas., E. O. Bartlett; V .-P. & Sec., J. A. Dunn;
Gen. Aud., E. M . Skeehan. Office, 120 Broadway, New York.— (V ,
125, p. 2532.)
BAYUK C IG A R S, INC.— Incorp. under laws of Maryland on M ay 24
1920 and acquired the property and business of Bayuk Bros. C o., Mapacuba
Cigar Co. and Merchants’ Real Estate Co. Operates 25 factories and ware­
houses in the manufacture o f popular-priced cigars.
The stockholders on
July 12 1923 voted to change the name from Bayuk Bros., Inc., to Bayuk
Cigars. Inc.
STOCKS A N D BONDS—
Bate of Int. Outstanding. Bds. when Due_
Stocks— C om 250,000shs (nopar) ____
77,121 shs -------------------1st pref cum & partic $5,000,$4,705,500 ------------------000 ($100)_________________ 7 Q-J 15
2d pref (text) $1,280,450($100) 7&8 Q-J 15 $1,234,000 _____________
STOCK.— The 1st pref. stock is redeemable all or part at 110 ana divsEntitled to cumul. divs. at rate of 7% per ann. and an additional 1% in
each year in which the common stock shall receive more than $4 per share.
Annual sinking fund each year from 1923 to 1926 equal to 3% of 1st pref.
stock issued, and equal to 5% each year after 1926, to be applied to the pur­
chase or retirement of 1st pref. stock at not to exceed 110 and divs.
In N ov. 1927 an additional $2,000,000 of 1st pref. stock was offered,
making the total amount outstanding $4,705,600. The stock was offered
by Blake Bros. Co. of N. Y . and Howe, Guisenberry & C o. of Chicago at
107% and div. to yield 6 % % . V. 125, p. 2532.
The stockholders on July 12 1923 voted approval of amendments to th«
certificate of incorporation which provided fora reduction in the dividend'
ate on the 2d pref. stock from 8% per annum to 7% per annum.
Tne acceptance of the reduction is optional with holders of this stock,
but the amendment providing for the reduction further stipulates that in
consideration of the acceptance o f tne reduction, nolders shall have the
privilege of converting their shares at the redemption price ($110) into
common stock at $62 a share for common. On Dec. 31 1925 all except
$5,000 had been exchanged.
RE PO RT.— For 1926, in V. 124, p. 1070, showed:
1926.
1925.
1924.
1923.
Gross earnings_________ $2,564,442 $2,122,188 $2,225,991 $2,227,995Other income__________
60,632
58,323
111,805
45,193
Total income_________ $2,625,074
Expenses, interest, & c._
1,517,563
153,861
Federal taxes__________
First preferred dividends
134,267
Second pref. dividends..
86,750

$2,180,511
1,453,236
93,224
129,717
86,963

$2,337,796 $2,273,188
1,346,123
1,233,936
129,388
136,920
136,064
96,418
87,190
98,868

Surplus..................
$732,633
$417,371
$639,030
$708,046
Earns, per sh. on c o m ..
$9.50
$6.41
$8.29
$9.18PeriodEnd. Sept. 3 0 — 1927—3 M os.—1926.
1927—9 M os.—1926.
$379,097 $267,205 $1,035,031
$706,185
♦Net earn.ngs_________
Other ncome__________
6,752
23,760
64,161
59,102
48,445
33,825
132,835
98,855
Depreciation___________
Preferred dividends___
68,189
53,555
208,108
160,666
Surplus______________
$269,215
$203,585
$758,249
$505,766
OFFICERS.— Pres., Samuel Bayuk; V.-P. ,L. A. Kramer; V.-P.&
Sec., H. L. Hirst; Acting Treas., A. N . Hirst. Office, 9th & Columbia Ave.,
Philadelphia.— (V. 125, p. 2390.)
BEACON OIL C O .—O R G A N IZA T IO N .—Incorp. under the laws of
Massachusetts on M ay 20 1919. Perpetual charter.
NATURE OF BUSINESS.— The company is a well integrated unit in
the transporting, refining and marketing of petroleum products. Owns a
modern refinery at Everett, Mass., having a daily capacity of 16,000 bbls.
of crude oil from which the company produces gasoline by furnace oil, gas
oil, fuel oil and asphalt. Company obtains its crude oil purchasing “ spot”
crude. In addition the company owns four modern steel tank steamers o f
approximately 10,000 dead weight tons each. Also owns a self-propelled
Diesel barge of 15,000 bbls. capacity; two non-self-propelled steel barges
each of 7,000 bbls. capacity, two other storage barges and a self-propelled
service boat. The company distributes through its own stations approxi­
mately 80% of its products.
STOCKS AND BONDS-—
Rale of Int. Outstanding. Bds. when Due.
Stocks-Com. 1,000,000shs(no par) ____
704,000 shs ------------------Pref cum $3,000,000 ($ 1 0 0 )... 7% Q-F
$2,412,600 _____________
Bonds-—10-yr gold debs s f $3,- / 6 g M -N
$3,000,000 N ov. 1 1936
000,000 ($1,000)_ Nbc.&o* \Int. at Nat. Bank of Commerce,N.Y.,trus.
_
STOCK.'—The pref. stock is red. as a whole or in part on any div. date
at $110 per share and accrued divs. Yearly sinldng fund to retire pref.
stock. No voting power unless four quar. divs. are in arrears.
D IV ID E N D S .—On common—1920, 5% ; 1921, 32% ; 1922, 24% ($6 pershare ; 1923 and 1924, none; 1925, 100% in stock; 1926, none. On pref.,
in full to date.
FUNDED DE B T.— The 10-yr. 6% s. f. gold debentures are red. as a
whole at any time on or after N ov. 1 1928 upon 60 days prior notice at 105
and accrued int. to and incl. M ay 1 1929. with successive reductions in the
red. price of % of 1% on M ay 2 1929, and on each M ay 2 thereafter until
maturity. Sinking fund of $93,760 s.-a. commencing Nov. 1 1928, will
retire about 50% of the debentures by maturity.
Right to Purchase Common Stock.— Attached to each $1,000 deb. is a de­
tachable warrant entitling the holder to purchase com. stock of the com­
pany as follows: Prior to July 1 1928, 25 shs. at $20 per share; thereafter
prior to Nov. 1 1930, 22% shs., at $23 per share, and prior to N ov. 1 1931,
22% shs. at $25 per share.
R E PO R T .— For 1926, in V. 124, p. 2912, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Sales (n e t )..__________ $18,919,407 $20,953,396 $14,325,673 $12,995,510
Oper. exp., incl. cost of
sales, sell’g & adm.exp. 16,760,760 19,845,845 13,072,757 11,490,848
Operating profit_____ $2,158,648
Other income__________
147,581

$1,107,551
204,916

$1,252,916
200,525

$1,504,662
101,017

Total income_________ $2,306,229
Interest, discount, &c__
231,740
Other charges__________
79,223
Depreciation___________
703,146
Federal taxes__________
8l,000

$1,312,467
415,091
113,586
905,414

$1,453,441
307,190
116,195
808,475

$1,605,679
168,119
39,328
681,474
86,578

N etprofit___________ $1,211,118 def$121,624
Preferred dividends paid
180,957
182,604

$221,581
194,857

$630,181
181,433

Available for common. $1,030,161 def$304,229
No. of com. shs. outst’g .
704,000
191,870
Eamings per share_____
$1.46
______

$26,725
159,327
$0.16

$448,748159,227
$2.81

Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

159

As a result of these purchases the stockholders of the Midvale company
Period End. Sept. 30— 1927 —3 Mos. —1926.
1927 —9 Mos. —1926.
Gross income____________$1,875,763 x$l,805,402 $5,116,358 $3,935,164 received for each two shares of $50 par value of the Midvale Co. stock, $95
Operating expenses_____ 1,383,682
1,152,567
3,827,792 x2,925,734 par value of the Bethlehem com. stock, together with a pro rata share,
of the stock of the new corporation (The Midvale C o.), to which the Nice­
Interest________________
63,119
______
192,948
______
town plant and the assets appurtenant thereto were transferred (one
Depreciation___________
236,653
663,280
____
Preferred dividends____
45,236
45,243
135,709
135,719 tenth share of Midvale Co. stock, no par, for each share of Midvale Steel &
Ordnance C o.). The minority stockholders of the Cambria Steel Co. were
Sur.(before Fed.taxes
$147,073
$607,592
$296,629
$873,711 offered $181 a share for their holdings. V. 116, p. 1416, 1898, 2260. In
x Includes interest and depreciation.
Feb. 1924 the minority stockholders of the Cambria Steel Co. filed suit to
O F F IC E R S.—Chairman, C. M . Leonard; Pres., R. B. Kahle; V.-P. & cancel the merger, but the suit was dismissed in M ay 1924. Y. 118, p. 668,
Treas., W. F. Dunning; V.-P. & Asst. Sec., J. L. Walsh: V.-Ps., E. N. 2441.
Wrightington and Geo. E. Hite Jr.; Sec., II. W . Boutilier. Office, 30
The Federal Trade Commission in Jan. 1923 filed a complaint against the
merger. V. 116, p. 518. The company filed an answer to the complaint in
Beacham St., Everett, M ass.—(V. 125, p. 2673.
March 1923. V. 116, p. 1279.
BEECH-NUT PACKING CO— Incorp. Dec. 2 1 9 In New York a
9 89
s
The steel ingot capacity of the corporation on Dec. 31 1926 was 7,600.000
successor to Imperial Packing Co. Manufactures food products. Including gross tons per annum and the pig iron capacity 6,610,000 tons per annum.
hams, bacon, peanut butter, chewing gum, preserves, marmalade. Jellies
The U. S. Government, on April 17 1925, filed a suit and complaint
beans, sauces, confections, coffee, biscuit, dainties, &c. Location of against the company in the U. S. District Court at Philadelphia, claiming
lants are: Two at Canajoharie, N. Y .; one at Rochester, N . Y .; one at over $11,000,000 alleged overpayments on wartime ship contracts. In the
an Jose, Calif., and one at Hamilton, Ont., Canada.
U. S. District Court at New York Bethlehem Shipbuilding Corp., Ltd., a
STOCK.— Class B pref. stock is redeemable as a whole or In part after subsidiary, on April 17 1925 filed a complaint in a suit instituted against
Jan. 1 1925 at 115 ana accrued divs. The par value o f the com. stock was the U. S. Shipping Board Emergency Fleet Corp. in May 1924, claiming
$9,744,899 which it alleges is still owing it on the contracts in question
reduced from $100 to $20 In M ay 1922.
The stockholders on N ov. 9 1927 authorized an increase in the auth. V. 120, p. 2151, 2224, 2554: V. 121, p. 589.
and outstanding com. stock from $7,500,000 to $8,500,000, par $20. V.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
125, p. 2673.
Stocks— Com $270,000,000 ($100) ____
$180,000,000 _____________
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Pref cum $100,000,000 ($100). 7 Q-J
$97,000,000 ------------------___
$8,500,000 ------------------Stocks— Com $8,500,000 ($20)
Cambria Iron Co guar ($50)-- 4 A-O
$8,465,625 _____________
Pref class B red (text) ($100)-- 7 Q-J
$1,119,500 ------------------Bonds— 30-yr cons M $500,- f 6 g F-A
z$50,166,000 Aug. 1 1948
D IV ID E N D S.— On com. (since 1910;: 1910, 24% ; 1911, 23% ; 1912.
000,000 g ser A $90,307,000 (Int. at Guaranty Trust C o., New York,
24% ; 1913, 24% . and 500% In stock, 1914, 42% ; 1915. 52%; 1916, 60% ,
call 105 s f from 1920 ($500, [ trustee.
1917, 61%; 1918, 17)4%: 1919, 12%; 1920, 11%; 1921, 10%; 1922, equiva­
& c ) _______________G.c*&r* (
lent to 96 cents per share on $5,000,000 common stock of $20 par value
Cons M ser B (text) ($500, ) 5V2 g F-A a$23,633,500 Feb. 1 1953
and 400% In stock; 1923, 12% regular (3% quar.) and extras o f 3% In
&c)________________________ (Int. at Guar. T r. C o., N . Y ., trustee.
cash and 50% in common stock (payable Dec 10); 1924, 12% regular and
Ser gold (Spar Pt Dry Dock) f 6 g
$1,227,524 D ec.31 ’28-’32
3% extra; 1925, 12% reg. and 3% extra; 1926, 12% reg. and 3% extra.
$1,250,000 due 20% yearly (Int. at__________________________________
Paid or decl. in 1928: Jan. 10, 3% extra.
dated 1918_________________ (
R E PO R T .— For 1926, in V. 124, p. 1364, showed:
Sec gold notes dated 1926 f 5 g J-D
$10,000,000 June 15 ’29-’32
** Calendar Years—
1926.
1925.
1924.
1923.
(text) due $2,500,000 ann (In t. at Guaranty Trust C o., New York
Net profits less (est.)
beginning 1929 ($ l,000)G .c* ( trustee.
Federal taxes________ $2,012,222 $2,099,243 $2,187,600 $2,013,696
Cash dividends________ 1,206,722
1,205,676
1,219,719
910,142
Securities of Controlled Co’s,
96-yr Beth Steel pur money M f 6 g Q-F
$7,500,000 Aug. 1 1998
Balance, surplus_____
$805,500
$893,567
$967,881 $1,103,554
for Beth Iron gold ($1,000) (Int. at Girard Trust Co., Philadelphia.
Previous surplus_______ 3,264,301
2,376,388
1,412,200 1,811,691
GP.xc*&r* (
Adjustments (net)_____
0 7 ,9 4 0
0 2 ,2 0 2
Dr3,694
Dr3,045
Steel 1st lien &
f 5g
£$12,759,500 M ay 1 1942
______
______
______
2,500,000 Beth gold guar red 105ref M 30- (Int. M -N
Stock dividends________
yr
s f ($500,
at Equitable Trust Co., New York,
Prem. onpref. stk. p u r.______
7,856
______
______
& c ) ------------------- Eq.xc*&r* [ trustee.
Beth Steel 20-yr pur money & f 5 g J-J
«'S22,177,000 July 1 1936
imp M $60,000,000 call 105 (In t. at Bankers Trust Co.,. New York*
s f ($1,000, &c) -_Ba.kc*&r* ( trustee.
Cornwall Ore Banks purchase f 5 X M -N
A
$1,657,000 M ay 1 1941
money mortgage___________ (Int. at__________________________________
Coleman Estate 20-yr pur M ( 5H J-J
$238,000 July 1 1939
M call par ($1,000) text (Called for red. Jan. 1 1928.
PeP.kc* I
Total surplus________ $5,812,704 $5,163,396 $4,458,405 $3,302,632
Freeman Estate 20-yr pur M ( 514 J-J
$357,000 July 1 1939
Dividend (cash)_______
727,500
727,500
729,621
734,010
M calltext($l,000)PePkc* (Int. at Penna. Co. Ins. on Lives, Phila.
Cornwall 20-yr pur mon M / 5)4 J-J
$1,198,000 July 1 1939
Profit & loss, surplus. $5,085,204 $4,435,896 $3,728,784 $2,568,623
call text ($1,000)-P eP .kc* (Int. at Penna. Co. Ins. on Lives, Phila.
OFFICERS.— Pres., Bartlett Arkell; V .-P ., F. E. Barbour; V.-P. &
Treas., J. S. Ellithorp; V.-P. & Sec., W . C. Arkell; Asst. Sec., G. W. Fore River 1st M g gu due $40,- J 5 J-J
$262,000 July 1 1933
Sharpe; Asst. Treas., E. W . Shineman. Main office, Canajoharie, N . Y .—
000ylyredl03($l,999)OB.xc* (Int. at Old Colony Trust Co., Boston.
(V. 125, p. 2813.)
Beth Shipbldg 15-yr pur mon M ( 5)4 g A-O
$1,456,000 Oct. 1 1936
sinking fund gold__________ lin t, at__________________________________
BETHLEHEM STEEL CORPORATION—ORGANIZATION.—In­
Shipbldg 15-yr pur mon j
$705,000 Jan. 1 1940
corporated In N. J. on Dec. 1 1 0 a successor, per plan V. 7 , p. 5 7 of Beth sinking fund gold______(Int.6 g J-J
0 94 s
8
8 ,
M
at__________________________________
the U. S. Shipbuilding Co., and ow the entire stock of Bethlehem S
ns
teel
Funded Debt of Lackawanna
Co., Cornwall iron ore properties and num
erous subsidiaries, notably
Steel Co. Assumed under Merger,
Bethlehem
-Cuba Iron Mines Co. and B
ethlehem Chile Iron M
ines
5 g M-S
$6,848,000 Mar. 1 1950
Co. Steel plants are located at Bethlehem Pa.; Johnstown, Pa.; Coates- 1st cons 40-yr M $35,000,000 g
,
red 105 conv($100,&c)Ce.xc* (Int. at Central Union Tr. C o., N . Y .
ville, Pa.; Lackawanna, N. Y.; Lebanon, Pa.; Sparrow Point, Md.,
and Steelton, Pa. Other subsidiary com nies a a follows: Beth­
pa
re s
Funded Debt of Midvale Steel &
leh
em Iron & S
teel Corp. and subsidiaries, Bethlehem M
ines Corp.
Ord. Co. Assumed under Merger,
and..subsidiaries, Bethlehem S
teel Co. (Delaware), Union Iron W
orks Coll tr 20-yr conv s f call 105
5 g M-S
$37,940,500 Mar. 1 1936
Oo., Union Iron W
orks Dry Dock Co., Fore River Shipbuilding Corp.,
($500, & c ) ________ G.c*&r* (Int. at New York.
B
ethlehem Shipbuilding Corp., Ltd., Redington Standard Fittings Co., Union Coal & Coke 30-yr s f ( 5 g M -N
$2,531,000 N ov. 1 1946
Bethlehem Steel Products Co. and subsidiaries. Cam
bria Iron Co. and
call 105________________ UP lint, a t -______ __________________________
subsidiaries, B
etnelhem 8
teel Export Corp.. South Buffalo Ry. Co.,
$2,733,000 M ay 1 1947
Philadelphia, B
ethlehem & New England RR. Co.; 8teelton & Hlghsplre Pitts-Westmore Coal $6,000,- f 5 g M -N
000 40-yr 1st M ________ SP (Int. at__________________________________
RR. Co.. Patapsco & Back Rivers RR. Oo., Fore River RR. Corp., Corn­
wall RR. Co., Service Stores Corp., B
ethlehem Transportation Corp.,
Manufacturers Water Co 30-yr J 5 J-D
$1,905,000 June 1 1939
B
ethlehem Land & Im
provem
ent Corp., B
ethlehem Securities Co.,
$4,000,000 1st M s f ___ GP (Int. at_____________ _____ ________ _____ _
Bethlehem S
teel Co., Bethlehem S
teel Co. of Brazil, Bethlehem S
teel
Beaver SS Co 12-yr 1st M due (
5g J-D
$56,000
Dec. 1928
Realty Corp., Beth-Mary S
teel Corp., Brotherton Iron Mining Co.,
$28,000 ann call 102--G P.C (Int. at__________________________________
Buena Vista Iron Co., Buffington W
ater Co.. Cam
bria Inclined Plane
Co., Citizens' Realty Co. of Bethlehem Com
,
pania de M
ines de Fierro Johnston SS Co 11-yr $1,300,- f 5 g
$130,000
Dec. 1927
"Las Truchas,” S. A ., Conem
augh & Black Lick RR. Co., Dundalk Co.,
000 due $130,000 ann_ GP (Int. at__________________________________
_
Dundalk S era Co., East W
ew ge
heatfield W
ater Co., Franklin Iron Co.,
Bonds of Penn-Mary Steel
Juniata Lim
estone Co., Ltd., Juragua Iron Co., Lebanon Consolidated P r n n p r ti p<t d u n r n 'n tp p fl
W
ater Co., Lebanon County Light, Heat & Fuel Co. .Manufacturers
C olftr loan (Cornwall) 30-yr s f J 5 g A-O
$3,995,000 Oct. 1 1932
W
ater Co., Midvale Steel Co., Northam
pton County W
ater Co., Ore
red 105($l,000)V74,pl312.xx (Int. at Girard Trust C o., Philadelphia.
Steam
ship Corp., P
enn Iron Mining Co., P
enn Iron Mining Co. of W
iscon­
$5,365,000 Jan. 1 1937
sin, P
enn Store Co., Pine Township W
ater Co.. P
ossum Glory W
ater Co., Penn-Mary Steel 20-yr M ( 5 g J-J
guar $13,000,000 call 105 (Int. at Bankers Trust C o., New York.
Sunday Lake Iron Co., Dundalk W
ater Co., Ellsworth Collieries Co.
($ 1 ,0 0 0 )___________ GP.xc* [
In Oct. 1 1 purchased from Elkins Coal& Coke Co. coal land In W
99
est
Bonds of Coal and Coke Com­
Virginia. During 1 2 purchased bitum
90
inous coal lands from Jam
ison
panies, also Dry Docks,
Coal & Coke Co. V. 1 2 p. 1 7 .
1 ,
24
In 1 1 consum a
96
m ted purchase (V. 1 3 p. 2 1 2 3 of all the a ts ofEastern Coke Co 1st M 14-yr f 5 g F-A
0,
4 , 4)
sse
$2,198,000 Feb. 1 1931
the Pennsylvania S
teel Co. of Pennsylvania and Maryland S
teel Co., with
guar ($1,000)_____UPi.xxc* (Int. at________________________________ _
their extensive steel plants, shipyard, &c. Through the m
edium of P
enn Penn-Mary Coal 30-yr 1st M g / 5 g A-O
$876,000
Mary S l Co., for about $ ,6 0 0 , payable in bonds of 1 1 , acquired guar red 102)4 (s flO l)G P x x (Int. at Girard Trust Co., Apr. 1 1939
tee
6 6 ,0 0
96
Philadelphia.
the plants of Am
erican Iron & S
teel Mfg. Co. at Lebanon and Reading, Pa., 1st M Elkins property 20-yr ( 5 g A-O
$3,294,000 Oct. 1 1939
a
lso acquired other properties. V. 1 3 p. 2 4 ; V. 1 4 p. 1 3 .
0,
34
0,
19
call 102)4 s f $200 yearly____(Int. at Bank of America, New York.
Bethlehem
-Chile Iron M
ines Co. w s incorporated in Delaw
a
are Jan. 1
8
$495,000 Mar. 1 1931
1 1 , controlled by Beth. S
93
teel Co., to operate the Tofo iron m es n a San Francisco Dry D ock_______ 5 M-S
in
e r
the coast of Ooquim
bo. Chile. Auth. capital stock w s Increased in Sept. Union Iron Works Dry Dock f 6 g A-O
a
$365,523 Oct. 1 1929
1 1 to $ 0 0 ,0 0 V. 1 5 P- 9 9 V . 1 9 p. 8 0 A lso B
97
1 ,0 0 0 .
0.
9;
0,
9 .
ethlehem
20-yr----------------------------------(Int. at Union Trust C o., San Francisco.
Steel Co. authorized stock from $ 5 0 ,0 0 to $ 5 0 ,0 0 and Ore
1 ,0 0 0
6 ,0 0 0 ,
5
$4,200,000 June 1 1950
SS. Corp., $ 0 ,0 0to $ 0 0 ,0 0 V. 9 , p. 2 4 2 7 1 2 ; V. 9 , p. 8 3Finch Run Coal & Coke Dakotas /f 5 g J-D
1 0 0
1 ,0 0 0 .
6
0 , 8 , 03
8
3 . Jamison Coal 30-yr pur mon
g J-J
$745,000 Jan. 1 1934
In 1 1 purchased Fore River Shipbuilding Corp., Quincy, Mass., a d
93
n
guar. $ 0 ,0 0 1 5 V. 9 , p. 1 0 , 1 9 ; V. 9 , p. 2 9 V. 1 5 p. 1 1
3 3 0 st s.
6
30 42
8
3 ;
0 .
6 9 mtge s f $1,364,000________ (Int. at___________________________________
Jamison Barracksville p m & ( 5 g J-J
$295,000 July 1 1929
The agreement for the acquisition of the Lackawanna Steel Co. (V. 115,
impt 1st M ______________(Int. at___________________________________
. 8 2 was consummated in Oct. 1922, and the properties and assets of the
7 )
ackawanna company were transferred to Bethlehem Steel Co. of New
a On D e c .31 1926 $16,625,000 were in the treasury, including $15,000,000
York, Inc. (name since changed to Bethlehem Iron & Steel Corp.), a sub­
sidiary company. The purchase price paid in addition to the assumption pledged and $823,500 additional were in sinking fund or cancelled.
g Dec. 31 1926 $15,840,000 pledged and $11,400,000 in s. f. or cancelled.
of all obligations was $12,500,000 7% Cum Pref. stock and $22,608,500 Id
1
Class B Common stock, together with $308,680 in cash and an amount w $3,838,000 in treas’y and $6,919,000 in s .f . or cancelled as of Dec. 3
equal to one month’s dividends upon the stocks delivered. (This stock and 1926.
z Additional $200,000 nledged, $9,092,000 in treasury and $30,849,000
cash were distributed pro rata among Lackawanna Steel Co. stockholders
in sinking fund or cancelled.
Compare V. 115, p. 875.)
The properties acquired from the Lackaw
anna Steel Oo. are: (1) Plant
STOCK.— In Sept. 1922 amendments to certificate of incorporation pro­
situated at Lackawanna, near Buffalo, N. Y., m
anufactures bars plates, vided for creation of a new class of 7% Cumul. Pref. stock, o f which $77
,steel rails, structural steel and other materials; (2) ore properties in Minne­ 000,000 was authorized and issuable for following purposes and in following
sota, Michigan, Wisconsin and New York; (3) 21,700 acres of bituminous amounts so long as required for such purposes:
coal lands (coal rights and in fee) in Pennsylvania. V. 83, p. 1593; V. 84,
(1) $34,500,000 in exchange for existing 8% Cumul. Conv. Pref. stock:
p. 269, 393; V. 100, p. 815.
(2) $15,000,000 in exchange for existing 7% Non-Cumul. Pref. stock;
Acquisition of Midvale and Cambria Properties.— On N ov. 24 1922 agree­
(3) $12,500,000 in payment for the Lackawanna properties; and
ments were entered into covering the purchase by Bethlehem Steel Corp.
(4) $15,000,000 for sale.
directly or through subsidiaries, o f all the properties and assets of Midvale
At the same time the holders of the existing 8% Cumul. Conv. Pref. stock
Steel & Ordnance Co. (except the plant at Nicetown, Pa., and certain assets were given the right, after Jan. 1 1923, and until termination by the board
appurtenant thereto, and the stock owned by it in Cambria Steel Co.) and of directors to exchange such stock for new 7% Cumul. Pref. stock. The
all the properties and assets o f Cambria Steel Co. in consideration of the basis of said exchange prior to March 4 1926 was $115, and thereafter $110.
assumption of all liabilities and obligation o f the Midvale and Cambria par value of 7% cumu. pref. stock for each share of 8% cum. conv. pref.
companies (except certain thereof pertaining to the Nicetown plant), stock. All of the outstanding 8% pref. stock was called for retirement
including outstanding bonds of the Midvale Co., and the delivery of $97,- on July 1 1926 at 115 and divs.
681,400, par amount, o f Bethlehem Common Stock. The agreements were
At the same time the holders of the 7% Non-Cumul. Pref. stock were
consummated on March 30 1923, the Midvale properties having been on
iven the right to exchange such stock after Oct. 1 1922. and prior to
that date transferred to, and the Midvale liabilities and obligations having
an. 1 1 2 , subject to extension by the board, for new 7% cum. pref.
93
been assumed by, Bethlehem Steel Co., the Cambria properties transferred stock on the basis of share for share. The 7 non-cum. pref. stock has b e
%
en
to Bethlehem Steel Products Co., and the Cambria liabilities and obligations retired, substantially all of it having been exchanged.
The certificate of incorporation of the corporation as last amended Sept.
having been assumed by both Bethlehem Steel Products Co. and Bethlehem
Steel Co.
1922, provided that after 80% of the 7% Non-Cumul. Pref. stock shall have
Profit & loss, surplus. $4,077,741 $3,264,301 $2,376,387 $1,412,200
BALANCE SHEET as o f Mar. 31 1927 in V . 124, p. 2595.
9 Mos. End. Sept. 30—
1927.
1926.
1925.
1924Net profits_____________ $1,857,559 $1,954,188 $2,111,634 $1,972,428
3,954.503 3,198,538
2,347,371
1,321,476
Previous surplus________
Adjustments_____________
Cr.
6420.1 0,67 0 ___
0 .8 ,7 2 8




160

been exchanged for Cumul. Pref. stock or otherwise retired Class B Com.
stock shall be in all respects the same a* the Com stock and shall cease ti
exist as a separate class o f stock. Pursuant to such provision, on April 4
1923 the Class B common stock became in all respects the same as the com­
mon stock and ceased to exist as a separate class o f stock.
The stockholders on April 6 1926 increased the authorized 7% preferred
stock from $77,000,000 to 1100.000,000.
LATE DIVS. 14. ’ 15.’ '16. T7. T8. '19. ’20. ’21. ’22. ’23. ’24. '25. ’26. ’ 27,
8% preferred
8
8 8
_ 5 64$ "7 - New 8 7 8 7 7 8 8 8 *4 7
7
7
Common
_ -- _ _ 221$ Text 10 8 k 7 5 5 7 7 k 7 7 __
5
5 3
* Issue retired July 1 1926.
Tn Jan. and April 1919 paid dividends on the common stock of i k %
regular and 1 k % extra. In July 1919, 54 of 1% was paid extra along with
the regular quarterly l k % . but from Oct. 1919 to July 1924 only tbf
regular l k % with no extra
None since.
In Jan. 1917 a quarterly cash dividend of 10% was declared on the $16,
000,000 common stock, payable April 2, and upon the authorization o
$45,000,000 of new class " B ” (non-voting) common stock the companj
paid a stock dividend of 200% on Feb 17 in said stock, and permitted tin
common shareholders to subscribe and pay in full at par on or before
March 6 for the remaining $15,000,000 class " B ” which had been under
written. See V. 104. p. 384, 66o, 865, 1266, 2345. On Aug. 1 1917 a Red
Cross dividend of 1% was paid on common stock. V. 104, p. 2554; V. 106.
p. 502.
BONDS.— The Consolidated Mortgage authorized In 1918 is limited to
$500,000,000. The mortgage, in which the Bethlehem Steel Corporation
and Bethlehem Steel Company join, was to be secured (subject to $85,340.
000 underlying issues), either by direct mortgage lien, or collaterally through
pledge of mortgage bonds and-or entire issues of stocks (excepting directors
shares), upon the real estate and plants of the principal subsidiaries of the
Corporation. comprising in value over 95% o f such properties then owned
also by $35,434,000 previously issued underlying bonds, which in respect to
important properties rank equally with certain of the above-mentioned
underlying issues. No additional underlying bonds may be issued unless
pledged thereunder. V. 107. p. 293. 405
The Consolidated Mortgage bonds may be issued in series, differing as
to dates, maturities, interest rates, redemption prices, sinking funds, con­
version privileges, &c., but no such bonds shall be issued maturing prior to
these Series A bonds. Of the total authorized issue o f $70,000,000 Series A
bonds, $50,166,000 in Dec. 1926 were in hands of public, $9,292,000 in
treasurv: $30.849.000 purchased for sinking fund or cancelled. Bonds not
issued for refunding purposes may be issued from time to time for not
exceeding 80% o f the cost o f investments in properties or securities.
The aeries A bonds are callable at 105, and will have the benefit of
a sinking fund beginning in 1920 of 1% per annum of all Series A bonds
Issued prior to the dates of the respective sinking fund payments to be ap­
plied to the purchase of such bonds at not exceeding 105 or to their redemp
ilon at that price. Bonds so purchased or redeemed will be canceled.
The Series B bonds (offered in Jan. 1923, V. 116, p. 413), are redeemable,
all or part, at 107 and interest, except that during the last two years the
premium shall be k o f 1% for each full six months of unexpired life. Annual
sinking fund, beginning Feb. 1 1924, of 1% of the total o f Series B bonds
issued, for purchase of bonds up to the redemption price and accrued
interest or for their call at that price.
Of Bethlehem Steel Company's 30-year 5s of 1912 ($50,000,000 auth
Issue) 812,759.500 on Dec.31 1926 were in the hands ef the public,$11,400,500
in sinking fund or canceled and $15,840,000 (pledged) were In the treasury
Annual sinking fund 2 j$ % o f bonds outstanding (but not less than
$300,000). V. 94, p. 1450; V . 95. p. 892; V. 96. p. 1300, 1366; V . 98. P
1002, 1922; V . 99, p. 898; V. 100. p. 1169, 1260; V. 105, p. 1524.
Purch. Money A Impt. Bonds of 1916 (Made Jointly with Penn-Mary Steel Co.)
As of Dec. 31 1926. $32,934,000 had been issued, o f which $22,177,000 were
in hands of public $3,838,000 were in treasury, including $2,549,000 pledged,
and $6,919,000 had been purchased for sinking fund or cancelled.
These bonds have a 2 H % sinking fund from July 1 1916In Jan. 1919 the Bethlehem Steel Oo. arranged to purchase additional
interests in the Cornwall iron ore banks at Cornwall, Pa., and on account of
same issued three series of Purchase Money mortgage 5 k % bonds dated
July 1 1919 and due July 1 1939, but callable all or part on any int. day
viz.; (a) Coleman Estate, $310,000, at least $18,000 to be called each year
after July 1 1922 (secured on undivided 50-1536 interest in Cornwall Ore
Banks, lncl. bldgs., &c.; (6) Freeman Estate, $438,000, at least $27,000
to be redeemed yearly after July 1 1922, secured by 75-1536 interest in
Cornwall Ore Banks; (c) Cornwall, $1,474,000, at least $92,000 to be caked
each year after July 1 1922, secured on 125-1596 undivided interest in Corn
wall Ore Banks covered by aforesaid issues (a) and (ft); and also secured on
5,333 shares capital stock of Cornwall Iron Co. and 8,000 shares capital
stock o f Cornwall R R . See V. 108, p. 173. During 1921 the company
purchased the remaining outstanding 19.78% undivided interest in the
Cornwall Ore Banks and Mine Hills and in part payment therefor issued
$1 ,877,000 face amount o f its Cornwall Ore Banks purchase money mtge
6 k % 20-year bonds.
All the outstanding 15-year 7% marine equipment trust certificates due
Oct. 1 1935 were redeemed on July 9 1926 at 102 k and divs.
All of the outstanding equip, trust 7% gold certificates due M ay 15 1927,
M ay 15 1928, M ay 15 1929 and M ay 15 1930 were redeemed on N ov. 151926
The mortgage of Penn Mary Steel C o., created on acquisition of proper
ties of Am. Iron & Steel C o., fa limited to $13,000,000. of which $6,660,001
issued (incl. $1,284,500 retired to Dec. 31 1926) and $6,340,000 reserved
for future extensions to 75% of cost of same. Callable all or any at 105
Sinking fund beginning Dec. 31 1918 a sum equal to 24$% of the bonds at
time outstanding. V. 104, p. 1139 This issue has been assumed.
Eastern Coke Co. 1st M . cover 574 coke ovens, benzol plant, &c. Sink
tog fund, $250,000 s.-a. Callable 101 & int. on or before Feb. 1 1918.
thereafter 1024$ & int.; retired to Dec. 31 1926, $4,741,000. V.104, p. 170€
The Union Iron Works Dry Dock Co., a subsidiary o f the Beth. Steel
Corp., took over on Nov. 1 1908 the property of San Francisco Dry Dock
C o., and issued 20-year 6% purchase money bonds ($365,523 outstanding
Dec. 31 1926), besides assuming $495,000 underlying 5s. V. 88, p. 941.
The Penn Mary Coal Co. 1st M . 5% bonds of Oct. 1 1919, $5,000,000
auth. and issued, have an annual sinking fund of $200,000 after N ov. 1
1920, and are callable at any time all or part at 1024$ and int. Thes«
bonds, issued, it is understood, in connection with purchase from Elkins
Coal & Coke Co o f coal lands and coal rights in Monongalia and PrestOD
counties, W Va., with bldgs, and Impts. Purchased for sinking fund to
Dec. 31 1926. $1,449,000.
NOTES.— The secured 5% gold notes due annually June 15 1929 to 1932
are redeemable as a whole or in series before June 15 1929 at 102 and inter­
est, and on and after June 15 1929 at 101 and interest for notes having more
than two years to run to maturity; 1004$ and interest for notes having two
years or less but more than one year to run; and 100 and interest for notes
having one year or less to run.
The notes are secured by pledge o f $15,000,000 of Bethlehem Steel Corp.
consol, mtge. 30-year sinking fund 54$% gold bonds, series B .— V. 122,
p. 3345.
R E PO RT.— For 1926, in V. 124, p. 1813, showed:
1926.
1925.
1924.
al923.

$

$

$

$

Net, before depr., &c_ 42,151,743
3,253,510

36,142,999
2,845,743

31,490,306
2,508,184

36,097,783
1,275,445

45.405,254
Deduct______________
Bond, &c., interest, &c. 12,532.422
12,626.665
31,582
Pref. dividends (8% ) —
Pref. dividends (7 % )_
_ 6,747,272
Common divs__________

38,988,742

33,996,490

37,373,228

Gross sales__________ -_304,361.805 273,025,320 243,904,266 275,213,423
M fg. cost, admin., sell­
ing & gen.exp.& taxes_262,210,062 236,882,321 212,413,960 239,115,640

13,125,561 13,233,418 12,322,998
12,004,984 11,846,891 10,676,078
1,623.613
1,515,454
893,621
2,694,640
3,409,452
3,859,733
____(2k% )4494,785 (5)7,767,074

2,288,825
13,467,312
9,555,124 def953,791
a Includes the results of the operations of the properties acquired from
Cambria Steel Co. and Midvale Steel & Ordnance Co. after March 30 1923.
6 Including the results o f the operations of the properties of Lackawanna
S
teel Co. after Oct. 10 1922.
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 1813.




[V ol. 125.

INDUSTRIAL STOCKS AND BONDS
PRODUCTION.— (In gross tons):
1926.
6,828,381
1,722,157
7,295.356
4,964,727

Ore____________________
Limestone_____________
Coal___________________
Coke__________________
Pig iron and ferro-manganese_______________
Steel ingots (open-hearth
bessemer & elec.)____
Rolled steel & other
finished products for
sale_________________

Prov. for deprec’n, obsol.
and deoletion________
Preferred dividends____

1925.
5,580,362
1,726,975
6,331,246
4,446,472

1924.
4,753,889
1,361,345
5,586,200
3,446,728

4,551,353

4,027,184

3,435,011

4,033,015

6,162,759

5,344,625

4,419,037

4,761,254

1923.
5,466,799
1,190,978
6,593,668
4,261,976

4,337,957
3,829,032
3,541,713
3,266,245
1927— 3 Mos.— 1926.
1927— 9 Mos.— 1926.
$8,920,716 $10,585,064 $31,897,074 $34,654,135
2,857,318
8,610,299
9,544,293
2,873,037
3,275,345
1,697,500

3,161,049
1,718,645

9,832,004
5,092,500

9,344,991
5,080,160

Balance, surplus_____ $1,090,553 $2,832,333 $8,362,271 $10,684,691
Earns, per sh. on 1,800.000 shs. (par $100
common stock_______
$0.61
$5.93
$1.57
$4.65
The value of orders on hand Sept. 30 1927, was $52,321,794, as compared
with $48,655,757 at the end of the previous quarter, and $44,553,571 on
Sept. 30 1926.
Operations averaged 69 3% of capacity during the third quarter as
compared with 75.6% during the previous quarter, and 80.3% during
the third quarter of 1926. Current operations are at the rate of approximaterly 72% o f capacity.
OFFICERS.— Chairman. Charles M . Schwab; Pres., Eucene G. Grace.
V .-P ., H. E. Lewis, James H. Ward, E. S. Knisely, G. H. Blakeley, G. W .
Struble, and J. M . Gross; Y .-P . & Sec., R . E. M cM ath; Treas., W . F.
Hartmann; Asst. Treas. & Asst. Sec., W m. J. Brown; Compt., F. A. Shick.
D IR E C TO RS.— C. M . Schwab (Chairman), Archibald Johnston, C.
Austin Buck, John W . Griggs, G. M .-P . Murphy, E. G. Grace, Meses
Taylor, H. G. Dalton, O. G. Jennings, W . E. Corey, Percy A . Rockefeller,
H. E. Lewis, Harold Stanley, F. A. Shick, and Alvin Untermyer. New
York office, and transfer office, 25 Broadway.— (V. 125, p. 2533.)
BLOOMINGDALE BROS., INC.— Incorp. under laws of New York on
Aug. 2 1917. Conducts a department store at 59th St. and Third A ve.,
New York.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due
Stocks— Com 300,000 shs (no par) ____
300,000 shs ________
Pref cum red 110 $4,000,000
• ($100)------------------------------7 Q-F
$3,880,000 _____________
STOCK.— The preferred stock is redeemable at 110 and divs. Sinking
fund, 3% annually of largest amount issued and outstanding, first payment
being due Dec. 31 1927, to be acquired at not exceeding 110 and divs.
DIVS.— On preferred, in full to date. No payments on common to date.
REPO RT.—For year ended Jan. 29 1927 in V. 124, p. 1983, showed:
Years Ended Jan. 31—
1927.
1926.
1925.
1924.
Net sales______________ $24,315,458 $21,545,304 $19,405,073 $18,326,458
Net profits____________ 1,255,227
1,409,244
1,129,071
1,252,642
OFFICERS.— Pres., Samuel J. Bloomingdale; Treas., Julius Bellman
Sec., Herman Weiss. Office, 59th St. & Lexington A ve., New York.—
(V. 125, p. 2533.)
(SIDNEY) BLUMENTHAL & CO., INC. (T he S helton L oom s).—
incorp. under laws of N. Y . on June 30 1899. Manufactures every variety
of pile fabrics, the chief of which are commonly known as velvets, plushes,
velours and velvet brocades including Auto and Upholstery fabrics. Plants,
are located at Shelton, Conn., South River., N . J., and Uncasville, Conn.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks■ Com 250,000 shs (no par) ____
—
238,212 shs _____________
Pref cum red 110 $6,000,000
($100)_____________________ See text
$2,408,200 _____________
Bonds— 15-yr 1st M s f gold red f 7 g J-D
$1,710,500 Dec. 1 1936
text________________________ (Int. at Cent. Union Tr. C o., N . Y .
D IVIDEN DS.— On pref. in full to April 1 1925; none since. No pay­
ments on common.
BONDS.— The 1st mtge. 7% s. f. gold bonds are redeemable in whole or
in part by lot at par plus a premium of k % for each full year to maturity.
R EPO RT.— For 1926, in V . 124, p. 1223, showed:
[Including South River Spinning Co.. Inc.J
1926.
1925.
1924.
1923.
Net income____________
$398,636
$324,6011oss$562,338 $1,449,915
279,410
Depreciation reserve____
254,621
281,506
281,247
26.702
Prov. for doubtful acc’ts
35.024
32.217
39,444
Interest charges, &c____
184,679
220,216
82,074
Federal tax reserve_____
______
Inventory written o ff-----------651,177
$75,687
$860,515
Netloss.
Period End. Sept. 30— 1927— 3 Mos.- -1926.
Profit from operation_
_
$741,963
$144,772
Interest on bonds______
29,934
32,051
Depreciation___________
69,375
65,976
--------Inventory losses, &c------

$883,029 sr$ l,061,730
1927— 9 Mbs.— 1926.
$1,282,199
$450,804
97.670
91,652
195.071
186,595
188,014

$43,346 $1,003,952 def$29,951
Net profit _
$646,053
OFFICERS.— Pres., Sidney Blumenthal: V .-P ., Frank R. Wheeler.
Treas. & Gen. M gr., S. Harvey Day; Sec. & Asst. Treas., Philip Gerlach
Office. 395 Fourth Ave., New York.— (V. 125, p. 2673.)
BON AMI CO. (T h e).— ORGANIZATION.— Business started in 1892
as a partnership. Incorp. Nov. 27 1915 under the laws of the State of Del.
Perpetual charter.
NATURE OF BUSINESS.— Manufactures a cleaning and polishing
compound known as Bon Ami, which is made under one formula, but is
manufactured and distributed in both cake and powder forms. Plant is
located at Manchester, Conn.
The Corp. owns all of the issued stock (except directors’ qualifying shares)
of the following subsidiary companies: Orford Soap Co., Bon Ami, Ltd.
and Whitehall Co.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Common class A 200,000
shares (no par)_______________
Q-J
100,000 shs ---------------- Com cl B 400,000 shs (no par). ____
200,000 shs ......... ............STOCK.— On Oct. 26 1926 the capitalization was changed from 15,000
shs. of pref stock (none outstanding) and 250,000 shs. of com. stock to
200,000 shs. com. A stock of no par value and 400,000 shs. com. B stock
of no par value. 100,000 shs. of class A and 200,000 si s. of class B stock
were issued pro rata to the stockholders in exchange for the theretofore
outstanding 150,916 shs. of com. stock. V. 123, p. 2265.
DIV ID E N D S—
1916. ’ 17. ’ 18. '19. '20. ’21-’22. '23. ’ 24. ’25. ’26Cash__________________$16.50 64$ 5 74$ 5 *8yrly. a2 3
5 4k
* Also paid a 50% stock div. in Dec. 1922.
a In Jan. 1923 new no par value stock was issued and exchanged for the
old $100 par on the basis of 4 new shs. for 1 of the old.
R E PO R T .— For 1926 in V. 124, p. 1827, showed;
Income Account for Year Ended Dec. 31 1926.
Gross profit on sales----------------------------------------------------------------------------- j ?
* ’2 i no o
Operating p rofit_____________________________________________
D epreciation_____________________________________________________

Federal taxes, &c____________________________________________

62,108

Net profit before divs. applicable to company---------------------$ ,0 0 9
1 5 ,3 3

Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

161

1923.
1924.
1925.
1926.
1,365.727
1,950.633
1.917,510
Quar. End. Quar. End. Quar. End. 9 Mos. End. Approp’n for reserve____x l,366.803
Good-will reduction____
64.676
Period—
Sept. 30 ’27. June 30 '27. Mar. 31’27. Sept. 30 ’27.
79.716
28,798
65.985
Gross profit on sales____
$498,480
$677,452
$593,812 $1,769,744 Int. on sub. to cap. stock
113.106
122,022
149,080
68,868
Profit before deprec., &c
342,244
388,718
345,684 1,076,646 Loss on prop. & sec. sold
Depreciation___________
16,282
17,376
17,618
51,276
,650.773
P. & L. surp. Dec. 31-$16.387,960 $12,211,335 ),310,979
Federal taxes__________
43,492
48,305
43,110
134,907
BALANCE SHEET, as of Dec. 31 1926, in V. 124, p. 1502.
$282,470
$323,037
$284,956
$890,463
Profit_______________
OFFICERS.— Chairman, Albert G. Milbank; Pres., Arthur W . Milburn;
Proportion applicable to
V.-P., Albert T. Johnston; V .-P ., Charles C. Lobeck; V .-P ., Wallace D.
minority interest_____
43
23
56
122
Struck; V .-P ., Merritt J. Norton; Sec. & Treas., Wm. P. Marsh. N . Y .
Net profit___________
$282,427
$323,014
$284,900
$890,341 office, 350 Madison Ave.— (V. 124, p. 1502.)
OFFICERS.— Chairman, W m. H. Childs; Pres., Eversley Childs;
BORDEN’ S FARM PRODUCTS CO., 1NC.— Incorporated at Albany,
V . - P . , ------------------- ; Sec. & Treas., H. D . Crippen. Office, 17 Battery
N. Y ., April 24 1917
A subsidiary of the Borden Oo. engaged in the
Place, N . Y . O.— (V. 125, p. 2391.)
business ef distributing fresh milk, cream and other farm products In N. Y .
City and adjacent cities, Chicago, Montreal, &c. V. 107, p. 2478. Entire
BOOTH FISHERIES CO.— ORGANIZATION.— Incorp. in Delaware
May 10 1909 and purchased at receiver’s sale all the assets of A. Booth & capital stock is owned by the Borden Oo.— (V. 123, p. 2659.)
Go.. Chicago, per plan in V. 88, p. 1063. Is engaged in buying and selling
BORNE SCRYMSER CO.— (V. 124, p. 1364.)
at wholesale and retail fish, oysters and all sea foods, and has a large Seel
of fishing boats on the Great Lakes and Pacific Ocean. On April 1 1911
BRIGGS
MANUFACTURING CO.— ORGA N IZA TIO N .— Incorp.
urchased the N. "W. Fisheries Co. V. 100, p. 2G88; V. 101, p. 630
Nov. 29 1909 under laws of Michigan. Company produces automobile
looth St. Louis Cold Storage Co. has a large cold and dry storage plant ir
bodies, chassis frames, automobile body parts, truck body parts, sheet
St. Louis. V. 101, p. 1976. In Dec 1916 purchased the Linden barge* metal stampings, gasoline tanks, &c. Plants are located in Detroit and
Packing Co. and the Columbia Salmon Co. through its subsidiary tht Cleveland.
Northwestern Fisheries Co.— V. 103 p. 2430. Early in 1917 purchaser
6 packing plants of the Lubeck Sardine Co and also property of the Ma
STOCKS AND BONDS—
R a te o f I n t .
O u ts ta n d in g . B d s . w h e n D u e .
chlssport Packing Co., both on the Maine coast. V. 165, p. 2060. New
____
2,003,225 shs _____________
S tock — Com 2,025,000 shs (no par)
Sardine factory at St. Johns, N. B . opened *» July 1918 V. 107 p. 405
STOCK.— bee table.
Physical properties consist of 17 salmon packing canneries (IS in Alaska
1 on Puget Sound and 1 on Columbia River) with combined annual capucitj
D IV ID E N D S.— On no par shares: Feb. 1923, 20 cents per share; June
o f 1,000,090 cases of salmon (48 1-lb. cans to the caec); 8 sardine canning
1923,
1923 to July 1924, 50
Oct.
plants. 6 In Maine and 2 in New Brunswick, annual capacity of SOO.OOf *1 60 20 cents per share; Oct. July 1925. 8714 cents cents quar.; 1925. 1924,
per share: Jan. 1925 to
quar.; Oct.
37)4
cases; 6 public cold-storage plants, located at Chicago. Minneapolis St. Paul
cents: Jan. 1926 to July 192'7, 75 cents quar. Oct. 1927 dividend omitted.
St. Louis, Seattle and Buffalo; more than 100 lake, river and seaboard
producing and buying stations; 2 steamship lines and other properties.
RE PO RT.— For 1926, in V. 124, p. 2595, showed:
Booth Fisheries Co. of Canada, Ltd., was incorporated July 4 1916 witb
C a le n d a r Y e a r s —
1926.
1925.
1924.
$1,000,000 capital stock, primarily to take over and operate the New Bruns
Gross profit________________________$12,223,529 $11,998,100 $14,554,209
wick Sardine Canning C o., with plant near St. Andrews, N. B. Namt
Other income_____________________
755,759
639,874
587,043
Changed to Booth Fisheries Canadian C o.. Ltd., in M ay 1920. V. 119
Total income_____________________ $12,979,288 $12,637,974 $15,141,252
p. 2389 V 112 p 2309 1540
3,208.318 2,415.176
A readjustment plan dated Dec. 15 1925 (V. 122, p. 1315) was declared Expenses and depreciation___________ 3,533,775
1,288.000 1,590,500
effective M ay 8 1926. Under the plan, debenture and note holders were Federal taxes_______________________ 1,267,000
6,009,675
5,999,863 2,030,236
asked to exchange their holdings for an equal principal amount in new first Dividends__________________________
mortgage bonds. The banks agreed to subordinate one-third oftheir claims
Balance, surplus_________________ $2,168,838 $2,141,793
$9,105,340
through the acceptance o f $1,000,000 of new debenture notes.
P io d E
1927— 9 V o s .— 1926.
BONDS.— The $5,000,000 10-year sinking fund 614% gold bonds were Nete rafter n d . S e p t. 30— 1927— 3 M o s . — 1926.
denrec., Fed.
to be issued and applied, so far as possible, as follows:
taxes and charges____def$464,337 $1,359,068 $2,568,944 $6,772,799
For exchange of an equal amount of debenture bonds outstand'g-$2,286,000
450,500
For exchange o f an equal amount of gold notes outstanding_____
OFFICERS.— Chairman, W . O. Briggs; Pres., J. H. French; 1st V .-P .,
To banks and others in settlement of an equal amount of loans. 2,263,500 H. C. Maise; 2d V .-P., M . L. Briggs; Treas., W . F. Connolly; Sec., H. W.
As of Mar. 1 1927 there remained outstanding $8,000 6% debentures Griffith; Asst. Sec. & Asst. Treas., L. A . Lark. Office, 11631 M ack Avo.,
due April 1 1926, and $43,800 gold notes due Sept. 15 1937.
Detroit, M ich.— (V. 125, p. 2673.)
The banks agreed to subordinate $1,000,000 of their loans and accept
BRILL CORP.— See American Car & Foundry Co. above (V. 124, p. 795)
$1,000,000 of 5-year 7% debenture bonds which will come after the $5,000,000 6)4% sinking fund gold bonds, and with the provision that no dividends
BRITISH AMERICAN TOBACCO CO., LTD.— (V. 124, p. 1224 )
shall be paid and all surplus earnings, above bond interest and other interest
charges, shall be applied towards the retirement o f these debenture bonds
BRITISH EMPIRE STEEL C O R P., L TD .— The stockholders of the
until they are paid.
Dominion Steel Oorp., Ltd., and Nova Scotia 8teel & Goal Oo. Ltd. to
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
April 1921. formally ratified the merger of those companies with the Halifax
Stocks— Com 625,000 sbs (no par) ____
250,000 shs _____________ Shipyards. Ltd., in the British Empire Steel Oorp., Ltd. The new merger
plan is outlined as follows, the plan of June 28 1920 having been abandoned.
1st pref cum red 110 $10,000,The companies composing the merger are: (a) Dominion Steel Con).,
000 ($100)_________________ See text
$4,999,800 _____________
Ltd., and its subsidiaries. Dominion Iron & Steel Co., Ltd., and Dominion
Bonds-15-yr s f debs $5,000,000 f 6 g A-O
$2,000 April 1 1926
Coal Oo., Ltd. (6) Nova Scotia Steel A Coal Oo Ltd. and its subsidiary.
g red 101 conv into 1st pref (Int. at Nat. City Bank, N. Y . or Chicago. Eastern Car C o., Ltd. (c) Halifax Shipyards, Ltd. The National Trust
($1,000)________________ xc*
Co. of Toronto was appointed receiver of the Dominion Iron & Steel C o.,
1st M & coll tr 10-yr s f gold J 6)4 g A-O
$4,936,000 A p r i l 1936
Ltd., on July 2 1926. V. 123, p. 210.
$5,000,000red 102)4 ($1000) Int. a t ________________________________
Ce.c l
C a p ita liz a tio n o f C o r p o r a t i o n .
5-year gold deben notes— See text.
A u th o r i z e d .
Issu ed .
Sink fd conv 15-yr gold notes f 7 g M-S
$34,400 Sept. 15 1937
8% Cum. 1st Pref. stock Series “ A ” . .$60,000,000
red (text) $7,500,000 ($500, jln t. at Chase Nat. Bank, N. Y ., or Cen7% Cum. 1st Pref. stock Series “ B ” _ 40,000.000 $8,032,100
& c ) _______________CeC.xxxc* ( tral Trust Co. o f Illinois, Chicago.
7% Cum. 2d Preference stock_______ 75.000,000 57,350,000
$517,500 _____________ Common stock_____________________ 75,000.000 24,450,000
Bonds on cold storage plants____ ____
STOCK.— The first pref. stock, cum. from April 1 1912, with no voting
$250,000,000 $89,832,100
power except while dividends are not paid or set aside. V. 102, p. 1438.
Holders of the 6% debentures have the option of exchange at par for the Deduct— Held by constituent cos.:
first preferred. V. 94, p. 125, 489.
_
7% Cumul. 2d Preference stock_ $7,391,425
The common shareholders voted May 21 1917 to change the authorizec
Common stock___________________
3,144,600
common stock from 100,000 shares of $100 each to 500,000 shares of no par
---------------- 10,536,025
value; 250.000 of the new shares then being exchanged for the outstanding
---------------- $79,296,075
common five new for one old. On July 14 1922 the authorized stock was
Note.— Out o f the total authorized issue of 7% Cumul. 1st Preference
Increased to 625,000 shares.
D1VIDEN DS.—On firs* pref. paid July 1912 to Oct. 1920 1 % % Q.-J.; stock Series “ B ” $11,917,900 is reserved for exchange of the outstanding
none since. On common paid 4% April 1913 in new pref. stock, and in Preference stocks of constituent companies.
March 1917 a cash dividend (No. 1) of 2% ; April 1 and July 2 1917, 1%
Pref. Stocks of Constit. Cos. Outstanding:
Oct. 1917 to April 1 1919, inclusive, paid 50 cents quar. ($2 per annum) on
Dominion Steel Oorp., L td________________________ $4,705,500
new com. stock (see above): none since. V. 108. p. 2244; V. 109, p. 890
3,336,300
R E PO R T .— For fiscal year ended April 30 1927 in V. 125, p 99. showed: Dominion Iron & Steel C o., L td_________________ 2,799,400
Dominion Coal Oo., Ltd________________________
Years Ended—
A pr. 30 ’27. May 1 ’26. May 2 ’25. Apr. 26 ’24. Nova Scotia Steel & Coal Oo., Ltd_______________
808,000
Operating income--------- $1,222,426
$1,243,919 $1,112,723
$942,177 Eastern Car C o., Ltd____________________________
107,100
Interest-----------------------638,553
621,698
653,241
659.282
----------------------------------- 11,756,300
Depreciation, &c_______
178,864
177.591
174,273
171,703
Cap. Stock of the Acadia Coal Co., Ltd., Outst'g—
Federal taxes__________
48,881
32,109
______
______
Non-Oumulative 2d Preferred stock__________
$5,500
Balance, surplus_____
$356,129
$412,521
$285,210
$111,192 Ordinary stock__________________________________
107,800
OFFICERS.—K. L. Ames, Pres.; P. L. Smithers, V.-P. & Treas.; W. O.
------------------------ 113,300
Weil, Sec. Chicago offices, 205 North Michigan Ave.— (V. 125, p. 99.)
BORDEN COMPANY (THE).— Incorp. in N J in 1899 as Borden’s
$91,165,675
Condensed Milk Oo. In Oct. 1919 present name was adopted, the former
The cumulative preference shares, series B, rank with the cumulative
title being considered restrictive in that it implied the manufacture of but preference shares series A as a first preferrence both as regards dividend and
one product— condensed milk— whereas the company also produces evap­ distribution of assets on a winding up.
orated milk, malted milk, dried milk, condensed coffee and milk, condensed
cocoa and milk and caramels. See annual report in V. 122. p. 1182
Basis of Exchange of Common Stocks.
In Nov. 1927 announced a plan for the merger o f this company -with that
(а) Each
paid Ordinary or
share of the Dominion
o f the Reid Ice Cream Corp. The merger becomes effective on Jan. 1 1928 Steel Corp., $100 fully exchanged for $95 Commonpaid 7% Cumulative 2d
Ltd., was
V. 125, p. 2533. Borden Co., will exchange their stock for that of the Pref. shares and $40 fully paid Common of fully in the Empire Corp.
shares
Reid Co. on the basis o f 1 sh. o f Borden $50 par com ., for each 2 shs. of
lb) Each $100 fully paid Ordinary or Common share of the Nova Scotia
no par value Reid common. See Reid Ice Cream Corp.
Steel & Coal Co., Ltd., was exchanged for $90 fully paid 7% Cumulative
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
2d Pref. shares and $40 fully paid Common shares in the Empire Corp.
Stock— Com $50,000,000 ($50)-- ____
$34,699,300 _____________
(c) Each $100 fullypaid Ordinary or Common shares of Halifax Shipyards
STOCK.— The stockholders on April 15 1925 approved the change ia the
par value of the common stock by reducing it from $100 to $50 and the issue Ltd., was exchanged for $60 fully paid 7% Cumulative 2d Pref. share*
of two new shares for each share outstanding. The common stockholders and $25 fully paid Common shares in the Empire Corp.
o f record Dec. 30 1925 were given the right to subscribe for $4,114,500
Basis of Exchange of Preferred Stocks.
additional common stock at $75 per share. to thp extent of 15% of their
la) Each $100 6% Cumul. Pref. share of Dominion Steel Corp., Ltd.,
holdings. The stoclholders o f record March 9 1927 were given the right
to subscribe on or before April 6 1927 for $3,154,590 additional capitalstk. and each 7% Cumul. Pref. share of Dominion Iron & Steel C o., Ltd., and
each 7% Cumul. Pref. share of Dominion Coal Co., Ltd., to be exchangeable
at $60 per share, to the extent o f 10% o f their holdings.
The authorized common stock was increased to $50,000,000 in April 1926. for one share of like amount of Cumul. 7% Preference stock Series “ B ” of
the Empire Corp.
The preferred stock was redeemed on Dec. 15 1925 at 110 and divs
LATE DIVS. (1906. 1907. ’08<o’ 16. 1917. T 8«o’ 23. ’ 24. ’ 25. ’26 ’27
(б) Each $100 8% Cumul. Pref. share of Nova Scotia Steel & Coal Oo.,
On com. (%)__■! 8
8
8 yearly
8
8 yearly 10
8
8
10 Ltd., to be exchangeable for 11 -5 share of like amount of Cumul. 7% Pref.
Extra________ I 2
2
________ T e x t ________ ____ ___ 2
stock Series “ B ” of Empire Corp., and each $100 6% Cumul. Pref. share of
In Aug. 1917 paid H o f 1% to aid Red Cross Contributions.
the Eastern Car C o., Ltd., to be exchangeable for one share of like amount
Paid or declared in 1928: March 1 ,3 % .
of Cumul. 7% Pref. stock Series " B ” of the Empire Corp.
R E P O R T — For 1926, in V. 124, p. 1502, showed:
(c) Each $100 Preference share of Halifax Shipyards, Ltd., to be ex>
1926.
1925.
1924.
1923.
changeable for one share of like amount of Cumul. 7% Pref. stock Serie*
Gross s a le s -:-......... --$124,912,098$123,352,833$109,666,6331100,245,160
“ B ” of the Empire Corp
Net op. prof.(aft. deduc.
all op.chgs-.incl.depr.,
D IVIDEN DS.— The directors on March 31 1924 decided to defer the
Insur.& prop’y taxes).
7,528,467
6,899,856
5,790,135
5,372.876
its subsidiaries, viz.:
Interest (net)_____ Cr544,202
Cr395,178 Cr284,672 0256,305 dividends upon all the shares of the corporation and Ltd., Dominion Goal
Dominion Steel Corp., Dominion Iron & Steel Co.,
Federal taxes (est.)_____ 1.218.928
997,799
662,101
605,885 Oo., Ltd., Nova Scotia Steel & Coal Co., Ltd., and Eastern Car Co., Ltd.
Net income____ $6,853,741
$6,297,235 $5,412,706 $5,023,297
This action was taken owing to the shutdown of the steel plant at Sydney
Dividends— P re fe rre d ..
______
450,000
450,000
450.000 and all of the coal mines of the corporation, which were idle from Jan. 16
Common_______ 3,154,479
1,940,387 2,136,800
1,709,440 to practically March 1, while negotiations were being continued for a new
Balance, surplus_$3,699,262
$3,906,848 $2,825,906 $2,863,857 wage agreement with the coal miners.
Previous surplus_$12,211,335
$9,310,979 $8,650,773 $7,817,532
BONDS.— Funded and mortgage debt represented by bonds and deben­
Earnings applicable to
ture stock of the constituent companies, as of Dec. 31 1925. $36,988,804.
prior period, &c______
31,549
560,973
________
________
The interest due July 1 and Sept. 1 1926 on the 1st mtge. bonds due 1929
Prem. on sale o f cap.stk. 1,974,960
________
________
________
and the consol, mtge. bonds due 1939 of the Dominion Iron & Steel Co.
Total------------------------ $17,917,107 $13,778,800 $11,476,679 $10,681,389 was not paid.
Latest Earnings.—

g




162

[V ol. 125.

INDUSTRIAL STOCKS AND BONDS

R E PO RT.— For 1926, in V. 125, p. 2667, showed:
1926.
1925.
1924.
x$l, 133,443
$923,775
♦Total earnings________ $4,424,ilS
D e d u c t — Prov. for sink,
funds, deprec. & depl.
o f minerals^ 1________ 1,461,625
1,341,764 1,112,515
Int. & disc, on bonds and
debenture stock______ 1,824,025
1,936.223 2,023,846
1st pref. divs. of corp. &
pref. stocks o f constit.
& subsidiary co’s_____
______
______
145,033

1923.
$4,444,346
1,112,515
1,978,473
1,346,524

Balance___________ sur$l,138,468 df$4.411,430 df$2,357,619 sur$6,?34
Bal. brt. forw’d Jan. I.def5,738,019 d e fl,326,589 surl.031,031 surl,024,198
Profit & loss, d eficit-. $4,599,551 $5,738,018 $l,326,589sur$1031,032
Surplus at date o f org’n,
bal. at Dec. 31 1925--$21,784,870 $21,784,870 $21,784,870 $21,784,870
♦Total earnings o f properties after deducting all manufacturing, selling
and administrative expenses, x Loss.
OFFICERS.— Pres., R . M . Wolvin; Sec. & Treas., C. S. Cameron
Office. Canada Cement Bldg., Phillips Square, Montreal, Que.— (V. 125p. 2667.)
B R O W N S H O E C O ., I N C. — ORGANIZATION.— Incorp. in N. J. Jan
1913 and acquired the Brown Shoe Co. o f M o. Owns and operates 16 plants
5 in St. Louis and one each in Moberly, Brookfield, M o., Mattoon, Murphysboro, Dixon, Litchfield, Salem and Charleston, 111., Union City, Tenn.,
Vincennes, Ind., and Gowanda, N . Y . Also leases and operates a plant for
the manufacture of paper boxes. In Feb. 1913 acquired Barton Bros, of Kan­
sas City. V. 96, p. 556. Owns and operates Central Shoe Co., St. Louis.
STOCKS AN D BONDS—
R a te o f I n t .
O u ts ta n d in g . B d s. w h e n D u e S tock s — Com 500.000 lhs (no par)
___
252.000 shs ------------------Pref cum red 120____________
7 Q-F
$4,262,500 ____________
STOCK.— The pref. stock is redeemable at any time, all or part (pro
rata), and also upon dissolution at 120 and divs. on 3 mos.' notice. No
mortgage (other than purchase money) can be authorized or pref. stock
increased or prior stock issued by vote o f less than 75% o f each class, both
pref. and com. Sinking fund out o f surplus profits to retire at least 2 M %
annually o f the maximum pref. stock at any time outstanding. V. 107, p
2004. Pref. shall not vote for directors unless four quarterly dividends are
in default, in which event each preferred share will be entitled to 3 votes.
Pref. stock authorized, $4,537,500: outstanding, $4,262,500; retired by
sinking fund and cancelled, $275,000.
The stockholders on Dec. 10 1925 voted to exchange the $8,400,000 com­
mon stock (par $100) for new common stock o f no par value on the basis of
three new shares for one old.
D IV ID E N D S.— Div. on pref. from Feb. 1913 to N ov. 1927. 1 H % quar
Dividends on common. 1% paid Feb., M ay and Aug. 1 1914; none to Dec. 1
1916, when 11S% was paid; Mar. 1917 to Sept. 1919. 1 % quar.; Dec
1919 to Sept. 1920. IH % quar.: then none until June 1 1923. when 1 ° .
1
was paid; then to Dec 1 1925 paid 1 % quar.; March 1 1926 to Sept. 1 1927
paid 50c. quar.; Dec. 1 1927 paid 62>£c. a share.
REPORT..—For year ended Oct. 31 1926, in V. 123, p. 2771, showed:
Years E n d e d O ct. 31— 1925-26.
1924-25.
1923-24.
1922-23.
Net sales_____________ $31,915,829 $31,075,667 $28,926,632 $29,679,235
1,574,951
2,406,727
1,568,337
1,510,059
♦Net profits.................
Federal income, war and
176,000
excess profits tax (est.)
251,000
354,550
196,800
342,650
320,224
331,188
Preferred dividends___
314,942
167,126
Common dividends____
462,000
336,000
335,616
Balance_____________
$547,009 $1,395,953
$704,733
$824,283
♦After deducting cost of materials, exp deprec. & inc charges, bad
debts. &c
OFFICERS.— Pres., John A. Bush; V.-Pres., E. R. McCarthy, P.
O’Brien, T . F. James; Treas., H. S. Hutchins; Sec., W. E. Tarlton. Office,
Washington Ave., 16th to 17th Sts.. St. Louis, M o.— (V. 125, p. 2534.)
BRUNSWICK-BALKE-COLLENDER
CO. (THE).— ORGANIZA­
T IO N .— Inc. in 1907 in Delaware. Business established in 1874. Co.
manufactures billiard and pocket billiard tables, billiard supplies, bowling
alleys and incidentals thereto, phonographs, records and combination
phonograph-radios. Owns and operates 13 factories; leases and operates
2 factories. Products sold through jobbers and 27 branch houses.
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 600,000 shs ino par) ___
500,000 shs ______ 1-------Pref cum s f $6,000,000 ($100)- 7 Q-J
$4,527,300 _____________
Bonds— Serial notes dated 1919 / 6 J-J
$1,200,000 Jan. 1 1929
red at 103 ($1,000)-CC.xxxc lin t, at Cont. & Com. Tr. & S. B ., Chi[ cago, trustee.
STOCK.— Pref. stock S. F . — Co. shall retire by purchase, redemption
or otherwise $1,500,000 par value of pref. stock, such retirement to be
effected in installments, so that at least $600,000 thereof will be retired on
or before Jan. 1 1922 and the remainder thereof will be retired in at least
equal installments during each of the three five-year periods successively
following Jan. 1 1922. $1,472,700 retired as of Dec. 31 1925. No dividend
can be declared on the common, except after two years’ dividends on the
preferred stock have been set aside and the assets are equal to twice the
amount of the preferred stock. No bonded debt of any kind except pur­
chase money mortgages, &c., can be created without the consent of 75%
of the outstanding preferred stock. In any dissolution, voluntary or in­
voluntary, preferred stock is entitled to $120 per share. Common has
exclusive voting power except in event of dissolution or preferred dividends
being in arrears for 2 successive years, whereupon the preferred stock has
the privilege along with common.
DIVIDEN DS.— Pref. stock, 1914 to Oct. 1927, 7% per annum. Com.,
1914-1915, 3% ; 1916, 414%; 1917, 3% ; 1918, 1H % ; 1919, 7% ; 1920, 7%
in cash and 150% in Class “ B ” common on Class “ A " common; 1921, 1M %;
1922, \% % on each on old Class “ A ” and Class “ B ” ; 1923, 7% ; 1924, 7%
and 50% stock dividend. Initial payment on common (no par) was 90
cents on Feb. 15 1925; same amount paid M ay 15 1925. Feb. 15 1927 to
N ov. 15 1927 paid 75 cents quar.
BONDS.— There were $349,998 purchase money obligations outstanding
as of Dec. 31 1925.
R E PO RT.— For 1926, in V. 124, p. 2285, showed:
C a le n d a r Y e a r s —
1926.
1925.
1924.
1923.
a Profits from oper_____$2,803,810 loss$743,210 $2,987,390 $2,835,949
Sundry exp. & chgs.(net)
--------------------------------Prov. for income tax____
250,000
--------426,000
322,000
Profit on sales of prop’ty
______
Cr.25,809 C r . 240,333
--------Net income_________ $2,553,809 loss$717.401 $2,801,723 $2,513,949
Previous surplus_______ 1,736,479
3,675,219 8,839,576
7,523,948
Appr. o f prop’s (adj.)___
______
D r.3 ,111 Dr.519,907
--------Adj. of Fed.tax(pr.yrs.)_
______
______
Dr.62,544
______
Excess o f cost, less depr.,
o f Saw Mill prop, sold,
over sale price_______
152,265
-------------------------

STOCK.-—The company is exchanging its three classes of stock for stock
of the Bucyrus Co. and the Erie Steam Shovel Co. on the following basis:
(a) For each share of preferred stock of Erie Steam Shovel Co. or of
Bucyrus Co., one share of preferred stock of the new company.
(b) For each share o f common stock of Erie Steam Shovel Co., one share
of convertible preference stock of the new company.
(c) For each share of common stock of Bucyrus Co., three shares of
common stock of the new company.
Adjustment will be made for dividends at the rates now in force on the
stock of both classes of Bucyrus Co. and of Erie Steam Shovel Co.
BALANCE SHEET.— For year ended Dec. 31 1926, in V. 125, p. 921.
C o n so lid a te d B a la n c e S h eet o f the C o m b in e d C o m p a n ie s a s o f D e c . 31 1926.
(After giving effect to the proposed plan.)
A ssets— ■

Cash on hand & on d ep ..
,311,073 IA cc’ts & notes payable _ _ $1,102,860
. - 260,537
A cc’ts & notes receivable, 4,330,332] Adv. payments received _
Inventories------------------- 5,881,934 Dividends payable______
188,250
Deferred assets-------------52,9941 Acer, taxes, comm., &C-_
746,075
Investments-----------------316,989 Reserves_______________
169,452
Land, buildings, mach.,
|7% cumul. pref. stock___ 6.870.000
patterns, patents, &c._ 12,831,6411Conv. pref. stock ($5 par) 2.094.000
[Common stoek ($10 par)
4.800.000
Capital surplus_________
2,345,137
Total (each side)--------$25,724,963 Earned surplus_________
7,148,651
— V. 125, p. 2813.
OFFICERS.— Pres. & Chairman, W . W . Coleman; Senior V.-P. & Treas.*
E. K. Swigart; V .-P ., F. B. McBrier, A . C. Vicary, D. P. Eells and W . M Bager; Sec., J. G. Miller.— (V. 125, p. 2813.)
B U C K E Y E PIPE LINE CO. ( T H E ) . — ORGANIZATION. &c — Incorp.
In Ohio Mar. 31 1886. Owns pipe lines in Ohio. Formerly controlled by
standard Oil Co. of N. J., but segregated in 1911. See Standard Oil Co. of
V. J., V. 85, p. 216. 790; V. 93, p. 1300.
STOCK AND BONDS— D a t e .
In terest.
O u ts ta n d in g .
M a tu r ity .
S tock — Com $10,000,000($50)-_
$10,000,000 ____________
D IV ID E N D S.—
’ 15. T6. T7. T8. ’ 19 to ’21. ’22. ’23 ’ 24. 25. 26.
Regular,per cent.
16 16 16 16 16yrly.
16 1314 8
8
8
Extra, per cent_
_
..
3
2 ______
54
_
..
2
Paid in 1927: Mar. 15, 2% ; June 15, 2% ; Sept. 15, 2% ; Dec. 15, 2% .
R E PO RT.— For 19-6, in V. 124, p. 1364, showed:
C a le n d a r Y e a r s —
1926.
1925.
1924.
1923.
Net profits------------------- $1,046,119 $1,047,686
$938,000 $1,041,571
D ividends_____________ 1,000,000
800,000
800,000
1,350,000
Bal., sur. or deficit— sur$46,119 sur$247.686 sur$138,000 def$308,429
BALANCE SHEET as of Dec. 31 1926, in V. 124, p. 1514.
OFFICERS.— Pres., D. S. Bushnell; V.-P. & Gen. M gr., T . B. Greene;
Sec., J. R. Fast; Treas., W . F. Livingston. Main office, Lima , Ohio.
N. Y . office, 26 Broadway.— (V. 124. p. 1514.)
BURNS BROS.—Wholesale and retail coal dealers in N . Y . City and
vicinity. A consolidation Dec. 31 1912 under laws of N . J. V. 96, p.
363: V. 103, p. 2081.
In Dec. 1921 acquired William Farrell & Son, Inc. For terms of acqui­
sition see V. 113. p. 19*6. 2408.
On Sept. 2 1925 company acquired assets of Wyftming Valley Coal C o.,
inc., and total outstanding capital stock of Steamship Fuel Corp., Temple
Contractors, Inc., and Schuylkill Fuel Corp., issuing therefor 16,421 shares
of “ A ” stock and 16,427 shares of “ B ” stock.
STOCKS AND BONDS—
R a te o f I n t .
O u ts ta n d in g . B d s. w h en D u e
S tock s • Common class A 100,000
—
97,365 shs ____________
shs (no par)__________________ ____
Com class B 100,000 shs (no par) ____
97,367 shs ____________
Prior pref cum red 120 $1,292 $706,100 _____________
100 ($100)_________________ 7 Q-F
Pref cum red 110 $3,000,000
$2,580,000 _____________
($100)_______________________ 7 Q-J
STOCK.— In connection with the acquisition in Dec. 1921 of Wm. Farrell
& Son., Inc., the capital stock was cnanged to amounts shown in table
at head of page (compare V. 113, p. 1986, 2408).
Tlie 7% cumulative pref. stock is entitled to benefit of an annual sinking
fund of $120,000, after the payment of dividends on stock, and after all
prior preference stock has been retired.
The Class A common stock will be entitled to receive cumulative divid mds at the rate of $8 per share per annum before any dividends are
pi id on the Class B common stock, and thereafter all dividends are to be
p dd ratably on the Class A common stock and Class B common stock, share
% share alike. Upon liquidation. Class A common stock will be entitled
iui
C receive $60 per share before any distribution of assets to the Class B
o
common stock, and thereafter all assets will be distributed ratably to the
Class A common stock and Class B common stock, share and share alike.
The Class A common stock will have two votes per share and the Class B
common stock will have one vote per share. [Preferred shares have no
voting power except when dividends are in default/
D IV ID E N D S.— On Class “ A ” common stock paid $2.50 each quarter
from Feb 15 1922 to Aug. 15 1927. Nov. 15 1927 paid $2. On class B
common stock paid 50c. quarterly from Feb. 15 1922 to Aug. 15 1927.
November dividend passed.
R E PO RT.— For 9 months ending Dec. 31 1926 showed:
9 M o s . E n d . ------- — Y e a r s E n d in g M a r c h 31-------xDec. 31 ’26. 1925-26.
1924-25.
1923-24.
Net sales______________ $23,491,265 $29,049,655 $27,287,474 $30,295,586
Cost of sales (incl. oper.
exp. and deprec n )— 21,246,093 24,744,302 24,883,094 27,739,234
Gen. exp., incl. allow, for
doubtful acc'ts & taxes 1,502,897
2,161,222
1,431,758
1,581,774
Net, profits__________
Other income__________

$742,275
188,149

$2,144,131
276,649

$972,622
299,281

$930,424

$2,420,780

$1,271,902

$1,305,311

Bal. beginning of y ear-. $4,455,387
Wm. Farrell & Son sur_______
Sur. arising from sale of
Pattison & Bownsstk______
Reduc. of prior pref. stk.
thru purch. for retire’t
______
Sur. ext. through retire­
ment of stock________
______
Adj. in book val. of inv.
783,024
Cancel, of res. not re q -.
---------

Total income________

$3,170,355
6,513,681

$3,100,673
____

$2,577,163
______

1,025,000

____

______

2,000

____

______

______
______
---------

130,200
______
138,416

244,300
1,090,000
230,000

Add—

$974,577
330,734

Total- $6,168,835 $13,131,816
$4,641,191 $5,446,774
New preferred (7 % )____
$128,100
$181,475
$210,000
$210,000
Prior preference (7 % )-.
38,662
64,601
54.243
74(935
Common class A ($10)-729,898
890,982
809,440
809,165
Class B ($2)_________
146,032
178,226
161.880
161,757
Retire pref. stock (net).
130,088
216,649
170,757
150,065
Chgs. not app. to oper_.
______
164,240
64,516
940,180
T o t a l_______________$4,138,023 $2,954,707 $11,058,848 $10,037,897
Leases, contracts and
Pref. divs. (7% per ann.)
315,336
318.229
329,878
332,071
good-will ad j________
4,060,546
______
______
Common divs. (cash)_
_
______
900,000
866,250
866,250
Sur. transf. to com. cap.
In com. stock (5 0 % )-______
______
6,187,500
--------acct. of class B stock-______
2,918,620
______
______
Misc. chgs. & write-offs748,661
______
______
______
P.
& L. sur. Dec. 3 1 -- $3,822,687 $1,736,479 $3,675,219 $8,839,576
Adj. of res. for retire, of
prior pref. stock set
a Profits from operations after deducting manufacturing, selling, adminis­
apart in prior years_
_
______
1,089
----------------trative and general expenses, incl. int. on borrowed money and adequate
provision for depreciation of buildings, plant, machinery and equipment.
Surplus______________$4,247,395 $4,455,387 $3,170,355 $3,100,673
OFFICERS.— B. E. Bensinger, Pres.; O. G. Ortman, Treas.; T. M .
x
to end Dec.
1926 repre­
McHale, Sec’y. Office, 623 S. Wabash, Ave., Chicago.— (V. 125, p. 2433.) sent Fiscal year has been changedmonths from 31. Earnings for31.
returns for a period of nine
Mar. 31 to Dec.
BUCYRUS-ERIE CO.— ORGAN IZATION .— Incorp. in 1927 to take
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 1515.
over the businesses o f the Erie Steam Shovel Co. and the Bucyrus Co.
OFFICERS.— Chairman, William T . Payne; Pres., S. A. Wertheim; V.-P.
N ATU RE OF BUSINESS.— The company is one of the largest manu­ Thomas F. Farrell, James P. Geagan, Wm. J. Dalton and Ben. Wertheim;
facturers of steam shovels and excavating machinery in the United States. Sec., E. Moloney; Treas., George S. Weaver. Office, 50 Church St.,
Company’s products include the j^-cu’ y d ., 1 cu. y d . and the larger capacity New York City.
steam shovels, as well as a 1-cu. yd. gasoline shovel.
D ir e c to r s . — S. M . ochatzkin, William H. Conyngham, Theodore S.
STOCKS AN D BONDS—
R a te o f I n t .
O u ts ta n d in g . B d s. w h e n D u e .
Barber, Harry B. Schooley, Kerwin H. Fulton, William T . Payne, Alex­
C om m on--------------------------($10)
____
480,000 shs _____________ ander Levene. Sanders A. Wertheim. Moritz Rosenthal, Charles Hayden,
Preferred---------------------($100)
____
69/100 shs ____________
Carl J. Schmidlapp, C. R. Runyon, Thomas F. Farrell, G. F. Parrish, J. S
Convertible preferred____($5)
____
418,800 shs _____________ Bache, William J. Wason Jr. and Alfred T . Holley.— (V. 125, p. 2391.)




Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

BURROUGHS ADDING MACHINE CO.— Incorp. in 1905 in Michigan
as successor to American Arithmometer Co. incoprorated in Missouri in
1886. Co. manufactures many types o f adding, bookkeeping and calculat­
ing machines. Co. has its own sales agencies. Also owns about 450 U. S.
and foreign patents. Plant at Detroit.
STOCKS AN D BON DS—
Rate of Int. Outstanding. Bds. when Due.
Stock— Com 1,000,000 shs (no par) ____
800,000 shs _____________
STOCK.— The entire outstanding preferred stock was redeemed on
Sept. 30 1926 at 105.
The stockholders on Jan. 4 1927 increased the authorized common stock
from 600,000 snares to 1,000,000 shares of no par value. A stock dividend
o f 33 1-3% was paid on Mar. 1 1927.
D IV ID E N D S.— On old common stock, 1905-07, 7% ; 1908-09, 8% ; 1910.
10%; 1911, 12%; 1912, 14%; 1913-14-15, 16%; 1916, 21%; 1917, 9% ;
1918 to 1923, 8% ; 1924, 4% . Stock dividends, 1917, 200%; 1922, 25% .
New preferred stock, initial dividend, \*A% Sept. 30 1924; Dec. 31 1924
to Sept. 30 1926, 1 % % quar. New com. stock, initial dividend 75 cents,
Sept. 30 1924; same amount paid quar. to Dec. 10 1927; also paid $1 special
■div. on Aug. 31 1926 and on June 30 1927, and 33 1-3% in common stock
on Mar. 1 1927.
RE PO RT.— For 1926, in V. 124, p. 2595. showed:
Calendar Years—
1926.
1925.
1924.
Gross profit on sales of machines,
service, parts, acces., suppl., &c_ $13,026,773 $11,381,164 $10,411,587
_
Other income______________________
945,737
783,756
649,564
Total income____________________ $13,972,510 $12,164,920 $11,061,151
5,959,133
Sales, gen. & miscell. expenses_______ 6,967,735
6,369,402
Provision for U. S. Federal taxes_____
939,678
752,000
577,000
Net profit_______________________ $6,065,096
Surplus at Jan. 1___________________ 11,788,308
Incr. in val. of inv. in for. subs, due to
fluctuations in rates of exchange_
_

$5,043,518
9,529,432

$4,525,018
7,506,966
101,663

T otal____________________________ $17,853,404 $14,572,950 $12,133,647
1,652
Prems. paid on pref. stock purch____
635,105
80,312
2,602,563
Dividends paid in cash_____________
3,013,580
2,704,330
Profit and loss surplus at Dec. 31--$14,204,719 $11,788,308 $9,529,432
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 2595.
OFFICERS.— Chairman, Joseph Boyer; Pres., Standish Backus; V .-P.,
A . J Doughty; Treas., L. A. Farquhar; Sec.. G. W. Evans: Compt.,
A . F. Liska. Office, Second Boulevard at Burroughs Ave., Detroit. Mich
— (V. 125, p. 1585.)
BUSH TERMINAL CO.— ORGANIZATION, &c.— Incorporated In
New York on Feb. 10 1902 (V. 74, p. 477). Owns extensive terminals od
the water front, 40th to 51st streets, Brooklyn. V. 76. p. 974, 1032; V. 79.
p. 1956; V. 82, p. 1039; V. 88, p. 163; V. 106, p. 399. Also controls Bush
Terminal Buildings C o., owning $1,000,000 common stock ($2,000,000
auth.). As to International Sales Building on 42d St., Manhattan, and
leases to tenants. See V. 108, p. 2239.
Outstanding. Bds. when DueSTOCKS A N D BONDS—
Rate of Int.
153,560 shs _____________
Stocks— Com 250,000 shs (no par) ____
Pref cum red 110 text ($100) - - 6 Q-J
$2,300,000 _____________
Debenture pref cum $25,000,$6,889,986
000 ($100)_________________ 7 Q-J
Bonds— 50-yr 1st M conv s f / 4 g A-O
$2,684,000 April 1 1952
($1,000)(V.76,p.974) Col.xc* \Int. at . . .
,629,000 Jan. 1 1955
50-yr 1st consol M $10,000,000
5 g J-J
($1,000) _______________xc* Int. at c o .’s office, 100 Broad St., N .Y .C .
Bush Term Bldgs 50-yr M gold f 5 g A-O
$10,077,000 April 1 1960
guar $12,000,000 ($l,000&c) {Int. at office of company, 100 Broad St.,
CoI.xc*&r* [ New York City.
Bush Term Bldgs pref stock guar
call 120 ($100)_______________ 7 Q-J
$7,000,000 _____________
STOCK.— The stockholders on M ay 6 1925 approved a plan which
rovided for the exchange of the old common stock for one share of new
% debenture preferred stock and two shares of new no-par-value common,
which carries voting control. The new preferred stock is junior to the Bush
Terminal Bldgs. Co. 7% pref. and to the Bush Terminal Co. 6% pref. stock.
V. 120, p. 2152, 2405.
BONDS.— Of the consol. 5s, sufficient are reserved to retire the 1st 4s
o f 1902. See listing application, V. 88, p. 163; V. 79, p. 1956; V. 80, p. 999,
1005, 1177: V. 81. p. 1243; V. 90, p. 1427: V. 103, p. 1793: V. 108, p. 2239.
Bush Terminal Buildings Co. gold 5s cover office, loft and other buildings
In N. Y . City and Brooklyn. V. 89, p. 848; V. 92, p. 747, 1034, 1111
V. 97. p. 1901: V. 100. p. 1675; V. 101. p. 1809: V. 102. p. 1344; V. 112, p.
1619.
D IV ID E N D S.—
’09. ’ 10. ’ 11-’ 14. ’ 15. ’ 16-’21. ’22. ’23. ’24. ’25. ’26.
Com m on___________ 1 0 2 4y rly . 5 5 yrly.
5
5 5 3% --A
Do in s to ck _____ J - ..
—
_- 5 yrly. 234 - -- --Paid in 1927: July 15, 2% in stock; Oct. 15, 2% .
RE PO RT.— For 1926, In V. 124, p. 1983, showed:
Year Ended Dec. 31—
1926.
1925.
1924.
1923.
Gross earnings__________ $9,126,158 $8,813,724 $8,294,114 $8,096,883
Operating expenses_____ 4,781,455
4,523,416
4,457.891 4,256,225
T a x e s .________________ 1,142,902
1,141,502
1,099.983 1,098,078
Interest_______________ 1,022,842
1,103,907
1,084,780 1,060,515
Depreciation__________
175,957
175,824
175,413
162,009
Pref. divs. Bush Ter. Co.
138,000
138,000
138,000
138,000
Pref. divs. Bush Term.
Bldgs. C o___________
490,000
490,000
467,105
462,893
Com . divs., BushTer.Co.
______
86,077
344,277
344,157
Debenture dividends_
_
482,211
361,617
----------------Income tax____________
216,926
137,778
180,756
187,240

?

Period End. Sept. 3 0 Tons o f ore
____ - _

163

1927—3 Mos.~ -1926.
33,148
36,891

1927— 9 Mos. — 1926.
108,768
106,850

Total receipts.
.
Adm. exps. and taxes___

$23,950
9,869

$81,189
29,158

$102,838
48,515

$215,004
81,201

Profit on sale of secur.
Profit on sale o f secur___

$14,082

$52,032

$54,323

$133,802
586

Net income
$14,082
$52,032
$54,323
$134,388
O F F IC E R S — Albert J. Seligman, Pres ; Albert Friea. V.-Pres ; A . 1
alley. Sec. & Treas.— (V . 125. p. 2534.)
BUTTE AND SUPERIOR MINING CO.— ORGA N IZA TIO N .— Incororated in Arizona Oct. 2 1906. Owns mining claims in Silver Bow Co.,
lont. (area 164.7 acres), interests in other claims having an area of 58.3
acres and surface rights, &c. Output chiefly zinc spelter.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stock— Common $3,500,000 ($10) ____
$2,901,977
_________
LATE DIVS.—
1916. 1917. 1918-21. 1922. 1923. 1924. 1925. 1926.
Regular ( % )_______
40 31A
______
5
10
____
20
20
Extra ( % )_________ 300 35K
................ - - - ____ ____ ____ ____
Paid in 1927: Mar. 31, 5% ; June 30, 5% , Sept. 30, 5% .
R EPO RT.— For 1926, in V. 124, p. 2124, showed:
1926.
1925.
1924.
1923.
Net value of zinc and
copper ore...............$3,154,646 $3,190,175 $2,969,261 $3,346,294
Operating costs.............. 2,558,068 2,584.779
2.504,282
3.032.553

S

Net Incom e................
Other income...................

$596,578
49,082

$605,396
46.500

Total income— .........
Depreciation...................
Accrued taxes, &c______

$645,661
72,000
77,656

$651,895
72,000
86,368

Net income before de­
p letion ___________
Previous surplus_______

$496,004
$387,504

Total_________ ______
Capital distributions..Adjustments__________

$883,508
$580,395
32,838

$493,527
$718,214

$464,979
40,678
$505,658
180,000
116,286

$313,741
44,065
$357,806
219,412
169,445

$209,372 def$31,050
$1,889,672 $2,210,921

$1,211,741 $2,099,045
$580,395
______
243,842 1,380,831

$2,179,870
$290,197
______

Bal., sur., Dec. 31—

$270,275
$387,504
$718,214 $1,889,672
June 30 5% ; Sept. 30, 5% .
Results for 3 and 9 Months.
1927— 3 M os.— 1926.
1927— 9 M os.— 1926.
Net value of zinc o r e - . .
$499,788
$641,212 $1,841,218 $1,814,231
Net value of copper ore.
48,955
157,829
178,582
575,293
Miscellaneous income___
14,692
13,169
61,927
36,829
Total income________
Operating costs________
Deprec., res. for taxes..

$563,435
515,091
19,594

$812,210
600,651
39,443

$2,061,729 $2,426,263
1,785,090 1,926,985
72,392
113,138

Net to surplus_______
$28,750
$172,116
$204,246
$6,141
OFFICERS.— Pres., D. C. Jackling; V .-P .. Chas. Hayden; Sec., A. J.
Ronaghan; Treas., J. R. Dillon. Office, 25 Broad St., New York.— (V
125, p. 2534.)
BUTTERICK CO. (TH E).— ORGANIZATION.— Incorp. in New York
on Jan. 15 1902. Owns stock of various companies publishing magazines,
manufacturing paper patterns, &c. See V. 75, p. 237.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stock— Com $20,000 000 ($100)-- ____
$15,813,400 _________ _
Bonds— Butterick Pub Co 10-yr 1 6 H g M-S
$2,000,000 Sept. 1 1936
yr s f g debs red (text) $500 &c jln t. at Halsey, Stuart & C o., New York
STOCK.— The stockholders on Sept. 8 1926 increased the authorized
capital stock from $15,000,000 to $20,000,000, the additional stock to be
used specifically for stock dividend purposes from time to time.
The outstanding obligations on Dec. 31 1925 included: mortgages, $550,000 .
DIVIDENDS—
f ’03. ’04. ’05. ’06. ’07. ’08. ’09. ’ 10-’ 15. ’ 16. ’ 17-’25.
4
4
4
3
1 « 2M 3 yrly. 2 X None!
Since 1902, 5 % ......... 1 4
Dividends on common stock were resumed on Dec. 1 1926 with a payment
of 2% in cash and 8% in stock. V. 123, p. 2266.
Bonds.-—The Butterick Publishing Co. 6 A % gold debentures are red. all
or part by lot at any time on 4 weeks’ published notice at 105 on or prior
to Sept. 1 1928. and thereafter at 105 less A of 1% of the principal amount
for each 6 months’ period or fraction thereof to Sept. 1 1935; thereafter at
]0034 to March 1 1936, and thereafter at the principal amount plus int.
to date fixed for redemption in each case.
Trust agreement will provide for the retirement at the rate o f $50,000
of debentures annually from Sept. 1 1926 to Sept. 1 1928, and $115,000 of
debentures annually thereafter.
The sinking fund will operate semi­
annually commencing March 1 1927. Debentures may be purchased or
called by lot at the prevailing call price, and debentures acquired for the
sinking fund will be cancelled. V. 123, p. 1385.
R E P O R T — For 1926 in V. 124, p. 2433, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net profit after Fed. tax.
$338,813
$488,086
$577,648
$629,262
Preferred dividends____
26,000
42,000
50,000
58,000

Balance, surplus_____
$675,866
$655,602
$345,908
$387,767
Period End. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 Mos.— 1926.
Gross earnings__________ $2,209,337 $2,323,061 $6,652,707 $6,808,147
Operating expenses____
1,103,917
1,208,021
3,351,355
3,615,752
Taxes_________________
345,910
343,141
1,024,611
1,015,336
Interest________________
242,056
254,252
726,842
775,373
Depreciation___________
43,989
43,989
131,966
131,966

Common divs. (cash)_
_
292,842
Common divs. (sto ck ).. 1,171,368
Consol. & impt. expenses 1,480,735
Sale of machinery______ Cr. 169,437

BUTTE COPPER AND ZINC CO.— Organized under laws of Maine,
Nov. 22 1904. Is engaged in developing, mining and operating mines and
mineral lands, and in milling zinc and manganese ores. Property, con■isting o f ten claims, is owned in fee and is located in the centre of the City
of Butte, Silver Bow county, Montana, and is a compact group covering
about 3,000 feet along the Black Chief vein
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
Stock— Common $3,000,000 ($5). ____
$3,000,000 ____________
STOCK.— Authorized and outstanding, $3,000,000
Par value, $5.
D IV ID E N D S.— A dividend o f 50 cents per share was paid In July 1918'
then none until March 1 1923. when 50 cents per share was paid; none
thereafter until Dec. 24 1924, when 50 cents per share was paid; same
amount paid Dec. 24 1925 and Dec. 24 1926.
LEASE.— About July 1915 the Anaconda Copper Mining Co. started
development operations under a lease, under the terms of which net earn­
ings from ores recovered Is divided 50% to Butte Copper & Zinc Co. and
50% to the Anaconda Copper Mining Co.
R E PO R T .— For ’ 926, in V. 124, p. 796, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Proceeds o f ore________ x$265,923
$444,398
$145,951
$93,664
Other income__________
25,591
26,134
32,436
22,354

Net profit for the period.
Balance Dec. 31 1926____

Balance, surplus_____$3,140,382
$446,086
$527,648
$571,262
Profit and loss_________ $1,687,824 $4,150,518 $4,294,187 $3,766,539
Condensed Consolidated Income Account First Quarter 1927.
Surplus______________
$473,465
$473,658 $1,417,933 $1,269,720
OFFICERS..—Pres., Irving T . Bush; V .-P., Frank Bailey and P. L • Sales— Net of returns and reserves____________________________ $3,407,384
Cost of sales— General and selling expenses, incl. depreciation._ 3,153,375
Gerhardt; V.-P. S Treas., R . G. Simonds; Sec., S. C. Blackiston. Office.
c
Interest on debentures_______________________________________
32,365
100 Broad St., N . Y .— (V. 125, p. 2534.)

Total income________
Expenses and taxes, & c.

$291,514
96,990

$470,532
91,583

$178,387
45,275

$116,018
40,697

Net income__________
$194,524
$378,950
$133,112
$75,321
Earn, per sh. on cap. stk.
$0.32
$0.63
$0.22
$0.13
x After deducting $10,000 written off deprec’n of plant and equipment.




$221,645
1,687,824

Balance March 31 1927_____________________________________$1,909,469
Earnings per share-----------------------------------------------------------------$1.40;
OFFICERS.— Chairman, Joseph A. M oore; Pres., S. R. Latshaw,
Treas., L. Rank; Sec., T. S. Mersereau. Office. Butterick Building, N . Y .
City.— V. 125, p. 1055.)
BYERS (A. M.) CO.— ORGANIZATION.— Incorp. under the laws
of Penn, on July 9 1903. Perpetual charter. Took over the business o f
A. M . Byers & Co. Inc., and Girard Iron Co. originally established as
Graff, Byers & Co. in 1864.
NATURE OF BUSINESS.— The corp. is engaged in the manufacture
and sale of wrought iron pipe, pig iron and, through its subsidiary, Orient
Coal & Coke C o., produces coal and coke. About one-half of the genuine
wrought iton pipe manufactured in the U. S. is produced by the corp.
The pipe is marked with a spiral stripe to permit ready identification.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks—Com 200,000 shs (no par) ___
199,340 shs ------------------Pref cum $6,821,200 ($100)--- 7 Q-F
$6,749,100 .......................
STOCK.— The pref. stock is red. in whole or in part at any time on 60
days’ notice at 110% and accrued divs. A sum equal to 10% o f the net
earnings will be applied yearly as a sink, fund for the pref.
Preferred votes share for share with the common stock.
D IV ID E N D S.— On pref. stock in full to date.

164

R EPO RT.— For 1926, in V. 124, p. 611, showed:
Years Ending Sept. 30-—
1926.
xl925.
Sales_________________________________________ $11,843,061 $10,909,412
Cost o f sales___________________________________
8,309,275
8,090,037
Gross manufacturing profit___________________ $3,533,786 $2,819,375
Other income__________________________________
137,597
104,422
Totalincom e___________________________________$3,671,383
Administrative, general and selling expense______
800,506
Experimental, special charges, &c________________
93,416
Provisions for depreciation, &c__________________
660,124
Provision for contingencies and idle time_________
143,550
Interest, discount and expense o f bonds__________
279.831
Federal income taxes____________________________
228,285
Preferred dividends_____________________________
308,971
Common dividends_____________________________
' ______

$2,923,797
790,091
72,317
590,768
______
265,608
164,762
317,820
236,572

Balance, surplus______________________________ $1,156,702
$485,860
Profit and loss surplus________ __________ _______ $2,814,355
$1,816,351
x including results o f operations o f Orient Coal & Coke Co. for the 8
months beginning Feb. 1 1925, date o f acquisition.
Earnings for 1927 as compiled from quar. statements were: Total income
after deprec., taxes, &c., $1,420,833: int. & amort., $47,826; net income,
$1,373,012.
OFFICERS.— Chairman, E. M . Byers; Pres., A. H. Beale; V.-Pres.,
J. F. Byers; L. M . Johnston, E. L. Ives; Sec. & Treas., F. G. Love; Compt.,
C. G. Jensen; Asst. Sec. & Asst. Treas., H. H. Bryant; Aud., W. S. Graham.
Office, 235 Water St., Pittsburgh, Pa.— V. 125, p. 2813.
CALIFORNIA PACKING CORPORATION vOF N. Y .).— O R G A N I­
SATION.— In Get. 1916 incorporated in New York to acquire (V. 103 p .
1212), free o f mortgage or other funded debt the business assets and prop
erties o f J. K. Armsby C o.; California Fruit Canners’ Association; Sterling
Canning C o.; Virden Packing Co.; Central California Canneries; Griffin &
Skeliey C o.; and about 80% o f the capital stok of the Alaska Packers’
Assn. Packs and distributes California dried fruits and canned goods, and
is also an important factor in Hawaiian pineapple industry. Among the
different brands o f goods owned are “ Del M onte,” “ Gold Bar,” “ Sun Kist”
and “ Glass Jar.” The Alaska Packers’ Association is a large packer of
canned salmon. Hawaiian property, Y. 104, p. 2454.
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
Stocks-Com 1,500,000 shs(no par) ____
977,416 shs _____________
STOCK.— The stockholders on M ay 18 1926 increased the authorized
capital stock from 500,000 shares without par value to 1,500,000 shares
Without par value. A stock dividend of 100% was paid on Aug. 2 1926.
D IV ID E N D S .— Divs. on com., June 15 1917 to Mar. 1918, 50 cents
each ($2 p. a.); June 15 1918 to Dec. 15 1919, $1 quar.; Mar. 15 1920 to
Mar. 15 1926, $1 50 quar.; also paid 50 cents extra on Mar. 15 1926. On
June 15 1926 paid $2 quar. On Aug. 2 1926 paid 100% in stock. On
Sept. 15 1926 to Dec. 15 1927 paid $1 quar. on increased capitalization.
R E PO R T .— For 1927, in V. 124, p. 3073. showed:
Years Ended. Feb. 28— 1926-27.
1925-26.
1924-25.
1923-24.
•Profits_______________ $4,136,918 $5,745,541 $5,630,519 $4,479,221
Income from investm’ts.
920,434
269,309
519,960
840,129
Net profit___________ $5,057,352 $6,014,850 $6,150,479 $5,319,350
Common dividend_____ 3,909,664
3,163,602
2,920.248 2,830,248
Balance, surplus_____$1,147,689
$2,851,248 $3,230,231 $2,489,102
•After charges and taxes.
OFFICERS.— J. K. Armsby, Chairman of the Board; R. I. Bentley,
Pres.; L. E. W ood, V.-P. & Gen. M gr.; L. A. Woolams, V .-P. & Treas.;
H. Z. Baldwin, Sec. Office, 101 California St., San Francisco.— (V. 124,
p . 3073.)
CALIFORNIA PETROLEUM CORPORATION .— ORGANIZATION.
— A holding company incorporated in Virginia Sept. 27 1912.
The company owns the entire outstanding capital stock (unless otherwise
specified) o f the following operating companies: (1) California Petroleum
Corp. o f Calif., which in turn controls: (a) Midland Oilfields C o., Ltd.
(6) California Petroleum C orp., Washington; (c) California Petroleum Corp.,
Utah; (d) California Gasoline C o., Calif.; (e) Ventura Refining C o., Calif.;
(J) Santa Paula Oil Co. Calif.; (g ) Montebello Oil C o., Calif., and (ft)
Oak Ride Oil Co. Calif, which in turn controls: (ftl) Mexican Oil Lands
C o., Mexico and (ft2) Ventura-Colorado Oil C o., Maine. (2) California
Petroleum Steamship Corp., Calif.
(3) California Petroleum Corp. of
Montana which controls: (a) 56.70% o f International Refining C o., M ont.,
and (6) 50% o f Arctic Refineries Ltd. Canada. (4) Red Star Petroleum
C o., (59 + %) Calif. (5) California Petroleum Corp. o f Venezuela, Del.
In accordance with the policy o f the company to simplify the corporate
structure, the American Oilfields Company was dissolved on June 30 1927,
and all assets were conveyed to the principal operating company of the
holding corporation, the California Petroleum Corp., the California corp.
On Sept. 2 1926, the Niles Lease Company was dissolved, and all its
assets similarly transferred.
On Oct. 8 1926, the American Petroleum Company was dissolved, and
all its assets likewise transferred to the principal operating subsidiary.
The Gato Ridge Oil C o., and the Ventura Consolidated Oil Fields are
now in the process o f being dissolved. The assets o f the latter have been
purchased by the California Petroleum Corporation, the California corp.
and the assets o f the Gato Ridge Oil C o., by the Oak Ridge Oil Co.
During the coming year the corporate structure will be further simplified
with a view toward closer organization.
STOCKS AN D BONDS—
R a te o f Int.
O u ts ta n d in g . B d s. w h e n D u e Stocks— Com $125,000,000 ($25) ____
$64,265,725 ____________
Bonds■ 12-yr conv s f gold deb J 53^ g M -N $12,000,000 N ov. 1 1938
—
red text ($500 &c)_ kxxxc* lin t, at Am. Ex. Pac. Nat. Bk., N. Y .
_
12-yr conv s f gold debs red text j 5 g F-A
$8,000,000 Feb. 1 1939
($500 &c)__________ kxxxc* \Int. at Chat. Ph. Nat. Bk & T r.C o.,N .Y .
The California Petroleum Corp., the Virginia corporation, was originally
capitalized for $35,000 000 of which $17,500,000 was preferred and $17,500,000 common, par o f both being $100.
In 1923 the common stock was increased to $60,000,000, making the
total authorized capitalization $77,500,000.
The same year the par value of the common was reduced from $100 to $25.
On July 6 1925, the entire outstanding preferred stock was redeemed at
$120 and accrued dividend. The retirement of the preferred stock was
financed by issuing 527,978 additional shares of common (par $25) at
$27.50 a share to both preferred and common stockholders. The newr stock
was offered to the preferred and common stockholders of record, June 2
1925, in the ratio o f 1 4-5 shares o f such additional for each share of pref.
stock and 9-20 o f a share o f such additional stock for each share of common
stock held.
On Mar. 22 1926, the stockholders voted to increase the authorized
capital stock from $60,000,000 to $125,000,000, par value $25, all common.
BONDS.— The 10-year 6 14 % sinking fund gold bonds were redeemed
April 1 1927 at 103H and interest.
The 12-year conv. 514% sinking fund gold debentures of 1926 are redeem­
able, all or part, at any time on 60 uays notice at 103 and int., if called for
redemption on or before Nov 1 1927, the premium decreasing thereafter
U of 1% for each successive 12 months period. American Exchange-Pacific
National Bank, N . Y ., trustee.
C o n v e rtib le at the option o f the holder at any time into common stock
at the following prices $40 per share if converted on or before Nov. 1 1929,
or $42 50 per share if converted after N ov. 1 1929, and on or before Nov. 1
1932, or $45 per share if converted after N ov. 1 1932 and on or betore
N ov. 1 1935, or $50 per share if converted thereafter, with provision for a
reduced conversion price in the event of a stock dividend, or if additional
6tock shall be issued or sold at prices lower than the respective conversion
prices except as otherwise provided in the indenture.
S i n k i n g f u n d commencing Feb. 1 1927 and payable semi-annually there­
after to operate by purchase or call, will be sufficient to retire 60% of the
debentures by maturity
Out o f the proceeds o f this issue the corporation redeemed on April 1
1927 the $5,963,000 6H % bonds due Oct. 1 1933, and on Feb. 1 1927
the 6% bonds o f American Oilfields Co., due Feb. 1 1930, V. 123, p. 2144.
The 12-year convertible 5% sinking fund gold debentures of 1927 are
redeemable all or part at any time on 60 days’ notice at 103 and int., if
called for red. on or before Feb. 1 1928. the premium decreasing thereafter
M o f 1% for each successive 12 months period. Chatham Phenix National
Bank & Trust C o., trustee.
C o n v ertib le at the option o f the holder at any time into common stock of
the corporation at the following prices $40 per share if converted on or
before Feb. 1 1930, or $42.50 per share if converted after Feb. 1 1930, and
on or before Feb. 1 1933, or $45 per share if converted after Feb. i i933,




[V ol. 125,

INDUSTRIAL STOCKS AND BONDS

and on or before Feb. 1 1936, or $50 per share if converted thereafter,
with provision for a reduced conversion price under certain conditions as
provided in the indenture.
Sinking Fund commencing M ay 1 1927 and payable semi-annually'there­
after to operate by purchase or call, will be sufficient to retire 60% o f the
debentures by maturity. V. 124, p. 511.
D IV ID E N D S.— Divs. on common, Jan. 1, Apr 1 and July 1 1913, 1H %
each: then none until Mar. 1 1923, when 1% % was paid; June 1 1923 to
June 1 1925 paid 1% % qu.; Sept. 1 1925 to June 1 1927 paid 2% quar.;
Sept. 1 1927, and Dec. 1 1927 paid 1% quar.
R E PO RT.— For 1926 in V. 124, p. 1828, showed1926
1925
1924
1923
Gross earnings Calicos.).! Not ' J $22,943,269 $17,676,056 $20,314,981
8,735,357
7.363,900
6.400.655
Operating expenses_____Javailablel
Profit from operation.$16,476,836 $14,207,912 $10,312,156 $13,914,326
Deprec., deplet., inci­
dental exp., &c______ 8,570.339
6,711.470
5,896.561
6,237.915
Bond interest, &c______
673.706
595.959
592.628
186,620
Res. Fed. tax. & conting.
500.000
600.000
350.000
775.000
Preferred divs. (7%) — .
______
423.499
836.787
863,550
Common divs_______ (8% )3,806,434 (7)1,995.668 (7)1,216.390 (7)1,216.390
Minor, prop, o f earns_ D r.124,225
_
Dr.5,630
Cr.4.466
____
Sinking fund___________
______
______
582.969
610.293
Balance, surplus_____ $2,802,133
$3,875,684
$841,285 $4,024,559
Profit & loss surplus___ $22,269,264$19,467,131 $12,295,072 $10,301,660
Shs.com. outst.(par $25)
1,979,910 1,799,004
695,080
695.080
Earn, per share on com .
$3.34
$3.26
$2.96
$7.54
Latest Earnings 9 mos. ended Sept. 30 1927 in V. 125, p. 2534.
OFFICERS.— Chairman of Board, Thos. A. O’ Donnell; Preg., Jacques
Vimmont; V.-Pres., J. F. Brown, D. M . Black, C. L. Coppage, F. V.
Gordon, C. E. Olmsted, L. B. O’Neil, and F. C. van Deinse; Sec., D. E.
O’Brien; Treas., W. D. Stewart. Office, Security Bldg., Los Angeles, Calif.
— (V. 125, p. 2534.)
CALLAHAN ZINC-LEAD CO.—
ORGANIZATION.— Organized in Arizona June 12 1912 as the Consoli­
dated Interstate Callahan Mining Co. Name changed to present title on
April 12 1920. Engaged in mining and milling zinc and lead ores in Sho­
shone County,Idaho.
This company owns two groups of mining claims, as follows:
1. The Callahan property is located in the Beaver and Placer Center
Mining Districts in Shoshone County, Idaho, and consists of patented and
unpatented claims aggregating about 1,250 acres. The equipment consists
of a saw mill, oil flotation plant, machinery and concentrator, A tramway
from the company’s concentrating plant to Sunset station has been in opera­
tion since Nov. 1915. There are developed lead, silver and zinc ore bodies
in this property amounting to approximately 60.000 tons. Operations
were discontinued in Oct. 1923, because of the low price of zinc, which is
the predominating metal.
2. The Galena property. This group, located about one and one-half
miles of west of Wallace in Shoshone County, Idaho, is a consolidation of
the property formerly known as the Chicago-Boston, Killbuck, Coeur
D ’ Alene Vulcan, Wallace Mining, Milling and Realty Co., Argentine and
Silver Range groups and consists of approximately 1.500 acres of patented
and unpatented mining claims. The equipment consists of hoist and com­
pressors, service building, and oil flotation plant, with a capacity of 150
tons daily.
Subsidiaries.— In addition to the above properties the company owns
754,993 shares of the stock of the Blue Grouse Mining Co. of which a totai
of 1,100,000 shares are outstanding: 500,800 shares of the capital stock
of the Silver State Mining Co. which has 946,384 shares outstanding;
78% of Virginia Lode Mining Claim.
All o f these properties are contiguous to the Callahan property at
Interstate.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
$7,245,920 _____________
Stocks— Com $10,000,000 ($10). ____
STOCK.— The stockholders of record Oct 26 1922 were given the right
to subscribe to new stock at par ($10) on a basis of one new share for each
five shares held
V 115 p 1842
D IV ID E N D S.— Paid dividends regularly from April 1 1915 to June 30
1917, in all $13.50 per share, or $6,277,365 in divs.; Sept. 1917 none, pending
certain improvements, &c.; Jan. 2 1918, 50 cents (5% ); June 15, 50 cents
(5% ) quarterly. In Oct. 1918 paid 75 cents (714%) quar. none thereafter
until Feb. 1920 when $2 was declared payable in quar. installments of 50c
each on March 30, June 30, Sept. 30 and Dec. 30 1920; none since.
R E PO RT.— For 1926, in V. 124, p. 2286, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net value o f shipments.
$66,201
y
y
$916,559
_
31,940
$33,290
$48,772
64,424
Miscellaneous income_
Total income________
Expenditures__________

$98,141
193,487

$33,290
219,406

$48,772
240,107

$980,983
988,917

Operating deficit_____
$95,346
$186,115
$191,335
$7,934
x Six weeks’ production, total output of lead and zinc concentrates, 4,284
tons (production was resumed in Nov. 1922 after a shut-down of ? years) .
y.Mining and milling were discontinued in Oct. 1923. Production from
Galena mine begun N ov. 1 1926.
OFFICERS.— Pres., Donald A. Callahan: Sec. & Treas., C. W . Newton
Office, Wallace, Idaho.— (V. 125, p. 1055.)
CALUMET & ARIZONA MINING CO.— O R G A N IZA T IO N — Incorp.
In Delaware on Oct. l7 1925 to take over the business formerly conducted
by the Arizona corporation by an exchange share for share of its stock for the
stock of the Arizona corporation, owning mining properties in Bisbee, Ariz.,
Lordsburg, N. Mex., Copper Creek, Ariz., and Douglas, Ariz. On Dec. 31
1926 owned also 1,229,741 of the 1,800,000 outstanding shares of $5 each of
the New Cornelia Copper Co.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds
Stocks— Com $6,500,000 ($ 10).. ____
$6,427,570 . .
DIVS.— ’ 13. ’ 14 ’ 15. T6 T7. ’ 18 ’ 19. ’20. 2 1 2 2 23. 24 ’25 ‘ 26
Per c e n t.. .50 30 32 H 90 110 80 30 40 20 20 35 20 40 '60
Paid in 1927: March 31, 15%: June 30, 15%: Sept. 26, 15%.
R E PO RT.— For 1926. in V. 124, p. 1984, showed:
1923.
Calendar Years—
1926.
1925.
1924.
Total income__________ $10,400,099 $9,371,849 $8,173,310 $8,933,315
Deduct—
Oper. exp. at mines and
smelters, incl. deprec. 5,281,459
5,539,854
5,124,805
5,345,439
Salaries,office & gen.exp.
158,591
54,213
114,747
277,788
Freight, refining & mar880,841
keting expense______
______
860,463
823,236
1,023,226
Ore depletion charges_
_
397,772
1,336,716
1,247,461
1,242,153
State & Federal taxes_
_
85,485
515,067
434.431
540,856
Dividends paid________ 3,856,542
2,571,028
1,285.063
2.248,849
alance, deficit______
$260,591 $1,505,493
$856,433 $1,744,998
OFFICERS.— Pres., Gordon R. Campbell; Sec. & Treas., James E.
Fisher. Office, Calumet, M ich.— (V. 125, p. 2814.)
CALUMET AND HECLA CONSOLIDATED COPPER CO.— The
stockholders of the Calumet & Hecla, Osceola, Ahmeek, Centennial and
Allouez mining companies Sept. 7 1923 approved the plans for consolidating
under this title (under the laws of Michigan) the five companies named.
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $62,500,000 ($25). ____
$50,137,550 .................—
STOCK.— The auth. capitalization of the new company is 2,500,000
shares, par $25. of which the new company issued a total of 2,005,502 shares
to the stockholders of the constituent companies; the remaining 494,498
shares are to be reserved for general corporate purposes.
Allotment.— The shares of the new company were alloted as follows:
Total Shares
New
Outstanding.
Shares.
Ahmeek C o______________________________________
200,000
536.000
Allouez C o_______________________________________
100.000
80.000
Calumet & Hecla C o_____________________________
800 000
1,205.308
Centennial Copper C o ____________________________
90,000
34 200
Osceola Consolidated C o__________________________
96,150
149,994
Total.

2,005,502

Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

D IV ID E N D S.— An initial dividend o f 50c. per share was paid Dec. 17
1923; same amount paid June 16 1924, March 4 1925, Sept. 15 1925, Dec. 15
1925, June 15 1926, then quarterly to Sept. 15, 1927.
R EPO RT.— For 1926 in V. 124, p. 1071, showed:
Receipts—
1926.
1925.
1924.
Copper sales________________________$14,334,981 $14,027,580 $9,229,251
Custom smelting___________________
82,375
89,467
100,498
36,669
67,813
19,106
Dividends__________________________
Interest____________________________
263.657
207,918
192.698
Miscellaneous______________________
23,806
58.051
39,187
$14,741,488 $14,450,829
Expen ditures__
Copper on hand first o f year________ $3,182,379 $4,243,036
Prod, selling, adm. and taxes_______ 9,975,182 9,291,390
Miscellaneous______________________
44,612
81,938

$9,580,741
$4,816,495
8,251.970
320.432

T o t a l ..__________________________$13,202,173 $13,616,364 $13,388,897
3,372.632
3,182,379
5,866.909
Less copper on hand end o f year____
Balance___________________________ $9,829,541 $10,433,985 $7,521,988
Operating profit_____________________ $4,911,947 $4,016,844 $2,058,755
Deprec. and depletion______________ 3,411,629
4,453,520 3,693,192
Profit____________________________$1,500,318 def$436,676defl ,634,440
Paid in surplus_____________________ 20,259,780 35.434,579 38,071,769
Dividends paid_____________________ 3,008,253
3,008,253
1,002,751
Rate_____________________________
($1.50)
($1.50)
($0.50)
Deficit Jan 1 1 9 2 6 --_____ __________ 5,782,375
...........
...........
Total surplus____________________ $12,969,470 $31,989,650 $35,434,579
$0.75
Nil
Nil
Earnings per share_________________
As o f Dec. 31 1926, current assets amounted to $15,581,911 o f which
$5,093,379 represented cash and U. S. Government bonds. Current
iabilities totaled $14,168,857, leaving net working capital o f $14,165,054.
In his remarks to stockholders. Pres. R. L. Agasiz says: “ During the
year there was produced from the mines 73.297,924 pounds of copper at
an average cost sold but not including depreciation or depletion, of 10.59
cents per pound. During the same period, and not included in the above,
there was produced from the reclamation plants at Lake Linden and Hubbeli
30.988,076 pounds o f copper at an avergae cost sold o f 7.10 cents per pound.
The average price received for copper delivered during the year was 14.23
cents per pound.”
Latest Earnings.— For 9 months ended Sept. 30 in V. 125, p. 2391.
OFFICERS.— Chairman, Rodolphe L. Agasiz; Pres., James MacNaughton; Sec. & Treas., Alonzo D. Nicholas. Offices, 12 Ashburton Place,
Boston, Mass.— (V. 125, p. 2391.)
CAMBRIA STEEL CO.— Properties taken over by Bethlehem Steel
Corp. on Mar. 30 1923. See that company above.— (V. 118, 2441.)
CANADA DRY GINGER ALE, INC.— Incorp. under laws of Delaware
on June 1 1925. Owns all the outstanding stock of Canada Dry Ginger
Ale, Inc. (Virginia) and J. J. McLaughlin, Ltd. (Canada). Through these
subsidiaries is engaged in the manufacture and sale in the United States
of “ Canada Dry Ginger Ale,” and in Canada in the manufacture and sale
o f “ Canada Dry Ginger Ale” and carbonated waters, and other non-alco­
holic beverages. Plants are located at Hudson, N . Y .; M aywood, 111.;
Toronto, Ont., and Edmonton, Alberta.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when DueStocks— Com 800,000 shs (no par) ____
450,694 shs ------------------STOCK.— See table:
“ D IV ID E N D S.— Paid 50c. a share each quarter from Oct. 15 1925 to
July 15 1927. Oct. 15 1927, 75c. per sh. and 25c. extra in cash. Also paid
stock divs. of 1 M each quarter from April l5 .1926 to Jan. 15 1927.. On
°/c
April 15 1927 paid 25c. cash div. as extra.
1926.
. $8,400,389
. 6,168.071

1925.
$6,309,808
4,737,674

Other income-

. $2,232,318
64,480

$1,572,133
44,485

Other deductions___________________
Depreciation_______________________
Interest____________________________
U. S. and Dominion o f Canada taxes_

. $2,296,798
195,958
87,553
7,286
269.703

$1,616,618
148,885
50,315
4,015
174,624

Calendar Years—

Net profit_____ ______________________________ $1,736,299 $1,238,780
Period End. Sept. 30— 1927— 3 M o s — 1926.
1927— 9 Mas.— 1926.
x Gross income________
$733,375
$498,947 $2,442,334 $1,621,144
Other deductions______
84,083
27.823
231,367
147,961
Depreciation___________
37,730
28.802
102,269
60,339
Interest________________
______
4,949
3.056
7,829
U . S. & Dom. of Can. tax
90.310
57.763
310,860
179,000
Net profit___________
$521,252
$379,610 $1,794,781 $1,226,016
x After costs o f sales and expense and other income.
OFFICERS.— Chairman, Lyman N. Hine; Pres., P. D. Saylor; V .-P .,
P. M . Boggs and J. M . Mathes; Sec., R. W. Snow; Treas., W . C. Hanson;
Asst. Treas., A. J. P. Estlin. Office, 25 West 43d St., N . Y . City.—
(V. 125, p. 2534.)
CANADA STEAMSHIP LINES, LTD.— Formed in Canada in 1913 by
the consolidation of ten steamship companies an I is engaged in inland water
transportation of bulk and package freight and passengers. The territory
served extends from the head of the Great Lakes to the Gulf of St. Lawrence
The company owns the largest Canadian fleet of steamships on the Great
Lakes, consisting of 111 vessels. There are 65 steamships and 2 barges
engaged in the transportation o f bulk freight commodities, and 21 package
freight ships of a specialized type adapted to quick and efficient handling
o f package freight. The total carrying capacity o f these vessels is 381,725
tons and there are also 32 passenger steamships with a gross registered
tonnage o f 58,596 tons. Company also owns valuable passenger and
freight terminals, wharves, docks, warehouses, hotels and coal-handling
facilities at various places on the Great Lakes and the St. Lawrence River;
also a four million bushel grain elevator situated on leasehold property.
All the terminal property operated by the company is owned, with the
exception o f two sites, which are operated under long term leases from
the Canadian Government. In addition to its transportation facilities,
the company owns several subsidiary companies, such companies include
shipbuilding and repairing plants, towing and wrecking service, and a
coal sales company operating coal handling docks and vessel bunkering
stations at points ranging from Sault Ste. Marie, Ont., to the City of
Quebec.
STOCKS AND BONDS—
Rate o f Int. Outstanding. B d s. w h e n D u e .
Stock— Com (no par)___________
____
120.000 shs ------------------Pf cum & partic red 125 ($100) 6 Q-J
$15,000,000 -------------------B o n d s — 15-yr 1st & gen M gold J 6 g A-O
$18,000,000 Oct. 1 1941
ser A red text($500&c)kxxxc* \Int. at N. Y ., Montreal, Toronto or Lond.
Debenture stock and bonds____J 5 F-A 15
$4,228,162 Aug. 15 1943
[Int. at Montreal, Can., and London, Eng.
STOCK.— Dividends on pref. stock are cumulative from Jan. 1 1927 at
the rate o f 6% per annum; pref. stock is also entitled to an additional divi­
dend at the rate of 1% per annum at such time and for such period as divi­
dends up to and incl. $3 per annum per share may be paid upon the common
stock o f the company, and also to receive a further additional dividend at
the rate o f 1% per annum at such time and for such perid as dividendsin excess of $3 per annum per share may be paid upon the common stock
o f the company. The pref. stock is callable in whole or in part at $125
per share.
BONDS.— The 1st & gen. mtge. 6% gold bonds series “ A ” are callable
at 105 on or before Oct. 1 1932, with successive reductions of 1% annually
to and incl. Oct. 1 1936, and thereafter at 101 before maturity, plus interest.
Security.— Secured by a 1st mtge. on recently acquired properties having a
total value after depreciation o f $14,000,000; and by a 2d mtge. on steam­
ships, real estate and other properties having a total value after depreciation
o f $21,895,076, as at March 31 1926, and subject to a prior mtge. to secure
the company’s 5% debenture stock outstanding in amount of $4,228,162.
thus leaving an equity o f $17,041,798. The mtge. to sonure this issue will




165

be closed at $50,000,000, issuable in series. Only series A will be presently
outstanding. Other series with terms fixed by the directors, but with ma­
turities not earlier than any series then outstanding, may be issued against
75% of the cash cost or value, whichever is less, of property subsequently
acquired, or to refund 5% debenture stock (and[or] 5% bonds) at par,
provided net earnings, to be defined in the mtge., are equal to twice the
interest requirements upon funded debt of the company under appropriate
provisions of the mortgage.
Sinking Fund.— Company agrees to pay at least $400,000 per annum as a
sinking fund to meet the requirements of its 5% debenture mtge. and to
retire annually at least $50,000 principal amount of series “ A " bonds. This
sinking fund will provide sufficient moneys to purchase all of the 5%
debenture stock by 1936. after which time the entire sinking fund will be
applied to the retirement o f series “ A” bonds, and, after the discharge of the
5% debenture mortgage, the mortgage securing this issue will become a
first charge upon all the properties of the company.
RE PO RT.— For 1926, in V. 124, p. 1984, showed
Calendar Years
1926.
1925.
1924.
1923.
Gross oper. revenue___ $15,057,239 $10,437,686 $10,247,479 $11,640,381
Operating expenses____ 11.416,065
8,167,624
8,779,087
9,728,369
Net operating revenue $3,641,174
Other income__________
157,217

$2,270,062
83,013

$1,468,392
187.635

$1,912,012
243,501

Total income________ $3,798,390 $2,353,075 $1,656,027 $2,155,513
Deductions____________ 2,466.981 $1,550,233 $1,512,208 $1,678,269
Reserve for income ta x -120,000
87,000
______
_
_
Special depreciation___
______
______
______
866,000
Balance_____________ $1,211,410
$715,841
$143,819
$477,244
OFFICERS.— Pres., W . H. Coverdale; Gen. M gr., T . R . Enderby;
Sec., R. B. Thomson; Treas., J. I. Hobson. Offices, Montreal, Que.—
(V. 125, p. 1585.)
(J. I.) CASE THRESHING MACHINE C O — O R G A N IZA TIO N .—
Incorporated in Wisconsin in 1880 as successor of a co-partnership formed in
1842. Has plant at Racine, Wis., on navigable waters, covering over 40
acres of floor space. Manufactures threshing machines, clover huliers,
steam traction and farm engines, steam road rollers, oil tractors, both for
gasoline and kerosene, &c. Owns 100 acres additional at Racine on which
buildings have been erected. V. 94, p. 353; V. 98, p. 1192; V. 101, p. 372;
V . 107, p. 1834. On July 1 1919 merged with Grand Detour Plow Co. of
Dixon, 111. V. 109, p. 273. Compagnie Case de France, a subsidiary,
operates in Western Europe and Northern Africa. Operated 53 branch
houses on Dec. 31 1926.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $20,000,000 ($100) ____
$13,000,000 _____________
Pref cum $20,000,000 ($100)-. 7 Q-J
$13,000,000 _____________
STOCK.— Preferred stock has equal voting power with common stock.
DIVIDEN DS on pref., April 1912 to Jan. 2 1924, 1% % quar.; then none
until Jan. 12 1926. when 7% on account of accumulations w»j paid, reducing
the latter to 7% ; April and July 1 1926 paid 1 % % quar.; Oct. 1 1926 paid
I % quar. and 7% on account of accumulations, clearing up all back divs.
Paid 1% % April 1 1927 and same amount quar. to and incl. Jan. 2 1928.
On Jan 28 1919, after an interval of 8 years, dividends were resumed en
the common stock with payment of 7% In Liberty bonds. V. 108, p. 271.
In Jan. 1920 paid 10% in cash. A common stock div. of 39,000 shares of
new common stock was paid Dec. 15 1920. Paid $1.50 on April 1 1927
Same amount paid quar. to and incl. Jan. 2 1928.
R E PO RT.— For 1926, in V. 124, p. 1365, showed;
1 Q9Q
1926.
1925.
1924.
$18,587,952
profits- - - : : : : : : : : : : : : a$5,665.649 a$4,132*826 b$i,5i2~,27o b l ,370.806
Interest, &c_________
See a
See a
343,367
405,848
Federal & State tax_____
900.000
675,000
______
Reduc. in invet’y value
______
______
561,558
Depreciation___________
948,220
664.147
459,634
330.326
Res've for contingencies.
300.000
500,000
______
Pref. dividends (7 % )-— c l .592,318
c804,909
______
910.666
Balance----------------- sur$l,925,111 sr$l,488,765 sur$147,711 def$275,367
a After deducting Interest charges but before making provision for Federal
and State taxes, b After deducting all operating expenses and ordinary
losses, but before deducting interest charges and provisions for depreciation
(and also in 1924 adjustment of automnhile inventory values), c Back
dividends covering the year 1924 and 1925.
BALANCE SHEET as o f Dec. 31 1926 in V . 124, p. 1515.
OFFICERS.— Leon K. Clausen, Pres., Ellis J. Gittins, D. P. Davies,
Edwin E. Russell, Wm. B. Brinton, H. H. Biggert, V .-P .’s; Theo. Johnson,
Sec.; Leon R. Clausen, Treas. Office, Racine, Wis.— (V. 124, p. 1515.)
CENTRAL AGUIRRE SUGAR CO.— Incorp. in Porto Rico Dec. 19
1918 as a reincorporation of the Central Aguirre Sugar Cos., a voluntary
trust, organized Aug. 14 1905 in Mass. Owns the entire stock of the Ponce
S Guayama RR. Ce. In Jan. 1920 purchased a controlling interest in the
c
Central Machete a sugar mill situated within 5 miles of Aguirre. Also
owns practically the entire outstanding stock o f Central Cortada. Proper­
ties are located at Jobos, Porto Rico.
STOCKS AND BONDS—Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $6,000,000 ($20)-_ ____
$3,600,000 _____________
DIV ID E N D S.— ’09. TO. ’ l l . '12. T 5-T 4. T 5. 16. T 7. T 8. T 9 . '20-'27
Regular............... 7 10 5
6
0
10 431* 10 10 10
See
E xtras_________ _- . .
.. ..
..
..
. . 50 30 l6
text
1b Jan. 1920 paid $2 50 and $7 50 extra on the old $l60 par value stock.
On new $26 par value stock paid as follows: Apr. 1 1926, $2; July 1 1920,
*5 July 31 1920. $5: Oct. 1 1920 to July 1 1921, $2 quar.; Oct 1 1921 to
Oct. 1 1927. $1 50 quar
Also paid $5 extra on July 2 1923; 20% In
common stock on Nov. 2 1925, and $1 extra in cash on July 1 1927.
R E P O R T — For v«ar ended In ly 3

Years Ended July 31— 1925-26.
Sugar & molasses p rod -. $5,719,040
Miscellaneous receipts-299.916

1926 in V. 123 p 3197. showed:
1924-25.
1923-24.
1922-23.
$5,613,645 $4,642,767 $5,979,719
310,294
362,157
407.990

T o t a l in c o m e __________ $ 6 ,0 1 8 ,9 5 6

4,753.897

$5,923,939
4,205,721

$5,004,925
3,862,556

$6,387,710
3,944.298

Net earnings_________ $1,265,059
Divs. rec.. Cent. M . C o.
145,600
Sundry adjusts. & credits
4,626

$1,718,218
87,000
1,639

$1,142,369
58.000

$2,443,412
116,000

Net income_________ $1,414,679
Depreciation, &c_______
233,132
Plant a justm’ts (net)-_
______

$1,806,857
167,893

$1,200,369
152,264

$2,559,412
160.437
2,150

Balance, surplus_____$1,181,547
Previous surplus_______ 8,128,044
Adjust, of tax reserves-.
______
Miscellaneous__________
______

$1,638,964
7,648,972
51.218

$1,048,105
7,892,784

$2,396,825
7,520.208
19.617
7.093

Agricul. & mfg. expenses

Total....... ...........
$9,309,591 $9,236,718 $8,940,889 $9,943,743
Deduct— Reserve for in­
come taxes________
118.816
180.000
369,631
369,548
Dividends (cash). (30%) 1,037.964 (30)903.000 (30) 903,000 (55) 1660,000
Dividends (stock)--(20% )600.000
Reserve for insur., &c_
_
2,484
25,674
19.285
21,412
P. & L .surp., July 31- $7,550,327 $8,128,044 $7,648,972 $7,892,784
OFFICERS.— Pres., Ohas. G. Bancroft; V.-Pres., John Farr; 2d V.-P.
& Gen. M gr., Chas. L. Carpenter; Treas., J. Brooks Keyes; Sec., Richard
D Coe
Main office Aguirre. Porto Rico. New York office, 129 Front
St.; Boston office, 145 Milk St.— (V. 124. p. 3500.)
CENTRAL ALLOY STEEL CORP.— Formerly United Alloy Stee
Corp., the stockholders having voted Aug. 17 1926 to change the name as
above. Under an agreement dated July 22 1926, the entire property,
assets and business of the Central Steel Co. and the Central Furnace Co
of Massillon, O., were acquired. The properties include blast furnace and
49-oven by-product coke plant, 27 open-hearth furnaces, 3 electric furnaces,
3 blooming mills, 3 sheet bar mills, 8 bar mills, 55 sheet mills and 1 hot strip
mill. Combined ingot capacity is 1,400,000 tons. A new 800-ton blast
furnace and 49-oven by-product coke plant is being erected at Massillon.

166

The new blast furnace will be ready for operation about N ot . 1 1926, and
the new coke ovens not later than March 1 1927.
STOCKS AN D BONDS—
R a te o f I n t .
O u ts ta n d in g . B d s. w h e n D u e .
_ _
_
1,320,625 shs _____________
S t o c k s - C o m 2,000,000 shs(no par)
Prefcum red 110 ($100)______ 7 Q-J
$10,000,000 _____________
B o n d s — 20-yr 1st M gold bonds f 8 g M -N
$4,492,000 N ov. 1 1941
($100 & c)________ CICl.xc* lint, at Blair & Co., N. Y ., & Cleveland
I Trust C o., Cleveland.
STOCK.— Common stock o f the new company was exchanged share for
share for the outstanding common stock of United Alloy Steel Corp; 520,625
shares of common stock were issued in part payment of the purchase price
for the property and business of the Central Steel Co.; $3,300,000 of 7%
cum. pref. stock were issued in exchange share for share for outstanding
ref. stock of United Alloy Steel C orp., and $6,189,300 pref. stock was issued
] exchange, share for share, for the 8% cum. pref. stock of Central Steel Co.
and the remaining 510,700 shares were issued in March 1927 to reimburse
the company for expenditures on property and other corporate purposes.
D IV ID E N D S.— On common stock o f United Alloy Steel Corp. paid $1
per share Jan. 10 1917; April 1917 to Jan. 1921, $1 quar.; then Done until
July 1922, when 50c. was paid; same amount paid quar. to April 1923; July
1923 to Jan. 1924 paid 75c. quar.; April 1924 paid 50c. quar.; then none
until Jan. 9 1926, when 50c. was paid; same amount paid quar. to July 10
1926. On common stock of Central Alloy Steel Corp. paid 50c. quar.
Oct. 11 1926 to Oct. 10 1927.
R E P O R T — For 1926 in V. 124, p . 1515.
1926.
1925.
1924.
1923.
Net sales______________ $74,516,788 $47,X.d,147 $37,911,701 $47,641,176
Cost of sales___________ 63,916,968 38,858,998 32,774,149 39,540,400
Selling & admin, exp______________ 4,325,729
2,957,235
2,753,157
2,646,377

S

Operating profit_____
Other deductions______
Depreciation___________
Federal taxes__________
Preferred dividends____
Common dividends paid
Balance_____________
P erio d —

6,274,091
95,342
2,347,355
500,000
709,836
2,588,357
$53,200

Q uar. E n d .
S e p t. 30 ’27.

$6,034,914
780,955
1,624,973
500,000
231,000
400.000

$2,384,395
75.843
1,494,299
100,413
231,000
400,000

$5,454,399
538,854
1,493.179
350,000
231,000
2.200,000

$2,497,985

$82,840

$641,366

Q u ar. E n d .
Q u ar. E n d . 9 M o s . E n d J u n e 30 ’27. M a r . 31 ’27. S e p t. 30 ’27-

Net profit after charges
& Federal taxes______
$810,443 $1,224,670
$592,442 $2,647,555
OFFICERS.— F. J. Griffiths, Chairman of the board; C. E. Stuart
Pres. & Treas.; B. F. Fairless, V.-Pres. & Gen. M gr.; J. M . Schlendorf
V.-Pres. & Director o f Sales; J. Paul Moseley, Sec.; George H. Freeborn
Asst. Treas.
D IR E C TO R S.—F. J. Griffiths, C. E. Stuart, B. F. Fairless, J. M .
Schlendorf, Massilon, O.; Howard Prescott, W. G. Mather H. Coulby
C. S. Eaton, J. O. Eaton, D. T . Croxton, J. C. McLauchlin and F. H.
Hobson, Cleveland, O.; C. W . Kreig, Canton, O.; Philip Wick, Youngs­
town, O.; Bayard Dominick, N. Y . City; Offices, Massillon, O., and
Pershing Square Bldg., N . Y . City.— (V. 125, p. 2534.)
CENTURY RIBBON MILLS, INC.— Incorp. under laws of N. Y on
Dec. 16 1922. Manufactures silk and fabric ribbons, all of the raw materials
for which are acquired by purchase. Also acts as factor and commission
merchant for the sale o f silk, wool, cotton and other textile fabrics
Oper­
ates 8 ribbon weaving and throwing plants located at Allentown, Carlisle,
Hanover, Patton, Portage and York, Pa.; Paterson. N J.. and New York
City
STOCKS AN D BONDS—- R a te o f I n t . O u ts ta n d in g . B d s. w h e n D u e .
S to ck s ■ Com 100,000 shs (no par)
—
___
100,000 shs _____________
P fcum red 115 $2,000,000($100) 7 Q-M
$1,563,000 _____________
D IV ID E N D S.— On pref. in full to date initial dividend on common stock
o f m$50TVcents •avi /\ w n i w
share was paidv \ f-ip i w 30 1924;TVsame1 amount paid quar. to
April p ,,11 4-*"v
T
O
1 AOd
Jan. 30 1926; none since. iY w pref. in full to Dec. 1 1 ITO
On
1927.
R E PO RT.— For 1926, in V. 124, p. 1829, showed:
C a le n d a r Y e a r s —
1926.
1925.
1924.
1923.
x Net sales______________$3,850,732
$4,780,138 $4,452,734 $5,172,731
Gen. & selling expense._
863,830
785,339
898,056 1,114,731
Inventory (net)________ 2,711,201
3,053,955
2,698,968 3,005,351
Other expenses________
550,420
468,314
349,190
381,444
124,412
118,854
115,575
106,100
Depreciation___________
Federal income tax_____
______
44,210
52,276
74,066
Preferred dividend_____
122,561
127,547
131,362
140,000
Common dividends__________ 50.000
200,000
150,000 _____ ______
Surplus______________def$328,251 def$18,080
$57,308
$351,040
Surplus earned Jan. 1—
461,516
479,596
421,750
70,340
Tax adjust, in 1925____
D r . 3,522
______
______
______
Surplus avail, for pref.
stock div. and redemp.
759,358
750,000
750,000
750,000
fund agreement______
Disc, on pf. stk. p u r c h -._____ 7,043 ______ 9,357
7,094
2,022
Profit & loss, surplus.
$896,143 $1,220,874 $1,236,152 $1,173,402
P e r i o d E n d . S e p t. 30—
1927— 3 M o s . — 1926.
1927— 9 M o s . —-1926.
Net aft. depr. & Fed. tax
$35,336
$34,943
$198,490
$148,026
Preferred dividends___
27,352
30,439
86,327
92.102
Common dividends------------------------------50,000
Balance, surplus------$7,984
$4,484
$112,168
$5,924
Earns, per sh. on 100,000
shs. o f no par com. stk.
outstanding_________
$0.07
$0.04
$1.12
$0.56
OFFICERS.— Pres., Herman Levy; 1st V .-P ., Ernest Levy: 2d V.-P
Leo Platt; Treas., Irving Levy; Sec., Bernard M . Levy. Office, 80 Madison
Ave., New York.— (V. $125, p. 2391.)
CERRO DE PASCO COPPER CORPORATION .— See V 101, p
1467, 1716. Incorp. in N . Y . State in N ov. 1915 and acquired extensive
copper. &c., deposits in Andes Mountains, Peru.
STOCKS AND BONDS—- R a te o f I n t . O u ts ta n d in g . B d s. w h e n D u e .
S t o c k s - C o m 1,240,000 shs (no par)
____
1,122,842 shs _____________
DIVIDEN DS.—
[1917. ’ 18. T9. ’20. ’21. ’22. ’23. '24. ’25. ’26.
Regular____________________$4.00 $4 $4
$450c. 0 $3 $4
$4 $4
Extra_____________________ ($1.75
1 -- - -- - -- -$1 $1
Paid in 1927: Feb. 1, $1; M ay 2, $1; Aug. 1, $1; N ov. 1. $1.
The 10-year conv. sinking fund 8% gold bonds, dated Jan. 1 1921, were
redeemed on July 1 1924 at 105 and interest. V. 118, p. 2308.
RE PO RT.— For 1926, in V. 124, p. 2914, showed:
C a le n d a r Y e a r s —
1926.
1925.
1924.
1923.
Sale of copper, silver, &c.$26,072,580 $19,962,342 $20,836,689 $20,982,085
Divs. and int. received..
848,536
590,845
524,361
577,817
Miscellaneous receipts-1,682,694 1,414,014
1,429,906
1,197,411
Inventory Dec. 31_____ 5,668,005
8,194,704
4,863,822 5,793,896
T o ta ________________ $34,271,816 $30,161,904 $27,654,778 $28,551,209
Smelt., ref in. & gen. exp. 12,207,101 11,217,005 10,432,834 12,455.014
Inventory previous year 8,194,704
4,863,822
5,793,896 3,708,405
Gustomores___________
3,507,310
2,510,938 2,381,886 2,161,262
U. S. and foreign taxes-. 1,007,640
1,232,524
948,619
882,328
Bond interest__________
______
______
49,000
373,000
Dividends paid________ 5 614,210
5.614,060 4,413,608
2,971,686
Balance, surplus____ $3,740,851 $4,723,555 $3,634,934 $5,999,514
Balance Jan. 1________ defl,365,333defl,767,437
30,786
302,607
Adjustm ents.a________ Cr4.Q48.802______ ------------------------------------- --------Total________________ $6,424,320
$2,956,118 $3,665,720 $6,302,121
Deprec’n of plants, & c..\ 4,804,223
4,321,451
4,824,215 12,271,031
Depletion of mines, &c __/
14,000,303
Taxes (prior years)_____
______
______ _____ 608,942--------- --------Bal., p. & 1. Dec. 31 -- $l,620,097def$1365,333def$1767,437
$30,786
a Adjustment o f “ Reserves for Depletion and Depreciation” and taxes
necessitated by change in depletion rate resulting from revaluation of
properties made for tax purposes.
BALANCE SHEET, as o f Dec. 31 1926, in V. 124, p. 2914.
Pres., L. T. Haggin; Sec., & Treas., H. Esk Moller
Office 44 Wall St.,
N . Y .— (V. 124, p. 2914.)
CERTAIN-TEED PRODUCTS CORPO R ATIO N .— ORGANIZATION
—Incorporated In M d. Jan. 30 1917 as successor of the General Roofing
Mfg. C o. Roofing plants located at East St. Louis and Marseilles, HI.,
York, Pa., Niagara Falls, N . Y .. and Richmond, Calif. Paint and varnish




[V ol. 125,

INDUSTRIAL STOCKS AND BONDS

plants, St. Louis, M o., and Richmond, Calif. Linoleum, floortex and oil
cloth plants at Philadelphia and Trenton. Gypsum plaster plants at Grand
Rapids, Laramie, Acme, N. M ., Acme, Tex., and at Acme and Cement,
Okla. Purchased the capital stock, &c., of Thomas Potter Sons C o., Inc.,
of Phila.. in N ov. 1920. V. 111. p. 796, 992. In 1923 acquired the plants
and properties of Cook’s Linoleum Co. and Standard Inlaid M fg. Co.,
Trenton, N. J., and the Acme Cement Plaster Co., St. Louis, M o. V. 116,
p. 1653. Produces asphalt roofings and shingles, building papers, dry and
floortex oil cloths, plaster, plaster blocks, gypsum plasterboard, &c.
STOCKS AND BONDS—
R a te o f I n t .
O u ts ta n d in g . B d s. w h e n D u e .
S t o c k s - C o m 1,000,000 shs(no par)
____
408,000 shs _____________
ls t p f cum $15,000,000 ($100)- 7 Q-J
$4,120,000 _____________
$2,675,000 _____________
2d pref $5,000,000 ($100)_____ 7 Q-J
Divs. on 1st and 2d pref. in full to Oct. 1927. Initial div. on com. Jan.
281918, $4 per share; none thereafter until July 1 1920, when $1 quar.
and $1 extra was paid; Oct. 1 1920, $1 quar. and $1 extra; Jan. 1 1921, $1
quar.; then none until July 1 1925, when $1 quar. was paid; same amount
paid quar. to Oct. 1 1927.
The 1st rntge 6 'ft % serial coupon bonds were all redeemed on N ov. 1
1925 at 105 and int.
REPO RT.— For 1926. in V. 124. p. 927. showed:
C a le n d a r Y e a r s —■
1926.
1925.
1924.
1923.
xGross operating profit. $6,077,775 $5,950,864 $5,255,679 $4,996,154
Inc. from other sources21,371
51.487
32,587
62,321
$6,002,351 $5,288,266 $5,058,475
Gross income________ $6,099,146
Selling, &c., exp. & in t-3,471,962 3,824,057
3,836,944
3,889.309
Federal taxes-.. _____
319,000
78,000
174,000
82,000
Sundry surplus ad ju st..
26,644
Cr.705
C r . 10,163 D r 270,008
1st pref. divs__________
301,000
317,450
330,925
321,650
2d preferred dividends _
187,250
187.250
187,250
187,250
Common dividends_____ 1,228.000
746,000
________
Balance, surplus____
$591,934
$850,299
$769,310
$308,258
x After deducting repairs, maintenance and depreciation
P e r i o d E n d . S e p t. 30— 1927—3 M o s . — 1926.
1927— 9 Mos — 1926.
Oper. profit after repairs,
maint. and deprec-------- $1,721,214
$1,668,961 $4,814,102 $4,738,638
Other income__________
18,695
4,451
40,485
16,787
Gross income________ $1,739,933
—■Selling, admin.,
gen. exp. and bank int.
906,288
Federal taxes__________
112,500
Sundry adjustm’ts, debit
______
L ess

$1,673 412 $4,854,587
896,714
104,600
______

2,711,013
289,200
7,656

$4,75,5,426
2,682,582
277,600
2,725

Balance, surplus_____
$721,145
$672,098 $1,846,717 $1,792,518
Pres. Geo. M . Brown; V.-Pres., Audenried Whittemore, L. R . Walker,
Dutro C. Cole, and John C. Collins; Sec. & Treas., Robt. M . Nelson.
Executive offices, 100 East 42d St., New York.— (V. 125, p. 2270.)
CERTO CORP.— Incorp. under laws of N . Y . on April 1 1923. Name
changed from that of “ Douglas-Pectin Corp.” to present name on June
23 1927 by authorization of the stockholders. Manufactures Pectin, Certo,
and pure apple vinegar.
D IV ID E N D S.— For Douglas-Pectin Corp.— An initial dividend o f 25c.
per share was paid July 1 1923, same amount paid quar. to June 30 1926;
on Sept. 30 1926 to June 30 1927 paid 50c. quar.; also paid 25c. extra on
Dec. 31 1925 and on Mar. 31 and June 30 1927, and 50c. extra on Sept.
30 1926 and Dec. 31 1926.
Dividends for Certo Corp.— Initial div. of 75c. per sh. quar. and 25c.
extra paid Sept. 30 1927. Same amount paid Dec. 31 1927.
R EPO RT.— For 1926, in V. 124, p. 1831. showed:
C a le n d a r Y e a r s —
1926.
1925.
1924.
1923.
Sales, less returns, &c
1
[$2,885,812 $2,895,410 $2,463,459
1,390,209 1,528,398
1,004,435
Manufacturing cost___
Selling & admin, e x p s --.'
1 ™ 1!™
voo vov
-tai rvm
Balance_____________
Miscellaneous income_
_

Not
reported

Total income.
Depreciation__
Interest_______
x Tax provision.
Net p r o fit ---................. $1,057,326
Dividends paid...............
750,000
($2.50)
Per share____________

$624,933
38,327

$567,225
33,824

$715,974

$663,260
97,564
43,748
64,567

$601,048
92,021
63,615
61,642

$715,974
88,695
34,463
78,584

$383,771
300,000
($1)

$514,232
225,000
(75c.)

$457,381
375,000
($1.25)

Prof.for yr.end.Dec.31
$307,325
$82,381
$83,771
$289,232
Shares o f capital stock
outstanding (no par).
300,000
300,000
300,000
300,000
Earn, per sh. on cap. stk.
$3.52
$1.52
$1.28
$1.71
Incl. U. S., Can. and British Govt, income taxes.
P e r i o d E n d . S e p t. 30— 1927— 3 M o s . — 1926.
1927— 9 M o s . — 1926.
Net profits____________
$536,593
$721,539 $1,470,452 $1,200,861
OFFICERS.— Pres., Robert Douglas; V .-P ., Charles A . Douglas;
V .-P ., Charles G. Knight; Sec., Earl J. Neville; Treas., John J. Clingen.
Office, Rochester, N . Y .— (V. 124, p. 3074.)
CHANDLER-CLEVELAND MOTORS CORP.— Incorp. in Dec. 1925
for the purpose of consolidating the Chandler M otor Car Co. (incorp. in
1915) and the Cleveland Automobile Co. (incorp. in 1919). Combined
plants have a daily output capacity of 300 cars.
STOCK.— The consolidation plan provided for the exchange o f one
share of Chandler stock for one share of preferred stock of the new company,
and one share of Cleveland stock for one share of common stock of the new
company
The preferred stock of the Cleveland company was retired on
April 1 1926.
C a p ita liz a tio n o f th e N e w C h a n d le r -C le v e la n d M o t o r s C o r p .

Preference shares, entitled to have declared thereon in any cal­
endar year non-cumulative divs. aggregating $4 per share
before any dividends can be declared in such year on the
common stock; preferred as to assets on liquidation up to $50
per share, and callable at $85 per share, all or part, at any
time. Not entitled to share in assets or earnings beyond the
above preferences but are convertible at the option o f the
holder at any time, share for share, into common stock--------- 350,000 shs.
Common shares, for exchange for 280,000 common shares of
Cleveland Automobile C o__________________________________280,000 shs.
Common shares to be reserved for conversion of the 350,000
preference shares above mentioned________________________ 350,000 shs.
Common shares to be retained in the treasury of the company
for future corporate uses___________________________________370,000 shs.
All shares have equal voting power share for share and are without
par value
D IV ID E N D S.—An Initial quarterly dividend of $1 a share on the
preferred stock was paid April 1 1926: same amount paid July 1 and Oct
1 1926; on Jan. 2, to Oct. 1 1927 paid 62 Vi cents a share quar.
R EPO RT.— For 1926 in V. 124, p. 1829, showed:
{C h a n d le r M o l . C a r C o . ) — 1926.
1925.
1924.
1923.
Gross prof, from sales-- $4,533,477 $3,280,914 $3,219,914 $4,012,189
Interest earned, &c--------------23,503
21,560
29,184
Total income_________ $4,533,477 $3,304,417 $3,241,474 $4,041,373
Selling, &c., exp. and oth.
eh’ge. incl. deprec____ 4,097,147
1,794,500
1,719,732
1,690,354
Net profit___________
$436,329 $1,509,917 $1,521,741 $2,351,019
Dividends paid________
______
840,000
1,260,000
1,680,000
Federal taxes___________
35,000
179,000
173.321____ 295,752
Balance, surplus_____
$401,330
$490,917
$88,420
$375,267
OFFICERS.— Pres., F. C. Chandler; V.-Pres., W . S. M . Mead, J. V.
Whitbeck, Sid Black; Sec., J. I. Krall; Treas., Samuel Regar. Office,
Cleveland, Ohio.— (V. 125, p. 2674.)
CHESEBROUGH MANUFACTURING CO.. CONSOLIDATED.— OR­
GANIZATION, &C.— Incorporated In 1880 in New York. Manufacturers
of “ Vaseline” preparations. Formerly controlled by Standard Oil Cos
of N. J , but segregated in 1911. See Standard Oil Co. of N. J., V. 85, p.
216, 7 9 0 :V. 93, p. 1390.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks—Com $4,000,000 ($ 2 5 )...............
$3,000,000 ..................... -

Nov., 1927.]

STOCK.—June 10 1916 the common stock was increased fro.m $600,000
to $1,500,000 by a 200% stock dividend, and on Mar. 20 1924 the auth.
common stock was increased to $4,000,000 and the par value changed from
$100 to $25, common stockholders receiving four shares o f new $25 stock
in exchange for each $100 share held. $1,500,000 o f the new stock was
distributed M ay 2 1924 as a 100% stock dividend; the balance ($1,000,000)
remains in the treasury.
The $1,000,000 7% cumulative preferred stock was redeemed on Spt e
30 1925 at 11214 and divs.
COM . DIVS. (% )—
'17. '18. T9. '20. '21. '22. '23- '24 '25. ’26.
Regular_________________ 12
9
12 12 1034 14 14 11 10 12
Extra cash (stk. see abovel
2 1)4
2
2 ---- ---- 31311
214 6
Paid in 1927: Mar. 31, 4% ; June 30, 4% ; Sept. 30, 4% ; Dec. 28, $1, and
$1.50 extra.
R E PO RT.— For 1926 in V. 125, p. 100 showed:
C a le n d a r Y e a r s —
1926.
1925.
Earnings for the year___________________________
$967,190 $1,003,033
855,663
1,742,491
Previous surplus________________________________
Total surplus_________________________________ $1,822,853 $2,745,524
Dividends paid__________________________________
540,000
427,500
Appropriated to reserve_________________________
156 498
1,336,484
Premium and fees on redemption o f pref. stock____
0 3 1 6 Dr125,877
$855,663
Surplus as at Dec. 31___________________________ $1,126,671
OFFICERS.— Pres., C. W . McGee: V .-P ., R. S. Gill: Sec., T . J. Dobbins
Treas., Fred'k H. Williams; Asst. Treas., J. A. Ebert; Asst. Sec., W . II
Dobbins. Office, 17 State St., N . Y .— (V. 125, p. 2814.)
CH ICAGO JUNCTION RAILW AYS AND UNION STOCK YARDS
CO., (THE)— ORGAN IZATION .— Incorp. in 1890 in New Jersey, and
owns entire stock (132,000 shares) of Union Stock Yard & Transit Co. and
54,991 shares o f Chic. June. R y., incl., about 700 acres of land (with
one mile of water front), containing warehouses, sheds and pens to accom­
modate 75,000 cattle, 300,000 hogs, &c. V. 100, p. 1261. In 1907 New
York Central R R . interests acquired the 46 miles outer belt line of the
Chicago Junction R y., assuming the $2,500,000 bonds, and giving $2,500,000 new bonds in payment. V. 85, p. 159; V. 86, p. 664. In Dec. 1920 the
N. Y . Central filed formal application with the I. S. C. Comm, for authority
to lease, operate and ultimately purchase the Chic. Jet. R y. terminal
properties at Chicago. The lease became operative M ay 18 1922. V. 112,
p. 62.
The Central Manufacturing District of Chicago trustees own about 371
acres on which factories have been erected and used by about 150 industrial
concerns. V. 99, p 342; V. 100, p. 1261; V. 106, p. 2227. See bonds below
Chicago Stock Yards Co. (which see) owns all of the $6,500,000 com. stock.
STOCKS AND BONDS—• R a te o f I n t . O u ts ta n d in g . B d s. w h e n D u e S to c k s — Common ($100)________
___
$6,500,000 ------------------Pref cum ($100)_________ 6 Q-J
$6,500,000 ____________
B o n d s — 40-yr M & coll tr ref g /
4&5 g A-O $14,000,000 Apr. 1 1940
($10,000,000 5s) ($1,000) \Int. at Guaranty Trust C o ., N. Y . , trustee
G.xc*&r l
Cent M fg Dist 1st M $10,000,- f
000 gu “ A ” 25-yr due $120,- 5, 5K&6M-S $4,524,000 Mar. 1 1941
000 yrly call 105($1,000)-C* (Int. at First Trust & Savs. Bank, Chicago.
Railroad issues guaranteed, see text.
DIVIDEN DS — On pref 6% yearly (Q.-J )
On common 1891.10%
1892 to Jan. 1 1915, inch, 8% yearly; 1915 to Oct. 1927, 9% yearly (234%;
Q.-J.).
BONDS.— The co lla te r a l tr u s t bonds are secured by pledge of 131,800
shares of the stock of Union Stock Yards & Transit Co., $5,499,100 of the
$5,500,000 stock o f Chicago Junction R y. and $2,5OO,0OO bonds o f Indi­
ana Harbor Belt R R . Of the bonds, $4,000,000 are 4s and $10,000,000
issued in 1915 are 5s, both being equally secured, except that under a sup­
plemental mortgage the 1% additional interest over the original 4% on the
$10,000,000 bonds will be a secondary charge on the property. See V. 70,
p. 1251; V. 72, p. 389; V. 86, p. 664; V. 100, p. 1261.
Central M fg. Dist. 5s are issued by J. A. Spoor, Arthur G. Leonard and
Eugene V. R. Thayer, as trustees o f the Central Manufacturing District,
and are a first mtge. on real estate and property the value o f which is esti­
mated in excess of $12,000,000. Bonds are guaranteed, prin. & int., by
endorsement, by the Ch. June. Rys. & Union Stock Yards Co
Minimum
sinking fund 2% o f bonds out. V. 110, p. 1852; V. 106, p. 2227; V. 102, p.
888. 978; V. 103, p. 1980, 2157; V. 106, p. 1129; V. 107, p. 698. Union
Stock Yards & Trans. 434s due Jan. 1 1920 were refunded by an Issue of
534® due Jan. 1930.
Also guarantees prin. and Int. o f $2,327,000 Chicago Junction R R . 4s
R EPO RT.— For 1926 in V . 124, p. 1829, showed:
1926.
1925.
1924.
Gross earnings_________ $6,885,580 $6,935,145 $7,328,069
Taxes, Int. & oper. exp. 4,469,355 4,399,262
4,573,153

1923.
$7,071,015
4,516,282

Surplus after int., & c. $2,416,224 $2,535,883 $2,754,916 $2,554,733
D IR E C TO RS.— F. H. Prince (Pres.), Geo. P. Gardner (V .-P .), Mark W.
Potter (V .-P .), Guy W . Currier, C. B. Wiggin, A. G. Leonard, J. W .
Powell, Philip Dexter, M . A. Taylor (Sec. & Treas.), Bradford Norman Jr.
N . Y . agency, 100 East 45th St.— (V. 124, p. 1829.)
CHICAGO

PNEUMATIC

TOOL

CO.— ORGANIZATION.—

I n c o r p . in N e w J e rse y , D e c . 2 8 1901, a n d is th e la rge st m a n u fa ctu re r
o f p n e u m a tic to o ls in t h e U n ite d S tates. I t also m a n u fa ctu e re s air c o m ­
pressors, gas an d o il en gin es o f th e D ie se l an d s e m i-D ie s el t y p e s , r o c k
d rills, ele ctr ic t o o ls a n d o th e r a p p lia n c e s w h ich are u s e d e x te n s iv e ly in
s tru ctu ra l steel w o rk , r o a d b u ild in g , ra ilr o a d , o il a n d m in in g in d u strie s.

Company’s principal plants are located at Detroit, M ich., Cleveland, O.,
and Franklin, Pa., additional plants are operated at Montreal, Canada,
by the Canadian Pneumatic Tool C o., Ltd., at Frasersburg, Scotland, by
the Consolidated Pneumatic Tool C o., Ltd., and at Berlin, Germany, by
the Internationale Pressluft & Elektricitats Gesellschaft, wholly owned
subsidiaries o f the Chicago Pneumatic Tool Co. Branch offices or selling
agencies are maintained in the principal cities o f the United States and in
foreign countries.
S T O C K S A N D B O N D S —Rale of Int. Outstanding. Bds. when Due.
Stocks— C o m $ 1 0 ,6 0 0 ,0 0 0 ( $ 1 0 0 ). ____
$ 9 ,6 2 7 ,2 0 0
_______________
Bonds— 15-up s f gold debs. 1 5 ) £ g A & 0 $3,000,000 Oct. 1 1942
($500 & $1,000)_____Ch xc* /Int. at Chase Nat. Bk., N. Y.
STOCK.— The stockholders voted Dec. 5 1919 to increase the auth. capl
tal stock from $7,500,000 to $13,000,000. Stockholders o f record Dec. 11
1919 were given the privilege o f subscribing until Jan. 20 1920 to the ne«
stock at par equivalent to their respective holdings. In April 1927 the stock­
holders voted to reduce the authorized capital stock from $13,000,000 to
$10,600,000. V. 124, p. 2286.
LATE DIVS.— I 'l l to 17. T8. '19. ’20. '21. ’22. ’23. ’24. ’25 ’26.
Per cent_________ { 4 yearly
534 6
8 6
4 4H 5 5
5
P a id in 1927: Ja n . 2 5 , 1 ) 4 % ; A p r . 2 5 , 1 ) 4 % ; J u ly 2 5 , 1 ) 4 % ; O ct. 25,
1 )4 % .
F U N D E D D E B T . — -The 5 ) 4 % g o ld d eb en tu res are re d . as a w h o le or
in a m o u n ts o f n o t less th a n $ 5 0 0 ,0 0 0 (e x c e p t th a t d e b e n tu re s m a y b e ca lle d
in sm aller a m ou n ts fo r sin k in g f u n d p u rp o se s) o n a n y in t. d a te o n 45 d a y s ’
n o t ic e a t 1 0 2 )4 a n d in t. i f re d . o n o r p rio r t o O ct. 1 1930, a n d th e re a fte r a t
p rem iu m s d ecreasin g )4 o f 1 % fo r e a ch elapsed p e r io d o f 3 yea rs o r fr a c t io n
th ereof.
S f o f $ 1 0 0 ,0 0 0 an n .
D e b e n tu r e s w ere so ld in O ct. 1927 b y C h ase S ecu rities C o r p ., B lair &
C o r ., I n c ., a n d G u a ra n ty C o . o f N . Y . a t 9934 a n d in t .— V . 125, p . 215 2.

R E PO RT.— For 1926, showed:
C a le n d a r Y e a r —
1926.
xNet profits___________ $1,265,082
Miscellaneous income_
_
59,528

1925.
$722,905
58,526

1924.
$618,330
102,673

1923.
$819,218
63,897

Total income________ $1,324,610
Interest charges, &c-----97,773

$781,431
64,937

$721,003
90,755'

$883,115
71,079

Balance_____________ $1,226,837
Profit & loss, su rp lu s... 5,733,110

$716,494
4,566,279




167

INDUSTBIAL STOCKS AND BONDS

$630,248
5,434,429

$812,036
5,216,544

P e r i o d E n d . S e p t. 30— 1927— 3 M os.— 1926.
Profit after depreciation
$250,017
$282,618
and Federal taxes____
Other income__________
20,132
11,379

Total income________
Interest_______________

$270,149
31,250

$293,997
22,880

1927-—9

M o s .—

1926.

$699,671
45,415

$754,412
39,537

$745,086
75,635

$793,949
75,949

N e t p r o f it s ____________
$ 2 3 8 ,8 9 9
$27 1 ,1 1 7
$66 9 ,4 5 1
$ 7 1 8 ,4 0 5
O F F I C E R S .— C h a irm a n o f B o a rd , C h a rles M . S ch w a b ; P r e s ., H e rb e rt A.
Ja ck so n ; V .- P s ., A . E . G o o d h u e a n d W . H . C a lla n ; Sec. & T r e a s ., J. G.
G rim sh a w .
D I R E C T O R S . — C h a s. M . S c h w a b , Jam es H . W a r d , C a rl J. S c h m id la p p , W . H . C o lla n , A . E . G o o d h u e , W . A . M it c h e ll, H . A . J a c k s o n , E . M .
R ic h a r d s o n , E . V . R . T h a y e r . N e w Y o r k o f fic e , 6 E a s t 4 4 th S t.— (V . 125,
p . 2 1 5 2 .)

CHICAGO STOCK YARDS CO.— Incorp. In Sept. 1911 in Maine and

ow n s o r c o n tr o ls all o f th e $ 6 ,5 0 0 ,0 0 0 c o m . s t o c k o f C h ic a g o J e t. R y s . & Un.
S to c k Y a rd s C o .— w h ic h see a b o v e ( V . 93, p . 1193; V . 94, p . 2 1 0 ). H as
o u ts ta n d in g $ 8 ,0 0 0 ,0 0 0 c o m m o n s to c k in $10 0 shares on w h ich 5 % was
paid y e a r ly fro m Jan . 1914 to J u ly 1 1917, in c l. ( 2 ) 4 % J. & J .) , a n d the
collateral tru st b o n d s a b o v e d e scrib e d (a u th .. $ 1 3 ,0 0 0 ,0 0 0 ). c a lla b le at
105. P re s ., F r e d 'k H . P r in c e ; S ec. & T r e a s ., F . R . P e g r a m , A m e s B ld g .,
B o s to n .— ( V . 94, p . 210 ; V . 106, p . 193.)
STOCKS A N D BO N D S—
Rale o f I n t . O u ts ta n d in g . B d s. when Due.
Bonds- — -Coll tr g o ld , d a te d 1911 (
5 g A -O
$ 6 ,2 5 0 ,0 0 0 O ct. 1 1961
r e d 105 ($500 & c ) ____ O B .x ( I n t . a t O ld C o lo n y T r u s t C o . , B o s t o n .

CHICAGO YELLOW CAB CO., INC.— Incorp. under laws of N. Y .,
Oct. 31 1916 as the Walden W. Shaw Corp.; name changed to present title
in Aug. 1921. Owns the entire capital stock of Yellow Cab C o., doing busi­
ness in Chicago. Also owns the entire capital stock of the Benzoline Motor
Fuel Co. In Sept. 1924 acquired a substantial amount o f preferred and
common stock o f Hertz Driverself Stations, Inc., a Del. corporation.
(V. 119, p.. 1285.)
STOCKS AND BONDS—- R a te o f I n t . O u ts ta n d in g . B d s. w h e n D u e .
___
400,000 shs _________
S lo c k s —Com 400,000 shs (no par)
STOCK.-—See table.
DIVS.— Initial div. of $1 25 per share was paid M ay 15 1917, which
rate was paid quarterly to and incl. N ov. 15 1918; Feb. 15, May 15, Aug. 15
and Nov. 15 1919 paid $1 50 each; Feb. 14 1920. $5; M ay 15 1920 to Feb. 15
1922. $1 quar.; April 1 1922 to and incl. Mar. 1 1928, 33 1-3 cents each
month. Also paid $1 extra in 1918 and $1 extra on Dec. 24 1919. A stock
dividend o f 100% was paid Dec. 18 1923.
REPO RT.— For 1926 showed:
C a le n d a r Y e a r s —
1926.
1925.
1924.
1923.
Net profit from oper_ $4,797,537 $4,656,456 $5,287,205 $5,099,405
_
Administrative expenses:
845,376
758,709
1,119,898
1,276,221
1,357,467
1,364,465
1,626,305
1,450,402
Provision for income tax
352,921
325,784
312,000
292,000
1,500,330
1,600,157
1,600,091
800,071
Balance, surplus.
$641,442
$607,341
$628,910 $1,280,712
$4,188,615 $3,547,173 $2,939,832 $2,315,994
Q u a r . E n d . M a r . 31—
1927.
1926.
1925.
1924.
Net after depr.&Fed.tax.• $601,940
j
$555,375
($605,052
$584,903
Other income__________
l 10,801
43,951
Total________________
Dividends_____________

$601,940
400,000

$555,375
400,000

$615,853
400,000

$628,854
400,000

Balance, surplus_
$201,940
$155,375
$215,853
$228,854
Earnings per share.
$1.50
$1.39
$1.54
$1.57
OFFICERS.— Chairman, John Hertz; Pres., O. W . Gray; Sec. & Gen
Counsel, E. N. D ’Ancona; Treas., A. N . Huttel. Office, 165 Broadway
New York.— (V. 125, p. 523.)
CHILDS CO.— Incorp. in 1906 in New York. Business started in 1889.
Co. owns and operates a chain of restaurants in various cities throughout
the United States and Canada. In Dec. 1925 109 restaurants were Deing
operated’. Controls through ownership of majority of stock Childs Dining
Hall Co. and Childs Co. of Providence. Owns entire capital stock of
Childs Bldg. & Improvement Corp.
STOCKS AND BONDS—
Rate of Int. O u ts ta n d in g . B d s. w h en D u e .
Stocks— Com 750,000 shs (no par) ___
_
359,134 shs _
Pref cum $5,000,000 ($100)--- 7 Q-M
$ 5 , 0 0 0 ,0 0 0
______
Bonds— 5-yr notes red 102 ($1,- f 5 J-J
. _______
$2,000,000 ____ 15 1930
Dec.
000)_____________ Em.xxxc* (Int. at Empire Trust C o., New York"."
Childs Dining Hall Co 4-yr f 5 M-S
$1,400,000 Mar. 1 1931
notes red (text) ($l,000)-xc* (Interest at Empire Trust C o., New York.
STOCK.— A reserve fund for the preferred is provided equal to 10% of
the net profits of the preceding calendar year, such fund to be invested in
real estate or securities and to be maintained equal in amount to the pre­
ferred outstanding. Voting power is shared equally with the common.
D IV ID E N D S.— Pref. stock, 7% per annum, since organization to date
Com. stock ($100 par), from organization to and including 1904 3%
1905. 3 )4 % ; 1906, 4 H % ; 1907, 5M % ; 1908, 6% ; 1909, 7 )4 % ; 1910, 8)4%
1911, 10%; 1912, 10%, and 33)4% in com. stock; 1913, 10%; 1914, 7)4%
1915, none; 1916. 3)4% and )4% extra; 1917, 6% and )4% Red Cross
1918. 3 )4 % : 1919. 2)4% and V, % extra: 1920. 7)4% and H % extra
1921-22, 8% ; 1923, 8.85%; June 10 1927, $3. Com. stock (no par) initial
div. 60 cents Mar. 10 1924; regularly quarterly thereafter, incl. Dec. 10 1927
Div. o f 4% in com. stock payable in 4 quarterly installments, commencing
April 1 1925, was declared in Feb, 1925.
The directors on Jan. 27 1926 declared a 4% stock dividend on the com
stock, payable in four installments of 1% each on April 1, July 1 Oct 1
and Dec. 30 to holders o f record Feb. 26, M ay 28, Aug. 27 and N ov. 26
1926. respectively. The same div. was declared payable for 1927.
NOTES.— See table at head o f page. The 4-year 5% notes o f the Childs
Dining Hall Co. are red. in whole or in part at any time on 30 days’ notice
at 101 & int. on or before Mar. 1 1929; at 100)4 & int. on or before Sept. 1
1930; and thereafter at 100 & int.
REPO RT.— For 1926, in V. 124, p. 1072 & 1224, showed:
Including Childs’ Dining Hall Co. and Childs Co. o f Providence
Calendar Years—
1926.
1925.
1924*
Restaurant sales----------------------------- $26,136,540 $24,493,006 $23,483,854
Building rentals------------------------------- 1,276,311
1,132,388
1,191 710
.$27,412,851 $25,625,393 $24,675,564
. 22,543,021 21,166,053 20,550,396
781,489
1,059,634
1,074,974
$23,324,509 $22,225,687 $21,625,369
Gross income from restaur’ts & bldgs.. 4.088,342
3,399,706
3,050,195
Less other departmental loss & exp_
290,074
304,212
287,383
Gross income from operation______. $3,798,268 $3,095,494 $2,762,811
Federal and State tax reserve________
327,526
298,463 |
945,051
Other general expenses_____________
827,838
798,598,
Cost o f building rentals-

. $2,642,905
. D r . 132,849

$1,998,432
C r . 364,248

$1,817,760
Cr.578,838

. $2,510,056
826,726

$2,362,680
706,786

$2,396,598
587,629

. $1,683,330
. 5,938,808

$1,655,894
5,782,250

$1,808,969
5,028,910

Total surplus---------------------------------$7,622,138
Reserve account___________________
154,506
Preferred dividends Childs C o_______
350,000
Pref. divs. Childs Dining Hall Co____
6
Common dividends (cash)__________
813,969
Common dividends (stock)_________
271,323

$7,438,145
158,663
350.000
6
743.000
247,667

$6,837,879
147,950
350,000

Profit and loss surplus,_____________$6,032,334
Shares o f com. outstanding (no p a r)-$346,825
Earned per share on common________
$3.84

$5,938,808
$333,909
$3.91

$5,782,251
$237,863
$6.13

Depreciation

6

557,672

INDUSTKIAL STOCKS AKD BONDS

168

1927— 9 Mos.— 1926.
Period End. Sept. 30— 1927— 3 Mos .— 1926.
Gross Income__________ $7,598,505 $6,887,386 $22,954,539 $20,206,461
6,261,508 21,017,633 18,357,049
Expenses and taxes_____ 7,136,874
Operating Income____
Other income__________

$461,631
80.464

$625,878
37,573

$1,936,906
184,963

$1,849,412
125.523

Total Income________
Depreciation___________

$542,095
416.294

$663,451
296,093

$2,121,869
1,151,551

$1,974,935
861,434

[V ol. 125.

class B stock, $33,734,789; (5) surplus resulting from activities o f the cor­
poration between June 1 1921 and Dec. 31 1924, $6,782; total, $33,741,571.
z Class B stock o f no par value. Maxwell Motor Corp.
ZMonths Ended March 31—
1927.
1926.
Profit after charges_____________________________ $5,078,031 $4,112,089
Estimated Federal taxes_________________________
685,463
552,900
Net profit____________________________________ $4,392,568
429,502
Preferred dividends_____________________________
Common dividends_____________________________
2,030,310

$3,559,189

$970,318 $1,113,501
Net in c o m e ______ __
$367,358
$125,801
Shares of common stock
Surplus______________________________________
x354,340
343,000 Earns, per sh. on 2,707,080 shs. (no par) com. stk_ $1,932,756
343.600
outstanding (no par). _ x354,340
$1.46
$1.15
$2.00
$2.47
Earns. per sh. on com _
_
$0.11
$0.81
OFFICERS.— Chairman & Pres., Walter P. Chrysler; V .-P ., & Gen.
x No. of shares outstanding on June 30 1927.
M gr., W. Ledyard Mitchell; V.-P. & Treas., B. E. Hutchinson; V.-Pres.
OFFICERS.— William Childs, Pres.; C. L. Roberts, Sec.; C. J. Wimple. Sales, V. E. Fields; Y.-Pres. Bng’ing., F. M . Zener; V.-Pres. M fg., K. T.
Treas. Office. 200 Fifth Ave.. New York.— (V. 125. d . 2674.)
Keller: Sec., F. A. Morrison. Office, Detroit, Mich. New York head­
quarters, 347 Madison Ave.— (V. 125, p. 2535.)
C H IL E COPPER CO.— Incorporated April 16 1913 in Delaware and
owns the entire 10.000 shares of full-paid and non-assessable capital stock
C ITY STORES CO.— O RGAN IZATION .— Incorp. under the laws
of the Chile Exploration Co o f N / . Said company owns and operates o f Delaware on Nov. 5 1923. Perpetual charter.
extensive deposits of low-grade copper ore and a plant for producing elec
NATURE OF BUSINESS.— The company is a holding company and
trolytic copper at or near Chuquicamata. Northern Chile, on a branch of
owns the entire or controlling interest in the following subsidiary corp.:
the Antofagasta * Bolivia Ry., 163 miles northeast of Port of Antofagasta
and has its own standard-gauge railroad connecting the plant with the mine. Mnison Blanche Co., New Orleans, La.; Maison Blanche Realty C o., New
Altitude of n ine 9.600 ft.; <f plant , 9.000 ft. The plant h t,- a capacity Orleans, La.; B. Lowenstein & Bros., Inc., Memphis, Tenn.; Loveman,
o f 375,000,000 lbs. of copper per year, the equivalent o f 42,000 tons of ore Joseph & Loeb, Birmingham, Ala.; Kaufman-Straus Co., Louisville, K y.;
Kerrville Realty C o., Louisville, Ky.; City Stores Mercantile Corp.,
per day. Compare V. 116, p. 415.
City Stores Furniture Co. and City Stores Millinery Co., Inc. The above
STOCKS AND BONDS—
B a te o f I n t .
O u ts ta n d in g . B d s. w h e n D u e
companies operate a general department store business and hold and
Stocks— Com S135.000.000 ($25). ___
S109.782.550
.......... ........
operate real estate incidental thereto in the southeastern States.
B o n d s — 20-yr gold debentures f
5 g J-J
$35,000,000 J a n .-1 1947
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
red (text) ($500 & c).G .xxxc* \Int. at Guaranty Tr. Co. & Nat. City Bk
Stocks-Com B 400.000 shs(no par) ____
164,303 shs _____________
Class A 200,000 shs (no p a r ).. $3j£ Q-F'1 80,796 shs _____________
STOCK.— In Jan. 1923 the Anaconda Copper Mining Co. acquired a
majority interest in the company through the purchase o f 2,200,000 shares
STOCK.— In event of liquidation, dissolution, &c., the class A
from Guggenheim Bros, at $35 a share. V. 116, p. 300, 940.
stock shall be entitled to $55 per share and accrued divs. In the event of
D IV I D E N D S .— An initial dividend of 2 % was paid on March 22 1923;
default in payment of 5 succeeding quar. divs. the class A stockholders
same amount paid quar. to D ec. 30 1927.
shall have the right to elect a majority o f the directors. Otherwise the
FUNDED D E B T .— The 20-vear 5% gold debentures are redeemable, voting power is in the class B common stock.
all or part, either at option o f comoany or through operation o f sinking fund,
D IV ID E N D S.— Initial div. on class A stock of 87J4c. paid Nov. 1 1925.
on any int. date at 102 during first four years, 101 l during second four Same amount paid or declared quar. to Feb. 1 1928. No divs. on the class
A
years, 101 during third four years, 100H during the fourth four years and B stock.
par during the last four years. The trust agreement will provide for a sink­
R E PO R T .— For 1926, in V. 124, p. 1516, showed:
ing fund operating semi-annually after the first five years, which will retire
13 Mos.End 11 Mos.End
all the debentures by maturity.
. . . . „„„„ „ ,
Jan. 31 ’26. Dec. 31 ’26.
Proceeds o f this Issue were applied to the redemption on April 1 1927 o f the
6% convertible collateral trust gold bonds, series A, due April 1 1932. Net s a le s ...____________________________________ $20,235,987 $16,665,334
Cost of sales________
12,937,519 10,947,236
V. 124, p. 2914.
Operating expenses______________________________ 6,411,254 4,802,493
R E PO RT.— For 1925. in V. 122, p. 2643 & 2914, showed;
1926.
1925.
1924.
1923.
Operating profit______________________________
$887,214
$915,605
Copper produced (lbs.).220,138.465 219.516.420 212.325.972 204.897,590 Miscellaneous income___________________________
524,143
699,594
Copper sold (lbs.)______ 215,286,183 207.978.026 213,418,044 203,801,420
Average p r i c e ________
14.11 cts. 14.273 cts. 13.255 cts. 14.677 cts.
Totalincom e__________________________________$1,411,357
$1,615,199
Operating revenue_____ $30,376,224 $29,684,407 $28,289,013 $29,911,105 Depreciation, Federal taxes, interest and reserves.
630,379
610,726
Operating costs________ 12.141.479 11,293.499 11.812.500 12,394.688
Net income___________________________________
$780,979 $1,004,473
Net operating Income.$18,234,745 $18,390,908 $16,476,513 $17,516,417
Adjustment of prior years________________________
______
0 .2 2 ,1 5 0
Int. & disc’t received-----------------------------------Other income___________
851,274
997,100
1,297,008
1,108,611
Total_________________________________________
$780,979 $1,026,624
Profit on undelivered
D r.5,481
copper sold__________ _____ ______ ____________ ____________
1,810,637 Adjustment of prior years________________________ D r.76,297
Total income________ $19,086,019 $19,388,008 $17,773,521 $20,435,665
Net before dividend___________________________
$704,681 $1,021,143
2,567.923
1,781,508
1,214.255
Federal taxes, &c______ 2,469.674
$113,496
$81,314
2,384,093 Dividends preferred stocks of subsidiaries________
2,239.959
2,240,000
Interest on bonds______ 2,239,425
do
Common stocks of subsidiaries________
77,128
10,446
2.640.975
2,116.053
2,399.075
Deprec’n plant & equip’t 2.720.923
do
Common-—City Stores C o____________
460,797
______
Dividends_____________ 10,978,326 10.977,988 10,977,650 10,908,800
do
Class A— City Stores C o______________
______
211,495
Balance, surplus.........
$677,671
$961,163
$375,288 $3,812,464
Balance_______________________________________
$53,260
$717,888
OFFICERS.— Chairman, John D. Ryan; Pres., O F. Kelley; Sec. &
Surplus at beginning of period___________________
524,032
577,292
Treas.. C. W . Welch. Office, 25 Broadway. N. Y .— (V. 125. p. 1977 )
______
51,827
Charges against surplus__________________________
CH RYSLER CORP.— Incorp. In Delaware June 6 1925 for the purpose
o f taking over the properties of the Maxwell Motor Corp. pursuant to a
Surplus at close of period_______________________
$577,293 $1,243,353
reorganization plan dated April 15 1925 (V. 120, p. 2019). The latter
OFFICERS.— Pres., R. J. Goerke; Y.-Pres., Edmond Goerke;
company was incorp. M ay 7 1921 in W. Va. as a reorganization and merger Asst. Treas., Saul Cohn; Treas. & Asst. Sec., A. S. Cronheim. Sec. &
Office,
of Maxwell Motor C®., Inc., and Chalmers Motor Corp. Manufactures 112 West 38th Street, N . Y . O.
the Chrysler cars.
the Chrysler cars in four sizes viz: “ 52,” ‘62,” “ 72” and ‘ Imperial 80.’
CLUETT- PEABODY & CO., INC.— OR G A N IZA TIO N .— Incorp. in
In addition manufacturers marine engines.
New York, Feb 4 1913. Combined factories at Troy, N. Y ., also operates
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
factories at Nassau. Greenwich and Corinth. N. Y .; Leominster, Mass.;
Stocks-Com 3.200,000shs(no par) -----2,699,092 shs ------------------South Norwalk, Conn.. Atlanta, Ga.; St. Johns, Que.; Kitchener, Ont.,
Pref ser A cum red 115.275,000
and a bleachery at Waterford. N. Y Annual production about 12.000.000
shs (no par)_______________ $8 Q-J
214,959 shs --------------------dozen collars and 500,000 dozen shirts. V. 96, p. 491. Canadian Co.,
Bonds— 10-yr 1st M ser G due f
V. 106, p. 2454; V. I l l , p. 796, 1373.
350,000 ann red (text), ($500
53^gJ-D15 $1,494,000 Dec. 15 1934
The company in Jan. 1925 purchased assets and trade-mark of Earl &
& c)__________ Ce.kxxxc*&r* (Int. at Central Union Trust Co.
Wilson also of Troy, N. Y ., and manufacturers of shirts and collars. V. 120,
STOCK.— The pref. stock ts callable at 115, and a sinking fund of not p. 833. 1094
less than 10% of the amount of divs. paid on the common shares is to be
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
created to provide for the retirement of the pref. stock.
192,391 shs _____________
The stockholders on Dec. 18 1925 ratified an increase in the common stock Stocks— Com 250.000 shs (no par) ____
Pref cum $6,000,000 ($ 1 0 0 )... 7 Q-J
$6,000,000 _____________
from 800,000 shares, no par value, to 3,200.000 shares, no par value, and
STOCK.— IVef is callable, all or part, in blocks » f 10% of issue, at 125
approved exchange on the basis o f four shares of new common stock for
and accrued div.. also at same price on dissolution or consolidation or dis­
each share o f common stock held.
D IV ID E N D S.— The directors on March 9 1926 declared an initial tribution of capital. Beginning Dec. 31 1916. annual sink, fund, 1916 to
1920, 1% of issue and thereafter 2% . payable out of surplus profits. The
quarterly dividend of 75c. per share on the common stock, no par value
pref. has no vote for directors unless four quarterly dividends are in default.
payable April 2 1926; same amount paid quar. to Jan. 2 1928.
The directors also declared four quarterly dividends of $2 per share on No mortgage or new pref. without consent of 75% of each class of stock.
the no par value pref. stock, series A, payable Mar. 31, June 30, Sept. 30 In Dec. 1926 $4,000,000 of the original $10,000,000 had been amortized.
The stockholders in Feb. 1925 changed the authorized com. stock from
1926 and Jan. 3 1928 to holders o f record Mar. 15, June 15, Sept. 15 and
180,000 shares of $100 par value to 250,000 shares of no par value. The
Dec. 15 1927, respectively.
BONDS — The 1st mtge.
serial gold bonds ($5,000,000 auth.) are outstanding stock of $100 par value was exchanged for the new stock of
*
redeemable as an entirety, or from ;t me to time any one or more series as no par value on a share for share basis.
D IVIDEN DS — On com., 1914 and 1915, 4% ; 1916, 5% (1M % quar.)
an entirety, at 105 and Int. if called' or red. on or before Dec. 15 1925. and
thereafter'at 105 and int. less ]4% for each 12 months or part thereof 1917. 6% (1.4% quar ; Feb. 1918 to Nov. 161». 6% p. a (1*-*% ouar ).
Feb. 1920 to Nov. 1920, 2% quar.; Feb. 1921, 1 4 % : then none until
elapsed after Dec. 15 1925. Y. 119, p. 2769.
Feb. 1 1923, when 1 4 % was paid; same amount paid quar. to Feb. 1 1925;
REPO RT — For 1926, in Y. 124. p. 1502. showed;
May 1 1925 to N ov. 1 1927 paid $i 25 quar. on new shares of no par value
Calendar Years—
1926.
1925.
xl924.
Gross profit fr. sales o f autos. & parts.$29,074,113 $28,630,038 $15,076,495
R EPO RT.— For 1926. showed:
Interest and brokerage_____________
767,001
661,523
177,539
Calendar Years—
1926.
1925.
1924.
1923.
Net sales______________ $23,650,382 $24,882,867 $24,380,979 $28,264,902
Total income____________________ $29,841,114 $29,291,561 $15,254,034
x Expenses, &c_________ 21,647.408 22,386,834 22,194,867 24,932,758
Deduct—
Interest_______________
45.506
Cr.27,590
90,908
196.165
5,777,700 Depreciation___________
9,410,127
Admin., selling, adv. & gen. exps----- 11,945,619
276.257
280,925
271.991
281,312
931.620
284,298
252,186
Interest paid and accrued----------------Net income_________ $1,772,223
$2,242,699 $1,823,213 $2,854,666
Portion o f deferred devel. expense of
518.976'
590,935
572,813
582,190
424.124 Preferred divs. (7 % ) - - Chrysler cars charged o ff. -----------955.455 ($5)939.966(5%)900.000(5%)900,000
1,474,493 Common dividends_____
Deprec. & amort, o f tools & dies------41,211
Balance, surplus_____
$297,792
$711,798
$350,400 $1,372,476
Loss from mach. sold or scrapped-----489.346 Appropriation (deb.)_
2,471,000
_
______
______
y795,500
--------Prov. for est. U. S. & Canadian taxes. 2,194.722
Previous surplus_______ 8,987,183
8,275,385
8,720,485 7,348,009
Net income for year_______________ $15,448,587 $17,126,136 $ 4,115.540
Total surplus Dec. 31. $y,284,975 $8,987,183 $8,275,385 $8,720,485
Balance Jan. 1______________________ 13,867,768
6,782 32,728,581
x Including raw materials, labor, supplies, operating
—ses,
Cap. stk. sold, less misc. cap. stk.adj.
----------------22.420 and selling expenses, all administrative expenses, reservesexp4 taxes,general
for
royal­
ties, Ac. y Appropriated from surplus for settlement of patent suits.
Total____________________________ $29,316,355 $17,132,918 $36,866,541
OFFICERS.— Chairman, G. A. Cluett: Pres., E. H. Betts; Y.-Pres.»
Cost o f class "B stk. o f Maxwell Motor
S. L. Cluett: R. O. Kennedy and C. R . Palmer; Sec., H. M . Grout; Treas,Corp. purch. & against which no
stock o f Chrysler Is issuable------------------1,514,750
--------D A. Gillespie. Office, Troy, N. Y .— (V. 124, p. 2914.)
Dividend on preferred stock-------------1,725,588
1,750,400
------- COCA-COLA CO. (T H E ).— ORGAN.— Incorp. Id Delaware on
Dividend on common stock-------------- 8,121,240
----------------Sept. 5 1919 as successor of (The) Coca-Cola Co. of Ga. Business started In
Miscellanelus surplus charges----------121,925
----------------1886. Main plant at Atlanta, Ga., also has manufacturing plants at
Amt o f class A stk. issued in excess of
New York, Chicago, Baltimore. Dallas, Los Angeles, New Orleans, Havana
the principal amount o f conv. s. f.
1,421,367 and Santiago, and in Toronto, Montreal, Winnipeg and Vancouver, Canada.
debs, conv. as of Dec. 31 1924------------------Normal combined mfg. capacity of plants is 30,000,000 gallons per annum.
To chge. o ff bal. heretofore classified
Coca Cola International Corp. was organized as a holding company In
as def. charges, incl. unamort. por­
1923. V.
181,
The
1,173.307 Jan. organized inJ16, p.1923. 300.117, p. Coca-Cola Co. of Canada, Ltd.,
tion o f devel. exp. o f Chrysler c a r ..
------------Dec.
Y.
2894. Tax suit against old com­
500,000 was
Provision for special contingencies---------------30,296 pany. V. 119. p 2068.
Reduc. o f g ’d-will val. to $25,000,000.
------------STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks-Com 1,000,000 shs(no par) ____
1,000,000 shs ------------------Surplus Dec. 31__________________ $19,347,602 $13,867,768y$33,741,571
Shs. com. stock outst’g (no par)------- 2,707,080 2,717,640
z617,948
D IV ID E N D S — initial div on com. stock or *1 paid Apr. 2 1920; same
Earned per share___________________
$5.07
$5.67
$3.56 vmount paid July 15 1920; then none until Dec. 1 1921. when $1 was paid;
W x Predecessor company (Maxwell Motor Corp.). y Represented by (a) April 1. July 1 and Oct. 1 1922 paid $1 each; Jan. 2 1923 paid $1 50; April 2
class B stock (no par value) paid In or contributed capital, including sale o f 1923 paid $1 50 quar. and 50 cents extra; July 1 1923 to Apr 1. 1927 paid




Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

$1.75 quar. Paid 75c. extra April 1927 and 100% in stock Apr. 25 1927On July 1 1927 paid $1.25 quar. on new shares. Same amount paid quar.
to and incl. Jan. 1928.
R E PO RT.— For 1926 showed:
C a le n d a r Y e a r s —
1926.
1925.
1924.
1923.
Net sales______________ $30,107,272 $28,553,425 *25,444,197 $24,320,064
Operating profit_______ 11,678,469
9,920,165
6,506,993
5,222,684
______
660,585
--------45,576
Less other deductions___
Federal taxes___________ 3,274,815
1,360,000
806,000
648,000
Preferred dividends____
156,036
662,961
700,000
700,000
Common dividends_____ 3,500,000
3,500,000
3,500,000
3,625,000
Balance, surplus_____$4,747,617
$3,742,017 $1,500,993
$204,108
P e r i o d E n d . S e p t. 30— 1927— 3 M o s . — 1926.
1927— 9 M o s . — 1926.
Gross receipts___________ .$9,803,953 $9,220,229 $25,934,474 $24,212,369
M fg. & gen. expenses... 6,023,544
5,602,143 16,203,527 14,863,449
Interest, disct., &c_____
230,062
186,226
1,087,107
1,221,417
Net inc.bef. Fed. taxes $3,550,347 $3,431,860 $8,643,000 $8,127,503
OFFICERS.— Chairman, W . C. Bradley; Pres., Robert W . Woodruff;
Exec. V .-P ., Harrison Jones; V .-P ., Wm. P. Heath, Harold Hirsch, and
W . M . Brownlee; Sec. & Treas., S . F. Boykin. Main office, Atlanta,
Ga.— (V. 125, p. 2674.)
COCA-COLA INTERNATIONAL CORP.— Incorp. in Delaware on
Nov. 18 1922. Is strictly a holding company. Certain stockholders of
Coca-Cola Co. became interested in the advancement of that corporation
and its policy, and this company was formed to insure control of that cor­
poration, and for the purpose o f seeing to it that the control of Coca-Cola
Co. remain vested in the hands in which it was at the time this corporation
was formed. In the opinion of those people, it became necessary to form
this corporation in order to stabilize the management and policies of CocaCola Co. It was further believed that from time to time Coca-Cola should
enlarge the sphere of its endeavor and it was the purpose of this corporation,
as a holding company, to aid it to enlarge this sphere o f its endeavor by
having other corporations formed that would engage in lines that were simila rto the business o f Coca-Cola C o a n d from time to time this corporation
would own and hold the capital stock of such other corporations and thereby
have continuity o f management. In order to accomplish this purpose cor­
poration exchanged 251,000 shares of its common stock and obtained in the
exchange 251,000 shares o f the common stock of Coca-Cola Co.
STOCKS AN D BONDS—
R a te o f I n t .
O u ts ta n d in g . B d s. w h e n D u e .
S tock — Common (no par)_______
____
251,000 shs _____________
D IV ID E N D S .—An initial dividend o f $1 75 per share was paid July 1
1926; same amount paid quar. to Jan. 1 1927. On April 1 1927 paid $2.50;
July 1 1927 paid $1.75; Oct. 1, $2.50.
REPO RT .— For 1926, in V. 124, p. 2914, showed:
Y e a r s E n d e d D e c . 31—
1926.
1925.
1924.
1923.
D ivs.rec., Coca-Cola Co $1,740,655 $1,757,000 $1,757,000 $1,819,750
Other income__________
5,900
12,509
12,766
26,405
Total__________ _____ $1,746,555 $1,769,508 $1,769,766 $1,846,155
Expenses______________
10,558
9,535
12,674
26,406
Dividends paid_____ ($7)1,740,655($7)1757,000 ($7)1757,000($7.25)1819750
Balance_____________

def$4,658

$2,974

R es u lts f o r Q u a r te r s E n d e d —

Dividends received_____________________________
Expenses_______________________________________

$92
31 ’27.
$608,387
1,202

M ar.

______
31’26.
$431,068
1,337

D ec.

Net income___________________________________
Dividends paid_________________________________

$607,185
608,387

$429,731
431,068

Balance, deficit______________________________
— (V. 125, p. 1198.)

$1,202

$1,337

COLLINS & AIKMAN C O R P — ORGANIZATION.— Incorp. under
the laws of Delaware in 1927 to take over the business and assets of Collins
& Aikman Co. and its subsidiaries; A. T. Baker & Co., Crariston Worsted
Mills, and Fred Pearson & Co. For terms o f exchange see V. 125, p. 392.
The Collins & Aikman business was founded in New York about 1840
as G. L. Kelty & Co.
N ATURE OF BUSINESS.-—The corporation is the leading producer of
pile fabrics used in the upholstery o f closed automobiles, furniture, trains,
steamships, theatres, motor buses, and for interior draperies. Also velvets,
under the trade name “ Ca-vel” and the phrase “Velvets o f Enduring Beauty,
are manufactured to fill every decorative need. The corporation operates
11 factories located in Philadelphia and Bondsville, Pa.; Bristol and West
Barrington, R. I., and Roxboro, No. Caro.
STOCKS AND BONDS—
R a te o f I n t .
O u ts ta n d in g . B d s. w h e n D u e .
S tock s — Com 650,000 shs (no par)
Q-M
597,000 shs ____________
Pref (a & d) cum $12,000,000
($100)_______________ _____ Q-M
$11,760,000 ____________
STOCK.— See table. The pref. stock is red. in whole or in part at $110
per share upon 60 days’ notice. Entitled in liquidation to receive $110
per share plus accrued divs. The pref. stock has no voting power unless
the corporation shall be in arrears in the payment o f four quarterly divs.
The pref. stock was sold in July 1927 at $103 per share by Lehman Bros,
o f New York. V. 125, p. 392.
D IV ID E N D S.— $1 Dec. 1; 1M % Dec. 1.
R EPO RT.—
1922.
1923.
1924.
1925.
1926.
Net profits_____ $2,968,333 $3,759,076 $4,204,549 $5,066,776 $4,656,442
Pref. div. req.
times earned-.
3.60
4.56
5.10
6.15
5.65
F o r th e fir s t th re e yea rs sh o w n a b o v e , fisca l yea rs e n d in g D e c . 31 are
co m b in e d w ith fis c a l y e a rs en d in g th e fo llo w in g F e b . 28; fo r 192,5 o n ly th e
11 m o n th s en d in g Jan . 31 1926 are in c lu d e d fo r th e C o llin s & A ik m a n c o m ­
pan ies; a n d , t o c o n fo r m t o th e fis c a l p e r io d used b y th e C o llin s & A ik m a n
C o . in its ann ual r e p o r t , 1926 in clu d e s 13 m o n th s fo r th a t c o m p a n y a n d its
s u b sid ia ry co m p a n ie s , e x c e p t A . T . B a k e r & C o ., I n c .
O F F I C E R S .— P r e s ., M e lv ille G . C u rtis . O ffic e , P h ila d e lp h ia , P a .

COLORADO FUEL & IRON CO. ( T H E ) .— A C o lo r a d o c o r p o r a tio n
fo rm e d O c t . 21 1892. R e -ch a rte re d O c t . 1912. V . 9 3 , p . 1728. In Ju n e
1903 R o c k e fe lle r -G o u ld in terests a ssu m ed c o n t r o l. V . 7 6 , p . 1410; V . 9 8 ,
p . 1159. In 1927 o rg a n iz e d th e C o lo r a d o F u e l & Ir o n P r o d u cts C o . , w h ich
a c ts as a d is trib u to r o f its p r o d u c t s . V . 125, p . 392 .

Under the reorganization plan ol 1903 (V, 77, p. 2037, 2282, 2341; V. 79.
p. 736, 1267) the Colorado Industrial Co., whose entire capital stock is
owned, created an Issue of $45,000,000 consol, first mtge. guaranteed bonds
(gee below; also full statement In v . 80, p. 1726; V 83. p. 378> •
T h e steel p la n t a t P u e b lo , C o l o ., has n o w sta r te d o p e r a tio n s w ith its
n ew ele ctr ic a l e q u ip m e n t. V . 124 , p . 6 5 3 .
STOCKS A N D BO N D S—
Rate of Int.
Outstanding.Bds. when Due.
Stocks— C o m $ 4 4 ,2 0 0 ,0 0 9 ( $ 1 0 0 )- ------$ 3 4 ,2 3 5 ,5 0 0 ...........................
P r e f (n o t as t o assets) c u m
$ 2 ,0 0 0 ,0 0 0 ( $ 1 0 0 )___________
8 Q -J
$ 2 ,0 0 0 ,0 0 0
_______
Bonds— 5 0 -y r gen M s f g o ld f 5 g F -A
$ 5 ,3 1 9 ,0 0 0 F e b . 1 1943
r e d 105 $ 6 ,0 0 0 ,0 0 0 ($1,0001 -(Int. a t C h ase N a tio n a l B a n k , N e w Y o r k .
C e .c * & r I
C o lo In d u s 3 0 -y r 1st M g o ld I 5 g F -A
$ 3 1 ,4 3 0 ,0 0 0 A u g . 1 1934
ser A & B g u (p & i) ca ll 105 { i n t . at N e w Y o r k T r u s t C o ., N . Y .

N.c*&r [
D IV ID E N D S.— Dividends on pref. In full to Feb. 1903. then none tilJuly 1912, 2 H % ; Jan. 1913, 2 H % - Mar. 20 1913, 35% account acl
(umulated dividends; July 1 1913, 4 % ; Jan. 1 1914, 4 % ; then none till
Aug. 1916. w-en 30% was paid; on Dec. 22 1916 also paid 30% . thus
clearing up all accumulations; 1917, Feb., 4% ; May 1917 to N ov. 1927, 8%
p. a. (2% quar.). V. 103, p. 63, 2081.
An Initial dividend of 3% was declared in July 1917 on the common stock,
payable % o f 1% on July and Oct. 25 1917 and Jan. and April 25 1918;
July 1918 to M ay 1921, M of 1% quar.; none since.
BONDS.— The Col. Ind. guar. 5s ($45,000,000 authorized Issue) cover all
Ihe property of that company and,by supplemental mortgage of 1913. the
real estate transferred to the Col. Fuel & Iron Oo. and entire issue of securi­
ties of subsidiary cos. named, viz.. $4,500,000 bonds and $100,000 stock of
Ool.& W yo. Ry.; $3,000,000 Rocky M tn. Coal & Iron stock and $331,200
stock and $160,000 notes of Crystal Riv. Ry. Series “ A ” (limited to $14,067.000), Series “ 'B ' (limited to $30,932,000), $6,000,000 to retire gen. M .
6a of 1893. V. 80. p. 1481. 1720; V. 83. p. 381. 377. 326; V. 96. p. 1492.
7. 97. p. 83. 630.




169

Of the total of $36,355,000 Col. Ind. 1st 5s outstanding Dec. 31 1925,
$4,925,000 were held in treasury o f Colorado Fuel & Iron Co.
R E PO RT.— For 1926, in V. 124, p. 1830, showed;
C a le n d a r Y e a r s —
1926.
1925.
1924.
1923.
Total gross earnings-----$35,758,040 $34,537,135 $39,297,321 $38,656,580
Total net income_______ 6,416,240
5,869,537
4,628,503
4,992,680
Interest, taxes, &c_____ 3,667,825
4,117,109
4,108,218
4,260,651
Preferred dividends____
160,000
160,000
160,000
160,000
Balance, surplus_____$2,588,414 $1,592,428
P e r i o d E n d . S e p t. 30— 1927— 3 M o s .— 1926.
Income from operation..
$759,633
$483,678
Int., divs. & miscel. inc.
40,513
63,597

$360,285
$572,029
1927— 9 M o s . — 1926.
$5,332,428 $3,931,172
147,124
173,565

Total income________
$800,146
Int. on bonds & notes_
_
326,484
Prov. for deprec. of plants
& exhaust, of minerals
393,524

$547,275
445,482

$5,479,552
1,301,338

84,104,737
1,351,181

740,048

1,642,535

1,775,802

Net income before Fed.
taxes--------------------$80,138 def$638,255 $2,535,679
$977,753
OFFICERS.— Pres., J. F. Welborn; Exec. V .-P ., J. B. Marus; V .-P .
Arthur Woods; V .-P ., E. H. Weitzel; V.-P. & Treas., S. G. Pierson; Sec.,
Wendell Stephens.
DIRECTO RS.— J. F. Welborn, Fred Farrar, Thomas Debevoise, George
B. Berger, S. G Pierson, Arthur Woods, E. H. Weitzel, Albert A . Reed,
Wm. V. Hodges, E. T . Wilson and M . D. Thatcher. Office, Boston Build­
ing. Denver. Colo.— (V. 125. p. 2535.)
COLUMBIAN CARBON CO.— Incorp. under laws o f Delaware on
Aug. 24 1921. Produces carbon black, lampblack, bone black, pigments,
gasoline and natural gas. For description of properties, &c., compare
annual report in V. 122, p. 1640; also V 122, p. 2658.
STOCKS AND BONDS—
R a te o f I n t .
O u ts ta n d in g . B d s . w h en D u e S tock s — (vtc) 500,000 shs (no par)
____
402,131 shs _____________
STOCK.— All the outstanding stock is deposited under a voting trust
agreement expiring N ov. 1 1930, the voting trustees being F. F. Curtze.
F. M . Knapp, R. L. Carr, Edwin Binney and C. Harold Smith.
D IV ID E N D S.— Payments have been made as follows: Feb. 15 1922
$1; May 1 1922, $1; Aug. 1 1922, 75 cents; Nov. 1 1922, 75 cents; Feb. 1
1923 to N ov. 1 1927, $1 quar.
R E PO RT.— For 1926, in V. 124, p. 1699, showed:
C a le n d a r Y e a r s —
1926.
1925.
1924.
1923.
Net sales-----------------------$7,730,943 $7,286,163 $6,489,588 88,596,718
Net profits------- --------------- 2,988,633
2,476,290
2,442,418
3,866,254
370,000
310,000
Federal taxes (est.)_____
275,000
480,000
Dividends paid------------ 1,606,954
1,604,909
1,602,254
1,601,170
Minority interest share.
9,776
45,866
51,733
7,602
Balance, surplus------P e r i o d E n d . S e p t. 30—
Net, aft,exp. & Fed. tax.
Depreciation & depletion

$924,813
$515,516
1927— 3 M o s . — 1926.
$836,483 $1,677,119
370,475
373,696

Net p r o fits ...............
Dividends--------------------

$466,908
402,131

$513,430 $1,777,482
1927— 9 M o s . — 1926.
$2,620,673
1,219,914
1,108,682
1,132,730
$703,424 $1,511,991 $2,087,184
*420,391 *1,224,768 *1,261,173

$63,877
$283,033
$287,223$826,011
Surplus
. -----------* Includes minority interests of dividends.
OFFICERS.— Pres., F. F. Curtze; V .-P., Edwin Binney and C. Harold
Smith: Treas., Geo. L. Bubb; Sec., R eidL . Carr; Controller, R. E. Harnden
Ex. office, 45 East 42d St., N. Y . City.— (V. 125, p . 2814.)
COMMERCIAL SOLVENTS CO R P.— Incorp. under laws of Maryland
Dec. 13 1919. Manufactures solvents, particularly butanol (butyl
alcohol) and other alcohol products under the Weizmann processes- also
manufactures acetone, ethyl alcohol, synthetic methanal and various
important derivatives. Plants are located in Terre Haute, In d ., and Peoria
Illinois.
’
STOCKS AND BONDS—
R a te o f I n t .
O u ts ta n d in g . B d s . w h e n D u e *
S to c k s — Com 250,000 shs (no par)
____
217,722 shs
„ „ ^ 9 L C K ’T The directors in April 1926 called for redemption the $1,000 000 8% pref. stock and the 39,960 shares of no par value Class “ A " stock
as of July 1 1926.
On Aug. 17 1927 the stockholders approved the issuance of a new common
stock which was exchanged for the class B stock on the basis of 2 shares of
new for 1 share of class B. V. 125, p. 1056 and 523.
D IV ID E N D S.— An initial quar. div. of $2 per share on the Class “ B ”
stock was paid Oct. 1 1926; same amount paid to July 1 1927. Initial div
on new capitalization of $2 per share paid Oct. 1 1927. Same amount
declared for Jan. 1 1928.
NOTES.— The 6J4% gold notes were redeemed on June 1 1926 at 104
and int.
R E PO R T .— For 1926, in V. 124, p. 928, showed:
C a le n d a r Y e a r s —
1926.
---1925.
1924.
1923.
Gross profit
*$1,553,576
$165,828
Depreciation_________
Not
Not
I
See *
59,533
Admin, expenses, &c_.
reported
reported {
317,425
114,152
Operating income____$2,444,335
$1,312,189 $1,236,151
loss$7,857
Other income__________
112,222
87,712
183,044
26,691
Total income-------------- $2,556,556 $1,399,901 $1,419,196
$18,834
Interest, &c., charges_
_
486,847
338,014
217,223
78,708
Federal tax reserve_____
361,918
171,622
158.000
Preferred dividends x _
_
40,000
80,000
62,736
15,652
Class A dividends x _____
79,920
159,880
280.000
40,000
Class B common divs_
_
435,444
Balance______________ $1,152,427
$650,385
$701,237 def$l 15,526
Class B com. stk. outst’g
(no par)------------------108,861
47,064
40,000
40,000
Earn.per sh.on cl.B com.
$14.59
$13.82
$17.53
Nil
* After deducting production costs, laboratory expense factory oner
?XP'A re(h st'dD;}'lon charges and returns and allowances (and depreciation
in 1924). x Class A stock and pref. stock retired in April 1926
BALANCE SHEET as of Dec. 31 1926 in V. 124, p 1224.
P e r i o d E n d . S e p t. 30—
1927— 3 M o s . — 1926.
1927— 9 M o s . — 1926.
Oper. profit after deprec.
$580,482
$694,997 $2,183,780 $1,768,242
Other income__________
20,121
--------25,918
54,783
85,309
Total income-----------Interest, discount, &c__
Federal taxes__________

$600,603
57,407
106,715

$720,915
163,765
80,828

Net profit-----------------

$436,481

$476,331

2,238,563
181,594
405,466
$1,651,503

$1,853,551
439,227
249,681
$1,164,643

COMPUTING-TABULATINC.-RECORDINQ CO.— See International
Business Machines Corp.— (V. 123, p. 986.)
uriidLionel
CONDE NAST PUBLICATIONS. INC.
19?2R G A N IZA T I° N ’— IncorP- under the laws o f New York on Dec. 13
NATURE OF BUSINESS.—-The company is engaged in the printing
and publication of magazines and the manufacture and sale o f paper dress
patterns in connection therewith. Prints and publishes the
: i « - 1 ;
» arde?,” . and ‘ ■
Vanity. Fair,’ ’ Each m ala“ n| in Rs
particular field partakes of the nature of a “ trade paper.” The company
distributes its Vogue Patterns in the United States, Canada andTn the
Continent of Europe. ^Controlled^subsidiary companies are: Conde Nast
. C o., Ltd., and Les Editions Conde Nast. The company’s plant which
is owned m fee, is located at Greenwich, Conn.
p y pianc, which
c ^ O C -K S AND BONDS—
R a te o f I n t .
O u ts ta n d in g . B d s. w h en D u e
S to ck s— Com 350,000 shs (no par)
Q-J
320,000 shs
................
„ Pref cum $1,000,000 ($100) - . 7 Q-M
$868 Inn
“
s -1 0 -y r 1st M , due $70,- / 6J*J-J16
$450,833 July~ 16" 1933
000 per annum-------------------(Interest at Amer. Bond & Mtge. Co Chic

170

INDUSTRIAL STOCKS AND BONDS

STOCK.— The pref. stock is redeemed as a whole or in part on any div.
date on 60 days’ written notice at $110 per share and accrued dividends.
DIVIDEN DS.— On pref. in full to date. On common initial div. of
50c. per share paid Oct. 26 1923. Same amount paid on the following
dates; Dec. 15 1924, Sept. 15 1925, Sept. 30 1926, July 1 1927 and Oct.
1 1927.
RE PO RT.—For years ending Dec. 31 1926, in V. 124, p. 3778:
1924.
1923.
Calendar Years1926.
1925.
Gross rev. from sales o f
domestic publications,
advertising, patterns,
$7,015,214 $6,1 6,467 $5,446,661 $4,939,311
Produc., sell., gen. &
adm .exp . (inc .charges
4,772,136
4,569,601
5,715,172
5,070,440
76,492
44,792
Interest paid__>_______
64,751
58,865
Proportion o f bond com­
10,222
17,588
19,363
15,645
mission & expenses_
_
Propor. part o f profits &
losses (net) o f foreign
87,264
14,732
49,940
15,819
subsidiary companies .
17,000
Loss on investments___
Provision for Federal &
69,081
40,833
198,472
155,696
State taxes__________
Profit_______________ $1,011,240
887,419
Previous surplus______

$803,260
359,015

$442,649
53,920

$186,599

$1,898,659

$1,162,275

$496,569

$186,598

130,108
52,072
102,166

130,000
42,690
102,166

35,387
102,166

30,511
102,166

Prov. for prem. on ins.
policies______________
Divs. on pref. stock____
Divs. on common stock-

Surplus at end of year.x$l ,614,312
$887,419
$359,015
$53,920
x Entries incident to financing; Cash surrender value o f 10-year endow­
ment insurance (premiums in connection therewith have been charged
above), $141,115; total, including $1,614,312 surplus (as above), $1,755,427. Less, loss on sale o f stock o f Park Ave. and 86th St. Corp.,
and studio and apartment, construction, fittings and alterations, $216,812.
Provision for employees bonus paid in stock in January 1927, $45,900.
Dividend on common stock paid in stock of Montrose Development Corp.,
$1,250,000. Operating surplus at Dec. 31 1926, after giving effect to
financing $242,715.
Period End. Sept. 30— 1927— 3 Mos — 1926.
1927— 9 Mos — 1926.
Net income after charges
„
___
and Federal taxes____
$280,812
$225,131
$938,216
$702,723
OFFICERS.— Pres., Conde Nast; V.-Pres., F. L. Wursburg; Asst. V .-P .,
J. F. Kissell; Treas., W. E. Beckerle; Sec., M . E. Moore. Office, Green­
wich, Conn.— V. 125, p. 2674.
CONGOLEUM-NAIRN, INC.— Incorporated June 23 1919 in New York
as the Congoleum Co., Inc., successor to the Congoleum Co., a Pennsyl­
vania corporation; name was changed to Congoleum-Nairn, Inc. in Oct.
1924 when the Nairn Linoleum Co. (of N . J.) was acquired. Manufacfactures a complete line o f linoleum and felt base floor coverings. Plants
are located at Marcus Hook, Pa., Kearny, Salem and Camden, N. J. and
Asbestos, M d.
S T O C K S AN D BONDS—
Rate of Ipt. Outstanding. Bds. when Due.
Stocks-Com 1,750,000 shs(no par) -----1,641,026 shs ------------------1st pref cum red 107 $2,000,000
$1,509,400 -------------------($100)_______________________ 7 Q-M
Bonds— 1st M ser gold due J 6 g
$600,000 To 1932
$100,000 ann______________ \Int. at Bankers Trust Co., New York.
Farr & Bailey M fg 20-yr 1st M f 7 g M-S
$1,273,000 June 1 1942
s f gold guar red (text) ($100 lin t, at Camden S. B. & Trust Co.
& $1,000)---------------------kxc* (
STOCK — The stockholders on Sept. 8 1924 increased the authorized
common stock from 1,000,000 to 1,750,000 shares o f no par value.
D IV ID E N D S.— On pref. in full to date. On common, paid $1 50 per
share each on Oct. 15 1920 and Jan. 15 1921; Apr. 15 1921 to Oct. 15 1922
paid $1 quar.; Jan. 15 and Apr. 16 1923. $2 each; July 16 1923, $4; Oct. 15
1923 $2; Dec. 22 1923 paid 300% in stuck; Jan. 1924 to Apr. 1925 paid
75c. quar. on increased capitalization; July and Oct. 1925 paid 50c. quar.;
none since.
BONDS — The Farr & Bailey M fg. Co. first sinking fund gold bonds are
callable as a whole or in part at 110 and interest prior to June 1 1927, and
annually thereafter at
o f 1% less until June 1 1937, and thereafter 1%
less until maturity. Guaranteed as to principal and interest by endorse­
ment by Congoleum-Nairn, Inc.
R E PO RT.— For 1926, in V. 124, p. 1672, showed;
xl924.
1923.
1925.
1926.
Calendar Years—
Manufacturing profit— . $7,714,697 $10,269,761 $16,691,710 $11,440,308
Sell , adm & gen. e x p - 5,589,890
7,224,802
8,994,307
5,768,792
Operating profits____$2,124,808
^ d l^ d e n d s r & c -—

$3,044,959

$7,697,403

$5,680,516

259,894

2,136,822

612,802

266,906

Total income------------ $2,384,702
155,838
Interest paid.
491,616
Adjust, of inventory-----200,000
Gen. contingencies------963,819
Depreciation---------------110,000
Fed.& State inc.tax.(est.)___________

$5,181,781
256,623

1,310,205
289,921

$5,947,422
303,566

722,084
425,000

749,111
882,715

332,846
675,000

Net income____
$463,430
Divs. paid— Pref. stock.
113,129
Second preferred stock
--------Common stock______
______

,778,074
119,842

5,388,458
135,752

$4,646,010
129,036

4,077,565

3,489,375

1,280,000

Balance, surplus_____
$350,301 def$419,334 $2,763,332 $3,226,974
Profit & loss, surplus_$13,433,651
$13,166,554 $12,648,709 $7,390,826
x Congoleum C o., Inc., was merged with the Naim Linoleum Co. duriag
1924 and the earnings o f both companies for the year are included in the
above report; however, the properties were jointly operated only for the
last two months o f the year.
OFFICERS.— Chairman, A . W . Erickson; Pres., Albert W . Hawkes;
Sec J L Bruff; Treas., B. G. Steinetz; Asst. Treas., R. H. Anderson;
Asst Sec , J. M . Keating. Office, Morris Building, Philadelphia.—
(V. i25, p. 2392.)
CONGRESS C IGAR CO., INC.— Incorp. on Jan. 14 1926 under laws
o f Delaware. Manufactures the La Palina cigar. Plants are located in
Philadelphia, Bethlehem, Allentown and Kulpmont, Pa.; Camden, N. J.;
Wilmington, Del., and Baltimore, M d. Company maintains an organi­
zation in Porto Rico and Cuba for purchasing, curing and shipping tobacco
to its plants. It also operates distributing branches at Chicago, New York
and Philadelphia.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 350,000 shs (no par) -----350,000 shs ------------------STOCK.— The Porto-Rican-American Tobacco Co. in Jan. 1927 acquired
200,009 shares o f the company’s stock. V. 124, p. 240.
,
D IV ID E N D S.— An initial quar. div. o f 75c. a share was paid July 1 1926;
same amount paid quar. to Jan. 1 1927; and $1 paid Mar. 30 1927 and
June 30 1927. Sept. 30 1927 paid $1.25 per share.
RE PO RT.— For calendar years;
Interest. Fed’l Taxes. Net Eam'gs.
Net Profit. Deprec’n.
$336,480
$2,140,676
$154,206
$64,439
1926______ $2,695,801
1.731,750
249,460
160,103
50,841
1925_______ 2,192,154
1,176,326
170,112
61,268
45,748
1924______ 1,453,454
939.710
135,186
63,900
26,083
1923______ 1,164,879
1,335,713
191,093
47,025
12,556
1922______ 1,586.387
1926.
1925.
1924.
1923.
Output o f cigars_______ 147,892,524 179,150,715 219,854.835 249,616,564
Period End. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 M o s — 1926.
Net. after charges, depr.
& Federal taxes______
$737,199
$579,025 $1,944,861 $1,494,169
OFFICERS.— Pres., Samuel Palcy; V.-Pres. & Treas., Jacob Palcy;
V.-Pres. & Sec., W . S. Palcy.— (V. 125, p. 2392.)




[V ol. 125.

CONLEY TIN FOIL CORP.— A holding company, incorporated under
laws of New York on Dec. 9 1919. Subsidiary corporations are engaged
In the business of manufacturing and selling metal products, particularly
tin foil products.
To Dissolve.— The stockholders on Sept. 9 1924 voted to dissolve the
corporation. An initial liquidating dividend of $14 a share was paid on
Feb. 16 1925; a second dividend in liquidation of $2 50 a share was paid
on M ay 15 1925, a third liquidating dividend o f 60c. a share was paid M ay 2
1927.— (V. 124, p. 2596.)
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 200,000 shs (no par) ____
171,866 shs _____________
DIV ID E N D S.— Paid 50 cents per share on June 16 1920 and 50 cents
per share on Oct. 1 1920.
REPORT.— For 1923, in V. 118, p. 1778 and 2442, showed:
Calendar Years—
1923.
1922.
1921.
$145,750
$373,708
$134,013
•Net earnings______________________
Federal taxes______________________
17,500
52,106
19,006
Net income______________________
$128,250
$321,602
$115,007
* After expenses and reserves for inventory adjustment, &c.
For 9 mos. ended Sept. 30 1924: Manufacturing profit, &c., $10,044,231
expenses, $5,296,689; interest, $172,938; depreciation, $294,921; Federal
taxes, $536,197; net profit, $3,743,486.
OFFICERS.— Pres., E. J. Conley; V .-P ., Egbert Moxham; Sec., L. D.
Conley; Treas., Fred. D . Keithly.— (V. 124, p. 2596.)
CONSOLIDATED C IGAR CORP.— ORGA N IZA TIO N .— Incorp. in
Delaware M ay 13 1919, acquiring at that time all assets and property of
T. J. Dunn & C o., El Sidelo Cigar C o., E. M . Schwarz & Co. and the Lillies
Cigar C o., which concerns had been in business for 25 to 50 years. In 1920
the entire common stock of the “ 44” Cigar Co. was acquired.
Company produces five brands of cigars retailing for 10 cents and up­
wards, namely, “ Dutch Masters,” “ Harvester,” “ El Sidelo,” “ M ozart,”
“ Adlon.” In addition, the company produces the “ 44” cigar retailing at
two for 15 cents, and a 5-cent cigar, the “ Henry George.”
In Sept. 1926 contracted to acquire all, or not less than 95% , of the
capital stock of the G. H. P. Cigar C o., Inc., manufacturers of “ El Producto” cigars.
The company operates plants in 16 cities in the States of New York,
Pennsylvania, Michigan, Florida and New Jersey. 12 of these plants are
owned in fee, the balance leased. The G. H. P. Cigar C o., Inc., operates
26 plants located in 24 cities.
In 1927 purchased the Randolph-Jefferson Bldg, in Philadelphia and
assumed obligation of the first mtge. bond issue. (See table.)
STOCKS AND BONDS— Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 350,000 shs (no par) ____
250,000 shs
Prior pref cum $11,000,000
($100)_____________________ 6K Q-F
$11,000,000
Pref cum (text) call 110
$5,000,000 ($100)__________ 7 Q-J
$3,487,500
Bonds— 10 -yrsf conv gold notes f 6 g A-O
$10,000,000 Oct. 15 1936
red (text) ($500 & $1,000) (Int. at Chatham-Phenix Nat. Bank &
kxXxc* [ Trust Co., New York.
Randolph-Jeferrson Bldg 1st
$389,000
mtge______________________ ____
STOCK.— No mortgage without consent of 2-3 of pref. stock.
Prior Preferred Stock.— Preferred over the outstanding 7 % pref. stock and
com. stock as to cumul. divs. at the rate of 6 14 % per annum, and as to
assets, in event of liquidation, to the extent of $100 a share and divs.
Red. all or part, at any time on 30 days’ notice, at $105 a share and divs.
Stock Purchase Warrants.— Each certificate of prior preferred stock will
carry a warrant, detachable after July 1 1928, entitling the holder thereof
to subscribe, on or before Nov. 1 1937, for common stock at $105 a share,
in the ratio o f one share of common stock for each two shares o f prior
preferred stock represented by such certificate.
This issue was offered (V. 125, p. 2392) in Oct. 1927 at $100 and div.
by Dillon, Read & C o., Hemphill, -Noyes & C o., Chas. D. Barney & Co.
and Shields & Co.
Annual cumulative sinking fund of $80,000 beginning June 1 1921 to
be applied for redemption of the pref. stock at 110. Also callable as a whole
at 110. In case of failure to pay 3 successive quar. divs., pref. stockholders
shall have right to elect a majority of directors. There was also outstand­
ing on Dec. 3l 1925 $171,500 stocks of subsidiary companies.
The stockholders in Sept. 1926 Increased the auth. common stock from
250,000 shares to 350,000 shares.
Common stockholders of record Sept. 23 1926 were given the right to
subscribe for 48,666 additional shares of Common stock at $77 a share on
the basis o f one new share for each four shares held.
D IV ID E N D S.— An initial dividend on pref. at the rate of 7% per j um
fcr the 334 months ending Aug. 31 (about $2) was paid Sept. 1 1919; ec.
1919 to Dec. 1 1921,1 % % quar.; then none until Dec. 1 1922. when 1*4%
was paid; Mar. 1 1923 to Dec. 1 1927 paid 1 J£% quar.; also paid 1 *4 % on
account of accumulations on June 1 1925. Sept i 1925 and Oct 1 1925,
clearing up all back dividends Initial div of $1 50 on com stock paid
April 15 1920: July 15 1920 to April 15 1921 paid $1 75 quar; then none
until Oct. 1 1926, when $1.75 was paid; April 1 1927 to Oct. 1 1927, paid
$1.75. On N ov. 1 1920 paid 15% in common stock.
NOTES.— The 10-year 6% s. f. convert, gold notes are callable all or
part at any time on 30 days’ notice at 102 up to Oct. 15 1929, thereafter
at 101)4 up to Oct. 15 1932, and thereafter at 101.
These notes are convertible into common stock on the basis of one share
of stock for each $100 of notes.
They will be secured by the deposit of not less than 95% of the capital
stock of G. 11. P. Cigar Co , Inc.
A sinking fund is provided to retire $500,000 of notes annually, commmencing Oct. 15 1927, either by purchase at or below the call price or by
call by lot. V. 123, p. 1511.
REPO RT.— For 1926 in V. 124, p. 1830, showed:
Calendar Years—
1926.
1925.
1924.
1923.
$3,945,937 $3,342,622 $2,754,473
Gross profit on sales____$6,345,034
Selling, adm. & gen. exp. 2,801,075 1,702,978
1,620,630
1,769,896
Operating profit_____$3,543,959
$2,242,959
Int. on loans, discount &
misc. losses (net)_____
$695,402
$489,797
Fed’l & State taxes (est.)
362,200
230,000

$1,721,992

$984,577

$475,560
165,000

$458,594
54,000

Net income_________ $2,486,357 $1,523,162 $1,081,432
Preferred dividends____
$250,356
$475,571
$272,735
Common dividends_____
681,318
______
______

$471,983
$272,752
______

Balance_____________ $1,554,683
$1,047,591
$808,678
$199,231
Quarter Ended March 31—
1927.
1926.
Net profit after interest, depreciation and Federal taxes_$523,629 $326,665
Shares of common stock outstanding (no par)-------------- 250.000 194,662
Earnings per share on common________________________
$1.83
$1.33
OFFICERS.— Pres., Julius Lichtenstein; V.-Pres. & Sec., Louis Calm.
General office. 730 Fifth Ave.. N . Y . C it y — (V. 125. p. 2152.)
CONSOLIDATED D ISTRIBU TORS. IN C — Incorp. under laws of
New York. Operates a chain o f stores dealing in automobile and radio
supplies.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 450,000shs (no par) -----450,000 shs ------------------STOCK.— The stockholders on Feb. 16 1928 increased the authorized
capital stock from 300,000 shares to 450,000 shares, no par value, the
150,000 new shares being offered to stockholders of record Mar. 26 1626
in the ratio of 1 new share for each two shares held, at $3 75 per share.
R EPO RT.— For 1926 showed;
1925.
1926.
Calendar Years—
$1,685,616
Sales____________________________________ _______ $1,749,769
1.537.C79
Cost of sales and expenses.- . --------- _______ 1,649,863
_______
Operating profit . .
- - - - Other income___________________________ _______

$99,906
12,833

$148,537
207,CO
T

Total income__________________________ _______
_______
Other deductions. . . —
------------

$112,739
41,510

$355,544
61,987

Profit____________________ ____________________

$71,229

$293,577

Nor., 1927.]

