Full text of Commercial and Financial Chronicle : November 27, 1926 : Railway and Industrial Compendium, Vol. 123, No. 3205

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RAILWAY / INDUSTRIAL
COMPENDIUM
A SECTION OF THE

(Commercial & F

inancial

C

hronicle

Copyrighted in 1926, according to Act of Congress, by W ILLIAM B. D AN A COMPANY, in office of Librarian of Congress, Washington, D. O.

VOL. 123.

NEW YORK, NOVEMBER 27 1926.

Chronicle

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PUBLIC UTILITY COMPENDIUM
Issued on October 30 1926.

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




NO. 3205.

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 Y % per annum and in
addition at the discretion of the Commission an additional
Y of 1 % to make provision for improvements, betterments or
equipment; (2) The provision in Section 210 (<z) permitting
the carriers to apply for loans from the Federal Revolving
Fund, within two years from the termination of Federal
control.
Rate of Return Allowed by Commission.
On M ay 24 1922 the Inter-State Commerce Commission,
as required by the A ct, made known its decision as to what
would be a new reasonable rate of return on the investment
of the roads, for use when fixing rates for passenger and
freight transportation. The decision of the Commission was
reached in considering the question of rate reductions, and
the full text of the Commission’s report and opinion in that
case, in which a horizontal cut of 10% in freight rates was
made, was given in the “ Chronicle” of M ay 27 1922, pages
2317 to 2329; the conclusions as to the rate of return will be
found on page 2327. The Commission ruled: “ That on and
after March 1 1922 a fair return on the aggregate value of the
railway property of the carriers defined in Section 15a of
the Inter-State Commerce Act, determined as therein pro=
vided, will be 5.75% of such aggregate property value as a
uniform percentage for all rate groups or territories desig­
nated by this Commission.” The Commission in July 1920,
as already stated, fixed the tentative values of the properties
at $18,900,000,000.
Following a decision handed down March 17 1923 by the
Federal Court at New Orleans upholding the constitutionality
of the provision in the Transportation 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 Mar. 23 1923 issued an order requiring all rail­
roads to report by M ay 1 1923 as to their earnings during
the year 1922 and to pay over to the Government under the
Transportation Act one-half of the amount by which such
earnings exceeded a 6 % return on the value of the invest­
ment (V. 116, p. 1243). On Jan. 7 1924 (Y. 118, p. 163) the
United States Supreme Court also upheld the constitution­
ality of the “ recapture” clause. The proceedings attaoking
the constitutionality of this clause were brought by the Dayton-Goose Creek R y. of Texas, but when the action reached
the U. S. Supreme Court, nineteen trunk lines had become
parties to the brief filed in behalf of the road. (See V. 117,
pages 2176-2179.;
The Inter-State Commerce Commission on April 4 1924
issued an order requiring all railroads whose net railway oper­
ating income exceeds 6% of the value of the property for
the calendar year 1923 to file with the Commission, before
May 1 1924, a report in the matter. This requirement is
now a regular one each year. The 'Commission also an­
nounced that pursuant to a ruling of the Comptroller General
of the United States, interest on amounts of excess railway
operating income payable to the United States under the
Transportation Act will be required at the rate of 6%,
beginning four months after the termination of the period
for which the excess income is computed. The railroads,
however, claim much higher valuations than those fixed by
the Inter-State Commerce Commission, and in most of the
cases where income has been large enough to lay the basis
for an apparent claim to excess payments the right of the
Government to the money is in dispute. The annual report
of the Inter-State Commerce Commission, issued in Dec.
1925, in referring to this matter, said:

4

KAILW AY AND INDUSTRIAL COMPENDIUM

I t should be borne In mind that the excess income reported has not
been computed upon values fixed b y us. For that reason the number of
carriers finally determined to have earned excess Income, as well as the
am ount o f such excess Income, m ay differ from the results shown by the
carriers’ reports.
During the year (from N o v . 1 1924 to O ct. 31 1925, Inclusive), 33 carriers
paid to us the total sum o f $732 ,44 8 34 on account o f one-half of their excess
Income as preliminarily com puted for the various recapture periods. This
sum , added to the $ 4 ,9 5 5 ,1 9 7 27 paid prior to N o v . 1 1924, makes the total
of such paym ents $ 5 ,6 8 7 ,6 4 5 61. As the bulk o f these payments has been
made under formal protests and reservations, the general railroad contingent
fund, composed principally o f such paym ents, has not been available for
the purposes contemplated by the statute.

Changes in Wages and in Transportation Rates.
The Transportation Act of 1920 was designed to enable the
railroads as a whole to meet their financial problems caused
by the war and Federal operation, and to assist them in their
future financing by giving them a reasonable, though ex­
tremely moderate, return on their investment. Operating
costs had enormously increased under Federal control and
big advances in transportation rates were necessary to place
the roads on a solvent footing. Furthermore, on July 20
1920 the U. S. Railroad Labor Board awarded wage increases
aggregating over $625,000,000 a year. Accordingly, on
July 31 1920 the Inter-State Commerce Commission author­
ized advances in rates calculated to add $1,500,000,000 to
the yearly revenues of the roads. The Immediate effect was
most disappointing, owing to a precipitate decline in railroad
traffic (V. 113, p. 1732 to 1734). The railroads were there­
fore obliged as one of their first steps to curtail their expenses
drastically and to seek a reduction in the wages of their
employees. Subsequent wage decisions made by the Board,
until the latter part of 1922, resulted in decreases in rates of
pay. Comparative statistics show the following results for
Class I railroads (those with annual operating revenues above
$1,000,000), exclusive of switching and terminal companies
(see also nine-year statement, appearing on another page of
this compendium, containing property investment, revenues,
expenses, fixed charges, dividends, train, traffic and wage
statistics in more detailed form ). The following figures have
been compiled by the Bureau of Railway Economics from the
records of the Inter-State Commerce Commission:
A verage
Return
Gross
N et
Calendar Y early
Total
on P rop .
Operating
Operating
Y ea r. W age.
Labor Cost.
In c o m e.
Value.
R evenue.
1916 — — $892 $ 1 ,4 68,576,394 $ 3 ,5 96,865,766 $1,040,084,517
6 .1 6 %
1917 - - - -1 ,0 0 4
1 ,739,482,142
4 ,014,142.747
934,068 ,770 5 .2 6 %
1918 — - .1 ,4 1 9
2 ,613,813,351
4 ,8 8 0 ,9 5 3 ,4 8 0
638,568,603 3 .5 1 %
1919 - - -1 ,4 8 6
2,8 4 3 ,1 2 8 ,4 3 2
5 ,144,795,154
454,984 ,953
2 .4 6 %
1920 - - - .1 , 8 2 0
3,6 8 1 .8 0 1 ,1 9 3
6 .1 7 8 ,4 3 8 ,4 5 9
17,226.902 0 .0 9 %
1921
- .1 ,6 6 6
2,7 6 5 ,2 1 8 ,0 7 9
5,516 ,7 9 8 ,2 4 2
600,937 .356 3 .0 7 %
1922 . . - .1 ,6 2 3
5 ,5 5 9 .0 9 2 ,7 0 8
2 ,6 4 0 ,8 1 7 ,0 0 5
7 6 0,187 ,305 3 .8 3 %
1923 . . - .1 ,6 1 7
3 ,0 0 4 ,0 7 1 ,8 8 2
6 ,2 89,580,027
9 6 1 ,955 ,457 4 .6 6 %
1924 - - - .1 ,6 1 3
2 ,825,775,181
5 ,9 2 1 ,4 9 6 .3 2 5
973,8 3 7 ,2 0 2 4 ,5 4 %
925 - - — 1,637
2,860 ,6 0 7 ,1 8 3
6 ,1 2 2 ,5 0 9 ,8 5 6
1 ,1 21,080,632 5 .0 9 %
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.

[V ol. 123.

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 oar men, signal men, clerks,
&o., effective July 1 1922, which it was computed would
effect a saving to the carriers of $135,000,000 per year.
This led to a prolonged strike, as noted further on in the arti­
cle on Railroad Wages. (V. 114, p. 2432, 2541, 2784.) The
maintenance of way men, who did not join in the strike, had
a portion of the decrease remitted to them on a rehearing,
the remission amounting to 2 cents an hour. In 1923 and
1924 wage increases of one kind or another again became
common, not as a result of orders of the Railroad Labor
Board (with few exceptions), but as a result of the action of
many different roads.
An increase in freight rates, amounting to 5% , sought by
the Western railroads, was denied by the Inter-State Com­
merce Commission on July 17 1926. The Commission at
the same time denied the petition of security holders of
Northwestern carriers for an additional 15% horizontal in­
crease in rates in Western Trunk Line territory.
Watson-Parker Act Abolishing Labor Board.
On M ay 20 1926, President Coolidge signed the WatsonParker railroad labor bill, which was passed by the House
on March 1 and by the Senate on May 11 last. This new Act
abolishes the Railroad Labor Board, as established under the
Transportation Act of 1920, and provides for the creation
of boards of adjustment, a board of mediation to be appointed
by the President, methods of submitting railroad labor dis­
putes to arbitration, and, when occasion demands, for the
appointment of an emergency board by the President (see
V. 122, p. 2749, 2905). The text of the Watson-Parker bill
will be found in the “ Commercial & Financial Chronicle” of
May 29 1926, pages 3038-3040. The bill had been agreed
upon last year by most of the railway executives and heads of
the four brotherhoods. The bill provides in brief as follows:
1. T h at the railroads and employees shall establish adjustm ent boards to
arrange disputes.
2 . T h at the President shall appoint, with the consent o f the Senate, a
board o f mediation o f five persons, none of whom has a pecuniary Interest on
either side, to intervene when the adjustm ent boards fail.
3 . T h at boards of arbitration shall be created when both parties consent
to arbitration.
4 . T h at when the above methods fail the Board of M ediation shall notify
the President, who m ay 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 o f the dispute except by
agreement o f the two parties concerned.

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

Government Holdings of Equipment Trusts.
Late in 1921 and early in 1922 the Federal Government
In April 1921 the United States R R . Labor Board ordered sold a large amount of its holdings of equipment trusts (see
the abolition on July 1 1921 of some of the provisions of the below), and used the proceeds to settle its accounts with
the railroads.
“ National Agreements” which the railroad managers claimed
The sale of these equipment trusts and the improved
had cost the railroads of the United States $300,000,000 per
financial outlook later in 1921 led the Federal Administration
annum, but laid down 16 cardinal principles that must be
maintained (V. 112, p. 1580, 1581; V. 113, p. 34, 805, 893, to withdraw their support of the so-called Funding Bill,
which, as an amendment to the Transportation Act of 1920,
915, 916, 1326, 1429, 1644, 1731, 1732).
Subsequently, in 1921-22, the national agreements were would have permitted the settlement of the large amounts
revised by the Labor Board, removing some of their most due by the Government to the railroads on account of
burdensome features in the case of railroad labor other than compensation, guaranty, &c., and the funding of $500,000,000 of indebtedness due by them to the Government for
trainmen’s brotherhoods. See below.
expenditures made during Federal control on additions and
In M ay and June 1921 the Labor Board announced its
decision that the exigencies of the situation demanded a sub­ improvement account. Compare V. 113, p. 2371, 2043,
stantial decrease in railroad expenses, and for that reason 2042, 1730, 1115 , 910 to 914, 805, 696, 488, 487, 149.
Valuation of Properties by Commerce Commission.
railroad wages on the larger roads should be reduced on the
average 12%. A strike against this decrease and to forestall
To date the I.-S. C. Commission has set final valuations
any further changes in wages and working conditions was on 394 carriers. A table containing the final valuations of
ordered by the four trainmen’s brotherhoods and the switch­ 279 carriers was published in our “ Railway & Industrial
men’s union; but on Oct. 27 1921, on the eve of its becoming Compendium” of May 29 1926, pages 5 and 6. Other final
effective, was declared off, as below stated.
valuations have been given in our “ General Investment
In N ov. 1921, after many reductions in freight rates had News Department” from week to week since then under the
been made (since Aug. 1920), the railway executives, in order headings of the respective carriers. A petition presented
to be able to further decrease these rates as demanded by the by the National Conference on Valuation of American
public, posted notices of a proposed additional wage cut of Railroads, of which the late Senator La Follette was the
about 10% with the intent of wiping out the remainder of the head, to have the proceedings of the I.-S. C. Commission in
wage advance of 1920. The railroads agreed to pass on all the physical valuation of the railroads of the country recom­
benefit from this further wage cut to the public, and in antici­ mitted to the Bureau of Valuation, was denied by the Com­
pation of same put in effect on Jan. 7 1922 an experimental mission on Dec. 3 1923 (V. 117, p. 2617). The Conference
reduction of 10% on agricultural products for all parts of the sought to have the Commission establish the original cost of
country, this reduction to stand during the six months in property investment and labor in railroads, as well as other
which the plan to reduce wages would come before the Labor data. All the existing valuation work of the Commission
Board. (See also V. 113, p. 2153, 247Q, 2876.) It was not was attacked as unsound. The Commission held that its
until M ay 1922 that the Labor Board announced its de­ procedure in ascertaining information with respect to aida,



Nor., 1926.]

RAILW AY AND INDUSTRIAL COMPENDIUM

gifts, grants or donations, was in substantial compliance with
the Valuation Act, and that analysis of method of arriving
at final value was not required by the law.
T . P. Artaud of the Valuation Bureau of the Inter-State
Commerce Commission on Dec. 18 1925 delivered an address
before the Engineers Club of Hampton Roads on the subject
of the Federal Valuation of Railroads, its Origin, Scope and
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 840 tentative valuation reports
up to June 30 1926, of which 302 became final by decision
and order up to that date. These valuations cover 151,642
miles of road, or 62.1% of the railroad mileage under valua­
tion. (See V. 123, p. 1204.)
The I.-S. C. Commission on July 1 and July 2 heard
argument on ways and means by which the data collected
by the Commission in its appraisal of railroad property may
be brought up to date for the purpose of recapture by the
Government of one-half of all railroad earnings in excess of
6% . Examiner J. Paul Kelley submitted a “ short-cut”
method to the Commission whereby, without waiting for the
ascertainment of final values, a valuation as of a given date
in the past may be brought to the present by adding the net
additions to the property. His method did not allow for
increase in the price of materials and supplies, and for this
reason is being vigorously opposed by the railroads. The
test case before the Commission concerns the value of the
St. Louis & O’ Fallon Ry. and the Manufacturers’ R y., two
short lines controlled by the estate of Adolphus Busch. (For
full details see “ Chronicle” of June 5 1926, pages 3164 to
3167.) The Commission has set Dec. 17 as the date for
further argument in the ease.
Proposed Plans of Consolidation.
The Transportation Aot of 1920 contemplates the ultimate
consolidation of all the railroads of the United States into
a limited number of competing systems, and under one of
the provisions of the Act the Inter-State Commerce Com­
mission is directed to prepare a plan to that end. The
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 New York Central Systems, but a final de­
termination has not yet been made. The hearings ter­
minated Dec. 4 1923. Oral arguments on the proposed
consolidations were concluded Jan. 12 1924. (See also
V . 120, p . 5 4 0 . )
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, pp. 1249, 1255. While the Van Sweringen interests
have not as yet officially made public a new unification plan
of the above roads, certain features of the terms have
appeared in the press from time to time. (The unofficial
terms, as reported in the press, were given in V. 123, p. 577.)
The minority stockholders of the Chesapeake & Ohio R y.,
who successfully combatted the first plan, are also opposed
to the revised terms.
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



5

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.
Louis Southwestern with the St. Louis-San Francisco system.
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 .” M r. Loree further stated that “ it is
hoped that the three properties, with certain possible addi­
tions, will constitute a system acceptable to the I.-S. C.
Commission under the Transportation A ct.” (V. 121, p.
1904.)
Hearings on the application of the Kansas City Southern
R y. for authority to acquire control of the Missouri-KansasTexas R R. and of the latter to acquire control of the St.
Louis Southwestern R y., which have been held before the
I.-S. C. Commission, were brought to a close on Nov. 13 1926.
The I.-S. C. Commission on Oct. 11 1926 denied theproposed acquisition by Norfolk & Western R y. of control of the
railroad of the Virginian R y. 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 will be the subject of argument
before the Commission at Washington, D. C., on Dec. 21
1926. (See full text of the report of the Examiner in
V. 123, p. 2650.)
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 d r a w 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 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 th use of recaptured
earnings as an inducement to encourag consolidation.

6

RAILW AY AND INDUSTRIAL COMPENDIUM

Hearings have been held on these bills, which are still
pending.
The repeal of the law requiring the I.-S. C. Commission
to formulate a plan for the consolidation of the railroads of
the country into a score or more systems was asked of
Congress by the Commission in its 39th annual report
submitted on Dec. 10 1925. At the same time it was sug­
gested that the Transportation Act be so changed as to
expedite the natural grouping of the carriers into a smaller
number of systems, the Commission retaining the power to
approve or disapprove the mergers undertaken.
The
majority of the members of the Commission, according to
the report, believe that “ results as good and perhaps better
are likely to be accomplished with less loss of time if the
process of consolidation is permitted to develop under guid­
ance of the Commission” in a normal way. The Com­
mission's recommendations with respect to consolidation
follow:
T h at paragraphs (2) to (6) Inclusive, o f Section 5 of the Inter-State A ct
be amended (a) by omitting therefrom the existing requirement that we
adopt and publish a complete plan o f consolidation; (b) b y making unlawful
any consolidation or acquisition o f the control of one carrier b y another in
any manner whatsoever, except with our specific approval and authoriza­
tion; (c) b y 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) of paragraph (6) so
that the value o f the properties proposed to be consolidated can be more
expeditiously determined; and (f) b y providing that in the hearing and
determination o f applications under Section 5 , the results o f our investiga­
tion in the proceeding o f our docket known as N o . 12964, Consolidation of
Railroads, m ay be utilized in so far as deemed by us advisable.

Outline of Transportation Act.
The following outlines the Transportation Act of 1920,
which was published in full in the “ Chronicle” of Feb. 21
1920, p. 715 to 732, with an amendment in V. 110, p. 2250:
R A T E S M U S T B E A D J U S T E D SO A S T O Y I E L D A F A I R R E T U R N .
— The Commission is from time to time to determine and make public what
percentage o f the aggregate property value constitutes a fair return thereon.
Such percentage m ust be uniform for all rate groups or territories which
m ay be designated by the Com m ission. In making such determination it
shall give due consideration, among other things, to the transportation
needs o f the country and the necessity (under honest, efficient and econom ­
ical management o f existing transportation facilities), of enlarging such fa­
culties In order to provide the people o f the United States with adequate
transportation: P ro n d ea . T h at during the two years beginning M arch 1
1920 the Commission shall take as such fair return a sum equal to 5 H % o f
such aggregate value, but m ay, In its discretion, add thereto a sum not ex­
ceeding y i o f 1 % o f such aggregate value to make provision in whole or in
part for im provements, betterments or equipment, which, according to the
accounting system prescribed by the Commission, are chargeable to capital
account.
The Commission in a decision handed down in M a y 1922, as noted on
page 3 (inside o f second column) stated " t h a t on and after M arch 1
1922 a fair return upon the aggregate value o f the railway property will be
5 K % .”
Pending the completion o f its valuation o f the railway properties in the
United States, the Commission is required to make tentative valuations of
the several roads as a basis for rate-m aking. In July 1920 the Commission
placed a tentative value on aU the railroads in the United States o f $18,9 0 0 .0 0 0 ,0 0 0 as against a book value o f $2 0 ,0 4 0 ,5 7 2 ,6 1 1 .
D I S T R I B U T I O N O F E A R N I N G S I N E X C E S S O F 6 % . — N et railway
operating income in any year in excess o f 6 % o f the value o f the property
■hall be utilized as follows: (a) O ne-half o f such excess shall be placed in
a Reserve F u n d maintained by the railroad; (b) t h e r e m a in i n g o n e - h a l f shall
go Into a General R ailroad C on tingent F u nd (see also page 3 o f this publica­
tion) .
R E F U N D IN G OF C A R R IE R S ’ IN D E B T E D N E S S TO T H E U N IT E D
S T A T E S .— The net indebtedness o f each carrier to the United States for
additions or betterments m ay be funded for a period o f ten years (or less
a t option o f company) from the termination o f Federal control, with interest
at 6 % per annum .subject to the right o ithe carrier to anticipate the pay­
ment o f the whole or any part o f the indebtedness. A n y remaining debt
to U . S. to be evidenced by 6 % notes running one year or less.
C O N S O L I D A T IO N O F R A I L R O A D P R O P E R T IE S — S T O C K C O N '
T R O L , A 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 system s, and consolidations are authorized
when In harmony with the plan as adopted and approved by the Comisslon. See remarks above and plans as proposed in 1921, V. 113, p . 1429
to 1431. and 1950.
The Commission shall also pass on any proposed measures for the control
o f one road by another by consolidation, lease, stock ownership or other­
wise. In any consolidation the total am ount o f outstanding stock and
bonds o f the consolidating company shall not exceed the value o f the con­
solidated properties as determined by the Commission.
J O I N T U S E O F T E R M I N A L S .— The Inter-State Commerce Com m is­
sion whenever in Its opinion there exists an emergnecy m ay require such
Joint or common use o f terminals, including main-line tracks for a reason­
able distance outside o f such terminals, as in its opinion will best meet the
emergency and serve the public interest.
I N T E R -S T A T E C O M M E R C E C O M M I S S IO N M A Y I N I T I A T E
.— In the exercise o f its power to prescribe Just and reasonable
Igtes, the Commission can Initiate as well as m odify and establish rates.

rates

C O N T R O L O V E R S E C U R I T Y IS S U E S .— The Inter-State Commerce
0ommls8lon is given exclusive control over the issuance o f all railroad
securities, except notes maturing in less than two years when the total issues
said notes o f the railroad am ounts to less than 5 % o f its capitalization,
regulations, V . I l l , p . 1814, 1049, 587.




[V ol. 123.

Federal C o n tro l— S ta n d a rd R e tu r n .
The proclamation o f President W ilson assuming control o f the roads was
dated D ec. 26 1917. See V . 105. p . 2509; V . 106, p . 35; V . 108, p . 2081.
C O N T R A C T S FOR G O V E R N M E N T C O N T R O L — R E N T A L P A Y ­
M E N T S .— Th e form o f contract which the Governm ent executed, with
slight variations, with the railroads, will be found in V . 107, p . 1157, 956.
The A ct o f Congress approved M arch 21 1918 (cited in V . 106, p . 1421)
authorized the President “ to agree with and to guarantee’ to any carrier
" that during the period o f such Federal control it shall receive as just com ­
pensation an annual sum (herein called standard return) for each year
. . . not exceeding a sum equivalent as nearly as m ay be to its average
annual railway operating income for the three years ended June 30 1 917 .’ ’
In a few cases for special reasons extra compensation was granted. Disputes
however, arose, and when Federal control was terminated F eb. 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 com pany’ s
non-operating income, including interest and dividends on any bonds or
stock owned, and other outside items each com pany was required to pay all
Federal (war) taxes, interest and other fixed charges, and also any dividends
allowed on their capital stock.
A list o f the compensation contracts finally executed up to Sept. 15 1920
will be found, with the amounts o f the compensation agreed upon, on pages
6 , 7 and 252 o f the issue of this publication for N o v . 27 1920. Others have
been noted from week to week in later issues o f the “ Chronicle.”
U n ited S ta te s R ailro ad A d m in is tr a tio n .
Director-General of Railroads and A gent of the President, Andrew W .
M ellon; Assistant Director-General, Sidney F . Andrews; C hief C lerk, A . W .
Stoll; Comptroller, L . J. Tracy; General Solicitor, Sidney F . Andrews;
Treasurer, R . C . D unlap. Headquarters, H urley-W right B ld g ., 18th and
Pennsylvania A v e ., N .W . , W ashington, 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. With 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
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. 111. p. 653,
549, 459, 347 to 350, 329). The decision of July 19.ZU
increased:
(a) Freight R ates.— 4 0 % in the E ast, 2 5 % in the South, 3 5 % In the
W est and 2 5 % in M ountain-Pacific territory.
(6) P assenger Rates— 2 0 % .
the amount asked by the railroads, or about H of 1 cent additional per
mile,
(c) Pullm an Rates— A surcharge to the roads of 5 0 % on rates,
(d) E xcess Baggage Rates— 2 0 % advance,
(e) M ilk T a riffs— 2 0 % advance.
i f) Coastwise and inland steamship lines and electric railway companies
were permitted to increase their freight rates in proportion to the increases
of the railroads in the same territory. (V . I l l , p. 848.)

These increases in rates were expected to add $1,500,000,000 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 Nov. 17 1921 the Railroad Executives, in anticipation
of a wage cut of 10%, announced a 10% reduction in rates
on farm products for all parts of the country, except New
England (and in New England also it was voluntarily
accepted by most of the railroads), the old rates to be
restored at the end of six months in case the expected lowering
of railroad wages had not been accomplished. (V. 113,
p. 2154, 2470, 2786.) This move followed numerous and
important rate reductions on many products since Aug. 26
1920, when the general advance mentioned above was
ordered. The 10% reduction in. rates on farm products it
was estimated would save shippers about $55,000,000.
In May 1922 the Inter-State Commerce Commission
ordered a horizontal reduction of 10% in rates, effective
July 1 1922. For full text of decision see “ Chronicle” of
May 27 1922, pages_2317 to 2329. In the case of grain,
grain products and hay in Western territory the Commission
had the previous autumn ordered a freight rate reduction
of 16)^% , which went into effect Jan. 1 1922. That

Nov., 1926.]

7

RAILW AY AND INDUSTRIAL COMPENDIUM

reduction was allowed to stand without change, the 10%
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 ihe same
lines were ordered to become effective June 1 1923. The
latter ran as high as 50% , it was stated, on some commodi­
ties. (V. il6 , p. 2089, 1014.)
The Inter-State Commerce Commission, for the second
time in five years, denied on March 13 1926 the application of
Western transcontinental railroads for authority to depart
from the long-and-short-haul provision of the Inter-State
Commerce Act. The carriers had sought permission to
reduce freight rates on long hauls without applying the cuts
to intermediate movements. The roads’ petition involved
reductions on 47 commodities, moving from origin territory
west of the Indiana State line to Pacific Coast terminals,
the lower rates having been sought to cope with Eastern
manufacturers who can ship through the Panama Canal.
(V. 122, p. 1558.)
Railroads operating through the Southwest and the lower
Mississippi Valley were ordered by the Inter-State Commerce
Commission on March 15 1923 to make a general revision of
commodity freight rate schedules, effective June 30 1923.
(V. 116, p. 1138.)
H. C. Hall, formerly Chairman of the Inter-State Com­
merce Commission, in a letter dated 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
22% of the total, represents a decrease in freight charges on
livestock and the products of agriculture.” The following
is taken from Chairman Hall’s letter:

26 1920 reductions had been made b y that per cent or more. Generally
speaking, no rates were to be higher than 9 0 % o f the A u g. 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 P E N E ilX 2.
Carload Bates on C om m odities In d icated .
[Rates in cents per 100 pounds, except as noted.)

Commodity.

From—

To—

do
_________
________
do
Beaumont, Tex____
North Pacific Coast
(Portland, Ore.)-

Indianapolis .
Pittsburgh . Okla’ma City
Chicago_____
Buffalo_____
New York___
Alexandria, La_____ St. Louis____
do

_________ New York___

Rate
Rate
% of
Aug. 26 M ay 1 D e­
1924. crease.
1920.
17
32.6
39.5
39
80
101
106.5
32.5
44
54.5
$15.30
6*7.90
$22.00

Rates in amounts per International, Utah Chicago_____ 6*16.30
6*19.40
40
Packing house products
do
________ New York___ 103
Fort Worth, T e x ... St. Louis____
61
94.5
60
New York__________
do
63
c93.5
San Francisco______
do
dl09.5
New Orleans_______ Kansas City.
72
e95
glnia, M inn.)'.___

15.5
29.5
35.5
35
72
88.5
90
29.5
39.5
49
aS9.50
6*12.00
6*7.09
a$l?.50
616.50
6*9.50
*12.50
36
92.5
55
98
54
56.5
c84
d91
65

186

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. 6 Lead, c Minimum weight, 80,000 lbs. d Minimum weight. 60,000
be. e Per 2,240 lbs.— proportional rate applying on traffic destined outside State.

The Inter-State Commerce Commission on July 17 1924
definitely refused further rate reductions on grain, grain
products and hay, sought by 10 States of the Mississippi
and Missouri Valley cereal growing region under the leader­
ship of the State of Kansas. The Commission held that the
financial status of the carriers did not justify the step,
while, in general, it held that the financial situation of the
Western grain farmers was showing a slow improvement,
relieving them of the necessity for the reduction. (V. 119,
p . 288.)
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 17Y2 cents per 100 lbs., and formerly, when milled
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
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 IllinoisIndiana line. The grain crop in the Southwest in 1926 was
Excerpts from Letter of Chairman H. C. Hall of the Inter-State unusually heavy.
Following the reduction in the rate on Southwestern grain
Commerce Commission to Senator Smith, Chairman of the
came the further announcement by the Minneapolis & St.
Senate Committee on Inter-State Commerce, Dated
Louis R R ., on July 27 1926, followed by the “ Soo” Line on
May 28 1924.
July 31 of a proposed reduction of 6 cents per 100 lbs. from
Since July 1 1922 there have been no general reductions over the country
the Twin Cities and Duluth-Superior on grain and grain
as a whole or throughout any of the major rate groups. M a n y reductions
have been made in individual cases, but they have been relatively unim­ products originating in northwestern Minnesota, North Da­
portant as compared with those made previous to and including the general
kota, Montana and a few points in South Dakota, shipped
reduction Of July 1 1922. Readjustments of rates on some 30 commodities
by way of Peoria, in the case of the first carrier, to territory
in the Southwest, involving both increases and reductions, but not designed
east of Buffalo and Pittsburgh, and by way of Sault Ste.
to affect the carriers’ aggregate revenues, became effective N o v . 27 1923
Other com m odity rates in that territory are now in the course of similar
Marie and the Canadian Pacific R R . to points in New Eng­
The tariffs making these
lit has been estimated that from July 1 1922 to the end of 1923 the ship­ land in the case of the “ Soo” Line.
pers and consumers of the country have paid nearly $800 ,00 0,00 0 less in
reductions were suspended until Dec. 23 by the I.-S. C.
charges for transportation of property than would have accrued if no reduc­
Commission and hearings began in Minneapolis on Sept. 13.
tions had been made below the basis established on A u g. 26 1920. O f this,
it has been roughly estimated that more than $175 ,00 0,00 0, or about 2 2 %
(V. 123, p. 665, 940, 1204.)
of the total, represents decrease in freight charges on livestock and the prod­
Under the Hoch-Smith resolution passed by Congress on
ucts o f agriculture. The latter constitute approximately 1 5 % o f the tonJan. 30 1925, the Inter-State Commerce Commission was
Da?n the attached statem ent, marked "A pp end ix I ” [given below] will be
directed to make a thorough investigation of the rate struc­
found a list of im p o r ta n t general rat© reductions between Oct. 26 1921 and
ture of common carriers. A petition was filed late in April
July 1 1922.
The attached statement marked “ Appendix 2 ” [given below], shows repre­
1925 by the Western railroads for an increase in revenues in
sentative rates now in effect on lumber, base bullion, packing-house products
sugar and iron ore as compared with the rates in effect on A ug. 26 1920.
their territory. The petition was not in the usual form of a
The percentage relationship of the present rates to the Aug. 26 1920 rates
proposal for an increase in rates, and made no suggestion
Is also shown.
as to how the increased revenues should be porvided, but
A P P E N D I X 1.
asked that the Commission, “ in pursuance of the powers ii>
Im portan t General Bate Beductions Betw een Oct. 26 1921 and July 1 1922,
vested in it and the duties imposed upon it by the Inter-State
In clu sive.
I . A 1 0 % reduction in rates on a products of farm , garden, orchard
Commerce Act, after due investigation, issue the necessary
and ranch— other than grain, hay and their products, and livestock— which
order or orders which will result in yielding to the carriers
became effective about Jan. 1 1922.
2 . A reduction of 1 0 % in rates on livestock between any two points,
operating in the Western district a net rate of return of not
both o f which are located west o f the Indiana-IUinois State line or the
less than 5 % % .” Based on the results for 1924, when the
Mississippi River, where such rates wer 50 cents per 100 pounds or less
Western roads had a net railway operating income of $378,This reduction became effective about Jan. 1 1922.
3 Reductions in rates on grain, hay and their products made by the order
080,991, or 3.87% , on their property investment, it would
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 ttrr require an increase in revenues of approximately $182,000,000
R ocky M ountains; on wheat, hay, and their products, such as flour, cornto bring the return up to the $560,000,000 that would mean
meal, bran, alfalfa meal, & c., 1 3 % : on corn. oats, barley, and otherso-called
a 5 % % return. As the freight revenues of the Western lines
coarse grains, and their products. 2 1 %
4. Reductions ranging from 1 to 1 5 % on forest products from Southern
in 1924 were $1,655,000,000,000, this would be equivalent
Southeastern and Southwestern producing territory to points in Eastern
to a general advance in freight rates of about 11%. The
Trunk Line and Central territories, including points in Illinois and Wiscon­
sin. These reductions became effective about M a y 10 1922 and were the petition shows that not only was the general advance in rates
result o f the Commission’s opinion in the Southern Hardwood Traffic A s­
allowed by the Commission in 1920 insufficient to produce the
sociation case, Docket N o . 12995.
5 M aterial reductions in rates on coal, both bituminous and anthracite
fair return contemplated by the Act, but that reductions in
from Lake Superior docks to points in M innesota, and also in South Dakota
on and east o f the Missouri River. These reductions were made effective freight rates made since have prevented them from realizing
about April 1 1921, and were the result of the Commission’s decision in it as the result of increased traffic.
This petition followed the
the H olm es & Hallowell case. D ocket N o . 6194.
,
statement which had been filed by the Western carriers of
6 General reductions in rates under the Commission s opinion in Re­
their views in relation to the Commission’s general rate struc­
duced R ates, 1922, Docket N o . 13293. These reductions became effective
July 1 1922 and applied to all classes and commodities. The general
ture investigation under the Hoch-Smith resolution, in which
effect was to make a reduction of 1 0 % in the rates of June 30 1922, except
statistics were presented to show that the present situation of
In cases where prior thereto and subsequent to the general increase of Aug.




8

RAILW AY AND INDUSTRIAL COMPENDIUM

[V ol. 123.

ABBREVIATIONS USED IN THIS COMPENDIUM
E X P L A N A T O R Y .— This Com pendium Is expressly Intended for use in connection with the Investment news and official reports published from
week to week in the ‘ 'Chronicle.”
Frequent reference is m ade, therefore, to the volum e and page o f the “ Chronicle” (as V . 122, p . 0 0 0 ), where fuller
Information m ay be found. Following each statement also is given a reference to the latest news Item in the "C h ronicle” respecting the com pany. As
every such Horn has appended a reference to the last preceding item , the reader can run back at pleasure.
D ivid en d s.— T h e dividends (“ diva.” ) In the text are In general those actually pa id during the calendar years named, Irrespective o f when earned.
N e t E a rn in g s are given after deducting operating expenses and frequently taxes, but not interest or other fixed charges.
S ecu rities.— These are described in table at head o f page (except the stock, for lack o f space, sometimes only In text below) as follows:
M ile s o f R oad .— Opposite bonds, this means the miles o f road covered by the mortgage.
Size or P a r V a lu e.— Shows (in dollars unless otherwise m arked), the denominations or par value, “ 100, & c .,“ signifying $100 and larger.
Rate P er C en t.— The Interest and dividend rate p er a nn um Is here shown: g, gold; cur, currency
W h en P a yable.— J & J stands for January and July: F & A , February and August; M & 8 . M arch and September; A & O , April and October; M & N ,
M a y and N ovem ber; J & D , June and December; Q -J, quarterly from January; Q -F , quarterly from February; Q -M , quarterly from M arch .
Bonds, P rin cip a l W h en D u e . & c .— This column shows for bonds the date when they m ature; for stocks the am ount and date o f the last dividend paid
or declared.
Other A b breviation s: M for mortgage” ; Gen M for “ general m ortgage” ; Con M or consol M for “ consolidated m ortgage” ; Inc M for “ Income mortgage” ;
: for gold; c or cur for "currency” ; guar p & 1 for “ guaranteed principal and interest” ; cum for “ cum ulative” ; non-cum for“ non-cum ulatlve” ; conv.
or “ convertible lDto stock at holder’s option” ; pref for "preferred” ; pref a & d for “ preferred as to assets and dividends” ; s f for "sin king fu n d ";
lgr for “ land grant” ; r “ fully registered (no cou pon s)"; c “ coupon” ; c* coupon, but m ay be registered as to principal” ; r* “ registered” and "cou p on ”
interchangeable; br “ b ra n ch "; end “ endorsed” ; red “ redeemable” ; dr’n or drawn; by lot call, “ subject to call” ; p m "p e r m ile” ; ass’d, “ assu m ed ."
T a xes.— The po tlon as regards deductions for taxes (deductible at source) Is Indicated In the table as follows: “ x” T h e bonds so marked contain the
broad tax-exemption clause that the company will pay the interest thereon without deduction for any tax. The Revenue A ct o f 1926, like the Revenue
A cts o f 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 taxea shall b s m et by the recipient o f the income, xx “ C om pany was paying at last advices so much of the normal income tax as
com pany 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 . 8 . Income tax up to 4 % , deductible at sou rce." v “ Free from taxes except Federal income ta x .”
yy “ Free from all taxes except Federal
and State income ta x .” z “ N o Provision as to exemption from taxes.” zz “ Payable with deduction o f normal Federal income t a x ."
k “ Free from
Pennsylvania State t a x ."
kk "F re e from New York State ta x .”
v “ Free from U . 8. taxes, deductible at source.”
w “ Payable without deduction
for taxes, except succession, Inheritance and Income ta x e s ." vvv Payable without deduction for Federal, State, & c., taxes deductible at source other
than Federal 2 % income tax. vwv Same with the exception also o f Inheritance taxes,
w v w Payable without deduction of U . 8 . (or Governmental)
taxes other than successive Inheritance and Income taxes.
M ortga ge T rustees and Stock Transfer Agents (TRSTreasurer's Office) are Indicated thus:

?

N E W Y O R K C IT Y —
B a — Bankers Trust Co
C e — Central Union Trust
Co
C o l — Irving B ank & Trust C o
Em — Empire Trust Co
Eq — Equitable T rust Co
P
— Farmers’ Loan & Tr
Q
— G uaranty Trust Co
Mp — C hatham Sc PhenixN at
B ank Sc Trust Co
N
— N ew York Trust C o
T
— Title Guar Sc Trust Co
U s — United States Trust
Usm— U 8 M tg e & Trust Co

BOSTON—
A B — American Trust Co
B B — Boston Safe D ep Sc Tr
C B — Oom m onw ealth-Atlantlc N a t Bank
FB — Federal N a t Bank
N B — New England Tr Co
O B — Old Colony Trust Co
SB — State Street Trust Co
U B — United States Tr Co

C H IC A G O —
C eC — Central Trust C o o f 111
C h C — Chicago C ity Bk & Tr
CC
IContinental & C om B A L T IM O R E —
F o C Jmercial Tr & Sav Bank
B B a — Baltimore T rust Co
C oB a— Continental Trust Co FC — First Trust Sc Sav Bk
H C — Harris Tr & Sav Bank
EBa — Equitable Trust Co
IC — Illinois M erch Trust
FB a — Fidelity Trust Co
M Ba — M aryland Trust Co
MC —
do
do
M eBa— M ercantile Tr & Dep N C — Northern Trust Co
S B a — Safe D ep & Trust Co P C — Peoples Tr & Sav Bank

SC

— Standard Trust Sc Sav
N E W A R K . N . J.
FN — Fidelity Union Tr Co
Bank
U C — Union Trust Co
N EW O RLEANS—
C IN C IN N A T I —
H N o — Hibernia B k Sc T r Co
UCI— Union Trust Co
W N o — W hitney Central Tr Sc
Savings Bank
CLEVELAND—
C l Cl— Cleveland Trust Co
P IT T S B U R G H
GC1 — Guardian Sav B k & Tr Cl PI — Colonial Trust Co
C w P i— Comm onwealth TrCo
D E T R O IT —
DPI — Dollar Sav & T r Co
D D — D etroit Trust Co
FP1 — Fidelity Title & Trust
S D — Security Trust Co
PP1 — Pittsburgh Trust Co
U D — Union Trust Co
RP1 — Real Estate Trust Co
UPi — Union Trust Co
IN D IA N A P O L IS —
UI — Union Trust Co
P O R T L A N D . M E .—
FP o — Fidelity Trust Co
L O S A N G E L E S , C A L .—
S L o — Security Tr Sc Sav Bk
P R O V ID E N C E —
I Pr — Industrial Trust Co
L O U IS V IL L E —
FL — Fidelity & Colum Tr
R P r — Rhode Isl H osp Tr Co
UPr — Union Trust Co
LL — Louisville Trust C o

S T . L O U IS —
A m S t— American Trust Co
M eS t — M ercantile Trust Co
M St — Mississippi Valley Tr
S S t — St Louis Union Trust
P H I L A D E L P H IA —
FP— Fidelity-Phila Trust C o
G P — Girard Trust C o
G u P — G uaranty Tr & S Dep
MP — Integrity Trust C o
P h P — Fidelity-Phila T rustCo
PIP — Provident Trust C o
PeP — Penn C o for Insur on
Lives & Gr Annuities
R P — Real E state T & I Co
W P — W est End Trust Co
S A N F R A N C IS C O —
A S — Anglo California TrCo
MS — M ercantile Trust Co
U S — W ells Fargo Bank Sc
Union Trust Co
W I L M I N G T O N . D E L .—
W W — W ilm ington Trust Co

Aug. 17 1926. Railroads were ordered to put the new scale
of rates into effect by Jan.* 1 1927. (V. 123, p. 941.)
New England Roads Allowed a Higher Pro Rata.
the Western lines calls for advances in their rates, rather than
reductions. It was signed by 66 roads, of which six— the
Because of the relatively disadvantageous position of the
Chicago Milwaukee & St. Paul, Chicago & Alton, Denver & New England group of roads, a readjustment of the basis for
Salt Lake, Minneapolis & St. Louis, San Antonio Uvalde & division of through rates was authorized by the Inter-State
Gulf, and Trinity & Brazos Valley, are in the hands of re­ Commerce Commission on Feb. 14 1922, effective March 1
ceivers. (V. 120, p. 2500, 656; V. 119, p. 2969.)
1922, by which the New England roads other than the Bangor
The 5 % general increase in freight rates sought by the & Aroostook were to receive an increase of about 15% in the
Western railroads was denied in an opinion of the I.-S. C. amount coming to them from the division of revenue derived
Commission made public July 17 1926, the Commission in its from most classes of traffic interchanged with the lines west
conclusions stating that “ it is quite clear from the evidence of the Hudson River. (V. 114, p. 702, and V. I l l , p. 1942;
that so far as the major portion of the Western district is V. 112, p. 744, 987.) Compare remarks in Oldham merger
concerned, no financial emergency exists.” The Commission plan, V. 113, p. 1950, 1951. In the suit brought in April
at the same time denied the petition of security holders of 1922 against the Commission to prevent the carrying out of
Northwestern carriers for an additional 15% horizontal in­ this increase as discriminatory, the United States Supreme
crease in rates in Western trunk line territory. The Com­ Court on Feb. 19 1923 handed down a decision upholding the
mission also held that the earnings of the roads in the West order of the Commission. (V. 114, p. 917, 1253.)
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
Changes in Railroad Wages.
separate rate groups which had been proposed for the South­
On July 20 1920 the U. S. RR. Labor Board, acting under
west, taking in Arkansas, Oklahoma and Texas, southern
Kansas, Missouri south of the Missouri River, and that part Transportation Act of 1920, granted wage increases to the
of Louisiana west of the Mississippi. A separate group had 2,000,000 railway employees of the United States, retroactive
also been suggested, to be known as the Mountain-Pacific- to May 1 1920, which the Board estimated would add approx­
Southern group, which would have been created by dividing imately $600,000,000 to the pay-roll, but which the Associa­
the present Mountain-Pacific group. (V. 1 2 3 /p. 416, 417, tion of Railway Executives estimated at $625,921,085, or
2079.) Application had been made on M ay 24 1925 by the 21%, and which appears to have aggregated possibly
Western railroads, including the Northwest group, for $720,000,000. Increases aggregating about a billion had
permission to increase rates on a straight percentage basis. been demanded. See V. I l l , p. 347 to 350, 459, 460; V.
This increase would have had the effect of a 10% or 11% 110, p. 2252, 2254, 2624.
On July 11921, after careful investigation, the U. S. Labor
advance in freight rates from the existing levels (see above).
Subsequently the receivers of the Chicago Milwaukee & Board permitted the railroads, aside from the so-called short
St. Paul Ry. presented a plan devised by Mark W . Potter, lines (which are in a class by themselves), to make a wage
former Inter-State Commerce Commissioner, and now decrease of about 12%, as against the aforesaid wage advance
a 'receiver for* that property, calling fort a* 5 % freight rate of May 1 1920. It was estimated that this would effect a
increase to all Western carriers, but providing for pooling of saving in the yearly pay-rolls of the roads o f $375,000,000.
the additional revenues derived from the increase, and redis­ (Compare V. 112, p. 2143 to 2150, 2377; V. 113, p. 33.)
tribution thereof in such a way as to provide, in effect, more While the decrease was duly put in effect, the question
than 5% for the so-called weaker roads, and less than 5% for whether it should be accepted or should be opposed by a
the stronger systems. (See also table showing the applica­ strike was referred by the leaders of the 16 railroad unions
tion of the Potter plan to railroads operating in Western ter­ to their local organizations (V. 113, p. 149), which, it
ritory in V. 121, p. 36.) In August 1925 some of the Western appears, were quite generally in favor o f a strike, both to
carriers announced their willingness to accept an increase in recover the lost wages and prevent further unfavorable
rates of 5 % , instead of the 11 % previously sought (see V. 121, changes in wage or labor conditions.
When, however, it came to the actual declaring of a strike
p. 802, 1310). Hearings were opened in Chicago on Sept. 8
1925. Briefs in support of the urgency for a 5 % increase in only the four trainmen’s brotherhoods and the switchmen’s
freight rates were filed by the Western carriers with the Com­ union were prepared to take this step in the face of a
mission in March 1926 (V. 122, p. 1715). A supplemental strongly adverse sentiment on the part of the public and the
brief in answer to arguments opposing the increase sought was Federal Government, and even in the case of these unions,
on a number of roads, notably the Pennsylvania Eastern
filed on April 24 1926 (V. 122, p. 2449).
A downward revision of freight rates on fertilizer and fer­ Lines, the necessary 66 2-3% vote was lacking (V. 113, p.
tilizer materials between points in Southern territory was 1326, 1706, 1718, 1730 to 1738).
directed_in_an order issuedjby the I.-S. C. Commission on
(C on tinued m page 2 5 8 .
Increases and Decreases in Railroad Rates.




(.Continued fro m Page 7 .)

S u b scrib ers w ill co n fe r a favor by g iv in g im m ed iate n o tic e o f a n y erro r d iscovered in th e s e ta b le s .

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
Road

A d iro n d a ck R y— See Delaware & Hudson C o.
A k ron & B arb B elt— 1st M g a fd call 105- U sm x.c*& r 22.9 9
Akr C an & Y o u n g — 1st M $ 1 .500.000 g call 105 C1C1 18.99
Gen & ref mtge g Ser A $4,00 0 ,0 0 0 red (text) _xxxc* 18.99
do Ser B red (text)
.
__________. . .
..x x x c *
Northern Ohio Ry ist m tge (guar p & i) _ Ce 152 35
A lab am a G reat S o u th e r n — Ordinary s to c k ------ - Preferred stock 6 % and participating $4,000,000
First M gold ext In 1908 (V 85. p 1645, 1 460 )- - F z .c
General mortgage £ 1 ,1 6 0 .0 0 0 - _________
- -C e z .c
First consol M $25,000 ,000 gold____ __
_ -G .z c * & r *
G ovt equip trust due $11.000 annually - ___ G
Equip trust Series G due $190 ,00 0 annually________
A lab am a M id la n d — See Atlantic Coast Line R R .
A lab am a T e n n e sse e & N o rth ern RR Corn—
Prior lien M $ 3 ,500,000 g call 102 34___
M d . xxxc *
Gen (2d) M $2,116,000 g call 105 Co
______
A lab am a & V ic k sb u rg — Stock $4,200 0 0 0 . ___
First M tg e gold bonds Series “ A ” red ( t e x t ) - .c * ___
A lb a n y
A lb a n y
1st M
A lb a n y

& N o rth e rn — See Georgia Southw & Gulf.
& S u sq — Stock, divs guar by D St H (end)
$ 1 0 ,000 ,000 g g u p & f conv (text) U sm x.c*& r
& V e rm o n t— Stock 3 % g u a r bv rental

290

186
186
143

D ate
Bonds

1918
1918

1906

100
100
100 &c
100
1,000
100
1 000 Af*
<(V)

A K R O N & B A R B E R T O N B E L T R R .— Belt line at Barberton, O ., and
Fairlawn to Akron, O .; total, 22.99 m . Stock. 1100.000, owned equally
b y the Cleveland Akron & Cincinnati, Baltimore & Ohio, Erie R R . and
Northern Ohio R y. Bonds au th., $1,500 ,0 0 0 ; issued, $ 1 ,240,000; $476 ,00 0
redeemed by sinking fund; $260 ,00 0 for future needs. The l.-S . C . C om ­
mission has placed a tentative valuation of $ 1 ,228,360 on the total owned
and $ 1 ,2 2 5 ,0 0 0 on the total used property of the com pany as of June 30 1916.
For 1925, gross, $ 4 02 ,94 8, railway oper. income, $86,251 ; other income,
debit, $ 51,266 ; interest, rentals, & c., $ 3 4 ,9 8 5 .— (V . 120, p . 2007.)
A K R O N C A N T O N & Y O U N G S T O W N R Y . ( T H E )— M iles of track
owned: M ain line, 18.99 miles; yard track and sidings, 20.81 miles. Stock,
all issued, $ 1 ,5 0 0 ,0 0 0 - V . 92. p. 1434; V . 95, p . 678. Initial div. of $4 per
share was paid on O ct. 1 1925; same amount paid Jan. 1 1926 and O ct. 1
1926. In Jan. 1920 obtained control o f the Northern Ohio R R . under a
999-year lease from the Lake Erie & Western R R . See that co. below. The
gen. & ref. m tge. 6 % gold bonds, series A , are call., all or part, at 105 and
interest to and including April 1 1935; thereafter at par plus a premium of
J4 % for each year of unexpired m aturity. 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 )4 % for each year of unexpired m aturity. O f the
remaining bonds authorized under this mortgage, $1,50 0 ,0 0 0 are re­
served for refunding the first mortgage 6s o f 1930 and the balance m ay be
issued up to 9 0 % o f the cost of additions or betterments to fixed property,
or 6 5 % o f cost of additional rolling stock. V . 120, p. 1875; V . 122, p . 605.
T h e I .-S . C . Commission has placed a tentative valuation of $1,62 6 ,2 4 5 on
the total owned and $ 1 ,6 2 6 ,9 3 5 on the total used properties of the company
as o f June 30 1918. For 1925, gross, $3,194 ,7 2 9 ; net oper. income $688 ,39 7;
interest, rentals, & c., $267 ,93 6; bal. sur., $ 4 20 ,46 2. Pres., H . B . Stewart,
Akron, O ., Sec., P . J. Pahler, Akron, O .— (V . 123, p . 79.)
A L A B A M A F L O R ID A & G U L F R R .— Operates from Cow arts, G a ..
on Atlantic Coast Line R R ., south to Greenwood, 32 miles. The I .-S . C .
Commission has placed a final valuation o f $195 ,81 0 on the total owned
and used properties o f the com pany as of June 30 1918. Capital stock,
$50,000; par $100- First m tge. 7 % s. f. gold bonds, due April 1 1941,
$150,000
V . 113. p. 530
Pres., W . 8 . W ilson; A u d ., J. B . Bivings,
Dothan. A la .— (V . 122, p. 3334.)
AL A B A M A G R E A T S O U T H E R N R R . C O . (T H E ) .— Owns C hatta­
nooga, T e n n ., to M eridian, M is s ., 292 miles (about 3 0 % double tracked);
leases B elt R y ., Chattanooga, 1.62 m .; trackage, 25 m .; total operated,
318 miles.
O R G A N I Z A T I O N .— Controlled by Southern R y .. but operated inde­
pendently.
V . 8 1 , p . 1722; V . 82, p. 159. Owns $975 ,10 0 stock of S. W .
Construction C o ., received for $833 ,30 0 C in. N ew Orl. & Tex Pac. stock
L A T E D I V S .—
T 1 -T 5 . T 6
'17. '18. T 9 . '20. '21. '2 2 . '23.
'24 '25.
Com m on stock--------- 5 y ’rly 7
7 3
11
7 6M 7 7
734 7
Preferred stock _ . . 6 y ’rly 7
7 6H 7 «
7 6H 7 7
7^
7
Paid in 1926: On com m on, June 2 8 , 3 ) 4 % regular and 5 % extra. On
pref., F eb. 15, 3 ) 4 % : A u g. 16, 3 ) 4 % and 5 % extra.
B O N D S .— The 1st consols ($25,000,000) are Issuable in lettered senes.
$5,223,500 reserved to refund 1st 5s and gen. 5s, $8,15 0 ,0 0 0 for second
track, at, say, $ 30,000 per m ile; the remaining $ 7 ,313,500 for Improve­
ments at not over $500 ,00 0 yearly. Y . 9 7 , p . 1285 1582, 1820; V . 9 8 , p . 72,
1534.
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 1925, in V . 122, p . 2639, snowed:
O perating N et (after
Total
Interest, Pref.
Com m on Balance,
Cal.
Revenue
T a xes).
In com e. Rents. A c . D ividend. D ie.
Surplus.
Y€-(1T9
$
%
%
$
$
$
$
1925 -TO,4 33,271
2 ,9 9 9 ,2 8 1 3,6 4 0 ,5 8 1
642,242 236,625 548,100 2213623
1924 -1 0 ,0 9 3 ,4 o 0
2 ,4 8 7 .0 7 8 2 ,8 1 8 .6 8 0
6u5,424 2 53,526 5 87,250 1322480
1923 -1 0 ,8 5 3 ,2 1 9
2,4 6 9 ,5 4 3 2 ,7 9 3 ,0 1 0
762,570 2 36,625 5 48,100 1245712
1922 - 8,524.804
1.483.909 1.799.379
716,948 236.625 548,100 297.706
For latest earnings, see “ Railway Earnings Section’ ’ (issued m onthly).
O F F IC E R S .— Pres., Fairfax Harrison; Sec., C . E . A . M cC arth y; Treas.,
•Charles Patton; C o m p t., E . H . Kem per. Office, Birmingham, A la .—
(V . 123, p. 1870.)
A L A B A M A T E N N E S S E E & N O R T H E R N R R . C O R P .— Owns and
operates 186 miles main track, extending from C alvert, A la ., at junction
with Southern R y . System , north to Reform, A la ., on M obile & Ohio
R R . Also terminal tracks and valuable harbor frontage in M obile, A la .,
form erly owned by M obile Terminal & R y.
O R G A N I Z A T I O N .— Incorp. in Alabama O ct. 12 1918 as successor o f the
A . T . & N . Railw ay, foreclosed and reorganized per plan in V . 106, p. 2558;
V. 107. p- 290 400, 1286. 1579; V . 108. p. 1720.
8 T O C K V O T IN G T R U S T .— Th e new common stock is held in a voting
trust, with George O. Van T u y l Jr., Louis V . Bright, George E . W arren,
James C . Colgate, John T - Cochrane and H . A . Smith as voting trustees.
B O N D S .— The only fixed charge for the first five years is the $950 ,00 0
6 % prior lien bonds, which were Issued for cash per plan.
O f the remainder o f the $3,50 0 ,0 0 0 issue, $1 ,4 0 0 ,0 0 0 is reserved for use
under restrictions in extending the line if found desirable, northerly 50 miles
to connection with the St. Louis-San Francisco R y ., and southerly to M o ­
bile, 30 miles, with necessary improvements, and the final $ 1 ,150,000 will
• restricted to future im pts. and extens. and the refunding o f equip, obliga­
be
tions, new or old.




Am ount
O utstanding

1902
$1,000
1910
100
1925.
500 &c
1926 500-1,000
1895
1.000
1,000
1926
50
50
1,000
1878
£100
1888
1913 $ , £ & fr
1,000
1920
1923
1,000

1924

142
fo

Par
Value

Rate
%

W hen
Payable

J
$764,000
4 g
J
1,500.000
6 g
A
750.000
6 g
A
800.000
534 g
A
2 .5 0 0 .0 0 0
5g
200.000
414
J
7 ,8 3 0 ,0 0 0 See ,>ext J
3,380,350; See text F
J
1,749,000 5 (6) g
J
£711,500
5 g
.1
$4,312,000
5 g
J
99.000
6 g
A
2,2 8 0 ,0 0 0
5 g

&
&
&
&
&
A
&
&
&
<
&
&
<
fe
S
t,

Last D iv td en a P laces W h ere In terest and
and M a tu rity
D ividends A r e Payable

D June 1 1942
J July 1 1930
O Apr 1 1945
O Apr 1 1945
<) Oct 1 1945
D T o 1941
D June 28 '2 6 , 814
A Aug 16 '2 6 . 814
J Dec 1 1927
D Dec 1 1927
D Dec 1 1943
J T o Jan 15 1935
O Apr '27-A pr '38

U S M tge & T r C o , N Y
Cleveland Trust Co
Cleveland and New York
Cleveland and N ew Y o rk
Cent Un Trust C o , N Y
Checks mailed
do
Farm L & T r, N Y .
Morgan .Grenf & Co ,Lon
Guaranty Trust C o , N Y
Guaranty Trust C o, N Y
J P Morgan & C o, N Y

2 . son.non
1 .700.000 - _
J
J
&
950.000
6 g
2.1 16.000
4.200 000 See text Semi-ann
M & N
2.5 0 0 .0 0 0
5 g
3.500.000 See text J
in ooo oon
314 g A
0
300 ooo
Vi

A
&
*

July 1
Oct 1
O ct 1
M ay 1

C hat& P h N B & T rC o, N Y
1948
1948
Irving B k & Tr C o, N Y
1926 3 %
/N a tl Park Bank, N Y
1974
IC an-C om Tr& S B , N Orl

J See text
Del A Hudson C o, N Y
O 4 nr 1 1946
do
do
N N o v 15 1926 114 Troy N Y

The gen. lien (2d m tge.) 6 % gold bonds were on an income basis up to
D ec. 31 1923 (no interest having been p aid ), but from Jan. 1 1924 were
entitled to 6 % per annum.
The holders o f tbe 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 com pany made a payment
at the rate of $20 for each $1,0 0 0 bond to all holders o f General M ortgage
bonds who became parties to the agreement and deposited their bonds with
the Irving Bank-Colum bia Trust C o ., N ew Y o rk . The plan was declared
operative in O ct. 1923. Com pare V . 116, p. 2880; V . 117, p. 1662.
G overnm ent loan, V . 113, p. 2612
O F F I C E R S — John T Cochrane. Pres., M obile; Louis V . Bright V .- P ..
New York; E . A . Oaratens, Sec., and K . R . Guthrie T reas., M obile.
D IR E C T O R S .— Louis V . Bright and I. H . Lehm an, N ew Y o rk ; John T .
Cochrane and John T . Cochrane Jr., M obile; H . A . Sm ith, Hartford; D avid
Taylor. F . J. Lisman and George O. Van T u yl Jr., New Y o rk .— (V . 123, p.
2514.)
A L A B A M A A N D V I C K S B U R G R Y . C O . (T H E ).— Owns Vicksburg to
M eridian, M iss., and branch, 141 miles.
The I .-S . C . Commission has placed a tentative valuation of $7 ,6 9 1 ,9 9 7
on the total owned and $ 7 ,691,734 on the total used properties of the
company as of June 30 1918.
Th e I .-S . C . Commission on M a y 3 1926 authorized the lease o f the road
to the Y a zoo & M ississippi Valley R R ., under the guarantee o f the Illinois
Central. V . 122, p . 2942
D IV S .
f '9 7 -'9 9 . '0 0 . '0 1 . '0 2 . '0 3 . '0 4 -T 4 . T 5 . '1 6 -T 8 . T 9 - ’2 4 . '25
C a s h -----------%\
y r'ly
6
6
6
9 7 y r’ly
5 7 y r’ly 7 yr’iy
8
5
50
lOOin’ l O - .
______
____
100
Stock_______ % {
The stockholders voted D ec. 10 1924 to increase the capital stock from
$2,10 0 ,0 0 0 to $ 4 ,2 0 0 ,0 0 0 , the increase being distributed to stockholders of
record Jan. 2 1925 as a 1 0 0 % stock dividend.
Paid in 1926 (on new stock): April 1, 3 % ; O ct. 1 , 3 % .
B O N D S .— The first m tge. 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 M a y 1 1929, at 105 and int. after M a y 1 1929 and on or prior to
M a y 1 1964, and at 34 of 1 % less than 105 and Int. for each succeeding
year.
O f the $2 ,5 0 0 ,0 0 0 Series " A ” bonds, $ 1 ,9 3 6 ,9 0 0 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 ,10 0 of bonds were used to
reimburse the treasury for expenditures made prior to M a y 1 1924 for addi­
tions and betterm ents.— V . 118, p. 2040.
R E P O R T .— For 1925. in V . 122, p . 1914.
Calendar
Gross
N et after
Gross
In terest, D ividends B alance,
Y ears—
E arn inas. Taxes. In com e. R en ts.& c.
Paid.
Surplus.
1 9 2 5 ................... $ 3 ,5 9 3 ,5 9 5 $640 ,05 3 $843 ,84 0 $201 ,76 4 $231 ,00 0 $411,076
1924.................. .. 3 ,6 0 1 ,4 2 7 4 79,303
6 5 0,395
189,021 147.000
314.374
19 2 3 ..................... 3 .4 6 4 ,1 0 4 466,306
6 6 6 .5 2 8
175,296 147,000
344.232
19 2 2 ____________ 3 ,0 6 3 ,6 3 5 224,147
4 18,603
183.184 147,000
88.418
19 2 1 ___________ 3 ,3 9 7 ,1 4 4 231,931
3 83.686
197.845 147,000
38,841
For latest earnings see “ Railw ay Earnings Section” (issued m onthly).
O F F IC E R S .— Larz A . Jones, Pres. & G en. M g r .; W . Brewer, Sec.;
J. E . Cam bias, Treas. Office, N ew Orleans, L a .— (V . 122, p . 2942 .)
A L A S K A G O V E R N M E N T R O A D .— (V . 123, p . 3 2 1 .)
A L B A N Y & S U S Q U E H A N N A R R .— (See M a p D elaw are .& H u d s o n .).
R O A D .— Owns Albany to Binghamton. N . Y . 142 miles.
L E A S E D for term of charter, viz., 150 years from April 19 1851. to D ei. &
Hudson C o .; rental was 9 % per annum on stock (4 1 4 % J. & J.) (V . 5 6 , p .
774). but the courts having held that the stock was entitled to the benefit
o f refunding effected in 1906, $120,750 additional rental was paid in Jan.
yearly, beginning 1910. making 3 .4 5 % available for corporate purposes.
Jan. 1914 to Jan. 1918, 20 cents was deducted yearly for co .'s Federal
income tax.
A special dividend of 3 0 % ($1,050,000) was paid N o v 16
1909 from the proceeds of the judgment for back rentals due by reason of
refunding
A special dividend of 3 -2 5 % was paid Jan. 10 1916 and again
Jan. 6 1917 and Jan. 4 1918. but no special paym ent was declared in D ec.
1918 owing to Federal taxation
In Jan. 1920 paid 1 *4 % extra and in
Jan. 1921, 1922, 1923, 1924, 1925 and 1926 paid 2 % extra. V . 107, p . 2374;
V . 8 9 , p. 1141, 1666; V . 90, p . 913.
B O N D S .— Th e bonds are guar. p. & I. and until Apr. 1 1916 were con­
vertible Into D & H . stock— $500 stock for $1,000 bonds; $ 3 ,5 5 6 ,0 0 0 were
so converted ($ 3 ,500,000 pledged b y D . & H .; V . 105. P- 3 8 9 ).
V . 8 0 . p.
1174, 1362, 2343 . Guaranty, V . 8 2 , p. 989.
O F F IC E R S .— Arthur W . Butler, Pres.; George W elw ood M u rra y, V .-P .;
O. F. Coaney. Sec. & Treas.; Arthur A . G am m ell. A sst. Sec. & A sst. Treas.
Office, 24 B road S t ., N ew Y o r .— (V . 121, p . 2 870 .)
A L B A N Y & V E R M O N T R R .— Owns road from Albany to W aterford
Jet., N . Y . , 12 m . Leased to Rensselaer & Saratoga In 1860 and now oper­
ated b y D el. & Hudson C o . Annual rental, $ 2 0 ,0 0 0 .— (V . 106, p. 923.)

10

RAILWAY STOCKS AND BONDS

R A IL R O A D C O M P A N IE S
[For abbreviations, & c ., see notes on page 8j
A lgo m a C & H Bay— 1st M g gu red 105 text U sm .xc*
2d M Incomes g $ 3 ,2 4 0 ,0 0 0 (V 9 9 . p 5 3 6 ,1 2 1 3 ) -U s m
Alg Cen Term inals 1st M g gu rd 1 05____ U sm .xc*
A lgo m a East R y— M an & N o Sh 1st M g gu rd U sm .c*
A lle g h e n y & W e s te r n — Stock $ 3 ,5 0 0 ,0 0 0 guar. - First M $ 2 ,5 0 0 ,0 0 0 gold guar p & i (end)___ G .x c *
A lle g h e n y V a lley — See Pennsylvania R R
A lle n to w n T e rm in a l— 1st M g ext cal 1 0 2 )4 -C e .x c *
A m a d or C e n tr a l— 1st M gold ( 2 % s f began 1913 )- xx
A n n A rbor— First m tge $ 7 ,0 0 0 ,0 0 0 gold ____ M p.xc*

M ile s
Road

1910
1914
1912
1911
63
63
3
12
292

Equip trust ctfs Series A red 105 due semi-an .xxxc*
A p a la c h ic o la N o rth ern R R — 1st m tge $2 ,0 0 0 ,0 0 0 g A r izo n a E a ste rn —
First Refunding M s f . .
___
-F .c * A r
Ark & Mem R y, B & T — 1st M $ 7 ,5 0 0 ,0 0 0 g G .y c * A r *
A sh ev ille & S p a r ta n b u r g — See Southern R y , Carolin
A tc h iso n & East Bdge— 1st M g s f red at p a r .C e .x
A tch T o p & S a n ta Fe Ry— Stock, com $ 3 5 0 ,0 0 0 ,0 0 0 Stock pref $ 1 3 1 ,48 6,00 0 5 % non-cum
Chicago Santa Fe A California 1st M g -B B .zc * & r
General mortgage gold (see text)
_ C e.xc*A r
Adjust inc M cum since July 1 1900 g _C e.xc*& r
do do interest stam ped payable M & N .
x
Eastern Okla D iv 1st M $ 1 0 ,0 0 0 ,0 0 0 g G .xc*& r
Transcon SL 1st M $30,0 0 0 ,0 0 0 g red 1 1 0 -G .x c * A r *
Rocky M tn D iv 1st M $ 2 0 ,0 0 0 ,0 0 0 g red G .y c *& r*
Bonds convertible till June 1918 red (~text)-G .xc*Ar*

D a te
Bonds

98.68

1898
1889
1908
1895
1911
1925
1924
1923
1905

A m ount
O utstanding

Rate
%

£100 $10,0 8 0 ,0 0 0
$£
3 1 8 ,80C
4,992,713
£100 Ac
$, £, Ac
2 ,2 8 2 ,4 6 7
$100
3 ,200,000
1,000
2,0 0 0 ,0 0 0

text
text
text
5 g
6
4 g

P ar
Value

1,000

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

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

D June11960
See text
do
Sept 1 1964
do
Aug 1962
M ar 1 1961
B k o f M o n t, Lon A N Y
July 1 1926 3 % A Iselin A C o , N ew York
Oct 1 1998
do
Qo

J
M

9 ,155,000
3,4 6 1 ,0 0 0

5
5 g

M
M

July 1 1929
N ov 2 1 9 3 8
July 1 1995

Office, 437 Chestnut, Ph
Union T r C o. San Fran
C h a tA P h N B A T r C o , N Y
Em pire Trust C o , N Y

M ar 15 1930
Jan ‘27-Jan '34 N ew Y ork Trust C o, N Y
To Oct 20 1927
See text
Sept 5 1930

N M a y l 1950
S M ar 1 1964

So Pac C o 165 Bway N Y

a D iv .

439
8,549
8,549
8,549
476
1,105
100

•*r” “ s"S c “ t . ” Also in treas. D ec. 31 ’ 25 of “ r” $ 1,92 8.000;

1887
1895
1895
1895
1903
1908
1915
1905
of “ s”

179,000
4 g
232,4 0 9 ,5 0 0 See text
124,172,800
5
560,000
5g
r l 50634500
4 g
t 4 ,727,500
4 g
s 4 6.618.500
4 g
9 ,6 0 3 ,0 0 0
4 g
2 2 ,5 4 5 ,0 0 0
4 g
3 ,0 0 0 ,0 0 0
4 g
6 .7 8 5 ,0 0 0
4 g

$296 ,0 00;

A L G O M A C E N T R A L & H U D S O N B A Y R Y .— Owns from Sault. SteM arie, O n t., and Michipicoten Harbor to a connection with the C an. North*
ern R y ., 272 miles; branch to Helen M in e. 12 m .; extension to Hearst on
Grand Trunk Pacific R y ., 50 m .; total, 334 miles. Cash subsidy, $6,4 0 0
per mile. Land grant, 2,1 3 7 ,1 4 4 acres. Y . 103. p. 2076; V . 9 9 , p . 1671,
V . 101, p . 772. Lake Superior C orp. guarantees, see that com pany under
‘ ‘ Industrials.”
Owns stock and leases for 999 years Algom a Central Terminals, L td .,
with bonds secured on terminal properties and on $900,000 1st M . 5 %
bonds and $ 99,300 stock of Algoma Eastern Terminals, L td . V . 95, P
1540; V . 96, p. 651, 1020. 1491; Y . 9 9 . p . 268, 536; V . 100. p . 7 02; V . 104.
P. 1700; V . 105. p 71.
P L A N .— 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 Smltb-Btngham and
J . C . D alton, for the Railway bonds, and Sir Alexander Roger and Andrew
W illiamson for the Terminals bonds, vote the common stock of both cos.
The interest on the Railway 1st M . from June 1 1914, and interest and
sinking fund on the Terminals bonds to be paid only if and to the extern
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 tc
6 % per annum , if earned, in the following priority (a) Terminals bonds for
current and all prior years 3 % p . a ., said paym ent, however, to be a fixed
obligation for each year after A ug. 1 1921.
(&) Both Issues pari passu
as though one issue, 2 % .
(c) Railway bonds. 3 % .
(d) Any arrears up tc
5 % on either issue.
(e ) Terminals sinking fund.
( /) Railway bonds. 1 °7
,
and Terminals bonds, 14 of 1 % .
W hile the guaranty of the Lake Superior
Corporation remains, the committee alone can enforce It
V . 105. p 1998
Holders o f the 5 % bonds of Algom a Central Terminals received in April
1917, 3 % for the year to Aug. 1915; April 30 1918 interest at 3 % p e r a n n
for period from Aug. 1 1915 to June 30 1917; N o v . 1 1918 5 % for year 19171918: N ov 1 1919. 4 % for vear 'o .Trine 1919: M a y 1 1922, 1 M % for sin
,
m onths from A u g. 1 1921; N o v . 1 1922, 1 1 4 % ; M a y 1923, 1 ) 4 % : N o v . 1
1923, 1 ) 4 % ; M a y 1 1924, 1 ) 4 % ; N o v . 1 1924, 1 ) 4 % ; M a y 1 1925, 1 ) 4 % ;
N o v . 1 1925, 1 )4 % ; M a y 1 1926, 1 )4 % .
R ailw ay 5s N o v . 1 1918 received
2 % ; N o v . 1 1919 received 1 % . V . 107, p . 1669; V . 109, p . 1792.
Stock, common $5,000 000. all owned by Lake Superior C orn.; pref., 5 %
non-cum ., $5,000 000 (including $3 ,0 0 0 ,0 0 0 new pref.. represented by
▼. t . c.) The pref. shares have a par value of $40 each. V . 105. p. 71
First m tge. bonds, see V . 9 1 . p . 9 3 . 1159. 1327. 1573
R E P O R T .— The operations o f the railway company and Algom a Central
Term inals for the fiscal year ended June 30 1926 resulted in a net profit
before bond interest, of $ 3 5,355 , as against a net loss before bond interest,
of $1 2 ,6 3 6 for the fiscal year ended June 30 1925. V . 122, p . 92.
Pres., K, H om e Sm ith; Sec.. A lex . Ta ylor, Toronto: T reas., J . M . A lton;
C o m p ., E . B . Barber, Sault Ste. M arie, O n t.— (V . 122, p. 92.)
A L G O M A E A S T E R N R Y . C O . (T H E ).— Owns from Sudbury, O n t., to
Little Current (M anitoulin Island) through nickel and copper districts,
86 m .. completed Jan. 1 1913; branches, 3 m . Land grant 682,692 acres in
Ontario and cash subsidies from Province and Dominion of Canada. V . 92,
p. 265; V . 95, p . 748. Sale of land, V . 117, p. 1014. Leases for 999 years
Algoma Eastern Terminals, L t d ., rental covering interest and sinking fund
on $900 ,00 0 1st M . 5 % bonds. See Algoma Central Terminals, L tu .,
mortgage under Algom a Central & Hudson Bay R y . above.
Com m on stock, $2,0 0 0 ,0 0 0 , all issued, and pref. 5 % non-cum ., $ 1 ,0 0 0 ,000, all issued. All pref. and $1 ,0 0 0 ,0 0 0 common owned by Lake Superior
Corporation. Bonds (M an . & N o . Shore R y .) au th., $ 3 ,0 0 0 ,0 0 0 , issuable
at $ 30,000 per mile (issued, $ 2 ,5 0 0 ,0 0 0 ), gu ar., prin. A in t., by Lake Supe­
rior Corp
Thev are subject to call as a whole at par or m ay be drawn at
105. V . 92. p. 105. 396. 4 62. 5 27. 1032; V . 93, p . 227, 406; V . 94, p. 1382;
Y . 116, p . 1048.
R E P O R T .— For year ended June 30 1926 showed: N e t earnings,
$205 ,2 6 6 ; interest and rentals, $181 ,28 2; reserved for income tax, $ 2,424;
net income, $ 2 1,560 . Pres., G . A . M ontgom ery, S. S. M arie, O n t.; Sec.,
A lex. Taylor, Toronto; Treas., J. M . A lton , S. S. M arie.— (V . 121, p . 1907.)
A L L E G H E N Y & W E S T E R N R Y .— (See M a p B u ff. Roch. & P itts .)—
Punxsutawney to Butler, P a ., 60 m . and br. 3 m . A n extension of Buff.
R och. & P ittsb., to which leased in perpetuity for guar, o f bonds, taxes and
6 % on stock. Uses B . & O from Butler to N ew Castle and Pittsburgh under a
trackage arrangement, making in all 144 m . V . 70, p . 8 49.— (V . 123,p .2514.)
A L L E N T O W N R R .— T o p to n to K utztow n, P a ., 4.39 m . Stock, $ 1 ,2 6 8 ,884 (par $ 5 0 ), incl. $1 ,0 7 1 ,4 0 0 owned b y Reading C o. N o bonds.
A L L E N T O W N T E R M IN A L R R .— Owns 3 .2 7 miles of railroad in Allen
town, P a ., connecting the East Penn. (Phila. A Reading) with the C ent, of
N . J. Leased for 999 years to Phila. & R ead, and Cent, of N . J. (by assign­
ment from Lehigh Coal A Navigation C o .) at int. on bonds and 5 % on
$450,000 stock (par $50) taxes and corporate expenses.
Bonds were extended from July 1 1919 to July 1 1929, the interest rate
being raised from 4 % to 6 % ; the m ortgage security remains unimpaired but
the guaranty of P. A R . R y . and Lehigh Coal & N a v . C o. was canceled.
Callable at 102)4 and Int.— (V . 50. p. 4 22; V . 108, p. 2628.)
A L T O N & E A S T E R N R R .— This road on April 1 1925 took over the
operation o f about 41 miles o f track formerly operated by the Chicago Peoria
A St. Louis R R ., which it had recently bought at auction for $1,350 ,0 0 0 .
The newly acquired tracks run from G rafton, 111., to East St. Louis and
are known as the “ B lu ff Lin e.”
The property, including tracks, roundhouses and other buildings, was
bought by James Duncan o f A lton , Pres, o f the Litchfield A M adison R R .,
who represented a syndicate formed to buy the properties. See also
V . 120, p . 1198.
A M A D O R C E N T R A L R R .— lone to M a rtell, C a l., 12 m . Stock, $ 4 0 0 ,0 00, par $100. M t g e ., see V . 8 8 . p . 156. Year ending D ec. 31 1925, gross,
$ 5 9,128 ; net oper. inc., d e f., $5,952; other in c., $657; def. after in t.,
rentals, & c., $25,1 3 3 . D iv s. 1911-12, 6 2 - 3 % , $25,000 from accumulated
surplus, 1918 and 1919, 1 % each yr. Pres., M eta J . Erickson, San Fran­
cisco.— (V . 88, p . 156.)
A M E R IC A N N IA G A R A R R — (V . 117, p . 1883.)
A N N A R B O R R R . C O . (T H E ).— Owns from Toledo, O ., to Frankfort,
on Lake M ichigan, 294 miles; operates car ferries between Frankfort, M ic h .,
Kewaunee and M anitow oc, W is ., and Menom inee and M anistique, M ich .
Owns capital stock of M anistique & Lake Superior, M anistique, M ic h ..
to E velyn. 42 miles (with branch. 13 m iles). V . 9 2 , p . 1108; Y . 107, p.
1344, 2156: V . 106. p . 2194, 2410.




Last D ividend
and M a tu rity

N
S
J
o

1,000,000
630,000
50,624
2 .0 0 0 ,0 0 0

500A1000
1.000

1,000 See

Sc
Sc
Sc
&

&
J
& N
Q— J
M
N
M Sc S
J Sc
J
A A O 20
M & N

450,000
300,000
7.0 0 0 ,0 0 0

1910
1914

J Sc
M
M
J
A

6 g
5 g
4 g
6 g
6 •
6 s:
6
5 g

1,000
500
1,000

1898

187

W h en
Payable

[V ol. 123.

J

&
J
Q— M
& A
<
& J
& O
N ov.
M & N
M &
S
J
&
J
J
J
&
J
A D
F
J
A

July 1
D ec 1
Aug 2
Jan 1
Oct 1
July 1
July 1
M ar 1
July 1
Jan 1
Junel

Central Un Tr C o , N Y
1928
1926 1*4 Checks mailed from N Y
do
do
1926 234
5 N assau Street, N Y
1937
1995
do
do
1995
do
do
1995
do
do
1928
do
do
1958
do
do
1965
do
do
1955
do
do

o f “ t ” | $86,000.

The I .- S . C . Com m ission on N o v . 2 1925 approved the acquisition by
the W abash R y . C o . o f control o f the com pany b y purchase o f its capital
stock.
(6 6 .9 3 9 3 % acquired as of D ec. 31 1925.) V . 121, p . 2398; V . 122,
p . 605.
Th e final valuation as of June 30 1915 has been fixed at $ 1 1 ,1 2 7 ,2 7 7 by
the I .-S . C . Comm ission.
S T O C K .— C om m on, $ 3 ,2 5 0 ,0 0 0 ; pref., $4,0 0 0 ,0 0 0 ; 5 % non -cu m ., par
$ 100 .
B O N D S .— -On D ec. 31 1925 $3 ,5 9 5 ,0 0 0 im pt. A extension m tge. 6 % gold
bonds had been issued, of which $ 8 0 ,0 0 0 were in treasury and the balance
pledged as collateral for notes.
The 6 % secured gold notes o f 1925 are red. all or part on 30 days’ notice
at 102)4 and int. during first year and at >4 o f 1 % less during each suc­
ceeding year to m aturity. Secured by pledge o f $2 ,0 0 0 ,0 0 0 o f im pt. A
ext. m tge. 6 % gold bonds due M a y 1 1941. V . 120, p. 1322.
Equipm ent trusts issued to Director-General for rolling stock allocated
to this com pany. See article on page 3 and V . 114, p . 1764; V . 120, p . 1086.
E quip, trusts Series A , V . 118, p . 430, 1266.
There were also outstanding on April 30 1926 $91,000 equip, trust 6 %
ctfs. Series B , due 1927, and $800 ,00 0 Ann Arbor B oat C o . 1st m tge. float­
ing equipment serial 6 % bonds due 1934.
Government loan, V . I l l , p . 1369; V 112, p . 2 56, 3 71.
R E P O R T .— For 1925, in V . 122, p . 2182 , showed:
Calendar Y e a rs—
1925.
1924.
1923.
1922.
$ 5 ,5 3 2 ,1 8 6
$ 5 ,6 0 2 ,5 7 5 $5,053,161
Total oper. revenues____ $ 5 ,867,692
N et oper. revenue_______
1 ,428.909
1 ,241,307
1 ,059,575
933,770
Taxes, & c________________
267,617
2 89,997
253,683
261,050
Operating incom e____ $1,161,291
109,244
Other income____________

$951 ,30 9
115,088

Gross incom e___________ $1 ,2 7 0 ,5 3 5
H ire of equipment, A c__
$213 ,65 7
Interest on funded d e b t.
4 91,894
In t. on unfunded d e b t -67,317
M iscellaneou s___________
37,9 8 8

$1 ,0 6 6 ,3 9 7
$300 ,61 2
38 0 ,2 2 9
33 ,6 0 9
15,089

$805,892
117,533
$923 ,42 5
$444 ,39 4
358.436
2 8,448
12,137

$672 ,72 0
166,344
$839 ,06 3
$385 ,73 4
351,421
3 9,192
16,537

Total deductions______
$810 ,85 6
$729 ,54 0
$843,416
$792 ,88 4
$459,679
$336 ,85 7
$80,008
$46,179
N e t income____ ________
For latest earnings, see “ Railway Earnings Section" (issued m onth ly).
O F F IC E R S .— -Chairman, W illiam H . W illiam s; Pres., J. E . Taussig;
Y .- P ., Sec. & T reas., J. C . Otteson; V .- P . & Gen. M g r ., E . F . Blom eyer;
Auditor, J. F . Cress. Office, 120 Broadw ay, N ew A ork.— (V . 122, p. 2182.)
A N T H O N Y & N O R T H E R N R R .— Reorganized In 1919 as i,he W ichita
Northwestern R R ., which see
A P A L A C H IC O L A N O R T H E R N R R .— River Junction to Port St. Joe,
95.62 miles; Franklin Junction to Apalachicola, 3 .0 6 miles; total main line
owned, 9 8 .6 8 miles. M ain line leased from A tlantic Coast Line. 0 .4 4 miles
and side tracks owned, 9 .02 miles. V . 87. p . 9 35. Capital stock, $ 1 ,0 0 0 ,0 0 0 .
The I .-S . C . Commission has placed a tentative valuation o f $ 1 ,5 1 5 ,8 0 0
on the owned and used properties of the com pany, as of June 30 1917.
B onds, $ 2 ,0 0 0 ,0 0 0 (111. State T r. C o ., E . St. Louis, trustee), all held by
com m ittee, A . T . Perkins, St. Louis, Chairman; S. N . K irb y, T . S. M o ffit,
W . C . Fordyce and W m . E . Bates, which collects interest only as earned.
M arch 1913 and subsequent coupons were not paid at m aturity; in D ec.
1917, $37,6 0 0 ; and in D ec. 1918, $17,4 0 0 ; was paid on past-due coupons;
then none until D ec. 1921, when $14,800 was paid; Feb. 1923 paid $94,7 0 0 ;
M arch 1924 paid $ 8 6 ,5 2 5 ; F eb. 1925 paid $ 3 5 ,5 7 0 .
For calendar year 1925, gross, $ 2 54 ,62 1; net, $35,654 ; other income,
$ 10,051 ; in t., rentals, & c., $120 ,23 0; b a l., def . $96,1 2 4 . A . T . Perkins,
C h a ir m a n and Pres., St. Louis; B . W . Eells, V .-P . & G en. M g r .; R . J.
Lockwood, V .- P ., St. Louis; R . R . Tom pkins, Sec. & T r e a s ., St. Louis;
H . A . Drake, A sst. Sec. & A sst. T reas., Port St. Joe, F la.— (V . 122, p . 294 2 .)
A R I Z O N A E A S T E R N R R . C O .— Owns Maricopa to H assayam pa, A r iz .,
74 miles; Bowie to M iam i, A r iz., 136 m .; Cochise to Gleeson. 35 m .; T e m p e
to M esa, 8 m .; other, 36 m .; leases Phoenix, Ariz., to W inkelm an, 92 m .;
other. 1 m .; total. 383 miles. Stock au th ., $ 4 0,000 ,000 . of which $ 9 ,0 0 0 ,0 0 0
outstanding D ec. 31 1925, all owned b y Southern Pacific C o ., which in
O ct. 1924 was authorized to lease the road .— (V . 122, p . 4 7 7 .)
A R K A N S A S « c L O U I S I A N A M IS S O U R I R Y .— Incorporated in L o u isi­
S
ana in A ug. 1920 as successor to Arkansas & Louisiana M idland R R .
Com ­
pare V . I l l , p . 7 90, 895, 1369; V . 112, p . 1143; Y . 113, p . 69, 2 91; V . 121,
p . 1223.
A R K A N S A S & M E M P H IS R A I L W A Y . B R 1D Q E & T E R M I N A L C O .
— Owns double-track bridge (with wagon-way) across the Mississippi R iver
at M em phis, T e n n .; opened for traffic July 15 1916.
V . 103, p . 3 2 1 .
Stock outstanding $2,52 0 ,0 0 0 owned one-third each by the S t. Louis
Southwestern R y ., Chicago Rock Island A Pacific R y . and M issouri
Pacific R R ., which use the road under a 50-year operating agreem ent.
These roads jointly and severally guarantee the 1st M . bonds, prin. and i n t .,
b y endorsement. O f the $ 7 ,5 0 0 ,0 0 0 1st M . bonds, $ 2 ,2 5 0 ,0 0 0 are in the
com pany’s treasury subject to the indenture o f D ec. 21 1917, $ 3 ,4 6 1 ,0 0 0 are
outstanding; $289,000 have been retired through sinking fund and $1 ,5 0 0 ,0 0 0
are unissued. All or any part o f outstanding bonds redeemable at 105 and
int. on any int. date prior to M arch 1 1929; at 104 and int. on M arch 1 1929,
or any int. date thereafter prior to M arch 1 1939; and at 103 and int. on
M arch 1 1939, or any int. date thereafter. Annual sinking fund o f 1 % of
principal amount o f 1st m tge. bonds outstanding is to be applied to purchase
o f bonds at not exceeding 100 and in t., or if not obtainable at that price, to
redemption o f bonds at redemption prices as above. V . 119, p . 1508.
Pres., W . S. M artin; Sec. & T reas., Carl N yq u ist.— (V . 120, p . 826.)
A T C H I S O N & E A S T E R N B R I D G E .— Owns railroad and wagon bridge
at Atchison, K a n ., connecting with the union station. Used b y the A tch .
T o p . & Santa F e, the Chic. R . I . & P .. the M o . Pac. and the C hic. Burl. A
Q uincy. Stock, $ 7 00 ,00 0; par, $100 per share. P res., W . F.G uthrie;
T reas.. H . P . E ells. Jr.: Sec., W . P . K e lly . Cleveland, O .— (V . 6 7 , p . 578.)
A T C H IS O N T O P E K A & S A N T A FE R Y . C O . (T H E ) .— On Jan. 1 1926
comprised 12,068 miles o f railroad (11 ,8 4 5 m . owned. Including an un­
broken line from Chicago, 111., via K ansas C ity , M o ., and Albuquerque,
N . M . , to the Pacific Ocean; also to G alveston, T e x ., and the G u lf o f
M exico. For operating purposes the 1 2,068 miles were divided as follows
918
Atchison Topeka & S. F _______9 .2 4 1 1Panhandle A Santa F e_________
G u lf Colorado & Santa F e ____ 1,9091
Also controls Jointly with Southern Pacific C o . the Northwestern Pacific
R R .— which see, 515 miles; Sunset R y ., 50 m iles. V . 109. p 1987

Nov., 1926.]

R A IL R O A D C O M P A N IE S
IFor abbreviations, A c ., see notes on page 8]

M ile s
Road

D a te
Bonds

A tc h iso n T o p e k a & S a n ta Fe R y (C o n .)—
1909
Bonds convertible till June 1918 red (text)G .xc*& r*
1910
Bonds convertible till June 1923 red (text)G .xc*& r*
141 1898
Hutchins & So 1st M g red 105 since 1 9 0 8 -.O B .z c *
San Fr Sc San Jo Val 1st M g call 110 aft 1 9 1 5 -B a .z c
375 1896
Santa Fe Pres & Phoenix 1st M g ____________ B a.zc*
195 1892
Prescott Sc Eastern 1st M guar_______________C e.zc*
26 1898
C al-A r L lst& ref M $ 5 0 ,0 0 0 ,0 0 0 g red 1 1 0 -G .x c * & r *
757 1912
1907
A t h e n s T e rm in a l Co— I s t M goldredeem 1 0 5 --N .x c *
337 1904
A ti Birm & A tl— A tl & B 1st M red 1 10_____ O B .x c*
637 1915
First Sc ref M $15,0 0 0 ,0 0 0 g call (te x t)-E q .y y c * & r*
637 1915
Incom e M 5 % n-c $5 ,2 0 0 ,0 0 0 call par Sc in t .C o l.y c *
N ew preferred stock— see text
263
A t la n ta & C h a r lo tte Air L in e— Stock (see t e x t ) ..
263 1 9 i4
l s t M $20,0 0 0 ,0 0 0 ($ 5,500,000 ser A 4 ^ ) C e .y c * & r *
A t la n ta K n oxv ille & N o rth ern R y— See Louisville & N ashv
82 1908
A tl & S t A n d B ay— 1st M $500 ,00 0 g red par---------c*
82 1914
Second m tge ($500,000 authorized)________________
4 .10 1919
A t la n t a T e rm ’ l— 1st M $ 2 ,5 0 0 ,0 0 0 ser A g .G .x x x c*& r
93
A t ia n ta & W e s t P o in t— Stock $2 ,4 6 4 ,4 0 0 au th--------81 1889
A t la n tic C ity — Is tM g gu call 105 M a y ’24 G u P .x x x c*
1900
A tlantic C ity purchase m oney real estate m t g e .G P .x
"68 1898
Sea Coast prior lien mortgage gold-----------------------------x
1901
All
1st cons m tge $ 4 ,5 0 0 ,0 0 0 gold guar____________ G P .x
1924
Purchase M oney (Camden Terminal) m tge.P eP . xc*
A t la n t ic C o a st L in e C o (C o n n )— Stock (see t e x t ) ..
C ertif o f indebt inc non-cum $5,OOO,O0O--SBa.zr
1897
A t la n tic C o a st L in e R R — Stock common (tex t)------Class “ A ” com stock tax exempt (Rich & Pet c t f s ) ..
Preferred stock 5 % (V 75, p 1 252 )___________________
1902
Coll tr M gold secured b y L & N stk red 105.x c*& r*
General unified m ortgage___________________ U s.c*& r* 4.423 1914
do
do
series B ____ . ______ U s.c*& r*
4.423 1914
1909
Conv debs $23,5 6 2 ,5 0 0 red 105 aft M a y ’ 1 6.S B a.xr
Secured gold notes redeemable text___________ c*& r*
1920
Certificates o f indebtedness (new )__________________z
1902
1920
Equip trust N o 4 , due $395 ,30 0 annually---------------. .
1920
do
N o 4 -A , due $ 30,006 annually_____________
1921
do
Series D , due $300 ,00 0 annually____ SRa
1926
do Series E , due $339 ,00 0 annually___________ SBa
t A further $17,1 6 2 ,6 8 4 4 ) 4 s and $33,762 ,333 6s in tre
and SI

__

__
__

P ar
Value

Amount
O utstanding

Rate
%

W h en
P ayable

$ l,0 0 0 & c
1.000 &c
1,000
1,000
1,000
1,000
$ & £
1,000
1,000
1,000
1,000

$1 ,1 9 0 ,0 0 0
4 g
526.000
4 g
192.000
5 g
5 ,838,000
5 g
4,9 4 0 ,0 0 0
5 g
224,000
5 g
1 8 .522,672
4 )4 g
200,000
5 g
4,0 9 0 ,0 0 0
5 g
See text
text
4.5 4 3 ,9 0 7 See text

100
1.000 &c

M
1,700,000
9
20 ,0 0 0 ,0 0 0 4 )4 Sc 5 J

1,000

425,000
6 g
425,000
6
1 ,200,000
6 g
2,4 6 3 ,6 0 0 See text
2 ,2 0 0 ,0 0 0
5 )4 g
75,000
4 )4
350,000
5 g
1,000
1,851 .000
4 g
1,000
3 ,2 0 0 ,0 0 0
5 g
50
8,8 2 0 ,0 0 0 See text
100 &e
5 ,000,000
5 cur
100 6 7 ,586,200 See text
100
1.000,000 See text
100
196,700
5
1,000 &c 3 5 ,000,000
4 g
1,000 &c t22,7 7 0 ,0 0 0
4 )4
100,000
4
1,000 See
4 ,444,830
4
500 Sec
6,0 0 0 ,0 0 0
7 g
100 See
135.10(1
4
3,557.700
6
270 000
6
1.000
3,000.000
0 )4 g
1 ,0 0 0 1 5,085.000
4 )4 g
0,000,000* 43^ s pledge Id D ec. 3
1,000
100
1,000
1,000

The shareholders voted O ct. 25 1917 to acquire several subsidiaries
V . 105, p. 908: V . 106. p. 2343 . See V . 106, p . 2130 .
In April 1915 the St. Louis Rocky M t . Sc Pacific R y .. extending from D es
M oines. N . M ., west to R aton, with branches, 106 miles, was purchased foi
$3 ,0 0 0 ,0 0 0 Rocky M t n . D iv . 1st M . 50-yr. 4s.
See V . 9 7 . p . 3 6 3 , 442
V. 95, p. 543, 1771; V . 97, p . 666: V . 100. p . 1169. 1591.
The Oklahoma Central R R ., Lehigh, O kla., to Chickasha, 133 m iles, was
leased for 5 years from A u g. 1 1914, the lease being renewed for a further
period commencing A u g. 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. A n option to purchase the $1,50 0 ,0 0 0 stock and $1,50 0 ,0 0 0
Income bonds for $800 ,00 0 was exercised in 1917, about 8 6 % o f the $ 1 ,2 0 0 ,000 1st m tge. 5 % bonds due A u g. 1 1934 being also acquired. V . 106, p.
2130 . V . 98, p. 1944: V . 99, p . 406: V . 101, P. 845.
Th e B uffalo (Okla.) Northwestern R R ., 52.5 9 miles o f road, extending
from a point o f connection with its main line at W ayn oka, O kla., to B uffalo,
was leased M a y 26 1920. The stockholders in M a y 1921 also approved
the leases o f the Osage County & Santa Fe and the Barton C ounty &
Santa Fe. In O ct. 1921 received authority to lease the California Southern
RR.
V . 113, p . 1771. In April 1923 was authorized to lease the Rio
Grande. E l Paso Sc Santa Fe r R. V . 116, p . 1759.
The I .-S . C . Commission on June 30 1926 authorized the com pany to
acquire control of the N ew M exico Central R y . by purchase of capital
stock and by lease. V . 123, p . 4 51.
V aluation.— The I .-S . C . Commission on Sept. 8 1925 placed a tentative
valuation of $ 3 9 1 ,16 2,31 8 on the total owned, and $ 4 7 6 ,12 0,97 8 on the total
used properties of the system as of June 30 1916.
The G ulf Colorado & Santa Fe R y ., operating 1,908 miles, and the
Panhandle & Santa Fe R y ., 918 miles, were not included in the above
figures. In addition to the com pany proper, the report includes the Cali­
fornia Arizona & Santa Fe R y ., the D odge C ity & Cimmaron Valley R y .,
the Garden C ity G u lf & Northern R R ., the Baton & W estern R R ., the
M inkler Southern R y ., the Oklahoma Central R R ., the Oil Fields & Santa
Fe R y ., the Rock M ountain & Santa Fe R y ., the Verde Valley R y . and the
W estern Arizona R y . V . 121, p . 1345.
O R G A N I Z A T I O N .— Organized Dec. 12 1895 under laws of K ansas, ae
successor of A tch . Top. & S. Fe R R . C o ., foreclosed. V . 6 0 , p. 658.
S T O C K .— The preferred stook has preference as to assets and ncn-oum ulative dividends not exceeding 5 % per ann.
The company in 1924 was given permission to increase the authorized
capital stock by $ 100 ,00 0,00 0 to a total o f $ 481 ,48 6,00 0.
D IV ID E N D S
’00. ’01. ’0 2 -’05. ’0 6 . ’07. ’08. '0 9 . ’ 10-’2 4 . ’2 5 .
Com m on ( % ) ------------------------ 0 3 )4 4 yrly. 4 ) 4
6
5 5 )4 6 yrly.
7
Preferred ( % ) __________
4 5 5 yrly.
5
5
5 5
5 yrly.
5
Paid on common in 1926: M a r. 1, 1 % % ; June 1, 1M % ! Sept. 1, 1 % %',
D ec. 1, 1 % % .
B O N D S .— The gen. m ort. (A b s tr a c t 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 ,5 4 9 .7 3 m . of the system , with equip., terminals. &c.
The unissued gen. M . 4s have been reserved as follows: T o retire under­
lying bonds, $ 2 ,0 0 5 ,5 3 9 ; for Im pts., & c., $ 1 ,852,059: acquisitions of other
lines, $ 6 ,731,018; uo longer available, $2,33 9 ,3 8 4
A d ju s t. <In co m e) M tg e. A b s tr a c t, V . 62, p. 7 39. In t. payable only if
earned up to 4 % in each year, cumulative. Present issue limited to $ 5 1 ,7 28.000 , but when the $ 3 0 ,0 0 0 ,0 0 0 gen. 4s auth. for improvements as above
have been issued, $20,0 0 0 ,0 0 0 additional adjustment 4s m ay be issued for
the same purpose at not exceeding $2 ,0 0 0 ,0 0 0 in any one year, but only by
a m ajority vote of the adjustm ent bondholders. In terest— In N o v . 1897
paid 3 % ; since, full 4 % yearly.
Eastern Oklahoma division 4s of 1903, V . 7 6 , p . 434; V . 7 9 , p . 1331;
V . 84, p. 1549; V . 85. p. 598: V . 86. p . 9 80, 1041.
The “ T ran s-C on tinental Short L i n e " first gold 4s o f 1908 are limited to
$30,000,000 auth. Issue. The $17,000 ,000 sold in Aug. 1908 oov ered 693
miles then In operation; the remaining $13,0 0 0 ,0 0 0 can be issued at $25,000
per mile
V 100. p. 2008. Com pare issue June 26 1915 V. 87. p. 4 79. 878
The 4s of 1905 ($49,711,000 auth. issue) were convertlhle Into com . sto.'fe
»t par till June 1 1918.
V . 79. p. 2695; V . 80, p. 649; V . 81, p. 1174:
V , 82, p. 3 9 1 ,8 6 7 . The 4s o f 1909 were convertible into com . stock at par to
June 1 1918. V . 8 8, p. 1 4 3 5 ,1 5 5 9 . The 4s o f 1910 were conv. into com stock
at par to June 1 1923. V . 90, p . 913, 1043, 1612; V . 92, p . 393, 593, 1700;
V 116, p .2 6 3 5 .
The several issues o f convertibles must be secured by any future mtge.
covering the 1 ines owned at time the convertible issue was m ade, and are
callable at 110.
The California-Arlzona Lines 1st and R ef mtge of 1912 ($ 5 0 ,0 0 0 ,0 0 0 auth.
Issue) of which $ 1 8,522 ,672 4J4s are outstanding covers 749 miles of
road, including the line from Needles to M ojave, 242 miles, which was
acquired from the Southern Pacific C o., on which there are outstanding
$4 ,1 2 7 ,5 0 0 Sou. Pac. bonds due N ov. 1 1937. The latter also cover over
1,000 miles of Sou. Pac. C o., which has agreed to indemnify the C a l. Ariz
& Santa Fe R y. against any claim on account thereof
O f the remaining C a l.-A rlz. 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 ,1 6 7 ,0 0 0 are reserved to refund the
anaeriying bonds, $ 4 ,940,000 Santa Fe Prescott & Phoenix 5s, $224 ,00 0
Prescott & Eastern 5s and $3,000 on the line from Goffs to Ivanpah, C al.,
45 m iles. V . 94, p. 649. 696, 766; V . 95. p. 543.
O f the Rocky M tn . D iv . 1st 4s o f 1915 ($20,000,000 auth. issue), $ 3 ,000,0 0 0 , redeemable at 105. were Issued to purchase the St. Louis Rocky
M t n . & Pac. C o ., Des M oines to Raton, N . M ., & c., 91 miles. The re­
mainder m ay be issued for extensions. V . 100, p . 1593; V . 102, p. 250.
R E P O R T .— For 1925, in V . 122, p . 2 231 , showed:
1925.
1924.
1923.
O perating Revenues—
$
$
$
Freight___________________________________ 174,868,231 168,101 ,036 166,332 ,196
Passenger________________________________ 44,11 6 ,1 8 2 4 8 ,1 5 4 ,6 3 6 5 2 ,918,570
19,432,970
M a il, express and miscellaneous_____ 17,958,116 1 9 ,155,280
Hire o f equipment— credit balance._Z>rl,328,693
551,912
1 ,760,908
Joint facility rent income_____________
716,673
677,704
618,732
T otal revenue.............................................236.330 .509 236.6 4 0 .5 6 8 2 4 1.063 ,376




11

RAILW AY STOCKS AKD BONDS

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

Last D ivid en d
and M a tu rity

Sc D Ju n el
& D Ju n el
Sc .1 Jan 1
<
fc () Oct 1
&
S Sept 1
& () Apr 1
Sc s M ar 1
Sc J July 1
Sc J Jan 1
Sc N N o v 1
Sc S N o v 1
&
&

1955
1960
1928
1940
1942
1928
1962
1937
1934
1945
1930

Places W h ere In terest an
D ividends A r e Payable
5 N assau Street, N Y
do
do
do
do
do
do
do _
do
do'
do
do
do
N ew Y o rk Trust C o, N Y
July ’ 21 int in default
Equitable Trust C o , N Y
N o int since M arch 1920

S Sept 1926 4 )4 % U S M tg e & T r C o , N Y
Central Un T r C o , N Y
J July 1 1944

fc o O ct 1 1938
A <
J
<c .1 June 1 1940
S
S
F t c A Aug 1 1939
< D July 1 ,1 9 2 6 4 %
&
J
M & N M a y l 1929
A & O Apr 1 1930
A & () Apr 1 1948
.1 July 1 1951
J
& D June 1 1954
J
See text
Q— M
D Irredeemable
,1
i. .1 Jan 1 0 ’27
.1 S
5%
.1
S
r. ,1 Jan 1 0 '2 7
5%
M Sc N N ov 10 ’ 26 2 )4
M Sc N Oct 1 1952
J
Sc D June 1 1964
J
& D June 1 1964
M & N N ov 1 1939
M & N 15 M a y 15 1930
M & N Irredeemable
.1 Sc J T o Jan 15 1935
.1 Sc J To Jan 15 1935
F Sc A To Feb 1 1936
F & A T o Feb 1 1941
1 1925

O perating E x p en ses—
1925.
Maintenance of way and stru ctu res.. 34 ,2 0 5 ,0 7 9
Maintenance o f equipm ent___________ 4 6 ,8 9 3 ,9 0 4
Traffic----------------------------------------------------6,740,213
Transportation— rail line_____________ 72,800,601
184,790
Miscellaneous operations_____________
General expenses_______________________
5,518,571
Transportation for investment— C r__
821,431

Cits & So B ank, Atlanta
do
do
Guaranty Trust C o . N Y
Atlanta Ga
Reading Term inal, Phlla
do
do
do
do
do
do
do
do
Baltimore
Treas Office. W ilm , N
do
do
do
do
J P M organ & C o , N
United States T r Co . N
do
do
Treas office,W ilm ’n , N
J P M organ Sc C o, N
Treas Office, W ilm , N
Guaranty Trust C o , N
do
do
J P M organ Sc C o , N
J P M organ & C o, N
1924.
3 6 ,7 1 3 ,0 8 4
5 2 ,7 8 0 ,8 5 6
4 ,4 6 0 ,5 6 0
7 2 ,599,043
136,350
5,2 1 2 ,2 3 6
1,587,321

O
Y
Y
O
Y
O
Y
Y
Y

1923.
3 3 ,621,546
57,605,367
4,216,341
7 3 ,590,674
77,472
5 ,036,334
1,071,467

T otal expenses_______________________.163,541,728 170,314 ,808 173,076 ,268
N e t railway operating revenue_______ . 72,788,781
66,32 5 ,7 6 0 67,98 7 ,1 0 8
Taxes____________________________________ 17,565,042
17,730,961
20,316,491
Uncollectible railway revenues_______
66.085
112,187
7 1,564
Joint facility rents_____________________
1,485,482
1 ,245,435
1,196,156
N e t railway operating incom e______ 5 3 ,666,693
N on -O p era tin g In co m e— Income from lease of road____________
2 01,052
Miscellaneous rent incom e____________
D r52,887
M iscell. non-oper. physical property.
172,952
D ividend income_______________________
3,4 6 1 ,9 8 0
Income from funded securities_______
934,270
Inc. from unfund, securities & a c c t s ..
916,820
Inc. from sink. & otner reserve fun ds.
831
Miscellaneous income credits__________
74,105

47,28 3 ,2 7 9

46,362,271

187,961
417,476
159,472
1,559,033
3,2 0 2 ,8 0 2
1,022,795
52
104,280

189,809
440,126
141,703
2 ,507,733
2,6 3 1 ,5 3 2
1,449,137
45
144.183

Gross income________________________ 5 9 ,375,815
D ed u ction s—
R ent for leased roads_________________
11,067
Miscellaneous rents____________________
171,170
Miscellaneous tax accruals____________
61,827
Interest on funded d ebt_______________ 11,246,718
Interest on unfunded debt____________
123,664
Miscellaneous income debits__________
1,6 0 3 ,4 3 4
Preferred dividends____________________
6 ,208,640
Com m on dividends____________________ 16,268,665
Appropriation for fuel reserve fu n d . .
C alif .-Arizona Lines bonds sink, fund
18,994
S. F . & S. J. Y . R y . C o . bonds sk. fd_
2 9,042

53,937,149

53,866,541

10.917
173,969
53,896
11,247,995
186,605
111,959
6,2 0 8 ,6 4 0
14,525,594

13,073
166,403
54,480
11,323,743
115,992
105,047
6,2 0 8 ,6 8 5
13,909,245

18,437
26,776

17,896
26,897

Balance, surplus____________________ 23,63 2 ,5 9 3 21 ,3 7 2 .3 5 9 21 ,9 2 5 ,0 7 8
For latest earnings, see “ Railway Earnings Section " (issued m onth ly).
O F F IC E R S .— W . B . Storey, Pres.; E . J. Engel, A . G . W ells and Edw .
Chambers, V .-P .; L . C . Dom ing, C om p t.; E . L . Copeland, Sec. & Treas.;
C . K . Cooper. A sst. Treas.; J. W . M acLachlan, Asst. Sec.; C . W . Jones,
A sst. Sec. & Asst. Treas.; J. E . Baxter, G en . A u d .
D IR E C T O R S .— Charles Steele. Edward J. Berwind. Henry S. Pritchett.
M yron C . T aylor, M yer.H u rley, Ogden L . M ills, W . C . Potter, N ew Y o rk ;
S. T . Bledsoe, E . J. E ngel, J. E . Otis, W . B . Storey, Chicago; Andrew C .
Jobes, M erriam , K a n .; H ow ell Jones, Topeka; W . E . Brown, W ichita, K a n .;
Arthur T . H adley, N ew H aven. Offices, 5 N assau S t., N ew Y o rk , and
80 East Jackson Boulevard, Chicago.— (V . 123, p . 1499.)
A T H E N S T E R M IN A L C O .— Owns freight terminals and approaches In
Athens, Ga
Stock, $25 900, equally owned by Seaboard Air Line and
Gainesville M idland, winch 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, G a .; Sec. & T r e a s ., Gordon
C . Carson, Savannah, G a.
A T L A N T A B IR M IN G H A M & A T L A N T I C R Y . C O .— Owns Bruns­
wick, G a ., to Birmingham. A la ., 455 m .; Sessoms to W aycross, G a .,2 6 m .;
Fitzgerald to Thom asville. G a ., 80 m .; Atlanta to M anchester, 76 m .
total, 637 m . See V . 103, p. 405. Proposed extension from W aycross.
G a ., to Jacksonville, F la ., 75 miles
V . 104. p. 2116.
Pres. B . L . Bugg was appointed receiver on Feb. 25 1921. V . 112, p . 9 3 1 .
In July 1921 Albert G . Foster, M adison. G a ., was appointed special master
in receivership. Tentative valuation, V . 113, p . 1052. Foreclosure sul
filed. V . 114, p . 1177.
R e o rg a n iza tio n P lan (V . 122, p. 1164).
A plan o f reorganization, dated Feb. 23 1926, has been prepared and
adopted by the com m ittee representing the income bonds and the com m ittee
representing the 1st m tge. 5 % gold coupon bonds of Atlantic Sc Birmingham
R y . Th e plan is based upon and promulgated pursuant to an agreement
dated Feb. 23 1926 between the committees and Atlantic Coast Line R r .
The Atlantic Coast Line is to assume the obligations o f the receivership
now existing prior to the outstanding bonds and to guaranty dividends at
the rate o f 5 % on an issue of pref. stock of the new com pany, said dividends
commencing one year from the date of acquisition, which stock is to be
issued in exchange for the outstanding bonds at the rate o f $60 face value
o f stock for each $100 in bonds.
A ll o f the common stock of the new com pany, which will be known as the
Atlanta Birmingham Sc Coast R y ., is to be held by the Atlantic Coast Lin e.
C apitalization o f N ew C om pany.
(1) P ref. Stock (A u th orized , $ 5 ,2 0 0 ,0 0 0 , p a r $ 1 0 0 ).— Pref. as to divs.
over com . stock; entitled and limited to 5 % cumulative divs., payable semi­
annually accruing from one year after date on which possession of properties
shall be vested in the new company; pref. stock entitled and limited in the
event o f any liquidation, dissolution or winding u p , voluntary or involuntary
to $100 and divs. per share before any assets shall be distributed to the com .
stock; red. as a whole only, at 103 and d ivs. on any d iv. date after Jan. 1 1935
upon 3 m onths’ notice; non-voting except in case of continuing default in the
paym ents of two semi-annual d ivs., in which case it is to have exclusive
voting power so long as any default continues.
Dividends at the above rate and the redemption of the pref. stock
guaranteed b y the Altantic Coast Line R R .
(2) Com m on Stock— A u th orized , 150,000 Shares, n o P ar V a lu e .— T o have
sole voting power except as above provided with respect to the voting
power of the pref. stock.

12

[V ol. 123.

BAILW AY STOCKS AND BONDS

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Nb A r

N«v., 1926.]

RAILW AY STOCKS AND BONDS

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

M ile s
Road

D a te
Bonds

A t la n tic C o a st L in e R R (.Concluded)—
B onds to Be R efund ed by G eneral U n ified Bonds—
First cons (1st M on 1,087 miles) closed .. F.xc*& r*
N orth East (S C) cons M gold Flor to Charleston-xc
Atlan C L o f S C gen 1st M (1st on 594 m) g -S B a .z c *
Richmond Sc Petersburg consol m tge g o ld ._ C e .x c *
W ilm & Weldon gen M ($938,000 are 4s) g .S B a .z c *
W ilm ington & New bera 1st M gold assum . -S B a .z
Nor & Car 1st M gold (P Pt Va to T a r, N C ).C e .z c *
Second mortgage gold .
..
_ _______ S B a .zc*
Sav Fla & W 1st M g ($ 2 ,444,000 are 5 s)_-M p .x c*& r
Charleston & Savannah gen m tge gold____ S B a .zc*
Bruns & W 1st M (Bruns to Albany) g gu __M p .zc
Alabam a M idland 1st M g (Bainb to M o n tg ). -M p .x c
Florida Southern first m tge g o l d . ____
___ A B .zc*

3,941
102
696
27
479
91
110
110
543
111
167
174
244

1902
1883
1898
1890
1885
1897
1889
1896
1884
1886
1888
1888
1895

x Further $ 388 ,00 0 in treasury D ec. 31 1925 and $75. 000

P ar
Value

A m ount
O utstanding

Rate
%

W hen
Payable

M
S1.000&C x 50 .863 .000
4 g
J
1,000
657.000
6 g
J
1.000
5.0 4 7 .0 0 0
4 g
1,000
300.000
4H g A
1,000
4 .0 0 0 ,0 0 0 4 g Sc 5 g J
F
1.000
106.000
4 g
A
1 .314.000
1,000
5 g
J
1,000
400.000
5 g
6.5 0 0 .0 0 0 5 g & 6 g A
1,000
J
1,000
1.500.000
7 g
500 &c
J
1.407.000
4 g
M
1,000
2 .8 0 0 .0 0 0
5 g
J
1,000
2 .4 1 7 ,0 0 0
4 g

13
L ast D ividend
and M a tu rity

&
8 July
&
J Jan
&
J July
Sc O Apr
&
J July
Sc A Aug
& O Apr
&
J Jan
Sc O Apr
&
J Jan
&
J Jan
& N N ov
&
J 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

P laces W here In terest and
D ividends A r e Payable

United States T r C o , N Y
United States Tr O o ,N Y
Safe D ep & Tr C o , Balt
Brown Brothers, N Y
First N at B k , N Y ,& B a lt
Safe Dep & T r C o , Balt
Central Union T r u st,N Y
Safe D ep Sc Tr C o , Balt
United States T r C o ,N Y
do
do
do
do
C h at& P h N B & T rC o, N Y
United States T r C o , N Y

p lodged

Treatm ent o f Bon ds.— Each holder of income bonds and each holder of
1st m tge. bonds and each holder of a certificate o f deposit representing any
of the bonds who assents to and becomes a party to the plan shall, upon
completion of the reorganization, be entitled to receive in exchange for his
bonds or certificates of deposit $60 o f pref. stock of the new com pany for
each $100 of bonds (with coupons appertaining thereto).
R eorgan ization Com m ittee.— Francis R . H art, George E . W arren, George
E . R oosevelt and James H . Perkins.
Com m ittee fo r In co m e B on ds.— George E . W arren, Joseph P . Bradshaw,
Edwin P . M ayn ard, O . F . A y er, George E . Roosevelt, with Arthur W .
Hutchins, Sec.
Com m ittee fo r F irst M ortga ge Bonds o f A tla n tic A. B irm ingham R y .—
Francis R . H art, James H . Perkins, Percy H . Pyne 2d , George Bramwell
Baker, F . J. Lism an, with W alter F . W y e th , Sec.
Sale o f R oad.— The sale o f the road for $ 4 ,500,000 to a reorganization
committee of bondholders consummated June 22 1926 b y Albert G . Foster,
o f M adison, special master, was approved June 23 1926 at a special hearing
in the U . S. District C ourt at A tlanta before Judge Samuel H . Sibley.
The approval was made subject to the action of the I .- S . C . Commission
on the reorganization plan. A petition for this approval is now pending
before the Com m ission.

pendent upon gross earnings, the Southern R y . to have an option to p u r '
chase the stock on any dividend date at $250 per share in cash. V . 98. D1458. 1765, 1918; V . 98, p. 1991; V . 99, p. 195, 536, 608; V . 106, p. 2758
(So. R y .).
The final $ 4 ,000,000 1st M . 5s was sold in 1917 on account o f
double-tracking, &c.
V . 104, p- 1044V . 102, p. 1058, 1162; V . 101.
p. 286, 368; V . 103, p. 577. 664.
Pres. G eo. F . Canfield, N . Y . — (V . 104, p . 1044. 1898; V . 105, p .3 8 8 .)
A T L A N T A & S T . A N D R E W S B A Y R Y .— Owns D othan, A la ., to
Panama C ity, F la., on G u lf o f M exico, 82 miles.
Stock au th ., $ 1 ,0 0 0 ,000; outstanding, $300 ,00 0; par, $100 . Citizens Sc Southern Bank of A t­
lanta. trustee o f first m tge. V . 98, p. 3 9 1 ,1 4 6 0 : V . 88, p. 685; V . 83, p. 2 70.
The I .-S . C . Commission has placed a tentative valuation o f $1 ,0 2 6 ,1 5 0
on the total owned and $ 1 ,0 5 9 ,6 5 0 on the total used properties o f the
com pany, as of June 30 1917. For year ending D ec. 31 1924, gross, $273,
253; net, after taxes, $ 5 0,137 ; othr income, $ 5 ,0 4 9 ; interest and rentals,
$81,889; bal., def., $26,7 0 3 .
Pres., M inor C . K eith ; Sec., H . H . H anson,
both o f N ew Y o rk .— (V . 122, p . 2942.)

A T L A N T A T E R M IN A L C O .— Owns union passenger station opened
M ay 14 1905. with approaches, used by Southern R y .. Central of Georgia
R y., Atlanta & W est Point R R ., Atlanta Birmingham & Atlantic R y. and
Seaboard Air Line R y . The I .-S . C . Commission has placed a tentative
valuation of $ 2 ,926,315 on the property o f the company as of June 30 1918.
O R G A N I Z A T I O N .— O n Jan. 1 1916 succeeded to foreclosed properties
Stock, $150 ,00 0, owned in equal proportions b y the first three companies
of the A . B . & A . RR. C o ., Georgia Terminal C o. and Alabam a Terminal named. The stock receives 4 % per annum , payable M arch 1 o f each
R y ., per plan in V . 101, p. 2143.
Valuation. V . 103, p. 1887; V . 117, p . 235.
year, charges and expenses being paid b y the five using companies on car
Governm ent loan, V . I l l , p. 492.
basis. The $ 1 ,2 0 0 ,0 0 0 series A 6 % bonds are guaranteed principal and
interest b y the three companies owning the stock. T h ey were issued to
S T O C K .— $ 3 0 ,000 ,000 In $100 shares was underwritten at $12 a share
retire the $1,500,000 1st mtge. 4s, due July 1 1953- Secured on entire
to discharge equipment obligations ($ 1 ,2 6 6 ,3 6 6 ), & c. V . 102. p . 3 44, 885
terminal property. V . 109, p . 577, 1271. President, R . B . Pegram .—
(V . 123, p. 1870.)
B O N D S .— F irst and R efund ing Bon ds.— W hen Issued will be a first
mortgage on 336 miles o f main-line track and second mortgage or,
A T L A N T A A N D W E S T P O IN T R R . C O — A tlanta, G a ., to W est
301 miles, and upon the terminal properties in Birmingham and Atlanta
Point, G a ., 03.19 miles. The Georgia Railroad & Banking C o. owned
To be issued only (a) to retire, at or before m aturity, Atlantic & Birming
$936,100 stock, but sold same in 1910-11 to the lessees at $135 per share
ham R y . $4,090,000 1st 5s due 1934.
(5) For future im provem ents, ex
with option o f repurchase at same price.
tensions and acquisitions under restrictions. In t. rate to be fixed at time ol
In M ar. 1920 announced that the Georgia R R ., the Atlanta Sc W est Point
issue, not to exceed 6 % .
V. 103, p. 405.
Callable at 110 & int. N o v . 1920
And the Western R y . o f Ala. would in future be operated in close organizato 1925: at 105 & int. 1925 to 1935. and thereafter at 102 4*
ion independently. The three properties will be directed as to operation
On D ec. 31 1923, $405 ,00 0 First Sc R ef. M tge. bonds had been issued.
from Atlanta, G a.
$420,000 had been pledged and $599,000 were in treasury
The I .-S . C . Commission has placed a tentative valuation of $ 6 ,053,000
on the owned and used properties as of June 30 1918.
In com e Bon ds.— Entitled to non-cum . Interest (paid semi-annually,
D I V I D E N D S .— From July 1 1884 to July 1901, Inclusive, 6 % yearly,
at such rate, not exceeding 5 % per annum , as m ay be declared
J. Sc J .; O ct. 1 1899, 2 5 % extra; 1902 to D ec. 1923, 6 % yearly; June 30 and
(V . 101, p. 214 3 ).
The mortgage provides that net Income, as de­
D ec. 31 1924 paid 3 Y i% \ June 30 and D ec. 31 1925 paid 4 % ; on F eb. 1
fined by the I . -8 . C om m . Commission, an available for that purpose, shat:
1926 paid 2 0 % extra; July 1 1926 paid 4 % .
be so declared by the B oard. The board m ay, however, reserve ii
Year ended D ec. 31 1925, gross, $3,1 8 4 ,9 8 1 ; ry. oper. income, $600 ,66 0;
any year from such “ net income” not In excess of 2 0 % thereof
other income, $233,478; deductions, $293 ,89 4; dividends, $197 ,08 8; bal.
(but not to exceed $100 ,00 0 in any year), until the total amount so reserved
sur.. $ 3 43 ,15 8.— V . 122, p . 2942 . For latest earnings, see “ Railway
exclusive o f interest, shall reach $300 ,00 0. This “ Income Bond Reserve
Earnings” Section (issued m onth ly). Pres., C . A . W ickersham . Office.
F u n d ,” carrying interest at 6 % , m ay be distributed to the income bond:
Atlan ta, G a .— (V . 123, p . 3 2 1 .)
at any time and In any am ount, and any balance at the maturity of th«
bonds shall be paid over to the trustee for the benefit of the bondholder*
A T L A N T I C C I T Y R R .— Cam den to Atlantic C ity , 5 7 .9 0 miles; branches
Total authorized issue, $ 5 ,2 0 0 ,0 0 0 ; held b y or for com pany, $256,093
Winslow Junction to Cape M a y , N . J ., 55.61 miles; YVilliamstown 2 2 .6 8
pledged as collateral, $ 4 00 ,00 0; outstanding, $ 4 ,5 4 3 ,9 0 7 . V . 105, p. 68.
miles; Gloucester. 10.86 miles; Ocean C ity, 14.22 miles:total 161 27 miles.
V . 72, p. 1278. The I .-S . C . Commission has placed a tentative valuation
The first installment of interest on the 15-yr. 5 % incom e M . bonds at
of $ 7 ,8 0 1 ,5 0 0 on the owned and used property o f the com pany, as of
th ef ull rate of 5 % per annum , from N o v . 1 1915 to June 30 1916, $33 33
June 30 1917.
er $1,0 0 0 bonds was paid Sept. 1 1916. but only as to 2 hi % from earnings
lar. 1917 to M ar. 1918 incl., 2 4 4 % (s.-a.) was paid on the incomes; on
S T O C K .— C om m on. $2,6 2 5 ,0 0 0 ; pref., $1 ,0 0 0 ,0 0 0 (par $ 5 0 ).
Reading
Jan. 12 1920 interest was paid at the rate of 5 % per ann. on the coupons
C o. owns over 9 9 % of stock, and guarantees consol. 4s, prin & int. Form
due Sept. 1 1918. M ar. 1 1919 and Sept. 1 1919. V . 110, p. 2 60. M a r. 1
of guaranty, V . 75, p . 1398. O f the latter, $ 2 ,6 4 9 ,0 0 0 are reserved to retire
1920 paid 2 4 4 % ; none since.
prior lien bonds. V 7 3 , p . 81. There are $ 2 2 ,8 0 0 Sea Coast “ A ” 5s;
$1,200 “ B ” 5s.
In view o f the default on the A tl. & B irm . 1st m tge. bonds, a protective
The 1st 5s due M a y 1 1919 were extended at 5 > i % Interest until M a y 1
committee was formed for the income bonds in D ec. 1921, with George E
:929 (subject to call at 105 on and after M a y 1 1924), and unconditionally
Warren, Chairman, and A . W . Hutchins, Sec.; depositary, Columbia
tuaranteed, principal and interest, by the Reading C o.
V 108, p. 1721
Trust C o ., N ew York (V . 113, p. 2 4 0 4 ), and also for the A . & B . 1st mtge
For 1925, gross, $ 5 ,0 4 3 ,4 4 8 ; net oper. income, #600 .55 9 other income,
bonds, with Francis R . H art, Chairm an, and W alter F . W y e th , Sec., 17
Court S t., Boston; depositaries. Old Colony Trust C o ., Boston, and Farmer6 $97,061; interest, rentals, & c., $83 2 ,8 5 2 ; b a l., d e f., $ 1 35 ,23 2.
For latest earnings see “ Railway Earnings Section" (issued m onth ly).
Loan & Trust C o ., N ew Y ork (V . 113, p . 2718; V . 115, p . 72; V . 1 1 8 ,p .2 7 0 2 .)
(V . 122, p . 1164.)
Statement by committee in Sept. 1925, V . 121, p . 1673.
A T L A N T I C C O A S T L IN E C O . ( T H E ) .— Organized M a y 29 1899
A s to A tl. & Birm . R y . $ 4 ,0 9 0 ,0 0 0 1st M . 5s, see V . 80, p . 710, 115
in Connecticut and owned June 30 1926 $19,9 3 0 ,8 2 7 com m on stock a n d
V. 113, p . 2503.
a large amount o f bonds o f A tlantic Coast Line R R .; also stocks and bonds
Equipm ent trusts ($917,000) issued to Director-General for rolling stock
o f other companies.
allocated to this com pany. See article on page 3 and V . 114, p. 1061
S T O C K . & c.— Reduced in 1914 to $ 8 ,8 2 0 ,0 0 0 .
V . 98, p. 2 34, 6 09.
1J. S. G o v t, long-term notes due $2 0 ,0 0 0 annually to 1930, $180 ,00 6
As to the certificates of indebtedness, see editorial O ot. 1897. Supple­
R E P O R T .— For year ending D ec. 31 1925, showing;
ment. p. 3: V . 65. P 564: V . 71. p. 1310. In 1898 $5 ,0 0 0 ,0 0 0 stock was
Calendar
Gross
N et, a fter
Other
Interest,
Balance.
lstrlbuted as a 1 0 0 % dividend (V . 67, p. 9 5 4 ), and in 1900 $ 1 0 ,000 ,000 4 %
Y ea r—
E a rn inos.
T axes
In co m e.
R ents. & c. Sur. or D e t .
crtlfloates of indebtedness (Including $2,50 0 ,0 0 0 of Atlantlo Coast Line
$251 ,20 7
$92,438 $648 ,59 6
def$304,951
1925__________ $5,448,188
TR. Co.1 as a 1 00% dividend.
(V . 71. p . 697: V . 73. p 493 >
1 9 2 4 ................ .$ 4 ,8 1 0 ,4 8 2
$263 ,82 9 deb$22,795 $485 ,93 5
def$244,901
C A S H D I V I - / ’04. ’05. ’06. ’07. ’08. ’0 9 . TO. ’ l l . 12’ f o ’2 3 . ’2 4 . ’ 25.
1923___________$4,638,689 d ef$86.968
$87,514 $397 ,29 8
def$396,752
D E N D S ( % ) ____ \ 8
9 10 10
8
9 10 10 12 yearly 14>i *21
1922___________$4,017,228 df$379,662
$79,850 $393,258def $693,070
* Including an extra dividend o f 4 % paid Jan. 15 1925.
For latest earnings, see "R a ilw a y Earnings Section” (issued m onth ly).
R E P O R T .— For year ending June 30 1926, in V . 123, p . 2649 , showed:
D IR E C T O R S .— Brooks M orga n , B . L . B ugg, J. L . Edwards and
Y ea rs E nded Ju n e 30—
1926.
1925.
1924.
1923.
W . E . Paschall, o f A tlanta; A . H . W oodw ard. Birm ingham , A la .;
Total incom e______________ $ 2 ,3 7 3 ,2 1 7
$2,07 8 ,9 9 0
$ 2 ,0 6 2 ,4 1 8 $ 1 ,8 9 1 ,5 6 0
Galen L . Stone, Boston; Percy R . Pyne and George C . Clark Jr., N . Y .
Expenses and taxes______
52,653
50,553
62 ,2 7 7
55,8 3 4
C ity; W . G . B rantley, W ashington, D . C .; F . D . M . Strachan, Brunswick,
Interest__________________
252,472
267,187
29 3 ,1 8 9
295,761
G a .; W . C . Vereen, M oultrie, G a.
Other incom e____________
9,240
_______
_______
_______
D ividends________________
1 ,719,900
1 ,852,200
1,1 0 2 ,5 0 0
1 ,058,400
P r e s . , ____________ : V .-P res.. J. L . Edwards; T reas., W . E . Paschall;
Sec., A . V . B . G ilbert.— (V . 123, p . 2649 .)
Surplus________________
$357,431 d ef$90,950
$604 ,45 2
$481,565
A T L A N T A , B IR M IN G H A M & C O A S T R Y .— See A tlanta Birmingham
Pres., H . W alters; Sec., R . D C ronly; T reas., J. J. Neiligan
Office.
& Atlan tic R y . above and V . 122, p . 2186.
Bridgeport, C onn.— (V . 121, p. 2870.)
A T L A N T I C C O A S T L IN E R R . C O .— (See M a p . ) — Operates from Rich­
A T L A N T A & C H A R L O T T E A I R L IN E R Y .— Owns C harlotte, N . O ..
mond and N orfolk, V a ., to Fort M yers, M oorehaven, Port Tam pa and River
to Arm our, G a ., 263 miles.
In 1914 it was agreed to m odify the operating contract made with the J et., F la., on the south, and M ontgom ery, A la ., and Augusta, G a ., on the
west, reaching the ports of N orfolk, V a .; W ilm ington, N . C .; Charleston.
Richmond & Danville R R ., under which the dividend to be paid will ne
S. O .; Savannah and Brunswick, G a ., and Jacksonville and Port Tam pa. Fla.
9 % yearly without regard to earnings, Instead o f a maximum of 7 % , de­

S




14

R A IL R O A D C O M P A N IE S
fF or abbreviation s, A c . , s e e notes on p a ge 8]

A tla n & D a n v — 1st M $ 4 ,4 2 5 ,0 0 0 g Int r e n t-.B a .x c *
Second m ortgage $ 1 ,5 2 5 ,0 0 0 gold Int r e n ta l.-E q .x c *
A t la n tic & N o r th C a r o lin a — Stock $ 1 ,8 0 0 ,0 0 0 _____
First m tge gold bonds__________________________________
A t la n tic Q u e b e c & W e s t — 1st M callable 1 10____ c*
S e co n d m o rtg a g e d e b e n t u r e s ----------------------------------A tla n & W e s t — 1st M $ 1 ,5 0 0 ,0 0 0 g red 1 0 5 --F B a .c *
A u g u s t a & S a v a n n a h — Stock 5 % rental C ent o f G a .
A u g u s t a U n io n S t a t io n — First M $ 250 ,00 0 g -S B a .x
A u s tin & N W — See Houston & Texas Central
Avon G e n e se o & M t M orris R R — Stock (see t e x t ) ..
B a ltim o re C h e sa p & A t la n t ic — 1st M g o ld .M p .zc*
B a lt & C u m b V a il R y— See W estern M aryland R y
B & C V R R E x ten — Stock gu ($270,000 carries 7 % ) .
First mortgage interest rental_________________ M eBa
B a lt & H a rrisb u rg R y— See W estern M aryland R y

M ile s
R ead

278
278

D a te
Bonds

1900
1904
1922
1905
1919
1912

Par
V a lue

Am ount
O utstanding

$ 1,000
1,000
100
£100

1903

88

1894

100
1,000

225,000
1.2 5 0 ,0 0 0

2 6 .5

1881

50
1,000

3 9 0,600
2 2 6,000

17.7

Railw ay oper. rev____ $ 9 3 ,997 ,698 $81,785,921 $80,882 ,310 $ 7 0 ,8 2 3 3 4 '*

R ate
%

$3 ,9 2 5 ,0 0 0
4 g
1 ,525.000
4 g
1 ,797,200 See text
3 2 5,000
6 g
T ext
2 ,5 4 8 ,6 7 5
Text
5
3 03,000
fig
1,0 2 2 ,9 0 0
5
2 25,000
4 g

500 Sec
100
1,000 &c

L in e s Owned and Trackage— M ile s .
L in es, O wned, & c ., (C o n .)— M ile s .
Richm ond, V a ., to Port Tam pa,
169
Brunswick, G a ., to A lb a n y____
F la _____________________________
912 D upont Jet. to Fort M yers, Fla. 3t>0
N orfolk, V a ., to South Rocky
Haines C ity to Im m okalee______ 126
M o u n t_________________________
115 Sylvan Lake near Sanford to
Oontentnea to W ilm ington____
105
St. Petersburg, F la ___________
145
W ilm ington, N . G ., to Pee D ee
Palatka, F la ., to Brooksville___ 145
Junction_________________________
97 illdale, F la., to Perry________
M
163
Florence, S. O , to Augusta, G a . 167 Branches, & c____________________ 1,828
Sumter to Colum bia____________
45
Leased—
Yadkin Jet. (W ilm ington, N .O .)
Central R R . of So. Carolina—
to Sanford____________________
116
Lanes to Sumter, S. O _______
40
W aycross, G a ., to Folkston, G a .
34 Other lines_______________________
12
Jesup, G a ., to M ontgom ery,Ala. 355
T o t. miles oper. D ec. 31 19 2 5 .4 ,9 2 4
A lso owns one-sixth Interest in the Richm ond-W ashington C o . Leases,
Jointly with the Louisville & N ashville R R ., the Georgia R R .. 571 miles.
In June 1924 the I .-S . C . Commission authorized the com pany and the
Louisville & N ashville to acquire joint control o f the Carolina, Clinchfield
Sc Ohio R y . and its subsidiaries by lease. V . 118, p. 3075 ; V . 119, p . 941.
I t 1918 opened a line from Sebring, F la ., to M oore H aven , 59.7 0 miles
s
V . 103. p . 577.
Th e Tam pa Southern R R . C o ., an auxiliary com pany, in 1917 let con­
tracts for a 50-m . line from Tam pa, via Orient, to P alm etto, and in April
1919 was operating from Ueeta to Palm etto, 3 5 .6 miles. In Jan. 1920 the
line between Palm etto and Bradenton, F la ., was completed and placed in
service. V . 105. p . 2457. T o build 40 miles in Florida. V . 121, p . 2398.
Th e I .-S . C . Commission on N o v . 4 1926 authorized the com pany to
acquire control o f the Colum bia New berry & Laurens R R ., by purchase
o f its capital stock.
O R G A N I Z A T I O N .— On April 18 1900 absorbed by consolidation (V . 70
p. 8 4 0 , 8 9 3 ), W ilm ington Sc W eldon R R ., Atlantic Coast Line R R s. o f S. C .
and V a. and N orf. & Car. R R . On April 10 1902 absorbed the Savannah
Fla. & W estern R y . C o . Th e St .Johns & Lake Eustis R y. C o . was merged
June 12 1902. Florida Southern and Sanford & St. Petersburg were merged
April 1903. V . 76, p. 9 18, 9 7 1 . Jacksonville & South W estern was merged
July 28 1904, the W inston & Bone Valley R R . Co. Feb. 18 1909, and the
Conway C oast & W estern R R . C o . on July 1 1912. In O ct. 1913 the rail­
road o f the Sanford & Everglades R R . C o . was purchased by and conveyed
to this com pany. In July 1922 acquired control of the Rockingham R R
V . 115, p. 3 07. Th e Atlantic C oast Line C o . (of C onn.) June 30 1926
owned $ 1 9 ,930 ,827 common stock, $17,6 4 0 ,0 0 0 having been distributed
M arch 10 1914 among its stockholders. See that com pany above. V . 70,
p. 893; V . 71, p . 1116, 1310; V . 8 3 , p . 560.
In O ct. 1902 acquired $ 3 0 ,600 ,000 o f the $60,0 0 0 ,0 0 0 Louisville & N ash
R R . stock and in 1913 an additional $6,1 2 0 ,0 0 0 . On M a y 1 1923 the L .& N .
paid a stock div. of 6 2 K % , increasing this com pany’s holdings to $59 ,6 7 0 .000. On D ec. 31 1925 this $ 5 9,670 ,000 stock was on deposit along with
$306 ,00 0 stock of Louisville Property C o ., as security for the com pany’s
$35,0 0 0 ,0 0 0 collateral trust 4s of 1902. V . 75, p. 733, 792, 905; V . 79, p. 785.
T o acquire entire common stock o f A tlanta Birmingham & Atlantic R y .
under reorganization plan— see that company above.
S T O C K .— A tl. Coast Line of V a . class A (Rich. & P et. ctfs.) tax-exem pt
(took was assumed as so much of the com . stook of the new com pany.
D I V S . ( % ) -—
f ’ 10. ’ l l . ’ 1 2 -’ 14. ’ 15. ’ 16. ’ 17 to ’23. ’2 4 . '25. ’26
C om . (incl. C l. A ) ____ 1 6
6 7 yearly.
5
5 7 yearly.
8
8
9K
Paid in 1927: Jan. 10. 3 M % , and 1 % extra;.
B O N D S .— In April 1924 the Unified M ortgage of 1909 was closed and
a new $200 ,00 0,00 0 GeneralUnified M ortgage was made permitting (unlike
the mortgage o f 1909) the issuing o f bonds in series at various rates o f interest
The old Unified 4s held b y the R R . C o . and the Atlantic Coast Line Co
($21,330,000 and $3,008,000) were exchanged at once for new Series A
4 % s , $ for $.
V . 98, p. 761. 1070, 1154, 1243; V . 100, p. 1916. Listing
see V . 103, p . 2237. The Unified M tg e . was cancelled in 1920. V . 110.
p. 2386 . O f the $83,7 9 5 ,0 1 2 general unified bonds issued to D ec. 31 1925
$22,8 7 0 ,0 0 0 were on that date in hands of public ($22,770,000 at 4
%
and $100 ,00 0 at 4 % ) and $ 1 7 ,1 6 2 ,6 8 4 at
an d $33,7 6 2 ,3 3 3 at 6 % were
held in the treasury, while $ 10, 600,000 4 % s were pledged as collateral.
V . 106, p. 2235.
P u rp oses f o r w hich the $ 2 0 0 .^ 00,000 G eneral U n ified Bonds w ere or are iss u a b le .
Issuable as Series A 4 % s to refund $ 3 0 ,8 4 7 ,4 8 4 Unified 4 s_______ $ 3 0,847 ,484
Reserved to retire 4 % certificates o f indebtedness, pref. stock
and debenture bonds_____________________________________________
4 ,9 6 3 ,9 6 0
Reserved to retire underlying bonds______________________________ 8 4 ,4 3 8 ,7 5 0
Reserved (along with any bends not issued to retire certificates
of indebtedness) for future construction, improvements, & c _ . 79 ,7 4 9 .8 0 6
Th e 10-year secured notes «<f 1920 are redeemable on and after M a y I f
1923 at 100 and Int. plus a premium of 1 % for each year to m aturity. Se­
cured by pledge of $ 1 0 ,0 0 0 ,0 0 0 G en. Unified 4 % s , 1964. V . 110, p . 2075
The 4 % convertible debentures are redeemable at 105 and were con­
vertible into common stock at £135 a share to Jan. 1920. V . 97, p . 1613.
As to the $ 3 5 ,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 W ashington & Vandemere 44£s ($1,500,000 authorized, o f which
$720 ,00 0 outstanding) are guar., p . & i., by endorsement. V . 8 4 , p. 1246.
A s to Winston-Salem South Bound R R . guar. 4s. see that company
Equipm ent bonds, series D , V . 112, p . 6 0 . Series E , V . 122, p . 1164.
R E P O R T .— For 1925. in V . 122, p . 2349 , showed:
O perating Revenues—
1925.
1924.
1923.
1922.
Freight____________________$64,657,121 $ 5 7 ,288 ,726 $56,580 ,484 $ 4 8 ,857 ,558
Passengers_______________ 22 ,0 4 2 ,7 1 8
17,755,927 17,995.083
15,871,367
M a il______________________
1 ,347,208
1,281,724
1,239,674
1 ,382,956
Express__________________
2,8 3 5 ,3 4 4
3 ,026.193
2,6 5 8 ,9 7 8
2 ,5 8 1 ,6 2 6
Other transportation___
864,232
780,548
763,584
673,796
Incidental & joint f a c i l .. 2 ,2 5 1 ,0 7 6
1,652,802
1,644,506
1,456,041




[V ol. 123.

RAILW AY STOCKS AND BONDS

3H
fig
5 Sc 7
6

W h en
Payab e

L a st D ivid en d
and M a tu r ity

P laces W h ere In terest and
D ividends A r e Payable

J
J
J
J
J

Sc
Sc
Sc
Sc
Sc

M
J
J

Sc
Sc
Sc

July 1 1948
Bankers Trust C o , N Y
Equitable Trust C o N Y
July 1 1948
See text
Check from G o’s Office
July 1 1942
See text
July 1 1935
1949
M a y 1 1952
Fidelity Trust C o , Balt
Jan 1927
2y* Savannah, Ga
July 1 1953
Safe D ep Sc T r C o , B alt

J
M

Sc
Sc

Jan 1 1927 154 Erie Railroad, N ew York
See text
Sept 1 1934

J
J

Sc
Sc

See text
July 1 1931

C om pan y’s office. N Y
N a t B k Com m erce, N Y

O perating E xp en ses—
M a in t. of w ay & struofc.$10,820,231 $10,6 6 0 ,5 9 0 $ 1 0 ,191 ,289
M a in t. of e q u ip m e n t ... 1 7 ,5 4 4 ,8 3 4 1 6 ,833,082
17,349,030
T raffic____________________ 1 ,724,863
1 ,531,249
1,734,842
Transportation__________ 3 2 ,3 1 0 ,0 0 2 2 9 ,0 6 3 ,1 0 9 2 8 ,8 1 4 ,8 7 6
M iscell. operations______
8 04,997
46 5 ,3 3 8
42 4 ,3 0 6
General__________________
1 ,7 6 1 ,1 9 4
1,781,757
1 ,721,085

$ 8 ,4 3 4 ,9 5 6
14,297,181
1 .276,123
2 6 ,0 1 8 ,2 6 0
367,961
1,638,967

Operating expenses___ $64,966 ,121 $ 6 0 ,3 3 5 ,1 2 6 $59,8 6 8 ,4 2 8 $ 5 2 ,0 3 3 ,4 4 8
N e t from railway o p e r .-$ 2 9 ,0 3 1 ,5 7 6 $ 2 1 ,4 5 0 ,7 9 5 $ 2 1,013 ,882 $18,7 8 9 ,8 9 7
T a x accruals____________
6,6 0 0 ,0 0 0
5 ,6 2 5 ,0 0 0
5 ,425,000
4 ,2 7 5 ,0 0 0
Uncollectibles___________
20,0 3 3
59,2 3 4
42,4 5 7
81,873
Railway oper. in com e-$22,4 11,543 $15,766 ,561 $ 1 5 ,5 4 6 ,4 2 5 $14,4 3 3 ,0 2 4
N o n -o p era tin g In co m e—
Hire of equipment_______
_______
_______
C r.14,415
C r .8 6,250
Joint facility rent income
3 38,859
30 2 ,9 3 5
31 0 ,4 0 8
265,922
Dividend income________
4 ,0 8 6 ,6 7 5
3 ,8 9 7 ,6 9 0
3 ,2 2 2 ,0 8 6
3 ,2 2 1 ,7 7 2
Income from unfunded
■securities & accounts.
641,915
5 1 0,132
625,474
638,425
Income from fund, secur
537,961
618,542
4 7 1,355
3 7 9,475
M iscell. & other incom e.
352,741
373,193
3 4 0,586
3 1 6,024
Dividend approp’n ..y d e & .1 ,371,724 xde&.685,862
_______
_______
Gross income__________$ 2 6,997 ,970 $ 2 0 ,7 8 3 ,1 9 9 $ 2 0,530 ,750 $19,3 4 0 ,8 9 2
D ed uct—
R ent for leased roads___
$ 46,276
$4 5 ,2 7 6
$45,276
$ 4 5,276
Hire of equipment______D r .2,18 7,5 49 D r .500,193
_______
_______
Joint facility rents______
3 7 8,304
3 9 0,119
374,639
36 8 ,8 2 8
Miscellaneous rents____
281,150
2 2 6 ,2 9 2
240,520
188,665
In t. on unfunded d e b t ..
24,6 7 2
16,362
17,306
16.663
In t. on funded debt____
6,031,281
6 ,0 3 1 ,2 8 2
6 ,0 4 2 ,2 8 6
6 ,0 4 2 ,2 3 7
In t. & divs. on equip.
trustnotes, & c________
47 2 ,3 6 8
517,386
562,404
6 07,422
In t. on 10-year notes___
42 0 ,0 0 0
4 2 0 ,0 0 0
4 20,000
420,000
M iscellaneous___________
4 4,952
4 6 ,3 0 6
3 1 ,2 4 5
4 7,737
N et for year___________ $17,1 1 1 ,4 1 8 $12,5 8 9 ,9 8 3 $ 1 2 ,797 ,073 $11,6 0 4 ,0 7 4
I n c .a p p l .t o s .f ., & c.,fds
20,363
2 8 ,6 4 5
25 ,6 1 7
2 1,877
Income approp. for inv.
in physical prop_______
4 4 0,749
24 9 ,1 5 2
2 5 0,566
144,124
Transferred to P . & L . $ 1 6 , 650,307 $ 1 2 ,3 1 2 ,1 8 6 $12,5 2 0 ,8 9 0 $ 1 1,438 ,073
Credit balance Jan. 1 . . . 71 ,2 7 6 ,8 4 6 63 ,5 0 3 ,5 1 9 55,44 0 ,7 8 7 4 8 ,7 0 4 ,6 4 8
Miscellaneous credits___
182,097
37 7 ,1 5 9
562,709
306,294
Total surplus__________ $88,1 0 9 ,2 5 0 $76,1 9 2 ,8 6 4 $68,5 2 4 ,3 8 5 $60,4 4 9 ,0 1 5
Pref. dividends ( 5 % ) — .
9 ,835
9 ,8 3 5
9 ,8 3 5
9,8 3 5
Com m on divs. ( 7 % ) ____ a 4 ,801,034
z 4 ,8 0 1,034
4 ,8 0 1 ,0 3 4
4 ,8 0 1 ,0 3 4
Surplus appropriated for
physical property____
27,243
15,682
137,868
95,685
Loss on retired road and
equipm ent_____________
69,702
4 7 ,7 8 8
16,162
14,931
Miscellaneous d e b i t s ...
129,704
41 ,6 7 9
55,967
8 6,744
B al. credit D ec. 3 1 . ._ $ 8 3 , 0 71,732 $71,2 7 6 ,8 4 6 $ 6 3,503 ,519 $ 5 5 ,440 ,787
x Extra d iv. o f 1 % paid from non-oper. income to common stockholders
July 10 1924. y E xtra divs. on com m on stock of 1 % July 10 1925, 1 %
Jan. 11 1926, and 1 1 4 % July 10 1926. z See also “ x .”
a See also “ y . ”
For latest earnings, see “ R ailw ay Earnings Section” (issued m onth ly).
O F F IC E R S .— Chairm an, Henry W alters: Pres., J. R . K en ly; Exec.
V .-P res., Lym an Delano; V .-P ., R . A . Brand; V .-P . & G en. Counsel.
G eo. B . Elliott; V .-P . & Gen. M g r ., P . R . Albright; V .-P . & Sec., Herbert
L. Borden; V .- P ., T . F . D arden; T reas., John T . Reid; C o m p ., W . D . M c C aig.
D ir e c to r s .— H . W alters, George C . Jenkins, W ald o N ew com er, J . J.
N elligan, F . B . Adam s, H . L . Borden, F . W . Scott, F . K . Borden, L ym an
D elano, George B . E lliott, H . C . M cQ ueen, W . W . M ack all. Office,
71 Broadw ay, N ew Y o rk .— (V . 123, p . 2649.)
A T L A N T I C & D A N V IL L E R Y . C O . (T H E ) .— W est N orfolk to D an
ville, V a ., 205.1 miles; three branches, 2 2 .2 5 miles; James R iver J et.to Clare
m ont (3-ft. gauge), 50.36 miles; total, 277 miles. Leased to Southern R y from Sept. 1 1899 to July 1 1949 for taxes, repairs, maintenance and cash
rental sufficient to cover int. charges, with privilege of renewals for term s of
99 years. In addition the Southern R y . agrees to pay the same rate of divi­
dends on com . stock as paid on its own com . stock. V . 7 1 ,p .4 4 7 : V .7 9 ,p .6 2 fi.
Suit to enforce provisions o f .lease, V . 9 5 , p . 1606
B O N D S .— Of the $ 4 ,425,000 4s of 1900, $500,000 can be Issued only for
Improvements upon request of Southern R y ., Interest oharges to be covered
by increased rental.— (V . 8 9 , p . 1410; V . 9 5 , p . 1606.)
A T L A N T I C & N O R T H C A R O L I N A R R .— Morehead C ity to G olds­
boro, N . O ., 96 miles. State of N orth Carolina A u g. 1917 owned $ 1 ,2 6 6 ,5 0 0
of $ 1 ,797,200 stock. V . 96, p . 862, 1088. Leased from Sept. 1904 to Jan. 1
1996 to Atlantic & N orth 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 % % every 10 years till 5 % is reached; thereafter 6 % .
D IV S .— 1893. 1894 1895 1896 1897 1898 1899. 1900-04. U nderlease
Per cent. 2
2
0
2
2
2
2
O a s above.
The $325,000 1st m tge. 6 % bonds due July 1 1922 were paid off and
uew 20-year bonds were sold to take place of sam e. V . 115, p. 2683.
P res.. Ernest M . Green; Sec. & T reas., W . Stam ps H ow ard.— (V . 117,
P- 781.)
A T L A N T I C Q U E B E C & W E S T E R N R Y .— Paspebiac to G aspe, Que­
bec, 1 0 2 % miles; trackage, 1 % miles. Stock, $2 ,0 0 0 ,0 0 0 in $100 shares.
The interest due July 1 1 9 1 7 on 1st M . 5 % debenture bonds was not paid,
and the bondholders agreed to forego all interest during the war except
la so far as earned. See V . 105, p . 1616. 2 0 0 7 ; V . 91, p . 1253 . Unpaid

Nov., 1926.]

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

M ile s
Road

B altim ore & O h io — Com m on stock $ 2 1 0 ,2 5 0 ,0 0 0 ____
Pref stock 4 % non-cum authorized $ 6 0 ,0 0 0 ,0 0 0 ____
First M gold red at 1 05_____________________ U s.xc*& r 1,686
do
red (text)____________________________U s.c*& r* 1,686
Southw D iv 1st M $ 4 5 ,000 ,000 g red (text) .F.sc*& r*
910
P L E 4 W V Sys ref g red 100 after 1 9 25 -U n .x c*& r 1,629
Convertible bonds redeemable (text)____ C e.xc*& r*
R ef Sc gen M Ser A g Ccall. all 105 beg ’2 5 )y G .c *& r * Text
do
Ser C (call all 107 )4 beg 1934 )________ c*& r* Text
do
Ser D (call all 105 beg 1936 )________yc*& r* T ext
Toledo-Cincinnatl D iv Ser A call 102 J-^_ . B a.yc*& r* Text
8ecured gold bonds call 102 )4 (text) - _ Usm .xxxc*&r*
Morgantown & Kingwood R R 1st m ortgage_______
U nderlying Toledo
C in cin n a ti D iv . M t g e .—
Cin H am & D ayton 2d (now 1st) m tge g o ld --F x c *
60
General mortgage $7 ,8 0 0 ,0 0 0 gold_____________xc*
60
C H & D R y 1st & R ef M , part guar B a.xc*& r*
Ail
Piqua & T roy 1st M $250 ,00 0 gold guar p & i ____ xr
9
Dayton Sc M ichigan (leased) com stock (guar)___
Preferred (8 % guaranteed) endorsed_______________
1st M gu p & i end ext in 1911 red 102 M beg ’ 1 7 .c
142
Bonds U nderlying P itts Jun e & H id D iv M 3 ) 4 s —
Cent Ohio $ 2 ,5 0 0 ,0 0 0 con 1st M (1st loan) g M eB a.zc
143
Bonds U nderlying Pittsburgh Lake E rie & W est Vir gin ia
C lev Lor Sc W heel cons M (now 1st) g o Id .-U s m .x c *
187
General mortgage g redeem 105____________N .xc
187
Cons ref M gold red at 1 0 2 )4 ________________ Eq.xc
187
Cleveland Term & Valley 1st M gold gu ar.B a.xc*& r
78
Ohio Sc Little Kan R y 1st M $250 ,00 0 red 105 g ___ z
72
Ohio River 1st M g __________________________ F P .xc*
173
General m tge gold 1st on 39 miles_____________ xc*
208
W Va & P 1st M g 5s scalPd red at par____ M e .B a .x c*
179
Equip bds due $1 ,0 0 0 ,0 0 0 yearly____________________
do
due $ 1 ,1 8 6 ,7 0 0 an n-----------------------------------G
do
due $ 450 ,00 0 yearly________________ G Pxc*
do
due $925,000 a n n _________________ G P xc*

D a te
Bonds

1898
1924
1899
1901
1913
1915
1924
1926
1917
1919
1905

Par
Value

D ec
D ec
July
July
July
N ov
M ar
D ec
D ec
M ar
July
July
Jan

1 ,009,000

4 )4 g M

5.0 0 0 ,0 0 0
890.000
950,000
3,3 0 1 ,0 0 0
228,000
2 ,0 0 0 ,0 0 0
2.9 4 1 ,0 0 0
3 ,756,000
1,000,000
10,680,300
4,9 5 0 .0 0 0
11,100.000

A
5 g
.)
5 g
4 ) 4 g ,1
M
4 g
M
5 g
J
5 g
A
5 g
A
4 g
A
4 )4
J
6
P
5
F
5

1,000
1.000

2,2 8 8
Trackage rights.