BALANCE SHEET as o f Dec. 31 1926 In V . 124, p. 1224:
P e r io d E n d . S e p t. 30— 1927— 3 M o s . — 1926.
1927— 9 M o s . — 1926.
Sales__________________
$411,940
$529,435 $1,113,984 $1,243,896
Costs and expenses_____
423,267
503,544
1,174,082 1,173,807
Operating profit_____def$ll,317
Other income__________
1,156

$25,891
4,485

def$60,098
7,223

$70,089
8,672

Total income_________ def$10,161
Other deductions______
6,157

$30,376
9,093

$52,875
57,187

$78,761
25,396

Profit________________ def$16,318
$21,283 def$110,062
$53,365
OFFICERS.— Pres., Jesse Froehlich; V .-P . F. L. Lamson; Sec. & Treas.*
L . Minzie. Office, 56th St. and Broadway, New York.— (V. 125, p. 2674.)
CONSOLIDATED TEXTILE CORP.— ORGANIZATION — Incorp
in Delaware in Oct., 1919 to acquire all the properties, assets &c., of thf
Pilot Cotton Mills Co., Raleigh. N. C .. James N. Williamson & Sons Co.
Burlington, N. C., owners of the Ossipee and Hopedale mills, and the Ells
Mfg. Co. of Shelby, N. C. In 1919 al-o acquired all of the stock of Pelham
Mfg. Co. and Lynchburg Cotton Mills; in 1920 Bonham Cotton Mills,
Windsor Print Works. Henderson Cotton Mills and Union Cotton Mills.
Also owns 26,974 shares (no par value) Class “ B ” stock of B. B. & R.
Knight Corporation.
The corporation on Sept. 8 1924 announced that a plan for strengthening
the financial structure of the company, which had been under consideration
for some time by the board of directors had been consummated. As con­
templated in the plan a new selling company, to be known as C o n so lid a te d
S e llin g C o . , was organized as a subsidiary of Consolidated Textile Corp. for
he purpose o f selling the goods of that company. Compare Y. 119, p. 1286.
STOCKS AN D BONDS—
R a te o f I n t .
O u ts ta n d in g . B d s . w h e n D u e .
Sfoc*s-Com2,000,000shs(nopar) -----1,300,022 shs ------------------B o n d s — 20-yr 1st M s f conv (
8 g J-D
$3,576,700 June‘ 1 1941
gold $5,000,000 ($100 &c) (Int. a t -----------kxxxc* (
7 g J-J
$6,569,500 July 15 1929
5-yr secured gold bonds--------- f
lint at ________
5-yr income subordinated conv f 6 J-D
$369,500 Dec. 1 1929
debs (text) red 100 ($500 &c) \Int. a t -----------STOCK.— The stockholders June 12 1922 authorized an increase in the
capital stock from 1,000,000 shares of no par value to 2,000,000 shares of no
par value. Stockholders of record June 14 were given the right to subscribe
at $12 50 a share for new stock on the basis of one new share for each two
shares held. V. 114, p. 2474.
There was also outstanding on Jan. 2 1926 $800,000 8% cumulative first
preferred stock of Consolidated Selling Co., Inc.
DIVIDEN DS.— An initial dividend of 75c. a share was paid In Jan. 1920,
same amount paid quar. to Jan. 15 1921: none since.
BONDS.— The 1st mtge. 8% sinking fund convertible gold bonds are
redeemable all or part at 110 and Int. on or before June 1 1922, and there­
after at it o f 1% less for each 12 months or part thereof elapsed aftei
June 1 1922. Convertible into no par value common stock on the basis ot
par for the bonds and $21,309 per share for the stock. V. 112. p. 2646
DEBENTURES.— Int. on the income subordinated convertible deben­
tures is payable only if and to the extent that the net income of the company
for the 6 months’ period ending 30 days preceding each int. payment date
shall be sufficient for the payment of said int., any deficiency in the payment
of int. at said rate for any period to be cumulative and made up when the
net income of the co. shall be sufficient. Conv. at any time after April 1
1925 or such earlier date as the directors or executive committee shall by
resolution specify, at their principal amount into the com. stock as then con­
stituted, at the rate of $3 per share, with a proportionate adjustment of such
conversion price in case of a reduction in the co .’s capital stock. Red. at
any time on 30 days’ notice at 100 and accrued and unpaid int. Subordi­
nated to the prior payment of the co .’s 5 year 7% secured gold notes dated
July 15 1924 at any time issued and outstanding.
Stockholders o f record N ov. 29 1924 were given the privilege to subscribe
to these debentures at 95, on the basis o f $500 of debentures for each 1,200
shares of stock owned.
R E PO RT.— For 1926, in V. 124, p. 1984, showed:
C o n so lid a te d
Y ear E n d. a Y ear E n d . a Y ea r E n d .
Y ear E nd.
J a n . 2 ’26. D e c . 27 ’24. D e c . 31 1’23
In co m e A cco u n t—
J a n . 1 ’27.
xProfit from operations. b$546,230
$648,680 loss$939,730 $2,591,320
247,847
Depreciation___________
252,614
248,320
543,565
Interest on bonds and
901,404
802,249
1,862,288
bills payable, &c_ __
_
875,608
Proportion of bond dis­
50,509
37,316
131,392
count written o ff_____
46,960
First pref. div. on Consol.
64,000
______
______
Selling C o., Inc______
64,000
Balance_____________ def$688,186 def$619,848df$2,027,615 sur$54.074
a Excluding B. B. & R. Knight, Inc. x After deducting administration,
elling and general expenses (and in 1922, also shutdown and strike expen­
es). b Including $100,000 profit from sale of investments.
BALANCE SHEET as o f Dec. 31 1926 in Y. 124, p. 1984.
Q u a r E n d e d M a r c h 31—
1927.
1926.
1925.
Net profit after interest, depr. & re s._ $119,398 def$21,968
$56,458
Net profit for the quarter ended March 31 i927 is equivalent to 9 cents a
share on 1,301,356 shares of no par capital stock outstanding. V. 124, p.
1984.
OFFICERS.— Pres., Frederick K. Rupprecht; V .-P., Allen E. Johnson:
Alfred L. Ferguson and Joseph Bennett; Sec. & Treas., Henry B. Stimson.
Office, 88 Worth St., New York.— (V. 125, p. 786.)
CONSOLIDATED WATER POWER & PAPER C O ORGAN IZATION .— Incorp. in 1894 under the laws of Wisconsin as the
Consolidated Water Power Co. Name changed to present form in 1902.
N ATURE OF BUSINESS.— The company ranks as one of tne largest
producers of newsprint, wall paper and high-grade sulphite fibre in the
United States; it also produces paper towels, napkins, and tissue paper.
Ihrough a Canadian subsidiary the company is also one of the most im­
portant newsprint producers in Canada. The company owns and operates
four paper mills, three of which are located on the Wisconsin River, at
Wisconsin Rapids, Stevens Point & Biron, and one on the Fox River at
Appelton. Company owns or holds under long term land grant, and
aggregate of from 5,000,000 to 6,000,000 cords of spruce.
Tne company owns the entire capital stock of the following subsidiaries:
Consolidated Water Power Co. (see Public Utility Compendium) and the
Newaygo Tug Line, Inc., which owns and operates tugs & barges used in
the transportation o f pulp and pulp wood across Lake Superior. Thunder
Bay Paper Co., Ltd., of Ontario, operates 3,125-tons per day newsprint
machines.
STOCKS AND BONDS—R a te o f I n t .
O u ts ta n d in g . B d s. w h e n D u e .
S tock s — Common ($100)________
____
$8,000,000 _____________
B o n d s — 20-yr 1st M gold bonds f 5 1 4 g F-A
$7,500,000 Aug 1 1947
ser A $7,500,000 ($500 & -[Int. at Montreal or Toronto, Chicago, or
$1,000)___________ Na.x&c* [
trustees office N . Y . C.
FUNDED DEBT.-—The 1st mtge. gold bonds ser. “ A ,” are red. at the
option of the company, as a whole or in part, on any int. date, upon 30
days’ notice, at 103 on or before Aug. 1 1932; at 102 on or before Aug. 1
1937; at 101 on or before Aug. 1 1942; and at lOQ'A from then until maturity.
Secured by 1st mtge. on all the real estate, buildings, machinery, and
equipment now or hereafter owned by the company. Also further secured
by pledge (a) of $3,200,000 of 1st mtge. bonds of the Thunder Bay Co.,
(b) not less than $1,000,000 1st mtge. bonds o f the Newaygo Co., Ltd., and
(c) the entire outstanding capital stocks of the Thunder Bay Paper Co.,
Ltd., the Consolidated Water Power Co., the Newaygo Tug Line, Inc.,
and the Newaygo Co., Ltd.
OFFICERS.— Pres., Geo. W . Mead.
CONSOLIDATION COAL CO. (TH E).— Inc. in M d. 1860. V. 82, p.
104. The company owns approximately 53,800 acres of fee lands underlaid
with coal, the mineral rights to approximately 229,400 acres, making a total
coal acreage owned of 283,200 acres; and has leasehold mineral rights in




m

INDUSTRIAL STOCKS AND BONDS

approximately 26,400 acres and owns approximately 1,5U acres ol surface
U
only and has approximately 1,500 acres of surface u ui« lease locai.
in
Maryland. Pennsylvania, West Virginia and Kentucky. The Development
consists of 64 modernly equipped mines with a developed capacity of 15,000,000 tons per annum, 50 o f these mines are in active operation and 14
are temporarily closed, and through the ownership o f the entire common
capital stock of the Carter Coal C o., controls in addition thereto, approxi­
mately 34,400 acres fee lands underlaid with coal, the mineral rights to
approximately 2,400 acres and leasehold mineral rights in 1,700 acres in West
Virginia, Virginia and Kentucky, on which are located ten modernly
equipped mines with a developed capacity o f 2,250,000 tons per annum.
Five o f these mines are in active operation and 5 are temporarily closed.
The coals produced by this company are: Georges Creek Big Vein and
Cumberland; Somerset smokeless and steam; Fairmont gas, locomotive and
domestic; Millers Creek block; Elkhorn coking, by-product and gas, and
Pocahontas-New River Smokeless, steam and domestic coals.
Also owns: Entire capital stock as follows: $1,500,000 Cumberland &
Pennsylvania R R ., which see under “ Railroads” above; $4,000,000 Somer­
set Coal Co.; $650,000 Consolidation Coastwise Co.; $10,000 Fairmont Coal
Co.;$100,000 Monongah. Service Co.; $20,000 Cassv. & Monon. RR. Co.:
$5,000 Pennmont Coal Mining Co., $250,000 Fairmont Supply Co.; $500
Maryland Construction & Contracting Co.; $2,500,000 pref. and $4,200,000
common o f Northwestern Fuel C o., owning large docks at Washburn,
Duluth and Superior, and yards at St. Paul and Minneapolis; 50,000
shares o f common stock (no par value) of Carter Coal Co. The company
formerly owned the Sandy Valley & Elkhorn Ry. C o., but control of that
road was acquired by the Chesapeake & Ohio Ry. Co. in Aug. 1925 for
approximately $6,800,000 in cash. V. 121, p. 837; V. 106, p. 931; V. 103,
p. 2431; V. 78, p. 1271; V. 79, p. 502: V. 88, p. 1200. V. 95, p. 683.
Coal mined in 1926, including subsidiaries, 11,901,437net tons, and3,157,367 net tons mined by lessees. See 61-year record, V. 120. p. 1492.
STOCKS AND BONDS—
R a te o f I n t .
O u ts ta n d in g . B d s . w h e n D u e
___
$40,205,448 _____________
S tocks — Com $50,000,000 ($100).
Pref cum red 1121^ ($100)-----See text $10,000,000 _____________
B o n d s — 30-yr ref M g s f red 105 f 4K g M -N
$4,019,000 M ay 1 1934
$7,500,000 $1,000) G.xc*&r* )In t. at Guaranty Tr. C o., N . Y ., trustee.
Fairmont Coal 30-yr 1st M gold f 5 g J-J
$3,848,000 July 1 1931
s f assumed ($1,0Q0)--G.zc* \lnt. at U. S. Mtge & Tr. Co., New York
1st & ref M gold 40-yr red
5 g J-D
$21,102,000 Dec. 1 1950
107H sink fund $4O,OOO,OO0 {In t. at Guaranty Tr. C o., N . Y ., trustee.
($ 1,000)________ G.kxc*&r* {
STOCK.— The common stockholders of record March 29 1924 wer«*
entitled to subscribe at par for a new issue of $10,000,000 7% cumulative
preferred stock at the rate of one share o f new pref. for every four shares
of common stock held.
COM .DIVS. 0 6 .’07. 08. 1909. T O to ’ 16 T 7. T8. T 9toJan 31’23
6 6 & 2 e x . 6 yearly.
6
6
lH q u a r.
Percent-------- 6 9
do extra - . 2
2
2
-----0
—
3.
do instock ..
60
5
14
April 1925 dividend was passed; none since.
On pref. stock, paid in full to March 2 1925; then none until Feb. 20 1926,
't e a 134% was paid: then none until Dec. 1 1926. when l% % was oaid.
on Jan. 10 1927 paid 134% on account of accumulated divs., leaving 12K %
unpaid on the pref .stock.
BONDS.— The refunding sinking fund 4 M % mortgage bonds are secured
oy a first mortgage on approximately 24,725 acres mineral lands in Somerset
County, Pennsylvania, upon 11,803 acres mineral lands in Monongalia
County, West Virginia, and 11,657 acres fee lands. 2,103 acres mineral
lands and 51 acres surface lands owned, and on leasehold interest in 687
acres mineral lands and 18 acres surface lands in Allegany County, Mary­
land.
The first and refunding sinking fund gold 5s are secured by a first mort­
gage on approximately 39,960 acres fee lands, 153,430 acres mineral lands
and 1,326 acres surface lanus owned, and on leasehold interest in 624 acres
mineral lands and 131 acres surface lands situated in Pennsylvania, West
Virginia and Kentucky. Of the foregoing acreage 5,727 acres fee lands,
25,830 acres mineral lands and 134 acres surface lands owned, and leasenoiu interest in 457 acres mineral lands and 7 acres surface lands are
represented by deposit with the trustees o f the entire issue of the Somerset
Coal C o.’s first mortgage bonds. Further secured as a second mortgage on
approximately 19,578 acres fee lands, 101,776 acres mineral lands and 669
acres surface lands owned, and leasehold interest in 26,279 acres mineral
lands and 1,334 acres surface lands situated in Maryland, Pennsylvania
and West Virginia..
Status of $40,000,000 First and Refunding Mortgage Bonds Dec. 31 19 6.
Reserved to retire prior lien bonds (see table at head of page; $10,443,000
652,000
Purchased and held by company______________________________
Retired by operation of sinking fu n d _________________
2,486 000
4 eld for future development, & c „ for most part to 75% of cost
998,000
Beld in treas., $4,319,000, and outstanding______
_
21 102 000
Of Fairmont Coal Co. $6,000,000 1st M . 5s, $1,792,000 had on Dec’. 31
1926 been retired by sinking fund. Secured by a first mortgage on 2,692
acres fee lands, 37,387 acres mineral lands and 403 acres surface lands
owned, and on leasenold interest in 25.135 acres mineral and 1,309 acres
surface lands located near Fairmont, West Virginia.
RE PO RT.— For 1926, showed:
Calendar Years—
1926.
1925.
1924.
1923
Total earnings-------------- $27,235,717 $19,839,109 $19,263,184 $31,298,373
Operating expenses, &c. 23,679,673 17,235,841 18,960,261 26.009,884
Depreciation---------------- 1,227,729
1,175,404
1,442,698 1,436,388
Depletion--------------------314,614
261,200
247,948
266,253
Net earnings-- - - - - - - $2,013,701 $1.166,6641oss$1387723~$3,585,847
Profit from sale of capi243.299
tal assets---------------$116,627
$143,576
$168,851
Insur. fund surp. credit549,265
______
114,941
130 623
Otherincome--------------- — ------- -----822,305
1,031,705
91L545
$2,906,265
■ ----------- —
—
■■ —
- .
Total surplus
-- --1,546.000 $2,105,596 def$97,501 $4,796,867
int. on funded debt, &c$1,644,942 $1,791,144 $1,892,659
Divs. on pref. stock of
Carter Coal C o--------232,967
235,048
237,004
218,923
Federal taxes---------------90,000
______
______
99,812
Surplus for year----$1,037,298
Realization of apprecia­
tion o f coal lands------- 1,597,554
Direct surplus charges..
37,755
Preferred dividends-----525,000
Common dividends (6%)
---------

$225,607df$2,125,650
$1,503,078
167,105
175,000
---------

$2,585,474

$1,479,143 $1,529,562
44,663
431,667
2,412,088
2,412{070

Baiance to surplus.-def $1,123,011df$l,619,576df$6,493,211 d f$ l, 356,158
Profit & loss, surplus.. .$85,057,798 $86,180,809 $87,800,386 $94,293,598
— ? ? es,” d arence W . Watson; Sec. C. H. Beachley. Office,
67 Wall St., New York.— (V. 124, p. 2899.)
CONTINENTAL BAKING CORPORATION.— O R G A N IZA TIO N .—
Incorp. under laws of Maryland on Nov. 6 1924. Through its ownership
of the stock of the United Bakeries Corp., the Continental Bakina Corp
controls the following ten baking companies:
Campbell Baking Co., Incorporated in Delaware, M ay 13 1920, with baker­
ies at Kansas City and St. Joseph, M o.; Des Moines, Waterloo and Sioux
City, Iowa; Wichita and Topeka, Kan.; Oklahoma City and Tulsa Okla •
Dallas, Tex.; Shreveport, La.
’
"
Continental Baking Co., Inc., incorp. in New York, March 24 1910 as
the Shults Bread Co., name changed to present title on Feb. 17 1926
with bakeries at West New Brighton, M t. Vernon, Brooklyn and Jamaica’
N. \ .; Hoboken. N . J.
’
Ward & Ward, Inc., incorporated in New York, Aug. 14 1913, with bak­
ery at Buffalo, N. Y .
Ward Bros. Co., Inc., incorporated in New York, Sept. 13 1913 with
bakeries at Rochester, N. Y .; Dayton, Toledo, Cincinnati, Youngstown
and Columbus. Ohio; Gary, Ind.. and Oak Park, Chicago, 111.
Crescent Baking Co., Inc., incorporated in New York, May 4 1922 with
bakery at Utica, N. Y .
Memphis Baking Co., incorporated in Delaware, M ay 27 1902 with
bakery at Memphis, Tenn.
Crescent Baking Company, incorporated in Mississippi, M ay 27 1922 with
bakery at Clarksdale, Miss.
The Stroehmann Baking Co., Incorporated in West Virginia, April 1 19
with bakeries at Wheeling W . Va. and Huntington, W . Va.

172

IKDUSTKIAL STOCKS AND BONDS

Atlas Bakeries, Inc., incorporated in Delaware, N ov. 1 1923, with bakery
at Milwaukee. Wis.
Bakeries Service Corp., Incorporated in Delaware, July 27 1922. This
corporation has charge o f operating, buying, accounting and advertising
for all companies acquired by the Continental Baking Corporation.
In addition to the above companies the Continental Baking Corp. has
also acquired a direct controlling interest in the following companies, either
by purchase o f their stock for cash, or by exchange o f its own stock for that
o f the companies controlled, or by both of these methods.
American Bakery Co., incorporated in Missouri, Feb. 14 1907, with 5
bakeries at St. Louis, M o. A Maryland corporation o f the same name
acquired the assets on April 11 1925.
Livingston Baking Co., incorporated in Illinois, June 26 1923, with 3
bakeries at Chicago, 111.
The Wagner Baking Co., incorporated In Michigan, July 1 1980, with
bakery at Detroit. Mich.
Standard Bakeries Corp., incorporated in Delaware, Jan., 1923, w it;
bakeries at Long Beach and Los Angeles, Calif.; Denver and Pueblo, Colo.;
Hammond, Ind.; El Paso, Tex.; Omaha, Neb.; Akron, Ohio.
During 1925 the Continental Baking Corp. further acquired a controlling
interest in the following companies: (1) Massachusetts Baking C o., with
bakeries in Boston, Bedford, Haverhill, Springfield, Holyoke and Fitchburg,
Mass., Bridgeport, Hartford, New Haven and Waterbury, Conn. (2) Con­
sumers Baking C o., with bakeries in Paterson and Garfield, N. J. (3) Occi­
dent Baking Co., with bakeries in Minneapolis, Minn., Madison, Wis.
(4) Spokane Bakery C o., Spokane, Wash. (5) Perfection Bread C o.,
Sacramento, Calif., (6) Log Cabin Baking Co., Portland, Ore. (7) Wash­
ington Bakeries C o., Seattle, Wash. (8) Butterkrust Baking C o., Salt
Lake City, Utah. (9) Ogden Baking C o., Ogden, Utah. (10) Corby Bak­
ing Co.,with bakeries in Richmond, Ya,. Washington, D. C. (11)R. B.
Ward & C o., Inc., with bakeries in Los Angeles, San Diego, and Berke­
ley, Calif, (12) New England Bakery Company, with bakeries in Somerville,
Haverhill, Lawrence, New Bedford and Springfield, Mass. (13) Taggart
Baking Co., with bakeries in Anderson and Indianapolis, Ind.
On Sept. 14 1926 the name of the Massachusetts Baking Co. was changed
to Continental Baking Co. (Mass.).
The names of the following companies have been changed to Continental
Baking Co. (Delaware): American Bakery Co., Livingston Baking Co.,
The Wagner Baking C o., Consumers Baking Co., Occident Baking Co.,
Spokane Bakery C o., Perfection Bread Co., Log Cabin Baking C o.,
Washington Bakeries Corp., Butter Krust Baking C o., Ogden Baking C o.,
The Corby Baking Co., Inc., R. B. Ward & Co., Inc., and Taggart Baking
Co.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com cl A 2,000,000 shs.
291,813 shs ------------------(no par)_____________________ ____
2,000,000 shs ____________
Com cl B 2,000,000 shs (no par) -----$51,891,600 ------------------Pref cum $200,000,000 ($100). 8 Q-J
STOCK.— See table.
BONDS.— Funded debt o f subsidiary companies outstanding Sept. 17
1927, 022,252.
D IV ID E N D S.— On preferred, in full to date. On Class A common paid
$2 quar. from Jan. 2 1925 to Jan. 1 1927; Apr. 1 1927 to Oct. 1 1927 paid $1
quar.
REPO RT.— For 1926 showed:
Income Account for Year Ended Dec. 25 1926.
Dec. 25 ’26. Dec. 26’ 25.
Gross earnings__________________________________ S10.731,341 $13,436,916
Interest paid____________________________________
509.648
633,817
Depreciation____________________________________ 2,621,707 2,596,064
917,000 1,258,978
Estimated Federal taxes_________________________
Net profit from operations_____________________ $6,682,986 x*8,948,056
Divs. paid & accr., minority pref. stockholders-----136,262
153,652
Dividends on 8% preferred stock------------------------ 4,091,914
3,766,510
Dividends on class A stock______________________
2,333,440
2,203,307
Balance, surplus______________________________
Previous surplus (adj.)__________________________

$121,371 x$2,824,587
3,123,391|

Earned surplus Dec. 25________________________ $3,244,7621
Capital surplus_________________________________
2,503,000

See x

Total surplus_________________________________ $5,747,762J
x In the statement for 1925 submitted to the New York Stock Exchange
the company shows a net income (as above) o f $8,948,056; less portion of
net earnings applicable to dividends on pref. stock not owned in sub. cos.,
$153,652; balance, $8,794,404. The consolidated earned surplus from
date o f incorporation (Nov. 6 1924) to Dec. 26 1925 was reported as follows:
Equity o f corporation in earnings o f subsidiary owned and controlled
companies fr o m date o f acquisition in these companies (a) companies
acquired in 1924, $7,025,291; (6) companies acquired in 1925, $1,041,541;
total, $8,066,831; add earnings o f Continental Baking Corp. not including
dividends received from subs., $1,865,895; total, $9,932,727. Deduct:
Dividends paid (1) on pref. stock, $4,200,865; (2) on common stock $2,621,164; consolidated earned surplus at Dec. 26 1925, $3,110,697.
— 18 Weeks Ended—
— 43 Weeks Ended —
Period—
Oct. 22, ’27. Oct. 23 ’26. Oct. 22 ’27. Oct. 23 ’26.
Net earnings___________$3,000,983 $3,473,337 $7,338,630 $7,894,644
Other income__________
235,829
180,196
1,440,389
536,267
Total income_________ $3,236,812
Int & amort 194,282
Depreciatton
Z I-I837 104
Est Fed taxes________
279!500
Prop, applic. to minor.
interest______________
27,318

$3,653,533 $8,779,019 $8,430,911
202,457
4*7,409
449,676
877,129
2,114,743 2,111,052
325,000
817,500
770,000
117,182
46,916
91,605

[V ol. 125.

D IV ID E N D S.— Dividend on preferred from organization to date,
1M % quar. (7% per annum.). On common Oct. 1 1915 to Jan. 1 1918,
Incl., 5% per ann. (1H % Q.-J-); also, Feb. 21 1918, 35% in com. stock;
April 1918 to July 1919, 1H % quar.; Oct. 1919 to July 1921 paid \ % %
quar. On Feb. 15 and M ay 15 1923 paid each quar. 75 cents a share on
new stock o f no par value; Aug. 15 1923 to N ov. 16 1925 paid $1 a share
each quar.: on Feb. 15 1926 paid $1 25 quar. and $1 extra; on M ay 15 1926
to N ov. 16 1927 paid $1 25 quar. On Feb. 15 1924 and Feb 16 1925 also
paid 5% in common stock.
RE PO RT.— For 1926 in V. 124, p. 914, showed:
1926.
1925.
1924.
1923.
Net earnings____________ $5,146,989 $7,097,736 $5,317,370 $3,837,480
Depreciation---------------830,014
776,343
741,888
519,750
Res. for taxes & conting.
582,792
781,660
522,157
550,000
Preferred dividends (7%)
371,828
387,116
405,256
411,574
1,875,725
1,514,389
995,464
Common dividends_____ 2,947,056
Surplus______________
$415,299
,276,892 $2,133,680 $2,360,692
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 915.
Officers.— Chairman, T . G. Cranwell; Pres., C. C. Conway; V.-Pres.,
S. J. Steele, F. A. Prahl, J. C. Taliaferro; Sec. & Treas., J. B. Jeffreys, Jr.;
Asst. Sec. & Asst. Treas., R . H. Alexander; Auditor, G. J. W . Bos.
Address, Pershing Square Bldg., New York.— (V. 125, p. 1843.)
CONTINENTAL MOTORS CO R P.— O R G A N IZA TIO N .— Incorp. in
Virginia in Jan 1917
V. 104, p. 259), and took over business and plants
“ Red Seal Continental" gasoline motors. Produces passenger car motors,
truck motors, bus motors, industrial motors and aviation motors; also
special motors for the exclusive use of some of the largest automo’ble
manufacturers.
The corporation has organized a holding company known as the British
Continental Motors, Ltd., which will handle British rights to the Continental
single sleeve valve engine.
STOCKS AND BONDS—
Rate of Int
Outstanding. Bds. when Due.
1,760,845 shs ............ ..........
Stocks-Com 1,000,000 shs (no par) ____
Bonds— 15-yr 1st M s f gold f 6M g M -S
$6,873,400 Mar. 1 1939
red (text) ($100 &c)------------ (Int. at Halsey, Stuart & Co., N. Y .
CC.kxxxc* l
STOCK.— The stockholders Oct. 18 1922 authorized an increase In the
capital stock to 3,000,000 no par value shares, of which 1,460,845 were
exchanged share for share for the old common stock, par $10. Outstanding
Oct 31 1922, 1,760,845 shares. The unissued shares will be held in the
treasury for issuance as the directors may determine. See V. 115, p , 1637.
DIVIDENDS.-—-On common stock, No. 1, June 15 1917, 1 K % ; Dec.
5 1917, 2% ; Feb. 1918 to Aug. 15 1919, 1M % : quar.; N ov. 15 1919 to Aug.
15 1920. 2% quar.; Dec. 15 1920, 1% ; then none until April 30 1924, when
20 cents a share was paid on stock of no par value; same amount paid
quarterly to Oct. 31 1927.
FUNDED D E B T .— The 1st mtge. 6 K % sinking fund gold bonds are
redeemable all or part, at any time on not less than 30 days’ notice at the
following prices and interest; to and incl. March 1 1925 at 103Vi', thereafter
at M of 1% less for each succeeding year or part thereof to and incl. March
1 1938 and thereafter at 100. For sinking fund, &c., compare V. 118, p. 1524.
R E PO RT.— For year ended Oct. 31 1926, in V . 124, p. 784, showed:
1925-26.
1924-25.
1923-24.
1922-23.
Profits for year_________ $3,917,572 $4,776,071 $4,654,374 $3,836,196
Interest_______________
542,772
566,206
610,370
497,547
Premium on notes re d ..
______
______
30,000
______
Depreciation.............
1,028,473
1,007.242
1,143,981 1,208,195
Federal tax reserve_____
320,000
381,000
367,500
243,000
Net earnings________ $2,026,327 $2,811,624 $2,502,523 $1,937,453
Previous surplus_______$10,348,796 $8,945,848 $7,617,248 $6,196,926
______
______
______
______
Pref. stk. pur. for canc’n
Provision for add’l Fed’l
taxes prior years)____ Cr.39,967
______
117,415
2 66,000
______
______
______
Cr.l 1,988
Property adjustment
Total surplus________ $12,415,090 $11,757,472 $10,002,356 $7,790,367
______
______
______
$138,587
Prem. on pref. stk. ret’d
Preferred dividends-----------------------------34.533
Common dividends_____ 1,408,676 $1,408,676 $1,056,507
______
Profit and loss, su rp ..$11,006,414 $10,348,796 $8,945,848 $7,617,248
BALANCE SHEET as of Oct. 31 1926 in V. 124, p. 784.
OFFI( ERS.— Pres., R . W . Judson; V.-Ps., W . R. Angell; V.-P, in
charge of England, W . A. Frederick; Sec., T . M . Simpson; Treas., R . M .
Sloane. Office, Detroit, M ich.— (V. 124, p. 3779.)
COPPER RANGE CO.— ORGAN IZATION .— Incorp. In Mich. Jan. 26
1899. See V. 105, p. 610; V. 101. p. 925. Has extensive land holdings
and mineral rights in Lake Superior district, Mich. Own? all the stock of
Copper Range R R . (see “ Railroads"), and 50% o f ChampionCopper C o.;
also owns 9,200 shares of Michigan Smelting C o. stock.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due,
Stocks— Com $12,000,000 ($25)-- -----$9,868,875 ------------------DIVIDENDS.Since Aug. 1915; 1915, 12%; 1916, 40% ; 1917, 40% (10%
Q.-M.); 1918, 24%; 1919, March 15 $1; June 1919 to Sept. 1920, 60 cts.
(2% ) quar.; then none until Mar. 1 1922. when $1 was paid: M ay 10 1923
oaid $1; M ay 20 1924, paid $1; M ay 4 1925, paid $1; M ay 3 1926, paid $1.
M ay 2 1927, paid $1.
R E PO RT.— For 1926 in V. 124, p. 2914, showed:
Calendar Years—
1926.
1925,
1924.
1923.
Copper produced (lbs.)_ 23,526,277 23,277,718 25,109,175 23,571,360
Gross income---------------- 3,473,028
3,502,086
3,652,485
3,687,763
Net after expenses, &c_630,512
374,119
574,480
582,746
Surplus earnings of cop­
per Range R R . C o - . .
Cr80,112 Cr53,575
044,951
034,807
Deduct Champion net_
_
298,521
248,882
354,638
369,435
Deprec. and epletion_
_
591,913
719,943
740,893
711,543
Tri-m’t shut-down e x p ._
------------------------107,321
Dividends_____________
394,755
394,727
394,727
394,422

Net profit___________ $1,898,608 $2,202,031
$5,277,760 $4,983,001
OFFICERS.— Chairman, M . Lee Marshall; Pres., M . L. Livingston.
Office Murray Hill Bldg., 40th St. and Madison A ve., New York.—
(V. 125, p. 2674.)
CONTINENTAL CAN CO., INC.— ORGAN IZATION.— Incorp in
N Y Jan. 17 1913. Operates 24 mills at Canonsburg Pa. V. 95, p
1610; V. 96, p. 363; V. 104, p. 555, 2643. A new general line factory at
Jersey City, N . J., was completed and placed in operation during 1921.
Balance, deficit______
$601,565
$935,859
$870,828
$965,167
and during 1924 a new general line can factory at Chicago was completed.
Pres., William A. Paine; V .-P. & Treas., F. W. Paine; Sec., J. A. Ackroyd.
Agreement with Vulcan Detinning C o . See that company. In Sept. 1923
Durchased the can and tube departments of the National Can Co. or De­ Office. 82 Devonshire St., Boston.— (V. 124, p. 2914.)
troit. V. 117, p. 1240. In April 1924 purchased the properties of the
Bucklen Food & Products Co. at Ida., Mich. V. 118, p. 1916.
CORN PRODUCTS REFINING CO.— ORGANIZATION — Incorp
It was announced in Dec. 1926 that the company had organized the Los Feb. 6 1906 per plan V. 82, p. 103. 1321; V. 85, p. 527; V. 86, p. 1412; V
Angeles Can Corp., a subsidiary, to acquire the machinery, equipment, 87. p. 42; V. 96, p. 996: V. 90, p. 845- Plants at Argo and Pekin. 111..
Edgewater, N. J., and North Kansas City, M o. V. 105, p. 501; V, 84, p.
stock and good-will o f the Los Angeles Can Co.
696; V. 87, p. 938; V. 88, p. 628, 1623; V. 90, p. 845; V. 92, p. 465, 883;
In 1927 company acquired all capital stock (except qualifying directors
shares) o f the Seattle Can Co., Seattle, Wash., and o f the G. N . Easton V. 98, p. 915. New plant at North Kansas City M o., was put in operation
in March 1922. V. I l l , p. 796; V. 114, p. 1291. Purchase of plants in
Can Co. at San Jose, Calif. V. 124, p. 914.
Europe, V. 112, p. 261. Forms German company, V. 114, p. 1895.
STOCKS AND BONDS—
Rate of In t. Outstanding. Bds. when Due.
In June 1916 the U . 8. District Court in N. Y . held the company to have
violated the Sherman Anti-Trust Law, and on March 31 1919 a final decree
Stocks— Com 750,000 shs (no par) -----540,000 shs ------- ----------was filed, to which the company assented, ordering the dissolution o f the
Pref cum red 125 $7,500,000
merger not later than Jan. 1 1921 (subsequently changed to Jan. 1 1922;
($100)______________ _____ - 7 Q-J
$5,473,500 ------------------V. 113, p. 1776). The decree ordered the company to dispose of Its plants
STOCK — The stockholders on Dec. 29 1922 ratified a change in the com ­ at Granite City, 111.; Davenport, la.; its interest in the stock and other se­
mon stock from $15,000,000 (par $100) to 500,000 shares of no par value, curities of the National Starch C o., with its plant at Oswego, N. Y ., and the
each share of the old stock receiving 2 2-3 shares of new no par value stock and securities of the Novelty Candy C o ., which had plants at Chicago,
common stock. V. 115, p. 2909. The authorized common stock was in­ HI., and Jersey City, N. J., to a person or persons, including corporations,
creased to 750,000 shares in Feb. 1926.
, ,,
,
, ,
not controlled by or affiliated with the Corn Products Refining Co. and
The preferred is callable, all or part, at 125 and accrued div.: also, begin­ the company, or affiliated corporations, not to have any officers or directors
ning in 1915, for annual sink, fund of 3% of issue, payable put of surplus In common with such purchaser, nor any defendant be such purchaser. Only
nrofits. The pref. has no vote for directors unless 4 quarterly divs. are In persons or corporations intending to continue the business were eligible
default. In which case the election is vessel exclusively in the pref. until as purchasers.
all the defaults have been made good. Of the pref. stock, $2,026,500 had
Accordingly in M ay 1919 the Novelty Candy plants were sold to the
been redeemed to Dec. 31 1925. No mortgage or Increase in pref. stock
Continental Candy Co. (V. 109, p. 687). In Sept. 1919 also the Granite
without consent of 75% of each class o f stock.
The preferred and common stockholders o f record N ov. 24 1924 were City plant was sold for $4,500,000. The Davenport, la., plant was sold
given the right to subscribe to no par value common stock at $54 per share in Dec. 1919 for $250,000. In Dec. 1921 the Oswego, N . Y ., plant of the
to the extent of 15% o f the number o f shares o f preferred and (or) common National Starch Co. was sold to the Oswego Factories Corp. See V . 109,
p. 1277, 1463. 1702, 2267; V. 112, p. 66.
stock held.— (V. 119, p. 2292.)




Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Du e
Stocks— Com $75,000,000 ($25)-- ____
$63,250,000 _____________
Pref cum $25,000,000 ($100)-- 7 Q-J
$25,000,000 .......................
Bonds— 25-yr 1st M gold s f / 5 g M -N
$1,822,000 M ay 1 1934
red 105 ($1,000)________ xc* lin t, at Title Guar. & Tr. C o., N . Y .
Guaranteed debentures—
Nat Starch Co 20-yr g debs gu/5 g J-J
$558,500 July 1 1930
p & i ($1,000) V 94, p 127--Z tint, at Farmers Ln. & Tr. Co.. N . Y .
STOCKS.— The stockholders on March 25 1924 (1) reduced the author­
ized preferred stock from $30,000,000 to $25,000,000, thus formally com­
pleting the retirement o f 50,000 shares which were purchased by the
company and cancelled in 1921, and (2) increased the authorized common
stock from $50,000,000 to $75,000,000, and changed the par value of the
common shares from $100 each to $25 each.
The directors declared a 25% stock div. on the com. stock, payable to
holders o f record April 5 1924. The stockholders received 5 shares of the
new stock, par $25, in exchange for each share of the old com. stock, par
$100. The balance o f the new com. stock will be held in the treasury,
from which sales may be made to employees.
D IV ID E N D S -(T 4. to T6. 1917. T8. ’ 19. ’20. to '22. ’23. ’2 4 .’2 5 .’26.
Preferred ( % ) . . ] 5 yrly. 26.16 7
7
7 yrly.
7 7 7
7
Common (% )___\ _______
____
--6 yrly. llM 8 M 8 8 & le x t
Also paid 25% in stock to stockholders o f record April 5 1924.
Paid in 1927: Jan. 20, 2% quar. and 3% extra, April 20, 2% : July 20,
2% and 1% extra: Oct. 20, 2% .
BONDS.— The first 25-year 5s o f 1909 ($10,000,000 auth. issue) are
seemed by a first lien on all property o f company and its subsidiaries now
owned or hereafter acquired, subject only to New York Glucose first 6s.
Annual sinking fund of 2 % of total at any time issued may be used to draw
bonds at 105 and int. V. 106, p. 1034: V. 88, p. 1064, 1256, 1439: V. 90,
p. 845, 846: V. 93, p. 348: V. 105, p. 1423.
RE PO RT.— For 1926, in V . 124, p. 1365, shewed:
Calendar Years—
1926.
1925.
1924.
1923.
Profits from operations.$14,267,101 $9,758,174 $14,510,015 $13,978,966
Int. on dep., loans, & c ..
654,045
448,518
241,445
688,736
Int. & divs. on securities 1,473,278
1,068,992
1,269,610
814,305
Rents real est. not in op _
584,073
885,260
______
______
Profit on securities sold376,356
346,704
134,078
122,401
Total income________ $17,354,853 $12,507,648 $16,155,149 $15,704,408
Interest on bonded debt.
122,497
$124,959
$127,301
$136,190
General & Fed. ta x e s ... 2,101,298
1,599,031
1,908,064 1,990,292
Insurance______________
220,082
231,723
263,118
199,101
Preferred dividends____ 1,750,000
1,750,000
1,750,000 1,737,890
Common dividends_____ 7,590,000
5,060,000
5,030,000 4,480,560
Depreciation.................. 2,977,095
2,989,186
2,957,369 2,907,265
Balance, surplus_____$2,593,881
$752,749 $4,119,295 $4,253,110
•After deducting maintenance and repairs and estimated amount of
Federal taxes, &c.
9 Mos. End. Sept. 30—
1927.
1926.
1925.
1924.
•Net earnings__________$8,417,445 $9,317,448 $6,324,415 $9,586,598
Other income__________ 2,077,775 1,769,859
1,315,598
871,650
Total income_________ $10,495,221 $11,087,307 $7,640,013 $10,458,248
Int. and d e p r e c i a t i o n . 2,369,346
2,480,068
2,377,989 2,498,338
Preferred dividends_____ 1,312,500
1,312,500
1,312,500 1,312,500
Common dividends.(6%)3,795,000 (6)3,795,000 (6)3,795,000 x3,765,000
(1)632,500
_____
_____
Com. stock extra_____(1%)632,500
Balance, surplus_____$2,385,874 $2,867,238
$154,522 $2,882,410
x Includes 2M % paid Apr. 1924 on the old $50,000,000 stock (par $100)
and 2% paid July 1924 on the new $62,500,000 stock, par $25 (after the
declaration of a 25% stock dividend paid in April) and 2% paid October
1924 on the then outstanding $63,250,000 stock (par $25).
* After deducting maintenance and repairs and estimated amount of
Federal taxes, &c.— V. 125, p. 2270.
DIRECTORS.— E. T. Bedford (Pres.). W. J. Matheson (V .-P .), G. M.
Moffett (V .-P.), F. T . Fisher (Sec.-Treas.), C . H. Kelsey, G. S. Mahana
(V .-P.), T . P. Kingsford, W . H. Nichols, Jr., Jeremiah Milbank, A. B.
Boardman, F. H. Hall, Willis D. W ood, Preston Davie, E. E. Van Sickle,
(V .-P.), C. L. Campbell. Office, 17 Battery Place, New York.— V. 125,
p. 2535.
C O T Y, INC.— ORGANIZATION.— Incorp. under laws of Delaware on
Dec. 22 1922. The company is engaged in the business o f importing per­
fume extracts, cosmetics, and other toilet articles and maintains its own
laboratories where the various imported ingredients are assembled and
thereafter the finished products are marketed throughout the United States
and its possessions. Laboratories are located at 423 West 55th St., N . Y .
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 309,300 shs (no par) ____
309,300 shs ------------------STOCK.— See table.
D IV ID E N D S.— On no par value stock paid $1 90 per share on June 30
1925 and 95 cents per share quar. on Sept. 30 and Dec. 31 1925, Mar. 31
1926 to Sept. 30 1926 paid each quar. $1 per share; Dec. 31 1926 paid $1
quar. and $1 extra; Mar. 31 1927 to Dec. 31 1927 paid $1.25 quar. Dec.
31 1927 paid $1 extra.
R E PO RT,— For 1926, showed:
Calendar Years—
1926.
1925.
1924.
Gross profit________________________ $5,699,285 $5,017,174 $3,954,711
General, admin., selling exps., &c_
_ 2,268,365
2,112,866
1,564,928

173

Funded Debt.
1st M tge. 5% gold bonds of 1899, due Mar. 1 1929, but call­
able $25,000 yearly at 110; Interest M . & 8 _________________ $814,000
General mortgage 6% bonds auth. $2,500,000_________________ 1,900,000
Real estate mortgage and ground rents________________________
20,444
Notes payable TJ. S. Navy Dept, 1926-1942___________________
861,600
W . A. Harriman & Co. announce that the company has authorized an
issue o f $2,500,000 gen. mtge. 6% bonds, o f which $1,900,000 has been
subscribed for by the stockholders.
RE PO RT.— For 1925 showed:
Calendar Year—
1925.
1924.
1923.
1922.
Net, all departments_ loss$74,635 $1,401,141 $1,817,261 $3,828,944
_
477,080
770,748
766,612
756,793
Depreciation---------------Interest, &c___________
84,755
67,006
96,645
149,733
Net income.................def$636,469
$563,387
$954,003 $2,922,418
D ividen ds-----------------533,124
609,281
609,267 4,420,611
Surplus for year.._d ef$l, 169,593 def$45,894
$344,738df$l,498,193
OFFICERS.— William T . Smith, Chairman; J. Harry Mull, Pres.; John
F. Metten, Vice-Pres. in charge of marine engineering; H. M cC. Voorhees,
Vice-Pres. & Treas.; Roland L. Howe, Sec., and John P. Ramage, Asst.
Treas.— (V. 125, p. 1844.)
CREX CARPET CO.— Incorp. June 8 1899, In Delaware, as the
American Grass Twine C o.; name changed to above on Oct. 17 1908. Manu­
factures grass, cotton and wool rugs and carpets. Plants are located at
St. Paul, M inn., and Newburgh, N . Y .; also owns about 50,000 acres of
grass lands in the northern parts of Wisconsin and Minnesota.
BONDS AND STOCKS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $3,000,000 ($100). ____
$3,000,000 _____________
DIVS.—
j ’ 10. ’ 11-’ 13. ’ 14. ’ 15-T6. ’ 17. ’ 18-’20. ’21. ’22-’23. ’24. ’25.
P ercen t______1 5 X 6 yrly. 3
0
2 6 yrly. I K
0
1 4
Paid in 1926: Jan. 15, 1% , none since.
RE PO RT.— For year ended June 30 1927, in V. 125, p. 1715, showed:
Years Ended June 30— 1926-27.
1925-26.
1924-25.
1923-24.
Gross income___ _______
$48,382
$181,031
$306,425
$396,284
Selling, adm., gen. exp.,
depreciation, &c_____
215,642
210,822
208,063
201,803
Net income_________ loss $167259 loss$29,791
Previous surplus_______
682,550
800,622
Refund Federal tax_____
______
______
Gain on sale of real estate
______
______
Total surplus________
Dividends_____________
Res. for Crex Carpet Co.
(Eng.),Ltd.,curr.acc’t
Loss on old machinery. _

$98,362
801,056
______
21,204

$194,481
610,835
Cr.5,470
______

$515,291
---------

$770,831
60,000

$920,622
120,000

$811,056
..........

7,000
---------

25,000
3,280

...........

10,000

Balance June 30_____
$508,290
$682,551
$800,622
$801,056
OFFICERS.— Pres., James H. Baldwin; V .-P ., H. Esk. Molier and
R. C. Gambee; Sec. & Treas., W m. A. Pfeil; Asst. Sec. & Asst. Treas.
W m. B. Herbort. Office, 295 Fifth Ave., New York.— (V. 125, p. 1715.)
CRUCIBLE STEEL CO. OF AMERICA.— ORGANIZATION.— Incor­
porated in N. J. on July 21 1900. V. 71. p. 32; V. 73. p. 842; V. 84. p. 573.
V. 101, p. 290. Fourteen of plants owned and controlled, Pittsburgh, Pa.'
Syracuse, N. Y ., Auburn, N. Y .. Harrison, N. J.. Jersey City, N. J., Mid­
land, Pa., McKees Rocks, Pa., Crucible, Pa., and Glassmere, Pa.
The Pittsburgh Crucible Steel C o., all of whose stock Is owned by the
Crucible Steel Co. of America, purchased the property of Midland Steel Co.
(V. 83, p. 41), owning a plant at Midland, Pa., also 501 acres of land, and
sold $7,500,000 1st M . 5% bonds, guar. p. & 1. by Crucible Steel Co.,
maturing $250,000 annually beginning 1916. V. 92, p. 525, 728; V. 95, p.
1272; V. 99, p. 1449; V. 101, p. 1551; V. 105, p. 1895.
Halcomb Steel Co. o f Syracuse (controlled by stock), see V. 92, p. 728,
397; V. 103. p. 2082; V. 104, p. 2346; V. 105, p. 2545; V. 106, p. 611.
Guarantees Interest ($45,000 yearly) on Norwalk Steel 4 Its of 1910,
due July 1 1929, having the option to purchase the same before maturity
*t 80 and int. (V. 95, p. 424); also prin. and int. of bonds of the St. Olafr
Steel and St. Clair Furnace Co. Jointly with U. 8. Steel Corporation.

B a la n ce .._____ __________________$3,430,919 $2,904,308 $2,389,783
Other income_______________________
55,556
27,373
21,347

STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $75,000,000 ($100)- ____
$55,000,000 ____________
Pref cum $25,000,000 ($100)-. 7 Q-M
$25,000,000 _____________
Bonds— Pitts Cruc Steel Co 34- f 5 M-S
$4,500,000 To Mar. 1945
yr 1st M due $250,000 yrly (In t. at Union Trust Co., Pittsburgh,
UPi.xc* L trustee.
STOCK.— The stockholders voted Feb. 16 1920 to increase the
authorized limit of common stock from $25,000,000 to $76,000,000, with
a view to stock distributions to represent accumulated surplus when and
as the directors shall deem such distributions conservative. V. 110, p. 767
COM. DIVIDEN DS—
’ 19. ’20. '21. ’22. '23. ’24. ’25. ’26In c a s h ..__________ _____________ (% ) 4M 10
6
1
2
4
4
5
Paid in 1927 Jan. 31, 1 K % ; April 3, 1 H % ; July 3, lK % ;O c t .3 1 1 K % .
Also paid stock divs. as follows: April 30 1920, 50% in common stock;
July ,1 1920, 16 2-3% in common stock; Aug. 31 1920, 14 2-7% in common
stock.
RE PO RT.— For 1926, in V. 124, p. 522, showed:
Cal. Year 4 Mos. End. — Years End. Aug. 31—
Period—
1926.
Dec. 31 ’25.
1924-25.
1923-24.
Operating profits.x___ $9,994,174 $3,429,926 $7,837,683 $7,434,461
Other incom e.................
989,254
148,848
897,852
268,616

Total income______________________ $3,486,476
Depreciation_______________________
77,991
Federal taxes_______________________
465,000
D iv id e n d s-.........................
1,546,500
($4.50)
Rate per share-----------------------------

Profits______________ $10,983,428 $3,578,774
Maintenance o f plants. \
4,196,114 Jl,025,194
Deprecia’n & renewals. /
\ 400,000
Interest on bonds______
239,583
83,333
Pref. and com. dividends
4.637,439 1,362,486

$2,931,681
67,310
360,000
1,175,340
($3.80)

$2,411,130
71,862
293,396
721,700
($3.50)

Net income______________________ $1,396,984
$1,329,031 $1,324,172
Latest Earnings for 12 months ended Mar. 31 1927, see V. 124, p. 3074.
OFFICERS.— Pres., Francois Coty; V.-P. & Treas., Benjamin E. Levy
2d V .-P ., Joseph F. Scanlan; Sec., Paul Fuller Jr.; Asst. Sec., E . M . Jones
Office, 714 Fifth Ave., New York.— (V. 125, p 2674.)
(WM.) CRAMP & SONS SHIP AND ENGINE BUILDING CO.
(TH E ).— Incorp. in Penna. March 26 1872. In N ov. 1917 purchased for
some $1,500,000 the 5I£-acre plant o f the De La Vergne Machine Co.
V. 105, p. 2001. In March 1922 purchased the plant o f the Pelton Water
Wheel Co. V. 114, p. 1291. Has also acquired over 95% of the stock
o f the Federal Steel Foundry Co. of Chester, Pa.
In July 1919
American Ship & Commerce Corp. (see above) acquired a majority of the
stock, issuing in place of each $100 share acquired five shares of its own
stock, with no par value. V. 109, p. 527, 479.
The stockholders on Dec. 29 1926 approved the plan for the formation of
a company to be known as the I . P. Morris Corp. to take over the I. P.
Morris departmen lof the company, all the stock o f the new company to
be owned by the Cramp Co. This company has decided to discontinue
shipbuilding operations and turn its shipbuilding properties to other uses.
A reorganization and financing plan has been perfected and agreed to,
providing for substantial additional financing, and also for important retjustments in the company’s principal contract and other obligations. The
tprovides for the continuance o f the manufacturing operations of the
bsidiaries— De La Vergne Machine C o., I. P. Morris Corp., Pelton
aterWheel C o., Federal Steel Foundry C o., Cramp Brass & Iron FounitsCo., and Cramp Engine Manufacturing Co., and the segregation of
estock o f such subsidiaries into a separate holding company, Crampiadustrials, Inc. (see V. 124, p. 2754).
STOCK.— Authorized, $20,000,000; outstanding, $15,232,500; par of
shares, $100. American Ship & Commerce Corp. owns 74% o f the capital
stock.
LATEST
/ ’98. ’99. ’00. ’01. ’ 02. ’03-’ 16. 1917.
T 8. ’ 19. ’20-’26
DIVS
I 1H 5
5
5
3Ji None Aug.. 3%
6
7J4
text
In M ay 1917 resumed dividends, 3% being paid Aug. 1; Feb. 1918 to
Aug. 1919, 3% s.-a. In Oct. 1919 and Jan., April and July 1920 paid
114%. Paid 150% in stock on Sept. 10 1920. Oct. 15 1920 to Sept. 30
1925 paid 1% quar.; on Dec. 31 1925 and March 31 1926 paid M % quar.
none since. On July 14 1922 paid an extra cash dividend of 25% .




$8,735,535 $7,703,076
2,753,819
1,984,277
1,200,000
1,200,000
256,250
268,750
3,949,939 3,949,929

Balance, surplus_____$1,910,292
$707,761
$575,527
$ 300,125
x After deducting Federal and other taxes.
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 523.
OFFICERS.— Chairman, H. S. Wilkinson; Pres., F. B. Hufnagel; V.-P ’
A. T . Galbraith; J. M . McComb and John A. Mathews; Sec. & Trea» 1
George E. Shaw; Asst. Sec. & Asst. Treas., F. M . Barnes; Aud., H.
Gellinger. Office, 17 East 42d St., New York.— (V. 125, p. 920.)
CUBA CANE SUGAR CORP.— O R G A N IZA T IO N — Incorporated
ln Dec. 1915 in N. Y .
A consolidation of 17 sugar plantations.
V. 103, p. 64; V. 102, p. 1628. In July 1916 acquired Stewart Sugar C »
of Cuba. V. 102, p. 2344; V. 103, p. 64. 496. During 1920 the company
purchased Central Violeta, in Camaguey Province, Cuba. V. 110, p. 2196
2052. Other acquisitions during 1920, V. I l l , p. 2052.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com (text) (no par)____ ____
500,000 shs _____________
Pref cum convert red 120
$50,000,000 ($100)________ See text
$50,000,000 _____________
Bonds— 10-yr deb conv (text) f 7 & 8 J-J a$25,000,000 Jan. 1 1930
($100, &c)____________ G .c* (Int. at Guaranty Tr. Co., N . Y ., trustee.
Eastern Cuba Sugar Corp 15-yr f 73^g M-S
$9,400,000 Sept. 1 1937
M conv s f gold red (text) (Int. at Chase Nat. Bank, New York,
guar p & i ($100 &c)------xxx (
Violet Sugar Co 17-yr 1st M J 7 J-D30
$508,000 To 1935
due annually ($1,000)______ \Int. at Hayden, Stone & C o.. N .Y . and
Trust Co. of Cuba.
a $171551,100 bear 8% interest and $7,448,900 bear 7% interest.
STOCK.— Authorized, $50,000,000 7% cum. conv. pref. (par $100), and
2,100,000 shares common (including 500,000 shares reserved for conversion
of pref. stock and sufficient shares for conversion of 7 % debenture bonds; see
below), no par. Pref. is redeemable at 120 and int. and is preferred as to
assets and dividends. Convertible into common, share for share, at any
time, at option of holder. V. 103, p. 64, j.794.
BONDS, &c.— The $25,000,000 10-year 7% debentures (offered in Jan.
1920 at 100 & int.) are convertible at any time into common stock at $45.8823
per share. Redeemable on 60 days’ notice at 107M during the first 5
years, 105 during the sixth year, 104 during the seventh year, 103 during the

174

INDUSTRIAL STOCKS AND BONDS

eighth year, 102 during the ninth year, and 101 thereafter. No mortgage
may be created while any o f these debentures are outstanding except pur­
chase money mortgages. V. 109. p. 2174: V. 110, p. 363.
In Sept. 1921 the company announced that It had arranged with s
group or bankers to secure at once a loan of $10,000,000 under an arrange­
ment which required the subordination of the $25,000,000 7% Convertible
Debentures to the new money for the period of the loan and of any renewals.
substitutions or refundings thereof. As a consideration therefor, the com­
pany offered to increase me rate of Interest on assenting debentures from
7 to 8% per annum from July 1 1921 to the maturity of the debentures.
The plan was declared operative on Oct. 31 1921. On Sept. 29 1923 it was
announced that the loan had been paid o ff and the subordination of the 8%
debentures had been terminated. The 8% debentures therefore now enjoy
the same position in point o f security as the 7% debentures, but they will
continue until maturity (Jan. 1 19301 to bear interest at the rate of 8% per
ann. instead of 7 % . V. 113, p. 1475,1986: V. 115. p. 2682: V. 117, p. 1560
The Eastern Cuba 8ugar Corp. 7 % mortgage bonds are guaranteed,
prin. and int., by Cuba Cane Sugar Corp. and are exchangeable for the life
o f the bonds into Cuba Cane Sugar Corp. common stock at $20 per share.
Sinking fund will retire annually for five years, beginning in 1925, 3% , and
thereafter annually 6% o f the maximum amount o f bonds at any one time
outstanding; redeemable at any time after one year, all or part, on 60 days'
notice at a premium o f 7 H % if redeemed on or before Sept. 1 1924; if re­
deemed thereafter and on or before Sept. 1 1934, the premium shall decrease
H o f 1 % for each year or fraction thereof elapsed from Sept. 1 1924 to date
o f redemption; if redeemed after Sept. 1 1934 the premium shall decrease
1% for each year or fraction thereof elapsed from Sept. 1 1934 to date of
redemption. V. 115, p. 650, 1326.
D IV ID E N D S.— On pref. April 1916 to Apr. 1 1921, 7% p. a. (1 K % qu.);
none since.
R E PO RT.—-For year ending Sept. 30 1927 in V. 125, p. 2519 and 2520
showed:
Years Ended Sept. 30— 1926-27.
1925-26.
1924-25.
1923-24.
Produc. raw sugar (bags) 3,425,904
4,273,766
4,471,357 3,683,291
Receipts__
Sugar sales_______
$31,820,833 $31,819,941 $36,536,247 $53,424,441
Molasses sales_________
1,231,878
367,129
2,510,847
1,438,034
Other earnings_________
125,821
80,233
118,871
230,694
Total earnings_______ $33,178,532 $32,267,302 $39,165,965 $55,093,169
Expenses—
$16,692,008 $15,968,113 $19,351,509 $29,436,370
Cost o f cane.............
Dead season___________
2,694,839
3,860,553
3,469,646
3,804,975
Crop exp. (Cuba-U. S.)_ 3,663,000
4,765,877
5,443,786 4,526,015
aFiscal year charges____
977,730
989,080
985,963
856,289
Sugar expenses________
3,875,355
4,353,608
5,074,047
3,957,802
Total expenses_______ $27,902,933 $29,937,231 $34,324,951 $42,581,451
Operating profit_________$5,275,599 $2,330,071 $4,841,014 $12,511,719
Deductions__
Interest on bonds______ 2,656,735
2,642,277
2,665,447
2,675,511
Other interest & income.
0 8 1 ,0 8 9 0.89,338 0.319,827 Cr.295,931
Taxes paid diming y e a r..
7,826
9,213
8,487
20,712
Res’ve for contingencies.
______
______
______
400,000
Res’ve for depreciation.
1,750,000 1,750,000
1,750,000
1,750,000
Reserve for obsolescence
o f plants____________
______
______
______
1,500,000
Additional taxes & e x p ..
67,730
15,025
1,142
380,762
______
______
______
3,033,100
Other reserves_________
Balance, surplus__ los
$874,396 s $ l,997,106
Previous surplus_______ 12,020,855 14,017,961

$735,766
13,282,195

$3,047,565
10,234,631

Bal., sur.. Sept. 30...$12,895,253 $12,020,855 $14,017,961 $13,282,195
a General insurance, Cuban taxes on sugar and Cuban taxes on real
estate, &c.
OFFICERS.—-Albert, Strauss. Chairman Bd Dir.; Charles Hayden.
Pres, and Chairman Exec. Com; F. Gerard Smith, Exec. V .-P .; Manuel
E . Rionda and P. G. Bishop, V.-Ps.; B. A. Lyman, V.-P. & Treas.; G. A.
Knapp, Sec. Offices, 123 Front St., New York, and Amargura, 32 Havana,
Cuba.— (V. 125, p. 2519.)
CUBAN-AMERICAN SUGAR CO. (THE).— ORGANIZATION.—
Inrorp. Sept. 19 1906 in New Jersey and controls and operates, through its
sub-companies, six sugar plantations in Cuba and two sugar refineries, one
In Cuba and one in Louisiana.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $10,000,000 ($10). ____
$10,000,000 _____________
Pref cum $10,000,000 ($100)-- 7 Q-J
$7,893,800 ____________
Bonds-—10-yr 1st M coll s f f 8 g M-S15 $8,850,000 Mar. 15 1931
gold red 107 $10,000,000 (Int. at National City Bank, N. Y .
($500 & c)------------------------ c* [
STOCK.— The stockholders on April 15 1920 authorized » thange
of. capitalization from 100,000 shares, par $100, to 1,000,000 shares
par $10. The commoD stock outstanding wag exchanged for the com­
mon stock o f the new par on the basis of 10 shares o f new for each one
•bare o f old common stock. Holders of common stock will have one vote
for each ten shares held, holders o f less than ten shares to have no vote
DIVS.—
’16. T7. ’ 18. ’ 19. ’20. ’21. ’22. ’23. ’24. ’25. ’26. ’27.
7 7 7 7 7 7 7 7 7
7
7 10
On pref_______ %
On common_____ 10
10 10 10 text 25 . . 7H 30
27M 17K 7
Common extra_
_ 10
10 ._
._ . . . .
..
..
..
..
..
Common stock___ 40
..
__ _____ ___
_
._
....
In 1920: Jan. 1 and April 1, 2)4% each; in May 1920 two divs. of SI .76
per share were declared on the new $10 par value stock, payable July 1
and Sept. 30 1920. V. 110 p. 2196. In 1921: Jan. 3. $1: April 1
July 1, 50c. None in 1922. In Sept. 1923 two divs. o f 75c. per share
were declared, one payable Nov. 15 1923 and the other payable Jan 2 1924
April 1 1921 to July 1 1925 paid 75c. quar.: Sept . 30 1925 to July 1 1926
paid 50c. quar., Sept. 30 1926 to Jan. 3 1928 paid 25c. quar.
BONDS.— The 1st mtge. collateral 8% s. f. gold bonds are secured by
the deposit of (a) $13,000,000 (entire outstanding issues) first mtge. 6%
bonds, all due Oct. 1 1929, o f the following subsidiaries; $3,500,000 Chaparra
Sugar C o., $2,900,000 Chaparra R R ., $3,500,000 San Manuel Sugar Co.,
$1,000,000 Tinguaro Sugar Co., $500,000 Mercedita Sugar C o., $300,000
Cuban Sugar Refining Co. (refining), $900,000 Cuban Sugar Refining Co.
(plantation), $400,000 Unidad Sugar Co., and (b) $3,000,600 Colonial Su­
gars Co. 1st mtge. 5s, due April 1 1952— total, $16,000,000. As a sinking
fund company will set aside quarterly the sum of $250,600, beginning with
the quarter ending June 15 1921, which shall be used to purchase bonds in
the market up to 105 and int. if obtainable; any unexpended balance to be
credited upon the next quarterly sinking fund installment. V. 112, p. 1028.
R E PO R T .— For year ending Sept. 30 1926, in V. 123, p. 3337, showed:
Years End. Sept. 30—
1925-26.
1924-25.
1923-24.
1922-23.
Sugar sold____________ \$24,132,276/$24,351,759 $34,393,545 $36,062,832
Molasses produced____/
\ 1,932,540
1,096,430
366,347
Interest received_______
534,803
608,927
612,912
379,507
Profit on stores, &c____
486,210
479,382
544,954
510,103

[V ol. 125.

OFFICERS.— Chairman, J. H. Post; Pres., George E. Keiser; 1st V .-P .
H. A. Clark; V .-P ., Walter S. Bartlett; Treas., J. H. Land; Sec., Walter J.
Vreeland; Comp., Geo. E. Bush. Office, 136 Front St., N. Y .— (V. 125,
p. 2816.)
CUBAN DOMINICAN SUGAR CORP.— Incorp. under laws of Mary­
land in 1926 and acquired, under reorganization plan, all the property and
assets of the Cuban Dominican Sugar C o., assuming all that company’s
outstanding obligations and liabilities. Owns stocks of operating sub­
sidiary companies (through 100% stock ownership), which subsidiaries are
engaged in the business of owning and operating sugar plantations and
factories in Cuba and in Santo Domingo, and in the growing and grinding
of sugar cane and manufacturing and selling of raw sugar and related
products.
In Oct. 1923 the company acquired the Sugar Estates of Oriente, Inc.
V. 119, p. 1960, 2184.
The reorganization plan in brief provided as follows: Each holder o f the
pref., in addition to receiving 1 share of stock of the new co. for each share
of the old stock, also received a transfer of the subscription warrant entitling
him to subscribe at $20 a share for all or any part of 2 shares of stock of the
new company.
Each holder of common in addition to receiving one share of stock in the
new co. for each 10 shares of old com., also received transferable subscrip­
tion warrants giving him the right to subscribe at $20 a share for all or any
part of 35-100ths of a share of stock of the new co. for each share of his
existing common stock.
A syndicate headed by W. A. Harriman & C o., Inc., and Cassatt & C o.
agreed to underwrite the reorganization. Compare V. 122, p. 2505.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
1,142,833 shs _____________
Stocks-Com 1,150,000shs(nopar) ____
Sugar Est of Oriente pref cum.
$5,000,000 auth ($100)------- -----$4,000,000 .......................
Bonds— 1st (closed) M 20-yr s f [ 7 14 g M -N $14,165,500 Nov. 1 1944
gold red (text) ($500 and (Int. at National City Bank, N . Y .
$1,000)_____________ kxxxc* (
Secured ser notes due $320,000
$1,280,000 _____________
annually------------------------------ 7 g
Santa Ana Sugar 10-yr 1st M f 8 A-O
$2,019,000 Apr. 1 1931
s f ($0,000)______ ) ) ) _______ lint, at_______________________
Sugar Est of Oriente20-yr 1st f 7 g M-S
$5,750,000 Sept. 1 1942
M s f gold $7,500,000 ($500 (In t. at National City Bank, N . Y .
& c)_________________kxxxc* l
Cia Central Am S A purch money /
sinking fund__________ ______ \6
$1272,000 1935
STOCK.— See table.
BONDS, &C.— The first mtge. 8% bonds (see table at head of page) have
a sinking fund provision of $500,000 for each year, commencing July 1 1925,
and continuing to maturity.
The first (closed) lien 20-year sinking fund 7)4 % gold bonds are re­
deemable on any interest date, either as a whole or at the option o f the
company, at 105%, or by lot, through the operation of the sinking fund, at
110%. As security there will be pledged with the trustee $16,500,000
1st (closed) mtge. bonds of certain controlled properties constituting their
entire funded debt, and the entire issued and outstanding common capital
stocks (other than directors’ shares) of all controlled companies, both in
Cuba and in the Dominican Republic. The sinking fund provisions will
require the payment to the trustee semi-annually of cash aggregating at
[east $750,000 a year, less certain credits on account of subsidiary sinking
fund retirements, together with additional amounts equivalent to 25% of
all dividends declared and paid on the company’s pref. and common stocks,
respectively; and all moneys so deposited will be applied semi-annually
commencing May 1 1925 to the redemntion and retirement by lot of bonds
of this issue at 110%. V. 119, p. 1960; V. 120, p. 1753.
NOTES.— The secured 7% serial gold notes will be secured by a second
lien on the same collateral as the first lien 20-year sinking fund 7 )4 % gold
bonds, and will be redeemable in whole or in part at any time at face value
and accrued interest.
R E PO RT.— For year ended Sept. 30 1926, in V. 123, p. 3315, showed;
Consolidated Income Account Years Ended Sept. 30.
a New Corp.
-Predecessor Company1925-26.
1924-25.
1923-24.
1922-23.
Raw sugar produced_$18,407,266
$18,761,356 $10,884,563 $8,662,993
Molasses produced_____
531,974
1,183,977
330,910
86,923
506,407
Interest received_
447,965
78,256
44,015
Profit on stores,cattle,&c
587,832
306,582
205,411
95,058
Total________________ $20,033,479 $20 ,699,880 $11,499,140
Exp. of prod., mfg., &c.$18,481,398 $18, 285,294 $7,356,629
Provision for deprec’n . . 1,542,603
1, 463,511
970,258
Interest on first lien 7)4s 1,091,875
700,835
______
Int. Sugar Est. of Or. 7s.
424,054
421,274
______
Int. Comp. Cent. Am. 6s
127,850
135,000
______
Int. on 7% serial notes. _
97,067
60,667
______
Int. on first mtge. 8s of
Santa Ana Sugar_____
263,333
258,333
280,000
Int. on bills payable,cur­
rent accounts, &c____ 1,236,119
787,409
620,509
Disc.on Sug.Est.of Or.7s
______
34,011
...........
Amortiz.of bond disc.,&c
______
183,768
______
Div.on Sug.Est.of Or. ,pf
______
319,980
______

$8,888,988
$5,808,238
972,115

262,511
436,218

Net loss_____________ $3,230,321 $1,950,202 $2,271,744 $1,409,905
Profit and loss surplus.. b$680,215 $3,847,030 $3,580,874 $1,409,905
a Statement for statistical purposes of operations of the 1925-26 crop of
predecessor company and its subsidiary companies incorporating transac­
tions of present corporation to close o f crop period, b After reserve set up
at time of organization of corporation in April 1926 to offset estimated losses
of predecessor company and its subsidiaries.
OFFICERS.-—Pres., F. B. Adams; V .-P ., Lorenzo D. Armstrong; Sec"
& Treas., Arthur Kirstein, Jr. Office, 129 Front St., New York.— (V*
125, p. 1844.)
CUDAHY PACKING CO. (TH E ).— ORGAN .— Began business In
1887 in South Omaha, and, as subsequently enlarged, was sold on Oct 15.
1915 to present company organized in Maine History. V 107. n 294.607.
Owns 9 main plants (in Omaha, Kansas City, Sioux City, Wichita, St.
Paul, Salt Lake, Detroit, Jersey City and Los Angeles) and over 100 branch
houses, with slaughtering, curing and preparing capacity for 20,000 hogs,
6,000 cattle and 10,000 sheep per day. Owns and operates five plants
which manufacture “ Old Dutch Cleanser.” A large oil refinery at Memphis.
Tenn.; also does an extensive business in butter, butterine, cheese, eggs
and dressed poultry, owning plants and warehouses in the States of Wis­
consin, Minnesota, Iowa, Ohio, Missouri and Tennessee. It owns over
1,650 refrigerator and tank cars, all used for the transportation of its
products.
Packers’ decree suspended— see Armour & Co. above.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds when Due.
Total_______________ $25,153,289 $27,372,608 $36,647,841 $37,318,789 Stocks— Com $36,449,500 ($50). ____
$21,249,500 _______ _____
Prod. & mfg. costs, sell­
Pref cum red 100 ($100)_____ 6 M -N
$2,000,000 _____________
ing & general expenses 22,063,093 23,021,835 26,760,581 26,261,154
Pref cum red 105 ($100)_____ 7 M -N
$6,550,500 _____________
30-yr 1stM s fc a ll 1 0 2 J 5 g J-D
$8,624,000 Dec. 1 1946
Net earnings__________$3,090,196 $4,350,772 $9,887,260 $11,057,634 Bonds—
$12,000,000 ($l,000).xc*&r* \Int. at Boston and Chicago.
Deduct—
10-yr s f gold debs red (text) f 5)4g A-O $13,400,000 Oct. 1 1937
Provision for inc. taxes
($100 &c)________ kxxxc*&r (in t. at New York and Chicago.
as may be finally de­
$50,000
$390,000 $1,040,000
$830,000
termined____________
STOCK.—
Depreciation___________ 1,304,073
1,443,390
1,332,127
1,304,561 ized common The stockholders on Oct. 26 1926 voted to increase the cUthorInt. on bills payable, & c.
43,638
47,601
171,517
151,950 two shares of stock from $26,449,500, par $100, to $36,449,500, par $50,
the new stock to be issued in exchange for each share of old
Disc, on bonds and notes
45,174
45,175
45,175
45,175
Interest on bonds______
708,056
711,624
722,657
722,800 common stock outstanding.
DIVIDENDS ON COM MON STOCK.— In 1916. N ov., 1H % cash and
Balance, surplus_____
$939,254 $1,712,982 $6,575,783 $8,003,148 50% In stock; March 1917 to July 5 1920, I H % quar. (cash); also from
Previous surplus_______ 28,587,566 30,177,149 26,403,932 20,453,350 accumulated surplus common shareholders of record Dec. 15 1918 received
a stock dividend of 25% . V. 107, p. 2191. No payments were made from
T otal__________ _____ $29,526,820 $31,890,132 $32,979,715 $28,456,498 Oct. 1920 to Oct. 1923, incl.; Jan. 15 1924 to Jan. 15 1925 paid 1% quar.:
Loss on Colonos’ advan.
$599,622
______
______
______
April 15 1925 to July 15 1926 paid 1% % quar.; Oct. 15 1926 to Oct. 15
Pref. dividends (7 % )— .
552,566
$552,566
$552,566
$552,566 1927 paid 2% quar.
The M ay and N ov. 1921 pref. divs. were deferred; payments were re­
Common (cash) d i v s ...
1,750,000 2,750,000
2,250,000 1,500,000
Rate, percent......... ..
(1 7 ^ % )
(27)4% )
(22)4% )
(15%) sumed on M ay 1 1922, when 3% and 3)4% was paid; same amounts paid
semi-ann. to Nov. 1 1927. On Dec. 31 1923 paid 6% on the 6% pref. stock
P . & L .surp. Sept, 30.$26,624,632 $28,587,566 $30,177,149 $26,403,932 and 7% on the 7% pref. stock in payment o f dividends deferred in 1921.




Nov., 1927.]

BONDS, &C.— Auth. and issued, $12,000,000, o f which $3,376,000 were
retired by sinking fund to Nov. 1927, leaving $8,6 4,100 outstanding.
Annual sinking fund, $325,000.
The $15,000,000 sinking fund 514% gold debentures, due Oct. 1 1937
are redeemable as a whole or in part, except for sinking fund purposes, at the
following prices and interest: To Oct. 1 1927 at 10714; after Oct 1 1927
to Oct. 1 1932 at 105; and thereafter at 10214 except during the last six
months they will be redeemable at par. Sinking fund beginning April 1
1924, with semi-annual payments amounting to $200,000 each, to be
made to trustee in cash, or in the debentures at par. Cash so deposited
with the trustee shall be applied to the purchase or redemption of these
debentures at not exceeding 10234 and interest.
R EPO RT.— Year ending Oct. 31 1926, in V. 123, p. 3114, showed:
Fiscal Years Ended— Oct. 31 ’26. Oct. 31 ’25. Nov. 1 ’24. Oct. 27 ’23.
$
$
_ _ ___________
. . 224,491,011 203,750,000 190,289,000
491
Paid for live stock______ 150,141,359 145,905,109
145,905,1091
M fg. & selling expense.. 73,543,005 72,121,745
[
Not available.
6,464,1561
Net income__________ 8,042,280
_
110,746
Miscellaneous income_
200,363J
8,153,026
1,627,112

6,664,519
1,562,226

7,658,245
1,590,417

4,550,529
231,407

1,884,517

2,031,062

2,165,598

2,308,924

3,071,231
3,902,230
Net profits__________ 4,641,397
278,874
Reserve for Federal taxes
588,616
550.000
120.000
120,000
120,000
Firstpref. div. (6 % )____
Second pref. div. (7 % )._
458,535
458,535
458,535
Res’ve for 1921 pref. divs
______
Common dividend.. . (7M) 1,540,589 (6M)1288094(4%)689,980

2,010,198

Total income________
Depreciation & depletion
Int. (incl. amortiz’n of
disc, on funded debt).

175

INDUSTRIAL STOCKS AND BONDS

120,000
458,535
x578,535

Balance_____________ $1,933,657
$925,729 $2,083,715
$853,128
Total profit & loss surp.$10,001,943 $8,068,287 $7,142,558 $5,058,843
x Declared payable Dec. 31 1923.
OFFICERS.— Chairman, E. A. Cudahy; Pres., E. A. Cudahy Jr.;
V .-P., F. E. Wilhelm; 2d V .-P., G. C. Shepard; 3d V .-P ., William Diesing;
Treas., John E. Wagner; Sec., A. W . Anderson, Chicago.— (V. 125, p. 524.)
CUMBERLAND PIPE LINE CO.— ORGAN.. & c — Incorp. in 1901 Id
Kentucky. Owns pipe line in Kentucky. Formerly controlled by Stand­
ard Oil Co. of N. J.. segregated in 1911.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
$3,000,000 ....... ................
Stock— Com $3,000,000 ($100)— ____
D IV ID E N D S .— ’ 12. ’ 13. ’ 14. ’ 15. '16. '17. ’ 18-’'23. ’23. ’24. '25 ’26.
Per cent___________
6
6
5
5
5 10 12yrly. 10 12 12 12
Also paid 100% in stock Dec. 30 1922, and 33% stock on March 15 1927.
Paid in 1927: March 15, 2% ; June 15, 2% ; Sept. 15, 2% ; Dec. 15, 2 % .
R E PO RT.— For 1926, in V. 124, p. 653, showed:
1926.
1925.
1924.
1923.
Profits for the year_____
$390,962
$367,551
$439,446
$786,420
Dividends______________
360,000
360,000
360,000
300,000

standing to the purchase of bonds at nc t exceeding the then current redemp­
tion price or to their redemption by lot. Through the operation of this
sinking fund provision will be made for the retirement of all but $957,000
)f this issue by maturity. The principal amount of bonds which will be
thus retired will steadily increase from a minimum of $169,000 in the first
year to a maximum of at least $402,000 in the last year. These calculations
ire based on the retirement of bonds at the call price, which is 107>4 in the
first year and )4 less in each succeeding year. V. 120, p. 1464.
R E PO RT.— For 1926, in V. 124, p. 1516, showed:
[Including Cortes Development Co. and subsidiary.]
Calendar Years—
1926.
1925.
1924.
1923.
xConsolidated earnings. $1,984,146 $2,583,737 $2,437,650 $4,274,160
yAm ort. o f concessions &
1,105,443
1,156,021
depreciation_________
989,330
1,001,957
z Provision for depr. on
______
100,948
91,897
______
steamships__________
Interest paid__________
327,302
421,612
523,963
497,627
Prov. for Federal tax_
_
8,>296
236,204
55,345
______
Consol, net earnings
foryear___________
$612,170
Prev. capital & surplus
o f consolidated c o s ... 17,091,022
Add— Proceeds o f sale of
50,000 shares cap. stk.
____
A dj. o f Fed. inc. taxes
______

$1,059,219

$708,051

$2,384,307

14,892,733

15,388,458

13,936,572

2,398,517
15,000

--------______

--------______

Total________________ $17,703,193 $18,365,471 $16,096,508 $16,320,879
Deduct— Net earnings of
pred. co. bef. acquis’n
______
______
______
126,183
A dj.of val.of inv.in subs.
______
______
______
56,231
Adj. o f equity in cap.stk.
o f Sagamo SS. C orp_.
______
______
______
50,936
Loss o f SS. Jamaica____
______
______
152,839
______
Prem.on 7 ^ % bds.called
______
148,750
Unamort. disc, on 7J^s.
______
275,697
Divs.: Cuyamel Fruit Co
600,000
300,000
500.000
500,000
do Cortes Devel. Co.
600,000
550,000
500.000
250.000
Capital & surplus of
comb. cos. Dec. 31.$16,503,193 $17,091,022 $14,892,733 $15,388,458
Shares o f capital stock
outstanding (no par).
300,000
300,000
250,000
250,000
Earn.per sh.on cap.stock
$2.04
$3.53
$2.83
$9.54
x After deducting all expenses incident to operations, including repairs
and maintenance and all other charges and losses (and in 1925 after adding
$151,972 income from other sources).
y Includes depreciation o f farms, railroads, machinery and equipment,
steamers and office building furniture and fixtures,
z Option canceled Dec. 31 1925.
Period End. Sept. 30— 1927— 3 Mos.— 1926.
1927— 9 Mos.— 1926.
Earnings after expenses. $1,081,620
$359,900 $2,489,917 $2,069,976
Depreciation___________
230,848
246,993
726,544
742,681
Interest_______________
80,245
. 97,424
295,931
298,115

Net inc.bef.Fed. taxes
$770,527
$15,483 $1,467,442 $1,029,180
Balance, surplus_____
$30,962
$7,551
$79,446
$486,420
OFFICERS.— Pres., Samuel Zemurray; Treas., P. E. Fulcher; Sec.,
Earnings per share_____
$13.10
$12.25
$14.64
$26.21 Joseph W . Montgomery. Office, 410 Camp St., New Orleans.— (V. 125,
Pres., Forrest M. Towl; Treas.. .T M . Tussey; Sec., V. S. Swisser. p. 2270.)
.
Office. Oil City. Pa.— (V. 124, p. 2914.)
DAVISON CHEMICAL CO. (TH E).— Incorp. in Maryland Jan .2 1902
CURTISS AEROPLANE & MOTOR CO.— (V. 125. p. 2674.)
is the Davison Chemical Co. of Baltimore County; name changed to present
11
of Davison Sulphur
CUSHMAN’S SONS, INC.— Incorp. under laws o f 1 ew York Nov. 24 title on May C o. 1920. Owns the entire capital stock and sate of sulphuric
fc Phosphate
Business consists of the manufacture
1914. Is engaged principally in the business o f manufacturing and selling icid,
magnesium luosilieate, iron
breads, rolls and pastries. Owns in fee seven manufacturing plants located sinter acid phosphate, sodium silica fluorideorganize the Silica-Gel Corp.,
and
in New York City and one at Rockaway Beach, N. Y . The chain of Cush­ in which it silica gel. In July 1921 helped 112, p. 656; V. 113, p. 1160:
holds a substantial
V.
man stores operating under one management now numbers in excess of 150, V. 117, p. 668. 1352: V. 118 p interest. 120. p. 963.
1307: V.
and the company’s manufacturing capacity has been increased so as to
It was announced in July 1926 that the company had acquired the Eastern
permit it to supply approximately 50 additional stores.
Cotton Oil C o., the Miller Fertilizer Co. and the E. H. & J. A. Meadows Co.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
In 1927 acquired control of the Pick Fertilizer Service, Inc. of New
Stocks— Com 200,000 shs (no par) -----100,240 shs ____________
Orleans. V. 125, p. 2535.
7% cum pref $3,000,000 ($100) 7 Q-M
$2,691,000 ------------------STOCKS AND BONDS—Rate of Int. Outstanding. Bds. when Due.
$8 cum div pref red 110, 40,000
Stocks— Com 400,000 shs(no par) -----400,000 shs ____________
shs (no par)_______________ $8 Q-M
29,464 shs ____________
Bonds— Selica Gel Corp 5-yr g j 6)4 g A-O
$1,700,000 Oct 1 1932
STOCK.— The holders of the 7% cumulative preferred stock and the
notes ($500 &c)________ xc* [Int. at Bankers Trust Co., N. Y.
umders of the common stock are entitled to one vote for each share of
The stockholders of record Jan. 23 1924 were given the right to subscribe
stock and if and so long as any quarterly dividend on the $8 cumulative
dividend preferred stock shall have been in default for a period of six at $25 per share to 109,350 shares (no par value) capital stock (v. t. c.) of
months, the holder of each share of such stock is entitled to one vote for the Silica Gel Corp. V. 118, p. 315.
DIV ID E N D S.— Paid $1 per share in Aug. 1920 and $1 per share in Nov.
each share. The 7% preferred stock has preference over the $8 pref. div.
1920; none since.
stock as to assets and divs. and sinking fund of 2% annually of amount
of 7% pref. stock at the time outstanding.
BONDS.— The Selica Gel Corp. 6 )4% gold notes are guaranteed un­
D IV ID E N D S.— On preferred stocks, in full to date. On common stock, conditionally by the Davison Chemical Co. Callable, all or part, for
paid 75 cents quar., Dec. 1 1923 to Dec. 1 1926; on March 1 1927 to Dec. cancellation on 60 days’ notice at 100 and int., plus premium of A of 1%
l
1 1927 paid $1 quar. The directors in Jan. 1927 also declared a dividend of of tae principal for each six months or fraction thereof of the unexpired
$3 a share, payable in $8 cumulative preferred stock as follows: $1.50 on time.
March 1 1927 and $1.50 on Sept. 1 1927.
Each note will bear a detachable warrant entitling the holder to purchase
stock of the Selica Gel Corp. on or before Oct. 1 1932 at $30 per sh. in the
R E P O R T .— For 1926, in V. 124, p. 1225, showed:
ratio of 3 ]4 shs. for each $500 note. Stock listed on the Baltimore Exchange.
Calendar Years—
1926.
1925.
1924 .
1923.
Notes were offered in Oct. 1927 at par & int. by Century Trust Co. and
Total in co m e ............... $1,529,548 $1,275,763 $1,406,095 $1,167,401
Depreciation___________
391,515
329,293
322,046
293,270 Stein Bros, of Baltimore. M d. V. 125, p. 2160.
Debentures will constitute the sole funded debt of company and its
Federal taxes__________
181,283
117,147
133,164
106,551
393,189
313,100
311,275
270,863 subsidiaries (the trustee of this issue will hold sufficient funds in cash for
Preferred dividends____
Common dividends_____
300,000
287,822
285,720
101,510 the retirement of $774,000 Davison Sulphur & Phosphate Co. bonds, due
March 1 1927). There will also be pledged with the trustee 10,000 shares
Surplus_____________
$462,146
$228,400
$353,890
$395,207 (par $100) Davison Sulphur & Phosphate Co. capital stock (entire issue),
Profit and loss surplus._ $2,868,252 $2,406,106 $2,177,706 $1,809,964 and 184,650 shares (no par value) capital stock of the Silica Gel Corp. as
security for this issue. V. 121, p. 3136.
Period End. Sept. 30— 1927— 3 Mos.— 1926.
1927— 9 Mos.— 1926.
Gross profit___________
$309,745
$179,228 $1,409,472 $1,117,959
R E PO RT.— For 1926. in V. 124, p. 3357, showed:
Depreciation___________
100,210
104,886
296,137
303,929
[Including Davison Sulphur & Phosphate Co.]
Federal income tax------28,133
10,199
147,738
110,558
Calendar Years—
1926.
1925.
1924.
1923.
Net profit___________
$548,665
$181,402
$64,143
$575,558
$366,943 x$2,081,811
$965,597
$703,472 Gross income__________
7% preferred dividends.
193,313
47,092
48,055
213.434
189,712
141,277
133,494 Administrative expenses
y271,499
$8 cum. pref. dividends.
156,293
55,868
52,914
142,053
156.159
’ 64,118
158,726 Interest, &c___________
304,355
Reserve for depreciation
173,661
223,839
189,680
193,775
15,146
$78,441 def$36,826
$660,201
$411,252 Conting., & c., reserves.
Balance, surplus_____
18,621
21,059
88,591
OFFICERS.— Pres., Lewis A. Cushman; V .-P ., E. St. John Taylor- Non-op. exp. (Cuban
mines)______________
______
21,055
28,013
V.-P., Walter R. Herschman; Sec., B. A. Cushman; Treas., Benton E.
______
Adams; Asst. Sec. & Asst. Treas., William J. Verito. Office, 1819 Broad­ Premium, disc., &c., in
connection with retire­
way, New York.— (V. 125, p. 2270.)
ment of 8% debens_
_
284.605
CUYAMEL FRU IT CO.— Incorp. under laws of Delaware on Jan. 24
Balance, deficit______
$10,252
$45,883
$499,847sur$1223,591
1923. Is engaged in the cultivation, transportation and marketing of
bananas, which are raised in Honduras and Nicaragua and sold in the
OFFICERS.— Pres., O. Wilbur Miller; V.-Pres., Geo. W. Davison.
United States and Canada.
E B. Miller and W. D. Huntington; Treas.. T . J. Dee; Sec., J. R . Wilson.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Office. Baltimore, M d.— (V 125, p. 2535.)
Stocks— Com 300,000 shs (no par) ____
300,000 shs _____________
Bonds— 15-yr s f M gold bonds j 6 g A-O
$4,483,100 April 1 1940
DE BEERS CONSOLIDATED MINES, LTD .— A registered company
red (text) ($100 &c)__xxxc* [Int. at N . Y ., Chic. & New Orleans.
of the Province of the Cape of Good Hope in the Union of South Africa.
STOCK.— The stockholders on April 1 1925 increased the auth. capita, Company Is said to control about 80% of the world’s output of diamonds.
stock from 250,000 to 300,000 shares, no par value. The additional 50.000 Owns entire capital stock of Cape Explosives Works, Ltd.; a controlling
Interest in the Premier (Transvaal) Diamond Mining C o., L td., and shares
shares were offered to stockholders of record April 15 1925 at $48 50 pe
in the South West Africa C o.. Ltd.
share in the ratio of one new share for every five shares held.
Each stockholder of Cuyamel Fruit Co. is entitled to a prorata interest
STOCK.—-Auth., £2,000,000 Preference and £2,750,000 deferred shares;
in the stock of Cortes Development C o., a Honduran corp. organized in par, £2 10s. Outstanding, £2,000,000 preference and £2,726,285 deferred
1919, all the stock of which is held by trustees in trust for stockholders of shares. Pref. shares are entitled to an annual cumulative dividend of
Cuyamel Fruit Co. Each stock certificate carries such an endorsement.
40% and to priority for capital for the sum of £20 without further partici­
D IV ID E N D S.— An initial div. of $1 per share was paid June 28 1923. pation.
same amount paid quar. to Dec. 29 1924: May 1 1925 to Nov 1 1926
American Shares.— Pursuant to a deposit agreement, dated Jan. 17 1920
paid $1 per share quar.; none since. Compare V. 123, p. 2907.
entered into with Central Union Trust Co. of N. Y. as depositary, 32.0H0
BONDS.— The 1st mtge. 6% sinking fund gold bonds are redeemable, Deferred shares have been deposited against which 80,000 “ American'’
all or part, at 107 'A and int. to April 1 1926, thereafter the premium de
shares have been issued in the ratio of five “ American" shares for each two
creasing 14 o f 1% annually. The bonds are the ioint and severs mli -a
original shares on deposit. Additional “ American" shares may be issued in
dons of Cuyamel Fruit Co. and Cortes Development Co. Secured by a the same proportion against the deposit of further original Deferred shares.
1st mtge. upon all o f the mortgageable property of both companies in Hon­ The "American” shares represent a proprietary interest in the deposited
duras and by the pledge of notes and stock of the Cuyamel Steamship Co., shares and are entitled to their pro rata benefit of all dividends and other
which holds title to 7 steamships.
accretions on such deposited shares. “ American” certificates are exchange­
Mortgage will provide that the company commencing Oct. 1 1925, during able for original Deferred shares in the same proportion as the American
the life of this issue, will apply semi-annually as a sinking fund the sum of shares were issued. The deposit agreement is terminable by the wrlttep
$240,000 less Interest requirements on the amount of this issue then out­ request of 75% of “ American” shareholders.




176

INDUSTRIAL STOCKS AND BONDS

D IV ID E N D S.— Divs. on deferred shares have been paid as follows (yea'
ending June 30): 1912, 40%: 1913. 60%: 1914. 50%: 1915 and 1916. none
1917 and 1918, 40% each: 1919. 80%: 1920. 120%: 1921. 20%: 1922-23
none; 1924, 20% ; 1925, 40%; 1926, 60% . Also paid a bonus of 10% In
each o f the years 1912, 1913 and l9 l8 . In Dec. 1922 declared a div. of
30% and in 1923 80% on the preference shares in full payment of the back
divs. due on that issue.
DEBEN TU RES.— £1,635,495434% South African Exploration Mortg: g«
Debentures, dated Jan. 23 1901; int. J. & J. Denominations, £5, £10
£50, £100, £500. Auth. £1,750,000. Redeemable at par Jan. 1 1930 ot
at 105 at any time earlier or in case o f voluntary dissolution, &c.
RE PO RT.— For year ended June 30 1926, in V. 123, p. 3177, showed:
Years Ended June 30— 1925-26.
1924-25.
1923-24.
1922-23.
Previous year’s balance
(diamonds unsold, &c)
£451,668 £407,218
£422,585
£333,143
Diamond acct. during yr.
4,193,865 3,348,223
3,452,541
2.818,438
Int. & divs. on in v ., & c.
722,800
948,401
326,317
355,796

[V ol. 125.

OFFICERS.— Chairman, I. W . Drummond; Pres., E. S. Phillips;
V.-P. & Sec., E. B. Prindle; Treas., de L. Kountze. Office, 1 West 47th
St.. New York.— (V. 125, .p 2271.)

DIAMOND MATCH CO. (TH E ).— ORGANIZATION. &c.— Incorp.
Feb. 13 1889 in Illinois as successor to a Connecticut corporation. Owns
tracts of timber lands in Massachusetts, New Hampshire, Vermont and
Maine, and has extensive holdings of timber lands in California, Idaho and
Washington; owns match and block factories located at Oswego, N . Y ., Bar­
berton, O., Chico, Calif., Springfield, Mass., Spokane, Wash., Biddeford, M e., and Stirling City, Calif.; machine shop and foundry at Bar­
berton, Ohio, together with plant employed in lumber operation in Cali­
fornia, consisting of saw mills, power plants, logging railroads, equipment,
rolling stock retail lumber yards, &c. Owns holdings of pine lands
In Maine, Massachusetts, New Hampshire, Vermont, California, Idaho
and Washington, and conducts selling branches in New York, Chicago,
St. Louis, San Francisco, New Orleans and Atlanta. Is interested in the
match business of Great Britain (V. 108, p. 1821) and Peru. Interest in
new Canadian company, V. 113, p. 2084; V. 117, p. 1560.
Total income_________ £5,368,334 £4,703,842 £4,201,443 £3,507,377
STOCKS AND BONDS—Rate of Int. Outstanding. Bds. when Due.
Mining expenditures, &c. £1,488,082 £1,845,449 £2,026,579 £1,167,954
$16,650,000 _____________
Int. on debs. & sink, fund
267,951
257,744
256,644
253,080 Stock— Com $25,000,000 ($100). ____
Income tax— Union o f
STOCK.— The stockholders in Oct. 1922 increased the authorized capital
South Africa________
409,557
258,466
191,280
64,994 stock from $18,000,000 to $25,000,000.
Trans, to div. res. fund.
450,000
______
______
______
Amt. o f stabiliment res.
______
______
54,000
118,765
DEBENTURES.— All of the outstanding 15-year 7 34% sinking fund
Pref. divs. (after t a x )...(£ l)8 0 0 ,000 (£1)800,000 (£1)740,000(£2) 1480,000 gold debentures, dated Nov. 1 1920, were called for redemption N ov. 1
--------Def. divs., tax free. (£1.10)1,635,771(£1)1090,514(10s)525,722
1923 at 105 and Int. V. 117, p. 785.
DIVS.— (1896to 1908. ’09. TO. ’ l l . T 2-T 5. T 6. T7. T 8 to D ec.’27.
Suspense profit account
6
6 7 y ’ly 734 9 8 y ’ly (2 Q .-M )
(diamonds unsold).. .
£316,972
£451,669
£407,218
£422,584 Per C e n t...\ l0 (234quar.) 8
OFFICERS.— P. Ross Frames, C .M .G ., Chairman; Earl of Bessberough,
RE PO RT.— For 1926, in V. 124, p. 1831, showed:
C .M .G ., Deputy Chairman; B. F. Raynham, Joseph Bruce, J. H. BoveniCalendar Years—
1926.
1925.
1924.
1923.
zer. Secretaries. General office, Kimberley, South Africa. London office
Earnings______$3,065,768
$3,209,729 $4,277,215 $4,693,286
15 St. Swithin’s Lane, E. C ., 4.— (V. 125, p. 524.)
Gen., &c., depr., res’v e .
1,316,299
1,288,530
2,207,409 2,640,966
Res. for Fed. taxes, &c__
250,000
315,000
375,000
350,000
1,354,306
1,357,208
1,357,208
DEERE & CO.— ORGAN IZATION .— Business founded In 1937; incorp. Dividends___ 1.342.100
Balance, surplus_____
$260,369
$251,892
$337,598
$345,112
in 1868 and again in Illinois in 1911.
Total surplus..................... $4,907,321 $4,646,952 $4,395,060 $4,057,462
N ATURE OF BUSINESS.— The company is one of the largest manufac­
Period End. Sept. 30— 1927— 3 Mos.— 1926.
1927— 9 Mos.— 1926.
turers o f farm implements, which include: Plow's, cultivators and harrows
$647,817
$ 674,666 $2,082,660 $2,168,117
manufactured at Moline, 111., Corn and cotton planters, disk harrows, Earnings from all sources
143,105
118,745
463,461
464,576
beet tools and farm wagons at Moline, 111.; grain binders, corn binders, Federal, State & city tax
141.317
176,390
442,144
501,748
mowers, rakes, manure spreaders, grain elevators and corn shellers at East Deprec. & amort., & c ...
332,000
336,000
998,000 1,008,000
Moline, 111.; grain mills and other seeding machinery at Horicon, Wis.; Dividends_____________
Chilled plows, potato tools and other implements at Syracuse, N . Y .;
Balance, surplus_____
$31,393
$43,531
$179,054
$193,794
hay-making machinery at Ottumwa, Iowa.; farm tractors and gasoline
engines at Waterloo, Iowa; malleable castings for associated factories at
OFFICERS.— Pres., W . A . Fairburn; V .-P ., T . J. Reynolds & C. K ,
East Moline 111.; and a factory at Welland, Ont., Canada for the Canadian Light; Sec. & Treas., H. F. Holman; Auditor, W . W . Howe; Asst. Sec. &
trade.
Asst. Treas., H. G. Lucas. General offices, 110 W . Kinzie St., Chicago.
New York offices, 30 Church St.— (V. 125, p . 2393.)
STOCKS AND BONDS—■ ^
'™ rRate of Int. Outstanding. Bds. when DueDODQE BROTHERS, INC.— Incorporated in Maryland to own the
Stocks— Com $25,000,000 ($100). ____
a$17,904,400 _____________
Pref cum (not callable) (SI00). See text bS33,000,000 _____________ business and all of the assets (excepting $14,000,000 cash) of Dodge Brothers,
ncorporated July 1 1914 in lichigan. Manufactures the Dodge motor
a Additional $3,668,400 in treasury, b Additional $4,828,500 in treas
car and accessories. Plant is located in Detroit, Mich.
On Oct. 1 1925 the company purchased a 51% interest in the common
STOCK.— Pref. Stock. See V. 92, p. 1502; V. 95, p. 299, 820. C om ’
stock of Graham Brothers, motor truck manufacturers, and in April 1926
mon stock voting trust expired N ov. 1 1920 and was not renewed.
acquired the remaining 49% . V. 121, p. 2644; V. 122, p. 2197.
D iv. on pref. Sept. 1911 to Sept. 1921, incl., \H% quar.; Dec. 1921
to Dec. 1924, H % quar.; Mar. 1925, 1% ; June 1925. 134%: Sept. 1925.
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
1 M % : Dec. 1925, 1 % % quar. and 34% on account of accumulations; Mar. Stocks— Com class A (no par)___
____
1,935,023 shs _____________
1 1926 to Sept. 1 1926, 1M % quar. and 34% on account of accumulations;
Com class B (no par)________ ____
500,000 shs _____________
Preference cum (no par)_____
7 Q-J
850,000 shs _____________
Dec. 1 1926, 1M % quar. and 2 M % on account o f accumulations; Mar. 1
1927 and June 1 1927, 134% quar. and 34 % on acct. of accumulations; Bonds— 15-yr sinking fund gold / 6 g M -N
$57,855,500 M ay 1 1940
Sept. 1 1927, 134 and 234 on account of accumulations, Dec. 1 1927, 134%
debs ($100 &c)__Ce.kxxxc* (Int. at Dillon, Read & C o., New York
and 534% accumulated dividends. December payment clears up all back
Serial notes dated 1926 due J 5
$5,500,000
1927 to 1929
payments due on preferred stock.
$2,750,000 a n n ____________ \Int. at
Notes.— All o f the outstanding 734 % gold notes, dated Feb. 15 1921, were
STOCK.— Preference stock is entitled to $105 per share and divs. in
redeemed on N ov. 1 1925 at 103 and int.
case of liquidation. The preference stock was offered (850,000 shares) in
April 1925 by a syndicate of bankers headed by Dillon, Read & Co. at $100
RE PO RT.— For year ending Oct. 31, 1926, showed:
per share. Each share of preference stock carried as a bonus one share of
Yrs. Ended Oct. 31—
1925-26.
1924-25.
1923-24.
1922-23.
common stock, class “ A .” — V. 120. p. 1885.
xTotal earns, (all c o s .)-.
$8,519,743 $5,643,677 $2,968,777 $3,084,416
Common stock class “ A ” and common stock class “ B ” are identical in
Admin., &c., expenses-644,618
586,656
499,674
511,401 all respects except that holders of common stock class “ A ” have no voting
Int. on notes pay., &c.
power for any purpose and that holders of common stock class “ B ” have
(net), amortiz., &c___
212,275
542,454
615,265
783,806 exclusive voting power for all purposes.
Pref. divs_______ (1134 % )3,712,500 (6)1,980,000 (3)1,035,000 (3)1,050,000
BONDS.— The 15-year 6% debentures are redeemable all or part on
any int. date on 30 days’ notice at 110 and int. to and incl. M ay 1 1930,
the call Drice decreasing 1 % per annum thereafter.
Balance, surplus_____ $3,950,350 $2,534,567
$818,838 $739,209
Previous surplus_______ 12,294,022
9,759,456 8,940,617
8,201,408
Sinking Fund.— Company agrees to provide a sinking fund of $1,000,000
per annum, available semi-annually, to buy debentures if available at not
exceeding par and int. during the succeeding 6 months, any unexpended
Total surplus________ $16,244,372 $12,294,023 $9,759,456 $8,940,617 remainder to revert to the company.
Earns, per share on com .
$29,67
$12.31
nil
nil
Convertibility.— Debentures to a total face value of $30,000,000 will be
x After deducting provision for taxes, depreciation, cash discounts,
convertible, at the option of the holder, into common stock class “ A .”
possible losses in receivables, &c.
In making conversion debentures shall be valued at face value, and stock
OFFICERS.— Pres., Wm. Butterworth; Sec. & Compt., T . F. Wharton: at $30 per share until a total of $5,000,000 debentures shall have been
converted. The conversion value per share of stock for each succeeding
Treas., Geo. W . Crampton. Office, Moline, 111.— (V. 125, p. 2393.)
$5,000,000 debentures converted thereafter shall be as follows: $35, $40.
DEVOE & RAYNOLDS CO., INC.— Incorp. in N . Y . on April 6 1917. $50, $60 and $70, respectively. (In accordance with the terms of the
Manufactures paints, varnishes, brushes, artists’ supplies and other inci­ indenture, $15,025,000 of debentures had been surrendered in Dec. 31,1926
dental and kindred products. In Oct. 1925 acquired Wadsworth-Howland for conversion into Class “ A ” Common stock.— V. 121, p. 1794.)
These debentures were offered in April 1925 by Dillon, Read & Co. and
C o.. Inc., o f Boston. V. 121, p. 2045.
associates at 99 and int. V. 120, p. 1885.
STOCKS AN D BONDS—
Rate of II t. Outstanding. Bds. when Due.
R E PO RT.— For 1926, in V. 124, p . 654, showed:
Stocks— Com class A non-voting
8 Mos. End. Year Ended
95,000 shs. ____________
110,000 shs (no par)____
Period—
Dec. 31 ’25. Dec. 31 ’26.
Com class B voting 40,000
Earnings before deducting int. on funded debt but
40,000 shs.
shs (no par)_____________
after all exp. o f manufacturing (incl. maint.),
sell, and admin., as well as ordinary taxes, ins.,
$1,778,832
1st pref cum red 115 $2,000- J 7 Q-J
and deprec. o f plant and equipment___________ $16,758,113 $26,416,181
000 ($100)_______________l
875,251
______
Earnings o f subsidiaries_________________________
2d pref cum red 115 $1,000,- f 7 Q-J
$935,500
Other income credits____________________________
943,773 1,377,493
Int. on 5% serial notes and 6% gold debentures.. 2,752,734
3,820,696
Provision for Federal taxes_______________________ 2,077,747
2,381,059
STOCK.— The stockholders on Sept. 22 1925 voted to change the
authorized Common stock from 40,000 shares, par $100 to 150,000 shares
Net income___________________________ _______ $13,746,657 $21,591,919
of Common stock of no par value, o f which 110,000 shares will be Class Provision for dividends on preference stock______ 3,904,687
5,862,500
“ A ” non-voting and 40,000 shares Class “ B ” voting. The Common
stockholders received in exchange for each share of stock (par $100) held by
Earnings carried to surplus____________________ $9,841,969 $15,729,419
them, two shares o f Class “ A ” non-voting stock and one share of Class Earned surplus at beginning o f period___________
______
9,841,969
“ B ” voting stock.
The stockholders o f record Sept. 22 1925 were offered the right to sub­
Earned surplus at end o f the year_________________________$25,571,389
scribe at $35 a share, to 10,000 additional shares o f Class “ A ” Common Earned per share on common stock_______________
$4.04
$6.46
(non-voting) stock o f no par value in the ratio of one share for each four
Latest earnings.— For 9 mos. ending Sept. 30 1927 in V. 125, p. 153:
shares owned
1927.
1926.
DIVIDEN DS.— Paid on common: 1919 to 1922. 4% per ann.; 1923. 5% . Net after depreciation___________________________ $11,690,331 $23,043,445
1924, 5% and M% extra; 1925, 534% and 134% extra. Jan. 2 1926 to Interest & Federal taxes_________________________ 4.041,212
5,063,661
Oct. 1 1927 paid 60 cents a share quar. on the new class A and B common Preferred dividends______________________________ 4,396,875
4,396,875
stocks.
Surplus_______________________________________$3,252,244 $13,582,902
RE PO RT.— For 12 mos. ended N ov. 30 1926 in V. 124, p. 654, showed:
Sales for the 9 mos. were 163,516 cars and trucks sold against 293,842
12 Mos.End. 12 Mos.End. 11 Mos.End- for the same period of 1926.
Nov. 30 ’26. Nov. 30 ’25. Nov. 30 ’24.
OFFICERS.— Pres., Edward G. Wilmer; V.-Ps., A. Z. Mitchell, H. H.
$11,374,206 $11,304,161 $10,593,166 Springford and A. T . Waterfall: Sec. & Treas., Raymond P. Fohey; Asst.
Net sales_________________
. 10,251,053 10,360,185
9,539,046 Treas., G. W . Hergenroether.
Cost o f sales and expenses..
D IRECTO RS.— Theodore H. Banks, Russell Dashiell, Geo. W . Davison,
$943,977 $1,054,120 Clarence Dillon, Horace E. Dodge, Jr.. Bernard A. Eckhart,____________
Operating profit________
$1,123,153
106,638
91,638 Robert P. Lamont, Hunter S. Marston, Robert G. Payne, Henry M .
Other income_____________
166,903
Robinson, Reeve Schley, Charles Schwartz, Samuel S. Thornton, Arthur
Total income___________
$1,290,057 $1,050,614 $1,145,758 T. Waterfall, Edward G. Wilmer and Frederick J. Haynes (Chairman).
251,129
231,546 Office, Detroit, M ich.— (V. 125, p. 2675.)
Discounts, adjustments, &c.
246,395
101,468
116,899
Provision for Federal taxes..
143,606
DOME MINES, LTD .— The stockholders o f the Dome Mines C o., Ltd.,
134,263
First preferred dividends...
129,969
103,803
65,485
49,114 In Oct. 1923 were advised that the assets, rights, credits and effects of the
Second preferred dividends.
65,485
280,000
Common dividends________
180,000 company had been vested in Domes \Iines, Ltd., incorporated under the
324,000
Companies Act of Canada July 7 1923 with an authorized capital of 1,000,,
$218,271
$380,602
$464,396 000 shares of no par value. The stockholders of the Dome Mines Co.
Surplus_________________
Profit and loss, surplus____
1,630,350 Ltd., received in exchange two fully paid shares of no par value of the new
2,229,747
1,849.145
company for each share (par $9) of the old company.
Properties are located at South Porcupine, Ontario, Canada.
BALANCE SHEET as o f M ar. 30 1926 in V. 124, p. 929.




Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stock— 1,000,000 shs (no par)_
_ ____
953,334 shs _____________
D1VS.— Jan. 1924 to Jan. 1927 paid 50c. quar. on stock o f new co.
Oct. 2 1927 paid 25c.
R E PO RT.— For 1926 showed:
Cal. Year
Cal. Year
Cal. Year
1926.
1925.
1924.
Operating earnings_________________ $1,624,290 $1,997,415 $2,049,071
Other in co m e ............. ..........................
251,510
176,132
204,982
Total income______________________$1,875,800
Depreciation & depletion___________
556,215
Canadian taxes____________________
90,966
Dividends__________________________ 1,906,668

$2,173,547 $2,254,053
$480,580
$431,035
120,538
102,961
1,906,66$ 1,906,668

177

RE PO RT.— For 1926 showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net sales______________Not rep’ted Not report’d $90,861,633 $94,069,319
Net income from opertions & investments. .$42,058,969a$24,860,458 $18,660,468 $21,134,656
Profit and loss on sale of
real estate, secur., & c.
--------Dr. 1,520 Cr.I l l , 198
Cr.3,424
Total earnings_______ $42,058,969 $24,858,938 $18,771,666 $21,138,081
Interest on funded debt.
89,394
824,980
1,740,178
2,825,577

Balance o f income for
the year__________ $41,969,574 $24,033,957 $17,031,488 $18,312,505
C o.’s portion thereof_ 41,969,574
_
See a
15,947,424 17,346,222
Surplus at begin, of y r .. 62,669,541 55,881,491 54,642,476 37,652,211
Sur. from prior yrs. taxes 2,681,294
______
Balance, surplus_________________ def$678,049 def$334,240 def$186,611
Sur. from reval. o f Cana­
Profit and loss, surplus______________$1,313,008 $2,019,665 $2,419,278
dian Explosives stock. 2,015,358
______
Approp.frompensionres.Dr4,880,729
______
Period End. Sept. 30— 1927— 3 Mos.— 1926.
1927— 9 Mos — 1926.
140,000
141,900
406,700
413,500 Profits from sale of Gen.
N o. o f tons milled______
Motors Securs. stock.
______
______
c9 ,926,086
Average recovery______
$986,565
$971,245 $2,930,251 $2,961,718
Operating general costs.
535,698
565,175
1,650,236
1,728,459 Surplus from reval’n of
Gen. M ot. Corp. stk._____________ d36,285,893
Dominion inc. tax, e s t ..
27,999
23,677
76,789
68,280
Total surplus________ 104,455,040$116,201,341 $70,589,899 $64,924,519
Net income__________
$422,868
$382,393 $1,203,226 $1,164,978
Deduct— D ebenture stock
Miscellaneous earnings.
53,243
59,954
163,996
149,446
dividend (cash)____ 4,770,409 $4,105,331 $4,104,868 $4,104,770
Com. stk. div. (cash). 33,267,062 11,404,429
7,603,540
6,177,274
x Total i n c o m e ...- - .
$476,111
$442,347 $1,367,222 $1,314,424
Com. stk. div. (stock)
x Before depreciation and depletion.
(4 0 % )_____________
38,022,040
OFFICERS.— Pres. & Treas., Jules S. Bache; Sec., Alexander Fasken. Approp. to provide for
premium & discount
Main office, 36 Toronto St., Toronto, Can. N. V office, 42 Broadway.
3,000,000
on 7 K % bonds_____
______
______
— (7 . 125, p. 2532.)
Profit & loss, surplus.$66,417,566 $62,669,541 $55,881,491 $54,642,47
E. I. DU PONT DE NEMOURS & CO.— Incorporated in Delaware
on Sept. 4 1915 and on Oct. 1 1915 succeeded to the ownership of all the
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 785.
properties o f the E. I. du Pont de Nemours Powder Co. of N. J. (per
a Including in 1925
earnings
companies
plan in V. 101, p. 616, 696, 848), with no change in the management, not wholly owned, b company’s equity insurplus ofof controlled not hereto­
Includes $2,980,710
subsidiaries
and without creation of bonded debt or fixed charges. Tn Dec. 1915 pur
fore included in annual report, c Increase in surplus arising from sale by
chased the Arlington Co. o f N. J. V. 101, p. 1888. In M ay 1917 acquired General M otor Securities
30% interest in its
from the Government o f Chile two large nitrate fields in the northern part from revaluation of 70% Co. of a in 1,875,000 shares stock, d Resulting
interest
of General Motors
o f that country. V. 104, p. 1902; V. 106, p. 1034. In 1917 built at Corp. common stock.
Deepwater, N . J., an extensive plant for manufacture o f coal tar dyes.
Note.— An amount of $6,654,145 receivable on Jan. 7 1926 in respect of
V. 105. p. 610.
In 1917 purchased the property of Harrison Bros. & C o., Inc., and other an extra dividend of $5 per share declared by General Motors Corp. on its
on Jan. 8 1926,
companies and had made substantial progress in the manufacture and sale common stock and the corresponding amount payableo.’s common stock
of 5% on
o f fabrikoid. pyralin, lacquers, solvents, dyes and a variety of chemicals, representing an extra dividend statement.the Du Pont C
are not reflected in the above
V . 106, p. 1034, 1347. In Oct. 1918 purchased New England Paint & Var­
Consolidated income account for 3 and 9 months ended Sept. 30.
nish Co. o f Everett, Mass. V. 107, p. 1671.
1927— 3 M os.— 1926.
1927— 9 M o s — 1926.
The E. I. du Pont de Nemours Export Co. was liquidated early in 1922.
In M ay 1922 the Du Pont Chemical Co. was dissolved, the Industrial Sal­ Income from oper., incl.
E. I. du Pont de Ne­
vage Co. being organized to purchase such of the Chemical C o.’s assets as
mours & C o.’s equity
could not be readily disposed of. The stockholders on Aug. 30 1926 voted
in earns, of controll.
to liquidate the Industrial Salvage Co., stockholders receiving 52A cents
Cos_________________ $4,490,721 $4,044,723 $12,226,609 $11,662,285
per share.
In M ay 1920 purchased n connection with Flint Varnish & Color Works, a Inc. from invest, in
General Motors C orp. 7,982,933 8,815,641 23,952,265 20,129,413
the plant and business o f the Chicago Varnish Co. V . 110, D. 2294.
316,683 c l , 014,510
1,210,625 c4,281,416
The Flint Varnish & Color Works sold its entire assets to the du Pont Co. Inc. fr ommiscell .sec., &c.
asof Oct. 31 1924. V. 119. p. 2414. On Dec. 31 1926 the company’s
Total income_________ $12,790,337 $13,874,874 $37,389,499 $36,073,114
direct holdings of General Motors Corp. common stock together with its
280,184
414,853
1,001,174
810,630
equity in the holdings o f the General Motors Securities Co. (constituting Prov. for Fed. taxes____
21,599
22,165
65,560
67,314
about 22.94% o f the entire com. stock of General Motors Corp.), aggre­ Int. on funded debt____
gated 1,996,244 shares. Compare Gen. Motors Corp. below, and V. 120,
Net income_________ $12,488,554 $13,437,856 $36,322,765 $35,195,170
p. 697.
1,198,640
1,183,907
3,596,207
3,625,836
Investment in Du Pont Rayon Co. and Du Pont Cellophone C o., V. 119. Divs. on deb. stk______
p. 699.
In July 1927, announced the purhase o f 114,000 shares of common Amount earned on com.
stock________________ $11,289,914 $12,253,949 $32,726,558 $31,569,334
stock o f the United States Steel Corp. V. 125, p. 655.
The Du Pont-Pathe Film Manufacturing Corp. was formed in Oct. 1924 Amt. earn, per share on
basis of 2,661,658 shs.
by E. I. du Pont de Nemours & C o., the Pathe Exchange, Inc., and the
no par value com. stk.
Pathe Cinema Societe Anonyme o f Paris. V. 119, p. 2414, 2886.
outst’d’g Sept. 301927
$4.24
$4.60
$12.30
$11.86
The Du Pont Everdur Co. organized in April 1925 to take over the
a Extra dividends received from the General Motors Investment, as fol­
manufacture and sale of the metal alloy developed by chemists of the E. I.
lows, are included above: 3 months ended Sept. 30 1927, $3,992,488: 3
du Pont de Nemours & Co., has been liquidated.
The Du Pont-Viscoloid Co. was organized M ay 1 1925 to manufacture months ended Sept. 30 1926, $5,323,316; 9 months ended Sept. 30 1927,
$11,977,464; 9 months ended Sept. 30 1926, $11,977,461.
and deal in pyroxylin plastic products and articles. V. 120, p. 1886.
c Includes for the 9 months o f 1926 approximately $2,600,000 representing
It was announced in N ov. 1925 that the Eastern Alcohol Corp. had been
formed to be jointly owned and operated by E. I. du Pont de Nemours & interest received from the Government on account of refund of taxes over­
Co. and the National Distillers’ Products Corp., for the manufacture of paid for the years 1915 to 1924, inclusive and for the 3 and 9 months of
1926 includes dividends received from investment in Managers Securities
industrial alcohol. V. 121, p. 2279,2525.
In 1927 the company sold its plant located at Haskell, N . J. V . 124, Co., 7% cumul. conv. preferred stock, which stock was redeemed for cash
in July 1926.— V. 125, p. 1586.
p. 2286.
The DuPont National Ammonia Co., with an auth. cap. stk. of $13,100,000.
OFFICERS.— Pres., Lammot du Pont; Chairman o f Board, P. S. du
was organized in Delaware on M ay 28 1926. This is a holding corporation Pont; Vice-Chairman, Irenee du Pont; Vice-Presidents, J. P. Laffey, H. G.
for the interests o f E. I. du Pont de Nemours & Co. and the National Haskell, Frank G. Tallman, H. F. Brown, R . R . M . Carpenter, William
A mmonia C o., Inc., in the manufacture o f ammonia from nitrogen of the Coyne, John J. Raskob, F. W . Pickard, C. L. Patterson, W . S. Carpenter
air through the Claude process and for the sale of the product. The new Jr., J. B. D . Edge, A . Felix du Pont, William C. Spruance; Sec., Charles
holding corporation has had transferred to it the major part of the stock Copeland; Treas., Angus B. Echols.
holdings of E. I. du Pont de Nemours & Co. in Lazote, Inc.
DIRECTORS.— W P. Allen,
F.
R. M.
Lazote, Inc., has a plant near Charleston, W. Va., for the manufacture Carpenter, Walter S. .Carpenter Donaldson Brown, H. Jr.,Brown, R .Coyne,
Jr.,
P. Sloan
William
o f ammonia by the Claude process. This plant was commenced in M ay J. E. Crane, F. B. Davis, A. Felix du Alfred Charles Copeland, Eugene du
Pont,
1925 and the first unit was completed and began production in April 1926.
The holding company has also acquired an important interest in the common Pont, Eugene E. du Pont, H. F. du. Pont, IreneeJ.du Pont, Lammot du
Pont, P. S. du Pont (Chairman), A B. Echols,
B. D .
stock o f Pacific Nitrogen Corp., a company organized by the National Harrington, H. G. Haskell, C. L. Patterson, J. P. Laffey, Edge, W . F.
J.
A mmonia Co. This company operates a plant in the vicinity of Seattle, Brown, F. W . Pickard, H. M . Pierce, John J. Raskob, CharlesThompson
L. Reese,
Wash., for the fixation of nitrogen in the form o f ammonia.
W. C. Spruance, F. G. Tallman, Leonard A . Yerkes. Office, Wilmington,
The officers o f the Du Pont National Ammonia Co. are: Pres., Jasper E.
Crane: V.-Pres., Dr. H. Dannenbaum; Treas., B. L. Ward; Asst. Treas., Del.— (V. 125, p. 2383.)
DURANT MOTORS, INC.— (V. 125, p. 2383.)
S. J. Thomison; Sec., M . D . Fisher; Asst. Sec., E. A. Howard; Chairman
o f Board, J. B. D. Edge.
DURHAM HOSIERY MILLS.— Incorporated under laws of North
Carolina, Feb. 17 1898. Business is the spinning, manufacturing and selling
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 5,000,000 shs (no f ____
2,661,658 shs _____________ of hosiery and similar lines of cotton, woolen, silk or other materials. Mills
are located at Durham, N . C ., High Point, N. O., Carrboro, N. C.,Golds­
par)------------------------------- 1
boro, N . C ., and Mebane, N . C. Affiliated companies are: North State
Deb stk red 125 cum voting J
$10,000,000_____________ \ 6 Q-J
$79,918,983 ______________ Knitting Mills, Inc., Durham, N . C ., Tar Heel Hosiery Mills, Inc., West
Durham, N . C.; Jno. O’ Daniel Hosiery Mills, Inc., Durham, N . C .; Dur­
do non-vot $150,000,000 [
** STOCK.— The stockholders on Sept. 13 1926, changed the authorized ham Hosiery Mills, Inc., New York.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
common stock from 1,500,000 shares, par $100, to $5,000,000 shares of no
par value. Two shares of no par stock were issued in exchange for each Stocks— Com class A $1,250,000 f ____
$1,250,000 ____________
share o f common stock o f $100 par value outstanding.
( $ 100 ) ------------------------------ 1
Com class B non-voting $3,- f ____
Rights of Debenture Stock.— Except as to voting powers the rights of both
$3,750,000
debenture stocks will be identical.
All debenture shares will bear cumula
750,000 ($50)___________ I
tive dividends o f 6% p. a., may be called for payment at $125 per share
Pref cum call l20 $5,000,000 f See text ■ $2,910,000
and have preference as to assets for both principal and accumulated divi­
dends. No mortgage or other specific lien may be placed upon any of tin
STOCK.— Pref. stock is redeemable at 120 and has no voting power
property without the consent o f 75% of the total debenture stock outstand­ except in the case of default in dividends for two quarterly periods, when
ing, but this does not apply to purchase money mortgages or liens upoD it then has the sole voting power. A yearly sinking fund of 3% of the
property purchased, or collateral loans for cash advances in the ordinary largest amount outstanding is provided for. Preferred as to 120% of assets
course of business, provided they do not run more than three years. The In case of dissolution. Common Class “ B” stock has no voting power.
voting deb. stock has equal voting rights with the common stock.
V. 109. p. 891.
The non-voting deb. stock has no voting privileges except that (a) In
D IV ID E N D S.— Dividends on the pref. stock were paid 154 % quarterly
ease of default for 6 mos. In the payment of any dividend thereon, the voting
and non-voting debenture stockholders will have the sole right of voting Aug. 1924; none since.
1912. 1913-17. 1918. 1919. 1920-21. 1922-24.
until the company shall pay all accrued dividends on said debenture stock:
Common, Class “ A ” . _ 7 l
A
7 yearly
12
12
See
None
and (5) in case of the net earnings in any cal. year amounting to less than 9%
_
_______
6A
12
text
None
on the debenture stock, then the debenture stockholders of both classes will Common. Class “ B ” . _ _
Feb. 1 1920 paid 4% on com. “ A ” and 4% on com. “ B ;” Apr. 1 1920, paid
have equal voting rights with the common until the net earnings for some
154% quar, and H % extra on com, “ A ” and “ B " ‘ July 1 and Oct, 1 1920
future year equal 9% on the debenture stock. V. 101, p. 616, 848,1275.
At a meeting of the finance committee on Nov. 2 1925 it was resolved that paid 154% quar. and A % extra on com. “ B ” ; Jan. 3 1921 paid 154% in
$10,000,000 of 6% non-voting debenture stock be issued and offered to the scrip on com. “ B ."
debenture stockholders pro rata to their holdings, at $100 per share. Each
R E P O R T — For 1926, in V. 124, p. 2915, showed:
debenture stockholder was given the right to subscribe to one share of the
Calendar Years1926.
1925.
1924.
1923.
new stock for each seven shares of his holdings as of Nov. 16 1925.
Total incom e.. .
$629,041
.
$488,758
$333,923
$670,554
BONDS.— The 10-year gold bonds o f 1931 were redeemed on Sept. 1
4,738
1925 at 106 and int.
54,982
56,920
All o f the outstanding 4 A % 30-year gold bonds, due June 1 1936, were Int. and depreciation..
181,016
196,869
274,678
397,009
redeemed on June 1 1926 at 110 and interest.
Inventory adjustment.
22,329
66,274
94,140
Bonds o f subsidiary cos. outstanding Dec. 31 1926, $1,711,500.
Net p r o f i t . ________ .
$230,432
$137,054
$329,602
$76,230
D IV ID E N D S (% )— 1919. 1920. 1921. 1922. 1923. 1924. 1925. 1926.
_
a8,750
al3,125
171,951
233,840
Regular, cash__________18 10 3^
8
8 6>3
8
10
text Pref. divs. (all cos.)_
Extras, common stock____
7 y%
._
50
_.
._
40
Balance, surplus_____
$121,682
$95,762
$63,105 def.$34,897
Paid in 1926: Jan. 8, 5% extra; Mar. 15, 2 l % quar.; June 15, 2 A %
A
a North State Knitting Mills, Inc., only.
quar., July 3, 4% extra, Sept. 15, 3M % quar, Dec. 15, $1.75 quar. on new
snares o f no par value. Paid in 1927: Jan. 5, $5 extra; Mar. 15, $2; June
OFFICERS.— C. M . Carr, Pres.; H. C. Flower Jr.t V .-P .; A. H. Carr,
15, $2; July 6, $1.50 extra; Sept. 30, $2. Dec. 15, $2.50 & 50c extra. V.-P. & Treas.; W. F. Carr, Sec. & Asst. Treas.
Jan. 4, 1928, $3.75 extra.
Main office, Durham, N . C.— (V. 125, p. 1587.)




178

INDUSTRIAL STOCKS AND BONDS

EASTMAN KODAK CO.— ORGANIZATION.— Incorp. in New Jersey
Oct. 24 1901 as an amalgamation per plan in V. 73, p. 1114, o f various oper­
ating companies, o f which it owns practically all the stock. See list, V. 67
p. 1160, 1207; V. 69, p. 387; V. 75. p. 735. 613; V. 77, p. 253. 300; V. 89,
d . 1225; application to list. V. 80. p. 1477; V. 93. n. 1728: V. 97. p. 731;
V. 98, p. 1540. Also owns a one-third interest in American Anode, Inc.,
organized in Oct. 1926. V. 123, p. 2523.
By a Consent Decree entered Feb. 1 1921, in a suit brought by the Govern­
ment several years previously under the anti-trust laws, the company was
required to sell its Premo and Century-Folmer & Schwing lines, and also
certain brands o f dry plates and photographic papers. The plates and
paper interests were sold to the Defender Photo Supply company, of Roch­
ester, N. Y ., in 1924. In June 1926, the company sold to Folmer-Graflex
Corporation the Century-Folmer & Schwing lines, together with the land
and buildings used to manufacture the same, and also its Premo line of
cameras. By a modification of the decree granted by the court in May,
1926, the Premo real property was omitted from list o f properties required to
be sold, so that the company has now fully complied with the requirements
o f the decree.
In 1927 the U. S. Supreme Court upheld the lower courts, in deciding
that the company had violated no law in acquiring three laboratories equiped
to produce moving picture films. The Federal Trade Commission had
sought to compel company to dispose o f the laboratories. V. 125, p. 394.
STOCKS AN D BONDS—Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 2,500,000 shs (no / ____
2,051,310 shs _____________
Pref cum $10,000,000’ ($166)’ - - 6 Q-J
$6,165,700 ____________
STOCK.— The stockholders on Apr. 4 1922 ratified the proposal to
change the 250,000 shares o f common stock, par $100, to 2,500,000 shares
o f no par value, and to give ten shares o f no par value stock for each share
o f $100 p ar value.
D IV ID E N D S.— On pref. in full to date. On July 1 1922 paid a regular
quar. div. o f $1.25 per share on the new no par value stock; same amount
paid quar. to Jan. 2 1928. Extra divs. have been paid as follows: Dec. 30
1922, 50 cents; Mar. 1 1923, $1; Apr. 2 1923, 75 cents; July 2 1923, 75 cents
Jan. 2 1924, $1.25; April 1 1924 to Jan. 2 1928, 75 cents each quar.
R E PO R T .— For 1926, in V. 122, p. 2185, showed:
Total
Calendar
x Net (after Pref.Divs. Common
Balance,
Surplus.
Surplus
Dividends.
Year—
Depreciation)
1926________ $19,860,635 $369,942 $16,167,880 $3,095,213 $71,370,058
1925________ $18,467,114 $369,942 16,231,640 $1,751,732 $68,274,845
564,473 66,523,114
369.942 16,267,400
1924_________ 17,201,815
369.942 15,678,337
2,828,950 65,958.640
1923________ 18,877,229
369.942 12,574,963
5,007,650 63,129,690
1922________ 17,952,555
x Figures are after deducting Federal taxes.
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 2268.
OFFICERS.— Chairman, George Eastman; Pres., William G. Stuber;
Gen. M gr., Frank W . Lovejoy; Asst. Sec., Alice K. Whitney. Office,
Rochester N. Y .— (V. 125, p. 2675.)
EATON AXLE & SPRING CO. (THE).— Incorporated in 1916 in Ohio
under the name of The Torbensen Axle Co. In M ay 1923 the company
acquired the business and properties o f The Eaton Axle Co. and the
Perfection Spring C o., and on M ay 17 1923 changed its name to The Eaton
Axle & Spring Co. Manufactures axles, bumpers and springs for auto­
mobiles and motor trucks. In Aug. 1925 acquired the bumper business of
Cox Brothers M fg. Co. The Eaton Bumper & Spring Service C o., entirely
owned subsidiary of The Eaton Axle & Spring Co., operates service stations
in Atlanta, Boston, Cleveland, Chicago, Denver, Kansas City and Phila­
delphia.
During November 1925 a new corporation, known as the Eaton Spring
Corp., was organized and the property of the American Autoparts C o., loca­
ted in Detroit, was acquired and subsequently merged with the spring busi­
ness o f the Eaton Axle & Spring Co. The acquisition was made without
new financing. All o f the common stock is owned by the parent company,
the preferred stock being owned by the American Steel Foundries.
In June 1926 the property o f the Beans Spring Co.,.located in Massillon,
Ohio, was acquired and merged with the Eaton Spring Corporation.
STOCKS AN D BONDS—- Rate of Int. Outstanding. Bds. when Due.
250,000 shs _____________
Stocks—Com 250,006 shs (no par) ____
STOCK.— The stockholders o f record Oct. 15 1925 were offered tbe right
to subscribe to additional stock in the ratio o f one new share for earh 10
shares held, at $23 a share.
DIVS.'—An initial div. o f 65 cents per share was paid July 1 1913: same
amount paid quar. to April 1 1924; July 1 1924 paid 40 cents: then none
until Aug. 1 1925, when 50 cents quarterly was paid; same amount paid
quar. to N ov. 1 1927.
REPORT— .— For 1926, in V. 124, p. 1517, showed:
Calendar Years—
1926.
1925.
M fg. profit after deducting cost o f goods sold, incl.
material, labor, factory expense & depreciation. $1,732,458 $1,298,247
Selling, general and administrative expense______
633,821
645,050
Operating profit___________________
Other income_______________________

$1,098,637
124,420

$653,197
188,870

Total income______________________
Other deductions____________________
Amortization o f patent account______
Dividends paid and provided for_____
Provision for estimated Federal taxes.

$1,223,057
123,125
25,877
499,958
112,000

$842,067
87,793
354,200
47,500

Balance, surplus______________________________
$462,096
$352,574
Shares o f capital stock outstanding (no par)______
250,000
250,000
$3.85
$2.83
Earnings per share on capital stock____________
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 1517.
OFFICERS.—-Chairman, J. O. Eaton; Pres. & Gen. M gr., C. I. Ochs;
V.-P. & Dir. o f Sales, R. C. Enos; Sec. & Treas., F. A. Buchda; Asst. Sec.
& Treas., H. C. Stuessy. Office, Cleveland, Ohio.— (V. 125, p. 2153.)
EDMUNDS & JONES CORPO R ATIO N .— (V. 125, p. 2153.)
EISENLOHR (OTTO) & BROS., INC.— Incorp. under laws of Penn­
sylvania on Feb. 3 1916. Manufactures cigars, the comoanv’s brands
including Cinco, Henrietta, Webster, El Purano, Luxus and Oxford.
In 1924 the company acquired all o f the capital stock of Webster Cigar Co.
STOCKS A N D BONDS—- Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $6,000,000 ($ 2 5 )... ____
$6,000,000 ____________
Pref cum red 115 $4,000,000 f 7 Q-J
$2,190,000 ____________
( $ 100) ------------------------------ \

STOCK.— The preferred stock is redeemable at 115 and divs. Sinking
fund, $60,000 per annum.
DIVS.— On pref., in full to date. On common, paid as follows 1917,
4% ; 1918, 4% ; 1919, 4% ; 1920, 4 ^ % ; 1921, 5%; 1922, 5% ; 1923, 5% ;
1924. 214%: none since.
R EPO RT.— For 1926 in V. 124, p. 1831, showed;
1Q/G
1926.
xl925.
xl924.
Calendar Years—
Gross profit___________ $1,476,442 $1,526,978 $1,278,601
$1,466,399
Selling, adm. & gen. exp.
1,027,741
1,018,912
981,946
1,084,506
101,321
Misc. chges.lessmisc.inc. Cr.15,314
73,178
14,881
20,441
Fed. income tax, est____
54,100
10,200
Net profit___________
$499,609
$369,293
$129,097
$378,506
x Includes Webster Cigar Co. for 1925 and for the period from Aug. 2 to
Dec. 31 1924.
Latest Earnings.— For 9 months ended Oct. 1 1927 in V. 125, p. 2535.
OFFICERS.—Chairman of Executive Committee, Harry H Rothschild;
Pres., John J. Rogers; V.-Ps., Joseph F. Gallagher; Sec. & Treas., R . G.
Cunningham; Asst. Treas., Jackson Kemper. Office, 932 Market St.,
Philadelphia, Pa.— (V. 125, p. 2535).
ELECTRIC BOAT CO.— Incorp. under laws of New Jersey on M ay 29
1925, and acquired the property and assets of the old Electric Boat Co.
which was organized in Feb. 1899. Builds submarine boats, motor boats,
naval equipment, Diesel engines, electrical equipment and accessories.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stock— Common (no par)_______ ____
766,932 shs ____________
STOCK, &c.— The entire outstanding stock of the old company was held
by Submarine Boat Corp. Upon the organization of the new Electric Boat
Co., Submarine Boat Corp. acquired 766,920 shares of the Capital stock
of the new company for the sum of $76,692 in cash. Submarine Boat Corp.
then declared and paid to its stockholders in Aug. 1925 a dividend of $76,692,




[V ol. 125.

payable in shares of the new Electric Boat Co. on the basis of one share of
stock of the new Electric Boat Co. for each share of stock of Submarine
Boat Corp. held. After payment of such dividend the outstanding stock
of the old Electric Boat Co. was acquired by the new company from Sub­
marine Boat Corp. in consideration of the following:
(а) The assumption by the new company of an indebtedness of Submarine
Boat Corp. to the old Electric Boat Co. of $6,821,004.
(б) An agreement to pay the sum of $848,196, represented by promissory
notes of the new company maturing at certain intervals.
(c) The guaranty by the new company of a debt of Submarine Boat
Corp. amounting to the principal sum of $1,000,000.
REPORT.— For 1926, showed:
Exclusive of New London Ship & Engine Co.
1926.
1925.
Gross earnings from operations___________________ $5,095,911 $5,189,501
3,559,888
4,129,992
Cost of.operations______________________________
Expenses not apportioned to cost________________
623,735
615,796
Net profit from operations____________________
Other income (int., divs. and miscellaneous)_____

$912,288
98,627

$443,713
90,495

Gross income_________________________________ $1,010,915
Less— Interest, discount and miscellaneous_____
74,284
Depreciation____________________________________
63,958

$534,208
10,558
______

Net inc.(sub . to add’l depr. & Fed. taxes)_____
$872,672
$523,650
OFFICERS.— Pres., Henry R . Carse; V .-P ., L. Y . Spear; V .-P ., Henry
R. Sutphen; Sec. & Treas., H. A. G. Taylor. Office, 11 Pine St.. New
York.— (V. 125, p. 2271.
ELECTRIC REFRIGERATION CO R P.— Incorp. under laws o f Mlrhl
gan on Dec. 16 1925. The company owns the entire assets o f the follow­
ing constituent companies: Kelvinator Corp., Nizer Corp. and Grand
Rapids Refrigerator C o., are engaged in the manufacture and sale o f elec­
tric refrigeration devices, cabinets for both household and commercial
use and household and commercial refrigerators or ice boxes, and through
a division of Kelvinator Corporation, automobile tire carriers, tire locks
and stampings. Plants are located at Detroit and Grand Rapids, M ich.,
and London, Ont., Can.
The Refrigeration Discount Corp. organized to handle deferred payment
paper arising from different branches o f the refrigeration industry. The
entire stock issue o f Refrigeration Discount Corp., is owned by the Electric
Refrigeration Corp. See V. 124, p. 654.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
iSiocfcs-Com2,000,000shs(nopar) ____
1,098,790 shs _____________
Bonds—-10-yr conv g notes red/ 6 g J-J
$2,880,000 Jan. 1 1936
105 (text) ($500 & $1,000)N.c*\Int. at New York Trust Co., New York.
STOCK.— See table
NOTES.— The 10-year 6% convertible gold notes are convertible on and
after Jan. 1 1928 into capital stock of the company in the ratio of one share
without par value for each $100 face amount o f notes; non-detachable option
warrants are attached to the notes, entitling the bearers, until Jan. 1 1928
or prior redemption, to purchase stock of the company in the ratio of one
share, without par value, for each $100 face amount of notes at the price
of $100 per share. The indenture also contains provisions for the increase
pro rata of the option warrant and conversion privileges of the noteholders
In case of the payment of stock dividends by the company. The company
agrees to provide a purchase fund of $60,000 semi-annually for the pur­
chase of notes in the open market at not exceeding the redemption price.
DIVIDENDS.-—On M ay 1 1926 paid an initial quarterly dividend of
50 cents a share in cash, same amount paid quarterly to Feb. 21 1927.
Also paid 134 % in stock each quarter from M ay 1 1926 to N ov. 20 1926.
R E PO RT.— For 1926, showed:
Sepi.30 ’26.1926—6 Mbs.— 1925.
Net sales----------------------------------------- $17,163,128 $13,921,947 $9,462,476
Operating profit------------------------------- 3,150,044
2,764,700
1,982,266
Other income----------------------------------4,168
244,455
101,596
Total income--------------------------------- $3,154,211
Charges-----------------------------------------116,330
413,675
Federal taxes---------------------------------Amounts applicable to stock of subs. _
1,554

$3,009,155 $2,083,862
104,608
4,503
392,114
270,317
______
______

Net profit------------------------------------$2,622,652
$2,512,433 $1,809,042
Period 9 Mos. Ended June 30—
1927$651,409
Loss, after expenses, interest, &c____________________________
OFFICERS.— Chairman, A. H, Goss; Pres., C. K. Woodbridge; V .-P . &
Treas., B. A. McDonald; Sec., Merlin Wiley. Office, 14250 Plymouth
Road, Detroit, M ich.— V. l25, p. 2675.
ELECTRIC STORAGE B ATTERY CO. (THE)— Incorp. In 1888 In
New Jersey. Owns basic patents for storage batteries. V. 69. p. 76. 850;
1 105, p. 1212.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com (see text) (no par)
____
805,181 shs _____________
Pref (see text) ($25)_________
Q-J
$31,400 _____________
STOCK.— After 1 % on preferred, common and preferred share equally.
The stockholders April 19 1922 voted to change the authorized capital
stock from $30,000,000. divided into 300,000 shares, par $100 (875 pref. and
299,125 common stock), to 3,500 shares of pref. stock, par $25, and of
proportionately the same preference, and 1,196,500 shares of common stock,
no par value. The new stock was Issued at the rate of one share of the old
stock for four shares of the new stock; old common stock being exchanged
for new common stock without par value, and old preferred stock being
exchanged for new preferred stock, par $25, or for new common stock o f
no par value, at the option of the holder of the preferred shares.
D IV ID E N D S.— On com., 1901 to 1907, 5% yearly; 1908, 3 H % ; 1909
3M%\ 1910 to 1918, 4% ; 1919, 5% ; Jan. 1920 to July 1920 paid 2 H % quar
Oct. 1920 to April 1922, 3% quar. On July 1 and Oct. 1 1922 paid 75 cents
per share on new com. and pref. stocks; Jan. 2 1923 to Oct. 1 1925 paid
$1 quar.; Jan. 2 1926 to Jan. 3 1928 paid $1 25 quar. Also paid extra divs.
of 75 cents on Jan. 2 1923; $1 on Jan. 2 1924; $1 on Jan. 2 1925 and $1 on
J a n .2 1926.
R E PO RT.— For 1926, in V . 124, p. 1366, showed:
[Including Willard Storage Battery Company.1
Calendar Years—
1926.
1925.
1924.
1923.
Sales, less mfg. cost & c. N ot Avail $13,980,160 $12,122,460 $11,836,030
Total net income______ $6,733,782 $8,626,106 $7,210,882 $7,216,522
Dividends_____________
4,065,327 4,247,250
4,028,905
4,010,145
Balance, surplus_____ $2,668,454 $4,378,856 $3,181,977 $3,206,377
Previous surplus_______ 19,191,144 20,540,379 18,103,661 21,957,765
Total surplus________ $21,859,598 $24,919,235 $21,285,638 $25,164,142
Sundry adjustments___ Cr.196,223
Cr.271,229 Cr. 106,310 D r.96,540
Employees’ pension fund
75,000
75,000
25,000
150,000
Taxes paid previous year 1,086,596
851,007
826,569
813,941
xAd just, of patent acct.
______ y4,999,999
______
6,000,000
Loss on sale o f plant___
______
73,314
______
______
Profit & loss, surplus.$20,894,225 $19,191,144 $20,540,379 $18,103,661
x Adjustment of patents account to the approximate valuation allowed
by the U. 8. Treasury Dept, for the purpose of Federal taxation.
y Patent account written down Dec. 31 1925 to nominal value o f $1.
Note.—Federal income tax for year 1926 is estimated at $865,000.
OFFICERS.— Pres., Herbert Lloyd; Sec. & Treas., Walter G. Henderson
Philadelphia. Office, Allegheny Ave. and 19th St., Philadelphia.— (V. 124.
p. 1673.)
ELK HORN COAL C O R P O R A T IO N .— O R G A N IZA TIO N .— Incorp
n W. Va., Nov. 18 1915, per plan In V. 101, p. 1716; V. 102. p. 348; and
00k over the properties and business of Elk Horn Fuel Co. (V. 98, p. 1762)
SIk Horn Mining Corp. (V. 98, p. 1618). and Mineral Fuel Co. (V. 96, p.
1427.)
Owns approximately 205,000 acres of valuable coal lands and improve­
ments thereon lying principally in 6 of the counties in the southeastern
part of the State of Kentucky, and 2 of the counties in the central part of
West Virginia. Also owns oil and gas rights, free of royalty, in about
16,500 acres in Kentucky. Oil and gas rights in about 143,500 acres were
sold during 1925, retaining % interest in all oil produced.

Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

Other assets consist o f holdings o f the stocks o f other operating coal
companies, including over 24,000 shares o f the common stock of the Con­
solidation Coal Co.
STOCKS AN D BONDS—
Bate of Int. Outstanding. Bds. when Due.
Stocks— Com partic 440,000 shs
(no par)___________________
____
240,000 shs ____________
$6,600,000 ------------------Pref partic red 56 M ($50)_____ ____
Bonds— 6-yr 1st & ref M s f g [ 6M g J-D
$4,021,000 Dec. 1 1931
red (text) $5,500,000 ($1,000) Int. at N . Y . or Merch. Tr. & S., Balt.
MeBa.kxxxc* (
6-yr deb notes $2,000,000 redf 7 J-D
$1,500,000 Dec. 1 1931
102 ($1,000)_ FBa.kxxxc*(Int. at N . Y . or Fidelity Trust. Balt.
_
Mineral Fuel Co 30-yr 1st M I 5
$348,000 M ay 1 1943
s f ($------) _ . ------------------------ (Interest at Fidelity Trust Co.. Balt.
STOCK.— Authorized (a) pref. (6% and participating; red. at 56M):
$6,600,000, ail out, with sole voting power during any default on full year’s
dividend, (b) Common, 440,000 shares ($3 and partic.); outstanding,
240,000 shares (no par value). The stockholders on Oct. 24 1925 changed
the authorized common stock from 440,000 shares, par $50, to 440,000
shares of no par value, one share o f no par stock to be issued in exchange
for each share of common (par $50) outstanding.
Pref. dividend No. 1, June 15 1916 to Dec. 1918, 3% semi-ann. (J. & D .),
March 1919 to Dec. 1922, 1A % quar.; March 1923 dividend deferred
June 11 1923 paid 1J£%; none since. Com. div., 2 % , June, Sept, an
Dec. 1918; March, June and Sept. "919, 1 A % each; none since.
BONDS.— The first & ref. mtge. sinking fund gold bonds are redeemable
as a whole, or in part, by lot, at any int. date upon 60 days notice, during
first year at 103 and int., and thereafter at 101 and int.
The bonds are secured by a first mortgage on all property owned by the
corporation, including coal reserves, real estate, equipment, dwellings and
other extensive improvements, subject only to an issue o f $348,000 5%
bonds on approximately 4,800 acres acquired from the Mineral Fuel Co.
They are additionally secured by the specific pledge o f the above referred to
stocks o f various companies owned.
"N c T E S .— The 6-year 7% debenture notes are redeemable as a whole
or in part by lot at any int. date upon 60 days’ notice at 102 and int.
Warrants.— Each $1,000 note carries a detachable warrant entitling the
holder to sutecribe for 40 shares o f no par common stock o f the coal cor­
poration at $15 per share if the purchase is made on or before Dec. 1 1926;
thereafter at $16 50 per share if purchased on or before Dec. 1 1927; if
urchased subsequent to Dec. 1 1927 but on or before Dec. 1 1928, at
17 50 per share; if purchased thereafter but on or before Dec. 1 1929, at
$18 50 per share, and if purchased subsequent to Dec. 1 1929 and on or
before Dec. 1 1930 at $21 per share V . 121, p. 2526.
RE PO RT.— For calendar year 1926 showed:
1926.
1925.
$6,054,461 $5,116,177
4,649,746 4,022,121
373,021
358,915
1,031,695
735,141
510,883
385,680
41,031
37,659
______
______

Earnings (a llsou rces)...
Oper. exp., taxes, & c ...
Depreciation, &c_______
Net earnings____'._____
Interest, sink, fund, & c.
Federal taxes__________
Preferred dividends____

1924.
1923.
$3,840,136 $4,689,375
3,100,886 3,795,500
309,961
323,265
429,288
570,610
390,843
402,309
______
______
______
98,988

$479,781
$311,802
$38,445
$69,313
OFFICERS.— Chairman, C. W. Watson, Fairmont, W . Va.; Pies .
George W . Fleming, N. Y .; Sec.. J. W . M . Stewart, Ashland, K y.: V.-P;
& Treas., J. F. Caulfield, N. Y .; V .-P., J. N. Camden, Versailles, Ky
New York office, 67 Wall St.— (V. 125, p. 1057.)
EMERSON-BRANTINGHAM CORP.— ORGANIZATION.— Organ­
ized in 1926 in Illinois as successor to Emerson-Brantingham Co. (per re­
adjustment plan in V. 122, p. 1032). Manufactures agricultural imple­
ments, gas, and steam engines, farm wagons, tractors, &c. In 1926 en­
tered into the production of malleable and gray iron castings, drop forgings,
automobile parts, porcelain enamel products and steel kitchen equipment.
Plants are located at Rockford and Batavia, 111.
R eadjustm ent Plan (V. 122, p. 1032).
The directors in Feb. 1926 submitted to the stockholders a plan o f read­
justment of the company’s affairs outlined as follows:
New Company.— It is proposed that a new company be organized under
the name o f Emerson-Brantingham Corp. in Illinois. All of the assets of
the present company are to be transferred to the new corporation which
will assume all o f the obligations of the present company.
STOCKS A N D BONDS—
Bate of Int. Outstanding. Bds. when Due.
Stocks— Class B 20,000 shs (text)
(no par)___________________
____
20,000 shs ------------------Cl A 200,000 shs (text) (no par). ____
110,845 shs ------------------Bonds— 5-yr debenture notes
f 5
$5,000,000 N ov. 1 1931
lin t, a t ______________________________ _
Exchange of Stock.— Holders o f preferred stock o f present company are
to receive one share o f class A stock o f new company in exchange for each
share o f pref. stock which they hold. Common stockholders of present
company are to receive one share o f class B stock o f new company in ex­
change for each 5 shares of common stock they own in present company.
Stock for Employees.— A portion of the class A stock shall be set aside for
the benefit of employees participating in the management of the company,
to be distributed among them in such manner and at such prices as may be
determined by the directors, in the event o f the company showing satis­
factory earnings. None of the stock reserved for employees participating
In the management ©f the company shall be distributed until 25% of the
original issue of debentures (mentioned below) shall have been retired.
To Offer Additional Stock.— After this exchange, a part o f the excess class
A stock remaining in the treasury o f new company shall be later either
offered to preferred stockholders at such price as may be deemed fair and
adequate by the directors, or otherwise disposed of, for the purpose of
acquiring additional working capital.
Bank and Creditors to Convert Indebtedness.— In the event that the plan is
consummated with the practically unanimous consent o f the stockholders,
the banks and the larger creditors have agreed to convert the indebtedness
owing by the company to them as o f Oct. 31 1925, into 5 % 5-year debenture
notes. The banks have further consented to make such additional loans as
may from time to time be agreed upon as necessary in the conduct of the
business, provided, of course, the company is making satisfactory progress.
The indenture securing the debenture notes shall contain among others,
the following provisions:
(a) Each year an annual audit is to be made by competent accountants.
If such audit reveals a loss from operations, after all proper charges including
the usual reserves in accordance with the practice o f the leading companies
In the industry, as o f much as $400,000 in any one year, or losses aggregating
$750,000 or more in any three consecutive years, or if any such audit shall
show that the company’s net quick assets do not equal at least 75% of the
then outstanding obligations, upon request o f the holders of 50% of the
then outstanding debenture notes, the trustees shall declare the entire issue
In default and proceed to exercise all rights given the trustee under the
Indenture in the event o f any default on the part o f the company. (6) No
mortgage or prior lien shall be placed on any of the company’s assets, nor
shall any sale of the Rockford or Batavia plants be had without first obtain­
ing the written consent thereto o f the holders o f a majority in amount
of the debentures remaining outstanding, (c) No dividends shall be paid
to either A or B stockholders until the indebtedness evidenced by the
debenture notes is reduced to $2,500,000; and then only on consent of the
holders o f a majority of the debentures remaining outstanding. (d) Deben­
ture notes may be retired at par and int. at any time before maturity.
[It was officially reported in Feb. 1927 that the pref. and com. stocks
o f the Emerson-Brantingham Co. had largely been exchanged for the new
class A and class B shares o f the new corporation. All the indebtedness
except current has been changed from bills payable to 5-year deb. notes.]
It was announced in June 1926 that the plan had been approved by over
75% o f the stockholders. A deposit agreement, dated M ay 10 1926 has
been prepared, whereunder Charles W . Folds, Chairman, Charles S. Brant­
ingham, Albert T . Jackson, James L. Martin, and Cecil F. Sanders, Sec.,
have been constituted a committee to carry out the plan o f readjustment.
The National Park Bank, New York and the First Trust & Savings
Bank, Chicago, have been appointed depositaries under the deposit agree­
ment to accept deposits o f stock.




RE PO RT.— For year ending Oct. 31 1926, showed:
Oct. 31— Years—
1924-25.
1923-24.
1922-23.
Loss from oper .after exp.,
&c---------------------------$425,725 $1,183,172 $1,608,201
Interest on loans_______
353,493
569,876
418,243
Depreciation___________
136,696
203,702
195,675

179
1921-22.
$1,690,308
516,360
239,118

Balance, deficit______ x$915,914 $1,797,089 $2,381,779 $2,445,786
x Exclusive of snecial losses and charges.
Earnings for 1926.— The company reports a loss f $145,474 after depre­
ciation and interest for the year ended Oct. 31 1 26, after giving credit
for $152,274 refund on tax adjustment.
OFFICERS.— Pres., Charles S. Brantingham; V -Ps., Edward P. Lathrop; Albert T . Jackson and Harry H. Biggert; Sec. & Treas., Cecil F.
Sanders. Office, Rockford, 111.— (V 123, p. 3326.)
EMPIRE OIL & REFINING CO.— ORGANIZATION.— Incorp. under
the laws of Delaware on April 26 1927. Acquired directly or through sub­
sidiaries, substantially all the oil properties formerly owned by Empire Gas
& Fuel Co. Controlled through ownership of a majority of the common
stock (which has sole voting power) by Emoire Gas & Fuel Co. See Public
Utility Compendium.
NATURE OF BUSINESS.— The business is a complete unit in the oi
industry, including the four essentials—production, transportation, re­
fining and marketing. Properties include: Over 3,200 oil wells, four
refineries, located at Ponca City, Okmulgee and Cushing, Okla. and
Gainesville, Tex., fifteen absorption and compression gasoline plants;
850 miles of pipe lines; 2,300 tank cars operated under lease; and over
500 tank and gasoline service stations located in 12 States. V. 124, p. 2915.
STOCKS AND BONDS—
Bate of Int. Outstanding. Bds. when Due.
Stocks— Com 700,000 shs (no par) ____
700,000 shs _____________
Bonds— 15-yr 1st M & coll gold f 5 H g A.-0 $30,000,000 Apr. 1 1942
$30,000,000 ($100&c) xc*&r* (Int. at company’s office.
STOCK.— See table.
FUNDED D E B T .— The 1st mtge. and coll, trust 5M % gold bonds are
secured by a direct 1st mtge. on all the fixed properties of Empire Oil &
Refining Co., and by a first lien upon all stocks of subsidiaries of the co.
Red. as a whole or in part at any time on 60 days’ notice at the following
prices: prior to April I 1932 at 103, thereafter and prior to Apr. 1 1937
at 102, thereafter and prior to April 1 1941 at 101, and at the principal
amount during the last year, plus accrued interest in each case. The
offering was made in M ay 1927 at 96 and int. by a syndicate headed by
Halsey, Stuart & C o., Inc. and Hallgarten & Co. V . 124, p. 2915.
R E PO RT.— Consolidated earnings o f the properties and subsidiaries to
be presently owned, as reported by the company, were as follows:
Year Ended—
Nov. 30 ’25. Nov. 30 ’26. Afar.31 ’27.
Gross earnings, incl. other income___ $36,681,489 $39,393,971 $39,146,494
Oper.exps.,maint. & oth. prior deduc. 25,638,739 26,337,669 26,021,319
Net before int., reserves for deple­
tion & deprec., & Fed. taxes_____$11,042,750 $13,056,302 $13,125,175
OFFICERS.— Pres., Henry L. Doherty. Office, 60 Wall St., N . Y . O.
ENDICOTT JOHNSON C O R P — ORGANIZATION.— Incorp. In
New York Mar. 31 1919. Business, principally manufacturing leather and
medium-priced staple shoes and footwear. Plants at Endicott, Johnson
City, Binghamton and Owego, N . Y ., together with tanneries, shoe fac­
tories. Number of employees about 17,000. Average output, about
125,000 pairs of shoes daily.
STOCKS A N D BONDS—
Bate of Int. Outstanding. Bds. when Due•
Stocks— C om $21,000,000 ($ 50)-$20,268,000
---------------^ Pref cum s f call 125 $15,000,000 ($100)_________ _______
7 Q-J
$12,262,900
---------------STOCK.— Annually beginning Feb. 1 1921 the co. shall acquire out of the
surplus profits 3 % of the largest amount of Pref. stock at any time outstand­
ing. No mortgage without consent of 75% of each class of stock. Pref.
stock has equal voting power with the common stock.
D IV ID E N D S.— An initial div. of 1H % on both pref. and com. stock
was paid July 1 1919; Oct. 1 1919, 1H % each; Jan. 1 1920, 1% % oa prei.
and 2 A % regular and 4% extra on com , April 1 1920, I H % on pref. and
21-4% on com. On June 10 1920 common shareholders received a stock
dividend of 10% , July 1 1920 to Oct. 1 1927 paid quar. 1 % on pref. and
2H % on common. On Feb. 15 1923 paid on common 20% in stock.
R E P O R T .— For 1926, in V. 124, p. 654, showed:
1926.
1925.
1924.
Gross sales______
$70,661,674 $69,346,931 $66,378,177
Total profits________________________ 4,950,437
6.374,729 6,360,513
Retirement ef preferred stock_______
450,000
450,000
450.000
Provision for taxes__________________
832,196
908,840
949,773
Profiusharing plan__________________
420,363
1,153,824 1,235,096
Preferred dividends_________________
846,405
876,228
914,87-4
Common dividends_________________
2,026,800
2,026,800 2,025,675
Balance__________________________
$374,673
$959,036
$785,095
BALANCE SHEET as o f Dec. 31 1926, in V. 124, p. 787.
OFFICERS.— Pres., George F. Johnson; Sec., M . B. Page; Treas., WmF. Dickson. Office, Endicott, N. Y .— (V. 125, p. 1587.)
ERIE STEAM SHOVEL CO.— See Bucyrus-Erie Co.
EUREKA PIPE LINE CO. (THE)— O RGAN IZATION , & 0 .— Incorp.
in 1890 In W. Va. Owns pipe line in W. Va. Formerly controlled uj
Standard Oil Co. of New Jersey, but segregated in 1911.
STOCKS AND BONDS—
Bate of Int. Outstanding. Bds. when Due.
Stocks— Com $5,000,000 ($100)-. ____
$5,000,000 ------------------D IVIDEN DS— 10% paid quar. from M ay 1912 to Feb. 1914; M ay and
Aug., 8% ; N ov. 1914 to 1918, inclusive., 24% (6% quar.). Aug. and
N ov. 1918 and Feb. 1919, 5% quar.; M ay, Aug. and Nov. 1919, and
Feb. 1920, 4% . May 1920 to M ay 1921, 3% quar.; Aug. 1921 to Nov. 1922.
2% quar.; Feb. 1923 to Aug. 1923 paid 3% quar.; Nov. 1923 to Aug. 1924
paid 2% quar.; Nov. 1 1924 to N ov. 1 1927 paid 1% quar.
R E P O R T . — F o r 1926, in V . 124, p . 797 , s h o w e d ;

Calendar Years—
1926.
1925.
1924.
1923.
Profits for year_______ loss$13,673 loss$208,353
$32,061
$324,507
Dividends paid_______ (4%)200,000 (4)200,000 (7)350,000 (11)550,001
Balance_____________ def$213,673 def$407,353 def$317,939 def$225,494
The oil run for the past 3 years is as follows: 1926, 4,490,608.35 bbls.;
1925, 4,179,228.01 bbls.; 1924, 4,300,640.68 bbls.
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 797.
Pres., Forrest M . Towl; Vice-Pres., Alan T. Towl; Sec., V. S. Swisher;
Treas., J. M . Tussey. Office, Oil City, Pa.— (V. 125, p. 1844.)
EUREKA VACUUM CLEANER CO.— Incorp. under laws o f Michigan
on Aug. 20 1910. Manufactures the Eureka Vacuum Cleaner together with
accessories, attachments and extra parts, and distributes its product
through its own sales organization operating in every state of the Union.
Plant is located in Detroit, Mich.
STOCKS AND BONDS—- Bate of Int. Outstanding. Bds. when Due.
Stocks— Com 500,000 shs (no par) ___
275,625 shs _____________
STOCK.— The stockholders on Dec. 28 1926 increased the authorized
capital stock (no par value) from 250,000 shares to 500,000 shares. A 10%
stock dividend was declared, payable as follows: March 1 1927, 5% ;
Aug. 1 1927, 5% .
DIVS.— On new stock o f no par value paid $1 per share quarterly from
M ay 1 1925 to Nov. 1 1927. Also paid 25 cents extra on Feb. 1 1927 and
stock divs. as follows; Mar. 1 1927, 5% in com. stock; Aug. 1 1927, 5% in
com. stock.
R E PO RT.— For 1926, in V. 124, p. 1073, showed:
Year Ended Dec. 31—
1926.
1925.
Net sales to customers and dealers__________ $12,023,484
$10,090,152
Manufacturing, administrative and selling c osts.. 9,604,933 8,150,936
Miscellaneous charges against income_______
244,154
81,614
Provision for Federal income tax and reserves_____
295,000
231,000
Dividends paid____________________________ 1,000,000
856,720
Premium on preferred stock retired-----------------------------21,894
Net addition for the year______________________
$879,397
$747,988
Profit and loss, surplus--------------------------------------- $4,648,494 $3,769,098
Earnings per share on 250,000 no par shares______
$7.52
$6-50

180

INDUSTRIAL STOCKS AND BONDS

BALANCE SHEET as o f Dec. 31 1926 In V. 124, p. 1073.
OFFICERS.— Pres., Fred Wardell; V.-Pres., Arthur L. McCarthy and
Vernon W . Young: Sec. & Treas., P . A. Barnard. Office, Hamilton and
Dewey Avenues, Detroit, M ich.— (V. 125, p. 1979.)
EXCHANGE BUFFET C O R P .— Incorp. under laws o f N . Y ., July 26
1913, and acquired the business o f The Exchange Buffet Corp., Incorp. In
1902, the business having been established In 1885. Operates restaurants
and cigar stands In various business centres o f N . Y . City, Brooklyn, and
Newark, N . J.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 250,000 shs (no par) ____
250,000 shs _____________
Divs.—
f’ 15. ’ 16. ’ 17. ’ 18. ’ 19. '20. *21. ’22. ’23. ’24. ’25.
’ 26.
Regular.........{ $4 $4.50 $5 $5 $5.50$7.50 $8 $3.50 $2
$2 $1 % $1)*
E xtra---------- (50c. 50c. 60c. $1
$1
_____
_______
____
Also paid 300% In stock on April 20 1922.
PAID in 1927: Jan. 30, 37H cents; April 30, 37H cents; July 30, 37K
cents; Oct. 31, 37 K cents.
R EPO RT.— For year ended April 30 1927 in V. 125, p. 253. showed:
Years Ended Apr. 30—
1927.
1926.
1925.
1924.
Gross profits___________
$565,822
$551,427
$624,877
$670,099
Deduct— D ep reciation ..
93,511
97,576
108,914
104,087
Interest_____________
266
10,061
24,417
27,941
Prov. for Fed. incl. tax
67,720
49,816
58,000
64,000
Dividends___________
375,000
375,000
468,000
497,790
Net p r o f i t .................
$29,325
$18,275 def$35,944 def$23,719
OFFICERS.— Chairman, S. C. Millett; Vice-Chairman, Henry de
Jongh; Pres., Gardner W . Millett: V.-Pres., Edward de Jongh and A. R.
Hitchins; Sec. & Treas., H. A. Fream; Asst. Sec., I. L. Swartz. Office,
17 John St., New.York.— (V . 125, p. 1199.)
F A IR (TH E ), (DEPARTM ENT STORE), C H IC A G O .— (V. 124,
p. 2126.)
FAIRBANKS CO. (TH E ).— Incorporated In New Jersey, June 11
1891, to acquire the business, &c., o f the Fairbanks Co. o f New York, and
•ther cities. Manufactures valves, trucks and barrows; also acts as selling
and distributing agents for manufacturers. On April 1 1927 this company
surrendered to Fairbanks, Morse & Co. the contract under which it has
acted as distributor o f Fairbanks scales in certain prescribed territories.
Plants located at Rome, Ga., and Binghamton, N . Y.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $1,500,000 ($25)_
_ ____
$1,500,000 _____________
1st pref 8% cum call 110 s f
$1,000,000 ($ 1 0 0 )............... See text
$1,000,000 ................. ..
2d pref 8% cum call 110 $2,000,000 ($100)_____________ See text
$2,000,000 _____________
STOCK.— Sinking fund for the 1st Pref. beginning in 1918 10% of net
earnings after all taxes and divs. on both First Pref. and Pref. stock. If,
In any year such 10% is less than $50,000 all available earnings up to
$50,000 shall be set aside for the sinking fund. I f such 10% is more thaD
$100,000 only $100,000 shall be set aside. See also under divs. below.
DIVS. ’97. ’99-’01. ’02-’03. ’04-’06. ’07-’08. '10. ’l l . ’ 12. ’ 13. ’ 18. T 9 .-’25
C om .% 10 15 9 6 8 y ’ly. 10 y ’ly.12 y ’ly. 12
4 10
8 text Nona
^-Dividends o f 2% were regularly paid quarterly on the 1st Pref. from
June 7 1918 to M ay 1921; none since. On the (2d) Pref. stock 2% quarterly
from N ov. 27 1907 to April 1 1914, inclusive. The accumulated divs. from
April 1 1914 to April 1 1918 were adjusted by a Com. stock div. (20%)
paid June 7 1918, the (2d) Pref. stockholders receiving one share of Com.
stock for each $100 accrued. Cash divs. were resumed July 1 1918 and
were paid quarterly to April 1921; none since.
On Dec. 1 1918 paid a 4% stock div. on the Common stock.
R E PO RT.— For 1926, in V. 124, p. 1832, showed:
Calendar Years—
1924.
1923.
1925.
1926.
Net sales_____________
$4,416,479 $5,680,564
Allowance and costs___
3,264,102
4,381,765
.
Not
stated
Gross profit_________
$1,152,378 $1,298,799
Other income__________
75,766
77,445

Surp. S undiv. profits
c
brought forward.____ 12,676,464 a l l , 145,378
Prem. on sale o f p f. s tk ..
Prov. for sinking fund
______
______

[V ol. 125.
18.110,967
3,450
______

15,978,897
______
Cr.100,000

Total surplus___$15,531,232
$14,271,722 $20,268,602 $18,909,759
Contrlb. to pension fund
114,381
110,094
97,347
108,522
Stock dividend......................................................... b7,349.425
...........
Exp. in sale o f cap. stk_
168,530
______
Prem. on red. o f 6% p fd .
17,691
______
85,000
______
A d j. o f surp. o f subs____
8,278
Cr.1,444
13,188
____
Pref. stock sinking fu nd.
______
______
______
100,000
Patents written off subs.
70,000
______
______
______
Preferred dividends____
526,825
C383.275 (6)108,000
Div. on pref. stk. Moline
515,426
Scale C o_______ _____
______
717
13,455
...........
Common dividends.......... 1,106,483
959,064
1,013,004
1,175,270
Balance o f surplus and
undivided p ro fits ..$13,698,974 $12,676,464 $11,145,379 $17,417,967
a Including $902,924 undivided profits of subsidiaries, b 25% stock
dividend paid on Common stock in 7% Preferred stock, c Dividends on
the 6% Pref. stock were paid until date of redemption, June 1 1924, and the
divs. on the new 7% Pref. stock have been paid at the fixed rate since Apr. 1
1924 (paid on 6% Pref., $40,434 on 7% Pref. $342,840).
Latest Earnings for 9 mos. ended Sept. 30 1927 in V. 125, p. 2535.
OFFICERS.— Chairman, C . H. Morse; Vice-Chairman, R . H. Morse;
Pres., W . S. Hovey; V.-Pres., W . E. Miller; V.-Pres. & Treas.,S. T .
Kiddoo; Sec., F. M . Boughey. General office, 900 So. Wabash A ve.,
Chicago, IU — (V. 124, p. 3074.)

(WILLIAM) FARRELL & SONS, In c.— See Burns Bros, above.
FEDERAL MINING AND SMELTING C O .— ORGA N IZA TIO N .—
Ipcorp. under laws of Delaware June 25 1903. Owns silver-lead mines in
Ooeur d'Alene district, Idaho. V. 93, p . 733; V. 96, p. 1086; V. 97, p. 1424.
In 1905 Amer. Smelters Securities C o. (Amer. Smelting & Refining C o.)
acquired about $3,000,000 common stock- V. 93. p . 1728; V. 99, p . 52
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $10,000,000 ($100). ____
$5,040,000 _____________
Pref cum $20,000,000 ($100)— 7 Q-M
$8,000,000 ------------------STOCK..—On July 5 1927, the stockholders ratified a plan for the reduction o f the capital stock. The company has retired 40,000 shares of its
7% cum. pref. stock o f $100 par value, and 9,600 shares of $100 par com.
stock. The present outstanding capital consists o f 80,000 shs. o f pref. and
50,400 shs. o f com. stock. V. 125, p. 253.
D IV ID E N D S.— ’ 15. T 6. ’ 17. '18. ’ 19. ’ 20. ’21. ’ 22. ’ 23. ’24 '25 ’26.
0 0
0 _____
__
— — 10
Common__________ 0
Preferred__________
4 4)* 7
7 3%
6
4 4^ 7
7
7 7
The directors on Jan. 6 1926 declared dividends (paying the $19 25 per
share dividend arrears) on the preferred stock, as follows: $6 per share
payable Jan. 26, $6 per share payable Feb. 16, $7 25 per share payable
Mar. 9.
The directors also declared a special dividend on the common stock of
$10 per share, payable Mar. 16 1926 from earnings prior to Jan. 1 1926,
and passed a resolution announcing it to be the policy of the company, until
further action o f the board, that, beginning with Jan. 1 1926, approximately
one-half o f the current earnings o f the company after all charges except
depletion, and after preferred dividends, 6hall be paid out as dividends on
the common stock. V. 122, p. 220.
H. Content & Co. on Jan. 8 1926 started suit in the Court o f Chancery of
the State o f Delaware asking for an injunction restraining the payment
of the common dividend of $10 per share. V. 122, p. 220. Chancellor
Wolcott issued a preliminary injunction on Mar. 16 1926. A demurer
filed by the company was overruled on April 20 1926. V. 122, p . 2337.
The company has filed an appeal. V. 122, p . 2659; V. 123, p. 1386.
Delaware High Court holds common divs. cannot be paid while capital is
depleted (V. 124, p. 930, 1974). Company submits brief asking that
company injunction restraining payment of div. on common stock be
$1,449,645 $1,341,955 $1,228,143 $1,376,244 dissolved. V. 124, p. 3075.
Expenses_____________
856,828
835,658
1,260,768
946,891
On June 9 1927, Chancellor W olcott at Wilmington, D el., refused to
Cr. 8,703
Disct. & miscell. chges_
Cr.6,455
Cr.27,497
60,507 enjoin the company from paying the special $10 div. decl. on its com. stk.
Interest, reserve, &c____
141,666
177,426
205,944
260,333 in 1926, and also refused an injunction to enjoin the company from carrying
140,339
132,532
Depreciation_____
181,159
189,097 out its declared dividend policy outlined above. V. 124, p. 3502.
22,700
R E PO RT.— For 1926, in V . 124, p. 1974, showed:
Calendar Years—
1926.
1925.
1924.
1923.
sur$294,566 sur$205,041 def$78,354 def$394,461
Operating earnings_____$12,795,569
$12,546,161$9,468,309
1927— 3 Mos. — 1926
Period End. Sept. 30
1927— 9 Mos.— 1926.
6,882,063
Operating expenses_____ 8,828,945
8,505,651
Gross operating profit.
$163,882
$374,017
$798,695 $1,117,086
B a la n c e ....................$3,966,615 $4,040,511'
Expenses____________
111,819
225,800
530.343
671,262
428,978
410,955
Int., depr., Fed. tax &c_
49,600
83,534
175,766
239,688 Other income__________
Total Income________ $4,395,594 $4,451,46’6 '
Net profit_____
$2,463
$64,683
$72,583
$206,136 Gen. exp., inc. tax. & c „ __756,981
_ 682,405
OFFICERS.— Pres., Geo. M . Naylor; Treas., Jas. A. Cleary: Sec.,
Net earnings................ $3,638,613 $3,769,060
E . Valentine. New York office, 416 Broome St.— (V. 124, p. 3816.)
Previous deficit________ 4,910,855
7,624,662
FAIRBANKS, MORSE & CO.— Incorp. in Illinois in 1891, succeeding a Profit on common stock
purchased for treasury
_____
822,592
______
partnership o f same name. Manufactures internal combustion engines for
Total deficit_________ $1,272,242
$3,033,010 $4,559,878' $4,834,410
industrial, marine and farm purposes, including practically all classes of
$50,000
internal combustion engines except automobile engines. In addition, Add’l inc. tax, prin., &c.
149,204
319,240
346,205
330,046
company manufactures and sells Fairbanks scales, centrifugal, steam and Depreciation__________
693,899
756,790
719,572
657,644
power pumps, railroad motor cars, hand and push cars and standpipes, Ore depletion__________
1,122,756
dynamos, motors and electrical equipment; windmills and water systems. Rev. o f property accr___
839,034
839,034 __ 839,034
839,034
Business originated in Chicago in 1858 as the Western selling agency of Preferred dividends____
E. & T . Fairbanks & Co., manufacturers of the Fairbanks scale, produced
$7,624,662 $6,566,548
Profit & loss deficit_ $3,098,966 $4,910,855
_
since 1830. During the years following 1858 the Western business was
OFFICERS.— Chairman
Brownell; V .-P H. A .
extended to include manufacture and sale of internal combustion engines Guess, Wm. Loeb; Sec., J. & Pres., Francis H. F. C. Druding. ., Office,
L. Martin; Treas.,
and other lines o f product, the company acquiring from time to time
manufacturing plants at Beloit, Wis., Three Rivers, M ich., and Indian­ 120 Broadway, N . Y .— (V. 125, p. 1587.)
FEDERAL MOTOR TR U C K CO.— Incorp. under laws of Michigan on
apolis, Ind. In 1916 purchased all the Capital stock o f E. & T. Fairbanks
& C o., with plants at St. Johnsbury, Vt., and East Moline, 111., and Feb. 14 1910. Manufactures automobile trucks ranging from one ton
continues the manufacture o f Fairbanks scales at these points.
capacity to seven tons capacity.
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
452,562 shs ------------------Stocks— Com 375,000 shs (no par) ____
368,977 shs _____________ Stocks— Com 500,000 shs (no par) ____
Bonds— Serial gold deb notes) 5 g A-O
$1,375,000 To N ov 1 '31
Pref cum s f red 110 $12,dated 1925 due ann(text) UD (Int. a t ______________________________ _
500,000 ($100)_____________ 7 Q-M
$7,338,925 _____________
STOCK.— See table.
Bonds— 5-yr s f gold debs ($500/ 5 g F-A
$8,000,000 Feb. 1 1942
&c)____________________ xc*\Int. at Lee, Higginson & Co., New York.
NOTES.— The serial gold debenture notes are due as follows: $150,000
STOCK.— Preferred stock is entitled in liquidation to 110 and div. on N ov. 1 1927, $175,000 on N ov. 1 1928, $200,000 on N ov. 1 1929, $225,000
Has equal voting power with Common stock. Preferred stock sinking an Nov. 1 1930 and $625,000 on N ov. 1 1931. No mortgage can be placed
fund, first payment April, 1926, annually at rate of 10%of net earnings for «n the property of the company while any of these notes are outstanding.
preceding fiscal year remaining after payment o f preferred stock dividend
DIVS.— On new stock of no par value paid initial dividend of 20 cents a
(but not over 5% of maximum amount of preferred at any time outstanding) share on Oct. 1 1926; same amount paid quar. from Jan. 2 1927 to & incl.
for purchase or redemption o f preferred at not over redeemable prices.
Jan. 2 1928. A stock dividend o f 2)4 % was paid on Oct. 5 1926, Jan. 5,
No cash dividends may be paid on stocks junior to preferred stock which
would reduce net current assets below 110% o f par value of preferred stock Apr. 5, July 5 and Oct. 5 1927, and Jan. 5 1928.
R EPO RT.— For years ended Dec. 31 1926, showed:
outstanding or which would aggregate more than $1,500,000 (except out
1926.
1925.
o f earnings accumulated since Dec. 31, 1923) or while any dividends on
Total revenue from operations___________________$12,211,113 $11,000,002
preferred stock are unpaid.
Cost of operations_______________________________ l i .060,342
9,746,075
DIV ID E N D S.— Preferred Stock: Initial dividend o f $1.17 June 1 1924,
Operating income________________ _____________ $ i, 150,770 $1,253,927
Regularly quarterly \% % since to Dec 1 1927. Common (no par) 1920,
464,280____ 286,586
$3.75; 1921, $1.25; 1922, $2.25; 1923, $4; 1924, $2.95; 1925, $2.60; 1926, $3. Other income____________________________________
Paid in 1927: Mar. 3 1 ,75c.; June 30, 75c.; Sept. 30, 75c.; Dec. 31, 75c.
Totalincome___________________________________ $1,615,050 $1,540,513
113,990
117,647
BONDS.— The 5% gold deb. bonds are callable as a whole on any int. Depreciation____________________________________
87,517
11,667
date or in part for sinking fund on 30 days notice at 103 during the first Interest on funded debt_________________________
190,693____ 176,399
three years; 102 )£ in next three years; 102 in next three years; the premium Federal income tax______________________________
thereafter decreasing % % every two years to 100)4 dining last two years
Net income____________________________________ $1,222,850 $1,234,799
before maturity.
BALANCE SHEET as of Dec. 31 1926 in V . 124, p. 1517.’
R E PO R T .— For 1926, in V. 124, p. 1831, showed:
OFFICERS.— Chairman, Thomas E . Rider; Pres., Martin L. Pulcher;
----------Consolidated---------------- Company Proper-----V.-Pres., R . W . Ruddon; Treas., C. A . Rogers; Sec., Charles F. Mellish.
Results— Cal. Years—
1926.
1925.
1924.
1923.
Office, 5780 Federal Ave., Detroit, M ich.— (V. 125, p. 2393.)
Net shipments__________ $31,550,385 $29,357,668 $24,621,894 $25,757,363
FEDERAL SUGAR REFINING CO.— ORGANIZATION.— Incorp. in
Operating profit--------- 1 4,387,228
4,525,838
3,317,900 J$3,478.192
D iv., E .T . F ’b ’ks.& C o ./
\ 150,000 New Jersey June 1 1902; reincorp. in New York M ay 3 1907. V. 84, p .
Prof, from sale o f p ro p .______
______
50,805
______
1117. Plant at Yonkers, N. Y ., capacity 10,000 bbls. daily.
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due•
Total income_________ $4,387,228 $4,525,838 $3,368,705 $3,628,192
Depr. on bldgs. & equip.
856,085
950,349
924,478
797,330 Stocks— Common ($100)________
____
$12,913,100 _____________
Interest on loans_______
248,684
______
______
______
Pref cum conv (text)__________ 6 see text
$1,929,300 _____________
Federal taxes__________
427,690
449,145
290,042
_____
Bonds— 10-yr skg fund gold red J 6 g M -N
$5,000,000 M ay 1 1933
B alance______________ $2,854,768 $3,126,344 $2,154,185
$2,830,862 .......................... &c)
(text) ($500,
— _kxc* (Int. *at Am. Exchange Nat. Bank, N . Y
'
' II
“ ‘
'




Nov., 1927.]

INDUSTKIAL STOCKS AND BONDS

181

The 15-yr. 5% gold bonds of the Firestone Tire & Rubber Co. of Calif, are
guaranteed principal, int., and s. f. b y the Ohio Co.
The bonds are red. all or part by lot on any int. date on 30 days’ notice
at 10214 and int. during first 5 years, at 10114 & int. during second 5 years
and at 101 and int. thereafter.
Sinking fund commencing Sept. 1 1930 will retire the whole issue by
maturity.
The bonds were sold in Sept. 1927 by the Cleveland Tr. C o., Otis & C o.,
and the National City Co. at 9614 and int., to yield 5.33% . V. 125, p. 1587.
R E PO RT.— For year ended Oct. 31 1926, in V. 123, p. 3175, showed:
Years End. Oct. 31—
1925-26.
1924-25.
1923-24.
1922-23.
Sales-------------------------- $144,397,626$125,597,998 $85,610,004 $77,583,149
Depreciation___________ 2,688,482
2,614,192
1,716,860
1,670,998
Net after deprec’n, int.
and Federal taxes____ 6,122,339 12,800,412
7,116,689
6,104,992
Balance after 6% pref.
divs. and red. fund—. 5,166,714 11,878,673
6,080,353
5,027,114
OFFICERS.— Pres., H. S. Firestone; V .-P ., J. W . Thomas; Sec., S. G.
Carkhuff; Treas., J. J. Shea. Office, Akron, Ohio.— (V. 125, p. 1979.)
FIRST NATIONAL PICTURES, INC.— (V. 124, p. 2916.)
FISK RUBBER CO. (TH E ).— ORGANIZATION, &c.— Incorp. in
$341,428 Mass, in 1912. Manufactures pneumatic and solid tires for automobiles
Balance, surplus_____ def$605,055 $3,336,325
$323,756
and trucks; also for motorcycles and bicycles, &c. Factories are located at
OFFICERS.— Chairman, C. A. Spreckels; Pres., Rudolph Spreckels; Chicopee Falls, Mass. Cudahy, W is., Pawtucket, R . I., New Bedford,
V .-P ., Lewis L. Clark, Louis Spreckels and Ernest A. Bigelow; Sec. & Treas. M ass., and Jewett City, Conn.
A. H. Platt. Office, 82 Wall St., New York.— (V. 124, p. 1674.)
The stockholders o f the Fisk Rubber Co. and Federal Rubber Co. in Sept.
1921 voted to consolidate the two companies and to take over the Ninigret
FIAT (T urin, Italy).— Fiat was constituted as a societa anonima (cor­ Co. V. 113, p. 631. 1160.
poration) according to Italian law, March 8 1906, as successor to Societa
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due•
Anonima Fabbrica Italiana di Automobili (Torino), which latter company Stocks— Com 1,250,000 shs (no
was founded in 1899. It takes its title (Fiat) from the initial letters o f its
par)--------------------------------- ----------825,435 shs ______ ______
former name. Company is one of the largest manufacturers o f automobiles
1st pref cum call 110 s f $24,in Europe, and one o f the foremost manufacturers o f Diesel engines in the
950,000 ($100)_____________ 7 Q-F
$15,020,900
world. It has ten manufacturing divisions engaged in the production of
1st pref cum conv $4,630,300
passenger automobiles, automobile bodies, common and special steels,
($100)-----------7 Q-F
forgings, castings, spare parts, tractors, various types of internal combustion
$4,467,500
engines, including Diesel and semi-Diesel types, railway rolling stock and
2d pref cum $10,000,000 conv
material, aviation engines and aeroplanes. In addition, the company has
till Dec 1930 ($100)________ 7 Q-F
$995,600
subsidiary and associated companies which manufacture motor trucks, Bonds— 20-yr 1st M (closed) s f f 8 g M-S
$8,370,000 Sept 1 1941
supply and manufacture raw and semi-finished materials and accessories,
gold call (text) ($500,&c)kc* [Int. at New York.
supply hydro-electric power, operate motor services in Italy, and facilitate
Installment purchases o f automobiles. The company’s chief manufacturing 5-yr s f gold notes red (text) I 5>4 g J-J
$8,615,000 Jan 1 1931
($500 & $1,000) — Ce.kxxxc* [Int. at Dillon, Read & Co., New York.
plant is the Lingotto Works at Turin, Italy.
STOCK.— The stockholders on Dec. 28 1925 approved the proposed plan
C A PITA L STOCK AND D IV ID E N D S.— The stock capitalization of
the company consists of 2,000,000 shares o f 200 lire par value each, of which to pay the back dividends of $26 a share on the 1st pref. stock and $35
1,000,000 shares are fully paid. In 1924 shareholders were granted the a share on the 2d pref. stock. In settlement of the divs. on the 1st
right to subscribe to 1,000,000 shares at par, or 200 lire each, thus bringing pref. stock, stockholders were offered $1 in cash and $25 in 1st pref. (conv.)
the stock capitalization to the present outstanding amount. 70% of the stock, which will be entitled to 7% divs. ranking equally with the present
new share capital was paid for in installments during 1924 and 1925, and 1st pref. stock and will be convertible into 4 shares of com. stock at any
the remaining 30% is subject to call. The new shares participate in divi­ time up to Dec. 31 1935. On Dec. 1 1926 the 2d pref. stockholders received
dends from Jan. 1 1926. Divs. paid in recent years have been: 1922, 7}4 % a cash div. of $35 a share in full payment of accumulations. The 2d pref.
is convertible into com. par for par until Dec. 31 1930. The 1st pref. is
1923, 10%; 1924, 11 H % ; 1925, 15%; 1926, 15%.
callable all or any part at 110 at any time on 60 days’ notice, and when that
BONDS.— J. P. Morgan & C o., First National Bank, the National City has all been redeemed the 2d pref. will be redeemable in like manner.
C o., Guaranty Co. of New York, Bankers Trust C o., Lee, Higginson &
BONDS.— The 1st mtge. 8% sinking fund gold bonds are callable as a
Co. and Marshall Field, Glore, Ward & Co. in July 1926 sold at 93 and int. whole only at 117)4 and int. from 8ept. 1 1931 to Sept. 1 1936, and there­
$10,000,000 20-year sinking fund 7% gold debenture bonds (carrying de­
after at 112K and int. Sinking fund, $500,000 per ann. V. 113, p. 1160.
tachable stock purchase warrants). Dated July 1 1926; due July 1 1946.
NOTES.— The 5-year 5)4 % sinking fund gold notes are red. all or part
Red. as a whole (but not in part except for the sinking fund) at the option
of the company on any int. date upon 60 days’ notice at 105 and int. Prin. by lot, on any interest date on 30 days’ notice at 101)4 and int. to and incl.
Jan. 1 1928; thereafter at 101 and int. to and incl. Jan. 1 1929; and there­
and int. (J. & J.) payable in N. Y . City at the office o f J. P. Morgan & Co.
in U. S. gold coin of the present standard o f weight and fineness, -without after prior to maturity at 100)4 and int. An annual sinking fund of
deduction for any Italian taxes, present or future. Denom. $1,000 and $250,000, payable semi-annually Jan. 1 and July 1 (first payment July 1
1926, last payment July 1 1930), will be provided to purchase these notes at
$500 c. The National City Bank o f New York, trustee.
not exceeding 100 and interest, unexpended funds to revert to the company.
Sinking Fund.— A cumulative sinking fund calculated to be sufficient t° V. 122, p. 488.
redeem the entire issue on or before maturity is to be applied to the pur­
chase o f bonds if obtainable at or below 105, or, if not so obtainable, to
D IV ID E N D S.— Initial div. of 3% quar. on com. stock paid April 1 1920.
July 1 1920, 3% ; Oct. 1 1920, 3% ; none since. On 1st pref. and 2d pref.
the semi-annual redemption at 105 of bonds called by lot.
stock, in full to date. (For details of payment of accumulated dividends
Stock Purchase Warrants.— Each $1,000 bond will carry a detachable stock
purchase warrant entitling the holder to purchase 40 shares, and each $500 on these issues see under “ Stock’ ’ above.)
bond 20 shares of the present outstanding fully paid capital stock (par 200
RE PO RT.— For year ended Oct. 31 1926, in V. 124, p. 104, showed:
lire each) at $25 a share. All rights under the warrants will expire on July 1
------------- Year Ended Oct. 31------------- 10 Mos.End
1931. The company will cause 400,000 shares of the company’s now out­
1926.
1925.
1924.
Oct. 31 ’23.
standing fully paid stock to be deposited by important shareholdering Int­
ests under a deposit agreement with the Credito Italiano, Milan, Italy,
and allowances----------$68,051,739 $74,900,373 $52,946,532 $44,862,744
which, upon the exercise o f rights under any warrants, will deliver the
appropriate number of share certificates. Warrants may be surrendered and Cost o f sales,incl.deprec.,
selling & admin, e x p .. 62,054,823 64,976,987 48,672,253 41,079,355
the required payment made at the office of J. P. Morgan & Co. in N. Y
City. This deposit agreement contains appropriate provisions protecting
Gross operating profit. $5,996,916 $9,923,387 $4,274,279 $3,783,389
the interests of the holders o f the warrants in case o f a change in the par value
Miscellaneous income___
21,921
58,426 deb.14,734
27,493
o f the stock, in case o f the issuance o f additional shares of stock as a stock
dividend, and in case of the issuance o f additional shares for a consideration
Operating profit_____ $6,018,837
$9,981,812 $4,259,545 $3,810,881
in cash or property less than the then existing purchase price per share.
Deduct— Int. paid, n e t ..]
$856,505
$999,861 $1,068,170
EARN ING S.— For calendar years:
Amortiz. o f disc., &c_
_
99,708
115,665
92,329
1921
1922
1923
1924
1925
Prem. & comm, on bonds[$l ,664,406
Sales______$20,132,910 $20,690,208 $24,819,390 $33,873,035 $49,423,160
purch. for retirement.
8,847
7,355
33,276
♦Netearns. 2,019,825
1,218,048
2,140,875
5,105,433
8,641,920 Prov. for Federal taxes. J
1.350.000
400,0001
x500,000
♦After taxes and ordinary depreciation.
Res’ve for contingencies. 1,000,000
1.500.000
(Lire figures have been converted at the following rates: 1921, 4.5c.; Stamp tax on stock____
______
———
33,493
1922, 4.8c.; 1923, 4.5c.; 1924, 4.3c.; 1925, 4c.; being approximately the Loss on sale o f assets____
______
y57,846
annual average exchange rates for each o f these years.)
The sales and net earnings shown above are those o f the Fiat Co. itself,
Balance, surplus_____$3,354,431
$6,108,906 $2,736,664 $2,083,613
the earnings including only dividends received from subsidiary and associ­ Previous surplus_______ 13,431,980
8,348,771
5,612,107
3,528,494
ated companies and not including the company’s proportion o f the undis­
tributed surplus earnings of such companies.— (V. 124, p. 379.)
Total surplus-------------$16,786,411 $14,457,677 $8,348,771 $5,612,107
Divs. accum. on pref. &
FIRESTONE TIRE & RUBBER CO. (T H E )—O RGAN IZATION .—
management stk. prior
Incorp. in W. Va. in Aug. i960; in 1910 reincorp. in Okla. Manufacturers
to Oct. 31 1925 and
automobile and truck tires, other rubber products and accessories and steel
paid in 1926________ z5,127,765
_________
rims. Factories are located at Akron, Ohio, Hudson, Mass., Los Angeles, First preferred divs____ 1,200,738
1,025,697
Calif, and Hamilton, Ont., and preparation mills at Fall River, Mass., First pref. conv. d iv s ..
233,847
_______
and Singapore Straits Settlements. Canadian, Cuban and Western sub­ Second pref. stock divs.
75,515
_______
sidiaries, V. 124, p. 1517.
Management stock d iv ..
1,050
_______
Pres. Harvey S. Firestone, under date o f Dec. 15 1926, wrote as follows:
“ W e are continuing our efforts to have rubber grown under American con­
Profit & loss, surplus.$10,147,497 $13,431,980 $8,348,771 $5,612,107
trol and feel we are making fine progress. Two o f our directors left for the
x Appropriated for Federal taxes and other contingencies prior to 1923.
Far East last January [1926] with engineers and other men experienced in
on sale of assets,
7% cumulative first preferred
rubber growing. They spent six months in studying the rubber growing con­ y Loss(26%) paid in 7%no longer required, zconvertible stock, $4,467,500'
stock
cumulative 1st pref.
ditions in British Malaya and the Dutch East Indies; also investigated the paid in cash, $347,934; management stock (29% %) cash, $4,463; 7% cumu­
comparative practicability o f growing rubber in the southern islands of the lative second preferred convertible stock (30 11-12%) cash, $307,868.
Philippines, providing proper legislation could be secured which would en­
courage and protect large capital investments. They then went to Liberia
OFFICERS.— Pres., H. T . Dunn; Treas., R. B. McGaw; Sec., Andrew
to lay plans for the development o f the 1,000,000 acres secured under a A. Leiser, Jr.; Comp., Everett M . Bogardus. Office, Fisk Building 57th
99-year lease. This lease has just been ratified by the Liberian Legislature St. and Broadway, New York.— (V. 125, p. 2394.)
and we are awaiting the return o f these directors for their report.
FLEISCHMANN CO. (THE).— Incorp. In Ohio in April 1905; certificate
Outstanding. Bds. when Due.
STOCKS A N D BONDS—
Bate of Int.
of reorganization filed in Oct. 1922. Manufactures yeast and distilled
$3,528,440 --------------Stocks— Com $25,000,000 ($10)-- -----vinegar; also produces malt. In Oct. 1925 purchased from the National
1st pref cum call 110 s f $10,Distillers Products Corp. the plants and equipment of the Liberty Yeast
$7,500,000
000,000 ($100)------------------- 6 Q-J
Corp. V. 121, p. 1795. In Nov. 1925 purchased the North Star Malting
2d pref cum call 110 $40,000,Co. s plant at Minneapolis. V. 121, p. 2646. The co. has a total capacity
$17,270,000 ..................... .
000 ($ 100) . ................................... 7 Q-F
of about 7,500,000 bushels of malt yearly, operating malt houses in Chicago,
6H g J-D
$1,507,600 June 1 1923
Bonds—Firestone Park Land Co
Buffalo, Red Wing, another plant in Minneapolis, and Watertown, Wis.,
10-yr coll tr s f g (guar p & i) Int. at Cleveland Trust C o., Cleveland.
and in connection with these malt houses a chain of 24 country elevators are
($100, &c)----- ClCl.kxxx—
also operated by the Fleischmann Malting Co. throughout the States of
Minnesota and South Dakota.
6 g J-J
$2,000,000 July 1 1940
Firestone Coll M 15-yr 1st M
s f g bds (guar p & i) red 101 Int. at Cleveland Tr. C o., Cleveland.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
($500, & c)______ClCl.kxxx
Stocks— Com 4,500,000 shs (no
par)----------------------------------- -----4,500,000 shs .......................
Firestone T & R o f Calif 15-yr f 5 g M -S
$10,000,000 Sept 1 1942
Pref cum $3,000,000 ($100)___ 6 Q-J
$1,222,000 _____________
s f g bonds $10,000,000 (red (Interest at Cleveland Trust Co , Clevetext) ($1,000)_____ClCl.xc* l land, Ohio.
STOCK.— The stockholders voted N ov. 10 1925 to increase the auth­
orized common stock (no par value) from 1,500,000 shares to 4,500 000
Dividend Record on Common Shares.
shares. The new stock was exchanged 3 shares for 1 o f the old stock.
1926
Year—
1918. 1919. 1920. 1921. 1922-23. 1924. 1925
Preferred Stock.— See table.
$6
$1.50
None
$4
$6 $6&$1 ext
$8
Per share. .$6.25
Paid In 1927: Jan. 3, $1 extra; April, $1)£; July 20, $1)£; Oct. 20, $1)4.
COM M ON D IV ID E N D S.—
1923.
1924.
1925.
1926.
BONDS.— Guarantees prin., int. & sink, fund $1,507,600 coll, treat Regular........................................................$1.50
$2.75
$3.75
$2.60
8 . t. 614% gold bonds due June 1 1933 o f Firestone Park Land Co. and Extra------ --------- --------------------- ----------- $1.00
$0.75
$1.50
$0.25
$2,000,000 1st mtge. s. f. 6% gold bonds due July 1 1940 o f Firestone
Paid in 1927: Jan. 3, 50c. quar. and 25c. extra; April 1, 75c.; July 1,
75c.; Oct. 1 75c.
Cotton Mills. V. 117, p. 211. ; Y . 121, p. 205.

STOCK.— Pref. stock is subject to call at 125 and convertible into com­
mon stock at par. Both classes o f stock have equal voting power.
D IV ID E N D S .—Dividend on common stock 1912 to Oct. 1913. 5%
yearly (Q.-J.); none then until June 15 1917, when 1 M % was paid; Sept.
15 and Dec. 15 1917. 1% % each; 1918 to 1922, incl., 7% per annum;
1923, 5% ; Feb. 1, M ay 1 & Aug. 1 1924, paid 1 M % each; none since. Divs.
on pref. paid in full to N ov. 1 1924; none since. An extra cash dividend of
5% was paid on Aug. 2 1920. A stock dividend o f 60% was paid on N ov.
23 1922.
BONDS.-—The sinking fund 6% gold bonds due M ay 1 1933 are callable
as a whole or in part at 102M on or before Nov. 1 1923, at 102 in 1929,
101M in 1930, 101 in 1931, and 100H in 1932, plus interest in each case.
Sinking fund, $200,000 in 1925, and increasing at the rate o f $50,000 each
succeeding year to a maximum o f $550,000 in 1932.
R E P O R T .— For 14 months ended June 3 1922: (latest rendered):
14 Mos. to 22 Mos. to ------ -Y ears Ende -------June 3 1922. A pr. 2 1921. May 31 ’ 19. A fae/26’ 18.
Profit________
$643,367 $5,540,875 $1,654,291 $2,172,945
Interest_____ __________
333,722
468,535
326,001
225,427
In c.& ex c. profits tax,&c
182,195
1,351,337
318,909 1,003,002
Dividends on stocks___
732,505
1,334,673
735,625
603,033




isa

INDUSTRIAL STOCKS AND BONDS

REPO RT.— For 1926, in V. 124, p. 1213, showed:
Calendar Years—
1924.
1926.
1925.
Net sales_____________________
.$62,951,699 $56,645,813 $46,442,691
Cost of sales_______________________ .'2Ch750;6i6 20,820,924 17,258,161
20,750,516
General expenses, &c_______________. 21,832,466 20,587,306 18,575,475
$20,368,717 $15,237,583 $10,609,055
Other income______________________ . 1,013,411
823,698
840,633
$21,382,128 $16,061,281 $11,449,688
Income charges_____________________
$217,128
$179,208
$229,615
Federal and Canadian taxes________ . 2,700,422
1,959,968
1,376,840
Preferred dividends_________________
73,929
74,274
76,678
Common dividends_________________ 11,250,000
6,000,000
7,500.000
Profit and loss credits________
176,944
18,627
139,975
Profit and loss charges________
270,821
808,425
464,420
Surplus_____________________
. $6,472,199 $6,253,954 $3,320,762
Period End. Sept. 30— 1927— 3 Mos — 1926.
1927— 9 M os.— 1926.
Balance, surplus________ $5,108,191 $4,520,464 $14,287,854 $12,961,733
18,330
18,443
54,993
55,487
Preferred dividends-----Common dividends_____ 3,375,000
2,250,000 10,125,000 7,875,000
Surplus______________$1,714,861 $2,252,021 $4,107,860 $5,031,247
OFFICERS.— Chairman, Max C. Fleischmann; Pres., Joseph Wilshire;
1st V .-P., Paul W . Fleischmann: Sec. & Treas., Hugo A. Oswald. Office,
701 Washington St., New York.— ,V. 125, p. 2393.)
FORD MOTOR C O — (V. 124, p. 2127.)
FOUNDATION CO. (T H E ).— Incorp. under laws o f New York on
April 1 1902. Conducts directly or through subsidiaries a general en­
gineering and construction business in the United States and many
foreign countries. Since inception company has specialized in foundation
work in lower Manhattan and at present does the greater part o f this class
o f construction. Its engineering and construction work includes sub­
aqueous work o f all kinds, the building o f industrial plants, power houses,
hydro-electric developments, railroads, bridges, harbor and river terminals
mine shafts and tunnels and general building construction. Directly or
through subsidiaries has important contracts in the United States, Canada,
Great Britain, Belgium, France, Greece, Japan and South America. Much
of its present business consists o f the construction of power developments for
public utility corporations, but it is equipped for practically every type of
construction. A large percentage o f its business is done on a cost-plus basis.
The Foundation Co. (Foreign), a subsidiary, was incorporated in Dela­
ware on N ov. 27 1925 with an authorized capitalization consisting of 160.000
shares of Class “ A ” stock of no par value, and 160,000 shares of Class “ B ”
stock o f no par value. V. 121, p. 2882.
STOCKS A N D BONDS—
Bate of Int. Outstanding. Bds. when Due.
100,000 shs ------------------Stock— Com 100,000shs (n opa r). ____
STOCK.— All of the outstanding cumul. conv. pref. stock was redeemed
on March 16 1925 at 115 and divs.
The stockholders on Feb 19 1925 increased the auth. common stock from
75,000 shares to 100,000 shares of no par value. Stockholders of record
Mar. 3 1925 were offered 15,000 shares of new common stock (no par value)
at $95 a share on the basis of 1-5 of 1 share for each share of old stock held.
The stockholders o f record N ov. 11 1925 were given the right to subscribe
for 10,000 additional shares of capital stock (no par value) at $125 per share,
on the basis of one new share for each nine shares held.
The stockholders of record Dec. 3 1925 were given the right to subscribe
at $28 50 a share for 100,000 shares of Series A stock of a new subsidiary
company to be known as The Foundation Co. (Foreign). Compare V. 121,
p. 2526. 2882.
DIVS.— On common stock, initial div. of $1 per share was paid Dec. 15
1917; Jan. 15 1918, $3 extra; Mar. 15 1918 to Dec. 15 1918 paid $1 quar.;
Dec. 15 1918, $3 extra; Mar. 15 and June 15 1919, $2 each; Aug. 15 and
Oct. 15 1919, $5 each; Dec. 15 1919 and Mar. 15 and June 15 1920, $2 per
share each; Sept. 15 1920 to Mar. 15 1921, $2 50 quar.; June 15 1921 to
Dec. 15 1921, $1 50 quar.: 1922, $6 per share; Mar. 15 1923 to Dec. 15 1924.
$1.50 quar.; Mar. 16 1925 to Mar. 15 1927, paid $2 quar.; June 15 1927 and
Sept. 15 1927 paid $1.25 quar. The Dec. 1927 div. was omitted. On
Jan. 25 1926 paid 40% in series A stock o f Foundation Co. (Foreign).
R E PO RT.— For 1926, in V. 124, p. 2916, showed:
llncludes Foundation C o., Ltd.; Construction Equipment C o., Ltd., and
Foundation Co. o f Canada, Ltd.]
Years Ended Dec. 31—
1926.
1925.
1924.
1923.
Gross income_________ .$2 ,237,089 $2,067,222 $1,997,842 $1,358,469
Federal taxes__________
50,000
35,000
50,000
--------Expenses, &c__________
1,180,709 1,022,661
951,542
865,171
Preferred dividends____
______
______
48,9281
297,115
Common dividends_____
799,904
687,792
318,805/
119,981
------------------------do
stock_______
Surplus.........................
$86,495
$321,769
Period Ended Sept. 30 1927—
Gross profit on contracts________________________
Other income___________________________________

$628,567
3 Mos.
$549,905
39,319

$196,183
9 Mos.
$1,164,168
156,930

Total income .
General expense

$589,224
302,374

$1,321,098
931,033

Profit before Federal taxes____________________
$286,850
$390,065
OFFICERS.— Honorary Chairman, Franklin Remington; Chairman,
John W . Doty; Pres., H. J. Deutschbein; V.-Pres. & Gen. M gr., Wm.
Steele; V .-P ., G. L. Freeman, Frank Quilter, Walter C. Hebard, Geo. R.
Johnson, Lee F. Giblin, Walter Rutherford, Reuben Davis, and J. H.
O’Brien; Sec. & Treas., C. W . Gilliespie. Office, 120 Liberty St., N. Y .
City.— (V. 125, p. 2816.)
(THE) FOUNDATION CO. (FOREIGN ).— Incorp. under laws o f Dela­
ware N ov. 27 1925 to take over the business of the Foundation Co. in all
parts o f the world other than North, Central, and South America, the West
Indies, the British Empire (including British mandate territory) and the
insular possessions of the United States, together with the good-will of the
Foundation Co. in such territory, any and all contracts, options, &c.,
possessed by the Foundation Co. for carrying out work in such territory and
the entire capital stock o f the Belgian and French subsidiary companies of
the Foundation Co. which companies now carry on business in Belgium
and France, respectively.
For the property so transferred the Foundation Co. received 40,000 shares
of Class A stock and 160,000 shares o f Class B stock of the Foundation Co.
(Foreign). 20,000 shares of such Class A stock were sold to bankers and the
remaining 100,000 shares o f Class A stock were offered to the stockholders
of the Foundation Co.
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when DueStocks— Com class A (see text)
(no par)___________________
____
160,000 shs ---------------Class B (see text) (no par)------ — .
160,000 shs ---------------STOCK.— The Class A stock shall be entitled to non-cumulative divi­
dends at the rate o f $2.50 per share per year, either for the whole
year or for current quarterly periods thereof, before any dividend for
such period shall be paid or set apart on the Class B stock. After divs.
at such rate have been paid or set apart on the Class A stock for any cur­
rent annual or quarterly period, divs. for such period may be paid or
set apart on the Class B stock at a rate not in excess o f $2.50 per share
per year, entirely irrespective of whether divs. for prior years or for prior
quarterly periods have been earned, paid or set apart on the Class A stock.
After divs. at such annual rate have been paid or set apart upon both
the Class A and Class B stock for any period, any additional divs. which
may be declared for such period shall be distributed ratably among tne
'o-~ o f all shares of Class A stock and of Class B stock then outstanding
—-espective o f class. The Class A and Class B stock shall be entitled to
Mnual voting rights, each share o f each class having one vote.
R E PO RT.— For calendar year 1926:
Income from operations------------$344,769
Organiza’n exp., $14,306; amort, of contracts & options, $12,000
26,306
Deprec. o f plant & equip., $29,631; develop, exp., $74,370----104,001
333,081
Operating, administration & traveling expenses---------------------Miscellaneous adjustments---------------------------------------------------36,094
Reserve for taxes____________________________________________
1,671
Deficit Dec. 31 1926_____________________________ _______ $156,384
—pV. 124, p. 3075.)




[V ol. 125,

FREEPORT TEXAS CO.— ORGANIZATION.— Incorp. Sept. 30
1913, in Delaware. A holding company controlling through ownership of
entire stock; Freeport Sulphur Co. ($200,000); Freeport Town Site Co.
($20,000); Freeport Light, Water & Ice Co. ($5,000); Freeport Sulphur
Transportation Co. ($25,000): Freeport Asphalt Co. ($50,000); Sulphur
Export Corp. ($9,380); South Texas Stevedore Co. ($5,000). Also owns
500,000 francs (of a total of 2,000,000) of Societe Pour L ’Importation
et al Vente des Soufres Americains. Owns entire $250,000 stock of La
Espuela Oil C o., which was organized in Mexico. Full description in
V. 108, p. 1517. Export association formed, V. 115, p. 1638. The new
plant at Hoskins M ound, T ex., was put into operation on March
1923.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. tchen Due.
Stock— C om 732,000 shs (no par). ____
729,844 shs _____________
D IV ID E N D S.— (On capital of $100 par.) N ov. 4 1915 to M ay 15 1917
loci., 10% quarterly; on capital no par value (per share); Aug. 15 1917, to
Nov. 15 1917, Feb. 15 and M ay 15 1918, $1.50 each: M ay 20 1919 $2
Aug. 20 1919. $1: Nov. 28 1919. $1: then none until Feb. 1 1927 when 50
cents a share was paid. M ay 1927 paid $1. Aug. 1 1927, $1 and 25c. extra;
Nov. 1 1927, $1 and 50 cents extra.
REPORT.-—-For fiscal year end. Nov. 30 1926 in V. 124, p. 1075, showed:
Nov. 30 Years—
1925-26.
1924-25.
1923-24.
1922-23.
Net prof aft. sales & exp $2,096,202 $1,094,213
$439,395 $1,339,435
Total income_ 2,164,695
1,158,687
458.425 1,374,437
Federal taxes_
110,511
140,862
243,578
112,439
Int., depl’n, deprec., &c.
245,144
267,516
540,609
491,887
Balance........................$1,808,040 sur$750,309 def$325,762 sur$770,lll
BALANCE SHEET as of Feb. 27 1927 in V. 124, p. 2917
Period End. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 Mos.— 1926.
Gross sales______________ $3,081,388 $2,108,641 $9,069,618 $6,376,243
Cost o f sales------------------ 1,924,051
1,484,584
5,804,515
4,502,335
General expenses, & c .._
171,103
184,821
555,573
567,930
N etprofit-----------------$986,233
$439,237 $2,709,529 $1,305,980
Other income__________
185,453
14,848 ___ 252,725
46,302
Net income___________ $1,171,686
$454,084 $2,962,254 $1,352,282
Depreciation_____ _____
45,702
61,007
147,513
184,137
Tax reserve-----------------23,258
20,368
112,426
89,066
Net income--------------- $1,102,728
$372,710 $2,702,313 $1,079,078
Dividends paid_________
912.305
______
2,007,071
______
Balance, surplus------$190,423
$372,710
$695,242 $1,079,078
OFFICERS.— Pres., Eric P. Swenson; V .-P ., E. E. Dickinson; Treas.,
S. M . Swenson; Sec., F. M . Altz; Gen. Aud., C. H. Findlay. New York
office, 61 Broadway.— (V. 125, p. 2675.)
GALENA-SIGNAL OIL C O — O R GAN IZATION &C.— Incorp in
Penn, in 1901. Deals in railroad lubricating and signal oils
Formerly
controlled by Standard Oil Co. ofN . J. but segregated in 1911.
In 1918 arranged to acquire control, subject to $2,800,000 6% bonds
of important interests in the Humble. Tex., oil field including 42 wel’s
with 24-mile pipe line, and remaining 50% of the $1,500,000 stock of the
Petroleum Refining Co. (name changed to Galena Signal Oil of Texas),
owning refinery at Houston. V. 106, p. 1233; V. 110, p. 968.
In connection with these acquisitions the shareholders votea May 21 1919
to Increase the authorized common stock from $12,000,000 to $20,000,006
»nd on creating $8,000,000 of 8% cumulative preferred (a. & d.) stock
callable at 115 and divs.), ranking as to assets and dividends ahead of all
ither stock except present $2,000,000 8% cum. pref stock Par of all $100
The plan involved (1) the issuing of $2,000,000 of such new pref. stock
end $4,000,000 of the increased common stock, in part payment for afore­
said acquisitions; while (2) $4,000,000 of such new pref. stock was offered
for subscription to all stockholders of record June 29 1919 at par
V. 107
p. 85.
It was the Intention of the board that the remaining $4,000,000 of new
common stock and $2,000,000 of new pref. stock should for the present re­
main in the Treasury, unissued. V. 106, p. 1233, 2563; V. 110, p 968
‘American Republics Corporation C o .," &c.. see V 109, p. 1181. 1275
Government suit, V. 118, p. 3161.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $22,000,000 ($100). ____
$16,000,000 _____________
$2,000,000 _____________
8% preferred ($100)_________ See text
New pref 8% cum call 115 $8,000,000 ($100)____________
See text
$4,000,000 _____________
Bonds—-Conv 10-yr debs red / 7 A-O
$4,203,900 April 1 1930
(text) ($100 & $1,000) — Ba. (Int. at Bankers Trust Co, N . Y ., trustee.
Subsidiary Co., entire $12,000,000 stock owned—
Galena Signal Oil of Tex 15-yr f 6 A-O
$2,489,000 July 1 1933
bonds red 105 ($1,000)___c* / Int. at Fidelity Trust Co., Houston, or
i U. S. M tge. & Trust C o., New York.
Stock— Debentures.— The stockholders in May 1920 approved the plan
to increase the common stock from $20,000,000 to $22,000,000 (par $100)
and to issue $6,000,000 7% convertible debenture bonds, convertible into
common stock, par for par. Stockholders were given the right to subscribe
to the debentures at the rate of $100 in principal sum thereof for every
3 2-3 shares held at $93 04 for each $100 of debentures. Debentures are
redeemable at 110 during 1920, at 109 during 1921, the premium decreasing
1% each subsequent year until maturity. Convertible into common stock
at rate of $100 in par value of stock for each $100 in principal of debenture
bonds Compare V. 111. p. 696.
The American Republics Corp., in Dec. 1926, offered to exchange three
shares of its common stock for two shares of Galena-Signal Oil Co. preferred
stock. V. 123. p. 3323.
SUB. CO.— BONDS.— A new company with title “ Petroleum Refining
Oo. of Texas” (in 1919 name changed to Galena Signal Oil Co. of Texas’)
took over the properties acquired in Texas and operates the same at
a separate organization. This new company issued $6,000,000 capita)
stock (increased to $12,000,000 Dec. 31 1924). all owned by the Galena
Signal Oil Co.; also $3,800,000 6% bonds dated July 1 1918, $1,000,000
of which are in the treasury.
Galena Pipe Line Co. (of Texas). Galena Navigation On
Hociet
Anonyme des Huiles Galena (of France), Galena-Signal Oil Co. (of Argen­
tine) , Galena-Signal Oil Co. (of Brazil), Galena-Signal Oil Co. The GalenaSignal Oil Co., Ltd. (of Canada) was sold to the Imperial Oil, Ltd. in
Aug. 1927. V. 110, p. 968, 1294; V. l l l . p . 2143.
COM M ON DIVS.— 1 ’ 13. 1914 to 1917. ’ 18. ’ 19-’21. ’22. ’23. ’24 ’25
Cash ( % ) -------------------- J 14 12% (3% qu.) 10/4 None
i
4 4 2
Divs. on common stock were resumed Dec. 30 1922 with a payment o t 1% '
same amount paid quarterly to June 30 1925; none since.
Com. stock, $4,000,000 was distributed M ay 15 1913 as a 50% stock d b .
On pref. stocks paid in full to June 30 1926; dividends due to be paid
Sept. 30 1926 were deferred. V. 123, p. 1387.
Balance Sheet Dec. 31 of Company Proper— Also Consolidated Balance Sheet
(Incluaing Subsidiary Companies).
— —Company Proper--------------- Consolidated--------Assets—
1926.
1925.
1926.
1925.
Cash__________________
788,683
472,205
1,212,790
836,619
Investment securities_
_
163,841
362,140
168,841
333,770
Other securities________
625,025
1,671.431
Securities of sub. cos_ 15,721,319 15,810,559
_
Accts. & bil s receivable. 3,046,670
3,268,977
3,941',130
3,542,632
Inventories____________
1,949,821
2,366,118
9,090,064 10,183,592
Deferred charges, &c_
_
324,014
434,328
586,207
655,901
Plants, equip., &c.
3,299, o33 3,309,145 20,888,408 18,777,616
Good-will, &c____
6,500,000
6,500,000
6,950,000
6,950,000
Sinking fund_____
________ 8 5 _________ 47
24.929
47
Total.
.$31,793,967 $32,523,520 $43,487,395 $42,951,607
Liabilities—
Accounts payable----------$1,424,475 $1,218,584 $1,742,809 $1,579,950
Bills payable---------------1,745,000
2,270,000
1,987,413
2,354.825
First mortgage b o n d s ...
----------------2,489,000
2,800,000
Debenture bonds______ 4,203,900
4,519,700
4,203,900
4,519,700
Miscellaneous reserves.. 1,760,076
1,794,177
1,029,359
1,158,492
Res. for deprec. & depl.
----------------8,342,068
7,101,580
Accrued int., taxes, &c.
110,511
100,254
168,363
152,644
Capita] stock— Common 16,000,000 16,000,000 16,000.000 16,000,000
Preferred (old)______ 2,000,000
2,000,000
2,000,000
2,000,000
New preferred----------- 4,000,000
4,000,000
4,000,000
4,000,000
Surplus----------550,006
620.805
1,534.483
1,284,417
Total.............................$31,793,967 $32,523,520 $43,487,395 $42,951,607

Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

OFFICERS.— Pres. M . J. A. Bertin; V.-Pres., J. E. Linahen, Geo. L.
Morton, W. A. Trubee, W. J. Walsh; Sec. and Treus., J. French Miller.
Office, Franklin, Pa.— (V. 124, p. 1517.)
OARDNER MOTOR CO-, INC. (THE)— Incorp. under laws of New
York on July 14 1920. Plants are located In St. Louis. M o.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 300,000 shs (no par) ____
155,000 shs _____________
R EPO RT.— The company reported for the eight months ended Aug. 31
1926 a profit o f $96,824 before taxes. Balance sheet as o f Aug. 31 1926,in
V. 123. p. 2398
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 1986.
OFFICERS.— Chairman, Russell E . Gardner; Pres., Russell E. Gardner,
Jr.; Exec. V.-P. & Treas., F. W. Gardner; Sec., T . R . Reyburn. Office,
St. Louis, M o.— (V. 125, P- 2536.)
GENERAL AMERICAN TAN X CAR CORP.— Incorp. in N . Y
July 5 1916. A holding company owning the entire capital stock ($4,000,"
000) o f General Amer. Tank Car Corp., incorp. in W . Va. The latter com"
pany owns the entire capital stock of the General American Car Co., General
American Tank Car Corp. of La., General American Tank Car Corp. of
Texas, General American Refrigerator Express and General American
Tank Storage & Terminal C o.. Inc.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Common (no par)______ ____
303,570 shs _____________
Preferred ($100)_____________ 7 Q-J
$8,103,700 _____________
Bonds• Car trust certificates.-— See text.
—
STOCK.— Authorized, 400,000 shares Common of no par value and
$10,000,000 7% cumulative preferred, par $100; outstanding 303,570 shares
common and S8,103,700 preferred.
Pref. stock provisions in V. 110,
p. 2090.
D IV ID E N D S.— On common: April 1 1919 to April 1 1920, $1 50 quar.;
M ay 1 and July 1 1920, 50 cents each; Jan. 1 1921 to July 1 1927 $1 50
semi-ann. In Sept. 1927 quar. divs. were inaugurated. Oct. 1 1927, paid
$1 quar.
CAR TRUST CTPS.— Outstanding Dec. 31 1926 as follows:
Detail of
Due
Detail of
Due
Rate
Rate
Amts. Due. Series
Date.
Series
Date.
Amts. Due.
%
%
6
$500,000 17 Oct
1 ’28
A
Dec. 1 ’27
6
to and inc.
500,000
Dec. 1 ’28
4*4 $60,000 an.
Oct. 1 ’ 30
Dec. 1 ’29
6
500,000
6
500.000
Oct
1 ’3 1 4*4
Dec. 1 ’30
65.000
Oct. 1 ’32
B
M ay 1 ’28
300,000
5*4
to and inc.
M ay 1 ’29
300,000
70,000 an.
5*4
4)4
500,000
Oct. 31 ’35
M ay 1 ’30
5H
600,000
Oct. 1 ’36
M ay 1 ’31
5 Vi
75,000
4)4
M ay 1 ’32
5*4
700,000
800,000 18 Jan. 15 ’37
M ay 1 ’33
4)4
1,270.000
5)4
M ay 1 ’34
5H
900.000 19 Aug. 1 ’42
3,710,000
4)4
5
1,350,000 D
Feb. 15 ’30
15 1928-1936
5
1,200,000
4*4
150,000
16 Sept. 1 ’28
Sept. 1 ’29
160,000 General Amer. Refrigerator Express.
4)4
Sept. 1 ’301
to and in c.) 4*4 170,000 an. i
6
584,000
Sept. 1’ 36J
R E PO RT.— For 1926 in V. 124, p . 1986, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net income. _ .
$2,838,884 $2,477,001 $2,483,198 $2,243,256
X573.871
T ax es..
x473,045
X436.199
x425.000
574,425
Preferred dividends . .
596,013
625,142
637,439
Common dividends
910,710
760,200
760,200
750,200

183

STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Class A 2,000,000 shs
no (par)_____________________
____
992,980 shs _____________
Class B 5,000,000 shs (no par) ____
2,975,68(3 shs _____________
Gen Baking Co.-—pref stk / $8 Q-J
90,775 shs _____________
$8 cum 100,000 shs(no par) \
STOCK.— Class A stock (no par value), having a value at liquidation of
$100 per share; authorized, 2,000,000 shares; issued, 992,980 shares. Class
B stock (no par value), authorized and issued, 5,000,000 shares; less held
in treasury, 2,024,314 shares; balance, 2,975,686 shares.
D IV ID E N D S.— An initial quar. div. of $1 25 per share on the Class “ A ”
stock was paid on Jan. 2 1926, same amount paid quar. to Oct. 1 1927.
R E PO RT.— For 1926 showed:
Years Ended—
Dec. 25 ’26. Dec. 26 ’25.
Profit from operations before deprec. A Fed. t a x .. $8,439,741 $8,588,645
Depreciation____________________________________ 1,257,359 1,053,908
Federal income taxes____________________________
950,911
919,145
Net profit for year_ _________________________ $6,231,472 $6,615,592
_
Profit applicable to period prior to acquisition___
_
_
4,249,331
Profit applicable to company__________________ $6,231,472 $2,366,261
Previous surplus_________________________________
885,814
______
Total surplus_________________________________ $7,117,286 $2,366,261
Divs. paid and accrued on Gen. Baking Co. $8 cum.
pref. stock and minority holders o f common stock
727,343
188,402
Dividends, class A stock_________________________ 4,861,960
1,292,044
Minority interest in surplus_____________________
GY2.284
______
Profit and loss surplus________________________$1,530,267
$885,815
BALANCE SHEET as o f Dec. 25 1926 in V. 124, p. 798.
OFFICERS.-—Chairman, F. H. Frazier; Pres., C. Leslie Lowes; Sec. &
Treas., R. E. Peterson. Office, 420 Lexington A ve., New Y ork.— )V .
125, p. 1717.)
GENERAL CABLE CORP.— A consolidation o f Safety Cable C o., Rome
Wire C o., Standard Underground Cable Co. and Dudlo Manufacturing
Corp. See V. 125, p. 2817, 2675.

GENERAL C IG A R CO-, INC.— ORGANIZATION.— Incorporated
April 28 1906 under laws of N. Y . as the United Cigar Manufacturers Co.
The name was changed by court order effective March 1 1917 to General
Cigar Co., Inc.
Business is that of the manufacture and distribution of cigars. Company
succeeded to the properties and business of the United Cigar Manufacturer*
*nd has since acquired the business of Theobald & Oppenheimer Co. of
?hila.. M . A. Gunst & C o., Inc., Bondy & Lederer, of New York, the Best
k Russell Companies of Chicago, Memphis and Kansas City, and the
Conway Cigar Co. of Sioux City, la. Manufacturing department comprises
37 plants, warehouse department comprises 56 units, 91 distributing
branches are established in 84 cities, and retail demonstration tores (a
total o f 16 in operation). Output is in excess of 700 millions cigars annualy.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks—Com 500,000 shs (no par) ____
367,576 shs ____________
Pref. 7% cum. $5,000,000 1
($100)___________________ / 7 Q-M
$5,000,000 _____________
Bonds— Serial gold notes dated f 6 g J-D
$6,300,000To Dec. 1 1935
1923 due $700,000 ann red -[Interest at Corn Exchange Bank, New
(text) ($100 &c)_____kxxxc* (
York.
STOCK.— The stockholders voted Feb. 3 1926 to change the authorized
common stock from 250,000 shares, par $100, to 500,000 shares of no par
value, and authorized the issue of two shares of such stock of no par value
for each share of old common stock outstanding. Neither pref. can be
increased nor can mortgage other than purchase money mortgage be created
Balance to su rp lu s...
$779,878
$647,743
$661,656
$420,617 without consent o f 75% of that issue, and neither has voting power except
x Includes contingencies.
while default for *t least two quarterly dividends continues
The debenture pref. stock was redeemed on Dec. 1 1927 at $110 per sh.
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 1986.
NOTES.— The serial gold notes of 1923 are redeemable as a whole on
OFFICERS.— Pres., Max Epstein; V.-Pres., David Copland; V.-P. &
Compt., John M . Sweeny, Chicago; V .-P ., Le Roy Kramer; V.-P. & Sec., 30 days’ notice on any interest date. The redemption price on Dec. 1 1925
Elias Mayer; Treas. A Asst. Sec., W. J. "Woodward, Chicago, Asst. Sec., shall be 104 plus interest and the redemption price shall decline \i of 1%
Bennet Epstein, New York; Asst. Compt., Sam Laud, Chicago; Asst. on each succeeding Dec. 1. V. 117, p. 2439.
Compt., R. R. Dunn. N. Y . office, 17 Battery Place.— (V. 125, p. 1467.)
DIVIDENDS.— On common, 1909, 5% ; 19-10, 6% ; 1911, 414%; 1912
to M ay 1919, 4% yearly G % O .-F.l: Aug 1919 to Nov. 1923, 1 *4% ou»r.
OENERAL ASPHALT CO.— ORGAN IZATION .— Incorp. in N. J. on Feb. 1924 to Feb. 1926, paid 2% quar., May*! 1926 to Nov. 1 1927 paid $1
May 19 1903 as successor o f the Nat. Asphalt C o., per plan V. 75, p. 188; quar. on new stock of no par value.
V. 76. p. 1145; V. 79. p. 101. 2586; V. 80. p. 2218; V. 82, p. 1208.
R EPO RT.— For 1926 showed:
Controls the following corporations through which, as subsidiaries, prac
1926.
1925.
1924.
1923.
tically all o f the business is conducted; The Barber Asphalt Co; The Bertrin Gross earnings__________ $8,857,738 $9,008,235 $9,211,413 $9,889,129
Petroleum C o.; The Trinidad Lake Petroleum C o., Ltd.; The Iroquois Selling, gen., admin.,Ac.,
Electric Refrigeration C o.; The Uintah R y. C o.; Gilson Asphaltum C o.;
exp., incl. Fed’l taxes. 5.938.561
6.034.009
6 344.436
6.642.254
The Petroleum Devel. C o., Ltd.; The Trinidad Lake Asphalt Operating
Net income___________ $2,919,177 $2,974,226 $2,866,977 $3,246,875
C o., Ltd.; N . Y . & Bermudez Co.; the Bermudez Co.
Other income__________
131.126
181.267
421.323
69.278
Subsidiary companies own extensive asphalt deposits and petroleum
Total income-------------- $3,050,303
$3,155,493 $3,288,299 $3,316,152
lands in Trinidad and Venezuela and gllsomte deposits in Colorado and
487,490
$498,002
$524,429
$377,867
Utah; operate important mining, refining and shipping properties, pro­ Interest on notes A loans
Preferred dividends____
350,000
350,000
350,000
350.000
ducing a great variety of asphaltic and other materials for paving, roofing,
Debenture pref. d iv s ...
158,069
160,447
223,123
279,611
painting, A c., and conduct a paving business.
Common dividends_____ 1,449,696
1.448.320
1.448,320
1.086.240
Agreement with Royal Dutch Co., V. 115, p. 2691; V. 118, p. 1906.
Surplus----------------$605,048
$698,724
$742,427 $1,222,434
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
$5.66
$11.85
$12.10
$12.75
Stocks— Common ($100)------------ -----$23,584,000 _____________ Earned per share on com
Pref cum call 110 conv ($100)- 5 Q-M
$7,416,000 ____________
Period End. Sept. 30— 1927— 3 Mos.— 1926.
1927— 9 M os.— 1926.
Net income after charges
Bonds— 15-yr conv gold bonds / 6 g A-O
$4,607,000 Oct. 1 1939
and Federal t a x e s ...
$893,344
$757,475 $2,353,956 $1,669,510
red(text) ($100&$l,000)kxxx \ Int. at Bankers Trust Co., N. Y .
OFFICERS.— President, Fred Hirschhorn; Senior V.-Pres., R. O. Bondy,
STOCK.— The total authorized capital stock (pref. & com.) was in­
Vice-Pres. A Treas., William Best; V.-Ps., Milton H. Esberg, B. G. Meyer,
creased to $40,000,000 in Sept. 1924. The pref. stock is convertible into
Sec.. H. V. Shick. Office. 119 W . 40th St.. N. Y — (V. 125, p. 2536.)
com. stock as follows: $150 com. for $100 pref.
DIVIDENDS.—
1 06. '07. ’08 ’09 t o ’ 16. ’ 17. 18. '19 to Dec. 1’27.
GENERAL ELECTRIC CO-— O R G A N IZA T IO N — Organized under a
On preferred.......... 4
2
2 5 yly
5
5 l)ig u a r(Q -M )
special charter of i\ew York April lo 1892, anu manufactures outnts for
The accumulated dividends, 9 )4 % , were discharged In full in rash, eleotric railways and all kinds of electrical supplies. V. 85. p. 155. 1648;
1% in 1910 and balance, 834 % . through payment In 1915 of debentures V. 62. p. 502. 635. 1040; V. 65, p. 151: V. 68. p. 1024. ( V. 108, p. 1837.)
Issued representing same.
V. 70. p 689; V 80, p. 1481; V 83. p. 689
Owns entire common stock of
CONVERTIBLE BONDS OF 1924.— Convertible after April 1 1927 Electrical Securities Corp. International General Electric Co. export
Into com. stock at par. Call, all or part at 105 and int. up to and incl. organization. V. 108. p. 83. 385: V . 110, p. 1435. In 1919 acquired
Oct. 1 1929, and thereafter at J4% less premium during each successive control o f the Cooper-Hewitt Electric Co. and Trumbull Elec. M fg. Co. V .
108, p. 2437; V. 109, p. 375. Owns a substantial Interest In Mohawk Hud­
year prior to the year o f maturity, together with accrued interest.
Each stockholder o f record Sept. 23 1924 had the right to subscribe to son Power Corp. Acquired a substantial interest in the Locke Insulator
bonds o f the above issue in an amount face value equal to 18.4% o f the Corp. In 1920. V. I l l , p. 1374. Victor X -R ay Corp. organized. V. I l l ,
par value o f his holdings o f stock, including both pref. and com. stock, p. 1475. In Jan. 1921 acquired the lamp and wire plants of the Independent
at the price o f 97)4% o f their face value and accrued int. V. 119, p. 1513. Lamp & Wire C o., V. 112, p. 377. New lamp plant, V. 112, p. 1287;
The 10-year 6% debentures o f 1915 were redeemed on Oct. 1 1924 at V. 117,p. 1669.
par and int. The 8% convertible gold bonds, due Dec. 1 1930, were re­
The company In Dec. 1924 decided to dispose o f all of Its shareholdings Id
deemed on Dec. 1 1924 at 105 and int.
the Electric Bond & Share C o., by organizing a new corporation under the
laws of the State o f New York, with an authorized capital stock of 1,802,870
R E PO RT.— For 1926. in V. 124, p. 1972, showed:
shares without par value (being the same number of shares as the outstand­
Calendar Years—
1926.
1925.
1924.
1923.
ing Common stock o f the General Electric C o.), and by transferring to such
Trade income__________$19,905,612 $17,634,375 $16,110,062 $14,015,652
Expenses & depreciation 16,488,175 14,795,942 13,304,120 12,034,050 new corporation:
(а) 300 shares of the 6% Cumul. Pref. stock o f the Electric Bond A Share
C o., having a par value of $30,000, and
Gross profits________ $3,417,436 $2,838,432 $2,805,942 $1,981,602
(б) 250,000 shares of the Common stock o f the Electric Bond A Share Co.
Other income---------------77,274
80,681
333,251
213,160
(being the entire Common stock), having a par value of $25,000,000.
The new corporation, in consideration o f such transfer, distributed its
Total income-------------- $3,494,710 $2,919,113 $3,139,193 $2,194,762
Interest, gen. exp,. &c_- $1,260,689 $1,156,323 $1,432,914 $1,024,626 shares to the stockholders of record of the General Electric Co. as o f Jan
Federal tax, &c________
232,000
241,785
133,750
92,030 15 1925, ratably in proportion to their holdings. V . 120, p. 91.
As to organization of liadlo Corp t> A m e rica , see caption of th a t con f
Preferred dividends (5% )
369,275
370,800
370,800
370,800
pany in “ Public Utility Compendium.”
Owns the rights for the U . S. undei patents covering Curtis steam turbine
Surplus_____________ $1,150,206 $1,150,206 $1,201,729
$707,306
p.
OFFICERS.— Pres., Arthur W. Sewall; V .-P ., C. W . Bayliss and Frank engines. V. 76. p , 1195; V. 77, the 2161: V. 82. p. 1272.
Acquired
Bartlett
Seamans; Comp., Ira Atkinson; Sec., E. Robert Riter; Treas., John A. May 1920. the former plant ofPurchased theHayward Co., Baltimore, in
V. 110, p. 1976.
Remington Arms Co. plant
MacPeak; Aud., Frank E. Deitlin. Office, Insurance Co. o f North America at Bridgeport in June 1922. V. 115, p. 188. Lamp patent sustained,
Bldg., Philadelphia, Pa.— (V. 125, p. 1331.)
V. 110, p. 2571. Agreement with Amer. Tel. A Tel. Co. to exchange
licenses, patents, A c., V. I l l , p. 899. Controls the Canadian General
GENERAL BAKING CORP.— Incorp. Oct. 3 1925 under laws of Electric Co. V. 117, p. 1908.
Maryland and as o f Dec. 31 1926 had acquired all except $14,815 of the
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
common stock o f General Baking Co. In Nov. 1925 acquired the Smith
—
7,211,481 shs _____________
Great Western Baking Corp. Owns 42 baking plants in Baltimore, Boston, Stocks■ Com7,400,000shs(nopar)
Special stock 6% cum $5 5 Buffalo, Cleveland, Detroit, Hartford, Jersey City, Newark, New York,
000,000 (text) ($10)_______ ____
$42,929,635 ____________
Kansas City, New Haven, New Orleans, Norfolk, Philadelphia, Washing­
ton, Oklahoma City, Providence, Rochester, St. Louis, Syracuse, Toledo, Bonds— 40-yr gold debentures f 3J4 g F-A
$2,047,000 Aug. 11942
Waterbury, Wheeling, Tulsa, Wichita, Canton, Ohio, Enid, Okla.,
for Sprague stk call 105 (V. (Int. at Guaranty Trust C o., New York
Hutchinson, Kan., Springfield, Mass., and Steubenville, Ohio.
75, p. 139) $100 A ' . . _xc (and Boston.