Total ref. & gen. M . b o n d s ..5 ,0 8 4
Operated under lease__________
3
Operated under trackage righ ts. 168
Free of lien_______________________ 145
5,401

T otal B alt. & Ohio R R . C o ._ 5 .2 9 4
B - & O. Chic. Term . R R ., $ 8 ,000,000 stock and $ 3 2 ,0 0 0 ,0 0 0 of Its
4 % bonds. See below. Also controls S. I. R . T . R y . C o.
H I S T O R Y ,— Receivers were appointed in Feb. 1896, but in 1899 reorKanlzed without foreclosure, per plan in V . 66 , p. 1235. See also V . 67
p. 688 , 1206, 1356; V . 95, p . 6 8 1 .1 1 2 1 .1 7 4 4 ; V . 96. p . 134: V . 97, p. 363

Sc

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

1 1926 1)4 Go’s office. 2 W all S t. N Y
do
do
1 1926 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 1959
New York
1 1929
D a vis Tr C o , E lk in s, W V a
1 1935

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

T otal direct ownership_______ 2,288
Total separately oper. p ro p . 104
Collateral ownership:
First mortgage________________
806
T otal B . & O . R R . S y s te m .5 ,3 9 8
P . L . E . & W . V a . m tge____ 294 Ham ilton B elt R y . C o __________
3
Southwestern Division m tge_ 910
T o l.-C in . d iv. 1st lien & ref. M 391
Total B . & O . R R . System
R ef. & gen. m tge____________
296
(incl. H am ilton B . R y . C o )5,401




Last D ividend
and M a tu rity

1,000

1886
1893
1896
1900
1895
1900
1886
1887
1890
1Q17
1920
1922
1923

B A L T IM O R E C H E S A P E A K E A N D A T L A N T I C R Y . C O .— Owns
Claiborne to Ocean C ity, M d „ 87.22 miles: Salisbury, M d .. to Fulton,
0-55 miles; total, 8 7 .7 7 ; trackage rights, 42.9 9 miles; steamer lines owned,
750 miles. The I .- S . C . Commission in D ec. 1924 authorized the co. to
acquire control of the Baltimore & Eastern R R .
The Pennsylvania and
allied cos. own all the $ 1 ,0 0 0 ,0 0 0 com. and 9 5 % o f the $ 1 ,5 0 0 ,0 0 0 5 % cum ul.
pref. stocks. V . 92, p. 525, 593. Dividends on preferred, 2 % M arch 1
1905; in 1906, M arch, 3 % ; O ct., 2 % ; in 1907, M arch, 3 % ; Sept., 2 % ;
in 1908, O ct., 2 % ; 1920, Jan., 5 % : Sept., 2 % ; 1911, Jan. 31, 3 % : M arch 31,
2 % ; O ct. 2, 3 % ; 1912, July, 2 )4 % ', none since. The interest on the first
mortgage bonds due M arch 1 1922 and subsequent semi-annual dates was
not paid; Pennsylvania R R . purchased coupons due on M arch 1 1922 to
M arch 1 1926; in July 1926 the Pennsylvania R R . announced that it would
not purchase any further coupons. V . 116, p. 2128; V . 123, p. 451.
For 1925. gross, $1,486 ,8 3 1 ; net, oper. deficit. $84,814 ; other income,
$ 1 7,823 ; deductions, $195 ,47 2; b a l., def., $262 ,78 3.
For latest earnings, see "R ailw ay Earnings Section’’ (issued m onthly)
O F F I C E R S .— P res., Turnbull M urdoch; V .- P ., A . J. C ounty; Sec.,
Lewis Neilson; T reas., H enry H . Lee; C om p t., E . A . Stockton. Office,
Broad Street Station, Philadelphia.— (V . 123, p . 451.)
B A L T IM O R E & C U M B E R L A N D V A L L E Y R R . E X T E N .— W aynesboro to Shippensburg, P a ., 26.5 2 miles. Leased to Western M aryland R R .
f ° r 50 years from July 1 1881, with privilege o f renewal, for int. on bonds
and dividend on stock, am ounting in all to $38,7 3 0 .— (V . 75, p. 665.)
B A L T IM O R E & E A S T E R N R R . (O F M D .).— This company has been
organized in M aryland as successor to the M aryland Delaware & Virginia
R y . t the property o f which was sold under foreclosure.
The new company
took charge on Feb. 1 1924 and now operates trains, as did the old co.
between Love Point, M d .. and Greenwood. D e l.,3 8 .1 7 m . See V . 1 1 8 .p .9 0 5
Stock, $191,500, par value $50, owned b y Baltim ore, Chesapeake &
Atlantic R y .— (V . 119, p . 3004.)
B A L T IM O R E A N D O H I O R R . C O .( T H E ) .— ( See M a p .) — Operates from
Baltimore to Philadelphia and Baltimore to Chicago, Cincinnati and St
Bouis; total mileage leased, owned and operated on D ec. 31 1925, 5,294
m des. Access is had to N ew York via the Phila. & Reading R y .. Central
o f N . J. and train-side m otor coach service to the heart o f the city.
V . 123, p . 707, 1247.
Th e system embraces, subject to mortgages, the following lines:
D irect ownership:
M ile s .
Separately operated cos.:
M ile s .
First m ortgage_______________ 880
12
Staten Island R y . C o ________
P . L . E . & W . V a . m tge____ 1,335
Staten Island R . T . R v . C o .
10
R ef. & gen. m tge____________
73 B . & O . C hic. T erm . R R . C o . .
71

T otal collateral ownership___ 2,842

W h en
Payable

Sc J Jan 1
4 )4 8 J
J
S I) Ju n el
c,
5 g
4
J
Sc J July 1
M S N N ov 1
c,
4 g
A Sc O Oct 1
3 )4
8
Q— J
O ct 1
J
Sc J Jan 1
4 )4

1,000
1,000
$ & £
1,000
50
50
1,000

1„ A o .N Q E N E S E O & M T . M O R R IS R R .— M t . M orris to A v on . N . Y . .
_v
1V.7 m iles. Th e I .-S . C . Commission has placed a tentative valuation of
$475,000 on the property of the com pany as of June 30 1918. Leased to
Erie R R . Feb. 26 1896 in perpetuity; rental (after 1911), 3 ) 4 % on stock.
(See V . 63, p. 512; V . 62, p . 318, 589.)

^
5,131
Operated under lease___________
3
Operated under trackage rights _ 159

Rate
%

2,0 0 0 ,0 0 0
3 ,000,000
34,000
7,000
2 ,4 0 1 ,9 5 0
1.211,250
2.7 2 8 ,0 0 0

1887
1892
1909
1900
1871
1871
1881

. A U G U S T A & S A V A N N A H R R .— M illen to Augusta, G a „ 53 miles. In
1895 re-leased to C ent, of G a . for 101 years at 5 % on stock.— (V . 106, p.709.)
A U G U S T A U N IO N S T A T I O N C O .— Owns union passenger station at
Augusta, G a ., 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 (2 5 % paid in), held equally by Southern R y ., Atlan­
tic Coast Line R R . and lessees o f Georgia R R . V . 78, p . 2333: V . 79. p . 500.
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 o f the company as of June 30 1916.
Pres., Chas. A . W ickersham ; Sec., W . H . Vincent.— (V . 121, p. 835.)

„
2 ,697
Free o f lien______________________
145

A m ount
O utstanding

$100 $151945354 See text
Q— M
4
10C 58.863.181
Q— M
A Sc
4 g
500 &c 81,995,100
A Sc O
500 &c 75.000,000
5 g
J
& J
500 &c 45.000.000
6 g
M < N
&
1.00C 42,980,000
4 g
S
500 &c 63,250,000
4 )4 g M &
J
60.000,000
Si 1)
5 g
500—100C 35,000,000
6
J
Sc D
M & S
500-1000 30 ,0 0 0 .0 0 0
5
J
<
& J
100 &c 10,985,200
4 g
J
Sc J
1.00C 35,000.000
6
1 ,500,000
J
&
500 &c
J
5

interest, V 109, p . 1985; V . I l l , p . 2422 . A 5 % Second M tg e . Debenture
amounting to $ 2 ,0 5 0 ,0 0 0 , dated June 30 1919, due Jan. 1940, filed Sept. 30
1919. V . 109, p. 1460. Chairman & Pres., Earl o f Ranfurly, London
E n g.— (V . 109, p . 1985: V . I l l , p . 2422.)
A T L A N T I C & W E S T E R N R R .— Sanford to Lillington, N . C ., 24 m
8tock, $303 ,00 0; par, $100 . Bonds issuable; at $12,000 per mile See
table above. Th e I .-S . C . Commission has placed a tentative valuation of
$238 ,72 0 on the total owned and used properties of the com pany as of June
30 1917. For year 1925, gross, $88,064 : net, $ 23,309 ; other income.
$376: deductions, $ 29,364 : b a l., d e f., $6,0 1 8 .
Pres., H . C . Huffer Jr.,
366 M adison A v e ., N ew Y o rk ; Sec. & Treas., W . R . Sullivan, 33 Pine S t.,
N ew Y o rk . General office Sanford, N . C .— (V . 120, p . 3062.)

Free o f lien.

15

RAILW AY STOCKS AND BONDS

J P M organ Sc C o , N Y
1937
K uhn , Loeb & C o , N Y
1942
1959
Un Sav B k & T r C o Oin
1939
1926 1H Cincinnati, Ohio
do
1926 2 %
J P M organ & G o, N Y
1931

S Sept 1 1930

O ffice, 2 W all S t, N Y

do
& O Oct 1 1933
do
do
& 1) Ju n el 1936
do
do
<
fe .1 Jan 1 1930
do
do
do
& N N o v 1 1995
do
<c H M ar 1 1950
S
do
do
S I) June 1 1936
c,
do
do
S O O ct 1 1937
c,
do
do
do
<
fc () O ct 1 1990
Sc O To Apr 1 1927
Sc J15 To Jan 15 1935 Guaranty Trust C o , N Y
<
fc A T o Aug 1 1937 Girard Trust Co . Phila
& A T o Feb 1 1938 N ew York

The purchase o f the C in. H am . & D ayton (now Toledo & Cine. R R .) on
July 19 1917 added 391 miles to road operated (see “ Bonds” below; also
V. B * 3 ,p . 1991; V . 107, p . 1283.) On Feb. 1 1917 also acquired entire capital
stock o f Coal & Coke R y . Purchased the M organtow n & Kingwood
R R . In Feb. 1920.— V . 110, p . 969.
Th e I .-S . C . Commission has authorized the com pany to acquire control
o f the Cincinnati Indianapolis & W estern R R . b y purchase of its capital
stock. T h e B . & O ., which had applied for authority to obtain control of
not less than 8 0 % of the shares, will pay $24 50 a share for the prf. and
$14 50 for the common stock, or a total o f $ 2 ,0 8 6 ,5 0 0 . V . 122, p . 2646.
The I .- S . C . Com m ission in O ct. 1926 authorized the acquisition b y the
com pany o f control of the H am ilton Belt R y . and the D ayton & Union
R R . under operating contracts. V . 123, p . 2255.
R E A D I N G C O ., & c.— In 1901 $ 6 8 ,5 6 5 ,0 0 0 (virtual control) o f the $ 1 4 0 ,000,000 Reading C o. stock, consisting of $ 1 2 ,1 3 0 ,0 0 0 1st pref., $28,5 3 0 ,0 0 0
2d pref. and $ 2 7 ,9 0 5 ,0 0 0 com ., was acquired jointly with the New York
Central R R ., each co. taking one-half, but in 1904 each sold $3 ,9 5 0 ,0 0 0
of the com m on. V . 76. p. 101: V . 80, p . 1S56 .
Also purchased in M a y 1926 the following Reading C o. stock: $775,000
1st pref., $750,000 2d pref. and $ 3 ,1 4 2 ,5 0 0 com m on.
S T O C K .— Pref. stock, see V . 71, o. 1166, 1143: V. 72. p. 1186.
Union Pacific R R . on D ec. 31 1925 owned $ 3 ,594,035 common and
$ 1 ,8 0 5 ,9 9 2 preferred.
D I V S .—
1901-04. 1905. 1906. 1907-14. 1915-17. 1918-26.
C om m on----------------- ( % ) 4 yrly.
4 )4
5 )4
6 yrly.
5 yrly.
Text
Preferred---------------- ( % ) 4 yrly.
4
4
4 yrly.
4 yrly.
The pref. dividend has been regularly paid to and Including D ec. 1926,
but owing to delay in the signing o f 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 M a r . 1 1919 the common again received 2 %
then none until Dec. 1 1923. when 1 K % quarterly was paid: same amount
paid quarterly to Sept. 1 1926; on D ec. 1 1926 paid 1 ) 4 % quarterly.
B O N D S .— F irst M . 4 % Bonds, due July 1 1948; Covers about 1,687 miles
of first track and about 2 ,6 8 4 miles of second, third and fourth tracks and
sidings; also on the properties covered by the B . & O . Term . m tge. o f 1894,
all owned by the B . & O . and Baltimore Belt R R .
Total authorized am ount of the First M ortgage is limited b y the terms
o f the R ef. & G en. M tg e . to $157 ,0 0 0 ,0 0 0 , o f which there are outstanding
$81,995 ,100 of 4 % bonds and $ 7 5 ,000 ,000 o f 5 % bonds (issued in A ug.
1924; V . 119, p. 8 0 9 ).
The 5 % bonds are not subject to redemption before
Apr. 1 1945. All or any part o f the 5 % bonds m ay be repurchased b y com­
pany on April 1 1945, or any int. date thereafter, on 3 m onths’ notice and
upon paym ent of a premium o f H % for each three m onths from the date of
repurchase to the date o f m aturity. The prior lien 3 % % bonds due July 1
1925 were accepted at 1 0 0 % and int. in paym ent for the 5 % bonds.
Southwestern D iv isio n F irst M ortga ge 5s.
These bonds were issued under the Southwest Division 1st m tge. of
Baltimore & Ohio R R ., dated Jan. 1 1899, in extension o f the 3 ) 4 % 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 o f 3 1 4 % per annum are seemed by the lien thereof. Because of
the provisions o f the refunding and general mortgage, the additional interest
on these bonds will not be secured under the Southwestern Division first
mortgage, but the com pany 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 $ 4 5 ,000 ,000 bonds are secured through the deposit and pledge with
the trustee o f the mortgage o f $ 4 5 ,000 ,000 first m tge. bonds and all the other
funded indebtedness and all the stock o f Baltimore & Ohio Southwestern
R R .,. which owns the properties. The Baltimore & Ohio Southwestern
Division bonds are thus in effect seemed by a first lien on 910 miles o f first
main track, extending from the western approach o f the bridge o f Baltimore
& Ohio R R . across the Ohio River at Belpre, Ohio, to and through the city
(if Cincinnati and through the States o f Ohio, Indiana and Illinois to the
C ity o f East St. Louis, 111., a distance o f 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, 1,470 miles, together with
all extensions, lands, buildings, appmtenances and other property, fran­
chises, & c., all as described in the mortgage. This issue o f bonds, consti­
tuting a closed mortgage, is thus outstanding at the rate of $ 49,450 per m ile
o f first main track.
The bonds are not subject to redemption before July 1 1945. A ll or any
part o f the bonds m ay be redeemed on July 1 1945 or any interest date there­
after on not less then three months' previous notice, upon paym ent o f their
principal amount plus a premium o f \4% for each 6 months from the date
of redemption to the date o f m aturity. V . 120, p . 1743.
Pittsburgh Lake E rie dt W est V irom ia System m tge. refunding 4 % gold
bonds (authorized amount $75,000,000) are a lien on 1,629 miles (all tracks,
2 ,8 6 6 m iles), 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 )4 s $ 6 3 ,2 5 0 ,0 0 0 , dated M arch 1 1913 , were
convertible into common stock up to Feb. 28 1923 at $110 per
share and redeemable beginning M arch 1 1923 at 1 0 2 )4 . These 4*4 * 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.
R efund ing & G eneral M ortga ge o f 1915 due D ec . I 1995 (V . 101. p. 1 8 8 ?
, « 7 ^ e initial $60,0 0 0 ,0 0 0 5 % bonds of this issue was brought out in D ec.
1915. See below; also V . 101, p . 1884; V . 102, p. 975; V . 10<, p. 1989.
Q P .D ^n. 31 1925 $ 1 0 ,000 ,000 Series “ A ” , $24,2 5 0 ,0 0 0 Series “ B , ” and
$ 7 ,5 0 0 ;000 Series " C ” bonds were pledged as collateral for long-term
debt and $3 ,3 6 0 ,0 0 0 Series “ C ” bonds were in treasury, insurance and sink­
ing unds. In June 1924 $ 3 5 ,0 0 0 ,0 0 0 Series “ C ” bonds were sold. V .
118, p 2703
In Jan 1926, $ 3 0 ,0 0 0 ,0 0 0 Series “ D ” bonds were sold
V.
122, p . 606.

RAILWAY STOCKS AND BONDS
[ V ol. 123.




05

Nov., 1926.]

17

RAILWAY STOCKS AND BONDS
M iles
Road

R A IL R O A D C O M P A N IE S
{F or abbreviations, A c . , see notes on page 8J
H alt & O h io (C on cl)—
Equipm ent bonds Series A due $500 ,00 0 yearlyQ P xc*
do
due $432 ,00 0 s - a ____________________________
do
Series B due $543,000 ann________________c*
do
Series C due $558 ,00 0 a n n u a lly -X P .y c *
do
Series D due $575 ,00 0 ann beg 1929 G P .y c *
M organtown & Klngwooil K it equip tr notes________
Bethlehem Steel Oo E q “ B ” __________________________
Seaboard Air Line E q “ S” ____________________________
Leased L ines and Other Securities—
Hampshire So 1st M gold_____________________________
C'oal & Coke R y ., see text below
H & O C h ic erm R R — Oh & G t W 1st M g ass’d - . v k
C ity o f Chicago purchase money m tge assumed____
First mortgage $ 5 0 ,000 ,000 authorized____________ x
Baltimore & Potom ac— See Phila Balt & W ash,
tvamgor an d A r o o sto o k R R — Com stock $ 3 ,8 6 0 ,0 0 0
Pref stock 7 % cum red 110 $10,0 0 0 ,0 0 0 auth
First mortgage ($16,000 per mile) gold____ Q .xx c*
First m tge Piscataquis D iv $ 1 ,5 0 0 ,0 0 0 g . _ Q . x A *
V Bur E x t 1st M $500,000 g (V 69, p 9 5 2 ) .-Q .x x c *
Aroostook Northern 1st M $225,000 g o ld ..Q .x x c *
Consol refunding mtge $20,000 ,000 gold___ O B .xc*
M edford E xt 1st M $1,00 0 ,0 0 0 g (V 8 4,p 692)U s.x x c*
Washburn Ext 1st M g (V 90, p 848. 91 3 ).C e .c * x x & r
St John Riv E xt 1st M $ 1 ,800,000 gu ar.C e.xxc*& r
Equipm ent trust Series G prior lien_________________
Equipm ent trust Series H due $25,000 ann______xxx
do
Series I due $36,000 annually
_______xxx
Am er Loco C o equip trust $31,500 annually_____
G uaranteed by Bangor A A roostook
Nor M e Seaport 1st M guar p & 1 end___ U sm .c’ &r
Van Buren B ’ge 1st M g gu p&i end red text U sm .c*

D ate
Bonds

Par
Value

A m oun t
Outstanding

1923
1924
1925
1926
1926
1920
1921
1920
1909

500

1886
1888
1910

37

$ 1,000
1,000

1,000

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

1,000

1,000
1,000
1,000

50

212
76
33
15X>
424
28
55
60

58

100

1905
1914

1,000
1,000
1,000

1,000
1,000
1,000

1,000
1,000
1.000

1,000

1,000
1,000

Rate

$ 6 , 000,000

5
4K
4K
4^
4l
A

7.776.000
7 .602.000
8.3 7 0 .0 0 0
7 .475.000
1 ,560,600
300.000
123,552

5.000

%

W hen
Payable

T o Dee 1 1938
M a y ’2 7 -N o v ’35
T o M a y 1 1940
T o Feb 1 1941
July 1 ’29 to ’41
T o Jan 1935
Ju nel 1930
D ec ’25-D ec ’27

Girard Trust C o . Phila

6

&
&
&
&
&
&
&
&

5

J

&

J July 1 1934

&
&
&

D Ju nel 1936
N M a y l 1938
O Apr 1 1960

6

J
5g
219.000
M
650.000
5
3 2 .000.000 B&O R R A

3,860, 000 See text
Q— J
7
3,480, 000
Q— J
J
&
J
3,360, 000
5 g
A & O
5 g
1,500, 000
A & O
5 g
500, 000
A & O
5 g
225, 000
J
&
J
n 6,331, 000
4 g
M & N
5 g
1.000, 000
F & A
5 g
p i , 618 000
F & A
m l ,632, 000
5
J
&
J
100 , 000
7
J
175 000
5H g J &
M & N
252 000
94 ,500
6
4.7 4 3 ,0 0 0
171,000

Places W here Interest and
D ividends are Payable

J
M
M
F
J
J
J
J

6

D
N
N
A
J
J
D
D

Last D ivid en d
an d M a tu rity

5 g
6 g

A
M

&
&

N ew York
N ew York
Guaranty Trust C o , N Y
Bankers T r O o, N Y
Commercial T r O o, Phila
Farm L & Tr O o, N Y
B & O R R C o. N Y
T o C ity o f Chicago

Oct 1 1926 I K
O ct 1 1926 I K
Jan 1 1943
Jan 1 1943
Jan 1 1943
Oct 1 1947
July 1 1951
M a y l 1937
Aug 1 1939
Aug 1 1939
T o Jan 1 1936
T o Jan 15 1933
T o M a y 1 1933

Checks mailed
do
Brown Bros & C o , N Y
do
do
do
do
Guaranty Trust C o , N Y
Lee, Higginson & C o , Bos
Brown Bros & O o, N Y
do
do
do
do
First N a t B k, B angor, M e
First N at B k,B an gor,M e
First N a t B k ,B an gor,M e

Apr 1 1936
Sept 1 1934

Brown Bros & O o. N Y
do
do

n m p Also In treasury: n $ 2 ,5 3 6 ,0 0 0 : m $168 ,00 0: p $32 000.

S ecurity.—-Secured on practically entire system , 5,084 miles of first track,
5,267 m . of 2d track and sidings, and equipment or interest therein, having in
1924 a net value of over $ 1 4 9 ,06 9,54 4. 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 W ashington, as
well as one-half stock interest in the W ashington Term . C o. and one-half
ownership of joint yards at W ashington. A direct lien upon about 2 ,289 m .
of first track, and a lien, through deposit o f bonds, and in most cases all, and
In no case less than 9 6 % of stock, o f the co. owning remaining mileage.
R eservation o f B on ds.— The mortgage reserves bonds to retire about $ 2 8 2 ,"
000,000 prior liens on various parts of the system and the $63.2 5 0 ,0 0 0 co. "
vertible gold bonds Ithese last being secured by the new mortgage pa t
passu with the bonds issued thereunder) and provides for the reservation cf
bonds for construction, improvements, new equipment and the acquisition
directly or indirectly of propertiee and securities. The right is reserved to
refund the Prior Lien 3 life Into 1st M . 4s of 1898 due 1948, and to extern
the due date of the 8 W . D lv 354s to date not later than July 1 1950
The authorized issue is limited <o an amount which, together with all the
prior debts of the Railroad C o ., after deducting therefrom the bonds rt
served under the provisions of the mortgage to retire prior debts at maturlt:;
shall not exceed 3 times the then outstanding capital stock, with the addi
tlonal limitation that when the aggregate amount of the bonds outstandlnt
and the bonds reserved to retire prior debts shall be $ 6 0 0 ,00 0,00 0, no addi­
tional amount of bonds shall thereafter be Issued, except the bonds so re
salved to retire prior debt, without the further consent of the stockholder
of the railroad com pany, and such additional bonds m ay be Issued only t<
an amount not exceeding 8 0 % of cost of work done or property acquired
T oled o-C in cin n ati D iv
Bon ds.— In July 1917 , following forecloaurt
sales, 391 miles of the former Cincinnati Ham ilton & D ayton R y Systerr
was reorganized per plan in V 102, p . 1059: V . 105, p. 715, 908, as th
Toledo & Cincinnati R R C o ., whose outstanding securities ($ 5 ,000.00<
capital stock, $ 1 6 ,250 ,500 First & R ef, M tge. bonds and $ 2 0 ,000 ,000 Ad
justment & Improvement bond®' were then acquired by the B . A O RR
The bonds are a first collateral lien on 36 miles (Ham ilton to M iddletow n,
O hio, 13 m .; Tontogany to N orth Baltimore, Ohio, 19 m .; H am ilton to
W est Ham ilton, Ohio, 3 m .); second collateral lien on 12 miles (Troy to
Piqua, Ohio, 9 m .; W est D ayton to National Soldiers H om e, Ohio, 3 m .);
third collateral lien on 205 miles (Cincinnati to D ayton and W ellston,
Ohio, 187 m .; Deshler to Findlay, Ohio, 18 m .); a fourth collateral lien on
141 miles, Dayton to Toledo, Ohio. T o ta l, 394 miles.
The B . & O . R R having acquired all the securities issued by the Toledc
& Cincinnati R R ., made a deed of trust covering the same to secure noi
exceeding $36,0 0 0 ,0 0 0 collateral bonds, which are intended ultimately tc
be made as far as possible a direct lien on this division. O f these new B &
O . bonds, $11,2 5 0 ,5 0 0 of 4 % and $ 5 ,000,000 o f 5 % were issued forthwith
under the plan.
In addition, $ 2 ,4 4 7 ,0 0 0 Series “ C ” bonds have been
issued for capital expenditures. The remainder were reserved to retire at
m aturity 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 &
R ef. M tg e . bonds of new company issued therefor. V . 105, p. 2364.
Th e $35,000 ,000 6 % Secured Bonds dated July 1 1919 have as se­
curity*: $6,065,000 Reading Oo. First Pref. stock; $14,265 000 Reading C o .
Second Pref. stock: $10,002 ,500 Reading Co. Common stock: $15,000 ,000
B . & O . R ef. & G en. M tg e . 6 % bonds. Series “ B ,” $ 2 ,0 0 0 ,0 0 0 , Herte*
“ A ” and $7,50 0 ,0 0 0 Series " C , ” due D ec. 1 1995. The trust indenture
provides that the aggregate value of the collateral deposited shall always
be maintained at least equal to 1 2 5 % o f bonds outstanding. V , 108,
p. 2628; V . 109, p. 71.
The trust Indenture provides that the company In each year, beginning
July 1 1919, after providing for its fixed charges, will set aside out of net
Income accruing after that date, not less than $3,500,000 p. ann. until a
total of $17,500,000 has been set aside, such sums to be used, from time to
time, solely for capital expenditur s theretofore made, to pay loans Incurred
or maturing funded obligations. M oneys set aside In any year in excess of
$3 .500,000 may be credited against moneys required to he set a s id e !r
subsequent years. Balance o f total set aside in 1923 . V . 108, p. 2628.
E Q U I P M E N T B O N D S .— Equipment trusts o f 1917, V . 104, p. 1386
Equip, trusts of 1922, V . 115, p. 434. Equip, trusts o f 1923, V . 116, p. 175
Equipm ent trusts. Series A . V . 117, p. 2431. Equip, trusts of 1924, V . 119.
p. 1623. Equipm ent trusts, Series B , V . 120, p . 2265 . Series C , V . 122,
p. 3 45. Series D , V . 122, p . 3078.
Equipment trusts issued to Director-General for rolling stock allocated
to this com pany. See article on page 3 and V . 114. p. 737: V . 118, p . 549.
R E P O R T .— For 1925, in V . 122, p. 1327, showed:
1925.
1924.
Revenue from freight transportation_____________ $193,558,361 $180,179,357
Revenue from passenger transportation__________
2 7 ,904,665
29 ,0 4 7 ,7 1 8
R ev . from mail, express & other transp. se rv ic e ..
1 6 ,083,914
15,091,720
Total railway operating revenues_______________ $237 ,54 6,94 0 $224 ,31 8,79 5
M aintenance o f way and structures_________________ $28,4 4 0 ,4 1 6 $26,638 ,363
M aintenance o f equipment________________________
53,20 6 ,6 6 1
4 8 ,659,504
T raffic_______________________________________________
4 ,5 5 1 ,0 8 2
4 ,242,473
Transportation_____________________________________
84,62 1 ,8 7 7
85,313,755
6,169,512
General_____________________________________________
6,2 1 0 ,3 8 8
Miscellaneous_______________________________________
2 ,069,173
1,729,025
$ 179 ,09 9,59 7 $172,752,632
3 5 .6 2 %
7 5 .4 0 %
. $58,447 ,343

3 8 .0 3 %
7 7 .0 1 %
$51,566,163

T a xes________________________________________________.$ 1 0 ,064 ,868
$10,064 ,868
Equipm ent and joint facility rents________
5 ,348,388

$9,548,086
3 ,933,753

Transportation ratio________________________
Total operating ratio________________________
N e t revenue from railway operations______

T otal charges to net revenues..




$15,4 1 3 ,2 5 6

$13,4 8 1 ,8 3 9

Other incom e.

1925.
$43,034 ,087
6,237,801

1924.
$38,084 ,324
5 ,657,290

All other deductions.

$49,271 ,888
$26,642,481
1,835,899

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

$ 2 8 ,478 ,380

$27,421 ,924

$20,7 9 3 ,5 0 8
$2 ,3 5 4 ,5 2 7
Dividends declared were: Preferred stock ( 4 % ) . .
7 ,5 9 7 ,2 7 0
Com m on stock ( 5 % ) ____________________________

$16,319 ,690
$ 2 ,354,527
’ 7 ,597,337

$ 9 ,951,797

$9,951,864

Leaving a surplus o f ________________________________ $10,841 ,711
$ 6 ,367,826
For latest earnings see “ Railw ay Earnings Section’ ’ (issued m onth ly).
O F F IC E R S .— Daniel W illard, Pres.; G eo. M . Shriver, F. C . Batchelder.
c , w . G allow ay, Archibald Fries. V .-P re s.; C . W . W oolford, Sec.; E . M
Devereux, Treas.; J. J. E kin, C om p.
D IR E C T O R S .— R . Brent K eyser, R obert Garrett, John J. Cornwed
ind George M . Shriver, Baltimore: F. H. Rawson, Chicago: Paul M .
W arburg, Delos W . Cooke, John R . M orron, John F. Stevens, Henry
Ruhlender, New Y o rk; Joseph E . W idener, Philadelphia; Newton D .
Baker, Cleveland. Offices, B altim ore, M d . and 2 W all S t ., New York.
— (V . 123, p . 2255.)
B A L T IM O R E & O H I O C H I C A G O T E R M IN A L 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. o f dock property on Chicago River. Total
track operated, 300 miles, of which 250.56 is owned, 9 1 .4 6 of the latter
being first track. Total first track including trackage, 80.79 miles.
H I S T O R Y .— Successor to Chicago Terminal Transfer R R ., forclosed in
1910. V . 90. p. 166. 108. 235, 625. Stock. $ 8 ,000,000, all owned by B . & O.
T E N A N T S .— B alt. & Ohio, Chicago, Great W estern, Chicago H am m ond
& W estern R y . (Indiana Harbor B elt), Suburban R R ., Chicago, Terre
H aute & Southeastern (C h ic., M ilw . & St. Paul R R .) , (Chicago & W est
T ow ns), Pere M arquette, W abash R y . and Minneapolis, St. Paul & Sault
Ste. M arie. Y . 77, p . 9 48, 2158; V . 79, p. 901; V . 96, p. 4 86. T otal mini­
m um rentals from tenants: Joint facility rent income, $ 1 ,2 8 1 ,3 1 3 ; income
from lease o f road, $502 ,22 3; $502 ,22 3; total. $ 1 ,7 8 3 ,5 3 5 . V . 79, p. 2084.
B O N D S .— O f the 1st M . bonds of 1910, the $ 3 2 ,000 ,000 outstanding are
owned by B . & O. R R . and pledged under its mtge.
V . 90, p . 1295.
E A R N I N G S .— For 1925, railway oper. re v ., $ 3 ,6 0 9 ,9 5 4 : net oper. inc.,
$ 9 4,165 ; other income, $ 1 ,8 5 9 ,7 8 5 ; interest, rentals, & c., $ 1 ,9 5 3 ,9 5 0 .
For latest earnings, see “ Railway Earnings Section” (issued m onth ly).
B A N G O R A N D A R O O S T O O K R A I L R O A D C O .— Stockton Harbor,
M e ., to Van Buren, with branches; D ec. 31 1925, 615,52 miles; second
track, 30.2 9 miles; spurs, 34.11 miles; yard tracks and sidings, 189.10 miles;
owned but not operated, 8 .8 5 miles.
The I .-S . C . Commission has placed a final valuation of $21,030 ,000 on
the owned and used properties and $ 3 ,850,084 on the used but not owned
properties of the com pany, as of June 30 1916.
O R G A N I Z A T I O N .— Incorporated under laws of M aine Feb. 13 1891
and under its charter it constructed its railroad from Brownville to Caribou
with branches to Fort Fairfield and Ashland (1891 to 1895), with extension
Caribou to Van Buren (1899). During the same period it acquired the
Bangor & Piscataquis R R ., Old Town to Greenville, and Bangor & Katahdin
Iron W orks R y ., M ilo (Derby) to Katahdin Iron Works. It also acquired
by purchase the Patten & Sherman R R ., Patten to Sherman, and Aroostook
Northern R R ., Caribou to Limestone, both of which railroads had been
organized and constructed independently o f this company.
It has since constructed as extension or by separate organization with
later acquisition: Fish River R R ., Ashland to Fort K ent (1902); Northern
Maine Seaport R R ., South Lagrange to Searsport (1904); Schoodic Stream
R R ., to the paper mills at East M illinocket (1906); Medford Extension,
South Lagrange to Packard via M edford (1907); St. John River Extension,
Van Buren to St. Francis (1909-1910); Washburn Extension, Squa Pan to
Stockholm, via W ashburn with branch, M apleton to Presque Isle (19091910), and extension to Van Buren Bridge (1915).
Owns all of the capital stock of Van Buren Bridge C o. 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 two directors’ qualifying shares)
o f the Northern Telegraph C o . On D ec. 31 1925 the com pany and the
Van Buren Bridge C o . owned practically all of the stock o f the Bangor
Investm ent C o .
S T O C K .— The stockholders on N o v . 14 1924 approved a change in the
par value o f the common stock from $100 to $50, each stockholder receiving
two shares o f $50 par value stock for each share of $100 par value, thus
increasing the number o f shares from 3 8,600 to 7 7 ,2 0 0 . Each share of $50
par value entitled to one-half vote. V . 119, p . 2405, 2642.
D I V .—
’0 7 -’ 12. ’ 13. ’ 14. ’ 15. ’ 1 6 .’ 17. ’ 18-’22. ’23. ’2 4 . ’2 5 . ’ 2 6 .
Com m on % ____ 4 4 yrly.
3 3H
3
3
5 4 yrly. 4 ^ 5M
6
6
7 yearly.
■First authorized in 1917_________
Preferred % _ .
B O N D S , & c .— iPiscataquis D iv . 5s, see V . 67, p . 1159; V . 6 8 , p . 8 4 , 329
O f the Consol. R ef. 4s, $12,500 ,000 were reserved to pay off outstanding
bonds, tnoluding those of controlled roads, car trusts and pret. stock ,an d to
acquire such controlled roads; $ 3 ,000,000 lor Improvements over a series
of years and $ 4 ,500,000 for extensions at $25 000 per mile. Including equip­
ment. V . 73, p. 286, 896; V . 74, p. 93.
All the 2d M . bonds were retired
In 1918, leaving the 4s a second lien on main line and a first lien on several
branches. V . 108, p. 2235. Th e Northern M aine Seaport bonds ($ 5 ,0 0 0 .OOOauth.). V . 81. p. 265; V . 82, p. 392; V 84. p 391, 692; form of guar..
V 81, p. 727. Van Buren Bridge C o bonds are callable at 110 and int
There are besides $171 ,00 0 outstanding, $ 59,000 in sinking fund and $20,000
in com pany’s treasury. V . 100, p. 3 11: V . 109, p . 1460.

18

[V ol. 123

RAILW AY STOCKS AKD BONDS
M ile s D a te
Road Bonds

R A IL R O A D C O M P A N IE S
[For abbreviations, & c .. see notes on page 8]
B ath & H a m m o n d sp o rt— First m tge E x t g o l d -. ___ z
Second mortgage red 105- ____________ _______ ___ z
Bay o f Q u in t e R y— See Canadian Northern R y .
B eech C reek— Stock (guar 4 % by endorsement)
First m tge gold guar p & I (endorsed)__ C ol .xc&r
Second M for $ 1 ,0 0 ,0 0 0 g guar p & i (end)_U n.xc& r
B eech C reek E x ten — 1st M $4 ,5 0 0 ,0 0 0 g gu p& iG .xc*
Beech Creek consol M $ 2 0 ,0 0 0 ,0 0 0 g gu p & i_G .c*& r
B elt L in e R y, M o n tg o m ery — 1st M gold $ 3 0 0 ,00( - -X
B elt R R & S to c k Y d s , In d — Stock auth $ 3 ,0 0 0 ,0 0 0 -Preferred stock cumulative
_ _______ _
1st refunding m tge $ 1 ,0 0 0 ,0 0 0 gold
_xc*
B elt R y of C h a t t a n o o g a — 1st m tge gold. -M e B a .x c *
B elvidere D elaw are— Stock $ 4 ,0 0 0 ,0 0 0 _ - 1875 $4,000,0001 guar by United C o’ s sk f d - - _ _xr
_xe*
(guar b y United C o ’s sk fd
B en n e ttsv ille & C h era w — 1st M $ 150 ,00 0 g -M e B a
B essem er & Lake Erie—
Bessemer equipment trust due $ 110 ,00 0 yearly- _xx
M eadville eq tr due $5 5 ,0 0 0 yrly__ .
___ __ _ _xx
A lb io n e q trd u e $ 7 5 ,0 0 0 a n n to ’3 2 ;$ 1 0 0 ,0 0 0 in ’33& ’34
Euclid equip trust due $2 5 0 ,0 0 0 yrly ___
____ -_xx
Girard equip trust due $ 240 ,00 0 yrly
_ . _ .
Osgood equip trust due $9 0 ,0 0 0 yrly .
B irm in g h am B elt— See St Louis-San Francisco.
B irm in g h am T e rm in a l— 1st M $ 3 ,0 0 0 ,0 0 0 gold gu_x
FPx
B lo o m b su rg & S u lliv a n R R — 1st M
Second mortgage income non-cum $2 0 0 ,0 0 0 - FPx
B oon ville B ridge— See M issouri K an & Texas R y .
B o on ville St L & S o u th R y— 1st M g red 1 0 7 H -E a
B oston & A lb a n y — Stock ($ 2 5 ,0 0 0 ,0 0 0 authorized)Bonds (not mortgage) guaranteed prin and int - _zc
Bonds (not M ) $ 1 ,0 0 0 ,0 0 0 (V 7 1 .p 1218;V 7 2 ,p 4 4 ).z
_______ __
Im pt bds (not mtge) gu p & i .
Im pt bonds (not m tge) $ 1 ,0 0 0 ,0 0 0 guar p & L _ ___z
do
do
$ 2 ,0 1 5 ,0 0 0 guar p & i ____ zc*&r
Bonds (not mtge) $ 3 ,6 2 7 ,0 0 0 guar p & L
zc*&r*
Bonds $ 1 ,0 0 0 ,0 0 0 guar p & i (V 105, p 7 1 5 ) - - c*Ar
Equipm ent trust obligations — See N Y Central R R .

10
10

1889
1893

163
163
163
56
135

Par
Value

Am ount
O utstanding
$100,000
200,000

$ 1,000
1,000

6 g
5

1909
1895
__
1887
1903
1911

50
1,000
1.000
l.OOO&c
1.000&C
1,000
5u
50
1,000
1,000
50
1,000
1,000
1,000

1907
1911
1912
1914
1916
1920

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

110,000
275,000
650,000
1,750,000
1.440,000
1 ,080,000

5
5
5
5
5
6

1907
1898
1898

1,000
100 &C
100 &c

1 ,940,000
2 42,000
199,600

4 g
5
5

1,000
1917
J
100
1,000
1902
1,000
1901
1,000
’0 8 -T 0
1,000
1912
1,000
1913
1913 1,000 &c
1917 1.000 &c

250,000
25 .0 0 0 .0 0 0
3,8 5 8 ,0 0 0
1,000.000
1 3 ,500,000
1 ,000,000
2 ,0 1 5 ,0 0 0
3 ,6 2 7 ,0 0 0
1 .000,000

5 g
8H
344
314
4
414
5
5
5

1886
1892
1901
1906
1911

49
80
80
45

5.9
29
29
44
393

The S t. John River Extension 1st 5s of 1909 ($1,800,000 auth. issue),
guaranteed, prin. & in t., were issued at $30,000 per mile. V . 93, p . 939.
Equipm ent trusts Series “ H ,” V . 116, p . 175: Series “ I . ” V . 117, p. 2768.
Series “ G ,” prior lien equipment trusts are due $8,000 annually for 5 years
and $10,000 annually for 10 years. There have also been issued $84,000
Series “ G ” deferred lien equipment trusts all pledged as collateral for
notes of like amount.
R E P O R T .— For 1925, in V . 122, p . 1909, showed:
1925.
1924.
1923.
Freight revenue___________$ 5 ,867,703
$ 5 ,831,831 $5,58 9 ,8 2 7
Passenger revenue______
694,413
7 88,445
884,634
300,372
3 0 3,839
295,341
M ail, express, & c_______

1922.
$6,25 2 ,7 8 9
897,557
286,623

R ailw ay oper. revenue
M ain t. o f way & struc__
M aintenance of equip___
T raffic____________________
Transportation__________
General & miscellaneous
Transp. for invest. (C r.)

$ 6 ,769,802
1,241,658
1,432,680
5 1,005
2,1 1 5 ,6 9 6
241,413
2,6 7 8

$7,43 6 ,9 6 9
1,399.771
1,620,212
49,452
2,179,791
253,367
915

$ 1 ,690,027
5 31,684

W h en
Payable

Rate
%

J
A

&
&

Last D ividend
and M a tu rity

D Ju nel 1929
O Apr 1 1943

4
6,0 0 0 ,0 0 0
5,0 0 0 ,0 0 0
4 g
1,000.000
5 g
3,5 0 0 ,0 0 0
344 g
4 g
3,9 6 4 ,0 0 0
245.000
5 g
3 ,0 0 0 ,0 0 0 See text
500,000
6
1 ,000,000
4 g
3 0 0,000
5
1.253,000 See text
4
600,000
31*
848,000
101,000
5 g

Q— J O ct 1 1926 1 %
Sc J July 1 1936
&
J July 1 1936
O Apr 1 1951
<
& O Apr 1 1955
&
J July 1 1941
July 1 1926 114
!— J
Q— J
July 1 1926 14^
M & N M a y l 1939
J
J July 1 1945
yearly See text
F & A Feb 1 1927
J &
J Jan 1 1943
J &
J Jan 1 1941
M
M
J

J
J
A
A

P laces W here In terest and
D ividends A r e Payable
50 Church St, New York
do
do
466 Lexington A v e , N Y
do
do
do
do
do
do
do
do
Safe D ep & T r C o , Balt
C o ’s office, Indianapolis
do
do
N a t C ity B ank, N Y
M ercantile Tr & D , Balt
Penn R R C o . Phila
do
do
do and New York
M erc T r & D ep C o , Balt

M
F

S M ar 1927
H om e Tr C o . H obok .N J
&
do
do
<
fe S M ar 1927-1931
do
do
< D June 1 927 -19 34
fe
do
do
<
fe J T o July 1933
Union Tr C o . P itts, Pa
& N To N o v 1932
do
do
& A T o Feb 1 1938

M
J
J

&
&
&

J

S M ar 1 1957
J Jan 1 1928
J Jan 1 1928

F & A
Q— M
S O
c.
&
J

A
J

M

J
J
A
,T

&
&
&
&
&

N

J
J
O

D

Equitable Trust C o , N Y
Fidelity-Phila T r Co,Phil
Reg B l’m sb’gh, wh earn

Trustees’ office, Toledo
Aug 1 1951
Office. Term Sta, Boston
See text
do
do
Apr 1 1952
do
do
Jan 1 1951
do
do
M a y 1 ’ 33-34-36
do
do
July 1 1937
do
do
July 1 1938
do
do
Oct 1 1963
do
do
June 1 1942

B O N D S .— All of the outstanding bonds are secured by the consolidated
mortgage of 1875 for $4,0 0 0 ,0 0 0 ; sinking fund, 1 % of outstanding bonds if
earned. The issues o f 1887 and 1903 are guaranteed by the United
New Jersey R R . & Canal C o. G uaranty, V . 76, p. 918.
E A R N I N G S .— In 1925, gross incom e, $559 ,55 6; deductions, $ 1 0 7 ,6 2 0 ’
dividends paid ( 6 % ) . $75,180 ; b al., su r., $ 3 7 6 ,7 5 7 .— (V . 121. p. 1097.)

$1,935,291
537,695

$ 6 ,862,488 $6 ,9 2 4 ,1 1 5
1 ,268,914
1,217,016
1,410,353
1 ,586,408
57,353
5 0,125
1,888,222
1,980,447
292,224
266,494
3 ,199
1,450

B E N N E T T S V IL L E & C H E R A W 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. Y . 113, p. 1154. Stock, $250 ,00 0.
Dividends in 1912, 6 % ;
1913, 3 % ; 1914 and 1915. 5 % : 1916. 9 % : 1917-18 ( ? ) : 1919 and 1920 6 % :
1921, 9 % ; 1922, 6 % ; 1923, 5 l % ; 1924, 6 % ; 1925, 4 4 % .
A
Bond sinking
fund, $3,000 yearly. $49,000 bonds held in sinking fund. V . 92, p . 116.
E A R N I N G S .— F or 1925, gross revenue, $ 1 08 ,49 1; net operating income,
127,987; other income, $648; interest, rentals, & c ., $25,565 ; dividends,
$11,250 ; deficit,. $ 8,180.
Pres., J. J. Heckart; G en. M g r ., J. I . M cL a in .— (V . 113, p . 1154.)

B ESSEM E R & L A K E E R IE R R .— Kremis to Osgood (K . O. Junction)
P a ., 8.81 miles; leased (Pittsb. Bess. & L . E . R R . C o ., 176 .4 0 miles;
Meadville Conneaut Lake & Linesville R R . C o ., 21.61 miles), 198.01 miles;
total, 2 06.82 miles; trackage (N . Y . Chic. & St. L . R R ., Cascade to W allace
Junction, P a ., 12.20 miles; Baltimore & Ohio R R ., Pittsburgh Junction to
Railw ay oper. incom e.
$1,376,181 $1,30 5 ,1 3 0
$ 1 ,158,343 $ 1 ,397,596
Standard Junction, P a ., 0 .97 m iles), 13.17 miles; total operated D ec. 31
Hire of equipm ent_______ C r.327,196
C r.434,398
C r.507,759 Cr.254,231
1925, 21 9 .9 9 miles. Second track (owned), 8 .05 miles (leased), 134.66
Other incom e____________
71,623
66,454
D r.4 ,3 4 8
61,578
miles: total, 142.71 miles. Branches and spurs (ow ned), 0 .2 9 miles; (leased)
31.51 miles, total 31 80 miles. Y a rd tracks and sidings ( ow ned), 8.62
Gross incom e___________ $ 1 ,775,000
$ 1 ,805,983 $1,66 1 ,7 5 4 $ 1 ,713,406
miles; (leased). 192.87 miles: trackage, 4 .8 6 miles; total. 2 06.35 miles. In
Interest on funded d e b t.
1,031,651
1 ,045.175
1,042,719
1,031,335
addition the Bessemer & Lake Erie R R . C o. leases the following from the
In t. on unfunded d e b t.
6,1 1 8
11,346
11,113
821
Pitts. Bess. & L. E . R R . C o ., and in turn subleases to the Union R R .,
Miscellaneous c h a rg e s ..
11,387
23,238
11,906
3,480
reserving trackage rights for passenger trains, 8 .0 4 miles from N orth
Am ort, o f disc. op. fd . dt
2,216
3,474
1,106
_____
Bessemer to East Pittsburgh, P a ., 8 .0 4 miles of second track, and 87.77
Preferred dividend______
24 3 ,6 0 0
243,600
243,600
304,500
miles of yard tracks and sidings; gauge 4 ft. 8 4 in.; rail, 130 lbs.
23 1 ,6 0 0
221,950
22 1 ,9 5 0
154.400
C om m on dividend______
The I .- 8 . C . Commission has placed a tentative valuation o f $36,5 0 1 ,2 8 8
Balance, surplus______
$248 ,42 8
$257 ,20 0
$129 ,36 0
$218,868
on the property o f the company as o f June 30 1916.
For latest earnings, see “ R ailway Earnings Section” (issued m onth ly).
Stock au th ., $ 5 00 ,00 0. Dividends paid: In 1904. 1 0 0 % ; 1905, 5 0 % ; 1906.
1 0 % : 1909. 2 0 0 % ; 1910, 1 5 0 % ; 1911. 1 5 0 % : 1912, 2 0 0 % : 1913. 2 0 0 % ;
O F F IC E R S .— Chairman o f Exec. C o m m ., John Henry H am m ond: Pres..
1914, 2 7 5 % : 1915 and 1916, 1 5 0 % ; 1917, 1 0 0 % ; 1918, 1 9 0 % ; 1919, 1 5 0 % .
Percy R . Todd: V .-P re s., James Brown and Frank C . W right; Treas.,
1920, 2 0 0 % ; 1921, 1 5 0 % ; 1922, 2 0 0 % ; 1923, 2 0 0 % ; 1924, 2 5 0 % ; 1925,
W ingate F . Cram ; Gen. M g r ., W . K . H allett; G en. Counsel, Henry J. H art,
4 0 0 % . Controlled by U . S. Steel Corp. G uaranty on M arquette &
O ffice, Bangor, M e.-— V . 122, p . 2324 .
Bessemer D ock & N av.bon d s, V . 77, p. 1228; V . 76, p. 1358; V . 82, p . 160.
For year ending D ec. 31 1925, gross, $15 ,5 4 6 ,6 8 6 ; net, $4,750 ,2 0 2 ; other
B A T H & H A M M O N D S P O R T R R .— Bath, N . Y . , to Hammondsport,
income, $ 9 99 ,12 2; interest, rentals, & c., $ 1 ,4 8 4 ,0 9 2 ; dividends, $ 2 ,000,000;
N . Y . , 10 miles. Control acquired by Erie R R . in 1908 and leased bv that
surplus, $ 2 ,2 6 5 ,2 3 2 . For latest earnings see “ Railway Earnings Section”
road in 1922. V . 114, p. 197. Stock, $ 1 0 0 ,0 0 0 . 1st M t . 5s ($100,000)
(issued m onth ly). President, J. H . R eed.— -(V. 119, p . 454.)
due June 1 1919, were extended at 6 % to June 1 1929.
2d m tge. 5s were
extended to April 1 1943. V . 116, p . 2 128 .
B IR M IN G H A M & N O R T H W E S T E R N R Y .— Jackson, T e n n ., north­
westerly to Dyersburg, 49 miles. The I .-S . C . Commission in M a r. 1922
B E E C H C R E E K R R .— (See M a p s N ew Y ork Central L in e s .)— R O A D .
authorized the com pany to issue $ 4 0 0 ,0 0 0 1st M tg e. 6 % bonds, due M a r. 1
Jersey Shore, Pennsylvania, to M ah affey, 112 miles; branches to mines,
1927, for the purpose of refunding or retiring an equal amount o f 1st M tge.
& c., .30 miles; total, 142 miles. Leased in 1890 to N ew Y o rk Central &
bonds maturing M a r. 1 1922. The new bonds are dated M a r. 1 1922 and
H . R . R R . for 999 years at int. on bonds and 4 % on stock. V . 68, p.
mature M a r. 1 1927. V . 114, p . 1061.
8 72. Carries m ostly coal and coke. See guaranty, V . 52, p . 570. The
The I .-S . C . Commission has placed a final valuation o f $722 ,84 7 on the
bonds are endorsed with N . Y . Central’s guaranty of prin. & int. See
owned and used property of the com pany as o f June 30, 1917.
V . 52, p .'5 7 0 . Assumed by N . Y . Central on consolidation, D ec. 23 1914,
Pres., I . B . Tigrett; Yice-P res., C . W . M cN ear; Sec., R . F . Spragins;
Guarantees interest on $545,000 Clearfield Bituminous Coal 1st 4s, due
Treas., J. E . Edenton. Office, Jackson, T enn.— (Y . 121, p . 69.)
Jan. 1 1940.— (V . 106. p . 497 '

N e t oper. revenue____ $1,948,621
Tax accruals & uncollec.
572,440

$1 ,8 2 5 ,0 7 6
519,946

B E E C H C R E E K E X T E N S I O N R R .— (See M a p s N . Y . Central L in es.)
— Clearfield, P a ., to K eating, 52.14 m .; Curry to Curwensville, 15.77 m .;
Dimeling to Irvona, 26.76 m .; M ahaffey to Arcadia, 13.88 m .; branches,
25.1 2 miles; total, 133.67 miles. A low-grade coal line, leased to N . Y .
Central & H . R . R R . (which owns entire $ 5 ,179,000 stock and $3,964,000
consol. 4s) for 999 years from June 1 1905, bonds being guar., p . & i. O f the
consols., $ 3 ,5 0 0 ,0 0 0 is reserved to retire old bonds. V . 80, p. 1174, 1479;
V . 8 1 , p . 30; form o f guaranty, V . 82, p. 1267. Assumed by N ew York
Central on consolidation. D ec. 23. 1914.— (V . 82, p. 1267.)

B IR M IN G H A M & S O U T H E A S T E R N R R .— The I .-S . C . Com m ission
on D ec. 23, 1924 issued a certificate authorizing the Birmingham & South­
eastern R R . to acquire and operate the line of railroad of the railw ay com ­
pany extending from Union Springs to Eclectic, a distance o f 4 6 .8 9 m iles,
all in the State of Alabam a. The Commission on D ec. 20 authorized the
company to issue $300,000 capital stock in connection with the acquisition.
(For plan of readjustment of Birm ingham & Southeastern R y . see V . 120,
p. 2 05, 698, 826.)

B E L T L IN E R Y . O F M O N T G O M E R Y .— Owns real estate and a belt line
In M ontgom ery, A la ., 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 ,00 0 on the property o f the com pany as o f 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, D.
1242; V 93. p. 4 3 .— (V . 123, p. 838.)

B IR M IN G H A M T E R M I N A L .— Owns passenger terminals at B irm ­
ingham, A la. The I .-S . C . Commission has placed a tentative valuation of
$1,56 0 ,8 0 0 on the property o f the com pany, as of June 30 1916. Stock all
owned by the Illinois Central, Southern R y ., Seaboard Air Line, Central of
Georgia, S t. Louis & San Francisco and Alabam a Great Southern, which
lease the property and pay all expenses, charges and 4 % dividends on the
stoc.. and jointly guarantee the bonds. O f the bonds ($ 3 ,0 0 0 ,0 0 0 au­
thorized), $1 ,0 6 0 ,0 0 0 are reserved for additional properties.
V . 8 3 . p.
1227; V . 85, p . 404. G uaranty, V . 90, p . 8 48.— (V . 122, p . 1306.)

B E L T R A I L R O A D & S T O C K Y A R D S O F I N D I A N A P O L I S — Owns
14 miles of belt road, &c. Leased for 999 years to Ind Union— which see.
D IV S .— Com ( 1 3 . * 14. T 5 .
16. T 7 . ’ 18. T 9 . ’20. ’21 ’22. ’23. ’2 4 . ’25.
C al. y rs., cash! 13 14 18
20 16
18 11
11
8
7 11
10
9
__
_
50 . .
..
__
Also stock____ 1 . . 3 3 1-3 __
Paid in 1926: Jan ., 2 % ; April, 2 % ; July, 1 4 4 % .
M ortgage trustee, Union Trust C o ., Indianapolis. V . 89, p. 40; V . 92,
Pres., S. E . Rauh, Indianapolis, In d .— (V . 102, p. 1249; V . 106, p . 394.)

B L O O M S B U R G & S U L L I V A N R R .— Owns Bloom sburg to Jamison
C ity , P a ., 29 miles. The I .-S . C . Commission has placed a final valuation
o f $560,650 on the property o f the com pany, as o f June 30 1918. Stock is
$600,000; par, $50. V . 66, p . 80, 9 52.— (V . 123, p . 838.)

B E L T R A I L W A Y (O F C H A T T A N O O G A ) .— Owns 49 miles o f belt
railroad In Chattanooga, Tenn. V . 67, p . 72.
Leased till July 1 1945 to The Alabam a G reat Southern R R . C o .; rental
guaranteed to meet interest on $300 ,00 0 1st M tg e. 5 % bonds and $24,000
2d M tg e . 4 % bonds, taxes and maintenance. S T O C K , $ 3 00 ,00 0, owned
by Th e A la . Great So. R R . C o . Bonds are tax-free, due 1945; red. at par.

L e a s e .— Operated by M o . Pac. R R . C o . under new lease, dated A u g. 1
1917, and running until A u g. 1 1955. Consideration, paym ent o f m ain­
tenance expenses, taxes and an annual rental o f $ 1 2 ,5 0 0 , {being the interest
on the new outstanding bonds plus $30 annually to corporate trustee.
Under financial readjustm ent In F eb . 1918 the holders of the $500 ,00 0
1st m tge. bonds o f 1911 (coupon o f F eb. 1916 unpaid) were offered In
exchange pro rata $250 ,00 0 new First M tg e . 5 % gold bonds o f Boonville
C o. under new m tg e ., dated A u g. 1 1917 , payable A u g . 1 1951; and also
$250,000 pref. stock v . t . c. o f M issouri Pacific R R . C o ., together with a
cash adjustm ent of $ 5 0,000 , equal to the defaulted interest. Trustees, the
Spltzer Rorick Trust & Sav. Bank, T oledo. Ohio, and Lewis O . N elson.
Pres., L . W . Baldwin; T reas., F . M . H ickm an; Sec.. F . W . Irland, St.
Louis. M o .— (V . 95, p. 968.)

B E L V ID E R E D E L A W A R E R R .— Owns from Trenton, N . J ., to M a nunka C hunk, N . J ., 67 miles; branches, 13 miles; total operated, 80 miles.
Leased to United Companies, and, M arch 7 1876, transferred to Penn. R R .,
which owns $244,600 of the stock. N et earnings paid as rental.
D ivid en d s.— 1897 to 1905, 5 % yearly; 1906 to 1911, 1 0 % yearly; 1912.
7 % ; 1913, 6 % ; 1914, none; 1915 to 1922, 4 % yearly; 1923-1925, 6 % .




B O O N V IL L E S T . L O U IS & S O U T H E R N R Y .— BoonvUle to Ver­
sailles, M o ., 44 miles. Stock au th ., $1,0 0 0 ,0 0 0 ; outstanding, $ 250 ,00 0
owned by Missouri Pacific R R . C o .); par, $125.*

M ile s
Road

R A IL R O A D C O M P A N IE S
lFor abbreviations, & c ., see notes on page 8]
B o sto n & L o w ell— Bonds— See Boston & M aine E E b
B o sto n & M aine— Com m on stock____________________
Prior preference stock 7 % cum red (text)________
First Pref Cum (after July 1 1927) stock, all same
“ A ” (for Fitchburg preferred 5 % stock)________
“ B ” (for B & L and L & A 8 % s t o c k ___________
“ O ” (for Concord & M ontreal stock) 7 % stock “ D ” (for Conn R iv M & L and L & A 1 0 % stock)
“ E ” (for K & K 4J6 % stk. See opt, V 107. p 1918)
Old Pref stock non-cum (see text)_____________
Mortgage gold bonds______________________ O B .c*& r*
New First & R ef M (sec equally all issues of merged
Series C ______________________________________________
Series D ______________________________________________
Series G ______________________________________________
Series H ______________________________________________
Series J______________________________________________
Series K ______________________________________________
Series L ______________________________________________
Series N _____________________________________________
Series O ______________________________________________
Series Q ______________________________________________
Series R ______________________________________________
Series S _________________ ____________________________
Series T ______________________________________________
Series U ______________________________________________
Series V _________________ T___________________________
Series W ______________________________________________
Series X ______________________________________________
Series Y _________________________________ ____________
Series Z ______________________________________________
Series A A _____________________________________________
Series B B _____________________________________________
Series C O _____________________________________________
Series D D ____________________________________________
Series E E _____________________________________________
Series F F _____________________________________________
Series G G _____________________________________________
a to m The above issues bear interest at the rates
b April 1 1927; c July 1 1927; d Jan. 1 1928; e M
1 1922: n April 1 1922.

D a te
Bonds

Par
Vaiue

58 9 .7 0
a l2 9 .3 9
65.85
252 .0 8

2 ,2 1 7 84
629 90
7.05
1.357.01

Total track operated_______________ 3 ,2 6 4 .7 8
E lectric R ailw ays —
Branch lines__________________________
42.8 5
Side tracks____________________________
2 .87

977.02

4,2 4 1 .8 0
42 85
2 .87
45 72

4 5 .7 2

977.02

4 .2 8 7 .5 2

a Includes trackage rights, 2 1 .2 9 miles. 6 Incl. trackage rights, .99 mile.
The Boston & M aine Transportation C o . was organized in June 1925
for the purpose o f operating motor coach routes. Compare V . 120, p . 3308:
V . 121. p. 702, 2151.
On Aug. 29 1916 the Boston & M aine R R . was placed in temporary
receivership on account of inability to pay its maturing obligation of nearly
$ 2 0 ,000 ,000 .
Pres. James H . Hustis was appointed temporary receiver
and continued in this position until reorganization and consolidation of
the system on D ec. 1 1919.
The reorganization plan (V . 107, p. 1918,
2375. 2475), which became effective Jan 1 1919, provided for the con­
solidation of the Boston & M aine R R . with its seven directly leased lines
and the assumption by the consolidated company o f all sub-leases and other
obligations.
Th e final valuation of the Boston & M aine R R . as o f June 30 1914 was
found by the I .-S . C . Commission to be $ 234 ,18 9,81 6 for all properties
owned or used. The value of properties owned and used was found to be
$ 101 ,71 2,97 1, and of properties used but not owned, $132 ,47 6,84 5.
The Commission found that the investment in road and equipment,
including land, was $ 9 0 ,653 ,840 on the valuation date. The cost of
reproduction new o f total properties used was found to be $ 223 ,31 7,89 7
and the cost, less depreciation, $170 ,62 9,86 9.
Th e Boston R R . Holding C o . held $ 2 1 ,918 ,900 common and $654,300
preferred stock, and this was ordered b y the C ourt to be sold b y O ct. 1
1923. V . 108, p. 2122. The Court, on June 4 1923, modified the decree
of O ct. 17 1914, the modification restoring to the N ew H aven its investment
in the B . & M . V . 116, p . 2635.
R eo rg a n iza tio n Plan (as A m e n d e d ), D ated S e p t. 1 1925.
P rin cip a l Features Contem plated by the P lan.
The plan contemplated the creation o f a new 7 % prior preference stock
having priority over all existing stock and the sale o f $ 1 3 ,000 ,000 o f this
new stock to provide funds for additions and improvements: the surrender
o f certain percentages of their holdings b y stockholders who elected not
to purchase their allotments o f this new stock; the extension to later dates
o f m aturity of $43,522 ,000 o f bonds maturing in the years 1925 to 1932,
inclusive, or the refunding of said bonds under the terms of the railroad’s
existing m ortgage dated D ec. 1 1919, with an agreement on the part of
the railroad to convert these extended or refunded bonds into the new
7 % prior preference stock; and the readjustment o f the rights of the holders
o f the various classes of stock outstanding.
N ew 7 % P rior P reference Stock (p a r $100 ).
Shall have voting powers and it shall have priority over the 1st pref.,
pref. and com m on stock as to divs., which shall be cumulative, and
also in liquidation at par and accumulated divs. It shall be callable as a




Rate
%

sion $ 3 9 ,5 0 5 ,10C
7
100
priorit y $50, 8 1 7 ,9 0 0
100 18.860.00C See text
100
7 ,648.80C See text
100
7 ,9 1 7 ,10C See text
100
4.327.00C See text
100
65.00C See text
100
3,149,80C See text
1,000
3 ,9 9 1 ,0 0 0
6 g
1,651 1923
cos—
10,273,000
6
1920
15,677.000
6
1920
1,212,500
6
1920
5,443,979
6
1920
3 ,049,000
6
1921
5,0 0 0 ,0 0 0
6
1922
1 ,030,000
6
1922
1,106,000
6
1924
6
19 24
5,8 9 4 ,0 0 0
5
1Q26
500,000
3,6 6 0 ,0 0 0
5
1926
500,000
5
1926
10,000,000
5
1926
500,000
5
1926
a4
2 ,750,000
1926
64
2 ,000,000
1926
19 2 6
325,000
1926
1,450,000
d4
19 2 6
2,4 0 0 ,0 0 0
eA l
A
/4><
19 2 6
11,700,000
19 2 6
350,000
64
19 26
735,000
3,843,000
k7
609,000
1926
19 2 6
1,200,000
1,000,000
including the followi ng dates,
ay 1 1 928; / April 1 1 929; g April 1 1929; 6

Total road operated_______________ 1 ,658.14
Second track_________________________ 500.51
Third tradk____________________________
1.20
Side track_____________________________ 1 ,104.93

Grand total tracks operated—
Steam
and electric roads—
D ec. 31 19 2 5 _________________ 3 ,3 1 0 .5 0

A m oun t
O utstanding

L ast D ividend
and M a tu rity

W hen
Payable

P laces W here In terest and
D ividends A r e Payable

elow.

B O S T O N & A L B A N Y R R .— Owns Boston, M a ss., to A lbany, N . Y . ,
199 miles; branches, 107 m .; leased lines, 90 m .; total, 396 miles.
Leased in 1900 for 99 years to the N ew York Central & Hudson River R R .
for guaranteed rental of 8 % per annum on the $ 2 5 ,0 0 0 ,0 0 0 stock, payable
quarterly (M ar. 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 3 X % 100-year deben­
tures, thus adding .7 7 % per annum to 8 % guaranteed on stock.
See lease
in V. 69, p. 282, 1031. 1102, 1246; V . 70, p . 74; V . 71, p. 645 , 963; V . 107,
p. 1918.
Lease assumed by N . Y . Central R E . D ec. 23 1914.
B O N D S .— The $13,500 ,000 25-year 4 % im pt. bonds are guar. prin. and
Int. by New York Central & Hudson River R R .
N o mortgages can be
placed on the property without jointly including the bonds in the lien
V . 86, p. 1099; V 89. p. 102; V. 91, p. 396.
V. 94, p. 277, 1055, 1316, 1625The 4 % bonds mature $ 7 ,000,000 in 1933, $ 4 ,500,000 in 1934 and $ 2 ,0 0 0 ,000 in 1935
V. 96, p. 553. 651. 946. 1365, 1489, 1838; V. 97. p. 1838.
In June 1916 all bonds issued since the lease to the N . Y . C . & H . R . R R ,
C o. bad been guaranteed (prin. & int.) by the lessee. In A u g. 1917 sold
$1,000,000 guar. 25-year 5s for additions, &c. V . 105, p. 715.
D I V I D E N D S — Since 1900, 8 ? * % , v iz ., 2 % each in M arch and Sept.
2 4 6 % in June and 2 1 4 % in Dec.
Other
Interest,
Balance
Calendar
Operating
O per. I n c .
In c o m e. Rentals &c.. Sur or D ef
Y ea r —
Revenues.
(after Taxes.)
$279,529 $ 3 ,521,479 sur. $739,921
1925 ____ $32,141 ,494 $3,981,871
3 ,3 9 0 ,8 6 2 sur.
613,847
265,304
3,7 3 9 ,4 0 6
1924 ____ 3 2 ,280,373
3 ,2 0 0 ,5 1 5 sur. 1 ,545,068
211,632
1923 ____ 36 ,6 8 7 ,7 8 2
4,5 3 3 ,9 5 1
3,2 0 1 ,5 0 3 sur. 1,477.809
189,723
1922 _____ 3 2 ,5 4 1 ,9 0 4
4,4 8 9 ,5 8 9
— (V . 123, p. 2649.)
B O S T O N & L O W E L L R R .— See Boston & M aine R R .
B O S T O N A N D M A IN E R R .— R O A D .— The system with its many
branch lines covers the territory from Boston, M a s s ., to Portland, M e . (two
lines), Springfield, M a ss., Sherbrooke, C an ., Rotterdam Jet. and Troy,
N . Y . . Worcester, M a ss., to Portland, M e ., and m ost o f New Hampshire.
------------------------------------- M ile a g e D escrip tion —
O wned.
L eased.
Total
Steam RoadsM ain lines_______
1,372 34
1 ,041.06
331 28
Branch lines____
61 7 .0 8
222 60
839 68
Trackage rights.
_______
35.82
35 82

Total

19

RAILW AY STOCKS AND BONDS

Nov., 1926.]

J

&

,1

J

&

Aug 12’26,2 A %
A u g 12’26, 4 %
A u g l2 '2 6 ,3 4 ^ %
A u g 12’26, 5 %
A u g l 2 ’2 6,24< %
Sept 1 1920 2 %
Boston
J Jan 1 1933

J
J

J Jan 1 1929
J Jan 1 1929
&
.1 Jan 1 1929
<
& N N o v 1 1930
& () Oct 1931
& D Ju n el 1935
&
J Jan 1 1929
&
J Jan 1 1929
J Jan 1 1934
A Feb 2 1940
& N M a y 1 1940
&
S Sept 1 1940
S Sept 1 1941
&
& N N o v 1 1941
&
S M ar 1 1942
A- o Apr 1 1942
.1 July 1 1942
&
&
J Jan 1 1943
& \ M a y 1 1943

J
M

A
J

J
J
,r
F

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

&

&
&

o

o

J
.!
&
J
& D
1 &
J
1 &
J
A & O
after wh
Ian . 1 19

Jan
Tune
Ian
Ian

1
1
1
1

1 945
1945
1946
1947

ich the rate bee
30; June 1 1930

m e s o % : a M a r. 1 1927;
k\ Jan 1. 1931; m Jan.

whole but not in part on any div. paym ent date after Jan. 1 1930 at th,?
price o f $110 per share and accumulated divs. but in case o f any such ca1
1
made on or before Jan. 1 1940 a period o f at least 90 days shall interven
between the first publication o f the call and the date fixed for redemption
and during said period any bonds which are convertible m ay 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.
$ 1 3 ,000 ,000 of this stock has been sold to provide funds for improvements
and additions to the property of the railroad and shall be paid for in semi­
annual installments, the first of which shall be 1 0 % of the purchase price
and the others of which shall each be 1 5 % of the purchase price.
In order to com ply with statutory provisions this stock was first offered
to stockholders proportionately at par, and the balance not taken by
stockholders under this offering ($1,482,800) was sold at public auction at
prices ranging from 1 0 1 M to 103 A .
The plan involved the election b y each stockholder either (1) to purchase
at par a certain am ount of prior preference stock (which am ount was not
based on the proportionate allotm ent of said stock among all stockholders),
or (2) to surrender a portion o f his old stock.
For the different classes o f stock the election to purchase new stock
or to surrender old stock was as follows:
(а) H olders o f 1st P r e f. Stock, Classes “ A " and “ E
W ill either purchase
at par $12 par value o f prior pref. stock for each share o f old stock held,
or surrender 1 2 % o f old stock, retaining 8 8 %
(б) H old ers o f 1st P ref. Stock, Classes “ B " and “ C ” : W ill either purchase
at par $12 par value o f prior pref. stock for each share o f old stock held,
or surrender 8 % o f old stock, retaining 9 2 % .
(c) H olders o f 1si P r e f. Stock, Class “ D ” : W ill either purchase at par
$12 par value o f prior pref. stock for each share o f old stock held, or sur­
render 6 4 6 % o f old stock, retaining 9 3 4 6 % .
(d) H old ers o f P r e f. Stock: W ill either purchase at par $15 par value of
prior pref. stock for each share o f old stock held, or surrender 1 2 % o f old
stock, retaining 8 8 % .
(e) H olders o f C om m on Stock: W ill either purchase at par $20 par value
o f prior pref. stock for each share o f old stock held, or surrender 3 2 % of
old stock, retaining 6 8 % .
E xten sion or R efund ing o f Bonds.
Th e present funded debt o f the railroad (excl. o f bonds o f leased road*
am ounting to $ 2 ,7 5 0 ,0 0 0 , which fall due from 1941 to 1944, and excl. also
o f equip, trust notes) am ounts to $1 2 4 ,1 2 3 ,4 7 9 . O f this amount $ 4 8 ,6 8 5 ,479 are held by the United States o f America and $ 7 5 ,4 3 8 ,0 0 0 are outstand­
ing in the hands o f the general public. O f this last amount $43,5 2 2 ,0 0 0 fall
due in the years 1925 to 1932 incl., and these are the bonds to be extended
or refunded. Their due dates are to be severally extended for a period o f 15
years; they are to bear int. as at present until their present due dates and
thereafter during the extended period at 5 % per annum, and are to be call­
able in whole or in part at 102 and int. on any int. date after Jan. 1 1930, but
not before their present maturities. On the bonds, which are now overdue or
which shall hereafter fall due before their extension or refunding, int. will
be paid at the rate o f 5 % per annum from their respective maturities.
It is intended that in addition the extended or refunded bonds shall, in
so far as m ay be permitted by State or Federal legislation now or hereafter
in force, be made convertible at 110 at the option o f the holders thereof
into shares o f the 7 % prior pref. stock at any time on or after Jan. 1 1930,
and before Jan. 1 1940, or if any o f the bonds are called for redemption
between said dates, then before the date fixed for redemption which shall
be not less than 60 days after the date o f the call, subject to the lim itation,
however, that if in any calendar year from 1930 to 1933 incl. $ 7 ,500,000 of
said bonds shall have been so converted, then no further bonds shall be so
converted during the same calendar year except such as have been or shall
be thereafter called for redemption during that year, and subject to the
further limitation that said conversion privilege shall terminate after 90
days if the prior pref. stock as a whole shall be called for redemption.
Stock R eadjustm ent.
The rights o f the various classes o f stock are to be readjusted as follows:
The preferential rates o f dividend upon the 1st pref. stock, classes “ A , ”
“ B , ” “ 0 , ” “ D ” and “ E , ” and upon the pref. stock are to remain unchanged.
The holders o f 1st pref. stock are to surrender the divs. already accumulated
and unpaid on this stock, and also divs. accruing thereon after July 1 1925,
and on or before July 1 1927, except so far as said last named divs. m ay be
declared and paid on or before July 1 1927 and said holders shall remain
entitled to cumulative divs. after July 1 1927. The 1st pref. stock shall be
given priority in liquidation over the pref. and the common stock, not only
for all divs. accruing after July 1 1927 and unpaid, but also for the par value
o f the shares, but shall receive nothing further in liquidation. The 1st pref.
stock shall also be entitled to further limited paym ents after the common
stock has received divs. o f 6 % in any year, as explained in the follow­
ing paragraph:
I f in any calendar year the-holders o f the common stock shall have re­
ceived divs. equal in all to 6 % , then out o f any further divs. declared and
payable on the common stock in the same calendar year one-half in amount
shall be distributed among the then holders o f the 1st pref. stock upon which
the accumulated divs. are surrendered, such distribution to be in proportion
to the annual rates o f the preferential divs. to which said holders respectively
are entitled, but in respect to each share o f said 1st pref. stock this provision
shall cease to apply or be operative when the aggregate o f the am ounts so
distributed from time to time upon said share is equal to one-half o f the acdlstributed from time to time upon said share is equal to one-half o f the
amount o f the accumulated divs. on said share which have been surrendered
as herein provided.
The accumulated divs. upon the 1st pref. stock which are to be surren­
dered shall be kept alive and subject to the disposition o f the com m ittee,
which m ay deal with or utilize said divs. in such manner as seems to it best
calculated to carry out the plan and accomplish the results contemplated.
V . 121, p . 1223.

20




RAILWAY STOCKS AND BONDS

[ V ol. 123

IT
\ ov., 1926.]

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

M ites
Road

B o sto n & M aine— (Concluded)
Equipment gold notes, due $454 ,20 0 annually. _G
Equipment gold cert, due $121 ,00 0 annually .c*& r
do
do
due $141 .00 0 annually____
Bonds o f M erg ed P roperties A ssu m ed —
Improvement bonds s f not subject to call_________ z
B nds for improve i ent & ref___________________zc&r
Ronds gold_______________________________________ zc& r.
Bonds exchanged for Fitchburg stock (V 70, p 175) .z
Portsm Gr Falls & Con 1st M assum________________ z
Worcester Nashua & R och first mortgage equally]

...

_
73
147
147

71
110
63

1920
1922
1923

101

6

100 &c

1,000
500,000
1,000
1.900.000
100
4,000,000
1,000
2,170.000
100 27,293.900
100
850,000
1,000
1,000,000
1,000 &c 14,500,000
100
800,000

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

1897
1897
1917
1910
1911
1891
1910

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

$8,095,690
1,351,001
D r .89 ,0 7 0

$9,978,851
1,431,469
D r.98,430

Gross income............. ..$ 1 7 ,0 0 6 ,7 8 4 $12,848 ,478 $9,357,621 $11,311 ,890
D ed uctions__
Hire of freight cars (net) $2,86 8 ,3 9 0
$2,592,303 $4,853,576 $3,740,761
R ent for leased r o a d s ...
1,229,351
925.523
902,363
920,376
Interest and d i s c o u n t ...
6,685,141
6,733,724
6,319,301
6,038,772
Other deductions_______
754.993
824,191
773,451
583,990
T otal deductions---------$11,537 ,875
$11,075,741 $12,848,691 $11,283 ,899
N e t incom e----------------------- $ 5 ,468,909 $ l,7 7 2 ,7 3 7 d f$ 3 ,4 9 1 ,0 7 0
$27,991
Inc. app. to sink, fu n d s.
$156,234
$147,560
$271 ,71 4
$239,620
yA dd'ns & betterm ents.
716,200
7 1 6 ,2 0 “
'
657,450
504,617
T otal appropriations- $872,434
$863,760
$929,164
$744,237
Balance, surplus-------------$ 4 ,596,475
$9 0 8 ,9 7 7 d f$4 ,420,234 def$716,246
N ote A .— “ For the years 1918 to 1923 Inclusive the corporate and Fedrtlincom e accounts are combined, and in order that balances carried to
profit and loss may agree with corporate accounts, an adjustm ent is made
eliminating Federal income transactions and clearance accounts, ’ Revenues
and expenses prior to Jan. 1 1 9 1 8 .’ ”
y Equipm ent trust installments.
For latest earnings, see “ Railway Earnings Section’ * (Issued m onthly).
O F F IC E R S .— Homer Loring, C h a ir m a n ;________________ P res.; H . R .
Vheeler, Treas.; A . B . Nichols, Clerk.
D I R E C T O R S .— Frank D . True, Charles W . Bosworth, Frank P .
Carpenter, W alter C . Baylies, James Duncan Upham , J. H . Hustis,
Reginald Foster. H . H . D udley, G eo. von L. M eyer, Alba M . Ide, W . M .




Places W here In terest and
D ividends A r e P ayable

J & J 15 T o Jan 15 1935
6
5 K g F & A T o Aug 1 1937 Boston
J & D T o June 1 1938 First N a t B ank, Boston
6

1914
1893

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

Last D ivid en d
and M a tu rity

4,0 8 7 ,8 0 0
1.131,000
1,692,000

4
F
4
F
4 J* g J
J
3 g
J
4K
J
4
4
A
F
4H
M
5
M
4 g
M
4
J
4)4
J
5

$62,987,463 $63,912,556 $75,275 ,588 $67,164 ,593
N et operating revenue. .$ 1 8 ,6 4 1 ,3 0 0 $14,784,742 $11,035,353 $12,555 ,492
$3,187,885 $3,040,802 $2,935,235 $2,571,276
18,638
11,948
4,428
5,365

—

W hen
P ayable

1,919,000
2 ,500,000
6,000,000
5 ,454,000
1,000.000
150,000
380.000
1,000,000
1.250,000
1,000,000
5,000.000
400,000
1.872.000

Total oper. revenues. .$ 8 1 ,6 2 8 ,7 6 3 $78,697,298 $86,310,941 $79,720,084
Operating E xp en ses —
.$ 1 0 ,2 4 1 ,6 8 7 $10,076,152 $11,546 ,362 $11,136 ,236
15,893,992
16,289,365
19,489,240
16,093,525
Traffic
799,145
694,260
659,348
658.822
3 2 ,857,838 3 3 ,828,789 40,705.825 36,519,361
s
290,423
273,641
300,491
338.140
2,9 0 4 ,3 7 8
2,750,349
2,574,326
2,418,510

—

Rate
%

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

Plan D eclared O perative.— The reorganization plan was carried into
effect A u g. 25 1926 when the new refunding bonds totaling $37,5 3 1 ,0 0 0
were delivered in exchange for the same amount o f bonds previously out­
standing, and subscriptions on account of the new prior preference stock
purchased under the plan were paid over to the railroad b y the general
readjustment com m ittee.
B O N U S .— In exchange for the $ 1 9,879 ,000 advanced by the Government
the company issued $ 1 7 ,6 0 6 ,0 0 0 5 % bonds payable July 1 1920 and $2,273
000 6 % bonds payable Jan. 1 1929. The 5 % bonds due July 1 1920 were
refunded by a like amount of 6 % bonds payable Jan. 1 1929. purchased
by the Director General of Railroads.
The new 1st & ref mtge secures all of the consolidated com pany’sbon dequally with the bonds given to the Governm ent, and will cover all the
property owned or hereafter acquired, subject only to the following divi­
sional mortgage bonds: Portsmouth Great Falls & Conway R R
due
June 1 1937. $1,0 0 0 ,0 0 0 : Worcester Nashua & Rochester R R , $530,000
($380,000 due O ct. 1 1934, $150,000 due Jan. 1 1935). Bonds are to ba
issued in series.
(See table at head o f page.) Com pare also “ Reorganiza­
tion Plan” above.
Leased L in e s .— Leases assumed by the consolidated company are:
D iv
Stock
Stock
D iv.
Outstanding Rate
Outstanding. Rate.
VTassawippi V a lle y . 400,000
Vermont & M a s s ..$ 3 ,1 9 3 ,0 0 0
6
6
New Boston R R ____
Troy & B ennington. 150,800 10
$60,000
4
Con & Portsm outh. 350.000
9
Nashua & Low ell___ 800,000
7
Stony B rook________
3 0 0,000
7
Pemigewasset Valley 503,400
6
Wilton R R __________ 240,000
84* Concord & Clarem ’t 400.700
0
Peterborough R R . . 351,900
4
Franklin & T i l t o n .. 132.800
0
Northern R R _______ 3 ,0 6 8 ,4 0 0
6
None
Peterb. & Hillsboro.
0
None
Newport & Richford
C onn. & Passumpsic 2,5 0 0 ,0 0 0
6
0
Boston & M aine guarantees . ,328,000 1st 5s of St Johnsbury & Lake
Champlain Jointly with M aine Central guarantees $ 300 ,00 0 Portland Union
R y. station (now Portland Terminal C o .) bonds. V 93, p. 940, 1323. Also
guarantees $500,000 Concord & Claremont 1st m tge. 5s. due Jan. 1 1944
Equipm ent t, usts issued to Director-General for rolling stock allocated
to this com pany. See article on page 3.
Stockholders r suits, V . I l l , p. 73, 188, 692, 895: V . 112, p . 561. G ovt
loan V . i l l , p. 791: V . 112, p . 160, 2747; V . 113, p. 1052; V . 114, p. 408
1405; V . 117. p. 2541.
D I V S .— j ’93. '94- 98. '99. '0 0 -'0 7 . '08. '09. TO. ’ l l . T 2 . T 3 . None
C om ( % ) - { 8
6 y ly .
6 4 i 7 y ly .
654 6
6
5
4
2
since
On Jan. 31 1920 paid a div. of $2 67 per share on the Pref. stock, the first
payment since M arch 1913. V . 110, p. 359. M a r. 10 1920, 2 % ; Sept. 1 1920,
2 % ; none since. The com pany declared out o f earnings for the six months
ended June 30 1926, semi-annual dividends as follows on the first pref
stock, payable A u g. 12 1926: class A 1st pref., $2 50; class B 1st p ref., $4;
class C 1st p ref., $3 50; class D 1st pref., $5; and class E 1st pref., $2 25;
N o dividends had been paid on these stocks since July 1920.
R E P O R T .— For 192 5, in V 122. p. 1905. showed:
O perating R evenues —
1925.
1923.
1924
1922.
Freight__________________ .$ 5 1 ,4 2 2 ,2 9 2 $47,944,422 $53,409,041 $ 4 8,264 ,270
Passenger_______________ . 20.213,911
21,309,338 23,022,484 22,556,263
M a i l ____________________ _ 1.311.213
1,286.138
913.946
995.029
2,804,753
.
3,126.301
3,122,184
2,919.859
.
5,555,046
5,352,647
4,984,664
5,843,285

$15,434 ,777 $11,731,992
1,572,007
1,116,486

Am ount
O utstanding

1887
1892
1894
1900
1877
Var.
1894
1913
1916
1893
1887
1913
1914

1923
13.12

Par
Value

o

...

D a te
Bonds

o
o
o

Boston & Lowell— Bonds_________________________ zc*
Bonds___________________________________________
Connecticut River bonds___________________________ zc
Fitchburg— Bonds to State of M assachusetts____ zr
Bonds $450,000 authorized________________________ z
Bonds ______________________________________________ z
Bonds o f Leased L in es (Stock, see each co)—
Concord & Claremont (N H )— 1st m tge__________ zc
Conn & Passumpsic 1st m tge $ 1 ,900,000 gold____ z c '
B oston & P rov;dence— Stock 1 0 % gu 99 yrs Old Col
Gold debentures__________________________________O B yc
B oston RR H o ld in g C o— P f s t k 4 % cum red 1 1 0 .zgu
B o sto n Revere B each Sc L y n n — Stock $85 0 ,0 0 0 ____ z
1st M (V 6 5 ,p 68 V 8 3 ,p 379) $ 1 ,000,000 g SBzc*&r
B oston T e rm in al C o— 1st mtge cu rren cy ..O B .zc& r
B o y n e C ity G aylord & A lp en a — 1st M $80 0 ,0 0 0 ___
B rin son R y— See Savannah & Northwestern R R .
B row nsville & M atam B ridge Co— 1st M g g u .S S t .x
Gold bonds $100,000 guar jointly_______________ N .x
B u ffa lo C r— C o n (n o w lst)M $ l ,000,000g int as rent c*x
1st ref M total auth $ 5 ,000,000 g red 105___ U sm .x
B u ffa lo New Y o rk & Erie— See Erie R R

Adjustm ent (see note A )

21

KAILW AY STOCKS AND BONDS

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

5 g
4
5 g
5 g

J
M
J
J

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

A Feb 1
A Aug 1
J Jan 1
.1 July 1
D Ju n el
J Jan 1
O Oct 1
A Feb 1
S M ar 1
s Sept 1
N Feb 1
.1 Jan 1
J Jan 1

&
J
& O
Q— J
&
J
& J10
Q— J
& J15
Text
&
J
&
&
&
&

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

Jan 1 1944
Apr 1 1943
O ct 1 1926 2 K
1938
Jan 10 1926 2 %
O ct 1 1926 I K
July 15 1927
Feb 1 1947
Jan 1 1937

■
TJan
S Sept
J Jan
J Jan

1
1
1
1

1930
1931
1941
1961

C om pany's office, Boston
do
do
do
do
do
do
Second N a t B k , Boston
Amer Trust C o , Boston
do
do
do
do
do
do
A t com pany’s office
do
do
do
do
do
do
M et Trust C o, Boston
Safe D ep & T r C o . Bos
Treasurer’s office. Boat
See text
Office, or checks mailed
State St Trust C o, Bost
M erch N at Bank, Boston
Grand R ap, M ich , Tr Co
St Louis Union Trust Co
New Y o rg Trust C o U S M tg e & Tr C o, N Y
do
do

Parker. Roger Pierce, E . M . Hopkins, W in . D . Woolson, George L . Batchelder, W illiam B . Skelton. T . Jefferson Ooolidge, Louis K . Liggett, Homer
Loring, W . Rodman Peabody, Thomas Nelson Perkins, Louis M . Atherton
and W illiam Dexter.— (V . 123, p. 2133 .)
B O S T O N & P R O V ID E N C E R R .— Owns Boston, M a s s ., to Providence,
R . I ., 43 miles; branches, 20 miles. Leased 99 years April 1 1888 to Old
Colony R R .: rental 1 0 % yearly on stock, lease being modified in 1912.
V . 95, p. 235. The New Y o rk N . H . & Hartford on D ec. 31 1924 owned
$524,600 stock. The com pany issued in M a y 1923 $ 2 ,1 7 0 ,0 0 0 15-year 5 %
gold debentures to refund the 6s due July 1 1923. Endorsed on the bond
and signed both b y lessee and lessor is a statem ent to the effect that the
bonds are issued under provisions of lease o f 1888. Interest payable at
Old Colony Trust C o .. Boston. The com pany in April 1923 applied to the
I.-S . C . Commission for authority to issue $ 2 ,7 1 0 ,0 0 0 of 5 % 15-Year D e­
benture bonds with which to refund these bonds.— (V . 116, p . 2255.)
B O S T O N R A IL R O A D H O L D IN G C O .— Incorporated in Massachusetts
June 18 1909 under special A ct with power to hold securities of Boston &
M aine
The N . Y . N . H . & Hartford transferred its holdings of $27,600,400 pref and com . stock to trustees appointed by the [J. S. District
Court, and as guarantor paid pref. divs. which C o. could not meet
Owned $21,9 1 8 ,9 0 0 common and $65 4 ,3 0 0 pref. stock o f the Boston &
M aine, for which was issued $27,2 9 3 ,9 0 0 non-voting 4 % cum . pref. stock,
redeemable at 110, guar., prin. & divs., b y endorsement by the N . Y . N . H.
& H R R . C o. Th e latter com pany also owns the entire $ 3 ,106,500 com.
stock of the Boston R R . Holding C o. V . 93, p. 870, 1461; V . 94, p. 205;
V 95. p 968
In M arch 1914, under order o f court to divorce the system , the B . & M .
stock was transferred to five trustees, viz.; George W . Anderson and
James L . Doherty o f Springfield, M a ss.; Henry P . D ay and Charles P .
H all o f Boston: Frank P . Carpenter o f M anchester, N . H ., with orders to
sell the same on or before Feb. 1 1909, but the U . S. D ist. C ourt extended
order to O ct. 1 1923. In accordance with the decision of the U . S. Court
for the Southern District of N ew York modifying the N ew Haven dissolu­
tion decree (V . 116, p . 263 7 ), the trusteeship of N ew H aven’s Boston &
M aine stock has been dissolved and Boston Railroad Holding C o . stock was
returned to the New H aven June 14 1923.— (V 117, p. 2108.)
B O S T O N R E V E R E B E A C H & L Y N N R R . C O .— Owns narrow-gauge
road from Lynn to East Boston, M a ss,. 9 miles, connecting with Boston by
com pany’s ferryboats; E ast Boston to W inthrop, 9 miles; also W inthrop to
Point Shirley, 1 m ile. V . 94, p . 982; V . 95, p. 1121. 1402.
D I V S .—
f ’9 7 -’05. '0 6 . '0 7 . '0 8 -T 0 . ’ l l . '1 2 -T 9 . ’ 20. ’2 1 . ’ 2 2 . ’ 2 3 .-’ 2 6
5 6 yrly. 6
6 yrly. 3
2 K 6 yrly
Per c e n t ------ \ 2 yrly. 4
N et.
I n t.& T a x . D iv s.P a id . Balance.
Y e a r ended—
G ross.
D ec. 31 1925_______ $1 ,4 6 8 ,4 6 9 $158 ,40 9 $106,181
$51,000 sur.$1,227
D ec. 31 1924_________1 ,515,739
158,186
104,283
51.000 sur. 2,903
D ec. 31 1923_______ 1 ,583,930
163,265
101,240
51.000 su r.13,346
D ec. 31 1922_________1,519,762
143,422
93,951
34.000 su r.17,379
— (V . 123, p. 2 6 ’ 9.)
B O S T O N T E R M IN A L C O .— Owns Southern Union D epot in Boston,
opened in 1899. V . 68, p . 40; V . 69, p . 5 91. N . Y . Central (Boston & A l­
bany), Boston & P rov., Old C olony and N . Y . N . H & Hartford R R . cos­
own the $500,000 capital stock and pay as rental in m onthly 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. R eg. int. Q .-F .; coup.. F . & A .— (V . 93, p. 1598.)
B O Y N E C I T Y G A Y L O R D & A L P E N A R R .— Operates Boyne C ity to
Alpena, M ic h ., with branches, a total o f 129 miles, forming a cross-State
line from Lake M ichigan to Lake H uron. The I .-S . C . Commission has
placed a tentative valuation of $ 1 ,7 0 6 ,5 0 0 on the com pany’s property as of
June 30 1918. Capital stock authorized, $ 1 ,000,000; outstanding, $669 ,80 0.
A n issue o f $800 ,00 0 1st M . 20-year 5s was sold in 1917. Report for 1925:
Gross, $228 ,60 3; net oper. inc., $28,719 ; other inc., $ 3,813; interest charges,
& c ., $96,830 ; d e f., $ 6 4 ,2 9 8 .— (V . 122, p . 1022.)
B R A Z I L R A I L W A Y .— (V . 121, p . 2 634 .)
B R O W N S V IL L E & M A T A M O R O S B R ID G E C O .— Owns international
3teel bridge over the R io Grande River between Brownsville, T e x ., and
M atam oros, M e x ., connecting St. Louis Brownsville & M exico R y . (N ew
Orleans Texas & M exico) and National R ys. o f M exico. Stock, $ 6 5 0 ,0 0 0 ,
one-half (except directors’ shares) owned by each o f said companies, which
Jointly guarantee both classes o f bonds.
1st M ., $333,000 auth. Year
ended D ec. 31 1925, gross, $ 94,237 ; net, $41,540; other income, $ 10,962 ,
Interest, $18,1 0 0 ; taxes, & c ., $ 1 ,7 1 1 ; net income, $32,6 9 1 .
See National
R y s .. V . 9 4 , p . 2 77.
B U F F A L O C R E E K R R .— Owns 6 miles o f terminal road In B uffalo, N .
Y . In D ec. 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 $ 2 5 0 ,0 0 0 .
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. Th e I .-S . C .
Commission has placed a tentative valuation o f $77,110 on the owned and
used property o f the com pany as o f June 30 1917. Pres., C . A . Brunn,
Buffalo, N . Y . ; V .- P ., F . H . Silvernail, N . Y . ; Sec. & T reas., E . A . Albright,
N . Y . — (V . 123, p. 574.)
BUFFALO
R O C H E S T E R & P IT T S B U R G H
R A I L W A Y C O .—
(See M a p .) .— Operates from Buffalo and Rochester, N . Y . , to bituminous
coal regions
L in es ow ned in fe e —
M ile s . Penn. R R .— Penn. R R . Jet. to
Shuman Run Y , P a ______________ 20
Buffalo Creek, N . Y . , to M t .
9
Jewett, P a ________________________ 98 Other_______________________________
Clarion Jet. to Lindsey, P a ______59
Leased— Stock not ow ned—
Allegheny & Western—
Rochester to Ashford, N . Y ______94
Branches____________________________119
Punxsutawney to B utler, P a .;
Trackage—
M ile s
& c . ............................................................75
Erie— M t . Jewett to Clarion J et. 20 Clearfield & M ahoning—
Clearfield to Beech Creek R R __26
B .& O .— Butler, P a .,to Pittsburgh 41
M ahoning Valley R R ______________ 2
Ribold Jet. to N ew C astle____ 33
Willow Grove to Pittsburgh, P a .
7
Total D ec. 31 1 9 2 5 . . ...........................

.........................................602

22

R A IL R O A D C O M P A N IE S
IF or abbreviations, & c ., see notes on page 8]

M iles
Road

D ate
Bonds

Par
Value

A m oun t
O utstanding

Rate

%

B u ffa lo R o ch e ste r & P ltts b — Com m on stock___ T r
$100 $ 1 0,500 ,000 See text
6
Pref stock non-cum common 6 % then pro rata__T r
100 6 , 000,000
B R & P 1st gen mtge ($10,000,000) g o ld ..U n .z c *
1,000 4.4 2 7 .0 0 0
5 g
273 1887
Line P & Chari 1st M gold guar___________ U n .zc*
5 g
350.000
1,000
10 1889
B R & P consol m tge g $ 3 5,000 ,000 au th __C e.xc*& r
370 1907 1.000 &c 2 5 .5 7 8 .0 0 0
4J4 g
1,000
Equip bonds G $3,00 0 ,0 0 0 gold sinking fund Q .x c *
1909
475.000
4 g
do
H gold $125,000 due yearly text____ Q .x c *
1913
1,000
500.000
5 g
do
J gold (no “ I " ) $ 5 0,000 due s -a n _ .G k .y c *
1,000
1917
696.000
do
K $40,000 due sem i-annually________ C e.k c*
560.000
1,000
1918
6 g
1,202.400
1,000
do
N o . 10 g notes $133,600 ann_____________ Q .c *
1920
6 g
1,000
do
L due $128 ,00 0 annually______________Q k .c *
1.536.000
1923
5 g
See text
100
B u ffa lo & S u sq RR C orn— Com m on stock_________
3 .0 0 0 .
000
Preferred stock 4 % cumulative _____________________
4
100
4 .0 0 0 .
000
100 &c
First mortgage $10,000 ,000 gold_______________ Eq.x
4,656 000
4 g
B u ll Frog & G o ld fie ld — First mortgage bonds_______
$148 ,00 0
1920
5
B u rlin g to n C edar R ap id s & N or— See Chicago R ock Is] and & Pacific R y
1.000
B u tte A & P— 1st M g gu sink fund call 105.yc*& r*
2 .441.000
5 g
151 1914
1.000
C airo & T h eb es R R — First m ortgage_______________x
4
1.699.000
1911
C alg ary & E d m o n to n — See Canadian Pacific R y .
600.000
Cal W _R R & N— New mortgage $ 7 5 0 ,0 0 0 ____________
52 1914
C am bria & C lea rfield — See Pennsylvania R R .

§g

$

The I .-S . C . Commission has placed a tentative valuation o f $48,827 ,821
on the total owned, and $ 5 7 ,5 2 9 ,3 5 2 on the total used property of the com­
pany as of June 30 1917. V . 122, p .8 7 9 .
Lease to D elaw are
H u d son C o.— The stockholders on Sept. 15 1925
approved the lease o f the property to the Delaware & Hudson C o. for 999
years from Jan. 1 1926, subject to the approval of the I .-S . C . Commission.
T h e lease provides for a rental suficient to pay 6 % net annual dividends
on the $6,00 0 ,0 0 0 outstanding pref. and $ 1 0 ,5 0 0 ,0 0 0 outstanding common
stocks, the paym ent o f all fixed charges and assumption o f its maturing
obligations.
O R G .— Successor 1887 o f R och. & P ittsb., foreclosed, plan V . 4 1 , p . 516
The entire capital stock ($4,000,000) o f the Rochester & Pittsburgh Coal
Sc Iron C o . (V . 66, p. 1088), carrying control o f the Jefferson & Clearfield
Coal & Iron C o ., was transferred in 1906 (subject to the lien o f the General
M tg e .) to the Mahoning Investment C o . in consideration o f $4,12 5 ,0 0 0
o f its stock, which was then distributed pro rata among holders o f R y .
com . and pref. stock. V . 83, p . 1468; V . 85, p. 414, 415. Allegheny &
W estern R y . and Clearfield & M ahoning R y . securities are guaranteed.
D IV S
I '07. 08. 0 9 . TO. ' l l . 12. T 3 . T 4
15 16 . 1 7 . 18.' 19-26.
C m % ----- 1 5 H 4 H
4
4
5
BH 6
5
4
5
6
5 4 y e a r ly
B O N D S , & C .— General 5s $5,57 3 ,0 0 0 reserved for prior bonds, &c.
The 50-year Consols ($ 3 5 ,0 0 0 ,0 0 0 authorized) are to bear not over 4 *-£ %
int. $ 3 ,0 0 0 ,0 0 0 were issuable at once, $18,1 4 5 ,0 0 0 to retire underlying
obligations at or before maturity and the remainder for future requirements
On D ec. 31 1925 $ 2 5 ,5 7 8 ,0 0 0 were outstanding in hands of public and
$ 3 ,5 3 6 ,0 0 0 were held in treasury. V . 8 4 , p . 867, 1306; V . 8 5 , p. 3 9 , 414;
V . 95, p. 361, 749; V . 98, p. 9 9 9 , 1070, 1155, 1315; V . 9 9 , p. 118, 1748;
V . 100. p. 228: V. 113. p. 2718
E quipm ent Bonds.— Series F were redeemed at par and interest on O ct. 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 . 9 4 . p. 122; Y . 9 7 , p. 364. Series H , V . 9 7 . p. 1582;
V . 98, p. 1459. Series J, V . 105, p. 3 88. 605.
(No Series I .)
Series K .
V . 107. p. 1099. 2375.
Series N o . 10 are redeemable at 103 and interest.
V . 113, p 1469. Series L , V . 116, p . 933.
Equipm ent trusts issued to Director-General for rolling stock allocated
to this company
See article on page 3
R E P O R T .— For 1925, in V . 122, p. 1445, and 1488, showed:
1925
1924
1923
1922
Freight revenue__________ $14,314 ,886 $13,5 7 5 ,5 7 8 $19.310 .382 $14,366 ,438
Passenger revenue______
1 ,442.158
1 ,628,372
1,762.856
1,652.355
Other transportation___
680,809
643,698
662.235
588.521
In c id e n ta l____________________ 122,928
104,205
289.178
139,192
Total oper. re v e n u e ..$16,560,781 $ 1 5,951 ,853
M aintenance o f w ay____ $ 2 ,100,406
$1,713,591
M ain t. of e q u ip m e n t ...
4 ,5 2 7 ,0 3 5 4 ,6 8 3 ,4 4 7
T r a f f i c ___________________
325,661
307,580
Transportation__________ 6,2 2 9 ,9 2 2
6,2 4 0 ,2 1 8
M iscellaneou s___________
29,986
29 ,5 6 8
G e n e r a l_________________
477,720
476,719

$22,024,651 $16,746 ,506
$ 3 ,913,515 $ 2 ,391,728
7 ,079.623
6 ,505.106
309,012
237,294
8 ,433.139
6,710,688
3 1.968
28,214
408,012
459,629

Total oper. exp enses..$ 1 3 ,6 9 0 ,7 2 9 $ 1 3 ,451 ,122 $20,175,269 $16,332 ,659
N et operating r e v e n u e .. $2,87 0 ,0 5 2 $2,500,731
$1,849,382
$413,847
Tax accruals & uncollec.
4 96,015
4 07,932
401,886
371,804
Operating income____ $2,374,037
Hire of freight cars______
397,348
Other incom e____________
398,190

$2,09 2 ,7 9 8
618,000
417.431

$1,447,496
1.592,104
524,175

$42,043
583,134
586,166

Gross income___________ $ 3 ,169,574
R e n t s ------------------------------$781,163
In t e r e s t _________________
1,705,869
M iscellaneou s___________
20,9 4 6

$ 3 ,1 2 8 ,2 3 0
$752 ,09 9
1,7 2 7 ,0 3 0
2 7,217

$3,563,775
$760,164
1,713,965
8,148

$ 1 ,211,343
$713,810
1,681,828
6,870

Surp. avail, for d i v s ..
$661 ,59 6
$621,883 $ 1 ,0 8 1 ,4 9 8 d f $ l,191,165
Previous surplus________$ 4 ,060,543 $ 4 ,2 7 7 ,4 2 0 $ 4 ,002,448 $6,228,881
A d ju stm e n ts____________D e6494,473
D e658.760
£>e&26,526 De&255.268
Preferred divs. ( 6 % ) . . .
3 60,000
3 6 0,000
360,000
3 60,000
Com m on di vs. ( 4 % ) ____
4 20,000
42 0 ,0 0 0
4 2 0,000
420,000
Profit & loss su rp lu s .. 3 ,4 4 7 ,6 6 5 $4 ,0 6 0 ,5 4 3 $ 4 ,277,420 $4,002,448
O F F IC E R S .— Pres., W m . T . Noonan, Rochester; V .-P ., Adrian Iselin
W . Emlen Roosevelt, N . Y . ; Thos. F . Brennan, Rochester; Aud. & Treas.,
J. F .D in k ey, Rochester: Sec. & A sst. Treas., Ernest Iselin. New Y o rk.
Directors.— Henry G Barbey, A . Iselin, William E . Iselin, J. Herbert
Johnston, O . O 'D . Iselin, W . T N oonan, George E . Roosevelt, W . Emlen
Roosevelt, Ernest Iselin, O'D onnell Iselin, Oscar Grisch, Samuel W oolverton, Hamilton F. K ean. Offices, Rochester, N . Y . , and 36 W all S t., New
Y o rk .— (V . 123, p. 574.)
B U F FA LO & SU S Q U E H A N N A R A IL R O A D C O R P O R A T IO N —
Owns from Sagamore, P a ., to W ellsville, N . Y . , with several branch lines
incl. 15.44 m . trackage. Total mileage D ec. 31 1925, 253 .5 4 . lncorp. in
Pennsylvania and succeeded D ec. 31 1913, per plan in V . 98, p. 1503, the
B . & S. R R ., foreclosed D ec. 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 o f June 30 1919. $ 9 ,845,905.
S T O C K .— Authorized (par $100). com m on, $3,000,000; 4 % pref. (p. &
d .) , cumulative after Jan. 1 1915, $ 4 ,0 0 0 ,0 0 0 . Listed on N . Y . and Phila.
Stock Exchanges. Voting trust expired D ec. 31 1923.
D ividends— 1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924. 1925.
On com . stock
7
7
7
10
7
17
17
9)^
6
N o paym ents have been made on com m on stock since D ec. 30 1925, when
M % was p a id .
B O N D S — The 1st m tge. bonds ($10,000,000 auth.) are secured on the en­
tire property and further by deposits of mortgages aggregating $687,681
on coal lands of the Powhatan Coal & Coke Co. and of a m tge. for
$1,000,000 on the properties of the Buffalo & Susquehanna Coal & Coke




[V ol. 123,

RAILW AY STOCKS AND BONDS
W h en
Payable

&
&
&
&
&
&
&
&
&
&
&

Last D ividend
and M a tu r ity

A
A
S
J
N
O
J
O
A
J
D

A u g 18 1926 2 %
Aug 18 1926 3 %
Sept 1 1937
Jan 1 1939
M a y 1 1957
Oct 1 1929
To Jan 1930
A p r '27 to O ct'33
Feb'27 toA u g'33
T o Jan 15 1935
T o June 1938
D ec 3 0 1 9 2 5 %
& D 30 June 30 '26 2 %
&
J D ec 30 1963
& O Oct 1 1928

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

36 W a ll S t. N ew York
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Guaranty T rust C o . . N Y
N ew York
B y treas's. check on N Y
do
do
E B Smith & C o , N Y

Feb 1 1944
M ar 1 1961

G uaranty T r C o , N Y
See text

O ct 1 1934

Anglo-Cal T r C o . San Fr

C o . and o f all the stock of the Addison & Susquehanna R R . and all the
stock and bonds o f the Wellsville Coudersport & Pine Creek R R . and of al
the stock of the Keystone Store C o . V . 73, p. 619, 899; V . 84, p. 748.
O f the bonds, $ 6 ,959,000 have been issued. The remaining $3 ,0 4 1 ,0 0 0
bonds, or any of them, may bear not to exceed 5 % interest and can be issued
only for additions, extensions, im provements, acquisitions of property or
acquiring or discharging liens on property of corporations in which 9 0 % of
stocK is owned. Sinking fund for redemption of bonds at not to exceed par
and in t., $50,000 per ann. for 35 years; also all sums in excess of $50,000 per
ann. received on account o f principal of any mortgages held as collateral
under such mortgage and anj further payments authorized in case of issue
of further bonds or otherwise. B onos retired through operation of the
sinking fund to be held alive. To N o v . 1 1926, $1 9 3 4,500 had been retired,
while $368 ,50 0 were held in treasury and $4 6 5 6,000 were outstanding,
V . 97 p. 1503: V 98. p 1765: V . 100. p. 980. 1 0 0 6 : V 108, P 2329, 2240.
B U F F A L O & S U S Q U E H A N N A C O A L & C O K E C O .— This company
the $ 1 ,000,000 5 % M . bonds of which are owned by the B . & 3. RR. O orp..
owns coal lands at D u Bois, Onondaga and Sagamore, P a , 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.
P O W H A T A N C O A L & C O K E C O .— This com pany, all of whose bonds
are owned by the B . & S. RR. C orp., owns coal lands at Tyler and a t
Sykes. Its coking plants have a capacity of 1,800 tons of coke daily.
Keystone Store C o ., stock $ 50,000 , all owned by R R . Oorp
R E P O R T .— For 1925, in V . 122, p . 2640, showed:
1 Q93
Calendar Y ea rs—
1925.
1924.
Total operating revenues_______________ $1 ,4 6 3 ,3 1 5 $1,914,201
$2,780,877
Operating expenses____________________
1,509,971
1,941,347
2 ,652,044
Taxes, & c______________________________
36,4 6 9
4 3,882
147,991
Hire of equipment— C r________________
2 21,475
3 63,640
610,307
Joint facility rents, &c.— D r _________
26,431
26,473
2 6,450
N e t railway operating incom e, __
Dividend incom e, , , ,
_______ _____
Interest on securities, &c __
M iscellaneous
. ..
,
_____

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

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

$564 ,69 9
$308 ,90 9
208,033
560

Gross income ,
_
_______ Bond interest _ __________
_
Sinking fu n d ,
_ .
, _______ __
M isce lla n e o u s___________ __
.

$289,011
$194,325
6 9,295
15.653

$531,353
$200 ,54 6
6 3.074
11,877

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

T o ta l deductions____________________
$279 ,27 3
$275 ,49 7
$274,282
Surplus for year------------------------------------9 ,7 3 8
2 55,856
807,919
D ividends paid------------------------------------3 40,000
4 45,000
670,000
For total earnings see ‘ ‘ Railway Earnings Section” (issued m on th ly ).
D IR E C T O R S — E . R . Darlow (Pres ). A . A . Jackson, P. G . Bartlett,
Herbert H . D ean, J. S. Farlee, Charlton Yarnall, Albert L . Smith J.
Rutherford M cA llister, and A . M . Darlow ( V .-P . & G en. M g r .); S ec.-Treas.,
F . E . H all; G en. A u d ., T . J. E lm er, 986 E llicott S q ., B uffalo.— (V . 122,
p. 2 6 4 0 .)
B U L L F R O O -G O L D F I E L D R R .— B eatty, N e v .. to Goldfield, N e v ., 80
miles. In June 1914 control was obtained by Las Vegas & Tonopah R R .,
duplicate lines being abandoned, but in 1918 that company went out of
business and this road has since been operated in connection with Tonopah
& Tidewater R R . and D eath Valley R R . V . 99, p. 1536.
During the latter
part of 1919 M essrs. Althause and La Grange purchased a m ajority 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, M ontana, the holder of the out­
standing bonds, agreed to take $ 148 ,00 0 in new 1st M tg e. bonds in exchange
for the old 1st and 2d M tg e bonds held and in partial satisfaction of unpaid
accrued int. on outstanding bonds. Officers: R . O . Baker, Pres.; C . B .
Zabriskie, V .-P & Treas.; N . S. M iller. Sec., 523 Pacific Electric B ld g ..
Los Angeles, C alif.— (V . 113, p . 1052.)
B U T T E A N A C O N D A & P A C IF IC R Y .— Owns Butte to Anaconda,
M o n t., and west to Browns, 30 miles; spurs, 37 miles; 2d track, 2 miles,
sidings, 67 m .; total. 136 m .; also leases Stuart to Anaconda, 9 m .; sidings;
5 m .; total, 150 miles, of which 115 miles operated electrically. V . 9 7 , p,
1114: V 96, p 135. Stock, $ 2 ,5 0 0 ,0 0 0 , all of which Anaconda Copper C o .
owns. Dividends: 1910 & 1911, 6 % ; 1912, 3 % and 1 50% in stock; 1914.
4 H % ; 1915, 6 % ; 1916, 1917 & 1918, 1 2 % ; 1919. 6 % ; 1920-24, none; 1925
1 5 % . Bonds ($5,000,000 auth. issue), of which $ 2 ,441,000 are outstanding,
are guar., p. & i ., by Anaconda Copper M ining C o. V . 98, p. 837. For
year ending D ec. 31 1925, gross, $1,7 2 5 ,5 8 6 ; net, $ 3 02 ,58 8; other inc.,
$495 ,81 7; charges, $151 ,25 0; dividends. $375,000; balance, $272 155.—
(V . 123, p. 978.)
C A I R O & T H E B E S R R .— Owns Cairo, 111., to the bridge across the
Mississippi River at Thebes, 111., 25 miles. Leased to St. L . I . M . & So. R y.
(now M o . Pac. R R .) for 99 years from M ar. 1 1911, rental covering int. on
an authorized issue of $2,00 0 ,0 0 0 4 % bonds, of which $1 ,6 9 9 ,0 0 0 are issued
and outstanding, all owned by L . & N .
V . 95, p. 1121. Colum bia Trust
Co. of Louisville, K y ., trustee. Stock (all owned by M o . Pac. R R . C o .) ,
$10,000; par, $100. Pres., L . W . Baldwin; T reas., F . M . Hickm an; Sec.,
F. W . Irland, St. Louis.— (V . 9 5 , p. 1121.)
C A L G A R Y & E D M O N T O N R Y .— Owns Calgary Jet., Canada, to
Edmonton , Canada, 193.4 miles, and to Fort M cL eod, Canada, 107.3 miles;
Wetaskiwin to Hardisty, 9 3 .8 m .; Lacombe to Kerrobert, 223.3 m .; total,
617.8 miles. V . 93, p. 1785; V . 94. p . 910.
In 1903 re-leased to Canadian Pacific (which owns entire $ 1 ,000,000 stock
and $7 ,4 4 0 ,0 0 0 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.)
C A L I F O R N IA -W E S T E R N R R . & N A V I G A T I O N C O .— Owns Fort
Bragg, C a l., to W illits, 50.66 miles. Stock issued, $1 ,0 0 0 ,0 0 0 ; par, $100
D iv s. paid year 1909. 2 > * % ; 1910, 7 H % : 1911. 1 0 % : 1912, 1 0 % : 1913-14,

Xov., 1926.]

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 notes on page 8]

C am bria & In d ia n a R R — I s t M g r e d 102J^.GPxc*& r
General mtge Series A red 1024$_______ G P k.xxxc*
C am d en & B u rlin g to n C o u n ty — Stock 6 % guar___
First M g gu p & i by Un N J R R & Can C o .G P .x c *
C a n a d a A tla n tic — SeeOanadian N ational R y .
C a n a d a & G u lf T erm ’ l Ry— 1st M $ 1 ,140,000 gold .
C a n a d a S o u th e r n — Stock______________________________
Cons guar gold bonds (1st M on main line) ,G .zc*& r*
Leamington & St Clair 1st M g gu p & i (end)___ zc*
C a n a d ia n N a tio n a l R ys— See text.

M iles
Road

26

Date
Bonds

1911
1919

__

1897

38 M
380
14

1920
__

1912
1895

Par
Value

A m ount
Outstanding

$1,000
1,000
25
1,000

$ 541,000
See text
502,150
350,000

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

1,140,000
15,000,000
22 ,5 0 0 ,0 0 0
130,000

none; 1916, 6 % : 1 9 1 7 ,2 4 S % : 1918, 7 4 $ % : 1919, 1 X .% ; 1924, and 1 9 2 5 ,2 4 $ %
(paid from surplus). Bonds are guar. p . & 1., by Union Lumber C o . V . 99,
p . 894. 1213; V . 100, p . 1436. Year ending D ec. 31 1925. gross. $274 ,68 0;
net, after taxes, $47,985 : other income, $52,484; deductions, $43,0 0 7 ; bal­
ance before dividends, $ 5 7,462 ; dividends ( 2 4 $ % ). $25,0 0 0 .— (V . 100, p .
1436.)
C A M B R IA & IN D I A N A R R .— Colver to M anver, P a ., 18.70 m .; D ob;
son Jet. to Rexis, P a ., 4 .2 5 m .; Colver to Colver H eights, P a ., 2 .20 m .
Regan Jet. to N a n t-Y -G lo , P a ., 7 .60 m .; N a n t-Y -G lo to R evloc, Pa.
4 .9 0 m .; yard tracks and sidings, 2 2 .3 0 m .: total, 59.9 5 m .
Th e I .-S . C . Commission has placed a tentative valuation of $3 ,8 0 0 ,0 0 0
on the total owned and used properties of the com pany as of June 30 l 9 l 8 .
Stock, $ 1 ,5 0 0 ,0 0 0 . Bonds, $ 900 ,00 0 authorized and issued; sinking fund
2c. per gross ton on coal originating on the line; minimum. $16,000 .
Authorized Issue o f 1st M . 5s o f 1911, $900,000, of which on D ec. 31
1924 $900,000 had been Issued, and o f these $359 ,00 0 had been retired;
$75,000 held In treasury.
G en. M . bonds. 6 % Series “ A , ” au th., $ 4 ,000,000; nominal date of issue,
A u g. 1 1919: date o f m aturity, Aug. 1 1944, of which par value outstanding
as o f D ec. 31 1921 is $1,6 3 0 ,0 0 0 . O f this amount $89,000 are in treasury.
Equip, trusts D ec. 31 1921, $15,000 “ B ” 5s, due ann. to M ar. 1 1927;
$80,000 “ O ” 5s, due ann. to Feb. 1 1928; $120,000 Series “ E ” 5s, due part
ann. to M ay 1 1929, and $616,000 “ F ” 44$s, due ann. to D ec. 1 1931.
In April 1923 sold $ 1 ,7 0 0 ,0 0 0 Series “ G ” 54$s, due ann. to M a y 1 1938,
o f which par value outstanding as of D ec. 31 1924 was $1,5 8 7 ,0 0 0 .
E A R N I N G S .— For cal. year 1924, gross, $ 1 ,0 1 4 ,4 2 1 ; net oper. deficit,
$319 ,64 8, other income. $82 9 ,3 0 8 ; in t., rentals, & c., $ 3 22 ,85 9, b a l., sur.,
$ 1 86 ,80 1.
Pres., C . E . Sprout; A sst, to Pres. & G . F. A ., A . L . Horst; Sec., C . M .
Johnson; T reas., L . G . Ball. Office, 260 S. Broad S t.. Philadelphia, Pa.
— (V . 120. p. 33081
C A M D E N & B U R L I N G T O N C O U N T Y R Y .— Owns from Pavonia,
N . J ., to Pemberton, N . J ., 22.3 4 miles; connection with P . & A . R R . at
Birmingham, N . J ., 0 .12 m .; other branches, 8 .8 2 m .; total, 3 1 .2 8 m .
Organized in 1915 as a consolidation. Au th. capital stock, $800 ,00 0
V . 101, p. 46, 1092; V . 102, p . 65. Operated under lease by Penn. R R .,
which guarantees 6 % on stock.— (V . 121. p . 974.)
C A M P B E L L ’ S C R E E K R R .— (V . 123. p. 2514 .)
C A N A D A & G U L P T E R M IN A L R Y .— Owns Ste. Favte to H am m erm lll,
Q ue., 384$ miles. Stock authorized, $ 4 ,000,000; par, $100. Bonds, see
table. For 1925, gross, $116 ,99 6; net, $22,858; in t., rentals, & c., $125 ,91 1;
bal., d e f., $103 ,05 3.
Pres., M . J. O ’Brien, O ttaw a, O nt.: V .-P re s., J. A .
O ’Brien, Ottawa. O nt.: Sec.-Treas., E . M . H octor, M ontreal, Que.
C A N A D A S O U T H E R N R Y — [See M a p s N ew York Central L in e s .)R O A D .— M ain line from Suspension Bridge station, including the Cantilever
Bridge, to Windsor, O n t., 226 m .; branches to Courtright, O n t., & c., and
controlled lines, 154 m .; total, 380 m .; Canada So. Bridge, 24$ m . Track­
age, St. Thom as to London, O nt., 15 m . Double track. 242 miles.
O R G A N I Z A T I O N , & c.— The company was chartered in Canada Feb
28 1868 and debt readjusted in 1878. In 1903 made a new lease to Michigan
Central for 999 years, the latter, which owns $ 7 ,810,000 stock, guaran­
teeing divs.; rate since Jan. 1 1911, 3 % yearly. V . 76, p. 1191, 1247.
The M ich. Cent, guarantees prin. and int. of $ 4 0,000 ,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, 200, 789, 1421. Report for 1925, gross, $22 ,9 5 9 ,4 0 2 ; net
oper. income, $ 8 ,8 2 6 ,4 5 6 ; other income, $276,875; interest, rentals, & c.,
$ 3 ,2 9 5 ,3 7 8 ; d ivs., $450 ,00 0; bal., sur., $ 5 ,3 5 7 ,9 5 3 .— (V . 116, p . 2636.)
C A N A D IA N N A T IO N A L R A I L W A Y S .— (See M a p .) — In 1919 a com
pany under the name o f “ Canadian National Railway C om p an y" 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
G overnm ent. This company was organized in October 1922.
In Jan. 1923 an amalgamation was effected between the above company
and the Grand Trunk R y . o f Canada, the result being a new company with
the name “ Canadian N ational 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 R y. C o . all the capita)
stock o f the Grand Trunk C o . became vested in H is M ajesty the King on
behalf of the Dominion o f Canada and as a result o f this and o f the above
amalgamation there was issued in favor o f the M inister of Finance of the
Dominion of Canada in trust for His M ajesty as above $180,424,327 70 of
capital stock of the new Canadian N ational R y . C o. This amount repre­
sented the previously outstanding capital stock o f the Grand Trunk C o .,
there being no capital stock outstanding of the previous Canadian National
R ys. C o. The Canadian National R ys. now operates 22,192 miles of
railway all under control o f the same directors and the same general and
executive officers, whether acting respectively as directors or officers o f one
or another o f the companies included in the Canadian National R ys. System
Sum m ary o f M ile a g e (F irst M a in Track) .
Total
M ile a g e Owned M ile a g e U n M ile a g e o f
Road
Trackage
by C onstituent der Lease or
M ile a g e
Rights.
Territory—
C om p a n ies.
Contract.
2,811 93
1564
Atlantic region________ 2,571.51
224.78
32.29
7,646 02
Central region--------------- 7 ,1 6 1 .5 0
452.23
26.21
991.69
G r'd Trunk W est, lines
841.81
123.67
53.9 8
10,742.13
W estern region________ 1 0 ,257.60
430.55

Rate

%

5g
6 g

6

W h en
Payable

M &

F
J

&
&

J
F
A
A

&

4 g
3
6 g
4 g

&

N
A
J
A

23
Last D ivid en d
and M a tu rity

M a y l 1936
Aug 1 1944
July 1926
Feb 1 1927

J Jan 2 1940
A Aug 2 1926
1 1962
1 1945

& O Oct
& O Oct

N a m e o f Is su in g C om pany —
International Bridge C o ______________
Lachine Jacques Cartier & M aisonneuve R y . C o _______________________
M ichigan Air Line R y ________________
♦Montreal & Sou. Counties R y . C o .
M aganetaw an River R y . C o ________
♦Montreal Warehousing C o __________
New England Elevator C o ___________
♦Oshawa Railway C o ________________
Ottaw a Terminals R y . C o ___________
Pembroke Southern R y. C o __________
Portland Elevator C o ________________
♦Rail & River Coal C o _______________
St. Clair Tunnel C o ___________________
♦Terminal Warehousing C o ., L t d ___
♦Thousand Islands R y . C o __________
Toledo Saginaw & M uskegon R y .C o .
Toronto Belt Line R y . C o ___________
United States & Canada R R . C o ____
Vermont & Province Line R R . C o ._
♦Prince Charles, Lim ited____________
Canadian N ational Land Settlement
Association_________________________
Pontiac Oxford & Northern R R . C o .
Detroit & Huron R y . C o ____________
Chicago & Kalam azoo T e r m .R R .C o .
Grand Trunk-M ilw . Car Ferry C o . .
W hipple Car C o _______________________

P laces W here In terest and
D ividends are Payable

Girard Trust C o , Phila

3%

Broad St Station, Phila
do
do
R oyal T r C o , M ontreal
Lexington A v e , N Y
•
do
do
Agts Bk o f M ontreal, N Y

1H 466

Capital
Stock.
S
1 ,500,000

H eld by
System .

H eld by Govt
and Others.
$

1 ,500,000

1,200
3 00.000
500.000
30,0 0 0
236.000
4 00.000
iUU.UUU
107.800
50.000

2 , 000.000
7 00.000

30 0 .0 0 0
3 06,500
30 .0 0 0

221,100

4 00.000
40.0 0 0
2 50.000
90 ,5 0 0
5 0.000

193,500
' 1 4'900

17,300

2 , 000.000
7 00.000

1 , 000,000

1 , 000,000

60.000
1,6 0 0 ,0 0 0
50,0 0 0
2 19,400

6 0.000
1,6 0 0 ,0 0 0
26 .0 0 0
2 18,925

10,00u

200.000
10,000

1 , 000,000

2 4.000
475

1, 000,000

200.000

148.000

148.000

1 0 0 .0 0 0
200,000

100.000
200,000

1 ,400,000

1 ,400,000

T o ta l Canadian N ational R ailway
(Grand Trunk) group----------------- 2 0 4 ,0 0 8 ,9 2 8 38,13 1 ,0 1 4
Canadian Northern R y . C o __________1 0 0 ,0 0 0 ,6 0 0
__________
Bay of Quinte R y .C o ________________
1,3 9 5 ,0 0 0
1,395,000
Bessemer & Barry’s B ay R y . C o ____
125,000
125,000
Canadian Northern Alberta R y . C o .
3 ,0 0 0 ,0 0 0 3 ,0 0 0 ,0 0 0
Canadian N or. R y . Express C o ..L t d .
1,0 0 0 .0 0 0 1 ,000,000
Canadian Northern M anitoba R y _ _
2 5 0,000
250.000
Canadian Northern Ontario R y . C o .
10,00 0 ,0 0 0 1 0 ,000,000
Canadian Northern Pac. R y . C o ____ 2 5 ,0 0 0 ,0 0 0 25 ,0 0 0 ,0 0 0
y Canadian Northern Quebec R y . . .
9 ,5 5 0 ,0 0 0 5 ,7 0 0 ,8 0 0
♦Canadian National Realties, L t d . .
4 0 .0 0 0
40 ,0 0 0
C an. N or. Saskatchewan R y . C o ___
1 ,000,000
1,0 0 0 ,0 0 0
Canadian Northern Steamships, L td .
2 ,0 0 0 ,0 0 0 2 ,0 0 0 ,0 0 0
♦C an.N or.C oal & Ore D ock C o .,L td
50 0 ,0 0 0
50 0 ,0 0 0
Can. N a t. Rolling Stock, L t d _______
5 0 ,0 0 0
50,0 0 0
Can. N or. Rolling Stock, L t d _______
50 ,0 0 0
50,0 0 0
♦Can. N ational Electric R y s ________
1,7 5 0 ,0 0 0
1 ,750,000
C an. National Express C o ----------------1,0 0 0 ,0 0 0
1,0 0 0 ,0 0 0
Can. N or. System Terminals, L t d . .
2 ,0 0 0 ,0 0 0 2 ,0 0 0 ,0 0 0
♦Can. N ational Telegraph C o _______
50 0 ,0 0 0
5 00,000
♦Can. National Transfer C o ------------50 0 ,0 0 0
5 00,000
C an. Northern W estern R y . C o ____
2 ,0 0 0 ,0 0 0
2 ,0 0 0 ,0 0 0
Central Ontario R y ----------------------------3 ,3 3 1 ,0 0 0
3 ,3 2 9 ,0 0 0
Continental R ealty & H olding C o .,
L td _____________
9 0 ,0 0 0
90,000
5 0 ,0 0 0
50,000
Dalhousie Navigation C o ., L t d ______
Duluth W in n . & Pacific R R . C o ____
100,000
100,000
D ul. W in n . & Pacific R y . C o ________
6 ,0 0 0 ,0 0 0
6,0 0 0 ,0 0 0
♦Duluth & Virginia Realty C o _______
4 5 ,0 0 0
4 5,000
Duluth Rainy Lake & W in n . R y . C o .
2 ,0 0 0 ,0 0 0 2,0 0 0 ,0 0 0
♦Federal Properties, L t d ____________
1,000
1.000
♦Great N . W . Telegr. C o. of Canada
3 7 3 ,0 0 0
3 3,225
do
do
(held in escrow)
__________
331,500
Halifax & South W estern R y . C o ___
1 ,0 0 0 ,0 0 0
1 ,000.000
Irondale Bancroft & O ttaw a R y . C o .
5 3 ,5 0 0
5 3,000
James Bay & Eastern R y . C o _______
1,2 5 0 ,0 0 0
1,250,000
M armora Railway & M ining C o ____
128,600
128,600
Lake Superior Terminals C o ., L t d . .
50 0 ,0 0 0
500,000
40 0 ,0 0 0
400,000
M innesota & M anitoba R R . C o ____
M innesota & Ontario Bridge C o ____
100,000
100,000
M ount Royal Tun. & Term . C o ..L t d .
5 ,0 0 0 ,0 0 0 5,0 0 0 ,0 0 0
♦Niagara St. Catharines & Toronto
R y . C o _____________________________
92 5 ,0 0 0
924,900
♦Niagara St. Catharines & Toronto
N a v . C o. ( L t d .)____________________
100,000
100,000
Quebec & Lake St. John R y . C o ____
4 ,5 0 8 ,3 0 0
4,0 1 9 ,1 0 0
Qu’Appelle Long Lake & Saskatche­
wan R R . & Steamboat C o ________
20 1 ,0 0 0
201,000
St. Boniface W estern Land C o ______
25 0 ,0 0 0
250,000
St. Charles & Huron River R y . C o . .
10,000
10,000
Toronto Niagara & W estern R y .C o .
125,000
125,000
Winnipeg Land C o ., L t d ____________
100,000
100,000

165,877,914
1 0 0 ,000 ,600

3 ,8 4 9 ,2 0 0

2,000

8,9 0 0
500

100
4 8 9,200

Total Can. N or. R y . group_______1 8 8 ,351 ,625
8 4 ,001,125
1 0 4,350 ,500
Grand Trunk Pacific R y . C o ________ 24 ,9 4 2 ,0 0 0 2 4 ,9 4 2 ,0 0 0
Grand Trunk Pac. Branch Lines C o . 1 ,002,000
1 , 002,000
Grand Trunk Pac. Sask. R y . C o ____
200,000
200.000
T o ta l mileage steam ♦Gr. Trk. Pac. D evelop. C o ., L t d . .
3 ,0 0 0 ,0 0 0
3 ,0 0 0 ,0 0 0
operated lines____ 20,8 3 2 .4 2
1,231.23
128.12 2 2 ,191.77
♦C anadianN at. Steamship C o ., L td .
15,000
15.000
Total second main track, 1,2 6 0 .8 4 miles; total third m ain track, 23.05
♦Grand Trunk Pac. Alaska S. S. C o .
50,000
5 0.000
miles; total fourth main track, 7 .4 2 miles; spurs, sidings and yard tracks,
♦ G r.T rk .P a c.T erm .E lev.C o. ( L t d .) .
501,000
501.000
♦Grand Trunk Pac. Telegraph C o . .
100,000
6 ,4 8 9 .0 3 miles; inactive mileage, 2 71.27 miles.
100.000
Schedule o f C om panies C om prisin g the Canadian N a tio n a l R ailw ay System
150,000
♦Gr. Trk. P ac. D ock C o . o f S e a t tle ..
150,000
Capital
H eld by
H eld by Govt.
N a m e o f Issu in g C om pany—
Stock.
System .
and Others.
Total G r. T rk . Pac. R y . C o. group 2 9 ,9 6 0 ,0 0 0 2 9 ,9 6 0 ,0 0 0
__________
Sum m ary—
Canadian National Railway C o ______180,424 ,327 x l4 ,7 9 6 ,5 8 9 x l6 5 ,6 2 7 ,7 3 8
Can. N a t. R y . (Grand Trunk) group 2 0 4 ,008 ,928 3 8 ,1 3 1 ,0 1 4 165,877 ,914
15.000
B ay C ity Terminal Railway C o --------15,000
Canadian Northern R y . group______188 351,625 84 ,0 0 1 .1 2 5
1 0 4 .350 ,500
219.000
Canada Atlantic Transit C o --------------219,000
Grand Trunk Pacific R y . group____ 2 9 ,9 6 0 ,0 0 0 2 9 ,9 6 0 ,0 0 0
__________
250.000
♦Can. A tl. Transit C o. o f U . S _______
250,000
1 ,768,800
T h e Canadian Express C o ___________
1,768,800
4 2 2 ,320 ,553 152,092 ,139 z270 ,2 2 8 ,4 1 4
50.000
The Champlain & St. L aw . R R . C o_
50,000
Canadian National Railways (France)___________ fr .30 .0 0 0 ,0 0 0
3 0 ,0 0 0 ,0 0 0
1 ,129,400
♦Chicago N . Y . & Boston R e frig .C o . 1,129,400
* The accounts of companies indicated (*) are taken up in the system
D etroit G r. H a v . & M ilw . R y. C o - 1,500,000
1,500,000
Income account as “ Separately operated properties.”
50.000
y $ 5 ,1 4 4 ,6 0 0 C . N . Q. stock is held b y the N orthern Consolidated H oldGrand Rapids Terminal R R . C o ____
50,000
500.000
ing C o. The Canadian Northern R y . owns 44 ,4 6 7 shares in that com pany
The Grand Trunk Junction R y . C o .
500,000
6 , 000,000
out of a total issue of 6 1 ,8 1 5 . For the purpose o f this statem ent the H oldGrand Trunk W estern R y . C o _______
6 ,000,000




RAILW AY STOCKS AND BONDS

[V ol. 123




Nov., 1926]

RAILW AY STOCIC8 AND BONDS




w’ l

36

RAILWAY STOCKS AND BONDS

R A IL R O A D C O M P A N IE S
[For abbreviations, & c ., see notes on page 81

181

D ate
Bonds

1888
1889
1924
1926
1924
1915
1920
1926

Securities o f P rin cip a l L ea sed , & c ., L in es.
M anitoba S W Col R y $ 1 2,000 per mile int guar gold
215 1884
Atlantic & Northwest— 1st mortgage gold g u ..c * & r
346 1887
St Lawrence & Ottawa— first mortgage gold see text
59 1876
Ontario & Quebec stock guaranteed in perp etu ity..
Ontario & Quebec deben interest guar in perpetuity
678
Toronto Grey & Bruce 1st M gold interest as rental
191 1883
New Brunswick Ry 1st M gold int from rental___c*
174 1884
Perpetual consol debenture stock, interest g u a r ..
1890
New Brunswick So 1st M ____________________________
81
Calgary & Edm onton deb stock gold interest as rent
1890
1
1618
Branch line bonds (owned by Can Pac)
______
39 1903
Lindsay Bobcayg & Pontypool 1st M $700 ,00 0 gold
Quebec Central stock dividend guaranteed___
1st M deb stk int fjru red____________________
2d M deb stock prln and int guar_________
3d M bonds prin and int guaranteed_____
Aroos V al (El) R R 1st M g red 105 int guar.
1909
32 1911
First & R ef M $ 1 ,7 0 0 ,0 0 0 call 105 int g u a r.B a .x c*
M inn St P & Sault Ste M arie and D uluth South Shor e & A t lantic

Par
Value

$100 $260 000000
100 100,118,588
€100 &e
3 ,650.000
£ & $
264.244 ,882
100 &c 12,000.000
50 0 -1 0 0 0 20,000,000
100 &c 29,041.647
$1,006
1,410,000
1,006
5 ,500,000
1,000 11,500,000

Rate
%

W hen
Payable

Last D ividend
and M a tu rity

Places W h ere Interest and
D ividends A r e Payable

D ec 31 1926 2)S
O O ct 1 1926 2 %
.1 July 1 1937
.1 Irredeemable
o April 15 1934
s Sept 1 1946
15 D ec 15 1944
J Jan '27-July '28
() Apr '27-A pr '32
D June ’2 7 -’38

Lond & 64 W all St, N Y
C om pany's Office, Lond
Baring Bros & C o , Lond
C om pan y’s Office, Lond
Bk o f M o n t, M o n t or Tor
B ank of M ontreal
B ank o f M ontreal

J & D June 1 1934
J
&
J Jan 1 1937
J & D 15 See text
J
& D Dec 1926
3%
J
& 1) Irredeemable
J
&
.1 July 26 2882
F & A Aug 1 1934
J
&
,T Irredeemable
J July 1 1933
J
&
J 2002
J 3 &
J
&
.1 1955
J
&
J July 1 2002
• A: .T 6 July 15 1926 2 )4
T
1
F A A
J & J15
•
T A.T15 Jan 1 1963
F & A Aug 1 1929
M & N July 1 1961
mpanies

London A 64 W a ll St N Y
Baring Bros & C o , Lond
Can Pac office, London
M ontreal and London
M orton , Rose, London
Toronto and London
London
do

10
A &
4
J
&
6 g
J
&
4
A &
5 g
4 )4 g M &
J & D
4 )4
&
4 )4 g J
A &
6 g
&
4 )4 g J

$1,000 $2,54 4 ,0 0 0
5 g
€100 &c €1,330.000
5 g
€50 &c
€200.000
(6) 4
$100 $ 2 ,000,000
6
€1 £4,007,381
5
€106
£719,000
4 g
€106
£600,000
5 g
£1
£904,533
4
3
$500,000
£1,121,700
4 g
$1,000 $7,440,000
4
1,000
500,000
4 g
5
£694,850
4
£904,837
£338 000
3 )4
5
£338,000
500 &c
$250 ,00 0
4 )4 g
See text
455,832
4 )4
— See sta tements- of those co

ing C om pany is ignored and the proportion of the C . N . Q. stock thus owned
by the Canadian N orthern R y . is shown as held by the latter com pany.
x One certificate for $ 1 8 0 ,4 2 4 ,3 2 7 .7 0 of the com pany’s capital stock is
issued in the name of His M ajesty as representing $ 1 6 5 ,6 2 7 ,7 3 8 .7 0 of Grand
Trunk stock previously held b y the public and $ 1 4 ,796 ,589 previously held
in that com pany’s treasury.
z $ 2 6 5 ,6 2 8 ,3 3 8 .7 0 of this amount is owned b y the Dom inion o f Canada.
U nm atured Fu nded D ebt H eld by P u blic.
P rin cip a l
I s su in g
D a te o f
N a m e o f Security.
C om pa n y.
M a tu rity .
O utstand ing.
G uaranteed by D om in io n Govt.—
$20,782,491
5 % Perpetual debenture s t o c k ..G . T . R ______ Perpetual
13,252,322
5 % G . W . perpetual deb. s t o c k _ .G . T . R ______ Perpetual
4 % Perpetual debenture s t o c k ..G . T . R ______ Perpetual
119,839,014
4 % N or. R y . perpetual deb. s t k .G . T . R ______ Perpetual
1,499,979
4 % Perpetual guaranteed s t o c k .G . T . R ______ Perpetual
6 0 .833.333
2 4 .743.000
1 1940
7 % Sink, fund gold deb. bon ds. . G . T . R _______ Oct.
6 % Sink, fund gold deb. b o n d s ._ G . T . R _______ Sept.
1 1936
2 5 .0 0 0 .
3 % 1st M . bonds (ex. G o v t, holdt o g s ) ____________________________ G . T . P ______ Jan.
11962
34 .9 9 2 .0 0 0
4 % Sterling bonds, due 1962____ G . T . P _______Jan.
1 1962
8,4 4 0 ,8 4 8
3 % 1st m tge. debenture stock_ C an. N o r ____ July
_
10 1953
9 .359.996
3 H % 1st m tge. debenture sto ck -C a n . N o r____ July 20 1958
7 ,896,588
1 1934
4 % Debenture stock_____________ C an. N o r_____Sept.
17.060.333
7 % Sinking fund deben. b o n d s ..C a n . N o r ____ D ec. 1 1 9 4 0
24.79 3 .0 0 0
1 1946
6 )4% , Sinking fund deb. b o n d s ..C a n . N o r____ July
2 5 .0 0 0 .
4 ) 4 % G old coupon bonds_______ C an. N o r _____Feb. 15 1935
1 7 .0 0 0 .
3 )4 % 1st m tge. debenture s t o c k .C . N . A _______ M a y
4 1960
3 ,149,998
3 ) 4 % 1st m tge. debenture s t o c k .C . N . O _______M a y 19 1961
34,22 9 ,9 9 6
19.500.000
5 % Equip, trust Series“ G " ______C an. N a t. serially Jan. 8 ’38
5 % 30-year bonds________________ C an. N a t___ Feb.
1 1954
5 0 .0 0 0 .
20 . 000 .
4 % 3-yr. guaranteed gold n o te s.C a n . N a t___ July
1 1927
4 ) 4 % 30-yr. guar, gold bonds__ C an. N a t ____ Sept. 15 1954
2 6 ,000,000
4 )4 % Gold coupon bonds________C an . N a t ____ Feb.
15 1930
18,000,000
G uaranteed by P rov. o f Ontario—
7 .859.997
3 ) 4 % 1st m tge. deb. stock_______ C . N . O _______1936 & 1938
Guaranteed by P rov. o f M a n ito b a —
10,785,993
4 % Consolidated deb. bonds____ C an. N o r ____ June 30 1930
4 % Sifton Branch bonds________C an. N o r____ Feb.
1 1929
1,137,340
4 % Gilbert Plains Branch bonds .C a n . N o r___ N o v .
1 1930
2,433
4 % M a n . & South E ast, b o n d s ..C a n . N o r ___ Feb.
1 1929
510,513
5 ,679,887
4 % Ontario Division bonds______C an.
N o r___ June 30 1930
4 ) 4 % Ontario Division bonds___C an . N o r ____ June 30 1930
64.727
3,000.000
4 % Winnipeg Terminal bonds_ C an. N o r ____ July
_
1 1939
4 % 1st m tge. debenture stock_ C an . N o r _____June 30 1930
_
2.859.998
4 % Prov. o f M anitoba bonds_ C an. N o r _____Sept. 1 1931
_
349,000
G uaranteed by Prov. o f Saskatchewan—
9,874,062
4 % 1st m tge. bonds_____________ G . T . P _______ Jan. 22 1939
8 .029.999
4 % 1st m tge. deb. stock_________ C an . N o r ____ Jan. 23 1939
G uaranteed by P rov. o f A lberta—
1,153,764
4 % 1st m tge. bonds, 1942______ G . T . P ----------- Feb. 15 1942
2 .430.000
4 % 1st m tge. bonds, 1939______ G . T . P ----------- Feb. 15 1939
5,586,665
4 % 1st m tge. deb. stock_________ C an . N o r _____Feb. 25 1939
4 U % 1st m tge. deb. stock, l 9 4 3 .C . N . W ____ Oct. 22 1943
2,799.997
6.424.000
4 ) 4 % 1st m tge. deb. stock. 1 9 4 2 .C . N . W ____ Feb. 16 1942
G uaranteed by P rov. o f British Colum bia—
16.412.001
4 % 1st m tge. deb. stock____________C . N .
P _April 2 1950
8 .614.000
4 ) 4 % Term inal debenture s to c k .C . N . P _____ April 2 1950
>
U nguaranteed {by Provinces o r D o m in io n )—
1 6 .0 0 0 .
4 % Canada Atlantic 1st M . b d s .G . T . R ______ Jan.
1 1955
230,193
7 % W ellin gt’n Grey & Bruce b d s .G . T . R ______ July
1 1901
70,566
6 % N or. R y . 3d preference b d s _ .G . T . R _______ Indeterminable
500.000
5 % E q uip, trust Series “ D ” ____ G . T . R --------- Aug.
1 1927
599.000
6 % E q . tr. notes “ U . S. R . A . ” _ G . T . R ______ Jan. 15 1935
11.230.000
6 )4 % E q uip, trust ctfs. “ F ” ____ G . T . R ______ Feb.
1 1936
160.000
1 1941
3 H % N ew England Elevator C o . ls t s ___________ July
60,000
1 1937
4 % Portland Elevator C o. ls t s ___________________ Jan.
150.000
4 % Pembroke Southern R y . ls t s ________________ Sept. 1 1956
10.206.000
4 % 2d m tge. Prairie” A ” ________ G . T . P ----------April 1 1955
9 .963.000
4 % 2d m tge. M ountain “ B ” ____ G . T . P ______ April 1 1955
7 .533.000
4 % 1st m tge. Lake Superior____ G . T . P ______ April 1 1955
3 4 ,879.252
4 % Perpetual debenture s t o c k ..G . T . P _______ Perpetual
44,94 3 ,0 1 9
4 % Perpetual consol, deb. sto ck .C a n . N o r ____ Perpetual
- % Prince Albert Branch - d s .C a n . Nor
-------------- b ----------" ..J u n e 30 1930
300.000
4 ) 4-------- -1.250.000
1 1928
6 % Equip, trust, Series “ A ” ____ C an. N o r -------- July
2.6 2 5 .0 0 0
1 1929
6 % E quip, trust, Series “ B ” ____ C an. N o r -------- Jan.
2 .625.000
6 % E quip, trust, Series“ O ” ____ C an . N o r -------- M a y 1 1929
3 ,000,000
6 % E quip, trust. Series“ D ” ____ C an. N o r ---------D ec. 1 1929
1 4 .0 0 0 .
7 % E quip, trust, Series“ E ” ____ C an . N o r---------M a y 1 1935
8,724,113
4 % Perpetual consol, deb. s to c k .C . N . O _______ Perpetual
783,047
5 % 1st m tge. bonds_____________ C . O . R _________ Jan.
1 1934
730.000
5 % 1st m tge. bonds_____________ B ay o f Q uinte.Jan.
2 1927
5 ,250,369
4 % Perpetual consol. deb. s to c k .C . N . Q ---------- Perpetual
3,5 1 0 ,2 5 0
4 % 1st m tge. gold bonds________ G . N . o f C ____ Oct.
1 1934
4,252,503
4 % 1st m tge. perpetual deb. s t k .Q . & L . St. J ..P erp e tu al
4.4 4 7 .0 0 0
3) 4 % 1st m tge. b o n d s ............ . . . H . & S . W _____ Sept. 30 1942
5,019,539
4 % 1st m tge. deb. stock_________ Q .L .L .& S .R R .J u ly
1 1936
1,771,953
5 % 1st m tge. rent charge b o n d s .M .R .T n l.& T l.A p r il 15 1970
7,004,997
4 % 1st m tge. deb. stock_________ D . W . & P ____ June
1 1939
10,964,416
4 % 1st mortgage bonds_________ G . T . W -------- July
1 1950
2 .065.000
6 % Equip, trust notes___________G . T . W _____ Jan.
15 1935
1 1934
938,960
5 % 1st m tge. bonds_____________ G . T . Jet...........Jan.
i 1939
8.750.000
4 ) 4 % Equip, trust Series” H ”
C an . N a t ____ July
1 1936
1.375.000
5 % C . N . Coal & Ore D ock ls t s _________________ Jan.
136.000
4 % M ontreal W arehousing C o . ls t s _____________ April 1 1936
1.495.000
5 % Rail & River Coal C o. ls t s __________________ April 1 1938
1.098.000
5 % Niagara St. O ath. & Tor. R y . C o . ls t s -------- N o v . 1 1929
2 .628.000
4 ) 4 % Toronto Suburban debenture stock______ July 15 1961
24,137,846
5 % C an. N or. income charge deb. stock________M a y 16 1930
847.900
C an. National Realties L td . outstanding m tges.
Various
Total debt held by public_____________________________________ $ 9 3 1 ,32 9,30 3




A m ount
O utstanding

1
O'

C a n a d ia n P a cific— Stock $335 ,0 0 0 ,0 0 0 authorized-.
Preferred stock limited to 4 % non-cum ulative____ r
First mortgage on Algom a Br g _______________ c*&r
Consol perpetual debenture stock____________________
Collateral trust gold bonds red (text)__________c*&r*
do
do
red (text)_____________________ c*& r*
Sinking fu n d secured note certificates red (text)___
Vic Roll Stk& R ealtyC o eq tr serT $470.000saP eP .c*
Equip tr cert due $ 500 ,00 0 s -a ________________________
do
series B due $500 ,00 0 s a ____________ Upi

M ile s
Road

[V ol. 123.

G uaranty Trust C o. N Y
/U n ion Trust C o, Pittsb
lBankers T r C o , N Y

Can Pac Office, London
Can Pac Office, Montreal
B k of M ontreal, Toronto

N Y and Augusta, M e
Bankers Trust C o , N Y

R E P O R T .— For 1925, in V . 122, p . 2644, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
Revenue—
$
$
$
$
Freight___________
180,482 ,544 171,045 ,298 185,240.897 169,783,722
Passenger________________ 36 ,6 1 8 ,4 8 2 37 ,2 3 3 .9 9 8 3 9 ,2 8 5 .3 1 8 35 ,4 8 6 ,2 9 5
M a i l _____________________
3 ,5 5 4 ,2 0 0
3,5 9 5 ,2 6 2
3 ,5 4 3 .0 7 8
3 ,673,195
M iscellaneou s___________ 2 4 ,315,977 2 3 ,713,624 25,06 6 ,1 9 4 25 ,1 1 5 .8 1 4
244.9 7 1 ,2 0 3 235,5 8 8 ,1 8 2 2 5 3 .135 ,487 234,059 ,025
T o ta l___________
E xp en ses—
M ain t. of way & s t r u c .. 4 3 ,0 0 6 ,8 1 4 44,039,965 44,77 8 ,4 4 5 4 5 ,623,536
M ain t. of e q u ip m e n t ... 47 ,9 0 2 ,0 9 2 47 ,9 7 2 ,4 4 4 5 2 .176,320 56,160,700
T r a f fi c ___________________ 6.7 2 6 ,4 7 3
6 .892,751
5.7 9 2 .9 2 8
5 ,249,902
T ransportation__________ 106,477,437 110,085 ,034 120,302,451 113,653,320
Miscellaneous operations 2 ,253,051
2 ,3 8 1 ,4 6 9
2,3 0 4 ,1 0 6
4 ,127,733
General___________________ 7 ,223,774
7 ,6 3 3 ,8 3 4
8,063,391
7 ,2 4 8 .4 2 4
Transp. for invest’t— C r.
882,852
661,567
712,802
891,985
T o ta l___________________ 212,7 0 6 ,7 8 8 218,343 ,931 232,704 .838 281.1 7 2 ,3 1 4
000
2,8 8 6 ,7 1 2
3 2 ,264,415 17,244,251 2 0 ,430,649
Total oner, incom e. 2 7 ,877.343
16,273,239 d fl,2 2 7 ,5 0 8
12,235,017
N on -O peratin g Incorru
586.129
1,232,950
R ent from locom otives.
259,928
318,575
785,358
127,843
R ent from pass.train carsi
177,663
145,541
171
920
1,003
R ent from floating equip.
337
410,227
317,012
209,284
Rent from work e q u ip ..
486,620
895.448
1,516,016
994,988
Joint facility rent income 1,019,689
000
78.602
78,625
85,698
Inc. from lease of r o a d ..
83.040
000
838,566
1,158.333
837,194
1,201,060
M isc. rent incom e_______
211,219
493.176
165,128
M is c .non-op. phys. prop .
192,139
883,329
853.754
Separ. oper. prop— profit; 1,179,057
1 ,044,876
507,491
386,959
454.613
515,436
Dividend income________
000
539.049
572.872
523,094
Inc.
673,193
000 from funded securs.
Income from unfunded
510,618
securities & accounts. 2 ,055,955
1,538,573
1,068,883
Income from sinking,& c.,
103.330
519,739
371.227
reserve funds_________
634,785
2 ,4 3 8 ,4 1 9
1 ,650,393 loss352,555
Miscellaneous income___
221,226
10,055,367
9,137,872
6 .208,517
s
Total non-oper.income 8,402,044
8 ,8 2 7 .8 5 9
36,279,387 21,37 2 ,8 8 9 22,48 1 ,7 5 6
D ed uctions—
Hire of freight cars—
6 32,644
3 .887.479
debit balance__________
1,718,372
1,694,487
7 8 3,288
R ent for locom otives___
163,038
27,125
54,016
776.178
147.862
R ent for pass, train cars.
353,854
145,527
22,403
21,748
8,944
11,271
Rent for floating e q u ip ..
5,492
12,944
303,077
;
5,672
R ent for work equipment
928,211
1,343,132
933,503
683,544
Joint facility rents____
1,397.479
1,452,709
1.387.906
R ent for leased roads . . . 1,276,120
109,868
96,131
75,609
Miscellaneous rents___
88,427
358,720
482,580
162,062
124,477
M isc. tax accruals______
740,232
795,877
Separ. oper. prop.— loss.
759,060
802,470
Interest on funded d e b t. 40,43 8 ,2 3 5 38,36 1 ,7 0 4 35.041,380 34.65 2 ,3 2 4
In t. on D om . G ovt. a d v .. 3 1 ,450,382 3 1 ,271,043 30.157,944 24.748,152
235,917
In t. on unfunded d e b t ..
239.536
109,026
377,115
Am ort. of dis. on fund
165,391
119,173
514,024
317,671
d e b t ___________________
397,206
674,860
58 ,8 9 4
6 08,538
M isc. income charges___
135,690
19,503
M isc. approp. of income.
57,606
06,78 7 .9 5 7
7 6 ,233,308 74,179.431
77,724,151
092
N e t income, deficit— . 41,44 4 ,7 6 4 5 4 ,860,419 51,69 7 ,6 7 5 57 .9 6 0 ,0 9 8
O F F IC E R S .— Pres., Sir Henry Thornton; Sec., R . P . O rm sby; T reas.,
J. A . Y a te s. General offices, M ontreal.— (V . 123. p. 1379.)
C A N A D IA N N O R T H E R N R A I L W A Y S Y S T E M — In June 1919 the
Canadian National R ys. was incorporated at the instance o f the Canadian
Governm ent, which owns its entire capital stock, to operate all the Govern­
ment-owned lines. See that com pany above.
C A N A D IA N P A C IF IC R A I L W A Y C O .— {See M a p s .)— Owns a trans­
continental railway from M ontreal to the Pacific Ocean, made up as follows
D ec. 31 1925:
Also controlled but oper. sep.—
M ontreal to Vancouver_______2,8 9 5
Branches, leased lines, & c------ 11,270 aM inn . St. P . & Sault Ste. M _ .4 ,4 0 1
a Duluth South Shore & Atlan tic 617
96
T otal in traffic returns_____ 14,165 oM ineral R a n g e ________________
o See each com pany’s statem ent.
M ileage of other lines worked992
Lines under construction______
l7 6 Steamships,. see V . 116, p . 1435.
.
The 5-mile tunnel through the Selkirk M ts . was put in use in D ec. 1916.
H I S T O R Y . <ScO.— Incorporated Feb. 17 1881 under charter from D o ­
000
minion of C anada, receiving $ 2 5 ,0 0 0 ,0 0 0 in cash as a subsidy; also 25,00 0 ,0 0 0
acres of land, all to be fit for settlem ent.
Full financial resume b y Chairman in M a y 1918 w ith statem ent as to
com pany’s $ 2 5 3 ,00 0,00 0 o f outside assets was in V . 106, p. 1906. Kaslo
& Slocan R y . lease and bonds, see V . 107. p ?OQ7. Tn July 1920 assumed
operation of the Edm onton Dunvegan & British Colum bia and Central
Canada Railway Cos. See V . 112, p. 1408.
The special committee o f the Senate on railways, which made its report
to the Canadian Upper House on June 25 1925, recommended merging of
the Canadian National and Canadian Pacific R y . system s for purposes of
administration and operation. Compare V . 121, p . 69.
S T O C K .— The issue o f preferred m ust never exceed one-half the common.
C O M M O N D IV ID E N D S —
f ’0 3 -’0 5 . ’0 6 . *07-’09. ’ 10. ’ l l - ’25.
R R . earnings since 1902__________________ j 6 yrly . 6 6 yrly. 7 7 yrly.
In t. from land sales, & c___________________ l -------------)4 1 yrly. 1)4 3 yrly
Paid in 1926: April 1 , 2 )4 % \ J u n e30, 2 ) 4 % ; O ct. 1, 2 )4 % ; D ec. 31, 2 )4 %•
B O N D S , D E B E N T U R E S T O C K , G U A R A N T E E ! ! B O N D S , & C .—
List of securities owned D ec. 31 1921 , V . 114, p . 1426.
The shareholders on M a y 4 1921 gave the directors blanket authority
to issue any form of security for any purpose, provided it is junior to the
Consolid. Debenture 4 % stock, and does not exceed the a m t. of this stock.
The balance sheet of D ec. 31 1925 showed $2 6 4 ,2 4 4 ,8 8 2 Consol, de­
benture stock outstanding. V. 108, p . 1280: V . 119, p . 692.

iMov., 1926.]

R A IL R O A D C O M P A N IE S
[For abbreviation s, A c ., see notes on page 8]

M ile s
Road

C a ro lin a C e n tr a l— Bonds— See Seaboard Air Line R y
C aro C lin c h & O h io — Lick Crk & L E 1st M g assu .x
1st M $15,0 0 0 ,0 0 0 red 110_____________________ F.xc*
1st & consol mtge Ser A red (text) — Eqkxxxc*&r
E q gold notes Ser “ F ” due $38,000 s-a ___________ Nx
do
do
Ser “ G " due $42,000 s-a not c a ll.C P v
do
do
(U S R A) due $414 ,00 0 an n________G
do
Ser “ H " due $25,000 s-a red 1 0 2 ) ^ --M p .c *
do
do
Ser “ I ” due $50,000 s -a __________ xxxc*
Bonds Guaranteed. Prin and In t, by Endorsem ent—
Black M ountain Railway 1st M t g e ___________________

8

256
276

2,550

D a te
Bonds

1902
1908
1922
1917
1917
1920
1923
1924

Par
Value

$ 200,000

$ 1,000

13,950,000

8 , 000,000

"Y.666
1,000
1,000
1,000

38.0 0 0
42.000
3 ,7 2 6 ,0 0 0
325.000
800.000

1,000

2 75,000

1916

S U B . C O S .— Dominion Atlantic R y ., Yarm outh to Truro, with branches,
total 247 miles, with 45 miles trackage to H alifax, is leased for 999 years
from 1912.
V. 91. p . 728; V . 90, p . 1490, 1424; V. 93. p . 1461; V . 94, p. 278.
Alberta R y. & Irrigation C o ., see V . 9 2 , p . 955; V . 93. p. 593; V . 94, p . 1316;
V . 95, p. 617. Quebec Central R y ,. see V . 93, p. 6 67, 1106; V . 9 4 , p . 1625;
V . 9 6 . p. 3 61. 715.
R E P O R T .— For 1925. in V . 122, p . 1787, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
E arn ings—
$
$
$
$
33,12 6 ,4 4 5 3 3 ,900,668 3 6 ,315,818 3 5 ,331,525
128,410 ,056 123,505,140 134,299 ,556 128,918,137
. 3,5 5 2 ,4 1 6
3 ,537,662
3,5 7 2 ,3 7 2
3,5 9 4 .8 9 5
. 18,267,088 2 1 ,558,686 2 1 ,649,344
18,830,479
Total gross earnings. .183,356,006 182,502,156 195,837 ,090 186,675 ,036
O perating E xpen ses—
Transportation expenses 65
s 65,00 9 ,4 7 7 66,311,741
72,730,571
7 0 ,994,919
M aintenance o f w ay, &c.. 25
25,47 3 ,9 0 4 2 7 ,277,389 30,77 6 ,4 2 3 2 7 ,405,339
M aintenance of equip . _ . 33 ,1 0 8 ,5 4 5 32,64 0 ,0 7 0 3 4 ,124,839 32,009,461
T r a f f i c __________________ . 8 ,477,103
8 ,341,350
8 ,180,042
7,381,373
Parlor car, & c___________. ]
1,724,501
1,831,498
2 ,0 0 5 ,9 7 0
2,128.381
Lake and river steam ers.. 1,217,175
1,266,592
1,386,816
1,414,513
General (incl. all taxes).. 8 ,1 9 0 ,5 2 6
7 ,606,274
9,1 5 3 ,4 1 8
9 ,039,358
.1 4 3,201,230 145,274,914 158,358 ,079 150,373,345
. 4 0 ,1 5 4 ,7 7 6
- 1 4 ,438,517
5 0 0,000

37,22 7 ,2 4 2
14,070,287
500,000

3 7 ,479,011
13,470,653
500,000

36,301,691
13,348,906
500,000

. 25 ,2 1 6 ,2 5 8
. 11,357,375

22,65 6 ,9 5 5
9 ,971,252

23,50 8 ,3 5 7
11,391,052

2 2 ,452,785
11,092,355

T otal incom e__________. 3 6 ,573,633
Preferred div. ( 4 % ) ____ . 4 ,0 0 5 ,9 4 4
. 2 6 ,0 0 0 ,0 0 0

32,62 8 ,2 0 7
3,8 5 7 ,0 7 5
26,00 0 ,0 0 0

3 4 ,899,409
3 ,421,943
26 ,0 0 0 ,0 0 0

33,54 5 ,1 4 0
3 ,227,276
2 6 ,000,000

Balance, surplus--------- 6 ,5 6 7 ,6 8 9
2,7 7 1 ,1 3 2
5,4 7 7 ,4 6 6
4 ,3 1 7 ,8
x O f this 1 0 % in dividends paid on Ordinary stock 7 % is from railw
earnings and 3 % is paid out o f special income (which account is given belov




Am oun t
O utstanding

100 &c

In June 1890 com pany guaranteed the principal and interest o f $ 2 0 ,0 0 0 ,0 0 0
4 % bonds issued by the D u l. So. Sh. & A t l.; also 4 % int. on Consolidated
bonds of the M in n . St. P . & S. Ste. M . . and in 1899 interest on the 2d m tge.
4s and in 1890 interest on the 1st m tge. 4s o f the latter. Owns D u l. So. Sh.
& A t l. consols. $ 1 5 ,1 0 7 ,0 0 0 , &c.
Collateral Trust B on ds.— The 5 % collateral trust gold bonds are secured
by deposit o f $15,0 0 0 ,0 0 0 4 % Consol. D eb . stock
The bonds are redeem­
able, all or part, at 102 H and int. after April 15 1926.
V. 118, p. 1909.
T h e 4 Yi % collateral trust gold bonds are secured b y deposit of $ 2 5 ,000 ,000
4 % consol, deb. stock. The bonds are redeemable, all or part, at 102 up
to and including Sept. 1 1931, and at a declining premium of 34 o f 1 %
during each five-year period thereafter. V . 132, p . 1499.
Secured N ote C ertificates.— The sinking fund secured note certificates are
redeemable, all or part, on any int. date on six weeks’ prior notice at 102
and int. up to and incl. D ec. 15 1929, and at a declining premium o f
of
1 % during each 5-year period thereafter. They will be secured by the
assignment to the trustee, by way o f security, o f all unpaid purchase money
or deferred payments owing or accruing due to the company in respect of
lands in the Province o f M anitoba, Saskatchewan, Alberta and British
Colum bia, sold or contracted to be sold by it prior to D ec. 1 1924. The
amount due or accruing due to the company on D ec. 1 1924 in respect of
said sales was $66,0 0 0 ,0 0 0 .
The company will covenant to pay to the trus­
tee all moneys, both principal and interest, less expenses and taxes paid to
protect the security, received by the com pany in respect o f these contracts.
The com pany covenants that it will not charge the lands in respect o f which
such deferred payments are or shall be due so as to prejudice in any manner
the security hereby created.
A ll moneys received by the trustee will be utilitized for the paym ent o f
Interest on these note certificates and thereafter as a sinking fund for the
purchase and cancellation o f these note certificates at the best prices obtain
able up to the call price prevailing at the time o f such purchase. I f note
certificates cannot be so purchased the trustee shall redeem the note cer­
tificates by lot at the prevailing call price. The company will covenant
that in the fourth and each succeeding year the annual amount available
for the purchase o f note certificates will be at least $300,000.
St. Law rence & Ottawa bonds are endorsed with the Canadian Pacific’s ac­
ceptance o f a 999-year lease at a rental sufficient to pay 4 % int. on bonds;
and the bondholders’ agreement to accept int. at 4 % (.instead of 6 % ) and to
refrain from demanding principal (due 1910) during lease. V . 90, p. 1361.
The N ew Brunsw ick Railw ay consolidated debenture stock has interest
guaranteed by Canadian Pacific; interest on the first m tge. bonds, though
not guaranteed, is paid out of rental under 999-year lease o f 1890.
The Calgary & E dm onton R y. debenture stock is guaranteed interest at
4 % under new lease o f 1903. V . 76, p. 435; V . 77. p. 636.
The Lindsay Bobcaygeon & P on typool R y. bonds are issued under a 99-year
lease covering the interest. V . 77, p . 1225; V . 79, p. 2085.
Th e First & R ef. M . 4 H s of the Aroostook V y. (electric) R R . are issuable
at rate o f $ 2 5 ,0 0 0 per m ile. Denom . £100 or $500. Sinking fund,
of 1 %
yearly o f issued and outstanding bonds from Feb. 1 1916-20, 1 % thereafter.
Callable for sinking fund at 105. V . 8 9 , p . 846; V . 90, p. 107; V . 9 2 , p . 2 59.
K ettle Valley R y.— See V. 108, p . 1721, 1282.
Victoria Rolling Stock & Realty 4 )4 % .
V . 99, p . 1672, 543; V . 100, p . 139
In M arch 1920 sold $ 1 2 ,0 0 0 ,0 0 0 6 % equip, trust certifs. V . 110, p . 1288.
Lands.-— Lands unsold D ec. 31 1925 were 148,091 acres in M anitoba
(book value $ 1 ,4 8 0 ,9 1 0 ), 1,3 8 4 ,1 9 4 acres in Saskatchewan (book value
$ 1 7 ,9 9 4 ,5 2 2 ), 2 ,429,643 acres in Alberta (book value $ 3 1 ,5 8 5 ,3 5 9 ), 1,018,022
acres in British Colum bia (book value $ 4 ,9 9 4 ,6 9 2 ), &c. Total o f all lands
owned D ec. 31 1925, 6 ,1 2 1 ,7 2 7 acres (book value $ 9 9 ,4 6 3 ,6 6 1 ).

Fixed charges.
Pension fu n d .

*7

RAILW AY STOCKS AND BONDS
R ate

W hen
P ayable

%

L a st D ivid en d
and M a tu rity

5

J
&
J Jan 1 1933
J
& D June 1 1938
J & D 15 D ec 15 1952
J
&
J Jan 1927
A & O A p r 19^'7
J & J15 T o Jan 15 1935
M &S15 M ar ’27-M ar ’33
J
& D June'27-June ’34

5 g

A

5
5
6
5
5
6

g
g
g
g
g
g

5^

&

O Apr

1 1936

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

W ash (D O) Loan& Tr Oo
71 Broadway, N Y
71 Broadway, N Y
Blair & C o, New York
Bk o f N A & Tr C o, Phila
Guaranty Tr C o, N Y
Chat & Ph N B & T r, N Y
Blair & C o , N ew York
N Y Trust C o . N Y

S P E C IA L I N C O M E A C C O U N T FOR C A L E N D A R Y E A R S .
[From this special income is derived the 3 % in special divs referred to above.]
1925.
1924.
1923.
1922.
N e t rev. from invest. &
avail, res. (see below )_ $ 1 ,755,003
'
$645,756 $ 2 ,1 5 8 ,1 7 8 $2 ,6 9 4 ,9 7 9
In t. on dep. & int. and1
divs. on oth. securi
$
less exchange_____
. 3,3 1 3 ,2 4 9
3 ,059,507
1 ,545,355
1 ,957,190
N e t earns. Ocean
Coastal SS. Lines.
. 2,881,651
3,6 3 0 ,6 7 5
4 ,292,141
3,4 4 8 ,2 9 3
N e t earns. Commercial
1
T e l. and news de t
hotels, rentals & m isc.! 3,4 0 7 ,4 7 2
2,6 3 5 ,3 1 4
3,3 9 5 ,3 7 8
2,9 9 1 ,8 9 2
$11,3 5 7 ,3 7 5
L ess payments to share­
holders in divs (3 % ) -

$ 9 ,971,252 $ 1 1 ,391 ,052 $11,0 9 2 ,3 5 4

7 ,8 0 0 ,0 0 0

7 ,8 0 0 ,0 0 0

7 ,8 0 0 ,0 0 0

7 ,8 0 0 ,0 0 0

. $3 ,5 5 7 ,3 7 5

$2 ,1 7 1 ,2 5 2

$ 3 ,591,052

$3,29 2 ,3 5 4

M I S C E L L A N E O U S I N V E S T M E N T S , P ar $47,7 6 9 ,5 2 7 (Cost $ 2 3 ,6 7 7 ,0 3 6 ).
[From these investments were derived the first item in foregoing table.]
Coeur d ’Alene & Pend d ’Oreille R y . 1st m tge. bonds____________
$47,00o
Consolidated M ining stock_________________________________________
5,7 8 5 ,3 2 c
Cam bridge Collieries C o . 1st m tge ref bonds____________________
250,00ft
Dom inion Express C o . stock______________________________________
5 .0 0 0 .
00ft
D uluth Shouth Shore ordinary stock_____________________________
6,100 ,0 0 f,
Atlantic Railway preferred stock_________________________________
5,100,00ft
Hull Electric C o _____________________________________________________
1 ,067,60o
M inneapolis St. Paul & Sault Ste. M arie R R . ordinary stock___ 12,723,50ft
M inneapolis St. Paul & Sault Ste. M arie R y . preferred s t o c k ..
6,361,80ft
Pennsylvania-Ontario Transportation C o . stock_________________
187,50ft
Quebec Salvage & Wrecking C o . stock____________________________
150.00ft
Spokane International Railway C o . stock________________________
3,941,80ft
Toronto Hamilton & B uffalo Railway C o . consol, m tge. bon d s.
1.000.
00ft
W est K ootenay Power & Lig t C o preferred stock______________
5 5 ,0 0 q
O F F IC E R S — Chairman and Pres., E . W . B eatty; Vice-Presidents, I. G .
Ogden, W . R . M acln n es, Anthony D . M a c Tier, D C C olem an, G rant
H all; V .-P . & C o m p t., John Leslie; Sec., Ernest Alexander.
D IR E C T O R S .— Sir Herbert S. H olt, C has. R Hosrner H on. Fred
L . Beique, K .C . Senator; Ross H . M cM aster, Colonel Frank S. Meighen
C .M .G .; John K . L. Ross, Edw . W . B eatty, Sir Vincent M eredith, B art.,
R t. H on. Lord Shaughnessy, K .C .; Grant Hall and F . W . M olson, M on ­
treal; W . N . T illey, K .C ., Toronto; Reginald M cK en n a and E . R . Peacock,
London, E n g .; His H on. H enry Cockshutt, Brantford, O ut. M ain office,
M ontreal; N . Y . office, M adison A v e . & 44th St.'— (V . 123, p . 1994.)
C A R O L IN A C L IN C H F IE L D A N D O H I O R Y .— Owns from tfilkhorn
C ity . K y ., to Spartanburg, S. C ., 2 74 m .; branches and spurs, 10 miles;
[eased, 3 m .; trackage, 22 m .; total, 309 m .
The line forms a low-grade heavily-built link in the through line for
general traffic between the Great Lakes and the Atlantic seaboard, serving
also extensive coal operations owned by Clinchfield Coal C orp.
See V .
101, p. 2070; V . 102, p. 611; V . 94, p. 1448; V . 97, p. 1661; V . 98, p. 1692;
V. 100, p. 900; V . 104, p. 75, 365
Connects at Bostic, N . C ., with Sea­
board Air Line R y ., with which close relations are maintained and tide­
water is reached. V . 8 8 , p. 944; V . 8 7 , p . 6 70. See report o f expert,
V . 102, p . 2076.
The stockholders in June 1923 authorized the lease o f the road (approved
by the I .-S . C . Commission in June 1924, V . 118, p. 3075) to the Atlantic
Coast Line R R . and the Louisv. & N ashv. R R . for 999 years. In general,
the broad terms o f the lease provide for a rental equal to int. on all its obliga­
tions and dividends on the com m on stock as follows: The rental is to begin
Jan. 1 1925, and for 3 years thereafter the rental will be $750 ,00 0, or 3 %
on the $25,0 0 0 ,0 0 0 Com m on stock. Beginning Jan. 1 1928 and for 10 years
thereafter $1 ,0 0 0 ,0 0 0 a year, or 4 % on the stock. Beginning Jan. 1 1938
and thereafter to M a y 10 2 922 , $ 1 ,2 5 0 ,0 0 0 a year, or 4 % on the stock.
A ll these rentals will be paid quarterly, the first installment coming due
April 1 1925.
The I .-S . O . Commission has placed a tentative valuation o f $ 3 6 ,5 9 5 ,5 1 4
on the property o f the com pany as o f June 30 1917.
S T O C K .— Authorized and outstanding, $ 2 5 ,0 0 0 ,0 0 0 com m on.
In N o v . 1924 $12,6 0 0 ,0 0 0 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 m ade, upon paym ent o f an
additional sum at the time of delivery o f 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
paym ent of $2 annually for the three years commencing Jan. 1 1925 and $1
annually for the ten years from Jan. 1 1928. V . 119, p. 2406.
B O N D S , E T C .— First m tge. o f 1908, V . 86, p. 6 67, 856; V . 88, p . 944.
Car trusts of 1917, V . 104, p. 2235 .
Equipm ent trusts issued to Director-General for rolling stock allocated
to this com pany. See article on page 3 and V . 118, p. 662.
O f the 1st & consol, m tge. bonds ($50,000,000 authorized). $ 8 ,0 0 0 ,0 0 0
Series A bonds have been issued out o f a total authorized amount o f $ 9 ,5 0 0 ,0 00. Series A bonds are redeemable, all or part, on or before D ec. 15 1937
at 107 Vi and in t., the premium decreasing K o f l % each year thereafter
until m aturity. Compare V . 115, p . 2793.
The $ 5 ,000,000 6 % cumulative income debentures, due July 1 1935,
were retired on O ct. 16 1924.
O F F IC E R S .— Norm an S. M eldrum , Pres.; C . Ledyard Blair, J. J. C am ­
pion and I . M cQ uilkin, V .-P s .: Edward C . B ailly, Sec.: John W . Sanders,
Treas.; L . H . Phetteplace, G en. M g r. Offices, Johnson C ity . Term
and 24 Broad S t., N ew Y o rk .— (V . 120, p . 3182.)




QC

3■
4
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<

72
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o

*
x
>
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£

o
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tz
l
3
X

o
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W

Nov., 1926.]
RAILW AY STOCKS AND BONDS




*5
CD

30

RAILW AY STOCKS AND BONDS

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

M ile s
Road

C a ro lin a & N o rth w e s te rn — I s t M $ 2 ,5 0 0 ,0 0 0 goldGx
Caldwell & Northern 1st M _________________________ x
32
C a ta s a u q u a & F ogelsville— 1st M g o ld ._P e P .x c*
C a ta w issa — Pref stock 5 % guar P & K R y (see text)
First consol mortgage $2 ,2 1 5 ,0 0 0 gold___ P eP.xc*
34
C a y u g a & S u s q u e h a n n a — Stock rental D L i f f —
C en tra l A r g e n tin e R y— C onv gold notes call(text)G
Convertible notes (see tex t)____________________________
...
C e n tra l o f G e o rg ia R y— Com m on stock_____________
Ten-year secured bonds call after June 1 1 924 . .xxx
1st mortgage $ 7 ,0 0 0 ,0 0 0 gold_____________ G .xc*& r
312
Refunding and general mortgage Series “ A ” ________
do
Series “ B ” redeemable (te x t)..x x x c *& r* 1,489
do
Series “ O ” redeemable (text) _ _xxxc*&r* 1,489
Consolidated m tge $ 1 8 ,5 0 0 ,0 0 0 gold___ Ba.xc*&r
1,493
M obile D iv 1st M (Colum bus to Andalusia) g .G .x c *
138
M acon & N orth D iv 1st M $840 ,00 0 g o ld .M B a .x c *
102
Ocon D iv 1st M Brewton to D over $ 6,000 p m .G .x c *
77
M id Ga & A tl D iv 1st (consol) 7 $ 9,000 p m _ _ G .x c *
65
Chattanooga D iv purch m oney M $2,4 0 0 ,0 0 0 g G .x c*
164
Chattanooga Rom e & So 1st M $500 ,00 0 g lin .x c *
137
1st pref incomes (Interest up to 5 % ( _____________ Mez
2d
do
do | gold if earned •!______________ C e z
3d
do
do l non-cumulative I______________ B a z
Central R R & Bk coll tr bonds g red at 1 10___C e.c*
Equip trust Series M $59,000 s em i-a n n u a lly ___ C P
do
Series
N due $66,000 annually_C Pc*
do
Series
O due $ 194 ,00 0 annually_c *
do
Series
P due $94.0C 0 annually_
do
Series
Q due $ 2 5 6 ,0 0 0 an n _______
Augusta & Savannah stock guar (no bonded debt) _ .
53
Southwestern Railroad stock guar (no bonded debt)
333
Chattahoochee & G ulf stock guar____________________
First M gold $ 2 ,0 0 0 ,0 0 0 int rental s f red at 102 A x
91

C A R O L I N A & G E O R G I A R Y .— (V . 114. p

D ate
Bonds

Par
V a lue

1903
1907
1898

$1,000
1,000
1,000
50
1,000
30
1,000
£100 &c

1898
1917
1923
1919
1895
1919
1919
1919
1895
1895
1895
1901
1897
1901
1897
1895
1895
1895
1887
1921
1922
1923
1925
1925

1900

Am ount
O utstanding

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
1.000
1,000
1,000
1,000
100
100
100
1,000

2467.)

C A R O L I N A & N O R T H W E S T E R N R Y .— Owns standard-gauge roadChester, S. C ., to Edgem ont, N . C ., 13314 miles. V . 107. p. 502.
Stock au th ., $ 1 ,000,000 each of com . and 4 % non-cum . pref.: outstand­
ing, $854 ,25 0 com . and $550 ,00 0 pref. stock. O f the first 5s due 1953,
$ 1 ,500,000 were used to retire all underlying bonds and $1 ,0 0 0 ,0 0 0 were
applicable to extensions, new equipment. &c. For 1925, gross, $940 ,19 5.
net oper. income, $307 ,79 4: in t., rentals, & c., $218,062; b al., su” .. $89,732:
Pres., Fairfax Harrison; Treas., E . F . Parham .— (V . 105, p . 605; V . 107,
p . 500, 1099.)
C A T A S A U Q U A & F O G E L S V IL L E R R .— Catasauqua, P a ., to R itten house G ap, P a ., 19 70 m ., and branches, 31.47 miles. Stock, $426 ,90 0 (par
$25): $426 ,30 0 is owned by Reading C o . D ivs paid in 1904-05. 7 % : in
1905-06, 8 % ; in 1906-07, 8 % ; 1908-09, 8 % ; 1909-10. 1 0 % ; 1910-11, 1 0 % ,
1911 12, 1 0 % ; 1912 13, 1 0 % : 1913-14. 1 0 % : 1914 15, 2 0 % : 1915-16. 1 5 % ;
1916-17, 3 0 % ; 1917-18, 3 0 % ; 1919, 3 0 % ; 1920, 2 0 % ; 1921, 2 5 % ; 1922-25
30% .
For cal. year 1925, gross, $ 8 82 ,17 9; net, after taxes, $461,452
oth. in c., $ 6 0 ,6 8 8 ; deductions, $ 1 3 ,3 4 2 ; b a l., sur., $ 508 ,79 8 (before divs.)
C A T A W I S S A R R .— Owns from Taraanend, P a ., to New berry J et., Pa.
104.05 miles: second track, 40.07 miles; total, 2 2 2 .2 0 miles. Re-leased
D ec. 1 1896 for 999 years to Philadelphia & Reading R ailw ay.— R ental,
Int. on bonds, 5 % divs. on pref. stock, all taxes and $8,000 for org. exp.
See also V . 63, p . 969, 1116. The following amounts have been deducted
from the 2 H % semi-annual divs. for income tax: N o v . 1917, 5 cents; N o v .
1918, 12 cents: M a y 1919, 13 cents; N o v . 1919 to N o v . 1921, 10 cents:
M a y 1922 to N o v . 1924, 13 cents; M a y 1925 to N o v . 1926, 11 cents. Of
the pref. stocks, $ 1 ,0 0 0 ,0 0 0 is 2d pref. Com m on, $ 1 ,1 5 9 ,5 0 0 ; par, $50.
Reading C o . owns $732 ,80 0 com m on.— (V . 96, p . 1421.)
C A Y U G A & S U S Q U E H A N N A R R .— Owns from Susquehanna River to
Ithaca, N . Y . , 34 m .
Leased during length of charter and renewals thereof
to the Delaware Lack. & W estern at a rental of $54,600 a year. D iv s. of
9 % per annum were paid regularly to 1917, except in 1904 when 9 )4 % was
paid; in 1918 paid 8 ) 4 % ; 1919 to 1924 paid 8 % per annum.
C E N T R A L A R G E N T I N E R Y „ L T D .— R O A D .— Extends from Buenos
Ayres, a city with a population o f about 1,800,000, through the city of
Rosario, to Cordoba, Santa Fe and Tucum an. Comprises 3 ,305 miles of
track (all except 202 miles is owned in fee; and partly double-tracked).
Proposed extensions, V . I l l , p. 389.
O R G A N I Z A T I O N .— Originally organized in 1863. Operates under a
perpetual concession and an amended law contract running until 1947,
entitling it, without restriction, to charge such rates, payable in gold equiva­
lent, as will net 6 .8 0 % on the capital investment recognized b y the Argen­
tine Governm ent, now amounting to over $ 250 ,00 0,00 0. In lieu of taxes,
3 % o f the net receipts go to the Governm ent.
Outstanding Capitalization (at $4 86 to £ ).
C en t.D eb .3)4 % stk.(150m ) £ 7 6 ,1 9 4 110-year 5 % notes________ £1,997.100
4)4 % W est. A n n . (202 m .) 2 ,0 1 7 ,5 0 0 1 4 )4 % non-cum. pref. s t k . 9,695,718
4 % D eb. stk. (gen’lc h .)-£ 1 3 ,4 7 2 ,9 7 9 | C o n s o l. ordinary stock— 28 ,1 8 6 .9 5 0
10-year 6 % notes________
3 ,092.783 |Deftrred stock____________
811,800
Th e 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 M arch 1917V . 104. p. 256, 1044. 1144: V . 105. p . 1998.
Is su e o f £5 ,0 0 0 ,0 0 0 6 % Cum ulative Convertible P erference Stock A p p ro v ed .—
The stockholders on O ct. 14 1926 approved the creation of an issue of
£ 5 ,0 0 0 ,0 0 0 6 % cumul. conv. pref. shares. The proceeds are to be used to
retire the $ 1 5 ,0 0 0 ,0 0 0 o f 10 -y s. 6 % conv. gold notes, due Feb. 1 1926,
and to pay for extensions o f lines, new stations and marshalling yards.
C O N V E R T I B L E N O T E S .— The notes of 1917 have interest payable
without deduction for any taxes imposed b y Great Britain or the Argentine
Republic. D enom . $ 1,000. Prin. and int. payable in N . Y . in U . 8 . gold
at office o f J. P . M organ & C o .; in London at London County & W estminster
Bank at $4 85 per £1 sterling. The entire issue, but no part, m ay be
redeemed at 102 and int. on and after Feb. 1 1922 upon six m onths’ notice.
T h ey are convertible at option of holder any time prior to redemption
Into ordinary shares of £10 each at par, $4 85 per £1.
The notes o f 1923 are convertible into 4 % debenture stock as follows:
In Jan. or July 1924, £115 of 4 % debenture stock for every £100 note; in
Jan. or July 1925. £113 of 4 % debenture stock for every £100 note. V . 116,
p. 2006.
R E P O R T .-— For fiscal year ending June 30 1925, showed: T otal oper.
revenue, £11 ,5 6 7 ,9 0 7 ; total income, £3,5 7 6 ,3 3 9 ; deductions, £1,231 ,1 6 0 ;
balance, surplus, £2,3 4 5 ,1 7 9 .
O ffice, 3 A , Colem an S t ., London, E . C . 2 .— (V . 123, p . 2388.)

Rate
%

W hen
Payable

[V ol. 123,
L a st D ivid en d
and M a tu r ity

J
&
$ 1 ,528,000
5
J July 1 1953
5 4 3 .00C
.1 (fe D Ju n el 1957
5
J
135,00C
A
J July 1 1928
4 g
M A N See text
3.200.00C
5
A <
2.215.00C
& O Apr 1 1948
4 g
589,11C See text J
(fe J See text
15.000.00C
F & A Feb 1 1927
6 g
£2,000.000
J
&
J July 1 1933
5
$20,000 ,000 See text J & D 31 June 30 '26 3 %
8.000.00C
J
& D Ju n el 1929
6 g
F & A N o v 1 1945
7 .0 0 0 .
000 g
5
Pledged
6 g
Apr 1 1959
5 .0 0 0 .
000 A g A & O Apr 1 1959
5
3,000,000
A (fe O Apr 1 1959
5 g
M (fe N N o v 1 1945
18.49S.00C
5 g
&
1,000,000
5 g
J
.1 Jan 1 1946
840,000
J
<
& .1 Jan 1 1946
5 g
462,000
J
(fe I) D ec 1 1945
5 g
413,000
6 cur
J
&
,1 Jan 1 1947
2.057.000
(fe D Ju n el 1951
4 g
J
343,000
J
&
5 g
J July 1 1947
134,500
5
Oct 1 N o v 1 1945
94,750
5
Oct 1 N o v 1 1945
45.600
5
Oct 1 N o v 1 1945
M (fe N M a y l 1937
4,840,000
5 g
F <
& A Feb '27-F eb ’36
531,000
6A
M
H T o M a r 1 1932
396,000
5H
2 ,3 2 8 ,0 0 0
-1 & D T o June 1 1938
5
1,316,000
M (fe S T o M a r 1 1940
4A
M & N T o N o v 1 1940
3,5 8 4 ,0 0 0
4H
J <
fc J July 1926 2 H %
1,022.900
5
5,191,100
.1 &
5
J July 1926 2 H %
436,400
.1 &
5
.) July 1926 2 ) 4 %
4 07,000
J & J July 2 1930
5 g

Places W here In terest and
D ividends A r e Payable
Checks mailed
do
Reading Term inal, Phila
C om pan y’s Office, Phila
Reading Term inal, Phila
30 Pine St, New York
N Y JP M organ& C o ,&Lon
C o's off 32 Liberty ST N Y
Guaranty Trust C o , N Y

Guaranty Trust C o , N Y
do
do
do
do
do
do
Guaranty Trust C o , N Y
do
do
do
do
Guar T r C o , N Y or Sav
do
do
do
do
Guaranty Trust C o , N Y
Commercial T r C o , Phila
do
do

Savannah, Ga
Savannah and M acon
Savannah, Ga
Citizens' B k , Sa vann 'h ,G a

O R G A N I Z A T I O N .— Succeeded N o v . 1 1895 the Central R R . & Banking
Oo. of Georgia, foreclosed. V . 60, p . 1008; V . 61, p . 68.
Ocean SS. C o .,
V. 102, p. 344.
The entire $ 2 0 ,0 0 0 ,0 0 0 capital stock is owned b y the Illinois Central but
the road is operated independently.
Government loan, V . I l l , p . 492; V . 112, p . 371, 469.
Tentative valuation, V . 113, p . 1052.
S T O C K .— The I .-S . C . Commission on D ec. 5 1923 authorized the com ­
pany to issue $15,0 0 0 ,0 0 0 Com m on stock and to retire a like am ount o f
Preferred stock by exchange, share for share, of Preferred for the new C om ­
mon, so that the Capital stock of the com pany will consist solely o f 200,000
shares o f Com m on stock (par $100 ). V . 117. p. 2651.
D iv id en d s.— On common stock, 1913 to 1923, 5 % per annum ; 1924, 6 % ;
1925, 6 % ; June 30 1926, 3 % .
B O N D S .— The fir s t m ortgage o f 1895 (described in V . 63, p . 1160) and
V . 84, p. 529. 605: V. 87, p. 550.
Consol. M tg
(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 M ortgage, abstract was in V . 45. p. 242.
Chattanooga D ivision M ortga ge, V . 72, p. 1134; V . 78, p. 1446.
T en -Y ea r Secured B on ds.— The shareholders on M a y 28 1919 authorized
an issue of Ten-Year 6 % secured bonds (see offering V . 108, p. 2240)
amounting to $ 8 ,0 0 0 ,0 0 0 .
Redeemable on 60 days' notice on June 1 1924 or
any interest date thereafter upon premium of l of 1 % for each 6 months
A
between redemption date and date o f m aturity. Secured by the deposit of
$11,0 0 0 ,0 0 0 6 % Ref. & G en. M tg e. bonds. Series “ A , ” due April 1 1959.
R efund ing and General M o rtg a g e.— The authorized m aximum of the R ef.
& Gen. M tg e . bonds (including am ounts issued) issuable or reserved to re­
fund $ 3 1 ,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 lim it of $ 6 0,000 ,000 . Series “ A " 6 % bonds am ounting to
$ 1 1,000 ,000 are pledged as security for the 10-year 6 % bonds of 1919. In
Feb. 1924, $ 5 ,000,000 Series “ B ” 5 A % 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 A % for each 6 m onths elapsed
up to date o f m aturity. The ref. & gen. m tge. 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 im portant and valuable terminals
at Savannah, M acon , Atlan ta, Colum bus, G a ., and elsewhere, subject to
$ 3 1 ,0 5 8 ,3 0 0 o f prior lien bonds. V . 118, p . 1011; V . 122, p . 1306.
Equipm ent trusts. Series M . V . 112, p . 561.
Equipment trusts. Series N , V . 114, p . 1406.
Equipm ent trusts, Series O , V . 116, p . 2128 .
Equipm ent trust. Series P , V . 120, p. 9 52.
R E P O R T .— For 1925, in V . 122, p . 2 227 , showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
Total ry . oper. revenues.$30,2 2 9 ,4 0 8 $ 2 7 ,1 7 3 ,2 0 9 $ 2 6 ,1 9 ,,8 4 6 $23,2 8 6 ,7 3 7
N e t ry . oper. i n c o m e ...
5 ,4 6 7 ,7 4 4 4 ,5 5 5 ,8 0 3
3 ,944,371
4 ,3 9 2 ,0 8 4
Gross incom e____________
6 ,5 8 9 ,8 2 3
5 ,5 9 3 ,8 3 8
6,811,961
5 ,1 9 9 ,8 4 6
D ed u ction s__
In t. on funded d ebt____
2,7 9 5 ,4 8 1
2 ,6 8 6 ,2 4 0
2 ,4 0 3 ,6 5 0
2 ,3 5 5 ,3 9 3
In t. on non-nego’le debt
to affiliated companies
3 3 ,9 2 2
3 8 ,3 7 2
117,948
187,146
R ent for leased r o a d s ...
37 3 ,3 6 0
37 2 ,9 5 9
3 7 2,710
37 0 ,7 6 6
M iscellaneou s___________
28 1 ,9 4 7
259,971
2 61,296
2 20,728
N e t incom e___________ $ 3 ,1 0 5 ,1 1 3 $ 2 ,2 3 6 ,2 9 4 $ 3 ,6 5 6 ,3 5 4 $ 2 ,0 6 5 ,8 1 2
Preferred dividends____
_______
_______
9 0 0,000
900,000
Com m on dividends______ 1 ,2 0 0 ,0 0 0
1 ,200,000
2 5 0 ,0 0 0
*,50,000
Balance, surplus______$ 1 ,9 0 5 ,1 1 3
$ 1 ,0 3 6 ,2 9 4 $ 2 ,5 0 6 ,3 5 4
$915,812
For latest earnings see “ Railway Earnings Section” (issued m onth ly).
O F F IC E R S .— Chairman, Charles H . M arkham , Chicago, 111.; Pres.,
J. J. Pelley; V .- P ., A . R . Law ton, C has. T . Airey, Albert C . M a n n ; V .-P .
& G en. M g r ., Henry D . Pollard; Sec., Charles F . Groves: T reas., W . C .
Askew : C o m o ., W m . B . M cK in stry . General office,. Savannah, G a .—
(V . 123, p . 1499.)

C E N T R A L I N D IA N A R Y .— M uncie to Brazil, I n d ., 117.69 miles.
Controlled by Cleveland Cincinnati Chicago & St. Louis and Pennsylvania
C o . In N o v . 1922 W illiam P . Herod o f Indianapolis was appointed
receiver. The road was to have been sold at foreclosure sale on M a r. 17
1924, but representatives o f the Central Union Trust C o ., N ew Y o rk , trus­
tee under the mortgage, appeared in court and stated that the decree of
C E N T R A L O F G E O R G I A R Y . C O .— Operated D ec. 31 1 9 2 5 .1 .9 1 7 miles foreclosure had been satisfied, and asked the court to enter an order return­
ing the road to its former managers for operation. A ll bonds were destroyed
L in es leased (see these cos.) M ile s
L in es owned in f e e —
M ile s .
and mortgage released o f record M a r. 25 1924. On April 1 1924 property
Savannah to A tlan ta___________ 293 Southwestern R R .—
was restored to owners for operation. There is no bonded indebtedness at
142
M acon to Eufaula____________
Gordon to C ovington___________
81
the present time. $ 120 ,00 0 capital stock outstanding held in equal pro­
Fort Valley to Perry__________
13
Columbus to Birmingham, A l a . 156
portions by the Pennsylvania C o. and Cleve. Cine. C hic. & St. Louis R y .
Fort Valley to Colum bus------71
Columbus to Americus__________
60
C o. The I .-S . C . Commission has placed a final valuation o f $1,90 4 ,5 6 0
Smithville to Colum bia______
85
Montgomery to Eufaula, A l a ._
81
on the total owned and used properties o f the co. as o f June 30 1917. The
Cuthbert to Fort Gaines____
20
Columbus to Greenville, G a ___
48
com pzny in D ec. 1925 applied to the I .-S . C . Com m ission for authority
Opelika to R oanoke____________
36 Augusta & Savannah R R .— —
M illen to Augusta---------------------53 to abandon its entire line o f road. Pres., J. Q . V an W in kle.— (V . 122, p
Eufaula to Ozark________________
60
744.)
Griffin, G a ., to C h a tt.,T e n .,& c 261 Chattahoochee & G ulf R R .—
C E N T R A L N E W E N G L A N D R Y . C O .— Owns from Cam pbell H all,
Colum bia to Lockhart_______
91
Ohicamauga to D urham _______
17
crossing the Hudson River at Poughkeepsie by its own bridge, to Silvernails,
15
Savannah to T y b ee_____________
18 Trackage ________________________
34 miles; Poughkeepsie Junction, N . Y . , to Hopewell, 12 m .; W icopee Junc­
Columbus to Andalusia________
138 Less— Lines to G a. & A la. R y .
tion, N . Y . , to State Line, 53 miles: Poughkeepsie, N . Y . , to Boston Corners,
58
C o . and C hatt. Station C o . .
M ogul to Athens________________ 102
36 miles; connections, 3 miles; total owned, 138 miles, and leases Hartford
Brewton to D over_______________
77
& Connecticut Western R R . , Hartford to R hinecliff. 109 miles, and branches
Barnesville to Thom aston_____
16
13.24 miles; trackage, Hopewell Jet. to D anbu ry. & c., 36 miles; total.
Covington to Porterdale_______
4
295.87 miles. V . 89, p . 918; V . 95, p. 418.
Upper Cahaba Branch__________
12
The I .-S . C . Commission has placed a final valuation o f$ 1 3 ,8 1 2 ,8 8 0 o n
Greenville to R aym ond________
24
the owned and used properties, and $ 8 ,2 5 0 ,1 3 9 on the used bu tn ot owned
properties o f the com pany, as o f June 30 1916.
Totalow n ed___________________1,485
Total oper. D ec. 31 1925--------1,917




Nov., 1926.]

31

RAILWAY STOCKS AND BONDS

R A IL R O A D C O M P A N IE S
[For abbreviations, & c .. see notes oh p a ge 8]

M ile s
Road

D ate
Bonds

12 1890
C e n t New E n g la n d — D utch C o R R 1st M g -B a .x c *
O T E Is M $ 2 5,000 ,000 g gu red 105beg’21F xc*& r*
V
138 1911
1920
O N E s >rial notes to Secretary of Treasury of U S . C e n tr a l P a cific— 1st ref M g gu p & i en d -_C e.x c*& r 1,349 1899
1,349 1899
314s $ 2 5 ,0 0 0 ,0 0 0 gold guar p & i end---------Us.xc*&r
103 1904
Lucin cu t-off 1st M $ 1 0 ,0 0 0 ,0 0 0 gu (text) -G .x c * & r *
1911
Bonds 250,0 0 0 ,0 0 0 francs guaranteed red p a r ,.U s .x
do
do
U S gold_______________________________
50-year mortgage bonds ($78,000 5s due 1 939 )------1925
Guaranteed gold bonds red te x t)_________ yc*& r*
479 1911
N evada & California, &c, 1st m tge assum ed------------86 1912
Oregon Eastern first mortgage assum ed_____________
Other bonds— see text
C e n tra l RR of N J— Stock ($ 3 0 ,0 0 0 ,0 0 0 authorized) All
1887
Central R R of N J gen mtge $ 5 0 ,0 0 0 ,0 0 0 g .-C e -x x r c
All
1887
do
do
registered____________________ xx
Equip trust Series H due $270 ,00 0 yearly--------------1920
1922
do
Series I due $ 200 ,00 0 y 'ly (allin treas)
do
Series J due $375 ,00 0 yearly----------------- c*
1923
1924
do
Series T due $137,000 yearly__________
C
do
Series L due $150,000 yearly___________
1925
1926
do
due $178,000 yearly____________________ c*
1920
Equip notes issued to G ovt due $ 395 ,50 0 ann_____G
1910
L & W B con M $ 2 0 ,0 0 0 ,6 6 0 serial g g u ar.P eP .xxc*
A m Dock & Im p Co 1st M guar redeem (t e x t )-.x x c *
1881
N Y & 1. B gen M g int gu jtly ($192,000 5s) .C e .x x c *
38 1891
40 1921
C e n tra l R R of S o u th C a ro lin a — First m tge gold -_xc
C e n tra l T e rm in a l R R — See Minneapolis St Paul & S ault 8 te M ar
C e n tra l V e rm o n t— Stock $ 3 .0 0 0 ,0 0 0 -----------------------1930
R e f m tge guar p & i by Canadian National R y s___ N
M ontreal & Province Line R y 1st M guar p & i ____ c
4 0.6 1900
1922
Equipment trust notes Series E due $ 49,000 s-a------do
Series F due sem i-ann_______________________
1924
31 1913
C e n t W Va & S o u th R R — 1st M g s f red tex t-------c*
C h a rle sto n & S a v a n n a h — See Atlan Coast Line R R
1907
C h ari Un S ta — 1st M $ 400 ,00 0 g gu text)__E q .xc *& r

__
__

Par
Value

A m ount
O utstand ing

Rate
%

W hen
Payable

8287 ,00 0 414 (6) g J
13,427,000
.1
4 g
300.000
M
6
F
9 8 .601,500
4 g
4,8 5 0 ,2 7 5
314 g J
A
9 ,640,000
4 g
M
16,201,158
4
4
M
32 ,0 6 1 ,3 5 8
A
103 000
5 & 6
F
SOO&IOOO 40 ,0 0 0 ,0 0 0
5 g
8,5 0 0 .0 0 0
M
6
J
5,0 0 0 ,0 0 0
6

Last D ividend
and M a tu rity

P laces W here In terest and
D ividends A r e Payable
Fidelity-Phila T C o .P h ila
Irv B & T Line O ff, N Y

&
&
&
&
A
&
&

D
J
N
A
D
()
S
s

&
&
&

$1,000
1,000 &c
60,000
500 &c
500 &c
1.000
500 fr.

A
N
J

Junel 1940
Jan 1. 1961
N o v 15 1931-35
Aug 1 1949
Aug 1 1929
Oct 1 1954
M ar 1 1946
Alar 1 1946
1936 & 1939
Aug 1 1960
N o v 1 1941
Jan 1 1942

0

165 Broadw ay,N ew York
do
do
do
do
London, Paris. Belg, &c
do
do
Owned by South Pac Co
do
do

100 27,43 6 ,8 0 0
12
1,000\ b43.924,000 !
5g
500 & c [
1 5 g
1,000
1 .080.000
6
1,000
None
6
1,000
2.6 2 5 .0 0 0
5
1,000
1,096.000
5
1,000
1,350,000
414
1,000
2,6 7 0 ,0 0 0
414 g
1.000
3 ,5 5 9 .5 0 0
6 g
1.000
5,5 6 4 .0 0 0
4 g
1,000
4 ,9 7 9 000
6
2,5 0 0 ,0 0 0 4 & 5 g
1,000
294,000
6 g
ie R y
3 000.000
100
$ 2,191.
13 596,700
5
100 &c
200,000
4 g
1,000
343,000
6
1,000
576,000
5
1,000
500,000
5 g

F
&
,1
(. — J
M & N
.1 <
fe 1)
M & 8
.1 Sr D
A & O
F
A
J
&
J
.1 S
r. J
T &
J
M &
S
.1 &
J

N o v 15 ’26 2 %
July 1 1987
July 1 1987
To M a y 1 1930
To June 1 1932
To M ar 15 1933
T o June 1 19.34
T o April 1935
T o A u g 1 1941
T o Jan 15 1935
To Junel 1950
July 1 1936
Sept 1 1941
T o July 1 1976

Office 143 Liberty S t ,N Y
New York Trust C o , N Y
Check from Treas Office
New York Trust C o, N Y
Office, 143 L ib e rtv S t.N Y
New York Trust C o, N Y
do
do
do
do
H udson T r C o , Hoboken
Guaranty Trust C o. N Y
New York Trust C o , N Y
do
do
do
do
Bankers Trust C o , N Y

100 held
M & N
A A O
M < N
&
A & ()
J
&
J

by Canadian N
A la y l 1930
Oct 1 1950
M a y ’27-A Iay’30
Apr ’27-O ct ’32
Jan 1 1933

ational Raliways
New York Trust C o. N Y
Amer L & Tr C o, Boston

1,000 &c

J

25 0 ,0 0 0

4 g

J

Q

&

J Jan 1 1937

W est End Trust Co.Phila
Equitable Trust C o , N Y

b Additional $ 1 ,1 6 7 ,0 0 0 in treasury D ec. 31 1925.

O R G A N I Z A T I O N .— On D ec. 31 1925 the N . Y . N . H & H . R R . owned
$3,737,000 pref. and $4,79 5 ,0 0 0 common stock. V . 85, p 404, 858; V . 89
p. 469; V . 90, p . 1238, 1296, 1489; V . 91, p . 153, 396, 870. The stock­
holders in M a y 1921 voted to merge with the N . Y . N . H . & H . R R
V . 112, p . 1976.
S T O C K .— C om m on, $4,705 ,2 0 0 ; pref., $3,737 ,0 0 0 ; par, $100. After
4 % on the pref . both classes participate equally.
Dividend on non-cum. pref., 4 % . paid in 1913-14; in 1914-16, 6 % on
pref. and 2 % on com .
For 6 m os. to D ec. 31 1916, 4 % on pref. For
1917, 3 % on pref. and 3 % on com m on. In 1918 and 1919 paid 6 % on pref.
and 2 % on com m on. N o payments in 1920 or 1921.
In 1922 and 1923
paid 6 % on pref. and 2 % on com m on.
In 1924 paid 4 1 4 % on Dreferred
and 114 % on com m on. 1925, 6 % on p re f., 2 % on com m on.
B O N D S .— The 1st guaranteed 4s of 1911 ($25,000,000 auth. issue) are a
first lien on 138 miles of road and the Poughkeepsie Bridge; those unsold
(except $287,000 reserved for Dutchess County bonds) are set aside for not
exceeding 7 5 % of the cost o f extensions, additions and improvem ents.
V . 98, p . 1315; V . 92, p. 1374, 1635; V . 94, p . 206; V . 96, p. 134.—
V . 103, p. 1031; V 105, p. 997; V . 107, p . 1099; V . 109, p . 1079.
Government loan, V . I l l , p . 1660.
R E P O R T .— For 1925 showed;
Calendar Y ears— 1925.
1924.
1923.
Operating revenues____________________ $7,407,229 $ 8 ,145,477 $ 7 ,9 8 8 ,2 2 6
Operating expenses____________________
5,590,531
5,763,907 6,016,734
N e t operating revenue_______________ $1,816,698 $2,381,570 $ 1 ,971,492
Tax accruals and uncollectible revenue
279,584
300,278
296,786
Equipm ent rents________________________Deft467,323 Deft.381,000 D eb .631,181
Joint facility rents_____________________
Cr. 18,269
Cr.20,483
Cr. 19,872
N e t operating income_______________$1 ,0 8 8 ,0 6 0 $1,720,775 $1,063,396
Non-operating incom e_________________
118,794
84,098
96,104
Gross incom e________________________
Deductions from gross in c o m e ..!___
D ividends______________________________

$ 1 ,206,854
970,672
320,136

$1,804,873
976,6.34
240,117

$ 1 ,159,500
872,305
320,320

Balance, surplus or deficit_________ def$83,954 sur$588,122 def$33,125
x This item covers lap-over items audited during the year applying to the
Federal control or guaranty periods.
For latest earnings, see “ Railway Earnings Section” (issued m onthly),
O F F IC E R S .— B . I. Spock, Pres.; A . S. M a y , Treas.: Arthur E . Clark,
Sec.: H . S. Palmer, C om p t.— (V . 122, p. 2324).
C E N T R A L P A C IF IC R Y . C O .— (See M a p o f Southern P a cific .)
L ines Owned—
M ile s . Hazen, N e v ., to Keeler, C a l . .2 8 8 65
Oakland, & c., local lines______18.84
W eed, C al., to Kirk, Ore______ 127.38
Oakland pier to Elvas, C a l___ 133.46 N atron to Oakridge, Ore_______ 34.39
Sacramento, C a l., to Cecil
M ojave to Owenyo, C a l_______ 142.90
Jet., near Ogden, U ta h ____ 692.20 Fernley, N e v ., to W estw ood,
C al___________________
..1 3 6 .6 0
Niles to San Jose, C al__________ 17.58
Branches________________________ 139.08
Niles Jet. to Redwood Jet___ 16.24
Umbria Jet., N e v ., to near
Ogden, U ta h _________________141.64 L eased__________________
17.44
Lathrop to Goshen Jet., C a l . .1 4 6 .5 7
Roseville, C a l., to Oregon
Total
State Line___________________ 296.58
.2 ,38 3.1 7
O R G A N I Z A T I O N .— Incorp. in Utah in July 1899, per plan in V .6 8 ,p .3 7 8 .
In 1914 the Government brought suit to separate the company from the
Southern P acific C o ., b u t lo st in low er cou rt in 1917. V . 104, p. 1044. The
U . S. Supreme Court on M a y 29 1922 ordered the dissolution of ownership
and control by the Southern Pacific C o. 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 o f the Southern Pacific
C o. to retain its control of the Central Pacific R y. by ownership o f its stock
and lease o f its lines upon certain conditions. Compare V . 116, p 685.
S T O C K .— The Southern Pacific C o . owns the entire $ 6 7 ,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
L A T E D IV S . T 2 .T 3 . T 4 . T 5 . '1 6 .'1 7 . '18. T 9 . '2 0 . '2 1 .'2 2 '23 '24 '25.
Preferred. % 6
6 26.6 4
4
6
6
4
4
4
4 4 4 4
C om m on. % 6
6 26.6
1H1V46
6
4
4
2
2 2 2
2
B O N D S .— First Refunding M tg e. gold 4s, $100 ,0 0 0 ,0 0 0 . V . 69, p . 808.
and V . 70, p . 739; V . 78. p. 228; V . 87. p . 225. 285, 479; V. 88, p. 52
Thirty-gear gold 3 44s, $ 2 5,000 ,000 , secured by a second lien upon all the
properties covered by the 1st R ef m tge. 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 D ec. 31 1925 of $ 4 ,1 7 8 ,0 0 0 in securities,
and by a trust deed upon all the lands covered by mortgage dated Oct. 1
1870. See M ortgage Abstract, V . 69, p . 858; also see p. 851. From the
proceeds o f these sinking funds and land sales cancellations of bonds are
made from time to time; to D ec. 31 1925 $ 2 0 ,248 ,725 had been canceled
or purchased for cancellation, reducing those outstanding to $4,85 0 ,2 7 5
Lucin C u t-o ff 4s are call, at 10744- V . 7 9 , p . 1641; guar., V . 80, p. 162.
In Feb. 1911 the sale was arranged In France o f 250,0 0 0 ,0 0 0 francs 4 %
35-year coll trust bonds, guaranteed by the Southern Pacific C o. (the latter
pledging as security for the guaranty part o f its Interest in affiliated cos.,
notably So. Pacific R R .) . V . 92, p . 593 , 794; V . 94, p . 130, 1762; V . 101.
p . 2146.
The $ 8 ,500,000 outstanding Nevada & California 6 % bonds ($15,000,000
auth. issue) were assumed on purchase Feb. 29 1912; also $3 ,0 0 0 ,0 0 0 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. C o.
T h e 5 % guaranteed gold bonds, due A u g. 1 1960, are unconditionally
guar, as to both principal and int. b y endorsement b y Southern Pacific C o.
N o t redeemable before A u g. 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 in t., up to and incl. A u g. 1 1955, and
thereafter at a premium equal to 44 % for each six m onths between the
redemption date and date o f m aturity. V . 121, p. 194.
L A N D G R A N T — Total land grant was about 12.000,000 acres, o f which
6,6 5 8 ,0 1 2 acres unsold Dec 31 1925Sales in 1925, 22.6 2 2 acres; average
price per acre, $7.70- Land contracts D ec 31 1925. $ 1 ,9 1 3 ,0 5 8 .
R E P O R T .— For calendar year 1925: Income from lease o f road, $13,
6 0 6,847 ; other income, $1,2 6 5 ,7 4 4 ; deductions, $ 8 ,4 6 2 ,1 0 5 ; net income$5,410 ,4 8 6 ; dividends paid, $ 2 ,0 9 3 ,5 1 0 .
(V . 123, p . 3 2 2 ).
C E N T R A L R A I L R O A D C O . O F N E W J E R S E Y (T H E ) .— Operates
from Jersey C ity , opposite New York C ity , westerly to W ilkes-Barre and
Scranton, P a ., and the neighboring anthracite coal fields; also southerly
to the seashore resorts o f N ew Jersey and to the Delaware River.
Owned in F ee
M ile s .
M ile s ■
Jersey C ity to Phillipsburg_______ 72
Nesquehoning V a lley*______________ 17
Sundry branches___________________ 319 Lehigh & Susquehanna, Phillips­
Controlled by Stock Owned—
burg to Union Jet . ______________ 105
Easton & Western R R ____________
4 Wilkes-Barre & Scranton*_______
4
Controlled by A g reem en t, & c.
Other lines___________________________ 70
(mostly under 999-yr. leases):
Trackage—
Allentown Term . R R . (op. jointly) 3 Delaware & H udson________________ 12
New York & Long Branch R R .,
Other trackage_____________________ 33
Perth A m boy to B ay H ead______ 38
Dover & Rockaway R R __________
5
Total operated D ec. 31 1925___ 691
*See this company,
Ogden M ine R R * ___________________ 10
There are 265 miles of 2d. 41 miles o f 3d and 37 miles o f 4th tracks
H I S T O R Y .— Reorg. in 1887 w ithout foreclosure; V . 44, p. 714, 7 16;
V . 105, p. 1707. In 1901 Reading C o . acquired control, owning $ 1 4 ,500 ,000
stock. T h e 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 G ovt, brought suit alleging violation of both the Sherman law
and the commodities clause of the I .- S . Commerce law. In O ct. 1915 final
decree o f U . S. District Court dismissing said suit ordered that this co. m ust
dispose of its interest in the Lehigh & Wilkes-Barre Coal C o. within 90
days. Both parties appealed to the U . S. Supreme Court. On April 26
1920 the U . S. Supreme Court sustained m ost of the G overnm ent’s charges.
The plan for the disposal by the com pany of all the stock o f the Lehigh &
Wilkes-Barre Coal C o. owned or controlled by it (as embodied in the disso­
lution decree of the Reading C o . dated F eb. 14 1921 ), provided that the
stock be disposed of within six m onths after entry of the decree or previous
to any other later date which m ay be fixed by the Court
Announcement
was made on N o v . 17 1921 that the com pany had sold its 169,788 shares
of Coal C o . stock to a syndicate for $ 3 2 ,5 0 0 ,0 0 0 . 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 . R ebate decision in V . 109, p . 1891.
Tentative V aluation.— The I .-S . C . Commission has placed a tentative
valuation o f $103 ,47 3,70 6 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 N ew Jersey, the Dover & Rockaway R R .,
the Easton & Western R R ., the Hibernia M ine R R ., the Lehigh Coal &
Navigation C o . (Lehigh & Susquehanna R R .) the Ogden M ine R R ., the
Tresckow R R . and rhe W ilkes-Barre & Scranton R y .
The co . has filed with the I .-S . C . Commission a brief on its protest against
the Com m ission’s tentative valuation of its property. The c o . claims a final
valuation of $23 4 ,9 9 6 ,6 5 3 , as against the $162,659,531 allowed in the
tentative report.
D IV S .— '9 1 . '9 2 t o '9 4 . '9 5 . '9 6 . '9 7 . ’ 9 8 . '9 9 . ’ OO. '0 1 . 1 9 0 2 to N o V 2 6
R egular._ 6 H 7 y ’rly 544
5 4U
4
4
5
5
8 yearly (Q -F )
Special------------------------------------------------- D ec. 1899 to July 1926. 4 yearly (J & J)
B O N D S .— For G eneral M ortga ge abstract, see V . 4 5 , p. 402.
The Lehigh & W ilkes-Barre consol, serial 4s, guar. p. & i ., mature
12,500,000 every 5 years, beginning June 1 1915.
During 1918 the remainder o f the property of the American D ock St
Improvement C o. 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 10244 and int. V . 112.
p. 2751: V . 113. p. 73R E P O R T .— For 1925, in V . 122,
. 3074, showed:
O perating Revenue—
1925.
1924.
1923.
1922
Merchandise_____________ $26,754 ,152 $25,264 ,906 $26,096 ,912 $ 2 2,939 ,947
Bituminous coal________
4 ,4 2 9 ,0 5 0
3 ,4 0 8 ,5 0 0
3,8 7 4 ,6 0 0
3 ,6 9 2 ,3 0 0
Anthracite coal__________ 10,434,387
13,740,174
14,064,247
9 ,885,617
Passenger------------------------9 ,199,532
9,237,071
9 ,437,463
9,0 6 1 ,9 4 9
Express and m ail_____________________ 1,914,447
1,578,977
1,477,049
1,627,179
W ater line_______________
475,854
442,383
475,343
482,818
W ater transfer___________
491,091
429,652
404,483
3 3 0,366
Incidental________________
1,078,702
1,033,089
1,194,960
1 ,052,940
M iscellaneous____________
314.884
332,211
358,594
415,354
Total___________________$55,092 ,100 $55,466 ,963 $57,383 ,653 $49,488,471
Operating E xp en ses—
Maintenance o f w ay, &c. $ 6 ,3 0 0 ,3 0 6
Maintenance o f equip’t . 12,113,409
Transportation expenses 20,953,331
Traffic expenses________
481,872
General expenses________
1,289,409
Miscellaneous operations
250,143
Transp. for invest.— C r .
325

$ 6 ,0 5 8 ,2 7 6
9 ,819,916
2 1 ,798,966
449,521
1,293,760
232,624
408

$5,660,110
17,087,290
2 3 ,820,559
459,050
1,288,800
236,202
1,722

$ 5 ,5 3 0 ,9 4 4
12,973,254
2 1 ,7 8 1 ,2 8 2
409,850
1 ,286,970
215,453
332

T o t a l . . .......................... ..$ 4 1 ,3 8 8 ,1 4 5 $39,652 ,657 $48,550 ,289 $42,197 ,422
N et revenue______________ $ 1 3 ,703 ,955 $ 1 5 ,814 ,306 $8,83 3 ,3 6 5 $7,29 1 ,0 4 9
Taxes, & c________________
4 ,5 6 9 ,7 5 3
4,5 6 0 ,7 1 8
3 ,8 0 7 ,1 1 0
3 ,5 7 2 ,6 5 9
Operating income____ $9,13 4 ,2 0 2

$ 1 1,253 ,588

$5,02 6 ,2 5 5

$3,718,391

32

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

M ile s
Road

C h ari & W e s t C aro— 1st M g ($ 8,000 p m)_Ce.xc*Acr
1st consol mortgage Series A
. . .
. _ S B a.sc*
Augusta Term R y 1st M gold guar p & 1 end___ Ce.x
Equipm ent trust certificates due $54,500 yearly____
C h a r lo tte C o lu m b ia & A u g u s t a — See Southern R y
C h artiers— See Pittsb Cincinnati Chicago & St Louis
C h a tta h o o c h e V a lle y — C o n so m tg e _________ . .A B x
C h a tta n o o g a S t a t io n — 1st M g gu (te x t)..E q .x c & r
C h esa p ea k e & O h io — C om stock_______ _ ________
Preferred stock Series A cum conv & red (see text).
First consol m tge for $3 0 ,0 0 0 ,0 0 0 gold. .Ce.xc*Acr
Rich A All D iv 1st & 2d M s ($ 1 ,000,000 2d s)C e.xc*
c
Craig Valley Branch first mortgage g o l d ___ C e.xc*
W arm Springs Branch first mortgage g o ld .
C e.xc*
General m tge (for $ 7 0 ,0 0 0 ,0 0 0 &c) gold Ce.xc*&r
Paint Creek Branch 1st M $ 750 ,00 0 gold___C e.xc*
Coal River 1st m tge gold assum ed. __________C e.xc*
Greenbrier R y 1st M $ 3 ,0 0 0 ,0 0 0 g a ssu m e d ..E q .x c*
Big Sandy R y first m tge $ 5 ,0 0 0 ,0 0 0 gold ..C e .x c *
P o ttsC r Br 1st M $ 1 ,0 0 0 ,0 0 0 auth (V 8 S p 6 9 3 ) C e xc*
Virginia Air Line 1st M $900 ,00 0 g assu m e d ., .x c*
Raleigh & Southw 1st M $ 1 ,5 0 0 ,0 0 0 g ass’d ..C e .x c *
Gen fd A imp M $ 1 1 ,0 0 0 ,0 0 0 red 10746.U sm x c*& r*
c
C onv g bonds $ 3 7 ,2 0 0 ,0 0 0 red tex t. U sm .xc*& r* .
Ches A Ohio Nor 1st M (closed) red 105 gu p & L r *
c

D a te
Bonds

341
341
341

1896
1914
1914
1897
1920

44.5

1900
1907

697
242
26
25
1,433

1889
1890
1890
1891
1892
1905
1905
1900
1904
1906
1907
1906
1909
1910
1915
1910
1908

22

104

101
86

20

30
3546
1.661
30.4

Par
Value

A m ou n t
O utstanding

$ 1,000

1.000
1,000
1,000

Rate
%

$ 2 ,720,000
2.3 8 0 .0 0 0

2 to 6

600,000
490,500

1925.

1924.

1923.

$367,833
150,219
268,413
905,370
110,933
35,842

$371,509
146,237
264,142
1,094,925
107,754
41,553

$396,057
156,181
264,142
1,112,874
180,080
4 1,924

Gross income
$10,972 ,812 $13,279 ,708
R ent for equipm ent____
R ent for leased roads __ $ 2 ,312,238 $2,327,831
Joint facility, Acc., rents.
1,645,298
1,303,044
M iscell. tax accruals. . .
317,340
329,227
Interest . .
___ __
.
3.0 8 6 ,4 3 7
3,116,168
M is c e lla n e o u s ______ __ _
15,381
15,599

$2,328,081
769,726
304,619
3 ,0 5 4 ,3 0 4
95,371

$ 7 ,177,513

1,000 Acc p 3 ,698,000
1,000 &c 3 1 ,390,000
1,000 &c
1,000,000

1922.
$191,192
500,310
156,973
280,583
832,740
849,066
11,041
$ 6 ,540,296
$243,136
$2,328,581
723,125
238,563
2 ,983.250
21,028

N e t income .
3.5 9 6 ,1 1 8
6,187,840
$2,614
$625,412
D ividends p a i d .. _______ $3,29 2 ,4 1 5 $3,292,416 $3,29 2 ,4 1 6 $3,292,416
For latest earnings, see “ Railway Earnings Section” (issued monthly)
O F F IC E R S .— W . G . Besler, Chairman; R . B . W hite, Pres.; C . E . M iller,
G en . Attorney; A . H . Elder, G en. Solicitor; F . T . Dickerson, Sec. & Treas.
N . Y . office, 143 Liberty S t.— (V . 123, p. 2388.)
C EN TR AL R R . OF SOUTH C A R O L IN A .— Owns from Lanes, S. O., to
Sumter. S. C ., 4 0.2 miles; spurs, &o., 1.61 m .; total, 41.81 m . Leased to
Atlantic Coast Line R R .: rental, *31 ,0 0 0 yearly and taxes. Stock. *170.0 00; par, $50. Annual rental, * 3 1 ,0 0 0 .— (V . 112, p. 2082. 2536. 2747.)
C E N T R A L V E R M O N T R Y . C O .— Operates from Rouses Point, at north
end of Lake Cham plain, to New London, C on n ., with branches, 433 miles in
all, o f which 161 miles leased, viz.. New London & Northern (see that c o .),
121 miles; M ontville Branch, 3; W est River R R ., 37 m .: V . 68, p. 1076. In
M a y 1914 received authority to lease for 999 yrs. Southern New England R y .
partly built. Palmer. M a s s ., to Providence; and in M ay 1916 asked right
to purchase It: a contractor in N ov 1918 obtained $2.00 0 ,0 0 0 attachment
on said line but suit was discontinued In M ar. 1920
V. 110, p 1416.
V . 107, p. 2008; V . 102. p. 1718. Steamboats, V. 103, p. 406.
Valua
Mon. V . 112. n. 62: V 114. p. 2359. G ovt. loan. V . 113. p. 2078.
S E C U R IT IE S , & c.— The Canadian National R ys. holds $2,19 1 ,1 0 0 of
the $ 3 ,000,000 stock. Form o f interest guaranty, V . 85, p. 283. The
Massachusetts Department o f Public Utilities in April 1920 approved the
petition of company allowing it to transfer by mortgage and deed of trust
Its property including the leasehold of the New London A Northern RB to
c
the New York Trust Co to secure an issue of bonds amounting to $15,0 0 0 ,0 0 0 , dated M a y 1 1920 and due M a y 1 1930. V . 110, p . 2567.
A ll of the outstanding 1st m tge. 4 % bonds due M a y 1 1920 were paid off
on M a y 1 1926 at par and interest at 6 % from M a y 1 1920.
R E P O R T . — F o r ca leu u ar year.
Year—
Cross
N et.
Total In com e. Charges.
B a l., D -f .
1925_________$ 8,46 3 ,6 3 9
$867,056 $1,004,321 $ 1 ,827,076
$822,755
1924_________$ 8 ,380,752
$851,968 $ 1 ,013,555 $ 1 ,910,618
$897,063
1 9 2 3 ________ 8,6 2 7 ,9 8 0
707,204
1,081,676
831,595
1,913,271
1922________ 7,6 2 6 .6 2 6
881.375
1 ,018,930
1,755,744
736.814
For latest earnings, see “ Railway Earnings Section” (issued monthly)
O F F IC E R S .— Chairman, Sir Henry W . Thornton. M ontreal; Pres.,
E . C . Sm ith; C o m p t., E . Deschenes; Treas., J. B . W ood . St. Albans, V t.
— (Y . 122, p . 477.)
C E N T R A L W E S T V I R G IN I A & S O U T H E R N R R .— Hendricks W
V * .. to Armentrout 29 5 miles; leases from Armentrout to Horton 1 6
miles; total, 31 miles. T h e I .-S . C . Commission has placed a final valua­
tion o f $ 535 ,45 0 on the owned and used property of the com pany, as of
June 30 1 918 .
Stock, $500,000; par, $100. Bonds ($1,000,000 author­
ized), o f which $500 ,00 0 reserved for new construction. Callable on any
interest day after January 1923 at 105. Sinking fund retires 5 % o f bonds
outstanding sem i-annually. Pres., R obert F . W hitm er; V .- P ., Charles
Steele; T reas,, J. T . Richards; Sec., M . M . D a ly , Philadelphia, P a. Office,
Hendricks, W . V a .— (V . 123, p. 2514 .)
C E N T R A ! W IS C O N S IN R Y .— (V . 112, p . 1023.)
CHARLESTON UNION STATION C O .— Owns passenger station at
Charleston, S. C ., used by Atlantic Coast Line and Southern R y , each of
which owns K the stock and guarantees the bonds, p & 1 .b y endorsement
Rental covers Interest on bonds and 4 % on stock. Seaboard Air Line Ry
also uses passenger station under agreement.
The I .-S . C . Commission has placed a tentative valuation of $274 ,22 6 on
the property o f the com pany as of June 30 1917.— (V . 122, p . 3206 .)
C H A R L E s lO N « W ESTERN C A R O L IN A R Y .— Port R oyal, S. C „ vl*
Augusta. G a.. to Spartanburg, S. 0 , 246 m .; branches to Anderson and
Greenville, S. G ., 95 m . total, 341 m . Track rights, 2 m . Entire stock
owned by A tl. Coast Line Co. V . 66, p. 3 8 , 335.
Tentative valuation. $10 ,5 0 9 ,0 2 7 . V . 113, p. 2184.
S T O C K .— $ 1 ,2 0 0 ,0 0 0 par * 100
See Augusta Term . R y . V. 66. p. 383.
B O N D S .— O f the 1st consol. 50-yr. bonds of 1914 ($10,000,000 auth.
Issue), $ 2 ,3 8 0 ,0 0 0 . 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. O f the remainining bonds (to bear int. no
higher than the So. Caro, rate), $ 2 ,7 2 0 ,0 0 0 are issuable from time to time to
retire the old 1st 5s, $600,000 to take up the Augusta Term . 6s and $ 4 ,3 0 0 ,000 ext., better, or equip. V . 98. p . 1315; V . 100, p . 1347.
Equipm ent trusts issued u Director-General tor rolling stock allocated
to this company
See article on page 3 and V . 114, p . 1764
R E P O R T .— Year ending D ec. 31 1924:
Calendar
Gross
Net after
Other
Interest,
Com m on
Balance
Y ears. F a m w gs
Taxes
In com e. Rents, & i. D ividends.
Surplus
1924 ..$ 3 ,9 0 8 ,7 8 1
$676 ,14 6
$ 93,165
$496,235
$273,076
1923 . . 3,8 7 8 .5 0 5
639.791
76,448
519,868
$72,000
124,371
1922 . . 3 ,221,243
618.153
124,092
449,784
72,000
220.461
1921 — 3 ,2 8 1 ,933def 165.923
115.897
483.751
def533.777
For latest earnings, see “ Railway Earnings Section" (issued m onth ly).




5 g

6g
6g

Last D ividend
and M a tu rity

W h en
Payable
A
J
.J
A

.1

&
&
&
&
&

P laces W here Interest and
D ividends A r e Payable

O Oct 1 1946
.1 Jan 1 1964
J
1964
o Apr 1 1947
J T o Jan 15 1935

C ent Union Trust, N Y
New York or Baltimore
Cent Union Trust, N Y
G uaranty Trust C o , N Y

J A j 15 July 1
470,000
6
1,000
&
J
J Jan 1
1 ,000,000
4 g
1,000 &c
100 116,761,891 See text
Oct 1
4> J
—
J
&
,1 Jan 1
100 2,2 4 3 ,0 0 0
646
M & N M ay 1
1,000 3 0 ,0 0 0 ,0 0 0
5 g
.1 &
J Jan 1
4 g
1,000 7 ,000,000
.]
&
J July 1
1,000
650,000
5 g
M &
S M ar 1
400,000
1,000
5 g
S M ar 1
1,000 4 8 .129,000
446 g M &
F & A Feb 1
539,000
1,000
4 g
.1 A D June 1
1,000 2,4 6 9 ,0 0 0
4 g
M & N N ov 1
1,619,000
1,000
4 g
fe
.1 < D June 1
4 .104,000
4 g
1,000
.1 &
.1 July 1
1,000
600,000
4 g
M A N M ay 1
c
900,000
1,000
5 g
.1 &
J July 1
1,000
778,000
4 g

Kanawha Br Ac*Ter 1st M g red 105 beg T 6 .F P .x c *
429,000
1,000
17,273,024
Car and equipment trusts (see te x t)____ __ ________
Guaranteed bonds—
Elev Co 1st M g g u p & i
_____
____
. C e.zc*
1,000
820,000
1888
Louis A Jeff Bdg 1st M $ 5 ,0 0 0 ,0 0 0 gu p & 1 end c*
c
1,000 a 4 ,500,000
1895
Norfolk Ter A Trans 1st M (V 6 7 , p . 322)gu p & i.x c*
c
1,000
500,000
1898
Western Pocahontas Corp 1st N (V 84, p 9 9 5 ). .x
1,000
750,000
1905
do
do
do
Extension N o lx c *
1,000
97,000
1906
do
do
do
Extension N o2xc*
51.006
1906
1,000
Richm ond-W ashington Co (one-sixth in terest).. .
1903 1,000 Acc 10,000,000
p Further $ 7 ,3 0 2 ,0 0 0 pledged under mortgage of 1910.
a Guaranteed jointly and severally with Cleveland Cincin natl C hicago & St Louis; C hes
N on -O peratin g In co m e-R ent from equipm ent___
M iscell. rent incom e____
N on-oper. phys. prop___
Dividend income
Income from funded sec.
Inc. from unfunded sec.
Miscellaneous .

[V ol. 123.

RAILW AY STOCKS AND BONDS

J
5 g
446 g F
A
5 g
5
A
5 g

A
c
<
fe

J
A
O

&

O

A
M
K
F
F
A
J

A
c
&
<
&
&
&
A
c
A
c

Amer Trust C o , Boston
1940
J P M organ & C o , N Y
1957
do
do
1926 2 %
do
do
1927 3 Y
i.
do
do
1939
do
do
1989
do
do
1940
do
do
1941
do
do
1992
do
do
1945
do
do
1945
do
do
1940
do
do
1944
do
do
1946
do
do
1952
do
do
1936
do
do
Jan 1 1929
•
do
do
Feb 1 1930
do
Oct 1 1945
do
1930
Apr 1 1948
Fidelity Phila Tr C o, Phil
1930-32

O
s
A
A
A
O
D

6

4 g
4 g

6

446
446
4 46
4 g

O ct 1
M ar 1
Feb 1
Aug 1
Aug 1
Oct 1
Junel

J P M organ A C o , N Y
c
J P M organ A C o , N Y
c
do
do
do
do
do
do
do
do
New York Trust C o . N Y

1938
1945
1948
1945
1945
1946
1943

A Oh io propor tion is one-third
c

Pres., F . B . Grier, Greenwood, S. C .; V .- P ., J. R . K enly; V .- P ., Lym an
Delano; V .-P . & Gen. M g r., A . W . Anderson. Augusta, G a .; Sec., R . D .
Cronly; T reas., John T . Reid; G en. A u d .. W . D . M c C a lz , W ilm ington,
N . C .— (V . 118, p. 1771.)
C H A T E A U Q A Y & L A K E P L A C ID R Y .— Extends from B luff Point
N . Y . . to Lake Placid, 79 miles, of which B lu ff Point to Dannem ora, 16 m .
is leased at nominal rental from State of New York.
Stock, $ 3 ,4 5 0 ,0 0 0 , o f which $3 ,0 0 0 ,0 0 0 Is 4 % non-cum . pref., the latter
ill owned by D . & H . (V . 8 4 . p. 50) and $450 ,00 0 common stock, of which
the D . & H . owns $ 75,000 .
Leased to the Del & Hudson until D ec. 31
2403, any balance over expenses of operation. Interest, taxes, maintenance,
lam ages, dividend on pref. stock, &o., to go to the lessor. The lease la
m bject to revision on 6 m onths’ notice by either party.— (V . 84. p. 50. 930 )

CHATTAHOOCHEE & G U L F R R .— Columbia. A la ., to Florala. 92 m
L E A S E .— Leased in 1900 In perpetuity to Cent, of Georgia R y . for 6 % on
1436,400 stock and * 4 0 7 ,0 0 0 bonds (of which only *17 0 .0 0 0 outstanding
of which 1 % to be used as a sinking fund for retirement of bonds, upon com ­
pletion of which rental will be 5 % on stock, payable J .-J .
See C ent, of
Georgia R y .— (V . 117, p . 2768.
C H A T T A H O O C H E E V A L L E Y R Y .— Standing Rock
Alabama to
Bleecker, Alabam a, 4 3 .6 miles. The I .-S . C . Commission has placed a
tentative valuation of $585,137 on the total owned and $589 ,36 0 on the
total used properties o f the com pany, as o f June 30 1917. Stock a u th .,
$1,0 0 0 ,0 0 0 ; issued, $110 ,00 0; par, $100. B onds, see table above.
Y e ar,
1924, gross, $ 2 25 ,97 2; net, $33,774 ; charges, $66,4 1 1 ; b a l., d e f., $27,3 3 3 .
— V . 120, p . 3062.)

CHATTANOOGA STATION C O — Owns union passenger station opened
Dec 1 1909 and approaches at Chattanooga. Tenn., used by the Southern
Ry. Central of Georgia, Alabam a Great Southern and Cln. N . O . & T exas
Pacino, whloh each owns one-fourth of the stock and guarantees the bon d s
lolntly and severally, p & 1.. by endorsement
Rental covers bond Interest
and 4 % on stock. The I .-S . C . Commission has placed a tentative valua­
tion o f $1 ,1 1 8 ,0 0 0 on the total owned and $1,12 9 ,0 2 1 on the total used
property o f the com pany as of June 30 1916 .— Y . 121, p . 1903.)
C HESAPEAKE AND
D ec. 31 1925 operated:

O H IO

RY.

L ines ow ned in fe e —
M ile s .
F t . M onroe, V a . , toC o vington, K y . 663
Richmond via Lynchburg, to
230
Clifton Forge, Y a ____________
Branches in Va. and AY. V a ___ 344
Seaton, K y ., to Lexington____
103
Big Sandy Jet. to Elkhorn C ity,
with branch___________________ 128
Branches in K entucky__________
79
Ches. A Ohio N o r _______________
c
30
Cincinnati, O ., to II. Y . Tower,
I n d ____________________________ 261
Lindsay, V a ., to Strathmore, V a.
30

CO.

(T H E ) .— (See

M a p .) — On

W hitcom b, W . V a ., to W interburn, W . V a ___________________
St. Albans. W . V a ., to Sover­
eign and Seth, W . V a ________
Barboursville, W . V a ., to W est
Gilbert, W . V a _______________

101
136
140

Total owned___________________ 2,2 4 4
L e a s e d __________________________
130
Tracks used jointly______________ 267
Total of all____________________ 2,6 4 0

Second track (546 owned) 736 miies: third track operated, 16 miles
sidings, 1,413 miles; total all tracks, 4 ,8 0 7 miles.
Also controls Hocking
Valley, 350 m ., and one-sixth int.in Richmond Wash ingt on C o.
The Chesapeake & Hocking R y .; a new corporation owned b y the Chesa­
peake & Ohio R y ., in Sept. 1926 asked the I .- S . C . Commission for authority
to construct 63 miles of line from Gregg to Valley Crossing. The proposed
construction will form a connection between the Chesapeake & Ohio and the
Hocking Valley railroads. V . 123, p . 2 133 , 2514.
The I .-S . C . Commission has placed a tentative valuation o f $ 1 8 9 ,2 5 7 ,7 8 9
on the total used properties and $182 ,6 8 7 ,1 7 5 on the total owned properties
o f the com pany, as o f June 30 1916. These valuation figures do not include
the C . & O . o f Indiana.
H I S T O R Y , Acc.— In 1888 reorganized without foreclosure. V . 8 8 , p.
2 94. For 9-year financial statem ent to D ec. 31 1917, see V . 106, p .
1911. Owns $ 8 ,8 3 7 ,9 0 0 of $ 1 1 ,0 0 0 ,0 0 0 Hocking Valley com . stock; for
court decision in 1917, see V . 105, p . 908, 997. In July 1917 purchased
8,0 0 0 acres o f coal land through the W estern Pocahontas Fuel C o . V . 105,
p. 180; V . 106, p . 1911.
During the year 1918 the Pond Fork R y . C o ., Gauley A M eadow River
c
R R . C o ., the Kanaw ha Bridge & Terminal C o ., the Logan & South­
ern R y . C o . and the Piney R iver & Paint Creek R R . C o . were merged with
the Chesapeake A Ohio R y . C o . (V . 8 3 , p. 436; V . 109, p . 7 8 6 ). Th e stock­
c
holders voted M a y 3 1918 (V . 106, p . 1343, 1796, 2122) to acquire b y pur­
chase or otherwise all the property of Chesapeake A Ohio Northern R y . C o.
c
The Elkhorn A Beaver Valley R y . was merged in 1920 . In April 1921 the
c
stockholders approved the lease o f the Ches. & Ohio R y . o f Ind. V .
113, p. 2719. The I .-S . C . Commission on D ec. 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 M illers Creek R R .
V . 120, p . 205. On July 31
1925 the I .-S . C . Commission authorized the com pany to acquire control
of the Sandy Valley & Elkhorn R y . b y purchase o f capital stock and by
lease. V . 121, p . 837Huntington Interests acquired b y O . P . Van Sweringen. V . 116, p . 175;
V . 115, p . 2904.
M e rg er P lan R ejected.— The proposed unification plan of this road with
the N ew Y o rk Chicago A St. Louis R R ., Pere M arquette, Erie and Hocking
c
Valley railroads was rejected b y the I .- S . C . Commission on M arch 2 1926.
Compare V . 122, p . 1249.
For the revised terms o f proposed unification plan, as reported unoffi­
cially, see V . 123, p . 577.
George S. K em p , Chairman o f the stockholders’ protective committee,
in A u g. 1926 issued a statem ent 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

Nov., 1926.]

RAILWAY STOCKS AND BONDS

w
w




34

[V ol. 123,

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 otes on pa ge 8]

M ite s
Road

C h e s te rfie ld & L a n c a s te r — 1st M $7 5 0 ,0 0 0 g C o l.x c*
C h e s tn u t H ill R R — Stock rental P & R R y _________
C h ic a g o & A lt o n R R — Com m on stock________________
Preferred stock 4 % non-cum ulative........ .......................
4 % cumulative participating and prior lien stock . .
Receivers’ notes red p a r _______________________________
Chic Sc A lton R R (old) ref M g (see text) IC .xc*& r*
First lien (old R y) M subject to call at pa r.F .xc& r
Gen M $ 20 ,000,000 g red text________ l)sm xc*& r*
Equipm ent trust due $ 121 ,10 0 yearly____________ G
do
Series “ A ” due $ 200 ,00 0 s a ____________ xxx
Kansas C ity St Louis Sc C preferred stock quar____
Joliet Sc Chicago 7 % stock perpetual guar by O Sc A
Louisiana Sc M issouri guaranteed preferred s t o c k ..
Rutland T o l & N o 1st M g gu red since O ct’ 1 5 .N C c *

D a te
Bonds

1905

A m ount
O utstand ing

Par
V a lue

$ 1,000
50

889
943

1924
1899
1900
1912
1920
1923

162
37

101
27

1910

1,000
100
100
100
100 &c

thatlftheFnew proposal o f the M essrs. 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 . Com m ission, M unford, Hun ton, W illiam s & Ander­
son will again represent the com m ittee before that b o d y .” Compare
V . 123, p . 707, 1757. Th e com m ittee consists of George S. K em p (Chair­
m an ), Lindsay Hopkins, Berkeley W illiam s, Granville G . Valentine and
J. Luther M oon .
S T O C K .— Author, stock was increased in 1916 to $ 1 5 5 ,0 0 0 ,0 0 0 , of which
$ 3 7 ,2 0 0 ,0 0 0 was reserved for conversion o f 4 H s of 1910 and $ 5 0 ,2 2 5 ,0 0 0 for
conversion o f 5s of 1916 V . 1 02, p . 1162 . 1625.
The stockholders on Sept. 26 1922 authorized an issue o f $ 3 0 ,0 0 0 ,0 0 0
preferred stock, o f which $ 1 2 ,5 5 8 ,5 0 0 , known as
cumulative con­
vertible preferred Series A , was offered to common stockholders o f record
Sept. 1 1922 to the extent o f 2 0 % o f their holdings. The Series A preferred
stock is convertible at the holder’s option into common stock at any tim e,
share for share, up to thirty days prior to any date fixed for redemption
thereof. Subject to redemption as a whole on Jan. 1 1933, or on any
semi-annual dividend date thereafter, upon not less than sixty days’ notice,
at 115 and dividends. V . 115, p . 987.
D I V S .: ’ 9 9 -’0 8 . '0 9 . ’ 10. ’ l l . ’ 12. '1 3 . ’ 14. ’ 15. ’ 16. ’ 17-’ 20. ’ 2 1 .
P ercent 1 yrly
3 4M
5
5 4 }*
3
0
2 4 yrly
0

$186 ,00 0
195,650

100 19,542,800
100 1 9 .544.000
8 68,700
100
1 , 000,000
1.000 &c
1.000 &c 45 .3 5 0 .0 0 0
1.000 &c 22 , 000,000
1.000 &c 16.834.000

’2 2 -’25
4 yrly.

1,089,900
4 .2 0 0 .0 0 0
1.750.000
1.500.000
329.000
225.000

R ate

%

W h en
Payable

F

& A Aug 1 1955
Q— M
D ec 4 1926 1 H
Feb 15 ’ 10. 2 %
Jan 16 ' l l . 2 %
Jan 15 ’ 12, 2 %
5J* J & D
A & O Oct 1 1949
3 g
&
J July 1 1950
3H g J
J
&
J July 1 1932
6g
6g
J & J 15 T o Jan 15 1935
M & N M a y ’27 M a y ’37
See text
i*
7
See text
F & A See text
7
A & O Oct 1 1930
4 g

S3

Collateral M a r . 31 1925 fo r F irst L ien and I m p t.
Mortgage B on d s.—
O . & O . R y . C o. of In d .— Stock, $ 5 ,9 9 8 ,8 0 0 ; bonds, $ 8 .4 5 2 ,0 0 0 .$ 1 4 ,4 5 0 S00
Ches. & Ohio R y . C o. general funding & im pt bonds___________
7 ,3 0 2 ,0 0 0
Hocking Valley R y . C o. stock (out o f $ 1 1 ,0 0 0 ,0 0 0 o utstanding). 8 ,8 2 5 ,0 0 0
Miscellaneous________________________________________________________
993,508
The F irst L ien and Im provem ent M ortgage bonds are (1) a first lien either
directly or through deposit o f all stocks and bonds, upon 3 6 8 .3 0 miles of
railroad, viz.: (a) Directly on 107.60 miles o f coal branch lines in W est
Virginia; (&) on 260.7 miles of m ain line between Cincinnati and Chicago.
(2) A fir s t lien on all stock of C - & O . Northern R y ., and 8 0 .2 3 % o f stock
o f the Hocking Valley Railway C o .
(3) A lien on all the remaining lines
o f railway owned or controlled b y the com pany, aggregating about 1,800
miles, subject to $ 1 0 1 ,8 7 2 ,0 0 0 prior liens.
Th e 4J* % convertible bonds, due F eb. 1 1930, have a parity of lien with
the first lien & im pt. bonds on such lines as were owned on April 28 1910,
bu t not on the above-mentioned collateral.
O f the authorized $ 3 7 ,2 0 0 ,0 0 0 convertible gold bonds o f 1910, $ 3 1 ,3 9 0 ,0 0 0
were issued in that year. They are redeemable after 1915 at \0214.
Th e option to convert these bonds into stock expired F eb. 1 1 920 . V . 90.
p . 7 71. 8 48: V . 91. p. 870, 945. 1159, 1574.
A ll the outstanding 5 % convertible 30-year secured gold bonds due April 1
1946 were redeemed on O ct. 1 1926 at 105 and int.
L ou isville & Jeffersonville Bridge.— See separate statem ent of the co.
A ll of the following are assumed by the C . & O. R y . C o .:
G reenbrier R y. 4s V . 7 2 , p . 6 26; see also V . 71, p . 554, 6 0 2 ; V . 7 9 , p . 915Big Sandy 4s o f 1904, V . 7 9 ,, p . 9 17; V . 8 2 , p. 297; V . 8 7 , p . 2 2 5 , 4 1 4 ’
1418 . G uaranty, V . 8 1 . p . 668 .
Coal River 4s, V . 8 0 , p . 2219; V . 8 3 , p . 693; V . 89, p . 720; V . 9 8 . p . 452
P a in t Creek B r. 4s $ 2 1 1 ,0 0 0 reserved for extensions. V . 8 1 , p . 9 7 4 , 910.
R aleigh & Southw estern 4s. V . 8 4 , p . 1114; V . 8 9 , p . 7 20.
K anaw ha Bridge & T erm inal 5s, V . 91. p . 1629 assumed b O . & O. B y .
V . 109, p. 785.

Places W h ere In terest'a n d
D ivid en d s A r e P ayable

Irving B k & T r C o , N Y
Treasurer's office, Phila
Checks mailed
do
do
N ew Y o rk Trust C o, N Y
Jan. ’23 lnt. In default.
2 Rector St, New York
G uaranty Trust C o . N Y
N ew Y o rk Trust C o , N Y
Checks mailed
do
do
Northern Tr C o , Chicago

R E P O R T .— For 1925, in V . 122, p . 2067, showed:
Operating R evenues—
1925.
1924.
1923.
Freight traffic______________
$108 ,28 3,19 0 $92,223 ,413 $ 8 5 ,202 ,379
Passenger traffic___________
. . 9 ,623,037
10,851,180 11,650,941
Transportation of m ails___
894,146
876,645
822,373
Transportation o f express.
. . 1,247,091
1 ,183,615
1,278.851
M iscellaneous_______________
. 3,1 3 6 ,6 3 9
2,8 9 8 .5 9 6
3,021,253
Total operating revenues.
$ 1 2 3 ,1 8 4 ,103$108,0 3 3 ,448$ 101,975,798
OpSTG-tinQ Exp6TIS6S—
M aintenance o f way & structures,___ $18,778 ,635 $ 1 5,551 ,838 $12,8 4 7 ,5 7 0
Maintenance o f equipm ent____________ 3 1 ,128,451 3 0 ,116,566 28,69 3 ,8 6 6
Traffic___________________________________
1 ,310,419
1,173,219
1,040,339
Transportation__________________________ 3 4 .7 3 0 ,7 8 6 3 3 ,1 2 7 ,5 1 4 33,725,951
Miscellaneous operations______________
4 44,148
431,926
418,951
2 ,6 7 7 ,9 0 3
2,521,742
2,248,921
General__________________________________
Transportation for investment________
CY88.924
0 1 4 1 ,1 0 2
0 8 5 ,8 2 2
Total operating expenses. _
Uncollectible railway revenues.

D ec. 1916 to D ec. 1920, inch, 4 % p . a . (2 % J. & D . ) ; then none until
Jan. 3 1922, when 2 % was paid; June 30 1922 to Jan. 1 1926 paid 2 % s .-a .
On April 15 1926 paid 2 % quar. and a special dividend of 4 % ; on July 15
and O ct. 1 1926 paid 2 % quar.
B O N D S .— Abstract o f consol, m tge. o f 1939 in V . 4 9 , p. 147; V . 86 , p .
1588; V . 9 2 , p . 2 60; of Richmond & Allegheny m tges, in V . 5 1 , p . 144.
Th e general m ortgage of 1892 (Central Union Trust C o. and H . T . W ic k "
ham , trustees) is for $ 7 0 ,0 0 0 ,0 0 0 , bu t additional am ounts at $ 2 5 ,0 0 0 per
mile m ay be issued for double-tracking. See full abstract o f m ortgage in
V . 54, p . 644.
General funding and im p t. m ortgage, V . 8 7 , p . 1663; V . 8
p . 157.
The m ortgage o f 1910, securing the first lien & im pt. m tge. bonds, is
limited to $ 1 2 5 ,0 0 0 ,0 0 0 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
Im provem ent” bonds, and for other corporate purposes. O f entire $ 7 5 ,0 45,000 outstanding under this mortgage in Sept. 1926, $ 1 ,228,000 are
pledged to secure the $ 1 ,0 7 4 ,0 0 0 outstanding conv. 5s of 1916, due 1946,
and $23,3 2 9 ,0 0 0 are pledged as security for loans from U . S. G ovt, and
$ 5 0 ,4 8 8 ,0 0 0 were in treasury.

L a st D ivid en d
an d M a tu r ity

.$ 8 8 ,9 8 1 ,4 1 9 $82,781 ,702 $ 7 8 ,889 ,776
.$ 3 4 ,2 0 2 ,6 8 4 $25,251,746 $23,086,021
4 ,628,463
4 ,6 8 7 ,3 9 4
. 6 ,776,290
160,206
36,000
29,275
.$27,3 9 0 ,3 9 4 $20,463,076 $18,369,351
. $ 3 ,857,576 $2,748,747 $2,155,899
.D rl ,299,898 D rl ,318,903 D r l ,389,894

N e t railway operating incom e.
In com e f ro m Other Sources—
Interest from investments & acc<
M iscellaneous_____________________

-$30,018,071 $21,892 ,920 $ 1 9 ,135 ,356
s $ 1 ,332,966
161,799

$1,710,108
175,972

$1,348,630
867,418

.$ 3 1 ,5 1 2 ,8 3 6 $23,779 ,000 $ 2 1,351 ,404
D ed uctions fro m Gross In com e—
$11,035 ,252 $ 1 1,263 ,067 $ 1 1,991 ,208
Interest on debt_____________________
Rentals, leased roads, joint tracks, &c
;
180,289
194,417
139,995
Loss on C . & O . grain elevator
18,187
15,793
23,328
Miscellaneous___________________
251,109
204.653
217,443
816,302
Preferred dividends____________
815,247
816,302
2,591,032
. 3,0 3 5 ,8 8 5
2 ,619,500
Total d e d u c t io n s ...________________ $ 1 5 ,3 3 5 ,9 7 0 $15,113 ,733 $15,779 ,308
N e t income------------- --------------------------...$ 1 6 ,1 7 6 ,8 6 7 $ 8 ,665,267
$5,572,096
O F F IC E R S .— O . P . Van Sweringen, Chairm an, Cleveland; W . J. HarsThan, Pres.; G . B . W a ll, V .-P re s.; Herbert Fitzpatrick, V .-P res. & G en.
Counsel; F. M . W hitaker, V .-P . in charge o f traffic; R N . Begien, V .- P ..
in charge o f operation, Richmond; A . T revvett, Sec. & T reas., Cleveland;
E . M . Thom as, C o m p t., Richm ond. Offices, Richm ond, V a ., and Cleve­
land, O hio.— V . 123, p. 2133.

C H E S A P E A K E & O H IO N O R T H E R N R Y . -S s a C h e s a p e a k e Sc O hio
C H E S A P E A K E & O H IO R Y . O F IN D IA N A .— Owns Cincinnati, Ohio.
to Indiana-Illinois State line, 260.7 miles; trackage rights, 23.7 m .: T o ta l
oper., 2 84.4 miles. The I .-S . C . Commission has placed a tentative
.valuation o f $9 ,2 5 0 ,0 0 0 on the total owned properties of the com pany, and
$9 ,3 5 5 ,7 1 3 on the total used properties as o f June 30 1916.
First 5s,
$7 ,7 1 1 ,0 6 0 outstanding, all pledged under C . & O. First Lien & Im p t. m tge.
In April 1921 stockholders approved lease o f property to Ches. & Ohio R y .,
see C . & O. R y . above.— V . 120, p . 2811 .)
C H E S T E R F IE L D & L A N C A S T E R R R .— Owns Cheraw , S. C .. to
Pageland and Crowburk, 38 miles. First m tge. 50-year 5 % bonds ($ 7 5 0 ,000) issuable at $5,0 0 0 per mile; outstanding, $ 1 8 6 ,0 0 0 , due A u g. 1 1955.
Second m tge. bonds matured and unpaid, $ 6 7,600 (all owned b y Seaboard
Air Line R y . C o .) .
Stock, $ 5 0 0 ,0 0 0 , a m ajority being acquired in June
1909 b y the Seaboard Air Line R y .; par, $ 2 5 . For 1924, gross, $ 9 5 ,3 1 2 ;
net operating deficit, $19,0 9 5 ; other income, $972; interest and rentals,
$22,747 ; b a l., d e f., $40,8 7 0 . T reas., R . L . N u tt. 24 Broad S t ., N . Y . —
(V . 8 9 , p. 40.)
C H E S T N U T H IL L R R .— Owns from Germ antown to C hestnut H ill
P a ., 4 miles. Re-leased in 1896 to Phila. & R ead. R y ., the rental being re­
duced from 1 2 % to 6 % on stock, the latter being increased in June 1902 from
$120 ,65 0 to $19 5 ,6 5 0 . Reading owns $ 7 5,000 stock.— (V . 7 5 , p . 76.)

C H I C A G O A N D A L T O N R R . C O . ( T H E ).— R O A D — Chicago to St.
Louis. Kansas C ity, & c ., in all 1,056 miles.
Road ow ned—
M ile s .
R oad ow ned—
M ile s .
Chicago to East St. Louis, 111____ 280 M exico, M o ., to Cedar C ity , M o . 50
Sherman, 111., to Grove, 111_______ 51 Roodhouse, 111., to K a n . C ., M o .2 4 5
Barnett to Reddish Road and E .
P rin cip a l Car Trusts Gold (D en o m . $1,000 E a ch ).
Bloomington to W a n n , via Jack­
Hardin. I l l ________________________ 62
sonville, Godfrey and Upper
M a tu re in Installm ents.
Outstanding
Coal C ity Line 111__________________25
Alton (all in Illinois)___________ 158
D ec. 1926
125.000 s. a
P 1 9 1 & 4 H % ___________
125.000
Dwight, 111., o W ashington and
189.000 s. a.
R 1917 4 3 ^ % call 102__
378,000 N o v . '2 6 -M a y '27
Lacon.U l _______________________ 81 Trackage to Peoria, 111., & c-----------43
3 7 5.000 ann
8 1920 6 3 * % ___________ 3 ,7 5 0 ,0 0 0 D ec. 1 '26-D ec. 1 ’35
lies to M urrayville, 111_____________34 Leases Rutland Toluca & N o rth . 27
50 9 .0 0 0 ann
T 1922 5 ) * % ___________ 5 ,599,000 June '2 7 -June ’37
6 4 6,500 ann.
Total owned and operated D ec. 31 1925](299 m . double tracked)___ 1,056
13 1920 6 % ..............
5 ,818,500 Jan. '27-Jan. ’35
111.300 ann.
13a 11420 6 % ____________ 1 ,001,700 Jan. '27-Jan. ’35
Th e Rutland Toluca & Northern R R . is leased for 999 years and its bonds
E lk hom Piney Coal M in ­
guaranteed prin. and int. V . 9 1 , p . 1024; V . 9 3 , p . 408.
95,0 0 0 ann. The I .-S . C . Commission has placed a tentative valuation o f $53,493 ,218
ing C e (assum ed)____
8 8,000 M a r . 15 1927
52 5 ,0 0 0 ann. the total owned and $ 7 5 ,9 6 0 ,9 3 6 on the to ta l used property of the
U 1923 5 % ____________ 6 ,3 0 0 ,0 0 0 M a r. 15 '27 to '38
on
1,2 0 0 ,0 0 0 ann.
V 1924 5 % _______________ 15,600.000 J u l y ’2 7 -J u ly ’39
com pany as o f June 30 1919.
3 28,000 ann. O R G A N I Z A T I O N .— The (old) railw ay com pany was organized in April
W 1925 4 J * % - .................. 4,5 9 2 ,0 0 0 O ct. 1 ’27-O ct. 1 '40
Interest paid semi-annually as indicated by m aturity days: “ N , ” " O . ”
1900 and purchased substantially all the stock o f the Chic. & Alton Railroad.
“ P ” and “ R ” at Bank o f N orth America and Trust C o ., Philadelphia, and
The two were consolidated in 1906 per plan in V . 8 2 , p . 4 51, the Railway
J. P . M organ & C o ., N ew Y o rk; “ 8 , " “ T ” and “ V ” at J. P . M organ & C o .,
changing its name to the C . & A . R ailroad. V . 82, p . 160: V . 76. d . 686 , 995.
N ew Y o rk; 13 and 13a at Guaranty Trust C o ., N ew Y o rk; Elkhorn Piney
R eceivership.— W illiam G . Bierd and W . W . W heelock were appointed
Coal at Girard Trust C o ., Philadelphia; " U ” at Guaranty Trust C o ., N . Y .
receivers on A u g. 30 1922 b y Judge George A . Carpenter in the Federal
Equipm ent trusts issued to Director-General for rolling stock allocated,
Court at Chicago. V . 115, p . 1099.
The following protective committees have been form ed:
to this com pany. See article on page 3




Nov., 1926.]

R A IL R O A D C O M P A N IE S
[For abbreviations, A c . , see notes on p a c e

8
]

C h ic a g o B u r lin g to n & Q u in c y — Stock--------------------Gen m tge $ 7 5,120 ,000 lawful m oney____ C e.zc*& r*
First & ref m tge Ser A red (t e x t )____________________
Illinois D lv first m ortgag el$85,000,000 currency.\
(V . 83, p . 625; V . 69, p . 283) J redeem at 1 0 5 --N B zJ
Nebraska E x t $20,000 pm (s f not d ra w n ).N B .zc*& r*
Equipm ent gold notes due $404 ,00 0 annually— G

M ile s
Road

8,485
8,985
1,639
1,471

Da e
Bonds

1908
1921
1899
1899
1887
1920

Par
V a lue

Am oun t
O utstand ing

$100 $170839100
1.000 &c 6 5 .2 4 7 .0 0 0
100 &c 4 0 ,0 0 0 ,0 0 0

1.000 &c

50.45 1 .0 0 0

1.000 &c 3 3 .976.000
1.000 &c 17.626.000

Protective C om m , fo r 3 H % 1st L ien 50-Y e a r Bon ds, due 1950.— F . H .
Ecker (V .-P res. M etropolitan Life Ins. C o ., N . Y . ) , Chairman; Bertram
Cutler, N ew Y o rk ; J. H . Perkins (Pres. Farmers’ Loan & Trust C o ., N . Y . ) ,
J. V . E . W estfall (V .-P res. Equitable Life Assurance Society o f N . Y .)
and Asa S. W ing (Pres. Provident Life & Trust C o ., P h ila.), with F . A .
D ew ey, Sec., 22 W illiam S t., N . Y . ; Cotton & Franklin, counsel, and
Farmers’ Loan & Trust C o ., depositary, 22 W illiam S t ., N . Y . The Jan.
1923 and subsequent interest on these bonds is in default. V . 116, p . 74.
Protective Com m ittee f o r 3 % R ef. 50-Y e a r Gold B on ds.— Charles A . Pea­
bod y, Chairman (Pres. M utual Life Ins. C o ., N . Y .) ; Darwin P. Kingsley
(Pres. N ew York Life Ins. C o .), John J. M itchell (Pres. Illinois Trust &
Savings B ank, C hicago), W . A . D a y (Pres. Equitable Life Assurance
Society), E . D . D uffield (Pres. Prudential Ins. C o . o f A m erica), George E .
R oosevelt (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 C om m ittee.— W alter T . Rosen, Chairman (Ladenburg, Thalm ann & C o .); Franklin Q . Brown (Redmond & C o ., N ew Y o rk );
George W ood ruff (V .-P res. N a t . Bank of the Republic, C hicago), Edward
A . Pierce (A . A . Housm an & C o .) , and Hugh K . Prichitt (Prichitt & C o .),
New York, with Feiner, M aass & Skutch, attorneys; S. O. Levinson, coun­
sel; Thom as F . Thornton, Sec., 22 Exchange Place, N ew York.
D ep o sita r ie s .— B ank o f the M anh attan C o ., 40 W all S t ., N\ Y . , and
National Bank o f the Republic, Chicago.
In d epen d en t Stockholders' Com m ittee f o r Leased L in e s .— See Joliet & C hi­
cago R R . In V . 115, p. 2056.
S T O C K .— The cumulative 4 % participating and prior lien stock Is
« ntitled, in addition to prior right to accumulative dividends at the rate of
4 % per annum to receive additional dividends equal to the rate o f dividends
declared on the common stock of the consolidated com pany
In A u g. 1907
tha Toledo St. Louis & Western purchased from the Rock Island the
controlling interest, viz., $ 1 4 ,4 2 0 ,0 0 0 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 N o v . 1921 the Toledo St. Louis & W estern, 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, 5 29, 792; V . 9 9 . p . 3 41, 408, 1051, 1216: V . 113, p. 1984, 2081 .
D I V I D E N D S .—
’06. ’0 7 . '08. ’0 9 . ’ 10. ’ l l . '1 2 . Since.
Com m on stock_____________________ _ _
1
4
2
N one
N one
Preferred stock____________________
2
4
4
4
4
2 NoneN one
Prior lien participating pref----------- 2
4
5
8
6
4
2
N one
B O N D S .— First lien (old R y .) 3 H s o f 1900, V . 71, p. 1021: V . 82, p . 451.
The R ailroad (old) m tge. securing the 3s of 1899 will provide funds for
Improvements and extensions. Bonds in excess o f $4U ,000,000 were to be
Issuable thereunder on vote of two-thirds o f stockholders for extensions of
not over 500 miles main track, at not exceeding $ 2 0,000 per mile, to fund
leased line rental obligations and for future betterments not to exceed
$ 5 ,0 0 0 ,0 0 0 , at not over $ 1 ,0 0 0 ,0 0 0 per annum, from Jan. 1 1900. V . 69,
p. 178; V . 69, p. 2 6 , 129, 541; V . 70, p. 4 29, 7 39, 995; V . 79. p . 2 11. 967;
V . 8 4 , p . 480, 507, 626 , 803 , 809; V . 88 , p. 99, 293.
O f the issue of $ 2 0 ,0 0 0 ,0 0 0 of 6 % G en. M . gold bonds, $ 1 6 ,834 ,000 were
outstanding and $216 ,00 0 in treasury D ec. 31 1925. $8,417,000 being owned
by the Union Pacific R R .
$4,10 0 ,0 0 0 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.
Equipm ent trusts, series “ A , ” V . 117, p . 2211.
Equipment trusts issued to Director-General for rolling stock allocated
co t h is com pany. S e e article on page 3 and V . 114. p . 1889.
R E P O R T .— For 1925, in V . 122, p . 2941, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
Operting revenue______$3 1 ,0 7 7 ,0 8 3
$30,854 ,030 $33,588 ,193 $ 2 7,593 ,925
Expenses, taxes, & c____ 24,71 7 ,9 9 0
25,141,376 2 6 ,673,361 2 4 ,6 19.558
Operating income____ $ 6 ,3 5 9 ,0 9 3
$ 5 ,712,654 " $6,91 4 ,8 3 2 $ 2 ,974,367
Equipm ent rents, & c . . 1 ,811,223
1,317,861
1 ,595,265
1,442,180
N et oper. income____ $ 4 ,5 4 7 ,8 7 0
$ 4 ,394,793 ‘“$ 5 ,319,567 $1,53 2 ,1 8 7
Other income____________
212 ,2 9 3 P r a642,868 _____2 4 2,884
304,667
T otal income___________ $4 ,7 6 0 ,1 6 3
$3,75 1 ,9 2 4 $ 5 ,562,451 $ 1 ,836,854
Interest, rent, &c_______
4 ,7 1 8 ,8 8 0
4 ,787,166
4 ,445,306
4 , 327,336
N e t income___________
$41,283def$1035,242 ' $ 1 ,1 1 7 ,145def$2490,482
alncludes charge of $859 ,43 8. guaranty period claim , which was not
allowed by Government and applies to prior period.
For latest earnings, see “ R ailway Earnings Section” (issued m onthly).
O F F IC E R S .— Pres., W . G . Bierd; V .- P ., W m . W . W heelock; Sec. &
T reas., Jas. W illiam s; C o m p t., E . S. Benson. Office, Chicago, 111.
D IR E C T O R S .— J. J. M itchell, Joy M orton, W . G . Bierd, Samuel Insull.
A . R . F a y , Festus J. W ad e , E . F . Swinney, W m . W . W heelock, L . B .
Patterson and V . D . Skipworth.— (V . 123, p . 1758.)
C H I C A G O A T T I C A & S O U T H E R N R R .— (V . 116. p . 2006.)
C H I C A G O B U R L IN G T O N & Q U I N C Y R R . C O .—
R O A D .— Operates a great system o f roads extending from Chicago
westerly, reaching St. Paul and Minneapolis, M in n .; St. Louis and Kansas
C ity , M o .; O m aha, N eb .; Denver, C olo.; Cheyenne, W y o .; Black Hills,
S. D ., and Billings, M o n t., viz.:
M ain line________________________ 4 ,6 7 1 1Lines leased_____________________
372
Branches and spurs____________ 4,361 iTotal miles oper. D ec. 31 1 9 2 5 -9 ,4 0 4
In D ec. 1908 $ 2 3 ,657 ,500 o f the $ 3 1 ,000 ,000 Colorado & Southern com
stock (practically a controlling interest) was acquired, affording connections
with the G ulf of M exico. V . 87, p . 1663; V . 88 , p . 157, 685.
Owns jointly with the N ashville Chattanooga & St. Louis and Illinois
Central R . R . C o ., the Paducah & Illinois R R . (which owns a double-track
bridge over the Ohio River at M etropolis, 111., and has built from M etro­
polis to Paducah, K y ., 14 m .) and jointly guaranteesi ts bonds. See that
com pany below.




35

BAILW AY STOCKS AND BONDS

3 .6 3 6 ,0 0 0

R ate

%

10

4
5 g

l*
4
6g

W h en
P ayable

J &
M &
F &
J
&
&
J
M &
J
&

D
S
A
J
J
N
J

L a st D ivid en d
and M a tu r ity

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

June 25 '26 5 %
M ch 1 1958
Feb 1 1971
July 1 1949
July 1 1949
M a y 1 1927
T o Jan 15 1935

N Y , Boston & Chicago
New Y o rk and Boston
New York
New York and Boston
do
do
do
do
Guaranty Trust O o. N Y

The I .-S . C . Commission has placed a tentative valuation of $494,632,557
on the total owned and used properties, $205,557 on the wholly owned but
not used properties and $3,01 4 ,8 0 8 on the used but not owned properties
of the company as of June 30 1917.
O R G A N I Z A T I O N , & c.— A consolidation in June 1864; since merged
Chicago Burlington & Northern, Kansas C ity St. Joseph & Council Bluffs,
Hannibal & St. Joseph, Burlington & M issouri, & c., & c.
In 1901 $ 1 07 ,61 3,50 0 o f the $110 ,8 3 9 ,1 0 0 stock was exchanged for the
joint 20-year 4 % bonds of the G t. Northern and Northern Pacific, secured
by the deposit of the stock in trust, on the basis o f $200 in bonds for $100
stock (in 1921 replaced by an issue of 6 1 4 % bonds due 1936)
See V . 72,
p. 871; V . 73, p . 2 93, and bonds under Great N orthern.
(The $60,0 0 0 ,0 0 0
stock div. paid in 1921 increased the holdings of the N orth. Pac. and
G t. N or. to $ 1 65 ,86 7,40 0.)
D IV ID E N D S —
’02 to ’06. ’0 7 .
Regular (per cen t)__________7 yearly 7 i i
Extra (per cent)____________ __________
6
Paid in 1926: June 25, 5 % .
Also paid a stock dividend o f 5 4 .1 3 2 %
record M arch 31 1921.

’08 to ’20. '2 1 . ’22. ’23. '2 4 . ’ 25.
12 10 10 10 10
Sept.’ 17,10 15 _______ ________

8 yearly

($60,000,000) to stockholders of

B O N D S .— Gen. m tge. bonds ($75,120,000 auth. and issued, o f which
9 ,8 7 3 ,0 0 0 are held in the Treasury, interest 4 % ) are a first lien on 5,375
miles o f road, and on retirement of the outstanding underlying bonds will
be a first lien on 8,485 miles. The generals have been issued as follows:
T o retire outstanding bonds (incl. $ 1 7,428 ,300 in sink, fun ds).$ 4 6 ,3 6 3 ,0 0 0
For reimbursing the treasury for additions & betterments,
purchase o f stock, &c. ($23,041,000 sold)_______________________ 28 ,7 5 7 ,0 0 0
In Jan. 1909 $19,3 6 3 ,0 0 0 general 4s were issued, of which $ 1 3,724 ,000
were sold and used to purchase $23,657 ,000 Colorado & Southern common
stock.
The 1st & ref. m tge. covers 500 miles by direct first lien, 5,375 miles
by direct 2d lien, subject to the lien of the G en. M tge. under which bonds
are outstanding at the rate o f about $7,700 per mile on the mileage covered
by that mortgage, and 3 ,1 0 9 miles by direct or collateral lien subject to the
Gen. M tge. and prior liens. N o more of the underlying m tge. bonds. In­
cluding the Gen. M tg e. bonds, m ay be issued except for the purpose of pledge
under the 1st & R ef. M t g e ., but the com pany reserves the right to sell about
$ 10, 000,600 of underlying bonds now held in its treasury.
Under the terms o f the mortgage the issue o f bonds for the acquisition of
property and for add’ns & betterments to the c o .’s property in no event can
exceed the actual cost o f the property to be placed under the m tge. The auth,
issue is limited to an am ount which, together with all other then outstandmg
prior debt o f the c o ., after deducting therefrom bonds reserved to retire prior
debt, shall never exceed 3 times the par value o f capital stock then outstand­
ing. The bonds are redeemable as a whole only on and after, but not before,
Feb. 1 1942 as follows. On Feb. 1 1942 or on any int. date thereafter prior
to Feb. 1 1952 at 107)4 and in t., on Feb. 1 1952 or on any int. date there­
after prior to Feb. 1 1962 at 105 and in t., on Feb. 1 1962 or on any int. date
thereafter prior to m aturity at 103 and int. V . 114, p . 518; V . 118. p . 905.
The N ebraska E xtension bonds o f 1887 are issued at $2 0 ,0 0 0 per mile for
single and $10,000 per mile for second track on not exceeding 1,500 miles.
Now a direct first lien.
A b s tra c t of deed, V . 45, P- 441; V. 85, p. 721.
The Illinois Division M ortgage bonds o f 1899-1949 are a first lien on the
com pany’s lines in Illinois and on its line to St. Paul and Minneapolis, in­
cluding its terminals in Chicago, Quincy and East St. Louis. 111.: Clinton and
D ubuque, Iowa; W inona. St. Paul and M inneapolis, M in n .; and part o f its
terminal at Burlingiton. Iow a.
Equipment trusts issued to Director-General for rolling stock allocated
to this com pany. See article on page 3 and V . 113, p . 1359.
R E P O R T .— For 1925, in V . 122, p . 2671 , showed:
Calendar Y ears—
19251924.
1923.
1922.
Operating revenue____ $ 1 5 9 ,1 5 5 ,178$162,6 7 4 ,878$ 171,2 7 0 ,661$ 164,916,471
Operating expenses_______ 116,671 ,868 119,958 ,734 134,290,379 126,777,704
Taxes, & c_________________ 11,025,425 10,718,049
9,325,511 10,921,345
Operating income_____ $31,4 5 7 ,8 8 5 $31,9 9 8 ,0 9 4 $27,654,771 $27,217 ,222
Other income_____________
3 ,367,050
3,2 8 6 ,4 6 9
3,670,841
4,4 4 7 ,4 0 0
Gross income___________$ 3 4,824 ,935 $ 3 5,284 ,563 $31,325,612 $31,664 ,822
Interest, rents, & c______ 13,640,342 13,384,734
12,035,083 11,403,334
N et incom e____________ $21,1 8 4 ,5 9 3 $21,899 ,829 $19,290 ,529 $ 2 0,261 ,488
Sinking funds____________
29 3 ,5 0 0
293,930
289,409
294,251
D iv id e n d s ________________ 17,083,785 17,083,765
17,083,735 1 7 ,083,700
Surplus__________________ $ 3 ,8 0 7 ,3 0 8 $ 4 ,522,133
$1,91 7 ,3 8 5 $ 2 ,883,537
For latest earnings, see “ Railway Earnings Section” (issued m onth ly).
O F F IC E R S .— Hale Holden. Pres.; C . G . Burnham, Executive V .-P res.;
W m . W . Baldwin, E d w . P . Bracken, C . E . Spens, V .-P res’ts, Bruce Scott,
Gen. Counsel; C has. I . Sturgis, V .-P re s., Sec. & Treas.; H . W . Johnson,
C om p .; H arry D . Foster, G en. A u d . Office, Chicago, 111.— (V . 123,
p. 707.)
C H I C A G O A N D E A S T E R N IL L IN O IS R Y . C O .— Operates road from
Chicago, 111., to Evansville, In d .; also Chicago to St. Louis, leaving main
line at W oodland Junction; and lines to Thebes and Joppa, 111., reaching
various bituminous coal fields.
L ines Owned in Fee—
M ile s . IRossville J et., 111., to Sidell J e t..
Dolton J et.,111.,to E v ansville,Ind .2701
111________________________________ 35
Danville, 111., to Villa Grove, Jet. 4 2 1Evansville B elt____________________
4
Findley Jet., 111., to Thebes, 111__194 O th e r_______________________________ 2 9
Joppa Jet. to Joppa, 111_____________17
Other Trackage, A c .—
Oissna Jet. to Cissna Park, 111_____11 Pana, 111., to Granite C ity _______ 76
Chicago to D olton,C h.& W . Ind_ 17
Milford Jet., 111., to Freeland
Park, In d ________________________ 11 Other lines_________________________
W oodland, 111., to Pana, HI______ 123
Branches to Coal M ines____________ 35
Rossvllle Jet. to Judyville, In d ___ 14
M t. Vernon Jet., I n d .. to M t .
Total D ec. 31 1925Vernon, In d _____________________
382 d track_______________

36

BAILW AY STOCKS AND BONDS
M ile s
Road

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

C h ica g o & E astern Illin o is R y— Com m on s t o c k ..
Preferred (a & d) stock 6 % cum after Jan 1 1924 . .
First mortgage extension__________________________ xc*
Consolidated mortgage (for $5,948,000) g o ld .C e.zc *
Evansville Belt R y first mortgage g o ld ____________ x
Prior Hen mortgage gold b o n d s_____________________
General mortgage gold bonds red (t e x t )___________
O & E I E q 1920 Series due $49,400 a n n ____________
Equip trust cert due $6 0 ,0 0 0 ann___________________ G
C h ica g o & Erie— 1st M g int guar till prin p d .C e .z c *
Income bonds for $ 1 0 ,0 0 0 ,0 0 0 5 % non-cum ____ Nz
Chicago & Atlantic Term 1st M g ext 1 9 1 8 _ .C e .z c *
C h ica g o & G ra n d T r u n k — See Grand T r ’k W est R y
C h ica g o G re a t W e s te r n — Com m on stk $46,000 ,000
Pref (prin & div) 4 % cum red $ 5 0 ,0 0 0 ,0 0 0 a u t h ..
First mortgage gold $ 7 5 ,0 0 0 ,0 0 0 ____ G .xc*& r*
Minneapolis Terminal mortgage gold assumed____ z
M ason C ity & Fort Dodge— See that com pany.
Equipm ent trust notes due $ 4 3,400 yearly_________
N ote— Secretary o f Treasury o f U S_________________
do
do
_____________________________
Collateral gold notes____
____
_.
_______
Equipm ent trust note due $22,664 quarterly_______
do
do
14,701 quar-------- --------C h ica g o H am m on d & W e s te r n — See Indiana Harbor

D a te
Bonds

14
130
4

1881
1884
1910
1921
1921
1920
1926
1890
1890
1888

249
249
...

Par
Value

Am oun t
O utstanding

Rate
%

$100 $ 2 3 ,8 4 5 ,3 0 0
6
100 2 2 ,0 4 6 ,1 0 0
J
6
1,000
91,0 0 0
A
1,000 2 ,7 3 6 ,0 0 0
6g
J
1,000
142,000 o 5 g
See text
See text
34 ,5 7 3 .8 3 6
444 600
900,000
1,000 12, 000,000
1,000 &c a lO ,000,000
300,000

68
5
5g
5
5g

100 4 5 ,210.513
100 4 7 .126,102 See text
1909 $ . 1 & fr
1,000
1900

35 ,4 7 8 ,0 0 0
500,000

0
1920 1 0 & 1,000
1920
1920
1.000
1925
1922
1923
RR

390,600
276,000
1,929,373
950,000
611,938
426,334

1,410

Belt

W h en
( Payable

6
6
6
6

h514
h 5 y*

[V ol. 123,
L a st D ividend
and M a tu rity

&
&
&

D Dec 1 1931
O Oct 1 1934
J N o v 1 1940
See text
M & N M a y 1 1951
J & J 15 T o Jan 15 1935
F & A T o Feb 1 1941
M & N M a y l 1982
A H <) Oct 1 1982
e
J &
J July 1 1928

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

N Y , M ech & M etals Bk
N Y . O entU nTrust (text)
Irving B k . & T r . C o .,N Y
U S M tg e & T r C o , N Y
Guaranty Trust C o , N Y
Guaranty T r C o , N Y
Erie Railroad, New York
do
do
do
do

July 1 1919 1 % J P M organ & C o , N Y
S Sept 1 1959
do
do
J Jan 1 1950
Bank o f M ontreal, N Y

M
J

&
&

J
M
.1
M

&
J T o Jan 15 1935
& N Oct 23 1935
<
& J D ec 21 1930
& S M ar 1 1930
T o M ar 15 1933
T o N o v 15 1933

Guaranty Trust C o , N Y
W ashington, D C
do
J P M organ & C o , N Y
M erch L & T C o, Chlr
do
do

a O f which $9 ,9 0 2 ,0 0 0 are pledged,

h Interest is incl. in face am ount o f each note; notes

bear

int

at 5 1 4 % aft er m aturity.

H I S T O R Y , & c.— Organized to succeed the Chic. & Eastern Illinois RR.
(for which receivers were appointed on M a y 27 1913), as per reorganization
plan dated M arch 31 1921, published in V . 112, p . 1517.
The plan was de­
clared operative N o v . 21 1921 and the property was taken over by the new
com pany on Jan. 1 1922. V . 113, p . 2310 ; V . 114, p . 77.
Tentative V a lu a tion .— The l .- S . C . Commission has placed a tentative
value of $ 6 9 ,206 ,753 on the property as o f June 30 1915.
S T O C K — The preferred stock became cumulative on
Preferred and common stocks have equal voting power.

Jan

1 1924

B O N D S , & C .— The Prior Lien M tg e gold bonds are subject to $5 ,1 3 7 ,6 0 0
underlying bonds. These bonds will mature not earlier than 1961 and will
bear such interest payable sem i-annually, be issued in such series and m ay
be made redeemable in whole or in part, and at such premiums as m ay be
determined by the board at time o f issue and stated in the bonds o f such
series. T h ey will be used only:
(a) A s collateral to the U . S. (incl. 2 5 % margin) for moneys bor­
rowed and to fund obligations to the U . S. A n y balance not
so used or released on paym ent o f obligations to the XT. S. to be
used as shall be provided in said mortgage Series “ A ” 6 ____ $5,26 2 ,5 0 0
(5)

T o fund outstanding obligations [undisturbed by reorganiz’n] 5 ,1 3 7 ,6 0 0

(c) For additions and betterments to the road, for equip, and for
ad d’l lines o f railroad and for such other purposes and under
Series “ B ” 51 4 s in hands o f Treasurer D ec. 31 1 9 2 5 ________ 3 ,5 9 0 ,2 0 0
The G en. M tg e . 5 % gold bonds bear interest from M a y 1 1921.
Total authorized principal am ount at no time to exceed $ 3 5 ,5 0 0 ,0 0 0 : to
mature not later than 1951 and to bear 5 % interest from M a y 1 1921, pay­
able sem i-annually, and to be redeemable, all or part, at par and int. for a
sinking fund which shall receive cumulative payments out o f net earnings
above fixed charges equal in each year to Vi o f 1% o f the total face amount
of bonds originally issued. Bonds retired by the sinking fund will continue
to draw interest until maturity and will not be reissued. Failure to make
sinking fund paym ents, if earned bu t not otherwise, will constitute default.
Equipm ent trusts issued to Director-General for rolling stock allocated
to this com pany. See article on page 3.
N ote to Director-General of R R s ., due 1930, $3,4 2 5 ,0 0 0 ; note to Treas­
urer o f United States, due 1936, $ 7 85 ,00 0.
R E P O R T .— For 1925, in V . 122, p . 3074 , showed:
O perating Revenue—
1925.
1924.
1923.
1922.
Freight----------------------------- $ 1 9 ,9 24 ,410 x $19,381,436 $21,243 ,932 $ 1 8 ,257 ,138
Passenger------------------------4 ,5 2 7 ,6 8 5
4,672,601
5 ,0 2 9 ,0 4 0
4 ,5 8 0 ,6 5 5
M ail, express, & c_______
1,795,541
1,694,601
1 ,798,718
1,610,851
Other than t r a n s p o r t s ..
3 2 6,872
320,151
3 3 3,718
282,704
T o ta l oper. reven u e..$ 2 6 ,5 7 4 ,5 0 8 $ 2 6,068 ,789 $ 2 8 ,405 ,408 $24,731 ,348
M a in t. o f w ay & s t r u c ..
2 ,6 5 4 ,7 5 7 2 ,6 0 4 ,9 5 8
3 ,1 4 4 ,8 7 6
2,782,201
M aintenance of equip’t .
7 ,7 4 0 ,5 8 3 7,8 2 7 ,1 5 5
8,6 9 4 ,3 8 2
6,5 6 7 ,5 7 0
t r a ffic expenses-------------7 74,410
633,423
539,476
508,835
Transportation---------------- 9 ,9 0 4 ,9 1 2
10,408,217
10,948,327 10,354,312
M iscell. operations, & c__
185,254
166,684
128,049
129,706
General expenses------------823,693
8 1 2,818
824,001
792,109
T o ta l oper. ex p e n se s..$ 2 2 ,083 ,610 $22,4 5 3 ,2 5 6 $24,279 ,112 $21,134 ,733
N et earnings------------------- 4 ,4 9 0 ,8 9 8
3 ,6 1 5 ,5 3 3
4 ,1 2 6 ,2 9 6
3,5 9 6 ,6 1 5
Taxes, & c------------------------1 ,406,642
1 ,459,615
1 ,562,865
1 ,160,739
Operating incom e-------$3,08 4 ,2 5 6
$ 2 ,155,917
H ire o f equip, (cred it)._d eb .599,808 d e b .2 0 1 ,187
Joint facility rent income D r .336,181 D r 4 87,472
O therincom e------------------4 09,234
38 6 ,1 1 9
T otal incom e----------------- $2,557,501
Interest-------------------------------$2,20 2 ,6 3 8
R ents-------------------------------151,417
Miscellaneous-----------------4 1,478

$ 1 ,8 5 3 ,3 7 8
$2 ,2 2 8 ,4 3 2
152,145
41 ,2 4 8

T otal charges----------------- $2 ,3 9 5 ,5 3 4
$2 ,4 2 1 ,8 2 5
Balance----------------------------161,968
d ef568,447
Inc. applic. to sinking &
other reserve f u n d s .. .
2 15,252
2 09,104

$2 ,5 6 3 ,4 3 0
1 ,058,335
D r .297,649
444,931

$ 2 ,435,876
906,099
D r .620,505
3 93,789

$ 3 ,769,047
$2,26 1 ,4 6 6
152,720
46 ,7 2 9

$ 3 ,115,258
$ 2 ,297,018
5,797
25,099

$ 2 ,460,914 $2 ,3 2 7 ,9 1 4
1,308,133
787,344
196,171

184,668

Balance, sur. or d e f . . . def$53,285 def$777,551 s r $ l, 111,962 sur$602,676
x Includes an item o f $167 ,04 9 representing the estimated freight revenue
earned b y the com pany in respect to forwarded interline shipments in
transit at the close o f the year.
For latest earnings, see “ Railway Earnings Section” (Issued m onth ly).
O F F IC E R S .— Chairman o f Board, John W . Platten; Chairman Exec.
C o m m ., W . J. Jackson; Pres., Thom as C . Powell; V .-P . & Gen Counsel,
W . H . Lyford; V .-P . & G en. M g r ., Frank G . Nicholson; V .-P ., Traffic,
J. B . Ford; Sec., G . A . Burget; T reas., J. P . Reeves. Office, 332 So.
Michigan A v e ., Chicago.— (V . 123, p. 1994.)
C H I C A G O & E R IE R R .— Owns from M arion, Ohio, to H am m ond,
In d ., 249 miles, am . lenses trackage over Chicago & W est Ind . to Chicago,
20 miles. Erie R R . C o. owns entire $100 ,00 0 stock.
The I .-S . C . Commission has placed a tentative valuation o f $ 2 4,820 ,886
on the total owned and used aud o f $ 2 1 ,2 3 2 ,5 4 8 on the total owned proper­
ties o f the company as of June 30 1918.
B O N D S .— First M ortga ge covers 249 miles of road, the contract with the
Chicago & Western Indiana, $999 ,90 0 of that com pany’s stock and
$239 ,90 0 stock o f Chicago Belt R y . Interest on income bonds is paid
legularly; Erie R R . owns all except $98,000 of the $10 ,0 0 0 ,0 0 0 .
See
a b stra c ts, V . 51. p. 911; V . 61, p . 750; V . I l l , p . 1948.




C H I C A G O O R E A T W E S T E R N R R . C O .— Forms the “ Corn B e lt’
route, radiating from Oelwein, Iow a, northerly to St. Paul, easterly to
Chicago and southerly and westerly to Kansas C ity and Omaha
Lines owned (total 1,035 m ile s ). M ile s .
Trackage (total, 86 m iles)— M ile s .
Chicago to St. P aul______________ 401 St. Paul to M inneapolis________
11
Oelwein to St. Joseph___________ 290 Chicago Term inals______________
10
Bee Creek to Beverly___________
23 Galena Jet.,111. to D u b u q u e,la.
14
Sumner to W averly______________
22 D es M oines Terminals
______
3
Mantorville, & c ., branches____
21 Leavenworth to Kansas C it y ___
26
Leavenworth to Kansas C ity ___
1 St. Joseph, M o ., to Bee C reek .
9
M ankato to Red W ing, M i n n ..
96 other trackage . .
5
Red W ing to Osage, Iow a______ 118
Operated under agreem ent—
Winona to Simpson, M in n ______
54 M ason C ’y & F t.D o d g e ,375 m .,v iz .:
Branch to C lay Banks, M i n n ..
3
Oelwein, l a ., to Coun. Bluffs 260
Goodhue to Belle Chester______
6
H a yfield .M in n . to C larion ,la. 100
Branches to Lehigh. & c _ _ ,_ _
15
Trackage to So O m aha______
8
Total mileage S e p t.30 1 9 2 6 --1 .4 9 6
The entire capital stock of the M ason C ity & Fort Dodge R R . Is owned
and the road operated under agreement (see separate statement for that
com pany). U p to A u g 31 1926 the C . G . W . R R . C o had acquired
$11 872.000 1st m tge. 4 % bonds o f the M ason C ity & Fort Dodge R R .
which were pledged under the first mortgage. V . 116, p. 75, 1531. In
1910 acquired entire stock of the Leavenworth Terminal R y . & Bridge C o.
V . 9 1 , p. 214, 397.
The stockholders on M a y 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 $69,0 1 1 ,6 1 6
on the properties o f the com pany and its subsidiaries as of .Tune 30 1916.
O R G A N I Z A T I O N .— Incorp. in Illinois Aug. 11 1909 as successor per plan
V. 88 p. 1497. o f railw ay acquired at judicial sale.
V 89. p. 528 592.
S T O C K .— 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
aud accrued dividends in case of dissolution or liquidation.
D IV I D E N D S .— -Pref. stock, N o . 1, D ec. 1 1915, 1 % ; M a y 1 and O ct. 2
1916, 1 % ; Apr. 1917, 1 % ; none then till A ug. 15 1918. paid 1 % ; Jan. and
July 1919, 1 % ; none since.
Bonds.-— On A u g. 31 1926 $ 5 9 ,8 3 7 ,0 0 0 o f first m tge. 4s o f 1909 had been
issued, $3 5 ,4 7 8 ,0 0 0 being held b y the public and $ 1 7 ,9 4 7 ,0 0 0 b y the com­
pany, and $ 6 ,4 1 2 ,0 0 0 were pledged.
Equipment trusts issued to Director-General for rolling stock allocated
to this com pany.
See article on page 3.
R E P O R T .— For 1925, in V . 122, p . 2181 , showed:
O perating R evenue—
1925.
1922.
1924.
1923.
Freight___________________ $18,8 4 4 ,2 8 5 $ 1 8,764 ,368 $ 1 9,259 ,353 $17,730,271
Passenger________________
3,637,611
3,9 0 9 .6 1 0
4,2 7 7 ,3 8 3
4 ,3 4 3 ,2 6 8
M a il and express________
948,401
1,074,539
990,241
976,411
M iscellaneous____________
619,446
635,563
628,669
603,161
Incidental________________
27 1 ,5 0 8
282,152
285,214
262,306
Joint facility____________
181,509
286,463
171,484
194,715
Total railway op. r e v .$24,502 ,760 $ 2 4,726 ,678 $25,723,706 $ 2 4,224 ,789
O perating E xp en ses—
M ain t. of way & s t r u c .. $3 ,4 4 2 ,3 7 8 $ 3 ,682,233 $ 3 ,791,296 $3,640,961
M aint. of equipment___
4 ,8 4 9 ,9 7 9
4 ,726,280
5,2 3 8 .1 1 3
5 ,7 0 5 ,8 3 5
T raffic___________________
884,102
777,057
761,051
806.996
10,334,247
Transport’n— R a illin e .. 9 ,8 0 3 ,8 3 8 1 0 ,228,278 10,806,237
172,778
Miscellaneous operations
174,221
163,328
165.000
668,667
672,533
General__________________
651,407
665,967
Transp’n for invest.— C r _____ 14,333
9,303
12,655
20,111
T o ta l oper. ex p en ses..$ 1 9,812 ,718 $20,238,411 $21,431 ,016 $ 2 1 ,2 7 4 ,2 3 5
N et rev. from ry. o p e r .. $ 4 ,690,042 $ 4 ,488,267 $ 4 ,292,690 $ 2 ,9 5 0 ,5 5 3
$985 ,70 0
R ailw ay tax accruals___ $ 1 ,000,262
$945,933
$856,144
2,954
Uncollec. railway rev___ _______ 3 ,8 4 9
3,854
3,330
R ailw ay oper. incom e. $ 3 ,6 8 5 ,9 3 i $ 3 ,538,480 $ 3 ,433,216 $1 ,9 6 1 ,9 0 0
N on -O p era tin g In com e—
Hire o f equipment_______ $ 1 ,736,930
$2,009,729 $2,360,451
$ 1 ,5 0 7 ,8 1 6
Joint facility rent income
9 4,210
86,834
90,827
91.061
M isc. non-op. phys. prop
1,339
D r. 1,452
348
Deb. 167
80,583
M isc. rent income_______
86,406
8 1,224
84,271
14,818
Dividend income________
134,844
4,8 7 8
61.137
Inc. from funded securs.
87,879
88,333
120,154
94,675
Income from unfunded
securities & accounts.
48,043
53,392
40,084
35,506
Miscellaneous income___ _________ 332 D eb . 49,100 Deb.4 9,366 a l ,739,354
$5,513,692
Gross income___________ $ 5 ,875,914 $5,813,677
$6,15 1 ,6 1 7
D ed u ction s—
Interest on funded d e b t. $1 ,7 0 9 ,8 4 0 $1,714,325 $ 1 ,674,019 $1,242,876
In t. on unfunded d e b t ..
19,483
5,5 2 6
19,376
7,125
R ent accrued for leases
roads (int. on funded
debt, M ason; rent ac­
crued for leases C . &
F t. Dodge R R .) ______
_______
440,000
Hire o f equipment_______
2,4 3 8 ,4 6 4
2,4 7 2 ,4 6 0
2 ,853,939
2,402,585
Joint facility rents______
990,693
932,530
912,117
888,779
R ent for leased roads___
45,021
4 4,818
44,8 1 8
9,225
Miscellaneous rents____
9,672
9.556
46,039
8,775
M iscell. tax accruals____
1,870
2,158
2,133
1,691
Amortization of discount
on funded d ebt_______
13,853
14,505
14,445
13,673
M isc. income charges___
18,098
15,448
64,271
16,677
N et incom e___________
$628 ,92 0
$601 ,55 8
$570,766
$432,770
a Am ount stated under 1922 includes $ 1 ,7 3 8 ,4 0 0 of collecrions and credits
for allowances by United States Governm ent under guaranty.
For latest earnings, see “ R ailw ay Earnings Section” (issued monthly)

Nov., 1926.]

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

C h ica g o fit III M id la n d —-1st M gold. . . _______
_x
C h ic a g o St III W — G en in o w lstjM g gu red par C C xc*
C h ica g o St Ind S o u — See New York Central R R .
C h ic a g o In d ia n a p o lis St L o u isville— Com m on stock
Preferred 4 % non-cumulative $ 5 ,0 0 0 ,0 0 0 .
. .
Refunding (now 1st) M ($4 ,7 0 0 ,0 0 0 are 6s ) .. C e .x
do
$ 1 5 ,000 ,000 gold Series C
___x
Indianap & Louisv 1st M closed (assu m ed )-G .x c*
First & gen M $40,0 0 0 ,0 0 0 gold Ser A ____ yg.c*& r*
do
do
Ser B red 105 aft Jan 1 ’3 7 -G .c * & r *
do*

do

Ser D due $ 24,000 sem i-a im ._N .c*

I S R R 1st m tge gold bonds closed (assumed) . .
Equip trust notes Pullman C & M Corp— Prin notes
G uarantied Bonds—
Interest notes
Kentucky fe Indiana Terminal R R 1st M 43^s— See
Monon Coal C o 1st M g int only gu s f red 110 B a.xc*
C h ica g o In d ia n a p o lis N St L o u is S h o rt Lin e— See
C h ic a g o Lake S h ore fit East— 1st M g gu red te x t.x c *
C h ic Mem St G u lf — 1st M g red 105— B a.xc*& r

M ile s
Road

26

D a te
Bonds

1915
1907

Par
Value

A m oun t
O utstand ing

$ 1,000

1,000

R ate
%

$3 ,2 4 1 ,0 0 0
959.000

6g
6g

100 k l0 .4 9 7 ,0 0 0
100 e 4 ,991,300
1897
1,000 b 9 ,698,000
1910
1,000 5 ,300,000
1906
1,000 b l , 172,000
1916
500 &c c 4.261.000
1922
500 &c d 4 ,000,000
1920
621,900
1922
1,000
533,000
1920
155,000
1898
6,000
1898
1,000
g25 3 ,0 0 0
1925
37 ,4 3 6
1,048,226
1925 Various
379,982
that c ompan y
1911
1.000 2.8 7 5 ,0 0 0
Cleve land C incinnar i Chicago &
$ 1,000 $ 9 ,060,000
1909
1,000
52 1910
735,000
618
618
64
618
618

b Additional $478,000 held in treasury Sept. 30 1926
c Additional $233,000 in treasury Kept. 30 1926
d Additional $ 1 ,865,000 in treasury Sept. 30 1926

O F F IC E R S .— Chairm an, S. M . Felton; Pres., N . L . H ow ard; V .-P . &
Sec., W . G . Lerch; T reas., C . A . C ook; C om p t., C on. F . Krebs; Gen. M g r .,
C . L . H inkle. President’s office. People’s Gas Building, Adam s St. and
M ichigan Boulevard, Chicago, 111.
D IR E C T O R S .— Samuel M . Felton, N . L . Howard, B . E . Sunny,
E . A . C u d ah v, E . N . H urley, S. L . A very, Chicago, 111.; Charles Steele
IVew Y o r k ; E . E. Swirmey, Kansas C ity; H enry M . Daw es, Colum bus;
G . W . W a ttie s, James E . Davidson, Omaha; E . C . Finkbine, D es M oines;
M ilton Tootle Jr.. St. Joseph; C . T . Jaffray, Minneapolis; G . H . Prince,
St. Paul.'— (V . 123, p. 575.)
C H I C A G O & I L L IN O IS M ID L A N D R Y .— Owns Com ptro to T a y lo rville, 111., 2 8 .4 miles. Stock authorized, $2,000 ,0 0 0 ; outstanding, $ 1 ,6 0 0 ,000 (par of shares $ 100), all (except directors’ shares) owned b y Com m on­
wealth Edison C o . Bonds out (M a y 15 1926), $3,2 4 1 ,0 0 0 .
See table
above. Leases entire property of Springfield Havana & Peoria R R . from
Springfield through Havana to Pekin, 111., 78 miles, of which entire stock,
$ 5 0 0 ,0 0 0 (except directors’ shares) and all outstanding 1st m tge. 6 % bonds
($1,000,000) are owned by M idland C o .— (V . 123, p. 451.)
C H I C A G O & IL L I N O I S W E S T E R N R R .— Projected W illow Springs
southwesterly to Joliet, Illinois, with branches, a total of 54 miles, of
which 22 miles in operation. W illow Springs to Hawthorne.
V . 83, p. 491.
T h e Com m onwealth Edison C o ., Illinois Central R R . C o. and the Peoples
G as Light & Coke C o. o f Chicago acquired control o f the road during 1924
through purchase o f its capital stock. Stock outstanding, com m on, $ 1 ,0 0 0 ,0 0 0 ; preferred, $2 9 1 ,0 0 0 (V . 97, p . 1114, 1356). O f the gen. 6s o f
1907 ($4,000,000 auth. Issue), $959 ,00 0 are outstanding, of which $589 ,00 0
have been guaranteed as to principal and interest by Dolese & Shepard
C o . under the terms o f purchase by the three companies mentioned above,
the purchasers agreed to “ save and protect harmless the said D olese &
Shepard C o . from any paym ents required under said guaranty, either on
account of the principal o f said bonds or on account o f the interest accruing
after Feb. 1 1924, and from any claims and demands connected therew ith.”
Equipm ent trusts, $89,8 9 0 . V . 86 , p. 107; V . 88 , p. 685. Pres., A . E .
C lift, 135 E ast 11th Place, Chicago.— (V . 123, p . 1379.)
C H I C A G O I N D IA N A P O L IS & L O U IS V IL L E R Y . C O .— Operates the
"M o n o n R oute,” from Chicago, 111., via M onon, In d .. to Indianapolis, In d .,
and Louisville, K y ., with branches. Total D e c . 31 1925 648 miles v iz.,
L ines ow ned—
M ile s .
O per .underTrackage contract— M ile s .
State line to New Albany, Ind - .2 9 8 Chicago to Indiana State Line___ 20
M onon, in d ., to M a ss. A v e ., ln d_ 93 N ew Albany to Louisville________
6
8
M onon, In d ., to M ich. C ity , I n d . 60 M iscellaneous_____________________
Bedford to Switz C ity ______________40 Less— Track north of D inwiddie,
Orleans to French Lick S p rin gs.- 18
In d ., not operated_______________(4)
Clear Creek to Harrodsb’g, I n d __9
W allace Jet. to Shirley H ill & b r . 64
M cC oysburg to Dinwiddie_______ 36
A lease for 999 years with Chicago & Western Indiana (of whose stock this
company owns $ 1,000,000) gives entrance to Chicago on a mileage basis.
Owns one-third interest in K y . & Ind. Terminal R R . at Louisville, K y .
H I S T O R Y .— Successor July 1 1897 o f Louisville N ew Albany & Chicago,
foreclosed per plan in V . 63, p . 9 2 2 . Suit settled, V . 75, p . 1031.
In A ug. 1902 the Louisville & N ashville and Southern R y . acquired 9 3 %
of $ 10,500 ,000 com . and 7 7 % of $5,00 0 ,0 0 0 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 u nd er L o u is v ille & N a s h v ille . V . 74, p . 1088, 1138; V . 75, p. 2 8 .
Tentative valuation, V . 113, p . 2184.
D IV S . since 1902—
\ '0 6 . ’07. ’0 8 . ’0 9 -T 3 . T 4 -T 5 . ’ 16. ’ 17. ’ 18-’ 26.
3
3
3 3M y ’ly
0
4 % 3 H text
On com m on--------------------- % /
Common dividends, 3 ^ % June 29 and 1 % % each In D ec. 1916, June
and D ec. 1917; then none until June 29 1920, when 1 H % was paid: there­
after 1^ 6% semi-annually to Jan. 1924: July 1924 paid 2 % ; Jan. 1925 to
Ju ly 1926 paid 2
% sem i-annually; also paid 1 % extra in July 1926.
B O N D S .— R efund ing M ortga ge (closed $15 ,0 0 0 ,0 0 0 ), see V . 90, p . 1613
V . 91. p. 518, 1095; V . 92, p . 1031, 1700; V . 93. p . 44; V . 94, p. 1118
P u rp oses fo r w hich $40,0 0 0 ,0 0 0 F irst & G en. M . Bonds o f 1916 are Issuable.
Reserved— T o refund R ef. M . bonds due July 1 1947____________ 15,000,000
T o exchange for outstanding Ind . & Louisv. R y . 1st M . bonds 1.172,000
T o refund 60 % o f equipment bonds (40 % from incom e)______)
For acquisitions, improvements, & c., under restrictions______J12,469,000
The First & General M tg e . covers the entire property, being (compare
V . 102, p. 1810):
(1) A D irect L ien on A l l Road O wned, viz. A 1st m tge. on 36 miles, 2d
m tge. on 509 miles and a 3d m tge. on 73 miles.
(2) A D irect Second M ortga ge, subject only to the closed Refunding M tg e .,
(a) on the leasehold interests in terminal facilities in Chicago, Louisville
and Indianapolis and in K entucky & Indiana Bridge; ( 6) on 10,000 shares
of capital stock of Chicago & Western Indiana R R . and 2,4 0 0 shares of
capital stock of Belt R y . C o. o f Chicago; (e) rolling stock and equipment
owned b y the company, including its equity in all equipment held under
equipm ent 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 R R . (assumed) 1st M . 5s. V . 105, p. 1305; V . 82, p. 508; V . 83,
p. 1290; V . 102, p. 1810. Also guarantees int. on $2 ,8 7 5 ,0 0 0 M onon Coal
s. f. 1st M . 5s, due June 1 1936. redeemable at 110 ($3,000,000 authorized
issue). V . 9 3 , p . 44. 697; V . 108, p . 485.
Equipm ent trusts Issued to Director-General for rolling stock allocated
4o this com pany. See article on page 3 and V . 114, p. 1890.
Governm ent loan, V . I l l , p. 1660; V . 112, p. 372; V . 114, p. 519.




37

RAILW AY STOCKS AND BONDS
W h en
P ayable

J
J

&
&

Last D ividend
am d M a tu rity

D D ec 1 1955
J July 1 1947

&
.T July 10 ’26 3 H
&
J Ju ly 10 ’26 2 %
&
J July 1 1947
&
.1 July 1 1947
<
& .1 Jan 1 1956
M & N M a y l 1966
,1 & J M a y l 1966
J & .T1S
M &
S M a r ’27-Sept ’37
A
O N o v 20 1935
6
J A D I S D ec 15 1928
5K
M &
s Sept 1 1948
5
J
& 1) Ju n el 1940
5
Int notes J & D Ju nel 1940
See

text
4
5 & 6 g
4 g
4 g
5 g
6g
6g
5 g

J
J

.1
.1
.1

J
5 g
St Louis
4M g J
J
5 g
k Add’
e Add’
f Add’
g Entir

Places W here In terest and
D ividends A r e Payable

O & C Tr & S B , Chicago
do
do
J P M organ & C o , N Y
do
do
do
do
do
do
Guaranty Trust C o . N Y
J P M organ & C o , N Y
do
do
New York Trust C o , N Y
Cent Union Tr C o , N Y
111 M er T r C o , Chicago
do
do

&

D Ju nel 1936

Bankers Trust C o , N Y

&

D Ju nel 1969
J Jan 1 1940

71 Broadw ay, N ew York
Bankers Trust C o , N Y

1 $ 3 ,0 0 0
1 $ 8 ,7 0 0

held in treasury Sept. 30 1926
held in treasury Sept. 30 1926

1 $ 2,000 held in treasury Sept. 30 1926
e $253 ,00 0 held in treasur Sept. 30 1926

R E P O R T .— For 1925, in V . 122, p . 1908, showed:
O perating R evenues—
1925.
1924.
1923.
1922.
F r e i g h t .............................. $13,156 ,908 $12,381 ,665 $13,012 ,281 $11,411 ,186
Passenger________________
2 ,8 0 7 ,3 2 8
3 ,014,956
3 ,217,161
3,053,902
M a i l . ...................
298,609
297,657
276,929
280,436
Express__________________
4 34,605
40 0 ,5 8 9
4 11,629
328,564
M is c . pass, train revenue
87,777
84,3 6 8
102,366
106,995
Other transport'n rev___
198,516
209,466
244,940
205,781
Other operating revenues
702,297
65 5 ,2 9 8
658,241
644,722
T o ta l---------------------------- $17,686 ,040 $ 1 7,043 ,999 $17,923 ,547 $16,031 ,586
Operating E xp en ses—
M a m t. of way & stru c _ .
$ 1 ,841,716 $1,76 9 ,7 0 9 $ 1 ,767,297 $ 1 ,632,724
M a in t. of e q u ip m e n t...
3,7 6 6 ,0 4 6 3 ,6 0 3 ,9 6 9
3,9 1 2 ,0 5 6
3,5 6 7 ,2 0 9
Traffic expenses________
4 1 9,144
403,381
397,154
388,059
Transportation expenses
6 ,267,012 6 ,1 1 1 ,8 3 4
6 ,2 8 8 ,2 7 8
5,990,877
Miscellaneous operations
190,442
191,919
194,296
175,600
General expenses________
401,267
409,179
401,606
425,183
Transp’n for invest.— Cr
16,433
2 1,250
17,229
18,508
T o t a l . . ...............
$ 1 2 ,869 ,194 $12,468,741 $12,943 ,458 $12,161,144
N et rev. from ry. o p e r .. $ 4 ,8 1 6 ,8 4 6 $4,57 5 ,2 5 9 $ 4 ,980,090 $3,870,443
Railw ay tax a c c r u a ls ...
895,069
936,986
1,043,768
774,214
U ncoil, railway revenue.
1,415
1,353
1,031
1,088
R ailw ay oper. incom e. $3 ,9 2 0 ,3 6 2 $ 3 ,636,920
D ed uct—
Hire of frt. cars, D r. b a l.
613,813
7 8 9,554
R ent from equipment___
C r .971
D r .299
N e t joint facil. rents, D r .
463,997
689,697

$3,935,291

$3,095,141

869,418
D r .634
712,205

607,063
C r .3 ,248
681,479

N e t ry. oper. incom e. $2 ,8 4 3 ,5 2 3
Non-operating in c o m e ..
128,736

$ 2 ,353,034
165,034

$1,809,847
146,775

$2,15 7 ,3 7 0
152,411

Gross income___________ $2 ,9 7 2 ,2 5 9
D ed uct—
R ent for leased roads___
$36,951
M isc. rents & tax accr’l s .
5,1 8 0
Interest on funded d e b t.
1,300,691
In t. on unfunded d e b t ..
1,679
M isc. income charges___
7 ,009

$2,309,781

$2,51 8 ,0 6 8

$1,956,622

$34,787
5,170
1,255,011
2,6 3 2
7 ,4 3 5

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

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

N e t income........ .............. $1 ,6 2 0 ,7 5 0
Previous surplus________
1,449,609
M iscellaneous credits___
2 ,0 3 7 ,8 3 8

$1,00 4 ,7 4 5
2 ,0 6 1 ,6 7 3
714,742

$1,25 6 ,0 0 6
2 ,2 6 7 ,9 0 6
622,229

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

T otal surplus___________ $5 ,1 0 8 ,1 9 7
Preferred dividends____
199,652
Com m on dividends--------5 24,850
Miscellaneous debits____
1 ,138,426

$ 3 ,7 8 1 ,1 5 5
199,652
4 7 2,365
1 ,6 5 9 ,5 2 8

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

$4,064,708
199,652
341,153
1,255,997

Profit & loss, surplus. $ 3 ,2 4 5 ,2 6 9

$ 1 ,4 4 9 ,6 0 9

$2,06 1 ,6 7 3

$2,267,906

O F F IC E R S .— P res., H . R . Kurrie, C hicago; V .-P . of Traffic, E . P.
Vernia, Chicago; Treas. & A sst. Sec., H . R . M ard orf, 608 South Dearborn
S t., Chicago; Sec. & A sst. T reas., P . J. H arkins, 120 Broadw ay, N . Y . —
(V . 123, p . 204.)

C H IC A G O J U N C T IO N R Y . — Owns 4 .2 0 miles main track and 19.53
miles yard tracks and sidings. Leases 16.83 m . main track and 133.47 m
yard tracks and sidings from Union Stock Yard & Transit C o . o f Chicago.
T r a c k a g e rights fr o m C h ic a g o River & Indiana R R .. 3 .3 4 miles m ain track
and 1.48 miles yard tracks and sidings. Total mileage operated, 24.37
miles main track and 154.48 miles yard track and sidings. A ll operated by
the Chicago River & Indiana R R . C o . under lease dated M a y 19 1922.
In 1907 N ew York Central interests, through the Indiana Harbor Belt
R R . C o ., acquired the outer belt line, extending from W hiting, In d ., to
Franklin Park, 111., assuming the $ 2 ,5 0 0 ,0 0 0 bonds o f the Chicago Ham m ond
& W estern R R . C o .
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. G ovt, loan, V . I l l , p . 7 9 1 .—
(V . 115, p. 1099, 1837.)
C H IC A G O J U N C . R Y S . & UN. S T K . Y A R D S .— See “ Industrials.’
C H IC A G O K A L A M A Z O O & S A O IN A W R Y .— See M ich

Central

mile* 01
track, connecting the various works ol the Illinois Steel Co. and Indiana
Steel Co. at Chloago, Joliet, Milwaukee and Gary with diverging trunk lines,
and also with steamship lines, stone quarries, Industrial establishments,
fee.; also reaches the coal fields of 111. and I n d ., and Joliet, 111. Stock,
$ 9 ,000,000, all owned by the Illinois Steel C o ., and so by the U . 8 . Steel
C orp., 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, dependent on er.rningg
See V . 90, p . 108.
Bonds are redeemable In whole or in part from Dec. 1 1919 at 110 and m i.,
they are limited to $ 20 , 000,000 and further Issues of bonds beyond the
$9,000,000 now outstanding can be made only for 5 0 % of cost of property
V . 88 , p . 1372- V 8 9 . p. 2 2 4 . 1410.— (V . 91. p . 1446; V . 103, p. 1301.)

CHICAGO L A K E SHORE & EASTERN R Y .— Embraces 495

C H I C A G O M E M P H IS fit G U L F R R .— Owns D yersburg. T e n n .. to
Hickm an, K y ., 52 miles. Property leased to Illinois Central R R . C o.
effective Jan. 1 1923- Stock, com m on, $520,000 and 6 % cum . pref.,
$150,000, all acquired in 1913 by Illinois Central R R .
V . 96, p. 716.
The I .-S . C . Commission has placed a tentative valuation of $812,174
on the com pany’s property, as o f June 30 1915.
Bonds ($10,000,000 auth.) outstanding. $735 ,00 0; reserved for terminals,
fee., $1,750 ,0 0 0 , and remaining $7,51 5 ,0 0 0 at not to exceed 8 5 % o f cost of
new construction, nor over $20,000 per mile main line — (V 119, p . 1171.)

38

[V ol. 123.