184

INDUSTRIAL STOCKS AND BONDS

[V ol. 125,

$24 a share (100.8%); next 2,150 warrants presented will each call for 18
shares at $26 50 a share ($111.3%); next 1,940 warrants presented will
each call for 18 shares at $29 a share (121.8 % ); next 1,800 warrants presented
will each call for 18 shares at $31 50 a share (132.4%); last 1,750 warrants
presented will each call for 17 shares at $34 a share (142.9%).
The requisite number of shares will be deposited with National City
Bank, New York, which, upon exercise of any right, will deliver the appro­
priate number of share certificates, or, if the right be exercised prior to
Dec. 1 1928, a trust receipt exchangeable for such shares on and after
that date, or, at the option of the AEG, prior thereto. The purchase
rights will expire if not exercised on or before Dec. 1 1930. The right
may be exercised by the payment of cash, but in lieu of cash, debentures
of the present Issue will be accepted at face value, plus int. to an amount
no greater than the aggregate purchase price of the shares. Substantially
all the cash realized from the sale of shares will be applied to the purchase
of debentures, if obtainable at prices not exceeding 100% and int. within
a reasonable time (not less than six or more than 12 months) after receipt.
I f not so used, such cash reverts to the AEG.
Sinking Fund & Redemption.— A sinking fund will be provided which will
redeem all the debentures outstanding on Dec. 1 1930. in substantially
equal semi-annual installments during the following ten years. On any
int. date beginning June 1 1931, but not prior thereto, the outstanding
debentures may be redeemed either as a whole or in part for the sinking
fund at 10234 up to and incl. Dec. 1 1935, the premium declining one-half
point each subsequent year to par in the year 1940.
Profit from sales_____ 37,095.768 32,810,675 34,342,331 29,655,746
EARNINGS.— For the five years ending June 30 1914 the net earnings
Interest and discount &
3,803,234
4.059,580
3,145,348 available for dividends after deducting all interest, tax and depreciation
sundry profits_______ 4,060,287
6,556,833
6,733,772
5,200,434 charges, were as follows:
Income from securities. . 8,501,239
1910.
1911.
1912.
1913.
1914.
$5,269,493
$5,804,014
$6,879,267
$4,496,448
Total.................
49,657,290 43,170,743 45,135,683 38,001,528 $4,385,204
During the year ended Sept. 30 1924 the books o f the company have again
Deduct—
been put on a gold basis and the company reports net earnings, after deduct­
1,307,791
436,512 j l , 925,697 J l,096,107
Interest and discount_
_
\ 153,081
700,819 ing all interest and tax charges (except income taxes which are a charge
Other interest payments
against earnings after interest) but before deducting depreciation— equal to
Excess profits tax (est.)(y)
(y)
(y)
(y)
4,650,946
2,603,829
2,467,800 $3,201,107, and net earnings, available for dividends, after all charges,
General reserve________ 2,548,284
Com. divs., cash (8 % )-- 19,828,897 14,407,544 14,404,980 14,289,316 of $1,719,143.
(Balance sheet as o f Sept. 30 1924, in V. 120, p. 589.)— (V. 125, p. 1980.)
1,735,576
1,195,405
656,379
Cash divs. on special stk. 2,357,614
GENERAL MOTORS
N
23,635,163 18,579,423 corp. In Del. Oct. 13 1916 as CORPORATION.— ORGA N IZA TIOJ.).— In24,485,988 22,498,097
successor to Gen. Motors Oo. (of N .
On
85,848,171 72,362,223 82,762,096 73,167,048 Aug. 2 1917 the N. J. company was dissolved. For plan see V. 103. p.
1510.2346.
110,334,158 94,860,321 106,397,259 91,746,470
PR O PE R TY.— Products
La
9,012,150
Dividends in stock (5%) 7,210,810
9,005.035
8,984,375 let, Oakland, Pontiac and include the Buick, Cadillac,and Salle, Chevro­
Oldsmobile passenger cars
the Chevrolet
Chas. A. Coffin Found’n
trucks; also Frigidaire electric refrigerators, accessories and parts, &c.
Delivery o f El. Bond &
A detailed statement as to properties as of Dec. 31 1923 appeared in V. 118,
25,030,000
Share Co. stock______
p. 1554; compare also V. 110, p. 2385; V. 108, p. 883; V. 112, p. 1634;
114, p.
p. 1300; V. 120, p. 1609; V.
Profit & loss, surplus. 103,123,348 85,848,171 72,362,223 82.762,096 V. Statement1672; V. 116, Pont in N ov. 1921 regarding 122, p. 1186policies,
by Pres, du
company s
x Includes provision for Federal taxes, y Included in cost o f sales, & &c., V. 113. p. 2084 Liquidation of Scripps-Booth Corp., V. 114. p. 311.
ACQUISITIONS.— As of May 2 1918 all assets of Chevrolet M otor Co.
Period End. Sept. 30— 1927—3 M o s.—1926.
1927—9 M os.—1926.
Net sales billed________ $76,164,584 $82,187,349 $225959,611 $229638,216 of Del. (except its 450,000 shares of Gen. Motors Corp.) were acquired.—
V. 106, p. 824, 2761; Y. 107, p. 1006, 1194.
Costs of sales billed, incl.
In Dec. 1918 acquired United Motors Corp.— V. 107 p 1484, 2101,
oper.,maint. & deprec.
V. 108, p 83. 584.
charges, res. & prov.
In Jan. 1919 acquired entire capital stock of Gen. Motors Corp. o f Can­
for all taxes_________ 67,866,660 72,499,449 198,796,918 203,690,909
ada.— V. 108, p. 272 , 584; V. 107, p. 1923. In 1919 acquired the InterNet inc. from s a le s ... $8,297,924 $9,687,900 $27,162,693 $25,947,307 State Automobile C o., Muncie, Ind.
In Oct. 1919 announced that control had been acquired of the Delco
Sundry inc. less int.
paid & sundry c h g s ... 3,064,968
2,006,848
8,030,362
5,818,365 house light business and plant at Dayton, O., and the Sunnyhome Elec.
Profit avail, for d iv s ..$11,362,892 $11,694,748 $35,193,055 $31,765,672 Co. of Detroit. In 1919 also purchased for $27,600,000 60% of the common
Divs. on special stock.
643,624
643,521
1,930,814
1,714,052 stock of Fisher Body Corp. On Dec. 31 1925 the corporation's investment
in the Fisher Body Corp. was $32,151,825, represented by 1,441,920 shs.,
and on Dec. 31 1926 owned entire assets of the latter corp., being a 60%
Profit avail, for divs.
on com. stk. & surp.$10,719,268 $11,051,227 $33,262,241 $30,051,620 interest in the common stock. In June 1926 acquired minority interest
OFFICERS.— Chairman, Owen D . Young; Pres., Gerard Swope; Treas., on the basis of two-thirds of a share of Gen. Motors common for each
R . S. Murray; Compt., Samuel L. Whitestone; Sec., Myron F. West- share of Fisher Body stock. V. 122, p. 2805. The assets of the Fisher
over. Main office, Schenectady, N . Y . N . Y . office, 120 Broadway. Body Corp. were subsequently transferred to General Motors Corp. and
the company was dissolved.
— (V. 125, p. 2272.)
It was announced in Sept. 1926 that a new subsidiary, Frigidaire Corp.,
GENERAL ELECTRIC CO. (ALLGEMEINE ELEKTRICITATS had been incorporated in Delaware to take over distribution and sale of
GESELLSCHAFT), GERM ANY.— Company was originally incorporated electric refrigerators manufactured by the Delco-Light Co. This subsidiary
In 1883 under the name o f the German Edison Co. to exploit the Thomas A. has been created to segregate the electric refrigerator from the electric
Edison patents for incandescent lamps. In 1887 its corporate name was light plant business of the Delco-Light Co. at Dayton, O. V. 123, p. 1512.
changed to “ Allgemeine Elektricitats Gesellschaft,” since known the world
Pres. Alfred P. Sloan, Jr. in Oct. 1926 announced the incorporation in
over as the “ A E G .” For many years AEG has enjoyed a co-operative Delaware of the Delco Remy Corp. to take over the sale of products manu­
relationship with the General Electric Co. (America) under a contract factured by the Dayton Engineering Laboratories Co. of Dayton, Ohio,
which provides for the exchange and mutual use o f patents, technical and the Remy Electric Division at Anderson, Ind.— V. 123, p. 2268.
knowledge and experience.
For other acquisitions see V. 108, p. 882; V. 109, p. 2267; V. 110, p. 2660;
“ AEG” manufactures all forms o f electrical apparatus from the largest V. 116, p. 621; V. 118, p .316.
Organized the Gen. Motors Acceptance Corp. in Jan. 1919. V. 115, p.
turbo-generator set to a flashlight bulb.
765; V. 116. p. 613, 1900; V. 117, p. 558, 2439: V. 118, p. 208. 557, 670. 1526
STOCK.— Outstanding, common, $28,560,000; preferred, $4,165,000 V. 119, p. 585; V. 120, p. 835; V. 121, p. 2046; Y . 123, p. 2662. For serial
preferred “ B ,” $4,462,500.
gold notes and 6% debentures, see below.
Gen. Motors Bldg. Corp.— bonds, &c.. Y. 113, p. 2189
DEBENTURES.— The National City Co., New Y o rk . in Jan. 1925
New subsidiaries, V. 116, p. 1184. 1767.
sold at 93M and int. $10,000,000 20-year sinking fund 7% gold debentures.
Interest in Ethyl Gasoline Corp., V. 119, p. 947.
Dated Jan. 15 1925, due Jan. 15 1945. Int. payable J. & J. 15. Denom.
$1,000 and $500 c*. Principal, interest and sinking fund payable in N . Y .
Owns the entire issue of 800,000 shares of common stock, or 57% o f the
City in U. S. gold coin o f the present standard of weight and fineness, at total voting stock of the Yellow Truck & Coach M fg. Co. See that com­
National City Bank, New York, trustee, without deduction for any past, pany below.
present or future t^xes or duties levied by or within the German Reich.
President Alfred P. Sloan Jr. announced N ov. 19 1925 that the corpora­
Red. at 105, on 30 days' notice, either as a whole, on any interest date after tion had acquired an interest in Vauxhall Motors, Ltd.
July 15 1929, or by lot, through the operation o f the sinking fund, on any
On Dec. 31 1926 E. I. du Pont de Nemours & Co. owned 1,996,244 shares
of the General Motors Corp. common stock.
nterest date after Jan. 15 1930.
Sinking Fund.— As a sinking fund for the redemption o f the debentures,
Managers Securities Co.— Pres. Alfred P . Sloan, Jr., on Oct. 29 1923
the company agrees to pay over to the trustee the sum o f $360,150 on or announced that the directors had worked out a plan under which about
before June 1 1930, and the sum o f $349,650 on or before each succeeding 70 of the principal executives of General Motors will be given an oppor­
Dec. 1 and June 1, so long as any o f the debentures remain outstanding. tunity to acquire a substantial stock interest In the corporation. The
The sums so received shall be applied by the trustee, on the respective plan is briefly summarized as follows:
Interest dates next following the receipt thereof, to the redemption by lot,
(1) General Motors Corp. will cause the Managers Securities Co. to be
at 105, o f $343,000 o f debentures on July 15 1930, and $333,000 principal organized in Delaware with a capital of $28,800,000 of 7% cumul. non-voting
amount thereof on each subsequent interest date. The trust agreement con. pref. stock, $4,000,000 Class A stock and $1,000,000 Class B stock
will provide that any debentures which shall not have been redeemed by
(2) General Motors Corp. will subscribe for all of the Class A and Class B
the sinking fund or otherwise retired prior to maturity on Jan. 15 1945 stock, paying therefor $5,000,000 in cash, and will enter Into a contract
will be paid on that date at 105.
with the Managers Securities Co. agreeing to pay to ittfor each year from
Security.— Debentures will be the direct credit obligations o f the company 1923 to 1930, both inclusive, 5% of its net earnings in excess of 7% on the
which will covenant in the trust agreement securing the debentures, that capital employed. On Jan. 1 of each year it will advance $2,000,000 to the
so long as any o f the debentures remain outstanding and unpaid, the corn- Managers Securities Co. on account of amount due under this contract,
company will not execute any mortgage upon or make any pledge o f any part or as a loan, or both, as more fully recited in the plan.
(3) The Managers Securities Co. will offer to purchase as of Oct. 15 1923,
of its properties and assets either real or personal, unless such mortgage or
agreement o f pledge shall provide for the security of these debentures either the equivalent o f 2,250,000 shares of General Motors Corp. com. stock at
equally and ratably with the bonds, notes or other obligations or liabilities, $15 per share, aggregating a total purchase price of $33,750,000, payable
o f whatsoever character, which are to be secured by such mortgage or $4,950,000 in cash and $28,800,000 in its 7% cumul. non-voting conv. pref.
stock: this is at the rate of $2 20 in cash and $12 80 in 7% pref. stock for
pledge, or, at the option o f the company, in priority thereto.
Except for the charge or lien in favor o f the so-called “ Dawes debentures,” each share of General Motors Corp. common stock purchased.
(4) A special committee of the directors will select a list of managers (in­
the capital amount o f which has now been fixed at the equivalent o f $7,732,620, the only outstanding liens on any o f the company’s properties are cluding directors who are occupying managerial positions) to whom the
small mortgages to the extent o f only $95,282. Company will also covenant General Motors Corp. will sell at cost the Class A and Class B stocks of the
in the trust agreement not to take advantage o f the provision o f the German Managers Securities Co. theretofore purchased. Sales so made to these
law, under which the “ Dawes debentures ’ have been created, to register managers will be secured by an agreement under which the General Motors
an owner’s mortgage in its own name to the extent that it may at any time Corp. shall have the right to repurchase said stock under the terms and
conditions recited in the plan.
have redeemed or repaid such debentures.
Each common stockholder is given the right to supply common stock for
The trust agreement will further provide that the company will not pay
any cash dividends on its capital stock subsequent to Sept. 30 1924 except the purposes o f this plan up to 10% of his total common stock holdings,
to be paid for at the rate of $2 20 in cash and $12 80 in 7% cumul. non­
out o f net earnings.
6>4 % Gold Debentures.— The National City Co. in Dec. 1925 sold at 94 voting conv. pref. stock o f the Managers Securities Co. for each share of
and int. $10,000,000 15-year 634 % gold sinking fund debentures, carrying General Motors Corp. common stock supplied.
(For further details o f plan, compare V. 117, p. 1998.)
certain stock purchase rights which may be availed o f at the option o f the
On M ay 11 1927 stockholders approved tentative plans for the formation
respective holders o f such rights, at any time up to and incl. Dec. 1 1930.
Dated Dec. 1 1925, due Dec. 1 1940. Int. payable J. & D . Denom. of a second Manager’s Securities Co. V. 124, p. 2287.
$l,000c*. Principal, interest and sinking fund payable in N . Y . City in
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
U. S. gold coin o f the present standard o f weight and fineness at National
$435,000,000 _____________
City Bank, New York, trustee, without deduction for any past, present Stocks— Com $750,000,000 ($25) ____
Pref cum non-vot red 110($100)
6 Q-F
$1,744,900 _____________
or future taxes or duties levied by or within the German Reich. Red. on
Deb stk cum non-vot call 115
any int. date, beginning June 1 1931, but not prior thereto, on 30 days’
($100)............
6 Q-F
$2,594,900 _____________
notice, either as a whole, or in part for sinking fund, at 102J4 up to and
incl. Dec. 1 1935, the premium declining 34 % each subsequent year to
Pref cum call 125 $500,000,000
par in the year 1940.
($100)............
7 Q-F
$130,576,200 .......................
Stock Purchase Rights.— Each debenture will carry a stock purchase General Motors Acceptance Corp—
right evidenced by an appropriate warrant, or otherwise, entitling the holder Bonds— Serial gold bonds dated f 5 g M-S
$45,000,000To Mar. 1 1936
to purchase shares o f the common stock o f the AEG o f the par value of
1926 due $5,000,000 ann. red {Interest at J. P . Morgan & Co. New
100 reichsmarks (about $23 80 at par o f exchange) each, evidenced by
(text) ($1,000).............Ba.zc* { York.
certificates in bearer form, carrying unmatured annual dividend coupons.
6 g F-A
$50,000,000 Feb 1 1937
The number and price of shares covered by each warrant will be determined 10-yr sinking fund gold deben. j
$50,000,000 auth ($1,000)__{Int. at J. P . Morgan & C o., N . Y .
as follows; First 2,360 warrants presented will each call for 18 shares at
STOCK.— The stockholders on M ay 11 1926 approved a plan to change
the 1,850,000 shares o f auth. common stock, par $100 each. Into 7,400,000
hares o f common stock without par value. Each common stockholder
eceived four shares o f the new no par stock for each share o f old holdings
($180,287,046 outstanding on Dec. 31 1926).
D IV ID E N D S.— On new common stock o f no par value, paid 75c. quar.
In cash and $1 in special stock on July 15 1926. on Oct. 28 1926 to Apr. 28
1927 paid 75c. quar. July 29 1927 paid $1 quar., and $1 extra; Oct. 28, $1.
For records o f dividends on old common stock, see " R y . & Ind. Compen­
dium” o f May 29 1926.
DEBENTURES.— No mortgage can be made without equally securing
the debentures except purchase money mortgages and pledges as security
for temporary loans or as indemnity. V . 95. p. 238. 752. 892. 1611.
The outstanding $15,000,000 6% debenture bonds, due 1940, were re­
deemed at 105 and lnt. on Feb. 1 1923. V . 115, p. 2691.
The outstanding $15,136,500 5% debentures, due 1952, were redeemed
on Sept. 1 1925 at 107J4 and interest.
R E PO RT.— For 1926. in V . 124, p. 1970, showed:
1923.
1926.
1925.
1924.
$
Receipts—
$
$
$
Sales billed____________ 326,974,104 290,290,166 299,251,869 271,309,695
xCost of sales, &c_____x289,878,335 257,479,491 264,909,538 241,653,949




Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

STOCKS. —Pursuant to a recommendation of the Directors at their meet"
ing Aug. 11 1927 and approved at a special meeting o f common stock­
holders Sept. 12 1927, the authorized common stock of 10,000,000 shares
no par value, of which 8,700,000 shares were outstanding, was changed to
an authorized issue of 30,000,000 shares of $25 par value of which there
will be outstanding 17,400,000 shares. Shares of the old stock may be
transferred for new on and after Sept. 15 1927.
The stockholders on June 16 1924 adopted the charter amendments
proposed by the directors for the purpose of simplifying the capital structure
of tne corporation.
These amendments provided for the consolidation o f the three issues o '
senior securities into one issue o f 7% pref. stock, which will constitute a
prior preference on the entire assets after debts o f the corporation.
Holders o f the outstanding 6% pref. stock and 6% debenture stock were
accorded the right, upon payment of $10 per share, to exchange their shares
for a like number o f shares o f the new 7% pref. stock, exchanges to be
made on or before Dec. 31 1924.
Holders o f the outstanding 7% debenture stock were notified to send in
their 7% debenture certificates to the stock transfer office o f the corporation
for exchange into 7% pref. certificates, which were to be ready for delivery
on July 1 1924.
The charter amendments also provided for the exchange o f the outstanding
common shares for new common shares on the basis o f one new common
share for each 4 shares o f common stock outstanding.
D IV ID E N D S.— On com., in 1917, Feb., 1%; M ay 1917 to Feb. 1920,
3% each quar. (12% p. a.). The directors on March 25 1920 declared a
dividend o f 25 cents a share in cash and l-40th o f a share in stock on the
new com. stock without par value, and a dividend on the old com. stock of
the par value o f $100 a share at the rate o f $2 50 a share in cash and onefourth o f a share o f com. stock without par value, payable M ay 1 1920.
In Aug. and N ov. 1920, paid 25c. a share in cash and l-40th o f a share in
stock on the new com. In Feb., M ay, Aug. and Nov. 1921 paid 25c. a
share in cash, the stock dividend being omitted. Feb. 1922 div. was
omitted. On Dec. 20 1922 paid a special div. o f 50c. a share. March 15
1923 to Sept. 12 1924 paid 30c. a share each quar. On Dec. 12 1924 paid
$1 25 per share on the new com. stock, which was issued in exchange for
the old com. stock on the basis o f one share of new stock for four shares of
old stock. (See under “ Capital Stock” above.) Mar. 12 to Dec. 12 1925
paid $1 50 quar.; also paid $1 extra on Sept. 12 1925 and $5 extra on Jan. 7
1926. On March 12 and June 12 1926 paid $1 75 quar. On July 2 1926
paid $4 extra. On Sept. 11 1926 paid $1 75 quar. and 50% in common
stock. On Dec. 11 1926 paid $1 75 quar. and on Jan. 4 1927 paid $4 extra.
March 12 1927 to Sept. 12 1927, paid $2, and $2 extra on July 5 1927.
Dividends on 6% and 7% preferred, and 6% deb. stocks have been
paid in full to date
NOTES.— The General Motors Acceptance Corp. 5% serial gold notes
are redeemable, but only as to the whole amount o f any one or more ma­
turities, on any interest date, on 60 days’ notice at 100 plus a premium of
]ri% for each 6 months o f unexpired life.— V. 122, p. 1034.
The 6% gold deb., are red., all or part on 60 days’ notice, on Aug. 1 1928
or Feb. 1 1929 at 104%, and on any int. date thereafter at 104% less K of
1% for each year or fraction thereof elapsed since Feb. 1 1929.
An „ f the outstanding Fisher Body Corp. 5% serial gold notes dated
Jan 2 1925 were called for redemption Jan 1 1927 at par and int.
V. 123, p. 1512.
REPO RT.— For 1926, in V. 124, p. 1211, showed:
1926.
1925.
1924.
1923.
Calendar Years
$
$
$
$
Net sales____________ 1,058,153,338 734,592,592(568,007,459 698,038,947
Exp. incident to oper. &
j
inv. incl. depr. o f real
est., plants & equip. .835,271,837 602,634,5841512,283,583 621,395,984
Profit from oper. & inv.
after all exp. incident
thereto, but before dep.
o f r ’l est., pl’ts & eq’p.243,141,475 149,296,499 71,802,425 91,698,666
Prov. for depr. o f real
estate, plants & equip. 20,259,974 17,236,506 16,078,549 15,055,703
Net profits__________ 222,881,501 132,059,993 55,723,876 76,642,963
Less provision for;
1,906 495
785,616
3,969,227
Employees’ bonus___
8,274,099
1,876,119
1,140,190
4,633,535
Amt. due Mgrs.Sec.Co 8,274,099
1,980,583
1,991,990
Empl. sav. & inv. fund 3,461,992
2,355,524
Special pay. to empl’s
17,190
under stk. subscrip.
32,984
343,902
357,867
101,984
Int. on notes payable.
304,644
Prov. for U. S. & for’n
8,135,000
5,727,000
income taxes______ 25,834,939 13,912,000
Net income__________176.698.743 107.070,532 45,735,179 62.386.899
*923.
Calendar Years—
1926.
1925.
1924.
$
G. M . Corp. proportion
$
$
$
o f net income_________ 176,085,144 106,484,756 45,330,888 62,067,526
7% pref. stock divs_____
4,743,607
7,352,291 7,315,222
611,381
971,117
6% pref. stock divs_____
116,928
135,541
3,648,093
6% deb. stock divs_____
176,069
189,229
1,917,650
2,268,162
________
________
7% deb. stock divs_____
A m t. earned on com.stk.168,439,857 98,844,765 38,058,251 55,180,155
Amt. earned per sh. o f
com. stk. outstanding
*$20.48
*$19.15
*$7.37
*$2.67
♦Adding General M otors Corp. equity in the undivided profits o f sub­
sidiary companies and including Fisher Body Corp., prior to June 30 1926
(after which time the earnings are consolidated), the amount earned per
share o f common stock outstanding is $21.80 in 1926, $21 in 1925, $8.59
in 1924 and $3.15 in 1923.
Condensed Consolidated Income Account Period Ended Sept. 30.
--------------1927------------------------------- 1926--------------3d Quarter. 9 lonths. 3d Quarter. 9 Months.
Sales cars & trucks-units—
Retail deliveries by
dealers to users
1,266,445
342,105
962,295
425,964
General Motors sales
to dealers___
433,120
1,316,597
360,234
996,321
$
$
$
$
.347,512,013 1028131492 294,374,865 829,449,652
. 86,469,572 262,240,048 75,090,834 188,418,646
Depreciation of real est.
5,797,872 14,558,324
plants and equipment. ' 6,884,195 19,837,274
. 79,585,377 242,402,774
Less—
8,839,000
Prov. for empl’ees’ bonus5 2,936,000
8,839,000
Amt. due M grs.’ Sec. Co.. 2,936,000
Empl’ees’ Sav. & Inv. fd.. 1,986,477
5,164,036
Spec, paym’t to empl’ees
under stock subsc.plan
40,398
3 _______
Int. on Fisher Body notes
Prov. for U. S. and for’n
9 ,3 5 5 ,0 0 0
28,938,000

69,292,962 173,860,322

62,371,900 190,582,340
62,113,717 189,707,808
6,561,295
2,286,113
79,161
25,959
118,092
38,256

54,722,137 137,493,883
54,545,963 136,972,682
1,839,897
5,509,736
28,287
89,739
43,398
133,850

Gen. M ot. Corp. propor..
Pref. divs. at rate of 7 % _.
Pref. divs. at rate of 6 % .
Deb. divs. at rate of 6% _

2,581,000
2,581,000
870,979

6,785,000
6,785,000
2,394,609

155,846

32,984
155,846

8,382,000

20,213,000

Amt. earned on com. stk.*59,763,389*182,949,260 *52,634,381*131,239,353
*Note Adding Gen. M ot.
Corp. equity in the un­
divided profits of Gen.
M.Accep.Corp.(100%),
Yellow Trk. & Coach
M fg. C o .(57%), Ethyl
Gasoline Corp. (50% ),
Gen. Exch. Ins. Corp.
in 1927 (100%) and
Fisher Body Corp (60 %
prior to June 30 1926,
after which earns, are
consolidated), the amt.
earned on com. stk. is. 62,157,7
,999,754 54,120,297 143,584.228




185

GENERAL MOTORS ACCEPTANCE CORP. REPO RT for 1926 in
V. 124, p. 1075, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net earnings for year_ $5,193,202 $2,356,736 $2,403,217 $1,295,789
_
Undivided prof, prev.yr. 3,374,998
2,368,262
1,045,045
229,257
Tot. undivided profits $8,568,200
Dividends........................ 3,390,000

$4,724,998
1,350,000

$3,448,262
1,080,000

$1,525,045
480,000

Balance.................
$5,178,200 $3,374,998 $2,368,262 $1,045,045
Shares capital stocK out­
standing (par $1 00)..
250,000
135,000
90,000
60,000
Earned per share_______
$20.77
$17.46
$26-70
$21.60
BALANCE SHEET, as o f Dec. 31 1926, in V. 124, p. 1075.
OFFICERS.— Pierre S. du Pont, Chairman; J. J. Raskob, Chairman o f
finance committee; Alfred P. Sloan Jr., Pres.; T . S. Merrill, Sec.; M . LPrentis, Treas.; Frank Turner, Comptroller. Main office, Detroit; N. Y .
office, 1775 Broadway. —(V. 125, p. 2675.
GENERAL OUTDOOR ADVERTISING CO., INC.— Incorp. under
laws of New Jersey on Feb. 7 1925. Acquired Thos. Cusack Co. (founded
in 1857) and twenty affiliated companies, constituting the largest outdoor
advertising unit in the United States. Owns or leases same 125,000 panels,
bulletins, painted walls and electric signs and adequate plants and equip­
ment for the preparation and handling of advertising matter throughout
the country east of the Rockies. The company owns real property in
42 cities and towns in 24 States.
STOCKS AND BONDS—• Pate of Int. Outstanding. Bds. when Due.
Stocks— Coml,000,000shs(nopar) ____
642,383 shs _____________
Class A cum & partic 300,000
shs (no par)_______________ $4 Q-F 15 125,000 shs _______
Pref cum $3,066,500 ($100)-. 6 Q-F 15
$2,837,833 _____________
STOCK.— Holders of the Class A stock in addition to cumulative divi­
dends of $4 per annum are entitled to participate share for share with the
common stock, after the latter has received dividends o f $2 per share, in
any further dividends declared or paid, until the holders of the Class A stock
shall have received dividends aggregating $6 per share.
Preferred stock and Class A stock have no voting power, unless dividend
payments for twelve consecutive months are in default.
A voting trust for all classes of stock has been formed and expires Feb. 26
1930. The voting trustees are Kerwin H. Fulton, George L. Johnson and
George Armsby.
DIVIDEN DS.— Initial divs. o f 1H % on the preferred stock and $1 per
share on the Class A stock were paid on M ay 15 1925; same amounts were
paid quar. to N ov. 15 1927.
On common stock paid initial div. o f 50 cents per share on July 15 1926
same amount paid quar. to Oct. 15 1927.
REPORT.— For 1926 in V. 124, p. 931.
Year End. 10 Mos.End.
Period—•
Dec. 31 ’26. Dec. 31 ’25.
Profit after depreciation and interest charges______ x$5,924,081 $2,146,114
Prov. for amort, o f advertising display plants____ 2,259,310
______
Federal income tax______________________________
495,657
262,014
Preferred dividends_____________________________
170,426
128,260
Class A stock dividends_________________________
500,000
375,000
Common dividends_____________________________
963,577
______
Surplus______
Previous surplus.

$1,535,111
1,380,839

$1,380,839
______

Total surplus--------------------------------------------------$2,915,951 $1,380,839
642,382
642,383
Shares o f common outstanding (no par)_________
Earned per share on common stock_____________
$3.89
$2.15
x And after $747,967 charges for ordinary charges.
Period End. Sept. 3 0 — 1927—3 M os.—1926.
1927—9 M os.—1926.
Operating revenues------ $8,128,420 $8,183,596 $2,780,312 $22,783,296
Oper. exp., incl. deprec. 6,316,978
6,425,174 18,068,258 19,386,208
Earns from operations $1,811,442
Miscellaneous incom e-.
90,795

$1,758,422
95,456

$4,712,054
282,473

Gross earnings________ $1,902,237
Amort, of adv. display
plants---------------590,611
Interest-----------------------14,847
175,065
Prov. for Fed. taxes____

$1,853,878

$4,994,527 $3,692,705

564,787
21,259
166,157

1,754,519
52,443
430,320

$3,397,088
295,618
654,787
48,119
410,772

Net p ro fit............... . $1,121,714 $1,101,675 $2,757,245 $2,669,027
OFFICERS.— Chairman, George L. . chnson; Pres., Kerwin H. Fulton;
V .-P ., D . G. Ross, B. W . Robbins, Ir vltg Bromiley, A. M . Briggs, S. J.
Hamilton, W . S. Yerkes, A . G. Gans, H E. Fisk; Sec., Isaac W . Digges;
Treas., Frederick Ebel. Office, 1 Park Ave., New Y ork.—Y. 125, p.2394
GENERAL PETROLEUM CO R P.— See Standard Oil Co. o f New York.
GENERAL RAILW AY SIGNAL CO.— (V. 125. p. 2394.)
GENERAL REFRACTORIES CO.— Incorp. in Pennsylvania in 1922.
Consolidation o f the General Refractories Co. o f West Virginia; the Pennsyl­
vania Fdre Brick C o., the Hayes Run Fire Brick Co., and the Standard
Refractories Co. Has since acquired the American Refractories Co. Re­
fractory brick constitute the chief material of which furnaces, stacks and
retaining vessels used in the manufacture of iron and steel, and the refining
of copper are made. Pottery, lime, cement, manufacturing and glass in­
dustries are large users of refractory brick. Company has at the present
time 15 plants, with a capacity of 320,000,000 refractory brick per annum.
Value o f real estate, buildings, equipment, mineral lands, &c., exceeds
$27,500,000 according to conservative appraisals made in 1922.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stock— Com 225,000 shs (no par) _ ____
-----224,349 shs ____________
Bonds— 30-yr 1st M s f g ser A
6 g F-A
$3,712,500 Aug 1 1952
red (text) ($500 &c)_ FPk. Int. at Lee, Higginson & C o., New York
_
kxxxc*&r*
and Boston.
STOCK.— See table
DIV ID E N D S.— Initial dividend, 50 cents Jan. 1923: 1923. $2 25;
1924, $3; 1925, $2; 1926, $2.50; Jan. 1927, 75c.; Apr. 1927, 75c.; July 1927,
75c.; Oct. 1927 75c.
BONDS.— Redeemable at 107H prior to Aug. 1 1932; at 105 prior to
Aug. 1 1942; premium thereafter decreasing H % annually to maturity.
Cumulative sinking fund semi-annually o f 1 % bonds of bonds issued
plus 6% interest on bonds retired, plus premium paid for purchase or
redemption of bonds.
R E P O R T — For 1926, in V. 124, p. 1674, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net earns, from oper_ $1,993,608 $1,893,104 $1,301,896 x$l,617,934
_
Miscellaneous income_
_
64,268
59,770
57,487
76.665
Total i n c o m e .._____ $2,057,877 $1,952,874 $1,359,383 $1,694,600
Reorganization exps., &c
20,329
32,790
81,600
112,244
Corp., municip. & inc__
271,476
219,217
116,990
87,276
Int. on bond. & float, dt.
286,981
306,440
330,142
367,356
Depr. & depl. res. fr.earn
237,323
225,184
203,555
311,850
Dividends_________ __
614,028
450,000
560,870
628,350
Balance, surplus_
_
$627,739
$719,243
$66,226
$187,522
Previous surplus (a d j.). 6,650,048
6,068,238
6,280,701
6,650,671
Deprec. & depl. res. fr.
paid-in surplus______
D r.139,725
Total surplus________ $7,277,787 $6,787,481 $6,207,202 $6,838,193
Capital stock . ______ 8,006,917
8,076,696
8,053,665
8,054,195
Val. of cap. stk.Dec.31$15,284,704 $14,864,178 $14,260,867 $14,892,389
Shs. cap. stk. outst’d ’g
(no par)------------------223,410
225,000
224,542
224,550
Earned per share----------$5.56
$5.19
$2.80
$3.63
x Includes operating results from American Refractories Co. plant from
M ay 3 1923 only.
Period End. Sept. 30— 1927—3 M os. —1926.
1927—9 M os.—1926.
Total income__________
$463,194
$462,109 $1,821,586 $1,449,195
Interest, taxes, &c_____
126,395
135,198
434,815
412,079
Deprec’n & depletion___
63,036
58,683
192,796
179,184
Net income..................
$273,763
$268,228 $1,193,975"
$857,932
Dividends...................
168,262
167,632
503,738
447,240
Surplus--------------------$105,501
$100,596
$680,237
$410,692

186

INDUSTRIAL STOCKS AND BONDS

OFFICERS.— W m. C. Sproul, Chairman; Burrows Sloan, Pres.; E . A.
M cKelvy, C. C. Chaney, R. A . MacDonald, V.-Pres.; H. Longstreth, Sec.;
J. R . Sproul, Treas.; C. M . Neiler, Asst. Sec. & Treas.; G. O. Williams,
Compt. Office, 117 South 16th St., Philadelphia.— (V. 125, p. 2536.)
GILLETTE SAFETY R A ZO R CO. (THE).— Incorp. In Delaware
Sept. 20 1917 (V. 105, p. 1108, 1213), succeeding Mass, corporation.
Plants located at Boston, Mass., Montreal, Canada, and Slough Bucks,
England.
STOCKS AND BONDS—- Bate of Int. Outstanding. Bds. when Due.
Stock— C om 2,000,000 shs(no par) ____
2,000,000 shs _____________
STOCK.— The shareholders on Oct. 6 1924 increased the authorized capi­
tal stock from 500,000 shares to 2,000,000 shares of no par value. Stock­
holders o f record N ov. 1 1924 received on Dec. 1 1924, 4.7 additional shares
of stock for each share held, making 2,000,000 shares outstanding. V . 119,
p. 1401, 1740.
Canadian C o., see V. 109, p. 1464.
D IV ID E N D S—
1919. 1920. 1921. 1922. 1923. 1924. 1925.1926.
Cash (regular)_________
$9 $10 $12
$12 $12 $12
$2% $3M
Cash (extra)___________ $1
$2
____ ____ ____ ____ 75c $1M
Stock_____________ ____ __________ 10% 10% 10% * 5 % ____ ____
* Stockholders of record N ov. 1 1924 also received 4.7 additional shares
of stock for each share held.
Paid in 1927: M a r.l, June 1, Sept. 1 and Dec. 1, $1 quar. and 12}4c. extra
quar. Extra of 50c. per sh. paid Dec. 1.
REPO RT.— For 1926, in V. 124, p. 914, showed:
The sales include the sales o f subsidiaries in England, France and Canada.]
Total Sales (Incl. Sub.Cos.)
Net Earn’gs eEarns. Per
No. Bazors.
Doz. Blades.
Before Taxes.
Share.
a$6.66
1926_____ _______ _____ Not available---- -—- a$13,311,412
b52,983,533
al2,089,857
a6.04
1925_____ ______14,862.098
b42,604,498
al0,122,473
a5.06
1924_____ _______ 8,438,576
29,061,634
4.21
1923. . . . ____ 7,798,781
8,411,776
24,082,970
7,602,939
3.80
1922 ____ . . . 3,420,895
19,531.861
7,008,564
3.50
1921_____ _______ 4,248,069
19,051,268
6,803,407
3.40
1920_____ ______ 2,090,616
dl7,320.517
6,025,350
3.01
1919_____ _______ c2.315,892
dl2,895,618
5,252,136
2.63
1918_____ _______ c4,580,987
9,619,030
4,603,782
2.30
1917_____ _______ 1,094,182
782,028
7,153,466
3,192,832
1.60
1916--------_______
a After reserves for taxes. &c. b Packets o f ten blades. c Including
sales to U . S. Govt., 447,457 in 1919 and 3,479.442 in 1918. d Including
sales to U. S. Govt., 2,214,566 doz. in 1919 and 3,002,355 doz. in 1918.
e Based on present 2,000,000 no-par shares outstanding.
Latest Earnings. —
Period End. Sept. 3 0 — 1927—3 M bs.—1926.
1927—9 M os.—1926.
Net income after deprec­
ia tio n , taxes, & c____ $3,175,852 $3,215,146 $10,030,431 $9,301,463
Earns, per share on 2,000,000 shs. of nc par
capital stock outst’d’g
$1.59
$1.61
$5.02
$4.65
OFFICERS.— Chairman, J. E. Aldred; Pres., King C. Gillette; V.-P. &
Gen. M gr., Frank J. Fahey; W m. E. Nickerson, Thomas W. Pelham and
Ralph E. Thompson, V.-Pres.; W m. J. McCarthy, Treas.; F. G. Flynn,
Sec.— (V. 125, p. 2154.)
GIMBEL BROTHERS, INC.— Incorp. under laws of New York on Aug.
22 1922. Conducts department stores in New York City, Philadelphia and
Milwaukee. In April 1923 acquired Saks & Co. Compare V. 116, p. 1901.
In Dec. 1925 acquired the entire stock o f Kaufmann & Baer Co. o f Pitts­
burgh. V. 121, p. 2883.
STOCKS AN D BONDS—- Bate of Int. Outstanding. Bds. when Due.
622,500 shs ------------------Stocks— Com 622,500 shs (no par) ____
Pref cum red 115 $21,000,000
($100)_____________________ 7 Q-F
$21,000,000 ------------------STOCK.— The stockholders on Dec. 29 1925 ratified the proposal o f the
directors to increase the preferred stock from 180,000 shares to 210,000
shares (par $100) and the common stock from 600,000 shares to 622,500
shares (no par value).
D IVIDEN DS.— On pref., in full to date. N c payments on common.
RE PO RT.— For year ended Jan. 31 1927, in V. 124, p. 1986, showed:
Years End. Jan. 31—
1927.
1926.
1925.
1924.
Net sales_____________ $122,679,533$110,102,565$102,110,802$101,544,467
Cost o f goods sold______118,871,963 104,335,615 96,078,439 93,215,821
Federal income tax____
450.000
610,000
550,000
950,000

[V ol. 125.

OFFICERS.— Pres., Adrian D . Joyce; V.-Pres., O. A . Hasse and R . W .
Levenhagen; Sec. & Treas., R. H. Horsburgh. Office, Cleveland, Ohio.
— (V. 125, p. 103.)
GOLD DUST C O RPORATION .— Organized in Sept. 1923 with an
authorized capital of $5,000,000 non-cumul. 6% pref. stock, par $100, and
325,000 shares of com. stock, no par value. It succeeded to the soap and
washing powder business (the manufacture and sale of Gold Dust, Fairy
Soap, Sunny Monday Soap and like products) formerly carried on by The
N. K . Fairbank Co., a subsidiary of American Cotton Oil C o., and all of
Its then outstanding stock was issued to The N. K Fairbank Co. and
American Cotton Oil Co. for property. On Dec. 1 1925 acquired the busi­
ness of the F. F. Dailey Corp., manufacturers of Two-in-One, Bixby’s and
Shinola shoe polishes. V. 121, p. 2164, V. 123, p. 2398.
A plan for the exchange o f stock of Gold Dust Corp. for stock of American
Cotton Oil C o. was formulated under which pref. and com . stock of American
Cotton Oil Co. were made exchangeable for stock of Gold Dust Corp. in
the ratio of one share of com. stock of Gold Dust for one share of the pref.
stock of American Cotton Oil Co. and one share of com. stock of Gold Dust
Corp. for each three shares of the com. stock of American Cotton Oil Co.
In furtherance of this plan there was organized in Dec. 1923 the F. S. Corp.
in New Jersey. To this corporation were transferred the pref. and com.
stock of American Cotton Oil Co. deposited under the plan for exchange of
stock of Gold Dust Corp. By consolidation agreement, dated Jan. 22
1924, the F. S. Corp. merged with and into Gold Dust Corp. This merger
effected the transfer to Gold Dust Corp. of the deposited stock of American
Cotton Oil Co., consisting of over 93% o f each class. The capital of Gold
Dust Corp. continued the same. $1,660,000 of its pref. stock were reissued
to American Cotton Oil Co. and $4,000,0(X) pref. and approximately 50,000
shares of its com. stock to N . K. Fairbank Co. Arrangements were made
for the exchange o f further stock o f the American Cotton Oil Co. for stock
of Gold Dust Corp., &c., in the above ratios. As of Aug. 31 1926Gold Dust
Corp. owned over 99% of pref. and over 99% o f common stock.
STOCKS AND BONDS—- Bate of Int. Outstanding. Bds. when Due.
Stock— Com (v t c) 325,000 shs
(no par)----------------------------- -----288,093 shs _____________
Bonds— Serial notes dated 1925 / 6 M -N
$752,000
1927-1930
\Int. at C o.’s office, 44 Beaver St., N .Y .C .
Amer Cotton Oil Co 20-yr gold f 5 g M -N
$5,000,000 M ay 1 1931
red 105 $15,000,000 ($1,000) (In t. at New York Trust Co., New York.
Ce.xc* [
STOCK.— The stock is deposited under a voting trust agreement, dated
fan. 28 1924 and expiring July 1 1931. The voting trustees are Francis D.
Bartow, Ray Morris, George K. Morrow and John Foster Dulles.
D IV ID E N D S .—Initial div. of 75c. a sh. on com. paid N ov. 1 1927.
REPO RT.— For year ended Aug. 31 1927 in V. 125, p. 2394 showed:
Years Ended Aug. 31— 1926-271926.
1925.
1924.
Profit___________________$2,354,278
$1,316,368
$987,225 $1,129,099
Depreciation___________
252,833
174,280
138,898
156,767
273,795
274,713
170,442
367,882
Interest_______________
Balance_____________ $1,827,650
Other income__________
______

$867,375
______

$677,885
______

$604,459
68,648

Net profit___________ $1,827,650
$867,375
$677,885
$673,098
OFFICERS.— Pres., George K. Morrow; V .-P ., T . A. Morrow; Sec. &
Treas., Randolph Catlin; Asst. Sec. & Asst. Treas., J. F. Forsyth. Office,
44 Beaver St., New York.— (V. 125, p. 2394.)
GOOD HOPE STEEL & IRON W ORKS, G E R M A N Y — (V. 123, p.
3191.1
(B. F.) GOODRICH CO. (TH E).— O RGAN IZATION .— The company
was founded in 1870 and operated as an Ohio corporation until April 1 1912.
Reincorp. in N. Y . M ay 2 1912, and in June 1912 acquired Diamond Rubber
Co. (V. 93, p. 1262), having adjoining plant at Akron. O. V. 94, p. 829,
1386, 1629. Manufactures a large variety of rubber goods, including
automobile tires.
In July 1921 organized the International B. F. Goodrich Co. V. 113,
p. 188. In Jan 1925 acquired control of the Ames-Holden Tire & Rubber
C o., Ltd. The Canadian business is now operated under Canadian Goodrich
Co., Ltd., with head offices at Kitchener, Ont. (V. 120, p. 835); British
Goodrich Rubber C o., Ltd. (V. 118, p. 3204). Owns a one-third interest in
the American Anode, Inc., organized in Oct. 1926. V. 123, . 2523. Late in
1927 formed the Pacific Goodrich Co. with a plant at Los Angeles, Calif.
V. 125, p- 2272.
Balance to su rp lu s... $1,887,570 $3,896,950 $4,222,363 $6,223,646
STOCKS AND BONDS—
Bate of Int. Outstanding. Bds. when Duey Includes other income o f $1,001,00C, being proceeds from insurance Stocks— Com 750,000 shs (no par) -----601,710 sh
_____________
policy on life o f an officer.
Pref cumulative ($100)----------- 7 Q-J
$35,096,000 _____________
O FFIC E R S.—Chairman, Isaac Gimbel; Pres., Bernard F. Gimbel; Bonds— 25-yr 1st M red 107 f_ 6 l g_J-J $23,044,500 July 1 1947
A
Y .-P ., Ellis A. Gimbel; V.-P. & Sec. & Treas., Richard Gimbel. Office,
$25,000,000 ($500 & $1,000) Int. at Banker Trust C o., N . Y ., trustee.
Ba.c*
Broadway & 33d St., New Y o rk .—(V. 125, p. 2675.)
GLIDDEN CO. (THE)— Incorp. under laws of Ohio on Dec. 11 1917. Serial gold dated 1926 due $5,5 g J-J
$10,000,000 T o Jan 15 1929
Manufactures paints, varnishes, lacquers, dryers, japans, chemicals, oils,
000,000 ann red (text) $l5,- Int. at Dillon, Read & C o., New York.
colors and all allied products, also litnopone, edible oils and nut margarine.
000,000 ($1,000) — Ba.xxxc*
STOCKS AND BONDS—
Bate of Int. Outstanding. Bds. when Due.
STOCK.— Preferred may be redeemed at not exceeding 125 and divs. At
Stocks— Com 500,000 shs (no par) ____
400,000 shs ------------------least 3% of pref. stock must be retired yearly after July 11913 from surplus
Prior pref cum red 105 $7,500,profits before divs. are paid on com. stock. Entire voting power for elec­
000 ($100)________________ 7 Q-J
$7,160,900 -------------------tion of directors is vested in common stock until four quarterly preferred
divs. are in default. V. 94, p. 1629.
Bonds— 15-yr 1st M serial gold f 6 g M-S
$2,800,000 Mar 1 1940
The stockholders on April 16 1924 voted to reduce the authorized com
red 102 ($500&$1000) kxxxc* <Int. at Union Tr. Co., Cleveland, or Chase
stock from 1,500,000 shares to 750,000 shares.
( Nat. Bank, New York.
BONDS.— First Mtge. 6 H % gold bonds, V. 115, p. 188.
STOCK.— The stockholders on Jan. 18 1924 authorized the creation of a
new issue o f $7,500,000 7% prior preferred stock. The new stock was
NOTES.— The 5% serial gold notes are redeemable as a whole on any Int.
offered to holders of the old preferred stock in the ratio o f 116 shares of new date on 30 days’ notice at 100 and int. plus a premium of
% for each 6
stock for 100 shares of old pref. stock, which included payment of all months from date of red. to the date of maturity of the respective series.
accumulated dividends up to April 12 1924. Compare V. 117, p. 2776.
D IV ID E N D S.— Dividends on pref. have been declared regularly 1M %
The stockholders on Aug. 17 1925 approved an increase in the authorized auar. to and incl. Jan. 2 1928. On common 1% was paid Aug. and N ov. 15
common stock from 360.000 shares to 500,000 shares. Approval was also 1912 and Feb. 1 1913; then none till Feb. 1916 to N ov. 1919, 4% per annum
given for the sale o f 40,000 shares o f such stock at $20 per share, through (1% Q -F .). In Feb. 1920 paid 1% quar. and
% extra, and
offering the holders o f the outstanding common stock o f record July 22 1925 to Feb. 1921 paid $1 50 quar.; then none until Aug. 15 1925, in May 1920
when $1 oer
the privilege o f subscribing for one share for each nine shares held.
share was paid; same amount paid quar. to Dec. 1 1926. June 1 1927
DIVIDEN DS.— On common stock o f no par value paid 50 cents quar
from April 1 1926 to Jan. 3 1921; then none until Jan. 2 1926, when 50 cents to and incl. Dec. 1 1927, paid $1 quar.
RE PO RT.— For 1926, in V. 124, p. 1349, showed:
was paid; same amount paid quar. to Apr. 1 1927. July div. passed. Initial
1926.
1925.
1924.
1923.
dividend o f 1 l % on prior preferred stock (covering period from April 12
A
$
5
$
S
to July 1 1924) was paid July 1 1924; Oct. 1 1924 to Oct. 1 1927 paid 1M %
Net sales______________ 148,391,478 136,239,526 109,817,685 107,092,730
quarterly.
BONDS.— All of the outstanding 1st mtge. 8% sinking fund gold bonds M fg., &c., expenses_____138,640,094 113,860,422 95,952,161 99,947,324
dated Sept. 1 1921 were redeemed on Mar. 1 1925 at 107K and int.
N etprofit___________ 9,751,384
22,379,105 13,865,524
7,145,406
The $3,600,000 1st mtge. 6% serial gold bonds (sold in Feb. 1925) are Miscellaneous income___
770,289
1,020,035
865,643
863,075
secured by a first (closed) mtge. on all o f the fixed assets, comprising valu­
Total net income_____ 10,521,673 23,399,139
' 14,731,1678,008,481
able land, buildings, machinery and equipment. V. 120, p. 964.
Depreciation.............
2,481,102
2,377,192 2,547,434 2,088,386
R E PO RT.— For year ending Oct. 31 1926, in V. 124, p. 379, showed:
Interest on bonds, notes,
Year Ended Oct. 31—
1926.
1925bills payable, &c_____ 2,975,460 1,927,500
2,361,228
2,894,711
Sales____________________________________________ $25,431,664 $23,769,396 Provision for Fed. taxes.
______
2,350,000
Cost o f sales, expense, &c_______________________ 22,462,289 20,419,319 Reserve for contingencies
______
4,000,000
1,000,000
______
Interest, &c_____________________________________
516,169
564,605 Preferred divs. (7 % )___ 2,560,670
2,314,620
2,460,150 2,543,310
Depreciation____________________________________
323,260
300,715 Common dividends____ 2,406,240
1,202,800
Federal tax_____________________________________
268,000
275,600
Balance, surplus_____
98,200 9,227,028
Net profit_____________________________________ $1,861,945 $2,209,757 Previous surplus_______ 24,770,125 17,609,966
T o t a l_______________ 24,858,325 26,836,994 17,469,304 11,276,688
Previous surplus________________________________
5,429,394
3,084,803
Profit & Loss Items—
Excess received on common stock sold__________
______ x l ,024.268
Miscellaneous credit adjustment-------------------------14,971
9,287 Pref. stock & bond red'n Cr. 13,875 Cr.58,643 Cr.140,663 Cr.330,262
Sur. previously approp.
Fixed asset adjustment__________________________
yl93,061
-----for amort, of war facil.C rl,225,064
------------------------685,692
-----------------$7,499,371 $6,328,115 Fed. tax (1924 earnings) 1,762,505
Total surplus--------------------497,800
500,396 D iff’ce betw. cost of affil.
Prior preferred dividends (7% )
cos. acq.& val. of assets 3,187,279
------------------------798,750
Common dividend ($2)----------Cost of issuing 6K % bds
______
1,439,821
----------------500,000
Reserve for contingencies-------Est. earthquake loss____
______
______
______
y500,000
109,518
Inventory adjustment________
Premium on bonds retired____
383,816
Total profit & loss sur. 21,157,480 24,770,125 17,609,966 11,106,950
12,645
14,509
Miscellaneous adjustment-----y Provision for est. losses on investm’ts in Japan caused by earthquake.
Profit and loss surplus------------------------------------ $5,580,658 $5,429,394
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 1349.
x Excess o f net amount received over declared value of $5 per share on
OFFICERS.— Chairman, D . M . Goodrich; Pres., H. Hough; 1st V .-P .,
77,045 shares o f no par value common stock sold during year 1925. y Credit
J. D . Tew; V .-P ., W . O. Rutherford; Sec., S. M . Jett; Treas., V. I. M onarising from the adjustment of book value o f fixed assets o f Lithopone
tonyohl. Office, Akron, Ohio.— (V . 125, p. 2272.)
plant at Oakland, Calif., to conform with book value as o f Oct. 31 1926.

Preferred dividends___ 1,470,666




1,260,660

1,266,666

1,155,666

Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

GOODYEAR TIRE & RUBBER CO. (THE)— ORGANIZATION .—
Incorp. in Ohio on Aug. 29 1898. Perpetual charter. Owns fireproof plant
at Akron, O., capable (V. 109, p. 1703) of producing tires and other rubber
goods; owns rubber lands in Sumatra; cotton lands in Arizona. V. 106, p.
293. Controls entire $4,000,000 com. stock of Goodyear Tire & Rubber Co.
o f Calif., which see below. Also controls, through stock ownership, the
Goodyear Tire & Rubber Co. of Canada, Ltd. Compare V. 123, p. 2398.
The Goodyear Tyre & Rubber Co. of Australia, Ltd., and The Goodyear
Tyre & Rubber Co. of Great Britain (1927) Ltd. Acquisition of coal lands.
V. 110, p. 875.
Products.— The company’s products are: automobile tires and tubes,
balloon tires; solid cushion and pneumatic truck tires and tubes; motorcycle
tires and tubes; airplane tires, carriage tires, and tire accessories and repair
materials, rubber tire chains, golf balls, Goodyear “ Wingfoot Rubber Heels
and Soles,” mechanical rubber goods which includes: transmission, con­
veyor and elevator belting, farm belts, rubber and asbestos packing for
steam, water and air pipes; printer’s supplies including lithographers’ and
printers’ blankets, printers’ rolls, rubber rolls, cutting rubbers and rubber
bands. Molded goods which include: valves, bumpers, diaphragms, etc.
A complete line of hose for industrial, railroad, municipal, farm and lawn
uses. Aeronautical goods which include: balloons, airships and rubber
parts for airplanes. Products are distributed through 114 branches in the
IT. S. and through branches and agencies in most o f the important centres
o f the world.
Settlement of Litigation.— On M ay 15 1927, it was announced that settle­
ment had been reached of various stockholders’ suits relating to the Com­
pany and the Refinancing Plan of 1921. In July, a stockholders’ meeting
was held confirming the authorization o f $60,000,000 1st mortgage and
collateral trust 5% bonds, and authorizing the creation of a 1st preferred
stock. The proceeds from the sale of the bonds were devoted to the retire­
ment of 8% debenture bonds, which were called for redemption on Aug.
12 1927, for the retirement of 8% prior preference stock which was called
for redemption Sept. 8 1927, and for the retirement o f 8% first mtge. bonds
which have been called for redemption on N ov. 1 1927. The 10,000 shares
o f management stock were cancelled.
STOCKS AN D BONDS—
Bate of Int. Outstanding. Bds. when DueStocks—-Com 1,450,000 shs (no
830,697 shs ____________
par)---------------------------------- . -----1st pref. 1,000,000 shs. (no f
579,834 shs. _____________
par)______________________ J 7 Q-J
$18,192,900 ____________
Preferred $100,000,000 ($100). 7 Q-J
$60,000,000 M ay 1 1957
Bonds— 30-yr 1st M & coll trust J 5 M -N
($500 & $l,000)--C IC l.cccx* \Int. at Dillon, Read & C o., New York,
$7,500,000 Dec 15 1928
3-yr gold notes red (text) ($500 f 5 g J-D
& $1,000)___________ kxxxc* \Int. at Dillon, Read & Co., New York.
STOCK.— 1927, the stockholders at a special meeting authorized the
creation o f 1,000,000 shares of a new preferred stock called 1st preferred
without par value with the provision for cumulative dividends at the rate
o f $7.00 per year. It is retireable at $110 per share in the event of voluntary
liquidation and at $100 per share on involuntary liquidation. The 1st
preferred stock contains a sinking fund provision commencing June 30
1928, which provides that a sum equal to 10% of the amount of the con­
solidated net earnings of the company and of all of its subsidiaries for the
preceding fiscal year shall be set aside, with certain allowances provided,
as a sinking fund for the purchase or redemption of 1st preferred stock. It
was provided that preferred stockholders be solicited to determine how
many would consent to the excnange of each share of their preferred stock
for IH shares o f the new 1st preferred stock, and if a sufficient number,
in the opinion of the Board of Directors, consented to make the exchange
then the new 1st preferred stock would be issued and exchanged for the
old preferred stock. A sufficient number o f stockholders consented to
exchange their stock and the plan of exchange was declared operative,
effective Oct. 1 1927. As of N ov. 21 1927 over 80% of the old stk. had been
exchanged.
Dividends.— On preferred stock have been paid through Oct. 1 1927, and
a dividend o f $1.75 per share has been declared payable on Jan. 1 1928, to
preferred stockholders of record Dec. 1 1927. A dividend of $1.75 per share
has also been declared on the new 1st preferred stock, payable Jan. 1 1928,
to stockholders of record Dec. 1 1927.
BONDS.— The 1st mtge. and collateral trust bonds are red. all or par*
by lot, at any time, on 30 days’ notice, at following prices and int,; to and
incl. M ay 1 1929 at 101; thereafter to and incl. M ay 1 1937 at 103; there­
after to and incl. M ay 1 1947 at 102; thereafter to and incl. M ay 1 1952
at 101; and thereafter at 100. Mortgages will provide for an annual pur­
chase fund, payable semi-annually, of $600,000, or 10% of consolidated
earnings, to be defined in the mortgage, for the preceding fiscal year after
allowance for dividends on preferred stock, whichever is greater, to be
applied to the purchase of bonds at not exceeding 101 and int, unexpended
bal. reverting periodically to the co. Sec. by direct 1st mtge. upon fixed
assets (to be defined in the mortgage) of the company, now and hereafter
owned, carried on the books as of Dec. 31 1926 at approximately $45,000,000 after depreciation; by pledge of stocks of certain subsidiaries, including
stocks representing a net worth of over $25,000,000 as shown by the books
o f the respective subsidiaries as o f Dec. 31 1926, and by pledge of obligations
totaling more than $20,000,000, representing advances to subsidiaries.
— V. (124, p. 3075.)
5% Gold Notes.— The 3-year 5% gold notes are redeemable at 101 and int.
on June 15 1926, and thereafter at 1 0 0 and int. On Dec. 15 1927, $7,500,000 (half of the entire issue) were called for redemption. V. 121, p. 2884.
R E PO RT.—-For calendar year 1926, in V. 124, p. 914, showed:
al926.
1925.
1924.
1923.
Net sales (less returns
disc’ts & freights) incl.
ship’ts to sub. cos. and
foreign branches___ $230,161,357$169,470,1121115,323,173S106,026,109
Deduct mfg. cost & sell.
& general expense.__y215,240.428 151,822,651 101,004,330 95,250,572
$14,920,929 $17,647,461 y$14318,843 $10,775,537
Add surp. net profits of
sub. cos. and foreign
branches & other in c .. c l , 517,962 8,637,211
3,044,319
1,944,597
Total earnings_______$16,438,890 $26,284,672 $17,363,162 $12,720,120
Profits of California c o ..
______
______
______
x641,396
Balance, surplus_____$16,438,890 $26,284,672 $17,363,162 $12,078,731
Interest charges
4,991,554
3,970,199
4,095,118
4,410,787
Loss on property liquid
ated, &c____________
______
217,999
403,056
208.609
Foreign exchange prov_.
______
359,018
Propr. o f bond & deben.
discount, &c_________
1,344,743
905,518
888,505
1,234,469
Special raw mat’l reserve
______
7,500,000
Prop.of sub. cos. ded’ted b l , 303,455
Divs. on prior pref. stock\z8,743,444 z5,655,156| 1,149,100
2,729.652
Divs. on preferred stock, j __________
$55,694 $7,850,743 $11,012,440
5,136.194
Add profits o f California
co. as above_________
______
______
______
641,396
Previous surplus_______ 30,649,320 22,798,576 11,786,136 __________
8,008,542
Profit & loss surplus___ $30,705,014 $30,649,319 $22,798,577 $11,786,136
a The 1926 report is a fully consolidated profit and loss account o f the
company and its sub. cos. throughout the world; not so the previous years.
b Profits o f sub. cos. applicable to stocks not held by Goodyear Tire &
Rubber C o.: (a) Current dividends on pref. stocks, $943,834; (6) equity in
undistributed earnings, $359,621; rubber income only.
xApplied in reduction of California deficit and consequently an addition to
parent co. equity, but not available for interest, &c. y Includes Federal
taxes in 1926, 1925 and 1924, and in 1926 after charging excess cost of rubber
and cotton to the net amount o f $5,250,000 to special raw material reserve
previously created therefor, z Representing dividends on prior pref. stock
and pref. stock less the dividends on the stocks held by subsidiary com­
panies.
BALANCE SHEET as o f Dec. 31 1926, giving effect to new financing,
in V. 124, p. 3075.
OFFICERS.—-Chairman, John Sherwin; Pres., P. W . Litchfield; V .-P.,
P. K. Espenhain, C. F. Stone, C. Slusser and Chas. A Stillman: Treas.,
P. H. Hart; Sec., W . D. Shilts; Compt., C. H. Brook. For proposed list of
new directors see V. 124, p. 3075. Office, Akron, Ohio.— (V. 125, p. 2817.)
GOODYEAR T IR E & RUBBER CO. OF CALIF.— Incorporated in
California July 11 l9 l9 . Entire outstanding common stock, $4,000,000
controlled by Goodyear Tire & Rubber Co. o f Akron, Ohio.




187

STOCKS AND BONDS—
Bate of Int. Outstanding. Bds. when Due.
Stock— Com. $10,000,000 ($100). ____
$4,000,000 _____________
Pref cum call 105 till 1929 f
& at 110 afterwards $10,-{ See text Q-J $7,995,700

000,000 ($100)__________I

Bonds—-5-yr skg fd gold notes f 5}4 g F-A
$4,691,000 Feb 15 1931.
red (text) ($1,000)_ kxxxc* {In t. at Dillon, Read & Co., N. Y ., or
_
l Pacific-S. W . Tr. & S. B ., Los Angeles.
D IV ID E N D S.— A quar. div. of 1M % on the pref. stock was paid April
1 1924, this being the first payment since Oct. 1 1920; same amount paid
quar. to Oct. 1 1927. Also paid 1M % on account of accumulations in Jan.
1925, April 1925, July 1925 and Oct. 1925 and 14% in April l926.
FUNDED D E B T .— The 5-year 5 H % sinking fund gold notes are
redeemable as a whole or in part by iot, on any int. date after 30 days’
notice, at 102 and int., to and incl. Feb. 15 1927; thereafter at 101 and int
to and incl. Feb. 15 1929; and thereafter prior to maturity at 1 0 0 and int’
An annua) sinking fund of $200,000, payable semi-annually Feb. 15 and
Aug. 15 (first payment Aug. 15 1926, last payment Aug. 15 1930), will be
provided to purchase these notes at not exceeding 100 and int., any unex­
pended balances to revert to the companv. V. 122, p. 13l9 Report for
1925 in V. 122. p. 2200— (V. 124, p. 1987.)
GRANBY CONSOLIDATED MINING, SMELTING & POWER COLTD. (THE).— ORGANIZATION.— Incorp. March 29 1901 in British
Columbia. Owns low-grade copper, &c., deposits; also coal properties and
colliery. V. 79, p. 1644; V. 81, p. 1490; statement to N. Y. Stock Exchange
V. 85, p. 403; report of expert, V. 91, p. 1250; V. 96, p. 289. In 1907 a
large interest was acquired in the Crow’s Nest Pass Coal Co. which pro­
vides the coal supply. V. 88, p. 155. In 1923 acquired the capital stock
o f the Allenby Copper C o., Ltd. V. 116, p. 2394. On Dec. 1 1926 the
Allenby Copper Co. Ltd. was absorbed by merger.
STOCKS AND BONDS—
Bate of Int. Outstanding. Bds. when Due
$34,887,165
Stocks— Com $50,000,000 ($100). ____
Bonds— 15-yr 1st M conv ser A / 6 g M -N
$877,000 M ay i 1928~
gold red (text) ($100 &c).xc*\Int. at Title Guaranty & Tr. Co., N . Y .
Conv 5-yr deb bonds red 105/ 7 M -N
$2,403,000 M ay 1 1930
$4,000,000 ($100 &c)-----------(Int. at Title Guaranty & Tr. C o., N. Y .
STOCK.— The stockholders on Feb. 8 1923 approved an increase in
the authorized capital stock from $25,000,000 to $50,000,000.
D iV .l ’ 13. Y4. A u g .'l S t o M a y ’ lQ. A u g .& N o v 16. 17.
18. 1919 1920-26
% I 6
3 6 % ( m % Q .- F . ) 2% each 2Hqu. 10
. None
Paid in 1927: July 1, $1.
n
6
.stockholders In i913 auth. $5,000,000 15-year bonds, aubj. to call after
ii years at 105 and in t., with sink. fd. of 4% of bonds issued, to purchase uo
o 110 and then call at 105, and conv. into com. stock at not less than parsenes above present $3,440,000 (convertible Into com. stock at par until
Hay 1 1923) limited to $650,000. The $2,000,000 Issue of 1915 and future
•sues will be redeemable at 110 by lot by an annual sinking fund of 10% of
itt earnings or 1 % of copper ore mined (except at Phoenix). V 96 n 289
18: V. 100. p. 1513. 1596: V. 98. p. 1319. 1611: V. 101. p. 1275
’
The 5-year 7% convertible debentures were redeemed July 20 1927 at
105 and int.
RE PO RT.— For 1926, in V. 124, p. 2288, showed:
Calendar Years—
1926.
1925.
1
1924
Gross income____________$8,718,233 $6,749,831 $6,172,777 $7,691,856
Operating costs________
6,337,521
5,086,858
4,699,849
6,185,448
Expenses, taxes. &c____
379,247 _ 389,577
_
385,852 _ 510,619
Net operating income. $2,001,465 $1,273,395 $1,087,076
$995,788
Other income__________
121,796
96,796
31,056
67,870
Total income________ $2,123,261
$1,370,191 $1,118,132 $1,063,658
Interest, &c.
251.350
262,956
285.740
286,332
Deprec’n, depletion, &c. 2,399,684
1,610,982
1,604,765
1,494.613
Balance, deficit______
$527,773
$503,747
$772,373
$717,287
Profit and loss, d eficit.. 3.173,051 $2,645,278 $2,156,811 $1,423,366
Period End. Sept. 30—- 1927-—3 Mos.-— 1926.
1927— 9 M os.— 1926.
Copper produced (lbs.). 13,259,896 10,182,038 41,623.614 29,091,960
Over monthly produc’n . 4,453,299 3,394,013
4,624,846
3.232,440
Aver, cost, in cents per lb
9.887
7,890
9.805
8.542
Operating income______
$341,082
$606,133 $1,176,363 $1,553,338
_
45,072
58,368
Miscellaneous income_
120,794
142,090
$386,154
Total income________
..-SO I $1,297,159 $1,695,428
B ond interest__________
11,518
68,936
114,982
208,431
N e t in c o m e -----------------

$ 3 7 4 ,6 3 5

$ 5 9 5 ,5 6 5

$ 1 ,1 8 2 ,1 7 6

$ 1 ,4 8 6 997

OFFICERS.— Pres., J. T . Crabbs; Sec., Henry G. Lodge; V.-P & Gen
M gr., Charles Bracking; Treas., H. R. Plommer. Office, 718 Granville
S t., V a n co u v e r, B . C .; N e w Y o r k o f fi c e , 25 B r o a d S t.— (V . 125, p . 2 3 9 5 .^

GREAT NORTHERN IRON ORE PR O PF R T IE S.— In July 1917
M A. Hanna & Co. of Cleveland, O., took over under lease substantially
all the active controlled properties on the Mesaba range not theretofore
leased, leaving free only about 15% of the original holdings. See V. 105
p. 184. The trustees are Louis W . Hill, James N. Hill E. T Nichols
and Ralph Budd. The 1,500,000 shares of beneficial interest equal to the
number of shares of stock held were issued Dec. 1906 to Great Northern Rv
stockholders
Properties, &c., V. 104, p. 2346; V. 103, p. 58; V. 94 p 55V. 99. p. 1751: V. 104, p. 955; V. 109, p 69. 1277.
P
STOCKS AND BONDS—
Bate of Int. Outstanding. Bds. when Due.
Stocks— Trust ctfs 1,500,000 shs
(no par)-------------------------------- -----1,500,000 shs _____________
L A T E D IV S .
'1 5 . '1 6 . T 7 . ’ 1 8 « o '2 1 .
P e r s h a r e ------------- 5 0 c. $1M $1K
$4 yrly.
P a id in 1927: A p r il 3 0 , 75 c e n ts ; D e c . 2 8 ,
R E P O R T — F o r 1926 in V . 12 5 , p . 8 9 .
N e w Y o r k o f fic e , 32 N a ssa u S t.— ( V . 125 ,

’2 2 . ’2 3 . '2 4 .

$3

$3

75 c e n ts .

’25.

’26.

$4 $1% $1K

'2 7
$ lU

p . 2 3 9 5 .)

GREAT WESTERN SUGAR CO. (TH E)— Incorp. under laws of N J
on Jan. 12 1905. Manufactures beet sugar and by-products
Owns 21
plants, 13 of which are in Colo., 5 in Neb., 1 in W yo. and 1 in M ont.
STOCKS A N D BO N DS—
Bate of Int. Outstanding. Bds. when Due.
Stocfcs-Coml,800,000shs(nopar) ____
1,800,000 shs
P r e f cum $15,000,000 ($100)-- 7 Q-J
$15,000,000 I I I I I I I I I I I I
S T O C K .— O n J u ly 8 1927 t h e a u th o r iz e d co m m o n s t o c k w as ch a n g e d fro m
600,000 shs. p a r $25 t o 1,800,000 sh s. o f n o p a r v a lu e , th r e e n e w shs
w e re e x c h a n g e d fo r each sh a re o f fo rm e r s t o c k . T h e h o ld e r s o f th e p r e f
s t o c k are e n title d t o o n e v o t e fo r e a c h share o f su c h p r e f. s t o c k a n d th e
h o ld e r s o f c o m m o n s t o c k t o o n e -tw e lfth o f o n e v o t e fo r e a ch s h a re o f s u ch
com m on stock .

DIV ID E N D S.— A dividend of $1 per share was paid on the common
s to ck o f $25 par va lu e on J a n . 2 1923: sam e a m o u n t p aid q u a r to Jan 2
1924; A p r il 2 1924 t o J u ly 2 1927 p a id $2 q u a r. O c t . 1 1927 p a id $2 10
p e r sh . t o h o ld e r s w h o h a d n o t e x c h a n g e d th e ir o ld s t o c k fo r th e n ew
I n itia l d iv . o f 70 c e n ts p e r sh a re o n th e n e w s t o c k p a id O c t . 2 192 7.
R E P O R T .— F o r y e a r e n d e d F e b . 28 192 7, In V. 124, p . 2 7 5 6 , sh o w e d :

Consolidated Income Account Years Ended Last Day of February.
1926-27.
1925-26.
1924-25.
1923-24.
$7,784,107 $11,614,119 $13,760,579
314.269
278,738
211,369
Income from investm’ts191.171
454,058
527,895
450.734

P r o fits fr o m o p e r a t i o n - _ $5,222,682
In te re st in c o m e __________
273,050

Int. on money borrowed
Loss on farming, &c.,
side operations______
Deprec. of plants & R R .
Adjust, of construe, in
suspense_____________
Federal taxes__________

$5,686,903
149,227

$8,552,434 $12,420,752 $14,422,682

1,672,860

1,288,343

1,224,511

1,162
1,202,520

499,103

839,949

618,967

1,214,696

$3,365,713 $6,424,142 $10,577,274 $12,004,304
39,001,343 38,427.200 33,699,927 25,145,623
Deduct— Pref. divs.(7% )
1.050,000
1,050,000
1,050,000 1,050,000
Common divs-__(32% )4,800,000i32)4,800,000(32)4800,000(16)2400,000
Profit and loss----------- $36,517,056 $39,001,342 $38,427,201 $33,699,927
Shs. com.outst.(par $25)
600,000
600,000
600,000
600,000
Earns, per sh. on c o m ..$3.86
$8,96
$15.88
$18.26

188

[V ol. 125.

INDUSTRIAL STOCKS AND BONDS

OFFICERS.— Pres., W . L. Petrikin; 1st V .-P. & Gen. M gr., W . D.
LIppitt; V .-P ., Chas. Boettcher;V.-P., B. A . Tompkins; Treas., M . D.
Thatcher; Sec., S. P. Saunders. General offices, Sugar Bldg., Denver.
Colo.— (V. 125. p. 2676.)
(JREENE CANANEA COPPER CO.— ORGAN IZATION.— Incorp. In
Minn. Dec. 26 1906 and acquired nearly all o f the 1,000,000 shares of the
capital stock of Greene Consolidated Copper Co. (W. V a.), which in turn
owned all the shares of the Gananea Consolidated Copper Co. of Mexico
In June 1917 arranged to purchase outright the properties of the last-named
company. See V . 105. p. 75, 184; V. 104, p . 2455.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
$50,000,000
......... ..........
Stocks— Com $60,000,000 C$100). -----DIVIDEN DS—
11912. 1913. 1914. 1916. '17. ’ 18. ’ 19. 1920.
Per cent........... ................\ 3Ji
2%
2
8
8
8
IX
1
A dividend of $1.50 was paid Feb. 24 1919; none thereafter until Aug. 23
1920, when 50c. was paid; same amount paid N ov. 22 1920; none since
RE PO RT.— For 1926 showed:
Calendar Years—
1926.
1925.
1924.
1923.
Gross income___________ *$4,844,423 $4,443,238 *5.340.596 *6,497,318
Expenses, taxes, &c____ 3,823,827
3,500,477
4,828.461 6,192,055
Depreciation___________
436,138
347,347
409,523
376,036
Interest paid__________
______
5,462
46,490
85,158

1926.
1925.
1924.
1923.
Calendar Years—
$
$
$
$
Depletion & deprec’n _..y 4 5 ,293,761 y36,959,716 32,514,540 34,825,068
______
______
______
4,044,364
Shrinkage in val. o f inv.
T a x e s ..................
19,106,642
17,221,520 13,053,0381 13,286,481
Interest, &c----------------- 3,973,436
3,823,183 4,021,395/
Net profits--------------- 35,098,078
Dividends (6% p - a . ) . . . 6,598,271
Additions to surplus (af­
fecting prior years)
Dr2523,943

35,000,761 19,166,795
6,554,731
6,523,230
________

________

14,323,342
6,523,229
Cr. 1,342

Balance, surplus_____ 25,975,864 28,446,029 12,643,565
7,801,455
x Inclufing $2,948,543 appreciation in value of inventories (oil), y In­
cludes drilling costs.
Pres., W . L. Mellon. Office, Pittsburgh, Pa.— (V. 125, p. 2817.)
GULF STATES OIL & REFINING CORP.— Incorp. in Delaware.
The properties of .the company are as follows: Number o f acres, 10,292;
number of producing wells, 94; number o f drilling wells, 8; present daily
production, 9,276 barrels (wells pinched in and not producing at full ca­
pacity account limited market); wells producing to normal capacity, daily
production, 13,346 barrels.
All of the above acreage located in Union, Ouichita, Calhoun, Brady,
Nevada and Columbia counties, Arkansas.
In Oct. 1923 the company entered into an agreement with the committee
Balance, sur. or def_
$584,458sur.$589,952 sur.$56,122 def.$155,932 for the stockholders of Island Oil & Transport C o., whereby the Gulf States
Corp. offered to exchange shares of its Class “ A ” stock (par $5) for shares
* Includes other income o f $64,823.
of Island Oil & Transport Corp. (par $10) on a share-for-snare basis, each
Pres., Wm. D. Thornton; Sec. <t Treas., Joseph W . Allen. Office. shareholder of Island Oil paying in addition to the exchange o f bis shares
S
on the above basis $3 for each share of Class “ A ” stock o f Gulf States Oil
25 Broadway, N . Y .— (V. 124, p. 3346.)
& Refining Corp. The latter company has also acquired the New Orleans
GUANTANAMO SU GAR CO.— Incorp. in N . J. Feb. 9 1905. Owns refinery of the Island Refining Corp. and a $12,000,000 claim against the
over 100,000 acres o f sugar lands and Centrals Soledad, Isabel and Los Island Oil & Transport Co. Compare readjustment plan of Island Oil &
Canos, with a total capacity for manufacturing about 600,000 sacks per Transport Co. in V. 117, p. 1561; also V. 117, p. 1894.
year. The company’s properties are all situated in the vicinity o f the town
STOCK.— Authorized capital stock (all com m on), 5,000,000 shares
The company owns a majority o f the stock o f the Guantanamo Railroad,
which connects the factories with the deep water piers at Deseo which the (par $5 per share), divided into: 4,900,000 Class “ A ” non-voting stock and
100,000 shares Class B voting stock. Issued: Class “ A ,” 1,500,000 shares;
Railroad owns.
Class “ B ,” 100,000 shares.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
OFFICERS.— Pres., P . D . Saklatvala; V .-P ., J. A . Bruning; V .-P . &
397,490 shs ------------------Stocks— Com 405,000 shs(no par) -----Asst. Treas., C. A . Eastman; Sec. & Treas., P . Rohrbach. Office, 350
Pref red 105 $2,025,000($100). 8 Q-J
$1,904,200 — .................
STOCK.-— Of the $2,025,000 authorized preferred stock, $1,919,000 has Madison A ve., New York.— (V. 117, p . 2896.)
been issued, o f which $14,800 has been purchased for sinking fund, leaving
GULF STATES STEEL CO.— O RGAN IZATION .— Incorp. In Dela­
$1,904,200 outstanding in hands o f public. In addition to the 397,490 ware Nov. 1 1913 as successor of Southern Iron & Steel Co. (foreclosed),
shares o f no par value outstanding as shown in table, there are outstanding per plan In V. 97, p. 1119. Owns blast furnaces, by-product coke ovens,
1,502 shares o f unconverted $50 par value stock.
plant, blooming mill, rod mill, merchant mill, wire mills,
.DIVIDENDS.— Initial cash dividend o f 12%, together with a 10% stock open-hearth steelc., at Alabama City, Ala., and also coal mines at Altoona,
machine shop, A
div., were paid July 1 1915; on July 1 1916, 12% cash and 9% in stock were Sayre and Virginia, Ala., and Iron ore mines at Shannon, Ala. Its products
paid; May 31 1917, 2)S% ; July 31 1917 to July 1920, 2)4% quar. In are pig iron, coke and its by-products, barbed wire, galvanized wire, bar
addition, an extra dividend o f 10% was paid July 1 1920. On Sept. 30 1920 steel, billets, rods and wire nails. V. 101, p. 128, 776.
aid 50 cents quar. and 50 cents extra on the new no par value stock. On
In Jan. 1918 purchased Sayre coal property, 15,000 acres. V. 105, p.
an. 3 and Apr. 1 1921 paid 50 cents quar. On July 1 1921 paid 25 cents; 2547; V. 106. d . 1457.
none since. On new pref. an initial dividend of $1 09 was paid April 1 1922,
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
covering the period from Feb. 10 to Mar. 31 1922; July 1 1922 to Jan. 3
Stocks— Common ($100)------------ -----$12,500,000 _____________
1928 paid 2% quar.
1st pref cum call 110 ($100)
7 Q-J
$2,000,000 _____________
R E PO R T .— For year ended Sept. 30 1926, in V . 123, p. 2914, showed:
Bonds— 15-yr gold debs red — / 5K g J-D $4,000,000 June 1 1942
Years End. Sept. 30— 1925-26.
1924-25.
1923-24.
1922-23.
(text) $4,000,000 ($500 &c)( Interest at New York.
*Gross sugar sales______ $2,958,070 $2,625,915
$2,477,006 $1,620,482
Usm.x&c*(
Molasses sales_________
162,311
314,796
115,034
17,246
STOCK.— First pref., $3,000,000; in treasury Dec. 1926, $1,000,000
Total_________________ $3,120,381 $2,940,711 $2,592,039 $1,637,727 outstanding, $2,000,000. Com. stock auth. and outstanding, $12,500,000.
aProducing & manufac­
D IV ID E N D S.—
’ 16. T 7. T 8. T 9. ’20-’22. ’23. '24. '25. ’26
turing expenses, &c_ 2,706,088
2,676,490
2,321,345
1,839,673
Common (% )-------------- --------------8 10
1
0
3
5
See
Profit on operations-.
$414,293
$264,221
$270,695 loss$201,946 Common (extra)____________ ___ 2)4 . . 25stk
..
text
Other income, credit____
178,829
178,748
167,641
203,984
April 1919 a quarterly common dividend of 1 % was paid; then none until
$593,122
$442,969
$438,336
$2,038 April 2 1923, when 1% was paid; same amount paid quar. to Jan. 2 1924.
Total profits________
Depreciation of mills, &c
257,734
264,401
218,690
246,330 On April 1 1924 paid 1)4 % quar.; July 1 1924 to July 1 1927 paid 1)£%
Federal taxes__________ ______ 45,000 _____ 19,000 ______ 3,000
--------quar.; also paid 11)4% in common stock on Mar. 13 1925. Divs. on 1st
Balance, surplus_____
$290,388
$159,568
$216,646 def$244,291 pref. stock paid or declared in full to and incl. Jan. 3 1928.
Previous surplus_______ 1,944,185
2,310,270
2,264,559 2,609,306
FUNDED D E B T .— The 15-yr. 5)4 % gold debs, are red. in whole at any
--------Prof. fr. pur. o f co’s stk.
3,791
12,426
4,697
time or in part on any int. date on not less than 30 days’ notice, at 105%
A d j.of res.for repl.colon.
and int. if called on or before June 1 1932, the red. price to be reduced by
accts. & invent______Dr.300,000 Dr. 130,000 D r.61,632
Cr. 19,544
)4 % each successive year thereafter. Indenture provides for a sinking fund
Total_________________ $1,938,364 $2,352,265 $2,424,270 $2,384,559 sufficient to redeem over 40% of the entire issue by maturity. Sold
Preferred dividends___
153,520
138,080
114,000
120,000 in M ay 1927 by Hallgarten & Co. at 98% and int. V . 124, p . 3359.
----------------Miscellaneous charges.b62,250
270,000
REPO RT.— For 1926, in V. 124, p. 1833, showed:
P.
& L . sur. Sent. 3 0 .. $1,722,594 $1,944,185 $2,310,270 $2,264,559
1926.
1925
1924
1923
* After deducting sea freight, commissions, &c. a Also includes shipping Gross profits------------------$1,244,761 *1,571,441 $1,493,972 $2,169,863
Depr., taxes, & c.,res’ves
444,969
534,563
534,657
593,342
and general expenses, b Additional reserve for contingencies.
—.
140,000
140,000
140,000
140,000
OFFICERS.— Pres., James H. Post; V .-P ., George E. Keiser; V .-P . & First pref. divs. (7% )% ).
Second pref. divs. (6
______
________
123
2,194
Gen. M gr., G. H. Bunker; Sec. & Treas., John Wollpert. Office, 129 Front Common dividends_____
625,000
625,000
560.663
448,520
St., New York.— (V. 123, p. 2890.)
Balance, surplus-------$34,793
$271,778
$278,530
$985,807
GULF OIL CORP. OF PENNA.— Incorp. in 1922 under laws o f Penna.
to succeed the Gulf Oil Corp., incorp. under laws o f New Jersey. The comPeriod end. Sept. 30— 1927— 3 Mos.— 1926
1927— 9 Mos — 1926
-, through its subsidiaries, conducts an active business in producing, re- Net earnings---------------$342,229
$249,702 $1,005,873
$911,946
g, transporting and distributing petroleum and its products. Owns and Taxes, deprec , &c------192.047
101,414
484,465
347,006
operates (a) producing wells, with its own connecting pipe lines, in Texas,
Oklahoma, Louisiana, Arkansas, Kansas and in Mexico and Venezuela; Net incom e-...............
$150,182
$148,288
$521,408
$564,940
principal refineries located at Port Arthur and Fort Worth, Tex., and
OFFICERS.— Chairman, James Bowron; Pres., _____________; First
Bayonne, N. J., and Girard Point, Philadelphia, Pa.; have a daily capacity V .-P ,, H, Sanborn Smith; V .-P . & Treas., A. R . Forsyth; V .-P . & Gen.
o f 170,000 bbls. o f crude oil; (6) a large fleet o f tank steamers and other M gr., L. E. Geoghegan; Sec., P, R . Owens. Office, Brown-Marx Bldg.,
ocean-going equipment; (c) distributing stations “ at practically all o f the Birmingham, Ala.; New York office, 55 Cedar St.— (V. 125, p. 2272.)
Atlantic seaport cities and at inland points over a large area o f country.
Also controls, through stock ownership, the Venezuela Gulf Oil Co.
(THE M. A.) HANNA CO.— Incorp. Dec. 9 1922 in Ohio to take over th«
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. whenDue. assets and business of M . A. Hanna & Co. and affiliated interests in ore
Stocks— Com $120,000,000 ($25). -----$109,767,900
................... mines, coal mines, vessels and blast furnace plants. The firm o f M . A .
Hanna & Co. was originally established in 1867 under the name o f Rhodes
Bonds— 15-yr s f g deb bonds/ 5 g J-D
$28,904,000 Dec. 1 1937
& Co. In 1885 the business was taken over by the firm of M . A . Hanna &
red 1 0 3 ( $ 1 ,0 0 0 ) __________ \Int.at Un.Tr.Co.,Pitts.,or B krs.Tr.,N .Y.
C o., which thereafter managed and acted as sales agent for a large number
Ser g deb bds dated 1924 duel 5)£ g J-J
$4,000,000 To Jan 1 1928 of operating companies, mostly controlled through stock ownership, until
$4,000,000 ann red 102 ($1 , - / Int. at Union Trust Co., Pittsburgh.
the organization of the M . A. Hanna Co.
000)___________ UPi.kxxxc* {
The M . A. Hanna Co. directly or through subsidiaries owns or operates
20-yr s f deb gold bonds red/ 5 g F-A
$35,000,000 Feb. 1 1947
iron ore mines, lake vessels, docks, blast furnaces, bituminous and anthra­
(text) ($1,000)_ U Pi.kxxxc/Int. at Un. Tr. Pitts., or Bkrs. Tr., N . Y .
_
cite coal mines and coke ovens. It sells iron ore, pig iron, coal and coke
STOCK.— Stockholders o f the Gulf Oil Corp. (of N. J.) had the privilege from its own properties and on commission, and does a general brokerage
of exchanging their shares for shares o f the newly-organized Gulf Oil Corp. business in those commodities.
» f Pennsylvania on the basis o f 12 shares of Penna. Corp. stock (par $25) for
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 500,000 shs (no par) ____
291,844 shs _____________
one share of Gulf Oil Corp. stock (par $100).
1st pref 7% cum red 110 $20,D IV ID E N D S.— Regular rate 5% p. a. in July and Oct. 1913; thereafter
000,000 ($100)---------------------See text
$11,199,400 .......................
6% per annum to and incl. Oct. 1 1922. Jan. 1 1923 to Oct. 1 1927 paid
2d pref 8% cum conv (text) red/ See text
$3,186,000 _____________
1)4% quar. on new stock o f $25 par value.
110 $ 10, 000,000 ( $ 100) . -----------BONDS.— Proceeds o f the 5% debenture gold bonds, due Dec. 1 1937,
were used to provide funds for the retirement o f the Gulf Oil Corp. (N. J.) Bonds— 10-yr s f g debs $15,-/ 6 g F-A
$6,300,000 Aug. 1 1934
12-year 7% sink, fund debenture gold bonds which were called for redemp­
000,000 red(text) ($500&c)kc*\Un. Tr. C o., Cleve., or Bk. of Com., N .Y .
tion on Feb. 1 1923 at 103)4 and interest.
STOCK.— The 2d pref. stock is convertible, prior to Jan. 1 1933, into
A purchase fund of $2,000,000 per ann., commencing N ov. 1 1924, to common shares on
be used to purchase bonds upon tender during each Nov. at not exceeding of 2d pref. stock. the basis of 2)4 shares of common stock for one share
par and int. If in N ov. of any year a sufficient number of bonds shall not
D IV ID E N D S .— The dividend on the 2d pref. stock due to be paid
have been tendered at a price of par or less and accrued int. to exhaust the
purchase fund of that year, the trustee shall on Dec. 1 next thereafter repay in June 1925 was deferred. The dividend on the 1st pref. stock due to be
paid in Sent. 1925 was deferred.
the balance in the fund to the company. V. 115, p. 2052.
The 20-year 5% sinking fund debenture gold bonds o f 1927 are redeem­
FUNDED D E B T .— Tne 10-year 6% sinking fund gold debentures of
able as a whole only on any int. date upon 4 weeks’ notice at 104 and int. 1924 are red., all or part., on any int. date at 102 and int. to and Incl.
if red. on or before Feb. 1 1937, or at 102 and int. if red. after Feb. 1 1937. Aug 1 1929, and at 101 and int. thereafter. A sinking fund will be provided
Sinking fund of $1,500,000 per annum commencing Jan. 1 1928 to be to retire one-half of the debentures by maturity, in annual Installments
used toward the purchase on each Feb. 1 thereafter upon tender made commencing Aug. 1 1925 by purchase at or below the current redemption
during each January, bonds at not exceeding par and int. I f in January price; or, if not so obtainable, by call by lot at that price. Minimum
o f any year a sufficient number o f bonds shall not have been tendered to annual retirements $350,000 debentures. V. 119, p. 461.
exhaust the fund o f that year the trustee shall on Feb. 1 next thereafter
R E PO RT.— For 1926, in V. 124, p . 1076, showed:
repay the balance in said fund to the company. V. 124, p. 380.
Calendar Years—
1926.
1925.
1924.
1923.
R E PO RT.— For 1926. in V. 124, p. 1675, showed:
Net inc. after all charges $3,609,913 *1,958,016
*154,596 *4,276,753
1926.
1925.
1924.
1923.
Interest on funded debt409,485
408,609
592,004
514,792
Calendar Years—
$
$
„ $
$
Depreciation & depletion
1,419,091 1,365,242
1,181,737 1,382,039
Operating revenue_____ 254,718,424 215,661,868 172,481,560 159,057,367 Federal taxes...............
233,656
60,871
32,427
62,080
Operating expenses_____ 153,837,124 127,763,121 108,099,026 98,193,340
Net corporate p ro fit--x $ l,547,681
$123,294d f* l,651,572 *2,327,842
Operating profits_____100,881,300 87,898,747 64,382,534 60,864,027 Previous surplus...........
1,614,052
1,885,542 4,693,095
3,545,004
Other income................... 2,590,617 x5,106,433
4,373,233 5,615,829 Miscellaneous adj........... D r.64,525 0.1 64,2 80 Cr.42,142
...........

S

S

Total...............................103,471,917




93,005,180

68,755,767 66,479,256

Total surplus............... *3,097,208

*2,173,116

*3,083,665

*5,891,147

Nov., 1927.]

189

INDUSTBIAL STOCKS AND BONDS

Calendar Years—
1926.
1924.
1923.
1925.
Dividends paid by Co,:
On 1st pref. 7% cumul
______
395,302
810,901
826,175
On 2d conv. pref. 8%
cumul_______________
______
201,789
207.584
51,896
Divs. paid by other c o .’s
controlled (but not
170,088
wholly owned) (n e t)-.
189,370
179,638
111,867
Surplus carried to bal­
ance sheet_________ $2,907,838 $1,614,052 $1,885,542 $4,693,095
Shs. com. stk. outst’d ’g
282,844
(no par)------------------291,844
282,844
291,844
Nil
Nil
$3.66
Earned per share_______
$1.57
Note.— Dividends have been paid to June 20 1925 on 1st preferred stock
and to March 20 1925 on the 2d convertible preferred stock.
x Applicable tothe M . A. Hanna Co. stock, $1,496,389; applicable to
other capital stock outstanding $51,292.
1927— 9 Mos.— 1926.
Period end. Sept. 30— 1927— 3 M os.— 1926.
Net oper. income______
$914,227
$927,495 $2,028,068 $1,800,547
In terest_______________
293,500
309,736
95,500
99,750
Deprec. & depletion____
346,053
329,472
887,800
842,903
Federal taxes__________
70,099
113,269
54,880
75,269

(QEO. W .) HELME CO.— O RGAN IZATION .— Incorp. In New Jersey
Dec. 4 1911 and took over snuff factories at Yorklyn, Del., and Helmetta,
N. J., formerly owned by American Snuff Co. V. 93, p. 1605: V. 94, p. 282.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when D u e .
$6,000,000 — .................
Stocks— Com $8,000,000 ($25)-- ____
Prefnon-cum $4,000,000 ($100) 7 Q-J
$4,000,000 _____________
STOCK.— The stockholders on March 5 1923 voted to change the author­
ized common stock from 80,000 shares, par $100, to 320,000 shares, par $25.
D IV ID E N D S — f ’ 15. ’ 16. ’ 17. ’ 18. '19. ’20-’21. '22. ’23. ’24. ’25. ’ 26.
On common____ % { 10
10 10 10 10
10 *10)4 12 12
12 12
Extra in January 1 2 4 4
4 ..
4
4
4
7 15 15
* Also 50% in common stock paid Feb. 23 1922.
Paid in 1927: Jan. 3, 3% regular and 16% extra; April 1, 4% ; July 1,
4 % ; Oct. 1 4% .
REPORT.'— For 1926, in V. 124, p. 1077, showed:
1926
1925
1924
1923
Net earnings___________ *$2,223,920 *$2,203,724 *$2,199,749 *$2,096,307
Preferred dividends____
280,000
280,000
280,000
280,000
Common dividends_____
1,680,000
1,620,000
1,620,000
1,140,000

Net income_________
$417,794
$423,004
$776,669
$534,639
OFFICERS.— Chairman, M . Andrews; Pres., H . M . Hanna; Sec. &
Treas., C . N . Osborne. Office, 1300 Leader Bldg., Cleveland, Ohio.—
(V. 125, p. 2273.)
HARBISON-W ALKER REFRACTORIES CO.— ORGANIZATION
— Incorporated June 30 1902 in Pa. as a consolidation o f a large number
o f concerns located in Pa., Ohio and K y. The company now has 24 plants
in Pa., 3 in Ohio, 3 in Alabama, 1 in Kentucky, 1 in Indiana and 1 in Mis­
souri. The company is one o f the largest manufacturers of fire brick in
the country. It owns 75,000 acres o f clay, ganister and coal properties,
and 75 miles o f track with 14.4 miles o f sidings.
STOCKS AN D BONDS—■ Rate of Int. Outstanding. Bds. when Due.
$36,000,000 _____________
Slocks— Common ($100)________ ____
Preferred cumulative ($100)
6 Q-J
$3,000,000 _____________
STOCK.— Authorized and issued $3,000,000 6% cumulative pref. and
$36,000,000 common stock, par each $100. N o bonded or funded debt
Announced In September 1920 that the stockholders had adopted a
reso­
lution empowering the directors to purchase the outstanding preferred stock
at such a time and to such an extent as surplus may permit. Stockholders
voted M ay 15 1922 to retire and cancel $6,600,000 o f preferred stock held
In the treasury of the company.
D IV ID E N D S.— On preferred, 1902 in full to Apr. 1927, 6 % .
On Common— f 1910T4. '17. ’ 16. ’ 17. ’ 18. ’ 19. ’20. ’21-’24. ’25. ’26. ’27.
Regular________ \2% yrly. 2)4 5H 6
6 6
6 6 yrly. 6
6
6
Extra__________ 1_____________
4 18 6 6 __
2
2
2
Also paid stock dividends as follows: 50% in 1920 and 33 1-3% in 1925.
Paid or declared on common in 1927: Jan. 29, 2% extra; Mar. 1, 1)4% ;
June, 1)4% ; Sept. 1, 1)4% ; Dec. 1, 1)4% .
Paid on preferred in full to date.
R EPO RT.— For 1926 showed:
Calendar Years—
1926.
1925.
1924.
Net earnings, after all taxes__________ $4,707,545 $4,551,620 $4,171,398
_ 3,999,378
3,847,493
Net, after repairs and depreciation_
3,496,113
Dividends on preferred stock________
179,089
164,435
159,576
Dividends on common stock________ 2,765,650
2,444,131
1,524,849

* After provision for estimated Federal taxes. &c.
Pres., J. O. Flynn; Treas., L. A . Bengert. Office, 111 Fifth Ave., N. Y .
— (V. 124, p. 1368.)
HERCULES POWDER CO.— ORGANIZATION.— Incorp. in Dela­
ware Oct. 17 1912. and took over, as of Jan. 1913, per plan of disintegra­
tion, part of the properties of the E . I. du Pont de Nemours Powder Co,
(V. 94, p. 1386, 1629. 1698; V. 95. p. 969). Half of the stock received by
the 27 defendants in the dissolution suit Is without voting power.
The stockholders o f the Aetna Explosives Co. on June 6 1921 approved
the 6ale of the entire property, assets, privileges, franchises, &c.. to the
Hercules Explosives Corp., in accordance with a contract dated Feb. 12
1921, made by and between J. 8. Bache & Co. and Hercules Powder Co.
Inc. The sale was made subject to the mortgage dated Jan. 1 1918
made to the Bankers Trust Co. and now a lien on said property, and also
subject to the unpaid outstanding bonds of the Jefferson Powder C o.,
and all the debts, contracts, just liabilities and obligations, all o f which ar«
to be assumed by the purchaser as set forth in the contract.
The consideration was $5,400,000 in cash and $2,160,000 Pref. 7% Cum.
stock o f Hercules Powder C o., Inc., at par. This consideration was paid
to J. 8. Bache & Co. for the account of the holders of the Common stock to
be distributed by the bankers as follows: For each share of Common stock
the holder received $10 in cash and $1 50 in Pref. 7% Cum. stock of Hercules
Powder C o., Inc., at par, and in addition thereto an escrow receipt for
$2 50 in Pref. 7% Cum. stock of Hercules Powder C o., Inc., at par. The
last-mentioned amount of stock was held by J. 8. Bache & Co. in escrow
pending the liquidation and discharge of certain liabilities of Aetna Explos.
Co., but on Sept. 6 1922 the escrow receipts were exchanged for certificates
of preferred stock. V. 112, p. 263; V. 115, p. 1215.
The Hercules Explosives Corp. was incorporated June 4 1921 in N. Y .
with an authorized capital of 80,000 no par value shares. The company
is a subsidiary of Hercules Powder Co. and was organized to acquire the
assets and business o f Aetna Explosives C o., Inc., which it did June 7 1921.
The Aetna Explosives Co. 6% bonds, Series A. due Jan. 1 1931, and
Series B, due Jan. 1 1941, which were a liability of the Hercules Explosives
Corp., have been called for redemption and paid, the Series A being called
on Jan. 1 1927 and the Series B on April 1 1927.
It was announced in July 1926 that the company had acquired all the
stock of the Virginia Cellulose C o., Inc., which has a plant at Hopewell, Va.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $20,000,000 ($100) ____
$14,700,000 _____________
Pref cum red 120 $20,000,000
($100)_____________________ 7 Q-F
$11,139,200 ........... ............
STOCK.— The stockholders on Oct. 24 1922 increased the authorized
capital stock from $10,000,000 Common and $10,000,000 Preferred to
$20,000,000 Common and $20,000,000 Preferred. The directors declared
out of the surplus earnings a stock dividend of 100% on the Common stock
payable Nov. 25 1922. Compare V. 115, p. 1327.
Common Dividends—
1919. 1920. 1921. 1922. 1923. 1924. 1925. 1926
Regular (% )---------------8
8
8
10)4
6
6
6
7)4
Extra, cash (% )----------8
8
4
..
2
2
4
4)4
Extra. In common stock. . .
..
..
100
Paid in 1927: March 25. 2% ; June 25, 2% ; Sept. 24, 2 % .

Balance, surplus_________________ $1,054,638 $1,238,927 $1,811,688
Period end. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 M os.— 1926.
Net prof, (est.) aft. depr.,
deple., Fed. taxes, & c.
$893,000
$979,000 $2,884,000 $2,880,000
OFFICERS.— H. W . Croft, Chairman; J. E. Lewis, Pres.; O. M . Reif,
John F. Fletcher and Nin McQuillen, Vice-Pres.; W . F. Bickel, Treas., and
P. R. Hilleman, Sec. Office, Pittsburgh, Pa.— (V. 125, p. 2273.)
HART, SCHAFFNER & M A R X .— ORGANIZATION.— Incorp. in
N . Y . M ay 11 1911, succeeding firm manufacturing men’s clothing. V.
92, p. 1376. Also manufactures coats for women.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Du.
Stocks— Com $15,000,000 ($100) ____
$15,000,000 _____________
STOCK.— Common stock, $15,000,000; par, $100. The entire out.
standing preferred stock was retired on Mar. 31 1924.
D IV ID E N D S.— Com. div. March 1 1916 to Aug. 31 1922, 1% quar.;
N ov. 29 1922 to N ov. 28 1927 paid 1)4% quar.; also paid 2% extra on
Feb. 27 1926.
REPORT.'— For year ending N ov. 30 1926, in V. 124, p. 915, showed:
1925-26.
1924-25.
1923-24.
1922-23.
xNet profits___________ $1,874,192 $1,854,447 $2,041,383 $2,541,249
Preferred dividends____
______
______
y$2,1286
$102,260
900,000
900,000
900,000
Common dividends_____ 1,200,000
Redemp. pref. stock, &c.
______
______
282,078
24,966
Balance, surplus------$674,193
$954,447
$838,018 $1,514,023
x Net profits after deducting manufacturing, marketing, administrative
expenses and interest on loans and provisions for depreciation of equip­
ment, doubtful accounts and Federal taxes, y Preferred stock redeemed
April 1 1924.
BALANCE SHEET as of Dec. 31 1926. in V. 124, p. 915,
OFFICERS.— Pres., H. Hart; V.-Ps., Max Hart and Alex M . Levy;
Sec. & Treas., M . W . Cresap. Office, Chicago, 111.— (V. 124, p. 915.)
HARTMAN CORPORATION (TH E).— ORGAN IZATION.— Incorp. In
Va. in Jan. 1916 and acquired the capital stock o f the Hartman Furniture
& Carpet Co. o f Chicago and affiliated companies. V. 103, p. 2337. Oper­
ates a chain of 19 retail stores located as follows: 14 in Chicago, 1 in Mil­
waukee, 1 in Minneapolis. 1 in St. Joseph, 1 in Denver a n d l in Omaha, Neb.
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due
Stocks— Cl B 400,000 shs (no par) ____
397,227 shs _____________
ClassA$ 2cum red$30,200,000
shs (no par)_______________ $2 Q-M
47,789 shs _____________
STOCK.— The stockholders on July 15 1926 ratified a change in capital­
ization by which existing shares o f common stock were exchanged for an
equal number of class B shares without par value, while there was created
a new class A stock, without par value, intended to be used for the pay­
ment o f dividends in the future.
D IV ID E N D S.— Sept. 3 1917 to Dec. 31 1919, 5% per ann.
Q.-M .)
Mar. 1920 to Sept. 1923, 1% % quar.; on Dec. 1 1923 paid $2 quar. on new
stock of no par value; Mar. 1 1924 to Dec. 1 1924, paid $1 quar.; Mar. 2
1925 to June 1 1926. paid 62)4 cents quar.
Divs. on new stock (see under “ Stock” above): Class A— Initial div. of
50 cents per sh. paid Dec. 1 1926. Same amount paid quar. to and incl.
Dec. 1 1927.
Class B— Initial div. o f l-40th o f a share o f class A stock paid Sept. 1 1926.
Same amount paid quar. to and incl. Dec. 1 1927.
REPORT.— For 1926, in V. 124, p. 2128, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Total profits & in com e ..*$1,635,855 *$1,412,827 *$1,276,643 $1,979,549
Interest charges_______
221,805
158,652
112,304
203,150
Dividends paid________
a516,221
984,037
1,574,460
870,000
Balance, surplus_____
$897,829
$270,137 def$410,121
$906,399
* After depreciation, doubtful accounts receivable, taxes, commission,
and collection and other expenses, a Includes divs. paid in class A stock
in 1926.
Latest Earnings.—
Period end. Sept. 30—
1927— Month— 1926.
1927— 9 Mos.— 1926.
Net sales_______________$1,918,653 $2,046,070 $13,383,490 $14,112,966
OFFICERS.— Pres., Martin L. Straus; V .-P ., I. H. Hartman, C. A.
Frank and S. E. Kohn; Sec. & Treas., E. G. Felsenthal; Asst. Sec., J. M .
Strauch and M . Kink; Asst. Treas. B. H. Sackett; Office 144 So. Wabash
Ave., Chicago, 111.— (V. 125, p. 2676.)
HAYES WHEEL CO.— See Kelsey-Hayes Wheel Corp.




Balance, surplus_____

$263,920

$303,724

$299,749

$676,307

R E PO RT.— For 1926 in V. 124, p. 799, showed:
1926.
1925.
1924
1923.
Gross receipts_________ $28,453,496 $23,669,009 $20,862,603 $22,260,796
x Net from all sou rces... $3,433,419 $2,999,369 $2,156,902 $2,508,670
Common dividends.(12%)1,716,000(10)1430,000 (8)1,144,000 (8)1,144,000
Preferred dividends____
760,287
734,538
723,233
711.050
B alan ce____________
Previous surplus_______

$957,132
9,729,490

$834,831
8,894,659

$289,669
8,604,991

$653,619
7,951,372

Total surplus_________ $10,686,622 $9,729,490 $8,894,659 $8,604,991
Earns, per sh. on com ___
$18.18
$15.84
$10.03
$12.57
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 932.
Income Statement for Nine Months Ending Sept. 30.
1927.
1926.
1925.
1924.
Gross receipts__________$20,928,577 $20,768,723 $17,902,708 $15,596,488
Net earns., all sources.. x2,376,366 2,476,780 2,318,502
1,510,257
Preferred dividend_____
597,946
563,950
549,490
541,121
Avail, for improve’ts
or common divs____$1,778,420 $1,912,830 $1,769,011
$969,136
x After deducting all expenses incident to manufacture and sale, ordinary
and extraordinary repairs, maintenance of plants, accidents, depreciation,
taxes, &c.
OFFICERS.-—Pres., R. H. Dunham: V .-P ., T. W . Bacchus, J. T .
Skelly, C. D. Prickett, N. P. Rood; Treas., C. C. Hoopes; Sec., E. B. M or­
row. Office, Wilmington, Del.— (V. 125, p. 2396.)
HERSHEY CHOCOLATE CORP.— (V. 125, p. 2395.)
HOE (R.) & CO., INC.— Incorp. Oct. 4 1924 under laws of New Y ork,
and acquired the property, &c., of R. Hoe and C o., a New York corporation
incorp. Dec. 31 1909. Manufactures printing press machinery and ac­
cessories, and repair parts for presses and equipment. Also manufactures
circular saws and accessories for the lumber trade.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Duec
Stocks— Com 160,000 shs (no par) ____
160,000 shs _____________
Class A $4 cum & partic red
$65 100,000 shs (no par)_
_ See text
80.000 shs _____________ _
Bonds— 1st m gold bds “ ser A ” / 6K g A-O $4,138,000 Oct. 1 1934
$6,000,000auth($l,000)Gkc* \Int. at Guaranty Tr. Co., N . Y ., trustee.
STOCK.—The Class A stock ($4 per share cumulative) participates with
the Common stock, after dividends of $160,000 per annum have been paid
on the latter, as follows: the holders of Class A stock shall be entitled to
receive one-third o f any additional dividend and the holders of Common
stock shall be entitled to receive two-thirds thereof, until the holders of
Class A stock shall have received in such one-year period an additional
dividend (in excess of said regular four dollar dividend and arrears, if any)
amounting to three dollars a share on the outstanding Class A stock, and
thereafter any further dividends paid during such one-year period shall be
paid exclusively to the holders of the Common stock.
DIVS.— On Class A stock, paid $1 quar. from Jan. 15 1925 to Oct. 15
1925; none since.
BONDS.— The 1st mtge. gold coupon bonds, Series A, are redeemable
at 105 and int. to Oct. 1 1930, and thereafter less 1% for each full year
elapsed after Oct. 2 1930. The bonds are secured by a first mortgage upon
all the plants of the company in the United States and by the pledge of
4,997 shares of the Capital stock of R. Hoe & C o., Limited, a corporation
organized under the laws of the United Kingdom of Great Britain and Ire­
land, of the par value of £20 each, being all of the issued and outstanding
shares of Capital stock of said corporation, except three shares held as
qualifying shares by directors of R. Hoe & Co., Ltd. Any additional shares
issued by R. H oe& C o., Limited, are to be acquired by the company and
pledged under the mortgage.

190

INDUSTRIAL STOCKS AND BONDS

R E PO RT.— For 1926, showed:
Calendar Years—
1926.
Total income_______________________ $1,124,050
Interest____________________________
399,013
Depreciation_______________________
265 386
British income tax__________________ Cr. 16,311
United States taxes_________________
______
Net profits___________
Dividends, class A stock.

1925.
$681,463
387,244
230 545
59,940

1924.
$1,203,792
105,287
257,182
54,007
57,435

$475,962
$3,734
______ ($3)240,000

$729,880
x295,604

Balance, surplus_________________
$475,962 def$236,266
$434,276
x Includes $215,604 paid on the preferred stock o f the old company and
$80,000 paid in class A stock o f new company.
OFFICERS.— Pres., H. R . Swartz; V.-P. Harold M . Tillinghast,
Harry V. Ball, Fred G. Kent, C. W . Gaskell and Addison J. Gallien; Treas.,
Allen W . Lishawa; Sec., John M . Masterson; Asst. Sec., Louis Roehm.
Office, 504 Grand St., New York.— (V. 124, p. 3504.)
HOMESTAKE MINING CO.— Incorp. in California Nov. 5 1877. Owns
over 4,000 acres, located in the White w ood Mining District, near Lead,
Lawrence County, So. Dak., where the company has a large gold mining
plant. Including reduction works, stamp mills, electric plants. Ac.
aTOCKS AND BONDS—
Bate of Int. Outstanding. Bds. when Due.
Stocks—-Com $25,116,000 ($100)- ____
$25,116,000 _____________
DIVSf 1910 to 1912.
1913
1914 to 1916.
1917
1918-26Since'09-( 50c. monthly 65c. monthly 65c. monthly 65c. mthly
text
E x tra .. |
None
15% stock
$1 yearly
None
Jan. 1918 to Sept. 1919. 50 cents monthly. In Oct. 1919 dividends
were suspended, owing to a fire that necessitated flooding to the sixth level
V. 109, p. 1529. Payments were resumed on M ay 25 1921 with a dis­
tribution of 25 cents a share: then to Oct. 25 1922 paid 25 cents monthly;
Nov. 25 1922 to N ov. 15 1927, paid 50 cents monthly: also paid $1 extra
on April 25 1924, Jan. 25 1925, Jan. 25 1926, and Jan. 25 1927.
R E PO R T .—For 1925 showed:
Calendar Years—
1926
1925.
1924.
1923.
Revenues_______________ $5,923,945
$6,079,498 $6,213,334 $6,467,593
Op. & gen. exp.,ins., & c.
3,639,948 3,780,934 3,780,342 3,744,961
T axes-------------------------403,786
404,380
425,589
447,530
Reserve for deprec'n____
741,923
740,361
730,748
718,790
Reserve for d epletion ...
578,968
589,871
593,011
624,653
D ividen ds------------------- 1,758,120
1,758.120
1,758,120
1,506,960
Balance, deficit--------- $1,198,800 $1,194,168 $1,074,476
$575,301
OFFICERS.— Pres., Edward H. Clark, N. Y .; V.-P., Fred T . Elsey,
San Francisco: Treas., L. T . Haggin, N. Y .; Sec., R. A. Clark, San Fran­
cisco, Cal. Office, 910 American Bank Bldg., San Francisco.— (V. 124,
p. 3077.)
HOUSEHOLD PRODUCTS. INC.— Incorp. Feb. 9 1923 under laws
of Delaware. The corporation Is authorized to manufacture and sell,
either directly or Indirectly through stock ownership, medicinal and pharma­
ceutical preparations. At present the corporation Is only a holding company
owning and holding all the issued and outstanding capital stock of the
Centaur C o., manufacturers of “ Chas. H. Fletcher’s Castoria,” and tie
Pepsin Syrup Co. o f Monticello, 111., manufacturers o f Caldwell's Syrup
o f Pepsin.
In Feb. 1923 Sterling Products, Inc., purchased a one-fourth interest in
Household Products, Inc., and has assumed the management o f the corp.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stocks— Com 575,000,000 shs
-----575,000 shs _____________
(nopar)-------------------------------D IV ID E N D S.— An initial div. of 75 cents a share was paid M ay 31
1923: same amount paid quar. to Dec. 1 1926. On Jan. 2 1925 and 1926
and Jan. 3 1927 paid 50c. extra; 87M a share quar. on March 1 1927 to
Dec. 1 1927. Jan. 3 1928 paid extra o f 50c. per share.
R E PO RT.— For 1926, in V. 124, p. 1833, showed:
Calendar Years—
xl926.
1925.
1924.
1923.
Net profits------------------- $3,460,207 $2,908,400 $2,628,176 $2,630,355
Estimated Federal taxes
459,987
345,950
316,216
311,635
Dividends-------------------- 2,012,500 1,843,750
1,750,000
1,125,000
S u r p lu s...---------------$987,719
$718,700
$561,960 $1,193,720
Profit and loss surplus.. $2,760,661 $1,810,680 $1,423,388
$959,027
x Includes Pepsin Syrup Co.
OFFICERS.— Pres., A. H. Diebold; V.-P. & Sec., Frank A Blair; Treas.
Albert Bryant: Gen. M gr., W . E. Weiss. Office, Wilmington, Dela —
(V. 125, p. 2818.)
HOUSTON OIL CO. OF TE XA S.— Incorp. July 5 1901 in Texas
Owns the oil and gas rights on over 800,000 acres of land In Texas and
Louisiana. The fee simple o f the lands, together with all mineral rights
thereon other than oil and gas was sold in 1915 to the Southwestern Settle­
ment & Development Co. (not incorporated).
The stockholders in Nov. 1916 ratified the acquisition by the Federal
Petroleum Co. and the Republic Production Co. of an undivided half­
interest in the mineral rights retained by the company and also in those sold
do the Southwestern Settlement & Development Co. The Federal Petro­
leum Co. and the Republic Production Co. assumed the management and
control o f the company's oil development of the lands Involved in Dec.
1916 under this agreement.
In 1901 the Houston Oil Co. contracted to sell to the Kirby Lumber Co
about 8,000.000,000 feet o f standing yellow pine timber o f 12 inches and up­
wards to be paid for semi-annually at $5 per 1,000 feet. Under an agree­
ment effected in July 1908, the amount of timber to be cut under this con
tract was reduced to 6,400,000.000 feet, the minimum semi-annual pay­
ments to be five-eighths of amount specified in original contract
The stockholders on May 12 1921 approved the terms of the adjustment of
the company’s claims against the Kirby Lumber Co., under which the
Houston Oil Co. received In settlement $3,000,000 in 7% notes, payable
semi-annually in installments o f $150,000 and secured by a lien on the
Kirby Lumber C o.’s timber
Compare V 112. n 1982
The company in April 1925 issued $7,000,000 (out o f an authorized
amount o f $10,000,000) 10-year sinking fund 6 M % gold notes, the proceeds
i
to provide the Houston Pipe Line C o . (all o f whose securities are owned by
the Houston Oil Co. and pledged with the trustee to secure this issue) with
funds for the construction o f a 200-mile pipe line from the company’s
recently developed gas field in Live Oak County, Texas, to Houston, Texas,
and intermediate points. This gas pipe line was considerably extended in
1926, and now has 300 miles o f main line, 132 miles o f branch line and
24 miles o f gathering lines.
STOCKS AN D BONDS—
Bate of Int. Outstanding. Bds. when Due.
Stocks— Com certifs $25,000,000
$24,968,600 _____________
($100)_______________________ ______
Pref certifs cumul ($100)_____ 6 F-A
$8,947,600 _____________
Bonds— 10-year sink fund gold f
6 J-i g A-O
$7,354,000 Apr. 1 1935
notes red (text) $500, &c.) -IInt. at Bankers Tr. Co., N. Y .; Maryland
--------------------------MBa.xxxc* l Tr. Co., Balt, or Boatmen’s Bk., St. Lo.
STOCK.— Under the terms of a readjustment plan dated July 1911,
the Readjustment Managers assigned to the Mercantile Trust & Deposit
Co. of Baltimore, trustee, under a readjustment and voting trust agree­
ment, all the pref. and common stock deposited with them, against
which were issued Certificates of Beneficial Interest. Under thi.° igreement, the divs. accrued to Jan. 1 1912 were separated from the pref. <tock
by the issue of (a) Pref. stock certificates carrying 6 % divs. from Jan ' 912,
which were issued for pref. stock par for par (6) accrued div. certificates
which were issued for the divs. unpaid to Jan. 1 1912. All of the accrued
dividend certificates have been paid off.
DIVS.— At the end of 1911 accumulated divs. on pref. stock amounted to
54%. Payments were resumed on Aug. 1 1912 with a div. of 3% , which
amount has been paid semi-annually to Feb. 1927. The 54% back divs.
were paid with an issue of $2,394,005 6% Accrued Dividend Certificates
(See above l .
FU N DED D E B T .— The 10-year sinking fund 6 % % gold notes are
redeemable all or part on any int. date on 60 days’ notice at par and int.
plus a premium o f
o f 1 % for each year or fractional year from date of
redemption to maturity.
The indenture provides that the co. will not create any mortgage upon
any property now owned or hereafter acquired, except purchase-money mort­
gages and loans made in the ordinary transactions of the business, while any
notes of this issue are outstanding. There will be deposited with the trustee
for the benefit of these notes all the bonds and stocks of the Houston Pipe




[V ol. 125.

Line Co., including $7,000,000 646% bonds, which will constitute a first
mortgage on the entire 200 miles of pipe line.
The indenture will provide a sinking fund equal to 75% of the net earnings
of the Houston Pipe Line C o., after deducting int. charges on the latter’s
1st mtge. bonds, but before depreciation. Sinking fund to be applied to
redemption of this issue by purchase in the open market, and if not obtain­
able, to redemption by lot. It is estimated there should be available for
the sinking fund not less than $700,000 annually from date of completion
of the pipe line. V. 120, p. 1754.
RE PO RT.— For 1926, showed:
Calendar Years—
1926.
*1925.
1924.
1923.
Oil sales__________
$4,444,530 $4,200,113 $3,887,983 $3,480,144
Premiums on oil runs___
______
________
________
28,360
Royalties received_____
171,368
138,727
49,630
62,336
Misc. sales, oil trans., &c
84,605
136,325
79,224
87,244
Incr. in inventory of o il.
______
33,505
445,619
194,146
Total income_$4,700,503
Oper. exp., depreciation,
depletion, taxes, & c_. 2,979,887
Income credits_Cr.900,073
Income charges_ 1,187,212
Preferred divs. ( 6 % ) . . .
536,856

3,523,459
Cr.648,473
379,334
546.856

Balance, surplus_____
Previous surplus (a d j.)..

$717,494
4,226,950

$996,621
5,171,444

$4,508,670

$4,462,456 $3,852,230
2,933,397
Cr.70,374
80,641
536,856
$981,936
3,358,447

2,320,693
Cr.28,618
30,986
536,856
$992,313
2,346,258

Profit & loss surplus.. $6,168,065 $4,944,444 $4,340,383 $3,338,571
*Includes Houston Pipe Line Co.
Latest Earnings.—
Quar. End. Quar. End. Qxiar. End. 9 Mos. End.
Sept. 30.
June "S .
O
Mar. 31.
Sept. 30.
Gross earnings_________ $2,698,806 $2,452,546 $2,484,711 $7,636,063
Exp. & ord. taxes______ 1,295,569 1,101,703
1,034,062
3,431,334
Total income_________ $1,464,780
Aband. leases, &c______
125,893
Int., amort. & Fed. tax.
268,213
Deprec. & depletion____
462,906

$1,413,482 $1,520,989 $4,399,252
30,607
126,409
282,909
271,225
293,128
832,565
454,527
420,557 1,337,990

Net incom e.________
$607,768
$657,123
$680,895 $1,945,788
In the previous year company reported for the Sept, quarter profits of
$749,364 before depreciation, depletion and amortization and for the nine
months ended Sept. 30 1926, profits o f $2,210,154 before depreciation,
depletion and amortization.
OFFICERS.—-Pres., E. H. Buckner; V .-P. & Treas., L. S. Zimmerman’
Gen. M gr., A. W . Standing; Sec.-Auditor, A. H. Kennerly. Office,
Houston, Tex.— (V. 125, p. 2273.)
HOWE SOUND CO.— Incorp. under laws of Maine on Aug. 22 1903
as a holding company. Subsidiary companies are the Britannia Mining &
Smelting C o.: L td ., El Potosi Mining Co. and Calera Mining Co. Produces
silver, lead, zinc, copper and gold.
STOCKS AND BONDS—
Bate of Int. Outstanding. Bds. when DueStock— Com (v t c) 600,000 shs
(no par)--------------------------------- -----496,038 shs _____________
STOCK.— A large majority o f the capital stock is held in a voting trust
expiring Dec. 15 1935, the voting trustees being Evander B. Schley, Reeve
Schley and Nelson Robinson, all of New York.
D IV ID E N D S.— Paid as follows: Oct. 15 1925, 50c.; Jan. 15 1926. 50c.:
April 15 1926, 75c.; July 15 1926, 75c.; Oct. 15 1926 to Oct. 15 1927 paid
$1 quar.
R E PO RT.— For 1926, in V. 124, p. 932, 3077, showed:
[Including operations of the Britannia Mine in British Columbia and the
Calera Mine and El Potosi Mine in Mexico.]
Zinc (lbs,)
Gold(oz.). Silver(oz.)Copper(lbs.) Lead (lbs.)
4th quarter 1926____ 2,454 576,071 7,893,427 14,183,604 13,293,644
4th quarter 1925____ 2,982 526,669 8,252,264 9,973,348
8,447,780
3d quarter 1926____ 3,090 678,630 7,980,470 15,133,821 11,890,863
3d quarter 1925____ 2,891 594,615 7,583,675 6,735,038
5,888,439
Calendar Years—
1926.
1925.
1924.
1923.
Total income__________ $14,009,078 $8,999,664 $6,301,172 $6,427,957
Operating expenses, & c.
9,724,927 6,319,659
4,721,726
4,846,299
Taxes--------------------------414,114
307,592
148,635
164,414
Depreciation & depletion
1,172,288 1,220,950
827,237
857,545
Interest________________
______
204,156
188,494
192,441
Dividends_____________ x l,736,133
467,190
99,207
297,623
Surplus______________
$961,616
$480,116
$315,873
$69,635
x Includes dividends paid or declared from earned surplus, $953,339,
from capital surplus, $782,794.
Latest Earnings.— For 9 months end. Sept. 30 in V. 125, p. 2396.
OFFICERS.— Pres., W. J. Quigly; V .-P ., Reeve Schley; V .-P. & Sec.>
W . J. Walworth; Treas. & Asst. Sec., E. Richter; Asst. Treas., C. P. Charl­
ton. Office. 730 Fifth Ave. New York.— (V. 125. P. 2396.)
HUDSON MOTOR CAR CO.— Incorp. under laws of Michigan on Feb.
24 1909. Manufactures the Hudson Super-Six and Essex Super-Six cars
Plant located in Detroit, Mich.
STOCKS AND BONDS— Bate of Int. O utstanding. Bds. when Due1.596,660 shs _____________
Stocks— Com.2,000,000 shs (n o p a r )____
STOCK.—-The authorized capital stock was increased from 1,200,000
no 2,000,000 shares on Mar. 31 1924.
DIVIDEN DS.— An initial quar. div. of 50c. per share on the no par value
stock was paid July 1 1922; Oct. 5 1922 paid 50c. quar.; Jan. 2 1923 to July 2
1923 paid each quar. 50c. quar. and 25c. extra: Oct. 1 1923 to Apr. 1 1926
paid 75c. quar.; July 1 1926 to July 1 1927, paid 87j^c. quar. Oct. 1 1927
paid $1.25 quar. On April 15 1924 paid a stock div. of 10%, and on June
15 1926 paid a stock div. of 20% .
R E PO RT.— For 1926, in V. 124, p. 783, showed:
13 Mos. End.— Years End. Nov. 30—
Dec. 31 ’26.
1925.
1924.
Gross profit_______________ _____ ...$16,302,581 $32,004,261 $16,247,872
Other income........................................
702,985
800,374
366,195
Total income_____________________ $17,005,566 $32,804,635 $16,644,067
Expenses, depreciation, &c__________ 10,867,591
8,444,005 7,450,000
Provision for Federal taxes__________
765,100
2,982,125
1,120,600
Net income______________________ $5,372,874 $21,378,504 $8,073,458
Dividends and taxes paid___________
8,628,468
4,974,562
3,781,064
Balance, surplus_______________def$3,255,594 $16,403,942 $4,292,943
Profit and loss surplus Nov. 30______ $23,119,766 $26,375,360 $10,201,418
-------- Quarter Ended—— — -------9 Months Ended----Period—
Sept. 30 ’27. Aug. 31 ’26. Sept. 30 ’27- Aug. 31 ’26.
Net income after deprec.,
Fed.taxes & oth.chgs. $4,224,972 $1,926,645 $14,042,536 $7,983,982
OFFICERS.— Chairman, R. D. Chapin; Pres., R. B. Jackson; V.-P. &
Treas., W. J. McAneeny; V .-P ., H. E. Coffin; V .-P ., O. H. M cCornack;
dec.. A. Barit. Office, 12601 East Jefferson Ave., Detroit, M ich.—
(V. 125, p. 2273.)
HUMBLE OIL & REFINING CO.— O R GAN IZATION .— Incorp. in
1917 in Texas. Has large holdings of well selected leases upon lands in all
sections of Texas and has considerable holdings in Louisiana. Arkansas and
Oklahoma. The Humble Pipe Line Co. a subsidiary. Transportation
facilities, & c., compare V. 115, p. 188.
STOCKS AND BONDS—
Bate of Int. Outstanding. Bds. when Due.
Stocks— Com $75,000,000 ($25)-- ____
$75,000,000 _____________
Bonds—-10-yr gold deb bonds / 5M g J-J15 $25,000,000 July 15 1932
red (text) ($100, &c.)G.c*&r* (Interest at New York City.
10-yr gold debenture bonds red / 5 g Q-O
$25,000,000 Apr. 1 1937
(text) ($1,000, & c.)-G.c*& r* (Interest at New York City.
STOCK.-— The Standard Oil Co. of N. J. owns 50% of the capital stock.
The stockholders on Mar. 1 ’ 926 increased the authorized capital stock from

Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

191

1,750,000 shares te 3,000,000 shares, the new stock, except such amount as
STOCK.— The stockholders o f record N ov. 22 1927 were given the
was reserved for sale te employees, being offered to holders o f record Mar. 1 right to subscribe on or before Dec. 7 1927 for 150,000 additional shares of
1926 at par.
stock at $28 per share on the basis of 3 shares for each 10 held.
D IV ID E N D S.— Quarterly dividends o f 30c. a share on the outstanding
DIVIDENDS.— Paid 25 cents a share quar. from March 31 1924 to
$43,750,000 capital stock, par $25, were paid April 1 1923 to Oct. 1 Oct. 31 1927.
1927; also paid 20c. a share extra quar. from July 1926 to Oct. 1927.
Hold­
The stockholders of record June 15 1925 were given the right to subscribe
ers o f record Dec. 18 1922 received a 75% stock div. Previous to this stock
distribution, divs. at the rate o f 8% per ann. (2% quar.) were paid on the for additional stock at $30 per share to the extent of one new share for
for each 9 shares held.
old stock, par $100.
FUNDED D E B T.— The 5 K % gold debenture bonds dated 1922 are
NOTES.—-The 5-year 614% gold notes were redeemed on M ay 1 1927
redeemable as a whole only at 105 and int. to July 15 1925, and at 10214 and at 10214 and int.
int. thereafter. Proceeds were used to retire $25,000,000 7% notes which
Stock Purchase Warrants.— These notes carried detachable stock purchase
were called for redemption on Sept. 15 1922. V. 115, p. 188.
warrants entitling the holder thereof to subscribe to the capital stock of the
The 5% deb. bonds dated 1927 are redeemable as an entirety upon 60 company at the rate of 15 shares o f stock for each $1,000 notes, and 7 H shares
days’ notice on any int. date up to and incl. Apr. 1 1932 at 104 and int. on, for each $500 note, at the following prices, depending upon the period in
any int. date thereafter prior to maturity at 102 and int.
which exercised: On or before Jan. 15 1927 at $35 per share; thereafter, and
on or before Jan. 15 1928, at $37 50 per share; thereafter, and on or before
R E PO RT.— For 1926, in V. 124, p. 1833, showed;
Jan. 15 1929, at $40 per share; thereafter, and on or before Jan. 15 1930. at
Calendar Years—
1926.
1925.
1924.
1923.
Total income__________ $74,643,968 $68,620,429 $48,734,410 $40,356,536 $42 50 per share; thereafter, and on or before Jan. 15 1931, at $45 per share.
Cost of oper. & interest- 40,160,124 33,104,610 28,486,860 26,466,642
DEBENTURES.— The 12-year convertible debenture bonds will be
Depreciation___________ 11,639,734
9,656,119
8,476,630 6,664,383 convertible into stock at $35 a share until Mar. 15 1928, and thereafter at
Depletion_____________
1,327,538
985,911
935,725 2,167.319 an advance of $1.50 a share yearly to Mar. 15 1939.
Federal taxes (est.)_____ 2,131,000
2,250,000
1,000,000
____
The debentures will be callable at option o f company as a whole or in
Dividends p a id .............. 4,908,037
2,100,000
2,100,000 2,100,000
blocks o f $500,000 or multiples thereof, on 30 days’ prior notice, at par
and interest plus 4% premium up to and including Mar. 15 1931, the pre­
Balance______ ______ $14,477,536 $20,523,789 $7,735,195sur$2858.192
mium decreasing thereafter K o f 1% yearly. V. 124, p. 1227.
x Dividends naid out o f surplus in these years.
President, W. S. Farish; Treas., F. O. Freese; Sec., L. n . Attwell Jr.,
REPO RT.— For 1926, in V. 124, p. 1519, showed:
Houston, Texas.— (V. 125, p. 1589.)
(Including owned companies.)
Calendar Years—
1926.
1925.
1924.
HUPP MOTOR CAR C O R P O R A T IO N — O R G A N IZA T IO N — Inc. on
$6,213,120 $2,275,119
Nov. 24 1915 in Va. to make automobiles and take over the business and Oil and gas sales, &c_________________ $9,792,992
148,670
93,952
545,816
properties o f the Hupp Motor Car Cos. of Detroit and Canada, and the Sales o f leases and equipment_______
Amer. Gear & Mfg. Co. of Michigan. V. 101, p. 2074; V. 102, p. 2079.
$6,253,072 $2,820,934
Total_____________________________ $9,94T,663
Also owns the Detroit Auto Specialty Corp.
Cost of crude oil refined____________
1,623,783
489,620
____
Oper., gen. & admin, expenses_______ 2,122,650
1,080,409
536,307
STOCKS A N D BONDS—■ Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $20,000,000 ($10)- ____
$10,051,900 _____________ Taxes, dry holes, abandoned wells and
expired leases____________________
886,512
752,732
458,290
STOCK.— The stockholders on Sept. 8 1926 increased the authorized Interest and discounts (net)_________
310,232
21,807
4,183
capital stock from $10,000,080 to $20,000,000. The entire outstanding Depreciation and depletion_________
1,916,209
1,271,839 1,183,985
pref. stock was retired on April 1 1924. V. 118, p. 90.
______
Estimated reserve for Federal taxes-.
100,447
75,000
6,885
______
______
D IV ID E N D S.— Initial common div. o f 214% paid in Feb. 1920; to Minority interest Seminole Oil C o____
Aug. 1926, 2 14% quar.; on Nov. 1 1926 to N ov. 1 1927 paid 214% quar. Dividends__________________________
500,000______474,750
___________447,425
On Mar. 15 1923 and Oct. 15 1926 paid 10% in common stock.
Net income________________________ $2,475,044
$2,086,913
$190,744
Shares o f cap. stk. outstand. (no par).
499,900
500,000
450,000
R E PO RT.— For 1926, in V. 124, p. 1368, showed:
Calendar Years—
1926.
1925.
1924.
1923.
_
$5.95
$5.12
$1.42
Earnings per share on capital stock_
The stockholders o f record Mar. 1 1927 were given the right to subscribe
Sales__________________ $50,342,606 $43,847,198 $32,320,706 $38,013,014
Net profits after taxes.. 3,507,628
2,916,939
1,095,160
2,646,438 on or before Mar. 21 for $6,500,000 12-year 6% convertible debentures, due
Pref. dividends (7 % )_
_
______
______
______
37,822 Mar. 15 1939, at 99 and int.
Common dividends_____ 1,037,173
913,809
685,357
786,603
Period End. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 M os.— 1926.
Net earnings___________$1,760,862
$1,369,137 $4,242,252 $3,249,197
Balance, surplus_____$2,470,455
$2,003,130
$409,803 $1,822,013 Depl., depr. & Fed. taxes 876,061
526,655
2,398,314 1,504,311
BALANCE SHEET as o f Dec. 31 1926, in V. 124, p. 1519, showed:
Period End. Sept. 30— 1927— 3 Mos.— 1926.
1927— 9 M os.— 1926.
Net income__________
$884,801
$842,482 $1,843,938 $1,744,886
Net sales_______________ $8,309,697 $13,933,543 $32,900,938 $43,375,044 Shares o f stock outstand­
Costs & expenses________ 7,823,691 12,826,227 31,257,700 39,994,734
ing (no par)_________
500,000
493,800
500,000
493,800
Earns.per sh.on cap.stk.
$1.77
$1.71
$3.69
$3.53
Operating profit_____
$486,006 $1,107,316 $1,643,238 $3,380,310
OFFICERS.— Pres., E. H. Moore; 1st V .-P ., R . B. Pringle; 2d V.-P.>
136,845
174,974
534,179
515,831 J. Donald Duncan; Sec. & Treas., R. M . Riggins; Asst. Sec. & Treas.'
Other income__________
L. F. Craig and W m. A. McKnight. Office, Tulsa, Okla.— (V. 125*
Total income________
$622,851 $1,282,290 $2,177,417 $3,896,141 p. 2676.)
Depreciation___________
114,089
113,716
341,692
345,991
68,683
157,758
247,823
479,270
Federal taxes__________
INDIAN MOTOCYCLE CO.— Incorp. Oct. 4 1913 in Massachusetts
as Hendee Manufacturing Co.; name changed to present title Oct. 24 1923.
N etprofit___________
$440,079 $1,010,816 $1,587,902 $3,070,879 Manufactures the “ Indian M otocycle.” Plant, is located at Springfield
Common dividends_____
351,816
228,452 1,055,450
685,357 Mass. Has acquired all assets of the Michigan Motors Co. of Detroit,
and will manufacture the “ A ce” four-cylinder machines. V. 124, p. 1227.
Balance, surplus------$88,263
$782,364
$532,454 $2,385,522 Suit, V. 123, p. 2527.
OFFICERS.'— Chairman o f Board, C . D . Hastings; Pres. & Gen. M gr.,
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Dubois Young; V.-Pres., Sec. & Treas., A. von Schlegell. General office, Stocks■
100,000 shs ____________
—Com 100,000 shs (no par) ____
Detroit, Mich.— (V. 125, p. 2676.)
Pref cum conv call 125 $2,500,000 ($100)_________________ 7 Q-J
$750,000 _____________
HYDRAULIC STEEL CO. (THE).— See "R y . & Ind. Compendium”
for M ay 1926.
STOCK.— Pref. stock is convertible Into common share for share.
Callable as a whole only at 125. No mortgage without consent of 75% of
ILLINOIS PIPE LINE CO. (THE)— ORGANIZATION — Incorp. In outstanding pref. stock. Both classes have equal voting power. A total
Ohio on Nov. 30 1914 and took over as o f Jan. 1 1915 the pipe line owned by of $1,500,000 pref. stock has been retired under the terms of the sinking
Ohio Oil Co., extending from Wood River, 111., to Centerbridge on Pennsyl­ fund as provided In the articles of organization, leaving $1,000,000 out­
vania-New Jersey boundary line, about 900 miles, joining at that point the standing and completing all requirements of the sinking fund provision.
line o f the Standard Oil Co. leading to the Bayonne refinery. The line also Subsequent to the retirement,
company purchased a
reached the Solar Refining C o .’s plant at Lima, O. Also has line from pref. stock, which stock is held the the treasury and is not total of $250,000
in
to be reissued.
Martinsville, 111., to Preble, 182 miles. Stock. $20,000,000, all distributed
among stockholders o f Ohio Oil Co
V. 99, p. 1678. 1913; V 100. p. 144
DIVIDEN DS.— Quarterly divs. of 1% % have been paid on the pref.
stock since Jan. 1 1914 to Oct. 1 1927. On common, paid initial div. of
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
$20,000,000 _____________ 50 cents per share on Nov. 1 1925: same amount paid March 1 1926, July
Stocks— C om $20,000,000 ($100). ____
1, 1926, Nov. 1 1926, Mar. 1 1927, July 1 1927 and Nov. 1 1927.
LATE DIVIDEN DS.—
’ 18. ’ 19. ’20. ’21. ’22. ’23. ’24. ’25. ’26
P ercen t________________________ 14 16 18 16 14 11 12 12 12
REPO RT.— For fiscal year ended Aug. 31 1927, in V. 125, p. 2258, showed.
Paid in 1927: June 15, 6% ; Dec. 15, 6% .
Years Ended Aug. 31— 1926-27.
1926.
1925.
1924.
R E PO RT.— For 1925, in V. 122, p. 1463, showed:
Sales......... ........... ............$3,689,061 x$4,037,441
$4,286,866 $3,757,880
Calendar Years—
1925.
1924.
1923.
1922.
Cost and expenses______ 3,249,686 3,662,146
3,910,728
3,476,945
Net profits____________ $3,855,554 $2,401,302 $2,233,199 $2,808,255
Dividends............ ............ 2,400,000
2,400,000
2,200,000
2,800,000
Operating profit_____
$439,374
$375,295
$376,138
$280,935
Maint. E. Springf. prop.
______
6,232
10,297
14,044
Surplus_____________ $1,455,554
$1,302
$33,199
$8,255
168,052
157,069
163,928
178,880
Depreciation___________
Preferred dividends____
52,500
54,512
56,525
63,264
BALANCE SHEET as o f Dec. 31 1926, in V. 124, p. 1519.
Pres., W . A. Miller, Lima, O.; V .-P ., Chas. Bunje Jr.; Sec., O. F. M oore
Surplus______________
$218,823
$157,482
$145,388
$24,748
Findlay, O.— (V. 124, p. 1519.)
x Includes London branch net income of $1,673.
ILSEDER STEEL CORP. (ILSEDER HUTTE), GROSS-ILSEDE,
OFFICERS.— Chairman, Claude Douthit; Pres., Louis A. Bauer; V .-P .,
GERMANY.— The National City Co. April 1926 sold at 94 and interest W m. E. Gilbert; Sec. & Treas., T . M . Darrah; Asst. Treas., John W. Leahy;
$7,500,000 2 0 year mtge. sinking fund 7% gold bonds. Dated April 1 Gen. M gr., L .E. Bauer. Office, Springfield, Mass.— (V. 125, p. 2258.)
1926; due April 1 1946. Prin. and int. (A. & O.) payable at National City
Bank, New York, in U. S. gold coin without deduction for any past, present
INDIAN REFINING
in Nov. 1904 in
or future taxes or duties levied by or within the German Reich or any Engaged in refining crude CO., INC.— Incorp.petroleum products. Maine.
oil and distributing
Owns
political subdivision thereof. Prin. and int. also collectible at the option
Refining
of the holder either at the city office o f National City Bank of New York the entire capital stock of the CentralOil Co. ofCo., Indian Pipe Line Corp.,
Indian Realty Corp. and Havoline
Canada, Ltd.
in London, Eng., in pounds sterling; or at the Amsterdamsche Bank in
Amsterdam, Netherlands, in guilders; or at the Stockholms Enskilda Bank
STOCKS AND BONDS-—
Rate of Int. Outstanding. Bds. when Due.
in Stockholm, Sweden, in Swedish kronen; in each case at the then current Stocks— Com $10,000,000 ($10)-- ____
$7,850,680 _____________
buying rate of the respective banks for sight exchange on New York.
Pref cum conv (text) $3,000,Denom. $1,000 and $500 c*. Red., all or part, on any int. date upon 30
000 ($ 1 0 0 )________________ See text
$2,296,400 _____________
days’ prior notice at 103%. National City Bank o f New York, trustee.
STOCK.— The pref. stock is convertible into common stock in the ratio
Darmstadter und Nationalbank Kommanditgesellschaft auf Aktien. co­
of one share of pref. for five shares of common.
trustee.
The stock trust certificates have been issued under a stock trust agree­
Sinking Fund.— Mortgage will provide for a sink.fundsu fficient to retire
ment dated as of July 22 1925, made by and between Bayard Dominick,
prior to maturity all the present and any additional issue of these bonds
J. H. Graham and W. C. Janney as a committee under a certain plan
On Aug. 15 1926, and semi-annually thereafter, the corporation shall be re
quired to deliver to the trustee, either cash sufficient to redeem at 103%, and agreement dated April 15 1925 for the realization and distribution of
such principal amount of bonds as is necessary to retire by equal semi-annual collateral securing the 2-year secured conv. gold notes dated Sept. 1 1921
installments prior to maturity all bonds previously issued, or in lieu thereof of Seaboard Finance & Investment Co. and Bayard Dominick, David M .
(in whole or in part) bonds in such principal amount. Bonds so delivered Goodrich, J. H. Graham, Walter C. Janney and Robert L. Montgomery as
trustees. The purpose of the stock trust agreement is to insure for the ben­
and redeemed shall thereupon be canceled and permanently retired.
PR O PE R TY.— The corporation, founded in 1861, produces steel beam? efit of the holders of all the stock of the company continuity of management
and channels and other structural steel products. The properties include and policy for a term of years. The stock trust agreement expires on July
22 1930, but may be terminated prior thereto by a majority vote o f the
3 large iron ore deposits, extensive coal lands and mines, together with by
product coke plants, 6 modern blast furnaces having annual capacity of trustees.
Proposed New Stock.— The stockholders on N ov. 8 approved a resolution
600,000 tons of pig iron, converters and furnaces having annual capacity
o f 600,000 stons of steel ingots, 9 electrically driven rolling mill trains, aD authorizing not exceeding 35,000 shares of 7% cumul. pref. stock, $100
electric power plant of 45,000 h.p. capacity, and a steam railroad system par, to be issued in the discretion of the board and only in exchange for
present preferred stock on the basis of one share of present preferred stock
comprising 110 miles of track — (V. 123, p. 2526.)
for one share of new preferred stock plus a fractional share of new preferred
INDEPENDENT OIL AND GAS CO.— Incorp. Oct. 18 1919 in Dela
stock equal to accrued preferred dividends. The new stock is redeemable
ware. Properties are located in Oklahoma, Kansas and Texas.
The Independent Pipe Line Co. has been incorporated in Oklahoma with as a whole at $1.20 a share.
The stockholders also approved a resolution authorizing an issue of
an authorized capital of $300,000 to handle the crude oil production of the
bonds, not in excess of $2,500,000, secured by a mortgage o f company
Independent Oil & Gas Co.
property.
The Tri-County Gas Co. has been incorporated in Oklahoma with an
DIVS.— On pref., in full to Dec. 1921; none since. On common, July
authorized capital o f $300,000 to handle the distribution o f gas produced
1906 to Oct. 1911 at rate of 12% per annum; then none until Dec. 1917,
by the Independent Oil & Gas Co.
Each o f these subsidiaries is owned 100% by Independent Oil & Gas Co
when 3% was paid; Mar. 1918 to June 1920 paid 3% quar.; Sept. 1920, 5% :
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due. Dec. 1920. 5% ; none since.
650,000 shs ------------------Stocks— C orn!,000,OOOshs(nopar) ____
BONDS.-—There was outstanding on Nov. 1 1927, $2,805,000 National
Bonds— 12-yr 6% convert debs j 6 M-S
$6,500,000 Mar. 15 1939 Steel Car Lines equipment trust certificates of Central Refining Co. The
Indian Pipe Line Corp. 1st M . gold bonds have been called for redemption.
($500 & $1,000)____________\Int. at Nat. Bank o f Commerce, N . Y .




192

INDUSTRIAL STOCKS AND BONDS

R EPO RT.— For 1926, in V. 124, p. 1833, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Profitfrom op era tion ... $2,056,767 y$l,452,331
$488,1791oss$1850413
Profit on sale o f capital
assets_______________
______
______
2,089,945
______
Total profits_________ $2,056,767
Deduct■
—Interest paid. 218,603
Depreciation________
757,615
Amort, o f disc. & exp.
Miscellaneous_______
Res. for Federal taxes___
50,000
Pref. divs. (7% p. a .).

$1,452,331
a200,852
751,757
147,517

$2,578,1251oss$1850413
143,069
190,974
______
833,832
40,818
______
x n ,0 7 8

X19.440

$352,205 $1,549,327df$2,060,827
Balance, surplus_____ $1,030,549
Profit and loss, deficit. _sur$372,729 $1,954,685 $2,582,964 $4,132,291
a Including discount, x Central Refining Co.
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 2288.
OFFICERS.— Pres., James H. Graham: Sec., D. G. Siemer; Treas..
R . J. Dillon. Office, Lawrenceville, 111.— (V. 125, p. 2676.)
INDIANA LIMESTONE CO.— ORGANIZATION.— Incorp. under the
laws o f Indiana on April 14 1926. Fifty year charter. The company is the
result o f a consolidation o f 24 smaller companies engaged in the same
business.
NATURE OF BUSINESS.— Company is occupied in the quarrying,
buying and selling o f limestone and limestone products. Total acreage of
quarry lands amounts to 5,057, with 1,652 acres o f good stone land. Owns
and operates 25 cut stone plants and 17 saw mills. Quarry equipment
includes: 251 channelling machines, 176 derricks, and 9 scabbling planers.
Rate of Int. Outstanding. Bds. when Due.
C D STOCKS AN D BONDS— ____
^ ~ 7 .„
Stocks— /" 1 „ ™ -i nr\r\ n n n shs /(no
Com 1,600,000
par)----------------------------------- -----1,500,000 shs
Cum pref $10,000,000 ($100).. 7 Q-M
$5,000,000
Bonds— 15 yr 1st M ’gold bonds'? 6 g M -N
$14’,7771500 M ay 1 1941
(text) $15,000,000 ($1,000). lin t, at Cleveland Trust C o., Clev. or N .Y .
10-yr s f gold debs (text)/
7 g M -N
$4,894,500 M ay 1 1936
$5,000 ($1,000)__________ \Int. at Cleveland Tr. C o., Cleve. or N . Y_
STOCK.— Preferred stock is red. at $110per share and accrued dividends.
Each share o f stock (pref. and common) is entitled to one vote.
D IV ID E N D S.— Dividends on preferred in full to date. No dividends
on common stock.
FU N DED D E B T .— The 15-year 1st mtge. gold bonds are secured by
a 1st mtge. on all the fixed assets o f the company, including quarry lands,
mill and farm lands, buildings, machinery, plants and equipment, including
all after-acquired real property. Properties covered by the mtge. total
$39,389,555. Red. as a whole or in part on any int. date at the following
prices plus accrued interest, on or before M ay 1 1928 at 105%. thereafter
at reactions o f
o f 1% for each year ending May 1, to and including
M ay 1 1933; thereafter and until maturity date at 102%. Sinking fund
is calculated to retire about two-thirds o f the issue by maturity.
Stock Purchase Rights.— The 10-yr. sinking fund gold debentures carry
stock purchase warrants, detachable after M ay 1 1927, giving the owner
the right to purchase, on or before M ay 1 1936, common stock at $10 per
share in the ratio o f 20 shares o f common stock for each $1,000 principal
amount o f such debs. Sinking fund is calculated to retire about 80%
o f the issue by maturity.
RE PO RT.— For 1926, in V. 125, p. 1059, showed:
Results for Year Ended May 31 1927.
Net sales_______________________________________
$12,959,409
Cost o f sales_________________________________________________ 7,486,231
Selling, general and administrative expenses_________________
1,766,582

[V ol. 125,

INLAND STEEL CO.— ORGANIZATION.— Incoro. in Delaware Feb.
6 1917 as successor o f Hlinois company, incorp. in 1893. Owns plants at
Indiana Harbor, Ind.; Chicago Heights, 111., and Milwaukee, Wis. La
April 1917 purchased 2,000 acres o f coal land 14 miles northeast o f Pitts­
burgh. V. 104, p. 1493. In Jan. 1924 acquired the Milwaukee Rolling
Mill C o., the name being subsequently changed to Inland Steel Co. o f
Wisconsin. V. 118, p. 673.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks-Com 1,200,000 shs(no par) ____
1,182,799 shs _____________
Pref cum red 115 $30,000,000
($100)_____________________ 7 Q-J
$10,000,000 .......... ..............
Bonds— 20-yr 1st M gold due f 6 g A-O
$150,000 April 1 1928
$150,000 yrly Apr 1 ($1,000) -{Int. at First Trust & Savings Bank,
FC.c* I Chicago.
20-yr debenture gold bonds / 5M g M -N $12,250,000 N ov 1 1945
red (text) ($1,000)-F.cxxxc* \Int. at Nat. Bk. o f Commerce, N . Y . City.
STOCK.— The stockholders on April 12 1923 voted: (a ) to create an
authorized issue of $30,000,000 7% cum. pref. (of which $10,000,000 has
been sold), and (fi) to change the authorized common stock, consisting of
1,200,000 shares, par $25 per share, into a like number of shares without
par value, of which 1,182,799 shares are outstanding. V. 116, p. 1655.
D IVIDEN DS.— On common: 1917, March, 5% ; June 1917 to Marchl920 ■
inch, 8% p. a. (2% Q .-M .). In June. SeDt. and Dec. 1920 paid a dividend
of 75c. a share (3% on the new $25 par value stock). March 1921 to March
192$ paid each quarter 25c. a share (1 % ). Extra dividends: In M ay 1911,
1912 and 1913, each 3% . June 1 1923 to Dec. 1 1927 paid each quarter
62K c . a share on new stock of no par value.
BONDS.— The 5)4% debenture gold bonds are redeemable as a whole
but not in part upon not less than 6 weeks’ notice at 103)4 and int. on any
int. date on or before N ov. 1 1935, at 102 and int. on any int. date there­
after on or before N ov. 1 1940, and at 101 and int. on any int. date there­
after prior to maturity. Semi-annual sinking fund, beginning M ay 1 1926,
o f 1 % of the maximum principal amount o f bonds at any time outstanding
is to be applied to purchase of bonds if obtainable at their principal amount
or less, or if bonds are not so obtainable, within 5 months after each payment
date, may be used for capital expenditures for which no additional securities
are issued, at the rate of 75% of such expenditures. First Trust & Savings
Bank of Chicago, trustee. V. 121, p. 2165.
REPO RT.— For 1926, in V. 124, p. 1834, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Total income_____$11,180,782
$7,980,316 $8,044,563 $7,673,408
Depreciation, &c_ 2,080,911
2,055,638
1,507,296 1,321,270
Bond interest____
703,167
129,943
58,667
162,180
Federal tax_____ ______
892,000
669,000
716,000
650,000
Employees’ pension fund
357,000
256,000
288,000
265,000
Preferred dividends____
700,000
700,000
700,000
525,000
Common dividends_ 2,956,997
2,956,997
2,956,997 2,471,313
Balance, surplus------- $3,490,707
$1,212,737
Period End. Sept. 30— 1927— 3 Mos. —1926.
Net after expenses_____ $2,224,775
$2,673,316
Deprec. & depletion____
629,067
537,974
Int. & Federal taxes____
351,687
434,056
Preferred dividends____
175,000
175,000
739,250
739,250
Common dividends_____

$1,817,603 $2,278,645
1927 —9 Mos. —1926.
$8,809,764 $7,875,031
1,871,410
1,548,603
1,348,313
1,291,900
525,000
525,000
2,217,750 2,217,750

Surplus______________
$329,771
$787,036 $2,847,291 $2,291,769
OFFICERS.— Chairman, L. E. Block; Pres., P. D. Block; 1st V .-P .’
E. M . Adams; Sec. & Treas., W. D. Truesdale. Office, First N at’l Bank
Bldg., Chicago, 111.— (V. 125, p. 2396.)

INSPIRATION CONSOLIDATED COPPER CO.— O R G A N IZA ­
TION.— Incorp. in Maine Dec. 18 1911. Owns 4,216 acres, of which (a)
1,870 for mining lands, and (6) 2,346 for mill site, tailings, disposals, water
supply, &c. Owns half of the outstanding 16,320 shares of the stock of the
Arizona Oil Co. Acquisition of Warrior property, V. 110, p. 2295.
Total income_______________________
$3,452,776
STOCKS A N D BONDS—• Rate of Int. Outstanding. Bds. when Due.
Depletion___________________________________________________
267,756
Depreciation________________________________________________
599,486 Stocks— Com $30,000,000 ($ 20).. ____
$23,639,340 _____________
894,027 Bonds— 5-yr gold notes red J 634 S M-S $6,000,000 Mar 1 1931
Interest on 1st mortgage bonds______________________________
345,059
Interest on debentures_______________________________________
(text)($500&$1,000) G.xxxc* \Int. at Guaranty Tr. C o., N . Y ., trustee.
Federal income tax__________________________________________
180,100
D IV ID E N D S.— An Initial div. of 634% ($ 125 per share) was paid
May 1 1916; July 1916 to Jan. 1919, incl., 10% quar., also July 30 1917.
Net gain from operations__________________________________ $1,166,348
Earns, per sh. on 1,500,000 shs. (no par) com. stk. outstanding.
$0.54 1)4% to aid Red Cross distributions. V. 104. p. 2558; V. 107. p. 2479.
In Mar. 1919 the quarterly dividend declared payable April 28 was reduced
OFFICERS.— Chairman, L. H. Whiting; Pres., A. E. Dickinson; V.-Ps.* to $1 50 (7 )4% ); to Apr. 1920, 7)4% quar.: in July and Oct. 1920 paid 5%
F. S. Whiting, F. S. Strong Jr., F. E. Bryan, T. J. Vernia, M . F. McGrath then none until April 1923, when 2)4% was paid; July 1923 to Jan. 1924
and Nelson Joyner; Treas., F. S. Whiting; Sec., Fred Klotz. Executive paid 2)4 % quar.; then none until July 6 1925, when 50 cents quar .was paid;
office, Chicago, 111.
same amount paid quar. to Jan. 3 1927. Paid on April 4 1927, 25c.
NOTES.— The 5-year 6)4% gold notes are redeemable, all or part, on
INDIANA PIPE LINE CO.— ORGANIZATION, &C.— Incorporated in
Indiana in 1891. Owns pipe lines in State of Indiana. Formerl controlled any int. date on 30 days’ notice at 103 and int. to and incl. March 1 1930
and on Sept. 1 1930 at 101 and int. V . 122, p. 1320.
by Standard Oil Co. o f N. J., but segregated in 1911.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
R EPO RT.— For 1926, in V. 124, p. 2288, showed:
Stock— Com $5,000,000 ($50)____ ____
$5,000,000 _____________
1926.
1925.
1924.
1923.
D IV ID E N D S.—
(’ 16. ’ 17. ’ 18. ’ 19. ’20. ’21. ’ 22. ’23. ’24. ’25. ’26. Copper produced (lbs.).$81,696,084 81,944,321 90,832,927 88,881,012
Sales of copper_________ 10,721,994 $11,497,356 $12,430,177 $10,779,320
Regular------------------- % U 6 16 16 16 16 16 16 16 14
8
8
Extra---------------------- % { . . 4
8
3
4
. . 44 - ..................
6
Operating expenses, &c_ 9,432,047
9,216,037 10,037,528
8,203,026
On Dec. 30 1922 paid a special dividend of 40% .
Adm. & Federal taxes-.
143,507
258,446
267,188
289,262
69,925
179,465
35,497
196,945
Paid in 1927: Feb. 15, 2% ; M ay 15, 2% ; Aug. 15, 2% and 2% extra; Other income__________
D iv id en d s...............
2,363,934
1,772,950
________
2,363,934
N ov. 15, 2% and 2% extra. Dec. 22. special o f 30% .
Depreciation, &c_______
$48,872
385,536
457,365
399,965
RE PO RT.— For 1926, in V. 124, p. 1077, showed:
1926
1925
1924
1923.
Balance, sur. or def____df$1053,038
sur43,851 su rl,703,593 def279,922
Profits for year________
$817,631
$919,801
$599,433
$965,944 Net cost of prod, copper.12.4441 cts. 12.2858 cts. 11.0251 cts. 11.6158 cts.
Dividends_____________
700,000
400,000
600,000
800,000
Operations were suspended April 1 1921; resumed Feb. 15 1922. V. 112,
Balance, surplus_____
$117,631
$519,801
def$567
$165,944 p. 1350; V. 114, p. 953, 1658.
OFFICERS.— Pres., L. D. Ricketts; V .-P
and Wm.
OFFICERS.— D . S. Bushnell, Pres.; R . A. Miller, V.-Pres. & Gen. M gr. Wraith; Sec. & Treas., J. W . Allen: Asst. Sec.., W m . D . ThorntonS. Harper;
& Asst.
J. R. Fast, Sec.; W . F. Livingston, Treas. Main office, Huntington, Ind. Gen. M gr., Thos. H. O’Brien. Office, 25 Broadway, Treas., W .
New York.— (V. 124,
New York office, 26 Broadway.— (V. 125, p. 2676.)
p. 3214.)
INQERSOLL-RAND CO.— O RGAN IZATION .— Incorporated In N . 3.
INTERNATIONAL AGRICULTURAL C O RPORATION .— OR GA N ­
June 1 1905and acquired Ingersoll-Sergeant Drill and RaDd Drill companies.
Owns plants at Philipsburg, N. J., Easton and Athens, Pa., Painted Post, IZATION .— Incorporated on June 14 1909 in New York. Owns one-half
N. Y ., and Littleton, Colo. Manufactures air compressors, rock drills, of the stock o f the Kaliwerke Sollstedt Gewerkschaft, owning potash mines
locomotives, oil and gas engines, pneumatic tools and general mining, at Sollstedt, Germany (having sold one-half Prairie Pebble Phosphate C o.,
tunnelling and quarrying machinery. See V. 83, p. 117; also V . 84, p. 867; Florida. &c., phosphate deposits in Tennessee and fertilizer factories in va­
rious States. V.91, p. 1516. 1450; V. 92, p. 1181; V. 94, p. 282, 1768; V. 97,
V. 86, p. 465. Canadian Co., V. 105. p. 824.
p. 1895; V. 109, p. 1699. Had contract with the Tennessee Copper Co. for
STOCKS A N D BONDS—
Rate of int. Outstanding. Bds when Due.
sulphuric acid. V. 110, p. 1419; V. 108, p. 2437; V. 106, p. 932, 1482.
Stocks— Com 1,500,000 shs (no
Potash supplies, V. 93, p. 287, 231, 1197; V. 94, p. 70, 282. Properties
par)----------------------------------- -----1,000,000 shs ------------------Pref cum option (see text)____ 6 J-J
$2,525,500 _____________ owned, &c., see application to list, V. 100, p. 138. New construction, &c.,
I l l , p. 1274.
Bonds-—19-yr 1st M gold red f 5 g J-J
$1,000,000 Dec 31 1935 V.Readjustment Plan.— The stockholders on Oct. 3 1923 approved a plan for
105 $3,O0O,OOO ($100 &c)_N. \Int. at company’s office, 11 Broadway, the readjustment of the debt and capitalization of the corporation. The
xc*&r [ New York City.
plan in brief provided as follows:
STOCK.— The stockholders on Oct. 6 1925 changed tne authorized com"
The capital stock was reclassified so as to consist of $10,000,000 of prior
mon stock from 300,000 shares, par $l00, to 1,500,000 shares without pa£ preference cumulative 7% preferred stock and 450,000 shares o f common
value, and approved the issuance o f four shares o f common stock without stock, of no par value.
par value in exchange for each share o f Common stock (par $100) outstand’gHolders of the old preferred stock received 1 l shares o f new common stock
A
of no
DIVIDEN DS—
T2. ’ 13.
T4.
’ 15.’ 16.’ 17. ’ 18-’21.’22.’23. ’24’25- par value for each share o f preferred stock held, in lieu o f the share
so held, and of the accumulated dividends thereon. Holders o f common
Common, cash____% 5
5
5 15
50 30 lO yly.
10 38 8
8
stock received one share of new stock o f no par value for each six shares
do stock______% - 25 - - - 20 - 100 - . 1 0
Paid in 1926: On new stock of no par value. Mar. 1, 75c.; June 1. 75c. of old common stock.
A new issue of $10,000,000 o f prior preference stock was underwritten at
July 1, SI (special); Sept. 1, 75c.; Dec. 1, 75c. quar and $1 extra. Paid in
1927: March 1, 75c.; June 1, 75c. quar.; $1 extra payable July 1, Sept. 1, 90, carrying with it for each share o f prior preference stock so underwritten
2)£ shares o f the new non-par value common stock
This prior preference
75c.; Dec. 1, 75c., and $1 extra.
stock, together with the accompanying common stock, was offered pro rata
R E P O R T — For 1926, in V. 124, p. 2128, showed:
to the stockholders on identically the same terms as the banks had under­
1926
1925
1924
1923
written it.
Total income__________ $10,154,173 $8,117,264 $6,138,042 $7,829,592
Accordingly, rights were issued to the old preferred stockholders, entitling
Depreciation_____ _____ 1,092,477
1,048,761
1,036,517 1,015,788 each preferred stockholder to subscribe for his proportionate share o f the
Reserve for Federal taxes
1,133,598
871,057
596,901
792,666 $10,000,000 prior preference stock, together with the 225,000 shares of
Bond interest, &c______
50,000
50,000
50,000
50,000 common stock.
Dividend on pref. stock.
151,518
151,518
151,518
151,518
Under the plan the maturity o f the bonds was extended from May 1 1932
Common (cash) divs____ 4,999,595
1,923,802
1,923,456 6,102,532 to M ay 1 1942; the annual sinking fund payments postponed until M ay 1
1929, unless a dividend is paid on common stock (see V. 117, p. 1241),
Balance___________ sur $2726,985sr$4,072,125 sr$2,379,650 def$282,912
and the mortgage closed at $10,000,000, leaving in the treasury of the com­
OFFICERS.— Chairman, W . L. Saunders; Pres., George Doublday; pany $1,771,700 of bonds available for future corporate purposes. Of the
1st V .-P., W . R . Grace; Sec., F. S. Overton; Treas., R. D . Purcell. Office, amount of bonds outstanding, $1,203,000 have not as yet been presented
11 Broadway, New York.— (V. 125, p. 2537.)
for extension. (Compare V. 117, p. 1241, 1669, 1783-L
Net operating gain________________________________________ $3,706,596
Other expenses (net)_________________________________________
253,820




Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
450,000 shs .......................
Stocks—-Common (no par)______ ____
Prior prof 7% cum red 110
($100)_____________________(text) Q-M
$ 10 , 000,000
------------------------Bonds— 30-yr 1st (closed) M & f 5 g M -N
$8,228,300 M ay 1 1942
coll tr s f bds red 103 ($100, jln t. at Bankers Trust C o., N. Y ., trustee.
&c)_________________ Ba.xc* (
D IV ID E N D S.— An initial quar. div. o f l% % on the prior pref. stock
was paid March 1 1926 same amount paid quar. to Mar. 1 1927. Accumu­
lated dividends on this issue total 14%.
R E P O R T .—For year ending June 30 1927 in V. 125, p. 1575 showed:
Years End. June 30—
1926-27.
1925-26.
1924-25.
1923-24.
Gross profit on oper____$1,769,236 $3,364,085 $3,201,601 $1,929,114
Operating. &c., exp____ 1,354,792
1,293,585
1,155,670
1,255,408
Net earn in gs_____
$673,706
$414,444 $2,070,499 $2,045,931
Dividends e a r n e d _____
83,249
49,555
Total income. - _____
$673,706
$463,999 $2,153,748 $2,045,931
Bond interest. 411,415
411,415
411,415
411,415
61,987
Interest on loans _
193,439
519,895
29,840
Depreciation & depletion
291,404
396,219
340,240
375,060
R ec'v. from German dt_
Cr. 121,952
Cr.71,197
Balance, surplus_____de/$352,316 $1,406,079 $1,172,035 def$549,008
OFFICERS.— Pres. & Treas., John J. Watson, ; V .-P ., Albert French;
V .-P ., H. B. Baylor, V.-P., F. F. Ward; Assist. Treas. & Asst. Sec., Charles
J. Cuttee; Asst. Sec., A. C . Edwards. Office, 61 Broadway, N . Y . —(V.
125, p. 1575.
INTERNATIONAL BUSINESS MACHINES CORP.— The ComputingTabulating-Recording Co. was incorp. in 1911 as an amalgamation, per
plan in V. 93, p. 48, of International Time-Recording Co., Tabulating M a­
chine Co. and Dayton Scale Co., Chicago, 111. See V. 94, p. 1254-5.
The directors on Jan. 30 1924 authorized the merger of International
Business Machines Corp., all of the stock o f which was owned by Computing-Tabulating-Recording Co. into Computing-Tabulating-Recording C o.,,
and the assumption of the name by the latter corporation of International
Business Machines Corp. The merger and change of name in no way
affected the corporate identity o f the company or its rights, powers and
obligations.
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks■ Com 750,000 shs (no par) ___
—
578,634 shs ____________
Bonds— 30-yr skg fund gold bds / 6 g J-J
$5,473,500 July 1 1941
($500&c)_______________G.z (Int. at Guaranty Tr. C o., N. Y ., trustee.
STOCK.-—The stockholders on Feb. 16 1926 increased the authorized
common stock from 200,000 shares to 750,000 shares, no par value, three
new shares being distributed in exchange for each share held. Capital stock
and surplus o f sub. cos. not owned Dec. 31 1925, $162,588.
DIVIDEN DS.— 1% paid April, July and Oct. 10 1913. In 1916 and
again in 1917 4% was declared, payable 1% quar. Jan. 1918 to April 1922
paid $1 quar.; July 1922 to Jan. 1924 paid $1 50 quar.; April 1924 to Jan.
1926 paid $2 quar. Also paid 20% in stock on Dec. 15 1925. April 10
1926 to Jan. 10 1927 paid 75c. quar. on increased capitalization; also paid
25c. extra on Jan. 10 1927. Paid Apr. 11 1927 to Oct. 10 1927 $1 quar.
REPO RT.— For 1926, in V. 124, p. 2111, showed:
Calendar Years—
1926.
1925.
1924.
1923.
x Net profit_____________ $6,039,165
$4,956,259 $4,069,749 $3,659,537
Bond, &c., interest_____
335,162
343,152
349,542
387,255
Depreciation___________ 1,118,888
1,055.586
979,810
813,372
Develop. & patents exp_
368,866
353,988
315,060
297,535
Divs. on C. T. R. stock. 1,880,066
1,329,610
1,205,416
874,573
Balance, surplus_____$2,336,183 $1,873,923 $1,219,921 $1,286,802
Previous surplus_______ 24,160,173 21,647,086 20,701,430 18,249,713
Total surplus________ $26,496,936 $23,521,009 $21,921,351 $19,536,515
Federal taxes (est.)_____
450,000
375,000
$200,000
$200,000
Sale of stock___________
______ Crl,004,629
________ Crl ,427,386
Accum. royalty prior yrs Cr.425,530
______
______
Amt. rec’d in lawsuits._
______
________
________
Cr513.818
Res. for contingencies..
400,000
________
________
500,000
Costofli3t. & issuing shs.
______
4,629
________
Amortization of patents.
71,277
74,837
74,265
76.289
Balance--------------------$26,001,229 $24,071,173 $21,647,086 $20,701,430
x Net profit o f subsidiary companies after writing down inventories of
raw materials to cost or market, whichever was lower, and deducting
maintenance repairs and in 1921 depreciation o f plants and equipment,
provision for doubtful accounts, the proportion o f net profit applicable to
unacquired shares, and expenses of Internat. Business Macnines Corp.
Period End. Sept. 30— 1927 —3 M os.—1926.
1927—9 Mos. —1926.
Net income after int.,
deprec. and Fed. taxes $954,197
$863,292 $2,809,834 $2,435,108
OFFICERS.— Thomas J. Watson, Pres. & Gen. M gr.; Otto E. Braitmayer, V.-P.; Clement Ehret, V.-P.; William F. Battin, Treas. & Compt.;
John G. Phillips, Sec. Office, 50 Broad St., N. Y .— (V. 125, p. 2396.)
INTERNATIONAL CEMENT CORP.— Organized on Nov. 15 1919
under the laws of Maine. Through subsidiaries, is engaged in manufacture
of Portland cement in New York, Kansas, Texas, Virginia, Indiana, Ala­
bama, Louisiana, Cuba, Argentina and Uruguay. Owns and controls the
following independent cement companies: Indiana Portland Cement Co.,
Indianapolis, Ind.; Kansas Portland Cement Co., Kansas City, M o.; Texas
Portland Cement Co., Houston and Dallas, Tex.; Knickerbocker Portland
Cement Co., Inc., Albany, N . Y .; Virginia Portland Cement C o., Norfolk,
Va.; Cuban Portland Cement Corp., Havana, Cuba; Argentine Portland
Cement Co., Buenos Aires, Arg.; Uruguay Portland Cement Corp.,
Montevideo, Uruguay; Alabama Portland Cement C o., Birmingham, Ala.;
Louisiana Portland Cement Co., New Orleans, La.
STOCKS AND BONDS—Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 600,000 shs (nonpar)______
562,500 shs _____________
Pref cum red 100 $15,000,000
($100)............... ......................... 7 Q-M 31
$9,768,400 _____________
STOCK.— Pref. and com. shares nave equal voting power. Common
stockholders o f record July 27 1926 were offered 62,500 shares of common
stock at $50 a share at the rate of one share for each eight shares held.
V. 123, p. 33.
D IV ID E N D S.— On common. Initial div. o f 62J4 cents per share ■w
as
t aid Sept. 30 1920: same amount paid quar. t o Sept 30 1922. Dec -U
)
1922 to Sept. 29 1923 paid 75 cents quar.; Dec. 31 1923 to Sept. 30 ’27.
raid $1 quarterly. Also paid 10% in com. stock on Dec. 31 1924.
R E P O R T .— For 1926, in V. 124, p. 932, showed;
Calendar Years—
1926.
1925.
1924.
1923.
Sales, less discounts, &c.$21,623,582 $17,713,900 $13,683,504 $11,289,117
M fg. and shipping costs. 12,253,368
10,012,390 7,843,273 6,382,770
Prov. for deprec. & depl. 1,724,151
1,154,627
697,987
822,074
Sell., admin. & gen, exp. 2,618,452
2,064,055 1,505,852 1,214,104
Net profit from o p e r.. $5,027,610 $4,473,827 $3,636,391 $2,870,169
Miscellaneous income
208,610
164,994
135,006
102,261
Total income_________ $5,236,220
$4,638,821 $3,771,397 $2,972,430
Interest, taxes & miscell.
881,020
662,436
723,890
549,853
Pref. dividends ( 7 % ) - 685,759
457,922
193,591
103,351
Common dividends......... 2,125,000
1,800,000
1,476,006
1,164,537
Balance, surplus_____$1,544,441
$1,718,463 $1,377,910 $1,154,689
N o. of com. shs. (no par)
562,500
500,000
400,000
364,167
Earns, per com. share-.
$6-52
$7.03
$7.14
$6.37
Period End. Sept. 30— 1927— 3 Mos.— 1926.
1927— 9 Mos.— 1926.
Gross sales_____________ $8,291,490 $8,023,344 $22,133,617 $19,728,513
Less pkg. dis. & allow’ce 1,600,111
1,497,756
4,244,795
3,621,583
M fg. costs, excl. deprec. 3,549,168
3,259,247
9,459,824
8,020,544
Depreciation__________
521,481
472,481
1,315,885
1,190,182
Manufacturing profit. $2,620,730 $2,793,860 $7,113,114 $6,896,203
Ship., sell. & adm. e x p .. 1,118,113
1,090,352
3,063,136
2,912,243
Net profit----------------- $1,502,617 $1,703,508 $4,049,979 $3,983,960
Fed. taxes, contingency
reserve, &c__________
267,644
323,926
766,460
799,420
Net to surplus_______ $1,234,973
$1,379,582 $3,283,519 $3,184,540
Earn, per sh. on 562,500
shs. no par com. outst.
$1.89
$2.14
$4.94
$4.75




193

OFFICERS.— Chairman, F. R . Bissell; Pres.. H. Struckmann; Sec.,
& Treas., H. H. Muehlke; Compt., John R. Dillon. Executive offices,
342 Madison A ve., New York.— (V. 125, p. 2274.)
INTERNATIONAL COMBUSTION ENGINEERING CO R P.— OR­
GANIZATION.— Incorp. July 30 1920 in Delaware as a holding company.
The subsidiary companies are as follows: Combustion Engineering Corp.,
New York; Coshocton Iron C o., Monongahela, Pa.; Coxe Traveling Grate
C o., Port Carbon, Pa.: Heine Boiler C o., St. Louis, M o.; Raymond Bros.
Impact Pulv.Co., Chicago, 111.; Green Enging. Co., E. Chicago. Ind.; Com­
bustion Enging. Building, N. Y .; International Pulverized Fuel C orp., N. Y .;
Dry Quenching Equipment Corp., Comoustion Enging.Corp..Ltd., Toronto;
Underfeed Stoker Co., Ltd., London, Eng.; International Combustion, Ltd.,
London, Eng.; Combustion Engineering Co., Ltd., Derby, Eng.; Societe
Anonyme des Foyers Automatiques, Paris, France; Societe Anonyme Anciens Establissements Raymond Freres, Paris, France; Italsice, Milan, Italy
Kohlenscheidung-Gesellschaft, Berlin, Germany.
NATURE OF BUSINESS.— The corporation, the leader throughout
the world in its field of operations, is engaged in the manufacture of equip­
ment for the most efficient and economical use of coal and the production
of steam; also the erection of plants for the low temperature distillation of
coal, thereby recovering the valuable by-products which are now lost
through burning coal in its raw state.
. Products include equipt. for preparing and burning coal in pulverized form
automatic stokers, boilers, steam generators, furnaces, air heaters, ash con­
veyors, and equipt. for pulverizing coal, minerals, cement, pigments, &c.
The business abroad also includes the engineering and construction of
complete power plants and o f plants for the low temperature distillation of
coal and the recovery of the by-product.
Plants are located at Monongahela and Port Carbon, Pa.; East Chicago,
Ind., Chicago, 111., St. Louis, M o., Phoenixville, Pa., Derby and Barrowin-Furness, England, and Roubaix, France.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due874,501 shs _____________
Stocks-Com. 1,100,000 shs(no par) ____
$7 cum pref stk 100,000 shs
(no par)___________________ $7 Q-J
50,000 shs _____________
STOCK.— On Aug. 30 1927 the stockholders increased the authorized
common stock from 750,000 shs. to 1,100,000 shs., and also authorized
an issue of 100,000 shs. of pref. stock. 50,000 shs. of pref. stock offered to
common stockholders in the ratio of l-17th sh. of pref. for each sh. of
common stock held. Stockholders of record Dec. 2 1926 were given the
right to subscribe for 32,307 shs. of additional stock at $47 a share in the
ratio of one new sh. for each 20 shs. of old stock held. V . 123, p. 2785.
Pref. Stock.— The pref. stock is pref. as to assets and divs. over the com­
mon stock. Entitled in liquidation to $100 per sh. and divs. Red., all
or in part, by lot on 30 days’ notice at $110 per shs. and acc. divs. Convert­
ible into common, sh. for sh., at any time.
Stock lofered in Oct. 1927
by Otis & Co. of N . Y . at $101 per sh. and d iv.— V. 125, p. 1981.
DIVS.— Jan. 6 1921 to Oct. 6 1921 paid $1 50 quar.; Jan. 31 1922 to
N ov. 30 1927 paid 50 cents quar. Also paid a div. of 200% in stock on
Jan. 6 1922.
REPO RT.— For 1926 showed
Calendar Years—
1926.
1925.
1924.
1923.
Net income from o p e r.. $2,283,023 $1,350,109 $1,448,432 $1,192,742
Other income__________
350,357
186,175
66,508
105,669
Total income_$2,633,380
$1,536,284
Interest, deprec., & c .._
538,081
412,215
Res. for Fed. taxes, & c.
281,480
117,150
Dividends_____ ________ 1,292,274
913,186

$1,514,940 $1,298,411
300,216
263,123
158,318
126,729
789,822
562,018

Balance, surplus_____
$521,545
$93,733
$266,584
$346,541
OFFICERS.— Pres., George E. Learned; V.-Ps., Wilfred R. W ood, G. G.
Guthrie Hunter and Joseph V. Santry; Sec. & Treas., George H. Hansel;
Comp., G. G. Guthrie Hunter. Office, N . Y .— (V. 125, p. 1981.)
INTERNATIONAL
HARVESTER
CO.— Originally incorporated
in N. J. on Aug. 12 1902 and acquired five concerns manufacturing agri­
cultural machines: Deering Harvester C o., McCormick Harvesting Machine
AOo. c. Also has timber lands, coal. ore. blast furnace and steel proper­
ties. See full description of plants, organization, &c.. in Oct. 1918. V.
107, p. 1574, 1575: Y 108, p. 2038: V. 85, p. 104. Canadian C o., V . 108,
p. 385. In 1919 acquired Chattanooga Plow Co. and Parlin & Orendorff
Oo. of Canton, 111. V. 108, p. 2437. In June 1920 acquired the Richmond
rind.) plant of the American Seeding Machine Co., V. 110, p. 2662. The
International Harvester Oo. o f Argentina (a subsidiary) was incorporated
in Delaware Sept. 29 1924 with a stated capital of $5,000,000. Interna­
tional Harvester Export Co. (a subsidiary) was incorp. in Del. Aug. 5 1925
with a stated capital of $2,000,000.
Plants are located at Chicago, 111.; Milwaukee, Wis.; Auburn, N . Y .;
Chattanooga, Tenn., Ft. Wayne, Ind.; Canton, 111., New Orleans, La.;
Richmond, Ind., Rock Falls and Rock Island, 111.; St. Paul, Minn.; Springfield, O.; Chatham, Ont.; Hamilton, Ont.; Croix, France; Neuss, Germany,
and Norrkoping, Sweden.
Products.— Manufactures grain binders, harvester-threshers, threshers,
mowers, reapers, rakes, tedders, hay stackers, hay presses, hay'loaders,
corn binders, corn shredders, corn pickers, corn shellers, corn cultivators,
corn planters, ensilage cutters, potato diggers, potato planters, farm en­
gines, cream separators, farm and industrial tractors, farmall tractors,
motor trucks, speed trucks, motor coaches, wagons, sleighs, manure spread­
ers, tillage implements (all kinds), plows, cane mills, seeding machines,
listers, beet pullers and binder twine.
Law Suit.— The suit brought by the U. S. Govt, in 1912 to dissolve the
Harvester Co. under the Anti-Trust Laws was finally disposed of by a
decision of the U. 8. Supreme Court on June 6 1927, which reviewed the
consent decree o f settlement entered N ov. 2 1918, found that competitive
conditions had been established and dismissed the supplemental petition
o f the Attorney-General filed in 1923 seeking to open up said consent de­
cree. V. 125, p. 1468, 397.
STOCKS AND BONDS—• Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $130,000,000 ($100) ____
$99,876,772 _______ _____
Pref cum $100,000,000 ($100)- 7 Q-M
$65,568,400 ____________
STOCK.— The stockholders on July 29 1920 ratified the proposal in­
creasing the authorized pref. stock from $60,000,000 to $100,000,000 and
the common stock from $80,000,000 to $130,000,000. The purpose was
to set aside two-thirds of the total authorized increase for acquisition by
employees under a profit-sharing plan announced in that year (see V. I l l ,
p. 498, 697), but subsequently superseded, the remaining one-third, or
$30,000,000, to be available for the payment of stock dividends on the
common stock.
On M ay 29 1924 the stockholders adopted a stock ownership and invest­
ment plan for employees and authorized the sale to employees at not less
than par of not to exceed 150,000 shs. of pref. stock (V. 118, p. 2311 and
2832).
On M ay 13 1926 the stockholders authorized the further sale of $10,000,000 o f pref. stock to employees under the foregoing plan (V. 122, p. 2806).
D IV ID E N D S.— Regular dividends at rate of 7% per annum were paid
on the pref. stocks of the International Harvester Co. of N. J. and Int.
Harvester Corp. Dividends at rate of 5% per annum were paid on Inter.
Harvester Co. of N . J. common stock from 1913 to 1916; 7% in 1917 (5%
and 2% extra), 1H % on Jan. 15 1918 and two dividends of 194 % each on
April 15 and July 15 1918, respectively. N o dividends had been paid on
the common stock o f the Inter. Harvester Corp. since July 15 1914 owing
to European war.
The consolidated company paid its initial dividend on common stock
1 H % Oct, 25 1918’ Jan, 1919 to April 1920. 1 H % quar,- July 1920, 1 H % ^ept. 1920, 12M% in com. stock; Oct. 1920. 194%: Jan. 1921. 194% ar 1
2 % in com. stock; April 1921, 194%; July 1921, 194% In cash ana 2% In
stock (V. 112, p. 2418); Oct. 1921, 1 H % ; Jan. 1922, 194 % in cash and 2%
In common stock; Apr. 1922, 194%; July 1922, 194% In cash and 2% in
common stock; Oct. 1922, 194%: Jan. 1923. 194% In cash and 2% In
common stock; April 1923 to Jan. 1926 paid 1 94 % quar. in cash; April 1926
to Jan. 1928 paid 194 % quar. in cash; Jan. 1927 paid 4% in common stock.
July 15 1927 paid 2% in common stock. Jan. 1928, 2% in stk.
REPO RT.— For 1926, in V. 124, p. 1813, showed:
Consolidated Income Account of Merged Companies.
Calendar Years—
1926.
1925.
1924.
1923.
Operating income______$34,348,913 $28,956,967 $23,633,236 $18,237,837
Interest________________
276,159
217,042
645,968
767,194
Ore and timber exting-.
495,817
292,897
311,809
560,693
Reserve for depreciation 4,781,283
4,460,360
4,244,010
4,138,493

Special maint. reserve..
Res. for losses on rec___
Russian plant investm't.
Pension funds_________
Preferred dividends____
Common dividends_____
Common divs. (s to c k )..

[V ol. 125.

INDUSTRIAL STOCKS AND BONDS

194
2,017,594
2,119.168
--------2,000,000
4,558,338
5,992,602
---------

982,745
2,332,684
1,500,000
4,363,635
4.993,835

364,490
1,988,404
2.291,160
750,000
4,230,564
4,993,835

333,205
2,163.875
4,215,673
4,993,835
1,958,368

Surplus______________$12,107,951 $9,813,770 $3,812,996 def$893,500
O F F IC E R S — Pres., Alexander Legge; 1st V .-P ., H. F. Perkins; V .-P .,
A. E. McKinstry, H. B. Utley, Cyrus McCormick Jr.; V.-P. & Treas.,
George A. Ranney; Gen. Counsel, "William S. Elliott; Compt., William M .
Reay; Sec., William M . Gale. General office, 606 South Michigan Ave.,
Chicago.— (V. 125, p. 2818.)

INTERNATIONAL MATCH CORP.— Incorp. under laws of Delaware
on June 16 1923. Controls companies owning 90 match manufacturing
plants in various European and other companies outside of Sweden. It
is in turn controlled by Swedish Match Co. through ownership of majority
of its common stock.
, „
,
,
A new long-term arrangement between the French State M atch Monopoly
and Swedish Match Co. will benefit the Int. Match Corp. V . 125, p. 2676.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when DueStocks-Com 1,450,000 shs(no par) -----1,000,990 shs ------------------Partic pref (text) 1,350,000
shs ($35)__________________ text Q-J 15 1,350,000 shs --------------------Bonds— 20-yr s f gold debs $50,-/ 5 g M -N
$50,000,000 N ov. 1 1947
000,000 ($500 & $1,000)- Int. at Lee, Higginson & C o., New York,
I
Na.xk&c* ( Boston and Chicago.
STOCK.— The participating preference stock is preferred over common
tock as to assets up to $40 a share and divs. t thereafter participating equally
with common in any distribution o f assets after common has received $40
a share; preferred as to cumulative dividends at rate ot $2 60 a share per
annum, and participating at least equally with common stock m any divi­
dends after common has received $2 60 a share in any year; non-voting.
Swedish M atch Co. has agreed with International Match Co. and its
stockholders that the Swedish company will not reduce its ownership of
common shares o f International Match Corp. below a majority, without
first publishing notice of its intention so to do and offering and agreeing to
purchase all participating preference stock o f International Match Corp.
which may be offered to it, within three months after the first publication,
at a price not less than 120% o f the par value thereof plus accrued dividends.
D IV ID E N D S.— Initial div. o f 80c. paid on common July 15 1927.
Same amount paid Oct. 15 1927.
. ..___ .
,
The participating preference stock is now on a div. basis at the rate oi
$3.20 a sh. per annum by payment o f a participating div. at the rate of 60c.
a sh. per annum in addition to the fixed cumulative div.
FUNDED DE B T.— The 20-year 5% sinking fund gold debentures are
callable on 30 days’ notice, as a whole at any time or in part on any int.
date, at 103 and int. during the first 5 years, at 102 and mt. during next 5
years, at 101 and int. during the next 5 years, and at 100J-t and mt. during
last 5 years.
Sinking Fund.— The trust agreement will provide for a cumulative sinking
fund sufficient to retire at least 35% o f the entire issue by maturity. This
sinking fund will be payable semi-ann., first payment May 1 1928, and will
be applied to the purchase o f debentures at not exceeding their redemption
price, or if not so purchasable, to retirement o f debentures through call.
The debentures were offered (V. 125, p. 2676) in N ov. 1927 at 9 8 and
int., to yield about 5 % % by Lee, Higginson & Co., Guaranty Co. of N. 4 .,
,
National City C o.. Brown Bros. & C o., Dillon, Read & Co., Clark, Dodge
& Co. and the Union Trust Co.

R E PO R T .— For 1926 in V. 125, p. 241, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Gross voyage earnings.)$73,418,927 $75,141,133 $78,054,931 $75,238,018
Miscellaneous earnings/
Oper., general expenses,
taxes and misc. i n t . . . 68.334,013 69,460,451 72,110,040 69,591,220
Net earnings________ $5,084,914 $5,680,683 $5,944,891 $5,646,799
Fixed charges_________ 2,450,051
2,511,395
2,575,965 2,618,726
Profit before d ep rec.. $2,634,862
Previous surplus_______ 19.552,622

$3,169,288
22,039,440

$3,368,927
24,426,721

$3,028,072
26,978,449

Total________________ $22,187,484 $25,208,728 $27,795,648 $30,006,521
Deduct— Depreciation . . 5,040,416
5,656,105
5,756,208
5.579,800
Sur. a s o fb a l. sheet..$17,147,069 $19,552,622 $22,039,440 $24,426,721
The foregoing includes the earnings from operations, viz.: American
Red, Star, white Star, Atlantic Transport, Panama Pacific and Leyland
lines, together with dividends received from partly owned companies.
DIRECTORS.— Matthew C. Brush. H. Bronner. P. A. S. Franklin
Charles H. Sabin, Frederic W . Scott, Donald G. Geddes, John W . Platten,
Charles A . Stone, Thomas B. McAdams, J. P. Morgan, Charles Steele
and John H. Thomas. Pres., P. A . S. Franklin; Treas., H. G. Philips;
Sec., E. E. Parvin; Compt., A . R . Marshall. New York office, 1 Broadway.
— (V. 125. p. 2677.)
INTERNATIONAL NICKEL CO., INC. (TH E ).— Incorp. in N. J.
Mar. 29 1902. In Sept. 1912 succeeded to International Nickel Co. and
Colonial Nickel C o., per plan V. 95, p. 239, 682. Had previously acquired
all stock o f Canadian Copper C o., with plant at Copper Cliff, Ont.; and
the Orford Copper Co. o f Bayonne, N. J.
The new refinery at Port Colborne, Ontario, was placed in operation
in July 1918. V. 108. p. 1063, 2237: V 106. p. 2338: V. 107. p. 85. In
1918 the International Nickel Co. of Canada, Ltd , increased its authorized
capital stock from $5,009,909 to $50,000,000 (the Issued stock being owned
by the American company) and took over the assets of Canadian Copper Co
with its mining and smelting operations in Canada and the refining opera
tions at the Port Colborne plant. V. 108, p. 2236; V. 106, D. 2348. A
rolling mill has been erected on the Guyandotte River near Huntington.
W. Va.
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks—Com $50,000,000 ($25)_. ____
$41,834,600 _____________
Pfnon-cum $12,000,000 ($100) 6 Q-F
$8,912,600 _____________
STOCK.— Shareholders voted Jan 1919 to decrease the par value of com
(hares, each $100 share being exchanged forfour $25shares V 102 p 348 71
DIVS.—
/ ’ 13. ’ 14.
1915.
’ 16. T 7. T 8. T 9. ’20-’24. ’25 '26Common___ %110>£ 10 I7bi & lOstk. 25 23 16
2
0
4
8
Paid in 1927: Mar. 31, 2% ; June 30, 2% : Sept. 30, 2% .
RE PO RT.— For 1926, in V. 124, p. 1519, showed:
Year Ended, 9 Afos. End. Years Ended March 31
Dec. 31 ’26. Dec. 31 ’25.
1924-25.
1923-24.
Earnings of all properties
$
$
$
$
(mfg. and selling exp.,
&c., deducted)______
8,195,141 6.325,810
4,914,289
2,803,784
Other income__________
167,621
102,291
194,910
221,870
Total income________
General expenses_______
P 'p H p p o l f r a n r h i 'S P X- r*
taxes’ (estimated).
Depreciation of plants..
Shutdown expenses_____
Foreign cos. not included
Preferred dividends____
Common dividends_____

8,362,762
560,775

6,428,101
406,771

5,109.199
392,815

3,025,654
360,552

610,704
1,528,861
106,155
______
534,756
3,346,768

715,796
979,846
80,788
7,500
401,067
1,673,384

467,506
1,200,442
115,878
8,500
534,756
________

202,830
1,138,457
103,029
14,000
534,756
________

R E PO RT.— For 1926 in V. 124, p. 3360:
Calendar Years—
1926.
1925.
1924.
S a l i S _ ___________________ $37,145,542 $31,494,630 $21,164,297
Income from int .& other sources------ 9,095,145
3,421,522 3,180,558

Balance, sur................
1,674,744
2.162,949
Period End. Sept. 30— 1927— 3 M os.— 1926.
Earnings________________ $2,066,329
$2,002,612
Other income__________
40,243
41.680

2,389,302
672,030
1927— 9 M os.— 1926.
$6,313,491 $6,270,189
80,264
127,568

Net income_______________________ $46,240,688 $34,916,152 $24,344,855
Operating expenses (including taxes) _ 29,803,233
22,487,831 15,111,242
1,731,717 1,610,586
Allowance for depreciation___________ 1,851,183
Writing o ff discount on debentures
and other expenses------------------------ — - - - - 2,533,700
Divs. on participating pref. ($2.90).- 3,240,000
2,023,713
------------

Total income_________ $2,106,572
Adm. & gen. ex p e n se ...
148,596
Reserved for Federal &
franchise tax________
149,788
401,548
Deprec. & depletion___
Oxford Works prop. exp.x
25,952
Dividends, p re fe rre d ...
133,689
Dividends, common____
836,692

$6,393,755 $6,397,756
452,597
406,515

Balance, surplus__________________$11,346,272
Previous surplus____________________ 18,231,261
Premium on preferred stock------------ 6,074,366

$8,672,890 $5,089,327
5,725,291
635,964
3,833,080
------------

Surplus_________________ .'________ $35,651,900 $18,231,261 $5,725,291
OFFICERS.— Pres., Ivar Kreuger; V .-Ps., Krister Littorin, C. G.
Bergman and F. Atterberg; Treas., B. Tomlinson; Sec., E . A. Hoffman-.
Office, 26 West 44th St., New Y o r k — (V. 125, p. 2818.)
INTERNATIONAL MERCANTILE MARINE CO.— ORGANIZATION.
AC — Formeriy Tnternat Nav. Co., acoutrlng >n 1902 (per olan, V. 74
o. 888. 941, 1093; V 75, p. 1089, 1305), entire cap. stock of Amer­
ican. Red Star, Atlantic Transport and Dominion Line and in th*
Levland Line, £587.030 of the £1,414.350 5% cum. pref. stock and £1.184.
630 of the £1,200,000 com. stock. As of M ay 1 1926 owned the entire com­
mon stock and all except £5.210 o f the preferred stock o f the Leyland Line.
It was announced in Nov. 1926 that the White Star Line had been sold
to the Royal Mail Steam Packet Co. V. 123, p. 2910.
In Oct. 1916 the company's financial position having been vastly im
proved owing to the war, a reorganization was effected without foreclosure
per plan in V. 103. p 582, 668. 1214, 1985, the funded debt of the Inter
national Co. being reduced by $30,729,000 and Its direct Interest charge*
from $3,248,330 as of Dec. 31 1914 to $2,369,820
V. 105. p. 387. Th*
plan left entirely undisturbed the existing common and preferred stock
V. 103, p. 1214. The American Internationa! Corp. (V. 103 p. 2338; v
106. p. 90) In 1916-17 acauired » considerable amount of the capita! s t net
The plan for recapitalization o f the company’s financial structure (V . 125,
p. 791, 1847) was abandoned due to the opposition of less than 1% of the
preferred stockholders. V. 125, p. 2677.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
$49,871,800 ____________
Stocks— Com $60,000,000 ($100)
Text Q-F $51,725,000 ______ - - - - - r Prefr 6 % ^cum^S60,000,000
6*g*A-0
$35,980,000" Oct. 1 1941
Bonds— 25-yr 1st M & coll tr
bonds call at 110 $50,000,000 Int. at company’s office.
($500 & c)_ ._____________ N
4 K J -D 3 0 $5,345,670 June 30 1943
Oceanic Stm Nav 29-yr 1st M
Int. at London, Eng.
debs s e r 2 s f 5 % o r £125,000
call par____________________
5^& 6
$1,820,000
N o. One Broadway Corp bd &
mtge______________________ (Int. a.
P R E F . D IV S.— 1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924-26
Regular dividends. 6
6
6
6
6
6 1 H
None
On accumulations. 10
5
15
10
-----------Paid in 1923: Feb. 1, 1M %; none since. Accumulated dividends, 67>4%
as of Feb. 1 1927.
BONDS.— First M . A Coll Tr. Sinking Fund bonds dated Oct 1911
aDd cue Oct. 1 1941. but subject to prior redemption on any int. date **
110 and int. on 4 weeks’ notice. Sinking fund not less than $400,000 pe
annum beginning in 1917, and proportionately more If more than $40,000 000 bonds are issued. Total auth.. $50,000,000. Present issue, bearinj
6% Int. $40,000,000.
Remaining $10,000,000 reserved for futur
use under restrictions to meet not over 85% of the cost of additional ship*
equipment. &c.. and for improvements and betterments of the propertj
Int. rate not to exceed 6% and callable at not over 110 and int. On Dec 3]
1925. $4,020,000 had been retired by sinking fund. V. 105, p. 387.
SUBSIDIARY COM PAN Y BONDS.— Oceanic Steam Nav. Co. 4X<?,
debentures: on Dec. 31 1925. $5,345,670 were outstanding, see V. 87, p
1091; V. 99. p. 202: V. 102, p. 2170; V. 105. p. 387. Number One Broadwaj
Corp. 6% bonds and mortgage outstanding Dec. 31 1925, $1,820,000.




$2,044,292
127,476
193,205
382,693
26,484
133,689
836,692

475,813
1,201,254
80,772
401,067
2.510,076

670,468
1,151,885
79,766
401,067
2,510,086

Balance_____________
$410,307
$344,052 $1,272,175 $1,177,980
OFFICERS.— Chairman, Charles Hayden; Pres., Robert O. Stanley;
V.-P.. Sec. & Treas., James L. Ashley. Office, 67 Wall St., N. Y .—
(V. 125, p. 2677.)
INTERNATIONAL PAPER CO.— Company, organized In 1898, Is the
largest manufacturer of paper in the world.
The stockholders on March 24 1925 ratified a contract between the
company and Canadian International Paper, Ltd., which provided among
other things for the aequisitien by the company of all or substantially all
of the capital stock and other securities of Canadian International Paper,
Ltd., and the issue and exchange therefor of $5,000,000 of Com. stock,
$5,370,000 of Cumul. 7% Pref. stock, and not less than $6,912,250 of new
6% 30-Year Sinking Fund Gold bonds of the company and the further
payment of a large sum In cash.
Through the acquisition of the securities of the Canadian International
Paper, Ltd., the company acquired indirectly all, or substantially all,
of the properties formerly owned by the Riordon Go., Ltd., of Canada,
purchased at a foreclosure and liquidation sale of the properties of the
Riordon Co., Ltd., held in Montreal, Canada, on Sept. 8 1924, by the
committee representing holders of 20-Year Sinking Fund 1st Mtge. & Ref.
Gold bonds of the Riordon Co., Ltd., and by the committee representing
holders of 10-Year 8% Gen. Mtge
’dug Fund Gold bonds of the Riordon
Pulp & Paper Co., Ltd.
Company also owns entire capital stock of Ticonderoga Pulp & Paper
Co., Southern International Paper C o., and Gatineau Power C o., and con­
trols Continental Paper & Bag Mills Corp.
Mill Properties.— Company and wholly owned subsidiaries own 21 paper
and pulp mills located In Maine, New Hampshire, Vermont, Massachusetts,
New York, Louisiana, and the Provinces of Quebec and Ontario, Canada.
These mills have a daily capacity of 2,594 tons of various classes of pulp
and paper for sale, now being Increased to approximately 3,250 tons.
The most important plant is the Three Rivers mill located at Three
Rivers, Que., which has a capacity of 700 tons of newsprint. The Kipawa
Mill, a bleached sulphite plant with a present capacity of 250 tons, located
in the Province of Quebec, is belieV6d to be the most modern and efficient
plant o f this character in North America. The new 600-ton Gatineau news­
print mill is rapidly approaching completion and it is expected that by July
1927 the entire mill will be in opertaion.
Including the above mills International Paper Co. and wholly owned
subsidiaries own and operate three ground wood mills for the manufacture
of mechanical pulp, six combination ground wood and paper mills, six
combination ground wood, sulphite and paper mills, one paper mill, one
kraft pulp mill, one pulp and paper mill, one combination paper and soda
pulp mill and two bleached sulphite mills.
Timber Limits and Water Powers.— The company and wholly owned sub­
sidiaries own in fee 1,631,229 acres of timber lands and stumpage rights and
Canadian crown timber limit leases covering an additional 10,826,413 acres.
The pulp wood on lands owned in fee is estmiated to be in excess of 6,000,000
cords, while that on lands held under Canadian crown leases is estimated
to exceed 39,700,000 cords.
Company with its wholly owned subsidiaries is among the largest holders
of developed and undeveloped water powers on the Continent. The water
powers which the company and its wholly owned subsidiaries now have in
operation or under construction, aggregate 600,000 h.p., capable of being
increased through further development and through utilization of unde­
veloped sites to about 1,400,000 h.p.
Qatineau Power Co.— Gatineau Power C o., a Quebec corporation, all of
whose capital stock is owned by International Paper C o., will own in fee
or hold through long-term Government leaseholds water power sites in the
Province of Quebec, Canada, with an aggregate potential capacity in excess
of 700,000 h.p. The company is now undertaking a development program

Nov., 1927.]

calling for a completion by the fall of 1928 o f four hydro-electric plants
with an initial aggregate installed generating capacity o f 397,500 h.p., of
which 373,500 h.p. is on the Gatineau River. Contracts for the sale of
over 90% of the primary power to be generated by the initial installations
at these four plants have already been executed and the balance is expected
to be readily absorbed in adjacent power markets.
Capitalization—
Outstanding.
Common (no par value)_________________________________
500,000 shs.
Preferred 6% cumulative_______________________________ $25,000,000
Funded Debt—
6% sinking fund gold debentures due 1941_______________ 12,500.000
First mtge. gold bonds 5% due 1956___________________ 37,500,000
The International Hydro-Electric Corp., a subsidiary, has been incor­
porated for the purpose of segregating the company’s U. S. power properties
from the manufacturing end o f the business. V. 120, p. 2689.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 1,000,000 shs (no
1,000,000 shs ____________
par)----------------------------------Pref (not as to assets) cum ' 6 Q-J
$2,653,000 ____________
$25,000,000 ($100)_______
Pref cum red 115 $100,000,- f 7 Q-J
$47,640,300 - .........- .........
000 ( $ 100) _________________
Bonds— 30-yr 1st & ref M s f ' 5 g J-J
$17,708,494 Jan. 1 1947
call 10234 ($1,000)-Ba.xxxc* Int. at Bankers Tr. C o., N. Y ., trustee
30-yr ref M s f gold ser A red J 6 g M-S a$23,848,000 Mar. 1 1955
105 ($500 &c)_Ba.kxxxc*&r* \Int. at New York City,
a $2,000,000 pledged to secure 6% serial gold notes.
STOCK.— The stockholders on Oct. 28 1926 increased the number of
authorized shares of cumul. 7% pref. stock by 250,000 shares and increased
the number of authorized shares of common stock by 250,000 shares, so
that including those previously authorized the total authorized number of
shares will be 2,250,000 shares divided as follows: 1,000,000 shares of
cumul. 7% pref. stock (par $100), 250,000 shares o f cumul. 6% pref. stock
(par $100), 1,000,000 shares of common stock (without par value).
The cum. 7% pref. stock is entitled to cumulative dividends at the rate
of 7% per annum, preferred over the 6% pref. stock and com. stock. Red.
at 115 on any div. payment date, is preferred as to assets over the present
6% pref. stock and common stock in the event of voluntary or involuntary
liquidation to the extent of $100 par share and divs., and entitled to full
voting powers. The holders o f the 6% pref. stock have been given the
privilege of exchanging their stock, share for share, for the new 7% pref
stock on payment of $10 per share.
D IV ID E N D S .— On 6% and 7% preferred, in full to date.
Under the terms of the financial plan of Jan. 31 1917 the 33>4% accum
divs. were discharged with 734% in cash, 14% in 6% cum. pref. stock and
12% in common stock
On common stock of no par value paid 50c. p ’ r share on Aug. 16 1926
same amount paid quar. to M ay 16 1927. Paid 60 cents per sh. on Aug.
15 1927. Same amount paid Nov. 15 1927.
BONDS.— First & Ref. 5% Sk. Fd. Itge. Bonds.— See V. 107, p. 1575.
Series A, issued to retire 6% bonds of parent and subsidiary cos. and
consol, mtge. 5s. these Series A bonds (but not the remainder. Series B)
were convertible from July 1 1919 to July 1 1922, incl., into 6% cum. pref
stock, par for par.
Series B bonds (sold in Dec. 1921. V. 113, p 2825).
An annual sinking fund of 1 % o f the total amount o f bonds at any time
Issued (plus interest on bonds so retired). Callable at notion of company,
all or part on any interest date at 102H and int. V. 104, p. 563
Ref. dtge. Sinking Fund 6% Gold Bonds, Series “ A ” .— Secured by a
mortgage, subject only to the 1st & Ref. (Closed) M tge., on all the plants
and real estate, and all the capital stock of the more important wholly
owned American subsidiaries, owned directly. Further secured by a direct
first lien on the entire capital stock (excepting directors' shares) of Canadian
International Paper, Ltd., which will own or control substantially all the
properties located in Quebec and Ontario.
The mortgage provides for an annual cumulative sinking fund sufficient
to retire all Series “ A ” bonds by maturity. No bonds of any other series
may be Issued unless sinking funds are provided sufficient to retire by
maturity at least 75% of all bonds then to be outstanding.
These bonds were sold in March 1925 by Bankers Trust C o.. Harris,
Forbes & Co., Lee, Higginson & Co., Blair & C o., Inc., Union Trust Co.
(Pittsburgh), Continental & Commercial Trust & Savings Bank of Chicago.
Halsey, Stuart & C o., Inc., and Redmond & Co. at 96 and int.— V. 120,
p. 1592.
Convertible 6% Gold Debentures were redeemed Dec. 1 1927 at 10234 and
nterest.
There were also outstanding on Aug. 31 1926 the following bonds: Ti
conderoga P. & P. Co. ref. mtge. 5s, 1930, $244,000; Ticonderoga P. & P
Co. ref. 6s, 1940, $578,500; Riordon Pulp & Paper Co. 1st 6s, 1942, $1,378,
600; Riordon pur. money mtges., $580,000: Pentecost 5% bonds. 1927
$25,000: property purchase obligations, $1,480,000; Bastrop P. & P. Co
1st mtge. 634s, 1940, $800,000.
REPO RT.— For 1926, in V. 124, p. 2289, showed:
Consolidated Profit and Loss Statement for Years Ended December 31.
1926
1925
1924
1923
Total revenue___________$9,834,543 $8,212,384 $7,815,504 $8,074,577
Depreciation____________ 3,756,278 3,404,519
3,176,208 3,144,737
Bond interest___________
2,802,982 2,195,969
938,640
962.799
Reserved for taxes........................... ..
61,594 x l ,168,000
157,500
Red. of conting. res____
______ C rl,000,000
________
________
Preferred dividends____ 2,198,471
1,979,020
1,500,000
1,500,000
Common dividends_____
750,000
______
______
______
Surplus increased____
$326,812
Paid in surplus________
74,050
Surplus Jan. 1-------------- 21,857,217

$1,571,282
2,140,950
18,144,986

$1,032,656
________
17,112,330

$2,309,541
________
14,802,789

Surplus Dec. 31...........$22,258,080 $21,857,218 $18,144,986 ;$17.112,330
x Including reserves for contingencies.
Latest Earnings.— For 9 mos. ended Sept. 30 1927 in V. 125, p. 2818.
OFFICERS.— Pres., A. R. Graustein; 1st V .-P ., Allen Curtis; V .-P .,
Joseph L. Fearing; V.-P. & Treas., Owen Shepherd; V.-P. & Chief Engineer,
A. A. White; Sec., F. G. Simons; Aud., B. O. Booth. Office, 100 East 42d
St., New York.— (V. 125, p. 2818.)
INTERNATIONAL SALT C O — ORGANIZATION.— Incorp. in Nev
Jersey in 1901. Owns (a) all of the $2,501,000 capital stock of Retsof
Mining C o., rock salt, Retsof, Livingston Co., N . Y ., which company
owns $300,000 stock (entire issue) o f Avery Rock Salt Mining C o., with
mine at Avery Island, La.; (6) entire $750,000 stock o f International Salt
Co. o f N. Y . (with producing plants in New York State known as Watkins,
Ithaca and Cayuga , which company owns practically entire stock of
Detroit Rock Salt C o.; (c) $2,500,000 (entire issue) 1st mtge. 5% bonds,
due 1951, o f Retsof Mining Co. and $200,000 (the entire amount outstand­
ing o f Detroit R ock Salt Co. 1st mtge. bonds.
STQCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks-—Com $6,077,130 ($100)-- ___
$6,077,130 ____________
Bonds-—50-yr coll tr M gold f 5 g A-O
$5,656,485 Oct. 1 1951
$12,000,000 red 105 s f $200,- (Int. at Empire Trust Co., New York.
000 yrly ($500 & c).U s.m xc* (
LATE DIVS
1916.
191f.
’ 18. T9 to ‘23. ’24. '25. '26 ’27.
Percent_. . . .
4 t< fH 4 + ^ b O
10
6 yrly
7
6
6
6
Paid or decl. in 1928; Jan. 2, 134%.
BONDS.— Of the 5s of 1901 (512.000,000 auth issue), one-slxtietl of
amount Issued to be retired each year by sinking fund and canceled In
March 1910 $2,420,000 were retired as the result of the sale
the West­
ern properties. Of the $11,197,500 bonds issued to June 1926, $5,447,000 had been retired, leaving $5,750,500 outstanding. Secured by deposit
of practically all the outstanding stock of company’s subsidiaries; also by de­
posit o f practically all the outstanding bonds o f subsidiaries owned by
the company.— V. 122, p. 3461.
R E PO RT.— For 1926 in V. 124, p. 1228, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Total in com e.................
$834,496
$939,299
$759,928 $1,088,648
Admin. & legal expenses,
taxes, &e____________
45,313
$47,835
$35,770
$37,535
Bond interest, &c______
281,843
320,355
353,339
393,634
Dividends_____________
364,627
364,628
364,628
425,399
Balance, surplus.........
$142,712
$206,481
$6,191
$231,970




195

INDUSTRIAL STOCKS AND BONDS

OFFICERS.— Pres., M . B. Fuller; Sec., H. J. Osborn; Treas., W . H .
Barnard. Office, Scranton, Pa.; N. Y . office. 475 Fifth Ave.— (V. 125,
p. 1982.)
INTERNATIONAL SHOE CO.— Incorporated under laws of Delaware
March 16 1921. The company is engaged in the business of manufacturing
and selling boot*. «hoes and kindred articles and of tanning leather hlHns.
skins, &c. Factories and tanneries are located In Missouri, Illinois, New
Hampshire, Kentucky, North Carolina and Pennsylvania.
The Federal Trade Commission In Aug. 1925 ordered the company to
divest itself of all stock o f W. H. McElwain Co. Compare V. 121, p.715.
and V. 125, p. 397, 529.
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 4,000,000 shs (no f ___
$3,760,000 _____________
par)----------------------------------- {
P f cum 6% $25,000,000 ($100) 6
10,000,000 _____________
S TO C K .—On Oct. 26 1927 the stockholders increased the auth. amount
of com. stock from 1,400,000 sns. to 4,000,000 shs. and issued the new shs
in exchange for the old on the basis of 4 new for 1 of the old.
The 8% preferred stock was redeemed on Dec. 1 1925 at 115 and divi­
dends. Stockholders were given two options: (1 T o take all cash at
$115 a share for their holdings, or (2) to take $115 a share in cash for onehalf their holdings, and for the other half to take for each share $15 in
cash and one share of new 6% preferred stock. V. 121, p. 82.
Divs.— On common at rate of $2 per ann. (50c. Q.-J.) to Jan. 1923;
Apr. to Oct. 1923 paid 75c. quar.; Jan. 2 1924 to O ct ] 1P24 paid SI quar.
Jan. 1 1925 to Oct. 1 1925 paid $1 25 quar.: Jan. 1 1926 to Oct. 1 1926 paid
$1.50 quar.; Jan. 1, to Oct. 1 1927 paid $1.75 quar.
Dividends on preferred are payable 34 % monthly. Paid to date.
R E PO RT.— For fiscal year ended N ov. 30 1926 in V. 124, p. 229:
Years Ended Nov. 30—
1926.
1925.
1924.
1923.

$

$

$

$

other manufac’d mdse.116,980,835 114,265,988 110,240,651 109,922,738
y Cost o f shoes and mdse.
sold-------------------------- 101,627,658 99,671,577 94,968,964 100,498,151
Operating profit_____ 15,353,177
Miscellaneous earnings.
______

14,594,410
______

Gross earnings_______ 15,353,177
Int. chges. on notes pay.
74,058
Prov. for income taxes.. 2,061,543
600,000
Preferred dividends____
Common dividends_____ 5,520,000

14,594,410
______
1,872,966
1,424.000
4,600,000

15,271,687
______

9,424,587
z2,766,151

15,271,687 12,190,738
148,424
486,750
2,062,468 1,405,347
1,424,000 1,421,753
3,680,000 2,523,539

Surplus for year........... 7,097,576
6,697,444
7,956,795
6,353,351
x After deducting returns and allowances for prepayments, y After
charging operating expenses, depreciation $1,159,330 in 1926, $1,022,558
in 1925; $938,086 in 1924, $689,940 in 1923, and maintenance o f physical
properties, selling, administrative, and warehouse expenses, and credit loss
(less discounts on purchases and other miscel. earnings in 1926, 1925 and
1924). z Discounts on purchases, interest and dividends received, rentals
charges to factories and other receipts.
OFFICERS.— Chairman, Jackson Johnson; Pres., F. C. Rand; Treas.,
F. A. Sudholt; Sec., D . E . Woods; Auditor, B. A . Gray. Office, St. Louis
M o.— (V. 125, p. 2397.)
INTERNATIONAL SILVER CO.— ORGANIZATION. &C.— Incor. in
Nov. 1898 under laws of N. J. and acquired silver-plating properties- see
V.
p. 1160; also V. 68, p. 232, 334, 1024; V. 76, p. 106. Also has a large
s er ” < silver output
•
See V. 68. p. 334 as to rlvhts of capital stock,
plants &c., V. 67, p. 1160; V. 68, p. 1024; V. 71, p. 545; V. 82, p. 9.
Plan of Adjustment.— In accordance with the plan o f adjustment tV. 121,
p. 2528) ratified by the stockholders Dec. 9 1925:
(1) A dividend of 7% on the pref. stock, amounting to $422,002, was
paid Dec. 31 1925, covering all unpaid cumulative dividends from Jan. 1 ’03.
(2) It was voted to pay on Dec. 31 1925 all outstanding pref. stock div.
scrip, amounting to $970,764, representing unpaid cumulative dividends
from organization to Jan. 1 1903.
(3) Subscriptions for sale of 51,445 shares of common stock in treasury
at $75 per share were received on or before Dec. 30 1925, stock to be deliv­
ered on or after Jan. 1 1926.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks-— Common ($100)________
____
$6,080,100 ____________
Preferred ($100)____________
7 Q-J
$6,028,600 _____________
Bonds— 50-yr 1st M s f call 110 / 6 g J-D
$2,451,000 Dec. 1 1948
$4,500,000 ($1,000)___N.xc* tint. at Am. Ex. Nat. Bank, New York
PREF. / T3. T 4. T5. T6. T7. T 8-2 0. ’21. ’22. '23. ’24. ’25. ’26. ’27.
DIVS. %\ 9 734 7 534 634 7 yrly. 734 7 8M 8 15
7
7
Paid on common in 1927: Mar. 1, 134%; June 1, 1)4% ; Sept. 1, 1)4% ;
Dec. 1, 1)4% .
RE PO RT.— For 1926, in V. 124, p. 2128, showed:
1926.
1923.
1925.
1924.
x Net, after interest, & c. $1,470,648
$969,318 $1,008,620 $1,572,416
Adjust, of plants & inv_
______
Cr. 10,511
D r.75,609
Divs. on pref. stock____
422,002
422,002
482,288
482,288
Common dividends_____
364,806
$683,840
$557,825
$450,723 $1,090,128
Balance_____________
Total surplus Dec. 31— - $4,362,755 $3,427,606 $5,593,884 $5,143,161
x Earnings, less depreciation, taxes and bond interest.
Latest Earnings. —
------------------Quarter Ended----------------9 Mos. End.
Period—
Sept. 30 ’27. June 30 ’27. Mar. 31 ’27. Sept. 30 ’27.
Net inc. after depr., int.
and Federal taxes___
$342,604
$275,639
$364,392
$982,635
OFFICERS.— Pres., Geo. H. Wilcox, Meriden, Conn.; Treas., G. H.
Yeamans, Meriden, Conn.— (V. 125, p. 2397.)
INTERTYPE CORPO R ATIO N .— Incorp. under laws of New York on
Feb. 1 1916. Manufactures intertype machines which are sold to the
publishers of newspapers, general publishers and related businesses. Also
manufactures matrices, which are the counterpart o f the type produced by
the intertype machines.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 300,000 shs (no par) ___
200,000 shs ____________
1st pref cum red 120 ($100)_
_ 8 Q-J
$1,159,800 ------------------2d pref cum conv (text) ($100) 6 J-J
$5,270 _____________
Bonds— 15-yr debs red (text) f 534 J-D
$1,000,000 June 1 1942
($1,000)___________ Eq.xxxc lint, a t ___
STOCK.— The second pref. stock may be exchanged for common stock
at the ratio of one share of second pref. stock for five shares of common
stock.
D IV ID E N D S.— On old common: In 1920, $1; 1921, none; 1922. $4 and
10% in common stock: Feb. 1923. $1. On new common (exchanged five
shares of new for one of old paid 25 cents per share quar. M ay 15 1923 to
Nov. 15 1927. Also paid 10% in stock on Nov. 15 1923 and Nov. 17 1924
and 25 cents extra in cash semi-annually from Feb. 15 1924 to Aug. 15 1927.
DEBENTURES.— The 534 % debs, are red. at 105 and int. up to June 1
1932; at 103 up to June 1 1937; at 101 up to June 1 1941: at 100 and int.
thereafter. V. 124, p. 3219.
REPO RT.— For 1926. showed:
Earnings— Cal. Years.
1924.
1923.
1926.
1925.
Profits________________
$730,528 $1,185,165 $1,217,653 $1,317,383
Depreciation___________
$116,982
$127,232
$204,503
$209,192
Taxes, including Federal
160,000
108.000
185,000
142.000
First preferred dividends
86,470
85,152
92,880
91.146
Second preferred divs_
_
316
318
326
1,370
Common dividends_____
298,683
298,643
271,511
154,885
First pref. stock retire­
ment appropriation. _
30.000
30,000
30,000
30.000
Disc, in 7% deb. notes. _
61,875
Balance, surplus_____
$83,667
$452,826
$402,973
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 1228.

$694,783

196
Period, end. Sept. 30 —
Gross profit___________
■Expenses________
Deprec. & tax reserve_
_

1927 —3 Mos. —1926.
$405,701
$338,532
229,395
184,336
66,104
50,471

1927 —9 Mos. —1926.
$1,276,617 $1,108,493
624,616
549,903
224,812
176,369

Net income_________
$110,202
$103,725
$427,188
$382,221
OFFICERS.— Chairman, R. H. Swartwout: Pres., Neal Dow Becker;
V.-P. & Sec., H. G. Willnus; V.-P., J. W . Lindsay and D. R. Salisbury;
Treas., H. A. Grube; Asst. Sec. & Asst. Treas., F. Hoffmann. Executive
offices, 1440 Broadway, N . Y . Factories, 300 Furman St. and 365 Park
Ave., Brooklyn, N. Y . — (V. 125, p. 2537.
JEWEL TEA CO., INC.— ORGAN IZATION .— Incorp. in N . Y . on
Jan. 14 1916 to take over the Illinois Jewel Tea Company. Sells coffee, tea,
baking powder, soap, &c. Main offices and plants in Chicago and Hoboken.
V. 108, p. 2026. Large shipping station leased in Hoboken. N . .1.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
120,000 shs ____________
Stocks— Com 120,000 shs (no par) ____
Pref 7% cum $2,560,000 call
125 ($100)___________________ Text Q-J
$2,540,000 ____________
STOCK.— The stockholders on Jan. 27 1925 voted to change the author­
ized common stock from $12,000,000, par $100, to 120,000 shares of no
par value, the outstanding stock to be exchanged on a share-for-share basis,
and to reclassify the pref. stock so as to fix July 1 1926 instead of July 11917
as the date governing the acquisition o f pref. stock of the company and its
retirement pursuant to the provisions of the certificate of incorporation
3,600 shares, 3 years’ requirement, already retired . Pref. redeemable at
option of directors on 90 days’ notice at 125 and accrued divs. Property
cannot be mortgaged; nor pref. stock increased without consent of %
in interest in both classes o f outstanding stock, taken separately.
The stockholders in April 1926 voted to reduce the authorized pref. stock
from $3,640,000 to $3,000,000 by the retirement of 6.400 shares held in
the treasury. In Aug. 1927, by further authority of the stockholders, the
pref. stock was further redeemed by 4,400 shares, leaving the present auth.
pref. stock at $2,560,000.
D IV ID E N D S.— On pref. paid \ % % quar. from April 1 1916 to Oct. 1
1919; then none until April 1 1925, when 1 K % quar. and 2 )4 % on account
of accumulations was paid; July 1 1925 paid 1%%\ Oct. 1 1925 to Oct. 1 1926
paid I K % quar. and 2M % on account o f accumulations; Jan. 1 1927 paid
1 K % quar. and 9% on account of accumulations; April 1 1927 to Oct. 1
1927 paid 1 K % quar. Apr. 1 1927 and July 1 1927 paid 7% on account
of accumulations, leaving accumulated dividends of 14%.
RE PO RT.— For 1926, in V. 124, p. 1077, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net sales______________ $14,568,258 $14,178,478 $13,602,745 $12,554,875
Operating profit_______ 1,215,243
749,288
773,8081
713,906
Other income__________
228,494
207,354
210,589/
Total income________ $1,443,737
Federal tax reserve_____
185,685

$956,642
117,694

$984,397
129,321

$713,906
89.705

$838,948
B alance._____ ______ $1,258,052
Bad debts res. not requir. ________
________
Preferred dividends_ (22M)650,675 (14)463,275
_

$855,076
________
______

$624,201
208.959

Surplus______________
$607,377
$375,673
$855,076
$833,160
Profit and loss, surplus.. $1,239,311
$998,414
$654,555 def$200,520
BALANCE SHEET as o f Jan. 1 1927 in V. 124, p. 1077.
OFFICERS.— Chairman, John M . Hancock; Pres., M . H. Karker,
V .-P ., O. B. Westphal; V .-P ., John C. Regan; Sec., W . D. Smith; Treas.,
F. M . Kasch. Office, 5 North Wabash Ave., Chicago.— (V. 125, p. 2397.)
JONES BROTHERS TEA CO., INC.— ORGANIZATION. Estab
as a co-partmership in 1872. Incorp. in New York State in 1910 as Jones
Bros. Co.; present name adopted in 1916. V . 103, p. 2346. The Jones
Bros. Tea Co. of New York, a subsidiary, has been incerp. in Delaware with
an authorized capital of $250,000, to take over the business carried on by
one of the departments of the parent company. Owns in Brooklyn, N. Y .,
a plant covering a full block for preparing and packing tea, coffee, spices,
baking powder, soap, &c.; also does importing and jobbing business at
107 Front St., N . Y . Controls (a) Globe Grocery Stores, Inc., operating
stores in Ohio: (5) Grand Union Grocery Stores, Inc., operating stores in
New York and Pennsylvania, (c) Grand Union Tea C o., Inc., operating
stores in the principal cities of the country; (d) Anchor Pottery, Trenton,
New York, Vermont, and Pennsylvania, (c) Grand Union Tea C o., Inc.,
operating stores in the principal cities o f the country; (d) Anchor Pottery,
Trenton, N. J.; (e) Progressive Grocery Stores, Inc. In July 1923 acquired
the chain o f grocery stores operated by John T . Tomich.Inc. The latter co
operating 47 stores and one warehouse in the northern section of New
York City and in Westchester County.
On March 7 1927 took over the management o f the Glenwood Food Shops,
Inc., with 52 grocery stores and 20 meat markets in Upper New York State.
On June 7 1927, acquired 16 grocery stores of the King Stores Corp. in
New York State.
On Oct. 10 1927, acquired 54 stores of Andrew Davey, Inc., located in
Binghamton, Albany, and other cities along the Hudson River.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Common (no p ar)______ ____
100,000 shs ------------------Pref 7% cum call IK) ($100)-- See text
$3,760,000 ------------------STOCK.— No bonds or mortgages without the consent o f 75% of the
pref. stock; the pref. is redeemable at 110 and is subject to a yearly sinking
fund of 2 %.
The stockholders on Dec. 23 1924 approved a change in the common
stock from shares o f $100 par to shares of no par value.
D IV ID E N D S.— Paid on pref. stock in full to July 1924; none since.
Divs. o f M o f 1 % each were paid on common stock Oct. 15 1917 to Oct. 15
1920; then none until Oct. 16 1922, when 1% was paid; Jan. 15 1923 to
Oct. 15 1923 paid 1% quar.; none since.
R E PO RT.— For 1926, in V. 124, p. 1520, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Sales________________N ot reported. $24,254,241 $24,295,885 $31,368,545
Operating profit_______
$418,652
$272,409
______
______
Other income__________
52,893
86,597
______
______
Total income________
Interest and discount_
_
Depreciation___________

$471,545
38,570
122,358

$359,006
62,962
146,233

Net profits__________
Preferred dividends____
Common dividend_____

$310,718
______
______

$149,812 def$284,880
$165,905
______ (3)4)134,225(7%)266,350
______
______ (3%)300,000

Balance_____________ sur$310,718 sur$149,812 def$419,105 def$400,445
Profit & loss,sur.,Dec.31 $960,994
$650,276
$500,464
$502,080
-------- Quarter Ended---------------9 Mos. Ended-----Period—
Oct. 1 ’27 Oct. 2 ’26
Oct. 1 ’27.
Oct. 2 ’26.
Net after charges and
Federal tax..................
$80,926
$50,058
$206,732
$142,814
OFFICERS.— Chairman, Harry L. Jones; Pres., J. Spencer Weed; V .-P ..
Gustav E . Kruse; Treas., Albert R . Doerle; Sec., L. P. Shield. Office,
88 Jay St., Brooklyn, N . Y.— (V. 125, p. 2818.)
JONES & LAUGHLIN STEEL CORP.— ORGANIZATION.— Incorp.
under the laws of Pennsylvania Dec. 19 1922, and acquired the properties,
franchises, &c. of the Jones & Laughlin Steel Co., which was incorporated
June 1902, in Pennsylvania, as successor to the former partnership of
Jones & Laughlin, Ltd., founded in 1850.
Properties.— Owns extensive steel works in the heart o f Pittsburgh incl.
the following modern equipment: 720 bee-hive coke ovens, annual capacity
550,000 net tons; 300 Koppers by-products coke ovens and 60 Wilputte
by-product coke ovens, annual capacity 1,560,000 net tons; by-product and
benzol plant, for recovery o f light oil, ammonium sulphate, fuel tar and
fuel gas; 7 blast furnaces consisting o f 6 550-ton furnaces, and 1 400-ton
furnace; 27 open hearth furnaces consisting of 9 Talbot, 16 stationary basic
and 2 stationary acid; 4 Bessemer converters; 3 blooming mills; 1 28-inch.
3-high billet mill; 1 Morgan billet mill; 14 bar and structural mills; 1 45-inch
universal mill, 1 78-inch sheared plate mill and 1 128-inch sheared plate
mill; cold rolling and cold finishing mills; spike factory; structural fabricat­
ing plant; reinforcing bar bending plant; tie plate finishing department;
and also, auxiliary plants and utilities consisting of coal and ore handling
plants; steam and electric plants; pumping plants; iron, steel and brass
foundries; machine shops; repair shops; laboratories; warehouses; mill
transportation facilities and mill office buildings. Also works located in the
Borough of Woodlawn, Beaver County, Pennsylvania, occupying 460




[V ol. 125,

INDUSTRIAL STOCKS AND BONDS

acres and comprising the following modern equipment; 488 rectangular coke
ovens with waste heat boilers and annual capacity of 500,000 net tons of
coke; 122 Koppers by-product coke ovens, annual capacity 650,000 net
tons; 5 550-ton blast furnaces; 4 Talbot Open Hearth furnaces; 3 Bessemer
converters; 1 blooming mill; 1 continuous billet and bar mill; 1 continuous
sheet bar and skelp mill; 1 10-inch skelp mill; 2 continuous wire rod mills;
1 continuous 14 inch merchant mill; 1 34-inch round mill; 36® wire drawing
blocks; 227 nail machines; 4 staple machines; 64 barbed wire machines;
8 field fence machines; 6 galvanizing pans; 69 sheet and pair furnaces; 32
hot mills; 10 trains tin mill cold rolls; annealing furnaces; 50 tinning stacks;
1 seamless tube mill; 4 butt weld pipe furnaces; 3 lap weld pipe furnaces and
1 galvanizing unit, and also complete equipment of auxiliary plants, utilities
and facilities similar to those listed under Pittsburgh Works.
Products.— Open hearth and Bessemer steel; hot rolled products-billets,
blooms, slabs, sheet bars, skelp, merchant bars, bars for concrete reinforce­
ment. structural shapes, sheared and universal mill plates, tie plates, light
rails and accessories, J. & L. Junior beams and accessories, railroad spikes,
fabricated structural work, cold finished steel, welded and seamless tubular
products, wire products, tin mill products and coke by-products. Ware­
houses located in Chicago, Cincinnati, Memphis and Pittsburgh. Sales
offices in principal cities.
Production Capacity.— The aggregate pig iron capacity of the Pittsburgh
and Aliquippa Works is 2,400,000 G. T . and the ingot capacity is 3,000,000
G. T . per annum.
Outstanding. Bds. when D u e .
STOCKS AND BONDS—
Rate of Int.
Stocks— Com $60,000,000 ($100). ____
$57,332,000 ------------------P f cum red (text) $60,000,000
( $ 100)
7 Q-J
$57,036,400 --------- ---------Bonds— 30-yr 1st M g s f red 105 f 5 g M -N
$13,775,000 M ay 1 1939
$30,000,000 ($l,000)-F C .xc* (Interest at New York & Chicago.
Shannopin Coal Co serial notes ( 6 M -N
$1,800,000 To Nov. 15 ’29
dated 1921 due $600,000 ann Interest at Pittsburgh.
( $ 1 ,000) ----------------------------------STOCK.— The pref. stock is red. as a whole only at 120 and divs. Has no
voting power except upon the question of voluntary dissolution or in case
any div. is in arrears for one year. Except with consent of holders of 75% of
pref. stock (a) no mtge. may be placed upon the properties (except purchase
money mtges. on hereafter acquired property and the remaining authorized
$5,000,000 Jones & Laughlin Steel Co. 1st Mtge. 5s); (6) the authorized
pref. stock may not be increased; and (c) no additional stock may be issued
with rights as to dividends or assets equal or prior to this stock.
D IV ID E N D S.— On pref. stock initial div. o f \ % % on April 1 1923'
Same amount paid quar. to date.
An initial div. of 1% on the common stock was paid March 1 1926;
same amount paid June 1 1926; on Sept. 1 1926 to Dec. 1 1927 paid 1 )£%
quarterly.
BONDS.— The first 5s of 1909 ($25,000,000 of which were issued) are
secured by the plants and properties o f the corporation in Allegheny and
Beaver counties. Pa., and Chicago, 111., and further by pledge o f stocks of
subsidiaries owning coal mines, ore lands and railways. Net quick assets
are always to amount to at least $8,000,000, while an equal amount o f bonds
are outstanding. Sinking fund equal to 1-15th o f bonds issued, less interest
on bonds outstanding. V. 93, p. 49; V. 92, p. 1503; V. 88, p. 1257.
R EPO RT.— For 1926, in V. 124, p. 1519, showed:
Jones & Laughlin Steel Corporation and Subsidiary Companies.
Calendar Years—
1926.
1925.
1924.
1923.
Total earnings________ x$21,210,206x$15,671,581x$13,864,353 $16,727,176
Interest charges________
$850,481
$925,037 $ 999,675 $1,066,430
Depreciation & depletion 5,210,631
4,792,050
4,238,449
4,746,868
Pref. divs. paid (7 % ) - - - 3,990,919
3,993,381
3,921,937
3,879,872
______
______
______
Common dividend_____ 2,579,940
Surplus for year______ $8,578,235 $5,961,113 $4,704,292 $7,034,006
Previous surplus_______ 40,941,835 35,080,722 30,808,275 24,384,619
Total surplus________ $49,520,070 $41,041,835 $35,512,567 $31,418,625
Less— Adjustments, & c.
______
______
$331,845
$360,350
Approp. for pension fund
250,000
100,000
100,000
250,000
Profit & loss, surplus - $49,270,070 $40,941,835 $35,080,722 $30,808,275
x After deducting all expenses incident to operations, incl. repairs and
maint. of plants and est. provision for all local, State and Federal taxes.
Period End. Sept. 30— 1927— 3 M o s — 1926.
1927— 9 M os.— 1926.
Earnings after taxes------$3,908,553 $5,856,883 $13,920,698 $16,282,351
Deplet. & depreciation-. 1,117,130
1,385,977
3,504,554
3,877,109
Interest on bonds, & c._
184,410
213,119
574,328
645,686
Net income___________ $2,607,013
Preferred dividends____ 1,022,907
Common dividends_____
716,650

$4,257,787 $9,841,816 $11,759,556
998,947
3,058,531
2,992,782
716,650
2,149,950
1,863,290

Surplus______________
$867,456 $2,542,190 $4,633,335 $6,903,484
OFFICERS.— B. F. Jones Jr., Chairman of Board; C. A. Fisher, Pres.;
Willis L. King, G. M . Laughlin Jr., W. C. Moreland, S. E. Hackett and
T . M . Girdler, V.-Pres.; B. F. Jones 3d, V.-Pres. & Sec.; J. C. Watson,
Treas.; W . J. Creighton, Compt. Office, Pittsburgh, Pa.— (V. 125, p. 2397.)
JORDAN MOTOR CAR CO., INC.— Incorp. under laws of Delaware
on June 11 1919 as successor to the Jordan Motor Car C o., which was
organized on March 13 1916. Plant is located at Cleveland, Ohio.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 200,000 shs (no par) -----126,000 shs _____________
Pref cum red 110 ($100)--------- 7 Q-M
$224,750 - ............. ........
STOCK.— On Dec. 24 1923 the authorized common stock was increased
to 200,000 shares without par value. A 600% stock dividend was paid
on Dec. 29 1923, increasing the amount outstanding to 84,000 shares. A
further 42,000 shares were sold in Jan. and Feb. 1924, stockholders receiving
the right to subscribe for this stock at $30 per share.
D IV ID E N D S.— On increased common stock (see above) paid 75 cents
per share quar. March 31 1924 to June 30 1926; none since. On pref.. in
full to Oct. 1 1927.
RE PO RT.— For 1926, in V. 124, p. 1676, showed:
Calendar Years—
1926.
1925.
Sales___________________________________________ $11,632,084 $13,511,488
Cost of goods sold______________________________ 10,191,8081 11,759,757
D epreciation____________________________________
233,753 j
Gross profits___________________________________ $1,206,523
Selling, administration, &c., expenses___________
1,109,729
Net profit.x--------------------------------------------Preferred dividends (7 % )___________________
Common dividends_________________________

$1,751,731
1,318,492

$96,794
$433,239
65,120
66,059
.50)189,000 ($3)378,000

Balance, deficit_______________________________
$157,326
$10,820
Shares of common stock outstanding (no par).
126,000
126,000
$2.91
Earned per share____________________________
$0.24
x Exclusive of taxes.
OFFICERS.— Pres., Edward S. Jordan; V .-P ., Charles L. Bradley,
V ,-P ., Paul Zens; Sec. & Treas.. W . B. Riley. Office, 1070 East 152d St.,
Cleveland, Ohio.— (V. 125, p. 923.)
(JULIUS) KAYSER & CO.— ORGANIZATION.— A re-incorporation
(In N. Y .) June 1911. The company is said to be the largest manufacturer
of silk gloves in the world; also manufactures lisle and silk gloves, silk
hosiery and silk and cotton-ribbed underwear. Plants at Brooklyn, Walton,
Portland, Allentown, Bangor, Stamford, Schuykill Haven and Sherbrooke,
Que. V. 95, p. 1405; V. 92, p. 1568; V. 107, p. 185. The company in June
1926, opened its first retail store on Fifth Ave., New York City.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 500,000 shs (no par) ____
198,332 shs ------------------Bonds— 20-yr conv s f g debs f 5)4 g M-S $6,800,000 Mar. 1 1947
($500 & $1,000)......... ............lint, a t __________________________________
STOCK.— Under the terms o f a recapitalization plan ratified by the stock
holders Feb 18 1927 the authorized common stock was changed to 500,000
shares o f no par value, and the 8% preferred stock was retired at $120 per
share on April 11 1927.
DIV ID E N D S.— On old common ($100 par) April 1912 to Jan. 1913, 1%
quar.; April 1913 to Oct. 1916, 1)4 % quar.; Jan. 1917, 1)4 % and 1% extra;
April, July and Oct. 1917, 1)4% ; Jan. 1918, 2% and 1% extra; April 1918

Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

197

to At>ril 1922, 2 % quar. On new no par value common paid initial dividend
o f 75 cents per share on N ov. 2 1925; same amount paid quarterly to N ov. 1
1926; on Feb. 1 1927 to Nov. 1 1927 paid $1 quar. On new preferred (no
par value) paid $2 quar., July 1922 to April 1927.
BONDS.— The first mortgage sinking fund gold bonds due 1942 were
redeemed Aug. 15 1927 at 107l and int., under the recapitalization plan
A
o f Feb. 18 1927. Under the same plan the convertible s. f. gold debentures
were issued.
The debentures o f 1947 are red. at the option o f the company in whole
or in part, at any time, on 60 days’ notice at 105 and accrued interest if
called for redemption on or before March 1 1928, the premium decreasing
thereafter M o f 1% during each successive twelve months period.
The debentures are convertible at the option o f the holder on or before
M ay 1 1932, into common stock at the following prices: $62.50 per share
If converted on or before M ay 1 1929; or $65 per share if converted after
M ay 1 1929, and on or before M ay 1 1930; or $67.50 per share if converted
after M ay 1 1931, and on or before M ay 1 1932; with provisions for a
reduced conversion price under certain conditions as provided in the
indenture.
Sinking fund commencing March 1 1928 sufficient to retire $200,000
annually or over half o f the total issue by maturity.
R E PO RT.— For 12 mos. ended June 30 1927, in V. 125, p. 906, showed:
Year End. 10 Mos. End. — Year End. Aug. 31—
June 30 ’27. Jun 30 ’26.
1925.
1924.
Total income___________ $2,717,027 $1 813,928 $1,838,961
$917,168
Interest_______________
411,096
253,695
268,080
418,247
Taxes_________________
227,601
165,008
99,482
1,783
Depreciation___________
349,130
256,130
296,757
290,185

STOCK.— The stockholders on April 9 1923 increased the authorized
stock from 3,000,000 to 5,000,000 shares and approved an offer to exchange
shares of stock of the Kennecott Copper Corp. for shares of capital stock
of the Utah Copper Co. on the basi6 of 1J4 shares of stock of Kennecott
for 1 share of stock of Utah.
D IV ID E N D S.— An initial dividend of $1 per share was paid Mar. 311926,
June 1916 to Sept. 1917, $1 50 quar. ($6 yearly); Dec. 1917 to Dec. 1918,
$1 quar. Mar. 1919 to Dec. 1 1920 paid 50c. quar.; then none until Jan. 15
1923, when 75c. was paid; April 1923 to Oct. 1 1925 paid 75c. quar.; Jan. 2
1926 to Oct. 1 1926 paid $1 quar. Jan 2 1927 to Oct. 1 1927 paid $1.25 quar.l
In July 1917 paid a Red Cross div. of 20c.
BONDS.— The 10-year secured 7s, due Feb. 1 1930, were redeemed on
N ov. 1 1924 at 106 and int.
R E PO R T .— For 1926, in V. 124, p. 2438, showed:
Consolidated Income Statement Calendar Year 1925.
[Incl. Braden Copper C o., Utah Copper Co. and Alaska Steamship Co.]
Calendar Years—
1926.
1925.
Operating revenue— Copper_____________________ $62,902,251 $58,998,799
do
do
Gold and silver______________ 2,420,355 2,327,862
do
do
Railroads, steamship & wharf 6,773,631
6,546,454

$206,954
$633,475

Total income_________________________________ $35,006,131 $32,286,610
Interest on short-term notes_____________________
101,250
495,556
Taxes----------------------------------------------------4,248,845
3,369,160
Depreciation____________________________________ 4,006,721
3,991,607
Minority interest in income o f subsidiaries_______
586,032
540,243

Net income__________$1,729,199
______
Inventory adjustment- _
Res. raw silk fluctuations
______
Preferred stock dividends
393,604
Dividends on com. stock
449,794

$1,139,095

$1,174,642

IIIIII
440,767
260,055

150,660
528,920
______

528,920

$885,801
$438,273
$495,722 def$955,441
Balance, surplus_____
Shs. com. outst’d (no par)
198,332
115,700
115,700
115,700
Earns, per share on com .
$6.73
$6.04
$4.44
Nil
OFFICERS.— Pres., Edwin S. Bayer; V.-P. & Treas., C. W . Sinn; V .-P .,
H. L. Van Praag; Sec., C. J. Hardy; Compt., A. Flume. Office, 353 Fourth
Ave., New York.— (V. 125, p. 906.)
KELLY-SPRING FI ELD TIRE CO.— ORGAN IZATION.— Incorp. in
N .J., April 15 1899 as Consolidated Rubber Tire Co.; name changed Jan 2
1914.Manufactures a full and complete line o f pneumatic tires and tubes.
Is one of the largest producers in the country of solid truck tires.Products
are distributed through 46 branches established in important business cen­
tres o f the country and approximately 15.000 active accounts with dealers
Plant is located at Cumberland, M d. V. 108, p. 1835, 2634. Compare
also V . I l l , p. 1374; V. 112, p. 854, 945, 1872; V . 121, p. 1685.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $10,000,000 ($25)— ____
$9,096,002 ------------------Pref 6%
cum $3,900,300
call 110 s f 2% ($100)______ See text
$2,950,000 -------------------2d pref 8% cum $7,000,000
call 125 s f 3% ($100)______ See text
$5,264,700 -------------------Bonds— 10-yr s fg n o te sr e d 110 f 8 g M -N
$5,000,000 M ay 15 1931
($100 & c)_______ Ce.kxxxc* (Interest at New York City.
STOCK.— On Nov. 30 1915 the par value o f the common shares was
changed from $100 to $25 by increasing the number o f shares fourfold.
First pref. has a 2% sinking fund which to Dec. 31 1926 had retired and
canceled $808,200 of the $3,758,200 first pref. theretofore issued.
In July 1919 shareholders had the right to subscribe at par for $5,860,200
®f an issue of $7,006,000 8% cum. (2d) pref. stock, underwritten. This 8%
pref. is redeemable at $125 & divs., and has a sinking fund equal each year
to 3% o f maximum amount issued, payable before any dividend is paid on
common stock. The 6% pref. has voting power; the 8% pref. has no such
power unless two o f its quarterly dividends remain unpaid. To Dec. 31
1926 $595,500 had been purchased for redemption. V. 108, p. 2634;
V. 109, p. 683.
NOTES.— The 10-year 8% notes o f 1921 have a sinking fund providir g
for the retirement of the entire issue at 110 and int. by drawing by lot
$1,000,000 p. a. ($500,000 on each int. date) beginning May 15 1923, ar d
continuing until May 15 1931, when the remaining $2,000,000 will be
paid at 110 and int. V. 112, p 2088
CASH DIVS. i ’99. ’00.
1914.
1915.
1916
1 9 1 7 t o F e b ’21
7H
15
16 (4%Q-F)
Oom. sto ck .. I . . ....................
From M ay 1 1919 to Feb. 1 1921 paid a stock dividend o f 3% along with
the regular quarterly cash dividend o f $1. In May, Aug. and N or. 1921
paid 3% in stock, the cash dividend being omitted; none since.
The July 1924 div. on 1st pref. stock was deferred. V. 118. p. 3085. The
M ay 1924 div. on 2d pref. stock was omitted. None paid since.
R E PO RT.— For 1926 in V. 124, p. 1504.
1926
1925
1924
1923
Gross profits____________ $4,716,603 $9,895,844 $7,255,746 $9,559,804
Total operating incom e.defl418,007
3,686,641
717.658
1,107,536
Int. on 10-year 8% notes
530,000
610,000
690,000
770,000
Disc. & misc. deduc’n s ..
319,042
395,325
301,033
354,062
Depreciation__________
1,172,751____1,228,738
1,252,374
1,149,759
Net income________def$3,439,800 $l,452,577def$1525,749def$1166,284
Divs. on pref. (6 % )____
______
______
44,250
177,900
Divs. on pref. (8 % )____
______
--------105,294
424,376
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 1504.
OFFICERS.— Samuel Woolner Jr., Pres.; F A. Seaman, 1st V .-P .,
Maurice Switzer, T. S. Lindsey, Louis Mueller and C. A . Brown. V .-P.;
H. B. Delapierre, Sec. & Treas.; M . C. Lachenbruch, Aud.; J. J. Taggart
Asst. Sec. & Treas. New York office, 250 W . 57th St.— (V. 125, p. 2158..’
KELSEY HAYES WHEEL C O R P .—O R G A N IZA T IO N .—Incorp. in
N . Y . on Aug. 23 1916, and took over as of Dec. 31 1915 the entire assets and
business of Kelsey Wheel Co. o f Mich, and Herbert M fg. Co. of M ich., as
going concerns, and the capital stock o f Kelsey Wheel C o., Ltd., of Canada
and o f the Kelsey Wheel Co. of Tenn. Owns one of the largest automobile
wheel plants in the world. V. 103, p. 411, 848; V. 105, p. 75.
Sale of portion of interests at Memphis to Fisher Body Corp., V. 117
p. 2000.