RAILW AY STOCKS AND BONDS

R A IL R O A D C O M P A N IE S
[For abbreviation s, & c ., see notes on pa ge 8]

C h ic a g o M ilw & G a r y — 1st M g (gu) red 1 0 5 -S S t.x c *
C h ic a g o M ilw a u k ee & S t P a u l— C om stock (see text)
Preferred stock 7 % yearly not cum ( $ 1 1 6 ,2 7 4 ,9 0 0 -Gen M (for $1 5 0 ,0 0 0 ,0 0 0 ) gold Series A -U s .x c * & r
do
do
Series A registered____ x
do
do
Series B _______________ xc*
do
do
Series B registered______ x
do
do
Series C gold__________ xc*
do
do
Series-C registered______ x
1st M bds sec gold loan of 1924 red (text)___ xc*&r*
M ilw & N or 1st M N o M ilw to Gr B ay ext 1913__xc*
Consol m tge extended 1913 (V 96, p 1 364 )______zc*
D eb $ 5 0 ,0 0 0 ,0 0 0 g ------------- (All secured f--F .x c * & r *
D eb 2 5 0 ,0 0 0 ,0 0 0 francs___(b y the G e n ( _____ U sm .x
xGold ($) bds call at par all I
and
| __U sm .x c*
Debentures g red 105______(R ef M t g e l _____ xc*&r*
Ch M il & Puget Sound 1st M (text) ass’t -.U s .x c * & r
General and refunding M Series A ________ G c*& r*
do
do
convert series B (see t e x t).-C * & r*
Bellingham & N or— B B & B C 1st M assumed_____
Equipment gold notes due $ 1 ,0 9 5 ,5 0 0 annually___ G
do
do
Series A due $ 539 ,00 0 a n n .-M .p c *
do
do
Series B due $12 8 ,0 0 0 ann
C Pc*
do
do
Series C due $ 900 ,00 0 ann
yc*
do
do Series D due $ 618 ,00 0 ann____ yc*
U S Governm ent note_________________________________
do
do
________________________________________
do
do
________________________________________

M ile s
Road

D at
Bonds

Par
V a lu e

A m ount
O utstanding

$ 1,000
6.259
6.259
6.259
6.259
6.259
6.259
126
441
10.252
10.252
10.252
10.252
2,363
10.252
10.252
67

100
100
1,0001
1 . 000 /
1,0001
1 , 000 /
1,0001
1,000 f

1889
1889
1889
1889
1889
1889
1924 500&1000
1913
1,000
1913
1,000
1909 1.000 &c
1910 500 fr &c
1916 1,000 &c
1912
100 &c
1909
100 &c
100 &c
1914
1915
100 &c
1901
1,000
1920
1,000
1922
1,000
1923
1,000
1923
1925
1,000
1920
1922
1922

R ate
%

$ 3 ,000,000
5 g
117,406,000 See text
115,845,800 See txet
4 8 ,241,000 /
4 g
j
4 g
8.9 5 0 ,0 0 0 /
3M g
1 3M g
42.59 7 ,0 0 0 /
4M g
i
4M g
14,000.000
6g
2 ,1 1 7 ,0 0 0
4M
5 ,072,000
4M
33,28 6 .0 0 0
4 g
11,831,515 /
4
35,10 0 ,0 0 0 t
4 g
49,98 0 ,8 0 0
4M g
26 ,1 7 5 ,0 0 0
4
43 ,0 8 9 ,0 0 0
4M g
29 .1 2 9 ,8 0 0
5 g
439,000
5 g
9 ,859,500
6g
5,9 2 9 ,0 0 0
5 g
1.152,000
5
10,800,000
5M
8,6 5 2 ,0 0 0
5
20 ,0 0 0 .0 0 0
6
25,00 0 ,0 0 0
6
10, 000,000
6

W h en
P ayable

A

&

Last D ivid en d
and M a tu r ity

O Apr 1 1948
Sept 1 ’ 17. 2 %
Sept 1 ’ 17, 3 )4
J &
J M a y l 1989
M a y l 1989
Q— J
J H, J M a y l 1989
r
M a y l 1989
G— J
J H
z J M a y l 1989
M a y l 1989
G— J
J &
.1 Jan 1 1934
J H, 1) Ju nel 1934
r
.1 & I) Ju nel 1934
.1 H .1 July 1 1934
r.
J <
fc 1) Ju n el 1925
.1 H. I) Ju nel 1925
r
)
J H 1 Ju n el 1932
r
J <
te .1 Jan 1 1949
A & o Jan 1 2014
F <
& A Jan 1 2014
J & D D ec 1 1932
.1 & 115 T o Jan 15 1935
.1 & J T o July 15 1937
F H. A To Feb 1 1935
r
A <
fe O T o Apr 1 1938
F & A To A u g 1 1940
IV H, H M ar 1 1930
r
V H
r S M ar 1 1927
J &
J Jan 1 1930

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

St Louis U n T r C o , St L
N Y office, 42 Broadway
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
July 1925 int. in default.
Prin. & int. in default
Prin. & int in default
June 1925 int. in default
July 1925 int i n default
April 1925 int in default
N Y office 42 Broadway
San Francisco
Guaranty Trust C o , N Y
C hat& Ph N .B .T .C o .N Y
N Y office 42 Broadway
N Y office 42 Broadway
N ew York

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

C H I C A G O M I L W A U K E E & G A R Y R Y .— Rockford. 111., to Aurora
111.,
59.57 m .: Joliet, 111., to D elm ar, 111., 37.43 m .; trackage. 2 3 .3 4 m .:
total operated, 120.34 m . The I .-S . C . Commission has placed a final
valuation o f $2 ,7 8 9 ,4 7 5 on the owned and used properties of the com pany,
as o f June 30 1915. Control was acquired b y Chic. M ilw . & St. Paul on
Jan. 1 1922 through acquisition of C . N . & G . R y . C o. $ 1 ,0 0 0 ,0 0 0 capital
stock and guaranty o f bonds and int. thereon subsequent to Jan. 1 1924,
under agreement with St. Louis U nion Trust C o. Com pare V . 114, p . 853.
In addition to $ 3 ,0 0 0 ,0 0 0 first 5s outstanding, there are $2,70 0 ,0 0 0 owned
b y Chic. M ilw . & St. Paul, which guarantees the prin. and int. on the bonds
outstanding.
The bonus and stock pledged to secure outstanding notes were bid In
O ct. 1915 b y St. Louis Union Trust C o for the noteholders
V . 101, p
1369, 1092; V . 86 , p . 980; V . 88 , p. 685. For 1925, gross, $959 ,05 1; net
oper. incom e., $291 ,39 1; other income, $ 3 0,769 ; in t., rentals, & c., $226 ,98 2;
net income, $95,1 7 7 . Pres., H . E . B yram , Chicago.— (V . 123, p . 707.)
C H I C A G O M IL W A U K E E & P A C IF IC R R .— N ew name for reorganized Chicago M ilwaukee & St. Paul R y . C o. See that com pany below.
C H I C A G O M I L W . & P U G E T S O U N D R Y .— See Chic. M . & St. P . R y.
C H I C A G O M I L W A U K E E & S T . P A U L R Y . C O .— (See M a p ) .—
Operates from Chicago westerly to Seattle and Tacom a, W a s h ., with
numerous branches;
R oa d —
M ile s . I R oad —
M ile s
Lines owned D ec. 31 1925 (o f
2d , 3d & 4th tracks____________ 1,093
which 1 0 9 m . owned iointly) 10.2511 Trackage (lncl. 2d , 3d&4th tracks) 776
In 1916-17 built from Great Falls to Agawam, M o n t ., 70 miles, and
Grass Range to W innett, 23 miles. Partly built, Blackfoot June, to Clear­
water, 22 miles. The electrification o f 440 miles of the Puget Sound main
line, contracted for in Jan. 1913, was completed in F eb. 1917, and was
subsequently extended over the Cascade M tn s. The electrification of the
line between Othello and Seattle and Tacom a, 219 m ., commenced in M arch
1917, has been completed. Y . 104, p . 451, 1489, 2 116 . See V . 96, p . 135;
V . 97, p. 1821; V , 101, p . 845; V . 103, p . 1687; V . 105, p . 1998; V . 106.
p . 2005; V . 107, p . 802: V . 108, p . 682.
H I S T O R Y , & C .— Organized M a y 5 1863 and on Feb. 11 1874 took pres
ent nam e. The Chicago M ilwaukee & Puget Sound R y ., forming Pacific
extension, was acquired in fee Jan. 1 1913, its bonded debt being assumed
the stock ($100,000,000) is held alive merely as a m uniment o f title. V
9 6 , p . 62; V . 95. p . 1683: V . 9 7 . n . 819
In D ec. 1918 took title to the railway franchises, & c ., o f the following
companies, sill o f whose outstanding capital stock were owned by it: Tacoma
Eastern R R . C o ., Puget Sound & W fllapa Harbor R y . C o ., Seattle Port
Angeles & W estern R y . C o ., Bellingham & Northern R y . C o ., Milwaukee
Terminal R y . C o ., and Gallatin Valley R y . C o . V . 108. p . 2017 .
The stockholders on M a y 21 1921 approved a proposition to lease the
Chicago Terre Haute & Southeastern R y . C o . for a term o f 999 years from
July 1 1921, with option to purchase the leased property. B y the terms
o f the lease this company guarantees as rental for the use o f the leased prop­
erty the paym ent of the annual interest on the bonds and securities o f the
Southeastern Com pany, amounting to approximately $900 ,00 0, together
with the annual taxes, approximately $235,000. This com pany further
agrees to purchase any or all of the 43 .0 0 0 shares o f the outstanding stock
o f the Southeastern R y . at $10 per share, and agrees to assume the out­
standing securities, amounting to about $19,000 ,000 , the bulk o f which
mature in 1951 and 1960.
(See terms o f lease under Chic. T . H . & S. E
R y . in V . I l l , p . 2519.)
The I .-S . C . Commission in Feb. 1922 authorized the com pany to acquire
control of the Chicago Milwaukee & G ary R y . by purchase of its $1 .0 0 0 ,0 0 0
capital stock, and to assume obligation or liability, as guarantor, in respect
o f $ 3 ,0 0 0 ,0 0 0 o f the $ 5 ,7 0 0 ,0 0 0 1st M tg e . 40-year 5 % gold bonds, due A p r. 1
1948 , b y endorsing thereon its guaranty o f paym ent o f principal thereof and
o f interest accruing from and after Jan. 1 1924Compare V . 114. p. 853R e ceiv ersh ip .
Receivers A p p o in te d .— H . E . B yram , M a rk W . Potter and It. J. Brundagi.
were appointed receivers b y Federal Judge Wilkerson at Chicago on M arch
18 1925. The same receivers were appointed at Grand Rapids, M ic h .,
M inneapolis, M in n ., and Great F alls, M o n t. H . E . Byram and M ark W .
Potter were appointed receivers in the N ew York district.
The following protective committees have been "form ed:
(а) Com m ittee fo r B ondholders.— Frederick H . Ecker, Chairman; Bertram
Cutler, Samuel f l . Fisher, Jerome Hanauer, William E . K n ox, Charles E .
M itchell, Charles A . Peabody, H . F . W hitcom b, Edward D . Duffield,
with S. H . E . Freund, Sec., 55 W a ll S t ., N ew Y o rk , and Sherman &
Sterling, Counsel.
The committee is form ed to represent the holders of the ollowing bond
(1) 4 % gold bonds o f 1925.
(2) 4 % 15-year European loan bonds of 1910, due 1925.
(3) 4 1 4 % convertible gold bonds, due 1932.
(4) 25-year 4 % gold bonds o f 1909, due 1934.
(5) Chicago M ilwaukee & Puget Sound 1st m tge. 4 % gold bonds,
due 1949.
(б) G en. & ref. m tge. gold bonds, series A and B , due 2014 .
D ep osita ries.— The bondholders’ protective committee announced that
the following depositaries have been appointed:
(a) Guaranty Trust C o . for the gen. & ref. m tge. 4 M s, series “ A , ” and
for the gen. & ref. m tge. 5s.
(6) U nited States M tg e . & Trust C o . 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.
P*
S
(c) United States Trust C o . for the 4 M % conv. gold bonds due 1932.
(d) Th e Farmers' Loan & Trust C o . for the 25-year 4 % gold bonds of
1909, due 1934.
(e) Bankers Trust C o . for the Chicago Milwaukee &IPuget Sound R y .
1st m tge. 4 % gold bonds due 1949.




Roosevelt Com m ittee.
A bondholders’ protective com m ittee 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 K uhn, Loeb & C o. and the N ational C ity 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) 4M % conv. gold bonds, due 1932; (4) 4 %
25-year gold bonds o f 1909, due 1934; (5) Chicago M ilwaukee & Puget Sound
R y . C o. 1st m tge. 4 % gold bonds, due 1949, and (6) gen. & ref. m tge. gold
bonds, Series A and B , due 2014.
Protective C om m ittee.— George E . Roosevelt, chairman (Roosevelt & Son);
Philip A . Benson (Trustee & Sec. D im e Savings B ank, B rooklyn, and
Chairman o f C om m ittee on Investm ents o f the Savings Banks Association
of the State o f N ew Y o rk ); Charles A . Collins (Pres. Lynn Institution for
Savings and Chairman Chicago M ilw aukee & S t. Paul R y . Com m ittee,
Savings Banks Assn, o f the State o f M a s s .); Edw in G . Merrill (Pres. Bank
o f N ew Y o rk & Trust C o .); W illis D . W o o d (W ood, Low & C o.) with
E . T . Gregory, Sec., 30 Pine S t., N . Y . C ity , and R oot, Clark, Howland &
Ballantine, Counsel.
D ep o sita r y .— Bank o f N ew Y o rk & Trust C o ., 52 W a ll S t., N ew Y o rk .
J u n ior Bondholders' C om m ittee.
The following com m ittee has been form ed to protect the interests o
junior bonds; Edwin C . Jameson, Chairman (Pres. Globe & Rutgers Fire
Ins. C o ., N . Y . ) , Leroy Baldwin (Pres. Em pire Trust C o .), Louis V . Bright
(Pres. Lawyers Trust C o .), Joseph S. Frelinghuysen (Pres. N . Y . & N . J.
Land Bank, Newark, N . J .), Thom as Read (Pres. Union Ferry C o . o f N ew
York & Brooklyn), Brooklvn, w ith Lane F . Gregory, Sec., 160 Broadw ay,
N . Y . , and N athan L . M iller and Prentice & Townsend, N ew Y o rk , and
John D ickey Jr., Philadelphia, counsel. D epositary, Lawyers Trust C o .,
160 Broadway, N ew Y o rk . V . 121, p . 2269 . The com m ittee filed a
petition to intervene in the receivership proceedings. The U . S. Circuit
C ourt o f Appeals on O ct. 28 1926 filed a decision denying the application of
the committee for leave to appeal from the order handed down b y Judge
James H . W ilkerson o f the U . S. D istrict C ourt, denying the Jameson com­
mittee intervention in the foreclosure proceedings pending in the Federal
Court in Chicago, brought b y the G uaranty Trust C o . of N ew Y o rk and
M errel P . C allaw ay as trustees under the gen. & ref. m tge. o f the C hic.
M ilw . & St. Paul R y ., and the U nited States Trust C o . o f N ew Y o rk and
Edw ard W . Sheldon as trustees of the 1st m tge. o f the C hic. M il w. & Puget
Sound R y . It was announced on N o v . 4 1926 that the committee would
carry the case to the U . S. Supreme C ou rt. Com pare V . 122, p . 1451; V .
123, p. 79, 1110, 1 4 9 9 ,1 7 5 8 , 1994, 2388 .
P referred Stockholders' Protective C om m ittee.
The committee has been formed at the request o f large holders o f preferred
stock to protect the interests of the preferred stock in view o f the statem ent
of the directors and the conclusion of Coverdale & Colpitts, engineers,
advising a readjustment of the debt and capitalization of the com pany.
The committee has designated N ew Y o rk Trust C o . as depositary.
Com m ittee.— M ortim er N . Buckner (Chairman N ew Y o rk Trust C o .) ,
Chairman; Arthur W . Loasby (Pres. Equitable Trust C o .) , Oliver C . Fuller
(Chairman First Wisconsin N ational B a n k , M ilw aukee), Harold I . Pratt
(Charles Pratt & C o .. N ew York) and John M cH u gh (Pres. M echanics &
M etals N ational B ank), with B oyd G . Curtis, Secretary, 100 Broadw ay,
N ew Y o rk , and George W elw ood M u rra y, Counsel.
Protective C om m ittee f o r Com m on Stock.
In view o f the statement o f the directors setting forth the conclusion of
Coverdale & C olpitts, the engineers who have been examining the com panys’
properties, that a readjustment o f the capital structure is essential, the
com m ittee, representing large holders of common stock, has been form ed to
protect the interests o f the com m on stockholders and to represent them in
the consideration of any readjustment plan.
The committee has named Central Union Trust C o ., 80 Broadw ay,
N ew Y o rk C ity , as depositary.
Com m ittee.— D onald G . Geddes, Chairman; George W . D avison , B ayard
Dom inick, W alter L . Johnson, Percy A . Rockefeller, and Stanley Field of
Chicago, with C . E . Sigler, Secretary, 80 Broadway, N ew Y o rk C ity ,
and Cotton & Franklin, Counsel.— V . 120, p . 1410, 1454.
Stockholders' Com m ittee.
The com m ittee named below, representing a large am ount o f 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 C ourt at Chicago. The petition was dismissed
b y Federal Judge Wilkerson at Chicago. V . 121, p . 2517 .
Com m ittee.— Ernest Iselin, Howard Caswell Sm ith, V an Santwood M erleSm ith, Frederick Osborn, with John Esher K novel, acting Secretary, 120
Broadway, N . Y . V 121, p . 2 152 .
.
T
_
Investigation o f C om pa ny by I .- S . C. C om m ission .— The I .- S . C . C om ­
mission on M a y 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.
R e o rg a n iz a tio n P la n (as M o d ified ), D a ted J u n e 1 1925.
It was announced on N o v . 20 1925 that the K uhn , Loeb-N ational C ity,
R oosevelt and Iselin interests had agreed upon certain modifications to the
plan of reorganization dated June 1 1925, as proposed b y K uhn , Loeb & C o.
and the National C ity C o . as reorganization managers. The bondholders
com m ittee, the Pref. stockholders’ com m ittee and the Com m on stock­
holders’ committee under the K uhn , L oeb-N ational C ity C o. plan approved
the modifications. The R oosevelt com m ittee also approved the plan as
modified and recommended the deposit o f bonds thereunder. The Iselin
committee stated that in its opinion the plan as modified is fair to the stock­
holders and therefore that the com m ittee did not advise against the de­
posit of stock thereunder.
The modified plan (compare V . 121, p . 2516)
provides as follows:

at
e*

Nov., 1926 ]

BAILW AY STOCKS AND BONDS

CHICAGO, MILWAUKEE & ST. PAUL RAILWAY COMPANY




40

RAILW AY STOCKS AND BONDS

A m o u n t o f Cash E stim ated To B e Required To Carry Out the P la n ($70,032,548)
T o be applied to the following and such other and further purposes as
m ay be determined by the reorganization managers or by the new company
(1) T o pay the 6 % note dated M a r. 1 1922, held by U . S. G o v t . $25,0 0 0 ,0 0 0
(2) T o pay the 6 % note dated D ec. 15 1922, held b y U . S. G o v t . 10,000,000
(3) T o provide for cash paym ent in connection with the liquida­
tion o f the 6 % note dated N o v . 1 1920, held by U . S. G o v t .- 17,000,000
(4) T o provide for adjustments and paym ents o f interest in
respect o f bonds deposited under the p lan _____________________
1,544,325
(5) T o provide for additions and betterments, new equipment
and miscellaneous expenses______________________________________ 16,488,223
(1) P rovision fo r Cash Requirem ents .— The cash requirements are to be met
by payments o f .$28 per share by the holders of the $ 115 ,93 1,90 0 existing
pref. stock and o f $32 per share by the holders o f the $ 117 ,41 1,30 0 existing
com m on stock, for which only $60,6 9 8 ,8 2 0 o f new bonds will be issued
The modified plan contains a statem ent regarding the possibility of a
reduction in the cash assessment payable b y stockholders in case of legis­
lation during the coming session of Congress resulting in the funding, or
extension for a long period, o f the railway com pany’s debt of $55,0 0 9 ,0 0 0
to the U . S. Governm ent 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 m ight 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 E xchanged fo r N ew Securities (T otal, $23 0 ,9 5 0 ,7 9 6 ).
(21) Refunding bonds, due Jan. 1 2014: (o) Series A 4 A %
bonds, $43 ,0 8 9 ,0 0 0 : ( 6) Series B 5 % bonds, $ 2 9 ,1 4 1 ,3 0 0 ---e $ 7 2 ,2 3 0 ,3 0 0
(22) 4 % bonds, deu 1925__________________________________________ 36,344,981
(23) European loan bonds other than bonds pledged to secure
the 4 % bonds, due 1925 )________________________________________ x l 1,831,515
(24) 4 1 4 % bonds, due 1932________________________________________ 50,000,000
33,369,00(1
(25) 4 % bonds, due 1 9 3 4 - - - _______
(26) I’ uget Sound bonds, due Jan. 1 1949________________________ f 2 7 ,175,000
(27) Preferred stock_________________________________________________ 115,931,090
(28) Com m on s t o c k ,.,______________________________________________ 117,411,300
x A t 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 N o t including: (1) Series D 5 % bonds in treasury, $8 ,3 7 0 ,0 0 0 (this
includes $3 ,3 7 0 ,0 0 0 not yet actually drawn down but now available under
the terms o f the gen. m tge. to be drawn down for the treasury o f the co.
and m ay be o f any series); (2) Series D 5 % bonds pledged to secure notes to
U. S. G o v t., $ 1 8 ,000 ,000 : (3) Series D 5 % bonds pledged to secure 10-year
bonds o f 1924, $ 2 0 ,000 ,000
b N o t including $2,70 0 ,0 0 0 in treasury.
c N ot including $100 ,00 0 pledged under Chicago Terre Haute & South­
eastern R y . 1st & ref. m tge. 5s, 1960.
d N o t including: (1) $200 ,00 0 pledged under Southern Indiana R y . 1st
m tge. 4s, 1951; (2) $301 ,00 0 pledged to secure 6 % note due O ct. 1 1925, of
Chicago Terre Haute & Southeastern R y .
e N o t including $ 7 2,892 ,000 Series Z pledged to secure notes to U . S
G overnm ent, and (2) $44,3 8 8 ,2 0 0 Series Z in treasury.
f N o t including $ 1 5 4 ,48 9,50 0 pledged under the refunding m ortgage.
(Obligations To R em ain U ndisturbed, Total $ 1 8 1 ,3 7 0 ,4 0 0 ).
( A ) D irect obligations o f C om pa ny, and other obligations
assum ed or guaranteed by it, or secured by lien u p on its
p r o p e r ty .
(1) Milwaukee & Northern R R . Extended 4 A % 1st m tge.
bonds, 1934_________________________________________________________ $2,15 5 ,0 0 0
(2) Milwaukee & Northern R R . extended 4 A % consol, m tge.
bonds, 1934________________________________________________________ 5 ,092,000
(3) Chicago & M issouri River Division 1st m tge. 5s, 1926------- 3,0 8 3 ,0 0 0
(4) Bonds issued under general mortgage due M a y 1 1989:
(a) Series A 4 % bonds, $ 4 9,000 ,000 ; (&) Series B 3 A % bonds,
$8,950 ,0 0 0 : (c) Series C 4 A % bonds, $ 4 2 ,5 9 7 ,0 0 0 ________ a l0 0 ,5 4 7 ,0 0 0
(5) Bellingham B ay & British Columbia R R . 1st M . 5s, 1 9 3 2 ..
455,000
(6) 10-year 6 % 1st m tge. bonds security, gold loans bonds of
1924, due Jan. 1 1934___________________________________________ 14,000.000
(7) Chicago M ilwaukee & G ary R y . 1st mtge. 5s, 1948_______ b 3 ,000,000
(B) Obligations in respect o f w hich com pany has assum ed
liability under lease dated July 1 1921, fro m Chicago Terre
H a u te & Southeastern R y.:
( 8) Bedford Belt Line R y . 1st m tge. 5s, 1938____ ______________
c250,000
(9) Southern Indiana R y . 1st m tge. 4s, 1951____________________
7 ,287,000
(10) Chicago Terre H aute & Southeastern R y . 1st & ref. m tge.
50-year 5s, 1960__________________________________________________ d 8 ,056,000
(11) Chicago Terre H aute & Southeastern R y . income m tge.
50-year 5s, 1960__________________________________________________
6,3 3 6 ,0 0 0
(12) 6 % note o f Chicago Terre H aute & Southeastern R y ., due
O ct. 1 1925........................................- ______ ____________ _____________
167,400
(C) E q uip m ent Trust Obligations.
(13) 6 % equip, trust gold notes, dated Jan. 15 19 2 0 ------------------$ 10,955 ,000
(14) 5 % Equip, trust certifs.. Series A , dated July 15 19 2 2 ___
7 ,007,000
(15) 5 % equip, trust certifs., Series B , dted Feb. 1 1923--------1,280.000
(16) 5 A % equip, trust certifs., Series C , dated April 1 1 9 2 3 -. 11,700,000
x.A pproxim ate C a pitaliza tion o f the System U p o n C on su m m ation o f the P lan
A u th ., I n c l. B onds P resently
in T reasury, & c. O utstand ing.
T h e obligations to remain undisturbed, aggre­
gating in principal amount as of June 1 1925 - $238 ,0 4 5 ,0 0 0 $ 1 81 ,37 0,40 0
T h e following securities to be authorized by
new com pany to effect the reorganization:
( yTwice par
N one to be
(1) N ew 1st & ref. m tge. bonds____________ lvalue of stock issued in the
( outstanding
reorganiz’n
(2) N ew 50-year 5 % m tge. gold bonds______ 1 0 6 ,8 8 8 ,9 8 0
106,888,980
1 8 4,760 ,640
(3) N ew 5 % adjustment m tge. bonds----------- 1 8 4,760 ,640
(4) N ew preferred stock_____________________
2 9 2 ,3 8 0 ,4 0 0 z l l 5 ,9 3 1 ,9 0 0
(5) N ew com m on stock (no p a r)___________w 2 ,0 9 7 ,9 1 7 sh s. l,1 7 4 .1 1 3 s h s .
w The reorganization managers m ay in their discretion cause the Com ­
m on stock to be o f such par value per share as they m ay determine.
x T h e am ounts stated m ay be increased by the amount of any securities
which m ay be issued in connection with the liquidation of the 6 % note
dated N o v . 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. m tge.
z This amount will be increased by the amount o f Pref. stock applied in
settlem ent of claims of general creditors of the com pany.
D es c r ip tio n o f N ew Securities.
The new com pany is to authorize the following securities:
F irst < R efund ing M o rtga ge B on d s.— -Total authorized at any one time out­
&
standing, together with any bonds reserved under the 1st & ref. m tge. for
refunding underlying securities, shall be limited to twice the aggregate par
value of the stock of the new com pany 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 b y the directors of the new com pany, of such property, as all
shall be more fully provided in the 1st & ref. m tge. The 1st & ref. m tge.
bonds will be secured b y a m ortgage 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 m ay determine) all railroads and
other property, including stocks and bonds of subsidiary companies (but not
including obligations of the classes to remain undisturbed under the plan)
acquired bv the new com pany in the reorganization and all properties there­
after acquired b y the use of 1st & ref. m tge. bonds or their proceeds.
The 1st & ref. m tge. will be a lien on the owned lines subject, as to various
parts of the mileage, to an authorized amount of approximately $ 1 9 1 ,89 3,00 0
of undisturbed underlying bonds, and a lien upon the leasehold interest in
C hicago, Terre H aute & Southeastern R y . C o .’s lines (upon which there will
remain an authorized amount of approximately $ 2 6 ,2 5 0 ,0 0 0 of obligations
in respect of which the com pany has assumed liability under the lease) and
upon the stock of Chicago Milwaukee & Gary R y . C o. (upon the lines of
which there is an authorized amount of approximately $2O,O0O,OOO of bonds,
$ 3 ,0 0 0 ,0 0 0 whereof have been guaranteed by the com pany and are outstand­
ing, and an additional $2 ,7 0 0 ,0 0 0 whereof are owned by the com p any). For
the refunding of all of the underlying bonds, including those on the leased




[V ol. 123.

and controlled lines, 1st & ref. m tge. bonds will be reserved. T h e 1st &
ref. m tge. will provide restrictions for the release from the lien thereof of
property subject thereto.
The 1st & ref. mtge bonds m ay 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 m ay 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 m ay have such con­
version privileges and other provisions as m ay be determined b y the directors
at the time of the creation of such series and be stated in the bonds of such
series. New com pany will have the right upon the retirement of any series
in whole or in part (other than upon conversion into stock or through m y
sinking fund or by the application of proceeds of released property) to issue,
for such purposes and under such restrictions as m ay be prescribed in that
behalf in the m ortgage, a like aggregate principal am ount 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 m aturity or maturities and with such
other provisions as the directors m ay determine.
Provision m ay be made that, if so determined, the principal or interest, or
both, or any of the 1st & ref. m tge. bonds of any series m ay be m ade pay­
able (a) in New Y o rk C ity only, or (b) in N . Y . C ity 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. T h e bonds of any series which shall
be payable as to principal or interest, or both, in the U . S. of Am erica, 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 m ay be made payable without deduction for any tax, assessment or
governmental charge which the new com pany or the trustee or trustees
under the 1st & ref. m tge. m ay 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 m ay be made pay­
able in the currency of the respective currencies there current, at fixed rates
of exchange, and m ay contain appropriate provisions as m ay be requisite or
expedient to conform to the requirements of law or of commercial usage in
the foreign country or countries in which they m ay be m ade payable, includ­
ing provisions requiring the paym ent of the principal or interest thereof with­
out deduction for taxes, foreign or domestic.
The 1st & ref. m tge. bonds shall be issuable, under restrictions and con­
ditions to be determined b y the reorganization managers and expressed in
the 1st & ref. m tge., only for the purpose of providing for betterm ents, im­
provements and extensions, and for the acquisition of additional property
and equipment, and for the purchase, redemption, retirement, refunding or
paym ent of bonds and other obligations secured by liens, prior to the lien of
the 1st & ref. m tge., upon any of the property which, or a leasehold interest
in which, m ay at the time be subject to the 1st & ref. m tge., 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 am ount
of bonds issued for capital expenditures other than refunding presently out­
standing undisturbed obligations shall have aggregated $1 5 0 ,0 0 0 ,0 0 0 , bonds
may be issued only for 8 0 % of such expenditures.
N o 1st & ref. m tge. bonds are to be issued in the reorganization.
50-Y e a r 5 % M ortga ge Gold Bon us.— W ill be lim ited to a total authorized
principal amount of not exceeding $ 6 0 ,6 9 8 ,8 2 0 at any one time outstanding,
will m ature in 1975. will bear interest payable semi-annually at the rate of
5 % per annum, and will be secured b y a m ortgage and deed of trust to a
trustee or trustees to be selected b y the reorganization managers, which is to
embrace the properties embraced in the 1st & ref. m tge. and from time to
time becoming subject thereto, subject, however, to the 1st & ref. m tge.
and to the prior paym ent out of the m ortgaged property of all bonds at any
time issued and outstanding under the 1st & ref. m tge. 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 m aturity, of 5 % of the principal am ount, and,
thereafter, at a premium equal to A of 1 % for each 6 m onths from the
date of redemption to the date of m aturity. The mortgage securing the
bonds will provide restrictions for the release from the lien thereof of prop­
erty subject thereto.
The form of the 50-year 5 % m tge. gold bonds and of the m ortgage secur­
ing them shall be subject to the approval of the pref. stockholders’ com­
m ittee and the com m on stockholders’ com m ittee. T h e modified plan pro­
vides for the creation o f a cumulative sinking fund o f $ 225 ,00 0 a year after
April 1 1936 for the retirement o f 50-year 5 % m tg e. gold bonds.
5 % A d ju stm en t M ortga ge B on ds.— Lim ited to the total authorized principa
amount at any one time outstanding of not exceeding $230 ,9 5 0 ,8 0 0 plus any
amount thereof which m ay be issued in connection w ith the liquidation of
the 6 % note of the railway c o ., dated N o v . 1 1920, held by the U . S. G o v t.,
and will mature Jan. 1 2000. Secured b y a m tge. 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. m tge. and from tim e to
time becoming subject thereto, subject, however, to the 1st & R ef. M tge.
and to the m tge. securing the 50-year 5 % m tge. gold bonds and to the prior
paym ent out of the mortgaged property of all bonds at any tim e issued and
outstanding under said m ortgages. The adjustm ent m tge. will provide re­
strictions for the release from the lien thereof of property subject thereto.
The adjustment m tge. bonds will bear interest, payable annually or semi­
annually, at the rate of 5 % p. a ., but required to be paid, prior to the m a­
turity of the principal only out of the new com pany’s net income ascertained
in accordance with the accounting rules of the I .-S . O . Comm ission, or other
analogous Federal authority, from time to time in force, but without deduc­
tion for int. on the adjustment m tge. bonds or for the sinking fund under the
adjustment m tge. The net income of the new com pany thus to be appli­
cable to the paym ent of int. on the adjustm ent m tge. bonds is herein called
the available net income. The int. on the adjustment m tge. 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. A t the
m a tu r ity of the p rin cip a l, all arrears of cumulative int. shall be payable.
In t. on the adjustm ent m tge. 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. In t. on any adjustm ent m tge. bonds
which m ay be issued in connection with the liquidation of the 6 % note of
the railway co. dated N o v . 1 1920 held by the U . S. G ovt, shall be com ­
puted or adjusted from the date to which int. is paid on said note.
Th e adjustm ent m tge. will provide that the new com pany 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 m tge. bonds shall be outstanding, pay or set apart as
a sinking fund, as hereinafter provided out of the available net incom e of the
new com pany remaining after paym ent of full cumulative int. on the adjust­
m ent m tge. bonds, an amount equal to A of 1 % of the authorized principal
amount of the adjustm ent m tge. bonds; and such obligation shall be cumu 1
lative. Th e 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 in t., or to the redemption of adjustment m tge. 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, m tge. bonds will be redeemable for the
sinking fund only on any int. paym ent date on or after April 1 1936 at the
principal amount of the bonds redeemed together with full cumulative int.
The adjustm ent m tge. will provide that until Jan. 1 1930. the date after
which int. on the adjustm ent m tge. bonds will become cumulative, no divs.
on any class o f stock at the time outstanding shall be paid in any year, or
set apart for paym ent in any year, unless int. on the adjustm ent m tge.
bonds for such year at the full rate of 5 % per annum shall have been paid
or set apart for paym ent, and that no divs. on any class of stock at the time
outstanding shall be paid in any year, or set apart for paym ent in any year,
after Jan. 1 1930, unless the full cumulative int. on the adjustm ent m tge.
bonds shall have been paid or set apart for paym ent, and after April 1 1936
unless, in addition to said in t., the full cumulative sinking fund payments
under the adjustm ent m tge. shall have been paid or set apart.
Th e adjustment m tge. will further provide th at all of the available net in­
come of the new com pany for each year beginning Jan. 1 m ay be applied,
and that two-thirds o f the available net incom e o f each year until the avail­
able net income o f such year shall equal $ 7 ,5 0 0 ,0 0 0 , and all o f the available
net Income o f each year in excess o f $ 7 ,5 0 0 ,0 0 0 shall be required to be
applied, so far as necessary therefor, to the paym ent o f in t. on the adjust,
m tge. bonds and thereafter, beginning April 1 1936 to the sinking fund under
the ad ju st, m tg e ., including all accumulations o f both in t. and sinking fund
during the cumulative period. In t. on the adjustm ent m tge. bonds will,
however, be required to be paid only in multiples of a A of 1 % , smaller
fractional amounts being carried forward and added to that portion of the
available net income of the new com pany for the ensuing year required to be

Nov., 1926.]

RAILW AY STOCKS AND BONDS

applied to the paym ent of int. and sinking fund on the adjustm ent bm tge.
bonds. A n y remaining available net income of the new com pany of any year
until Jan. 1 1930, for which int. on the adjustment m tge. bonds at the full
rate of 5 % per annum shall not have been paid or set apart for paym ent,
and any remaining available net income of the new com pany of every year
thereafter for which full cumulative int. and full cumulative sinking fund
paym ents shall not have been paid or set apart for paym ent, 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 adjustm ent mtge. bonds, or, when full cumu­
lative int. on the adjustment m tge. bonds to date shall have been paid, for
the sinking fund.
For the purpose of determining the available net income for any period
from and after Feb. 1 1925 before the mortgaged lines of railroad embraced
in the plan shall have been delivered to the new c o .. 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. m tge. and the
Puget Sound bonds had been exchanged under the terms of the plan on
Feb. 1 1925 for new adjustm ent m tge. bonds. For the period Feb. 1 1925 to
D ec. 31 1925, however, eleven-twelfths o f the gross income for the year
1925 shall be taken.
T h e adjustm ent m tge. bonds will be redeemable otherwise than for the
sinking fund, at the option of the new c o ., in whole or in part, on any int.
paym ent date on or after O ct. 1 1930 at 105 together with full cum ul. int.
Th e form of the adjustm ent m tge. bonds and of the adjustm ent m tge.
shall be subject to the approval of the bondholders’ com m ittee.
Th e entire authorized issue of adjustment m tge. bonds (except such
am ount as m ay be issued in connection with the liquidation of the 6 % note
of the railway co. dated N o v . 1 1920, held by the U . S. Government) is to
be applied in exchange for bonds $ 2 3 0 ,95 0,79 6 deposited under the plan.
Preferred Stock.— Authorized 2 ,0 0 0 ,0 0 0 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 paym ent in such fiscal
year, upon the com m on 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 paym ent 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 paym ent in such fiscal year, holders of the common stock shall be
entitled to receive all further divs. which m ay be paid in such fiscal year,
or declared or set apart for paym ent 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 paym ent 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 paym ent of such divs. All
divs. in excess of $5 per share which m ay be paid in any fiscal year, or de­
clared or set apart for paym ent in any fiscal year, shall be paid or declared
or set apart for paym ent equally in amount per share upon both the pref.
stock and the common stock. D ivs. on both the pref. stock and the com­
m on stock shall be payable only out of the net income or the surplus of the
new com pany as determined by the directors and only as and when declared
by the directors, but m ay 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 m ay 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 com pany 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 o f the new com pany thereupon remaining.
The pref. stock and the common stock are to have equal voting power per
share.
O f the authorized issue o f new preferred stock $ 1 15 ,93 1,90 0 is to be
offered to holders o f pref. stock o f the company deposited under the plan.
Th e remainder o f the authorized issue (except such amount as m ay be issued
in connection with the liquidation o f the 6 % note o f the railway company
dated N o v . 1 1920, held by the U . S. Government and as m ay 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 com pany.
Com m on Stock.— Authorized, 1,174,113 shares, which shall be without
par value, or m ay 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 p la n .
Voting T ru st.— 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 m ay include the pledge o f the stock as
additional security for the adjustm ent m tge. 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. O f the voting trustees named in the trust agree­
m ent, three shall be persons approved by the bondholders com m ittee, one
by the preferred stockholders committee and one by the com m on stock­
holders com m ittee.
Th e reorganization managers have announced that the five trustees in
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 ad ju st, m tge.
bonds is not cum ulative, are Elihu R oot, Frederick H . Ecker, H enry S.
Pritchett, Samuel Rea and W . D . Van D yk e.
N ew S ecurities in E xchange f o r Old Securities P a rticipatin g in P la n .
Cash A d ju s t. ----------W ill R eceive---------o f In t. to N ew S W y r .5 % N e w 5 % A d j
E x istin g S ecu rities— O utstand ing. F eb. 1 ’2 5 .
M .G . B d s . M tge. Bds.
European loan ____________ $ 1 1 ,8 3 1 ,5 1 5 $ 78,876 76 $ 2 ,3 6 6 ,3 0 3 $ 9 ,4 6 5 ,2 1 2
Per $ 1 ,0 0 0 ____________
$ 6,66 2 -3
200
800
4 % bonds 1925___________ 3 6 ,3 4 4 ,9 8 1 2 4 2,299 88
7 ,2 6 8 ,9 9 6 2 9 ,0 7 5 ,9 8 5
Per $ 1 ,0 0 0 ____________
$ 6,66 2-3
200
800
4 M % bonds 1932________ 5 0 ,0 0 0 ,0 0 0 3 7 5,000 00 10,00 0 ,0 0 0 4 0 ,0 0 0 ,0 0 0
Per $ 1 ,0 0 0 ........ ............$ 7 .5 0
200
800
4 % bonds 1934___________ 3 3 ,3 6 9 ,0 0 0 111,230 00
6 ,6 7 3 ,8 0 0 2 6 ,6 9 5 ,2 0 0
Per $ 1 ,0 0 0 ____________
$3.3 3 1-3
200
800
Puget Sound bonds_______ 2 7 ,1 7 5 ,0 0 0
90 ,5 8 3 33
5 ,4 3 5 ,0 0 0 2 1 ,7 4 0 ,0 0 0
Per $ 1 ,0 0 0 ____________
$3,33 1-3
200
800
R ef. bonds. Series A _____ 4 3 ,0 8 9 ,0 0 0 6 46,335 00
8 ,6 1 7 ,8 0 0 3 4 ,4 7 1 ,2 0 0
Per $ 1 ,0 0 0 ____________
$15 .0 0
200
800
R ef. bonds. Series B ____ 2 9 ,1 4 1 ,3 0 0
_______
5 ,8 2 8 ,2 6 0 2 3 ,3 1 3 ,0 4 0
Per $ 1 ,0 0 0 ____________
200
800
T erm s O ffered to P resent Stockholders.
OutIf
----------------------W ill Receive------------------------standing.
P a y in g .
5 % M .B d s . P ref. Stock.
C om . Stock.
Pref. sto c k .$ 115 ,93 1,90 0 $28 per sh. 27,82 3 ,6 5 6 115,931 ,900
.............
Each $100.
$24
$100
C om . s t k ._ 117,411 ,300 $32 per sh. 32,87 5 ,1 6 4
__________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 (6) $14 per share on, or at the option o f the holders o f the
certificates of deposit at any time before Feb. 15 1927 with int. at the rate
o f 6 % per annum from the date fixed for paym ent o f the first installment
to the date of full paym ent.
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 of such payment will be made on the certifi­
cates o f deposit, and (6) $16 per share on, or at the option o f the holders of
the certificates of deposit at any time before Feb. 15 1927, with interest
at the rate o f 6 % per annum from the sate fixed for paym ent o f the first
Installment to the date o f full paym ent.
Failure by any holder o f a certificate of deposit for preferred stock or
com m on stock to make paym ent o f the first installment, or to make full
aym ent, will forfeit all rights in respect o f the shares o f stock represented
y his certificate o f deposit, all rights in respect o f all prior paym ents under
such certificate and all rights to receive new securities and otherwise under
the plan, and his certificate o f deposit shall thereupon become void and o f
no effect for any purpose.
Interest on the new 50-year 5 % m tge. gold bond deliverable to de­
positors o f stock shall accrue from , or be adjusted as o f, the date upon which
said first installment shall be payable.

E




41

P rovision fo r Other Obligations and fo r G eneral Creditors.
Th e 6 % notes held by the U . S. Government for $25,0 0 0 ,0 0 0 and $ 1 0 ,000,000 , dated respectively M arch 1 1922 and D ec. 15 1922, are to be
paid in fu 1 in cash.
For the 6 % note held by the U . S. Governm ent for $20,0 0 0 ,0 0 0 dated
N o v . 1 1920, there is offered to the Government the option to receive
either (a) $17,0 0 0 ,0 0 0 cash and $3 ,0 0 8 ,0 0 0 par value o f new pref. stock,
with full interest on the note to the date o f settlement in cash, or (6) $ 3 2 ,000,000 new 5 % adjustm ent m tge. bonds, interest on which shall be
computed from the date to which interest is paid on the note.
Th e reorganization managers m ay, in case offer (5) shall be accepted,
purchase for cancellation such principal amount o f new adjustm ent m tge.
bonds as they m ay determine not exceeding $ 3 2 ,000 ,000 , and at such prices
as they m ay 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, m ay be liqui­
dated by the sale to the holders o f the loan o f such o f the obligations o f third
parties held as collateral to the loan, and at such prices as the reorganization
managers in their discretion m ay determine, and the obligations so taken
by the purchasers m ay be guaranteed by the new company by endorsement
or otherwise, or the loan m ay 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 com pany (other
than holders o f obligations dealt with) are not paid by the com pany 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 com pany
at par for the face am ount 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 o f
such claims to the National C ity Bank, N ew Y o rk , as depositary for the
reorganization managers.
C om parative Table Showing C apitalization and In terest Charges.
----------------Present--------------------- A fte r R eorgan ization—
C a p ita liF ixed In t.
a C a p ita liF ixed I n t.
zation .
Charges.
zation .
Charges.
Undisturbed bonds____ $181 ,3 7 0 ,4 0 0 b $8 ,431 ,9 0 4 $ 1 8 1 ,3 7 0 ,4 0 0 b $ 8 ,4 3 1,904
Tim ber loan to be liqui’d 2 ,2 0 0 ,0 0 0
110,000
_______
_______
Notes held by U . S. G o v t,
to be paid, compro­
mised or settled_______ 55,00 0 ,0 0 0
3 ,3 0 0 ,0 0 0
_______
_______
Bonds to be e x c h a n g ed ..230,9 5 0 ,7 9 6
9 ,9 9 4 ,8 8 9
_______
_______
50-yr. 5 % M . gold bonds
_______
_______ 106,888 ,980
5.344 449
Adjustm ent m tge. bonds
_______
_______ 184,760 ,640
_______
Preferred stock__________115,931 ,900
_______ c ll5 .9 3 1 .9 0 0
_______
Com m on stock__________117,411 ,300
_______ d ll7 ,4 1 1 ,3 0 0
_______
T otal...............................$ 7 0 2 ,8 6 4 ,3 9 6 $2 1 ,8 3 6 ,7 9 3 1 7 0 6 ,3 6 3 ,2 1 6 $13,776 ,353
a Am ounts m ay 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 N o v . 1 1920 held by the U . S. G o v t. These am ounts in­
clude the new securities issued for new m oney,
b Aggregate o f interest
for full year at respective rates on principal amount o f obligations outstand­
ing June 1 1925. c This am ount will be increased by the am ount o f pref.
stock required to be applied in settlem ent o f general claims against the
com pany, d Taking no par value common stock at $100 per share.
P lan D eclared O perative.— The reorganization managers on O ct. 9 1925
declared the plan operative.
Sale Ordered.— Herbert A . Lundahl has been appointed special master
b y Judge W ilkerson to sell the entire road, equipment, & c., on N o v . 22
1926, at B utte, M o n t. The upset price has been fixed at $ 1 2 2 ,5 0 0 ,0 0 0 .
V . 123, p. 2256 , 1758.
N ew N a m e to Be C hicago M ilw a u k ee & P a c i f ic .— The reorganized com pany
will be a Delaware corporation called the C hicago M ilw a u k ee & P a cific R R .,
K uhn , Loeb & C o. and the N ati >nal C ity C o ., reorganization managers,
announced N o v . 17 1926. V . 123, p. 2649.
C A P I T A L S T O C K .— 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 p r o rata.
D I V I D E N D S .—
1 ’9 5 . ’9 6 . '9 7 - 0 0 . ’0 1 . ’0 2 - 'l l . ’ 1 2 -T 4 . 1 5 -1 6 . T 7 .
an c o m m o n _______ % \
2
4 5 y ’ly
6 7 y ’ly 5 y 'ly 4 H 5
4X
The pref. shares received 7 % per annum continuously from 1867 to Sept.
1917, but are non-cumulative
B O N D S .— The 100-year General and Refunding M ortgage o f 1913 is an
open mortgage and not limited to any specified am ount, but the bonds at
any time outstanding are limited to three times the outstanding stock, now
amounting to $233 .2 5 1 .8 0 0 .
W nen the am ount o f bonds issued thereunder
(bearing interest not in excess of 6 % ) reaches approximately $ 7 0 0 ,0 0 0 ,0 0 0 ,
further issues m ust be lim ited to 7 5 % of the cost of property placed under
the m ortgage.
The mortgage Is secured by a direct lien on ail the properties. Including
about 10.143 miles directly owned, 109 m . jointly owned, terminal proper­
ties in Chicago. M ilw aukee. Seattle Tacom a. Spokane & other cities, and
the entire eauipm ent. subject to $ 1 8 4 ,42 1,00 0 prior liens ($18,331 p . m .),
to retire which an equal amount of bonds Is reserved, $ 1 3 2 ,0 0 7 ,2 0 0 being
also reserved to retire debentures and convertible bonds, which are equally
secured thereunder. None of the prior liens may be extended and no further
am ounts issued except gen. M . for refunding purposes, so that eventu­
ally the Gen. and Ref. bonds will become an absolute first lien. Further
bonds m ay be Issued for improvements, betterments, acquisitions, construc­
tion, equipment, & c. O f the bonds. $154 ,4 8 9 ,5 0 0 have been Issued In ex­
change for Chic. M ilw . & Puget Sound 1st 4s (leaving only $26,1 7 5 ,0 0 0 of
the latter outstanding). On D ec. 31 1924 the treasury held available $117,217,200 of the new bonds issued for said exchange and against lm pts.. Sec.
V. 104 p. 451, 1701. 2640; V. 100. p. 307; V . 9 7 . p 1662. 1583; V 9 8 . p.
7 3 , 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 G en. & Ref. M tge. bondsi ssued in 1915 are convertible
Into common stock at par for 10 years beginning Feb. 1916. V . 100. p.
139. 228. 307, 8 11, 900. 981; V . 101, p 287.
The 6 % 1st M tg e . Bonds Security, Gold Loan o f 1924, secured under a
trust indenture to N ational C ity Bank, New Y ork, as trustee, by the deposit
and pledge of $ 2 0,000 ,000 Gen. (now 1st) M tge. 5 % Gold bonds, due
M ay 1 1989. The entire issue but not any part, redeemable on 60 days’
notice at 1 03% and int. on Jan. 1 1928 and on any int. date thereafter at
their face value and accrued in t., together with a prem. o t 14% for each 6
mos. between the red. date and the date o f m aturity. V . 118, p . 201.
A b s tra c t* older mortgages. V . 45, p. 114. 144. 212: V . 4 8 . p. 830.
The General m ortgage of 1889 (see a b s tr a c t in V . 48. p. 830; V . 96, p . 1088,
1156; V 9 7 , p. 175, 520: V . 98, p. 386; covers the entire railway property
and franchises of the com pany (therein described), subject to prior lien*
which are paid as they mature. V . 89, p. 1279, 1541. 1596, 1667; V . 103,
p 1114. M ilw . & N or. R R . consols, see V . 107, p. 2097.
The $ 3 3 ,286 ,000 4 % 2 5 -year debs of 1909 are secured by new G en . and
Set. mtge. V 88 . p. 1559: V 8 9 . p 1223, 1346
In M a y 1910 sold to a group of French banks 250,000 ,000 francs 15-year
4% debentures, equally sec. by General and R et. M tge. V . 90, p 1424,
1489. 1554: V . 9 1 , p. 3 8 , 1710: V . 98. p. 3 0 3 .
Dollar bonds were Issued in
1915-16 to replace 4 % 15-year French loan bonds. These bonds are se­
cured by an equal face value o f the French bonds (which in turn are secured
by Gen. & R ef. M . of 1914 equally with other bonds), on the basis that 500
francs equal $ 96.353 3.
V . 102, P- 344; V . 101 p 2143; V . 102, p. 1625.
The $49,980 ,800 4 H % debentures of 1912 are redeemable at 105 and
int. They are secured by new Gen. and Ref. m tge.
V. 94, p . 1056,
1118, 1565: V . 95, p. 744, 1472; V . 97. p. 364; V . 98, p. 303, 4 52.
O f the $181 ,66 4,50 0 Chic. M ilw . & Puget Sound R y. 1st 4s assumed on
purchase of road, $ 2 6 ,1 7 5 ,0 0 0 were sold, $1 ,0 0 0 ,0 0 0 held in insurance fund
and $ 1 54 ,48 9,50 0 were exchanged for C . M . & St. P. Gen. & R ef. bonds
and deposited under that m ortgage.
V . 92, p. 593, 659, 725, 1374; V . 93,
p. 1386, 488; V . 94, p. 767, 1185; V . 98, p. 1692.
Bonds cover road, termi­
nals and equipment, and run to m aturity. The July 1925 interest on these
bonds is in default.
G ovt, loan, V . I l l , p . 791, 2323, 2423; V . 112, p . 1976; V . 114, p . 304:
V . 115, p . 2683.
Equipm ent trust issued to Director-General for rolling stock allocated
to this com pany.
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.

43

RAILW AY STOCKS AND BONDS

R A IL R O A D C O M P A N IE S
[For abbreviation s, & c ., see n otes on p a ge 8)

M ile s
Road

C h ic a g o & N W — C om stock $ 1 7 7 ,5 3 9 ,8 8 0 au th___ Tr
Preferred stock (not cumulative) see te x t)_______ T r
M ilw aukee Lake Shore ft W estern—
E x t & Im p t M for $ 5 ,0 0 0 ,0 0 0 g s f not drawnCezc*
First and refunding mortgage _______
_ .z c * & r *
Sink fund bds o f '79 ($15,000 p m ) red 1 0 5 . F.vc&r
Sinking fund debentures 1933 ___________ U n.zc*& r
Gen gold bond M $ 1 6 5 ,0 0 0 ,0 0 0 ..
.
U s.xc*& r
do
do
do
registered____ x
do
do
do
x and y c *
do
do
do
x and y registered
do
do
do
yc*r
do
do
d o _______________ yc*& r*
Secured gold b o n d s .. . _
. . _C e.y c *ftr*
do
do
.
_______ _____
U s.yc*& r*
M ilw & State line 1st M g gu (V 88 , p 230)_F .xc*& r
C & N W equip tr due $ 6 6 4 ,9 0 0 annually___________ G
do
do
Series E to P— (See text)
Branch L in e B onds A s s u m e d —
Sioux C ity ft Pacific 1st M gold $ 4 ,0 0 0 ,0 0 0 -F .z c & r
M inn & So D ak 1st M gold $ 5 8 2 ,0 0 0 . .
_F .zc*
Iowa M innesota & Northwestern 1st M g _F.cz*& r
M il Sparta & N W 1st M g $ 1 5 ,0 0 0 ,0 0 0 gu Fxc*&r*
D es Plaines Valley R y 1st M $ 2,500,000.. F.xc*& r*
M ani Gr B ay & N W 1st M g g u (V 88,p 230 ) F.zc*& r
St Paul E ast Gr Trk 1st M g g u _ . ___ _
.x c*ftr*
St L P & N W M g guar (V 97, p 1 2 0 3 )____ F.yc*& r*
Frem E lk ft M V cons M $2 5 ,0 0 0 per mile assum ed.z
h $ 2 0 ,5 0 0 ,0 0 0 add’l pledged for 6 A %

bonds due

D a te
Bonds

P ar
V a lue

591
8,387
1,032
5,092
5,092
5,092
5,092
5.092
5,092
50

125
33
195
179
114
50
115
1,170

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

1889
1920
1879
1883
1897
1897
1897
1897
1897
1897
1920
1921
1906
1920

100&1000

1901
1900
1900
1912
1912
1906
1913
1913
1883

1,000 ftc 4 ,0 0 0 ,0 0 0
528,000
1,000
1,000 &c 3 ,9 0 0 ,0 0 0
1,000 1 5 ,000,000
1,000 &c 2 ,5 0 0 ,0 0 0
1.000 &c 3 ,7 5 0 ,0 0 0
1 , 120,000
1,000 &c
1,000 &c 10, 000,000
1,000 7 ,7 2 4 ,0 0 0

500 &c
500 &c
1,000 &c

T o ta l oper. exp en ses.. 130,449 ,632 125,550,061 134,999 ,228 129,596 ,696
Per cent op. exp. to earn.
(80.51)
(79.28)
(79.59)
(82.57)
N e t operating revenues3 1 ,571,061 3 2 ,8 1 6 ,3 9 8 34 ,6 2 9 ,1 1 0 27 ,3 5 3 ,9 3 2
Uncollec. railway r e v s ..
66,0 6 4
127,830
3 ,1 1 2
6,533
T a x e s ____________________
8 ,9 3 8 ,8 3 4
9 ,014,061
8 ,6 1 4 ,1 8 0
9,6 5 4 ,7 3 8

Gross incom e__________ 2 4 ,4 6 9 ,5 4 7
D ed u ct—
In t. onfundede d ebt____ 1 9 ,4 4 8 ,8 4 0
In t. on unfunded d e b t ..
1 ,264,357
Rents for hire of equip’t,
7 ,4 1 5 ,3 2 5
joint facilities, & c____
M iscell. deductions...........
27 5 .6 3 6

26 ,0 1 1 ,8 1 8

17,692,660

699,994
46 3 ,8 1 7
612,129

7 43,087
33 9 ,9 3 9
627,969

635,471
3 35,362
603,868

2 5 ,4 5 0 ,4 4 6

27 ,7 2 2 ,8 1 3

1 9 ,267,360

2 0 ,4 4 7 ,6 1 4
27 3 ,0 5 4

19,443,503
586,161

18,926,851
295,576

5 ,8 5 0 ,7 1 0
7 47,676

6 ,8 5 2 ,6 1 9
63 2 ,8 4 5

5 ,388,103
799,998

Balance, deficit_______
3,9 3 4 ,6 1 1
1,8 6 8 ,6 0 6 sur.207,686
6 ,143,168
Previous surplus________ 15,411,099- 2 0 ,3 7 3 ,7 9 2 2 2 ,6 2 8 ,5 4 3 28,15 9 ,0 4 2
Miscellaneous c r e d i t s ...
31 5 ,6 9 0
5 0 2,914
8 0 6,097
3,3 6 0 ,1 9 3
T o ta l surplus_________ 1 1 ,792,178
Miscellaneous d e b i t s ...
1 ,540,673

1 9 ,008,098
3 ,5 9 6 ,9 9 9

2 3 ,6 4 2 ,3 2 6
3 ,2 6 8 ,5 3 4

2 5 ,376,067
2 ,7 4 7 ,5 2 4

T o ta l profit & loss su r. 10,25 1 ,5 0 5 15,41 1 ,0 9 9 2 0 ,3 7 3 ,7 9 2 22 ,6 2 8 ,5 4 3
For latest earnings see “ Railw ay Earnings Section” (issued m on th ly ).
O F F IC E R S .— Pres H . E . B yram : V .-P re s .. R . M . Calkins. W . W . K
Sparrow, R . J. M aron y, H . B . Earling; T reas., A . G . Loom is, Chicago',
Sec., T . W . Burtness, M ilw aukee; C o m p t., W . V . W ilson, Chicago.
D irectors.-— A . L . G ates, D onald G . Geddes, M ortim er N . Buckner,
W . E . S. Griswold, George G . M ason , E . S. Harkness, Samuel M cR oberti.
John M cH u gh , New York; J. Ogden Arm our, Chicago; Franklin M . C rosby,
M inneapolis; H . E . B yram . Chicago; C . H . M cN id er, M ason C ity , l a .;
N . Y . office, 42 B roadw ay.— (V . 123, p . 264 9 .)
C H I C A G O A N D N O R T H W E S T E R N R Y . C O .— (See M a p .)— Operates
system o f roads uniting Chicago, 111., with O m aha, N e b .; St. Paul, M inn,
with the great wheat belts o f D akota, N ebraska, & c., and with the mining
regions o f M ichigan and the Black H ills, 8,4 6 9 miles, D ec. 31 1925, viz.:
R oad Owned in f e e —
M ile s .
M ain lines, & c______________________________________________________________ 8,469
Trackage rights_____________________________________________________________
7*
Second track_________________________________________________________________ 930
Also has large interest iniChic. St. P a u l.M in n . ft O m aha______________ 1.842
Through passenger service between Chicago and Pacific coast is m ain­
tained via Union Pacific. V . 93, p . 1667; V . 94, p. 697.
Th e I .- S . C . Commission has placed a tentative valuation of $ 477 ,21 9,24 9
on the total owned and $ 4 8 1 ,67 9,45 6 on the total used properties of the com­
pany as o f June 30 1917.
H I S T O R Y , & C .— Incorporated under laws o f Illinois, W isconsin and
M ichigan in 1859. Valuation, V . 117, p . 781.
The directors on Jan. 13 1925 authorized an offer to the minority holders
o f stock o f the Chicago St. Paul M inneapolis & Omaha R y . C o . for exchange
o f their stock for N orth W estern com . stock, on the following bases: 3 shares
of N orth W estern com . stock for 2 shares Omaha pref. stock; and 5 shares
of N orth W estern com . stock for 7 shares Omaha com . stock. This offer
was not to becom e effective unless accepted b y the holders o f such am ount of
Omaha stock as should be satisfactory to the N orth W estern com pany. The
plan was declared effective June 23 1925 and was approved b y the I .- S . C .
Commission in F e b . 1926.
C A P I T A L S T O C K .— O f the com .stock, $ 2 ,3 4 3 ,4 7 7 , and o f the preferred
$3,8 3 4 additional to am ounts shown as outstanding in table above were in
treasury on D ec. 31 1925. Pref. stock has prior right to 7 % ; then com . 7 % ;
then pref. 3 % : then com . 3 % ; then both classes share. V . 89, p . 1482;
V . 104, p . 4 5 1 , 863.
D ec. 31 1925 Union Pacific system (Oregon Short Line) owned $ 4 ,420,600
common stock.
D I V S .— (1 9 0 2 -J a n .’2 0 . July ’20 to J u ly ’2 3 . J a n .’2 4 . July ’24 to D e c . ’26.
C om m on. . \
7 yearly
2 A semi-annual
1A
2 semi-annual
P referred.. [ 8 yearly
3 A semi-annual
3A
3 A s e m i -annual

In M a r. 1920 it was announced that d lvs. in future w ould be considered
half-yearly.

B O N D S .— G e n e r a l M o r t g a g e .— See A b s t r a c t in V . 65, p . 1175. A uthor­
ised issue is $165,000,000 (U . S. Trust C o ., trustee.) V . 65. p . 69, 111,

571; V . 7 5 , p . 980; V . 88 , p. 280, 563. In O ct. 1926 there was outstanding
$31,3 1 6 ,0 0 0 gen. 3 A s , $ 3 0 ,554 ,000 4s and $33,855 ,000 5s. A n issue of




W h en
P a yable

L a st D ivid en d
and M a tu rity

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

3,6 5 7 ,0 0 0
15,250,000
9 ,489,000 5
7,3 7 1 ,0 0 0
131,316,000 1
j
l
130,554,000
j
h 33,855,000
18,63 2 ,0 0 0
15.000,000
1 5 ,000,000
2 ,5 0 0 ,0 0 0
5,9 8 4 ,1 0 0

5 g
5 g
& 6
5
3A g
3A e
4
4
5 g
4A g
7 g
6A g
3A g

6

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

6

F
J
A
M
M

ft
ft

A Feb 1 1929
do
do
D M a y 1 2037
do
do
<c O Oct 1 1929
S
do
do
ft N M a y l 1933
do
do
< N N o v 1 1987
&
do
do
do
do
Q— F N o v 1 1987
M & N N o r 1 1987
do
do
do
N o v 1 1987
do
Q— F
M
N N o v 1 1987
do
do
M & N N o v 1 1987
do
do
.1 < D Ju n el 1930
&
do
do
M &
H M a r 1 1936
do
do
J <
& .1 Jan 1 1941
do
do
J & J15 To Jan 15 1935 G uaranty T r C o , N Y

ft

g F
g .1
g .1
M
M
g ,)

.1

J
A

& A Aug 1 1936
<
& J Jan 1 1935
<
& .1 Jan 1 1935
&
8 M ar 1 1947
<
te S M ar 1 1947
&
.1 Jan 1 1941
<
fc ,1 Jan 1 1947
&
.1 July 1 1948
& o Oct 1 1933

do
do
do
do
do
do
do
do
do

do
do
do
do
do
do
do
do
do

M arc h 1 19 36.

T o ta l oper. revenues. .1 6 2 ,0 2 0 ,6 9 3 158,3 6 6 ,4 5 8 169,628 ,338 156,950 ,628
E x p en se s —
2 2 ,4 4 9 ,3 7 9 23,06 3 ,6 1 3 1 9 ,798,385
M aintenance o f w ay____ 22 ,1 4 1 ,2 8 6
M a in t. o f equipm ent___ 39 ,6 8 0 ,3 8 0
3 4 ,1 2 0 ,0 3 7 38,37 5 ,0 2 9 36 ,9 8 7 ,2 4 0
Traffic expenses________
2 ,7 2 0 ,6 4 4
2 ,4 2 5 ,5 7 9
2,5 0 6 ,0 0 7
2 ,2 3 1 ,2 4 5
Transportation__________ 61 ,0 7 4 ,4 6 8
6 1 ,8 8 0 ,5 0 8 6 6 ,545,638 66,06 8 ,0 2 9
General expenses________
4 ,1 1 4 ,5 6 4
3 ,9 0 8 ,5 6 3
3 ,8 2 6 ,6 9 7
3 ,7 5 4 ,2 3 9
9 7 8,692
9 3 0,175
963,097
910,583
M iscell. operations______
Transp. for investm en t. Cr.260,402
C r. 164,181 C r.2 80,854 Cr. 153,024

2 3 ,6 7 4 ,5 0 6

R ate
%

fc
$100 $156130940 See text J < ,T15 D ec 31 ’26 2 % C o ’s office l l l B ’w a y .N Y
100 2 2 ,395,120
J & J15 D ec 31 ’2 6 3 A
do
7
do

R E P O R T .— For 1925, in Y . 122, p . 3599 , showed:
1925.
1924.
1923.
1922.
O perating R evenues—
$
$
$
$
Freight____________________ 125,671 ,655 1 2 0 ,070 ,603 127,953 ,106 116,005,731
Passenger_________________ 19,966,179 21,76 8 ,1 7 1 24,17 5 ,8 9 2 24 ,2 6 1 ,4 9 9
M a il, express, & c________ 1 3 ,652,204 13,76 6 ,2 9 5 14,506,350 13,968,081
Incidentals, & c__________
2 ,7 3 0 ,6 5 6
2 ,7 6 1 ,3 8 9
2 ,9 9 2 ,9 9 0
2 ,7 1 5 ,3 1 7

Operating incom e____ 2 2 ,5 6 6 ,1 6 3
N on -G p era tin g In co m e—
R ents received___________
60 7 ,0 6 8
Income from lease o f road
36 1 ,5 9 8
Miscellaneous incom e___
93 4 ,7 1 8

A m oun t
O utstanding

[V ol. 123.

$1 8 ,6 3 2 ,0 0 0 454s was sold in A p rill926 to provide funds for the retirem en.
on A u g . 15 1926 o f $18,6 3 2 ,0 0 0 extension 4 % gold bonds, which were ac­
cepted at 100 and int. in paym ent for these bonds. O f the balance o f $ 30,
143.000 bonds, $ 5 ,0 3 1 ,0 0 0 were in treasury, $20,7 5 7 ,0 0 0 were reserved to
retire prior liens and the debentures due in 1933, and the remaining $ 4 ,3 5 5 ,000 bonds were reserved for improvements or additions, including equip­
m ent, bu t not exceeding $1,00 0 ,0 0 0 in any one year. In April 1926 $ 2 0 ,500.000 5s were pledged as security for $ 1 5 ,0 0 0 ,0 0 6 6 A % bonds (see below .)
Outstanding Generals are free from all taxes except $ 8 ,0 5 4 ,0 0 0 4 s, and

$33,855,000 5s stam ped “ Federal incom e tax n ot assumed b y C o .” V 91.
p . 1385; V . 80. p . 1489; V . 92, p . 117. 1178; V . 93. p . 1667; V . 98, p . 1459.
1536, 1608, 1993; V . 99, p . 1748; V . 100, p . 1078; V . 102, p . 608; V . 103,
p. 493; V . 106, p . 2756; V . 107. d . 2289; V . 108, d . 877.
The S i n k i n o F u n d b o n d s of 1879 are seoured b y deposit in trust of $12,860,
900 of 1st M. bonds at $15,000 per mile on subsidiary lines, the m ost lm
portant being described Is "Supplem ent” of M ay 1894
Of the sinking fund
bonds of 1879, $ 4 ,6 4 9 ,0 0 0 are 6 s; the sinking fund is at least 1% o f out­
standing bonds, which are subject to call at 105, and through its operation
those outstanding have been reduced from $15,000,000 to am ount in table.
The F r e m o n t E l k h o r n A M i s s o u r i V a ll e y consols have a first lien on 1,241
miles (Frem ont, N e b ., to D ead w ood , S . D . , and branches to H astings,
Albion, ft c .); but besides the am ount o f issue given as outstanding in the
table. $10,675,000 (along with $2,560,000 W yom in g Central firsts, a F . E .
ft M . V . issue) are held as part collateral fo r Extension bonds o f 1886.
M il w a u k e e S p a r ta A N o r th w e s te r n R y . 1st M . bonds (assumed in Apr!
1912). road merged in O . ft N . W . V . 94, p . 416. 1056, 1185. In Jan.
1913 sold $2,500,000 Des Plaines Valley R y . (assumed M arch 1913) and
In F e b .191 3 $1,120,000 St. Paul Eastern Grand T runk R y . guar. 4 A s , and
in O ct. 1913 $10,000,000 St. L . Peoria ft N . W . R y . guar. 5s (assum ed).
V.96.P.201. 789; V .9 7 ,p .l2 0 3 ; V .9S,p.999; V .9 9,p .8 2 9: V .1 0 0 ,p .l6 7 1 .
T he stockholders on A pril 14 1920 authorized the creation o f a new First
ft Refunding M tge . and the absorption o f eleven proprietary com panies,
all o f wnose stock is now owned b y the com p a n y. T h e new m ortgage will
be secured b y a lien on all the com p a n y’s lines o f railway owned at the
date o f the m ortgage and their equipm ent and appurtenances, including the
terminals in C hicago, M ilwaukee and substantially all o f the other cities
which it serves, together with all other prop erty thereafter acquired b y the
use o f bonds secured b y tne 1 st ft ref. m ortgage.
$15,250,000 1st ft ref. m tge. 5 % gold bonds due M a y 1 2037 were sold
in N o v . 1923. C om pare V . 117, p . 2211. There are also $15,000,000 6 %
bonds pledged, $6,156,000 5 % and $416,000 6 % bonds in treasury.
T he $15,000,000 10-yr. 7 % bonds due June 1 1930 are secured b y deposit
o f (a) $15,000,000 C hicago ft N orth W estern R y .N e w 1st ft R ef. M tge . 6 %
gold bonds, due M a y 1 2037; ( 6 ) $2,500,000 C hicago ft N orth W estern R R
Gen M tge. 5 % gold bonds due N o v . 1 1987. V. 110, p. 2487.
T he $15,000,000 15-year 6 A % bonds due M a r. I 1936 are secured by
deposit o f $18,000,000 gen. m tge. 5 % gold bonds due N o v . 1 1987. V .112,
p. 652.
E q uip m ent tru sts. S eries “ E ” to “ Q ” —
Series “ E ” 4 A s , due $485 ,00 0 annually to M a y 1 1927 _________ $485,000
115,000
Series “ F ” 4 A s , due $115 ,00 0 annually to June 1 1927__________
Series “ G ” 5s, due $ 422 ,00 0 annually to N o v . 1 1927____________
84 4 ,0 6 6
Series “ H ” 5s, due $400 ,00 0 annually to Jan. 1 1928____________
80 0 ,0 0 0
Series “ I ” 5s, due $178 .00 0 annually to July 1 1929______________
5 3 4.000
Series “ J” 6 A s , due $186 ,00 0 annually to M a r. 1 1936__________ *1,8 6 0 ,0 0 0
Series “ K ” 6 A s , due $ 267 ,00 0 annually to April 1 1936_________*2 ,6 7 6 ,0 0 0
Series “ L ” 6 A s , due $187 ,00 0 annually to M a y 1 1936__________ 1,8 7 0 ,0 0 0
Series “ M ” 5s, due $345 ,00 0 annually to June 1 1938___________ *4 ,1 4 0 ,0 0 0
Series “ N ” 5s, due
$317 ,60 0
annually to
June
1
Series “ O ” 5s, due
$412 ,60 6
annually to
D ec.
1
Series “ P ” 5s, due
$104 ,00 0
annually to
Feb.
1
Series “ Q ” 4 A s , due $361 ,00 6 annually to O ct. 1 1940_____________ 5 ,0 5 4 ,0 0 0
* H eld b y public.
Equipm ent trusts issued to Director-General ^1 rolling stock allocated
or
to this com pany. See article on page 3, and V . 113, p . 1470.
R E P O R T .— For 1925, in V . 122, p . 2 351 , showed:
1925.
1924.
1923.

1922.

Gross earnings___________ 148,538 ,269 149,454 ,584 160,425 ,965 146,1 0 0 ,4 3 6
Expenses, taxes, & c____ 125,630 ,280 129,885 ,487 141,849 ,073 128,2 2 3 ,0 6 3
Operating i n c o m e ...- 22,90 7 ,9 8 9
Equipm ent rents, & c . . .
1 ,799,240

19,505,576
2 ,721,525

18,57 6 ,8 9 2
2 ,7 3 3 ,5 1 7

1 7 ,8 7 7 ,3 7 3
841,068

N e t operating incom e. 2 1 ,1 0 8 ,7 5 0
Other income____________
2 ,3 1 6 ,2 4 6

16,784,051
3 ,437,327

1 5 ,843,375
4 ,5 3 6 ,2 0 6

17,03 6 ,3 0 5
3 ,309,403

Total income_________ 23 ,4 2 4 ,9 9 6
Interest, rents, & c______ 1 2 ,640,418

20,22 1 ,3 7 8
1 2 ,550,054

2 0 ,379,581
11,64 2 ,1 1 3

2 0 ,345,708
11,448,173

N e t incom e___________ 10,78 4 ,5 7 8
Preferred dividends____
1 ,567,650
C om m on dividends______ 5 ,8 0 6 ,1 0 0

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

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

8 ,897,535
1 ,567,650
7,2 5 7 ,6 2 5

Surplus------------------------- 3 ,4 1 0 ,8 2 8
.2 9 7 ,5 7 4 . 1,3 6 3 ,7 1 8
7 2,260
For latest earnings see “ R ailw ay Earnings Section” (issued m onth ly).
O F F IC E R S .— P res., F . W . Sargent, C hicago; V .-P s ., S . A . L y n d e , A . C .
Johnson, Frank W alters, W illiam W alliser; V .- P . & G en . Counsel, R . N .
V an D oren; Sec., J . D . Caldw ell, C hicago; T r e a s., A . S . Pierce, 111 Broad­
w ay, N ew Y o rk .
D I R E C T O R S .— M arvin H ugh itt (C hairm an), Chicago; F . W . Vander­
b ilt, H arold S. Vanderbilt, C hauncey M . D epew , W . K . Vanderbilt, N . Y . ;
C yrus H . M cC orm ick, Chauncey K eep , Fred W . Sargent, Chicago; Henry
C . M cE ld ow n ey, Pittsburgh, P a .; Gordon A b b o tt, Oliver A m es, Boston;
A . A . Sprague, Chicago; Samuel A . Lynde, N ew Y o rk ; M arshall Field,
N ew Y o rk ; W alter W . H ead, Om aha, N e b .; John D . Caldwell, R . N .
Van D oren, Chicago. General offices, 226 W . Jaekson Boulevard, Chicago.
N . Y . office, 111 Broadw ay.— (V . 123, p . 2514 .)

1938_* 3 ,8 0 4 ,6 6 6
1938_* 5,356,O0O
1939_* 1 ,3 5 2 ,0 0 0

Nov., 1926.]

RAILW AY STOCKS AND BONDS

ft




44

RAILW AY STOCKS AKD BONDS

R A IL R O A D C O M P A N IE S
[For abbreviations, & c ., see notes on pa ge 8)

M ile s
Road

D a te
Bonds

P ar
Value

C h ic a g o R o c k I si & P a c—

100 7 4 ,482,523
100 29,42 2 ,1 8 9
100 2 5 ,127,300

Com m on stock $ 7 5 ,0 0 0 ,0 0 0 ___________________________
7 % p f stk call 1 0 5 1 (5 % cum) sam e p f as to a s s e ts ..
6 % p f stk call 1 0 2 /d iv s after 1 % on 7 % p re f.
3 ,2 5 3
Text

Old D iv is io n a l B on ds, A c .—
B C R & N or consol first m ortgage g o ld . _ C e.zc*& r
M inneapolis & St Louis 1st M gold (assum ed)___ Fz
C hoc & M em 1st M $ 3 ,7 5 0 ,0 0 0 a ssu m e d ..G P .x c& r
Choctaw Okla & G u lf Consol m tge gold___ Q P .x c*
R I A & L 1st M $ 3 0 ,0 0 0 ,0 0 0 g gu red 1 0 5 -B a .x c * & r*
L ittle R ock & H o t Spgs W e s t notes guar p & i _______
St P - K C Short L— 1st M g gu red 105- B a.xc*& r*
E q note Ser G g $ 1 7 0 ,0 0 0 s-a (V 9 5 , p 1 6 0 7 ) .. Bax
do
Ser I g $5 4 1 ,1 5 0 an n_________________________ G
do
Ser L g $ 2 8 5 ,0 0 0 s -a ___________________ Nxxxc*
do
Ser M g $ 188 ,00 0 s-a ______________________ xxx
do
Ser N due $ 360 ,00 0 ann________________ E q .c*
C h ic a g o S t L o u is & N ew O r le a n s — See Illinois Cent

A m oun t
O utstanding

1,292

1898
1904
1924
1924
1926

1,000 &c- 61 .581,000
500 &c a 104582000
1.000 10,000,000
1,000 5 ,000.000
1,000 6 ,000,000

l.OOO&c 11 ,000,000
500 &c
150,000
1899
1,000 3 ,5 2 5 ,0 0 0
1902
1,000 5,4 1 1 .0 0 0
1910
500 &c bl 1,000,000
1911
1,000
4 53.600
1911 $
&
£ c 9.968.215
1,000
1912
3 40.000
1920
1,000 4 ,8 7 0 ,3 5 0
1,000 6,5 5 5 ,0 0 0
1923
1924
1.000 3.0 0 8 .0 0 0
1925
1,000 5 ,040,000
1884

12 1877

280
685
363

__
__
___

345

Rate
%

7

6

4 g
4
5 g
5 g
4 )4 g

W hen
Payable

J
J
J
A

.1

M
J

[V ol. 123.
L a st D ivid en d
and M a tu rity

Places W h ere In terest and
D ividends A r e Payable

&
J June 30 ’26 3)4
& J June 30 '26 3 %
&
,1 Jan 1 1988
First N a t B a n k , N Y
< O Apr 1 1934
fc
do
do
<
fe .1 July 1 1929
N ew York
<
fe s Sept 1 1929
N ew York
& D June 1 1928
N ew York

A & O Apr 1 1934
5 g
&
.1 < D Ju n el 1927
7 g
J
5 g
J Jan 1 1949
M < N M a y l 1952
fe
5 g
S M ar 1 1934
4 )4 g M &
4
J
&
J July 1 1939
K
4 K g K < t A Feb 1 1941
4 )4 g ,1 & J Jan ’27-July ’27
6 g .1 & J15 T o Tan 15 1935
.1 < D June,r>7-June’38
fc
5 g
5 g
A & O Apr ’ 27-O ct '34
F & A T o Aug 1 1940
4 )4

First N a t B an k , N Y
do
do
do
or Phila
do
do
do
or Europe
C o ’ s office, Chicago
New Y o rk and London
do
do
New Y o rk T rust C o , N Y
N ew York

a Also $ 5 3 ,3 4 0 ,0 0 0 in treasury D ec 31 1925 or pledge d a s co llateral
Also b $ 2 ,1 9 2 ,0 0 0 and c $ 6 ,0 4 1 ,0 0 0 in treasury

C H IC A G O R IV E R & IN D IA N A R R .— Owns 2 8 .7 6 miles o f terminal
tracks; A tch . T o p . & S. P . trackage, 14.64 m .; P . C . C . & St. L . R y . track­
age, 7 .1 2 m .; Ind. H . B . R R . trackage, 3 .2 9 m ; tracks operated under lease:
C hic. Junction R y . C o .. 177.51 m .; grand total operated, 2 3 1 .3 2 miles
(all in Chicago).
Stock, authorized. $ 1 ,0 0 0 ,0 0 0 : outstanding. $500 ,00 0; par, $100.
For 1924. gross, $ 6 ,9 5 1 ,8 6 0 ; net oper. Inc., $1,8 9 5 ,2 7 9 ; other income,
$ 1 ,8 8 6 ,1 7 7 ; interest, rentals, & c.. $ 2 ,7 0 6 ,7 9 4 ; dividends ( 1 0 % ) , $50,000 :
Dal., surplus, $ 1 ,0 2 4 ,7 6 3 .
P ot latest earnings, see “ R ailway Earnings Section” (Issued m onth ly).
P res., P . E . Crowley; Sec., E . P. Stephenson; G en. T reas., H . G . Snelling;
C o m p t., W . O . W ishart.— (V . 101, p. 773; V . 107, p. 694.)
C H IC A G O R O C K ISL A N D AN D P A C IF IC R Y . C O . (T H E ).— (See
M a p . ) — The system extends from Chicago, 111., via Om aha, N e b ., to
D enver and Colorado Springs, C o lo .; also to Minneapolis, Kansas C ity ,
& c. Connects with the Southern Pacific for Pacific Coast service.
Owned in F e e (excl.trackage.) M iles
Limon, C olo ., to Denver, C o lo .
90
Ohloago. III., to Col. S p g i., C o l.1,073 Allerton, l a ., to M an ly. I a ____ 202
D avenport. I a .. to Terral, Okla. 831 M cFarland, K a n ., to Belleville,
H erington, K a n ., to Texhom a,
K a n ____________________________ 103
O k l a ............................
324 M em phis, T e n n ., to Texola,
B urlington, l a ., to Mlnn’p.M inn. 367
O k l a __________________________
650
YInton, l a ., to W atert’n, S. D . 377 H ot Springs J et., A r k ., to
Eunice, L a____________________ 332
S t. Louis, M o., to Kan. City, M o .299
Branch lines_____________________ 2,762
Bravo. T ex. (New M ex. State line)
459
to Santa R osa, N. M ---------------- 112 Chic. R . I . & G u lf...................

Slenrlo, T e x ., to Tuoumoarl,
T o ta l_________ ______ __________8,022
N. M ..................................
41
T h e list o f com panies Included in the term " R o c k Island Lines” is as
follow s: C h ic. R o ck Isl. & P ac. R y . C o ., C hic. R ock Isl. & G u lf R y . C o .,
C hoctaw Okla. & G u lf R R . C o ., R ock Isl. A rk. & La. R R . C o ., R ock Isl.
M em phis T erm . R y . C o ., St. Paul & Kansas C ity Short Line R R . C o .,
R ock Isl. Stuttgart & Southern R y . C o ., R ock Isl. & Dardanelle R y . C o.
and M orris Term inal R y . C o. The com pany also leases Peoria & Bureau
V alley R R . C o. and W hite & B lack R iver R y . C o.
T he com pany in 1924 acquired a m inority interest in the stock o f the
S t. Louis Southwestern R y . C o ., b u t, while the ownership o f this interest
was still under consideration b y the I.-S . C . Comm ission, disposed o f its
holdings to the Kansas C ity Southern R y . C o. at a net p rofit o f approxi­
m ately $2,467,000.
It was announced in Jan. 1926 that the St. Louis-San Francisco R y . had
purchased a substantial am ount o f the com p a n y’s stock. V . 122, p . 477;
V . 121, p . 1904.
O R G A N IZ A T IO N .— T he com p a n y at m idnight on June 24 1917 re
lum ed possession o f its p rop erty, having been successfully reorganized,
without foreclosure. T h e sale o f $29,422,160 7 % p ref. stock to a syndicate
and $5,000,000 6 % pref. to form er directors provided for old floating obllatlons and reorganization expenses, while the $2 0 , 0 0 0 ,0 0 0 debentures o<
912 were replaced by $20,000,000 6 % pref. stock. V . 104, p. 2641, 2552.
245 1 ,2 3 4 2; V. 106, p. 2025. Plan o f reorganization was In V . 103. p. 1887.
1980. 2155: V . 104, p. 451.
F U L L F IN A N C IA L S T A T E M E N T T O N . Y . S T O C K E X C H A N G E
o f F eb. 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 com pany concluded a settlement o f its litigation with
the C olorado & Southern R y . C o. respecting the T rinity & Brazos Valley
R y ., extending from F ort W orth and Dallas to Houston and Galveston,
whereby the C olorado & Southern accepted In cash 60% o f the amount
due on the con tract, which, under the final decree in the R ock Island
receivership, w ould be payable In full in 6 % preferred stock at par, such
as v a s paid to all other general creditors o f the R ock Island. This involved
the p aym ent o f some $4,000,000 and the R ock Island now owns outright
a half interest in the T rinity & Brazos Valley R y. and will have a per­
manent outlet to the G u lf ports. V . 108, p. 378; V. 109, p. 672.
Settlement with “ C lover L ea f” regarding Chicago & Alton stock. V . 113
p . 2078.
The K eokuk & Des M oines R y ., which form erly had been operated
under lease, was acquired outright during 1924 for $2,641,000 1st & ref.
m tge. 4 % bonds. C om pare V. 119, p. 324, 455, 2407, 2526.
C A P IT A L S T O C K .— O f the $75,000,000 com . stock , $517,478 on
D ec. 31. 1925 was in the treasury.

f

(1) T w o Classes o f P r e f. Stock, 7 % and 6 % , w ith Same P reference as to Assets
and Sharing P ro Rata in all D ividends after P rior 1 % on 7 % P r e f. Stk
— Both C um ulative u p to 5 % fro m July 1 1917.
7 % P r e f. Stock, callable at 105. A u th ., $30,000,000, viz.: in

trea s., $256,111; canceled, $321,700: balance outstanding___$29,422,189
callable at 102. A uth., $35,000,000; outstanding 25,127.300
The auth. pref. stocks m ay not be Increased except by vote o f a ma
Jority o f each class o f stock , voting separately. V. 106, p. 2026.
D I V I D E N D S .— T he semi-annual .dividends o f 3 H % on the 7 % pref.
stock , and 3 % on the 6 % pref. stock have been paid from Jan. 14 1918
rto June 30 1926.
6 % P ref. Stock,

B O N D S .— General 4s of 1898.

V . 66 . p . 522; V . 78, p . 2 2 8 :V .8 0 .P -2 7 2 .

F IR S T A R E F U N D . 4 % B O N D S OF 1904 ($163,000 ,000 A U T H . IS S U E .
A 1st lien (either directly or through pledge o f entire issues of bonds of the
companies owning the same) on terminal property in St Paul, Minneapolis
and Kansas C ity , new equlpt. and shops at SllvL, near East MolLne, 111., and
on railways aggregating 1,256 miles; also a Junior lien subject to existing
mortgages on all the other lines of the system o f the R ailw ay com p any, aggre­
gating, exclusive of leased lines and trackage, on D ec. 31 1925. 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,
3 3 4 ; 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 R ef. M 4s. In O ct. 1920 the company brought suit to
^have this latter clause changed. V . I l l , p . 1369. V . 8 7 , p . 1089, 1419;




V . 88 , p. 6 2 3 , 822; V . 8 9 . p. 666 : V . 9 0 , p. 108, 2 36, 1170, 1424; V . 9 1 . p.
1766; V . 93, p. 1667, 1785; V . 9 9 , p. 1748, 1831; V 100. p. 900
R ock I . A r k . A L a . 1st M . 4 H * (V . 9 0 . p. 6 26. 6 9 9 , 1161) and St. P . Sc
K a n s a s C ity Short L in e 1st M . 4 H s , V . 9 2 . p. 526, 593; V . 9 3 , p . 1196; 1159;
V . 94, p . 1056; V . 9 7 , p. 2 36, 1114 ). were guaranteed, principal and Int.
Rock Island-Frisco Term inal 5s, see that co. and V . 84, p. 5 69. 748.
The $10,000 ,000 secured gold notes due July 1 1929 are secured by
deposit o f $15,0 0 0 ,0 0 0 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 in t.,
and on any int. date thereafter at M o f 1 % less for each succeeding year, or
part thereof. V . 118, p . 3076.
The $ 5 ,000,000 secured gold notes due Sept. 1 1929 are secured by $ 7 ,500,000 1st & ref. mtge. 4 % gold bonds due April 1 1934. Th e entire
issue (but not a part thereof), red. upon 30 days' notice on Sept. 1 1925 or
M arch 1 1926 at 101 and in t., and on any int. date thereafter at X o f 1 %
less for each succeeding year or part thereof. V . 119, p. 810.
The $ 6 ,0 0 0 ,0 0 0 secured gold notes due June 1 1928 are secured by deposit
of $8,70 0 ,0 0 0 1st & ref. m tge. 4 % gold bonds, due April 1 1934. Redeem­
able, as a whole only, at par and m t.
10-year U . S. Treasury note due 1930, $ 7 ,8 6 2 ,0 0 0 .
Equipm ent trusts issued to Director-General for rolling stock allocated
to this com pany. See article on page 3 and V . 114, p. 2359 ; V . 115, p . 1531.
R E P O R T .— For 1925, in V . 122, p . 2 2 2 0 , showed:
O perating R evenues—
1925.
1924.
1 923 .
Freight revenue--------------. ..$ 9 5 ,9 2 3 ,3 9 8 $95,1 8 5 ,7 3 0 $ 9 3 ,1 0 9 ,3 2 7
Passenger revenue______________________ 2 4 .3 5 6 ,6 3 2
25,88 6 .0 4 7 2 7 .4 5 8 ,8 1 4
M ail revenue_____________________________ 2 .5 1 5 ,7 5 8 2 ,5 7 6 ,6 9 0
2 ,6 3 6 ,2 2 0
Express revenue--------------------------------------- 3 ,6 4 9 .8 7 5 3 ,4 0 9 .2 7 7
3 ,5 1 8 ,3 1 3
1 ,786.406 1 ,7 5 6 ,7 2 8
1 ,7 1 0 ,9 9 0
Other transportation revenue__________
Dining and buffet car revenue_________
817.825
70 7 ,0 1 2
6 59,895
Miscellaneous revenue__________________
1,0 3 3 .3 5 2 1,3 5 9 ,0 2 7
1 ,300,527
Total railway operating r e v e n u e ..$ 1 3 0 ,6 8 3 ,2 46$ 130,8 8 0 ,5 12$ 130,4 03,086
O perating E xp en ses—
Maintenance of way and structu res..$ 1 5 .6 2 2 ,8 3 5 $ 1 5 ,0 8 6 ,5 8 9 $15,6 6 9 ,4 5 2
Maintenance of equipm ent___________ 2 8 .2 7 1 ,7 0 5
2 7 ,9 3 7 ,0 8 0 2 9 ,1 5 3 ,6 6 6
Traffic______________________
2 .9 4 1 ,2 3 2
2 ,6 2 9 .3 0 0
2,4 1 0 .6 6 0
Transportation_________________________ 4 9 ,8 6 8 .6 3 0
51,78 1 ,1 6 2 54,10 3 ,3 0 7
Miscellaneous operations______________
1,1 5 2 ,2 9 2
943.262
833,611
General_______ _________
3.754,781
3,601,701
3 ,371,291
Transportation for investm ent_______ C r .841,989
C r .772,549 C r .551,852
Total railway operatings expenses.$100 ,7 6 9 ,4 8 6 $ ! 0 1 ,2 0 6 ,546$10 4 ,990,136
N e t revenue from railway operations.$ 2 9 ,9 1 3 .7 6 0 $29,6 7 3 ,9 6 6 $ 2 5 ,412 ,950
Railway tax accruals__________________
7,037.771
6 ,571,087
5 ,600,634
Uncollectible railway revenue________
7 6,044
56,722
17,002
T otal railway operating income____ $ 2 2 ,7 9 9 ,9 4 5 $23,0 4 6 ,1 5 6 $ 1 9,795 ,314
Other In com e—
R ent from equip, (other than fr. cars)
Joint facility and misc. rent in co m e ._
Income from lease of road____________
Miscellaneous incom e_______ __________

$296 ,39 4
744,869
34.764
1 ,001,916

$305,949
780.969
34.3 9 3
365,161

$549 ,32 9
7 1 7,140
38 ,7 3 7
49 0 ,2 4 3

Gross incom e......... ...................................$ 2 4 ,877 ,887 $ 2 4 ,5 3 2 ,6 2 9 $ 2 1 ,5 9 0 ,7 6 3
D ed u ction s__
Hire of freight cars— debit b a la n c e .. $ 3 ,328,423
R ent from equip, (other than fr. cars)
404.794
Joint facility and miscellaneous ren ts. 1,989,765
R ent for leased roads_________________
172,734
In t. on funded and unfunded debt___ 1 1 ,861.200
Other income charges__________________
154.833

$3 ,7 5 8 ,4 9 2
564.580
1 ,908,417
265,831
1 1 ,030.796
169,293

$ 3 ,3 1 7 ,1 1 8
8 65,166
1 ,8 5 5 ,7 7 8
40 8 ,5 5 4
1 0 ,483,184
179,460

Total deductions_____________________ $17,911 ,756 $ 1 7,697 ,409 $ 1 7 ,1 0 9 ,2 6 0
N e t incom e.....................
6,966.132
6.835,221
4 ,4 8 1 ,5 0 2
7 % preferred dividends________________
2,059,547
2,0 5 9 ,5 4 7
2 ,0 5 9 ,5 4 7
6 % preferred dividends________________
1,507.638
1.5 0 7 ,6 3 8
1,5 0 6 ,5 8 8
Balance, surplus_____________________ $ 3 ,398,947
$3 ,2 6 8 ,0 3 6
$915,367
For latest earnings, see “ Railway Earnings Section” (issued m on th ly ).
O F F IC E R S .— Chairm an, Chas. Hayden; Pres., Jas. E . G orm an; V .-P s .
M . L . Bell, L . C . Fritch, L . M A llen, F D . R eed, W . H . Burns; V .- P .,
Sec. & T reas., Carl N yquist.
D irecto rs.— E . N . Brown, M . L . Bell, N . L . A m ster, Charles H ayden,
A . C . Rearick, F . W . Scott, G . W . French, W . Z . R ipley, J. M . K ura,
A . A . C ook, J. Hirschman, P. G . Ten Eyck and J. E . Gorm an. Offices,
139 W est Van Buren S t ., Chicago, and 25 Broad„St., N ew Y o rk .— (V . 123,
p . 2650.)
C H I C A G O S T . P A U L M IN N E A P O L IS A N D O M A H A R Y . C O .—
(See \dap Chicago & N orth W estern .)
R O A D .— E lroy, W is ., to St. Paul,
M in n ., 193 miles; Minneapolis to Om aha, N e b ., 378 miles; other lines, 1,271
miles; total, D ec. 31 1925, 1,842 miles.
\
The I .-S . C . Commission has placed a tentative valuation o f $ 8 6,710 ,600
on the total owned, and $ 8 6 ,7 3 4 ,1 0 7 on the total used properties o f the
com pany as of June 30 1917.
In N ov. 1883 Chicago & North Western R y . purchased control, viz.:
$ 9 ,320,000 com . and $ 5 ,380,000 pref.; and in 1910 $220 ,00 0 com .
The directors o f the Chicago & North W estern R y . under date of Jan. 13
1925 offered to issue in exchange for the pref. and com . stocks of the Chicago
St. Paul Minneapolis & Omaha R y . com . stock o f the Chicago & N orth
Western R y. on the following basis: Three shares o f Chicago & North
Western com . stock for two shares of Omaha pref. stock, and five shares of
Chicago & N orth W estern com . stock for seven shares o f Omaha cornstock. Com pare Chicago & Northwestern R y . C o . above.

Nov., 1926.]




RAILW AY STOCKS AND BONDS

45

46

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 otes on pa ge 8]

M ile s D a te
Road Bonds

C h ic a g o S t P a u l M in n & O m a h a — C om m on s t o c k ..
Preferred stock non-cum including scrip (see text) .
N or W is 1st M Lake St C to nr Spooner ass’d C e.zc*
80 1880
Superior Short Line 1st M $ 1 ,5 0 0 ,0 0 0 ass’d U n .zc*
1895
O St P M & O M $ 3 0 ,0 0 0 ,0 0 0 ($15,000 p m ) .C e .z c * 11,669 /1 8 8 0
do
do
consols interest reduced.
11880
)
Deben gold $ 2 ,0 0 0 ,0 0 0 “ stam ped” g; te x t.C e x c * A r*
1912
Equip trust certif Ser “ B ” due $ 95,000 ann
-F .c *
1921
do
do
Ser “ A ” due $ 110 ,00 0 ann
1918
____________ G
Equip gold notes due $ 1 5 6 ,8 0 0 ann
. . . 1920
Bedford Belt first m ortgage, not assumed (g u a r).z
Sou Ind 1st M g (see text) not assumed (gu) .G P .z c *
1st & R ef M $ 2 0 ,0 0 0 ,0 0 0 g call 107)4 (gu ). IC .xc*& r*
Incom e M $ 6 ,5 0 0 ,0 0 0 call par (cum) (guar)
..F C x
C h ic U n io n S t a t i o n — 1st M g gu p&i re d .IC .y c *& r*

5
242
361
361
...

1898
1901
1910
1910
1915

Guar gold bonds red (tex t)$1 5,00 0,0 00 a u th .y c * A r*
C h ic a g o & W e s te r n I n d ia n a — Stock (see text)
General mortgage gold sink fund subj to call 105_xc* 57.83
____
___IC .xc*A r*
Cons M $ 5 0 ,0 0 0 ,0 0 0 g
First & ref m tge Series “ A ” red 1 0 5 -.B a .x c * A r *
15-year collateral trust gold notes_______ _________
do
do
do
________________ ._
Equip trust notes due $ 1 8 ,6 0 0 ann
C h o c & Mem— C h o c O k la & G u lf — See C h R I & P
C in c in n a t i H a m ilto n & D a y t o n — See B alt & Ohio R R

1882
1902
1912
1920
1920
1920

1924

P ar
Value

J

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

N e t operating incom e. $ 3 ,2 2 1 ,6 1 9
Other incom e____________
188,330

$ 3 ,812,670
24 7 ,1 0 8

N e t incom e----------------Preferred dividends____
C om m on dividends______

$813 ,16 5
$562 ,96 5
_______

$ 1 ,0 3 6 ,9 0 8
$562 ,96 5
_______

$624 ,17 3
$788,151
4 63,917

$ 4 ,059,778
2 ,881,849
$ 1 ,177,929
$788,151
927,835

D e f ic i t ------------------------$2 5 0 ,2 0 0 sur$473,943
$627 ,89 5
$538,057
For latest earnings, see “ Railw ay Earnings Section” (issued m onth ly).
O F F IC E R S .— Pres., F . W . Sargent; V .-P s ., Alex. C . Johnson, S. A Lynde; V .-P . & G en. Counsel, R . N . Van Doren; Sec., J. D . Caldwell’
T reas., A . S. Pierce. Offices, 2 75 E ast Fourth S t., St. Paul; 226 W est
Jackson Boulevard. Chicago; 111 Broadw ay, N ew Y o rk .— (V .1 2 3 , p .2 5 1 4 ).

C H IC A G O T E R R E H A U T E & S O U T H E A S T E R N R A IL W A Y .—
Owns C hicago Heights, HI., to W estport, In d ., 298.09 m .; Blackhawk to Sul­
livan, Indiana, 18.50 m .; Blue Island Y a rd , Illinois, 0.88 m .; Bedford to
O olitic. Indiana., 4.76 miles; 10 branches, 39.08 miles; trackage Blue
Island Yard to Chicago H eights, Illinois, 12.47 miles; trackage to
Union D ep ot, Terre H aute, Indiana, 0.52 miles; total 374.30 miles
Incorporated in Indiana and Illinois in N ovem ber 1910 as successor of
the Southern Indiana R y . and the C hicago Southern R y . (both foreclosed)
per plan in V . 91, p . 337, 333. V . 97, p . 1110. A tentative valuation b y the
1 .- 8 . O . Com m ission in June 1919 fixed the cost o f reproduction at $22,347,890, and the present value less depreciation at $17,561,158. V .109.P.1179.
T h e stockholders and income bondholders voted M a y 11 1921 to lease

the com pany for 999 years beginning July 1 1921 to the C . M . & St. P . R y .
the latter com pany guaranteeing principal and Interest of all outstanding

securities. See terms o f lease in V . I l l , p . 2519 ; V . 112, p . 560; V . 115, p.
2579; V . 117. p. 2541.
The I .-S . C . Commission has placed a final valuation of $20,1 5 0 ,0 0 0 on
the owned and used properties, and $1,223 on the used but not owned
properties o f the com pany, as o f June 30 1916.
B O N D S .— The new “ first and r e f.” M . is a first lien on about 115 miles
and a second (consol.) m ortgage on the remaining 246 m . owned. V . 9 1 ,
p . 337; Y . 92, p . 596; V . 94, p . 1118.
P u rp oses fo r w hich $ 2 0 ,0 0 0 ,0 0 0 F irst and R efunding Bonds w ere Issu a ble.
Issued under plan (of which $ 1 ,1 5 6 ,0 0 0 held in Treasury)_______ $ 9 ,412,000
Reserved to retire So. Ind . R y . and Bedford Belt 1st M . bon ds. _ 7,787,000
Reserved under careful restrictions for extensions, additions, im­
provements, acquisition o f sub-com pany stock and bonds, &c_ 2,8 0 1 ,0 0 0
Protective Com m ittee.— In view o f the receivership of the Chicago M ilw au­
kee & S t . Paul R y ., the following at the request of holders of a large number
of the above-nam ed bonds, have consented to act as a committee to protect
their interests: John W . Stedm an, Chairm an (V.-P res. Prudential Insurance
C o . of Am erica), New ark, N . J .; John E . Blunt Jr. (V .-P res. Illinois M e r­
chants Trust C o .) , Chicago, 111.; Samuel J. Steele (Treas. Fidelity M utual
Life Insurance C o .) , Philadelphia; John C . Traphagen (V .-P res. Seaboard
National B ank), N ew Y o rk , with F . Rogers Parkin, Sec., 115 Broadw ay,
N . Y . C ity, and M asten & N ichols, counsel, 49 W all S t., N ew Y o rk , N . Y .
V . 120, p. 1454.
Th e income bonds dated D ec. 1 1910, $ 6 ,5 0 0 ,0 0 0 , bear interest from
D ec. 1 1912 at 5 % per annum from net earnings (determined as provided in
the m ortgage), payable if earned, but cumulative to extent ot paid. The
incomes have at all stockholders’ meetings one vote for each $100 par value
the condition and manner of casting such vote being fully s tated in the m tge
D Iv . on incomes. 1 % , semi-annuall paid S e p t.1911 to M a r . 1913 incl.
I X % paid Sept. 1913; then none till M arch 1 1917; to M ch . 1 1920, 1 X %
■eml-annually ( 2 ^ % p . a . ) . In A u g. 1919 paid 134 % on account o f coupon
N o . 15 due M arch 1 1915, and in M arch 1920 paid 1 3 4 % on account of
coupon N o . 16 due M arch 1 1915. On Sept. 1 1920 paid 1 k % on account
o f coupon N o 16 fine S°ot ] 1915
Tn Soot. 1922 paid coupon * N os 44
3
45 and 4 6 . N o . 42 paid Jan. 1924; N o . 43 paid A ug. 1923 . V . 115, p .
1320, 1531.




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

1,000 7 ,0 0 0 ,0 0 0
100 5 ,0 0 0 ,0 0 0
1.025,000
1,000
1,000 &c 4 8 ,9 7 4 ,6 6 7

$3,944,933
132,263

$ 3 ,266,621
2 ,6 4 2 ,4 4 8

L a st D ivid en d
and M a tu rity

Aug 20 ’23 234 Office 111 B ’w ay, N Y
text D ec 31 ’26 5 %
do
do
&
J Jan 1 1930
do
do
-V & S Ju n el 1930
L
J
(fe D •Junel 1930
do
do
J
do
do
& I) Ju n el 1930
do
do
M A
S M a r 1 1930
.1 (fe .1 T o Jan 1 1931 Farm ers’ L A T C o , N Y
J
& D T o D ec 1 1927
do
do
J & J 15 T o Jan 15 1935 G uaranty T r C o , N Y

Operating incom e____ $ 3 ,7 9 8 ,0 9 2 $ 4 ,109,973 $ 3 ,2 4 8 ,5 8 4
Equipm ent, rents, A c . . .
5 7 6,474
700,984
2 19.669

T otal incom e---------------$3 ,4 0 9 ,9 4 9 $3,660,051
Interest, rents, A c ______ 2 ,5 9 6 ,7 8 4 2 ,6 2 3 ,1 4 3

W h en
Payable

$18,559 ,087 See text
11,259,859 See text
505,000
6
1 ,500,000
5
2 4 ,4 4 7 ,0 0 0
6
3 ,7 3 4 ,0 0 0
334
13,90 0 ,0 0 0
5 g
4 7 5,000
7 g
110,000
7 g
100 Ac
1 ,411,200
6g
100 4,1 7 2 ,9 9 5
250,000
5
1,000 7 ,2 8 7 ,0 0 0
4 g
l.OOO&c
8,2 5 6 ,0 0 0
5 g
100 Ac
6,3 3 6 ,0 0 0 See text
500 & 1,000 See text
See text

1925.
1924.
1923.
1922.
G r o s s ------------------------------- $26,8 5 0 ,1 3 3 $27,9 1 5 ,7 3 6 $ 2 8 ,363 ,234 $27,801 ,007
Expenses, taxes, A c ____ 23 ,0 5 2 ,0 4 1
23 ,8 0 5 ,7 6 3 25,114,651 23 ,8 5 6 ,0 7 4

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

Rate
%

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

S T O C K .— Outstanding: C om m on stock and scrip, $18,559,087: preferred
Stock and scrip, $11,259,859. Held b y the com pany D ec. 31 1925, com .
stock and scrip, $2,844,207; p ref.stock and scrip, $1,386,974. P ref. stock
has a prior right to non-cum ul. dividends o f 7 % , b u t com . is never to
receive m ore than preferred.
L A T E D IY S .— ! ’01. 02. ’0 3 . ’04. ’05-’ I 6 . ’ 17. ’ 18. ’ 19. ’ 20-’23 ’2 4 - 2 5 .
8
6
6
7 y '.y 6
5
5 5 y r ly
N on e
C om m on _________ f 5
Last paym ent on com m on 2 )4 % in A ug. 1923. V . 117, p . 2651.
Paid on p ref. in 1924: F e b . 20, 334 % ; D e c . 3 1 ,5 % ; in 1925, D e c . 3 1 ,5 % .
Jn 1926, D e c . 31, 5 % .
B O N D S .— Superior Short Line B y . 5s. V . 92. p . 954, 1310.
N orth W ise. 1st 6s , due 1930, are exchangeable at option o f holder at any
tim e, $ for $. for consol. 6 s. V . 6 8 . p . 521: V . 77. p. 2389.
T he $6,076,000 St. Paul A Sioux C ity 6 s m atured April 1 1919 and were
replaced b y $6,070,000 C onsols, o f 1880. V . 108. p. 877, 977. This made
the disposition o f the $30,000,000 Consols D ec. 31 1925: (a) Outstanding
6% bonds. $24,447.000:3 )4 % bonds, $3,734,000: (5) reserve to retire under­
lying bonds, and for new lines n ot to exceed $15,000 per mile, $1,833,000.
O f the $13,900,000 debentures ($15,000,000 authorized), $9,819,000 are
“ plain” and $4,700,000 are “ stam ped” as subject to incom e tax . V . 101,
p . 1806. A n y Increased m tge. (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.
E quipm ent trusts issued to D irector-G eneral for rolling stock allocated
to this com p a n y. See article on page 3 and V . 113, p . 1359
R E P O R T ,— F or 1925, in V . 122, p . 2354, showed:

$ 3 ,4 0 8 ,9 8 9
2 51,062

A m ount
O utstand ing

[V ol. 123,

15,843,000
7.6 1 6 .0 0 0
955,000
167,400

5 g

6
6g

4 g
534 g
6g
6g
6g

See

.1

J
F

A
J
<
& A
(fe D
See text
J (fe J

.1

A D
C J
,
O—M
J
(fe J
M (fe S
A (fe O
M (fe s
J
A
J

1st N a t . B k .N .Y . or Chie
do
do
do
do
do
do
IllinoisM erch T r C o , C hi,
or Penn R R C o, N Y
do
do
D ec 1 1944
See text
Chicago
J P M organ A C o , N Y
Dec 1 1932
111 T r A S B k ,C b ic ;A N Y
July 1 1952
Bankers Trust C o , N Y
Sept 1 1962
Bankers Trust C o , N Y
O ct 7 1 9 3 5
Bankers T rust C o , N Y
Sept 1 1935
T o Jan 15 1935 Guaranty T rust C o , N Y

July
Feb
D ec
D ec
July

1 1938
1 1951
1 1960
1 1960
1 1963

Protective C om m ittee.— The com m ittee named below has been formed to
protect the owners o f income bonds: B . A . Eckhart, Chairm an, Chicago;
P. J. G oodhart, N ew Y o rk C ity ; Harold E . Forem an, Edward A . Engler
and W illiam F . Peter. Chicago. V . 120. p . 1877 — (V . 121. p . 703.)
C H I C A G O U N IO N S T A T I O N C O .— Incorporated in Illinois. The
com pany’s new station was opened in July 1925. V . 121, p . 455. Capital
stock authorized, $3,5 0 0 ,0 0 0 ; outstanding, $ 2 ,8 0 0 ,0 0 0 , held one-fourth
each b y Pennsylvania R R ., P . C . C . & St. L . R .R ., Chic. B . & Q. R R . and
Chic. M ilw . & St. Paul R y . The station will be used b y the four pro­
prietary companies and the Chicago & Alton R R . V . I l l , p . 1851.
The company has issued $60,0 0 0 ,0 0 0 first m tge. bonds o f which $ 3 0 ,850,000 are Series A 4 3 4 % b o n d s,$ 1 3 ,1 5 0 ,OOOare Series B 5 % bonds, and
$ 1 6 ,000 ,000 are Series C 6 3 4 % bonds.
Authorized issue, $ 6 0 ,000 ,000 .
The bonds are guaranteed, principal and interest, b y the four proprietary
companies. Series A and Series B bonds are redeemable at 105: Series O
redeemable at 110 on or after Jan. 1 1935. See V . 103, p . 6 0 , $ 6 7 , 1301;
V . 107, p . 180, 1836; V . 114, p . 2468.
The guaranteed 5 % gold bonds due D ec. 1 1944 are redeemable as a whole
only at 105 and int. on or after D ec. 1 1929 and on or before D ec. 1 1939,
and thereafter on any interest date a t their principal amount and a premium
equal to 34 % for each six months between the date o f redemption and the
date e f m aturity. Bonds are to be unconditionally guaranteed as to both
principal and interest, jointly and severally, b y endorsement b y the four
proprietary companies.
The indenture under which these bonds are issued contains appro­
priate provisions to the end that the com pany shall not create any mortgage
in addition to its first mortgage dated July 1 1915 for $ 6 0 ,0 0 0 ,0 0 0 , upon the
properties owned b y it at the date of such new mortgage, or upon any part
thereof, without making effective provision in such mortgage th at all the
bonds o f this issue then outstanding and unpaid or thereafter to be issued
shall be secured under such new mortgage b y a lien ranking pari passu with
any bonds issued under such new mortgage. V . 119, p . 2 5 2 5 .
R E P O R T .— For 1925, in V . 123, p . 1247, showed:
In co m e A c c o u n t f o r Ten M on th s Ended D e c . 31 1925.
$91,421
Railway operating revenue__________________________________________
Railway operating expenses_________________________________________
4 8,274
640,734
R ailw ay tax accruals and uncollectible railways revenue________
Operating deficit___________________________________________________ . $597,587
N on-operating incom e_______________________________________________ . 3 ,7 1 9 ,0 2 5
Gross income_________________ ± ____________________________________ $3,12 1 ,4 3 8
Interest, amortization, & c________________________________________
3 ,004,771
N et incom e_________________________________________________________
$116,667
Pres., W . W . Atterbury; Sec., W . G . W h ite; T reas., C . I . Sturgis.
Office, Chicago, 111.— (V . 123, p . 1247.)

C H IC A G O A N D W E S T E R N IN D IA N A R R . C O .— Owns a valuable
terminal system affording entrance into Chicago to the roads named below .

tt« lines extend from Dearborn Station, Polk S t., Chicago, to D olton, 17 m.;
siso to Indiana State line, 10 m .; to Cragln, 21 m ., and to South Chicago,
i m . ; total, 58 m .; total track, including 2d, 3d, 4th tracks and sidings, 560
m .; also owns real estate, car yards, warehouses, A c. The clearing yard
embraces 1,810 acres.
L e a s e s .— T he station terminal properties. Including the “ Dearborn Sta
Hon” and its connecting tracks, are used for freight and passenger business
under 999-year leases (which have been in force for m any years) b y the
following com panies, which own all the capital stock o f the C h ica go A
Western Indiana R R . C o . ($ 1 ,0 0 0 ,0 0 0 ea ch ), v iz.: C h ic. & Eastern Illinois
R R ., C h ic. Ind. & Louisville R y ., Grand Trunk W estern R y ., W abash R y .
snd Erie R R . C o . T h e A tch . T op eka & Santa Fe R y . C o . also uses these
tracks and station under a long-term lease at a fixed annual ren ta l. plus
proportionate m aintenance. & c.

a

The “ Belt R ailw ay” division, including the clearing yard upon which
the First and Refunding M ortgage bonds are a first lien, is operated under
a 50-year exclusive lease by the Belt Railw ay C o. o f Chicago, all o f whose
stock is owned by the following 13 roads: Pennsylvania C o ., Atchisan
Topeka & Santa Fe R y. C o ., Illinois Central R R .. C o ., Chicago Burling­
ton & Quincy R R . C o ., Chicago Rock Island & Pacific R y . C o ., C hesa­
peake & Ohio R R . C o. of Indiana, M in n . St. Paul & S. S. M . R y ., C hic. &
East. 111. R R ., Chic. Ind. & Louisv. R y ., Erie R R ., Grand T r. W e s t . R y ,
W abash R y ., Pere M arquette R y . The Belt R y . (V . 104, p . 1488; V . 105,
p . 388) is merely an operating com pany, owning no mileage. The lease to
the Belt R y . C o. provides for an annual rental, of which at least $ 1 ,1 4 3 ,0 0 0
is payable directly to the trustee of the 1st & ref. m tge. in m onthly install­
ments this payment to be Increased from tim e to time b y an am ount equal
to the Interest on all obligations issued for im provem ents to the “ B elt
Division” .
D IV ID E N D S —
/ ’95. ’9 6 . ’97 ’9 8 . ’99
1900 to 1925

P e rce n t -------------------------- 1 7 H

6

8

8

8

6 yearly (134Q-J

B O N D S .— The gen. m tge. bonds are drawn quarterly at 105 and int.
O f the Consol. 4s of 1902 (auth. issue $ 5 0 ,0 0 0 ,0 0 0 ), sufficient are re­
served to retire General 6s. V . 8 7 , p. 3 6 . 1604, 1603; V . 88 ,_p. 100, 374;
V .9 2 . p. 394: V . 9 3 . p. 1668: V .9 7 , p. 1425: V .9 8 . p. 235. 4 52: V .1 0 4 . p .8 6 2 .
O f the first & ref. bonds o f 1912 ($2OO,OOO,O0O auth. issue), $ 1 6,692 ,000
Series “ A ” 5 3 4 % gold bonds were sold in Jan. 1925. T h e mortgage has
been amended so that bonds bearing interest in excess o f 5 % per annum
m ay be issued thereunder. Th e mortgage is secured (as to principal and
as to interest not in excess o f 5 % per annum) b y a first lien on the clearing
yard. It is a junior lien on all o f the remaining property of the cotnpany,
subject to the lien o f underlying m ortgages, so far as they attach, under
which $50,0 0 0 ,0 0 0 bonds are outstanding. A s a sinking fund for the Series
“ A " bonds, there is payable under the first & ref. m tge., as amended,
$176 ,73 0 annually beginning M a r. 1 1925, plus the interest on bonds in the
sinking fund. Sinking fund m oneys are to be applied to the purchase of
bonds at not exceeding 105 and interest, or to the acquisition of bonds upon
call b y lot at such price.
All o f the outstanding $ 5 ,3 8 0 ,0 0 0 15-year 7 3 4 % coll, trust sinking fund
gold bonds, dated Sept. 1 1920, were redeemed on M a r . 1 1925 at 102 34 and
interest.

Nov., 1926.]

47

RAILW AY STOCKS AND BONDS

R A IL R O A D C O M P A N IE S
[For abbreviations, & c ., see n otes o n p a ge 8]

M ile s D a te
Road Bonds

C in c in n a t i Ind & W e s t e r n — 1st M $ 1 2 ,000 ,000
gold redeemable on any interest day at 1 0 5 --E q .c *
283
Equipm ent trustSeriesC due $ 1 0 ,0 0 0 sem i-a n n .-C *
.
do
_ do due $1 5 ,0 0 0 semi-annually (J At D ) - _
C in c in n a t i In te r-T e rm in a l R R — l s t p f s t k (see text) T ext
C in c in n a ti L e b a n o n & N o rth 1st con g gu p & i.x c *
76
D ayton Leb & Oin E E At T — First M g call 105 ass’d
29
C in & M u sk V a l— -See Cleve Akron At Cincinnati R y .
C in N ew O rl & T ex Pac— C om m on stock $ 9 ,0 0 0 ,0 0 0 Preferred stock (a & d) 5 % cumulative $ 3 ,0 0 0 ,0 0 0 -Equip trust Series E due $ 6 5,000 sem i-annually____
Equip trust notes due $ 63,800 ann_________________ Q
Equip trust Series G due $ 180 ,00 0 ann________
C in c in n a ti N o rth e rn — Capital stock_________________
1st M $ 3 ,0 0 0 ,0 0 0 gold_____________________ G.xc*Atr
206
Hew Y o rk Central Lines equipment trusts___
do
do
_______________________________
C le a rf & M a h o n in g — Stock 6 % rent $ 1 ,0 0 0 ,0 0 0 au th First mortgage gold duaranteed B R At P -_ G .x c * & r
26
C lev ela n d A k ron & C in — Stock $ 1 2 ,0 0 0 ,0 0 0 __________
C lev A k At Columbus gen M (now first) gold____ c*
187
First consol m tge $4,000,0001guaranteed p & i end 1 1 8 7 /
__gold sinking fun d__________f not guaranteed_xc*
i
C in At M u sk Val 1st M $ 2 ,0 0 0 ,0 0 0 g gu s f ____ F.xc*
148
C lev ela n d C in c in n a t i C h i & S t L o u is— Com stock
Preferred stock 5 % non-cum ulative_________________
Refunding At Im pt M tg e Ser A callable 103-G .c*A tr* 1,827
do
do
Series C — see text,
do
do
Series D red 105__________G .
1,827
U n derlying Bonds—
Cincinnati Indianapolis St Louis A Chicago
t
Gen 1st M $ 1 0 ,0 0 0 ,0 0 0 g s f not d ra w n .-C e .x c * r
391
62
Spr At Col D iv (Col Spr & Cin) 1st M goid—
45
26S
194
Oincin W a b & M ich D iv first m tge g o ld -204

Par
Value

A m ount
O utstanding

1915
1922

$100 &c $ 3 ,6 7 5 ,0 0 0
220 000

1902
1914

$ 1,000
500 &c

180,000
825,000
$1,23 4 ,0 0 0
300,000

1918
1920
1923

Rate
%

100
100
1,000
100-1000
1,000

100

L a st D ivid en d
and M a tu rity

W h en
P ayable

M & N
5 g
D
514 g J
Q —M
6
F & A
4
M < N
fe
4 g
M At S
6g

N o v 1 1965

1919

D ec 21 ’ 26 7 %
D ec 1 1926 1 H
Feb '27-A u g '28
T o Jan 15 1935
To Apr 1 1938
July 20 ’26 5 %
.T &
.T July 1 1951
J & D To June 1 1939
fe 1 T o June 1 1939
J <
)
.1 July 1926 3 %
.1 At
,1 At
J Jan 1 1943
See text D ec 1916
4%
M &
S M ar 1 1927
F & A Aug 1 1940
F & A Aug 1 1 9 4 0
F At A Aug 1 1948
O ct 20 1926 1 %
C!— J
,
(, > .1 O ct 20 1926 1 M
—
&
J July 1 1929
J

1923

100 &c 20 ,000,000

J

1893
1887
1900
1900
1898

1886
1884
1890
1890
1890
1890
1891

1,000 &c
1,000
1,000
500 Ate

1,000
1.000 &c
1,000

6.1 3 4 ,0 0 0
3 ,205,000
6 5 0,000
1,103,730
5 ,000,000
8,834,000
4 ,0 0 0 ,0 0 0

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

,T & D
<9 — M
K & A
J
& J15
A & O

A
t

Equitable T rust C o , N Y

Ju ne'27-D ec ’32
See text
N o v 1 1942
M ar 1 1934

8 ,9 7 0 ,0 0 0 See text
2,4 5 3 ,4 0 0
5
260,000
6
574,200
6g
2,1 6 0 ,0 0 0
5 g
3 ,0 0 0 ,0 0 0
1,000 1 , 000,000
4
5
924,000
378,000
5
50
900.000
6
1,000
650,000
5 g
100 9,3 0 0 .0 0 0
500 &c
1,800,000
5 g
1,000
950,000
4 g
1,000
4 5 0,000
4 g
1,000 1 ,536,000
4 g
100 4 7 ,0 2 8 ,7 0 0 See text
100 9,9 9 8 ,5 0 0
5
100 &c 1 5 ,000,000
6g

1901
1922
1924

D ivid en d s A r e Payable

J July 1 1963

Aug
c—F
A
t J Jan
&
.1 July
M &
H Sept
<
fe .1 Jan
J
M A N N ov
t
J July
J
&

J

.1

1
1
1
1
1
1
1

1936
1934
1940
1940
1939
1990
1991

do
____ Co for Ins on Lives, Ate
G uaranty Trust C o , N Y
Pen Co for Ins on Lives. Scfi
466 Lexington A v e, N Y
Guaranty Trust C o , N Y

Treasurer, Pi ttsburgh. Pa
low , Lanier & C o , N Y
do
do
do
do
Penna R R C o , N ew York
do
do

do
do

do

do

do
do
do
do
do
do
do

do
do
do
do
do
do
do

i
G overnm ent-L oan.— The I .-S . O. Commission on A ug. 14 1920 granted the
com pany a loan o f $ 8 , 000,000 for 15 years at 6 % . to be secured by a pari
•r the com pany’s 1st & Ref. M tge. bonds. Series A .
R E P O R T .— For 1925, total railway oper. revenue, $376,381; net loss from
railway operation, $40,423 ; railway tax accruals, $672,841; other income,
$5,172 ,5 8 6 ; deductions, $4,1 3 0 ,1 3 6 ; d iv s., $300,000; b a l., sur., $29,184 .
O F F IC E R S .— Pres., H . G . Hetzler; V .-P . & Chief Engineer, E . H . Lee;
Sec. & A u d ., R . L . Porter; Treas., J. E . M urp hy.
Office, Dearborn
Station, Chicago.— (V . 123, p. 1111.)
C IN C IN N A T I I N D I A N A P O L I S & W E S T E R N R R . C O . (T H E ).—
Owns Ham ilton, O ., to Springfield, 111., 283 miles; Melcher to Brazil, In d .,
25 miles; trackage B . A O . for passenger trains, H am ilton to Cincinnati,
t
25 miles; other trackage, 13 miles; total operated, 347 miles. On D ec. 1
1915 succeeded Cincinnati Indianapolis & W estern R y ., foreclosed and reor­
ganized independently o f C in. H am . At D ayton R y ., per plan in V . 100, p.
2084 V . 101, p . 4 7 . 1552; V . 102, p. 250; V . 103, p . 1786, 1888; V . 104. p.
3 61, 2451; V . 105, p . 72. Sidell At Olney was sold for $ 2 00 ,00 0. V . 108,
p. 1722, 974; V . 106, p . 2 559 , 2230; In 1922 purchased 2 5 .7 8 miles of road
o f the Chicago & Indiana Coal R y . V . 115, p . 1099.
The I .-S . C . Commission in April 1926 authorized the Baltimore At Ohio
R R . to acquire control o f the company by purchase of its capital stock.
The B . A O ., which had applied for authority to obtain control o f not less
t
than 8 0 % o f the shares, will pay $ 2 4 .5 0 a share for the pref. and $14-50 for
the common stock, or a total o f $2,086 ,5 0 0 .
S T O C K — V O T IN G T R U S T — Capital stock auth, com m on. $ 7 ,5 0 0 ,0 0 0
6 % non-cum . pref.. $ 7 ,5 0 0 ,0 0 0 . Par $100. The present Issues. $ 5 ,3 5 0 ,0 0 0
of each class, is covered by a voting trust till D ec. 1 1930. V . 111. p . 2040 ).
Voting trustees are Frederick H . Ecker, John H enry H am m ond, H . F .
W hitcom b, L . Edm und Zacher, J. A . B arbey. Equitable Trust C o ., agent
for trustees.
B O N D S .— The first m tge. is lim ited to $ 1 2,000 ,000 . Besides outstand­
ing am ount, $1 ,1 9 1 ,0 0 0 additional in treasury. See table.
Equipm ent trusts of 1S22. V . 115, p . 2684.
R E P O R T .— For year ending D ec. 31 1925: Gross, $ 4 ,7 8 7 ,4 3 5 ; net after
taxes, $605 ,79 7: other incom e, $ 65,015 ; deductions, $ 5 44 ,95 7; b a l., sur.,
$125 ,85 5. V . 122, p . 3333.
For latest earnings, see “ R ailw ay Earnings Section” (issued m on th ly ).
O F F IC E R S .— Pres___________________; V .- P .. F . H . Ecker; Sec., F . J.
Goebel; Treas., W . R . Bixler. Office, Indianapolis, In d .— (V . 123, p . 1871)
C IN C IN N A T I IN T E R -T E R M IN A L R R .— Owns a road 0.6 m . in length
connecting the Chesapeake & Ohio bridge and the Cin. H a m . & Dayton
terminals. Controlled by Chesapeake & Ohio R y .
Common stook, $10,000
In $100 shares. Issued for purpose of control. There is authorized $1,0 0 0 ,000 of first pref. 4 % oum. stock secured by m tge. to the Union Savings Bank
& Trust Co. of Cincinnati, as trustee, and rentals paid by Ches. & Ohio and
Louisville & Nashville, and subject to call on any Int. day after Feb. 1 1915
at 105. V . 7 9 , p . 2 12; V . 8 0 , p . 1728, 2398 , 2 620 .— (V . 80, p . 2620 .)
C I N C I N N A T I L E B A N O N A N O R T H . R Y .— Owns Cincinnati, O .. to
c
D ayton , 56 m .; from M iddletow n June, to M iddletow n, O ., 14 m .; Hem p
•tead to C lem ent, O .. 5 m .: branch, 1 m . V . 9 9 , p . 1831: V . 100, p . 139.
Leased to Penna. R R . The I .-S . C . Commission has placed a tentative
valuation of $ 5 ,2 8 1 ,9 4 3 on the total used and $ 5 ,1 1 8 ,0 8 6 on the total owned
properties o f the co. as o f June 3 0 1 9 1 7 . Merger approved; compare Penna.
Ohio At D etroit R R . below. Stock, $ 2 ,1 0 0 ,0 0 0 , owned by Penna. C o . V .
75, p. 980; V . 100, p. 53. D iv . of 3 % paid in 1906, ’09 & TO; ’ l l & '1 2 . 4 % ;
T 3 , 5 % ; T 4 , 3 % ; T 5 , none: T 6 , 4 % ; 1917-1921, none; 1922. 4 % , 19241925, 4 % . V . 99, p . 53. The $ 1 ,234,000 1st cons. 4s are guar., p . & i.,
by Penna. C o . V . 77, p . 86 ; V . 98, p . 610.— (V . 121, p. 3128.)
„ C I N C IN N A T I N E W O R L E A N S & T E X A S P A C I F I C R Y .— Operates
Cincinnati Southern R y ., owned by city o f Cincinnati, Cincinnati to
Chattanooga, T e n n .. 336 miles; trackage. 2 miles. Owns entire stock
of Harriman A Northeastern R y ., 20 miles, operated separately. V .
c
77, p . 1743. In 1901 lease was extended 60 years to O ct. 12 1966
rental under renewal to be $ 1 ,0 5 0 ,0 0 0 yearly for first 20 years, then
$ 1 ,100,000 for 20 years: thereafter $1,2 0 0 ,0 0 0 . V . 7 3 , p . 722; V . 74, p . 1251:
V . 95. p. 1402. Guaranty o f interest o f C ity o f Cincinnati bonds as addi­
tional rental. V . 112, p . 161; V . 114, p . 2468; V . 117, p. 2323; V . 118, p.
•267. Pref. stock has no voting power. V . 74, p. 528, 829.
S T O C K .— The directors on M arch 24 1926 declared a 2 0 0 % stock
dividend on the outstanding $ 2 ,9 9 0 ,0 0 0 common stock, payable in common
stock on April 29 1926.
D IV S .— I’ l l . ’ 1 2 -T 5 . T 6 . T 7 . T 8 . T 9 . ’20. '2 1 . ’ 22. '2 3 . ’ 2 4 .
’ 25.
C o m m o n . % i 8 11 y ’ly 12)4 13 13 13 13 12 13 13 13
13
Paid in 1926: April 29, 2 0 0 % in common stock; June 25, 4 % sem i-ann. on
increased capitalization, D ec. 21, 4 % semi-ann. and 3 % extra. M ajority of
com m on stock is owned by S. W . Construction C o ., which in turn is con­
trolled by A la . G rt. Sou. R R .
V . 61, p . 26, V . 65, p . 1173.
Equipment trusts issued to Director-General for rolling stock allocated
to this com pany. See article on page 3 and V . 113, p . 1470.
R E P O R T .— For 1925. in V . 122, p. 2640, showed;
Calendar Y e a r s —
1925.
1924.
1923.
1922.
Operating revenue_____ $ 2 3,433 ,243 $ 2 1 ,951 ,667 $2 3 ,0 4 9 ,3 9 3 $16,801,374
Expenses, taxes, & c____ 1 6 ,104,289 1 7 ,377,224 1 8 ,192,687 14,891,355
N e t operating incom e. $ 7 ,3 2 8 ,9 5 4
Other incom e____________
848,137

$5,574,443
430,402

Total income___________ $8,177,091
$6,004,845
Interest, rents, & c______ 1,665,076
1 ,689,672
Preferred divs. ( 5 % ) - - 122,670
122,670
Com m on divs. ( 1 3 % ) - . 388,700
388,700
Additions & betterments
4 29,793
884,847

$ 4 ,856,706
351,197

$1,910,019
277,861

$5 ,2 0 7 ,9 0 3 $ 2 ,187,880
1,575,241
1,551,312
122,670
122,670
38 8 ,7 0 0
388,700
46! ,331
_______

Surplus-------------------------$ 5 ,570,852 $2,918,956 $2,651,961
$125,198
For latest earnings, see “ Railway Earnings Section” (issued m onth ly).




O F F IC E R S .— Pres., Fairfax Harrison, W ashington, D . C .; Sec., C . E . A .
M cC arthy, N ew Y o rk ; T reas., C has. Patton, Cincinnati; C o m p t., E . H .
Kem per, W ashington, D . C .— (V . 123, p . 2650 .)
C IN C IN N A T I N O R T H E R N R R .— (See M aps N ew Y o rk C entral L in e s .)
— Owns Franklin, O ., to Jackson. M ic h ., 205 miles; trackage (C . C . C . &
S t. L .) , Franklin to Cincinnati, 37 miles, at Jackson, 2 miles. The stock­
holders on Sept. 27 1926 ratified the lease o f the road to the Cleveland
Cincinnati Chicago At S t. Louis R y .
On D ec. 31 1925 Cleveland Cin­
cinnati Chicago & S t. Louis owned $ 2 ,9 3 1 ,6 0 0 o f the $ 3 ,0 0 0 ,0 0 0 stock.
Equip, trusts, see V . 101, p . 1713. D iv s. M a r. 1910 and 1911, 3 % ; 1912,
and 1913. 1 J ^ % ; 1914 and 1915. none; 1916 to 1922. 3 % yearly. In M arch
and A u g. 1923 and M arch and A u g. 1924 paid 3 % each. In M arch and
A u g . 1925 and Jan. and July 1926 paid 5 % each.
Calendar
O perating
N e t O per.
Total
F ix ed
D ivid en d s B a lan ce,
Y ear.
R evenues.
I n c o m e.
I n c o m e.
Ch arges.
S u rp lu s.
1925............... $4 ,7 5 6 ,2 2 0 $ 1 ,7 3 2 ,1 5 2 $ 1 ,4 8 0 ,4 9 3 $516 ,49 7 $ 300 ,00 0 $663 ,99 6
1924________ 4 ,8 2 6 ,9 3 2 1,3 7 3 ,3 5 3 1 ,4 2 2 ,5 9 0 5 66,842 24 0 ,0 0 0 615,748
1923________ 5 ,1 7 4 ,4 1 9 1,3 5 2 ,5 7 9 1,410,121
661,171 180,000 568,950
1922________ 3 ,5 0 5 ,2 8 7
6 23,084
68 7 ,2 0 4 4 21,952
9 0,000 175,252
For latest earnings, see "R a ilw a y Earnings Section” (Issued m onth ly).
O F F IC E R S .— P res., P . E . Crowley; Sec., E . F . Stephenson; G en. T reas.,
H . G . Snelling; C o m p t., W . C . W ish art.— (V . 123, p. 2514.)
C IN C IN N A T I RIC H M O N D & FORT W A Y N E R R .— Owns from Rich­
m ond, I n d ., to A dam s, In d ., 86 miles; leases 5 miles o f P . F t. W . & O.
N ow operated by Grand Rapids At Indiana R y . R ental, net earnings.
Int. is guaranteed by the Pennsylvania Co. and P itts. Cin. Chlo. & S t. L . Co
jolntly(the P. C C. * S t. L . taking the place of the Cin. H a m . & Dayton
in 1888). Stock. $ 2 ,1 8 6 ,6 0 0 (par $50); Penn. C o . owns $ 1 ,2 8 7 ,8 5 0 . The
$ 1 ,8 0 0 ,0 0 0 honds outstanding are owned b y the Penn. C o .
C IS C O ( T E X .) & N O R T H E A S T E R N R Y .— (V . 123, p . 2 5 1 5 .)
C L E A R F IE L D & .H AH O N INQ R Y .— [S ee M a p B u f. R o ch . A P i t ts .) —
Owns road, completed in 1893, from Du Bois Jot., P a ., on B uf. R . & P ., to
Olearfleld on Beeon Creek R R .. 26 miles. Leased during corporate exlstenoe
and renewals thereof to Buffalo Rochester A Pittsburgh— which see— at a
rental payable in gold and equal to 6 % on stock (par $ 5 0 ), taxes and 5 %
on bonds, the latter being guar. p . & i. b y end.— (V . 8 9 , p . 1141.)
C L E V E L A N D A K R O N & C IN C IN N A T I R Y .— (Sea M a p s o f P e n n sy ltan ia R R .)— Owns from Hudson, O , to Columbus, O ., 144 miles; Klllbuck
to Trinway, 34 m .; Morrow to Trlnway, 148 m .; Apple Creek branoh, 9 m .;
total owned, 335 m . Owns a fourth interest in Akron & Barberton Belt
R R - 24 m .. and half Interest In Zanesville Term R R ., 5 m . V . 76. p. 435.
T o be merged into Pennsylvania Ohio & D etroit R R . See th at com pany
__ ____ __
below.
A consolidation July 1 1911. Pennsylvania C om pa ny owns $ 9 ,299,300
o f the $ 9 ,300,000 outstanding stock. Leased to Pennsylvania R R . C o . for
999 years from Jan. 1 1921. Rental 4 % on outstanding capital stock,
interest on bonds, sinking fund installments, organization and other expenses.
O f Cleveland A k . At C ol. 1st consol, gold 4s o f 1940 (B k . o f N orth America
At T r . C o ., Phila., trustee), $950 ,00 0 are gu ar., p . & i .,b y the Penn C om pa n y.
V . 71, p . 390: V 76. p . 653; V . 77, p . 1746. 2280 .
Penn Co. also guarantees C in. At M u sk . V a l. bonds; see form , V . 7 6 , p6 4 3 .— V . 121, p . 3128.)
C L E V E L A N D C IN C IN N A T I C H I C A G O A N D S T . L O U IS R Y . C O .
( T H E ) .— See M a p s N . Y . Central L in e s .)— R O A D .— R adiates from In­
dianapolis, I n d ., westerly to Chicago, Peoria, Cairo, 111., St. Louis; easterly
to Sandusky, Cleveland, Colum bus and Cincinnati, O ., and southerly
to Louisville.
Evansville M t . Carmel St
M a in L in e ow ned—
M iles.
Northern R y _________________
33
Cleveland to Springfield, O _ 180
Central R R . o f Indianapolis-------------M iam i C ity Jet. to Ludlow
Grove. Ohio________________
46
T otal leased lines_______________203
G allon, O ., to Indianapolis, I n d . 202
Branches ow ned—
Cincinnati, O ., to LaF ayette,
50
I n d ______________
169 Delaware to Springfield, O ------Hillsboro to Lenox. Ill__________
56
Indianapolis, I n d ., to E ast St.
Louis, 111..............
249 Harrison, O ., to Hagerstown, In d . 63
Fairland to M artinsville, I n d _ .
38
Cairo to Danville, 111________ 260
O th e r ................................................. - ____29
Springfield, O ., to Indianapolis,
Ind __________
136
Total branches owned_______ 236
Benton H arbor, M ic h ., to R ushv ille .In d _____________________ 204 Total main line and branches
o w n e d ________________________ 1,689
Su ndry________________________
7
L in e Operated U nder Contract _ 329
Trackage rights__________________ 170
Total main line owned____ 1,453
Leased L in es—
T otal mileage o p e ra te d --------- 2,391
Cincinnati Sandusky & Cleve­
land R R ____________________ 170
H I S T O R Y , A .— A consolidation of the Cincinnati Indianapolis S t. Louia
go
A Chicago R ailway C o., the Cleveland Columbus Cincinnati & Indianapolis
Railway Co. and the Indianapolis & St. Louis Railway C o., m ade in July
1889, per plan in V . 4 8 , p. 4 2 7 . The N . Y . Central R R . C o . on D ec. 31
1925 owned $ 8 ,4 6 8 ,1 0 0 pref. and $ 4 2 ,9 4 1 ,1 0 0 common stock.
The com pany Is also one-eighth owner of Peoria & Pekin Union R y .
(through the Peor. & E ast. R y .) , one-fifteenth owner in Terminal R R .
Association of S t. Louis, and two-fifths owner of Indlanap. Union R y ., and
part owner of Cent. Indiana R y ., Cent. Union Depot & R y . of Cincinnati,
Union Depot of Columbus, Dayton Union R y ., D ayton & Union R R ., Mun
eie Belt R y ., operated independently.
• The com pany has acquired the entire com m on stock o f the Evansville
Ind. & Terre H aute R R .
It is proposed to operate the property as the
Evansville Division of the com pany.— V . 112, p. 9 3 2 , 1399, 1977.
The directors on D ec. 14 1921 authorized the making o f an offer to pur­
chase the stock and the 4 % income bonds o f the Peoria & Eastern R y . on
the basis o f one $ 1 ,0 0 0 41^ % first m tge. bonds o f the Evansville M t . Carme
& Northern R y ., due 1960 (guaranteed by the O . O . C . & St L . R y ) , for

48

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

C lev e C in e C h ic a g o & S t L o u is [C o n .) —
G en M 100 years for 8 5 0 ,0 0 0 ,0 0 0 gold____ B a.xc*&r
do
Series B _______________________________
Ch I & St L S L 1st M $ 3 ,0 0 0 ,0 0 0 gold gu_Ce.xc*& r
Springfield D iv lie n held b j Peoria & East R y _______
Debentures secured by mortgage o f 1 9 1 9 --.G c * & r *
D eb en tu res____________________________
Big Four R y equip trust due $ 373 ,00 0 y e a r ly ._ G .c *
do do equip trusts g guar due part yearly______
d o do equip trust due $ 237 ,00 0 yearly____ c*G
Other equipment trusts (see te x t ).
_
O bligations o f P ro p rieta ry L in es.
Cincinnati Sandusky & Cleveland-— Preferred stock .
Oonsol (now first) m tge $ 3 ,0 0 0 ,0 0 0 g o ld _ ._ A B .z c
Evansv M t Car & N o 1st M $ 5 ,0 0 0 ,0 0 0 gu G .xc*& r*
Louisville & Jeffersonville Bridge 1st M — See that Co
Indianap Uu R y Gen & R ef M $1 0 ,0 0 0 000 See text.
Cleveland Union Terminals C o— See that company

M ile s
Road

1,021
1,021

44
136

170

C ons M (now 1st) $ 3 ,0 0 0 ,0 0 0 g . _ ..............C e .x c & r

C lev e & Mar — See Toledo Colum bus & Ohio R iv R y
C lev e & P it ts b u r g h — Stock 7 % guar b y Penn R R C o
Special betterment stock $ 2 8 ,7 3 8 ,1 3 5 auth guar 4 % G e n M $ 1 0 ,0 0 0 ,0 0 0 g o ld ..F (S e r ie s A & B _______ xc*
Guaranteed prin and inti Series B int reduced.x
(endorsed) Penn R R . . iSeries C & D _____ xc*
C lev ela n d S h o r t L in e — See N ew Y o rk Central RR
C le v e la n d T erm in a l & V a lley — See B alt & Ohio.
C lev ela n d U n io n T e rm in a ls C o — 1st m tge s f g —
Series “ A " red text___________
__
c*& r*
Series “ B ” red ( t e x t ) .. _________________________ c*& r*
C oa l R iv er R y— See Chesapeake & Ohio,
a Series " A , ” J & J; “ B , ” A & O .
y “ C ,” M & N ;
D

D a te
Bonds

123

205
205
205

Par
Value

A m oun t
O utstanding

$ 1,000 $ 2 8 ,579 ,000
1893
1,000
1893
4,1 6 1 ,0 0 0
1903
1,000
3 ,0 0 0 ,0 0 0
1890
5,0 0 0 ,0 0 0
1,000
1911
5 ,000,000
1910 300$fr& c
9,650,181
1914 1,000 &c
1,119,000
1,000
1915
460,000
1,000
1917
237,000

Rate
%

Last D ivid en d
and M a tu rity

W h en
Payable

P laces W here In terest an d
D ivid en d s A r e Payable
Treas office, N ew Y o rk
do
do
do
do

—

J
&
4 g
J
&
5 g
A &
4 g
4
M arch
&
4^ g J
J
&
4
5
J
&
J
&
5 g
J &
6

D
D
O
1
J
D
D
J
D

4 28,997
2 ,5 7 1 ,0 0 0
2 ,1 1 8 ,0 0 0

6
M
5 g
J
4% g J

N N o v i 1926 3 % Treas office. N ew York
do
do
J Jan 1 1928
(All owned b y B ig Four>
J July 1 1960

See text

50
1,000

1888
1910
—

C lev ela n d C o lu m b u s C in c in n a t i & I n d ia n a p o lis — C leve
C lev e L ora in & W h e e lin g — See Baltim ore & Ohio R R
C lev e & M V— Pref stk 4 ) 4 % cum ($ 2 ,8 5 1 ,8 0 0 au th ).

5 g

J

&
&
&

Ju n el 1993
Ju nel 1993
Apr 1 1953
Apr 1 1 9 4 0
Jan 1 1931
Ju n el 1930
T o June 1929
T o July 1929
T o June 1927

J Jan 1 1965

&

Treas office. N ew York
M organ ,Harj es&Co .Paris
G uaranty Trust C o , N Y
C om m T r C o , Phila
G uaranty Trust C o , N Y

Farmers Loan & Trust C o

In d ia n ap S t L o u is & C hi c a g o — S ee Clevel andCincinnatiC hicago & St Louis
1888

1892
1892
'98-00

50
1,000 &c

N one
2 ,9 3 6 ,0 0 0

50 11,24 2 ,5 3 8
50 27,82 2 ,2 5 0
1,000
4 ,1 2 9 ,0 0 0
1,000
34 9 ,0 0 0
1,000
3 ,6 6 2 ,0 0 0

1922 500&1000 12,00 0 ,0 0 0
1923 500&1000 25 ,0 0 0 ,0 0 0

4 ]4
5 g

A & O
See text
See text Jan 1 1938

Q— M
7
4
Q— M
a
4H g
314 g A & O
314 g
y

5H g A
A
5 g

&
&

W inslow , Lan & C o , N Y

fe
D ec 1 '26 l % % W inslow , Lan < C o , N Y
do
do
D ec 1 1926 1 %
do
do
Jan & O ct 1942
do
do
O ct 1 1942
do
do
1948-1950

O Apr 1 1972
O Apr 1 1973

N ew Y o rk or Clevelanddo
do

,” F & A .

60 shares o f Peoria & Eastern stock, and one $ 1 ,0 0 0 4 1 4 % (guaranteed)
first m tge. bond o f the Evansville M t . Carm el & Northern R y . for three
$ 1 ,0 0 0 4 % Peoria & Eastern income bonds.
Th e directors o f the N . Y . Central R R . in D ec. 1921 authorized the m ak­
ing o f an offer to purchase the stock o f this com pany, for details o f which
see N ew York Gontral R R . below and V 114 r 1286: V 115 p. 4 3 5 . 14?8
>
The stockholders were to vote Sept. 27 1926 on leasing the road to the
N . Y . Central, but owing to a tem porary restraining order obtained by
m inority stockholders, action on the lease was postponed. Compare N . Y .
Central R R . C o. below and V . 123, p . 707, 9 78, 1111 , 1629, 1994.
M in o r ity Stockholders C om m ittee.— Ten E yck W endell, Chairm an; John W
M organ, F . B . Keech, G . Trowbridge Hollister, Fred H . Greenebaum, R . F.
W esterfield, Seth B . Robinson, 42 W . 44th S t., N . Y . , is Secretary o f the
com m ittee. The depositary is the Central Union Trust C o . and R oot
Clark, Howland & Ballantine are counsel.
Tentaiive valuation, $1 6 4 ,1 6 3 ,0 4 2 . as of June 30 1915. V . 115, p . 1531
D I V I D E N D S f 10. ' l l . '1 2 . '1 3 . '1 4 -T 5 . '16. '1 7 -’2 1 . '2 2 . '2 3 . '2 4 . '25C om m on ______% ]
2
0
0
0
0
0
0
4 4
494 5 K
Preferred______% (
5
5
5 3%
0
2J4
5
5 5 5
5
D iv s. on pref. stock July 1916 to O ct. 1 9 2 6 ,1 H % quar. ( 5 % per annum .)
Paym ents on common stock were resumed June 15 1922 with a payment
of 2 % ; N o v . 1 1922 paid 2 % ; Jan. 20 1923 to Jan. 1 ° 1994 paid 1 % niiar,:
April 19 1924 to O ct. 20 1925 paid 1 1 4 % quar.; Jan. 20 1926 to O ct. 20 1926
paid 1 % % quar.
R E F U N D I N G A N D I M P R O V E M E N T M O R T G A G E .— A direct lien
on 1,827 miles o f railroad owned and on the com pany’s interest in 568 miles
o f railroad operated under lease, contract or trackage rights; total, 2 ,3 9 6 .
V . 109. p . 2 7 0 . 370.
T h e com pany m ay issue bonds beyond $25,000 ,000 (incl. $ 2 0,000 ,000
auth. Series “ A " bonds), but net for over 8 0 % o f the cost of work done,
or, o f property acquired and with the consent o f a majority o f the pref. stock .
and only when the annual income applicable to interest charges out of
18 months next preceding such Issue, shall not be less than 1 J4 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 m ay be issued in series, subject to certain con­
ditions as determined b y the board o f directors. The financial plan out­
lined in 1919 resulted in the sale (V . 109, p . 270) of $15,0 0 0 ,0 0 0 o f the new
series A bonds, to provide for paying or reducing short-term obligations.
Series B bonds amounting to $ 6 ,5 1 1 ,0 0 0 have been issued and are held by
the com pany. H as also issued $ 1 ,0 5 1 ,6 0 0 series C bonds. In June 1924
$ 2 0 ,0 0 0 ,0 0 0 series D bonds were sold. V . 118, p. 2703.
The 20-Year European Loan 4s of 1910 and the 20-Year Gold Debenture
4 J4s o f 1911 are secured by the new m ortgage on a parity with all bonds to
be issued thereunder.
O L D B O N D S .— St. L ou is D ivisio n bonds, see V . 5 2 . p. 42-45.
The 100-year m ortgage is limited to $ 5 0 ,000 ,000 .
On D ec 31 1914
$17,090 ,000 Gen. 4s were reserved for prior Hens (exclusive o f Cairo division.
Peoria Division, Michigan Division and the St. Louis Division west of Terre
H au te). and the balance for equipm ent, construction and betterm ents, <fec
$ 1 ,000,000 yearly. See V . 7 9 . p. 733: V . 83. p. 379; V . 8 7 , p. 1010: V . 90
D. 6 2 0 . 1044- V 9 4 . p 1118: V 9 7 . p 1 1 1 4 -V 98 n 1450- v im p 2134
Guar. Chic. Ind. & St. Louis Short Line R y . and Springfield Union D epot
C o . bonds. V . 77, p . 510, 517, 7 69, 1363, 2280; V . 7 8 , p . 1906, 1961; V
7 9 , p. 2589; V . 95, p . 1541.
As to the $9,650,181 4s sold M a y 1910, payable in francs, and $ 1 0 ,0 0 0 ,0 0 0
444s sold in June 1911. see V . 89. p. 7 20. 778. 1141; V . 90. p. 1238. 1296.
1424, 1554; V . 91. p . 1710; V . 92. p . 1700 . Also see "Ref. & Im p t. M t g e .”
above.
Guarantees E v an sv. M t . Carmel & Northern R y . bonds. V . 95, p . 890.
V . 114, p. 2468.
Guarantees Jointly with other roads G en. & R ef. bonds o f Indianapolis
Union R y ., which see. V . 100. p. 555.
Jointly with other roads covenants to pay New York Central Lines
equipment trusts o f several issues, the amount outstanding D ec. 31 1925
on account o f equipment so acquired by the C . C . C . & St. L . being: Issue
o f 1912, $159,890; 1913, $233 ,46 7; 1920, $ 7 ,611,114; 1922, $ 4 ,5 0 0 ,0 0 0 ; 1922,
$2,6 8 8 ,0 0 0 ; 1923, $ 8 0 6 ,0 0 0 ; 1924, $ 5 ,9 7 8 ,0 0 0 1924; $5,2 6 4 ,0 0 0 ; 1925,
$4,9 5 0 ,0 0 0 . V . 85, p . 1401; V . 86, p . 168; V . 88, p. 761; V . 90, p . 1677;
V . 93, p . 1726.
Guarantee* jointly with N . Y . Central and N . Y . Chicaago & St. Louis
$ 1 2 ,000 ,000 Series “ A ” 5 1 4 % and $5 ,0 0 0 ,0 0 0 Series “ B ” 5 % 1st m tge. s. f.
gold bonds o f Cleveland Union Terminals C o. 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 com pany. See article on page 3 (outstanding in D ec. 1925,
$ 3 ,4 6 ",0 0 0 ) .
R E P O R T .— For 1925, in V . 123, p. 3 40, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
M iles operated__________
2 ,3 8 1 .4 6
2,398.01
2 ,4 6 7 .8 0
2.4 0 9 .4 3
Railway operating re v s .$ 9 2 ,0 6 1 ,0 7 0 $87,712,381 $94,941 ,444 $84,665 ,690
Railway operating e x p .. 67.00 1 ,4 8 2 6 6 ,7 4 0 ,7 2 8 72,114,741 64,858,314
N et rev. fr. ry. op er.. $ 2 5 ,059 ,588 $20,971 ,654 $ 2 2 ,8 2 6 ,7 0 3 $19,807 ,377
(75.96)
(76.61)
Percent, o f exps. to revs. . (72.78)
(76.09)
_
Railway tax accruals_ . 5 ,534,374
4 ,906,837
5 ,1 2 4 ,2 2 7
4 ,2 2 6 ,8 1 5
Uncollectible ry. r e v s ...
3 6,733
14,851
13,206
10,963
Railway oper. in com e .$19 ,488,481 $ 1 6 ,049 ,966 $ 1 7 ,689 ,270 $15,569 ,599
Equip, rents, net d e b i t ..
91,940
1 ,112,206
269,866
1,2 3 0 ,7 2 9
Jt. facil. rents, net debit
8 35,832
573,492
727,503
591,641
N e t r y . oper. in com e .$18 ,560 ,70 9 $14,3 6 4 ,2 6 7 $16,691,901 $ 1 3 ,7 4 7 ,2 2 9
Miscellaneous revenues.
0 1 7 ,0 6 9
0 2 6 ,2 4 7
0 2 9 ,5 1 3
0 2 7 ,9 5 5
M iscel. exps. & taxes___
D r l7 ,2 4 9
0 2 2 ,1 8 2
0 2 2 ,1 7 5
0 1 9 ,7 0 3
Total oper. in co m e ...$ 1 8 ,5 6 0 ,5 2 9 $ 1 4 ,368 ,333 $16,699 ,239 $ 1 3,755 ,480




[V ol. 123.

KAIL W A Y STOCKS AND BONDS

Gross income.......................$ 2 0 ,156 ,869 $ 1 5,845 ,727 $19,2 9 9 ,5 9 8 $ 1 5 ,3 8 8 ,4 1 0
D ed u ction s —
110,990
Rent for leased roads___
134,458
587,731
150.299
2 71,664
Miscellaneous rents____
2 1 6 ,7 2 2
262,779
224,804
15.208
M iscel. tax accruals____
18,303
19.800
2 2 ,2 0 0
65,317
Sep. oper. prop.— lo s s ..
39,868
145,584
21,0 5 5
6 .400,595
Interest on funded d e b t. 7 ,450,885
6,7 2 9 ,7 4 4
7 ,073,343
807,865
In t. on unfunded d e b t ..
267,813
41,1 0 8
16,370
Am ort of disc, on funded
158,982
debt____________________
206,551
2 69,730
234,393
51
M aint. of invest organiz.
331
311
778
28,908
M iscel. income charges.
17,452
2 2,417
21,554
$8,749,344 $8 ,0 8 0 ,9 3 2 $11,617,354 $ 7 ,528,837
499,925
D iv s. on pref. stk. ( 5 % ) .
499,925
499,925
499,925
D ivs. on com. s t k .( 5 H 9 7 ) 2 ,586,578 (5 )2,351,435 (4)1,881.148 5 )2 ,351,435
0
39,175
Sinking funds___________
41,169
45.301
43,218
—
Invest, in phys. prop___
55,899
—
—
S u r.c r. to profit & loss $ 8 ,2 7 5 ,7 2 0 $ 5 ,186,354 $9,195,112 $ 4 ,582,403
,
— Q u a r. E n d . Sept. 30-----------9 M o s . E n d . Sept. 30—
P eriod—
1926.
1925.
1926.
1925.
Railway oper. revenues.$ 2 4 ,9 5 9 ,3 9 8 $ 2 4 ,0 8 5 ,8 5 9 $ 7 0,287 ,206 $67,643,589
$5,631,753 $14,519,736 $14,441,721
Gross income_______ ______ $5,760,156
Deductions_______________ 2 ,1 8 5 ,3 0 7
2 ,2 6 1 ,3 6 5
6,3 5 6 ,7 7 8
6 ,4 4 0 ,6 7 0
Dividends accrued______
947,984
7 12,840
2 ,843,951
2 ,1 3 8 ,5 2 0
Sinking & other res. fd s .
11,920
11,390
35,3 6 6
33,780Surplus________________ $2 ,6 1 4 ,9 4 5 $ 2 ,6 4 6 ,1 5 8 $5,28 3 ,6 4 2 $ 5 ,828,751
N o te .— Subject to such adjustm ents as m ay be necessary at close of fiscal
year.
For latest earnings, see “ Railway Earnings Section” (issued m on th ly ).
O F F IC E R S .— Pres., P . E . Crowley; Sec., E d w . F . Stephenson; G en.
T reas., H . G . Snelling; C o m p t., W . C . W ishart, N ew Y o rk .
D IR E C T O R S .— W illiam K .
W . Vanderbilt, Chauncey M .
Jackson E . R eynolds, C has. B .
S. Harkness, Albert H . H arris,
C utler.— (V . 123, p . 1994.)

Vanderbilt, W arren S. H ayden, Frederick
D epew , G eo. F . Baker, H . S. Vanderbilt,
Seger, P . E . Crowley, H . A . W orcester, E .
Frank J. Jerome, Festus J. W a d e , Bertram

C L E V E L A N D & M A H O N IN G V A L L E Y R Y .— Owns from Cleveland. O .
co Penn. State line, 8 l m . (77 double track): N iles, O .. to Lisbon, O ,
36 m .; Girard to Youngstow n. O ., 6 m .
Leased to N ypan o R R . (formerly
N . Y . Penn. & Ohio) under new lease dated 1917; rental, $55 0 ,9 6 7 , with an
additional amount contingent. The shareholders voted Feb. 23 1917 (a)
to issue $ 2 ,8 5 1 ,8 0 0 pref. (a. & d .) stock for im p ts., elimination of grade
crossings, &c. (none issued to M a y 1923 ); (5) to make a modified lease for
999 years from M a r . 9 1917, dining the corporate existence and all exten­
sions thereof, to the N ypan o R R . C o ., a subsidiary of the Erie Railroad
C o. V . 104, p . 163. C oup. int. is J. & J ., reg. in t ., Q .-J . C om m on stock 1»
$3 ,2 5 9 ,2 0 0 , or which $ 3 ,2 5 8 ,4 0 0 is held by “ A tlantic First Leased Lines
Rental Trust L im it e d ." o f London.
D ividends: in 1906 to 1911.
1 1 .4 0 % ; 1912, 8 J i % ; 1913, 1 1 .2 0 % : 1914 , 1 1 .2 5 % : 1915. 1 1 .4 0 % : 1916.
1 1 % ; 1917. 1 1 .7 5 % ; 1918. 1 0 .7 5 % ' 1919. J an .. 2 H % : April. 2 W % : O c t ..
1919 to A p r. 1926, 2 5 4 % quar. Fo
125, total income, $567 ,74 7: Fed.
taxes, $53,0 9 5 ; interest, $146,800; rentals, & c., $25,670 : divs., $342,2161
bal., def., $ 3 4 . Corporate office, 530 Guardian B ld g ., Olevelanu. O .— (V .
104. p . 1701.)
C L E V E L A N D & P I T T S B U R G H R R .— (See M a p P en n sylvan ia R R .) —
Cleveland, O ., to Rochester, P a ., 122 miles; branches, B ayard , O ., to
Goshen, O ., 38 m .; Yellow Creek to Bellaire, 43 m .; branches to D over and
Valley Jet., 2 m .; trackage. Rochester to Pittsb. (P . F t. W . & C h ic .), 26
m .: other trackage, 23 m .; total, 253 miles.
L E A S E .— Leased for 999 years 1871 to Penn. R R . C o . and since Jan. 1
1918 operated directly by that com pany. Rental, divs. on stock. Int. on
bonds and organization expenses.
“ Special guaranteed betterm ent stook”
(subordinate to the original stook as to dividends on ly), with dividends of
4 % guar, by the Penn. R R ., Is Issuable for im pts. V . 7 9 , p. 2 205 . 2642;
V . 83. p. 625; V . 85. p. 1082; V . 87. d . 812; V . 91. p. 1446: V 9 3 . p. 1785:
V 9 6 . p. 135: V . 97. p. 1425: V 9 8 , p. 999: V. 100. P 1348
O f the special
guaranteed 4 % stock, Penn. R R . C o . owns $ 7 ,5 0 0 ,0 0 0 , and of the guar­
anteed betterment stock, the Pennsylvania C o. owns $ 6 ,0 5 0 ,0 0 0 . V . 101
p . 1464, 448; V . 92, p . 1031, 1108.
B O N D S .— All equally secured: guaranty. V . 56, p. 604; V . 106. p . 2591
V . 109. p . 1079.
E A R N I N G S .— For 1925, gross income, $ 2 ,2 4 4 ,0 4 5 ; deductions, $34 4 ,1 7 8
dividends, $1,8 9 9 ,8 1 5 ; b a l., su r., $ 5 2 .— (V . 119, p . 810.)
C L E V E L A N D U N IO N T E R M I N A L S C O . ( T H E ).— Com pany was or­
ganized to construct In the centre of Cleveland a new union passenger
station and terminal facilities, m ade necessary by the continuous growth in
the great volume of railroad traffic m oving 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 TerminalsCom pany under which they are obligated to p a y 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 o f the Terminals C o .,
but with the reserved right in the Terminals C o. to adm it other railroads tothe use of the terminal property as tenants, upon terms and conditions t o
be agreed upon and approved b y the railroad companies.
B O N D S .— The 1st m tge. sinking fund gold bonds are unconditionally
guaranteed, principal and interest, jointly and severally, b y endorsement,
by N ew York Central R R ., Cleveland Cincinnati Chicago & St. Louis
R y. and New York Chicago & St. Louis R R . (see description in V . 117,
p . 2 0 7 ). 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 O ct. 1 1927.
Series “ B ” bonds are redeemable at 105 and int. in whole or in part on April 1

Nov., 1926.]

49

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 otes o n page 8]

M ile s
Road

D a le
Bonds

C o lo ra d o & S o u th e r n — C om m on stock $31 ,0 0 0 ,0 0 0 .
First preferred 4 % non-cum ulative $ 8 ,5 0 0 ,0 0 0 -_
Second preferred 4 % non-cum ulative $ 8 ,5 0 0 ,0 0 0 .First mortgage gold $ 2 0 ,0 0 0 ,0 0 0 _
. .E a .z c * 1 ,011 1898
R e f & E x t M $100 ,0 0 0 ,0 0 0 gold red 101
C e.xc*& r* T ext
1905
Equip tr N o 19 (U S R R Adin) due $70,00(3 an n.
G
1920
Equipm ent trust of 1 9 2 2 .
. .
-.
______
1922
L in es Controlled by O w nership o f P ractically E n tire Capita l Stock
Fort W orth & Denver C ity 1st m tge gold ___ B a.zc*
454 1881
Equip trust N o 20 (U S R R A dm ) due $ 3 3 ,9 0 0 an n .G
1920
Equipm ent trust of 1922, due $5 0 ,0 0 0 annually____
1922
F t W & D en Ter R y 1st M $ 2 ,5 0 0 ,0 0 0 call 105.B a.x c
1907
C o lo S p rin g s & C rip p le C reek D is tr ic t R y—
First mortgage $2 ,0 0 0 ,0 0 0 gold sinking fund -C e .z
74 1900
First consol mortgage $ 3 ,6 0 0 ,0 0 0 gold_______G .xc& r
1902
C o lu m N ew b & L a u ren s— I s t M $ 12,000 p e r m .S B a z
75 1887
C o lu m b u s & T o le d o — See Hocking V alley R y
C o lu m b u s X e n i a — Stock 8 % rental
55
C o n co rd & P o r tsm o u th — Stock 7 % rental 99 years
39.8 2
C o n n & P a ssu m p sic— Pref stock 6 % rental 99 yrs c*
First m ortgage $ 2 ,9 0 0 ,0 0 0 gold___ _ _
zc*
110 1893
M assaw ippi stock guar same div as Conn & Passump
37
N ew port & Richford 1st M gold guar b y C & P __z c *
21 1911
C o n n e c t ic u t R iver— Bonds— See Boston & M aine R R
(36 1911
C o n n (P h ila )— 1st M $ 1 5 ,0 0 0 ,0 0 0 guar p & i -G P .k v c *
136 1911
C o n n e lls v llle & M on o n — Is tM g s f red par.U P i.xc& r
1905

Par
Value

Am oun t
O utstanding

R ate
%

W h en
Payable

$100 $31,000 ,000 See text. See text.
100
8,5 0 0 ,0 0 0
4
J
& D
100
8,5 0 0 ,0 0 0
4
D ec
F & A
1,000 s l3 ,8 7 4 ,0 0 0
4 g
100 &c r28,978,900
4X g M & N
630,000
6
J & J 15
M & N
1,000
1,040,000
53^

1,000
1,000

8 ,1 7 3 ,0 0 0
305.100
550,000
300,000

&
5Y2 g J
6
J & J
M &
5H
J
&
6

1,000
1,000
1,000

1,255,000
1,379,000
888.000

5 g
5 g
3 g

50
100
100
1,000
100
1,000

1,7 8 6 .2 0 0
3 50,000
2 .5 0 0 ,0 0 0
2 ,9 0 0 ,0 0 0
4 00.000
35 0 ,0 0 0

8 2-5 Q— M
J
&
J
7
F & A
6
A & O
4 g
F & A
6
J
&
J
5 g

1.000
1,000
1,000

7 ,0 0 0 ,0 0 0
1,545,000
2 52,000

4 g
5 g
4 g

1,000

J
A
J

&
&
&

D
15
N
D

L a st D ivid en d
and M a tu rity

Places W here In terest and
D ivid en d s A r e P ayable

D ec 3 0 1922 3 % Office 26 Liberty S t, N Y
do
do
June 30 ’26 2 %
do
do
D ec 31 1925 4 %
do
do
Feb 1 1929
do
do
M a y 1 1935
T o Jan 15 1935 G uaranty T rust C o , N Y
M a y l 1937
First N a t B a n k , N Y
Office, 26 Liberty S t, N Y
D ec 1 1961
T o Jan 15 1935
T o M a y 1 1937 First N ational B a n k .N Y
D ec 1 1937
Office, 26 Liberty S t ,N Y

J Jan 1 1930
O O ct 1 1 9 4 2
J July 1 1937

See text
See text
Safe D ep & T r C o , Balto

Treasurer, C olu m bus, O
See text
July 1 1926 3 y2 M anchester, N H
Aug 1 1926 3 % Safe D ep & T r C o .Boston
do
do
Apr 1 1943
do
do
A u g 1 1926 3 %
do
do
Jan 1 1941

M & S 15 M ar 15 1951
M & S 15 M ar 15 1951
M & S Sept 1 1930

Treas Pa R R C o , Phila
do
do
Union Tr C o , P ittsb , Pa

Additional $7,067,371 owned or controlled by the compa ny.
Additional $5 ,5 2 6 ,0 0 0 owned or controlled by the compa ny.

1943, or on any interest date thereafter, and for sinking fund semi-annually,
beginning O ct. 1 1928.
O F F IC E R S .— Pres., O . P Van Sweringen; Sec., C . W . Stage; Treas..
W . J . Pinkett. Office, Cleveland O .— (V . 123, p . 1759.)
(T H E ) C O L O R A D O M ID L A N D R R .— D ism antled. See “ R y . Sc Ind
Section” for M a y 1921. and V . 113. p . 1887: V. 114, p. 2240: V . 116, p. 2766.
C O L O R A D O A N D S O U T H E R N R Y . C O . ( T H E ) .— Operates a system
o f roads from Guernsey, W y o ., through Denver to Fort w orth, Galveston,
H ouston, D allas, & c. Total oper. D ec. 31 1925, 1,820 miles, including
170 miles operated under lease or contract, notably 118 miles o f trackage.
D enver to Pueblo, over A tch . Topeka & Santa Fe. Total line owned.
1,758 miles (of which 108 miles not operated b y the c o .), viz. (*whicb
see):
Colorado * Sou. R y . (owned)___ 913 W ichita Valley R y __________________ 52
W ichita Falls & Oklahom a_______ 35
Controlled L in es—
W ichita Valley R R _________________61
Colorado R R _____________________ 121 Abilene & Northern________________ 38
Fort W orth & Denver C ity_____ *454 Stam f.& N .W . R y .( V ,8 8 , p.1284) 83
The I .-S . C . Commission has placed a tentative valuation o f 834,7 8 9 .0 0 0
on the total owned and 838,2 0 9 ,9 2 2 on the total used property o f the com­
pany as o f June 39 1918.
In April 1906 acquired a one-half interest in the Trinity Sc Brazos Valley
R y .,o w n tag a line from Cleburneto H o u s to n .T e x .,236 miles, with branch to
Waxahai chie. 67 miles. T h esu it against O h. R . I . & Pac. R y . to compel
paym ent o f latter's share of cost o f building the T . & B . V . R y ., was settled
D ec. 23 1918. V . 109, p . 672; V . 108. p . 3 78, 4 7 9 . 1610; V . 103. p 2428.
See that co. and V . 98, p . 1920.
O R G A N I Z A T I O N .— Reorganization Jan. 1899- V . 6 7 . D. 7 48. In
D ec. 1908 the Chicago Burlington & Quincy acquired $23,6 6 7 ,5 0 0 fijm m on.
T . 87, p. 1663, 1604; V . 88. p. 158, 685.
Owns a large m ajority of the com . stock of Fort W orth & Denver City
R y.
which see. Controls Denver Sc Interurban (Electric) Railway
which owns 9 .4 8 miles, and operates 36.1 4 miles of C o i.& S o u ., electrified,
under lease. V 8 7 , p . 950: V . 89. p. 934.
D IV S .
1 '0 7 . ’0 8 -T 1 . T 2 . T 3 . T 4 - T 5 . 1916 '17-’20. '2 1 -’22. ’2 3 -’25.
1st p r e f % _____ ( 4
4 yrly 4
4 N one
2%
4
4
4
2d pref. % _____ 1 4
4 yrly 4
4 N one
4
4
4
3 o m m o n % _____ J ._
2 yrly 1
0 N one
-3
Paid in 1926; June 3d, 2 % on 1st pref.
B O N D S .— 1st M .. see V. 68. p. 1027: V . 77, p. 2158; V . 87. p. 4 44, 1160.
The $100 ,0 0 0 ,0 0 0 Refunding bonds of 1905 were made Issuable as follows
For Refunding bonds and equipment obligations of system ______$36,850 ,000
For betterments and Improvements, tnoludlng equipment, at the
oum. yearly rate of $500 per mile of operated & controlled lines 15,000,000
For reimbursement of the treasury of the com pany, &o__________ 2.500.000
For acquisition o f additions (incl. double-tracking)____________ 45.650.000
The Refunding bonds are secured by a first lien on all the bonds andpraotloally all the stock of the cos. owning about 706 miles of road. Including the
Wichita Valley lines and the Trinity & Brazos Valley R y .; also, by direct
lien, subject to the first mortgage, cn about 1,002 miles of road owned by
the Colorado & Southern and on the stock of subsidiary oos. whose bondi
are not pledged under the mortgage, owning 556 miles of read, maklnj
1,604 additional miles, on which there are outstanding $30,1 7 4 ,9 0 0 under
lying bonds: total thus covered, 2,3 0 4 miles, on whioh the total outstanding
"unded debt. Including these bonds and all prior liens, averaged $26,471
per mile.
V . 80. d . 1791: V . 91. p. 462. 214: V . 93. p 1021.
O f the Fort W orth & D enver Terminal bonds, $300 ,00 0 sold ana $428,004
held bv F t. W . & D . C . R y . V . 86, p. 52. 1100: V . 87, p . 949Equipment trusts issued to Director-General for rolling stock allocated
tocompan f h’s y
See article on page 3R E P O R T .— For 1925 showed:
C olorado & Southern L in es.
Calendar Y ears— •
1925.
1924.
T otal railway operating revenues____________
.$ 2 5 ,6 5 4 ,1 5 5 $25,946,731
T o ta l railway operating expenses__________________ . 17,750,628
17,770,169
Railway tax accruals_________________________________ .
1,637,703
1,512,347
Uncollectible railway revenue________________
6,993
9,828
R ailway operating incom e_________________
. $6,258,831
Other income_________________________________________ . 1,170,575

$6,65 4 ,3 8 6
1,051,225

Gross incom e_______________________________________ . $ 7 ,429,407
R entals, & c_____ _ ____________________________________ . 1,080,826
Interest charges_______________________________________ 2,5 5 9 ,2 2 5
.
M iscellaneous___________________________________
123,417
D ividends_______________________________________
680,311

.$7,705,611
797,165
2 ,707,420
145,055
680,311

Balance, surplus_____________________________________ $ 2 ,985,628 $3,375,660
For latest earnings, see “ Railway Earnings Section” (issued m onthly).
O F F IC E R S .— Pres., Hale Holden, Chicago; E x ec. V .-P .. C . G . Burn­
ham , Chicago; V .-P . & Gen. M g r ., Robert Rice, Denver; Sec. & Treas.
B . F . James, Denver; Asst. Sec. & Asst. Treas., C . I. Sturgis, Chicago.
— (V . 122, p . 3078.)
CO LO R AD O SPRIN G S & C R IP P L E C R E E K D ISTR IC T R Y .— Colorado
Springs to Cripple Creek. C ol., 47 m .; branch, Cameron to Victor, 5 m ..
other branches and spurs, 22 m .; total, 75 tn.; of which 57 m . steam, 16 m
iteam and electric and 2 m . solely electric.
In Jan. 1905 Colorado A
Southern acquired all the stock except $900 com
V . 80. o . 472, 1111 1423.
Leased to Cripple Creek Cent. R y . system in 1912 (V . 9 4 , p . 123), but the
rental due having been in default since M a y 1 1 9 1 8 the lease was terminated
April 22 1919
George M . T aylor. Colorado Springs, was appointed re­
ceiver M a y 10 1919 at the reauest of the bondholders' com m ittee. V . 108.
p . 2 022 . Th e burning o f a bridge in M a y 1918 temporarily put the main
fine out o f 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 % i ssued
June 15 1919 to replace the bridge, & c., and for $130 ,00 0 sold at end of
1921 to settle accrued taxes have been paid o ff. V . 108, p . 170, 4 7 9 , 2528.
The road was sold on O ct. 16 1922 to W . D . Corley o f Colorado Springs,
for $ 3 7 0 ,0 0 0 . Certain claims and funds in the hands o f 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 m tge. 5s. In
April 1924 a further $100 per bond was paid out of moneys collected from
the Federal G ovt, under the Transportation A c t o f 1920. V . 118, p. 1910.
A suit for $1,00 0 ,0 0 0 for unpaid taxes, damages, & c., instituted in 1919
by the receiver against the former lessee and others is still pending.
On O ct. 1 1918 the interest on the $1 ,3 7 9 ,0 0 0 First Consols and on Jan. 1
1919 the interest and sinking fund on the $ 1 ,2 5 5 ,0 0 0 First M tg e . bonds went
unpaid. In A u g. 1919 the Central Union Trust C o ., N . Y . , declared the
principal o f 1st M . 5s immediately due and payable. V . 109, p. 887.
Com m ittee: (a) For 1st M . 5s (m ajority deposited). James Tim pson
(2d V .-P res. M utual Life Ins C o ., N . Y . ) , Chairm an; Central Union Trust
C o ., depositary.
(5) For 1st Consols (m ajority deposited): F . J. Lisman
of N . Y . . Chairm an; N . Y Trust C o ., depositary.
V . 108, p . 170, 378.
479, 578, 2433, 2 528 ; V . 118, p . 1910.
Stock, all outstanding, com ., $1,2 0 0 ,0 0 0 ; prel., 5 % non-cum ., $800,000
Par of shares, $100 each.
D iv. 5 % on pref., paid Feb. 1907, June 1908 and
N ov. 1 1909.
On com ., 2 % . Sept. 1908. Sinking fund to retire first mtge.
bonds yearly at 110 for first 15 years, then at 107 H for 5 vears then 105 foi
next 5 years, 102>£ for 3 years, thereafter at par, is in default. V . 7 6 ,
p. 3 4 5 .— (V . 118, p. 1910.)
C O L U M B IA N E W B E R R Y & L A U R E N S R R .— Columbia to Lauren* .
8 . C ., 75 m . Stock, $ 5 00 ,00 0.
Bonds were 6s, but reissued as 3s in 1900 ,
income certificates to amount of 4 0 % o f bonds being Issued. Bonds issued,
$899 ,00 0; In treasury $ 11,000 .
A t last accounts had also outstanding
$359 ,60 0 5 % non-cum. certfs. for funded coupons
W^The I .-S . C . Commission on N o v . 4 1926 authorized the Atlantic C o a st
Line R R . to acquire control o f the company by purchase o f its capital stock
Y ear ending D e c . 31—
C ross.
N e t.
Other I n c . C haroes. Surplus.
1925 ______________________ $597,541
$151 ,85 7
$12,843 $ 121 ,42 0 $ 4 3,280
1924 ______________________ 6 30,439
149,893
12,481
127,022
35,353
672,374
150,448
13,555
122,053
41,950
1923 _______
1922 ........................................ 610,824
149,272
11,783
114,159
46,896
Pres., J. P . T aylor; V .-P re s ., J. B . S. Lyles; T reas., C . P . Seabrook,
Colum bia. S. C .
C O L U M B U S & X E N IA R R .— Owns from Columbus, O ., to X en ia, O ..
55 miles. Operated as a division of the Little M iam i, and is leased for 99
years from Deo. '1869, In connection with that road, to the Pittsburgh Cin­
cinnati Chicago & St. Louis, which pays 8 % on stock
The lease is guar­
anteed b y Pennsylvania R R . C o .
Since Sept. 1913 the quarterly dividends
in Sept, and M arch have been 2 1 - 5 % , making the yearly dividend rate
8 2 - 5 % . — (V . 72, p. 532.)

CONCORD & PORTSMOUTH R R .— Owns Portsm outh, N . H . to M an­
chester, N . H ., 39.82 m . Leased to Boston & M aine R R . in 1862 for 99
years; rental $25,000; 7 % on stock and org. exp. Oper. by Boston & M aine.
CONNECTICUT & PASSUM PSIC R IV E R S R R .— W hite River Jet., V t.
Jo Canada Line. 110 m .; leases 999 years Massaw'ppl Valley, 37 miles.
Owns all the stock ($350,000) of the New port & Richford R R ., Newort, V t ., to Canadian line, 21 miles, operated under lease by Montreal
: Atlantic R y. (Can. Pac. system ), and guarantees Its $350,000 1st 30-yeai
5 % bonds dated Jan. 1 1911. V . 91. p. 946.
L E A S E .— From Jan. 1 1887 leased to the Boston & Lowell (now merged
with B oston & M aine' fo r pa v «a rs
R e n ta l is fi% per ann um on tbe stock.
The Boston & M ain in 1926 leased that part of the road between W ells
River Jet. and New port, V t ., to the Canadian Pacific. V . 122, p. 2795.
S E C U R IT IE S .— Massawlppl stock reoelves same dividends as stock o f
lessee and $400,000 of It (not Included In the amount outstanding) In pledged
as part security for 4s of 1893. o f the $ 2 ,5 0 0 ,0 0 0 pref.. $700 ,00 0, as also
$100,000 Massawlppl Valley R y. stock, was purchased Feb. 1 l 9 l 0 by th»
Vermont Valley.— (V . 122, p. 2795.)

g

C O N N E C T I C U T R IV E R R R .— See Boston & M aine R R .
C O N N E C T IN G
R A I L W A Y C O .— Owns from Girard Avenue to
Frankford Phila., 6 m .; North Phila. to Chestnut H ill, 7 m .; branches,
&o.. 23 m .; total, 36 m . V . 103, p .1508. Stock authorized, $ 5 ,8 0 0 ,0 0 0 ; out­
standing, $ 4 ,1 1 6 ,6 5 0 . of which $3 ,8 2 5 ,3 5 0 owned by Penn. R R . D ec. 31
1925, which operates road under lease assigned to that com pany by Phllia.
& Trenton R R ., terminating Feb. 18 2862.
Dividends 4 % yearly (J. S D .) .
c.
In 1911 made a new 1st M . for $ 1 5,000 ,000 . guar., p. Sc I.. by Penn. R R .
V . 103, p. 1508. V . 93. p. 229, 730; V . 98. p. 522, 6 1 0 .— (V . 119, p. 1063.)
C O N N E L L S V IL L E & M O N O N G A H E L A R Y .— Owns M oser R un Jet
to Brownsville, P a ., 15.68 miles; branches and spurs, 6 .7 5 miles; tot««,
22.43 miles (connecting Penn, with Monongahela R y .) .
Incorporated: n
Penn. M a r. 11 1905. Leased to Penn. R R . until Jan. 1 9 4 6 at rental equal
to 4 % on cost of road, taxes, operating and maintenance charges, rental
being more than sufficient to pay interest charges and retire principal of
bonds through sink, fund at or before maturity.
Sink. fd. $2 5 ,0 0 0 y rly ..
to call bonds in numerical order, but to be kept alive. V . 93, p . 4 07. o n
D ec. 31 1925 $252 ,00 0 were outstanding and $755 ,00 0 were in sinking fun d.
Stock, $70 0 ,0 0 0 . Controlled by or in interest o f U . S . Steel Corporation.
Pres., W . H . Clingerman: Sec. & T reas., J. D . M cC reery.— (V . 119, p . 1063 ./
C O N S O L I D A T E D R A I L R O A D S O F C U B A .— Incorp. on July 28 1924
in C uba. Owns all the common stock of C uba R R ., substantially all of the
com m on stock o f C uba Northern R y s ., and all the capital stock of the
Espirituano R R . The corporation has issued approximately 40 0 ,0 0 0 shares
o f cumulative 6 % pref. stock and 4 00,000 shares of com . stock having no
par value. O nly the com . stock has voting rights. Cuba C o . owns 3 6 7 ,189.5 shares of the Preferred stock and 2 4 3 ,9 2 7 .5 shares o f the com . stock.
A few shares of the pref. and com . stocks remain in the treasury o f Consoli-

50

[V ol. 123,

RAILW AY STOCKS AND 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
R oad

C o p p e r R a n g e — First m ortgage gold (see te x t)____ x
T ext
C o p p e r R iv & N o r th w e s t— I s t M $ 5 0 ,0 0 0 ,0 0 0 -G .x c *
197
_______ .
C rip p le C reek C e n t r a l— C om m on sto ck .
Preferred stock 4 % non-cum ulative
. . .
C u b a R ailro a d C o— Com m on stock 1.0 0 0 ,0 0 0 shares
Preferred stock 6 % non-cum ulative $ 1 0 ,0 0 0 ,0 0 0 ___
First mortgage gold $2 0 ,0 0 0 per mile . . G .xc*& r*
602
Im pt & equip ment gold $ 1 2 ,0 0 0 per m i l e ___ N .xc*
First lien and refunding Scries A
..k x x x c A r *
_ .
xxxc*
do
do
Series B red 1 02___
Equipm ent trust certificates—
due $85,000 sem i-annually . . .
. c*
C u m b e rla n d Ry & C oal C o— 1 s t M $3,0 0 0 000 g g u .
48
D a y to n & M ich ig a n — C om stock (3 H % gu Tol Cinn)
Preferred (8 % guaranteed T o l Cinn) e n d o r s e d ____
1st M gu p & i end ext in 1911 red 10213 beg 1 9 1 7 ..C
141
D a y to n U n ion R y— -First m tge sink fund call par. F.x
2
D elaw are R R — Stock 8 % guaranteed
----------245
General mortgage gold
.
. . . .
FP .sc*
113
D elaw & B o u n d B rook — Stock 8 % gu Phila & R ead.
First consol m tge $ 1 ,8 0 0 ,0 0 0 guar . . ..P e p .s c * & r 30.97

D a te
Bonds

P ar
Value

W h en
Payable

L a st D ivid en d
and M a tu rity

$500 &c $ 2 ,2 8 0 ,0 0 0
A
O O ct 1 1949
5 g
1,000 2 3 ,0 2 0 .0 0 0
F A A Feb 1 1950
5 g
100
2 ,5 0 0 .0 0 0 See text Q — M
See text
69
3 .0 0 0 .0 0 0 See text O — M
See text
N one
500,000 sbs See text See text D ec 1 ’26 $ 1 .2 0
100 $10,000 ,000
F & A Feb 1 1927 3 %
6
1902 1,000 &c 14.418.000
.T July 1 1952
•
T &
5 g
$ A fr
1910
4 .0 0 0 ,0 0 0
M A N M a y l 1960
5 g
1921
100 Ac
4 .0 9 0 .0 0 0
& D D ec 1 1936
7Vx g J
1926 5 0 0 -1 0 0 0
D D ec 1 1936
J
1 ,376,000
6 g
1920
1910
1871
1871
1881
1899

___

1892
1905

1,000
i,0 0 0
50
50
1,000
1,000
25
1,000
100
1,000

R E P O R T .,— For year ended June 30 1926, in V . 123, p . 1600, showed:
Y e a r E n ded J u n e 30-—
1926.
1925.
D ividends on stock owned___________________________$ 2 ,6 5 0 ,0 0 0 $1,95 0 ,0 0 0
In te re st________________________________________________
4 ,8 9 6
1,305
T o t a l ________________________________________________ $2 ,6 5 4 ,8 9 6 $ 1 ,9 5 1 ,3 0 5
Adm inistrative and general expenses_______________
55,003
72,563
N e t incom e_________________________________________ $2 ,5 9 9 ,8 9 3 $ 1 ,878,742
2 ,3 9 8 ,4 6 6 1 ,197,144
Dividends on preferred stock________________________
$201 ,42 8

Rate
%

1899
1909

dated Railroads o f Cuba to be exchanged eventually for com . stock o*
Cuba N orthern R ys. Th e com . shares o f Consolidated Railroads o f Cuba
have been deposited with five voting trustees, of whom four are stock­
holders and directors o f C uba C o . Voting trustees are: G u y W . Currier,
Herbert C . Lakin, Horatio S. R ubens, Jose M . Tarafa, and W illiam H .
W ood in .

N e t surplus_________________________________________

Am oun t
O utstanding

$681,598

D I R E C T O R S .— W illiam H . W oodin, H oratio S. Rubens, G uy W . Cur­
rier, Herbert C . Lakin, Jose M . Tarafa, Percy A . Rockefeller, Richard B .
V an Horne and Edw ard J. Berwind.
C O O P E R S T O W N & C H A R L O T T E V A L L E Y R R .— Entire $45,000
capital stock owned by D el. & Hudson C o . (V . 77, p. 8$ ), which also own*
$ 269 ,00 0 ( 8 7 % ) o f the $ 307 ,40 0 outstanding stock o f Cooperstown & 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 A p r. 15 1$91 Coopers­
town & Susq. V a l. R R ., Cooperstown to Hemlock R oad, with branch to
Cooperstown J e t., 19.75 miles
C O P P E R R A N G E R R . C O .— C alum et, M ic h ., to M ass C ity , with
branches: total, 93 miles; side tracks, 41 miles. Lease M ohaw k R R . to
G a y , 15.84.m iles, w ith branches, & c., 1.66 miles. Stock, $ 4 ,2 4 4 ,3 0 0 , all
owned by Copper Range C o.
Bonds lim ited to $2 0 ,0 0 0 per m ile o f main
line and branches and $1 5 ,0 0 0 per m ile o f sidings.
Pres., W illiam A . Paine: V .-P . & T reas., F . W . Paine; Sec., J. A . Ackroyd, B oston.— (V . 114, p . 2 359 .)
C O P P E R R IV E R & N O R T H W E S T E R N R Y .— Owns from C ordova,
Alask a, on tidewater, through the Copper River Valley to K ennecott, 197
miles. K ennecott Copper C orp. (V . 101, p. 1889) in D ec. 1915 acquired
all of the outstanding securities, $ 4 ,8 1 7 ,4 0 0 stock and $ 2 3 ,0 2 0 ,0 0 0 1st M .
5 s — (V . 118, p . 2308 .)
C R IP P L E C R E E K C E N T R A L R Y . C O . (T H E ).— Owns Cripple Creek
A Colorado Springs R R . and M idland "e rm in a l R y . through ownership
of all their stock.
M iles.
M ain line, Colorado Springs to Cripple Creek________________________ .- 56.30
Branches and spurs_____________________________________________________ 33 -66
T o ta l s y s t e m ____________________________________________________________ 89 95
Reorganization (per plan In V .7 8 ,p . 2018; V . 77, p. 1542.) of the Denver
A Southwestern, foreclosed Oct. 4 1904. V . 79. p. 1461: V . 101. P- 1184
Th e lease of the Colorado Springs A Cripple Creek D istrict R y . termi­
nated April 22 1919. See that com pany.
ST O C K S A N D B O N D S .— Com. stock. $ 2,500 000; 4 % non-cum . pref
•tock. $ 3 ,0 0 0 ,0 0 0 ; par of shares, $100. V . 82, p. 1156; V . 8 5 , o . 1209.
B O N D S .— $32 6 ,0 0 0 first m tge. bonds of the Florence & Cripple Creek
R R . C o ., assumed and guaranteed by the Cripple Creek & Colorado Springs
R R . C o . and owned b y Cripple Creek Central R y . C o . were paid during
1918. The com pany still owns $319 ,00 0 o f these bonds.
D I V I S .— ’07. '0 8 . ’ 0 9 . HO. ’ l l . '1 2 . H 3-15. H 6 . H 7. H 8 .
1919-26
C o m ..
6
0
0
0
0
3
4
15
6
3
See text
P r e f.
4
4
4
4
4
4
4 4 4
See text
In Feb. 1916 an extra dividend o f 1 0 % was declared with the quarterly
1 % , on common stock, both payable M arch 1.
In Sept. 1918 the common
dividend was om itted, bu t the usual pref. dividends N o s. 52 and 5 3 , 1%
each, were paid D ec. 1918 and M arch 1 1919.
A capital distribution (N o . 31) o f 1 % was paid on the pref. stock D ec. 1
1926 “ out o f funds heretofore realized from sale of capital assets.” Thirty
previous quarterly distributions each of 1 % had been made from capital
assets, N o . 1 June 1 1919, and N o . 30 on Sept. 1 1926. The present dis­
tribution, it is understood, will reduce the face value of the pref. shares to
$69.
R E P O R T .— For 1925 (M idland Terminal R y . C o .) , gross, $630 ,57 8;
net loss, $ 1 53 ,10 8. N et loss is after charging $237,856 to depreciation on
roadway and $112 ,04 4 to sinking fund for retirement o f 1st m tge. bonds
which matured D ec. 1 1925.
O F F IC E R S .— P res., A . E . Carlton; V .- P ., Spencer Penrose; Sec., E . S.
H artw ell; T reas., A . S. G ill. Office, Colorado Springs.— (V . 120, p . 952.)

505,000
7 g A & O
2,7 2 7 ,0 0 0
A A O
5 e
A A O
2 ,4 0 1 ,9 5 0
334
1 .211,250
O— J
8
2 .7 2 4 ,0 0 0 43-S (5) .T A
J
A
302.000
4 g
J
J
<
fc J
5,0 7 8 ,2 7 5
8
J
317.000
J
43-3 g J
F
1,800,000
8
0
1,800,000
3 y* g F & A

P laces W h ere In teresC a n d
D ivid en d s A r e P ayable

Old C olony T r C o .Boston
J P M organ A C o . N Y
Checks mailed
do
Checks mailed
R oyal B ank o f C an, N Y
do
do
National C ity B ank, N Y
do
do

Apr ’27-A p r ’30 Commercial T r C o , Phila
M ontreal, Canada
Oct 1940
Cincinnati, Ohio
See text
do
See text
J P M organ A C o , N Y
Jan 1 1931
Farm ers’ L A Tr C o , N Y
July 1 1949
July 1 1926 4 % Checks mailed
Treas Penn R R C o,P hila
July 1 1932
N o v 20 ’26 2 % 11 W State St, Trenton
M ech N B k . T ren ton .N J
Aug 1 1955

------------------------------------------------------------------------------------------------------------------------------------s
existing 158,000 shares o f $100 par value. T h e entire com m on stock ha
been acquired b y the Consolidated Railroads o f C uba.
D I V I D E N D S ( % ) 1910
’l l
’ 12 ’ 13 ’ 14 ’ 15 ’ 16 ’ 17-’20 ’2 1 -’26
Preferred______________3 ^ 4 M
5H
6 ,6
6
6
6 yrly
See
___
4
6
6
6
_______
text
Com m on (in cash)___ __________
Also on com . in com . stock In 1916, J a n ., 2 0 % ; June, 2 5 % . V .1 0 3 , p . 7 52.
On Feb. 1 1918 paid a scrip dividend of 3 % on the pref. stk, redeemable
on Feb. 1 1921, or earlier at option of com pany, with 6 % interest pa yable
annually Feb. 1; also A u g. 1 1918 on pref. a scrip dividend o f 3 % , and. F eb.
1919 to A u g. 1920 paid cash divs. of 3 % s. a .; F eb. 1921 div. was om itted.
payments resumed in A u g. 1922, when 3 % was paid; F eb. 1 <23 to F eb. 1927
paid 3 % semi-annually. The scrip due F eb. 1 1921 was callea for >>. < ent
■< rm
Feb. 1 1920. V . 109, p. 1986; V . 110, p . 77.
Dividends on com m on stock were resumed on M arch 31 1925 with a
paym ent o f $1 20 per share; on June 30 1925 paid $1 30 per share; Sept. 30
1925 paid $1 50 per share; D ec. 31 1925 paid $1 40 per share; M arch 31 ana
June 30 1926 paid $1 20 per share, O ct. 1 1926 paid $1 40 per share, D ec. 20
1926 paid $1 20 per share.
_ __
B O N D S , A c .— 1st M . bonds application to list, V . 86 , p . 9 24; V . 88 , p .
451; V . 89, p . 162; V . 9 1 . p . 38, 1253; in 1919 sold additional $ 1 ,1 5 0 ,0 0 0 .
V . 108, p . 2329. Th e 5 % Improvement A E quip, bonds of 1910 are lim ited
to $ 12,000 per mile (excl. sidings) owned. V . 9 1 , p . 5 8 8 ,1 2 5 3 ; V . 9 5 , D. 175.
The 1st lien & ref. m tge. gold bonds, Series A and B , are secured b y the
pledge of $ 4 ,0 0 0 ,0 0 0 (entire issue) C am aguey & N uevitas R y . (Ferrocarril
de C am aguey y N uevitas) 1st M tg e . 7 ) 4 % bonds, due D ec. 1 2021 , or prior
thereto, on demand, and $3 ,9 5 6 ,0 0 0 Cuba R R . Im p t. & E q uip. M tg e . 5 %
bonds, due I960, in addition to being secured (in the opinion o f counsel) by
direct m tge. on entire property o f C uba R R . C o ., and there will be pledged
all o f the 1st m tge. bonds and capital stock o f the Ferrocarril Espirituano
(Espirituano R R .) , which is a well-constructed standard-gauge railroad
approximately 42 kilometers in length, extending from Sancti Spiritus to
the Port of Tunis de Zaza.
R E P O R T .— For year ending June 30 1926, in V . 123, p . 1244, showed:
June 30
Gross
G ross
In terest
P r e f .D iv s. C om m on Balan ce,
Y ea rs—
E a rn in g s. I n c o m e.
Ch arges.
( 6 % ) D ivid en d s. S u rp lu s.
S
$
$
$
$
$
1 9 25 -26______ 16 ,6 0 5 ,7 6 4 4 ,9 8 2 ,4 6 4 1,3 7 3 ,3 0 7 6 00,000 2 ,6 5 0 ,0 0 0 3 59,157
1924 -25______ 1 9 ,511,046 6 ,4 2 2 ,8 2 8 1 ,4 7 7 ,3 0 8 6 00,000 3 ,9 5 0 ,0 0 0 39 5 ,5 2 0
1923-24______ 14,384,257 5,0 1 2 .3 8 0 1 ,485,985 600,000 2 ,0 0 0 ,0 0 0 926,395
1922-23______14,146,198 4,6 6 9 ,4 8 0 1 ,540,272 600,000
_______ 2,5 2 9 ,2 0 7
1921-22______1 1 ,722,972 3,2 3 2 ,2 8 6 1 ,685,842 600,000
----------946,444
O F F IC E R S .— Chairman & Pres., Horatio S. Rubens Sec., W m . H .
Baker; T reas., Thom as L . Clear. Corporate office, 83 M ontgom ery S t.,
Jersey C ity , N . J .; general offices, 3007 Grand Central Term inal Building,
N ew Y o rk ; Secretary’s office, 441 Lexington A v e ., N ew Y o r k .— (V . 123, p.
2650.)
C U M B E R L A N D & P E N N S Y ? V A N IA R R .— Owns from Cumberland*
M d ., to Piedm ont, W . V a ., and several branches, 51 miles. Owned b y the
Consolidation Coal C o ., which owns all the $ 1 ,500,000 stock. The I .-S . C .
Commission has placed a final valuation of $ 4 ,1 0 5 ,7 0 0 on the property of
the com pany as o f June 30 1918. Pres., C . W . W atson; Sec. & I r e a s .,
H . H . W arfield.— (V . 123, p . 1629.)
C U M B E R L A N D R A I L W A Y & C O A L C O.— Owns road from Springhffl
Jet. to Springhll) Coal Mines, N . S ., and Parrsboro on the B ay of F undy,
82 miles; also ooal aores, timber lands, A c. The Dominion Steel Corpora­
tion late In 1910 arranged to acquire the $1,00 0 ,0 0 0 stock, the $ 979 ,00 0 6 %
bonds being exchanged for $ 1 ,1 6 7 ,0 0 0 5s guaranteed by Steel C orp. Issued
under a m tge. for $ 3 ,0 0 0 ,0 0 0 providing for future requirements. V . 9 1 , p .
1629. 1766: V . 92, p. 186, 1435; V . 9 7 , p. 1583 Leased to D om inion C oal
C o .— (V . 117, p . 1346.)
D A Y T O N & M IC H IG A N R R .— Owns D ayton , O ., to Toledo June., O
140.87 miles. Leased M a y 1 1863 in perpetuity to C in. H am . Sc D ayton
(assumed by Toledo & Cincinnati R R . C o .). Lease modified June 23
H 870.
Rental is maintenance o f organization, interest on bonds and 8 %
on preferred stock and 3L 5% on com m on. Guaranty on preferred is
secured by m tge. of 1871, but the pref. carries no voting power. V . 561
p. 813. M tg e . of 1856 is held alive under m tge. of 1881. V . 9 1 , p . 1446,
V .9 2 ,p . 118. Status o f stock and bonds was undisturbed by plan o f 1916,
by which B . & O . R R took over possession, under lease, along w ith main
line of C in. H am . & D a y to n .— (V . 9 2 , p. 526.)
D A Y T O N U N IO N R Y .— Union depot at D ayton , O . Used b y Pennsyl­
vania R R ., Cleve. C in. C hic. & St. L ., B alt. & Ohio R R ., D ayton & Union
R R . and Erie R R ., under lease which provides that interest on bonds and
other expenses be divided between them on train basis. Stock, au th .,
$500,000; outstanding, $321 ,00 0, all com m on. P res., B . M cK een , St.
Louis, M o .; Sec., S. H . Church, Pittsburgh, P a .— (V . 89, p . 1347.)
D E L A W A R E R A I L R O A D C O - (T H E ) — (See M a p s P enn sylvania R R .)—
Shellpot Crossing, D e l., to Delm ar, D e l., 95.20 miles; branches, Centreville,
M d ., to Townsend, D e l., 3 4 .9 8 miles; C layton, D e l., to Oxford, M d ., 54.27
miles; Seaford, D e l., to Cam bridge, M d .. 3 2 .9 6 miles; M assey, M d ., to
south o f Chestertown, M d , 2 0 .5 2 miles; other branches, 7 .2 2 miles; total,
245.22 miles.
Leased to Philadelphia Baltimore A W ashington (whloh owns $2 ,7 0 4 ,6 0 0
of the stock) for 99 years from Moh. 1 1910 at a guaranteed rental of 8 % on
the stook, a special stock dividend of 7 0 % being paid Feb. 28 1910; also a
•pedal cash dividend of 2 0 % and an extra cash dividend of 5 %
For cal. year 1925, rental, $423 ,55 1; other income, $ 45,746 ; charges,
$57,515; divs. (8 % ) . $406 ,26 2; b a l., sur. $ 5 ,5 1 9 .— (V . 118, p . 430.)

C U B A R A I L R O A D C O . (T H E ).— Incorp. M a y 1 1902. Owns from
Santa Clara, C uba, to Santiago de C uba, 356 miles; M arti-B ayam o San Luis
line, 141 miles; Trinidad lines, 56 miles; 9 branches, 215 miles; total June 30
1926, 769 miles. In N o v . 1915 purchased the entire $ 2 ,000,000 capitalstock
o f the Cam aguey & N uevitas R r ., which on Jan. 8 1923 was increased to
$ 5 ,0 0 0 ,0 0 0 , all of which was owned b y C uba R R . C o. This stock has been
sold to Consolidated R R s . of C uba. Th e stockholders on A u g. 22 1924
authorized the purchase o f the assets o f the Cam aguey & N uevitas R y .
and this authorization was duly carried into effect. T h e Cuba R R . C o .
D E L A W A R E & B O U N D B R O O K R R .— Bound Brook June. (C en t. R B .
assumed $4 ,0 0 0 ,0 0 0 bonds o f the Cam aguey & N uevitas R y ., all o f which
N . J.) to Delaware River. 2 7 .8 6 miles; branch to Trenton, 3 .7 4 m .; East
are owned b y the C uba R R . C o.
Trenton R R ., 3 .0 5 m .; total, 34.6 7 miles. Total track, including 2d , 3d
and 4th tracks, sidings. See., 123.33 miles. In M a y 1879 leased for 990 year*
S T O C K .— The stockholders on June 27 1923 Increased the auth. Com m on
to Phlla. A Reading. R ental, $ 2 1 3 ,1 0 7 .5 0 , paying Interest and 8 % on
stock from 200,000 shares, par $ 100, to 1 , 000,000 shares, no par value.
5 0 0,000 shares o f no par value stock being issued in place o f the then stock .— (V . 8 1 , p . 210.)




Nov., 1926.]

R A IL R O A D C O M P A N IE S
[F or abbreviation s, & c ., see notes o n page 8]

D ela w a re & H u d s o n — Stock $ 5 5 ,7 1 1 ,5 0 0 (text)--------Adirondack 1st M gold guar p & i end___ U s.zc*& r
Ist& refM $5 0 ,0 0 0 ,0 0 0 g s f red 107 X ________ xc*& r*
Convertible bonds gold redeemable tex t_____________
Secured gold bonds_______________________U sm .c*& r*
16-year gold bonds red (te x t)---------- U sm .xxxc*& r*
Equipm ent gold notes Series “ A ” due $265 ,40 0 ann
United States Governm ent note_______________________
G uaranteed Bonds—
B lu ff Point Land Improvement C o 1st M g g u ..z c *
U tica Clinton & Binghamton RR first mortgage------Albany & Susquehanna R R first mortgage--------------W ilkes-Barre Conn R R 1st & im pt m tge (guaranteed
jointly with Pennsylvania R R ) --------------------------Obateaugay Ore & Iron C o refunding first mortgage
D elaw are Lacka & W e s te rn — Stockauth $ 87,2 7 7 ,0 0 0
Bangor & Portland mortgages gold--------------------------- x

M iles Date
Road . Bonds

Par
Value

A m ount
O utstanding

R ate

W h en
P a yable

%

$100 $42,868 ,100
57
825

1892
1,000
1908 1,000 &c
500 &c
1915
500 &c
1920
1922 500&1000
1920
1922
1890
1889
1906

10, 000,000

1917
1902
'8 0 - ’86

30 0 .0 0 0
8 0 0.000

4
5

J
J
g A

2 .1 8 6 .0 0 0
5
4
1 ,300,000
87,27 7 ,0 0 0 See text
32 0 ,0 0 0
6 g

M
J

&
&
&

L a st D ivid en d
and M a tu r ity

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

D ec 20 ’ 26 2 H Office, 32 N assau S t ,N Y
M ar 1 1942
do
do
M a y l 1943
do
do
do
do
O ct 1 1935
Ju n el 1930
do
do
do
do
M a y l 1937
To Jan 15 1935 Guaranty T rust C o , N Y
M ar 1 1930

Q— M
9
1 , 000,000
4K g M &
M &
3 9 .0 0 0 .
000 4
A &
5 g
1 3 ,903,350
10. 000.
000 7 g
7 .5 0 0 .0 0 0
5K g M &
J
&
2 ,3 8 8 ,6 0 0
6
iVl &
1.5 0 0 .0 0 0
6

D E L A W A R E A N D H U D S O N C O . (T H E )— ( S e e M a p .) — O peratesB . R .
lines from W ilkes-Barre, P a ., via, Albany and Schenectady to Rouses Point
N . Y . , near the Canadian line, with branches to Bingham ton, T roy, Lake
Placid, N . 1 ., R utland, V t ., and other points, a total of 905.62 miles (of
which 3 3 0 .1 6 owned in fee, 463.82 miles leased or controlled through stock
ownership and 111.64 miles trackage rights, v iz .:
L in es leased— *See these co s. M ile s
Steam L in es ow ned (330 m .)
M ile s
Oarbondale to Scranton,P a.,& br. 22 •Albany & Susquehanna__________ 143
LookoutJct. to H onesdaleJct.,Pa. 28 •Rensselaer & Saratoga___________ 190
Nineveh, N .Y .toJefferson Jet..P a 22 •Chateaugay & Lake Placid R S . . 79
OherryVal.Jct.toCherry V a l. , N . Y . 21 Other leased lines___________________ 52
Schenectady to Delanson. N . Y _ _ 14 •Jefferson R R . (trackage)_______ 35
Greenwich to Greenw’ch J e t .,N .Y 10 Boston & M aine (trackage)_______ 37
Saratoga to North Creek, N . Y . . 57 Other track age.____________________ 40
W hitehall to Rouses P o in t. etc__138
Total operated Jan. 1 1926 ___ 906
Other lines owned__________________18
Second track, 3 71.42 miles; third track, 53.02 miles; fourth track, 18.79
miles; industrial tracks, yard track and sidings, & c ., 673.89 miles.
Also leases Utica Clinton & Bingh. and R om e & Clinton R R ., 44 miles,
which are sublet to N . Y . O nt. & W . V . 116. p. 1760, 2128.
The stockholders on Sept. 8 1925 approved the lease by the com pany
o f the Buffalo Rochester & Pittsburgh R y . for a period o f 999 years. Under
the terms o f the lease both the common and preferred stockholders o f 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.
H I S T O R Y .— Incorporated April 23 1823 as “ The President, Managers
and Com pany of The Delaware and Hudson Canal C om pan y” ; name
changed April 28 1899.
A leading carrier o f anthracite coal (V . 8 6 , p . 913: V . 105, p . 2093
A ll coal produced from the com pany’s mines is sold at the pit m outh to
the Hudson Coal C o . (V . 8 9 , p . 1449 ). The canal was abandoned and the
cost charged off In 1898. The old “ G ravity” road, built in 1829, was
broadened to standard gauge and opened for regular service in 1900. The
companies taken in by merger include: Adirondack R y ., Schen. & D uanesb.
R R ., N . Y . & Canada R y .. Cherry Valley Sharon & Albany R R .
Tentative valuation, 895,8 3 4 .9 7 9 as o f June 30 1916
V . 116. p . 1648,
2255, 2766; V . 117, p. 324, 1347; V . 119, p. 2406; V . 120, p. 205; V . 121.
p . 1786.
A llie d P rop erties.— (a) Entire capital stocks owned: Quebec M ontreal A
Southern R y. C o ., Napterville Junction R.v C o . Greenwich & Jobnsonville R y . C o ., Schoharie Valley R y . C o . and United Trac. C o .; (b) one-half
the stock owned; W ilkes-Barre Connecting R R . C o . 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.
Th e stockholders in June 1925 approved the recommendation o f the
managers to transfer to a corporation or corporations, all o f whose stock
shall be owned by The Delaware & Hudson C o ., all or any of the anthracite
lands and interest therein belonging to it and all or any real and personal
property owned or controlled b y 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 o f the
stock, bonds or other securities o f the purchasing corporation or corpora­
tions, or otherwise, as the Board o f M anagers m ay deem adequate and
advantageous.”
The stockholders at a special meeting O ct. 25 1926 approved the extension
of authority to the board of managers to transfer to a separate corporation
the com pany’s transportation properties and allied interests. The new
corporation will be under Delaware & Hudson ownership and the name of
the Delaware & H udson C o. will be preserved. V . 123, p . 2256 .
Albany A Susq. siooKnoldera were neia oy nlgher Federal courts to be en
titled to the saving of interest effected by the refunding at 3 H % o f the re­
maining $7,050,000 of the $ 1 0 ,000 ,000 issue of Albany & Susquehanna
R R . C o. 7 % bonds, Increasing the yearly rental paid.
V . 8 5 , 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. T o April 1 1916, when the conversion privilege
expired, $3,556,000 A . & S. bonds had been exchanged for D . & H . stock.
See Albany & Susquehanna.
Sinking F u n d .— The sinking fund, created M a y 9 1899 and amended
M a y 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 D ec. 31
1925, which amount has been applied to the purchase and retirement of
$1 ,2 8 8 ,5 0 0 of the capital stock (in 1900 to 1906) and in part to the purchase
o f coal lands in the W yom ing and Schuylkill regions.
D I V S .—
('8 7 . '88. 89 to 96. '97 to 00. 01 to '06. '07 to D e c . 2 0 ’26
Since 1 8 8 6 -.% j 5
6
7 yearly
5 yearly.
7 yearly. 9 y r ly Q -M 2 J £ %
B O N D S , & c.— On M a y 12 1908 stockholders authorized a First & Ref
M tg e . for $50,000 ,000 . bearing not over 4 % int. and running 35 years, and
subject to redemption as an entirety only at 107 M on any lnt. day, beginning
M ay 1 1918. One per cent of the amount of bonds outstanding Is to be paid
to the trustee June 1 annually from 1909 to 1942, to be used to purchase
bonds or for improvements and extensions. O f the issue, $39,0 0 0 ,0 0 0 are
outstanding in the hands o f the public, $10,0 0 0 ,0 0 0 are pledged and the re­
maining $ 1 ,0 0 0 ,0 0 0 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,
4 8 0 , 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.
T h e stockholders on Sept. 30 1915 authorized the issuance of $14,451 ,000
20-year 5 % bonds, which were offered to stockholders The bonds m ay at
option o f holders at any time up to O ct. 1 1927 be converted into paid-up
shares o f capital stock at the rate of $1,500 bonds for ten shares of stock
(with an adjustment of interest and dividend). The entire issue, but not
a part, m ay be called for redemption at 105 and int. on any semi-ann. in­
terest day on 90 days’ notice, but if so called during the conversion period
the bonds m ay 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 $ 1 0 ,0 0 0 ,0 0 0 7 % secured gold bonds of 1920 are secured by deposit
and pledge with trustee o f the following: (1) $10,0 0 0 ,0 0 0 D e l. & Hudson
1st & R ef, 48 Of I 943; (2) $3 ,5 0 0 ,0 0 0 Albany & Susq. R R . 1st 3J4s o f 1946:




51

RAILW AY STOCKS AND BONDS

J Jan 1 1940
J July 1 1939
O Apr 1 1946

& N
& J
Q— J
J
& J

Office, 32 N assau S t ,N Y
N ew Y o rk Trust C o , N Y
Office, 32 N assau S t .N Y

M a y l 1947
do
do
do
do
Jan 1 1942
O ct 29 ’2 6 , 3 % 90 W est St, N ew York
do
do
1930-1936

(3) $ 1 ,0 0 0 ,0 0 0 W ilkes-Barre Connecting R R . 1st & Im prov. 5s, due M a y 1
1947 (principal and interest guaranteed jointly and severally, b y endorse­
m ent, by Pennsylvania R R . and Delaware & Hudson C o . ; (4) $5 0 0 ,0 0 0
Rensselaer & Saratoga R R . Guaranteed stock; (5) $ 400 ,00 0 Albany 8s
Susq. R R . Guaranteed stock.
The $7 ,5 0 0 ,0 0 0 15-year 5 H % gold bonds due M a y 1 1937 are redeemable
as a whole only on M a y 1 1932 at 105 and interest, and thereafter at
less for each 6 m os. from M a y 1 1932 to redemption date. V . 114, p . 1408.
Guarantees interest on $ 2,00o ,000 Rensselaer & Saratoga 1st M tg e . 6s,
due M a y 1 1941. V . 112. d . 1865 ,1 9 7 7
Equipm ent trusts Issued to Director-General for rolling stock allo­
cated to this com pany. See article on page 3 and V . 113, p. 1470.
Governm ent loan. V , 111. p. 6 92, 1851.
R E P O R T .— For 1925, in V . 122, p . 2637, showed:
1925
1924
1923.
1922.
Transportation o f m d s e .$ 1 7 ,0 0 7 4 8 9 $ 1 6,314 ,917 $16,2 2 0 ,2 0 0 $15,5 5 7 ,2 2 2
Transportation o f c o a l..
17,772,850 22 ,3 0 8 ,4 2 8 24 ,3 2 9 ,8 1 2 15,276,651
5 ,7 5 2 ,3 6 0
5 ,8 3 2 ,3 8 8
4,9 9 9 ,9 7 2
4 ,7 2 3 ,0 0 5
Passengers_______________
M iscellaneou s___________
1 ,237,092
557,255
1,776,467
2 ,2 6 6 ,3 7 9
T otal oper. r e v e n u e ..$41,769 ,491 $4 5 ,0 1 2 ,9 8 8 $ 4 7,320 ,452 $37,823 ,256
M ain t. o f w ay, & c_______ $ 4 ,7 1 3 ,8 9 4 $ 5 ,3 2 8 ,9 1 0 $ 4 ,414,384 $ 5 ,140,223
M ain t. o f e q u ip m e n t ... 1 1 ,121,308 1 2 ,200,672 13,114,203 11,590,317
T r a f fi c ___________________
609,370
5 74,235
486,676
526,017
Transportation__________ 1 5 ,499,877 16,68 8 ,2 5 7 19,366,915 16,085,687
General, & c., ex p en ses.. 2 ,0 8 5 ,6 7 7
1,935,852
1 ,970,062
2 ,2 7 2 ,8 0 9
Total oper. ex p e n se s..$ 3 4 ,0 3 0 ,1 2 6 $ 3 6 ,7 2 7 ,9 2 6 $39,3 5 2 ,2 4 0 $35,6 1 5 ,0 5 3
N e t earns, before t a x e s .. $ 7 ,7 3 9 ,3 6 5 $8 ,2 8 5 ,0 6 2 $7,96 8 ,2 1 2 $ 2 ,2 0 8 ,2 0 3
Other In com e—
Hire o f freight cars______
$194 ,51 2
$595 ,40 9 D r$262,635 D r$65,052
R ent freight equipm ent.
175,837
148,313
164,454
2 2 4,380
Joint facility rents______
178,725
167,825
180,133
122,804
Gross ry . oper. income $ 8 ,2 8 8 ,4 3 9
Railway tax a c c r u a ls ... $ 1 ,1 3 6 ,7 4 6
Uncollectible ry. revenue
3 ,7 5 4
R ent for equipm ent____
58,331
Joint facility rents______
37 4 ,1 6 5
N e t ry. oper. incom e. $ 6 ,7 1 5 ,4 4 2
N o n -o p era tin g In co m e—
Income from leased road
$9 1 ,3 9 5
M iscell. rent incom e____
7 3,422
M isc. non-op. p hys. prop
1 ,265,865
1,2 7 9 ,2 3 6
Dividend incom e________
Inc. fro m fu n d . secs, and
unfund. secs. & acc ts.
516,672
Miscellaneous i n c o m e ... 2 ,1 8 6 ,0 0 9

$9 ,1 9 6 ,6 0 8 $8 ,0 5 0 ,1 6 5
$ 1 ,4 3 7 ,1 8 0 $1 ,1 1 9 ,3 5 8
11,404
11,095
76 ,7 1 7
85 ,5 5 6
3 62,543
38 4 ,0 2 9

$ 2 ,4 9 0 ,3 3 4
$932,416
11,361
76,784
356,923

$ 7 ,3 0 8 ,7 6 4

$ 6 ,4 5 0 ,0 2 6

$ 1 ,112,850

$9 1 ,3 8 9
72,7 1 8
2 ,1 7 3 ,1 4 7
1 ,436,603

$ 91,389
108,520
1,9 2 4 ,4 5 4
1 ,412,606

$101 ,83 2
68,151
10,673
1,282,295

293,207
1,7 9 5 ,5 6 5

2 8 5,300
1,511,192

336,559
1,981,245

Gross incom e__________$12,128 ,041 $13,1 7 1 ,3 9 3 $11,7 8 3 ,4 8 7 $ 4 ,893,606
D ed u ction s—
R ent for leased r o a d s ...
$1 ,9 0 4 ,1 5 2 $ 1 ,8 5 5 ,0 3 4 $ 1 ,8 4 3 ,8 1 0 $ 1 ,836,949
Interest on funded d e b t.
3 ,6 0 2 ,1 1 3 3,4 6 4 ,7 7 1
3 ,4 7 9 ,5 9 2
3 ,427,066
In t. on unfunded d e b t ..
1 8 3 ,9S5
169,790
160,718
70 ,6 0 2
M iscellaneou s___________
1,5 3 0 ,0 8 2
1 ,864,422
1 ,587,667
3 4,990
N et incom e___________ $ 4 ,9 0 7 ,7 0 8 $5 ,8 1 7 ,3 7 6 $4 ,7 1 1 ,6 9 9 loss$476,000
O F F IC E R S .— L . F . Loree, Pres., N . Y . C ity; W . H . W illiam s, O . A .
Peabody, N . Y . C ity, V ice-P res.: F . P . Gutelius, M ontreal, Resident V .- P .;
J. T . Loree, Albany, V .-P . & G en. M g r .; F . W . L eam y, A sst, to Pres. &
A sst. Sec.; J. W . C oon, Sec.; W . H . D avies, T reas.; W . E . Eppler, Com p­
troller. N . Y . C ity .
Board o f M a n a g e r s .— Chauncev M . D enew , Charles A . Peabody, Leonor
F . Loree, Cornelius Vanderbilt, Edward R . Harriman, E . H . Outerbridge,
John T . Pratt, all of N ew York; Percy H . Stewart, Plainfield, N . J .; Robert
C . Pruyn, Albany, N . Y . ; W illiam H . W illiam s, Lyon M ountain, N . Y . ;
Henry W . D e Forest, Oyster B a y , N . Y . ; Charles S. W eston, Scranton, P a .;
John W . M ettler, East M illstone, N . J. O ffice, 32 Nassau S t., N . Y . —
(V . 123, p . 2650.)
D E L A W A R E L A C K A W A N N A A N D W E S T E R N R R . C O . (T H E ) .—
Operates main line from Hoboken, N . J ., opposite N ew York C it y ,, to
Buffalo, N . Y . , with branches to anthracite region, & c., viz. (*see this co):
L in es Owned—
M ile s
L in es L eased (C on cl.) —
M it e s .
S . J. State line to N . Y . line____ 111 •Oswego & Syracuse_______________ 35
Branch to Northum berland______80
•Syracuse Binghamton & N . Y _ . 81
Erie & Central N . Y .C V .96.P .202) 18 •Utica Chenango & Susquehanna 97
Bangor * Portland R y _______ . . . 38 •Valley R R . of New Y o rk _______ 11
Other lines owned________________
8 Sussex Railroad___________________ 31
L in es Leased— (See each oo.)—
•Lackawanna R R . of N. J__ ._
27
•Morris & Essex and leased brohs.176
L in es Controlled and O perated—
•N. Y . Laokawanna & W e s te r n ..2 1 4 Lackawanna & Montrose R R ____ 11
•Cayuga & Susquehanna__________ 34
Greene Railroad
Total operated_______________
033
Tentative V a lua tion.— The I .-S . C . C om m ission has placed a tentative
valuation o f $95,2 1 7 ,2 0 0 on the owned and $231 ,04 4,44 2 on the used prop­
erty o f the company as o f June 30 1918.
H I S T O R Y , & c.— cnartered In 1832, present title assumed in 1853.
In June 1909 tne D . L . & W . Coal Co. was Incorporated with $ 8 ,8 0 0 ,0 0 0
authorized stock, to aot as selling agent for the com pany’s coal In Pennsyl­
vania, the railroad stockholders being permitted to subscribe for Its stock
See extra dividend below, also that com pany’s caption under M lscel. C os.
United States Supreme Court on June 21 1915 In the suit brought by
the Government held that the com pany, under the contract o f A u g . 2 1909,
violated the commodities clause of the Hepburn A ct and the Sherman anti­
trust law (V . 100, p. 2114; V . 101, p. 17). In Its relations with t h e D . L . & W .
Coal C o. A new contract was arranged. V . 101, d . 47.
The company on Sept. 17 1920 submitted to the I .- 8 . O . Commission »
plan for the segregation of its coal properties and the operation of its m l n f
owned, as distinct enterprises from its railroad properties
The Comission,
in April 1921 authorized the companv to issue $45,0 0 0 ,0 0 0 common stock

52




RAILW AY STOCKS AND BONDS

[V ol. 123,

Nov., 1926.]

53

RAILW AY STOCKS AND BONDS

R A IL R O A D C O M P A N IE S
[For abbreviation s, & c ., see notes on page 81

M il e s
Road

10
D el R iv RR & B rid ge— 1st M g g u p & i s f l % -G P .x c *
D enver & R io G r a n d e W e s te r n —
C om m on stock (see tex t)—
. ----------------------------Pref stock 6 % cum red 105 $1 7 ,0 0 0 ,0 0 0 auth----------text
R ef & im pt m tge g Series “ A ” red (text)---------------- Gen m tge s f g (inc bonds until Feb 1 1929) red 105 text
Equip trust ctfs due $ 300 ,00 0 annually — xxxc*
Bonds o f old D en ver & R io G rande RR—
First consol M $ 4 2 ,0 0 0 ,0 0 0 now 1st M g -U s .x c * & r (1,647
11.647
Improvem ent M ($5,000 per mile) g o ld ..U s .x c * & r 1,647
699
Rio Grande W estern 1st M g o ld (V 6 9 ,p 2 8 4 )-C e -zc *
699
First cons m tge redeem at par (see text) g .G .x c *
62
Rio Grande Junction 1st M tg e guar-----------C e.xc *

D a te
Bonds

1896

1886
1898
1888
1889
1899
1889

L a st D ivid en d
and M a tu r ity

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

100 &c
1,000

Rate
%

$1,11 7 ,0 0 0

$1 ,0 0 0
100

1924
1924
1923

W h en
P a yable

Am oun t
O utstand ing

P ar
Value

4 g

F

&

A Aug 1 1936

See text
15,764,400
2 ,0 0 0 ,0 0 0
29 .8 0 8 .0 0 0
3 .6 0 0 .0 0 0

6 g
5 g
5J4

A
F
M

&
&
&

O Oct 1 1974
A Aug 1 1955
S T o M ar 1 1938 New York

J
4 g
4H g J
J
5 g
J
4 g
A
4 g
J
5 g

&
&
&
&
&
&

J
J
D
J
O
D

500 &c v34,125,000
6 .3 8 2 .0 0 0
1,000
8.3 3 5 .0 0 0
500
1.000 &c 15.190.000
1.000 &c y l5 ,0 8 0 ,0 0 0
2 ,0 0 0 ,0 0 0
1,000

Jan 1
Jan 1
Ju n el
July 1
Apr 1
D ec 1

1936
1936
1928
1939
1949
1939

Pa R R C o , Phila 4 N T

National Park B a n k .N
National Park B an k .N
National Park B an k .N
Guaranty Trust O o, N
Guaranty Trust C o , N
M aitland, C oppell, N

Y
Y
Y
Y
Y
Y

v-x-y Additional am ounts held in treasury or by trust ees D e c . 3 1 ’ 2 5. v iz .: v $ 1 ,4 4 5 ,0 0 0 ; y $ l ,3 9 5 , 000.

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 Oo.
for $ 6 0 ,000 ,000 . Compare V . 112. p. 2190.
D IV I D E N D S —
11909. 1910 to 1920. 1921. 1922. 1923. 1924. 1925.
Per c e n t . .................... \ 70
2 0 % yearly
16
17
12
12
14
Paid in 1926: Jan. 20, 3 % quar. and 2 % extra; April 20, 3 % ; July 20
3 % ; O ct. 29, 3 % .
July 1909 paid special cash dividend 5 0 % one-hall applicable, 11 desired,
to subscription of stook o? new D. L . & W . Coal Co selling agenoy; also
paid 1 5 % stook dividend A u g. 2 1909. and In Dec. 1911 3 5 % In 4 % guar
•tock of Lack. R R . of N . J. V 89. p. 41, 224; V . 93. p. 1323: V . 94. p .5 4 9 .
On A u g. 20 1921 paid a stock dividend o f 1 0 0 % . V . 113, p . 531.
R E P O R T .— For 1925, in V . 122, p . 2223, showed:
1922.
1923.
1924.
1925.
Y ea rs ending D e c . 31
C o a l _______________ ______ $ 1 7 ,757 ,554 $ 2 3,576 ,425 $ 2 5 ,151 ,010 $14,294,191
Merchandise freight____ 42,09 1 ,0 6 4 3 9 ,874,878 3 9 ,085,364 37,26 2 ,5 1 6
13,600,454 14,185,914 13,960,681
Passengers_______________ 13,628,673
8 ,1 0 4 ,9 5 6
9,814,686
9,675,427
M ail, express, & c_______ 10,157,766
G r o s s __________________ $ 8 3 ,635 ,056 $ 8 6,727 ,184 $88,236 ,974 $ 7 4 ,622 ,344
Operating incom e________$ 1 4,402 ,022 $ 1 5 ,328 ,663 $12,751 ,170 $6,04 6 ,2 8 7
4 3,847
Coal department ( n e t ) ._
_______
D r .164
418
10,757,928
5 ,700,507
6,320,878
Other miscell. incom e____ 6,6 0 8 ,5 3 0
Total net incom e_$ 2 1 ,010 ,552
$ 2 1,029 ,006 $19,0 7 2 ,4 6 6 $ 1 6 ,848 ,062
Interest and rentals_$ 6 ,5 3 9 ,3 7 9
$6,321,761
$6,06 8 ,5 1 4 $5,62 8 ,1 7 2
Renewals & betterments
9 14,876
569,808
503,136
732,537
Miscellaneous debits___
40,9 7 8
38,377
122,814
11,425
D iv id e n d s ________ 11,821,754
11,821,754
10,132,932 10,132,932
Balance, surplus______$ 1 ,6 9 3 ,5 6 4 $2 ,2 7 7 ,3 0 6 $2 ,2 4 5 ,0 6 9
$342,997
For latest earnings, see “ Railway Earnings Section” (issued m onthly).
O F F IC E R S .— Chairman Board o f M anagers, W . H . Truesdale; Pres.
John M . D avis; V .-P . & G en. M g r ., E . M . Rine; V .-P . & Gen. Counsel,
W . S. Jenney; V .-P ., P . J. Flynn; Sec. & Treas., W . G . Van D e W ater;
Gen. A u d ., R . B . Ferguson; C o m p t., G . E . H ustis.
D IR E C T O R S .— W . S. Jenney, Paul M oore, W m . H . Truesdale. G eo. F.
Baker, Jr., M . H . Dodge, Beekman W inthrop, W illiam Fahnestock, J. F .
Talm adge, Samuel Sloan, P . R . P yne, Henry B . Spencer, R oy C . Gasser,
Frank R ysavy, Clarence M . W ooley, Lowell R . Burch, Horace H avem eyer.
O ffice. 90 W est S t .. N ew Y o rk .— (V . 123, p . 2515.)
D E L A W A R E & NORTHERN R R — East Branch to Arkville, 38 miles
Incorp. in N . Y . Oct. 14 1911 as a reorganization of D el. & Eastern R R .,
foreclosed per plan V . 9 3 , p . 588. Stock, com m on, $1,0 0 0 ,0 0 0 ; 6 % cum.
pref , $250 ,00 0: par, $100. N o bonds. The I .-S . C . Commission has
placed a final valuation o f $1 ,4 1 7 ,2 1 0 on the properties o f the company,
as o f June 30 1916.
Pres., Andrew M . M oreland; Sec. & Treas., Howard Feist; A sst. Sec. &
A n d ., H . G . Eckert. O ffice, M argaretville, N . Y . — (V . 122, p . 2646.)
D E LA W A R E R IV E R R R . & BRID GE CO.— Franklord Jot.. P a ., to
Haddonfield, N . J ., and branches. 9 .52 miles.
Capital stock, $ 1 ,3 0 0 ,0 0 0 , all owned by Penn. R R ., which guarantees
bonds, prin. & in t., by en d ., and in April 1918 had arranged to take a lease
of the property, paying as rental a sum equal to 6 % on the stock, taxes and
fixed charges. V . 106, p. 2228; V . 63. p. 1062. 1159; V . 8 9 , p. 1596
D I V 8 .—
'06”'0 7 . ’0 8 . ’0 9 -’ 10. ’ l l . T 2 -’ 13. ’ 14. '1 5 .
1916-25
Per c e n t -------5 y 'ly
6
6 y ’ly
6
6 y ’ly
4
4
6 % yrly
— (V . 101, p . 207 1; V . 102. p . 1540; V . 106 , p . 2 2 2 8 .)
D E N V E R A N D R IO G R A N D E W E S T E R N R R . C O . (T H E ) .— Milea
Road owned and operated_____ 2,4551
Of the preceding;
Oper. under trackage rights
Standard gauge_________________ 1,711
or contract____________________ 1 2 0 1Narrow gauge on ly______________ 864
Total operated_______________2,5751
H I S T O R Y .— Incorp. in D ela. N o v . 15 1920 as successor to the Denver
& Rio Grande R R .
On July 21 1922 a receiver was appointed for the Denver and Rio Grande
Western R R . System by the U . S. D i(trict Court for Colorado in suits to
foreclose the 1st & ref. m tge. and the adjustm ent m tge. o f the Denver and
R io Grande R R . C o. (the old Denver com p any), and there were transferred
to the receiver at the same time cash and cash items and certain properties
o f the Denver and Rio Grande W estern R R . C o . 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 O ct. 29
1924 the properties constituting the D enver and Rio Grande W estern R R .
System were sold at public auction and were purchased b y representatives
o f the reorganization managers under the reorganization plan. Th e.
purchasers afterwards assigned all their rights to the railroad com pany.
Said sale was confirmed by the court on N o v . 20 1924 and at 12:01 a. m .
on D ec. 20 1924 the railroad com pany resumed possession and operation
o f the property.
B O N D S .— R efund ing & I m p t. B o n d s.— T o be secured by a m tge. which
will be a lien (subject only to existing liens of underlying bonds and to liens
subject to which after-acquired properties m ay be acquired) on all o f 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 m ay be issued in separate
series, maturing on same or different dates and bearing same or different
rates of int. and other provisions determined by directors at time o f issuance.
T h e mortgage securing the ref. & Impt. bonds shall authorize the issue
thereunder by the new company of such principal am ount o f bonds, at any
one time outstanding, not exceeding $15 0 ,0 0 0 ,0 0 0 , as determined by the
directors. O f the bonds so authorized there shall be reserved to refund
underlying bonds a principal amount equal to 1 0 5 % of the principal amount
o f underlying bonds (now $81,112 ,000 ) from time to time outstanding.
The I .-S . O . Commission on N o v . 1 1924 authorized the company to issue
$3 ,0 0 0 ,0 0 0 ref. & im pt. m tge. 6 % bonds, series “ A " ; said bonds to be




sold at not less than par and interest. T h e bonds will be designated5
series “ A , ” will be dated O ct. 1 1924, will bear int. at rate o f 6 % per annum
will be redeemable, in whole or in part, on or after O ct. 1 1934 at 107 J^and'
in t., and will m ature O ct. 1 1974.
G en . M tg e. Bon ds.— Lim ited to the total authorized am ount o f not ex
ceeding $ 3 0 ,0 0 0 ,0 0 0 , m aturing A u g . 1 1955 and bearing 5 % in t ., payable'
sem i-ann. from F eb. 1 1924 . Bonds will be secured by a m ortgage subject!
and subordinate to the ref. & im p t. m tge. and co-extensive therewith as
to property and rights covered.
The general mortgage will contain further provisions to the effect that
(a) general m ortgage bonds shall be redeemable, all or part, at any time
at 105 and interest; (6) new com pany shall pa y, on or before M a y 1 in
each year, so long as any o f the general m ortgage bonds shall be out­
standing, an am ount equal to 1 % o f the m axim um am ount o f general
m tge. bonds at any one time issued and outstanding, such paym ents 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, o f gen. m tge. bonds, all bonds purchased
or called fbr 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 F eb. 1 1929 the
gen . m tg e . bonds shall be income bonds, cumulative from F e b . 1 1924, to the
full extent of 5 % per an n .; the paym ent o f the int. accruing on the gen.
m tge. 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 an y), shall be paid to the extent that in the reasonable discretion
of the directors o f the new company such paym ent is not inconsistent with
due regard for the protection o f the property o f the new company and the
maintenance o f efficient service thereon. Commencing Feb. 1 1929, int.
upon the gen. m tge. bonds accruing from and after that date shall be a
fixed charge o f the new com p any.”
N o interest payments were made on M a y 1 1925, N o v . 1 1925, M a y 1
1926 or N o v . 1 1926.
The directors on M arch 30 1926 authorized the paym ent on M a y 1 1926
of the full amount of the sinking fund under the general mortgage for the
two-year period ending D ec. 31 1926, amounting to $ 5 9 6 ,1 6 0 .
S T O C K .— P referred Stock.— Authorized, $ 1 7 ,0 0 0 ,0 0 0 (par $ 1 0 0 ). E n ­
titled to receive cumulative dividends at the rate o f 6 % per an num , payable
quarterly. Dividends on the pref. stock shall accrue from F eb . 1 1924.
Redeemable all or part upon 30 d ays’ notice at 105 and dividends.
Th e reorganization plan provided that a preferred stockholders’ com ­
m ittee, consisting o f three m em bers, shall be created. The members shall
hold office for 5 years. The pref. stockholders’ com m ittee at any time when
as m any as four quarterly dividends upon the pref. stock (whether or not
consecutive) shall have accrued and be unpaid, m a y , and at the request in
writing of the holders o f record o f at least 1 0 % o f the then outstanding pref.
stock shall, appoint an accountant familiar with railroad affairs, a banker
and a man o f experience in practical railroad w ork, who shall be given full
access to the books and accounts o f the new com pany and o f its subsidiaries,
and also to the books and accounts o f the U tah Fuel C o . Such appointees
when so required oy tne o ref. stockholders’ com m ittee, shall report their
opinions and conclusions concerning the propriety o f declaring dividends
upon the pref. stock and the proper availability o f moneys therefor, and their
opinions and conclusions as to the carrying out o f the policies prescribed for
the new com pany.
C om m on Stock.— T h e com m on stock possesses full voting rights. T h e
reorganization plan provided for the creation, under a voting trust, o f equal
beneficial interests in the common stock, to De vested in the Missouri
Pacific and the W estern Pacific, each o f which owns 5 0 % (150,000 shares)
of such beneficial stock interests.
R E P O R T .— For 1925,, in V . 122, p . 2638 , showed:
1925.
1924.
1923.
O perating R evenues—
$
$
$
Freight___________________ 26,06 2 ,6 5 5 25,10 7 ,7 4 3 2 5 ,309,886
Passenger________________
4 ,8 7 9 ,2 2 9
5.151,130
5 ,789,354
M ail, express, & c_______
1,845,506
1,921,894
2,553,032
In cid e n ta l_______________
800,050
795,191
890,296
Joint fa c ilit y ____________
4 2,024
35,600
4 4,926

1922.
$
2 5 ,036,212
5 ,585,624
1,8 6 4 ,8 5 8
833,507
3 0 ,3 9 2

Total oper. revenues. 3 3 ,629.463
O perating E xp en ses—
M ain t. o f way & stru ct. .
5,742,197
M ain t. of equipm ent___
5,948,303
T r a ffic ___________________
652,277
Transportation__________ 10,835,670
Miscellaneous operations
623,420
General___________________ 1,042,650
Transp. for invest.—-C r.
50,269

33,01 1 ,5 5 8

3 4 ,587,496

3 3 ,3 5 0 ,5 9 3

6 ,128,432
9,1 5 1 .0 0 8
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

4 ,997,381
7 ,5 7 0 ,1 1 9
543,647
1 1 ,6 1 5 ,1 4 2
618,623:
9 9 8 ,4 0 7 ’
38,513:

Total oper. expenses. _ 24,79 4 ,2 4 9
N et revenue from oper. _ 8,8 3 5 ,2 1 5
Tax a cc ru a ls____________
2,316,092
Uncollectible reve n u es..
7,385

2 8 ,591,457
4 ,420,101
1,986,335
9,837

3 0 ,030,669
4 ,5 5 6 ,8 2 7
1 ,885,130
8,137

26,304,8057 ,0 4 5 ,7 8 9 ’
1 ,8 3 0 ,0 1 5
7 ,706

Total oper. income___
N on -op era tin g I n c o m e Hire o f fr’t cars— rects. .
R ent from equipment___
Joint facility rent income
M iscell. rent income____
M isc.n on-op. phys.prop.
Income from unfunded
securities & accounts.
Miscellaneous income___

6 ,511,738

2,4 2 3 ,9 2 9

2 ,6 6 3 ,5 6 0

5 ,2 0 8 ,0 6 8

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

1,550,614
163,328
4 3 2,024
57,372
16,147

2 ,0 3 9 ,9 7 0
153,585
434,837
58,8 0 7
18,154

1 ,614,654
137,490
4 23,874
4 9 ,0 3 5
1 6,270

90,759
510

62,681
409

48 ,4 8 2
347

64,431
270

T otal non-oper .incomei

2,2 0 4 ,5 6 3
8,716,301

2,2 8 2 ,5 7 6
4 ,7 0 6 ,5 0 4

2,7 5 4 ,1 8 4
5.4 1 7 ,7 4 4

2 ,3 0 6 ,0 2 6
7 ,514,094

54

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 notes on page 8]

M ile s
Road

D en v & S a lt L R R — Stock $ 1 ,7 5 0 ,0 0 0 ________________
Receiver’s (1st lien) ctfs ($ 1 ,5 0 0 ,0 0 0 g call at p a r ..
1st M $ 3 5 ,0 0 0 ,0 0 0 gold redeem 10 5 ____ B a.xc*& r*
text
D o cash int: 3 % , 3 yrs; 4 % , 1 yr; then 5 % ___ x
text
D o cash i n t :4 yrs, 1 , 2 , 3 & 4 % , resp, then 5 % - x
text
Adjustm ent (Income) bonds $ 2 ,0 0 0 ,0 0 0 ____________ x
Tw o-year notes $ 3 0 0 ,0 0 0 auth call 1 0 1 ______ Rm .y
F or secu rities to be issu ed u n d er R eorgan ization P la n , s ee text.
D en ver Un T e rm R y— 1st M red 105 beg T 9 t e x t .C C 5,8 9 8
D es M oin es & F o rt D o d g e— See M inneapolis & St L
D e t H ills d a le & S W — Stock 4 % rental N Y C R R
65

D ed u ction s—
Hire o f freight cars—
P aym ents______________
R en t for equipment____
Joint facility rents______
R ent for leased roads___
Miscellaneous rents____
I n t . on funded debt____
I n t . on adjust, m tg. bds.
I n t . on unfunded d e b t -.
M isc . ineome charges. _
Incom e applie. to sic. fd_
In c. applie. to red. equip,
t r u s t s _________________

1925.
1 ,563,526
33,140
181,417
107,301
1,021
3 ,6 1 9 ,2 3 0

1924.

1923.

18,846
30,756
298,080

1 ,583,938
2 9 ,6 2 8
171,246
4 13,223
964
5,3 2 1 .9 2 6
677,419
74,4 2 2
38 ,4 5 8
253,064

1,837,359
47,914
174,863
447,212
1,111
4,9 7 4 ,6 5 8
7 0 0,000
52.805
36,739
2 61,500

3 00,000

3 10.000

D a te
Bonds

Par
V a lue

Rate

%

W h en | L a st D ivid en d
and M a tu rity
Payable

$5
1918
1913 $ ,£ ,fr ,& c
1913 $, £, &c
1913 $, £, &c
1913
$1,0 0 0
1915 1,000 &c

$583 ,51 5
6 g
8 59,468
3 .6 4 1 .0 0 0
4 .4 2 7 .0 0 0
3 -4 -5
1.7 3 4 .0 0 0 1 -2 -3 -4 -5
2 ,000,000 U p t o 5 %
6
2 17.000

1914

4 ,0 0 0 ,0 0 0

4J4 g M

&

S M ar 1 1964

1.3 5 0 .0 0 0 •

4

&

J July 1926

1,000
100

....

1922.
1,546,402
104,427
174,805
4 25,609
1,029
4 ,8 3 5 ,4 4 0
700,000
55.588
39,2 5 8
260,962

2 40,000

Balance, sur. or d e f. _sur2,562,986 d ef4,167,784 def3,356,410 def629,428
For latest earnings, see “ Railway Earnings Section” (issued m onth ly.)
O F F IC E R S .— Chairman, W illiam H . W illiam s, N ew Y o rk ; P res., J. 8 .
Pyeatt, Denver; Sec. & Treas., Rawson F . W atkins, D enver; G en. M g r .,
Irvin H . Duke, Denver; G en. A u d ., Edw ard R . Dickerson, Denver; A sst.
Sec.. J. P . H ow land, N ew Y o rk .
D irectors.— Alvin W . Krech, W illiam H . W illiam s, W . W . Aldrich, T . M .
Schumacher, F . H . Ecker, M atthew C . Brush, John J. Raskob, N ew York
L . W . Baldw in, St. Louis J. S. P yeatt, Denver.
Offices, 12© Broadw ay, N ew Y o rk , and Equitable B ld g ., D enver, C olo.
— (V . 123, p . 2 515 .)
D E N V E R & S A L T L A K E R R — Incorp. in C olo. D ec. 1912 and took
over as o f M a y 1 1913 (per plan, v . 9 5 , p . 890) the Denver & Northwestern
& Pacific R y ., foreclosed. V . 9 5 , p . 1683, 1603, 1331; V . 9 6 , p . 135, 1296,
1364. Leases Northwestern Terminal R y ., D enver, till Jan. 1964
See
that com pany below.
M ileage operated: Denver to C raig, C o lo ., 255 miles; Steam boat Springs
to Craig. 41 m iles.
Th e I .-S . C . Commission has placed a tentative valuation o f $14,9 9 6 ,0 0 0
on the property of the company as o f June 30 1919.
R E C E I V E R S H I P .— On A u g. 16 1917 Pres. C has. Boettcher and W . R .
Freeman o f D enver were m ade receivers. Y . 105, p . 8 1 8 , 1419.
D efault having been m ade on interest paym ent due M a y 1 1916 and semi­
annually thereafter on the 1st m tg e. 30-year gold bonds, the bondholders’
com m ittee in 1917 urged deposit o f the bonds. C om m ittee: Edward R .
Tin ker, Chairman; George H . Burr, Gerald H ughes, L . C . Phipps, Eugene
V . R . Thayer and Herman W alleck, w ith Charles D . M akepeace, Secretary,
115 B ’w ay, N . Y . Depositaries, Seaboard N a t . B ank, N ew Y o rk , and
International Trust C o ., D enver.
D efault occurred Jan. 1 1918 on N . W . Terminal bonds and a protective
com m ittee was organized; see that co. below and V . 108, p . 2 6 8 .
Com m ittee fo r A d ju stm en t B on d s.— S. M . Perry, Chairman; W . M . Bond,
R . M . Perry, with R . M . Perry, Sec., Denver, Colo
D ep o sita r ie s .— International Trust C o ., D enver, C olo ., and B an k ers
T rust C o ., N ew Y o rk .
R e o r g a n iz a tio n P lan D ated J u ly 15 1925 (Y . 121, p . 8 3 5 ).
T h e plan outlined below is promulgated by Gerald Hughes, Chairman,
Alexander Berger, and Lawrence C . Phipps Jr., reorganization committee,
and has been adopted and approved by (1) the committee representing
holders o f 1st m tge. 30-year gold bonds, and (2) the com m ittee repre­
senting holders o f the 5 % 30-year ad j. m tge. bonds.
T h e plan was declared operative as o f N o v . 20 1925.
W h a t the R eorganization P la n I s In ten d ed to A cco m p lish .
(1) The prom pt foreclosure o f the first mortgage and adjustm ent mort­
gage o f present com pany.
(2) The termination o f the receivership as soon as this reorganization
can be consummated.
(3) The elimination o f the $ 1 0 ,5 1 4 ,0 0 0 1st m tge. bonds and the $ 2 ,000,000 ad j. bonds now outstanding, with all unpaid interest thereon,
and in Meu thereof the issuance by the new company o f income bonds
and stock in the amounts set forth in the plan.
(4) The creation o f a new first m ortgage b y the new com pany, and
the authorization for the immediate issuance o f $2,500,000 Series A new
1st m tge. bonds and o f $3 ,0 0 0 ,0 0 0 Series B new 1st mtge. bonds.
(5) The transfer to the new com pany o f such property as is contemplated
by the plan and the creation, authorization and issuances o f the bonds,
mortgages and stock provided for in the plan.
Bonds and Securities w hich M a y Be D ep o sited u nd er P la n .— (a) 1st m tge.
30-year gold bonds (with M a y 1 1915 and subsequent coupons).
(6) 5 %
30-year ad j. m tge. bonds (with all unpaid warrants and coupons attached).
S ecurities to Be A u th o rized by N ew C om pany.
N ew 1st M tg e. B on ds.— Unlim ited as to the total authorized amount
unless the committee should lim it the am ount, but under no circumstances
to he less than the aggregate o f the Series A and Series B bonds presently
to be authorized. Bonds m ay be issued from time to time in separate
series, to be dated and maturing on the same or different dates, bearing
the same or different rates o f interest, and each series (except Series A
and B) m ay be o f such principal am ount, be redeemable in whole or in
part, at times, on notice and premiums, and with such conversion privileges
and other provisions as m ay be prescribed in this plan or determined by
the directors o f the new com pany at the tim e o f the authorization o f each
series.
Series A shall be for $ 2 ,5 0 0 ,0 0 0 , maturing 1950, bear int. at rate o f 6 %
per annum, payable semi-annually; denom . $1,000 each; red ., all or part,
on any int. date on 60 days notice at 105 and int.
Series B bonds shall be for $ 3 ,0 0 0 ,0 0 0 , maturing 1950, bear int. at rate
o f 6 % p a 1 annum, payable semi-annually; denom . $1,000 each; red ., all or
part, on any int. date on 60 days notice, at 105 and int.




A m oun t
O utstanding

[V ol. 123,

Is

Sept
S e p t l0 1920
M & N M a y l 1943
M & N M a y l 1943
M & N M a y l 1943
M & N M a y l 1943
F & A 15 Feb 15 1917

J

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

M a y 1915 coup unpaid
do
do
do
do
N ew Y o rk
Prin. and int in default
C ont & C om T r & S B ,C h i«
2 % Farm ers’ L & T r C o , N Y

In c o m e Bon ds.— Authorized $ 1 1,000 ,000 ; due 1960. 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 m ortgage, but subordinate thereto.
Income bonds will bear int. from such date as m ay be determined by
the reorganization com m ittee, but not later than Jan. 1 1927, at the rate
o f 6 % per annum, payable only out o f the net income o f the new com pany.
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 pay­
ments on account o f interest on the income bonds o f 7 5 % o f the net income
o f the new com pany for any fiscal year within three months after the
close o f such fiscal year, which 7 5 % o f net income shall be cumulative
as a charge in favor o f the income bonds and as against the stock. Interest
on the income bonds if earned and payable at all, will be paid only in
multiples o f 1 % o f the then outstanding income bonds, and smaller frac­
tional net income available for such interest shall be carried forward and
added to similar available net income for the ensuing year or years, and
to be applied to the paym ent o f interest on income bonds.
Income bonds shall be red. in whole or in part on any int. date on 60
days notice at 1 0 2 % o f the principal plus the fair amount o f any unpaid
installments o f interest which may be due thereon at the tim e. Income
mortgage shall also provide that series o f new 1st m tge. bonds other than
Series A and B shall not be authorized or issued until notice is given to
the holders o f income bonds, and not then if 6 0 % 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 m tge. bonds.
Stock.— A ll of one class; shall possess all voting rights and shall consist
o f 50,000 shares, or such other number as the reorganization com m ittee
shall determine, and which shares shall have such par value or be without
par value as the reorganization com m ittee m ay determine.
Treatm ent o f D ep osited Securities.
(a) lsi M tg e. B on d s.— For each $1,000 o f 1st m tge. bonds accompanied
by M a y 1 1916 and all subsequent coupons, the holders o f such bonds or
certificates o f deposit therefor, shall receive at their option either: (1) U pon
paym ent in cash o f $200, $200 of new 1st m tge. bonds, $1,0 0 0 o f new in­
come bonds, and 2 shares o f new stock; or (2) without any cash paym ent,
$666 2-3 o f new income bonds and 1 share o f new stock.
(&)
A d ju stm en t B on ds.— For each $1,0 0 0 o f ad j. bonds, accompanied
by all warrants or coupons appurtenant thereto, the holders o f such bonds
or certificates o f deposit therefor shall receive: U pon paym ent in cash
o J$200, $200 o f new 1st m tge. bonds and 5 shares new stock.
Failure on the part o f any holder o f a d j. bonds to pay the above amount
o f $200 in cash will disentitle such holder to any participation under this
plan, and the holders o f the adj. bonds or certificates o f deposit therefor
will receive no shares o f the stock o f the new com pany, nor other securities
hereunder.
Holders o f 1st m tge. bonds and a d j. bonds or certificates o f deposit
therefor will be required to pay 1 0 % o f the total payments required of
them on assenting to the plan and not later than Sept. 10 1925 (to be
returned if the plan shall not be declared operative) an additional 3 0 %
o f the total paym ents required o f them within ten days after the plan is
declared operative, and without further notice, and the balance o f the
total payments as and when called for by the reorganization committee
after the plan shall have been declared operative.
N ew C om pany O rganized.— The D enver & Salt Lake R y . C o . was in­
corporated under laws o f Delaware on N o v . 3 1925 to acquire the property
o f the Denver & Salt Lake R R . under reorganization plan outlined above.
N O T E S .— On N o v . 11 1925 $60 0 ,0 0 0 1st m tge. 30-year 5 % gold bonds
dated M a y 1 1913, w ith N o v . 1 1916 and subsequent coupons attach ed,
were sold at auction for $ 100 ,00 0 for the account o f the Em pire T rust O b .,
trustee, for $ 300 ,00 0 2-year 6 % collateral gold notes.
R E P O R T .— For 1923, gross, $ 2 ,8 0 4 ,1 7 2 ; net oper. income, $ 6 7 ,3 9 5 ; other
Income, $ 25,431 ; in t., rentals, & c., $162 ,3 6 0 ; b a l., d e f., $69,5 3 4 .
For latest earnings, see “ Railway Earnings Section” (issued m onth ly.)
O F F I C E R S — Charles Boettcher, Pres ; Gerald Hughes, Sec., D en ve r
W m . W adden, V .-P .; W ard E . Pearson, T rea s., N . Y . — (V . 123, p. 2 3 8 8 .)

(T H E ) D E N VE R U N IO N T E R M IN A L R Y .— T o take over the U nion
Depot & R y. C o . (V . 71. p . 343) and extend and Improve the passenger
terminals at D en ver, C o lo . Stock $ 3 0 ,0 0 0 , equally owned by the Union P a­
cific, D enver & Rio G r. W estern, Colo. & South., Chic. Burl. & Q u in cy,
Atch. Topeka & Santa Fe and Chicago Rock Island & Pacific which
guarantee the bonds ($10,000,000 auth. issue), o f which $ 4 ,0 0 0 ,0 0 0 were
sold to Union Pacific
V. 106, p. 2756: V . 97, p 1024, 1115; V 98, p. 762:
V . 99, p . 406. The T.-S. C . Commission has placed a tentative valuation of
$3,81 6 ,0 0 0 on the owned and used property of the com pany as o f June 30
1917. Pres., J. H . Bradbury V .- P ., G . H . M artin T reas., J. C . Houston
M g r ., J. Keating Sec. & A u d ., C . R . H ines.
(V . 122, p. 3207.)
D ES M O IN E S U N IO N R A I L W A Y C O .— O R G A NI N A T I O N — Incorp.
In Iowa on Dec. 5 1884 to operate railway terminal property In D es M oines,
Iowa. Owned and controlled jointly by W abash Ry Co and Chicago M il­
waukee & St. Paui R y . C o . Passenger facilities used by owners and by
Chicago Great "Western R R . C o. and Chicago Burl. & Quincy R R . C o.
Owns 4 .225 miles of terminal main track and 24 389 miles second main
track and sidings and bridge across Des Moines River.
B O N D E D D E B T .— $671,000 first 5s. dated N ov 1 1887, due N o v . 1
1917. These bonds are owned by W abash R y. C o. and Chicago M ilw . k
St. Paul R y . Co.
C A P I T A L S T O C K .— Authorized, $ 2 ,0 0 0 ,0 0 0 ; outstanding, $400 ,00 0;
par, $100. This stock is owned by W abash R y. C o . and Chicago M il­
waukee & St. Paul R y. Co
J. E . Taussig, Pres., St. Louis, M o .; J. T . Giilick, V .- P ., Chicago; T . S.
Ford, Sec.: C . H . H ueston, T reas., D es M oines, Iow a. General office,
D es M oines, Iow a.— (V . 112, p. 1617).
D E T R O I T C A R O & S A N D U S K Y R Y — (V . 121. p. 2269.)

D E T R O IT

H IL L SD A L E

& SOUTHW ESTERN

RR — Owns Y p sl-

lanti to Bankers. M ic h ., 65 m. Leased In perpetuity in 1881 to L . S. & M .
8 . R y . (now N . Y . C ent. R R .); rental, $54,500— 4 % on s tk .(V . 106, p . 601.)

Nov., 1926.]

R A IL R O A D C O M P A N IE S
[F or abbreviations & c ., see notes o n page 8]

M ile s D a te
Road Bonds

D e t r o it & l r o n t o n R R — See text
D e t r o it & M a ck in a c — C om m on stock $ 2 ,0 0 0 ,0 0 0 auth
Pref stock non-cum $ 1 ,0 0 0 ,0 0 0 auth (V 74, p 6 2 9 ) - “ F irstlien ” $ 1 ,5 0 0 ,0 0 0 g old______________________ G xc* A ll
AU
“ M ortgage bonds” $ 1 ,7 5 0 .0 0 0 g red at par____ G xc*
2 .7 2
D e t r o it R iv T u n — 1st M $ 3 0 ,0 0 0 ,0 0 0 gu e n d .G .x c * r *
D e t r o it T o l & i r o n t o n — C o m m on stock $ 6 ,5 0 0 ,0 0 0 Pref stock (p & d) non-cum 4 % & partic $ 6 ,0 0 0 ,0 0 0 First M gold red 105___________________________ N .y c * 393.32
22
Toledo-D etroit R R 1st & R ef gold bonds____________
Equipm ent gold notes due $ 2 5 ,0 0 0 J & D callable.
do
do
due $ 5 6,300 annually_____________
do
do
due $3 7 ,5 0 0 annually_____________
U S G o v t notes due $ 100 ,00 0 annually_______________
D et & T o l Sh L— 1st M $ 3 ,0 0 0 ,0 0 0 g gu ____ B a.xc*& r
48
Equipm ent gold notes due $ 3 3 ,4 0 0 yearly_________ G
D o v e r & R o c k a w a y — Stock 6 % rental 990 years____
--D u b & S io u x C it y — See Illinois C entral—
538
D u lu th & Iron R a n g e— First m ortgage_____ M p.zc&r

1895
1895
1911
1914
1915
1917
1920
1920
1923
1903
1920

General m ortgage gold s f, red 10 5 ____________ N xc*
D u lu th R a in y L a k e & W in n ip e g — SeeD u l W in & Pac
D u lu th S o Sh & A tl — M arq H & On gen M _ _ C e .z c *
D uluth South Shore & A tlantic 1st M g .-C e .x c & r
First consol m tge gold interest guar___ C e.zc*& r
Incom e certificates held by Canadian Pacific_______ z

E qu ip trust gold certif Series “ A ” due $44,000 a n n _.

P ar
Value

100,000
1,000
100

W h en
Payable

Last D ividend
and M a tu rity

$ 2 ,0 0 0 ,0 0 0 See text
Jan 2 1920 2)4
9 5 0,000 See text
Jan 3 1921 2 )4
1,5 0 0 .0 0 0
J
& D Ju n el 1995
4 g
1 ,250.000
4 g
,1 & D Ju nel 1995
1 8 ,000,000
4 >4 g M & N M a y l 1961
6 ,5 0 0 ,0 0 0
5 ,9 8 9 ,9 4 8
2 ,8 1 9 .0 0 0
J
&
,T M ar 1 1964
5 g
37 6 .0 0 0
5 g
M A S Sept 1 1940
25.000
J
& 1) T o June 1 1927
5)4
506,700
&
6
J
J T o July 15 1935
112.500
6
M ay
T o M a y 1 1929
F & A T o M ar 1 1930
4 00.000
6
3 ,0 0 0 .0 0 0
J
&
J Jan 1 1953
4 g
J & J 15 T o Jan 15 1935
300.000
6 g
150,000
A & O O ct 1926
3%
6

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

H K M cH a rg , N ew York
do
do
J P M organ & C o , N Y
do
de
Office o f Treasurer, N Y
New Y o rk T ru st C o
Com G Tr & S B k , T e l, O
New York Trust C o
Guaranty T rust C o . N Y
U S W ar D epartm ent
Farmers L & T r C o , N Y
Bankers T ru st C o , N Y
G uaranty T rust C o , N Y
143 Liberty S t, N ew York

1,000 &c

8 ,1 5 1 ,0 0 0

5

A

&

O O ct 1 1937

361

1906

1,000

7,3 4 5 ,0 0 0

5 g

J

&

J Jan 1 1941

C om pan y’s office, N

130
594
594

1885
1887
1890
1892
1924

1,000
1,000
1,000

1,0 7 7 ,0 0 0
3 ,8 1 6 .0 0 0
15 ,1 0 7 .0 0 0
3 ,0 0 0 .0 0 0
352,000

6
5 g
4 g
4
5g

A
J
F

&
&
&

O Apr 1 1935
J Jan 1 1937
A Aug 1 1990

64 W a ll S t, N ew Y o rk
do
do
N ew Y o rk or London

F

&

A T o A u g 1 1934 M inneapolis Trust C o

1,000

D E T R O I T R IV E R T U N N E L C O .— Owns double-tube tunnel and ap
proaches under the Detroit R iver, with terminals, all leased for 999 years
from Jan. 1 1907 to Michigan Central R R . C o. (N . Y . Central System)
which owns the entire $ 3 ,0 0 0 ,0 0 0 stock and guarantees, prln. & in t., o f the
bonds and 6 % on the stock. O f the $ 3 0,000 ,000 bonds, $12,0 0 0 ,0 0 0 are
reserved under restrictions for additions and improvements, interest rate
not to exceed 5 % . — (V . 122, p . 2795.)
D E T R O I T T O L E D O & IR O N T O N R R .— R o a d fro m D etroit, M ic h ., to
Ironton, via Lim a, 3 42.66 m ., and 59.8 2 miles o f trackage; branches, K in gman to Sedalia, O ., 3 1 .lO m .; Jackson to Cornelia, 17.43 m ., and Lisman
Jet. to Bartles, O ., 2 .13 m .: total, 488.83 m .; coal mine tracks, sidings,
& c ., 212.96 miles. Incorp. in D ela. M a r. 1 1914 as successor, per plan
V . 97, p. 1821, o f the R ailw ay, foreclosed. Toledo-D etroit R R ., Toledo,
O ., to Dundee, 22.23 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 9 8 % o f the Adjustm ent Mortgage
bonds and the preferred and com m on stock. The price paid was $600 for
each $ 1,000 bond and $5 and $1 for each share o f the preferred and common
stock, respectively
V . I l l , p. 294, 492.
The D etroit & Ironton R . was incorp. to lease and take over the opera­
tion o f the road. M l orb
sto kholders in Aug. 1920 brought suit to
prevent the proposed le se V . I l l , p 895.
The lease was upheld by
Supreme Court Justice Finch on O ct. 8 1920 and the dec s on wa> later
affirmed by the Appelate Div of rhe.Supreme Court. V . I l l , p. 1472,2041
V . 114, p . 1178; V . 122, p . 2646.
B O N D S . & C .— The issue under the first mortgage is not lim ited, bu*
$ 1 ,0 0 0 ,0 0 0 thereof has been disposed of solely to rehabilitate the property
and provide for equipment and payment of equipment liens, and an add!
tlonal $1 ,0 0 0 ,0 0 0 solely for improvements and additional facilities.
Fur
ther 1st M bonds may ouly be Issued thereafter from time to tim e, undet
Carefully guarded restrictions for Improvements &r — V 102 p. 23 4 !
A ll o f the outstanding adjustm ent mtge. 40-year 5 % gold bonds dated
M a r. 5 1914 were called on April 1 1925 at par and interest.
T h e Toledo Detroit R R
^purchased .Jan 2 1918) has $ 400 ,00 0 bonds
outstanding. Called for paym ent M arch 1 1926.
Equipm ent trusts issued to Director-Genera) for rolling stock allocated
to this com pany.
See article on page 3 and V 114, p. 1407
The I .-S . C Commission on Oct 9 1923 authorized the com pany to issue
not exceeding $1,00 0 ,0 0 0 of investment certificates, or certificates of
Indebtedness to employees. V . 117, p . 2108; V . 118, p. 1135: V . 119, p . 578.




R ate
%

1887

D E T R O I T & IR O N T O N R R .— Organized in 1920 by Henry Ford who
acquired control o f the Detroit Toledo & Ironton R R . on July 9. 1920 by
the purchase for cash of approximately 9 8 % of the Adjustm ent Mortgage
bonds and the Pref. and Com m on stock. The price paid was $600 for each
$ 1,000 bond and $5 and $1 for each share of the Pref. and Com m on stock
respectively (V . I l l , p . 4 9 2 , 294).
The I .-S . C . Commission in M a y 1921 authorized the com pany to con­
struct a standard-gauge steam railroad, approximately 15 miles long, ex­
tending southward from Springwells or Fordson, M ich ., 8 miles west of the
D etroit city hall, to a connection with the Detroit Toledo & Ironton R R
This road will connect with the Detroit Terminal R R . on the north, which
will give it a connection with the other steam railroads at D etroit. The
com pany was authorized to issue $ 1 ,000,000 capital stock for the pnrposp
o f building the road.T he I .-S . C . Commission on O ct. 16 1926 authorized
the com pany to issue $ 2 ,972,200 capital stick. V . 123, p. 2256.
T h e I .- S . C . Commission on Aug. 1 1924 authorized the com pany to
construct a line of railroad extending from a connection with the line of the
D etroit Toledo & Ironton R R . at M alinta, Henry C ounty, O ., in a northerly
and northeasterly direction through Henry and Fulton counties, O ., and
Lenawee and M onroe counties, M ic h ., to a connection with the Ironton
at D urban, M onroe C ounty, M ic h ., a distance of approximately 55.71 miles.
Authority was also granted to issue an initial series of $ 7 ,5 0 0 ,0 0 0 1st
M tg e . gold bonds, Series “ A , ” 5 % , for cash at par for the purpose of pro­
viding funds for the proposed construction.
T h e com pany has applied to the I .- S . C . Commission for authority to
acquire control o f the D etroit Toledo & Ironton R R . and the T oledo-D etroit
R R ., through the purchase o f 63 ,7 6 3 shares o f com m on and 5 9 ,3 2 5 shares
o f preferred stock, that being a m ajority o f all stock outstanding. C om ­
pare V . 121, p. 2399. Examiner recommends denial of lease. V . 123, p.
838.
D E T R O I T A N D M A C K IN A C R Y . C O .— Owns from B ay C ity , M ic h .,
to Cheboygan, 196 miles; A u Sable division (formerly A . S. & N . W . R R .) ,
60 m .; Rose C ity Branch, 31 m .; Prescott Branch, 12 m .; Lincoln Branch,
15 m .; A u Gres Braneh, 8 m .; Alabaster Branch, 4 m .; Hillman D ivision,
Alpena to Hillm an, M ic h ., 23 m .; Rogers C ity Branch, 14 m .; Rockport
Branch, 14 m ., total D ec. 31 1925, 378 m . H enry K . M cH arg and asso­
ciates control.
The I .-S . C . Commission has placed a tentative valuation o f $6,55 9 ,7 0 0
on the property of the com pany as o f June 30 1917.
B O N D S .— “ M ortgage bonds” for $500,000 were reserved for betterments,
jfcc., at not over $5 0 ,0 0 0 per year. V . 74. p . 629.
D IV ID E N D S .— On p ref., 2 )4 % July 1 1903; since to Jan. 1 9 2 1 . 5 % y ’ly
On com m on, in 1911 to Jan. 1919, 5 % yearly (except July 1915 and July
1917 none; also in July 1918 and 1919, none; Jan. 1920, 2 1 4 % ; none since
R E P O R T .— For calendar years:
Cal. Y ear—
G ross.
N et a ft. Tax. Tot. I n c . I n t.,R e n t,& c . B alance.
1925 _____________$ 1 ,6 9 7 ,1 8 4
$66,890
$216 ,95 0 $116,659 sur.x$109,291
1924 -------------------- 1,9 2 5 ,5 0 9
196.567
276.194
119,065
sur. 157,129
1923 -------------------- 1 ,924.863
52,487
176,193
116.904 su r.*59.289
1922 -------------------- 1,8 6 8 ,1 5 4
4 5,755
54,322
111,384
d e f.57,052
♦Before deducting $ 140 ,41 6 spent for add'ns & betterm’ts to property
x Before deducting $314 ,36 6 for appropriations for investment in physical
property.
For latest earnings, see “ Railw ay Earnings Section” (issued m onth ly).
O F F IC E R S .—-P res., H . K . M cH arg; S ec.-Treas., Jas. M cN eil. Offices,
East Tawas, M ic h ., and 40 W a ll S t., N ew Y o rk .— (V . 122, p . 3207 .)

326

A m oun t
O utstanding

$100
100
1,000
1,000
1,000
100
100
1.000
1,000
1,000
. 100

—

D u lu th M issa b e & N o r t h e r n —

V . 121. p

55

RAILW AY STOCKS AND BONDS

Office Em pire B ld g, N Y
Y

R E P O R T .— For 1925, in V . 122, p . 2036 , showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
Gross earnings____________ $13,911 ,371 $11,9 9 5 ,7 5 8 $ 1 0 ,417 ,412 $ 9 ,004,474
N e t oper. incom e________
3,6 1 4 ,6 4 4
2 ,554,761
1 ,786,924 d e fl5 8 ,9 8 4
Other incom e_____________
144,595
8 4,337
36 3 ,1 3 0
66,872
D e d u c tio n s ______________
2 ,6 2 0 ,6 6 6
918,114
733,018
926,630
N et incom e______________
1 ,138,574
1,7 2 0 ,9 8 4 1 ,417,036 d f . l , 018,742
For latest earnings see “ Railway Earnings Section” (issued m onthly).
O F F IC E R S .— Pres., Henry Ford; V .- P ., E . G . Liebold; Sec. & T reas.,
G . R . Brubaker; Gen M g r ., F . L . Rockelm an.
D irecto rs.— Henry Ford, W . C . Cowling, E . C . Kanzler. G . R . Brubaker
F . L. Rockelman, Edsel B . Ford and E . G . Liebold. Office. Dearborn.
M ic h .— (V . 123. D. 1247.)
D E T R O I T A N D T O L E D O S H O R E L IN E R R . C O . (T H E) — E xten d
from Toledo to (suburbsof) D etroit, 47.4 9 m .; 2d track, 3 4 .8 8 m .; sidings,
6 1 .0 8 m .; trackage rights. 3 .2 ) m .; total track, 146.66 miles.
The I.-S . C . Commission has placed a tentative valuation of $2,65 0 ,1 0 0
on the owned and used properties o f the com pany as o f June 30 1917.
The Grand Trunk W estern R y. and the N ew York Chicago & St. Louis
R R . own the entire $ 1 ,4 2 8 ,0 0 0 stock and jointly guarantee the bonds, prin.
and interest, by endorsement
See form of guaranty, V 76, p. 653.
First
dividend, 4 % , paid from earnings prior to June 30 1908; in fiscal year
1908-09. 6 % . and In 1909-10. 1910-11. 1911-12 1912-18 and 1913 14, 8 % ;
and Id 1913-14 $ 6 3 0 ,0 0 0 . from accumulated surplus paid In I s t M 4s)
1914-15. 8 % and 6 % extra; 1916 to 1921. 8 % yearly. In 1922 paid 8 %
and special dividend 3 9 .0 1 4 % . In 1923 paid 8 % and special d iv. o f 8 % .
In 1 9 2 4 p a i d 8 % ; 1925, 8 % .
Equipment trusts issued to Director-General for rolling stock allocated
to this company.
See article on page 3 and V . 114. p . 1286; V . 118, p . 793.
Year ended D ec. 31 1925, gross, $ 4 ,2 7 0 ,8 3 5 : ry. oper. income, $ 1 ,8 5 5 ,1 0 0 ;
other income, $ 47,002 ; in t., rentals, & c., $1,2 5 3 ,6 0 4 ; bal., before divs.,
$551 ,13 4.
For latest earnings, see “ Railway Earnings Section” (issued m onth ly).
O F F IC E R S .— Pres., W alter L . Ross; V .- P ., H . E . Whittenberger;
Gen. M g r ., James P . M ain ; A u d ., Bryan Thom as; Sec. & T reas., W m . C .
Tom kins. O ffice, D etroit, M ich .— (V . 118, p . 793.)
D O V E R & R O C K A W A Y R R . (N. J .) .— T o ta l. 5 .12 miles
Operated
under lease by Centra) R R . of New Jersey
D U L U T H A N D IR O N R A N G E R R . C O . ( T H E ) .— Owns D uluth to
'Vinton M inn. 132.40 m : Tower Jet to Tower 1.56 tn.: Allen Jet,, to
E . Virginia. 49.9 3 m .; M cK in ley to Largo, 2 2 .1 3 m .; W ald o to M ile 49 on
M ain Line to W inton, 15.01 m .; M esaba to Argo, 17-64 m .; Robinson to
Burntside Lake, 3 .2 6 m .; other branches. 2 6 -2 2 m .; operated under trackage
rights, 7 .32 m .; industrial tracks, 63.4 2 m .
Second track, 71.71 m .; yard
tracks and sidings, 134.83 m .
The I .-S . C . Commission has placed a tentative valuation o f $28,5 8 3 ,6 0 9
on the com pany’s property as of June 30 1919.
S T O C K , & c.— Stock, au th ., $10 ,0 0 0 ,0 0 0 ; o u t., $ 6 ,5 0 0 ,0 0 0 . Minnesota
Iron C o. (see U . S. Steel Corp.) owns the stock. First m tge., authorized,
125.000 per mile for construction and $7,0 0 0 for equipment.
Dividends
since 1904: 1905, 6 5 % ; 1906. 4 0 % ; 1907, 8 0 % : 1908 8 0 % , 1909. 1 4 5 % ; in
fiscal year 1909-10. 1 0 0 % ; 1910-11, 1 3 5 % ; 1911-12 and 1912-13. 9 0 % ;
1913-14, 7 5 % ; 1914 -15 . 2 0 % : 1915-16. 5 0 % ; 1916 , 2 5 % : 1917. 1 2 % : 1918
7 % : 1919. 3 0 % ; 1920, 1 5 % ; 1921, 1 5 % ; 1922, 2 0 % ; 1923. 2 5 % ; 1924 1 5 %
1925, 1 5 % .
R E P O R T .— For year ending D ec. 31 1925, showed- Gross, $6,8 1 3 ,6 5 5 ,
net operating income, $1,5 5 5 ,3 5 9 , other income, $470 ,51 2, interest, & c.,
$622,437, divs., $975 ,00 0, bal., sur., $428 ,43 5,
For latest earnings see “ Railw ay Earnings Section” (issued m onth ly).
O F F IC E R S .— P r e s . , _______________ , Sec. & T reas., C bas. E . W achtel.
O ffices, W olvin B ld g ., D uluth, and 71 Broadw ay, N . Y . — ( V . 122, p. 2642.)
1919, 7 0 % , 1920, 7 5 % 1921, 7 5 % 1922, 7 5 % 1923, 1 0 0 % ; 1924, 8 0 % ;
1925, 8 0 % .
D U L U T H M IS S A B E A N D N O R T H E R N R Y . C O .— Owns from Stony
Brook to M ountain Iron, M in n ., 51.7 4 m .; M issabe Jet. to Columbia Jet.,
29.49 m ., with numerous branches; total of ail track owned, 720 m . Also
leases from Spirit Lake Transfer R y . (V . 104, p. 664) and Interstate Transfer
R y ., 24.9 6 miles, with 3 .43 miles branches and spurs and 14.97 miles yard
tracks and sidings. Owns extensive ore docks at D uluth. Entire $ 4 ,112,500
stock controlled b y U . S. Steel Corp.
The I .-S . C . Commission has placed a tentative valuation o f $45,7 8 0 ,0 3 0
on the com pany’s property as of June 30 1919.
B O N D S .— O f the G en. 5s of 1906, additional bonds m ay be issued at not
over $30,000 per mile for additional single main track and $2 0 ,0 0 0 for
second, third and fourth m am tracks and for not over 7 5 % of cost o f imDrovements. & c. Sink. fd. 2 % yly, (incl. bonds in sink fd.) retires by lot at
105. D ec. 31 1925 $ 6 ,2 7 1 ,0 0 0 in sinking fund: an additional $356 ,00 0 were
redeemed on July 1 1926. V . 88, p . 822; V . 98. p. 1693, 1844.
D I V I D E N D S paid in recent years; 1916, 1 0 0 % ; 1917, 5 0 % ; 1918, none.
R E P O R T — For 1925. in V . 122, p . 2643 , showed:
Y ea rs end. D e c . 31—
1«25
1924.
1923.
1922.
Gross oper. revenues___ $18,054 ,509 $ 1 3 ,856 ,099 $22,2 5 3 ,5 5 4 $14,976 ,811
N et earnings____________
8,187,883
3,8 5 7 ,1 9 8 10,676,232
6 ,5 4 8 ,5 9 9
Other incom e____________
797.564
788,024
647,892
5 2 9,785
I n t., rent, Fed. tax, &c_ 2,0 0 8 ,0 7 7
971,024
1,1 2 8 ,1 4 0
1 ,006,083
Sinking, & c., reserves___
1,061,245
_______
Dividends paid__________ 3 ,2 9 0 ,0 0 0
3 ,2 0 0 ,0 0 0
4 ,1 1 2 ,5 0 0
3 ,0 8 4 ,3 7 5
Balance, surplus________
2,5 3 6 ,1 2 5
384,198
6 ,083,483
2 ,9 8 7 ,9 2 5
For latest earnings, see “ Railway Earnings Section” (issued m onthly).
O F F IC E R S .— Pres. & Gen. M g r ., W m . A . M cG onagle; 1st V .- P .,
Chas. E . Carlson; Sec. & A u d ., Joseph Seifert; Treas., Joseph K em pton.
Offices, W olvin B ld g., D uluth, and 71 Broadway, N . Y . — (V . 122, p 3451)

DU LU TH & N O R T H E R N MIN NES OTA R R . — (V

115. p 73

1209.)

D U L U T H S O U T H S H O R E A N D A T L A N T I C R Y . C O . ( T H E ) .—
Operates Superior to Sault Ste. M arie, 410 miles; “ Soo’ Junction to St.
Ignace, 43 miles; other, 138 miles; total, 591 miles, including 26 miles of
trackage; owned but not operated, 24 miles.
Tentative valuation as o f June 30 1916, $ 1 7 ,9 6 7 ,1 9 1 . V . 115, p . 182.

56

R A IL R O A D C O M P A N IE S
[For a bbreviation s, & c ., see notes on pa ge 8]

D ul W in n & P ac— 1st M deb stk gu b y C an N or R y
D u rh a m & So C ar— 1st M $ 30 0 ,0 0 0 gred 105 M eB a.x
D u rh a m U n io n S t a t io n — 1st M $ 75,000 g .G ,x c * & r
D u tc h e ss C o u n t y R R — See Central New England R y
East B road T o p R R & C o a l— 1st M ext 1 9 0 8 .- .........................
2d mortgage incom es. _ _ _ ...........
. ___
c*
Shade G ap 1st m o r t g a g e ._______
East C a ro lin a R y— First mortgage $300 ,00 0 g o ld -.x
East M a h a n o y R.R— Stock . _______ _______ . ____ .
East P e n n sy lv a n ia — Stock 6 % gu 999 yrs Phila & R .
First mtge gold guar p & i by P & R R R (end) _kvc*
East T ennessee V a & G e o rg ia — See Southern Ry
East T e n n & W N o C a r — I s t M g (V 81 p 1723 )G u P .zc*
Eastern R y o f M in n e s o ta — See Great Northern
E d m o n to n D u n v & Br C o l— 1st M deb stk gu see text
1st M (on extensions) $ 2 ,4 2 0 ,0 0 0 g $2 0 ,0 0 0 p m - .
El P aso & S o u th w C o— Stock ($50,000,000 auth) . .
El Paso & S W R R — 1st & R ef M g $2 5 ,0 0 0 p m . . F
El P a so U n ion Pass D e p o t— I s t M g $ 2 4 0 ,0 0 0 s f .E i.x
Elgin J oliet an d E a st— 1st M ($ 10,000,600)g -C ex c*

M ile s D a te
Road Bonds

42

1909
1911
190o

4C
4C
11
38

1908
1908
1908
1906

P ar
Value

A m oun t
O utstand ing

Rate
%

$1,000
1.000 &c

£1,439.383
See text
$60,000

4
5 g
0 g

J
M
M

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

500,000
464,400
9 2.500
300.000
497,750
2,1 2 6 ,9 0 0
495,000

4
4
4
4 g
5
6
4 g

J &
J Jan 1 1958
260 So Broad St, Phila
J
&
.1 July 1 1958
do
do
J
&
J July 1 1958
do
do
<
fc J July 1 1936
J
Safe D ep & T r C o, Balt
J & D 15 D ec 15 ’26 2 H Reading T erm , Phila, Pa
J
&
J Ju lyl£ 1926 3 %
do
do
M & S M ar 1 1958
do
do

500,000

5 g

M

36
36

1888

36

1905

1,000

357
121

1912
1916

458
281
236

1915
1905
1891
1920
1923

£1 &c
1.000
N one
1,000
1,000
1,000

C A P I T A L S T O C K .— Com m on, $ 1 2 ,0 0 0 ,0 0 0 ; pref. 6 % non -cu m ., $10.000,0 0 0 ; par, both $100 . On D ec. 31 1925 the Canadian Pacific owned
$ 6 ,1 0 0 ,0 0 0 common and $ 5 ,1 0 0 ,fC 0 preferred stock,
B O N D S , & c.— Abstract first m ortgage, V . 45, p. 274.
The first consolidated mortgage o f 1890 has interest at 4 % , guaranteed
by C an . P a c., w 'ic h D ec. 31 1925 held the entire outstanding issue ($15,107,000) in its treasury as security for its 4 % debenture stock: consols for
$ 4 ,8 9 3 ,C00 are reserved for prior bonds, and additional am ounts m ay be
issued at $20,000 per mile o f new lines. Canadian Pacific R y . D ec. 31 1925
also held $ 3 ,0 0 0 ,0 0 0 overdue income certificates.
The M arquette Houghton & Ontonagon R R . gen. m tge. 6 % bonds due
April 1 1925 were extended to April 1 1935 at the same rate o f interest.
Equipm ent trusts, D ec. 31 1925, 14th series, $ 42,000 .
Equipm ent trusts. Series “ D , ” V . 119, p . 942.
R E P O R T .— For 1925, showed:
C al. Y ear—
G ross.
O p e r^ In c . Other I n c .
Charges.
B alance.
1925___________$5 ,8 0 8 ,9 3 5
$861 ,10 5 $162 ,95 5 $ 1 ,142,772 def$l 18,712
1 9 2 4 ................
5 ,9 0 5 ,3 6 0
1,118,989
196,217
1,559,530
def244,325
1923__________ 5 .861,203
818,513
96,166
1,095,175
defl 8 0.496
1922_________ 4 ,492.354
135,902
59,983
923 095
def727 210
For latest earnings, see “ Railway Earnings Section” (issued m onthly)
O F F IC E R S .— P res., C . T . Jaffray; Sec., W . R . Harley; T reas., W . J.
Ellison. O ffice, M arqu ette. M ich . N ew Y o rk office, 64 W a ll S t.— (V
123, p . 707.)
D U L U T H W IN N IP E G & P A CIFIC R Y .— Owns entire *2 ,0 0 0 ,0 0 0 stoct
of Duluth R ainy Lake & W innipeg R y ., Virginia. M inn., north to the Cana
dian Northern at International Falls, 98 miles. Capital stock auth
$6 ,0 0 0 ,0 0 0 ; p a r, $100
Controlled by Canadian National R y s. V. us p.
1601; V . 102, p. 152.
The I .-S , C . Commission has placed a tentative valuation o f $4,22 5 ,1 3 6
on the total owned and used property and $8,306,221 on the total used
property (including several leased lines) as o f June 30 1919.
S E C U R IT IE S .
The nrsi m ige. 4 > ueo. stock oi 191U Is guar., p. & 1.. by
the Canadian National R ys. O f the $ 1 0 ,5 0 0 ,0 0 0 auth. issue, £ 1 ,439,383 is
outstanding; $ 1 ,5 2 5 ,0 0 0 was issued to retire existing securities, $2,00 0 ,0 0 0
was reserved to retire the D uluth R ainy Lake & Winnipeg bonds (extended
in 1916 to 1921), the remaining bonds to be available for further exten­
sions, &c. The D . R . L . & W . stock is vested with the trustees, the
N ational Trust C o. o f T oron to and the British Empire Trust C o . V. 102,

p. 152 V , 90. p. 1490: V . 91. p. 154 1322

E a rn in g s.— For latest earnings, see "R a ilw a y Earnings Section” (issued
m on th ly ).— (V . 123, p. 575.)
D U R H A M & S O U T H C A R O L I N A R R .— D urham , N . C ., south 42
mS
to Duncan on Norfolk Southern
Stock. $500 ,00 0 ($250,000 cornm ap and $250 ,00 0 5 % preferred); par, $ 100 . O f the $300 ,00 0 1st m tge.
bot d 3. about $ 100 ,00 0 are in sinking fund, leaving about $ 2 0 0 ,0 0 0 outstandin g .
The road was acquired by the Norfolk Southern R R . in 1920 and is
eased b y that road for 99 years from M a y 26 1920. V . 110, p . 2387.
llSb I .-S . C . Commission has placed a final valuation of $460 ,79 6 on
e property of the com pany as o f June 30 1917.
I r e s ., Ernest W illiam s; A u d ., R . S. H arris, Lynchburg, V a .— (V .
19, p . 1843.)
D U R H A M & S O U T H E R N R Y .— E a st Durham to D u n n , N . C ., 57 m .
D urham E ast to D urham , 2 m . T h e I .-S . C . Commission has placed a
tentative valuation of $946 ,00 0 on the property o f the com pany as o f
June 30 1917. Stock authorized, $ 2 ,0 0 0 ,0 0 0 ; o u t., $1,3 5 0 ,0 0 0 ; par, $100.
D iv s. o f 2 4 % were paid in 1910-11; in 1911-12, 2 4 % ; in 1912-13, 1 4 % ;
in 1913-14, 1 1 % ; 1915, 7 ^ % ; 1916, 7 % ; 1917, 8 % ; none since.
P res., B N . D uke; Sec., W . O . Parker. Office, D urham , N . O .—
(V 122. p . 1022.)

E A S T B R O A D T O P R R . & C O A L C O . (P a .).— Owns from M t . U nion,
P a., to A lvan, P a ., 32.54 miles; Orbisonia to N eelyton, P a ., 9.60 miles
R ock y Ridge to Evanston. P a ., 4 .9 0 m .: Coles to M idvalley. 2.49 m .;
N eelvton to Stanton. 1.53 m .; Shirleysburg .C lay Quarry, 0.90 m .; total
51.96 m . A coal road opened in 1874, V . 9 7 , p . 1663, 18 2 .
Th e I .- S . C . Com m ission has placed a tentative valuation o f $ 1 ,6 4 5 ,0 8 5
on the total owned and $ 1 ,6 4 9 ,6 8 5 on the total used properties o f the com ­
pany as o f June 30 1917.
Stock, $ 938 ,70 0 (par $ 5 0 ), o f which $ 2 4 6 ,7 5 0 in 6 % non-cum . pref. Sec­
ond m tge. 4 % income bonds, $ 4 6 4 ,0 0 0 , due Jan. 1958, given in 1908 for back
int. from 1885 . Y ear ended D e c . 31 1925. T o ta l railway operating reve­
nues, $634 ,7 6 3 ; total operating expenses, $490 ,4 5 2 ; railway tax accruals,
& c., $10,6 8 5 ; net operating income, $ 1 33 ,62 6; other income, $18,0 0 9 ; gross
income. $ 1 5 1 ,6 3 5 . D educt: Interest on funded debt, $42,2 7 6 ; income to
reserve fund, * 3 .1 1 7 ; rentals, & c., $ 1 ,1 0 0 . Other deductions, $ 11,856 .
Balance, $93,2 8 6 . Pref. divs. ( 1 5 % ) , $37,0 1 2 ; common divs. ( 1 5 % ) ,
$103 792.
Change in C on trol. — T he R ockhih C oal Sc Iron C o. early In 1920 acquired

substantially all o f the outstanding bonds and capital stock o f the com pany

(V . 122, p . 1022.)
Office, 260 South B road S t .. Philadelphia.— (V . 121, p . 1904.)
EAST C A R O L IN A R Y . — Owns TarDoro to Hookerton, N . (J., 38 miles
Incorporated in North Carolina July 1 1898. Leased to Pres. H enry C
Bridgers for 4 % yearly on stock, payable D ec. 10. Stock auth. $20 0 ,0 0 0 ;
outstanding, $55,500 ; par, $100 . B onds, see table above. Pres., Treas. &
G en. M g r ., Henry C . Bridgers; Sec.. A . D . Fowlkes. Office, Tarboro.
N C .— (V . 108. p 480.)
EAST M AHANOY R R .— Owns from East Mahanoy Junotlon to 8 *

Nicholas and branches, 8.67 m .; 2d traok, 6.90 m .; total track 20.67 m
Re-leased Deo. 1 1896 for 999 years to Little Sohuylklll N av. R R . & Coal C o

at 5 % on stock, and lease assigned to Phila. & R ead. R y .— (V . 106, p . 923.)
E A S T P E N N S Y L V A N I A R R .— Owns Reading, P a ., to Allentow n, P a .,
35.8 4 miles; miles 2d main track, 3 4.24; all track, 105.52 m . Leased for 999
years from M a y 1 1869 to the Phila. & Reading R R . at a rental o f 6 % per
ann. on the stock & int. on bonds & taxes. Lease assumed in 1896 by
Phila. & Read. Railway C o . O f the stock, $ 1 ,275,300 is owned by Reading
C °E A S T T E N N E S S E E & W E S T E R N N O R T H C A R O L IN A R R .— A
“ arrow gauge road from Johnson C ity , Ten n ., to Cranberry, N . C ., 34 m .;
‘■Ito Johnson C ity to Valley Forge, Ten n ., 12 m ., third rail. Controlled




[V ol. 123.

RAILW AY STOCKS AND BONDS

£1,438.356
4
2,4 2 0 ,0 0 0
4H g
2 5 .0 0 0 .0 0 0 See text
8,3 9 7 ,0 0 0
5
108.000
5 g
10,000.000
5 g
1,440,000
6 g
1,875,000
5

W h en
P ayable

&
&
&

&

Last D ivid en d
and M a tu rity

D Ju nel 1939
S July 1 1941
N M a y l 1955

N N o v 1 1935

F & A 16
A & O 22
Q— J
A & O
J
&
J
M & N
A & O
J
J

Feb 16 1942
Oct 22 1944
See text
Apr 1 1965
T o Jan 1 1935
M a y l 1941
T o Apr 1 1938
T o July 1 i941

P laces W here In terest and
D ivid en d s A r e P ayable

London or Toronto
M erc T r & D ep C o . B alt
Guaranty Trust C o , N Y

Guar Tr & S D C o, Phila
Lloyds Bank, L td , Lond
N ational Park B ank, N Y
Farm L & Tr C o , N Y
Equitable Trust C o, N Y
71 Broadway, New York

by Cranberry Iron & Coal C o. V . 96, p. 1156, 1296. Tentative valuation
as o f June 30 1916. $1,6 1 4 ,2 8 7 .
Capital stock, *490 .8 0 0 . Dividends, 4 % paid since 1908-09; in 1909-10
8 % ; 1910-11, 9 % & 1 0 % extra; 1911-12. none; 1 9 12 -13 . 1 8 % : 1913 -14 .
1 7 % ; 1914-15, 1 5 % ; 1915-16. 1 3 M % 1917, 4 % : 1918, 1 3 % : 1919, 1 8 % ;
1920, 1 2 % ; 1921, 3 % ; 1922-23, 1 2 % ; 1924, 1 5 % ; 1925, 5 % .
For year end.
D ec. 31 1925, gross, $289 ,30 6; net, $ 5 5,789 ; other incom e, $ 9 ,2 8 4 ; deduc­
tions, $ 25,591 ; surplus before dividends, $39,4 8 2 . Dividends ( 5 % ) , $ 2 4 ,540 paid out o f surplus. Pres., Edgar P . Earle; V .- P . & T reas., J. E . Vance,
Sec., H am m ond Prosser. Office, Johnson C ity , T e n n .— (V . 115, p . 2572.)
E D M O N T O N D UN V E G A N & B R I T I S H C O L U M B IA R Y .— Road runs
from Edm onton in a northerly direction 130 m iles, then northwesterly to
Spirit River; branch line from Rycroft to Grande Prairie. M ain fine,
358 miles; branches, 65.4 2 miles; leased, 4 .3 6 miles; total, 4 27.86 miles. Con­
nection E . D . & B. C . R y . with Strathcona Term inals, Canadian P a. R y .
at Edom oton, 6 65 miles. Sidings. 5 2 .5 0 miles. The 30-year 4 % deben­
ture stock (at present limited to $ 7 ,0 0 0 ,0 0 0 , at $ 20,000 per m ile, on said
350 m .) , is guaranteed, prin. & in t., by the Province o f Alberta. The
$ 2 ,420,000 1st M . 4Mss of 1916, with same guaranty, cover 121 miles of
extensions
V 10.1. p 938
See V 95 D 1273 V 96 p 419. 1422
The company has also issued $ 2 ,400,000 6 % debentures to J. D . M cArthur
C orp., L td ., and R oyal Bank to cover indebtedness (interestu npaid). A d ­
vance b y Provincial Government to re-condition road, $ 2 ,740,065, at 6 %
(interest unpaid).
Premier J. E . Brownlee o f Edm onton announced that the Province o f
Alberta took over the operation o f the Edm onton Dunvegan & British
Columbia R y . and the Central Canada R y . on N o v . 10 1926, when the
Canadian Pacific’s operating agreement expired. A n agreement was com­
pleted with the Canadian N ational R y . for the handling o f the traffic.
V . 1 2 3 . p . 2515.
For 1925, gross, $941 ,11 6; net operating income, $60,513 ; other income,
$22,565 ; interest, rentals, & c., $ 1 ,3 3 5 ,6 5 2 ; b a l., d e f., $1,2 5 2 ,5 7 4 .
EL P A S O & S O U T H W E S T E R N C O .— The I .-S . C . Commission on
D ec. 26 1923 approved and authorized:
(1)
The acquisition, through the exchange o f securities, o f direct control
by the E l Paso & Southwestern C o . o f certain o f its subsidiaries con­
trolled indirectly; (2) the acquisition b y the E] Paso & Southwestern R R .
of control of certain subsidiaries o f the El Paso & Southwestern C o . b y ex­
changing its capital stock for the capital stock o f subsidiaries; (3) the acqui­
sition b y the El Paso & Southwestern R R . o f control o f the properties of
certain subsidiaries o f the E l Paso & Southwestern C o . b y lease; (4) granted
authority to the E l Paso & Southwestern R R . to issue not exceeding $ 1 2 ,570,000 capital stock and not exceeding $ 1 1 ,9 1 4 ,0 0 0 First & R ef. M tg e .
bonds in exchange for stock and bonds o f certain subsidiaries o f the El Paso
& Southwestern C o . and in part paym ent for equipment to be purchased
from that com pany. The bonds have been or will be issued for the following
purposes: (1) T o refund; (a) 1st m tge. 5 % bonds o f Dawson R y ., $ 3 ,0 0 0 ,000; (6) 1st m tge. 5 % bonds o f E l Paso & Northeastern R y ., $ 2 ,700,000;
(c) 1st m tge. 5 % bonds o f E l Paso & Rock Island R y ., $2,500,000; (d) 1st
m tge. 5 % bonds o f Alamogordo & Sacramento M ountain R y ., $372 ,00 0.
and (e) 1st m tge. 6 % bonds o f Arizona & N ew M exico R y ., $1,294 ,0 0 0 .
(2) In part paym ent for equipment purchased from E l Paso & Southwestern
C o ., $ 2 ,0 4 8 ,0 0 0 , and (3) to refund $5 ,0 5 5 ,0 0 0 1st m tge. 5 % bonds which
m a tu re d J a n . 1 1923 (refunded and now outstanding). $ 5 ,055,000: total.
$ 1 6,969 ,000 . Compare V . 118, p . 906.
On June 20 1924 an agreement was entered into by and between E l Paso
& Southwestern C o . and Southern Pacific C o . whereby, subject to the
approval o f the I .-S . C . Comm ission, it was agreed that in exchange for
stocks, bonds and other assets owned by E l Paso & Southwestern C o ,,
having an aggregate value o f not less than $ 5 7 ,400 ,000 over and above
the $ 9 ,100,000 o f bonds outstanding in the hands o f the public, and repre­
senting that com pany’s ownership o f and interest in the E l Paso & South­
western R R . System, and also in the Nacozari R R . and in the Tucson.
Phoenix & Tidewater R R ., the Southern Pacific C o . would issue aDd
deliver $ 2 8 ,000 ,000 common stock, as well as $ 2 9 ,400 ,000 20-year 5 %
(collateral trust) gold bonds.
The securities and other assets to be acquired by Southern Pacific C o .,
either direct or indirect, under said agreement, are as follows:
(а) A ll the issued and outstanding capita) stocks and all, except approxi­
m ately $9,10 0 ,0 0 0 o f the issued and outstanding funded debt o f (1) E l Paso
& Southwestern R R .; (2) E l Paso & Southwestern R R . o f Texas; (3) Burro
M ountain R R .; (4) Arizona & N ew M exico R y .; (5) E l Paso & Northeastern;
(6) Dawson R y . Sc Coal C o .: (7) Dawson R y .; (8) Alamogordo & Sacramento
M ountain R y .; (9) E l Paso & Northeastern R y .; (10) E l Paso & Northeastern
R R ., and (11) E l Paso & Rock Island R y ., whose lines form the E l Paso Sc
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
P n eta to N acozari, M exico, and o f the Tucson, Phoenix & Tidewater R y .,
which owns certain real estate, franchises, and rights o f way in Phoenix,
Arizona and elsewhere, and
(б) All book accounts, claims against, and other interest in said companies
owned by the E l Paso & Southwestern C o .; and all other property o f any
kind whatsoever owned by or held in trust for the El Paso & Southwestern C o .
The operation o f the properties o f the system was form ally taken over
b y the Southern Pacific C o . on N o v . 1 1924.
Stock.— The proposed change o f the E l Paso & Southwestern C o. stock
o f $100 par value to no par value stock was approved by the l .- S . O . Com ­
mission on July 18 1921. W hile certificate has been filed with the Secretary
o f State o f New Jersey, no action has been taken as yet to make the exchange
Pres. T . M . Schumacher; Sec., G eo. N otm an . N . Y . office, 99 John St.
— I V . 119. p 2176 )
EL P A S O U N IO N P A S S E N G E R D E P O T C O — Owns depot a t E l Paso,
T e x ., which was completed about N o v . 1 1905. The I .- S . C . Commission
has placed a tentative valuation o f $648 ,30 0 on the owned and used proper­
ties of the com pany, as o f June 30 1917. Leased b y E l Paso N orth­
eastern, E l Paso Southwestern, u a lveston Harrisburg & San Antonio (Son.
Pac. S y s .). A tch . T o p . & Santa F e. Texas & P ac. ana M e x . C ent, railroad*
on a wheelage basis providing for maintenance and all charges. Stock
au th ., $240 ,00 0; outstanding, $ 8 8 ,8 0 0 . Owned equally by six roads
named. O f bonds (see table above). $ 1 2,000 mature Jan. 1 yearly, begin­
ning 1916. V . 78. p. 104; V . 81, p . 1043 — (V . 123, p . 8 39.

Nov., 1926.]