Total operating revenue--------------------------------- $72,096,237 $67,863,114
Cost of metal production, incl. mining, treatment
and delivery--------------------------------------------------- 34,309,717 33,087,535
Railroad, steamship and wharf operating costs_
_ 4,944,442
4,803,993
Net operating revenue________________________ $32,842,078 $29,971,586
Other receipts— Divs., interest and miscellaneous. 2,164,053
2,315.024

Net inc. applic. to Kennecott stock before depl’n.$26,069,283 $23,890,044
Dividends paid--------------------------------------------------- 17,898,691
6,’904,’082
Balance--------------------------$8,170,592 $16,985,962
x Earned surplus------------------------------------------------ 98,102,692 79,356,910
Shares o f capital stock outstanding (no par)______ 4,498,418
4,474,424
Earned per share________________________________
$5.80
5.34
x Before deduction o f any depletion based on March 1 1913 values.
OFFICERS.— Pres., Stephen Birch; V .-P ., E. T . Stannard; Sec. &
Treas., Carl T . Ulrich. New York office, 120 Broadway.— (V. 124.
p. 2438.)
KEYSTONE TIRE AND RUBBER CO.— ORGA N IZA TIO N .— Incorp.
In New York Sept. 26 1911. The chief business of this company is the man­
ufacture and sale o f Keystone cord and fabric tires which are manufactured
at the plant located at Kingsbridge, New York City.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due*
Stocks— Com 500,000 shs (no par) ____
455,851 shs _____________
STOCK.— On Oct. 11 1922 the stockholders voted to change the capital­
ization from 500,000 shares, par $10, to 500,000 no par value. Each holder
of the outstanding shares, par $10, received one new share, no par value, for
each outstanding share held. Holders of com. stock of record Oct. 24 1922
were offered the righi to subscribe at $6 50 per share for com. stock (no par
value) to the extent of 1 share of new stock for each 2 shares of stock held.
Initial div. of 2% % paid on com. stock in Oct. 1916; in 1917, 12%; in 1918,
12%, and 15% instock; in 1919, Jan., 3% ; April, 3% ; May, 15% in stock;
July, 3% ; Sept., 15% fn stock: Oct., 3% ; 1920, Jan., 3% ; April, 3% ;
July 3% : Oct.. 3 % . None since.
R E PO RT.— For 1926, in V. 124, p. 2289, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Gross profit on sales----- loss $45,477
$12,155 loss$141,586 loss$59,664
Operating, &c., expenses
78,321
84,859
103,459
260,509
Operating loss_______
_
C scellaneous income_

$123,798
______

$72,705

$245,045
12,572

$320,173
18,572

Loss
---------Calendar Years—
Interest, taxes, A c.
Losses on rubber contr’tsi

$123,798
1926.
26,073
63,821
3,462,789
1,700

$72,705
1925.
14,326

$232,473
1924.
45,380

$301,601
1923.
106,146

3,356,599

3,036,067

2,538,578

Adjustments____ _______
Refund of Fed. tax., &c.
Adjust. Gryphon Rubber
& Tire Corp_________
Reserve for doubtful ac­
counts, &c__________

Cr. 8,489
19.159
51,168

89,742

$3,678,172 $3,462,789 $3,356,599 $3,036,067
OFFIC E R S.—Pres., G. A . Dorfman; V.-P. Sec. & Treas., Wm. H,
Lofink. Office, Bailey Ave. & 192d St., Kingsbridge, N . Y .— (V. 124, p.
2289.
(G . R.) KINNEY CO., INC.— Incorp. under laws of New York on Jan.
23 1917. Business is principally that of operating a large chain of retail
shoe stores throughout the country, manufacturing, selling and dealing i
n
shoes and footwear, &c. On June 30 1927 owned and operated 277 stores
in 36 States, mostly east o f the Mississippi River. Also owns and operates
five factories, four of which are located in the vicinity o f Harrisburg, Pa.,
and one at Huntington, W . Va.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 60,000 shs (no par). -----60,000 shs _____________
Pref cum ($100)--------------------- 8 Q-M
$5,380,400 _____________
Bonds— 15-yr sec g notes conv f Tfi g J-D $1,841,500 Dec. 1 1936
& red (text) ($100 & c)_E q.c* \Int. at Equitable Trust Co., N. Y ., Trust,
DIVS.— On pref., in full to date, a special payment o f 3% having been
made on Feb. 15 1924, clearing up all accumulations.
On common paid $1 a share July 1 1925, this being the first payment t«
be made on this issue since 1921, when $2 a share was paid; Oct. 1 1925 te
Jan. 3 1927 paid $1 quar; none since.
BONDS.— The secured gold coupon notes due Dec. 1 1936 are converti­
ble at any time before maturity into a like par or face amount of preferred
stock. Redeemable after Dec. 1 1931 at 105 and interest.
REPO RT.— For 1926, in V. 124, p. 2601, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Store sales_______
$18,077,982 $17,358,610 $16,315,372 $14,107,306
Factory sales__________
6,728,087
6,344,418
5,961,632
4,939,677

On June 10 1927 the company purchased the entire assets of the Hayes
Wheel Co. The stockholders had previously voted to change the name of
the Kelsey Wheel Co. Inc. to Kelsey Hayes Wheel Corp. For terms see
V. 124, p. 2917.
BONDS AN D STOCKS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 400,000 shs (no par) -----398,522 shs ---------------Pref cum red 125 ($100)______ 7 Q-J
$1,993,400 ---------------Total sales__________ $24,806,070 $23,703,028 $22,277,004 $19,046,983
S T O C K .—The stockholders voted on M ay 26 1927 to decrease the
5,671,568
5,208,099
3,725,975
authorized preferred stock from 30,000 shares to 20,234 shares and on Less inter-company sales 6,364,514
changing the authorized common stock from 100,000 shares (par $100)
Net sales___________ $18,441,556 $18,031,460 $17068,905 $15,321,009
to 400,000 shares of no par value, each former share was exchanged for
3 present shares. Pref. is redeemable, all or part, at any time on 90 days’ xCost of sales & oper exp. 17,441,700 16,463,479 15,583,245 14,066,076
344,825
322,766
255.940
190,458
notice, at $125 and divs. No mortgage or funded debt. See stock offering. Int. & misc. charges----Deduct. Federal & State
V. 103, p. 411.
income taxes (est.)—
78,000
110,000
152.172
140,000
D IV ID E N D S.— On preferred, N ov. 1 1916 to N ov. 1 1927, 1 % % . On
old common, initial dividend o f 1 % paid Jan. 2 1922; same amount paid
Net profit___________
$577,031 $1,135,215 $1,077,547
$924,475
quar. to July 1 1927. Initial div. on new no par value stock o f $1.75 Preferred dividends____(8)434,179
(8)433,128 (11)591,639 (13)703,488
paid N ov. 1 1927.
Common dividends___ ..($4)240,000 ($3)179,985
______
______
R E PO RT.— For 1926 in V. 124, p. 1834, showedBalance, surplus_____def$97,148
$522,102
$485,908
$220,987
Earns. Cal. Years—
1926.
1925.
1924.
1923.
x Selling, admin, and general expense included in the cost o f sales.
Sales, less returns, & c ...$14,690,578 $15,083,090 $14,856,825 $20,078,435
Latest earnings.—For 9 mos. in V. 125, p. 2397
Total income__________
1,004,607
1,596,060
1,412,453
2,007,157
Provision for Fed'l taxes
195,272
238,776
294,084
249,133
OFFICERS.— Pres. & Treas., Edwin H. Krom; 1st V .-P ., Wm. H .
152,513
158,063
168,665
173,089 Goodyear; 2d V .-P ., F. S. Woodford; Sec., Edward Holloway; Asst. Treas.,
Preferred dividends-----600,000
600,000
600,000 Wm. Herbert; Asst. Sec., Le R oy R. Kinney. Office, 225 West 34th St..
Common dividends_____
600,000
$56,822
$599,221
$349,704
$984,934 New York.— (V. 125, p. 2397.)
Balance, surplus
Pres., G. W . Kennedy. Office, Detroit, M ich.— V. 125, p. 1468,
KRAFT CHEESE CO.— Incorp. under laws of Illinois, Sept. 20 1924,
KENNECOTT COPPER CORPORATION .— O R GAN IZATION .— and is engaged in the cheese business in the United States, Canada, Great
Incorp. on April 29 1915 in N . Y . and took over the Kennecott and Beatson Britain, Europe, Australia, and other countries’ The company’s principal
sales are pasteurized or sterilized cheese in packages. It also manufactures
properties in Alaska. V. 100, p. 1922.
On Dec. 31 1925 owned ail o f the stock o f the Braden Copper Co. and and sells or jobs all varieties of bulk cheese and foreign cheese.
in excess of 95% o f the stocks of the Utah Copper Co. and Alaska SS. Co.
Controls through stock ownership the Kraft Cheese Co. of Wisconsin
STOCKS AN D B O N D S.—Bate of Int. Outstanding Bds when Due. the Kraft Cheese Co. of California, the Kraft-MacLaren Cheese C o., Ltd.
the Burton Creamery C o., the C. D . Reynolds C o., the C . A. Straubel Co
4,498,418 shs ------------------Stocks-Com 5,000,000 shs (no par) ------




198

INDUSTRIAL STOCKS AND BONDS

tbe Dairystate Cold Storage Co., the North American Cold Storage C o.,
Malstaat Products C o., Kraft Milk Products C o., and the Kraft Producing
Co.
The principal factories and warehouses are located at Chicago, 111.;
Pocatello, Idaho; Montreal, Canada; Antigo, Wis.; Concordville Pa.;
Stockton, ill.; New York, N . Y ., Hayes, England; Melbourne, Australia.
STOCKS AND BONDS—Rate of In t. Outstanding. Bds. when Due
$8,988,450 .......................
Stocks— Com $12,500,000 ($25)-. ____
STOCK.— See table.
DIVS.— Cash dividends at the rate of 6% per annum on the $25 par
value shares have been paid since the reorganization and consolidation in
quarterly installments, and since June 1925 a stock dividend at the rate of
6% per annum has been paid and issued at the rate o£ 1 A % quarterly.
REPO RT.— For 9 mos. end. Dec. 31 1926. in V. 124, p. 1834.
9 M os.End. — Yrs. End. Mar. 3 1 Dec. 31 ’26.
1926.
1925.
Net sales___________
$29,350,631 $36,720,077 $31,097,386
Cost of sales________________________ 25,311,144 31,256,692 25,410,932
Operating expenses_________________
3,010,964
3,760,855 3,512,195

[V ol. 125,

(S. H.) KRESS & CO.— ORGA N IZA TIO N .— Incorp. in N. Y . in June
1916 to take over the 5-10-25-cent chain store business of S. H. Kress & Co.
o f N . Y . and S. H«Kress A C o. of Tex. In July 1927 was operating 172 store?.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks-Com 1,500,000 shs(no par) ____
966,739 shs _____________
Special pref 6% $10,000,000
red $11 ($10)______________ See text
$480,000 _____________
STOCK.— The stockholders voted on Jan. 4 1927 to change the author­
ized capitalization from $5,000,000 7% cumul. pref. stock and $12,000,000
common stock (par $100) to $10,000,000 6% special pref. stock (par $10)
and 1,500,000 shares of no par value com. stock. The old common stock
was exchanged for new no par stock on the basis of one share of old for eight
new.
All of the outstanding 7% cumul. pref. stock was redeemed on Jan. 3
1927 at 125 and divs.
DIVIDEN DS.— On old common stock, Aug. 1 1919 to N ov. 1 1926,
1% quar. On new common stock of no par value paid 25 cents quar. on
Feb. 1 1927. Same amount paid quar. to & incl. N ov. 1 1927. On N ov. 1
1927, paid an extra o f 50c. per sh. on com. payable in special pref. stk.
1926— October— 1925.
1926— 10 M os.— 1925.
SALES—
$4,260,119 $4,046,420 $37,379,069 $33,245,151
Operating profit__________________ $1,028,523 $1,702,530 $2,174,259
REPO RT.—-For 1926, in V. 124, p. 800, showed:
Other income______________________
303,206
207,853
122,400
Calendar Years—
1926.
1925.
1924.
1923.
169
166
161
152
Total income____________________ $1,331,729 $1,910,383 $2,296,659 Stores operated________
78,150
171,488 Sales__________________ $51,869,460 $45,963,182 $40,259,232 $34,005,464
Interest____________________________
Net profit after Fed. tax
4,672,952 4,158,521
3,143,934 3,472,902
Other expenses.____________________
226,972
150,624
502,304
Divs. on 7% pref. (7 % )204,459
208,105
209,349
220,105
T a x e s ______________________________________
181,176205,536
Divs. on com. stk. (4% )
480,000
480,000
480,000
480,000
Preferred dividends_________________________
100,248186,313
Common dividends_________________
397,279
439,987
175,170
Balance, surplus_____$3,988,493
$3,470,416 $2,454,585 $2,772,797
Surplus__________________________
$707,478
$960,198 $1,055,847 Profit and loss surplus__x$8,830.557 $16,842,062 $13,371,646 $10,917,060
Earned per sh. on com-_
$37.23
$32.92
$24.45
$27.10
OFFICERS.— Pres. & Gen. M gr., J. L. Kraft; V.-Ps., C. H. Kraft,
x After deduction of $11,999,999 for writing off good-will to $1.
J. H. Kraft and Fred Kraft; Sec., Oliver A. Blackburn; Treas., E. Ridge­
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 800.
way. Office, 400 Rush St., Chicago.— (V. 125, p. 2155.)
OFFICERS.— Chairman, S. H. Kress; Pres., Claude W. Kress. Office.
(S. S.) KRESOE CO.— O R GAN IZATION .— In March 1916 Incor­ 114 Fifth Ave., New York.— (V. 125, p. 2677.)
porated in Michigan to succeed, per plan V. 107, p. 1555. 1717 the S. S
KRUPP (F R IE D .), LTD. (FRIED. KRUPP AKTIENGESELLKresge Co. incorporated in Delaware April 1912. In July 1927 operated
414 retail stores in Chicago, Detroit, St. Louis, Greater New York, Phila­ SCHAFT), ESSEN, GERMANY.— H ISTORY AND BUSINESS.—
delphia, Pittsburgh, Boston, and other cities north of Washington, D. O., Fried. Krupp Aktiengesellschaft (Fried. Krupp, Ltd.) was organized in
1903 to continue the industrial enterprises theretofore conducted for nearly
and east of St. Joseph, M o. V. 94, p. 1319: V. 104. p. 366.
100 years under the firm name of Fried. Krupp.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Company is ne of the largest coal-producers in Germany and its produc­
Stocks— Com $100,000,000 ($10). -----$36,786,197 ------------------tion of coal
more than sufficient for its own requirements. The mines
Pref cum $5,000,000 ($ 100)--. 7 Q-J
$2,000,000 ------------------controli
« d worked are equipped with coking plants for the recuperation
STOCK.— The stockholders on Jan. 19 1926 increased the authorized o f by-products.
Under the allotment o f the “ Rheinisch-Westfalisches
common stock front $50,000,000, par $100, to $100,000,000, par $10. For Kohlensyndikat” (Federation o f Ruhr Coal Mine Owners), the company’s
each share of common stock held the stockholders received in exchange coal production is placed at 10,314,200 tons a year. In addition to its control
ten new $10 par common shares.
o f fuel, the company also controls and works important deposits of highPur. money mtges. and land contract payable Dec. 31 1925, $7,686,670
grade iron ore.
The blast furnace plants, comprising 10 furnaces at Rheinhausen on
DIVIDEN DS.— On pref., 1H % quar. (Q.-J.). On common. No. 1,
Rhine and 4 on the middle Rhine, have a total daily output
15c. (1M % ), July 1 1916 to Jan. 1918, 4% yearly; July 1918, 2M%\ 1919. the lower of between five and six thousand tons. The steel plants are
capacity
Jan. and July, 2 H % ; Dec. 31 1919, 2'A% regular and 1% extra; July 1 equipped mainly with open-hearth furnaces with capacities of up to 80 tons,
1920, 3% ; July 1 1921, 3% : Dec. 31 1921, 3% in cash and 54%, payable in addition te converters and electric and crucible shops. Their total
in common stock (V. 113, p. 1580); July 1 1922, 3A%\ Dec. 30 1922, paid
steel
capacity is
3 A % : Mar. 1 1923, 33 1-3% in common stock; April 2 1923 to Dec. 31 yearly main output for casting, 2,300,000 tons. and finishing are located at
The
plants
forging, rolling
1925. paid 2% quar.; on Mar. 31 1926 to Dec. 31 1927 paid 3% quar. On Essen and Rheinhausen.
April 1 1925 also paid 50% in com. stock
The company's activities cover virtually every important steel and iron
product in its various phases of manufacture. Among the products the
REPO RT.— For 1926, in V. 124, p. 657, showed:
following may be specified: Structural steel (construction o f bridges and
Calendar Years—
1926.
1925.
1924.
1923.
steel structures of any dimensions), rails, locomotives of all sizes and kinds,
304
256
233
Stores ________________________ 366
Sales_________________ $119,300,074$105,965,610 $90,096,248 $81,843,232 rolling stock, ship building material, forging and steel castings of largest
Net income*__________ 12,504,443
11,809,260 10,114,163 9,493,988 sizes. Diesel engines, motors and motor trucks, excavators, agricultural
Pref. divs. (7 % )_______
140,000
140,000
140,000
141,350 machinery and implements, cash registers and many other kinds of mach­
Com. divs. (cash ),.(12% )4,414,132 (8)2,941,406(8)1,961,450(8)1,958,257 inery and apparatus. The works own facilities for transport as well by
river and canal as by rail, there being besides for the circulation within the
Balance, surplus____ $7,950,311
$8,727,854 $8,012,713 $7,394,381 works a well-developed network o f lines with corresponding rolling stock.
Profit & loss surplus___ $19,618,486y$ll,668,175 $15,398,585x$ll,161,180 Tbe company at Essen also owns about 149 miles o f railroad, 100 loco­
Earned per sh. on c o m ..
z$3.36
$31.72
$40.66
$38.14 motives and 3,900 cars. For inland water and oversea transport, the
company has its own shipping department.
* After providing for taxes and contingencies, x After payment of
NOTES.'— The 7% 5-year merchandise secured gold dollar notes have
33 1-3% ($6,121,233) stock dividend, y After payment of 50% ($12,258,264) stock dividend, z Figured on shares of $10 par value for 1926, the been redeemed and paid June 15 1927 at 102 and int.
stock having been changed from $100 par in Jan. 1926, each shareholder
Relation to "Dawes Plan."— The obligations o f the company with respect
receiving 10 shares of $10 par value for each $100 par value share. V. 124, to the payment of reparation (“ Dawes Plan” ) will take the form o f a
requirement that the company pay annually an amount not exceeding 6%
p. 243.
Period end. Sept. 30—■ 1927-—3 M os.— 1926.
1927—-9 M os.— 1926. . upon a capital sum which has not yet been definitely determined but
Sales___________________ $30,725,850 $27,137,949 $86,626,837 $76,975,274 which in all probability will not exceed 30,000,000 gold marks, or about
required for the first year ending
Earnings_______________ 3,860,906
3,767,241 10,515,283 9,620,970 $7,200,000. No payment whatever israte is 2H % ; for the third year, 5% .
Federal taxes___________
521,222
508,578
1,419,560 1,298,831 Aug. 31 1925. For the second year the
Preferred dividends____
35,000
35,000
105,000
105,000 For the fourth year, it attains 6% whereof 1 % is as amortization of principal.
As there is no provision for accelerating the maturity of the capital sum,
the average annual
company for account o f
Balance for com m on .- $3,304,684 $3,223,663 $8,990,723 $8,217,139 reparation during thepayment required o f the thus not exceed $306,000.
life of these notes would
OFFICERS.— Chairman, S. S. Kresge; Pres., C. B. Van Dusen; V.Pres.- The burden of the company’s liability for reparation will, furthermore,
R . R . Williams, P. T . Evans and H. H. Servis; Treas., O. B. Tuttle; Sec.- be considerably reduced, as, under a special German law, part of the
R. A. Bell; Comp., A . J. McIntyre. Office, Detroit, M ich.— (V. 125, annual payments in respect of industrial reparation bonds will be refunded
p. 2677.)
to the obligors of such bonds by branches of German industry, banking
KRESGE DEPARTMENT STORES, INC.— Incorporated under laws and commerce which under the “ Dawes Plan” do not themselves assume
liability o
o f Delaware on Aug. 16 1923. Owns the entire outstanding stocks of th? a direct responsibility for reparation payments. The the naturef othe
company for reparation
secured
charge in
f a
following companies: Kresge Dept. Stores, Newark, N. J., and The Palais first mortgage upon the will be assets of by a company, but such charge
the
Royal, Inc., Washington, D. C. The latter owns the entire stock of the does not extend to assets fixed
of the character to be pledged as security for
Royal Stores Corp., Washington, D . O.
In Oct. 1925 the corporation offered to issue to the holders o f the common these notes.
Neither German law nor any international
by
stock o f The Fair in exchange for their common stock holdings common German Government involve any restrictionsengagements assumed b y the
upon
the
stock without par value, or common stock and 8% cumul. pref. stock o 1 company of the foreign exchange requisite to permitthe acquisitionto meet
the company
this corporation in accordance with either one o f the two following alterthe external obligations evidenced by these notes.— (V. 124, p. 1520.)
native options: (1) An exchange at the rate o f 1 share of common stock oi
OFFICERS.— Pres., Dr. Gustav Krupp; Acting Pres., Landrat A . D .
the corporation for each share o f common stock o f The Fair presented for
exchange. (2) An exchange at the rate o f 3-10 o f a share o f pref. stock and Fehr-Tilo. Address, Essen, Germany.— (V. 124, p. 3505.
1-10 o f a share of common stock of the corporation for each share of common
KUPPENHEIMER (B.) & CO., INC.— Incorp. Sept. 28 1922 under
stock o f The Fair presented for exchange. V. 121, p. 1916.
laws o f Illinois. Manufactures and sells men's clothing at wholesale. The
Outstanding. Bds. when Dice. company sells only the goods which it manufactures, and all its goods are
TOCKS AN D BONDS—
Rate of Int.
put out under the trade name and brand o f “ The House o f Kuppenheimer.”
243,526 shs ......................
Slocks— Com 700,000 shs (no par) -----Plants are located in Chicago, 111.
Pref cum $25,000,000 red 110
$3,540,308 .................. ..
($100)_____________________ 8 Q-J
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
$500,000 _____________
Stocks— Com 110,000 shs ($5)___ ____
STOCK.— Preferred stock is redeemable as a whole or in part at 110
Pref cum $1,700,000 red 115
An annual sinking fund of 3 % of the maximum amount of preferred stock
($100)_____________________ 7 Q-M
$1,500,000 _____________
issued commences Dec. 31 1927.
STOCK.— Preferred and common stock have equal voting power. Sink­
The stockholders on Aug. 26 1925 increased the authorized common
ing fund retires annually 3% of the largest amount o f preferred stock issued,
stock (no par value) from 200,000 to 700.000 shares.
to be acquired at not exceeding 115 and divs. No mortgage can be created
D IV ID E N D S.— Initial dividend o f 2% quar. on the preferred stock without the consent of at least two-thirds in interest of the preferred stock.
was paid July 1 1924; same amount paid quar. to Apr. 1 1927.
D IV ID E N D S.— On preferred, in full to date. On common, paid initial
div. o f $1 per share on Jan. 2 1925; same amount paid semi-annually to
K £ P © « T .— For year ending Jan. 31 1927, in V. 124, p. 2289, showed:
Jan. 3 1927.
1927.
1926.
Years Ended Jan. 31—
$5,005,544 $10,101,563
REPORT.— For fiscal yr. end. Oct. 30 1926, in V. 123, p. 3176, showed
Net sales_______________
Years Ended—
Oct. 30 ’26. Oct. 31 ’25. Nov. 1 ’24. Nov. 3 ’23.
4,843,307
9,901,895
Cost of sales and expenses
Gross profit____________ $2,810,316 $2,203,255]
$162,237
$199,668 Admin. & gen. exp., less
Operating profit______________________________
misc. income________
1,964,903
1,669,828?
N ot Not
Other income___________________________________
358,267
181,504
Federal taxes__________
111,500
51,000
stated
stated
Total income__________________________________
$520,504
$381,172 Interest paid__________
33,040
20,540J
Interest________________________________________
143,043
124,811
Net profit for y e a r ...
$700,874
$461,888
$535,358
$877,723
Depreciation____________________________________
43,862
110,720
Federal taxes___________________________________
4,300
14,000 Excess of par val. over
cost o f pref. stock pm chased and canceled-0 4 ,4 1 6
0 4 2,02 0
01 5,62 2
______
Balance______________________________________
$329,298
$131,641
Loss of Kresge Dept. Store Corp-------------------------201,905
--------Org’n exp. written o f f - .
______
______
______
20,088
Profit on sale o f Royal Store Corp. real estate_____
230,884
______
Preferred dividends____
111,034
154,586
222,880
237,221
Common dividends_____
200,000
200,000
______
______
Net profit____________________________________
$358,277
$131,641
Balance, surplus_____
$394,257
$149,322
$328,099
$620,414
Preferred dividends_____________________________
283,222
280,804
2,254,406
1,633,992
Previous surplus_______ 2,731,828 2,582,506
Balance, surplus______________________________
$75,055 def$149,163
Shares o f common outstanding (no par)---------------243,525
114,000
Profit & loss surplus-. $3,126,084 $2,731,828 $2,582,505 $2,254,406
Earnings per share on common___________________
$0.31
Nil
OFFICERS.— Chairman, Bertram J. Cahn; Pres., Ludwig Stein; V .-P.,
OFFICERS.— Pres., Sebastian S. Kresge; V .-P ., J. E. Groth; Treas., Nestor Kauffman, Marcus Glick; Sec. & Treas., H. C. Furneaux; Asst.
G. H. Murchison; Sec., A . B. Shipman. Office, 455 Seventh A ve., New Sec., M . L. Doty. Office, Congress and Franklin Sts., Chicago, 111.
— (V. 124, p. 3640.)
York.— (V. 125, p. 255.)




Nov., 1927.]

LACKAW ANNA SECURITIES CO.— See under Delaware, Lackawanna
& Western R R . Co. in railway section.
LACKAWANNA STEEL CO.— See Bethlehem Steel Corp.
LAGO OIL & TRAN SPO R T CORP.— (V. 125, p. 1848.)
LAKE SUPERIOR CORPORATION (THE).— ORGANIZATION.—
Incorporated in N. J. on M ay 19 1904 as successor, per plan, V. 77. p. 1296,
and V. 78, p. 1784, 909, of Consol. Lake Superior Co. Controls Algoma
Steel Corp., Sault Ste. Marie, Canada, and affiliated companies. V. 107.
p. 902. Compare V . 103, p. 2075; V . 77, p. 771.
The plants include: Open-heartn steel works and rail mill; 4 blast rarnacet
of about 1,300 tons daily capac.; 8 50-ton open-hearth furnaces and 3 75-toi
furnaces with a 300-ton mixer and a duplex plant consisting of one 150-toi
mixer, all representing a capacity o f 50,000 tons ingots per month
about 450 miles of railroad; freight steamships; machine shops, forge;
iron and brass foundry and car building shops. See also V. 79, p. 1026,
V. 81. p. 977; V. 83, p 1096; V. 88, p. 1004; V. 90, p. 1105: V 93, p. 1195;
V. 99. p. 1134. Also owns 6,000 acres o f W. Va. coal lands acqufred in
1910. V. 91, p. 868. Has 160 coke ovens.
iii Jan. iyu9 the t'lemmg syndicate acquired control and undertook ex­
tensive improvements. fS e e V .8 7 .p 938; V 88, d . 234 1065 V. 89. d 91h
Lake Superior Coal Co. and Cannelton Coal & Coke Co. own extensile
coal properties in West Va. V. 96, p. 1493; V. 101, P- 921; V . 109, p. 1076
V . l l l . p . 1079.
STOCKS AND BONDS—
Bate of Ini. Outstanding. Bds. when Due.
Stocks— Common (8100)------------ -----840,000,000 ------------------Bonds— 40-yr 1st & coll tr mtge J 5 g J-D
$5,278,000 June 1 1944
gold bds ($1,000)__________ lint, at Bank of Montreal, New Vork.
25-yr income mtge $2,500,000 / up to 5% Oct 1 a$2,256,850 Oct 1 1929
gold (ext’d) ($500 &c) (text) [Int. at company’s office, if earned.
____
Bonds, &c., of Controlled Companies Held by Public—
Alg Steel Co 50-yr 1st & ref M ( 5 g A-O
$15,366,373 April 1 1962
$30,000,000 g g u s f red 105 lin t, a t ------------------------------------------------($ & £ )___________ USm.c* l
Cannelton Coal & Coke 39-yr f 5 J-J
$189,000 July 1 1950
int guar s f 5c per ton_______ [Int. at Fidelity-Phila. Tr. Co., Phila.
Algoma Central & Hudson Bay R y. and Algoma East R y.— See under
Railways.
a $243,150 additional in treasury.
BONDS.— As to 1st mortgage and coll, trust 5s o f 1904 (redact d i
$5,278,000), see Consolidated Lake Superior C o., V. 77, p. 77i, 1^90
V. 78, p. 1784, 1900; V. 88, p. 1065; V. 90, p. 1105; V. 92, p. 529, snr
below. First dividend on incomes, 5% , Oct. 1 1906; 1907 to !90'1, none
1910, 244%: 1911. 2'4%\ 1912 and 1913. 5%: 1914, 1915 and 1916, non.
1917 to 1920 incl.. 5% yearly in Oct.; 1921 to 1927. none.
The corporation requested the holders of the income bonds which matured
Oct. 1 1924 to agree to an extension of time for the payment of the principal
for a period of five years from Oct. 1 1924. The plan submitted protects the
position o f the bondholders by providing that if events shall occur which
may prejudice the rights of the bondholders, the extension agreement shall
terminate and the bondholders shall be free to proceed as if the extension
agreement had never been made. Under the terms o f the plan the corpora­
tion surrendered for cancellation $500,000 par value o f bonds, thus reducing
the outstanding issue to $2,500,000 par value, o f which $243,150 were
held in treasury. V. 119, p. 1177, 2186.
Algoma Steel Corporation’s $15,000,000 common and $10,000,000 7%
cumulative pref. stock is all owned by the Lake Superior C orp., which guar­
antees as to prin. and int. the 1st & ref. M . 5s o f 1912, $30,000,000 auth.
V. 103, p. 2076. The Steel Corporation issued its purchase money bonds
for $5,800,000 to secure L. S. Corp. 1st 5s. These purchase money bonds
rank prior to 1st & ref. bonds as to certain o f the properties; $5,800,000 are
reserved to retire the L. S. Corp. 1st 5s; callable at 105. Cum. skg. fund
o f 1% yearly on bonds out. V. 94, p. 1253, 1387, 1569, 1697; V. 95, P- 421.
1747; V. 97, p. 1118; V. 101, p. 920; V. 104, p. 665.
For Algoma Central A Hudson Bay R y. and Algoma Eastern Ry , set
RR. Dept. Status as to guarantee in D ec.1920, see report of Algoma Cen­
tral & Hudson Bay Ry. in V. 112, p. 157. Cannelton Coal & Coke. \
93 p. 804
REPO RT.— For year ending June30 1927. in V. 125, p. 1454, showed:
Earnings
Int. A Divs. Other
General 1st dtge.
Balance,
L. S. Corp.—
Sub. Cos. Income. Exp..Ac. Bond Int. Sur. or Def
1926-27____________ $295,500 $11,431 $248,252 $263,900 def. $205,222
1925-26____________ 295,000
23,628
62,360 263,900
def. 7,633
1924-25____________ 294,500
70,627
85,060
263,900 sur. 16,167
1923-24_____________ 295,000
32,711
67,532
263,900 def. 3,721
1922-23_____________ 293,500
46,806
69,328
263,900 sur. 7,078
1921-22_____________ 293,500
100,391 103.595
263,900 sur. 26.390
Operations of Subsidiary Companies for Years Ended June 30.
[Excluding the earnings of the Algoma Central & Hudson Bay Ry.l
Years End. June 30—
1926-27.
1925-26.
1924-25.
1923-24.
Net earnings from oper.
o f all subsid. cos_____$1,158,979
$742,129
$28,685 $1,156,740
Int. on bonds o f sub. cos.
and on bank and other
advances, divs., &c_
_ 1,351,287
1,366,984
1,354,621
1,393,989
Deficit for year______
Deficit forward________

$192,308
3,495,488

$624,853
2,871,135

$1,325,936
1,545,199

$237,249
1,307,949

Deficit carried forward $3,688,296 $3,495,988 $2,871,135 $1,545,199
OFFICERS.— Pres., Wilfred H. Cunningham; V.-Pres., W . C. Franz;
V.-P. & Treas., J. W . Gemmell; V .-P . & Sec., Alex. Taylor. Office,
Sault Ste. Marie, Ont. Secretary’s office, Bank o f Hamilton Bldg.,
Toronto.— (V. 125, p. 2155.)
LAMBERT CO. (TH E).— A holding company, incorporated under laws
of Delaware on March 15 1926. Owns 437,875 shares (6444%) of the
capital stock of the Lambert Pharmacal Co., the present operating com­
pany which was incorporated in Delaware on Jan. 21 1927; shortly thereafter
it took over all properties and activities of the original Lambert Pharmacal
Co. which was incorporated under laws of Missouri on N ov. 12 1884. The
Lambert Pharmacal Co. (of Del) manufactures pharmaceutical products, its
best known product being “ Listerine.” Principal laboratories are located
at St. Louis, M o. Other laboratories are also operated in Toronto, Canada;
Paris, France; Mexico City, Mexico; and Madrid, Spain.
STOCKS AN D BONDS—
Bate of Int. Outstanding. Bds. when Due.
Stocks-Com 1,000,000 shs (no par) ____
381,250shs ------------------Deferred stock convert (text)
100,000 shs (no par)______ ____
100,000 shs ------------------STOCK.— The common stock is unlimited as to dividends; the deferred
stock is limited to $1 per share in any fiscal year, payable in the ratio of
$1 on the deferred stock to $3 50 on the common stock. Up to 50,000
shares of deferred stock may be converted, share for share, into common
stock when the consolidated net profits for the preceding year have equaled
at least $5 50 per share on all common stock outstanding and to be issued
on conversion; and when such profits equal $6 per share any part of the
remaining deferred stock may be so converted, subject to the provisions of
the certificate o f incorporation.
DIVS.— Initial divs. o f 8744 cents per share on the common stock and
25 cents per share on the deferred stock were paid on July 1 1926; same
amounts paid on Oct. 1 1926. On Jan. 3 1927 to and incl. Jan. 1 1928
paid $1.25 per share quar. on common stock and 25c. per sh. on deferred
stock. Also extra on com. o f $1 on Nov. 30 1927.
REPORT.— For 1926, in V. 124, p. 1988, showed:
[Including Lambert Pharmacal Co.]
Consolidated Income Account for Year Ended Dec. 31 1926.
Net earnings___________*
_____________________________________$3,321,451
Depreciation________________________________________________
$31,704
Federal and State income taxes (estimated)__________________
459,000
Net profit for year________________________________________ $2,830,747
Net profit applicable to minority interest____________________ 1,238,912
Net profit applicable to stock o f Lambert Pharmacal Co. now
owned by the Lambert Co______________________________ $1,591,834
Divs. paid during ’26 on stk. prior to acquis, by the Lambert C o.
303,750
Net profit applicable to Lambert Co______________________ $1,288,084
Dividends paid on Lambert Co. stock_______________________
918,750
Net profit carried to surplus.




199

INDUSTRIAL STOCKS AND BONDS

$369,334

Period End. Sept. 30—■ 1927— 3 Mos.— 1926.
1927— 9 M os.— 1926.
Net profit after all chgs.
and Federal taxes____ $1,140,228
$785,556 $3,344,748 $2,394,519
OFFICERS.— Pres., Gerard B. Lambert; V .-P ., Francis O. Noble;
Treas., Henry V. Poor; Sec., Parker Newhall, Asst. Treas., H. F. March.
Office, 250 Park Ave., New York.— (V. 125, p. 2397.)
LANSTON MONO I VPE MACHINE CO.— ORGANIZATION.— Inooroo
In virgin'- in 18Q2 Manufactures for sale or rental automatic ma­
chines for composing and casting type. English company, Lanston M ono­
type Corp. o f London. V. 78, p. 2440; V. 84, p. 994. In Jan. 1922 pur­
chased the business, machinery, &c., o f the Barrett Adding Machine Co.
V. 114, p. 312.
STOCKS AND BONDS—
Bate of Int. Outstanding. Bds. when Due.
Stocks— Com $10,000,000 ($100)-- ____
$6,000,000 _______ _____
I ’09. ’ 10-’ 13. ’ 14. T5. T6.
1917 to Nov. 1927.
D IV ID E N D S ___ (%)\ 144 6 y ’ly
3
0 444
6 yrly (144 Q-F)
The div. of 1 X % May 31 1918 was paid in 6% div. ctfs. due May 31
1919, which were paid at maturity.
See V 106. p 2125: V. 109. 121. p
R EPO RT.— For year ending Feb. 28 1927, in V. 124, p. 2918, showed
Years Ending Feb.—
1927.
1926
1925.
1924
Net earnings,..... ........... $1,009,363
$895 115
$707,059
$715,531
4,735,185
4,877,868
4,677,791
Previous su rplus........... 4,700,756
Total............................... $5,710,119 $5,630,300
Taxes____________
101,969
66,544
Dividends (6 % )_______
X60.000
360,000
Obsoletemach writ. o ff.
64,718
43,369
Depreciation___________
373,234
368.889
Pats., &c., vrr tten o ff_
______
90,740

$5,584,927
80,760
360,000
42,445
366,537

$5,393,322
85,913
360,000
69,541

Profit & loss, surplus. $4,810,198 $4,700,756 $4,735,185 $4,877,868
OFFICERS.— Chairman, J. T. Hendrick; Pres., Harvey D. Best; Sec.,
John A. Ferguson; Treas., Joel G. Clemmer. Office and factory, 24th and
Locust Sts., Philadelphia.— (V. 124, p. 2918.)
LEE RUBBER & TIRE CORP.— ORGANIZATION.— Incorporated
In N . Y . on Dec. 14 1915 to take over the assets of the Lee Tire & Rubber
Co. of Conshohocken, Pa. In May 1923 acquired the Republic Rubber Co.
V. 116, p. 2395. Product consists of cord, pneumatic, puncture proof and
fabric tires.
STOCKS AND BONDS—
Bate of Int. Outstanding. Bds. when Due.
Stock— Com (text) 300,000 shs
(no par)------------------------------------300,000 shs _____________
STOCK.— The stockholders on June 6 1923 authorized an increase in the
capital stock from 150,000 shares to 300,000 shares. Of the additional stock,
65,000 shares were issued to acquire the assets o f the Republic Rubber Co.
V. 116, p. 2644. Stockholders o f record Jan. 18 1926 were offered 85,163
shares of treasury stock at $12 50 a share on the basis of two new shares
for each five shares held. In 1916 paid three dividends of 50c. and 25c
extra; none thereafter until June 1 1920, when 50c. was paid; Sept. 1920 to
Sept. 1 1923, paid 50c. quar.; none since.
R E P O R T — For 1926, in V. 124, p. 1988, showed;
Calendar Years—
1926.
1925.
1924.
1923.
Net sales--------------------- $12,213,077 $12,742,585 $12,586,371 $9,390,397
Operating profit, or loss.loss 907,421
419,372 loss 99,610
182,586
Interest, &c----------------117,248
119,163
134,863
254,399
------------------------256,904
D ividends------------------Balance, sur. or def..df$1024,669 sur$300,209 def$234,473 def$328,717
OFFICERS.— Chairman & Pres., John J. Watson; V.-Pres. & Treas ,
Albert A. Garthwaite; Sec., Henry Hopkins Jr. General office, Consho­
hocken, Pa. N. Y . office, 61 Broadway.— (V. 124, p. 1988.)
LEHIGH COAL AND NAVIGATION CO. (TH E).— Owns canal from
Coalport to Easton, Pa., 46 m., and leases Delaware Division Canal, 60 m.
Also owns Lehigh & Susquehanna R R ., Phillips burg.N. J., to Union Junc­
tion, Pa., 105 m., with branches, 58 m „ and leases for 999 years Nesqueboning Valley R R ., 17 m.; Treskow R R ., 7 m.; other lines, 17 m.; total, 206
miles, of which 115 miles double track; but all these roads are leased from
1871 to Central of N J. R R . for and during the term of the charters of the
parties (excepting that the lease of the Nesquehoning Valiev RR . is for 999
years from 1868), rental being, by amendment of lease dated June 4 1926,
$2,267,801 per annum. Delaware Division Canal leased for 99 years from
1866. In 1904 majority of capital stock of Lehigh & New England R R . was
acquired. V . 78, p. 1785, V. 79, p. 2646, V. 97, p. 668, 1587, V. 100, p. 731.
Proposed lease of Lehigh & New England to Reading Co.— see that company
under “ Railroads.” Allentown Terminal R R . first mtge. were extended
from July 1 1919 to July 1 1929 at 6% and company's guarantee canceled
as of July 1 1919. V. 108, p. 2634.
As to decision in Oct. 1916 In anti-trust suit by U. S. Dist. Court (sub­
ject to appeal), see V. 101, p. 1473). U S. Supreme Court decision. V.
110, p. 1816. Rebate suit March 1916 appealed in April 1916 before the
0 . S. Circuit Court. V. 102, p. 1063, 1350, 1440.
In 1917 the company sold Its stock interest In the Lehigh Nav. Electric
Go., owning a large power plant 10 miles west of Mauch Chunk. Pa., and
sbtaining its coal supply from the co.’s mines, to the Lehigh Power Securities
Corp, for $1,500,000 cash and 61,000 shares of the last-named company's
305,000 shares of capital stock (V. 105, p. 498), 50-year contracts being
made to furnish coal for the plant and to receive the electricity needed to
operate the mines. V. 96, p. 1367; V. 100, p. 645, 731.
STOCKS AND BONDS—
Bate of Int. Outstanding. Bds. when Due.
Stocks— Com $29,243,400 ($50)-- ____
$29,243,400 ____________
Bonds— 50-yr fund & impt M | 4 g J-J
$3,733,000 July 1 1948
(closed) goldserA $2 ,691,000 {Int. at company’s office, Philadelphia.
($1,000) ----------------PIP.xc* {
40-yr consolM $40,000,OOOgsf f 4M g W
$14,148,000 Jan 11954
red (text) $1,000, & c)--P eP . •Int. at New York and Philadelphia.
;
kc*&r* (
STOCK.— Shareholders of record Oct. 31 1917 were allowed to subscribe
at par for $2,655,750 of new stock. V. 105. p. 1713.
Stock for em­
ployees. V. 112, p. 938; V. 115, p. 2275.
At the annual meeting Feb. 23 1926 a resolution was adopted, calling
for the appointment o f a committee o f 3 stockholders and 3 managers to
review the capital structure o f the company and report to the board of
managers their recommendations. V. 122, p. 1179, 3612.
DIVS.— 1900. 1901. 1902. 1903. 1904. 1905-08. 1909. 1910-Nov.'27.
**er cent— 5 X
6
5
6
7
8yearly
9 8 yearly (2Q-F28)
also 15% m scrip March 1 1910
V. 90. p. 55: V. 92. p. 265.
Also paid 2% extra on N ov. 30 1926, 44 of 1 % extra in Feb. 1927, X o f 1 %
extra M ay 31 1927 and M o f 1% N ov. 30 1927.
BONDS.— No additional funding and improvement mtge. bonds can
be issued. Sinking fund, 5 cents a ton o f coal mined and carried away
from the mortgaged premises west of the Little Schuylkill River and from
the lands of the Alliance Coal Mining Co. V. 67, p. 125; V. 70. p. 428:
V. 81, p. 720; V. 84, p. 106.
The Consol, mtge. 444 s (.$40,000,000 auth. issue) are secured by about
12,734 acres of anthracite lands In Carbon and Schuylkill counties. Pa . and
canal and railroad properties, and all except 100 shares of Lehigh & New
England RR. stock and stocks and bonds of other affiliattd companies
Of
the $18,000,000 Series A, $14,000,000 were sold to retire $10,054,333 prior
lien bonds and secured gold notes outstanding, and for general purposes,
and $4,000,000 held in treasury or pledged as collateral for bonds. $3,390.000 Series B issued in 1917 and taken into treasury as reimbursement for
Improvements made in years 1914, 1915 and 1916. Of the bonds un­
issued, sufficient are reserved to retire prior bonds maturing after July 1
1914 and the balance under restrictions for future purposes. Redeem­
able on any July 1 at 10244 and interest by sinking fund of 5 cents per
ton of pea and larger coal mined and shipped. Callable at 105 and int.
To Dec. 1926, $1,422,000 had been retired by sinking and other funds,
making $14,253,000 outstanding, and $5,715,000 in treasury pledged or
unpledged, being $2,325,000 Series " A " and $3,390,000 Series " B . " V
103, p.324; V 104, p. 1149, 2456; V. 107, p. 506; V. 109, p 177.

200

INDTJSTKIAL STOCKS AND BONDS

[V ol. 125.

R E PO RT.— For 1926, In V. 124, p . 1811. showed:
Calendar Years—
1926.
1925.
1924.
1923.
Coal production (to n s)..
3,904,453 2,643,393
3,523,671 4,206,961
Gross earnings_________ $24,442,838 $20,040,001 $24,462,782 $27,098,022
Net earnings................... 5,961,725
3,178,231
3,969,617 5,285,533
General taxes__________
739,751
352,789
339,377
604,535
General, &c., expenses..
231,425
220,019
215,687
202,851
Interest on funded debt.
793,659
798,588
863,364
986,035
Miscellaneous__________
19,435
12,037
3,121
18,604
Dividends (8 % )............. 2,924,340
2,339,472
2,339,472 2,339,472

REPO RT.— For calendar year 1926 shows:
Gross profit from operations__________________________________$2,728,198
Selling, advertising, administrative & general expenses------------ 1,359,650

Surplus for year........... $1,253,107 def$544,676
$208,596 $1,134,036
Note.— The mines were idle from April 1 to Sept. 10 1922 and from Aug.
31 1925 to Feb. 18 1926, due to a general strike o f the anthracite mine
workers.
OFFICERS.— Pres., S. D . Warriner; Y .-P . & Gen. M gr., J. B. Warriner;
V.-Pres. & Compt., Edward Hughes: V.-Pres., H. F. Baker; V.-Pres. &
Sec., H. H. Pease; Treas., O. E . Neff. Office, 437 Chestnut St., Phila­
delphia.— (V. 125, p . 2398.)

Surplus before Federal taxes.
$504,089
— (V. 125, p. 1984.)
LIG G E TT & MYERS TOBACCO CO.— ORGANIZATION .— Incorp.
In New Jersey N ov. 24 1911 and under order of U. S. Circuit Court dated
Nov. 16 1911 took over under plan of disintegration of American Tobacco Co.
(V. 93, p. 1122-24) certain of its plug, smoking, cigarette and little cigar
factories. V. 93, p. 1537; V. 94, p. 282; V. 100. p. 896; V. 107, p. 2012.
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $21,496,400 ($25)_ ____
$21,496,400 _____________
Com cl B non-vot $78,403,600
($25)--------------------------------- -----$43,859,550 _____________
Pref cum $34,139,800 ($100).. 7 Q-J
$22,514,100 _____________
Bonds— 33-yr gold (not mtge) J 7 g Q-O
$13,613,600 Oct. 1 1944
$15,507,800($50&c)G.xc*&r* lin t, at Guaranty Tr. C o., N . Y ., trustee.
Gold bonds 40-yr $15,059,600/ 5 g F-A
$15,059,600 Aug. 1 1951
($50 &c)_________ G.xc*&r* \Int. at Guaranty Tr. C o., N. Y ., trustee.
STOCK.— The stockholders on Jan. 8 1923 increased the authorized
capital stock from $65,752,700 ($21,496,400 common stock; $21,496,400
common stock. Class " B , ” and $22,759,800 pref. stock) to $100,000,000,
par $100, to consist of $21,496,400 common, $44,363,800 Common “ B "
stock and $34,139,800 preferred.
The stockholders voted on Nov. 12 1923 to increase the number of
shares of common stock from 214,964 shares, par $100, to 859,856, and
the number of shares of common stock “ B ” from 443,638 shares, par $100,
to 1,774,552 and to change the par value o f the shares o f common stock and
common stock “ B ” to $25 each, instead of $100. Four shares of the new
$25 par value stock were exchanged for each share of $100.
The directors in Jan. 1924 decided to issue $8,598,550 additional common
stock “3 ” (par $25 a share). This new stock was offered to all holders of
common stock and common stock “ B ” of record Feb. 11 1924 for subscrip­
tion at par in the proportion of one share ($25 par) of such common stock
“ B ” for each $100 par value of common stock and (or) common stock “ B ,”
held by them, to be paid for in cash on March 10 1924.
The holders of common stock and common stock “ B ” of record Feb. 16
1925 were offered $10,810,700 additional common stock “ B ” at par in the
proportion of one share of such common stock “ B ” for each four $25 par
value shares of common stock and (or) common stock “ B ” held by them,
to be paid for in cash on March 16 1925.
DIVS. (% ).—
1913 to 1919. 1920 to 1924. 1925.
1926.
On common--------- 12% yearly
12% yearly
12
12
Common extra_ 4% extra ann. Extra dividend
_
4 4% in cash & 10 in
in April
omitted
common B stock
Paid in 1927: March 1, 3% quar. and 4% extra in cash and 10% in
common B stock; June 1, 3% ; Sept. 1, 3% ; Dec. 1, 3% .
Initial dividend of 3% on class B common stock was paid June 1 1920;
same amount paid quar. to Dec. 1 1927; also paid 4% extra on Mar, 2 1925,
Mar. 1 1926 and Mar. 1 1927; also paid 10% in common B stock on March 1
1926 and March 1 1927.
BONDS.— The rights of the 7s are prior to those of the 5s. No mortgage
without making these bonds a prior claim. See V. 94, p. 282
R E PO R T .— For 1926, in V. 124, p. 501, showed:
1926.
1925.
1924.
1923.
Net profits, incl. divs.
from subsidiary cos— -$19,372,780 $17,028,475 $13,714,197 $11,375,627
♦Difference between pm .
price & par, 7% bonds
31,914
26,178
23,621
23,593
Interest on bonds______ 1,703,920
1,712,645
1,720.747 1,729,638
Pref. dividends________ 1,575,987
1,575,987
1,575,987 1,575,987
Common dividends____ 9,128,205
7,886,395
4,898,455 4,038,993

LEHIGH VALLEY COAL CO.— See Lehigh Valley Coal Sales O*
below; also Lehigh Valley R R . under “ Railroads” above; compare also
V. 118, p. 673. for details o f $15,000,000 1st & ref. mtge. bond issue,
description o f property, &c.
STOCKS A N D BONDS—- Bate of Int. Outstanding. Bds. when Due.
Stocks— Com $10,000,000 ($50)-- -----$9,801,435 ------------------An initial dividend of $1.25 per share was paid Jan. 31 1925, same amount
paid Aug. 1 1925 and Aug. 2 1926. On Feb. 1 1927 paid $1.25 and 25 cents
extra. Aug. 1 1927 paid $1.25 quar.
RE PO RT.— For 1926 in V. 124, p. 1988, showed;
Calendar Years—
1926.
1925.
1924.
x N et income______________________ $3,526,813
$101,683 $2,528,532
Dividends paid____________________
3,333,440
1,515,200
2,158,257
Surplus__________________________
Previous surplus___________________

$193,373 d f$ l,413,517
2,962,866
3,658,871

$370,275
1,367,233

Total surplus____________________ $3,156,239 $2,245,354 $1,737,508
Adjustments (Cr.)__________________
892,443
717,512 1,921,363
Profit and loss surplus------------------- $4,048,682 $2,962,866 $3,658,870
Certificates o f interest outstanding.. 1,212,160
1,212,160
1,212,160
Earnings per share on certificates____
$2.91
$0.08
$2.09
x After depreciation, depletion, interest. Federal taxes, &c.— (V. 125
p. 105.)
LEHIGH VALLEY COAL SALES CO.— Incorporated In New Jersey
Jan. 22 1912. Purchases from the Lehigh Valley Coal Co. coal mined, put
chased or otherwise acquired by the Leh. Val. Coal Co. and affiliated com
panles, and ships and markets the same. The lower Federal Court on Dec
21 1914 dismissed the Govt, suit against the company and the Lehigh Valley
R R ., &c., for alleged violation or the anti-trust law and the commodltlet
clause of the Inter-State Commerce law. V. 99, p. 1914; V . 98, p. 916
This decision was reversed on Dec. 6 1920 by the U. S. Supreme Court
which ordered a separation of the Lehigh Valley R R . from Its coal proper­
ties. Compare V. I l l , p. 2292; V. 117, p. 2117. See also Lehigh Valley
RR.
STOCK.— Stock auth., $10,000,000 (par $50), o f which $9,801,435 has
been issued. A $12.50 stock allotment was issued Jan. 17 1914 and a $15
stock allotment on July 14 1917, being paid for out o f special divs. declared
for same amounts. V. 104, p.2238; V. 94, p. 123, 282; V. 97, p. 1429.
D IV S — ’ 15. ’ 16. ’ 17.
*18. ’ 19. ’20. ’21. '22. 23. '24.
25 ’26.
Regular.........$5
$5 $6.50 $8 $8
$8 $8 $8
$8 $8
$8 $8
— 15.00
..
..
_.
..
-- —
— -Ex.(seeabove)_
Lib. L ’n b d s . ......................
$5 $ 2 . 5 0 ............................ —
. . _.
From July 1917 to Oct. 1 1927 paid $2 quarterly.
OFFICERS.— Pres., Geo. N. Wilson; V.-P. & Gen. Sales A gt., W . R,
Evans; Sec. & Treas., W . J. Burton.— (V. 117, p. 2117.)
LIBBY, McNEILL & L IB B Y — ORGAN IZATION .— Business founded
in 1868 in Chicago.
NATURE OF BUSINESS.— The company is one o f the largest producers
and distributors of canned food products in the world. Products include
canned meats of all kinds, pickles and other relishes, jellies and jams,
evaporated and condensed milk, a large variety of canned fruits and
vegetables, canned salmon, pork and beans, and other miscellaneous
products. Company carries on a world-wide business.
Plants and distributing stations of the company cover the U. S. and
Canada, and through affiliated companies, Great Britain and Continental
Europe. Principal plants located in Chicago and the Middle West,
California, Washington and Oregon, where there are holdings of asparagus,
fruit lands and canneries, Hawaiian Islands, where pineapple plantations
and canneries are operated, and Alaska, where fisheries and salmon canneries
are operated.
Outstanding. Bds. when DueSTOCKS AN D BONDS—
Rate of Int.
$6,750,000 _____________
Stocks— Com $6,750,000 ($10).
-----Pref cum call $105 $18,000,000
$18,000,000
($100)_______________________ 7 J-J
$12,500,000 Oct. 1 1942
Bonds— 15-yr 1st M s f gold/ 5 g A-O
$15,000,000 ($1,000)_______ /In t. at Harris Tr. & Savs. Bk., Chicago,
HC.xk&c* [ and Harris, Forbes & Co., New York.
STOCK.-—On April 28 1922 the stockholders changed the capitalization
from 2,700,000 shares o f par $10 to 675,000 shares of par $10. The stock
was exchanged on the basis of 4 shares of $10 par value stock for 1 share
o f $10 par value stock. V. 114, p. 1659.
A 7% issue of preferred was authorized by the stockholders at the same
time. Pref. stock has no vote unless the corp. shall be in arrears for 1 year
in div. payments, in which case the pref. stock is entitled to 10 votes
per share.
D IV ID E N D S.— Initial div. o f 3 A % on the pref. stock paid Jan. 1 1926Same amount paid semi-annually to and incl. July 1 1927. Unpaid accumu­
lated divs. amount to 21% .
FUNDED D E B T .— The 1st mtge. s. f. gold bonds are red. on any int.
date up to and incl. Oct. 1 1937 at 103 and accrued int., with successive
reductions in red. price on each April 1 thereafter of Ai of 1 % .
Bonds sold in Sept. 1927 at 97A and int. to yield 5.25% by Harris,
Forbes & Co. and Illinois Merchants Trust Co. V. 125, p. 1468.
R E PO RT.— For years ending March 5 1927 in V. 124, p. 2289.
Years Ended—
Mar. 5 ’27. Mar. 6 ’26. Feb. 28 ’25- Mar. 1 ’24.
Net profits after depre­
ciation, taxes & int_ $2,505,383 $2,405,415 $1,433,828
_
$947,769
Pref. div. paid (7 % )____ 1,260,000(3)4)630,000
----------------Balance, surplus_____$1,245,383
$1,775,415 $1,433,828
$947,769
Shs.of com.out. (par $10)
675,000
675,000
675,000
675,000
Earns, per sh. on com
$1.85
$1.70
$0.26
Nil
OFFICERS.— Chairman, W . F. Burrows; Pres. & Gen.-Mgr., Edw. G.
McDougall; V.-Pres., E. F. Swift, H. C. Carr, W . A . Gellersen, R. L.
James; Compt., J. H. Bliss; Treas., H. W . Hardy; Asst. Treas., C. E . Hill;
Sec., O. E. Hillyer. V. 125, p. 1590.
LIFE SAVERS, INC.— Incorp. under laws of New York on Dec. 30
1925 by the consolidation of two existing New York corporations, Life
Savers, Inc., and Minco, Inc. The company is engaged in the business
o f manufacturing and distributing candy confections known as “ Life
Savers” produced in six flavors, and in the production and sale of hard
candy known as “ Life Savers” Brand Fruit Drops. Plant is located at
Port Chester, N . Y . Also ownsthe outstanding stock o f Life Savers, Ltd.,
organized under the laws o f Canada, and Life Savers Sweets Sales, Ltd.,
organized under laws of Great Britain.
STOCKS A N D BONDS—■ Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 550,000 shs (no par) ____
500,000 shs _____________
STOCK.— See table.
D IV ID E N D S.— An initial dividend of 40 cents a share was paid April 1
1926; same amount paid quar. to Oct. 1 1927.




Net profit from operations_________________________________ $1,368,549
Other income________________________________________________
42,322
Net profit before depreciation & Federal taxes_____________ $1,410,871
Depreciation written o ff during year_________________________
106,782
Dividends___________________________________________________
800,000

Balance, surplus_____$6,932,754 $5,827,270 $5,495,386
Previous surplus----------- 46,286,814 40,459,543 34,964,157
________
________
Stock dividends (1 0 % ). 5,401,300

$4,007,417
30,956,740

Profit and loss-----------$47,818,268 $46,286,814 $40,459,544 $34,964,157
* Tnis is the difference between purchase price and par of 7 % gold bonds
of this company (par $119,000) purchased and canceled during the year as
required by trust indenture.
OFFICERS.-—Chairman, C. C. Dula; Pres., C. W . Thoms; V.-Pres. &
Treas., T . T. Anderson; V.-Ps., W . W . Flowers, G. W . Whitaker and H. A.
Walker; Sec., E. H. Thurston; Asst. Sec., W . S. Tisdel and E. C. Brenn.
Office, 4241 Folsom A ve., St. Louis; branch, 212 Fifth A ve.. New York.—
(V. 125, p. 2398.)
LIMA LOCOMOTIVE W ORKS, INC.— Incorp. Apr. 25 1916, in
Virginia, successor to Lima Locomotive Corporation, incorp. in 1912.
which in turn succeeded Lima Locomotive & Machine C o., incorp. in 1892,
Business was established about 1872. Plant is situated on about 59 acres
at Lima, Ohio. It consists of 24 buildings o f brick or concrete and steel
construction, containing 566,857 square feet o f floor space, together with
engines, boilers, cranes, machine tools and other equipment used for manu­
facturing locomotives and locomotive parts and for warehouses and for
offices o f company. Buildings and yards cover 31A acres o f land, leaving
24 A acres available for future extension. Present capacity, 500 locomotives
annually.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 300,000 shs (no par) ____
211,057 shs
STOCK.— All of the outstanding pref. stock was retired on June 1 1923
at 107 A and dividends.
The stockholders voted on July 14 1922 to create an authorized issue
of 300,000 no par value shares of common stock. The new stock was issued
for the purpose of exchanging two shares for each share of pref. stock out­
standing and two shares of new common stock for one share of the out­
standing common stock.
The common stockholders of record July 20 1922 were given the right to
subscribe at $50 per share to 1 1-3 shares of new common stock for each
share of the existing common stock.
D IV ID E N D S.— On common paid 1% % quar. from Dec. 1 1920 to Sept. 1
1922; Dec. 1 1922 to Dec. 1 1927, paid $1 per share quar on new no par
value stock.
BONDS.— All of the outstanding 1st mtge. 6% sinking fund gold bonds
dated July 1 1912 were redeemed on N ov. 1 1922 at 110 and interest.
RE PO RT.— For 19261 n V. 124, p. 933, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Gross income__________$17,899,074
$4,490,028$14,577,135 $20 286,867
Net income____________ 2,110,644 def844,392
1,725,043 2,902,605
Res.for conting.Fed.taxes 571,250
--------225,000
500,000
Pref. dividends (7 % )_
_
______
30,326
Common dividends (7%)
884,228
844,228
844,228
809,570
Balance, surplus_______
860,000 defl,688,620
655,815
1,562,709
Profit and loss surplus. . 3,843,672
2,983,072
4,671,692
4,015,876
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 933.
OFFICERS.— Chairman o f Board, JoelS. Coffin; Chairman, Exec. Com.,
Samuel G. Allen; Pres., Joel S. Coffin; Treas.. L. A. Larsen; Sec., E. N.
Pierce. Offices, Lima, Ohio, and 17 East 42nd St., N .Y .— (V. 124, p. 933.)
LOEW ’ S INCORPORATED.— ORGANIZATION.— Incorp. in Dela­
ware Oct. 18 1919 to take over the business of Loew’s Theatrical Enterprises
(incorp. under New York laws on April 17 1911).
Through subsidiary companias owns, leases or directs a chain of 105
theatres in the United States and foreign countries.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocfcs-Com4,000,000shs(nopar) ____
1,060,780 shs _____________
Bonds— 15-yr s f gold debs red / 6 g A-O
$14,500,000 Apr. 1 1941
(text) ($500 & $1,000) kxxxc* (Int. at
_____________ _____________
20-yr 1st lien sinking fund gold f 6 g M-S
$10,500,000 Mar. 15 1947
bonds ($100, &c)___Eq.x&c* \Int. at Equit. Tr. Co., N . Y ., trustee.

Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

CAPITAL STOCK.— Auth., 4,000,000 shares; outstanding, 1,060,780
shares o f no par value.
D IV ID E N D S .— Initial dividend o f 50c. per share paid Feb. 1 1920;
then to May 1921 paid 50c. quar.; then none until Dec. 31 1923. when
50c. was paid, March 31 1924 to Sept. 30 1927 paid 50c. quar., also paid
$1 extra on Dec. 31 1926.
There was also outstanding on Aug. 31 1926 $4,940,481 stock o f sub­
sidiary corporations (Metro-Goldwyn, &c., pref.).
BONDS.— Obligations o f subsidiary corporations outstanding Aug. 31
1926, $16,011,600.
The 15-year 6% sinking fund gold debentures due April 1 1941 are red.
all or part by lot on any int. date on 30 days’ notice at 105 and int., on
or before April 1 1931, with successive reductions in the redemption price
o f fi o f 1 % on each semi-annual int. dayment date thereafter until maturity.
National City Bank, New York, trustee.
Stock Purchase Warrants.— Each debenture will have attached thereto,
upon original issue, a stock purchase warrant detachable on and after Oct. 1
1926 evidencing the right o f the holder thereof to purchase (common) shares
o f the co., in the ratio o f 5 shares for each $1,000 principal amount of deben­
tures, at the price o f $55 per share, at any time on or before April 1 1931.
Sinking Fund.— A minimum sinking fund o f $500,000 per annum, payable
semi-annually, will be provided, first payment on or before Oct. 1 1926, to
purchase debentures at not exceeding 101 and int., or if not so obtainable to
redeem debentures by lot at 101 and int. The sinking fund will be in­
creased, up to a maximum sinking fund o f $1,000,000 paid in any fiscal
year, by an amount equal to one-half the total cash dividends paid during
the preceding fiscal year on the company’s (common) shares in excess of
$3,407,340 or such part thereof as will be equivalent to $3 per share on the
(common) shares now outstanding, plus shares issued on exercise of the
above warrants. V. 122, p. 2202.
The 20-year 6% s. f. gold bonds are red. all or In part at 103 & int. on or
before Mar. 15 1932; at 102 & int. on or before Mar. 15 1942; at 101 & int.
on or before Mar. 15 1946, and at 100 & int. thereafter.
Sinking Fund.— A s. f. provides for the retirement of $5,250,000 of bonds,
o f 50% o f this issue, prior to maturity.
Security.— Secured as follows: (a) A closed first mtge. on land and five
theatres and commercial buildings and their equipment, all owned in fee,
located in N . Y . City; Brooklyn, N. Y .; New Rochelle, N. Y .; Syracuse,
N . Y ., and Richmond, Va. (6) A closed first mtge. on leaseholds and theatre
and commercial buildings and their equipment, located in Providence, R . I.;
Canton, Ohio, and Memphis, Tenn.
(c) A collateral trust deposit o f closed first mtges. having an aggregate
face value o f $3,110,000. These mtges. are equal to 66 2-3% of the cost
o f four properties owned by corporations, a part of the capital stock of which
in each instance is owned by Loew’s Theatre & Realty Corp. The mtges.
in each instance respectively constitute a first lien on such respective
properties, which consist o f the following: Loew’s Grand Theatre Bldg.,
Fordham Road, N . Y . City (50% owned); Loew’s 86th Street Theatre
Bldg., Brooklyn, N . Y . (66 2-3% owned); Loew’s 72d Street Threatre
Bldg., N. Y . City (50% owned); and Loew’s State Theatre, Memphis,
Tenn. (60% owned).
(d) A collateral trust deposit o f all the stock owned by the borrowing
corporation in the corporations described in “ c” above, representing a
cash investment o f $824,000.
The bonds were sold in March 1927 by Lawrence Stern & C o., Halsey,
Stuart & C o., Inc., and E. H. Rollins & Sons, Chicago, at 100 and int.
REPO RT.— For fiscal year ended Aug. 31 1926, in V. 123, p. 2890
showed:
Fiscal Years Ended Aug. 31
Gross Income—
1925-26.
1924-25.
1923-24.
1922-23.
Theatre receipts, rentals
► and sales o f films, & c.$59,152,476 $53,797,925 $40,628,928 $16,860,161
Rentals o f stores & offices
1,589,904 1,585,279
1,448,049 1,363,238
Booking fees & Commis.
580,955
437,731
630,181
623,623
Divs. rec. from affil.corp. ________
________ ________
515,657
Miscellaneous income_
_
886,244
473,811
230,110
271,678
$62,209,579 $56,294,745 $42,937,269 $19,634,355
1923-24.
1922-23.
Expenses—
1925-26.
1924-25.
Operation o f theatres &
office buildings______ $32,629,314 $29,039,528 $24,182,952 $8,320,486
2,958,355
Oper. of film distribution 6,894,510
6,820,583
4,327,420
2,118,832
Amortization o f films_
_ 7,919,206
5,612,596
2,766,547
Cost o f film advertising
366,657
436,177
492,559
accessories sold______
513,282
Producers’ share o f film
5,862,032
2,793,634
5,521.986
rentals______________
3,133,435
409,712
825,031
1,811,082
Depr. o f blgds. & equip - 1,884,498
251,192
450,674
674,316
_ 1,125,453
Federal income taxes_
Minority interests’ share
1,034,352
946,351
affiliated corporations 1,253,080
Loew’s, Inc., share un­
112,858
268,925
160,044
distributed affil. corp’s
Divs. on subsidiary stock
78,174
310,186
(Metro-Goldwyn pref)
308,559
Total expense________$55,821,381 $51,586,114 $39,988,217 $17,218,866
Operating profits______
6,388,198
4,708,631
2,949,053 v 2,415,488
6,376,050
3,788,978
2,961,486
545,998
Previous surplus_______
Total surplus________$12,764,248 $8,497,610 $5,910,538 $2,961,486
Dividends_____________ 1,591,170
2,121,560
2,121,560
______
Reserve for contingencies
550,000
------------------------Profit & loss, surplus.$10,623,078
28 Weeks End. Mar. 13— 1927.
Operating profit_______ $5,544,223
Depreciation, taxes, &c_ 1,656,569

$6,376,050
1926.
$6,297,820
2,646,066

$3,788,978
1925.
$5,396,934
2,451,790

$2,961,486
1924.
$2,034,900
436,020

N etprofit___________ $3,887,654 $3,651,754 $2,945,144 $1,598,880
DIRECTORS.-—David Bernstein (Treas.), David Warfield, Dav'd L.
Loew (V .-P.), Daniel E . Pomeroy, N . M . Schenck, ( Pres.), Lee Shubert,
Charles M . Schwab, Arthur M . Loew (V .-P.), William Hamlin Childs,
William A. Phillips, J. R. Rubin. Secretary is Leopold Friedman. Office,
Broadway and 45th St., New York. —(V. 125, p. 1848.
LOFT. INC.— ORGANIZATION.— Incorp. In Delaware Sept. 24 1919
and succeeded to a company of the same name incorporated in Virginia in
1916, which succeeded a proprietorship started about fifty years ago. V.
103, p. 1795. Business, manufacture and distribution o f candy and confec­
tionery at wholesale and retail; manufacture and selling at retail soda water,
syrups, &c. Owns three factories and operates 40 retail stores in Greater
New York, New Jersey, Hartford and New Haven, Conn., Baltimore,
Philadelphia and Boston.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks■ Com 650,000 shs (no par) ____
—
650,000 shs ____________
D IV ID E N D S.— Initial dividend of 25 cents per share was paid March 31
1921: the same amount paid quarterly to Dec. 30 1922; none since.
RE PO RT.— For 1926 in V. 124. p. 1520. showed:
1
1924.
1925.
Calendar Years—
1926.
Net sales_____________ $8,397,521
$8,169,673 $7,720,589 $7,406,292
Raw materials, labor, &c.
8,267.083 1 8,036,447| 7,045,474
expenses. _
|
6,713,215
249,862 j
Depreciation
379,062
377,957
Miscellaneous income_
_

.def$119,424
157,480

$133,226
161,334

$296,052
123,617

$315,120
90,079

$38,057
5,138

$294,560
39,600

$419,669
52,303

$405,199
50,477

$367,366
1,697,965

$ 354,722
1,343,242

Profit for year.
Federal taxes___
Balance, surplus .

.

$32,919
2,320,291

$254,960
2,065,331

Profit & loss surplus.. $2,353,210 $2,320,291 $2,065,331 $1,697,965
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 1520.
OFFICERS.— Geo. W. Loft, Pres; G. L. Loft, James J. Newman and
Paul Hungelmann, V.Ps.; S. T . Austin, Treas.; T . F. Flynn, Sec. & Asst.
Treas. Office, 400 Broome St., New York.— (V. 125, p. 2677.)
LONQ-BELL LUMBER CORP. (TH E ).— Inc. in Maryland in 1924 a»
a holding company for a business started in 1875 under the name R . A.
Long & C o., subsequently incorporated in Missouri in 1884 as
the Long-Bell Lumber Co. Corporation owns about 99% of capital




301

stock of Long-Bell Lumber C o., which in turn owns entire capital stocks
of Long-Bell Farm Land Corp., Longview C o.. Longview Suburban Co.
Longview Stevedoring C o., Longview Dredging & Construction Co. and
Longview i- ortland & Northern R y. Co. so over 90% of stock o f Louisiana
& Pacific R y. Co.; over 94% o f stock of the Sibley Lake Bistenau & South­
ern R y. Co., and over 99% o f stock o f Mississippi Eastern R y. Co. Long­
view company owns 100%, of Longview Ferry Co. and Longview Public
Service Co. Company’s property is distributed over 12 states o f the
West, Middle West and South. Company manufactures long and short
leaf Southern yellow pine, Southern hardwood, oak floorings, California
white pine lumber, California white pme sash and doors, veneers, Wash­
ington Douglas fir, standardized woodwork, creosoted posts, poles, ties,
piling and wood blocks. Company owns standing timber sufficient for it»
operations for many years.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks■
—Ci B 550,000 shs (no par) ____
542,559 shs ____________
Class A $4 cum partic (text)
(no par).
Q-M
593,921 shs
Bonds—5-yr conv coll gold notes
6 g J-D
1,246,900 Dec. 1 1931
red (text) ($100 &c) kxxxc* lin t, at Halsey, Stuart & Co. N .Y . & Chic.
Long-Bell Lum Co 20-yr 1st M
6 g J-J
" $9,327,100 July 1 1942
series A gold s f red (text) j Int. at New York or Chicago.
($100 &c)______CeC.xxxkc*
do 20-yr 1st M series B gold { 6 g A-O
$8,220,000 Apr. 1 1943
sinking fund red (text) ($100 Int. at New York or Chicago.
&c)______
CeC.xxxkc*
do 20-yr 1st M series C gold f 6 g F-A
$7,750,000 Aug. 1 1946
sinking fund red (text) ($100 ■Int. at New York or Chicago.
j
&c)____________ CeC.xxxkc* (
8TOCK.— Class A common has preference as to dividends at the rate of
$4 per share per annum, cumulative from Jan. 1 1925. After these divs. are
paid, dividends not exceeding $4 per share may be declared on Class B
shares in any year if the payment will not reduce surplus earned after
Jan. 1 1925 below $6,000,000. All further dividends from earnings de­
clared in any year shall be made ratably on both classes, share and share
alike. Any distribution which would amount to a partial liquidating divi­
dend must first be used to acquire Class A shares which may be tendered
after advertisement, at $60 per share and unpaid accumulated dividends less
partial liquidating dividends paid thereon; and any balance is distributable
to both classes, share and share alike. On liquidation. Class A shares first
receive $50 per share and unpaid accumulated dividends, less partial liqui­
dating dividends paid thereon; then Class B shares receive $50 per share less
partial liquidating dividends paid thereon; and the balance i9 divided be­
tween the Class A and Class B shares share and share alike. If and when
$60 per share in partial liquidating dividends and all unpaid accumulated
dividends have been paid on Class A shares, then all distinction between
Class A and Class B shares shall cease.
DIV ID E N D S.— Long-Bell Lumber Co. paid cash dividends of $21,104.045 extending continuously over a period of 27 years prior to 1925; in addi­
tion stock dividends totaled $21,593,000. R ecent cash dividends were:
1919, 8% ; 1920-21, 9% ; 1922-24, 4% ; 1925, 6.70%; 1926, 6.85%.
Long-Bell Lumber Corp. initial dividend Class " A ” stock, $1 per share
paid Mar. 31 1925; same amount paid quar. to Sept. 30 1927. Ifone on
Class ‘B ” reported to date.
BONDS.— Long-Bell Lumber Co. series “ A ,” “ B ” and " C ” bonds will be
equally se red by a direct 1st mtge. on unencumbed standing timber hav­
ing a value, as independently appraised, equal to at least 100% of the face
amount of the outstanding bonds, and will be further secured by a mortgage
on plants, mills and other property having a value at least sufficient to make
the aggregate security under the mortgage not less than 200 % of the prin­
cipal amount of outstanding bonds, both of which ratios the company
covenants to maintain at all times
The property aggregating a minimum value of $63,737,145, subjected to
the lien of the mortgage included as of Dec. 31 1926, over 6,137,031,197
feet of unencumbered standing timber having a value, as independently
appraised, of $33,081,353.
The mortgage contains a sinking fund provision, under which the com­
pany covenants to pay into such fund the sum of $6 per 1,000 feet of timber
cut or sold in the States of Louisiana and Texas, $3 per 1,000 feet in the
States of California and Oregon and 60% of the appraised value in all other
States. The funds in said sinking fund must be used to pay and discharge
existing liens against certain tracts o f timber, or for the retirement of bonds
secured by the mortgage, and the balance remaining in such fund, if any,
may be used for the payment of interest on bonds secured by the mortgage.
Each series red. as a whole, but not in part, on any int. date upon 60 days’
notice at 105 and int. and for sinking fund purposes at any time upon 30
days’ notice at 101 and int.
Guarantees, principal and interest, $5,760,625 Longview, Wash., local
improvement district 6% gold bonds.
On Dec. 31 1925, in addition, there were outstanding obligations of the
company’s subsidiaries to an amount of $14,582,589 timber land and
sundry purchase money obligations and $2,641,456 other notes payable, of
the total amount of which $2,227,851 were to mature within one year and
$178,004 were to mature in same period, but were subject to renewal.
Notes.— ' he convertible 5-year 6% collateral gold notes due Dec. 1 1931
T
are redeemable all or part at any time upon 45 days' notice at following
prices and int.: prior to Dec. 1 1927 at 102, on and after Dec. 1 1927 to
Dec. 1 1928 at 1013^; on and after Dec. 1 1928 to Dec. 1 1929 at 101; on
and after Dec. 1 1929 to Dec. 1 1930 at 100M; and on and subsequent to
Dec. 1 1930 at 100.
Security.— The notes will be a direct obligation of the company, and in
addition will be specifically secured by pledge with trustee of.a like principal
amount of 1st mtge. 6% gold bonds, series A, of its subsidiary, the Long­
view, Portland & Northern Ry.
Convertible.-—Notes will be convertible at the option of the holder at
any time until 15 days prior to maturity into the first mortgage 6% gold
bonds, series A , of the Longview, Portland & Northern R y., except in event
of redemption the conversion privilege must be exercised at least 15 days
prior to date fixed in call for redemption. The difference between the
conversion price and 100 will be paid by the company in cash to the holder
at the time of conversion, accrued int. to be adjusted. For each note
converted o f denom. o f $100 or multiple thereof, the holder will receive a
like principal amount in pledged bonds at the following prices:
Approx. Yield
Conversion to Maturity
Price.
(July 1 1945).
On & after Dec. 1 1926 to & incl. N ov. 30 1927 at
94%
6% %
On & after Dec. 1
1927 to &incl. N o v . 30 1928 at
94%
614%
On & after Dec. 1
1928 to&incl. Nov.30 1929 at
96 j j
6% %
On & after Dec. 1
1929 to&incl. N ov. 30 1930 at
96 )!
6% %
On & after Dec. 1
1930 to &incl. Nov.15 1931 at
97%
6% %
R E PO RT.— For 1926 in V. 124, p. 2757, showed:
Calendar Years—
1926.
1925.
1924.
Profit for year_______________________$9,062,626 $11,503,737 $10,736,972
Depletion__________________________ 2,757,565
3,167,860 3,289,189
Depreciation_______________________
1,612,042
1,559,243
1,413,416
Operating interest charges__________
1,640,483
1,287,570
1,487,006
Income taxes_______________________
334,500
676,885
541,321
Dividends paid_____________________ 2,392,667
2,395,940
1,161,773
Balance, surplus_________________
$325,369 $2,416,239 $2,844,267
Period End. Sept. 3 0 — 1927—3 M os.—1926.
1927—9 M os.—1926.
Total income____________$1,656,035 $2,135,753 $5,511,237 $7,347,997
Depletion______________
485,430
552,855
1,410,029
1,987,259
Depreciation___________
354,399
383,430
1,084,309
1,160,127
Interest_______________
464,338
488,679
1,363,592
1,235,570
Federal taxes__________
58,622
100,331
215,160
392,779
Net income__________
$293,245
$610,457 $1,438,147 $2,572,262
OFFICERS.— Chairman, R. A. Long; Pres., M . B. Nelson; Sec., R. W.
Stith; Treas., R. P. Combs. Office, R. A . Long B ldg., Kansas City, M o.—
(V. 125, p. 2538.)
LOOSE-WILES BISCUIT CO.— ORGANIZATION.— Inoorp. in N. Y .
May 4 1912. Operates large factories in Boston, Chicago, 8t. Louis, Kan­
sas City, Minneapolis, Omaha, Dallas and Long Island City.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when D u e .
Stocks— Com 920,000 shs ($ 25).. ____
$12,500,000 .......................
1st pref cum red 120 ($100)_
_ 7 Q-J
$4,165,500 ______ ______
2d pref cum conv into com $2,000,000 ($100)____________
See text
$ 2 , 000,000
_________ _______
Bonds— Purch money obliga’ns f 6 g F-A
$153,250 To Feb 1 5 ’31
(Int. a t ___

303

INDUSTRIAL STOCKS AND BONDS

[V ol. 125,

OFFICERS.— Chairman, Clifford M . Leonard; Pres., Richard B
STOCK.— On March 14 1927 the authorized common stock: was changed
from 80,000 shares, par $100, to 920,000 shares, par $25; and 4 new shares Kahle; Sec., C. R. Harrison; Treas., A. F. Whiting. Offices, Richmond,
were exchanged for each 1 o f the old. At the same time the conversion Va., First Nat. Bank Bldg., Shreveport, La., and 51 Maiden Lane, New
privilege of the 2d pref. stock was changed so that the same could be ex­ York.— (V. 125, p. 2677.)
changed at the rate of 4 shares o f new com. for each share of 2d pref. stock.
LUDLUM STEEL CO.— Incorp. under the laws of N. J., M arch26 1915
The voting trust which has been in effect since the organization of the as successor by change of corporate title to the Ludlum Steel & Spring C o.,
company was terminated M ay 8 1927, when new stock certificates were incorp. March 11 898. Business founded in 1854. Products consist of
issued in exchange for voting trust certificates. V. 124, p. 1369.
carbon and alloy tool steels, rustless and stain resisting steels, and steels for
D IV ID E N D S .—Divs. on common. Initial div. of 40 cents a sh. paid electric tools, &c. Plant at Watervliet, N. Y . Uses electric furnaces ex­
Nov. 1 1927. On first pref., 1M % quar. July 1912 to Oct. 1 1927. On clusively and is one of the largest producers o f electric tool steel in America.
2d pref., Aug. 1912 to Feb. 1915, 1% % quarterly; none thereafter until Plant covers 30 acres and has adjacent 35 acres for future enlargement of
May 1920 when 5H % was paid on accumulated dividends; Nov. 1 1921 company. In Nov. 1920, all of the capital stock of the Metal Alloys, Inc.,
to N ov. 1 1922 paid 1% % each quar.; Feb. 1 1923 to M ay 1 1924 paid a N. Y . corp., manufacturing various ferro alloys used in the steel business
7% each quar.; Aug. 1 1924 paid 3)S % , clearing up all accumulations. was acquired in exchange for no par shares of the Ludlum Steel Co. Also
Nov. 1 1924 to N ov. 1 1927, paid 1 % % quar.
owns entire capital stock of the Ludlum Electric Furnace Corp. In Jan.
R E P O R T — For 1926, in V 124, p. 1369, showed:
1927 company acquired American rights to use a case-hardening process
1923.
Calendar Yean—
1926.
1925.
1924.
$914,325 developed by Friedrich Krupp A . G. Essen, Germany, for manufacture of
Net p rofits*___________$1,662,823 $1,413,095 $1,177,205
niteralloy.
301,500
First pref. div. (7 % ) - - 288,519
291,585
293,204
STOCKS AND BONDS—
Bate of Int. Outstanding. Bds. when Due.
420.000
Second preferred div_.
420.000
140.000
140.000
135,000 shs _____________
—
150.000 Stocks- Com 500,000 shs (no par) ___
150.000
Sink. fd. o f 1st pfd. stock
150.000
150.000
$1,084,000 Feb. 1 1943
10.217 Bonds— 1st M s f gold series A ( 7 g F-A
Prem. on 1st pfd. redeem
3.281
$6,000,000 auth red (text) -{int. at Chemical Nat Bank, N. Y .
Balance, surplus_____$1,084,304
$831,510
$310,720
$29,608
($500 &c)________________c* [
Profit and loss, surplus.. $6,086,086 $5,015,809 $4,184,298 $3,873,578
STOCK.— See table at head of page. In N ov. 1920 the capital stock
♦Net profits from operations after deducting all expenses, intere t
was changed from par value of $100 per share to no par value stock. The
charges, depreciation and Federal taxes.
OFFICERS.— Pres., B. L. Hupp; V.-P. & Treas., John H. Wiles; V.-P.. stockholders on March 15 1926 increased the authorized capital stock from
G. H. Willcockson, E. F. Swinney; Sec., R. W. Castle. Office, Kansas 200,000 shares to 500,000 shares.
DIVS.— On stock of no par value paid 50c. per share quarterly, Jan. 2
City, M o.— (V. 124, p. 3079.)
1924 to June 2 1928. On old stock of $100 par value paid as follows:
(P.) LO R iLLA R D CO.— ORGAN IZATION .— Incorporated in N«w Je*
1916, 10%; 1917, 25% ; 1918, 5% ; 1919, 20% ; 1920, 20%.
sey N ov. 24 1911 and, under order of U. S. Circuit Court dated N ov. 16
BONDS.— The Series “ A ” bonds are callable as a whole, or in part for
1911, took over, under plan of disintegration of American Tobacco Co
the sinking fund, at 107)3
at 105 thereafter. The
(V. 93, p. 1122-24), certain of its plug, smoking, cigarette and little cigar mortgage indenture provides to Feb. 1 1933, and fund payment, beginning
for an annual sinking
factories. V . 106, p. 1348; V. 93. p. 1537: V. 94, p. 70. 126. 283
in 1924, equal to 10% of the net earnings of the last preceding calendar
The company’s brands are: Egyptian Deities, Murad, Helmar and Old year with a minimum
face value of the bonds out­
Gold cigarettes; Muriel and Rocky Ford cigars; Between the Acts, Royal standing at the end of amount of 2.8% of theended.
the calendar year last
Bengals and Le R oy, little cigars; Union Leader and Sensation, smoking
R E PO RT.— For 1926, in V. 124, p. 2601, showed:
tobacco; and Beechnut, Climax, Neptune and Planet, chewing tobacco.
Calendar Years—
1926.
1925.
Plants located in N . Y . city; Baltimore, M d.; Jersey City, N . J.; Middle$687,475
town, Ohio; Richmond, Va.; Wilmington, Del.; Louisville, K y.; Lancaster, Oper. profits (after deducting Fed. & other taxes). $472,064
Other income----------------------------------------------------120,596
39,562
Pa.; Madison, Wis.; Windsor & Granby, Conn., and Porto Rico
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Total income--------------------------------------------------$592,659
$727,037
Stocks— Com $50,000,000 ( $ 2 5 ) ____
$34,779,850 ____________
Repairs & maint. exp., deprec. & renewal of plant. $228,379
$245,084
Pref cum $11,307,600 ($100).. 7 Q-J
$11,307,600 _____________
78,601
81,398
Interest on bonds_______________________________
Bonds— 33-yr g (notmtge) $ 1 0 ,-/ 7 g A-O
$9,741,500 Oct. 1 1944
933,500 ($50 & c)._G.xc*& r* \Int. at Guaranty Tr. C o., N . Y ., trustee.
Net profit-----------------------------------------------------$285,679
$400,554
Dividends paid--------------------------------------------------270,000
255,000
40-yr g (not mtge) $10,617,450 j 5 g F-A
$10,617,450 Aug. 1 1951
($50 & c)__________ G.xc*&r* (Int. at Guaranty Tr. Co., N. Y ., trustee.
$15,679
$145,554
Amount added to surplus-------------------------------10-yr gold debs $15,000,000 f 5H g J-J $15,000,000 July 1 1937
Shares of capital stock outstanding (no par)______
135,000
135,000
($1,000) (text)______G.x&c* \Int. at Guaranty Tr. Co., N. Y ., trustee.
Earnings per share on capital stock .. j ___________
$2.12
$2.97
STOCK.— The stockholders on Dec. 18 1923 increased the authorized
Latest Earnings for 9 months ended Sept. 30 1927 in V. 125, p. 2678.
common stock from $30,311,200 to $50,000,000 and changed the par value of
OFFICERS.— Ikes. Edwin Corning; V.-P. & Treas., Parker Corning;
the com. stock from $100 to $25 per share. Four new shares of com. stock
V.-P., H. G. Batcheller;Sec., E. Palmer Gavit. Office, Watervliet, N . Y .—
par $25, were issued in exchange for each share of com. stock, par $100.
(V. 125, p. 2678.)
COM MON D IV .— (1914. 1915. 1916. 1917. 1918. 1919-25. ’ 26.
M cCRORY STORES CORPORATION .— ORGANIZATION — Incorp
Regular_____________ • 10
(
10
12
12
12 12 yrly. See
Extra_______________ 1 5
3
5
6 20 stk.
______ text In May 1915 In Del., successor o f J. G. McCrory Co. Owns and operates a
chain of 214 5 and 10-Cent stores In the Middle Atlantic, Southern and
On Oct. 1 1926 to April 1 1927 paid 2% in stock div. certificates. These Middle Western States.
cts. will entitle the owners thereof to have delivered to them on M ay 1 1927,
STOCKS AND BONDS—
Bate of Int. Outstanding. Bds. when Due.
in exchange for such ctfs., shares of com. stock (par $25 each) at the rate of
376,721 shs _____________
20 shares for each 100 shares so held, together with the divs. which may be Stocks— Com 500,000 shs (no par) ____
Com class B non-vot 150,000
issued or paid during the time such ctfs. are outstanding upon the shares
shs (no par)_______________ ____
79,063 shs _____________
of com. stock, which were set aside for such delivery for said ctfs.
BONDS.-—The rights of the 7s are prior to those of the 5s. No mortgage
Conv pref cum red 110 $5,without providing for these bonds as prior claims. See V. 94, p. 283.
000,000 ($100)------------------- 6 Q-F
$5,000,000 _____________
The 10-yr. 5H % debs, are red. all or part on any int. date, on 30 days’
gold debs red / 5)3
$6,000,000 Dec.
1941
notice at 102 & int. to & incl. July 1 1929, the premium decreasing y2 of Bonds-— 15-yr & c.)_____kxxxc* \Int. atg National City Bank, N.15Y .
(text) $500,
1% for each two years elapsed thereafter, provided that, except for the
STOCK.— The stockholders on M ay 21 1923: (1) Authorized the issue
sinking fund there shall be no red. in lots o f less than $1,000,000 principal
amount, sold in June 1 1927 at 97)£ and int. by Guaranty Co., N. Y ., ance of $3,000,000 new 7% cumul. pref. stock. The old ($924,700) pref.
stock was called for redemption on July 1 1923; (2) authorized the issuance of
National City Co., Bankers Trust Co., and New York Trust Co.
500,000 shares of no par value common stock. This stock was exchanged
R EPO RT.— For 1926, in V. 124, p. 933, showed:
for the old common stock (par $100) on the basis of 4 shares of new stock
1923.
1926.
1925.
1924.
1
of the old
issuance of 150,000 shares
Net income after Fed.tax $5,340,779 $6,868,461 $6,439,196 $6,277,634 for noshare value classstock. (3) Authorized thestock will have no voting
of
par
B common stock. This
Premium on 7% bon ds..
16,214
13,765
15,150
14.345 power, but in other respects will be on the same basis as the new common
1,207,368
1,213,265
1,219,209
Bondinterest__________
1,225,248 stock. This stock may be issued as determined by the directors.
791,532
Preferred divs. ( 7 % ) . . .
791,532
791,532
791,532
The 7% preferred stock was retired in Feb. 1927.
Common divs. (1 2% )_
_ 3,505,362
3.704,039 3.803,834
4.088.938
Stock Purchase Warrants.— Each pref. stock certificate, at the time of
Surplus after dividendsdef$179,695 $1,145,860
$609,471
$157,572 issue, will be accompanied by a stock purchase warrant entitling the holder
______
______ Dr.3,000,000
______
Adjustments___________
of such warrant to purchase on or before Dec. 31 1930 new non-voting
Previous surplus_______ 13,586,233 12,440,373 14.&30.902 14,673,330 class B common stock at $40 per share on the basis of 2 )3 shares of class
stock for
stock
Profit & loss surplus..$13,406,537 $13,586,233 $12,440,373 $14,830,902 B common certificate each share of pref. p. 95. represented by each such
pref stock
Compare V. 117,
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 1078.
The convertible ‘ 6% cumulative preferred stock will be convertible at
OFFICERS.— Pres., B. L. Belt; V.-Ps., Everett Meyer, D . H. Ball, the option of the holders thereof, at any time up to five days prior to the
G. H. Hummel], G. A. Gary; Sec., G. T . Minnigerode; Treas., H. A. Stout. date fixed for any redemption thereof, into class B common stock of the
Office, 119 West 40th St., New York.— (V. 125, p. 1200.)
corporation on a share for share basis, subject to adjustment of the rate
LOUISIANA OIL REFINING CORP-— Incorp. under laws o f Virginia of conversion to be provided in the certificate of incorporation, as amended.
on April 30 1917. Conducts a general oil producing, refining and market­
Holders of common stock and class B common stock of record Jan. 14
ing business. Corporation has approximately 85,000 acres o f land, of which 1927 were offered the right to subscribe at $100 a share for convertible 6%
15.000 acres are fee and 70 000 acres lease land. It has production in the cumulative preferred stock to the extent of 5-45.5772ths of a share for each
Louann (Smackover), Eldorado Haynesville, Homer, Bellevue, Caddo, share of stock held. V. 124, p. 243.
Urania and Cotton Valley fields in Arkansas and Louisiana and in the
DIV ID E N D S.— Initial dividend of 1% on common stock paid Dec. 15
Humble field in Texas. The total daily production is approximately 9,700 1920. On March 15 1921 the regular 1% dividend was paid in stock, plus
barrels settled production. The corporation has two refineries in Shreve­ a special stock dividend of 20% . V. 112, p. 938. June 15 1921 to Dec. 1
port, La., with a total daily refining capacity of 17,000 barrels. Corpora­ 1923 paid each quarter 1 % in common stock, with the exception of March 1
tion also has over 1,600,000 barrels of steel field storage in addition to 1923 when 1% in cash was paid. On Dec. 15 1922 paid 10% in common
750.000 barrels o f earthen storage pits, exclusive o f storage for refined stock; also paid 10% in common stock on March 1 1923 and 5% extra in
products at refineries, service stations, &c.
common stock on Dec. 1 1923. On March 1 1924 paid 40 cents a share
In Jan. 1926 acquired a large block of stock of the Beacon Oil Co. V 122
in cash and 5% in common stock and on June 2 1924 paid 40 cents in
p. 351. In 1927 company announced the purchase o f the properties of the cash and 1% in common stock on class “ A ” and class “ B ” common stock.
Consumers Oil Co. of Springfield, Ohio; the United Oil Products Co. of June 1, Sept. 1, and Dec. 1 1927 paid 40c. in cash on class A and class B
Springfield, Ohio, and the Marysville Oil Products Co. of Marysville, Ohio. common stocks. On June 1 1926 paid 1% in stock. On pref. paid (or
declared payable) in full to Nov. 1 1927.
STOCKS AN D BONDS—- Bate of Int. Outstanding. Bds. when Due.
FUNDED D E B T .— The 15-year 5)3% gold debentures of 1926 are red.
1,140,063 shs _____________
Stocks-Com 1,360,000 shs(no par) ____
all or part on any int. date at 103 if red. on or before Dec. 15 1931; at 102
P f cm red 105 conv $4,000,000
thereafter if red. on or before Dec. 15 1936, and thereafter but prior to
($100)_______________ . ____ 0V2 Q-F
$4,000,000 _____________ maturity, at 101. V. 124, p. 119.
STOCK.— The stockholders on Jan. 18 1926 increased the authorized
Mortgages and purchase money obligations secured by real estate and
capital stock from 1,200,000 shares, no par value (all of one class) to 1,360.
leaseholds, $4,560,017 (as o f Dec. 31 1925.)
000 shares of common stock, no par value, and 40,000 shares of 6 y % cumul.
R E PO RT.— For 1926, showed:
pref. stock, par $100. The pref. stock is convertible until Feb. 15 1929 into
Calendar Years—
1926.
1925.
1924.
1923
common stock at the rate o f four shares of common for each share of pref.
Sales---------------------------- $33,596,853 $30,078,186 $25,223,344 $21,367,824
stock converted.
Cost of sales___________ 30,373,367 20,708,998 17,635,526 14,888,936
The common stockholders were given the right to subscribe for the 6M %
832,575
6,679,350
5,598,830
4,807,849
cumul. pref. stock at par ($100) on the basis o f
shares of pref. for every General exp., taxes, & c.
Preferred dividends____
202,129
206.498
208,516
99,214
100 shares of common stock held.
_
541,875
164,545
177,916
104,599
D IV ID E N D S.— On preferred in full to date. No payments on common. Common divs. (cash)_
Common divs. (stock )..
180,440
510,240
1,193,680
1,700,699
R E PO R T .— For 1926, in V. 124, p. 1078, showed
Retirement of pref. stock x669,763
3,681
--------93,832
Calendar Years—
1926.
1925.
Net operating earnings----------------------------------------- $4,257,365 $2,571,799
Balance, surplus------$796,705 $1,804,875’
$408,876 def$327,305
x Also includes charges on sale of new preferred stock.
Deductions_____________________________________
99,886
104,299
Interest paid____________________________________
224,671
270,760
Period End. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 M os.— 1926.
Depletion-----------------------------------------413,694
282,680 Sales------------------------------$8,935,482 $7,523,043 $25,910,494 $21,706,135
Depreciation____________________________________
947,871
765,325 xNet profit____________
452,492
436,684
1,396,610
1,203,859
Drilling expenses, &c____________________________
176,976
128,556 Pref. dividends________
74,998
49,964
211,726
151,574
Amort, of bond discount_________________________
109,667
28,000
Amortization o f preferred stock disc____________
18,626
____ Surplus--------------------$377,494
$386,720 $1,184,884 $1,052,289
Estimated Federal taxes_________________________
______
______
OFFICERS.— Pres., J. G. McCrory; V.-Pres., J. H. McCullough, P. A
Prior, Van C. McCrory; Treas., F. D. U by; Sec., B. H. Stenzel. N. YNet income__________________________________ $2,265,974
$992,179 Office, 1107 Broadway.— (V. 125, p . 2678.)
Period End. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 M os.— 1926.
Total income__________
$487,264 $1,220,021 $1,773,269 $3,253,383
McINTYRE PORCUPINE MINES, LTD.— Incorp. March 16 1911 in
Deductions____________
70,688
1,392
163,670
59,016 Ontario. Gold properties are located in the Porcupine District near
Interest-----------------------21,984
45,207
74,901
174,065 Schumacher, Ont.
Deplet. o f cost-------------94,107
103,112
294,214
235,782
STOCKS AND BONDS—
Bate of Int. Outstanding. Bds. when Due.
Depreciation---------------257,153
253,056
759,364
662,579 Stocks— Com $4,000,000 ( $ 5 ) ... ____
$3,990,000 ____________
Drill labor & exp--------51,328
62,592
179,864
153,973
STOCK.— The par value of shares was changed from $1 to $5 on Feb. 23
Amort, o f bond disct___
______
______
______
109,667 1922, the capital stock being rearranged so that every five old shares of $1
Amort, o f pref. stk. disc.______ 9,313_______ 9,313
27,940
9,313 par value constituted one share of $5 par value.
Net inc. before Fed.
D IV ID E N D S.—
1919. 1920. 1921. 1922. 1923. 1924. 1925. 1926.
taxes--------------------- def$17,310
$745,346
$273,316 $1,848,986 Per cent_______ _______ 10
15
15
15
15
20
20
20




Nov., 1927.]

Paid in 1927: Mar. 1. 5% ; June 1 ,5 % ; Sept. 1, 5% ; Dec. 1, 5% .
RE PO RT.— For year ended June 30 1927 in V. 124, p. 3506, showed:
Y e a r E n d e d J u n e 30—
1927.
1926.
1925.
1924.
Bullion recovery_______ $2,957,061 $3,804,775 $3,546,637 $3,291,178
Operating costs________
1,598,685
2,121,322
1,927,500
1,788,332
Operating profit_____ $1,358,376 $1,683,453 $1,619,137 $1,502,846
Other income
1______
77,470
104,444
95,833
77,537
Total income________ $1,435,846 $1,787,896 $1,714,970 $1,580,383
Taxes____ _____________
58,673
66,514
96,084
91,914
Net income__________$1,377,173 $1,721,382 $1,618,886 $1,488,469
Surplus July 1_________
3,176,806 3,311,543
3,137,489 1,795,615
Premium on capital stock
______
______
______
611,272
Reinstatement shares_
_
______
______
______
195,239
C r . 4,416
______
______
______
Sundry adjustments___
Total surplus_________ $4,558,395
Dividends_____________
598,500
Sundry deductions_____
44,478
Devel. written o ff______
332,924
Depreciation___________
381,585

$5,032,925
798,000
29,109
460,759
568,251

$4,756,375 $4,090,595
798,000
559,639
12,769
937
268,943
96,901
365,120
295,629

Profit & loss surplus.- $3,200,908 $3,176,806 $3,311,543 $3,137,489
L a te s t E a r n i n g s .—
------- Q u a r te r E n d e d ------- - — 6 Mbs. E n d . S e p t . 30—
P e r i o d —■
S e p t . 30 ’27. J u n e 30 ’27.
1927.
1926.
Gross recovery_________
$981,251
$894,167 $1,875,418 $1,900,556
Costs, inch development
532,885
522,642
1,055,527
1,059,326
Operating earnings...
Non-oper. revenue_____

$448,366
27,497

$371,526
20,969

$819,892
48,466

$841,229
51,239

Prov. for taxes for period

$475,863
22,027

$392,495
16,352

$868,358
38,379

$892,468
40,996

Net earns, before depr.
453,836
376,143
$829,979
$851,472
OFFICERS.-—Pres., J. P. Bickell; V.-Ps., W . J. Sheppard, M . Van der
Voort; Treas., Balmar Neilly. Office, Standard Bank Bldg., Toronto,
Ont.— (V. 125, p. 2275.)
MACK TRU CK S, INC.— Incorp. N ov. 8 1916 in N . Y . as the Interna­
tional M otor Truck Corp., as a result o f the refinancing of the International
M otor Co. o f Delaware. Name was changed to present title in March 1922
Acquired approximately $8,000,000 o f the assets o f Wright-Martin Aircraft
Corp. in Dec. 1919. Plants are located at Allentown, Pa., Plainfield
N. J., and New Brunswick, N. J.
The M ack Acceptance Corp. and Mack Trucks Real Estate, Inc., were
formed in 1925, all of the capital stock being ownedby Mack Trucks, Inc.
The real estate corporation sold $3,000,000 15-year 6% serial notes of which
$400,000 have been retired having $2,600,000 outstanding. Compare
V. 121, p. 208.
O u t s ta n d in g . B d s . w h e n D u e .
STOCKS AND BONDS—
R a te o f I n t .
S to ck s — Com 1,000,000shs(nopar) ____
713,434 shs _____________
1st pref cum call 110 $10,$10,921,891 _____________
921,900 ($100)____________
7 Q-J
2nd pref cum call 105 $5,347,800 ($100)________________
7 Q-J
$5,331,700 _____________
STOCK.-—The stockholders on Dec. 4 1925 increased the authorized
common stock from 500,000 shares to 1,000,000 shares.
The common stockholders of record Jan. 22 1926 were given the right to
subscribe for 101,919 additional common shares at $100 per share, on the
basis of one new share for each 6 shares owned. Subscriptions were payable
in four installments of $25 each—on Feb. 11, April 12, June 14 and Aug. 12.
The new stock participated in dividends payable after Aug. 12 1926 and
were entitled to vote after that date.
D IV ID E N D S.— Initial divs. o f $3.50 per share on both first pref. and
second pref. stocks were paid in March 1920. Dividends o f $2.33 per share
were paid July 1 1920. These divs. covered the four months ending June 30
1920. Oct. 1920 to Sept. 30 1927 paid 1% % quar. on both classes. Initial
div. on com. stock of $1 per share was paid Dec. 28 1922: same amount
paid Apr. 2 and July 2 1923: Oct. 1 1923 to Sept. 30 1927 paid $1 50 quar.
Also paid 100% in common stock in M ay 1920 and 50% in common stock
on Dec. 31 1925.
R E PO RT.— For 1926, in V. 124, p. 1229, showed:
C a le n d a r Y e a r s —
1926.
1925.
1924.
1923.
Sales__________________$69,032,203 $68,912,183 $46,622,622 $43,866,958
N e tp ro fit...................... -$11,852,412 $12,129,540 $8,146,186 $8,897,620
---------- tax reserve_____ 1,384,700
---------1,550,000
935,000
1,050,000
Federal '
Depreciation___________ 1,615,259
1,226,053
990,913
843,955
(764,533
764,533
764,533
First pref. divs. (7%) —
1,136,617
1373.219
373.219
373.219
Second pref. divs. (7 % )./
Common dividends_ ($6)3,977,286
_
2,056.629 ($6) 1698.653 ($5) 1415,540
Com. stock div. (5 0 % )-______
1,122,065
Balance, surplus_____ $3,738,550 $5,037,041 $3,383,868 $4,450,373
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 1503-04.
P e r i o d E n d . S e p t . 30—
1927— 3 M o s . — 1926.
1927— 9 Mbs.— 1926.
x Net profit___________ $1,425,853 $1,558,793 $5,103,592 $7,289,494
Earns, per sh. on 713,434
shs. (no par) com. stk_
$1.60
$1.78
$5.96
$9.02
x After charges, depreciation, maint., F e d ! taxes and contingencies.
OFFICERS.— A. J. Brosseau, Pres.; R. E. Fulton, E. C. Fink, A. F.
Masury, W . R . Edson and R. A. Hauer, V.-Pres.; J. E. Savacoot, VicePres. & Compt.; C. Wb Haseltine, Sec. and Treas. Office, 25 Broadway,
N . Y .— (V.125, p. 2538.)
(R . H.) MACY & CO., INC.— Incorp. in New York on M ay 28 1919.
Conducts a department store located on Broadway and 34th & 35th Sts.,
New York City. In Dec. 1923 acquired an interest in the La Salle & Kocb
Co. of Toledo. V. 118, p. 91. Also owns an interest in the DavisonPaxon-Stokes Co., Atlanta, Ga.
STOCKS AN D BONDS—- Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 750,000 shs (no par) ____
750,000 shs _____________
Bonds— Serial gold bonds dated f 5 ]{. g A-O
$7,500,000 To Oct. 1936
1926 due $750,000 ann (text) -j Interest at Chase National Bank, New
($100, & c.)_______________ c l York City.
STOCK.— The directors on Sept. 1 1926 decided to reitre on Dec. 15 1926
all of the outstanding $8,800,000 pref. stock at 115 and divs. On April 12
1927 the stockholders increased the authorized common stock from 350,000
shares to 750,000 shares.
D IV ID E N D S.— On common, paid a stock div. in common stock o f 150,000 shares to stockholders of record Aug. 31 1922. Initial div. of $1.25
paid M ay 1927, same amount paid Aug. 1 1927.
BONDS.— The 5 K % serial gold debenture bonds are redeemable, but
only as to the whole amount of any one or more maturities, at any time, at
the option o f the company, on 60 days’ notice, at their principal amount
and accrued int. plus a premium of
% for each year or fraction of a year
o f unexpired life o f each maturity so redeemed. V. 123, p. 1389.
R E PO RT.— For year ended Jan. 29 1927, in V. 124, p. 1989, showed:
Jan. 29 ’27. Jan. 30 ’ 26. Jan. 31 ’25. Feb. 2 ’24
Net sales_____________ x$75,470,316 $66,505,459 $56,369,795 $51,232,360
Cost o f goods sold, selling
,
oper. & adm. exp., less
miscell. earnings_____ 69,419,487
61,691,644 53,014,097 47,494,473
Prov. for Fed. inc. tax_800,000
650,000
350,000
400,000
Int. on 5M % bonds___
106,891
------------------------Preferred divs. (7%) — .
529,554
646,224
659,330
683,914
Balance, surplus_____$4,614,383
$3,517,591 $2,346,368 $2,653,973
Profit and loss surplus-.$16,117,894 12,664,132
9,190,041 7,379,500
x This figure does not include sales of affiliated stores.
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 1989.
OFFICERS.—-Pres., Isidor Straus; Exec. V .-P ., Edwin R. Dibrell;
V .-P ., Percy S. Straus; Sec. & Treas., Herbert N . Straus. Office, 34th
St. & Broadway, New York.— (V. 124, p. 2289.)
MAOMA COPPER CO.— Incorp. May 7 1910 in Maine. Owns a group
o f mining claims of 2,330 acres, o f which 536 acres have been patented,
and also owns an adjoining group of mill sites containing 398 acres, of
which 31 acres have been patented and 359 acres o f patented farm lands.
Company also owns milling plant of 600 tons daily capacity and a modern
smelting plant besides 31 miles o f standard gauge railroad.




203

INDUSTRIAL STOCKS AND BONDS

STOCKS A N D BONDS—
R a te o f I n t .
O u t s t a n d in g . B d s . w h e n D u e .
410,000 shs (no par) ____
408,155 shs ___________
STOCK.— The stockholders on Jan. 26 1925 increased the authorized
capital stock from 350,000 to 410,000 shares without par value.
The stockholders of record Jan. 31 1925 were given the right to subscribe
at $36 50 per share for the 60.000 additional shares.
D IV ID E N D S.— Dividends of 50 cents a share were paid quarterly from
Sept. 30 1915 to Jan. 6 1919; then none until July 15 1925. when 75 cents
a share was paid; same amount paid quar. to Oct. 15 1927. Also paid a
special Red Cross dividend of 10c. a share on July 27 1917.
BONDS.— All of the outstanding 10-Year 7% Conv. gold bonds, dated
June 1 1922. were redeemed on June 1 1925 at 105 and interest.
REPORT.-—-For 1926, in V. 124, p. 2129, showed:
S tocks- —Com

{ I n c l u d i n g M a g m a A r i z o n a R R .)

C a le n d a r Y e a r s —1926.
Salesof copper__________ $3,901,415
Cost of sales, &c_______ 2,517,156
Gen., adm., taxes, &c__
68,455
Interest and other inc-_
C r 52,879
Railway oper. loss (net).
22,743
Int. on bds., diset., & c_.
135,420
Dividends_____________
1,224,465

1925.
$4,005,719
2,520,691
111,056
040,098
37,998
419,422
918,349

1924.
$2,555,774
1,504,513
105,843
02 1,02 6
44,779
377,366

1923.
$419,669
520,719
102,796
058,049
6,256
362,427
___________

Surplus for year______ def$13,945
$38,299
$544,299 def$514.480
P e r io d E n d . S e p t . 30—
1927— 3 Mos.— 1926.
1927— 9 M o s . — 1926.
Prod.refined copper (lbs.)
6,890,062 7,742,113 21,782,669 22,130,072
Net earnings before depr.
and Federal taxes___
$276,712
$504,076 $1,035,599 $1,347,773
OFFICERS.— Pres., Chas. F. Ayer; V .-P ., A. J. M cNab and Walter H.
Filor; Sec. & Treas., H. E. Dodge. Office, 14 Wall St., New York. Mine
office, Superior, Ariz.— (V. 125, p. 2398.)
(H. R.) MALLINSON & CO., INC.— Incorp. Oct. 27 1919 under laws
of Delaware. Manufactures high grade silks of distinctive designs and
weaves, known collectively as “ Mallinson Silks de Luxe,’ ’ each yard bearing
the name ‘ ‘Mallinson.’ ’ Plants are located at Astoria, L . I ., West Hoboken.
N. J.; Paterson, N . J.; Trenton, N . J.; Allentown, Pa., and Erie, Pa.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks-—Com 200,000 shs (no par) ____
200,000 shs _____________
Pref cum red 115 $10,000,000
($100)_____________________ 7 Q-J
$2,288,500 _____________
STOCK.—Preferred stock is red. on 60 days’ notice at $115 and accrued
dividends. Entitled to par in event of involuntary dissolution or liquida­
tion and $115 and accrued dividends in event of voluntary dissolution.
Sinking fund of 3% annually of greatest amount of preferred at any time
outstanding. No voting power on pref. unless four quarterly dividends
are in arrears in which case the preferred holders shall elect a majority to
the board until the defaults are paid in full..
R E PO RT.— For 1926 in V. 124, p. 1676 showed:
Year Ended 14 Mos. End. — Years End. Oct. 31—
Dec. 31 ’26. Dec. 31 '25.
1924.
1923.
Operating income--------- loss$371,409
$805,718 loss$2,246 $1,556,595
Other income---------------65,668
93,767
36,233
89,851
$899,485
$33,987 $1,646,446
Total income________ loss$305,741
Deductions,incl. depr.,&c
241,2l2
249,528
195,442
183,897
Est. Federal taxes______
______
64,000
______
185,000
Pref. dividends (7 % )—
152,026
209,116
179,594
181,090
Balance, surplus------- def$698,979
$376,841 def$341,049 $1,096,459
OFFICERS.— Pres., Hiram R. Mallinson; V.-P. & Treas., E . I. Hanson
Sec. A. H Watson. Office 299 Fifth Ave., N . Y .— (V. l25, p. 1469.)
MANATI SUGAR CO.— ORGANIZATION.— Organized under laws of
New York, April 30 1912. Engaged in ohe business of owning and operating
a sugar estate and factory in the island of Cuba, in the growing of sugar
cane, in the manufacturing of raw sugar therefrom, and in the sale of such
sugar. Owns, leases and controls 291,166 acres of land, of which 70,705
acres are planted in cane.
STOCKS AND BONDS—
R a te o f I n t .
O u t s ta n d in g . B d s . w h e n D u e .
S to ck s— Com $15,000,000 ($100)
____
$10,000,000 _____________
Pref 7% cum call 120 $5,000,000 ($100)_________________ See text
$3,500,000 _____________
B o n d s — 20-yr 1st (closed) mtge f
7 3b g A-O
$6,879,500 Apr. 1 1942
sink fund gold bonds call (Interest at Central Union Tr. Co.
(text) ($100, &c.)Cek.xxxc* [
STOCK.— Pref. stock is redeemable at 120 and accrued divs., and has
equal voting power with common stock.
DIVIDENDS.-—-Beginning April 1 1915, the company paid regularly
quarterly dividends on the pref. stock at the rate of 7 % per annum to April 1
1926; none since. On common paid 2 'A % quar. Dec. 1 1916 to June 1
1921; then none until Dec. 1 1923, when 1 K % was paid; same amount paid
quar. (or declared payable) to Sept. 1 1925; none since. Paid extra divs.
as follows: N ov. 8 1916, 20% in com. stock; July 23 1917, 1% in cash
(Red Cross); Sept. 8 1919, 2 K % in cash and 5% in common stock.
BONDS.— The first mtge. 20-year 7 f i % sinking fund gold bonds are
callable as a whole or for sinking fund at 110 through 1936 and decreasing
! % annually thereafter. As a sinking fund company will pay to the trustee
semi-annual payments a sum sufficient to retire $335,000 of bonds annually
through purchases in the market up to the prevailing call price. Secured
by a direct closed first mortgage on all the fixed property owned and on
interest in lands held under contract, less $468,708 purchase money debt,
payable in installments between 1926 and 1933 and by a first lien on the
Tunas R R . through the pledge of all its stock. V. 114, p. 1414.
REPORT.-—-For year ended Oct. 31 1926 showed:
Y e a r s E n d . O c t. 31—
1926.
1925.
1924.
1923.
Gross sales____________ $5,304,124 $5,680,095 $8,185,157 $7,752,583
Operating expenses_____ 4,375,629
4,724,180
5,560,862 5,059,876
Operating profit------Other income__________

$928,495
394,o32

Total income_________ $1,323,027
Int., deprec. & taxes------ 1,466,621
122,500
Preferred dividends-----Common dividends_____
______

$955,915 $2,624,295 $2,692,707
399,952
342,195
407,072
$1,355,867
1,520,767
245,000
500,000

$2,966,490 $3,099,779
1,780,228 1,478,263
245,000
245,000
500,000
______

Balance-------------------- def$266,094 def$909,900 sur$441,262 sr$1.376.516
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 786.
OFFICERS.— ______________ , Pres.; Manuel Rionda, Albert Strauss,
Frederick Strauss, Manuel E. Rionda, E. D . de Ulzurrun, V.-Ps.; B.
Braga Rionda, Treas.; Wm. F. Corliss, Sec. N. Y . office, 106 Wall St.
— (V. 124, p. 786.)
MANHATTAN ELECTRICAL SUPPLY CO., INC.— Incorp. in M ass.Nov. 8 1916. On July 1 1910 took over the business and assets of the Man
lattan Electrical Supply Co. of N. J. Manufacturers and jobbers in elec­
trical supplies and apparatus. Plants are located in Jersey City, N . J.
Stores located in New York City, Chicago and St,. Louis and
a sales branch at San Francisco. The battery business of the company
was sold to the National Carbon Co. in April 1926. V. 122, p. 2202.
fn Aug. 1926 acquired the entire outstanding stock of the E. D Anderson
Co. V. 123, p. 1256. In 1927 acquired control of Troy Foundry Machinery
Co., Inc. V. 124, p. 3506. The Manhattan Elec. & Sup. Co. also owns
the following subsidiary companies; Trout Mining C o., Halliwell-Shelton
Elec. Corp.
STOCKS AND BONDS—
R a te o f I n t .
O u t s ta n d in g . B d s . w h e n D u e .
____
130,000 shs ____________
S to ck s — Com 250,000 shs (no par)
DIVIDENDS — Initial div. of $1 50 per share on the 30,000 shares of
to par value stock was paid Oct. 15 1920. A stock div. of 10% was also
paid on that date. On Jan. 1 1921 paid $1 50 and from April 1 1921 to
July 1 1925 paid $1 quarterly; Oct. 1 1925 to April 1 1926 paid $1 1214 quar.
July 1 1926 to Oct. 1 1927 paid $1.25 quarterly.
REPO RT.— For 1926 showed:
C a le n d a r Y e a r s —
1926.
1925.
1924.
1923.
Sales (net)____________
Not
$8,140,853 $9,036,624 $8,283,463
Cost o f sales__________
stated
6,231,291
7,129,743
6,366,107
Gross profit_________ $1,861,492 $1,909,562
Miscellaneous profits_
_
______
133,546
T o t a l ________ ______ $1,861,492

$2,043,108

$1,906,881
172,509
$2,079,390

$1,917,367
143,643
42 061.000

204

Calendar Years—
1926.
1925.
1924.
1923.
Adver., taxes, deprec.,
gen. exp., eng.&devel. $767,078 $1,483,360 $1,628,505 $1,966,824
______
______
110,495
______
Special depreciation____
Discounts allowed, int.,
debts, &c___________
138,237
______
______
______
Federal income tax_____
74,056
72,422
39,897
______
Charges to surplus_____
544,275
______
______
______
Ad ust. o f prior taxes___
Cr.3,204
______
______
______
Dividends_____________
394,875
333,250
280,000
280,000
Balance-------------------- def$57,029 sur$154,076 sur$20,493 def$185.823
OFFICERS.— Pres., Richard H. Brown; 1st V.-P. & Sec., W . W . Templin; 2d V .-P., W . F. Hendry; Treas., V . C. Stephens. New York office,
11-15 Park PI.— (V. 125. D. 1719.)
MANHATTAN SH IR T CO. (TH E ).— ORGAN IZATION .— Incorp. in
New York June 15 1912 as successor o f New Jersey company o f same name.
Manufactures men’s shirts, collars, underwear, pajamas, &c.
STOCKS A N D BONDS—
B a te o f I n t .
O u t s ta n d in g . B d s . w h e n D u e .
S to ck s — Com $7,500,000 ($25)-____
$7,090,173 _____________
Pref cum red 120 $3,000,000
$1,278,300 _____________
($100)___________________ _ 7 Q-J
STOCK.— Total pref. stock issued $3,000,000; amount redeemed tc
Nov. 30 1926, $1,615,000; held in treasury, $106,700. Pref. is redeemable
(also in liquidation) as a whole or in part at 120 and accrued div. Cumula­
tive yearly sinking fund, $90,000, to purchase or call pref. stock. For
further rights, see V. 100, p. 405.
The par value o f the common stock was changed from $100 to $25 in
June 1919.
COMMON DIVS.— 11919. 1920. 1921. 1922. 1923. 1924. 1925. 1926.
Per cent______________\ 6M
7
7
*9
12
12
6
6
Paid on common in 1927: March 1, 37>£c.; June 1, 37K c.; Sept. 1, 50c.;
Dec. 1, 50 c.
♦Also paid 37 K % in common stock during 1922.
On pref. stock 7% p.a. (194% Q--J.) O ct.l 1912 to Oct. 1 1927.
R E PO RT.— Report for year ending N ov. 30 1926 in V. 124, p. 229:
Y e a r s E n d e d N o v . 30— 1925-26.
1924-25.
1923-24.
1922-23.
Net profits_______ $1,374,280
$1,260,652
$464,190 $2,070,427
Interest (net)____
8,870
14,919
65,538
69,975
Federal taxes____
184,330
155,616
49,750
250,000
Preferred divs. ( 7 % )-- 94,021
103,278
106,533
106,565
Common dividends_(6%)423,430
(6)424,726 (12)847,801 (12)846,695
Balance, surplus____
$663,629
$562,113 def$605,432
$797,192
Previous surplus_ 1,816,469
1,317,467
1,931,347
1,128,028
Adjustments___________ D r.10,058 D r . 63, 111 D r .8,448
C r . 6,127
Total profit & loss, sur $2,470 040 $1,816,469 $1,317,467 $1,931,347
OFFICERS.— Pres., Abram L Leeds; Treas., Sylvan Geismar; Sec.,
L. C. Leeds. Office, 385 Madisc*' Ave., New York.— (V. 125, p. 1792.)
MARACAIBO OIL EXPLORA ION CORP.— Incorp. Sept. 8 1919 in
Delaware. The company began bvStress by acquiring all the authorized
capital stock of the following corporate i s: Mara Exploration C o., Miranda
Exploration Co., Paez Exploration Co.a r d Perija Exploration Co., each of
which is a corporation organized under5 ■ » « o f Delaware. Each of these
companies owned contracts or rights for the exploration and exploitation
of petroleum and similar substances in the Republic of Venezuela. These
companies are now engaged in the development of the concessions and rights
which they hold in Venezuela.
Since its organization the corporation has also acquired all the outstand­
ing stock o f Sucre Exploration Co. and Urdaneta Exploration Co. The
Sucre Exploration Co. and the Urdaneta Exploration Co. have, since their
acquisition by the corporation, been similarly engaged In the development
of the rights and concessions held by them in Venezuela.
The corporation has entered into an agreement with the Standard Oil
Co. (N. J.) whereby the Standard Oil Co undertakes the development of
some concessions belonging to the Maracaibo Oil Explor Corp. and will
share with the Standard Oil Co. the results o f these operations. V. 112, p.
1746; V. 113, p. 189. The corporation has also entered into an agreement
with the South American Gulf Oil Co. whereby the Gulf acquired for $865,OC0 and a royalty 108,000 acres o f exDloitation lands
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 400,000 shs (no par) ____
330,000 shs ------------------STOCK.— See table.
DIVS.— No dividends have been paid by the corporation or any of its
subsidiaries.
R E PO RT.— The company for 1926 reported an addition of $42,845 to
surplus account. V. 124, p. 3221.
OFFICERS.— Pres., John L. Weeks; V .-P ., T. J. Megear; Sec. & Treas.,
S. Rossiter. Offices, Wilmington, Del., and 14 Wall St., New York.—
(V. 124, p. 3221.)
MARLAND OIL CO.— O RGAN IZATION .— Incorp. Oct. 8 1920 under
laws of Delaware. The company acquired by consolidation the Marland
Refining Co. and the Kay County Gas Co. by exchanging its shares for
shares of the old companies on the following basis: One no par value share
in the new company for each ten shares o f Marland Refining Co., par $5
each, and one share in the new company for each 20 shares of Kay County
Gas stock, par $1 each.
Marland Refining Co.— Owns a complete modern refinery and lubricating
plant at Ponca City, Okla., processing an average o f 12,000 bbls. per day.
The Marland Employees Royalty Co. was incorp. in June 1926, the
officers and employees of the Marland Oil Co. being offered stock of the
new company at $10 a share. V. 123, p. 851.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com2,400,000shs(nopar) ____
2,317,059 shs _____________
Bonds■ G old notes dated 1927 I 5 g J-D 15 $30,000,000 1929 to 1932
—
$30,000,000 ($1,000)_____G (Interest at New York City.
STOCK.— The stockholders on Nov. 1 1926 increased the authorized
capital stock (no par value) from 2,000,000 shares to 2,400,000 shares.
In N ov. 1926 the company authorized the issuance, at $50 per share,
additional capital stock, equal to 20% o f the capital stock outstanding on
Nov. 15 1926. The number o f shares issued did not exceed 385.914 shares.
Stockholders of record June 20 1923 were given the right to subscribe
for additional shares at $40 per share up to 25% of holdings. V. 116, p. 2890.
J. P. Morgan & Co. in 1924 acquired 300,000 shares at $30 per share
and in 1925 acquired 335,000 shares o f the company’s stock at $40 per
share. V. 121, p. 593.
D IV ID E N D S.— An initial dividend o f $1 per share was paid Sept. 30
1922; same amount paid quar. to July 2 1923; then none until June 30
1925 when 75 cents per share was paid; on Sept. 30 1925 paid 75 cents per
share: Dec. 31 1925 to Mar. 31 1927 paid $1 per share quar.
NOTES.— The gold notes are red. only as to the whole amount of any
one or more maturities, on any int. date, upon 60 days notice, at prices,
respectively, equivalent to such as would yield on the notes a 41^% ann.
net income return, according to published bond tables to be specified in the
indenture. V. 124, p. 3507.
On Dec. 31 1925 there was also outstanding $120,306 stock of subsidiaries
— minority interests.
R E PO RT.— For 1926, showed:
1926.
1925.
1924.
Gross earnings---------------------------------$77,608,349 $64,718,281 $33,205,451
Oper. and admin, expense__________ 60,938,210 48.607,235 27,952,940
Net earnings_____________________ $16,670,139 $16,111,047 $5,252,511
7,900,000
3,750,000
Dividends Comar Oil Co___________
9,500,000
Reagan Co. purch. C o --------------------809,364
Div. Romarti Gasoline Co---------------- ------------612.684
255,507
Miscellaneous income---------------------442,655
Gross income____________________ $27,422,158 $24,623,730 $9,258,017
Interest and amort, of bond disc____
322,135
974,283
1,148,574
Reserves for depreciation------------------ 4,025,058
2,802,488
2,183,869
3,071,594
1,573,795
Reserves for depletion on cost_______ 10,260,945
1.540.374
1.752,407
1,123,208
Leases charged o ff__________________
Net operating income_____________ $11,690,811 $16,234,992 $2,599,373
Red. of crude oil invest, to m arket-. -------------------1,077,166
Disc, and premiums on bonds retired. ________
390,136
876.750
Investments charged o ff------------------------------170,786
291,151
Provision for Federal taxes-------------------------875,000
______
4,579,874
______
Dividend paid_____________________
7,651,067
Surplus................................................. $4,039,744 $10,219,195
$354,306




[V ol. 125,

INDUSTRIAL STOCKS AND BONDS

Latest earnings—
1927— 3 M o s . — 1926.
1927— 9 M a s .— 1926.
Gross earnings___ $13,424,224
$18,491,321 $45,604,323 $55,530,862
Oper. & admin, expenses 10,458,537 14,090,099 36,394,356 43,831,980
$4,401,222 $9,209,967 $11,698,882
Net earnings___ $2,965,687
Other income__________
340,228
3,451,351 2,143,800 7,578,502
Gross income________ $3,305,915 $7,852,573 $11,353,767 $19 277,384
Interest and d is co u n t...
451,433
57,277
718.725
68,743
Surren. & aband. leases.
550,000
244,121 1,350,000
746,503
Depreciation reserve___ 1,477,480
1,106,080 4,298,614 2 773,602
109,291
576,542
560,445 1 968,566
Depletion reserve______
Reserves for intangible
drilling costs___ 1,758,022
7,593,102
Dividends paid________
______
1,920,930
2,310,853
5 727,617
Balance, surplus._.def.$1,040,311 $3,947,623df$5,277,972 $7,992,353
OFFICERS.— Pres., E. W. Marland; Treas., S. R. Sheldon; Sec., Chas.
E. Stephenson. Office, Ponca City, Okla.— (V. 125, p. 2520.)
M ARLIN-ROCKW ELL CORP.— Incorp. in N . Y . in 1915 under name
of Marlin Arms Corp., its name being changed to present title in March
1917. Co. is engaged in manufacture of bail bearings. On April 1 1924
purchased the assets o f the Gurney Ball Bearing C o . with plant at James­
town, N. Y . Gurney C o. was subsequently dissolved. In Aug. 1925
acquired the Strom Ball Bearing Corp. o f Chicago.
STOCKS AND BONDS—
R a te o f I n t .
O u tsta n d in g . B d s. w h en D u e .
S to ck s — Com 400,000 shs (nopar)
____
256,225 shs _____________
STOCK.— All o f the outstanding pref. stock was redeemed on Dec. 15 '26.
D IV ID E N D S.— On 7% pref., created in M ay 1924, initial quarterly
div. of 194% was paid July 1 1924: regularly quarterly since, incl. Oct. 1
1926. Common, 1918, $2; 1919, $6; 1920-24. none: 1925, $1; 1926, $2.33.
Paid in 1927: Jan. 10, 50c.; April 1, 50c. and 25c. extra; July 1, 50c. and 50c.
extra; Oct. 1, 50c. and 25c. extra.
R EPO RT.— For 1926. showed:
C a le n d a r Y e a r s —
1926.
1925.
1924.
1923Gross profits________ $2,145,114 $2,099,899
$414,005
$487,838
Other income__________
42,031
29,385
49,862
17,601
Total income________ $2,187,145
$2,129,284
x General expenses, & c-x857,151
x725,808
Federal taxes__________
205,600
______
40,297
185,687
Preferred dividends____ '
Common dividends_____
841,037
260,013
Res.for prem.onpref.stk.
______
______

$463,867
142,661
______
142,947
55,701
5,000

$505,439
2,165,377
_____
______
____
______

Surplus for year______
$243,061
$957,776
$117,558df$l ,659,938
Profit and loss, surplus-. $4,139,931 $3,896,870 $2,468,713 def$336,388
x Includes in 1926, 1925 and 1924 extraordinary charges not applicable to
operations, and in 1923 and 1922 incl. interest paid, depreciation, inventory,
adjustment, idle plant expense, moving expenses, loss on sale of securities,
misc. adjust., &c.
P e r io d E n d . S e p t . 30—• 1927— 3 Mos.— 1926.
1927— 9 M os.— 1926.
Gross earnings _____
$268,310
$499,659 $1,354,159 $1,690,902
Exp., deprec. &c__
189,092
185,816
568,506
585,337
Net oper. profits. _ _
Other income
. _

$82,494
20,029

$310,565
14,267

$785,653
55,821

$1,105,565
28,807

N et p r o f i t ______
Federal taxes
Preferred dividend_____
Common d ivid en d s_
_

$102,523
17,922

$324,832
48,280
10,404
170,679

$841,474
131,824

$1,134,372
165,341
35.443
507,201

257,820

859,402

Surplus______________def$173,219
$95,469 def.$149,752
$426,387
OFFICERS.— F. W. Gurney, Chairman; H. K. Smith, Pres.; A. C.
Davis, V.-P. & Gen. M gr.; J. H. Walters, Treas.; R . A. Gamble, Sec.
Office, Jamestown, N . Y .— (V. 125, P- 2678.)
M ARTIN-PARRY CORP.— ORGANIZATION.— Incorp. In Delaware
May 26 1919 and has acquired Martin Truck S Body Corp., York, Pa.,
c
and Parry Manufacturing C o., of Indianapolis. Manufacturers of com­
mercial automobile bodies. Plants at York, Pa., and Indianapolis, Ind..
Branch assembly plants in 41 principal cities. In Jan. 1924 acquired the
plant and property o f The Oakes Co., Indianapolis, Ind. V. 118, p. 318.
STOCKS AND BONDS—
R a te o f I n t .
O u t s ta n d in g . B d s . w h e n D u e .
____
125,000 shs _____________
S to ck s — Com 200,000 shs (no par)
STOCK.— The stockholders on Jan. 26 1925 increased the authorized
capital stock from 100,000 shares of no par value (all outstanding) to 200,000
shares of no par value. Stockholders of record Feb. 17 1925 were given the
right to subscribe to 25,000 shares of additional capital stock (no par value)
at $30 per share at the rate of M of a share of stock for each share held.
DIV ID E N D S.— Initial quar. div. of 50c. per share was paid Mar. 1 1920;
same amount paid quar. to Mar. 1 1923: June 1 1923 to Mar. 1 1924 paid
75c. quar.; June 1 1924 to June 1 1925 paid $1 quar.; Sept. I 1925 to Dec. 1
1927 paid 50 cents quar.
R E PO RT.— For fiscal year ended Aug. 31 1926, showed:
Y e a r E n d . 8 M o s . E n d . — Y e a r s E n d . D e c . 31—
A u g . 31 ’26. A u g . 31 ’25.
1924.
1923.
Net sales_______________ $5,205,350 $3,654,023 $4,577,043 $5,951,166
Cost of goods sold, sell­
ing, adm. & gen. exps.
4,774,199 3,484,386
4,187,672 5,183,842
Disc, on pur. & oth. in c. Cr.223,449 C r . 107,229 C r . I l l , 159 C -.72,642
Miscellaneous charges..
84,617
59,330
75,364
94,830
Federal taxes__________
52,141
15,396
43,988
92,071
250,000
287,500
375,000
275.000
D ividends____________
Balance, surplus_____
$267,842 def$85,360
$6,178
$378,065
Profit and loss surplus.. $859,215
$614,681
$707,035
$718,723
OFFICERS.— Chairman, John J. Watson; Pres., Frederick M , Small;
V.-P. & Gen. M gr., John A. Callahan; V .-P ., R. P. Henderson, Claire L.
Barnes and Joseph N. Coppinger; Sec., Henry Hopkins Jr.; Treas., Irving
D. Dawes; Compt., JohnE. Urich. Office. York, Pa.— (V. 124, p. 2290.)
(THE) MATHIESON ALKALI W ORKS (IN C .).— ORGANrZATION-—-Incorp. in Va. in 1892 and manufactures soda ashpurite, caustic soda,
bicarbonate of soda, liquid chlorine, ammonia, sodium benzoate.iCoumarin,
benzoic acid, vanillin, benzoldehyde and bleaching powder.
STOCKS AND BONDS—
R a te o f I n t .
O u t s ta n d in g . B d s . w h e n D u e .
S to ck s — Com 200,000 shs (no par)
____
147,207 shs _____________
Pref cum $3,500,000 ($ 1 0 0 )... 7 Q-J
$2,475,000 _____________
STOCK.— The stockholders on Jan. 21 1925 approved an increase in the
authorized common shares to 200,000 from 130,000 shares and changed the
par value from $50 to no par value. Common stockholders of record Jan.
26 1925 were given the right to subscribe at $45 per share to 23,543 shares
in the ratio of one share for every five shares held.
R E PO RT.— For 1926, showed:
C a le n d a r Y e a r s —
1926.
1925.
1924.
1923
xTotal earnings_________ $2,725,559 $2,285,553 $1,521,477 $1.833 734
Deprec’n and depletion.
771,626
657,320
553,336
549,238
income charges (net) — .
48,877
15,724
21,295
37,551
Federal income tax_____
225,570
147,476
73,780
150.000
Preferred dividends___
174,563
175,567
344,634
250,549
Common dividends_____— 588,828
147,207
______
______
Balance, surplus_____
$916,095
$1,142,260
$528,430
$846,394
x After deducting manufacturing, selling & general admin, expenses.
P e r io d E n d . S e p t . 30— 1927— 3 M o s . — 1926.
1927— 9 M o s . — 1926.
Total earns, from o p er..
$778,812
$706,304 $2,236,300 $1,989,345
Prov. for depr. & d ep l-.
213,838
195,224
626,533
570,417
Net earnings________
Income charges (net)___
Prov. for Fed. inc. taxes

$564,974
12,805
72,505

$511,080
15,890
65,426

$1,609,767 $1,418,929
36,003
37,657
195,402
175,352

Net inc. transf. to sur.
$479,664
$429,764 $1,378,363 $1,205,920
D IV ID E N D S.— On the pref. at rate of 7% yearly, from organization
to April 1921; then none until July I 1922, when 194 % was paid; Oct. 2
1922 to Oct. 1 1923 paid 1% % quar.; Jan. 2, April 1, July 1 and Oct. 1 1924
paid 154% quar. and 194% on account of accumulations, clearing up all
back dividends; Jan. 2 1925 to Oct. 1 1927 paid 194% quar.

Nov., 1927.]

On common paid $1 per share on Jan. 2 1926, this being the first payment
on the new shares o f no par value; same amount paid quar. to Oct. 1 1927.
Com. divs. ’09. ’ 10. ’ l l . ’ 12. ’ 13. 1’4-’ 15. '16. ’17-’ 18. ’19. ’20-’25. ’26-’27.
Per cent— 4}4 6 14 6
7Vi 5 X 4 yly. 6H 6 yly.
0
4 yly.
OFFICERS.— Pres., E . M . Allen; V .-P., M ax Mauran, C. F. Vaughan
J. A. Kienle, and E. A. Hults; Sec. & Treas., H. F. Hyland. Office,
250 Park Ave., New York.— (V. 125, p. 2275.)
MAXWELL MOTOR C O R P O R A T IO N - See Chrysler Corp. above.
• MAY DEPARTMENT STORES CO. (THE).— ORGANIZATION.—
Incorp. in N . Y . on June 4 1910 and took over the Shoenberg Mercantile Co.
o f St. Louis, operating the “ Famous,” M ay Shoe & Clothing Co. of Denver,
Colo.; the M ay Co. o f Cleveland, O., and the M ay Real Estate & Invest­
ment Co., the last named holding title to the real estate occupied by the
St. Louis and Denver stores, V. 90, p. 1617. On Feo. 25 1911 acquired
entire stock ($1,000,000 each o f common and pref.) o f Wm. Barr Dry
Goods Co. of St. Louis. V. 92, p. 876; V. 100, p. 2075. In July 1912 pur­
chased department store business of M . O’Neill & Co. of Akron, O.— see
below. V. 94, p. 1569; V. 95, p. 484. It was announced in Feb. 1923 that
the company had closed a contract for the purchase o f Hamburger & Sons,
the largest department store in Los Angeles. V. 116, p. 945.
In Sept. 1927 purchased the Bernheimer Leader Stores, Inc., of Baltimore,
M d.
Owns entire stock of M ay Building Co. (Cleveland) and leases property
for 30 years, rental providing for int. and prin. of $1,220,000 6%
serial bonds, maturing $100,000 in 1927, $120,000 in 1928 and 1929,
$140,000 in 1930 and 1931, and $200,000 in 1932 and 1933. Bonds red. at
103 on any int. date beginning March 1 1918; also $500,000 2d 6% serial
bonds maturing yearly to 1933, red. since Sept. 1 1913. V. 97, p. 54
V. 98. p. 993.
The 5 % % 1st mtge. ser. g. bonds are red. $100,000 annually.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Common ($25)_________ ____
$26,000,000 - ___________
Bonds— M ay Bldg 20-yr 1st M f 6 g M-S
$1,020,000 To Mar 1 1933
leasehold M gold red (text) (Int. at Cleveland and Chicago.
($500, & c)_________________
2d M leasehold serial M gold J 6 M -S
$500,000 To Mar 1 1933
($500, &c)_________________ \Int. at Cleveland.
1st M ser G dated 1927 ($500, f 5 ^ g M -N $1,000,000 M ay 1 ’28 to’38
&c) -----------------------UB.xc* \Int. at__________________________________
STOCK.— The stockholders on N ov. 23 1926 increased the authorized
common stock from $26,000,000, par $50, to $30,000,000, par $25. Of the
new stock, 1,040,000 shares were issued in exchange for the old outstanding
520,000 shares on a 2-for-l basis, and common stockholders of record April 5
1927 received the right to subscribe, at $55 per share, for 104,000 additional
common shares in the ratio o f one new share for each ten shares of par $25
stock held. The remainder o f the new stock was set aside for sale to em­
ployees.
All o f the outstanding preferred stock was redeemed on April 1 1927 at
125 and dividends.
DIVIDENDS on / ’ 15. ’ 16. ’ 17. ’ 18. ’ 19. ’20. '21. ’22. ’23. to ’27.
Common sto ck .% 1 2 %
2H
6
5
6 *7M
8
t8
10 yrly.
* Shareholders of record June 25 1920 received a stock divid’d of 33 1-3%
t Also 30% in stock paid Dec. 20 1922.
Paid in 1927: March 1, $1; June 1, $1; Sept. 1, $1; Dec. 1, $1.
REPO RT.— For year ending Jan. 31 1927 in V. 124, p. 1835, showed:
J a n . 31 Y e a r s —
1926-27.
1925-26.
1924-25.
1923-24.
Net sales----------------------100.522,928 $97,117,891 $89,932,915 $90,997,655
7,840,312
6.759,608 7,588,625
Net income------------------ 8,152,101
Federal taxes__________
1,200,000
1,040,000
850,000 1,175,000
336,875
354,375
376,250
389,375
Preferred dividends____
2,599,804
2,599,711 2,599,625
Common dividends_____ 2,989,871
Balance, surplus_____$3,625,355 $3,846,133 $2,933,647 $3,424,625
Pres., Morton J. M ay. Office, St. Louis. M o.— (V. 125, P 1469 )
M AYTAG CO. (THE).— Incorp. under laws o f Delaware on Aug. 15
1925 and is engaged in the manufacture and sale o f electric washing machines
power driven washing machines and laundry accessories. Plant is located
at Newton, Iowa. Also owns the entire capital stock of the Maytag Co.,
Ltd., which maintains a warehouse and sales organization in Winnipeg,
having the entire Canadian sales territory.
STOCKS AND BONDS—■ R a te o f I n t . O u ts ta n d in g . B d s . w h e n D u e .
S t o c k s - C o m 2,400,000 shs(no par)
____
1,600,000 shs _____________
STOCK.— See table at head o f page.
DIV ID E N D S.— An initial dividend o f 50c. a share was paid on Dec. 1
1925: same amount paid quarterly to Dec. 1 1927.
Extra dividends: 25c. March 1927; 25c. June 1 1927; 25c. Sept. 1 1927;
25c. Dec. 1 1927.
R EPO RT.— For 1926, in V. 124, p. 2758, showed:
E a r n i n g s C a le n d a r Y e a r s —
1926.
1925.
Net sales_______________________________________ $28,722,042 $17,463,738
Other income— Interest, royalties, rents, &c______
474,108
228,487
Total---------------------------------------------------- ----------$29,196,150 $17,692,225
Manufacturing, selling and general expenses______ $21,302,658 $12,686,072
Provision for estimated Federal taxes___________
1,070,000
629,000
Net profit------------------------------------------------------- $6,823,491 $4,377,153
800,000
Dividends---------------------------------------------------------- 3,200,000
Balance------------------------------------------------------------ $3,623,491 $3,577,153
Shares o f common outstanding (no par)________
1,600,000
1,600,000
Earnings per share on common__________________
$4.26
$2.74
P e r i o d E n d . S e p t . 30— 1927— 3 M o s . — 1926.
1927— 9 M o s . — 1926.
Net sales--------------------- $4,666,971 $7,488,444 $17,895,380 $20,831,018
Net prof, after charges &
Federal charges______
902,057
1,748,588
4,128,314
4,822,270
OFFICERS.— Chairman, F. L. Maytag; Pres., E. H. Maytag; V.-Pres.
(vacant); Treas., E. H. Maytag; Sec., W. I. Sparks; Asst. Sec., E. L.
Nelson. Office, Newton, Iowa.—-(V. 125, p. 2678.)
MERGENTHALER LINOTYPE CO.— Incorp. under laws of New York
Dec. 16 1895. Owns plant at Brooklyn, N . Y ., and controls British Lino­
type & Machinery, Ltd., and Mergenthaler Setzmaschinen Fabrik. V. 88.
p. 509, 567, 948, 689. Decisions, V. 100, p. 58, 234; V. 104, p. 1149.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 300,000 shs(no par) ____
256,000 shs _____________
STOCK.— The stockholders on March 16 1926 changed the authorized
capital stock from 150.000 shares (par $100) to 300,000 shares of no par
value. Two new no-par shares were issued in exchange for each share of
$100 par value.
DIVS.
I 01. ’02-’ 13. ’ 14. ’ 15. ’ 16. 1917. ’18-’24. 1925. 1926.
P ercent--------- \13W 15 y ’ly 144* 10 12*4 12*4 10 yrly 12*4 Text
Paid in 1926: March 31, 2*4%; June 30, $1.25 quar. and 25 cents extra;
Sept. 30 and Dec. 31, $1.25 quar. and 25c. extra on new stock o f no par
value. Paid in 1927; March 31, $1.25 and 25c. extra: June, $1.25 and 25c.
extra; Sept. 30, $1.25 and 25c. extra; Dec. 31, $1.25 and 25c. extra.
REPORT.-—For year ended Sept. 30 1927 showed:
Years End. Sept. 30—
1926-27.
1925-26.
1924-25.
1923-24.
Net prof aft. deb. & tax. $1,802,555 $2,625,033 $2,699,028 $2,336,755
Dividends (about)_____
1,536,000 1,408,000
1,600,000
1,280,000
Balance, surplus_____
$266,555 $1,217,033 $1,190,028 $1,056,755
Pres., Philip T. Dodge; V .-P. & Gen. Counsel, Frederic D . McKenney
2d V .-P . & Gen. M gr., Norman Dodge; Sec. & Treas,, Jos. T . M ack ey
Office, 29 Ryerson St., Brooklyn, N . Y .— (V. 125, p. 2820.)
MEXICAN PETROLEUM CO ., LTD., OF DEL.— See Pan American
Petroleum & Transport Co. below.— (V. 123, p. 1257.)
MEXICAN SEABOARD OIL CO.— Incorp. under laws of Delaware,
Sept. 12 1919. Owns $5,979,320 of the $5,999,320 capital stock of the
International Petroleum Co.
STOCKS AN D BONDS—
R a te o f I n t .
O u t s ta n d in g . B d s . w h e n D u e .
S t o c k s - C o m 1,000,000 shs (no par)
____
945,939 shs ___________ _
B o n d s — 10-yr debens red 105 J 7 M-S
$3,500,000 Sept 1 1929
$15,000,000 ($10,000)______ \Int. at Bankers Trust C o., New York.
STOCK.— See table.




305

INDIJSTKIAL STOCKS AND BONDS

DIVS.— Paid as follows: July 15 and Sept. 15 1920, $1 12H each;
Nov. 1 and Dec. 15 1921, $1 25 each; Jan. 16 and Mar. 16 1922, $1 each;
April 15, M ay 15, June 20, July 20, Aug. 21 and Nov. 27 1922, 50c. each,
Feb. 27 and June 1 1923, 50c., May 15, Aug. 15 and N ov. 15 1924, 50c.
each, none since.
DEBENTURES.— Of the authorized $15,000,000 7% debentures, $10,100,000 have been issued, of which $7,200,000 have been redeemed and are
held in the company’s treasury, leaving $3,500,000 outstanding in the
hands of the public.
R EPO RT.— For 1926, in V. 124, p. 2758, showed:
[Including International Petroleum Co.]
C a le n d a r Y e a r s —
1926.
1925.
1924.
1923.
Gross earnings_________ $5,489,630 $8,262,549 $10,717,494 $4,893,361
Costs and expenses_____ 3,471,917
4,389,867
5,076,941 4,821,977
Gross profits________ $2,017,713 $3,872,682 $5,640,552
Other income__________
125,014
165,593
324,482

$71,384
810,458

Total income________ $2,142,728 $4,038,275 $5,965,034
Interest, deprec., &c___ 4,277,370
3,928,674
3,283,891
Dividends paid---------------------------1,423,654

$881,842
1,589.884
947,211

$109,601 $1,257,489df$l,655,253
xBalance, surplus___ df$2134,642
x Before providing depletion reserve.
L a te s t E a r n i n g s . — For 9 mos. ended Sept. 30 1927, see V . 125, p. 2820.
OFFICERS.— Pres., Harris Hammond; V .-P ., F. N. Watriss, R . D.
Hanna and J. A. Murphy; Sec., J. A. Murphy; Treas., R. D. Hanna; Asst
Treas., T . J. Broidrick; Asst. Sec., W . L. Pratt. Office, 120 Broadway
New Y o r k — (V. 125, p. 2820.)
AHAMI COPPER CO.— O R G A N IZA TIO N .—Incorp. Nov. 29 1907 in
Delaware. Property totals 2,273 acres near Globa, Ariz.
STOCKS AND BONDS—
R a te o f I n t .
O u t s ta n d in g . B d s . w h e n D u e .
S to ck s — C om $4,000,000 ($5)____
____
$3,735,830 _____________
REPO RT.— For 1926, in V. 124, p. 3080, showed:
C a le n d a r Y e a r s —
1926.
1925.
1924.
1923.
$7,535,030 $7,958,397 $9,669,022
G ross__________________ $7,470,402
6,513,445
6,790,388 7,065,149
Expenses, taxes, &c____ 5,874,010
Depreciation, &c_______
459,854
424,617
427,403
506,287
B alan ce____________ $1,136,538
Other income__________
1,541

$596,968
524,551

$740,606 $2,097,586
370,400
203,800

Total income________ $1,138,079
$1,121,519 $1,111,006 $2,301,386
Dividends____________ (21) 840,505 (25 % )933,892 (40) 1494,228 (40) 1494,228
Surplus______________
$297,574
$187,627 def$383,222
$807,158
x Depletion charges of $2,091,491 for 1924, $2,124,166 for 1923 and
$2,138,904 for 1922 were made against surplus account. No depletion
cleared off in 1925.
D iv id e n d s—
’ 15. ’ 16. ’ 17. ’ 18. ’ 19. ’20. ’21. ’22. ’23. ’24. ’25- ’26.
Per cent__________ 45 115 175 90 50 40 40 40 40 40 25- 22 K
Paid in 1927: Feb. 15, 7M % ; M ay 16, 7 M % ; Aug. 15, 7 ^ % ; Nov. 15,
7V 2% .
OFFICERS.— Pres., Adolph Lewisohn; V.-P. & Treas., Sam A. Lewisohn; V.-P. & Asst. Treas., E. H. Westlake; Sec., Herman Cook. Office’
61 Broadway, New York.— (V. 124, p. 3080.)
MID-CONTINENT PETROLEUM CORP.— ORGANIZATION.— In­
corporated in Delaware July 9 ’ 17 as Cosden and Co.; name changed to pres­
ent title in Feb. 1925. Properties (a).Operates over 1,600 producing wells
located on over 35,000 acres o f developed leases, of which 900 acres are in
the Seminole pool, undeveloped leases are in excess o f 500,000 acres in Kan­
sas, Oklahoma, Texas, &c., (b) pipe line system, about 1,400 miles in length
connecting the producing area with the refineries, (c) over 2,000 tank cars,
(d) modern refinery at Tulsa, Okla., said to have a consuming capacity of
50,000 bbls. daily if producing all by-products, (e) 137 tank stations and
224 service stations in the Middle West. V. 1C9, p. 680; V. 105, p. 822;
V. 107, p. 2292; V. 125, p. 1849.
The directors in N ov. 1921 approved a plan for the consolidation of Atlan­
tic Petroleum Corp- with the company and approved the exchange of three
shares of Atlantic Petroleum stock, par $25, for two shares of Cosden & Co.
stock, no par value. V. 113, p. 2189. 2316.
STOCKS AND BONDS—
R a te o f I n t .
O u t s ta n d in g . B d s . w h e n D u e .
S t o c k s -C o m . 3,000,000 shs(no par)
____
1,400,000 shs ____________
Pref cum conv red 120 ($100)-- 7 Q-M
$6,434,590 _____________
B o n d s — 15-yr 1st M s f gold f
6*4 g M-S $9,995,000 Mar 1 1940
(text) ($1,000)------xxxc*&r* \lnt. at New York City.
S T O C K .— The stockholders on M ay 4 1922 approved (a) the plan to
change the par value of the outstanding preferred stock from $5 to $100 a
share and (h) the exchange of 20 shares of the old stock for each <lare of
the new. The preferred stock is convertible into common stock at the
rate of $75 of pref. for each no par value common share. Sinking fund
sufficient to retire pref. stock the rate of $140,000 annually by purchase up
o. or call at, 120 and div. V. 114, p. 2018.
The shareholders voted Feb. 14 1920 to authorize an issue of stock without
any nominal or par value In lieu of certain of the then outstanding and
authorized common stock, and to exchange five shares of the then out­
standing common stock of the par value of $5 each for one share of stock
of no par value.
Pref and common stockholders of record Oct. 3 1922 were entitled to sub­
scribe at $41 per share for 187.406 additional shares o f common stock.
V 115, p. 1433,
The stockholders voted on June 6 1923 to increase the authorized common
stock from 1,400,000 shares to 3,000,000 shares, no par value. V. 116, p.
2642.
D IVIDEN DS.— In Sept. 1917 an extra dividend of 4% was declared
on the common stock In addition to the Initial quarterly 2% . payable Nov. 1.
On Feb. 1 1918, the common dividend of 5% was paid In common stock
In lieu of cash and this was repeated in M ay; Aug. 1918, 2*4 % was paid In
common stock. N ov. 1918 to Aug. 1919, 2*4% each, paid quar.; Nov. 1
1919 and Feb. 1 1920 paid 2*4% cash and 2*4% in common stock. See
"Capital Stock” above. On new (no par value) common stock paid 62*4
cents a share quarterly from M ay 1920 to Aug. 1922: N ov 1922 to Aug.
1923 paid $1 quar. Resumed payments M ay 1 1927 with 75c. quar.
Same amount paid Aug. 1 1927. N ov. 1 dividend omitted.
BONDS.— The 1st Mtge. 6*4 % Sinking Fund Gold bonds are redeemable
as a whole (or in part for sinking fund) at 105 and int. upon not less than 42
days’ notice on any int. date on or before Mar. 1 1935, and thereafter on like
notice on any int. date at their principal amount and accrued interest with
a premium equal to *4 % for each 6 months between the redemption date
and the date of maturity.
The corporation will covenant in the first mortgage to pay as a sinking
fund an amount o f at least $875,000 per annum, being sufficient to retire
the entire issue at or before maturity. The payments on account of this
sinking fund are to be made in monthly installments of (a) $28,000 and (b)
an additional amount of 10 cents per barrel of the net production o f crude oil
of the corporation and its subsidiaries during the preceding calendar months.
Such monthly payments are to be made on or before the 18th day of each
month, beginning Mar. 18 1925. V . 120, p. 460.
R E PO RT.— For 1926, in V. 124, p. 1521, showed:
1926.
1925.
1924.
1923.
Total income__________ Not shown N ot shown Not shown $34,602,549
Net income___________ $16,994,571 $15,929,232 $9,687,246 $6,502,983
Provision for deprec___
3,026,391
3,953,572
3,722,1661 6,827,403
Depletion reserve______ 2,634,525
3,009,307/
2,540,969
Leaseholds abandoned &
surrendered, &c______ 1,079,196
1,030,374
857,876
______
Interest_______________
876,405
953,391
672,934
459,205
Federal income tax_____
762,341
450,000
Inventory adjustments.
______
489,111
Dividends on pref. stock
452,065
464,477
479,262
2,441,925
Balance, surplus_____ $8,163,646 $6,536,449
$945,702 df$6,714,761
x Includes leasehold development cost and carrying charges.
L a te s t E a r n i n g s . — For 3 mos. ended Mar. 31, see V. 124, p. 3080.

206

INDUSTKIAL STOCKS AND BONDS

P eriod . E n d . S e p t . 30— 1927— 3 M o s . — 1926.
1927— 9 M o s . — 1926.
Operating profit_________$3,377,369 $4,527,938 $8,91,455 $12,137,773
Leaseholds aband., &c._
608,349
100,148
936,783
429,042
Int. & amort, o f bond
discount_____________
210,618
224,674
611,315
688,730

[V ol. 125.

REPO RT.— For 1926.
1926
1925
1924
1923
Not stated N ot stated ($33,481,732
General revenues---------- Not stated
Operating expenses_____
\ 30,073,064
Net income_______ $2,184,068
$5,318,677 $3,668,938 $3,408,668
Depreciation_____ 1,044,393
1,127,039
993,814
893,862
$4,191,638 $2,675,124 $2,514,806
Balance________ $1,139,675
Sur. bef. depr. & depl.
Interest &c______
118,092
151,936
125,675
164,336
& Federal taxes______ $2,558,402 $4,203,117 $7,443,357 $11,020,001
______
510,000
320,000
300,000
OFFICERS.-—Pres., Jacob France; V .-Ps., J. C. Denton, G. O. M oody, Reserve for taxes______
Bal. for div------- $1,021,583
$3,529,702 “ $2,229,449 $2,050,470
D. W. M offitt and E . M . Rouzer; Sec., E. M . Rouzer; Treas., Charles
983,568
542,591
698,138 1,829,179
Klein. Offices, Tulsa, Okla., and 1125 Calvert Bldg., Baltimore, M d.— Pref. d iv_________
Com. div______________
520,182
364,053
______
______
(V. 125, p. 2398.)
Contingent Res________
______
860,569
______
______
MIDDLE STATES OIL CORP.— ORGANIZATION.— Incorp. In Del.
Surplus-------------def$482,167
$1,762,489 $1,531,311
$221,291
Feb. 24 1917. A holding company. Owns entire issued stocks of the *Earned per sh. common
$0.16
$9.75
$29.78
$25.37
following companies: NumberOre Oil C o., $200,000; Number Seventy-seven
*Prior to 1925, based on $100 par.
Oil Co., $200,000; Peters Oil Co , $2,000,000: Corona Oil C o., $4,000,000:
N O T E .-—-Earned on common is after deducting current preferred dividend
Number Nine Oil Co. and over 95.4% o f Ranger Texas Oil C o., 95.8% of requirements only and not accumulations.
Dominion Oil Co. and 98.6% o f Texas Chief Oil Co. Subsidiary com­
OFFICERS.-— Pres., Jacob Pfeiffer; V.-Pres., C. T . Grant; Sec., Treas.
panies reported to have a daily settled producing capacity o f over 24.000 & Gen. M gr., William F. Pfeiffer; Compt. & Asst. Treas., R . R. Jennings.
Dbls. In July 1921 acquired $2,000,000 capital stock o f the United Oil Office, Akron, Ohio.— (V. 124, p. 1521.)
Producers Corp., the Imperial Oil Corp., owning the remaining $4,000,000.
MONTGOMERY W ARD & CO., INC.— ORGANIZATION.— Incorp.
V. 113, p. 635. It was announced in March 1922 that Chairman C. N. in Illinois in Dec. 1919 as successor to a company of the same name incorp.
Haskell had purchased. In the interest of his companies, the Louisiana & under laws of New York in Jan. 1913. Mail order business established in
Northwest R R . V. 114, p. 1187. In Aug. 1922 the Oil Lease Develop­ 1872. Owns land, plant and equipment at Chicago and the equipment at
ment Co. was organized for the purpose o f developing 12,000 acres of the all other plants. Land and buildings at Kansas City, St. Paul, Baltimore,
company’s unproved oil and gas leases; In Oct. 1923 controlled leases on Portland and Oakland are owned through stock ownership of controlled
about 200,000 acres. V. 115. p. 677, 1106. In Dec. 1922 organized the companies, this stock ownership plus other advances representing its equity.
Wyoming North & South R R . and the Montana Ry. as a step toward The plant at For t Worth is leased from the Chevrolet M otor C o. The build­
entering the Montana and Wyoming oil fields; in Oct. 1923, 48 miles of the ings owned and controlled by the company have an aggregate floor space
330-mile line were in operation. V. 116, p. 623, 1284; V. 117, p. 96. In of 6,904,000 sq. ft ., equivalent to over 157 acres.
Sept. 1923 acquired a controlling interest in the Maar Oil Co. V. 117, p.
Merchandise is bought directly from manufacturers and sold by mail
1135. In Feb. 1924 acquired 372,821 shares of stock (a controlling interest) directly to consumers, largely eliminating intermediate profits. The com­
of Southern States Oil Corp. See V. 118, p. 915, 1277.
pany is engaged in the manufacture of many of its merchandise items, such
The Gulf States Oil & Refining Corp. was organized in Sept. 1923. V. as harness and saddles, paints, gas engines, agricultural implements, &c.
117, p.1562.
Company leases from subsidiaries the buildings owned by the latter at
In N ov. 1923 the corporation and the Turman Oil C o., through articles rentals sufficient to service the bonds of said subsidiaries.
of agreement, acquired control o f the Foreign States Oil Corp., which owns
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
large oil and gas leases in Cuba. The property acquired consists of 30.000 Stocks-Com 1,285,000 shs (nopar) ____
1 137,599 shs _____________
acres located in Havana Province.
Cl A $7 cum (see text) (no par) _ $7 Q-J
205,000 shs _____________
R e c e iv e r s A p p o i n t e d . — Federal Judge John C . Knox on Aug. 15 1924
Bonds— M ontg’y Ward Wareh j 5H g A-O
$1,200,000 Oct 1 ’27 t o ’35
appointed former Judge Julius M . Mayer (since deceased and succeeded by
1st M ser B due $150,000 ann ( Int. at Lee, Higginson & Co., Boston,
Joseph Glass) and Joseph P. Tumulty, former Secretary to President Wilson,
(text) dated 1924 ($500 &
receivers. V. 119, p. 819. Judge Franklin E. Kennamer, at Tulsa, Okla.,
$1,000)---------------------kxxxc* I
on Sept. 3 1924 announced the appointment o f Julius M . Mayer o f New M ontg’y Ward Properties Corp [ 5 g M -N
$5,750,000 M ay 1 1946
York as a co-ancillary receiver with N . T. Gilbert of Tulsa, fc the Okla­
1st 40-yr M gold ser A red ( Int. at New York City.
homa properties o f the corporation.
(text) ($500 & $1,000)_xxxc* (
Government tax claim, V. 121, p. 2049.
STOCK.— The directors on Jan. 14 1927 authorized an amendment to
Progress under receivership, V. 122, p. 1926; V. 123, p. 3330; V. 124, p.120 the company’s charter eliminating the 42,498 shares of preferred stock,
which was redeemed on Dec. 31 1926, and restoring the $10 par common
R e o r g a n iz a tio n C o m m it te e .- —Committee formed on Nov. 4 1926.— Chair­
man, A. W . Gieske; R . W . Jackson; C. H. Houston, and A. C. Woodward.-—- stock to “a no-par basis. V. 124, p. 381.
Class A ” Stock.— 205,000 shares having no par value. Preferred as to
V. 124, p. 3783.
cumulative dividends of $7 per share and preferred up to $100 per share of
assets in event of liquidation.
STOCKS AN D BONDS—
R a te o f I n t .
O u ts ta n d in g . B d s . w h e n D u e .
All shares of stock have the same voting rights
Stocks— Com $30,000,000 ($10)-- ____
$29,796,030 _____________
D IV ID E N D S.— Class A Stock.— Paid $1.75 quar. from Apr. 1920 to
B o n d s — serial notes dated 1924 /
7 Q-F
$5,143,033 To Feb 1 1929
Oct. 1920; then none until Feb. 18 1924 at which time arrearages totaled
($1,000)___________________ t.Aug. 1924 installment unpaid.
$22.75 per share or $4,663,750. These arrears were paid up as follows;
STOCK.— The stockholders Jan. 7 1922 approved a proposal to increase Feb. 18 1924, $1.75; N ov. 15 1924, $3.50; Jan. 26 1925, $5.25; M ay 1 1925,
the authorized capital stock from $16,000,000 to $30,000,000, and the con­ $5.25; Dec. 7 1925, $7. Simultaneously, regular quarterly payments were
solidation plans o f the various subsidiary companies as outlined in V. 113. resumed Apr. 1 1924 and have been maintained currently.
p . 2623.
Common Stock.— Paid initial quar. dividend of $1 per share on N ov. 15
Stockholders of record Jan. 29 1923 were given the right to subscribe at 1926; regular quarterly payments maintained to and incl. N ov. 15 1927.
$11 per share for 579,533 shares o f capital stock (par $10) to the extent of
BONDS.— A 1st mtge. 514 % serial gold bond issue amounting to $1,200,233^% o f their holdings. V. 116, p. 304.
000 is outstanding on the Baltimore property, which is owned by the sub­
sidiary known as The Montgomery Ward Warehouse Co. The bonds are
S to ck h o ld e r s' P r o te c tiv e C o m m i t t e e . — The following stockholders’ protective
comimnee was formed in Aug. 1924: Henry S. Fleming (Chairman), Robert redeemable as a whole at 103 and int. on or before Oct. 1 1926, the premium
S. Johnstone, Robert Carey, Horace A. Davis, W . S. Fanning, H. C. decreasing thereafter H of 1% each two years to 10014 on April 1 1925.
Montgomery Ward Section “ C ” Associates has a 1st mtge. of $1,350,000
Hequembourg, with Henry F. Whitney, Sec., 120 Broadway, N. Y ., and
Olcott, Olcott & Glass, 170 Broadway, counsel. Compare V. 119, p. 702, outstanding with an interest rate of 514% on the Kansas City property.
These bonds are redeemable serially, $150,000 each year on the tenth day
1850, V. 120, p. 3199. V. 121, p. 337, 2049, V. 123, p. 2528.
o f February, commencing Feb. 10 1927.
N o te h o l d e r s ' P r o te c tiv e C o m m i t t e e . — Announcement was made Aug. 12 1924
First mortgage series A gold bonds of Montgomery Ward Properties Corp.
o f the formation o f a protective committee to look after the interests of are callable as a whole only (except for sinking fund) on any int. date on
holders o f the 7 % secured serial gold notes as a result of default in the pay­ 30 days’ notice at 10214 on or before M ay 1 1931: at 102 thereafter and on
ment o f interest due on Aug. 1 1924. The committee consists of Chauncey or before M ay 1 1936; at 10114 thereafter and on or before M ay 1 1941,
H. Murphey, Chairman, Joesph M . Byrne Jr., Frank B. Cahn, William J. and 101 thereafter and before maturity plus interest in each case. The
Ehrich and Henry Feuchtwanger, with Cook, Nathan & Lehman, and bonds are secured by a first lien on property at St. Paul, M inn., Portland,
Merrill, Rodgers, Gifford & W oody, counsel. The committee asked all Ore., and Oakland, Calif.
holders o f notes to deposit the same with the Metropolitan Trust Co., 120
All of the above properties have been leased to Montgomery Ward &
Broadway, N. Y . City. W . W . Sniffin, Sec., 120 Broadway. Y. 119, p. Co. for a term extending one year beyond the maturity date of the bonds
at a rental sufficient to pay interest and sinking fund installments. M ont­
D IV ID E N D S.— Cash dividends were paid since Nov. 1 1917 as follows gomery Ward & Co. assumes all taxes, maintenance, renewals and other
From November 1 1917 to March 1 1918, both inclusive, one-half of 1 % operating expenses of the properties.
monthly from April 1 1918 to April 1 1920, 1 % monthly; on July 1 and Oct
R E PO RT.— For 1926 showed;
1 1920 paid 4% quar. On Jan l.A p r 1 and July 1 1921 paid 3% quar and
1926.
1925.
1924.
1923.
1% extra; Oct. 1 1921 to Apr. 1 1923 paid 3% quar. On Jan. 1 1923 also
C a le n d a r Y e a r s —
$
$
$
$
paid an additional div. o f three shares o f Oil Lease Development no par Net sales______________ 183,800,865 170,592,642 150,045,065 123,702,043
7,702,625
stock on each 100 shares o f Middle States Oil stock. V 115, p. 2485. Net, after depreciation.. 10,156,299 12,908,498 10,433,501
1,550,000
1,200,000
500,000
In addition, eight stock divs., aggregating 124%, have been paid, viz.: Reserve for income t a x .. 1,350,000
242,571
243,033
244,223
254,354
Aug. 1 1918, 4% ; Nov. 1, 8% ; Feb. 1 1919, 8% ; May 1. Sept. 1, Dec. 1 Preferred dividends____
4,997,363 2,499,207
____
1919, 10% each; M ar. 1 1920, 20%; July 10 1920, 50%; July 1 1923. 4% . Class A dividends______ 1,427,818
Common dividends_____ 1,137,983
--------- --------- ______
______
Oct. 1923 div. was omitted. V. 117, p. 1243.
Balance, surplus____
5,997,924 6,118,102
6,490,071
6,948(271
CONSOLIDATED INCOM E ACCOU N T.— Report from the commence­
Previous surplus_______x23,774,432 15,156,330
9,166,159
2,717,988
ment of receivership;
-------- R e s u lts f o r C a le n d a r Y e a r s -------9,666,259
Total surplus________ 29,772,359 21,274,432 15,656,330
Sinking fund reserve-------------200,000
200,000
200,000
1926.
1925.
1924.
T o ta l.
Total income from oper. $2,055,673 $1,523,704
$316,348 $3,895,725 Surplus set aside_______
______
300,000
300,000
300,000
690,192
------------------------Inc. from other sources.
215,232
463,085
2,737
681,054 Income tax claim y ------Prem. redpt. pfd. stock.
557,206 ------- ------------------------Total income . _ $2,270,904 $1,986,789
$319,085 $4,576,778
T o t a l_______ _______ 28,524,961 20,774,432 15,156,330 . 9,166,259
Claims against compax Adjusted to include $3,000,000 reserve for preferred stock sinking fund
nies & interest paid_
_
662,272
586,164
58,953
1,307,389 and special reserve, y For years 1917, 1918, and 1919, after applying re­
Receiver’s fees, counsel
serves.
fees, &c_
192,064
203,215
77,500
472,779
OFFICERS.— Pres., G. B. Everitt; V .-P . Treas. & Sec., A. S. Scott
Property bought & held
V .-P ., G. E. Crandell and Andrew Young.
as assets of companies
76,028
26,160
102,644
456
D i r e c t o r s . — Chairman, S. H. Strawn; Francis D . Bartow, Edward F.
All other exp., incl. dev.
Carry, Bernard A. Eckhart, Robert P. Lamont, D, R. McLennan, Theo­
exps., drilling, fran­
dore F. Merseles, Charles H. Schweppe, Charles H. Thorne, Robert J.
chise taxes, & c ______
325,558
251,568
98,478
675,604 Thorne and Edward C. Maher.
Office, 618 W . Chicago Ave., Chicago.— (V. 125, p. 2539.)
Balance o f income____ $1,014,982
$919,682
$83,699 $2,018,362
MOON MOTOR CAR CO.— Incorp. under laws of Delaware July 5 1917.
OFFICERS.— Pres., P . D. Saklatvala: Sec. & Treas., C. A. Eastman
Plant located in St. Louis. Mo
Office. 383 Madison Ave, New York.— V. 125, p. 792.)
The Diana Motors Co. was organized in M ay 1925 to market the new
Diana light straight 8-cylinder car. V. 120, p. 2823.
MIDLAND STEEL PRODU CTS CO.— (V. 124, p. 2758.)
STOCKS AND BONDS—
R a te o f I n t .
O u t s ta n d in g . B d s . w h e n D u e .
S to ck s — Com 400,000 shs (no par)
____
241,000 shs _____________
MILLER RUBBER CO. (THE).— Incorp. in Ohio July 30 1906 and ac­
STOCK.-—-On Oct. 26 1927 the stockholders increased the authorized
quired Miller Rubber M fg. Co. and Miller Rubber Co. (established in 1898 amount o f com. stock from 180,000 shares of no par to 400,000 shares of
under another name) manufacturers of a diversified line of rubber goods, no par.
druggists’ and surgeons’ specialties, moiled and dipped rubber goods,
D IV ID E N D S.— Initial dividend on common stock of 25 cents a share
automobile tires, accessories and repair materials. Plant located at Akron, was paid Aug. 1 1922; Nov. 1 1922 paid 25 cents; Feb. 1 1923 paid 37H
Ohio, and provides over 30 acres of floor space. Company and subsidiaries cents quar. and 12H cents extra; M ay 1 1923 paid 50 cents quar.; Aug. 1
own in fee 74.3 acres of land, excluding an allotment o f 64.96 acres in Akron and N ov. 1 1923 paid 75 cents quar. and 25 cents extra; FeD. 1 1924 to
and vicinity. In the manufacture and distribution of its products the Aug. 2 1926 paid 75c. quar.; on N ov. 1 1926 paid 37>£c. quar.; none since.
company employs more than 5,000 people. Owns 43 direct factory branches
R E PO RT.— For 1925, in V. 122, p. 2340, showed:
and 149 distributors in the principal cities o f the U. S. and 123 agencies
C a le n d a r Y e a r s —
1925.
1924.
1923.
1922.
in foreign countries. Daily production of tires is 8,000.
Net sales, &c__________ $12,678,465 $9,287,671 $9,741,857 $6,877,159
S u b s i d i a r i e s . — Miller Rubber Co. owns entire outstanding stocks of
C o s t _________________ _ 11,534,993
8,767,950
8,923,844
6,159,655
Miller Rubber Co. o f N . Y ., Miller Rubber Co. o f Calif, and Miller Rubber
Operating profit_____$1,143,472
*519,721
$818,012
$717,504
Export Co., Ltd.
Other income__________
130,244
127,294
148.726
196,661
STOCKS AN D BONDS—
R a te o f I n t .
O u t s ta n d in g . B d s . w h e n D u e .
Gross income________ $1,273,716
$647,016
$966,739
$914,164
S to ck s- —Com 400,000 shs (no par)
____
260,099 shs ____________
Income taxes__________
170.888
87,430
124,730
119,025
Pref cum red (text) $38,481,Net income_________ $1,102,828
$559,585
$842,009
$795,140
100 ($100)_________________ 8 Q-M
$12,163,800 _____________
Proceeds, sale of stock--------- ----------------386.805_____ ______
STOCK.— The preferred stock is redeemable during 1926 at 105M,
Total income________ $1,102,828
$559,585 $1,228,814
$795,140
during 1927 and 1928 at 106K, and thereafter at 107K . In voluntary
______
______
5,449
21,798
liquidation entitled to 107K & divs., in involuntary liquidation entitled Preferred dividends____
540,000
405,000
585,000
154,213
to par and divs. Sinking fund, 3% per annum o f largest anount of pre­ Common dividends____
ferred stock issued.
Surplus for year______
$562,828 $154,585
$620,651
$619,129
_ 2.354,223 2,233,287
1,612,019
992,890
DIVS.— On pref., in full to date. On common stock of no par value paid Previous surplus, ad j_
50 cents a share each quarter from Jan. 25 1926 to Oct. 25 1927.
Total surplus.........--.$ 2 ,9 1 7 ,0 5 1 $2,387,872 i 232,670 $1,612,016




Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

OFFICERS.— Pres., Stewart McDonald; V .-P ., W . D . Hemenway, C. W.
Burst and A. F. Moberly; Sec., Stanley M oon; Treas., H. W . Klemme.
Office, Main and Douglas Sts., St. Louis.— (Y. 125, p. 2820.)
MOTHER LODE COALITION MINES CO.— Incorp. AprU 17 1919
under laws o f Delaware. Owns twelve patented lode mining claims near
Kennecott. Alaska, having an area o f 18634 acres.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 2,500,000shs(nopar) ____
2,500,000 shs _____________
DIVIDENDS.-—Paid 50 cents per share semi-annually from June 30
1922 to Dec. 31 1923; June 30 1924 to Dec. 31 1926 paid 3734 cents per share
semi-annually. June 30 1927 paid 25c. quar.
R E PO RT.— For 1926, in V. 124, p. 2759, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Operating revenue_____$4,224,638
$4,249,891 $4,447,034 $4,203,193
2,107,431
2,195,672 1 939,802
Operating costs________ 2,038,274
Other income__________
Cr.9,813
Cr.4,711
Cr. 1,960
Cr.6,095
T axes_________________
241,255
46,574
51,637
52,278
Interest, &c___________ Cr. 13,177
Cr.3,797
Deb. 1,082
______
Balance, surplus
Previous d e fic it..-

. . . $1,968,100
. . . 1,763,244

Total surplus-...
Deprec. & depletion . . .

$204,856
______

$2,104,394
1.549,429

$2,200,603
1,098,846

$2,217,208
1,022,332

$554,964
2,318,209

$1,101,756
2,651,186

$1,194,876
2,293,722

Debit bal. Dec. hi ..sur$204,856 $1,763,244 $1,549,430 $1,098,846
2,500,000
Shs. com.outst.(no „.»<•). 2,500,000
2,500,000
2,500,000
$ 0.88
_
$0.79
$0-84
Sarns. persh. on com _
$0.89
OFFICERS.— Pres., Charles Earl; V .-P ., F. R. Foraker; Treas., James
Dean; Sec., C. T. Ulrich. Office, 120 Broadway, New York.— (V. 124,
0. 2759.)
MOTO METER CO., INC. (TH E ).— Incorp. under laws of N. Y . on
Oct. 1 1912 as the Motometer C o., Inc.; name changed to present title on
July 1 1925. Manufactures motor heat indicators for automobiles, aero­
planes and motor boats, both dashboard and radiator type, sold under the
trade names o f “ Boyce Motometer” and “ M otom eter." Also manufactures
industrial thermometers o f the mechanical type.
It was announced in Sept. 1926 that the company had acquired control
o f the National Gauge & Equipment Co. of La Crosse, Wis., manufacturers
o f oil gauges and meters and other motor car equipment in conjunction
with the Boyce Motor Meter. V. 123, p. 1514.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks—-“ Class A ’ ’$3.60 cum &
200.000 shs
participating (no par)________
“ Class B ” $1 non-cum & partic
200.000 shs
(no par)----------------------------$750,000 To Sept. 11 ’30
Bonds— Serial gold notes due f 6 g M-S 11
$225,000 ann dated 1926 red (Interest at Equitable Trust C o., New
-Eq.xxx ( York, trustee.
(text) ($1,000)STOCK.— After payment o f cumulative divs. o f S3 60 per share per
annum on Class A stock, the Class B stock is entitled to non-cumulative
divs. o f $1 per share per annum provided that the amount does not exceed
$300,000; additional payments are to be divided as follows: One-third
to the Class A stock and two-thirds to the Class B stock.
The Class A stock is redeemable, in whole or in part, at $75 per share.
DIV ID E N D S.— On Class A stock, paid initial quar. div. of 90c. per
share on Oct. 1 1925; same amount paid quar. to Oct. 1 1927. On Class H
stock, paid initial div. o f 25c. per share on Oct. 1 1925. Same amount paid
quar. to and incl. July 1 1927.
NOTES.— The 6% serial gold notes are callable on and after Sept. 11
1928 at par and int. $225,000 redeemed annually from Sept. 11 1927.
V. 123, p. 2664.
RE PO RT.— For 1926 in V. 124 p. 1370.
Calendar Years—
1926.
1925.
1924.
Operating income________________ .. $1,876,829 $2,118,362 $1,541,995
Depreciation_____________________
71,725
70,809
72,971
243,130
252,961
Federal taxes____________________
184,339
.. $1,561,974 $1,794,592 $1,284,685
xDividends old common stock.
682,500
1,125,000
Divs. new A common stock___
360.000
720,000
Divs. new B common stock____
200,000
100.000
..
$641,974
$652,092
$159,685
Previous surplus_____
.. 1,533,829
881,736
716,975
.. Dr. 15,645
.. $2,160,157 $1,533,828
$876,660
31 1927 in V. 124, p. 2919.
3 Months Ended March 311927.
1926.
1925.
..
$288,154
$631,238
$491,571
21,164
Depreciation______________
17,250
19,655
Provision for Federal taxes.
35,997
91,773
58,455
..
$230,993
$522,215
$413,461
Dividends on old common stock.
225,000
Divs. on new CIa*» A common si
i.
180,000
180,000
50,000
50,000
Balance, surplus. ______________
$993
$292,215
$188,461
.
__
Profit ana loss surplus_____________ $2,187,096 $1,826,044 $1,065,121
x On old stock previous to classification o f capital stock.
OFFICERS.— Pres., George H. Townsend; Sec. & Treas., Louis C.
Kunz. Office, Long Island City, N. Y .— (V. 125, p. 2398.)
MOTOR WHEEL CORP.— Incorp. under laws o f Michigan in 1920.
Company manufactures not only wood wheels o f the artillery type, which
is the major part o f its output, but also steel disk wheels, marketed under
the trade names o f “ Tuarc” and “ Disteel,” and forged steel spoke wheels
manufactured under the trade name o f “ spokesteel.”
Company origially acquired the assets o f the Prudden Wheel C o., Auto
Wheel Co., Gier Pressed Steel C o., all o f Lansing, M ich., and the Weis
& Lesh Manufacturing Co. o f Memphis, Tenn. In subsequent years comany acquired the business of Forsyth Brothers Co. at Harvey, 111., and the
usiness, machinery, equipment, &c., o f the Detroit Pressed Steel Co. of
Detroit, M ich., used in the manufacture o f the Disteel wheel.
The three principal plants, the “ Prudden,” “ Gier” and "Auto Wheel”
units, are located at Lansing, Mich. The timber and spokes required by
the company are produced in its own mills in the South.
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Common (no par)______ ____
550,000 shs _____________
STOCK.— On Aug. 15 1927 the preferred stock was redeemed at $115
per share and dividends.
D IV ID E N D S.— An initial dividend o f 25c. a share was paid on the
common stock in M ay 1920 and in June 1920 a stock dividend o f 50% was
paid in common stock. Since then quarterly dividend payments have been
at the rate o f 80c. per share per annum up to Dec. 20 1924, when a quarterly
dividend o f 40c. a share was paid, making the payments for the year total
$1 per share. On Mar. 20 1925 paid 35c. a share; on June 20 1925 paid 40c.
a share and on Sept. 20 1925 paid 50c. a share. On Dec. 20 1925 paid 50c.
quar. and 30c. extra; Mar. 20 1926 to Sept. 20 1927 paid 50c. a share each
quar.
REPO RT.— For 1926 in V. 124, p. 1521, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Sale o f wheels, stamp­
$4,234,974 $3,408,445 $2,499,813
ings, &c_____________ $3,072,533
Int. earned and income
from investments____
95,021
83,891
39,033
53,645

g

Total income________ $3,167,555
Selling, adv., gen., ad­
min. exp., &c_______
$748,963
Int. paid and accrued_
_
3,758
Misc. losses, incl. mach.
sold and scrapped____
96,367
Depreciation___________
422,415
Prov. for Federal taxes_
271,000
Divs. on pref. stock____
79,592
Divs. on common stock. 1 , 100,000

$4,318,865

$3,447,478

$2,553,458

$839,376
156,190

$733,512
197,835

$852,073
169,543

105,199
356,072
360,000
121,204
1,081,837

165,279
289,759
261,000
147,968
440,371

181,000
160,302
355,712

Balance, surplus_____
$445,460
Profit and loss surplus.. $6,153,278

$1,298,986
$5,778,918

$1,211,755
$4,099,565

$776,268
$2,887,810




58,559

207

Latest Earnings.— For 9 months ended Sept. 30, in V . 125, p. 2398.
OFFICERS.— Chairman, W . H. Newbrough; Pres. & Gen. M gr., H. F.
Harper; 1st V .-P . & Treas., B . S. Gier; V .-P ., D . L. Porter; V .-P ., W . C.
Bro;k; Sec.. C. C. Carlton. Office, Lansing, M ich.— (V. 125. p 2398.)
MULLINS MANUFACTURING CO.— ORGANIZATION.— Incorp. in
New York July 19 1919. Successor to W . H. Mullins Co. of Ohio, incorp.
in 1906. Business originally estaboished in 1871. In 1927 the stock­
holders changed the name from Mullins Body Corp. to present title. Plant
at Salem, Ohio. Business consists in stamping and welding of steel auto­
mobile bodies, manufacture of fenders, engine parts and radiator shells,
also motor-boats, launches, &c.
STOCKS AND BONDS—
Rale of Int. Outstanding. Bds. when Due.
Stocks— Com 100,000 shs (no par) ____
100,000 shs _____________
Pref cum call for sink fund auth
$1,000,000 ($100)_________ 8 Q-F
$946,500 _____________
STOCK.— Stockholders of record N ov. 28 1919 were given the right to
subscribe at $44 a share for 30,000 shares of new stock in proportion to
3 to 7 increasing the total outstanding to 100,000 shares of no par value.
V. 109, p. 1897.
Annual sinking fund for pref. stock, 5% o f net earnings after pref. divs.
No mortgage without the consent of 75% of the outstanding pref. stock.
D IV ID E N D S.— Initial dividends o f 75c. per share on the common and
$2 per share on the pref. stock were paid N ov. 1 1919. Common dividend
increased to $1 in Feb. 1920; same amount paid quarterly to Feb. 1921; none
since. Pref.-dividend paid regularly to N ov. 1927.
RE PO RT.— For 1926 in V. 124, p,. 934, showed:
Calendar Years—
1923.
1926.
1925.
1924.
Gross sales.
1 Not stated Not stated] a$2,922,570 $3,486,805
_/
Cost of sales______
'l 2,379,321
3,238,361
Gross profit on sales..
Adm ., gen. & selling exp.

$586,644
318,199

$646,850
317,458

$543,249
237,117

$248,444
204,519

Operating income____
Other income__________

$268,445
48,719

$329,392
38,419

$306,132
17,823

$43,925
101,897

Total income __
Income charges

$317,164
16,075

$367,811
2,229

$323,956
21.159

$145,822
39,620

$301,089
2,417,520
1,909

$365,582
2,207,989
1,541

$302,797
1,992,022
62,234

$106,202
1,976,808

Total su rp lu s______ $2,720,518
Pref. divs. (8 % )_
_
76,670
Fed. taxes (prior y ea r)..
41,106
Adjustments
Amort.of obsolete equip.
65,777
Loss on fixed
scrapped_____
28,527

$2,575,111
77,160
31,053

$2,357,053
77,360
16,053
Dr. 5,689
49,961

$2,083,010
77,600
612
Dr. 12,777

Balance, surplus. _
Previous surplus
Credit adjustments.

49,378

Profit & loss surplus..
$2,508,438 $2,417,520 $2,207,989 $1,992,022
Shs. com. outst.(no par)
100,000
100,000
100,000
100,000
Earned per sh. on c o m ..
x$1.83
y$2.47
y$1.94
y$0.12
x After deducting Federal taxes calculated on 3 K % basis, y After
deducting Federal taxes (as shown in reports for subseqyent years).
Latest Earnings.-—For 10 months ended Oct. 31, see V. 125, p. 2679.
OFFICERS.— Chairman, W . H. Mullins; Pres., C. C. Gibson; V.-P. &
Sec., F. P. Mullins; V.-P. & Treas., W . P. Carpenter. Main office, Salem,
Ohio.— (V. 125, p. 2820.)
MUNSINGWEAR, INC.-—Incorp. in Delaware M ay 8 1923. Owns
through stock ownership. The Munsingwear Corp. of Minneapolis, and
Wayne Knitting Mills o f Fort Wayne, Ind. The former company is the
manufacturer o f “ Munsingwear” underwear and the latter of “ Wayne
Knit” hosiery. In April 1926 acquired the common stock of Thieme Bros.
Hosiery Co. of Fort Wayne, Ind.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
200,000 shs _____________
Stocks— C om 200,000 shs (no par) ____
STOCK.—Authorized and issued, 200,000 shares of no par value. There
Is also outstanding $1,940,000 of The Munsingwear Corp. 7% cumulative
preferred stock and $1,000,000 Wayne Knitting Mills 6% cumulative
preferred stock.
DIVS.— Initial div. o f 75 cents a share was paid Sept. 1 1923; same
amount paid quar. to Dec. 1 1927.
R EPO RT.— For year ended Nov. 30 1926, in V. 124, p. 382, showed.
Years Ended Nov. 30—
1925-26.
1924-25.
1923-24.
a Net sales__________
$17,962,601 $15,775,600 $13,384,923
b Cost of merch’dise produced & sold 16,243,894 14,563,696 12,595,431
c Miscellaneous earnings.

. $1,718,707
262,554

$1,211,904
134,632

$789,491
73,796

$1,981,262
202,413
248,937
Dr. 5,972
202,906

$1,346,536
248,026
159,500
Cr.22,098
90,107

$863,287
285,913
90,000
Cr. 6,374
87,203

Cr.1,579

Cr. 118

Cr. 177

Interest charges___________
Provision for Federal taxes.
Div. pref. stock (subs.)____________
Decrease in int. of minority stock­
holders of Wayne Knit. Mills____

Netapplic. to holdings of M un.Inc.. $1,322,613
$406,722
$871,120
.$13,784,060 $13,512,940 $13,706,217
Divs. paid by Munsingwear, Inc____
Prov. for red. of Thieme Bros. Co.
preferred stock___________________

$15,106,673 $14,384,060 $14,112,940
600,000
600,000
600,000
24,000

Capital and surplus N ov. 30______ $14 482 673 $13 784 060 $13 512 940
a Of subsidiary corporations incl. both underwear and hosiery after
deducting returns discounts and allowances, b Incl. maintenance and de­
preciation of physical properties, advertising and distribution expenses and
genera] and administrative expenses, c Discounts on purchases rentals,
nterest e irned and other income (net).
OFFICERS.— Pres. F. M . Stowell; V .-P ., G. E. Rutledge; V .-P., J. A.
Faye; Sec., J. R. Van Derlip; Treas., O. L. Pillsbury; Asst. Sec. William
Ferrer; Asst. Treas., C. A. Kirschstein and C. E. Mann. Office. Minne­
apolis, Minn.— (V. 124, p. 382.)
MURRAY CORPORATION OF AMERICA.— Incorp. under laws of
Delaware, Dec. 27 1926, and acquired the properties of the Murray Body
Corp., as per organization plan dated June 15 1926 (V. 123, p. 334). The
latter company was incorp. in Nov. 1924 under laws o f Michigan and
acquired the properties of C. R. Wilson Body C o., Towson Body Co. and
J. C. Widman & Co.
In 1927 the entire assets o f Jenks & Muir M fg. Co. were purchased by
the Murray Corp.
STOCKS A N D BONDS—- Rate of Int. Outstanding. Bds. when Due
Stocks— Common (no par)______ ______
282,080 shs _____________
Bonds— 10-yr 1st mtge sinking f 6M g J-D
$3,670,000 Dec. 1 1934
fund gold red (text) ($100, j Int. at Detroit Tr. C o., Detroit, Guaranty
& c.)------------------- DD.xxxkc* [ Trust Co., New York.
STOCK.— See taDle.
BONDS.— Red. at 105 to and incl. Dec. 1 1925, the premium thereafter
decreasing y% o f 1 % for each year or fraction thereof elapsed subsequent to
Dec. 1 1925. Sinking fund, payable semi-annually, commencing Mar. 15
1926, to be sufficient to retire $250,000 principal amount of bonds annually.
Secured by a closed first mortgage on its entire fixed assets now or hereafter
owned and by pledge of the entire capital stock (except director’s shares)
of Wilson Building Co. These bonds were left undisturbed under terms
of the reorganization plan.
There were also outstanding on N ov. 30 1926 $300,000 debentures of
J. W .Murray M fg. Co. and $266,000 C. R . Wilson bonds.
lsi 6 Mos. 11 Mos End
of 1927. Nov. 30 ’26.
Operating profit-------------------------------------------------$725,185 $1,913,733
Other income-----------------------------------------------------281,391
534,649
Total income---------------------------------------------------- $1,006,577
Depreciation-----------------------------------------------------214,102
Other deductions________________________________
221,434
Net p r o fit.------------------- ---------------------------------

$571,041

$2,448,382
379,806
422,577
$1,645,999

308

INDUSTRIAL STOCKS AND BONDS

OFFICERS.— Chairman & Pres., "William R. Wilson; Y.-Pres., C. F.
Coda; Sec. & Treas., W . T . Schmitt; Asst, to Pres., C. W . Avery. Office,
Detroit, M ich.— (V. 125, p. 1849.)
NASH MOTORS CO. (TH E ).— ORGANIZATION.— Incorp. in Mary­
land July 29 1916. Took over property and business o f the Thomas B.
Jeffrey Co. o f Kenosha, Wis., manufacturers o f motor cars and trucks.
See full statement in V. 103, p. 597. In 1919 purchased a half Interest In
the Seaman Body Corp. o f Milwaukee.
Purchased 41 acres of land in Milwaukee in 1919 for the purpose of
erecting a new plant for the production of four-cylinder cars. The first
units o f this new plant had been placed in operation in Jan. 1921. Addi­
tional units were added during 1922 and 1923. Also has been making
additions to its main factory at Kenosha, Wis. V. 112, p. 367.
In Jan. 1924 purchased the plant o f the Mitchell Motors Co. at Racine,
Wis. In June 1924 the Ajax Motors C o., a subsidiary, was incorporated
to operate this plant. It was announced in June 1926 that the latter com­
pany had been entirely absorbed by the parent company and that the Ajax
motor car will hereafter be known as the Nash Light Six.
STOCKS AND BONDS—
R a te o f I n t .
O u ts ta n d in g . B d s . w h e n D u e .
S tock s — Com2,730,000shs(nopar)
____
2,730,000 shs _____________
STOCK.— All o f the outstanding shares o f pref. stock were redeemed on
Feb. 1 1926 at 105 and divs. The stockholders on Jan. 27 1926 increased
the authorized common stock (no par value) from 300,000 shares (273,000
shares outstanding) to 2,730,600 shares, the additional stock being dis­
tributed to common stockholders as a 900% stock dividend.
DIVS.— initial div. of $6 on common stock paid Feb. 1918; M ay 31 1918
$15; 1919 to 1922. paid $16 yearly ($10 in Feb. and $6 in Aug.). Pursuant
to a plan reclassifying the capital stock and capitalizing the surplus, each
common stockholder o f record Dec. 26 1922 received on account of each
share o f common stock then held 3 shares of pref, A stock and 4 shares of
common stock. V. 115, p. 2802. On Feb. 1 1923 paid $2 50 a share on
new common stock; Aug. 1 1923 paid $3 50 a share; Feb. 1 1924 paid $3 50
and $1 50 extra; Aug. 1 1924 paid $3 50 and $1 50 extra; Feb. 1 1925 paid
$3 50 and $2 50 extra; Aug. 1 1925 paid $3 50 and $6 50 extra; Feb. 1 1926
paid $10; on Feb. 19 1926 paid 900% in common stock; Aug. 2 1926 paid
$1 regular and $1 extra on increased capitalization; N ov. 1 1926 paid 50c
quar. and 50c. extra; Feb. 1 to N ov. 1 1927 paid $1 quar.; Aug. 1 1927 and
N ov. 1 1927, paid 50c. extra.
R E PO RT.— For fiscal year ended N ov. 30 1926 in V. 124, p. 382, showed:
Y e a r s E n d . N o v . 30—
1925-26.
al924-25.
1923-24.
1922-23.
Net income-------------------$27,020,524 $18,839,467 $10,532,399 $10,722,263
Prov. for Federal taxes.. 3,674,218
2,583,251
1,251,858
1,442,231
Net income after expen­
ses, reserves and taxes$23,346,306 $16,256,216 $9,280,541 $9,280,032
Preferred dividends____
140,908
1,051,309
1,103,262
1,207,850
Common dividends_____ 10,920,000
4,368,000
2,730,000
1,638,000
Balance, surplus______$12,285,398 $10,836,907
Adjustments___________
401,920
Previous surplus_______ 25,077,872 14,240,965

$5,447,279 $6,434,182
______ Dr.295,668
8,793,686 20,127,172

Total surplus------------ $36,961,350 $25,077,872 $14,240,965 $26,265,686
Stock divs.— Com. stock—
_
______
______
______ $16,380,000
Paid in preferred A _
Paid in common stock. 12,285,000
______
______
1,092,000
Profit & loss surplus..$24,676,350 $25,077,872 $14,240,965 $8,793,686
a Includes profits o f Ajax Motors Co.
BALANEC SHEE Tas o f Dec. 31 1926 in V. 124, p. 787.
OFFICERS.— Pres., Charles W. Nash; V.-P. & Compt., Walter H. A1
ford; Treas., George TT. Eddy; Sec., Horace J. Mellum. Office, Kenosha,
Wis.— (V. 125, p. 1720.
NATIONAL ACME CO. (TH E).— ORGANIZATION.— Incorp. in
Ohio (about Dec. 1 1916) to take over the assets, &c., o f the National Acm:
M fg. Co. o f Cleveland (incorp. in Ohio Sept. 20 1901), manufacturers of
automatic screw machines and milled screw products. Owns and operate*
two plants located at Cleveland, Ohio and Windsor, Vt. In 1927 acquired
the Positive Filling Machine Co. o f Philadelphia and has started production
o f separators and automatic filling machines used in the paint and varnish
business.
STOCKS AN D BONDS—
Rate of Int. O u ts ta n d in g . B d s . w h e n D u e .
Stocks— Com $5,000,000 ($ 10).. ____
$5,000,000 ____________
STOCK.— The stockholders on Oct. 24 1924 voted to reduce the capita'
stock from $25,000,000 to $5,000,000 by changing the par value of shares
from $50 to $10.
D IV ID E N D S.— March 1917 to Dec. 1 1919, 1 K % quar.; March 1920 to
Dec. 1920, \*4% quar.; none since.
BONDS.— The first rntge. 7 *A% sink, fund gold bonds were called for
Payment on Dec. 1 1927 at 104 and int.
RE PO RT.— For 1926. in V. 124, p. 1677, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net sales_____ $7,635,448
$9,217,893 $7,300,403 $9,586,306
Cost o f goods sold, & c_. 6,382,902
7,467,198
6,489,586 7,888,011
Admin., sales, &c., exp.
775,500 ' 793,222
914,746
903,332
other deductions________
303,402
404,116
563,418
636,205
Balance_____________
other income__________

$173,644
34,078

$553,357 loss$667,347
20,045
40,698

$158,758
81,959

Net profit----------------$207,722
$573,402 loss$626,649
$240,717
P e r i o d E n d . S e p t . 30—
1927— 3 M o s . — 1926.
1927— 9 M o s . — 1926.
Net profit after int. &
deprec.but before Fed.
taxes-----------------------$42,926 def$40,223
$102,898
$238,489
OFFICERS.— A. W. Henn, Chairman; Fred H. Chapin, Pres.; W . RMitchell, V.-Pres.; G. J. Steinbicker, Sec. & Treas. Alain office, Cleve­
land, Ohio.— (V. 125, p. 2679.)
NATIONAL BELLAS HESS CO., INC.— Successor to the National
Cloak & Suit C o., which was incorporated M ay 29 1914 in N. Y . Name
changed March 17 1927 when stockholders approved o f a consolidation
with the Bellas Hess & C o., incorp. in 1907. For terms of consolidation
see V. 124, p. 1514, 1522. The National Caraley C o., Inc., a subsidiary,
was incorp. in July 1926. V. 123, p. 722.
Business consists of retailing by mail all kinds of wearing apparel for
men, women and children; also certain household furnishings such as
curtains, blankets, linens, &c. Plants located at New York, and Kansas
City. Buying offices in London, Paris, Berlin and other fashion centres.
STOCKS AND BONDS—
R a te o f I n t .
O u t s ta n d in g . B d s . w h e n D u e .
S to ck s — Com 200,000 shs (no par)
-----200,000 shs _____________
Pref cum red 125 ($100)______ 7 Q-M
$6,624,700 _____________
STOCK.— See table.
DIV ID E N D S.— On pref., in full to date. On common, paid \M% quar.
from Apr. 14 1917 to July 15 1920; then none until Apr. 15 1925, when 1%
was paid: same amount paid quar. to Jan. 15 1926; none since.
R E PO RT.—
N a t i o n a l C lo a k & S u i t C o .— S ta te m e n t o f E a r n s , f o r Y e a r s 1917 t o 1926, I n c l P r o f i t s b e fo r e
D ed u ct. B on u s
B onus
a nd T a xes.
P a y m e n ts .*

F e d . In com e
a n d P r o fits
T a xes.

N et

Y ea r—
N e t S a le s,
P r o fits.
1922______ $45,357,568 $2,047,473
$256,856
________ $1,790,617
1923 ____ 52,399,783
2,764,666
379,821
224,000
2,160,845
1924 ____ 49,225,804
2,332,090
209,551
260,000
1,862,539
1925 ____ 46,685,835
1,054,122
15,500
133,000
905,621
1926 ____ 42,872,399
366,485
________
22,000
344,485
B e lla s H e s s & C o . S u m m a r y o f N e t S a le s & N e t P r o f i t s Y e a r s E n d . D e c . 31 ’26.
1922______ $10,202,488
$684,527
$69,000
________
$615,527
1923 ____ 11,509,757
679,980
71,000
$12,643
596,337
1924 ------- 12,320,956
828,566
74,277
93,474
660,815
1925 ------- 11,615,193
754,264
72,766
84,692
596,806
1926 ------- 11,816,730
508,803
33,215
65,073
410,514
* Additional compensation paid at end o f year for services rendered.
L a t e s t E a r n i n g s . — Fcr 10 months ended Oct. 31, in V. 125, p. 2539.
OFFICERS.— Bellas Hess, Pres.; W. J. Fox, 1st V.-Pres; E. L. Olrich
V.-Pres.; W . B. Smith, Sec.; M . J. Biehn, Treas.; I. Gans, Asst. Sec. &
Treas. Office, 207 W . 24th St., N . Y .— (V. 125, p. 2539.)




[V ol. 125,

NATIONAL BISCUIT CO.— Incorp. in New Jersey in 1898. Operates
plants in various cities throughout the country. V. 66, p. 288, 901; V. 71,
p. 545; V. 77, p. 92; V. 93, p. 669; V. 97. p. 599; V. 106. p. 292; V. 112, p.253.
In M ay 1919 purchased the real estate covering the entire block on
West 15th St., New York City, occupied by its New York plants.
The company in June 1925 organized the National Biscuit Co. (Canada),
Ltd., as a subsidiary to handle its Canadian business.
In Feb. 1927 company formed National Bread Co., a subsidiary, to take
over bread and hand-made cake business of parent company.
The company has purchased outright the Telfi Biscuit C o., Ltd., a
Canadian Corp. V. 124, p. 2642.
STOCKS AND BONDS—- R a te o f I n t . O u t s ta n d in g . B d s . w h e n D u e .
____
$51,163,000 _____________
S to ck s— Com $60,000,000 ($25)Pref (not as to assets) cum
$24,804,500 ______ ______
$25,000,000 ($100)________ 7 Q-F
STOCK.— The stockholders voted on Nov. 15 1922 to increase the
authorized common stock from $30,000,000 to $60,000,000 and to change
the par value from $100 to $25 a share. Under the plan holders of each
share of common stock of $100 par value were given 7 shares of new $25
stock, amounting to a stock dividend of 75% . V. 115, p. 2276.
D IV ID E N D S— (1900-05.’06. ’07. ’08. ’09. TO. ’ l l . 1912 to Oct. 14 ’22
Com. $100 par stk .l4 yearly 5 5*4 6 5*4 6 6 *4 7 % (1 ? * % Q -J )
On Dec. 30 1922 paid a stock dividend of 75% . On new $25 par value
stock paid 75c. quar. from Jan. 15 1923 to April 15 1926: July 15 1926 to
Jan. 15 1927 paid $1 quar.; April 15 1927 to and incl. Oct. 15 1927 paid
$1.25 quar. Jan. 14 1928 will pay $1.50 per share. Also paid extra divs
as follows: N ov. 15 1924, $1; N ov. 14 1925, $1, July 15 1926, 50c.; N ov.
15 1926, $1; Jan. 31 1927, 25c.; N ov. 15 1927, $1.
R E PO RT.— For 1926, in V. 124, p. 500, showed:
C a le n d a r Y e a r s —
1926.
1925.
1924.
1923.
Net profits------------------x$14,674,162 $13,581,696 $12,881,530 $12,092,828
Preferred divs. (7 % )-._ 1,736,315
1,376,315
1,736,315
1,736,315
Common dividends------- 11,255,860
8,186,080
8,186,080
6,139,560
Balance, surplus_____ $1,681,987 $3,659,301 $2,959,135 $4,216,953
Previous surplus----------- 18,110,998 14,451,696 11,492,561
7,275,608
Profit & loss surplus..$19,792,98-5 $18,110,998 $14,451,696 $11,492,561
x After deducting $1,807,929 for deprec. and $2,350,000 for Fed. tax res.
E a r n i n g s f o r Q u a r te r a n d N i n e M o n t h s E n d e d S e p t . 30.
1927— 3 M o s . — 1926.
1927— 9 M o s . — 1926.
Net income after all ex­
penses and taxes------- $4,372,248 $4,113,391 $12,453,233 $11,254,722
OFFICERS.— R . E. Tomlinson, Pres.; W . W . Graves, J. G. Zeller,
A. G. Bixler, H. H. Tomlinson and C. F. Bliss, Vice-Presidents; G. P. Wells,
Sec. & Treas. Office, 85 Ninth A v e„ New Y o r k — (V. 125, p. 2156.)
NATIONAL CARBON CO., INC.— ORGANIZATION .— Incorp. Jan.
15 1917 under laws of New York State for the purpose of manufacturing,
buying and selling carbon in all its various forms, as well as dry batteries,
storage batteries, starters, lamps, machinery, devices and appliances of
every nature, &c. Succeeded through exchange of stock to the property
and business of the National Carbon C o., a New Jersey corporation, which
latter company has been dissolved. V. 104, p. 261, 858.
Plants at Cleveland, Fremont, Fostoria, Ohio; East St. Louis, 111.; San
Francisco, Calif.; Clarksburg, W . Va.; Jersey City, N. J.; Chicago. 111.;
Pittsburgh, Pa.; Bradford, Pa.; Niagara Falls, Long Island City and New
York, N . Y . The company owns the entire capital stock of the Canadian
National Carbon Co., Ltd., Toronto; authorized issue, 30,000 shares of no
par value; issued, 6,000 shares. V. 106, p. 1581.
In April 1926 acquired the Manhattan Electrical Supply C o.’s battery
business, including battery plants located at Jersey City and Ravenna,
Ohio. V, 122, p. 2203.
STOCKS AND BONDS—
R a le o f I n t .
O u t s ta n d in g . B d s . w h e n D u e
S to ck s — Pref cum $5,600,000 red
140 ($100)---------------------------- 8 Q-F
$5,600,000 _____________
STOCK.— Preferred, see table above. All of the Issued common
stock (419,250 shares) is owned by the Union Carbide & Carbon Corp.,
which see below, and V. 105. p. 1425.
D IV ID E N D S.— These have been paid quarterly from M ay 1 1917 to
Nov. 1 1927 incl. at the rate of 2% per quarter on the preferred. Dividends
on common no longer made public.
OFFICERS.— Chairman, James Parmelee; Pres., W . J. Knapp; Treas ,
C. T . Ayres; Sec., A. O. Cornell.— (V. 122, p. 2808.)
NATIONAL CASH REGISTER CO. (TH E ).— Incorp. under laws of
Maryland Jan. 2 1926 to acquire the entire business and assets of National
Cash Register Co. (Ohio), established in 1882.
Company manufactures 502 types and sizes of cash registers and v m
ain­
tains a comprehensive engineering and research department for the purpose
of developing new types of machines and kindred devices. It also Mara
factures credit files and a number of specialty machines. Principal plar i
at Dayton, Ohio, consists of 23 buildings with a total floor space in excess c
44 acres.
The company distributes its products in almost every country o f the world,
including Russia, Abyssinia and Persia. Through wholly owned subsidiary
companies or branches it reaches England, Germany, Spain, Portugal,
Belgium, Austria, Czechoslovakia, Switzerland, Australia, New Zealand,
Cuba, Argentina, Porto Rico, South Africa, Dominican Republic, France
and distributes throughout the rest of the world by means of 64 agencies.
STOCKS AND BONDS—
R a te o f I n t .
O u t s ta n d in g . B d s . w h e n D u e
S to ck s — Com A $3 cum (no par) _
____
1,100,000 shs _____________
Com B $3 & partic (see text)
(no par)___________________ ____
400,000 shs ------------------STOCK.— Common A stock is entitled to preferential cumulative divi­
dends of $3 per share per annum, payable Q.-J. before any dividend on the
Common B stock. Subject to this prior right, Common B stock is entitled
to non-cumulative dividends of $3 per share in any year. Both classes of
stock participate equally share for share in additional dividends in any year.
Common A and Common B stocks participate equally snare for share in
distribution of assets In liquidation. Common A and Common B stocks
have equal voting rights except that the Common B stock has the right to
elect a majority of the directors and the Common A stock the remainder,
unless at the time of election the company is in default with respect to two
quarterly dividends on the Common A stock, or with respect to earnings,
as provided in the charter, in each of which cases the Common A and
Common B stocks vote equally, share for share, in the election of directors.
D IVIDEN DS.— Regular quarterly dividends of 75c. a share on the
class A stock were paid from April 15 1926 to Oct. 15 1927. On class B
stock paid $3 a share on Jan. 3 1927.
R E PO RT.— For 1926 in V. 124, p. 1989, showed:
C a le n d a r Y e a r s —
1926.
1925.
1924.
Income from all sources (after deprec.
& maint.) incl. profit of foreign
subsidiaries and branches__________ $7,533,740 $9,071,630 $7,351,305
Miscellaneous income_______________
287,327
238,768
343,288
Total income_____________________ $7,821,067
Interest paid______________________
54,713
Provision for Federal tax___________
825,175
Reserve for contingencies___________
180,540
Empl. profit-sharing participations.______
Preferred dividends_________________ 1,200,000
Common dividends_________________ 3,300,000

$9,310,398
122,439
773,090
250,000
2,094,048
676,182
675,000

$7,694,593
306,225
514,478
100,000
1,681,457
674,909
810,000

Balance, surplus__________________ $2,260,639 $4,719,639 $3,707,524
BALANCE SHEET, as of March 31 1927, in V. 124, p. 3081.
9 M o n t h s E n d e d S e p t . 30—
1927.
1926.
1925.
Net profits after all expenses, depre­
ciation and taxes__________________ $4,672,008 $4,745,974 $5,766,511
OFFICERS.— Pres., F. B. Patterson; V.-P & Gen M gr., J H. Barr nger; Treas., S. C Allyn; Sec., E. M . Kuhns. Office, Dayton, O.— (V.
125, p. 2820.)
NATIONAL DA IR Y PRODUCTS CO R P.— Incorp. Dec. 8 1923
Corporation holds the common stocks of Rieck-McJunkin Dairy Co. and
Hydrox Corp. Rieck-McJunkin Dairy Co. is engaged in the gathering
and distribution of milk, the manufacture and distribution of ice cream and
other dairy products, principal among which are cream, condensed milk.

Nov., 1927.]

milk powder, casein, milk sugar, butter, cheese and eggs. Hydrox Corp.
is engaged In the manufacture and distribution o f ice cream and beverages,
sucn as ginger ale, root beer and sarsaparilla.
In Aug. 1924 the corporation acquired the business o f the J. T . Castles
Ice Cream Co. o f Newark, N . J., and o f Castles Ice Cream Co. of Perth
Amboy, N. J., through an exchange of capital stock o f the National Dairy
Products Corp. for the entire common stocks of these two companies.
Also, during 1924, acquired the entire common stock of the W . E.
Hoffman C o., which operates plants in Altoona, Philipsburgh, Tyrone and
Barnesboro, Pa., and the assets and business of the Durkin Ice Cream Co.
of Waukegan, 111.
During 1925 acquired the assets or the stock o f the following: Sheffield
Farms C o., Inc., and subsidiaries, New York, N. Y .; Supplee-Wills-Jones
Milk Co., Philadelphia, Pa.; The Franklin Ice Cream Corp., Kansas City,
M o.; Chapell Ice Cream Co., Inc., Chicago, 111.; Thompson Ice Cream Co.,
Chicago, 111., Edward E. Rieck C o., Inc., New York, N. Y .; Newark Milk
C o., Newark, N. J.; Allen Ice Cream C o., Rockford, 111.; Carpenter Ice;
Cream C o., St. Louis, M o.; Clover Farm Dairy C o., Memphis, Tenn.,
Erie County Milk Association, Erie, Pa.; Jamestown Ice Cream Co.
Jamestown, N . Y .; Lily Ice Cream C o., Memphis, Tenn.; Lake City Ice
Cream C o., Inc., Jamestown, N . Y .; Louis Moglia, Morristown, N . J.;
W m. Ohlhaver Co., Aurora, Ili.
During 1926 acquired the Breyer Ice Cream Co. o f Philadelphia, the
Breyer Ice Cream Co. of New York, the Harding Ice Cream Co. of Nash­
ville, the Consolidated Buttermilk Corp. o f Chicago and the Luick Ice
Cream Co.
During 1927 acquired the Collis Products Co. and certain assets of High­
land Dairies, Inc., by exchange o f stock.
STOCKS AND BONDS—
Bate of Int.
Outstanding.Bds. when Due.
1,455,732 shs _____________
Stocks— Com2,000,000shs (nopar) ____
$6,924,400
__________
Pref cum red 105 ($100)_____ 7 Q-J
Pref class B ($100)__________
7 Q-J
$5,000,000
__________
$14,400,000 N ov. 1 1940
Bonds— 15-yr coll tr notes red / 6 M -N
(text) ($500, &c.)Eq.kxxxc* \Int.at Equitable T r.C o., N. Y . C., trustee
STOCK.— The stockholders on N ov. 6 1925 authorized the creation of
an issue o f $6,924,400 7% preferred stock, and on April 14 1926 authorized
an additional $5,000,000 (series B ). This issue is redeemable, all or part,
upon 30 days’ notice at 105.
In the event of any liquidation, dissolution or winding up of the affairs
o f the corporation, whether voluntary or involuntary, the holders of the
pref. stock shall be entitled to receive 100 and divs. thereon. The pref.
stock shall have no voting power except that in case the corporation shall
for two successive quarterly periods fail to declare and pay the full regular
quarterly dividend on the preferred stock.
The stockholders on M ay 28 1926 increased the authorized common
stock from 1,000,0 0 shares to 2,000,000 shares.
Preferred stock of subsidiary companies July 31 1926, $11,245,815.
D IV ID E N D S.— Initial div. on common stock of 75c. per share was paid
April 1 1924; same amount paid quarterly to Oct. 1 1927. June 17 1927 paid
a stock dividend o f 33 1-3%.
NOTES.— The 15-year 6% collateral trust notes due N ov. 1 1940 are
redeemable at any time, all or part, on 60 days’ notice at 103 A and int. up
to N ov. 1 1930, at 102 A and int. on said date and thereafter up to N ov. 1
1935 at 101 A and int. on said date and thereafter up to N ov. 1 1939, and at
par and int. on said date and thereafter to maturity.
Sinking Fund.— As a sinking fund the company will agree to retire no
less than $300,000 principal amount of notes, and (or) deposit sufficient
cash for that purpose with the trustee on or before M ay 1 and N ov. 1 In
each year, beginning on Nov. 1 1926, and will agree to retire at least 60%
o f the issue by maturity.
Security — Secured by the pledge of all o f the stocks of the company's
subsidiaries now owned. Company will covenant that it will not per­
mit any o f its subsidiary companies, the stocks o f which are to be pledged
to secure these notes, or any present subsidiary o f any of such subsidiaries,
to have mortgages on real property in excess of the aggregate amount of
such mortgages now outstanding, except purchase money mortgages and
(or) then existing liens on property purchased, and the renewal or refunding
o f such mortgages or liens, unless pledged under the indenture securing
these notes.
RE PO RT.— For 1926, in V. 124, p. 2439, showed:
Consolidated Income Account for Calendar Years.
1926.
1925.
1924.
$
$
$
Net sales.
_
- . .134,549,919 105,377,151 20,180,892
Cost of sales, expenses and deprec__ . 20,989,568 91,793,433 15,708,458
Gross profit
Other income.

. 20,989,568
- . _________
. _______________ . 1,197,748

13,583,718
522,234

4,472,433
193,923

22,187,315
8,652,973
1,614,333
2,495,558

14,105,952
6,161,391
1,046,198
1,965,104

4,666,357
2,015,368
297,774
463,940

Admin., selling & gen. exps., int., &c..
Federal income taxes _
.
xOther deductions_______
.

Balance__________________________ 9,420,451 y4,933,258 1,889,273
x Includes interest on National Dairy Products Corp. 6% notes for the
year, less adjustment o f Federal income tax and dividend requirements on
preferred stocks o f company and subsidiaries.
OFFICERS.— Pres., Thomas H. Mclnnerney; V.-Pres. & Treas., James
G. Lewis; Sec., Frederick J. Bridges. Office, 120 Broadway, New York.
— (V. 125, p. 2539.)
NATIONAL DEPARTMENT STORES, INC.— Incorp. under laws of
Delaware on Dec. 22 1922. Owns (excepting directors’ qualifying shares)
entire outstanding stock of The Bailey C o ., The Rosenbaum C o ., B . Nugent
& Bro., Dry Goods Co. and Geo. E. Stifel Co., operating stores, respectively.
In Cleveland, Pittsburgh St. Louis and Wheeling. W. Va. In N ov. 1923
completed negotiations for the purchase of the Frank & Seder department
store group. V. 117, p. 2118, 2220. In 1924 acquired the Atkinson stores
in Minneapolis and St. Paul, Goldberg’s in Trenton and Kaufman’s In
Richmond. In May 1925 purchased the Lipman, Wolfe & Co. department
store in Portland, Ore. Stores owned and operated, 14. In 1927 the Fink
store leasehold was sold and the business discontinued.
The National Department'Stores Realty Corp., a subsidiary, was in­
corporated in Delaware N ov. 7 1924 to acquire lands and develop the same.
STOCKS AN D BONDS—
Bate of Int. Outstanding. Bds. when Due.
Stocks— Com 725,000 shs (no par) ____
549,625 shs ____________
1st Pref cum red 115 $10,000,$8,908,200 ------------------000 ($100)________________
7 Q-F
2nd Pref cum red 115 $7,500,$5,400,000 - .....................
000 ($100)_________________ 7 Q-M
STOCK.— The second pref. stock is convertible until Jan. 1 lno9 Into
common stock, share for share.
The stockholders on N ov. 12 1923 authorized the issuance of $3,000,000
1st pref. stock, par $100, $2,000,000 2d pref. stock, par $100 and 200,000
shares of com. stock, no par value, in connection with the acquisition of
the Frank & Seder department store group.
The stockholders of record Oct. 26 1925 were given the right to subscribe
to 50,000 shares o f common at $40 per share in the ratio o f one new share
for each 10 shares held.
D IV ID E N D S .— On 1st and 2d pref. stocks in full to date.
REPO RT.— For year ended Jan. 1 1927, in V. 124, p. 2130, showed:
1
Years End. Jan. 31—
1927.
1926.
1925.
1924.
N et sales_____________ $82,296,411 $79,455,118 $74,368,556 $72,331,456
Cost o f goods sold & sell.,
adm. & op. exp. (less
misc. inc.), incl. depr.
& amort, o f leasehold
improvements_______ 78,960,891 76,192,350 70,682,667 67,101,538
Int. charges (incl. amort.
o f bond discount)___
865,496
623,881
264,997
318,259
305,569
388,574
601,878
Prov. for Fed. inc. taxes
285,000
667,324
547,337
385,000
First pref. dividends___
645,974
Second preferred divs_
_
378,000
379,167
371,000
254,332
$1,286,828 $2,113,980 $3,670,448
Balance, surplus-____$1,161,050
Prof. & loss sur. Jan. 31- $5,271,392 $4,321,492 $3,652,186 $1,775,414
OFFICERS.— Chairman, L. A. Behr; Pres., Victor W . Sincere; Treas.,
Morton Stein; Sec., Walter Rosenbaum. New York office, 112 W . 38th
St.— (V. 125, p. 1335.)




209

INDUSTRIAL STOCKS AND BONDS

NATIONAL DISTILLERS PRODUCTS CORPO R ATIO N .— ORGAN­
IZATION.— Incorp. in Virginia, succeeding in 1924 to the business for­
merly conducted by U. S. Food Products Corp. It controls, through stock
ownership, subsidiary operating companies engaged, respectively, in the
following businesses: Kentucky Alcohol Corp., with two plants, manufac­
tures industrial alcohol. Old Time Molasses Co. purchases molasses in
Cuba from sugar centrals, and the greater part of its product is shipped
to this country for use in the manufacture of industrial alcohol and feeding
molasses. Henry H. Shufeldt & Co. prepares, packs and sells maraschino
cherries, glace fruits and olives. Kentucky Distilleries & Warehouse Co.
and Hannis Distilling Co. owns bonded warehouses. U. S. Food Products
Car Line Corp. owns and operates tank cars. During 1925 purchased 50%
of the preferred stock and 25% o f the common stock of the Petroleum
Chemical Corp., which manufactures higher alcohols, lacquer solvents
and motor fuel. The plant and assets of the Liberty Yeast Co. were sold
to the Fleischmann Co. in Oct. 1925.
It was announced in N ov. 1925 that the Eastern Alcohol Corp. had been
formed to be jointly owned and operated by E. I. du Pont de Nemours &
Co. and the National Distillers Products Corp. for the manufacture of
industrial alcohol. V. 121, p. 2279; V. 123, p. 722.
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
Stocks— Com (v t c) 200,000 shs
(no p a r ) __________________
____
168,000 shs _____________
Pref (v t c) $7 cum after M ay 1
1929 red 110 (no par)______ $7
ol07,720 shs _____________
Bonds— 10-yr guar gold notes/ QA S J-D
$3,500,000 Dec 15 1935
red (text) ($500 & $1,000)_ (Int. at New York.
_
Eq.kxxxc*l
a 2,280 shares held in treasury.
STOCK.— The preferred stock has no voting power, except that during
the existence o f the voting trust, both preferred and common stocks have
equal voting power. Sinking fund on or before April 1 1931, and annually
each April 1 thereafter, cumulative, o f 20% of consolidated net earnings, for
purchase or redemption o f preferred stock at not over redeemable prices.
Voting trust for preferred and common shares is dated May 1 1924 and ex­
pires M ay 1 1930, unless sooner terminated by trustees; voting trustees are
A. W. Loasby, B. W . Jones and R . L. Clarkson. New York.
NOTES.—The 10-year 6 A % guaranteed gold notes are redeemable,
all or part, on 30 days’ notice at any time at 105 and int., less A for each
full 12 months’ period elapsed after Dec. 15 1925. They are guaranteed
unconditionally, prin., int. and sink, fund, jointly and severally, by Ken­
tucky Distilleries & Warehouse Co. and Kentucky Alcohol Corp. V. 121
p. 3014.
REPO RT.— For 1926, in V. 124, p. 2130, showed:
1924.
Calendar Years—
1926.
1925.
Net sales____________________________ $5,336,914
1,230,611 $7,272,371
4,678,273
Cost o f sales________________________ 4,555,058
6,264,428
Gross profit________________
.
$781,856 $2,966,183 $2,594,098
426.453
Bottling & storage revenue (net)
236,612
335,387
163,067
255.386
Miscellaneous income_________
366,918
Total income__________ :___
. $1,385,387 $3,556,957 $3,183,618
1,854,160
1,822,507
Selling, adm. & general expenses_____ 1,099,138
.
xOld Time Molasses C o_____________ Cr.76,718 Dr.98,131 Cr.162,879
.
147,259
Interest on gold notes_____
184,016
260,783
50,151
Other interest____________
26,041
89,995
Depreciation_____________
290,426
284,043
213,913
14,521
Loss on sale of capital assets
25,000
Provision for Federal taxes 150,000
Excess prov. for Fed. inc. taxes of
“
f
prior
- Cr .44,084
169,185
95.668
Brands, trade-marks, &c., written off
f
103,723
$795,797
Balance, surplus_________________ def$197,411
$832,597
$599,121
Profit and loss, surplus_______________ $1,234,307 $1,431,717
x Proportion of loss or gain applicable to investment of National Distillers
Products Corp. in the Old Time Molasses Co.
1927— 9 Mos.— 1926.
Period End. Sept. 30— 1927—3 Mos.— 1926.
$360,457
$339,207
Earnings from operation
$209,077
$95,466
185,749
221,030
Interest and discount_
_
61,038
68,366
Net before deprec’n,
Fed.taxes,amort.,&c. $148,039
$27,100
$174,708
$118,177
OFFICERS.— Pres., Seton Porter; V .-P ., F. A. Rogers; Sec. & Treas.,
T. A. Clark; Asst. Sec. & Asst. Treas., J. A . Petrie. Office. 30 Broad St.,
New York.— (V. 125, p. 2679.)
NATIONAL ENAMELING AND STAMPING CO., INC.— ORGAN­
IZATION.— Incorp. in N. J. on Jan. 21 1899. See prospectus, &c., V. 68,
p. 18,; V. 76, p. 1405; V. 77, p. 403; V. 82, p. 755; V. 104, p. 859. 768.
Decision Dec. 1906. V. 81, p. 215; V. 82, p. 755: V. 83, p. 1415.
The Sc. Louis Coke & Iron Co., in which the company owned a substantial
Interest, was placed in receivership in Sept. 1924 and reorganized as the St.
Louis Coke & Iron Corp.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
155,918 shs ------------------Stocks— Com 200,000 shs (no par) ____
Pref cum $7,500,000 ($100)__. 7 Q-M
$7,500,000 -------------------Bonds— 20-yr ref 1st M real est f 5 g J-D
$498,000 June 1 1929
s f gold red (text) ($1,000 &c) (In t. at Central Un. Tr. Co., N . Y . City.
Ce.xc&r* {
STOCK.— See table.
DIVIDEN DS— 1902-04 1905. 1906-16. 1917. 1918-21. ’22. ’ 2 3 .’24-’ 26
On common (% )_ _ 4 y r ly .
1A
None.
4 6 (lH q u ’) 1 A 5 A
0
On preferred, in full to Sept. 30 1927, \H % quar.
In Feb. 1921 a dividend of 6% was declared on the common stock, pay­
able 1 A % quar. Mar. 19, M ay 31, Aug. 31 and Nov. 30 1921; then
none until N ov. 29 1922, when 1 A % was paid: Feb. 28 1923 to Aug. 30
1923, paid 1 A % quar.; N ov. 30 1923 paid 1%; none since.
__
BONDS.— Subject to annual drawings at 105 in amounts increasing
yearly from $108,000 to $263,000. Original issue, $3,500,000; $3,002,000
retired to June 30 1927.
R E PO RT.— For 1926, in V. 124, p. 1522, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Profit on operation_____$3,792,419
$2,321,987 $1,862,646 $2,538,554
Depreciation, &c_______ 3,069,146
1,107.811
936,698 1,026,227
Bond,etc. interest_____
50,723
48,142
51,966
59,032
Net income_________
Reserve for Fed. taxes._
Preferred divs. ( 7 % ) - Common dividends_____

$672,550
58,000
700,000
______

$1,166,034
______
700,000
______

$873,982 $1,453,295
______
182,000
700,000
700,000
______ (5H)857,549

Balance, surplus_____def$85,450
$466,034
$173,982 def$286,254
Profit & loss, surplus--. $2,481,765 y$2,579,176 x$7,248,129 $9,310,705
x After deducting $2,236,558, cost of pref. and common stocks of St.
Louis Coke & Iron C o . written off account receivership of company, y After
deducting additional Federal taxes for prior years and $5,000,000 additional
depreciation reserve.
BALANCE SHEET as o f Dec. 31 1926, in V. 124, p. 1522.
OFFICERS.— Chairman, George W . Niedringhaus; Pres., Alfred J
Kieckhefer; V .-P ., William H. Matthai and Charles N. Turner; Comp. &
Sec., Conrad M . Fox; Treas., Robert Miller. Office, First Wisconsin
National Bank Bldg., Milwaukee. Wis. — (V. 125, p. 1061.)
NATIONAL FIRE PROOFING CO.— Incorporated in 1889; name was
changed in 1899 from Pittsburgh Terra Cotta Lumber Co. Controls 20
plants adjacent to various cities between Boston and Chicago, about 5,000
acres of coal and clay lands, patent rights, &c. Manufactures porous terra
cotta, fireproofing, hollow tile, building blocks, &c. In Feb. 1923 proper­
ties of American Clay Products Co. were acquired by Atlantic Clay Products
C o., whose stock is owned by National Fireproofing C o. Properties owned,
see V. 72. p. 296. 1191: V. 76, p. 651; V. 94, p. 68. 766; 1060. V. 95, p. 53STOCKS AND BONDS—
Bate of Int. Outstanding. Bds. when Due.
Stocks— Com $4,500,000 ($50)—
____
$4,461,300 ------------------Pref class A non-cum $8,000,000 ($50)__________________ text Q-M
$7,900,500 ____________
Bonds— 20-yr skg fd gold debs / 5 A g M-S
$3,000,000 Sept 1 1947
$3,000,000($500&c) N.xk&c* \Int. at New York Trust Co., New York.
D IV S .( 06. 07. 08. 0 9 .1 0 -T 4 . T 5. ’ 16-’19.’20. ’21.- 22. ’23. ’24.’25 ’26.
P ref-_% ( 1 5
2 0 4 yrly. 1
0
1
0
1 ±A 7 7
Com _ % 1 0 0 0 0
0
0
0 0
0
0
0 0 0

210

INDUSTRIAL STOCKS AND BONDS

On Dec. 31 1920 and Jan. 10 1924 paid a special “ Christmas” div of 1%
on pref. stock. In Oct. 1923 declared 3% , payable 1% on Nov. 15 1923,
1% on Feb. 15 1924 and 1% on M ay 15 1924. On July 15 1924 paid 1%;
Oct. 15 1924 paid 1 X % ; Jan. 15 1925 paid 2 % ; April 15 1925 paid 1 X % :
July 15 1925 to Oct. 15 1927, paid I X % Quar.
FUNDED D E B T .— The 20-year s. f. gold debentures are callable in
whole or in part at any time on 30 days’ notice at 104K and accr. int. up
to Sept. 1 1928, premium decreasing X of 1% each year thereafter to 101.
A yearly s. f. o f $225,000 payable s.-a. will provide for 60% of the issue
before maturity.
Debentures sold in Aug. 1927 at 9614 and accr. int., to yield 5.80% ,
by Hornblower & Weeks.— V. 125, p. 1210.
RE PO RT.— For 1926. in V. 124, p. 1230, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net earnings__________
$813,804
$813,091
$971,338 $1,066,289
303,388
299.591
301,425
293,938
Depreciation, &c_________
414,776
474,030
316.020
Dividends_____________
553,035
_
Balance, sur or def_ def$33,169 sur$94,927 sur$197,717 sur$448,844
OFFICERS.— Managing director, Sidney F. Hecket; Chairman, H. M .
Keasby; V.-P. & Production M gr., W . H. Foster; V .-P . & Aud., R. B.
Holmes; Sec., C. G. Jones; Treas., J. P. Robbins. Office, Fulton Bldg.,
Pittsburgh. Pa.— (V. 125, p. 1720.)
NATIONAL LEAD CO.— O RGAN IZATION .—Organized in New Jer
sey on Dec. 7 1891. It controls extensive plants in different States foi
manufacture o f white lead, &c. V. 89, p. 223; V. 106, p. 1572. 1581. Also
United Lead Co. (V. 84, p. 697, 160). Magnus Co. IV. 100. p. 402).
U. S. Cartridge Co. o f Lowell (V. 90, p. 631; V. 104, p. 1383; V. 110, p
.'24), and Matheson Lead Co. (V. 95, p. 115): Bass-Hueter Paint Co
(V. 104, p. 1383), Carter White Lead Co., St. Louis Smelting & Refining
Co., National Pigments & Chemical Co. and Metallurgical & Chemical
Corp. Has an interest in Williams Harvey Corp., and Williams Harvey
& C o., Ltd., tin smelters; Baker Castor Oil C o., Cinch Expansion Bolt &
Eng. C o., River Smelting & Refining C o., Titanium Pigment C o., Inc.,
and the Titan Co. o f Norway. V. 125, p. 1061.
Outstanding. Bds. when Due.
STOCKS A N D BONDS—
Bate of Int.
$30,983,100 ------- -------Stocks— Com $50,000,000 ($100)- ____
Pref cum Class A $25,000,000
($100)------------------------------- 7 Q-M
$24,367,600 ------------------Pref class B com $25,000,000
$10,327,700 ------------------($100)------------------------------- 6 Q-F
STOCK.— The stockholders on April 21 1927 increased the authorized
capital stock from $50,000,000 (consisting o f $25,000,000 7% cum. pref.
stock and $25,000,000 com. stock) to $100,000,000, consisting o f 250,000
shares o f 7% cum. class A pref. stock, 250,000 shares o f 6% cum. class B
pref. stock, and 500,000 shares o f common stock, all par $100 a share. It
was also voted to eliminate the provision in the certificate o f incorporation
regarding redemption o f the pref. stock, thus making that issue non-callable.
V. 124, p. 2439.“*
DIVS.— ’ 10. ’ 11-’ 15. ’ 16-’ 17. ’ 18. ’ 19. ’ 20. ’ 21. ’22. ’23. ’24. ’25. ’26
Common (% ) 414 3 yrly. 4 yrly. 5
5
6
6 dX
8 8
8
8
Paid on common in 1927: March 31, 2% ; M ay 26, paid X share o f com.
and 34 share o f class B for each share o f com. stock; on June 30, 1)4% ;
Sept. 30, 1M % ; Dec. 31, I X %■
Also in July 1917 and 1918 1% extra to aid Red Cross distributions
In N ov. 1918 paid 14% extra to aid United War Work Campaign
Paid on new 6% pref. stock: On Aug. 1 1927 an initial quar. div. of 134 %.
Same amount paid N ov. 1 1927. Paid on 7% preferred in full to Feb. 1 ’2 .
R E P O R T — For 1926, in V. 124, p. 1677, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net earnings___________ a$9,004,567 a$4,633,353 a$4,454,979 $5,296,413
Preferred dividends____ 1,705,732 $1,705,732 $1,705,732 $1,705,732
Common dividends_____ 1,652,432
1,652,432
1,652,432
1,652,432
Surplus----------------------- $5,646,403 $1,275,187 $1,096,815 ‘ $1,938,249
Previous surplus_______ 27,070.343 25,795,154 24,698,340 22,760,091
Remaining su rp lu s...$32,716,746 $27,070,343 $25,795,155$24,698,340
a Net earnings are after deduction o f all expenses, taxes, reserves, &c.
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 2919.
DIRECTORS.-—E. J. Cornish (Pres.), G. O. Carpenter, Evans M c­
Carty, Fred M . Carter, W. C. Beschorman and E. F. Beale (Vice-Presi­
dents), W. II. Crost, F. W . Rockwell, Chas. E. Field, G. D. Dorsey,
G;. W. Thompson, W . N. Taylor, J. R. Wettstein, A. H. Broderick, H. GSidford. Sec. is M . Douglas Cole; Treas., Charles Simon. New York
office, 111 Broadway.— (V. 125, p. 1985.)
NATIONAL LEATHER C O — See Swift & Co. below and V. 123. p. 335.
NATIONAL R A D IA TO R CORP.— ORGANIZATION.— Organized
under the laws of Delaware in 1927 to acquire assets and business of the
following companies which have been in operation over a long period o
years: National Radiator Co., Niagara Radiator & Boiler Co., Continental
Heater Corp., Utica Heater C o., Gurney Heater M fg. Co. and Union
Radiator Co.
N ATURE OF BUSINESS.— The National Radiator Corp. is the second
largest manufacturer in the world o f radiators, of all the standard sizes
and types; low pressure cast iron heating boilers, both round and sectional,
o f the most efficient designs, for burning hard coal, soft coal, coke, oil and
gas; warm air heating equipment, and hot water supply boilers. Corp.
owns ten plants; two located at Johnstown, Pa., two at New Castle, Pa.,
and one each at Trenton, N. J., Utica, Dunkirk and North Tonawanda,
N . Y ., Framingham, Mass, and Chicago, 111.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due•
Stocks— Com 500,000 shs (no par) ____
270,000 shs _____________
Pref (a & d) cum conv 90,000
shs (no par)_________________ $7 Q-F
60,000 shs _____________
Bonds— 20-yr gold debs s f $16,- / 6)4 g A-F $12,000,000 Aug. 1 1947
000,000 ($500 &c) Ba.xk&c* \Int. at Bankers Tr. Co., N . Y ., trustee.
STOCKS.— The cumulative convertible $7 preferred is entitled in
liquidation to $100 per share and accrued dividends. Red. as a whole or
in part on any dividend date at $120 per share and accrued dividends on not
less than 60 days’ notice. Each share is entitled to one vote. If divi­
dends are in arrears for 4 quarter payments the preferred holders will have
the right to elect a majority o f the Board o f Directors.
Conversion Privilege.— Convertible into common stock, at any time, on
the basis of 1 share o f preferred for each 2 shares of common.
DIVIDENDS.-— Initial div. on common o f 75c. per sh. paid Dec. 15 1927.
initial div. on pref. o f \% % paid N ov. 1 1927.
FUNDED D E B T .— The 634 % s. f. gold debentures are red. as a whole
or in part on any int. date upon not less than 40 days’ notice, on or prior
to Aug. 1 1932 at 10734 and accrued interest; to and including Aug. 1 1937
at 106 and accrued interest; to and including Aug. 1 1942 at 10434 and
accrued interest, and thereafter and prior to maturity at 103 and accrued
interest. S. A . sinking fund to retire the entire issue by maturity.
Debentures sold in Aug. 1927 at 100 by the Bankers Trust Co. and J. & W .
Seligman & Co.
R EPO RT.— The combined net earnings o f the six predecessor companies,
assets of which are owned by the National Radiator Corp., showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net earnings___________$3,472,184 $3,488,980 $3,405,763 $2,456,076
Int. and Federal taxes. _ 1,143,445 1,145,712
1,134,478
1,006,270
Balance for dividends. $2,328,739 $2,343,268 $2,271,285 $1,449,806
OFFICERS.— Chairman, John H. Waters; Pres., Edward Norris.
— V. 125, p. 2821.
NATIONAL SUGAR REFINING CO. OF NEW JERSEY (THE).—
Incorp. in New Jersey on June 2 1900 and took over the NewYorkSugar
Refining C o .’s (Doscher) refinery, Long Island City, the Mollenhauer
refinery, Brooklyn, N. Y . (dismantled as a refinery in 1918 and leased for
warehouse purposes, V. 109, p. 178), and the National refinery, Yonkers,
N . Y . V. 91, p. 1577; V. 92, p. 1377; V. 93, p. 535; V. 98, p. 307. In
Jan. 1927 purchased the Warner Sugar Refinery at Edgewater, N. J., of
the Warner Sugar Corp. V. 124, p. 516.
STOCKS AN D BONDS—- Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $15,000,000 ($100). ____
$15,000,000 _____________
Bonds— Warner Sugar R ef C o
____
$4,575,000 _____________
STOCK.— The stockholders voted Nov. 15 1922 to increase the authorized
capital stock from $10,000,000 (all outstanding) to $15,000,000, par $100.




[V ol. 125.

D IV ID E N D S.— A 50% stock div. was distributed Dec. 1 1922 to holders
of record N ov. 20. Divs. o f 134 % paid April 1913 to Oct. 1917; Jan. 1918
to Anril 1920, I X % quar.; July and Oct. 1920, 3 34%; Jan., April and July
1921, 2 )4 % ; Oct. 1921 to Jan. 2 1928, I X % quar. Divs. on old pref.,
134% (Q.-J.), paid Oct. 1900 to Jan. 1913 inch; divs. on old com ., 10%
in 1903 and 15% in 1904.
REPO RT.— For 1926, in V. 124, p. 2130, showed:
Income Account for Year Ended Dec. 31 1926.
Net earnings, after taxes_____________________________________ $3,567,289
Dividends paid______________________________________________ 1,049,965
Balance, to surplus_______________________________________ $2,517,324
Shares o f capital stock outstanding (par $100)________________
150,000
Earnings per share on capital stock___________________________
$23.78
BALANCE SHEET Dec. 31 1926 in V. 124, p. 2130.
OFFICERS.— Pres., J. H. Post; V .-P ., W . K. Dick; Sec. & Treas.,
H. F. Mollenhauer.— (V. 124, p. 2130.)
NATIONAL SUPPLY CO. OF DELAWARE (TH E).— Incorp. in
Delaware in 1922 to acquire the capital stock of the National Supply Co.
(of Ohio). Furnishes equipment, machinery and supplies to all branches
of the oil industry. Also controls through stock ownership the Dayton
Pipe Coupling C o., the Fort Worth Drilling Tool Co. and the Union Tool
Co.
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when DueStocks— Com $17,000,000 ($50) - - ____
$13,295,000 _____________
Pref cam $8,000,000 red 115
($100)_______________________ 7 Q-M
$7,095,100 _____________
STOCK.— See table.
D IVIDEN DS. On preferred, in full to date. On common, paid 134%
quar. Feb. 15 1923 to Feb. 15 1926; M ay 15 1926 to N ov. 15 1927 paid 2%
quar. On Dec. 23 1926 paid 4% extra. On June 16 1924 paid 10% in
common stock.
R E PO RT.—For 1926, in V.124, p. 2290, showed:
Calendar Years—
1926.
1925.
1924.
Gross income________________________ $6,732,992 $3,560,630 $3,385,243
Interest, taxes, depreciation, &c_____ 1,173,996
1,182,223
1,260,896
Federal taxes______________________
815,353
363,650
277,077
Transfer to pension fund___________
209,482
--------Preferred dividends_________________
496,132
496,652
494.669
Common dividends_________________ 1,503,469
792,714
758,317
Balance, surplus_________________ $2,534,561
$725,391
$594,284
Latest Earnings.— For 9 mos. ended Sept. 30 1927 in V. 125, p. 2821.
OFFICERS.— Chairman, James H. Barr; Pres., John M . WilsonSec., Chas. R. Clapp; Treas., C. A . Meyer. Office, Toledo, Ohio.
— (V. 125, p. 1061.)
NATIONAL TRAN SIT CO.— O R GAN IZATION , S c .— Incorp. In Penn
jylvania in 1881. Owns pipe line in Penna. Formerly controlled by Stand
*rd Oil Co. of N. J.. segregated in 1911. V. 85. p. 216. 790; V 93 p 1390
On Feb. 2 1916 shareholders voted to reduce the capital stock from
$12,727,575 to $6,362,500 by the retirement of 103 share* and the reduction
of the par value of the remainder from $25 to $12 50 per share and the
payment of $12 50 in cash to the stockholders. The National Transit
Pump & Machine Co. was incorporated in Penn, on Vnv. 26 1915; capita!
stock, $2,545,000 (increased on April 1 1918 to $3,1^1 ho 0 in $25 shares
to take over the company's plant at Oil City, Pa. for the manufacture of
pumps, engines, compressors, tools, fittings, &c.; all o f the capital stock is
owned by the National Transit Co. V. 101, p 1890. 2149; V. 93. p. 669.
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
$6,362,500 _____________
Stock— Com $6,362,500 ($12.50)- ____
D IV ID E N D S.— 1912 to 1914, 12% per ann.; 1915, 8 % : then none to
Dec. 15 1916, when 4% was paid; 1917, 8% ; 1918, 16% (8% s -a ); 1919,
10%; 1920, 30% ; March 1921, 4% ; June 1921. 4% and 4% extra; Sept.
1921, 8% extra; Dec. 1921, 4% and 4% extra; March 1922, 4% extra;
June 1922, 4% ; Sept. 1922, 2% extra; Dec. 1922, 4% ; Mar. 15 1923, 4% ext.
June 15 1923, 4% ; Sept. 15 1923, 4% extra; Dec. 15 1923, 4% ; Mar. 15
1924, 2% extra; June 14 1924, 4 % ; Sept. 15 1924, 2% extra: Dec. 15
1924, 4% : Mar. 16 1925. 2% ; .Tune 15 1925, 4% ; Sept. 15 1925, 2% extra:
Dec. 15 1925, 2% ; March 15 1926, 2% extra: June 16 1926, 2% : Sept. 15
1926, 2% ; Dec. 15 1926, 2% regular and 1% extra; Mar. 15 1927, 2%
June 15 1927, 2% ; Sept. 15 1927, 2% .
RE PO RT.— For 1926 showed:
Calendar Years—
1926.
1924.
1923.
1925.
Net after rents, mlscell.,
$706,257
$774,740 $1,024,572
taxes, &c____________
$640,466
Dividends paid_______ (9%)572,634 (10)636,250 (12)763,500(16)1018,000
1,022 ___ 1,060 _____ L.735 _________ 733
Miscellaneous__________
Balance, surplus_____
$68,947
$9,505
$5,839
$66,810
BALANCE SHEET, as of Dec. 31 1926, in V. 124, p. 2920.
OFFICERS.— Pres. & Gen. M gr., F. D . Williams; Treas., Lewis C
Longaker; Sec., F. G. Zimmerman. Directors: T. L. Blair, C. T. M cClintock, C. E. Martin, Joseph H. Contino, L. C. Longaker and F. G. Zimmer­
man. Office, Oil City, Pa.— (V. 125, p. 2399.)
NEVADA CONSOLIDATED COPPER CO.— ORGANIZATION.—
Incorp. Nov. 17 1904 in Maine as a consolidation. Of the outstanding
stock, $5,002,500 on Dec. 31 1925 was owned by Utah Copper Co. (see
below). Flotation suit. V. 109, p. 1084; V. 114. p. 2124.)
Purchase of Ray Consolidated Copper Co.— The stockholders on M ay 26
1926 approved the purchase from Ray Consolidated Copper Co. of all its
properties, assets, rights, privileges and franchises, as an entirety, to be
paid for by (a) $46,157,685 15-year 5% debentures, to bear date July 1 1926,
with adjustment of int. from or to the date of transfer of the properties, and
the assumption by Nevada of all liabilities and obligations of Ray.
The stockholders also approved the making of an offer to the holder of
any of such debentures o f this company (effective only after such debentures
shall have passed by distribution or otherwise out of the ownership or pos­
session of Ray Consolidated Copper Co.) to take up (until July 1 1927)
any such debentures and to issue and deliver in exchange therefor stock of
this company, without par value, on the basis of one share, plus 25c. in cash
to equalize divs., for each $15 face value of debentures. V. 122, p. 2510, 3094
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
Stocks— 5,100,000 shs (no par)_
_ ____
1,999,457 shs ------------------Bonds— 15-year debentures____f 5 J-J
$46,157,685 July 1 1941
\Int. at__________________________________
STOCK.— The stockholders on March 26 1926 voted to change tne
authorized stock to 5,100,000 shares o f no par value and to exchange the
old stock of $5 par value for the new stock of no par value on a share for
share basis.
D IV S —
f ’ l l . ’ 13. ’ 13.
’ 14. ’ 15. '16.’ 17. ’ 18. ’ 19.’20. ’ 21-’24 ’25.
Regular _ ._ % ( 30 30 30 2234 2734 35 40 65 30
15 None 5
E x tra _______ [ . . 10 10
- - 2 X 40 40 - - - -..
Of the 10% extra dividend paid June 30 1917,one-half was capital dir
tributlon. A special div. of 16 cents was declared payable July 25 for
Red Cross contributions In Mar 1919 paid 37 >4 cents 1714%) quar
in March 1920 paid 25 cents (5% ); then none until Dec. 31 1925, when 25
cents (5%) was paid; same amount paid March 31 1926. On June 30 and
Sept. 30 1926 paid 25c. a share on new stock of no par value; on Dec. 31
1926 and Sept. 30 1927 paid 3734c. a share.
REPO RT.— For 1926, in V. 124, p. 2130, showed
Calendar Years—
yl926.
1925.
1924.
1923.
Total revenues_________ $33,003,684 $11,149,809 $9,920,822 $9,445,306
Operating expenses-------- 24,446,758
8,234,670
8,128,932 7,231,813
Depreciation___________
1,630,456
671,450
601,719
526,120
Miscellaneous income____ Cr.865,541 Cr.453,119 Cr.485,338 Cr.407,304
Property retirem’ts, &c_
183,999
______
______
______
Interest on debentures._
775,617
______
______
______
Chges. agst. prior Fed’l
taxes & sundry exp. &
sur. adj. in connection
with acq. of Ray prop.
466,485
______
______
______
Dividends paid (5%) — - a4,687,121
499,864
______
______
Balance, surplus_____$1,678,789 $2,196,944 x $ l,675,509 $2,094,677
Profit & loss, surplus...$14,948,749 $9,748,945 $7,552,001 $5,876,492
x Before deduction for depletion, y Includes operations of the Ray and
Chino properties for entireyear. a B y the Nevada & Ray Consolidated
Copper Co.(incl. payments in adj. of divs. on exchange of deb. for stock).

Nov., 1927.]

INDUSTKIAL STOCKS AND BONDS

Results for 3 and 9 Months Ended Sept. 30.
Period End. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 Mbs.— 1926.
Oper. prof.(copper prod.) $1,574,532 $1,967,384 $4,633,984 $5,562,139
Value of precious metals
Value of precious metals
262,041
219,374
760,422
636,299
Miscell. revenues & inc.
from subsidiaries_____
165,830
244,758
656,816
641,083
Total oper. income_ $1,992,404 $2,431,516 $6,051,223 $6,839,520
_
Depreciation___________
413,404
412,662
1,254,213 1,238,096
Net income__________$1,578,999 $2,018,853
$4,797,010 $5,601,422
OFFICERS.— Pres., D. C. Jackling; V .-P., Charles Hayden, and W . E.
Bennett; Treas., C. V. Jenkins; Sec., A . J. Ronaghan. Office, 25 Broad
St., N. Y .— (V. 125, p. 2679.)
NEW CORNELIA COPPER CO. -See Calumet & Arizona Copper Co.
and V. 124, p. 245.
NEW JERSEY ZINC C O — (V. 125, p. 2399.)
NEW Y O R K AIR BRAKE CO. (THE)— Incorp. under laws of New Jer­
sey. Works at Watertown, N . Y . In 1912 the Westinghouse Air Brake
Co. granted a general license under its U. S. patents. V. 95, p. 748; V. 96,
p. 531.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stock— Com 300,000 shs (no par)- ____
300,000 shs ------------------Bonds— 20-yr 1st M gold $3,- T 6 g M -N
$3,000,000 M ay 1 1928
000,000 ($100 &c)______Ce.x \Int. at Central Un Trust Co., New York.
STOCK.— The stockholders on Sept. 15 1922 approved a plan of re­
capitalization providing for the creation o f 100,000 shares o f class A pref.
o f no par value and 300,000 no par value common shares. The old $10,00 0,000 common stock (par $100) was exchanged for 200,000 shares of no par
value common stock in the ratio o f 2 no par value shares for each $100 par
value share.
All o f the outstanding class A stock was redeemed on July 1 1926 at $60
per share and dividends.
The stockholders of record July 12 1926 were given the right to subscribe
for 100,000 additional shares of common stock at $35 per share, on the basis
o f one new share for each two shares o f common stock held.
D IV ID E N D S .— On new common stock o f no par value paid $1 per share
each quar. from Aug. 1 1923 to Aug. 1 1925; N ov. 2 1925 to Aug. 1 1926
paid 50c. quar.; on Nov. 1 1926 to N ov. 1 1927 paid 75c. quar.
Initial div. o f 84c. a share on new class “ A ” pref. stock was paid Jan. 1
1923; Apr. 2 1923 to July 1 1926, paid $1 quar.
BONDS.— V. 86, p. 725, 797, 921, 1104.
R E PO RT.— For 1926, in V. 124, p. 1523, showed:
Calendar Years—
1926.
1925.
1924.
1923.
x Gross profit__________ $2,586,888 $2,079,463 $2,164,068 $3,592,359
Other income__________
294,414
196,592
194,130
421,339

211

Of the 200,000 shares of new no par value Common stock, 170,000
shares were issued in exchange for the $100 par value stock on the basis
of two new shares for one old share. The additional 30.000 shares are
contracted to be issued, one-third each Dec. 31 1926, 1927 and 1928, at
$15 per share.
D i v a — I 04. ’05-T2. 13. T 4. T 5. T 0. T 7. T 8. T 9. ’20. ’21. '22-’25.
Com. (% )_ l 7 6 yrly 1A 0
IX 8
12 12 8 X
8 4X
0
Also 40% in common stock ($2,000,000) Paid on com stock Jan 2 1907.
On pref. in full to Aug. 30 1924; none since; $18 per sh. in arrears.
1
Unpaid divs. on The Niles Tool Works Co. pref. stock as o f N ov. 17 1927
were $7.50 per share.
R E PO R T .— For 1926, showed:
Including Associated Companies.
Calendar Years—
1926.
1925.
$868,231
Operating income_________________________________ $1,671,180
Selling and general expenses______________________ 1,452,703
1,498,955
Operating loss________________________________ sur.$218,477
Otherincome____________________________________
135,383

$630,724
141,245

Loss___________________________________________ sr.$353,860
Depreciation____________________________________
161,682
Interest and miscellaneous______________________
______

$489,479
259,294
50,746

Net loss_______________________________________ sr.$192,178
$799,519
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 2920.
OFFICERS,— Chairman, Edward A . Deeds, Pres., Leonard S. Horner;
V .-P ., S. G. Etherington, V.-Pres., Sec. & Treas., Chas. K. Seymour;
Asst. Treas., Arlo Wilson. Office, 111 Broadway, N . Y .— (V. 125, p.
1201.)
NIPISSING MINES CO., LTD .— (V. 125, p. 2157.)
NORTHERN PIPE LINE CO.— ORGANIZATION, &c.— Incorp. in
Pennsylvania in 1889. Owns pipe lines in State of Pennsylvania. For­
merly controlled by Standard Oil Co. of N. J., but segregated in 1911. See
Standard Oil Co., V. 85, p. 216, 790; V. 93, p. 1390.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
$4,000,000 _____________
Stocks— Common ($100)________ ____
D IV ID E N D S.— 5% paid semi-ann. July 1912 to Jan. 1924; July 1924
to Jan. 2 1928 paid 3% semi-annually. Also paid extra divs. of 4% in Jan.
1918, 15% in Jan. 1923, 1% in July 1926, 1% in Jan. 1927, and 2% in Jan.
1928.
RE PO RT.— For 1926 in V, 124, p. 1079, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net in c o m e ....................
$374,006
$310,748
$214,205
$308,155
Dividends_______________
320,000 (6)240,000 (6)240,000 (10)400,000

Balance_______________
$54,906 sur$70,748 def$25.795 def$91,845
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 1079.
OFFICERS.— D. S. Bushnell, Pres.; J. A. Bartlett, V .-P . & Gen. M gr.;
J. R. Fast, Sec.; W . F. Livingston, Treas. Main office, Oil City, Pa.;
Total income________ $2,881,302
$2,276,055 $2,358,198 $4,013,698 New York office, 26 Broadway.— (V. 125, p. 2679.)
466,319
467,307
Admin., &c., expenses..
466,300
458,397
NORTHERN SECURITIES CO.— In 1904 the capital stock was reduced
_
324,111
254,953
203,828
376,511
Taxes, franchises, &c_
to remain at $100
130,141
246,879
413,428 from $395,400,000 to $3,954,000, the par value of shares 1275, 1392; V. 76,
Royalties______________
297,750
pending completion of dissolution. V. 78, p. 1168, 1223,
Interest paid__________
197,659
197,179
191,991 p. 811, 919, 1249.
198,783
400.000
500.000
335,700
Class “ A ” dividends___
y62,100
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds.whenDue.
800.000
600.000
600,000
Common “ B ” dividends
639,703
$3,953,900 _____________
3,606
46,883 Stocks— Com $3,954,000 ($100)-- ____
Sundry charges, &c____
1,547
D IV ID E N D S.— On stock as reduced 5% yearly 1906 to 1908; 1909, 4% ;
$892,131
$290,159
$39,398$1,426,488X % : 1911, 4% ; 1912, 3% ; 1913 to 1916 incl., yearly Jan. 11, 2% ;
Balance, surplus_____
1910, 2
x After deducting cost of manufacture, labor and materials, including 1917, Jan., 3 X % ; 1918, Jan., 3 X % ; June, 3% ; Jan. 1919, 4% ; July 1919,
repairs, renewals, depreciation, &c. y Class A stock redeemed July 1 1926 3% ; Jan. 1920, 4 % ; July 1920, 3% ; Jan. 1921, 4% ; July 1921, 4 % ; Jan.
1922, 4% and 6% extra; July 1922, 4% ; Jan. 1923, 4% and 2% extra; July
at $60 per share and dividend.
OFFICERS.— Pres., B. B. Greer; V .-P ., Richard B. Sheridan; V .-P ., 1923, 4% ; Jan. 1924, 4% and 2% extra; July 1924, 4 % ; Jan. 1925, 4% ; July
James Waters; Asst. Treas. & Asst. Sec., E. A. Johnson; Compt., Charles 4% ; Jan. 1926, 4% and 2% extra; July 1926, 4% ; Jan. 1927, 4% and 2%
extra.
B. I.buht. Office, 165 Broadway. New York.— (V. 125, p. 1986.)
R E PO RT.— For 1926, in V. 124, p. 383, showed:
Calendar Years—
1926.
1925,
1924.
1923.
NEW Y ORK DOCK CO.— O R G A N IZA T IO N — Incorporated in N . Y ‘
Total receipts__________ x$403,115
$403,748
$363,806
$405,345
State on July 18 1901 as successor of the Brooklyn Wharf & Warehouse Co
23,166
16,553
21,725
22,060
foreclosed and reorganized per plan V. 72, p. 937. V. 73, p. 239, 1355, Taxes_________________
13,797
13,668
13,680
13,838
Owns water frontage in Brooklyn, about 2 H miles in length; i59 bonded\ nt Administration expenses
400
--------3,311
3,993
free warehouses, with floor space of approximately 5,000,000 sq. ft .; 34 piers Interest and exchange-395,390
316,308
395,380
395,380
Dividends_____________
o f various sizes, with wharves, and 20 manufacturing buildings. V. 90. p
1365; V. 103, p. 1794.
Balance, sur. or def__ def$29,638 sur$57,219 def$70,289 def$29,926
The railroad department was acquired Oct. 1 1912 by New York Dock
x Total receipts in 1926 include dividends from C. B. & Q. R R ., $230,6301
R y. V. 95. d - 1217. 1477: V. 96. p. 1026.
dividends from Crow’s Nest Pass Coal Co., Ltd., $166,145, and interest,
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds.whenDue$6,340.
Stocks— Com $7,000,000 ($100)-- ____
$7,000,000 _____________
OFFICERS.— Pres., E . T . Nichols; V.-Pres., Anson M . Beard; Sec. and
Pref non-cum(text)($100) Usm. 5 J-J
$10,000,000 ----------------Treas., Nicholas Terhune. Office, 26 Liberty St., N . Y .— (V. 124, p. 383.)
Bonds— 50-yr 1st M g call 105 f 4 g F-A
$12,550,000 Aug 1 1951
$13,000,000 ($500 & c).U sm . Int. at TJ. S. Mtge. & Tr. C o., N. Y .
NORWALK TIRE AND RUBBER CO. (T H E ).—Incorp. under laws
xc&r l
of Connecticut on March 23 19l4, and is engaged in the manufacture,
STOCKS.— Com. stock, $7,000,000; pref., 5% non-cumutative $10,000,- purchase and sale of rubber and rubber goods, pneumatic automobile cord
000, all in shares of $100 each. After 5% on both stocks share they tires and inner tubes for omnibuses, trucks, taxicabs and pleasure cars,
equally. There is no preference as to classes of stock in the event of practically all of which are sold under the company's brand names of Nor­
dissolution or distibution o f capital assets. Bonds, $450,000 in treasury walk Tires and Tubes. Plant is located at Norwalk, Conn.
Dec. 31 1926 with further $12,550,000 outstanding.
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds.whenDue.
249,167 shs _____________
D I V I D E N D S , f’ l l . T 2-T6. ’17. ’ 18. T9. ’20. ’21. '22. 23 to 27 Stocks— Com 250,000shs (nop.ar) ____
Pref cum $2,000,000 call 115
On preferred, %\2\4 None
2
514
5
5
5
5
5 yrly.
($100)-------- ----------------------- 7 Q-J
$1,054,000 ------------------On common, % l___
___
___ ___2 A
2 A 2 A 2 A _______
STOCK.— On Apr. 19 1927 the stockholders changed the auth. com.
Paid on pref. in 1927: Jan. 15, 2]4%\ July 15, 2 A % Div. N o. 1 was paid on common stock Feb. 15 1919, 2A %\ Feb. 16 1920 stock from 150,000 shs. $10 each, to 250,000 shs. of no par value. The
Preferred stock has an annual sinking fund of 5% of the total amount of
paid 214 % ; Feb. 15 1921 paid 2 A % and Feb. 16 1922 paid 2 A % : none since
Preferred stock that shall have been issued, to be applied toward the
R E PO RT.— For 1926, in V. 124, p. 2760, showed:
purchase of Pref. stock at not exceeding 115 and accrued divs.
Calendar
Gross
Total
Preferred
Balance.
D IV ID E N D S.— On pref. stock, in full to date. On common stock paid
Years—
Earnings. Net Income. Dividends.
Surplus.
1926- ---------$3,427,863
$699,895
$500,000
$199,895 as follows: 1917, 3 % ; 1918, 4 % ; 1919, 8% ; 1920, 6% ; then none until Oct. 1
1925________
3,381,716
610,735
500,000
110,735 1925, when 4% was paid; same amount paid quar. to April 1926; July 1 1926
1924.................
3,370,909
554,031
500,000
54,031 paid 2% ; none since.
1923--------3,297,713
622,869
500,000
122,869
R EPO RT.— For year ended Sept. 30 1926, in V. 123, p. 2787, showed:
1922------------------------------ 3,827.322
649,267
500,000
149.267
Income Account Year Ended Sept. 30 1926.
9 Mos. End. Sept. 30— 1927.
1926.
1925.
1924.
Gross profit_________________________________________________
$450,178
Gross revenues_________$2,764,691
$2,503,695 $2,509,896 $2,407,613 Expenses____________________________________________________
628,058
Expenses______________
1,274,999 1,185,604
1,164,028
1,060,960
Taxes, interests, &c____
898,561
827,582
867,805
950,130
Operating loss_____________________________________________
$177,880
Otherincome------------------------------------------------------------------------22,554
Net income__________
$591,130
$490,509
$478,062
$396,523
Loss______________________________________________________
$155,326
OFFICERS.— Chairman, F. S. Landstreet; Pres., Grigori Benenson;
140,810
Exec. V.-Pres., D . L. Tilly; V.-Pres., C. D . Hoagland and R. W . Dowling; Depreciation, interest, &c___________________________________
Sec., C. E. Hicks; Treas., V. A. Wheeler. Office, 44 Whitehall St., Man­
Net loss__________________________ _________________________
$296,136
hattan), N. Y .— (V. 125, p. 2679.)
OFFICERS.— Pres., W . B. Miller; V.-Ps., John W . Ingram and A. S.
NEW Y O R K SHIPBUILDING CORP.— Name changed to American Banks; Sec. & Treas., Wm. L. Young; Controller, J. N . Cieri. Office,
Brown Boveri Electric Corp. See that company above.
Norwalk, Conn.— (V. 125, p. 925.)
NOVA SCOTIA STEEL & COAL CO., LTD.— ORGAN IZATIO N .—
NILES«BEMENT=POND CO.— ORGAN IZATION .— Incorporated in
New Jersey Aug. 11 1899; makers o f heavy machines. V. 69, p. 388; Incorp. in N. S. in 1898. Owns steel plant, blastfurnaces, collieries and iron
mines in Cape Breton County, N . S. Also owns $800,000 of the $1,550,000
V. 105, p. 2370.
stock of Eastern Car C o., Ltd. See full statement to N. Y . Stock Exchange
CONTROLLED COM PANIES— GUARANTIES.— Owns entire com
In 1916 on listing of ordinary shares In V. 103, p. 1896; V. 106, p. 1801,1790.
mon stock ($2,000,000) o f Pratt & Whitney C o., guar. 6% on latter’s pref
Proposed adjustment of coal arrears, V. 108, p. 2246. In Dec. 1919
stock, provided that the guarantor earns same on its own stock. Dividends purchased for $2,000,000 a controlling interest In the Acadia Coal C o.,
paid to Dec. 31 1926.
formerly operated by a Belgian syndicate, with head offices In Brussels
The Niles-Crane Corp. o f Philadelphia, a subsidiary, was incorporated in
and mines in Pictou County, Nova Scotia. V. 109, p. 2362. The stock­
New Jersey in Jan. 1926 to take over and operate the Crane works. Other
holders in April 1921 voted to merge into the British Empire Steel Corp.,
subsidiaries are the Ridgway Machine Co., Niles Gear Co., Niles-Bementwhich see.
Pond Co. o f Mass., and Niles Machine Tool Corp.
STOCKS AN D BONDS—
Rate of In t. Outstanding. Bds. when Due.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
-----$15,000,000 ____________
170,000 shs _____________ Stocks— Com $15,000,000 ($100). See text
Stocks— Com 200,000 shs (no par) ____
Pref cum not call ($100)____
$ 1 , 000,000
------------------------Pref 6% cum $3,000,000 call
Eastern Car Co pref stock 6%
105 ($100)_________________ See text
$1,662,200 ______________
$750,000
cum ($100)________________ ____
Pratt & Whitney 6% f cum f 6 Q-M
$917,500 ------------------Bonds— 50-yr 1st M (closed) f 5 g J-J
,134,135 July 1 1959
stk guar Jan 1 ’21 ($100)-- \
golds f A. % red 105 ($100,&c) lin t, at Toronto, Montreal, Boston & Lon.
Niles Tool Works 6% pref ( 6
$828,500 ------------------Mtge debenture stock call 105f 6 J-J
$4,978,500 Callable only
(£1, &c)____________________lin t, at N . Y ., London or Montreal.
not guar ($100)----------------1
STOCK.— The stockholders on Sept. 1 1925 approved a plan to change Eastern Car Co 1st M (closed) f 6 J-J
$820,300 July 1 1952
and reclassify the Common stock from 85,000 shares, par $100 to 200,000
guar s f 1% call 105 ($100,{Int. at New York, London, Montreal.
&c)____________________ c*&r(
shares o f no par value. The Preferred stock remained unchanged.




212

[V ol. 125.

INDUSTRIAL STOCKS AND BONDS

STOCK..—To provide ample working capital, all shareholders o f record
as o f June 30 1917 were allowed to subscribe at par pro rata for $5,000,000
new com. stock. The Hayden-Stone interests as underwriters took up the
remainder, increasing their holdings to a decided majority o f the stock.
V. 105, p. 721. The stock bonus o f 20% , or $2,500,000, distributed to
common stockholders N ov. 20 1917, raised the issued common stock to the
full authorized $15,000,000. V. 104, p. 2557; V. 105, p. 76.
LATE CASH D IV .— T 6. '17. *18. *19. *20. *21. *22. *23. *24. *25 *26.
Preferred stock______ % 8 8 8 8 8 8 8 8 2
0 0
Common____________ % 0
2H 6H 5
5 text 0
0
0
0
0
The April 1924 dividend on preferred stock was passed; none since.
Dividends on the common stock were resumed in 1917 with a declaration
•f 2 M % , payable July 14; on Jan. 15 1918 paid 2 M%; April 1918 to Apr.
1921 paid 1 H % quar. On Aug. 10 1921 paid 21 cents; none since.
In 1909 a 20% dividend in stock was paid. V. 102, p. 1064. In N or
1917 stock dividend of 20% in common stock. See above and V.105,p.2099
BONDS, Sec.— First mtge. auth., $6,000,000; redeemed, $772,094
V.
88 . p. 1563.
Debenture stock is limited to amount o f paid-up capital. Eastern Car
Co. 1st 6s. V. 94, p. 1698.
The following committee has been appointed to protect the interests of
the 1st mtge. bonds: Frank Stanfield, W . H. Chase, J. C. MacKeen, Gavin
L. Stairs, T . F. Tobin and J. Norwood D uff us, with H. P. MacKeen, Sec.
Depositaries, The Eastern Trust C o., Halifax, N . S., and Montreal, Que.;
Toronto General Trusts Corp., Toronto, Ont.; Bank of Nova Scotia, Lon­
don, England. V. 123, p. 1390.
Counsel for the Eastern Trust Co. on N ov. 12 1926 served notice of appeal
from the judgment o f Justice Carroll, in which an application for the ap­
pointment o f a receiver for the company was dismissed. Compare Y. 123,
p. 2401.
RE PO RT.— For calendar year 1926 in V . 124, p. 2920, showed:
Calendar Years—
1926.
1925.
Net profit from operations_______________________
$346,380
$118,778
Special expenses due to strike and shut-down--------------617,413
Interest charges_________________________________
565,244
629,466
Sinking funds and depreciation reserve__________
300,000
300,000
Balance, deficit_______________________________
Previous surplus_________________________________
Loss on sales o f Wabana Ore-------------------------------

$518,864 $1,428,100
1,339,327 2,767,426
Dr90,359
---------

Profit and loss surplus________________________
$730,104 $1,339,326
Pres., R . M . Wolvin; Sec., C. S. Cameron. Office, New Glasgow, N. S.
— (Y. 124, p. 2920.)
NUNNALLY CO. (TH E).— Organized in Delaware on N ov. 20 1919.
Engaged in the manufacture and sale, both at wholesale and at retail, of
candies and confectioneries of all kinds, ice cream and flavoring syrups, and
in leasing and operating shops for the sale o f candy, soda water and ice
cream. TTactory, located at Atlanta, Ga., has a capacity o f about 20,000
pounds o f candy and 500 gallons o f ice cream per day. Operates 15 stores
in Atlanta and Savannah, Ga.; Jacksonville, Fla.; Birmingham, Ala.;
Norfolk and Richmond, Va., and Washington, D . C.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 160,000 shs (no par) -----160,000 shs ------------------STOCK.— See table.
D IV ID E N D S.— Initial div. o f 50 cents a share was paid June 1 1920; on
Dec. 31 1920 paid $1 a share: June 30 and Dec. 31 1921 paid 50 cents each;
Dec. 30 1922 to June 30 1925, paid 50c. each; Dec. 31 1925 and June 30
1926 paid 75 cents each; and June 30 1927 paid 50 cents.
R E PO RT.— For 1926 in V. 124, p. 802, showed:
1924.
1923.
1926.
1925.
Not
N ot
Not
S I,553,589
Net sales_________
stated
stated
stated
1,383,066
Expenses, deprec., &c._
Operating profit_____
Other income (net)_ _

$242,291
34,007

$243,992
46,573

$177,345
39,421

$170,523
D r.2,645

Total income - Reserve for Fed. taxes. .
Profit-sharing distrib_
_

$276,293
36,103

$290,565
34,444
20,000

$216,766
26,275

$167,878
20,470

$190,491
$147,408
$240,195
$236,121
Net profit. _______
Dividends__________ ($1J£) 200000 ($1.25)200,000 ($1)160,000 ($1)160,000
Surplus
$36,121
$30,491 def$12,592
$40,195
Profit and loss, surplus.
58,408
134.725
94,530
27,917
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 934.
Period End. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 Mos.— 1926.
Net profit after exp., but
before tax___________
$10,890
$31,303
$63,237
$154,467
OFFICERS.— Chairman, James H. Nunnally; Pres, and Treas., Winship
Nunnally; V.-P. & Sec., F. C. Fenn. Office, Atlanta, Ga.— (V. 125, p. 2539.)
OHIO OIL CO.— ORGAN IZATION , &c.— Incorp. in Ohio in 1887.
Owns extensive tracts o f oil lands in Ohio, Indiana, Illinois and New Mexico.
Produces crude oil. See Standard Oil Co. o f New Jersey. V. 85, p. 216, 790;
V. 86, p. 984, 1227; V. 93, p. 1390. The pipe lines in Pennsylvania, Ohio,
Indiana and Illinois', about 1,100 miles in length, were in Dec. 1914 trans­
ferred to the Illinois Pipe Line C o., the latter’s $20,000,000 stock being dis­
tributed nro rata in the proportion o f 133 1-3% among the Ohio Oil Co.
stockholders. V. 99, p. 1678, 1915.
STOCKS AN D BONDS—
Rate of Int.
Outstanding. Bds. when .
Stock-— Common ($25)_________
____
$60,000,000 ------------------STOCK.— The stockholders voted N ov. 24 1922 to increase the capita1
stock from $15,000,000 to $60,000,000 (par $25). A stock dividend of
300% was paid in Dec. 1922. V. 115, p. 2486.
Has entered the North Central Texas, Kansas and Oklahoma fields
through its subsidiary, the Mid-Kansas Oil & Gas Co. V. 107, p. 1007.
D IV ID E N D S.—
1917. *18. *19. *20. *21. *22. *23. *24. *25. *26.
Regular________________ % 20
20 20 20 20 20 9
6 8
8
Extra__________________ % 76
76 68 60 23 *20 . . . .
2
6
* Also 300% in stock.
Paid in 1927: Mar. 15, 4% ; June 15, 2% & 1% extra; Sept. 15, 2% & 1%
extra; Dec. 15, 2% & 1% extra.
REPO RT.— For 1926:
Calendar Year—
1926.
Net income_________________________________________________ $17,094,548
Federal taxes________________________________________________ 3,557,643
D ividends__________________________________________________
8,377,087
Minority interest in deficit o f subsidiaries_____________________
24,657

A regular cumulative sinking fund for the purchase or redemption o f the
preferred stock at not exceeding $110 per share and accrued dividends is
to be provided by setting aside from the surplus or net profits on April 1
and Oct. 1 of each year commencing April 1 1926 a sum equal to 1 % o f the
ereatest amount o f preferred stock theretofore issued, that is, at the rate of
2% per annum. The company is to be credited on its regular sinking fund
obligation with preferred stock retired through conversions.
An additional sinking fund for the same purpose is also to be set apart
on June 1 of each year by setting aside from net earnings an amount equal
to 25 % o f the consolidated net earnings (as defined) of the preceding fiscal
year remaining after deducting from such net earnings (a) the dividends
paid and accrued on the preferred stock for such fiscal year; (6) the regular
sinking fund on the preferred stock paid or accrued; (c) a sum equal to $4
per share on the common stock to be outstanding, that is, $1,300,000.
DIVS.— An initial dividend on the common stock of 50 cents a share was
paid on Jan. 2 1926. same amount paid quar. to Jan. 2 1928.
An initial dividend for one month on pref. stock was paid N ov. 1 1925,
regular quarterly dividends since paid to Nov. 1 1927.
R E PO RT.— For 1926, in V. 124, p. 2291, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Gross profits from oper. $6,921,027 $5,600,937 $4,384,538 $6,796,182
Selling, adm. & gen. exp. 4,248,072
3,674,255
3,154,580
3,154,529
Net profit from o p e r.. $2,672,955
Other income__________
313,814

$1,926,682
232,959

$1,229,95S
252,746

$3,641,653
234,516

Total income_________ $2,986,769
Depreciation__________
452,841
Amort. &miscell_______
170,201
Prov. for Fed. inc. t a x ..
318,500

$2,159,641 $1,482,704 $3,876,169
336,191
471,577
455,969
167,312
329,480
325,419
213,500
75,000
361,660

Net income for y e a r .. $2,045,227
Preferred dividends____
605,150
Common dividends_____
650,000

$1,442,710
40,833
672,500

$606,647
______
600,000

$2,733,121
______
390,000

B alance, surplus_____
$790,077
$729,377
$6,647 $2,343,121
OFFICERS.— Pres., Louis Brown: V .-P . & Gen. M gr., D . J. Brown;
V.-P. of Credits, H. C. Burns; V.-P. & Treas., H. H. James; V.-Pres.,
S. C. Reid, T. C. Fleming, J. H. Hillman, Jr.; Sec., E. W . Criswell.
Office, Pittsburgh, Pa.— (V. 125, p. 1202.)
OPPENHEIM, COLLINS & CO., INC.— Incorp. in Delaware Sept. 10
1924 and acquired the capital stock o f the following companies: Oppenheim,
Collins & C o., New York, Inc., a New York corporation (New York City
store); Oppenheim, Collins & C o., Philadelphia, a Pennsylvania corpora­
tion (Philadelphia and Pittsburgh stores); Oppenheim, Collins & C o.,
Newark, a New Jersey corporation (Newark store); The Oppenheim, Col­
lins Co , an Ohio corporation (Cleveland store); Oppenheim, Collins & C o.,
Buffalo, a New York corporation (Buffalo store); and Oppenheim, Collins
& O r , Brooklyn, a New York corporation (Brooklyn store)
Three of the predecessor companies, to wit: Oppenheim, Collins & Co.,
New York, Inc., Oppenheim, Collins & C o., Buffalo, and Oppenheim,
c
Collins S Co., Brooklyn, were consolidated into the Opco Realty C o., Inc.
(a New York corporation), and thereafter all their assets, other than real
estate and insurance thereon, were transferred to the Delaware corporation.
Assets of other Oppenheim, Collins companies, except the Philadelphia
company, were also transferred to the Delaware corporation. The Ohio
and Newark corporations were dissolved. The assets other than real
estate and insurance thereon of Oppenheim, Collins & C o., Philadelphia,
were transferred to the Delaware corporation after which the stock of the
Philadelphia company was transferred to Opco Realty Co., Inc. The Dela­
ware corporation owns all the capital stock o f Opco Realty Co., Inc.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
200,000 shs _____________
Stocks— Com 220,000 shs (no par) ____
STOCK.— See table.
D IV ID E N D S.— An initial quar. div. o f 75 cents per share was paid
Aug. 15 1925, same amount paid quar. to Aug. 15 1926; N ov. 15 1926 to
N ov. 16 1927, paid $1 quar.
R E PO R T .— For year ended July 31 1927 showed:
Years Ended July 31— 1926-27.
1925-26.
1924-25.
1923-24.
Sales___________________ $21,140,398 $20,994,092 $20,691,985 $21,000,626
Net profit after charges. 2,139,827
1,998,793
1,435,452
1,497,043
Depreciation___________
184,020
180,993
203,381
233,468
Federal taxes___________
285,000
250,000
193,734
156,316
Dividends (new c o .)____ ($4)798,572 (13)598,661
149,970
___
Balance, surplus_____
$872,235
$969,139
$888,367 $1,107,25
OFFICERS.— Pres., Isaac D . Levy: Treas., Solomon Starr; Sec’y
James K . Cuddy. Office, 33 West 34th St., New Y ork.— (V. 125, p . 1202.-

ORPHEUM CIR C U IT INC.— Organized Dec. 22 1919 in Del. and ac­
quired the capital stock of 38 theatrical companies in the U. S. and Canada.
Operates 47 theatres in 25 cities in the central and western parts of the
U. S. and Canada.
STOCKS AND BONDS—
Rate Of Int. Outstanding. Bds. when Due
$549,170 _____________
Stocks— Com 1,000,000shs ($ 1)-- -----Pref cum cv $10,000,000 ($100) 8 Q-J
$6,415,000 ______ ______
STOCK.— Pref stock is convertible into common stock at any time
on the basis of two shares of com. for one share of pref. Sinking fund, 5% of
net earnings after pref. divs. and Federal income taxes for preceding year to
be applied to purchase of stock at not over 110 and div. V. 117, p. 1092.
DIVS.— Initial div. of 50 cents per share on the common stock was paid
April 1 1920; same amount paid quar. to Oct. 1 1921; then none until Feb. 1
1924, when 1 2 cents per share was paid; same amount paid monthly
to April 1 1925. Feb. 1 1925 to Jan. 1 1926 paid 15 cents monthly. Feb. 1
1926 to Dec. 1 1927 paid 16 2-3 cents monthly.
BONDS.— Principal bonded indebtedness o f subsidiary companies on
Dec. 31 1926 was as follows: St. Paul leasehold notes, due Apr. 29 1932,
$90,000; 2d mtge. 6s, due $50,000 annually to S incl. Dec. 1 1932, $250,000;
c
Jr. Orpheum o f Los Angeles, due N ov. 15 1935, $1,125,000; Jr. Orpheum
o f San Francisco, due Jan. 1 1936, $750,000; Omaha & Seattle Orpheum
Co. 6s, $2,250,000; due $45,000 ann. from Dec. 1 1928 to & inch Dec. 1
1932; $110,000 ann. from Dec. 1 1933 to & incl. Dec. 1 1936; $115,000 ann.
from Dec. 1 1937 to & incl. Dec. 1 1940, and $690,000 on Dec. 1 1941; and
the Orpheum Theatre & Realty Co. 6s, due Sept. 1 1946, $1,965,000.
R EPO RT.— For 1926, in V. 124, p. 1523, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Gross income__________ $18,650,248 $18,205,789 $19,136,223 $16,759,001
Expenses_____________ 15,472,328 14,900,283 14,683,049 13,836,965
Amortiz. of leaseholds..
169,830
212,357
207,426
220,066
Depr. of bldgs. & equip.
621,911
701,035
922,433
907,645
Canadian taxes (est.)_
_
______ 1 217,293/
4,350
______
Balance, surplus__________________________________________ $5,135,161
Federal taxes__________
300,000 /
\
421,652
225,630
BALANCE SHEET as o f Dec. 31 1926 in V . 124, p. 1990.
Preferred dividends____
501,063
510,832
531,960
542,308
984,199
822,358
______
OFFICERS.— Pres., O. D. Donnell; V.-Pres., J. K. Kerr, F. E. Hurley, Common dividends_____ 1,093,274
R . J. Berry, John McFadyen; Sec., C. L. Fleming; Treas., F. A. Billstone.
Balance, surplus_____
$491,841
$679,790 $1,542,996 $1,026,386
Office, Marshall, 111.— (V. 125, p. 2680.)
Total surplus___________ $4,272,342 $3,787,714 $3,105,185 $1,536,683
549,170
549,170
549,170
549,170
OIL WELL SUPPLY CO.— Incorp. under laws o f Pennsylvania in 1891. Shs. com. outst. (par $1)
_
$2.89
$3.03
$4.31
$1.87
Manufactures machinery and supplies for drilling and operating oil and gas Earns, per sh. on com _
wells. In addition to its own output, the company and its subsidiaries
BALANCE SHEET as o f Dec. 31 1926, in V. 124, p . 1523.
distribute pipe and sundry other articles which are manufactured by others.
OFFICERS.— Pres., Marcus Heiman, V.-Ps., J. M . Finn, C. L. Kohl
Theprincipalproducts handled include drillingmach’y , tools, tubular goods,
engines, &c. The principal manufacturing plants are located at Pitts­ and M . H. Singer, Sec. & Treas., B. B. Kahane, Asst. Sec., O. R. M cM ahon.
burgh, Pa.. Oil City. Pa.. Bradford, Pa., Los Angeles, Calif., Oswego, Office, State-Lake Bldg., Chicago. N . Y . office, 1564 Broadway.— (V. 125,
N . Y . and Poplar Bluff, M o. The company owns and operates 95 branches p. 1988.)
located at all important points throughout the oil and gas territory in the
OTIS ELEVATOR CO.— Incorp. under New Jersey laws N ov. 28 1898
United States and Mexico, and also has a branch in London and Bucharest
as a consolidation of a number of manufacturers o f elevators. The company
for the European and Oriental trade.
owns plants in Buffalo and Yonkers, N. Y ., Harrison, N. J., and Quincy,
STOCKS AN D BONDS—
Rate of Int. Out-tanding. Bds. when Due. 111., and employs about 16,000. Owns entire stock of Otis-Fensom Elevator
Stocks— Com $15,000,000 ($25)-- ____
$9,390,625 ____________
C o., Ltd., of . Canada, 99% o f the stock of Companie Beige des
Pref cum conv red 110 (text)
Ascenseurs Otis of Belgium, entire stock Otis Aufzugs werko Geselischaft
($100)_____________________ 7 Q-F
$6,760,000 ------------------of Germany, and Otis Ascensori e Montacarichi of Italy, and substantial
STOCK.— The preferred stock is convertible at any time into common holdings in Ateliers Otis-Pifre o f France, and Waygood-Otis Ltd. of
stock o f the company on the basis o f $100 per share for the preferred stock England also owns entire stock of Otis Elevator Co. of Maine, which
and the following prices for the common stock: $38.94 per share in the case of operates in Cuba, Central America, South America and Japan. The
the first $2,000,000 par value preferred stock converted; $43 25 per share for company is engaged in the manufacture, installation and erection o f eleva­
the next $2,000,000 par value preferred stock converted; and $47.56 per share tors, escalators and elevator accessories o f all kinds. Offices and ware­
houses are maintained in all o f the principal cities o f the United States.
for the remaining preferred stock converted.




Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

213

STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Streator, 111.: Glassboro, N . J., and Okmulgee, Okla.
Output includes
Stocks— Com $25,000,000 ($50)-- -----821,609,250 ------------------bottles for catsup, chili sauce, salad dressings, syrups, perfume, proprietary
Pref non-cum $6,500,000 ($100) 6 Q-J
$6,500,000 _____________ medicines, druggists’ bottles, &c. In July 1917 purchased property of
STOCK.— The stockholders on April 28 1924 (o) changed the par value Kanawha M frs. Gas Co. and July 1 1918 the Whitney Glass Works. On
o f the common stock from $100 to $50 per share, and (5) increased the Jan. 1 1926 the Chas. Boldt Glass Co. was consolidated. V. 121, p. 3015.
authorized capital stock from $15,000,000 to $25,000,000. New shares of Other purchases, V. 109, p. 773; V. 118, p. 1279.
common stock, par $50. were issued in exchange for the old common stock
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
on a basis o f two new shares for each $100 share held. A div. o f 25% in Stocks— Com $30,000,000 ($25)-. ____
$18,244,350 _____________
common stock was paid Feb. 1 1927.
Pref cum call 115 $16,649,100
D IV ID E N D S.—
'13. T 4. ’ 15-T9. ’20. ’21. ’ 22. ’23. ’24. ’25. ’26.
($100)-------------------------------- 7 Q-J
$3,926,300 _____________
On common (cash)______
4 4M
5
7K 10
8
8
11 1112
STOCK.— The preferred stock is entitled to cumulative pref. dividends of
On common (stock)______ __
50 __
10
-7% per annum; to priority as to assets to its par value plus accrued dividends;
Paid in 1927: Jan. 15, 3% ; Feb. 1, 25% in common stock: April 15, 3% : and is subject to redemption, all or part, at 115 and divs. on 90 days’ notice.
July 15, 3% : Oct. 15, 3% .
One-half of the outstanding preferred stock was redeemed on April 1 1927.
On preferred, divs. declared to and including Jan. 15 1928.
V. 123, p. 3194.
D IV ID E N D S .— On Oct. 1 1916 paid on common shares regular 3%
R EPO RT.— For 1926, in V. 124, p. 2131, showed:
and an extra 8 % . V. 103, p. 1122. From Jan. 1 1917 to Jan. 1918,
Calendar Years—
1924.
1923.
1926.
1925.
incl.
2%
In
. $5,505,400 $6,382,908 $6,286,510 $4,008,705 incl., paid 20% p. a., 1918 for each quar. regular 3% and cash extra.extra
July and Oct.
and
390,000
390,000 April,of 2% on the common paid regular quarterly 3% in 4s at par. Jan.
Preferred dividends____
390,000
390,000
divs.
stock in Second Liberty Loan
1,138,158 1919 to Apr. 1921 paid 3% quar.; July 1921 to Jan. 1923 paid 2% quar.;
2,026,566
1,702,440
. 2,052,198
See x
1
575,000 Apr. 1923 paid 2% quar. and 1% extra; July 1923 to Oct 1 1927, paid 3%
See x
Reserved for Fed’l taxes;
f
Res’ve for pension fund _
307,906) 2,125,000]
100,000 quar.; also
453,235
extra in
8% extra in Jan. 1927. Also
350,000 paid stock paid 4% follows: Jan. 1926 and5% ; June 1 1921, 50%; Jan. 1
1,325, OOOj
Contingency reserve_
_
divs. as
July 1, 1920
1926, 5% ; Jan. 1 1927, 5% .
. $2,609,967 $2,333,437 $2,069,070 $1,455,547
1,702,440
1,246,892
Previous surplus.
. 7,682,147 y5,348,710
R E PO RT.— For 1926, in V. 124, p. 2603, showed:
Calendar Years—
1926.
1925.
1924.
1923.
$10,292,114 $7,682,147 $3,771,510 $2,702,439
_____
il
1,772,800
1,000,000 M fg. profit and royalties $8,550,974 $7,489,282 $5,643,463 $5,064,738
Other in co m e ............. ..
2,362,891
734,575
1,025,508
1,037,236
Profit & loss, surplus.$10,292,114 $7,682,147 $1,998,710 $1,702,439
$10,913,865 $8,223,856 $6,668,971 $6,101,974
x After deducting allowances for depreciation, all charges for patent
. 2,728,186 $2,314,173 $2,558,927 $2,161,411
expense, renewals and repairs for maintenance o f plant and equipment and
. 1,257,022
858,633
399,500
380,000
in 1925 and 1926, including reserve for Federal taxes, y Including $3,350,000 reserved for working capital.
. $6,928,657 $5,051,051 $3,710,544 $3,560,563
Preferred dividends____
563,861
575,360
9 Mos. End. Sept. 30—
1927.
1926.
1925.
1924.
608,031
622,167
. 3,479,825
2,643,554
xINet earnings__________ $4,734,113 $4,252,161 $5,126,856 $4,709,867
1,981,909
1,981,944
Reserve for Fed’l taxes._
______
______
585,000
585,000
. $2,884,971 $1,832,137 $1,120,604
Reserve for pensions____
225,000
225,000
150,000
150,000
$956,452
Reserve for contingencies
450,000
950,000
1,000,000 Profit and loss, surplus . $9,288,332 $8,204,892 $6,471,718 $5,970,391
Shares o f common out­
standing (par $25)___
661,128
695,100
760,548
Net income_________ $4,059,113 $4,027,161 $3,441,856 $2,974,867
660,508
$9.16
x Net earnings after all charges, maintenance and depreciation, and also Earns, per share on com .
$6.77
$4.70
$4.45
Federal taxes in 1926 and 1927.
Stock dividends o f 5% each were paid Jan. 1 1927 and 1926
OFFICERS.— Chairman, W . D . Baldwin: Pres., J. H. Van Alstyne:
Period End. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 M o s — 1926.
Sec. & Asst. Treas., T . M . Logan; Treas., C. A. Sanford: Aud., C. K. Kirk- M fg. profits & royalties. $1,791,755 $2,295,466
013,230 $7,219,480
bride. Office, 260 Eleventh A ve., New York.— (V. 125, p . 2157.)
327,172
Other income__________
196,897
801,646
808,082
OTIS STEEL CO. (TH E ).— ORGAN IZATION .— Incorporated in
Total income-------------- $2,118,926 $2,492,363 $6,814,876 $8,027,562
Ohio Jan. 3 1912 and acquired the Otis Steel C o., Ltd., an English company,
714,539
814,545
2,176,466
2,347,892
registered in 1895. In July 1919 reorganized and acquired the Cleveland Operating expenses, & c.
191,500
235,100
633,500
790,400
Furnace Co. Properties comprise: (a) the Riverside Works occupying some Estimated Federal taxes
330 acres, on which are 2 blast furnaces, 100 Semet-Solvay by-product
Net profit----------------- $1,212,887 $1,442,718 $4,004,910 $4,889,270
coke ovens, mills, ore docks, &c.; (6) The Lakeside works, on about 22
OFFICERS.— Chairman, Wm. S. Walbridge; Pres. & Gen. M gr., W. H.
acres, on which are 5 open-hearth steel furnaces, mills and foundry. Com­
bined annual capacity 360,000 tons pig iron, 228,000 tons plates, 84,000 Boshart; V.-Pres. & Asst. Gen. M gr., H. G. Phillips; V .-P ., William Ford,
tons light plates, 30,000 tons o f steel casting,*752,000 tons sheets, 192,000 Charles Bold, James Morrison and S. S. Cochrane; Treas., H. W . Carters;
Sec. & Asst. Treas., J. H. McNerney; Asst. Sec., F. L. Geddes and E .F.
tons strips. 336.000 tons coke and 540,000 tons ingots.
Martin. Office, Toledo, Ohio.— (V. 125, p. 2539.)
R ecapitalization Plan.
PACIFIC COAST COMPANY (TH E ).— This company owns all the
The stockholders and directors on June 30 1926 gave final approval to the
R . (old Col. & Puget Sound R R
Seattle to
recapitalization o f the company. This plan briefly called for the exchange securities of Pacific Coast Rbranches, 57 miles; Pacific Coast .), y. marrow
R
o f the old outstanding preferred stock for a new issue o f prior preference Franklin, Wash., &c., with
stock. Preferred stockholders were entitled to surrender their $8,830,600 gauge). Port San Luis, Cal., to Los Alivos, &c., with branches, 103 miles
old preferred stock and receive 1.3325 shares of new prior preference stock Pacific Coast Coal C o., owning Franklin mines, with 3,850 acres at Frank
paying 7% dividends for each share of preferred stock held, and In addition, tin. Wash., Black Diamond mines, with 4,670 acres at Black Diamond
$1 75 per share in cash, equal to the dividend which had accumulated dur­ Wash., Newcastle mines with 2,520 acres at Newcastle, Wash., Issaquah
ing the quarter which elapsed since the plan was first announced to stock­ mine with 1,600 acres at Issaquah, Wash., and South Prairie mine, with
holders, thus liquidating all accumulated dividends on the preferred stock 1,140 acres at Burnett. Wash., and coal-handling plants at Seattle, Tacoma
and Portland, Ore. During 1924 acquired the Carbonado mine, located in
so surrendered.
the vicinity of the company’s South Prairie mine.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocfcs-Com 1,000,000 shs(no par) -----741,802 shs _____________
Stocks-Com $7,000,000 (see text) ____
$7,000,000 _____________
Prior pref cum ($100)________ 7 Q-J
$11,659,659 _____________
1st pref non-cum $1,525,000
Bonds— 15-yr 1st M s f gold ser J 6 g M-S
$12,000,000 Mar. 1 1941
($ 100) ______________________
5 see text
$1,525,000
A red (text) ($500 & $1,000)jIn t. at Blair & C o., New York and
2d pref non-cum $4,000,000
kxxxc* [ Union Trust C o.. Cleveland.
( $ 100) ----------------------------------------4 see text
$4,000,000
D IV ID E N D S.— On the new prior preference stock paid initial div. of Bonds— 49-yr 1st M gold $5,5 g J-D
$4,000,000 June 1 1946
1 % % quar. on Oct. 1 1926: same amount paid quar. to Oct 1 1927. On
000,000 auth($1000) Ba.xxc* \Int. at Bankers Tr. C o., N . Y ., trustee.
the common stock (par $100) prior to Oct. 1 1919 paid dividends as follows:
d i v s .—
r '14. T5. T 6. T7. T 8. T9. ’20. ’21 '22.-’23. ’24. ’25- ’ 26
Y e a r...........................1913
1914
1915-16
1917
1918
1919
Common_
_
2
5
0
4
4
% ................................. 1
1
None
12H 1 0 ( + 10ext) 5
4 2
0
0
0
0
0
5
5
5
5
5
5 5
0
3H
2^ 5
5
BONDS.— All of the outstanding 1st mtge. 20-year 8% s. f. gold bonds. First pref . . %
4
4
4
4
4
4
2
0
0
1
4
Series “ A ,” and 1st mtge. 25-year 7% % s. f. gold bonds, Series “ B ,” were Second pref. % [ 5
After 4% on 2d pref. and com ., these share equally. V. 92, p. 122.
redeemed on Aug. 1 1926 at 1071^ and int. and 10214 and int., respectively.
The first mtge. 15-year 6% sinking fund gold bonds, Series “ A ,” dated The common div. was resumed Feb. 1 1917 at 1% quar., which rate was
March 1 1926, are redeemable in whole at any time, or in part on any int. paid to and including N ov. 1 1919; thereafter none until Aug. 2 1920, when
date on six weeks’ notice at 105 and int. up to and including March 1 1931: 1% was paid; N ov. 1920, 1% ; none since.
thereafter at 105 and int. less >4% for each 12 months or part thereof
No payments were made on 1st pref. from Aug. 1921 (when 1 \i% quar.
elapsed after March 1 1931. Secured by a first mortgage on all the real was paid) until Oct. 1 1924, when 2 ) 4% "was paid; on Feb. 1 and Aug. 1
estate, plants, f ixtures and equipment now owned, and will also be secured 1925 paid 24£%; Feb. 1 1926 to M ay 1 1927 paid 1 \i% quar. Divs. on
on any additional similar properties hereafter acquired or constructed with second preferred were resumed on N ov. 2 1925, when 1% was paid, this
the proceeds of the 1st mtge. bonds. Bonds will be f urther secured by being the first payment since M ay 1921; same amount paid quar. to Aug. 1
pledge with the trustee of the entire $150,000 capital stock (except directors’ 1927.
shares) of the Cuyahoga Valley R y. As a sinking fund for the series A
R E PO RT.— For 1926, in V. 124, p. 1678, showed:
bonds, the company will covenant to pay to the trustee an amount in cash
sufficient to retire at the then current redemption price the following
------ Coilendar Yean
6 Mos. End•
Period—
percentages of the maximum amount of the series A bonds issued and out­
1926.
1925
1924.
Dec. 31 ’23
standing prior to March 1 1929. 2% payable on March 1 1929; 3% per Gross earnings_________ $5,017,218 $5,793,632 $5,670,372 $2,679,770
annum payable semi-annually f rom Sept. 1 1929 to March 1 1933, inclusive; Operating expenses, &c. 4,419,097
5,092,591
4,979,385
2,393,975
4% per annum payable semi-annually f rom Sept. 1 1933 to March 1 1937, Taxes_________________
177,681
170,205
163,258
108,506
inclusive; 5% per annum payable semi-annually from Sept. 1 1937 to March
1 1941, inclusive. V. 122, p. 1037.
. $420,440
$530,835
$527,729
$177,289
Other income________
3,557
25,483
24,635
9,255
REPO RT.— For 1926, in V. 124, p. 1990, showed:
Calendar Years—
1926.
1925
1924.
1923.
Total net income_____
$423,997
$555,470
$553,212
$186,544
Operating profits............$3,395,777
$2,884,119
$151,473 $2,110,756
Deduct—
Depreciation-..................
720,000
720,000
763,355
350,000
Interest on bonds______
$245,833
$250,000
$250,000
$125,000
Interest on notes______
1,650
4,950
3,300
Operating profit_____ $2,675,777 $2,164,119 loss$611,882 $1,760,756
discount______
16,355
18,481
Other incom e..................
37,659
159,137
175,158
114,753 Accrued interest (net)_
General
_
13,322
20,579
(5%) 76,250 (5%)76,250 (2)3)38,125
Gross profit___________ $2,713,436 $2,323,256loss$436,724 $1,875,509
(4)160,000 (1 %)40,000
Other deductions______
766,121
918,868
1,042,417
514,616
Prov. for est. Fed’l tax_
40,000
______
______
______
. def$74,441
$169,089
$246,815
$37,664
3 Mos. End. Mar. 31—
Net income___________ $1,907,315 $l,404,388df$l,479,141 $1,360,893
1927.
1926.
1925.
1924.
Profit and loss surplus.. $2,583,128 $2,679,474
$1,340,341 $2,876,757
$1,108,251 $1,350,275 $1,581,641 $1,384,779
1,009,925
1,246,829
1,459,448
1,241,277
Period end. Sept. 30— 1927—3 M o s — 1926.
1927— 9 M o s — 1926.
Manufacturing p ro fit.. . $1,002,256 $1,260,192
$3,532,762 $3,792,895
Net operating earnings
$98,326
$103,446
$122,193
$143,502
Sell., gen.exp., taxes,&c.
324,520
297,109
1,045,248
896,706
OFFICERS.-—-Pres., Walter Barnum, N . Y .; V .-P. & Gen. M gr., E. C.
Operating profit_ _
_
$677,736
$963,083 $2,487,514 $2,896,189 Ward, Seattle; Sec. & Treas., John H. Kelly, N . Y . Offices, 250 Park
Other income__________
55,324
63,788
240,455
165,383 Ave., New York, and 508 Second Ave., Seattle, Wash.— (V. 125, p. 926.)

1

Total income________
Interest, discount, &c__

$733,060
x264,984

$1,026,871
291,380

$2,727,969
825,275

$3,061,572
912,441

Balance before depre­
ciation & Fed. taxes $468,076
$735,491 $1,902,694 $2,149,131
x Includes $1,993 subsidiary company’s losses and refunds.
OFFICERS.— Chairman, William G. Mather; Pres., E. J. Kulas; Sec.,
F. G. Oviatt; Treas., C. A . Paine. Office, 3341 Jennings Road, Cleveland.
— (V. 125, p. 2399.)
OWENS BOTTLE CO. (TH E).— O R G A N IZA T IO N — Incorp. in Ohio
on Dec. 16 1907, succeeding a New Jersey corporation o f the same name
incorp. Sept. 3 1903. The word “ Machine” was dropped from name in
M ay 1919. V. 108, p. 2027. Owns the U. 8. rights to use and license other
manufacturers to use the Owens bottle-making machine, the patents cover­
ing which are held by the Toledo Glass Co., an Ohio corporation. Plants
are located at Toledo, Cincinnati and Newark, Ohio; Huntington, Fair­
mont, Clarksburg and Charleston, W. Va.; Evansville and Loogootee, Ind.;




PACIFIC MILLS.— ORGANIZATION.— Incorp. under laws o f Massa­
chusetts in 1850. Products consist o f cotton, wool, silk and rayon goods,
including finished fabrics for most women’s and children’s clothing from
lingerie to dresses and suits; for men’s underwear, shirts and light-weight
suits; for draperies, sheets and other domestic uses; and for shoe linings and
automobile upholstery. A large proportion o f the company’s sheetings are
made up in its Lyman plant into finished sheets and pillow cases. Plants
at Lawrence, Mass., Dover, N. H ., and Columbia and Lyman, S. C. The
mills contain 645,664 cotton and worsted spindles and 15,258 looms. The
finishing plants are capable o f finishing over 400,000,000 yards o f cotton
cloth annually, about one-third o f which is produced in the company’s own
mills and two-thirds purchased
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
$40,000,000 _____________
Stock— Common ($100)_________ ____
Bonds— 5-yr g notes red (text) | 5M | F -A $17,500,000 Feb 1 1931
($500 & $1,000)_OB.xxxc* \Int.at Lee.Higginson & C o.,B ost. & Detr.
S T O C K — See table:

214

INDUSTRIAL STOCKS AND BONDS

NOTES.— The 5-year 5J4% gold notes are callable on 60 days’ notice as
a -whole at any time or In part on any interest date at 102 during first two
years, at 101 during next two years, and at 100M the last year, plus interest
in each case. V. 122, p. 1038.
D IV ID E N D S.— The directors on Feb. 1 1926 voted to omit the quarter­
ly dividend usually due on March 1. From June 1925 to Dec. 1925, inclus­
ive, quarterly dividends o f 75 cents per share were paid on the outstanding
$40,000,000 capital stock, par $100. This is the first time since 1883 that
the company failed to declare a dividend on the stock.
B E PO RT.— For 1925, in V . 122, p. 761, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net sales______________ $44,766,811 $52,740,931 $39,683,113 $44,810,158
Cost o f goods sold______ 41,727,182 49,831,337 39,541,103 38,856,254
Net operating p r o fit.. $3,039,629
Plant depreciation_____ $1,392,990
Interest_______________
1,320,754
Inventory mark d o w n .. 1,253,838
yDivs. paid during y r.(3%) ______

$2,909,594
$142,010 $5,953,904
$1,384,562 $1,243,137 $1,242,483
1,079,784
767,364
902,999
966,068
398,379
117,509
1,500,000 (6)2,400,000 (6)2,400,000

Balance, deficit______
$927,952 $2,020,820$4,666,870sr$l,290,912
Sales—
Cotton (yd s.)__________ 268,436,404 297,612,858 212,960,568 213,896,810
Worsteds (yds.)________ 15,505,726 17,356,122 16,215,845 21,116,403
Yarns (lbs.)____________
159,438
37,185
1,634
110,804
OFFICERS.— Pres., Robert F. Herrick; V .-P ., Malcolm Donald; Treas,.
Edwin Farnham Greene; Asst. Treas., Alfred E. Colby; Clerk, William G.
Smith. Office, 24 Federal St., Boston, Mass.— (V. 125, p. 793.)
PACIFIC OIL CO.— See Standard Oil Co. o f Cal. below — V.124,p. 1231.
PACKARD MOTOR CAR CO.— ORGAN IZATION .— Incorp. in Mich.
Sept. 1 1909 as successor o f West Virginia co. o f same name. Plant at
Detroit.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stock— Com $50,000,000 ($ 10).. -----$30,042,640 ------------------STOCK.— All o f the outstanding preferred stock was redeemed on
Aug. 31 1925 at 110 and divs.
The stockholders on N ov. 12 1925 increased the authorized common stock
from $30,000,000 to $50,000,000, par $10. A 10% stock dividend was
paid on Dec. 1 1925 and a 15% stock dividend was paid on Aug. 31 1926.
D IV ID E N D S.— On pref. in full to date. On common as follows:
Fiscal years ended Aug. 31—
’ 14. T5. ’ 16. ’ 17. ’ 18. ’ 19. ’ 20. ’ 21. '22. ’ 23. ’24. ’25. ’ 26. ’27.
C a sh ____
0
0 5H 7H 6 13 12H 2H 0 13 12 20 25
24
Stock___
40 . . 60
-- -- - - - - - 100 - - . . 25
..
Sept. 30 1926 to N ov. 30 1927 paid 20c. monthly. Dec. 31 1927 increased
monthly div. to 25c. per sh. same amount paid or decl. to and incl. Feb. 28
1928. On Dec. 31 1927, paid extra of 15c. per sh.
R E PO R T .— For year ending Aug. 31 1927, in V. 125, p. 2399.
Years End. Aug. 31—
1926-27.
1925-26.
1924-25.
1923-24.
Sales—Carriages, trucks,
parts, marine & avia­
tion engines_________ $71,659,188 $77,363,954 $60,475,990 $46,003,679
Cost of sales___________ 57,892,425 60,590,322 48,667,342 39,463,110
Gross profit_________ $13,766,763 $16,773,632 $11,808,648
1,070,433
1,035,162
Otherincome__________ 1,284,396

$6,540,569
1,015,114

Gross income________ $15,051,159 $17,808,794 $12,879,081
1,960,195
Sell., gen. & adm. e x p .. 3,689,992
2,917,698
Int. on borrowed money ________
________
1,270,598
Federal taxes__________
1,529,942
1,684,340
Contingencies__________
______
______

$7,555,683
2,636,937
11,178
590,700
912,803

Prof, from fac. oper__ $9,831,225 $13,206,756 $9,648,289
Profit from operation of
2,636,831 2,542,791
branches and subs____ 1,912,273

$3,404,065

N etprofit____________ $11,743,498 $15,843,587 $12,191,081
Previous surplus_______ 16,438,303 15,170,338 9,488,443

$4,805,175
8,676,024

1,401,110

Total surplus________ $28,181,801 $31,013,925 $21,679,524 $13,481,197
1,140,333
______
______
686,993
Preferred dividends___
2,852,424
Common divs. (cash)___ 7,195,363 x8,302,221 4,746,046
( 12 % )
Rate________________
(24%)
(31%)
(20%)
...........
6,273,400
--------Stock____________(25%
Prem. on pref. stock red.
______
______
1,076,147
Profit & loss surplus..$20,986,439 $16,438,304 $15,170,338 $9,488,443
x Includes dividends payable Sept., Oct , and N ov. 1926, amounting to
$1,802,558, or 6% .
OFFICERS.— Pres. & Gen. M gr.. Alvan Macauley; V .-P ., R. A. Alger;
Sec., M . A. Cudlip; Treas., Richard P. Joy. Office, Detroit, M ich.— (V.
125, p. 2680.)
PAIG E -D E TRO IT MO-TOR CAR CO.— Incorp. under laws of Mich.
Sept. 28 1909. Manufactures the “ Paige” and “ Jewett” automobiles.
Plants are located in Detroit, M ich., and Walkerville, Ont. On M ay 25
1927 the stockholders approved of a plan by which the Graham Bros,
acquired control and took over the active management o f the company.
V. 124, p. 2761,3784. On Oct. 21 1927 the stockholders increased the auth.
com. stk. from 1,500,000 shs. to 2,000,000 shs. Holders of record of Oct.
21 ’ 1927 were offered 300,000 additional shs. at $10 per sh.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when DueStocks-Com 2,000.000 shs(no par) ____
1,025,623 shs ------------------1st pref cum red (text) $3,000,000 ($100)_________________ 7 Q-J
$1,948,000 ------------------2d pref cum conv $4,000,000
($100)_____________________ 7 Q-J
$4,000,000 ------------------STOCK.— Pref. stock is redeemable as a whole or in part at 105 up to
Oct. 1 1939, on which date the issue is to be redeemed at par. Annual
sinking fund 10% o f net earnings after taxes and pref. divs.
D IV ID E N D S .—Paid in 1925: Jan., 30c.; April, 30c. and 2} 4% in stock;
July, 30c. and 10% instock; Oct., 35c. Paid in 1926: Jan., 45c.; April, 45c.
July, 45c.; Oct., 45c.; none since.
BONDS.— The ser. deben. gold 634s were red. June 1 1927 at 101 & int.
R E PO RT.— For 1926, in V. 124, p. 1523, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Sales, less returns— cars,
parts, &c., incl. inter­
company sales_______ $36,833,471 $62,763,787 $57,679,259 $63,401,420
Cost of sales, incl. inter­
company costs_______ 32,315,505 55,208,061 50,473,773 55,123,106
Gross profit__________ $4,517,966
SeU., adm. & gen. e x p .. 3,674,006
Miscellaneous (net)____ Drl53,433
Interest________________
x
Depreciation___________
x
Res. for Fed. inc. tax_
_
61,000
SutHCompany losses ____
129,320
Preferred dividends____
131,207
Common dividends_____
______

$7,555,726 $7,205,486 $8,278,314
4,705,853
4,714,861 4,611,861
Dr67,007
Crl,305 Crl08,588
x
300,320
149,414
x
357,058
304,978
345,000
246,467
434,912
------------------------153,014
162,856
185,024
905,357
720,000
480,000

Balance, surplus_____
$368,999
$1,379,492
$705,229 $2,220,713
Shs. com. outst. (no par)
676,474
676,474
y800,000
y600,000
Earn, per share on com .
$0.55
$3.38
$1.78
$4.50
x N ot shown separately, included in expenses, y Represented by shares
o f $10 par value. Sales o f cars in 1926 totaled 37,065, against 39,144
in 1925.
Latest Earnings.— For 9 mos. ended Sept. 30 1927 see V. 125, p. 2680.
OFFICERS.— Chairman, Harry M . Jewett; Pres., W . A. Wheeler
V .-P ., E. D. Stair, H. Krohn, T. Bradley, A . Bachle, and G. Peterson;
Sec., Sherwin A. Hill; Treas., Gilbert W . Lee. Office, Detroit, Mich.—
(V. 125, p. 2822.)
PAN AMERICAN EASTERN PETROLEUM CO R P.— See Pan Ameri­
can Petroleum & Transport Co. below.— (V. 120, p. 1757.)




[V ol. 125,

PAN AMERICAN PETROLEUM & T R AN SPO R T CO.— O R GAN IZA­
TION.— Incorporated under laws of Delaware, Feb. 2 1916. It is a holding
company and in addition owns and operates a fleet of oil carrying steamers.
Subsidiary Companies.— The following is a list of the subsidiary companies
whose accounts are consolidated with those of the parent company and the
percentages of stock of the respective subsidiary companies held by the
parent company:
Pan Amer. Petroleum Corp____ 100% Subsid. o f Mex. Petrol. C o.. Ltd.—
Caloric C o____________________ 81%
Mex. Petrol. Co. (Calif.) ..9 9 .9 %
Sou. Crude Oil Pur. C o______ 100%
Huasteca Petroleum C o____100%
Southern Pipe Line C o________ 50%
Tuxpan Petroleum C o____ 100%
Lago Oil & Transport Corp____ 95%
Tamiahua Petroleum C o___ 100%
Subs, of Lago Oil & Trans. Co.—
Mexican Petrol. Corp. o f La.100%
Lago Petroleum Corp.
Mexican Petroleum Corp_gl00%
Lago Oil & Transp. C o., Ltd.
Lago Shipping Co.
Mexican Petroleum C o., L t d .. 98%
In addition, the investment of the company in stocks of other companies
la as follows:
American Oil C o_____________________________________________ $1,750,000
Miscellaneous________________________________________________ 1,921,940
The stockholders on N ov. 8 1926 approved a proposal offering the minority
stockholders of the Lago Oil & Transport Corp. one share o f class B stock of
the Pan American company in exchange for every 3 shares of Lago stock.
Steamships.— The fleet of oil carrying steamers owned by the company
consists of 31 vessels of a dead weight tonnage of 273,333 tons and carrying
capacity of 1,800,000 barrels. These vessels are leased to the Huasteca
Petroleum Co. and together with 5 vessels leased from outsiders, are
employed in transporting the companies’ oil from Tampico, Mexico, Destrehan, La., and Los Angeles, Calif., to the various stations of the companies,
located principally along the Atlantic and Gulf coasts of the United States
and in Panama and South America.
Mexico Properties.
Oil Lands.— Through the subsidiaries of the Mexican Petroleum C o.,
Ltd. (principally the Huasteca Petroleum C o., Mexican Petroleum Co.
(Calif.), Tuxpam Petroleum Co. and Tamiahua Petroleum C o.), it owns or
leases approximately 1,500,000 acres located principally in the Tampico
district. These lands have produced upwards of 366.000,000 barrels of oil,
the production for the year 1926 being approximately 33,000,000 barrels.
Pipe Lines.— There is owned and operated approximately 600 miles of
pipe lines with a capacity of 135,000 barrels per day, carrying oil from the
southern fields to Tampico and 90,000 barrels per day from the Panuco
fields to Tampico.
Refineries.— There is owned and operated at the Terminal (Tampieo) a
complete refinery with a capacity of 130,000 barrels of crude per day.
Other Properties.— In addition to the foregoing properties, there are
owned in Mexico storage facilties of approximately 10,000,000 barrels; a
railroad 40 miles long running from San Geronimo to Cerro Azul, together
with necessary shops, warehouses, camps, dwellings, facilities for loading
four 10,000-ton tankers at one time, compressor plants, tank cars, &c.
United States Properties.
Oil Lands.— Owns in Arkansas and Texas approximately 100,000 acres.
Refineries.— There is owned and operated at Destrehan, La., through the
Mexican Petroleum Corp. of Louisiana a refinery with a capacity of ap­
proximately 32,000 barrels per day.
Marketing Facilities.— The fuel oil distributing stations are located at
Baltimore, M d., Portland, M e., Chelsea, Mass., Providence and East
Providence, R . I., Carteret (New York Harbor), Passaic, N. J., Norfolk,
Va., Jacksonville and Tampa, Fla., New Orleans, La., and Galveston,Tex.
In addition, there is leased and owned gasoline and kerosene bulk and service
stations, operated in Maine, New Hampshire, Massachusetts, Rhode Island,
Connecticut, New York, New Jersey, Virginia, Georgia, Florida.Tennesee
Alabama, Mississippi and Louisiana. There is also owned some 1,800
tank cars.
S outh American Properties.
Oil Lands.— Through subsidiary, Lago Petroleum Corp., owns approxi­
mately 3,100,000 acres in Lake Maracaibo District, Venezuela, South
America.
Marketing Facilities.— Through the Caloric C o., marketing stations are
operated at Rio de Janeiro, Santos, Para. Pernambuco and Bahia, Brazil.
The Mexican Petroleum Co. operates stations at Buenos Aires, Argentine,
Montevideo, Uruguay, and Cristobal, O. Z.
Subsidiary Com panies.
Pan American Petroleum Corp.— Incorporated N ov. 5 1923 in Delaware.
Authorized capital, $100,000. Operates bulk and service stations in
Georgia, Alabama, Mississippi, Florida and Louisiana.
Pan American Petroleum Corp. of Tennessee.-—Incorp. Mar. 29 1926 in
Delaware. Authorized capital $2,000,000. Operates bulk and service
stations in Tennessee.
Caloric Co.— Incorporated Oct. 4 1911 in New York. Authorized capital,
$2,000,000. Operates marketing stations in Brazil.
Mexican Petroleum Corp.— Inc. May 17 1915 in Maine. Authorized
capital $10,000,000. Markets oil in Gulf and Atlantic Coast stations.
Mexican Petroleum Co., Ltd.— Incorporated Feb. 16 1907 in Delaware.
Authorized capital, $60,000,000. A holding company.
Mexican Petroleum Co. of California.— Incorporated Dec. 20 1900 in Calif.
Authorized capital, $10,000,000. Produces, refines and markets oil.
Mexican Petroleum Corp. of Louisiana.— Inc. Feb. 8 1918 in Louisiana.
Authorized capital $1,594,600. Refines and markets oil.
Huasteca Petroleum Co.— Incorporated Feb. 12 1907 in Maine. Authorized
capital, $15,000,000. Produces, refines and markets oil.
Tamiahua Petroleum Co.— Incorporated Oct. 3 1906 in Maine. Autho­
rized capital, $1,000,000. Owns Mexican oil lands.
Tuxpam Petroleum Co.— Incorporated June 26 1906 In Maine. Au­
thorized capital, $1,000,000. Owns Mexican oil lands.
S o u th e r n C r u d e O il P u r c h a s in g C o . — Incorp. Aug. 29 1924 in Delaware.
Authorized capital $200,000.
Southern Pipe Line Co.-—Incorp June 27 1924 in Delaware. Authorized
capital $200,000, of which the company owns $100,000.
Lago Oil & Transport Co.— Inc. N ov. 10 1925 in Delaware. Authorized
capital 5,500,000 shares of no par value. Produces and markets petroleum.
C hange In C on trol.
Control of the company passed April 1 1925 to the Standard Oil Co. o f
Indiana, Blair & C o., Inc., the Chase Securities Corp. and their asso­
ciates when Edward L. Doheny signed a contract for the sale of 501,000
shares of the voting stock o f the company.
Control passed to the Standard Oil of Indiana interests through the
Pan American Eastern Petroleum Corp., organized in Delaware, March 26
1925. It is this company that acquired the Pan American stock from
Mr. Doheny. Compare Standard Oil Co. of Indiana below and V. 120,
p. 1757.
The Pan American Western Petroleum Co. was incorporated in Delaware
May 7 1925 with an authorized capital o f 1,000,000 shares of no par value,
divided into 200,000 shares of Class “ A ” stock and 800,000 shares of Class
“ B ” stock.
The new company was organized to take over the California and other
Western properties of the Pan American Petroleum < Transport Co.
&
(see below)
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $55,000,000 ($50)__ ____
$50,077,950 _____________
Class B non-vot com $150,000,000 ($50)--------------------- -----$117,697,750
Bonds— 10-yr 1st lien marine eq
7 g F-A
$3,256,500 Aug 1 1930
conv red 105 ($500 &c)_Col. Int. at New York City.
kxxxxc*
10-yr conv s f gold red (text)
6 g M -N
$9,561,900 N ov 1 1934
($100 & c)____________ kxxx* Int. at Blair & C o., New York.
STOCK.— On Oct. 22 1919 *70,000,009 of the *125,000,000 auth. cornstock was made Class B com. with no voting power but in all other respects
having the same rights. See., as the other com. The Initial block of this
Class B was offered till Dec. 22 1919 at $100 per $50 share to all stockholders
of record N ov. 25 in amounts equal to 10% of holdings. The authorized
ClassB com. stock wasincreasedto$150,000,OOOin Jan. 1923. V .116, p.420.
Holders of stock of Pan American Petroleum & Transport C o., whether
Class A or Class B, of record Aug. 19 1925 were offered the right to sub­
scribe at $23 50 a share for one share of Class B common stock of Pan Ameri­
can Western Petroleum Co. for each seven shares of stock of Pan American
Petroleum & Transport Co. of either class registered in their names.
— V. 121, p. 849.

Nov., 1927.]

D IV ID E N D S,— On cam No, 1 . 1W % , Oct, 10 1017-Jan. 10 1918,1H %
April 1918 to July 1919 paid each quar, 2V i% . half la Liberty bonds, Oct
1919 to Oct. 1922 paid 3% quar.; Jan. 1923 to Jan. 1924 paid 4% quar.;
Apr. 1924 to Jan. 1925 paid 2% quar.;Apr. 1925 to A p r.20 ’27 paid 3% quar.
Also paid 10% in Class B stock in July 1920, 25% in Jan. 1923 and 20% in
Feb. 1923. On com. B initial div. o f 3% paid Jan. 10 1920; 3% paid Apr. 10
1920. In July 1920paid 3% in cash and 10% in Class B stock. V. 110, p.
2493. Oct. 1920 to Oct. 1922 paid 3% quar. in cash; Dec. 11 1922 paid 25%
in com. B stock; Jan. 1923 paid 4% in cash; in Feb. paid 20% in com. B
stock: April 1923 to Jan. 1924 paid 4% quar.: April 1924 to Jan. 1925
paid 2% quar. in cash; Apr. 1925 to July 20 1927 paid 3% quar. in cash.
Oct. 20 1927 paid 2% quar.
BONDS.—-The first lien 10-year marine equipment bonds are a first mtge.
on a fleet o f 10 steel tank steamships aggregating about 100,670 tons dead
weight capacity, providing marine transportation facilities for the Mexican
Petroleum C o ., L td ., o f Delaware. Convertible into Class B common stock
at $145 per share— that is, at the rate o f $2,900 of bonds for $1,000 of
Class B common stock (20 shares of $50 par value each), with provision for
a reduction o f the conversion price under certain conditions if additional
common stock or Class B common stock shall be issued at prices lower than
$145 per share. V. I l l , p. 394- The conversion price after giving effect
to the two recent stock divs. mentioned above is $106.45, i. e., at the
rate o f $106.45 value o f bonds for 1 share of common Class “ B ” stock.
The 10-yr. conv. 6% s. f. gold bonds o f 1924 are red. as a whole (or in
part for the sinking fund) at any time on 6 weeks’ notice at 103 and int. on
or before April 30 1929, and thereafter at 103 and int., less Vi % for each
6 months or part thereof elapsed after said date. Convertible into the com­
pany’s Class “ B ” common stock at $70 per share, that is. at the rate of
$1,400 face amount o f bonds for $1,000 par value o f stock (20 shares of $50
par value each) with provision for reduction o f the conversion rate if under
certain conditions additional common stock or Class “ B ” common stock
(other than 200,000 shares and any stock issued in exchange for Mexican
Petroleum Co. stock), shall be issued or sold at prices lower than $70 per
share. Company will covenant to retire l-10th o f these bonds in each year,
the first installment to be payable on Nov. 1 1925; the sinking fund pay­
ments to be payable semi-ann. thereafter on M ay 1 and N ov. 1. Company,
Is to be credited on its sinking fund obligation with bonds retired by con­
versions. Company may anticipate its sinking fund installments. V.
119, p. 1744.
RE PO RT.— For 1926, in V. 124, p. 2310, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Profit from op eration ...$46,911,989 $41,973,196 $29,721,151 $32,412,906
Deduct— Interest, &c_
_
476,568
79,221 1,586,610
809,962
10,053,519 10,577,180
8,359,269
Depreciation, &c_____ 11,825,434
Federal taxes________ 4,600,000
4,000,000 2,250,000 2,500,000
Appl. to min. interests
483,636
504,462
122,289
391,288
Net income_________$31,280,007 $27,335,995 $15,185,072 $20,352,387
Common dividends____ 17,456,875 16,477,044 10,367,671 20,457,510
Balance, surplus_____$13,823,132 $10,858,951 $4,817,401 def$105,123
Previous surplus_______ 15,358,481 11,832,605 8,276,917 30,830,122
Total surplus________ $29,181,613 $22,691,556 $13,094,318 $30,724,999
f.«
4..,-.4007
999 A7
n
7 1*-1 Ol C OOl
Invest., &c.,„adjust____r»<V4 924,687 Dr7,333,075
______ Drl,215,994
Stock dividend________
______
______
______ 21,232,088
Prop, aband., unamort.
discount & premium..
______
______
1,261,714
--------Profit & loss surplus-.$28,256,926 $15,358,481 $11,832,604 $8,276,917
OFFICERS.— Chairman, F. H. Wickett; Pres., R. G. Stewart; V.-Ps.,
P. H. Harwood, J. J. Cotter, Harold Walker, Frederic Ewing, J. S. W ood;
Treas., A . N. Penn; Sec. O. D. Bennett; Compt., J. A. Carroll, Jr.
D IR E C TO RS.— R . H. M cElroy, Amos Ball, Edward J. Bullock, Allan
Jackson, Beaumont Parks, F. H. Wickett, R. W . Stewart. E. G. Seubert,
Elisha Walker, E. R. Tinker, Harold Walker, Paul H. Harwood, J. J.
Cotter and Frederick Ewing, R. G. Stewart. N . Y . office, 120 Broadway.
(V. 125, p. 2157.)
PAN AMERICAN WESTERN PETROLEUM CO.— Incorp. under laws
of Delaware M ay 7 1925 and acquired from the Pan American Petroleum
& Transport Co. the stock of the Pan American Petroleum Co. (Calif.),
the purchase price being $23,293,125. Compare V. 121, p. 1578.
The business of the Pan American Petroleum Co. is the producing, refin­
ing and marketing of petroleum and its products. That company’s prop
erties include the following: Lands owned in fee and under lease, situated
In various California oil districts, aggregating approximately 26,750 acres;
a modern refinery near Los Angeles occupying approximately 306 acres of
land owned in fee and 53 acres under lease with storage capacity of about
14,000,000 barrels and a daily distillation capacity o f approximately 70,000
barrels; a modern wholesale marine loading station at tidewater with a
storage capacity o f 440,000 barrels and a loading capacity of 22,000 barrels
o f fuel oil per hour, or 7,000 barrels of gasoline per hour; a pipe line system
consisting o f 147 miles of main and gathering pipe lines, in addition to which
the company has in use other pipe lines extending f rom Los Angeles to the
Elk Hills and Buena Vista oil fields (California) under advantageous
agreements; the company owns wholesale distributing stations, tank cars,
&c., and has under lease and in operation 77 gasoline and lubricating oil
service stations, the improvements on which are owned by the company,
which also owns other miscellaneous properties used in the conduct of the
above mentioned business.
In the foregoing paragraph any property which is involved in litigation
has been excluded.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Class A 200,000 shs (no
par)---------------------------------- -----100.000 shs ------------------Class B 800,000 shs (no par)__ ____
400.000 shs _____________
Bonds— 15-yr sinking fund gold / 6 g J-J
$11,250,000 Jan 1 1940
notes ($1,000)_____________ \Int. a t ____
Pan Am Pet Co of Calif 15-yr f 6 g J-D
$15,000,000 Dec 15 1940
1st M s f g conv & red (text) (Int. at Blair & Co., N . Y . & Los Angeles.
($100, &c)____,______ kxxxc* L
STOCK.— Class A stock and Class B stock have the same rights and
privileges and are subject to the same limitations, except that Class B stock
has no voting power for any purpose whatever. All dividends which maj
be declared for any fiscal year are to be payable ratably to holders of the
Class A stock and o f the Class B stock.
BONDS.— The 1st mtge. convertible 6% sinking fund gold bonds are
redeemable in whole (but not in part except for sinking fund) at any time on
not less than 60 days’ notice at 105 and int. up to and inch Dec. 15 1926,
the premium decreasing thereafter M o f 1% during each successive 12-month
period.
Convertible at the option of the holder into the Class “ B ” stock of Pan
American Western Petroleum Co. (parent company) at the following prices:
$55 per share if converted on or before Dec. 15 1928; or $60 per share if
converted after Dec. 15 1928, and on or before Dec. 15 1931; or $65 per share
if converted after Dec. 15 1931, and on or before Dec. 15 1934; or $70 per
share if converted after Dec. 15 1934 and on or before Dec. 15 1937; or
$75 per share if converted thereafter.
Sinking Fund.— On Dec. 15 1927 the company, as a sinking fund, will
deliver or pay to the trustee bonds of this issue or cash sufficient to retire
l-14th o f the $15,000,000 bonds; and semi-annually thereafter on June 15
and Dec. 15 o f each year, the company will deliver or pay to the trustee,
bonds of this issue or cash sufficient to retire l-28th of the principal amount
o f the $15,000,000 bonds.
Security.— Secured by a closed first mortgage or first lien on substantially
all the real estate owned in fee at the date o f the mortgage by the Pan
American Petroleum Co. (of Calif.), including about 4,242 acres of oil and
gas lands; a modern refinery near Los Angeles Harbor with a daily capacity
of 70,000 barrels; storage facilities and terminals; and in addition interests
and leases in oil and gas lands covering approximately 21,320 acres. In
addition the mortgage will cover as a first lien the lubricating plant and all
the capital stock o f the Los Angeles Midway Pipe Line Co., to be presently
acquired. V. 121, p. 3015.
NOTES.— The $11,250,000 sinking fund 6% gold notes were issued to
the Pan American Petroleum & Transport Co. as part payment for the
stock of the Pan American Petroleum Co. (of Calif.)




215

INDTJSTKIAL STOCKS AND BONDS

D IV ID E N D S.— On Class A and Class B stock, paid initial dividends
of 50 cents per share on Oct. 30 1925; same amount paid quar. to Jan. 30
1927. None since.
R E P O R T — For 1926, in V, 124, p. 1990, showed:

1926.
1925.
$34,683,046 $28,583,179
Operating and other costs_______________________. 26,562,164 19,150,428
$8,120,882
$3,661,153
749,188
745,275
1,752,802
47,820

Abandonment o f properties_________
General and administrative expenses.
Provision for Federal taxes.

$9,432,751
$2,940,675
648,370
700,047
528,125
382,924

$1,164,624 $4,232,609
Earnings per share on combined capital stock
(100,000 shares class A and 400,000 sharesl
class B, both no par)__________________________
$2.33
$8.46
Period End. Sept. 301927— 3 Mos.— 1926.
1927— 9 M os.— 1926.
Gross sales_____________$8,774,517
,393,111 $23,623,082 $25,815,870
Operating costs, &c.
6,901,360
7,417,982 18,340,685 19,226,251
Deprec. and depl.
958,359
920,054
2,958,850
2,593,785
Expenses________
147,403
174,605
455,251
551,896
Interest_________
465,058
431,540
1,385,540
1,222,549
Federal taxes____
28,395
--------45,000
145,341
Net profit----------------$273,942
$448,930
$437,756 $2,076,048
OFFICERS-— Pres., Edw. L. Doheny: V .-P ., E. L. Doheny Jr.. Chas.
E. Harwood and J. C. Anderson; Sec., R . M . Sands; Treas., Fred Ritter.
— (V. 125, p. 2680.)
PANHANDLE PRODUCING & REFINING C O — ORGANIZA
TION .— Incorp. in Delaware Oct. 16 1919 to acquire entire capital stock
of Panhandle Refining Co. of Texas, which in turn acquired substantially
all the properties theretofore owned by Brown A Jones. Roy B. Jones
Trustee, The 6666 Oil C o., The Trojan Oil Co. and Panhandle Boiler and
Machine Shop. Owns oil producing leases in whole or in part, covering
about 1.232 acres in Wichita County, 868 acres in Archer County. 284
acres in Young County. 71 acres in Montague County, 477 acres in Eastland
County, and 11,092 acres in Hutchinson County, Texas, also 81 acres in
Cotton County, Okla., and gas producing acreage o f approximately 5,500
acres in Texas and Oklahoma. The company also holds, in whole or in
part, approximately 30,000 acres of undeveloped leases located in various
counties in Texas, Oklahoma and Arkansas; also refinery with two units of
Dubbs Cracking Plant, 2.500-bbl. pipe still, and 290 tank cars.
The pipe lines o f this company were consolidated with the Wichita Pipe
Line Co., Jan. 1 1927, in which the Panhandle Co. now owns36.36% interest.
As o f Jan. 1 1927, the company owned 75.28% o f the Panhandle Oil Co. o f
Arizona, and owns the Panhandle Oil Co. of Mississippi and the Panhandle
Steel Products Co.
As o f Dec. 31 1926. the company owned in whole or in part 280 producing
oil wells and 6 gas wells.
STOCKS AND BONDS—
Bate of Int. Outstanding. Bds. when Due.
Stocks—Com 300,000 shs (no par) ____
198,770 shs ___________
Pref cum conv $4,000,000 call
110 ($100)_________________ See text
$2,807,700 _______ _____
STOCK.— Pref. stock Is callable at 110. Convertible into Common stock
in the ratio of one share of Preferred for two shares of Common stock.
Sinking fund provides: 25% o f net profits after Pref. div*., but not less
than $400,000 a year, until the Pref. is reduced to $3,000,000; thereafter,
not less than $300,000 a year until the issue has been reduced to $2,000,000
and thereafter not less than $200,000 per annum until the pref. stock hat
been retired. No mtge. without consent of 75% of the pref. stock. First
dividend of 2% paid Jan. 1 1920 to July 2 1923, 2% quar.; none since
See offerings in V. 109, p. 1614, 1993.
REPO RT.— For 1926, in V. 124, p. 2441, showed:
Calendar Years—
1926.
1925.
1924.
Gross earnings,
$5,207,672 $5,139,131 $4,665,167
Oper., gen. & adm. exp.
and taxes___________
4,572,885
4,848,889
4,124,029
Other income credits_
_
13,726
30,248
40.403
Interest, discount, & c._
29,810
73,921
76,290
Lease rentals
7,847
Inventory adjustments.
Cr.139,698
97.012
Panhandle Oil Co. inc
14,459
Depreciation , . . . 1 Z285.702
589,248
1242,837
Deple’n & amortiza’n .- f
1542,243
Preferred dividends___
x224,616
x215,316
X228.816

1923.
$3,460,700
2,929,008
10,038
55,068
186,844
192,649
400,814
X234.816

Balance, deficit
,sur$100,539
$403,838
$605,657
$528,460
x No dividends were paid upon the Preferred stock during the year. This
sum was charged against income and credited to reserve for preferred divi­
dends
As dividends are cumulative, this is an obligation of the company,
z After deducting $457,884 profit on property sold and retired.
Period End. Sept. 30— 1927— 3 M os.— 1926.
Operating revenues_____ $1,818,705 $1,353,185
Operating expenses_____ 1,132,220
1,071,067
Admin., selling & taxes .
99,920
70,927
Net earnings________
Other income__________
Gain on oil inventory_
_
Panhandle oil net income

$586,565
4,412

Gross income________
Deductions____________
Depreciation & depletion

1927— 9 Mos.— 1926.
$4,514,208 $3,658,190
3,433,632
3,037,053
319,148
193,951
$761,428
13,237

def2,367

$211 ,191
14,163
14,625
def4,005

def2,367

$427,186
18,699
58,007
20,975

$588,610
100,906
241,675

$235,974
63,025
161,011

$772,298
100,906
705,448

$524,867
107,053
372,258

Net income_________
$246,028
$11,938 def$34,056
$45,556
OFFICERS.— Roy B. Jones, Pres.; W . Q. Brookover and Thomas Mor"
risey, V.-Ps.; R. C. Stanford, Sec.; M . A . Chambers, Treas. Office.
Staley Bldg., Wichita Falls, Texas.— (V. 125, p. 2822.)
PARAMOUNT FAMOUS LASKY CORP.— O R GAN IZATION .—
Incorporated in New York, July 19 1916 as a holding and operating company
with the right to produce, lease and exhibit motion pictures, operate
theatres, &c. Acquired and merged the Famous Players Film C o., the
Jesse L. Lasky Feature Play Co., Inc., the Paramount Pictures Corporation
and subsidiaries, the Artcraft Pictures Corporation and others. The Cor­
poration owns and operates studios and laboratories at Hollywood and
Los Angeles, California and Long Island City, New York. Through sub­
sidiary corporations the corporation owns, leases and operates a substantial
number of high class motion picture theatres throughout the world. The
corporation maintains 48 branches in the United States and Canada for
the distribution of its film productions and through subsidiary corporation
it has branches and agencies throughout all parts o f the world wherever
motion pictures are shown.
In Oct. 1926 the Paramount Famous Lasky Corp. acquired an approxi­
mate two-thirds interest in Balaban & Katz Corp. This co. owns, leases
and operates motion picture theatres in Chicago and the surrounding terri­
tory, and is also a holding company for the stocks of other theatrical and
amusement enterprises. Among its more important properties are the
Chicago, Tivoli, Roosevelt, Central Park and Uptown Theatres in Chicago,
which are owned in fee. The corporation also leases and / or operates the
Riviera, Oriental and Norshore Theatres in Chicago and has interests by
way of stock ownership or otherwise in the Lubliner & Trinz Circuit of
Theatres, which operates theatres in the city of Chicago and The Great
States Theatres Co., which operates theatres in Illinois
The Paramount Building, a 31-story office and theatre building on
Broadway, 43d to 44th Sts., New York City, was erected in 1926 by the
Paramount Broadway Corp., a wholly owned subsidiary. The theatre
portion of the building contains a motion picture theatre with a seating
capacity of approximately 3,800. See also under “ Bonds” below. V. 122
p. 225.

216

INDUSTRIAL STOCKS AND BONDS

[V ol. 125.

STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due.
PATHE EXCHANGE, INC.— Incorp. under laws of New York on D ec.
Stocks-Com. 1,000,000 shs(no par) ____
663,916 shs _____________ 28 1914 and is engaged in buying, printing and distributing motion pictures.
20-yr s f gold bonds $16,000,000 \ 6 g J-D
$16,000,000 Dec. 1 1947 Product includes special features, serials, the Pathe News, one and two-reel
comedies, the Pathe Review, Animated Cartoons, Topics of the Day, and
(text) ($1,000)________ xk&c* JInt. a t _____________________
educational pictures. Through a subsidiary, Pathe, Inc., distributes the
Bonds— Paramount B ’way Corp f 5)4 g J-J
$10,000,000 Jan 1 1951
Pathex Camera and the Pathex M otion Picture Projector. Holds long­
25-yr 1st M s f g loan (text) {In t. a t _________________________________
term contract with B. F. Keith Corp. and Orpheum Circuit, Inc., to exhibit
($500 & $1,000)______kxxxc* I
all of the News, Topics, Fables, &c. Also owns 49% of the common stock
Paramount Properties Inc 1st ( 6 g M-S
$3,500,000 1930 to 1942
of the Du Pont Pathe Film M fg. Corp. Plants are located in East Bound
mtge series gbonds (500, {In t. atAnglo-London Paris Nat. Bank,
Brook, N . J., and Jersey City, N. J.
&c)_____________________ xc* ( San Francisco,
Calif.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
STOCK..—Sinking fund o f 3% of maximum issued pref. stock, less con­
704,870 shs ........... ............
verted amount, began N ov. 30 1920. Red. on 60 days’ notice (also for Stocks— Com 1,500,000 shs (no / ____
par)--------------------------------1
sinking fund) at 120. Convertible at par at any time into common stock
Cl A pref 500,000 shs (no par). $4 Q-F
259,739 shs .......................
at $107 32 per share (as amended). No mortgage without the consent ©f
2-3 of the outstanding pref. stock. Each share of pref. shall be entitled to
Pref cum red 110 $3,000,000 J 8 Q-M
$814,300 ------------------one vote. V. 108, p. 2245, 2633; V. 109, p. 487, 1612.
( $ 100) ------------------------------ 1
The stockholders on June 25 1926 approved the increase in the authorized Bonds— 10-yr s f g debs (text) ( 7 g M -N
$6,000,000 M ay 1 1937
common stock from 450,000 shares to 1,000,000 shares. Common stock­
$10,000,000 ($500& c).C h.xc \Int. at Chase Nat. Bank, N . Y ., trustee
holders o f record June 30 1926 were offered the right to subscribe for one
STOCK.— On M ay 12 1927 the stockholders approved the plan to amend
share o f common stock for each two shares held at $107 49 per share.
the company’s certificate o f incorporation in order that the capitalization
DIVIDEN DS—
’ 19.
’20. ’21. ’22. ’23. ’24. ’25. ’26. ’27.
could be increased as follows The auth. amt. o f com. stock increased from
$8
$8
$8
$8
$8
*$8 *$8
Common___________ $5.50 $8
290.000 shares
class A pref.
♦Also an extra div. o f $2 payable in common stock. Paid in 1927: 500.000 shares, to 1,500,000 shares; the f $10,000,000 from 10,000 shares to
and to include an issue o
7% debentures. The
Jan. 3, $2; Apr. 1, $2; July 1, $2; Oct. 1, $2.
issue o f 8% pref. stock remains^ unchanged. The class A preference stock
The directors on June 3 1926 adopted a resolution declaring the policy of
subject to the
preferred, to
the corporation to place the common stock on a dividend basis of $10 is to be entitled, o f $4 per sharerights o f the and after the cumulative prefer­
ential dividends
per
stock has
per share per annum, payable $2 quarterly in cash, and the remaining received dividends at the rate o f $2 annum, per annum common to certain
(subject
$2 payable at such times, quarterly, semi-annually or annually, as the board limitations), to participate, share forper share
share, with the common in any further
may from time to time determine, in cash or stock.
on
FUNDED D E B T .— The 20-year 6% sinking fund gold bonds are a direct dividends paid, up to an additional $3 per shareto the class A stock in any
one
The
is
to as­
obligation o f the corporation. For indenture see V. 125, p. 2823. Red. sets year. eventclass A preference stock alsoto thehave preference as share,
in the
involuntary liquidation
extent o f
per
as a whole only on 30 days’ notice at the following prices and in t.: Before and in the event oo fvoluntary liquidation $75 per share, and is$50 be redeem­
f
to
Dec. 1 1932 at 104)4% , on or after Dec. 1 1932 to and incl. Dec. 1 1944 able
at 103%, and thereafter at their principal amount and int. plus a premium tableall or part fat anytime at $75 per share. V. 124, p. 2440, 3508. See
at head o page.
o f )4 % for each 6 months between the red. date and the date of maturity.
DIV ID E N D S.— On common stock paid 25% in stock in 1924. On M ay
For terms o f sinking fund see V. 125, p. 2823.
1 1926 paid 75 cents a share in cash and 5% in stock; Aug. 2 1926 to M ay 2
The bonds were offered in N ov. 1927 at 99)4 and int .by Kuhn, Loeb
1927 paid 75 cents quar.
& Co. and Hallgarten & Co. V. 125, p. 2823.
Initial div. of $1 per share paid Aug. 1 1927 on class A pref. stock. Same
The Paramount Broadway Corporation 1st mtge. 5)4% 25-year sinking
fund gold loan is redeemable all or part on any interest date on 30 days’ amount paid N ov. 1 1927.
hotice up to and incl. Jan. 1 1936 at 103 and int., thereafter up to and incl.
FUNDED D E B T.— The 10-year 7% gold debentures are red., all or
Jan. 1 1941 at 102 and int., thereafter up to and incl. Jan. 1 1946 at 101 part, on any int. date on not less than 60 days’ notice at 110 and int. on
and int., and thereafter at 100 and int. Annual sinking fund payable in or before M ay 1 1928, the premium decreasing thereafter 1% for each
semi-annual installments beginning Jan. 1 1929, sufficient to retire $250,000 12 months or part thereof.
principal amount o f certificates per annum at redemption price, to be ap­
Each debenture will carry a non-detachable stock purchase warrant en­
plied to purchase o f certificates if obtainable at or below redemption price titling the holder to purchase at any time until 30 days prior to the red.,
then in force, or, to the extent not so obtainable, by call at such prices. date 20 shs. of com. stock for each $1,000 principal amount of debs, at'
V. 122, p. 225.
the following prices (subject to changes in case of stock divs., &c.): A t
The Paramount Properties (a wholly owned subsidiary o f Paramount Fam.- $25 per sh. prior to M ay 1 1929; $30 per sh. prior to M ay 1 1931; $35 per
Lasky Corp.) 1st mtge. serial gold bonds are secured by a first (closed) mtge. sh. prior to M ay 1 1933; $40 per sh. prior to M ay 1 1935, and at $50 per sh.
on both the Metropolitan Theatre, Store and Office Building (both land and prior to M ay 1 1937. Semi-annual s. f. sufficient to retire 50% o f this
building) and the Paramount Studio Properties (land, buildings and issue by maturity. Sold in June 1927 by Blair & C o., Inc., at 100 and
improvements), as well as by the assignment to the trustee under the int. V. 124, p. 3508.
trust indenture of the leases o f these two properties to the Paramount
RE
Famous Lasky Corp. The properties are covered by title and other Year. PO RT.— For calendar years:
Gross.
Deprec.
in s u r a n c e deemed to be adequate.
The statute of limitations with reference 1926-.$16,828,590 Net Earns. Interest. $105,109 Fed. Tax. Balance.
$1,201,193
$109,977
$86,430
$899,677
to stockholders liability arising out o f this bond issue has been irrevocably 1925--$18,151,827 $1,786,984
$121,338 $97,172 $136,716 $1,431,758
waived.
1924-- 16,459,386
1,660,940
125,722 96,463 126,145
1,312,610
Redeemable on any int. date all or part on 60 days’ notice at 103 if red.
1,454,080
138,251 93,761
60,180
1,161,889
on or before Sept. 1 1931, and thereafter at a premium decreasing )4 of 1% 1923-- 14,851,373
BALANCE SHEET as o f Dec. 25 1926 in V. 124, p . 2761.
for each expired year or fraction thereof.
Bonds were offered by the Anglo-London Paris Co. in Oct. 1927 at 100
OFFICERS.— Chairman, E. C. Lynch; Pres., J. J. Murdock; V.-P. &
and int. V. 125, p. 2157.
Gen. M gr., Elmer R. Pearson; V .-P ., Bernhard Benson; Sec., Lewis Innerarity; Treas., John Humm; Asst. Treas., W . C. Smith. Office, 35 West
R EPO RT.— For 1926 in V. 124, p. 1658, showed;
45th St., New York.— (V. 125, p. 2399.)
1923.
Calendar Years—
1926.
1925.
1924.
$4,605,785
Operating profits______ $6,100,816 $6,418,054 $6,221,769
PEERLESS MOTOR CAR CORP.— ORGANIZATION.— Incorp. in
360,001
Prov. for Fed. taxes____
500,000
700,000
799,420
Nov. 1915 in Virginia as the Peerless Truck & M otor Corp. and acquired
$5,422,349 $4,245,784 20,789 shares of pref. and 20,855 shares of common (being entire stock
Bal., oper. profit_____$5,600,816 $5,718,054
1,858,240 except 218 of pref.) of the Peerless Motor Car Co. of Cleveland, Ohio; name
1,867,450
Com. divs.(pd. and res.) 4,443,640 2,200,814
710,800 changed to present title in Sept. 1925 and assets o f Peerless M otor Car Co.
683,800
Pref. divs. (pd. & r e s .)._
633,070
658,000
transferred to new company.
Divs. o f sub. cos. (to out­
1,135
5,115
______
______
side interests)_______
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
x$12,929,450 _____________
Stocks— Com $20,000,000 ($50)-. ____
Balance, surplus_____
$524,106 $2,859,240 $2,869,964 $1,671,629
xA lso $500,000 in treasury.
Prof, and loss surplus__$15,733,422 $15,209,317 $12,350,077 $9,480,113
D IV ID E N D S.— The directors on Oct. 2 1919 declared an initial dividend
o f 1 % , both payable Jan. 2 1920.
OFFICERS.— Aldolph Zukor, Pres.; Jesse L. Lasky, 1st V .-P.; Frank A. of 1 )4 % and also an extra dividend o{
Garbutt, V .-P .; Elek J. Ludvigh, Sec.; Ralph A. Kohn, Treas.; Sidney R. In April 1920, paid 1K % and H % extra. July and Oct. 1920, 2 )4 % .
In Jan. 1921 paid 1 )4 % . In Feb. 1921 declared 4 % , payablei n quar.
Kent, Gen. M gr. Office, 485 Fifth Ave., New York.— V. 125, p. 2823.)
installments o f 1% each on March 31, June 30, Sept. 30 and Dec. 31 1921.
PA RK AND TILF O R D , INC.— Incorp. under laws o f Delaware ob In Feb. 1922 declared 6 % , payable in quar. installments of 1)4% each on
Aug. 6 1923. Manufactures and sells at both wholesale and retail packaged March 31, June 30, Sept. 30 and Dec. 31 1922. March 31 1923 to Dec. 31
roceries, candy, perfumery, cigars. &c., and also holds the stock of the 1923 paid 2% quar.; March 31 and June 30 1924 paid 1 % quar.; none since.
lelita Realty Co. The products o f the corporation are sold throughout
R E P O R T — For 1926, in V. 124, p. 2131, showed:
the United States and exported to many foreign countries. Operates
Calendar Years—
1926.
1925.
1924.
1923.
three large retail grocery stores in N . Y . City— one at 26th St. and 5th Ave.,
Net sales_____________ $19,301,302 $17,352,540 $15,491,596
Not
one at 59th St. and Madison Ave., and the other at 44th St. and Madison Cost o f sales__________ 15,522,573 14,399,643 12,867,984
stated
Ave.
Depreciation__________
180,802
195,024
200,775 ____255,752
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Net profit___________ $3,597,926 $2,757,872 $2,422,837 $3,907,814
Stocks— Com 200,000 shs (no par) -----200,000 shs ------------------Other income__________
84,912
223,915
126,561 ____ 211,292
Bonds— 30-yr deb s f gold bonds | 6 g J-D
$2,120,000 June 1 1936
Total income_________ $3,682,839 $2,981,787 $2,549,398 $4,119,106
($500 & c)________________xc \Int. at Mech. & Merch. Nat. Bank, N . Y .
Sell.,gen.&adm.exp.,&c_ 2,630,656
2,743,767
3,389,109
3,244,027
STnO(vI£
c| q t a b l e
q
Int. & misc. deductions.
132,299
111,216
94,699
88,611
BONDS.— On June 1 1906 there was issued and sold $3,000,000 worth Extraordinary charges. _
______
______
759,768
______
o f 6% debenture sinking fund gold bonds, maturing June 1 1936. These Federal taxes__________
______
______
______
80,000
bonds were to be retired at the rate o f $40,000 par value annually for sever D ividends____________
______
______ (2)228,589 (8)935,511
years from June 1 1909; at the rate o f $80,000 par value annually for tec
Balance, surplus_____sur$919,884 sur$126,804df$l,922,767 def$229,042
years from June 1 1916, and at the rate o f $100,000 per value annually foi
the ten years from June 1 1926. The bonds to be retired either by purchase
Period End. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 M os.— 1926.
in the open market at not more than 110 and int. or to be drawn by lot Net income after deprec.
at 110 and int. Outstanding Dec. 31 1926, $2,120,000.
Federal taxes, &c____
$102,205
$239,191
$180,712 $1,139,330
R E PO R T .— The company reported net profit for the fiscal year ended
OFFICERS.— Pres., Edward Ver Linden; V.-Pres., L. R. German; Sec.,
July 31 1925 o f $475,964.
_
F. A. Trester; Treas., A. L. Pearce. Office, Cleveland, Ohio.— (V. 125,
The company reported for the five months ended Dec. 31 1925 a net in­ p. 2158.)
come o f $296,775, after taxes and charges.
Year Ended 5 Mos. End. -----Years End. July 31---PENICK AND FORD, LTD ., INC.— Incorp. under laws o f Delaware
on Feb. 7 1920. Is one of the principal packers of molasses and cane syrups
Period—
Dec. 31 ’26. Dec. 31 ’25.
1925.
1924.
Net profit______________
533,414
296,776
475,964
558,371 In the United States, and one of the important manufacturers of corn syrup
and other corn
OFFICERS.— Pres., David A. Schulte; V .-P ., Louis Goldvogel and Cedar Rapids, products. Plants are located at Harvey (New Orleans), La.;
Iowa; Birmingham, Ala., and Montgomery, Ala.
Joseph M . Schulte; Treas., Joseph M . Schulte; Asst. Treas., Jerome Eisner
STOCKS AND BONDS—
Rate of Int.
Outstanding. Bds. when Due
Sec., Udo M . Reinach. Office. 541 W . 43d St., New York.— (V. 125, p.
Stocks— Com 450,000 shs (no par) -----424,965 shs ____________
532.)
Pref cum red 110 $4,000,000 I Text Q-J
$3,200,000 ____________
P A R K UTAH CONSOLIDATED MINES CO.— Company was organ­
($100)-----------------------------l
ized in Delaware under the name o f ‘ ‘Park Utah Mining C o., ” for the purpose Bonds— 20-yr 1st M s f gold bds f 6)4 g J-D
$3,697,500 Dec. 1 1943
of conducting a general mining business. By certificate o f amendment filed
$4,000,000 ($1,000)_____xxx \Int. at Canal Com. Tr. & S. B ., New
June 22 1925, the corporate name o f the company was changed to Park
( Orleans; also New York and Chicago.
Utah Consolidated Mines Co. Business has been the operation of mines
STOCK.— Pref. stock sinking fund, 10% of net profits annually (after
and the ownership of stock o f mining companies.
On Aug. 31 1925, $998,500 common stock was issued for the properties all accrued divs. on pref. stock have been paid or set apart) to be applied
and assets of Park City Mining & Smelting Co. From Sept. 15 1925 to toward purchase of pref. stock at not exceeding 110 and divs.
Common shares of no par value and o f $1 par value are interchangeable.
N ov. 19 1925, $37,404 common stock was issued for shares of stock of
D IV ID E N D S.— In 1926 paid on pref. stock as follows: Jan.2 and March
Ontario Silver Mining Co., at the rate of 1 1-3 shares o f the stock of the
31, 1)1% quar. and 1)4% on account of accumulated dividends; June 30,
company for one share of the stock o f Ontario Silver Mining Co.
The company owns 83.7% (125,554 shares) o f the outstanding 150,000 1)4% quar. and 6% on account of accumulated dividends, clearing up all
shares (no par) of the Ontario Silver Mining C o., and 50.96% (76,557 accumulations; Oct 1 1926 to Oct. 1 1927 paid 1)4% quar.
On common stock paid initial div. on Jan. 1 1927 of 25c.; same paid
shares) o f the outstanding 150,000 shares (par $20 each), of the Daly Mining
quar. to and incl. July 1 1927. October div. omitted.
Co.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
R E PO R T .— For year ended June 30 1926, in V . 123, p. 1378, showed:
Years Ended June 30—
1925-26.
1924-25.
1923-24.
Stocks— Com $2,500,000 ($1)—
-----$2,085,715 ------------------$23,644,843 $21,577,108
Net sales___________________________ 1
Not
— See table
—
D IV S.— An initial dividend o f 15 cents per share was paid Oct. 1 1925;
19,437,822 16,602,675
same amount paid quarterly to Jan. 2 1927. Paid on April 1 to Oct. 1
.. $3,555,419 $4,207,021 $4,974,433
1927, 20c. quarterly.
80,161
76,182
Gross profit on oper.— sub. cos.
76,974
R E PO RT.— For 1926 showed
.. $3,635,581 $4,283,203 $5,051,407
Calendar Years—
1926.
1925.
.. 1,874,330
1,875,719
1,779,763
Total income____________________________________ 4,427,243
4,405,183
17,966
34,300
97,659
Operating, administrative and general expenses.. 2,662,456
2,309,314 Bad debts charged offCr. 41, Oil
195,952
242,405
Depreciation__ ,________________________________
86,191
98,595 Miscell. deductions (n<
613,515
518,089
501,632
Federal taxes___________________________________
125,000
85,000 Depreciation_________
243,552
255,106
320,308
Dividends paid__________________________________ 1,256,100
-----119.688
188,274
161.660
Balance, surplus______________________________
297,495
1,912,274
Net incom e.......................................
$807,540 $1,215,762 $1,947,980
— (V. 125, p. 926.)

f




Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS
— Quar. End. Sept. 30— 9 Mbs. End.

Latest Earnings—Gross____________________
Expenses________________
Depreciation and interest.

.

1927.
$778,486
437,635
187,729

1926.
Sept. 30 ’27.
$1,174,032 $2,849,015
575,898
1,420,718
290,036
640,422

217

OFFICERS.— Chairman, Fairfax S. Landstreet; Pres., J. W . Searles;
V .-P ., C. Law Watkins; Treas. & Asst. Sec., E. B. Houser; Sec. & Asst.
Treas., J. M . Townsend Jr.; Compt., C. H. Memory. Office, 17 Battery
Place, New York.— (V . 125, p. 2399.)

PENNSYLVANIA-DIXIE CEMENT CO R P.— Incorp. in Delaware
Sept. 16 1926 to acquire the business and properties of the Pennsylvania
Cement C o., Dexter Portland Cement C o., Dixie Portland Cement Co. and
Clinchfield Portland Cement Corp., which companies have been in opera­
tion for periods of 15 to 25 years. The corporation, through subsidiaries,
will produce and sell sand, gravel, limestone, tile and otner cement products.
The location of the cement plants and their present annual capacity (in
barrels), are shown below
Location—
Ann’ l CapacityLocation—
Ann'l Capacity.
Nazareth, Pa., plant N o. 1 1,300,000 Kingsport, Tenn__________1,500,000
Nazareth, Pa., plant N o. 2-1,100,000 Clinchfield, Ga___________ 1,100,000
Bath, Pa__________________1,940,000
Portland Point, N . Y _____ 1,060,000
Richard City, Tenn_______ 2,000,0001 T o t a l------------------------------------- — 10, 000.000
Receivership.— Alex. F. Crichton and W m. T. Barber appointed receivers.
Each of the above plants constitutes a complete unit with nearby reserves
The petition for receivership was made by the Atlantic Refining Co.
of high-grade raw materials and equipment for the quarrying, grinding and
The financing plan (V. 117, p. 1244) announced in Sept. 1923, under the
All of
provisions o f which the $1,439,100 7% serial gold notes due Feb. 1 1924 were burning operations incident to the manufacture of Portland cement. rotary
equipment, including the crushers,
to be retired, has been put into effect. Under the plan each $1,000 note re­ the millelectrically driven, power being securedpulverizers and large
kilns, is
in part from turbo-generator
ceived $200 in cash and $900 in 1st mtge. 7% bonds o f a new subsidiary installations using waste heat from the kilns, and in part under contracts
company, the Penn Steel Castings Co. The latter company was organized with electric power companies.
In Delaware Nov. 24 1923 with an authorized capital o f $500,000 8% cumul.
pref. stock and 10,000 shares o f common stock o f no par value, and acquired
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Duetitle to the steel casting plant at Chester, Pa.
Stocks— Com 1,000,000 shs (no f ____
400,000 shs _____________
par)-------------------------------- 1
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— C om 3,500,000sh(nopar) -----2,800,000 shs ------------------Pref ser A cum conv & red f 7 Q-M
$13,000,000 _____________
(text) ($100)_____________1
STOCK.— The voting trust agreement expired June 26 1926 and was not
renewed.
Bonds— 15-yr 1st M s f gold f 6 g M-S
$12,469,000 Sept. 15 1941
The authorized capital stock was increased from 3,000,000 shares to
bonds series A $20,000,000 {in t. at National City Bank, New York.
3,500,000 shares on M ay 20 1926.
($500 & $1,000)_____kxxxc* l
On Dec. 31 1925 there was also outstanding $467,700 8% cumulative
STOCK.— The
convertible 7% cum. pref.
preferred stock o f Tacony Steel Co. o f Delaware (dividends in arrears on time at the optionseries Aholder thereof into common is convertible at any
of the
stock of the corpora­
this stock 36% ).
tion at the rate of 1J^ shares of common stock for each share o f cum.
DIVIDEN DS (Per Share).— May 1 1916, $1 25 Aug. 1 1916 to M ay 1 pref. stock series A, so converted.
1918, incl., $1 quarterly; Aug. 1 and N ov. 1 1918 and Feb. 1 1919, $1 50
Preferred Stock Provisions.— Authorized amount, $20,000,000; may be
each; none since. V. 108, p. 2349.
issued in series with such dividend rates, not in excess of 7% per annum,
R EPO RT.— For 1926, in V. 124, p. 2132, showed:
redemption prices, not in excess of $115 a share, conversion privileges and
1923.
Calendar Years—
1926.
1925.
1924.
other provisions as may from time to time be determined by the corpora­
$4,387,771 tion. Each series will rank on a parity with the cum. pref. stock of every
Net sales_____________ $2,596,553 $2,061,105 $2,309,549
4,209,103 other series, with respect to priority in the payment o f divs. and the dis­
Cost of sales___________
2,534,403
2,119,327
2,500,115
$178,668 tribution o f capital assets, and, so long as any cumulative pref. stock of
$62,150 loss$58,222 loss$190,566
Gross profit_______
20,846 any series remains outstanding, no stock of any class shall be created
1,144
8,003
16,992
Other income________
$199,514 ranking prior to or on a parity with the cum. pref. stock in either o f such
$63,294 loss$50,218 loss$173,574
Total income______
232,522 respects, without the consent o f the holders of two-thirds of the cum.
38,738
32,194
156,229
Interest_____________
stock outstanding.
86,279 pref. long as any of the cum. pref. stock remains outstanding, the corpora­
Idle plant expense----So
$82,413
$329,803
$119,287 tion will not create any mortgage or other lien upon any o f its fixed property,
Deficit______________ sur$24,556
OFFICERS.—J. B. Warren, Pres.; C. F. Jemison, V.-P. & Treas.; other than purchase money mortgages, and will not issue any bonds, notes
M . S. Hager, Sec. & Asst. Treas.; M . B. Perrem, Asst. Sec. Office, or other evidences o f indebtedness maturing more than one year from the
date of issue (other than bonds issued under its 1st mtge. dated as of
Franklin Bank Building, Philadelphia, Pa.— (V. 125, p. 400.)
Sept. 15 1926), and will not increase the authorized amount of the cum.
J. C . PE N N E Y C O ., INC.— ORGAN IZATION .— Incorp. in Utah in pref. stock without the consent of the holders o f a majority o f the cum . pref.
1913; reincorporated under laws of Delaware on Dec. 15 1924. Business stock then outstanding.
started in 1902. Operates 892 department stores in 46 States.
Sinking Fund.— So long as the corporation has outstanding any bonds
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
issued under the 1st mtge. dated as of Sept. 15 1926, there will be no sinking
Stocks— Classified common $5,- ( -----$3,679,167 ------------------fund for the series A cum. pref. stock. Upon the payment o f all bonds
outstanding under the 1st mtge. or upon provision being made for the
000,000 ($100)----------------l
satisfaction thereof, the certificate o f incorporation requires the corporation
574,124 sh s ------------------Common 1,250,000 shs (nof -----to set aside semi-annually on June 15 and Dec. 15, from its surplus or net
par)_____________________ 1
Pref $30,000,000 ($100)______ 6 Q-M
$16,097,800 ......... - ............ profits, a sum equivalent to 1}4% of the greatest aggregate par value of
cum. pref. stock series A at any time issued, to be applied to the purchase
STOCK.— In Feb. 1927 the stockholders voted to reduce the authorized or redemption of cum. pref. stock series A at prices not exceeding $110 a
amount o f classified common stock, par 100, from 100,000 shares to share and divs. In addition, the corporation shall set aside within three
50,000 shares, to change the name o f class “ A ” pref. stock to pref. stock months after the close of its fiscal year, commencing with the year next
and to increase the number o f authorized shares o f 6% pref. from 150,000 succeeding tne year in which the first sinking fund installment is set aside,
to 300,000. V. 124, p. 1231.
T
, nr. O J .
as above provided, a sum equivalent to 15% o f the net income of the cor­
All of the 1st pref. stock was redeemed on Jan. 30 1927 at 105 & divs.
poration for the preceding fiscal year, after providing for pref. divs. and
D IV ID E N D S.— Dividends on 6% pref. stock inaugurated Jan. 1 1925 other charges. The sum so set aside shall be applied by the corporation
to the purchase or redemption of cum. pref. stock series A as above provided
and paid regularly to Sept. 30 1927.
RE PO RT.— For 1926, in V. 124, p. 1372, showed:
D IV ID E N D S.— Initial div. of 1% % quar. on pref. stock was paid
1924.
1923.
Dec. 15 1926 to Sept. 15 1927
_______ Years____
____
1925.
1926.
Calendar
Sales_________________ $115,683,023 $91,062,616 $74,261,343 $62,188,979
Initial div. of 80c. per share on common stock was paid Jan. 1 1927,
July 1 1927; Oct. 1 1927 paid 50c. per sh.
Gen. exp., deprec., &c.,
__ _
incl. res. for Fed. tax. 107,522,298 84,267,856 70,083,693 58,277,160
BONDS.— The 1st mtge. sinking fund 6% gold bonds, series A, are
or
on any
30 days’
5,794,760 $4,177,650 $3,911,819 redeemable, all red.part or beforeint. date prior to maturity uponand on or
Gross profits________ $8,160,725
notice at 105 if
on
Sept. 15 1931, at 103 thereafter
508,922
578,475 before Sept. 15 1936, and thereafter at principal amount thereof plus a
657,808
Other income__________
757,547
premium of
% for each year or portion o f a year between date of re­
. $8,918,273 $7,452,568 $4,686,572 $4,490,294 demption and maturity.
163,224
171,008
149,306
140,595
Preferred dividends____
Security.— Bonds will be secured by a direct first mortgage on all the lands,
444,156
508,116
Class A pref. divs.
731,470
400,500 buildings, machinery and equipment (with a few unimportant exceptions)
760,850
. 3,153,775
of the corporation, and by the pledge of the stock o f two small subsidiaries.
. $5,115,786 $6,098,255 $3,791,878 $3,918,786
Sinking Fund .— Mortgage will provide for a sinking fund requiring semi­
4,188,012 annual payments (commencing Aug. 1 1927) in each case equal to 1H %
6,504,037
4,186,451
. 9,460,063
745,241
17,439 of the maximum principal amount of all bonds theretofore issued, and in
121,257
23,891
Sundry additions .
addition will require payment on Aug. 1 1928, and on Aug. 1 in each year
.$14,599,740 $10,405,963 $11,041,156 $8,124,237 thereafter, of an additional sum amounting in each case to 15% of the net
1,552,500
1,620,200 income of the corporation for the next preceding fiscal year remaining after
945,900
925,947
Common stock div.
paying all dividends on the outstanding cumulative preferred stock of the
_$13,673.793 $9,460,063 $9,488,656 $6,504,037 company during such fiscal year.— V. 123, p. 1642.
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 1372.
RE PO RT.— For 1926 in V 124, p 802.
OFFICERS.— Chairman, J. C. Penney; P res.,E . C. Sams; V .-P ., Geo. H.
[Corporation and subsidiary and predecessor companies.]
Bushnell; V .-P., J. M . McDonald; V.-P. & Treas., J. I. H. Herbert; Sec.,
Years End Dec 31—
1923.
1924.
1925.
1926.
L. A. Bahner; Asst. Sec., R. W. Trown; Compt., A. W . Griggs. Office, Net sales______________ $11,812,435 $12,804,004 $13,900,023 $14,712,450
330 West 34th St., New York.— (V. 125, p. 2539.)
M fg. cost of sales (excl.
of deprec & depl.) and
PENNSYLVANIA COAL AND COKE CORP.— Incorp. in Pennsyl­
all other expenses of
vania Nov. 11 1911. Is engaged in the business o f owning, leasing and
oper., less misc inc * . 7,585,754 8,107,618
8,197,425
8,501,273
operating coal mines and the mining, shipping, buying and selling of bitum­ Prov. for depr & d e p l..
662,922
741,878
938,128
1,016,093
inous coal. Is not at present engaged in the manufacture or sale of coke.
Operates certain electric light and water companies which serve communities
Profits from oper_____$3,563,760 $3,954,508 $4,764,471 $5,195,084
in the vicinity o f its operations; also, through a subsidiary, Is Interested in a Profits from operations for the year 1926 applicable to:
wharf company doing business in New York Harbor.
Oper' of predecessor companies from Jan 1 to Sept. 23 1926. $4,058,203
Oper. of present companies from Sept. 23 to Dec. 31 1926_
_
1,136,881
STOCKS AND BONDS—■ Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $12,000,000 ($50).- -----$8,630,300
Total as above____________________________________________ $5,195,084
Bonds— Equip tr ctfs due $54,- f 54i N -M 15 $1,114,000 To N ov. 1937
000 s-a to N ov 1 '27 then {in t. at Bk. of N o. Am. & Tr. C o., Phila. Profit from operations (of Penna.-Dixie Cement Corp. & subs.)
for period from Sept. 23 1926 to Dec. 31 1926 as shown above $1,136,881
$53,000 s-a ($1,000)------------ l
Int. charges, $212,038; prov. for Fed. inc. taxes, $142,250____
354,288
STOCK.— See table.
Divs. paid on pref. stock (to Dec. 15 1926), $227,500; on
common stock, $320,000_________________________________
547,500
D IV ID E N D S.— 1918. 1919. 1920. 1921. 1922. 1923. 1924. ’ 25. 1926
Cash (% )_________ 1014
8
8
8
8
8
8 None None
Balance, revenue surplus at Dec. 31 1926_________________
$235,093
S tock _______________
—
—
—
—
40
Surplus at organization____________________________________
2,555,886
R E PO RT.— For 1926 in V. 124, p. 2441, showed:
Surplus at Dec. 31 1926__________________________________ $2,790,979
Calendar Years—
1926.
1925.
1924.
1923.
$1.39
Gross sales______________$6,336,041 $5,652,013
$5,959,581 $8,428,034 Earnings per share on 400,000 (no par) shares common sto ck ..
Operating expenses, & c. 6,364,135
6,080,670
6,338,883 7,610,500
* Exclusive of special compensation paid by predecessor companies but
now discontinued.— V . 123, p. 3047.
Net earnings________ loss$28,094 loss$428,657 loss$379,302 $817,534
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 934.
Other inc. (incl. propor.
OFFICERS.— John A. Miller, Pres.; Ellis Soper, V .-P.; George Kilian,
share o f net earns, of
Sec. & Treas. Address, 131 W . 46th St., N. Y . C .— (V. 125, p. 1592.)
sub. cos. oper. under
collat. agreement with
PETTIBONE MULLIKEN CO.— O RGAN IZATION .— Incorporated
_______
__„
Clearfield Bituminous
Coal Corporation)_
_
250,825
246,469
289,988 In New York June 21 1912. Has plant on 32 acres of land about 6 miles
from heart of Chicago. Manufactures frogs, crossings, switches, guard
265,148 ---------------- ---------------- ------------Total income________ —-------------- def$177,832 def$132,833 $1,107,522 rails, &c., for steam railroads and miscellaneous manganese castings. V.
Misc. deduc.& Fed. tax.
$237,054
----------82,600 94, p. 1511.
Depreciation & depletion
295,120
289,700
292,402
283,218
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $7,000,000 ($100)-. -----$6,665,700 _____________
Balance.................
def$58,066 def$467,532 def$425,235 $741,704
ls t p f cum red 115 (text) ($100) 7 Q-J
$544,600 .......................
Dividends_____________
______
______
690,424
690,424
2d pref cum $750,000 red f 7 Q-J
$750,000 .......................
(text) ($100)------------------- \
$51,280
Surplus for year............def$58,066 def$467,532df$l,115,659

Net profit before Federal tax_____
$153,122
$308,098
$787,875
OFFICERS.— Chairman, W . S. Penick; Pres., F. T. Bedford; V .-P .,
A. W . H. Lenders; Treas.-Sec., J. B . Vanderbilt. Office, New Orleans, La.
— (V. 125, p. 2823.)
PENN SEABOARD STEEL CORP.— ORGAN IZATION.— Incorp.
Dec. 6 1915 In New York, as Penn. Marine A Ordnance Castings Co.
Name changed to present title June 24 1916. Merged Penn. Steel Castings
& Machine Co., Baldt Steel Co. and Seaboard Steel Castings Co. V. 102,
p. 1631. Plants located at New Castle, Del., and Tacony, Philadelphia.
Pa. Manufactures rolled steel products.
In Feb. 1920 the stockholders authorized the purchase o f the entire
capital stock o f the Tacony Steel Co. (V. 109, p. 484; V. 110, p. 567, 472,




318

INDUSTRIAL STOCKS AND BONDS

[V ol. 125,

STOCK.— As to pref. stock provisions, see V. 94, p. 1511. The second
OFFICERS.— Pres., Andrew J. Maloney; V .-P ., R. J. Montgomery;
pref. has no voting power and Is subject to call at par after all the first pref
V.-P. & Sec., W . H. MacEwan; Treas., Chas. A. Hurff. Office, Phila­
shall have been retired. V. 94, p. 1511. First pref. originally $2,250,000; delphia, Pa.— (V. 125, p. 2158.)
canceled by sinking fund and in treasury Dec. 311926, $1,706,000 2d pref
stock, $750,000. of which $517,000 was In treasury Dec. 31 1926.
PHILADELPHIA AND READING COAL AND IRON CO. (TH E).—
D IV ID E N D S.— On 1st and 2d pref., 1U % quar., Oct. 1912 to Oct. 11927. The New York Stock Exchange in Jan. 1924 authorized the listing of $31,542,333 1-3 refunding mortgage 5% sinking fund gold bonds dated Jan. 2
R EPO RT.— For 1926, in V. 124, p. 1524, showed:
1924, due Jan. 1 1973, in the denom. o f $1,000, $500 and $100.
Calendar Years—
1926.
1925.
1924.
1923.
The bonds are issued pursuant to the provisions of the final decree of
Mfg. profits, less maint.
taxes, sell., &c., exps.
$486,118
a$424,810
$177,056
$551,642 the U . S. District Court in exchange for general mortgage 4 % bonds issued
under the general mortgage, dated Jan. 5 1897. made by Reading Co.
Other income..................
10,683
106,977
25,281
______
Net income-----------------496,802
531,787
202,337
551,642 and the company.
The final decree among other things directed the Reading Co. and the
First pref. divs. ( 7 % ) .—
38,047
42,121
46,664
48,902
Second pref. divs. (7 % ).
16,640
15,744
13,741
14,088 company to offer to the holders of general mortgage bonds the right to
surrender their bonds and receive in exchange therefor an equal aggregate
Depreciation---------------240,181
225,012
199,788
____
principal amount o? new bonds as follows: 2-3 of said principal amount in
Res. for 1925 Fed. taxes.
36,077
28,323
______
______
1st pref. stock sink, fund
______
175,000
175,000
175,000 gen. & ref. mtge. 4)4% gold bonds, series A (or scrip certificates) of the
Reading Co.; and 1-3 thereof in ref. mtge. 5% sinking fund gold bonds (or
Balance, surplus_____
$165,855
$45,587 def$232,856
$363,653 scrip certificates) of the company.
On Dec. 31 1925 $31,222,667 refunding mortgage bonds had been issued
Profit and loss surplus..c$2,086,453 $1,908,954 $1,863,367 b$2.097,224
a Before Federal taxes, b After adding $295,466 adjustment of Federal in exchange for the joint general mortgage bonds; of this amount, $956,000
income and profits taxes to 1919, inclusive, c After adding credit adjust’ had been retired through the sinking fund, leaving $30,266,667 outstanding.
The Central Union Trust Co. of New York has been appointed trustee of
ments o f $11,642 in connection with settlement of Federal taxes for years
the refunding mtge. bonds. Compare also Reading Co. under “ Railroads.”
1920-1923.
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 1524.
OFFICERS.— Pres., W . J. Richards; V .-P. & Gen. Coal Agent, R . J.
OFFICERS.— A. H. Mulliken, Pres.; C. H. Eib, V.-Pres.; J. H. Mulliken- Montgomery; V .-P . & Sec., W . H. MacEwan; Treas., Chas. A. Hurff.
V.-P. and Treas.; H. R . Prest, Sec. Offices, 725 Marquette Bldg., Chicago, Office, Philadelphia. Pa.— (V. 121, p. 2531.)
and 120 Broadway, New York.— (V. 124, p. 1524.)
PHILLIPS-JONES CORP.— Incorp. in N . Y . Aug. 15 1919. The
PHELPS DODGE C O R PO R ATIO N .— ORGAN IZATION.— Incorp. in company is engaged in the business of manufacturing, producing, adapting,
New York Aug. 10 1885 as the Copper Queen Consolidated Mining Co., preparing, buying, selling and otherwise dealing in fabrics and textiles, and
capital stock $2,000,000; name changed to Phelps Dodge Corp. March 1 manufacturing and selling at wholesale throughout the country to retail
1917 and capital stock increased to $50,000,000, of which the entire amount stores, shirts, Van Heusen collars, underwear and pajamas.
is now Issued and outstanding. Owns the physical properties or capital
It was announced in N ov. 1926 that the Chain Shirt Shops, Inc., con­
stock o f all the companies formerly controlled by Phelps Dodge S Co., Inc., trolled by the corporation, had been sold. V. 123, p. 2665.
c
which latter company was dissolved in 1917. In October 1921 acquired all
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds . when Due.
the capital stock o f the Arizona Copper Co. At the present time the
85,000 shs. _____________
branches are as follows: Copper Queen Branch, Douglas, Ariz.; Morenci Stocks— Com 1,200,000shs(no p a r ) ____
Cl A 7% cum $7,500,000 ($25) ____
1,865,900 _____________
Branch, Morenci, Ariz.; Burro Mountain Branch, Tyrone, N. M .; Stag
Canon Branch, Dawson, N . M .; and the subsidiaries are: Moctezuma
STOCK.— See table.
Copper C o., Nacozari, Sonora, Mexico; Bunker Hill Mines C o., Tombstone,
Ariz.; Phelps Dodge Mercantile C o., Bisbee, Ariz.
D IV ID E N D S.— An initial quarterly dividend of $1 per share on the
common stock was paid Sept. 11 925;sam eam ountpaidquar.toD ec. 1 1927.
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $50,000,000 ($100). -----$50,000,000 ____________
R E P O R T — For 1926. in V. 124, p. 1532, showed:
DIVIDEN DS— Until Mar. 30 1917 o f Phelps, Dodge & Co.(holding co.).
Calendar Years—
1926.
1925.
1924.
1923.
’ 14. ’ 15. ’ 16. ’ 17. ’ 18. T9. ’20. ’21. ’22 to ’25. ’26. ’27.
Sales__________________ $10,110,350 x$9,862,787
$11,163,093
Reg., % _________10
10 10 10 7 ^ y 10 10 5 y2 4 yrly.
5 6
Cost o f sales, exp., &C-. 9,858,423 z9,382,710
Extra % ________ 4 10 2 2 l 14 1 0 ^ 3 ^ - A
-4 yrly.
__ __
Acct. depl_______ __
- - -_
8
4x 2x __ __
4 yrly.
__ __
Gross profit_________
$251,928
$480,076
x 2% payable in 4)4% Liberty bonds, y Only three quarterly dividends, Other income__________
329,902
297,865
Not
Not
214 % each, due to change in dividend period from Q.-M . 31 to Q.-J. 2.
---------------- ----------------stated
stated
•
Paid or decl. in 1928: Jan. 3, 1)4% .
Total income________
$581,830
$777,942
24.220
17,586
Interest_______________
R E PO R T .— For 1926. in V. 124, p. 3643, showed:
Federal taxes---------------66,760
See x
______
______
(Including Operations of Subsidiary Companies Owned.)
Calendar Years—
1926.
1925.
1924.
1923.
Net profits---------------$490,850
$760,356 a$139,015
b$86,434
Gross income__________ $38,424,039 $39,707,084 $35,838,489 $29,735,620
137,595
147,378
154,122
159,687
Cost o f fuel, metal & mdse 31,175,849 31,753,604 30,646,445 26,431.055 Preferred dividends____
340,000 ($2)170,000
______
______
Depreciation o f plants-- 2,378,522
2,467,046
2,335,653
1,946,055 Common dividends-----______
______
13,083
287,596
Interest_______________
______
428,429
765,116
832,932 Spec. exp. & sundry losses
2,000,000
2,000,000
2,000,000
Dividends (4 % )_______ 2,750,000
Balance, surplus_____
$13,255
$442,978 def$28,190 def$360,849
Depletion o f mines_____ 5,817,264
6,211,687
6,029,274
4,409,094
Balance, deficit______ $3,697,597
Balance forward_______ 77,784,852

3,153,681 5,937,998
80,938,533 86,876,531

5,883,516
92,760,047

Profit & loss surplus..$74,087,255 $77,784,852 $80,938,533 $86,876,531
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 1990.
OFFICERS.— Pres., Walter Douglas; V.-Ps., Arthur Curtiss James, E.
Hayward Ferry, Cleveland E. Dodge and P. G. Beckett; Sec. & Treas.,
A . T . Thomson.
New York office. 99 John St.— (V. 124. p. 1990.)
PHILADELPHIA AND READING COAL AND IRON CORP.— This
company, incorp. in Delaware Dec. 20 1923, was formed in accordance
with the final decree in the Govt, suit against the Reading Co. The latter
sold to the new company all its right, title and interest in the capital stock
of the Philadelphia S Reading Coal & Iron C o., subject to the lien of the
c
eneral mortgage of Reading Co. and the Philadelphia S Reading Coal A
c
ron Co. (as modified by the final decree) for the sum o f $5,600,000
Philadelphia & Reading Coal & Iron Corp., pursuant to the final decree
and the order modifying the final decree entered by the District Court
on Dec. 4 1923, will issue from time to time 1,400,000 shares of stock
without par value, being its entire authorized capital stock, to Wilmington
Trust Co. of Wilmington, Del. (the trustee) as trustee under a trust agree­
ment dated Dec. 28 1923 between Philadelphia & Reading Coal & Iron
Corp., Reading C o., Newton H. Fairbanks and Joseph B. M cCall as
trustees, and Wilmington Trust Co. as trustee. The trustee will issue
certificates of interest in said stock and each certificate of interest will
entitle the registered owner thereof, or his assigns, upon surrender thereof
accompanied by an affidavit in substantially the form required by the
final decree (to the effect, in substance, that the applicant does not own
any shares of the capital stock of Reading Co. and is acting in his own behalf
in good faith) to receive a stock certificate for the number of shares of the
capital stock without nominal or par value of Philadelphia & Reading Coal
& Iron Corp. represented by such certificate of interest, together with all
dividends (but without interest thereon) collected by the trustee in respect
of said shares of stock after the date o f such certificate o f interest and prior
to such exchange, and a dividend order or assignment for any dividends
declared but not then payable in respect of said shares.
All the certificates o f interest will be dated Jan. 2 1924, except as other­
wise provided in the trust agreement in case of the declaration of dividends
by Philadelphia & Reading Coal & Iron Corp. prior to the issue of all of its
authorized 1.400,000 shares of capital stock.
Pending the exchange of certificates of interest for shares of stock, the
trustee will deliver proxies for voting all the shares of stock held by it to
Newton H. Fairbanks and Joseph B. McCall, individual trustees appointed
by the District Court for the purpose, and will hold all dividends payable
in respect of the shares o f stock held by it until paid over to the owners of
the respective certificates of interest upon exchange thereof for shares of
stock as aforesaid. I f at any time after July 1 1926 any o f the certificates
of interest shall remain outstanding, the final decree provides that the Court
in its discretion, after a hearing upon such notice to holders of certificates
of interest as it may direct, may order the shares of stock of Philadelphia &
Reading Coal & Iron Corp. represented by said certificates of interest
to be sold and the proceeds distributed to the registered owners of such
certificates of interest.
Of the total o f 1,400,000 no par shares authorized, there had been issued to
Wilmington Trust C o., trustee, as o f Dec. 31 1925, 659,867 shares.
The WTlmington Trust Co. advises that as o f Dec. 31 1925, of the above
659,867 shares, there had been issued 574,665 shares to holders of certifi
cates o f interest who had filed affidavits as required by the decree.
For details as to new refunding mortgage 5% sinking fund gold bonds, see
Philadelphia & Reading Coal & Iron Co. below and Reading Co. under
“ Railroads.”
There were also outstanding on Dec. 31 1925 obligations of the company
as follows: $720,000 Phila. & Reading collateral sinking fund 4% bonds, due
1932. and $50,000 first mortgage bonds of subsidiary coal companies.
R E PO RT.— For 1926, in V. 124, p. 3643, showed:
1924.
1925.
1923.
1926.
Calendar Years—
.$78,238,429 $70,623,107 $83,511,650 $89,195,635
Oper. & other exp. (less>
. 70,517,350 69,674,065 77,641,497 78,682,660

f

. $7,721,079
270,781

$949,042
320,498

$5,870,153 $10,512,975
612,406
1,270,936

. $7,991,860
Deduct—
Depletion o f coal lands3
2,641,293
! 3,272,553
. 1,630,545

$1,269,540

$6,482,559 $11,783,911

$1,218,091
2,498,504
1,668,513

$1,504,503
2,346,771
1,610,692

$1,623,974
4,784,651
1,306,592

$447,470 loss$4,115,568

$1,020,593

$4,068,694

Other inc.— in t. & divs ..




a After adjustment o f prior years' Federal taxes. R After inventory
adjustment of $820,501 chargeable in part to operations o f prior years,
x Net sales, y Inch discount and also the sum o f $10,536 for corporation
taxes, z Incl. provision for Federal income tax.
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 1352.
OFFICERS.— Pres., A. S. Phillips; Sec., Arthur L. Phillips; Treas., B.
Robinson. Office, 1225 Broadway, New York.— (V. 125, p. 2276.)
PHILIP MORRIS CONSOLIDATED, INC.— Incorp. in Virginia Aug.17
1926 to acquire control o f Philip Morris & C o., Ltd., Inc., and the Con­
tinental Tobacco C o., Inc. Philip Morris & C o., Ltd., Inc., was incorp.
under the laws of Virginia on Feb. 21 1919 and sells throughout the United
States the brands of cigarettes known as “ Philip M orris,” “ Rameses,,'
“ Stephano,” “ English Ovals,” “ Marlboro” and “ Players.” The corpora­
tion did not own or operate any factories, its entire output being manufac­
tured for it by Stephano Brothers. Philip Morris & C o., Ltd., Inc., also
owned the entire issued capital stock of $300,000 of the Philip-MorrisInternational Corp. (which was dissolved in June 1926 and its business
merged with the Philip Morris & C o., Ltd., Inc.)
The Continental Tobacco Co. was incorp. in Delaware Dec. 7 1923 and
manufactures cigarettes and smoking tobacco.
STOCKS AND BONDS—Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 100,000 shs (no par) ____
85,000 shs _____________
$2,117,900 _____________
Pref cum $4,000,000 ($ 100)--. ____
STOCK.— The new company was authorized to issue 277,593 shares of
class A stock, par $25, bearing dividends at the rate of 7% per annum, pay­
able quarterly and cumulative from Feb. 1 1927, and preferred both as to
dividends and principal. It was also authorized to issue 1,200.000 shares
of common stock without par value, of which 425,000 shares were issued to
the stockholders of the corporation for the aggregate consideration of
$425,000. V. 124, p. 1257.
Each stockholder of the Continental Tobacco C o., Inc., and each stock­
holder of Philip Morris & C o., Ltd., Inc., received the right to exchange his
shares of stock, of either or both companies, for the stock of Philip Morris
Consolidated, Inc., on the basis of 46 a share of class A stock and one share
of the common stock of Philip Morris Consolidated, Inc., for each share of
the stock of either the Continental Tobacco Co. or Philip Morris & Co.
D IV ID E N D S.— On stock of Philip Morris & C o., Ltd., Inc.,, were paid
as follows: Aug. 1 1920, 1%; Nov. 1 1920, 1% ; Feb. 1 1921, 1% ; Oct. 1
1921, 2% ; Oct. 1 1923, 5% .
RE PO RT.— For year ended March 31 1927 showed:
Philip Morris & Co., Ltd., Inc.
Years Ended Mar. 31—
1926-27.
1925-26.
1924-25.
Net income after prov. for Fed. taxes. $274,308
$193,518
$140,650
Previous surplus____________________
428,545
235,027
94,377
Total surplus March 3 1 -...............— (V. 123, p. 2148.)

$702,854

$428,545

$235,027

PHILLIPS PETROLEUM CO.—OR G A N IZA TIO N .— Incorp. In June
1917 in Delaware. As of Dec. 31 1925 the company had 399 producing
properties, containing 61,788 acres, on which there were 2,293 producing
wells. Land owned and leased amounted to 655,994 acres, located in
Kansas, Oklahoma, Te^as, Kentucky and Louisiana.
In the latter part of 1927 sold its holdings in the Oklahoma Natural
Gas Corp. for cash. V. 125, p. 2276.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Slocks— Com2,500,000shs (nopar) ____
2,407,082 shs _____________
Bonds— 12-yr sk fd gold deben f 5)4 S J-D $40,000,000 June 1 1939
$40,000,000($l,000).MP.x&c* \lnt. at New York, Chicago or Boston.
STOCK.— The stockholders on April 21 1925 increased the auth. capital
stock from 2,000,000 shares to 2,500,000 shares of no par value.
The stockholders of record Nov. 25 1925 were given the right to subscribe
on or before Dec. 1 for 481,416 shares capital stock on the basis o f one new
share for each four shares held at $40 per share. V . 121, p. 2415.
BONDS.-—The 5)4 % gold debentures are callable on 60 days notice, all
or part on any int. date through Dec. 1 ’29 at 103 & int.; thereafter at red.
prices decreasing gradually to 101 )4 on June 1 ’34; thereafter through June
1 1938 at 101 & int.; & on Dec. 1 1938 at 100 & int. Sinking fund sufficient
to retire 50% o f these debs, b y maturity. Sold in M ay 1927 at 99M • Syn­
dicate heads: Harris, Forbes & C o., & Bond & Goodwin, Inc. V. 124, p.
3223.
The entire outstanding 7)4% gold debenture bonds were redeemed on or
before Apr. 1 1926 at 104 and int.

Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

219

STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due.
$29,622,831 _____________
Stocks— Com $33,000,000 ($25) ____
Pref8% cum$15,000,000 ($100) Text
$15,000,000 _____________
STOCK.— The pref. stock Is redeemable at option of company, all or
part, to July 1 1949 at 115 and dividends: sinking fund beginning July 1
1922, not less each year than 3% of the Issue (or $450,000) to cancel same.
This stock has no voting power unless a year’s dividends remain unpaid
thereon. The consent of a 66 2-3 interest is necessary to the making of a
mortgage, &c.
D IV ID E N D S.— On preferred stock 2% quar., Oct. 1919 to July 1921;
then none until Feb. 1922, when 2% was paid; none since.
The directors in M ay 1920 declared a stock dividend on the comm > stock
n
payable In common stock as follows: 2)4% on July 1 and 2 )4 % on O ct. 1
1920.
OFFICERS.— Pres., W . H. Coverdale; V .-P. & Treas., E. D. Levy;
Sec. & Compt., S. W . Everett; Asst. Sec., J. L. Ledger; Asst. Sec. & Asst.
Treas., J. J. O’Brien.— (V. 125, p. 2400.)
PIERCE PETROLEUM C
PORAT
TIO N .— In­
Net income__________$32,164,045 $21,243,061 $15,699,599 $12,452,030 corp. April 25 1924 under laws O RDelawareIO N — O R G A N IZAthe property
of
and acquired all o f
8,538,819
7,809,535
Depl., depr., &c., res___ 13,633,257 8,913,438
3,328,964
2,719,739 of the Pierce Oil Corp. The latter company owned directly, or through
Dividends paid...........
7,218,408
4,630,207
the entire capital stock of subsidiary companies: (a) Five modern refineries
Balance, surplus_____$11,312,380 $7,699,417 $3,831,816 $1,922,755 at Fort Worth and Texas City, Tex., Sand Springs, Okla., Tampico and
Mexico.
capacity 48,000
Capital surplus Dec. 31.105,367,160 91,177,860 63,260,340 38,673,943 Vera Cruz, acres o f oilTotal average daily held under lease,bbls. of crude oil.
(6) 11,000
lands, principally
partly owned in
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 1349.
fee, in Oklahoma, and Tampico, Mexico, (c) 1,128 tank cars, (d) 1,150
centrally located main distributing stations, (e) A 6-inch pipe line owned in
Earnings for Period Ended Sept. 30 (Incl. Subs. Cos.) ~
fee from Cushing field to Sand Springs refinery, 35 miles. (/) Through
1927— 3 Mbs.— 1926.
1927— 9 Mos.— 1926.
Pierce Pipe Line Co. (entire stock owned), an 8-inch pipe line 100 miles in
Gross earnings_________ $8,947,338 $17,304,992 $31,693,138 $39,955,952
Expenses, tax & int____ 4,933,052
6,678,412 16,049,979 15,128,356 lengthfrom Healdton field, Okla., to Fort Worth refinery. V. 101, p. 2077;
V. 105. p. 2461; V. 106, p. 196; V. 107, p. 611.
In May 1918, having obtained authority to operate in Texas, took title
P rofitbef. depr.&depl. $4,014,286 $10,626,580 $15,643,159 $24,827,596
OFFICERS.— Pres., Frank Phillips; V.-P. & Gen. Supt., Clyde Alexan­ to the properties of the Pierce-Fordyce Co. V. 106. p. 196. 1905. 2014.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
der; V -Ps , John H Kane, H E Koopman, and W N Davis: Sec &
2,500,000 sh
_____________
Stocks-Com 2,500,000 shs (no par) ____
Treas , O. K. Wing. Office, Bartlesville, Okla — (V. 125, p. 2400.)
Bonds— 10-yr s f gold deben- ( 8 g J-D
$920,000
Dec. 15 1931
PHOEN IX HOSIERY CO.— Incorp. under laws of Wisconsin on July
tures (Pierce Oil Corp) call 1 Int. at New York City.
13 1897. Manufactures complete lines o f men’s, ladies’ and children's
107)4 ($500 &c)______ kxxc* [
silk, mercerized and woolen' hosiery and women’s knitted underwear, all
STOCK.— The stockholders of Pierce Oil Corp. on M ay 9 1924 approved
being sold under the trade-mark “ Phoenix."
the proposal submitted by the management calling for the transfer of the
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due. c o .’s assets to the newly organized Pierce Petroleum Corp. The new co.
Stocks— Com $875,000 ($5)_____ ____
$875,000 _____________ has an authorized capital of 2,500,000 shares, o f which 1,103,419 shares were
1st pref cum red 115 $4,500,000
issued to the Pierce Oil Corp. in exchange for its holdings. The remaining
($100)_____________________ 7 Q-M
$3,454,900 ____________
1,396,581 shares were offered to Pierce Oil stockholders at $7 a share, the
2d pref cum conv ($100)______ 7 Q-M
$500,000 _____________ Issue having been underwritten by a banking syndicate including Lehman
Bros., Goldman, Sachs & C o., and Hornblower & Weeks. Proceeds from
RE PO RT.— For 1926 showed:
the sale of the stock were used to liquidate current obligations, including
Calendar Years—
1926.
1925.
1924.
1923
Net income_____________$2,221,110
$2,170,173
$480,722 $1,008,991 the settlement of the judgment held by the International & Great Northern
R
Interest paid__________
66,456
102,640
167,694
____ R . (See V. 119, p. 588.)
Federal and State taxes.
454,907
415,593
42,800
______
DEBENTURES.— The sinking fund gold debentures o f 1921 have a
D iv. on 7% pref. sto ck ..
282,382
294.460
305,893
308,875 sinking fund of $200,000 annually, operating semi-ann. V. 113, p. 2511
Common dividends_____
______
______
______
______
RE PO RT.— For 1926, in V . 124, p. 2441, showed:
Calendar Years—
1926.
1925.
xl924.
Balance, surplus_____$1,417,365 $1,357,480 def$35,665
$700,116
Gross profit_________________________ $8,117,531 $8,193,137 $6,903,461
Previous surplus_______ 5,144,975 3,870,402
3,982,511
3,314,911
Marketing, gen. & admin, expenses..
6,983,042
7,149,375
6,299,068
227,857
194,571
273,249
Total surplus_________ $6,562,340 $5,227,882 $3,946,846 $4,015,027 Interest____________________________
Prov. for uncoil, accts. receivable_
_
72,000
42,950
99,000
IJnused portion reserve
920,906
706,141
609,613
forconting. (Cr.)_____
______
______
______
53,669 Depreciation______________________
______ aCr.107,288
Earns, o f Consol. Pipe Line C o_____
Profit on redemp. o f pref.
1,471
10,291
16,753
7,012
stock (Cr.)__________
Net p r o fit-----------------------------------loss$86,275
$207,288yloss$377471
Res. ins. restored to sur. Cr. 11,188
______
______
______
a Since acquisition of stock in 1924, including a cash div. of $48,000.
Depreciation for year_
_
93,197
93,197
93,197
93,197
x During first 4 months Pierce Oil Corp., and remaining 8 months Pierce
Profit and loss surplus $6,481,802 $5,144,975 $3,870,402 $3,982,511 Petroleum Corp. y This amount comprises a loss of $511,187 for the period
OFFICERS.— Pres., Herman Gardner; V.-P. & Gen. M gr., John E- M ay 1 1924 to Dec. 31 1924, subsequent to the reorganization of the com­
Fitzgibbon; Sec., Theodore Friedlander; Treas., Edwin C. Mason. Office, pany, less a profit of $133,716 for the period Jan. 1 1924 to Apr. 30 1924.
Period End. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 Mos.— 1926.
Milwaukee. Wis.— (V. 124. p. 1232.)
Gross profit_____________$2,398,607 $2,285,308 $6,519,504 $6,112,142
PIERCE-ARROW MOTOR CAR CO. (THE)—ORGA N IZA TIO N .— Market, gen. & adm. exp. 1,838,874
1,868,459
5,385,245 5,228,417
Incorp. Dec. 2 1916 in N. Y . State as successor of the original company of Ind. & exp. on fund, and
similar name. Plant at Buffalo, N. Y . covers 43 acres.
floating debt________
51,920
54,704
163,249
167,457
Pierce-Arrow Sales Corp. formed to take over the selling agencies in Prov. for uncollect, accts
30,000
18,000
61,000
54,000
New York City, Chicago and Boston.
Provision for deprec___
252,569
223,906
757,706
678,114
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
N etprofit___________
$225,244
$120,239
$152,305 def$15,844
Stocks— Com 328,750 shs (no par) ___ _
328,750 shs __________
Pref 8% cum $10,000,000 s f
Text Q-J
$
,
________________
OFFICERS.—-Chairman, W . H. Coverdale; Pres. & Treas., Edward Dcall 125 conv ($100)______l
Levy; Sec. & Compt., S. W . Everett; Asst. Sec., W . G. O. Fallon
Bonds— 1st mtge bds (see text) f 8 M-S
$3,700,000 Mar. 1 1943 Asst. Sec. & Asst. Treas., J. J. O’Brien. Offices, 66 Broadway, New York,
and 17th and Locust Sts., St. Louis, M o.— (V. 125, p. 2400.)
debs call 110 (text)_ kxxx (Int. at___
_
STOCK.— The stockholders on Sept. 10 1926 approved plans to liquidate
PILLSBURY FLOUR MILLS, INC.— ORGAN IZATION .— Incorp.
the $40 accumulated divs. on the pref. stock through the issuance of 40,000 under the laws of Delaware. Owns the entire capital stock of Pillsbury
shares o f conv. 2d pref. and increased the authorized common stock by Flour Mills C o., incorp. in Minnesota.
171,250 shares to 500,000 shares.
NATURE OF BUSINESS.— The Minnesota company, directly and
It is planned to offer the common stock to the common shareholders through its subsidiaries, owns and operates one of the largest flour milling
giving rights at the rate of one new share for two and to devote the proceeds businesses in the world. Completely equipped flour milling, and elevator
to the retirement o f the $3,950,000 8% debentures outstanding.
properties are located in the following centres: Minneapolis and Anoka,
The other issue will comprise 40,000 shares o f 2d pref. stock, each . hare M inn.; Atchison, Kan., and Buffalo, N. Y . The company’s package food
convertible into 2 K shares of common stock. This 2d pref .stock will be products are known as “ Pillsbury’s Family of Foods,’ ’ and include such wellentitled to cumul. divs. at the rate of not exceeding $7 per share and callable known brands as “ Pillsbury’s Best Flour,” “ Pillsbury’s Pancake Flour,”
at not exceeding $102.50 and divs. This stock would be used to settle the ■
‘Pillsbury’s Health Bran,” and “ Pillsbury’s Farina.”
$4,000,000 of arrears of divs. on the present pref. stock.
STOCKS
Rate of Int. Outstanding. Bds. when Due.
When the above plans are carried out the company will have no bonds Stocks— ComAND BONDS—par)
550,000 shs (no
Q-M
400,000 shs _____________
outstanding and its capitalization will be represented by $10,000,000 of
Pf cum conv $6,000,000 ($100) 6)4 Q-M
$6,000,000 _____________
8% pref. stock, $4,000,000 of 2d pref. stock and 500,000 shares of common
f 6
$5,750,000 Oct. 1 1943
stock, or if the 2d pref. stock is converted, $10,000,000 o f 8% pref. stock Bonds— 20-yr Pillsbury Flour -jlnt. g A-O
Mills Co 1st M g b $10,000,a t _______________________________
and 600.000 shares of common stock.
000 ($500 & c ) ___ Na.xk&c* [
D IV ID E N D S.— At rate o f 8% per annum (2% Q.-J.) on pref. stock, 20-vr Island 'Warehouse 1st M l 6 g M-S
$1,643,700 Mar. 1 1943
Jan. 2 1917 to April 1 1921 incl.; then none until July 1 1926, when 2% was
$5,000,000($100&c)Chx&c* _\Int. a t ________________________________
paid; same amount paid quar. to July 1 1927. On common, Aug. 1917 to
STOCK.— A recapitalization plan (V. 124, p. 3365) was completed in
M ay 1919, both incl., $1 25 quar.; none since.
July 1927. Under the plan the stockholders received 3-10ths of a share of
BONDS.— The $6,000,000 first mtge. 7% gold bonds will be secured by pref. stock and 2 shares of new common stock of no par value, for each share
a first mortgage on the entire plant and fixed assets. None o f these bonds of $50 par value common stock formerly held.
have been sold, but $5,000,000 are held in company’s treasury.
The preferred stock is red. as a whole or in part at any time on 60 days’
DEBEN TU RES.— A sinking fund to retire by purchase or redemption notice at $110 per share and accrued divs. Convertible at any time into
$250,000 o f debentures annually is provided: first payment into sinking fund com. stock on the basis of 2 }4 shares o f com. stock for each share of pref.
was made on April 1 1926, in respect o f year 1925; payments annually on
D IV ID E N D S.— Initial div. on the com. stock of 40 cents paid Sept. 1
April 1 thereafter for the year ending the preceding Dec. 31.
1927.
R E PO RT.— For 1926, in V. 124, p. 1659, showed:
FUNDED D E B T .— The first mtge. 20-year gold bonds o f the Pillsbury
Calendar Years—
1926.
1925.
1924.
1923.
Flour Mills Co. are secured by a first mtge. on all the real estate, buildings,
xNet earns., after deprec $1,719,555 $2,152,078 $1,155,584
$952,564 equipment and other fixed assets of the Pillsbury Flour Mills Co., and
Otherincome---------------99,356
91,494
37.194
____
further secured by pledge of the capital stocks owned of constituent com­
Interest_______________
371,215
393,791
441,718
579,852 panies. Bonds are red. all or in part on any int. date on 30 days prior
Federal taxes__________
180,000
220,000
______
______
notice at 105 if red. on or before Oct. 1 1933, and thereafter at face value
Prior preferred divs____
______
83,758
126,000
94,500 plus a premium o f )4 % for each full year between the date of redemption
>
Preferred dividends____
600,000
______
______
______
and the date of maturity. Of the total $10 000,000 auth., $6,000,000 were
Balance, surplus_____
$667,695 $1,546,023
$625,060
$278,212 sold in Oct. 1923 at 95 and int. by the National City C o., W . A. Harriman
x After providing for depreciation o f $865,727 in 1925, $737,931 in 1924 & C o., and Lane, Piper & Jeffray, Inc. V. 117, p. 1786.
The first mtge. 20-year s. f. gold bonds, series A, of the Island Warehouse
and $779,827 in 1923.
Corp. (a subsidiary o f the Minn, company) are secured by a first mtge on
Period End. Sept. 30— 1927—3 Mos.— 1926.
1927— 9 M os.— 1926.
♦Net earnings__________ def$166,516
$491,396
$485,425 $2,056,131 all fixed property now or hereafter owned. The bonds are red. all or in part
Depreciation___________
133,483
196,840
445,925
634,745 on any int. date on 60 days notice at 110 and int. through Mar. 1 1924, the
Interest, taxes, &c_____
74,000
118,310
298,117
441,296 premium decreasing % % each year thereafter to maturity. V. 116, p. 829.
REPORT.-—For year ending June 30 1927, in V. 125, p. 1721, showed:
N et income-------------- def$373,999
$176,246 def$258,616
$980,090
Years Ended June 30—
1927.
1926.
* After expenses, repairs, &c.
Net income for year______________________________ $2,780,473 $1,597,255
770,000
OFFICERS.-— Charles Clifton, Chairman; M . E. Forbes, Pres. & Gen. Dividends paid__________________________________ 1,155,000
M gr.; S. O. Fellows, Treas.; E. C. Pearson, Sec.; M . C. Ewald, Aud.;
Balance, surplus_______ _____ ___________________$1,625,473
$827,255
W . H. Locke, Asst. Sec. & Asst. Treas. Office, 1695 Elmwood Ave.,
Previous earned surplus__________________________ 2,646,503
1,819,248
Buffalo, N . Y .— (V. 125, p. 2681.)

Each $1,000 o f bonds carried a detachable warrant entitling the holdei
(for 10 years) to purchase from the company at $22 22 per share (reduced
from $33 33 per share on account of the 50% stock dividend paid in June
1923), the following amounts of stock: For the first two years, 10 shares, and
thereafter one share less during each succeeding year. V. 113, p. 1583.
DIVS.— Initial div. o f 50 cents a share paid Dec. 31 1921: same amount
paid quar. to Mar. 31 1923. On June 30 1923 paid 50 cents quar. and $1
extra. Oct. 1 1923 to Oct. 1 1925 paid 50 cents quar.; Jan. 4 1926 to Oct. 1
1927 paid 75 cents quar.
RE PO RT.— For 1926, showed:
1924.
1923.
1925.
Calendar Years—
1926.
Income________________ $57,838,370 $35,770,893 $24,832,973 $19,372,585
7,351,231
5,185,158
Oper., gen. & adm. exps. 22,797,404 11,219,823
Interest and taxes (incl.
1,782,143
1,735,396
2,068,553
Federal tax)_________ 2,876,921
Expired and abandoned
1,239,456
leases and dry holes. _

10 000,000

PIERCE OIL C O RPORATION .— Incorp. in Virginia June 21 1913
Under a plan o f refinancing adopted M ay 7 1924, all o f the corporation’s
property was conveyed to Pierce Petroleum Corp. (see below) for 1,103,419
shares o f the latter’s stock, and all o f the old company’s liabilities were
assumed by the new company. All pref. and common stock of the old
company remains outstanding (see terms o f plan under Pierce Petroleum
Corp. below) and all dividends received on the 1.103.419 shares of stock
of Pierce Petroleum Corp. held will be available for the general corporate
purposes o f the old company, including the payment o f dividends on the
old preferred and common stock. Suit for damages, V. 121, p. 2531.




Total earned surplus----------------------------------------- $4,271,976 $2,646,503
Earnings per share on 100,000 shares (par $100)
o f capital stock outstanding____________________
$27.80
$15.97
OFFICERS.— Pres., Albert C. Loring; V.-Pres., C. S. Pillsbury and
John S. Pillsbury; Treas., A . F. Pillsbury; Sec., Clark Hempstead. Office,
Minneapolis, Minn.
PITTSBURGH COAL CO. (OF PENNA.)— O R GAN IZATION .—
This company’s stock was issued to the public in July 1917 in exchange fo*
the stock of the Pittsburgh Coal Co. of N. J. (holding com pany), per plad

220

INDUSTRIAL STOCKS AND BONDS

In V. 102, p. 804, 1166. V . 105, p. 1527. Compare full statement, V . 105
p. 1101. Montour R R .. see "Railroad Cos.”
The total reserves o f the company's coal In the Pittsburgh vein in Pennsyl­
vania are 151,082 acres with an estimated mineable content of 1,128,229,305
tons. The company’s reserves in Ohio are 20,201 acres and in Eastern
Kentucky are 2,563 acres. Contract with United States Steel Corp ,
V. 105, p. 1003; V. 106, p. 1338. In Jan. 1924 organized the New Pitts­
burgh Coal Co. V. 118, p. 441.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks•
—Com 6% & partic (S100) ____
$40,000,000 ____________
Pref 6% cum & partic s f call
$35,000,000
110 ($100)_________________ Text
Bonds— 25-yr 1st M gold guar
$496,000 Jan. 1 1935
5 g J-J
red \0214 s f $1,500,000 {Int. at Union Trust C o., Pittsburgh.
($1,000)____________ UPi.xc*
M on River Cons Coal & Coke
6 g A-O
$3,738,000 Oct. 1 1949
1st mtge gold s f (text) Int. at Union Trust C o., Pittsburgh.
($1,000)..........
UPi.zc*
Midland Coal pur 1st mtge 205 g M -N
$475,000 M ay 15 1932
yr gold $1,200,000 red 1023^ Int. at Union Trust C o., Pittsburgh.
($1,000)_____________ UPi.xc
Debs $6,350,000 g dated 1911 J 5 g M-S
$1,756,000 July 1 1931
_
red at par ($500 & c)______ x lint. at_
Bonds of Sub. Cos.—
$1,850,000 Feb. 1 1963
Montour R R red 105 begin / 5 g F-A
1924_______________________ (Int. at Union Trust C o., Pittsburgh.
Pitts Coal Dock & Wh 1st mtge ( 5 g A-O
$1,886,000 Apr. 1 1938
guar red 10214 ($_ ) ______ \Int. at Union Trust C o., Pittsburgh.
_
STOCK.— The pref. stock is entitled: (a) T o cumulative dividends at
rate of 6% payable quarterly with interest at 5% on any accumulations,
(b) To participate equally with the common shares in any year in which
each stock has received 6% ; (c) T o share in a sinking fund effective frou
Jan. 1 1916, based on the sale of mine-run coal, said fund to be applied
as the directors may direct, as follows (but subject to the resolution of
July 9 1917, V. 106, p. 1338, by which sufficient amounts of the issue shall
be retired from time to time to preserve the relation o f value of unmined
coal to the amount o f outstanding pref. stock taken at its call price of 110),
viz.; (a) fcr payment of debt, (6) additions, (c) retirement of preferred
shares by purchase (or call) at not exceeding 110 and dividends; (a) to pr®
ferred payment of principal at 110 and dividends in case of liquidation
(e) T o the restriction that no indebtedness secured
mortgage or pledge
of the greater part o f the property shall be created without the consent a'
a meeting of at least 2-3 of the outstanding pref. shares. Auth. pref
stock was reduced from $40,000,000 to $35,000,000 through the retirement
o f $5,000,000 treasury stock in March 1921. Auth. and issued common
stock, $40,000,000.
D IV ID E N D S.— On pref. stock o f old Pitts. Coal Co. of N. J., 1900 tt
Apr. 1905, 7% yrly.; ’06 to ’09, none; ’ 10, 5% ; ’ l l to Apr. 25 1919, 5%
p. a. (1 H % quar.). On Pittsburgh Coal Co. o f Penn., pref. stock, April
1916 to July 1917, in all, 5H % (to Pitts. Coal Co. o f N . J.); to public ir
July 1917 in settlement o f accumulations, 3.48% cash with S3 1-3% o»
pref. stock; Oct. 25 1917 to Jan. 25 1926 quarterly, 114% cash; April 1926
div. was deferred
In March 1918 an initial dividend of $5 per share was declared on thi
common stock, payable in four auarterly installments on Apr., July and
Oct. 25 1918 and Jan. 25 1919, A p r' 1919 to July 1922, 1M % auar.; Jan
1923 to Oct. 1924, paid 1% auar; none since.
BONDS.— Pittsburgn Coal Co. of Penna. 1st 5s o f 1910 are guar, by
Pittsburgh Coal Co. of N . J. Sinking fund, 10c. per ton, not less than
$60,000 yearly. V. 90, p. 1494.
First M . on Pitts. Coal Dock Jt Wharf Co. property at Duluth, Minn.
$3,500,000. V. 94, p. 1052; V. 96, p. 861; V. 89. p. 1284.
Pittsburgh Coal Co. o f Penn. (Midland Coal Co. purchase) 5s have *
minimum sink, fund o f $50,000 yrly. V. 95, p. 893,1043; V. 96, p. 861.
The Monongahela River Consol. O. & C. bonds have a sinking fund of
6 c . per ton of m -in c h . coal mined, and shipped, which retires bonds anD u a lly about Dec. 1 if purchasable at a reasonable price .
R E PO RT.— For 1926, in V. 124, p. 1678, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Gross receipts_________ $37,258,548 $33,832,177 $44,025,345 $63,069,472
Profits, after all expenses
767.147 $1,564,604 $3,885,401 $11,358,556
Depletion coal lands, &c.
454,136
434,617
974.527
1,509,847
Deprec’n plant & equip.
1,711,371
1,669,352
1,831,241
1,792,569
Interest paid & accrued638,699
637,204
746.055
746,978
77,617
90,365
______
______
Min. int. in su bs............
Net profits________ loss$2,114,6761oss$1266940 $333,577 $7,309,162
Federal taxes__________
61,272
19,651
787,660
394,608
Pref. dividends ( 6 % ) . . .
______
2,100,000 2,100,000 2,100,000
Common dividends_____
______
______ (3%)965,076 (4)1,286,768
Undivided profits___ df$2175,948df$3,386,591df$3,519,159 a$3,527,786
Earned surplus________ $12,663,575 14,918,573 19,701,975 23,281,492
a Subject to Federal taxes.
OFFICERS.— Chairman, William G. Warden; Pres., J. D. A. Morrow;
Exec. V .-P ., C. E. Lesher; V.-P. & Treas., F. J. LeMoyne; Sec., Aaron
Westlake. Office, Henry W . Oliver Bldg., Pittsburgh.— (V. 124, p. 3785.)
PITTSBU RGH PLATE GLASS C O .— (V. 124. p. 3082 )
PITTSB U R G H STEEL CO.— ORGAN IZATION .— Incorp. In Penna
July 1 1901. Owns works at Monessen, Allenport and Glassport, Pa.,
coal properties at Monessen, Alicia and Grays Landing, Pa., and coke plant
and marine ways at Alicia, Pa. Manufactures pig iron, open hearth basic
steel blooms, billets, bars, wire rods, wire, wire nails, wire fencing, steel
hoops, bands, cotton ties, seamless steel boiler tubes, mechanical tubing,
oil well casing, drill pipe, electrically welded wire fabric for reinforcing
concrete, gypsum, stucco, plaster, &c.
Subsidiaries, Pittsburgh Steel Ore C o., Monessen Coal & Coke Co.,
Pittsburgh Steel Products Co., Standard Land & Improvement Co., M o­
nessen Southwestern R y. C o., Pittsburgh Perfect Fence C o., Ltd., of Can­
ada, Daly Gas C o., National Steel Fabric Co. and Pittsburgh Steel Sales
C o., and a substantial interest in the Bennett Mining C o., Mesaba Cliffs
Iron Mining C o., Plymouth Mining Co. and Holman-Cliffs Iron Mining Co.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $39,500,000 ($100) ____
$25,350,000 ____________
Pref cum $10,500,000 red 120
$10,475,000 _____________
($100)_______________________ 7 Q-M
Bonds— Serial gold notes dated ( 6 g M-S
$1,500,000 Sept. 1 1930
’25 due$500,000ann ($1,000) \Int. at____
Pitts Steel Prod Co 1st mtge s f ( 6 g F-A
$2,716,000 Feb. 1 1937
gold bonds_________________ \lnt. at__________________________________
STOCK.— The stockholders on Aug. 20 1925 increased the authorized
common stock from $19,500,000 to $39,500,000.
N o mtge. or additional pref. stock without consent of % o f outstanding
preferred. V. 91, p. 1388, 1451.
DIVS. ’ 15. T6. 1917.
1918. T9. ’20. ’21. ’22. ’23. ’24. ’25. ’26
Com ., %
0 6 8&40ex. 8&5ex.
8 *8 5
4
5 *4
4 4
Pref., %
7 10^
7
7
7 7 7 7 7 7 7 7
* On common also 100% in common stock in 1920 and 25% in common
stock in 1923.
Paid on common in 1927, Jan. 3, 1% .
REPORT.-—For year ended June 30 1927, in V. 125, p. 1702, showed:
Years end. June 30—
1926-27.
al925-26.
1924-25.
1923-24.
Sales, less returns and
$34,380,881 $23,217,962 $23,926,890
allowances
Not
Less cash discount__
481,357
280,997
284,892
Net sales__________
M fg. & produc. cost &
operating expenses. _
Selling and admin, exp.

available

$33,899,524 $22,936,965 $23,641,998
$23,662,018 $16,455,655 $15,748,186
2,283,018
1,766,011
1,551,583

Net earnings___c$7,652,200
M aint., repairs & replace $3,480,069
D epreciation_____ 1,384,920
Depletion________
201,808
Inventory adjustm ent..
______
Doubtful acc’ts reserve.
______

$7,954,488
$3,387,751
1,231,240
175,659
...........
...........

$4,715,299
$2,633,374
697,975
189,717
107,578
15,761

$6,342,229
$3,232 331
1,222,163
114,846
214,093
89,916

Net profit from o p e r.. $2,585,403

$3,159,838

$1,070,894

$1,468,880




Years end. June 30—
Other income__________

1926-27.
217,907

[ V ol. 125,
al925-26.
229,088

1924-25.
157,335

1923-24.
503,865

Net profits, all sources$2,803,310 $3,388,925 $1,228,229 $1,972,745
Interest paid---------------b486,492
374,940
35,052
65,009
Loss on prop.abandoned
or replaced__________
73,261
47,970
______
______
Miscellaneous_________
31,447
56,898
Tax increase on cap. stk.
______
______
______
46,759
Fed. income tax reserve.
291,599
432,437
108,974
245,399
Net income---------------- $1,951,958
Pref. dividends ( 7 % ) . . .
$733,250
Common dividends------(2%)507,000

$2,533,577
$733,250
(4)935,491

$1,052,754
$735,000
(4)700,000

$1,558,679
$735,000
(5)804,994

Balance, surplus------$711,708
$864,837 def$382,245
$18,68
Shs.com. out. (par $100)
253,500
253,500
175,000
175,000
Earns, per sh. on com ---$4.81
$7.10
$1.82
$4.71
a Includes the results o f the operations o f the Pittsburgh Steel Products
Co. prior to Sept. 1 1925, date o f acquisition, b Includes interest and dis­
count on funded and long-term debt and interest on loans, c After de­
ducting all expenses incident to operation.
OFFICERS.— Pres., Homer D . Williams; V .-P ., Emil Winter; V .-P .,
E. H. Bindley; Sec., Henry J. Miller; Treas., W . C. Reitz; Asst. Sec.,
Ray Maxwell; Asst. Treas., William L. Rowe. Office. Union Trust Bldg.,
Pittsburgh, Pa.— (V. 125, p. 401.)
PITTSBURGH TERMINAL COAL CORP.— Incorp. in 1924 as a con­
solidation of Pittsburgh Terminal Coal Co. (formerly owned by the Pitts­
burgh & West Virginia R y.) and Meadow Lands Coal Co. Owns seven
mines, five o f which are located in Allegheny County and two in Washington
County, P a. _ The total reserves o f the company’s coal in the Pittsburgh
vein are 21,259 acres, with an estimated recoverable content of 133,500,000
tons.
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $13,200,000 ($100). ____
________________
$ 12 , 000,000
Pref 6% cum $4,000,000 red
105 ($100)__________________ 6 Q-M
$3,729,000
Bonds— Pitts Ter RR & Coal Co J 5 g J-J
$3,183,000 July 1 1942
lstM 40-yrsf($l,000)C Pi.xc* lint, at Colonial Trust C o., Pittsburgh.
STOCK.— See table.
D IV ID E N D S.— On pref., initial div. of 1H % was paid Mar. 1 1925;
same amount paid quar. to Dec. 1 1926. No payments on common stock
to date.
RE PO RT.— For calendar year 1926, in V. 124, p. 1079, showed:
Calendar Years—
1926.
1925.
Gross income from all sources____________________ $10,151,293 $8,819,002
Oper. cost, selling & gen. expenses & taxes________
8,366,731
7,187,246
Gross profit___________________________________ $1,784,561
Depletion, amortization & depreciation__________ . 1,151,480
Net income before deductions_________________
$633,081
Interest, mortgages, &c__________________________
191,659
Provision for Federal taxes_______________________
78,156
Balance of net income_________________________
$363,266
Surplus Jan. 1__________________________________I 2,657,043
Profit and loss, credit___________________________

$1,631,756
1,105,652
$526,104
192,214
19,100
$314,790
2,621,807
200

Gross surplus________________________________ $3,020,309 $2,936,798
Provision for divs. on preferred stock_____________
215,039
232,005
Miscellaneous deductions________________________
90,323
47,749
Surplus Dec. 31______________________________ $2,714,948 $2,657,043
Shares of common stock outstanding (par $100)-120,000
120,000
Earned per share on common____________________
$1.24
$0-69
Quarter Ended March 31—
1927.
1926.
Net earnings____________________________________
$395,736
$399,639
Depreciation and depletion___________________ I__
325,061
284,976
Profit before Federal taxes..
$70,675
$114,663
Earnings per share on common.
$0.15
$0.49
OFFICERS.— Pres., Horace F. Baker; V .-P s., L. H. Kelly and G. F.
Osier; Sec. & Treas., A. J. Appel; Treas., E. C. M cK ibbin. Office,
Wabash Bldg., Pittsburgh, .P a .— (V. 125, p . 2539.)
PORTO RICAN-AMERICAN TOBACCO CO.— OR G A N IZA TIO N .—
incorp. Sept. 22 1899 in N. J. and manufactures cigars and cigarettes.
Owns entire capital stock of the Porto Rican-American Tobacco Co. of
Porto Rico, which operates 14 factories in Porto Rico, and owns and controls
2,000 acres of farming lands in Porto Rico; also a majority of the capital
stock o f the New York-Tampa Cigar C o., which operates factories at Perth
Amboy, N. J., and at Tampa, Fla., and one-half o f the capital stock o f the
Porto Rican Leaf Tobacco Co. V. 113, p. 1896.
The company m Jan. 1927 entered into an agreement to purchase 200,000
shares (of the total of 350,000 shares outstanding) of Congress Cigar C o.,
Inc. See that company above and V. 124, p. 246, 384.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Class B (no par)________ ____
82,440 shs
Class A 7% cum ($100)--------- (Text) Q-J $10,187,55
__________ II
Bonds— 15-yr secured gold redf 6 g J-J
$8,000,000 Jan. 1 1942
(text) ($500 & $l,000)kxxxc* (Int. at National City Bank, New York.
STOCK.— The stockholders on March 10 1927 authorized a charter
amendment increasing the authorized capital to $15,000,000 o f class A
common stock and 150,000 shares of class B common stock without par
value. At the same meeting the stockholders authorized and consented
to the amending of the charter giving the class B common stock equal
voting rights with the class A common stock.
D IV ID E N D S.— f
12.’ 13. ’ 14. T 5. ’ 16. 17. ’ 18. ’ 19. ’20. ’21. ’22-’26.
In cash (% )--------1
16 . .
4 16
8 . . __ -_ _
In 6% scrip or stock l
20 20 20 15 10
8 13
6 12 3
In Feb. 1918 a stock div. o f 4% was declared payable March 7 In lieu of
the regular quarterly cash div. From June 1918 to June 1919 the quarterly
3% dividend was paid in 3-year 6% scrip, callable but without convertible
feature. V. 107, p. 611, 1843. In Sept, and Dec. 1919, owing to strike
(then ended), none. V. 109, p. 780. Mar. 1920 to Mar 1921. 3% quar.
in scrip; none since. The $1,342,754 scrip (Series 1 to 9) issued between
June 1 1918 and Dec. 31 1920 was redeemed in stock at par on and after
March 31 1921. V. 112, p. 1511. The scriD No. 10 was redeemed on or
before Feb. 26 1924 in cash or stock at par, at the option o f the holder.
Resumed payments in 1927 on class A: Paid July 11, $1.75. Same amount
paid Oct. 10 1927.
BONDS.— All of the outstanding 10-year 8% gold bonds due 1931 were
redeemed on Nov. 15 1926 at 105 and int.
The secured 6% convertible gold bonds due Jan. 1 1942 ($14,000,000
authorized) are red. all or part on any int. date, upon 30 days’ notice, at
102 if red. on or before Jan. 1 1932; thereafter at 101 if redeemed on or
before Jan. 1 1937, and thereafter at 100.
Bonds will be specifically secured by pledge o f (1) 200,000 shares o
capital stock of Congress Cigar C o., Inc.; (2) the entire outstanding capital
stock ($6,860,800) of Porto Rican American Tobacco Co. of Porto Rico,
and (3) 50% ($250,000) of the outstanding capital stock o f Porto Rican
Leaf Tobacco Co.
Sinking Fund.— The trust agreement will provide for a sinking fund which
is calculated, on the basis of the original issue of $8,000,000, to retire
$6,000,000 of these bonds prior to maturity. On or before each M ay 15
and N ov. 15, commencing N ov. 15 1928, to and incl. M ay 15 1933, the co.
is to provide for the retirement, on or before the next succeeding int. pay­
ment date, of $200,000 of these bonds; on or before Nov. 15 1933, and on
or before each M ay 15 and N ov. 15 thereafter, the sinking fund payment
is to be sufficient to retire $250,000 principal amount of bonds. Provision
will be made for increasing the required sinking fund payments in the
event that additional bonds are issued.
Conversion Privilege.— Bonds will be convertible into capital stock of
Congress Cigar Co., Inc., at the following rates to be computed against the

Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

principal amount o f bonds converted: $80 per share of said stock in respect to
bonds converted on or before Jan. 1 1929; $85 per share o f said stock in
respect to bonds converted thereafter and on or before Jan. 1 1932, and $90
per share in respect to bonds converted thereafter. The conversion privilege
is to expire if and when an aggregate o f 80,000 shares o f capital stock of
Congress Cigar C o., Inc., has been drawn down to meet the exercise of the
conversion privilege; the foregoing amount of 80,000 shares is to be pro­
portionately increased in the event additional bonds are issued. The trust
agreement will permit the company to draw down from the stock pledged
thereunder, such amounts of stock as may be necessary to meet the exercise
of the conversion privilege, and will contain appropriate provision for
adjusting the conversion bases in the event o f a change in the capital struc­
ture o f Congress Cigar Co,, Inc., through payment of a stock dividend or
dends, recapitalization, or otherwise. Bonds called for redemption will be
convertible up to 5 days prior to the redemption date, provided that the
conversion privilege shall not have otherwise terminated prior to their
presentation for conversion. V. 124, p. 246.
R E PO RT.— For 1926, in V. 124, p. 1232, showed:
1926.
1925.
1924;
1923.
Gross profit on sales____$1,032,173
$1,334,731 $1,201,390 $1,457,998
Operating profit— - I I "
’ l7 7 ’,313
457,155
132,362
478,779
Other income____________
227,035
157,661
151,319
155,945
Interest, taxes, &c_____
241,528
297,686
263,757
333,414
$162,820
$317,130
$19,924
$301,310
Net profits__________
OFFICERS,— Luis Toro, Pres.; John Frese, 1st V .-P .; E, F. Rosenthal,
2d V .-P .; T . C. Breen, Treas.; H. Catlin, Sec. & Asst. Treas. N . Y .
office, 185 Madison Ave.— (V. 125, p. 2158.)
POSTUM CO., INC.— Incorp. under laws o f Delaware in Feb. 1922.
Name changed in March 1927. Manufactures Postum cereal, Instant
Postum, Grape-Nuts, Post Toasties, Post’s Bran Flakes, Post’s Bran
Tapioca, Chocolate, Post’s wheat meal, Jell-O, Swan’sDown Cake Flour,
Minute W.Baker chocolate and cocoa, Frank Baker coconut, Heilman’s bleu
ribbon mayonnaise and Log Cabin syrup. Plants are located at Battle Creek,
M ich.; Le R oy, N. Y .; Evansville, Ind.; Orange, Dorchester and Milton,
Mass.; Hoboken, N. J., and Windsor, Ont., and Bridgeburg and Montreal,
Que.
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
Stocks-Gom 2,000,000 shs(no par) ____
1,699,057 shs ------------------STOCK.— The stockholders on Dec. 28 1925 approved a contract be­
tween the company and the Jell-O C o ., Inc., which provided for the issuance
of 570,000 shares of stock o f the Postum company in exchange for all of the
outstanding capital stock o f the Jell-O C o., Inc. The stockholders on
March 9 1927 increased auth. com. stock to 2,000,000 shares of no par
value. As of March 31 1926 the entire outstanding class B stock of Igleheart Bros., Inc., was acquired. On N ov. 1 1926 the entire outstanding
stock o f the Minute Tapioca C o., Inc., was acquired by purchase. On
Aug. 12 1927 entire outstanding stock o f Walter Baker & C o., Ltd., was
acquired on Oct. 15 1927 the entire outstanding stock o f Franklin Baker Co.
was acquired.
D IV ID E N D S.— Initial div. o f $1 25 a share on the common stock was
paid M ay 1 1922; same amount paid quar. to May 1 1923. A 100% stock
div. was paid June 19 1923. On Aug. 1 and Nov. 1 1923 paid 75 cents i)<”
share; Feb. 1 1924 to N ov. 1 1925 paid $1 quar.; Feb. 1 and M ay 1 1926
paid $1.10 per share; Aug. 1 1926 to N ov. 1 1927 paid $1.25 per share quar.
In March 1926 acquired 5,000 shares class B common stock of Igleheart
Bros., Inc.
RE PO RT.— For 1926, in V. 124, p . 1210, showed:
Calendar Years—
1926.
1925.
1924.
Net sales to customers_______________ $46,896,275 $27,386,919 $24,247,940
xCost o f sales and expenses__________ 33,837,190 22,062,809 19,555,863
Provision for income taxes___________ 1,741,642
639,948
586,720
Net profit________________________ $11,317,443
Previous surplus____________________ 6,093,030
Adjustments________________________ Dr2429,105
Divs. on pref. stock________________
______
Dividends on common stock_________ 6,734,705
--------do
stock (100% )------------------

$4,684,162 $4,105,357
3,810,047 1,799,831
Dr.711,355 Dr. 183,969
93,767
325,875
1,596,057 1,585,296
-----------------

Surplus at Dec. 31_____$8,246,663
$6,093,030 $3,810,048
x Including all manufacturing, selling, administrative and general ex­
penses (less miscellaneous income) but before providing for income taxes.
BALANCE SHEET as of Dec. 31 1926 in V. 124, p . 1232.
Period End. Sept. 30— xl927— 3 M os.— 1926. xl927— 9 M os.— 1926.
Sales to customers_$14,122,077
$11,886,449 $41,059,235 $36,056,815
All exp. lessmisc. income 11,222,641
8,466,281 30,357.269 25,602,795
Income taxes_____
339,077
461,960
1,391,223 1,417,174
N etprofit___________ $2,560,359 $2,958,208 y$9,310,743 $9,036,846
x Includes figures o f Walter Baker & Co. since date o f acquisition,
Aug. 12 1927. y This amount (including the operations o f Walter Baker
& C o., Inc., since date o f acquisition— Aug. 12 1927) equals $6 per share
on 1,552.088 shares o f no par common stock outstanding at Sept. 30 1927,
which includes 82,928 shares issued in acquiring the business and properties
o f Walter Baker & C o., Inc.
OFFICERS.— Chairman o f Board, Edw. F. Hutton; Pres., Colby M .
Chester Jr.; V .-P ., H. C. Hawk, R . G. Coburn and E. E. Taylor; Sec. &
Treas., John S. Prescott. Office. 250 Park Ave., N . Y .— (V. 125. p. 2824.)
PRAIRIE OIL & GAS CO.— ORGAN IZATION , &c.— Incorp. Id
K ansas in 1900. Formerly controlled by Standard Oil Co. o f N. J., but
segregated in 1911. Controls oil and gas leaseholds on approximately
500,000 acres in the leading producing sections o f Oklahoma, Kansas
Texas and Wyoming and is extending its operations into Colorado and
New Mexico. In N ov. 1923 the company offered to exchange shares of its
stock for stock of the Producers & Refiners Corp. on the basis of one share
of Prairie Oil & Gas stock (par $100) for 10 shares of Prod. & Ref. common
stock (par $50 each).
The company in N ov. 1925 acquired the property o f the Franklin Oil
Co. in Greenwood County, Kansas. In Dec. 1925 was reported to have
purchased the producing properties o f the Lima Iola Oil Co. in Greenwood
County, Kansas. In March 1926 was reported to have purchased the
Olean Petroleum Co.— V . 122, p . 1622.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $70,000,000 ($25)-. ____
$60,000,000 ------------------STOCK.— The stockholders voted Dec. 9 1924 to increase the authorized
capital stock from $60,000,000 to $70,000,000 and to change the par value
of each share from $100 to $25. V. 119, p. 2074.
CASH D IV . ( 1918. 1919. 1920. 1921. 1922. 1923. 1924.1925.1926.
Regular— _%\ 12
12
12
12
12
8
8
6
6
E xtra_____% [ 8
14
20
10
11
Also paid 2u0% in stock to stockholders of record Dec. 27 1922.
P aid in l927 : Feb. 28, 2% ; M ay 3 1 ,2 % ; Aug. 31, 2% . N ov. div. passed.
Stockholders o f record Feb. 9 1916 received as 150% div. the $27,000,000
cap. stock o f Prairie Pipe Line C o.— which see below and V. 100, p. 403.
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 1524.
R E PO R T .— For 1926, in V. 124, p. 1524, showed:
Calendar Years—
1926.
1925.
xNet income____________________________________$15,962,367 $14,181,532
Dividends______________________________________
3,606,456
2,400,000
Surplus_______________________________________ $12,355,911 $11,781,532
Previous surplus_________________________________ 79,435,262 66,033,624
yAdjus'tments____________________________________ D r.829,010 Crl,620,106
Profit and loss, surplus------------------------------------$90,962,163 $79,435,262
Earns, on 2,400,000 shs. (par $25) capital stock—
$6.65
$5.90
x After depletion, depreciation and Federal taxes, y Depletion, deprecia­
tion and taxes, prior years.
OFFICERS.— Chairman, W . S. Fitzpatrick; Pres., Nelson K. Moody!
V.-P. & Gen. M gr., Dana H. Kelsey; Sec., John Halihan; Treas., E . T .
Patterson. Office, Tulsa, Okla.— V. 125, p. 2158.
PRAIRIE PIPE LINE CO.— ORGANIZATION.— Incorporated in Kan­
sas in Jan. 1915 and took over as o f Feb. 1 1915 the pipe line of the Prairit
Oil & Gas Co. Company acts as a common carrier o f crude oil in the States
of Kansas, Oklahoma. Arkansas, Missouri, Iowa, Illinois, Indiana and
Texas.




221

The company in N ov. 1925 purchased a half interest in the Pure Oil
Pipe Line Co. o f Texas from the Pure Oil Co.
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due.
____
$81,000,000 ------------------Stocks— Common ($100)________
D IV ID E N D S.— July 1917, 5% , Oct. 1917, Jan. 1918 and Apr. 30, 5%
reg. and 5% extra. July and Oct. 1918, 5% ; Jan. 1919 to Apr. 1922 paid
3% quar.; July 1922 paid 3% and 2% extra; Oct. 1922 paid 3% quar.:
Jan. 1923 to Jan. 1927 paid 2% quar.; April 30 1927 to Oct. 30 1927 paid
2 Yi % quar. A 200% stock div. was paid to stockholders of record Dec. 27
1922.
R E PO RT.— For 1926, in V. 124, p. 2132, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net income___________ $14,464,033 $15,228,607 $11,794,547 $15,818,865
Dividends-.............. ....... 6,480,000
6,480,000
6,480,000
6,480,000
Surplus______________$7,984,033 $8,748,607 $5,314,547 $9,338,865
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 2132.
OFFICERS.— Pres., W . F. Gates; V .-P . O. F. Kountze; Treas., R. G.
Hare; Sec., F. M . Wilhelm. Office, Independence, Kansas.— (V. 125, p.
2681.)
PRESSED STEEL CAR CO.— ORGANIZATION.— Incorporated in New
Jersey on Jan. 13 1899 as a consolidation of the Sohoen and Fox pressed
steel equipment companies. Is one of the leading manufacturers in the
steel car business, the capacity of plants being from 15% to 20% of the
estimated total production of cars in this country. Customers are railroad*
and industries of the United States and foreign countries. Business con­
sists of the manufacture of steel freight and passenger cars, trucks, truck
frames, bolsters and other pressed steel specialties for cars. Plants, located
in the Pittsburgh district, have an annual production capacity of 49,400
freight cars, 300 steam and street railway passenger cars and a large tonnage
of steel underframes and miscellaneous parts for cars. The constituent,
owned or controlled companies are the Koppel Industrial Car & Equipment
Co., American Steel Co. of Cuba, and the Lincoln Gas Coal Co.
Merger Agreem ent (V. 122, p. 623.)
The stockholders on Feb. 18 1926 approved the merger with the company
o f the Western Steel Car & Foundry Co. The merger agreement provides
that the corporate existence and name of the Pressed Steel Car Co. shall
continue, with a total authorized capital consisting of $16,200,000 preferred
stock and $46,300,000 common stock. Such new preferred stock is entitled
to cumulative dividends at the rate of 7% per annum; is convertible share
for share into new common stock prior to Jan. 2 1933, is subject to redemp­
tion on any quar. div. payment date on 60 days’ notice at 110 and divs.,
is preferred over the common stock on any liquidation or dissolution of
the company up to 110 and divs., and has equal voting rights with the new
common stock.
Under the terms of the merger agreement holders o f the old preferred and
common stock of the Pressed Steel Car Co. were entitled to receive new
preferred and common stock as follows:
Holders of preferred stock to receive at their option, for each $100 par
value, either (a) $100 par value of new preferred stock, or (5) $100 par
value of new common stock and $20 par value of new preferred stock.
Holders of common stock to receive, for each $100 par value $100 par
value of new common stock and $20 par value of new preferred stock.
Holders of the outstanding $6,000,000 10-year 5% convertible gold
bonds due Jan. 1 1933 are entitled under the terms of the merger agreement
to convert their bonds, on any interest date up to and including the date
of maturity, into new preferred and common stock at the rate of $1,000
of new common stock .and $200 of new preferred stock for each $1,000 of
convertible bonds.
The Pressed Steel Car Co. as holder o f $1,250,000 o f stock o f Western
Steel Car & Foundry Co., was entitled under the terms of the merger agree­
ment to receive $3,700,000 of new common stock, which thus becomes
treasury stock of the Pressed Steel Car Co.
STOCKS AND BONDS—• Rate of Int. Outstanding. Bds. when Due.
$12,500,000 _____________
Stocks— Com $46,300,000 ($100)- ____
Pref cum conv $16,200,000 red
(text) ($100)______________
7 Q-M
$15,000,000 ____________
Bonds— Convertible gold ($500 J 5 g J-J
$6,000,000 Jan. 1 1933
& $1,000)------------ N.kxxxc* lin t, at Chicago or New York.
First M gold bds (111 Cent & J 5 g J-J
$1,073,000 To Jan 1948
Equip Co) ($500 & $1,000)- lin t, at 111. Tr. & Savings Bk., Chicago.
Equip notes due $110,000 s-a / 7 A-O
$660,000 Apr’27-Oct’30
red 102M ($1,000)-N.xxxc* (Int. at New Trust Co., New York.
STOCK.— Stockholders will vote on Dec. 12 1927 on approving a re­
capitalization plan which calls for the issuance o f 3 shares of no par com.
for each $100 par value share now outstanding; a reduction o f about 25 to
30% in the amount of outstanding ref. stock and a new issue of 15-year
bonds which will refund the present issue. — (V. 125, p. 2681, 2824.)
DIVS.
|
’05-’ 13. ’ 14. 1915. ’ 16. ’ 17. ’ 18. ’ 19. ’20. ’21. ’22. ’23. ’24 ’25.
Com—_%\ None
3 None 4)4 7 7M 8 8
2
0
1 2 0
P re f---- % 17% p. a. (1 % % Q.-F.) to June 10 ’ 24: then none until June 9
1925 when 1M % was paid; same amount paid quar. to March 17 1926;
July 1 1926 to Sept. 30 1927 paid 1M % on new preferred stock (see reorgan­
ization plan above).
Divs. on com. stock were resumed Dec. 18 1923 with a payment of 1%
quar.; same amount paid March 18 and June 17 1924; none since.
BONDS.— See under “ Merger Agreement” above.
RE PO RT.— For 1926 showed:
Calendar Years—
1926.
1925.
1924.
1923.
Oper. profit after taxes.. Ioss275,626 $1,006,345 $1,785,629 $2,191,061
Other income__________
121,180
526,290
x299,481
x608,913
Total income_________lossl54,446 $1,532,635 $2,085,110 $2,799,973
Maintenance__________
266,357
293,586
505,755
430,640
Depreciation, &c_______
200,000
300,000
400,000
662,472
Divs. pref. stock (7 % )-y ll3,33 5
875,000
875,000
875,000
Divs. common stock___
______
______ (2%)250,000
(1)125,000
Balance, surplus_____def$734,138
$64,049
$54,355
$706,861
Previous surplus_______ 14,286,478 14,222,429 14,168,073 13,461.212
Total surplus________ zl6,334,548 $14,286,478 $14,222,428 $14,168,073
x After deducting interest charges, y In addition $875,000 was charged
against reserve set up in 1925 for payment o f preferred dividends in 1926.
z The profit and loss account follows: Deficit for year 1926, $734,128; pre­
vious surplus, $14,286,478; surplus and undivided profits o f Western Steel
Car & Foundry Co. at April 1 1926, $1,278,917 (see merger plan in V. 122,
p. 623); net surplus from revaluation of assets, $4,003,291; total, $18,834,834,548 pref. stock issuable upon exchange of old com. stock, $2,500,000;
surplus; and undivided profits Dec. 31 1926, $16,334,548.
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 1232.
OFFICERS.— F. N. Hoffstot, Pres.; N. S. Reeder, V.-P., N. Y .; J. F.
NacEnulty, V.-P . N. Y ; Henrv P. Hoffstot, V.-P. Pittsburgh; C. E .
Church, Sec. & Treas., N. Y .; W. A. Chamberlain, Compt., Pittsburgh.
New York office. Seaboard Bank Bldg.— (V. 125, p. 2681.)
PROCTER & GAMBLE CO. (THE).— Formed in 1890 under laws o f
New Jersey to carry on soap, candle, oils and glycerine business of firm of
Procter & Gamble. Reincorporated in Ohio in 1905: V. 80, p. 655, 1916.
The plants of the company and its subsidiaries, in addition to 12 cotton-seed
oil mills in the South, are located at Ivorydale, Ohio; M acon, Ga.; Kansas
City, Kans.; Port Ivory, Staten Island, N. Y .; Dallas, Tex., and Hamilton.
Ont. V 109. p 986: V . 81. o 1243. 1562; V. 83. p 498: V 90. it 1047.
About 30% of the value o f the company’s output consists of well-known
soaps (Ivory Soap, &c.) and the remaining 70% includes, it is claimed,
about 39% o f the country’s production of hydrogenated lard substitutes
(“ Crisco,” &c.) and about 40% o f its glycerine. See full data, V. 106, p.
1040.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
$25,000,000 ____________
Stocks— Com $25,000,000 ($20)-- -----Pref 8% cum ($100)_________ 8 Q-J
$2,250,000 ------------------Bonds— 20-yr gold debentures f 4)4 J-J
811,000,000 July 1 1947
($500, &c)______________xc* (Int. at First Nat. Bank, New York.
STOCK.— The 6% pref. stock is in effect a second preference issue,
ranking subsequent to the 8% pref. and is callable at 110 and divs. The
holders will not have the right to subscribe to new stock issues. Neither
issue of pref. stock shall be increased nor shall any additional stock be
authorized to be issued with rights equal with or prior to the rights of the
6% pref. stock. This stock will be issued over a period of years and in such
amounts as conditions may warrant and the business may require, and all
stock so to be issued will be offered first to the holders of the common stock.
V. 108, p. 2636; V . 109, p. 483, 780, 986.
The stockholders voted Dec. 22 1919 to change the par value of the
common stock from $100 to $20, issuing in exchange for each share o f $100

INDUSTKIAL STOCKS AND BONDS

222

now outstanding five shares each o f the par value o f $20. The stockholders
on N ov. 19 1924 increased the authorized common stock from $24,000,000
to $25,000,000.
COM. DIVS.— 1901-12. 1913. 1914. 1915. 1916. 1917-24. 1925. 1926.
In cash__________ *12 yrly
16
16
16
18 20 yrly. 21% *27%
In stock_________ ______
4
4
4
4
4 yrly.
4
____
*Also extra dividend o f 14 2-7% paid Jan. 2 1904, 25% Dec. 1 1905, and
10% Aug. 1926. V. 95, p. 1334; Y. 96, p. 1776.
Paid in 1927: Feb. 15, 8 % % ; M ay 14, 8 % % ; Aug. 15, 8 % % , and 5%
extra; N ov. 15, 10%.
FU N DED D E B T .— The 4% % debentures are redeemable, all or part,
on any interest date, on or before July 1 1937, at 105, and thereafter at
A o f 1 % less each year to and including July 1 1943, and thereafter at 102
until maturity. The debentures were sold in July 1927 by First National
Bank o f Cincinnati, and First National Bank o f N . Y . at 98% and int.
Y. 125, p. 257.
R E PO RT.— For year ending June 30 1926 in V. 123, p. 450, showed:
1925-26.
1924-25.
1923-24.
1922-23. *

$

$

$

$

Volume o f business, inch
subsidiary companies.189,314,559 156,085,091 121,372,681 109,776,389
Net earns, after prov. for
depr., losses, tax., & c. 12,241,753 10,375,159
8,629,447
8,532,826
OFFICERS.— Pres., W m. Cooper Procter; V .-Ps., J. N . Gamble and
H. G. French; Sec., Ralph F. Rogan; Treas., Geo. S. Woodward. Office,
Cincinnati.— (V. 125, p. 2276.)
PRODUCERS AND REFINERS CORPORATION .— ORGANIZA­
TION .— An operating and holding co. organized under laws o f Wyoming on
May 14 1917. Corporation and its affiliated and subsidiary companies
own or control approximately 265,000 acres of oil and gas leases situated in
Wyoming, Colorado, New Mexico, Oklahoma, Kansas, Texas and Canada.
Subsidiary and affiliated companies are: The Blackstone Salt Creek Oil
Co., Fensland Oil Co. o f Texas, Fremont Natural Gas Co., Hudson Oil Co.,
Independent Gas & Oil Co., Lyons Petroleum C o., Mountain States Gas
Co., Parco Development Co., Producers & Refiners Corp. of Tennessee,
Sand Draw Oil C o., Sand Draw Pipe Line Co., Wyoming Oil Wells Corp.,
and Wyoming-Canadian Oil Corp.
STOCKS AN D BONDS—
Bate of Int. Outstanding. Bds. when Due.
$37,438,950 ------------------Stocks— Com $50,000,000 ($50)-- ____
Pref 7% cum & partic $2,845,$2,845,300
350 red 107% ($50)________ See text
$2,088,300 June 1 1931
Bonds— 10-yr 1st M gold (text) / 8 g J-D
.
$5,000,000 red 110 ($100, (Int. at Blair & Co., New York.
& c ) __________ Ce.kxxxc*&r (
STOCK.— The preferred stock has equal voting rights with the common
stock, and participates equally with the latter in any dividends over 7%
on each class o f stock. Pref. and common stockholders of record Feb.
15 1922 were given the privilege o f subscribing for $2,000,000 1st mtge.
8% sinking fund bonds at 100 anu int. V. 114, p. 636.
The auth. common stock was increased from $27,000,000 to $50,000,000
In Jan. 1923. V. 116, p. 305. In Feb. 1923 stockholders were offered
150,000 shares o f common stock at par ($50). V. 116, p. 625.
The Prairie Oil & Gas Co. in N ov. 1923 offered to exchange shares o f its
capital stock for capital stock of the Producers & Refiners Corp.. on the
basis of one share o f Prairie Oil & Gas stock (par $100) for 10 shares of
Producers & Refiners com. stock (par $50 each). Compare V . 117, p. 2119.
2551, 2660.
BONDS.— The first mortgage 8% sinking fund bonds carry detachable
warrants entitling the holder to purchase on or before June 1 1931 common
stock o f the company at par (payable either in cash or in bonds taken at
their principal amount and accrued interest) at the rate o f $1,000 par value
of common stock for each $1,000 face value o f bonds. Issued, $5,000,000
retired by sinking fund, $2,911,700D IV ID E N D S.— Pref. divs. were regularly paid to May 1925; none since.
On Aug. 6 1923 % % extra was paid. On common, paid 1 % % quar. from
Feb. 1920 to May 1921; then none until March 15 1923, when 2% was paid,
June 15 1923 paid 2% , Sept. 15 1923 paid 1%, none since.
R E PO RT.— For 1926 shows:
Calendar Years—
1926.
1925.
1924.
1923.
Gross sales & earnings--$22,066,956 $19, 83,193 $16,582,501 $12,816,319
Prod., oper., gen. and
admin, expenses_____ 16,474,722
15,223,985 13,409,512 8,833,221
$4,059,208 $3,172,988 $3,983,098
Gross earnings________ $5,592,234
Other income_________
73,669
163,781
189,175
191,917
Total earnings________ $5,665,903
$4,222,989 $3,362,164 $4,175,015
Deduct— Depreciation.2,314,840 1,967,949
1,075,289
712,041
Int., bond disc. & exp.
1,042,364 1,019,243
1,089,552
523,716
________
________ _____ 120,000
Federal tax provision- ________
Net inc. before depl’n .
$2,308,699 $1,235,797 $1,197,323 $2,819,257
Previous surplus_______
7,103
15,011,237 16,620,792 16,052,631
Total surplus_________ $2,315,802 $16,247,033 $17,818,115 $18,871,888
Losses on sales o f capital
assets, inv. & accts.
written o ff, &c_______ 2,175,355
________
________
________
Adjustment prior years. ________ Dr5,482,841 Dr2,607,704
Dr254,647
Apprec. of devel. lease­
hold charged o ff_____ ________
10,657,503
________
________
Preferred dividends'--II I I I - . — 99,587
199,174
206,288
________
________
________
1,776,309
Common dividends_____
Minority int. in subsids. ________
________
________ ______ 13,851
Total surplus Dec. 31.
$140,446
$7,102 $15,011,237 $16,620,792
OFFICERS.— Presidency, vacant; V.-P. & G. M ., John Fertig; V-Ps.,
R . E. Wertz and L. R. Crawford; Treas., O. O. Holmgren; Sec., A. W .
Heinemann. Office, 700 Patterson Bldg., Denver, Colo.— (V. 125, p. 1417.)
PULLMAN, INC.— ORGANIZATION.— Incorp. In Delaware on June
21 1927. Perpetual existence. Organized as a holding company and has
acquired the entire $50,000,000 capital stock o f the Pullman Car & Manu­
facturing Corp. from the Pullman Co. in exchange for 675,000 shares of its
own stock. On Aug. 15 1927, these 675,000 shs. o f Pullman Inc., were dis­
tributed to the stockholders o f the Pullman Co. on the basis of % sh. of
Pullman Inc., stock for each share o f The Pullman Co. stock.
Pullman Inc. has offered to exchange its capital stock for that of The
Pullman Co. on the basis o f 2 shs. of Pullman Inc. for each sh. of The
Pullman Co. stock (see V. 125, p. 927) as of Nov. 19 1927, 3,269,309
shares had been exchanged.
STOCKS AN D BONDS—
Bate of Int. Outstanding. Bds. when Due.
Stock— Common (no par)_______ ____
x 3,375.OOOshs. ------------------x Total amount of stock which will be outstanding when the entire
amount o f stock o f The Pullman Co. has been exchanged for that of Pull­
man Inc.
D IV ID E N D S.— Initial div. o f $1 per sh. paid on N ov. 15 1927.
OFFICERS.— Pres., E. F. Carry; V.-Pres., L. S. Taylor, D. A . Craw­
ford, Henry Hamill, Jr.; Sec. & Treas., J. F. Lane.— (V. 125, p. 2158.)
PULLMAN CO. (TH E ).— On Jan. 1 1900 the Wagner Palace Car Co
sold its assets to the Pullman Company. V. 69, p. 854; V. 70, p. 40. In
1908 began building steel cars. V. 84, p. 697; V. 87, p. 1163; V. 90, p. 506
V. 97, p. 669; V. 90. p. 1617, 1682; V. 91, p. 157, 280, 1332, 1517, 1777:
V. 92, p. 193, 265.
The stockholders on Dec. 20 1921 authorized the purchase of all the assets
of the Haskell & Barker Car Co., Inc., and the payment therefor of $275,000
In cash and 165,000 shares o f the capital stock of this company. V. 113
p. 2319, 2728.
The company on June 19 1924 announced the segregation of Its manufac­
turing properties and the organization of a new corporation, known as the
Pullman Car & Manufacturing Corp., with a capital stock o f $50,000,000
which took over, as o f M ay 31 1924, the manufacturing plants at Pullman,
111., and at Michigan City, Ind. The entire $50,000,000 capital stock is
owned by the Pullman Inc. See that company.
Beorganization Plan.—-V. 124, p. 934, and V. 125, p. 927.
Depositaries under the plan are J. P. Morgan & C o., First National Bank,
New York, and Illinois Merchants Trust C o., Chicago.
STOCKS A N D BONDS—
Bate of Int. Outstanding. Bds. when Due.
Stock— Common ($100)_________ ____
x410,200 _____________
X As o f Nov. 19 1927. See Pullman Inc.
STOCK.— The authorized capital stock was increased on Dec. 20 1921
from $120,000,000 to $135,000,000. V. 113, p. 2319, 2728.