57

RAILW AY STOCKS AND BONDS

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

M ile s
Road

Elm ira & W illia m s p o r t— Stock com 5 % rental N .c
Preferred stock 7 % rental 999 years Northern C e n t.
First mortgage extended 1 9 1 0 - ____
___
kv
Income bonds 999 years to run_____
____ _zc*
Erie & K a la m a zo o (leased) stock Toledo to P alm yra.
Erie & P itts b u r g h — Stock 7 % rental 999 yrs Penh Co
Special guaranteed betterment stock $ 7 ,5 0 0 ,0 0 0 General m tge (now 1st) $ 4 ,5 0 0 ,0 0 0 gold guar U n .k

73
73
73
22
83
83
83

D a te
Bonds

I860
1863

1890

Erie R ailro ad C o— Com m on stock $ 1 8 9 ,00 0,00 0 auth
A — -Old B o n d s A ssu m ed — Roads Consolidated—
N Y & Erie 1st M Pierm to D un ext 1897 gold _xc*
Second mortgage (ext in 1919) gold call 110___ zc*
Third m tge (ext in 1883 & 1923) gold red 105- .z c *
Fourth mtge (extended in 1880 and 192o) g .x x x c *
Fifth mortgage (extended in 1888) gold
..x c *
EWe R y 1st M B uff Br Hornellsv to A ttica gold zc*
First consol m tge $ 3 0 ,0 0 0 ,0 0 0 gold $ or £ F .ze*
N Y L E & W est first cousol mortgage gold
.z c *
B u ff & S W 1st M gold ext 1918 at 6 % red 106 g xc*
Newburg & N Y 1st M gold extended in 1889____ vc*
Chic & Erie 1st M g (M arion O to H am ’d Ind) Cezc*
Erie & Jersey 1st M gold s f red tex t.
G .c*& r*
Genesee River 1st M gold s f red text . _G .e*& r*
Chicago & Atlan tic Term 1st M ext 1918 gold -C e .z
B— -Erie Railroad C om pany Bonds—
Second m tge on B u ff & S W gold ext 1 9 1 8 . - G .x c *
First consol mortgage o f 1895, securing—
(1) Prior lien bonds $ 3 5 ,0 0 0 ,0 0 0 gold . _F.xc*& r
(2) General lien $ 1 4 0 .OOO,000 gold
. F.sc*& r
Penn coll trust M $36,OOO,O0O g s f (text)
Ba.xc&r
General mortgage fSeries A $ 1 0 ,0 0 0 ,0 0 0 ___G .sc*A r
convertible,
(Series B $ 1 2 ,0 0 0 ,0 0 0 _____ xc*Ar
$50,0 0 0 ,0 0 0
.(S eries D $ 2 8 .0 0 0 ,0 0 0 ______xc*Ar
Refunding & im pt M $ 5 0 0 ,0 0 0 ,0 0 0 g Scr A A B - . B a

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

Par
Value

A m ount
O utstand ing

$50 $ 50Q.000
50
500,000
1,000
963.000
570.000
500i
300,000
50
50
2 ,0 0 0 ,0 0 0
50
2 ,9 3 3 ,1 5 0
1,000
3 ,5 4 0 .0 0 0
818,514
$100 112,481,900
100 16,000,000
100 4 7 .9 0 4 ,4 0 0

Rate
%

W h en
Payable

M & N
5
J
A
J
7
J
<
fe J
4
A <
5
& O
F & A
Text
7
Q—M
7
Q—M
3 y2 g J & J
J
J
3 )4

1,000

1895
1895
1901
1903
1903
1903
1916

1,000
1,000
l.OlO &c
1,000 &c
1.000 Ac
100 Ac
500

W 63.000

P laces W h ere In terest and
D ividends A r e Payable

See text
See text
Jan 1 1950
Oct 1 2862
See text
D ec 10 ’26 1 H
D ec 10 ’ 26 l*A
July 1 1940
July 1 1940

Broad St Station, Phila
do
do
do
do
do
do
Lincoln N a t B ank, N Y
Amer E x c h N a tB a n k .N Y
do
do
Penn R R A gent, Phila
Treas office, Erie, Pa

April 1907
April 1907

M
1,000
2 ,4 8 2 ,0 0 0
4 g
1847
M
1,000
2 .144,000
1849
6 g
1,000
4,6 1 6 ,0 0 0
4 )4 g M
1853
A
1,000
2 ,9 1 2 ,0 0 0
5 g
1857
500 &c
709,500
J
4 g
1858
200 &c
182,400
J
4 g
1861
M
1,000 y l5 .5 6 6 .0 0 0
1870
7 g
500 &c z2 .0 0 5 ,o 0 0
M
1878
7 g
J
50 &c
1,500,000 (5) 6 g
1877
1,000
.1
250.000
1868
6 g
M
1,000 1 2 ,000,000
1890
5 g
1,000
7 ,0 2 2 ,0 0 0
J
1905
6 g
5,6 9 2 ,0 0 0
J
1907 1,000 &c
6 g
1,000
3 00,000
J
1888
6 g
1895

Last D ivid en d
and M a tu r ity

5 g

3 5 ,0 0 0 ,0 0 0
4 g
r35,885,000
4 g
x 34 ,000 ,000
4 g
10,000.000
4 g
u l 1015,000
4 g
U 19627.100
4 g
tN one D e c ’ 2 5 _______

&
&
&
&
&
&
&
&
A
&
A
<
&
&
&

N M a y l 1947
S Sept 1 1939
S M ar 1 1933
O Oct 1 1930
D Ju nel 1928
J July 1 1931
H Sept 1 1930
S Sept 1 1930
J July 1928
J Jan 1 1929
N M a y l 1982
,T Juyl 1 1955
J July 1 1957
J July 1928

2 % J P M organ & C o , N Y
2%
do
do
50 Church St, N ew Y ork
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do

J

&

J July 1928

50 Church St, N ew York

J
J
F

&
&
&
&
&
&

J Jan 1
J Jan 1
A Feb 1
O Apr 1
O Apr 1
O Apr 1

50 Church St, N ew York
do
do
do
do
do
do
do
do
do
do

A
A

A

1996
1996
1951
1953
1953
1953

w Additional $937,000 pledged, y Additional $ 1 ,2 9 4,000 pledge d. z A d ditional $1, 694,000 pledged.
r t u Further am ounts owned by company as folio ws: Of r $19. 217,000 pledged, $2 ,000 unp ledged t $33,8 6 7 ,0 0 0 pi edged,
x I» cl udes $20,05 1.000 hel d in sink ing fund.
$ 6 ,133,000 unpledged; u $8 ,1 9 9 ,0 0 0 pledged, $ 1 ,1 5 8 ,9 00 unp ledged
E L G IN J O L IE T A N D E A S T E R N R Y . C O .— Owns from W aukegan.
miles; owned and leased to other companies, 12 miles; leased and released
111., on Lake M ichigan, via Joliet, to Porter, I n d ., 129.94 miles, and to other companies, 2 miles; total, 2,466 miles; second track, 1 425 milesthirdfrack, 36 miles; fourth track, 36 m iles.
’
branches: m ain line owned, 194.86 m .; spurs to coal mines, A c ., 43.69 m .;
L in es Owned in F e e —
M ile s .
trackage, 2 48.88 m .; 2d track, 4 1.59 m .; side and yard tracks owned,
L eased L in e s —
M ile s
Piermont, N . Y . , to D u n k ir k .. 447 Avon Gen. & M t. Morris___
185.40 m .; total, 714.42 m . Also leases Chic. L . S. & E a s t., 16.05 miler
* 1$
Buffalo to Jamestown, N . Y ___
66 Montgomery & Erie____________ *10
with 3 43.18 miles branches and spurs and 14.85 miles 2d track, and 122.54
Buffalo to Corning, N . Y _______
140 Northern R R . of New J e r s e y .. *26
yard tracks and sidings, for 60 years from June 1 1909, and, with the U . S.
Hornell to B uffalo_______________
92 Goshen & Deokertown_________
Steel C orp., guar, its $9 ,0 0 0 ,0 0 0 4 ) 3 % bonds, p . & i. V . 89, p . 1410.
*12
Other branohes__________________ 101 Rochester & Genessee Valley . *18
Leases from miscellaneous foreign roads, branches and spurs to mines and
industries 1.82 miles; yard tracks and sidings, 3 .4 7 miles. Controlled by
50
S lock all (a) or n early all (b) ow ned. Other lines_______________________
U . S. Steel C orp.
Leased to N y p a n o R R .—
aChloago & Erie R R ____________ *250
The I .-S . O . Commission has placed a final valuation o f $ 3 4 ,6 6 0 ,0 0 0 on
aJefferson R R ___________________ *45 Cleve. & Mahoning Valley R R . *123
the com pany’s properties owned and used, and used but not owned, as of
*33
N . Y . & Greenwood Lake R Y . . *54 Sharon R ailw ay__________
June 30 1914. The report also covers the properties of the Chicago Lake
142
80 T ra cka ge_______________
Erie & W yom ing Valley R R ___
Shore A Eastern R y. and the Blue Island R y.
aN ypano R a ilro a d ______________ 424
bTloga Railroad________________
42 Lines In system _______________ 2 323
S T O C K .— $ 1 0 ,0 0 0 ,0 0 0 , as increased from $ 6 ,000,000 in Juen 1909; par
Other lines_______________________ 154 N . Y . Susauehanna & W estern . *223
$100 . Dividend, 4 % yearly (in D ec.) in 1899 to 1922; paid 6 % in 1923,
• See this company
4 % in 1924 and 4 % in 1925.
New Jersey & New York R R . .
*46
Frontier Electric R R .. V. 106. p 1900.
R E P O R T .— For 1925, in V . 122, p . 3077, showed:
H IS T O R Y .— On Deo. 1 1895 succeeded, per plan In V . 61, p . 368 the
1925.
1924.
1923
1922.
N V Lake Erie & Western R R . C o., sold In foreclosure under its second con­
Operating revenues---------- $25,006 ,966 $ 2 1 ,521 ,787 $27,5 3 9 ,2 9 8 $21,483 ,415
solidated m tge. The com pany holds in fee or through ownership of all or
1 8 ,483,534 13,697,891
Operating expenses---------- 17,411,663 15,287,842
practically all the stock of the subsidiary companies the line from N ew
Tax accruals--------------------1 ,343,534
1,078,373
1 ,314,899
1,154,697

York to Chicago (including the N ypano R R . and Ohio. & Erie com panies)
G O A L P R O P E 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 com oanies. 14.000 acres
$ 4 ,021,626 $3,321,076 $ 5 ,4 1 0 ,3 3 8 $5,152,091
o f bituminous held under mineral rights. P e n n s y lv a n ia coal properties ac­
Other incom e.
quired in 1001 are additional. V. 82. p. 1322.
336,340
322,721
324,089
372,464
M e r g e r P la n R e je c te d .— T he proposed unification o f this road with the
$4,35 7 ,9 6 6 $3,645,165 $ 5 ,782,803 $5,474,813
N ew Y o rk Chicago A St. Louis R R ., H ocking V alley, Chesapeake & Ohio
3,0 4 6 ,4 3 9
3 ,106,682
3,808,961
3,1 9 0 ,6 2 6
and Pere M arquette roads was rejected b y the I.-S . C . Com m ission on
M arch 2 1926. Com pare V . 122, p . 1249.
$ 1 ,311,527
$538,483 $ 2 ,592,177 $1,665,851
F or the revised terms o f proposed unification plan, as reported unofficiallv
Other credits________
see V . 123, p . 577.
26,668
23,293
8,033
44 157
S T O C K .— Prior and General Lien bonds of 1895 have 10 votes for each
Surplus for y e a r ..
$ 1 ,338,195
$561,776 $2,60 0 ,2 1 0 $ 1 ,710,008
VI.000 o f principal. Provisions o f pref. stock were in “ Supplem ent” of
D ividends___________
400,000
April 1897. page 3. V . 6 6 . p. 335, 573.
400,000
600,000
400,000
Other debits_________
29 ,4 0 4
18,584
31 547
128,976
D IV ID E N D S (cash) % \ ’01. ’02. ’03. ’04. ’05.
’06. 1907. 08 to
On first preferred-------- f 1 ) 4 3 3 ) 4 4
4
4
A p r.. 2
0
$908,791
$143,192 $1 ,8 7 1 ,2 3 4 $1,278,461
On second preferred___J __
__
2
4
A p r., 2
0
Previous surplus________
8 ,051,873
7 ,908,680
4,7 5 8 ,9 8 6
6,0 3 7 ,4 4 7
, B O N D S .— Fdrst C onsol, m tge. o f 1895 for $175,000,000 (Farmers
VYstee)— see a b s tr a c t, o f deed, V . 62, p. 89, secures the
; $8 ,9 6 0 ,6 6 5 $8,051,873 $ 7 ,908,680 $6,037,447
$35,000,000 Prior Lien (V . 103, p. 1032) and $140,000,000 General Lien
For latest earnings see “ R ailw ay Earnings Section” (issued m o n th ly ).
bonds. Both series have voting power: see “ S tock” above.
Or the $ 140,000.000 J o n s m M . ' i e n . L i e n A s. $92,668,000 were reserved for
O F F IC E R S .— Pres., A . F . Banks; V .- P ., S. M . Rogers; Sec. & Treas.,
anim ate acquisition of bonds and guaranteed stocks left undisturbed on
F . L . K oontz. Offices, 208 So. La Salle S t., Chicago, and 71 Broadway,
various parts o f the system (see list, V . 62. p. 89). and $17,000,000 were
N ew Y o r k .— (V . 122, p . 3 0 7 7 0
reserved for new construction, betterm ents, additions. &o. after 1897__
E L K IN & A L L E G H E N Y R R .— This company was chartered early in
aot over $1,000,000 to be used in any one year. On D ec. 31 1925 $55 104 1920 with $ 1 ,0 0 0 ,0 0 0 authorized capital stock to take over, operate and
000 G en. Lien bonds had been issued, o f which $35,885,000 were in hands o f
extend the road of the sam e name sold at receiver's sale in the summer of
tne public and $19,219,000 owned b y Erie R R . (on D ec. 31 1925 $19 217 000
1919.
V . 109, p . 2074 .
The line, projected from Elkin to Sparta, N . O .,
o f these had been p led ged ). V . 102, p . 2077; V . 97. p . 1898; V . 100, p . 1168
about 40 miles, has been completed and is in operation between Elkin and
The collateral trust 4s or 1901 are secured b y 6 1% of the enure N v'
Veneer, 16 miles. Beyond the latter point, it is said that about 20 miles
Susq. & Western stook ($26,000,000 total Issue), all of the Pennsylvania
of grading have been done, and the new com pany intends to continue con­
C oal Co. stock, and the stook o f the Erie & W yom ing Valley R R .. Scranton
struction not only to Sparta, but to Jefferson. N . C . t a total distance o f
P a ., to Lackawaxen, 80 miles, and Delaware Valley A K ingston R R .'
about 75 miles. Those interested in the plan are H . O . C hatham . O . B
Sinking fund o f 10c. per ton o f coai mined from mines o f Penn. C oal Co
Penny, W inston-Salem , N . C .: J. Clinton Sm oot. N orth Wtlkesboro, N C .,
7 . 71, p . 1219. 1311: V . 72. p . 44, anu circular, p . 36, 532, 257- V 79 n
R . A . Doughton, Sparta, J. F . H endren, G . T . R oth and others on Elkin,
N •C •
filnd *Dot343 101925 C,Uded ,D the * 3 4 ’0 0 0 ’000 “ outstanding” were in sinking
5
T h e I .- S . C . Com m ission has placed a final valuation o f $3 3 5 ,0 4 6 on
T he G en. M . C onvertible 4s o f 1903 ($50,000,000 authorized) cover the
the owned and used, and $34 on the used but not owned properties o f the
entire system subject to prior liens, and when issued were convertible into
com pany as o f June 30 1 915 .— V . 121, p . 1904.
eo m m °n stock, but the conversion period has expired for all except series
E L M IR A & L A K E O N T A R I O R R . C O .— Owns from Canandaigua.
D bonds which till O ct. 1 1927 are exchangeable at option o f holder for
N . Y . , to Chemung Jet., 64.1 9 m .; Sodus Point to Stanley, 34.06 m .; other,
common stock at 50 ($200 par value o f stock for $100 o f bonds)
There
is no Series “ C .”
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
The shareholders on D e c. 1 1916 authorized a R efunding and Im prove­
o f June 30 1918. Leased to the Northern Central, which owns all the
ment m ortgage lim ited to $500,000,000 (m aturing as to Series A at
$1 ,5 0 0 ,0 0 0 stock. Penn. R R . assumed lease in 1914. Lease m ay be termi­
Dec. 1 1936). to provide for refunding existing funded d ebt and for
nated on 30 days’ notice. Rental, net earnings. Th e $500 ,00 0 Sodus Bay
necessary capital expenditures over a long period o f years. V . 103 d 412
& Southern R R . 1st gold 5 % bonds, due July 1 1924, were purchased at
In N o v . 1917 authority was obtained to issue $15,000,000 6 % Series A
m aturity b y the N orthern C entral R y . C o. at par.— (V . 123, p . 79.)
* I m p t . M t g e . bonds and forthw ith pledged $8,750,000 thereof as
eoUatera 1 security fo r a short-term loan aggregating $ 5 ,0 0 0 , 0 0 0 , w ith the
E L M IR A & W I L L IA M S P O R T R R . C O .— Owns from W illiam sport, Pa.
right to use the remaining $6,250,000 as security for other and additional
to Elm ira, N . Y . , 73.49 m . Leased to the Northern Central R y . for 999
loans, upon the basis o f not m ore than $175 in am ount o f bonds for each
years from M a y 1 1863. Lease was assumed in 1914 by Penn. R R . C o. as
of Jan. 1 1911. The divs. on the common stock are 5 % and on the pref.
unpledged 0Unt o f lo a n ’ ° n D e c ’ 31 1925- *13,500,000 pledged, $1,650,000
7 % , less taxes, making div. on common 4 .6 0 % , and on pref 6 -4 4 % . The
In M a y 1918 was authorized to amend the m ortgage so as to m ake possible
$963,000 1st 6s due Jan. 1 1910 wer6 extended at 4 % . V . 8 9 , p. 1667.
ihe extension o f the old (underlying) bonds.
E R IE & K A L A M A Z O O R R .— Vulcan near Toledo to Palm yra, 2 1 .8 2 m .
In July 1918 obtained permission from the N ew Y ork P . S. Comm ission
Leased In perpetuity in 1849 to Lake Shore (now N . Y . Central R R .) at
to Issue further $12,500,000 6 % series “ B " R e f. A Im pt. M tge. bonds as
$3 0 ,0 0 0 dot ann
Dividends 1913 to 1916 . 9 H % per ann; 1917 . 9 1 4 % :
security for not over $12,500,000 notes issuable on account o f Improvements
1918 to 1925, 9 % yearly.— (V . 106, p . 8 1 7 .)
and additions made and to be m ade. V . 107, p . 82, 181 2 9P V 106 n
E R IE & PITTSBU R G H R R .— Owns New Castle. P a ., to Girard. P a .,
1577. 1900 2559
In M arch 1919 $5,400,000 o f “ B '’ bonds w erV pledged
7 9 .5 6 miles; branch to Erie docks, 3 .43 m .; total operated, 82.9 9 miles.
M part collateral fo r the $15,000,000 note issue. V . 108, D. 1060
An
Leased to Penn. R R . for 999 years in 1870 at 7 % on stock and int. on bonds additional $4,300,000 S e r ie s “ B ” w a s auth. in A u g . 1920. V 111 n" 5 8 8
and since Jan. 1 1918 operated directly by it. Under agreement o f N o v . 1 On
3 J, 1925 $25,000,000 Series “ B ” bonds had been’ issued, o f which
1905 the Penn. R R . provides sinking fund installments required by the gen.
$20,727,000 were pledged and $4,273,000 in treasury.
m tg e., the E . & P . to deliver its 3 ) 4 % debentures at par for such advances
In Feb. 1915 sold $7,400,000 Erie A Jersey (closed) 1st M . a n d $6,000,000
and at m aturity o f the gen . m tge. bonds to exchange new m tge. bonds
Genesee River 1st M . bonds. B oth Issues are subject to call as a whole or
therefo .
in part to July 1 1920 at 110, and thereafter at 115. C um ulati™ annual
S T O C K .— The special betterm ent stook ($7,500,000 auth.) is suDordlnate sinking fund for each Issue. B oth roads have been merged in the Erie R R
to the old stook, but guaranteed 7% dividends. Dividends on old stook are C o. V . 100. p -4 7 4 . 481. 3 97 ,5 5 5 ,6 4 1 981, 1437; V. 104. d . 863.
N . Y . Lake Erie A W estern D ocks A Im pt. C o . 1st 5s (extended) are re­
subject to a 4-mlli tax on assessed value, on special betterm ent, tax-free
deemable at 105. V . 96. p. 1422. 1772; V . 97 p 54 370
1925, gross income, $520 ,60 4; deductions, $176 ,00 4;
dividends. $34 5 ,3 2 0 ; b a l., d e f., $721 .— (V . 123. p. 3 2 2 .)
As to extension o f bonds (three issues), due July 1 1918 see V 106 p
3756; extension o f Jefferson R R .. $2,800,000 5 % bonds in ’ l9 19 a t 5 ) 4 % '
E R IE R A I L R O A D C O .— Embraces trunk line from Jersey C itv to
See V. 108, p. 1165.
(Extension o f N . Y . A Erie, $2,149 000 2 a M
Chicago, 111., and. branches, 2,323 miles; restricted trackage rights, 123
5a. callable at 110. See V . 109. p. 370.
w . i w . w u za m .
Operating income___




$ 6 ,251,769
2 ,230,143

$ 5 ,146,572
1,825,496

$7,74 0 ,8 6 5
2,3 3 0 ,5 2 7

$6,63 0 ,8 2 7
1,478,736

1925-

58

INDUSTKIAL STOCKS AND BONDS

R A IL R O A D C O M P A N IE S
[F or a bbreviation s, A c ., see notes on p a g e 8]

M ile s
Road

D a te
Bonds

Par
Value

A m ount
O utstanding

R ate
%

1926

$10,000 ,000

4K g

'2 0 -’21

20 ,2 9 9 ,4 5 0

W h en
Payable

L a st D ivid en d
and M a tu rity

[V ol. 123,
Places W here In terest and
D ivid en d s A r e Payable

E rie R R (C on clu d ed )—

Secured gold n otes____________________________

Collateral notes to Secretary o f Treasury o f U 8 and
Director-General o f R ailroads________________
Equipm ent trust certificates— See table in text
AvonGeneseo & M t M orris and Rochester & Genesee Valley
C — Bonds on properties controlled by ownership— or by
Bergen C o 1st M Ruth Jet to Ridgewood extended.x
10
cGoshen & D eck'ton 1st & 2d M s ($60,000 are 2 d ) . .z
cM on t & Erie 1st & 2d mtges ($40,500 are 2 d )---------z
Jefferson 1st & 2d M s ext (Honesdale Branch)
8
1st M Carbon to S depot g ext '19 red 1 0 5 -F P .x c *
37
Long D ock C o cons M g (now 1st M ) (see text)_xc*
52
c N Y & Greenw L prior lien M $ 1 ,5 0 0 ,0 0 0 g o ld -.N x
Tioga R R first m ortgage_______________________________
...
N Y L E & W C R R 1st M ser A (ext) guar p & i
red (te x t)____________________________________ M p.zc*
N Y L E & W D & I C o ex g '13 red te x t(V 96 ,p 1776) F.xc*
422
N Y Pa & Ohio prior lien m tge gold $ or £ ___ F.zc*
D o Leased lines— see separate statem ents for Cl evelan
N Y Susquehanna & W e s te r n -N o r th e r n N ew Jersey — New
22
E ssex T erm in a l R y C o— First m ortgage_____________
E st R ailro ad C o o f F ran ce— See text
E v a n sv ille I n d ia n a p & T e rr e H a u te R y— C om stock

_

1882
991,000
1,000
5 )4
1883
1,000
3 ,3 9 6 .0 0 0
5 g
500 &c
1880
8 ,0 0 0 ,0 0 0
4 14 g
d & M ahoning Valley R R and Shar
Jersey & New York— See each co
5
2 0 6,000
100

Gross operating revenues_________ $118 ,54 3 ,4 5 6 1 1 1 9 ,0 9 6 ,8 56$ 132,978,455
O perating R evenue—
M aintenance o f way and stru ctu res.. 1 3 ,442,522 13,730,008 14,307,569
M aintenance o f equipm ent___________ 2 7 ,653,902 2 9 ,554,255 3 6 ,054,579
2,0 2 7 ,6 7 4
T raffic___________________________________ 2,0 3 6 ,7 0 6
1,942,234
Transportation_________________________ 45 ,6 6 9 ,8 3 5 46,08 0 ,8 7 9 5 1 ,319,167
Miscellaneous operations______________
604,666
616,862
631,727
General__________________________________ 3 ,9 6 1 ,3 1 7
3 ,8 9 3 ,3 5 6
3,9 0 5 ,4 0 8
Transportation for investm ent_______ C r. 130,413
C r. 118,259
C r .90,539
.$93,2 3 8 ,5 3 5 $95,784 ,775 $ 108,070,145
. 2 5 ,3 0 4 ,9 2 0 23,312,081 2 4 ,908,310
. 4,750,791
4 ,521,873
4 ,260,003
44,695
91,659
109,189

.$2 0 ,5 0 9 ,4 3 5 $18,698,549 $20,539 ,117
1,479,509
. 3 ,1 7 9 ,1 1 0
2,0 2 1 ,1 5 6
N et joint facility rents deb. balance. . C r .200,295
146,863
197,548
N et railway operating incom e___
N on -O peratin g In com e—

.$17,5 3 0 ,6 1 9 $17,072,177 $18,320 ,413
. $3,17 7 ,5 3 7

Miscellaneous rent incom e____
Income from funded securities.
Income from lease o f road .
Miscellaneous incom e_____

457,929
164,657
2 10,346
59,579
97,750
. $ 4 ,167,799

D ed u ction sMiscellaneous rents________
Miscellaneous tax accruals.
Am ortization o f discount_______
M iscellaneous___________________
Applicable to sinking fund, &c_




&

J July 1 1928
1930-1931-1936

stocks — see tho se companie s---(c) lea se:
1881
$ 1,000
200,000
A & O
7
246,500
Various
'6 8 -’6£
6
Various
'6 6 -6 7
170,500
5
'6 7 -'6 9 $500 &c
& J
3 00,000 4 H & 6 J
1,000
1889
2 ,8 0 0 .0 0 0
5 34 g A & O
1,000
7,5 0 0 ,0 0 0
A & O
1885
6 g
100 &c
1896
1,4 8 1 ,9 0 0
M & N
5 g
1852 5 0 0 -1 0 0 0
23 9 ,5 0 0
M & N
5 g

J. P . M organ & C o . on behalf o f the company offered to extend the
$ 2 ,9 2 6 ,0 0 0 N . Y . & Erie R R . 4th M tge. Extended 5 % bonds from O ct. 1
1620 until O ct. 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. T h e extended bonds are subj. to redemption at 1 0 5 % A int. on
any int. date on 30 days' notice, and interest is to be paid without deduction
for any taxes which the company m ay be permitted or required to pay
thereon or to deduct therefrom (except such part of any Federal income tax
as m ay be in excess of 2 % ) . The present mortgage security is to remain
unimpaired.
In Aug 1920 offered to extend $16,8 9 1 ,0 0 0 consol, m tge. 7s of 1870 and
$3 ,6 9 9 ,5 0 0 N . Y . L . E . & Western R R .1st consol. 7s of 1878, whicn became
due Sept. 1 1920 to Sept. 1 1930 at 7 % interest, a payment of $10 per $ 1,000
bond to be made to assenting holders. The extended bonds are redeemable
at 110.
Announced on Sept. 1 1920 that a sufficient amount of the bondsbad been deposited to permit the company to carry out the plan of extension
V . 111. p. 588, 692. 792. 895. 990
In April 1922 offered to extend $ 1 ,1 0 0 ,0 0 0 N . Y . L . E . & W . Coal & R R.
1st m tge. 6 % gold bonds due M a y 1 1922 to M a y 1 1942 at 5 1 4 % and to
pay $40 for each $1,000 of bonds so extended. The bonds were extended
as series A bonds and will have the guaranty o f the Erie R R . as to principal
and interest. Red. all or part on any int. date at 105 if called for redemp­
tion on or before M a y 1 1932; plus a premium of 2 )4 % if called for redemp­
tion after M a y 1 1932, but on or before M a y 1 1937; and thereafter at )4 %
less than that premium for each 12 months or part thereof which shall
have elapsed between M a y 1 1937 and any subsequent date fixed for
redemption. Com pare V 114, p . 1891.
In Feb. 1923 offeree to extern' the N . Y . & Erie R R . 3d M tg e . Extended
bonds to M arch 1 1933 at 4 ) 4 % , subject to prior redemption, as a whole
only, at 105 and int the present lien o f the m tge indenture seeming such
bonds to remain unimpaired
The company agreed with Drexel & C o. and W hite, W eld & C o . to
provide them with funds for the paym ent to the holders o f the bonds o f the
turn of $42 50 for each $1,0 0 0 o f bonds so extended. V . 116, p . 720.
Car Trust S eries, C old ( D en om ination 51.000 each)
B ate. Interest.
O utstanding.
M ature in In stallm en ts.
“ E E " ........... 1917 4 )4 A& O
184.000 S..&
184.000 T o Apr 1 1927
“ F F ” ____ .1921 6
M & N 1 .610.000 T o M a y 1 1930
230.000 s.-a
J&J 15 2 ,7 0 0 ,9 0 0 T o Jan 15 1935
300.100 ann
" N o . 29” . ..1920 6
" G G " ...........1922 5 14 J&.T
150,000 s. a
3 ,1 1 6 000 T o July 1 1937
M & N 2 ,1 4 2 ,0 0 0 T o N o v 15 1937
" H H ” _____ .1 9 2 2 5
9 3.000 s.-a
3 0 .0 0 0 s.-a.
690.000 T o Apr 1 1938
••11” ............. .1 9 2 3 5)4 A&O
M & N 6,02 ;.ooo T o M a y 1 1938
262,000 s.-a
“ JJ” ______ .19 2 3 6
50,000 s.-a
A&O
" K K ” ____ .1 9 2 3 6
1, 00.000 To Oct 15 1928
73,000 s.-a
•'LL” ____ .19 2 6 4)4 M & S
2 .1 1 7 ,0 0 0 T o M a r. 1 1941
356,000 To A u g. 15 1939
12,000 s.-s.
“M
” _____.1 9 2 6 4J4F& A
June
9 0,000 ann
U . S . G ovt .19 2 1 6
4 50,000 To June 1 1931
Aug
do
30,000 ann
1921 6
150,000 T o Aug 1 1931
M ar
22.500 ann
do
1922 6
135,000 T o M ar 1 1932
Equipm ent trusts Issued to Director-General far rolling stock ai
located to this com pany. See article on page 3
Government loan, V . I l l , p. 792. 895. 2 0 4 1 ;V .1 1 3 .p .l0 5 2 :V .1 1 4 .p .5 2 1 .
R E P O R T .— For 1925, in V . 122, p . 2356, showed:
O perating Revenues—
1925.
1924.
1923.
M erchandise.......................
.$ 7 1 ,5 0 1 ,6 5 0 $66,555 ,067 $73,207 ,913
C oal______________________________________ 2 3 ,1 7 0 ,6 3 6 28 ,9 0 9 ,9 4 9 3 5 ,543,065
Passenger________________________________ 13,750,260 13,957,951 14,696,897
M ail, express, & c_________________
10,120,910
9 ,6 7 3 ,8 8 9
9 ,530,580

N et operating revenue_____________
R ailw ay tax accruals________________
Uncollectible railway revenue_____

J

6

$7,002,537 $ 6 ,027,537
D r .2 5 8 .975D r 2.1 0 7 .3 8 6
471,757
401,608
185,562
162,588
2 0 5,965
216,071
75,783
75,781
27,119
15,117
$7,709,746 $ 4 ,791,317
$24,781 ,924 $ 2 3,111 ,730

. $2,450,472
319,580
105,897
. 11,989,179
63
103,921
. 1,146,915

$ 2 ,461,540
364,889
108,859
12,154,900
1,948
88.1,58
1,238.262

$2,426,681
352,134
97,547
11,669,440
42,035
88.620
1.217,063

. $5,582,391

$ 8 ,363,367

$7,21 8 ,2 0 8

M &
J
&
M &
on R y
m pany
j
&

Apr 1 1931
1928-1929
1927-1956
July 1 1927-29
Apr 1 1929
Oct 1 1935
M a y l 1946
N o v 1 1935

N M a y l 1942
J July 1 1943
S M ar 1 1935

50 Church St, N ew York
50 Church S t, N ew Y o rk
Fidelity-Phila T r C o , Phi
50 Church St, N ew York
J P M organ & C o , N Y
do
do
50 Church S t, N ew Y ork
do
do
do
do
J P M organ & C o , N Y

j July 2 1942

4 ,2 9 0 ,0 0 0

O F F IC E R S .— Pres., F . D . Underwood; V .- P ., W m . A . Baldw in; Y .- P . &
G en. Counsel, G . F . Brownell; V .- P ., D avid L . G ray; V .-P . & Sec.,
George H . M inor; T reas., John G . W alsh; C o m p ., C has. P . Crawford.
Office, 50 Church S t ., N ew Y o rk .
D I R E C T O R S .— G eo. E . M arcy, Arthur M . Anderson, Stephen B irch.
Frank L. Polk, F . D . Underwood, W m . W rigley, Jr., B . A . Eckhart. L . F .
Loree, G eo. F . Baker, M itchell D . Follansbee, Robert W . Pom eroy,
Grenville K ane. G eo. G . M ason , Geo. F . Brownell, H enry S. Sturges.—
George M . M o ffe tt.— (V . 123, p . 2134.)
E S S E X T E R M IN A L R Y . C O .— Owns road from Grand Trunk R y . t«
im herstburg, O n t., 19 miles. Entire $ 400 ,00 0 capital stock acquired
Feb. 1918 by the Canadian Steel C o rp ., L t d ., a subsidiary of the U . S. Steel
O orp., which in 1918 was constructing works at O jibw ay, C an . O f
1420.000 1st M . bonds, $206 ,00 0 are outstanding In hands o f public and
$214,000 are held in the treasury of the U . S. Steel C orp. subject to sale.
-(V
108, p. 1274.
E S T R R . C O . O F F R A N C E (C O M P A O N IE D ES C H E M IN S DE FE R
DE L’ E S T ).— The company operates 3,124 miles of track.
It serves an
industrial region characterized by the numerous metallurgical concerns in
the neighborhood of N ancy and the mines of the Brie.v Basin.
The first of its three most important lines connects Paris with the region
of the Ardennes, with Belgium and with Luxembourg, by way o f Rheims
and Charleville; the second connects it with Alsace and with Lorraine by
way of Chalons-sur-M arne, B ar-le-D uc and N ancy; 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 im portant indus­
trial regions of France, and, on the other hand, it provides the avenue for the
exchange of commodities with the countries o f Central Europe.
C A P I T A L S T O C K A N D B O N D S .— Th e com pany's balance sheet dated
D ec. 31 1925 (compare V . 122, p . 2489) showed shares and debentures
issued amounting to Frs. 4 ,6 3 5 ,6 1 5 ,7 3 2 . D ividends have been paid on the
common stock without interruption since 1846.
In January 1925 Dillon, Read & C o .. Marshall Field, Glore, W ard & C o .,
W hite, W eld & C o ., C assatt & C o ., N ew Y o rk, and Union Trust C o ., Cleve­
land, sold at 8 7 )4 and interest, $ 2 0 ,0 0 0 ,0 0 0 7 % External Sinking Fund
Gold bonds. D ated N o v . 1 1924, due N o v . 1 1954. Interest payable
M . & N . D enom . $ 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
of D illon, Read & C o ., N ew Y o rk , without deduction for any French taxes
present or future. A sinking fund is provided, beginning M a y 1 1925,
which is calculated to retire the entire issue by m aturity, by purchase in the
market at or below 1 00% and interest, or if not so obtainable, by call by lot
at 1 00% and interest. Redeemable as a whole at 105 and int. on N o v . 1
1929 or any interest date thereafter.
G U A R A N T Y O F F R E N C H S T A T E .— The convention between the
French Government and the principal French railway companies signed on
June 28 1921 and approved by the Law o f O ct. 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 of every kind, and
dividends on and amortization of its capital stock.
In the event of receipts
proving insufficient to meet these charges the deficit has to be borne by a
“ common fu n d " formed for the benefit of all the large system s.
Into this
fund excess receipts of all the systems are paid and tariffs have to be adjusted
to meet the requirements of the fund, but if this adjustm ent 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 paym ent of interest on and amortization of any bonds which m ay 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.
P R O V IS IO N S O F IS S U E .— This issue o f bonds will be the direct obliga­
tion of the com pany, rank pari passu with all other issues o f the com pany
now outstanding, and the com pany agrees that it will not place any m ort­
gage, lien or other charge on any of its properties or revenues or on any of
the rights accruing to the company under the convention dated June 28 1921
and the law of O ct. 29 1921 confirming the said convention, without causing
the above issue to share ratably in the security created by such m ortgage,
lien or charge.
The company covenants that it will not while any of the bonds o f 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 E st R R . in respect o f the bonds of this loan,
or through it to the holders o f the bonds of this loan under said convention
or said law of Oct. 29 1921.
The company has obtained assurance from the G overnm ent of the French
Republic that, while any of the bonds of this issue are outstanding, no ob­
stacle will be placed in the w ay o f the railroad com pany to fulfil its obliga­
tions in respect thereof.
E A R N I N G S .—
Results o f O pera tions Y ea rs E n ded D ecem ber 31.
1925.
1924.
Gross receipts, all sources___________________ F rs.1,4 4 3 ,1 7 3 ,1 8 9 1 ,273,219,845
Operating expenses_______________________________ 1 ,1 5 8 ,1 8 9 ,8 0 0 1,002,907,287
Interest and sinking fun ds_______________________ 23 5 ,3 6 3 ,6 1 5
194,939,903
Various disbursements, participations, & c______
821,922
C r .471,534
Dividends_________________________________________
9 ,0 5 2 ,0 0 0
9 ,052,000
Prem ium s__________________________________________
2 5 ,1 0 8 ,3 6 2
25,305,905
T o ta l_______________________________________ F r s .1,428 ,5 3 5 ,6 9 9 1,231,733.561
Profit, to be contributed to railroad com . fu n d .
14,637,491
41,48 6 ,2 8 4
— (V . 122, p .2 4 8 9 .)
E V A N S V IL L E IN D IA N A P O L IS & T E R R E H A U T E R Y .— Organized
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 H aute via W orthington, 140 m iles. Trackage rights.
6 miles.

Nov., 1926.]

R A IL R O A D C O M P A N IE S
[F or abbreviation s, & c ., see n otes o n pa ge 8]

M ile s
Road

F e rn w o o d C o lu m b ia & Q u lf R R — First M $500,000
44
R ef A m tge bonds due $ 5 ,0 0 0 yly ’22 to ’ 31 $300 ,00 0
F it c h b u r g R R — Bonds— See Boston & M aine R R ab ove.
F lo rid a C e n tra l & P e n in s u la r— See Seaboard Air L ine R y
F lo rid a E a st C o a st— l s t M $ 1 2 ,0 0 0 ,0 0 0 g -B a .x x c * A r
617
1st A ref m tge Series “ A ” red (text)____ B a z.c *A r*
856
Equipm en t trust certs ser B (auth $1 ,0 0 0 ,0 0 0 ) due
$ 100 ,00 0 yearly______________________________________
Equip trust certs ser C due $ 200 ,00 0 yearly______zc*
do
Series D due $125 ,00 0 ann___________B azc*
do
Series E due $80,000 an n_____________ B azc*
do
Series F due $90,000 ann_____________ B a zc*
do
Series G due $70,000 ann____________ B azc*
do
Series H due $180 ,00 0 ann___________ B azc*
F lo rid a W e s t S h o re— See Seaboard Air Line.
F o n d a J o h n s to w n & G lo versville— C om m on sto ck .
Pref stock 6 % cum call at 105 $ 1 ,0 0 0 ,0 0 0 au th____
First consol refunding m tge $50 0 ,0 0 0 g o ld .N .x c *
General refund m tge $ 800 ,00 0 (Y 71, p 3 4 ) ..N ,x c *
First cons gen ref M $ 7 ,0 0 0 ,0 0 0 g red 1 2 0 . -N .x c * A r
Johnstown G & Kingsboro 1st M assum ext 1 9 1 3 ._z
F o rt D o d g e D es M & So— Com m on stock_____________
Preferred stock 7 % cum ulative_______________________
1st M g red 105 $ 5 0 ,0 0 0 due serially D ec 1 to 1 9 3 7 . _
152
Debenture gold bonds Series A red 105___ N k.xxxc*
F o rt S m ith & W e s t e r n — See text
F o rt S tr e e t U n ion D e p o t— 1st m tge gold_______ C e.x
97.53
F o rt W a y n e & J a c k s o n — Pref stock
% rental____
F t W o r th & D en C ity — 1st M g $18,000 p m .B a .z c *
454
E q tr N o 20 (U S R R Adm in) due $33,900 ann___ G

D a te
Bonds

1911
1921
1909
1924
1917
1923
1924
1925
1925
1925
1926

Par
Value

$

A m ount
O utstand ing

1,000

1,000
1,000

100,000

1,000

1.4 Ml.000
1,6 >5.000

1,000

1 , 120.000

1,000

1,260,000
630.000
2 .7 0 0 .0 0 0

1,000
1,000
100
100

1897
1900
1902
1893

See text

1,000 &c
100 Ac 4 5 ,0 0 0 ,0 0 0

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

100 Ac
1913
1923 5 0 0 -1 0 0 0

1,000

1 , 000,000

100

1881
1920

1,000

2 ,2 9 1 ,4 1 6
8 .1 7 3 .0 0 0
136,700

. ^ I V I P Bk P 8 -^T0 n com -- 2 % - July 20 1910; July 10 1911, 2 % ; Aug
N
1912 and 1913 2 % ; none since. Pref. div. paid regularly 6 % per annum
B O N D S .— Consol. 4 .4 s . $7 ,0 0 0 ,0 0 0 au th .; $ 1 ,300,000 is reserved to re­
tire prior liens. See V. 115, p. 2158. Guarantees $30,000 G loversvilleA.
Broadalbin 5s and $50,000 Johnstown G lov. & K 5s and $50,000 8 % s tk .
R E P O R T .— For 1925, in V . 122, p . 2 487 , showed:
Y ears— Gross N et a ft.T a x . Oth I n c . I n t .. A c .
Pref. D ie
Su rplus.
1 9 2 5 -~ $ 1 ,2 4 5 ,8 4 3
$338,487 $85,534 $381,067 ( 6 % )$ 3 0 ,0 0 0
$12,954
1 9 2 4 ..
* 1 .2 7 9 ,8 6 5 3 5 1.748 81 ,1 3 8
377.588
(6 % )3 0 ,0 0 0
25,298
1 9 2 3 .. 1,471,220
477,811
83,9 1 8
392,259
( 6 % )3 0 .0 0 0
139,469
1 9 2 2 .. 1 ,409,648
502,903
68,754
382.643
(6 % )3 0 ,0 0 0
159.014
O F F I C E R S .— Pres., J. Ledlie Flees; V .- P ., James P. Argersinger; Sec.,
Frank Burton; Gen. Su pt., Judson Zimmer; A u d. & T reas., G eo. A . Harris.
O ffice, Gloversville, N . Y . — (V . 122, p. 2487.)
F O R T D O D G E DES M O IN E S A S O U T H E R N R R .— Own-' from Des
M oines, l a ., to Fort Dodge, Boone, Ames and Rockwell C ity 128 4 m also extension to Lehigh and Webster C ity, 25 miles, total. 152.02 milesi
Originally a steam line but now electrically equipped
v 97 p 1357
1426, 1583; V . 106. p. 393. Acquisition of bus lines, V. 121, p. 1225.
D I V S .—
1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924. 1925
On com m on_________ 6
6
5
5
0
0
0
0
0
On preferred_________ 7
7
7
7
*34
0
54
7
7
* O f which 1 4 % was paid in acrip.

R ate
%

W h en
Payable

L a st D ivid en d
and M a tu r ity

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

M
J

&
&

N M a y l 1950
J Jan 1 1932

Interstate T & B C o ,N O

4H 6 J
M
5 g

A
&

D Ju n el 1959
S Sept 1 1974

Bankers T r C o .N ew York
New York

A
J

&
&
&
&
&
&
&

o O ct 1 1927
J T o July 1 1933
J T o July 1 1939
s T o M ar 1 1940
A T o Aug 1 1940
<) T o O ct. 1 1935
s T o M ar 1 1941

7 g
6

6
5
5 g
414
4y2
414
4^g

2 .5 0 0 .0 0 0
5 00.000
6
5 00.000
414 g
80 0 .0 0 0
4 g
5 .7 0 0 .0 0 0
414 g
5 0,000
5
2 .6 3 4 .0 0 0
1 ,363.100 See text
5 .4 0 0 .0 0 0
5 g
4 00.000
7g

1891

TJnder the reorganization plan, the company entered into agreement
with the Cleveland Cincinnati Chicago & St. Louis R y . C o ., whereby the
“ Big Four” was to operate the E . & I. R R . for the benefit and at the risk
o f the New Com pany formed under the plan, for a test period c f not to
exceed three years, with the option at any time during that period at
purchasing the entire capital stock o f the New Com pany for the sum of
$ 1 ,0 0 0 ,0 0 0 , payable Id cash, or, at the election o f the “ Big Four,” in bonds
o f the “ Big Four” issued under its Refunding and Improvement Mortgage
dated June 27 1919. T h e ” Big Four” in April 1921 received authorit from
the I .-S . C . Commission to acquire the entire stock. The stockholders in
N o v . 1926 approved the lease o f the road to the Cleveland Cincinnati
Chicago & St. Louis R y .
Government loan, V . 112, p . 2536 . Tentative
valuation. V . 113, p . 1052.
B O N D S .— A ll of the outstanding $1 ,5 0 0 ,0 0 0 1st m tge. 7 % gold bonds
dated M a y 1 1920 were redeemed on N o v . 1 1925 at 102 and int.
R E P O R T .— For 1925: Gross, $ 2 ,4 7 1 ,2 6 8 ; net, oper. income, $766,116
other income, $8,3 3 4 ; interest, rentals, & c., $613 ,97 0; b a l., $160 ,48 0.
For details o f reorganization plan, compare V . 110, p . 1186.— (V . 123,
p. 2515 .)
F E R N W O O D C O L U M B IA & G U L F R R .— Owns Fernwood to C olu m ­
bia, M iss., 44 m . Stoc* outstanding, $ 1 00 ,00 0. Bonds, see table above.
The I. S. C . Commission in April 1921, authorized the company to issue
and sell $200,000 6 % ref. & m tge. bonds. V . 112, p. 1865.
For cal
year 1925, gross, $ 3 42 ,06 5; net oper. income, $75,760 ; interest and rentals,
*6 5 ,6 3 4 ; bal., sur., $10,1 2 6 .
P res., A . F . W ortm an: V .-P ., N . E . Ball;
Sec., J. L . Bentz; T reas., J. M . Fush.
Office, Fernwood, M iss.— (V .
112. p . 1875, 1977.)
F I T C H B U R G R R .— See Boston & M aine R R .
F L O R ID A E A S T C O A S T R Y . C O .— Owns from Jacksonville, F la ., via
M oultrie to K ey W est, 503 m .; branches, 339 m .; trackage, 7 m .; total,
849 m . Forms connection to Southern and Eastern Florida and thence t j
C uba for the Atlantic Coast Line, Southern R y. and Seaboard Air Line
Oar ferry service from K ey W est to H avana, 96 miles, is now operated by
Florida East Coast Oar Ferry C o. V . 97. p. 1115, 1281. 1583: V 99
p . 406; V . 100, p . 140; V . 102, p . 1346. Final valuation, $46,9 6 4 ,1 9 6 as of
June 30 1916. V . 118, p . 2179 . N ew construction authorized, V .
116, p . 295.
S T O C K .— 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 o f a like amount of gen. m tge. income
5 % bonds. This increased the outstanding capital stock to $37,500 ,000 .
B O N D S , A c .— The 1st M . 4>^s ($12,000,000 auth.) are a first lien on 617
miles. V . 88, p. 1620; V . 94, p. 1185; V. 98. p. 1993.
ls l & R ef. \itge.— The total amount of bonds authorized to be outstanding
under this mortgage at any one tim e is limited to $150 ,0 0 0 ,0 0 0 . Bonds
m ay be issued in series under the mortgage, each series bearing such rate
o f interest, maturing on such date and subject to redemption before maturity
at such time and at such price as the company m ay determine in regard
to each series.
The Series “ A ” bonds are redeemable, all or part, on 90 days’ notice on
any int. date, as follows: On or after Sept. 1 1944 and prior to Sept. 1 1971,
at 105 and in t.; on or after Sept. 1 1971, at 100 and int. V . 119, p. 1509;
V . 120, p . 1605.
R E P O R T .— For 1925, in V . 122, p . 2323 and 2 487 , showed:
1925.
1924.
1923.
1922.
Gross oper. revenue--------$ 2 9 ,1 3 2 ,7 3 8 $20,106 ,910 $16,0 2 3 ,9 9 8 $ 1 3,427 ,625
N e t oper. revenue------------ 7 ,6 8 7 ,3 4 0
5 ,511,463
3 ,896,031
3,220,341
Other income------------------7 15,955
373,974
4 75,602
96,991
Deductions----------------------- 4 ,5 6 2 ,9 2 5
2 ,3 6 7 ,9 4 5
1 ,613,959
1 ,325,460
N e t income---------------------- 3 ,8 4 0 ,3 7 0
3 ,5 1 7 ,4 9 2
2 ,7 5 7 ,6 7 2
1 ,991,872
For latest earnings, see “ R ailw ay Earnings Section" (issued m on th ly ).
Pres., W . R . Kenan Jr.; V .-P . & T reas., L . C . Haines; Sec., C . D . Boice.
General offices, St. Augustine, F la. N ew York office, 120 Broadway.
— (V . 122, p. 2795.)
F O N D A J O H N S T O W N & G L O V E R S V IL L E R R . C O .— Owns Fonda
to N orthville (steam ), 2 5 .4 7 m .; Gloversville to Schenectady (electric),
3 2 .4 7 m .; Gloversville to Fonda (electric), 8 .7 0 m .; Belt line in Am sterdam
(electric), 3 .7 8 m .; Belt line in Gloversville (electric), 3 .8 4 m .; Hagaman
line (electric), 2 .29 m .; second track (electric), 2 2 .7 5 m . Operates under
lease branch line Broadalbin Jet. to Broadalbin, 6 .1 5 m . (steam ); also local
line Gloversville to Johnstown (electric), 4 .0 8 m .; yards and sidings, 14.88
m .; trackage, 3 .9 8 m .; total, 8 6 .7 8 m . of road (128.39 m . of track).
Owns entire $105,000 common stock of Coal C o. of PultoD Oo.




59

RAILW AY STOCKS A D BONDS
JST

J
M
F
A
M

Q— M
J
&
J
J
&
J
M A N
J
&
J
,T
J

Aug
Sept
July
July
N ov
July

do

do

Bankers Trust C o , N Y

15 ’ 13 2 %
do
15 ’26 114
1 1947
N Y Trust C o , N Y
1 1950
do
do
New Y o rk T rust C o , N Y
1 1952
1 1933
Ful C o N B k .G lo v ’lle .N Y

< D T o D ec 1 1938
fe
& D Ju n el 1933

A
J
414 g J
M &
S
5H
A 1)
514 g J
J & J 15
6

U S M tg e A T r C o , N Y
Bankers T rust C o , N Y

J P M organ A C o . N Y

New York
New Y o rk T rust C o , N Y

Jan 1 1941
Central Union T r C o , N Y
Sept 1 1926 2 >4 Farmers’ L A T r C o , N Y
D ec 1 1961
O ffice, 32 Nassau St, N Y
T o Jan 15 1935

B O N D S .— Open m tg e ., V . 101, p . 1272 , 1972. D ue serially on D ec. 1 ,
150.000 yearly, 1916 to 1937, both Inclusive, and remainder in 1938, but
redeemable all or part on any Interest date at 105 and int.
Additional
bonds Issuable only for 8 0 % o f cost of additions, A c ., when annual net earn­
ings are 1 4 times interest, including bonds proposed. V . 106, p. 395.
Debenture gold bonds, Series A , V . 116, p . 2883 .
Government loan, V. 112, p. 1519.
E A R N I N G S .— Year ending D ec. 31 1925, gross, $ 1 ,6 3 0 ,4 0 4 ; net operIncome, $232 ,73 7; other income, $137,342; in t., rentals, A c ., $367 ,36 1:
pref. divs., $95,417 ; b a l., d e f., $ 9 2 ,9 9 5 .
Pres. & Gen. M g r ., C . H . Crooks; Sec., Treas. & A u d ., F . M . Johnston.
— (V . 123, p. 2515 .)
F O R T S M IT H & W E S T E R N R Y .— Operates Fort Sm ith, A rk ., to G uth­
rie, O kla., 216 miles, of which Coal Creek, O kla., to Guthrie, 196 m ., is
owned and F t. Smith to Coal Creek, 20 m ., is Kansas C ity Southern track­
age. In Oct. 1915 contracted for use of M . K . & T . tracks, Fallis to Okla­
homa C ity, 30 miles. V . 1 0 1 p. 1553.
Th e I .-S . C . Commission has placed a tentative valuation of $ 4 ,9 0 8 ,3 0 0
on the total owned and $ 4 ,9 1 4 ,0 6 0 on the total used properties o f the
com pany, as of June 30 1919.
On Oct 9 1915 Gen. M gr. Arthur L . M ills was made receiver, but retired
on April 15 1921. being succeeded by Chas. T . O ’N eal, of Washington, D . O .
V. 101, p. 1272. Sold in Jan. 1923 to A . C . Dustin of Cleveland, repre­
senting the bondholders, for $50,0 0 0 , plus $800 ,00 0 of receivership inThe property of the old F t. Smith & Western R ailroad on Feb. 1 1923
was acquired by Fort Smith & Western R ailw ay, a Delaware corporation,
organized in the interests o f the bondholders o f the old Railroad C o. In
exchange for the bonds of the old Railroad C o. (substantially all of which
were in the possession of a bondholders’ protective com m ittee), such pro­
tective committee received all the securities issued by the new R ailway C o .,
to wit:
$ 1 ,500,000 20-year 1st m tge. 6 % bonds;
3,7 4 4 ,0 0 0 20-year 2d m tge. 5 % bonds (Income bonds for first 10 years):
62,4 0 0 shares no par common stock.
The new Railway C o ., in addition to the railroad Itself and the equip­
ment, receive current assets and inventory amounting to $545 ,00 0 and
assumed current and other liabilities of the receiver amounting to approxi­
mately $800 ,00 0. These liabilities are prior in lien to the above-mentioned
bonds. Feb. 1 1925, all receiver’s debts, excepting G o v t loan of $156,000
due D ec. 1925, had been paid
Pres. Alton O. Dustin in Feb. 1923 stated that the bondholders’ com­
mittee (the protective committee of the old bondholders) will continue to
function for at least another year in order to pay its debts and the receiver’s
debts before it will he in a position to make any distribution to the old
mortgage bondholders, and that it was impossible at the time to give any
estimate as to what the old bondholders will receive.
R E P O R T .— For calendar years:
1925.
1924.
1923.
1922.
Gross rev. from oper____ $1 ,8 9 6 ,7 2 5 $ 1 ,9 0 9 J 1 8 $1,59(L871 $1,692^267
Other incom e------------------def69,932
def89,532
d e fl,3 5 5
def28,515
T o ta l------------------------------- $1 ,8 2 6 ,7 9 3
Operating expenses--------- $1 ,3 8 2 ,8 7 2
Rentals and taxes_______
153,439

$ 1 ,8 1 9 ,5 8 6
$ 1 ,4 1 6 ,2 1 9
149,863

$ 1 ,589,516
$1 ,3 7 0 ,2 5 0
151,640

$ 1 ,663,752
$ 1 ,352,542
140,549

T o ta l-----------------------------$ 1 ,536,311 $ 1 ,5 6 6 ,0 8 2 $1 ,5 2 1 ,8 9 0 $1,493,091
N et incom e--------------------$290,481
$253 ,50 4
$ 67,626
$170,661
For latest earnings, see “ Railway Earnings Section” (issued m onthly).
P r e s ., A . O . D u s tin , C le v e la n d , O .— (V . 120, p - 3 1 8 3 .)
F O R T S T R E E T U N IO N D E P O T .— Owns passenger station with ap­
proaches, 2 .8 miles of main track; leased for 990 years from D ec 10 1889 to
W abash, Pere M arquette and Canadian Pacific for rental equal to 5 % of
total cost o f property and current expenses. Incorp. in M ich . Aug. 24 1889.
Stock, $ 1 ,0 0 0 ,0 0 0 . of which Pere M arquette owns $515 ,80 0; par, $100.
The I. S. C . Commission has placed a final valuation on the property of
the com pany of $ 1 ,9 1 9 ,1 0 2 on its owned and used property as o f June 30
1915; $286,677 on property owned but not used, and $304,234 on property
used but not owned. Pres., F. H . Alfred, D etroit.— V . 121, p. 836.)
FORT W A Y N E & JA CK SO N R R .— Owns Jackson, M ich., to Fort W ayn e
tnd. 97-53m lles. On A u g .24 1882 leased perpetually to Lake Shore A Michi­
gan Southern (now New York Central at a rental of *1 2 6 .0 2 7 , equal to
5 H % on the pref. itock (see V . 56, p. 8 1 2 ), and after 1887 any net earnings
over 8 % on pref. stock to be paid on com ., but not exceeding 2 % a year.
Common stock, $43 6 ,1 3 2 .
V 106, p. 601.
F O R T W O R T H A N D D E N V E R C I T Y R Y . C O .— F t. W orth , T exas, to
Texline, 454 miles. Owns securities o f Ft. W . & D en. Term R y.
The I .-S . C . Commission has placed a tentative valuation o f $17,9 7 5 ,3 1 0
on the total owned and $1 8 ,8 5 6 ,3 4 8 on the total used property o f the com­
pany as of June 30 1918.
S T O C K , & o.— Colorado A South. R y D ec. 31 1925 owned all but $ 3,452
>t the $ 9 ,375,000 capital stock, the latter including $ 6 ,8 3 5 ,0 0 8 com m on
and $2,539,992 stamped stock.
V. 63. p 1063, 75
Payments under stamped stock agreement of Oct. 12 1895, 4 % per annum .
B O N D S .— Abstract of mortgage. V 45, p. 440.
Certfs of Indebtedness
jwned by Colo Sou D e r. 31 1925, $299,917
Equipment trust V 82.
p. 1101: V . 84, p. 508: V 114, p 2115. Ft W orth & Denver Terminal R y ..
$ 2 ,5 0 0 ,0 0 0 20-year 6 % bonds (Bankers Trust O o .. N . Y
trustee) subject
to call at 105, of which $ 7 2 8 ,0 0 0 have been issued, $ 3 0 0 ,0 0 0 sold and $428 .
000 held by F t. W . & D . C . Ry V 86, p. 52, 1100, 1589 V. 8 7 . p. 949.
The company in N ov. 1921 offered to extend the $8 ,1 7 6 ,0 0 0 1st m tge.
6s, due Dec. 1 1921 to Dec. 1 1961. at 5 M % . Plus $40 in cash for each
S I,000 bond extended. The bonds, as extended, will be redeemable, as a
whole but not in part,on or after Jan. 1 1935, at 105 during the 5 years
ending D ec. 31 1939: 104 during the next 5 years; 103 during the next 5
years; 102 during the next 5 years, and 101 thereafter until Sept. 30 1961
(plus interest in each case). Com pare V . 113, p . 2 185 .

60

RAILW AY STOCKS AKD BONDS

R A IL R O A D C O M P A N IE S
[For abbreviation s, & c ., see notes on p a ge 8]

M iie s Date
Road Bonds

Par
Value

Am ount
Outstanding

Rate

%

G a in esv ille M id la n d — First M 8 1 ,0 0 0 ,0 0 0 g red at 110
74 1905
$1,000
See text
N otes $400 ,00 0 auth extended to Oct 1 1922________
1913
100 Ac
$325,000
f*
G alv H arrisb & S a n A n t — 1st A 2d M g 1 gr ext__c*
256 7 1 -’ 80
1.000
5 .728.000
6 g
Western D ivision 1st M (M ex & Pac ext) gold___ x
671 1881
1,000 13,418.000
5 g
do
do
2d M '•stam ped” guar p & i______
1881
2.5 3 9 .0 0 0
5
G alveston-Victoria D iv 1st M $ 1 0 ,0 0 0 ,0 0 0 auth___
1910
1,000 10 . 000.000
6
G a lv H o u s & H en d R R C o— 1st M g C ol yc*& r*
50 1913
1,000
2 .122.000
5 g
G a lv e sto n T e rm ’ l— 1st M $ 5 ,0 0 0 ,0 0 0 gu (t e x t).B a .x
1908
1,000
1,106,000
6
G a lv e sto n W h a r f C o— 1st (r e) M gold s f _______ zc*
1882
1,000
424.000
6 g
First series (wharf A railroad) gold 5s sink fu n d .z c*
1890
1,000
1,081.000
5 g
R ef m tge Series A red (text) $ 5 ,000,000 auth_kxxxc*
1926
1,000
1.250.000
5H g
G e n e se e & W y o m in g R R — 1st M gold $ 5 0 0 ,0 0 0 ..Col
16 1899
1,000
484.000
5 g
G en ev a C o r n in g & S o u t h e r n — See N Y Central R R
G e o rg ia & A la b a m a — G e o rg ia C a ro lin a & N o rth e rn— S ee Sea board Ai r Line R y .
G eo rg ia & Fla— Com m on stock $ 1 5,000 per m ile ..
100 5 .250.000
Pref stock non-cum partic $ 10,000 per m ile_________
100 3 .500.000
M illen A South 1st M ___________________________ C o l.x
*53 1905
1,000
212.000
Receivers’ certificates_________________________________
1924
800.000
Receivers’ certificates_________________________________
1924
400.000
5
Georgia A Florida m tge $ 1 2 ,0 0 0 ,0 0 0 gold_______ axe*
284 1907
500 &c * 6,220,000
G en M g (cum inc for lO yrs) red par______FB a.xc*
1912
500 &c
2 , 000,000 o 5 text
See g
Georgia A Florida Term M _________________________ x
1,000
~~2 1910
200.000
6
Equip trust ctfs due $5 0 ,0 0 0 ann________________ FP
1926
1,000
750,000
5
F or secu rities to be issued und er reorganization plan , se e text.

fg

♦About 10%

o f these bonds owned by company

andpl edge d

W h en
Payable

M

& N
Q— J
Various
M & N
J
&
J
J
& D
A & O
M A S
J
A
J
A A O
J A D
A A O

A

A

M

A

[V ol. 123,
L ast D ivid en d
and M a tu rity

N o v 1 1935
O ct 1 1922
1935
M a y 1 1931
July 1 1931
Ju n el 1940
Apr 1 1933
M ar 1 1938
July 1 1932
Apr 1 1940
June 1 1951
Apr 1 1929

P laces W h ere In terest and
D iv id en d s A r e P ayable

Prin and int in default
Owned by Sou Pac Co
S o P acO o, 1 6 5 B ’w a y ,N Y
do
do
do
do
Irving B k A T r C o , N Y
Bankers Trust C o , N Y
N a t C ity B k , N Y , or Gal
do
do
N ew Y o rk
Irving B k A T r C o , N Y

O Apr 1 1 9 5 5
Hanover N a t B k , N Y
Jan 31 1927
Jan 31 1927
N o v 1 1956
In t unpaid since M a y '13
Feb 1 1932
July 1 1930
Fidelity Trust C o , Balt
Sept ’27-Sept 41

as collat eral for flo a ting deb

Equipm ent trusts issued to Director-General for rolling stock allocated
to this com pany. See article on page 3
R E P O R T .— For 1925 showed:
Cal.
Gross
N et (after
Other
Interest,
D ivid en d s
Balance,
Y r s . E a rn in g s.
T a xes).
In co m e. R ents, & c.
(8 % ).
S u rplus.
1925 .$ 1 1 ,5 0 4 ,3 8 1 $3,62 1 ,2 3 8 $616,089 $ 1 ,021,903 $1,37 8 ,6 5 6 $ 1 ,836,768
1924 . 11,170,306
3 ,8 3 8 ,1 2 8 424,931
854,124 1 ,378,656 2 ,0 3 0 ,2 7 9
1923 . 9,625,851
2 ,501,792 671,183
746,985 1 ,378,656 1 ,047,336
1922 . 9 ,717,038
2,5 5 2 ,0 9 4 355,287
903,109
916,466 1,087,806
For latest earnings, see "R ailw ay Earnings Section” (issued m onthly).
Pres., H ale H olden, Chicago; V .-P . A G en. M g r ., F . E . C larity; Sec. A
T reas., W . O . H am ilton, Fort W o rth , T e x .— (V . 122, p . 1758 )
G A IN E S V I L L E M ID L A N D R Y .— Owns Gainesville, G a ., to Athens, 42
miles, standard gauge, and Belm ont to M onroe. 32 miles; gauge now
standard. V . 79, p . 151. 269. 5 00. 6 27. Stock, all outstanding. $550,000
Gordon C . Carson of Savannah and W . B . Veazev o f Gainesville were
appointed receivers in Feb. 1921. V . 112, p. 849. T h e sale o f the road
was confirmed b y Judge W illiam H . Barrett, o f the U . S. District Court at
A u gusta, G a .. M arch 17 1926
The I .-S . C . Commission has placed a final valuation o f $ 1 ,174,665 on the
com pany’s property owned and used for carrier purposes, as of June 30 1915.
O f the 1st 5s o f 1905 ($1,000,000 au th .), $661,000 has been sold and $ 14,000 is reserved to retire old 6s; $26,000 treasury bonds and $192 ,00 0 issued
to cover broadening gauge o f 32 miles are pledged to secure an issue of
$400 ,00 0 3-year 6 % coupon notes of 1913. These notes also have as addi­
tional security the following, pledged by individual owners; $645 ,00 0 1st M .
bonds (1905 issue), $514,000 out o f $550 ,00 0 cap. stock. O f these notes,
$ 325 ,00 0 are Series A , having a prior lien on the collateral and $75,000 Series
B , $2 5 0 ,0 0 0 o f Series A have been issued and installments paid thereon to
the extent o f $213 ,28 5; Series B is all ou t. The Series A and B coupon
notes of 1913 were extended to O ct. 1 1919 and again to O ct. 1 1922. Prin­
cipal and interest since Jan. 1921 in default.
The Chatham B k. A T r. C o . is m tge. trustee. V . 81, p . 1375, 1 550 .—
(V . 119. p. 2176.)
For year ended D ec. 31 1924: Gross, $236 ,42 2; net, $ 36,299 ; other inc..
$ 8,016; charges o f receiver, $ 40,265 ; net inc. of receiver, $ 4 ,0 5 0 .— (V . 122,
p . 1915.)

D ec. 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 $1,50 5 ,0 0 0 closed mortgage bonds maturing in 1932 and 1940
and to certain leases from which the com pany receives a substantial revenue.
Also these bonds will be further secured by the pledge of $495,000 o f prior
lien bonds, thus sharing in the liens o f these bonds to the extent o f 2 4 .8 %
o f such bonds is(ued. Y . 123, p. 575.
For 1925, gross, $1,580 754; net, $204 ,70 9; other income, $ 1 16 ,90 3;
deductions, $87,243 ; dividends, $131 ,33 0; b a l., sur., $103 ,0 3 9 .
For latest earnings, see “ R ailw ay Earnings Section” (issued m onth ly).
Pres., John Sealy; V .-P res., G eo. Sealy; Gen. M g r ., E . E . Gossrau; Sec.,
O . W . Branch. O ffice, Galveston, T e x.— (V . 123, p . 708.)
G A U L E Y & E A S T E R N R Y .— V . 113, p . 1772.
G E N E S E E & W Y O M I N G R R .— R etsof, N . Y . , to Pittsburgh A Lehigh
Junction, 11 miles; R etsof Junction to Griegville, 4 miles; branch, 2 miles;
total, 17.52 miles. Th e I .-S . C . Commission has placed a tentative value
of $434 ,81 0 on the property o f the com pany as o f June 3 0 1917. Stock,
$500 ,00 0; par, $100.
Dividends since 1909: August 1 9 l0 , 1J4" % ;
N o v ., 1 ) 4 % : 1911, 5 % , paid 1 ) 4 % Q .-J .; 1912 and 1913, 5 % (Q .-F .); 1914.
Feb. and M a y , 1)4.%', A u g . 1914 to A u g. 1916, 1 )4 % quar.; N o v . 1916, 2 %
1917, 1 0 % , 2 % Q .-F . with a special div. o f 2 % paid in A u g. 1918; F eb. A
M a y , 2 % quar.; N o v ., 4 % ; 1919 to 1922 paid 1 0 % yearly; 1923, 1 5 % ; 1924,
6 % ; 1925, 1 0 % . Y ear ended D ec. 31 1925, gross, $571 ,79 0; net oper. in­
come, $226 ,03 5; other income, $11,307; in t., rentals, $132,445; d iv s., $ 5 0 ,000; b a l., sur., $54,8 9 7 . Pres., M . B . Fuller, Scranton, P a .; V .- P . A G en.
M g r ., H . C . Finch, R etsof, N . Y . ; Sec., H . J. Osborn; T reas., W . H . Bar­
nard, 2 Rector S t ., N ew Y o rk .— (V . 121, p . 455.)
G E O R G I A A N D F L O R I D A R Y .— Owns from Augusta, G a ., to M a d i­
son, F la ., 250 miles; branches, 156 miles; total, 406 m iles. A lso owns entire
stock o f the Statesboro Northern R y . , 40 m ile s, which is separately operated.
V . 119, p . 6 93. A consolidation in A u g. 1907. V . 8 2 , p . 1211; V . 8 5 ,p .
345: V . 8 7 . p . 4 8 0 , 9 3 6 , 1533; V . 88. p. 681. On M a r. 27 1915 three re­
ceivers were appointed, and resigned in July 1921.
John Skelton W illiam s
Richm ond, V a ., took charge as sole receiver July 15 1921. Receiver John
Skelton W illiam s died on N o v . 4 1926. In O ct. 1919 purchased Augusta
Southern R R ., all operations being merged from Jan. 1 1920. Sale o f road
was ordered in F eb. 1920, but was revoked b y court order. V . 110, p . 4 6 4 .
Q AL VESTO N H A R R IS B U R G & SAN ANTONIO R Y .— (See MapSoutherr
G overnm ent loan, V . 119, p . 454.
P a c ific .)— Owns Galveston via Houston, T ex. to east bank of Rio Grandf
The Inter-State Commerce Commission has placed a tentative valuation
R iver, 825 miles; Beeville to D am on , 167 miles; San Antonio to Por>
o f $4,815,313 on the properties as o f June 30 1918. V . 117. p . 208.
L avaca, 136 miles; branches, 235 miles; owns jointly 2 miles; trackage, Ac.
The I .-S . C . Commission in April 1924 authorized the com pany to issue
17 m .; total, 1,380 m . Southern Pacific C o. owns $27,0 7 6 ,2 0 0 o f the $27,$ 1 ,600,000 receiver’s certificates, $800 ,00 0 o f which were pledged w ith the
0 84,400 stock (par $100 ). V . 7 9 , p . 2642 ; V . 8 1 . p. 211, 6 68, 1242; V . 83
Secretary of the Treasury as security for a Governm ent loan o f $ 7 9 2 ,0 0 0 , due
p. 1528.
Jan. 31 1927, and the remainder sold or otherwise disposed of.
Th e I .-S . C . Commission has placed a tentative valuation of $49,305 ,300
R e o rg a n iza tio n P la n (V . 123, p . 2134 ).
on the total owned and $ 5 4 ,617 ,450 on the total used properties o f the
company as o f June 30 1918.
A plan o f reorganization has been prepared and approved by the first
Th e stockholders o f the San Antonio A Aransas Pass R y . on D ec. 15
mortgage 5 % 50-year bondholders’ com m ittee, outlined as follows:
1924 authorized the leasing o f the road to this com pany. Th e lease was
N ew C om pa ny.
approved by the I .-S . C . Commission on M arch 25 1925.
A ll of the properties and rights of Georgia A Florida R y . and o f the re­
B O N D S — See V . 92, p. 1636; V . 94, p . 130; V. 96, p . 1772; V . 107
ceiver are about to be sold (N o v . 1) under judicial decree o f the Superior
p . 1482. Western D ivs. 2ds $ 2 ,539,000 are “ stamped” with a guaranty b j
Court o f Richmond C ounty, G a.
Southern Pacific C o. of paym ent of principal and interest as reduced from
There has been organized in Georgia the G eorgia & Florida R ailroad,
6 % to 5 % from Jan. 1 1915. V . 100, p . 397. Equip, bonds, $ 1 ,5 5 8 ,0 0 0 6*
with necessary powers to acquire and operate a railroad or railroads, and it
owned by Southern Pacific. V . 7 6 . p . 1300; V . 7 7 , p. 2160 . Th e Sou. Pac
is proposed that such company will be authorized to do business under the
O o. owns $444,000 out of a total o f $ 2 ,5 3 9 ,0 0 0 M ex . A Pac. ext. 2d M . 5i
laws o f the State o f Florida, and that such com pany, either directly or
and all o f the $4 ,7 2 8 ,0 0 0 G . H . A S. A . East D iv . 1st 6s (e x t.), due A u g . 1 through the organization of another corporation, will also be authorized to
1935. $ 1 ,0 0 0 ,0 0 0 2nd M . 6s, and $ 1 0 ,0 0 0 ,0 0 0 Gal. Victoria D iv . 6s.
do business in the State o f South Carolina. It is planned to have the new
com pany purchase all o f the properties o f the existing Georgia A Florida
R E P O R T .— For 1925, gross, $ 2 7,513 ,320 ; net oper. income, $ 4 ,253,941;
R y . and o f the receiver, and also to construct the proposed new line of
other income, $637 ,73 2; deductions, $2,3 5 8 ,8 3 6 ; net income, $2,5 3 2 ,8 3 7 .
railroad from Augusta, G a ., to Greenwood, S. C .
For latest earnings, see “ Railway Earnings Section” (issued m onth ly).
Treatm ent o f D ep o sited Securities.
— (V , 123. p . 1111.)
Holders of bonds o f the issues described below (or certificates o f deposit
G A L V E S T O N H O U S T O N & H E N D E R S O N R R . C O . O F 1882 .— Owns
herefor) who shall have complied with the conditions of the plan, will,
from G alveston, T e x ., to H ouston, T e x ., 50 miles. See V . 6 1 , p. 1013.)
on completion of the reorganization, receive the following;
O R G A N I Z A T I O N .— The M .- K .- T . R R . C o . of Texas (formerly The
(1) G eorgia < Florid a R ailw ay F irst M ortgage 5 % 50-Y e a r Gold Bonds
fe
M . K . A T . R y . C o. o f Texas) and International-Great Northern R R . C o.
It is contemplated th at, through acquisition b y the committee or other­
have had trackage rights since D ec. 1895 under a contract providing for
wise (the actual cost thereof to be included in the reorganization expenses),
payment to Irving Bank-Colum bia Trust C o ., as mortgage trustee, o f $ 1 0 6 ,the amount of 1st m tge. 5 % 50-year gold bonds o f Georgia A Florida R y .
100 yearly to m eet interest on G . H . A H . bonds. See V . 61, p . 1064;
issued and outstanding will be reduced to $6,000 ,0 0 0 .
V . 63, p . 697. Dividends, M a y 1904 to 1906, 4 % yearly; none since. O f
The holders o f such portion of the $ 6 ,000,000 bonds as have deposited or
the 1st gold 5s ($ 5 ,000,000 auth. issue), $1,00 0 ,0 0 0 is reserved for not over
shall deposit the same with the bondholders’ committee are invited to
9 0 % o f cost o f new equipm ent. Redeemable a t 105 on any int. day. V . 9 8 ,
furnish funds required in the reorganization at the rate of 25 % o f the prin­
p. 839; V . 102, p . 1987.
cipal amount o f such old bonds, or a total o f $1 ,5 0 0 ,0 0 0 , on the following
Stock, $ 1 ,0 0 0 ,0 0 0 ; par, $ 100 .— (V . 114, p. 305.)
basis:
Each holder of a deposit certificate for $1,000 o f such bonds, with coupon
G AL VESTO N T E R M IN A L R Y .— Owns extensive terminals at Galveston.
maturing N o v . 1 1913 and subsequent coupons, whether serially related
T ex., used by Trinity & Brazos Valley R y ., Colorado Southern and Ohio
thereto or not (or cash for missing coupons), or certificate o f deposit there­
R . I . A Pacific, which own practically all the stock. V . 87, p. 950. Owns
for, paying his pro rata part o f such $1,5 0 0 ,0 0 0 , nam ely, $250 for each
a leurge freight depot and warehouse and about 14 blocks along Galveston
$1,000 old bond deposited, will receive the following securities in the new
water-front. Operates 49 miles o f main line and 20.3 3 miles of sidings.
com pany (represented as to preferred and common stock b y voting trust
Stock, $25,000 . O f the 1st 6s ($ 5 ,0 0 0 ,0 0 0 authorized issue), $ 1 ,106,000
certificates):
guar. Jointly by the C h . R . I. A P . and C ol. A Sou. V . 8 6 , p . 1100, 1589;
(a) $250 o f non-mortgage 6 % income debentures; (6) $ 1,400 6 % preferred
V . 87, p. 1478; V . 103, p . 2428 , 1980. Pres., J. A . H ulen, H ouston, T e x .;
stock; and (c) 12 shares of non-par value common stock.
V .-P ., C has. Fowler; Sec. A T reas., E . R . Cheesborough, both of G alvesThe underwriting of the foregoing securities to provide such $1,500,000
pn, T e x.— (V . lO O , p . 2085 .)
cash is contemplated as a part o f the reorganization plan.
G A L V E S T O N W H A R F C O .— Owns wharf properties extending from
Each holder o f deposit certificates for $1,000 o f such old bonds, accom­
10th to 41st S ts., G alveston, T exas, and 12.8 miles m ain line switching panied b y coupon matiming N o v . 1 1913 and subsequent coupons, whether
tracks in city, with yard tracks and sidings. Incorp. in Texas Feb. 24 1854.
serially related thereto or not (or cash for missing coupons), or certificate
The I .-S . C . Com m ission has placed a tentative valuation o f $ 1 3 ,645 ,000
o f deposit therefor, electing not to pay his pro rata part of said $1,500,000
on the property of the com pany as o f June 30 1917. Stock outstanding or $250 for each $1,000 bond and said coupons, will receive $1,000 par
$2,6 2 6 ,6 0 0 ; par, $100. Dividends in 1904, 3 M % : 1905, 4 H % ; 1906 to
value o f preferred stock of the' new com pany (represented by voting trust
1908, 5 % yearly; 1909, 4 * A % ; 1910 to 1913, 5 ) 4 % : 1914, 5 ) 4 % : 1915, 4M % ;
certificates).
1916, 4 % ; 1917, 4 H % ; 1918, 3 % ; 1919, 3 % ; 1920, 3 & % ; 1921, 6 % ; 1922,
(2) Georgia & Florida R ailw ay G eneral M ortgage 6 % Gold Bonds
6 % ; 1923, 6 % ; 1 9 2 4 ,5 % ; 1925, 5 % .
o
„
The holder of each $1,000 o f such bonds ($2,000,000 outstanding) with
The refunding m tge. 5 ) 4 % gold bonds, Series A , are redeemable all or
part on the first day of any month on 30 days’ notice up to and incl. D ec. 1 coupon due A u g. 1 1913 and all subsequent coupons attached, paying his
1926 at 105 and int. the premium decreasing thereafter M o f 1 % for each six pro rata share o f $50,0 0 0 , nam ely, 2 ) 4 % o f the principal amount of such
bond, or $25 for each $ 1,000 such bond, will receive the following securities
months or portion thereof, resulting in a call price o f 100 and int. on and after




Nov., 1926.]

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

G e o rg ia F lo rid a & A la b a m a — Equip trust cert Ser A
due s-a red 102_________________________ PeP.xxxc*
G e o rg ia M id lan d R y— 1st M g $ 1 ,6 5 0 ,0 0 0 int g u .x
G eo rg ia R ailro ad & B a n k in g C o— Stock____________
Bonds not mortgage currency (V 87, p 2 26. 2 8 5 )-z c
Bonds refunding not mortgage currency____________
G e o rg ia S o u th e rn & Florid a— Com m on stock____
First pref stock 5 % & partic non-cum red___________
Second pref 5 % & partic non-cum $ 1 ,0 8 4 ,0 0 0 ____
First mortgage gold $ 4 ,0 0 0 ,0 0 0 ___________ M eB a.xc*
First consol mortgage $10,000 ,000 gold___ N .xc*&r
Debenture bonds red 10234____________________________
Equipment trust Series F due s e m i-a n n ___________c t

M iles Date
Road Bonds

98
307

1925
1896
1907
1921

285
391

...

1895
1902
1924
1924

Par
Value

100
100
100
1,000
1,000

T otal fixed interest obligations (exclusive
o f Greenwood extension)_________________ $ 3 ,442,000
1st m tge. 6 % bonds (to be sold to bankers
and proceeds held in trust and used for con­
struction Greenwood exten., about 56 m .) . 2 ,3 0 0 ,0 0 0

%

2 , 000,000

W h en
Payable

1, 000,000
1.500.000

1.000

$6,062 $161,520
_______
37,500
$199,020
c99 ,984

Rate

$700,000
1 .650.000
4.2 0 0 .0 0 0

D escrip tio n o f N e w S ecurities.
F irst M tge. 6 % 20-Y e a r Gold Bonds, Series A . — Authorized, $ 1 5,000 ,000 :
issuable in series. O f such bonds, $5,000,000 will be designated as 1st
m tge. 6 % 20-year gold bonds Series A .
Series A bonds are to be dated as
o f N o v . 1 1926: are to bear int. from N o v . 1 1926 at the rate o f 6 % per an­
num , payable M . & N . , and are to m ature on N o v . 1 1946. Interest pay­
able, without deduction for such Federal income and State taxes as m ay be
determined by the com m ittee. It is proposed that the new 1st m tge.
will be a first lien on all the properties and assets to be acquired by the new
company under the plan of reorganization (subject only to the prior lien
on the property subject to the lien thereof, o f the Georgia & Florida Terminal
C o . 1st m tge. 6 % bonds, and the M illen & Southwestern R R . 1st m tge.
5 % gold bonds, unless the Terminal company bonds and the M illen &
Southwestern R R . bonds are retired under the terms of the reorganization
plan; and subject as to the property covered thereby to the lien o f the new
equipment trust lease and agreement on 530 freight cars).
O f the $5,000,000 of 1st m tge. bonds presently to be issued, $3,800,000
have been sold to bankers, subject to the consummation of this reorganiza­
tion plan, and to approval by the I .-S . C . Commission.
In com e N on -M ortg a g e 6 % D eb en tu res.— -It is also proposed to have the
new company authorize and issue $1,500,000 income non-mortgage 6 %
debentures, such debentures to mature 25 years from the date otheref, to
be red. all or part at par at any tim e 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 of the completion o f the Greenwood extension,
such date o f completion to be certified to the corporation in writing b y its
President. A ll accumulations of unpaid interest on debentures shall be
paid before any dividends are paid on any shares o f stock of the new com­
pany and upon the m aturity of the debentures any interest unpaid and ac­
cumulated at that tim e shall be payable, together with the principal o f the
debentures.
P referred Stock.— Authorized amount not to exceed 90,000 shares (par
$100 per share). Entitled to dividends at rate o f 6 % per annum and no
more. Dividends shall be cumulative on and after 3 years from date of
completion o f the proposed extension o f railroad from Augusta, G a ., 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 $110 and divs. In event of
(1) a voluntary or involuntary liquidation or o f a voluntary or involuntary
sale o f all, or substantially all, of the assets, or upon any voluntary or in­
voluntary distribution o f its capital, the holders of the preferred stock shall
be entitled to receive par and dividends.
The holder of each share o f preferred stock shall be entitled to one vote,
and the holder of each share o f common stock shall be entitled to one vote.
Com m on Stock.— Authorized amount not to exceed 100,000 shares (with­
out par value).
P roposed C apitalization, Bonded D eb t and Interest Charges o f N ew C om pany.
System F ixed In t.
D eb t
Charges
P rin c ip a l, p er M ile , p e r A .
First m tge. 20-year 6 % bonds (to be sold to
b a n k e rs)----------------------------------------------------------$ 1 ,500,000
$3,378 $90,000
1st mtge. 6 % bonds (to be exchanged at par
for $200,000 terminal bonds and $200,000
M . & 8. W . old bonds, or sold to retire such
b o n d s)----------------------------------------------4 00,000
901
24,000
U . S. G ovt, loan (to be secured by additional
1st m tge. 6 % bonds)_______________
a 792,000
1,783 b47,500
Total mortgage bonds and U . S. loan to
be based on about 444 m iles)____________ $ 2 ,692,000
Equipment obligations, 5 % ___________________
750,000

Amount
Outstanding

$1,000
1,000
100
1,000

in the new com pany (represented b y voting trust certificates or scrip there­
for as hereinafter described):
(a) Scrip representing one-fourth o f a share o f preferred stock, and (6)
5 shares non-par value common stock.
Underwriting o f such preferred and common stock to provide such $ 5 0,000
is contemplated as a part o f the reorganization plan.
W here scrip is issued, it will be exchangeable into voting trust certificates
when presented in shares or multiples of shares.
(3) G eorgia & Florid a T erm in al C o. 1st M tge. 6 % Bonds
Holders o f Georgia & Florida Terminal C o. 1st m tge. 6 % bonds due July 1
1930 will be accorded the privilege under this plan o f exchanging such bonds,
dollar for dollar, for 1st m tge. 6 % bonds, Series A , o f Georgia & Florida
R ailroad to be due N o v . 1 1946.
(4) M ille n & Southw estern R R. ls< M tge. 5 % Gold Bonds
Holders o f M illen & Southwestern R R . 1st m tge. 5 % gold bonds due
April 1 1955 will be accorded the privilege under this plan o f exchanging
such bonds, dollar for dollar, for 1st m tge. 6 % bonds, Series A , o f Georgia
6 Florida R ailroad, to be due N o v . 1 1946.

138,000

Total fixed interest obligations (inclusive of
56-m ile Greenwood exten .), to be based
on total mileage of about 500 miles_____ $5,742,000
$337,020
N on -m tge. income 6 % debens. (cumul. after
completion of Greenwood line)_____________ $1,500,000
Preferred stock, 6 % (red. at 110 and divs.),
not exceeding_______________________________ 9 ,000,000
Com m on stock (no par value), not exceeding. 100,000 shs.
a T o be secured by $800,000 1st m tge. 6 % bonds, b I f a bill before the
U . S. Senate and favorably reported b y committee is enacted, the interest
on the U . S. loan, now 6 % , or $47,520 , m ay be reduced to 4 3£ % , or $33,660 .
c T otal 1st m tge. 6s and U . S. loan per mile.




61

RAILW AY STOCKS AND BONDS

684,000
1.084.000
4 .0 0 0 .
2 .0 0 0 .
386,272
1 .195.000

000
000

iM
■M
J
J
A
:M

&
&
&
&
&
&

N
N
J
J
O
N

Last D ividend
and M a tu rity

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

M a y ’2 7 -N o v ’40
A p r 1 1946
O ct 15 1926 2 y2
Jan 1 1947
O ct 1 1951
N o v 26 ’26 5 %
N o v 26 ’26 234
N o v 27 ’26 234
July 1 1945
July 1 1952
Apr 1 1952
T o -N o v 1939

Pep or Chase N a t B k , N Y
J P M organ & C o , N Y
Augusta, Ga
A m Exch N a t B k , N Y
M T & D C o, B alt: & N Y
do
do
do
do
do
do
do
do
:>for Ins on Lives, Ph

F irst M tge. 5 % Bondholders’ Com m ittee.— Franklin Q. Brown, Chairman,
N ew York: R . Lancaster W illiam s (Chairman executive committee of
bondholders’ com m ittee), Baltim ore, M d .; Herm an B . Baruch, Robert
W . D aniel, W m . V . G riffin, H . C . Huffer Jr., N ew Y ork; John F . Lewis,
Valdosta, G a .; W m . G . M cA d o o , Los Angeles, C alif.; J. W m . M iddendorf,
Baltimore, M d .; Francis H . W eston, Colum bia, 8 . C .; W illiam H . W oodin,
N ew York; John Skelton W illiam s, Richm ond, V a ., with W . R . Sullivan,
Sec. of committee, 31 Pine S t., New Y o rk , and M cA d oo, N eblett & O ’ Con­
nor, Los Angeles, C alif., and M un ford, H unton, W illiam s & Anderson,
Richmond, V a ., cojnsel.
B O N D S .— O f bonds o f 1907, $ 6 ,2 2 0 ,0 0 0 are in hands o f public and in
treasury. V . 8 5 , p . 2 2 1 , 530; V . 9 5 , p . 1472. N o interest on these bonds
has been paid since M a y 1 1913. V . 9 8 , p . 155; V . 9 7 , p . 1024, 1504;
V . 104, p . 2452.
General m ortgage bonds, see V . 9 4 , p . 6 3 0 , 8 2 6 , 9 1 1 ,1 1 1 8 ; V . 104, p . 2452.
Equipment trusts o f 1926, V . 123, p . 1759.
R E P O R T .— -The gross operating revenue for the 12 m onths ending
June 30 1926 amounted to $2,0 4 7 ,8 0 3 , an increase o f $326,221 over the pre­
ceding 12 months. The net operating revenue after operating expenses,
but before taxes, car hire and interest, was $631 ,02 7. This compares with
$443,057 for 12 m onths to June 30 1925 and $434,853 for the preceding 12
m onths. V . 123, p. 708.
Report to special committee (D ec. 1925 ), V . 121, p . 3000; (June 1926)
V . 122, p. 3334.
For latest earnings, see “ R y . Earns. Section” (issued m onth ly).— V .
123, p. 2515 .
G E O R G I A F L O R ID A & A L A B A M A R Y .— Owns Richland, G a ., to
Tallahassee, F la ., 131.22 miles; Tallahassee to Carrabelle, on the G u lf o f
M exico, 4 9 .6 8 miles; branch, H avana, F la ., to Quincy, 11.23 miles; total,
192.13 miles. Th e I .-S . C . Commission has placed a tentative valuation o f
$ 2 ,775,000 on the w holly owned and used property of the com pany as of
June 30 1917. Stock, $ 2 ,685,000; par, $100. It was announced in M arch
1926 that a group o f N ew York banking firm s headed b y Freeman & C o.
had secured control o f the com pany. V . 122, p . 1452. Report for 1925:
Gross oper. r e v ., $1 ,1 2 0 ,2 0 1 ; net oper. in c., $273 ,15 1; other in c., $9,874;
in t. and other deductions, $101 ,09 0; dividends, $40,2 7 5 ; surplus, $141 ,66 0.
Pres., J. L . N isb et; Sec.-T reas., L . G . P a p y, Bainbridge, G a .; G en. M g r .,
R . B . Colem an. Bainbridge, G a .— (V . 122, p . 1452.)
Q EO R Q IA M ID L A N D R Y .— Owns road from Columbus to M cD onough,
G a ., 98 miles. Leased from July 1 1896 for 99 years to the Southern Rail­
way Co. for $49,500 annual rental (being Interest on the first m tge. bonds.
&o.) and $ 2,500 for Columbus terminal property. Stock Is $1 ,0 0 0 ,0 0 0 .
owned by Southern Railway Co.— (V . 63. p. 361; V . 82. p. 751.)
G E O R G I A R R . A N D B A N K I N G C O . ( T H E ) .— Georgia R . R . Augusta
to Atlan ta, 171 m .; branches to W ashington and Athens, 58 m .; M acon &
Augusta R R . (proprietary road), O am ak, G a ., to M acon, G a ., 74 m .:
trackage, 4 m .; total, 307 m . Owns 5 0 % stock o f W estern R y . o f A la .
Tentative valuation, $ 1 7 ,5 2 1 ,9 7 6 as o f June 30 1916.
L ea s e .— In 1881 road leased for 99 years to W . M . W adley et at for the
Cent, of Ga. and the Loulsv. & N ashv., at $600 ,00 0 per year, but In April
1899 the Loulsv. & N ashv. was held to have acquired all rights under the
lease; Atlantic Coast Co. 1899 acquired half Interest. V . 68, p. 7 22. Owns
majority ($989,900) stock “ G a . R R . B a n k .”
In M a r . 1920 announced that the Georgia R R ., the Atlanta & W est Point
R R . and the Western R y . o f Alabam a would In future be operated In close
organization rather than independently. T h e three properties will be
directed as to operation from Atlan ta.
The $ 1 ,5 0 0 ,0 0 0 6 % bonds o f 1921 provided for the retirement o f $300,000
6 % bonds and $ 1 ,2 0 0 ,0 0 0 5 % bonds due Jan. 1 1922. V . 113, p . 960.
Equipm ent trusts Issued to Director-General for rolling stock allocated
to this com pany. See article on page 3 , and V . 113, p . 1471.
D I V S .— 1 ’8 3 -’87. ’88. ’8 9 fo J a n .’ l l A p r . 11 to A p r . ’24. July ’24 to O ct. ’2 6 .
R e g u la r ./ lO y ly . 1 0 M
11 yearly.
1 2 % yrly. (Q .-J .)
2 3 4 % quar.
Extra (from bank earns.), Jan. 1917, 1 % ; Jan. 1920, 1 % .
R E P O R T for year ended M a r. 31 1926: Gross income $ 6 39 ,55 6; d ivs.;
( 1 0 % ) , $420 ,00 0; interest and discount, $132 ,50 0; taxes & m isc., $ 6 3 ,9 6 7 ;
b a l., $ 23,089 . total profit and loss surplus, $ 1 ,9 9 4 ,3 6 1 . P res., Ohas. H .
Phinizy, A ugusta, G a .— (V . 118, p . 2703.)
G E O R G I A S O U T H E R N A N D F L O R ID A R Y . C O .— (See M a p o f
Southern R y .)— Owns from M acon , G a ., to Grand Crossing, F la. (near Jack­
sonville), 257 miles; Valdosta, G a ., to Palatka, F la ., 134 miles; trackage,
11 miles; total, 402 m iles. V . 60, p . 928; V . 79, p . 5 51. Also owns oneeighth o f stock o f Jacksonville Terminal C o ., and one-third o f stock o f M acon
Term inal.
The I .-S . C . Commission has placed a final valuation o f $ 9 ,4 5 1 ,9 9 2 on
the property o f the com pany as o f June 30 1915.
D I V I D E N D on
(1900-05. 1906. 1907-20. 1921-22. 1923 . 1924. 19251st & 2d pref— ( % ) \ 4 yrly.
434
5 yrly.
N one
234
5
5
Paid in 1926: M a y 27, 2 3 4 % ; N o v . 2 6 , 2 1 4 % .
On common stock paid initial dividend o f 5 % on N o v . 26 1926.
S T O C K .— Southern R y . C o. owns $ 177 ,70 0 first p re f., $ 4 7 8 ,2 0 0 second
pref. and $ 1 ,6 9 1 ,5 0 0 com m on stock.
B O N D S .— First m tge. o f 1895 (A b s tr a c t, V . 6 1 , p . 429) provides that the
$684 ,00 0 fir s t p r e f. stock shall be a lien second only to the bonds and coupons.
The First Consol. 4s of 1902 are for the authorized am ount of $ 1 0 ,0 0 0 ,0 0 0
of which $4,68 4 ,0 0 0 are issuable to retire the $ 4 ,0 0 0 ,0 0 0 5s and $ 684 ,00 0 1st
pref. stock and $ 3 ,3 1 6 ,0 0 0 are reserved for future needs. V . 7 5 . p . 9 80.
The I .-S . C . Commission on June 5 1924 authorized the com pany to issue
$438 ,00 0 debenture 5 % bonds to be exchanged for certain first m tge. bonds
o f the Hawkinsville & Florida Southern R y . Com pare V . 1 18, p . 2948 .

63

RAILW AY STOCKS AND BONDS

R A IL R O A D C O M P A N IE S
[For abbreviation s, & c ., see n otes on p a ge 8)

G e o rg ia S o u th w & G u lf — A lbany & N or 1st M g -_ c
G S W & G u lf mortgage - - -_ C e
G erm an R a ilw a y s C o— See text.
G e t ty s b & H arris— C o n (n o w lst)M $ 5 6 5 ,0 0 0 g (te x t)-x
G o u v e rn e u r & O sw e g a tc h ie — See N Y C & H R R R
G ra n d R ap id s & In d ia n a R y— Stock $ 6 ,0 0 0 ,0 0 0 —
First m tge m ostly land grant gold ext in 1899 - — zc*
-ZC*
First mtge extended gold guar by Penn R R
Second m ortgage $ 5 ,0 0 0 ,0 0 0 g old----------------- --XC*
Traverse C ity R R — -■ irst mortgage gold - - . ___ z
G r e a t N o r th e r n — Stock $ 2 5 0 ,0 0 0 ,0 0 0 —
G t N or Jst & R ef M g red 105 beg 1941 B a.xc*& r*
do
gen m tge Series A - _ _
- -zc*& r*
do
do
Series B _______( ________ zc*& r*
do
do
Series C _ _____________ _____ zc*& r*
do
do
Series D _ _ - - - - - - zc*& r*
do
do
due $1 0 1 ,0 0 0 an n .
do
do
Series B due $575 ,00 0 ann - -- C *
do
do
Series C due $300 ,00 0 an n .
do
do
Series D due $283 ,00 0 ann
Old U n derlying D iv is io n a l Bonds—
St P M & M consol m tge 1 (now 1st M ) gold- -C ezl
for $ 5 0 ,0 0 0 ,0 0 0 ______(V 91. p 518) s in k fu n d .z )
M ontana E x t 1st M ($25,000 p m) gold
- C e.zc*& r
Pacific Extension M £ 6 ,0 0 0 ,0 0 0 gold_C e.zc*& r
E of M N o D iv M call 105 beg 1928 ass’d B a.zc*& r
M o n t Cent 1st M g ($ 6 ,0 0 0 ,0 0 0 are 6s) aas’d Ce.zc&r
W illm ar & Sioux Falls 1st M g assum (end)Ce.zc*& r
Spokane Falls & N orth 1st m tge g a s s u m ..B a .x c *

M ile s
Road

D a te
Bonds

Par
Value

Am oun t
O utstanding

R ate
%

5 g
5 g

J
J

&
&
&

W h en
Payable

[V ol. 123,
Last D ivid en d
and M a tu rity

36
36

1896
1909

$1,000
100

$400,000
7 6,800

42

1891

1,000

565,000

4J6

A

4
346
416
4 g
3 g
5
4M
7 g
516
5 g
416
6
616
5 g
416
416

See text
&
J
J July 1 1941
&
J
J July 1 1941
A & O O ct 1 1936
J
<
fe J Jan 1 1933
F & A Aug 1 1926 216
J &
.1 July 1 1961
.1 <
fe J July 1 1936
.1 &
J Jan 1 1952
&
J
J Jan 1 1973
J
<
& J July 1 1976
J &
J T o Jan 1F 1935
,
F & A T o Aug 1 1931
M <
& S T o Sept 1 1938
M &
S T o Sept 1 1939
J
&
J T o Jan 1 1940

367
367
419
27

1869
1869
1896
1883

7,397
7,635
7,6 3 5
7.635
7,635

1911
1921
1922
1923
1926
1920
1921
1923
1924
1925

$100 $5,79 1 ,7 0 0
1,000
918,000
4,4 5 5 ,0 0 0
1,000
1.000
5 .0 0 0 .0 0 0
1,000
135,000
100 248,928 .250
1,000 &c x 35 ,668 ,000
100 &c 115,000,000
100 &c 30 ,0 0 0 .0 0 0
100 &c 15,000,000
1,000 &c 15,000,000
2 ,5 7 6 ,7 0 0
1,000
505,000
1,000
6,900.000
1,000
3.9 0 0 ,0 0 0
1,000
3,9 6 7 ,0 0 0

1883
1883
1883
1887
1890
1898
1887
1888
1889

J
1,000 13,344,000
■6 g
1,000 20,79 8 ,0 0 0
416 g J
7,8 2 2 ,0 0 0
,T
1,000
4 g
J
1,000 ylO, 185,000
4 g
£100 &c z28 .3 8 3 .5 1 5
J
4 g
1,000 &c
A
9 ,695,000
4 g
1.000 &c 10,000,000 5 & 6 g J
1,000
3.6 2 5 ,0 0 0
J
5 g
J
1,000
2 29,000
6

2,542
2,5 4 2
2,542
833
849
284
. 247
304
130

x y z A d d 'l am ts, pledged, v iz .: x $ 3 6 ,3 3 2 ,0 0 0 under G t. N o r .R y .

R E P O R T .— For 1925, in V . 122, p . 2 639 , showed:
Calendar Y ea rs—
1925.
1924.
1923.
Gross oper. revenues
$6 ,7 4 9 ,3 0 2 $ 5 ,1 8 0 ,1 2 8 $5,31 9 ,3 4 4
T o ta lo p e r. expenses____
4 ,4 1 5 ,3 7 9 3 ,6 1 1 ,8 6 0
4 ,1 0 2 ,1 8 7

g
g

g
g
g

g

&
&
&
&
&
&
&
&
&

J Jan 1 1946
J Jan 1 1959
O Oct

1 1956

J July 1
J July 1
J July 1
D June 1
J July 1
O Apr 1
J July 1
D Junel
J July 1

1933
1933
1933
1937
1940
1948
1937
1938
1939

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

N ew Y o rk and Baltimore
C o ’s office, A lba n y, Ga
Reading Term inal, Phila
Office, Grand R ap , M ich
W inslow ,L anier& C o, N Y
do
do
Philadelphia, Pa
W inslow.Lanier& C o N . Y .
32 N assau S t, N ew York
do
do
N ew Y o rk
N ew Y o rk
N ew York
N ew Y o rk
First
First
First
First

N a t B ank, N Y
N a t . B ank, N . Y .
N a t B ank, N Y
N a t B ank, N Y

First N a t B ank, N Y
do
do
do
do
do
do
N Y & L on , Baring Bros
32 N assau N Y ;Lee , H , B os
32 Nassau St, N Y
do
do

C o. Gen. M .; y $11,5 02 ,0 0 0 u nder Pa c. E x t. M .; z £1 45,9 0 0 und. 1st Sc R ef. M

O ct. 1 1956 at 446 % interest. Principal and interest guaranteed b y Reading
C o. For cal. year 1925: Gross, $445 ,06 7; net, after taxes, def., $ 1 6 ,9 0 5 ;
other income, $1,9 4 8 ; deductions, $ 79,223 ; b al., d e f., $ 9 4 ,9 8 0 .— (V . 123,
p . 1871.)
G R A N D R A P ID S & I N D I A N A R Y . C O .— (See M a p s o f P en n sylvan ia
N e t rev. from oper___ $ 2 ,333,923
$1 ,5 6 8 ,2 6 6 $1 ,2 1 7 ,1 5 7
$773,806
R R .) .— Owns from Fort W ayn e, In d ., to M ackinaw C ity, 367 m .; branches,
Taxes & uneoRec. rev ___
37 7 ,1 7 8
22 0 ,7 3 4
239,621
205,527
110 m .; total owned, 477 miles; operates C in . Richmond & F t. W ayne
E q u ip . & j t .f a e i l . ren ts.
5 57,814
4 8 6 ,6 1 9
344,515
173,740
R . R ., 86 m . On M a y 1 1917 purchased the property o f the M uskegon
Grand Rapids & Indiana R R . and Traverse C ity R R .; trackage, all lines,
R y . oper. incom e____ $ 1 ,398,391
$860 ,91 6
$633,021
$394 ,53 9
13 miles. See V . 106, p. 2644; V . 76. p . 811; V . 8 2 , p . 9 88, 1098. Successor
Other incom e____________
5 2,891
46 ,9 4 5
19,961
30,465
Aug. 1896 o f R R . C o . foreclosed (V . 6 3 , p. 153.)
The stockholders on D ec. 22 1920, approved the lease o f the road and
T otal gross in c o m e -.- $1 ,4 5 1 ,2 8 2
$907,861
$652 ,98 2
$ 4 2 5 ,0 0 3
properties to the Pennsylvania R R . effective Jan. 1 1921. The lease is
D educs. from gross in c -_
106,305
30,721
15,972
18,944
for a term of 999 years and upon the general basis o f paying a rental suffi­
In t. on m fg ed ., bonded
cient to cover fixed charges and a dividend o f 4 % on the stock.
& secured d ebt________
3 4 1,197
29 5 ,9 4 7
24 5 ,3 2 7
287,982
The Pennsylvania 0 6 . offered to purchase the minority stock, giving in
D iv . on preferred s t o c k .( 5 % ) 8 8 ,400
88,4 0 0
44,2 0 0
-------payment par for par second m tge. 4 % bonds o f the Grand Rapids & Indiana
R y.
V . 111. p. 1949: V. 112. p. 61. 927: Y . 115, p 645.
Incom e balance_______
$915,380
$492 ,79 2
$347 ,48 3
$118 ,07 8
The I .-S . C . Commission has placed a tentative valuation o f $ 2 2,533 ,087
For latest earnings, see "R a ilw a y Earnings Section” (issued m on th ly ).
on the com pany’s property as of June 30 1917.
O F F IC E R S .— Pres., Fairfax Harrison, W ashington, D . C .; Sec., C . E .
S T O C K .— Stock, $ 5 ,7 9 1 ,7 0 0 out. Pennsylvania C o . owns $ 5 ,7 7 3 ,2 0 0
A . M cC a rth y , N ew Y o rk ; T reas., E . F . Parham; C om p t., E . H . Kem per,
B O N D S .— The flrst m tge. bonds extended at 4 46% are endorsed with the
W ashington, D . C .— (Y . 123, p . 2256.)
guaranty of the Penn. R R . Co. to purchase the coupons as they m ature,and
the bond Itself at m aturity. See guaranty, V . 5 6 , p. 649; V . 69, p .1 1 9 3 .
G E O R G I A S O U T H W E S T E R N & G U L F R R . (A lb a n y & N o rth e rn
O f the 2ds, $1 ,0 3 8 ,0 0 0 are guaranteed principal and interest b y the
R y .) .— Projected to extend from A lba n y, G a ., southwest to S t. Andrews
Pennsylvania C o.
F la ., on the G u lf of M exico. In Feb. 1910 acquired the entire capital stock
Of the Albany & Northern R y . . A lbany to Cordele, 35 m iles; trackage rights
R E P O R T .— For 1925, gross income, $745 ,9 6 7 ; deductions, $ 5 1 4 ,2 9 9 ;
dividends, $231 ,6 6 8 .
0 .64 m iles. V . 90, p. 109, 502. The I .-S . C . Commission has placed a
tentative valuation of $ 9,700 on the total owned and $459 ,70 0 on the total
O F F IC E R S .— Pres., W . W . Atterbury; Sec., S. H . Church; T rea s.,
used property of the com pany, as o f June 30 1918. G . S. W . & S. stock
T . H . B . M cK n ig h t; C o m p t., E . A . Stockton. Office, Pittsburgh. P a .
a u th ., $ 4 ,0 0 0 ,0 0 0 ; issuable at $ 20,000 per mile; outstanding, $14,7 0 0 . The
$ 4 ,000,000 mortgage is secured by pledge of $350,000 capital stock of
G R E A T N O R T H E R N R Y . C O .— Operates a line from St. P aul and
Albany & N o r. R y ., & c.; bonds issuable at $20,000 p. m . For year end.
D u lu th , M in n ., via Spokane, W a s h ., to Seattle, W a s h ., and Vancouver,
D ec. 31 1925, gross, $189 ,01 1; net oper. in co m e ,,$58,496; other income,
B . C ., with trackage rights into Portland, O re., and numerous branches in
$3,3 1 4 ; int. & rentals, $57,815 ; b a l., sur., $ 3 ,9 9 5 . Pres, and G en. M g r .,
M innesota, Iow a, N orth and South D akota, M on tan a, Idaho, W ashington,
W . M . Legg, A lbany, G a .; V .- P ., Sec. & T reas., H . J. Bruton, Bainbridge,
M anitoba and British C olum bia. T o ta l miles o f road in system D e c . 31
G a .; Acting A u d ., A . D . D aniel, A lbany, G a .— (V . 121, p . 3000.)
1925, 8,222 miles; and mileage owned but not operated as part o f system ,
6 m iles, total 8 ,2 2 8 miles, v iz.:
G E R M A N R A I L W A Y S C O . (D E U T S C H E R E I C H S B A H N ).— Jerome
L in es ow ned in f e e —
M ile s .
Leased C om pa nies—
B . Sullivan & C o ., N ew Y o rk, in June 1926 offered in conjunction with
W a t . & Sioux Falls R y __________ 102
St. Paul to S t. Vincent, M in n __393
foreign banking interests at 9546 fla t, gold mark 150,000 ,000 preferred
2
Minneapolis to Seattle, W a sh --1 ,8 0 7 Minneapolis Western R y _______
stock, series I Y .
E v erett,W a sh ., to In t. Boundary 90
Trackage—
D enom . 200, 500, 1,000, 10,000 reichsmark. Germ an Reichsbank
Other lines owned In fee to Su­
Seattle to Vancouver. W a s h ___ 173
trustees certificates for 7 % cumulative participating preferred stock.
perior, B utte, Sioux C ity . & C.4.807 Various other lines______________ 209
D ividend guaranteed b y the German G overnm ent. Dividends payable
Total road ow ned______________ 7,097 Second, & c ., tracks & sidings__ 3,4 9 2
annually, first quarter of the year.
1 gold m ark equal 1-2790 kilo fine gold.
Controlled C om pa nies—
M ile s
P ro p erty .— The German Federal R y . system comprises 33,0 0 0 miles of
Vancouv., Vic. & E a st. R y .& N . 231
track and employs more than 7 0 0,000 m en. The Dawes Commission
Other lines______________________
414
worked out a plan to reorganize the different railroads o f Germ any into
New terminal companies 1917. V . 104, p . 560; V . 106, p . 174.
one economical unit, to operate as a private enterprise. This began its
Owns jointly with N orthern Pacific the Spokane Portland Sc Seattle B f „
existence O ct 11. 1924 as a public law corporation under Government
356 miles. V . 8 5 , p . 1273: V . 8 6 , p. 1529.
supervision.
In D ec. 1908 C hic. B url. & Quincy (jointly held with N o r. P ac.) acquired
C a p ita liza tion .— The authorized capitalization is as follows:
control of Colo. & Southern. V . 8 7 , p . 1664. Uses jointly Northern
Reparations bonds (held in trust for the A llies)---------------R m .1 1,000,000,000
Pacific line. Seattle to Vancouver, W a s h .. 173 miles. V . 88. p .1372 .
Preferred stock (R m . 731,000 ,000 Series I, I I & I I I held
Controls M idland R y . o f M anitoba Jointly with N or. P a c. R y . V .95.P .236.
b y the G o v t.; balance unissued b y railroad, 1 ,2 6 9 ,Tentative valuation, $ 3 9 5 ,3 5 3 ,6 5 5 , as o f June 30 1915. V . 116, p . 1 649 ,
0 0 0 ,0 0 0 )___________________________________________________ R m . 2 ,0 0 0 ,0 0 0 ,0 0 0
1760, 2255
Com m on stock (held b y the G overnm ent)________________ R m .1 3 ,000,000,000
President Ralph Budd on M a y 21 1925 announced that the co. would go
into the bus transportation business in M innesota to supplement and protect
T o ta l______________________________________________________ R m .26,00 0 ,0 0 0 ,0 0 0
its railroad transportation business. A t the same time articles of incorpora­
S ecurity.— T h e R m .881,000 ,000 preferred stock outstanding is followed
tion were filed for the Great N orthern Transit C o. and the M innesota
b y R m .1 3 billion common stock, all o f which is owned b y the German
Transportation C o ., with authorized capitalization of 10,000 shares (par
Governm ent. T h e prior obligations consist o f R m .l l billion 5 % bonds,
100) each, to be used in launching passenger and freight bus service. V .
which are held in trust for the Allied Governments, and an obligation
120, p . 2811.
imposed by tne Dawes C om m ission to set aside annually, out of the gross
O R G A N I Z A T I O N .— In 1907-08 absorbed St. Paul M in n . & M a n ., & c.;
income, a reserve of 2 % until this fund shall total 500 million reichmark.s
V. 8 5 . p. 600, 1209; V . 86. p. 168. 794: V . 106, p. 1577.
The preferred stock is, therefore, at present a third lien, and it is estimated
S T O C K .— “ Single class, with uniform rights.” V .8 3 , p .1 4 6 9 ; V .8 4 ,p .7 4 9 .
that it will advance to the place of a second lien by 1931, when the reserve
o f 500 million marks has been created. In addition to this lien the German
D I V S .—
I ’97. ’98. ’99. ’00. ’0 1 -’21. ’22. ’2 3 . ’2 4 . ’2 5 . ’ 2 6 .
Government has unconditionally guaranteed the 7 % dividend on this
7 7 y ’rly 5 H
5
5
5^
5
Per cent-------------------------- \ 5 H 6 7
stock, and the shares have been made redeemable in gold, to protect the
Also in 1898 5 0 % In Seattle Sc M o n t, stock, which was then exchanged
holders against a possible depreciation in German currency.
*t 80 in paym ent of 4 0 % of subscription to additional G t . N o r . pref. V . 66,
E xtra D ivid en d s.— I f a dividend is declared out of surplus earnings on
p. 1044, 1188; V . 74. D. 8 29. In M a y 1901, 1 4 % and in N o v . 1907 1 H %
the common stock, the preferred stock shall be entitled to an extra dividend,
vas paid from earns, o f Lake Superior C o ., L t d ., and in D ec. 1906 unit for,
equivalent to one-third of such surplus earnings, before any paym ent is
unit, shares in Great N or. Iron Ore Properties.
made upon the com m on stock.
B O N D S .— The 1st & ref m tge. closed at $ 7 2 ,0 0 0 ,0 0 0 , o f which, on
Dividends are subject to 1 0 % Germ an income tax, but the company
Dec. 31 1925, $35,6 6 8 ,0 0 0 were in hands o f public, and $36,3 3 2 ,0 0 0
agrees to bear any further increase in tax levies over and above 1 0 % .
were pledged under general m ortgage. These bonds (in hands o f pub­
R ed em ption .— Under the Railw ay A c t the preferred shares m ust all be
lic) are a first lien, directly or through deposit o f stock, on 2 ,6 2 2 .9 7 miles of
redeemed by the time o f expiration of the com pany’s right to operate the
road at $13,441 per mile and a general lien (subject to existing liens o f
Government Railways, D ec. 31 1964. Provision has therefore been made
$21,812 per mile) on 4 ,7 7 3 .8 9 miles; total mileage covered, 7,3 9 6 86 also
to retire the shares b y lot. The redemption schedule is as follows: N o n ecured by equipment at the time o f the m ortgage costin g $59 ,0 7 3 ,1 8 0 ;
redeemable until 1942; before O ct. 11 1949, 120; before O ct. 11 1959, 110;
upon $ 4 6 ,2 0 0 ,0 6 8 o f which it is a first lien. V . 9 2 , p . 1499; V . 93, p . 8 7 1 ,
thereafter, 100.
V. 98, p. 698.
M a n a gem en t.— The m anagement o f the German Federal R ailway C o. is
S t. Paul M in n . Sc M a n . co n so l, m tge. o f 1883. for $ 5 0 ,0 0 0 ,0 0 0 , is now a
vested in the Administrative Council and the Board, the former consisting
first lien on both land grant and 2 ,5 4 2 .8 3 miles o f road. V . 9 1 , p . 518; V .
o f 18 members, one-half of whom are appointed b y the German Government,
64. p. 518; V . 86, p. 2 29; V . 8 7 , p . 1533; V . 8 8 . p . 2 9 5 , 6 2 4 . 1061, 1372.
while the others are nominated b y the Allied Trustee for the R ailway
M o n ta n a E xten sion m tge. is limited to $ 2 1 .6 $ 7 ,0 0 0 on 833 miles in State
Reparation bonds. A t least four o f the latter m ust be foreigners.
j f M ontan a; $ 1 0 ,1 8 5 ,0 0 0 are In hands of the public and $ 1 1 ,5 0 2 ,0 0 0 with
Tne Board, composed entirely of Germ ans, includes the M anaging
trustee of Pacific ext. m tge. to secure to that m tge. first lien on track*
Director, and, under the jurisdiction of the Administration Council,
Pacific Jet. to Idaho State line, 417 miles
performs the official functions of operation.— (V . 123, p . 3335.)
P a cific E xten sion m tge., £ 6 .0 0 0 .0 0 0 , at £6,0 0 0 per mile in M ontana and
47,000 per mile west of M on tan a. V . 6 6 , p . 1044, 1188; V , 8 0 , p . 1111,
G E T TYS B U R G & H A R R IS B U R G R Y .— Carlisle to Gettysburg, P a ., 3 1.1 8
m.; branch to Round Top, P a ., 2 .9 6 m .; branch Pine Grove Furnace to H un­
1174: V . 9 0 . p. 3 83. See a b a tr a c t of m tg e .. V . 62. p. 82.
On D ec. 3 l 1920 G t . N or. and N o r. Pac. owned $107 ,6 1 3 ,5 0 0 of the
ter’s R un, 7 .4 6 m . Th e I .-S . C . Commission has placed a tentative valua­
1110 ,83 9.10 0 Chicago Burl. & Quincy R R . stock, exchanged for their
tion o $ 1 ,0 4 7 ,4 7 5 on the owned and used property of the com pany, as of
Joint 20-year 4 % gold bonds (secured by deposit of the stock In trust),
June 30 1917. Th e Reading C o. owns $575,250 of the $600,000 capital
on basis of $200 In bonds for each $100 stock. See circular, V . 72, p. 871,
stock. The $5 6 5 ,0 0 0 5%,*.bonds due O ct. 1 1926 were extended untij




1922.
$ 4 ,518,016
3 ,744,211

Nov., 1926.]

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

Q t N or R y o f C a n — See Canadian N orth Quebec R y
Q re e n B ay & W e s te rn R R — Stock (see tex t)----------D ebenture Class A incomes text non-cum ______zc*
Class B incomes after 5 % on stock n on-cum . _zc*
Q r e e n e RR (N ew York)-— Stock guaranteed------------1st & ref m tge_______________________________ ___________
G re e n w ich & J o h n so n v ille — lstM $ 5 0 0 ,0 0 0 g .G zc & r.
G ro v e to n L u fk in & N o rth e rn R y— First m tge g old .
G u a n ta n a m o & W e s t — 1st M $ 600 ,00 0 g o ld -.C o l.x
Refunding mortgage $ 6 ,0 0 0 ,0 0 0 _________________ Col
Car trusts as o f June 30 1925 (Series 4 ) ____________

M iles Date
Road Bonds

Par
Value

Am ount
Outstanding

$100
III
...

1896
1896

21
21
...
...
...

1923
1909
1909
1918
Var.

1,000
1,000
$100
1.000

1,000
ilo o o

1034, 1135, and application t o l.s t , V . 73, p . 294, 903; V .8 5 , p .600. Through
the declaration o f a stock dividend by the C . B & Q . o f 5 4 .1 3 2 % ($60,000,000) to stockholders of record M ar. 31 1921, these holdings were increased to
$165,867,400 out o f a total of $170 ,83 9,10 0.
In April 1921 a syndicate headed by J. P. M organ & C o . and First N a t
Bank, N ew Y ork, offered an issue of $230 ,00 0,00 0 Northern Pacific-Great
Northern joint 15-year 6 X % convertible gold bonds (C . B . & Q . collateral)
due July 1 1936, at 96 X and int. The C . B . & Q. collateral joint 4 % bonds
due July 1 1921, with final coupon attached, were accepted in paym ent 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 b y pledge o f the following collateral
conservatively valued at an amount in excess of 1 2 0 % of the principal
amount o f this issue:
1,658,674 shares of the capital stock of the C hic. B url. & Qiuncy R R .
$33,000 ,000 N orth. Pacific R y . R ef. & Im p t. M . 6 % b d s., ser. B , due 2047.
$ 3 3 ,000 ,000 Great Northern R y . Gen. M . 7 % b d s.. ser. A , due 1936.
The bonds are redeemable as a whole or in amounts o f not less than
$ 5 ,000,000 at 1 0 3 14 and int.
In the indenture securing the bonds the Northern Pacific and Great
Northern R y cos have covenanted that, in the event of any mortgage
being placed on the properties junior, respectively, to the Northern Pacific
R ef. & Im p. M . and to the Great Northern Gen. M . , such new mortgages
will secure the Joint 6 X % bonds outstanding by a lien pari passu with that
securing such new bonds.
The indenture also provides that if the amount o f that issue is reduced
through conversion or retirement the bonds and stock deposited as collateral
m ay be withdrawn proportionately by the respective companies.
Th e bonds are convertible into Northern Pacific R ef. & Im p . M . 6 %
bonds, Series B , due 2047. or into Great Northern G en. M . 7 % bonds,
Series A , due 1936, part of which issues are deposited as collateral and of
which an additional amount is reserved, sufficient to provide for the con­
version of the Joint 6 X % bonds.
The conversion m ay be exercised b y the holder o f Joint 6 X % bonds with
a view to obtaining a like principal amount of bonds, either all in the R ef
& Im p . M 6 % bonds, Series B , of the Northern Pacific, due 2047; all in
the Gen. M . 7 % bonds, Series A , of the Great Northern, due 1936, or in
bonds o f both issues in any ratio between the two which the holder may
desire, but not more than $ 1 15 ,00 0,00 0 o f either of such bonds will be
issued in conversion.
As Joint 6 X % bonds are presented for conversion, the trustee will with
draw from the deposited collateral a proportionate amount o f O . B . & Q
stock and will deposit such stock with the trustee of the Northern Pacifli
R ef. & Im p. M ., or the trustee of the Great Northern Gen. M ., as required
by the demand for conversion, and will deliver such Northern Pacific or
Great Northern bonds, as the case m ay be, in exchange for the Joint 6 4 6 %
bonds presented for conversion. A t the time of conversion an adjustment
o f accrued interest will be made between the Joint 6 46% bonds presented
for conversion and the mortgage bonds issued in exchange. Compare
V . 112, p. 1866
The G . N . R y . C o .’s portion, $ 1 1 5 ,0 0 0 ,0 0 0 , has been converted into s
like am ount o f gen. mtge. 7 % bonds and proportionate am ount o f Burling
ton stock has been released from lien o f the joint indenture and pledged
under the gen. m tge. The remaining outstanding joint convert, bonds
(the Northern Pacific’s portion not converted) were called for redemption
July 27 1922 at 10346 and int.
V . 114, p . 2240.
The Gen. M tg e . bonds are secured by a mortgage covering the entire
railroad property of the Great Northern R y . in the U . 8 ., subject to existing
debt. and. in addition, b y pledge of $36,332 ,000 Ref. M . bonds secured by
the same mortgage under which the $35,668 ,000 Great Northern R ef. M
4 M % bonds, due 1961, now outstanding in the hands o f the public, were
issued in 1 9 l l and subsequently. They will be additionally secured by
such shares of stock o f the C . B. & Q . R R . as are released by the trustee
o f the joint indenture as a result o f the conversion o f the Joint 63-4 % bonds
into the Great Northern G en. M . 7 % bonds. Bonds are not subject
to redemption before m aturity.
A s to offering of $ 3 0 ,0 0 0 ,0 0 0 gen. m tge. 5 1 4 % Series B gold bonds, due
Jan. 1 1952, compare V . 114, p . 626; for offering o f $ 1 5,000 ,000 Series “ G ”
5 % gold bonds, due Jan. 1 1973, compare V . 118, p . 2572.
Eastern R y . o f M in n e so ta .— N or. D lv. m tge. of 1898 limited to $9,700,000.
are red at 105 aftef April 1 1928.
V 66, p. 471: V . 88, p. 1002, 1253.
Equipments trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V . 113, p . 1360.
R E P O R T .— For 1925, in V . 123, p . 4 68, showed;
Calendar Y ears—
1925.
.
1924.
1923.
1922.
Freight revenue__________$ 9 0 ,098 ,763 $86,144,671 $93,6 7 2 ,1 4 7 $78,065 ,563
Passenger revenue______ 1 3 ,955,742
13.683,383 1 5 ,305,242
15,112,453
M a il and express________
5 ,029,651
5 ,608,259
5.8 8 6 ,9 7 6
5 ,559,582
Other transportation. . _
1,879,541
2,0 5 0 .5 8 9
2 ,1 0 1 ,0 0 5
2,1 0 5 ,7 4 6
In c id e n ta l_______________ 3 ,7 2 4 .7 6 6
2 ,740.487
3 ,1 0 3 ,2 7 8
2,6 0 8 ,6 8 2
Joint facility (net)______
2 36.497
15,714
9 ,1 2 3 ___________911
T otal op er.reven u «__$114,924,960$110,243,104$120,077,771$103,452,937
M aintenance o f w ay____ $14,2 9 7 ,7 1 5 $ 1 3 ,888 ,267 $15,255 ,041 $13,153 ,323
M a in t. o f e q u ip m e n t... 17,200,491 17,102,587 21 ,7 2 3 ,9 2 3
19,585,290
T raffic___________________
2 ,3 5 4 ,0 8 3
2,0 8 6 ,7 3 6
1,821,171
1,628,315
Transportation__________ 3 8 ,4 0 6 ,2 9 8 3 9 ,0 6 4 ,8 2 0 4 5 ,1 4 6 ,2 7 5 42,179,201
Miscellaneous___________
1 ,449,468
1,240,693
1 ,273,839
1,220,617
G eneral__________________
2 ,662,601
2 ,6 2 4 ,7 0 8
2 ,5 2 5 ,8 1 9
2 ,474,455
Transp. for i n v — C r . . .
543,368
795,752
9 9 6,144
605,162
T otal oper. ex p en ses..$75,8 2 7 ,2 8 8 $ 7 5 ,212 ,058 $86,7 5 0 ,5 2 3 $ 7 9 ,636 ,038
N e t rev. from ry. o p e r ..$39,097 ,672 $ 3 5 ,031 ,046 $ 3 3 ,3 2 7 ,2 4 8 $ 2 3 ,816 ,899
R ailw ay tax a c c r u a ls ...
9 ,8 0 1 ,9 4 6 10,257,741
9,1 1 3 ,2 2 7
8 ,097,725
Uncoil, ry . revenues____
7,8 4 4
12,267
20,9 8 2
15,534
R y . op eratingincom e.$29,287,882 $ 2 4,761 ,037 $ 2 4 ,1 9 3 ,0 4 0 $ 1 5 ,703 ,640
Equipm ent rents_________ Dc&726,135 De&304,269
0 8 0 6 ,6 3 1 0 1 ,7 9 9 ,0 2 3
Jt. facil. rents (net deb.)
2 8 5,564
255,481
2 67,679
226,065
N e t r y . oper. in co m e .$28 ,276,183 $ 2 4 ,201 ,287 $24,7 3 1 ,9 9 2 $ 1 7,276 ,598




63

RAILW AY STOCKS AKD BONDS
Rate

W h en
Payable

L a st D ivid en d
and. M a tu r ity

Places W h ere In terest a n t
D ivid en d s A r e P ayable

$ 2 ,5 0 0 ,0 0 0
6 0 0,000
7 ,0 0 0 ,0 0 0

5
5

Y early
Yearly
Y early
,T & D
M &
S
J
& D
J
&
J
M & N 15
F & A
F & A

Feb 8 1926 5 %
Feb 8 1926 5 %
Feb 8 '26
X %
D ec 1926 3 %
1974
D ec 1 1943
Jan 1 1939
N o v 15 1929
Feb 1 1948
Various

Office 40 W a ll St, N Y
do
do
do
do
D L & W , 90 W e s t St
do
do
Office, 32 Nassau S t ,N Y

$200,000
2 07.000
5 0 0.000
4 3 7 .0 0 0
600.000
See text
42,0 0 0

%

X

6
5
6 g
5 g

frying B k & Tr C o , N Y
do
do

N o n -o p e r . In co m e—
Inc. from lease o f road . _
$4,582
$35,543
$1 ,4 5 9
$163
590,914
M iscell. rent incom e____
5 0 8,119
51 2 ,6 5 9
45 1 ,7 8 5
M is c . non-op. p h ys. prop
69,917
24 ,6 6 6
5 8,025
56,3 6 5
Dividend incom e________
9 ,3 1 0 ,8 7 5
9 ,2 8 7 ,5 8 4
8 ,4 0 3 ,5 1 9
8 ,5 2 7 ,1 1 9
Inc. from funded securs.
807,706
1 ,137,523
55 2 ,2 8 7
439,221
Inc. fr.u nfd.sec. & acc ts.
438,911
459,541
4 4 0 ,6 7 0
929,518
Miscellaneous incom e___
205,343
200,901
344,641
82,835
G rossincom e__________ $39,704 ,431 $35,8 5 5 ,1 6 5 $ 3 5 ,0 4 5 ,2 5 2 $ 2 7,763 ,604
D ed u cts, fro m G ross I n c .—
R ent for leased roads___
$119 ,72 7
$123 ,32 4
$116 ,62 3
$106,413
Miscellaneous rents_____
8,9 0 4
9,7 2 7
16,301
12,990
M iscell. tax accruals____
7 5,820
80,458
100,837
125,846
In t. on funded d ebt____ 1 7 ,591,927
1 7 ,187,797
1 6 ,348,339 1 6 ,242,953
In t. on unfunded d e b t ..
155,490
182,257
2 1 2,483
2 3 6,009
Am ortization o f discount
112,277
on funded d e b t_______
236,803
202,737
123,495
61,445
127,264
59,226
M iscell. income charges.______ 8 0,364
N e t incom e___________ $ 2 1 ,4 3 5 ,3 9 6 $ 1 7 ,9 4 1 ,6 0 0 $ 1 8 ,0 6 7 ,9 4 7 $ 1 0 ,865 ,672
Inc. applied to sinking &
other reserve fun ds_
_
$6,291
$8,2 8 5
$11,123
$20,520
D iv . approp. o f incom e. 12,36 9 ,1 4 5
1 2 ,473,617 1 2 ,473,605 1 3 ,097,264
Balance________________ $ 9 ,0 5 9 ,9 6 0
$ 5 ,4 5 9 ,6 9 8 $ 5 ,5 8 3 ,2 2 0 d f$ 2 ,2 5 2 ,1 1 2
♦Income from fu n d . secs.
elim . f r o m this acct.
int. on S. P . & 8 . R y .
bonds (accr. in 1921),
still unpaid____________ ______ _______
D r5.2 27.721
Income balance transf.
$ 5 ,4 5 9 ,6 9 8
$ 3 5 5 ,49 8d f$2,252,112
to profit and loss___ $ 9 ,0 5 9 ,9 6 0
* The charge of $ 5 ,227,721 to “ income from funded securities" should
not be considered in determining the am ount earned b y the com pany
during the year 1923, as it is solely a book adjustm ent having no effect
on the cash account. The net income earned during the year was $18,
067,9 4 7 , which is a return o f 7 .2 4 % on the outstanding capital stock.
For latest earnings see “ R ailway Earnings Section " (issued m onth ly).
O F F IC E R S .— Chairm an, Louis W . Hill; Pres., Ralph Budd; V .-P res. &
A sst. Sec., E . T . N ichols; V .-P res. Exec. D e p t., G . R . M artin and L . O.
G ilm an; V .-P res. & G en. Counsel, F . G . D orety; V .-P res. Oper. D e p t.,
C . O . Jenks; V .-P res. & D ir. o f Traffic, W . P . K enney; Sec. & T reas.,
F . L . Paetzold; C o m p ., G . H . Hass Jr. N ew York office, 32 Nassau St.
D IR E C T O R S .— L . W . H ill, R . B udd, F . E . W eyerhaeuser, W . P .
K enney, F . L . Paetzold, St. Paul; A . L . Ordean, D uluth; Joseph Chapm an,
A . C . Loring, M inneapolis; E . T . N ichols, E . E . Loom is, Arthur Curtiss
James, J. E . Reynolds, N ew Y o rk .
(V . 123, p . 2651 .)
Q R E E N B A Y A N D W E S T E R N R R . C O .— Owns Green B a y , W is ., to
East W inona, 213 miles; branches, & c., 38 m .
The I .-S . C . Commission has placed a final valuation o f $7,26 4 ,1 9 7 on
the owned and used property o f the Green B ay & W estern R R ., the K e ­
waunee Green B ay & W estern R y ., and the Ahnapee & W estern R y . (coceidered as one system) as o f June 30 1916.
S E C U R IT I E S .— There are no fixed charges on the property other than
taxes, nor can any be placed thereon or the property be sold or leased
without consent of 7 5 % o f stock. Class A debentures are entitled to 214 %
Interest, if earned, then common stock to 2 44 % , then the two share ratably
qut after 5 % on both, class B is entitled to all surplus earns. V . 61, p . 4 7 1 .
D I V S .& I N T . •13. ' 14. ’ 15. ’ 16. •17. T 8 . T 9 - ’2 1 . ’ 22. ■23. ’ 2 4 . ’25. ’ 26'
Class “ A " d eb s. 5
5
5
5
5
6
5
5
5
5
5
5
Capital s t o c k ..
5
5
5
5
5
5
5
5
5
5
5
fl
Class “ B " debs.
1
IX M
X
X
X
X X X X
X
X
R E P O R T .— For 1925, gross $ 1 ,5 7 8 ,4 4 6 ; net, $332 ,97 6; other income,
$ 88,679 ; taxes, rents, & c., $ 1 40 ,27 7; other deductions, $ 150 ,41 4;; diva,
paid, $125 ,00 0; b a l., sur., $ 4 ,9 6 4 . V . 120, p . 3063 .
For latest earnings see “ R ailway Earnings Section (issued m on th ly ).
O F F IC E R S .— F . B . Seym our, Pres., Green B ay W is e .; Edgar Palmer,
V .-P res.; Charles W . C ox, Sec. & T reas., 40 W a ll S t .’ N . Y . ; J . O . Thurm an,
Gen. A u d ., Green B a y , W ise.—-V . 122, p . 2647 .
Q R E E N E R R .— Owns road from Chenango Forks to Greene, N . Y . , 8
miles. Leased to Delaware Lackawanna & W estern for term o f charter
for 6 % on stock. The stockholders in M a r 1924 authorized all issue of
$300,000 bonds
V . 118, p 1267, 2179; V 119, p 1732. Stock, $ 2 00 ,00 0,
par, $100 .— (V . 123, p . 839.)
Q R E E N V 1L L E & N O R T H E R N R Y .— Organized in Jan. 1920 to take
over and operate the Greenville & Western R y . Operated for freight ser­
vice only between Greenville, S. C ., and River Falls, S. C ., a distance of
23 miles. Pres., W alter A . Graff; V .-P ., R am say W ebster, D uluth, M in n .;
Sec., L . Carlson, Greenville, S. C .— (V . 113, p . 2720.)
G R E E N W IC H & J O H N S O N V IL L E R Y .— Owns from Northum berland,
N . Y . , to Johnsonville, N . Y . , 2 1.46 m . Stock, $225 ,00 0. all owned b y D el.
& Hudson C o .; V . 90, p . 7 90. For year end. D ec. 31 1925, gross, $ 1 77 ,54 3;
exp. & taxes, $136,429; other income, $5,5 3 7 ; in t., rentals, & c., $ 6 6 ,2 0 4 ;
bal., def., $ 1 9 ,5 5 3 .
Pres., L . F . Loree, N . Y . ; V .- P ., W . H . W illiam s,
N . Y . ; V .-P ., J. T . Loree, A lban y, N . Y . ; Sec., J. W . C oon, N . Y . ; T reas.,
W . H . D avies, N . Y . ; C o m p t., W . E . Eppler, N . Y . — (V . 117, p . 2 889 .)
Q R O V E T O N L U F K I N & N O R T H E R N R Y .— Owns Veitch to Vair.
T e x ., 2 1 .1 5 m iles; trackage, Groveton to V eitch, 1 .2 5 m ., and Vair to
Lufkin, T e x ., 13.6 m .: total, 36 miles. The I .-S . C . Commission has placed
a final valuation o f $291 ,84 0 on the property o f the com pany as o f June
30 1919. Stock, $ 5 0,000 ; par $100. Bonds, $ 4 37 ,00 0; see table above
(V . 90, p . 100). Pres., J. S. Joyce. Chicago. O ffice, G roveton, T e x .—
(V . 122, p . 1452.)
G U A N T A N A M O & W E S T E R N R R C O — O w n sfrom Guantanam o B ay
on south coast o f C u ba, via San Justo and La M a y a to San Luis, with
branches to various sugar m ills; total m ileage, in cl. sidings and yards, 108.42

64

RAILW AY STOCKS AND BONDS

R A IL R O A D C O M P A N IE S
[For abbreviation s, A c ., see n otes on page 8]

M ile s D a te
Road Bonds

P ar
Value

A m ount
O utstanding

R ate
%

W h en
P ayable

[V ol. 123.
Last D ivid en d
and M a tu r ity

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

Jan 3 1927 See
4%
Oct 1 1950
in 1917 4 %
Feb 1 1952
Jan 1 1957
N o v 1 1939

U S M tg e & T r C o . N Y
text
do
do
G ulfport. M iss
C hat & Ph N B & T r , N Y
B ank o f Am erica. N Y
Chat & Ph N B & T r , N Y

See text
July 1 1933

H artford, Conn
do

‘
$100 $10,994 ,100
Pref (p & d) (vot tr ctfs) 6 % cum from Jan 1 1920 .
1.413,400
100
Q— J
First m tge Series “ B ” red (text)______U s m .w c ’ &r1
1
1,000 14,000,000
433 1925
5 )4 K A & O
7,1)13,100 See text
100
First R ef & Term M tg e gold sink fu n d ..N .x c * x & r *
J
&
J
2 ,8 8 6 ,0 0 0
307 1902 1,000 &c
5 g
G u lf T e rm , A\obile— I s t M $70 0 ,0 0 0 g gu (text)xc*& r*
J
&
J
1,000
600,000
1907
4 g
G u lf T ex & W e s t — I s t M $ 1 0 ,0 0 0 ,0 0 0 g red 1 0 5 . M p.x
1,000
2 ,0 0 0 ,0 0 0
M & N
99 1909
5 g
H a n c o c k & C a lu m e t— See M ineral Range R R
H a n n ib a l & S t J o s e p h — See Chicago Burl & Quincy
H a rrisb u r g P o rts M t J & L a n e— See Penna R R
2
100
2 ,9 6 7 ,0 0 0
F & A 31
H a rtfo rd & C o n n e c t ic u t W e s t e r n — S t o c k _____ 124
J
&
J
First mortgage extended in 1903 and 1 9 2 3 .
z
1,000
7 00,000
6
124 1883
H en d erso n B rid ge C o — See Louisville & N ashv R R
2 00,000
$100
A & O
H ib ern ia M ine R R — S t o c k ,__________
_______________
3
4M
100 1 0 ,999,500 See text
H o c k in g V a lley R y C o (T h e )— Stock .
_ .
Q-J 31
500 &c
1 ,401,000
4 g
A & O
Colum bus & Hocking Val first m tge gold ext _ xc*
119 1867
F & A
1,000
2 ,4 4 1 ,0 0 0
4 g
C ol & Tol 1st M gold ext 1905 (V 81. P 211) .G .x c *
121 1875
&
J
First consolidated m ortgage $ 2 0 ,0 0 0 ,0 0 0 gold . .C e x
346 1899 11,000 &c 16,02 2 ,0 0 0
4 )4 g J
1,000
Pledged
Genera] m ortgage $ 5 0 ,0 0 0 ,0 0 0
Ea
1919
6 g
1,000
6 ,0 0 0 ,0 0 0
Six mos secured gold notes dated Sept 1 1 9 2 6 -E q .z c *
1926
5 g
8 07,300
1,000
Equip notes gold Series 32 due $ 8 9 ,7 0 0 an n _______G
J & J 15
1920
6 g
893,700
1,000
J & J 15
do
do
Series 3 2 A due $ 9 9 ,3 0 0 ann
.G
1920
6 g
1,000
3 ,2 1 6 ,0 0 0
5
A & O
do
do
Series o f 1923 due $26 8 ,0 0 0 a n n .G
1923
1,000
1.508,000
J
&
J
5 g
do
do
Ser o f 1924 due $ 116 ,00 0 ann____ c*
1924

miles. Incorp. In M aine. A reorganization after foreclosure M a r. 1 1910
per plan in V . 8 8 . p . 294
Stock authorized and issued, oom m on, 5 2 ,750.000; 1st pref. 7 % no n -cu m .,
$ 2 ,7 5 0 ,0 0 0 , and 2d pref. 5 % n on-cum ., $250,000 (in treasury $232 ,30 0,
$233 ,60 0 and $153 ,00 0 respectively); par o f all shares, $100 each. On
June 30 1925 paid an initial dividend o f 6 M % on the 1st pref. stock.
The Refunding M tg e. for $ 6 ,0 0 0 ,0 0 0 was executed Feb. 1 1918 and sub­
sequently to June 30 1925. $ 4 ,3 0 0 ,0 0 0 6 % bonds were issued, of which
$2 ,4 2 1 ,5 0 0 were held in the treasury and $ 1 ,8 7 8 ,5 0 0 outstanding
, For year ending June 30 1925, gross, $ 1 ,105,715; net, $317 ,88 4; other
income, $82,789 ; deductions, $198 ,90 7; balance, surplus, $ 2 01 ,76 5. V . 121,
p . 3145.
O F F IC E R S .— Antonio San M igu el, P res.; F . Bartes, T reas.; M . J.
M an d u ley, Sec. M ain office, 1 Am argura S t ., H avan a, C u ba. Corporate
office, 57 Exchange S t ., Portland, M e . N ew York agency, P eat, M arw ick,
M itchell & C o ., 40 Exchange P la c e — (V . 121, p . 3145.)
G U A Y A Q U I L & Q U I T O R Y .— (V . 120, p . 2681.)
G U L F M O B IL E A N D N O R T H E R N R R . C O .— Owns or controls and
operates 466 miles, viz.: M obile, A la ., to Jackson, T e n n ., 409 miles (main
lin e); M cL ain Jet. to Piave, M is s ., 25 m .; U nion, M is s ., to M eridian, M iss,
(leased), 32 m . The I .-S . C . Commission has placed a tentative valuation
o f $10,6 6 0 ,0 0 0 on the total owned and used property o f the com pany as of
June 30 1917.
O R G A N .— Successor Jan. 1 1917 o f New Orleans M obile & Chicago R R .
foreclosed. V . 100, p . 1078; V . 103. p . 2238 ; V . 104. p. 256, 764
Owns entire capital stock and bonds of Meridian & M em phis R y . Co.
operating 32 miles o f standard gauge railroad between Union and Meridian
M iss. Also owns all o f the outstanding funded debt ($400,000 first m tge.
6 % bonds due M arch 1 1927 and $400 ,00 0 income m tge. 4 ) 4 % bonds due
April 1 1947) o f the Birm ingham & Northwestern R y . C o ., owning 48 miles
o f road, operated independently.
The I .-S . C . Commission on A u g . 4 1926 approved the acquisition of
control o f the Jackson & Eastern R y . by purchase of its capital stock.
V . 123, p . 978.
S T O C K .— The pref. stock was 6 % non-cumulative until Jan. 1 1920,
and cumul. thereafter. Stock outstanding as shown in table above.
B O N D S .— The company executed on O ct. 1 1920 its first m tge. to U. S.
M tg e . & Trust C o ., trustee, to secure an issue o f $ 1 5,000 ,000 bonds. There
have been issued under the said mortgage $4,00 0 ,0 0 0 5 ) 4 % Series “ B "
gold bonds.
(An additional $ 2 ,0 0 0 ,0 0 0 o f such bonds have been issued and
are in com pany’s treasury.) The entire series, but not a part thereof, red.
upon 60 days, notice on any in t. date on or before April 1 1943 at 1 0 7 )4 %
and in t., and thereafter on any int. date at their principal amount plus a
premium equal to
for each six m onths between the redemption date
and the date o f m aturity. Bonds are to be issued under the 1st m tge.
dated O ct. 1 1920 and will be secured by a direct 1st m tge. on all o f the
lines o f railroad and appurtenances thereto, including equipment, now owned
and upon all property hereafter acquired by the issuance o f 1st m tge. bonds.
Authorized amount limited to $ 1 5 ,0 0 0 ,0 0 0 , of which $4,00 0 ,0 0 0 bonds
(the present issue) will be the total amount presently outstanding. Balance
o f the authorized amount m ay be issued from time to time under the
conditions provided in the mortgage, for the purchase, acquisition or con­
struction o f additional properties, for additions, betterments and improve­
ments chargeable to capital account, for the acquisition o f eauipment or
to reimburse the treasury o f the com pany for expenditures made for such
purposes. V . 120, p. 1582.
D tv s .— A n initial div. o f 1 % on the preferred stock was paid N o v . 15 1923,
6ame amount paid Feb. 15 1924; M a y 15 1924 to N o v . 15 1924 paid 1 M %
quarterly; Feb. 16 1925 to N o v . 22 1925 paid 1 ) 4 % quar.: Jan. 1 1926 paid
and 3 ) 4 % on account o f accumulations, April 1 1926 to Jan. 3 1927
paid 1 ) 4 % quar., also on Jan. 3 1927 paid 2 )4 % on account o f accumula­
tions, reducing the latter to 1 7 1 4 % .
R E P O R T .— For 1925, in V . 122, p . 1753, showed:
1925.
1922.
1923.
1922.
Oper. revenue— freight. $ 5 ,6 6 7 ,0 3 6 $5,39 2 ,3 7 4 $5,19 2 ,8 7 5 $4 ,1 1 7 ,4 7 8
Passenger______________
40 0 ,8 6 9
461,310
515,544
449,248
M a il, express, & c____
179,727
168,839
164,544
146,497
Incidental revenue______
73,401
65,507
71,586
54,824
Total oper. r e v e n u e ,. $ 6 ,321,033 $6,08 8 ,0 3 0 $ 5 ,944,549 $4 ,7 6 8 ,0 4 7
Operating expenses—
M ain t. o f way & struc.
$9 2 7 ,2 4 6
$948 ,75 6
$907 ,22 4
$687,747
M ain t. o f equipm ent.
96 3 ,3 5 8
1,014,371
1,020,982
768,995
2 8 6 ,7 6 6
2 6 4,238
212,989
171,718
T raffic_________________
Transportation_______
1 ,861,110
1,886,358
2,110,081
1,653,992
M iscell. operations___
5,5 9 3
_______
_______
_______
General expenses______
29 4 ,0 4 6
255,847
211,659
188,649
Transp’n for investm ’t
C r .77
Cr3.284
0 2 ,9 8 3
C rl0 .179
Total oper. exp en ses.. $ 4 ,3 3 8 ,0 4 2 $ 4 ,366,287 $4,459,952 $3 ,4 6 0 ,9 2 2
N e t operating r e v e n u e .. $ 1 ,982,991 $ 1 ,721,743 $ 1 ,484,896 $ 1 ,307,124
R ailway tax accruals, &c
48 9 ,0 4 4
346,696
3 2 6,799
306,537
N et operating incom e. $ 1 ,4 9 3 ,9 4 8 $1,37 5 ,0 4 8 $1,157,797 $ 1 ,000,587
Rent from equip., & c___d eb . 103,977 d e b .163,071 d eb.202,490 d e b .155,835
Miscellaneous___________
2 0 ,7 1 2
22,131
97,373
16,020
Inc. fr . unf. secs. & accts
1 9,359
14,280
13,167
19,266
Inc. from funded secure.
107,994
52,222
3 3,750
33,750
Gross income___________ $1 ,5 3 8 ,0 3 7 $ 1 ,300,610 $1,099,597
$913,788
R ent for leased r o a d s ._ .
3 3 ,7 5 0
33 ,7 5 0
33,7 5 0
----------Interest on funded d e b t.
187,347
123,022
125,172
114,345
In t. on unfunded d e b t ..
11,340
20 ,9 6 6
179
16,456
M isc. income charges___
4,5 4 9
648
_______
_______
M ain t. o f inv. organ____
3 ,0 0 0
_______
_______
_______
Preferred dividends____
998.788
598,932
2 28,136
_______
Balance, surplus________
$299,262
$523,291
$712,361
$782 ,08 8
x Th e operations of the M eridian & M em ph is R y . were taken over by
the com pany under an operating contract as o f Jan. 1 1923. and such
revenues and expenses are included in the income account for 1923, 1924 and
1925. Th e year 1922 has been restated for purposes o f comparison.
For latest earnings, see “ Railway Earnings Section” (issued m onth ly).




See Central R R o f N J
See text
Sept30 ’26 2 % J P M organ & C o , N Y
do
do
Oct 1 1948
do
do
Aug 1 1955
do
do
July 1 1999
M ar 1 1927
T o Jan 15 1935
T o Jan 15 1935
T o A p r 1 1938
T o July 1 1939

J P M organ & C o , N Y
Guaranty T rust C o , N Y
do
do
U n T r , C lev; J P M o r .N Y
U n T r , C lev; J P M o r , N Y

O F F IC E R S .— John W Platten, Chairman & V .- P ., N . Y . ; I . B . T i g r e t f
Pres., M obile; P . E . Odell, Y .-P . & G en. M g r ., M obile; R . F . Brown
V .- P ., Sec. & A sst. T reas., N . Y . ; H . F . Ricker, Treas. & A sst. Sec., M obile
Offices, 71 Conti S t ., M obile, A la ., and 55 Cedar S t., N . Y . — (V . 123, p
2651 .)
G U L F & SH IP ISLAN D R R .— Owns from Gulfport, on Mississippi aound
’ ulf of Mexico, to Jackson. Miss., 160 .5 0 m ; M axleto Mendenhall. 104.75
m .; Saratoga to Laurel, 4 1 .7 5 miles; total 307 miles. Th e I .-S . C . Com m is­
sion has placed a final valuation of $9,03 4 ,8 5 0 on the owned and used
property of the com pany, as of June 30 1916.
The I .-S . O . Commission on D ec. 3 1924 approved and authorized the
acquisition by the Edward Hines Yellow Pine trustees o f control, by lease
for a period of 15 years, of that part o f the line o f road owned, extending
from Lumberton to M axie, a distance o f approxim ately 16 miles, in Lam ar,
Pearl River and Forrest Counties, M iss.
T h e I .- S . C . Commission in June 1925 approved conditionally the
acquisition b y the Illinois Central R R . through the Mississippi V alley C o .
o f the control o f the G u lf & Ship Island R R . b y purchase o f capital stock.
V . 121, p . 71D I V I D E N D S .— 1903 to 1910. 4 % yrly: ' l l . 4 % : T 2 -T 3 . 2 % : T 7 . 4 %
B O N D S .— O f the first 5s outstanding In D ec. 1924, $2 098.000 bonds were
In sinking fund. See V . 74, p . 4 26, and application to list. V . 74, p . 1257.
V. 81. p. 264.
R E P O R T .— For year ending D ec. 31 1925:
Cal. Y r s .—
G ross.
N e t.
Other I n c .
C harges. B a l., S u rp .
1925__________ $3 ,7 6 8 ,8 1 2
$423 ,09 8
$85,224
$ 6 3 9 ,80 3d f$131 ,481
1 9 2 4 __________ 3 ,5 8 2 ,9 9 4
60 7 ,0 0 0
4 8 ,9 0 8
4 2 4 ,0 1 7
23 1 ,8 9 1
1923_______
3 ,3 1 9 ,0 0 5
622,313
5 0,277
44 0 ,1 8 5
2 32,406
1,180,081
20 5 .6 8 6
’ 3 9 5 ,9 3 4
98 9 .8 3 3
1 9 2 2 --------------- 2,9 4 7 ,6 5 1
For latest earnings, see “ Railway Earnings Section” (Issued m onth ly).
O F F IC E R S .— P res., C . H . M ark ham , Chicago; S e c., B . A . B eck,
Chicago; T reas., O . F . N a u . Chicago.— (V . 1 22, p . 1022.)
QULF T E RM IN A L CO., M O BILE . — Owns union passenger station and
approaches at Mobile, A la ., leased by the Southern R y . and Mobile & Ohio
R R ..w h loh own the stock and guarantee the b on ds,join tly and severally,
p. & 1., b y end. T h e I .-S .C . Commission has placed a final valuation
of $ 4 9 5 , 148 on the com pany’s property owned and used, as o f June 30
1915.— (V . 119, p . 217 6 .)
OULF T B X A S & W ESTERN R Y .— Seym our to Salesville. T e x ., 99

miles. Has trackage agreement for freight trains to W eatherford, 31 m .,
and for passenger trains to Mineral W ells, 9 m .. giving entrance via W eatb.
Mineral Wells & N . W . and Texas Sc P acific to Dallas and Fort W orth .

W . Frank K nox, Sec. Sc T reas., was appointed receiver in Jan. 1921. V .
112. p. 652.
The I .-S . C . Com m ission has placed a final valuation o f $ 1 ,6 6 8 ,0 0 0 on
the total owned and used properties of the com pany as o f June 30 1917
Stock auth. and outstanding, $500 ,00 0; par of shares, $100. O f the 1st
6s ($10,000,000 auth. issue), $2 ,0 0 0 ,0 0 0 have been issued on the first 99
miles. V. 89,, p. 933, 1223; V . 90. p. 109: V . 93. p . 44: V . 99. p. 4 0 6 ,
For 1925, gross, $407 ,08 8; net, Inc., $ 1 11 ,92 5; other Income, $ 5,544, Int..
rentals, & c.. $ 5 9,298 ; b a l., $58,1 7 9 . Receiver, W . Frank K nox, Dallas,
T e x .— (V . 120. p. 2265.)
H ARRIM AN Sc NORTHEASTERN R R .— Harrlman to Petros. T e n n .; 20
miles. In N o v . 1902 entire ($600,000) stock acquired In Interest of C in e.
New Orleans & Tex. Pao. R y .,b u t Is operated separately. V . 76, p .157, 2 1 2 .
H A RTFO RD & CONNECTICUT W ESTERN R Y — H artford. C onn., to
RhlneollH, N . Y . , 109 miles, and branoh, 13 miles. Leased till A u g . 1940
to Central New England R y . (now controlled by New York New H aven &
Hartford R R .) , the rental paying charges and 2 % on stock.
The I .-S . C . Commission on O ct. 20 1923: (1) authorized the com pany
to extend from July 1 1923 to July 1 1933 the date o f m aturity o f $ 700 ,00 0
1st M tg e . bonds, and to increase the rate o f interest from 4 )4 to 6 % , and
(2) authorized the Central New England R y . to assume obligation and
liability In respect o f the $700 ,00 0 bonds. Compare V . 117, p . 1883 .—
(V . 117, p. 2323.)
H A W A II C O N S O L I D A T E D R Y , L T D .— Owns Paauilio to P u na.
T . H ., 57 miles; Olaa M ill to Glenwood, 17 m .; branches, 7 m .; total, 81 m .
Successor in April 1916 o f Hilo R R ., sold under foreclosure and reorganized,
per plan in V . 101, p. 1713, 2 071 . with authorized issues as follows:
(a)
$ 2 ,500,000 1st M . 5s; (6) $ 2 ,5 7 5 ,0 0 0 7 % cum . first pref. stock: (e) $679 ,96 0
6 % non-cum . 2d pref. stock; (d) $400,000 com . stock. O f the bonds,
$58,300 have been redeemed and $150,000 are held in treasury, leaving
$2,29 1 ,7 0 0 outstanding. Report for calendar year 1925 showed: Gross,
$943 ,69 0; net, $187,275; other income, $60,099; interest, & c ., $133 ,99 3;
b a l., su r., $113 ,38 1. P res., J. R . G alt. Office, H onolulu, Hawaii.
— (V . 120, p . 3063.)
H IBE R N IA MINE R R . — Owns Rookaway to Hibernia M in es, N . J.
4-2 m ., leased to Cent, of N . J. to O ot. 1930 at $ 6,000 y ly .— (V .9 1 ,p ,1766.)
H O C K IN G V A L L E Y R Y . C O . (T H E )— The com pany’s m ain line ex­
tends from Rockwell to C olum bus, 120 miles; Colum bus to A th ens, 76 m .I
Oldtown to Pom eroy, 81 m . total main line, 277 m iles, with trackage
(Toledo T erm . R R .) Toledo to W albridge, 3 .5 m .; (N . Y . C . R .R .j .
Toledo to Rockwell, 2 .5 m .; Colum bus and Athens, 0 .8 m .; total main line
and trackage, 284 miles. Branches, 44 miles; leasee W . Sc J. B . R y ..
Dundas to Jackson, 17 m .; Pomeroy Belt R y ., Pom eroy, O ., 4 m .; total,
349 miles; 2d track, 133 m .
Owns part Interest in Toledo Terminal R R
V. 99. p. 1210.
The I .-S . C . Commission has placed a tentative valuation o f $ 32,310,421
on the total owned and $33,3 3 2 ,1 2 3 on the total used property (including
$1,022,123 for leased lines), as of June 30 1917.
H I S T O R Y , & c.— Successor Feb. 26 1899, per plan V . 68, p. 2 31, of
Columbus Hocking Valley & Toledo R y . foreclosed. Decision In Ohio
State anti-trust suit, V . 105, p. 9 97, 9 09, 8 18. Appeal filed in coal company
decision. V 112. p. 2305M E R G E R P L A N R E J E C T E D .— The proposed unification o f this road
with the N ew Y o rk Chicago & St. Louis R R ., Chesapeake & Ohio, Pere
M arquette and Erie railroads was rejected b y the I .-S . C . Commission on
M arch 2 1926. Compare V . 122, p . 1249.

R A IL R O A D

65

RAILW AY STOCKS AND BONDS

Nov., 1926.]
C O M P A N IE S

[For 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 81

M ile s
R oad

D a te
B on ds

49 1907
H o u s B e lt & T e r — ls t M $ 5 ,0 0 0 ,0 0 0 g r e d l0 5 text C e.xc*
H o u s & B ra zo s V al — 1st M (trus M erc T r C o, St L) 28.40 1907
H o u s E & W T ex — 1st M gu p & 1 by So P a c .C e .z c * 1 192 /1 8 9 3
First mortgage $ 3 ,0 0 0 ,0 0 0 gold n ot guaranteed____ z 1

H o u s & T ex C R R — Is tM 1 gr g red llO int gu C e.zc*& r
C u t-o f f i s t M $ 3 ,0 0 0 ,0 0 0 auth (V 9 4 , p 1 3 1 ).............
H u d s o n & M a n h a tta n (H u d s o n R iv er T u b e s )—

11893
453 1890
55 1900
106 1891
94 1910

Com m on stock ________________________________________
Preferred stock 5 % non-cum ulative________________

Real estate mortgages _________________________
H u n tin g d o n & B road T o p — C om m on s t o c k ..
Preferred stock 7 % non-cum ulative___________
First m ortgage extended Series A ______________
Second m tge old 7s extended Series B _________ G P .x
Third m tge consol extended_________________ G P .x c*
Equipm ent trusts due about $ 1 5,000 per y e a r ..P e P
do
do
due $ 1 0,000 sem i-annually__

74.11
74.11
74.11
74.11
74.11

Par
V a lu e

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

B O N D S .— The consols ($20,000,000 authorized), besides a Hen on the
entire property, subject only to $3,842,000 prior bonds, have a first Hen on
the coal lands o f the B uckeye Coal Sc R y . C o .; $3,842,000 consols are reserved
to retire the existing bonds (the latter m ay be extended at m atu rity ). V . 72,
p . 338: V . 7 4 jjp . 1038; V . 8 6 , p . 229. Substantially all o f the bonds and
stock o f the W ellston Sc Jackson B elt R y ., 18 mUes, are deposited under
said m ortgage, see V . 101, p. 370: V . 6 8 , p. 823: V . 102, p. 2167.
The Gen. M tge. o f 1919 is limited to $50,000,000 and it is also provided
that the outstanding bonds including underlying Issues must not exceed
three tim es the outstanding capital stock. N one o f the gen. m tge. bonds
are outstanding in the hands o f the public: $7,500,000 series “ A " are
pledged to secure $6 ,0 0 0 ,0 0 0 six months notes due M arch 1 1927. Addi­
tional bonds within the amount above stated m ay be issued hereafter at par,
for refunding purposes, for additions to and betterments of, and for other
capital expenditures, and also to the extent of 8 0 % 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 am ounts issued for equipment. V . 108, p . 784.

Equipm ent trusts issued to Director-General for roUing stock aUocated
to this com pany. See article on page 3.
1922.
11,637,209
1,076,466
78,762
129,018
934,009

T o ta l___________________$ 1 9 ,659 ,712 $17,443 ,399 $17,563 ,402 $13,855 ,464
E xp en ses—
M a in t. of way & struc—
$2 ,4 7 8 ,7 6 9 $ 1 ,896,334
$ 1 ,734,736 $ 1 ,381,538
M a in t. o f e q u ip m e n t...
5,3 8 0 ,9 7 8
5 ,337,946
6 ,476,072
4 ,157,351
T r a f fic ___________________
175.995
168,161
159,443
139,802
Transportation_________
5 .815,393
5 ,344,105
5,2 1 9 ,2 5 3
4 ,7 0 6 ,9 3 0
General___________________
47 2 ,8 9 5
4 33,978
442,915
372,361
Transp. for invest— Cr__
C r . 14,633
2,022
5.231
10,849
T o ta l___________________ $ 1 4 ,309 ,397 $13,178 ,503 $ 1 4 ,027 ,189 $10,747 ,133
N etreven u e_____________
5.3 5 0 ,3 1 5
4 ,2 6 4 ,8 9 6
3,5 3 6 ,2 1 3
3,108,331
Railw ay tax accruals___
1 ,2 2 0 ,0 0 4
1,219,610
1,074,399
978,009
Uncollectible railway rev
1,534
441
984
1,709
Operating incom e____ $ 4 ,1 2 8 ,7 7 6 $ 3 ,044,845 $ 2 ,460,830
Equipm ent rents ( n e t ) .. D r .579,937 C r .399,144
D r . 9 5,699
Joint facility rents (n e t).
70,3 7 5
74,091
88,936
Other incom e____________
656,817
656,817
289,558
Less rents, & c____________ de b .5 6,24 4 d eb .84,856 deb.81,309

R a te

$4 ,1 8 1 ,0 0 0
42 0 ,0 0 0
2 ,7 0 4 ,0 0 0
2 96.000
1,3 8 3 ,0 0 0
1,1 0 5 ,0 0 0
1,9 2 0 ,0 0 0
2 ,3 8 3 ,0 0 0

%

5
6
5
5
5
6
5
6

g
g
g
g
g
g

W h en
P a y a b le

J
.1
M
M

J

M
.1

J

&
&
&
&
&
&
&

J
.1
N
N
.1
N
.)
D

100 3 9 ,9 9 4 ,9 4 5 See text See text
100
F & A 15
5 ,2 4 2 ,9 3 9
5
1902
1,000
F A A
5 ,0 0 0 ,0 0 0
5 g
1907 $, £ or fr
9 4 4,000
4 )4 g F & A
1913
F & A
100 &c 3 7 ,5 2 1 ,2 3 4
5 g
See text
1913
5 00 &c 3 3 ,1 0 2 ,0 0 0
5
75.000
50
1 ,371,750
50
2 ,0 0 0 ,0 0 0 See text
T ext
A & O
1920 5 0 0 -1 0 0 0
4 16,000
6
A
1857
500
O
36 7 ,5 0 0
6 g
1865
1,000
A & o
1,4 9 7 ,0 0 0
5 g
1918
1,000
30.0 0 0
6
500 &c
1921
J & J
200,000
6 g

For the revised terms of proposed unification plan, as reported unofficially
see V . 123, p . 577.
L A T E D I V S .— f T 2 . ’ 13. T 4 . T 5 . T 6 . ’ 17. *18. T 9 . ’2 0 . ’2 1 . ,2 2 -’25.
P e r c e n t ----------------- _1 7 H 12
7
3
4 5 )4
4
4
4
2 4 yrly.
Paid in 1926: April 3 0 , 2 % quar. and 4 % extra: June 30 and Sept. 3 0 , 2 %
quar.
S T O C K .— Chesapeake Sc Ohio R y . owns $8,837,900 stock.

R E P O R T .— For 1925, in V . 122, p . 2 071 , showed:
R evenues
1925.
1924.
1923.
Freight___________________ 17,094,153
15,021,470 1 5 ,156,748
Passenger________________
816,865
898,984
1,113,924
M a i l --------------------------------85,003
87,651
81,790
Express___________________
151,011
138,329
176,312
1,512,681
1 ,296,964
1 ,034,628
M iscellaneous___________

A m oun t
O u ts ta n d in g

$ 2 ,128,613
C r .31,541
84,914
253,261
d eb .75,348

Gross incom e__________$3 ,8 5 3 ,4 6 4 $4,090,041
$ 2 ,662,317 $2 ,4 2 2 ,9 8 0
Interest on debt________
1,785,717 1,759,957
1,739,476
1 ,737,018
D ividends---------------------(4 % )4 3 9 ,9 8 0 ( 4 % )4 3 9 ,9 8 0 (4 % )4 3 9 ,9 8 0 (4 % )4 3 9 ,9 8 0
$482,861
$245,982
Balance, surplus______$1 ,6 2 7 ,7 6 7 $1 ,8 9 0 ,1 0 4
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 m onths’ operation from M arch 1 to Aug. 31 1920, under
Sections 209 and 212 o f the Transportation A c t, 1920; also a net credit of
$66,578 on account o f adjustm ents of reserves and other accounts for the
same period.

L a s t D iv i d e n d
a n d M a tu r ity

July 1
July 1
M ayl
M ayl
July 1
M ayl
July 1
Juriel

1937
1937
1933
1933
1937
1930
1941
1940

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

Centra lUnion T r u s t,N Y
M ercantile T r C o , St L
165 Broadw ay .N ew Y ork
do
do
do
do
do
do
cfo
do
do
do

1 1926 1)4 U S M tge & T r C o , N Y
16 1926 2)4
Guaranty T rust C o , N Y
1 1932
Chase N a t B ank, N Y
1 1957
do
do
11957
do
do
1 1957
Hud & M a n R R C o , N Y
Jan 28 1904 1 %
Aug 1 1922 1 %
Phila office, Packard Big
A pr 1 1940
Phila office, Packard Big
Apr 1 1940
Phila office, PackardiBIg
A pr 1 1940
Philadelphia
T o Jan 1928
Jan ’27-July ’36 Pa C o for Ins on L , Phila

D ec
Aug
Feb
Feb
Feb
Feb

H O U S T O N & B R A Z O S V A L L E Y R Y . C O .— Owns Anchor to Freeport
and Bryanm ound, 2 8 .4 0 m .; Freeport to Sulphur Docks mouth o f Brazos
R iver, 2 .07 miles; Hoskins Jet. to Hoskins, 12.56 m .; total mileage, 4 3 .0 3 .
Switches and sidings, 13.93 m . Th e I .- 8 . C . Commission has placed a
tentative value of $667,733 on the total used properties o f the com pany,
as o f June 30 1917.
In M a y 1923 the M . K . & T . reorganization committee disposed o f the
interests o f the M . K . Sc T . C o . in the H . & B . V . properties to the Freeport
Texas C o . and associates. N ew Y o rk.
In Feb. 1924 the receiver was dismissed under an order in the form o f a
judgment which allowed claims in the sum of $1,13 0 ,6 3 9 to be divided
equally between the Freeport Texas C o . and the Southern Pacific lines.
V . 118, p . 794.
The I .-S . C . Commission on M arch 28 1924 authorized the acquisition
of the company by the N ew Orleans Texas & M exico R y . by purchase of
stock and other securities of and claims against the Houston com pany.
Compare V . 118, p . 1772.
Stock authorized, $120 ,00 0; outstanding, $ 24,000 .
Incom e account cal. year 1925, gross, $483 ,96 6; ry. oper. income, $ 2 0 3 ,90,3: equipment and joint facUity rents, $37,6 7 7 ; net ry. oper. income,
$ 1 66 ,22 6.— (V . 120, p . 2939.)
HOUSTON EAST & W EST T E X A S R Y .— (See M a p o f Southern P a c ific .)
Owns from H ouston, T e x ., to Sabine River at Logansport, 192 miles.
Stock $1,920 ,0 0 0 , of which $ 1 ,919,100 owned by So. Pao. C o., which has
tuaranteed $ 2 ,704,000 of the bonds, prln. and in t., by endorsement, re­
serving the right- to cal' them at 105 Sc int. V . 70, p . 841: V . 71, P- 236
The I .-S . C . Commission has placed a tentative valuation o f $4,35 2 ,0 0 0
on the owned and used property of the com pany as o f June 3 0 1918.
D iv .. 1 6 % paid in 1902-03, 3 0 % in 19U7-08, 1 0 % in 1909-10, 1 1 % 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.
R E P O R T .— For 1925, gross, $3,3 8 7 ,7 6 3 ; net oper. income, $570 ,32 0;
other income, $20,387; deductions, $152 ,24 3; net income, $44 7 ,4 6 4 .
For latest earnings, see “ R ailway Earnings Section” (issued m onth ly).—
(V . 122, p . 3601.)
H O U S T O N & T E X A S C E N T R A L R R . C O .— (See M a p o f Southern
P a c ific .)— Owns from H ouston, T e x ., to Denison. T e x ., 338 miles; H em pitead, T e x ., to Llano. T e x ., via Austin, 215 miles; Bremond to Ross, T e x .,
55 m .; Garrett to F t . W o rth , 53 m .; M exla to N eileva, 94 m .; Giddings to
Hearne, 58 m .; other, 43 m .; Trackage rights over San Antonio & Aransa
Pass, 38 m .; Texas Sc Pacific R y ., Fort W orth to D allas. 31 m . Othe
tines, not classified. 8 miles. Total operated Dec. 31 1925 929 miles
The I .-S . C . Commission has placed a tentative valuation o f $ 3 1 ,846 ,800
on the owned and used property o f the com pany as of June 30 1918.
S T O C K .— Stock, $10 ,0 0 0 ,0 0 0 ; par, $100 , all owned by Southern Pacific
C o. In 1902-03 6 % was paid out o f accumulated surplus; in 1910-11, 2 0 % ;
1912 - 13. 3 % : then none until Jan. 1925. when 6 % was declared, payable
3 % on Jan. 10 1925 and 3 % on July 10 1925; on April 10 and July 10 1926
paid 2 ) 4 % .
B O N D S .— The 1st M . 5s are being gradually retired at or below 110 with
land sales. T h e first m tge. was for $ 8 ,6 3 4 ,0 0 0 .
See abstract of m tge. In
V. 52, p. 242. W ith the exception of $ 1 ,1 4 9 ,0 0 0 consol. M . 6s (on which
oo interest is paid) deposited with the trustee as part security for the gen­
eral 48, ail of the consolid. 6s have been retired with proceeds of land sales.
Southern Pacific C o. owns $450 ,00 0 Lampasas Extension 1st M . 5s, $ 4 0 0 ,000 W aco A N
W
Div Os and $2 ,0 0 0 ,0 0 0 C u t-O ff 6s. Unsold land
grant D ec. 31 1925, 5 ,0 0 8 acres.
R E P O R T . — For 1925, total ry. oper. rev ., $14,775,807; net ry. oper
income, $2,120,304; other income, $278,393; deductions, $443,300; net
income, $ 1 ,955,397.
For latest earnings see “ RaUway Earnings Section” (issued m o n th ly ).—

(V . 122, p . 3079.)