[V ol. 125,

REGULAR CASH DIVS. U877-80.1881-83. 1884-98. ’99. ’00 to N ov. ’27
Since 1877 (% )______________J8 yearly 9% yly. 8 yearly 6% 8 yly (Q-F)
Also in 1898 and 1906 and to stockholders of record April 30 1910 extra
dividends to distribute surplus assets. V. 67, p. 75. 789. 840, 902; V . 83.
p. 1174. 1233; V. 90. p. 451. 506. 854.
R E PO RT.— For year ending July 31 1926, In V. 123, p. 1626, showed:
Years End. July 31— 1925-26.
1924-25.
1923-24.
1922-23.
Earnings of cars.............. $90,831,275 $83,927,749 $81,240,688 $76,906,665
Other income_________ - 5,906,205
6,390,570
7,904,426
5,967,678
Gross income________ $96,737,480 $90,318,319 $89,145,114 $82,874,343
Oper. expenses & taxes.x$61,590,833 $58,016,270 $57,286,330 $50,548,901
7,954,685
7,264,565
7,004,633
Depreciation of cars____ 9,148,169
Reserve for defer, maint.
______
______
______
3,000,000
Propor’n to rev. accr. to
railroad companies un­
der oper’g agreement- 9,701,867
8,575,388
8,991,156
8,433,239
Reserve for pensions____ 1,000,000
1,000,000
1,000,000
______
Reserve for excess cost of
replacement of cars_
_ 1,000,000
1,000,000
1,000,000
--------Add’n tores’vefordep r’n
______
______
______
y670,634
Dividends (8 % )________ 10,749,894 10.738,872 10,703,221 10,799.852
Balance, surplus_____ $3,546,717
$3,033,104 $2,899,842 $2,417,084
x Includes maintenance, $20,272,080; conducting car operations, $34,126.430; general expenses, $2,890,652, and taxes, $4,301,671. y Addition
to reserve for depreciation to complete provision for depreciation on cars
in service prior to 1910.
D IR E C TO RS.— John S. Runnells (Chairman), Edward F. Carry (Pres.),
J. P. Morgan, John J. Mitchell, Chauncey Keep, George F. Baker, Harold
S. Vanderbilt, Arthur O. Choate, George F. Baker Jr., John R . Morron,
George Whitney, Donald McLennan and Lowell M . Greenlaw. Secretary
is J. F. Kane. General offices, Chicago, 111.— (V. 125, p. 2681.)
PUNTA ALEORE SUGAR CO.— ORGANIZATION — Incorp in Dela­
ware on Aug. 3 1915. Owns all the stock ($1,450,000) o f Florida Sugar Co.
The company’s plant at Punta Alegre consists of a sugar mill with other
buildings having a normal capacity of 500,000 bags of sugar per annum.
The Florida Mill, in Cuba has an annual capacity of 400,000 bags. The
Trinidad M ill was sold on Aug. 16 1926. Also owns entire capital stock
of Baragua Sugar C o., acquired in 1922. Baragua mill has a capacity of
500,000 bags. V. 115, p. 316.
During 1924 the company acquired the entire issue of pref. stock (51,000
shares) and 51% of the common stock (51,000 shares) of the Compania
Azucarera Antilla S. A ., issuing in payment 50.000 shares o f its own treasury
stock. During 1925 the Antilla Co. acquired all the common stock o f the
Fidelity Sugar Co.
STOCKS AND BONDS—
Bate of Int. Outstanding. Bds. when Due.
Stocks— Com $25,000,000 ($50)-- ____
$19,076,850 -------------------Bonds— 15-yr conv debentures j 7 J-J
$4,414,800 July 1 1937
red (text)__________________ (Int. at Boston, Mass.
3-yr. gold notes (text) $4.- \ 6 A-O
$4,000,000 Oct. 1 1930
000,000 ($500 & $l,000)xc* jln t. at First Nat. Bk. o f Boston, trustee.
STOCK, &C.— The stockholders on June 13 1922 approved an Increase
in the authorized capital stock from $12,000,000 to $25,000,000. V . 114.
p. 2587, 2725.
D IV ID E N D S.— Paid 2 % % quarterly on Oct. 15 1919 and Jan., April
and July 15 1920. O ct. 15 1920 and Jan. 15 1921 paid 4% ($2 per share);
April 15 1921 paid 2 % % ($1 25 per share); then none until N ov. 15 1923,
when 2 % % ($1 25 per share) was paid; same amount paid quarterly to
May 15 1925; none since.
BONDS.— The convertible debentures of 1922 were offered to stock
holders of record June 15 1922 in the ratio o f $100 of debentures for each
four shares of stock held at $100 flat. They are convertible into stock at
any time on the basis of 1.8 shares of stock (par $50) for each $100 of deben­
tures. Redeemable at 110 and int. during first year and at % % less for
each succeeding year. V. 114, p. 2587.
Notes.— The 3-yr. gold notes are red. as a whole or in part by lot, on 30
days’ notice at any time to and incl. Oct. 1 1928, at 102 and int., thereafter
to and incl. Oct. 1 1929 at 101 & int., thereafter at 100 & int.
Notes offered in Oct. 1927 at 99 & int. by Hayden, Stone & C o., Harris
Forbes & Co., Brown Bros. & Co., and the First National Corp. of Boston.
V. 125, p. 1850.
Bonded indebtedness of subsidiary companies: 15-year 7% % first mtge.
bonds, due July 15 1937, authorized and issued by the Baragua Sugar C o..
$3,600,000; first mtge. 8% gold bonds, due Jan. 1 1938, o f the Canasi
Sugar C o., $80,000.
REPO RT.— For year ended Sept. 30 1926, in V . 123, p. 2647, showed:
Year End. lQMos.End. — Years Ended M ay 31—
Sept. 30 ’26. Sept. 30 '25. 1923-24.
1922-23.
Total oper. revenue._-x$10,449,872 $13,495,747 $15,897,794 $17,817,312
Operating cost_________ 8,932,290 11,060,079 12,374,578 11,922,376
Operating profit_____$1,517,582
$2,435,668 $3,523,216 $5,894,936
Depreciation on plant-$699,653 $812,680 $1,096,214 $1,309,493
Interest_______________
791,605
671,114 (net)505,100(net)572,929
U. S. and Cuban tax es..
a31,500
139,754
260,000
360,883
Adjustments__________
Cr.70,122 Cr.184,074 Cr .429,299
62,030
Organization expenses._
______
______
267,631
--------B alan ce____________
$64,947 $996,195 $1,823,570 $3,489,601
23,100 1,930,785
1,263,111
______
Dividends paid________
OFFICERS.— Chairman, E. V. R . Thayer; Pres., William C. Douglas;
V.-Ps., Maurice J. Leonard, E. L. Ponvert and William L. Smith; Treas.,
Louis Irvine; Sec., John E. Thayer Jr.; Compt., Ellis B. Parry. Office,
Corporation Trust C o., Wilimington, D el.— (V. 125, p. 1850.)
PURE OIL CO. (THE)— ORGANIZATION.— Incorp. In Ohio April 21
1914 as the Ohio Cities Gas Co. Name changed as above July 1 1920.
Owns the following subsidiary companies, the percentages representing
the Pure Oil C o.’s holdings of common stock; 100% of the Pure Oil Pipe
Line Co. (Ohio), 100% of the Pure Oil Pipe Line Co. (Penna.); 100% of
the Producers & Refiners Pipe Line C o., 100% of the Mountain State Gas
Co., operating pipe lines and natural gas properties in Boone and Kanawha
counties of West Virginia; 100% of the Pure Oil Steamship C o., operating
efleet of ocean going tankers; 100% of the Moore Oil Refining C o., compbunders of oil and manufacturers of grease and soap, with extensive
marketing properties in Ohio and Indiana, and 100% of the Wofford Oil
C o,, marketers in Georgia and the Carolinas.
In 1923 the Pure Oil Co. purchased all of the properties of the Humphreys
Oil Co. and the Humphreys Pure Oil Co. All of the capital stock of the
Oklahoma Producing & Refining Corp. was acquired in 1923 and the
properties of this company merged with the Pure Oil Co. as of June 30 1924.
In April 1924 the Pure Oil Co. acquired producing properties of the Boyd
Oil Co. in the Wortham and Powell fields of Texas.
The company owns 75% of the capital stock of the Orinoco Oil Co.,
having an authorized capital of $4,000,000 and holding 150,000 acres of
concessions in the Lake Maracaibo district of Venezuela.
In addition to properties owned and operated by its subsidiary companies,
the company owns and operates oil and gas properties as follows: 680,000
acres of leaseholds and fee lands in Ohio, West Virginia, Kentucky, Illinois,
Kansas, Oklahoma, Louisiana, Texas, Arkansas, Michigan and New
Mexico, of which 150,000 acres are oper. with 8,600 prod, oil wells; 13
casinghead gasoline plants in Ohio, W . Virg. and Okla. with 80,000 gals,
daily cap.; 6 ref. in Pennsylvania, W . Virginia, Ohio, Minnesota, Oklahoma
and Texas, with daily refining capacity of 44,000 barrels; 2,886 tank cars
of which 2,661 are owned and 225 are leased; 100 distributing plants and
300 drive in service stations in Vermont, Massachusetts, New Jersey,
Delaware, Maryland, New York, Pennsylvania, West Virginia, Ohio,
Indiana, Wisconsin, Minnesota, North Dakota, Idaho, Montana and
Washington.
STOCKS AND BONDS—
Bate of Int. Outstanding. Bds. when Due.
$75,959,250 _____________
Stocks— Com $100,000,000 ($25)- ____
Preferred cum ($100)________ 5% Q-J2
$921,900 _____________
Pref cum see text ($100)______ 6 Q-J3
$14,078,100 ........... ............
Pref cum conv red 110 (text)
8 Q-J4
$13,000,000 _____________
( $ 100 ) - - ................................................
Bonds— 10-yr s f gold notes j 5% g F-A $20,000,000 Aug 1 1937
$20,000,000 ($1000) Q.xxxc* { Int. at Guaranty Tr. C o., N . Y ., trustee.
STOCK.— The shareholders in Jan. 1920 voted to Increase the auth. pref.
stock from $10,000,000 to $90,000,000. Of this amount, $10,000,000 shall
be designated 6% pref. and set aside for the purpose of exchange, share for
share, for the existing 5 H % pref. stock. The remaining $70,000,000 may

Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

be issued in installments from time to time at div. rates not to exceed 8%
and not less than 5% . New pref. stock has equal voting power with com.
stock and is pref. as to assets and divs. Divs. are cumulative and payable
quarterly (Q.-J.). Redeemable, all or part, at 110 and divs.
The conversion privilege o f the 8% cum. convertible preferred stock
expired July 1 1923.
There was also outstanding on March 31 1927 $1,799,200 pref. stock of
the Moore Oil Refining Co. and the W offord Oil Co.
D IV ID E N D S—
T16. ’ 17. ’ 18. ’ 19. ’20. ’21. ’22. ’23. ’24. ’ 25. ’ 26.
Common, cash (% )____19K 20 17
12 8
8
7
6
6
8
do
in s to ck _____[5
------ 5 - 4 4
Paid in 1927 on common: 37K c. Mar. 1 and 12Kc. extra; 37J£c. June 1
and 12f4c. extra; 37K c. Sept. 1 and 12Kc. extra; 37H c. Dec. 1, no extra.
NOTES.— The 10-yr. 514 % s. f. gold notes are redeemable all or part on
any int. date on 30 days’ notice at 102 ft % & int. to and incl. Aug. 1 1928,
the premium decreasing M o f 1% for each year or fraction thereof elapsed
thereafter to and incl. Aug. 1 1936 and thereafter at par.
Sinking fund (s.a.) sufficient to retire $1,000,000 principal amount
annually beginning A u g .l 1928.
The notes were sold in July 1 1927 at 98 and int. to yield 5 h % by a
syndicate headed by the Guaranty Co. o f N. Y .— V. 125, p. 661.
RE PO RT.— For year ending Mar. 31 1927, in V. 124, p. 3C59, showed
1926-27.
1925-26.
1924-25. 1923-24.
Gross earnings________ $141,298,985$118,715,184$104,397,303 $87,432,424
Costs & oper. expenses. .119,283,066 96,726,230 y84,441,313 y68,250,558
Operating income___ $22,015,920 $21,988,954 $19,955,991 $19,181,866
Non-operating p ro fits..
______
2,812,772
______
______
Total income________ $22,015,920 $24,801,726 $19,955,991 $19,181,866
Federal taxes__________ x2,304,533 x2,391,932
255,083
--------Interest on notes, & c ...
735,119
1,144,654
1,671,019
906,259
Depletion, &c_________ \ 8,083,725
8,342,837
7,477.029/ 3,775,379
Depreciation___________/
1 2,824,729
Preferred divs. (c a s h )... 1,776,264
1,670,505
1,668,890 1,667,693
Common divs. (cash .(8% )6,076,740(6^)4937516 (6)4,263,591(6K)4544885
Surplus....... ....................$3,039,540 $6,314,281 $4,620,378 $5,462,921
Previous surplus............. 59,500,899 53,128,541
49,279,739 44,806,309
Total surplus________ $62,540,439 $59,442,822 $53,900,117 $50,269,230
539,986
58,077
771,577
989,491
Surplus adjustments____
Profit & loss surplus..$62,000,454 $59,500,899 $53,128,541 $49,279,739
Shs.com . out. (par $25). 3,038,368
3,038,368
2,860,196
2,803,656
Earn, per share on com .
$3.00
$3.70
$3.11
$3.57
x Including other taxes, y Includes taxes.
OFFICERS.— Chairman, Beman G. Dawes; Pres., Henry M . Dawes;
V .-Ps., R . W . M cllvain, W . E. Hutton. C. B. Watson, N. H. Weber,
H. N . Cole, C. C. Burr; V.-P. & Sec., F. S. Heath; Treas., Rawleigh
Warner; Compt., C. H. Jay. Office, Chicago, 111.— (V. 125, p. 2400.)
P U R ITY BAKERIES CORP.— Incorp. Dec. 1 1924 in Delaware. Has
acquired over 100% o f cap. stock o f the Purity Baking Co., 100% o f com­
mon stock and 100% o f pref. stock o f Tristate Baking Co., Inc., over 98%
o f common stock and over 64% of the pref. stock o f the Grennan Bakeries,
Inc., substantially all of the capital stock of the Winkelman Baking Co.,
and the entire capital stocks of Nafziger Baking Co. and Williams Baking
Co. Through the Purity Baking C o., corporation also holds the entire
capital stock o f the Wernig Baking C o ., all of the capital stock of the Grocers’
Baking Co. and all o f the common and over 99% of the pref. stock of the
Banner Grocers’ Baking Co.
These several baking companies have 33 plants located in cities in Minne­
sota, Michigan, Missouri, Oklahoma, Texas, Hlinois, Indiana, Ohio, Penn­
sylvania, New Jersey, Iowa and Tennessee.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due •
Stocks-—Com class B 500,000 shs. ____
210,826 shs _____________
Class A $3 cum & partic red 65
See text
$4,124,775 _____________
$10,000,000 ($25)_________
Pref cum $15,000,000 red 110
$5,492,500
($100)_____________________ 7 Q-M
STOCK.— After payment o f quarterly dividends o f 50 cents a share upon
the Class B stock, the holders o f Class A stock shall become entitled to re­
ceive, in addition to divs. at the rate o f $3 per annum, an amount per share
equal to any further dividend declared upon the Class B stock, such payment
however, in no event to exceed 50c. per share for any quar. div. period.
DIVIDENDS^— On pref., in full to date. On class A paid $3 in 1925
and 3 in 1926. Paid in 1927, Mar. 1, 75c.; June 1, 75c.; Sept. 1, 75c.;
Dec. 1, 75d. On class B paid initial div. of 50c. quar. on Mar. 1 1927.
Same amount paid quar. to and incl. Dec. 1 1927.
REPO RT.— For 1926:
Consolidated Statement of Operations of Purity Bakeries Corp. < c Subsidiaries.
<
Jan. 1 '27. Jan. 2 ’26
Sales____________
$26,219,786 $24,373,408
Cost o f sales____________________________________ 22,606,880 21,813,350
Interest on funded debt_________________________
130,241
148,476
Depreciation____________________________________
599,081
524,914
Estimated Federal taxes_________________________
400,000
223,224
Propor. o f earns, applic. to min. stockh. in subs_
49,758
233,109

333

BALANCE SHEET, as o f Dec. 31 1926, in V. 124, p. 1350.
OFFICERS.— Chairman o f board, Henry P. Crowell; Chairman o f exec
comm., James H. Douglas; Pres., John Stuart; 1st V .-P ., James H. Douglas
Treas., Robert Gordon; Sec., W . L. Templeton. Office, 1600 Railway
Exchange, Chicago.— (V. 125, p. 1851.)
RADIO CORP. OF AM ERICA.— See “ Public Utility Compendium.”
R A ILW A Y STEEL-SPRING CO.— See American Locomotive Co.
RAND MINES, LTD.— A holding company. Incorp. in the Transvaal
Union of South Africa. Owns shares In a large number of companies own­
ing and operating gold mines in the Witwatersrand District of the Transvaal.
STOCK.— Auth., £550,000; issued, £531,498 15s.; par value, 5 shillings.
A M ER IC A N SHARES.— Pursuant to a deposit agreement made be*
tween Bernhard, Scholle & C o., N. Y ., the Bankers Trust C o., N. Y ., a*
depositary, and the registered holders of certificates, 150,000 ordinary
shares have been delivered to the agency of the depositary In London, Eng.,
against which the Bankers Trust C o., N . Y .. has issued certificates for 60,000 “ American Shares,” each “ American Share” representing 2H ordinary
shares of the par value of 5 shillings each. “ American Shares” may be
exchanged for ordinary shares on the foregoing basis. The Deposit Agree­
ment may be terminated at any time on approval of 75% in Interest or the
holders of certificates.
DIVS.— An interim div. of 85% was paid In Feb. 1921. making a total o
145% paid during the fiscal year, against 100% in 1919-20. In Aug. 1921
paid 35% . In Feb. 1922 paid 35% and in Aug. 1922 paid 20% . In Feb.
1923 paid 80%; Aug. 1923 to Feb. 1925 paid 60% semi-annually; Aug. 1925
paid 50% ; Feb. 1926 paid 50%; Aug. 1926 paid 50% ; Feb. 1927 paid 50%
Aug. 1927, 50% . On “ American” shares paid $2.06 on Feb. 25 1921, 80c.
on Aug. 24 1921, 96c. on Feb. 28 1922, and 55c. on Aug. 24 1922. On
Feb. 26 1923 paid $2.35 and on Aug. 29 1923 paid $1.71. On Feb. 26 1924
paid $1.61 and on Aug. 23 1924 paid $1.71. On Feb. 25 1925 paid $1.79
and on Aug. 25 1925 paid $1.52. Paid $1.52 on Feb. 26 1926, Aug. 30 1926,
Feb. 28 1927 and Aug. 29 1927.
REPO RT.— For 1926 showed:
Calendar Years—
1926.
1925.
1924.
1923.
Dividends received_____
£431,834
£494,124
£648,928
£599,050
Other income__________
284,832
168,614
209,454
241,316
Total income________
Administration expenses
Taxes, &c------------Dividends--------------------

£716,666
27,232
44,209
511,287

£662,739
27,587
59,404
511,287

£858,382
28,985
57,767
613,545

£840,366
25,606
49,707
612,295

Balance, surplus_____
£133,939
£64,461
£158,084
£152,758
Office, Johannesburg, South Africa. London office, 1, London Wall
Buildings, London, E . C2.— (V. 125, p. 2158.)
RAY CONSOLIDATED COPPER CO.— Entire property and assets
sold to Nevada Consolidated Copper Co. as o f M ay 26 1926. See that
company above.— (V. 124, p. 2441.)
REID ICE CREAM CO R P.— Incorp. under laws of Delaware on Dec
i6 1924 and acquired the assets and property o f The Reid Ice Cream C o.,
a New Jersey corporation, and the New Jersey Ice Cream C o., a New Jersey
corporation. Business is the manufacture and sale of ice cream and the
distribution of milk and cream.
The Reid Ice Cream Corp. will be merged with Borden Co. on Jan. 1 1928
(V. 125, p. 2533). See Borden Co.
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
Stocks—Com 178,000 shs (no par) ____
178,000 shs _____________
Pref cum red 110 $5,000,000
($100)_____________________ 7 Q-M
$2,162,000 ____________
Bonds—5-yr gold notes red f 6 g J-J
$1,850,000 July 1 1930
(text) ($1,000)_______ xxxc* \lnt. at Dillon, Read & C o., New York.
STOCK.—-Preferred stock has a sinking fund of 1H % semi-annually
(J. & J. 1) o f the greatest amount of Preferred stock outstanding at any
time, the stock to be purchased at 110 and divs.
Of the 178,000 shares of Common stock outstanding, 76,600 shares are
held in a voting trust expiring Dec. 31 1929. Voting trustees are Walter
R. Comfort, William J. Weller and John D . Beals.
The Common stockholders of record N ov. 16 1925 were given the right
to subscribe for 25,000 additional shares of Common stock at $35 per share.
DIVS.— On Pref., in full to date. On Common, paid initial div. o f 75
cents a share on April 29 1925; same amount paid quar to Oct. 1 1927.
NOTES.— The 5-year 6% gold notes are redeemable all or part on any
int. date after 30 days notice: to and incl. July 1 1926 at 102 and int.;
thereafter to and incl. July 1 1927 at 101 ft and int.; thereafter to and incl.
July 1 1928 at 101 and int.; thereafter to and incl. July 1 1929 at 100H
and int.; thereafter at principal amount and int. Chemical National Bank,
New York, trustee.
Sinking Fund.— A sinking fund is provided, available semi-annually
beginning July 1 1926, to retire each year thereafter $150,000 principal
amount of these notes by purchase at or below the current redemption
price, or, if not so obtainable, by call by lot at the current redemption
price.
R EPO RT.— For 1926, in V. 124, p. 1678, showed:
Calendar Years—
1926.
1925.
1924.
Sales_______________________________ $9,905,540 $9,856,603 $8,285,569
Expenses and depreciation__________
8,665,609
8,384,919
7,126,465

Net consol, income (accruing to parent co .)____$2,433,826
$1,430,336
Latest Earnings.— For 40 weeks ended Oct. 8 1927. V. 125, p. 2158.
OFFICERS.—Pres., Thomas O’Connor; V .-P ., M . L. Molan and J. W .
Hines; Sec. & Treas., J. T. McCarthy; Asst. Sec. & Asst. Treas., John
Pirie. Office, 844 Rush St., Chicago, 111.— (V. 125, p. 2400.)
OU AKER OATS CO. (THE)— ORGAN IZATION .— Incorp. in New Je
Operating income________________
sey on Sept. 21 1901 Owns and operates plants for the production of cereal Other income______________________ $1,239,932 $1,471,684 $1,159,104
66,550
76,556
27,106
food products (notably Quaker oats, Puffed wheat, &c.) at Akron, O.;
Cedar Rapids, Iowa; Memphis, Tenn.; Tecumseh, M ich.; Peterborough,
Total income______________________ $1,306,481 $1,548,240 $1,186,210
Ont.; Saskatoon, Sask.; and until the outbreak o f the war, Hamburg, Ger­
199,874
108,524
42,941
many. Some of these plants also produce commercial mixed feed. Plants Interest and expenses_______________
Taxes______________________________
151,110
175,562
167,103
for the production o f feed alone are operated at Memphis, Tenn., and Rich- Preferred dividends_________________
153,965
157,325
35,000
ford, Vt. Flour mills are owned and operated at Akron, Ohio; Cedar Common dividends_________________
534,000
450,000
100,000
Rapids, Iowa; Peterborough, Ont., and Saskatoon, Sask. Macaroni and
spaghetti are manufactured at Tecumseh, Mich.; Aunt Jemima Pancake
Surplus__________________________
$267,532
$656,829
$841,166
Flour is made at St. Joseph, M o., and muffets are manufactured at Depew,
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 1851.
N . Y ., and St. •Catharines, Ont. In addition, owns and operates 59
country elevators, a veneer boxboard plant at Foxworth, Miss., and a
OFFICERS.— Pres., Walter R . Comfort; V .-P ., William Walsh; Treas.*
strawboard plant at Pekin, 111. The company has 49 sales offices in the William J. Weller; Sec., John D. Beals. Office, 524 Waverly Ave.United States and Canada.
Brooklyn, N. Y .— (V. 124, p. 2824.)
In 1927 purchased the assets o f the Muffets Corp. V. 125, p. 1851.
ROBERT REIS & CO.— O RGAN IZATION .— Incorp. In N . Y . M ay 13
The assets and property of the Aunt Jemima Mills C o., St. Joseph, M o.,
1885. The company produces and distributes throughout the world men’s
vere taken over as of Oct. 31 1925.
underwear, hosiery and kindred lines, the products being sold under the
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks-—Com 600,000 shs (no par) ___
450,000 shs _____________ trademarks “ Reis” and other well-known brands and in certain territories
Pref cum $25,000,000 ($100).. 6 Q-F
$18,000,000 _____________ Is the sole sales agent for “ B .V .D .” and “ Glastenbury” mills.
STOCKS N D BONDS—
Rate of
Outstanding. Bds. when Due.
STOCK.— Pref. stock has no voting power (except as regards increase Stocks-—ComA125,000 shs (no par) ____Int.
100,000 shs _____________
of pref. stock) unless dividends are 3 months in arrears. V. 83, p. 574.
1st pref cum red $115 $2,250,The stockholders on Mar. 13 1925 changed the par value of the common
000 ($100)_________________ 7 Q-J
$2,250,000 _____________
shares from $100 to no par and approved the issuance of four shares of new no
2d pref cum red 100 7,500 shs
par value stock in exchange for each share o f com. stock of $100 par owned.
(no par)___________________
See text
7,500 shs _____________
DIVIDENDS (% ) f 1907-09. 1910. 1911-16. 1917. 1918. 1919-26STOCK.— 7% cum. 1st pref., auth. and outstand., $2,250,000; par $100.
On common (cash). .) 8 yrly.
10 yrly. 10M 15
See text
In 1918, Jan., 3% ; April 15 1918 to April 15 1919 paid each quarter 3% $7 cum. 2d pref., auth. and outstanding, 7,500 shares of no par value;
common, auth.. 125,000 shares; outstanding, 100,000 shares of no par value
and 1% extra. July 1919 to Jan. 1921 paid 3% ; no extra; April 1921. l\ t%
then none unti July 1 1922, when 2% was paid; Oct. I 1922, 2% : Jan. 15
D IV ID E N D S.— The directors in March 1921 deferred action on the
1923. 214%: April 16 1923. 2 V CU July 16 1923 to Apr. 15 1925 paid 3% quarterly dividends on the 1st & 2d pref. stocks. The co. had been paying
4
quar.; July 15 1925 to July 15 1926 paid 75 cents quar. on new stock of no divs. at rate o f 1M % and $1 75 per share quarterly on 1st pref. ($100 par)
par value, Oct. 15 1926 to Jan. 16 1928 paid $1 quar. Also paid extra and 2d pref. (no par stock since Dec. 31 1919). Payments on the 1st pref.
cash divs. o f 16J4 % on Apr. 15 1924,10% on Apr. 15 1925, $2.50 on Apr. 15 stock were resumed on ADril 1 1926 with a payment of 1 % % ; same amount
1926, and $5 on Apr. 15 1927.
paid quar. to Oct. 1 1927.
Also in common stock, 50% in 1912, 10% in 1916 and 25% in 1920.
R EPO RT.— For 1926, in V. 124, p. 1373, showed:
R E PO RT.— For 1926 showed:
Calendar Years—
1926.
1925.
1924.
1923.
Calendar Years—
1926.
1925.
1924.
1923.
Profits for year________ Not stated Not stated N ot stated x$4,992,005
Net profit from oper____def$96,175
$438,149
$170,061
$499,686
Depreciation__________ N ot stated Not stated N ot stated
$602,699
Int. paid, net received..
44,575
35,304
35,716
60,439
54,093
19,117
55.500
Federal tax reserves____
Net income_________ $8,151,167 y$5,502,748 y$5,286,923 ■ $4,389,306
Increase in cont. res’ves. 1,010,935
________
________
________
$348,752
Balance, surplus____ def$140,750
$115,228
$383,747
Dividends on preferred. 1,080,000
1,080,000 1,080,000
1,0,0,000
Period End. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 Mos.— 1926.
Dividends on com m on.. a2,800,000 a2,475,000 z3,206,250 1,293,750
Gross sales____________ $1,739,265 $1,766,701
$5,853,464 $6,240,010
OFFICERS.— Pres., Arthur M . Reis; V.-P. & Treas., Leslie R. Reis;
Balance, surplus_____$3,260,232 $1,947,748 $2,856,923 $2,015,556
Sec., V. E . Raddatz. Office, 889 Broadway, New York.— (V. 125, p. 2159.)
$(1,125,000) paid out o f surplus.




224:

INDUSTRIAL STOCKS AND BONDS

[V ol. 125,

_ _ _ _ _

REMINGTON RAND INC.— ORGANIZATION.— Incorp. in Delaware
In Nov. 1906 Republic Iron & Steel and Tenn. Coal & Iron jointly guar.
n Feb. 1927 for the purpose o f effecting a unification o f the Remington $700,000 5% bonds of Potter Ore Co. V. 83, p. 973, 1417.
Typewriter C o., Rand-Kardex Bureau, Inc., Dalton Adding Machine C o.,
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
and the Baker Yawter Co. V. 124, p. 1080. The company has acquired
$30,000,000
__________
for cash the capital stocks o f the Powers Accounting Machine Corp. and Stocks— Com $30,000,000 ($100). ____
Pref cum $25,000,000 ($100)-text Q-J
$25,000,000 _____________
the Accounting & Tabulating Machine Corp., a subsidiary, which handles
the Powers corp.’s foreign business. V. 124, p. 1991.
Bonds— 30-yr s f gold 1st M red f 5 g A-O
$10,906,000 Oct
1 1940
On Mar. 24 1927 issued 2,800 shares fully paid o f its 7% cum. class A
par $25,000,000 ($1,000, &c) (Int. at Central Union Trust C o., N . Y .
pref. stock in exchange for all o f the outstanding capital stock of F. W .
Ce.xc*&r* [
Wentworth & Co. (Calif.). V. 124, p. 2922. A contract dated April 19
& gen
f 5
J-J
$8,924,000 Jan
1 1953
1 927 provided for the exchange o f capital stock o f the Safe Cabinet Co. for 30-yr ref($500 &M s f ser A red (Int. M SNew York.
(text)
$1,000)-_USM
at
stock o f Remington Rand, Inc. V. 124, p. 2922. Acquisition of the
xxxc*&r* l
Remington Noiseless Typewriter Corp. by exchange o f stock on the following
$100,000 Jan11928
basis: 1 share o f 1st pref. and 1 share of common stock o f Remington Bessemer Coal & Coke Co 1st f 6 g
M g due $100,000 a n n ..P eh . [Int- at__________________________________
Rand, Inc. for 4 shares o f common stock o f Remington Noiseless Type­
writer Corp. 1.10 shares o f 1st pref. of Remington Rand, Inc. for each 1
STOCK.— See table.
share o f preferred o f Remington Noiseless Typewriter Corp. Y. 124, p.
LATE DIVS.—
( ’ 14. M5. ’ 16. ’ 17. ’ 18. ’ 19. ’ 20. ’ 21. ’ 22. *23--’26.
3224. In July purchased entire property and assets of the Lineatime Co., On preferred
- . _ _J 5 ^ 1 M 7
7
7
7
1H
See
i
7
7
Inc. of Rochester, N. Y . V. 125, p. 532.
On accumulations____ 1 I
8
4
text
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.— On common___________(
-- 6 6 6 6 3 __
Remington Rand Inc. manufactures and distributes a full line of office
On pref. no payments were made from Apr. 1922 to Jan. 1923, both
equipment, viz.: Electric and hand-operated typewriters, adding machines
and calculating machines; record-keeping and record-protecting devices, inclusive; payments were resumed on April 2 1923, when 1J4% was paid,
same amount paid quar. to Jan. 2 1928. Also paid on account of accumu­
loose leaf ledgers and stationery. Company to organize the Remington
Rand Sales Corp. to take over the organization o f the sales and service lations 2% each quar. from July 2 1924 to Jan. 2 1924 and 1% on April 1
agencies, consisting o f about 350 offices in the United States and 115 1924, clearing up all accumulated dividends.
On common paid 1% on Sept. 1 1926, this being the first payment since
agencies in foreign countries. Negotiations have been started toward
the acquisition o f two o f the largest office equipment companies in Germany. M ay 2 1921, when 1K % was paid; Dec. 1 1926 to Dec. 1 1927 paid 1 % quar.
V. 124, p. 1373.
BONDS.— The 5s of 1910, now a first lien on the entire property, are
STOCKS A N D BONDS—• Rate of Int. Outstanding. Bds. when Due.
callable for sinking fund (minimum $250,000) and also on and after April 1
S(ocA:s-Com2,500,OOOshs(nopar) ____
1,567,403 shs _____________ 1920 as an entire issue at 105 and int; $20,869,000 have been issued to
1st pref cum 820,000,000(8100) 7 Q-J
$19,382,300 _____________ retire the 5s of 1904 and for general purposes (of which $9,963,000 pur­
2dprefcum $6,000,000 ($100). 8 Q-J
$5,700,200 ______________
chased for sinking fund). The remaining $4,131,000 of the $25,000,000
auth. are reserved for acquisitions and betterments under restrictions. V.
Bonds— 20-yr debentures ser A I 5K M -N
$25,000,000 M ay 1 1947
($500 &c)__________ xk&c* \Int. at National City Bank, N. Y .
90, p. 451, 703, 854, 1048; V. 92, p. 1182; V. 93, p. 516; V. 95, p. 622, 822;
STOCK.— The 7 % cum. 1st pref. stock is preferred as to divs. and assets; V. 100. p. 1353, 1442.
The ref. & gen. mtge. Series A bonds are redeemable as a whole only
red. in whole or in part at par and div. on any div. day upon notice as
(except for sinking fund) at 105 and interest on any interest date on or
provided in the certificate o f incorporation.
before Jan. 1 1933; at 104 thereafter and on or before Jan. 1 1938; at 103
The 8% cum. 2d pref. stock has preference over com. stock as to divs.
and assets; red. in whole or in part at par and div. on any div. day upon thereafter and on or before Jan. 1 1943; at 102 thereafter and on or before
notice as provided in the certificate o f incorporation. All stock has equal Jan. 1 1948; at 101 thereafter and on or before July 1 1952. For security,
voting rights. No stockholder o f any class is entitled as of right to subscribe sinking fund, &c., compare V . 116, p. 421.
In 1917 $1,000,000 6% serial gold bonds were assumed on purchase of
for any new or additional issue o f stock o f any class. The board of directors
may mortgage the property and assets o f the corporation with the consent the Bessemer Coal & Coke C o.’s property (Bessemer mines Nos. 1 and 21
o f the holders o f a majority o f the issued outstanding capital stock having having a capacity of 600,000 tons of coal yearly. ($100,000 of these bonds
outstanding in Sept. 1 1927.
voting power.
Terms o f Exchange.
REPO RT.— For 1926 in V. 124, p. 913, showed.
1926.
1925.
1924.
1923.
The new corp. exchanged its above-mentioned classes o f stock for stock
in Remington Typewriter C o., Rand Kardex Bureau, Inc., and Dalton Gross volume o f business$53,890,445 $53,907,959 $43,982,523 $59,043,131
Gross profits___________ 8,442,681
6,669,702
4,414,657
9,267,796
Adding Machine Co. on the following terms and conditions:
2,496,721
3,015,578
(1) Remington Typewriter Co.: (a) First Preferred.— 1.15 shares of Depreciation & charges. 3,377,658 2,856,218
Remington Rand Inc. 7% cum. 1st pref. stock for each share o f Remington
Net profits----------------$5,065,022 $3,813,484
$1,917,936 $6,252,218
Typewriter Co. 7% 1st pref: stock.
(6) Second Preferred.-—-1.15 shares o f Remington Rand Inc. 8% cum. 2d Preferred dividends..(7 % ) 1,750,000 (7)1,750,000 (8)2,000,000(13)3250,000
______
______
______
pref stock for each share o f Remington Typewriter Co. 8% 2d pref. stock. Common dividends___ (2%)600,000
(c)
Common Stock.— 4K shares o f Remington Rand Inc. no par value com.
Amt. carried to surp. $2,715,022 $2,063,484 def$82,064 $3,002,218
stock for each share o f Remington Typewriter Co. com. stock.
(2) Rand Kardex Bureau, Inc.: (a) Class A Preferred Stock.— One Bal., surplus account-_x$34,836,163 $33,562,389 $32,921,772 $33,003,836
share o f Remington Rand Inc. 7% cum. 1st pref. stock for each share of Shares of com. outst’d ’g
(par $100)---------------300,000
300,000
300,000
300,000
Rand Kardex Bureau, Inc., class A 7% pref. stock.
$11.05
$6.88
$0.52
$15.00
(6) Common Stock (both classes; incl. 88,952 shares o f com. stock issuable Earn, per share on com .
x After deducting $1,441,248 adjustment for abandonment o f properties.
on or before Dec. 31 1930, upon exercise o f options granted in Jan. 1926 and
outstanding Jan. 1 1927, entitling the holders thereof to purchase from the
Period End. Sept. 30— 1927— 3 Mos.— 1926.
1927— 9 M os.— 1926.
co such shares at prices ranging from $42.50 to $60 per share) .•
—Two shares Net earnings___________ *$1,202,199 $2,127,822 $4,841,124 $6,262,567
o f Remington Rand Inc. no par value com. stock for each share of Rand Deprec. & renewals------- /
452,494
J466.975/ 1,555,389 71,868,466
Kardex Bureau, Inc., com. stock o f either class.
Exhaustion of minerals-!
\ 88,032\
1 259,284
(3) Dalton Adding Machine C o.: (a) Preferred Stock.— 1.15 shares of Bond and note interest.
247,713
260,549
751,207
840,269
Remington Rand Inc. 7% cum. 1st pref. stock for each share of Dalton
Adding Machine Co. 7% partic. pref. stock.
Net income__________
$501,992 $1,312,266 $2,534,528 $3,755,548
(6) Common Stock (incl. 13,400 shares o f com. stock, $100 par value, Pref. dividends_____(1M%)437,500(1^)437,500(5M1312500(5M)1312500
issuable on or before July 1 1941, upon conversion par for par o f outstanding Common dividends_____
300,000
300,000
900,000
300,000
gold notes).— One-half share o f Remington Rand Inc. 7% cum. 1st pref.
stock and one share of Remington Rand Inc. no par value com. stock for
Balance, surplus_____def$235,507
$574,766
$322,028 $2,143,048
each share o f Dalton Adding Machine Co. com. stock. V. 124, p. 1080.
Earns, per sh. on 300,000
shares (par $100) of
D IV ID E N D S .— Divs. on 1st and 2nd pref. in full to date. Initial div
com. stock outstand’g
$0.21
$2.91
$4.07
$8.14
of 40c. per share on com. paid April 4 1927 and 1% in stock paid April 30
♦There are the net earnings from operations after charges for repair and
1927. Same amount paid quar. to and incl. Oct. 1 1927. Jan. 1928 div.
maint. of plants, amounting to $886,962, and provision for Federal taxes.
on com. passed.
Unfilled orders on hand Sept. 30 1927 of finished and semi-finished prod­
FU N DED D E B T.— The 20-year debentures are red. either in part on any
int. date upon 30 days’ notice, or as a whole only, at any time, upon 60 ucts totaled 88,383 tons, against 113,926 tons June 30 1927.
OFFICERS.— Chairman, John A . Topping; Pres., Thos. J. Bray;
days’ prior notice, at 105 if red. on or before M ay 1 1932; thereafter, on or
before May 1 1937, at 104; thereafter, on or before M ay 1 1942, at 103; Y.-Pres., H. L. Rownd and J. Wilbert Deetrick; Treas., H. M . Hurd;
thereafter, on or before Nov. 1 1945, at 102, and thereafter prior to maturity Sec., Richard Jones Jr. Offices, 17 Battery Pi., N. Y .. and Youngstown.
at 100M; plus int. in each case. Red. through operation o f the sinking Ohio.— (V. 125, p. 2276.)
fund on any int. date upon 30 days’ prior notice, at 10234 if red. on or before
REYNOLDS SPRIN G CO.— Incorp. under laws of Delaware on July 1
M ay 1 9142; thereafter on or before Nov. 1 1945 at 102, and thereafter, prior
to maturity at 10034; plus int. in each case. The trust agreement provides 1919 as Jackson Cushion Spring Co.; name changed to present title on
for a progressively increasing sinking fund, to operate semi-anunally, com­ July 30 1920. Manufactures cushion springs for automobiles, furniture
mencing Nov. 1 1928 in the amount o f $285,000, and calculated to retire strips, loose springs, Pullman berths and seats, and hair edge-roll for
upholstery purposes, as well as loose springs for sleeping cars, &c.; also
60% in principal amount o f these debentures prior to maturity.
These debentures were accompanied by stock purchase warrants en­ manufactures Bakelite products for the automotive industries, electrical
titling the holders thereof to purchase 2 34 shares o f com. stock of Remington trade and radio manufacturers and jobbers. Has 2 plants located at
Rand Inc. for each $500 debenture, at the following scale of prices: $55 per Jackson, Mich.
In June 1924 acquired the entire common stock o f the General Leather
share on or before Nov. 1 1929; $65 per share thereafter on or before May 1
1932; $75 per share thereafter on or before Nov. 1 1924, and $85 per share Co. V. 119, p. 83.
thereafter on or before M ay 1 1937, after which date the warrants will be
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
void.
Stocks— Com 500,000 shs (no par) ____
495,220 shs _____________
Sold in M ay 1927 at 100 and int. by a syndicate headed by the National
Pref A 7% cum $2,000,000 red
City Co. and Eastman, Dillon & Co.
105 ($100)_________________ 7 Q-J
$140,000 _____________
R E P O R T .—
Pref B 7% cum $2,000,000 red
100 ($100)_________________ 7 Q-J
$19,100 _____________
Statement o f Earnings— Five Years Ended Dec. 31 1926.
$276,200 _____________
[Remington Typewriter C o., Rand Kardex Bureau, Inc., and Dalton Gen’l Leather 7% cum p f ($100)- ____
Bonds— Gen’l Leather Co 15-yr I6M g M -N
$1,200,000 M ay 1 1929
Adding Machine Co.]
1st s f g bds ($1,000)________ \Int. at___________________________________
Net
DepreFederal
Net for
STOCK.— Preferred and common stock have equal voting power. Pre­
Profit.
Interest.
ciation.
Taxes.
Divs.
ferred stockholders were offered the right to exchange one share of pref. stock
1922
$2,293,649 $221,372
$592,810
$44,518
$1,434,948
1923
4,173,454
207,267
679,480
353,944
2,932,762 (par $100) for five shares of no par value common stock up to Sept. 11 1923.
Stockholders of record Oct. 3 1927 were offered the right to purchase
1924
4,437,570
167,687
669,211
466,198
3,134,473
1925
6,820,406
147,149
772,299
950,617
4,950,339 common stock at $6-50 per share in the ratio of 1-7 share for each share held.
1926
8,108,637
228,308
1,008,005
978,768
5,893,555
DIV ID E N D S.— No dividends paid on A and B preferred since July 1
Div.
Avail, to
Div.
Per Sh. 1926. On common stock paid 50c. per share on March 31 and June 30
1920; then none until Nov. 1 1923, when 50c. per share was paid; Feb. 1
Requir.
Times
2d
Requir. Times. Avail, to
on
1st Pref. Earned.
Pref.
2d Pref. Earned. Common. Com. and M ay 1 1924 paid 50c. quar. Aug. 1 1924 to M ay 1 1925 paid 25 cents
$797,863
1.80 $637,085 $459,448
1.38 $177,637 $0,126 quar.; none since.
797,863
3.67 2,134,899
459,448
4.64 1,675,451 1.195
R EPO RT.— For 1926, in V. 124, p. 2132, showed:
1924___ . 797,863
5.08 1,877,162 1.339
3.93 2,336,610
459,448
Years Ended Dec. 31—
1926.
1925.
1924.
1923.
1925- - . . 797,863
6.20 4,152,475
459,448
9.04 3,693,027 2.634 Net earnings___________
$120,840
$155,090
$688,078
$391,255
1926- . - . 797,863
.
7.39 5,095,692
459,448 11.09 4.636,244 3.307 Depreciation & int_____
277,038
265,939
161,617
60,000
Federal taxes---------------7,841
3,469
56,876
41,020
BALANCE SHEET as o f Mar. 31 1927 in V. 124, p. 2292.
OFFICERS.-—Chairman, B. L. Winched; Pres., James H. Rand Jr.; Net income----------------- loss$164,039 loss$114,318
$469,585
$290,234
V .-P ., Charles P. Franchot. Executive offices, 374 Broadway, N. Y.
— (V. 125, p. 2824.)
OFFICERS.— Pres., Wiley R. Reynolds; V.-Ps., A. C. Wisner and J. B.
Waggener; Sec. & Treas., E. M . Wooster. Office, Reynolds Bldg., Jackson,
REMINGTON TYPEW RITER CO.— See Remington Rand Inc.
M ich.— (V. 125, p. 2400.)
REPUBLIC IRON & STEEL CO.— O R G A N IZA T IO N — Incorp. In
N. J. May 3 1899 to consolidate 29 plants making bar and forge iron
REYNOLDS (R. J.) TOBACCO CO.— ORGANIZATION. &c.— In­
Since the date of the organization, the property has been completely re­ corporated in New Jersey Apr. 3 1899. Manufactures plug, twist and
organized and the character of the business changed to the production of smoking tobacco and cigarettes. Manufacturing plants at Winston-Salem,
steel, now operating 8 blast furnaces. Bessemer steel plant, open-heartb N. C ., and Louisville, K y.; leaf tobacco and re-ordering plants at Rich­
steel works, tube works. &c., mining properties in Mesaba, Marquette and mond, Danville, South Boston, Martinsville, Va., M t. Ary, Reidsville,
Menominee, extensive iron and coal lands in Alabama. Sic.. by-product cokf Rocky Mount, Henderson, Wilson, N . C ., Lexington, Marysville and
plants, Youngstown and Thomas, Ala., coke plants at Republic, Martin and Springfield, Ky.
Bowood. Pa., and Thomas, Ala. See V. 71, p. 545. Acquired the proper­
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
ties of the Palos Coal & Coke Co. and the Bessemer Coal & Coke Co., known Stocks— Com $10,000,000 ($25)-- ____
$10,000,000 ____________
as Bessemer Shafts N o. 1 and N o. 2. For properties, see V. 68, p. 674;
Com class B $130,000,000 ($25) ____
$90,000,000 ____________
V. 70. p. 228; V. 71, p. 454; V. 77, p. 455; V. 79. p. 1480. 1702; V. 81. p.
STOCK.— The 7% cumulative preferred stock was redeemed on Jan. 1
1562 :V. 83, p. 1035: V. 84, p. 342; V. 87, p. 1303. Compare also annual
report in V. 120, p. 841; V. 122, p. 898. In Jan. 1918 the Woodside Coke 1926 at 120.
Co., a subsidiary, purchased some 4,000 acres of coal lands in Allegheny
COM . D IV .—
’ 15. ’ 16. '17. ’ 18. ’ 19. ’20. ’21.
’22-’24. ’25. ’26.
and Butler counties. Pa. On M ay 1 1919 took over the property of the In cash__________- ____ 22 23 28 14 12 10 8
12 yrly. 13 19
De Forest Sheet & Tin Plate Co., which has 10 sheet mills near Niles, O.
Aug. 16 1920 paid 200% stock div. on com. and class B com. On Dec. 2
V. 108, p. 1614, 1491; V. 110, p. 867.
1922 paid on com. stocks 33 1-3%, payable in new class B com stock.




Nov., 1927.]

INDUSTEIAL STOCKS AND BONDS

On Feb. 15 1927 paid 25% stock div. on com. payable in new class B
common stock.
Paid in 1927 Jan., 5% ; Feb. 15, 25% , payable in class B stock; April, 5% ;
July, 5% ; Oct., 5% .
R E PO RT.— For 1926. in V. 124, p. 517, showed:
Calendar Years—
1926.
1925.
1924.
1923.
*Net profit____________ $26,249,403 $25,221,579 $23,777,717 $23,039,876
Undiv. prof. prev. y r__. 39,154,393 29,732,814 16,955,098
4,915,222
Total surplus________ $65,403,796 $54,954,393 $40,732,815 $27,955,098
Deduct— Pref. divs_____
______
1,400,000 1,400,000
1,400.000
Common dividends... 15,200,000 10,400,000 9,600,000
9,600,000
Prem. on red .of pref.stk.
______
4,000,000
______
___ _
Totalundivid. profits.$50,203,796 $39,154,393 $29,732,814 $16,955,098
* Net profits after deducting all charges and expenses o f management
and after making provision for interest, taxes (incl. Fed. and State income
taxes), depreciation, advertising, &c.
OFFICERS.— Chairman, W . N . Reynolds, Pres., Bowman Gray, V .-P .
James A . Gray, T. H. Kirk and S. Clay Williams, Sec., M . E. Motsinger
Treas., R . D . Shore. Office. Winston-Salem. No. Caro.— (V. 125, p. 1336.)
RIMA STEEL CORPORATION.— ORGAN IZATION .— Rima Steel
Corp. (Rimamurany-Salgotarjan Iron Works, Ltd.) was formed in 1881 bj
amalgamation o f the oldest plants in Hungary, which were started in the
18th century. All its plants are situated in Northern Hungary, excepting
part of the mines and forests equal to 18% o f its properties (valued at
$3,866,305), which are in Czechoslovakia at a distance o f less than 25 miles
from the Hungarian plants.
STOCK.— Paid in cash equal to $8,585,000.
BONDS.— In Jan. 1925, F. J. Lisman & Co., New York, offered at 88
and interest $3,000,000 7% closed first mtge. 30-year sinking fund gold
bonds. Dated Feb. 1 1925; due Feb. 1 1955. Denom. $1,000, $500, $100
c*. Principal and interest (F. & A.) payable in U. S. gold dollars of the
present standard o f weight and fineness, at the office of F. J. Lisman & Co.,
New York, fiscal agents o f the company, without deduction of any present
and future Hungarian taxes. Redeemable by compulsory drawings at par
every two months by means o f a cumulative sinking fund of 1 % per annum
commencing April 1 1925. This will redeem the entire issue by maturity
Drawn bonds become payable on the next interest date at par and six
months’ accrued interest. N ot callable until Feb. 1 1930; on and thereaftei
callable as a whole or in part upon 60 days’ notice as per following schedule
Feb. 1930-1940 at 103; thereafter at 102. New York Trust Co., New York,
trustee.
RE PO RT.— Income account year ended June 30 1927 in V. 125, p. 2682:
Years Ended June 30—•
1927.
1926.
Gross earnings__________
$1,944,614 $1,448,402
Depreciation____________
379,679
294,616
Debit interest___________
240,372
246,550
291,556
218,861
General expenses________
Taxes___________________
167,487
124,279
Employees’ welfare______
343,040
255,251
Net income___________________________________
$522,480
$308,845
According to the above statement, earnings available for interest on the
bonds after depreciation, general expenses and taxes, amounted to $1,105,982 or 4.6 times interest and sinking fund requirements on the first mortgage
7% dollar bonds.— (V. 125, p. 2862.)
ROYAL DUTCH CO. FOR THE W ORKIN G OF PETROLEUM
WELLS IN NETHERLANDS INDIES.— ORGANIZATION.— Incorp. in
The Hague, Holland, in 1890, with a capital o f 1,300,000 florins ($522,600).
Through its subsidiaries it is now the largest international producer and
distributor o f mineral oil and its by-products o f Europe. V. 107, p. 2243.
Started as a local enterprise o f the Dutch East Indies. After 1900 developed
rapidly. In 1902 entered the international field and in conjunction witt
the “ Shell" Transport & Trading Co. o f London (which see) and the d<
Rothschild (Paris) group, founded the Asiatic Petroleum Co. as a distribut
Ing concern. Subsequently absorbed the principal other oil producint
enterprises in Dutch East Indies and amalgamated its interests with thos<
of the “ Shell,” the combined assets of both being turned over to two nev
companies, via., the “ Bataafsche Petroleum Co. and the Anglo-Saxoi
Petroleum Co. The “ Royal Dutch" holds 60% in these two concerns (thi
“ Shell” 40% ); also 12M % o f the outstanding ordinary “ Shell” shares. Thi
two interests so combined have since then acquired exclusive or controlling
Interests in important oil fields in Rumania, Russia, Egypt, the Uniter
States (Oklahoma and California), Panama. Venezuela and Mexico
On Dec. 31 1925 the company owned the following shares: FI. 180,000,000
Bataafsche Petroleum Maatschappij; FI. 115.200,000 Anglo-Saxon Petro
leum Co., Ltd., FI. 25,200,000 Asiatic Petr. C y., Ltd., FI. 11,121,528 Shell
Transport & Trading Cy., Ltd., FI. 209,739,358 Shell Union Oil Corp. and
Asiatic Petr. Cy. (Del.), Ltd., FI. 22,220,352 Soc. “ Astra Romana” , FI. 9,705,862 Mexican Eagle Oil Co., participation in various companies, FI. 119,482,304.
in JNov. 1921, a plan was formulated for the merger o f the company’ !
“ American interests” with the Union Oil Co. o f Dela., for details of whicl
see statement of Shell Union Oil Corp. below.
STOCK.— The com. shares have a par value o f FI. 1,000 (say $402
each, but the company issues sub-shares of FI. 100 (say $40 20) each. Foi
trading purpose* here, Dutch shares o f 100 Florin par value were depositee
with the Equitable Trust C o., N . Y ., against which were issued thre«
certificates for each share deposited. This gives a nominal par value o!
$13.40 to each “ American certificate.”
Capitalization (no funded-----In Dutch Guilders--------------- In U. S. Gold------debt or fixed charges)— Outstanding. Author’d. Outstanding. Authorized
FI
p]
J
j
J
Common shares..........407,209,000 570.000,000 163,698,118 229,140,001
4% preferred ihares___
1,500.000
1.500,000
603,000
603,00(
4H % cum. prior ihares. 28,500,000 28,500,000 11,457,000 11,457,00f
The authorlxed ordinary stock was increased In June 1919 from 230,000 •
000 guilders ($92,460,000) to 370,000,000 guilders ($148,740,000) and i'r
April 1921 to 570,000,000 guilders ($229,140,000). V. 112, p. 1524. Hold
ers o f outstanding ordinary shares o f record July 7th were given the right tc
subscribe at par plus stamp tax in Holland for one new share for each four
shares held. V. 108, p. 2533, 2636. In June 1916 the shareholders were
permitted to subscribe at par (equal to a bonus of about 120%) for one new
share for each three old shares. In June 1920 stockholders received tie
privilege of subscribing at par to one share o f new ordinary stock for eac)
two shares held. V. 110, p. 2663. In June 1924 stockholders were offered
the right to subscribe at par to one share o f new ordinary stock for each
four shares of such stock held. V. 118. p. 2960.
D IV ID E N D S.— In addition to the cash dividends the company in 1907
distributed its surplus by a stock bonus o f 200%
In 1918 paid a 50%
stock dividend. The cash dividend record (% ) is as follows:
’07. ’08-10. ’ l l . T2. '13. T4-16. T 7. T8. T9. '20 ’21. ’22. ’23. ’24 ’25
27 H 28 yrly. 19 41 48 49 yrly. 38 z48 40 45 40 31 26H 35 23
* Plus 200% stock dividend,
z Plus 50% stock dividend.
Paid or decl. in 1928: Jan. 5, 10%.
REPO RT.— For 1926, in V. 124, p. 3510, showed:
(In Florins)—
1926.
1925.
1924.
1923.
Income________________ 102,730,834 95,902,228 89,512,076 85,585,361
Expenses, taxes, &c____ 1,134,909 1,402,033
1,528,509
728,570
Profit_______________ 101,595,945 94,500,194 87,983,567 84,856,791
Divs. on pref. shs. (4 % ) .
60,000
60,000
60,000
60,000
Priority shares (4 )4 % )-- 1,282,500
1,282,500
1,282,500
1,282,500
Ordinary shares ( 6 % ) ... 24,726,180* 24,147,060 24,147,060 19,287,420
Surplus______________ 75,527,265
69,010,635 62,494,007 64,226,871
Available for ord’y div.;
93% o f above surplus.
70.240,357 64,179,890 58,119,426 59,730,990
6% on ord’y as above.
24,726,180 24,147,060 24,147,060 19,287,420
Brought forward_______
268,397
1,786,967 1,695,050
666,815
Proceeds above par o f
______
182,785
______
______
shares sold__________
Bonus share issue______
______
• ______
______
______
Commissaires’ propor’n .
2.788,591 2,535,425 2,289,760
2,374,075
98,023,524 92,832,127 86,251,296 82,059,300
Amount o f ordinary d iv. 96,844,205 92,563,730 84,464,330 80,364,250
Rate per cent_________
(23 H )
(23%)
(23%) _____ (25%)
Carried forward_____ 1,179,319
268,397
1,786,966
1,695,050
— (V. 125, p. .2825)




225

RUDOLPH K A R STA D T, IN CORPORATED.— Owns and operates the
largest chain department store business in Germany. Business includes
more than 50 retail stores, several factories and a considerable wholesale
»nd export business.
BONDS.— Dillon, Read & Co. and Scholle Brothers in Oct. 1925 sold at
97 and int. $3,000,000 1st mtge. 7% sinking fund gold bonds (and stock
purchase warrants).
Dated Oct. 1 1925; due Oct. 1 1930. Principal, int. (A. & O.) and
sinking fund installments payable at the office of Dillon. Read & C o.,
N. Y . City, in U . 8. gold coin of the present standard of weight and fineness.
Denom. $1,000c*. Callable all or part by lot after 30 days notice on
any int. date, at the following prices and int.: To and incl. Oct. 1 1927
at 103; thereafter to and incl. Oct. 1 1928 at 102; thereafter to and incl.
Oct. 1 1929 at 101; thereafter prior to maturity at 100H • Auth., $4,000,000.
American Exchange-Pacific National Bank, N. Y. City, American trustee.
Deutsche Kreditsicherung, A. G., Berlin, German trustee. Principal,
Int. and sinking fund payable without deduction for any taxes, present or
future, levied by German Governmental authorities.
Sinking Fund.— The indenture will provide for a sinking tund of $240,000
per annum, commencing Jan. 1 1926 and operating semi-annually thereafter,
to be applied to the purchase of bonds at prices not exceeding 100 and int.,
and, to the extent not so applied to the redemption of bonds by lot at
100 and interest.
Stock Purchase Warrants.— Warrants will be issued entitling the holder
of each $1,000 bond at any time on or before Oct. 1 1930 to purchase 15
shares of the common stock o f Rudolph Karstadt, Inc., at $12 38 per
share (par value 40 marks per share). The net earnings for the fiscal
year ended Jan. 31 1925 were equivalent on the 650,000 shares then out­
standing to $2 28 per share before the allocation of $883,694 profits for
special reserves.
R EPO RT.— For the fiscal year ended Jan. 31 1925, net earnings avail"
able for corporation profits tax and managing directors’ participation in
profits, after current interest, depreciation and all other operating expenses,
amounted to $1,994 802.
(Balance sheet as of Jan, 31 1925 in V. 121, p. 1797.)— (V. 124, p. 2601.)
ST. JOSEPH LEAD CO.— ORGANIZATION.— Incorp. In New York
March 24 1864; charter now perpetual. Owns (a) mineral right on 13,498
acres of lead-bearing lands in Flat River— Leadwood and Doe Run districts,
Mo.; (&) modern smelter at Herculaneum, Jefferson County, M o., capacity
'20.000 tons of pie lead yearly; (c) p r a r T c a llv entire capita) stock of V <’«
•
River & Bonne Terre R y., 46 miles. Y. 108, p. 1831. In October 1923
purchased from the American Smelting & Refining Co. the lead mines owned
___
by that company in Missouri. V. 117, p. 1898.
STOCKS AND B O N
D S InU Outstanding^Bds. when Due'.
Stocks— Com $20,000,000 (S10) — ____
$19,503,900 _____________
DIVS. T3, T4. ’ 15. T6, ’ 17. ’ 18. T9. ’20. ’21. ’22. ’23. '24. '25. ’26.
Cash(%) 5 2 X 6 10 25 20 11 20 10 12ya 20 20 30 30
S tock ------- --------- __ __ __ __ __ i o ______
__ 25 ____
The directors on Dec. 16 1926 declared four extra dividends of 25 cents
per share and four regular quarterly dividends of 50 cents per share, payable
on Mar. 21, June 20, Sept. 20 and Dec. 20 1927 to holders of record Mar. 9,
June 9, Sept. 9 and Dec. 9, respectively.
R E PO RT.— For 1926, in V. 124, p. 2133, showed:
Calendar Years—
1926.
1925.
1924.
1923.
alncom e-----------------------$12,971,944 $14,355,307 $11,212,433 x$6,654,318
Depletion, &c-------------- 3,067,434
2,855,464
2,384,163 1,537,324
Federal taxes__________
1,552,667
1,926,696
1,030,941
689,470
D ividends------------------- 5,851,369
8,497,506
5,563,586 3,263,069
Miscellaneous charges..
135,019
146,773
237,983
47,670
Balance, surplus------- $2,365,456
$928,868 $1,995,759 $1,116,785
x Includes $269,491 received from U. S. Govt, to settle claims.
a After providing for depreciation of plant and equipment.
OFFICERS.— Pres. & Treas., Clinton H. Crane; V.-Pres. & Sales M gr.,
Irwin H. Cornell; V.-P. & Sec., Leonidas H. Besson; Asst. Treas., H. B
VtcGown; Asst. Sec., Robert Bennett. N. Y . office, 250 Park Ave.—
(V. 124, p. 2442.)
SANTA CECILIA SUGAR CORP.— Organ, in Del., July 16 1917.
Owns and operates sugar estates and a sugar factory on the Island of Cuba.
STOCKS AND BONDS—• Rate of Int. Outstanding. Bds. when Due.
105,000 shs _____________
Stocks— Com 105,000 shs (no par) ____
Pref cum red 110 $1,000,000
($100)------------------------------See text
$1,000,000 _____________
Bonds— 10-yr ref M red 105 $1,- / 6 g M -N
$850,000 M ay 1 1931
200,000 ($500 & $1,000)-xxx (Int. at Irving Bk. & Tr. C o., N. Y .
STOCK.— See table.
DIVS.— On common stock as follows Nov. 1 1919 and Feb. 1 1920 1 H %
$100 par): May 1 1920 to Nov 1 1920 paid quar 25 cents per share (no
Oar value); none since. Pref. divs. regularly paid to Nov. 1920; none since.
BONDS.— The 1st mtge. 6s are a first lien on all of the property now,
iwnea or hereafter acquired. A sinking fund is provided of 20% of net
■arnings but in any event not less than $25,000 or more than $75,000 for
virchase of bonds at not exceed’ ot? 105 and int. Auth ar>r) levied «75n
000; retired by sinking fund, $250,000; outstanding, $500,000. Sinking
fund requirements since and including N ov. 1 1921 have not been fulfilled.
REPO RT.— For year ending July 31 1926, in V. 123, p. 2789, showed:
Years End. July 31—
1925-26.
1924-25.
1923-24.
1922-23
Output— Sugar (b ag s)..
88,051
60,647
42,532
40,081
Gross revenue-------------$697,071
$561,138
$649,981
$617,795
Operating, &c., expense.
637,989
644,868
596,097
532,864
159,302
144,467
128,103
138,074
Interest, &c----------------Depreciation---------------111,268
126,662
121,649
119,588
Balance, deficit--------$211,489
$354,858
$195,868
$172,731
OFFICERS.— Pres., C . B. Goodrich; V .-P ., Robert L. Dean and Henry
J. Schuler; Sec. & Treas., Robert H. Oaplan. N. Y. office, 67 Wall St.
— (V. 123, p. 2789.)
SAVAGE ARMS CO R P.— ORGANIZATION.— Incorp. in Delaware
*»n Aug. 16 1915 as Driggs-Seabory Ordnance Corp., and purchased the
assets of the Driggs-Seabury Co., and in Dec. 1915 the Savage Arms Co.
ft Utica, N. Y . Acquired, as of Apr. 1 1920. the J. Stevens Arms Co. of
Chicopee Falls, Mass., through purchase of the stock from the Westinghouse Elec. & M fg. Co. The J. Stevens Arms Co. in Jan. 1926 purchased
the physical inventory, use of the corporate name, patents, trade-marks,
&c., of the Page-Lewis Co., Chicopee Falls, Mass. Manufactures rifles,
shotguns, pistols, ammunition and electrical household devices. Plants
located at Utica, N. Y ., and Chicopee Falls, Mass. Name was changed to
Savage Arms Corp. in M ay 1917 on merger of properties. V. 104, p. 2014;
V. 105, p 1715; V. 106, p. 196; V . 107, p. 1673, 2194; V. 108, p. 982.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $10,000,000 ($100). ____
$8,747,400 _____________
1st pref cum conv $500,000
(text) ($100)_______________ 7 Q-J
$300,800 ____________
2d pref non-cum conv $500,000 ($100)_________________ 6 Q-F
$ 222,200 ______________
STOCK.— First pref., auth. and issued. $500,000, of which $470,200 held
in treasury; 2d pref., issued, $260,700, of which $38,500 held in treasury;
common, issued, $9,239,300, of which $574,900 held in treasury. The first
pref. stock was convertible prior to April 1 1926 into common stock at the
rate of two shares of common for one share of first preferred.
BONDS.— The stockholders in April 1922 authorized the issuance of
$3,000,000 bonds at the discretion of the directors.
D IV ID E N D S.— On common: In 1916, Mar. 15, 2%%\ June 15, 5% ; then
none till June 15 1917 to Sept. 15 1920, 6% p. a. (14£% Q.-M .); then none
until Mar. 1 1926, when 1% was paid; same amount paid quar. to Dec. 1
1927. On Jan. 15 and April 30 1920 extra divs. of 5% each were paid.
V. 110, p. 472.
On 1st pref., in full to Jan. 3 1928. On 2d pref., paid initial div. of 3%
on March 15 1916; June 15 1916 to Dec. 15 1920 paid 13"S% quar.; none
thereafter until July 1 1923, when 114 V quar. was paid, which amount
o
has been paid each quarter to Feb. 15 1927.

226

INDUSTRIAL STOCKS AND BONDS

R E PO RT.— For 1926, in V. 124, p. 1679, showed:
Calendar Years—
1926.
1925.
1924.
$607,239
$693,799
x P rofit_______ ______ $701,031
Federal tax reserve_____
73,566
84,070
______

1923.
$404,044
______

P ro fit_______________
yPref. & common d iv s._

$404,044
32,916

$627,465
363,220

$523,169
16,582

$693,799
38,159

Surplus______________
$264,245
$506,587
$655,640
$371,128
x After maintenance, repairs, depreciation and ordinary taxes,
y Being dividends on the 1st & 2d pref. stock paid from surplus.
Quar. End. Mar. 31—
1927.
1926.
1925.
1924.
Net profit after depreciatio , taxes, &c________ def$99,198
$69,526 def$20,176
$67,09g
Period End. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 Mas.— 1926.
Net after taxes & depr._
$123,793
$174,903
$198,755
$536,009
OFFICERS.-—Pres., W . L. Wright; V .-P ., F. R. Phillips; Sec., J. H.
Cook; Treas., E. A. M acDonald. N . Y . office, 100 East 42d St.— (Y. 125,
p. 2401.)
SCHULTE RETAIL STORES CORP-— Incorp. under laws of Delaware
on Sept. 5 1919 for the purpose o f acquiring the stock issues of the varioui
Schulte companies. The subsidiary companies operate stores in New York
Brooklyn, Chicago, Philadelphia, Boston, Jersey City and other cities
Transfer o f control of Park & Tilford interests to David A. Schulte, President
o f the Schulte company, was announced Aug. 2 1923.
The shareholders o f American Druggists Syndicate on Aug. 17 1926
approved a plan whereby the organization will be controlled by the Schulte
Retail Stores Corp. for the next 10 years.
Under the terms o f the offer, the Schulte interests guaranty Druggists’
Syndicate shareholders dividends o f 6% for the ten-year term of control.
The Druggists’ Syndicate has been merged with Schulte Products Dis­
tributing C orp.
It was announced on Jan. 17 1927 that the corporation had acquired
Huyler’s, Inc. Y. 124, p. 514.
STOCKS AN D BONDS—- Bate of Int. Outstanding. Bds. when Due.
1,116,145 shs ------------------Stocks-Com 1,250,000shs(no par) ____
Pref cum $15,000,000 red 120
($100)_____________________ 8 Q-J
$9,425,000 _____________
Bonds— Schulco Co Inc guar f 6K J-J
$3,441,000 July 1 1946
20-yr M s f g ser A red (text) Int. at_________________________________
($500 & $1,000) Ce.kxxxc* (
Schulco Co Inc 20-yr ser B red f 6K g A-O $3,946,000 Oct. 1 1946
(text) ($500 & $1,000)
Unt. at_________________________________
Ce.kxxxc* l
STOCK.— The stockholders on Jan. 25 1926 increased the authorized
common stock from 500,000 shares to 1,250,000 shares, no par value.
The common stockholders o f record Mar. 2 1926 were given the right to
subscribe at $1 a share for l f i shares o f common stock for each share held
by them.
DIVS.— On common paid stock divs. as follows: Aug. 9 1920, 50%
payable in common stock; July 6 1921, 20% payable in common stock
Dec. 20 1921, 15% payable in common stock; Dec. 29 1922, $5 per sh. on
com. payable in pref. stock; June 1 1923 to Dec. 1 1925, 2% quar. payable
in pref stock; also paid 25% in common stock on Sept. 1 1924; Mar. 1 1926
to Dec. 1 1926 paid each quarter 2% in common stock.
The directors on Jan. 17 1927 declared four quarterly dividends o f 87 H
cents per share on the common stock, no par value, for the current year,
placing the stock on a $3.50 annual cash basis. The dividends were de­
clared payable Mar. 1, June 1, Sept. 1 and Dec. 1 1927 to holders o f record
Feb. 15, M ay 15, Aug. 15 and N ov. 15, respectively.
BONDS.— The Schulco C o., Inc., mtge. s. f. gold bonds are guaranteed
as to prin., int. and sinking fund by endorsement. The series A bonds are
red., all or part, by lot upon 30 days’ notice at any time to and incl. July 1
1931 at 103; thereafter to and incl. July 1 1936 at 102; thereafter to and incl.
July 1 1941 at 101; thereafter to and incl. July 1 1944 at 100M; thereafter
to and incl. maturity at 100; plus in each instance accrued int. to the date
o f redemption. The series B bonds are red., all or part, by lot upon 30
days’ notice at any time to and incl. Oct. 1 1931 at 103; thereafter to and
incl. Oct. 1 1936 at 102; thereafter to and incl. Oct. 1 1941 at 101; there­
after to and incl. Oct. 1 1944 at 100 'A; thereafter to and incl. maturity at
100: plus in each instance accrued int. to the red. date. V. 122, p. 3465;
V . 123, p. 1887.
R E PO RT.— For 1926, in V. 124, p. 2443, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net profit before taxes.. $6,726,910 $6,416,932 $4,341,616 $3,763,637
Preferred div. (8 % )____
752,476
596,718
376,000
166,000
Surplus______________$5,974,434 $5,820,214 $3,965,616 $3,597,637
Prev. surp. & reserve... 4,447,900
4,059,450
3,882,949
2,447,735
Total surp. & reserve_$10,422,334 $9,879,664
Federal taxes paid______
582,950
444,759
Adjustments, debits____
79,949
102,358
Stock div. on com m on.. z2,726,125 3,075,000

$7,848,565 $6,045,372
444,396
256,620
44,718
105,803
3,300,000
1,800,000

Profit & loss surplus.. $9,033,311 $6,257,547 $4,059,450 $3,882,948
z Paid in common stock (72,612 shs.), no par value.
OFFICERS.— Pres., David A. Schulte; V.-P. & Treas., Joseph M.
Schulte; V .-P ., Louis Goldvogel, Arthur S. Meyer, Charles O. Nicholls Jr
and Harry Goldvogel; V.-P. & Sec., Udo M . Reinach; Asst. Treas., Geo
W . L. Jarman. Office. 384 Broadway, N. Y.'— (V. 125, p. 1723.)
SEARS, ROEBUCK & CO.— Incorp. in 1906 in New York as successo'
to an Illinois corporation o f the same name which had theretofore trans
acted the same business for over ten years. Business is the retailing of al
classes o f merchandise and coal direct to the consumer through catalogues
and retail stores; has over 10,000.000 customers. Business is transacted
mainly from Chicago, with branches in Atlanta, Dallas, Kansas City,
Los Angeles, Memphis, Philadelphia, Seattle and Stockton.
Company now operates 16 retail stores: 4 in Chicago; 2 in Philadelphia;
2 in Los Angeles; 1 in Milwaukee; 1 in Evansville; 1 in Kansas City; 1 in
Atlanta; 1 in Dallas; 1 in Seattle; 1 in Memphis and 1 in Camden. Auto
accessory stores are located in: Columbus, Boston, Denver, Minneapolis
and Los Angeles. There is also a combined Mail Order and Retail Store
under construction in Minneapolis.
STOCKS AND BONDS—Rate of Int. Outstanding. Bds. when Due.
Stocks— om 4,200,000shs(nopar) ____
C
4,200,000 shs ------------------STOCK.— All the outstanding ($8,000,000) preferred stock was retiree
on N ov. 15 1924 at 125 and divs.
The stockholders on Feb. 23 1926 changed the authorized common stock
from 1,050,000 shares, par $100, to 4,200,000 shares of no par value, four
new shares being issued in exchange for each share o f common held.
D IV ID E N D S.— On common, 1909,434% ; 1910 to Feb. 1917, 7% (1K %
Q.-F.); M ay 1917 to N ov. 1920, 2% quar. The Feb. 1921 dividend (2%)
was paid in 6% scrip due Aug. 15 1922: then none until Aug. 1 1924. whet
134% quar. was paid; N ov. 1 1924 to Feb. 1 1926 paid 134% quar.; M ay 1
1926 to N ov. 1 1927 paid each quar. 6234c. a share on new stock o f no par
value. Also, Apr. 1 1911, a 33 1-3% stock div. V , 92, p. 601. A stock
div. o f 50% was paid Apr. 1 1915. Vi 100, p. 479. In Apr. 15 1920 paid
a stock div. o f 40% .
R E PO RT.— For 1926, In V. 124, p. 638. showed:
1923.
1926.
1925.
1924.

$

$

$

$

Gross sales_____________272,699,314 258,342,236 222,174,744 215,540,604
Total income__________ 258,212,751 243,798,351 206,430,527 198,482,946
Purchases and expenses.226,268,066 213,441.652 183,517,334 184,445,023
816,050
1,148,399
848,913
Repairs and renewals___ 1,178,859
1,133,624
Depreciation reserve____ 2,214,246
1,560,521
1,379,157
Reserve for taxes_______ 4,461,865
4,477.862
3,158,530
575,631
Profit sharing, &c., fund 2,181,593
2,194,612
3,172,196
Common dividend_____ 9,449,597
6,007,089
2,999,758
559J 88
Preferred dividend_____
______ ____________
489,204
Balance, surplus_____ 12,458,524 14,968,215 10,865,435 10,953,430
Latest Sales Statement.—
Sales—
1927.
1926.
1925.
1924.
Month o f October______$29,301,592 $26,839,503 $30,374,605 $23,801,045
First 10 mos. o f year. ..228,567,254 214,725,261 201,996,608 173,516,177
OFFICERS.— V .-P ., Charles W . Newton and Joseph B. Cotton; Sec& Treas., F. R . Kennedy. Office, 120 Broadway, N. Y .— (V. 125, p. 2540 )




[V ol. 125,

SENECA COPPER MINING CO.— Incorp. in Delaware on Feb. 27
1925 and acquired the property of the Seneca Copper Corp. under the
terms of a reorganization plan dated Nov. 15 1924. V. 119, p. 3019.
Property is located in TCeweenaw County, M ich., and consists o f 2,464.6
acres owned in fee. Owns entire outstanding 79,500 shares of capital stock
of Gratiot Mining Co.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 500,000 shs (no par) ____
350,000 shs. _____________
Bonds.— 10-yr 1st M conv red f 7 J-J
$1,401,900 Jan. 1 1935
105 $1,500,000 ($100, & c ).._ \Int. at Cent. Un. Tr. C o., New York.
BONDS.— The 1st mtge. bonds are red., all or part, on any int. date at
105 and int. Convertible at any time into shares of the new co. on the
basis of the par value o f the bonds and $15 per share for the stock. M ort­
gage shall provide a sinking fund from and after M ay 15 1928 o f lc . per
pound of refined copper produced from the mortgaged property, including
the property of any subsidiary company and any subsequently acquired
property up to 25,000,000 pounds produced annually.
The 350,000 no par shares o f the stock of the new company were offered
to the shareholders o f the old company on the basis of one share of the stock
of the new company for one share of the stock of the old company plus
$6 cash
R EPO RT.— For 1926 shows
Receipts from copper sales, &c_
704,109
Expenses and taxes___________
840,580
Bond interest_________________
95.000
Depletion_____________________
174,353
Depreciation__________________
24.000
Balance, deficit____________________________________________
429,824
OFFICERS.— Pres., Thomas F. Cole; V .-P s., Chas. W . Newton and
Joseph B. Cotton; Sec. & Treas., F. R . Kennedy. Office, 120 Broadway,
New York.— (V. 125, p. 1204.)
SHAFFER OIL & REFINING C O .— O RGAN IZATION .— Incorp. in
Delaware in M ay 1919 to acquire the oil interest of C. B. Shaffer and
associates. Controlled through ownership of a majority of the com. stock
(which has sole voting power) by Standard Gas & Elec. Co.
The properties comprise 11,197 acres in proven oil territory with over
8,500 barrels average daily production; also 96,718 acres of undeveloped oil
lands in Oklahoma, Kansas, Louisana, Montana, Texas, Arkansas and
Colorado. The pipe lines comprise 140 miles of gathering lines and 245 miles
of main pipe lines connecting the production in Oklahoma with the com­
pany’s modern refinery at Cushing, Okla., of 10,000 barrels daily capacity
of crude and cracking capacity of 3,600 barrels total storage capacity
over 2,200,000 barrels, and 878 modern steel tank cars, also 4 casing­
head gasoline plants which extract gasoline, from the gas produced by the
company’s wells. The refined products are marketed through the com­
pany’s own organization and that of allied concerns through 455 distributing
stations all located in the Middle West. The refined products have been
established in the territories served under the trade name “ Deep R ock .”
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 500,000 shs (no par) ____
127,552 shs _____________
Pref cum & partic $50,000,000
($100)_____________________(Text) Q-J $14,000,000
_____________
Bonds— 10-yr 1st M (closed) ( 6 g J-D
$2,713,000 June 1929
conv s f g guar $15,000,000 (Int. at New York and Chicago.
($100, & c)_____K.xxxc*&r* [
STOCK.— The Standard Gas & Electric Co. owns 95% of the common
stock and 65% of the preferred stock. The pref. stock is entitled to cumula­
tive dividends at the rate of 7% per annum and will participate ratably
with the common stock up to 10% p. a. In addition, will participate at the
rate of )£ of 1% for each dollar paid on the common stock in excess of $10
per share during any one fiscal year.
D IV ID E N D S.— An initial dividend of 1 % % was paid on the pref. stock
Oct. 25 1919; then to July 1923 paid \M% quar.; none thereafter until
July 25 1926, when 1 Z % was paid; same amount paid Oct. 25 1926. On
A
Jan. 25 1927 paid 1 % % quar. and 191 , % on account o f accumulated divs.,
4
clearing up all back dividends. On April 25 1927 to Oct. 25 1927 paid 1M %
quar.
On common paid initial div. o f $7 a share on Jan. 25 1927.
BONDS.— Guaranteed, p ., I. & s. f., by Standard Gas S Elec. Co.
c
Callable in whole or in part for the sink, fund on 4 weeks’ notice at 103 and
Int for the first five years, 102}4 and Int. for the following 2)4 years, and
thereafter at 102 and int. Convertible at par into participating pref. 7%
cum. stock at 105- Sinking fund payable semi-ann. to the trustee equal to
$166,877 plus the following percentages on $12,000,000 bonds, and these will
retire not less than $11,280,000 before maturity: Dec. 1 1921 to June 1 1923,
434 % s.-a.; Dec. 1 1923 to June 1 1925, 5% s.-a.; Dec. 1 1925 to June 1 1927,
534% s.-a., Dec. 1 1927 to Dec. 1 1928, 6% s.-a. All bonds purchased or
redeemed will be canceled. Authorized, $15,000,000; outstanding, $2,713,000 retired by sinking fund, $12,287,000.
NOTES.— The 2-year 6% gold notes due April 15 1928 are redeemable
all or part at any time upon 60 days’ notice, at 101 and int. on or before
Oct. 15 1926, the premium thereafter decreasing 34 % for each 6 months or
fraction thereafter elapsed to date of redemption.— (V. 122, p. 2342.)
R E PO R T .— 12 months ended Sept. 30:
1927.
1926.
Gross earnings________________________________ $17,385,146 $20,784,945
Operating expenses, maintenance and taxes--------- 14,593,932
14,733,178
Net operating earnings______________________ $2,791,214
Interest_______________________________________
1,080,975

$6,051,767
1,235,262

Balance for retirement and depletion reserve,
dividends, amortization and surplus_________ $1,710,439
$4,816,505
OFFICERS.— Pres., John J. O’Brien; V.-Ps., John L. Gray, R . J. Graf,
F. C. Gordon, L. B. Riddle and W. E. M oody; Sec. & Treas., W . R. Fran­
cisco. Office. Tulsa, Okla.— (V. 125, p. 2826.)
SHATTUCK DENN MINING CORP.— Incorp. under laws of Delaware
on May 20 1925 for the purpose o f consolidating the Shattuck-Arizona
Copper Co. and the Denn-Arizona Copper Co. B y the end of 1925, the
work of consolidating the two companies had practically been completed.
Terms of Merger.— The company offered to purchase all o f the outstanding
shares of the Shattuck and Denn companies, paying therefor in shares o f its
own capital stock at the rate of share for share, and for this purpose it
set apart 800,000 shares o f its capital stock for the purchase o f and in
payment for the 350,000 shares o f the Shattuck company and 450,000 shares
of the Denn company. The remaining 200,000 shares of the Shattuck
Denn Mining Corp. will be retained in its treasury.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks-Com 1,000,000 shs(no par) ____
799,416 shs _____________
R E PO R T .— For 1926:
Cal. Year—
Gross.
Net after Taxes. Depr.
Depl.
Balance.
1926 ________ $1,153,500
$51,346
$87,165
def.$35,820
OFFICERS.— L. C. Shattuck, Pres., H. L. Mundy, Thomas Bardon and
B. M . Pattison, V.-Ps.; Norman E . LaMond, Sec.; A. M . Chisholm, Treas.
Office, 120 Broadway, New York.— (V. 123, p. 2403.)
SHATTUCK (FRANK G .) CO.— Incorporated in 1906 in MassOperates a chain of 25 restaurants and candy stores under the name o'
"Shrafft’s ," in New York. Brooklyn, Boston and Syracuse, including the
daily luncheon service at the Chamber o f Commerce, New York.
The company in Oct. 1926 opened a new type of store at 811 Madison
Ave., N. Y . City. This new unit sells candies, baked goods, ice cream and
soda and a selected line of Schrafft products. It differs from other Schrafft
stores through omission of restaurant service. This latest step by the
company is supplementary to the plan announced earlier in 1926 for opening
additional stores of the larger and more costly type.
In all, the company is expected to open 100 of the new and smaller type
stores throughout Greater New York. V. 123, p. 2275.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks—Com 400,000 shs (no par) . ____
350,000 shs ____________
STOCK.— In June 1927 the directors voted to issue an additional 50,000
shares of stock without par value. The shares were offered at $60 each
to stockholders of record June 16 1927 on the basis of one new share for
each six shares previously held. V. 124, p. 3510.
D IV ID E N D .— Initial quarterly dividend of 50 cents per share paid April
10 1925; same amount paid quar. to Oct, 10 1927.

Nov., 1927.]

R E P O R T .— For 1926, in Y. 124, p. 1991, showed
Income Account Years Ending Dec. 31.
1926.
1925.
1924.
1923.
Stores’ gross trad, profit $2,436,797 $4,039,069 $4,039,187 $3,034,245
Other income__________
96,188
334,234
247,603
222,662
Total income_________ $2,532,985
Gen. & admin, expenses)
Interest paid_________ (
685,484
Rent, insurance, &c
J
Depreciation, improv’ts
_
376,633
on leased property_
Federal income taxes_
_
156,427
D ividen ds____________
600,000

$4,373,303 $4,286,790 $3,256,907
( 461,643
407,124
2,726,858 ]
18,664
18,556
(2,293,276
2,051,273
283,672
152,659
637,250

301,656
151,444
82,408

227,355
71,507
6,300

Balance, surplus_____
$714,440
$572,864
$977,698
$474,793
Period End. Sept. 30— 1927— 3 Mos.— 1926.
1927— 9 Mos.— 1926.
Net profit after deprec.
and Federal taxes___
$344,600
$210,763 $1,185,415
$917,863
OFFICERS.— Pres., Frank G. Shattuck; Treas., G. F. Schrafft; Sec.,
Grace M . Austin. Office, 16 West St., Boston.— (V. 125, p. 2541.)
-S H E L L ” TRAN SPORT AND TR AD IN G CO., LTD. (TH E ).—
ORGANIZATION.-—-Ineorp. in London in 1897 as successor to M . Samuel
& Co. in London and some other important oil houses; wholesalers, distribu
tors and transporters o f petroleum products, owning a large number of tank
steamers and 40 large and more than 300 small tank installations, incl. can
factories, &c., in all parts of the world, with a total capacity of about
400,000 tons. Also produced oil itself in Borneo, through the Nederlandsch
Indische Industrie en Handel Maatschappij, owning the whole share
capital, originally FI. 2,000,000, since increased to FI. 20,000,000.
Amalgamation tenth Royal Dutch Co., A c.— In 1902, in conjunction with
the Royal Dutch Co. (see statement above) and the de Rothschild (Paris)
group, organized the Asiatic Petroleum Co. as a distributing concern
Early in 1907 the company amalgamated its interests with those of the
‘ ‘Royal Dutch.” The combined assets of both were turned over to two
new companies, the “ Bataafsche Petroleum C o.” and the “ Anglo-Saxon
Petroleum C o .” The “ Bataafsche" does the producing, the “ Anglo-Saxon'
the transportation and the distribution business. The “ Shell” holds 40%
o f these two concerns, the “ Royal Dutch" 60% . V. 109, p . 377; Y. 107
p. 1381: V 108. p. p. 2636; V. 103. p. 2243.)
STOCKS AN D BONDS—- Rate of Int. Outstanding. Eds. when Due.
£19,401,644 ____________
Stocks— Com £30,000,000 (£1)_. ___
1st pref cum £3,000,000 (£10). 5 A-O
£2,000,000 ____________
2 d p re f cum £10,000,000 (£1)- 7
£5,000,000 _____________
STOCK.— The pref. shares have no voting power unless their div. Is
affected or in arrears. In July 1919 277.000 of a total of 375.000 “ American
shares” were offered by Kuhn, Loeb & Co. at $69 a share, each “ American
share” being equal to two “ English shares” of £1 par value (V. 109, p. 377).
The company in July 1920 issued new ordinary shares at par to the share­
holders in the proportion o f one new share for every two held. V. 110, d .
2663; V. I l l , p. 79.
O RDIN ARY
\ 1912. 1913 to 1921. 1922. 1923.
1924 1925. 1926.
DIVIDENDS] 30% 35% y'rly. 27% 2 2 ^ % 22)4 % 22)4 % 22)4 %
Paid m 1927: Jan., 10%.
On “ American shares” paid 74c, per share In Feb, 1920; $1,965 per
share in Aug. 1920, 72.2 cents per share in Jan. 1921, $1.85l per share
A
in July 1921, 833^c. per share in Jan. 1922, SI 55)4 Der share in July
1922, 92J^c. per share in Jan. 1923, $1 1 3 in July 1923, 85VSc. in Jan
1924, $1,075 in July 1924, 95c. in Jan. 1925 and $1.21 in July 1925; in Jan.
1926 , 9 6 ^ c.; July 1926, $1.20; Jan. 1927, 96.7c; July 1927, $1.45.
The company pays its dividends free of the British income tax, a pre­
liminary dividend every year in January, and its final dividend— dependent
upon earnings— in July thereafter.
Valuable Subscription Rights— Amount and Price of New Stock Offered Holders
1907.
1909.
1912.
1913.
1917.
1919.
1920.
No. shares..300,000 200,000 508,773 367,964 915,717 4,054,490 6.408,925
£2)4
£3M
£3)4
£1
£1
£1
Price-----------£1)4
In 1918 the company distributed a stock bonus of 60% by Issuing to
ihareholders 3,014,921 shares gratuitously, applying in payment thereof
£3,014,921 o f the company’s surplus o f £4,000.000. Holders of shares of
the Shell Company of record on June 17 1919 were offered the right, to sub­
scribe at par (£1) for one new share for every two held, In July 1920
Issued new ordinary shares at par (£1) to stockholders in ratio of one new
■hare for every two held.
R E PO RT.— For 1925. in V. 122, p. 3599, 6howed:
Calendar Years—
1926.
1925.
1924.
1923.
£

£

£

£

Interest received_______
Dividends received-------

221,453
5,182,829

317,065
4,542,906

337,355
4,521,239

409,199
2,639,470

Total income-----------Expenses----------------------

5,404,282
42,770

4,859,971
41,615

4,858,594
41,684

3,048,669
40,484

Profit----------------------Pref. dividends (5 % )---2d pref. divs. (7 % )------Ordinary dividends_____
Rate paid-----------------

5,361,512
100,000
350,000
4,913,568
(25%)

4,818,356
100,000
350,000
4,367,438

4,816,910
100,000
350,000
4,365,369

3,008.185
100,000
350,000
4,357,157

B alance............... .......
Brought in____________

def2,056
232,542

918
231,624

(22)4% )

{22)4% )

'

(22)4% )

1,540 def1,798,972
230,084
2,029,057

Carried forward-------230,482
232,542
231,624
230,084
Chairman, The R t. Hon, The Viscount Bearsted, M .C .; Sec., E. A.
Smith-Rewse. Office, St. Helen’s Court, 22, Great St. Helen’s, London
E. C. 3, Eng.— (V. 125, p. 532.)
SHELL UNION OIL CORP.— Incorporated Feb. 8 1922 in Delaware
as a consolidation o f substantially the entire Royal Dutch-Shell and UnioD
Oil Co. o f Delaware interests in the Mid-Continent and California fields.
The corporation received all the outstanding stock of the Shell Co. of
California, Roxana Petroleum Corp., Ozark Pipe Line Corp. and Matador
Petroleum C o.; also 130,869 shares of stock o f Union Oil Co. of California
The Shell Co. o f California received (1) all o f the property and assets of the
Columbia Oil Producing C o., Western Union Oil C o., United Western Con­
solidated Oil Co. and Dunlop Oil Co.; (2) all of the oil and gas properties,
stocks o f oil, &c., situated in California, of the Eddysume Oil Corp., Com­
monwealth Petroleum Corp. and National Exploration Co. The Roxana
Petroleum Corp. received all o f the property and assets outside of California
and Kentucky of the National Exploration C o., all of the oil and gas
properties, &c., situated in Oklahoma and Kansas of the Eddystone Oil
Corp., and all o f the oil properties and facilities in Texas of the Common­
wealth Petroleum Corp.
During 1924 the company sold its holdings In the Union Oil Co. of
California.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Eds. when Due
Stock— Com 10,000,000 shs (no ,
10,000,000 shs __________
par)_________________________ ____
Bonds— 20-yr s f gold debens J 5 g M -N
$50,000,000 M ay 1 1947
($500 &c)____________ If.c* (Int. at__________________________________
STOCK.— The 6% preferred stock was redeemed M ay 15 1927 at $110
per share and dividends, by the issue o f 20-year 5% debentures.
The common stockholders of record Oct. 22 1923 were given the rignt to
subscribe to 2,000,000 shares of common stock (without par value) at $10 a
share in cash at the rate of M of 1 share of new stock for each share of
common stock held. V. 117, p. 1672.
FUNDED DEBT.— The 20-year 5% debentures are callable on 30 days’
notice as a whole at any time or in part on any interest date, prior to M ay 1
1932, at 103 and interest; thereafter prior to M ay 1 1937 at 102 and int.;
thereafter prior to May 1 1942 at 101 and interest, and thereafter prior to
maturity at 100)4 and interest. A sinking fund o f $850,000 a year will be
maintained during the 20 years’ life o f the debentures. This sinking fund
will be sufficient to retire 33% o f the $50,000,000 debentures by maturity.
V. 124, p. 2443.
D IV ID E N D S.— On common, paid initial dividend o f 25 cents per share
on Sept. 30 1922; same amount paid quar. to Dec. 31 1924; Mar. 31 1925 to
Dec. 31 1927, paid 35 cents quar. Also paid 60 cents extra on Dec. 31 1926.




227

INDUSTRIAL STOCKS AND BONDS

R EPO RT.— For 1926, showed:
[Including income of Wolverine Petroleum Corp., successor to Centra)
Petroleum Co. from M ay 1 1923.]
Calendar Years—
1926.
1925.
1924.
1923
Gross income_________ x$65,044,901 $50.293,550x$50,984,588x$38,909,833
Depletion, deprec’n, &c_ 28,230,574 $26,735,941 $26,060,516 $20,626,750
Prov. for contingencies______
______
______
1,200,000
Propor’n applicable to
minor, stockholders in
subsidiaries_____
295,361
341,649
361,334
223,926
A dd’lapprop.forspec.res 5,000,000
2,800,000
6,000,000
-----Net income____ $31,518,966
Previous surplus__ 24,804,779

$20,415,960 $18,562,738 $16,859,156
19,420,355 12,005,507 4,846,351

Total surplus________ $56,323,745 $39,836,316 $30,568,245 $21,705,507
Preferred dividends (6% ) 1,035,173
1,031,536
1,147,890
1,200,000
Common dividends($l.40 20,000,000 )14,000,000 ($1)10000000($1)8500,000
Balance, surplus_____$35,288,572 $24,804,779 $19,420,355 $12,005,507
x Including a half interest in the income of Comar Oil Co.
1924.
1925.
Quar. End. Mar. 31—
1927.
1926.
x Gross income________ $12,803,425 $11,559,191 $10,146,650 $11,059,938
5,697,842
Depl. ,depr. .drill .exp .,&c 7,520,170
5,641.445
6,063,300
Balance for income tax $5,283,255
Surplus at Dec. 31_____ 35,288,572

$5,495,891
24,804,779

$4,505,205
19,420.356

$5,362,096
12.005,507

Total surplus________$40,571,827 $30,300,670 $23,925,561 $17,367,603
263,481
300,000
260,481
Preferred dividend____
254,381
3,500,000
2,500.000
3,500,000
Common stock dividend 3,500,000
Sur. before Fed. taxes.$36,817,446 $26,540,189 $20,162,080 $14,567,603
Shs.com.outst'd(no par). 10,000,000 10,000.000 10,000,000 10,000,000
$0.52
$0.42
$0.50
Earns, per share on com .
$0.50
x Including a half-interest in income o f Comar Oil Co.
OFFICERS.— Chairman Sir Henri W . A. Deterding; Pres., J. C. van
Eck; Sec. & Treas., James H. Brookmire; Asst. Sec., W . C. Stagg. Office,
65 Broadway. New York.— (V. 125. p. 2401.)
SHERWIN-WILLIAMS COMPANY (TH E).— ORGAN IZATION .—
Ineorp. under the laws of Delaware in 1884.
N ATURE OF BUSINESS.— The company is the largest manufacturer
o f paints and varnishes in the world. Products include everything known
in the lines of paints, varnishes, lacquers and insecticides, together with
coal tar products, dyes, intermediates, colors, acids and chemicals.
Paint, varnish and lacquer plants located at Cleveland, Chicago, Newark,
Detroit, San Francisco, Los Angeles, Boston, Lincoln, N eb., and Dallas,
Tex. Zinc and lead mines at Magdalena, New Mex. Zinc ore smelters
at Coffeyville, Kan. Lead corroding works, lithopone works, dye, color
and chemical plants at Chicago; whiting and water color plants at Boston;
acid plant at Chicago, and Bound Brook, N. J.; insecticide plants at Chi­
cago, Bound Brook and San Francisco; linseed oil mill at Cleveland, and
tin can plant at Chicago.
STOCKS AND BONDS—Rate of Int. Outstanding. Eds. when Due*
Stocks— Com $20,000,000 ($25)-- ____
$14,861,125 _____________
Pref serA A $40,000,000 ($100) 6%
12,500,000 _____________
STOCK.— The ser. AA 6% cum. pref. stock is callable as a whole or in
part at $105 per sh. at any time, on 30 days’ notice. On Mar. 1 1928 and
each year thereafter the sinking fund will retire 3% of the greatest amount
of the pref. stock theretofore outstanding. In the event of default in
payment of four quar. divs., the pref. holders will have four votes per sh. of
pref. stock, during the continuance of such default.
Stock sold in Aug. 1927 at $104 per share by Otis & Co.
The 7% 1st pref. stock was retired on Sept. 1 1927.
R E PO RT.— For year ending Aug. 31 1927 in V. 125, p. 2826, showed:
Years End. Aug. 31— 1926-27.
1925-26.
1924-25.
1923-24.
x T otal sales ____________ $60,833,306 $58,505,121 $55,166,581 $49,943,812
Trading p rofit _________
6,779,129
6,141,685
5,922,176 4,811,011
107,800
134,545
358,365
186,100
I n t ., divs. rec., & c _____
Total income_________ $6,886,929 $6,276,230 $6,280,541 $4,997,112
Interest paid__________
71,987
68,962
63,314
94,017
Plant deprec. & maint__ 1,406,871
1,338,658
1,120,541
855,487
Federal taxes__________
680,000
606,134
615,000
485,000
N etprofit___________ $4,728,071 $4,262,476 $4,481,686 $3,562,607
Surplus Aug. 31_______ 8,980,060
7,464,044
5,501,975 4,459,734
Total surplus________ $13,708,131 $11,726,520 $9,983,661 $8,022,341
Divs. paid on pref. stock
909,125
940,625
983,500
1,034,250
Divs. paid on com. stock 1,783,335
1,783,335
1,486.117
1,486,116
Prem. in pref. stk. retire.
& cost o f ref, pref. stk549,882______ 22,500______ 5,000
--------Surplus Aug. 31 --,--$10,465,789 $8,980,060 $7,464,044 $5,501,975
OFFICERS.— Pres., Geo. A . Martin.— V. 125, p.2401.
SHUBERT THEATRE C O R P O R A T IO N .—O R G A N IZA TIO N .— In corp. under the laws of New York on June 24 1924 and took over substan­
tially all the business previously carried on by Lee and J. J. Shubert and
their affiliated corporations.
NATURE OF BUSINESS.—Proprietorship of 102 first-class theatres
constitutes the major part of the business. The theatres, geographically
located, are as follows: New York, 42; Chicago, 7; Philadelphia, 6; Boston, 6;
Detroit, 4, and 31 in additional important cities in the U. S. and Canada.
The interest of the corporation (directly or through stock ownership) in the
102 theatres is as follows: 17 are wholly owned in fee or erected on whollyowned long ground lease, 13 part owned in fee or erected on part-owned
long ground lease, 33 leased, 14 leased with associates and 25 interested in
net profits under long-term booking arrangements. Through ownership
of 50% of the ordinary shares of Associated Theatre Properties, Ltd., the
Shubert circuit includes six of the best known and finest theatres in Lon­
don, England.
The production of theatrical attractions constitutes only part of the
business, which in recent years has included “ The Student Prince,” “ Big
B oy ,” “ Countess Maritza,” “ The Circus Princess,” “ M y Maryland” and
“ Artists and M odels.”
The corporation’s own attractions occupy only about 25% of the total
occupied time of the circuit, while attractions of other producers consume
the remainder. However, the corporation is by far the largest single
producer of theatrical attractions.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks—Com 250,000 shs (no par)
Q-M
163,740 shs _____________
Bonds■ 15-yr gold debs $7 ,500 ,-/ 6 g J-D
—
$7,500,000 June 15 1942
000 auth ($1,000)-Eq.xxk&c [Int. at J. & W . Seligman & C o., N . Y .
STOCK.— See table.
DIVIDENDS.-—-Initial div. of $1.25 paid Sept. 15 1926; same amount
paid quar. to Dec. 15 1927.
FUNDED D E B T .—The 6% gold debs, are callable at any time in whole
or in part on 30 days’ notice at 105 and int., if called on or before June 15
1932, with successive annual reductions in the redemption price of ) 4 %
thereafter until maturity. A sinking fund will provide for 60% of the total
issue by maturity. The debs, were sold in June 1927 by J. & W . Seligman
& Co. at 96 and int. V. 124, p. 3645.
R E PO R T .—For year ended June 30 1927, in V. 124, p. 3645, showed:
Years Ended June 30— 1927.
1926.
1925.
1924.
Operating profit________ $2,646,022 $3,289,519 $1,865,759 $2,440,354
Deprec. & amortization.
308,445
281,752
265,616
201,887
Int. on real estate mtges.
260,287
226,155
195,954
237,977
Int. on 7% debentures.263,712
210,744
203,357
280,000
Federal taxes__________
180,000
250,000
125,000
215,000
Net income__________$1,633,578 $2,320,867 $1,075,831 $1,505,490
Dividends paid________
799,504
________
________
________
Balance, surplus_____
$834,074 $2,320,867 $1,075,831 $1,505,490
Shares of capital stock
outstanding (no par).
160,670
154,040
150,000
150,000
Earns, per sh. on cap. stk
$10.17
$15.07
$7.17
$10.04
OFFICERS.—Pres., Lee Shubert; V.-Pres., J. J. Shubert; Sec., Wm.
Klein; Treas. & Asst. Sec., Ira Helstein; Compt., J. F. Waters.
Address,
225 West 44th St.. N . Y . City.— (V. 125, p. 1336.)

228

INDUSTRIAL STOCKS AND BONDS

[V ol. 125.

R EPO RT.— For 1926, in V. 124, p. 2605, showed:
SIEMENS & HALSKE (A. Q.) SIEMENS SCHUCKERTW ERKE
Earnings Statements (Siemens & Halske, A.C.) Years Ending Sept. 30.
(Q . m. b. H .).— The business o f the Siemens & Halske A. G. was founded,
in 1847 by Werner yon Siemens. The Siemens group covers the whole
(Expressed in dollars.)
al926.
1925.
field o f electrical manufacture, and is subdivided into several companies. Earnings before provision for interest or deprec’n . $9,586,400 $4,629,519
The Siemens & Halske A. G. is the parent organization. Its scope of Interest payable________________________________
794,000
240,115
business includes the automatic and manual telephone, the telegraph, the Depreciation of properties andplants___________
1,556,900
573,521
signalling and electro-medical apparatus and all kinds o f radio equipment.
The principal associated company is the Siemens Schuckertwerke B .m .b.H..
Net earnings___________________________________ $7,235,500 $3,815,882
over 50% o f whose stock is owned by Siemens & Halske A. G., the balance Special income__________________________________ 1,331,200
87,142
o f the stock being owned by the closely allied Elektrizitaets AktiengesellTotal income___________________________________ $8,566,700 $3,903,025
schaft, formerly Schuckert & Co. The Siemens Schuckertwerke G.m .b.H
manufactures all kinds o f electrical machinery and appliances for lighting, Special expenditure_____________________________
3,517,600
1,869,880
power-, traction and electro-chemical purposes, also wires and cables. The Expenditure deferred to loan interest____________
________
211,190
Siemens & Halske A. G. also owns 40% o f the stock o f the Osram Co., a
German incandescent lamp factory, employing about 20,000 hands. The
Balance________________________________________ $5,049,100 $1,821,954
Siemens Schuckertwerke G.m .b.H . owns 67% o f the stock o f the Austrian Dividends and interest from S. S. W ____________
________
975,900
Siemens Schuckertwerke A. G. with works at Vienna, at Pressburg and Interest from S. S. W ___________________________
267,900
-----Mueglitz in Czechoslovakia, and at Budapest. There are a number of
other subsidiary companies for the manufacture o f electric carbons, porce­
Total__________________________________________ $5,317,000 $2,796,954
lain, glass, paper and other material required for use in the companies’ Reserves created, less absorbed________________
1,456,500
1,034,047
principal products.
Profits taxes_______________________
829,500
275,952
The concern has outside o f Germany and Austria 82 branch offices situat­
ed in most o f the countries o f the world. About 40% o f its production is
Balance______________________________________ $3,031,000 $1,486,954
exported. The Siemens group consists o f 26 factories situated at various
a Figures for fiscal year 1926 are given in dollars to the nearest hundred.
points in Germany. The main plants are located at Siemensstadt, near
The earnings of Siemens & Halske A. G., shown above, do not include
dividends received from Siemens-Schuckertwerke G. m. b. II nor do the
Berlin, and in Nuremberg.
figures of sales contain any inter-company deliveries.
—
BONDS.— In Jan. 1925, Dillon, Read & Co., Marshall Field, Glore,
In addition to charging off, as operating expenses, main - nee and
Ward & Co., New York; Union Trust Co., Cleveland, and Central Trust upkeep of the properties and plants during the above periods, th companies
Co. o f Illinois, Chicago, sold $10,000,006 bonds as follows: $5,000,000 have from time to time set aside large appropriations of earnings for depre­
3-year 7% secured sinking fund gold bonds, due Jan. 1 1928, at 99 and int., ciation.— (V. 124, p. 3225.)
to yield 7.37%; $5,000,000 10-year 7% secured sinking fund gold bonds,
SILESIAN AMERICAN CORP.— (V. 125, p. 109.)
due Jan. 1 1935, at 96K and int.
SIMMONS COMPANY.— O R GAN IZATION .— Incorp. under laws of
Dated Jan. 1 1925. Interest payable J. & J. Coupon gold bonds in
denoms. o f $1,000 and $500, registerable as to principal. Principal, interest Delaware on Dec. 14 1915 and acquired the property, business and assets
and sinking fund payable at the office o f Dillon, Read & C o., New York, in of The Simmons M fg. Co. Manufactures metal beds, bed springs, couches,
U. S. gold coin o f the present standard o f weight and fineness, without cots, metal furniture, mattresses and kindred articles. Works are located
deduction for any German taxes, present or future. Central Union Trust at Kenosha, Wis., San Francisco, Calif.; Elizabeth, N . J.; Atlanta, Ga.; and
Co. o f New York, trustee; Deutsche Kreditsicherung A. G ., Berlin, German Richmond, Va. Also operates five works in Canada through its subsidiary,
agent o f trustee.
Simmons, Ltd., and one in Monterey, Mexico.
All o f the outstanding 3-year 7% bonds due Jan. 1 1928, and $132,000 of
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
10-year 7% bonds due Jan. 1 1935 will be redeemed on Jan. 1 1927.
1,000,000 shs ------------------Security.— The bonds are a joint and several obligation of the two compan­ Stock-Com 1,000,000 shs (no par) ____
STOCK.— On Aug. 16 1927 the stockholders approved the plan to retire
ies, the Siemens & Halske A. G. and the Siemens Schuckertwerke G.m.b.H,
These bonds will be secured by the actual ownership o f salable merchan­ at 110 and divs. the entire outstanding amount of 7% preferred stock.
dise, title to which will be held by a trustee under the provisions of the V. 125, p. 1064.
German law for the benefit o f the bondholder. The method of taking title
D IV ID E N D S.— On common stock of no par value paid 30 cents per shar«
to the merchandise and o f handling the security during the life of the bonds quar. to N ov. 1922; paid 100% in stock to stockholders of record N ov. 30
will be the same as that used by the Netherlands Government to its credit 1922; Dec. 20 1922 paid an extra cash dividend of 25 cents per share; Jan. 2
to German industry. In 1920 the Netherlands Government arranged to 1923 to Oct. 1 1924 paid 25 cents quar.; Jan. 2 1925 to July 1 1927 paid 50
advance to German industry as a whole 140,000,000 guilders (about $56,- cents quar.; on Jan. 15 1926 paid 25 cents extra; also paid 4% in com. stock
000,000) for a period o f ten years. The Netherlands Government insisted on Jan. 2 1924 and 8% in com. stock on Jan. 2 1925.
that these credits should be secured as much as possible and in such a way
REPO RT.— For year ended N ov. 30 1926. in V. 124, p. 1680, showed:
that the total amount of the credit should always be covered by merchandise
Years Ended Nov. 30—
1926.
1925.
1924.
1923.
having a current market value at all times substantially in excess o f the Net sales_______________$32,141,221 $32,684,279 $31,667,742 $34,557,259
amount borrowed. Under the German laws the actual ownership of the Cost of sales, incl. selling,
commodities passes to the trustee, who is in a position to dispose of them
adm. & adv. expenses 26.254,159 25,149.517 26,362,078 30,995,244
without reference to the company, if and when foreclosure o f the mortgage
Balance_______________$5,887,062 $7,534,762 $5,305,664 $3,562,015
Is called for. The Netherlands Government thus has ownership through
807,612
1,039,027
400,614
_
461,543
the medium o f a trustee o f quick assets in the form o f salable merchandise Other deductions, &c_
1,110,763
1,241,480
Reserve for depreciation 1,216,655
the value o f which exceeds at all times the amount o f the credit granted.
756,207
606,002
For the purpose of handling these government credits there was organized Maint. of properties____
341,000
388,400
956,966
815,925
In Germany the “ Treuhandverwaltung Fuer das Deutsch-Niederlaendische Res. for Fed., &c., taxes
458,675
446,974
437,692
413,819
Finanzabkommen” (Trustee Administration for the German-Dutch Finance Preferred dividends____
1,095,675
902,781
1,932,485
_ 2,250,000
Agreement) which passes on and grants the individual credits. For the Common divs. (cash)_
purpose o f handling the merchandise there was also organized by most
$859,052
$123,118 $1,809,318 $1,417,718
Balance, surplus_____
prominent members o f German industry the “ Deutsche Kreditsicherumg Previous surplus (a d j.). 3,709,183
2,900,307 x2,063,499
3.550,621
A . G., Berlin” (German Securities Trustee Co., Berlin) having for Ps pur­
$5,359,939 $4,318,025 $2,922,551
Total________________ $3,832,301
pose the safeguarding o f foreign financing for the lender. The trustee com­
(4)701,232
________ ___________
pany has a thorough and elaborate system o f segregating the commodities Stock div. on com. stk_____________ (8)1,458,562 _____
held as collateral security and permanently controls the maintenance o f the
P. & L. surp..Dec. 31- $3,832,301 $3,901,377 $3,616,793 82,922,551
necessary values. It also supervises the insurance o f the merchandise and
BALANCE SHEET, as of Dec. 31 1926, in V. 124, p. 1502.
satisfies itself as to the adequacy thereof. The trustee thus safeguards the
OFFICERS.— Pres., Z. G. Sim m o n s; Senior Vice-Pres., A . H. Lance;
above-mentioned Netherlands Government credit, and will in the same
Sec. & Treas., Grant G Simmons. Office, 110 East 42d St., N . Y .—
way and to the same extent safeguard the collateral security given for this
(V. 125, p. 1723.)
loan.
The Siemens companies will transfer to the German Securities Trustee
SIMMS PETROLEUM CO.— O R G A N IZA TIO N .— Incorp. June 27 1919
C o., as the German agent of the Central Union Trust Co., New York, under laws
as
Owns
trustee, stocks o f salable merchandise, such as brass, copper, aluminum, ing stock ofof Delaware Oil a holding company. and its all of the outstand­
the Simms
Co. The company
subsidiaries own oil
zinc, steel, iron plates, dynamo plates, lumber, oils and rubber, as well as and gas leases in Arkansas, Louisiana, Texas, Oklahoma and Kansas,
suitable half-finished and finished goods. The value o f these stocks, which 559 producing oil and gas wells, pipe lines, tank cars, warehouses, &c.
under the German law will be actually owned by the trustee’s German Compare annual report in V. 124, p. 1533.
agent and which will be kept open to permanent inspection by the trustee’s
The company in June 1925 acquired the Clayton Od & Refining C o.,
German agent, will at all times exceed the amount o f bonds outstanding by
at least 66 2-3% . The merchandise will be constantly revalued by the which has been dissolved and the entire assets transferred to the Simms
Oil Co.
trustee’s German agent at the lowest market prices prevailing. The com­
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
panies will obligate themselves to insure the stocks* serving as collateral
security against all risks in accordance with the requirements of the trustee’s Stocks— Com $10,000,000 ($10)-- -----$6,897,890 - - - - - - - - - - - German agent.
Bonds— 3-yr conv gold notes f 6 g M -N
$3,373,500 N ov 15 1929
Sinking Fund.— A sinking fund is provided for the 10-yr. bonds sufficient
(see text) ($500, $1,000)____(Int. at New York Trust C o., N. Y .
to retire through call by lot $132,000 of bonds each six mos. at 102 & int.,
STOCK.— Of
have
the balance o f less than 50% o f the issue to mature at 102 and interest. issued, of whichthe 1,000,000 shares authorized, 720,808 sharespublic been
689,789 shares
in
and
The 10-year bonds are callable as a whole, at the option o f the companies, 31,019 shares have been acquired are outstanding the hands of of the com­
and are held in
treasury
on any interest date, at 104 and interest on July 1 1925, the call price being
reduced by
o f 1% each 12 months until July 1 1929, from which date pany.
DIV ID E N D S.— An initial div. of 50c. per sh. was paid Jan 2 1925; same
until maturity the call price remains 102 and interest.
amount paid semi-ann. to Jan 3 1927; Apr. 1 1927 paid 37Me. quar.
DEBEN TU RES.— Dillon, Read & C o., Mendelssohn & C o., Amster­ None since.
dam; Marshall Field, Glore, Ward & Co. and International Acceptance
NOTES.— The 3-year
on or
Bank, Inc., in Sept. 1926 sold $24,000,000 25-year 6 K % sinking fund gold before Nov. 15 1928 into 6% convertible gold notes are convertible at the
stock
debentures, with warrants for contingent additional interest. The bonds, rate of 20 shares for each $500of the company at $25 per share and
of notes. Stockholders of record Oct. 25
offered in the form of 50% paid allotment certificates were priced at 99 1926 were entitled to subscribe at par for $500 of notes for each 100 shares
and int.
Dated Sept. 1 1926; due Sept. 1 1951. Denom. $1,000 c*. Principal of stock held.— (V. 123, p. 2006, 2666.)
RE PO RT.— For 1926, in V. 124, p. 1502, showed:
and int. (M . & S.) payable at office o f Dillon, Read & C o., N. Y . City,
1923.
Calendar Years—
1926.
1925.
in United Stages gold coin o f the present standard or collectible, at the option
3,959,057
4,252,967 .4,054,362
of the holder, in London at the office o f J. Henry Schroder & C o., in pounds Production (bbls.)_____ 3.692,770
$8,643,836 $6,288,510 $4,050,342
sterling, or in Amsterdam at the offices of Mendelssohn & C o., Amsterdam Production revenue____$8,424,623
1,620,539
2,019,569
2,939,550
and Nederlandsche Handel Maatschappij, in guilders, at the buying rate Operating expenses_____ 3,790,543
784,754
for sight exchange on New York on the date o f presentation for collection. Development expense. _
Redeemable with all unmatured warrants (except the warrant maturing
Net profit from oper. . $4,634,080 $5,704,286 $4,268,941 $1,645,049
M ay 1 next following the redemption date), as a whole, or in part by lot, Tank car earns., int.,&c.
276,057
110,976
266,037
317,549
on 30 days’ notice, on any int. date, at 110 and int. on or before Sept. 1
$4,951,629 $5,970,323 $4,379,916 $1,921,106
1936, and at 102 and int. thereafter prior to maturity. Principal and int.
208,131
240,640
348,801
456,444
payable without deduction for any German taxes, past, present or future. Rents, taxes, int., &c__
595,327
984,548
821,060
Central Union Trust Co. of New York, American trustee; Deutsche Kredit­ Labor & prod, drill, cos.
160,000
Prov. for Federal taxes __
sicherung A. G., German trustee.
252,347
238,452
243,056
377,369
Sinking Fund.— A sinking fund is to be provided, commencing March 1 Miscellaneous adjustm’tsi
670,768
872,821
1,078,979
1,296,891
1927, sufficient to retire each 6 months 1 % o f these debentures theretofore
448,452
510,459
518,202
508,466
issued, by purchase of debentures with all unmatured warrants at not over Depletion341,611
684,775
686,144
Dividends
100 and int. (or of allotment certificates at proportionate prices), unex­
Surplus for year______
$805,254 $1,951,960 $1,580,607
$341,408
1927— 9 M os.— 1926.
Period end. Sept. 30— 1927— 3 M os.— 1926.
in proportion to the uncalled balance of the allotment price.
$2,831,533 $3,680,668
Warrants.— To each debenture will be attached warrants for contingent Total net earnings______ $1,176,586 $1,442,532
additional interest, entitling the holder thereof to receive in United States Int., lease rent., gen’l
235,736
343,518
85,444
120,082
taxes, &c___________
gold coin on M ay 1 of each year, from 1927 to 1936 inclusive, $3.35 1-3
for each 1 % (and a proportionate sum for each fraction o f 1 % by which Drilling costs, &c. (not
1,056,101
708.327
425,871
174,558
capitalized)-------------the average per cent, of cash dividends (to be determined as provided in
____________ 1,735,066
1,757,096
624,794
647,746
the indenture) declared upon the stocks of Siemens & Halske A. G. and Deprec., depr. & aband.
Siemens-Schuckertwerke G. m. b. H. for the preceding fiscal year shall
Net income_________
$234,200
$306,423
$ 22,591
$653,765
OFFICERS.— Chairman, Thomas W . Streeter; Pres.. Edward T . M oore;
have exceeded 7 %.
Allotment Certificates.— Cos. will issue in the first instance allotment Sec., John J. Heffernan. Office. 120 Broadway, N . Y .— (V. 125, p. 2826.)
ctfs., in bearer form, evidencing payment o f 50% o f the allotment price
SINCLAIR CONSOLIDATED OIL CORPORATION .—
o f the debentures represented thereby. The remaining 50% may be called ZA TION .— Incorp. In New York Sept. 23 1919 as a holding O R G A N I­
company.
in one or two installments (no call to be for less than 25%) on 60 days’ Consolidation of Sinclair Oil & Refining Corp., Sinclair Gulf Corp. and
published notice, on or before Sept. 1 1929, and shall, if not theretofore Sinclair Consolidated Oil Corp., under a consolidation agreement ratified
called, be due on said date. Holders of allotment certificates may make by the stockholders o f each company on Sept. 22 1919 (V . 109, p. 1279).
payment in full on any interest date on or after Sept. 1 1927, and will
PROPERTIES.— The properties, including subsidiaries and affiliated
thereupon receive the debentures represented thereby. Holders of allot­
ment certificates who default in any payment thereon will at the option companies, embrace facilities for all branches of the petroleum business
o f the companies forfeit all rights thereunder, including all prior payments. from the production and transportation of crude oil to the refining and mar­
Holders of allotment certificates will be entitled to receive interest on the keting of the refined products. A brief summary follows:
Subsidiaries.— (1) Ownership of or substantial Interest in oil and gas
debentures represented thereby only in proportion to the amount of the
allotment price paid thereon, but will be entitled to receive the entire leases in the principal oilfields in Kansas, Oklahoma, Texas and Wyoming,
amount of contingent interest payments in respect o f the warrants.— and also oil and gas leases and concessions in Mexico, Costa Rica, Panama
and Portuguese West Africa.
(V. 123, p. 1644.)




Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

239

SKELLY OIL CO.— A holding and operating company organized Aug.
(2) Refineries located at East Chicago, Ind.; Kansas City, Kan.; Coffeyville, Kan.; Muskogee and Cushing, Okla.; Houston, Tex.; New Orleans, La. 20 1919 under laws of Delaware. Subsidiary companies are the Midland
Wellsville, N . Y ., and Marcus H ook.N . J.; also casinghead gasoline plants. Refining C o., Ranger Gulf Corp., Inland Oil Co. and Nortex Refining Co.
(3) Distributing facilities include over 5,000 tank cars and a fleet of vessels Properties consist of oil and gas leaseholds in Arkansas, New Mexico, Kan­
aggregating 121,647 tons d.w. capacity (including 17,329 tons under charter) sas, Louisiana, Oklahoma and Texas; tank cars, pipe lines, &c.; refineries
a system o f marketing stations in the Middle West, seaboard terminal and gasoline plants, and distributing facilities. On Dec. 31 1926 the com­
facilities on the Atlantic and Gulf Coasts, and in Cuba, and selling agencies pany owned 222 producing properties and 1,220 producing wells on 25,297
acres.
In Europe.
Government suit, V. 118, p. 3161.
Affiliated Companies.— Corporation and the Standard Oil Co. of Indiana
each owns a one-half Interest in the Sinclair Pipe Line Co. The latter
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
owns and operates pipe lines, including trunk lines extending from the Texas Stocks— Com $35,000,000 ($25)-- ____
$27,341,740 _____________
Gulf Coast through the States o f Texas, Oklahoma, Kansas, Missouri and Bonds— 12-yr s f gold debens { 5H g M-S $15,000,000 Mar 1 1939
Illinois to East Chicago, Ind., and a trunk line from the Wyoming fields
($500 &c)___________ x&c* \lnt. at__________________________________
to a connection with the main line near Kansas City. Company's gathering
D IV ID E N D S.— Initial dividend of 2% was paid April 22 1920; July 31
lines extend to all the principal fields throughout northern and central
1920. 2% : Oct. 30 1920, 2% : Feb. 10 1921. 2 % ' then noim until Dec. 15
Texas, Oklahoma and Kansas.
Corporation and the Standard Oil Co. of Indiana each owns a one-half 1925. when 2% quar. was paid; same amount paid quar. to Dec. 15 1927.
Interest In the Sinclair Crude Oil Purchasing C o., engaged exclusively in
FUNDED DE B T.— The 1st & coll. s. f. 734 % bonds were called for
the purchasing and sale of crude oil.
redemption on June 1 1927.
Tne corporation owns slightly more than 25 % of the stock of the M am ­
The 12-year s. f. gold deb. have a semi-annual sinking fund sufficient to
moth Oil Co. and all o f the capital stock o f the Sinclair Texas Pipe Line Co. retire 55% o f this issue prior to maturity. The trust indenture further
Stockholders approve lease of Teapot Dome. Compare V. 118, p. 2583. provides that the company will not create any mtge. upon its, or its sub­
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due. sidiary companies’ , properties or assets, unless the debentures then out­
standing shall be secured by such mtge. or pledge equally and ratably with
4,509,481 shs ____________
Stocks-Com 5,500,000 shs(no par) -----all other bonds or obligations secured thereby; however, the foregoing pro­
Pref s f cum $100,000,000 red
visions are not to apply (a) to purchase money mtge. or liens, or (6) to the
$16,907,000 ...................
110 ($100)___________________ 8 Q-F
acquisition o f property subject to existing mtges. or liens, or (c) to any
Bonds— 15-yr 1st lien coll gold—
pledge, in the ordinary course o f business.
$44,816,500 Mar 15 1937
$100,000,000 Series A red / 7 g M-S
The 3-year convertible gold notes of 1924 were red. Oct. 1 1927, at any
(text) ($100 &c)_ kxxxc* (Int. at-----_
time on or after April 1 1925 upon 60 days’ notice at 110 and interest.
They were convertible up to and incl. Oct. 1 1926 into shares of the capital
Series B red (text) ($100, &c) I 6M g J-D $23,086,500 June 1 1938
kxxxc* (Int. at_________________________________
stock at the rate of 1 share of the par value of $25 for each $25 of notes con­
verted. The company reported in Oct. 1926 that all except $33,000 of the
Series D red (text) ($100 &c) f 6 g M-S
$20,000,000 Sept 1 1930
notes had been converted.
kxxxc* (Int. at_________________________________
R E PO RT.— For 1926, in V. 124, p. 2133, showed;
STOCK.— The stockholders on May 19 1920 approved: (a) the action
of the directors in authorizing four quarterly stock dividends of 2 %; (b) the
Calendar Years—
1926.
1925.
1924.
1923.
creation o f 1,000,000 shares o f 8% cumul. sink, fund pref. stock (par $100), Gross-------------------------- $26,366,278 $23,007,516 $18,296,828 $19,592,357
redeemable at 110 and divs.; (c) the issuance of $75,000,000 (of which Expenses, taxes, &c____ 15.511,009 13,525,607 12,613,271 11,559,429
$50,000,000 were issued) 734 % convertible notes, &c., all as per statement in Interest charges_______
628,319
943,045
976,503
849,714
V. 110, p. 1857.
Dividends_____________
2,030,354
434,336
______
D IV ID E N D S.— The stock divs. were payable July 15 and Oct. 15 1920
Balance-------------------- $8,196,605 $8,104,528 $4,707,054 $7,183,214
and Jan. 15 and Apr. 15 1921. On Aug. 15 1922 paid a cash div. o f 50 cents
4,665,320
6,059,483
a share on the common stock; same amount paid quar. to May 31 1924. Deprec., depletion, & C -. 4,401,559 4,617,324
none since. An initial dividend on the new pref. stock o f $2 a share was
Balance, surplus------- $3,794,046
$3,487,204
$41,734 $1,123,731
paid to holders o f record Aug. 15 1920; Aug. 15 1920 to N ov. 15 1927
paid 2% quar.
Period End. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 Mos.— 1926.
BONDS.— The first lien coll. 15-year 7% gold bonds. Series A, are re­ Gross earnings---------------- $6,486,079 $7,772,136 $17,598,765 $19,647,655
deemable as a whole or In part at 10734 and int. on or before Mar. 15 1927; Oper. expenses and taxes 3,959,908 *4,677,973 11,226,573 *10,920,688
230,978
105,887
632,027
440,276
thereafter at 105 and int. on or before Mar. 15 1932; thereafter at 10214 Interest charges-----------1,073,594
4,148,637
3,265,551
and int., less 34% for each 12 months elapsed after March 15 1932. The Depreciation & depletion 1,525,255
Series B bonds are redeemable as a whole at any time or in part from time
Surplus for quarter—
$769,938 $1,914,681 $1,591,427 $5,021,140
to time on 60 days’ notice at 10734 and int. on or before March 14 1927;
thereafter at 105 and int. on or before March 14 1932; thereafter at 10234
OFFICERS.—
.,
F. A Pieland int. less 34 % for each 12 months elapsed after March 14 1932, up to and sticker and H. M Pres., W . G. Skelly; V .-PF. C. C. Herndon,Aud., .H. G.
. Stalcup; Sec. & Treas.,
T . Hopp; Gen.
including March 14 1937; and thereafter at 100 and int.
Humphreys. Office, Tulsa, Okla.— (V. 125, p. 2682.)
A semi-annual sinking fund commencing Dec. 16 1922 will purchase at
par and int. the following percentages of the maximum amount o f the Series
SLOSS-SHEFFIELD STEEL AND IRON CO.— O R GAN IZATION .—
“ A ” bonds at any time theretofore issued and outstanding 2% p. a. from Incorp. in New Jersey. See V. 109, p. 378; V. 69, p. 286; V. 70, p. 1099,
Dec. 15 1922 to June 15 1926 incl.; 3% p. a. from Dec. 15 1926 to Dec. 15 1200. Owns 7 modern blast furnaces, daily capacity of 1,500 tons foundry
1929 incl.; 4% p. a. from June 15 1930 to June 15 1933 incl.: 5% p. a. from or basic pig iron; also a new stack and cash shed with complete equipment
Dec. 15 1933 to Dec. 15 1936 incl. In the event o f subsequent issues of for handling ore; 11 well-developed coal mines on four o f the best known
bonds the amount o f the sinking fund payments Is to be proportionately seams of coal in Alabama, daily capacity of 6,500 to 7,000 tons; 5 red ore
Increased.
mines, daily capacity of 3,000 tons hard and soft red ore; 5 ore-washer
Corporation will covenant to pay on April 1 and Oct. 1 of each year, com ­ plants; 15 steam shovels, 20 dinkey locomotives, with narrow-gauged track
mencing April 1 1924, sums sufficient to purchase at par and interest the mining cars; mine producing 1,500 tons of brown hematite ore daily; 1 dolo­
following percentages o f the maximum amount of the Series “ B ” bonds at mite quarry, with capacity of 700 tons of stone daily. A by-product plant
any time theretofore issued and outstanding; 2% per annum payable semi­ was put into operation in April 1920.
annually from April 1 1924 to Oct. 1 1927, incl.; 3% per annum payable
During 1923 purchased the entire properties of the Sheffield Iron Corp.
semi-annually from April 1 1928 to April 1 1931, incl.; 4% per annum pay­
In Oct. 1924 acquired the properties of the Alabama C o., V. 119, p. 1852.
able semi-annually from Oct. 1 1931 to Oct. 1 i934, incl.; 5% per annum V. 122, p. 2667.
payable semi-annually from April 1 1935 to April 1 1938, incl.
STOCKS AND BONDS—
Rate of Int
Outstanding. Bds. when Due.
The sinking fund provisions will be sufficient to retire before maturity
$10,000,000 _____________
50% o f the Series “ B ” bonds. In the event o f subsequent issues of Series Stocks— Com $10,000,000 ($100)_ ____
Pref non-cum$10,000,000($100) 7 Q-J
$6,700,000 _____________
“ B ” bonds, the amount o f the sinking fund payments is to be proportion­
Bonds— 10-yr s f g notes call 105 J 6 g F-A
____
ately increased
.$3,877,000 Aug 1 1929
The series D bonds are red. as a whole at any time or in part from time to
$6,000,000 ( $1,000)------- Ce. { Int. at New York City.
w w c*& r* (
time on 60 days’ notice, at 102 and int. prior to March 1 1928; thereafter
at 10134 and int. prior to Sept. 1 1928; thereafter at 101 and int. prior to Purchase money lien notes red f 6 F -A
$2,303,000 Aug 1 1928
March 1 1929; thereafter at 10034 prior to Sept. 1 1929; and thereafter at
text ($1,000)------- Ce.xxxc* \Int. at New York City.
100 and int. Sinking fund o f $500,000 payable March 1 1928 to retire
$508,000 To Nov 1 1928
series D bond. Thereafter on each Sept. 1 and March 1, up to and incl. Serial purch money notes due ( 5 M -N
$400,000 ann---------------------- (Int. at___________________________ _______
March 1 1930 sink, fund o f $1,000,000 to retire series D bonds.
Bonds sold in Aug. 1927 at 99 and int. by a syndicate headed by Blair
LATE DIVS. j ’08. ’ 09. T 0 .T 1 -T 4 . 16-T6. T 7. T 8. T 9. ’20. *21-26
& Co., Inc. V. 124, p. 1064.
Common______ 1 4 M 5H 3\i None None 1J$ text 6
6
text
7
7 7 yly See below.
Et.uip. Trusts, dec.— On June 30 1927 there were outstanding $5,987,255 Preferred______ I 7
purchase money obligations. In Oct. 1924 National Steel Oar Lines Co
Preferred dividend was paid in Jan. and Oct. 1915 in one-year 6% scrip
sold $6,000,000 6% equip trust gold certificates, series “ E ,” due In semi
no distribution April or July 1915, but in Jan. 1916 all the dividend
annual installments o f $375,000 each. M ay 15 1925 to Nov. 15 1932 and scrip (3 'A %) was redeemed and there was paid in cash 1M % and also an
guaranteed, prin. and divs., by Sinclair Cons. Oil Corp. V. 119, p. 2073
extra 1 % % as deferred dividend for 1915, April 1916 to Jan. 1922, inclusive,
R E PO RT.— For 1926. in V. 124, p. 2269, showed:
paid full 154% quarterly; then none until April 1923, when l k % was
Calendar Years—
1926.
1925.
1924.
1923.
paid; July ’23 to Jan. 3 1928 paid 1M % quarterly.
Net earnings__________ $42,939,509 $28,944,647 $16,426,930 $13,436,504
Common dividends— Feb. 1917, 1H % , then none until 1918, when quar­
Deduct— Int. & discount 7,722,622
7,731,734
6,036,137
3,435,880
distributions
1H % each were resumed, beginning
Reserve for deprec., & c. 17,568,855 15,210,120 12,540,060 11,289,673 terlyNov. 11, 1)4%ofin 1918, Feb. to N ov., inclusive, paid M ay 10; Aug. 10
;
1)4% quarterly.
1,408,742
1.455,474
1,512,990
1,571,172 and
Pref. div. (8% cash)___
Common div. in cash_
_
______
______
4,486.384
8.970,999 In June 1918 the 6% dividend on common shares earned but deferred in
1917 was declared payable July 1; thereafter to Feb. 1921, 1)4% quar.;
Surplus______________$16,239,290 $4,547,319df$8,148,641 df$11831.220 then none until March 20 1924 when 1)4 % quar. was paid; June 20 1924 to
Dec. 20 1927 paid 1)4% quar.
OFFICERS.— Chairman, H. F Sinclair; Pres., E. W . Sinclair; Sec.
A . Steinmetz; Treas., J. F. Farrell; Compt., P. W . Thirtle. N . Y . office,
NOTES, Ac.— The gold notes of 1919 have an annual sinking fund o^
45 Nassau St.— (V. 125, p. 2160.)
$300,000 beginning Aug. 1 1920. While they are outstanding the property
cannot be mortgaged. V. 109, p. 378.
The purchase money lien notes of 1924 are red. all or part on 30 days’
SINGER (SEWING MACHINE) MFQ. CO. (THE)— ORGANIZA­
T IO N .— Incorp. in 1873 in New Jersey under special Act. Plants located notice at any time at 105 and int. Annual sinking fund payments of $100,
at Elizabeth, N . J., Bridgeport, Conn.. St. Johns, Que., &c.
000. beginning on Aug. 1 1925, and annually on Aug. 1 thereafter, to retire
notes either by purchase in the open market at not exceeding 105 and int..
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
or by drawings for redemption at 105 and interest. V. 119, p. 2299.
Stock— Com $120,000,000 ($100) -----$90,000,000 ____________
STOCK.— Stock increased in 1900 by 200% stock dividend, in 1910 by
R E PO RT.— For 1926, in V. 124, p. 2444, showed:
100% stock dividend, and in 1920 by 50% stock dividend, capitalizing
Calendar Years—
1926,
1925.
1924.
1923.
surplus. V . 71, p. 1224, 1273; V. 90, p. 1494.
Operating profits______ $3,938,299
$3,732,784 $2,807,953 $3,773,876
The stockholders voted Dec. 6 1922 to increase the authorized capital Interest_______________
522,708
559,716
346.806
321,229
stock from $90,000,000 to $120,000,000.
Depreciation & depletion
985,262
917,121
718,871
721,628
Federal &
_
323,569
277,006
226,000
240.000
D IV ID E N D S.— ’ 17. ’ 18. T9. ’20. ’21. ’22. ’23. ’24. ’25. ’26. Preferred State taxes_
dividends____
469,000
469.000
469.000
469.000
Regular (% )______ 11
10
10
7 Text 534
7
7
10
10
600,000
600.000
600.000
Extra (% )________ Text -_
Text __
-—
2 10
434 Common dividends_____
Special ( % ) ______ . .
------- - 3334
Balance, surplus_____$1,037,759
$909,941
$447,277 $2,022,019
Paid in 1927; March 31, 234 % and 334 % extra; June 30, 234 % and 534 % Profit and loss surplus._$10,033,912 $9,496,177
$8,584,361 $8,385,007
extra; Sept. 30, 234% and 334% extra.
OFFICERS.— Chairman, Waddill Catchings; Pres., Hugh Morrow;
Note.— The Dec. 1920 payment was 30 (French) francs per share and in
March, Sept, and Dec. 1921 paid 20 francs per share. In June 1921 paio V.-Ps., Frank W . Miller and J. P. Dovel; Sec. & Treas., Russell Hunt.
Office, Birmingham, Ala.— (V. 124, p. 2444.)
$1.25 per share.
In July 1917 paid an extra dividend ol $12 per share by the dis
“ SNIA VISCOSA” (SOCIETA NAZIONALE INDUSTRIA APPLICAtribution at the price o f $4 80 per share, at which It was acquired out oi
ZIONI VISCOSA), TURIN, ITA LY.— Company is a large manufacturer
surplus Aug. 27 1907. 1,500,000 of the 2,000,000 £1 shares of the Singe)
of artificial silk, having three factories at Pavia, Venaria Reale and Cesano
M fg. C o., Ltd., of Great Britain & Ireland (owning plant at Singer, Clyde
bank, Scotland, in the proportion of 2 !4 shares of £1 each o f the British c o . tc Maderno, Italy, and a fourth plant nearing completion at Turin.
one ($100) share o f N . J. co. See V. 105, p. 395; V. 106, p. 507. Also
STOCK.— 5,000,000 shares (150 lire par value), 750,000,000 lire
paid stock dividends as follows: 1900, 200%; 1910, 100%; 1920, one share of (3,000,000 shares are fully paid, and the remaining 2,000,000 are paid to
pref. stock ($1 par value) o f the International Securities Co. o f New Jersey
the extent of 70% , the other 30% being callable at the option of the company
a subsidiary, for each share of Singer M fg. Co. of N . J. V. 112, p. 379
at any time. The partly paid shares only rank for dividends according to
1921, 50%; V. I l l , p. 1859.
the sums paid up, from Jan. 1 1926, and are not entitled to any dividends
in respect of the year 1925).
RE PO RT.— For 1926 in V. 125, p. 1723, showed;
The stockholders on N ov. 11 1926 approved the proposal of the directors
Calendar Years—
1926.
xl925.
1922.
1921.
Net after taxes & ch’gs.$24,991,231 $22,183,090 $21,568,981 $11,938,800 to write down the capital stock by 25% , to credit this amount to reserve,
to issue more shares at par and offer new debentures in London. The
5,129,674
Dividends paid________ 43,200,000(abt) 18000000 4,949,842
capitalization will be reduced from 1,000,000,000 lire to 750,000,000 by
Balance,surplus._.def$18,208,769 $4,183,090 $16,619,139 $6,809,126 writing the issued shares down from 200 to 150 lire. This will be suc­
Profit and loss surplus-- 75,600,000 63,905,680 30,121,020 13,501,881 ceeded by a capital increase to 1,000,000,000 lire by the creation o f 250,000,000 lire of new shares to be issued at par.
x Results for 1923 and 1924 not available.
E. F. Hutton & Co. and Harvey Fisk & Sons, New York, in Dec. 1925
offered at $16 per share depositary receipts representing 600,000 fully paid
Pres., Douglas Alexander; V .-P ., F. A. Park. Office, 149 Broadway
shares of the capital stock of the company.
N. Y .— (V. 125, P- 1852.)




230

INDUSTRIAL STOCKS AND BONDS

[V ol.

125,

Deliveries under this offering were made in the form of depositary receipts
o f Chase National Bank, New York, representing fully paid shares of the
capital stock o f “ Snia Viscosa” deposited under an agreement with Chase
National Bank, as depositary. Dividends will be payable in New York
to the registered holders of depositary receipts by check in U. S. dollars
out o f the proportionate amount realized by the depositary from the ex­
change into dollars of the lire dividends received.
D IV ID E N D S.— Dividends of approximately 64 cents a share were paid
on the capital stock in 1923, 80 cents in 1924, and $1 (124£ % ) in 1925, and
72 cents (10%) in 1926.
BONDS.— In Dec. 1926 £1,400,000 7 )4% sterling first mortgage bonds
were offered by London bankers. Compare V. 124, p. 385.
REPORT.-—For 1926 in V. 125, p. 258, showed:
[All Figures Given in Lire.]
Calendar Years—■
1926.
1925.
Profits on mdse., divs. on stock & bonds, &c_. 119,576,113
189,743,554
Interest, allowances & bank commissions_____ 39,616,339
33,526,280
13,638,028
Taxes and rates_____________________________ 26,308,942
Salaries, bonuses, general expenses, &c_______
7,957,147
7,845,091

Formerly controlled by the Standard Oil Co. of New Jersey, but segre­
gated in 1911. See Standard Oil C o., V. 85, p. 216, 790; V. 93, p. 1390.
STOCKS A N D BONDS—- Rate of Int. Outstanding. Bds. when Due.
$20,000,000 _____________
Stock— Com $20,000,000 ($25)-- ____
STOCK.—-The stockholders on Jan. 19 1926 voted to reduce the par value
of the $20,000,000 capital stock from $100 to $25 per share, four new shares
being issued in exchange for each outstanding share of $100 par value.
DIVS.—
1916. 1917. 1918-19. 1920. 1921 1922 1923-24. ’25 1926.
Cash, regular. 20
20
20
20
13
44i ____
14* 64*
Extra, stock-____
60
__
-____ ____ ____
___
“ cash____12
---____ ____ ____
___
Paid in 1927: March 31, 2% ; June 30, 2% ; Sept. 30, 2% .
R E PO R T .— For 1926, in V. 124, p. 2133, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Gross income for year— $15,863,471 $14,885,601 $13,508,804 $13,435,658
Op exp., tax., depr.,& c. 12,710,564 12,510,271 11,981,336 14,374,643
1,300.000
300.000
______
______
D ividen ds____________

134,734,154
13,748,622

B al.,su r------------------- $1,852,917 $2,075,330 $1,527,468 def$938,985
Previous surplus_______ 24,141,830 12,469,376 10,941,908 11,880,893
Adjust, of surplus______
______ Cr9,597,123
______
______

Net income_______________________________
Previous surplus____________________________

45,693,686
52,235,434

Total surplus_______
Ordinary reserves_____
Extraordinary reserves
To directors__________
Dividends____________

97,929,119
2,284,684

148,482,776
10,000,000
10 , 000,000
434,090
1,247,342
(12) 69,000,000(12 45)75000,000
__________

Profits carried forward____________________
— (V . 125, p. 258.)

26,210,345

52,235,435

SNIDER PACKING CO R P.— Incorp. under laws of New York on
Sept. 3 1919. Name changed from New York Canners, Inc., to present
name in M ay 1927. Manufactures and sells canned vegetables, fruits,
milk, ketchup, chili sauce and other food products and condiments, and
through its subsidiaries operates farms for raising part o f its vegetables.
STOCKS AN D BONDS—Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 200,000 shs (no par) -----129,762 shs ------------------Pref $6 cum red 100 (no par)_. $6 Q-M
60,000 shs ------------------Bonds— 5-yr conv gold notes / 6 g M -N
$3,000,000 M ay 1 1932
$3,000,000 ($500 & c)_____xc \Int. at Nat. Bank of Commerce, N. Y .
STOCK.-—The stockholders on March 17 1925 increased the authorized
common stock from 120,000 shares to 200,000 shares no par value. On Dec.
1 1925 to 250,000 shs. and on M ay 2 1927 to 500,000 shs. The $6 cum.
conv. pref. stock (sold in Nov. 1925 by White, Weld & C o ., N. Y .) has equal
voting power with common stock. It is red. all or part on any div. date
upon 60 days’ notice at $100 per share and divs., and is conv. 2.008 shs. of
com. for 1 sh. o f pref at any time on and after Dec. 1 1927, but only for
30 days after first publication o f notice o f redemption. Proceeds of this
issue were used in the redemption o f the company’s outstanding $1,493,200 7% cum. 1st pref. stock and $850,000 8% cum. 2d pref. stock, and
the red. o f the T . A. Snider Preserve Company’s outstanding $588,000 1st
mtge. 745% sinking fund conv. gold bonds and $400,000 8% cum. pref.
stock. V . 121, p. 2762.
D IV ID E N D S.— On common, paid $2 50 a share in 1920: then none until
Dec. 15 1923, when 50 cents a share was paid; Mar. 15 1924 to Sept. 15
1926 paid 50 cents quarterly; none since. Also paid 3% in common stock
on Feb. 2 1925 and 5% in common stock on Dec. 31 1925.
FUNDED D E B T .— The 5-year gold notes are red. on 30 days’ notice as
a whole or in part at any time on or after M ay 1 1929; prior to M ay 1 1930
at 103% and int., with successive reductions in the redemption price of
1% on M ay 1 1930 and M ay 1 1932. Convertible into common stock up
to and incl. M ay 1 1929 at $15 per share; up to and incl.May 1 1931 at $17.50
per share, and thereafter up to and incl. Mar. 1 1932 at $20 per share. If
called for red. notes are convertible prior to redemption date. Sold in
M ay 1927 by White, Weld & Co. at 99 and accrued interest.
R E PO RT.— For 13 mos. to Jan. 31 1927, in V. 124, p. 2309, showed:
13 Mos. to ----------12 Months Ended Dec. 31-------T rt
n
’97
1Q9^
1Q9A
1Q99
Sales__________________ $10,834,871 $10,194,017 $11,512,815 $11,183,832
6,720,837
7,965,875
8,193,040
Cost o f sales___________ 8,978,140
Gross income________ $1,856,731
110,860
Other income__________

$3,473,180
219,608

$3,546,940
79,590

$2,990,792
110,696

Total income_________ $1,967,591
Expenses______________
2,473,669
Interest________________
200,535
D epreciation ,& c_______
521,732
Federal tax reserve---------------

$3,692,788
2,191,371
200,152
453,455
88,830

$3,626,530
1,905,437
196,599
503,387
127,004

$3,101,488
1,676,690
180,758
289,634
110,500

$894,103
284,840

$843,906
322,828

Net income________ def$1.238,345
Preferred dividends____\
549,539
Common dividends____ /
Miscellaneous__________Dr. 108,210

$758,980
(156.0691
1236,763/

Surplus___________ def$l ,896,094
$366,148
$609,263
$521,078
Profit and loss surplus.- $2,014,888 $3,910,982 $3,111,385 $2,585,692
BALANCE SHEET, as o f Dec. 31 1926, in V. 124, p. 2309OFFICERS.-—Chair., John M . Prophet; Pres., James Moore; V.-Pres.,
Wade L. Street; Sec., Burt C. Olney; Treas., Jas. M oore. Office, Temple
Bldg., Rochester, N. Y .— (V. 125, p. 1990.)
SOLAR REFINING CO.— ORGANIZATION, &e.— Incorporated In Ohio
!n 1886. Has refining plant at Lima. O. Formerly controlled by Standard
OH Co of N. J., but segregated In 1911. See Standard OH Co., V. 85, p
316, 790; V. 93, p. 1390. Government suit. V. 118, p. 3161.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stock—Common ($100)_________ ____
$4,000,000 _____________
STOCK.—
j-The stockholders voted Dec. 12 1922 to increase the auth.
capital stock from $2,000,000 to $4,000,000, par $100. A stock dividend
o f 100% was paid to stockholders o f record Dec. 23 1922.
D IV ID E N D S .— On Dec. 20 1912, 20% div. was paid; June 16 1913,
800% in stock; June 20 1913, 20% ; Dec. 20, 5% and 30% extra; from
June 1914 to June 1917, 10% (5% s.-a.); Dec. 1917, 5% and 25% extra;
June 1918, 5% ; Dec. 1918 and June 1919, 5% and 5% extra; Dec. 1919,
6% and 15% extra; June 1920, 5% and 5% extra; Dec. 1920, 5% and 35%
extra; June 1921 to June 1922, 5% s.-a.; Dec. 1922, 5% and 5% extra:
and 100% in stock; June 20 1923, Dec. 20 1923 and June 20 1924 paid 5%
on increased capitalization; Dec. 20 1924 paid 5% semi-annually, and 5%
extra; June 20 1925 to Dec. 20 1927, paid 5% semi-annually.
R E PO R T .— For 1926, in V. 124, p. 2133, showed:
Calendar Years—
1926.
1925.
1924.
1923.
*Net profits___________
$635,347
$628,258
$685,f28
$496,482
Cash dividends________
400,000
400,000
600,000
400,000
Balance, surplus_____
$235,347
$228,258
$85,128
$96,482
* After Federal taxes.
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 2133.
OFFICERS.— Pres. & Gen. M gr., F. T . Cuthbert; V .-P ., J. R. Cuthbert;
V.-P. & Treas., E. L. Hughes; Sec., Howard A. Graham. Office, Lima,
O h io — (V. 124, p. 2133.)
SOUTH PENN OIL CO.— ORGAN IZATION , &c.— Incorporated in
Pennsylvania in 1889. Produces crude oil. Early in 1913 acquired 51%
o f the $10,000,000 Penn-Mex Fuel Company stock, controlling 180,000
acres leases and fees along the Gulf Coast o f Mexico and in 1917 properties
West Virginia & Kentucky. V. 107, p. 2481; V. 105, p. 722; V. 96, p. 657.
In Aug. 1917 purchased for about $3,500,000 the holdings of the Big
Creek Development Co. in Lincoln County, W. Va., some 6,000 acres, on
which are 500 oil and gas wells with a net settled production of about
900 barrels daily. V. 105, p. 613, 722. In Oct. 1920 reported to have
increased its holdings in the West Virginia field through the acquisition of
1,154 acres with a production of about 200 barrels daily. In July 19^2
purchased the producing properties and leaseholds of the Eddystone Oil
Corp. V. 115, p. 445
In July 1926 purchased a controlling interest in
the Pennzoil Co. o f Oil City, Pa. V . 123, p. 855.




P. & L. surplus______$25,994,746 $24,141,830 $12,469,376 $10,941,908
BALANCE SHEET as of Dec. 31 1926, in V. 124, p. 2133-34.
OFFICERS.— Pres.. L. W . Young Jr.; Sec., John L. Hays; Treas., S. G.
Hartman. Office, 545 William Penn W ay, Pittsburgh, Pa.— (V. 124, p.
2133.)
SOUTH PORTO RICO SUGAR CO.— Incorporated Nov. 16 1900
In New Jersey. Owns all the stock and bonds of The Central Romana,
inc., owning upwards of 50,000 acres o f land in Santo Domingo
m d a raw sugar factory of 600,000 bags capacity. Also owns all of the outitandlng capital stock of South Porto Rico Sugar Co. of Porto Rico which
4WB8 the Guanica Central sugar factory at Guanica, P. R .. capacity 70 0 000 bags, and of Yngenio Santa Fe, C. for A , the owner of Central Santa
Fe, located at San Pedro de Macoris, Santo Domingo. V. 123, p. 2149.
South Porto Rico Sugar Co. Trading Corp. of N. Y. was organized in
luly 1925 with a capital of $1,000,000 as a subsidiary of the company.
V. 121, p. 211.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due•
Stocks—Com 1,200,000 shs (no f ____
745,735 shs ____________
par)--------------------------------\
$5,000,000 _____________
P f 8% cum $5,000,000 ($100)- 8 Q-J
Bonds— 20-yr 1st M s f gold bds / 7 g J-D
$3,581,500 Dec. 1 1941
red (text)($500&c)_Ba.xxxc* \Int. at Bankers Tr. C o., N. Y ., trustee
STOCK.-—The stockholders voted on June 7 1927 to increase the auth.
common stock from $12,500,000, par $100, to 1,200,000 shares no par value,
and on approving the issuance of four new no par value shares for each
share of par $100. V. 124, p. 3511. The stockholders on July 1 1920 ap­
proved an increase in the auth. com. stock from $6,000,000 to $12,500,000.
Stockholders of record July 24 1920 received on A u g. 6 1920 a stock dividend
of 100%. V. I l l , p. 80, 301.
Stockholders of record N ov. 1 1926 were offered 11,206 additional shares
of common stock at par to the extent of 10% o f holdings. V. 123, p. 2149.
D IV ID E N D S.— Dividends on common were paid from 1910 to 1915 incl.
it an average rate of nearly 645% per annum. From Jan. 1916 to Dec. 1917
it the rate of 20% with occasional extra cash and stock divs. In Dec. 1917
and April 1918, 5% ; July 1918 to April 1919, 5% quar. in 3-year 7% scrip,
ill of which was redeemed in cash in July and Oct. 1919. In July 1919 to
July 1920 the 5% quarterly dividends were paid in cash. Paid 100% in
common stock on Aug. 6 1920. In Oct. 1920 paid 3% quar. and 2% extra
In cash. O.Dec. 31 1920 paid 3% ; April 1 1921, 145%; then none until
April 1 1924. when 146% was paid; same amount paid anar. to July 1 1927.
Initial Div. on new no par value stock (see under stock) of 50c. on Oct. 1
1927. Same amount declared for Jan. 3 1928. N ov. 15 1927 paid 10%
stock div. on common. Dividends on pref. at the rate o f 8% have been
paid since 1902.
b ONUS.— T he 1st collateral mtge. bonds of 1921 are redeemable as a
whole only (except by operation o f sinking fund) on and after Dec. 1 1930
at 105 and int. Sinking fund will retire entire issue by maturity. V. 113.
p. 2512.
R E PO RT.— For fiscal year ended Sept. 30 1927, in V. 125, p. 2521,
showed:
Years End. Sept. 30—
1926-27.
1925-26.
1924-25.
1923-24.
207,000
181,000
159,000
97,000
Sugar made (tons)_____
Total receipts__________ $17,034,282 $13,184,768 $13,889,661 $11,446,394
Manufac., &c., expenses,
taxes, interest, &c____ 12,070,520
9,941,524
9,917,901
8,235,707
Net earnings_________ $4,963,761 $3,243,244 $3,971,760 $3,210,687
Bond interest__________
412,021
363,090
380,590
400,107
Disc.& exp.on coll.mtge.
bond issue pro rated-.
--------32,616
32,616
32,616
Reserve for depreciation 1,158,309
1,116,352
1,201,152
904,536
Reserve for income and
excess profits taxes_
_
275,000
150,000
300,000
400,000
Preferred divs. (8 % )_
_
400,000
400.000
400,000
400,000
Common divs. (ca sh )-.- (5)892,537(6%)672,336(6%)672,336(446)504,252
Balance, surplus_____$1,825,894
$508,850
$985,065
$569,175
T o ta lp .& l.su r. Sept. 30 7,479,863 $6,280,120 $5,771,271 $4,786,205
OFFICERS.— William Schall, Chairman o f Board; F. A. Dillingham
President; Julius A . Stursberg, V.-Pres.; F. M . Schall, Treas.; Edward S.
Paine, Sec. Office, 15 Exchange Place, Jersey City, N . J.— (V. 125, p.
2521.)
SOUTHERN PIPE LINE C O .— ORGAN IZATION , &c.— Incorporated
in Pennsylvania in 1890. Has pipe line extending from Pennsylvania State
line to Philadelphia, Pa., 263.15 miles. Formerly controlled by Standard
Oil Co. of N. J., but segregated in 1911.
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
Stock— Com $5,000,000 ($50)—
____
$5,000,000 _____________
STOCK.— The stockholders on M ay 5 1926 voted to decrease the capital
stock from $10,000,000 to $5,000,000 by changing the par value of the shares
from $100 each to $50 each. The directors also authorized the payment on
July 10 1926 of $40 per share from the capital stock reduction account; an
additional cash payment of $10 per share was made on Dec. 18 1926. V.
123, p. 3334.
DIV ID E N D S.— 1912, 28% ; 1913, 32% ; 1914, 30%; Mar. 1915 to June
1918, 24% p. a. (6% Q .-M .). In Sept. 1918 to Mar. 1920 paid 5% quar.
In June, Sept, and Dec. 1920, 4% ; Mar. 1921, 3% ; June 1921, 3% ; Sept.
1921 to Dec. 1922, 2% quar.; Mar. 1 1923 paid 4% ; June 1 1923 to Dec. 1
1924 paid 2% quar.; Mar. 2 1925 to Mar. 1 1926 paid 1% quar.; resumes
divs. with payments of $2 per sh. on Dec. 1 1927.
R E PO RT.— For 1926, in V. 124, p.805, showed:
1926.
1925.
1924.
1923.
Profits for year________
$150,989
$191,266
$280,092
$547,707
Dividends paid______(1% ) 100,000 (4%)400,000(8%)799.999 (10)999.999
B alance____________ sur$50,989 def$208,734 def$519,907 def$452,292
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 805.
OFFICERS.— Pres., Forrest M . Towl; V.-P. & Gen. M gr., J. W . Vander*
grift; Sec., V. S. Swisher; Treas., J. M . Tussey. Office, Oil City, Pa.—
(V. 125. p. 2541.)
SOUTHERN UNITED ICE CO.— See “ Public Utility Compendium!.’
V. 93, p. 1390.
SOUTH WEST PENNSYLVANIA PIPE LINES.— ORGANIZATION,
&c.— Incorp. in Pennsylvania in 1886. Own pipe lines in Pennsylvania.
Formerly controlled by Standard Oil Co. of New Jersey, but segregated in
1911. See Standard Oil C o., V. 85, p. 216, 790.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $3,500,000 ($100)-- ____
$3,500,000 _____________
D IV ID E N D S.— Apr. 1912 to July 1914, 5% quar.; Oct., 4% ; Dec. 31.
3% ; 1915, 12% (3% Q.-J. and 3% in D ec.). Jan. 1916 to Dec. 31 1919,
12% yearly (3% Q.-J.). April 1920 to July 1921 paid 2% quar.; Oct.
1921 to Oct. 1922 paid 1% quar. On Dec. 30 1922 paid 4% ; Apr. 1923 to
Oct. 1924 paid 2% quar.; Dec. 31 1924 to Oct. 1 1927 paid 1% quar.

Nov., 1927.]

R E PO R T .— For 1926, in V . 124, p. 805, showed:
1926.
1925.
1924.
1923.
Profits for calendar year$249,362
$200,907
$91,199
$268,464
D iv iden d s___________ ((%)140,000 4%)140.000(7%)245.000(7%)279.999
Loss in adj. account---- ------------------ -------- 101.628-------- --------- ----------- — Balance, sur. or def—.
$109,362 def$40,722 def$153,801 def$11.535
Pres., Forrest M . Towl; Y.-Pres., Allan T. Towl: Sec., V. S. Swisher;
Treas.. J. M . Tussey, Oil City, Pa.— (V. 124. p. 805.)
(A. Q.) SPALDING & BROS.— Incorp. under laws of N . J. on Feb. 2
1892. In N ov. 1927 acquired the business o f Abbey & Imbrie C o.. V. 125,
p. 2682. Manufactures athletic goods and related articles o f merchandise.sa
STOCKS AN D BONDS—• Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $6,000,000 ($100)no° onn
$4!086,300
1st pref 7 % cum red (text) j 7 Q: M
$5,000,000 ($100)------------ .
2 d p f 8% cum $1,000,000(8100) 8 Q-M
$1,000,000 ------------------STOCK.— The 1st pref. stock is redeemable after three years from date
of issue at 115 and div. A sinking fund of at least 3% per ann. of the
total amount issued provides for purchase up to the redemption price.
DIVIDEN DS.— On common, paid 3% quar. from Jan. 15 1921 to July 15
1922. A 100% stock div. was paid Sept. 19 1922. Oct. 16 1922 to Apr. 16
1923 paid 1 )4% quar. on increased capitalization: July 15 1923 to Apr. 15
1926 paid 2% quar.; July 15 1926 to Jan. 16 1927 paid 1M % quar.
REPO RT.— For 1926 in V. 124, p. 518, showed:
10 mos.end. ---------------- Calendar Years---------------Period—
Oct. 31 ’26.
1925.
1924.
1923.
Net s a le s _____________ $19,713,230 $20,810,182 $20,065,981 $19,859,125
Cost o f sales____________ 12,763,041 13,412,659 13,153,904 12,569,463
_ 5,181,331
5,424,163
5,353,678 5,108,281
Admin. & selling exps_
Depreciation__________
481,824
609,648
553,563
444,838
Royalties______________
61,640
70,176
61,955
60,323
Net oper. profit______$1,225,395
Other income__________
192,078

$1,293,535
229,724

Total income_________ $1,417,473 $1,523,259
Interest paid__________
209,236
172,702
162,900
188,600
U. S. & for. taxes______
7% 1st pref. dividends._
221,128
300,852
8% 2d pref. d i v i d e n d s 59,970
80,000
Common dividends_____
386,029
477,750
Prov. for red. 1st pref___
125,000
150,000

$942,881
516,495

$1,676,220
170,531

$1,459,376 $1,846,751
228,105
203,203
149,589
231,890
309,243
321,2l6
80,000
80,000
412,956
328,771
150,000
150,000

Surplus______________
$253,211
$153,356
$129,484
$531,670
OFFICERS.— Chairman, J. W . Spalding; Pres., J. W . Curtiss; V.-P. &
Treas., H. Boardman Spalding; Sec., John T. Doyle. Main Office, 105
Nassau St., New York.— (V. 125, p. 2682.)
SPICER MANUFACTURING CORP.— Organized under laws of Va
Oct. 12 1916. Manufactures universal joints, propeller shafts, frames
axles and springs for automobiles, and other automobile parts. Plants are
located at South Plainfield, N . J. Pottstown, Pa.; Reading, Pa., and
Jamestown, N . Y .
DIVIDEN DS.— On common paid 50c. per share on Aug. 1 1920: none
since. On prefered in full to date.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when DueStocks- Com 600,000 shs (no par) -----—
313,750 shs ------------------P f 8% cum $10,000,000 ($100) 8 Q-Ji
$1,800,000 ------------------STOCKS.— The 8% pref. is red. at 110 and acc. divs. On Oct. 1 1927
the company redeemed 10,000 shares at 110 per share.
R E PO RT.— For 1926, in V. 124, p. 2444, showed:
1923.
Calendar Years—1926.
1925.
1924.
$12,675,785
Net sales, incl. oth. inc__ Not
Not
Not
Sales, adm., selling, &c_ available
available
available
11,329,665
$2,004,582
69,399
125,000

$1,280,534
206,699
105,000

$1,346,120
270,446
______

Net profit_____________$1,638,990 $1,810,183
Surplus Jan. 1__________ $3,278,890 $2,549,077
Surp. approp. for retire­
ment o f pref. stock_
_
200,000
Disc. & prem. on bonds
retired prior to mat’y_
39,798
Sundry adjustments-------------- D r.853,317
Loss on sale o f cap .assets
______
227,052
Divs. paid on pref. stk_
222,432

$968,835
$1,820,241

$1,075,674
$1,017,863

240,000

33,295
240,000

P. & L. sur. Dec. 3 1 -- $4,455,650 $3,278,890
Period End. Sept. 30— 1927— 3 M o s — 1926.
$588,638
$432,409
Gross profit _
129,257
A dm ., sell. & gen. exps153,269

$2,549,077 $1,820,241
1927— 9 M o s — 1926.
$1,342,228 $1,880,297
405,832
. 379,947

Balance, profit______ $1,732,523
Deduct— Int. & discount
57,640
Prov. for Fed. taxes-______
Moving expenses_____
35,893

Miscellaneous income_
_

$279,140
30,429

$459,381
8,281

$936,396
86,802

$1,500,350
46,119

Total profit___
Interest and discount___

$309,569

$467,662
10,494

$1,023,198

$1,546,469
47,751

Net bef. Fed. taxes___
$309,569
$457,168 $1,023,198 $1,498,718
OFFICERS.— Pres., Charles A. Dana; V .-P., C. W . Spicer and R. E
Carpenter; Treas., J. S. Berry; Sec., Alvin Devereux. Office, South Plainfield. N . J.— (V. 125, p. 2402.)
STANDARD MILLING C O — ORGAN IZATION .— Incorp. in N . J.
Oct. 31 1900. Consolidated with Colonial Milling Co. M ay 25 1916, per
plan in V. 103, p. 65, and owns directly or through subsidiary companies
mills in Minneapolis, Superior, Buffalo, Kansas City and New York; total
daily capacity, 40,000 bbls. of flour. Brands include “ Hecker’s Superlative
Ceresota, Aristos and Duluth Imperial Flour,” “ Hecker’s Farina,” “ H-O”
oatmeal, “ Presto,” and “ Force.” There is also an extensive warehouse on
the waterfront in Jersey City.
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due.
$12,497,000 _____________
Stocks— Com $15,000,000 ($100)- -----Pref 6% non-cum $6,488,000 | 6 Q-M
$6,448,000 _____________
( $ 100 ) -------------------------------------- 1

Bonds— 30-yr 1st M gold s f [ 5 g M -N
$3,483,000 Nov. 1 1930
(text) $6,250,000 ($1,000) (Int. at Chat. Ph. Nat. Bk. & Tr. C o., N .Y
Mp.xc* [
20-yr 1st & ref M lien gold red j 5 K g M-S
$2,350,000 Mar. 1 1945
(text) ($500 & $l,000)kxxxc* \Int. at Nat. Bank o f Commerce, N. Y .
4
notes red (text) ($1,000) f 5 g M -N
$3,300,000 Nov. 1 1930
xxxc* \Int. at Nat. Bk. o f Commerce, N . Y .
STOCK.— On Dec. 22 1922 paid on common 60% stock dividend pay­
able in common stock.
COM . DIVS.— ’ 12-’ 13. ’ 14. ’ 15. ’ 16. T7. ’ 18. ’ 19 ’20. ’ 21, ’ 22. ’ 23-’ 26
Per cent_________
2
3 3 5 4 6
10
8 8 5 yrly.
do instock__________
_4
4 _____ - - 60 _____
Also paid 42 cents a share on Dec. 31 1925, owing to change in dividend
payment dates. Paid in 1927; Mar. 31, 1fi%\ June 30, 1M % ; Sept. 30,
1M%.
BONDS.— The first & ref. mtge. lien 5 K % gold bonds are redeemable
all or part, on 30 days’ notice at 103M and interest during the first two
years, thereafter at 103M and interest less K % for each two full years
which shall have expired after March 1 1925, up to and including March 1
1935, and thereafter at 102)4 and interest less f i % for each full year after
March 1 1934.
As a sinking fund the company will agree to retire on or before March 1
o f each year, $75,000 bonds (by red. by lot or by purchase at not exceeding
the current redemption price).
Authorized. $12,000,000. Additional bonds may be issued for the retire
ment o f $3,483,000 mortgage bonds. The remaining authorized bonds
may be issued for not to exceed 75% o f the cost or fair value of subsequent
acquisitions or improvements, provided that the average annual consoli­
dated net earnings for the three years preceding the issue o f bonds shall be
not less than twice the annual interest charges on the mortgage debt, in­




231

INDUSTRIAL STOCKS AND BONDS

eluding the bonds to be issued, and in each of such years shall be not less
than one and one-half times such interest charges. V. 120, p. 1214.
The 4 J^-year 5% notes are redeemable as a whole but not in part at any
time on four weeks’ notice at 101 and interest on or before N ov. 1 1926,
with successive reductions in the redemption price of
of 1 % during each
six months period thereafter.
R E PO RT.— For 10 mos. ended June 30 1927, in V. 125, p. 1319, showed;
Year End. 10M os.E nd.— Year Ended Aug. SI—
June ’27 June30 '26
1925.
1924.
$1,613,1)1 $1,917,657 $1,242,173
Net profits all cos______ $2,246,105
Int.& disc.on bds.& notes
473,353
370,296
276,846
194,817
Div. on pref. stock_____
389,250
324,375
389,249
389,196
Div. on common sto ck ..
624,661
520,927
624,589
624,532
$758,841
6,457,182

$397,513
6,160,625

$626,973
5,792,276

$33,627
5,933,649

Total surplus________ $7,216,023
Reduc. of Staten Island
plant values_________
______
Bond disc, written off__
______

$6,558,138

$6,419,249

$5,967,276

______
100,956

______
258,625

175,000
______

Balance, surplus_____
Previous surplus_______

Profit & loss surplus-- $7,216,023 $6,457,182 $6,160,625 $5,792,276
Shares of com. outstand­
ing (par $100)_______
124,973
124,973
124,973
124,880
Earns, per sh. on com ___
$11.07
$7.35
$10.01
$5.27
OFFICERS.— Pres., A . P. Walker; V .-P .. F. L. Rodewald, G. K . Mor­
row, J. A . Sim and E . G. Broenniman; Sec. & Treas., J. A. Neville: Asst.
Sec. & Asst. Treas., Geo. Macdonald. Office, 49 Wall St., N . Y .— (V. 125,
p. 1319.)
STANDARD OIL CO. OF CALIFORNIA.— ORGAN IZATION .—
Incorp. under laws of Delaware on Jan. 27 1926 for the purpose of absorbing
Standard Oil C o. (incorp. under laws o f California'', and the Pacific Oil C o.,
producing properties, on a share-for-share basis. Tha consolidation took
place Mar. 29 1926, effective as o f Jan. 1 1926. In liquidation o f the assets
which it is not taking into the merger, Pacific Oil Co. distributed to its stock­
holders on Mar. 6 1926 2-5ths o f a share o f Associated Oil and $3 in cash for
every share o f Pacific held.
Standard Oil Co. (California).
Owned and operated producing properties, pipe lines for the transportation
of oil, refineries at Richmond, El Segundo and Bakersfield, Calif. Also
owned tank steamers and barges for the transportation of its products and
sales stations in principal cities and towns on Pacific Coast and in Nevada.
Arizona, Utah, Idaho, Hawaii and Alaska (compare V. 110, p. 1080; V.
114, p. 1647). Government suit, V. 118, p. 3161
Pacific Oil Co.
The Pacific Oil Co. owned in fee in excess of 261,000 acres of land, all
located in the San Joaquin Valley in California. The crude oil production
was 55,000 bbls. per day, and in addition thereto it had a shut-in production
of 3,700 bbls. per day.
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
12,594,098 shs _______
Stock— Com 15,000,000 shs (no / ____
par)-------------------------------- /
STOCK.— See table to and incl. Dec. 15 1927 paid.
D IV ID E N D S.— On stock of new company, paid 50 cents quar. on
June 15 and Sept. 15 1926; on Dec. 15 1926 paid 50c. quar. and 50c. extra,
on Mar. 15 1927 paid 62Me. and 12K c. extra; June 15 1927 to and incl.
Dec. 15 1927 paid 62Mc. per share quar.
REPO RT.— For 1926, in V. 124, p. 1660, showed:
Standard Oil Co. of California and Subsidiaries.
X1926.

1925.

1924.

1923.

Earnings for year---------- $78,642,329 $47,779,878 $44,354,798 $38,330,936
Depreciation, &c_______ 18,670,314 13,388,476 13,535,368 11,756,830
Interest charges-------------------1,072,916
1,197,917
1,541,667
Excess profits & income
4,850,000
2,365,000
3,020,000
590,000
taxes (estimated)____
Dividends (cash)______ _ 25,192,364 18,927,027 18,720,029 18,016,273
Balance, surplus_____ $29,929,650 $12,026,458 $7,881,484 $6,426,166
Pacific Oil Co.
1926.
1925.
1924.
Gross earnings______________
Earnings $32,914,024 $23,448,932
Operating expenses and taxes
consoli­
15,516,127 10,982,489
dated with
Operating profit
those of $17,397,898 $12,466,443
Other income_____
the Stand­ a3,435,670 3,230,978
ard Oil Co.
Gross income_________
o f Califor- J$20,833,567 $15,697,421
Depreciation & depletion.
3,166,385
3,133,850
Tax reserves __________
1,209,171
669,805
Surplus .
,$16,458,012 $11,893,766
x Figures for 1926 are for new company.
a Includes dividends of $1.75 per share on the stock o f the Associated
Oil Co.; dividends of $1 30 a share on stock of Miley-Keck Oil Co.; also $40
per share paid Dec. 28 1925 on stock of Associated Supply Co.
OFFICERS.— Pres., K. R . Kingsbury; V.-Pres., R. J. Hanna, H. M
Storey, H. T. Harper and W . H. Berg; Treas., R. C. Warner; Sec.. J. H ‘
Tuttle.
New York office, 120 Broadway; head office. Standard Oil Bldg., San
Francisco.— (V. 125, p. 1472.)
STANDARD OIL CO. OF INDIANA.— ORGAN IZATION , &C.— In
corporated in 1889 in Indiana. Has refineries at AVhiting, Ind., Sugar
Creek, M o., Wood River, 111., and Casper, W yo. Also markets oil, its dis­
tributing territory comprising extensive areas in Middle West and North­
west . Early in 1921 purchased 50 % o f the capital stock of the Sinclair Pipe
Line Co. V. 112, p. 660. Formerly controlled by Standard Oil Co. of
N. J., but segregated in 1911. V. 105, p. 1216. See Standard Oil Co. of
N. J., V. 85, p. 216, 790; V. 93, p. 1390; V. 95, p. 1750; V. 97, p. 1290.
Government suit, V . 118, p. 3161; V. 119, p. 1966; V. 120, p. 2825; V. 122,
p. 2668. Suit by State of Missouri, V. 119, p. 1635, 1746; V. 121, p. 3017;
V. 122, p. 2813.
On June 15 1921 offered to acquire bal. of stock of Midwest Refining Co.
by exchange of stock on basis of 2 shares (par $25) of Stand. Oil for one share
(par $50) o f Midwest Refining (99% acquired to July 1922). V. 112, p.
2649; V. 115, p. 317. On Oct. 1 1921 took over the operation of the plants
of the Midwest Refining Co. at Casper, Greybull and Laramie and will
act as agent of the Midwest so far as the refining end is concerned, without
encroaching on the Midwest producing department. The Midwest will
continue its activity in prospecting and developing oil resources in Wyoming
and neighboring States.
Control of the Pan American Petroleum & Transport Co. on April 1
1925 passed to the Standard Oil Co. of Indiana, Blair & C o ., In c., the Chase
Securities Corp. and their associates when Edward L. Doheny signed a con­
tract for the sale of 501,000 shares of the voting stock of the company.
The deal gives to the Standard Oil Co. of Ind. control of the Mexican
properties of the Pan-American Petroleum & Transport C o., its pipe lines
and refineries, and also its tanker fleet of 31 vessels, with an aggregate dead­
weight of 272,500 tons, capable of transporting 1.800 O P barrels crude oil.
O
The deal involved no new financing. Neither was there any exchange of
stock in connection with the transaction.
Control of the Pan American Petroleum & Transport Co. will pass to the
Standard Oil of Indiana interests through the Pan American Eastern
Petroleum Corp., organized in Delaware, Mar. 26 1925 with an authorized
capitalization of 250.000 shares of preferred stock of $100 par value and
1,000,000 shares of common stock of no par value. It is this company
that acquired the Pan American stock from Mr. Doheny. Compars 120, p.1757.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
$229,352,963 ____________
Stock— Com $375,000,000 ($25)- ____
DIVIDEN DS (% )—
f ’ 12. T3. ’ 14. T5. ’ 16. T7. T8. ’ 19. ’20-27.
Regular ...............
\ 6 12 12 12
12 12 12
12 See
E xtra...................
[ 7 20 13
. . 12 12
12 text
Quarterly dividends 1917 to June 1920, both inclusive, 3% and 3% extra.
In Sept, and Dec. 1920, 3% and 5% extra. A 2,900% stock div dend was
paid M ay 15 1912. Stockholders of record Dec. 17 1920 received a stock
div dend of 150%. Mar. 1921 to Dec. 1922 paid 4% quar. in cash. Stock­
holders of record D ec. 28 1922 received a stock div. of 100 % . M ar. 15 1923
to Dec. 15 1927 paid 2)4 Vo auar. on increased capitalization; also paid 1%
extra each quar. from Mar. 15 1926 to Dec. 15 1927.

233

INDUSTKIAL STOCKS AND BONDS

R E PO RT.— For 1926 in V. 124, p. 1681, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net earnings___________$62,598,764 $60,532,648 $46,088,868 $46,938,499
Reserve for Fed’l taxes-. 7,500,000
7,600,000
5,300,000
5,400,000
Dividends____________ - 31,876,737 22,521,638 22,284,750 22,106,839
Surplus for year______$23,222,027 $30,411,010 $18,504,118 $19,431,660
OFFICERS.-—Chairman, Robert W . Stewart; Pres., Edward G. Suebert;
Sec., F. T. Graham; Treas., C. J. Barkdull. Office, 910 South Michigan
Ave., Chicago, 111.— (V. 125, p. 2683.)
STANDARD OIL CO. OF KANSAS (TH E).— ORGANIZATION, &c,
— Incorp. in Kansas in 1892. Owns refining plant at Neodesha, Kan.,
with 165 stills and a crude distilling capacity o f about 4,750,000 bbls.
yearly. V. 103, p. 1512; V. 96, p. 1093, 1428. Govt, suit, V. 118, p. 3161.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stock.— Com $8,000,000 ($25)
____
$8,000,000 ------------------STOCK.-—The stockholders voted on N ov. 29 1922 (a) to increase the
authorized capital stock from $2,000,000 (all outstanding) to $8,000,000,
par $100, and (b) to reduce the par value of the stock from $100 to $25
per share. The directors on Dec. 5 1922 declared a 300% stock dividend
payable Dec. 30 1922.
LATE DIVS.— (
1913.
T 4. T 5. T 6. T7-’ 21. ’22. ’23. ’24. ’25.
12
6 12 12 12yly.
12 8
4 0
R eg u la r______%\
E x tr a ________ % (.28 & 100 stk. 7 - 4 12 yly. 3 & 300 stock
Paid in 1924: March 15, 2% ; June 16, 2% ; none since.
R E PO RT.— For 1926 in V. 124, p. 1681, showed:
Calendar Years—1926.
1925.
1924.
1923.
Net earnings___________
$163,203
$494,296 loss$480,742 loss$280,382
Dividends paid_______ ______ ______ ______ ______ (4%)320,000(8%)640,000
Bal., sur. or def______ sur$163,203 sur$494,296 def$800,742 def$920,382
Previous surplus______
473,734
def20,562_____780,179 1,700,562
Profit & loss, surplus.
$636,936
$473,734 def$20,562
$780,179
Shares o f capital stock
outstanding (par $25).
320,000
320,000
320,000
320,000
Earns, per sh.on cap.stk.
$0.51
$1.54
Nil
Nil
OFFICERS.— Pres., A. S. Hopkins; V .-P ., E. A. Warren: Sec. & Treas.,
A . L. Morrison. Office, Neodesha, Kan.— (Y. 124, p. 1681.)
STANDARD OIL CO. (K E N TU C K Y.)— ORGANIZATION, &c —
Incorp. in Kentucky in 1886. A marketing and refining co. Formerly
controlled by Standard Oil Co. of N. J.. but segregated in 1911. See
Standard Oil Co. of N . J. 'V . 85, p. 217, 790; V. 93. p. 1390. Government
unit. V. 118. p. 3161.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $17,500,000 ($25)-. ____
$17,103,010 ------------------STOCK.— The stockholders on Dec. 21 1922 increased the authorized
capital stock from $12,000,000 to $17,500,000. A stock div. of 66 2-3%
was paid Dec. 30 1922.
CASH D IV ID E N D S.— ’ 15. T 6. T 7. T 8. T 9. '20. ’21. ’22. ’23 -2 6 .
Regular________________ % 16 16 14 12 12 12 12 *20
16 yrly.
Extra
_
0
4
2 _ __ _
*20
* Also paid stock dividends o f 33 1-3% in April and 66 2-3% in Dec.
1922. Paid in 1927: Mar. 31, $1 and 50c. extra; June 30, $1; Sept. 30, $1.
REPORT.-—For calendar year 1926 in V. 124, p. 1991, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net profits______________$8,306,620
$8,272,201 $6,151,941 $6,286,182
Cash dividends________ 2,716.135
2,704,671
2,693,723 2,681,796
Res. Fed’l tax. curr. year
997,052
1,083.711
769.000
767,000
Balance, surplus___ _ $4,593,434
$4,483,819 $2,689,218 $2,837,386
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 1991.
(V. 122, p. 1624.)
OFFICERS.-—Chairman, S. W . Coons; Pres., Wm. E. Smith: V .-P .,
W. G. Violette and A. K. Whitelaw; V .-P. & Treas.. Jos. C. Steidle; Sec.,
T . Q. McGoodwin; Asst. Sec. & Asst. Treas., II. L. Brumson. Office,
Louisville, K y.— (V. 124, p. 3367.)
STANDARD OIL CO. OF NEBRASKA.— ORGAN IZATION.— Incorp
in Nebraska in 1906. A marketing company. Formerly controlled by
Standard Oil Co. of New Jersey, but segregated in 1911.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
____
$4,500,000 ------------------Stocks— Com $5,000,000 ($25)
STOCK.-—The stockholders on April 12 1926 voted to change the par
value o f the capital stock from $100 to $25 per share, four new shares being
issued for each share held.
D IV ID E N D S.— 1912. 1913. 1914-20. 1921. 1922. 1923-24. 1925.1926.
Regular ( % )______ 20
20 20 p. a. 10
10 10 p. a. 10
10
Extra, in cash (% ) . .
10
_______ - 10
----------- 10
5
Extra, in stock___33 1-3 25
_______ - ------------ - 50
Paid in 1927: Mar. 21, 63c. & 25c. extra; June 20, 62c.; Sept. 20, 63c.;
Dec. 20, 62c.
R E PO RT.— For 1925, in V . 122, p. 2056, showed:
Calendar Years—
1925.
1924.
1923.
1922.
Net profits____________ x$983,047
$879,019
$661,051
$963,546
Federal taxes, &c______
See x
111,108
90,962
118,450
Dividends____________
602,480
300,000
300,000
600,000
Surplus______________
$380,567
$467,911
$271,090
$245,096
x Estimated net profits after Federal taxes.
BALANCE SHEET as o f Dec. 31 1926, in V. 124, p. 1233.
Pres., A . H. Richardson. Office, Omaha, Neb. Sec., H. W . Pierpont.
— (V. 124, p. 3083.)
STANDARD OIL CO. (OF N. J .).— ORGAN IZATION .— This com­
pany was Incorp. under the laws o INew Jersey In Aug. 1882 and reorgan­
ized In 1899 taking over from liquidating trustees the properties of the
former Standard Oil Trust (V. 68 p. 1227; V. 69, p. 28: V. 85 p. 1293.)
The U. S. Supreme Court having on May 15 1911 ordered the dlssolutlo
of the company for violation of the anti-trust laws (V. 92. p. 1343. 1378 j
the company on Deo. 1 1911 distributed Its holdings In 33 subsidiary
oil gas, pipe line and allied companies In the amounts given In V. 93
d . 1390. The large refineries at Bayonne, Baltimore and Parkersburg
W . Va., were retained. Owns a large majority of the capital stock of the
East Ohio Producing & Refining Co., Hope Construction & Refining Co.,
Carter Oil Co. o f Okla., Standard Oil Co. o f Louisiana and Imperial Oil
Co. o f Canada with its dependency, the International Petroleum Co.,
Ltd. V. 105, p. 2002, 2369, 2462, 2547; V. 106, p. 401. Fleet, V. 107,
p. 297.
The Humble Oil & Refining C o., at Houston, Tex., in F eb . 1919 voted to
Increase its capital stock from $4,090,000 to $8,200,000, and sell $4,100,000
of the new stock to W C. Teagle of New York, President of the Standard
Oil Co. (New Jersey), for $17,000,000, or a basis of $414 63 per share,
Deal with Maracaibo Oil Explor. Oorp., V. 112, p. 1625, 1748; V. 113
p. 1061. In 1921 organized the Standard Oil Co. of Bolivia. V. 113, p
2193. Interest in Nobel Russian oil properties, V . 114, p. 2249. Interest
in Ethyl Gasoline Corp., V. 119, p. 951.
Suit alleging infringement started against Pure Oil C o., V. 115, p. 769
Segregation of Operating Companies.— In 1927 the board o f directors of
the Standard Oil of N. J. decided on the policy o f the dissolution of the com­
pany’s business into separate corporate units to further the interests of
closer integration o f operations and increased efficiency (V. 125, p. 2826).
When this plan has been completed the Standard Oil Co. o f N . J. (the pres­
ent company) will be the holding company and will own the capital stock
o f the various operating companies.
In Aug. 1927 the Standard Oil Co. o f N. J. and incorporated in Delaware
was formed to take over from the New Jersey company the business and
assets o f its various wholly-owned subsidiary companies. Among these
is the Carter Oil Co. and the Tuscarora and Oklahoma Pipe Line companies.
The capital stock o f the Delaware corp. is $200,000,000 (par $100), which
will be exchanged for the stock o f the present operating companies. The
other large subsidiaries, such as the Humble Oil & Refining C o., the Stand­
ard Oil o f L a ., the Imperial Oil, L td ., and the International Petroleum C o .,
o f which the Standard Oil o f N . J. owns only a controlling interest, will not
be affected and will continue to operate as independent units.
The Standard Shipping C o., which was created some time ago under the
laws o f Delaware to take over the marine business of the Standard Oil of
N . J., has a capital stock o f $40,000,000 par value, all o f which will be
owned by the Standard Oil o f N. J.
The Standard Oil Development C o., an existing subsidiary, will conduct
the technical research and development activities.
A new subsidiary will be formed to take over the foreign business o f the
Standard Oil o f N. J. The companies to be included in the new sub-




[V ol.

125,

sidiary number about 18, now organized in Europe and South America.
As yet no announcement has been received on this plan.
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $750,000,000 ($25). ____
$603,980,475 _____________
Bonds— 20-yr gold deb red (text) / 5 g F-A
$120,000,000 Dec. 15 1946
($1,000 &c)______ Eq.c*&r* (Interest at New York City.
STOCK.— The stockholders voted on June 7 1927 to increase the auth.
amount of common stock from 25,000,000 shares to 30,000,000 shs. and to
abolish the $27,100 pref. stock none of which is issued or outstanding.
The preferred stock was redeemed on March 15 1927 at 115.
Common stockholders of record N ov. 26 1926 were given the right to
subscribe for 3,449,317 additional shares of common stock at par ($25) in
the ratio of one new share for each six shares held.
DIVS. (on com .)— / '01. '02. '03. '04. '05-T0. ’ l l . ’ 12-’22. ’ 23-’25. ’26
Per c e n t----------------- ( 48 45 44 36 40 y ’ly 37 20 y ’ly 4 y ’ly. 5
Paid in 1927:Mar. 15,25c. & 1243c. extra: June 15. 25c. & 1243c. extra.
Sept. 15, 25c. and 1243c. extra. Dec. 15, 25c. & 1243c. extra.
Also a distribution of 40% ($39,335,320) on Feb. 15 1913 from funds re­
ceived in liquidation of loans to former subsidiaries. V. 96, p. 423.
Also a stock div. of 400% in $25 par value shares payable Dec. 20 1922.
V. 115, p. 2279.
DEBENTURES.— The 20-year gold debentures are redeemable in
whole or in part as follows: From Aug. 1 1927 to Aug. 1 1931 at 103 and
int.; from Feb. 1 1932 to Aug. 1 1936 at 102 and int.; from Feb. 1 1937 to
Aug. 1 1941 at 101 and int.; from Feb. 1 1942 to Aug. 1 1946 at 10043 and
int. V. 123, p. 2790.
R E PO RT.— For 1926 (see V. 124, p. 3058), showed:
Consolidated Earnings Calendar Years.
1926.

1925.

1924.

1923.

Total gross earnings-----z l ,283,554,861zl,122,682,611 x409,995,806 x367,334,410
a Inc. from oth. sources..
25,409,173
22,837,893
9,785,430
8,490,245
Total gross income-------1,308,964,034 1,145,520,50lT419,781,236
375,824,655
General expenses------------ 11,119,236,426
972,693,627 / 10,608,199
8,689,777
Costs and oper. charges./
(377,642,143 340,306,941
Reserve for Income taxes
on earnings___________
16,107,694
13,188,618
________
________
General taxes__________
Not shown
Not shown
970,964
1,148,080
Depreciation .............
y55,967,712
y48,406,904
10,292,977
10,172,876
Consol, net earnings.. . 117,652,201 111,231,355
20,266,952
15,506,981
Proportion of earnings of
affil. cos. aft. Fed. tax. Not shown
Not shown
60,749,618
40,788,300
Total income_________ 117,652,201
111,231,355
81,016,570
56,295,282
Pref.divs. (7% perann.).
13,998,103
13,998,103
13,998,103
13,998,103
Common dividends..(4K % )23,230,R76 (4)20,395,991 (4)20,181,570 (4)20,013,718
Balance, surplus______
80,423,422
76,837,261
46,836,897
22.283,461
278,260,966 231,424,069 209,140,608
Previous surplus------------ 349,224,882
Inc. tax payments, &c.,
adjust, prior years___
2,857,507
5,873,345
________
________
Prof. & loss surp., incl.
res. for annuities___ 426,790,797
349,224,882 278,260,966 231,424,069
Shs. com. outst. (par $25)
20,695,900
20,588,240
20,292,068
20,083,968
Earns, per sh. on common
$5.01
$4.72
$3.30
$2.10
x Gross income from operations with all departmental transactions eliminated,
y Includes depletion, z Including inter-company transactions, but excluding all
,nter-departmental transactions, a Net income from miscellaneous sources, includ­
ing int. and divs. from corporations not consolidated

DIRECTO RS.— Chairman, George H. Jones; Pres.. Walter C. Teagle.
V .-P ., J. A. M offett, S. B. Hunt (V.-P. & Treas.), Chas. G. Black, F. H.
Bedford Jr., Edgar M . Clark, E. J. Sadler, D. R. Weller and Walter Jen­
nings, W . S. Farish, J. A. Mowinckel, Christy Payne, Heinrich von Riedemann, J. H. Senior, S. H. Smith, C. O. Swain. Secretary is Charles T.
White. Office, 26 Broadway, N. Y .— (V. 125, p . 2826.)
STANDARD OIL CO. OF NEW Y O R K .— O R GAN IZATION , &c.—
Incorp. in New York in 1882. Has several refining plants at New York,
Buffalo and East Providence, and also markets oil. Also conducts a
number of collateral businesses, including the manufacture of barrels, cans,
boxes and wicks. Formerly controlled by N. J. company, but segregated
In 1911. See Standard Oil Co. of N. J. V. 85. p. 216, 790; V. 93, p. 13d0.
Acquisition of Magnolia Petroleum Co.— About 1918 the company acquired
approximately a 70% interest in the Magnolia Petroleum Co. In 1925 it
acquired all the properties of this joint stock association, the holders of the
minority interest receiving $57,158,800 o f the stock of the company therefor.
The properites thus acquired were conveyed to and are now operated by
Magnolia Petroleum Co. (Texas) with a capital stock of $185,000,000, ail
issued and all owned by the company, excepting directors’ qualifying shares.
Acquisition of General Petroleum Corp.-—In M ay 1926 the company ac­
quired all the properties of the General Petroleum Corp., a producing,
refining and marketing company engaged in business in California and other
Pacific Coast States. These properties were acquired for 2,320,364 shares
of the stock of the company. The properties thus acquired were trans­
ferred to a new company.
General Petroleum Corp. of Calif, incorp. in
Delaware, with a total authorized capital stock, $60,000,000, of which
$58,019,100 has been issued, all owned by the company.
Subsidiary Companies.-—The following is a list of subsidiary companies,
which are 100% owned except for directors’ qualifying shares:
Name of Company—
Incorporated. Capital Outst.
Standard Transportation Co. (D el.)____________June 2 1915 $12,500,000
£1,500,000
Standard Transportation C o., Ltd. (China)_____Aug. 2 1916
Tank Storage & Carriage Co., Ltd., Gt. Britain)April 9 1888
£25,000
Saddle River Oil Co. (N. J .)--------------------------- June 27 1912
$100,000
Socony Proprietary,Ltd.(Melbourne,Australia).Oct. 13 1922
£51,400
Socony Burner Corp. (D el.)__________________Oct. 26 1923
$2,600,000
Magnolia Petroleum Co. (Texas)______________ N ov. 21 1925 185,000,000
General Petroleum Corp. of Calif. (D el.)______ April 24 1926
58,019,100
Sobol Bros., Inc_____________________________
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
Stocks— C om $450,000,000 ($25)- ____
$436,200,400 _____________
Bonds— 12-yr gold debentures/ 6 43 g M -N $20,000,000 M ay 1 1933
red (text) ($100 &c)Ba.xxxc* tint, at Bankers Trust or Blair & Co., N .Y .
25-yr debentures red (text) J 4 43 J-D
$50,000,000 Dec. 15 1951
($500 & $1,000)---------B a.c*(Int. at Dillon, Read & Co., New York.
Magnolia Pet Co ser 10-yr g deb ( 443 g F-A $12,000,000 Feb. 15 1935
due $1,500,000 ann (text) ( Int. at Galveston or National City Bank,
($1,000_)____________ xxxc* _ ( New York.
Gen Pet Corp 15-yr 1st M s f g / 5 g F-A
$22,458,000 Aug. 15 1940
bonds red (text) $35,000,000 -lint, at Bank of California, San Francisco,
($500 &c)__________ kxxxc* ( Guaranty Trust C o., New York.
STOCK.-—The stockholders on M ay 26 1927 increased the authorized
capital stock from $437,500,000 to $450,000,000, the increase to be used
for the sale & issue to employees under the stock purchase plan of the
company. V. 124, p. 2605.
D IV ID E N D S.— On $25 par value stock paid 35c. quar. Mar. 15 1923 to
June 15 1926; on Sept. 15 1926 to and incl. Dec. 15 1927 paid 40c. quar.
Also paid a stock div. of 25% in Feb. 1926.
DEBENTURES.— The $20,000,000 643% gold debentures are redeem­
able all or part on M ay 1 1928 at 103 and int. and thereafter on any int. date
at 103 and int. less 3-10 of 1% for each succeeding 6 months until maturity.
Company will provide $750,000 p. a., available semi-annually, beginning
Nov. 1 1921, to be applied within 6 months to the purchase of these deben­
tures at not over 100 and int. If debentures are not available for purchase
at that price, the balance will revert to company.
Restrictions.— (1) Total funded debt, incl. this issue, shall never while
any of these debentures are outstanding exceed 50% of total net assets;
(2) company will not create any mortgage unless debentures share equally
and ratably in lien of such mortgage (this shall not apply to purchase money
mortgages, &c., to secure temporary loans). V. 112. p. 2091.
The $50,000,000 443% debentures are redeemable, all or part, at 101
and int. on or before Dec. 15 1936, and thereafter at 100 and int.
These debentures will be the direct obligation of the company and will
be issued under an indenture which will provide that, except for existing
mortgages on property now owned and for purchase money or existing mort­
gages on property which may be acquired hereafter, and replacements of
any thereof, and except for pledges in the usual course of business to secure
loans for not exceeding one year, neither the company, nor any of its sub­
sidiaries, will mortgage or pledge any of its property without securing these
debentures ratably with the obligations to be secured thereby. V. 123,
p. 2913.

Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

The Magnolia Petroleum Co. serial gold debentures are redeemable all
or part on any int. date upon 30 days’ notice at face value plus a premium
o f M % for each 6 months intervening between date o f redemption and
maturity in the case o f debentures o f each series.
BONDS.— The General Petroleum Corp. 1st mtge. sinking fund 5% gold
bonds are red., all or part on any int. date on 30 day’s notice on or before
Feb. 15 1938 at 10214 and int., the premium thereafter decreasing 14 o f 1%
for each six months period. Bonds will be secured by a direct first mortga ge
on all the fixed property o f the corporation, incl. oil lands, leases, refineries
and storage facilities. Bonds will also be secured by a mortgage on the tank
steamers owned. Bonds will be further secured by pledge o f all the capital
stock, except directors’ qualifying shares, o f the General Pipe Line Co. of
California and other subsidiaries. The indenture will provide for an annual
sinking fund o f $800,000, payable in equal quarterly installments commenc­
ing Jan. 1 1926, to be applied to the purchase o f bonds at not exceeding
the redemption price or to redemption by lot. Whenever bonds in addi­
tion to these $18,000,000 are issued, an additional sinking f und will be estab­
lished sufficient to retire at least 64% o f such bonds by their maturity.
The remaining authorized bonds may be issued to retire the 5-year 6 %
gold notes or for other purposes under the restrictions provided in the
Indenture. V. 121, p. 1352.
NOTES.— The General Petroleum Corp. 5-year 6% were redeemed
Dec. 1 1927 at 100K and int.
RE PO RT.— For 1926, in V. 124, p. 2740, showed:
Calendar Years—
yl926.
1925.
1924.
1923.
x Total earnings________$71,646,813 $72,175,827 $38,671,197 $30,827,578
Deprec’n and insurance. 35.909,557 28,480,563
1,340,600 12,464,240
Interest on bonds______ 2,960,755
2,114,878
3,310,554 3,400,000
Net profits___________$32,776,502 $41,580,386 $22,020,043 $14,963,338
Previous surplus_______ 158,963,802 116,321,195 106,027,134 103,909,470
Magnolia Petrol, surplus
______ 14,173,728
M ag. Petr. surp. o f subs.
--------2,908,659
General Petr. Corp. sur.
929,262
’ ------------------------Adjustments__________ Dr.2,869,971 D r.547,057 Cr.964,545 Dr.243,928
Total su rplus...........$189,799,595$174.436,911$129,011,722$118,628,880
Cash dividends paid___ $23,456,792 14,345,486 $12,690,527 $12,601,745
Dividend rate_______
(6% )
(5 3-5%)
(5 3-5% )
(5 3-5% )
Capital distribution____ 71,691,103
1,127,623
----------------Profit & loss surplus.z$94,651,701$158,963,802$116,321,195$906,027,134
Shares o f capital stock
outstanding (par $25). 16,809,928 11.459,264
9.101,412
9,012,984
Earns, per sh. on cap.stk.
$1.95
$3.63
$2.42
$1.66
x Total earnings are after deducting expenses incident to operations.
Including taxes, y Includes earnings o f General Petroleum Corp. of Cali­
fornia from date of acquisition, May 18 1926. z Capital surplus, $21,470,551: earned surplus, $73,181,150.
OFFICERS.— Chairman. H. C. Folger; Pres., H. L. Pratt: V.-Ps.. O. F
M eyer, H. E. Cole, C. M . Higgins, E. R. Brown, John Barneson and
F. S. Fales; Sec., H. A. Wilkinson; Treas., R. P. Tinsley. Office, 26 Broad­
way, N . Y .— (V. 124, p. 3511.)
(THE) STANDARD OIL CO. (OF OH IO).— ORGA N IZA TIO N .—
Incorp. in Ohio in 1870. Has refineries at Cleveland and Toledo, Ohio, also
markets oil. Formerly controlled by N . J. company. V. 85. p. 216, 790;
V. 93. p. 1390.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $14,000,000 ($25)-- ____
$14,000,000 ------------------Pref cum call 115 ($100)______ 7 Q-M
$7,000,000 ------------------STOCK.— Shareholders on May 25 1916 authorized an Increase of stock
from $3,500,000 to $7,000,000 to provide for 100% stock div., payable July 5
1926. V. 102, p. 1544, 1991; V. 106, p. 2371. Govt, suit, V. 118, p. 3161.
The shareholders voted Jan. 12 1920 to increase the auth stock rrom
$7,000,000 to $21,000,000 by creating $7,000,000 new 7% cumulative
preferred stock and Issuing $7,000,000 additional common stock. Stock­
holders o f record July 12 1920 were given the privilege of subscribing tc
one share of new preferred stock at par ($100) for each share of common
stock held.
The stockholders on Feb. 14 1927 voted to change the par value of the
common stock from $100 to $25 per share, at the rate of four new shares for
one o f the old.
D IV ID E N D S.— Dec. 16 1912, 5% for 6 mos. ending Oct. 30 1912; 1913,
20% (3% and 2% extra quar.; 1914, 9% and 9% extra; 1915, 12 and 12%
extra (3 and 3% extra quar. Q.-J.); 1916, Jan., Apr. & July. 3 and 3% extra.
Jan. 1917 to Jan. 1923, 16% p. a. (quar. 3 and 1% extra). On Dec. 12 1922
paid 100% in common stock. Apr. 2 1923 to Jan. 3 1928 paid 2}$ % quar.
On pref., 1M % quar. paid Sept. 1 1920 to Dec. 1 1927.
REPO RT.— For 1926. in V. 124, p. 2293, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net profits____________ $3,207,429 $3,455,422 $3,731,822 $3,143,166
Preferred dividends____
490,000
490,000
490,000
490,000
1,400,000
1,400,000
Common dividends......... 1,400,000 1,400,000
Surplus______________$1,317,429 $1,565,422 $1,841,822
$1,253,166
OFFICERS.— Pres., A. P. Coombe; V.-Pres., W . H. Foster, B. A.
Mathews; Sec. & Treas., M . G. Vilas. Office, Cleveland, O.— (V. 125,
p. 2402.)
STANDARD PLATE GLASS CO.— (V. 124, p. 2765 )
STERLING PRODUCTS, INC.— Incorporated under laws of West
Virginia on M ay 14 1901. The business o f the corporation and its sub­
sidiaries is chiefly the production and sale of medicines and pharmaceutical
preparations. The various products manufactured and sold include the
following: Bayer’s Tablets o f Aspirin, Cascirets, California Syrup of Figs,
Danderlne, Pape’s Diapepsin, Pape’s Cold Compound, Diamond Dyes,
Dandelion Butter Color, Dodson’s Livertone, Drake’s Palmetto Compound,
Phillips Milk o f Magnesia, Phillips’ Dental Magnesia, Dr. James’ Family
Remedies and Neuralgyline. In Feb. 1923 purchased a one-fourth interest
in and assumed the management o f Household Products, Inc., manufac­
turers o f “ Chas. H. Fletcher’s Castoria.” V. 116, p. 731.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks-Com 1,000,000shs(nopar) ____
625,000 shs ------------------STOCK.— See table.
D IVIDEN DS.— On stock of no par value paid dlv. of 62}$ cents a
ihare on M ay 1 1922; Aug. 1 and N ov. 1 1922 paid 75 cents each; Dec. 22
1922 paid 75 cents extra: Feb. 1 1§23 to Feb. 1 1926 paid $1 quar.; M ay 1
1926 to Aug. 1 1927 paid $1.25 quar. Extra divs. o f $1 each on Dec. 10
1923, Dec. 15 1924, Dec. 15 1925, Dec. 23 1926 and Dec. 1 1927.
R E PO RT.— For 1926, in V. 124, p. 518, showed:
Years Ended Dec. 31—
1926.
1925.
1924.
1923.
Net profits after Federal
and State taxes______$5,413,802
$4,910,830 $4,734,697 $4,642,255
Previous surplus_______ 8,075,204
6,305,095
4,710,225
3,268,217
Total surplus________ $13,489,006 $11,215,925
Previous period adjust’ts Dr.200,506
Dr.7,596
Dividends (com pa n y).. 3,750,000
3,125,000
Sterl. Rem. Co. pref.divs
7,870
8,126

$9,444,922 $7,910,472
D r.6,668 Dr. 153,886
3,125,000 3,038,128
8,159
8,233

Profit & loss surplus.. $9,530,631 $8,075,204 $6,305,095 $4,710,225
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 518.
OFFICERS.— Pres., H. F. Behrens; V .-P., Charles A. Aul; Sec. & Treas.,
A. H. Diebold; Gen. M gr., W. E. Weiss. Office, 88 Nineteenth St.,
Wheeling, W . Va.— (V. 125, p. 2402.)
STEW ART-W ARNER SPEEDOMETER CORP — ORGANIZATION
Incorp. in Virginia on Dec. 20 1912. Plant is located in Chicago, 1 1
1
Full data. V. 104, p. 450: V. 96, p. 207, 140, 66; V. 101, p. 45; V. 103
p. 499. As to allied Stewart Die Casting Corp., see V. 107, p. 1198, 1673,
2104, 2295; V. 108, p. 978; V. 112, p. 856.
It was announced on Nov. 11 1924 that the corporation had acquired
control of the Bassick Alemite Corp. V. 119, p. 2300, 2420.
During 1925 the corporation commenced producing radio sets. Patent
suit, V. 123, p. 1888.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stock— C om 600,000shs (n opa r). -----599,990 shs ------------------STOCK.— Stcckholders voted June 4 1920 to Increase the common
stock to 600.000 snares, no par value.
On Sept. 30 1926 there was also outstanding $1,000,000 collateral trust
7% serial gold notes o f Bassick Alemite Corp.
All o f the pref. stock o f Bassick Alemite Corp. was redeemed at $110
r share on July 25 1927.




233

D IV ID E N D S.—
1921. 1922. 1923. 1924. 1925
1926Per sh are____________________ $2.50
$4
$9
$7}$
$6
$6
Paid in 1927: Feb. 15, $1.50; M ay 15, $1.50; Aug. 15, $1.50; N ov. 15, $1.50.
RE PO RT.— For 1926, in V. 124, p. 1082, showed:
1926
1925
1924
1923
Profit &inc. (see n o te )..
$5,786.629$8,469,089 $3,898,164 $7,586,499
Federal ta x e s.................
657,744
925.000
397,057
858,380
Dividends paid________
3,659,091 3,642,999
3,463,413 4.244,233
______
______
______
25,374
Prem. on pref. stok. ret’d
Surplus net in com e.-. $1,449,794 $3,901,090
$37,694 $2,458,512
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 1525.
Period End. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 Mos.— 1926.
Net earnings after depr.,
Federal taxes, &c------$1,627,706 $1,686,531 $4,198,632 $4,808,346
Note.— “ Profits and income” are shown, “ after deducting all manufactur­
ing, selling and administrative expenses, including adequate provisions for
iiscount8 and losses on doubtful accounts, depreciation on plant equipment,
S c ."

OFFICERS.— Pres., C. B. Smith: V.-Pres., V. R. Bucklin; V.-Pres. S
c
3ec., W. J. Zucker; V.-Pres. & Treas., T . T. Sullivan. Directors, C. B.
Smith, V. R. Bucklin, W. J. Zucker, L. H. La Chance, J. E. Otis, Chicago.
— (V. 125, p. 2826.)
STINNES (HUGO) CORP.— Organized in Maryland. Will acquire al
o f the capital stock presently to be issued of Hugo Stinnes Industries, Inc.
(Maryland) which will control by stock ownership a co-ordinated group of
important and long established enterprises engaged in the production and
distribution o f coal, coke and their by-products, including electricity and
gas.
In addition, Hugo Stinnes Corp. will acquire, by stock ownership, the
control of a group of diversified manufacturing enterprises, income pro­
ducing real estate, both city and country, including hotels, office buildings,
apartment houses and farm and timber lands and long term accounts
receivable.
These holdings will be acquired from the sole legatee of the late Hugo
Stinnes Sr. Substantially all of the properties are located in Germany,
with the exception o f certain coal terminal and distributing facilities in
Holland, Belgium, Denmark, Sweden and Italy and timber lands in Sweden.
It is proposed to liquidate certain o f the manufacturing plants not related
to the coal industry, part of the real estate and long term accounts receivable
and certain marketable securities, as favorable opportunities present them­
selves.
STOCK.— Authorized, 1,200,000 shares o f no par value; outstanding
750.000 shares.
NOTES.— Halsey, Stuart & C o., Inc., A. G. Becker & C o., Newman.
Saunders & C o ., In c., Commerz and Privat Bank A . G. (Hamburg— Berlin),
William R. Compton Co. and Henry L. Doherty & Co. in Nov. 1926
offered at 99}$ and int. $12,500,000 10-year 7% gold notes (closed issue).
Dated Oct. 1 1926; due Oct. 1 1936. Int. payable J. & J. at Chicago
and New York offices o f Halsey, Stuart & C o., Inc. and A. G. Becker
& C o., joint fiscal agents, without deduction for Federal income taxes not
in excess o f 2% per annum. Denom. $1,000 and $500 c*. Red. all or
part by lot, at any time upon 30 days' notice at 102}$ and int. Company
will reimburse the holders of these notes, if requested within 60 days after
payment, for the Penn., Conn, and Calif, personal property taxes, not
exceeding 4 mills on the principal per annum, for the Maryland 4}$ mills
securities tax, and for the Mass, income tax, not exceeding 6% of the
interest per annum. American trustee: Central Union Trust C o., New
York.
Warrants.— Each note will carry two warrants, detachable after Oct. 1
1927 as follows: (1) A warrant entitling the holder to receive, during a
period of 30 days beginning Oct. 1 1927, outstanding stock of the corporation
in the ratio of 5 shares for each $1,000 of notes, and (2) a warrant entitling
the holder to purchase, after Oct. 1 1927 and on or before Jan. 1 1929,
outstanding stock of the corporation, in the ratio of 5 shares for each $1,000
of notes, at $20 per share. Warrants attached to notes called for redemption
on or before Oct. 1 1927 may be exercised on or before the redemption date.
Security.— This issue of notes will constitute a direct obligation of the
corporation and will be secured by the direct pledge with the trustee of the

following:

(1) All the capital stock presently to be issued o f Hugo Stinnes Indus­
tries, Inc., which company will hold, directly or through subsidiaries, 55%
of the stock of Mathias Stinnes Mining C orp., 54.2% of the stock, excluding
treasury stock, o f Muelheimer Mining Corp., 100% of the stock of Hugo
Stinnes, Ltd. and sundry other stocks of companies engaged in the mining
transportation and distribution of coal and by-products (see also Hugo
Stinnes Industries, Inc. for description of properties, &c.)
(2) Mortgages (in gold marks) representing substantially the full value,
or stocks representing the ownership, of the Esplanade Hotel, Berlin, the
Atlantic Hotel, Hamburg, the Carlton Hotel, Frankfort, and the Nassauer
Hof, Wiesbaden, which are among the leading hotels in Germany, a group
of three hotels in Oberhof, an office building in Hamburg, and three office
buildings in Berlin.
(3) Mortgages in the gold mark equivalent of $2,289,000 on over 22,000
acres of cultivated farm and timber lands in Germany and a mortgage
of $500,000, or its equivalent in Swedish kroner, on 10,000 acres of timber
land in Sweden.
(4) Mortgages (in amounts to be fixed in the indenture) upon, or stocks
representing the ownership of, 36 office buildings, apartment houses, stores
and dwellings in Berlin, Hamburg, Harburg, Wiesbaden, Duesseldorf and
Mulheim, Germany, and real estate in Holland and Sweden.
DIRECTO RS.— The board o f directors will include, among others.
Hugo Stinnes, Jr.; F. H. Witthoefft, Hamburg; Franz Bracht, Essen;
George W. Davison (Pres, of Central Union Trust Co. of New York) and
representatives from three banking institutions.— (V. 124, p. 2293.)
STINNES (HUGO) INDUSTRIES, INC.— A Maryland corporation,
all of whose capital stock presently to be issued will be owned by the Hugo
Stinnes Corp. (Maryland), will own or control stocks representing all of
the coal and coal products holdings and certain other interests now owned
or controlled by the sole legatee of the late Hugo Stinnes Sr.
These holdings include majority interests in a group of companies engaged
in the whole field of production, transportation and wholesale and retail
distribution of coal and coke, and doing an international business.
Properties.— Mathias Stinnes Mining Corp., at Karnap, near Essen, and
Muelheimer Mining Corp., at Muelheimer (both in the Ruhr District),
have an annual producing capacity of over 6,700,000 short tons of coal,
700.000 tons of coke and 800,000 tons of fuel in the form of briquettes, and
have an estimated reserve of over 330,000,000 tons o f bituminous and an­
thracite coal. These companies (together with Hugo Stinnes, Industries
Inc.) will own, directly or through subsidiaries, a 46% interest in RheinischeWestfaelische Bergwerks Gesellschaft, a corporation owning the great
Ruhr coal reserve, estimated at over 7,000,000,000 tons. With their
subsidiaries, they also are engaged in the production of by-products with an
annual capacity of 4,000,000,000 cubic feet of gas for their own use and for
distribution in neighboring cities, over 260,000,000 k.w.h. electric power,
partly sold for public use; 2,160,000 gallons o f benzol, 6,600,000 gallons of
tar oils 10,000 tons o f ammonium sulphate, 50,000 tons of glass products,
45,000,000 brick, and various other products.
Mathias Stinnes Mining Corp. has developed a process of low temperature
distillation of coal, producing semi-coke, a high grade fuel commanding a
premium in price, gas o f higher heating value than is usual in by-products
plants, and various gas oil products.
Hugo Stinnes, L td ., directly or through subsidiaries (mainly 100% owned)
owns extensive storage facilities with modern electrically operated loading
and unloading steel bridges for transfer o f coal between ship and rail carriers
at the ports of Hamburg-Harburg, Mannheim, Stettin, Koenigsberg,
Nordenham and Duisburg, Germany, and Copenhagen, Denmark; and coal
stations or yards at Hamburg, Berlin, Stuttgart and Bremen, Germany;
Antwerp, Belgium; Messina, Italy, and Stockholm, Sweden. It also owns
15 ocean steamers totaling 59,000 deadweight tons, 20 tug boats, 243 steel
barges with a carrying capacity o f 74,000 tons, and other floating and land
equipment. Also it owns, as a whole or in part, 22 companies engaged in
wholesale and retail distribution of coal, coke and briquettes in all of the
above mentioned German cities and many others.
STOCK.— Authorized, 300,000 shares; outstanding, 200,000 shares, no
par value.
DEBENTURES.— Halsey, Stuart & Co., Inc., A . G. Becker & Co.,
Newman, Saunders & C o., Inc , Commerz und Privat Bank, A. G. (Hamburg-Berlin), William R . Compton Co. and Henry L. Doherty & Co. in
Nov. 1926 sold at 99)$ and int. $12,500,000 20-year 7% sinking fund gold
debentures (with warrants)

Dated Oct. 1 1926; due Oct. 1 1946. Interest payable A . & O. at Chicago
and New York offices o f Halsey, Stuart & Co., Inc., and A . G. Becker &
C o., joint fiscal agents, without deduction for Federal income taxes not in
excess o f 2 % . Denom. SI,000 and $500 c*. Red. as a whole on 60 days'
notice at any time to and incl. Oct. 1 1931 at 105, thereafter to and incl.
Oct. 1 1936 at 104, thereafter to and incl. Oct. 1 1941 at 103, thereafter to
and Incl. Oct. 1 1945 at 102, and thereafter to maturity at 100, together
with int. in each case. Debentures will also be redeemable for the sinking
fund (sinking fund payments may be anticipated by the company) in part
by lot on 30 days’ notice, at any time to and incl. Oct. 1 1941 at 10244, there­
after to and incl. Oct. 1 1945 at 102, and thereafter to maturity at 100,
together with int. in each case. Company will reimburse the holders of
these debentures, if requested within 60 days after payment, for the Penn.,
Conn, and Calif, personal property taxes, not exceeding 4 mills on the prin­
cipal per annum, and for the Maryland 444 mills securities tax, and for the
Mass, income tax not exceeding 6% o f the interest per annum.- Central
Union Trust C o., New York, trustee.
Warrants.— Each debenture will carry two warrants, detachable after
Oct. 1 1927, as follows: (1) A warrant entitling the holder to receive, during
a period o f 30 days beginning Oct. 1 1927 outstanding stock o f Hugo Stines
Corp. in the ratio o f 5 shares for each $1,000 debentures, and (2) a warrant
entitling the holder to purchase, after Oct. 1 1927 and on or before Jan. 1
1929 outstanding stock o f Hugo Stinnes Corp. in the ratio of 5 shares for
each $1,000 o f debentures, at $20 per share. Warrants attached to deben­
tures called for redemption on or before Oct. 1 1927 may be exercised on
or before the redemption date.
Security.— These debentures will constitute a direct obligation of Hugo
Stinnes Industries, Inc., and will be secured by the direct pledge with the
trustee o f the following assets. Based on appraisals o f the operating prop­
erties by Edward Rushton, Son & Keyon o f Manchester, Eng., the value
o f the assets to be pledged is in excess o f $34,000,000.
(1) 55% o f the stock o f Mathias Stinnes Mining Corp. (Gewerkschaft
Mathias Stinnes).
(2) 54.2% o f the stock, excluding treasury stock, o f Muelheimer Mining
Corp. (Muelheimer Bergwerks Verein A. G.)
(3) 100% o f the stock o f Hugo Stinnes, Ltd. (Hugo Stinnes G. m. b. H .).
(4) Sundry other stocks o f companies engaged principally in the mining,
transportation and distribution o f fuel and fuel products.
The $2,500,000 authorized but unissued debentures will be issuable only
to the extent o f 50% o f the appraised value o f additional assets to be ac­
quired by the company and pledged for the security o f these debentures.
Interest and Sinking Fund.— Indenture will provide for the payment to
the joint fiscal agents, in equal semi-annual installments throughout the
life o f the present Issue o f debentures, of $1,250,000 annually, to be applied,
first, to the payment o f interest on the outstanding debentures, the balance
remaining to be applied as a sinking fund to the purchase or redemption
and cancellation o f debentures. This fund is calculated to retire the present
issue by maturity. Company will have the privilege o f anticipating its
sinking fund obligations.
DIR E C TO RS.— The board will include among others Hugo Stinnes Jr.;
F. H. Witthoefft, Hamburg (Chairman o f the Board o f the Commerz und
Privat Bank); Franz Bracht, Essen (Vice-Chairman o f the Rhine-Westphalia
Electric C o.); George W. Davison (President o f Central Union Trust C o.),
New York: and a representative from three banking institutions.— (V.
125, p. 1990.)
STROMBERQ C ARBURETOR CO. OF AMERICA, INC.— ORGAN­
IZA TIO N .— Incorp. in N . Y . on July 21 1916 and acquired the capital
stock ($50,000) o f the Stromberg M otor Devices Co., an Illinois corporation
(V. 103, p. 417) with factory In Chicago and branches In N. Y ., Boston,
Detroit, Indianapolis and Minneapolis. In N ov. 1924 acquired the entire
capital stock o f the Stromberg Research Corp. V. 119, p. 2300.
In Jan. 1919 obtained contract supplying carburetors for all new Studebaker motor cars. V. 108, p. 282.
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 150,000 shs (no par) ____
80,000 shs ------------------STOCK.— The stockholders on Jan. 10 1923 Increased the authorized
capital stock from 75,000 shares (all outstanding) to 160,000 shares, no
par value.
D IV ID E N D S.— No. 1, April 2 1917 to July 1 1918, 75 cents quar.; Oct
1918 to April 1919, paid 75 cents and 25 cents extra. July 1919 to Oct. 1920
Sliquar. Jan. 1921, 50 cents: then none until "Oct. 1922, when $1 was
paid; Jan. 1923 paid $1 25; April 1923 to Oct. 1923 paid $1 75 quar.; Jan.
1924 paid $2 quar. and $1 50 extra; April 1924 to Oct. 1924 paid $2 quar.:
Jan. 1925 to Jan. 1927 paid $1.50 quar.; Apr. 1 1927 to-Oct. 1 1927 paid
50c. quar.
R E PO RT.— For 1926, in V. 124, p. 2294, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Gross profit on sales____$1,259,729 $1,574,876 $1,253,461 $1,656,376
Selling & admin, expense
741,344
837,043
634,199
631,049
Oth. deduc.,lessoth. inc. Cr. 19,361
17,151
Cr22,535
28,852
Profits for year______
Federal taxes (est.)_____
Dividends.........................

$537,746
74.600
479,634

$720,681
91,000
479,754

$641,797
80.000
580,000

$996,476
125,000
656,250

Balance, surplus_____def$16,488
$149,927 def$18,203
$215,225
DIR E C TO RS.— Charles W . Stiger, Oak Park, 111., Pres.; Hicks A.
Weatherbee, N . Y . City; George H. Saylor, N. Y . City. Treas.; George F.
Lewis, Sec.; Harland B . Tibbetts, N . Y . City; William L. O’Neill, 1st
V .-P ., and Chas. A. Brown, Chicago. Office, 37 Wall St., New York.—
(V. 125, p. 1473.)
STUDEBAKER CORP. (THE)— O R G A N IZA T IO N — Incorporated Ib
New Jersey Feb. 14 1911 and took over the Studebaker Bros, (wagons and
carriages, &c.) M fg. C o., South Bend, Ind., and “ E. M . F. (automobile)
C o .” of Detroit, V. 92, p. 534, 602; V. 98, p. 834; V. 103, p. 1046. Plants
are located at South Bend, Ind.; Detroit, M ich., and Walkerville, Ont.
The completion of the new automobile plant at South Bend begun in 1916,
and buildings erected since, gives the company a capacity o f 200,000 auto­
mobiles per annum. The wagon business was sold to the Kentucky Wagon
Mfg. Co. in 1920. V. 112, p. 477.
The Industrial Acceptance Corp. has been organized to take over and
continue financing the sales o f Studebaker automobiles from factory to
dealer and from dealer to individual purchasers.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Sjocfcs-Com2,500,000shs(nopar) ____
1,875,000 shs _____________
Pref 7% cum $15,000,000 red
125 ($100)___________________ 7 Q-M
$7,425,000 .......................
STOCK.— A special surplus account, which on Mar. 31 1926 amounted to
$5,670,000, retires 3% o f pref. stock yearly at not exceeding 125; the
amount issued, $13,500,000, had in Oct. 1926 thus been reduced to
$7,500,000. No mortgage or preferred stock increase, except by consent
o f at least 75% o f each class. See V . 101, p. 1482; V. 102, p. 527, 894
The stockholders on April 1 1924 changed the auth. common stock from
750,000 shares, par $100 (all outstanding) to 2,500,000 shares of no pair
value. Of the new stock, 1,875,000 shares were issued in exchange for the
old common stock, par $100, in the ratio ot 244 shares o f no par value stock
for each $100 share held. The remaining 625,000 shares will be held in
the treasury.
Voting rights o f the 7% pref. stock will not be affected In any way by
the change in the common stock, as an amendment provides that holders of
the new common shall be entitled to only one vote for each 2 44 shares and the
holders o f less than 2 44 shares of common stock shall not be entitled to vote.
D IV ID E N D S.—
(1918. 1919. 1921. 1922.1923. 1924. 1925. 1926.
On common__________ \ 4
4H
7
8 44 10
text
$44i $5
Extra_________________( __
24i
*
*144 -$1
♦May 5 1920 paid 33 1-3% and on Dec. 29 1922paid 25% in com.stock.
In 1924 paid 2 44% on Mar. 1, one June 2, Sept. 1 and Dec. 1 paid $1
per share on new stock o f no par value.
Paid in 1927: Mar. 1, $1.25; June 1. $1.25; Sept. 1, $1.25; Dec. 1, $1.25.
R E PO RT.— For 1926, in V. 122, p. 1303, showed:
1Q9R
lQoe
1094
iqo >
»
Automobiles sold...........
111,315
134,664
110,'240
146,167
Net sales.................... ..$141,536,652 161,362,945$135,406,055$166,153.683
M fg., &c., gen. exp., &c_125,528,612 141,030,380 118,624,654 144,704,833
Res. for depreciation... 1,520,438
1,794,802
1,392,809
1,141,045
Net earnings on sales.$14,487,502 $18,537,763 $15,388,592 $20,307,805
Deduct— Interest.net_
_ 0362,398 O$491,480 01369,834 O$606.936
Fed. & Canadian taxes.. 1,807.781
2,409,720
1,984,557
2,572,518
Preferred dividends____
542,325
679,338
595,000
638.760
Common dividends_____ 9,375,000
9,843,750
7,500.000
7.500,000
Balance, surplus......... $3,124,794 $6,196,435 $5,678,869 $10,203,473




[V ol.

INDUSTRIAL STOCKS AND BONDS

334

125,

BALANCE SHEET, as of Dec. 31 1926, in V. 124, p. 1211.
Consolidated Profit and Loss Surplus Account.
1927— 3 M os.— 1926.
1927— 9 Mos.— 1926.
32,298
31.228
94,118
90,628
Number of cars sold____
Net sales______________$36,768,950 $39,903,832 $109920,629 $115744,439
Cost, sell. & gen. e x p s .. 33,227,328 36,469,345 96,818,897 102,351,132
Net earnings________ $3,541,622
Int.received (lesspaid).
92,218

$3,434,487 $13,101,732 $13,393,307
107,243
242,833
244,115

Net profits__________ $3,633,840
U. S. & Can. inc. t a x es..
478,630

$3,541,730 $13,345,848 $13,636,140
473,466
1,718,256
1,832,015

Net profit_____________ $3,155,209
Deduct— Preferred divs.
129,937
Common dividends_
_ 2,343,750

$3,068,264 $11,627,592 $11,804,125
137,025
392,437
411,075
2,343,750
7,031,250
7,031,250

$587,489 $4,203,905 $4,361,800
Balance to surplus—
$681,522
e S. Fish; Pres., A. R . Erskine; Treaa.,
OFFICERS.— Chairman, Fredi
.. Aud.. H. E . Dalton. Office, South
N. R . Feltes; Sec., A. G. Rumpf;
Bend, Ind.— (V. 125, p. 2683.)
STUTE MOTOR CAR CO. OF AMERICA. INC.— ORGA N IZA TIO N .
— Incorporated In N . Y . on June 22 1916 (V. 102, p . 2347) and took over
the entire capital stock and in 1917 the property o f the Stutz M otor Oar
Co. o f Ind., manufacturing motor cars at its plant in Indianapolis.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bonds when D u e
Stocks— Com 263,000 shs (no par) ____
232,827 shs _____________
Bonds— 15-yr conv gold deb red ) 744 g
$789,000 Oct. 1 1937
(text) $1,500,000 ($1,000) (Int. a t -------------------------------------------------G.kxxxc* [
STOCK.— The auth. capital stock was increased in M ay 1920 from 120,000 shares to 200,000 shares and in N ov. 1922 to 263,000 shares.
D IV ID E N D S .— An initial dividend o f $1.25 was paid Oct. 2 1916 and
paid the same rate to Jan. 1 1920. In Apr. 1920 paid $1.25 in cash and
one-fifth of a share in stock. On June 29 1920 paid a 66 2-3% stock div.
in July and Oct. 1920 and Jan. 1921, paid $1.25 in cash. None since.
BONDS.— 7 44% debenture bonds, maturing Oct. 1 1937, are convertible
into stock on the basis ef 33 shares of stock for each $1,000 bond held.
They are redeemable at 10744 and int. until Oct. 1 1927 and thereafter
at 105 and int. V. 116, p. 188.
R E PO RT.— For 1926, in V. 124, p. 3226, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net sales______________ $11,426,850 $2,420,337 $2,347,887 $4,297,134
3,779,793
Cost of manufacture____ 9,940,977
3,120,425
2,447,907
Selling & general expense 945,498
445,188
312,244
457,354
Net earnings..............
Other income__________

$540,375df$l,145,276 def$412,264
29,675
12,085
24,104

sur$59,986
14,164

Net profit___________
Interest, &c., deductions
Net loss from branch op -

$570,050df$l,133,191 def$388,160
120,283
279,949
128,910
84,254
247,245
498

sur$74.150
114,685

Balance, deficit_____ sur$365,513 y$l,660,385
Previous surplus______ 2,277,621
4,001,359
______
______
Adjustments_____ _____
Sur. paid in by conv. of
bonds into stock_____
______
Cr43,513
Organ’n exp. charged off
______
Dr.63,353
Capital stock sold______
______
______

$517,567
4.531,441
______

$40,535
4,122,395
Dr .224

______
Dr. 12,516
______ xCr.449,805

Profit and loss surplus $2,686,647 $2,277,621 $4,001,359 $4,531,441
x Excess of sales price over declared book value of $5 per share, y Extra­
ordinary charges of $1,100,318 were made against 1925 operations for
expense of new car introduced in 1926 and inventory adjustments, losses on
old purchase commitments, and provision for losses to be sustained in
liquidating branches.
OFFICERS.— Chairman, E. V. R . Thayer; Pres., Frederick E. Moskovics; V.-P. & Sec., Willard A. Mitchell; V .-P ., Gordon Peach; V .-P . Edgar
S. Gorrell; Treas., Anthony F. Cassidy. Office, 141 Broadway, New
York.— (V. 124, p. 3226.)
SUBMARINE BOAT CORP.— ORGAN IZATION .— Incorporated at
Albany, N. Y ., Aug. 4 1915.
During 1925 the company segregated its business. T o carry out the
segregation a new Electric Boat Co. was organized and Submarine Boat
Corp. purchased 766,920 shares o f the capital stock o f the new Electric
Boat Co., or an amount approximately equivalent to the number o f shares
outstanding in Submarine Boat Corp., paying therefor $76,692 in cash.
This stock was declared as a dividend to the stockholders of Submarine
Boat Corp., on the basis o f one share of stock o f new Electric Boat Co. for
each share of stock o f Submarine Boat Corp.
The new Electric Boat Co. will be engaged in the business of building
submarines, motor boats and marine equipment formerly carried on by
the old Electric Boat Co. and its subsidiaries. The Submarine Boat Corp.
will operate the properties located at Port Newark, consisting o f the Newark
Bay Terminal facilities, the Atlantic Port R y. Co. and the fleet o f the
Transmarine Corp.
STOCKS A N D BONDS— ’ Rate of Int. Outstanding. Bds. when Due.
711,720 shs _____________
Stocks— Com 766,929 shs (no par) ____
STOCK.— See table.
D IV ID E N D S.— Dividends of $1 50 were paid Jan., A pr., July and Oct.
1916 and Jan. 1917; Apr. 1917, 75 cents. July 1917, 75 cents. None
thereafter until Feb. 7 1920, when 50 cents was paid: Aug. 7 1920, 50 cents:
Feb. 7 1921, 50c.; none since. In 1925 stockholders received shares of
the new Electric Boat Co. (see above).
RE PO RT.— For 1926 showed:
Calendar Years—
1926.
1924.
1923.
1925.
Gross earnings from con­
struction and sales_ $3,403,185 $4,029,140 $7,797,324 $8,668,546
_
Cost o f constr. & exps._ 3,393,799
3,810,004
6,503,101
7.333,246
Exp. not appor’d to cost
361,359
Net income__________
Other income__________

$9,386 ioss$142,222
89,799
7.086

Gross income________
.

Dividends.

$1,294,223
162,272

$1,335,300
622,703

$99,185 loss$135,136 $1,456,495
1926.
1925.
1924.
$304,636
$111,990 $1,295,685

$1,958,003
1923
$1,723,770

.def$205,451 def$247,126
. def309,430
48,457
. debl34,962 deb34,069
115,408
76,692

$160,810
7,610,162

$234,233
7.375.929

Profit: loss surplus_ def$765,252 def$309,430 $7,770,972 $7,610,162
_
OFFICERS.— Henry R . Carse, Pres.; L. Y . Spear, Henry R . Sutphen,
V^-Ps.; H . A . G. Taylor. Treas. & Sec. N . Y . office, 11 Pine St.— (V.
124, p . 2294.)
SUN OIL CO.— (V. 125, p . 2826.)
SUPERIOR O IL C O RPORATION .— Incorporated Oct. 25 1917 under
laws of Delaware. Engaged in producing, transporting, marketing pe
troleum products. Company owns developed leaseholds of oil and gas 1
Kentucky, Oklahoma, Kansas and Texas. (Kentucky producing proper­
ties, 11,833 acres; Oklahoma, 2,369 acres; Kansas, 2,679 acres; Texas, 196
acres.) The Corp. owns 31.500 acres of undeveloped leases in Kansas,
Oklahoma and Texas. There are 1,164 producing wells on all properties,
with output averaging 3,000 barrels per day net to the corp. Also owns
3 casinghead gasoline plants located at Ravenna and Torrent, K y ., and
Osage County. Okla. Contract for sale o f output in K y. with Atlantic
Refining Co.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks-Com 2,500,000 shs (no par) ____
1,102,238 shs _____________
Bonds— 5-yr 1st M s f gold red j 7 g F-A
$341,200 Feb. 15 1929
105 ( t e x t ) ... ___________ Ce lin t, at — ____. . . . . . . . ____ . . . . . . . . . . . .

Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

DIVS.— The Mar. 1921 div. was omitted; no payments since. Payments
had previously been made at the rate of $2 per annum (Q-M . 50c.).—
V. 111. p. 2146; V . 112, p. 660.
BONDS.— The 1st mtge. 7% gold bonds have a sinking fund of $200,000
annually and have attached (a) a detachable stock option warrant entitling
the bearer of each such warrant to purchase from the corp. its common stock
at the rate of 200 shares for each $1,000 o f bonds; at $4 per share on or be­
fore Feb. 14 1926; at $5 per share from Feb. 15 1926 up to but not after
Feb. 14 1927; at $6 per share from Feb. 15 1927 up to but not after Feb. 14
1928; at $7 per share from Feb. 15 1928 up to and incl. Feb. 15 1929; and (b) a
detachable stock option warrant entitling the bearer o f each such warrant to
purchase from the corp. its common stock at the rate o f 100 shares for each
$1,000 of bonds, at $3 per share on or before Aug. 15 1924. Payment of the
purchase price of the stock upon exercise o f any such stock option warrants
may be made at the option of the respective holders thereof either in cash or
in bonds at their face amount, with cash adjustment of interest on the
bonds. V. 118, p. 805.
R E PO RT.— For 1926, in V. 124, p. 2445. showed:
1923.
Calendar Years—
1926.
1925.
1924.
Gross income___________ $2,298,878
$1,291,317 $1,375,799 $1,359,146
548,163
Operating expenses, & c.
819,779
627,737
334,218
Abandoned leases & un­
proven acreage written
163,811
226,640
-----------o f f . . ________________
213,111
Gen. & admin, expenses.
227,128
192,978
215,296
813,996
Depletion______________
506,804
478,404
606,688
475.739
Depreciation....................
505,506
503,419
569,628
Net loss_____________ sur.$75,850
3 Mos. End. Mar. 31—
1927.
Gross income___________ $1,053,656
Expenses, &c__________
264,100
Depreciation__________
295,257
169,916
Depletion______________

$737,862
1926.
$255,688
231,270
102,956
104,261

$350,032
1925.
$356,388
227,373
132,256
120,636

$691,863
1924$361,103
189,988
96,806
160,679

Deficit
................p rof.$324,382
$182,798
$123,877
$86,370
Net profit for the first quarter o f 1927 is equivalent to 29c. a share on
1,103,238 shares of no par capital stock.
For the 9 months ended Sept. 30 1926 the gross income amounted to
$1,070,336, compared with $1,023,668 for the first 9 months of 1925. The
net loss, after all charges, depletion and depreciation, for the first 9 months
o f 1926 amounted to $310,821, against $411,950 for the like period of 1925.
OFFICERS.— Pres., H. G. Davies; V.-Pres., J. H. Stone; Treas., G. O.
Harned; Sec., E. J. Henry. Main office, Tulsa, Okla.— (V. 124, p. 2765.)
SUPERIOR STEEL CORP.— ORGANIZATION.— Incorp. in Va.
Dec. 22 1916 to acquire all outstanding stock o f Superior Steel Co. of Car­
negie, Pa. Manufactures hot and cold-rolled strip steel, which is used In
making pressed steel parts, replacing castings and machine parts for auto­
mobiles, furniture, buildings, &c.
The official statement made to the New York Stoek Exchange in connec­
tion with the listing o f the preferred and common stocks, was in V. 104,
p. 1904, giving full particulars regarding the company’s properties, &c.
STOCKS AN D BONDS—
Sate of Int. Outstanding. Bds. when Due.
$10,000,000 _____________
Stocks— Com $11,500,000 ($100) ____
Bonds— 15-yr 1st M s f red 105 J 6 J-D
$2,313,000 Dec. 15 1938
($1,000)________ Upi.kxxxc* (Int. at Union Trust C o., Pittsburgh.
STOCK.— The stockholders on April 13 1926 voted to decrease the
authorized capital stock from 800,000 shares to 191,730 shares of no par
D IVIDEN DS.— On com.. No. 1. 1H % on N ov. 1 1917; Feb 1918 to
May 1919 paid 1M % quar ; Aug. and N ov. 1919 paid Ji% ; Feb. 1920, H %
and
extra: May 1920 to May 1921, 1)4% quar.: Aug. 1921. H %'
then none until M ay 1 1924, when H % quar. was paid; Aug. 1 1924 to
Feb. 2 1925 paid % % quar.; then none until June 1 1926 when 50 cents
per share was paid; same amount paid Sept. 1 and Dec. 1 1926; none in
April 1927.
BONDS.— The 1st mtge. bonds have a sinking fund o f $150,000 per
annum, commencing Oct. 15 1924, to be used to purchase bonds upon tender
during each Oct. 15 to N ov. 15 at less than 105 and int. V. 117, p. 2899.
RE PO RT.— For 1926, in V. 124, p. 1681, showed:
Calendar Years—
1926.
1925.
1924.
1923.
$7,068,991 $6,160,592 $5,626,752 $8,749,442
Gross sales____________
Net incom e....................
x295,499
xl40,911
62.096
904.566
Federal taxes__________
See “ x ” See “ x”
42,435
169.687
Sinking fund__________
______
______
______
165.000
Other charges_________
23,690
35,270
71,509
______
D ividends.......................
150,000
...........
300,000
196,404
Surplus..___________
$12) ,809 $105,641 def$361,848
$373,475
Total surplus...................
759,426
637,608
531.967
803.010
x Includes taxes, provision for uncollectible accounts. Inventory adjust­
ment. &c.
Period End. Sept. 30— 1927— 3 Mos.— 1926.
1927— 9 Jos.— 1926.
Net sales, less discounts. $1,345,638 $1,527,411 $4,565,749 $5,549,718
M fg. costs, selling, adm.
and general expenses. 1,303,024
1,393,975
4,466,795
4,992,135
Balance
...................
Other income__________

$42,614
24,304

Total income________
$66,918
Res. for Fed., &c., taxes,
int., amortization, &c.
99,526
D ividends................................. ..........

$133,436
21,525
$154,961
101,991
50,000

$98,954
75,322

$557,583
62,127

$174,276

$619,710

290,899
---------

343,345
100,000

Balance .......................def$32,608
$2,970 def$116,623
$176,365
OFFICERS.— Chairman, James H. Hammond; Pres., Frank R . Frost;
V .-P ., J. Sidney Hammond; Sec. & Treas., C. D. Claney; Asst. Sec. &
Asst. Treas., Donald M . Liddell. Office, Union Trust Bldg., Pittsburgh,
Pa.— (V. 125, p. 2402.)
SWEETS CO. OP AMERICA, INC. (THE) — O R G AN IZATIO N .—
Incorporated in Virginia July 1919 and acquired entire outstanding capital
stock of the Sweets Co. of America, Inc., including the capital stock or the
Lance Cough Drop C o., Inc. Products, Tootsie Rolls, Nut Tootsie Rolls,
Tootsie Lunch Rolls, &c., and Lance Cough Drops are sold to over 8,600
wholesale dealers who act as distributers. Factory buildings located in N.
Y . City. V. 109, p. 379. Has made arrangements with Metropolitan
Tobacco C o., New Jersey Tobacco Co., Union News Co., United Cigar
Stores Co., and other large chain stores for the distribution of its products.
STOCKS AND BONDS-—■ Bate of Int. Outstanding. Bds. when Due.
Stocks— Com $5,000,000 ($50)— -----$5,000,000 ------------------STOCK.— The stockholders voted Dec. 5 1924 to change the capital
stock from 500,000 shares, par $10, to 100,000 shares, par $50 one share of
new stock being issued in exchange for five shares o f old stock.
RE PO RT.— For 1926, in V . 124. p. 2134, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net sales............................. $1,253,449 $1,535,750 $1,781,890 $1,697,193
N e t p r o fit ......................
85,881
10,824
35,983
106,113
Other income__________
27,185
33,481
34,617
21,783
Deprec., Federal tax, &c ____ 66,025_____69,207_____ 59,895_____ 66,212
Balance, surplus_____
$47,041 def$24,902
$10,704
$61,684
Quar. End. Quar. End. Quar. End. 9 Mbs. End
Period—SepJ.30’27. June 30 '27. M ar.31 ’27. Sept. 3 0 ’27.
N et inc. after charges___
$32,299
$5,460
$10,798
$48,557
OFFICERS.— Chairman & Pres., Lewis L. Clarke; V.-Pres., Sec. &
Gen. M gr., Henry A. Fehn; V .-P. & Treas., E. Stanley Clarke; Asst. Sec.,
Geo. L . McMunn. Office, 414 West 45th St., New York.(V . 125, p. 2542.)
SW IFT & CO.— O RGAN IZATION .— Incorp. In Illinois April 1 1885.
V. 95, p. 1547. Company owns and operates 30 packing plants, the prin­
cipal ones being located at Chicago, Kansas City, South Omaha, South
St. Joseph, East St, Louis, South St. Paul, Fort Worth, and Denver; and
over 50 plants for the manufacture o f creamery butter and the collection of
poultry and eggs for sale through its distributing agences. Branch houses
and sales agencies number over 500 and serve practically every important city
In the world. Owns and operates over 7,000 refrigerator cars essential to
Its business. V. 95. p. 547, 1547: V. 96, p. 1133; V. 101, p. 698; V. 108, p.
688. Canadian C o., V. 105, p. 1809, 1198. Packers’ consent decree— see
Armour & Co. above.




235

The U. S. Supreme Court in a decision handed down N ov. 23 1926 ruled
that the Federal Trade Commission has no authority to order a company
to divest itself of the plant or properties of a competitor, even though
obtained through an illegal purchase of the competitor’s stock which the
Commission may order sold under the Clayton Act. Compare V. 123.
p. 3051.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
$150,000,000 _____________
Stocks— Com $150,000,000 ($100) ____
Bonds— 30-yr 1st M s f gold red
$24,918,500 July 1 1944
5 g J-J
102)4 ($500 &c)_FC.xc*&r* Int. at Am. Exchange Nat. Bank, N . Y .
10-yr s f gold notes red (text) , 5 g A-O
$47,500,000 Oct. 15 1932
,
($500 &c)________ FC.xc*&r*|jnt. at Am Exchange Nat. Bank, N . Y .
D IV ID E N D S.— 1888 to 1894, incl., 8% ; 1895 to July 1898, incl., 6
Oct. 1898 to July 1915, 7% ; Oct. 1915 to Oct. 2 1927, 8% P- a. (2% Q.-J.)On Oct. 20 1917 paid 2% extra.
On N ov. 25 1916 there was paid to shareholders of record Oct. 16 1916 4
cash dividend of 33 1-3% in order to distribute $25,000,000 of accumulated
earnings.
On July 15 1918 a stock dividend of 25% was paid out of adjusted
values of fixed assets as reappraised to values current Jan. 1 1914
V. 106, p. 2127. Appraised value of physical properties Nov 2 1918.
V. 108. D .689.
BONDS.— The 1st 5s, dated July 1 1914 ($50,000,000 auth. Issue),
are secured by all property, plants and branch houses and further by
the pledge of stocks of subsidiary companies representing an investment by
the company of over $15,000,000. V. 98, p. 160, 242, 392, 528; V. 99, p.
1678. 1515: V. 100. p. 292, 560, 647. Of the $50,000,000 1st M tge. 5s on
Nov. 1 1927 there had been issued and retired by s. f $8,451,500; $24,918,500 were outstanding, $1,630,000 were reserved for corporate purposes and
the remaining $15,000,000 may be Issued only for 75% of the cost of addi­
tional real property upon which the mortgage shall be a first lien. Sinking
fund, 2 % of amount of bonds issued.
NOTES.— The 10-year 5% sinking fund gold notes of 1922 are redeemable
all or part on payment of a premium of 2 34 % if redeemed during 1923, such
premium decreasing M o f 1% each succeeding year thereafter.
Provisions.— (1) Company covenants to apply $500,000 annually to the
purchase and retirement o f these notes if available in the market at not
to exceed par and interest. (2) While any of these notes are outstanding
and unpaid no new mortgage except purchase money mortgages for the
acquisition o f additional properties shall be placed on the property and
assets of company, this provision, however, shall not prevent the emission
of the authorized and unissued 1st M . 5% bonds and the execution of such
supplemental mortgages as may be required under the terms of said 1st M .
(3) So long as any o f these notes are outstanding, company will at all times
maintain current assets equal to an aggregate amount o f 1J4 times all its
current liabilities, plus the outstanding notes o f this issue.
R E PO RT.— For year ending N ov. 6 1926, in V. 124, p. 229, showed:
T„
„
Nov. 6 ’26. Oct. 31 ’25. Nov. 1 ’24. Nov. 3 ’23.
Fiscal Years Ended—
$
$
$
$
Business done................950,000,000 875,000,000 775,000,000 750,000,000
Net earnings-a— — ----- 15,645,242 15,379,152 14,125,988 13,184,619
Cash dividends (8 % )___ 12,000,000 12 , 000,000 12 , 000,000 12 , 000,000
Balance, surplus_____ $3,645,242 $3,379,152 $2,125,988 $1,184,619
.
Profit and loss, surplus.. 73,124,209 69.478,967 66.099,815 63,973.827
a After interest and depreciation.
OFFICERS.— Pres., Louis F. Swift; V .-Ps., Edward F. Swift, Charles
H. Swift, G. F. Swift, Harold H. Swift and Alden B. Swift; Treas., L. A .
Carton; Sec., C. A. Peacock. Office, Chicago.— (V. 125, p. 2277.)
SW IFT INTERNATIONAL (C om pania S w ift In tern a cion a l).— See
Swift & Co. above.
SYMINGTON CO. (TH E .)— Incorp. under laws o f Maryland on Dec. 2
1924 to acquire the business o f the T. H. Symington Co. of Delaware. Also
owns over 95% of the common stock o f Gould Coupler Co. The company
manufactures standard railway equipment, including journal boxes, draft
gear attachments, center bearings, side bearings and miscellaneous devices
for cars and locomotives, and also malleable iron castings for railway equip­
ment and other purposes. Plant is located at Rochester, N. Y .
STOCKS AND BONDS—
Bate of Int. Outstanding. Bds. when D u e .
Stocks— Com 300,000 shs (no par) ____
300,000 shs
...............
Pref class A $2 cum red $32)4
________
200 000 shs. (no par)_________$2 Q-J
200,000 shs
STOCK.— The Class A shares are entitled to $2 cumulative annual divs.
from date of issue, are callable at $32 50 a share upon 30 days’ notice, and
are entitled to participate in the assets In case of liquidation, dissolution,
distribution or sale to the extent of $32 50 per share and accrued dividend.
D IVIDEN DS.— An initial dividend of 58c. per share on the Class A stock
was paid April 1 1925; July 1 1925 to Jan. 2 1927 paid 50c. quar.
R E PO RT.— For 1926, in V. 124, p. 937, showed:
Calendar Years—
1926.
1925.
xOperating profit......... ................................................
$431,745
$500,186
Other income---------------46,705
29,859
Total income.............................................................
$478,450
$530,045
Interest on 3-year notes__________________________
60,000
45,000
$418,450
$485,045
Net profit.........................
x After deductmg depreciation, selling and general expenses, reserves,
discount, interest on loans, Federal and State taxes, &c.
Period End. Sept. 30— 1927— 3 Mos.— 1926.
1927— 9 Jos.— 1926.
a Operating profit_____
$84,720
$25,400
$260,283
$470,934
Other income_____________
11,240
8,345
23,812
19,527
Interest charges__________
15,000
15,000
45,000
127,122
N etp rofit....................
$80,960
$18,745
$239,094
$363,339
a After deprec. general expenses, provision for reserves and Federal and
State taxes.
OFFICERS.— Pres., C. J. Symington; Chairman, Donald Symington;
V.-Ps., Donald S. Barrows, D. M . Scott and J. A. Sauer; Sec. & Treas.,
P. P. Meade; Asst. Sec.-Treas., P. J. Linnekin. Office, Rochester, N . Y .
— (V. 125, p. 2683.)
TELAUTOGRAPH C O R PORATION .— Incorp. under laws o f Virginia
on Nov. 26 1915. Business is the manufacturing and leasing o f mechanical
machinery and devices by which, in the operation of what is known as the
telautograph system, lines or characters drawn or written at one place are
simultaneously reproduced in fac-simile by another.
The corporation reported that Telautograph instruments in service Sept.
30 1927 totaled 14,368. Annual rental based on machines in service Sept.
30 1927 amounted to $813,129.97.
STOCKS A N D BONDS—
Bate of Int. Outstanding. Bds. when Due.
Stocks— Com 207,500 shs (no par) ____
192,000 shs _____________
Pref 7 % cumul red (text)
$750 000 ($100)______________ 7 Q-J
$750,000
...................
STOCK.— The preferred stock is redeemable after three years from date
of issue at 105.
DIV ID E N D S.— An initial semi-annual dividend of 3 J4 % was paid on the
preferred stock July 10 1924; Oct. 10 1924 to Apr. 11 1927 paid 1H % quar.
On common stock, paid initial dividend of 25 cents per share on M ay 1 1925
same amount paid Nov. 2 1925. On M ay 1, N ov. 1 1926, M ay 2 and N ov.
1 1927 paid 30 cents per share. Commencing in Feb. 1928 divs. on com.
will be paid quarterly.
R E PO RT.— For 1926, in V. 124, p. 1082, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Rentals, ____________
$679,915
$584,935
$518,976
$453,432
Paper sales
. ______
5,640
5.116
5,589
5.716
Miscellaneous income_
_
14,543
9,741
9,721
10,508
Total income.
. .
$700,098
$599,792
$534,286
$469,656
Expenses— Administr’n .
$43,795
$40,076
$39,325
$38,225
Selling______________
106,124
89,876
75,891
72,067
Installation _ ______ __
34,564
33,517
30,296
28,267
Maintenance________
153,592
138,889
312,681
115,179
E n g in e e r in g .._____
15,193
15,316
15,463
14,423
Depreciation____ ____
104,946
91,377
89,963
81,286
Experimental________
6,931
6,982
9,198
7,634
Legal____ _________ __
1,312
1,880
4,245
2,174
3,863
Special . __________
3,629
9,574
3,288
Miscellaneous taxes..
9,286
6,576
3,343
3,701
Interest_____________
3,120
27,192
Profits before Fed. tax
$202,491
$171,675
$121,185
$76,220
Fed. tax. paid or accrued
29,766
21,459
15,023
9,419
Preferred dividends____
52,500
52,500
52,920
Common dividends____(60c) 115,200 (50c) 96,000
Net profit___________
$23,025
$1,715
$53,242
$66,800

336

INDUSTKIAL STOCKS AND BONDS

[V ol. 125.