H U D SO N & M A N H A T T A N R R . C O .— Owns and operates double-tube
electric tunnels opened in 1908 from Sixth A ve. and 33d St., New Y ork
F or latest earnings, see “ R ailw ay Earnings Section” (issued m onthly)
C ity , under the H udson River to the D . L . Sc W . R R . station, H oboken.
O F F IC E R S .— O . P . Van Sweringen. Chairman o f B oard, Cleveland;
N . J ., and also southwardly through the Erie and Pennsylvania R B .
W . J. Harahan, President. Colum bus, 0 . ; G . B . W a ll, V .-P res.; H . Fitz­
stations in Jersey C ity and under the Hudson R iver to the Hudson Terminal
patrick, V .-P . & Gen. Counsel; F . M . W hitaker, V .-P res. in charge o f traffic,
Buildings on Church St. (one block west o f B roadw ay), extending from
Colum bus, O .; R . N . Begien, V .-P . in charge of operation, Colum bus, O .;
Cortlandt to Fulton St. MUeage operated, 8.50 miles. Also affords
A . Travvett, Sec.-Treas., Cleveland, and F . D . Hodgson, C o m p t., Colum­ through service between Newark and N ew Y ork C ity , using Pennsylvania
bus, O . General offices, Colum bus, O .; executive offices, M arshall B ld g .,
R R . tracks from Jersey C ity to N ew ark. V . 90, p. 635, 1041. Owns
Cleveland, O .— (V . 123, p . 26.,1.)
Hudson Terminal Bldgs. Fare increases, V . 106, p . 2123, 2757; V . 107, p.
H O O S A C TU N N E L & W IL M IN G T O N R R .— H oosac Tunnel, M ass,
82. 181.401: V . 110, p 970. 1526. 1748: V . I l l , p . 294, 792. 1183.
to WUmington, V t ., 24 miles. M ad e standard-gauge in 1912. V . 95, p.
D I V I D E N D S .— An initial div. o f 2 )4 % on the pref. stock was paid
1541. The I.-S . C . Commission has placed a final valuation o f $641,864
Aug 15 1923; same am ount paid semi-annually to A ug. 16 1926. On
on the com pany’8 property as of June 30 1916. Com pany is controlled by common stock, paid initial dividend o f 1
on June 1 1925; same am ount
Deerfield Valley Paper C o. through ownership o f entire common stock. The
paid D ec. 1 1925, June 1 1926 and D ec. 1 1926.
bond issue, $214,000 1st m tge., matured Sept. 1 1922, but are unpaid.
B O N D S .— Under the readjustm ent o f Jan. 14 1913 (w ithout fore­
S tock, $250,000; par, $100
D iv s.: Tn 1903, 2 % ; year 1905-06. 3 % :
closure) (V . 96, p. 208) fixed charges were reduced from $3,021,660 to
1910-11 and 1911-12, 1 0 % ; none to 1923; 1924, 5 % ; none since. Earnings
$1,851,750. T he plan was assented to in 1913 b y about 9 8 )4 % o f the
for 1925: Gross, $60,398; oper. def., $33,253; other incom e,$ 1,512; fixed
4 )4 % bonds and 9 5 )4 % o f stock. A pplication to list, V . 98, p . 393-8,
charges, $18,635; b a l„ def., $50,376 — (V . 119, p . 1843.)
First L ien & R ef. M tg e . $65,000,000 (A u th .) issu ed , 5 % callable a n y interest
H OUSTON BELT & T E R M IN A L R Y . — Owns a terminal line tn and
around H ouston, T ex ., 20 miles, with large freight and passenger ter­ date at 105______________________________________________________ $37,521,234
Reserved (interest rate not to exceed 5 % ) for—
m inals. C ontrolled b y four proprietary roads, v iz ., Beaum ont Sour Lake
(1) Retirem ent o f N . Y . & Jersey R R . 1st 5s car trusts and
Sc W estern R y .. G u lf C olo. Sc Santa Fe (Atchison System ). St. Louis
real estate m ortgages, not o v e r____________________________ $ 9 ,5 3 6 ,0 0 6
Brownsville Sc M exico R y . and T rinity Sc Brazos Valley R y ., which eaeh
(2) A dditions, betterm ents and equipm ent; also for exten­
own 25% o f the $25,000 stock an d , under the terms o f an agreement dated
sions free from prior encum brances, provided the annual net
July 1 1907. agree to p a y , under a pro rata wheelage basis, operating ex­
Income o f the com pany is 1 )4 times the Interest upon the
penses, and, on a one-fourth basis, int. on bonds and annual sink, fund o f
new 1st M . bonds, incl. those then abou t to be issued, s a y . 11,942,766
1% o f bonds Issued. T h e Terminal C o. has leased from G u lf C olo. &
(3) Extension to Grand Central Station on same con dition s. 6 ,0 0 0 ,0 0 6
Santa Fe R y . for 99 years from July 1 1907 all o f Its property In H ouston.
A djustm ent In com e M ortga ge Bonds — In t. payable out o f surplus
T e x ., and the Term inal C o. has agreed to pay m onthly rental and maintain
Income and cum . from Jan. 1 1920 (V . 96, p. 209), Issued_____ 33,162.000
the property. The I .-S . C . Commission has placed a tentative valuation
Reserved for exchange for remaining 1st M . bon d s_________
472.000
o f $ 4 ,8 7 2 ,8 6 8 on the total used and $3,917,500 on the total owned property
o f the com pany as o f June 30 1916. Pres., F. G . Pettibone.— V . 122,
IN T E R E S T ON IN C O M E B O N D S .— 2 % yearly 1913 to O ct. 1916 in cl..
p. 3207.)
beginning April 1917, none, pending establishment o f $1,000,000 reserve




66

R A IL R O A D C O M P A N IE S
[For abbreviation s, & c ., see n otes on p a g e 8]

M ile s
Road

D a te
Bonds

A m ount
O utstanding

Par
Value

$1001
I llin o is C e n tr a l— Com m on stock $ 1 2 3 ,5 5 2 ,0 0 0 ______
Convertible preferred stock Series A red (text)_____
100
Leased line 4 % stock guaranteed (see rem arks)____ :
100
£200
First m tge o f (Sterling bond old 6s ext in 1895___ z
1875
1,000
1 8 7 4 for [B onds extended in 1905 as $ bonds1875
$ 1 5 ,0 0 0 ,0 0 0 4s o f 1886 due 1951 gold____ zc*&r
706
1886
1,000
secures all 3 ) ^ s o f 1886 due 1951 gold.-ZC *& r
1886
1,000
equally _U s|3s o f 1895 due 1951 gold______zc*&r
1895
£200
1903 $ l,0 0 0 & c
(V 8 3 , p 76) 13K s o f 1903 due 1951 gold______c*&r ,
£200
Trust bonds sterl (sec b y Ch St L & N O cons) - U s .z
1886
Sp rin gfD iv 1st & ref M (V 6 6 , p 1237) g ____ U s.c*& r
111 1898
1,000
Cairo Bridge bonds gold (see rem arks)____ Us.zc*& r
1892
1,000
St Louis D iv & Term M $ 1 0 ,0 0 0 ,0 0 0 gold __U s.c*& r 1 239 /1 8 9 7
500 &c
11897
1,000
do
.$5,000,000 (see V 6 5 , p 1173) g -.U s .y c * & r /
30 1 886
Underlying St L D iv l St Louis South 1st M g .B a .c *
1,000
17 1887
& Terminal m t g e ./C a r b & Shaw 1st m tge gold.c*
1,000
748 1904 1,000 &c
Purchased lines 1st M $ 2 0 ,0 0 0 ,0 0 0 g o ld --U s .x c * & r
R e f M (N or Lines) $ 1 2 0 ,0 0 0 ,0 0 0 g red____ G .xc*& r* 2 ,187 1908 1,000 &c
857 1888
Collateral trust bonds gold $ _________________U s.zc*& r
500 &c
798 1892
500 &c
Coll trust $ 2 5 ,0 0 0 ,0 0 0 gold on L N O & T .U s .z c * & r
500 &c
1921
Secured gold bonds_______________________ F.xxxc*& r*
500 &c
40-year gold bonds red (text)_______________ F y .c * & r*
1926
218 1895
1,000
Western lines first mortgage gold__________ Us.zc*& r
567 1881
1,000
C h St L & N O cons M ($18,0 0 0 ,0 0 0 ) g int g u .xc*& r
567 1881
1,000
do
guaranteed principal and interest- Joint 1st ref M (Southern lines) $ 1 2 0 ,0 0 0 ,0 0 0 —
500 &c
Series A callable 110 after D ec 1 1 9 1 $ _ -F .y c * r * 1,512 1913
1,512 1913
£100 &c
Series B callable at 110 after D ec 1 1918_____
$ 1,000
10C 1889
M em phis D iv 1st M gold guar p & i ( e n d )--U s .z c *
500 &c
64C 1897
Louisville D iv & Term M $ 2 5 ,0 0 0 ,0 0 0 g --U s .c * & r
13C 1900 1,000 &c
Om aha Division 1st M gold $ 5 ,0 0 0 ,0 0 0 ____ U s.xc*& r
1,000
1900
Litchfield D ivision 1st M gold $ 4 ,0 0 0 ,0 0 0 ______F.xc*
1,000
Sec gold bds call 101 on or after Jan 1 '2 4 - Fvvv.c*&r *
1919
Yazoo & M iss V al gold im pt $25,000,0C 0____________
a Includes $ 5 ,2 6 6 ,0 0 0 consol 5s pledged to secure Illinoi s C en tral colla

for contingencies; April 1 1921 paid 2 % ; O ct. 1 1921 paid 2 ) 4 % : April 1 and
O ct. 1 1922 and April 1 1923 paid 2 ) 4 % and an additional 1 % on account
o f accumulated in t., these paym ents cleaning up all accumulations.
O ct. 1 1923 to April 1 1926, paid 2 ) 4 % semi-annually.
F irst lortga g e 4 H % • Outstanding, $944 ,00 0. The balance o f the issue
—
($66,204,000) is deposited with the trustees of the first lien and ref. m tge.
and the adjustm ent income m tge. in accordance with the terms thereof.
R E P O R T .— For 1925, in V . 122, p . 1754, showed:
1922.
Calendar Y ears—
1925.
1924.
19237,8 6 2 ,4 2 0
G rossop er. revenue____ $8,680,111 $ 8 ,393,835 $ 8 ,228,523
4,6 5 9 ,4 0 4
5,356,214
5 .1 4 8 ,1 8 9
N e t operating incom ___
5,515,891
264,154
296,397
279,246
Other incom e____________
308,957
247,444
264,192
233,219
D e d u ctio n s______________
212,187
2,1 6 8 ,5 3 5
2,168,535
2,168,535
Bond interest____________
2,1 6 8 ,5 3 5
1,655,100
1 ,655,109
In t. on a d j. inc. b o n d s ..
1 ,655,100
1,655,100
131,006
392,923
Preferred dividends____
262,039
Com m on dividends______
999,745
$396,357 $1,333,717 $1 ,2 2 5 ,3 4 9
$835,731
Balance, surplus_____
O F F IC E R S .— Pres., Oren R oot; V .-P re s., J. V . D avies; T reas., W esley
S. Tw iddy Sec., Robert B . K a y ; C o m p t., Thos. N . W illin s. N ew York
office, 30 Church S t.— (Y . 122, p . 1754.)
H U D S O N R IV E R C O N N E C T I N G R R . C O R P .— Incorporated in
N . Y . State M arch 19 1913 to build for the N ew Y o rk Central R R ., which
•wns the entire $250 ,00 0 capital stock, a high-level railroad bridge across
the Hudson River between Castleton and Shodack Landing, about 22 miles
south of A lbany. The I .-S . C . Commission on Oct. 5 1926 authorized the
N . Y . Central R R . to acquire control o f the lines of railroad o f the corpora­
tion, and the franchises and facilities appurtenant thereto b y lease. V .
123, p . 2134.
H U N T I N G D O N & B R O A D T O P M T . R R . & C O A L C O . ( T H E ).—
Owns from H untingdon, P a ., to M o u n t Dallas, P a ., 44 miles; branches, & c.,
34 miles.
D E P O S IT O F S T O C K .— Over 7 5 % of stock was deposited with 5
trustees (Drexel & C o ., P h lla., depositary) under agreement limiting the
•ale of the stock, the pref. to not less than $50 and the com . to not lesi
than $25 per share. In 1923 the trust was extended till April 1 1928
V 106. p . 1230: V . 9 6 . p . 4 2 0 . 1021, 1297. 1488
B O N D S .—-The com pany, in Jan. 1925, approved and m ade operative a
lan of readjusting the financial structure o f the com pany, m ade necessary
y the m aturity of its first, second and consolidated mortgages. Under thl*
plan the first and second m ortgages were extended under an agreement
which will secure to the bondholders o f both mortgages an equality of lien
upon the properties of the railroad com pany. Bonds under the first m ort­
gage [$416,000 outstanding, due M arch 31 1925 and bearing 7 % int.)
were designated as “ Series A ” and were extended for a period o f 15 years
with int. at the rate of 6 % per annum . There was also created an annual
fund of $ 1 0,000 , applicable to the retirement of the bonds o f this

g

Bonds under the second mortgage [$367,500 outstanding, due Feb. 1 1925
ahd 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.
B onds under the consolidated m ortgage [$1,497,000 outstanding, due
M arch 1 1925 and bearing 5 % int.] were extended at the rate o f 5 % per
annum for a like period o f 15 years, under the same lien and conditions as
refclted in that m ortgage.
D IV S . ’ 9 8 . ’9 9 . ’00. ’01. ’0 2 . '03 '0 4 . '05. '06. '07, ’08. ’0 9 -’ 20 ’21 -'2 5
Com m on
0
0
0
0
0
5
1
0
0
0
0
0
See
Preferred
5 5H
7
6
«
7
B 5 J 4 7 H 7 3 H
0
text
On F eb. 15 1921 resumed divs. on pref. stock with paym ent o f 1 ) 4 % ;
on A u g. 1 1921, Feb. 15 1922 and A u g. 1 1922, paid 1 % each; none since.
R E P O R T .— For 1925 showed:
1 099
1 Q99
Calendar Y ears—
1925.
1924.
$990]081
$804,707
$786,783
$677,758
Operating incom e_______
152,919
58,849
Other incom e____________
36,029
8 5,626
$863,556
$713 ,38 4 $ 1 ,143,000
T otal incom __________
$822,812
794,103
747,763
586,682
Operating expenses, &c_
620,031
303,875
181,674
3 07,522
Interest, deprec., & c___
299,618
B a la n c e _______________ loss$96,836 loss$180,820 sur$45,021 loss$65,881
Chairm an, W . L . Haehnlen; Sec., J. D . G orm ley.— (V . 123, p . 1994.)
IL L I N O I S C E N T R A L R R . C O .— (See M a p . ) — R O A D .— Operates from
Chicago, 111., southerly to N ew Orleans, L a ., and westerly to Sioux C ity,
Ift., with numerous branches, v iz .:
A d d 'l Y d . Track
Second
F irst
and
M a in
M a in
M a in
Sidings
Track
Track
T rack.
L in e Owned—
(a) Original charter Line:
628.81
. 36 4 .7 3 3 62.78 165.91
222.85
29.55
I. 34 0 .7 7
851.66
_ 7 0 5 .5 0 39 2 .3 3 165.91
5 66.35
.1 ,5 4 8 .6 5
75.38
7 .87
2 .86
1.75
9 .4 9
Lines jointly ow ned.
.2 ,2 6 3 .6 4 469.46 173.78 1 ,420.87
9.18
11.54
2 1 .9 7
corp. and not form ally leased______ .
919.41
85.31
.1 ,5 0 5 .3 8 361.90
i- 887.03
9 .7 9
320.11
5.33
6 .37
0 .99
. 196.64
38.56
Trackage rights______________________
T o ta l mileage oper. D ec. 31 1 9 2 5 . -4 ,8 7 4 .6 6 886.79 2 75.25 2 ,6 7 0 .5 6
Y a z o o & M ississipp i V a lle y R R . C o .
Total mileage operated D ec. 3 l 1 9 2 5 - .1 ,379.91
45.6 7
------490-88
H I S T O R Y . L E A S E S , & c.— Chartered on Feb. 10 1851. The Chi­
cago St. L . ft N . O. is leased for 400 years from July 1 1 8 8 2 at 4 % per annum
on Its $ 1 0 ,0 0 0 ,0 0 0 capital stock deposited to secure the leased lin e stock and
Interest on bonds.
Owns all the cap. stock ($20,000,000) o f Central of G a. R y . but road is
operated independently. See that co. above.




[V ol. 123,

KAILW AY STOCKS AND BONDS
R ate
%

W h en
Payable

L a st D ivid en d
and M a tu rity

$124921392
7
Q — M D ec 1 1926 1 %
2 9 ,194,400
M & s Sept 1 1927 3 %
6
<
fe J Jan 1 1927 2 %
9 ,9 8 9 ,7 0 0
J
4
2 ,5 0 0 ,0 0 0
A
o Apr 1 1951
4 g
1 ,000,000
te 1) D ec 1 1950
3 ) 4 g .1 <
1 ,500,000
J &
.1 Jan 1 1951
4 g
2 ,4 9 9 ,0 0 0
fc .TJan 1 1951
3 )4 g J <
£500,000
M & S M ar 1 1951
3 g
$ 3 ,0 0 0 ,0 0 0
3 ) 4 g A & o Apr 1 1951
&
5 ,2 6 6 ,0 0 0
.1 July 1 1950
3 )4 g J
S
2,0 0 0 ,0 0 0
3 ) 4 g .1 < c .1 Jan 1 1951
3 ,000,000
,1
ft D Dec 1 1950
4 g
8 ,377,000
.1 July 1 1951
3 ) 4 g .1 &
&
4 ,998,000
.1
.1 July 1 1951
3 g
M &
S Sept 1 1931
538,000
4 g
M <
te s M ar 1 1932
241,000
4 g
12,000,000
&
.1 July 1 1952
3 )4 g J
54,187,000 4 & 5 g M & N N o v 1 1955
A <
& () Apr 1 1952
15,000,000
4 g
M «& N N o v 1 1953
2 4 ,929,000
4 g
8.000.000
6 H g .1
ft
J July 1 1936
3 5 ,000,000
4 K g F ft A A u g. 1 1966
5,425,000
F & A Aug 1 1951
4 g
a l 6 ,635,000
J & D 15 June 15 1951
5 g
1,3 5 9 ,0 0 0
3 ) 4 g J & D 15 June 15 1951
4 8 ,4 7 3 ,0 0 0
5 g
218,250
5 g
3 ,500,000
4 g
2 3 ,732,000
3 )4 g
5,000,000
3 g
3 ,235,000
3 g
16,000,000
5 )4 g
483,000
5 g
reral trust bonds of

J

&

,1
J
.1

&
<
&
&
&

F

&
&
.1 ft
1886.

.1
J

D D ec
1) D ec
1) D ec
J July
A Aug
.1 Jan
J Jan
J

1
1
1
1
1
1
1

1963
1963
1951
1953
1951
1951
1934

P laces W h ere In terest and
D ividends A r e Payable
32 N assau St, N Y ,& L o b
do
do
do
do
Baring Bros, L ondon, Eng
32 N assau S t, N ew York
do
do
do
do
Baring Brothers, London
32 N assau S t, N ew Y o rk
Baring B rothers, London
32 N assau S t, N ew Y o rk
do
do
do
do
do
do
do
do
do
do
32 N assau S t, N ew Y o rk
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Baring Bros, Lon & N Y
32 N assau S t, N ew York
do
do
do
do
do
do
do
do

Substantially all or the stock or t h e Y azoo ft Mississippi Valley R R ..
1.380 m iles, is owned in the interest o f the Illinois Central, the latter also
owning nearly all of the bonds.
Owns entire stock o f Chicago M em phis & G u lf R R . and Dubuque ft Sioux
C ity R R .; also leases those roads. V . 96, p . 420, 716; V . 116, p . 7 20.
Owns $ 1 ,0 0 0 ,0 0 0 stock o f M adison Coal C orp. See V . 105, p . 1899. On
N ov. 17 1924 acquired control o f the entire outstanding capital stock o f the
G u lf & Ship Island R R . C o.
Th e stockholders of the Alabam a & Vicksburg R y . and the Vicksburg
Shreveport & Pacific R y . on April 1 1925 approved the lease o f the roads
to the Y a zoo & Mississippi Valley R R . under the guarantee of the Illinois
Central.
(Authorized by I .- S . C . Com m ission In M a y 1926. V . 122,
p . 2943.)
The I .-S . C . Commission in June 1925 approved conditionally the acquisi­
tion by the Illinois Central through the Mississippi Valley C o . of the control
of the G ulf & Ship Island R R . by purchase of capital stock. V . 121, p . 71.
The I .-S . C . Commission has placed a tentative valuation o f $ 347,680,187
on the property o f the com pany as o f June 30 1915.
C A P IT A L S T O C K .— The leased line stock is secured by deposit of $ 1 0 .000,000 C h . St. Louis ft N ew Orl. stock.
V . 65, p . 1071: V . 106. d . 395.
In D ec. 1925 Union Pacific owned $2 4 ,7 5 0 ,0 0 0 common and $ 6 ,975,000
preferred stock , in addition to $ 3 ,4 8 6 ,4 2 0 . com m on and $ 1 ,9 3 6 ,9 0 0 preferred
Stock of Railroad Securities C o ., the latter company owning the equity
in $ 1 0 ,1 2 0 ,0 0 0 com m on and $ 2 ,8 5 2 ,0 0 0 preferred additional.
The stockholders on April 19 1922 approved an authorized issue of
$50,0 0 0 ,0 0 0 preferred stock, to be issued from time to time as the com p any’s
needs require. The pref. stock m ay 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 m ay, if the directors so determine at time o f the issuance, be
convertible Into com . stock within such period and at such rate, taking the
pref. stock at par and the com . stock at not less than par, as the directors
shall determine at the time o f the issue o f such pref. stock. Th e 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 1 5 % and dividends. V . 114, p . 738, 1765.
Th e Series " A ” stock is convertible into common stock, share for share,
and is redeemable after Sept. 1 1927 at 115 and divs.
Com m on stockholders or record O ct. 22 1925 received the right to sub­
scribe, at par to additional preferred stock. Series A , to the extent o f 1 0 %
o f holdings, paym ent in full being due D e c . 10 1 926 . V . 1 2 1 , p . 1674 .
L A T E 1 0 1 S e p t . 0 4 . ’05 t o ’ 12. ’ 13. ’ 14. T 5 . T 6 . 1917. M a r . ’ 1 8 -D e c .’26u
D I V S ./ 6 yearly
7 yearly
6
5
6 6 ^ 6 ft 1 ex 7 % p .a .( l ? i Q .-M )
B O N D S .— C airo bridge, see adv. In "C h ro n icle ," M ay 7 1892.
The Trust Bonds of 1886 are secured by deposit of $ 5 ,266,000 Chicago S t. L .
ft New Orleans consols of 1881: also by a lien on the road. See V . 86. p. 1343C ollateral T ru st bonds o f 1952 cover by pledge o f $ 1 6 ,3 5 0 ,0 0 0 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 secured by pledge of all
the Louisv. N . O . ft Texas (now Yazoo & Mississippi Valley R R .) , $ 1 6 ,9 0 0 .0 0 0 1 s t 4s, except $ 6 8 ,0 0 0 , and $ 9 ,1 0 4 ,0 0 0 m tge. incomes. V . 6 1 . p . 112
C hicago S t. L o u is A N ew O rleans 5s have their Interest guaranteed (by
endorsement) until the principal Is paid. The 3 )4s of 1897 are guar., prin­
cipal and interest, by endorsement— see guaranty. V . 65. p. 1071.
W estern L in e s L oa n o f 1895, see "S u p p le m e n t" o f Jan. 1899. T o ta l a u th .,
$ 1 0 ,000 ,000 ; $5,42 5 ,0 0 0 outstanding and $4 ,5 7 6 ,0 0 0 owned by company
on D ec. 31 1925.
The S t. L o u is D iv isio n A T erm in al bonds are for $15,0 0 0 ,0 0 0 authorized
A b s tra c t o fm tg e . in V . 6 6 . p . 138. See also V . 66 p. 133: V . 7 1 . p . 546L ou isville D iv isio n A T erm in al m tge. is for $25,000 ,000 ; of the bond.
$ 1 ,112,000 were reserved to purchase the 46 m . (Cecilia br.) from Louisville
* Nashville and to retire the L . & N . bonds thereon. Chicago S t. Louis ft
New Orleans took title to the Louisv. D iv . and joined In making m tge. See
V 66, p. 136. for abstract; also “ Supplement” of Jan. 1899.
V . 6 5 , p .3 6 7 ,
516: V . 6 8 . p . 133: V . 6 7 . p. 581: V . 7 5 . p . 671 V . 97. p. 8 87. 1024.
O f P urchased L in es 3 Mis of 1904, $ 1 4 ,6 6 2 ,0 0 0 were Issued on 748 miles of
subsidiary branch lines purchased, of which $2 ,6 6 2 ,0 0 0 were canceled in
Jan. 1911 and ref. bonds substituted therefor. (See V . 7 1 , p . 288; V . 79,
p. 1273, 1642, 2588; V . 81, p. 1105.)
R efund ing M tg e. Gold Bonds of 1908 (auth. $120 ,00 0,00 0) are subject to
call at 1 0 7 )4 and in t., M . & N . V . 104, p. 863; V . 87, p. 1357, 1420; V . 88.
p. 295; V . 92, p. 261, 5 27, 1636; V . 97, p. 1024; V . 98. p. 1459, 1608; V . 9 9 ,
p. 1300. Cover main line, Chicago terminals, so-called purchased lines,
Springfield D iv ., the St. Louis D iv ., & c., a total of 2 ,1 7 4 m ., subject to
bonds aggregating $61,7 6 6 ,0 0 0 , incl. $ 2 ,5 0 0 ,0 0 0 Chic. H avan a & W e st. 5s
and Rantoul R R . 5s pledged under 4s of 1952. O f the outstanding bonds,
$ 1 3,447 ,000 are 5s, issued in F eb. 1923. (See V . 116, p. 8 2 2 .)
O f the
unissued bonds, $ 5 7 ,588 ,000 are reserved to retire a like am ount of prior
lien bonds and $ 8 ,225,000 are pledged as part collatral for 6 ) 4 % secured
gold bonds due 1936The Illinois Central and Chic. S t. Louis ft N ew Orl. R R . J oint F irst R e­
fu n d in g M . bonds ($120,000 ,000 auth. issue) are issuable in series bearing
interest at not to exceed 5 % and are secured on about 1,512 miles o f the
Southern lines. Including the main line from Cairo, 111., to New Orleans.
L a ., & c ., and comprising all the system lines south o f the Ohio River except
the Chicago M em phis ft G u lf R R ., the M onticello Branch (52 m . and 21 m .
respectively) and the Yazoo & M iss. Vail. R R . V . 9 7 , p . 1822, 1733, 1204;
V . 98. o . 1459. 1608: V . 9 9 . p . 1300: V . 100, p . 3 97, 4 7 4 , 1852; V . 106.
p . 2757 ; V . 107, p . 696; V . 118, p . 663.)
P u rp o ses for W h ich Said $ 1 2 0 ,0 0 0 ,0 0 0 J o in t B onds W er e Issu a b le .
[Dec. 31 1925 amount issued, $ 6 9 ,8 6 1 ,2 5 0 ($ 6 9 ,6 4 3 ,0 0 0 Series A and
$218,250 Series B ). of which the Hlinois Central R R . owned $ 2 1,170 ,000 ,
leaving $ 4 8 ,691 ,250 outstanding in the hands of the public.)
(а) T o purchase and Improve railroads, terminal properties,
& c ., covered b y this m ortgage, all sold________________________ $33,348 ,169
(б) T o refund or retire a like am ount o f prior mortgages_______ 5 0 ,132,000
(c) For future Improvements, construction, etc_________________ 3 6 .519.900
Th e $ 1 6 ,0 0 0 ,0 0 0 5 M % Secured Gold B o n d s , Issued In 1919 on account of
improvements and additions, were secured by pledge of the following
securities: (a) $ 1 7 ,3 5 0 ,0 0 0 Illinois Central R R . and Chicago St. Louis ft

Nov., 1926.]




RAILW AY STOCKS AND BONDS

x

67

ILLINOIS CENTRAL
SYSTEM.
c o

68

RAILW AY STOCKS AND BONDS

R A IL R O A D C O M P A N IE S
[F or abbreviation s, & c . see notes on p a ge 8]

M ile s
Road

D a te
Bonds

Par
Value

A m ount
O utstanding

Illin o is C e n tra l (C oncluded) —
Equip certs—
Ser E due $275 ,00 0 s-a call ’22 102 VS% g u .C P y c *
1917
$1,000
Ser F due $737 ,00 0 yea rly________________ ______ CP
1920
1,000
Ser G due $324,000 yearly_______________ ______ CP
1921
1,000
Ser H due $217 ,00 0 annually_______________ CPxxx
1922
1,000
Ser I due $443 ,00 0 annually_________________ C P .c*
1922
1,000
Ser J due $ 1 ,2 7 3 ,0 0 0 ann beg M a y 1 1928___ xxxc*
1,000
1923
Ser K due $ 86 3 ,0 0 0 an n_______________________xxxc*
1,000
1924
Ser L due $616 ,00 0 annually___________________yc*
1925
1,000
Ser M _________________________________________________
1926
Ser N due $311 ,00 0 annually____________________ c*
1,000
1926
G o v t equip trust due $647 ,10 0 yearly_____________ Q
1920
Equip contract— The Pullman C o _________________
1922
Illin o is T u n n e l C o— See Chicago Subway C o.
In d ia n a D e c a tu r & W e s t — See Cin Ind A W estern
In d H a rb o r B e lt— Gen M $25,0 0 0 ,0 0 0 g - .G .x c * A r *
46 1907 1,000 Ac
do
do
do
__________
1907
Chic H am A W 1st m tge gold assumed_______ xc*&r 27.48 1897
500 Ac
Equipm ent trust certificates $ 540 ,00 0_______________
1916
do
due $36,680 annually___________________ G
1,000
1920
do
due $60,000 annually________________G .c *
1923 50 0 -1 0 0 0
do
due $2 5 ,0 0 0 annually___________________ G
1924
In d ia n a Illin o is & Iow a— See N Y Central R R
In d ia n a p o lis & L o u isville— See Chicago Indianapolis A Lou isville
In d ia n a p o lis U n io n —
1,000
Gen A R e f M $10,0 0 0 ,0 0 0 g gu red text___ F .c*A r*
1915
do
Series B g gu call (text)...........__ F .c * A r*
1922 1,000 Ac
100
I n t e r n a t io n a l-G r e a t N o rth ern R R — S t o c k ________
100 Ac
1st m tge gold bonds Series A red 107 H - - E q .yc*& r* 1,106 1922
1,000
do
Series B redeemable 1 0 2 > £ ________ c *A r* 1,106 1926
100 Ac
A djust m tge gold bonds Ser A red par______C o l.y c* 1,106 1922

...

N ew Orleans R R . Joint First R ef. M tg e . 5 % bonds. Series A , due D ec. 1
1963; (6) $ 4 ,5 7 5 ,0 0 0 W estern Lines 1st M . 4 % gold bonds, due A u g . 1 1951
V . 108, p . 5 78, 2 629 .
T h e $ 8 ,0 0 0 ,0 0 0 6 H % Secured gold bonds due July 1 1936 are secured by
deposit o f $ 8 ,2 2 5 ,0 0 0 Illinois Central R R . R ef. M tg e . 4s due N o v . 1 1956
and $ 3 ,8 2 0 ,0 0 0 111. C ent. R R . & C hic. S t. L . A N . O . R R . Joint R ef. M tg e
5s due D ec 1 1963
V 113 p 71
The $ 3 5 ,0 0 0 ,0 0 0 40-year
% gold bonds due Aug. 1 1966 are red. as a
whole bu t 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 A u g. 1 1936 at 102
and int.
up to and incl. A u g. 1 1961 and thereafter at a premium equal to
% for
each 6 m onths between the redemption date and date o f m aturity.
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 o f the
lines o f railroad or branches, leaseholds or trackage rights, or stock o f 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.
Eeuxpm ent T ru sts.— V . 96, p. 135, 553; V . 102, p . 6 08, 345: V . 9 9 . p
1748. 48; V . 100, p . 1257. 8eries E Is subject to call, all (but not part)
on or after N o v . 1 1922 at 102)4 and div. V . 106, p. 189, 1577. 2123
Series F , V . I l l , p . 1752; Series G . V . 112, p . 849. 1024 Series H . V . 114
p . 1286; Series J. V . 116. p . 1893: Series K . V . 119. p. 2407; Series L , Y . 121,
p . 2748, Series M , V . 123, p . 3079, Series N , V . 123, p . 2515.
Equipm ent trusts issued to Director-General for rolling stock allocated
to this com pany. See article on page 3 and V . 113, p . 1471.
R E P O R T .— For 1925, in V . 122, p . 2345 , showed:
1925.
1924.
1923.
Average miles operated________________
6,243
6 ,218
6,208
R ailw ay O perating Revenues—
$
$
$
Rail-line transportation:
F r eig h t-------------------------------------------------131,613,651 126,785,948 136,270,307
5 ,5 5 4 .4 7 9
5 ,383,383
6,4 5 1 ,3 4 9
Bridge tolls & miscell. freight______
Passenger_____________________________ 2 7 ,7 7 7 ,2 0 5
2 8 ,698.324 30,95 1 .8 4 7
Bridge tolls & miscell. passenger____
4 2 1,785
4 22,318
418,986
Excess baggage______________________
183,137
20 0 ,0 9 0
209,165
Parlor and chair car............. .................
8 0,284
6 6.317
52,475
M a i l ---------------------------------------------------- 2 ,5 5 8 ,4 0 6
2 ,4 9 6 ,3 7 4
2,4 7 8 .8 0 2
Express_____________________
4 ,0 4 4 .1 0 7
4,1 8 9 ,5 2 4
4,1 4 5 .5 2 2
M i l k __________________________________
58 2 ,2 1 9
647.202
675,362
Other passenger-train________________
525,334
43 3 ,9 0 9
322,645
Sw itching_____________________________ 2 ,0 7 2 ,1 2 3
2 ,0 2 9 ,0 0 9
2 ,0 3 8 ,7 8 3
Special service train_________________
71,662
75,061
94,030
T otal rail-line transport, revenue 175,484 ,398 171,427,465 184,109 ,280
Total incidental oper. revenues________ 2,6 5 7 ,7 6 6
2,3 7 7 ,2 6 2
2 ,605,344
T otal joint facility oper. revenue_____
27,461
3 3.403
4 8 ,5 4 1
T o ta lra ilw ay oper. revenue_________ 178.169 ,625 173.838,131 186.703,166
R ailw ay O perating E xp en ses—
1925.
1924.
1923.
M a in t. o f w ay and structures_________ 26 ,3 5 5 ,9 1 8
23,92 1 ,0 3 0 2 9 ,012,992
M aintenance o f equipment____ ,_______ 38 ,6 5 7 ,6 8 2 39 ,3 5 9 ,6 3 5 43 ,7 3 7 ,7 4 9
Traffic_________________________ „ _______
3 ,0 6 1 ,2 8 2
2 ,7 9 2 ,4 0 7
2 ,694,603
Transportation— rail line______________ 62 ,4 7 6 ,9 8 6
6 3 ,404,919 69,93 4 ,2 5 8
Miscellaneous operations___________
1 ,317,242
1 ,189,397
1 ,137,609
General__________________________________ 4 ,4 5 0 ,9 4 8
4 ,3 2 8 ,4 2 7
4,3 6 7 ,1 2 3
Transp. for investment— C r__________
937.533
970.897
861.060
Total Railw ay operating expense i. 135.382 .526 134,024,920 150,023,276
N e t rev. from railway operations
4 2 .787,098 39,813,211 3 6 ,739,890
R ailw ay tax accruals________________ . . 12,729,951
12,722,492 11,048,431
Uncollectible railway revenues____
56,902
38.344
27,396
Railw ay operating income________ - 30,01 8 ,8 0 2
2 7 ,033,816 25 ,6 6 4 ,0 6 2
A d d ition s to R y. O per. In com e—
R ent from locom otives_________________
334,226
233,429
206,602
R ent from passenger train cars________
725,228
658,888
820,266
R ent from floating equipment_________
6,200
3,5 0 0
3,5 0 0
R ent from work equipment____________
158,260
114,998
95,177
Joint facility rent income______________
2 ,2 6 5 .8 3 7
2 ,1 6 9 ,6 1 8
2,2 1 9 ,7 4 5
Total a dd’ns to ry . oper. incom e____ 3 ,4 8 9 ,7 5 2
3 ,1 8 0 ,4 3 5
3 ,3 4 5 ,2 9 2
D ed u ction s fro m R y. O per. In co m e—
1 ,168,392
C r.295,580
1 ,795,582
Hire o f freight cars— debit balance____
R ent for locom otives___________________
36,3 1 8
31,4 2 8
38,191
R ent for passenger-train cars__________
608,180
635,005
611,207
R ent for floating equipm ent__________
8,971
4,1 1 7
1,7120
R ent for work equipm ent______________
2 0,943
22,610
25,228
Joint facility rent deductions________ _
1,738,805
1 ,714,596
1,658,584
Total deducs. from r y . oper. income 3,5 8 1 ,6 1 2
le
2 ,112.178
4.1 4 5 ,9 1 5
- 2 9 ,926,943 28,102,073 2 4 ,863,439
3,6 2 3 ,8 1 3
3 ,577,826
4,9 0 7 ,8 5 9
Gross incom e_________________
. . 33.55 0 ,7 5 6
D ed uctions fro m Gross Incom eR ent for leased roads____________
..
1,770,245
Miscellaneous rent deductions. _
7,930
Miscellaneous tax accruals______
2,034
Separately operated properties— loss.
i51,974
Interest on funded d ebt______________. 13,609,364
Interest on unfunded d ebt___________
156,568
A m o rt, of disc't onfunded d e b t______
364,083
M ain t. o f investment organization..
660
Miscellaneous income charges_______
36,152

31.679,899

2 9 ,771,298

1,758,574
8,610
1,903
149,546
12,922,536
223,201
331,508
1,363
34,097

1 ,704,438
9,345
2,338
213,786
12,192,088
127,504

Total deductions___________________. . 15,999,013

15,431,341

14,286,225

300
36,423

N et in co m e .--------------------------------------- 17.551,742 16,248,557 15,485,073
N o te .— Figures include Yazoo & Mississippi Valley R R . C o.




R ate
%

$550,000
6 ,633.000
3 ,240,000
2.3 8 7 ,0 0 0
4,8 7 3 ,0 0 0
14,003,000
11,219,000
8,6 2 4 ,0 0 0
5 ,018,000
4 ,6 6 5 ,0 0 0
5,8 2 3 ,9 0 0
1,240,407

5 g
7
6H
5H
4V4
5
4V*
43^
4H
4H
6 g
6

2,5 0 0 ,0 0 0
1,725,000
2,5 0 0 ,0 0 0
180,000
330,120
720,000
325,000

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

4,0 0 0 ,0 0 0
4,0 0 0 ,0 0 0
7,5 0 0 ,0 0 0
1 7 ,250.000
6 ,000,000
1 7 ,000,000

4 g

W h en
Payable

[V ol. 123,
L a st D ivid en d
and M a tu r ity

Places W h ere In terest ant}
D iv id en d s A r e Payable

M
A
F
F
A
M
F
A

A
A
&
&
&
A
&
&

N
O
A
A
O
N
A
O

A

A
A
A

O T o O ct 1 1941
N ew York
J T o Jan 15 1935 Guaranty Trust C o , N Y
O April 1932

J
A

M a y '2 7 -N o v ’27
T o O ct 1935
T o Feb 1 1934
T o Feb 1 1936
T o Oct 1 1937
M a y 1 ’28 to ’38
T o A u g 1 1939
T o O ct 1 1940

N ew York
N ew Y o rk
N Y o ffe r Bk of N A A T
N ew Y o rk
N ew Y o rk

A
J July 1 1957
Grand C ent T erm , N Y
J A J July 1 1957
do
do
J A .1 Jan 1 1927
do
do
J & J Jan 1 1931
C o m m ’l Trust C o , Phila
J A J 15 T o Jan 15 1935 Guaranty Trust C o , N Y
J A D T o June 1 1938
do
do
J

J

&

5 g
5 g

J

A
A

6 g
5 g
6 g

J

J
J

D T o June 1 1939

J Jan 1 1965
J Jan 1 1965

A
J July 1 1952
&
J July 1 1956
T ext
July 1 1952

Pennsylvania R R C o , $5
Cedar Street, N Y

Apr 1 1926 paid 4 %

O F F IC E R S .— Chairman, C has. H . M arkham ; Pres., L . A . Dow ns; Senior
V .-P re s., Albert E . C lift; V .- P ., J. L . Beven; J. J. Pelley, E . B . Bowes.
Albert C . M an n , G . J. Bunting; G en. Counsel, W . S. H orton; Sec., D . R .
Burbank; T reas., R . E . Connolly. General offices, Chicago, 111.; N ew Y o rk
office, 32 N assau St.
D IR E C T O R S .— John W . Auchincloss, W illiam Averell Harriman. R . W .
Goelet, Cornelius Vanderbilt. Stanley Field, Vincent A stor, C has. A .
Peabody, John G . Shedd, R . S. L ovett, H . W . D e Forest, D avid R .
Burbank, C has. H . M ark ham , and, ex-officio, H o n . Len Sm all, Governor
of Illinois^— (V . 123, p . 2515.)
I L L IN O IS S O U T H E R N R Y .— See Missouri-UUnois R R .
IN D IA N A H A R B O R BELT R R .— Owns W hiting, I n d ., to Blue Island.
111., 14 miles; MoCook to Franklin Park, 111., 1 0.5 m .; Argo to Union Stock
Yards, Chicago, 11 m .; State line to Grassed, I n d ., 5 .5 m .; branches, 5 m ;
total owned. 4 5 .5 miles; trackage. 71 m .; total, 116 miles.
Stock outstanding $ 5 ,0 0 0 ,0 0 0 , o f which N . Y . Central and M ich . Central
V . 106. p . 2 0 1 8 ), which guarantee the bonds, own 6 0 % and O . M . A S t. P ..
and Chic. A N orth w ., 4 0 % .
V . 9 3 , p. 164; V . 105, p . 2 188 . O f the bonds
($25,000,000 auth. issue), $ 2 ,5 0 0 ,0 0 0 are reserved to retire C hic. H a m . A
W . 6s; $579 ,00 0 have been pledged as security for G o v t, loan ; $ 2 ,5 0 0 ,0 0 0
bonds ou t. V . 8 ft, p . 108.
Equipm ent trusts issued to Director-General for rolling stock allocated
to this com pany. See article on page 3 and V . 114, p. 8 54. Equipm ent
trusts e f 1921, V . 112, p. 1282. Equipm ent trusts o f 1023, V . 117, p . 1461.
G ovt loan, promissory notes. A c .. V . 112, p . 744.
R E P O R T .— For 1925, gross, $11 ,2 1 0 ,7 7 4 ; met ©per. income, $ 3 ,1 0 9 ,181other income. $430 ,58 7: interest. rentals. A c ., $ 2 ,0 9 9 ,9 1 3 ; b a l., but.;
$ 1 ,4 3 9 ,8 5 5 . V . 123, p .5 7 6 . For 9 m os. ended Sept. 30 1926, railway oper.
rev., $8,3 8 9 ,5 9 3 , gross income, $1 ,6 0 8 ,8 3 5 , deductions, $36 4 ,3 5 5 , b al., su r.,
$ 1 ,2 4 4 ,4 8 1 . V . 123, p . 2515.
'
For latest earnings, see “ Railway Earnings” Section (issued m on th ly ).
O F F IC E R S .— Pres., P . E . Crowley; Sec., E . F . Stephenson: G en . T r e a s.;
H . G . Snelling; O o m p t., W . C . W ishart.— (V . 123. p. 2 6 5 1 .)
IN D I A N A P O L I S U N IO N R Y .— Owns 1 .77 m . of road, 1 .7 6 m . 2d main
trackand 10.73 m .y a rd tracks and sidings, with terminals at Indianapolis,
Ind.; leases for 999 years the Belt R R . of Indianapolis— 14.16 m .(w hich see).
Cleve. Cine. C hic. & St. Louis and Pittsburgh Cincinnati Chicago & St.
Louis R R . are proprietors, having invested in i t $ 1 .1 8 9 ,6 2 5 to D ec. 31 1925.
Ownership evidenced by certificates of ownership. Elevation o f tracks
completed. V . 109, p. 676.
R E P O R T .— For 1925, gross, $ 4 20 ,89 9; net operating deficit, $328 ,97 7;
other income, $ 1 ,1 3 8 ,0 1 9 ; deductions, $54 5 ,7 3 5 ; balance, surplus, $ 2 6 3 ,3 0 7 .
N o te .— The com pany is a switching and terminal line operated for joint
benefit o f connections at cost. Operating expenses and operating revenues
are apportioned each m enth to the interested roads on the basis o f property
use and are debited or credited to the appropriate joint facility account in
accordance with classification o f Inter-State Commerce Commission.
B O N D S .— The General and R ef. M . of 1915 will secure not over $ 1 0 .”
000,090 bonds maturing Jan. 1 1965, to bear rates o f interest as m ay be
hereafter determined, to be guar, jointly and severally, prin. and in t., b y the
companies above named; a sufficient am ouat is reserved to redeem the
4 Vis of 1886. and remainder for future purposes. $ 8 ,060,000 have been
issued as 5s ($ 4 ,0 0 0 ,0 0 0 Ser. A and $ 4 ,0 0 9 ,0 6 9 Ser. B ), and are outstanding
in hands o f public. T h e guarantor companies and also N . Y . Chic. & St. L .
R R ., Cine. Ind . A W estern, Chicago Indianapolis A Louisville R y . and Illi­
nois Central R R . have contracted to use the property perpetually as their
main passenger terminal. The using companies in addition to paying
expenses o f operation and maintenance pay a rental based on the total
valuation o f the property. The bonds are redeemable as a whole or in
series 15 years after date, or any int. day thereafter at 106; sink, fund b e­
ginning 1926, 1 % o f outstanding bonds. Farmers’ Loan A Tto. C o ., N . Y . .
and Union Trust C o ., Indianapolis, trustees. Y . 100, p . 1257 , 6 55: V .
101. p. 1272: V . 116. p . 2 95.— (V . 123, p. 1871.)
I N T E R N A T I O N A L -G R E A T N O R T H E R N R R . C O .— Successor, as
per reorganization plan outlined below, o f the International A Great
Northern R y . Total system D ec. 31 1925, 1 ,159.5 miles, v iz .;
L in es ow ned—
L iles. I L in es ow ned (c e n e l.)—
L iles.
Long View J et., T e x ., to Houston 2 3 2 (M agnolia Park Term inal__________10
Palestine to Laredo_______________413 Sundry branehes___________________ 129
Spring to F t.W o rth , T .A P .C o n n .2 7 2 )
J oint Trackage—
Houston to East Colum bia brch- 50 IG alv. Houston A Henderson,e t c - 5 3 .5
In June 1924 the New Orleans Texas A M exico R y . asquired 74,991
shares of common stock o f the com pany, the sale o f which was approved
b y the stockholders in M arch 1924, and b y the I .- S . C . Com m ission in D ec.
1924. V . 118, p. 2948, 3077, 3197; V . 119, p . 2757.
Tentative valuation, $ 3 8 ,1 7 8 ,6 5 0 , as ©f June 30 1917.
Th e reorganization managers, J. A W . Seligmaa A C o. and Speyer A C o .,
In June 1922 prepared a reorganization plan (Y . 114, p . 2 4 6 8 ). Th e plan
was declared operative on July 5 1922.
B O N D S .— 1st M tg e. Bon ds.— Total authorized am ount, $ 4 0 ,0 0 0 ,0 0 0 , at
any one time outstanding. Interest, payable s .-a ., at such rate as m ay
from time to time be determined at the time o f issue.
Bonds m ay be issued in separate series maturing on the same or different
dates, and any series m ay be made redeemable all or part at times, on
notice and at premiums, and m ay have such conversion privileges, as m ay
be determined by the directors at the tim e of issue.
Th e company may
have the right to retire any series, all or part, and to issue for such purposes
like aggregate principal am ount of bonds in another series, bearing the same
or different rates o f interest. Ac.
Series A 6 % 30-year gold bonds, dated and carrying interest from July 1
1922, maturing July 1 1952, are redeemable as a whole only at 107 M and
int. On D ec. 31 1925 $ 2 1 ,809 ,000 had been issued, o f which $3,250,000
were pledged as collateral and $ 1 .3 0 9 .0 0 0 were held b y or for the com pany.
K uhn , Loeb A C o . in June 1926 sold at 95 and in t., $6 ,0 0 0 ,0 0 0 first m tge.
5 % gold bonds, series B , dated July 1 1926 and due Ju lyl 1956. The
entire series B , but not part thereof, is redeemable at 1 0 2 }4 and interest.
The remaining first mortgage bonds, authorized, will be issued or reserved
for issue under the regulations provided in the first m ortgage, to the extent

05

Nov., 1926.]

RAILW AY STOCKS AND BONDS

5©




70

M iles D a te
Road Bon ds

R A IL R O A D C O M P A N IE S
[For abbreviation , & c ., see n otes on pa ge 8]

In t e r n a t io n a l R ys o f C e n t A m — Ordinary shares-.
Preferred stock 5 % and partic see tex t_______________
Preferred dividend notes_______________________________
Preferred dividend notes_______________________________
Guatem ala Central 1st M g ext 15 yrs to ’31 U Sm .z
Internat R y s (1st M on 104 miles; 2d on bal.) E q .x
First m tge gold red 1 0 2 M ______________________ Em .x

74
458

First m tge collateral gold notes red 1 02— kxxxc*
I n te r o c e a n ic R y o f Mex— 1st pref stk 5 % n o n -c u m ..
Second preferred stock 4 % (V 87, p 1160) non-cum .
4 % debenture stock subj to call at par £ 1 ,1 5 0 ,0 0 0 . .
Ordinary stock_________________________________________
D ebenture stock 7 % “ B ” subj to call 120 cu m ______
Second debenture stock red at 105 since 1911_______
M ex E deb stock £450 ,00 0 guar red 105 since 1 9 1 4 ..
In t e r s t a t e R R (o f V a )—
E q u ip tr ser B d u e $ 7 5 ,0 0 0 y e a rly c a l l l O l -----------P h P
Equip tr ser D due $4 0 ,0 0 0 s-a red 1 0 2 )4 -------F P .c*
Equip tr ser E due $ 2 8 ,0 0 0 s-a red 1 0 2 )4 -------F P .c*
Iow a C e n tr a l— See M inneapolis & St Louis

1917
1921
1886
1912
1912
1926

1917
1923
1923

P ar
V a lue

A m oun t
O utstanding

Rate
%

$100 $30,000 000
100 10,000 000
5
720 300
6
2 ,4 2 9 ,500
6
1,000 2,3 1 9 000
6 g
1,000
2,261 000
5
£, fr, &c (5,0 9 9 494 | 5 g
1 £983 ,460
1,000 3,5 0 0 000
6 g
Stock £1,400 000 See text
Stock £1,000 000 See text
£1,150 000
4
Stock £1,700 000
£100
£469 459
7
£100 £1,300 000
4)4
£100
£400, 000
5

1,000

o f not exceeding $3 ,1 9 1 ,0 0 0 bonds to be issuable to a principal amouut
equal to the entire cost, and beyond that amount of bonds to 8 0 % or the
cost o f new equipment, improvements, betterments, additions, new mileage
or property, or (if permitted by law) stocks or bonds representative of new
mileage or property, whether constructed or acquired by the com pany or
b y some subsidiary com pany.
(2) A d ju stm en t M ortga ge B onds.— T otal authorized am ount, $ 2 5 ,0 0 0 ,0 0 0 .
at any one time outstanding. Secured by m tge. to Irving Bank-Colum bia
Trust C o ., as trustee, on the properties embraced in the new First M tg e . and
from time to tim e becoming subject thereto. Subject to the First M tg e . and
to the prior paym ent out o f the mortgaged property of all bonds at any time
issued and outstanding under the First M ortgage. Interest payable annu­
ally or semi-annually as m ay be provided, at such rate as m ay from time to
time be determined b y the directors at the time of issue, but required to be
paid (except as to arrears, if any, o f cumulative interest payable on m a­
turity of the principal), only out o f net income as defined in the mortgage.
T h ey m ay be issued in separate series maturing on the same or different
dates, and any series m ay be made redeemable, all or part, on notice and at
premiums, as m ay be determined b y the directors at the time o f issue, but
in all cases with accrued cumulative interest. Payment of installments of
Interest for any period on Adjustm ent M ortgage bonds o f different series
carrying different rates of interest shall be made in amounts which in all
cases bear to each other the same proportions as the respective maximum
rates of interest carried b y such respective series bear to each other.
Under the Adjustm ent M ortgage the new company m ay reserve the right
to retire any series, all or part, and to issue for such purposes like amounts
of bonds in another series, bearing sam e or different rates of interest &c.
The Adjustm ent M ortgage wiil provide that the net income applicable
to the paym ent o f interest on the Adjustm ent bonds shall be deemed to be
Its net income as that term is defined in the accounting rules o f the I .- 8 . u
Commission from time to time in force, but without deduction in ascer­
taining net income for interest on the Adjustm ent M ortgage bonds; and
only such portion of the net income for each year beginning Jan. 1 as direc­
tors m ay determine, but not less than 50 % of such net income for each such
year ending prior to Jan. 1 1928 shall be required to be applied (to the extent
necessary) to the paym ent o f interest on the Adjustment bonds, and that
any remaining net income for any such year prior to Jan. 1 1928 to the
extent o f any difference between the full interest on the A djustm ent bonds
and the interest actually paid thereon, shall be carried into a separate
account which shall be available for capital expenditures or other corporate
purposes, bu t shall not in any year be a part o f surplus available for the
paym ent o f dividends on any class o f stock at the time outstanding.
After Jan. 1 1928 the interest on the Adjustm ent bonds at the rate
borne will be cumulative, and at the m aturity of the principal all arrears of
cum . int. shall be payable, but accumulations o f interest shall not bear m t.
Series A 6 % 30-year adjustm ent bonds dated July 1 1922 and carrying
Interest from Jan. 1 1923, maturing July 1 1952, have been issued to the
extent o f $ 1 7 ,0 0 0 ,0 0 0 . Red. at par and accrued accumulative interest.
T h e N ew Orleans Texas & M exico R y . in Feb. 1925 offered to guarantee
to holders o f adjustment bonds a minimum distribution at the rate of
4 % per annum in respect of interest thereon for the interest period beginning
Jan. 1 1924 and ending D ee. 31 1927, in consideration pf the grant by the
owner of each such assenting adjustm ent bond of an option to N ew Orleans
Texas & M exico R y . to purchase such assenting bond at any time at the
following prices: (a) I f toe date designated for such delivery be before
Jan. 1 1928 at 8 5 % of toe face amount thereof with interest on such face
am ount to the delivery date at toe rat# o f 4 % per annum from Jan. 1 1924
or as the case m ay be, from the later Jan. i beginning the interest period
next succeeding the last interest period for which interest on the adjustment
bonds. Series “ A , ” has boon declared due and payable; (b) if the delivery
date be on or after Jan. 1 193$ at the face amount thereof together with
accrued and unpaid cumulative interest thereon to the delivery date (but
only to the extent that coupons for such interest shall be surrendered with
such bond) and also, if interest for the year ended D ec. 31 1927 shall not
theretofore have been declared due and payable, together with interest for
the year at the rate of 4 % per annum.
jV otes.— A ll o f the outstanding 6 % gold notes, due 1930, were redeemed on
Sept. 1 1926 at 100 and interest.
R E P O R T .— For 1925, in V . 122, p . 2323 , showed:
Calendar Y e a r s —
1925.
1924.
1923.
1922.
O ^ra tin g reven u es______$177083,748 *1 6 .9 0 1 ,4 4 8 $15,806 ,608 * 1 4 .6 7 4 .1 1 6
Operating expenses.-____ 13 ,5 1 7 ,7 5 0 12 ,9 5 5 ,2 4 0 12,542,633 12,280,300
N e t oper. revenue____ $ 3 ,5 6 5 ,9 9 8 $ 3 ,9 4 6 ,2 0 8 $ 3 ,263,975
T a x e s ____________________
51 6 ,1 3 8
5 55,456
^ § § ’225
Other oper. charges____
81 0 ,5 8 2
81 8 ,8 3 2
602,754

$2,39 3 ,8 1 6
392,817
682,611

T o ta l___________
$ 1 ,3 2 6 ,7 2 0
Operating incom e_______
2 ,2 3 9 ,2 7 8
N on-oper. incom e_______
94 ,9 1 0

$ 1 ,3 7 4 ,2 8 8
2 ,5 7 1 ,9 2 0
102,261

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

$1 ,0 7 5 ,4 2 8
1,318,389
133,967

G rossincom e___________ $2 ,3 3 4 ,1 8 8
Deductions from income
27,7 2 7
In t .on fixed charge oblig. 1 ,1 7 9 ,0 0 0
In t. on adjust, m tge. 4 s .
6 8 0,000

$2,67 4 ,1 8 1
29 ,4 5 4
1,1 9 1 ,3 1 4
6 80,000

$2,336,379
41,134
1,183,734
680,000

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

Balance o f incom e____
$447,461
$773 ,41 3 _ $431,511
$247,518
For latest earnings see “ Railw ay Earnings Section” (issued m onth ly).
O F F IC E R S .— Chairman, W illiam H . W illiam s; Pres., L . W . Baldwin
Exec. V .- P ., H . R . Safford; V .- P ., Sec. & T reas., A .R .H ow ard
Offices,
U nion Station B ld g ., H ouston, T e x .; 120 Broadw ay, N ew Y o rk , and
Railw ay Exchange B ld g ., St. Louis.— (V . 123, p . 839.)
I N T E R N A T IO N A L R A I L W A Y S O F C E N T R A L A M E R IC A .— (See
M a p ) — Owns 597,137 miles (main line and branches) of 3 -ft. gauge railway,
sidings, 60,878 miles under construction, 193 m iles; construction contem­
plated, 108 miles.
_
. .
• Incorporated in New Jersey June 8 1904 as Guatemala R y .. name being
changed In April 1912 and Guatemala Central R R . (V . 79, p. 9 0 2 . 903)
taken over. For concessions and subsidy, see issue for Feb. 1918.




[V ol. 123

RAILW AY STOCKS AND BONDS

75,000
920.000
644.000

5g
5)4
5*

W h en
P ayable

Q— F
F &
J & D
A &
J &
M &
M

15
A
15
O
J
N

L a st D ivid en d
and M a tu r ity

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

See text
N o v l 5 ’26 I X %
Feb 15 1927
June 15 1936
Apr 1 1931
Jan 1 1972
M a y l 1972

Office, 17 B attery P I,N Y
do
do
do
do
do
do
E m p ireT rC o,N Y ,L o n ,&e

&

N M a y 1 1941
Henry Schroder B kg Corp
D ec 19 1913 4 % London
do
N o v 14 1912 2 %
See text
M & S 15 Sept 15 1950
1911-12 Sept 15 1950
M & N 3 0 N o v 30 1950
J & D 15 Jan 1 1984
A
J
M

&
&
&

London
See text
See text

O April 1 1927
Philadelphia
J Jan ’27-Jan ’38
N M a y ’2 7 -M a y ’38

Stock authorized, as increased from $ 7 ,5 0 0 ,0 0 0 in April 1912, $ 3 0 ,0 0 0 ,0 0 0
common and $ 1 0,000 ,000 5 % pref.; par $100, Pref. is entitled to share
equally in all dividends paid in any year after 5 % has been paid on both
stocks. V . 95, p. 5 44. First quar. d iv. on pref., 1 ) 4 % , paid A u g . 15 1912:
N o v . 15, 1 H % : 1913. 5 % ; 1914, F e b .. M a y & A u g. 15. 1 ) 4 % .
On F eb. 15
1917 provision was made for the paym ent of ail dividends due to that date
(1 2 H % ) with * 1 ,2 5 0 .0 0 0 6 % d iv. notes due F eb. 15 1927. V . 107. p . 3 9 8 .
T h e company in June 1923 offered to holders o f the 5 % Pref. stock in
paym ent of the 2 )4 years’ interest in arrears, accrued from F eb. 1 1921 to
M a y 1 1923, 6 % dividend notes due June 15 1936 at the rate of $ 1 1 .2 5 per
$100 Pref. share. V . 117, p . 86. Cash paym ents were resumed A u g . 15
1923, when 1 ) 4 % was paid; same amount paid quar. to N o v . 15 1926 .
B O N D S .— For 60-year gold 5s o f 1912 (€ 6 ,0 0 0 ,0 0 0 au th . issue), see V . 94
p. 1449; V . 96, p . 1488; V . 118, p . 1664; V . 120, p . 1323.
Th e $2 ,5 0 0 ,0 0 0 bonds issued b y the International R y s . covering all lines
as a second lien bore interest at 2 % the first year, 3 % the 2d year, 4 % the
3d year and 5 % thereafter; $239 ,00 0 purchased and in treas. D ec. 31 1925.
The $2,50 0 ,0 0 0 Guatem ala Central 1st M . 6s due A p r. 1 1916 were ex­
tended till 1931; $ 181 ,00 0 purch. and in treas. D ec. 31 1925.
Th e 1st m tge collateral 6 % gold notes due M a y 1 1941 are seem ed b y
deposit o f first m ortgage bonds o f a principal am ount equal to at least
1 5 0 % , and o f a market value equal to at least 1 1 0 % , o f the principal o f all
notes outstanding. V . 122, p . 2647.
R E P O R T .— For 1925, in V . 122, p . 2792 , showed:
1923.
Calendar Y ears—
1925.
1924.
$ 4 ,2 7 1 ,9 2 3
Railway operating revenues____________$ 6 ,0 9 7 ,0 1 2 $5,120,571
Railway operating expenses__________
2 .3 9 2 ,1 9 8
3 ,6 7 7 ,5 6 2
2 ,8 1 6 ,0 2 4
137,092
242,150
209,672
Railway tax accruals__________________
Railway operating incom e__________ $ 2 ,177,299
N et incom efrom miscellaneous o p e r ..
187,696
Non-operating incom e________________
97,261

$2 ,0 9 4 ,8 7 4
83,722
2 0,082

$ 1 ,7 4 2 ,6 3 3
4 9 ,0 2 8
38 ,6 1 0

Gross incom e________________________ $ 2 ,462,255
Interest on bonds and notes___________
$848,897
Am ortization o f discount______________
7,5 0 4
Income applicable to Occidental R R .,
57
minority interest____________________

$2 ,1 9 8 ,6 7 9
$789,031
7,504

$ 1 ,830,271
$798 ,44 0
7,5 0 4

49

578

N et income'___________________________ $1,60 5 ,7 9 7
$44,333
Sinking fund reserve___________________
Dividends, preferred stock___________
500,000

$1 ,4 0 2 ,0 9 4
$29,333
500,000

$1 ,0 5 0 ,9 7 9
x500,000

Balance, surplus____________________ $ 1 ,0 6 1 ,4 6 4
$872,761
$ 550 ,97 9
x O f this am ount, $250 ,00 0 (or 2 ) £ % ) was paid in 13-year 6 % dividend
notes and $250,000 ( 2 ) 4 % ) in eash.
N in e M o n th s Ended Sept. 30—
1926.
1925.
$5,301,613 $4,73 8 ,9 8 9
Gross earnings (estim ated)______
$ 2 ,105,483 $1,92 9 ,0 8 2
Balance after taxes______________
625,110
591,768
Bond interest_____________________
375,000
375,000
Preferred dividends______________
Balance applicable to com m on stock.

$ 1 ,105,373

$962 ,31 4

O F F IC E R S .— M inor C . K eith , Pres.; Henry B . Price, 1st V .-P .; Henry
H . Hanson, V .-P . & C o m p t.; Edward S . H yde, Sec. & Treas. N . Y
»ffice, 17 B attery Place.— (V . 123, p . 2256 .)
IN TER O CE AN IC R Y . OF M E X IC O . L T D .— Vera Cruz to M exico City
M ex., 338 miles; Los Reyes to Puente de Ixtla, 123 miles; Los Arcos to
Cuautla, 102 m .; 3 branches, 30 m .; Mexican Eastern R y . (V . 7 3 , p . 1263)
141 miles: leases M ex. Southern R y ., 313 miles; total, 1,047 m .
Conces­
sions end Feb. 1982, after which road passes to State at a valuation
N at. R ys. of Mexico (which see) owns £ 1 ,0 3 8 ,4 5 0 of the 2d debentures!
£ 1 ,310,500 ordinary and £244 ,80 0 pref. stock. About A u g . 15 1914 tb s
M ex . G o v t, took possession, the lines being returned on Jan. 1 1926. V .
100, p . 5 5 . See N a t. R y s. o f M exico.
S E C U R IT I E S .— The deben. stockholders in 1914 approved a plan (V . 9 9.
p . 4 8 , 674) for deferring interest paym ents. Th e moratorium has been
extended from time to tim e and is still in operation.
D I V I D E N D S on 1st p ref., 4 X % 1908 and 1909, 5 % 1910 and 1911
5 % each ( M . & N .) . In 1912, N o v ., 5 % : 1913, D e c ., 4 % . On 2d p re f.,
1 % 1909; N o v . 1910, 4 % ; N o v . 1911, 4 % ; N o v . 1912, 2 % ; none since.
R E P O R T .— Report o f directors for 12 months ended June 30 1925 says:
Since the last report no change has occurred with regard to the position
o f the com pany’s railway and its leased lines— the M exican Eastern and
M exican Southern Railways— which still remain in the hands o f the G ov­
ernment o f M exico.
N o accounts have been rendered nor has any compensation been paid,
and as a consequence the directors are not in a position to present any
revenue statement or balance sheet.
During the year £2,500 was received from the N ational R y s . o f M exico
on account o f the administration and moratorium expenses o f this company
and its leased lines.
The debit balance against net revenue account, m ainly in respect of
accrued interest on debenture stocks and rentals o f leased lines, had increased
from £2,89 2 ,9 3 9 at June 30 1924 to £3,239,943 at June 30 1925.
W ith the consent o f the debenture stockholders’ com m ittee appointed in
M a y 1923, and with the acquiescence o f the leased lines, the moratorium
granted to the com pany in 1915 has been extended from time to time and
is still in operation.
N . Y . office, 25 Broad S t.— (V . 123, p . 1380.)
I N T E R S T A T E R R . (O F V A .) .— Stonega to M iller Y a rd , V a ., with
branches, sidings, & c., 81 miles. Incorp. in V a . in 1896. The Inter-State
Commerce Commission has placed a tentative valuation o f $ 1 ,802,200 oh
the c o .’s property as of June 30 1916. Proposed extension, V . 112, p. 1144:
V . 113, p. 182. N o funded debt other than equip, trust ctfs. which are being
retired annually. The lines have direet connection with the Southern

R A IL R O A D C O M P A N IE S
[For abbreviation s, & c ., see n otes on pa ge 8]

Rate
%

$1,000
1,000
1,000
1,000

$100,000
100,000
1,100,000
2 ,0 0 0 ,0 0 0

6 g
5
6 g
5 g

1,000
1,000
1,000

3 00,000
2 ,8 0 0 .0 0 0
650,000

100
1,000
1,000

Quar
9,0 0 0 ,0 0 0 See text
A & O
2 ,4 6 9 ,0 0 0
4 g
2 ,5 0 0 ,0 0 0
J &
J
5 g
J & J30
621,000
6 g

1.000

1.4 7 7 .0 0 0

5 g

J

l.OOO&c
1,085 1901
1,000
715 1888
82 1887
1,000
3 1889
1,000
500 &c
285 1894
500 &c
285 1894
285 1894
500 &c
C ity F S & M emphis.
Scott & M e mphis.
100
1914
R y be low.
Burlin gton & Quincy.

25 .9 4 1 ,0 0 0
1 3 ,736,000
1,508,000
1,998,000
3 ,3 2 3 ,3 9 0
53,2 8 0
4 ,4 0 1 ,5 0 0

4 g
6
5
5 g
4
5
5

A
M
A
A
M

2 0 ,0 0 0 ,0 0 0
5,6 4 0 ,2 0 0

6 g

A & O 30 Apr 30' 1916

D a te
Bonds

1894
1917
1921
1921
Centl R R .
8 1867
37 1889
1910
31

164
—

1890
1907
1920

38

1905

Par
V a lue

R y ., the Louisville & N ashville R E ., the Norfolk & W estern R y . and the
Carolina Clinehfield & Ohio R y . E quip, trusts o f 1913 and 1917 (V . 95,
p . 1608; V . 104, p . 1045) guaranteed by the Virginia Coal & Iron C o . (V . 91.
p . 1636), which owns 9 9 % o f the capital stock. E quip, trusts o f 1923,
V . 115, p . 2684; V . 116, p . 2 007 . Gross (year ending D ec. 31 1925),
$1 ,3 6 7 ,7 7 1 ; net oper. in c., $ 3 2,058 ; other income, $860 ,91 6; interest, rentals,
& c., $ 3 53 ,20 1; balance, $ 5 39 ,77 3; dividends ( 7 1 4 % ) , $615 ,98 9. Chair­
m an, Otis M ouser; Pres., H arry L . M iller, Andover, V a .; Sec., Lafayette
Lentz; T reas., Russell Thayer Jr., Land Title B ld g ., Philadelphia.— (V .
122, p . 477.)
J A C K S O N V I L L E T E R M I N A L C O .— Owns passenger depot, shops. 8
locom otives, & c., at Jacksonville, F la ., including 39.8 9 miles o f track
used b y A tlantic Coast Line R R . C o ., Florida East Coast R y . C o ., Sea­
board Air Line R y . C o ., Southern R y . C o .. Georgia Southern & Florida
R y . C o ., which own entire capital stock o f $ 3 75 ,20 0. These lines m eet the
cost o f operation o f the terminal com pany on a car handled basis.
The 1st & Gen. M t g e ., dated Jan. 1 1917. authorizes the issuance of
$ 3 ,500,000 of bonds, $500 ,00 0 to be used to retire the 1st m tge. bonds,
balance for construction o f new stations, <fcc. A s to guaranty, see above
The ref. & ext. m tge. Is limited to an authorized amount o f $4,00 0 ,0 0 0
bonds. O f the authorized am ount, $ 500 ,00 0 bonds are reserved to retire
prior lien bonds and $ 2 ,0 0 0 ,0 0 0 5 % bonds. Series A , were used to take up
and retire a like am ount o f first and gen. m tge. bonds. The $ 1 ,100,000
Series B bonds are redeemable as a whole only on and after Jan. 1 1937 at
107 Ls and interest.
Principal and interest guaranteed unconditionally and Jointly and sev­
erally, by endorsement, by Atlantic C oast Line R R ., Florida East Coast
R y ., Southern R y . and Seaboard Air Line R y . V . 114, p. 1407.
O F F IC E R S .— Pres. & G en. M g r ., J. L . W ilkes; V .- P ., H . N . Rodenbaugh; Sec. & T reas., F . C . Sawyer; A u d ., O . E . Christman. Office,
Jacksonville, F la.— (V . 121, p . 582.)
JEFFERSON R R .— Owns Lanesboro, P a ., to Carbondale, P a ., 37 mile*
double track; branoh, W est H aw ley, P a ., to Honesdale, P a ., 8 miles. Leased
In perpetuity for $154,940 per annum to Erie R R ., owner of $ 2,095.700 stock. Used by D . & H . to reach Carbondale. Th e $ 2 ,8 0 0 ,0 0 0 5 %
bonds due in 1919 were extended 10 years at 5 ) 4 % . See V . 108. p. 1165
J O N E S B O R O L A K E C I T Y & E A S T E R N R R .— Owns Jonesboro to
Barfield, A rk ., 63.1 miles; D ell to Victoria, A r k ., 2 3 .6 m .; total, 8 6 .7 miles.
The I .-S . C . Commission has placed a final valuation of $1 ,1 1 7 ,3 2 8 on the
owned and used property and $ 3 6,657 on the used properties of the com­
pany, as of June 30 1916. Stock, $60 0 ,0 0 0 . Bonds, $724 ,00 0 outstanding,
of which $5 0 ,0 0 0 are pledged as collateral. The St. Louis-San Francisco
R y . C o. in July 1925 acquired control and leases the road. V . 121, p . 2035.
O ffice, Jonesboro, A r k .— (V . 121, p . 2035.)
JO PLIN UNIO N DEPOT CO.— Owns union freight and passenger station
on 26 acres at Joplin, M o., completed In 1911, used by the Atch ison, Topeka
4s Santa Fe, Kansas City Southern, Missouri Kansas & Texas and Missouri
4s N orth Arkansas, which Jointly own the $40,000 stock and Jointly
and severally guarantee the bonds, prin. and Int. Of the bonds ($750,000
a u th .). $650 ,00 0 sold. Total stock au th ., $75 0 ,0 0 0 .— (V . 90, p. 502627: V . 107, p . 802.)
K A N A W H A B R ID G E & T E R M IN A L CO.— Owns bridge across the Great
Kanawha River near Charleston, W . V a ., used for railway, street railway
and general traffic. Stock, $400 ,0 0 0 , owned by Chee. Sc O hio, which op­
erates property. B onds, see table and V . 9 1 , p . 1629.
K A N A W H A & M I C H I G A N R Y .— (See M a p N . Y . Central B .R .)—
Mileage D ec. 31 1924:
2d
M ile s
Y a rd T rack
M am
and SidTotal
of
Road. Track. ings, A c. M ilea g e.
56.62
5.47
44.3 2
106.41
1.85
2.57
4 .4 2
State Line to G auley Bridge, W . V a ___
94.85
3 .8 4
79.64
178.33
2.92
2 .9 2
8.20
8 .20
Smithers to Marting
4.36
3 .9 0
8.26

—

T o ta l mileage____________________________ 168.80
168.80
9.31
130.43
3 08.54
During 1919 acquired 4,0 0 1 shares each of the pref. and the com . stock
o f the New Gauley Coal C orp. V . I l l , p . 1469.
In O ct. 1918 had agreed to assume the $1,477,000 bonds and car trust
ctfs. o f K an . & W . V a . R R . (entire capital stock owned), a line extending
from Charleston, W . V a ., to Blakely, 33 m ., with branch, 4 m . V . 106,
p. 2 221 ; V . 103, p. 844; V . 104, p. 2005 . In F eb. 1920 the Kanawha &
W . V a . R R . acquired the Gauley & Eastern R y . C o. V . 113, p . 1768.
The I .-S . C . Commission has placed a tentative valuation of $ 14,711,881
on the total owned and $ 1 5 ,0 8 8 ,6 0 4 on the total used properties of the com ­
pany, as o f June 30 1918.
H I S T O R Y . &o.— Reorg. in April 1890 of K . 4s O . R y . foreclosed (see
V . 5 0 , p . 4 5 1 ,4 8 3 ). Toledo & Ohio Central R y . (V . 100, p . 1251) acquired
In 1915 $ 8 ,947,900 of the $9 ,0 0 0 ,0 0 0 capital stock. V . 105. p. 8 18, 998
V . 9 9 , p . 1052; V . 98, p . 912, 1537; V . 96, p. 63.
Leased to N . Y . Central
R R . for a rental of fixed charges and taxes and 6 % on Its stock. V . 113,
p . 2 6 1 4 ; V . 115, p. 543.
G o v t, loan, & c., V . I l l , p. 2520; V . 112, p. 162.
Equipm ent trusts issued to Director-General for rolling stock allocated
to this com pany. See article on page 3.
For 1925, total income, $784 ,47 2; interest and rentals, $318 ,55 6; divs.
( 5 % ) , $450 ,0 0 0 ; balance, su r., $ 1 5,916 .
P res., P . E . Crowley; Sec., E . F . Stephenson; G en. T reas., H arry G .
Snelling; C o m p t., W . C . W ish art.— (V . 121, p . 1457.)

C IT Y

C L IN T O N

& S P R IN G F IE L D

R Y .— Owns

from

Olathe, K a n ., to Ash Grove, M o ., 154 miles. V . 107, p . 2476 . Stock,
$ 1 ,7 7 5 ,4 0 0 . Bonds were guaranteed b y the K an . C ity F t. Scott & M e m .
R R . (old c o .). Tentative valuation as o f June 30 1917, $ 2 ,9 3 6 ,5 5 3 .




L a st D ivid en d
am d M a tu rity

Am ount
O utstanding

M ile s
Road

J a c k so n v ille T e rm — 1st M gold guar_
M p.xc*
1st & gen M gold gu p & i (end) $ 3 ,5 0 0 ,0 0 0 -- U S.c*
R e f & ext m tge series B red (text) _ _ ____ U S.c*& r*
do
Series A ____
J a m e sto w n F ran k lin & C le a rfie ld — See N ew York
J e ffe r so n — 1st & 2d M s ext in '87 & '89 ( H ’dale Br) _c
1st M g ext 1908 & again 1919 red 105 gu p & i F P .c*
J o p lin U n io n S ta — 1st M gu J’tly red l0 5 af 5 y rs.x c *
J u n c t io n (P h ila d e lp h ia )— See Pennsylvania R R
K a n a w h a & M ich— Stock $ 1 0 ,0 0 0 .0 0 0 ___
1st M $ 15,000 per mile g guar p & i _ C e.xc*
Second m tge $2 ,5 0 0 ,0 0 0 auth gold red p a r_ _ G .x c *
Equipm ent g $ 69,000 a n n u a lly ........................._G
Controlled C om pany—
Kanawha & W est Va— First mortgage g g u a r ____ c*
K a n sa s C ity B e lt— See K ansas C ity Terminal R y
K a n sa s C ity Fort S c o tt & M em ph is R y—R ef M $ 6 0 ,0 0 0 ,0 0 0 gold guar p & i e n d .-B a -x c & r
K an C ity F t Scott & M em phis R R cnos M .N B .x c *
Current River R R 1st M $ 2 0,000 p m guar N B .x
K an C & M R y & Bdge 1st M g s f drawn at llO -x c *
K an O M e m & Birm gen M $ 4 ,5 0 0 ,0 0 0 c u r ._ O B .x c
Incom e non-cam . N o fixed int coupons O B .xc
do _ stam ped fixed interest redeemable te x t._ x
K a n s a s C ity M em ph is & B irm in g h a m — See Kansas
K C & M em ph is R y & B rid ge C o— Bee K an C ity Ft
K a n s a s C ity M exico & O r ie n t— Stock see text____
T w o year gold notes $ 6 ,0 0 0 ,0 0 0 red p a r ..
C o l.c
K a n s a s C ity & P a cific— See Missouri K an Sc Texas
K a n s a s C ity S t Jos & C o u n c il B lu ffs — See Chicago

KAN SAS

71

RAILW AY STOCKS AND BONDS

Nov., 1926.]

W h en
Payable

J
J
J
J

4M & 6 J
5H g A
4X g M

&
&
&
&
&
&
&

&

&
&
&
&
&
Sept.
M &

J
J
.)
J

July
July
July
July

1
1
1
1

1939
1967
1967
1967

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

G uaranty T r C o, N Y
U S Trust C o , N ew York
do
do
do
do

J July '27-Jan ’29 Fidelity-Phila Tr C o,P hil
O Apr 1 1929
Erie R'R, N ew York
N M a y l 1940
Phil T r S D ep & Ins C o
See text
Apr 1 1 9 9 0
July 1 1927
T o Jan 15 1935

J July 1 1955
O
N
O
O
S

s

Oct 1
M ayl
Oct 1
O ct 1
M ar 1
M ar 1
M ar 1

1936
1928
1927
1929
1934
1934
1934

J P M organ & C o , N
Central U n T r C o , N
J P M organ & C o , N
Guaranty Trust C o , N

Y
Y
Y
Y

Scranton (Pa) T rust Oo
C om pan y, 120 Broadway
Bank T rust, N Y ; & Boat
Old C ol Trust C o . Boston
Bank Tr C o N Y ; & Bost
Old C olony Trust C o
do
do
do
do

Prin & int over-due

B y authority of I .-S . C . Com m ission granted in October 1924, theK ansas
C ity F t . Scott & M em phis R y . C o . acquired all outstanding stock of
K . C . C . & S. R y . C o ., and St. Louis-San Francisco R y . C o . leased the
property o f the K . C . C . & S. R y . C o . for a term expiring June 12 2000 :
now operated as part o f Eastern D ivision, St. L .-S . F . R y .
P res., J. M . K urn; A u d ., E . H . Bunnell; Sec. & T rea s., F . H . H am ilton.
S t. Louis, M o .— (V . 119, p . 2064.)
K A N S A S C I T Y F O R T S C O T T & M E M P H IS R Y .— Operates K a n s u
C ity. M o ., to M em ph is, T e n n ., and branches, 925 miles. Also has a
controlling interest in stock o f the Kansas C ity M em phis & Birm . R R ..
owning line from M emphis, Ten n .. to Birmingham. A la ., with branoh, 290
miles, and of Kansas City & Memphis R y . & Bridge C o., owning bridge
across Mississippi River at M emphis, 3 miles. To ta l, 1,215 miles.
Th e K . O . M em phis & Birmingham was leased D ec. 17 1903 for 99 years
from Jan. 1 1904. but terminable upon 6 m onths’ notice from either party;
rental is net earnings, after paym ent o f interest on bonds, taxes, organiza­
tion expenses and cost of additions and betterments. This superseded the
old traffic contract. Kansas C ity Fort Scott & M em phis R y . owns entire
capital stock (V . 103. p . 2340 .)
The I .-S . C . Com m ission, in O ct. 1924, authorized the com pany to
acquire control o f the K ansas C ity Clinton & Springfield R y . through stock
ownership. V . 119, p . 2064 .
O R G A N I Z A T I O N .— V . 72, p. 1237. See V . 7 2 . p. 438. 5 32, 6 75, 988The S t .L . & San Fran. R R . owned the entire stook and leased the road, guar*
antef lng the bonds of 1901, prln. and ln t.. and 4 % on pref. stook trust cert*.
The reorganization by which the S t. Louis-San Francisco R y . C o . 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
Sc make improvements, extensions, A c ., on the Kansas C ity Fort Scott
M em phis Railway system and buy equipment and deal with obliga­
tions o f the system , and for these purposes to issue and renew bonds unler any existing mortgage o f this system , and to issue new bonds o f thi«
com pany, or o f the new Frisco C om pany, secured on this system , or any
art thereof, in priority to the existing lease o f this system and to any
en o f the new Frisco mortgages on this system , but the aggregate prior
m tge. debt on this system m ust Dot at any time exceed $ 7 5 ,0 0 0 ,0 0 0 .
S T O C K .— C om m on, authorized, $ 4 5,000 ,000 ; issued, $ 1 6,660 ,000 ; all
owned by St. Louis-San Francisco R y . and pledged under its prior lien mort­
gage; pref. stock pledged under prior lien mortgage, $ 1 4,939 ,500 .
B O N D S .— O f the Refunding bonds o f 1901 ($ 6 0 ,0 0 0 ,0 0 0 ), $ 2 5 ,9 4 1 .000 were outstanding D ec. 31 1925, $ 2 6 ,3 2 4 ,2 7 0 were reserved for ex­
change against the face am ount o f underlying bonds and the remaining
$ 7 ,7 3 4 ,7 3 0 . 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. A s to guaranty, see “ organization,” above.
V . 7 5 . p . 8 53. See V . 8 7 . p . 414; V . 9 1 . p . 3 8 , 154; V . 9 2 . p . 1311; V . 93
D. 4 5 : V . 9 4 . p . 279.
T h e interest on all except $ 53,280 o f the $ 4 ,4 5 4 ,7 8 0 K a n . C ity M em phis
8c B irm . income bonds is guaranteed b y the K an . C ity F t. Scott & M . R y .
O n M a y 20 1918 holders o f these unguaranteed incomes received on account
of coupon due Sept. 1 1916 1 .1 9 8 % 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 . 4 7 7 , 577; V . 103, p . 2340. A s to
K . O . M e m . R y . & Bridge .see V . 7 8 , p . 1549; V . 9 9 , p . 1597; V . 102, p . 800.
— (V . 119, p . 2064.)

R

K A N S A S C I T Y K A W V A L L E Y & W E S T E R N R Y .— (V . 119, p . 693.
K A N S A S C IT Y M E X IC O A N D O R IE N T R Y . (T H E )— Rood.
Owned U nci. K . C . M . A O. R y. o f T ex a s. S ecu rities O w ned). M il e s .
Y lch lta, K a n ., to Alpine, T ex. (including trackage S t. Louis & San
Francisco R R ., Foley to Ew ing, O kla., 12.74 m ile s _______________ 737.95
Marquez, M ex., to Tobalaopa____________________________________________ 86.77
Mlnaca to Sanchez, M ex. (74.28 m .); El Fuerte to Topolobam po,
62.23 m iles).................. ................ .............................................................................136.51
M ochls, M ex ., to Mochls Junction, M ex_________________________________
2 .9 2
O R G A N I Z A T I O N .— In April 1917 W . T . Kem per of Kansas C ity was
appointed receiver. V . 104. p . 1591; V . 103, p . 1508, 1301; V . 9 9 . p . 119;
V . 98, p . 1920. S. W . Rider is receiver for the lines in M exico.
Government loan, V . I l l , p . 1566; V . 113, p. 2504. T o build in M exico,
V . I l l , p. 1852.
The receivers on Sept. 29 1920 filed application with the I .-S . O . C om m ,
for authority to issue a receiver’s certificate to the amount o f $ 2 ,5 0 0 ,0 0 0 ,
bearing interest at 6 % and maturing D ec. 1 1921, to pledge and hypothecate
It as collateral security for a loan o f like am ount from the Governm ent.
Sale o f R oad.— The road was sold at public auction at W ichita, Kansas,
on M ar. 27 1924 to Clifford Histed, General Counsel for the road, for
$ 3 ,0 0 0 ,0 0 0 . Com pare V . 118, p . 1520. The sale was approved on M a r . 24
1925 by Federal Judge John C . Pollock.
R eorganization P la n .— A plan o f reorganization for the road was filed
Feb. 7 1925 in Topeka at the office of the Clerk o f the Federal C ourt.
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
Governm ent. The extension would run from D ec. 1 1921 and ending in
1936. The new money which the road would acquire, according to the plan,
would be $ 2 ,2 5 0 ,0 0 0 ; $1 ,0 0 0 ,0 0 0 to be advanced by the Governm ent as an
equipment loan and the balance to be advanced by M r . H isted.
The Government would take prior lien on the Orient properties under
the 15-years extension on the $ 2 ,500,000 loan now due the Governm ent
and under the proposed $1,00 0 ,0 0 0 advance in the reorganization plan.
I t was proposed that the new operating company for the Orient be
organized with a capital o f $7,5 0 0 ,0 0 0 . [The new com pany was chartered
in Kansas on or about April 1 1925]. In return for the advance o f $ 1 ,2 5 0,000 , 35,000 shares o f stock valued at $ 3 ,5 0 0 ,0 0 0 is to be delivered
to M r . H isted.
The remainder o f the $ 4 ,0 0 0 ,0 0 0 in Com m on 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:

72

[V ol. 123.

RAILW AY STOCKS AND BONDS

R A IL R O A D C O M P A N IE S
[F or abbreviation s, & c ., see note on p a ge 8]

M ile s
Road

K a n sa s C ity S h revep & G u l f T erm — 1st M red 10 5 -z
K a n s a s C ity S o u t h e r n — Com m on stock $ 3 0 ,000 ,000
Preferred stock 4 % non-cum $ 2 1 ,0 0 0 .0 0 0 --------------First mortgage $ 3 0 ,0 0 0 ,0 0 0 gold_________ B axe& r
R ef A lm pt M $ 2 1 ,0 0 0 ,0 0 0 gold red 105.. _xc*A r.N
P t Arthur C anal A D ock 1st M Ser “ A ” gu p&i c*& r*
do
do
1st M Ser “ B ” gu p & i
Texarkana A Fort Smith R y 1st m tge Series “ A ”
guar prin A int redeemable 107 K __________xxxc*&r
Equip noses due $ 6 3 ,6 0 0 y e a r ly ___________________G
do
Series E due $ 108 ,00 0 ann_______ xxxc*
K a n s a s C it y T e rm R y— Stock auth $ 5 0 ,0 0 0 ,0 0 0 ____
1st M red as a whole on or aft Jan 1930 at 105 A i n t .x
K a n sas O k la h o m a & G u l f R v— G o v t lien notes____ 314.42
1st M gold bonds red 102 $ 4 ,0 0 0 ,0 0 0 a u th . G P .xxxc*
M ortgage bonds Series A ____________________________
314*45
Incom e bonds Series B _____________________________
do
do
Series C _____________________________
Equipm ent trust notes_______________________________
Equipm ent trust certifs Series A ___________________

D a te
Bonds

Par
Value

I Am ount
O uts and ing

500
100
100
1900 1.000 Ac
1909 1.000 Ac
500 Ac
1923
1923
1897

1925
1920
1923
1910
1920
1926
1919
1919
1919
1919
1923

500 &c
‘ T .o o o
1.000& C
1,000
100 Ac
100 &c
100 Ac

2 0% in cash to accompany the subscription, 2 5 % on or before Sept. 1 1925,
2 5 % on or before D ec. 1 1925. The remaining 30% on or before M arch 1
1926. Com pare also V . 120, p . 2142 .
C a pital Stock.— In addition to the $ 2 0 ,0 0 0 ,0 0 0 capital stock outstanding
there is also outstanding $ 1 ,0 0 0 ,0 0 0 stock o f K ansas C ity M e x . & Orient
B y . C o . o f Texas.
N o te s , & c .— The $ 5 ,6 4 0 ,2 0 0 2-year gold notes are secured b y deposit of
$ 3 1 ,0 0 0 ,0 0 0 adjustment gold 5s, due July 1 1964. Funded debt o f Kansas
C ity M ex . A Orient R y . C o. o f Texas. $9,1 1 6 ,6 3 3 .
C om m ittee fo r F irst M . 4s (old C o .)— Lord M onson (C hairm an); C olum bia

T rust C o ., N . Y ., and G lyn, M ills, Currie & C o ., L ondon , depositaries
O f the $21,409,000 in the hands o f the p ublic, $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.
N o te Com m ittee — Chairman J. N . W allace and H . B ronner, N . Y . C ity;
Jozach Z . M iller, Kansas C ity ; H enry Sanderson, o f O . D . Barney A C o
o f N . Y .; W illiam J. G ray, D etroit; Herbert P. Hall. P . W . G oebel. W . S
M cLucas and C lifford Histed o f Kansas C ity , and O . M . Sigler, 54 Wall St.
N . Y . C ity , Sec’y . Central Trust C o .. N . Y ., and C om m erce Trust C o ..
Kansas C ity , M o ., depositaries. V . 102, p . 1436, 1896, 2166.

R ate
%

F

150.000
2 9 .9 5 9 ,9 0 0

21 , 000.001

3 0 .0 0 0 . 000
21 000.000
2 ,0 0 0 .0 0 0
500.000

10. 000.
572,400
1.296.000
2 .2 0 0 .0 0 0
5 0 ,0 0 0 .0 0 0
1 .410.000
1 .750.000
2 ,8 3 1 ,0 9 5
281,920
5 ,7 5 3 ,7 5 0
37 1 .5 1 7
22,5 3 0

W hen
Payable

4
3
5
6
6

g
g
g
g

&

A
J
F
F

Q -J
&
&
&
&

A Aug 1 1927
O
J
A
A

000 5 M g F

& A
J & J15
6
S
5H g M &

4 g
6

Treas O ff, K an C ity , M o

S

&

J Jan 1
M arl
Jan 1
Jan 1
Jan 1
Jan 1

A

A

O

6

Operating E x p en ses—
1925.
M ain t. o f way A struc__ $2,84 3 ,1 0 0
M aint. o f equipm ent___
3,4 7 3 ,5 6 7
T r a f fi c ___ _ _____________
634,671
Transportation____ _ .
6 ,607,757
Miscellaneous operations
18,067
General _
___ .
1,040,909
Transporta, for i n v e s t .. Cr.32,267

1960
1925
1976
1937
1949
1949

N Y , Boston A Chicago
St Louis M o
G iraid Trust C o , Phila
St Louis, M o
do
do
do

1924.
$2,97 2 ,7 5 5
3,8 5 8 ,4 9 4
577,128
6,7 9 4 ,3 2 5
34,113
1,037,122
C r. 17,410

$4,481,381
99,913
165,754
880
9,383
28,1 9 0

E A R N I N G S .— For 1925, gross, $5,6 0 0 ,3 0 8 ; net oper. incom e, $532 ,60 8;
other income, $ 2 49 ,31 6; int. and rentals, $1,140 ,7 2 8 ; b a l., d e f., $ 3 58 ,80 5.
For latest earnings see “ Railway Earnings Section” (issued m onth ly).
O F F IC E R S .— Pres., W m . T . Kem per; V .-P . A G en. Counsel, Clifford
Histed; Sec., W . S. M cL ucas; T reas., R . O . K em per.— (V . 122, p . 2 795 .)

T otal non-op. incom e.
$553,683
Gross incom e____________ $ 5 ,772,753

K A N S A S C I T Y S H R E V E P O R T & G U L F T E R M IN A L C O .— Owns
union depot at Shreveport, L a ., including 1.58 miles o f yard and terminal
track. Stock, $ 1 50 ,00 0, all owned by Kansas C ity Southern R y . Bonds,
Pioneer Trust C o ., K ansas C ity , trustee. O ffice, K ansas C ity , M o .

D ed uctions—
H ir e o ffr ’tcars, d e b .b a l.
Rent for equipm ent____
Joint facility r e n t s .. . .
Rent for leased roads___
Miscellaneous rents____
M isc. tax accruals __ _
In t. on funded d e b t ___
In t. on unfunded d e b t ..
M isc. income charges___

O R G A N I Z A T I O N .— A reorganization o f K an . C . P itts. & G ulf R R ., fore­
closed in 1900 per plan in Y . 69, p. 1012, 1062. V . 73, p. 1356; V . 74, p . 94;
V . 8 0 , 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.
Applications were fiied July 24 1926 with the I .-S . C . Commission b y the
Kansas C ity Southern R y . and the M issouri-Kansas-Texas R y . which, if
granted, would permit unified operation of those systems and the St. Louis
Southwestern R y. The total mileage o f the proposed unification, known
as the Loree merger, would be 5 ,8 0 1 .4 2 , and the capitalization of the three
carriers was put at $ 5 0 5 ,79 7,17 0.
Under the terms of the applications, the Kansas C ity Southern would
obtain m ajority holdings of M issouri-Kansas-Texas stock and the latter
Would purchase enough stock o f the St. Louis Southwestern from the
K ansas C ity Southern to give the M . K . T . a majority control of that
carrier. Stock purchases still to be m ade would be as close to value in the
open market as possible. The three roads would retain their corporate
entities, but unified operation would be possible, which the applicants con­
tend would serve the public interest and result in immediate operating
economies o f at least $250 ,00 0 a year.
The Kansas C ity Southern, in its application, says that it already has
acquired 350,000 shares o f the com m on stock of the M issouri-Kansas-Texas,
for which it has paid $ 1 1 ,4 7 9 ,5 6 1 , an average of $32 80 a share. Com pare
V . 123, p . 451.
S E C U R IT I E S .— As to the $ 2 1 ,0 0 0 ,0 0 0 “ ref. & im pt. bonds of 1909”
see V . 88, p. 1128, 1253, 1437; V . 8 9 , p. 104; V . 90, p. 167; V . 92, p. 322,
3 9 5 , 461, 795; Y . 95, p. 1472, V . 100, p. 1832; V . 101, p. 2144; V . 119, p.
2643. Decision on Kansas C ity Suburban Belt R y . notes, V . 97, p . 1663;
V . 98, p. 1459. Guaranty of $ 2 ,0 0 0 ,0 0 0 1st m tge. 6 % gold bonds, Series A
and $500,000 Series B of Port Arthur Canal & Dock C o ., V . 117, p. 1245:
V . 120, p. 827. Guaranty o f $1 0 ,0 0 0 ,0 0 0 1st m tge. 5 K % gold bonds,
Series A , o f Texarkana A Fort Sm ith R y . V . 122, p . 1452.
D I V I D E N D S — First div. on pref. stock, 4 % . pa U July 1 1907 out of
earns, for 1906-07; O c t., 1 % ; 1908 to O ct 15 1926, 4 % p. a. (Q .-J .).
Equipm ent trusts issued to Director-General for rolling stock allocated
to this com pany. See article on page 3.
R E P O R T .— For 1925, in V . 122, p. 2485 and 3471, showed:
[Kansas C ity Southern R y ., Texarkana A Fort Smith R y.]
O perating R evenues—
1925.
1924.
1923.
1922.
Freight___________
.$ 1 7 ,4 3 9 ,5 7 2 $16,9 2 7 ,6 8 5 $18,086 ,262 $ 1 6 ,336 ,125
Passenger_________
1,749,399
2 ,0 5 4 ,8 1 9
2 ,4 2 2 ,7 7 6
2 ,2 0 1 ,6 2 4
M ail, express, A c _______
1,684,725
1 ,602,246
1,6 3 2 ,0 5 0
1,447,440
Incidental & joint facility
2 91,459
4 3 9,262
344,011
375,991
Gross revenues.




.$ 2 1,165,155 $ 2 1 ,024 ,012 $22,485 ,099 $ 2 0 ,361 ,180

1923.
$3,547,641
4 ,2 7 4 ,8 6 4
533,644
7 ,4 0 1 ,6 4 5
17,655
954,668
Cr .21,3 06

1922.
$ 2 ,5 6 2 ,3 4 6
4 ,1 0 0 ,8 7 2
502,350
7 ,0 2 3 ,0 9 9
5,121
902,220
C r. 12,548

T otal operating exps. .$ 1 4 ,5 8 5 ,8 0 4 $15,2 5 6 ,5 2 9 $16,708,811 $ 1 5 ,0 8 3 ,4 6 0
N et r e v e n u e . . __________ $6,57 9 ,3 5 2 $.5,767,484 $.5,776,287 $5 ,2 7 7 ,7 2 0
Taxes . . . .
______
1 ,315,676
1,435.907
1,350,568
1,280,811
10,310
5,524
Uncollectible re v e n u es..
5,292
9,713
Operating incom e____ $ 5 ,219,070
R ent from equipment . .
8 9,259
Joint facility rent income
172,996
Inc. from lease o f r o a d ..
935
M iscell. rent in c o m e .. .
9,785
M isc. non-op. phys. prop
2 2,688
168,750
Inc. from funded s e c u r ..
11,388
Inc. from unfund. seem1
.
and accounts . ______
77,535
Miscellaneous incom e___
347

K A N S A S C I T Y S O U T H E R N R Y . C O . (T H E ).— (See d a p .) Operates
a line extending from Kansas C ity . M o ., to Port Arthur, T e xas., thence
b y its ship canal, 7 miles, to deep water on G u lf of M exico, with branches
and extensive terminals used by various roads entering K ansas C ity .
M a i n L in e Owned o r C ontr'd. M ile s I L in e s Ownea—
M ile s .
Kansas City, M o., to b e u J u n e .. 121 Branches to Fort Sm ith, De
Grand View, M o ., to Port A rQuincy, L a ., etc----------------------- 70
thur, T exas_____________________ 7 6 5 1Trackage— To Gr. View . M o ., etc. 18
M iles o f 2d track. 20; yard , terminal and side tracks, 4 98; total track
mileage in system , 1,383.
The I .-S . C . Commission on F eb. 25 1926 approved the acquisition by the
com pany o f control, by lease, o f part o f the railroad o f the Texarkana &
Fort Sm ith R y . V . 122, p . 1306.
T h e com pany owns a substantial interest in the St. Louis Southwestern
R y . C o ., acquired from the C hic. R . I . & Pac. R y . C o . in October 1925.
V . 121, p . 1905, 2035.
A lso owns entire $650,000 each of stock and bonds of Arkansas Wester®
R y ., Waldron to Heavener, A r k ., 32 miles, operated separately; also con­
trols K . C. Shreve. A Gulf Terminal Co. V . 83. p. 38. 492.

P laces W h er In terest and
D ivid en d s A r t Payabl

O ct 15 1926 1 % Checks mailed
N ew Y o rk Trust C o , N Y
Apr 1 1950
Apr 1 1950
do
do
Ladenburg, Thalm annA
Feb. 1 1953
Co and N a t C ity B k , N Y
Feb 1 1953
Ladenburg, Thalm annA
A u g 1 1950
Co and N a t C 'y B k , N Y
T o Jan 15 1935 Guaranty Trust C o . N Y
T o Sept 1 1938 N a t ’l C ity B ank, N Y

J

sg
6
6

L a st D ividend
and M a tu r ity

$3 ,9 5 6 ,5 2 0
97,259
145,171
1,252
8 ,4 2 9
4 2,377

960

$ 4 ,330,070
99,150
171,018
891,302
10,144
28,985
2,113
D r . 1,543

157,335
293

110,388
427

94.9 0 0
1,672

$462 ,71 0
$ 4 ,944,091

$ 1 ,3 1 2 ,1 7 4
$ 5 ,6 4 2 ,2 4 4

$ 391 ,71 4
$ 4 ,3 4 8 ,2 3 4

$568 ,71 2
107,863
3 11,324
161,578
611
2,8 3 2
2,0 6 2 ,8 3 2
421,368
22,333

$547 ,18 0
107,941
227,550
125,414
654
106
1,899,587
3 1,130
2 2,724

$673 ,29 3
112,152
2 77,692
3 0 ,6 3 7
983
119
1,8 5 6 ,5 2 7
C r .103,652
2 1,059

$4 6 5 ,2 7 4
80 ,7 9 7
2 5 4,294

1,8 6 4 ,3 0 8
7 9,027
20,596

Total deductions .
$ 3 ,659,454
N et income
. . . . .
$2,11 3 ,2 9 9
Preferred divs. ( 4 % ) ___
840,000

$2 ,9 6 2 ,2 8 7
$1,98 1 ,8 0 3
840,000

$2 ,8 6 8 ,8 1 0
$2 ,7 7 3 ,4 3 4
840,000

$ 2 ,761,703
$2,586,531
8 40,000

C r. 2,5 9 2

Incom e balance trans$746,531
ferred to prof. & loss $1,27 3 ,2 9 9 $1,14 1 ,8 0 3 $1 ,9 3 3 ,4 3 4
For latest earnings, see “ Railway Earnings Section” (issued m onth ly).

O F F IC E R S .— Chairman, L . F . Loree; Pres., J. A . Edson; V .-P . In charge
o ft r a ffic , J. F . H olden; V .-P . & A sst, to P res., A . M . Calhoun; V .-P . & G en.
M gr., C . E . Johnston; V .-P . & S ec., G . O. Hand; T reas., I. O . M cG ee;
C om p. & Asst. Sec., L . J. Hensley. N ew Y ork o ffice , 25 Broad St. General
offices, Kansas C ity , M o .— (V. 123, p. 840.)
K A N SA S C I T Y T E R M IN A L R Y .— Owns 27 miles o f road, with passen­
ger depot and freight and passenger terminals at Kansas C ity , M o . C o n ­
trolled by 12 proprietary co s ., v iz .: C hic. R . I. A P a c.. A tchison T op eka
k Santa Fe, Chic. Mllw. & St. Paul. Ohio. & A lton, St. Louls-San F ran.,
Union Pacific, W abash, Chic. Burl. & Q uincy, M o. P a c., M lssourl-R an.Fex.. Kan. City Southern and Chic. Gt W estern, which will pay eoually
any excess o f fixed charges. V . 89, p. 1671. Has 150 miles now built o f
main andi ndustrial railroad tracks, 6 local freight sub-stations, passenger,
freight and switching yards. A c ., and union passenger station . V . 107.
p.2 0 08 ; V. 90. p .6 2 7 . 630; V . 91. p 1386; V 98 p 1244; V 99. p . 1130.
On Feb 16 1919 put in operation double-decked viaduct over Kaw
Valley bottom s to connect with (1) Union Pac. and C h. R . I. & P . R y s.
(2) M o . Pac. and O h. G rt. W est. V . 103. p. 1980; V. 106, p . 1126.
B O N D S .— 1st 4s ($ 5 0 ,0 0 0 ,0 0 0 auth. and outstanding), V . 9 0 , p . 627
V . 91, p. 1386; V . 92, p. 395; V . 93, p. 164; V . 96, p. 135, 202; V . 9 8 , p.
1244. 1316; V 100. p. 7 33; V . 106, p . 296; V . 107, p. 2008.
The 10-year 6 1 4 % secured gold notes o f 1921 were redeemed on Jan. 1
1926 at 102.
The 3-year 5 )4 % secured gold notes of 1923 were redeemed on N o v . 15
1925 at 101 and interest.

Equipm ent trusts Issued to D irector-G eneral for rolling stock allocated

to this company ($83,500 in April 1926). These have been called for pay­
ment July 15 1926. See article on page 3 and V . 113, p . 1471; V . 114, p . 854.
— V . 122, p . 2795.)

K A N SA S O K L A H O M A & G U L F R Y .— This com p any was organized
as the “ new com p any” provided for in the plan o f adjustm ent o f the M is­
souri Oklahoma & G u lf R R . System , dated D ec. 31 1918 (V . 108, p. 1936).
The plan was approved bv the D irector-G eneral o f Railroads during the
period of Federal con trol. In accordance with the plan the com pany
acquired the properties that were subject to the receivership and was au­
thorized by the I.-S . O . Com m ission to issue bonds, capital stock and equip­
ment trust notes as below, for the purpose o f further execution o f the plan.
The Missouri Okla. A G u lf R y. owned and operated 203.31 miles o f main
track and 41.3 miles o f sidings, extending from W agoner to R ed R iver,
M uskogee and H enryetta; Dew ar to end o f track, 9 m .; Junction to Borm ide, 4 m .; Missouri Oklahom a A G u lf RR. (V 96, p. 1022), W agoner Okla.,
to Baxter, K an., 98.2 miles. M o . Ok. A G u lf R y . o f Texas owned and
operated 9.1 miles R ed River to Denison.
Th e com pany was authorized to issue, as o f M arch 1 1920 the following
securities: $ 2 ,994,750 series A 6 % bonds, due Jan. 1 1937, $285,478 6 %
series B income bonds; $6 ,1 2 0 ,5 0 0 6 % series C bonds, due Jan. 1 1949;
$ 9 ,120,500 pref. stock; $729 ,64 0 com m on stock; $743,034 equipments
trusts. The bonds are to be subject and inferior to the Governm ent’s lien
mortgage dated M arch 1 1920, under which $ 1 ,4 1 0 ,0 0 0 G o v t, lien notes
have been issued.

C om pare V . 112, p . 469.

Nov., 1926.]




BAILW AY STOCKS AND BONDS

73

74

RAILW AY STOCKS AND BONDS

R A IL R O A D C O M P A N IE S
[For abbreviation s, & c ., see n otes on page 8]

K en & In d T e rm R R — 1st M guar (see te x t).G .x c * & r

M i l e s D a te
Road Bonds

Par
Value

1911

K e o k u k & H am B o n d h o ld e r s C o— Stock__,__________
Secured notes callable any int date_________________
1915
La C ro sse & S E R y— 1st M $ 1 ,0 0 0 ,0 0 0 g red 105___ z
1904
L a ck aw R R o f N J— Stk auth $ 1 2 ,0 0 0 ,0 0 0 gu 4 % div
L E F ran k & C la r io n R R — 1st M g call 1918 1 0 5 - FP
1913
L a k e Erie & D e t r o it R iver— See Pere M arquette R R .
L a ke Erie & P it t s b u r g — Stock rental guaranty_____
First m tge $ 1 5 ,0 0 0 ,0 0 0 g gu ar____________ Q .xc*& r*
28 1915
L a k e S h o re & M ich ig a n S o u t h e r n — See N ew York Centr al R R
L a k e S u p & Ish p —
M unsing M arquette & Southeastern— 1st M g
xx
162 1903
L e a v en w o rth T e r m in a l R y & B rid ge— 1st m tge gold
due $ 4 0 ,0 0 0 yearly_____________________________________
2 .70 1923

384,800
3 00.000
10,750,000
1,000
9 70.000
100
1 ,0 0 0 & c

4 .3 0 0 .0 0 0
3 .5 4 0 .0 0 0

1,000

1. 000,000

1,000

280,000

G overnm ent to C ancel L ie n N o tes Totaling $ 1 ,410,000 and A c c e p t C om pany
N o te s .— It is further proposed that the Government cancel its Government
lien notes totaling $ 1 ,4 1 0 ,0 0 0 , the interest thereon to be paid, and accept
in lieu thereof new 6 % 6-year notes of the company in the same principal
amount and secured b y the deposit as collateral of $2,00 1 ,0 0 0 new 6 % first
m ortgage bonds.
Bonds Sold.-— -In June and July 1926 $ 1 ,7 5 0 ,0 0 0 first m tge. 6 % gold bonds
were sold. Bonds will be part of 6 % series 1976 (presently authorized
$ 4 ,000,000) and will be secured by a direct first mortgage on the system in
Oklahoma and b y pledge of all the stocks and bonds of K ansas Oklahoma &
G u lf R y . C o. of Texas and the M issouri Oklahoma & G ulf R y . C o . (Kansas)
subsidiaries owning the portions o f the system in said States respectively.
O f the remainder 6 % series 1976 bonds, $ 2 ,001,000 will be held as security
for a note o f $ 1 ,410,000 to the U . S. Governm ent, due in 1932, and $249 ,00 0
are reserved for future additions, betterments and improvements. V . 123,
p . 576.
E q uip m ent Trust C ertificates.— Th e committee will endeavor to secure an
extension o f the equip, trust obligations totaling approximately $370,000.
T h e holders o f a m ajority o f the present preferred stock, if this plan be
m ade operative, have agreed to purchase at par $1,999,000 o f the proposed
new 1st m tge. bonds.
E x c h a n g e o f O ld f o r N e w S e c u r itie s .
O u ts t a n d in g . ------------------------------- W i l l R e c e i v e 6 % N o te s . 6 % P r e f .A . 6 % P r e f.B . 6 %

G o v e r n m e n t lie n n o t e s _ -S l,4 1 0 ,0 0 0 S I ,4 1 0 ,0 0 0
E a c h $ 1 ,0 0 0 ___________
1,000
M t g e . b o n d s series A ____ 2 ,7 8 5 ,4 7 8
2 7 ,8 54 shs.
10 shs.
E a ch $ 1 ,0 0 0 ___________
I n c o m e b o n d s series B
2 8 1 ,9 2 0
_______
E a c h $ 1 ,0 0 0 ___________
I n c o m e b o n d s series C
5 ,6 6 5 ,1 0 0
_______
E a c h $ 1 ,0 0 0 ___________
a G e n .c r e d lt o r s (p r lo r A )e a c h $ l,0 0 0 10 shs.
a O th er g e n . c r e d ito rs ea ch $ 1 ,0 0 0 -.
_______
a U n secu red c r e d ito rs t o ta l a b o u t $ 1 0 0 ,0 0 0 .

P r e f .C .

.............
2 ,8 1 9 sh s.
10 shs.
_______ 5 6,651 shs.
10 shs.
10 shs

E A R N I N G S .— For cal. year 1925, gross, $2,5 1 8 ,4 7 8 ; net oper. income.
$ 1 51 ,78 7; other incom e, $ 31,898 ; in t., rentals, & c., $426 ,52 6; b a l., def.,
$ 2 42 ,84 2. For latest earnings, see “ R ailway Earnings Section” (issued
m on th ly ).— (V . 123, p. 576.)

K E N T U C K Y & IN D IA N A T E R M IN A L R R . C O .— Owns 2-track steel
bridge over Ohio R iver at Louisville and 16.44 miles m ain track and

54.3 3 miles yard tracks and sidings in and abou t Louisville. Sou. R y ., Baltlmore & Ohio and C hic. In d . & Loulsv. own the $75,000 capital stock, and
under new lease from Jan. 3 1911, p ay m onthly, in proportion to cart
bandied, any deficit in operations, rentals, taxes and int. Bonds, £2,000.000 auth. issue, o f which £1,446,961 guar, by the three proprietary cos.
were issued to retire the $ 2 ,1 3 6 ,6 0 0 old bonds and for new construction- re­
mainder reserved for future purposes. O f the outstanding am ount, $467.000 are payable in U . S. gold coin. O f the sterling bonds, 9,585 bonds are
endorsed, payable in N ew Y o rk in U . S. gold coin at the fixed rate o f $10.95
per coupon, leaving a balance o f 3 ,9 2 5 bonds payable in pounds sterling.
V . 92, p . 187; V . 91, p . 589, 214, 38; V . 92, p . 2 0 1 ,1 0 3 2 ; 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; T reas., H . D . Ormsby;
Sec. & A u d ., E . K . S c o t t — (V . 123, p . 2256.)
K E O K U K & H A M IL T O N B O N D H O L D E R S ’ C O .
Incorporated in M a y 1914 to acquire (per plan V . 99, p . 1920) the bonds
of the Keokuk & H am ilton Bridge C o ., which owns bridge across Mississippi
River at Keokuk, l a ., used b y Toledo Peoria & Western and W abash R R s .
and foot passengers, and assist it in rebuilding the bridge.
The $ 1 ,000,000 30-year convertible non-cum . income debentures, to bear
interest at not to exceed 2 } 4 % per annum , were exchanged $ for $ for the
Bridge C o. bonds. These debentures have since been exchanged for an
issue of stock for like am ou nt.
Supreme Court Justice Francis Delehanty on April 7|1925 signed a writ
o f attachment for $ 2 ,794,494 in a suit brought by the N ew York Trust C o.
as trustee under a collateral trust indenture o f the Keokuk & H am ilton Bond
Holders’ C o ., In c., against the Bridge C o . to recover the am ount sued for,
alleged to be due for interest and principal of $1 ,0 0 0 ,0 0 0 bonds o f the
Bridge C o . Y . 120, p . 1878.
Th e directors o f the K eokuk & Ham ilton Bridge C o . in M arch 1926
authorized the paym ent to the Keokuk & H am ilton Bondholders' C o ., of




R ate
%

£1,351,000
$467 ,00 0

$ 1, 000,000

R eceiversh ip .— H . W . Gibson and H . L . Traber o f M uskogee, O k la ., were
appointed receivers on June 6 1924. V . 118, p . 2949. H . L . Trober re­
leased as co-receiver A ug. 1 1925.
The M uskogee com pany has been incorporated under laws of Delaware
as a holding com pany to own a controlling interest in the securities of the
K ansas Oklahoma & G ulf R y ., upon its reorganization and foreclosure.
V . 121, p . 1225.
R eadju stm ent P lan (Y . 122, p. 7 4 4 ).— A plan for the readjustment of
securities o f the com pany has been prepared b y the following com m ittee:
Charles E . Ingersoll, Chairman, Philadelphia; H . H . Ogden, (First National
Bank) M uskogee, O kla.; A . A . Jackson (Girard Trust C o .) , Philadelphia,
P a ., and F . J. Lism an (F . J. Lism an & C o .) , N ew Y o rk , Owners o f series
A , B and C bonds and general creditors were requested to deposit the bonds
and assignments of their claims with First National B ank, M iskogee, O kla.,
or Girard Trust C o ., Philadepha, ‘depositaries.
To Create N ew Bonds P rior to E xistin g Bonds— E xchange o f E xistin g Bonds
f o r P r e f. Stock.— The plan formulated proposes that the com pany issue a
new 6 % first m ortgage and that the present series A , B and C bonds be
exchanged, par for par, for 6 % preferred stock of three series, A , B and C ,
series A to be cumulative from Jan. 1 1926, series B and C to be non-cumulative, each series to be issued in the same amounts as are the principal
amounts o f the present A , B and C bonds, and otherwise to have the same
relative priorities with respect to earnings and distribution o f assets in
liquidation as have been A , B and C bonds.

L i s t i n g S e c u r iti e s .

Am oun t
O utstanding

W h en
Payable

J
6
5 g
4
5 g

&

A
A

[V ol. 123.
L a st D ivid en d
and M a tu rity

J Jan 1 1961

& O
& O
Q— J
J
& D

1945
O ct 1 1944
Jan 1 1927 1 %
D ec 1 1953

T ext
5
See text
&
J July 1 1965
414 g J
5

J

5 >4 g M

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

J P M & C o , N Y ; & Lon
See text
L a Crosse, W is
D el Lack & W estern R R
U S M tg e & Tr C o , N Y
Treasurer’s office. N

Y

Union Trust C o , Cleve

&

D Ju n el 1933

&

N T o M a y 1 1933 kl P M organ & C o , N Y

a sum sufficient to pa y up the past due coupons on the 6 % secured notes
o f the Bondholders’ C o. Holders were requested to enter for collection
coupons N o s . 18, 19, 2 0 , 21 and 22, which were paid with accrued interest.
This took care o f coupons due O ct. 1 1923, April and O ct. 1 1924, and
April and O ct. 1 1925.
D I V I D E N D S .— July 1918 paid 2 .2 5 % ; July 1919. 1 .2 5 % ; July 192 ,
2 .2 0 % ; July 1921, 1 .2 0 % ; July 1922, 1 .2 0 % ; none since.
E A R N I N G S o f Keokuk & Ham ilton Bridge C o . year ending D ec. 31 1925,
gross, $110 ,96 9; net after taxes, $38,0 4 0 ; interest (accrued), $ 8 0,000 ; net
(deficit), $41,9 6 0 . T reas., Theodore G ilm an J r., 55 W illiam S t ., N . Y .
— (V . 122, p . 1915.)
LA C R O S S E A N D S O U T H E A S T E R N R Y . C O .— Owns La Crosse and
Southeastern Jet. to Viroqua, W is ., 40.81 miles; trackage L a Crosse and
S. E . Jet. to La Crosse, 1.8 miles; total, 4 2 .6 1 m iles. Stock authorized,
$1 ,0 0 0 ,0 0 0 ; outstanding, $ 9 55 ,00 0; par, $ 1 0 0 . Bonds, $ 1 ,0 0 0 ,0 0 0 a u th .;
outstanding, $ 3 00 ,00 0- W isconsin Trust C o . o f M ilw aukee, trustee.
Year ending D ec. 31 1925, gross, $102 ,95 4; net, $ 8,140; in t., taxes, rentals.
M in n .; 1st V .- P ., A . S. Cargill, M inneapolis, M in n .; Secretary, Cargill
M acM illa n , M inneapolis, M in n .; 2d V .-P . & G en. M g r ., P . Valier, La Crosse
W is .; T reas., John H . M acM illa n Jr., M inneapolis, M in n .; A u d ., R . J.
Semsch, La Crosse, W is . O ffice, 300 M a in S t., La Crosse, W is .— (V . 8 0 ,
p. 222.)
L A C K A W A N N A R R . O F N E W J E R S E Y .— Owns from H opatcong
N . J ., to a point near Portland, P a ., 27.4 4 m iles, opened D e c . 1911 . D . L
& W . leases the road for a guaranty o f 4 % on the stock. V . 9 3 , p . 1324
1786; V . 92. p . 656; V . 9 0 , p . 557; V . 88, p . 558; V . 8 6 , p . 5 43. Stock o u t ­
standing, $ 1 0,750 ,000 , was distributed in D ec. 1911 as a dividend to the
D . L . & W . stockholders.— (V . 106, p . 601.)
L A K E ERkE & E A S T E R N R R .— Penn Crossing, Ohio, to Girard Jet.,
Ohio, switching facilities, 8.31 miles m ain track, 8 .2 8 miles second main
track.
Stock (V . 106, p. 2 0 1 1 ), authorized, $ 8 ,0 0 0 ,0 0 0 ; outstanding,
$ 6 ,9 0 3 ,0 0 0 . The Pittsburgh & Lake Erie R R . C o . and the M ahoning Coal
R R . C o . each owns 5 0 % o f the stock outstanding. A n initial dividend of
2 % was paid July 1 1926.— (V . 122, p . 3 335 .)

L A K E E RIE F R A N K L IN Sc C L A R IO N R R .— Owns Sum merville to
Clarion, P a .. 15 miles; branch, Strattonville to M ill Creek, P a ., 3.10 m .;
other branches, 8 M m .; trackage, Sutton to Franklin, P a ., 47.9 m .; total,
74.75 miles. Capital stock $1,000,000, par $50. 1st M . bonds auth. $1.»
000,0 0 0 . Callable at 105 and interest. Governm ent loan. V . 112, p . 2414 .
For calendar year 1923, gross, $323 ,2 0 8 ; net, $46,7 2 1 ; other Income,
$36,520 ; fixed charges. $69,361; b a l., su r., $ 1 3,880 . Pi;es., G en. Charles
M iller, Franklin, P a .; V .-P re s ., T . J. O dell, N . Y . ; T reas., H . H . H ughes.
— (V . 123, p. 2256 .)

L A K E E R IE & P IT T S B U R G R Y .— Owns 27.76 miles between M a rcy
at a connection with Cleveland Short Line R y . (now N . Y . Central R R .)
and B rady Lake Jet. on Penna. R R .: was opened O ct. 15 1911. V . 98,
p. 1241. Jointly owned by N . Y . Central R R . and Pennsylvania C o .,
which have trackage rights over the roa d , rental providing for interest and
5 % on s to c k . Stock a u th .. $6,000.000, as increased in M a y 1911; outstand­
ing, $4,300,000, o f which the Pennsylvania C om pany and N . Y . Central
R R . each own about $ 2 ,1 5 0 ,0 0 0 . In June 1918 $ 3 ,5 4 0 ,0 0 0 4 K % bonds
were issued.

V . 101, p . 694; V . 103, p . 320.-— (V . 115, p . 4 3 6 .)

L A K E S U P E R IO R & ISH P E M IN G R R .— The new com pany was
lncorp. A ug. 17 1923 for the purpose o f consolidating and operating as one
railroad the properties of the Lake Superior & Ishpeming R y . and the
M unising, M arquette & Southeastern R y , both M ichigan corporations,
operating a continuous line of railroad between Ishpeming in M arquette
C ounty, and M unising, in Alger C ounty, with connections at M arqu ette.
Its authorized capital stock is $1 ,5 0 0 ,0 0 0 (par $100). The agreement of
consolidation approved by the stockholders O ct. 30 1923 provides that the
constituent companies are thereby consolidated into one corporation, which
shall possess all the powers, rights and franchises held by those companies,
or either of them , and transact all business theretofore carried on b y said
companies, or either of them , in the same manner and to the sam e extent
In all respects as they, or either o f them , might have done prior to the
execution of the agreement.
The I . - 8 . O. Commission on Jan. 22 1924 authorized the com p any to issue
15,000 shares o f capital stock (par $100) and to exchange 10,000 shares for
a like number o f shares of $100 par of the Lake Superior & Ishpeming
R y ., and to exchange 4 ,2 8 0 shares for 18,700 shares of $100 par each o f
the Munising M arquette & Southeastern R y . (V . 117, p . 2 7 7 0 ), the 720
remaining shares to be held by the co. until further order o f the Commission.
T h e l .- S . C . Commission has placed a final valuation o f $ 4 ,8 3 1 ,3 5 0 on the
owned and used properties o f the com pany as o f June 30 1916.
Year ended D ec. 31 1925: Gross, $ 2 ,2 5 2 ,5 3 2 ; net oper. in c., $646,544
other in c., $65,015 ; int. and rentals, $ 1 00 ,68 5; divs., $28 5 ,6 0 0 ; balance
su r., $ 3 25 ,27 4.
For latest earnings see “ Railw ay Earnings Section” (issued m onthly).
Pres. W m . G . M ather, Cleveland, O .; G en. M g r ., H . R . Harris, M arquette,
M ich .— (V . 123, p. 2256-)
L A R A M IE , N O R T H P A R K & W E S T E R N R Y — (V .

118, p . 3 1 9 7 .)

LEAVENW ORTH T E R M IN A L R A IL W A Y & B R ID G E .— Owns high
way and railroad bridge (opened Jan. 1 1894), 1,112 ft. long, over Mlsaottr
River at Leavenworth, K a n ., and valuable terminal property in that ol"~'
In July 1910 the Chicago Great W estern acquired the entire stock. V .
p. 214, 397. Kansas C ity St. Joseph & C . B . (Chicago B . & Q.) and OIL,.
R . I . & P . use the bridge at an annual rental o f $ 16,000 each, under a 30-year
extension from M a r. 14 1922, b y exercise o f their option, o f a contract o f
M ar. 14 1894. Chicago Great W estern R R . also uses the bridge under a
20-year contract dating from Jan. 1 1923, at an annual rental o f $18,000.
Stock 6 0 ,0 0 0 . A new first m tge. o f $ 400 ,00 0 was made M a y 1 1923, and
bonds issued as o f that date.— V . 116, p . 2255-— (V i 118, p . 1910.)

M ile s
R oad

R A IL R O A D C O M P A N IE S
;F or a bbreviation s, A c . , see n otes on p a ge 6]

L e h ig h & H u d so n R iver— Stock $ 5 ,0 0 0 ,0 0 0 au th —
L e h ig h & N ew E n g la n d — Stock
----------First mortgage $ 1 ,0 0 0 ,0 0 0 gold
_ .
- FP.x
Gen m tge ser A g red 105-------------------------G u P .k c *
do ser B g red 105____________
— G u P .k c *
Equip tr ser C guar gold r e d l0 2 y2 $3 5 ,0 0 0 y ly G u P .x
do ser D due $ 4 0,000 yearly guar
- . .P e P .x c *
do ser E d u e $ 55,000 y ly (gu) (V 103. p 1 4 0 5 )PeP
L e h ig h V a liev— Com m on stock $ 8 0 ,0 0 0 ,000_
..G p
Preferred stock 1 0 % (V 79, p 151, 2 6 9 ) .
-G p
First mortgage extended in gold in 1898 _-G P .x c& r
Consol M originally $ 4 0 ,0 0 0 ,0 0 0 outstanding annuity $ 2 ,5 3 8 ,0 0 0 4J4s $ 1 0 ,0 6 2 ,0 0 0 6 s .
_ - .F P x
General consol m tg e l$ 1 5 0 ,0 0 0,000 goldG Pxc*& r
do
do
J
do
do
Bonds o f Controlled P rop erties—
Lehigh & N Y 1st M gold guar p & i -_ -M p .x c * & r
Lehigh Valiev R y 1st M g gu p & i (e n d )-G P .x c*& r
Lehigh & Lake E 1st M $ 3 ,0 0 0 ,0 0 0 g _U sm .xc*& r
Lehigh Val Term 1st M g guar p & i end .C e .x c * & r
Easton & N or 1st M g guar by Leh V a l_ -G P .x c * & r
M iddlesex Valley 1st m tge $600 ,00 0 gold— C e.zc*
Pa & N Y C an & R R — Cons gu (text) (end) .G P .x r
Cons real est 1st M $ 2 ,6 0 0 ,0 0 0 (V 8 3 , p 702) — Usm
L V Harbor Term R y 1st M g 5 % series guar p & i
red (text)____________
- ______________I:xxxc*&r*

D a te | P a r
Bonds
Value

R ate
%

264

1868

278
278
278
278

1873
1903
1903
1903

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

115
514
11
27
13
29
123
___

1895
1890
1907
1891
1895
1892
1888
1906

1,000
2 ,0 0 0 ,0 0 0
4 g
1,000 1 5 .000,000
4y2
1,000
3 ,0 0 0 ,0 0 0
4^
1,000
9 ,9 9 9 ,0 0 0
5 g
500 &c
50,000
446
1,000
190.000
5 g
1,000
8,5 0 0 ,0 0 0 4, 4 4 6 ,
1,000 in treasury
4

1924

500 &c

1895
1914
1914
1913
1914
1916

L E H IG H & H U D S O N R IV E R R Y . C O . (T H E ) .— Owns from M aybrook
on Central N ew England R y . to Belvidere, N . J ., on the Penn. K R „ 73.9
miles, and from Phillipsburg, N . J ., to Easton, P a ., .70 m .; trackage, Penn.
R B ., Belvidere to Phillipsburg, 13.3 m .; D . L . & W . trackage, Andover
Jet. to Port M orris, N . J ., 8 .7 m .; total op. 9 6.6 m .
The I .- S . C . Commission has placed a tentative v a lu a tio n o f $ 5 ,0 9 0 ,0 0 0
on the owned and used property o f the company as of June 30 1918.
S T O C K .— Th e stockholders voted Sept. 10 1920 to increase the author­
ized capital stock from $ 1 ,720,000 to $5 ,0 0 0 ,0 0 0 . Stockholders were given
the right to subscribe at par to $ 2 ,987,000 new stock to the extent o f 1 7 3 .7 %
of holdings. Proceeds were used to pay and discharge the principal of
the entire mortgage debt o f $ 2 ,5 8 7 ,0 0 0 , and to pay and discharge all the
debenture bonds of $400,000, the remainder o f such Increased capital of
$293,000 to be held in the treasury.
The stockholders prior to such increase were to have the option and right
to take and pay far at par a pro rata amount of such increased stock lit
proportion to the number o f shares o f stock held.
D I V I D E N D S .—
\ 1912. 1913. 1914. 1915.
1916.
1917.
1918-26
Per cent__________/
4
4
4
8 8&6 extra 12
See text
On Jan. 1 1918 paid a stock dividend of 2 8 .3 6 % . to represent surplus
expended on the property prior to April 1912. In D ec. 1918 a div. of 6 %
was declared and paid on Feb. 10 1919; June 1919 and D ec. 1919 paid 6 % ;
O ct. 1920 paid 6 % ; M a r. 1921 paid 6 % ; June 1921 paid 4 % and 6 % oh
new stock from date of issue to June 30: D ec. 1921, 4 % on increased cap­
italization; June 30 1922, 4 % : D ec. 29 1922, 4 % ; June 30 1923, 4 % ; D ec. 29
1923, 4 % and 2 % extra; April 15. June 30 and Sept. 30 1924, 2 % each;
D ec. 23 1924, 2 % and 2 % extra; M a r. 31 1925, 2 % ; June 30 1925, 2 % ;
D ec. 31 1925, 4 % ; June 20 1926, 2 % .
R E P O R T .— For 1925 showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
R ailw ay oper. revenues . $3,05 3 ,5 9 6 $ 3 ,146,657 $ 3 ,117,709 $2,41 2 ,7 6 0
R ailw ay oper. expenses. 2 ,237,097
2 ,240,096
2 ,193,039
1,947,728
Railw ay tax accruals___
155,504
155,608
165,917
163,331
Uncollectible r y . revs___
18
22
101
R ailw ay oper. incom e.
N on-operating incom e. _

$660,977
4 0,710

$740,543
39,938

$769,040
101,704

$301 ,70 0
4 6,939

Gross in c o m e ..
_ _
D ed u ct— Hire o f equip. _
Joint facility rents___
Interest due & accrued
Miscellaneous charges

$701,687
146,683
135,903
662
32

$780,480
150,322
140,350
2,6 0 2
32

$870,745
101,813
143,749
208
32

$348 ,64 0
95,414
112,534
143
1,907

N e t income
.. _
Previous surplus
Profit & loss adjustm ’t s .
Dividend appropriations

$418 ,40 6
2,2 4 1 ,6 8 3

$487,175
2,225,527
D r320
470,700

$624,942
2 ,073,445
D r2,1 59
470,700

$138,641
2,044,006
Cr267,357
376,560

4 70,700

A m ount
O utstanding

$100
50
1,000
1,000
1.00C
1,000
1,000
1,000
50
50
1,000

___
All
196
196

L E A V E N W O R T H & T O P E K A R Y .— Leaven worth to Topeka, 57
miles. Including 11 miles trackage at terminals. The railw ay was bid In at
foreclosure sale on M a y 10 1918 for $80,000 by residents along the line and
turned over to the present com pany, incorporated In Kansas on M a y 15
1918, with $100 ,00 0 stock in $10 shares.
The I .-S . C . Commission has placed a tentative valuation of $900,401
on the total owned and $ 900 ,00 0 on the total used properties of the company
as of June 30 1916.
T h e I .-S . O . Commission on Jan. 16 1925 authorized the com pany to
Issue not exceeding $64,000 1st m tge. 6 % bonds, $48,000 o f the bonds to
be sold at par and the proeeeds used ror retiring a like amount o f 1st m tge.
7s which were redeemed on Feb. 1 1925, and $16,000 o f the bonds to be
deposited with the Central Trust C o . o f Topeka, K a n ., for the purpose of
creating a sinking fund as required b y the laws o f K ansas.
O F F IC E R S .— Pres., J. E . W add ell, Kansas C ity; V .- P ., O tto B . G ufler,
Topeka; T reas., George W . H anna, C lay Centre; Sec., S. C . Porter, Leaven­
worth, K a n .— (V . 121, p . 975.)

Profit & loss surplus. _ $2 ,1 8 9 ,3 9 4 $2,241,683 $ 2 ,225,527 $2,07 3 ,4 4 5
O F F IC E R S .— Pres. & G en. M g r ., Morris Rutherfurd; Sec. & T reas..
W illiam H . Sayer. Office, W arw ick. N . Y . — (V . 122, p. 3207.)
L E H IG H A N D N E W E N G L A N D R R . C O .— M ain line. H au to, Pa
.to Hainesburg Jet., N . J ., 66 miles; Swartswood J et., N . J ., to N . Y
State line, 21 m .; branches, 89 m .; total owned, 176 miles; leased, 8 m
trackage rights, 36 m .; total, 219 m .
Tentative valuation, $ 1 1 ,791 ,083 , as o f June 30 1919.
Proposed lease to Reading co. See that com pany below.
S E C U R IT I E S .— Stock au th ., $7,500 ,0 0 0 ; outstanding D ec. 31 1925
$ 6 ,8 0 0 ,0 0 0 , nearly all owned by Lehigh Coal & N a v . C o .; par, $50.
D I V I D E N D S .— 1918 1919
1920. 1921 1922 . 1923.
1924.
1925
8%
6%
10% 10%
3%
15%
10%
P e r c e n t .......................8 %
B on ds, A c .— O f the G en. M . 5s of 1914 ($15,000,000 a u th .), $1,000,000
were reserved to retire the 1st 5s. V . 102, p. 976, 1060; V . 99, p. 49. 674.
R E P O R T .— For 1925 showed: Gross, $5,2 9 5 ,3 8 2 ; railway oper. incom e,
$ 1 ,0 5 4 ,5 0 4 other income, $162 ,19 1; deductions, $541 ,99 2; dividends,
$ 6 80 ,00 0; b a l., d e f., $5,2 9 7 . V . 122, p. 2795. For latest earnings see
“ Railw ay Earnings Section” (issued m onthly).
P res., Samuel D . Warriner; V .-P . & Gen. M g r ., Rotlin H . Wilbur
V .-P . & G en. Counsel. W m . Jay Turner; Sec. & Treas., Henry H . Pease:
437 Chestnut S t., Philadelphia, P a .— (V . 123, p . 2651 .)
L E H IG H V A L L E Y R A I L R O A D C O .— M ain line extends from Jersey
C ity , N . J. to B uffalo, N . Y .
Oper. Dec. 31 1925, 1,364 miles viz.:
O w n ed . . . . --------------- . . — - — . . 2 7 9 | eased_____________________________ 142
L
Controlled by ownership o f entire
Trackage--------------- --------------------------45
capital stock____________________ 898
Si




15

RAILW AY STOCKS AND BONDS

Nov., 1926.]

W h en
Payable

$1,70 7 ,0 0 0 S ee text
6 ,8 0 0 ,0 0 0 See texi
1,000.000
5 g
4 .0 0 0 ,0 0 0
5 g
1,250,000
5 g
70,000
4H
120,000
4H
275,000
4 y3
60 ,5 0 1 ,7 0 0
7
10
106,300
5 .0 0 0 ,0 0 0
4 g

L a st D ivid en d
and M a tu r ity

Text
June 20 ’26 2 %
Various See text
J &
J July 1 1945
J
&
.1 July 1 1954
J
&
J July 1 1954
F & A Feb 1927 to ’ 28
M &
S M ar 1927 to ’29
A & o Apr 1927 to '31
Oct 1 ’ 26 1 ^ %
o—J
O ct 1 '26 2 4 6 %
Q— J
J & D Ju n el 1948

-*#
P laces W h ere In terest an d
D ivid en d s A r e Payable

[Warwick, N Y
[Philadelphia office
437 Chestnut S t, Phila
do
do
do
do
Guar T r & S D C o , Phila
Penn C o for Ins, & c, Phil
do
do
Checks mailed
do

12,600,000 4J3 & 6 J
2 6 ,953,000
M
4 g
2 0 ,697,000
4
g M
M
12,000,000
5 g

&
&
&
&

D
N
N
N

Irredeemable
M a y l 2003
M a y l 2003
M a y 1 2003

C o ’s office, 2 28 So 3d St
Phila, and J P M organ
& C o , N ew Y o rk

M
g J
g M
A
g M
M
5 A
F

&
&
&
&
&
&
&
&

S
J
S
o
J
N
N
O
A

Sept 1
July 1
M ar 1
Oct 1
N ov 1
N ov 1
Apr 1
Feb 1

1945
1940
1957
1941
1935
1942
1939
1956

O f .P h i l.& J P M & C o .N Y
do
do
do
do
O f .P h i i.& J P M & C o .N Y
do
do i ,h
2
do
do3 " I
Lehigh Valley R R , Phila

&

A Feb 1 1954

New York & Philadelphia

10,000,000

5 g

F

Second track, 615 miles; 3d
track, 309 miles; yard tracks
B y an agreement with
terminals at N ew Y o rk and

track, 102 miles; 4th track, 45 miles; industrial
and sidings, 1,098 miles.
the Pennsylvania K B . C o ., Its passenger
Jersey C ity are used b y this com pany.

Tentative V a lu a tio n .— The I .- S . C„ Commission has placed a tentative
valuation o f $90,3 6 7 ,1 1 6 on the owned and used properties and $200 ,61 8,20 2
on the used but not owned properties o f the com pany as o f June 30 1917.
H I S T O R Y . E T C .— V . 9 1 . p . 276
Black T o m decision, V . 107, p . 2008; V . 108, p . 9 7 3 , 2122 ; V . 110, p .
1089, 1816; V . 112, p . 2305 . 2748; V . 113, p . 2185 . Coal rate case, V . 120
p. 2739.
The company on F eb. 7 1923 filed with the U . S. District Court for the
Southern District o f N ew York an amended plan for the segregation o f its
coal properties pursuant to a decree o f the Court entered Feb. 24 1921
(V . 112, p . 8 4 9 ). The plan is a modification o f the original plan filed with
the Court in O ct. 1921 (V . 113, p . 1574), to which the Attorney-General
of the United States filed several objections (V . 113, p . 1674, 1987). A
final decree was signed b y Federal Judge Learned Hand on N o v . 7 1923.
The plan, given in full in V . 116, p . 576, and as supplemented by the fina
decree, V . 117, p . 2109 , provided as follows:
1. The Lehigh Valley Coal C o. will create a new $40,000 ,000 50-year
mortgage carrying 5 % interest and protected by adequate sinking fund
arrangements. This mortgage until Jan. 1 1933 will be a second mortgage
on a small part o f the coal com pany’s properties, and thereafter will be a
first mortgage on all its properties. O f the bonds $15,000 ,000 will be sold
at once and the proceeds paid over to the Lehigh Valley R R . in satisfaction
of all indebtedness on account o f advances for capital expenditures and
otherwise in the past. The proceeds will be devoted by the railroad com ­
pany to the improvement o f the railroad properties pledged under its gen­
eral consolidated mortgage o f 1903, the income from said fund, however.
In the meantime to be received by the railroad company and used for genera
purposes.
The remaining $25,0 0 0 ,0 0 0 of bonds provided for by the new Lehigh
Valley Coal C o. mortgage will be reserved for the purpose o f retiring the
present outstanding bonds o f the Lehigh Valley Coal C o. when due— that is,
oh Jan. 1 1933— to the extent not provided for by the then existing sinking
fund. The Lehigh Valley Coal C o. bonds now outstanding amount to
$11,514 ,000 . and it is estimated that the sinking fund, which now amounts
to $ 2 ,871,000 par value o f securities therein, will by Jan. 1 1933 with
accumulations and additions have a value o f at least $ 5 ,0 0 0 ,0 0 0 , so that
the bonds then to be paid off from new funds will not amount to more than
$ 6 ,500,000. This will leave approximately $18,5 0 0 ,0 0 0 o f the new mortgage
bonds o f the coal company available for improvements or other capital
<Skpenditures by the coal company as occasion m ay demand.
2 . The [$9,465,000] stock o f the Lehigh Valley Coal C o. is pledged with
the Girard Trust C o . o f Philadelphia, as trustee under the railroad com pany's general consolidated mortgage o f Sept. 30 1903, which mortgage
matures in 2003.
The railroad company sold for $ 1 ,212,160 all or Its
right, title and interest In the equity o f redemption which it owns In said
stock, also voting rights and dividends payable thereon, to a new trustee
Issued certificates for 1,212,160 shares o f interest therein carrying
voting rights and dividends, thus making certificates on the basis o f one
share of interest in Lehigh Valley Coal C o . stock for each share o f Lehigh
Valley R R . stock, both common and preferred. Th e shareholders o f
the railroad company were given the right by said new trustee to subscribe
to said shares o f interest at the rate o f $1 per share. Shares ofdnterest not
subscribed for on or before Jan. 15 1925 were sold by the new trustee
to the I ebio’h V jiUpv C o a l C o. at the rate o f $1 per share.
Shareholders of the railroad com pany who bought and buy shares o f
Interest as aforesaid will be obliged to dispose o f their said shares o f Interest
on or before D ec. 31 1927 unless in the meantime they shall have disposed
o f their railroad com pany stock. Neither the railroad company nor any
corporation controlled by it, nor any person acting in its interest, shall
acquire by purchase or otherwise any or said shares o f interest.
3 . All certificates for shares o f interest as above stated were, at the time
o f sale, registered by the Lehigh Valley Coal C o . in appropriate form ,
in the names o f the purchasers or their nominees, upon Information furnished
by the trustee, and thereafter transfer m ay be made only on the books of
the coal company
4 . The Girard Trust C o ., as trustee under the general consolidated m ort­
gage, holds the legal title to all o f the coal company stock and gives the
railroad company a proxy to vote the same, the giving o f this proxy being
dependent upon there being no existing default under the mortgage. After
the sale o f the railroad com pany’s equity in the coal com pany’s stock, as
stated above, the trustee holding said equity will exercise fts voting power
for the benefit o f and at the direction o f the owners o f the shares o f interest,
that is to say, the registered owners of the coal certificates as shown by the
transfer book o f the coal company will exercise their voting power ex­
clusively through their trustee
5. Upon the m aturity or termination o f the general consolidated m o rt­
gage, the stock o f the Lehigh Valley Coal C o . will be available for dis­
tribution to the then owners o f said certificates o f interest and will be
distributed to them accordingly, each certificate o f interest entitling the
holder to a pro rata share o f the coal com pany’s stock.
6. The [$2,910,150] stock o f Coxe Brothers & C o ., In c ., will remain
In pledge under the collateral trust agreement of N o v . 1 1905 until the
maturity o f that agreement on Feb. 1 1926, except that the voting power
in the meantime will oe assigned to a trustee to be appointed by the District
Court. A t the maturity o f the collateral trust agreement, the stock will
be sold by the Lehigh Valley R R .
7 The [$l,5OO,O0O] stock of the Delaware Susquehanna & Schuylkil
R R . will remain in pledge under the collateral trust agreement also unti
the maturity of the agreement on Feb. 1 1926, the voting power in the
meantime to be assigned to a trustee to be appointed by the District Court
In the meantime application will be made to the Inter-State Commerce
Commission for authority to merge and consolidate this company with the
Lehigh Valley R R ., in accordance with the provisions of the Inter-State
Commerce A ct which permits authority to be granted notwithstanding
the status o f the petitioners under the Federal A nti-Trust Laws,

76

BAILW AY STOCKS AKD BONDS

R A I L R O A D CO .d P A N I E S
iP 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]

L e x in g to n U n ion S t a t io n — Pref stock (see te x t)____
L ig o n ie r V a lley R R — 1st M * 3 0 0 ,0 0 0 ________________ x
Lim e R o ck — Consolidated refunding m ortgage g o l d ..
L itc h fie ld & M a d iso n — First m tge $ 1 ,0 0 0 ,0 0 0 gold.x
L it t le M iam i— Stk original gu 8 % 99 yrs P C & St L Special guaranteed betterm ent stock ( $ 5 ,0 0 0 ,0 0 0 ) --

M ile s
R oad

Date
B onds

Par
V a lu e

___
16
12
44
___
___

A m ount
O utstanding

____
$100
1913
1,000
____
1,000
1904
1,000
____
50
____
50
1912
1,000
d Chic R I & Pac
L jt t le S c h ijy lk ill Nav R R & C o a l— Stk (rental guar)
_
32
50
Live O a k Perry & Q u l f R R — First m ortgag e-83 1912
1,000
L o n g Isla n d R ailro a d C o (T h e )—
156 1881
$ 1,000
163 1888
1,000
18 1892
1,000
1894
1,000
76 1888
1,000
19 1887
1,000
6 1893
1,000
21 1895
1,000
316 1899
1,000
316 1903
500 Ac
1917
100 Ac
30 1892
1.000
N T & B B 1st M (ass’d) $ 9 8 4 ,0 0 0 guar p A L
1887
1,000
19 1885
1,000
___ 1917
1,000
do
do
1920
1,000
do
do
1922
1,000
do
do
1923
1,000
do
do
1,000
1924
do
do
Series G due $ 7 3,000 yearly____
1925
1,000
do
do Series H due $ 8 2,000 y e a r ly ._
1926
1,000
do
do
1920
1,000
Los A n g e le s & S a lt L a k e R R 1,000
1,038 1911

8 . Th e Lehigh Valley Coal Sales C o. will negotiate and enter into a
lawful sales contract with the mining companies (Lehigh Valley C oal C o.
and Ooxe Brothers A C o ., I n c .).
m VS.
f'0 5 .
’0 6 .
’07-T O . T 1 -T 4 .
1915 to T 8 ’ 19 2 0 -’25 ’ 26.
P e rc e n t---------- 1 4
4
6 y ’l y .
10 yrly.
10 yrly. 8 )4 7 yrly. text
In F eb. 1912 also an extra cash dividend o f 1 0 % , applicable if desired
to subscription for stock o f new Leh. V a l. Coal Sales C o .
In July 1919
the common dividend was reduced from 2 ) 4 % to I H % Quarterly. Oct.
1919 to O ct. 1926, l h %
quar.
B O N D S .— G en. Consol. M tg e . o f 1903 is for $150 ,0 0 0 ,0 0 0 bonds, bear­
ing not to exceed 5 % in t., covering the entire road, the stock o f the Lehigh
Valley Coal C o . and other stocks owned. In Oct. 1926 there were out­
standing in the hands o f the public $20,6 9 7 ,0 0 0 4 )4 s , $ 2 6 ,953 ,000 4s and
$12,0 0 0 ,0 0 0 5s; pledged, $15,000 ; held in treasury, $38 ,0 7 1 ,0 0 0 ; re­
served to retire underlying bonds, and bonds o f subsidiaries, $ 5 2,264 ,000 .
O ld bonds m ay, however, be extended, i f necessary, for not over 2 years.
Provision m ay be made at tim e o f issue o f bonds thereunder for right to
convert into stock at pleasure o f holder not over $25,000 ,000 at any one time
outstanding. V . 103, p . 586; V . 102, p . 1346, 1436; V . 97, p . 1823, 1898,
V . 99, p . 4 77; V . 77, p . 824; V . 78, p . 287; V . 79, p. 1642; V . 82, p . 1380,
V . 86, p . 1343; V . 8 8 , p . 1372; V . 81, p . 211; V . 108, p . 2241; V . 119, p . 578.
G U A R A N T I E S .— L eh igh V a lley R a il W a y C o . — Owned Buffalo, N . V .,
to near Sayre, P a ., 175.16 miles, double track, and branches, 339 .7 5 miles.
In all 514.91 m .. covered by 5 1 5 ,0 0 0 ,0 0 0 m tge. of 1890. but in 1903 and
1905 consolidated with other sub. cos. and In 1907 absorbed the Lehigh &
Lake Erie. Stock, 5 1 1 ,7 4 5 ,0 0 0 , all owned by Lehigh Valley R R . Mortgage
abstract, V . 51. p . 114; V . 77, p . 147, 9 72; V . 81, p. 7 8 4 ;(V . 8 4 . p. 1366.
Lehigh V a l l e y R R . C o . o f N e w J e r s e y . — Owned double-track road from
Phllllpsburg, N . J ., to Jersey C ity, and branches, with about 125 acres at
Jersey C ity and a large water front, A c . Total mileage, 122 miles. Stock
outstanding, $ 2 0 ,4 3 3 ,0 0 0 . all owned by Lehigh Valley R R . , which in 1914
leased road for 99 years. V . 7 7 , p. 9 72; V . 6 3 . p . 640 8 80; V . 8 1 . p . 784:
V . 8 3 . p . 703; V . 9 8 . p . 1845. 1920
P e n n . A N . Y . C a n a l A R R . — Leased for 99 years from Deo. 1 1888 to
Lehigh V alley, which has assumed its debt and owns all its stock. Consols
include 5 4 .000.000 5s. 53 ,0 0 0 ,0 0 0 4s, $1 ,5 0 0 ,0 0 0 4 H s.
V . 122, p. 950
S e n e c a C o u n ty R y ., $500 ,00 0 gu. bd s.; none sold D e c .3 1 1925 . V .79, p.1271.
Lehigh A L a k e E r i e mortgage (53,000,000) covers 11 m . double-track ter­
minal road at B uffalo. V . 8 1 , p . 211; V . 8 3 , p . 702. N ow a part of the
Lehigh Valley B y . C o . V . 8 4 . p . 1248; V . 8 5 . p. 312; V . 8 7 . p. 8 1 7 . 818.
L e h ig h Valley H arbor Term inal R y.— Incorp. in N . J. in 1916 to provide
additional terminal facilities upon N ew York harbor. The first m tge.
bonds o f 1924 are redeemable, all or part, on 60 days’ notice a t a premium
o f 5 % on Feb. 1 and Aug. 1 1944, and thereafter on any int. date, said
premium to be reduced b y H o f 1 % commencing Feb. 1 1945, with a like
additional reduction commencing on Feb. 1 o f each year thereafter until
m aturity, in each case with accrued interest. Leased to the Lehigh V alley
R R . C o ., which provides for an annual rental sufficient to cover expenses
and interest charges o f the terminal com pany, and will provide that the
Lehigh Valley R R . shall maintain the property and equipment in good con­
dition and shall pay all taxes assessed against it. See V . 118, p . 2 02.
R E P O R T .— For 1925, in V . 122, p . 1447, showed:
1925.
1924.
1923.
1922.
Average miles operated.
1,370
1,375
1,374
1,449
O perating Revenues—
Anthracite coal freight. .$ 1 7 ,8 8 8 ,8 9 6 $13,1 4 8 ,3 5 9 $26,392,972 $15,425 ,980
Bituminoils coal freight- 1,696,396
1,722,397
2 ,2 3 3 ,6 0 8
1,907,568
Merchandise freight____ 41 ,1 5 7 ,0 6 4 38,68 1 ,5 5 1 34,496,241
33,279,173
Passenger________________
8 ,034,040
7,6 8 8 ,3 9 2
7 ,406,346
7,0 2 2 ,9 5 4
MaO
__________________
305,265
3 04,396
298,641
310,438
Express___________________ 1,444,285
1 ,139,562
1,370,422
1.213,697
Other transp. r e v e n u e .. 2,7 1 5 ,0 5 0
2 ,6 7 1 ,4 6 6
2 ,661,686
2 ,307,799
Incidental revenue______ 1,189.577
1,018,683
1,075,237
951,280
T otal oper. reve n u e..$ 7 4 ,4 3 0 ,5 7 3 $ 7 6 ,374 ,805 $75,935,154 $62,418 ,889
O p e ra tin g E x p e n s e s —

M ah it. of way & s t r u c .. $8,57 4 ,7 8 7 $ 8 ,421,393 $ 7 ,812,892 $7,070,757
M ain t. of equipm ent___ 1 5 ,910,834 18,60 9 ,4 8 8 2 3 ,762,227 19,759,604
Traffic expenses________
1 ,491,868
1 ,400,377
1,176,966
1,241,057
Transportation expenses 2 9 ,3 6 1 ,2 3 0 30,55 8 ,4 4 7 32,140,661 29,152,786
Miscellaneous operations
3 73,274
345,476
302,707
293,004
General expenses________
1 ,735,378
1 ,647,798
1,563,962
1,514,445
Transp’n for invest.— C r
13,981
15,012
5 ,2 0 2 ,
7,714
T otal operating e x p .. $57,4 3 3 ,3 9 0 $60,9 6 7 ,9 6 9 $ 6 6 ,754 ,214 $59,023 ,940
N e t operating reven u e..$ 1 6 ,9 9 7 ,1 8 3 $15,4 0 6 ,8 3 7 $ 9 ,180,940 $ 3 ,394,989
T otal tax accruals, & c .. $3 ,6 2 1 ,5 8 2
3 ,2 1 7 ,0 8 6
2 ,3 2 7 ,2 4 3
1 ,9 8 5 ,9 50
$6,853,697 $1,408,999
Operating income____ $13,375 ,601 $12,189,751
8,681,062
Dividend incom e------------1,251,159
2 ,2 3 8 ,3 2 8
3,081,922
902,232
Miscellaneous income—
1,241,073
1,019,629
1 ,7 5 0 ,719
T otal other income___ $ 2 ,492,232
$ 3 ,257,957 $ 9 ,583,294 $4,832,641
6 ,241,640
15,447,708 16,436,991
T otal incom e____________ 1 5 ,867,833
In com e Charges—
$428,675 $1,066,941
$944,061
Hire of equipment-----------$ 1 ,154,456
0 1 4 8 ,0 9 9
C r145,859
0 2 4 8 ,0 2 7
Joint facility rents--------- C r273,835
1 ,870.970
2 ,301,307
1,939,802
R ent for leased roads___
2 ,3 4 5 ,8 2 5
315,893
336,057
298,496
331,406
Miscellaneous rents------528,067
455,139
322,884
386.986
M iscell. tax accruals------4,483,531
4,407,731
3 ,802,695
Interest on funded d e b t. 3,5 5 2 ,5 8 8
36,457
115,066
107,330
51,030
In t. on unfunded d e b t ..
332,072
294,941
320,296
285,318
M isc . income charges—
_______
T o ta l deduc. from in c . $ 7 ,821,269 $ 8 ,095,669 $7,85 0 ,3 7 7 $8,232,885
8 ,586,612 d f$ l,9 9 1 ,2 4 7
N e t incom e_______________ 8,0 4 6 ,5 6 4 7 ,352,038
D iv s. shown in profit and
4 ,2 4 5 ,7 4 9
4 ,2 4 5 ,7 4 9
loss account____________
4,2 4 5 ,7 4 9 4,2 4 5 ,7 4 9
For latest earnings, see ‘ Railway Earnings Section' (issued m onthly).
O F F IC E R S .— President, E . E . Loom is; Vice-Pres., J. A . M iddleton
V .-P re s., F . L . Blendinger; V .-P . & Gen. Counsel, E . H . Boles; V .-P . &
G om p t., C . E . Hildum ; Sec., D . G . Baird; Treas., A . F . Bayfield.




$ 390 ,60 0
7 5,000
40 0 ,0 0 0
1,0 0 0 ,0 0 0
4 ,8 3 7 ,3 0 0
4 ,9 0 8 ,3 0 0
1,0 7 0 ,0 0 0

R ate
%
4
6
4 g
5 g
8 3 -5
4
4

W hen
P a y a b le
p
r &
M &
.1
&
M &
- c - -M
Q - -M
M &

2 ,4 8 7 ,9 5 0 See text J
A
649,000
5
4 ,7 3 1 ,0 0 0 4 & 5 g
3,0 0 0 ,0 0 0
4 g
332.000
4 g
1,135,000
5 g
600,000
5 g
650,000
5 g
100.000
5
315,000
5
3.519,000
4 g
26.417,000
4 g
5,202,100
5 g
1,262,000
5 g
883.000
5 g
1.601.000
5 g
9 4.000
4 )4
828.000
6
588.000
6
1,368.000
5
1,628,000
5
1.022,000
5
1,230,000
4M
2,8 3 4 ,4 0 6
6 g
See text

4 g

[You 123.