Period End. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 Mos. -1 926.
OFFICERS.— Chairman, Amos L. Beaty; Pres., R . C . Holmes; V.-Ps.
Gross Income__________
$200,808
$177,914
$584,779
$512,908 T . J. Donoghue, G. L. Noble, W . W . Bruce, D. J. Moran and T . Rieberl
Expenses______________
84,080
82,383
258,518
250,308 Sec., E. M . Crone; Treas., C. E. Woodbridge. N . Y . office, 17 Battery
Depreciation___________
29,743
26,558
87,093
77,408 Place.— (V. 125, p . 2277.)
Miscellaneous expenses.
1,809
1,824
5,958
4,848
Interest and taxes, other
TE XA S CORPORATION (T H E ).— Incorp. under laws o f Delaware on
than Federal_________
2,142
2,173
6,475
6,982 Aug. 26 1926 to function as a holding company to take over the stock or
8,772
30,609
Fed'l taxes (estimated) ______ 11,209
23,404 holdings o f the Texas Co. (see statement o f latter company above).
STOCK.— Authorized, $250,000,000; par value, $25. Stockholders o f
$71,823 ■
$56,203
Net profit___________
$196,125
$149,958
the Texas Co. were offered stock o f the new corporation in exchange for
OFFICERS.— Pres., C . H. George; V .-P ., J. V Mitchell; Sec. S Treas., their holdings on a share for share basis. It was announced in Oct. 1926
c
W. H. Nash. Office, 16 West 61st St.. New York.- -(V. 125. p. 2277.)
that the plan of exchange had become effective, more than 50% of the
outstanding shares o f the Texas C o., the amount necessary to make the
TENNESSEE COPPER AND CHLM1CAL CORP.— ORGANIZATION
plan effective, having been deposited.
— Incorp. in N . Y . Oct. 14 1916. Organized as a holding company (per
DIVS.— Upon consummation o f the exchange, the new co., it is an­
plan in V. 103, p. 1612), with power also to do a mining and chemical busi­
ness. Owns 194,626 shares o f the 200,000 shares o f stock of the Ten­ nounced, will inaugurate a div. rate corresponding to that o f the Texas Co.
nessee Copper Co. of N. J., whose properties include: 3 copper mines
OFFICERS.— Officers and directors o f the Texas Co. will become officers
railway, smelting works (3 blast furnaces, converters and flotation mills) and directors o f the Texas Corp. See the Texas Co. above and V. 123,
roasting and iron sintering equipment, sulphuric acid plants and copper p. 1125, 2149, 2275.
sulphate plant.
In 1919. with view to more profitable employment of the unsold
TEXAS GULF SULPHUR CO.— Incorp. under laws of Texas on Dec
portion of Its output of sulphuric acid (approximately 350,000 tons 23 1909. Company is engaged in the mining of crude sulphur or brimstone
of 60 degrees Baume per annum), had out of the $5,000,000 pro­ »t Gulf in Matagorda County. Texas, and in selling it in the United States
ceeds o f the new stock issue below mentioned bought a phosphate prop­ and other countries. Owns In fee over 2.950 acres of land at Gulf. Texas
erty In Florida and in 1920 constructed a modern steel and concrete plant
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
at Atlanta, Ga.. for the manufacture o f Acid Phosphate and other fertili­
2,540,000 shs _____________
sers . For this purpose the Southern Agricultural Chemical Corporation was Slocks-Com 2,540,000 shs (no par) ___
organized with a capital stock o f $1,000,000. V. 108, p. 2439; V. 109, p.
STOCK.— The stockholders voted Sept. 9 1926 to change the authorized
279; V. 106, p. 934, 2226. It was announced In Jan. 1923 that a new acidu­ capital stock from 635,000 shares of $10 par value (all outstanding) to
lating plant at Cincinnati had been completed and was operating to 2,540,000 shares of no par value. Four new no par shares were issued in
capacitv. This plant was subsequently enlarged. V . 116, p. 1063. In exchange for each share previously outstanding.
Aug. 1920 the Southern Agricultural Tank Line was formed with a capital
DIVS.—
1921.
1922.
1923.
1924.
1925.
1926.
o f $1,000,000 (subsequently reduced to $700,000). V. 113, p. 1898.
Regular_____ 50c.
$3 75
$5 75
$6 50
$7 50
Text
The company in April 1926 acquired the plant and good will of the Calu­ Extra............. 50c.
1 25
50c.
1 00
1 25
met Fertilizer C o., located at New Albany. Ind. A new corporation, the
Paid in 1926: Mar. 15, $2 50; June 15, $2 50; Sept. 15, $3; Dec. 15,
Calumet Fertilizer Corp., has been formed to operate the plant as a sub­
$1 on new stock o f no par value. Paid in 1927: Mar.' 15, $1; June 15, $1;
sidiary o f the Tennessee company.
Sept. 15, $1. Dec. 15, $1.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 890.600 shs (no par) -----794,626 shs ------------------REPO RT.— For 1926, in V. 124, p. 783, showed:
B o n d s — 5-yr conv gold debs ser. j
6 g A-O
$1,600,000 Oct. 1 1941
1926.
1925.
1924.
1923.
A (text) ($100&c)____xxxc* (Int. at C o.'s office, 61 Broadway, N . Y.
$18,152,031 $11,973,617 $9,814,976 $10,746,160
STOCK.— The stockholders in Oct. 1926 increased the authorized capital
6,284,376
.' 8,768,217
5,000,960
6,009,140
sf-ock from 800,000 shares to 890,600 shares.
D IV ID E N D S.— Initial dividend o f $1 paid in May 1918. then none until
Balance, surplus___ . $9,383,814 $5,689,242 $4,814,017 $4,737,021
April 16 1923, when 25 cents was paid, same amount paid quar. to Jan. 15 Previous surplus_____ . 7,240,276
7,107,284
7,055,767
6,287.497
1924. then none until Sept. 15 1925 when 25 cents was paid, same amount
paid quarterly to March 15 1927. June 15 1927 to Dec. 15 1927 paid 12K c.
$16,624,089 $12,796,526 $11,869,784 $11,024,517
quar.
5,556,250
. 7,620,000
4,762,500
3.968,750
BONDS.— The 15-year 6% convertible debenture gold bonds series A
Total surp., incl. depr.
are convertible into common stock without nominal or par value at the
’ $9,004,089 $7,240,276 $7,107,284 $7,055,767
rates fixed by the following schedule.
$3.69
$8.96
$7.58
$7.46
One share o f stock for each $15 of principal amount o f the first $400,000
aggregate principal amount o f bonds deposited for conversion. Cash
- 1927— 3 Mos.— 1926.
1927— 9 Mos.— 1926.
adjustment to be made for fractions o f shares.
$2,936,189 $2,531,469 $9,053,097 $6,322,012
One share of stock for $17 50 o f principal amount o f the next $600,000
1,905,000
5,080,000
. 2,540,000
6,720,000
aggregate principal amount o f bonds deposited for conversion. Cash
adjustment to be made for fractions o f shares.
$396,189
$626,469 $1,433,097 $1,242,012
One share of stock for each $20 o f principal amount o f the next $600,000 Profit and loss surplus
aggregate principal amount of bonds deposited for conversion.
’ 10,437,188
8,482,287 10,437,188
8,482,287
All or any o f the series A bonds are redeemable on any interest date.
OFFICERS.— Pres., Walter H. Aldridge; V.-Pres., Chas. F. Ayer and
If the redemption occurs on or before Oct. 1 1931, the redemption price
will be 105, in the case o f bonds redeemed thereafter, the premium of 5% Wilber Judson; Sec. & Treas., Henry F. J. Knobloch. Main office. Bay
shall be reduced annually by
o f 1% of the principal amount of such City, Texas. New York office, 41 East 42d St.— (V. 125, p. 2402.)
bonds in each calendar year after the year 1931, the interest due upon the
TE XA S PACIFIC COAL AND OIL CO.— Incorp. under laws o f Texas
redemption date to be paid in all cases.
A sinking fund stifficient to retire at least 60% o f the series A bonds in October 1888. Owns in fee 69,188.47 acres and leases on 164,185.15
before maturity will be provided. Company will agree to make no mortgage acres. Also owns a net interest o f 24,603.48 acres in leases held under
on its assets, nor permit any subsidiary to make any mortgage on its assets joint operating agreements. In April 1918 name was changed from Texas
(except, in either case, purchase money mortgages) unless these bonds shall Pacific Coal C o. to present title.
share in such security equally and ratably with the other indebtedness
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
thereby to be secured.
Stocks— Com $10,000,000 ($10)
____
$8,448,048 _____________
The $1,600,000 o f series A bonds were offered to the stockholders of record
STOCK.— The stockholders voted April 16 1919 to increase the authorized
on Aug. 31 1926 for subscription at par in the proportion o f $100 of bonds
capital stock from $5,000,000 to $6,000,000, the new stock being offered at
for each 50 shares of stock then held.
The remaining $1,400,000 bonds of the $3,000,000 authorized amount, par to shareholders of record M ay 1 1919. V. 108, p. 1615, 1516. The
If issued, are to be convertible at such rate or rates as may be determined stockholders voted Nov. 11 1919 to subdivide the $106 shares into ten shares
by the directors when such additional bonds are issued, but not more of $10 each. V. 109, p. 1468, 1898.
The stockholders on April 2l 1920 anthorlzed an increase in the capital
favorable to the holders o f such bonds than the then existing rate for the
stock from $6,000,(K)0 to $10,000,000 par $10). Of the new stock, $2,000,conversion o f the series A bonds.— (V. 123, p. 991, 1888.)
000 was offered to stockholders of record May 22 1920 at par. V 110. p
R E P O R T . — For 1926. in V. 124, p. 2445, showed:
2199.
Including Tennessee Copper C o., Southern Agricultural Chemical Corp.
DIVIDENDS. J1911-13. 1914-17. 1918. 1919. 1920. 1921. 1922. '23. ’24'26.
and Southern Agricultural Tank Line.]
Per cent_____( 7 yrly. 6 yrly. 16
35 *14H 10
10
none
Calendar Years—
1926.
1925.
1924.
1923.
Bales___________________ $9,508,661 $8,242,790 $6,431,558 $5,947,651
* Also paid 6% in stock.
Miscellaneous income_
_
152,481
443,732
327,515
347,052
Paid in 1927: Mar. 31, 13^%; June 30, 1H % ; Sept. 30, 1 ^ % .
Gross income_________ $9,661,142 $8,686,523 $6,759,073 $6,294,703
R E PO RT.— For 1926. in V. 124, p. 2445, showed:
Operating expenses_____ 7,924.865
7.169,356
5.979,687
4,931.007
Miscellaneous expenses.
143,830
303,808
237,424
234,456
Calendar Years—
1926.
1925.
1924.
1923.
Bond interest__________
56,284
53,789
42,860
53,315 Gross earnings...................$7,731,233 $5,641,374 $5,080,915 $5,625,306
Depreciation__________
446,547
339,328
385,752
298,780 Operating profits______ 3,821,289
2,831,960
2,447,447 2,926,028
Dividends ......................
820,382
402,349
203,873
607.946 Other income__________
874,187
536,706
60.554
79,707
1,728,832
1,727,516 1,905,609
Balance, surplus_____
$269,234
$417,898 def$90.523
$169,198 Depreciation, &c_______ 2,247,248
Rentals, interest, & c._870,185
909,404
747,819 1,379,364
Total profit & loss surp. $2,211,432 $1,919,425 $1,470,536 $1,561,058 Divs. (cash and sto ck )..
______
______
______
422,282
OFFICERS.— Adolph Lewisohn, Pres.: Sam A. Lewisohn, V .-P .; E. H.
Westlake; V .-P. & Treas., M . A. Caine; Sec. N . Y . office, 61 Broadway.
Surplus for year______ $1,578,043
$730,430
$32,665 def$701,520
— (V. 124 p. 2924.)
Period End. Sept. 30— 1927— 3 Mos.— 1926.
1927— 9 Mos.— 1926.
T E X A S CO. (T H E ).— O R GAN IZATION .— Incorp. in Delaware in Gross___________________ $2,084,200 $2,593,752 $6,363,878 $6,407,536
Jan. 1927, successor to the Texas C o ., a Texas corporation, incorp. in 1902. Expenses______________
1,623,501
1,655,155
4,644,235 3,797,982
The stock o f the Texas Co. is owned by the Texas Corp. (see below ). The
company is the operating company and is engaged in the production, re­
Operating profit_____
$460,699
$938,597 $1,719,643 $2,609,554
fining and distribution o f petroleum and its products. Owns and leases Other income__________
116,741
193,172
264,580
545,994
properties in Texas, La., Okla., Kan., A rk., Kentucky, C olo., New Mex.
and W yo. Also controls pipe lines reaching Texas, Oklahoma, Arkansas
Gross income________
$577,440 $1,131,769 $1,984,223 $3,155,548
and Louisiana oil fields, and owns 8 refineries, 3 asphalt plants and 2 top­ Deductions____________
60,759
66,676
120,670
181,809
ping plants (combined capacity 144,050 bbls. daily) located in Port Arthur,
West Dallas and Port Neches, Tex.; Tulsa, Okla.; Lockport, 111., Casper,
Net income before de­
W yo.; Craig, Colo.; Shreveport, La., Pryse, K y., Norfolk, Va., Marcus
preciation & depl’n .
$516,681 $1,065,093 $1,863,553 $2,973,739
Hook, Pa., Providence, R. I., and Tampico, M ex.; also roofing plant, case
OFFICERS.— Chairman, Edgar L. Marston; Pres., E. J. Marston;
and can factory, 2 barrel factories, shook mill, fullers earth plant, 23 tank
steamers and motor vessels, 5 tugs, 4 ocean barges, 5,767 tank cars owned V.-P. & Compt., O. E. Mitchell; V .-P ., E. R. Lederer; Sec., Herman W.
and leased and owns or controls 1,450 sales stations in the United States, Knox; Treas., R. Seibel. Executive office. Fort Worth, Texas. N. Y .
excluding filling sta tions. The Freeport Sulphur C o . has taken over the sul­ office, 24 Broad St. General office, Thurber, Texas.— (V. 125, p. 2402).
phur lease o f the Texas Co. at Hoskins Mound in Brazoria County, Tex.
The $20,000,000 stock of the Texas Pipe Line Co. and the $6,000,000
THOMPSON (JOHN R.) CO.— Incorp. under laws of West Virginia on
stock o f the Texas Pipe Line Co. o f Oklahoma is all owned (V. 106, p. 186). April 13 1914. Operates a chain o f about 120 restaurants of which 45 are
These companies took title to the Texas C o.’s pipe lines, now totaling located in Chicago, 9 in New York, 7 in St. Louis, 5 in Pittsburgh and the
2,262 miles, exclusive of gathering lines, in Texas, Louisiana and Arkansas, remaining in large cities throughout the United States.
and 736 miles, exclusive o f gathering lines, in Oklahoma, respectively.
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
In July 1920 sold control of the Central Petroleum Co. to the Onion Stocks— Com $6,000,000 ($25)-. ___
$6,'000,000 _____________
Oil Co. of Delaware. V. 111. p. 385. 500.
STOCK.— See table.
Texas Production C o ., a subsidiary, was organized in Aug. 1922. V . 115,
COM MON D IV ID E N D S.—
p. !108.
Texas Petroleum C o., an exploration and producing subsidiary, was
Year—
’ 16. T7. T 8. T9. ’20. ’21. ’22. ’23-’25. '26.
Incorporated in New Jersey on Jan. 6 1925 with an authorized capital of P e r c e n t - - - - ------------------------ 4
4
6
6
8 7M 10 12 yly. 14.4
$1,000,000, to operate in South America.
Also paid 33 1-3% in stock on April 20 1920.
Govt, suit, V . 122, p. 1467, 2668.
Paid in 1927: Jan. 1 to Dec. 1, 30 cents monthly.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
RE PO RT.— For 1926, in V. 124, p. 1375, showed:
Slocks— Com $250,000,000 ($25) ____
$181 060 000 ------------------Years Ended Dec. 31—
1926.
1925.
1924.
1923.
STOCK.— Authorized, $250,000,000, par value, $25.
x Net profit_____________$1,768,357 $1,421,297 $1,504,952 $1,152,006
Provision for Fed’l taxes
265,000
175,461
167,500
150,000
D IV ID E N D S .— An initial quar. dividend o f 3% was paid Jan. 1 1927,
--------y75,541
(7)63,281
(7)67,173
same amount paid to Oct. 1 1927. On April 2 1927 also paid 10% in stock. Preferred d iv s . (8 M % )Com. divs. (13 1 -5 % )-.
864,000
z792,000(12%)720000 (12)720,000
RE PO RT.— For 1926, in V. 124, p. 1525. showed:
Balance, surplus------$639,357
$378,295
$554,171
$214,833
Calendar Years—
1926.
1925.
1924.
1923.
Gross earnings________ $166,173,513 159,396,627$139,613,622$118,422,367 Profit and loss surplus.. $3,490,645 $2,898,258 $2,796,607 $2,280,764
Net earnings___________ 67,945,829 70,003,803 50,548,568 30,875.791
x Net profit after dedutcing all expenses, including depreciation, &c.
Deprec. & Fed. t a x e s ...
22,510,056 22,084,402 19,228,321 16,182,727 y Includes accrued div. on pref. stock ($14,823 or 1% % ) to Jan. 1 1926.
Inventory adjustments.
9,392.441 8,314,322
4,861,972 6,495,482 z Includes accrued div. ($72,000 or 30c. per share) payable Jan. 1 1926.
D ividen ds_____________ 19,734,000 19,734,000 19,734,000 19.734,000
Period End. Sept. 30—• 1927—-3 Mos.-—-1926.
1927— 9 Mos.— 1926.
Balance to su rplus...$16,309,331 $19,871,078 $6,724,275df$11536,418 Net income after deprec.
Total prof. & loss surp.$128,362.542 113,466,023 $95,201,709 $88,477,435
and Fed ~jal taxes____
$337,054
$323,162 $1,106,078 $1,096,114




Nov., 1927.]

237

INDUSTRIAL STOCKS AND BONDS

OFFICERS.— Chairman,__________________ ; Pres., John R . Thompson
Jr.; V .-P s., S. D . Goldenberg, R. King Kauffman and H. M . Henriksen
Treas., Charles A. McCulloch; Sec., H. M . Henriksen. Office, 350 N
Clark St., Chicago, 111.— (V. 125, p. 2684.)
TIDE W ATER ASSOCIATED OIL CO.— Incorp. under laws of Dela
ware, March 6 1926, and offered to exchange its stock for stock of the Asso­
ciated Oil Co. and the Tide Water Oil Co. (see separate statements for those
companies). In July 1926 acquired the properties of the McKittrick Oil Co
V. 123, p. 467. 1260.
STOCKS AND BONDS—• Rate of Int. Outstanding. Bds. when Due
Stocks—-Common 10,000,000 shs
(no par)_____________________
____
4,786,479 shs _________
Pfconveum$150,000,000($100) 6 Q-J
$72,724,400 _________
Bonds— TideW ater Asso Trans- f 5 g F-A15
$1,800,000 Feb. 15 1937
port Corp 1st lien s f g bds f Int. at Chase Nat. Bank, N. Y ., trustee
($1,000)__________ Ch.x&c* [
Tide Water Assn. Transport!
5 g M -S
$1,300,000 Sept. 15 1937
Corp. 10-yr marine equip 1st-; Int. at Chase National Bank, N . Y . City
lien s f g $1,300,000 ($1,or Blair & C o., N. Y . City
0 0 0 ) ________________ C h.xc*[
STOCK.— Blair & C o.,.In c., Brown Brothers & C o., Hayden, Stone &
C o., Blyth, Witter & C o., Mitchell, Hutchins & C o., Inc., and Anglo
London Paris C o., San Francisco in March 1926 offered at 9714 per share
$16,000,000 convertible 6% cumulative preferred (a. & d.) stock.
Preferred stock is to be convertible at the option of the holder at any time
on or before July 1 1936 into common stock of the new company as at the
time constituted at the rate of $50 per share; that is, each share of preferred
stock of $100 par value is to be exchangeable for two shares of common stock
A t the time of conversion, an adjustment is to be made of accrued dividends
I f any preferred stock shall be called for redemption, the right to convert is
to extend up to ten days prior to the date fixed for redemption. Charter
provides for the protection of the conversion price in the event of a stock
dividend or under certain conditions specified in the charter.
D IV ID E N D S.— On pref. paid initial div. o f 13^% quar. on July 1 1926,
same amount paid quar. to Oct. 1 1927. On common paid initial div. of
30c. per share on Aug. 2 1926; same amount paid quar. to M ay 2 1927
Aug. 1 1927 paid 15c.
FU N DED D E B T .— The 1st lien 5% marine equipment gold bonds of
the Tide Water Assoc. Transport Corp. are secured by a 1st pref. mtge.
on the new tank steamship “ Axell J. Byles,” which has a deadweight ton­
nage o f at least 13,336 tons and a cargo capacity of approx. 90,000 barrels.
Redeemable.— All or part at any time on 30 days’ notice at 103 and int
if red. on or before Sept. 15 1928, the premium decreasing thereafter fi of
1% for each successive 12 months’ period or part thereafter.
Sinking Fund sufficient to retire the entire issue by maturity.
Bonds were placed privately in Oct. 1927 by Blair & Co. of New York.
R EPO RT.— For period from Apr. 1 to Dec. 1 1926 in V. 124, p. 2580.
Total volume of business done by the Tide Water Associated
Oil Co. and its subsidiaries as represented by their combined
gross sales & earns., excl. of inter-co. sales and transactions* *$126,776,089
Total expenses incident to oper., incl. repairs, maint., pensions,
admin., insur., costs and all other charges, excl. of deprecia­
tion and depletion and Federal income tax_________________106,254,276

REPO RT.— For 1926, in V. 124, p. 2580, showed:
tu
*.=**.***1926.
1925.
1924.
1923.
Gross earnings___ .....$ 8 4 ,8 9 0 ,0 8 2 $78,755,465 $66,256,620 $58,274,731
Operating expenses_____ 73,769,173 66,859,366 57,207,396 51,912,201
.$11,120,909 $11,896,100
733,184
. 1,115,753
Federal taxes.

$9,049,224
697,892

$6,362,530
926,431

.$12,236,662 $12,629,284
5,785,656
. 6,070,594
889,672
770,758

$9,747,116
5,358,924
548,524

$7,288,961
4,476,775

. $5,395,309
O u t s i d e stockholders’
proportion_____
Dr. 236

$5,953,956

$3,839,669

$2,812,180

Cr.33,297

Cr.5S,745

Cr.96,031

. $5,395,073
Preferred dividends___ . 1,075,003
. 3,214,490

$5,987,253 $3,898,413 $2,908,217
299,732
[
2,017,845 i 4)2,000,145(1 %)499,968

Balance, surplus..
. $1,105,580 $3,669,676 $1,898,268
Profit & loss, surplus
. 24,812,646 23,607,582 20,516,596
BALANCE SHEET a s o f Dec. 31 1926 in V. 124, p. 2580.

$2,408,249
19,172,142

OFFICERS.— Pres., Axtell J. Byles; V .-P ., Robert M cK elvy; V .-P.,
Edward L. Shea; Treas., F. A. Marsellus; Sec., Francis I. Fallon. Offices,
Bayonne, N. J,, and 11 Broadway, N. Y . City.— (V. 125, p. 1473.)
TIMKEN ROLLER BEARINQ CO. (THE)— Incorp. in Ohio on Dec. IS
1904 as the Timken Roller Bearing Axle Co.; name changed to present title
on June 5 1909. Manufactures anti-friction bearings for vehicles o f all
kinds; also manufactures bearings and kindred devices for machinery of all
kinds. Plants are located at Canton, Ohio. Columbus. Ohio, and Waikerville, Ont. In May 1925 acquired the Gilliam Bearing Co. of Canton, Ohio,
and in Aug. 1926 acquired the Bock Bearing Co. of Toledo. Ohio.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bonds when Due.
Stock—-Com 1,250,000 shs(no par) ____
1,200,882 shs ________ . . . .
D IV ID E N D S.—
1923. 1924. 1925. 1926.
Common________________________________________ $3 $3
$3
$3)4
$1
$1
Extra----------------------------------------------------------------- 50c. $1
* Paid in 1927: Mar. 5, $1 and 25c. extra; June 4, $1 and 25c. extra; Sept. 5^
$1 and 25c. extra; Dec. 5, $1 and 25c. extra.
R E PO RT.— For 1926, in V. 124, p. 2445, showed:
Calendar Years—
1926.
■*« 1925. -4
1924.
1923,
a Manufacturing profit_$14,288,188 $12,466,984 $9,616,655 $12,523,903
Sell.,adm.&gen.,&c.,exp 2,727,134
3,641,773
2,578,503
2,524,183
Operating profit_____$11,561,054£$9,825,212
Other income__________
668,167 a .4*493,929

$7,038,152
376,744

$9,999,720
385,063

Total income________ $12,229,221 $10,319,141 $7,414,896 $10,381,733
Depreciation___________ 2,216,226
1,032,245 \ 834,210
1,162,980
Federal taxes__________
1,425,014
1,150,000 1 775,000
1,125,000
Other deductions (net). .
138,891
48,557
______
______
D iv. common....... .......... 5,403,969
4,803,528
4,801,328
4,200,672

Surplus_____________ $3,045,121 $3,284,810 $1,004,358 $3,896,131
a After deducting cost of goods sold, including material, labor and factory
expense.
Total income______________________________________________$21,846,370
OFFICERS.— Pres., H. H. Timken; V .-P.. W. R. Timken; V .-P ., M . T .
Depreciation and depletion charged o ff______________________
8,667,520
Estimated Federal income tax_______________________________
1,150,086 Lothrop; V .-P., H. J. Porter; V .-P., J. G. Obermier; V .-P ., T. V. BuckMinority interests’ proportion of earnings___________________ 2,122,855 waiter; Sec. & Treas., J. F. Strough; Asst. Sec. & Asst. Treas., W . A. Brooks;
Surplus acquisition by minority interests_____________________
174,730 Office, Canton, Ohio.— (V. 125, p. 2542.)
TOBACCO PRODUCTS CO R PO R ATIO N .— ORGA N IZA TIO N .—
Net income________________________________________________ $9,711,178
Dividends paid in cash, preferred____________________________ 3,261,213 Incorporated 1n Virginia Oct. 1912 and has taken over concerns manufacOwns entire capital
do
do
common_____________________________ 2,854,937 t irlng cigarettes, smoking tobacco and little cigars
stock of M Meiachrino & Co , Inc. (N. Y .), Melachrino Tobacco Trading
C o., Inc. (N. Y .), Nestor-Glanaclis Co. (M e ), the Surbrug Co. (N. J.),
Surplus end o f period_____________________________________$3,595,028
Kbedivial Co. (N. Y .). Schinasi Bros., Inc. (N. Y .l, Prudential Tobacco
BALANCE SHEET as o f Dec. 31 1926, V. 124, p. 2580.
C o., Inc. (N. Y .l, Falk Tobacco C o., Inc. (Va.), and approximately 50%
OFFICERS.— Chairman, William Humphrey: Pres., Axtell J. Byles; t ie capital stock of Stephano Bros,. Inc. (Va.), which companies own,
Vice-Pres., Paul Shoup, Robert M cKelvey, E. L. Shea and Wm. F. Hum­ a mong others, such well-known brands o f cigarettes as Melachrino. Schinasi
phrey; Sec., Francis I. Fallon; Treas., F. A. Marsellus.
Bros. Naturals, Rameses M ilo, Nestors and Herbert Tareyton, and also
Tn Tan 1919
D IR E C TO RS.— Henry W. de Forest, New York; W . F. Humphrey, own prominent brands of smoking tobaccos and little cigars
purchased Robert Harris & Bro., Inc. V. 108, p. 282. In Jan. 1923 pur­
Paul Shoup, San Francisco; Robert McKelvey, Axtel J. Byles, E. L. Shea,
Elisha Walker, Halstead G. Freeman, New York, and George White, chased the John J. Bagley & Co. of Detroit.
These companies carry on an extensive business throughout the United
Marietta. Ohio.— (V. 125, p. 1990.)
States, and also operate factories and depots in New York, Richmond,
Philadelphia, Cairo, Athens, Cavalla and Smyrna.
TIDE W ATER OIL CO.— ORGANIZATION.— Incorp. in N . J. in
In Feb. 1919 purchased the business and assets of Philip Morris & C o.,
N ov. 1888. Producing, transporting, refining and marketing crude oil Ltd., of New York, and transferred same to a new Virginia corporation with
and products. Owns (1) through subsidiaries, producing properties in Pa., an authorized capital stock of $3,000,000, 300,000 shares (all of $10 par
W . Va., Ohio, Illinois, Okla., K y., Kan. and Texas: (2) refinery at value) of these, 265,000 shares were subscribed for by the Tobacco Products
Bayonne, N . J., on New York Harbor (capacity 42,500 bbls daily), with Corp. at $4 per share, which in turn offered to its shareholders 256,000
private docks to accommodate ocean-going steamers, and steel tanks shares at the same price in the ratio of one share of new stock for a share of
aggregating capacity 4,000,000 bbls.; (3) through a subsidiary, 833 miles of the Tobacco Products pref. or com. at said price. V. 108, p. 689, 789.
trunk line extending from Bayonne through the Bradford oil regions of Penn­
During 1923 the company acquired over 80% of the common stock of
sylvania, to Stoy, 111., whence, via the Illinois pipe line and the Prairie the United Cigar Stores Co. of America.
pipe line, direct connection is had with the Okla., Kansas, and Texas fields:
Contract with American Tobacco Co.— The stockholders on Nov. 15
(4) 887 miles of branch pipe line. Manufactures gasoline, kerosene, gas and
fuel oils, lubricating oils, wax, pitch, coke, cylinder oils and greases. The 1923 ratified a contract dated Oct. 26 1923 between the company and the
American Tobacco Co. This contract provides
company is one o f the largest producers o f gasoline. See financial statement for a period of 99 years, beginning Nov. 1 1923, for the lease and license
for the United States of
to N . Y . Stock Exchange in 1917 upon listing o f stock, in V. 105, p. 79, 82,
America, to
1426, 2100, 2372. In April 1921 acquired control o f the Guffey-Gillespie smoking andthe American Tobacco Co., of all the brands of cigarettes and
chewing tobaccos owned by the company and its subsidiaries,
Oil Co. V. 112, p. 1985, 2762, V. 113, p. 301, 634. Govt, suit, V . 118,
and for the sale to the American Tobacco Co. of substantially all of the
p. 3161.
Exchange of Stock.-—The Tide Water Associated Oil Co. (see statement manufacturing assets thereof at substantially the book value thereof
above) in March 1926 offered to the holders of the no par value common as of Nov. 1 1923, and also for the payment to the company by the Amer.
stock of Tide Water Oil Co. to acquire their stock in exchange for stock of Tobacco Co. for such lease and license of $2,500,000 annually for the term
Tide Water Associated Oil Co. on the basis o f 1 1-3 shares of Tide Water of the lease.
The contract in no way affects the ownership by this company of the
Associated Oil C o.’s common stock without par value for each share of
stock of the following corporations, which it will continue to hold: United
Tide Water Oil Co. no par value common stock so exchanged.
Cigar Stores Co. of America and Stephano Brothers. Compare V. 117,
STO C K S A N D B O N D S —Rate of Int. Outstanding. Bds. when Due• p. 2224.
Stocks— C om 4,000,000shs(nopar) ____
2,168,285 shs _____________
S T O C K S A N D B O N D S —Rate of Int. Outstanding. Bds. when Due.
Pref 5% cum conv red (text)
Stocks— Com $100,000,000 ($100) ____
$65,933,050 _____________
($ 100)............ ................. ..
5 Q-F
$20,705,200 ____________
Com class A 7 % non-cum
$49,354,000 ($100)________ 7 Q-F
$44,809,250 .......................
STOCK.— The stockholders on July 20 1925 changed the authorized
Capital stock from 1,000,000 shares, par $100, to 4,000,000 shares of no
STOCK.— The stockholders on June 28 1922 Increased the authorized
par value. Four new shares o f no par value were issued in exchange for Common stock from $25,000,000 to $100,000,000 (par $100), and created
each share o f old stock outstanding.
a new class of Common stock, known a s " Class A stock,” in die aggregate
The stockholders on July 20 1925 increased the authorized capital stock amount of $49,354,000 (par $100), such Class A stock to be antitied to nonby approving the issuance o f 252,215 shares of 5% cumul. conv. non-voting cumulative dividends at the rate of 7% per annum before any dividends
pref. stock, par $100- This stock was offered to the common stockholders shall be declared or paid on the Common stock. |
at par on the basis of one share of the pref. stock for each eight shares of no
Holders of Common stock of record July 10 1922 were entitled either (a)
par value common stock held. Pref. stock will be convertible at any time to retain the same, or (6) to exchange the same for an equal number of sharea
at its par value into the common stock, without par value, at the following of the Class A stock, or (c) to exchange each share for half of one share o f the
rates: the first $5,000,000 o f pref. stock surrendered for conversion will be Class A stock and half of one share of the Common stock.
convertible on the basis o f one share o f common stock for each $37 50 par
The entire outstanding preferred stock was redeemed on July 1 1924.
The Class “ A ” and common stockholders of record Dec. 14 1925 were
value of pref. stock; the second $5,000,000 par value of pref. stock, on the
basis of one share of common stock for each $40 par value of the pref. stock; given the right to subscribe for 144,434 shares of additional common stock
the third $5,000,000 of pref. stock on the basis of one share of common stock at $80 per share, on the basis of 3 additional shares of common stock for
for each $42 50 par value o f pref. stock; and the balance of the pref. stock on every 20 shares of class “ A ” or common stock held.
the basis of one share of common stock for each $45 par value of pref. stock.
DIVIDENDS— 1913. 1914. 1915. 1916.
T7.
T8 T9. ’20-’26.
I f called for redemption, the holders of the pref. stock so called shall be
entitled to convert, at the prevailing rate, up to and including the tenth Preferred-------------- ----------- 7% annually ( 1 * 4 % Q.-J.)-------------------- Sea
_ _
_
_
_
_
_
_
_ $1 50 $1 50 $3 00 tex*
day prior to the date set for redemption. Redeemable as a whole or in Common (cash)_
_
___
_
_
_
_
_
_ $4 50 $3 00
amounts of not less than $5,000,000, on any dividend date after three years Common (scrip)_x_ _
''ommon (stock ).. _
_
_
_
_
_
_
_
__
_ Jan.. 1 0 ___
_
from the date o f issue, upon sixty days’ notice, at 105% and div. V. 121.
p. 471, 852.
x 2-year 7% scrip. Series " A ’ ’ div. certif.issued May 15 1918 and due
May 15 1920. were paid on the latter date. Series " B ” div. certif.. Issued
D IV ID E N D S.—
1918. T9. ’20. '21. *22. ’23. ’24. ’25. ’26. on Aug. 15 1918, were paid at maturity, Aug. 15 1920- Series “ C ” certifs.,
Regular..................................... % 8
8 12 10 —
1
4 text$l*^
were paid at maturity, N ov. 15 1920. Series ‘ D ” certifs. were paid on
Extra................. ........................... 11
8
4
. . __ . . __ . .
Feb. 15 1921: Series " E ” certifs. were paid May 16 1921. In Feb. and May
Paid in 1925, Mar. 31, 1%; June 30, 1%; Sept. 30 and Dec. 31, 25 cents 1920 paid 1 % quar. In Aug and Nov 1920 and Feb., May, Aug. and
per share on new stock of no par value. Paid in 1927; Mar. 31, 37 cents. Nov. 1921 1H % payable in 2-year scrip. V l l l . p 500. 1573: V 112. p.
June 30, 20c.; Sept. 30, 20c.
477; V. 113, p. 1780. In Feb., May and Aug. 1922 paid 1H % In cash
then none until Jan. ’24, when 1 % was paid; Apr. ’ 24 to Oct. ’25 paid
BONDS.— All of the outstanding 10-year 6M % gold bonds, dated Feb. 15 1H % quar. In Jan. 1926 paid a dividend of one-fifth of one Founder’s
1921, were redeemed on Aug. 15 1925 at 101H and interest. The cornu my share of Happiness Candy Stores, Inc., for each share of Tobacco Products
guarantees, principal, interest and sinking fund, $1,400.000 gold bond 'i. iue common stock. April 15 1926 to Oct. 15 1927 paid 15^% quar.
Aug. 1 1931, o f Tidal Osage Oil Co.
On class “ A " stock paid 1 % quar. from Nov. 15 1922 to N ov. 15 1927.
Operating income_________________________________________$20,521,812
Other income_______________________________________________
1,324,557




238

INDUSTRIAL STOCKS AND BONDS

NOTES.— The sinking fund 7% gold notes of 1921 were redeemed on
Dec. 20 1923 at 108 and int.
R E PO RT.— For 1926. in V. 124, p. 806, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net income_____________ $10,789,528 $7,585,604 $7,766,832 $4,529,556
Preferred dividends____
______
______
______
560,000
Common dividends_____
7,751,486
5,967,839
6,221,563 3,894,978
Federal taxes (est.)_____
400,000
275,000
150,000
150,000
Balance, surplus_______$2,638,041 $1,342,766 $1,395,269 def$75,422
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 937.
OFFICERS.— Pres., Thomas B. Yuille: Treas., George Wattley.
Office, 44 West 18th St.. New York.— (Y. 125, p. 928.)
TRANSCONTINENTAL OIL CO.— ORGANIZATION.— Incorp. in
Delaware June 27 1919 and is engaged in all phases o f the oil industry.
Operates 407 miles o f pipe lines and 1,277 tank cars, o f which 1,111 are
owned and 166 leased. The refining and marketing facilities of the com­
pany have a capacity o f 14,000 barrels daily. Company’s net daily crude
production in March 1925 was approximately 6,000 barrels from 255 pro­
ducing wells. Owns or has an interest in leases aggregating 1,200,000 acres,
situated in the States o f Oklahoma, Arkansas, Louisiana, Texas, Montana,
Kansas, Wyoming, West Virginia, Illinois, Colombia (South America) and
Rumania. Mid-Colombia Oil & Development Co., a subsidiary, was incor­
porated in Jan. 1921. V. 112, p. 264, 380. Acq. the prop, o f the Rockwell
Oil Co. in Feb. 1923. V. 116, p. 526. Transcontinental California Oil Co.
was organized in July 1925. V. 121, p. 341.
Arrangement with Arkansas Natural Gas C o., V. 110, p. 977. Acquisi­
tion o f holdings of Latin-American Petroleum Corp. o f Colombia, and
disposal o f 51% o f stock interest therein to Standard Oil Co. of California.
V. I l l , p. 1480; V. 112, p. 169; V. 113, p. 2513. In Jan. 1922 purchased
the properties o f the Continental Petroleum Corp. in Oklahoma. V . 114,
p. 418.
STOCKS AND BONDS—
Bate of Int. Outstanding. Bds. when Due3,742,029 shs
Stocks-Com 4,000,000 shs (no par) ____
Pref 7% cum red 110 $25,009,000 ($100)_________________ ____
$15,750,000
Bonds—-1st M & coll tr s f g bds f 8 g
See text
$10,000,000 red (text)______ (in t. at___________________________________
5-yr gold notes red (text) ($500 / 7 g A-O
$4,000,000 April 1 1930
& $1,000)______ CIPi.kxxxc* (in t. at Pittsburgh or New York.
STOCK.— The stockholders on Feb. 28 1924 (a) increased the common
stock from 2,000,000 shares, no par value to 4,000,000 shares, no par value
and (b) created a new issue of $25,000,000 7% cumul pref. (a. & d.) stock
par $100.
Each share of preferred stock shall entitle the holder t.o 10 vote t am
each share of common stock shall entitle the holder to one vote
The stockholders o f record March 11 1924 were given the right to sul •
scribe, share for share, to 2,000.000 additional shares o f common stock, no
par value, at $4 per share.
D IV ID E N D S.— Accumulated dividends on the preferred stock amounte
to 15% % on July 1 1926.
BONDS.— Of the $10,000,000 authorized first mortgage and collateral
trust sinking fund gold 8s, due Dec. 1 1931, $8,657,000 have been issued,
o f which $6,836,000 have been retired and the remaining $1,821,000 are
held by Standard Oil Co. o f California. Callable at 105 and int. to Dec. 1
1926, and at 102H thereafter.
NOTES.— The 5-year 7% gold notes are redeemable, all or part, at 102H
and int. on or before April 1 1926, the premium decreasing 34 of 1 % each
year thereafter.
Warrants.— Each note carries a detachable warrant which will entitle
the holder to purchase 100 shares of Transcontinental Oil Co. common
Stock for each $1,000 of notes held, upon the following terms: On or before
Oct. 1 1925 at $5 50 per share; thereafter and on or before April 1 1926 at
$6 50 per share; thereafter and on or before April 1 1927 at $8 per share;
thereafter and on or before April 1 1928 at $10 per share; and until April 1
1929 at $12 per share. V. 120, p. 1599.
R E PO RT.— For 1926, in V. 124, p. 1375, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Gross earns., all sources.$16,682,748 $19,304,630 $14,100,722 $14,218,657
M at’l cost & oper. ex-p.. 11,632,753 15,523,293 12,210,972 13,476,573
Operating income____ $5,049,995
Admin, exp., int., &c_
_
1,422,998
Deprec’n, depletion, &c. 2,317,694
_
Res. for contingencies_
100,000
Loss on drilling non-pro­
ducing wells_________

$1,889,750
1,391,145

$742,084
1,888,734

1,120,370

$3,781,337
1,480.151
1,508.604
______

1,216,571

Net deficit________ sur$l,209,303 sur$792,580
$621,765 $2,363,221
OFFICERS.— Chairman, C . H. Huston. Pres., F. B. Parriott, V.-P.,
M . W . Bottomfield, J. C. Adams, L. B. McCammon and J. M . Holliday,
Sec. & Treas., E. D. Robinson; Compt., Wm. H. Weis. Office, Ritz
Building, Tulsa, Okla.— (V. 125. p. 928.)
TRANSUE & WILLIAMS STEEL FORGING C O R P O R A T I O N ORGANIZATION.— Incorp. in New York Oct. 26 1916 as successor of
company of similar name (organized in 1898). Manufactures steel forgings
stamping forms. &c.
STOCKS AND BONDS—Rate of Int. Outstanding. Bds. when Due.
Stock— Com 110,000shs (n opa r). ____
100,000 shs ------------------STOCK.— Capital stock, auth. issue, 110,000 shares; no par value; out­
standing, 100,000 shares.
D IV ID E N D S.—
’ 17. ’ 18-’20. ’21. ’22. ’23. ’24. '25. ’26Common _____________________ $414 $6 yrly. 3 h $2 214 $3 $214 $114
Resumed payments on Dec. 15 1927 when 25c. per share was paid.
R E PO RT.— For 1926, in V. 124, p. 661 and 1234, showed:
1923.
1924.
Calendar Years—
1926.
1925.
Gross sales______________ $3,831,206 $5,084,429 $4,423,676 $6,246,922
Less returns, allowances,
310,724
218,526
232,960
and freight_______ . .
181,461
Labor, material and fac­
4,582,441
4,047,345
5,326,165
tory expenses________
3,698,940
137,342
136,979
186,427
Selling, office & adm. exp
181,936
Net profit from oper’nloss$231133
Other income— net_____
53,375

$97,035
65,411

$6,028
70,513

$473,054
35,837

$76,541
$508,891
$162,446
Net profit. ...........
loss$177758
1,500
50,000
Prov. for est. Fed’l taxes
13,000
Dividends_____________ ($1)100,000 ($2)200,000 ($3)300,000($2^)275000
Balance, sur. or def_ def$277,758 def$50,554 def$224,957 sur$183,891
_
Period End. Sept. 30— 1927— 3 Mos — 1926.
1927— 9 Mos.— 1926.
Sales__________________
$501,508 $948,851 $1,925,426 $3,427,199
Net profit after taxes and
ch a rg e s..___________
38,844 def56,626 _ def48,751 def83,066
Net profit for the 3 months ended Sept. 30 1927 is equivalent to 38 cents
a share on 100,000 shares of no par capital stock outstanding.
BALANCE SHEET as o f March 31 1927 in V. 124, p. 2766.
OFFICERS.— Pres. & Gen. M gr., F. W . Trabold; V.-Pres., A. A.
Mulac; Sec. & Treas., H. W . Woolf. Office, Alliance, Ohio.— (V. 125, p.
2402.)
TRUMBULL STEEL CO.— (V. 125, p. 2278.)
UNDERWOOD T Y PE W R ITE R CO.. INC.— ORGANIZATION . Incorp., Delaware, March 8 1910, acquiring entire business of N. J. com­
pany, same name, which was incorp. Jan. 1983, which company had pre­
viously absorbed the Underwood Typewriter Manufacturing Co. and the
Wagner Typewriter Co. Present company owns entire capital stocks of
Underwood Typewriter Companies o f New Jersey, Pennsylvania, New
York, Michigan and Massachusetts, which are operated as selling agencies.
NATURE OF BUSINESS.— Present company manufactures and sells,
through some 200 branch offices in the United States with selling agencies
all over the world, standard correspondence typewriters, both office and
portable models. Sells fanfold typewriters, billing machines, bookkeeping
machines and typewriters. Also typewriter supplies, duplicating machines,
etc.




[V ol. 125,

STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
$10,000,000 _____________
Stocks— Com $10,000,000 ($25)._ ____
Pref 7% cum red 125 $5,000,000 ($100)___________________ 7 Q-J
$3,400,000 _____________
STOCK.— Preferred stock, see V. 90, p. 788. $1,600,000 has been ac­
quired and canceled, according to charter.
The stockholders on June 12 1923 authorized the change in the par value of
the common stock from $100 to $25 per share and authorized the creation
and issue of an additional $1,000,000 common stock. The stockholders of
record of June 15 1923 were given the right to subscribe to the new stock
(par $25) at $40 per share.
D IV ID E N D S—
’ 18. ’ 19. ’20. ’ 21-’22. ’23. ’24. ’25. ’26. ’27.
On common_____ %
6
8 10 yrly. 1034 12
12
12 16
5
*5
*5 ______
--- . 4
4
--Extra___________ %
Preferred__________ Paid in full to date.
* Also paid 5% in U. S. Victory notes.
Paid or decl. on common in 1928: Jan. 3, 4% .
REPORT.— For 1926, in V. 124, p. 938, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net earnings___________$2,474,159 $3,314,580 $2,355,587 $2,881,968
Other net income, inter­
est received, &c______
218,959
211,406
203,407
219,937
$3,525,986 $2,558,994 $3,101,905
Total net income_____$2,693,117
Deduct—
Deprec. charges off, &c.
260,140
$244,731
$263,784
$250,112
Reserve for employees’
profit-sharing p la n ...
______
188,501
90,972
218,209
Res’ve for Federal taxes.
328,100
392,000
286,600
350,000
Preferred dividends____
239,750
246,750
253,750
260,750
1,600,000
1,200,000 1,050,000
Common dividends_____ 1,600,000
Transf. to s u r p .a c c t..
$265,128
$854,004
$463,888
$972,835
BALANCE SHEET as o f Dec. 31 1926 in V . 124, p. 1083.
Period End. Sept. 30— 1927—-3 M os.— 1926.
1927—9 Mos.— 1926.
Net earnings___________
$461,958
$376,010 $1,925,320 $1,623,213
Other net income______
97,512
89,897
290,238
295,886
Gross income________
Depreciation___________
Res. Fed. taxes________

$559,471
66,125
66,500

$465,907
67,111
53,600

$2,215,559 $1,919,099
202,593
196,659
271,500
230,600

Net profit___________
$426,846
$345,196 $1,741,466 $1,491 841
OFFICERS.— Pres., John T. Underwood; V .-P ., Edward F. Geer;
Treas., De Witt Bergen; Asst. Treas., John J. Hinchman; Sec., L . W . Guern­
sey. Office, 30 Vesey St., New York.— (V. 125, p. 2683.)
UNION BAG & PAPER CORPORATION.— ORGA N IZA TIO N .—
incorp. in New Jersey Oct. 4 1916 as a consolidation, per plan in V. 103, p.
244, 762, o f Union Bag & Paper Co. and its sales agent, the Riegel Bag &
Paper Co. In this merger the $27,000,000 stock o f old Union Bag & Paper
Co. ($11,000,000 being pref.), gave place to $10,000,000 stock, all o f one
class. See full statement, V. 104, p. 71. In Dec. 1916 pm-chased the
Cheboygan (Mich.) Paper Co. and guaranteed its $1,000,000 bonds,
principal and interest. V. 103, p. 2436, 2161; also then purchased for
cash Badger Bag & Paper Co. of Wausau, Wis. V. 104, p. 262. In Dec
1923 acquired the capital stock o f Columbia Bag & Paper Corp o f Long
Island City, N. Y . Mills and factories are located at Hudson Falls, N . Y .,
Chicago, 111., Kaukauna, Wis., Cheboygan, M ich., Long Island City, N . Y .,
and Bogalusa, La.
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
Stocks—-Com $20,000,000 ($100). ____
$14,604,350 _____________
Bonds— Allen Bros 2d mtge (as- j 6 semi-ann
$70,000
To 1934
sumed) $100,000 ($500)____( Int.at Hudson Falls, N . Y . W ill be called
l
Feb. 1 1928.
Union Bag & Paper Power Corp f 6 g M-S
$3,000,000 Sept. 1 1932
5-yr. 1st m. g. bds. ($500 &c) ( Int. at Halsey, Stuart & C o., N .Y . or Chi.
xkc* (
STOCK.— The stockholders voted May 4 1920 to increase the capita)
stock from $10,000,000 to $2u.0OO,OOO. Of tne new stock $4,977,850 wa»
distributed as a 50% stock dividend on M ay 20 1920.
D IV ID E N D S.— Dec. 15 1916 to Sept. 15 1919, 6% p. a. (1 H % Q.-M .)
Dec. 1919 to Dec. 15 1921, 2% quar.; Mar. 15 1922 to July 15 194, 1H %
quar.; none since. Also extra div., Feb. 1917, 2% cash, and on Nov. 15
1917, Jan. 25 1918 and Feb. 15 1919, each 2% in Liberty Loan bonds.
Paid 50% stock dividend on May 20 1920.
BONDS.— The 1st mtge. 6% gold bonds of the Union Bag & Power
Corp. ( a wholly owned subsidiary of the Union Bag & Paper Corp.) are
unconditionally guaranteed by the Union Bag & Paper Corp. The bonds
are red. as a whole at any time upon 30 days’ notice at 101 prior to & incl.
Sept. 1 1929, thereafter at 10014 to & incl. Sept. 1 1930, and thereafter at
the principal amount.
The bonds were offered in Oct. 1927 at 100 & int. by Halsey, Stuart &
C o., Inc., Hodenpyl, Hardy Securities Corp., and Hambleton & Co. V.
125, p. 2150.
REPORT.^—For 1926, in V. 124, p. 2134, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net earnings___________
x$79,140
x$931,746 x$l,014,849 $1,580,827
Depreciation___________
254,030 (
359,273/
296,214
244,196
Prop, of bd. disc. & exp.
______ J
(
30,741
______
in t e r e s t.....................
5,150
349,389
369,836
385,922
D ividen ds.......................
.......
........... (3)433,141 (6)869,658
Balance, surplus------- def$180,039
$223,084 def$115,083
$81,051
Profit & loss, su rp lu s...
$917,237 $1,280,009 $1,164,041 y $ l,279,124
x Net earnings, including dividends from sub. cos. (ana profit on sale
of capita] assets $308,869 in 1924), and after deducting ordinary repairs
and maintenance, but before providing for depreciation, y After deducting
$30,000 for taxes and contingencies.
OFFICERS.— Chairman, M . B. Wallace; Cnair. of Exec. Committee,
August Heckscher; Pres., C. R. McMillen; V .-P ., E. B. Murray and
Alexander Calder; Compt., J. Wohnsiedier; Treas., W . E. Quayle; Sec.,
Charles B. Sanders. Office, Woolworth Building, N . Y .— (V. 125, p. 2160.)
UNION CARBIDE AND CARBON CORPO R ATIO N .— ORGANIZA­
T IO N .— Incorporated in New York N ov. 1 1917 (V. 105, p. 1426, 1718;
V. 106, p. 507) to manufacture and deal in calcium carbide and all gasproducing materials and gas, especially acetylene gas, and all machinery
relating thereto; also metallurgical and chemical substances and com.
pounds, &c.; coal, coke, oil, lumber, &c.; iron, steel, silicon, chromium,
molybdenum, vanadium, titanium, tungsten, manganese, calcium, carbon,
copper, aluminum, nickel and other elementary substances, and any and
all alloys, compounds, &c.; also to manufacture and deal in electrical
batteries, starters, lamps, machinery and other electrical appliances,
oxygen, hydrogen, nitrogen and other gases separated from air, &c.
The corporation owns directly or indirectly substantially all of the com­
mon capital stock of Union Carbide Co. (V. 105, p. 916, 722), National
Carbon Co., Inc., The Linde Air Products Co. (V. 104,p. 668), ThePrest-OLite Co., Inc. (V. 104, p. 458), Electrio Metallurgical Co., Michigan North­
ern Power Co., Union Carbide Co. of Canada, Ltd., Electric Furnace
Products C o., Ltd., Oxweld Acetylene C o., Oxweld Railroad Service C o.,
U. S. Vanadium Corp., and other subsidiary companies. [The outstanding
pref. shares include: National Carbon, Inc., $5,600,000 8% cum. pref.,
callable at 140 (par $100); Linde Air Products Co. 6% pref., $750,000.]
In April 1921 acquired the Carbide & Carbon Chemical Corp. and the
Clendennin Gasoline Co. V. 112, p. 1748.
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
2,659,733 shs _____________
Stock—-Com 3,000,000 shs (no par) ___
Bonds— Sauda Falls Co Ltd 1st / 5 g A-O
$3,937,000 Oct. 1 1955
m tg e sf gbdsser A guar p & i {Int. at Central Union Trust C o., N. Y .
red (text) ($500&c)_Ce.xxxc* (
STOCK.— Stockholders of record Dec. 12 1918 had the right to
subscribe for 406.857 shares of additional stock at $40 per share to the
unount of 20% of their holdings. Stockholders of record Oct. 20 1920
had the right to subscribe to additional stock at $40 a share to the extent
of 10% of their holdings. V. I l l , p. 1480; V. 107, p. 2195. 2482.
Preferred stock o f subsidiary companies outstanding, $6,350,000.
DIV ID E N D S.—
’ 18. ’19. ’20. ’21. '22-’23. ’24. ’25-’26.
On common in $ ____________
4
5 5.50
5 4 yrly. 4.75 5 yrly.
Paid in 1927: Jan. 1, $1K ; Apr. 1 ,$ ’ M; July, $1>|; Oct.

Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

BONDS.— Guarantees, principal, interest and sinking fund, 13,937,000
Sauda Falls Co., Ltd., 1st mtge. 5% sinking fund gold bonds. Series A,
due Oct. 1 1955 and redeemable in whole or in part at 1073^ and int. prior
to Oct. 1 1945, thereafter at 105 and int. prior to Oct. 1 1950, and there­
after prior to maturity at 1023^ and int. V. 121, p. 2040.
Other bonds of subsidiary companies: $1,165,000 6% due Feb. 1 1937.
$3,495,250 5% due July 1 1941; $318,000 6% due July 1 1950; $1,610,000
5% debentures due April 1 1958.
R E P O R T — For 1926, in V. 124, p. 1813, showed:
1926.
1925.
1924.
1923.
Earnings (after prov. for
income tax)_________ $32,834,978 $28,267,089 $23,939,639 $22,030,182
Depreciation, &c_______ 7,470,977
7,201,527
6,178,215 4,895,075
In terest___ ___________
722,041
543,975
489,852
430,432
D iv s.o n p fd .stk .o fsu b s
499,353
500,260
500,260
500,260
Net income-------------- $24,142,607 $20,021,327 $16,771,312 $16,204,415
Earnings o f companies
100% owned________
______
______
______ deb665,000
Previous surplus_______ 52,851,320 75,334,931 71,450,857 66,550,374
Unamort. book value of
patents, &c_______ Dr
______ .29,423,509
______
______
Net adjustments_______
Cr.5,162 Cr.217,237 Cr .411,426
______
Total surplus------------ $79,999,089 $66,149,986 $88,633,596 $82,089,789
Divs. on Union Carb. &
Carbon Corp. stb.($5 13,963,598 ) 13,298,665($5) 13298665 ($4) 10638932
Profit & loss surplus..$63,035,491 $52,851,321 $75,334,931 $71,450,857
Period end. Sept. 30— 1927— 3 Mos — 1926.
1927— 9 M os.— 1926.
Earnings (after provision
for income, &c., taxes) $9,691,250 $8,862,089 $24,339,436 $23,303,435
Int. on funded debt and
divs. on pref. stock o f
sub. cos____________
298,365
304,135
896,852
915,246
Deprec. & other charges, xl ,928,931
1,959,491 x5,769,777 5,757,744
B alan ce____________ $7,463,954 $6,598,463 $17,672,806 $16,630,444
OFFICERS.— Chairman o f board, George O. Knapp; Pres., J. J. Ricks;
V.-Ps., G. W . Mead, M . J. Carney, B. O’Shea. W. J. Knapp and W . F.
Barrett; Sec. & Treas., W . M . Beard. Office, Carbide & Carbon Bldg.,
30 East 42d St., N . Y .— (V. 125, p. 2402.)
U N IO N O IL C O . O F C A L IF O R N IA .— ORGANIZATION.— Incorp.
In California, Oct. 17 1890. Produces, refines, transports and markets

crude petroleum and its products. The company owns in fee or mineral
rights approximately 616,553 acres, and has under lease approximately
52,747 acres, as follows: California, 191,861 acres; Wyoming, 13,803 acres;
Texas, 2,051 acres; Colorado, 31,409 acres; Utah, 3,960 acres; Mexico,
470 acres; Colombia, S. A ., 425,746 acres, and Venezuela, S. A ., 50%
interest in concessions, totaling approximately 880,000 acres.
Organization o f Union Oil Associates, V. 113, p. 2193; V . 114, p. 956,
1072, 1296, 14..7; V. 115, p. 191.
The Fort Collins Producers’ Corp., a subsidiary, was incorporated in
Colorado in July 1924 with an authorized capital stock o f $10,000,000, par
$25 per share, to take over the operations in Colorado of the Union Oil Co.
o f California. Approx. 86% o f the stock of the Fort Collins company is
owned by the California company. V. 119, p. 207.
Towards the end o f 1926 a contract was entered into with the Pantepec
Oil Co. o f Venezuela, covering the testing for development and production
o f oil in an area o f approximately 880,000 acres located in Venezuela. The
Union Oil Co. is to have a 50% interest in this concession.
STOCKS A N D BONDS—- Rate o f Int. Outstanding. Bds. when Due.
Stock— Com $125,000,000 ($25). ____
$94,715,450 ____________
Bonds— 20-yr 1st lien M $20,- I
5 g J-J
$3,581,000 Jan. 2 1931
000,000 gold call (text) ($100 {Int. at Equitable Trust Co., N. Y ., trustee
&c)_____________Ea.xxc*&r* I
20-yr non call g bds $10,000,000 f
6 g F-A
$8,934,500 M ay 1 1942
($500 & $1,000)_______ xxxc*\Int. at Los Ang. First Nat. Tr. & S. Bk.
10-yr sink fd gold bonds red j
5 g A-O
$9,419,000 Feb. 1 1935
(text) ($500 & $1,000)_xxxc* {Int. at Pac. So. W. Tr. & S. B ., Los
{ Angeles, or Cent. Un. Tr. C o., N . Y .
STOCK.— No dividends while the first lien bonds are unpaid, unless net
income is twice the interest charge. V. 101, p. 523; V. 100, p. 1353, 1516,
897; V. 102, p. 1065; V. 103, p. 762.
The stockholders voted on Feh. 26 1924 to increase the authorized stock
from $100,000,000 to $125,000,000.
During 1924 the par value was changed from $100 to $25, four shares
o f new stock being issued for one share o f old stock.
LATE DIVS.— 1913. 1914-15. T6.
’18. T9. ’20.*21.'22. ’23. 1924.
Cash__________
4.2 None.
6
6
6 &Yi 8
8 7.15 7 1-5
Extra_________
4
4 4
4
4
. - _____
In stock_______
10
-- .. - 80
..........
On Feb. 10, M ay 10, Aug. 10 and N ov. 10 1925, paid 45 cents a share on
new stock o f $25 par value, which was exchanged for old stock of $100 par
value on the basis o f four shares o f new stock for one share o f old stock.
Feb. 10 1926 to N ov. 10 1927 paid 50 cents quar.: also paid 50 cents extra
on Feb. 10 1927.
BONDS.— First Lien 5% 20-year bonds. Sinking fund retires yearly
at not to exceed 10214 and interest: also callable as an entire issue at 105 and
interest on any interest date. V. 102, p. 1726.
The 20-year non-callable 6% gold bonds have a sinking fund of $500,000
p. a., commencing Aug. 1 1922, available in equal installments each 6
months, for the purchase o f these bonds in the market if obtainable at or
below a 5M % int. basis to maturity. V. 114, p. 2024.
The 10-year 5% sinking fund gold bonds are callable, all or part by lot,
at 102 and int. up to and incl. April 1 1927, 101H and int. up to and incl.
April 1 1929, 101 and int. up to and incl. April 1 1931, and 10014 and
int. thereafter. A sinking fund will be provided, payments due April 1
1927 and annually thereafter to maturity, o f $300,000 per annum to and
including April 1 1930, $500,000 on April 1 1931, and $600,000 per annum
thereafter to maturity, to purchase bonds if obtainable at or below the then
prevailing call price, and to the extent not so obtainable to call bonds by lot
at such price. Bonds so acquired are to be canceled. V. 120, p. 596.
REPO RT.— For 1926 showed:
Consolidated Annual Statement, Including Controlled Companies.
1926
1925
1§24
1923
Production, net barrels. 16,066,842 15,360,640 15,163,526 18,912,259
Gross sales____________ $79,943,751 $74,378,772 $65,950,218 $72,962,578
Oper. profits---------------- 29,457,978 27,082,279 27,334,032 24,357,393
General exp., taxes, & c. 4,621,849
4,392,099
4,415,712
3,237,115
Depreciation___________ 12,244,495 11,440,324 11,309,412 12,311,235
Interest on bonds, & C -_ 760,015
736,650
904,860
776,394
Cash dividend_________ 7.568,000
6,804,000
6,675,349
6,435,000
Balance, surplus------- $4,263,619
$3,709,206 $4,028,699 $1,597,649
Estimated Earnings.
9 Months Ended Sept. 30—
1927.
1926.
1925.
S ales_______________________________ $59,350,000 $60,900,000 $56,750,000
Profit after Fed. taxes, in t., &c______ 16,350,000 18,850,000 17,425,000
Depreciation and depletion (x )______ 7,850,000
5,600,000 5,275,000
Cost o f new drilling, &c____________
See x
3,500,000
3,400,000
Net profit________________________$8,500,000 $9,750,000 $8,750,000
x Includes cost of new drilling, &c.
OFFICERS.— Pres., W . L . Stewart; Exec. V .-P ., E. W . Clark; V .-P .
W . W. Orcutt and L. P. St. Clair; Comp., R. D. Matthews; Sec., John
McPeak; Treas., R. J. Keown. Executive office, Union Oil Bldg., Los
Angeles, Calif.— (V. 125, p. 2160.)
U N IO N T A N K C A R C O .— ORGANIZATION, &c.— Incorporated in
N . J ., in 1891 as Union Tank Line Co., name changed to present title June 11

1919 (V. 108, p. 2131, 2336). Owns about 33,000 tank cars which it leases
to shippers at rental charges according to capacity, and in addition receives
a mileage rate from the railroads. Formerly controlled by Standard Oil
C o. o f New Jersey, but segregated in 1911.
STOCKS AND BONDS—
Rate o f Int. Outstanding. Bds. when Due.
Stocks— Com $40,000,000 ($100)- ____
$30,734,000 ____________
Bonds—-Equip tr gold ctfs due f 4>2 g A-O $11,700,000 To Oct. 1936
$1,300,000 ann red 100 dated (Int. at Chase Nat. Bank, New York.
1926 ($1,000)............-xxxc* {




339

STOCK.-—The stockholders on N ov. 22 1926 increased the authorized
common stock from $25,000,000 to $40,000,000.
D IV ID E N D S.— 1914 to Mar. 25 1919, 5% yearly (2 K % M . & S.)!
June to Dec. 1919 paid 1 )4% quar.; March 1920 to Dec. 1 1922 paid 1 % %
quar.; March 1923 to Dec. 1 1927, paid 134 % quar.; on increased capitaliza­
tion. Also paid 50% in common stock on Dec. 28 1922, 33 1-3% in common
stock on Dec. 10 1925, and 25% in common stock on Dec. 28 1926.
The entire $12,000,000 preferred stock was redeemed on Dec. 1 1926 at
115 and divs.
Equipment trusts of 1926, V. 123, p. 1772.
REPO RT.— For 1926, in V. 124, p. 1992, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Earnings after oper. exp. $7,213,410 $6,613,297 $7,223,926 $8,374,135
Deprec’n & amortization
3,494,989 3,444,899
3,401,368 3,616,755
______
______
______
Interest on certificates..
123,500
Reserve for taxes_______
562,650
452,790
592,688
560,000
Reserve for annuities___
______
______
______
91,980
Preferred dividend_____
840,000
840,000
840,000
840,000
Common dividends_____ 1,228,220
910,370
901,125
900,000
Balance, surplus_____
$964,051
$965,238 $1,488,745 $2,365,399
OFFICERS.— Pres., L. J. Drake; V .-P ., A . E. Smith; V .-P ., B. O.
Graves; V .-P ., Sec. & Treas., E. L. Gridley. Office, 134 North La Salle
St., Chicago.— (V. 125, p. 1330.)
UNITED ALLOY STEEL CORP.— See Central Alloy Steel Corp.
UNITED CIGAR STORES CO. OF AMERICA.— ORGANIZATION.—
Incorporated in N. J. July 24 1912. On June 1 1917 for purposes of ecooomical operation it took over all the property and assets of its subsidiaries,
the United Cigar Stores C o.. Inc., N. J., United Cigar Co. of 111. and United
Stores R®alty Corp. V. 105, p. 1718; V .94, p. 1451,1386,1122; V.93, p. 1108,
1122; V. 88, p. 1132). Retails cigars, cigarettes, tobacco, &c., hav
lug over 3,200 stores and agencies in various parts o f the country. United
Profit Sharing Corp., see V. 98, p. 1465; V. 99. p. 474. 1683; V. 100. p. 59.
314. In May 1926 acquired a one-half interest in the Charles F. Noyes C o.,
which has acquired the rental and agency management of the United Cigar
Stores Co. V. 122, p. 2669. In Aug. 1926 acquired 1,788 shares of capital
stock (par $100) of Whelan Drug Stores, Inc. (N. J.).
During 1923 the Tobacco Products Corp. acquired over 87% o f the
common stock o f the company.
STOCKS AND BONDS—Rate of Int. Outstanding. Bds. when DueStocks— Com $60,000,000 ($10)- ____
$49,991,940 _____________
Pref 6% cum $50,000,000
text ($100)________________
6 Q-F
$20,000,000 _____________
STOCK.-—In July 1927 the stockholders voted to issue new $10 par value
com. stock and to issue 2)4 shs. of the new for each share of the old $25
par value common stock.
The 6% cumulative stock is redeemable as a whole or in part at $120
and dividend at any time on 30 days’ notice. Dividends exempt from
present normal Federal income taxes.
The old issue o f 7% preferred was redeemed in M ay 1927.
Preferred and common stockholders of record Dec. 10 1925 received the
right to subscribe for additional common shares on the basis of one additional
share for every four shares of either preferred or common stock held.
BONDS.— The 20-year 6% debenture gold bonds were redeemed Oct. 1
1927 at 105 and int.
DIVIDENDS (old co. prior to merger of 1917).— Div. on common, l\ i %
and
extra paid Feb. 15 1913; M ay 15 1913 to N ov. 15 1913. l H % i
Feb 15 1914 to May 15 1915, 6% yearly; Aug. 1915 to Feb. 15 1917. 1 H%i
May 1917. 2% quar. to May 1918. V. 104, p. 1392. On Aug. 15 1918 in­
creased the common dividend to 2H%\ Nov. 1918 to May 1919, 2 f i%
quar.; then none till Jan. 2 1920, 6% . V. 107, p. 410. In April and again
in Nov. 1920 paid 10% in common stock. Jan. 1921 to Mar. 1921 paid
V 4 % monthly. In April 1921 paid 1%; May 1921, 1%; June 1921, 2% ;
July 1921, 1 Yi%\ Aug. 1921, 1 ^ % ; Nov. 1921, 2% ; Sept. 1922, 2% ;
Dec. 1922, 2% , and 1% extra; Mar. 1923. 2% ; May 1923, 2% : Aug.
1923, 2% : N ov. 1923, 3% ; Feb. 1924, 3% ; M ay 1924, 3% ; June 1924 to
June 1927 paid each quar. 2 % in cash and 1 M% in common stock.
Initial dividend on new capitalization of 2 % in cash and 1 % in common
stock paid Sept. 30 1927. Same amount declared for Dec. 30 1927.
R E P O R T — For 1926, in V. 124, p. 2294, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Netprofits_____________ $11,102,587 a$9.989,676 a7,751,997 $5,817,027
900,000
825,000
700,000
700,000
Federal taxes, &c______
347,716
351,448
355,298
359,100
Interest________________
Preferred dividends____
268,378
286,377
301,808
316,890
Common dividends___ _ 3,682,623
2,780,431
3,968.002 2,957,234
Balance, surplus_____$5,903,868 $5,746,420 $2,426,889
$1,483,803
a Includes $2,301,639 enhancement o f leasehold values in 1926, $1,295,197
in 1925 and $1,247,729 in 1924.
&Mos. end. June SO—1927.
1926.
1925.
1924.
Net profits after Federal
taxes,interest, &c____$3,917,859 $3,712,618 $2,853,860 $2,212,059
OFFICERS.— Chairman and Pres., Charles A. Whelan: V.-Ps., W m.
Baeder, R. L. Ramsdell, J. F. Whelan, W . T. Posey, Dr. M . Monac-Lesser,
Albert C . Allen, Samuel Simons. Julius Schwartz, E. Francis Whelan,
M . A . Bouvier; Sec., W . A . Ferguson; Treas., Geo. Wattley. Office,
44 West 18th St., N. Y .— (V. 125, p. 2827.)
U N ITE D D R U G C O . — ORGANIZATION.— Incorporated in Mass’
In March 1916. In addition to its manufacturing property and business’
owns the entire capital stock o f the Louis K . Liggett C o., the retail company
which succeeded to Biker-Hegeman C o., Riker-Jaynes Co. and Louis K.
Liggett Co. business. Also owns all the common stock o f Canadian and
British companies, &c. V. 108, p. 2637: V. 109, p. 894; V. 103. p. 417:
V. 102, p. 615, 1167, 1255. In its laboratories and factories in Boston,
New Haven, St. Louis and other places the company produces drugs,
pharmaceuticals, toilet preparations, rubber goods, hospital supplies, and
a variety of other merchandise required by drug stores. These products
are protected by trade marks and distributed chiefly through its 8,000
stockholder agents, called Rexall stores, situated in nearly every place In
the U. S. of over 1,000 population, and also through over 452 Liggett’s
drug stores. In 1917 purchased Seamless Rubber Co. in New Haven.
Conn., the lessee of a new $1,800,000 plant owned by Seamless Rubber
associates on account of which the latter sold $1,200,000 6% preferred
stock in Nov. 1919, having dividends and sinking funds covered by rental
under guaranty by United Drug Co. V. 109, p. 1706. In 1919 acquired
Schuhles Pure Grape Juice C o., Inc., of New York (name changed in
1922 to Hudson Valley Pure Food C o.). V. 104, p. 1495, 2562. United
Drug Co., Ltd., Canada. V. 106, p. 2127, 2458; V. 112, p. 2323. In Aug.
1919 sold Vivaudou Co. V. 109, p. 894. Tn Nov. 1919 purchased a con­
trolling interest in the Absorbent Cotton Co. of America, St. Louis, and
on Jan. 28 1923 acquired all the outstanding stock of that company. V. 109,
p. 2077. During 1919 formed the United Drug Building C o., which sold
$2,000,000 o f bonds, guaranteed by an irrevocable 20-year lease of the
property to the United Drug Co. V. 110, p. 877. In July 1920 Liggett’s
International, Ltd., Inc., was organized and took over the assets and
business in Great Britain, all the outstanding stock of the Louis K. Lig­
gett C o., Ltd., of Canada, and the ordinary shares of the Boot’s Pure
Drug C o., Ltd., of England.
In June 1925 Liggett’s International, Ltd., was liquidated and its securi­
ties transferred to the treasury of the United Drug Co.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $55,000,000 ($100)
$39,076,900 _____________
1st pref 7% cum call $60 $35,000,000 ($50)______________ 7 Q-F
$32,567,150 _____________
$10,700 _____________
Pref stks of sub c o .’s outst’d ’g ____
Bonds— 20-yr gold bonds red f 6 g A-O
$12,500,000 Oct. 15 1944
10714 ($100, &c.)__xxxc*r* \Int. at Chase Nat. Bank, New York.
Real estate mtge bds all sub cos- ____
$1,665,077 ____________
STOCK.— The pref. stock is non-voting, unless the dividends thereon
are in default, in which case the pref. stock at least will have full voting
power as well as the common.
The stockholders on Jan. 21 1925 authorized an increase in the 1st Pref.
stock from $20,000,000 to $35,000,000. Preferred stockholders of Lig­
gett’s International, Ltd., Inc., in Jan. 1925 were offered 1 l-7th shares
of the 1st Pref. stock of United Drug Co. in exchange for each share of Pre­
ferred stock of Liggett’s International.
All of the outstanding $124,900 2d pref. stock was redeemed on Dec. 1
1925 at 105 and dividends.

240

INDUSTKIAL STOCKS AND BONDS

BONDS.— The 8% convertible gold bonds were redeemed on Dec. 15 1924
out o f the proceeds of the $12,500,000 20-year 6% gold bonds sold in
Oct. 1924. V. 119, p. 1636.
Guarantees, jointly with Louis K. Liggett Co., $2,250,070 7% S. P
old bonds, due Mar. 1 1942, of Liggett-Winchester-Ley Realty Oorp
r. 114, p. 953.
D IVIDEN DS— 1919. 1920. 1921. 1922. 1923. 1924.
1925. 1926.
On com. stock ( % ) . 7)4
7H
6
0
3
6
6)4
7%
On pref. stock ( % ) . ------------------------------In full to date-----------------------------Paid on common stock in Jan. 1919, 134% and 1% extra; April 1919 to
Jan. 1920, incl., 1 34 % quar.; April 1920 to July 1921, 2% quar., then none
until Sept. 1 1923, when 134% was paid: same amount paid quar. to June
1 1925; Sept. 1 1925 to March 1 1926 naid 134% quar.: June 1 1926 to
March 1 1927, paid 2% quar.; June 1 1927 to Dec. 1 1927 paid 2)4% quar.
R E PO RT.— For 1925, in V. 122, p. 1019, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net sales.................
$91,183,162 $78,145,594 $70,112,133 $67,244,671
Total net income_______ 10,477,104
9,331,337 8,136,092 6,752,018
Depreciation___________ 1
1
Doubtful accts. re ce iv .-f 1,593,957 } 1,321,794
1,388,114
1,346,894
J
Current taxes_________ J
Pref. & com. divs. (incl.
subsidiary cos.)______ 5,098,157
4,237,394
3,355,953
2,244,051
Int. on bds.& notes out846,930
961,356
1,201,419
1,240,302
Prov. for Fed. tax & adj
805,292
825,274
493,736
324,284

f

Balance, surplus.........$1,655,768 $1,985,519 $1,696,870 $1,596,487
BALANCE SHEET, as o f Dec. 31 1926, in V. 124, p. 1350-51.
Period End. Sept. 30— 1927— 3 Mos.— 1926.
1927— 9 M os.— 1926.
Sales__________________ $24,043,830 $22,735,611 $69,926,282 $65,682,090
Cost o f sales___________ 16,232,306 15,437,3501 63,822,451/ 44,505,437
Operating expenses_____ 5,482,651 5,248,249/____________ 1 14,672,707
Operating profit_____ $2,328,874 $2,050,012 $6,103,831 $6,503,947
Other income__________
268,855
290,016
802,607
868,601
Total income_________ $2,597,729 $2,340,028 $6,906,438 $7,372,548
Deprec. cur’t taxes, & c.
518,904
434,544
1,501,935 1,266,345
Interest________________
195,375
193,373
582,263
652,504
Adjustments___________ Dr.36,450
Cr.33,494
Dr. 15,369 D r.20,486
Preferred dividends____
569,907
569,769
1,709,699 1,709,355
Common dividends_____
878,220
737,337
2,515,845 2,058,584
Surplus as of Sept. 30.$13,359,768 $12,310,947 $13,359,768 $12,310,947
OFFICERS.— Pres., Louis K. Liggett; 1st. V .-P., Geo. M . Gales; Sec.,
A. W . Murray; Treas., J. A . Galvin. Main office, 43 Leon St., Boston,
Mass.— (V. 125, p. 2542.)
UNITED DYEWOOD CO R P.— ORGAN IZATION .— Incorporated in
Del*. Sept. 26 1916 as a holding co. and may manufacture chemicals
coloring materials and dyestuffs. Owns all the capital stock of Americat
Dyewood Co. (Incorp. In Pa. June 28 1904) and controls three other com­
panies in France. England and West Indies See full data. V 104 p. 2559.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $15,000,000 ($100) ____
$13,918,300 _____________
Pref 7% cum $5,000,000 ($100) 7 Q-J
$3,950,000 ------- ----------STOCK.— Capital stock (par $100) auth., common, $15,000,000; out­
standing, $13,918,300; pref. (7% cum.) auth., $5,000,000; issued, $4,500,000, of which $550,000 is held in treasury.
D IV ID E N D S.— On pref. stock paid or declared in full to Oct. 1 1927,
7% p. a. (1M % qu.). Dividends on common (No. 1), April 1917 to July
1924, 1)4% quar.; none since. In Aug. 1917 paid 1% extra to aid Red
Cross contributions.
REPORT.'— For 1926, in V. 124, p. 2605, showed:
Income Account lof Holding Company) for Calendar Years.
1926.
1925.
1924.
Dividends received from subsidiaries.
$297,243
$466,774
$656,106
Other income_____________________ ______ 70,336 _____ 63,668 _____ 50,614
Total income___________
$367,579
$530,442
$706,720
110,884
Gen. & adm. exp., & foreign taxes._
214,023______ 89,343
Net income_____________
$153,556
$441,099
$595,836
Preferred dividends________
276,500
271,250
261,625
Common dividends_________________
______
______ (3%)417,549

[V ol.

125.

UNITED PAPERBOARD CO., INC.— Incorp. Feb. 27 1912 in N. J.
and acquired at foreclosure sale the properties or the United Boxboard Co.
Product is pulp and paperboard for the manufacture of paper containers and
kindred commodities.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $12,000,000 ($100) ____
$12,000,000 _____________
Pref 6% non-cum red 110
$1,500,000 ($100)_________
See text
$1,317,500 _____________
STOCK.— The authorized preferred stock was decreased from $2,500,000
to $1,500,000 in Nov. 1920. Preferred and common stocks have equal
voting power.
The common stockholders of record March 21 1925 were given the right
to subscribe for 17,093 additional shares of common stock at $18 per share,
in the proportion of 17 % or any part thereof of their respective holdings of
common stock.
D IV ID E N D S.— On pref., 1 )4 % quar. Oct. 15 1916 to July 15 1921: then
none until July 2 1923, when 6% was paid; July 1 1924 paid 6% ; July 1
1925 paid 6% ; April 1 1926 paid 6% . April 1 1927 paid 6% and same
amount declared to and incl. Apr. 16 1928. On com. Dec. 15 1917, )4 % ‘,
Dec. 15 1918, 1 %; M ay 27 1920, 2% ; Sept. 16 1920, 2% ; Jan. 10 19 2 1 ,2 % ,
also 10% in stock; then none until July 1 1925, when
% was paid; April
15 and July 15 1926 paid Vi % quar.; none since.
REPORT.'— For year ended May 28, 1927 showed:
May 28
May 29
May 30
May 31
Years Ended—
1927.
1925-26.
1924-25.
1923-24.
Mill earnings__________
$641,367
$923,607
$794,476
$705,768
Taxes and insurance___
145,984
155,771
119,045
147,397
Administration exp_____
132,198
131,325
133,596
134,951
Depreciation___________
275,000
300,000
300,000
300,000
Reserve for Federal taxes
78,972
43,983
______
______
Preferred divs. ( 6 % ) .- ______
78,972
79,476
79,476
Common dividends_____
______ (1%)119,920 (1)^)59,955
______
Balance, surplus_____
$9,213
$93,637
$102,404
$43,944
OFFICERS.— Pres.. Sidney Mltcnell; V.-Pres., Matthias Plum; Treas.,
Ohas. E. Daniel: Sec.. M . Bechthold. N. Y . office. 171 Madison Ave.—
(V. 125, p. 1319.)
UNITED SHOE MACHINERY C O R P O R A T IO N .— ORGANIZA­
TION.— Incorp In N . J. V. 80, p. 1862 Properties. V 68. p. 333, 4307. 74. p 430; V. 75, p. 851; V. 80. p. 1486; V. 91, p 878; V 92. p. 1699;
7. 97. p. 1359. V 99, p. 275. The merger of the United 8hoe Machinery
‘7e., the operating company, with the United 8hoe Machinery Corporation.
the holding company was finally consummated Nov. 30 1917. v 105. p.
1426
The B . 8. Supreme Court on May 20 1918 refused to order the dissolution
if the company for alleged violation of the Sherman Anti-Trust Law. As
to this and the Clayton Act suit, see V. 106, p. 2238. 2224. On Oct. 21
1918 the Government was refused a rehearing of the dissolution sulta.
V 107. p 1673: V 108 p 2237
Govt suit under Clayton Act upheld In
part by U. S. District Court at St. Louis, V. 110. p. 1421. On April 17
1922 the case was reargued on appeal of the company and the decree of the
District Court sustained. The U. S. Supreme Court in a decision rendered
April 17 1922 held that the United Shoe Machinery Corporation under the
Federal anti-trust laws, may not include in Its leases of machinery to
shoe manufacturers the so-called “ tying” clauses
See V. 114, p. 1729,
1782- Company asks modification o f decree. V 114 p 2250. 2368. 2479:
V. 115, p. 1219. In 1927 the corporation sold its Tremont steel mill at
West Wareham, Mass., to the Washington Steel Co. V. 125, p. 928.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
____
x$58,241,869 _____________
Stocks— Common ($25)_________
Pref 6% cum (see text) ($25). 6 Q-J
$10,596,200 _____________
x After payment o f 20% stock dividend on N ov. 30 1927.
STOCK.— The stockholders voted May 19 1923 to increase the authorized
capital stock from 600,000 shares preferred (par $25) and 1,400,000 shareo
com. (par $25) to 2,400,000 shares of com. (par $25) and 600.000 shares of
pref. (par $25). A stock dividend of 40% was paid June 18 1923
DIVIS.— 1 ’ 15. T6 ’ 17. T8. T9. ’20. 21 ’22 ’23 ’24. ’25. *26 ’27.
O acom m on% [
8 8
8 8
8 12
8
8 8
9 10 10 10
_
10
6 -- 4
6 __
--4
4 4
Extra cash_
Extra sto c k ..j
. . 10 T e x t __ __
_
____
40
._
__ 20
On July 5 1917 an extra dividend of 10% in stock and 4% In Liberty
Loan bonds, in addition to the regular quarterly 2% . V 104. p. 2457.
On July 5 1916 6% extra in cash; also on July 15 1916 15-1000 of a share
of Thomas G. Plant Co. pref. stock as to each $25 share held on June 19:
see V. 102, p. 2260. 2347.
Paid in 1927: Jan. 5, 2 K % ; Apr. 5, 2)4%', July 5, 2)4%\ Oct. 5. 2)4%
and 4% extra; N ov. 30, 20% in common stock.
REPO RT.— For year ended Feb. 27 1927, showed:
1026-27
1025-26
1024-25
1023 24
Combined net earnings.
$8,810,041 $8,900,920 $7,387,742 $8,054,941
Excess profits taxes___
825.000
850,000
885,000 1.000,000
Cash dividends paid___
7,428,919
7,428,629
5,244,968 4,239,171

$169,849 def$83,338
Surplus__________________________ loss$122,944
Profit and loss, surplus____________
932,214
1,030,189
914,458
Consol. Income Account (Subsidiary Companies) for Calendar Years.
1926.
1925.
1924.
Net profit from operations_________
$703,012
$673,638
$732,255
Other income______________________
75,561
22,040
20,294
Total income____________________
$778,572
$695,678
$752,549
Deprec., int., Federal taxes, &c___
314,446
256,239
292,911
General reserves_______ :___________
142,873
152,476
124,166
Dividends____________
387,825
455,568
701,989
Balance, sur. for year.
$556,122
$622,291 $1,257,774 $2,815,770
Deficit____________________________loss$67,132
$168,605
$366,517
Profit and loss, surplus______________ *2,284,252 *2,271,172
2,639,800
DIRECTO RS.— Edwin P. Brown (Chairman of the Board), Sidney W .
♦Equity o f United Dyewood Corp. amounted to $2,272,481 in 1926 and Winslow Jr. (Pres.), Halsey E. Abbey (Treas.), Charles G. Bancroft
$2,256,528 in 1925.
(V .-P.), Robt. Barbour, W m. Warren Barbour, George W . Brown (V.-P.)
OFFICERS.— Pres., Joseph C. Baldwin Jr.; V.-P., De W itt C. Jones John H. Connor (V .-P .), Harold G. Donham (V.-P. & Sec.), B. H. Bristow
and Percival Thomas; Sec. & Treas., Ernest W . Picker. Main office, Draper, Prescott LeB. Gardner, Herbert W . Hanan, Robert F. Herrick,
Edward L. Hurd, Moses B. Kaven (V .-P.), Harold C. Keith, Charles G.
100 East 42d St., New^York.— (V. 125. p. 1990.)
UNITED FRUIT CO.— ORGAN IZATION .— Incorporated In N. J. on Rice, William R. Sampson (V .-P .), Danuel G. Wing and William Wood­
March 30 1899 to carry on tropical fruit business. Properties, see V. 69, ward. Office, Albany Bldg., Boston, Mass.— (V. 125, p. 1724.)
UNITED STATES CAST IRON PIPE AND FOUNDRY C O .—
p. 854, and successive annual reports as published in the “ Chronicle.’ ,
also V. 113, p . 1780; V. 115, p. 2805. Bluefields SS. Co. Anti-Trust case. ORGANIZATION.— Incorp. in N. J. March 13 1899. V. 81. p. 233;
V. 104, p. 2656. Northern R y. o f Costa Rica, 347 miles. See V. 71, p ’ V. 69, p. 757; V. 71. p. 1124. Properties, rights o f stocks, &c., V. 85,
p. 157. 1522: V. 103, p. 1709; V. 109, p. 1086; V. 114. p. 1176; V. 116 n i V74
1067; V. 80, p. 223; V. 81, p. 618. Sole owner of Revere Sugar Refinery;
new plant opened in Jan. 1919, capacity 3,500 bbls. a day. V. 108, p. 487; V. 122. p. 2669.
V. 103, p. 1979; V. 99, p. 1755; V. 98, p. 1619.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds .when D u e Dec. 31 1917 took over the property o f the (controlled) Cuban sugar
_________________
$ 12 , 000,000
company, the Nipe Bay Co. V. 105, p. 2006. 2269. Interest In New Stocks— Com $15,000,000 ($100) ____
Pref 7% non-cum $15,000,000
England Oil Corp. V. I l l , p. 2050; V. 112, p. 1290. Lease of pier from
$ 1 2 ,0 0 0 ,0 0 0
($100)_____________________ 7 Q-M
Havana Docks Corp., V. 112, p. 2541.
a$462,000 July 1 1928
Bonds— Am Pipe A Foundry 1st / 6 J-J
STOCKS A N D BONDS—
Rate of Int. Outstanding■ Bds. when Due.
m $1,500,000 s f ($l,000)-_z \Int. at Chattanooga, Term.
a Additional $1,077,000 in treasury and sinking fund.
Stocks— Com 3,000,000shs(nopar) ____
2,500,000 shs
T5.
T6. ’ 17-’22.
STOCK.— The stockholders on March 24 1926: (a) voted to change the DIVS. f ’09. TO. ’ l l . T2. T3. T4.
4 2
0
4 5% yly. 7)4 8 text
7
7
authorized capital stock from $150,000,000, ($100,000,000 oustanding) Pref %\ 5M 6 2)4 2
None
__
_____
__
10 10
par $100 per share, to 3,000,000 shares of no par value, and (b) approved C om .. I___ __
the issuance of 2+i shares of no par value stock in exchange for each out­
In addition to the regular 7 % for the year 1925, the directors also declared
standing share with par value.
an additional dividend of $300,000 (2)4% ) on the pref. stock, payable
D1V8.— T2. T3. T 4-T8. T 9. ’ 20 ’21. ’22. ’2 3 .’2 4 .’25. ’ 26 ’27. Mar. 16 1925, and an additional dividend of $301,370.52 (2 .5 1 1 + % ),
Regular . . . 8% 8% 8%
9)4
11M 10 8 8 8
10
text $5)^ payable June 15 1925. These additional dividends were paid out of the
fund which heretofore might lawfully have been distributed in dividends to
E x tra ................ 2%
...
)4
*100 . . 2
2 ..
.. ..
the pref. stockholders and was not so distributed. With these distribu­
* In stock.
Paid in 1926: Jan. 2, 2)4%'. April 1 ,2)4 % and 2% extra; July 1 and Oct. 1 tions all back dividends on the pref. were canceled.
The directors on
20 1927
H % on
paid $1 per share on new stock o f no par value. Paid or declared on common the com. stock, and Jan. quarterlydeclared four quarterly divs. of 2payable
four
divs. of 1 % % on the pref. stock,
in 1927: Jan. 3, $1.
March 15, June 15, Sept. 15 and Dec. 15 1927 to holders of record March 1.
R E P O R T — For 1926, in V. 124, p. 366, showed:
June 1, Sept. 1 and Dec. 1 1927.
Calendar Years—
1926.
1925.
1924.
1923.
R E PO RT.— For 1926, in V. 124, p. 1658, showed:
Net income from op er..$21,099,514 $21,723,704 $18,440,421 $26,878,656
Calendar Years—
1926.
1925.
1924.
1923.
Interest, dividends, &c. 1,930,969
4,494,312
2,128,407
339,364
Net operating in c o m e ... $5,428,607 x$5,977,659 x$6.448,764 $3,995,794
Total net income_____$23,030,483 $26,218,015 $20,568,828 $27,218,020
Other income__________
383,655
255,722
138,425
66.905
Estimated taxes_______ $3,519,012 $3,671,135 $3,274,620 $4,120,690
Dividends____________ _ 11,998,254
z
yl0,000,000 x20,000,000
Total income_________ $5,812,262 $6,233,382 $6,587,189 $4,062,699
_
736,383
$701,232
$504,128
$472,936
Bal., profit for year__ $7,513,217 $22,546,880 $7,294,208 $3,097,330 Depreciation reserve_
26,512
30,884
62,140
118,496
x Incl. $10,000,000 divs. for 1924. y Being divs. for year 1925, declared Interest________________
Preferred dividends___
840,000
1.441.371
960,000
900,000
in Dec. 1924. z Directors took no action on divs. at their meeting on Dec. 8
______
______
60,000
1925. Heretofore at the December meeting divs. were declared a year in ad. Common dividends_____ 1,200,000
vance. A quar. basis was adopted beginning with the Feb. 1926 declaration.
Surplus for year______$3,009,367 $4,059,894 $5,060,920 $2,511,268
x Including $10,000,000 dividends for 1924. y Being dividends for year
x Earnings are after deducting cost of operation and maintenance oi
1925, declared in Dec. 1924.
DIR E C TO RS.— Victor M . Cutter (Pres.), William Newsome (Senior plants ($2,470,885 in 1924 and $2,250,903 in 1925) expended for upkeep
V. -P .), Crawford H. Ellis (V .-P.), Bradley W . Palmer, Robert F. Herrick, of tools, machinery, buildings and equipment, expenses of sales and general
W. Cameron Forbes, Reginald Foster, F. R. Hart, George C. Lee, K. K. offices, and provision for taxes and doubtful accounts.
McLaren, Daniel G. Wing, W . S. Spaulding, T. Jefferson Coolidge, ChanOFFICERS.— Pres., N. F, S Russell: 1st V .-P., W. T. C. Carpenter.
ning H. Cox, William K. Jackson and Henry Stockley. Treas. is Wm. T. V.-P. A Treas., B. F. Haughton; V .-P., D. P. Hopkins & D. B. Stokes;
Nolting; Sec., A. E. Nicholson; Compt., Cecil B, Taylor. General offices
Sec., Chas. R. Rauth. General offices, Burlington, N. J. N. Y . office,
1 Federal St., Boston.— (V. 125, p. 2161).
71 Broadway.— tV. 121. p. 1858.1




’23.

’24.

Nov., 1927.]

UNITED STATES DISTRIBUTING CO RP.— Incorporated under
taws o f Virginia on Sept. 18 1919. Through its operating companies is
engaged in the business o f distributing anthracite and bituminous coal,
operating mines in Wyoming, trucking all kinds o f freight in New York and
New Jersey, and transporting coal and other commodities by barge in
New York Harbor. The subsidiary companies are Sheridan Wyoming
Coal Co., Inc., Tongue River Trading Co., U. S. TruckingCorp., Independ­
ent Warehouse Inc., and Pattison & Bowns, Inc. The last-named com­
pany controls the U. S. Barge Corp. and the West New' York Coal Co.
In Oct. 1925 the corporation acquired the 48 armored cars and the
business of the Adams Express Armored Car Corp. V. 121, p. 1581.
STOCKS AN D BONDS—- Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 970,000 shs (no par) ____
449,000 shs _____________
Pref 7% cum conv (text) $13,000,000 ($100)____________
7 J-J
$12,991,000 ____________
STOCK.-—On Mar. 16 1927 the stockholders approved the plan for the
readjustment of capital stock, for the purpose of acquiring the complete
assets of the United States Trucking Corp. V. 124, p. 1992.
The auth. capital stock under the amended charter consists of 130,000
shares o f convertible 7% cum. pref. stock, par $100, and 970,000 shares of
no par value common stock.
The holders of common stock o f the Distributing Corp. were required to
surrender their common stock certificates and received in exchange therefor
stock certificates covering four-tenths of a share of new pref. stock and 11*
shares of new common stock in exchange for each share of common stock
owned. The ho ders of any existing pref. stock of the Distributing Corp.
who have not converted such pref. stock into common stock (on the basis of
4 shares o f common for each share of pref.) have the privilege of surrender­
ing their pref. stock certificates and receiving in exchange therefor stock
certificates covering 1.6 shares of new pref. stock and 6 shares of new com­
mon stock in exchange for each share of pref. stock surrendered. To effect
such exchange will require the issuance of 88 000 shares of new pref. stock
and 330,000 shares of new common stock.
The U. S. Distributing Coup, issued to the U. S. Trucking Corp. 41.9104*
shares o f its new pref. stock and 143,246 shares of its new common stock
(constituting substantially all of the remaining authorized stock of each class
other than the 520,000 shares of new common stock to be reserved to take
care o f the conversion o f the new pref. stock) in consideration of U. S. Truck­
ing Corp. selling and conveying all of its property, rights, privileges, fran­
chises and good-will, including the right to use its corporate name, to a new
New York corporation of the same name, whose capital stock will be entirely
owned by the U. S. Distributing Corp. Such new corporation will assume
all obligations and liabilities of the present U. S. Trucking Corp., which will
then be dissolved and the above mentioned amounts of new pref. and new
common stock of the U. S. Distributing Corp. so received by the U. S. Truck­
ing Corp. will be distributed among its stockholders. V. 124, p. 1992.
D IV ID E N D S.— Paid as follows: On common stock, Oct. 15 1920, $'
per share, Jan. 15 1921, $1 per share, none since. On preferred stock*
initial semi-annual dividend o f 3 46% was paid July 1 1924; same amount
paid semi-annually to July 1 1927.
REPO RT.— For 1926, in V. 124, p. 1525, showed:
Consol. Earns, for Cal. Years—
1926.
1925.
1924.
$453,440
$414,034
$411,415
Expenses, interest, &c.
223,281
166,976
150,894
Reserved for taxes____
808
18,129
101,678

Shs. com. stk. outst’g (no par).
Earned per share_____________
Period End. Sept. 30—• 1927Net income after deprec.

$229,351
932,502

$226,309
946,280

$161,462
568,300

$1,161,853
61,905

>.)Preferred dividends.

$1,172,589
111,216

$729,762
160,188

$1,099,949
186,076
$5.91
Mos.— 1926.

$1,061,373
$569,574
168.709
145,097
$6.29
$3.93
1927— 9 Mos. — 1926.

.

)9
$631,654
$910,308
$268,215
OFFICERS.— Pres., H. N. Taylor; V.-P., Gardner Pattison; Treas.,
J. R . Edwards; Sec., Guy E. Stewart. Office, Whitehall Bldg., New York.
— (V. 125, p. 2684.)
U N ITE D S T A T F S ENV E LO PE C O .— Tncorp In 1898 in Maine
Company is one of the largest manufacturers o f envelopes. Operates 14
manufacturing plants located at Worcester and Springfield, M ass., Hartford
and Rockville, Conn.; Waukegan, 111.; Philadelphia, Pa.; Indianapolis,
Ind.; and San Francisco, Calif.— V. 66, p. 1003.
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $4,000,000 ($100). ____
$1,750,000 _____________
Pref 7% cum $,4000,000 ($100) 7 M-S
$4,000,000 ____________
Bonds— 26-yr 1st m gold red J 5 g J-D
$950,000To Dec. 1 1934
104 ($1,000)________ OB.zc* \Int. at Old Colony Tr. Co., Boston.
STOCK.— The stockholders on Jan. 7 1921 voted to Increase the author­
ized com. stock from $1,000,000 to $4,000,000. Com. stockholders of
record Mar. 1 1921 had the privilege of subscribing at par for 1 share of new
stock for each share o f com. stock held. This with the $250,000 issued as a
stock div. In Mar. 1921 increased the outstanding stock to $1,750,000.
V. 112, p. 753.
LATE D IV ID E N D S— f ’ 14-T6. ,17-’ 19. '20. '21. '22. '23. '24. '25 '26.
Preferred------------------- (% )( 7 yrly.
7
7 7
7 7 7 7 7
Com m on.................. . . ( % ) l 7 yrly.
7
7
74*
8
8
8
88
do extra_________ ( % ) ( ________
24* 5 *24*
. . 2
• Stockholders o f record Mar. 2 1921 received a stock dividend o f 33 1-3%
Paid in 1927: Mar. 1 4% and 2% extra; Sept. 1 34*% .
BONDS.— The first mortgage 5% serial gold bonds of 1908 ($2,500,00®
authorized Issue) mature Dec. 1 yearly from 1910 to 1937. In Nov. 1901
•2,000,000 were sold (falling due $50,000 yearly from 1910 to 1924, $100 0G(
from 1925 to 1929 and $150,000 1930 to 1934. Y. 87. p. 1360, 1163.
REPO RT.— For 1926, in V. 124, p. 1083. showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net profits______________$1,459,075 $1,386,314 $1,035,181 $1,210,397
Interest-----------------------57,083
67,917
84,625
101,125
Depreciation___________
311,794
363,948
394,128
448.792
Tax reserves-.................
150,000
160.000
100,000
75,000
Preferred dividends____
280,000
280.000
280,000
280,000
Common dividends_____
175,000
140,000
140.000
140,000
Surplus.........................
$485,197
$374,450
$36,428
$165,480
Profit and loss surplus,. $2,976,266 $2,503,873 $2,127,653 $2,129,030
OFFICERS.— Pres., James Logan, Worcester, Mass.; Treas., W m . O
Day, Springfield, Mass.; Sec., W. M . Wharfield, Longmeadow, Mass.—
(V. 124, p. 1234.)
UNITED STATES GYPSUM CO.—ORGAN IZATION.— Incorp. in
Illinois in 1920 as successor to a company of the same name incorp. in
New Jersey Dec. 27 1901 (V. 74, p. 1138). Manufactures all classes of
gypsum hard-wall plasters and other gypsum products, including cement,
wood fibre, concrete, finishing, moulding and pottery plasters, stucco
Keene’s cement and hydrated lime; fireproof partition, sheetrock, wall
board, plaster board, tile, beam and column protection, floor tile and roof
tile, plaster boards, &c. This company has been for a number of years the
world’s largest producer of gypsum (plaster o f paris), doing about 40% of the
business in the U. S. Its principal properties, consisting of mines, mills,
quarries, warehouses, are located in different parts o f the United States.
STOCKS AN D BONDS—- Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $25,000,000 ($20). ____
$14,856,380 ____________
Pref7%cum $10,000.000(1100) 7 Q-M
$8,100,800 _____________
x Additional $340,800 in treasury.
STOCK.— The stockholders on Feb. 9 1927 increased the authorized
common stock from $15,000,000 to $25,000,000 par $20.
The stockholders on Feb. 11 1925 increased the authorized common
stock from $10,000,000 to $15,000,000, par $20.
DIV ID E N D S.—
1919-23. 1924. 1925. 1926. 1927.
Common stock . . .------- ------- . . 4% y y.
8
8
8
5
Extras (C ash )_____
26
20
17
4
1910 t o '12. 1913. 1914. 1915. 1916 to Date.
Preferred stock _ ------- 5% yr y.
_
5)4
6
*61*
7% yrly.
* Also paid 43% on all accumulations in common stock.




241

INDUSTBIAL STOCKS AND BONDS

On Dec. 31 1920 and 1921 also paid 5% in com. stock; on Dec. 30 1922
paid 10% in com. stock; on Dec. 31 1923 paid 20% in com. stock; on
Dec. 31 1924 paid 35% in com. stock; on Dec. 31 1925 paid 15% in com.
stock, and on Dec. 31 1926 paid 35% in com. stock.
REPO RT.— For 1926, in V. 124, p. 1376, showed;
1923.
1924.
Calendar Years—
1926.
1925.
Net earnings__________ $10,763,219 $10,474,302 $8,825,696 $6,848,942
Depreciation & depletion 1,063,38
848, 08
670,590
553,323
500,000
Contingencies__________
______
______
988,725
764,696
Federal taxes__________
1,324,092
1,212,178
421.178
Pref. dividends ( 7 % ) . . .
567,563
579,925
592,076
4,292.515
1180.491
xCommon dividends___
6,116,088
3.790 002
Balance, surplus_____$1,692,095
$4,044,189 $2,281,789 $3,429,253
Profit & loss, surplus__ $18,804,982 $16,789,971 $12,595,681 $9,045,049
x In 1925 includes 28% cash and 15% stock divs. In 1924 includes 31%
cash and 35% stock divs. In 1923 includes extra of 20% and four regular
quarterly divs. of 1 % each. In Dec. 1922 a stock div. of 10% was paid
and four regular quarterly divs. of 1% each during the year.
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 1306.
OFFICERS.— Pres., S. L. Avery; V .-P., O. M . Knode; V .-P ., C. F,
Henning; Sec. & Treas., R. G. Bear. Office, 300 W . Adams St., Chicago.
— (V. 125, p. 2684.)
UNITED STATES HOFFMAN MACHINERY CORP — OR G A N IZA ­
TION .— Incorp. under laws of Delaware In Jan. 1922. The company ii
the owner or exclusive licensee of basic patents covering the manufacture
of garment pressing machinery.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Common (no par)______ ____
222,203 shs _____________
STOCK.'— All of the outstanding 7% cum. pref. stock was redeemed on
March 1 1926 at 110 and divs.
D IV ID E N D S.— An initial dividend of 50 cents a share on the common
stock was paid Dec. 1 1924; same amount paid quar. to Sept. 1 1925; paid
5c. quar. on Dec. 1 1925 and Mar. 1 1926; June 1 1926 to Dec. 1 1927 paid
75c. quar. and 25c. extra.
REPORT.— For 1926, in V. 124, p. 661, showed;
Earns. Cal. Years—
1926.
1925.
1924.
1923.
Profit from operations.. $1,692,544 $1,696,195 $1,217,157 $1,279,954
Interest. &c., in c o m e ...
187,263
151,551
137,017
191,235
Gross income_________ $1,879,807 $1,847,746
Interest, &c., ch a rg es...
99,441
139,824
Fed. & Dominion taxes.
220,104
190,246
Amortization of patents.
219,064
218,410
Deb. & stock prem ium ..
______
Cr.2,624
Losses_________________
______
______
______
61,93l
Dividends on pref. stock
Common dividends_____
901,780
433,125

$1,354,174 $1,471,188
320,243
460,927
100,519
84,032
213,422
211,911
234,893
33,000
______
x86,596
30,333
______
90,000
______

Surplus______________
Profit and loss credit_
_
Previous surplus_______

$364,765
*
758
1,105,403

$439,418
______
2,277,757

$806,834
______
1,470,924

$594,723
______
510,680

Profit & loss, surplus. $2,717,175 $2,277,757 $1,470,924 $1,105,403
Earned per sh. on c o m ..
$6.04
$5.73
$3.66
$4.54
x Losses of United States Hoffman Machinery Co. (predecessor company)
originating prior to formation of the present corporation.
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 861.
Period End. Sept. 30— 1927— 3 Mos.— 1926.
1927—-9 Mos.-—-1926.
$382,270
$518,700 $1,186,831 $1,323,784
Operating profits______
Other in com e............. ..
49,571
41,899
146,057
138,691
Gross income________
Res. & other in c.ch ’g s ..
Income tax, &c________
Amortization of patents.

$431,841
41,821
41,703
54,917

$560,599
37,483
68,875
54,812

Net income__________
Divs. on pref. (red.)____

$293,400
______

$399,429
______

$1,332,888 $1,462,475
116,206
107,746
140,599.
164,424
164,716
164,251
$911,367
______

$1,026,054
Cr. 1,000

$71,196
$178,225
,*244,757
416,045
Net Income.................
OFFICERS.—Chairman, John E. Semmes; Pres., Eugene D . Stocker;
V.-Pres., Herbert W. Stone; V.-P. & Treas., M . J. White; V .-P . & Sec.,
William H. North; Compt., Charles H. Brewster. Office, 105 Fourth Ave.,
New York.— (V. 125, p. 2543.)
U. S. INDUSTRIAL ALCOHOL CO.— O R GAN IZATION .— Incorp
in West Virginia Oct. 17 1906 and manufactures denatured and Industrial
alcohol. Sic. The distilleries of the subsidiary companies were taken over
Jan 1 1918. Also controls U. S. Industrial Chemical Co. V 105, p.
2100. V 84, p. 343; V. 101, p. 777. The Dljtllllng Co. of America (con­
trolled by the Distillers' Securities Corporation) in June 1915 sold the
$6,350,000 of the $12,000,000 com. stock owned by It. Its guaranty of
the pref. divs. of Industrial Co. extending for term of charter to Oct 17
1956
V. 100, p.2015; V. 101, p. 218.
The company in Nov. 1926 announced the acquisition, through purchase
of the plant, of the Crystal Chemical Co., located at Anaheim, Calif. This
property will constitute the first manufacturing unit of the company on the
Pacific Coast. The U. S. Industrial Alcohol Co., a California corporation,
has been formed to own and operate the plant. In addition, it will handle
the distribution in the Pacific Coast territory of the products of the C 8.
J.
Industrial Chemical Co. The new California subsidiary is capitalized at
$500,000. V. 123, p. 2534.
STOCKS A N D BONDS—
Rale of Int. Outstanding. Bds. when Due.
Stocks—3om $24,000,000 ($100). ____
$24,000,000 _____________
Pf 7% cum gu red (text) ($100) 7 Q-J
$6,000,000 _____________
Cuba Distilling Co p f stk($100) 7 Q-F
$1,836,000 _____________
STOCK — Pref. stock may be redeemed on any dividend date at 125 anc
iccrued dividend. No mortgage without consent of 2-3 of pref. stock
The shareholders voted Oct. 7 1919 to Increase the com. stock from
$12, 100,000 to $24,000,190; shareholders of record on Oct. 21 were giver
the right to subscribe at $70 a share for the entire new Issue, share for share
V. 109, p. 782, 894, 1086. 1468.
D IVIDEN DS.— On pref. stock since organization to Oct. 15 1927, 1 % %
Q.-J. On Aug. 2 1917 a cash div. (N o. 1) 16% wasdeclared on common stock
out of surplus accumulated prior to Dec. 3l 1916, for the year 1916, to be
paid on Oct. 1 1917 and a div. of 16% for the year 1917, to be paid on Dec. 1
1917. Mar. 1918 to Sept. 1919 paid 4% quar. (16% p. a.); Dec. 1919, 2% ,
after Increase of stock and pending the construction and development in­
volved in establishing new lines. March 1920 to June 1921. 2% quar.:
Sept. 1 1921, 1%; then none until Feb. 1 1927 when 1)4,% was paid. Same
paid quar. to N ov. 1 1927.
R EPO RT.— For 1926. in V. 124, p. 2134, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net earnings___________ $1,451,926 $2,687,057 $3,903,571 $3,892,923
Bond int. (sub. cos.)____
______
______
______
1,531
Interest on notes, & c ...
27,492
140,119
110,115
188,852
Reserved for Fed. taxes.
319,679
379,686
492,432
448,418
Prof, on sale of stock s.. 1,133,474
______
______
______
Dividends—
P f.U .S .Ind.A .C o.(7% )
420,000
420,000
420,000
420,000
Pf.Cuba Dis. Co. (7% )
128,562
128,562
128,562
128,562
Res .for com .div. 14*% )___ 300,000_____ ______
______
______
Balance, surplus_____$1,389,667 $1,618,689 $2,752,462 $2,705,560
Profit & loss surplus___ $18,263,380 x17,590,870 16,600.509 13,848,047
x After deducting claims paid for Boston tank accident occurring in 1919.
BALANCE SHEET as of Dec. 31 1926. in V. 124, p. 2134.
OFFICERS.—-Chairman, C. E. Adams; Pres., R. R, Brown; V .-P.,
Glenn Haskell; Sec., Joseph Malone; Treas., F. G. Fennessey. Office, 110
East 42d St., New York.— (V. 124, p. 2661.)
UNITED STATES LEATHER CO. (THE).— ORGANIZATION.—
Incorp. in N . J. on June 23 1927 as a reorganization (per plan V. 123,
p. 881) o f Central Leather Co. Central Leather Co. was incorp. in N. J.
on Apr. 12 1905 as a reorganization (per plan V. 79, p. 2751) of U. S.
Leather Co. (V. 56, p. 757; V. 57, p. 23; V. 71. p. 817: V. 81, p. 213, 560,
1176, 1852; V. 90, p. 1173; V. 94, p. 624.

24:2

NATURE OP BUSINESS.— The U. S. Leather C o., directly or through
subsidiaries, is the largest company engaged in the manufacture and sale
o f leather and all its related produts (including glue). It is also engaged
in the production o f lumber. The railroads operated by it are primarily
for the transportation o f lumber.
The properties owned or controlled by the company include the following:
Tanneries at Salamanca, N. Y .; Old Fort, N . C.; Iron Gate, Big Stone
Gap, and Narrows, Va.; Marlington, Paw Paw, Petersburg, Lost City,
and Moorefield, W . Va.; Tomahawk, Wis.; Chattanooga & Johnson City,
Tenn.; Middleboro, K y.; Cumberland, M d.; Arroyo, Clearfield, Coudersport, Curwensville, East Stroudsburg, Emporium, Falls Creek, Galeton,
Instanter, Irvona, Manns Choice, Newport, Powell, Ridgway, Tunkhannock, Wilcox, and Sheffield, Pa.; Comstock Park, M ich., and Kenosha,
Wis.
Mills at Loquin, Masten, Sheffield and Kinzua, Pa., and Rib Lake,
Wis. Extract factories at Old Fort, N. C., Big Stone Gap and Narrows,
Va,; Chattanooga, Johnson City and Harriman, Tenn. Machine shops at
Ridgway and Sheffield, Pa. 339,008 acres of land owned in fee, growing
bark and timber, and other real estate properties situated in Penn., Wis.,
Va., W . Va., and Tenn.
Glue works at Williamsport, Pa., and at South Milwaukee, Wis.
Amont the wholly owned subsidiaries are: The United States Leather Co.
of Mass., Union Tanning Co., Elk Tanning Co., N. T. Allen’s Sons Co.,
Central Penn. Lumber Co., Rib Lake Lumber Co. of Del., Keystone Glue
C o., Susquehanna & N . Y . Ry. Co., Clarion River R y. Co., Sheffield
Water Co,, Western Hide & Fur C o., Northeastern Coal C o., Hilliard &
Merrill, Inc.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due'
Stocks— Com 647,753 shs (no par) ____
a397,010 shs _____________
Class A non-cum pref $4,
249 743 shs (no par)_______ $4
249,743 shs _____________
Prior pref 7% cum $16 649 525
($100)_____________________ 7
$16,649,525
STOCK.— (1) Holders o f preferred stock o f the Central Leather Co.
for each share of such preferred stock of the present company; % of a
share of class A participating and convertible stock of the present company.
(2) Holders of common stock o f the Central Leather Co. received for
each share of such common stock one share of common stock of the present
company.
Treatment of Stocks of Present Company.
(1) Holders of preferred stock o f the present company will be entitled to
receive for each share o f such preferred stock, $5 in cash; $50 par value
(J4 share) 7% cumul. prior preference stock o f the new company:
of a
share o f class A participating and convertible stock o f the new company.
(2) Holders o f common stock o f the present company will be entitled to
receive for each share of such common stock one share o f common stock of
the new company.
Description of Stocks o f New Company.
(а) Prior Preference Stock.— Is entitled to cumulative dividends from
July 1 1926 at the rate of 7% per annum before any divs. are paid on the
class A stock or the common stock. Red. at any time in whole or in part
at 110 and divs. In event of liquidation or dissolution holders of the prior
preference stock will be entitled to receive $100 per share and divs. before
any distribution is made on the class A stock or the common stock.
An annual sinking fund is to be provided for sufficient to retire annually
5% o f the maximum par value o f prior preference stock at any time out­
standing. Payments to the sinking fund are to be made or provided for.
If earnings orearned surplus are available, before any dividend payment
on the class A stock or the common stock, but are not to be cumulative.
Moneys in the sinking fund will be applied to the purchase of prior preference
stock at not exceeding $110 per share and divs., or to the redemption by
lot o f prior preference stock.
(б) Class A Participating and Convertible Stock.— After full provision tor
the dividend on the prior preference stock and for sinking fund requirements
the class A stock is entitled to receive dividends up to $4 per share per
annum, in priority to any payment o f dividends on the common stock.
Such dividends are non-cumulative.
After dividends up to $4 per share per annum on the class A stock, the
class A stock is entitled to participate equally with the common stock
in dividends paid (so that each share o f class A stock will receive as addi­
tional dividends the same amount as paid in dividends on each share of
common stock) until the class A stock shall have received an additional
amount of $2 per share. [The participating feature is so adjusted that the
dividends payable on the stocks offered for each share of preferred stock
o f the present company (including the class A participating dividend)
amount to $8 per year, 1% in excess o f the dividend rate on the present
preferred stock.] Provision will be made so that, in case of any issue of
additional common stock as a stock dividend, the aggregate amount there­
after payable as dividends on the common stock shall not, until the class A
stock shall have received the additional amount o f $2 per share, exceed the
amount which would have been so paid if such additional stock had not
been so issued.
The class A stock is convertible at any time at the option of the
holder into common stock, share for share. Stock so converted shall not
be reissued. In case o f liquidation or dissolution, of the new company,
after payment of $100 a share together with accrued unpaid dividends on
the prior preference stock, two-thirds o f all amounts distributable will be
distributed among the holders o f class A stock provided, however, that if
any Glass A stock is retired, the portion so to be distributed among the hold­
ers of the class A stock shall be proportionately decreased. The remainder
o f all amounts so distributable shall be distributed among the holders of
common stock.
(c) Common Stock.— Subject to the participation rights of the class A
stock, the common stock is entitled to receive all amounts declared in
dividends in any fiscal year after payment if, or provision for, the full divi­
dends and sinking fund on the prior preference stock and a dividend of $4
per share on the class A stock for such year.
Voting Trusts.— All prior preference stock and class A stock of the new
company is placed in voting trusts under each of which Frank Altschul.
Gayer G. Dominick and Charles S. Haight ase named as voting trustees.
Such voting trusts will be for a period of 10 years or such shorter period as
the pref. stockholders’ committee may determine. The common stock of
the new company is also placed in a voting trust, under which Andrew
J. Miller, Samuel L. Fuller and Henry Rogers Winthrop are named as
voting trustees.
Voting Rights.— Provision are made so that two-thirds of the members
of tbe board o f the new company will be elected by the holders of the prior
preference stock and class A stock, voting together, and the remaining
members o f the board will be elected by the holders of the common stock,
provided, however, that at any election o f directors occurring after prior
preference stock to the amount of $10,000,000 par value shall have been
retired, if full dividends shall have been paid, then the holders of the common
stock shall have the right to vote share for share with the holders of prior
preference stock and class A stock for the election of directors.
In all other respects all classes of stock will have equal voting power.
D IV ID E N D S.— Initial div. on new prior pref. stock of I % % paid Oct. 1
1927.
The 6% 1st lien gold bonds will be called for redemption on Jan. 1 1928.
R E P O R T — For 1926, in V. 124, p. 1829, showed:
1926.
1925.
1924.
1923.
Volume of business___ Not stated. $41,122,551 $41,483,792 $52,826,920
*Earns, after oper. exp.,
repairs, maintenance. 3,776,050
6,195,771
4,206,887def2,588,969
Exp. & losses of all c o s .. 2,512,346
3,879,395
2,962,995
3,291,390
Net income___________ $1,263,703 $2,316,377 $l,243,892def$5880,35o
I icom.3 from iuvestm’ts.
231,216
231,638
110,008
446,32^
Total_________________ $1,494,920 $2,548,014 $l,353,901def$5434,036
Deduct— Int. on 1st mtge
812,010
1,082,939
1,838,208
1,838,208
Bala ice_____________ sur$534,910sur$1465,076 def$484,307def$7272,243
* Expenses include yearly also provisions for plant abandonment and
s umi’ isres. repair and maintenance. $1,495,070 in 1925 and approximately
$1,845,952 in 1922, $2,228,452 in 1923, $1,365,656 in 1924 and $845,307
ia 1926; also $450,975 for depreciation.
BALANCE SHEET, as o f Dec. 31 1926. in V.124, p. 1984.
Results for Periods 3 and 9 Months Ended Sept. 30.
Period End. Sept. 30— 1927— 3 Mos.— 1926.
1927— 9 Mos.— 1926.
Net income after charges
and reserves_________ $1,247,742
$538,627 $2,734,188
$431,561
Interest on bonds______
192.635
233,985
614,790
719,025
Balance, surplus_____ $1,055,107




[V ol. 125.

INDUSTKIAL STOCKS AND BONDS

$304,642

$2,119,399 loss$287,461

DIRECTORS.-—Charles S. Sargent Jr., Max J. H. Rossbach, Hiram S.
Brown, Oliver C. Hoyt, Ernest Griess, Wm. M cAdoo Jr., William H.
Harkness, Chas. Einsiedler, Chas S. Haight, Boylston A. Tompkins, Lewis
L. Strauss, Madison J. Beach, H. M . Lehmann, A . J. Miller and L. W.
Perrin.
OFFICERS.— Pres., Hiram S. Brown; 1st V .-P ., Wm. H. Harkness
2d V .-P., Wm. M cAdoo Jr.; 3d V .-P ., Madison J. Beach; 4th V .-P ., A . T .
Lynch; Sec. and Treas., H. W . Hill. New York office, 17 Battery Place.
— (V. 124, p. 2402.)
UNITED STATES REALTY AND IMPROVEMENT CO.— ORGANI­
ZATION.— Incorp. in N. J. on M ay 26 1904 and in M ay 1906 had acquired
per plan in V. 78, p. 2019, $32,750,200 o f the $33,198,000 common stock and
$26,596,200 of the $27,011,100 pref. stock of the U. S. Realty V G„™trurtion Co. Subsidiary companies are George A. Fuller C o., Trinity Build­
ings Corp. of New York, Plaza Operating C o., Plaza Annex Corp., Lawyers’
Building Corp., Boston, and George A. Fuller C o., Ltd., Canada. Owns
$722,200 of $2,000,000 Alliance Realty Co. stock. V. 81, p. 1798; V. 82, p.
1209; V. 83, p. 822; V. 90, p. 1422. The company on Feb. 4 1925 was
awarded a verdict of $690,363 in a suit against the City of New York for
$1,040,000 for alleged breach of contract. V. 120, p. 716. The co. signed a
contract April 22 1925 for the sale of the New York Hippodrome to the B. F.
Keith interests. The purchase price was not definitely stated, but was said
to be between $5,000,000 and $5,500,000.
Statistics of the George A . Fuller Co. for Years Ending April 30.
1926-27.
1925-26.
1924-25.
Unfinished business at begin, year__ $50,802,998 $35,110,089 $18,352,729
New business during year------------------ 31,345,641 48,296,744 38,840,214
Work executed during year__________ 47,506,726 32,603,835 22,082,855
Unfinished business at end of year__ 34,641,913 50,802,998 35,110.089
SECURITIES.— Loans on mortgage outstanding April 30 192G, $18,271,000, as against real estate and buildings owned valued In balance sheet
at $41,915,902.
Guarantees principal and interest, $5,829,000 Trinity Building Corp.
(N. Y .) first mtge. 514% loan, due June 1 1939.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks-Com 1,000,000 shs (no par) ____
733 102 shs ____________
STOCK.— The stockholders on Dec. 9 1925 voted to change the author­
ized common stock from 300,000 shares, par $100, to 1,000,000 shares of
no par value, and approved the issuance of the new stock for the old stock
on the basis of 2 )4 for 1.
D IVIDEN DS— ! ’09. T 0-T3. T4. ’ 15. ’ 16-’21. ’22. ’23. ’ 24. ’25. ’26.
0
U4
8
s $ 8 4 $4
On com. ( % ) ____1 4 X 5 yrly. 3H 1
* Also paid 10% July 15 1925 and 10% March 15 1927 in common stock.
Paid in 1927: Mar. 15, $1; June 15, $1; Sept. 15, $1; Dec. 15, $1.
REPO RT.— For year ending April 30 1927, in V. 124, p. 2895, showed:
Years End. Apr. 30—
1926-27.
1925-26.
1924-25.
1923-24.
Real est. net oper. in c .. $2,389,185 $2,268,731 $2,435,491 $2,486,449
Less in int. on mortgages
thereon______________
548,864
561,417
639,275
601,146
Net income_________ $1,840,321 $1,707,315
All other income........... b4,220,672 4,933,824
Total income________ $6,060,993
Deductions—
Gen. & corp. exp., Fed’l
tax res., deprec., & c._
537,898
______
Preferred dividends____
Common dividends_ ($4)2,665,828
_

$6,641,139

$1,796,216
3,460,588
$5,256,804

$1,885,302
2,606,013
$4,491,315

1,219,200
1,032,716
1,125,745
2,823
270,961
707,122
a2,347,738 (8) 1,144.982 (10) 1616,280

Balance, surplus_____$2,857,267 $3,071,378 $2,808,145 $1,042,167
Shs. com. outst.(no par)
733,102
666,457
x228,893
xl61,628
Earns, per share on com .
$7.53
$8.12
$17.27
$16.45
a On common stock (par $100)— 2% on June 15 1925, 2% Sept. 15 1925,
and 2)4 % Dec. 15 1925. On no par common stock, $1 per share March 15
1926. In addition to the cash dividends paid, the company distributed out
of surplus on July 1 1925 a stock dividend of 10%, amounting to $2,414,800.
b Including net income o f George A. Fuller C o., and proportion of net
income of Plaza Operating Co. x Shares of $100 par value.
Latest Earnings .— For 6 months ended Oct. 31 1927 in V. 125, p. 2827.
OFFICERS.— Chairman, H. S. Black; Pres., R. G. Babbage; V .-P..
Harry Bambach and D . G. Scott; Sec., F. M . Sanders; Treas., A. E.
Hadlock; Aud., Arthur J. Flohr. Office, 111 Broadway, New York.—
(V. 125, p. 797.)
UNITED STATES RUBBER CO.— ORGANIZATION AND PROP­
E R T Y .— Organized in New Jersey in April 1892; V. 55, p. 1039; V. 56. p.
539; V. 71. p. 545. Directly or through its subsidiaries is engaged in produc
ing rubber footwear, rubber-soled shoes, waterproof clothing, druggists’ rub­
ber goods, hard rubber products, insulated wire, tires, belting, packing, hose
and other mechanical rubber goods, there being many mills in operation
situated in Connecticut, Illinois, Massachusetts, Michigan, New Jersey,
Indiana, Rhode Island, Pennsylvania .Ohio and Canada. Through Gen­
eral Rubber C o., the company owns in Sumatra one of the largest rubber
plantations in the world, the production from which is being rapidly devel­
oped, with over 8,000,000 rubber trees, of which a large proportion are
being tapped. V. 103, p. 1700. See annual report in V. 120, p. 1320.
U. S. Rubber Plantations C o., see V. 106, p. 1033. United States Rubber
Plantations, Inc., was organized in 1917 and owns all the Sumatra rubber
plantations of the U. S. Rubber C o., all the outstanding stock of which is
owned by its subsidiary, the General Rubber Co. V. 108, p. 2131.
The plants of the old Rubber Goods Mfg. C o., Morgan & Wright, &c.,
are now owned in fee by U. S. Rubber C o ., though their aorporate existence
is continued, and they retain their current assets. V. 105, p. 713.
On Dec. 31 1926 owned all except a small proportion o f the capital stock
o f Dominion Rubber C o ., L td .
V. 104, p. 364; V. 90, p. 1293.
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $200 000 000 ($100) ____
$81,000,000 _____________
1st pref 8% non-cum $100 000 000 (text) ($100)______ 8 Q-J
$65,110,000 _____________
Bonds— 30-yr 1st & ref M (text) J 5 g J-J
$60,739,800 Jan. 1 1947
call 105 ($100 &c)_ yc*&r* lint, at New York City N. Y.
_
10-yr secured notes ($500 &c) ! 7}4 g F-A $18,888,000 Aug. 1 1930
Usm.xxxc* [Int. a t ________________________________
Serial gold notes dated 1925 due ( 614 g M-S $28,000,000 To Mar. 1 1940
$2 000 000 ann red (text){Int. a t _________________________________
($1 000)________________ yc* I
Can Cons Rubb Co 40-yr coll tr / 6 A-O
$2,600,000 Oct. 1 1946
bonds call 110 ($100 & c)_.c* [Int. at Bank of Toronto Montreal.
STOCK.— On Sept. 9 1919, stockholders voted (V. 109, p. 685, 686,
895.1468) (1) to increase the authorized First Preferred and Common stock*
to $100,000,000 and $200,000,000, respectively; (2) to retire the $403,600
2d Pref., which was accordingly retired In Oct. 1919; (3) to offer $36,000,000
new Common stock (underwritten) at par to the Common stockholder* of
record Sept. 13 1919.
DIV.(since’04. 1905. 1906-Y0. ’ l l . 1912. ’ 13. ’ 14. T 5 . ’ 16-’ 18 T 9 ’20-26.
Common, % / -------- None-------- 1 4&20stk 5H 6
3
nil
2 text
First pref. %\8 yearly (2% Q-F l5) to and Including N ov. 15 1927.
On common paid 2% quar. Oct. 1919 to Apr. 1921; none since. A stock
dividend of 1214% in common stock was paid Feb. 19 1920.
BONDS.— The First & Ref. M . 5% bonds. Series A, cover property
owned directly or through subsidiaries. See offering, &c., V. 104, p. 254.
262, 1806; V. 105, p. 395; V. 115, p. 879.
First & Ref. Mtge. (V. 104, p. 254, 262; V. 105, p. 712) Is now limited to
$97,252,900 (the amount of full-paid pref. stocks and com. stock outstand­
ing on Jan. 15 1917), except to the extent of any Increase in the authorized
amount of said bonds which from time to time thereafter may be consented
to by the holders of the pref. and common stocks; and for the future it is
limited to said amount plus the par amount of any additional stock Issued
at not less than par for cash actually paid in. Bonds, however, additional
to the initial $60,000,000, can be issued (except for refunding) only when the
total unencumbered quick assets exceed the aggregate debt of the cos. and
their total annual net income for 3 fiscal years just preceding is twice the
total annual Interest, including the bonds then to be Issued. Of the addi­
tional bonds, $2,600,000 are reserved to retire the $2,600,000 Canadian
Consol. Rubber Co. bonds, due Oct. 1 1946, and $25,000,000 Series B 6%
(reduced by sinking fund to $23,610,000) have been pledged as collateral

Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

243

STOCKS A N D BONDS— Rate of Int. Outstanding. Bds. when Due•
Bonds• 50-yr coll tr M red 115 ( 5 g var. 6.8179,866,000 Apr. 1 1951
—
s f (text) $304,000,000 ($l,000(lnt. at J. P. Morgan & C o., N . Y .
«Scc)_____________ Us.xc*&r* [
60-yr s f coll tr 2d M $250,- f 5 g M -N b$157,498,000 Apr. 1 1963
000, gred (text) ($500&c) Us. (Int. at J. P. Morgan & C o., N. Y .
xc*&r i
30-111 Steel debs $30,000,000 f 4 V g A-O $18,500,000 Apr 1 1940
2
g guar red 105 ($1,000 &c) (Int. at C o.’s office, Empire Bldg., N . Y .
N.xc*&r* [
Bonds of Controlled Companies—
50-yr Union Steel 1st & coll (
M $45,000,000 g guar s f red { 5 g J-D
6$6,220,000 Dec. 1 1952
110 ($1,000 &c)-_N.xc*&r* [Int. at New York Trust C o., N . Y .
The Nat Tube
40-yr 1st M f 5 g
M -N
6$11,384,000M ay 11952
$15,000,000 g guar red 105 (Int.
atC o.’s office,Empire Bldg., N.Y .
($1,000 &c)________N.xc*&r* 1
Ind St 40-yr 1st M $40,000,000 f 5 g M -N 6822,000,000 M ay 1 1952
g gu red 105($1000&c) xc*&r*(lnt. at C o.’s office, Empire Bldg., N. Y .
St Clair Furnace 38-yr 1st M g f 5 g F-A
$1,280,000 To Aug. 1939
guar due $100,000 yearly (Int. at Colonial T r., Pittsburgh & N. Y .
($1,000)---------------------PPi.xc* [
5 M-S
$1,129,000 Mar. 1 1950
St Clair Term RR gen M _____f
lint, at
Elgin Joliet & Eastern 50-yr 1st f 5 g M -N
$10,000,000 May 1 1941
M $10,000,000 g ($1,000) (in t. at C o.’s office, Empire Bldg., N . Y .
Ce.xc* (
Balance, surplus_____ 8,535,380
9,082,352
3,140,517
1,853,939 Chic Lake Shore & Eastern 60- f 1)4 J-D
$9,000,000 June 1 1969
yr Is tM g u re d 110($I,000) x (in t. at C o.’s office.
BALANCE SHEET as o f Dec. 31 1926 in Y. 124, p. 1504.
Range 50-yr 1st f
A
$8,151,000 Oct. 11937
DIR E C TO RS.— C. B. Seger, J. S. Alexander, James B. Ford, James Duluth & Iron c).__ M.pxc&r (in t.5 at -0 o.’s office.
M ($1,000 &
_
C
Deshler, Henry L. Hotchkiss, Nicholas F. Brady, Walter S. Ballou, Samuel
M . Nicholson, Homer E. Sawyer, Ernest Hopkinson, Matthew C. Brush, Union RR 50-yr 1st M ($1,000) ] 5 M-S
$2,000,000 Sept. 1 1946
x (Int. at Fidelity Title & Tr. C o ., Pittsburgh
John W . Davis, Lewis B. Gawtry and Sir Charles B. Gordon.
$5,900,000 Sept .1 1946
OFFICERS.— Chairman & Pres., Charles B. Seger: Ex. V .-P ., H. E. Gold debs g u a r ______________ j 6 J-D
(Int. at
Sawyer: Sec., Samuel Norris; Treas., W. H. Blackwell ; Compt., William O.
Cutter. New York office, 1790 Broadway, corner 58th St.— (Y. 125, p .1045.) Mifflin equip tr ctfs dated 1910 / 5 F-A
$480,000 To Aug. 1 1932
due $120,000 each Aug. 1_ (in t. at Home Trust Co., N. J.
_
Munhall equip tr ctfs dated I 5 J-D
$600,000 To June 1 1934
ORGANIZATION.— Incorp. Jan. 9 1906 in Maine. Owns and operates
1912 due $75,000 each June 1 (in t. at Home Trust C o., New Jersey.
(I) Mining claims near Bingham, Utah, producing lead, zinc and copper
equip tr due $45,000 /
M
$405,000 M ay 1 ’32-’38
ores. (2) Mining claims near Eureka, Utah, known as the Centennial- Rankin M ay 1 ($1,000)_______ (in t. 5at -N
each
Eureka Mine. (3) Lime quarry at Topliff, Utah, producing limerock for
$5,000,000 Oct. 1 1955
smelters in Utah Yalley. (4) Mining claims in Tooele County, Utah, pro­ Monongahela So 46-yr 1st & / 5 & 6 A-O
gen M guar ($1,000)______ x (in t. at C o.’s office.
ducing arsenical ores. (5) Lead smelter and zinc concentrating mill at
Midvale, Utah, the smelter having seven blast furnaces and a capacity for Connellsville & M onongahela/ 4 M-S
$211,000 Sept. 1 1930
smelting approximately 480,000 tons of charge per year, and the concern
R R 1st M 21-yr ($l,000)-_x lin t, at office Carnegie Bldg., Pittsburgh.
trating mill having a capacity of approximately 200.000 tons of ore per year;
$10,605,000 To July 1944
a flotation mill with an estimated daily capacity o f 800 tons has recently H. C. Frick C o., Pitts-Mon 33- f 5 g J-J
yr purch money M gu due (in t. at Union Trust C o., Pittsburgh.
been completed. (6) Mining claims near Kennett, Calif., known as the
$600,000 ann($l ,000) UPi.xc* (
Mammoth Mine. (7) Mining claims near Goldroad, Ariz., known as the
Pitts. Bess. & Lake Erie R R ., Bess. & Lake Erie & Duluth and Missabe
Goldroad Mine; and miscellaneous other mining claims in Arizona. (8)
& Northern R y.— See those companies under “ Railroads.”
Fairbanks Exploration Co., owning option contracts on placer mining
6 For additional amounts in sinking fund, see text.
claims, water rights, equipment, &c,, located in Fairbanks mining district in
Territory o f Alaska. (9) Bullion Beck & Champion Mining Co.; (10) Car­
STOCK.— The
on April 18 1927 increased the
bon Emery Stores Co.; (11) Crater Mining Co.; (12) King Coal Co.; (13) com. stock from stock holders to $753,321,000, the additionalauthorized
$550,000,000
2,033,210
Moonlight Water Co.; (14) Price Reservoir & Irrigation Co.; (15) San Pete shares were distributed as a 40% stock dividend to the stock holders of
Valley Coal Co.; (16) United States Homes Co.; (17) United States Stores record M ay 2.
Co.; (18) United States Smelting, Refining & Mining Exploration Co.;
On Dec. 31 1926 book value o f capital stock o f sub. cos. not owned,
(19) Utah Coal Sales Agency; (20) Western Fuel Co.; (21) Cia de Minas
Santa Ana y Anexas; (22) Cia Exploradora de Hidalgo; (23) U. S. Smelting $476,754.
Exploration, S. A.
D IV S .—
’ 11-T3.’ 14. ’ 15. ’ 16.'17. ’ 18. ’ 19. ’20-’22. ’23. ’24.'25. ’ 26.
Also has a controlling interest in the following corporations: (1) Richmond Regular_______5 yrly. 4J* 0
5 5
5 5 5 yrly.
5
5 5
6>S
Eureka Mining Co., owning mining claims and other property near Eureka, Extra---..
__ 2 11 5* 11 1
____ M 2 2
H
N ev,; (2) Hanover Bessemer Iron & Copper Co., owning iron and copper
Paid in 1927: Mar. 30, 1M % ; April 18, 40% in stock; June 29, 1M % .
mining claims and other property at Fierro, N . Mex.; (3) the Sunnyside
Sept. 29, 1M % : Dec. 30, 1M % .
Mining & Milling C o ., owning lead and zinc mines, a flotation mill and other
property near Eureka, Colo.; (4) White Knob Mining Co.; (5) Nome &
BONDS.— The collateral trust b% Donas of 1901 were secured by all the
Sinook Co.; (6) American Exploration Co.; (7) Merchants & Miners Bank of securities owned- S154.000.000 only (series A. C and E) are subject to call
Alaska; (8) Cia Explotadora de Las Minas El Encino y Anexas; (9) Cia la whole or In part at 115% since April 1 1911; a sinking fund of $3,040 000
Metalurgica de Atotonilco El Chico; (10) Cia Minera La Reina y Anexas; yearly, beginning June 1 1902. can purchase bonds, If obtainable at not
(II) Cia Minera La Union, S. A.
exceeding 115 and Interest, and since April 1 1911 may be applied to the re­
Also owns all or substantially all of the stock of the following corporations: demption of series A. C and E bonds to be drawn by lot. In Dec. 1926,
(1) United States Fuel C o., owning coal lands and other property in Carbon $124,134,000 not Included in amount out, were alive in sinking fund.
The coll, trust sinking fund 2d mtge. 5s of 1903 (V. 74, p 584, 733,
and Emery counties, Utah. (2) Utah Railway Co., owning a railroad and
S92; V. 76. p. 545) are next In rank and similar In form to the 5s of 1901.
trackage rights for hauling of coal from the coal fields of Utah. (3) Niagara
fhey are subjeot to call after ten years from date at 110 and Int. In whole
Mining Co., owning a lead mine and other property near Bingham, Utah.
« part (If the latter to be designated by lot and coupon bonds to be re(4) U. S. S. Lead Refinery, Inc., owning an electrolytic lead refinery at
teemed first). An annual sink. fd. of $1,010,000 will provide for retlreEast Chicago, Ind. (5) Cia de Real del Monte y Pachuca, owning silver
nent of the bonds. The sinking fund was used until Apr. 1 1913 in pur­
mines and mills and other property in Mexico. (6) Hammon Consolidated
hasing bonds at not over 110 and int., or invested In sesurlties; since Apr. 1
Gold Fields, owning lands, dredges and other property for gold dredging in
Vlaska
(71 Ebner Gold Mining C o., owning gold mining claims in Alaska
913 bonds may be drawn by lot, coupon bonds to be first redeemed. All
>ond8 purchased are to remain alive and draw interest. No foreclosure
(8) Fairbanks Exploration Co. owning option contracts on placer mining
iroceedings can be brought for default (in payment o f prin.or int.) oontinclaims, water rights, equipment, &c., located in Fairbanks mining district
in territory of Alaska
dng for less than two years.
In Dec. 1926 $39,764,000 not Included
in table above were held alive in sinking fund. An additional $2,743,000
STOCKS AND BONDS—■ Rate of Int. Outstanding. Bds. when Due.
were drawn for redemption M ay 1 1927.
Stocks— Com $37,500,000 ($500)- ___
$17,555,887 ____________
In 1903 $150,000,000 pref. stock was exchanged, $ for $, for second mtge.
Pref 7% cum $37,500,000 ($50) 7Q-J
$24,317,775 _____________
>onds. $20,000,000 of the bonds being also sold at par to provide for im­
Bonds— 10-yr gold notes red j 514S M -N $8,000,000 N ov. 1 1935
provements and $30,000,000 exchanged In Nov. 1907 for Tenn. Coal, Iron &
(text) ($500 &c)______ xxxc* lin t, at First Nat. Bank Boston or First
4R. com. stock
Final $50,000,000 (of the authorized issue of $250,(100,000
( Nat. Corporation o f Boston N. Y .
Is applicable for exchange
Bonds sub-companies not owned _ ___
$100,900 _____________ 2d 5s of 1903) 545, 1147, 1200; V. 77, p. for preferred stock. See V 76.
0. 334, 439.
717, 827, 1536, 2039; V. 78. p.
DIVIDEN DS—
’ 14. ’ 15. ’ 16. ’ 17. ’ 18. ’ 19. ’20. ’21-’24. '25. ’26.
1173. 1786; V 79, p 1283; V. 85, p. 1212. 1282; V 86. p. 730.
On comm stock_______ %
3 1M 8K
10 10 11 10 None 6*4 7
In June 1911 It was arranged to purchase through the H. C. Frick Coke
Paid in 1927: Jan. 15, 1 4 % ; April 15, 1 4 % ; July 15, 1 4 % ; Oct. 15,
Go. 15,943 aores of coking lands and 1,408 acres of surface land, &c., from
1 4 % . On pref., in full to date.
She Pittsburgh Coal and Monongahela Consol. Coal & Coke companies, pay­
ment being made
NOTES.— The 5)4 % gold notes of 1925 are redeemable as a whole at any bonds, secured on in $17,084,000 of an auth. Issue of $18,000,000 serial 5%
the property and guaranteed, prln. ana
the
time or in blocks of not less than $1,000,000 on any interest date on 60 days’ Corporation. V. 92, p. 1570: V. 93, p. 474, 875, 1108; V Int by 846.Steel
94, p.
notice at 105 on or before N ov. 1 1927, decreasing 4 % each year thereafter
Of the
4 Hs of 1940 ($30,000,000 auth. issue);
to 1014 during year ending N ov. 1 1934 and at 1004 thereafter, and prior tuar.p. & Illinois Steel debenture $6,900,000 were reserved to retire the de­
l.b y U S . Steel Corp.,
to maturity, plus interest in each case. V. 121, p. 2053.
bentures due April 1918, $5,928,000 for notes due 1912-5919 held by U. S.
Reel Corp. and $1,658,000 for 75% of the c o s t of additions and betterments
REPO RT.— For 1926, in V. 124, p. 2135, showed:
$18,600,000 were outstanding Dec. 31 1926. Any mtge. must equally
1926.
1925.
1924.
1923.
Net earnings___________x$7,007,905 x$7.989,995 x$6,902,806 y$4,726,864 secure them. 8ee V. 93. p. 289; V .94, p. 98a. 1191: V. 98. p. 1699.
Interest on funded debt.
485,587
801,382
730,393
_____Of the Indiana Steel Co. 1st 5s, guar. p. & 1. ($40,000,000 auth issue),
Deprec. & reserve funds.
2,483,154 2,785,665
2,572,466
1,711,483 covering the Gary (Ind.) plant, $25,035,000 have been sold, the remaining
Federal taxes & reserves.
x
x
x
337,291 $14,965,000 being Issuable on new construction from Jan. 1912 at 75% of
Additional reserves------1,000,000
1.500,000
1,800,000
500,000 cost. Sinking fund annually, beginning May 1916. 1 % of bonds issued to
Pref. dividends (7 % )_
_
1,702,225
1,702,225
1,702,225
1,702,225 May 1 1922 and thereafter 114 % plus int. on bonds retired. In Dec. 1926
$3,035,000 had been retired through the sinking fund, leaving $22,000,000
Common dividends_____ 1,228,902
1,097,234_____ ______
______
Balance, surplus------$108,037
$103,488
$97,721
$475,865 outstanding. V. 98, p. 1699; V. 100, p. 2171; V. 100, p. 50; V. 104, p.
1771.
Profit and loss_________$17,529,042 $17,421,005 $17,317,516 $17,219,795
Of the National Tube Co. 1st guar. 5s (not the old company, but the later
x Net earnings after charging cost o f production, selling expenses, reserve one. organized to build the Lorain, Ohio, plant), the unissued bonds are
for Federal taxes, &c. y Before Federal taxes.
reserved for 75% of the cost of new construction. Annual sinking fund,
beginning May 1916, 1 % of bonds issued, plus interest on bonds retired
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 2135.
In April 1922 an additional $3,000,000 of these bonds were sold. Dec.
OFFICERS.-—Pres., C. A. Hight; Sec. & Treas.. F. W. Batchelder; 31 1926 $11,384 000 outstanding, excluding $1,616 000 held by sink, fund
Comp., S. A. Block. Office, 1 State St., Boston.— V. 125, p. 1853.
trustee V. 94. p. 986, 1769; V. 114. p 1772. 1782: V. 91. p. 986. 1769.
The Union Steel Co. 1st and coll. 5s of 1902 ($45,000,000 authorized
UNITED STATES STEEL C O R PO R ATIO N .— ORGAN.— Incorp. in issue) are guaranteed principal and interest by theU. S. Steel C orp., and are
secured by all the property of the company, including the Sharon Steel stock
N. J. on Feb. 25 1901 V 72, p. 441 679; V 73. p. 349; V . 85. p. 1467.
PROPERTIES OW N ED.— The properties owned include 111 blast fur­ acquired. They are subject to call at 110 and interest. Annual sinking
naces, 336 open hearth furnaces and 34 Bessemer steel converters, 8 steel fund 2% of amount of bonds out. On Dec. 3i 1926 $37,715,000 were
rail, 59 bar, billet, &c., mills; 9 structural shape mills, 16 plate mills, 68 held in sinking fund and $6,220,000 were outstanding. V. 75, p. 1150;
merchant mills, producing bar iron, steel, &c.; 210 hot mills, producing tin V 76, p. 107, 546. Guaranty, V. 76, p. 709.
plate. &c.; 25 rod mills; 57 welded and seamless tube mills; 15 bridge and
Additional Bonds of Controlled Cos.
Interest. Outstanding.
Maturity
structural plants: 16 slcelp mills; 164 sheet, jobbing and plate mills; 75 wire
mills; 53 galvanizing and tinning mills: 17 splice, bar, spike, bolt, &c., mills; Dewees (W.) Wood Co. 1st M ., duel
f 5 M S N $800,000 May 27-’30
c
5 cement plants; 18 warehouses; 47 miscellaneous armor, axle, &c., works;
6 1 & J
720,000 Jan. 1 1930
12 sulphate of iron plants; 24 iron, steel or brass foundries; extensive iron
.< .1 & D
14,000 Dec. 2 1931
ore mines in the Lake Superior region; 464,059 acres of coking coal land;
b M & N 1,901,000 Nov. 1 1946
320,495 acres steam and gas coal; 319,721 acres surface; 56 coking plants;
5 J & J 1,000.000 July 1 1945
16,118 beehive ovens; 3,284 by-product ovens; 99 coal mining plants not
.5 J & J 1,000.000 July 1 1946
connected with coke plants, and 8 coal washing plants.
5 .T & J
206 000 July 2 194!
Railroad lines owned or leased total 1,132.86 miles.
.5 J & J 11,682,000 July 1 1951
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $753,321,000 ($100) ____
$711,623,500
............... ..
Treasury Bonds.— On Dec. 31 1925 treasury bonds subject to sale
P f 7% cum $400,000,000($100) 7 Q-F
$360,281,100 ....................... amounted to $7,124,000.
for the $20,000,000 (reduced by sinking fund to $18,883,000) 714% notes of
1920, below described. Compare V. 105, p. 1528, 826, 1809; V. 107. p.2104.
Sinking fund for First & Ref. Mtge. bonds from Jan. 1 1919, 1% annually
upon all the bonds outstanding or retired to repurchase bonds (Series A) at
or below 105 and Int., and Series B at or below 110 and int.: otherwise as
part o f sinking fund of following years.
NOTES.— The $18,888,000 10-year 714% secured gold notes due Aug. 1
1930 are secured by deposit and pledge with trustee of $23,610,000 first
and ref. mtge. 6% gold bonds due Jan. 1 1947. V. I l l , p. 396.
The 614% serial gold notes are redeemable as follows: All, but not a
part, o f any one or more o f the maturities then oustanding red. on March 1
1930 or on any int. date thereafter on 60 days’ previous notice upon pay­
ment o f their principal amount and a premium o f
for each 6 months
between the redemption date and the date o f maturity.
R E PO RT.— For 1926, in V. 124, p. 1504, showed:
1926.
1925.
1924.
1923.
Calendar Years—
$
$
$
$
Total sales____________ 215,528.309 206.473.737 172.214.353 186.261.381
Net inc. avail, for divs__ 11,473,158 18,809,870
9,068,035
7,392,657
Divs. U. S. Rubber C o.,
1st pref. & 2d pref___
5,208,800
5,208,800
5,208,800
5,520,000
Divs. to minority stock­
holders (sub. cos.)____
17,689
18,718
18,718
18,718
Prov. for Fed. taxes(est.)
--------1,500,000
--------700,000
Prov. for plant deprec__ 3,711,289
______
Divs. U. S. Rubber Plant 6 , 000,000
___________
Reserve against cost of
crude rubber________
______
3,000,000

UNITED STATES SMELTING, REFINING & MINING CO.—




244

Output of Company for Years Ended Dec. 31.
1926.
1925.
Iron and manganese ore mined- -tons. 29,262,741 27,996,845
Limestone quarried_________________ 5,513,739
5,344,893
Coal mined________________________ 34,294,657 31,475,568
Coke manufactured_________________ 17,336,334 16,301,224
Pig iron, ferro and spiegel__________ 15,705,301 14,798,999
Steel ingots (Bessemer & open hearth) 20,306,668 18,898,697
Rolled & other finished steel products
for sale__________________________ 14,334,412 13,271,010
Universal Portland cement_____bbls. 14,526,000 15,722,000
Tonnage of Unfilled Orders (00,000 omitted).
— --------------------------------------On December 31-------------------------1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. ’22. ’23. 1924.
3.8 7,8 11.5 9.4
7.4 8,2 8,1
4.2 6.7 4,4 4,8
R E PO R T .— For 1926, in V. 124, p 1657, showed:
Calendar Years—

[V ol. 125,

INDUSTRIAL STOCKS AND BONDS

1926.

$

1925.

1924.

1924.
24,774,541
5,033,889
27,738,007
14,408,041
12,683,729
16,478,857
11,722,908
15.156.000
------Oct 31
1925.1926.
5.0
3,6
1923.

$

Gross sales and earnings.. 1,508,076,091 1.406,505,195 1,263,711,469 1,571,414,483
Mfg. cost and oper. exp. 1,211,802,835 1,154,532.752 1,053,059,068 1,265,932,446
Administration, selling &
general expenses, exci.
37,065,395
35,042,575
35,129,043
gen. exp. of trans. cos.
38,972,713
50,923,191
45.276,855
55,082,523
Tax., incl.res.for Fed.tax. 52,399,581
8.992.294
7.838,338
9,207,388
Commercial disc'ts & int.
9,595,447
Total expenses.............1,312,770,578 1,251,513.562 1,141,216,835 1.365,351,399
Balance...................
195,305,513
154,991,562
122,494,634 206,063,083
Miseell. net mfg. gains..
5,064,748
4,073,515
4,600.363
4,258,532
Rentals received.............
1,605,120
1,611,539
1,002.714
1,463,642

In March 1918 a stock dividend of 20% was declared on the $4,600,000
ommoD stock payable Oct 1 to holders of record Sept. 13, to take the
place of the quarterly distribution on the common stock usually paid
April 1, July 1 and Oct. 1. V. 106. p. 1040. On Jan. 2 1918 the common
received 3% and 2% extra ($230,000). Jan. 1919 to Jan. 1922 paid 2)4%
quar., with no extra. On Dec. 28 1921 paid 20% in common stock. April
1922 paid 3% quar. July 1 1922 to Oct. 1 1927 paid each quar. 75 cents
a share on new no par value stock. On April 16 1923 paid 20% in common
stock.
RE PO RT.—-For 1926, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net earnings___________$2,394,837 x$2,298,307 x$2,197,083 x$2,112,580
Preferred dividends____
386,400
386,400
386,400
386,400
Common dividends_____ 1,144,626
1,144,626
1,144,626
1,096,879
Balance, surplus_____
Previous surplus_______
Stock div. on com m on..

863,811
4,044,083
______

$767,281
3,276,803
______

$666,057
$629,301
2,610,746
5,160,945
______ (20)3179,500

Balance, surplus_____ $4,907,895 $4,044,084 $3,276,803 $2,610,746
x After provision for all taxes including income tax, and charges and
expenses of management.
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 1351.
OFFICERS.— Pres., J. Peterson; V .-P ., J. M . De Voe; J. D . Carhart,
C. G. Conn, L. A. Bowers and O. C. Hank; Sec. & Treas., I. L. Elliott.
Office, 1107 Broadway, New York.— (V. 124, p. 1351.)

UNITED STEEL W ORKS CORP. (Vereinigte Stahlwerke Aktiengesellschaft), GERMANY.—-Organized in Jan. 1926. Has contracted to
acquire the properties and assets, including good-will, trade marks, &c.
(except certain coal properties) of four of the leading steel, iron and coal
Total net income______ 201,975,381
128,097,711 211,785,258 companies in Europe, namely Rheinelbe Union, Thyssen, Phoenix and
160,676,616
Net profits of prop, owned
Rheinstahl. In addition to taking over the entire business o f these con­
403,282 cerns, the corporation is acquiring 56% of the stock of the Alpine Mon tan
260,194
296.799
whose oper. are not incl.
241.108
Int., &c., on investments
Steel Corp., which owns one of the largest deposits of high-grade iron ore
13,841,989 in the world. Upon completion of acquisition of these properties, the cor­
13,820,653
12,378,379
12,694,402
and on deposits, &c__
Prov. res. conting. liabil.
poration, it is said, will rank as the largest industrial unit in Europe and the
411,245
of sub3id. railroads____ Dr2,641,382
second largest steel company in the world, ranking next to the United States
Steel Corp. The chief coal properties and iron and steel plants being ac­
Total income................ 212,269,508 170,940,549 142,178,558 226,030,529
quired are located in the centre of the Ruhr district. Properties also in­
Deduct—
clude 33 by-product coke plants, with total annual capacity of 9,189,000
Bal. prof. sub. cos. (net) .*debi,924,355 *02,842,875 0 19,004,910 deb21,859.586 metric tons, 63 blast furnaces capable o f producing annually 9,038,000
State occupation taxes
metric tons of pig iron and ferro alloys, 26 steel plants with an annual ingot
previous years________ __________
__________
__________
4,340,500 capacity of 7,936,000 metric tons, and rolling mills, foundries, finishing and
Reserve for conting. exp. __________
__________
__________
1,750,000 manufacturing departments with an annual capacity o f 7.066,000 metric
Est. sum due U. S. by
tons of finished iron and steel products. The mills and finishing depart­
subsidiary railroads___ _________ ________ ______
__________
9,050.000 ments are equipped to convert into finished products the entire ingot pro­
Res. for inven. depletion. __________
__________
__________
1,076,775 duction. Corporation is also acquiring cement plants equipped to manu­
Int. on bonds & mortgages
facture Portland cement frpm blast furnace slag.
subsidiary companies..
8,286,284
8,244,960
8,068,656
8,306.993
BONDS.— Dillon, Read & C o., International Acceptance Bank, Inc.,
and J. Henry Schroder Banking Corp. in June 1926 sold at 96 and intNet earnings............... 199,058,869
165,538,465 153,114,812 179,648,674 $30,000,000 25-year 6 l % sinking fund gold bonds, series “ A ,” (with non~
A
Deduct Charges, &c.—
detachable stock purchase warrants). Dated June 1 1926; due June 1 1951.
Depr. & extraor. replace.,
Prin. and int. (J. & D .) payable in New York at the office of Dillon, Read
also sinking funds on
& Co. in U . S. gold coin of the present standard. Bondholders may, at their
bonds of subsidiary cos.
53,171,076
45,463,054
38,687,668
41,745,434 option, collect principal and interest in London at the office of J. Henry
Charges off for adjusting
0301.101
015,026
087,070
0235,189
Schroder & Co. in pounds sterling at the buying rate for sight exchange on
Int on U.S.St’l Corp.bds.
17,228,669
17,761,389
18,274,207
18,764,568 New York on the date of presentation for collection. Denom. $1,000 c*.
6 k . fd ., &c ., U .S .St'lCorp.
12,037,760
11,504,065
10,990,464
10,499,185 Callable as a whole or in part by lot on any int. date after 30 days’ notice,
Prem on bd3. red. sub .cos
255,059
222,330
182,350
165,612 at the following prices and accruedinterest to and incl. June 1 1931 at
Approp. for add’l property
105; thereafter to and incl. June 1 1936 at 103; thereafter to and incl. June 1
and construction...........
30,000,000
25,000,000
20,000,000
40,000,000 1941 at 101; thereafter prior to maturity at 100. The National City Bank
Preferred dividend..........
25,219,677
25,219,677
25,219,677
25,219,677 of New York, American trustee; Darmstaedter und Nationalbank KomCommon dividend_____ (%)35,581,175
35,581,175
35,581,175
29,227,394 manditgesellschaft auf Aktien, German trustee. Prin. and int. payable to
others than citizens and residents o f Germany, without deduction for any
Total deductions........... 173,192,315
160,736,664
148,848,471 165,386,681 taxes, past present or future, levied by German Governmental authorities.
25,866,553
4,801,801
4,266,340
14,259,993
Balance, surplus..............
Sinking Fund.— The corporation agrees to provide a sinking fund sufficient
Bhares of common stock
to retire the entire issue o f series A bonds by maturity, by semi-annual call
outstanding (par $100). -5,083,025
5.083,025
5,083,025
5,083,025 by lot (first redemption Dec. 1 1926) at 100 and int. at the annual rate of
Earned per share________
$17.97
$12.86
$11.77
$16.42 $600,000 up to and incl. Dec. 1 1938 and at the rate of $1,800,000 annually
♦These profits were earned by Individual sub. cos. in previous years on Inter­ thereafter to maturity.
Security.— These bonds will be the direct obligation of the corporation,
company sales made and service rendered to— for other subsidiaries but being locked
up in the inventory value of materials held by the purchasing cos. at close of 1924, secured by mortgage on fixed assets valued by H. A\ Brassert, American
consulting engineer, at $537,671,800, subject to about $70,600,000 o f under­
were not to that date incl. as part of the reported earnings of the combined organlza
tlon. Such profits are so embraced only in the year in which they are converted into lying obligations, including approximately $29,400,000 obligations under
the Dawes Plan based on existing assessments. Such fixed assets have been
a cash asset.
appraised on the basis of present replacement costs in Germany, after allow­
Income for Nine Months to Sept. 30.
ance for depreciation and obsolescence an comprise iron and steel plants
1926.
1924.
1927.
1925.
valued at $228,889,300; coal properties and coke plants at $107,635,000;
$
$
S
$
coal reserves at $77,604,800, and real estate, including land, plant sites,
132,999.016 145.502,216 122,907,625 122,174,899 business and administrative buildings at $123,542,700. These propertieinclude all the fixed assets being acquired by the corporation except a mas
Deduct—
chinery plant, a small wire netting shop, certain ore and other mining prop­
For sink, funds, deprec.
& reserve funds______ 45,315,630 46,214,502 41,829,838 36,899,200 erties, rolling stock, portable machinery and certain other movable prop­
Interest________________ 12,558,517 12,973,060 13,370,448 13,753,462 erty, valued by M r. Brassert in the aggregate at less than $35,000,000.
Additional Bonds.— Against the properties presently to be mortgaged
Prem. on bds. redeemed. 1,074,246
881,250
808,221
750,000
there may be issued (ranking equally with the series “ A ” bonds) a total of
Total deductions_____ 58,948.393 60,068,812 56,008,507 51,402,662 $105,000,000 of bonds, incl. the $30,000,000 series “ A ” bonds, the equiva­
74,050,623 85,433,404 66,899,118 70,772,237 lent of about $30,000,000 of bonds propose to be presently issued abroad
in foreign currency, and $41,180,000 of bonds reserved to refund underlying
Dividends—
obligations. The valuation o f $537,671,800 equals about 4 times the sum
Preferred (5M % )______ 18,914,757 18,914,757 18,914,757 18,914,757 o f all underlying obligations (incl. existing obligations under the Dawes
Common (5 M % )---------- 37,360,233 26,685,879 x26,685,879 x26,685,879 Plan), these $30,000,000 series “ A ” bonds and all other bonds ranking
equally therewith (except bonds reserved to refund underlying obligations)
Undiv. sur. earns.,9 mos.
Undiv. sur. earns. 9 mos. 17,775,633 39,832,768 21,298,482 25,171,601 issuable against the properties presently to be mortgaged.
Slock Purchase Warrants.— Each series “ A ” bond will carry a non-detachShe. o f com. outst’d'g
(par SI00)__________ 7,116.235
5, 83,025
5,083,025
5,083,025 able warrant, entitling the holder, on or before July 1 1929, to purchase one
Earns, per sh. on com _.
$13.09
$9.44
$7.75
$10.20 share (par value 1,000 reichsmarks) of common stock for $297 50, viz., 125%
o f par. Detached warrants will be issued in exchange for unexercised war­
x Includes extra div. of 114%
addition to regular divs. of 3 M %•
rants attached to series “ A ” bonds redeemed on or before June 1 1929.
Unfilled Orders as Previously Reported (V. 125, p. 2051).
Dillon, Read & Co. in July 1926 also sold privately $10,815,000 25-year
6 >4 % sinking fund 1st mtge. gold bonds, series C. These are part o f the
Sept. 1927.
June 1927.
Mar. 1927.
Dec. 1926.
Sept. 1926.
$41,000,000 bonds reserved for prior liens.
3,148,113
3,053,246
3,553,140
3,960,969
3,593,509
The $20-year &'A% s. f. debentures, series A , were offered in July 1927
D IR E C TO R S.— Robert Winsor, G. F. Baker, Jr., Percival Roberts, Jr., (V. 125, p. 663) by a syndicate headed by Dillon, Read & Co. The de­
bentures were offered at 9 8 and int. Dated July 1 1927, due July 1 1947.
E. J. Buffington, J. P. Morgan, James A . Farrell,_______________ (Chair­
man) , George F. Baker, W . P. Palmer, Samuel Mather, Thomas Morrison, Series A debentures to be authorized and presently outstanding $30,000,000.
John S. Phipps, William J. Filbert, Nathan L. Miller, Myron C . Taylor. Denom. $1,000 and $500c*. Interest payable J. & J. Principal and int.
payable in New York at the principal office of Dillon, Read & C o., in United
OFFICERS.— Chairman, _________________; Pres., James A . Farrell;
Vice-Pres., D . G. Kerr and John Hulst; Sec., George K. Leet; Treas., States gold coin. Holders of series A debentures may, at their option,
the office o f
Gordon L. Edwards; Compt., W . J. Filbert. Gen. Counsel, Nathan L. collect principal and interest in London atat the offices J. Henry Schroder
& Co., in pounds sterling; in Amsterdam
of Mendelssohn &
Miller. Office, 71 Broadway, N. Y .— (V. 125, p. 2161.)
C o., Amsterdam, and Nederlandsche Handel Maatschappij, in guilders;
in
UNITED STATES TOBACCO CO.— ORGAN IZATION.— Incorp. Id theZurich at the office of Credit Suisse, in Swiss francs; or in Stockholm at
offices of Skandinaviska Kreditaktiebolaget and Stockholms Enskilda
N. J. Dec. 2 1911 as the Weyman-Bruton C o.; name changed to piesent
Bank, in Swedish kronor; in each case at the buying rate of sight exchange
title in March 1922. The company owns and operates factories at Chicago
on New York on the date of presentation for collection. Non-callable prior
111., and at Nashville, Tenn. It owned all of the stock o f the P. B. Gravely to July 1 1932; callable on that date and on any int. date thereafter, as a
Tobacco C o., Kentucky Leaf & Transit C o., and the United States Tobacco
days’
with all unmatured warrants
the
Co. of Virginia. These companies were dissolved during the year 1923 and whole only, on 30 M ay 1notice,following the redemption date),(except fol­
warrant maturing
next
at the
the properties and business taken over.
to
at 105; thereafter to
In addition to the above, the company owns all of the stock of the J. G. lowing prices and accrued int. J/j,and incl. July 1 1937 American Exchange
102
thereafter at 100.
Dill Co., Inc., which owns and operates factories at Richmond, Va., all of and incl. JulyC 1 1942 atYork,
Irving Trust o., New
int. payable without
the stock o f the DeVoe Tobacco C o ., which owns properties at Spottswood, deduction for any taxes, present trustee. Prin. and German governmental
or future, levied by
N . J., and one-half o f the stock o f the National Tobacco Co. of Canada, authorities.
Ltd., located at Montreal, Canada.
Warrants.■
—Each series
for contingent
The company also owns and operates leaf plants at Hopkinsville and sdditional interest entitlingA debenture will bear warrantsStates gold coin
the holder to receive in United
Paducah, K y., and at Clarksville, Tenn.
M ay 1
Company has license to transact business in each of the States In which on M ay 1 1928 and on M ay 1 in each year thereafter to and incl. amount
1947, K of 1% additional int. for each 1% (and a proportionate
It has factories, plants and leaf tobacco storage warehouses.
for each fraction of 1%) by which the dividend rate on the company’s
STOCKS A N D BONDS—
Rate of Int. Outstanding■ Bds. when Due.
capital stock for the preceding fiscal year shall have exceeded 6 % , but no
Stocks—43om 600,000 shs (no par) ____
381,542shs ____________
such contingent additional interest gyment shall in any year exceed 1 f i % ,
all as more fully to be stated in the indenture.
Pf 7% n-c $9,000,000 ($100)-- 7 Q-J
$5,520,000 ....... ...............
Sinking Fund.— The company agrees to provide an annual sinking fund
STOCK.— The stockholders in March 1922 authorized a change in the
existing common stock, par $100, Into common stock without par value on of $800,000 to and incl. July 1 1937, and $1,200,000 thereafter to maturity,
the basis o f 4 shares o f the latter to one o f the former. The authorized payable semi-annually (first payment Jan. 1 1928), to be applied to the
Common stock was increased from 360,000 shares to 60C.000 shares in March purchase of series A debentures at not exceeding the principal amount
thereof accrued int., and, to the extent that series A debentures are not
1923. V. 116, p. 1063.
so obtainable, to revert periodically to the company.
D IV ID E N D S.— (1912.
1913.
‘ 14 T5 1916
1917 1918 1919-27
The series C, 25-yr. 6 K % s. f mtge. gold bonds were sold in 1927 by
On com m on ____% \ 6
16
12 12
12
12 Text
See
Dillon, Read & C o., International Acceptance Bank, Inc-., and J. Henry
e x tra ______ - % [ _
_
—
—
14
10 —
text
Schroder Banking Corp. These bonds are covered by the same mortgage
scrip or stock. %\ (xPaid o ff 1915) x20 xlO
—
— 20
—
as that securing the issue of series A 25-yr. 6 14% s. f gold bonds.
Pref. dividends 7% per annum ( I H% Q.-J.) since April 1 1912
BALANCE ‘ HE E T.— As of Mar. 31 1927 in V. 125, p. 663-64.




Nov., 1927.]

(Figures in Nearest $1,000.)
Assets—Liabilities—
Capital stock__________ $190,400,000
Prop., plant & equip.,
good-will, & c______ a$268,472,000 Statutory reserve______ 19,040,000
Investms., sub. & affil.,
Fund. & long term debt. 163,203,000
&c. companies______
70,186,000 Oblig. to deliver capital
Adv. sub. & affil., &c.,
stk. bor. in connec­
tion with stk. opt. &
companies__________
13,738,000
C o .’s bds. &c. sec. held
acqns. ofinvestm ’ts__b30,727,000
for investment______ 10,004,000 Sinking fund, bd. int.&c
Loans_________________
138,000
accrued_____________
4,249,000
Deposits for sink, fund,
Welfare & pension funds
1,497,000
4,665,000 Current liabilities_____
45,070,600
bond interest &c_____
Inventories___________
44,198,000 Special reserve________
4,224,600
Accts. & bills receivable. 58,715,000 Oper., &c., other res_
_
16,484,000
4,767,000
4,402,000 Sur. provided at organ’n
Cash__________________
Disc’ t on bonds & fin­
Profit & loss__________
ing expenses________
10,521,000

10,638,666

Total_______________$485,039,000 ] Total________________$485,039,000
Contingent Liabilities.-—-Bills discounted, $5,629,000; guarantees, $812,000.
a After deducting $13,284,000 depreciation, b Additional liability, if
any, for cost o f shares to be delivered, in excess o f amount stated.
Note.— Under the Dawes plan the company is subject to capital charges
estimated at $29,799,000 on the basis of present assessments against pre­
decessor companies.
All conversions o f German into United States currency have been made
at par o f exchange—-one reichsmark equals 23.8 cents.— V. 122, p. 3615;
V. 123, p. 95, 217, 727, 2007, 2276, 2791; V. 124, p. 1376, 2767; V. 125,
p. 2543.
UNIVERSAL PICTURES CO., INC.— (V. 125, p. 2161.)
UNIVERSAL PIPE AND RADIATOR CO. (TH E).— Incorp. under laws
o f Maryland April 2 1923 as a consol, o f the business of the Iron Products
Oorp. and certain of its subsidiaries, viz.: Central Foundry C o.. Central
Iron & Coal C o., Central Radiator C o., Essex Foundry, Chattanooga Iron
& Coal C o., M olby Boiler Co. and Central Foundry Co. of New Jersey.
(See plan in V. 116. p. 1655.) The plan was declared operative in Sept.
1923. V. 121, p. 342.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 400,000 shs (no par) ____
308,287 shs .......................
Pref 7% cum red 110 $6,000,000 ($100)_______________
$2,044,420 - .....................
7 Q-F
See text
Spec stock 56,000 shs (no par)_ ____
Bonds— 10-yr deb bonds $5,- f 6 J-D
$2,100,000 Dec. 1 1936
000,000 ($100 &c)__________ (Int. a t _________________________________
STOCK.— The preferred and common stock have equal voting rights.
The stockholders on Feb. 11 1927 approved o f a plan; (a) to reduce the
authorized pref. stock from 90,000 shares to 60,000 shares and (6) to increase
the authorized capital stock by creating 50,000 shares o f special stock, to
be issued only as dividends on the common stock, to be o f no par value, to
be entitled to non-cumulative dividends o f $7 per share per annum after
payment o f dividends on preferred stock and before payment o f dividends
on common stock, to be redeemable, and not to be entitled to vote.
The company in Dec. 1926 offered to purchase shares o f the company’s
preferred stock for the following consideration per share: (1) $70 in 10-yea
6% debenture bonds o f the company; (2) $10 in cash; (3) one-half share or
the common stock without par value.
FUNDED DEBT.— The debenture bonds are not issued under any
indenture and are not secured by a lien on any property o f the company.
Red. at par and int. and at any time to and incl. Dec. 1 1927 with a pre,ium o f 5% o f the principal amount and at any time thereafter with a pre­
mium A % less for each succeeding 12 months period o f maturity.
D IVIDEN DS.— On pref., Feb. 1 1924, 1M % ; M ay 1 1924, 1M % ;
Dec. 2 1924, ?>l % (clearing up accumulations); Feb. 2 1925 to N ov. 1 1927
A
paid 1M % quar. On common initial div. o f 50 cents, and 25 cents extra
paid July 1 1927. Same amount paid Oct. 1 1927.
RE PO RT.— For 1926 in V. 124, p. 2135, showed:
Calendar Years—
1926.
1925.
1924.
xTotal earnings______________________ $1,527,813
$873,400 $1,333,447
Int., taxes, deprec. & depl., &c______
297,251
617,468
607,077
Dividends paid on preferred stock_
_
274,210
457,317
349,326
Balance, surplus_________________
$756,352 def$201,386
$377,044
x After deducting cost o f operation, including repairs and maintenance
and up-keep expense o f sales and general offices.
OFFICERS.— Chairman, Geo. A . Harder.— (V. 125, p. 2273.)
UTAH COPPER CO.— ORGANIZATION.— Incorp. in N .J . Apr. 30 1904
Owns 875 acres of mining grounds on both sides of Bingham Canyon
Utah, and other lands comprising mill sites, tailings disposal system, &c
aggregating approximately 10,570 acres; also $5,002,500 of the $9,997.28;
stock (par $5) of the Nevada Consol.. aDd all of the $7,500,000 Binghar
k Garfield Ry. stock.
STOCKS AN D BONDS—- Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $25,000,000 ($10)-- ____
$16,244,900 ____________
STOCK.— Stock auth., $25,000,000; out Dec. 31 1926, $16,244,900 (par
$10), was owned by Kennecott Copper Corp. The latter company in Mar.
1923 offered to exchange 1A shares o f its own stock for 1 share of Utah
this offer was reopened in April 1925. V. 116, p. 1063; V. 120, p. 1759
DIV ID E N D S.—
{ '16. T 7. T8. T9. ’20. ’21. ’ 22. ’23. ’ 24. ’25. 1926
Regular since 19 08..% 70 140 100 60 60 25 20 40
40 42,4 5 2 4
Extra.........................% ( 50 x5 . .
. . ......... ..........................................
x Paid in July 1917 for Red Cross distribution.
Paid in 1927: March 31, $ 1 4 ; June 30, 1 4 % ; Sept. 30, 1 4 % .
REPORT.— For 1926 in V. 124, p. 2269, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Copper produced (lbs.)-234,173,625 214,162,139 214,592,733 195,142,919
Operating revenue......... $34,724,121 $32,171,883 $30,130,652 $29,983,653
Operating expenses____ 20,563,485 19,752,322 20,478,946 18,475,032
Profit from operations $14,160,637 $12,419,561
Miscellaneous income_
_ 2,425,749
1,118,542

$9,651,705 $11,508,621
614,053
631,641

Total Income.............-$16,586,386 $13,538,103 $10,265,758 $12,140,262
Depreciation___________ 1,229,358
1,207,270
1,175,650
1,132,169
1,318,923
Federal taxes, &c______
1,020,894
663,252
Other charges__________
228,795
206,434
241,537
535,294
Dividends paid________
______
3,836,983
248,553
Cap. distributions (divs.) 1,553,012
3,067,099
6,249,407
6,497",960
Balance, surplus_____ $5,280,738
$4,199,422 $1,687,359 $3,974,839
R E PO RT.— For 1926 in V. 124, p. 2269, showed:
Note.— Operations were suspended April 4 1921 and were not resumed
until April 4 1922.
Period End. Sept. 30—• 1927— 3 Mos.— 1926.
1927— 9 Mas.— 1926.
Net prof.fr.copper prod. $2,744,480 $3,376,772 $8,390,221 $8,412,563
Other income__________
1,372,713
1,168,907
4,076,087
3,163,311
$4,117,192
313,185

$4,545,678 $12,466,307 $11,575,875
312,257
938,277
915,763

$3,804,008
2,436,735

Depreciation .

$4,233,421 $11,528,030 $10,660,114
2,030,612
7,310,205
6,091,837

$1,367,273 $2,202,809 $4,217,825 $4,568,277
OFFICERS.—-Pres., D. C. Jackling; V.-P. in charge of finance, Charles
Hayden; V.-Pres. G. M gr., L. S. Cates; Treas., C. V. Jenkins; Sec., A. J.
Ronaghan. New York office, 25 Broad St.— (V. 125, p. 2684.)
VACUUM OIL CO.— Incorporated in 1866 under laws of N. V. Stati
charter extended till 1964
Formerly a subsidiary of the Standard Oil On
of New Jersey, but was segregated with others in 1911. Government suit,
V. 118, p. 3161.
PROPERTIES — Operates refineries at Olean, N. V., and Paulsboro,
N J.. and plants at Bayonne, N . J., and Rochester, N. Y ., for the manu
facture of high-grade lubricating oils and related products from crude
petroleum. At Paulsboro owns a tract of 745 acres fronting on the Dela­
ware River, with dockage for ocean-going vessels. Does a large expert
business, operating tank and cargo steamships and marketing its products




245

INDUSTRIAL STOCKS AND BONDS

In foreign countries through its own branches or locally incorporated com­
panies. Many of these latter also operate refineries or plants for the manu­
facture of lubricating products.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $70,000,000 ($25)-- -----$62,470,800 _____________
STOCK.— The stockholders voted on Dec. 2 1922: (1) to increase, the
capital stock from $15,000,000. par $100, to $70,000,006; (2) to reduce the
par value of the shares from $100 to $25 each. The directors on Dec. 5 1922
declared a 300% stock dividend payable Dec. 30 1922.
DIV IDE N DS.- f T 5. T6. 17. 18. T 9. ’20. ’21. ’22. ’23. ’24. ’25. ’28.
Regular________ \ 6
6
6 6 6 6 6 6 8 8 8
8
E x tr a __________ l 2
2 2 4 2 2 2 10 2 7 12 12
Also paid 300% stock on Dec. 30 1922.
Paid in 1927: Mar. 19, 4% ; June 20, 4% Sept. 20, 4% ; Dec. 20, 2% and
2 % extra and a special extra of 4 % .
BONDS.— The 15-year 7% bonds dated April 1 1921 were redeemed on
Lpril 1 1926 at 104 and int.
RE PO RT.— For 1926, in V. 124, p. 2135, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Gross profit___________ $28,366,037 $27,414,540 $20,247,248 $16,661,713
Inventory depreciation. 2,506,382
1,434,449
1,843,414
2,361,055
Prem. pd. to redeem bds.
596,000
______
______
______
Insurance reserve._____
______
______
______
53,731
Income tax reserve_____
See x
1,750,000
1,000,000
750,000
Japanese earthquake loss
______
______
______
182,812
Dividends ...................
12,478,583 12,424,615
9.271,155
6,142,839
Balance, surplus.........$12,785,072 $11,805,476 $8,132,679 $7-,171,276
x Income tax for 1926 is estimated at $1,130,000 but as the excess in
income tax reserve for this purpose over prior years’ requirements is sufficient
to take care o f the tax liability it was unnecessary to set aside any amount
from the 1926 earnings.
BALANCE SHEET as of Dec. 31 1926 in V. 124, p. 2135.
OFFICERS.— Chairman, Edward Prizer; Pres., George P. Whaley*
V.-Pres., C. E. Bedford, W . M . McGee and C. E. Arnott; Treas., Herbert
Baker; Sec., G. V. Holton. Main office, 61 Broadway, N. Y . City.—V. 125, p. 2543.)
VANADIUM CORP. OP A M E R IC A — O R G A N IZA T IO N — Organized
under laws of Delaware Sept. 6 1919to carry on the business of a mining
and trading corporation in all its branches in any part of the world. Ac­
quired from the American Vanadium C o., a New Jersey corporation, all of
the latter’s ore lands and other physical properties situated at MinaRagra,
Peru, Its reduction and smelting plant and other physical properties situated
at Bridgeville, Allegheny County, Pa., together with all its raw materials,
supplies and finished products on hand and in transit and the right to al,
the Vanadium contained in certain leased property of said company In
Oklahoma. Also acquired the pronerties of the Primos Chemical C o.,
Primos Exploration Co. and The Primos Mining & Milling Co. (Compare
V, 112, p> 1642.)
Vanadium is used in all steel required for high speed tools and fine
cutlery, it is also extensively used in the manufacture of automobiles and
armor and as an alloy in all steel requiring a high tensile strength.
On Dec. 20 1924 the corporation acquired the entire $3,000,000 capital
stock of the United States Ferro Alloys Corp., together with its properties
and other assets. The consideration was $2,500,000, which total amount
Included the assumption of the bonded indebtedness of the United States
Ferro Alloys Corp. (since paid off as follows: $161,184 on Feb. 1 1925 and
the balance of $1,000,000 on June 1 1925), and also 33,333 1-3 shares of
the capital stock of the Vanadium Corp. of America. Physical possession of
the properties and assets and the control of the operations of the United
States Ferro Alloys Corp. has been taken by the Vanadium Corp. of America
and title to the properties and assets has been transferred to this corpora­
tion. The principal United States Ferro Alloy sproperty is located at
Niagara Falls. N. Y .
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 500,000 shs (no par) ____
376,637 shs ___________ _
S T O C K .—See table.
DIVS.— Initial div. of $1.50 paid April 15 1920; same amount paid July
15 and Oct. 15 1920. On Jan. 15 1921 paid $1; then none until Aug. 15 1925,
when 50 cents quar. was paid; N ov. 16 1925 and Feb. 15 1926 paid 50 cents
quar.; M ay 15 1926 to Nov. 15 1927, paid 75 cents quar. Extra dividends:
Dec. 15 1926, $1; Dec. 15, 1927, $1.
REPORT.— For 1926 in V. 124, p. 1992, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Total income____________$2,673,017 $2,280,090 $1,028,041
$946,727
Depreciation & depletion
326,461
419,343
205,545
207,420
Prov. for contingencies______
19,414
Other charges_________
118,870
116,781
" 2",927
34,417
Federal taxes__________
247,655
196,821
88,735
23.466
Dividends....................
1,413,014
377,227
Balance, surplus_____
Previous surplus_______
Adjustments__________

$567,017
2,313,933
216,788

$1,150,504
1,497,712
334,283

$730,833
$681,424
766,879
202,451
--------- deb.116,997

Balance, profit & loss. $2,664,162 $2,313,933 $1,497,712
$766,878
3 Months Ended March 31—
1927.
1926.
Net profit after deprec., depletion & Federal taxes.
$623,393
$549,839
Net earnings for the first quarter o f 1927 was equivalent to l ___ ______ _
.65 a share
on 376,637 shares of capital stock, against $1.45 in the corresponding quar­
ter o f 1926.
OFFICERS.— Pres., A. A . Corey Jr.; V .-P ., B. D. SaklawaUa; Sec. St
Treas., Edgar R. Alpaugh; Asst. Treas., P. J. Gibbons; Asst. Sec., Gustav
Laub. Main office, 120 Broadway, N. Y .— V. 125, p. 2278.)
VAN RAALTE CO. INC.— Incorp. in N. Y . on N ov. 12 1919
Engaged in the business of manufacturing, importing, exporting and selling
silk hosiery, gloves, underwear, cotton fabric gloves, laces and nets.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 80,000 shs (no par). ____
80.000 sha
1st pref cum red 115 $4,250,000
($100)------------------ ------------- 7 Q-M
$3,666,500 _____________
STO C K .—First preferred stock is entitled to 115 and accrued divi­
dends in case of voluntary dissolution, &c., and to 100 and accrued divs. in
case of involuntary dissolution, etc. Commencing Dec. 1 1922 a sinking
'und equal to at least 3% of the largest amount in par value of first pref.
s’ oek to be acauired at not exceeding 115 became operative.
DIV ID E N D S.— On 1st pref. stock at rate of 7% per annum from Mar. 1
1920 to June 1 1927.
R E PO RT.— For 1926, in V. 124, p. 1526, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Gross profit on sales------$1,583,898
$1,716,448 $1,231,846 $1,624,560
Gross income---------------525,228
623,913
113.083
381,201
Income charges-----------389,502
x345,634
x581,939
244,212
Fed. income taxes (est.)
______
______
16 059
1st pref. dividends (7% )
258,633
267,050
275.450
279i650
Balance, surplus------- def$122,906
$11,229 def$744,306 def$158,720
x Including depreciation.
OFFICERS.— Pres., Emanuel Van Raalte; V.-Pres., Arthur Van Raalte
Treas., Benj. T. Van Raalte; Sec., Byron E. Van Raalte; Asst. Sec., Edwin
C. Anderson. Office, Fifth Ave. and 30th St., New York.— V. 125. d .
2402.)
’
VICK CHEMICAL C O .— Incorp. under laws of Delaware on Aug. 4
1925. The business of the company is the manufacture and sale of pro­
prietary or package medicines, the principal product being Vicks Vapo-Rub.
Laboratories are located at Greensboro, N. C.; Philadelphia, Pa.; Mexico
City, M ex., and Montreal, Can.
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due»
Stocks— Com 400,000 shs (no par) ___
400,000 shs _____________
STOCK.— See table.
D IV ID E N D S.— Paid 87 A cents a share quarterly from N ov. 1 1925 tc
M ay 1 1927. Aug. 1 1927 and Nov. 1 1927 paid $1 per share quar.

216

INDUSTRIAL STOCKS AND BONDS

R E PO RT.—For 11 months ended June 30 1927, in V. 125, p. 798. showed
Years Ended June 30—
1927.
1926.x
Net earnings_____________________________________ $2,525,718 $2,460,880
Depreciation____________________________________
26,150
18,759
Federal and State taxes__________________________
355,941
320,986

[V ol. 125.

The prior preference stock will be placed in a voting trust to continue
for a period o f five years, unless the prior preference stock outstanding
shall be reduced to $10,000,000 par amount, when the voting trust shall
terminate. Voting trustees shall be George W . Davison, Frederic W . Scott
and Harry Bronner.
(6) 6% Cumulative Dividend Participating Preferred Stock.— Authorized
Net income____________________________________ $2,143,626 $2,121,136 issue, $21,448,000. Entitled to receive out o f the net earnings or surplus,
Dividends paid__________________________________ 1,400,000
1,050,000 after cumulative dividends for past periods and for the current quarterly
period on the prior preference stock shall have been fully paid or set apart
$743,626 $1,071,136 for payment, dividends at the rate of but not exceeding 6% per annum,
Balance______________________________________
Earnings per share______________________________
$5.36
$5.30 payable quarterly, before any dividends shall be declared or paid on the
x Earnings for period of 11 months.
common stock, which dividends shall be non-cumulative, whether or not
6 Mos. End. 6 Mos. End. 5 Mos. End. earned, until July 1 1927, but cumulative thereafter. Entitled to receive
Dec. 31 ’26. June 30 '26. Dec. 31 ’25. in case of voluntary dissolution or liquidation, after payment in full to the
Netearnings__________________________$1,533,722 $2,442,122 $1,407,978 holders of prior preference stock of the sums which such holders are entitled
to receive, the sum of $105 per share, and in case o f involuntary dissolution
Federal taxes_______________________
209,908
320,986
175,997
Dividends__________________________
700,000
1,050,000
350,000 or liquidation, the s im o f $100 per share, in each case plus an amount equal
$1.75
$2.62)4
$0.87 >6 to all accrued and unpaid cumulative dividends, whether or not declared
Per share_________________________
before anything shall be paid on the common stock.
In addition to dividends at the rate of 6% per annum, the holders of the
Surplus__________________________
$623,814 $1,071,136
$881,981
Earnings per share on capital stock_
_
$3.31
$5.30
$3.08 preferred stock shall be entitled, after the common stock shall have received
in any fiscal year dividends at the rate of $3 per share, to participate, share
BALANCE SHEET as o f Dec. 31 1926 in Y. 124, p. 807.
for share, with the holders of the common stock in any additional dividends
OFFICERS.— Pres., H. Smith Richardson; 1st V .-P., Lunsford Richard­ paid hi such year.
son; 2d V .-P ., A. L. Thomas; 3d V.-Pres., W . Y . Preyer; Sec. & Treas.,
Preferred stock will be redeemable, all or part, upon not less than sixty
K. E. Prickett. Offices, Greensboro, N . C.; Roberts and Pulaski Aves., days’ previous notice, at $105 and dividends; but none o f the preferred stock
shall be redeemed, while any of the prior preference stock is outstanding,
Philadelphia, and 17 Battery Place, New York.— V. 125, p. 798.)
without the affirmative vote or written consent of the holders of at least
V ICTO R TALKIN G MACHINE CO.— O R G A N IZA T IO N — Incorp. in two-thirds in amount of such prior preference stock at the time outstanding.
The preferred stock is to have full voting rights, each share thereof being
New Jersey on Oct. 3 1901 under its present name. Recapitalized Jan. 6
entitled to one vote, but so long as the prior preference stock outstanding
1927 as per plan in V. 124, p. 247.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.— shall exceed $10,000,000 par amount, shall have the right, together with the
The company is the largest manufacturer o f talking machines and records common stock (the preferred stock and the common stock voting as one
in the world. Plant and principal offices located at Camden, N. J., with class) to elect only the balance of the directors of the new company other
branch plants for the manufacture o f records located at Oakland, Calif., than those to be elected by the holders of the prior preference stock.
(c) Common Stock.— Authorized issue, 750,000 shares (without par value),
and Buenos Aires, Argentina. An extensive overseas business is carried on
direct and through the Victor Talking Machine Co. o f Canada, Ltd., and whereof approximately 486,708 shares are to be presently issuable for the
the Gramophone C o., Ltd., o f England. Additional foreign plants are purposes of the plan. The balance may be issued by the new company at
located at Berlin, Germany; Nogent-sur-Seine, France; Barcelona, Spain; such times and from time to time and for such consideration and for such
Calcutta, India; Australia, New Zealand and Japan. In 1925 the co. intro­ ] of its corporate purposes as the directors may fix and determine.
Common stock is to have full voting rights, each share thereof being
duced the Orthophonic Victrola, the Electrola and the Victrola Radiola.
Hie latter being a combination o f the Victrola and Radiola, manufactured entitled to one vote, but so long as the prior preference stock outstanding
by the Radio Corp. o f America. Both units are combined into one cabinet. shall exceed $10,000,009, shall have the right, together with the preferred
Still more recent is the introduction o f the Automatic Orthophonic Victrola, stock (the common stock and the preferred stock voting as one class) to
elect only the balance of the directors of the new company other than those
which plays twelve records without requiring attention.
to be elected by the holders of the prior preference stock.
After the cumulative dividends on the prior preference stock and on the
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due.
preferred stock have been fully paid or set apart for payment and after the
Stocks— Com 819,915 shs (no par) -----x575,685 shs ------------------sinking fund in respect of the prior preference stock has been fully set apart,
Prior p f cum $20,934,000($100) 7 Q-F
$20,934,000 ____________
the common stock shall be entitled to receive dividends from the remaining
Pref cum conv 122,115 shs (no
surplus or the remaining net earnings of the new company, subject, however,
par)_______________________ $6 Q-F
112.115 shs ____________
x Less 4,598.55 shares common; 1,672.2 shares cum. prior preference; to the right of the preferred stock, after the common stock shall have re­
ceived in any fiscal year dividends of $3 per share, to participate, share for
975.45 shares cum. conv. pref. in treasury and held by subsidiary cos.
share, with the common stock in any additional dividends paid in such year.
STOCK.— Each share o f stock is entitled to one vote.
RE PO RT.— For year ended June 30 1927, in V. 125, p. 1453.
The prior preference stock is preferred as to assets and dividends over the
Results for Years Ended June 30 1927convertible preferred stock and common stock. The prior pref. is red. as a
whole on any div. date at $115 per share and accrued divs., on not less than Gross earnings after deducting mfg. costs and exp., including
ordinary repairs & maint. of properties, depletion o f mines,
60 days’ notice. A sinking fund equal to 3% o f the amount outstanding
but before providing for depreciation________________________$2,605,157
will provide for the red. o f the prior pref. stock.
_
539,169
The $6 cum. convertible pref. stock of no par value is preferred as to assets Int. on bank balances & call loans & divs. on investments, &c_
and dividends over the common stock. Entitled in liquidation to $100 per
Total income_______________________________________________ $2,544,326
share and accrued dividends. Red. as a whole or in part on any div. date
at $110 per share and accumulated divs., on not less than 60 days’ notice. Selling, adminis. & gen. exp., incl. provision for doubtful accts.
& bills receivable and cash discounts________________________ 2,128,273
Each share o f conv. pref. stock will be convertible at any time after Oct. 1
1927 into two shares o f common stock, with cash adjustment for divs.
Net earnings before providing for depreciation_______________ $416,053
DIVIDEN DS.— Initial div. o f 1% % quar. per share paid M ay 1 1927 on Depreciation__________________________________________________
635,907
7% cum. pref. stock. Same amount paid quar. to Nov. 1927. $1.50 quar.
paid May 1 1927 on $6 sum. conv. pref. stock. Same amount paid Aug. 1
Net loss____________________________________________________ $219,854
1927.
Dividends paid on prior preference stock________________________
934,826
REPO RT.— Consolidated profit and loss statement for the year ending
Balance, deficit_____________________________________________$1,154,680
Dec. 31 1926:
OFFICERS.— Pres., O. G. Wilson, V .-P ., S. L. Carter, V .-P. & Treas.,
Sales, less returns and allowances_____________________________ $46,662,104
Cost o f sales, selling expenses, gen. & admin, expenses, &c_____ 38,929,783 George A. Holderness, V .-P ., H. W . Wallace, Sec., P. O. Smith. Office,
11-13 South 12th St., Richmond, Va.— (V. 125, p. 1453.)
$7,732,320
VIRGINIA IRON, COAL AND COKE CO.— O R G A N IZA TIO N .—
Other income________________________________________________
920,774
Owns furnaces at Roanoke, Pulaski. Radford. Max Meadows and Foster
$8,653,094 Falls, Va.; certain foundry and machine works. Also owns about 120,000
Provision for Federal income taxes___________________________
670,000 acres o f coal lands, and owns and controls about 209,000 acres iron ore
and timber lands. V. 68, p. 675; V. 69, p. 388: V. 76, p. 272; V. 79, p. 1703;
V. 81, p. 1615. The Colony Coal & Coke Corp. was organized in 1920 wdth
Net profit carried to surplus account----------------------------------$7,983,094
Balance at Dec. 31 1925-------------------------------------------------------$122,999 capital stock oflOO.OOOshares of no par value (all in parent co.’s treasury)
for the purpose o f developing the c o .’s coal lands in Ky. V. 112, p. 1168.
Add— Net profit for the year ending Dec. 31 1926, per above
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
consolidated profit and loss statement----------------------------- 7,983,094
Stocks— Com $10,000,000 ($100). ___
$10,000,000 _____________
Adjustment o f valuation o f shares owned in controlled cos.:
Pref cum call (text) ($100)------ 5 J-J
$2,500,000 -------------------The Gramophone Company, Ltd------------------------------ —
210,853
$1,889,000 Mar. 1 1949
Victor Talking Machine Co. o f Canada, Ltd------------------106,231 Bonds— Mtge gold $10,000,000 J 5 M-S
dated 1899 ($1,000)--Ba.xc* (Int. at Bank of Manhattan Co., N . Y .
$8,423,177
STOCK.— Com. stk. auth. and outstanding, $10,000,000; par $100.
Deduct— Adjustment in connection with settlement resulting in
The stockholders on N ov. 1 1921 authorized an issue of $5,000,000 5% cum.
acquisition o f subsidiary companies_____________________
647,546 pref. stock with a provision that no further mortgage or lien can be placed
Appropriation to reserve for contingencies_________________
250,000 on the real estate or the company without the approval of 75% of the holders
of the preferred stock. The preferred stock Is subject to call at any time
Balance Dec. 31 1926, carried to balance sheet____________ $7,525,631
after three years from date of issue upon 60 days' notice at 105 and is pre­
ferred as to assets as well as to dividends and is to have voting power. Of
Latest Earnings. —For 9 months ended Sept. 30 1927, in V. 125, p. 2543.
the $5,000,000 pref. stock issued, $2,500,000 is held in the company’s
on
1907 paid a 5%
OFFICERS.— Edward E. Shumaker, Pres.; Belford G. Royal, Chairman treasury. Dividends cashcommon stock: On Oct. 1 Dec. 6 1918: July stock
dividend. An initial
dividend
1919
o f the board; Eldridge R . F. Johnson, V.-Pres.; Walter J. Staats, V.-Pres. in and Jan. and July 1920 paid 3% . of 6% was paid
On Nov. 1 1920 paid 10% in stock.
charge o f foreign business; Elmer C. Grimley, Treas.; Edward K. MacEwan, Jan. 24 and July 27 1921 and Jan. 25 1922 paid 3% each. On Feb. 15 1922
Secretary.
paid 50% in pref. stock. V. 114, p. 3l4. July 1922 and Jan. 1923 divi­
D IRECTO RS.— Albert W . Atkinson, Calvin G. Child, Alfred Clark, dends omitted; July 1923 paid 2% ; Jan. 1924 paid 1 V % ; none since. On
2
Levi L. Rue, DeW itt Millhauser, John C. Jay, Edward E. Shumaker, preferred stock paid 2)4 % each Jan. and July since date o f issue.
Belford G. Royal, Eldridge R. F. Johnson, Walter J. Staats, Albert Strauss
R E PO RT.— For 1926, in V. 124, p. 1350. showed:
and Geo. E. Cullinan. Office, Camden, N. J.— (V. 125, p. 2543.)
Calendar Years—
1926.
1925.
1924.
1923.
V IR G IN IA CAROLINA CHEMICAL CORP.— Incorp. under laws of Gross earnings-............. $3,710,957 $3,380,576 $3,602,442 $7,918,766
Virginia on Mar. 24 1926 and acquired the property and business of Virginia- Net earnings___________
424,137
555,450
350,103
878,694
Carolina Chemical Co. (N. J.), per reorganization plan in V. 121, p. 853. Bond interest__________
99,728
103,972
109,065
121,937
Products sold include fertilizers, chemicals, cottonseed meal, cottonseed Federal taxes__________
8,456
1,550
______
61,589
oil, compound lard, edible oils and other by-products.
Rentals, expenses, &c___
240,388
256,630
294,542
238,503
Owns entire common stock o f Consumers Chemical Corp., which has Dividends_____________
124,663
124,897
249,875
599,810
erected a modern fertilizer plant at Carteret, N . J., on Staten Island Sound.
Balance, surplus_____def$49,097
$68,400 def$303.379 def$143.146
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due
Period End. Sept. 30— 1927— 3 Mos.— 1926.
1927— 9 M o s — 1926.
Stocks— Com 750,000 shs (no par) -----486,700 shs ------------------Gross__________________
$611,491
$944,962 $2,018,576 $2,587 207
Prior pref 7 % cum (v t c) red
Expenses______________
598,928
862,053
2,044,121 2,430,220
(text) ($100)_______________ 7 Q-M
$14,487,100 ____________
Pref 6% cum red & partic(text)
Operating profit_____
$12,563
$82,909 def$25,546
$156,987
($100)....... ..........- - - .............. 6
$21,448,000 ------------------Other income__________
21,538
22,028
69,231
70,762
STOCK.—
Securities to be Issued by the New Company.
Total income________
$34,101
$104,937
$43,685
$227,749
76,691
68,555
223,611
241,000
(а) 7% cumul. dividend prior preference stock (par $100)--------- $14,487,060 Int., depr. and taxes
(б) 6% cumul. dividend partic. pref. stock (par $100)------------ 21,447,994
Net profit___________ def$42,590
$36,382 def$179,927
$13,251
(c) Common stock (no par value)------------------------------------------ 486,708 shs.
OFFICERS.— Pres., John B. Newton; V .-P ., D . D. Hull, Jr.; Sec. &
(a) 7% Cumulative Dividend Prior Preference Stock.— Authorized, $14,487,100. Entitled to receive out o f the net earnings or the surplus divi­ Treas., J. W. Cure; Asst. Sec., James McNeil. Office, Roanoke, Va.;
dends at the rate of, but not exceeding, 7% per annum, payable quarterly New York office, 40 Wall St.— (V. 125, p. 2278.)
and cumulative from June 1 1925, before any dividends shall be declared
(V.) VIVAUDOU, INC.— ORGANIZATION.— Incorp. in Delaware
or paid on the preferred or common stock. Entitled to receive on any about Sept. 1 1919 and acquired the assets, trade-marks, &c., of V. Vivauvoluntary dissolution or liquidation the sum o f $110 per share, and in case dou of N. Y . and Paris Manufactures and distributes perfumes, talcum
o f involuntary dissolution or liquidation, the sum o f $100 per share plus in powder, tooth paste and other toilet articles. Plants located in New York
each case an amount equal to all unpaid accumulated dividends thereon, City and Montreal. Contract with Mineralava C o., V. 116, p. 189. In
whether or not declared. Redeemable all or part upon not less than sixty
Feb. 1926 acquired the Alfred H. Smith Co., the business of which has
days’ notice at $110 and dividends. Entitled to benefit o f a sinking fund been consolidated with this company.
o f 25% o f the net earnings o f the new company for each year remaining
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
after deducting prior pref. and preferred dividends, to be applied to the
369,500 shs ____________
purchase or redemption o f prior preference stock at not to exceed $110 and Stocks— Com 500,000 shs (no par) ____
Pf conv (text) $3,000,000($100) 7 Q-F
$2,950,000 ------------------dividends.
The prior preference stock is to have full voting rights, each share thereof
STOCK.— The pref. stock may be converted into com. shares at any
being entitled to one vote, but so long as the prior preference stock out­ time prior to Jan. 1 1929 on the basis o f 3 shares o f com. stock for each share
standing shall exceed $10,000,000 par amount, the holders thereof shall o f pref. stock. The com. stock was changed from shares o f $10 par value
have the right, voting as a class, to elect a ma jority (by one) o f the directors
to shares o f no par value in Jan. 1926.




Nov., 1927.]

247

INDUSTRIAL STOCKS AND BONDS

The stockholders on Dec. 28 1926 (a) increased the authorized pref. stock
from $2,500,000 to $3,000,000, and (6) approved the issuance o f $1,250,000
preferred stock and 12,500 shares o f no par value common stock to stock­
holders o f record Dec. 30 1926 on the basis o f 3M blocks, each consisting of
one share o f pref. and one o f com. stock, for each 100 shares o f com. stock
held. The price o f each block was $125, plus accrued divs. on the pref. stock.
D IV ID E N D S .— Initial div. o f 50 cents a share was paid Jan. 2 1920,
same amount paid April 1 and Oct. 1 1920: Jan. 1 1921 paid 25 cents a share
then none until March 2 1923, when 50c. was paid: June 15 to Dec. 15 1923
paid 50c. quar., March 15 1924 paid 50c. in pref. stock, then none until
July 15 1926, when 75c. in cash was paid, same amount paid quar. from
Oct. 15 1926 to Oct. 15 1927.
On new pref. stock paid (or declared payable) in full to N ov. 1 1927.
R E PO RT.— For 1926, in V. 124, p. 2767, showed:
1923.
Calendar Years—
1926.
1925.
1924.
$6,741,182
Gross sales____________ $5,312,981 $3,381,086 $3,725,954
Returns, allowances, dis
837,337
counts, &c__________
______
246,301
776,466
2,989,847
Cost o f sales___________
2,493,799
1,628,244 1,806,871
1,997,784
Selling & admin, expense
1,400,215
998,176 1,483,403
258,685
Other charges (net)_____
94,235
61,398
101,476

R EPO RT.— For 1926. in V. 124, p. 1083, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Total sales____________ $13,463,264 $12,832,053 $13,552,401 $13,910,056
Cost of sales__________ - 11,694,936 11,205,878 11,695,652 12,201,510
Income from oper___ $1,768,329 $1,627,075 $1,856,748 $1,708,546
95,668
143,435
83,200
127.404
Income credits_________
Gross income________ $1,863,997 $1,770,510 $1,929,948 $1,835,950
Deprec., amort, of lease­
holds, Fed. and State
taxes, &c___________
797,633
734,657
836,939
685,407
Net income__________ $1,066,363 $1,035,853 $1,103,009 $1,150,543
First preferred dividends
14,832
35,631
43,080
50.536
Preferred dividends____
69,261
69,246
69,246
68,882
Common dividends_____
551,746
548,160
545,762
514,411
Balance, surplus_____
$430,524
$382,815
$444,920
$516,713
Profit & loss, surplus— $2,799,466
2,415,013
1,911,087 1,498.296
Period End. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 M os.— 1926.
Sales____________________$3,617,713 $3,321,558 $10,830,380 $9,974,620
*Net profit____________
209,865
239,967
705,355
784,530
Preferred dividends____
15,485
20,860
48,283
66,798
Common dividends_____
165,604
138,003
496,812
414,009

$657,529
Net profit___________ $1,324,731
$446,966 loss$442,262
224,864
Previous surplus_______ 3,846,966def1,564,060
273,262
Red. o f common stock ._D rl,870,000xCr6,000,000
Crl20,000
Prem. on sale o f stock_
_
Cr45,000
Profit on sale o f real est.
17,505
Prem. on pref. stk. ret’d
56,918
Reorganization expense.
201,536
1,027,027
Reduction o f good-will.. 1,328,464
($2)600,000
804,071
Com. divs. paid (cash)_
2,625
121,761
Pref. divs. paid (cash)..
150,000
D iv. on com. paid in pref
617,223
Inventory ad usts., &c_.
313,598
Inv.in & adv.to affil.cos
Charges not applicable to
311,614
2,741
54,489
year’s operations_____
54,131
Provisions for taxes___

Surplus______________
$28,776
$81,104
$160,260
$303,723
OFFICERS.— Pres., Percy E. Woodward; V.-P., Thos. F. Ahern,
Harry S. Baldwin and Oscar F. Kinney; Treas., Harry S. Baldwin; Compt.
& Asst. Treas., Austin O. Uhl; Sec., Arthur F. Ray. Office, 169 High St.,
Boston, Mass.— (V. 125, p. 2278.)

Profit & loss, surplus.
$843,123 $3,846,966df$l,564,060
$273,262
Shs.of com.outst.(no par)
358,020
a340,000
b300,000
b300,000
Earns, per share on com .
$3.36
SI.31
Nil
$2.19
a Shares o f $10 par value, b Shares o f no par value, x Reduction of
common stock from 300,000 shares o f no par value to 300,000 shares, par $10.
y Change in common stock from $10 par to no par. z Includes taxes.
OFFICERS.— Jules 8. Bache, Chairman; Thomas J. McHugh, Pres.;
E. H. Koehler, V.-Pres.; R. E. Lee, Treas. & Sec.; J. S. Borg, Asst. Treas.
Office, 233-245 Spring St., N. Y .— (V. 125, p. 2828.)
VULCAN DETINNING CO. (THE)— ORGANIZATION — Incorpor
ated in New Jersey on April 25 1902 as a consolidation V. 74, p. 942
Has
plants at Sewaren, N. J., Neville Island, Pa., and Streator, 111.: manufac­
tures “ merchantable pig tin,” tin compounds (consisting o f tetrachloride of
tin, bichloride of tin, tin crystals), caustic soda and steel scrap (used by steel
mills) from tin plate waste. V. 83. p. 42, 1234.
PLAN OF SETTLE M E N T.— The stockholders In Feb. 1920 voted (1)
to increase the capital stock as outlined below; (2) to acquire the assets,
property and business of the Republic Chemical Co , Inc. (for terms of
acquisition, &c., see V. 110, p. 270); and (3) to pay a dividend of 4 ^ % od
account o f arrearages upon the pref. stock of the company, which dividend
was paid April 20 1920 V. 110, p. 270.
Outstanding. Bds. when Due.
STOCKS AND BONDS—
Rate of Int.
$ 2 , 000,000
------------------------Stocks— Com $2,000,000 ($100) — -----$1,225,800 ____________
Com class A $1,226,000 ($100) ____
$919,400 ____________
P f 7% cum cl A $920,000(1100) See text
$1,500,000 ------- -------- Pref 7% cum $1,500,000 ($100) See text
STOCK.-—The stockholders on Feb. 18 1920, in accordance with a
plan o f settlement (V. 110, p. 270), voted to increase the capital stock
from $3,500,000 to $5,646,000, by creating (a) a new class o f 7% cumula­
tive preferred stock “ A ” $920,000, and (ft) a new class o f common stock
“ A ” $1,226,000. The rights o f pref. A stock are subject to the rights of
the holders of the pref. stock to receive unpaid dividends accrued thereon
prior to June 15 1920; otherwise there is no difference between the rights of
the holders of the old and new preferred stock or between the rights of the
holders of the old and new common stocks, except that for ten years from
the date of such increase the holders o f the old stock will be entitled to
vote for and elect six and no more members o f the board o f directors, and
the holders of the new stock will have the right to vote for and elect three
and no more members o f such board. By vote of two-thirds in Interest of
each class of stock all of the classes may, however, be given full and equa'
voting rights before the expiration o f such ten-year period
DIVS.— 1 02 03 04 . 05 06. 07 08 ’09 TO. T1 T2 1913-27.
Pref____641 0
5 7 H 5 1 M 5 6 H 5 M "
Below
Oom. - %J2
3
0 0 0
0 0 0 0 0
In 1913, Jan. and April. 1H % ; July and Oct., none. Accumulated pref
dive. Oct. 1913. 2444%. on account o f which 21% was paid Nov, 20 1913
from proceeds of suit against American Can Go. V. 95. p. 1478; V. 96, p
1302; V. 97, p. 181. 1220. None thereafter to Jan. 1919 In April, Julj
and Oct. 1919 and Jan. 1920 paid 141% and 1% on accumulations
V 108
p 886. In April 1920 paid 141% and 441% on account of accumulations
V. 110, p. 1438. In July 1920 paid 141% and 1% on account of accumula
tlons. Paid 141 % in Oct. 1920. An initial div. of 39 cents per share on the
Pref. “ A " stock, covering a 20-day period, was paid on July 20 1920. V
111, p. 209. Paid 141% on Oct. 20 1920. On Feb. 21 1921 paid 141%
each on pref. and pref. “ A ” , payment being made in 1-year 6% scrip, due
Jan. 20 1922 (paid off); then none until Jan. 20 1923, when 144% was paid
on pref. and pref. A stock; same amount quar. to Oct, 20 1927, Also paid
on pref. stock on account o f accumulations 1 % each quar. from July 20 1924
to April 20 1925, 5% on July 20 1925, 1% on Oct. 20 1925, 2% each quar.
from Jan. 20 1926 to Oct. 20 1927. Accumulated divs. on pref., 1741%,
on pref. A, 11 H % .
REPO RT.— For 1926, in V. 124, p. 2135, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Sales__________________ $4,423,616 $2,946,081 $2,023,970 $2,056,289
Expenses, deprec., &c__ 3,946,823
2,551,241 1,761,192
1,853.304
Net oper. income___
Other income__________

$476,793
25,071

Total income________
Reserve for tax, &c_____
Divs. on pref. stock____

$501,865
103,353
289,358

$394,839
38,149
$432,988
80,979
$304,358

$262,778
27.415
$290,193
77,776
214,358

$202,985
30,901
$233,886
35,503
169,358

Surplus______________
$109,153
$47,652
def$l,941
$29,025
Latest earnings— For 9 mos. ended Sept. 30 1927 in V. 125, p. 2827.
OFFICERS.— Pres., W. J. Buttfield; V .-P., R . D. O’Neil; Sec., O. E.
Outram; Treas., Gilbert N . Knight. Office, Sewaren, N . J.— (V. 125,
p. 2827.)
W ALDORF SYSTEM, IN CORPORATED.— Incorp. April 18 1919 in
Mass. Operates a chain o f 123 restaurants in the New England States
and in New York and Pennsylvania. Through the ownership of the Clark
Restaurant Co., operates in Ohio. The company also acts as commissary
for a number o f industrial plants.
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 500,000 shs (no par) ____
441,610 shs ____________
Pref 8% cum $1,000,000 ($10). 8 Q-J
$774,280 ____________
STOCK.— The stockholders on M ay 2 1923 voted to change the common
stock from shares of $10 par to shares o f no par value; also to increase the
auth. common stock from 250,000 shares to 500,000 shares and the amount
issued from 220,805 shares to 441,610 shares. Each stockholder o f record
May 20 1923 received two shares o f new stock o f no par value for each
old share, par $10.
The balance o f the outstanding 1st pref. stock was redeemed on Oct. 1
1926.
D IV ID E N D S.— On pref. stock In full to date. On new common stock
o f no par value initial div. o f 31 X c . a share was paid July 2 1923: same
amount paid quarterly to Jan. 3 1927; April 11 1927 to Oct. 1 1927 paid
3714 cents quar.




W ARD BAKING CO R P.— Incorp. in Maryland Feb. 18 1924 to acquire
the entire capital stock of the Ward Baking Co. of New York. Ward Baking
Co. o f New York, predecessor company was incorporated in New York on
June 21 1912, as a consolidation o f Ward, Corby Co. o f New Jersey, Ward
Baking Co. of Pittsburgh, Ohio Baking C o., Cleveland and Ward Bread
Co. o f New York. Business began in 1849. Business consists of baking
and distributing bread, cakes, &c. As of Oct. 1 1927, corporation had 21
bakeries in operation in 17 cities.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com cl B 500,000 shs f ____
500,000 shs _____________
(no par)_________________
Com cl A 500,000 shs (no par)
___
86,275 shs _____________
Pref 7% cum red 110 $50,- f 7 Q-J
$31,888,700 ____________
000,000 ( $ 100) _____________
Bonds— 25-yr 1st M s f g red 105 I 6 g J-D
$5,340,000 June 15 1937
($100 &c)________ Em.xxxc* tint, at Empire Trust C o., New York
STOCK.— Preferred has voting power. Class “ A ” is entitled to noncumulative dividends at the rate of $8 per share per annum, and shares
with class " B ” as one class in any dividends declared out o f remaining
surplus or net profits. In event o f liquidation or dissolution, after preferred
has received $100 and accrued dividends, remaining assets shall be paid to
holders o f class “ A ” to extent of $100 per share before anything shall be
paid to class “ B ” holders, and any assets remaining shall be divided among
holders of class “ A ” and class “ B ” as one class. Class “ A ” and “ B ”
have voting power.
D IVIDEN DS.— Preferred stock; Initial dividend 1 % % paid April 1
1924; regular quarterly since including July 1 1927.
On class A stock paid initial div. of $2 a share on July 1 1926; same amount
paid quarterly to Jan. 3 1928.
BONDS.— Sinking fund o f 2 % o f outstanding bonds annually commenced
June 15 1915.
RE PO RT.— For 1926, in V. ]
> 802, showed:
.
Calendar Years­
1926.
1925.
1924.
'll et earnings___________________
$6,621,675 $6,225,582 $6,417,740
Other income_________________
654,237
613,730
331,255
Total income______________________ $7,275,912 $6,839,312 $6,748,995
Interest____________________________
$330,569
$329,926
$327,395
Depreciation_______________________
1,776,632
1,700.152
1,546.658
Federal taxes______________________
692,203
606,090
505,203
Ward Baking Co. dividends________
14
31,069
Ward Baking Corp. pref. dividends., 2,195,308
2,201,488
2,203,694
do
do
Common divsi
517,650
Surplus--------------------------------------- ~$ 1,763,536 $1,970,587 $2,166,045
BALANCE SHEET as of Dec. 31 1925 in V. 124, p. 939.
OFFICERS.— Chairman, W m. B. Ward; Pres., George B. Smith; Sec. &
Treas., J. M . Barber. Office, 367 Southern Boulevard, N. Y .— (V. 125,
p. 2685.)
W ARNER BROS. PICTURES, I N C — (V. 125. p. 2161.)
WARREN FOUNDRY & PIPE CORP.— ORGANIZATION.— Incorp.
under laws of Delaware April 8 1927 to effect the acquisition o f all the assets
o f the Replogle Steel Co. in accordance with a plan o f reorganization o f
Replogle Steel Co. adopted by its stockholders at a meeting held March
29 1927. For terms o f plan in V. 124, p. 1678.
The company owns in fee about 5,000 acres of iron ore land near Wharton,
Hibernia, Oreland and Mine Hill, and in Morris County, which is in North­
ern New Jersey. These lands contain 29 mines, two o f which are in
nrocess of development.
4 new plant at Wharton, N J., was completed early in 1922. V.114,p.530.
The company in April 1922 acquired the property of the Empire Steel
& Iron Co. Compare V. 114, p. 1661, 1773, 1898, 2125.
In Aug. 1924 acquired the Warren Foundry & Pipe Co., which was
consolidated with Empire Steel & Iron Co. V. 119, p. 589, 1074, 1408.
Ore reserves estimated at 100,000,000 tons of high-grade ore. V .109,p.2271
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 250,000 shs (no par) ____
250,000 shs _____________
CAPITAL S T O C K — See table.
BONDS.— Through ownership o f the entire $500,000 capital stock,
controls the Wharton & Northern R R . Co.
In 1924 issued $2,500,000 Warren Foundry & Pipe Co. 1st mtge. 15-year
6H % gold bonds, of which $1,858,500 were outstanding and $500,000 in
treasury on Apr. 8 1927.
There are also outstanding $247,000 Crane Iron Works 1st mtge. 6%
gold bonds.
♦REPORT.— For 1926, in V. 124, p. 1678, showed:
Calendar Years—
1926.
1925.
1924.
Sales and railway operating revenue.. $5,427,004 $5,334,754 $7,232,312
General expenses, &c_______________
4,416.715
4,366,820
6.053.415
Net operating income_______
Miscellaneous income_________

$1,010,289
126,086

$967,934
138,688

*1,178,897
182,760

Total income_______________
Miscellaneous charges________
Depreciation and Federal taxes

$1,136,375
174,502
243,436

$1,106,623
219,238
237,881

$1,361,657
218,734
550,454

Net profit__________________
$718,437
$649,504
$592,469
♦income account for Replogle Steel Co.
BALANCE SHEET as o f March 31 1927 in V. 124, p. 2922.
3 Mos. End. Mar. 31—
1927.
1926.
1925.
1924.
Sales, ry. oper. rev. and
other income________ $1,032,961 $1,254,202 $1,107,6441
Not
Costs and expenses____
805,805
987,915
924,239/ Available.
Total income________
$227,156
$266,287
$183,405 loss$91.549
Miscellaneous charges..
89,752
101,110
99,390
____
Depreciation___________
49,715
51,594
65,791
91,500
Federal taxes_________ ^
______ 8,215 _____ 13,102____ ______
______
Net income--------------$79,474
$100,481
$18,224 loss$183,049
OFFICERS.— Pres., Leonard Peckitt, V .-P ., W m. H. Hulick; Sec. &
Asst. Treas., S. H. Bell; Treas., L. R . Dohm; Asst. Sec. & Asst. Treas.,
E. F. Nickerson. Main office, Wharton, N. J.— (V. 125, p. 1066.)
W ASHINGTON OIL CO.— ORGANIZATION, &c — Incorp. in 1887 Id
Penna. Produces Crude oil. Owns Taylorstown Natural Gas Co. For­
merly controlled by Standard Oil Co. of New Jersey, but segregated in 1911.
See Standard Oil Co. of New Jersey, V. 85, p. 216; V. 93, p. 1390.
STOCKS AND BONDS-—- Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 500,000 shs ($ 25).. ____
396,225 shs _____________

348

STOCK.— $500,000 authorized, par $25. Dividends in 1906, about 35%;
1911, 29%; 1913, Feb. and Dec., 40%; 1914, Dec., 30%; 1915, nil; 1918.
Oct., 40% ; 1917 and 1918, Dec., 40% each; 1920, Jan., 20% ; 1921, Jan,.
20% ; then none until Dec. 31 1925, when $2 per share was paid; same
amount paid April 20 1926; on June 21 1926 paid $1 per share on Sept 20,
1926 paid $1.50 per share; on Dec. 20 1926 paid $4 per share; March 1927
paid $2; June 20 1927, paid $1 and Sept. 1 1927, paid $1.
Stockholders o f record March 1 1926 received a dividend of 300% in
stock and cash for fractions.
R E PO RT.— For 1926, in V. 124, p. 1683, showed:
Calendar Years—
1926.
1925.
1294,
1923.
Gross income for year_.
$277,951
$195,573
$128,630
$112,830
Oper. exp., taxes, depre­
ciation and depletion.
122,055
105,135
112,867
118,413
Dividends paid________
134,717 ($2)20,000
______
______
Net earnings for year.
$21,179
$70,438
$15,762
def$5,583
Office, 323 Fourth Ave., Pittsburgh, Pa.— (Y. 124, p. 1595.)
WEBER AND HEILBRONER, INC.— ORGAN IZATION.— Incorp. in
Delaware on July 19 1927 to take over the business and assets o f Weber &
Heilbroner which was incorp. in N . Y . on Mar. 19 1913.
N ATURE OF BUSINESS.-— Sells men’s furnishings, clothing and hats
at retail. The business was founded in 1897 and operates 14 well located
stores in New York City. In addition the company has a controlling
interest in the Washington Shops, Inc., the B. R. Baker C o., the B. R.
Baker-Cleveland C o., and Schulman & C o., Inc. o f Norfolk, Va. Y. 125,
p. 930.
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 500,000 shs (no par) ____
94,689 shs ____________
Pref 7% cum red 115 $10 - ( 7 Q-F
$2,500,000 _____________
000,000 ($ 100) ____________ 1
STOCK.-— The common stock o f the old company was exchanged share
for share for the common stock o f the new company.
The preferred stock is red. all or part at 110 and divs. The company agrees
to acquire on or before each Dec. 31, beginning with Dec. 31 1929, by red.
or purchase, out o f surplus or net profits, at least 3% o f the largest par
amount ever issued and outstanding. Preferred stock has no voting power
unless four successive quarterly divs. remain unpaid, in which case it has
the right to elect a majority o f the directors.
D IV ID E N D S.— On common stock o f old company: N ov. 1 1919, 50c.;
Apr. 1 1920, 50c.: N ov. 1 1920, 50c.; June 27 1921, 50c.; Dec. 30 1921,
50c.; July 6 1922, 50 c.; Dec. 30 1922, 50c.; June 29 1923, 50c.; Dec. 31
1923, 50c.; June 27 1924, 50c.; Dec. 30, 50c.; Mar. 30 1925 to Sept. 30
1927, $1 quar. Also paid 2% in common stock on April 30 1925 and 15%
common stock on Jan. 26 1926.
R EPO RT.— For year ended Feb. 28 1927, in V. 124, p. 2136, showed:
Feb. 28 Years—
1926-27.
1925-26.
1924-25.
1923-24.
Gross operatingfcrofit-. $3,298,023 $3,315,852 $3,345,015 $2,567,885
Gross oper. profit, oper.
exp., deprec. & amort­
2,601,880
2,720,496
2,013,458
ization i charges_____- 2,642.681
Net earnings________
$655,342
$713,972
$633,519
$554,427
Federal taxes, &c______
90,500
94,000
84.300
70,000
Dividends_____________
324.378
381,239
364,697
222,082
Balance, surplus_____
$240,464
$238,733
$184,522
$262,345
3 Mos. End. Mar. 31—
1927.
1926,
1925.
1924.
Sales____________________$3,572,170 $3,320,634 $3,173,153 $3,426,948
266,076
282.661
250,579
314,735
Net profits____________
Preferred dividends____
17,322
24,959
26,827
28,670
165.604
138,003
138,000
138,003
Common dividends_____
Surplus for period____
$83,150
$119,699
$85,749
$148,062
Shs. com. outs, (n opar).
541,610
441,610
441,610
441,610
Earns, per share on com .
$0.56
$0-58
$0.51
$0.65
OFFICERS.—Chairman, Louis M . Weiller; Pres., Geo. G. Goldberg:
V.-P-. Sidney H. Rhodes; Treas., John C. Meyer; Sec., Herbert H. Maas;
Office, 215 Fourth Ave., N . Y . —(V. 125, p. 2161.WELLS FARGO & CO. (EXPRESS).— Incorp. in Colorado Feb. 5
1866. On June 30 1917 operated on 84,751 miles of railroad in the U. S,
and Mexico, 33,466 miles of stage, inland and ocean steamer routes; total.
118.218 miles. Also, jointly with National Rys. of Mexico, controls Wells
Fargo & Co. S. A. (Sociedad Mexicana). V. 91. p. 1451.
The loss of their contracts with the railroads because of Government
control and operation, and inability to effect an arrangement with the Rail
read Administration for continuing their individual operations culminated
In an enforced retirement from domestic express operations and the transfer
of the property of this company and the other leading express companies
used in the express business to the American Railway Express Co. on June
30 1918 at least for the duration of the war. In consideration for the prop­
erties the several companies received stock in the Am. Ry Exp. Co. (the
Wells Fargo, $10,500,000 thereof) but no guaranty of net return. In Dec.
1920 the l.-S. C. Commission approved the permanent consolidation of the
several companies Into the American Railway Express Co. V. I l l , p. 2532;
V. 108. p. 2020, 2124. See American Railway Express Co. above for divi­
dends paid by that company.
American Express Co. acquires control— see that company above.
STOCKS AND BONDS—
Rate o f Int. Outstanding. Bds. when Due.
Stocks— Common? ($1)-------------- -----$239,674 ------------------STOCK.— The stockholders on Feb. 6 1923 voted to reduce the capital
stock from $24,000,000 to $12,000,000 by reducing the par value from
$100 to $50, the reduction to be effected by payment in cash of $50 a
share, payable as soon as possible after March 5. Payment, It was stated,
would be made by disposing o f Govt, bonds. This return of capital was
the first step toward the ultimate liquidation o f the company. See also
V The ’d irectors on Aug. 7 1924 authorized the reduction of capital stock
from $12,000,000 (par $50) to $240,000 (par $1). The directors also
declared a cash dividend of $8 per share in liquidation out o f capital assets
and a dividend of 1-30 of a share of American R y. Express Co. stock of
$100 par, for each share of Wells, Fargo stock, both payable June 10 1925
On June 1 1926 paid a cash dividend o f $2 a share in liquidation and on
June 1 1927 a cash distribution o f $1 a share.
Statement of Condition as of May 7 1927.
[Security values shown are in most cases based on market quotations of
M ay 7 1927, many o f which are nominal. In other cases estimated values
have been employed. In neither case would the values shown be realized
if complete liquidation were attempted at this time.]
Assets.
shs.) $239,674
Real property &equipment. $30,635 Capital stock^239*,674S
6,393
94,421 Accounts payable_________
Stocks____________________
Bonds____________________ 230.500 Reserve for suits---------------- 155.000
31.861
Notes_____________________ 59.456 Profit and loss balance____
Cash______________________ 249,813 Dividends payable (N o. 117) 239,674
Accounts receivable_______
1,616
Total___________________ $666,441
Total___________________ $666 441
The remaining assets and liabilities o f the company are not quick and the
process o f liquidation will accordingly be slowed up.— V. 124, p. 3228.
WESTERN ELECTRIC CO.. INC.— Incorp. in New York Nov. 17
1915 as successor of an Illinois corporation (organized in 1881). American
Tel & Tel. Co. owns over 98% of the outstanding common capital stock
(voting stock). V. 104, p. 78, 1053. For description of plants, &c.,
compare annual report published in full in V. 122, p. 1798. The company
on Sept. 30 1925 sold the International Western Electric Co., Inc., to the
International Telephone & Telegraph Corp. V. 121. p. 993.
It was announced in Dec. 1925 that the electrical supply business carried
on by the Western Electric Co. had been set apart from the telephone manu­
facturing business and incorporated under the name Graybar Electric Co.,
Inc., capitalized at $15,000,000, all of which is owned by the Western
Electric Co. Apparatus, such as motors, generators, electric lamps,
industrial and other lighting equipment, household appliances, &c., formerly
sold under the Western Electric name, will now be sold under the trade name
“ Graybar.” The new company will be concerned with radio through its
sale of broadcasting apparatus and other radio telephone equipment which
the Western Electric Co. may manufacture. Other supplies entering into
the Graybar business are poles, pole line equipment, wire, cable and ac­
cessories for electrical contractors and dealers.— V. 121, p. 3145.
Effective Jan. 1 1927, a new subsidiary corporation, “ Electrical Research
Products, In c.,” was formed to take over that portion o f the business and




[V ol. 125.

INDUSTRIAL STOCKS AND BONDS

assets of the Western Electric C o ., In c., which is not related to the manufac­
ture and distribution of telephone apparatus and supplies. The field of
Electrical Research Products, Inc., includes the commercial development o f
electrical devices and inventions controlled by the Western Electric C o.,
Inc., and not suitable for distribution through the Graybar Electric C o.,
Inc. Capital stock auth. and issued, 750,000 shares without par value.
STOCKS AND BONDS-—- Rate of Int. Outstanding. Bds. when Due.
Stocks■ Com 4,000,000 shs (no j ____
—
3,750,000 shs ____________
Bonds—20-yr gold debs red j 5 g A-O
$35,000,000 Apr. 1 1944
(text) ($100 &c)_____c*&r* lin t, at New York City.
STOCK. —In M ay 1927 the stockholders voted tc increase the auth.
capital stock, no par value, from 1,000,000 shares to 4.000,000 shares,
and to issue 5 shares of new stock for each share of the o.d. The stockho.ders on Sept. 28 1925 increased the authorized common stock from 500,000
shares to 1,000,000 shares. Of this new common stock, 250,000 shares
were issued as a stock dividend, .eaving 250,000 shares unissued.
All of the outstanding $24,679,600 7% preferred stock was redeemed on
Sept. 15 1925.
D IV ID E N D .—Dividend No. 1 on common was $4 per share, paid Dec.
31 1915; Mar. 1916 to Dec. 1917, $2 quar.; Mar. 1918 to Mar. 1927 paid
$2.50 quar. On new capitalization paid 50c. per sh. June 30 1927. Same
amount paid Sept. 30 1927.
DEBENTURES.— The $35,000,000 20-year 5% gold debenture bonds
are redeemable in whole but not in part upon 60 days notice on April 1
1934, or on any int. date thereafter, at the following prices with accrued int.:
ir on or prior to Oct. 1 1940 at 105. and if on or subsequent to April 1 1941.
at par. V. 118, p. 1533.
R E PO RT.— For 1926, in V. 124, p. 1812, showed:
(Including the Owned Subsidiaries, Western Electric Co., Inc., of Delaware,
and Western Electric Co.. Inc., of California.)
1926.
X1925.
xl924xl923.

$

$

$

$

Sales........... . ................... 263,105,194 297,729,420 298.281,138 255,177,122
2,174,554
1,212,004
1,302,874
Other income.................. 4,628,690
Gross in com e-............267,733,884 299,903,974 299,493,142 256,479,996
Cost of merchandise___ 228,584,815 251,915,705 258,147,923 225,751,351
Expenses---------------------- 13,863,548 20,217,638 19,331,724 18,239,356
Taxes_________________
5,207,017
4,628,891
3,945,099
2,409,818
Employees’ benefit fund 3,646,571
3.500.000
2 , 000,000
Pension fund__________
______
1.400.000
Interest paid__________
1,857,895
1,790,679
4.378,927
1,159,958
Approp. for additional
depreciation on plant______
1,562,539
2,167,759
Preferred dividends (7%)
______
1,233,980
1,727,572
1.727,572
Common dividends ($10) 7,500,000
5.625.000
5.000,000
5,000,00 0
Balance, surplus------- 7,074,038 *7,424.322
3.399,358
2,191.941
x Figures prior to 1926 include results of company’s supply dept., the
business o f which since Jan. 1 1926 has been carried on by the Graybar
Electric C o., Inc.
*Does not include the following Special dividend received from the
International Western Electric Co., Inc., from Undistributed earnings at
Sept. 30 1925, $9,700,000: profit resulting from sale of International
Western Electric C o., In c ., after deducting Federal income taxes and setting
aside a reserve for pension fund under agreement with International
Standard Electric Corp., $6,255,096; Deduct Premium paid on redemp­
tion of preferred stock, $2,467,960; balance from special earnings carried to
sin-plus, $13,487,136.
OFFICERS Chairman,-------------------------------- ; Pres., Edgar S. Bloom
Treas., F. L. Gilman; Sec., Harry B Gilmore; Compt., R . H. Gregory.
N. Y . office, 195 Broadway.— V. 125 p 1853.
WESTINGHOUSE AIR BRAKE CO. (THE).— ORGANIZATION, &C.
—Incorp. in Pennsylvania Sept. 28 1869. V. 67, p. 843, 1065; V. 77, p.
1307; V. 94, p. 141. In 1912 granted the New York Air Brake Co. a general
license under its U. S. patents. V. 95, p. 748; V. 105, p. 1517. In 1917
acquired control of the Union Switch & Signal Co. V. 103. p. 2245. 2349;
V. 104, p. 263, 1065. Westinghouse International Brake & Signal Co.
(V. 125, p. 1066 has been formed to take over all the foreign holdings of the
parent company.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com 4,000,000 shs (no ( ____
1,586,055 shs _____________
par)---------- ---------------------1
STO C K .—The stockholders on Aug. 17 1927 changed the authorized
capital stock from 1,000,000 shs. (par $50 to 4,000,000 shs. of no par value
4 new shs. were issued for each $50 par sh. formerly Held.
LATE DIVS.— f ’ 12. ’ 13. ’ 14-15 16. T7 *18-'21.. ’22. '23. ’24. ’ 25- ’ 26.
Per c e n t .- ......... ] 19 16
16 26 14)4 14 yrly 9)4 12.6 12 12 15>4
I n s to c k ________1331-3 5
20
___
35 . . _Paid in 1927: Jan. 31, 314% quar. and 2% extra; Apr. 30, 3 )4 % ; July
30, 3 L % ; on new capitalization paid 50c. per sh. Oct. 31 1927.
A
R E PO RT.— For 1926 in V. 124, p. 1838 showed.
Calendar Years—
1926.
1925,.
1924.
1923.
Net earns., all sources--$12,258,533 $8,039,652 $7,072,952 $11,742,844
Cash dividends paid------ 6,342,099
5,532,328
4,729,068
4,403,587
Federal taxes (est.)_____ 1,723,471
1,074,114
995,024
1,468,715
Balance, surplus_____ $4,192,963 $1,433,210 $1,348,860 $5,870,542
BALANCE SHEET as of Dec. 31 1926in V. 124, p. 2136.
Period End. Sept. 30— 1927—3 M os.—1926.
1927—9 M os.—1926.
Net inc. after deprec. &
Federal taxes________ $1,735,825 $2,734,848 $6,983,168 $8,344,278
OFFICERS.—Chairman, Henry H. Westinghouse; Vice-Chairman,
John F. Miller; Pres., A. L. Humphrey; V.-P., W. S. Bartholomew and
S. G. Down; Treas. & Act. V.-P., S. C. McConahey; Sec. & Act. V .-P.,
R . O. Yearick. General office, Wilmerding, Pa. N. Y . office, 150 Broad­
w ay.— (V. 125, p. 2403.
WESTINGHOUSE ELECTRIC & M ANUFACTURING
CO.—
ORGANIZATION.— A Pennsylvania corporation manufacturing appli­
ances used for electric-lighting and power purposes. V. 54, p. 763; V. 85,
p. 156, 1458. Owns exclusive rights to Tesla patents on alternating
currents. V. 61, p. 25, 153. Operates plants at East Pittsburgh, Pa.;
South Philadelphia, Pa.; Attica, N . Y .; Newark, N. J.; Cleveland,O.;
Sharon, Pa., East Springfield, Mass.; Mansfield, O.; South Bend. Ind., and
St. Louis, M o., Derry, Pa. and Emeryville, Calif. . Proprietary (wholly
owned) companies are: (1) Westinghouse Lamp C o., operating plants at
Bloomfield, N. J.; Belleville, N. J.; Milwaukee, Wis.; Trenton, N.
Brooklyn, N. Y .; Indianapolis, Ind.; (2 The Bryant Electric Co., Bridge­
port, Conn.; (3) R. D. Nuttall C o., Pittsburgh, Pa.; (4) Westinghouse
Electric International C o., New York. The corporate form of two sub­
sidiaries. Westinghouse Electric Products C o., Alansfield, O., and George
Cutter C o., South Bend, Ind., and St. Louis, M o., was discontinued in
Dec. 1926, the companies being merged into the parent company as branch
works. V. 123, p. 387.
During 1921 the company acquired a substantial Interest in the Radio
Oorp. of America.
In Dec. 1924 purchased the entire $3,000,000 stock of Wetmore-Savage
Electric Supply Co. V. 120, p. 97.
During 1925 formed the Westinghouse Acceptance Corp. and the West­
inghouse Commercial Investment Co. V. 120, p. 1894. In July 1925 or­
ganized the Westinghouse Electric Co. of Japan. V. 121, p. 472.
STOCKS AND BONDS—- Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $196,000,000 ($50)- ____
$114,504,450 _____________
Pref 7% cum & partic $4,- f 8 Q-J
$3,998,700 _____________
000,000 ($50)___________ 1
Bonds— 2(Lyr g notes red (text) / 5 g M-S
$30,000,000 Sept. 1 1946
($500 & $1,000)--kxxxc*&r* \Int. at Chase National Bank, N. Y.
STOCK.— The pref. stock carries cum. divs. of 7% per annum, with the
right to participate equally with other stock after the same shali have re­
ceived 7% and pref. as to principal. The holders of preferred and common
stock of record April 16 1923 were given the right to subscribe at $53 per
share for an amount of crmmon stock [$14,962,530, par $50], equal to 20%
(one share for each five shares held) of their holdings. V. 116, p. 1544.
Preferred and common stockholders of record Mar. 17 1924 were given the
right to subscribe at $52 50 per share for an amount of common stock equal
to 20% of their holdings. V. 118, p. 1163.
The stockholders voted June 11 1924 to increase the authorized common
stock from $121,000,000 to $196,000,000, par $50.
D IV ID E N D S.—
’ l l . T2. ’ 13-T4. ’ 15. T6. ’ 17-T8. T9. ’20-’26.
Preferred, % _____________ 12)i 7 7 yrly. 7 7
7 yrly. 7 H 8 y r ly .
Common, % ........................... 0
2 4 yrly.
5 4)^ 7 yrly. 7 H 8 y r ly .

Nov., 1927.]

Also od common and pref. July 31 1917 a special \ o f 1% to aid Red
4
Cross contributions. July 1919 to Oct. 1927 paid 2% quar on both com.
and pref. stocks V 104. p 2562; V. 108. p 2029; V. 109. p 1280
Preferred and common stockholders of record M ay 2 1924 received a
stock dividend of 10%, payable in common stock.
BONDS.— The 20-year 5% gold bonds are redeemable in amounts of
not less than $10,000,000 principal amount at any one time, on any intdate on 60 days’ notice at 105 and int. to and incl. Sept. 1 1936, and there*
after at their principal amount and int., together with a premium equal to
yi % for every 6 months intervening between the redemption date and the
date of maturity.
The indenture will provide that the company (including its proprietary
companies as defined in the indenture) shall have at all times, while the
bonds are outstanding, unpledged current assets equal to at least 1 )4
times the total indebtedness of the company and of its proprietary com­
panies all as defined in the indenture. The indenture will further provide
that, while any o f the bonds are outstanding, the company will not make
or permit to be made any mortgage (other than purchase money mortgages
on new properties acquired hereafter) on any of its real property or plants
or on any of the real property or plants of any of its proprietary companies,
unless such mortgage shall secure the bonds of this issue pari passu with
the other indebtedness secured thereby.
Proceeds were useu to provide part of the funds necessary to pay $30,000,000 7% gold bonds which were redeemed on Nov. 1 1926. V. 123, p. 1126.
All of the outstanding $5,990,000 Westinghouse Machine Co. first & ref.
mtge. 6% gold bonds, dated N ov. 1 1910 were redeemed on Feb. 1 1927
at 102)4 and interest.
R E PO R T .— For year ended Mar. 31 1927. in V. 124. p. 3057, showed:
Years Ended
1926-27.
1925-26.
1924-25.
1923-24.
March 31—
$
$1
$
$
Sales billed_____________185,543,087 166,006,800 157,880,292 154,412,918
Total net income_______ 18.364,616
16,590,225 17,841,406 18,743.076
Interest on bonds______ 2,226,174
2,468,224 2,517,042
2,617,773
D iv. on pref. stock_____
319,896
319,896
319,896
319,896
Div. on common sto ck .. 9,155,957
9,154,615 9,148,325
6,833,759
Balance, surplus_____ 6,662,588 4,647,490
5,856,143
8.971,648
Latest Earnings. —
Quar. End. Quar. End. Quar. End. 6 Mos. End
Period—
Sept. 30’27. June 30 ’27. Sept. 30 ’27.
Total net inc. after chgs. & Fed. taxes $4,893,369 $3,132,864 $7,226,233
Interest charges____________________
375,044
376,508
751,894
Net profit.........................
$3,718,325 $2,756,014 $6,474,339
OFFICERS.-—Chairman o f B o a r d ,____________ ; Pres., E. M . Herr
V.-P. & Gen. M gr., F. A. Merrick; V .-P s., H. P. Davis, L. A. Osborne,
Charles A. Terry, H. D. Shute, H. T. Herr, Walter Cary, Edward D.
Kilburn and Walter S. Rugg; Treas., H. F. Baetz; Compt. & Sec., J. C.
Bennett. Offices, 150 Broadway, New York, and East Pittsburgh, Pa— (V. 125, p. 2543.)
DIRECTO RS.— James D. Callery, Paul D. Cravath, H. P. Davis,
Harrison Nesbit, F. A. Merrick, George M . Verity, W. L. Mellon, J. J.
Hanauer, Samuel M . Vauclain, Loyall A. Osborne, JamesC. Bennett, E. M .
Herr, Joseph W . March, H. H. Westinghouse and Albert H. Wiggin.
WESTON ELECTRICAL INSTRUMENT CORP.— Incorp. under laws
of New Jersey on Dec. 11 1924 and acquired the business and assets of the
Weston Electrical Instrument C o., incorp. in 1888. Manufactures over
400 different varieties of electrical measuring instruments, such as volt­
meters, ammeters, wattmeters, power factor meters, &c., and also radio
apparatus. Plant is located in Newark, N. J.
STOCKS AN D BONDS—- Bate of Int. Outstanding. Bds. when Due150,000 shs _____________
Stocks—Com 250,000 shs (no par) ____
Cl A $2 cum & partic (text) j $2 Q-J
87,000 shs ____________
100,000 shs (no par)____ \
STOCK.— Class A stock is entitled to receive cumulative dividends at
the rate of $2 per annum, then common stock is entitled to dividends at the
rate of $1 per annum, after which both classes share ratably in any further
distribution. In event of any liquidation or dissolution, Class A shares are
entitled to $31 per share and accrued dividends. Class A is red on 30 days'
notice at any time after 3 years from issuance at $37 50 per share.
The stockholders on Oct. 31 1925 voted to increase the authorized common
stock from 100,000 shares to 250,000 shares. Of this additional common
stock authorized, 50,000 shares were offered for subscription at $15 per
share to holders of Class A and common shares, the right of subscription
being given to such holders of record at the close of business Oct. 15 1925DIV ID E N D S.— On Class A stock initial dividend of 50c. was paid
April 1 1925; same amount paid quar. to Oct. 1 1927; an extra div. of lc . was
paid July 1 1925, covering period from Dec. 29 1924, date of issue, to
Dec. 31 1924.
R E PO RT.— For 1926, in V. 124, p. 2136, showed:
Calendar Years—1926.
1925.
Earns, after deducting cost to manufacture, re­
pairs, deprec., selling and admin, expenses------$797,267
$791,037
Other deductions, less other income--------------------30,411
56,242
Federal income tax______________________________
100,302
87,864
Net profit for year__________
Dividends paid on class A stock.

$666,554
180,050

$646,931
201,000

Balance, surplus______________________________
$486,504
$445,931
Shares of class A stock outstanding (no par)______
100,000
100,000
Earnings per share on class A stock---------------------$6 66
$6.46
Shares of common outstanding (no par)---------------150,000
150,000
Earnings per share on common--------------------------$4.-44
$4.31
Period End. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 M os.— 1926.
Net after deprec. & exp.
$131,457
$155,526
$412,551
$630,224
Other deductions______
2,901
3,251
7,030
10,473
Total income________
Federal tax____________

$128,556
18,672

$152,275
19,974

$405,520
55,742

$619,751
81,949

N etincom e________
Class A dividends______

$109,884
______

$132,301
45,000

$349,778
126,350

$537,802
135,050

S u r p lu s..,__________
$109,884
$87,301
$223,428
$402,752
OFFICERS.— Chairman, Dr. Edward Weston; Pres., E. F. Weston;
V.-P. & Treas., W. H. Yawger; V.-P. & Sec., Caxton Brown; Asst. Sec.,
T . L. Evans; Asst. Treas., E. R. Mellon. Office, 614 Frelinghuysen Ave.,
Newark, N. J.— (V. 125, p. 2685.)
WHEELINQ STEEL C O RPORATION .— (V. 125, p. 2543.)
W HITE EAGLE OIL AND REFINING CO.— ORGAN IZATION .—
Incorp. in Delaware M ay 22 1919. and is engaged in the business of pro­
ducing, refining, distributing and marketing petroleum and Its products.
Owns and operates 3 oil refineries located at Augusta, Kan., Fort Worth,
Tex., and Casper, W yo., having combined capacity o f 13,500 barrels daily.
Properties are chiefly situated in 8 principal regions, in Kansas, Oklahoma
and Texas. Pipe line system, about 300 miles; tank car equipment, 635
cars. Also owns and operates service and bulk stations located in Kansas.
Colorado, Missouri, Nebraska, Iowa, Minnesota, Wisconsin, North Da­
kota, South Dakota and Montana. Govt, suit, V. 118, p. 3161.
STOCKS AND BONDS—
Bate of Int. Outstanding. Bds. when Due.
Stocks— 640,000 shs (no par)___ ____
590,000 shs ------------------Bonds— 10-yr s f debentures j 5 )4 g M-S
$4,870,000 Mar. 15 1937
($1,000)_____________ kx&c* (Int. at Dillon, Read & Co., New oYrk.
D IV ID E N D S.— Quarterly dividends of 50 cents a share have been paid
from organization to Oct. 15 1927. Also paid 25 cents extra on Oct. 10
1922 and 25% in stock on Dec. 26 1922.
FUNDED D E B T .— The 514% gold notes were redeemed on July 1
1927 at 102 and int.
The 5)4 % Debentures are red. as a whole or in part by lot, on any int.
date, on 30 days’ notice, at the following prices: 103 to and including
March 15 1929; thereafter 102)4 to and including March 15 1931; thereafter
102 to and including March 15 1933; thereafter 101)4, March 15 1935;
101, March 15 1936; and 10014 on Sept. 15 1936. The indenture provides
for sinking fund o f $250,000 annually, or 20% of net earnings (before
Fed. taxes), whichever is greater. Each debenture has attached a warrant
non-detachable prior to March 15 1929, entitling holder to purchase on or
before March 15 1932 10 shares o f capital stock at the following prices:
$32 a share to and including March 15 1928 $34, March 15 1929; $36,




249

INDUSTRIAL STOCKS AND BONDS

March 15 1930; $38, March 15 1931, and $40 per share to and incl. March
15 1932.
R E P O R T — For 1926, in V. 124, p. 661, showed:
Calendar Years—
1926.
1925.
1924.
1923,
Sales___________________ $19,218,500 $16,483,518 $14,335,001 $14,693,387
Cost of sales____________ (15,661,864 13,343,372 (9,239,910 9,554,572
Gen., admin. & sell, exp_j
(2,488,592
2,317,033
Other deductions— n et-412,600
388,531
344,030
230,134
Depreciation___________\ 1,177,317
1,120,754
(845,768
793,589
Depletion_____________ j
(273,298
410,144
Federal taxes___________
115,000
164,000
114,000
40,000
Dividends paid_________
980,000
965,000
920,000
920,000
do rate_____________
($2)
($2)
($2)
($2)
Net incom e...............
$871,719
$501,860
$109,386
$427,916
Earnings per share_____
$3.74
$2.99
$2.24
$2.93
Period End. Sept. 30— 1927— 3 M o s — 1926.
1927— 9 Mos.— 1926.
Sales____________________$5,178,179 $6,324,751 $12,911,446 $14,832,992
Costs and expenses_____ 4,548,298
5,148,275 11,112,568 12,269,364
Operating profit_____
MisceU. charges (n e t ) ...

$629,881
26,430

$1,176,476
8,080

$1,798,878
104,732

$2,563,628
50,540

x N e tin c o m e .--.........
$603,451 $1,168,396 $1,694,146 $2,513,088
x Before depreciation, depletion and Federal taxes.
OFFICERS.— Pres., L. L. Marcell; Treas., A. N. Allen; Sec., M ilo T .
(ones. Office. Kansas City, M o.— (V. 125, p. 2278.)
W HITE MOTOR CO. (TH E )— ORGANIZATION.— Incorporated In
Ohio and took over all the capital stock, excepting qualifying shares, of the
White Co. of Cleveland, makers of White Motor trucks. V. 103, p. 1979.
The directors in Oct. 1924 decided to organize the White Motor Securities
Corp. for the purpose of affording additional facilities for the financing o f
time .sales of White trucks and buses to its customers.
The new company will have an authorized capital of $5,000,000 (50,000
shares) of preferred stock and 25,000 shares of no par common. The
pref. stock will be 7% cumul., non voting, callable at 105 and guaranteed
as to principal and dividends by White Motor Co. $2,500,000 of this
stock was offered at par to the stockholders of White Motor Co. of record
Nov. 12 1924. The remaining $2,500,000 of the pref. stock will remain
unissued pending the future requirements of the corporation. All the
common shares were purchased by White M otor Co.
The White M otor Realty Co. was organized in Dec. 1925. V. 121, p.
2651.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due
Stocks— Com $50,000,000 ($50)-_ ____
$40,000,000 ____________
White M otor Sec Corp guar f 7 Q-M
$2,500,000 ____________
pref stock 7 % cum red 105 {
$5,000,000 ($100)________ [
Bonds— White M otor Realty Co. f 6 g J-D
$2,800,000 To Dec. 1 ’40
sec g debs due $200,000 ann {in t. at Irving Bank & Trust C o., N . Y .,
red 102 ($1,000)_____kxxxc* ( or Union Trust C o., Cleveland.
STOCK.— The stockholders on March 19 1926 increased the authorized
capital stock to $50,000,000. Stockholders of record March 25 1926 were
offered $10,000,000 of the additional stock at par.
DIV ID E N D S.— N o. 1, April 8 1916, 134%; No. 2, July 15, 134%; Sept.,
1% %; Dec. 31 1916 to Sept. 30 1927, 2% quar. Also paid 20% in stock
on April 10 1926.
REPORT.-—For 1926, in V. 124, p. 1501, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Oper.prof. (afterdeduct,
mfg., sell., service &
admin, expenses)____ $1,959,538 $4,692,104 $3,866,110 $7,022,209
Disct. on purch., int.
earned & misc. other
income— net_________
582,029 1,129,772
948,180
876,073
Total income_____$2,541,567 $5,821,876 $4,814,290 $7,898,282
Less—Int. & exp. on bor­
rowed money______
______
______
105,042
83,615
Estimated Fed. taxes.
358,000
765,000
625,000
850,000
Net profit for y e a r ... $2,566,291
Previous su rp lu s........... 14,810,403

$5,056,876
11,534,157

$4,084,248
9,425,739

$6,964,667
4,461,073

Total surplus________ $16,993,970 $16,591,033 $13,509,987 $11,425,740
Dividends paid (8 % ) - - . 2,900,000
2,000,000
2,000,000
2,000,000
Divs. paid (20% stock). 5,000,000
______
______
______
A dj. applic. to prior yrs. Cr382,724 Cr219,369
______
______
Prov. for prior year’s
Fed. taxes in excess of
payment____________
______
______
Cr24,170
______
Surplus Dec. 31_____$9,476,694 $14,810,403 $11,534,157 $9,425,739
OFFICERS.— Chairman, W . T . White; Pres., W . C. White: V.-P. S
c
Gen. M gr., Thos. H. White; Treas., Geo. H. Kelly; Sec., T . R. Dahl;
Compt., S. G. Crilly. Office. 842 East 79th St., Cleveland, O.— (V. 125,
p. 2686.)
W HITE ROCK MINERAL SPRINGS CO.— Incorp. under laws of
Wisconsin on M ay 4 1906 as the National Water C o.; name changed to
present title on July 2 1914. The company is engaged in the business of
putting up and marketing White Rock Water and other carbonated bever­
ages in the United States and foreign countries. Properties consist of about
36 acres of land
Waukesha, W is., owned in fee, on which are located the
White Rock Mineral Springs, the Still Rock Spring, and the Clysmlc
Spring, together with a bottling plant and other factory buildings; also about
40 acres of land at Ellenville, N. Y ., owned in fee, on which are located the
Sun Ray Spring, together with a bottling plant and various other factory
buildings.
STOCKS AND BONDS—
Rate of Int.
Outstanding. Bds. when Due,
Stocks— Com 200,000 shs (no par) ____
200,000 shs __________
.$ 2 , 000,000 - ....................... ...
ls t p f7 % cum $2,000,000($100) 7 Q-J
2d pref 5% & partic (text)
Text
$1,000,000 ($100)......... ........
$ 1, 000,000 ________ ______
STOCK.— A majority of the common stock is held in a voting trust
expiring Nov. 1 1928, the voting trustees being R. A . C. Smith, W m. A .
Marburg. Thomas Williams, Delos W. Cooke and Richard C. Harrison.
After dividends of $1 per share per annum have been paid on the common
stock, the holders of the 2d pref. stock share with the holders o f the common
stock in any further dividends, the 2d pref. stock being entitled to five
times the amount of such payments received by the common stock..
First pref. and 2d pret. stockholders are entitled to one vote for each
share held; common stockholders are entitled to one vote for each five
shares held.
D IV ID E N D S.—
1924.
1925.
1926.
1927.
First preferred stock__________________ 7%
7%
7%
Second preferred stock________________ 5%
12%
13 % %
Common stock________________________
$1
$2.40
$2.50
Paid or decl. in 1927: C om ., Jan. 2, 50c. and $1 extra; 1st pref., Jan. 2,
1M % ; 2d pref., Jan. 2, 2 )4 % and 5% extra.
R E PO RT.— For 1926 showed:
Calendar Years—
1926.
1925.
1924.
Income from sales__________________ $3,240,118 $3,293,323 $2,860,584
Other income______________________
69,688
64,915
46,882
Total income_____________________ $3,309,806
Cost of goods sold__________________
1,421,989
Taxes______________________________
219,300
Administration and selling expenses. .
699,264
Profit and loss charges______________
14,622

$3,358,238
1,459,690
222,000
570,778
14,285

$2,907,469
1,321,510
200,379
483,835
12,345

Net revenue_____________________
First preferred dividends___________
Second preferred dividends_________
Common dividends_________________

$054,630
140,000
137,500
500,000

$1,091,486
140,000
108,333
400,000

$889,400
140,000
50,000
200,000

Balance, surplus_________________

$177,130

$443,153

$499,400

350

INDUSTKIAL STOCKS AND BONDS

[V ol.

125.

Period End. Sept. 30— 1927— 3 Mos.— 1926.
1927— 9 M os.— 1926.
STOCK.— On M ay 25 1916 each share of com ., par $100. was divided
N et income after taxes
Into four shares, par $25. In Dec. 1923 the stockholders assented to a re­
and charges-------------$234,053
$224,885
$777,753
$693,360 duction of the par value o f the common stock from $75,000,000 to $15,000,OFFICERS..—Chairman, R. A. C. Smith; Pres., Richard C. Harrison; 000, making the par value o f each share $5 instead o f $25. V . 118,p . 321,
The company will set aside annually for the purchase or redemption
V .-P., T. O. McGill; Sec. & Treas., T . F. W ood. Office, 100 Broadway,
of the pref. stock a fund equal to 3% of the aggregate amount of same
New York.— (V. 125, p. 2828.)
issued, whether or not then outstanding. Without the consent of 75% of
W ICKW IRE SPENCER STEEL CO.— Incorp- under laws of Delaware the pref. outstanding: No mortgage shall be placed upon the assets; said
on Jan. 3 1925 as successor to the Wickwire Spencer Steel Corp. (see re­ pref. stock shall not be increased above said $25,000,000, nor shall any
organization plan below). The latter company was a merger, as of Jan. priority pref. stock be issued, nor any evidences of debt running more than
1920, o f the Clinton-Wright Wire C o., one of the largest manufacturers of one year. No voting power unless four quarterly dividends are in default.
wire, wire rope, wire screening, wire netting, wire fences, wire hardware and V. 102. p. 159.
wire specialties, and the Wickwire Steel C o., an extensive manufacturer of
On Feb. 3 1926 directors authorized the extinguishment of all sinking fund
pig iron, steel ingots, wire rods and other high-grade steel wire products.
accumulations on the pref. stock, and this resulted in the retirement of
The stockholders in Sept. 1922 authorized the acquisition of the capita) 39,238 shares o f pref. stock. In July 1926 and 1927 retired an additional
stock of the American Wire Fabrics Co. V 115, p. 1109
l6,050 shares, leaving 165,207 shares outstanding.
R e o r g a n iz a tio n P la n , D a ted A u g . 4 1924.
BONDS.— The first (closed) mortgage 6 )4 % sinking fund gold bonds, due
Sept. 1 1933, are redeemable, all or part, on any interest date prior to ma­
The reorganization committee in Aug. 1924 announced a plan of reorgani­
zation (approved by the stockholders on Sept. 25 1924), which provided turity, upon 30 days’ notice; at 103 if redeemed on or before Sept. 1 1926; at
102 thereafter if on or before Sept. 1 1929; at 101 thereafter if on or before
as follows:
thereafter but prior to maturity at 100)4. Mortgage
New Company.— A new company was organized in Delaware, known as Sept. 1 1932, andannual sinking fund sufficient to retire $1,000,000, prin­
Wickwire Spencer Steel C o ., which acquired all or substantially all the assets provides for an these bonds in each year beginning with the year 1924.
cipal amount, of
and business of the old company.
Capitalization of New Company.— To accomplish the purposes provided For security, &c., compare V. 117, p. 1249.
D IV ID E N D S— 1913. 1914. 1915. 1916. 1917. 1918-20.
1921-25.
in the plan the new company will have outstanding the following capitali­
Common stock------- 6
6
6
9
12
4 yearly
None
zation:
do
extra- 5
- - 5 stock 5 stock 5 stock
____
____
Prior lien coll. & ref. mtge. 7% conv. s.f. gold bonds. Series A.
Divs. on the pref. stock were resumed on M ay 10 1925 with a payment
due 1935_________________________________________________ x$12,679,000
of 1 % % , this being the first payment since Nov. 1 1920. same amount paid
10-year 7)4% secured notes (assumed), due 1932____________
1,520,000
On Jan. 2 1926 also paid $29 75 in full payment
5-year 7% class “ A ” notes_____________________________ _____ 2,515.000 quar. to Oct. 1 1927.
5-year 6% class “ B " notes___________________________________ 3,639,340 of accumulated dividends, payable in common stock at $25 per share.
Common stock (no par value), auth. 1,815,000 shares: issued--958,750 shs
REPO RT.— For 1926 in V. 124, p. 1971, showed:
Amer. Wire Fabrics Corp. 1st Mtge. 7% bonds, due Sept. ] 1942 1,350,000
Calendar Years—•
1926.
1925.
1924.
1923.
x This amount includes $1,823,000 bonds of old company remaining
Not
x$26,573,649
Not
$23,361,851
Gross profits___________
unexchanged in Dec. 1926.
6,678,606 available
9,547,432
The authorized but unissued stock amounting to 856,250 shares will, so Sell.,gen.&adm.exp.,&c. available
far as necessary, be held for the following purposes: 67,440 shares for con­
Net profit___________
version rights of the 10-year 714% secured notes, 507,160 shares for con­ Eng. & develop, exp------ y$9,412,765 $19,895,042 a.$2,086,646 $13,814,419
3,430,894
3,773,409
______
______
version rights of the proposed new bonds, 145,576 shares for conversion
______
1,104,069
______
______
rights o f the 5-year class “ B ” notes and the remaining 136,074 shares foi Adjust., &c., items_____ 1,420,401
Liquid’n o f taxi division.
______
______
______
other corporate purposes.
Plant and equipment dis­
Distribution o f Stock to Stockholders of Old Company.— (a) Preferred stock­
1,167,721
______
______
mantling, &c________ 1,261,169
holders in the old company who assented to the plan received 6 shares ol
582,672
______
______
______
common stock of the new company (represented by v .t . c.) for each one Miscell. losses, &c______
Int. and bond discount..
677,939
687,066
See a
780,387
Share of pref. stock of the old company held by them.
Estimated Fed. taxes_
_
220,000
1,740,000
______
______
(b)
Common stockholders of the old company who assented to the plan
received one-tenth o f a snare o f common stock of the new co. (represented
Net profit___________
by v .t.c.) for each one share of common stock of the old co. head by them. Previous surplus-----------$1,819,690 $11,422,777 $2,086,646 $13,034,032
25,819,582 15,972,789 13,002,418df43,231,300
Voting trustees are: F. W . Allen, Samuel F. Pryor, Theodore H. Wick­ Profit and loss credits___c5,596,223
295,278
883,726 b43,199,685
wire and Richard B. Young.
New Money— Subscription by Stockholders of Old Company— Subscrip­
Total------------------------$33,235,495 $27,690,844 $15,'972,789 $13,002,418
tion Rights.— In order to provide $2,515,000 additional cash capital, $2,515,and
429,125
327,798
______
______
000 5-year 7% class "A ” notes and 440,125 shares o f common stock (repre­ Profitdivs. loss debtors._ 1,241,324 1,543,465
Pref.
______
______
sented by v.t.c.) of the new company were offered to stockholders of tne Back pref. paid ( 7 % ) - - . z6,559,726
dividends
______
______
______
old company on the following terms:
Each pref. stockholder of the old company who assented to the plan had
Profit & loss, surplus.$25,005,320 $25,819,582 $15,972,789 $13,002,418
the right to subscribe $20 on account of each share of pref. stock of the old
Shs. com.
(par $5)
2,264,660
2,264,620
2,159,760
company which he held, for which he received $20 principal amount of Earns, peroutst. on com . 2,526,360
share
z0.23
$4.36
$0.23
$5.32
5-year 7% class “ A ” notes and 3}4 shares of common stock (represented
a After interest and bond discount, b Common stock adjustment, being
by v.t.c.) o f the new company.
Each common stockholder of the old company who assented to the plaD a decrease in par value o f common shares from $25 to $5 each, c Includes
had the right to subscribe $2 25 on account o f each share o f common stock surplus o f $5,236,976 arising from payment o f accumulated pref. divs.
o f the old company, which he held, for which he received $2 25 principal by issuance o f common stock on basis o f $25 per share, x Gross profits
amount of 5-year 7% class “ A ” notes and 63-160 of a share of common stock from operation and other earnings, after providing for depreciation and
(represented by v.t.c.) of the new co. (i. e., on the basis o f $20 principal other operating expenses and net profits from branches and subsidiary
companies, y Profit from operation and other income after providing for
amount of 5-year 7% class “ A ” notes and 314 shares of common stock
depreciation o f plant and equipment in the amount o f $2,550,635, selling,
represented by v.t.c.. for each $20 so paid).
Adjustment with Creditor Banks.— Creditor banks which hold $3,639,400 administrative and general expenses, z Represents accumulated divi­
of overdue notes of the old company accepted in exchange therefor an equal dends o f 29 M % paid in common stock with exception o f fractional amounts
resulting in cash payment o f $13,505.
face amount of 5-year 6% class “ B” notes o f the new company.
Description of 5-Year Class “ A " and Class “ B" Notes.— The 5-year 7%
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 1971.
class “ A 1 notes and 5-year 6% class “ B ” notes shall be issued under a trust
'
OFFICERS.— Pres., John N. WiUys, 1st V .-P ., L. A. Miller; V .-P . &
indenture or trust indentures, and the notes of both or either classes may
Treas., J. H. Gerkens; Sec., Alfred B. Qualy; Com p., W . E. Miner.
be issued in registered or coupon form or both, and in such denominations as Office, Toledo, Ohio.— (V. 125, p. 2403.)
may be hereafter determined. Class “ A " notes shall be callable on any int
date, all or part, on 30 days’ notice at 102 and int.; at or before 2 years from
WILSON & CO., INC.— ORGANIZATION.— Incorp. under laws of
their date at 101 and int. for the next year, and at par and int. thereaftr
Class " B ” notes shall be callable on any int. date, all or part, on 30 days' Delaware on N ov. 30 1925 and acquired the properties (as per reorganization
notice at the same prices as the class “ A ’ notes: but class “ B ” notes shall not plan in V. 120, p. 2025) o f Wilson & C o., Inc., incorp. in New York in 1910.
Has large and modern plants in New York and Chicago, and through
be so called while any of the class “ A ” notes are outstanding unless such
class “ A ” notes shall previously have been called for redemption er unles subsidiary companies owns and operates plants at Oklahoma City, Kan­
sas City, Los Angeles, Calif., Albert Lea Minn., Nebraska City, Neb.;
such class “ A ” notes are called for redemption at the same time Class “ B'
notes shall be convertible into common stock of the new co. (or v.t.c. there­ Philadelphia, Pa.; Baltimore, M d.; Cedar Rapids, Iowa; Sao Paulo, Brazil,
and Buenos Aires, Argentina. Combined capacity o f present plants about
for) on the basis o f 40 shares o f com. stock of new co. for each $1,000 of notes
218,000 cattle, sheep and hogs per week. Company has, either directly or
Mortgage Bonds and Adjustment with 1st Mtge. Bondholders.— First mtge
bondholders were requested to exchange their bonds (through the medium through subsidiary companies, all o f whose stock it holds, 110 distributing
of a bondholders’ committee) for an equal principal amount of bonds of a branches by means o f which and o f its refrigerator car service it distributes
new issue bearing the same int rate (viz., 7% ) and the same maturity date its products to practically every city and town o f importance in the United
(viz., Jan. 1 1935). The new bonds shall be given an additional right not States. Also does a large export trade. V. 91, p. 981, 1714; V. 90, p. 1048;
contained in the old 1st mtge. bonds, viz., the right to convert the same V. 94, 491; V. 105, p. 723. Acquired the business o f D . B. Martin & Co
into common stock of the new co. (or v.t.c. therefor) on the basis of 40 shares in July 1920 and organized the Wilson-Martin Co. V. I l l , p. 400, 506,
of stock for each $1,000 of bonds. New bonds shall be red. in any year at the 996; V. 112, p. 556. In Dec. 1920 formed the Phoenix Leather Co. V. I l l ,
p. 2532. Wilson & Co., Inc. o f Kansas was incorp. M ay 7 1924 and took
same premiums at which the present 1st mtge. bonds are red. for such year
The 1st mtge. 7% sinking fund gold bonds ($30,000,000 auth.) are over all o f the company’s Kansas City properties. V. 118, p. 3090.
In Aug. 1919 sold its grocery, packing, vegetable ana fishing business to
callable as a whole or in part as follows: 104 to Dec. 31 1926; 103 to Dec. 31
the new Austin, Nichols & C o., Inc. tv . 109, p 379, 586, 895), each share­
1928:102 to Dec. 31 1930; 101 to Dec. 31 1932; 100 thereafter. Sinking fund,
holder of 5 shares of Wilson common being permitted to subscribe at $2£
commencing in 1923, will retire over 50% o f the present issue before maturity
« share for 2 shares of new Austin, &c., stock. V. 109, p. 379, 586, 895.
(compared reorganization plan above).
Packers’ consent decree suspended. See Armour & Co. above.
The 10-year 714% secured gold notes are convertible at any time
S T O C K S AND B O N D S —
Rate of Int. Outstanding. Bds. when Due.
into common stock, in case o f conversion on or before Sept. 1 1927 on
• basis of $20 per share, plus a premium of $1 per share (payable by the Stocks-Com 1,500,000 shs(no par) ____
534,983 shs _____________
noteholder to avoid the issuance of fractional shares) in case of conversion
Class A pref (cum after Nov 1
on or before Sept. 1 1924; thereafter plus a premium of $1 per share for each
1930) conv red 75 (no par)____ ____
357,533 shs _____________
12 months or portion thereof elapsed after Sept. 1 1923. After Sept. 1
Pref 7% cum red 110 ($100)-- Text Q-F $28,602,600 _____________
1927 convertible on basis of $25 per share, plus a premium of $1 per share Bonds— 25-yr IstM s f $25,000,-f 6 g A-O
$21,701,000 Apr 11941
for each 12 months or portion thereof elapsed after Sept. 1 1928 to and incl.
000 g call 107}4 ($1,000, &c) { Interest at New York.
8ept. 1 1931, and thereafter plus a premium of $5 per share. Red., all or
G.c*&r* (
part by lot on or before Sept. 1 1925 at 107]4, thereafter and on or before
5-yr gold notes red (text) ($1,- / 6 g
$2,500,000
1931
Sept. 1 1928 at 105. and thereafter at \02\4 (plus int.). V. 115, p. 1219.
000)_______________________ \Int. at New York.
REPO RT.— For 1926, in V. 124, p. 1993, showed:
STOCK.— The new 7% pref. stock (auth., $50,000,000) is preferred as
— Calendar Years—1926.
1925.
Prof, from oper. after ded. sell., adm. & gen. exp. $1,386,615 $1,873,118 to both assets and earnings, will be cumulative after Nov. 1 1927, is re­
Other income___________________________________
51,485
92,171 deemable at $110 per share and accrued dividends and entitled to receive
the same amount per share on liquidation.
The new convertible class A stock is preferred as to dividends over
Total income___________________________________ $1,438,099 $1,965,290
Other deductions_______________________________
147,659
408,877 the new common stock in the amount of $5 per share per annum, which will
be cumulative after N ov. 1 1930, and preferred over the common stock as to
Interest on funded debt_________________________ 1,732,795
1,474,523
Depreciation____________________________________
412,003
430,079 assets in the amount of $75 per share and accrued dividends in the case of
liquidation. It is redeemable at $75 per share and accrued dividends and
Loss for year__________________________________
$854,357
$348,189 convertible into new common stock share for share. Authorized, 500,000
shares.
3 Mos. End. Mar. 31—
1927.
1926.
1925.
1924.
All three classes of stocks of the new company will have equal voting
Net earnings___________
$239,776
$532,888
$581,525
$541,415
rights.
Net income after bond
D IV ID E N D S.— An initial dividend of 3 }4% on the preferred stock
interest and deprec_ defxl73,799
_
53,706
174,881
155,189
was paid N ov. 15 1926.
xBefore depreciation.
BONDS.— In 1916 an issue of $25 000,000 1st M . 6% bonds was author­
OFFICERS.— Chairman, S. F. Pryor; Pres., E. C. Bowers; V.-Pres.,
P. M . Macklin; Sec. & Treas., G. H. Creveling. Office, 41 East 42d St., ized, all of which have been issued except $211,000, which are reserved for
'uture additions and improvements. Annual sinking fund beginning 19(7.
New York.— (V. 125, p. 2828.)
1% of bonds outstanding, to retire bonds which are to be kept alive in sinking
W fLLYS-OVERLAN D CO. (TH E).— ORGANIZATION.— Incorp. in fund. These bonds were left undisturbed in the reorganization. V. 108,
Ohio N ov. 1912 and acquired the properties and business o f the Willys- p. 1299, 180; V. 107, p. 910; V. 112, p. 2421.
NOTES.— The 5-year 6% gold notes are redeemable in whole at any time
Overland Co. o f Toledo, O. Company's production embraces a line of low
and medium priced motor cars under the trade names “ Overland” , “ Willys- or In part from time to time upon at least 30 days’ notice at par and interest
plus a premium of % % for each year or fraction thereof from the redemption
Knight” and “ W hippet.” Main plant is located at Teledo, Ohio.
in conjunction with the British firm of Crossley Motors. L td ., formed tht date to their maturity date.
Wfllys-Overland-Orossleys, Ltd , in Dec. 1919, which is producing the
R E PO R T .—For 8 months ended Oct. 30 1926 showed:
Wiliys-Overland cars at Manchester, England. V. 110. p 475.
S ales_________________$199,500,000 I N e t ___________________ $3,169,759
Gross_________________
5,755,923 IPreferred dividends____
999,439
STOCKS A N D BONDS—
Rate of Int. Outstanding. Bds. when Due.
1,070.7731
-----------------Stocks— Com $15,000,000 ($ 5 )--- ____
$12,631,810 _____________ Depreciation__________
Interest_______________
1,515,3911 Balance to surplus_
_ $2,170,320
Pref 7% cum red 110 ($100)-- 7 Q-J
$16,520,700 ____________
OFFICERS.—-Pres., Thomas E. Wilson; V .-Ps., W m. C. Buethe; A. E.
Bonds— 10-yr 1st (closed) M s f f 614 g M-S $6,000,000
Sept. 1 1933
Petersen; Treas., W m. C. Buethe; Sec., George D. Hopkins. Offices,
gold bonds red (text) ($500 & {Int. at National City Bank, N . Y .
816 First Ave., N . Y ., and Chicago, 111.— (V. 125, p. 2161.)
1,000)______________ kxxxc* [




Nov., 1927.]

(F. W .) W OOLW ORTH CO.— ORGAN IZATION .— Incorporated in
New York Dec. 15 1911. Acquired the business of
W. VVoolworth & Co.
S. H. Knox & C o., F. M . Kirby & Co., E. P. Charlton & C o., the 5 and 10
•cent store business of C. S. Woolworth, W . H. Moore and W. H. Moore &
Son and the controlling interest in F. W . Woolworth & C o., Ltd., of Great
Britain. On Oct. 1 1927 was operating 1,570 5-and-10-cent stores in the
United States. Canada and Cuba. The F. W. Woolworth & Oo., Ltd.
(controlled) operates 282 stores in England.
STOCKS AN D BONDS—■ Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $100,000,000 ($25)- ____
$97,500,000 ------------------STOCK — The stockholders voted May 21 1924 to change the authorized
capital stock from i .000,000 shares (650,000 shares outstanding), par
$100, to 4,000,000 shares, par $25. The stockholders received 4 shares
o f stock, par $25, for each share, par $100. held.
In accordance with the action of the directors on Oct. 11 1922, approved
toy the stockholders on M ay 16 1923, all o f the $9,135,700 outstanding
preferred stock was retired on and as of Feb. 1 1923 at $125 and dividend.
D IVIDEN DS. 1915. 1916. 1917-1921. 1922. 1923. 1924- 1925
1926.
On common_____6H
7H
8 yrly
10
8
10
12 16&8ext
Paid in 1927: Feb. 1, 50% in common stock; Mar. 1, 5% ; June 1, 5% ;
Sept. 1, 5% ; Dec. 1, 5% .
R E PO RT.— For 1926, showed:
1925.
1924.
1923.
Calendar Years—
1926.
1,423
1,356
1,260
N o. o f stores Dec. 31_
_
1,480
Net sales_______________253,645,124 239,03*946 215,501,187 193,447,010
2,016.4561
Rental receipts________
2,139,609
907,2231
Income from securities*. 1,509,246
1,246,8351 Figures not available.
Interest, &c___________
1,533,294
Total income________ 258,827,273 243,203,460
Op. exps., deprec., & c ..226,922,346 214,401,695
Ree. for Federal ta x e s ... 3,700,000
4,200,000]
Net income__________ 28,204,927 24,601,765
Common divs_________ 15,600,000 7,800,000

20,669,397
6,500,000

20,698,180
5,200,000

Balance, surplus_____ 12,604,927
Res. for protested taxes.
______

16,801,765
______

14,169,397
500,000

15,498,180
3,000,000

Surplus______________ 12,604,927
Previous surplus_______ 23,632,692

16.801,765
16,830,927

13,669,397
13,161,529

12,498,180
10,663,349

Total_______________ 36,237,619 33,632,692
Reduction o f good-w ill..
______
9,999,999
Revaluation_________xCr.13,566,179
______

26,830,926
10,000,000
______

23,161,529
10,000,000
______

Total surplus________ 49,803,798 23,632,692 16,830,927 13,161,529
* Including majority holdings o f the stock o f F. W. Woolworth & Co.,
Ltd., England, x Revaluation o f stock holdings in F. W . Woolworth &
O o., Ltd., England.
BALANCE SHEET as o f Dec. 31 1926 in V. 124, p. 786.
OFFICERS.— Chairman, C. S. Woolworth; H. T. Parson, Pres.; F. MKirby, E. P. Charlton, J. F. Nutting, B. D. Miller, V.-Pres.; B. D. Miller,
Treas.; H. W . Deyo, Sec. and Asst. Treas.; Paul Hofer, Jr., Asst. Sec. &
Asst. Treas.— (V. 125, p- 2686.)
W ORTH IN G TON PUMP AND MACHINERY CORPO R ATIO N .—
OR G A N IZA TIO N .— Incorporated in Virginia on April 21 1916 as a re­
organization o f the International Steam Pump C o., foreclosed per plan in
V. 101, p. 531, 620. 926; V. 102, p. 1890; V. 104, p. 1884.
The above company has purchased the assets o f the Harris Air Pump
C o. o f Indianapolis. V. 124, p. 661.
Outstanding. Bds. when Due.
STOCKS AN D BONDS—
Rate of Int.
a$12,992,149 _____________
Stocks— Com $15,000,000 ($100). ____
Pref A 7% cum $10,000,000
$5,592,833 _____________
call 115 ($ 1 0 0 )..................... See text
Pref B 6% cum $11,000,000
$10,321,671
________
call 105 ($100)____________
See text
a Includes $300,000 held in treasury.
STOCK.— Class A pref. is entitled to cumul. annual divs. at 7% and
to a preference in assets and dividends over common stock; it is redeemable
at option o f company at 115 and accrued dividends. The Class B pref.
stock is entitled to annual dividends at 6% , cumulative after April 1919,
and to a preference in assets and divs. over the common stock, and Is
callable at 105 and divs. With the April 1 1920 payment, the Class B pref.
stock came to a parity with the Class A pref. stock as to assets and divs.,
except that the rate o f dividend remains at 6% .
D IV ID E N D S .— On Class A, July 1 1916 to Oct. 1 1926, incl., 1 h %
uar (7% p. a.); Jan. 1927 div. was deferred. On Class B, July 1 1917 to
ct 1 1926, incl., \]4% quar.; Jan. 1927 div. was deferred. Initial div.
on common stock o f l f i % quar. was paid April 15 1920; same amount
paid quar. to July 15 1921; Oct. 15 1921 to July 15 1922 paid 1% quar.;
none since.
RE PO RT.— For 1926 in V. 124, p. 1526, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Billings to customers___ $17,141,458 $15,222,560 $16,572,066 $21,142,264
Grossincome___________
415,664
620,124
1,365,249 1,903,851
Int., adjust, o f foreign
investment, &c______
______
11,000
17,469
33,000
Federal taxes__________
50,000
80,000
170,000
200,000
Divs. on cl “ A ” pref. stk.
a293,624
391,498
391,498
391,498
Divs. on cl.“ B ” pref. stk. a464,475
619,300
619,300
619,300

S

Balance, sur. or d e f.. def$392,435 def$481,675 sur.fl66,981 sur$660,052
Total profit and loss
surplus Dec. 31______$3,938,664 $4,331,100 $4,662,774 $4,295,793
a Dividends paid for nine months to Sept. 30 1926.
OFFICERS.— Pres., L. J. Belnap; C hairm an,_______________; V.-Ps.,
Edward T . Fishwick and C. W . Finney; Sec., C. Neal Barney; Treas., Will­
iam H. Baumes. Office, 115 Broadway, N. Y .— (V. 125, p. 930.)
W R IG H T AERONAUTICAL CORP.— Incorp. Oct. 9 1919 under laws
o f New York and took over the aeronautical motor business o f WrightMartin Aircraft Corp., together with all the assets o f that corporation in
excess o f $8,000,000. In May 1923 acquired the assets o f the Lawrence
Aero Engine Corp. Plant is located at Paterson, N. J.
STOCKS A N D BONDS—• Rate of Int. Outstanding. Bds. when Due.
Stocks• Com 250,000 shs (no par) ____
—
249,390 shs _____________
D IV ID E N D S .— Initial div. o f 25 cents a share was paid on N ov. 30 1921;
same amount paid quar. to N ov. 30 1927.
R E PO RT.— For 1926, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net sales_______________ $3,173,419 $3,307,710 $2,166,864 $2,226,892
Net income___________
565,901
584,233
271,277
254,837
Other income__________
222,811
206,321
185,159
186,288
Liquida’n Lawrance d iv.
______
______
_____
97,414
Federal taxes reserve_
_
88,024
79,721
31,912
17,169
Dividends paid________
247,846
249,390
249,390
243,140
Balance, surplus_______
$452,842
461,443
174,135
83,402
Period end. Sept. 30—
1927-—3 M os.— 1926.
1927— 9 Mos.— 1926.
Net after taxes________
$292,875
$131,775
$648,616
$454,924
OFFICERS.— Chairman, Richard F. Hoyt; Pres., Charles L. Lawrence;
V .-P . & Gen. M gr., G. W . Vaughan; Sec. & Treas., J. F. Prince. Office,
Paterson, N. J.— (V. 125, p. 2544.)
W R IG LE Y JR. CO. (W M .).— Incorp. Oct. 19 1927 in Delaware as the
Wrigley Corp., to acquire the business o f Wm. Wrigley Jr. C o., which was
incorp. in W . Va. on N ov. 11 1910. Name changed to present title on Nov.
3 1927. The stock of the old company was exchanged for the stock of the
new company on a share-for-share basis.
The directors in June 1925 approved the acquisition by the company of
properties in Germany and the formation o f a German subsidiary to be
known as Wrigley Aktiengesellschaft, at Frankfort-on-the-Main. In Feb.
1926fthe company purchased a tract o f land in London, England, for the
construction o f a plant, which is now in operation.
In Aug. 1925 the company purchased the physical assets of the Listerated
Gum Corp., which owned a modern factory at Newport, R . I.




251

INDUSTKIAL STOCKS AND BONDS

Judge Wilkerson in the U. S. District Court at Chicago in April 1925
handed down a decision awarding the L. P. Larson Jr. Co. damages from
W m. Wriglev Jr. C o., amounting to $1,384,600, with interest at 6% from
Nov. 1923, for infringement on a color scheme used on “ Doublemint.”
Notice of appeal was filed by both sides, the W m . Wrigley Jr. C o. arguing
that the award was too much an i the Larson Co. ueclaring it was too little.
These appeals resulted in the Circuit Court of Appeals making a further
reduction in the award.
STOCKS AND BONDS—Rate of Int. Outstanding. Bds. when Due.
Stocks-Com 2,000,000 shs (nopar) ___
1,800,000 shs _____________
STOCK.— The stockholders on Dec. 4 1923 changed the authorized
capital stock from 600,000 shares, par $25, to 1,800,000 shares o f no par
value. Three shares of the new stock were issued in exchange for each
$25 share held.
DIVIDEN DS.— (1914. 1915.1916. 1917. 1918. 1919. ’20-’23. ’24-’26
On common_____ %\ 15
13
18 20M 20
23 *24 yly. $3yly.
Paid or declared in 1927: Jan. 1 to Dec. 1, 25c. monthly.
♦Extra divs.: In 1922 paid two stock divs. o f 10% each; Apr. 1 ’25, Jan. 2
’26 and Jan. 3 ’27 paid extras o f 50c. each.
R E PO RT.— For 1926, in V. 124, p. 1084, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Operating profit_______$18,113,309 $18,246,397 $17,133,960 $16,572,227
Expenses______________ 7,146,654
7,297,514
6,972,472
8,147,413
Net profit____________$10,966,655 $10,948,883 $10,161,488 $8,424,814
Depreciation___________
571,195
565,593
407,197
387,322
Res’ve for Fed’l tax es.. 1,295,290
1,286,462
1,214,977
999,137
Common dividends_____ 6,276,829
6,274,202
5,380,414 4,012,422
Balance, surplus_____$2,823,342
$2,822,626 $3,158,900 $3,025,933
Period end. Sent. 30— 1927— 3 Mos.— 1926.
1927— 9 M os.— 1926.
E arnin gs_____I _______ $5,347,150 $5,213,820 $14,701,056 $14,331,595
Expenses______________ 1,895,013
1,906,008
5,364,642 5,195,274
Depreciation___________
131,305
140,070
398.714
420,700
Federal taxes__________
433,598
357,635
1,171,474
1,106,599
N etprofit___________ $2,887,235 $2,810,107 $7,766,226 $7,609,022
OFFICERS.— Chairman, William Wrigley, Jr.; Pres., Philip K. Wrigley:
Sec., W. H. Stanley; Treas., J. C. Cox. Office, 400 North Michigan Ave.,
Chicago.— (V. 125, p. 2828.)
YALE & TOWNE MANUFACTURING CO. (TH E ).— ©RGANIZA
TIO N .— Incorp. under laws of Connecticut on Feb. 22 1882 as the Yale
Lock Manufacturing Co.; name changed to present title on March 14 1883.
Manufactures the following products: Builders' locks and hardware, bank
locks, door closers, chain blocks and electric hoists, post office equipment,
cabinet and trunk locks, rim night latches and cylinder rim leeks, padlocks,
specialty cylinders for automobile locking devices, &c., electric industrial
trucks. Plants are located at Stamford. Conn., Philadelphia, Pa., North
Chicago, 111., Lockport, 111., St. Catharines, Ont., Can., and Altona, near
Hamburg, Germany.
The company on Oct. 6 1925 announced the purchase of all the physical
assets, good will, trade names and book accounts of the Sager Lock Oo. of
North Chicago, 111., and the Barrows Lock Co. of Lockport. HI.
In N ov . 1925 acquired the assets of the Miller Lock C o. o f Philadelphia.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $25,000,000 ($25)...............
$10,000,000 _____________
STOCK.— See table.
D IV S.— ’06-07. ’08. ’09.’ 10-13. ’ 14. ’ 15. ’ 16.T7-19. ’20. ’21. ’22.’23-26.
Cash_____
7 8.5 9.5 10 yly 7 12 32 20yly22.5 20
19 20 yly
Stock_____ . .
..3 3 1 - 3 . .
50 . . . .
..
. . . . 100 . .
Paid in 1927: Jan., 4% ; April, 4% ; July, 4% ; Oct., 4% ; Dec., special o
4% .
Also paid the following stock dividends: 1914, 50% ; 1922, 100%.
R EPO RT.— For 1926, in V. 124, p. 1541, showed:
Calendar Years—
1926.
1925.
1924.
1923.
Net earnings----------------x$2,670,927 $2,652,024 $2,054,342 $3,052,240
257,219
268,725
271,141
289,063
Interest received______
Total net earnings____$2,928,146
Reserve for taxes______
400,392
Dividends (cash) (2 0 % ). 2,000,000

$2,920,749
350,000
2 , 000,000

$2,325,483
306,891

$3,341,303
450,680

$527,754
Balance, surplus_____
Previous surplus----------- 9,515,112
Adjust, o f tax reserves.. Cr.421,179
Invent’y res. restored_ Crl ,060,000
_
Trade-marks & p atents.D rl,999,999

$570,749
8,944,363
________
________
________

$18,592
8,925,771
________
________
________

$890,623
8,035,148
________
________
________

2 , 000,000

2 , 000,000

Profit & loss, surplus. $9,524,046 $9,515,112 $8,944,363 $8,925,771
Shares capital stock out­
standing (par $25)_
_
400,000
400,000
400,000
400,000
Earned per share_______
$6.32
$6.42
$5.05
$7.23
x After deducting cost o f production, operating expenses, incl. $695,193
for repairs, maintenance, but charged to current expenses; after deducting
$368,595 for depreciation on plant and equipment and after charging all
losses to current operations instead o f to reserves set up in previous years,
but excluding interest earned and ta es accrued but not paid.
Period End. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 M os.— 1926.
Net earnings---------------$591,216
$719,479 $2,012,612 $2,299,072
Depreciation---------------94,105
89,169
277,627
270,101
Income tax reserve_____
69,502
90,154
247,088
295 494
Dividends-------------------400,000
400,000
1,200,000
1,200,000
Surplus--------------------$27,609
$140,156
$287,897
$533,477
OFFICERS.— Chairman, Schuyler Merritt; Pres., Walter C. Allen;
V .-P ., Joseph A. Horne, Edward C. Waldvogel and C. W . Sager; Treas.,
Addison Boren; Sec., John H. Towne. Office, Stamford, Conn.; N. Y .
office. 9 East 40th St.— (V. 125, p. 2403.)
YELLOW TRU CK & COACH MANUFACTURING CO.— The stock­
holders of the Yellow Cab Manufacturing Co. on Aug. 17 1925 approved a
plan to merge that company and the truck division of the General Motors
Corp. (General Motors Truck Corp., organized on Aug. 17 1925 ), into a
new corporation to be known as the Yellow Truck & Coach Manufacturing Co.
The Yellow Cab Manufacturing Co. was originally incorporated as the
Walden W . Shaw Livery C o., Aug. 25 1910, under the laws of Maine, the
name being changed to Yellow Cab Manufacturing Co. on June 29 1920.
The company is engaged in manufacturing, selling and leasing taxicabs,
motor cars, automobiles and vehicles for the transportation o f passengers or
goods.
The company owns the entire capital stock of the following subsidiaries:
Yellow Coach M fg. Co., Yellow Sleeve-Valve Engine Works, Inc., Canadian
Yellow Cab M fg. C o., Ltd., Yellow Cab M fg. C o., Ltd. (England), Yellow
M fg. Acceptance Corp., New York Yellow Cab Co. Sales Agency, Inc.,
Yellow M fg. Sales Corp., General Motors Truck Corp., General Motors
Truck Co., General M otors Truck Co. of Canada, Ltd., Hertz Drivurself
Corp., Sociedad Sud-Americanade Descuentos de la Compania Manu­
facturers de Taximetros Amarillos, and Sociedad Sud-Americana de Ventas
deTaximetros Amarillos.
The Hertz Drivurself Corp. was organized in June 1926 as a holding
company, controlling State and local Drivurself companies throughout the
United States. Compare V. 122, p. 3356.
STOCKS AND BONDS—
Rate of Int. Outstanding. Bds. when Due.
Stocks— Com $17,000,000 ($ 1 0 ).. ____
$8,000,000 . . .
Class B $13,000,000 ($10)____ ____
$13,000,000 ____
P f 7% cum $30,000,000 ($100) 7 Q-J
$15,000,000 _______ I I I I I
STOCK.— The stockholders June 28 1926 (a) increased the authorized
capital stock from $36,000,000 (divided into 200,000 shares of preferred
stock, par $100, 600 shares of class B stock, par $10, and 1,000,000 shares of
common stock, $10 per share) to $60,000,000, divided into 300,000 shares
of preferred stock, par $100, 1,300,000 shares of class B stock, par $10 and
1,700,000 shares of common stock, par $10, per share, and (5) authorized
and empowered the directors to offer the 700,000 additional shares of class B
stock, for subscription and sale at $20 cash per share, to the holders of the
outstanding 800,000 shares of common stock and 600,000 shares of class B
stock of record July 9 1926 on the basis of one share of new class B stock
for each two shares of either common or class B stock held. All class B
stock not so subscribed and paid for by the stockholders was sold to the
General Motors Corp. for cash at $20 per share.

252

INDUSTKIAL STOCKS AND BONDS

The 800,000 shares o f common stock outstanding were issued toGeneral
Motors Corp. in payment for stock o f the General Motors Truck Corp., and
the 150,000 shares o f 7% cumul. non-voting pref. stock were distributed as a
dividend, pro rata, to the holders o f 600,000 shares o f Class “ B ” stock out­
standing. The Class “ B ” stock and the common stock have the same
voting power per share. The common stock and the Class “ B ” stock will
participate, share and share alike, in the net earnings and dividends after
cumulative dividends have been paid on the pref. stock, except that for a
period o f three years, in the event that dividends declared and paid are less
than 75 cents a share on the aggregate total o f 1,400,000 shares of the out­
standing common stock and Class “ B ” stock combined, then the Class “ B ”
stock shall have cumulative preferential rights as to dividends up to 75 cents
a share. Following the said 3-year period, if by reason o f tbe 3-year pro­
vision the common stock has not enjoyed cumulative dividends per share
equal to dividends declared and paid on the Class “ B ” stock, then the
common stock for a succeeding period of three years will have similar
preferential rights as to dividends up to the point where the cumulative
dividends received per share on each class o f stock has been equal from the
date of issuance o f the common stock.
D IV ID E N D S.— An initial quarterly dividend o f 18 cents per share
on the class B stock was paid on Jan. 2 1926: paid 18c. per share quar. on
April 1 and July 1 1926. and 18J£c. on Oct. 1 1926 and Jan. 1 1927.
R E PO RT.— Of consolidated companies for 1926, in V . 124, p. 2768,
showed:
Calendar Years—
1926.
Net sales_____________________________________________________$44,106,188
Cost o f sales_________________________________________ :_______ 34,496,380
Selling and administrative expenses__________________________ 7,791,965
947,352
Depreciation________________________________________________
United States and foreign taxes______________________________
185,639
Net profit__________________________________________________ $1,125,922
Surplus Dec. 31 1925-_____________
1,701,348
Total_______________________________________________________ $2,827,270
Dividends on preferred______________________________________ 1,050,000
Dividends on class B ________________________________________
703,500
Balance________________________
$1,073,770
Latest Earnings.— For reportfor quarter ended March 31 1927 in V. 124,
p. 3087.
OFFICERS.— Chairman, John D . Hertz, Pres., John A . Ritchie, V .-P .,
Charles A. McCulloch, V .-P ., Paul H. Geyser, V .-P ., Engineering, George
A. Green; V .-P. Finance & Accounting, Irving B. Bacbock; V.-P.-Sales,
P. L. Emerson; Sec,, Edward N. d ’Ancona; Treas., Irving B. Babcock;
Compt., Ernest R . Breech. Office, Chicago, 111.— (V. 125, p. 2403.)
YOUNGSTOWN SHEET AND TUBE CO. (THE).— Incorporated Nov
23 1900 under laws o f Ohio and is engaged in the manufacture o f iron and
steel products. Plants are located in Ohio, Indiana. Illinois, Wisconsin
and Michigan.
The plants and properties formerly owned by Brier Hill Steel Co. were
purchased early in 1923 and taken over on Mar. 1 1923. These prop­
erties were paid for in stock and by the assumption o f first mortgage bonds
to the amount of $10,000,000, and all other obligations o f Brier Hill Steel
Co. and its subsidiaries.
On July 1 1923 possession of the plants and properties formerly owned
by Steel & Tube Co. o f America was secured. Part o f the purchase price,
viz., approximately $33,000,000, was paid in cash. The balance was
paid by assuming approximately $22,500,000 in bonds o f Steel & Tube
Co. o f America, and all other obligations o f that company and its sub­
sidiaries. To provide cash necessary for this purpose, and also for additional
working capital, $40,000,000 in debenture bonds were issued by the Youngs­
town Sheet & Tube Co.
STOCKS AN D BONDS—
Rate of Int. Outstanding. Bds. when Due
Stocks-Cova. 1,000,000 shs(no par) ____
987,606 shs ____________
Pref 7% cum red 105 $15,000,$14,241,100 .......................
000 ($100)________________
7 Q-M
Bonds— 50-yr 1st M s f gld .bonds f 5 g J-J
$75,000,000 Jan 1 1978
series “ A ” ($75,000,000text -IInterest at Bankers Trust C o., New
($500, & c.)____Ba.xkc*&r* ( York.
D IVIDEN DS.— On common stock of no par value, paid $3 per share in
1920; $2 50 in 1921; $2 75 in 1922; Jan. 1 and Mar. 31 1923, $1 quar.:
June 30 1923 to July 1 1924 paid $1 25 quar.; Sept. 30 1924 to Dec. 31 1926
paid $1 quar.
D IV ID E N D S.—
1920. 1921. 1922. 1923. 1924.
1925-26.
Common__________________ $3
$2.50 $2.75 $4.50 $4.75 $4 yearly
Paid in 1927: Apr. 1, $1.25: June 30, $1.25; Sept. 30, $1.25; Dec. 31, $1.25.




[V ol.

125,

BONDS.— The first mortgage provides for the issuance of bonds in series
to a total authorized amount not exceeding $175,000,000.
Security.-—The bonds will be secured by a direct first mortgage on all o^
the fixed assets o f the company owned on N ov. 1 1927, as well as upon all
additions, improvements and betterments thereto, and by the pledge o f
stocks and certain obligations o f subsidiary companies (other than sales
companies) then owned by the company, as will be defined in the mortgage,
none o f which subsidiary companies are subject to any mortgage. The
combined book value o f the assets to be mortgaged and pledged, as o f Sept.
30 1927, was over $121,000,000, o f which over $97,000,000 represented
fixed assets and over $24,000,000 represented stocks and obligationsof said
subsidiary companies. The first mortgage will cover all the company’s
present real estate, plants and mineral properties, except certain mineral
leases which, by their terms, cannot be assigned or pledged.
Series A 50-yr. 5% gold bonds to the principal amount o f $75,000,000
were offered in N ov. 1927 at 101 and accrued int. to yield 4.95% , by
Kuhn, Loeb & Co. Redeemable on any interest date, upon 60 days’
previous notice until and including Jan. 1 1938, as a whole only or for the
sinking fund at 105%; thereafter in whole or in part, until and including
Jan. 1 1948, at 104%; thereafter and until and including Jan. 1 1958, at
103%; thereafter and until and including Jan. 1 1974, at 102%, the premium
declining thereafter )4 % for each six months to maturity, in each case
with accrued interest. Sinking fund is sufficient to retire the entire series
“ A ” by maturity at the rate o f $1,500,000 per annum.
The proceeds o f tbe series “ A ” 1st mtge. bonds will be used to retire the
following issues which have been called for payment. $47,000,000 the
Youngstown Sheet & Tube C o., debenture gold 6% bonds; $4,982,500 the
Steel & Tube C o. o f America, general mortgage gold 6 % bonds, and $9,348,000 the Brier Hill Steel C o ., first mortgage gold 5 X % bonds, will be called
A
for redemption on Jan. 1 1928, and $2,840,000 Mark Manufacturing C o.,
first mortgage serial gold 6% bonds, will be called for redemption on June 1
1928. The remaining $252,000 mature as follows: $128,000 on Dec. 1
1928, and $124,000 on Dec. 1 1929. Pending payment o f the above issues
at or before maturity an equal amount o f cash will be deposited as will be
provided in the first mortgage.
R E PO RT.— For 1926, in V. 124, p. 1684, showed:
Consolidated Income Account Year Ended Dec. 31 (Including Sub. Cos.).
1926.
1925.
1924.
1923.
Net profits____________ $29,977,168 $27,173,129 $21,717,803 $27,597,194
Other in c o m e -.............. 3,161,839
2,796,720
1,746,404
1,884,508
Gross income________ $33,139,007 $29,969,849 $23,464,207 $29,48,1702
Depreciation & depletion 9,166,632
9,023,877
8,715,638
7,555,260
Other miscell. charges-. 2,326.319
1,665,117
2,038,277
908,838
Net earnings________ $21,646,056 $19,280,855 $12,710,292 $21,017,603
Int. & discount on bonds 4,290,805
4,302,369
4,387,997
3,796,527
Prof. accr. to minor, subs
36,376
50,764
30,472
47,325
Federal taxes__________
2,170,000
1,700,000
693,748
1,500,000
Preferred divs. (7 % ) - - 996,877
996,877
996,877
922,209
Common dividends_____ 3,950,424
3,950,424
4,444,227
4,691.198
Surplus balance for y r.$10,201,575 $8,280,420 $2,156,971 $10,060,343
Period End. Sept. 30— 1927— 3 M os.— 1926.
1927— 9 M os.— 1926.
x Net profit_____________$5,776,338 $8,592,384 $18,122,800 $24,468,693
367,328
557,935
1,434,577
2,591,819
Other income__________
Total inc. (all sources)
Miscellaneous charges-Deprec. & depletion____
Interest on bonds______
Contingent reserve_____
Prov. for Federal taxes.
Pref. dividends paid____
Com. dividends paid— .

$6,134,666
689,513
2,630,131
997,209
______
288.000
249,219
1,234.507

$9,150,319 $19,557,377 $27,060,512
1,151,409
1,761,305
3,020,238
2,303,373
7,844,090
6,917,206
1,036,078
3,006,911
3,164,976
______
230,000
--------652,000
858,000
1,964,000
249,219
747,657
747,659
987,606
3,703,521
2,962,818

Balance, surplus_____
$55,086 $2,770,634 $1,405,892 $8,283,615
x From operations after deducting all expenses of the business and after
deducting charges for repairs and maintenance of plant.
Net income for the first quarter o f 1927 was equivalent after pref.divs.
to $2.03 a share on 987,606 shares o f no par common stock, against $3.60
a share in the corresponding quarter o f 1926. V . 124, p. 1684.
OFFICERS.— Pres., James A. Campbell; Asst. Pres., Frank Purnell; 1st
V.
-P ., H. G. Dalton; V.-P., C. S. Robinson, W .C . Reilly, W. J. Morris and
W . E. Watson and E. T . McCleary; Sec. & Treas., Walter E. Meub; Asst.
Sec. & Asst. Treas., R. M . Welch; Compt., W . N. McDonald; Gen. Coun­
sel, L. A. Manchester. Office, Youngstown, O.— (V. 125, p. 2686.)

353

BANKS—TRUST C O S.—INSURANCE COS

Nov., 1927.]

Banks, Trust Companies and Insurance Companies in Greater New York
BANKS IN GREATER NEW YORK.

Companies.

Capital.

Dividends.
Surplus and
Undivided
Par Amount.
Profits .6 Period. 1926 1925.

Manhattan &
$
$
Bronx Boroughs.
Amalgamated a ___ 100
e500,000
America Bank of a. 100 6,500,000
(30) Amer Exch-Pac 100 7,500,000
Amer Union a.
100 1,500,000
Bowery & East Riv 100 «4,000,000
(10)B’dway C ento. 100
300,000
(48)Bronx Boro a .. 100,(48)600,000
(53) B ronx________ 100
300,000
Bryant Park.a___ 100
200,000
•Cap Nat Bk & Tr. 100 2,000,000
Central___________ 100 2,000,000
Century _a________ 100
100,000
Chase____________ 100 w40 000,000
Chatham & Phenix
Nat Bk & Tr Co. 100 13,500,000
Chelsea Exch.a___ 100 1,500,000
Chemical National. 100(21)5000000
City_____ ________ 100 (22)75000,000
100 (22)25000 0 0
0
400,000
Claremont............... 100
Colonial, a________ 100 01,400,000
Columbus.a............ 100
200,000
Commerce____
100 25,000,000
Commercial Exch.a 100 1,500,000
Commonwealth .a . _ 100
*800,000
Community State.a 100 (3)200,000
Continental.a_____ 100 1,000,000
Corn Exchange.a.. 100 m il 000000
Cosmopolitan.a___ 10C
601 ,00C
Eastern Exch .a ___ 100
100,000
Fifth Avenue.a___ 10C
500,000
First_____ ________ 10C 10,000,000
10C 1 0 ,0 0 0 ,0 0 c
Fordham_________ 100
250,000
(55) Franklin_____ 100
800,000
Garfield . ______ _ 10C 1,000,000
Gimbel B ros.o___ 10C
1 0 0 ,ooc
Grace National___ 10C 1.000.00C
(15)Greenwich a__ 100 1,000,000
(60) Hamilton___ 10C 1,500,000
(15)Hanover_____ 10C 5,000,000
Harlem Bk of Com a 100, (45)500,000
Harriman_________ 10C 1,000,000
HiasImmigrant a .. 100
1 0 0 ,0 0 c
250,000
Internat U nion.a.. 10C
Lebanon__________ 100
500,000
Liberty_________ . 100 1,500,000
L ongacre.a___ _ 100 (37)600,000
Madison State.a__ 100
200,000
(48)M anhattan.a.. 100 18)12500000
100
150,000
M elrose_________ 100
500,000
Merchants.a______ 00
150,000
w M utual.a_______ 100
500,000
New Netherlands 100
600.000
Park______ _______ 100 10,000,000
Pennsylvania Exch a 100 (34)621,200
Port M orris.a.. . . 100
1200,000
Prlsco State.a__ __ 100
150,000
Public Nat Bk & Tr 100 75,000,000
Sakser (Frank) a__ 100
100,000
Seaboard ________ 100 (31)8,000,000
Seventh _________ 100 (39)1,000,000
Seward......... ........... 100 2,000,000
zStandard.a_____ 100
250,000
State.a___________ 100 7)5,000,000
Trade, a __________ 100
500,000
U nited.............. ..... 100 1,000,000
U S (Bank of) .a __ 100 5,000,000
Washington H’ts.a. 100
400,000
Windsor a ________ 100
100,000
World Exchange.a. to o
200,000
Yorktown (Bk of) .a 100 1,000,000
Yorkville(NatBk of) 100
500,000
B'klyn & Queens

Boroughs—

Latest.

$
8 6(32) Nov. ’27.
341,100 Q— F
2
12
12 Oct. '27.
5,347,800 Q—J
3
16
16 Oct. ’26.
(30)
4
Q—J
747,500 Q—J 3(20) None Oct. ’27. I K
)
7,051,100 Q—M 14 (?) 9 V Sept. '30. 4q
Q—J 91233 4(33) Jan. ’27. 2K
(10)
643,500 J & JlNone None July ’ 15.5(48)
433,600 J & J None None Jan. '23.
3
9s July ’27. 3(6)
208,500 J & J nlO
5c 5s Oct. ’27.
903,700 Q—J
1
521,700 Began bu s.Jan . 28 1926.
42,200 Began bu s. Ja n. 28 1922.
15
16 Oct. '27. 3K
40,820,600 Q—J
16
16 Oct. '27.
14,302,900 Q—J
4
6 3(35) Oct. '27. 2(35)
972,200 Q—J
24
24 N ov.'27. 4(21)
18,954,100 Bi-mo.
16 16(11 Oct. '27. 4 g
68,079,300 Q—J
O—.T
16 16(12
84,400 Beg. bus. Apr. 9 ’27. V .124, p.2071.
12 18o Oct. ’27.
3,431,000 Q— J
3
99,400 Began bu s. Ju ne 2 1924.
16
16 Oct. ’27. 3(52)
44,197,500 Q—J
(36) (36) Oct’27.2K(36)
1,164,100 Q— J
10 Jan. ’27.
1
C
lx)
J & J 15
5
152,100 Beg.bus. May 1 192 6.
8j
8 Aug. '27.
4
1,326,100 F & A
2C
2C Nov. '27.
16,514,000 Q— F
5
452,800
4
30,000 Q— M
4 Sept30'27. IK
50p 50p Oct. ’27.
3,169,300 Q— J
6
44 Oct. ’27. 20
8C
80,909,000 Q— J
G— .T
20135124 Oct. ’27.
5
lll,900B eg.bus Jan.2 '26. V. 122, p. 439.
(55)
Q— J 4 (3) (3) June 29 ’27. 2
16re 15s Sept. 3 0 ’27. 3
1,898,20C Q— M
138,300 Beg. bus. Oct 19 1923.
8!
8 Sept. ’27.
1,980,700 M & S
5
14/ 14/ Jan. '27. 5(18)
(15)
Q— J
313,000 Beg. bus Jan. 15’2E V. 116, p. 262.
27s
24 Oct. '27. 6u
26,322,000 Q—J
314,400 Q— J 4(27) (27) Oct. ’27. IK
1,580,400.1 & J 20(1)20(1) July8’27.10(l)
50,800Began b usine ss in 1923.
223,000 Beg. bus. Jan 5 1924.
6 6(29) July '27.
173,700 J & J
3
869,200 Beg. bus. Oct. 10’23 V. 117, p.1630
391,000 Beg. bus. Aug. 4 '24. V. 119, p. 164.
109,900 Beg. bus. Dec. 1 191 9.
161 16 Oct. '27.
4
18,598,500 Q—J
798,200
125,000 Beg. bus. June 7 '26. See Note 49.
39,100 Beg. bus. June 7'20. V. 122, p.3298
171 171 Oct. ’27. 3.
944,200 Q— J
8
8 Oct. ’27.
2
623,400
24
24 Oct. ’27.
6
24,696,000
None None Jan. 1922, 5
194,600
306,100 Q— M
It) (t) Dec. '27. It)
200,900 Ann-Jan 8(43) (43) Jan.’27.10(43)
4
8,843,100 Q— M 31 16/ 16 Oct. ’27.
6
71,700 J & J
3
6 July ’27.
16
16 Oct. ’27.
12,071,200 Q— J
4
359,700 Beg. bus. Sept. 8 191 9.
1,260,900 Beg. bus. M ar. 7 ’27. V.124, p.1465.
Q— M 30 UK (4 9K(4 July ’27.
3
lx)
16/i
16 Oct. '27.
6,174,000 Q— J
4
315,300 Beg. bus. Dec. 18'22 V. 116, p. 690
494,400 Beg. bus July 5 '23. V. 117, p. 293
10
10 Oct.’27.3K(7)
5,105,000 Q—J
6 June30’27.1K
6
(48)
Q— J
50,800 Beg. bus May 14 19 27.
127,100 Beg. bus. Oct. 10’24
260,800 Beg. bus. Aug. 16'26 V. 123, p. 805.
201,000 Beg. bus. Dec. 1 '26. V.123, p.2614.

100
J300.000
100(56)185,100
100
500,000
100 (40)193,100
100
200,000
100,000
100
200,000
100
100
200,000
100
100,000
100
200,000
100
200,000
100,000
100
100 (4111000000
300,000
100
400,000
100
300,000
100
100,000
100

122,800 Beg. bus. Oct. 1 ’24.
103,800 Beg. bus. July 31 ’2 7. V .125,p.605
288,000 Beg. bus. Sept. 12'27 See note (57).
64,600 Beg. bus. Aug. 29'27 See note (58).
150,800 Beg. bus. Sept. 4'23. V. 117, p. 177.
25,400 Beg. bus. Jan. 12’ 19 26.
123,400 Beg. bus. June 21'26 See note (16).
9
9 July ’27.
4
226,100 J & J
58,000;Beg. bus. Aug. 16'26 See note (17).
98,600iBeg. bus. Feb. 5'27. V.124, p.1006.
53,000iBeg. bus. M ar. 8 ’26. V.122, p.1565.
10
10 June 30 ’27. 5
145,100 J & D
(28) /14 Oct. ’27. 2K
1,486,100 Q—J
210,200 Beg. bus. Apr. 12’27 V.124, p.2233.
6 6(38) Aug. '27.
248,800 F & A
3
178,600 Beg.bus. Sept. 27 '26 V.123, p.1962.
81,700 Old Bk. of Sh 'phd. Bay. See Note

100
200,000
(26) Kensington a __ 100
100,000
Lafayette________ 100 (47)400,000
Long Isld. (Astoria) 100
250,000
(19) Mechanics.a__ 50(19)3000000
•Montauk a______ 100 1,000,000
Municipal a_______ 100 (26)2000000
Nassau__________ 100(14)1500000
200,000
Ozone Park_______ 100
200,000
People’s . . _______ 100
200,000
Prospect__________ 100
500,000
Queens-B ellalre. a. . 100
150,000
Queensboro ______ 100
200,000
Richmond H ill__ 100
200,000
Ridgewood (N B of)! 100
200,000
Rockaway Beach..! 100
200,000
Rockaways(Bk of) a 100
100,000
R u g b y ___________ 100
200,000
(46) Security a ____ 100
100,000
(40)Sheepsh’d Bay a
100,000
T raders_________ 166
500,000

(59) 159)
Q— J
67J00 Beg. bus. Oct. 20 1924'.
169,800 Beg. bus. Apr. 29’26;V.122, p.1411.
89,100 Beg. bus. Apr. 3'26. V. 122, p. 179.
5,438,100 Q—J 15(13 15(13;Oct. '27. 3(13)
12 7 K Mar. '27. 3%
Q— M
lx)
10)
1,717,900 Q— J
8;Sept. 30’27. 21
15s 15s Oct. ’27. 3(t)
2,216,300 Q— J
24’26 V.122. n.3167
187,500'j & J:2K(5 l).-_ July '27. 2K
648,400 Q—J 20(25 *12 K Oct. ’27. 3(25)
160.000Beg. bus. Apr. 25'27 V.124, p.2542.
(44) (44) July '27. 3(44)
111,300
146,100 Beg. bus. June 16’23
4 June 30 ’27. 3
4
202,600 J & D 30
50,000 Beg. bus. Apr. 19'26 V.122, p.2147.
5 (2) (2) Dec31’26. 5(2)
117,900
39,000 Beg. bus. June 24'25 V. 121, p. 28.
54,600 Beg. bus. July 1 '26. V. 123, p. 670.
(46)
Beg. bus. Dec. 5'25. V.121, p.2837.
(40)
Beg. bus. Nov. 20'22 V.115, p.2347.
278,900 Beg. bus. Nov. 29'26,V.122, p.3562.

Atlantic State.a__
Bay Parkw ay____
B edford________ .
Bensonhurst..........
Bush wick______
(40) Canarsie. a ___
Citizens, a________
Coney Island.a__
Dewey State.a__
Elmhurst_______
Erasmus, a ________
Far Rockaway____
First____________
Flatbush__ _____
Globe Exchange.a.
Granite.......... .....
Guardian_________

Richmond (S. I.)

South Shore.a____
Stapleton_________
State.a___________
(42) Staten Island
Nat. Bk. & Trust

100
100
100

100,000
200,000
160,000

53,500 J
253,700 J
171,500 J

& J
&
&

J
J

4
10
5

July '27.
10 July 15’27.
4,July '27.

2
5
3

an increase in the capital from $4,000,000 to $5,000,000. V. 122, p. 1564, 568.
Name changed to Public National Bank & Trust Co., effective May 14 1927.
m Capital of Corn Exchange Bank increased from $10,000,000 to $11,000,000 as
of Jan. 3 1927. V. 123, p. 2219. n Includes extra dividends of 4% . o Colonial
Bank paid extra dividends of 3% each in Jan. and Dec. 1925, and a stock dividend
n Jan. 1925 increasing stock from $1,000,000 to $1,200,000; capital further in­
creased to $1,400,000, effective Jan. 7 1927, the new issue being distributed as a
stock dividend. V. 124, p. 744. p Paid special dividends of 26% each in July
1925, 1926 and 1927. q First dividend paid on new Bowery and East River National
Bank March 31 1926, 3 K % ; same amount quarterly to March 30 1927; June 30 and
Sept. 30 1927, 4% each; capital increased from $3,000,000 to $4,000,000, Oct. 6
1927 (V. 124, p. 3019, 3728; V. 125, p. 873, 2223); Discount National Bank (formerly
Italian Discount & Trust Co.) consolidated with Bowery and East River National
Bank as of Feb. 18 1927 (V. 124, p. 1006, 880).
s Includes extra dividends of
3% . t Port Morris Bank capital increased from $100,000 to $200,000, effective
Feb. 11 1927; paid first dividend, 2 K % . Mar. 1 1927. a Hanover National paid
in Jan. 1927 6% regular and 6% extra, v Capitol National Bank changed to
Capitol National Bank & Trust Co. as of Jan. 15 1927; first dividend paid Jan. 2
1925, 1M%. quarterly since. Control of institution acquired by President Max
Radt and Financial & Industrial Securities Co. (V. 125, p. 1009). w Mutual Bank
changed to a national institution and to be consolidated with Chase National.
Capital of latter to be increased to $50,000,000 (V. 125, p. 1791). * Common­
wealth Bank, Standard Bank and Manufacturers Trust Co. consolidated as of
July 29 1927 (V. 125, p. 605, 474). Previous to this the Montauk Bank of Brooklyn
had been merged with Commonwealth Bank, effective June 4 1927 (V. 125, p. 474)
the capital of the latter has been twice increased, from S800.000 to $1,500,000 as
of May 11 1927 (V. 124, p. 2859) and from $1,500,000 to $2,500,000 as of June 4
1927. V. 125, p. 122.
z Extra dividends of 2% each paid in Jan. and July. * Paid in 1925 in Jan. semi­
annual dividend of 4% and 1% extra, April, July and Oct. quarterly dividend of
2 K % each, t Nassau National Bank paid extra dividends of 3% each in Jan. 1925,
1926 and 1927. i Paid in Jan. 1926 5% extra, and in Jan. 1927, 10% extra. (1)
A special dividend of 50% was paid May 21 1925, in connection with the organization
of Harriman Securities Co. V. 120, p. 2646; dividends are 5% semi-annual and 5%
extra each Jan. and July. (2) Rockaway Beach National Bank paid its first divi­
dend, 5% , Dec. 31 1926. (3) First div., 1%, paid Jan. 2 1926. (4) Paid extra
dividend in Jan. 1925, 1 K % ; Jan. 1926, 2% .
(5)
Paid in January 1926 6% regular and 3% extra. (6) Paid in Jan. 1927 extra
dividend of 3% . (7) Bank of United States paid in 1927. Jan. 3, 2K ; Mar. 30, 3;
July 1, 3; Oct. 1, 3 and one-half extra Mar. 30, 3% .
(8) Capital of Community
State Bank increased from $100,000 to $200,000 effective Sept. 1 1927. V . 125,
p. 1012. (10) Broadway Central Bank purchased by Central Mercantile Bank &
Trust Co. Jan. 10 1927. V. 124, p. 1308, 602,330. (11) Paid in 1925 regular
quarterly dividend of 4% in Jan., and interim dividend of 2% on Feb. 16, both on
old capital; April 1925, 2% on increased capital, July and Oct. 1925, each 4% .
(12) Paid in 1925 regular quarterly dividend of 2% and 2% extra in Jan. 1925, an
interim dividend of 1% and 1% extra in Feb., both on old capital; April 1925, 2%
on increased capital; July and Oct. 1925, each 4% . (13) Mechanics Bank pays extra
dividends of 2% in Jan. and 1% in July. (14) Capital of Nassau National Bank
increased from $1,000,000 to $1,500,000, effective Feb. 15 1927. V. 124, p. 1309;
V. 123, p. 3139. (15) Greenwich Bank changed to Greenwich National Bank and
merged into the Hanover National Bank as of April 28 1927. V. 124, p. 1772,
1465. (16) See V. 122, p. 3562, 3416, 1565. (17) See V. 123, p. 946, 167; V. 122,
p. 3041. (18) Paid in Jan. 1925, 1926 and 1927 3% regular and 2% extra. (19)
Capital of Mechanics’ ■
Bank increased from $2,150,000 to $3,000,000, effective
Mar. 31 1927. V. 124, p. 1308. (20) First div. since June 1923 paid July 1 1926,
K % ; same amount quar. since. (21) Chemical National Bank stock increased
from $4,500,000 to $5,000,000, a stock div. of $500,000 being declared payable
Jan. 15 1927. (22) Capital of National City Bank increased from $50,000,000 to
$75,000,000, and Nat. City Co. from $12,500,000 to $25,000,000,effective Feb.151927.
(23) Paid in 1927, Jan., 4% ; interim dividend of 2% Feb. 15; Apr., 1K % on new
capital of $25,000,000; July and Oct., each 3% . (24) First Security Co. paid in
1925, 5% each Jan. and Apr. and 12 K % each in July and Oct. (25) Paid in both
Jan. and July 1926 and Jan. 1927, 2 K % regular and 5% extra; Apr. 1927 div. in­
creased to 3% ; July 1927, 3% reg. and 5% extra. (26) Capital of Municipal Bank
increased from $2,000,000 to $2,500,000 as of Apr. 1 1927; V. 124, p. 2542. Nos­
trand Bank merged as of Nov. 1 1927; V. 125, p. 2346, 1134. Acquired Kensington
Bank Oct. 19 1927; V. 125, p. 2345. (27) First div. paid Oct. 1926, 1 K % : Dec. 24
1926, 1K % regular and 1% extra; Apr., July and Oct. 1927, 1K % each. (28)
Paid in 1926, Jan., 3% regular and 2% extra; Apr., 3% on old capital; 2 3$ % in both
July and Oct. on increased capital. (29) First div., 3% , paid Jan. 2 1925. (30)
American Exchange Pacific National Bank merged into the Irving Bank & Trust
Co. as of Dec. 11 1926 under name of American Exchange Irving Trust Co.; V. 103,
p. 3137, 2998, 2736, 2481, 2219, 1960, 1589. (31) Capital of Seaboard Nat. Bank
increased from $6,000,000 to $8,000,000, effective eept. 9 1927; V. 125, p. 873, 51.
(32) First dividend paid June 5 1925, 2% ; Aug. and N ov. 1925, each 2% . (33) First
dividend paid July 1 1925, 2% ; Oct. 1925 and Jan. 1926, 2% each; April, July, Oct.
1926 and Jan. 1927, 2 K % each. (34) Capital of Pennsylvania Exchange Bank in­
creased from $500,000 to $750,000 (all paid) and again increased to $1,000,000
(Sept. 1 1927). $250,000 still to be paid in. (35) First dividend since April 1917
paid July 1 1925, 1K % : same amount quarterly to Oct. 1926; 1927, 2% each quar.
(36) Commercial Exchange Bank began business Nov. 1 1926, succeeding the private
banking house of Lionel Perara & Co.; V. 123, p. 2350, 1209, 287. First dividend
2% , paid Jan. 3 1927. (37) Capital of Long Acre Bank increased from $500,000 to
$600,000, effective Jan. 12 1927. Further increased to $1,600,000, effective Nov
10 1927; V. 125, p. 2631. Control of the bank acquired by Financial & Industrial
Securities Corp.; V. 125, p. 1135. (38) First div. paid Feb. 1 1925, 3% . (39) Capi­
tal of Seventh National .Bank increased from $1,000,000 to $1,500,000, effective
about Nov. 25 1927; V. 125, pi 2345, 1792,1664. (40) OldBankof Sheepshead Bay
changed to a national insttution with name of Guardian National Bank, as of Sept.
22 1927. Capital to be increased from $100,000 to $300,000, 50% ($50,000) of new
capital to be distributed as a stock dividend on Nov. 23 1927. Canarsie State Bank
to be merged at same time. (41) Capital increased from $500,000 to $1,000,000 as
of May 5 1926; V. 122, p. 1716. (42) Formerly Port Richmond National Bank;
name changed to Staten Island National Bank & Trust Co. as of May 1 1926. (43)
First dividend, 8% , paid Jan. 2 1926; Jan. 1927, 10%.
(44) Queens-Bellaire Bank paid first dividend Jan. 3 1927, 3% . (45) Capital
increased from $100,000 to $200,000, effective April 1 1926, and further increased to
$500,000, effective Jan. 1 1927. V. 123, p. 1061. (46) Security Bank merged with
Banco di Sicilia Tr. Co. as of June 18 1927 capital of latter increased from $601,000
to $700,000 in connection therewith. V. 124, p. 3454. (47) Capital increased from
$200,000 to $400,000, effective Dec. 2 1926. V. 123, p. 2350, 1591. (48) Capital of
Bank of Manhattan Co. increased from $10,000,000 to $10,700,000, effective Aug.
12 1926; V. 123, p. 804, 1061, 418; V. 122, p. 3298, 3415, 3167; acquired 72% of the
stock of the Bronx Borough Bank, the latter to be continued as a separate institu­
tion; A stock dividend of 300% was declared by Bronx Borough Bank, payable to
holders of record May 2 1927: capital increased from S150.000 to $600,000, effective
May 6 1927. Bank of Washington Heights acquired by Bank of the Manhattan Co.
and for the purpose capital of latter increased from $10,700,000 to $12,500,000 par
value at same time being increased from $50 to $100 all effective Aug. 31 1927.
Also on Oct. 4 1927 acquired controlling interest in Bronx National Bank. V. 125,
p. 1923, 51, 1281; V. 124, p. 3728. (49) See V. 122, p. 3298, 3167. (50) Paid 3%
extra in Jan. 1926. (51) First dividend, 2 K % . paid July 1 1926. (52) National
Bank of Commerce paid in Jan. 1927, 4% regular and 2% extra. (53) Controlling
interest acquired by National American Co. V. 125, p. 474, this controlling interest
later being acquired by the Bank of Manhattan Co. V. 125, p. 1923. (55) Franklin
National Bank & Interstate Trust Co. consolidated as of close of business, June 30
1927, V. 125, p. 51; V. 124, p. 3305. (56) Authorized capital $200,000. (57)
See V. 125, p. 1542, 1664, 418. (58) Authorized capital $200,000. V. 125, p.
2233, 1416. (59) First dividend on Jamaica National Bank stock paid April 1 1927,
1%; same amount in July and Oct. (60) Hamilton Nat. Bank to be merged with
Inter-State Trust Co. V. 125, p. 2764.
NEW YO RK AND BROOKLYN TRUST COMPANIES.

Companies.

4
500,000
192,600 M & N
8Nov,15'27. 2
100
43.900
____
New York.
200,000
West New Brigh’n al00
100,000
140,400 J & J
6
5 July 10’27. 3 American_________
a State banks, b Oct. 10 1927 for national banks and Sept. 30 1927 for State mAmer Exch Irv Tr
banks, c Decrease due to change in dividend period, d Increase due to change in Anglo-South Amer.
dividend period, e Capital of Amalgamated Bank increased from $300,000 to Banca Commerciale
Italians Trust Co
$500,000, effective Jan. 27 1927. / Includes extra dividend of 2% . g Paid in 1927
to date, Jan., 4% , interim div. of 2% Feb. 15, and quarterly dividend of 2% each /Banco di Sicilia Tr
April, July and Oct. 1. h State Bank paid on Jan. 2 1926 a 25% stock dividend. Bk of Athens Tr Co
In connection with the increase of the stock from. $3,500,000 to $5,000,000. V. 122, /Bank of Europe Tr
p . 52. f Municipal Bank paid extra dividends of 2% in both Jan. 1926 and 1927. Bank of N Y & Tr_
Capita] increased from $100,000 to $200,000, effective Oct. 30 1926; again increased | Bankers__________
to $300,000, effective Oct. 15 1927. * Includes extra dividend of 1%. I Public ' Bronx County____
National Bank paid on Mar. 31 1926 a stock dividend of 12K % in connection with Cent Merc Bk & T r.

J




...

Surplus and
Undivided Dividends Paid In 1926 and 1925
and also Last Dividend.
Profits on
Market Val.
Par Amount. Sept. 30’27. Period. 1926. 1925.\Lasl Paid. %
Capital.

$
$
$
|
3.783.300 Q—M 31
100 4.000.
000
100 32.000.
30,261,500 Q—J
000
100 1.000. 000
647,100________

m
ID

6

6 Sept. ’27. IK
m Oct. ’27. 3K
(1) Jan. 1 ’27. 51

k |Jan. ’27.
8
100 02.000.
000
1,802,500 Ann. Jan. 5k
100
/700.000
It) Oct. '27. IK
375.000 Q— J
(/)
100
500,000
509,500 Beg. bus. Apr. 1 ’26
100 *1,000,000
728,400 Q—J
lx) 16(2) Oct. '27.2KZ
24 n 2 Ire Oct. ’27. 4K
100 n6,000,000 12,477,700 Q—J
20
100 20.000. 000 40,117,300 Q—J
20,Oct. ’27.
5
910.000 Formerly 23d WardBank.
100 (1)1250,000
(2) 1
100 2,500,000 2.088.300 See note

254

NEW YO RK AND BROOKLYN TRUST COMPANIES (Concluded).

Companies.

Capital.

Surplus and
Undivided , Dividends Paid in 1926 and 1925
Profits on !
and also Last Dividend.

Par Amount. Sept.30 ’27. Period. 1926. 1925.|Losf Paid.

%

New York.
s
s
S
Central Union_____ 100 12,500,000 32,968,600 Q—J
33w 28? Oct. ’27. 7to
Corporation_______ 100
139,100 0 — M 31
500,000
18 Sept. 30’27. 4
16
County_ ________ 100 1.000,000
_
682,700 Beg. bus. Feb. 23’26 V.122, 9.1266.
Empire___________ 100,(5)4000.000 4,456,600 0 — M 31 16 (4); 16 (4) Sept30’27.3(4)
Equitable.. ____ loo 30,000,000 24,581,600 0 — M 31
12
12 Dec. 31’27. 3
Farmers’ Loan & Tr 100 yio,000,000 21,264,500 Q—F
16 (V Dec.'27. 4(12)
)
(6) Feder’n Bk & Tr 100
8
750,000
982,000 Q— J
8 Sept30'27.2(6)
(7) Fidelity________ 1001(7)4.000,000 3,389,600 0 — M 31 50(7)
10,Sept30’27. 2)4
Fulton___________ 100 21.000.000 1,506,700 Q—J
z Oct. ’27.2)43
10
Guaranty ______________ 100130,000,000 33,657,100 0 — M 31
12
12;Sept. 30’27. 4
Internat Acceptance
Secur & Trust Co 100
681,100 Beg. bus. Mar. 9 ’26.
500,000
Interstate_____ ______ 100 13,800,000 1,524,800 Beg. bus. Oct. 14’26 See note l.
^Italian Disc & Tr._ 100 1,000,000
(ft)
J & D 30
8
6 July ’26.
4
Lawyers Trust_______ 100 3.000.000 3,551,000 Q—J
87
6 Sept30’27. 1)4
(8) M anuiacturers. . 100 (8)15.250.00C 28,072,4001 Q—J i 20 u 17a Oct. ’27.
5
Murray Hill . . . . 100 1,000,000 1,057,900 Beg. bus. Sept. 7 ’26. See note (11).
New Y o r k .. _______ 10U 10,000,000 23,085,100jQ—M 31
20
20 Sept. 30’27. 5
No Amer, Tr Co of. 100
231,800|Beg. bus. Mar. 11 1924 .p
500.000
Pacific Coast_________ 100 1,000,000
261,800|Began b usine ss April 23 1927.
^Terminal_____________ 100
344,800Beg. bus. in 19 23; se.e note d.
d700,000
Title Guar & Trust 100 10,000.000 20,357,400 0 —M 3) 35') ®29jSept 30’27. 4v
Times Square________ 100 2,000.000
513,500Beg.bus. Oct. 16’26|See note (12).
U S Mtge & Trust. . 100 3,000,000 5,268,000 Q—J
16
16 Oct. ’27.
4
United States____ ___ 100 2,000,000 20,960,500 Q—J
s60 s60Oct’27.12)4 (3
Brooklyn.
Brooklyn_________ 100 2,000,000 5,633,500| Q—J
6
30 ft ft30 Oct. ’27.
Kings County _______ 100
500.000 5,365,000, Q—F
60s s45 Nov. ’27. 15
Midwood_____ ______ 100 1,000.000
524,100 J— D
6
6 June 30 '27. 3
a Decrease due to change in dividend period. 6 Italian Discount & Trust Co.
changed to Discount Nat. Bank and merged with Bowery and East River Nat.
Bank as of Feb. 21 1927. V. 124, p. 1006, 880. c Increase due to change in divi­
dend period. d Name changed from Brotherhood of Locomotive Engineers CoOperative Trust Co. to Terminal Trust Co. as of Sept. 1 1926. / Include extra divs.
5% . g Includes extra div. of 4% . ft Paid extra dividend of 5% each January
and July 1925 and 3% extra each Jan. and July in 1926 and 1927.
i Anglo Amer.
Trust paid first dividend Jan. 1 1927, 5% . j Includes extra dividends of 2% .
k First dividend, 5% , paid Jan. 1926. V. 122,, p. 1564. I Interstate Trust Co.
acquired Bloomingdale Bros, and also merged with the Franklin National Bank,
both as of close of business June 30 1927, capital of Interstate Trust Co. being in­
creased at same time from $3,000,000 to $3,800,000. V. 125. p. 81: V. 124. p.
3584, 3305. Merger with Hamilton Nat. Bank to be voted by stockholders: V. 125,
p. 2764. m American-Exchange-Pacific Bank and Irving Bank & Trust Company
merged as of close of business Saturday Dec. 11. Opened for business Dec. 13
1926 under name of American Exchange Irving Trust Co. V. 123, p. 3137, 2998,
2481, 2219, 1960, 1589. Dividends paid on Amer. Exch. Irving Trust stock 7%
in 1927 (3)4% , Q.-J.). n Paid in 1926 quar. div. of 5% and 1% extra in Jan.;
5% Apr.; 5% and 1% extra July and quar. 6% Oct. 1. In 1927 quar. 6% and 1%
extra: Mar. 30, 6% and May 12, 50% in stock, capital being increased from $4,000,000 to $6,000,000 effective close of business May 3 1927. V. 124, p. 2859, 2541,
2232. First dividend on new stock July 1 1927, 4 J % . oBanca Commerciale Ital4
iana Trust Co. capital increased from $1,000,000 to $2,000,000 as of Oct. 1 1927.
V. 125, p. 1541. p See V . 118, p. 1230, 1203. r Security Bank merged into the
Banco di Sicilia Trust Co. as of June 28 1927, capital of latter being increased from
$600,000 to $700,000 in connection therewith. First dividend paid July 1, 1927
134%; Oct. 1 1927, 1J4%. s Includes extra dividend of 10%. t Capital of Guar­
anty Trust Co. Increased from $25,000,000 to $30,000,000 as of Apr. 11 1927. V.
124, p. 1465, 1176. u Paid extra dividend 1% in Oct. 1925 and Jan. 1926. ® Said
extra dividends of 4% each quarter in 1925, the Dec. 1925 regular dividend being
increased to 4 % . In 1926 paid extra dividends of 4% in March and 5% extra
each in June, Sept, and Dec. In 1927, Mar. and June, each 5% extra, w Central
Union Trust Co. paid extra dividends as follows: Jan. 1925, 4% ; Jan. 1926, 5%:
Jan. 1927, 4% . x Formerly Bank of Europe; changed to a trust company as of Feb.
24 1926 (V. 122, p. 1127); capital of Bank of Europe increased from $450,000 to
$1,000,000 as of Nov. 19 1925. Paid in 1926, 3% reg. and 4% extra on Bank of
Europe stock and 2)4% , each Apr., July and Oct. on increased capital of Bank of
Europe & Trust Co. stock. Jan. 1927 dividend 2)4% reg. and 4% extra, y Paid on
old capital in 1925, 8% ; capital increased from $5,000,000 to $10,000,000 as of
March 4 1925 and a dividend $2.66 for two months period to April 30 1924 paid
May 1 on new capital; 4% each paid in Aug. and Nov. 1925. z Capital increased to
$1,000,000, effective March 9 1925; paid in 1925 on old capital in Jan. a semi-annual
div. of 5% and 2% extra; div. period changed to quarterly, a first quarterly div. of
$1.89 paid on old capital April 1, and 61 cents a share on new capital same time,
2)4% each paid in July and Oct. 1925 (V. 120, p. 292). Paid in Jan. 1927 2)4 reg.
and 2)4 extra. (1) Bronx County Trust Co. capital increased from $825,000 to
$1,000,000 as of Oct. 1 1926 and again increased to $1,500,000, $1,250,000 becoming
effective Jan 1 1927. V. 124, p. 2703; V. 123, p. 805. (2) Vormerly the Central
Mercantile Bank changed to a trust company as of Dec. 17 1926. Capital to be
increased to $3,500,000. V. 125, p. 2764. V. 124, p. 330, 602, 3019. (3) Paid
extra dividend of 10% July 1 1927. (4) Paid extra dividends as follows: June

Transportation Act of 1920.
(.Concluded from Paoe 8.1

tion. It is proposed to connect the two properties by using
trackage of the Pennsylvania R R . (V . 124, p. 1354.)
A plan for the unification of the Northern Pacific R y . and
the Great Northern® R y . was announced on Feb. 14 1927.
This plan discloses|that it contemplates, subject to the ap­
proval of the I.-S . C . Commission, direct operation of the
lines of railroad of these companies and of the Spokane
Portland & Seattle R y ., through lease of their properties to
a new operating company which will also exchange its stock,
share for share, for stock of the Northern Pacific and Great
Northern railways.
(See V . 124, p. 1063 and 2424.)
The application of the Reading Co. for authority to acquire
control of the Lehigh & New England R R . was denied by
the I.-S . C . Commission in a decision made public M ar. 19
1927 (V . 124, p. 1430 and 1417), holding that the proposed
lease of the property for 999 years would not be in the public
interest. Final disposition of the Lehigh & New England
R R ., control of which has been sought by several of the East­
ern lines, is a matter that can well be postponed, the Com­
mission said, until it can have before it fuller and better in­
formation in regard to the larger plans that may be proposed
for the consolidation of the Eastern railroads.
The I .-S . C . Commission in March 1927 dismissed the
applications of the Detroit & Ironton R R . for the acquisition
of control by it of the Detroit Toledo & Ironton and the
Toledo-Detroit roads on the technical ground that it involves
a “ consolidation into a single system for ownership and oper­
ation” not yet authorized by the law. The Commission de­
clared it unnecessary to discuss the collateral issues raised
by contentions of the applicants and interveners. The plan,




[V ol. 125.

RAILW AY AND INDUSTRIAL COMPENDIUM

:

1925, 1%; December 1925, 3% ; June 1926, 1%; December 1926, 3% ; June 1927, 1% .
(5) Capital of Empire Trust Co. increased from $4,000,000 to S6,000,000, effective
Oct. 20 1927. V. 125, p. 2344, 1664, 1416. (6) Formerly Federation Bank. Began
business as a trust company April 15 1926. Paid in Jan. 1927 2% reg. and 2% extra.
(7) Coal & Iron Nat. Bank merged into the Fidelity-International Trust Co.; name of
latter changed to Fidelity Trust Co. and capital increased from $2,000,000 to $4,000,000 all as of Feb. 27 1926. A special dividend of 40% was paid Feb. 25 1926. (V.
122, p. 1716, 706; V. 121, p. 2966.
(8) Commonwealth Bank, Standard Bank and'
Manufacturers Trust Co. consolidated as of July 29 1927. V. 125, p. 605, 474.
Capital of Manufacturers Trust Co. increased from S10,000,000 to $15,250,000.
V. 125, p. 474. (11) See V. 123, p. 1346, 1208; V. 122, p. 1266. 439. (12) See V.
123, p. 1836, 1590, 946, 670; V. 120, p. 2772. (12) Extra dividend.
NEW YO RK AND BROOKLYN FIRE INSURANCE COMPANIES.

Companies.

Capital.
Par Amount.

Net Surplus
Dec. 31
1926.

Dividends.
1926.

1925. 1924. Last Paid,

%

$
$
$
American Alliance. 100 2,000,000 3,676,806
16
16? 20 Oct. ’27.
4
uAm Equitable com 5
200,000 \ 1,228,406 / Recapit alized in Oct. ’27. 75c.
Preferred_______ 100
500,000 J
1
1926 u
Oct. ’27. 1M
Bankers & Shippers 100 1,000,000 1,110,494
10
10 17)4 Nov ’27. 4 'At
City of New York- 10C 1,000,000 1,265,787
12
12
12 Oct. ’ 27.
6
Common wealth___ 10C
500,000 2,563,233
20
10
10 Jan. ’27. 20
Continental______ e25 elO.OOO.OOO 25,498,904
24
24
24 July ’27. 12
(2)Fidelity-Phenix _ 25 (2) 10000000 16,217,640
24
24
24 July ’27. 8 (2)
Globe & Rutgers_ 10C 3,500,000 25,610,576
_
36 (?) 28
24 Oct. ’27. i o
General Reinsurance 25 r l,469,550 1,088,491 Q— F
(r)
5
(r) Nov ’27.
Great American... 10C 12,500,000 17,628,139
16
16
16 Oct. 15 ’27. 4
Hamilton Fire____ 15
200,004 2,305,387
28
20
16 Nov ’27. 8c.
Hanover_________
5C p l,500,000 3,800,685
10
10
10 Oct. ’27. 2)4
Home____________ 10C 18,000,000 22,068,475
18
18 Oct. ’27. 5<i
18
Home Land______ 100
600,000
400,000 Began b usine ss Jul y 1 1927.
Mercantile of Amer. 100 1,000,000 1,653,257
10
10 Jan. ’27.12)4
12)4
Common. .
Preferred..
National Liberty_
_
Niagara Fire______
Northern_________
North River_______
Pacific Fire_______
Queen of America..
Rossia of America. .
Stuyvesant________
United States_____

25 (3)750,000 \ 3,112,433 f
100 (3)250,000 J
l
l 50 n , 500, C G 7,064,683
O

5
(J
100
25
25
100
25
100
20
Westchester.______ 10

3,000,000 6,042,058
1,500,000 1,995,489
2,000,000 77)4,551,593
r l,000,000 1,138,745
03,000,000 7,155,586
*1,600,000 1,332,378
11,000,000
715,355
2,000,000 8,140,684
1.500.000 2,895,265

32z
7
20
20
10
20
7)14
(o)
24
6
28
m25

z28 7/22)4 Nov. ’27.
7
7 Nov. ’27. 13
4
40ft 20 July ’27. 30A
/18
16 Oct. ’27.
5
10
10 July 29’27 . 516
12 Dec. 15’27 . 6n
t'24 ®24 Oct. ’27. 3r
c
(o)
(0) July ’27.
24
24 Oct. ’27.
66
6 Oct. 31’27 .1*4
24
S
20 Nov ’27.
m25 m2 5 Nov ’27. 6m

c Feb. 1927 dividend increased to 8% . d Home Ins. paid Jan. 10 1927 semi-annual
dividend of 9% ; Apr. 11 quarterly dividend of 5% . e A 50% stock dividend declared
subject to stockholders’ meeting Dec. 1 1927, increasing capital from $10,000,000 to
$15,000,000, and also to reduce par value to $10. / Paid in 1925 semi-annual divi­
dend of 8% in Jan. and 5% quarterly July and Oct. g On increased capital of $2,000,000. ft Extra dividend of 20% paid Dec. 30 1925, also 20% extra July 15 1927.
i Capital increased from $700,000 to $1,000,000, effective Jan. 29 1926. j United
States Fire paid in 1927 $1.60 (8%) each quarter and extra dividend of $4 (20%)
Oct. 11. k Capital of Rossia Insurance Co. to be increased as of Dec. 15 1927 from
$1,600,000 to $2,000,000.
I Stock dividend of 33 1-3% declared payable Nov. 25 to holders of record Nov. 21,
increasing stock from $1,500,000 to $2,000,000. Stockholders’ meeting Nov. 28
to reduce par value to $10. m Dividends are paid as follows: 5% each quarter and
1)4% extra in Feb. and Aug. and 1% extra May and Nov. n North River Ins. Co.
divs. paid in 1927, March, June and Sept. 15, each $1.25 (5% ); extra div. of $2.50
(10%) Oct. 5, and quarterly dividend of $1.50 (6%) Dec. 15. o In July 1923 and
since paid semi-annual dividends (J. & J.) at the rate of 23.33% per annum. Also
a stock dividend of 66 2-3% to be paid before the end of $927, increasing capita?
from $3,000,000 to $5,000,000. p Capital of Hanover Fire Insurance Co. increased
from $1,500,000 to $2,000,000, effective Apr. 5 1927. V. 124, p. 2127. q Paid in
1926 8% reg. and 1% extra each quarter. Jan. 1927 dividend increased to 10%.
r General Reinsurance Co. began business Oct. 1923; capital, $1,500,000. First
dividend paid Feb. 1927, $1.25, and quarterly since, t Paid first dividend, 2 )4 % ,
in April 1924, and same amount quarterly to date, with extra dividends of 2% each
in Aug. and Nov. 1927. u Recapitalized in 1926 as above. Dividends paid in 1926:
on old capital of $500,000, 25c. reg. and 25c. extra in Jan. on new capital, 75c. on
common in April, July and October, and 134 % on preferred in April, July and Octo­
ber. v Paid in 1924 and 1925, 6% regular each Jan. and July and 6% extra each
April and Oct., and in addition a stock dividend of 150% was paid Dec. 15 1925,
increasing stock from $400,000 to $1,000,000; paid in 1926 on new capital regular
dividend, 4% in both Jan. and July, and 3% extra in both April and Oct.; same pay­
ments since to date. w Includes special reserve and guaranty surplus funds. y Paid
in 1924 on common, $1.37)4 (5)4% ) each Feb., May and Aug.; Nov. div. increased
to $1.50 (6% ). 2 In 1925 paid on common $1.75 (7%) each quarter; in 1926, $2
(8%) each quarter; 1927 on new capital, $1.25 (5%) each quarter. (2) FidelityPhenix Ins. Co. declared a stock dividend of 100%, payable Jan. 10 1927, increasing
stock from $5,000,000 to $10,000,000. Paid first div. on new capital, $2, Jan. 10
1927. (3) Capitalincreased as of Dec. 30 1926, common from $750,000 to $1,500,000
and preferred from $250,000 to $500,000.

which was opposed by the minority stockholders, offered
the latter $104 a share for their common stock holdings.
The Commission, in its findings, said “ that there is dis­
crimination against the minority appears from the fact that
they are given no choice but to accept the cash equivalent
of the value placed upon the stock in the manner described
a bove.” (V . 124, p. 3491.)
On the ground that proposals for railroad consolidations
should not neglect provision for including appropriate con­
necting short lines, Examiner Ralph R . M olster for the I.-S .
C . Commission, in a report to that bodjr, and made publie
June 2 1927, recommended that the Commission deny the
application of the N ew York Central R R . for authority to
acquire control by long-term lease of the properties of the
Michigan Central and “ Big Four” railroads, which it already
controls by overwhelming stock ownership (V. 124, p. 3271).
Early in September 1927 the New York Central R R . filed
with the Commission a petition for a further hearing on the
application for authority to lease these lines for the purpose
of offering further testimony concerning the financial, traffic,
operating or other conditions affecting short lines connecting
with the lines involved in the proposed leases. Hearings on
the newr application will be held Jan. 9 1928.
A recommendation that the I.-S . C . Commission deny the
application of officers and directors of the Baltimore & Ohio
R R ., the N ew York Central R R . and the N ew York Chicago
& St. Louis R R . for authority to serve also as directors of
the Wheeling & Lake Erie R y . in which the three trunk
lines had each purchased a large stock interest in the early
part of 1927, was made N o v . 16 1927 by C . V . Burnside,
Assistant Director of the Commission’s Bureau of Finance,
and Examiner O. D . W eed, in a report made public by the

Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

Commission. The Commission has also been advised in the
Examiner’s report that the first three companies had pro­
ceeded without proper authority in acquiring control of the
Wheeling & Lake Erie R y . (V . 125, p. 2727).
On April 5 1926 the late Senator A . B. Cummins intro­
duced a bill entitled “ A Bill to Provide for the Consolida­
tion of the Carriers by Railroad and the Unification of Rail­
way Properties in the United States,” which was accompanied
by a report by him explaining, among other things, why the
above bill was introduced and reported upon instead of
S-1870. Among the changes proposed by this bill (S-3840)
are the following: (1) It would eliminate the requirement
in the Transportation Act that securities of a consolidated
system should not exceed the combined valuations of its con­
stituent properties as found by the I.-S . C. Commission; (2) it
would postpone for 5 years the period during which the
Commission is required to draw up plans for consolidations,
leaving them voluntary, subject to the approval of the
Commission in the meantime; (3) it would provide that the
test of whether a railroad has net operating income in excess
of 6 % , subject to recapture, should be the average net
operating income for 3 consecutive years and not year by
year; (4) it would cause recaptured earnings to be distributed
among railways earning less than 5% .
On April 12 1926 a bill was introduced by Representative
James S. Parker, Chairman of the House Committee on InterState and Foreign Commerce, entitled “ A Bill to Promote
the Unification of Carriers Engaged in Inter-State Com­
merce and for Other Purposes.” This bill differs from the
present law and Senate Bill, among other features, in that
it permits voluntary consolidations by carriers. It does not
require the adoption and promulgation of a consolidation
plan by the Commission, but provides that, upon the
expiration of 7 years from its passage, it shall be the duty of
the Commission to report to Congress the extent to which
unifications have taken place in accordance with it, and,
“ in the light of the conditions then existing,” its recom­
mendations as to further proceedings. It omits the provision
of the Senate Bill, which proposes the use of recaptured
earnings as an inducement to encourage consolidation.
The repeal of the law requiring the I.-S . C. Commission
to formulate a plan for the consolidation of the railroads of
the country into a score or more systems was asked of
Congress by the Commission in its 39th annual report
submitted on Dec. 10 1925. A t the same time it was sug­
gested that the Transportation Act be so changed as to
expedite the natural grouping of the carriers into a smaller
number of systems, the Commission retaining the power to
approve or disapprove the mergers undertaken.
The
majority of the members of the Commission, according to
the report, believe that “ results as good and perhaps better
are likely to be accomplished with less loss of time if the
process of consolidation is permitted to develop under guid­
ance of the Commission” in a normal way.
The Com ­
mission’s recommendations with respect to consolidation
follow:
That paragraphs (2) to (6) inclusive, o f Section 5 o f the Inter-State Act
be amended (a) by omitting therefrom the existing requirement that we
adopt and publish a complete plan of consolidation; (b) by making unlawful
any consolidation or acquisition o f the control o f one carrier by another in
any manner whatsoever, except with our specific approval and authoriza­
tion; (c) by giving us broad powers upon application and after hearings to
approve or disapprove such consolidations, acquisitions o f control, mergers,
or unifications in any appropriate manner; (d) by giving us specific authority
to disapprove a consolidation or acquisition upon the ground that it does
not include a carrier or all or any part o f its property which ought to be
included in the public interest and which it is possible to include upon
reasonable terms; (e) by modifying sub-paragraph (b) o f paragraph (6) so
that the value o f the properties proposed to be consolidated can be more
expeditiously determined; and (f) by providing that in the hearing and
determination of applications under Section 5, the results of our investiga­
tion in the proceeding o f our docket known as N o. 12964, Consolidation of
Railroads, may be utilized in so far as deemed by us advisable.

Provisions of Transportation Act
Tbe following indicates some of tbe distinctive features
of the Transportation A ct of 1920.
This act was pub­
lished in full in the “ Chronicle” of Feb. 21 1920, p. 715
to 732, with an amendment in V . 110, p. 2250.
RATES MUST BE ADJUSTED SO AS TO YIEUD A FAIR RETURN.
—The Commission is from time to time to determine and make public
what percentage of the aggregate property value constitutes a fair re­
turn thereon. Such percentage must be uniform for all rate groups or
territories which may be designated by the Commission. In making such
determination it shall give due consideration, among other things, to the
transportation needs of the country and the necessity (under honest,
efficient and economical management o f existing transportation facilities),
of enlarging such facilities in order to provide the people of the United
States with adequate transportation: Provided, That during the two
years beginning March 1, 1920, the Commission shall take as such fair
return a sum equal to o% % of such aggregate value, but may, in its
discretion, add thereto a sum not exceding
of 1% o f such aggregate




255

value to make provision in whole or in part for improvements, better­
ments or equipment, which, according to the accounting system prescribed
by the Commission, are chargeable to capital account.
The Commission in a decision handed down in May, 1922, as noted on
page 3 (inside of second column) stated “ that on and after March 1,
1922, a fair return upon the aggregate value of the railway property will
be 5% % ."
Pending the completion of its valuation of the railway properties in the
United States, the Commission is required to make tentative valuations of
the several roads as a basis for rate-making. In July, 1920, the Commis­
sion placed a tentative value on all the railroads in the United States of
$18,900,000,000 as against a book value of $20,040,572,611.
DISTRIBUTION OF EARNINGS IN EXCESS OF 6% — Net railway
operating income in any year in excess o f 6% of the value o f the property
shall be utilized as follows; (a) One-half of such excess shall be placed in
a Reserve Fund maintained by the railroad: (V) the remaining one-half shall
go Into a General Railroad Contingent Fund (see also page 3 o f this publica­
tion) .
REFUNDING OF C A R R IE R S’ INDEBTEDNESS TO THE U N IT E D
STATES.— The net Indebtedness o f each carrier to the United States for
additions or betterments may be funded for a period o f ten years (or less
at option of company) from the termination o f Federal control, with interest
at 6% per annum .subject to the right of the carrier to anticipate the pay­
ment o f the whole or any part o f the indebtedness. Any remaining debt
to U. S. to be evidenced by 6% notes running one year or less.
CONSOLIDATION OF R AILROAD PROPERTIES— STOCK CON
TROL, &c.— The Inter-State Commerce Commission is directed to pre­
pare and adopt a plan for the consolidation o f railroad properties into a
limited number o f competing systems, and consolidations are authorized
when In harmony with the plan as adopted and approved by the Comis­
sion. See remarks above and plans as proposed in 1921, V. 113. p. 1429
to 1431, and 1950.
The Commission shall also pass on any proposed measures for the control
of one road by another by consolidation, lease, stock ownership or other­
wise. In any consolidation the total amount o f outstanding stock and
bonds o f the consolidating company shall not exceed the value o f the con­
solidated properties as determined by the Commission.
JOINT USE OF T E RM IN A LS.— The Inter-State Commerce Commis­
sion whenever in its opinion there exists an emergnecy may require such
joint or common use of terminals, including main-line tracks for a reason­
able distance outside o f such terminals, as in its opinion will best meet the
emergency and serve the public interest.
INTER-STATE COM M ERCE COMMISSION M A Y IN IT IA T E
RATES.— In the exercise o f its power to prescribe Just and reasonable
rates, the Commission can initiate as well as modify and establish rates.
CONTROL OVER SECU RITY ISSUES.— The Inter-State Commerce
Commission is given exclusive control over the issuance o f all railroad
securities, except notes maturing In less than two years when the total issues
of said notes o f the railroad amounts to less than 5% o f its capitalization.
See regulations, V. I l l , p. 1814. 1049, 587
Federal C ontrol— Standard R eturn.
The proclamation o f President Wilson assuming control o f the roads wasdated Dec. 26 1917. See V . 105, p. 2509; V. 106, p. 35; V. 108, p. 2081.
CONTRACTS FOR GOVERNM ENT CONTROL— RE N TA L P A Y ­
M ENTS.— The form o f contract which the Government executed, with
slight variations, with the railroads, will be found in V. 107, p. 1157, 956.
The Act of Congress approved March 21 1918 (cited in V. 106, p . 1421)
authorized the President “ to agree with and to guarantee’ to any carrier
“ that during the period of such Federal control it shall receive as just com­
pensation an annual sum (herein called standard return) for each year
. . . not exceeding a sum equivalent as nearly as may be to its average
annual railway operating income for the three years ended June 30 1917.
In a few cases for special reasons extra compensation was granted. Disputes
however, arose, and when Federal control was terminated Feb. 29 1920 there
still remained a number o f roads concerning which the question o f compensa­
tion, whether the standard return or a larger sum, was still to be determined.
Out o f the aforesaid compensation as supplemented by the company’s
non-operating income, Including interest and dividends on any bonds or
stock owned, and other outside items each company was required to pay all
Federal (war) taxes, interest and other fixed charges, and also any dividends
allowed on their capital stock.
United States Railroad A dm inistration.
Director-General of Railroads and Agent of the President, Andrew W .
Mellon; Assistant Director-General, Sidney F. Andrews; Comptroller,
O. Thacker; General Solicitor, Sidney F. Andrews; Treasurer, R . O.
Dunlap. Headquarters, Hurley-Wright Bldg., 18th and Pennsylvania
A ve.. N .W ., Washington, D . C.

Increases and Decreases in Railroad Rates.
During the period of Government control operating costs
had been so enormously increased that the roads fell far
short of meeting their expenses and charges, leaving a
heavy deficit for the Government to make good. W ith the
return of the roads to private control, therefore, it hence
became necessary to arrange for increasing rates for the
transportation of both passengers and freight. The exten­
sion of the guaranty period for six months after the roads
had been turned back to their owners was for the purpose of
allowing time in which to make the adjustment. Just as the
Inter-State Commerce Commission was ready to announce
its decision, there came the decision of the R R . Labor Board
on July 20 1920 awarding increases in wages aggregating
$625,000,000 or more per year. The roads had asked for
increases in rates to yield additional revenue of $1 ,017,766,000 per annum.
Following the award of the Labor Board
the roads petitioned the Commission for further additions to
revenue in the amount of the increase. On July 31 1920 the

256

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

These increases in rates were expected to add $1,500 ,000,000 to the yearly revenues of the roads. But, unfortun­
ately, a sudden decline in traffic caused an alarming falling
off in railway operating income, notwithstanding the higher
rates received.
(V . 113, p. 2155.) It then became necessary
to reduce both rates and wages.
On N ov. 17 1921 the Railroad Executives, in anticipation
of a wage cut of 1 0 % , announced a 1 0 % reduction in rates
on farm products for all parts of the country, except New
England (and in New England also it was voluntarily
accepted by most of the railroads), the old rates to be
restored at the end of six months in case the expected lowering
of railroad wages had not been accomplished. (V . 113,
p. 2154, 2470, 2786.) This move followed numerous and
important rate reductions on many products since Aug. 26
1920, when the general advance mentioned above was
ordered. The 1 0 % reduction in rates on farm products it
was estimated would save shippers about $55,000,000.
In M ay 1922 the Inter-State Commerce Commission
ordered a horizontal reduction of 1 0 % in rates, effective
July 1 1922. For full text of decision see “ Chronicle” of
M ay 27 1922, pages 2317 to 2329. In the case of grain,
grain products and hay in Western territory the Commission
had the previous autumn ordered a freight rate reduction
of 1 6 ^ % , which went into effect Jan. 1 1922. That
reduction was allowed to stand without change, the 1 0 %
cut not in any way affecting it.
On April 17 1923 reductions were permitted in freight
rates to meet Panama Canal competition on certain heavy
commodities to Pacific Coast and intermediate points. The
reductions apply to all Western lines, including those like the
Atchison and Southern Pacific,.that reach the coast by the
Southern route, and the Union Pacific that goes by the
Central route, as well as the Northwestern roads. Some time
before the Inter-State Commerce Commission had refused to
permit those lines to charge a higher rate to intermediate than
to Pacific Coast points. Further reductions by the same
lines were ordered to become effective June 1 1923. The
latter ran as high as 5 0 % , it was stated, on some commodi­
ties. (V . 116, p. 2089, 1014.)
Th e Inter-State Commerce Commission, for the second
time in five years, denied on March 13 1926 the application of
Western transcontinental railroads for authority to depart
from the long-and-short-haul provision of the Inter-State
Commerce A ct. The carriers had sought permission to
reduce freight rates on long hauls without applying the cuts
to intermediate movements. The roads’ petition involved
reductions on 47 commodities, moving from origin territory
west of the Indiana State line to Pacific Coast terminals,
the lower rates having been sought to cope with Eastern
manufacturers who can ship through the Panama Canal.
(V . 122, p. 1558.)
Railroads operating through the Southwest and the lower
Mississippi Valley were ordered by the Inter-State Commerce
Commission on March 15 1923 to make a general revision of
commodity freight rate schedules, effective June 30 1923.
(V . 116, p. 1138.)
H . C . H all, formerly Chairman of the Inter-State C om ­
merce Commission, in a letter dated M ay 28 1924 to Senator
Smith, Chairman of the Senate Committee on Inter-State
Commerce, answering an inquiry made by the latter as to
rate reductions, stated that “ it has been estimated that from
July 1 1922 to the end of 1923 the shippers and consumers of
the country have paid nearly $800,000,000 less in charges
for transportation of property than would have accrued if no
reductions had been made below the basis established on
Aug. 26 1920.”
“ Of this,” said M r. Hall, “ it has been
roughly estimated that more than $175,000,000, or about
2 2 % of the total, represents a decrease in freight charges on
livestock and the products of agriculture.” The following
is taken from Chairman H all’s letter:




[V ol. 125.

KAILWAY AKI) INDUSTRIAL COMPENDIUM

Excerpts from Letter of Chairman H . C. Hall of the Inter-State
Commerce Commission to Senator Smith, Chairman of the
Senate Committee on Inter-State Commerce, Dated
May 28 1924.
Since July 1 1922 there have been no general reductions over the country
as a whole or throughout any of the major rate groups. Many reductions
have been made In individual cases, but they have been relatively unim­
portant as compared with those made previous to and including the general
reduction of July 1 1922. Readjustments of rates on some 30 commodities
In the Southwest, involving both increases and reductions, but not designed
to affect the carriers’ aggregate revenues, became effective Nov. 27 1923
Other commodity rates in that territory are now in the course of similar
revision.
It has been estimated that from July 1 1922 to the end of 1923 the ship­
pers and consumers of the country have paid nearly $800,000,000 less id
charges for transportation of property than would have accrued if no reduc­
tions had been made below the basis established on Aug. 26 1920. Of this.
It has been roughly estimated that more than $175,000,000, or about 22%
of the total, represents decrease in freight charges on livestock and the prod­
ucts of agriculture. The latter constitute approximately 15% of the ton­
nage.
In the attached statement, marked “ Appendix I ” [given below] will be
found a list of important general rate reductions between Oct. 26 1921 and
July 1 1922.
The attached statement marked “ Appendix 2” [given below], shows repre­
sentative rates now in effect on lumber, base bullion, packing-house products
sugar and iron ore as compared with the rates in effect on Aug. 26 1920.
The percentage relationship of the present rates to the Aug. 26 1920 rates
is also shown.
A P PE N D IX 1.
Important General Rate Reductions Between Oct. 26 1921 and July 1 1922,
Inclusive.
1. A 10% reduction In rates on a products of farm, garden, orchard
and ranch—other than grain, hay and their products, and livestock— which
became effective about Jan. 1 1922.
2. A reduction of 10% in rates on livestock between any two points,
both of which are located west of the Indiana-Illinois State line or the
Mississippi River, where such rates wer 50 cents per 100 pounds or less.
This reduction became effective about Jan. 1 1922.
3. Reductions in rates on grain, hay and their products made by the order
of the Commission effective about Jan. 21, between any two points located
west of Lake Michigan or the Indiana-Illinois State line and east oi thr
Rocky Mountains; on wheat, hay, and their products, such as flour, cornmeal, bran, alfalfa meal, &c., 13%; on corn, oats, barley, and otherso-called
coarse grains, and their products, 21%
4. Reductions ranging from 1 to 15% on forest products from Southern.
Southeastern and Southwestern producing territory to points in Eastern
Trunk Line and Central territories, including points in Illinois and Wiscon­
sin. These reductions became effective about May 10 1922 and were the
result of the Commission’s opinion in the Southern Hardwood Traffic As­
sociation case. Docket No. 12995.
5. Material reductions in rates on coal, both bituminous and anthracite,
from Lake Superior docks to points in Minnesota, and also in South Dakota
on and east of the Missouri River. These reductions were made effective
about April 1 1921, and were the result of the Commission’s decision in
the Holmes & Hallowell case. Docket No. 6194.
6. General reductions in rates under the Commission’s opinion in Re­
duced Rates, 1922, Docket No. 13293. These reductions became effective
July 1 1922 and applied to all classes and commodities. The general
effect was to make a reduction of 10% in the rates of June 30 1922, except
In cases where prior thereto and subsequent to the general increase of Aug.
26 1920 reductions had been made by that per cent or more. Generally
speaking, no rates were to be higher than 90% of the Aug. 26 1920 rates,
and where reductions had been made but not to that basis, such further
reductions were required to be made to bring the rates to that level.
A P PE N D IX 2.
Carload Rates on Commodities Indicated.
[Rates In cents per 100 pounds, except as noted.]
Rate

C om m od ity.

F rom —

To—

________
do
do
Beaumont, Tex___
North Pacific Coast
(Portland, Ore.)-

Indianapolis Pittsburgh
Okla’ ma City
Chicago.........
B uffalo____
New York_
_
Alexandria, La____ St. Louis___

New York__
do
Anaconda, Mont_
_

Rates In amounts per International, Utah Chicago____
Packing bouse products

_
do
.............. New York_
Fort Worth, Tex__ St. Louis___
New York_________
San Francisco______

do
do

New Orleans_______ Kansas C ity.
glnla, M lnn .)l_
_

Rate
M ay 1

1920.

1924.

Aug. 26

17
15.5
32.5
29.5
39.5
35.5
35
39
72
80
88.5
101
106.5
90
32.5
29.5
44
39.5
54.5
49
$15.30 a$9.50
6S12.00
&$7.90 &S7.09
$22.00 a$12.50
616.50
6S16.30 6S9.50
6S19.40 $12.50
40
36
103
92.5
55
61
94.5
93
54
60
63
56.5
C93.5
c84
dl09.5 d91
72
65
€95
«86

% of
D e­
crease.
9
9
10
10
10
12
15
9
10
10
38
22
10
43
25
42
36
10
10
10
2
10
10
10
17
10
10

a Copper, b Lead, c Minimum weight, 80,000 lbs. d Minimum weight, 60,000
bs. e Per 2.240 lbs.— proportional rate applying on traiiic destined outside State

The Inter-State Commerce Commission on July 17 1924
definitely refused further rate reductions on grain, grain
products and hay, sought by 10 States of the Mississippi
and Missouri Valley cereal growing region under the leader­
ship of the State of Kansas. The Commission held that the
financial status of the carriers did not justify the step,
while, in general, it held that the financial situation of the
Western grain farmers was showing a slow improvement,
relieving them of the necessity for the reduction.
(V . 119.
P. 288.)
On July 10 1926 a reduction of 3 cents per 100 lbs. was
made effective by the Minneapolis & St. Louis R R . Co. on
grain moving from southwestern points, milled in transit at
Minneapolis and southern Minnesota mills, and moving east
via Peoria. The rate on grain from Kansas City to Minne­
apolis is 1 7 cents per 100 lbs., and formerly, when m ',,ed
in transit at Minneapolis, paid an arbitrary of 11 cents per
100 lbs. to Peoria over the inbound rate; it was in this arbi­
trary that the reduction of 3 cents was made, from 11 to
8 cents. On Aug. 9 1926 six other roads made effective a like

Nov., 1927.]

INDUSTRIAL STOCKS AND BONDS

reduction on grain from Missouri River points and beyond,
applying the reduced rate to Chicago, Milwaukee and other
Eastern gateways on shipments for points east of the lllinoisIndiana line. The grain crop in the Southwest in 1926 was
unusually heavy.
Following the reduction in the rate on Southwestern grain
came the further announcement by the Minneapolis & St.
Louis R R ., on July 27 1926, followed by the “ Soo” Line on
July 31 of a proposed reduction of 6 cents per 100 lbs. from
the Twin Cities and Duluth-Superior on grain and grain
products originating in northwestern Minnesota, North D a­
kota, M ontana and a few points in South Dakota, shipped
by way of Peoria, in the case of the first carrier, to territory
east of Buffalo and Pittsburgh, and by way of Sault Ste.
M arie and the Canadian Pacific R R . to points in New Eng­
land in the case of the “ Soo” Line. (V . 123, p. 665, 940,
1204.) On Feb. 17 1927 the Commission decided against
these reductions. (V . 124, p. 1305, 1463.)
Under the Hoch-Smith. resolution passed by Congress on
Jan. 30 1925, the Inter-State Commerce Commission was
directed to make a thorough investigation of the rate struc­
ture of common carriers. A petition was filed late in April
1925 by the Western railroads for an increase in revenues in
their territory. The petition was not in the usual form of a
proposal for an increase in rates, and made no suggestion
as to how the increased revenues should be porvicied, but
asked that the Commission, “ in pursuance of the powers in­
vested in it and the duties imposed upon it by the Inter-State
Commerce Act, after due investigation, issue the necessary
order or orders which will result in yielding to the carriers
operating in the Western district a net rate of return of not
less than 5 % % . ” Based on the results for 1924, when the
Western roads had a net railway operating income of $378,080,991, or 3 .8 7 % , on their property investment, it would
require an increase in revenues of approximately $182,000,000
to bring the return up to the $560,000,000 that would mean
a 5 % % return. As the freight revenues of the Western lines
in 1924 were $1,655,000,000,000, this would be equivalent
to a general advance in freight rates of about 1 1 % . The
petition showed that not only was the general advance in rates
allowed by the Commission in 1920 insufficient to produce the
fair return contemplated by the A ct, but that reductions in
freight rates made since have prevented them from realizing
it as the result of increased traffic. T his petition followed the
statement which had been filed by the Western carriers of
their views in relation to the Commission’s general rate struc­
ture investigation under the Hoch-Smith resolution, in which
statistics were presented to show that the present situation of
the Western lines calls for advances in their rates, rather than
reductions. It was signed by 66 roads, of which six— the
Chicago Milwaukee & St. Paul, Chicago & Alton, Denver &
Salt Lake, Minneapolis & St. Louis, San Antonio Uvalde &
Gulf, and Trinity & Brazos Valley, are in the hands of re­
ceivers.
(V . 120, p. 2500, 656; V . 119, p. 2969.) See also
annual report of I.-S . C . Commission published in the
“ Chronicle” of Dec. 11 1926, page 2996.
The 5 % general increase in freight rates sought by the
Western railroads was denied in an opinion of the I.-S . C.
Commission made public July 17 1926, the Commission in its
conclusions stating that “ it is quite clear from the evidence
that so far as the major portion of the Western district is
concerned, no financial emergency exists.” The Commission
at the same time denied the petition of security holders of
Northwestern carriers for an additional 1 5 % horizontal in­
crease in rates in Western trunk line territory. The Com­
mission also held that the earnings of the roads in the W est
as a whole had not been such as to warrant at this time a
general downward revision of rates on farm products includ­
ing livestock, and held to be unnecessary the creation of
separate rate groups which had been proposed for the South­
west, taking in Arkansas, Oklahoma and Texas, southern
Kansas, Missouri south of the Missouri River, and that part
of Louisiana west of the Mississippi. A separate group had
also been suggested, to be known as the Mountain PacificSouthern group, which would have been created by dividing
the present Mountain-Pacific group. (V . 123, p. 416, 417,
2079.) Application had been made on M a y 24 1925 by the
Western railroads, including the Northwest group, for
permission to increase rates on a straight percentage basis.
This increase would have had the effect of a 1 0 % or 1 1 %
advance in freight rates from the existing levels (see above).
Subsequently the receivers of the Chicago Milwaukee &
St. Paul R y . presented a plan devised by M ark W . Potter,
former Inter-State Commerce Commissioner, and now
a receiver for that property, calling for a 5 % freight rate
increase to all Western carriers, but providing for pooling of
the additional revenues derived from the increase, and redis­
tribution thereof in such a way as to provide, in effect, more
than 5 % for the so-called weaker roads, and less than 5 % for
the stronger systems.
(See also table showing the applica­
tion of the Potter plan to railroads operating in Western ter­
ritory in V . 121, p. 36.) In August 1925 some of the Western
carriers announced their willingness to accept an increase in
rates of 5 % , instead of the 11 % preAdously sought (see V . 121,
p. 802, 1310). Hearings were opened in Chicago on Sept. 8
1925.' Briefs in support of the urgency of a 5 % increase in
freight rates were filed by the Western carriers with the Com ­
mission in March 1926 (V . 122, p. 1715). A supplemental
brief in answer to arguments opposing the increase sought was
filed on April 24 1926 (V . 122, p. 2449).




257

A downward revision of freight rates on fertilizer and fer­
tilizer materials between points in Southern territory was
directed in an order issued by the I.-S . C . Commission on
Aug. 17 1926. Railroads were ordered to put the new scale
of rates into effect by Jan. 1 1927. (V . 123, p. 941.)
An entire revision of the interstate class rates and many
commodity rates in the Southwest, on a comprehensive
system of scales based largely on distance, was ordered by the
Inter-State Commerce Commission in its decision made
public on April 23 1927 (decided April 5) in the cases com­
bined under the title Consolidated Southwestern Cases.
The decision includes not only Oklahoma and Texas but
Arkansas and Louisiana west of the Mississippi River and
parts of Kansas and Missouri. It includes revision of rates
from and to grouped points in the States beyond the Mis­
souri and Mississippi rivers and east of £he Rocky Mountain
States. Practically all commodities, principally manu­
factured articles, are affected, but including no basic com­
modities or raw materials, such as grain, sand, lumber or the
like. The new rate structure consists of 10 class and 9 com­
modity scales. Additional scales may be inserted as found
desirable or necessary.
(See “ Railway Age” of April 30
1927, pages 1325 to 1332.)

New England Roads Allowed a Higher Pro Rata.
Because of the relatively disadvantageous position of the
New England group of roads, a readjustment of the basis for
division of through rates was authorized by the Inter-State
Commerce Comm sion on Feb. 14 1922, effective March 1
1922, by which the New England roads other than the Bangor
& Aroostook were given an increase of about 1 5 % in the
amount coming to them from the division of revenue derived
from most classes of traffic interchanged with the lines west
of the Hudson River. (V . 114, p. 702, and V . I l l , p. 1942;
V . 112, p. 744, 987.)
Compare remarks in Oldham merger
plan, V . 113, p. 1950, 1951. In the suit brought in April
1922 against the Commission to prevent the carrying out of
this increase as discriminatory, the United States Supreme
Court on Feb. 19 1923 handed down a decision upholding the
order of the Commission.
(V. 114, p. 917. 1253.)
The I.-S . C . Commission on July 11 1927 made public a
report on further hearings in the New England divisions
case, in which it deals with requests made by the New
England lines for additional increases on certain traffic and
also with petitions filed by Western and Southern lines
asking that they be not required to contribute to the in­
creased divisions of the N ew England lines and of certain
other lines asking that their divisions be increased. The
Commission now finds that since 1922 the trend of earnings
in N ew England has been more favorable than in the re­
mainder of the Eastern group and that the record affords
no basis for giving greater weight to the financial needs of
the New England lines than was given at the time of the
amended order (see “ Railway A ge” of July 16 1927, page
121). Petitions for a modification of the Commission’s
order in the above case was denied in October 1927. The
order became effective Oct. 1 1927.
(See also V . 125, p.
342 and 1010.)
C h an g es in R ailroad W a ges.
On July 20 1920 the U. S. RR. Labor Board, acting under
Transportation Act of 1920, granted wage increases to the
2,000,000 railway employees of the United States, retroactive
to May 1 1920, which the Board estimated would add approx­
imately $600,000,000 to the pay-roll, but which the Associa­
tion of Railway Executives estimated at $625,921,085, or
21% , and which appears to have aggregated possibly
$720,000,000.
Increases aggregating about a billion had
been demanded. See V. I l l , p. 347 to 350, 459, 460; V.
110, p. 2252, 2254, 2624.
On July 1 1921, after careful investigation, the U. S. Labor
Board permitted the railroads, aside from the so-called short
lines (which are in a class by themselves), to make a wage
decrease of about 1 2 % , as against the aforesaid wage advance
of May 1 1920. It was estimated that this would effect a
saving in the yearly pay-rolls of the roads of $375,000,000.
(Compare V. 112, p. 2143 to 2150, 2377; V. 113, p. 33.)
While the decrease was duly put in effect, the question
whether it should be accepted or should be opposed by a
strike was referred by the leaders of the 16 railroad unions
to their local organizations (V . 113, p. 149), which, It
appears, were quite generally in favor of a strike, both to
recover the lost wages and prevent further unfavorable
changes in wage or labor conditions.
When, however, it came to the actual declaring of a strike
only the four trainmen’s brotherhoods and the switchmen’s
union were prepared to take this step in the face of a
strongly adverse sentiment on the part of the public and the
Federal Government, and even in the case of these unions,
on a number of roads, notably the Pennsylvania Eastern
Lines, the necessary 66 2-3% vote was lacking (V. 113, p.
1326, 1706, 1718, 1730 to 1738).
The strike was scheduled to begin in the various sections
of the country Oct. 30 to Nov. 5 1921 (V. 113, p. 1735), but it
was called off on Oct. 27 1921 after a hearing before the La­
bor Board, in view of the vote by the latter that it would not
take up the matter of wage decreases until all the questions
relating to national rules and regulations had been disposed
of by it. (V. 113. p. 1849 to 1852, 1943.)

258

INDUSTRIAL STOCKS AND BONDS

In 1921-22 the national rules were rewritten by the Labor
Board on a somewhat more satisfactory basis for the shop
crafts and maintenance of way men, clerks and station
employees, signal men, supervisors, firemen and oilers, train
dispatchers, railway express employees, &c., but not for the
Brotherhood of Locomotive Engineers, Brotherhood of Loco­
motive Firemen and Enginemen, Order of Railroad Conduc­
tors, Brotherhood of Railroad Trainmen and Switchmen’s
Union of North America. The efforts of the railroads to
get these latter bodies to agree to a further wage reduction
of about 1 0 % and to submit to various changes in the rules
failed in April 1922.
The rules as revised for the other unions in general added
from one to two hours to the eight hours that must be worked
at the regular pro rata rate before the punitive extra pay
becomes operative.
Following a test suit brought by the Atchison Topeka &
Santa Fe R y ., the Federal District Court at Chicago in
April 1924 handed down a decision upholding the nine-hour
day ruling of the I.-S . C . Commission for yardmasters.
This order affected between 8,000 and 9,000 yardmasters on
roads in all parts of the United States, who formerly worked
12 hours per day (V . 118, p. 2040).
Reductions in wages of shopmen, maintenance of way
men, freight car men, signal men, clerks, & c., aggregating
approximately 8135,000,000 per annum, were announced by
the United States Railroad Labor Board in M a y and June
1922, effective July 1 1922. V . 114, p. 2432, 2541, 2784.
Following the wage reduction, the shop craft organizations
went on strike July 1 1922, and for three months thereafter
the railroads of the country were seriously handicapped in
their operations. V . 115, p. 139. On July 17 1922 about
8.000 stationary firemen, engineers and oilers also were
called out. President Harding made strenuous efforts to
get the strikers to return to work and held numerous confer­
ences with representatives of the unions and with railway
executives.
But his proposals for the settlement of the
strike of railway shopmen, though accepted Aug. 2 1922 by
the employees, fell through, because the carriers rejected the
recommendation that the men return to work with their
former seniority and other rights unimpaired (V . 115, p.
611, 612). Later in the month, however, many of the roads
made individual agreements with their men on the basis of
the so-called Baltimore plan or other separate arrangements,
and where this was not done the strikers in large numbers
gradually drifted back, so that by the end of September 1922
the strike ceased to be much of a disturbing influence. V.
115, p. 2123, 1596, 1282, 1283. In February 1925, long after
the strike had ceased of all influence, the shopmen’s union
declared the strike ended on all roads except the Pennsyl­
vania and Long Island railroads.
A temporary injunction restraining the officials of the
Federated Railway Shop Crafts from interfering in any way
with the operation of the railroads was granted at Chicago
Oct. 5 1922 by Federal District Judge James H . Wilkerson,
and later was continued in force. This was an additional
aid in breaking up the strike. (V . 115, p. 1495, 2123.)
On M a y 1 1923 leaders of the strike of railroad shopmen
abandoned their case in defense against this injunction and
announced that their principal contentions in the case had
been upheld.
(V . 116, p. 2086.) A final decree making
permanent the temporary injunction was entered July 12
1923 by Judge Wilkerson. The decree affected about
400.000 railroad employees and officers of the shop crafts
concerned in the strike.
(V . 117, p. 169.)
T h e threatened strike of 400,000 maintenance of way men
had meanwhile been stayed, E . F . Grable, President of the
United Brotherhood of Maintenance of W a y Employees and
Railway Shop Laborers, having reached an agreement with
the Railroad Labor Board to withhold any strike order until
the Board could arrange for a rehearing (V . 115, p. 139,
39 5), After the rehearing the Labor Board (Oct. 14 1922)
granted the employees, represented by the United Brother­
hood of Maintenance of W a y Employees and Railway Shop
Laborers, an increase, effective Oct. 16 1922, of 2 cents an
hour over the reduced schedule put in force on July 1 1922
(V . 115, p. 1790).
An increase totaling over $3,000,000, together with the
eight hour day and time and-one-half for overtime, was
granted to approximately 65,048 members (freight employees
and common laborers) of the Brotherhood of Railway and
Steamship Clerks, Freight Handlers, Express and Station
Employees, effective March 1 1923. V . 116, p. 898; V . 115,
p. 2446 , 2343.
The United States Railroad Labor Board on March 10
1923 refused to reopen the case under which 11,000 tele­
graphers on eleven Western roads suffered wage reductions
(said to total $1,500,000 annually) in a decision handed down
by the Board in December 1922 (V . 115, p. 2755), and which
became effective Jan. 1 1923. (V . 116, p. 1138.) Increases
in wages affecting about 5,500 telegraphers and station
agents and aggregating approximately $364,432, were, how­
ever, granted by the Board in N o v . 1923 on a number of
roads. (V . 117, p. 2400.)
On April 24 1923 the Brotherhood of Maintenance of W ay
employees, & c ., filed a request with the Labor Board for a
return to wages in effect prior to July 1 1921 (V . 116, p
1856). The petition affected 28 railroads and 175,000 em­
ployees. On June 30 1923 the Board remanded the case
back to the roads for individual settlements. Failing this,




[V ol. 125.

the Board on Deo. 3 1923 awarded a wage increase of 1 to
2 cents an hour, retroactive to June 1 1923, to approximately
22,612 maintenance of way men of the Boston & Maine R R .,
the Fort Smith & Western R y ., the Louisville & Nashville
R R ., the Louisville Henderson & St. Louis R y ., the Nash­
ville Chattanooga & St. Louis R y ., the San Antonio Uvalde
& Gulf R R ., and the Trinity & Brazos Valley R y . These
roads had failed to reach individual settlements with their
men. A number of other carriers involved in the oi’iginal
controversy had settled. (V . 117. p. 2508; V . 116, p. 1969.)
In Oct. 1923 the firemen, trainmen, conductors and en­
gineers, represented by the Big Four Brotherhoods, asked for
wage increases averaging approximately 1 2 } 4 % . This in­
crease, it was computed, would cost the railroads about
$100,000,000 additional a year and bring wages up to the
schedules in effect as of M a y 1 1920. (V . 117, p. 2848,
1740, 1524, 750, 636.)
The first settlement growing out of negotiations with the
railroad brotherhoods over wage increases asked in Oct.
1923 was announced by the N ew York Central R R . on
Jan. 22 1924, when the road made known that it had reached
an agreement with engineers and firemen on practically all
divisions and subsidiary lines providing for an increase in
wages of apt roximately 5 % and changes in certain working
conditions. The agreement, which was to run for one year,
affected, it was estimated, about 15,000 men, including
engineers, firemen, hostlers and hostler’s helpers. This
settlement was then used by the labor organizations as a
basis for attempted agreements on all American roads.
The increase, when applied to the 160,000 engineers and
firemen employed by all Class I . railroads, would cost, it
was figured, about $25,000,000.
(V . 118, p. 394, 627.)
An increase of approximately 5 % , affecting 44 Western
railroads and about 50 subsidiaries, was granted on April 8
1924 to approximately 80,000 conductors and trainmen.
(V . 118, p. 2003.)
The U . S. Railroad Labor Board handed down a decision
on Oct. 21 1923 awarding increases of 1 to 2 cents an hour to
clerks, station forces, dock, warehouse and platform freight
handlers and similar employees of 65 carriers. The opinion
found that 29 carriers and employees of the class involved
had negotiated agreements increasing pay for some of the
groups, but that there was no uniformity in the agreements.
The employees affected by the decision were represented by
the Brotherhood of Railway and Steamship Clerks, freight
handlers, express and station employees, by the Brotherhood
of Railway Station Employees, and by the International
Longshoremen's Association. (V . 117, p. 1849.; This de­
cision followed close upon another denying an increase to
signalmen. The wage increases asked by signalmen on 45
carriers ranged from 13 to 23 cents an hour. This class of
employees had been granted an increase of 13 cents an hour
by decision N o. 2 in July 1920. On July 1 1921 their wages
were cut from 6 to 8 cents an hour and a further decrease in
July 1922 of from 5 to 6 cents an hour brought the rates of
pay to approximately what they were under the Federal
Administration prior to decision N o. 2. The Board decided
in denying the request that the cost of living aDd other
elements entering into consideration of the case bad not
changed sufficiently since the last decision of 1922 to justify
an increase (V . 117, p. 1741).
Since March 1 1923 wage increases of one kind or another
have been made by many individual roads to their em­
ployees. The Pennsylvania R R . on March 12 1924 increased
wages of about 22,000 engineers, firemen, hostlers and
hostler helpers by 5 % , retroactive to Jan. 16 1924: the
Pennsylvania R R . also granted a wage increase of about
6 % to 32,000 conductors, baggagemen, brakemen and
switch tenders. Early in 1924 an increase of about 5%
was granted to engineers and firemen of the following roads:
The Pittsburgh & West Virginia R y ., the New York Chicago
< St. Louis R y ., the Erie R R ., the Chesapeake & Ohio R y.
fe
and the New York New Haven & Hartford R R .; this increase
followed close upon the announcement of the New York
Central R R . of similar wage adjustments, referred to further
above. Increases of 5 % were also granted during 1924 to
conductors and motormen of a number of roads, including
the New York New Haven & Hartford R R ., the Louisville
& Nashville R R . , the Lehigh Valley R R . and the Southern
Ry. A wage increase, ranging from 30 to 36 cents a day to
conductors, switchmen and brakemen, was granted on
June 2 1924 by the Chesapeake & Ohio R y . C o ., retroactive
to M a y 1. This action was in line with an increase given to
engineers and firemen. W age increases amounting to 6 J ^ %
for all yardmen and trainmen, retroactive to M a y 1 1924,
were granted by the Texas & Pacific R y . These illustrations
might be multiplied almost indefinitely.
The United States Railroad Labor Board, in a decision on
Jan. 19 1925, granted wage increases of from 1 to 2 cents an
hour, involving an annual expenditure of approximately
•$3,700,000, to some 87,000 employees of forty-three rail­
roads. The classes affected were clerks, freight handlers,
express and station employees, janitors, elevator operators,
truckers, stevedores and storers (V. 120, p. 414). This wage
increase followed an advance of 5 % granted by the Railroad
Labor Board at the beginning of December 1924, to more
than 75,000 members of the Brotherhood of Locomotive
Engineers and the Brotherhood of Locomotive Firemen and
Enginemen. Under a decision of the United States Railroad
| Labor Board, 2,528 conductors and trainmen were awarded

Nov., 1927.]

RAILW AY AND INDUSTRIAL COMPENDIUM

359

wage increases totaling $283,183 a year, effective from road and equipment, including materials, supplies and cash,
Feb. 1 1925. This latter increase, it was stated, affected was: Western district, 4 .3 6 % ; Eastern district, 5 .4 7 % ;
17 railroads, which were not included under the agreement and Southern District, 6 .2 3 % . Based on the tentative
reached through the efforts of the train service brotherhoods valuation of the I.-S . C . Commission as of 1919, with subse­
in 1923-24. The award was understood to be on the basis quent additions to road and equipment, the rate of return
of the New’ York Central’s 5% increase. The railroads was: Western district, 4 .7 0 % ; Eastern, 5 .6 0 % , and South­
affected included the Denver & Rio Grande Western System ern, 6 .7 6 % . A renewal of the request for an increase in
and its subsidiary, the Rio Grande Southern, the Ann Arbor pay was filed with the 55 roads in the Western territory on
Railroad Co. and the Bangor & Aroostook Railroad Co. N o v . 1 by the Brotherhood of Railway Trainmen and the
Order of Railway Conductors. The new request suggests
(V. 120, p. 661.)
Effective Oct. 16 1926, the Pennsylvania R R . advanced an increase in daily wage rates ranging from about 8 }4 % to
the wages of its shopmen (about 43,000 mechanics, helpers
and apprentices) 3 cents an hour. Among other increases in
shopmen’s wages were those announced by the Baltimore &
Ohio R R .’ of 2 cents an hour and time and one-half for over­
time, by the Chicago & Alton R R . of 114 cents per hour
(effective July 15 1926) and by the Norfolk & Southern R R .
of 2 cents an hour. W age increases affecting 40,000 shopmen
and amounting from 1 to 3 cents an hour were granted during
N o v . 1926 by Western railroads, including the Chicago
Rock Island & Pacific R y ., the Atchison Topeka & Santa Fe
R y ., the Chicago Burlington & Quincy R R ., the Chicago &
Eastern Illinois R y ., the Fort W orth & Denver C ity R y .,
the Union Pacific R R . the Wabash R R ., the Illinois Central
R R ., the Great Northern R y . and the Chicago & Alton R y .
W ages of mechanical department employees were advanced
generally in the Eastern district— the N ew York Central
R R . and the Pennsylvania R R . advanced shopmen 3 cents
an hour; the Reading R R . increased mechanical employees
2 and 3 cents an hour; the Baltimore & Ohio R R . increased
shop -wages 2 cents an hour, as did the Lehigh Valley,
Delaware Lackawanna & Western and the Delaware &
Hudson. The Reading also increased the pay of its teleg­
raphers 2 cents an hour (V . 123, p. 2735). In D ec. 1926
shopmen of the Chicago & North Western R R . and of the
Chicago Milwaukee & St. Paul R R . received wage increases
of 3 cents an hour; shopcraft employees of the Southern
Pacific Co. received an advance in pay of 1 cent an hour.
General managers of all the principal railroads of the coun­
try were served on Feb. 1 1926 with wage demands by repre­
sentatives of the Brotherhood of Railway Trainmen and the
Order of Railway Conductors (V . 122, p. 705). Early in
March 1926 the Eastern, Western and Southern roads de­
clined to accede to the demand for increased wages. Commit­
tees were appointed by the Eastern and Western railroad
executives to represent them in the wage conferences. The
total increases demanded by the trainmen and conductors
amount to between $1 and $1 64 per day, depending on the
class of service and the class of employee. This represented
an increase of about 2 0 % over the existing wages received
by the trainmen and conductors. (V. 122, p. 1506, 1559.)
An increase of 7 }4 % in wages was granted to conductors
and trainmen of the Eastern railroads by the Board of Arbitra­
tion on D ec. 2 1926. This increase, which became effective
D ec. 1 1926, affected 89,000 employees and added about
$15,000,000 to the annual operating expenses of the roads.
A n increase of approximately 1 9 % had been sought which
would have involved an addition to the payrolls of something
like $38,000,000 a year. This award was the first to be
made under the Watson-Parker Railroad Labor A ct.
Arbitration proceedings provided for under the Act were
resorted to when it was found that the issue in dispute
between the railroads and the trainmen could not be settled
through the United States Board of M ediation, created
under the Watson-Parker A ct (V . 123, p. 2850, 1057, 803,
283).
A wage increase of 7 ^ 2 % was granted on Aug. 3 1927 to
about 30,090 engineers of steam and electric railroads in
Eastern territory (see V . 125, p. 736). This latter increase
became effective Aug. 1 1927 for one year.
The United States Board of Mediation on Feb. 8 1927
announced the settlement of wages and rule differences
between the Order of Railway Conductors, the Brotherhood
of Railroad Trainmen and the railroads of the southeastern
area. The adjustment granted about 22,000 employees an
increase of 7)4 % on the then existing wage basis and in­
volved 20 railroads. This decision became effective as of
Feb. 1 1927 (V. 124, p. 879, 1169). On June 20 1927 the
Board of Mediation, under an arbitration award, increased
the rates of pay for firemen, hostlers and helpers of the 12
larger railroads in the Southeastern territory by amounts
ranging up to 40 cents an hour (V. 125, p. 47).
The Board of Mediation on June 25 1927 awarded a 7
increase in wages to yardmen on 55 Western roads, retro­
active to March 1 1927, but denied the demands of the con­
ductors and trainmen for a similar raise. The Board held
that the earnings of trainmen in the Western territory were
shown to be more than in either the Eastern or Southern
district before the 7 ^ % increases went into effect in those
areas. It was also pointed out by the Board that to grant
the increase sought by the conductors and trainmen would,
according to the contention of the carriers, “ ultimately cost
$83,000,000 per year in increased wages, though only about
$12,000,000 is involved in the present arbitration. If this
contention is correct, other things remaining equal, the
effect would be to reduce the earnings of the Western rail­
roads available for betterment and the like below 3 % . ”
(Bee V . 125, p. 46.) The Board further called attention to
the testimony introduced which showed that the rate of
return on Class 1 carriers in 1926, based on investment in




A%
l

approximately 1 9 % . The present wage agreement ends
March 1 1928 (V . 125, p. 2763).
It was announced on June 16 last that the Brotherhood
of Locomotive Engineers and the Brotherhood of Locomotive
Enginemen and Firemen had abrogated their working agree­
ment which had been in force for about 14 years (V.
125, p. 47).
Early in Feb. 1927 a wage increase of 7 3 ^ % was awarded
to the firemen and enginemen of 27 major railroads and 32
subsidiary lines east of Chicago and north of the Ohio River.
This agreement, which affected about 31,000 employees, was
for one year and was retroactive to Feb. 1 1927 (V . 124,
p. 879, 735; V . 123, p. 2851). In M arch 1927 clerks,
station employees and freight handlers employed by the
N ew York Central Lines, East and W est, were granted an
increase in pay of 6 % (V . 124, p. 1306). Freight clerks and
handlers of the N ew York New Haven & Hartford R R .
and of the Boston & Maine R R . were granted an advance in
wages of 5 cents per hour (V . 124, p. 1307). The Boston &
Maine R R . also increased the pay of its telegraphers nearly
4 % . Signalmen.of the Southern Pacific C o. were granted
an increase in wages of 6 % . In April the Pere Marquette
R y . announced an advance averaging 7J ^% in the wages of
its enginemen, trainmen, switchmen and hostlers, while
the clerks, baggage handlers and station employees of the
Pacific lines of the Southern Pacific C o. were awarded
increases ranging from 2 to 7 cents an hour (V . 124, p. 2379).
Other wage increases in 1927 were made by the following
roads: In June to maintenance of way men of the Louisville
& Nashville R R ., about $6 a month; in August to mainten­
ance of way employees of the Chicago & North Western R y .
(V . 125, p. 1010); to clerks of the Wabash R y ., an average
monthly increase of $7 .14; clerks and freight handlers of
the Illinois Central R R . and the Yazoo & Mississippi R R .,
5 % (V. 125, p. 1132); in N o v ., to clerks and freight handlers
of the Chicago & North Western R y ., from 4 to 7 % , effective
N o v . 1 (Y . 125, p. 2763).
T h e P e n n sy lv a n ia R a ilro a d a n d th e U . S . R a ilro a d L a b o r B o a r d .

The United States Railroad Labor Board asserted in an
opinion on June 27 1923 that the Pennsylvania R R . system
(which had ignored the decision of the Board in refusing to
acknowledge the elected representatives of the clerks’ organi­
zation) “ has persisted in such violation in contempt of the
unanimous decision of the U . S. Supreme Court,” which sus­
tained the Board’s jurisdiction. The excoriation of the Penn­
sylvania sustem resulted when the railroad refused to deal
with the elected representatives of the clerks’ organization as
officials representing employees’ organization, although the
railroad was ready to consider them as individuals.
(V . 116,
p. 2693, 2953; V . 117, p. 1849). Judge Dickinson in the Fed­
eral District Court at Philadelphia, Pa., on Dec. 21 1923 dis­
missed the suit of the Brotherhood of Railway Clerks, Freight
Handlers and Station Employees of the Pennsylvania R R .
to compel the company to recognize their delegates in
conferences on wages and conditions, on the ground that
the Federal Court had no power to enforce the decisions of
the U . S. R R . Labor Board and that the only way the Board^s
mandates could be carried out was in the “ court of public
opinion.” The Board itself, Judge Dickinson declared,
had no power to execute its own orders, “ and no power has
been delegated to the courts to have the decrees carried o u t.”
In conclusion the opinion said:
The judgment It [the Labor Board] may render may be acceptable to
neither party, but each has the legal right to accept It or refuse to follow it.
Lf the parties refuse acquiescence all that the Board can then do is to give
publicity to its ruling, leaving the parties to their willingness to adjust
the dispute under the guidance and perhaps the stress of public opinion.
Influenced, or it may be aroused, by the opinion of the Board.

On the same grounds, Judge Dickinson in the Federal
District Court at Philadelphia on Feb. 5 1924 dismissed the
$15,000,000 suit brought by the shopmen’s organization
against the Penn. R R . system.
(V . 117, p. 2849; V . 118, p
627.) Five months later (in July 1924) the United States Cir­
cuit Court of Appeals at Philadelphia dismissed equity suits
brought by System Federation 90 of the Federated Shopcrafts and the Brotherhood of Railway Clerks against the
Pennsylvania R R . for enforcement of wage increase and
working condition decisions of the United States Railroad
Labor Board. The suits were dismissed on the ground that
the Federal Courts have no jurisdiction in such matters.
The United States Supreme Court in March 1925 decided
that roads are not required to submit to the United States
Railroad Labor Board
for arbitration disputes with
employees and that the roads could determine who shall be
recognized as representing their employees in labor disputes.

Association of Railway Executives.
For list of the 106 member roads and systems and names of
Executive Committee and Law Committee, see pages 16
and 17 of “ Official Railway Guide” for N o v . 1927.

260

RAILWAY AND INDUSTRIAL COMPENDIUM

Equipment trust agreements were executed early in 1920
by some 80 leading railroad companies with the DirectorGeneral of Railroads and the Guaranty Trust Co. of New
York as trustee, covering approximately $323,000,000 worth
of new rolling stock, built and building. This rolling stock
was ordered by the United States Railroad Administration
during the period of Federal control of railroads and has
been allocated to the railroad companies named below and
accepted by them. (Compare V . 109, p. 1668, 1955, 2406.)
The notes, while issuable from time to time as equipment
is delivered to the roads, are all dated Jan. 15 1920, payable,
both principal and interest, in gold of present standard.
Each issue will mature in 15 equal installments on Jan. 15
in each year, 1921 to 1935, both inclusive, and will bear
interest at 6 % per annum, payable semi-annually, July 15
and Jan. 15 at the office of the trustee in New York City.
They will be subject to redemption at the option of the
maker prior to maturity at 103 and interest on any interest
date after 60 days’ notice, but only as entire issues.
The War Finance Corporation, in a statement issued by
Managing Director Eugene Meyer Jr., on Jan. 22 1922
announced that the Director-General had addressed a letter
to all railroads of which the U . S. Treasury still held issues of
equipment trust obligations no part of which had yet been
sold by it, asking [in order to increase the salability of its
holdings] that he be permitted to subordinate to the re­
mainder of the issue [which remainder he might then sell]
not alone the last five maturities, 1931 to 1935, or any one
or more of them, but such portion of the maturities of any
year as he might determine. The official statement said:

(1) Indebtedness of Carriers (#66,834,391) to the United States Incurred for
Additions and Betterments. &c.. Made During Federal Control, Pursuant
to Sec. 207 of Transportation Act of 1920 and Held Aug. 31 1927.
Ann Arbor R R _____________
$312,000 N Y N H A Hartford R R ___ $43,000,000
100,000
Chicago Milw & St Paul R y . 20,000,000 N Y Susq & West R R ______
50,000
Kansas Oklahoma & Gulf R y. 1,622,3 H Wash. Brandy. A P .L . R R ..
500,000
Minneapolis & St Louis R R . 1,250,000 Waterloo C. F. & Nor. R y ..

(2) Obligations of $350,600,667 Acquired by United States Government to
Aug. 31 1927 Pursuant to Section 210 of Transportation Act of
1920 for Loans from $300,000,000 Revolving Fund.
International & Great West­
Alabama Tennessee & Nor­
thern R R ................................. *$489,00000 ern R y, Receiver of_____ *194,300 00
Alabama & Vicksburg R y ..x l ,394,000 00 Des Moines & Central Iowa
R y, formerly the InterAkron Canton & Youngs­
Urban R y _____________
633,500 00
town R y ______________ *212,000 00
Ann Arbor R R ___________ *650,000 00 Kansas City Mexico & Ori­
ent R R , 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 t­
Lake Erie Franklin A Clar­
lantic R y _________________ *200,00000
ion R R ..............................
*25,000 00
Baltimore & Ohio R R _____*3,000,000 00
Bangor A Aroostook R R _
_ *200,000 00 Long Island R R , The_____ *719,000 OO
Louisville & Jeffersonville
Birmingham & Northwest­
Bridge A R R __________ *162,000 00
ern R y________________
*75,000 00
Boston & Maine R R ____ *26,705,479 00 Maine Central R R _______x2,373,000 00
Minneap & St Louis R R __ 1,382,000 00
Buffalo Rochester & Pitts­
burgh Ry .............. .......... *1,000,000 00 Missouri Kansas & Texas
Ry of Texas, Receiver o f. *450,000 00
Cambria & Indiana R R ___ *250,000 00
Carolina Clinch A O R y ..*10,000,000 00 Missouri & North Ark R y. 3,500,000 00
Central of Georgia R y ___ *237,900 00 Missouri Pacific R R ____ *10,071,760 00
Central New England R y .. x300,000 00 National Railway Service
Corporation__________ *11,437,830 00
Central Vermont R y______ *193,000 00
Charles City Western R y ..
140,000 00 New Orleans Texas & Mex­
ico R y_______________ r *234,000 OO
Chesapeake & Ohio R y ___ *9,097,000 00
New York Central R R __ *26,775,000 00
Chicago & Eastern Illinois
New York New Haven A
R R. Receiver........................ *785,00000
Hartford R R .................*27,530,000 00
Chicago Gt Western R R . . *2,685,373 00
Chicago Ind & Louisv R y . . *200,000 00 Norfolk Southern R R ____ *1,666,000 00
Chicago Milw A St P R y ..*70,340,000 00 Northern Pacific R y ______*6,000,000 00
Chicago R I & Pac R y ___ *9,862,000 00 Pennsylvania R R _______ *12,480,000 00
Chicago & West Ind R R ..*8.000 000 00 Peoria A Pekin Union R y..xl,799,000 OO
Cisco A Northeastern R y . . x236,450 00 Rutland R R ________
*61,000 00
Salt Lake & Utah R R ____ *1,000,000 00
Cowlitz Chehalis A Cascade
R y ____________________
*45,000 00 Seaboard Air Line R y ___ *15,457,400 00
(The) Seaboard-Bay LineCo*4,400,000 00
Cumberland & Manchester
x29,000 00
R R . . ................................ * 375,000 00 Shearwood R y ___________
Erie R R _____ _________ x l 1,574,450 00 Tampa Northern R R ------- *100,000 00
Tennessee Central R y____ x l ,500,000 OO
Evansville Indianapolis A
Terre Haute R y________ *400,000 00 Terminal RR Association of
St Louis.............
*896,925 00
Fernwood Columbia & Gulf
R R .........................
*33,000 00 Toledo St Louis A Western
RR, Receiver o f . ..........
*692,000 00
Flemingsburg A Nor R R ..
*7,250 00
Trans-Mississippi Terminal
Fort Dodge Des Moines A
..*1,000,000 00
RR C o________
Southern R R _ 200,000
00
Virginia Blue Ridge R y _
_
106,000 00
Fort Smith A Western R R ,
38,000 00
00 Virginia Southern R R ___
Receiver of the_ *156,000
Gainesville & N W R R . . .
75,000 00 Virginian R y, The________ *2,000,000 00
Waterloo C F & Nor R y .. * 1,320,000 00
Georgia & Florida R y, Re­
ceivers o f______________
792,000 00 Western Maryland R y ___ *3,422,800 00
Great Northern R y ______ *33,496,000 00 Wheeling & Lake Erie R y .*3,460,000 00
90,000 00
Greene County R R _______
*60,000 00 Wilmington Bruns & So R R
G ulf Mobile & Nor R R ___ * 1,433,500 00 Wichita Northwestern R y .
381,750 00
Hocking Valley R R _____x l ,665,000 00
Illinois Central R R _______ *4,440,000 00
T otal.............................$350,600,667 00
Indiana Harbor Belt R R .. *579.000 00

The amended clause will read as follows:
“ ‘Eleventh: Upon request of the holder, or holders, of all the notes
which by their terms shall be due and payable in any year, and upon pre­
sentation o f such notes for that purpose, the trustee shall stamp thereon,
or upon such part thereof as said holder, or holders, may designate and
request, the following words:
“ ‘For value received and as an Inducement to purchases of unstamped
notes, the holder o f this note has caused the same to be stamped pursuant
to Article Eleventh o f the Equipment Trust Agreement mentioned In the
note, and, as provided in said Article Eleventh, the unstamped notes shall
be payable in preference and priority to the stamped notes out of any
moneys received or collected by the Trustee under said Equipment Trust
Agreement, upon enforcement o f its rights or remedies in case of a default
o f the carrier.’
“ For the present. It Is the purpose of the Director-General, upon the
execution of the supplemental agreements, making the amended clause
operative, to make sales of railroad equipment trust obligations under an
arrangement, to subordinate, on the part o f the Government, approximately
33 1-3% of the principal amount of each maturity; and the Director-General
will be prepared to sell 66 2-3% o f issues of equipment trust obligations,
unsubordinated, at par and accrued interest to date of delivery. The
Railroad Administration will thus retain the one-third subordinated part
o f all serial maturities.”
Statement of Equipment Trust Notes Originally Issued to the U. S. Government
and Amounts on Hand as of May 1 1927.
aOriginal bStillfor
aOriginal b Still for
Issue.
Sale.
Issue.
Sale.
Road—
$
$
Road—
$
$
_____
_ _
_
.........
.........
.........
.........

_____
.........
_____
.........
.........
.........
_____
____
.........
_____
.........
_____
.........
_____
_____
.........
_____
.........

L & N (Trust 37). 7,689,000
(Trust 37A)___ 2,869,500
Maine Central___ 1,203,000
Michigan Central. 5,196,000
Minn & St Louis.. 1,512,000
Mo Kan & Texas. 1,261,500
M o Pacific (Tr 41) 2,601,000
(Trust 41 A )___ 2,592,000
(Trust 41B)___ 2,563,500
(Trust 41C)___ 2,656,500
Mobile A O h io ...
607,500
Monongahela R y .
493,500
Morgan A King’d . 2,601,000
Nash Chatt & St L 1,297,500
N Y Central____ 13,840,500
N Y N H & H ... 4,438,500
Norfolk & Western 6,885,000
Norfolk Southern.
132,000
Northwest Pacific. 271,500
Penn (Notes 1-14).54,516,000
(Note 15).......... 3,896,000
Pere Marquette—10,099,500
Pitts & Lake Erie.
582,000
Pitts M cK & Youg 2,824,500
Rich Fred A P ot’c .
984.000
Rutland................
370,500
St L-San Francisco
(Trust 71 A )___ 2,844,000
(Trust 71B)___ 2,860,500
(Trust 71C)___ 2,989,500
(Trust 7 ID )___ 2,910,000
(Trust 71E)___ 2,779,500
Seaboard Air Line. 1,650,000
Southern Pacific. . 2,814,000
Southern Railway .10,293,000
SpokPortlASeattle 879,000
Term Assn of St L .
342,000
Texas & Pacific_ 2,392,500
_
Tol A Ohio Central 2,172,000
Tol St L & Western 1,182,000
Virginian Railway 1,630,500
Wabash Railway.il ,331,000
Wash Southern_
_
421,500
Wash Terminal__
94,500
West Maryland..
856,500
Wheel & Lake Erie 4,587,000

x Repayments o f the foregoing loans under Section 210 have been made
to the extent shown below:

..........
..........
______
_____
*268,800
______
..........
..........
...........
..........
...........
______
______
..........

T o t a l.............. 346.556.750

268.800

AlaTenn & Nor RR Corp. . $241 259 00 Kansas City Mex & Orient
R R. Receiver____ _____ $2,500,000 00
Alabama A Vicksburg R y . . 1,394,000 00
Akron Canton & Y ’g’ t’n Ry
212,000 00 Kansas City Terminal R y ..
580.000 00
15 000 00
Ann Arbor R R ___________
650,000 00 Lake Erie Fr & Clarion R R
719,000
00
Atlanta Birm A Atl R y ___
200,000 00 Long Island R R ____
Baltimore & Ohio R R ......... 3.090.000 00 Louisville & Jeffersonville
Bridge A RR C o ............
162,000 00
Bangor & Aroostook R R ..
200,000 00
00
Birm. & Northwestern R y .
75.000 00 Maine Central R R _ 2,373,000
Boston & Maine R R ______ 7,318.500 00 Mo Kan A Texas Ry of
Texas, Receiver________
450,000 00
Buffalo Roch & Pitts R y .. 1,000,000 00
Cambria A Indiana R R _
_
250,000 00 Missouri Pacific R R _____ 10 071,760 00
Carolina Clinchf A Ohio Ry . 10,000,000 00 National Ry Service Corp. 8 255 947 92
234,000 00
237,900 00 N O Texas A Mexico R y . . .
Central of Georgia R y ------Central New England R y ..
300,000 00 New York Central R R ___ 26.775,000 00
500.000 00
Central Vermont R y ______
193,000 00 N Y N H & Hartford R R ..
249 600 00
Chesapeake & Ohio R y___ 1,023,976 03 Norfolk Southern R R ___
Chicago & East 1 1 R y ___
1
785,000 00 Northern Pacific R y ______ 6,000,000 00
Chicago Great Western R R
935,373 00 Pennsylvania R R ________ 12,480,000 00
Chicago Ind A Louisv R y_.
200,000 00 Peoria A Pekin Union R y .. 1,799,000 00
61,000 00
Chictgo Milw & St Paul R y .35,340,000 00 Rutland R R _____________
127,400 00
Chicago & Western Ind RR
570,000 00 Salt Lake & Utah R R ____
Chicago Rock Isl& Pac R y. 9,862.000 00 Seaboard Air Line R y _____ 1,003.500 00
Cisco A Northeastern R y ..
106,400 00 Seaboard Bay Line C o___ 1,495.000 00
Shearwood R y___________
11,500 00
Cowlitz Chehalis A Cascade
R y____________________
45J)00 00 Tampa Northern R R ____
100,000 00
Cumberland A Manch R R .
375.000 00 j Tennessee Central R y ____ 1,500,000 00
896,925 00
Erie R R _______
11,574,450 00 Terminal R R Assoc of St L .
Evansv Ind. A T H Ry . .
400,000 00 Toledo St Louis A Western
R R , Receiver__________
276,000 00
Fernwood Col A Gulf R R .
13,000 00
Flemingsburg & Nor R R ..
7,250 00 Trans-Miss Term R R ___ 1,000,000 00
Ft. Smith A Western R R ..
156.000 00 IVirginian R y _________ ___ 2,000,000 00
60,000 00
Great Northern R y_______ 33,496,000 00 j Waterloo C F & NorR y . . .
Greene County R R _______
36,000 00 Western Maryland R y ___ 3,422 800 00
Gulf Mobile A Nor. R R . . . 1.433.500 00 Wheeling & Lake Erie Ry.217 087 331 95
Hocking Valley R y _______ 1,665,000 00
Indiana Harbor Belt R R ..
579,000 00 ;
Illinois Central R R _______ 4,440,000 00, Total..............................$217 087 331 95
Int A Gr Nor R y, Receiver
194,300 00

..........
_____
_____
_____
..........
..........
_____
_____
..........
..........
..........
...........
...........
...........
...........
______
______
______
______
______
...........
...........
______
_____
______
______
______
______
..........

The aforesaid securities are in addition to securities re­
ceived by the Director-General of Railroads as follows:
Definitive Securities of Carriers Held by Director-General May 1 1927 (Total,
$111,083,528).
(а) Bonds— $26,980,000—
Mortgage bonds o f Boston & Maine (Series “ C ,” “ D ” and “ L ” ) .$26,980,000
(б) Collateral Notes— $83,622,000 (Amount of Collateral Deposited,
$107,370,000)—

$312,000 M Y N H & Hartford R R ___ $60,000,000
Ann Arbor R R .___________
Chicago Milw A St Paul R y .. 20,000,000 N Y Susq & Western R R ___
100.000
50.000
Kansas Okla A Gulf Ry___ 1,410,000 Wash Brandyw & Pt L R R ..
500,000
Minneapolis A St Louis RR
1.250,000 Waterloo C F - Nor R y ___

* One-third of maturities from 1928 to 1935 incl., stamped as to subordi­
nation
a “ Original Issue,” represents the total authorized amount of Equipment
Trust notes issued to the U. S. Government by the companies against the
rolling stock allocated to them by the U. S. R R . Administration, b “ Still
for Sale.” represents the present amount o f Equipment Trust notes held
by the U S Government, the remainder having been either sold or retired

(c) Equipment Trust Obligations—'(of which $346,287,950 have
been sold or paid at maturity) remaining un sold______
(d) Preferred stock________________________________________




$268,800
212,728

The W ar Finance Corporation also aided in the financing
during Federal control. All the loans made by the Corpora­
tion to railroads, originally in the total amount of $2 00 ,794,520, have now been repaid in full.

Loans, &c., Made by Federal Authorities Under Control
Act, Act of 1920, &c.
During the Federal control period from Jan. 1 1918 to
Feb. 29 1920, and the guaranty period of 6 months from
March 1 to Aug. 31 1920, and as a result of the financial
operations called for by the Control Act of 1918, the Transporta lion Act of 1920 and the Act incorporating the W ar
Finance Corporal ion, advances to a large amount were made

125.

to the railroads by the U . S. Treasury, the Director-General
and the W ar Finance Corporation on account of additions
and improvements, the funding and refunding of loans and
in the case of the Boston & Maine for reorganization purposes.
The securities acquired on account of such advances b y
the U . S . Treasury and still held by it on recent dates were:

Equipment Trust Agreements of Jan. 15 1920.

Ala Great South..
165,000
Ann Arbor_______
790,500
Atch Top A S F e .. 7,356,000
Atl Birin & Atl_
_
982,500
Atl Coast L (Tr 4) 5,929,500
(Trust 4A )_____ 450,000
Atl Coast Line & f
Louisv A Nash( 1,183,500
Joint Lessees of |
Georgia R R __ (
Balt & Ohio...........17,800,500
Boston & M aine.. 6,813,000
Buff Roch & Pitts. 2,004,000
Caro Clinch & Ohio 6,210,000
Central RR of N J 5.932,500
Charles & W Caro. 817,500
Ch A Ohio (Tr 13) 9,697,500
(Trust 13A)___ 1,669,500
Chicago & A lton.. 1,816,500
Chic & East Illinois 741,000
Chic & Northwest 9,973,500
Chic & West I n d ..
279,000
Chic Burl & Quincy 6,060,000
Chic Great W est..
651,000
Ch Ind & Louisville 1,039,500
Chicago Junction. 478,500
Ch Milw A St Paul. 16,444,500
Ch R I & Pacific.. 8,117,250
Chic St P M A Om 2,352,000
C N 0 4 Texas Pac 957,000
C C C & St Louis. 5,200,500
Colo A Southern . . 1,050,000
Del A Hudson___ 3,981,000
Det & Tol Sh Line 501,000
Det Tol A Ironton 844,500
Erie........................ 4,501,500
Ft W A Denver C .
508,500
Gr Trunk of Can. 898,500
Gr Trunk Western 3,097,500
Great Northern.. 4,294,500
Hock Val (Tr 32). 1,345,500
Trust 32A)___ 1,489,500
Illinois Central__ 9,706,500
Ind Harbor B elt..
589,500
Kanawha & Mich. 1,035,000
Kan City Southern 954,000
Kan City Terminal 187,500
Lake Erie A West. 648,000

[V ol.

j
j

Excess Earnings Paid by Carriers During Guaranty
Period.
The earners which have paid into the Treasury excess
earnings during the guaranty period, pursuant to the pro­
visions of Section 209 (d) of the Transportation A ct, 1920,

Nov., 1927.]

RAILW AY AND INDUSTRIAL COMPENDIUM

as amended, and the amounts severally paid by them to the
United States are as follows (to D ec. 31 1926):
Ahnapee & Western Railway C o---------------------------------Barre & Chelsea Railroad C o_________________________
Campbell’s Creek Railroad C o------------------------------------Carolina Railroad C o -------------------------------------------------East Tennessee & Western North Carolina Railroad Co.
Ironton Railroad C o__________________________________
Kewaunee Green Bay & Western Railroad C o_________
Klshacoquillas Valley R R ____________________________
Lake Tahoe Railway & Transportation C o_____________
Louisiana Western Railroad C o______________________
Massena Terminal Railroad C o_______________________
Missouri & Illinois Bridge & Belt R R _________________
Rossiyn Connecting R R ______________________________
Sandy Valley & Elkhorn R y __________________________
South Manchester Railroad C o ________________________
Yreka R R C o ________________________________________
Total------------ -------- ----------- ---------------------------------------

$2,940
25,391
3.560
910
10,473
1,932
260
2.707
5,004
168.397
7,399
. 20,395
5.677
189,944
1,079
562
$446,637

39
33
52
78
42
77
50
79
23
58
44
56
03
79
16
52
81

Settlement of Accounts with Director-General of
Railroads.
The following shows the account of the DirectorGeneral of Railroads with the carriers as of M ay 1 1927.
It will be observed that out of a total of $629,453,978
securities acquired by the United States Government for
additions and improvements made during the period of
Federal control of the railroads and for loans made to them,
$518,370,450 have been sold or redeemed, leaving $1 11 ,0 83 ,528 on hand M ay 1 1927.
Details of this latter amount
appear in a preceding article, entitled “ Loans, & c., Made
by Federal Authorities Under Control Act, Act of 1920,
& c .”
Definitive Railroad Securities Held by United States Railroad Administration—
Director-General of Railroads— May 1 1927.
Definitive securities taken up to May 1 1925---------------------- $629,241,250
Additional securities taken up to and including M ay 1 1927—
Preferred stock__________________________________________
212,728
Total____________ _____ ____ _____ ________________________ $629,453,978
Less— Equipment trust certlfs. sold (incl. payment o f notes at
maturity). $346,287,850; bonds redeemed, $2,148,000; pay­
ments on, and sales of, funding notes, $169,834,500--------- 518,370,450
Definitive securities on hand May 1 1927 ---------------------- $111,083,528
Claims of Carriers Settled to May 1 1927.
Total claims o f carriers settled [out o f an estimated $800,000,000]________________________________________________ _____ $768,981,299
Net amount paid [by United States] In settlements [being
6.291% of aforesaid amount originally claimed]_________ $48,379,902
Mileage of roads settled [out of a total o f 241.194]__________
241,194

The U . S. Treasury as of Jan. 1 1927 reported
Total Payments by U. S. Under Sections 204. 209, 210 and 212 of Transporta­
tion Act of 1920, Aggregating $707,866,003 (After Repayments on
Loans from Revolving Fund) to Dec. 31 1926.
(a) (Sec. 204, as amended by Sec. 212) For reimbursement of deficits
during Federal control:
(1) Final payments, incl. partial payments previously m a d e ..$10,205,172
(2) Partial payments to carriers as to which a certificate for
final payment has not been received by the Treasury from the
3-L047
I.-S .O . Commission.......................................................................
(3) Payments due from carriers account o f overcertification in
I.-S. C. Commission certificates--------- ----------------------------52,396
(5) (Sec. 209, as amended by Sec. 212) For guaranty in respect to railway
operating income for first six months after Federal control:
(1) Final payments, including advances and partial payments
previously m a d e _________________________________________ 509,823,351
(2) Advances to carriers as to which a certificate for final pay­
ment has not been received by the Treasury from the I.-S. O.
Commission_______________________________________________ 17,950,000
(3) Partial payments to carriers as to which a certificate for final
payment has not been received, as stated above___________
1,758,011
f4 ) Payments due from carriers account of overcertification
in I.-S. C. Commission certificates_______________________
3,401,080
(c) (Sec. 210) For loans from the revolving fund o f $300,000,000 therein provided (after repayment o f $185,958,721 on
loans from Revolving Fund)_______________________________164,641,946




261

Cost to Government of Federal Control of Railroads
$ 1, 696, 000 , 000.
According to the report of James C. D avis, former DirectorGeneral of Railroads, submitted to President Coolidge on
Dec. 14 1925, the total cost to the Government of Federal
control of the railroads (during 32 m onths), including operat­
ing losses during the period of Federal operation and the six
months’ guarantee period, after relinquishment of control
and the payment of the deficit of the short lines, amounted
to $1 ,696,000,000. In his report the Director-General, after
detailing the taking over of the railroads on D ec. 31 1927,
said in part:
When the property was returned to its owners, claims were presented by
the carriers, represented largely by the items of unpaid compensation, un­
dermaintenance of way and equipment, material and supplies and deprecia­
tion, in the sum of $1,014,402,446 72. The Railroad Administration set
up claims against the railroads, largely for excess expenditures for main­
tenance, in the sum of $440,353,715 08.
Congress directed the President, through his agent, as soon as practicable
to settle and adjust these and all other claims incident to Federal control.
Every one o f the claims of the carriers whose property was taken over has
been adjusted. The creditor roads were paid $243,652,196 91. There
was collected from the debtor roads $195,272,295 17. The balance paid
by the Government was $48,379,901 74, or less than 5% o f the claims as
originally presented.
There are perhaps two outstanding features in the adjustment: It was
made without litigation, and well within the appropriation originally made
by Congress for this purpose.
The liquidation has involved the handling of large sums. As an out­
growth of Federal control the Government took definitive obligations of the
railroads for advances, funding o f additions and betterments, balance due
on settlement, and the like, aggregating $629,241,250. Of this amount
there has been collected, or disposed of at par, $495,705,450. This amount
has been returned to the United States Treasury.
The Railroad Administration for a number of years has been returning
large sums to the treasury. For the eleven months ended N ov. 30 1925
the receipts in excess of expenditures were $50,690,499. (V. 121, p. 3082.)

United States Railroad Labor Board Abolished—
President Appoints Board of Mediation.
President Coolidge on M a y 20 1926 signed the W atsonParker bill, which abolishes the Railroad Labor Board. See
text of bill in the “ Commercial & Financial Chronicle” of
M ay 2 9 ,1 9 2 6 , pp. 3038 to 3040. A board of mediation, com­
posed of five members (Samuel E . Winslow, Chairman;
Pat M . N eff, Edwin P . Morrow, G . Wallace W . Hanger
and John W illiam s), was appointed by President Coolidge
to settle disputes between employees and the carriers. John
Marrinan is Secretary of the Board (V . 123, p. 2218; V . 124,
p.879).
____________________________

Personnel of Inter-State Commerce Commission.
This Commission, which, under the Transportation Act
of 1920, is vested with new powers respecting rates, consolida­
tions, securities, issues, &c., is constituted as follows:
John J. Esch of Wisconsin, Chairman; Richard V. Taylor o f Alabama:
Balthasar H. Meyer o f Wisconsin; Frank McManamy o f the District of
Columbia; Henry C. Hall o f Colorado; Clyde B. Aitchison o f Oregon;
Thomas F. W oodlock o f New York; Joseph B. Eastman, o f Mass.; E. If
Lewis o f Indiana; J. B. Campbell of Washington; Ezra Brainerd, Jr., o.
Oklahoma; with George B. M cG inty o f Georgia, Secretary; Thomas A.
Gillis of Pennsylvania, Assistant Secretary; James L. Murphy, Assistant to
Secretary; T . Leo Haden of the District o f Columbia, Chief Clerk and
Purchasing Agent.

262

INDEX

[V ol. 125.

INDEX TO COMPANIES—CONSOLIDATED, &c.
Companies not given in the tables in their alphabetical order may be found by reference to the index below.
Name
Will be Found under—
berdeen & Asheboro_____________ Norfolk Southern.
dirondack_______________________ Delaware & Hudson.
Aetna Explosives Co_______________ Hercules Powder Co.
Alabame Central___________________Southern Kailway Co.
Alabama Midland__________________ Atlantic Coast Line R R .
Alabama Steel & Shipbuilding Co_ Tennessee Coal, Iron & R R . Co.
_
Albany & Northern________________ Georgia Southwestern & Gulf.
Alberta R y. & Irrigation C o________ Canadain Pacific Ry.
Algoma Central Terminals__________ Algoma Central & Hudson Bay R y.
Algoma Steel Corporation__________ Lake Superior Corporation.
Allegheny Valley___________________Pennsylvania R R .
Allen Bros. C o_____________________ Union Bag & Paper Corp.
Almagordo & Sacramento M tn. R y_-E l Paso & Northeastern R R .
American Cotton Oil C o___________ Gold Dust Corp.
American Dock & Improvement___ Central of New Jersey.
American Oilfields C o_______________California Petroleum Co.
American Pipe & Foundry C o_______ U. S. Cast Iron Pipe & Foundry Co.
American Petroleum C o____________ California Petroleum Co.
American Steamship C o____________ United States Steel Corporation.
Arkansas Oklahoma & Western_____Kansas City & Memphis.
Aroostook Northern R R ___________ Bangor & Aroostook R R .
Aroostook Valley (Electric) R R ____ Canadian Pacific.
Associated Merchants C o__________Associated Dry Goods Corporation.
Atlanta Knoxville & Northern_____ Louisville & Nashville.
Atlanta & Northern R R ____________ Atlanta Tennessee & Northern R y.
Atlantic & Birmingham____________ Atlanta Birmingham & Atlantic.
Atlantic Coast Line o f S. C .________ Atlantic Coast Line R R . Co.
Atlantic & Northwest_______________Canadian Pacific.
Atlantic & Yadkin R R _____________ Soutnern Ry.
Augusta Terminal R y _______________Charleston & Western Carolina Ry.
Austin & Northwestern____________ Houston & Texas Central.
Ayer M ills_________________________ American Woolen.

A

altimore & Cumberland Valley RR.W estern Maryland R R .
altimore & Harrisburg R R _______ Western Maryland R R .
Bangor & Portland_________________ Delaware Lackawanna & Western.
Bassick Alemite Corp_______________Stewart-Warner Speedometer Corp.
Bay City & Battle Creek___________ Michigan Central.
Beaver Steamship C o_______________Bethlehem Steel Corp.
Bedford Belt_______________________ Chicago Terre Haute & Southeastern.
Bellingham & Northern R y. C o_____Chicago Milwaukee & St. Paul.
Bennington & Rutland_____________ Rutland RR.
Bergen County R R _________________Erie R R .
Bessemer Coal & Coke C o__________ Republic Iron & Steel Co.
Big Sandy__________________________Chesapeake & Ohio.
Birmingham Belt___________________ St. Louis & San Francisco.
Bluff Point Land Impt. C o_________ Delaware & Hudson Co.
Boonville Bridge___________________ Missouri Kansas & Texas.
Boston & Lowell___________________ Boston & Maine R R .
Boston & N ev York Air Line_______ New York New Haven & Hartford.
Boyer Valley______________________ Chicago & North Western.
Brier Hill Steel C o________________ The Youngstown Sheet & Tube Co.
Brinson Railway___________________ Savannah & Atlanta R y.
Brooklyn & Montauk______________ Long Island.
Brunswick & Western______________ Atlantic Coast Line R R .
Buffalo & Southwestern____________ Erie R R .
Bullock Electric Manufacturing____ Allis-Chalmers Manufacturing Co.
Bullock Manufacturing C o_________ Allis-Chalmers Manufacturing Co.
Burlington Cedar Rapids & Northern.Chicago Rock Island & Pacific.
Burlington & Missouri River_______ Chicago Burlington & Quincy.
Butte Anaconda & Pac_____________ Anaconda Copper Mining Co.

B

airo Bridge C o__________________ Illinois Central R R .
aldwell & Northern______________Carolina & Northwestern.
Calgary & Edmonton R y ----------------Canadian Pacific Ry.
California Northwestern____________Northwestern Pacific.
Cambria & Clearfield______________ Pennsylvania R R .
Cambria Steel C o__________________ Bethlehem Steel Corp.
Canada Atlantic___________________ Canadian National Rys.
Canadian Consol. Rubber C o_______ United States Rubber.
Canadian Northern Alberta R y _____ Canadian National Rys.
Canadian Northern Coal & Ore Dock.Canadian National Rys.
Canadian Northern & Western R y _ Canadian National Rys.
_
Cannelton Coal & Coke_____________Lake Superior Corp.
Carnegie C o _______________________ United States Steel Corporation.
Carolina Central___________________ Seaboard Air Line.
Carthage & Adirondack____________ New York Central R R .
Carthage Watertown & Sack. H arb-.N ew York Central R R .
Cedar Rapids Iowa Falls & Northw.-Chicago Rock Island & Pacific.
Cedar Rapids & Missouri River_____Chicago & North Western.
Central Arkansas & Eastern________ St. Louis Southwestern.
Central Branch R y ------------------------- Missouri Pacific.
Central Branch Union Pacific----------Missouri Pacific.
Central Georgia R R . & Banking-------Central of Georgia Ry.
Central Leather____________________ U. S. Leather Corp.
Central New England R y. C o______ N. Y ., N . H. & Hartford R R .
Central New York & Western______ Pittsburgh Shawmut & Northern R R .
Central Ohio______________________ Baltimore & Ohio.
Central Ontario R y ________________ Canadian National Rys.
Central Petroleum_________________ Texas Company.
Central Terminal R R _______________Minneap. St. Paul & Sault Ste. Marie.
Central Steel C o____________________Central Alloy Steel Corp.
Central Vermont Transportation------Central Vermont.
Charleston Northern_______________ Seaboard Air Line.
Charleston & Savannah____________ Atlantic Coast Line R R .
Chartiers__________________________ Pittsburgh Cine. Chicago & St. Lousi.
Chateaugay Ore & Iron C o _________ Delaware & Hudson Co.
Chatham • Lebanon Valley________Rutland RR.
&
Chattanooga Rome & Southern_____Central of Georgia.
Chevrolet M otor C o ________________ General Motors Corporation.
Chicago & Atlantic Terminal C o------Erie RR.
Chicago & Grand Trunk R y ________ Canadian National Rys.
Chicago & Great Western__________ Balt. & Ohio Chicago Terminal R R .
Chicago Hammond & Western_____ Indiana Harbor Belt.
Chicago & Indiana Coal____________Chicago & Eastern Illinois.
Chicago Indiana & Southern------------New York Central R R .
Chicago Ind. & St. Louis Short Line.Cleveland Cine. Chicago & St. Louis.
Chicago Kalamazoo & Saginaw_____Michigan Central.
Chicago, Lake Shore & Eastern_____ United States Steel Corp.
Chicago Milwaukee & Puget Sound—Chicago Milwaukee & St. Paul.
Chicago St. Louis & New Orleans___Illinois Central.
Chicago St. Louis & Pittsburgh____ Pittsburgh Cine. Chicago & St. Louis.
Chic., Santa Fe & California_______ Atch. T op. and Santa Fe R y. Co.
Chicago Wisconsin & Minnesota____Wisconsin Central.
Childs Dining Hall C o____- ________Childs Co.
Choctaw & Memphis_______________ Chicago Rock Island & Pacific.
Choctaw Oklahoma & Gulf_________ Chicago Rock Island & Pacific.
Cla Central American S. A _________ Cuban Dominican Sugar Corp.
Cincinnati Hamilton & Dayton_____ Baltimore & Ohio R R .
Cincinnati Ind. St. Louis & Chicago.Cleveland Cine. Chicago & St. Louis.
Cincinnati, Lebanon & Northern___ Penn , Ohio & Detroit R R . Co.
Cincinnati & Muskingum Valley____ Penn., Ohio & Detroit R R . Co.
Cincinnati Sandusky & Cleveland...C leveland Cine. Chicago & St. Louis.
Cincinnati Southern________________ Cincinnati New Orleans & Texas Pac.
Cincinnati Wabash & Michigan R y..C leveland Cine. Chic. & St. L. R y.
Cleveland Akron & Columbus_______ Cleveland Akron & Cincinnati R y.
Clearfield & Jefferson______________ Pennsylvania R R .
Cleve., Akron & Columbus_________ Penn., Ohio & Detroit R R . Co.
Cleveland Columbus Cin. & Ind_____Cleveland Cin. Chicago & St. Louis.
Cleveland Lorain & Wheeling_______ Baltimore & Ohio.
Cleveland & Marietta______________ Penn., Ohio & Detroit R R . Co.
Cleveland Short Line_______________New York Central R R .
Cleveland Terminal & Valley_______ Baltimore & Ohio.
Clinton-Wright Wire C o___________ Wickwire Spencer Steel Corporation.
Clyde Line_________________________Atlantic Gulf & West Indies SS. Co.
Coal & Coke R y____________________ Baltimore & Ohio R R .
Coal & Iron R y ____________________ Western Maryland.
Coal River & Western_______________ Chesapeake & Ohio.

C




Name.
Will Be Found Under—
Colorado Bridge---------------------------- International-Great Northern.
Colorado Industrial C o______________Colorado Fue & Iron.
Colorado-Utah Construction C o_____Denver Northwestern & Pacific R y .
Columbia & St. Louis______________ Wabash.
_
Columbus Connecting & Terminal_ Norfolk & Western.
Columbus & Hocking Valley________ Hocking Valley .
Columbus & Toledo_______________ Hocking Valley.
Computing-Tabulating-Record. Co_-Internal. Business Mach. Corp.
Concord & Montreal________________Boston & Maine R R .
Connecticut River R R _____________ Boston & Maine R R .
Connellsville & Monongahela R R __ United States Steel Corporation.
Consumers’ Chemical Corporation--Virginia-Carolina Chemical Co.
Continental Coal___________________Hocking Valley.
Cornwall & Lebanon R R __________ Pennsylvania R R .
Cornwall Ore Banks__________ _____ Bethlehem Steel Corp.
Crucible Fuel C o___________________ Crucible Steel Co.
Cuba Distilling C o_________________ U. S. Industrial Alcohol Co.
Cuba Eastern----------------------------------Guantanamo & Western R R .
Cumberland Valley R y ____________ Pennsylvania R R .
Current River-------------------------------- Kansas City Fort Scott & M emphis.
allas & W aco------------------------------ Missouri Kansas & Texas.
anbury & Norwalk---------------------- New York New Haven & Hartford.
Danville & Grape Creek-------------------Chicago & Eastern Illinois.
Dawson R y. & Coal C o____________ El Paso & Northeastern Co.
Dayton, Lebanon & North_________ Penn., Ohio & Detroit R R . Co.
Delano Land--------------------------------- Lehigh Valley.
Des Moines & Fort Dodge----------------Minneapolis & St. Louis.
Des Plaines Valley--------------------------- Chicago & North Western.
Detroit Grand Rapids & Western___ Pere Marquette.
Detroit Rock Salt_________________ International Salt Co.
Dexter & Newport R R ______________Maine Central R R .
Dexter & Piscataquis R R __________ Maine Central R R .
Dimmick Pipe C o--------------------------- U. S. Cast Iron Pipe & Foundry Co.
Dominion Line------------------------------- International Mercantile Marine Oov
Douglas-Pectin Corp_______________ Certo Corp.
Duluth & Iron Range_______________United States Steel Corp.
Duluth Rainy Lake & Winnipeg Ry-_Duluth Winnipeg & Pacific R y.
Durham & Northern_______________ Seaboard Air Line.
Dutchess County R R ---------------------- Central New England R y.

D

ast Maine R R -----------------------------Maine Central R R .
ast Tennessee Virginia & Georgia.-Southern Railway.
Eastern Car C o____________________ Nova Scotia Steel & Coal Co. . . . . . .
Eastern Coke C o___________________Bethlehem Steel Corp.
Eastern Cuba Sugar Corp__________ Cuba Cane Sugar Corp.
Eastern of Minnesota----------------------Great Northern.
Easton & Amboy— East. & Northern.Lehigh Valley.
Elgin, Joliet & Eastern_____________ United States Steel Corp.
Elk Horn Fuel C o__________________ Elk Horn Coal Corporation.
Ellwood Short Line________________ Baltimore & Ohio.
El Paso & Rock Island R y __________ El Paso & Northeastern Co.
Erie & Jersey______________________ Erie RR.
Essex Terminal R y _________________ Erie RR.
Euclid Equipment Trust___________ Bessemer & Lake Erie.
European & North American_______ Maine Central RR.
Evansville Belt R y _________________ Chicago & Eastern Illinois R R .
Evansville Henderson & Nashville_ Louisville & Nashville.
_
Evansville Mt. Carmel & Nor. Ry__Clevel. Cine. Chicago & St. Louis.
Evansville & Terre Haute__________ Chicago & Eastern Illinois.

E

airmont Coal____________________Consolidation Coal Co.
argo & Southern________________ Chicago Milwaukee & St. Paul.
Farr & Bailey Manufacturing_______ Oongoleum-Nairn, In c.
Farrell (Wm.) & Sons, Inc__________ Burns Brothers.
Finch Run Coal C o .________________ Bethlehem Steel Corp.
Fisher Body Corp__________________ General Motors Corp.
Fitchburg R R -------------------------------- Boston & Maine R R .
Flint & Pere Marquette____________ Pere Marquette.
Florida Central & Peninsula________ Seaboard Air Line Ry.
Florida Southern___________________ Atlantic Coast Line R R .
Florida West Shore_________________Seaboard Air Line.
Fort Worth & New Orleans_________ Houston & Texas Central.
Fort Worth & Rio Grande__________ St. Louis-San Francisco.
Fremont Elkhorn & Missouri Valley-Chicago & North Western.
Frick H. O. C o____________________ United States Steel Coaporatloct.

F

enesee River R R ________________ Erie RR.
eneral Leather C o---------------------- Reynolds Spring Co.
General Petroleum Corp__________ Standard Oil o f N .Y .
Georgia & A la b a m a .______________ Seaboard Air Line Ry.
Georgia & Alabama Terminal R y _ Seaboard Air Line R y.
_
Georgia Carolina & Northern______ Seaboard Air Line Ry.
Georgia Pacific_____________________ Southern Railway.
Gila Valley Globe & Northern____..A rizona Eastern.
Girard Point Storage______________ Pennsylvania R R .
Goshen & Deckertown R R _________ Erie RR.
Gouverneur & Oswegatchie_________ New York Central R R .
Granby Mining & Smelting_________ American Zinc, Lead & Smelting.
Grand River Valley_________________Michigan Central.
Gray’s Point Terminal_____________ St. Louis Southwestern.
Great Western R y. of Canada______ Canadian National Rys.
Greenbrier R y _____________________ Chesapeake & Ohio.
Guatemala Central_________________ International Rys. of Cent. America.

G

alcomb Steel C o_________________Crucible Steel Co.
alifax & Southwestern R y _______ Canadian National Rys.
Hancock & Calumet__________ _____ Mineral Range.
Hannibal & St. Joseph R y __________ Chicago Burlington & Quincy R R .
Harlem River & Portchester________ New York New Haven & Hartford.
Harrlsbrug Ports. M t. J. & Lancaster.Pennsylvania R R .
Haskell & Barker Car Co., Ltd______ Pullman Co.
Hayes Wheel C o .___________________ Kelsey, Hayes Wheel Corp.
Hecker-Jones-Jewell C o____________ Standard Milling Co.
Henderson Bridge__________________Louisville & Nashville.
Hereford___________________________Maine Central.
Hocking Coal C o___________________Minneapolis & St. Louis R R .
Hollidaysburgh Bedford & Cumb___ Pennsylvania.
Holly Manufacturing C o___________ Worthington Pump & Machinery C o.
Holyoke & Westfield R R ___________ N. Y . N . H. & Hartford R R .
Housatonic________________________ New York New Haven & Hartford.
Hudson Coal______________________ Delaware & Hudson Co.
Huntington & Big Sandy___________ Baltimore & Ohio.
Hutchison & Southern______________Atchison Topeka & Santa Fe.

H

llinois Southern R y ______________ Missouri-Illinois R R .
llinois Steel Co___________________United States Steel Corporation.
Imperial Rolling Stock_____________ Canadian Northern.
Indiana Bloomington & Western___ Peoria & Eastern.
Indiana Illinois & Iowa____________ New York Central R R .
Indiana Steel C o ----------------------------- United States Steel Corporation.
Indianapolis Decatur & Western___ Cincinnati Indianapolis & Western.
Indianapolis & Louisville___________ Chicago Indianapolis & Louisville.
Indianapolis & St. Louis___________ Cleveland Cin. Chic. & St. Louis.
International M otor Truck_________ Mack Trucks, Inc.
International Navigation___________ International Mercantile Marine.
International Steam Pump Co_____ Worthington Pump & Machinery C o.
Iowa Central______________________Minneapolis & St. Louis.
Iowa Minnesota & Northwestern___ Chicago & North Western.
Irondale Bancroft & Ottawa R y _____Canadian National Rys.
Iroquois Iron C o_______ . . . ________ Youngstown Sheet & Tube Co.

I

ackson Lansing & Saginaw______ Michigan Central.
amestown Franklin & Clearfield_ New York Central.
_
Jamison Coal & Coke C o___________ Bethlehem Steel Corp.
Johnstown Steamship C o .__________ Bethlehem Steel Corp.
Joliet & Chicago___________________ Chicago & Alton.
unction___________________________Pennsylvania.

J

Nov., 1927.]

INDEX

Name.
Will Be Found Under—
alamazoo & White Pigeon_______ New York Central E k .
ankakee & Southwestern________Illinois Central.
Kansas City Excelsior Spgs. Sc N or--W abash KR.
Kansas City Memphis & Birm. R y_, Kansas City Ft. Scott & Memphis Ry.
Kansas City & Memphis R y. Bridge.-Kansas City Fort Scott & Memphis,
Kansas City & Pacific______________Missouri Kansas & Texas.
Kansas City Pitts. & Gulf__________ Kansas City Southern.
Kansas City Northwestern R y ______Missouri Pacific Ry.
Kansas City St. Louis & Chicago___ Chicago & Alton.
Kansas & Colorado Pacific_________ Missouri Pacific.
Karpen Building----------------------------- Standard Oil Co. o f Indiana.
Kennebunk & Kennebunkport______Boston & Maine R R .
Kentucky Central__________________Louisville & Nashville.
Knox & Lincoln____________________ Maine Central.
Knoxville & Ohio__________________Southern Ry.
Kolb Bakery______________________ General Baking Co.

K

ackawanna Iron & Steel C o _____ Bethlehem Steel Corp.
ackawanna Steel C o_____________ Bethlehem Steel Corp.
Lake Erie & Detroit River__________Pere Marquette.
Lake Erie & Pittsburgh R y ________New York Central R R .
Lake Erie & Western______________ New York Chicago & St. Louis
Lake Shore & Mich. Southern R y _ New York Central R R .
_
Lamson Consol. Store Service---------American Pnuematie Service.
Laramie Hahn’s Peak & Pacific_____Colorado Wyoming & Eastern.
Leamington & St. Clair____________ Canada Southern.
Lehigh & Lake Erie R y -------------------Lehigh Valley R R .
Lehigh Navigation Electric C o---------Lehigh Coal & Navigation Co.
Lehigh & New York_______________ Lehigh Valley.
Lehigh & Susquehanna____________ Lehigh Coal & Navigation.
Leroy & Caney Valley_____________ Missouri Pacific.
Lexington & Eastern R y ___________ Louisville & Nashville R R .
Lexington & Frankfort------------------- Louisville & Nashv. (L. C. & Lex.).
Leyland Line______________________ International Mercantile Marine.
Lick Creek & Lake Erie-------------------Carolina Clinchfield & Ohio.
Lincoln Park & Charlotte--------------- Buffalo Rochester & Pittsburgh.
Linde Air Products_________________Union Carbide & Carbon Corp.
Little Falls & Dolgeville R y ________ New York Central R R .
Little Rock Bridge C o-------------------- Chicago Rock Island & Pacific Co.
Little Rock & Hot Springs Western-.Missouri Pacific.
Little Rock Jet.— Lit. Rk. & Ft. Sm.Missouri Pacific.
_
Locomo. & Mach. Co. o f Montreal_ American Locomotive Co.
Long Deck C o ------------------------------- Erie R R .
Long Island & Flushing-------------------Long Island.
Louisiana & Missouri River________ Chicago & Alton.
Louisville Cincinnati & Lexington__ Louisville & Nashville.
Louisville & Frankfort_____________ Louisville & Nashville— L. C. & L.
Louisville & Nashville Terminal____ Louisville & Nashville.
Lowell & Andover__________________ Boston & Maine R R .

L

aconin R R ______________________N . Y . Susquehanna & Western R R .
agnolia Petroleum C o ___________ Standard Oil Co. of New York.
Mallory Line . . ___________________ Atlantic Gulf & West Indies SS. Co.
Manchester & Lawrence____________ Boston & Maine R R .
Manitoba & Southern______________ Canadian National Rys.
Manitoba Southwest’n Colonization.Canadian Pacific.
Manitoulin & North Shore R y ______ Algoma Eastern R y.
Manitowoc Green Bay & Nor. West.Chicago & North Western.
Mankato & New Ulm______________ Chicago & North Western.
Manufacturers Water C o___________ Bethlehem Steel Corp.
Mark Manufacturing C o----------------- Youngstown Sheet & Tube Co.
Marquette Houghton & Ontonagon, .Duluth South Shore & Atlantic.
Marshfield & Southeastern R R _____ Wisconsin Central R y.
Maryland Steel C o_________________ Bethlehem Steel Co.
Massawippi________________________ Connecticut & Passumpsic.
McKeesport & Belle Vernon------------ Pittsb. McKeesport & Youghiogheny.
Merchants’ Bridge_________________ St. Louis Merch. Bridge Term. R R .
Mexican Central___________________ National Railways of Mexico.
Mexican Eastern___________________ Interoceanic o f Mexico.
Mexican International______________National Railways of Mexico.
Middlesex Valley R R ---------------------- Lehigh Valley R R .
Midland Coal______________________ Pittsburgh Coal Co.
Midland of New Jersey------------------- N. Y. Susquehanna & Western R R .
Midland R R _______________________ N. Y . Susquehanna & Western R R .
Midland Terminal--------------------------- Cripple Creek Central.
Midvale Steel & Ordinance C o______Bethlehem Steel Corp.
Mifflin Equipment--------------------------United States Steel Corporation.
Millin & Southwestern_____________ Georgia & Florida.
Milwaukee Lake Shore & Western_ Chicago & North Western.
_
Milwaukee & Northern-------------------Chicago Milwaukee & St. Paul.
Milwaukee Sparta & North Western .Chicago & North Western.
Milwaukee & State Line____________ Chicago & North Western.
Mineral Fuel C o___________________ Elk Horn Coal Corp.
Minneapolis & Pacific----------------------Minneap. St. Paul & Sault Ste. Marie.
Minneapolis Sault Ste. Marie & Atl.-M inneap. St. Paul & Sault Ste. Marie.
Minneapolis Terminal--------------------- Chicago Great Western.
Minneapolis Union_________________ Great Northern.
Minnesota & Iowa_________________ Chicago & North Western.
Minnesota & South Dakota________ Chicago & North Western.
Minnesota Sugar Corp______________American Beet Sugar Co.
Missouri Kansas & Eastern_________ Missouri Kansas & Texas.
Missouri Kansas & Oklahoma______ Missouri Kansas & Texas.
Missouri Oklahoma & Gulf_________ Kansas Oklahoma & Gulf.
Mobile & Bay Shore________________ Mobile & Ohio.
Mobile & Montgomery R y _________ Louisville & Nashville R R .
Mohawk & Malone--------------------------New York Central R R .
Monon Coal------------------------------------Chicago Indianapolis & Louisville.
Monongahela River Cons. Coal & C_.Pittsburgh Coal Co.
Monongahela Southern R R _________United States Steel Corporation.
“ Monon Route” ___________________ Chicago Indianapolis & Louisville.
Montana Central R R ----------------------Great Northern Ry.
Montauk Extension R R ____________Long Island.
Montour R R ______________________ Pittsburgh Coal Co.
Montreal & Province Line R y ______ Central Vermont Ry.
Montreal Warehousing_____________ Canadian National Rys.
Morgantown & Kingwood__________Baltimore & Ohio.
Morris & C o_______________________ Armour & Co. o f Delaware.
Morris Canal C o -----------------------------Lehigh Valley R R .
Mount Vernon Branch_____________ Chicago & Eastern Illinois.
Munising, Marquette & S. E ________ Lake Superior & Ishpeming.
Muskegon Grand Rapids & Indiana-Grand Rapids & Indiana.

M

ashville Florence & Sheffield____ Louisville & Nashville.
ational Aniline & Chemical Co____Allied Chemica Sc Dye Corp.
National Cloak & Suit C o__________ x^ational Bellas Hess Co.
National Leather C o_______________ Swift & Co.
National Starch____________________ Corn Products Refining Co.
National Tube Co__________________ United States Steel Corporation.
Naugatuck R R ____________________ N. Y. N. H. & Hartford RR.
Nebraska__________________________ Chicago Burlington & Quincy.
Nevada & California R R ___________ Central Pacific Ry.
New Brunswick____________________ Canadian Pacific.
New Brunswick Southern__________ Canadian Pacific.
New Castle & Shenango Valley_____ Sharon Ry.
New Cornelia Copper C o___________ Calumet & Arizona Copper Co.
New England______________________ New York New Haven & Hartford.
New England Navigation C o_______ N. Y. N. H. & Hartford RR.
Newburg & New York_____________ Erie RR.
New Haven & Derby_______________N. Y. N. H. & Hartford R R .
New Haven & Northampton R R ___ N . Y . N. II. & Hartford R R .
New Mexico Ry. & Coal___________ El Paso & Northeastern Co.
New Orleans Mobile & Chicago____ Gulf Mobile &Northern.
New Orleans Mobile & Texas_______Louis. & Nash. (N. O. & Mobile Dlv.)
Newport & Cincinnati Bridge_______ Louisville & Nashville.
Newport & Richford R y ___________ Connecticut & Passumpsic Ry.
New York Bay Extension__________ Long Island.
N . Y . Brooklyn & Manhattan Beach-Long Island R R .
New York Canners, In c____________ Snider Packing Co.
N. Y. Central& Hudson River R R ._N ew York Central RR.
New York & Cuba Mail SS. C o_____Atlantic Gulf & West Indies SS. Co.
New York & Erie__________________Erie RR.
New York Glucose_________________Corn Products.
New York & Jersey R R ____________ Hudson & Manhattan R R .
New York Lake Erie & Western____Erie RR.
New York & New Eng. Bost. T erm ..N ew York New Haven & Hartford.

N




363

Name.
Will Be Found Under—
New York & Northern______________New York Central R R .
New York & Porto Rico SS. C o_____Atlantic Gulf & West Indies SS. Co.
New York Providence & Boston____New York New Haven & Hartford.
New York & Putnam_______________New York Central RR.
New York & Rockaway____________ Long Island.
New York Shipbuilding Corp_______ American Brown Boveri Elec. Corp,
New York Short Line______________ Reading Co.
New York & Wilkes-Barre Coal_____New York Susquehanna & Western.
Niles Tool Works C o_______________Niles-Bement-Pond Co.
Norfolk & Carolina_________________ Atlantic Coast Line RR.
Norfolk Terminal & Transportation.Chesapeake & Ohio.
Norristown & Maine Line Conn_____Reading Co.
Northeastern RR. of So. Carolina____Atlantic Coast Line RR.
North Wisconsin___________________ Chic. St. Paul Minn. & Omaha.
Northern California________________ Southern Pacific RR.
Northern Maine Seaport___________ Bangor & Aroostook.
Northern Ry. (Canada)____________ Canadian National Rys.
Northern Ry. of California_________ Southern Pacific RR.
Northwestern Iron C o ______________ Youngstown Sheet & Tube Co.
Northwestern Union________________ Chicago & North Western.
Norwalk Steel C o__________________ Crucible Steel Co. of America.
Norwood & Montreal R R __________ New York Central RR.
Number One Broadway Corp_______ International Mercantile Marine.
ceanic Steam Navigation C o_____International Mercantile Marine Co.
cean Steamship__________________ Central of Georgia Ry.
Ogdebsburg & Lake Champlain_____Rutland RR.
Ogdensburg Terminal R y __________ Rutland RR.
Ohio Cities Gas C o_________________ Pure Oil Co.
Ohio Indiana & Western___________ Peoria & Eastern.
Ohio & Little Kanawha____________ Baltimore & Ohio.
Ohio River_________________________Baltimore & Ohio.
Ontario & Quebec__________________ Canadian Pacific
Oregon Eastern R y _________________ Central Pacific Ry.
Oregon RR. & Navigation C o_______ Oregon-Wash. R R . & Nav. Oo.
Ozark & Cherokee Central_________ St. Louis-San Francisco.

O

acific R R . of Missouri___________ Missouri Pacific Ry.
aducah & Memphis R y __________ Louisville & Nashville RR.
Pan American Pet. Co. of Calif_____Pan Am. Western Petroleum Co.,
Pan-American R R __________________ National Railwav of Mexico
Paragould Southeastern____________ St. Louis Southwestern.
Paramount-Broadway Corp_________Famous Players Lasky Corp.
Passaic & New York R R ___________ N. Y. Susquehanna & Western RR
Penn-Mary Coal___________________ Bethlehem Steel.
Penn-Mary Steel C o________________Bethlehem Steel Corp.
Pennsylvania & N. Y . Canal________ Lehigh Valley.
Pennsylvania S Northwestern______Pennsylvania RR.
c
Pennsylvania Steel C o______________Bethlehem Steel Co.
*
•
Penobscot Shore Line_______________Maine Central.
Pensacola & Atlantic________________ Louisville & Nashville.
Peoria & Northwestern______________Chicago & North Western.
Petersburg________________________ Atlantic Coast Line R R .
Petroleum Refining C o______________Galena Signal Oil.
Philadelphia & Erie_________________ Pennsylvania.
Philadelphia & Frankford----------------Reading Co.
Philadelphia, Harrisburg & Pitts____Reading Co.
Philadelphia & Reading____________ Reading Company.
Phila. Wilmington & Baltimore_____Phila. Baltimore & Washington RR;
Piedmont & Cumberland R R _______ Western Maryland R R .
Pine Bluff & Western_______________St. Louis Iron Mtn. S Southern.
c
Pine Creek________________________ New York Central RR.
Pittsburgh Cleveland & Toledo______Baltimore & Ohio.
Pittsburgh Coal, Dock & Wharf____ Pittsburgh Coal Co.
Pittsburgh Crucible Steel C o________ Crucible Steel Co of America.
Pittsburgh Junction________________Baltimore & Ohio.
Pittsburgh Lisbon & Western_______ Wheeling & Lake Erie RR.
Pittsburgh Newcastle S Lake Erie_ Baltimore & Ohio.
c
_
_
Pittsburgh Painesville & Fairport_ Baltimore & Ohio RR.
Pittsburgh Shenango & Lake Erie_ Pittsburgh Bessemer S Lake Erlei.
_
c
Pittsburgh Steel Products C o_______ Pittsburgh Steel Co.
Pittsburgh Terminal R R . & Coal Co.Pittsburgh Terminal Coal Co.
Pittsburgh Virginia & Charleston___ Pennsylvania.
Pittsburgh-Westmore Coal_________ Bethlehem.
Pleasant Valley Coal________________ Denver & Rio Grande.
Port Wentworth Terminal Corp_____Savannah & Atlanta Ry.
Portland S Ogdensburg____________ Maine Central.
c
Portland & Rochester R R __________ Maine Central RR.
Portland (Me.) Union Station C o___ Portland Terminal Co.
Portsmouth Great Falls & C onway..Boston & Maine.
Potomac Valley____________________ Western Maryland.
Potter Ore--------------------------------------Republic Iron & Steel.
Pratt & Whitney___________________ Niles-Bement-Pond Co.
Prescott S Eastern_________________ Atchison Topeka & Santa Fe.
c
Prest-O-Lite C o____________________ Union Carbide & Carbon Corp.
Princeton & Northwestern__________ Chicago & North Western.
Prospect Park & Coney Island R R _ Long Island RR.
_
Providence & Springfield___________ New York New Haven & Hartford..
Providence Terminal_______________New York New Haven & Hartford.
u’Appelle L ’g La’e & Sask________ Canadian National Rys.
uebec Central-----------------------------Canadian Pacific.
Quebec & Lake St. John R y ________ Canadian National Rys.
ailway Steel Spring C o__________ American Locomotive Co.
aleigh & Augusta-Ral. & Gaston..Seaboard Air Line.
Raleigh & Cape Fear_______________ Norfolk Southern.
Raleigh & Southport________________Norfolk Southern.
Raleigh & Southwestern____________ Chesapeake & Onio.
Ravenswood Spencer & Glenville____Baltimore & Ohio.
Reading Belt______________________ Reading Co.
Replogle Steel C o__________________ Warren Foundry & Pipe Corp.
Republic Rubber Corp______________Lee Tire & Rubber Co.
Retsof Mining C o__________________ International Salt Co.
Richmond & Allegheny Vailey R y _ Chesapeake & Ohio Ry.
_
Richmond S Danville______________ Southern Railway.
c
Richmond Locomotive_____________ American Locomotive Co.
Richmond & Mecklenburg R R ______Southern Ry.
Richmond & Petersburg____________ Atlantic Coast Line R R .
Rio Grande Western________________ Denver & Rio Grande.
Risdon Iron Works_________________ United States Steel Corporation.
Rochester & Pittsburgh____________ Buffalo Rochester & Pittsburgh.
Rock Island Ark. & Louisiana_______ Chicago Rock Island & Pacific.
Rock Island Improvement Equipm’t.Chicago Rock Island S Pacific.
c
Rock Island & Peoria R y ___________ Chicago Rock Island & Pacific R y .
Rocky M t. Coal & Iron C o------------ Colorado Fuel & Iron Co.
Rome Watertown & Ogdensburg____New York Central R R .
Rutland-Canadian_________ _______ Rutland.
Rutland Toledo & Northern R y _____Chicago & Alton R R .

P

Q
R

t. Charles Bridge_________________ Wabash.
t. Clair Madison & St. Louis Belt.Missouri & Illinois Bridge & Belt.
St. Clair Furnace C o---------------------- United States Steel Corporation.
St. Clair S teel-------------------------------- United States Steel Corporation.
St. Clair Terminal R R _____________ United States Steel Corporation.
St. Lawrence & Ottawa____________ Canadian Pacific.
St. Louis B ridge----------------------------- Terminal Association o f St. Louis.
St. Louis & Cairo R y ______________ Mobile & Ohio RR.
St. Louis Iron M ount’n & Southern.Missouri Pacific System.
St. Louis Peoria & N. W . R y _____ Chicago & North Western Ry.
St. Louis Wichita & Western_______St. Louis & San Francisco.
St. Maurice Paper C o_____________ Union Bag & Paper Co.
“ St. Paul” ------------------------------------- Chicago Milwaukee & St. Paul.
St. Paul & Duluth__________________ Northern Pacific.
St. Paul Eastern Grand Trunk______Chicago & North Western.
St. Paul & Kansas City Short Line..Chicago Rock Island & Pacific.
St. Paul Minneapolis & M anitoba...G reat Northern.
St. Paul & Northern Pacific________ Northern Pacific Ry.
Sanda Falls C o., Ltd_______________ Union Carbide & Carbon.
Sanford & St. Petersburg R R _______ Atlantic Coast Line R R .
San Francisco Dry Dock C o________ Bethlehem Steel Corp.
San Francisco & San Joaquin Val_ Atchison Topeka & Santa Fe.
_
San Pedro Los Angeles & Salt L ake..L os Angeles & Salt Lake R R .
Santa Ana Sugar___________________ Cuban Dominican Sugar Co.
Santa Fe Prescott & Phoenix_______ Atchison Topeka & Santa F e.
Saranac & Lake Placid_____________ Chateaugay & Lake Placid.

S

264

INDEX

Name.
Will Be Found Under—
Sault Ste. Marie & Southwestern_ Chic. St. Paul Minneap. & Omaha.
_
Savannah Florida & Western_______ Atlantic Coast Line R R .
Schenectady & Duanesburg________ Delaware & Hudson.
Schoen Steel Wheel_________________ United States Steel Corporation.
Schulco C o., Inc___________________ Schulte Retail Stores Corp.
Schuylkill & Lehigh_________________ Reading Co.
Schuylkill River East Side__________ Baltimore & Ohio.
Schwarzchild & Sulzberger_________ Wilson & Co.
Scioto Valley & New England---------Norfolk & Western.
Seaboard-All Florida_________________Seaboard Air Line.
Seaboard & Roanoke_______________ Seaboard Air Line.
Sea Coast_________________________ Atlantic City.
Semet-Solvay C o__________________ Allied Chemical & Dye Corp.
Sen Sen Chiclet C o_________________ American Chicle Co.
Shade Gap_________________________East Broad Top R R . & Coal Co.
Shamokin, Sunbury & Lewisburg__ Reading Co.
Shannopin Coal C o _________________ Jones & Laughlin Steel Corp.
Sharon Coke C o____________________Union Steel Co.
Shawsheen Mills___________________ American Woolen Co.
Sherman Shreveport & Southern___ Missouri Kansas & Texas.
Shreveport Bridge & Terminal______St. Louis Southwestern.
Silver Springs Ocala & Gulf________ Atlantic Coast Line R R .
Sioux City & Pacific________________Chicago & North Western.
Sodus Bay & Southern_____________ Elmira & Lake Ontario.
Solvay Process C o_________________ .Allied Chemical & Dye Corp.
Somerset R y _______________________ Maine Central.
South Carolina & Georgia__________ Southern R y., Carolina Division.
South & North Alabama___________ Louisville & Nashville.
Southeastern & St. Louis___________ Louisville & Nashville.
Southern Indiana__________________ Chicago Terre Haute & Southeastern.
Southern Pacific Branch___________ Southern Pacific R R .
Southwest Pennsylvania___________ Pennsylvania.
Southwestern Coal & Impt. C o______Missouri Kansas & Texas Ry.
Spanish-American Iron C o__________ Bethlehem Steel Corporation.
Spartanburg Union & Columbia_____Southern R y., Carolina Division
Spuyten Duyvil & Port Morris______New York Central R R .
Standard Steel Works______________ Baldwin Locomotive Works.
Staten Island R y ___________________Baltimore & Ohio R R .
Steel & Tube Co. o f America_______ Youngstown Sheet & Tube Co.
Stephenville North & South Texas--St. Louis Southwestern R y.
Sturgis Goshen & St. Louis_________New York Central R R .
Suffolk & Carolina________________ Norfolk Southern.
Sugar Estates o f Oriente. Inc_______ Cuban Dominican Sugar Co.
Sullivan Co. Coal Branch__________ Chicago & Eastern Illinois.
Sulzberger Sons & C o_______________Wilson & Co.
Sumter & Wateree________________ Southern R y., Carolina Division.
Sunbury Hazleton & Wilkes-Barre_ Pennsylvania.
_
Sunbury & Lewiston_______________ Pennsylvania.
Superior Short Line R y ____________ Chicago St. Paul Minn. & Om. R y.
Susquehanna Bloomsb’g & Berwick-.Pennsylvania R R .
erre Haute & Indianapolis________Pitts. Cin. Chicago < St. Louis R v.
fc
exarkana & Ft. Smith R y ______ ..K ansas City Southern R y.
Texas & Oklahoma_________________Missouri Kansas & Texas.
Texas & Pacific Coal C o___________ Texas Pacific Coal & Oil Co.
Toledo Canada Southern & Detroit--Michigan Central.
Toledo & Cincinnati R R ___________ Baltimore & Ohio .
Toledo St. Louis & Western________ New York Chicago & St. Louis.
Toledo Walhondling Valley & Ohio_ Pennsylvania Ohio & Detroit R R . Co.
_
Toronto Grey & Bruce______________Canadian Pacific.

T




[V ol. 125.

Name.
Will Be Found Under—
Traverse City R R __________________ Grand Rapids & Indiana.
Tunnell Railroad of St. Louis_______ Terminal Ass’n of St. Louis.
nion Iron Works Dry D ock______ Bethlehem Steel Corp.
iiioh Switch & Signal Co_________ Westinghouse Air Brake Co.
Union Transportation C o__________ Union Oil C o., Inc., of California.
United Cigar Manufacturers________ General Cigar Co., Inc.
United Dry Goods Companies______Associated Dry Goods Corporation.
Union Coal & Coke____ ____________ Bethlehem Steel Corp.
Union Oil Co. of D el._______________Shell Union Oil Corp.
Union RR ________________________ United States Steel Corporation.
Union Steel___________________ ;_____ United States Steel Corporation.
Union Stock Yard & Transit C o_____Ch. J. Rys. & U. Stk. Y.
United Alloy Steel----------------------------Central Alloy Steel.
United Bakeries C orp.______________ Continenta Baking Corp.
United Motors Corporation_________General Motors Corporation.
United States Leather_____________ Central Leather.
United States Sugar Refinery_______ Corn Products Refining Co.
Upper Coos_______________________ Maine Central.
Utah Central______________________ Denver & Rio Grande.
Utah Company____________________ U. S. Smelting, Refining & Min. Co.
Utah Fuel_________________________ Denver & Rio Grande.
Utah & Northern---------------------------- Oregon Short Line.
Utica & Black River______ _________ New York Central R R .
Utica Clinton & Binghamton R R ___ Delaware & Hudson R R .

U

Aroostook
V an Buren&Bridge--------------------------Bangor &Railways of R R .
era Cruz Pacific R R ___________ National
Mexico.

Vera Cruz to Isthmus---------------------- National Railways of Mexico.
Verdigris Val. Independ’ce & W est--M issouri Pacific.
Vicksburg & Meridian_____________ Alabama & Vicksburg.
Victoria Rolling Stock_____________ Canadian Pacific.
Violet Sugar C o____________________ Cuba Cane Sugar Corp.
Virginia Air Line___________________ Chesapeake & Ohio.
Virginia Midland___________________ Southern Railway.
abash-Pittsburgh Terminal______Pittsburgh & West Virginia.
aco & Northwestern____________ Houston & Texas Central Railway.
Warner Sugar Refining-------------------- National Sugar Refining Co. o f N . J.
Washington County________________Maine Central.
Washington & Columbia River______Northern Pacific.
Washington Ohio & Western________ Southern Ry.
Webster M ills______________________ American Woolen Co.
West Chester R R __________________ Pennsylvania R R .
West Pennsylvania R R ____________ Pennsylvania R R .
West River_________________________New London Northern.
West Side Belt-------------------------------- Pittsburgh & West Virginia Ry.
West Virginia & Pittsburgh_________ Baltimore & Ohio.
Western Pennsylvania______________Pennsylvania.
Western Pocahontas Corporation___ Chesapeake & Ohio.
Western Steel Car & Foundry C o___ Pressed Steel Car Co.
Westinghouse Machine C o__________ Westinghouse Elec. & M fg. Co.
Wichita & Midland Valley__________ Midland Valley.
Wickwire Steel C o__________________ Wickwire Spencer Steel Corporation
Wilkes-Barre & Eastern____________ N. Y . Susquehanna & Western.
Willmar & Sioux Falls_____________ Great Northern.
Wilm. & Weldon— Wilm. & Newbern Atlantic Coast Line R R .
Worcester Nashua & Rochester_____Boston & Maine.
ellow Cab. M fg. Co.
Yellow Truck & Coach M fg. Co.

W

Y

W hat the
average family
speaks of as

“ ight”
L

\%
\

youd speak o f
as “Gloom
n

u
v

U R N a five-light chandelier in your
living room for five hours and you’ ll
use as much current as the average wired
home consumes in an entire day for every
purpose. At its present rate o f consuming
current, the average American family
would have to eat, dress, and bathe in the
dark if it left the living room fully lighted,
according to good lighting standards.

B

There’s a vast difference between having
electricity and having enough electricity,
and that represents the light and power
companies’ most promising field for im­
mediate growth.

f

%

In 1925, the “ domestic load” was 5,600,000,000 kilowatt-hours. If every home
within reach o f central station lines were
adequately lighted and generously ap*
plianced (including refrigerator and range),'
this figure would jump to 98,000,000,000
kilowatt-hours. This amount is almost
100 per cent greater than the total o f kilo­
watt-hours generated for electric light,
power and heat in homes, factories, and
on railroads and farms combined.
W E S T IN G H O U S E E L E C T R IC
& M A N U F A C T U R I N G CO.
Offices in all Principal Cities
Representatives Everywhere
Localized Service — Men — Parts — Shops

E C O N O M I C




T R E N D S

Westinghouse
I N

THE

E L E C T R I C A L

I N D U S T R Y

J. P. MORGAN & CO.
WALL STREET, CORNER OF BROAD
N ew York

D R E X E L & C O ., P H IL A D E L P H IA

FIFTEENTH AND

WALNUT STREETS

M O R G A N G R E N F E L L & C O ., L O N D O N
23 GREAT WINCHESTER STREET

M O R G A N & CO., P A R IS
14 PLACE VENDOME

Securities Bought and Sold on Commission
Foreign Exchange, Commercial Credits
Cable Transfers
Circular Letters for Travelers, available in all parts




of the world