A
&

J
N
.1
N
10
10
N

A

P la ces W h ere Interest ana
D iv id en d s are P a ya b le

July 1 1926 2 %
M a y l 1943
July 1 1929
N o v 1 1934
See text
See text
N o v 1 1962

O ffice, Lexington, K y
M ellon N a t B k , Pittsb
Portland, M e
Central U nion Tr C o , N Y
O ffice, Fosdick B ld g, Cln
do
do
Farm ers’ L A T r C o , N Y

J July 15 ’26 2 )4 Office, 4 1 0 W a ln u t, Phila
O Apr 1 1942
Safe D ep A T r C o , Balt

C— T
A I)
?
A
A D
A 1)
:J
U
A 1)
SM A N
&
J
3
J
J &
M &
S
M &
S
M & N
(, — J
M A
S
A & o
fe A
F <
Y
A A
J
A 1)
M < N
&
A & O
J
A
J
M &
s
J & J 15
J

L a st D ividend
and M a tu rity

Jqly 1 1931
T reasP e n aR R .N Y ;ALon
Ju n el 1938
do
do
Ju n el 1932
do
do
Ju n el 1934
do
doALoa
Ju n el 1938
do
do
do
do
M a y l 1937
Jan 1 1943
do
do
Jan 1 1945
do
do
do
doAPhil
M ar 1 1949
M ar 1 194J)
do
doAPhil
do
doAPhil
M a y l 1937
O ct 1 1932
do
do
do
do
Sept 1 1927
Treas Penn R R C o . N Y
Oct 1 1935
T o Feb 1 1927 Fidellty-Phila T r C o.P hil
T o A u g 1 1932
do
do
do
do
T o June 1 1932
do
do
T o M a y 1 1938
do
do
T o Apr 1 1939
T o Jan 1 1940
do
do
T o M a r 1 1941
T o Jan 15 1935

J July 1 1961

G uaranty Trust C o , N Y

D I R E C T O R S .— H . S. Drinker, Fred M . K irb y, Alfred H . Swayne, E d ­
ward S. M oore, S. Brinckerhoff Thorne, W illiam C . Sproul, H enry B .
C oxe, Harry C . Trexler, M orris L . C lothier, George T . Slade, J. F . B ell.
J. W m . Robbins, E . E . Loom is (ex-officio). Office Philadelphia, P a .—
(V . 122, p . 2 4 9 3 .)
L E X I N G T O N & E A S T E R N R Y — See Louisville A Nashville
L E X I N G T O N ( K Y .) U N IO N S T A T I O N C O .— Owns passenger station.
Com m on stock, $ 15,000 , owned two-tnirds by Louisv. & N ashv. and onethird by Ches. & Ohio. There has been authorized $500 ,00 0 o f 4 %
cumulative (non-voting) preferred stock secured b y m tges. and rentals paid
by above-nam ed roads on basis of passenger cars. The I . - 8 . C . Com ­
mission has placed a final valuation o f $776 ,49 8 on the owned and used
properties of the com pany as of June 30 1917. Pres., W . A . M cD ow ell.
L I G O N I E R V A L L E Y R R .— Latrobe to Ligonier, P a ., 10.3 miles, Ligonier to Fort Palm er, P a ., 5.7 miles; total, 16 miles.
The I .-S . C . Commission has placed a final valuation o f $751 ,90 0 on the
owned and used properties o f the com pany as o f June 30 1917.
Stock, $500 ,00 0; par $ 50. D iv s. paid in recent years: 1917, 8 % , 1918 'to
1922, 1 0 % yearly; 1923 to 1925, 6 % yearly. Bonds see table above. For
1925, gross, $ 2 17 ,48 6; net oper. income, $92,0 2 1 ; other income, $ 1 4 ,0 5 5 ;
decuctions, $ 33,775 ; d ivs., $ 3 0,000 ; b a l., sur., $ 4 2,300 . Pres., J. R .
M ellon; V .- P ., T . A . M ellon ; Sec., R . B . M ellon ; T reas., R . K . M ellon .
Office, Ligonier, P a .— (V . 123, p . 1500.)
LIM E R O C K R R .— Owns road In and around R ockland, M e ., 11 in .,
trackage, 1 m .; total. 12 m . Stock, 5 4 50 ,00 0; controlled by the R ockland,
Rockport Lime Co. of Maine (V . 92, p. 9 6 0 ).
D iv . In 1905-06, 5 % ; 190607, 5 % , of which 3 % from accumulated surplus; 1907-08, 2 ) 4 % ; 1908 -09 ,
* % ; 1909-10 , 4 ) 4 % ; 1910 -1 1 . 3 H % ; 1911 -1 2 . 2 ) 4 % : 1 9 1 2 -1 3 , 4 M % ;
1913-14. 1 ) 4 % : 1914-15, 1 X % ; 1915-16. I H % ; 1916-17. 3 % ; 1917-18.
none; 1918-22, none. O ffice. R ockland, M e .— (V . 8 2 , p . 1380 .)
L I T C H F I E L D & M A D IS O N R Y .— Owns Litchfield Jet. to M adison
111., 44 m .; trackage. 1 m .; total, 45 m . T h e I .-S . C . Com m ission has placed
a final valuation o f $ 1,51 8 ,1 7 5 on the owned and used properties o f the com­
pany as of June 30 1916. Stock, com m on, $500 ,00 0, p ref., 4 % non-cum .,
$500 ,00 0, par, $100. Pres., James Duncan, A lton , 111., T reas., S. D .
W heeler.— (V . 123, p . 2515.)
L I T T L E M IA M I R R . C O . (T H E ).— (See M a p s P en n sylvan ia R R .)— Owns
Cincinnati, O ., to Springfield, O ., 84 m .; branch, X e n ia , O ., to D ayton ,
O ., 15 m .; D ayton , O ., to In d . State line, 3 6 m .; leases Colum bus & X en ia
B B ., X e n ia, O ., to Colum bus, O ., 52 m .; C in . St. C on . R R ., 2 m .; R ich­
mond & M iam i R R ., Indiana State line to R ichm ond, 5 m .; total, 199 miles.
L E A S E .— On Deo. 1 1869 leased to Pittsburgh Cincinnati & S t. Louis
mow Pittsburgh Cln. Chicago & S t. Louis R R .) for 99 years, renewable for­
ever. The Penna. R R . Co. Is a party to the contract and guarantees its
fnl*hful execution. Rental is 8 % on 5 4 ,9 4 3 ,1 0 0 original stock, 4 % on bet­
terment stock and int. on debt; $105 ,80 0 stock is in treasury. V . 8 4 , p . 5 1 .
815 V . 86, p . 857; V . 104, p . 73.
Beginning D ec. 1899, 1 -5 % extra paid on com . stock each D e c . and
June, and with 1912 1 -5 % also in S e p t., from surplus Invested funds,
making d iv . 8 3 - 5 % yearly.
B O N D S .— T h e General 4s of 1912 ($10,0 0 0 ,0 0 0 autn. issue; C en t. T ru st
& Safe D ep . C o . o f Cincinnati, trustee) are to bear not over 41% in t ., and
have a first lien. V . 112. p . 562.
For 1925. gross income, $81 6 ,6 3 8 ; deductions, $196 ,58 6; dividends,
$612,331; b a l.. su r., $ 7 ,7 2 1 .— (V . 112, p . 562.)
LIT TL E S C H U Y L K IL L N A V IG A T IO N R R . & C O A L .— Owns from Port
Clinton to Tamanend and Reevesdale, 3 1 .4 4 miles; 2d track, 26 4 7 m .; to ta l,
91.71 miles. Re-leased on Deo. 1 1896 to Phlla. & R ead. R y . for 999 years.
D I V S .—
1 T 4 . T 5 . ’ 16. '1 7 . T 8 . T 9 . ’20. '2 1 . '2 2 . ’2 3 . ’24 ’2 5 . ’ 2 6 .
P ercen t______ J5)4 5
5
5
5
5
5
4 )4
5 5 4
5
4 )4
Lessee pays taxes and organization expenses.— -(V. 121, p . 2 7 4 8 .)
L IV E O A K P E R R Y & G U L F R R .— Owns Live Oak to 7 2 .5 M ile P ost,
F la ., 7 2 .5 miles; M a y o Junction to A lto n , F la ., 14.41 m .; Springdale J e t., to
Springdale, F la ., .78 m .: trackage 1 .5 m .; yard tracks, & c ., 9 .6 2 m .; total,
98.81 miles. Th e I .-S . C . Commission has placed a tentative valuation of
$693 ,90 0 on the total owned, and $ 701 ,01 5 on the total used pr operty o f the
com pany as o f June 30 1917. Stock authorized, $ 2 ,0 0 0 ,0 0 0 ; outstanding,
$ 6 00 ,00 0; par, $100 . B onds, see table. For calendar year 1925, gross,
$269 ,64 6; net operating income, $70,6 7 8 ; other income, $ 3 4 ,2 4 2 ; interest,
rentals, & c., $ 40,629 ; b a l., d e f., $6,491; dividends, $24,0 0 0 ; incom e applied
to sinking fund, $ 2 0 ,0 0 0 . P res., W . T . H argrett; Sec. & T r e a s., R . P
H opkins. Office, Live O ak, F la.— (V . 122, p . 3 335 .)
L O N G IS L A N D R R . C O . ( T H E ) .— M ileage:
L e a s e s —■
M ile s .
M ain line— L . I . C ity to Greenp’t 94 N assau Electric R R .
Long Island C ity t o M on tau k ___ 115 Trackage rights____
Rockaway Beach D ivision_________12
Branch lines_______________________ 162

M ile s .

...
...

9
4

T o ta l D ec. 31 1925.......................397
T o ta l owned.
383
I t was announced in June 1925 that the N ew Y o rk B rooklyn & M an ­
hattan Beach R y . had been merged w ith the Long Island R R .
P L A N .— In 1917. the minority shareholders having generally surrendered
their holdings, the Penn. R R . C o .; (a) accepted in settlem ent o f the approxi­
mately $30,000 ,000 of indebtedness due it by the L . I . R R . C o . (consisting
chiefly of 4 % debentures), $ 5 ,2 0 2 ,1 0 0 new 5 % 20-year debentures, and for
the remainder capital stock at par; (6) gave $ 5 ,2 0 2 ,1 0 0 5 % debs, in exchange
for minority stock, $ for $. V . 104, p. 361; V . 106, p . 2222.
The debentures will be secured by any future mortgage on the prop­
erty. V . 104, p . 6 33, 8 63, 1146, 1263, 13899, 2235 , 2452.
S T O C K .— Authorized, $ 4 0 ,0 0 0 ,0 0 0 ; outstanding $ 3 4 ,1 1 0 ,2 5 0 , of which
the Penn. R R . on D ee. 31 1925 owned $ 3 4 ,0 7 4 ,8 0 0 . V . 104, p . 361. 1899;
V . 106. p . 2222.

Nov., 1926.]

M ile s
R oad

R A IL R O A D C O M P A N IE S
IFor abbreviations, A c ., see n otes on page 8]

L o u is ia n a & A r k a n sa s— Stock $ 5 ,0 0 8 ,0 0 0 authorized
First mortgage $ 7 ,0 0 0 ,0 0 0 gold (text)______Q .xc*& r
E quip certificates Series J due $6 ,0 0 0 semi-arm...
do
do
Series “ K " due $4,0 0 0 s-a ____ G
L o u is ia n a & N o rth W e s t R R — Underlying M g o ld .x
First mortgage $1 0 ,0 0 0 ,0 0 0 gold_________ M S t.xc*
L o u isia n a R y & Nav— First M gold______ xxx .F .c& r
L o u isv H en d & S t L o u is— 1st M $ 2 ,5 0 0 ,0 0 0 g o ld .G .z
frirst Consol M $ 5 ,0 0 0 ,0 0 0 gold___________ _______ _

D ate
B on d s

302
302
35
115
334
181
181

Par
V a lu e

R E P O R T .— Far 1925. in V . 122, p .
Calendar Y ea rs—
1925,
Revenues—
$
Freight___ ______________ 1 1 0 ,603,283
Passenger________ _______ 24 ,1 6 2 ,8 8 8
M a il, express, & c .______ 2 ,1 0 3 ,1 2 6

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

3 0 ,951,546

4,1 8 9 ,2 2 0
5,7 4 5 ,0 0 4
267,709
14,567,095
189,594
785,677
7,211

3 ,317,775
5 ,1 1 8 ,2 4 8
214,778
13,591,051
246,785
690,297
5,115

Operating expenses.
N et earnings..
Uncollectible :
T a x es.

2 5 ,737.089
8 ,348,332
11,417
1,788,318

2 3 ,173,819
7,777,721
30,570
1,795,861

6 ,548,596
955,068
1,691,562

5,9 5 1 ,2 9 0
555,100
428,737

4 ,001,966
1,075,128

4 ,967,454
685,313

*g §p

3 4 ,085,419

' r >l

T o ta lo p er, revenues... 36,86 9 ,2 9 2 35 ,0 7 7 ,8 8 5
O perating E xp en ses—
0
4,41?!,567
M ain t. of equipment___
D
5,73*t,044
Traffic expenses_________
1,244
Transportation__________ F4,l
S 15,33 {1,176
Miscellaneous operations
1,601
1
General________________c;_
797,078
Transp. for invest.— -0 r .
7,757

.

7 ,686,930
749 J p :
361,837 '

p.

a m

N e t ry . oper
Non-operating income__

7 ,2 0 6 <
3$S

H K S

lj> 1 2 ,8 8 3

6,576,876
6 2 8 ,5 $

Gross incom e--------------D educt—
R ents for leased r o a d s ..
Miscellaneous rents-------M lscell. ta x a e c r u a fe u ...
In t. on funded d e b t .—
In t. on unfunded d e b t ..
Miscellaneous charges__

*£$$84

104,084
168.406
22JM&
2 ,6 2 4 ,8 2 8
415,438
3 l,3 ® >

N e t Income___________
3,83®
1,006
Profit and loss debit____
A d d -N e t deb. during yr. a2,022
Additions to property
through inc. & surp.
____

5,1 8 1 ,8 3 7

5.0 7 7 .0 9 4

5.552.767

158,801
140,025
16,302
2,5 6 4 ,7 2 2
2 73,008
3 2.866

178,801
167,449
19,170
2 ,4 6 5 ,9 2 4
556,441
33,179

204,547
283,851
14,238
2 ,457,088
376,302
51,717

1 ,976,114
2.96P .208
13,731

1 ,656,559
4 ,560,762
64,575

1,165,028
6,3 2 3 ,1 3 8
402,652

Cr.544,340

C r.481,064

Cr .438,468

Am ount to credit of
profit and loss______
810,153 d fif.462,486d ef2,4 8 8 ,14 4 d e f4 .122.294
a Chiefly writing off losses incurred In connection with the Long Island
Consolidated Electrical Companies, N ew York & Long Island Traction, &c.
For latest earnings, see “ R ailw ay Earnings S ection " (issued m onth ly).
O F F IC E R S .— Pres., W . IT . Atterbury; V .-P re s ., A . J . County and
George Le BoutilUer; Sec., Engene W right; T reas., H . H . Lee. Office,
Pennsylvania Station, N ew Y o rk .— (V . 123, p . 1994.)
L O S A N O E L E S & S A L T L A K E R R .— (See M a p U n io n P a cific .'.—
From Salt Lake C ity, U tah, to Los Angeles, on the Pacific C oast, 1,075 miles
o f main line and branches; trackage rights, 132 m .: total operated D ec. 31
1925, 1,208 miles. Has steamship connection via Hawaiian Islands to
C hina, Japan and M anila. V . 81, p . 1551; V . 82, p . 1323; V . 91. p . 590.
Salt Lake C ity terminals, V . 7 6 , p . 9 20, 1193, 1356; V . 77, p . 38, 148, 695;
V . 78, p . 1393; V . 79, p . 1024. Las Vegas & Tonopah R R ., allied, runs
from Las Vegas, N e b ., to B eatty, 119 miles. V . 81, p . 1175; V . 98, p. 1920
N am e changed from San Pedro Los Angeles & Salt Lake R R . in August
1916. V . 103, p .7 5 9 . Valuation, V . 113, p. 1360; V . 121, p. 2153 , 2871;
V . 123, p . 2 04.
S T O C K .— A u th ., $25,0 0 0 ,0 0 0 ; par, $100; all issued, of which $12,500 ,000
is owned b y Union Pacific R R . C o . and $ 1 2 ,5 0 0 ,0 0 0 b y Oregon Short
Line R R . C o .
B O N D S .— The mortgage o f 1911 Is for $ 7 0,000 ,000 ; $59,0 1 5 ,0 0 0 o f the
$ 5 9 ,0 2 2 ,0 0 0 issued were held D ec. 31 1925 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 m onth ly).
— (V . 120, p . 2008.)
L O U I S I A N A & A R K A N S A S R Y .— Owns from H ope, A r k ., to Pineville
Junction, L a ., 192.89 miles, less 3 .9 8 miles not operated, Packton to W ild svllle Jet., L a ., 53.32 m .; M inden, L a ., to Shreveport, 27.1 5 m . Leased:
W ildsville Jet. to Concordia Jet., 14.70 miles
Trackage: Concordia Jet.,




$ 5 ,000,000
2,8 5 1 ,0 0 9
7 8.000

68.000

100,000

1,000 2 .0 6 9 .0 0 0
1,000 1 0 ,361,000

2486, showed;
lj
1923.
1824.
$
l&J 5,163 10,511,943
2 2 ,; 3 ,5 7 2 2 0 ,732,638
2 ,; 9 ,1 5 0
2 ,8 4 0 ,8 3 8

i

A m ount
O utstanding

$100

1902
1923
1924
1895
1905
1903
1896
1915

D IV I D E N D S .—
/ ’8 2 . ’8 3 -’9 0 . ’9 1 . '9 2 . ’9 3 . ’9 4 . '95. ’96
None
5
5 4 * 4
4
since.
Per oent ............. ............1 1 4 y ’ly . 4 *
B O N D S .— The Refunding 4s of 1903 (S45.000,0 00 authorized issue) are
secured b y a lien on the entire road, subject to $ 1 7,863 ,420 outstanding
old bonds, to retire which an equal amount is reserved; remainder guar­
anteed as to prin. and int. b y 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 . 5 83, 1549; V . 79, p . 790
V . 80. p . 1111; V . 8 1 , p . 211; V . 8 2 , p . 868; V . 9 2 . p . 527. Th e l .- S . O.
Commission in M a y 1921 authorized the company to issue $3,876,060
(guar.) ref. m tge. 4s and to exchange them for a like amount e f unified
mortgage 4s.
The U n ified M ortga ge is limited to the amount now outstanding. Bond*
are subject to call at 116 in whole or in part. See Refunding 4s above. V
68, p . 6 18. M tg es. on real estate, S l.g S S J B O .lv . 76, p . 266; V . 8 5 . p . 160;
V . 8 9 . p . 5 2 9 , 1411; V . 9 0 . p . 6 9 8 . 1040; V . 9 3 , p . 1022; V . 102, p . 6 09: V.
103, p . 2079 . D eb en tu res or 1917, see “ p la n " above and V . 104, p . 2 452 .

Operating Inca

77

RAILW AY STOCKS AND BONDS

500

2 .5 0 0 .0 0 0
7 0 0,000

R ate
%

W hen
P a y a b le

M
5 g
6
b
5 g
6 g
AY g
5 g
5 g

&

L a st D ivid en d
and M a tu rity

P laces W h ere In terest a n 4
D ividends are P a ya b le

S e p tl5 ’ l l I X %
Sept 1 1927
T o June 15 1933
T o D ec 15 1934
Jan 1 1945
Apr 1 1935
July 1 1953
July 1 1946
O ct 1 1965

Checks mailed
Guaranty Trust C o , N «Y
Guaranty Trust C o J N Y
B oody, M c L & C o . N t Y
Ch & P N B & Tr C o .N Y
See text
L & N R R C o, N Y
N ew York

L a ., to Vidalia, L a ., 8 .92 miles, connecting to ferry across Mississippi with
Illinois Central and Mississippi Central; Tioga, L a ., to Alexandria, ‘ L a ,
7 .2 4 miles; and on the St. Louis and Southwestern, near Shreveport, 2.01
miles. Rock Island C «’. uses 45 miles, W innfield, L a ., to Pineville, L a .,/
under trackage contract, and St. Louis Southwestern passenger trains the
Shreveport terminals under a 25-year lease. V . 93, p . 527. ,•
?
The I .-S . O . Commission has placed a tentative valuation o f $7,528,150
on the com pany’s property as o f June 30 1917.
D I V I D E N D S .— 1906 to 1909 . 3 % y ’ly : then to Sept. 15 1911. 2 H % y l y .
None since.
B O N D S .— The unissued first 5s (total limited to $7,000,000) are reserved
tor betterments, equipment and extensions, of which $1 ,0 0 0 ,0 0 0 reserved
tor bridges across Black and Red rivers, and the balance limited to $20,000
per mile of completed railroad. The entire am ount outstanding, but no
part, is subject to redemption at 110 and Interest on any Interest date.
Annual sinking fund $ 7 5 ,0 0 0 per ann. to bu y bonds at 110 and in t., or under;
Otherwise to be invested. $ 5 ,1 9 6 ,0 0 0 issued; $ 2 ,8 5 1 ,0 0 0 in hands o f public,
gee V . 101, p . 2071.
Year ended D ec. 31 1925: G ross, $ 4 ,0 9 0 ,9 5 2 ;net oper, in c.,$ 1 ,0 0 5 ,5 1 6 ;
other inc., $ 7 2 ,3 4 2 ; in t ., rentals, & c., $ 3 69 ,82 5; surplus, $708 ,03 3.
For latest earnings, see “ R ailway Earnings Section” (issued m onth ly).
P res., W . J . Buchanan, Texarkana, Ark; V .-P . & G en. M g r ., O . G . L u n day, M inden, L a.r T rea s., F . S. Carroll, Texarkana, A rk .— (V . 123, p .
204.)
L O U I S I A N A & N O R T H W E S T R R .— Owns M agn olia. A r k ., to N atchi­
toches. L a .. 115 na.; trackage. M agnolia to M c N e il, 6 .4 m . On A u g .22
1913 G eo. W . H unter, St. Louis, was appointed receiver. V . 97. p . 521, 595.
M r. Hunter resigned on O ct. 1 1920 ana was succeeded by E . R . Bernstein.
Shreveport, L a .
T h e I .-S . O . Commission in A u g. 1921 authorized the receiver to abandon
that portion o f the line extending from Chestnut to Natchitoches, 22 m iles.
V . 113, p . 1053.
The road was purchased in M arch 1922 b y O . N . Haskell. Chairman o f
M iddle States Oil O orp ., and In M a y 1922 the receiver was dismissed.
Compare V . 114, p . 1187; V . 115. p . 74, 5 43.
The l . - S . O . Commission has placed a tentative valuation of $1,45 1 ,8 2 0
on the owned and used property of the company as of June 30 1918. _
4
Stock ou t. $2,3 0 0 ,0 0 0 ; par, $ 1 0 0 . 1st 5s e f 1905. V . 8 2 , p . 6 28; V . 8 5 .
p. 1462. Initial div. o f 1 * % was paid O ct. 1 1922; same amount paid
quarterly to Jan. 2 1924 .
R E P O R T .— Fer year ended D ec. 31 1925, showed: Gross, $ 7 22 ,38 4:
net, $ 2 52 ,85 0; other incom e, $14,2 1 0 ; int. and rentals, $166 ,6 3 2 ; b a l.,
surplus, $ 1 9 0 ,4 2 8 .— (V . 122, p . 1759.)
L O U I S I A N A R Y - & N A V I G A T I O N C O .— Owns N ew Orleans to Shreve­
port, L a ., 393.41 miles; Aloha to W innfield, 2 7 .1 4 miles: total, 3 3 0 .5 5 miles.
Stock outstanding, $ 8 ,1 3 1 ,0 0 0 ; par, $100 .
Th e I .-S . O . Commission has placed a final valuation o f $10,796 ,479 on
the owned and used properties o f the com pany, as o f June 30 1917.
Y ear E nd.
G ross.
N e t.
Other I n c . In t.,T a x .,& c . B a l., D e f.
D ec. 31 1 9 2 5 .$ 3 ,8 5 9 ,6 0 7
$418 ,58 7
$ 8 5,465
$923 ,38 7
$419,335
Dec. 3 1 1 9 2 4 .
4 ,1 4 4 ,2 3 2
187,074
8 8 ,6 3 8
976,907
701,195
D ec. 31 1923 .
3 .8 9 2 ,0 9 4
40 0 ,0 0 0
8 4 ,6 4 3
806,177
2 3 1,134
D ec. 31 1 9 2 2 ^
3 ,6 0 4 ,1 1 8
4 2 2 ,9 0 8
16,089
43 8 ,9 9 6
4 0 7,863
Dec. 31 1 9 2 1 .
3 ,6 8 3 ,9 6 9
4 34,974
52 4 ,8 5 9
8 21,793 sur.138,040
For latest earnings, see “ Railway Earnings Section” (Issued m onth ly).
Pres., M rs . Sarah Edenborn, N ew Orleans; V .-P . & T reas., Paul Sippel,
Shreveport; V .- P ., E . A . Staman; Sec., J. J. Tippin.— (V . 122, p . 3335 .)
L O U I S I A N A W E S T E R N R R .— {See
d a p o f Southern P a c ific .)—
Owns from L afayette, L a ., to Sabine R iver, 105 miles; Abbeville to
M am ou , 68 miles; M allard Jet. to Lake Arthur, 34 miles; total, 208 miles.
Operated Independently, Southern Pacific owns all the $ 3 ,3 6 0 ,0 0 0
stock. The Inter-State Commerce Commission has placed a tentative valu­
ation o f $6 ,4 7 2 ,5 0 0 on the property o f the com pany as o f June 30 1918.
Dividends: In 1905-06 an d 1906-07, 1 0 % yearly; In 1907-08, 8 5 % ; in
1908-09 , 2 0 % ; 1909-10 and 1910-11, 1 5 % ; 1911-12, 1 0 % ; 1912-13, 1 0 % ;
1913-1914, 1 0 % ; 1914-15, 1 0 % ; 1915-16, 1 5 % ; 1917. 1 5 % ; 1918. 1 5 % ;
1 9 1 9 ,1 5 % ; 1920, 1 5 % ; 1 9 2 1 ,1 5 % ; 1 9 2 2 ,1 5 % ; 1923, 1 5 % ; 1 9 2 4 ,1 5 % ; 1925,
1 5 % . Y ear 1925, gross, $4,2 7 4 ,1 1 3 ; net operating income, $ 6 51 ,88 8; other
income, $9,9 7 6 ; deductions, $1,9 4 2 ; div.s, $504 ,00 0; b a l., sur., $ 1 5 5 ,9 2 2 .
Fer latest earnings, see “ Railway Earnings Section” (issued m on th ly ).—
(V . 113, p . 72, 183.)
L O U IS V IL L E H E N D E R S O N & S T . L O U IS R Y . C O .— R O A D .—
Louisville to Henderson, K y ., 143 miles (including 6 miles trackage); Irving­
ton to Fordsville, K y .. 44 miles; L . & N . trackage. Henderson. K y ., to
Evansville, I n d ., 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
o f the com pany as o f June 30 1918. Louisville & N ashville on D ec. 31 1925
owned $ 1 ,7 0 2 ,8 0 0 o f the $ 2 ,0 0 0 ,0 0 0 5 % non-cum . pref. and $ 1 ,9 0 6 ,5 0 0 o f the
$ 2 ,0 0 0 ,0 0 0 com . (par $100 ). V . 94, p . 207; V . 95, p . 1274; V . 96, p . 653.
in Oct. 1915 fllea a $6 ,0 0 0 ,0 0 0 1st consol. M . bond. * 2 ,7 1 0 ,0 0 0 reserved
to retire $ 2 ,5 0 0 ,0 0 0 1st M . 5s at maturity and $ 210 ,00 0 equipm ent bonds
maturing serially. $700 ,00 0 sold forthwith and $ 1 ,5 9 0 ,0 0 0 reserved for
future extensions and additions. V . 103. p . 1882; V . 101, p . 1370 .
D I V I D E N D S .— Initial dividend o f 4 % on the pref. stock was paid
Feb. 15 1924; sam e am ount paid F eb. 16 1925; on Sept. 15 1925, F eb. 15
1926 and Sept. 15 1926 paid 2 * % .
On com m on stock paid initial dividend
o f 2 % on Sept. 15 1925. On F eb. 15 and Sept. 15 1926 paid 2 % on each
date.
R E P O R T .— For Cal. year 1925: G ro ss,-$3,838 ,3 9 8 : net oper. income,
$884,526; gross income $927 ,84 8; deductions, $321 ,83 5; dividends, $180,000;
balance, $426,013.
For latest earnings, see “ Railway Earnings Section” (issued m onth ly).
Pres., R . N . Hudson; V .- P ., W . L . M apother; Sec. and T reas., Ridgely
O ayce.— (V . 123, p . 1871.)

78

BAILW AY STOCKS AND BONDS

R A I L R O A D CO A P A N I E S
[For abbreviations. A c . . see notes on pa ge 8]
L d u isv & J e ff R«- & R R — $ 5 ,0 0 0 ,0 0 0 g g u p & i_ .x c *
U S 10-year collateral notes___________________________
L o u isv ille & N a sh v ille — Stock $ 1 2 5 ,0 0 0 ,0 0 0 au th ___
First & R ef m tge Ser A red (te x t)_______U s.zc*& r*
do
do
Ser B red (te x t)_____ U s.zc*& r*
do
do
Ser O red (text)________ U s.zc*& r*
L O S Lex Gen m tge gold (V 6 3 , p 1 0 1 0 )____ G .x c *
N ew Orl & M o b D iv 1st M N O to M obile g _ _ F .z c *
Second m ortgage gold ___________________________ xc*
Southeast & St L D iv 1st m tge g call (text) _ _ I C .xc*
Second M gold E a st St Louis to E van sv & b r .x c *
First M (50-year 5s) $ 1 5 ,0 0 0 per mile go ld __U s.x c*
First m tge collateral trust ($7 ,0 0 0 ,0 0 0 ) g o ld ..F .z e *
Unified m ortgage for $ 7 5 ,0 0 0 ,0 0 0 g ___ C e.xc*& r*
M obile & M ontgom ery join t M $ 5 ,0 0 0 ,0 0 0 g - .C e .x c
N ashv Flor & Sheff 1st M g assumed in 1 9 0 0 _ .C e .z c
Paducah & M e m D iv 1st M $ 5 ,0 0 0 ,0 0 0 g o ld .B a .x c *
Sou& Nor Ala cons M ( V 9 7 , p 1204, 1426)g gu C e.xc*
G en cons M $ 2 5 ,0 0 0 ,0 0 0 g guar______U s.xc*& r*
N ew p & Cin Br 1st M g s f assum gu b y Penn C o . F.x
L & N — Southern R y M onon C ollat Joint M $ 1 5 ,50 0 ,0 0 0 (see text) call 1 0 5 _______________ G .xc*& r
Lexington & E ast 1st M $ 2 0 ,0 0 0 ,0 0 0 assu m . _ N .y c *
K entucky Central 1st M ($ 7 ,0 0 0 ,0 0 0 ) go ld __M p .zc *
Atlan ta Knoxville & Northern 1st m tge g o ld -.C e .x
do
do
consol M gold $ 1 0 ,0 0 0 p m .U s .x
L & N — A tl K & C D iv M $ 5 0 ,0 0 0 ,0 0 0 _ _ U s .x c * & r *
L & N Term M $ 3 ,0 0 0 ,0 0 0 gold guar jo in tly . B a.xc*
Secured gold notes redeemable (see te x t)____ B a.c*
Equip certs due $ 7 0 3 ,9 0 0 annually________ ___________
do
do
Series D due $ 7 3 5 ,0 0 0 a n n u a l l y ..0 s
do
do
Series E due $ 4 2 0 ,0 0 0 a n n u a lly ..U s
do
do
Series F due $ 4 0 0 ,0 0 0 a n n u a lly .. Us
L y k e n s V a il R R & C oal C o — Stock— Rental pays 4 %
M acon & B irm in g h a m — -First M $5 0 0 ,0 0 0 g ___O B .xc
M acon D u b lin & Sav— 1st M $ 1 ,8 4 0 ,0 0 0 g g u .N .x x c *
M acon T e r m in a l— 1st M $ 3 ,0 0 0 ,0 0 0 g g u _C o l.c*& r *

M iles
R oad

Date
B on d s
1895
1921

T ext
T ext
Text
176
141
141
208
208
202
T ext
179
105
254
202
202

213
247
228
228
870

20
97
94

P ar
V a lu .

A m ount
O utstanding

$1,000

100
1921 1,000 &c
1921 1,000 &c
1921 1,000 &c
1,000
1881
1880
1,000
1880
1,000
1921
1,000
1,000
1881
1887
1,000
1,000
1888
1890 1,000 &c
1,000
1895
1887
1,000
1896
1,000
1886
1.000
1913 1,000 &c
1,000
1895
1902
1915
1887
1896
1902
1905
1902
1920
1920
1921
1922
1923
1896
1907
1915

1.000 &c
1,000
1,000
1,000
1,000
1,000 &c
1,000
500 &c
1,000
1,000
1,000
20
1,000
1,000
1,000

Rais

%

W hen
P ayable

M &
$4 ,5 0 0 ,0 0 0
4 g
F & A
147,000
6
117,0(1(1,000 See text F &
S
v 12,753,000
5 A g A <c
w l4 00.0 0 0
A &
5 g
y l 6 , 000,000
4A g A &
3 ,2 5 8 .0 0 0
4A g M &
J
&
b 4 ,986,000
6 g
1,0 0 0 ,0 0 0
J
&
6 g
M &
u 3 ,497.000
6 g
c 2 ,997,000
M <
3 g
&
d l , 749,000
M &
5 g
e 4 ,705,000
M &
5 g
f 6 4 ,760,000
.1 &
4 g
4 ,0 0 0 ,0 0 0
4H g M &
k l , 996,000
F &
5 g
kk4,619,000
F <
fe
4 g
m 9 ,292,000
F &
5 g
n 7 ,4 00,000
A <
fc
5 g
1 ,248,000
&
4A g J
o 5 ,898,000
p 7 ,8 70,000
q 6 ,700,000
r999.000
S500.000
s 2 4,742,000
t 2 ,500.000
7 ,5 0 0 ,0 0 0
6 ,335,100
7,3 5 0 .0 0 0
4 ,6 2 0 ,0 0 0
4 ,8 ,0 0 0
599,120
500,000
1 ,529,000
1 ,600,000

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

&
&
&
&
&
&
&
&
j

&
&
&
&
&
&
&

[V ol. 123,
L ast D ividend
and M a tu rity

P la ces W here Interest and
D iv id en d s are P a y a b le

s M ar 1 1945
J P M organ & C o , N Y
15 Feb 15 1931
A A u g 10 1926 3 M 71 Broadw ay, N ew York
do
do
<) Apr 1 2003
do
() Apr 1 2003
do
() Apr 1 2003
do
do
do
do
N N o v 1 1931
do
J Jan 1 1930
do
do
do
J Jan 1 1930
do
8 M ar 1 1971
do
do
8 M ar 1 1980
do
do
do
N M a y l 1937
dc
N N o v 1 1931
do
do
do
J July 1 1940
do
8 Sept 1 1945
do
do
A A u g 1 1937
do
do
do
A Feb 1 1946
do
A A u g 1 1936
do
do
O Oct 1 1963
do
do
do
J July 1 1945
J July 1 1952
O Apr 1 1965
.1 July 1 1987
D D ec 1 1946
8 M ar 1 2002
N M a y l 1955
D Dec 1 1952
N M a y 15 1930
15 T o Jan 15 1935
8 T o M ar 1 1936
D T o D ec 1 1937
8 T o Sept 1 1938
.1 July 1 1926 2 %
J July 1 1946
J Jan 1 1947
J July 1 1965

J P M organ & C o , N Y
71 Broadw ay, N ew York
71 Broadw ay, N ew York
71 Broadw ay, N ew York
do
do
do
do
do
do
J P M organ A C o , N Y
Guaranty T rust C o , N Y
71 Broadw ay, N ew York
do
do
do
do
Office Broad St Sta.Phila
N o coupons ever paid
N ew Y o rk T rust C o , N Y
Irving Bk & T r C o , N Y

b $ 14,000 ; c $3,0 0 0 ; d $ 1 5 ,0 0 0 ; e $ 424 ,0 0 0 ; f$ 5 ,192 ,0 0 0 ;
g $ 7 8 0 ,0 0 0 ;
b to j A lso held in the treasury or b y the trus tee, D ec. 31 1925.
p $ 2 ,6 2 5 ,0 0 0 ; q $ 4 2 ,0 0 0 ;
k to v Also in treasury December 31 1925;
k $10 0 ,0 0 0 ; kk $217. 000; m $70 8 ,0 0 0 : nS 3 ,3 9 1 ,0 0 0: o $ 1 5 ,5 0 0 ;
r $ 1 ,0 0 0 : s $ 5 .7 4 3 ,0 0 0 ; t $101 .000: u $3,0 0 0 : v $15. 862.00 0: w $ 1 .8 6 2 .0 0 0: y $ 1 .8 2 9 000.
L O U I S V I L L E & J E F F E R S O N V IL L E B R I D G E & R R . C O - O n e - h a l f
mile long; approaches 2 miles; overhead viaducts 1 A miles, with connecting
lines in Louisville; 40 acres in Louisville and about 60 acres in Jeffersonville.
T h e I .- S . C . Commission has placed a final valuation o f $ 2 ,9 7 7 ,2 1 0 on
the owned and used property o f the com pany as o f June 30 1915.
Stock, $ 1 ,4 2 5 ,0 0 0 : m tge. for $ 5 ,0 0 0 ,0 0 0 : bonds for $500 ,00 0 are reserved
for future construction. & c.; the bonds are guaranteed Jointly and severally
b y the Chesapeake & Ohio and Cleveland Cincinnati Chicago Sc St. Louis, in
whose 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
m ent 10-year collateral notes, $162 ,00 0 bonds are pledged. Pres., A . P .
H um phrey: Sec., M . L . Akers; T reas., A . P . Burke. See V . 60, p . 130;
V . 61, p . 3 27, 559; V . 62, p . 8 4 .— (V . 123, p . 2388 .)
L O U IS V IL L E & N A S H V IL L E R R . C O .— (.See M a p .) — R O A D .— Oper"
ates main line, Cincinnati, O ., to N ew Orleans. L a ., and branches to StLouis, M em ph is, & c ., total, D ec. 31 1925, 5 ,0 3 8 miles, v iz .:
M ile s M ile s .
Owned, property deeded_______ 4,490 Operated under contract_______
38
Entire capital stock owned____
228 Under trackage arrangements . _ 142
Operated under lease__________ 134
do
(owned but leased).
5
T h e I .- S . O . Commission has placed a tentative valuation o f $321 ,1 6 9 ,8 3 8
on the total used property o f the system , and $ 3 0 4 ,89 5,07 0 on the total
owned property, as o f June 30 1917.
>
m
C ontrol by A tla n tic Coast L i n e .— Late in 1902 the Atlantic Coast Line R R .
acquired $ 3 0 ,6 0 0 ,0 0 0 of the (then) $ 6 0 ,0 0 0 ,0 0 0 stock and owns $59,670 ,000
of the present $ 1 1 7 ,0 0 0 ,0 0 0 stock, but the roads are operated independently.
V . 7 4 . p . 8 30, 1038: V . 7 5 . p . 7 33. 1399.
Joint lease o f Carolina Clinchfield & Ohio R R .— see that com pany above.
On D ec. 31 1925 the com pany owned $ 1 1,484 ,100 (a m ajority) o f the
stock o f the N ashville Chattanooga & S t. Louis R y .. o f which $ 8 ,802,400
was pledged under the unified m tge. and $2 ,6 8 0 ,7 0 0 was pledged under
he 1st & ref. m tge.
D I V S . f- ’0 5 -’07. 1908. ’09. 10 to T 4 . T 5 . T 6 . T 7 to '22. ’23. '24 '25. ’26
P e r c e n t .) - 6 y ’ly
5l
A
5A
7 y ’ly
5 6
7 yr’ly *6 5 'A 6 KM
Also in 1908 1 % in Louisville Property C o. stock. V . 86, p . 229, 421.
♦Also paid 62 A % in stock on M a y 7 1923.
Qh A u g. 10 1926 paid A % extra in addition to the regular semi-annua'
dividend o f 3 % .
S T O C K A N D B O N D S .— The stockholders on July 23 1921 authorized
(1) A n increase in the capital stock from $ 7 2 ,000 ,000 to $125 ,0 0 0 ,0 0 0 and
approved the issuance to the stockholders ratably as a stock dividend of so
much o f the $ 5 3 ,000 ,000 increase as the I .- S . C . C om m , should authorize
to be so issued.
(2) Approved the authorization, execution and issuance of
the proposed First & R ef. M tg e . and bonds adopted at the annual meeting
April 6 1921. The I .-S . O . Commission on Feb. 24 1923 authorized the
com pany to issue $45,000 ,000 capital stock which was distributed as a
9 2 1 4 % stock dividend on M a y 7 1923. Compare V . 116, p . 935, 1178.
T h e 1st & ref. m tge. covers as a direct first lien approximately 658 miles
o f road, as a second lien 2,656 miles, as a third lien 1,256 m iles, and as a
fourth lien 546 m iles. T o ta l mileage under mortgage b y direct or collateral
lien. 5 ,1 1 6 miles.
T h e 1st & refdg. m tge. covers as a first lien the com pany’s terminal
properties in S t. Louis, subject to prior liens, the terminal properties and
shops in E vansville, Cincinnati, Knoxville, Louisville, Nashville, Paducah,
M ontgom ery, Birm ingham , Pensacola, M obile, New Orleans, M em phis
and elsewhere. This mortgage closes all prior lien mortgages, including
the Unified M tg e . o f 1890, and no prior lien m tge. matures before 1930.
Under the terms o f this m ortgage, the issue o f bonds for the acquisition
o f property and for additions and betterments in no event can exceed the
actual cost o f the property to be placed under the mortgage. N o bonds
can be issued for equipment to an amount in excess o f 8 0 % o f the cost there­
o f. T h e authorized issue is limited to an am ount which, together with
all other then outstanding prior debt o f the com pany, 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 O ct. 1 1936 or on any interest date there­
after at 102 and int. Th e Series B bonds are redeemable as a whole only
on p e t . 1 1938, or on any interest date thereafter at 105 and int. The
Series O bonds are redeemable as a whole only on O ct. 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.
" U n i f i e d ” m ortgage, $ 7 5 ,0 0 0 ,0 0 0 . of which $41,9 1 7 ,6 6 0 was reserved to re­
tire all prior liens (none o f the prior liens can be extended), the balance for
Improvements, extensions' (at tne rate of $ 3 2,000 per mile, including equip­
m ent), and for other purposes. The mortgage covers (besides 1,994 miles
o f road and equipm ent), $ 2 6 ,4 7 3 ,6 0 6 stock of companies controlled and
$ 3,150 000 bonds free from any lien. See abstract of mortgage in V . 51,
p . 613; also V . 72, p . 1 0 3 4 ,1 1 8 8 ; V . 7 7 . p . 9 6 8 . In D ec. 1925, of $69,970 ,000
issued, $ 5 ,0 0 0 ,0 0 0 were pledged as security for the 7 % notes of 1930, $ 1 9 2 ,000 were in treasury and $18,000 in sinking funds.
M ob ile A M on tgom ery— L o u isville & N ash ville jo in t m ortgage is for
$5,000 ,0 0 0 ; $ 1 ,0 0 0 ,0 0 0 reserved for Improvements. V . 61, p 196, 750.
K en tu c k y C entral 4s. V . 4 5 , p . 3 7 2 . L ew isb . A N o r .. V . 101. p . 1272L ou isville A N ash ville Term in al 4s.— Jointly guaranteed, prln. and in t.’
by L . & N . and N a s h v . O . & S t. L . V . 8 8 . p . 1313. C o . owns $101 ,00 0The Louisville & N ashville Southern R y . M o n o n Collateral J oint Gold 4 %
bonds are secured by $ 9 ,7 9 6 ,9 0 0 o f the $ 1 0 ,5 0 0 ,0 0 0 Chic. Indianapolis &
Loulsv. com m on and $ 3 ,8 7 3 ,4 0 0 o f the $ 5 ,0 0 0 ,0 0 0 pref. stock. V . 74, p.
1138; V . 7 6 , p . 5 93. O f the $ 1 5 ,5 0 0 ,0 0 0 joint bonds $ 1 1 ,8 2 7 ,0 0 0 had teen
Issued to D ec. 31 1925. each com pany being liable for $ 5 ,9 1 3 ,5 0 0 , but own­
ing thereof $ 1 5 ,5 0 0 , leaving outstanding for each $ 5 ,8 9 8 ,0 0 0 . Th e re­
mainder is reserved to acquire remaining “ M o n o n ” stock and for im pts., &c.
The Atlanta Knoxville & Cincinnati division 4s ($50,000,000 authorized!
cover 870 miles. Of the bonds, an equal am ount were reserved to retir?
at m aturity underlying bonds, viz.: Kentucky Central 4s, $ 6 ,742,000




Atlanta Knoxville & Northern bonds, $ 1 ,5 0 0 ,0 0 0 ; $ 5 ,0 0 0 ,0 0 0 are pledged
to secure the 7 % notes o f 1930. The line from Livingston to Jellico, 61
miles, is subject to prior lien o f Unified m ortgage. Y . 80, p . 872; V . 8 4 , p .
1428; V . 92, p. 1178, 1311, 1565; V . 9 6 . p . 7 16. 1022.
Th e $ 3 ,500,000 Southeast & St. Louis D iv . 1st M tg e. 6s were purchased
at m aturity. M arch 1 1921, at office o f J. P . M organ & C o . In connection
with this purchase there were issued $3 ,5 0 0 ,0 0 0 6 % bonds due M arch 1
1971, but callable on and after M arch 1 1930 at 107 and int. The new bonds
will be secured by a first m tge. on the So. E a st. & St. Louis R y, property.
O f the South & N orth Alabam a R R . G en. C onsol. 5s ($25,000,000 autn.
issue). $ 7 ,4 0 0 ,0 0 0 have been sold, gu ar., prin. & in t., by the L . Sc N .;
$lO,00O,OOO are reserved to retire the cons. 5s o f 1886; remainder for Im­
provements, equipment, & c. $3 ,3 9 1 ,0 0 0 are owned b y com pany, Y . 9 8 .
p. 4 54, 156, 1001.
Lexington & Eastern 5s were assumed in 1917 (authorized,$ 2 0 ,0 0 0 ,0 0 0 ).
Y . 101, p . 1272; V 102, p . 1163; V . 104. p . 1489; V . 106. p . 2 9 6 . 3 9 6 .
The 7 % notes o f 1920 are secured by deposit of the following: $5,00 0 ,0 0 0
L. & N . R R . Unified 4s o f 1940; $5,00 0 ,0 0 0 L . & N . R R ., A tl. K nox. & C in .
D iv. 4s 1955; $200 ,00 0 South & N orth Ala. R R . Consol. 5s o f 1936:
$3,000,000 South & N orth A la. R R . G en. Consol. 5s o f 1963. R ed. on and
after M a y 15 1923, all or part, at 100 and Int. plus a premium o f 1 % for each
year or portion o f a year from the date fixed for redemption to m aturity.
Equipm ent trusts Issued to Director-General for rolling stock allocated
to this com pany. See article on page 3 and V . 113, p . 1360, 1471.
Governm ent loan, V . 112, n . 1978.
R E P O R T .— For 1925, in V . 122, p. 2057 , showed:
1925.
1924.
1923.
1922.
Calendar Y ea rs—
$
$
$
$
Operating revenues_______1 4 2,244 ,307 135,505 ,676 1 3 6 ,375 ,672 121,1 3 8 ,8 4 0
Operating expenses_______108,402 ,256 107,126 ,897 1 0 9,865 ,090 9 9 ,6 0 4 ,4 9 6
Taxes, & c_________________
7,0 8 1 ,9 3 2
6 ,2 2 4 ,7 4 6
6 ,5 6 4 ,3 1 0
4 ,7 2 3 ,9 4 8
Operating incom e____ 2 6 ,760,119
Equipm ent, rents, & c . . .
178,500

2 2 ,1 5 4 ,0 3 3
137,341

19 ,9 4 6 ,2 7 2
726,871

1 6 ,810,396
793,925

N e t operating incom e- 2 6 ,938,619
Other income____________
3 ,2 1 9 ,5 0 5

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

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

17,604,321
2 ,8 2 7 ,4 0 7

T otal incom e__________ 3 0 ,1 5 8 ,1 2 4
Interest, rents, & c______ 11,457,413
Dividends ..................
7 ,0 2 0 ,0 0 0
Sinking funds, & c_______
132,303

2 5 ,3 0 7 ,6 2 6
1 1 ,174,833
7 ,0 2 0 ,0 0 0
130,850

2 3 ,5 9 9 ,5 7 2
1 0 ,100,637
5,8 5 0 ,0 0 0
221,102'

2 0 ,4 3 1 ,7 2 8
9,8 3 3 ,7 0 9
5 ,0 4 0 ,0 0 0
170,885

Surplus_______ _________ 1 1 ,548,408
6 ,9 8 1 ,9 4 3
7 ,427,833
5,3 8 7 ,1 3 4
V . 122, p . 1606.
For latest earnings, see “ Railway Earnings Section” (issued m onthly).
O F F IC E R S .— Chairman, H enry W alters; President, W h itefori R . Cole;
Exec. V .- P ., George E . Evans; V .- P ., Addison R . Smith, E . L . Smithers;
V .-P . & Gen. Counsel, E d w . S. Jouett; T reas., E . S. Locke; Sec., J. C .
M ichael. Offices, 71 Broadway, N . Y . , and 9th St. & B ’w ay, Louisville,
K y .— V . 123, p . 840.
L Y K E N S V A L L E Y R R . & C O A L C O .— Owns from M lllersburg. P a .,
to W illiam stow n. P a ., 2 0 .4 3 m iles. W a s leased to Northern Central for 99
years from July 1 1910; annual rental, $ 24,000 (equal to 4 % on stock)
organization expenses and taxes. In 1920 operated by Penn. R R . C o .
under agreement o f lease dated July 29 1914 (retroactive to Jan . 1 1 9 1 1 ).
— V . 9 2 . p . 527.
MACON & B IR M IN G H A M R Y .— Owns Sofkee Jet. to La Grange, G a .,
96.7 0 miles. 7 .03 miles o f G . 8 . Sc F . R y . and 1.10 mile o f O . o f G a . R y .
between Sofkee and M acon operated under trackage rights. V . 101,
p. 4 4 9 . In 1908 a receiver was appointed; now Leon S. Dure and R . K .
Hines. V . 86, p. 337. Operations ceased on N o v . 15 1922 b y order of the
Superior Court o f B ibb C ounty, G a. The receivers announced th at on
Sept. 7 1926 R . L . Render, President o f the Bank of La Grange, m ade a
formal offer for the purchase of the road, offering $125 ,00 0 for the entire
system . V . 1 2 3 ,p . 1500. In year 1922, gross, $194,037; net, d e f., $11,0 6 9 ;
other income, $1,175; in t., rentals, & c., $65,626 ; b al., d e f., 3 7 5 ,5 2 0 .—
(V . 123, p . 1500.)
M A C O N D U B L IN & S A V A N N A H R R . C O .— Owns road from M acon to
Vldalla, Ga ,91.9 3m lles.
Stock $ 3 ,200,000 auth.; outstanding, $ 2 ,0 4 0 ,0 0 0
(par $100 ). Seaboard Air Line R y . guarantees bonds, prin. and Interest.
Bonds, Series 1506 to 1529 in cl., have clause “ Federal Income tax, if any
on sam e, is to be paid by purchaser.”
V . 89 p . 43; V . 8 4 . p . 1 02, 450;
Y . 106, p . 1126. For year 1925, gross, $861 ,30 9, oper. income, $221 ,84 5,
other income, $5,912, in t., rentals, & c., $189 ,33 4, net income, $ 3 8,423 .
Pres., S. Davies W arfield, Baltimore, Sec. & T reas., G eo. M . N orw ood,
M acon , G a .— (V . 118, p . 1392.)
M A C O N T E R M I N A L C O .— Building, tracks, & c ., at M a co n , G a ., com­
pleted and is used by C entral o f Georgia, Georgia Southern Sc Florida and
Southern R y . (all lines entering M a c o n ), which own the $10 0 ,0 0 0 stock and
guarantee the bonds, prin. and In t., by endorsement. R ental on wheelage
basis covers int. on bonds & all chges.
V . l O l . p . 1 *8 6 .— (V . 101, p . 1886.)
M A H O N IN G C O A L R R . C O . ( t H E ) .— O wns from Youngstown to
Andover, O ., and branches, 71 m iles. In December 1907 purchased a oneha lf Interest in the Lake Erie & Eastern R R . in Youngstown, &c.
Leased in perpetuity for 4 0 % of gross earnings to Laae Shore (now N . Y .
C entral), which D ec. 3 1 1 9 2 5 owned $894 ,65 0 com .and $ 4 7 8 ,0 0 0 pref. stock.
L A T E D IV S .
f ’ l l . ’ 12. ’ 13. ’ 14. ’ 1 5 -’ 19. ’20. ’21. ’22. ’2 3 . ’24. ’25.
On common % ) . . . l 70 20 70 60 50 yrly 110 50 90 80 100 100
Also paid an extra div. o f 6 0 % in M a y 1920. 3 0 % extra in D ec. 1922 and
2 0 % extra in D ec. 1924. Paid in 1926: Feb. 1, 2 5 % ; M a y 1, 2 5 %
A u g. 2, 2 5 % ; N o v . 1, 2 5 % .
The 5 % pref. stock guaranteed is callable at par. See V . 107, p . 1579.
— (V . 122, p. 1165.)

Nov., 1926.]




RAILWAY STOCKS AND BONDS

79

80

[V ol. 123,

RAILWAY STOCKS AND BONDS

R A IL R O A D C O M P A N IE S
[For abbreviation s, & c ., see n otes o n page 8]

M ile s
R oad

Date
B on ds

Par
V a lu e

Mahoning Coal RR— Stock, C om m on_________________
71
$50
Preferred stock (see te x t )____ . . .
71
50
First M Youngs to And Ac guar n & 1 (end )__U n.zc
63 1884
1,000
_________
Maine Central— Com stock ($15,000.0001
100
Pref stock 5 % cum non-votin g, $ 3 .0 0 0 ,0 0 0 __________
100
...
—
1st & R ef M $ 2 5 ,0 0 0 ,0 0 0 call at 102 & int. Series A ,
________
_
c*&r*
B , C and D ___ __ .
411 1915 1,000 Ac
Maine Central Eur A N o A m refunding m tge gold z
66 1893
1,000
Washington County 1st M e eu r e d __
Ce.zc*
139 1904
1,000
Somerset R y Consol mortgage gold
z
41 1900
600 Ac
First and Refunding mtge $1 ,5 0 0 ,0 0 0 gold__A B z
94 1905
1.000
Equipm ent gold notes, due $ 79,000 a n n u a lly ______
...
1920
Eauim nent trust certificates due $40,000 s - a ___c*
1923
________________ c*
do
do
due sem i-ann.
...
1924
1,000
Guaranteed Securities—
Portland & Ogdensburg stock (2 % rental 999 y r s ) ..
110
100
1st M guar prin & int end (V . 86, d .1 2 8 5 ) _______ t
1.000
110 1908
Dexter & Piscataquis stock 5 % rental 999 years .
100
17
First M Dexter to Foxcroft guar by e n d ..
.B B z
1,000
17 1889
Hereford R y 1st mtge guar prin and int (endorsed) z
1.000
53 1890
100
European & Nor A m stk 5 % rental 999 years_______
124
Upper Coos R R stock 6 % rental 999 y e a r s ...............
100
55
500 Ac
1st M and Exten M ($693,000 4 ) 4 b) guar n & I .z
55 1890
Dexter A Newport stock 5 %
100
14
Eastern Maine stk 4 H % rental 999 years___________
100
19
Portland Terminal C o .— Portland & Rumford Falls R R — andRu mford Fa
Manila— 1st M Sou Lines g Int gu s I red 110F--xc*<Scr*
1909 $1,000 Ac
do
do
sinking fun d _________________
1917 1,000 &c
1.000
New 1st M & R ef on N or Lines $13,2 3 6 ,0 0 0 ____ Ce
1916
Sinking fund bon d s.
___ __
xxxc*
1.000
1922
M anila R y “ A ” debentures call 1 05____________ _____
£20 Ac
1906
£20 Ac
do
“ B ” debentures 4 % reduced to 3 ) 4 % __
1906
1.000
Manlstique & Lake Sup— Inc M 4 % n-c $ 1 ,3 0 0 ,0 0 0 . z 62.51 1909
1,000
Manist & N E— 1st M g due 40 M y ’ly red text.C C .xc*
text 1909
1,000
Manitou & Pike’ s Peak Ry— 1st M $500 ,00 0 g .-F .x c *
9 1908
Manitoulin & North Shore— See Algom a Eastern R y __
Md & Del C o a st R y— 1st (closed) m tg g r e d (text)____
1924 100A1000

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

P la ces W here Interest and
D ivid en d s are P a yable

$ 1 ,500,000 See text
Q— F
N o v 1 ’26 2 5 % Grand Cent Term . N ^Y
J
A
,T July 1 ’26 2 ) 4 % C ent Union T r C o, N Y
661,367
5
J
A
J July 1 1934
1 ,500,000
do
do
5
a l2 ,0 0 6 ,9 0 0 See text See text D ec 15 ’26 1 % Office. Portland, Me
do
do
3.0 0 0 ,0 0 0 See text Q— M
D e c l 1926 1 k

A
20 ,0 0 0 ,0 0 0 4 ) 4 5 A 6 J
J
A
4 g
1,000,000
A
2,2 1 3 .0 0 0
3 !4 e J
J
A
172,500
4 g
J
A
864,000
4 B
J A J
711.000
6 g
A A
920.000
5 )4
J A
1 ,168,000
5 )4

D
J
J
.12
J
15
O
D

D ec 1 1935
Jan 2 1 9 3 3
Jan 1 1954
July 2 1950
July 1 1955
T o Jan 15 1935
A pr '27-A p r ’ 38
D ec ’2 6 -June’39

N Y , Boston A Portland
do
do
N Y , Boston A Portland
do
do
do
do
G uaranty T rust C o , N Y
State St Trust C o , Boston
State St T r C o , Boston

Q— F 28
4,3 9 2 ,5 3 8
2
2,1 1 9 ,0 0 0
M A N
4H
J
A
122,000
J
6
J
A
175,000
.1
4
800.000
4
M A N
A A O
2 ,4 9 4 ,1 0 0
5
M A N
350,000
6
1 ,043.000 4 A 4 H M A N
J
A .1
122.000
5
M A N
200.000
4 )4
11s A Rangel ey Lakes R R C o —
M A N
4 g
$12,538 ,000
1,122,000
M A N
4
J A
J
5 g
13,236,000
1 .5 0 0 .Oon
M A N
7
J A J 15
4
£1 919.170
£1.365.478
A A O 15
3 )4
1 ,100.000 Up to 4 M A
S
J
A
J
1 ,132.000
5 g
A A o
500,000
5 g

N o v 30 ’26 )4 %
N o v 1 1928
July 1926 2 ) 4 %
July 1 1929
M a y l 1930
O ct 1 1926 2 )4
N o v 1926
3%
M a y l 1930
July 1926 2 H %
N o v 1926 2 ) 4 %
See those comp
M a y 1 1939
M ay 1 1959
July 1 1956
M a y 1 1937
Jan 15 1956
Jan 15 1956
Aug 1 1 9 3 4
Jan 1919-1939
O ct 1 1928

Maine Gent Off, Portland
N Y , Boston A Portland
Office, Dover, Me
N Y , Boston A Portland
N Y . Boston A Portland
Treas office. Bangor, M e
Office. Portland, Me
N Y , Boston A Portland
Treasurer’ s office, P ’tl’d
Office, Rockland, Me •
anles
Philippine N a t . B k .

300,000

6 g

M

A

N M a y l 1944

London
Chase N a t B ank, N Y
London
do
Detroit

Jan 1919 prin Ain t unpaid
New York and Chicago
A t! Ex B k A T r C o , B alt

a Also $ 2 ,8 8 1 ,5 0 0 held in treasury.

The 7 % sinking fund bonds of 1922 are guaranteed prin. & int. b y the
M A IN E C E N T R A L R R . C O .— Portland to Vanceboro, M aine, via
G ovt, o f the Philippine Islands. There have been deposited with Chase
Augusta, 261 miles (incl. trackage Portland to Falm outh, 7 m i.); Royal
national B ank, New Y o rk , trustee, as security for the paym ent of the prinJet. to W aterville, 72 m .; branches, Fairfield to Skowhegan, 16 m .; Bath to
fllpal and interest o f this issue, $2 ,8 1 1 ,0 0 0 M anila R R . (Southern Lines)
Lewiston and Farmington, 76 m .; Oakland to Kineo S ta., 93 m .; Portland
1st. M tg e. 4 % gold bonds, due M a y 1 1930, guaranteed as to interest b y the
and Rumford Falls System, 103 m .; Oquossoc to Kennebago, 11 m .; Bath to
Philippine G ovt. Th e com pany has agreed to create and maintain a sink­
Rockland, excl. ferry (0 60 m .), 49 m .; Harm ony, Foxcroft, Bucksport and
ing fund for the redemption of the bonds at m aturity, paying annual in­
M t . Desert, excl. ferry (7.7 m .), 108 m .; W ashington C ounty, 138 m .; Port­
stallments to the Chase National B ank, N ew Y o rk , trustee, sufficient to
land to St. Johnsbury, V t ., 132 m ., incl. trackage, 0.11 m . St. Johnsbury
(eilre entire issue by maturity
V 115, p. 1210. 1429.
S ta ., and 7 .73 m . from Portland Union St. to W indham Line, M e .: Quebec
Jet., N . H ., to Beecher Falls, V t ., 55 m .; total Jan. 2 1926, 1,121 miles,
R E P O R T .— Income account for fiscal years ended D ec. 31:
o f which 645 owned. 455 operated under leases and 21 trackage. The
I n Pesos—
1925.
1924.
I .-S . C . Commission announced the tentative valuation o f the road as of
Total railway operating revenues___________________ 12,633,660 11,400,165
June 30 1916 at $61,091 ,384 .
T o ta l railway operating expenses___________________
7,6 2 6 ,8 4 0
7 ,3 3 6 ,9 6 0
The com pany in O ct. 1925 issued a notice t® the effect that the lease to
the com pany by the Belfast & Moosehead Lake R R . o f its railroad extending
N et revenue from railway operation______________ 5 ,0 0 6 ,8 2 0
4 ,0 6 3 ,2 0 5
from Burnham Jet., M e ., to Belfast, M e ., would terminate, and operation
T otal taxes, accruals, & c____________________________
145,046
1 30,229
o f the road by the M aine Central would cease at midnight o f Jan. 1 1926.
Railway operating incom e________________________
4 ,8 6 1 ,7 7 4
3 ,9 3 2 ,9 7 6
S T O C K .— The stockholders In 1915 authorized retiring $ 1 0 ,0 0 0 ,0 0 0 o
187,761
140,047
T otal non-operating income_________________________
the outstanding stock and issuing in place thereof $ 3 ,000,000 5 % non-voting
cum . pref. stock and $ 7 ,0 0 0 ,0 0 0 First A R ef. 20-year 4 )4 a .
V 1 0 1 ,p .9 2 3
Gross incom e_______________________________________
5,0 4 9 ,5 3 5
4 ,0 7 3 ,0 2 3
1370. 1465. The common stock was thus reduced to $ 1 4,888 ,400 .
See
Total deduction______________________________________
2 ,6 5 3 ,2 9 8 2 ,7 3 7 ,8 4 5
bonds below. V . 101. p . 1628. 1714
The m ajority interest In the stock
Appropriation o f net income for sinking fund p u rp . 2 ,3 2 2 ,6 5 0
185,159
formerly owned by the Boston A M aine was all disposed of in 1914-16
through the M aine Railways Com panies, and trust w oundup
V . 98. p
7 3,587
1,1 5 0 ,0 1 9
Balance to profit and loss accounts_______________
312. 1071: V . 102. p. 1250: V . 103. p . 1407
N o te .— Values are expressed in Philippine currency: 1 peso equals 50 cent
D I V I D E N D S — / ’0 4 -’O6. 1907. ’0 8 -’ 10. 1911. ’ 1 2 t o ’ 2 0 . ’2 1 t o ’25.
U . S. A . currency.
On common sto ck . (7 yearly
7 )4
8 yearly 7 )4
6 yearly
N one
Pres., R . R . H ancock, M anila: G en. M g r ., Jose Paez, M an ila; non-resi­
Paid in 1926: June 15, 1 % ; D ec. 15, 1 % .
dent Secretary, L . V . Carm ack, Insular Bureau, W ashington, D . O . Corp.
N o divs. on pref. stock were paid from D ec. 1 1920 to Sept. 1 1924, both
office. M anila. P . I . — N . 122, p . 2943.
incl.; D ec. 1 1924 to D ec. 1 1926 paid 1 )4 .% quar.; on June 15 and D ec. 1
1925 paid 2 ) 4 % on each date, and on Jan. 15 and March 1 1926 paid 7 3 4 %
M A N IL A R Y . (1906), L T D .— (V . 113, p . 7 3 1 . 1053. 1471. 1675 .)
on each date on account o f accumulations, clearing up all accumulated divs.
M A N IS T E E & N O R T H E A S T E R N R R .— T h e M ichigan Trust C o .f o f
B O N D S .— The 1st & ref. m tge. Is limited to $25,000 ,000 ; bonds are out­
Grand Rapids was appointed receiver D ec. 28 1918, the road being unabl
standing as follows: $ 7 ,000,000 Series A 4 H % . $6,00 0 ,0 0 0 Series B 4 )4 % ,
to meet prin. and int. due Jan. 1 1919 on its bonds. V . 108, p. 7 9 , 2 68.
$3 ,0 0 0 ,0 0 0 Series C 5 % and $ 4 ,0 0 0 ,0 0 0 Series D 6 % .
A first m ortgage on
Bonds, see V . 8 8 . p. 3 76, 823; V. 9 0 , p . 1363.
Stock. * 2 .0 0 0 .0 0 0 .
about 411 miles o f road, including the line running from Portland to Bangor
and on entire stock of Portland T erm . C o . V . 102, p . 9 7 6 , 1163. 1250:
Pres.. E d w . Buckley. M anistee. M ich .— ( V .;1 2 3 . D- 1111.)
V . 108, p. 480: V . 106, p . 1453, 1689.
M ANISTIQUE & L A K E SUPERIOR R R .— M anlstlque. M ich., on Lake
Guarantees bonds and notes o f Portland Terminal C o. See that company
M ichigan, northerly to D o t y , 38.47 m .; branches, and spurs, 24.29 m .
Equipm ent trusts issued to Director-General for rolling stock allocated
V. 8 1 , p. 975; V . 8 7 , p . 97; V . 89, p . 4 7 0 . T h e I .-S . O . Commission has
to this com pany. See article on page 3 .
placed a final valuation o f $668 ,00 0 on the owned and used properties
R E P O R T .— For 1925, in V . 122, p . 2 033 , showed:
of the com pany, as of June 30 1915. T h e A nn Arbor R R . in April 1911
1925.
1924.
1923.
1922.
acquired the entire $250 ,00 0 stock. V . 9 2 , p . 1109. Bonds authorized,
Total operating revenue-$ 2 0 ,0 7 0 ,5 8 7 $2 0 ,1 7 8 ,3 3 6 $21,192 ,264 $20,387 ,172
$1 ,3 0 0 ,0 0 0 25-year 4 % non-cum . incomes; outstanding, $1,1 0 0 ,0 0 0 . For
T otal operating expenses 15,667,792 16,528,551 17,843,123
1 6 ,443,382
cal. year 1025, gross, $140,579; net oper. d e f., $ 1 0,766 ; other income,
.Net operating revenue $ 4 ,402,795 $ 3 ,649,785 $3,349,141
$ 3 ,943,790
$30; deductions, $8,3 3 9 ; b a l., d ef., $ 1 9 ,0 7 5 . Chairm an, W . H . W illiam s;
1 ,184,180
Taxes accrued___________
1,216,286
1.182,489
1,180,447
P res., J. E . Taussig; V .- P ., Sec. & T rea s., J. C . Otteson; V .- P . & G en.
Uncollectible revenue___
2,477
4,186
4,950
2,097
M g r ., G . F . Blom eyer.
Railw ay oper. incom e. $ 3 ,216,138 $2,42 8 ,5 4 8 $ 2 ,162,465 $2,761,245
MANITOU & P IK E 'S P E A K R Y .— M anitou. Col.-, to sum mit of Pike’s
____
Other income
610,573
479,722
166,233
559,964
Peak. 8 .0 miles: standard gauge
Operated from April to November vrly .
Gross income_________ $ 3 ,776,102 $ 3 ,039,122 $2,642,187 $ 2 ,927,478
The I .- S . C . Commission has placed a tentative valuation of $368,741 on
Interest, rents, A c . .
2,599,102
2,631,723
the property o f the com pany as o f June 30 1918. Stock, $500 ,00 0; par o f
2,6 5 0 ,1 0 0
2 ,376,320
shares, $100 . D iv ., 4 0 % paid in 1913-14; 1915, Sept., 1 0 % ; 1916-25, none.
N e t incom e______ _____ $ 1 ,177,000
$389,022
$10,464
$551,158
For year end. D ec. 31 1925, gross, $ 8 0,670 ; net oper. income, $6,2 1 3 ; other
Dividends___
.. _
337,500
450,000
income, $908; in t., $ 25,627 ; b a l., d e f., $18,5 0 6 . P res., H . J. H o lt, M a n iBalance, surplus_____
$727,000
$51,522
$ 10,464
$551 ,15 8
tou, C olo.— (V . 122, p . 1606.)
For latest earnings see “ Railway Earnings Section” (issued m onth ly).
M A R Y L A N D & D E L A W A R E C O A S T R Y .— The railway runs from
O F F IC E R S .— Pres., M orris M cD on ald ; V .- P . A G en. M g r ., D ana O .
W est D enton, M d ., to Lewes, D e l., cutting across the Chesapeake Peninsula
Douglass; T reas., L . M . Patterson; C o m p t., Albert J. Raynes. Office,
for over 40 miles, with sidings and spur tracks. T h e railway also has
222-242 S t. John S t ., Portland. M e .— (V . 123, p . 2388.)
connection with the Pennsylvania System at W e st Denton b y L o ve Point to
Baltimore, and Lewes, D e l., to R ehoboth Beach, D e l., with m otor bus.
M A N C H E S T E R & L A W R E N C E R R .— See Boston & M aine R R .
B O N D S .— The 1st m tge. gold bonds o f 1924 are redeemable after 5 years
M A N IL A R R . C O . ( T H E ).— (Gauge 3 f t . 6 i n .) .— This com pany, incor­
at 1 0 2 )4 and int. Beginning M a y 1 1929 and annually thereafter a sum
porated in the P . I . in 1919, successor to company organized in N ew Jersey
m ay be set aside sufficient to retire the entire bond issues upon date o f
in 1906, has taken over and is operating the only steam road en the Island of
m aturity, but the com pany m ay devote this sum at any time to purchase
Luzon, Philippine Islands, 550 miles (V . 88. p. 1313; V . 91, p . 2 1 5 ).
bonds in the open m arket.— (V . 122, p . 7 4 5 .)
In operation Dec. 1924, 313 .9 6 miles o f Northern lines and 345 .1 7 miles
Southern lines. Additional mileage has been under construction.
M A R Y L A N D D E L A W A R E & V I R G I N I A R Y .— See Baltim ore A
In 1916-17 the Philippine G ovt, purchr.sed all the outstanding stock for
Eastern R R . above and V . 120, p . 1199.
$4 ,0 0 0 ,0 0 0 cash. V .1 0 3 , p. 9 39. 1031: V . 102. p. 609. 2 51. 2166.
M A R YLA N D & PE N N SYLV A N IA R R .— Baltim ore, Md . to Y ork . Pa .
B O N D S .— The M anila R R . (Southern Lines) 1st gold 4s of 1909, guar,
77.17 miles; other m ileage, 3.5 2 .
as to int. by Philippine G o v t, under A ct e f U . S. Congress, are limited to
ST O C K A N D B O N D S .— Stock authorized. 5 3 ,6 0 0 ,0 0 0 , of which $ 1 ,9 9 7 ,
$ 3 0 ,0 0 0 ,0 0 0 . Under a supplemental indenture dated July 1 1916 holders of
500 reserved for future requirements. In 1002 the authorized issue o f the
these bonds were offered the privilege o f having due date extended to M a y 1
first 4s was reduced from $ 2 ,7 0 0 ,0 0 0 to $ 1 ,2 0 0 ,0 0 0 , o f which $203 ,00 0
1959, provided bonds then outstanding were presented to trustee for exten­
are reserved to retire the York & Peach B ottom 5s and $1 0 0 ,0 0 0 additional
sion prior to N o v . 1 1918. $ 1 ,1 2 2 ,0 0 0 were extended. Acceptance is
for future purposes. &c. V . 74, p. 9 4 , 4 27; V . 7 9 , p . 2 205 . M aryland A
stamped on each bond. A separate sinking fund was established sufficient
Pennsylvania Terminal guaranteed bonds. V . 82. p . 1041 , 1102.
to retire extended bonds by m aturity. Interest on extended bonds is
The co in Sept. 1923 announced a plan whereby the holder o f each
guaranteed by Philippine G overnm ent. The bonds are redeemable as a
$1,000 1st income m tge. 4 % gold bonds received $500 in new 6 % 1st
whole at any tim e at 110 or by lot for a sinking fund o f )4 o f 1 % yearly from
consol, m tge. bonds and $500 in stock (par $100 per share).
M a y 1 1919 to April 30 1928 and 1 % yearly thereafter. V . 91, p . 215, 276.
Bonds have been or will be issued under the new m tge. in am ts, sufficient
717, 1711; V . 93, p. 45; V . 104, p . 1801; V . 105, p. 1802, 1898.
to (a) Exchange for outstanding income bonds; (6) cover the paym ent o f
In June 1917. under agreement of sale ratified Sept. 8 1916, $ 4 ,330,000
$300,000 10-year notes due O ct. 1 1923; (c) provide for capital expenditures
Northern Lines First M tg e . 6 % bonds and $ 7 ,716,000 2d M tge. 7 % bond*
of the York Terminal R y . C o . and M aryland & Pennsylvania Terminal R y .;
were canceled as of July 1 1016.
In lieu thereof there were issued $13.236,000 M anila R R . C o. R efund ing M tg e. 5 % 40-year gold bonds, dated (d) retire at m aturity or purchase M aryland & Pennsylvania Terminal R y .
1st m tge. 5s, due 1036; (e) retire at m aturity the com pany’s 1st m tge. 4 %
July 1 1916. a first lien on the Northern Lines and, subject to the Southern
bonds, due 1951, and the $ 202 ,45 0 underlying bonds, due 1932; i f) provide
Lines First 4s. a lien on the Southern Lines. The entire issue is held and
funds for future capital requirements including (not to exceed 8 0 % of the
pledged by the M anila R y . C o . (1906), L t d ., as below stated.
cost o f ) , additions to and betterm ents o f the property subject to the m tge.
I t was also arranged to apply not over £590 .00 0 of the $4 ,0 0 0 ,0 0 0 pur­
The Series A bonds will be dated as o f O ct. 1 1923, will m ature O ct. 1 1963,
chase price to payment of loans of M anila R y . (the English c o .), canceling
will be redeemable at 105 (diminishing 1 % per annum during the last five
the A & B deb. stock pledged therefor and so reducing the nominal issues
years of the life o f the bond) and will bear interest payable unconditionally
of its deb. stock (and bonds) to the amounts theretofore sold, via., £2,000.000
Class A 4 % and £1,880,000 Class B , the interest rate on the latter being re­ at the rate o f 6 % per annum . Com pare V . 117, p . 1461; V . 118, p. 1392,
2179. 2573.
duced from 4 % to 3 ) 4 % . Th e A and B Issues thus to be first and second
R E P O R T .— Holders o f income bonds received interest on April 1 1925
charges, respectively, on the $ 1 3 ,236 ,000 new 1st M . 5 % 40-year bonds of
at the rate or $23 for each $1,000 bond, this being the first payment since
the American co. and on about $ 2 ,000,009 Southern Lines 1st M . 4s. See
April 1 1914; on April 1 1926 received $10 for each $ 1,000 bond; on O ct. 1
also V . 102, p . 2166: V . 103, p. 145, 4 9 3 . 1032; V . 103, p . 1888.




Nov., 1926.]

R A IL R O A D C O M P A N IE S
[F or abbreviations, A c . , see notes on pa ge 8]

M ile s
R oad

40
M aryland & Pennsylvania— Y ork & Peach B ot M __x
80
First m ortgage $ l,2 0 0 ,0 0 0 g o ld ca lla tl0 5 -M e R a .x c*
...
M aryland & Pa Ter 1st M $200,000 g gu red l l O -.x x
In com e bonds— 1st cons m tge bonds— see text-----375
Mason City St Ft Dodge— 1st M g ------------------- Ce.xc&r
37
M assawipnl— Stock guar same dlv as Conn & Pass___
McCloud River— First mortgage $1.200.000_________x
M em p h is U n io n S ta t io n — 1st M g gu ar__B a.xc*r*
3 2 .2
M erid ia n & M em phis R R — 1st M $800,000 red 1 0 5 -3.27
Meridian Terminal— First M $250,000 g g u ..Q x c * & r
Mexican Central— Mexican International— See Nation al Rail
Mexican Northern— Stock, $3,000,000----------------------‘ §3
First m tge D 8 gold red 105 s f ext In 1909-G.xc*<5cr
Mex No W est— Prior lien bonds £2,500,000 red 1 0 2 «
___
1st M gold red t e x t _________________________________
Conv lnoome bds £1.000,000 6 % cum red par s f-o*
...
Michigan Central— S tock --------------------------------------------Refunding & Im pt M tge $100,000,000______________ 1,200
270
First mortgage $18,000,000 gold __________ Q.xc*& r
M C Michigan A ir Line first m ortgage____ Un.xc&r
115
171
1st M on Det& B ay C it y _______________________ Un.zc
do
do
bonds without cou pon s___zr
171
Debentures g old __________________________ Q .x c'& r*
84
M C new M on Gr R lv V a l $4,500,000, g text.G xc& r
M O first m ortgage on Kalam azoo &S H aven.xU n.r
39
Mich Cent 1st M on Jack Lans & Saginaw g __xc*& r
379)
M C 1st M on Joliet & Nor Indiana $3,000,000 g -x
45
E auip. Tr. $4,500,000 ($300,000 annually) gu. gy c*
M ich C ent E q Trust, due $600,000 a n n
G .c*& r
do
do
due $346 400 ann______________G
N Y O R R C o equip trust cert due $467,665 a n n _.
do
do
_________________________________
do
do
_________________________________
do
do
_________________________________
do
do
___________________________________
do
do
___________________________________
do
do
__________________________________
___
a Exclusive of $ 73,000 held b y sinking fund.
y $ 3 0 5 ,0 0 0 purchased and retired by Land Grant

Date
B onds
1882
1901
1906

A m oun t
O utstanding

Par
V a lu e
60 &c
1.00C
1,000

R ate
%

202,450
897,000
200,000

5 g

8 09.000
1.000
800,000
10C
1907
583.000
i,oo e
l.OOO&c
2 ,5 0 0 ,0 0 0
1913
1913
1.00C
675.000
1905 1,000 &c
250,000
.CA1EU
ways o L 1U
3 ,0 0 0 .0 0 0
100
1890
1,000
a708,000
1913
£100 £ 1 .671,000
£ 1 0 0 £ 5 ,6 0 0 .0 0 0
1909
1912
£ 7 5 0 .0 0 0
100 C l8736 400
1917
1902 i.o d o &c $ 1 8 ,000 ,000
2 ,6 0 0 ,0 0 0
1890 1,000 &c
1,000 1 4,0 0 0 ,0 0 0
1881
1881 1,000 < c J
Sc
1.000&C
1909
7 .6 3 4 .0 0 0
1 ,500,000
1909
1889 1,000 &c
700,000
1901
1,000 y 1 ,695,000
1907
1 .500.000
1915
1.000
1,500,000
1917 1.000 Ac
3.6 0 0 .0 0 0
1920
3 ,1 1 7 ,6 0 0
1920
4 ,2 0 8 .9 8 5
1922
4 ,4 7 6 .0 0 0
612,000
1922
1923
8 ,2 1 6 .0 0 0
1924
3 ,2 6 2 ,0 0 0
1924
2 ,422.000
1925 1 ,0 0 0 &c
1 ,8 3 0 ,0 0 0

c O f which
Truste es.

M cC L O U D R IV E R R R .— Owns from Sisson, C a lif., to Fall River M ills,
C a lif., 60 miles. The I .-S . C . Commission has placed a tentative valuation
o f $ 1 ,502,000 on the total owned and $ 1 ,455,000 on the total used property
o f the com pany a s o f Ju n e30 1917. Stock, $ 1 ,2 0 0 ,0 0 0 . Bonds ($1,200,000
a u th .). M ercantile Trust C o ., San Francisco, m tge. trustee. V . 85,
p . 1005. For year ending D ec. 31 1925, gross, $590,584; net, $95,633 ;
other income, $ 3 1 ,0 8 8 ; fixed charges, $96,491; b a l., su r., $ 3 0,230 . Pres.,
D . M . Swobe, San Francisco.— (V . 122, p . 3079.)
. M E A D V IL L E C O N N E A U T L A K E & L IN E S V IL L E R R . (T H E ).—
M ead ville to Linesville, P a .; 2 0 .5 4 miles; Lynces Junction to Conneaut
Lake Park, P a ., 1.07 miles; total, 21.61 miles; 2d track, 2 .3 4 miles; branches
and spurs, 2 .4 1 miles; yard track and sidings, 7 .9 8 miles. Leased to
July 1 1990 to Pittsburgh Bessemer & Lake Erie R E .; rental, 2 5 % o f gross
earnings. Stock, $200 ,00 0; par, $50. Dividends in 1913 to O ct. 1926,
4 % ( 2 % A . & O .).
For year end. D ec. 31 1925, gross, $ 3 2,880 ; net,
$24,8 7 8 ; interest, $5,4 0 0 ; dividends ( 4 % ) , $ 8,000; balance, surplus, $ 1 1 ,4 78.— (V . 112, p . 274 8 .)
M E M P H IS UNION STATION C O.— Owns union passenger station at
Memphis, Ten n ., used by Louisv. <o N ashv.: N a sh v . Chatt. & S t. Louis,
S
Southern R y . and by M issouri Pacific and St. Louis Southwestern, since
April 1 1912. Interest charges and expenses are apportioned am ong the
lines on the user basis. Stock, $10 0 ,0 0 0 , owned equally by five roads
named. In N o v . 1909 made a m tge. to the Bankers Trust C o. o f N . Y .,
as trustee, to secure an issue o f $ 3 ,0 0 0 ,0 0 0 5 % gold bonds, guar. Jointly
and severally by five roads nam ed. V . 97, p. 1925; V . 9 3 , p . 1324; V. 89,
p . 1411, 1542; V . 9 0 , p. 236; V . 91, p . 94. T h e I .- S . C . Commission has
placed a final valuation of $ 2 ,2 5 9 ,0 0 0 on the owned properties and $793,000
on the used but not owned properties o f the com pany as o f June 30 1916.
P res., A . B . Scates, M em ph is, T e n n .; Sec., R . M . M a rr, M em ph is, Tenn.
— (V . 121, p. 455.)
M E R ID IA N & M E M P H IS R R .— Owns M eridian, M is s ., to Union. 32.19
miles, with terminals at M eridian.
In Jan. 1918 the G ulf M obile &
Northern (which see) purchased the outstanding securities ($500,000 stock,
and $675 ,00 0 1st m tge bonds), and in 1923 the tw e roads entered into an
operating contract. V . 116, p . 2388; V . 188, p . 296; V . 105, p . 2543:
V . 103, p . 1118. Pres. I . B . Tigrett.— (V . 116, p . 23S8.)
M E R ID IA N T E R M IN A L C O .— Owns passenger stations at Meridian,
M iss., opened Sept. 1J.906, and used by Southern R y ., Mobile & Ohio, New
Orleans & Northeastern R R ., A la. & Vicksburg and A la. Great Southern,
which own one-fifth each of the capital stock ($100,000) and guarantee th<
bonds jointly and severally b y endorsement; form , V . 85, p . 601. The I .- S .
C . Commission has placed a final valuation of $390 ,07 4 on the total owned
and used properties of the com pany as of June 30 1918. Pres., E . E .
N orris; T rea s., G . A . C ooke.— (V . 123, p . 1111.)
M E X IC A N R Y ., L T D .— (V . 122, p . 3451.)
M E X IC A N NORTHERN R Y .— Owns from Escalon, M exico, on the M exi­
can Central R y . to Sierra M o ja d a , 83 miles, all steel. See V . 64, p . 619
V . 108, p . 480
B onds, see V . 88, p . 1437, 1500; V . 89, p . 104; V . 9 1 . p . 1026 .— (V.
1 03, p . 7 5 9 ;,V . 107, p . 2098; V . 108. p . 480.)
M E X IC O NORTH W E S T E R N R Y .— Owns and controls 5 4 0 H miles
Gludad Juarez to Tabalaopa
ILa Junta to M luaca____________ 6.34
(C h ih u ah u a)-------------------------475.78|Cum bre to Chuiehupa(building) 5.08
Ban Antonio to Cuslhulrlaohlo.. 13.051
The com pany has leased 250,000 acres o f timber land and owns over
3 0 00,000 acres o f timber lands, with 2 mills at M adera with a capacity
o f 1 7 5 ,000 ,000 ft. per year, and 2 mills at Pearson w ith a capacity o f 250,00 0 ,0 0 0 ft. per year. Controls finishing, & c., plant at E l Paso, Tex.
capacity 100,000 ,000 ft. per year. See V . 88, p . 749; V . 8 9 , p . 3 48, 470;
V . 9 4 , p . 1627; V . 96, p. 287.
Stock, $ 4 0 ,0 0 0 ,0 0 0 (par $ 1 0 0 ). of which $ 2 5,000 ,000 issued.

P la ces W here Interest and
D ivid en d s are P a ya b le

D June 1 1955
A Aug 1 1926 3 %
O Apr 1 1 9 3 7
N N o v 1 1959
.) Jan 1 1943
N M ay 1 1955

See text
Safe Dep & Tr Co, Bost
Mercantile Tr Co, San Fr
Bankers Trust Co, N Y
M ercU T C o.J ack 'n .T en D
Guaranty Trust Co, N Y

May 1 '13 1 H %
D Dec 1 1930
1928
M & S Mch 1 1 9 5 9
M Sc SI 5
J
&
J July29 '26 1734

Office, 82 Beaver S t, N Y
do
do
Sept 1914 coup deferred
Sept '13 coup deferret

834 g M & N M ay 1 1952
.1
4
Sc .1 Jan 1 1940
5
M & S Mch 1 1 9 3 1
5
Q— M Mch 1 1 9 3 1
A S
c
Apr 1 1929
4 g
M <
4 g
fc s Sept 1 1959
M Sc N Nov 1 1939
5
c
Sept 1 1951
334 g M S
J & J 10 July 10 1957
4 g
A Sc
T o O ct 1930
6 g
M Sc 8 T o Sept 1 '32
6
J Sc ,T1K To Jan 15 1935
6
A Sc OIK T o Apr 15 1935
7
J
& D June 11937
5
M &
8 Sept 1 1937
434
.1 & 1) June 1 1 9 3 8
5
& D T o J'ne 1 1939
J
5
M & S 15 To Sent 15 1939
4 34
M & N 1 5 T o M a y 15 '40
434

Reg at G C T ; e p a t G Tr
C en t, Union Tr Co, N Y
do
do
Grand Central Term . NY
do
do
do
do
do
do
Reg at G C T ; cp at Q T»
Guaranty Trust Co, N Y
New York and Phlla

4 g
6
5

5 g
6

4 g
6 g
6
5 g
up to 6
See tex t.

$17,9 0 7 , 700 held by N Y

L ast D ividend
and M a tu rity

S e e T le .* T r .C o . Y ork,P a
Alex Brown & Sons, Balt
Alex Brown & Sons, Balt

4 g

r
i

W h en
P a y a b le

S Apr 1 1 9 3 2
s Mch 1 1 9 5 1
N M ay 1 1936

5

1905

1926 received $15 for each $ 1,000 bond. For year ending D ec. 31 1925,
gross, $965 ,49 7; net, after taxes, $233 ,31 0; other income, $ 1 1,080 ; interest
and rentals, $143 ,99 1; balance, sur., $100 ,39 9. Pres., O . H . N ance.
— (V . 123, p . 1994.)
M A S O N C I T Y & F O R T D O D G E R R .— Owns road from Oelweln, l a .!
to Council Bluffs, 2 60 miles; H ayfield, M in n ., to Clarion, l a ., 100 m .,
branch to Lehigh, 15 m .; trackage. C ouncil BItafS’s to South Om aha, 8
miles; total. 383 miles. The Chicago Great W estern o w es entire outstandng com m on stock ($19,205,400) and pref. stock ($ 1 3 ,6 3 5 ,7 5 2 ), and oper­
ates the road as part o f its main line to Omaha under a 100-year agreement
dated April 30 1901 and modified June 1904, M . O . & F t. D . being credited
with 6 0 % o f earnings on business interchanged. Compare Chicago Great
Western R y . and V . 73, p . 566, 6 16, 722; V . 7 7 , p . 640; V . 7 8 , p . 1782
V . 8 0 . p . 2 621 . Earnings lncl. in those o f O . G . W . system . Th e interest
due D ec. 1 1920 on the $ 1 2 ,0 0 0 ,0 0 0 1st M . 4s was paid by t h e O .G . W .
June 1 1921 and subsequent coupons were not paid because interest was
unearned. Chicago Great W estern is not liable for ln t. on these bonds unless
same Is earned by the M ason C ity & F t. D odge R R . Compare V . 111.
p . 2228; V . 112, p . 2 305 . A protective committee was formed In Dec.
1920 and called for deposit of bonds. Under agreement In O ct. 1922 with
the com m ittee the $ 1 2 ,0 0 0 ,0 0 0 o f bonds, with coupons payable June 1
1921 and thereafter, attached, are to be surrendered In exchange for $ 1 0 .2 0 6,000 o f Chicago Great W estern 1st m tge. 4 % bonds with coupons
payable Sept. 1 1924 and thereafter attached, and $ 3 ,2 4 0 ,0 0 0 o f Chicago
Great W estern pref. stock. A s of June 1 1926 all except $128 ,00 0 o f the
bonds had been acquired, with the Interest coupon due June 1 1921 and
thereafter thereto attached In exchange for Chicago Great W estern bonds
and pref. stock pursuant to the terms o f said agreement. Com pare V .
116, p . 76. 1649.
M A S S A W IP P I V A L L E Y R Y .— Province Line to Lenexvllle, Q ue., 34
miles, with branch, 3 m ; trackage to Sherbrooke, Q ue., 3 m .; total, 40 m.
Leased for 999 years from July 1 1870 to the Boston & M aine R R - Stock.
$800 ,00 0: par of shares, $100; dividends payable F eb . and A u g . 1 . D ivi­
dends. formerly 6 % . 6 % since Jan. 1 1897. O f the stock, $400 ,00 0 owned
by the C onn. & Pass River Is deposited under its m tge and $50,000 was
purchased in 1910 under its option a t par.— (V . 92. p . 1108.)




81

RAILW AY STOCKS AND BONDS

M
M
M

&
&
&

J
&
F &
A &
M Sc
J Sc
M &
J

&

o
s
o

Cen tral R R

Grand Cent Term ’ l, N Y

_______

Guaranty Trust C o , N Y
do
do
do
do
do
do
do
do
do
do

C o.

B O N D S .— Present limit 1st M . 5s, £8,459,700; issued. £5,600,000. V . 88.
p. 749; V . 93, p. 28, 1324, 1463; V . 95, p . 176; Y . 97, p. 521, 595.
As to 6 % cum ulative convertible Income bonds, see V . 94. p. 1627.
T h e Issue o f 15-year prior-lien 6 % bonds is limited to £2,500,000, secured
by a prior lien on the entire property. R ed. at 102 34 any tim e on 6 m onths'
notice. Trustee, N a t. Trust C o ., T o ron to, L td . V . 96. p . 285. 1229
The paym ent o f coupons was deferred, owing to financial conditions In
Europe and M ex ico. V .9 9 , p .6 7 4 .
The holders o f the three classes o f bonds o f the com pany in Sept. 1923
were invited to co-operate with a committee which has been form ed in their
interest to take action in order to safeguard their position. The com m ittee
is as follows: E . R . Poacock (Chairm an), Loring C . Christie, H . M alcolm
H ubbard, J. H . Clifford JoLnston, H . A . Vernet and R . W allace. C om ­
pare V .1 1 7 , p. 1236. 1555: V . 118. p. 1665.

O F F IC E R S .— Pres, and R eceiver, R

H om e Smith; V .-P .. M iller L ash,

L . R . H oard, O. W . B orrett; Sec. & T reas., R . H . M e rry. — (V . 118,
p. 1665.)
M IC H IG A N C E N T R A L R R . C O . (T H E ).— (See M a p s N ew Y ork C entral
L in e s ) .— L IN E OF R O A D .— M ain line— Kensington to D etroit. 272 miles.
branches owned, 913 miles; line jointly owned, 1 mile; leased lines, 577
miles; trackage rights, 109 miles; total operated, 1 ,8 7 1 . miles, with 683
miles o f 2d track, 9 miles o f 3d and 9 miles of 4th track, and 1,567 miles
side tracks, & c.

C hicago K alam azoo & Saginaw R y ., Pavilion to W ood bu ry. M ich .. 55 m .,

is controlled, the stockholders in N o v . 1926 approved the lease o f the road
to the N ew York Central R R . Shareholders voted June 8 1916 to purchase
15 subsidiaries, including all those mentioned in bond table at head o f page
except D etroit River Tunnel C o.
V . 102, p . 2254.
H as considerable
interest in Indiana Harbor Belt R R . See that co. and V . 106, p . 2018.

Third-rail electric D etroit R iver Tunnel, 2.72 m . long, is leased fo r 999
years. V . 90. p . 710; V . 91. p . 276; V . 92, p . 1499: V . 98, p . 236.

The I .-S . C . Commission has placed a tentative valuation"of $ 1 3 0 ,85 8,40 2
on the total owned and $150 ,7 0 3 ,9 7 3 on the total used property o f the com­
pany as o f June 30 1918.
C O N T R O L .— T h e N . Y . Central R R . C o . on D ec. 31 1925 owned
$17,907 ,700 of the $ 1 8 ,7 3 6 ,4 0 0 stock issued. See that c o .’s statem ent (also
V. 03, p . 1787: V . 9 6 . p . 1424. for proposition looking to ultim ate merger
The stockholders on N o v . 4 1926 approved the lease to the N ew 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 N ew York Central R R . for 99
years was temporarily restrained by the U . S. Circuit Court o f Appeals at
Grand Rapids, M ic h ., Sept. 18 1926, upon a petition by minority stock­
holders of the Michigan Central.
Holding that no fraud was evident in the proposed 99-year lease o f the
road by its m ajority stockholders, the New York Central R R ., the U . S.
Circuit Court o f Appeals at Cincinnati handed down an opinion N o v .3 1926
affirming the decree o f U . S. District Judge C . W . Sessions in D etroit, dis­
missing the application o f the Continental Securities C o. of Chicago, a
minority stockholder, for an injunction. Compare N ew York Central
R R . C o. below and V . 123, p . 1111, 1500, 1629, 2389.
L A T E D IV S .— J '05 00 0 / US 0 9 - 1 4 . 1 9 lo to "2 1 . ’2 2 . '23 '24. '2 5 .
Per c e n t -.
---------"(4 v 'lv 5
8
6 6 v 'ly
4°7r vrlv. 8 20 20
20
Paid in 1926: Jan. 2 9 ,1 0 % and 7 34 % extra; July 2 9 ,1 0 % and 7 34 % extra.
B O N D S — T he $100,000,000 R efunding tc im provem ent mortgage of

1916, cover* about 1,200 miles o f directly owned road, also leaseholds.
See. T h e new bonds will be Issued In series, all equally secured, and about
$40,000,000 thereof will be reserved to provide for refunding the under­
lying bonds shown in table a bove, after $10,000,000 o f the new bonds have
been issued for other than refunding purposes, bonds thereafter put out
under the m ortgage for additions and im provem ents m ust not exceed 70 %
of the cost o f such outlays. The debentures o f 1909 are secured b y the
new m ortgage on a parity with the bonds issued thereunder. V . 104, p . 1600,
On D ec. 31 1924 $6,171,000 Series A and $507,000 Series B bonds had
been nominally issued and were held b y or for the com pany.
Battle Creek A Sturgis bonds for $500,000, but o f this $79,000 was sub­
guaranteed b y the Lake Shore & M ichigan Southern (now merged into
the N ew Y ork C entral). 7 miles, being operated by that com pany.
As to 3 h i e o f 1902, see V . 74, p. 728; V . 76, p. 102; V . 83, p. 1229. First
4s on Joliet & N orth. In d .. see V . 84, n. 1367: 1428: V . 100. p . 556, 642.
Toledo Canada So. A D et. 4s, V . 104, p . 1600; V . 82, p . 930; V . 85, p . 406,
In April 1909 an issue of $25,000,000 4 % 20-year debentures was author­
ized. Of the $4,500,000 authorized 4s on Grand River Valley R R .,
$1,500,000 are reserved for double-tracking, & c., and $1,500,000 for future
requirements. V . 88, p. 945, 1002, 1061. 1254; V . 90, p. 1554; V . 89,
p. 170; V . 90, p . 627.
As to guaranteed bonds, see Canada Southern and D etroit R iver Tunnel.
Equipm ent bonds o f 1915, see V. 103. p. 1 45: V. 102. p. 1447
M ichigan Central R R . equipment trust o f 1917, V . 104, p . 1794.
Jointly with four other roads covenants to pay N ew York Central Lines
car trusts o f 1920, 1922, 1923, 1924 and 1925, the com pany’s share o f equip,
trusts outstanding being as shown in table at head of page.

E quipm ent trusts issued to Director-General for rolling stock allocat­
ed to this com pany. See article on page 3 and V . 113, p . 1471.
Governm ent loan, V . I l l , p . 2520; V . 112, p . 162.
R E P O R T — For 1925, in V . 123, p . 338, showed;
Y ears ending D ec . 31-—
1925.
1924.
1923.
1922.
Railroad revenues_______ $ 9 1,864 ,377 $87,614 ,662 $ 9 4,798 ,042 $83,426 ,407
N et from operations____ 29 ,9 7 1 ,3 3 8 2 5 ,455,138 2 7 ,1 5 8 ,5 1 0 2 3 ,850,050
Gross income____________ 2 5 ,292,987 2 0 ,122,325 20 ,7 5 1 ,0 1 2
19.359,468
Rentals leased lines______ 2 ,735,142
2,734,782
2 .7 3 6 .7 4 8
2,736,021
Interest on bonds, & c___
3 ,721,899
3,725,042
3 .7 9 6 .7 4 8
3,8 3 3 ,8 5 8
Other rents & m iscell___
29,750
34,966
C r. 28,682
41 ,3 6 5
D iv id e n d s _______________
5,152,510
3,747,280
3,7 4 7 ,2 8 0
2 ,623,096
Balance, surplus---------$13,653 ,684 $9 ,8 8 0 ,2 5 4 $ 1 0 ,4 2 9 ,1 6 8 $10,195 ,175
R E P O R T .— For 9 m os. ended Sept. 30J1926showed: ry . oper. rev., $ 7 2 ,753,016 , net ry . oper. income, $18,030 ,341 , other income $ 1 ,2 9 7 ,9 9 3 ,
deductions, $4 ,7 7 3 ,4 8 7 , dividends accrued, $4,9 1 8 ,3 0 5 , b a l., sur., $ 9 ,6 3 6 ,542. V . 123, p . 2515.
For latest earnings, see “ Railw ay Earnings Section " (issued m on th ly ).—
V . 123, p . 2 515 .)

82

[V ol. 123,

RAILWAY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S

lF o r a b b r e v ia t io n s , A c . , s e e n o te 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 ount
O u ts ta n d in g

M ich igan C e n tra l ( C o n c l .)—
Bay City & Battle Cr 1st M g gu p & i e n d .M p .z c *
$ 1,000
$49,000
18 1889
Battle Cr A Sturgis 1st M g guar p & 1 end.M D .zo*
41 1889
1,000
X421.000
TolCanSo& Det lstM $ 4 ,5 0 0 ,0 0 0 g gu (en d )G ,xo*A r.
l.OOOAc
59 1906
3 .100,000
Detroit R iv Tunnel Co
See that com pany
M id d letow n & U n io n v R R — 1st M $ 5 0 0 ,0 0 0 .. B a.y
100 Ac
14 1913
190,000
Second M 6 % non-cum adjust inc bonds red p a r._ y
1913
250,000
M idi R ailro a d Co— See text
1.000
M idland Vai R R — 1st M g red 102 H beg ’ le .G P x c *
306 1913
6,3 1 5 ,0 0 0
Adjustm ent mtge (2d Income) gold red par F P .x c *
306 1913 5 0 0 -1 0 0 0
5,5 0 0 ,1 5 0
W ichita A M idland Vai 1st M g gu red par______xc
1.000
pledged
1911
25
Mill Creek & Mine Hill Navigation & RR— Stock------323,375
Milwaukee Lake Shore & W estern— Milwaukee Sparta & Nor th W es tern — Se e Chicago &
Milwaukee & Northern— See Chicago Milwaukee & St Paul
Mine Hill & Schuylkill Haven— Stock (6 % rental) —
50
37
4,2 1 0 ,2 0 0
1,000
450,000
Mineral Point & Northern— 1st M $450,000 g o ld .F .x
26 1905
Mineral Range— Consol mtge (text) gold red at 105-zc
500 Ac
593,000
16 1891
General mtge Interest guar by Canadian Paciflo.Fz
100,000
69 1901
1 ,000,000
1,000
Hancock & Cal cons mtge gold red at 105,assum.. .z
325,000
29 1891
100 2 5 ,7 9 2 ,6 0 0
1925
1 350,000
6 00,000
1925
600 &e
First m tge Merrlam June to Albert Lea g ___ F.zc*
109 1877
950,000
1,000
First Consol Molosed M g (V 59, p 1145) .N .x o * A i
5.2 8 2 ,0 0 0
355 1894
138 1905
Des M oines A Ft Dodge gold guar p & 1 _.C e ,x c * A r
1.000
3 .072,000
1,000 13,244,000
First & Ref M $ 1 3,244 ,000 gold ($18,000 p m) _Cex
770 1899
Refund a n d E x ten M $75,0 0 0 ,0 0 0 g red 105-G xc* Ar* 1,517 1912 1.000 Ac
4 ,004,956
1,000
Eq Tr Ser E due $ 170 ,00 0 yly Feb 1 call 102 H -PeP c
1917
170,000
907,200
Equipment trusts, Director-General of Railroads.
1920
1,000
Iowa Central 1st M 6 (V 49, p 5 8 2 )____
. - Me.zo*
7 .650.095
502 1888
1,000
1st Ref m tge $ 2 5 ,0 0 0 ,0 0 0 g (see text)_U n .x o* Ai
7.156,000
540 1901
625,000
Equip notes N ational R y Service Corp . . .
___
1921
1,061,500
1921
1,382,000
x An additional $ 7 9 ,0 0 0 is

%
3 g
3 g
4 8
See

W h en
P a y a b le

J
J
J

M
6 g
text M

5 g
Up to 5 %
5 g
10
North W

6

g
g
g
g
g
*
g

C ent U nion T r C o , N Y
do
do
Grand Central Term , N Y

A N N o v 1 1933
& N N o v 1 1933

Em pire Trust Jo, N Y
Bankers Trust C o , N Y

&
&
&
&
&

A A u g 2 1926 3 %
See text
N
.T Jan 1 1931
J Jan 1 1951
J Jan 1 1931

& D June 1 1 9 2 7
& N Nov 1 1 9 3 4
&
.1 Jan 1 1935
M & S Mch 1 1 9 4 9
q — F Feb 1 1962
F A A T o Feb 1 1927
j & j 15 T o Jan 15 1935
A D June 1 1938
j
M A
S Mch 1 1951
M ar 1 1930

J
M

J

A

P la c e s W h e r e I n t e r e s t a n c
D iv i d e n d s a r e P a y a b le

D Deo 1 1989
T) Deo 1 1989
J Jan 1 1950

A
&
A

A & O Apr 1 1 9 4 3
Sept. 1 Apr 1 1953
A & <) Jan 1 1931
&
J
J July 1926 5 %
estern

5M
F
M
5 g
4 g & 5 gJ
4 g
J
5 g
J
5
5
7
5
4
4
5
5
6
5
4

L a s t D iv i d e n d
a n d M a tu r ity

New Y o rk and Phila
See text
. . .
_
O ffice. Philadelphia. Pa
heading Term , Phila, Pa
Office 119 S 4th S t, Phila
Farmers L A Tr Go, N Y
64 W all S t, New York
All owned by Can Paolflo
64 W all S t, New York

June’25 lnt.p d.in Sept'25
M a y 1924 interest unpaid
July 1924 interest unpaid
Sept 1923 interest unpaid
Aug 1923 Interest unpaid
25 Broad S t, New York
25 Broad St. N ew York
June 1924 Interest unpaid
Sept 1923 interest unpaid

O Apr 1 1931

uar by N Y Central R R .

M ID D L E T O W N & U N IO N V IL L E R R .— M iddletow n, N . Y . , to N . Y
8 . & W . June., N . Y . , 14.03 miles. Has an agreement with the N . Y . Ont
& W estern R y . for the use in perpetuity both o f the terminal in MiddletowB
and o f the mile o f track used in entering that city.
Reorganization in 1913 (V . 9 7 , p . 887) o f M iddletow n Unionville A
W ater Gap R R ., foreclosed. Cap. stock, $ 1 50 ,00 0. A djustm ent mortgage
coupons have been paid as follows: N o v . 1915, 1 % ; M a y 1916 to N o v .
1917, 2 % semi-annually; M a y 1918 (for 6 m os. ending O ct. 1917 ), 4 % :
full 6 % paid on income bonds in 1918; N o v . 1 1919 to M a y 1 1926 paid 3 %
sem i-annually.
For year ending D ec. 31 1925, gross, $ 1 67 ,99 7; net oper. income, $49,192 ;
other income, $1,5 3 5 ; int. rentals, & c., $ 35,480 ; com. divs., $4,4 7 0 : b a l.,
su r., $12,027 . Pres., G . T . Townsend; V .-P . & G en. M g r ., J. A . Smith;
Sec., Frank H . Finn; T rea s., R . H . C lark.— (Y . 115, p . 1837.)
M ID I R R . C O . (C o m p a g n ie d e s C h e m in s de Fer d u M id i.)— The
M idi R R . C o. system includes 4 ,1 3 9 kilometers of line (about 2 ,568 m iles),
forming the only railroad connection between Spain and Continental Europe.
O R G A N I Z A T I O N .— Organized in 1852; assumed present title in 1898.
C A P I T A L S T O C K .— 125,0 0 0 ,0 0 0 francs, divided into 2 5 0 ,0 0 0 shares of
500 francs each. O f this am ount 2 4 ,6 4 6 ,5 0 0 francs had been called for
redemption up to D ec. 31 1923, leaving outstanding 100,3 5 3 ,5 0 0 francs.
D I V I D E N D S .— A n annual distribution of 1 0 % per annum has been paid
on the capital stock since 1883 (see Governm ent guarantee).
B O N D E D D E B T .— On D ec. 31 1923 bonded debt of co. was as follows:
P ar Value o f Out­
standing Bonds.
3 % bonds 1884 -1 9 5 7 ________________________________________ Frs. 2 ,1 0 6 ,9 1 9 ,0 0 0
2 f i % bonds 1 897 -19 57_______________________________________
111,126 ,000
4 % bonds 1914 -1 9 6 0 ______________________
186,450 ,609
5 % bonds 1920 -1 9 6 0 ______________________
1 9 3,200 ,000
6 % bonds 1 920 -19 60_________________________________________ /
25 1 ,8 8 0 ,5 0 0
{
a4 7 ,4 8 4 ,0 0 0
[
6 8 ,950.000
3 % bonds 1 921 -19 82 _____________________
1 1 8 ,773 ,500
6 % bonds 1921-1982________________________________
4 4 6 ,3 9 7 ,5 0 0
6 % 10-year notes____________________________________________
1 4 5 ,401 ,000
a American issue o f 1920. 6 Sterling, London issue o f 1922.
O f the 6 % bonds, 5 0 ,0 0 0 ,0 0 0 francs were offered in O ct. 1920 b y A . Iselin
& C o ., N ew Y o rk. The sam efirm also offered 2 5 ,0 0 0 ,0 0 0 francs 6 % bonds,
issue of 1920, in M arch 1921. V . 114, p . 1063. These bonds are redeemable
at par b y annual drawings, in accordance with the amortization schedule
printed on the bonds, in am ounts sufficient to retire the entire issue b y 1960,
the com pany reserving the right to increase the amount to be redeemed in
any year. Convertible at any tim e into an equal principal am ount of 6 %
French bonds, listed on the Paris Bourse, but subject to French taxes.
Principal and interest (J. & D .) payable at the office of A . Iselin & C o .,
36 W a ll S t ., N ew Y o rk , without deduction for any French taxes, present
or future, if held b y non-residents of France. Compare Y . I l l , p . 1472.
N o mortgage has been issued on any part o f the property, all bonds rank
equal and are a direct obligation o f the com pany (see G ovt, guarantee).
G overnm ent G uarantee.— B y an agreement between the com pany and
the French G o v t ., approved b y a law enacted N o v . 20 1883, it is provided
that if in any year, prior to D ec. 31 1960, the end of the concession of the
com pany, the net income of the com pany is not sufficient to cover the
Interest on, and the amortization of, its bonded debt, and to m ake a dis­
tribution o f 12 ,5 0 0 ,0 0 0 francs on its capital stock (at the rate of 50 francs
per share o f 500 francs), the French G o v t, will provide the com pany with
the am ounts necessary to m ake up the deficiency, any am ounts so advanced
to be repaid w ith interest at the rate o f 4 % per ann. (3 % since 1896 in ac­
cordance with the agreement in connection with the transfer to the G ovt,
of the two canals mentioned above) out o f any surplus net income of the
company remaining after making distribution of 1 0 % on its capital stock,
and that if at any tim e prior to the end of the concession the G o v t, shall re­
purchase the com p any’s property and take over the operation of its railroad,
the G ovt, will p a y to the com pany annuities not less than the aggregate
amount required for interest on, and amortization of, its bonded debt, and
for making a distribution o f 1 2 ,5 0 0 ,0 0 0 francs on its capital stock.
N ew C on ven tion .— See Paris-Lyons-M editerranean R R . below.
E A R N I N G S .— (Figures given are per 1,000 francs).
Y ea r—
1910.
1915.
1918.
1921.
1922.
1923.
Operating receipts_____ 128,505 135,313 184,496 420,136 4 42,982 475,916
160,247 496,337 45 7 ,7 8 5 451,211
Operating expenses____ 70,294 81,6 1 5
24 ,2 4 9 76,201 - 1 4 ,8 0 2 2 4,705
N et operating in c o m e .. 58,2 1 0 53,6 9 8
58,6 0 5
60 ,0 5 8 109,699 141,579 142,963
Fixed charges, & c______51,961
1 2,500 12,500 1 2,500 12,500
1 0 % dividend on stock . 12,5 0 0 12,5 0 0
Advances m ade b y G ovt.
under agreement with
the G overnm ent____
6 ,2 6 0 17,407 4 8 ,3 0 9 _______ _______ _______
O F F IC E R S .— C h. Verge, Pres.; C om te Louis de Segur, Etienne M allet,
Jules Cam bon, V .-P s .; M arcel Peschaud, Sec.; C . M an g e, M g r ., Paris,
France.— (V . 121, p . 2748.)
M ID L A N D V A L L E Y R R . C O .— Owns and operates from Excelsior,
A r k ., south to H oye, A r k ., and north to Fidelity, A rk .; also from Excelsior
west to Silverdale, K a n ., and from Jenks, O k la., to Glenpool, O k la., a total
of 306.17 miles; also operates under trackage from Rock Island, A r k ., to
F t. Smith, 16 m ., and Silverdale to Arkansas C ity, K a n ., 9 m .; leases
W ichita & M idland Valley R R ., Arkansas C ity to W ich ita, 51 m iles, for
50 years from July 29 1910, for 2 5 % o f the gross earnings (and any de­
ficiency necessary to meet the bond interest and taxes;) total owned or
controlled and operated. 459 miles (V . 121, p . 195.)
Th e I .-S . C . Commission has placed a tentative valuation of $10,750 ,000
on the total owned, and $11,725 ,185 on the total used properties of the
com pany, as of June 30 1919.
O R G A N I Z 'N .— In 1913 readjusted without foreclosure. V . 96- P- 554.
S T O C K — A u th ., common, $ 1 6,000 ,000 : pref., $5,000 ,0 0 0 ; outstanding.
$4 ,0 0 6 ,5 0 0 common and $3,99 9 ,2 5 0 5 % pref. (prin. & d iv .); par $ 50. The




R a te

voting trustees decided to terminate the voting trust on M a y 10 1 9 2 3
The pref. stock is redeemable at par on any d iv. date after July 1 1916 on 30
days’ notice. A n initial div. o f 2 H % on the pref. stock weis paid June 1
1923; same am ount paid semi-annually to June 1 1926. On com m on,
paid initial dividend o f 2 14 % on April 15 1925; same amount paid semi­
annually to O ct. 15 1926.
Th e stockholders in Sept. 1925 were given the privilege of subscribing
to 4 0,000 shares (no par value) at $50 per share to the extent of 1 6 J4 % of
their holdings to the stock of the M u sk o g ee C om pa n y. The latter com pany,
incorporated under the laws of Delaware, was organized as a holding
com pany to own a controlling interest in the securities of the Kansas
Oklahoma & G ulf R y ., upon its reorganization and foreclosure. V . 121,
p . 1225.
On Feb. 20 1926 paid a stock dividend on the common stock, payable in
stock o f the Bird Creek C o. to common stockholders of record Feb. 15 1926,
on the basis of one Bird Creek share for each share o f M idland common
stock held.
B O N D S .— The first 5s and adjustment M . (income) 5s, issued per plan
7 . 96, d . 5 54, are a first and second lien, respectively, on (1) the entire
property; (2) the leasehold Interest in the W ichita & M idland Valley R R .
and all the $ 1 ,0 2 5 ,0 0 0 1st M . bonds of the latter and $ 4 6 0 ,0 0 0 of Its $ 5 0 3 ,3 0 0
common stock; (3) Sebastian County Coal & M ining C o. bonds, $ 1 ,2 4 1 ,5 0 0 ,
and stock, $25 0 ,0 0 0 (being total outstanding issue of both securities),
owning about 18,500 acres of semi-anthracite coal lands. O f the 1st 5s,
$ 5 ,0 0 0 ,0 0 0 have been issued on account o f retirement o f outstanding
bonds and other indebtedness and im provem ents, & c ., o f the remaining
$10,000,000 reserved for 8 5 % o f the cost o f im pts.. extens, A c ., under
careful restrictions. Issued, $ 6 ,715,000, o f which $ 6 ,3 1 5 ,0 0 0 are outftandlng and $400,000 are in treasury. See V . 9 6 , p . 1423, 1489.
The interest on the adjustment M . bonds Is to be paid annually. If earned;
The $3 ,5 1 2 ,5 0 0 Series A bonds have priority both as to lien and.
payment of Interest over the $ 2 ,0 0 0 ,0 0 0 Series B bonds.
For the year ended June 30 1917 3 % was earned and paid on Sept. 1.
on adjustm ent m tge. Series A bonds; 4 % interest was declared payable
Sept. 1 1918 for the year ended June 3 0 1918 but sam e was not made until
O ct. 2 1918 on account of funds of com p, being under Governm ent control
3 % interest was declared, payable Sept. 1 1919, for year ended June 30
1919; 3 % was declared for the year ended June 30 1920, payable Sept. 1
1920; Sept. 1 1921 to Sept. 1 1926 paid each year 5 % on Series A ana B
bonds.
R E P O R T .— For 1925, gross, $ 4 ,3 8 2 ,1 6 8 ; net oper. income, $ 1 ,1 9 0 ,3 5 9 ;
other income, $ 1 85 ,03 3; in t., rentals. A c ., $703 ,6 6 9 ; pref. d iv ., $ 1 99 ,96 2;
common d iv ., $ 2 00 ,32 5; b a l., sur., $271 ,4 3 6 .
For latest earnings, see “ Railway Earnings Section” (Issued m onthly).
Pres., C . B . Ingersoll; 8ec. & T reas., J. R . K . D elany. Office, L a fay­
ette Building, Philadelphia.— (V . 123 p . 840.)
M IL L C R E E K & M IN E H IL L N A V IG A T IO N & R R .— Mill Creek Jet. to
Broad M ountain, P a ., 3 .9 5 m .; branches, 1 .92 m .; second track, 3 .7 1 m .
Sotal track, 59.99 m . Leased in 1861 for 999 years to Phila. & Reading R R .
ease assumed in 1896 by Phila. & Reading R ailw ay, rental, $ 33,000 & taxes
M INE H IL L & S C H U Y L K IL L H A V E N R R .— From Schuylkill H aven to
Ashland and Enterprise Jet., 36.7 2 m .; 2d track, 20.6 0 m .; total track,
130.40 m . In 1897 rental reduced to 6 % on stock under new lease for 9 99
years from Jan. 1 1897 to Phila. fc R ead. R y . C o.; 2 H % is paid in F eb. and
3 % in A u g .,
°7c being deducted for taxes.— (V . 115, p . 2379.)
M IN E R A L P O I N T & N O R T H E R N R Y .— Highland to Highland Jet-,
W is., 2 6 .4 miles; trackage to M ineral Point, 4 .2 m .; total, 3 0 .6 miles.
Th e I .- S . C . Commission has placed a final valuation of $556 ,92 7 on the
owned and used property of the com pany as of June 30 1917.
Stock,
$550 ,00 0; par $100. Bonds, $450 ,00 0 maturing M a y 1 1925 were extended.
For cal. year 1925, gross $90,6 6 4 ; net, $ 2 4,909 ; charges, $ 2 2 ,9 8 3 ; b a l.,
sur., $ 2 ,5 2 2 . Pres., Thos. D . Jones, Chicago; V .-P re s. and G en. M g r .,
W . R . Sm ith, M ineral Point, W is .— (V . 122, p . 880.)
M IN E R A L R A N G E R R . C O .— M ain line owned, 60 miles; leased lines,
29 miles; total operated, 89 miles; owned but not operated, 9 miles; total,
98 miles.
In 1895 paid dividends of 1 0 H % ; in 1890, 7 % : 1897. 7 % ; 1898, 3 * % !
none since. Stock, 5 1 ,500,000; par, 5100.
B O N D S .— Consols for 51,000 are reserved for $3,000 old bonds.
Of the
$593,000 outstanding, $339 ,00 0 are 5s; the Canadian Pacific owns
the remaining $254,000 (which are 4s) and the $ 1 ,0 0 0 ,0 0 0 gen. m tge. 4s,
both of which it guar, as to int. V . 7 5 , p. 5 54. See V . 7 3 , p. 5 56, 6 1 6 ; V . 7 3 .
p. 785.
R E P O R T .— For 1925, gross, $501 ,04 3; net oper. in c., $ 4 6 ,5 3 7 ; other
income, $ 5 3,476 ; deductions, $99,5 2 7 ; b a l., sur., $486. V . 122, p . 2795.
O F F IC E R S .— Pres., C . T . Jaffray, M inneapolis; Sec., W . R . Harley,
Minneapolis; T reas., W . J. Ellison, M arqu ette, M ich . N . Y . office,
64 W all S t.— (V . 123, p. 2 389 .)
M IN N E A P O L IS & S T . L O U I S R A I L R O A D C O . ( T H E ).— Road
Includes:
Road Owned (C on tin u ed )—
M ile s .
R oad Own6d—
M iles.
W inthrop, M in n ., to Storm L a k e.154
Minneapolis to Angus. I a ---------260
Branches _______________________
155
Des M oines to R uthveu, I a ___ 138
T r a c k a g e _____________________
114
Hopkins, M inn., to Leola, S .D -3 2 9
Conde to Akaska, S. D _________103
Northwood to Albia, Iow a-------189
Oskaloosa, l a ., to Iowa J et.,111.186
.1,028
Total owned and operated------------The line o f road extending from Albert Lea, M in n ., to M a n ly Junction,
Iowa (27.58 m iles), is owned jointly w ith the Chicago R ock Island A
The I .-S .’ C . Commission has placed a tentative valuations of $ 46,944 ,428
on the fotal owned, and $ 4 6 ,0 5 7 ,5 4 4 on the total used properties of the
com pany, as of June 30 1917.

Nov., 1926.]

83

RAILW AY STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N I E S
[For abbreviations, & c ., see notes on page 8

* l n n e a D S t P & S S te fll— Com stock $ 2 8 ,0 0 0 ,0 0 0 .
Preterred stock 7 % non-cum $14,0 0 0 ,6 0 0 (see text)
Leased line ctfs $ 1 2 ,5 0 0 ,0 0 0 au th------------------------------l s t O o n M g l n t guar (end) (see te x t)______Ce.xc*&r*
1st ref M s f g Ser " A ” $ 1 5 ,0 0 0 ,060 au th - G c * & r *
Seoond mtge $ 5 ,0 0 0 ,0 0 0 gold m t guar _ .C e .x c * & r *
Central Terminal Joint 1st M g red te x t-G .x o * & r*
Collateral trust gold bonds----------------------------------Bazc*
Collateral trust notes red 1 0 2 )4 ---------------------------B ac*
:2-year notes--------------------------------------------------------------- Ce
Oar trust 8er H due $50,000 y r l y ____________________ c
do
8er. I due $250,600 yrly_____________ Cexxxc
do
Ser J due $246 ,00 0 yrly ---------------- Ce.xxxc
o
Ser K due $118,000 s-a __________ xxxc*& r*
do
Ser L due $ 20,600 s -a --------------------------- xxx
do
Ser M due $51,000 s -a ------------------------xxxc*
a O f which $56,8 6 3 ,0 0 0 are 4s and $ 1 4 ,2 8 4 ,0 0 0 are

M ile s
Road

3.2 9 9
3.299
3.299

D a te
Bonds

1888
1921
1899
1911
1921
1924
1926
1920
1920
1921
1923
1925
1926

P ar
V a lue

Am oun t
Outstanding

Rate

%

$100 $ 2 5,206 ,800 See text
UK) 12,603,400 See text
4
100 11,249.200
1,000 0 7 1 ,147 ,000 4 g & 5 g
2.4 0 0 .0 0 0
6 g
1,000
4 g
1,000 3.5 0 0 .0 0 0
4 s
4 .1 5 3 .0 0 0
l.OOO&c
6)4 g
1 000 10 , 000,000
3 ,3 9 8 ,1 0 0
534
100 &c
1.500.000
434
6
200.000
1,000
1,000.000
7 g
1,000
2 .1 6 0 .0 0 0
1.000
634 g
5
1 .534.000
1,000
5 g
3 4 0 ,0 0 0
1,000
1.0 2 0 .0 0 0
434
1,000

O R G A N I Z A T I O N — Incorporated in Iowa July 1 1916 (V . 103, p. 145)
as a consolidation of M in n . & St. Louis R R . of M in n , and Iow a. V . 59,
p. 371; V . 93, p . 1668 ), and Iow a Central & W estern R y . and per plan of
Feb. 1916. V . 102. p . 522, 529; V . 103, p . 2163; V . 104, p . 2240.
R eceiver A p p o in te d — Protective Com m ittee f o r B ondholders.— W . H . Brem ner was appointed receiver July 26 1923 b y Federal Judge W . F . Booth at
M inneapolis. Following the appointment o f the receiver, the committee
named below was formed to protect the interest of the 1st & ref. m tge. 4 %
50-yr. gold bonds and Iowa Central R y . 1st & ref. M . 4 % 50-yr. gold bonds.
Com m ittee.— Jules S. Bache o f J. S. Bache & C o .; F . Q. Brown o f R ed­
mond & C o .; Charles Hayden o f H ayden, Stone & C o .; D e W itt Millhauser
o f Speyer & C o .; Le R oy W . Baldwin o f Empire Trust C o .; with E . P .
G oetz, Sec., 42 Broadway, N . Y , . and Alfred A . C ook, counsel. Empire
Trust C o ., N . Y . , depositary. V . 117, p. 4 4 0 , 554; V . 118, p . 2042 .
In O ct. 1923 another committee was formed to protect the interest o f the
1st & ref. m tge. 4 % 50-year gold bonds. Th e committee is composed of
James H . Perkins, Pres, o f Farmers’ Loan & Trust C o ., N ew Y o rk; P . Le
R o y H arw ood, V .-P res. o f M ariners’ Savings Bank; H . F . W h itcom b,
Northwestern M u tu a l Life Ins. C o . o f M ilw aukee, and James Lee Loom is,
V .-P res. o f Connecticut M u tu a l Life Insurance C o. Sec’y is F . A . D ew ey,
22 W illiam S t., and depositary. Farmers Loan & Trust C o ., N ew Y o rk .
V . 117, p . 1664; V . 118, p . 1135.
In O ct. 1924 a com m ittee, composed of L . Edm und Zacher, F . J. Lisman
and W alter H . Bennett, with W . C . Robertson, Sec., 128 Broadw ay, New
Y o rk, and American Exchange N a t. B ank, N . Y . , depositary, was formed
to protect the interests o f the holders o f the 1st consol, m tge. 5 % gold
bonds, due 1934, and the D es M oines & F t. D odge R R . 1st m tge. 4s, due
1935. V . 119, p . 1184, 2064; V . 120, p. 1583.
In O ct. 1924 the following committee was formed for the protection of
the interests of the holders o f the M erriam Junction-Albert Lea 1st m tge.
bonds, due June 1 1927: Samuel Sloan, Beekman W inthrop, Lewis B.
Curtis, with P . C . Beardslee, Sec., 22 W illiam S t., N ew Y o rk , and Farmers
Loan & Trust C o ., N . Y . , depositary. V . 119, p. 2064.

W h en
Payable

L a st D ivid en d
and Maturity

Places W h ere In terest and
D ivid en d s are P ayable

See text
See text
A & O
J
<6 J
3
&
J
J
&
J
J
M ft N
M & 8
M & S

D ec 17 ’23 4 %
D ec 17 ’23 4 %
Apr 1 2008
July 1 1938
July 1 1946
Jan 1 1949
N ov 1 1941
Sept 1 1931
M ar 1 1949
June 10 1928
To Apr 1 1930
To June 1930
T o M a r 1 1935
M a r '27-M a r '33
M a y ’2 7 -M a y ’35
T o M a y 1 1936

Minn office; checks m all
do
do
do
do
Bank o f M ontreal. N Y
Bank o f M ontreal, N Y
Bank o f M ontreal, N Y
Bk o f M o n t, N Y & Lon
Bank of M ontreal, N Y
New York

A A o
J & D
M <
fc 8
M &
8
M & N
M & N

R E P O R T .— For 1925, in V . 122, p .
— ■ ■ -— ------ x
——
E a rn ings—
1925.
Passenger__________________$ 1 ,251,268
Freight___________________ 13,02 1 ,8 3 8
M a il, express, & c_______
801,167

Minneapolis Tr C o , M inn
Bank of M ontreal, N Y
do
do
D ll., Read, N Y ; & PeP
Minneapolis Tr C o , M inn
do
do

3 4 4 8 , showed:
Com bined---------------- -------- 1924.
1923.
$1 ,4 1 4 ,6 7 7 $ 1 ,641,911
1 2 ,833,062 14,10 3 ,6 3 4
8 4 8,133
859,576

C orporate.
1922.
$1,83 5 ,3 7 3
12,865,023
857,851

Total oper. r e v e n u e ..$15,074 ,273 $15,0 9 5 ,8 7 2 $16,605 ,121 $15,558 ,247
E x p 671S6S---Maintenance o f w ay, &c. $ 2 ,442,591 $ 3 ,0 4 1 ,8 6 9
$ 2 ,3 1 5 ,9 5 4 $ 2 ,245,452
M ain t. o f equipm ent___
3 ,2 5 6 ,0 7 5
3 ,8 5 4 ,6 4 7
3 ,8 0 7 ,3 4 6
2 ,921,073
Transportation expenses
6 ,571,801
6,783,123
7 ,3 2 9 ,8 2 8
7,3 9 8 ,7 1 8
Traffic expenses_________
38 9 ,1 7 0
337,935
31 4 ,0 8 4
291,703
General, & c______________
560,532
535,656
521,993
480,764
T axes_____________________
760,858
726,955
790,483
829,166
Total exp. & t a x e s ...$ 1 3 ,9 8 1 ,0 2 6 $ 1 5 ,2 8 0 ,1 8 4 $ 1 5 ,079 ,688 $14,1 6 6 ,8 7 5
N et operating reven u e.. $1 ,0 9 3 ,2 4 7 d ef$184,312 $ 1 ,525,433
$1 ,3 9 1 ,3 7 2
D iv s. on stock owned___
24,1 4 4
24,1 4 4
8 4 ,1 4 4
4 ,1 4 4
R entals, lease o f road, &c
218,742
3 6 1,870
330,031
29 1 ,5 0 2
Total net income______$ 1 ,336,133
D ed uct— •
Interest on funded d e b t. $ 2 ,0 5 5 ,1 6 0
I n t., disc’t & exchange._
125,159
Miscellaneous ch arges..
433,001
Hire o f equip., balance. _
628,022

$201,702
$ 2 ,0 7 9 ,9 9 4
88,361
364,041
672,619

$ 1 ,939,608

$ 1 ,6 8 7 ,0 1 8

$ 2 ,1 2 6 ,6 2 0
8 9,434
362,111
494,864

$ 2 ,0 9 2 ,2 9 6
2,759
3 57,488
3 96,399

Total fixed, & c., chges $ 3 ,2 4 1 ,3 4 2 $ 3 ,205,015 $3,073,029 $ 2 ,8 4 8 ,9 4 2
Balance, deficit__________$ 1 ,9 0 5 ,2 1 0 $3,00 3 ,3 1 4 $1,133,422 $1,16 1 ,2 9 4
x Combined income account, corporation and receiver.
O F F I C E R S — Pres., W . H . Bremner; V .- P ., W . P . H aw ley, E . E . N ash;
Sec., F . M . Tom pkins; Treas., W . B . Davids; C om p t., A . E . Sm ith. Office,
Transportation B ld g., M inneapolis, and 25 Broad S t., N ew Y o rk .—
(V . 123, p . 2257.)

M IN N E A P O L IS S T . P A U L & S A U L T S T E . M A R IE R Y .— M ileage
owned and operated as of D ec. 31 1925:
M ile s .
Minneapolis, M in n ., to Sault Ste. M arie, M ic h ____________ 492 .4 2
St. Paul, M in n ., to Cardigan J e t., M in n ___________________
8 .13
2 .04
Sum m it J et., W i s ., to St. Croix F alls, W is ________________
Minneapolis, M in n ., to Portal, N . D _____________________
548.99
265.05
Glenwood, M in n ., to N oyes, M in n _________________________
Thief River F alls, M in n ., to Kenm are, N . D ____________ 296.44
Fordville, N . D . , to D rake, N . D _________________________
130.96
Drake, N . D . , to Plaza, N . D .................................
83.62
Stockholders' Com m ittee.— A stockholders’ com m ittee has also been formed
Prairie J e t., N . D . , to Sanish, N . D _______________________
3 2.80
consisting o f Pierpont W . D avis, Chairman; W . P . H aw ley, W . B . D avids.
S. B . N ovem ber and Chas. E . Graham , with James M cL ean , Sec’y , 55 W all Hankinson, N . D . , to W ishek, N . D _______________________ 136.17
Asniey, N . D . , to Bism arck, N . D ____ ____________________
97.57
S t., N ew Y o rk , and M arcus L . B ell, counsel, 25 Broad S t., N ew York.
Ashley, N . D . , to Pollock, S. D ____________________________
50.75
The National C ity Bank o f N ew Y o rk, depositary, 55 W all S t ., N ew Y o rk.
Bismarck, N . D . , to M a x , N . D ____________________________
90.41
V . 117, p . 554, 1884; V . 121, p. 2035.
Flaxton, N . D ., to W hitetail, M o n t _______________________ 136.62
S T O C K .— See table at head of page.
Fairmount, N . D . , to Greenville, S. D ____________________
87.17
Egeland, N . D . , to Armourdale, N . D ____________________
21.88
D IV ID S
1 ’97. ’98. '99. ’00. '01. '02. ’03. ’04. ’05 to J a n .’ lO.
Brooten, M in n ., to D u lu th , M in n _________________________
187.43
3 )4 4 )4 5
5
5
5
5
5 yearly
None
Preferred______) 3
M oose Lake, M in n ., to Plumm er, M in n ___ _______________ 192.47
Gammon_______ j ------ None-----1 ) 4 4 5 5 2 ) 4
0
since
Lawler J e t., M in n ., to C uyuna, M in n _____________________
39.15
C uyuna, M in n ., to Kennedy M in e, M in n __________________
0 .9 3
B O N D S . &C.— Bonds due 1927, Nos. 1101 to 1400, for $500 each, addi­
Range J e t., M in n ., to Riverton, M in n ____________________
5.56
tional to those above, were assumed by B. C. R . <s N. (now C. R . I. & P .)
S
Ironton Loop, M in n ., and N . P . Connections____________
1.53
Iron H ub J et., M in n ., to Hoch M in e _______________________
8 .2 2
First Refunding m tge. o f 1899 is limited to $ 1 3 ,2 4 4 ,0 0 0 . T h e m tge. is
Columbia Heights J et., M in n ., to Hilo J e t., M in n ______
1.09
1st lien on 277 miles o f road and on $299 ,50 0 stock of R ailway Transfer C o .
Dresser J et., W is ., to Boylston J e t., W i s _________________
96.7 9
o f Minneapolis; also a lien on property covered b y the M erriam Jet. &
Superior Ore D ock Line. W is ________________________________
6.63
Albert Lea m ortgage, 1st consol, m tge. and D es M oines & F t. D odge 1st
Barron, W i s ., to Ridgeland, W is ___________________________
18.52
m tge., subject, however, to those mortgages. Interest due Sept. 1 1923
Cam eron, W is ., to Reserve, W is ___________________________
4 1.45
was not paid. V . 68, p . 187, 3 32; V . 79, p . 2147; V . 8 0 , p . 2220 ; V . 8 7 ,
Rex, M ic h ., to M eades Quarry, M ic h __________•_________
_
11.88
p . 1420; V . 88, p . 2 9 5 , 4 5 2 , 506; V . 117, p . 1129. See V . 6 9 , p . 32.
Rapid R iver. M ic h ., to Eben J e t., M ic h _________________
30.54
Th e “ Refunding and Extension” 50-year bonds, dated Jan. 1 1912 ($75,Gladstone C oal D ocks, M ic h ________________________________
1.54
000,000 auth. issue) are secured b y a general lien on properties now owned,
Wisconsin J e t., W i s ., to W innebago J e t., W is ____________ 118.74
subject to existing liens, and have a first lien on 216.93 miles of road, v iz..
North W y e , W is ., to Appleton, W is _______________________
1.07
W ater town to Leola, S. D ., 113.85 miles, and Conde to A kaska, S. D .,
Western J e t., W is ., to W estern Siding, W is _______________
10.75
103.08 miles. Issued to D ec. 31 1925, $ 8 ,9 8 5 ,0 0 0 , o f which $ 1 ,5 0 0 .0 0 6
Hollister, W is ., to C am p N o . 5, W is _______________________
3 .4 2
were pledged as security for note issued to Director-General o f Railroads
Spur Lines______________________________________________________
17.15
covering Federal control settlem ent; $785 ,00 0 were pledged as security for
Thief River F alls. M in n ., to Goodrich, M in n ____________
18.67
loans and bills payable; $ 2 ,3 7 7 ,0 0 0 were pledged as security for 10-year
loan from the United States Government; $ 318 ,04 4 were held in the
M ileage owned D ec. 31 1925_________________________________ 3 ,2 9 5 .0 0
treasury unpledged, and $ 4 ,0 0 4 ,9 5 6 were outstanding in the hands o f the
The i .-S . C . Com m ission has placed a tentative valuation ot $104 ,6 7 4 ,0 0 0
public. O f $66,015 ,000 unissued bonds, $ 3 7 ,354 ,000 are reserved to retire
on the properties o f the com pany as of June 30 1916.
an equal amount of underlying bonds, $ 1 5,661 ,000 for im pts., second
H I S T O R Y .— A consolidation in 1888 of Minn. Sault Ste. Marie & A t l .
track, & c., $3,000,000 to purchase rolling stock and $ 1 0 ,0 0 0 X 0 0 for addi­
Minn. & P a c., &c.
See V . 46, p. 538. 609; V . 77, p. 628.
tional road, branches or terminals. Interest due A u g. 1 1923 was not paid.
In 1909 5 1 % of Wisconsin Cent. com. stock was purchased, affording a
Chicago connection, the road being leased for 99 years from April 1 1909;
The $ 3 ,072,000 D es M oines & Fort Dodge 4 % bonds dated Jan. 1 1905
$11,249 ,200 4 % leased line ctfs. have been issued (see W is. C e n t .), secured
were guar., p. & i. V . 79, p . 1704, 2696.
by Wia. C en t. pref. stock, $ for $. V . 88, p . 232, 564, 686; V . 9 8 , p . 1668.
Interest due Sept. 1 1923 on the Iowa Central 1st & ref. m tge. 4s, due
In t. on W ise. Cent. 1st & ref. 4s ($5,816,000 out)Is guaranteed. V . 9 5 , p . 9 6 8 .
M arch 1 1951, was not paid. V . 117, p . 1129.
The company offered to take up at 43 34 Wisconsin Central Com m on stock
Interest due M a y 1 1924 on the 1st consol, m tge. 5 % gold bonds, due
Issuing in exchange 534 % notes secured by Wisconsin Central stock. Th e
1934, was not paid. V . 118, p . 2179, 2437.
offer expired M a r. 31 1924, 9 5 % of the minority stock having been deposited
Interest due June 1 1924 on the Iowa Central 1st m tge. 5 % gold bonds,
in acceptance o f the offer. V . 118, p . 1665, 2437.
due 1938. was not paid. V . 118, p . 2824.
The Central Terminal R y ., organized In 1911, on A p r. 1 1914 opened a
A ll interest on the M erriam Junction-Albert Lea 1st m tge. 7 % bonds,
aew Chicago terminal. See B O N D S below. V . 93, p . 1463, 1387, 8 7 1 ;
285; V . 95. p . 745.
due 1927 paid to date.
Equipm ent trusts issued to Director-General for rolling stock allocated
In A ug. 1921 acquired the property of the W isconsin & N orthern. V .
to this com pany. See article on page 3.
113. p. 183.
There were also outstanding as o f D e c .3 1 1 9 2 5 $ 1 ,1 1 4 ,5 7 5 notes held by
S T O C K .— Canadian Pacific on D ec. 31 1925 owned $ 1 2 ,7 2 1 ,0 0 0 common
N ational R y . Service C orp ., due $ 5 3,075 s .-a . (M a y 20 and N o v . 2 0 ).
and $6,36 1 ,8 0 0 preferred. Preferred stock has preference as to dividends
G overnm ent loan. V . 112, p . 1519
only. Each year’s surplus earnings are regarded as a separate fund. ^ I f
In D ec. 1924 the following committee was formed for the protection of
the interests o f the holders o f Iowa Central 1st m tge. 5 % bonds due
June 1 1938: George E . Roosevelt (Roosevelt & Son) Chairman; W illiam
C . Quarles (Finance Com m ittee, Northwestern M utual Life Insurance C o .);
Daniel J. Glazier (Treas. Hartford Fire Insurance C o .); R . G . Page (Bank­
ers Trust C o .) with H alvarU tvik , Sec., 31 Nassau S t., New Y o rk, and R oot,
Clark, Buckner & H ow land, Counsel, Bankers Trust C o ., N ew York,
depositary.




84

[V ol. 123.

RAILW AY STOCKS AND BONDS
M ile s
R oad

R A IL R O A D C O M P A N IE S
lF or abbreviation s, & c ., see n otes on pa ge 8]

■ i n n e s o t a T r a n s f— 1st M g call 102 X 1922 ■ f c*& r*
M ist Cent— 1st M 810,0 0 0 .0 0 0 g gu red ( t e x t ) -.Q .x o *
U 8 Lumber Oo notes due $50,000 s a _______________
H o & 111 Br & Belt— StC M * S t L B 1st M red g .S S t.a o *
Consolidated mortgage $ 2 ,5 0 0 ,0 0 0 authorized g __x
M U so u ri-Illin o is R R — Stock $ 1 ,8 0 0 ,0 0 0 _________
First mtge bonds____________________________________

164
3 .34
3 .34

D ate
B on d s

1916
1909
1923
1901
1904
1921

Par
V a lu e

$ 1,000
500 &c

A m oun t
O utstanding

$2,21 9 ,0 0 0
2 ,959,100
400.000
1.000
716,250
1.0 0 0
709.000
100
1 ,500,000
492.000

W h en
P a y a b le

5g
5g

L ast D ivid en d
and M a tu rity

P la ces W h ere In terest and
D iv id en d s are P a y a b le

&
A

4 g
4 g
F

&

A Aug 1 1 9 4 6
J July 1 1949

N Y and St Paul
N T , C allaw ay. Fish A C o

Jan 1 1951
Jan 1 1 9 5 1

F
J

St Louis Onion Trust Oo
do
do

A Feb 15 1931

First Trust Sc 8 B k , Chic

dividends are declared from any such fund the first 7 % on par goes to the
preferred; the next 7 % on par goes to the com m on; any further dividends
from the same source m ust be In equal percentages on both pref. and com .

O F F IC E R S .— Pres., C . T . Jaffray; V .- P ., G . W . W ebster; Sec., W . R .
Harley; T reas., C . H . Bender; C o m p ., D . J . B on d , all o f M inneapolis.—
(V . 122, p . 3335.)

D IV I D E N D S .—
V’0 3 . ’04. '05. ’06. '0 7 . ’08. ’ 09. 1910 to ’2 1 . '2 2 -’23.
4
4
4
6
7 yearly
text
Com m on___________ % J 2
4
6
A dividend o f 2 % was declared payable April 15 1922, but paym ent of
this d iv. was enjoined by the U . S. District C ourt o f M innesota following
a suit brought b y two stockholders involving the question o f rights o f pref.
and common stockholders. In D ec. 1922 the directors declared 2 % pay­
able D ec. 28 1922, this paym ent also being enjoined by another suit brought
b y the same plaintiffs. See V . 116, p . 2123 . In M a y 1923 a decision
was rendered in favor o f the directors. V . 116, p . 2129; V . 115. p . 869,
1429 , 1532, 2581 , 2 685 . On O ct. 15 1923 the U . S. Supreme Court denied
an appeal in the suit. Compare V . 117, p . 1775 . On D ec. 17 1923 paid
4 % on both the com m on and preferred stocks.

M IN N ESO T A TR A N SFE R R Y .— Union road owning 12.63 miles, ex­
tending from junction with Chic. M llw. & St. Paul at Merrlam Park to Frid­
ley (with stock yards, <5oc.); side tracks, 9 5 .4 2 miles; total, 108.05 miles.
V . 104, p. 1045. Stock, $ 63,000 , equally owned by Chic. Mllw. & S t. Paul,
Nor. P a c., Chic. St. Paul Minn. & Om aha, M inn. & S t. Louis, Chic. Burl. &
Quincy, Great N orth., Chlo. Great W e s t., Minn. S t. Paul & Sault Ste. Marie
»nd Chic. Rock Island & Pacific. In July 1916 made a new le t M . for
$ 3 ,500,000, callable all or part at 1 0 2 )4 , beginning Feb. 1 1922; sam i-ann.
sinking fund from 1917, 14 o f 1 % . Pres., E . E . N ash; Sec., F . S . L eavitt,
S t. Paul, M in n .— (V . 117, p . 1347.)

B O N D S .— C an. Pac. guarantees 4 % Int. on all old bonds assenting to a
reduction of lnt. to 4 % ; also on 4 % consols of 1888 and $ 8 ,136,000 5 %
consols Issued In 1925.
(See V . 50, p . 784; V . 51, p . 239.)
All but $4,000
M in n . S. S. M . & A tl. Bonds and practically all other Issues assented.
Abstract o f M in n . Sault Ste. M a r ie & A tla n tic m tge. in V . 45, p. 243;
C an. Pac. R y . C o . on D ec. 31 1925 owned) $3,993,000 of the M . St. P .
Sc S. Ste. M . 1st 4s. The Consolidated m ortgage o f 1888, abstract V . 4 7 ,
p . 142, was for $21,000 ,000 on 800 miles (sufficient of this reserved to retire
prior bonds) and for $20,000 per mile on all additions. Outstanding amount
Is, however, restricted to three times the stock. V . 94, p . 351; V . 73,
p . 185; V . 78. p . 820; V . 79, p . 1332; V . 80, p . 651; V . 87, p . 1011, 1664;
Y . 89, p . 779; V . 91, p . 1026; V . 95, p . 544; VT 98, p. 1316; V . 100, p. 812;
Y . 103, p . 321; V . 106, p . 1126. A s to 2d 4s, see V . 68, p . 6 6 9 , 771, 977;
V . 7 1 . p . 845; V . 85, p . 1646; V . 96, p . 1089.
The Central Terminal 1st M . 30-year gold 4s ($20,000,000 auth.) are se­
cured under a joint m tge. with Central Terminal R y . on Chicago terminals
o f M inn. S t. P . & S. S. M . and Can. Pao. system lines. They are subject
to call on any Interest date beginning N ov. 1 1916 as a whole at 105 and
m ust be called yearly, beginning N ov. 1 1916, at 102 H by a sinking (und suf­
ficient to retire issue at or before maturity if not purchasanle for less. The
$ 6 ,0 0 0 ,0 0 0 bonds sold represent cash Investment equal at least to their par
value, the remainder being reserves for not exceeding 8 0 % o f cost o f exten­
sions and Improvements; In sinking fund Sept. 30 1926, $ 1 ,8 4 7 ,0 0 0 . V . 9 3 , p.
1463; V . 95. p . 745.
T h e ref. m tge. closes all prior bond Issues o f the com pany, at the amount
now outstanding. $74,647 ,000 . It authorizes the issue o f bonds In series,
with interest rate and m aturity fixed for each series at the time o f Issue.
T h e authorized issue is limited so that the amount at any one time out­
standing, together with all outstanding prior mortgage obligations defined
in the mortgage, shall never exceed three times the outstanding capital stock.
A n annual sinking fund, payable July 1 1922, and on July 1 in each year
thereafter, o f 1 % o f the Series “ A ” bonds from time to time outstanding
In the hands o f the public, will purchase bonds at not exceeding par and
Interest. V . 114, p. 1180.
T h e $ 1 0 ,000 ,000 6 H % collateral trust gold bonds due Sept. 1 1931 are
secured b y pledge of $ 1 2,500 ,000 25-year 1st ref. m tge. 6 % gold bonds.
Series “ A . ” V . 113, p . 1156.
N o te s .— See under “ H istory” above.
R E P O R T .— For 1925 in V . 122, p . 3097, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
Freight___________________$23,152 ,476 $ 2 2 ,471 ,773 $21,985 ,382 $21,316 ,638
4 ,369,799
3,7 4 9 ,2 4 4
4,470,881
Passenger________________
3 ,594,347
618,015
631,216
665,004
M a i l ___ __________________
636,262
685,625
555,063
583,299
E x p r e s s __________________
521,977
731,830
809,939
796,547
M iscella n eou s________________ 835,655
518,004
545,034
445,432
In c id e n ta l_______________
524,031
$29,264 ,749 $28,724 ,694 $28,957 ,095 $28,266 ,940
T o t a l ___________
4 ,404,692
4,063,621
4,3 8 0 ,5 1 5
3,922,063
M a in t. o f w ay & str
4 ,534,255
5,178,479
5,1 6 8 ,4 5 7
M a in t. o f equipme:
5,3 6 3 ,7 9 9
4 30,828
402,694
448,627
Traffic expenses. 4 80,037
Transportation exp
10,071,157 10,424,027 11,422,054 11,589.080
162,756
147,315
140,323
M iscell. operations
151,209
731,709
724,888
752,942
741,246
General expenses. _
75,418
49,947
41,8 9 4
Transp. for invest.— Cr.
48 ,1 0 0
N e t operating revenue
Railw ay tax accruals, &c

$20,693 ,108 $21,261 ,303 $21,889 ,104 $21,777 ,900
6,489,041
7 ,067,990
7 ,463,391
8,571,641
2 ,136,706
1,984,752
1,855,626
2 ,1 5 1 ,4 6 4

R ailway oper. incom e. $ 6 ,420,177
N on -O p era tin g In com e—
$236,604
Hire o f equipment_______
b
189,272
Joint facility rent income
68.600
Dividend incom e----------Miscellaneous in com e. .
401,026

$5,47 8 ,6 3 9

$5,212,365

$4,352,334

$274,173
169,967
18,544
346,240

$920,885
167,312
18,634
403,132

$754,755
139,507
335,653
319,793

Gross income________
$ 7 ,315,679
D ed uct—
25,163
H ire of equipment--------307,584
Joint facility rents____
7,225
M iscell. tax accruals____
In t. on mortgage bon ds. 4,0 8 1 ,6 2 5
In t. on eq. oblig., leased
1,019,069
line certificates, & c _ .
82,050
A m o rt. of disc. on f d . dt
28 ,8 5 4
M iscell. income charges

$6,287,563

$ 6 ,722,328

$5,902,041

14,240
302,084
Cr. 59,917
4 ,0 0 1 ,8 3 6

13,419
294,741
46,195
3 ,848,590

11,727
302,900
69,484
3,8 1 0 ,3 1 7

1 ,072,060
78,773
34,045

1,156,522
82,492
38,940

1,111,912
86 ,1 6 8
10,487

$499 ,04 6
$1,241,429
$844,441
j . $1,764,111
For latest earnings, see “ R ailw ay Earnings Section” (issued m onth ly).
Substantially the entire amount of pref. divs. of the Wisconsin Central
are Daid to the “ Soo” com pany proper and Included in Its “ other incom e-




M IN N E S O T A W E S T E R N R R .— ( V 7 123, p . 3 2 2 .)
M IS S IS S IP P I A N R A I L W A Y .— (V . 117, p . 2653.)
M IS S IS S IP P I C E N T R A L R R . C O .— Owns from Hattiesburg, M is s ., to
N atchez, M i s s .,150.99 miles; branch lines, 11.78 miles; sidings, & o., 29.51
miles. Stock auth. and outstanding, $3,940 ,0 0 0 ; par $100 . D lv s. o f 6 %
yearly paid to O ct. 1 1907; 1913, 1 % ; 1914, to A u g. 1919, 2 % ( 1 % F . & A .) ;
none since.
The I .-S . C . Commission has placed a tentative valuation o f $ 4 ,7 7 5 ,0 0 0
on the owned and used property o f the com pany, as o f June 30 1918.
B onds.— 1st M. bonds dated July 1 1909, limited to $ 1 0 ,0 0 0 ,0 0 0 , are Issu­
able at $25,000 p. m .; they are subj. to call by lot at 110 for yearly sinking
fund of $49,200; also as an entire Issue at sam e price. Retired b y s . f .
to D ec. 31 1925, $ 1 ,1 4 0 ,9 0 0 . T h ey are gu ar., p . & i ., b y U . S . Lum ber C o .
V . 8 8 , p . 1561.
R E P O R T .— For 1925, showed:
N e t, a fter
Other
I n terest,
B a lan ce,
Calendar
Gross
T axes.
I n c o m e.
R entals, & c .
S u rp lu s.
Y ea rs—
E a rn in gs.
$402 ,94 3
$86,790
$302 ,53 7 su r.$187,195
1925 ______ $ 1 ,655,520
4 20,785
7 7 .8 1 2
3 3 8 .1 6 7
su r.160.429
1924 --------- 1 ,855,579
2 78,839
8 5 ,9 1 9
3 7 1 .0 5 4
def. 6,2 9 7
1923 ______ 1,796,191
158,533
12,188
3 2 3 ,1 1 0
de f.152,389
1922 --------- 1 ,502,854
For latest earnings see “ R ailway Earnings Section” (issued m onth ly).
O F F IC E R S .— Pres., F . L . Peck: V .- P ., C . S. W oolw orth: Sec. & C o m p t..
G . F . R oyce; Treas., E . S. Peck; V .-P . & G en. M g r ., L . E . Faulkner;
A u d ., Chas. Ehlers. Office, Hattiesburg, M iss. Fiscal agents, Green,
Ellis & Anderson, 100 Broadway, N . Y . — (V . 122, p . 3 0 7 9 .)
M ISSISSIP P I R IV E R & BONNE T E R R E R Y .— Owns Riverside. M o .;
on MisslsslDpi River, to Doe R un, M o., 46.4 6 miles, with branches, 16.38 m .,
also 2 9 .5 5 miles of side tracks; total tracks 92.3 9 miles. The I .- S . O .
Commission has placed a final valuation of $3 ,5 5 1 ,5 5 0 on the property
of the com pany as of June 30 1914.
S T O C K .— Stock auth. and outstanding, $ 3 ,0 0 0 ,0 0 0 ; par $100 . All stock
except directors' shares is owned by S t. Joseph Lead C o . D iv s., 1900 to
1910, 6 % ; 1910-11. 7 % : 1911-12. 6 % : 1912 -13 . 6 % : 1916-22, 6 % : 1923.
1 4 % ; 1924, 6 % ; 1925, 7 % .
B O N D S .— The com pany redeemed on April 1 1925 all o f Its 1st m tge,
20-year 5 % gold bonds, due O ct. 1 1931, at 105 and interest.
E A R N I N G S .— For calendar years:
B a la n ce.
D ivid en d s.
Other I n c .
C harges.
N e t O p. I n c .
su r.$6,7 5 8
$210,000
$21
$215,683
$1,096
1 9 2 5 -. . .
su r.44,514
180,000
8 9,475
106,339
1 9 2 4 ...____ 207,650
sur .32 ,9 9 4
420,000
93,896
383,879
1 9 2 3 -- ____ 163,011
d e f.6 2 ,3 1 2
270,000
114,529
1 9 2 2 - - ____ 2 12,529
109,688
Pres.. Clinton H . Crane; 1st V .- P ., E . O . Sm ith; 2d V .- P ., F . J. Thom ure;
Treas. & Sec., F . H . Dearing
N ew Y o rk office, 250 Park A v e .— ( V . 122,
p . 2795 )
M IS S O U R I & IL L I N O I S B R I D G E & B E L T R R .— H as double track
bridge 2 ,1 0 0 feet long across the Mississippi River at Alton, 111.; also 3 .3 4
tniles of road. Owned by C . C . C . & St. Louis, Louisville & N ashville,
Chicago Peoria & St. Louis, Baltimore & Ohio, Missouri Pacific, W a b a sh ,
Chicago Rock Island & Pacific, Chicago & Eastern Hlinois, M issouriKansas-Texas and Pittsburgh, Cincinnati Chicago & St. Louis (Penn R R .
system ). Incorporated in 1904 as successor of the S t . Clair M adison &
St. Louis B elt R R . V . 7 9 , p . 1642, 681; V . 103, p. 2156._
„„„„ „„„
T h e I .-S . C . Commission has placed a tentative valuation o f $ 8 6 2 ,0 0 0
on the wholly owned and used properties o f the com pany as of June 3 0 1919.
Stock, $2 ,5 0 0 ,0 0 0 ; outstanding, $ 1 4 3 ,0 0 0 . This valuation has been pro­
tested. Pres., Henry M iller; Sec. & T reas., W . F . Bender, R ailw ay E x­
change B ld g ., S t. Louis.— (V . 120, p . 3183.)
M I S S O U R I -I L L I N O I S R R .— This com pany acquired the railroad
formerly owned and operated by Illinois Southern R y ., which was foreclosed
Sept. 15 1920 (V . 112, p . 744), the purchaser subsequently having contracted
with St. Joseph Lead C o ., Pittsburgh Plate Glass C o ., American Smelting
& Refining C o ., Desloge Consolidated Lead C o ., and National Lead C o .,
to convey the property upon paym ent o f $9f O.0OO to him by them , to a
corporation to be organized by them . Thereupon these companies caused
the incorporation in M issouri o f the above com pany.
The line extends
from Salem, 111., southwest to Kellogg, and from S t. Genevieve. M o .,
southwest to Bismarck, a distance o f 127 miles, with a branch from Collins,
111., south to Chester, 11 miles. For 1925, gross, $ 1 ,2 1 3 ,7 8 0 ; net oper.
income, $ 2 43 ,92 3: other Income, $ 6 ,7 3 3 ; in t ., rentals, & c ., $76,0 7 6 ; b a l„
sur., $ 1 7 4 ,5 8 0 .— (V . 122, p . 1759.)
M I S S O U R I -K A N S A S -T E X A S R R . C O . (.See M a p ) . — A t midnight
M arch 31 1923 this co. took over the operation of the lines o f the Missouri
Kansas & Texas R y . C o . and The W ichita Falls and Northwestern R y .
C o . (see reorganization plan below ). Operates a line with northern terminals
at St. Louis, Kansas C ity and Junction C ity , K ansas, extending southerly
across the Oklahoma and the Texas cotton belt to tidewater at G alveston,
on the G u lf o f M exico, and to San Antonio, T e x ., w ith branches.

Nov., 1926.]




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 or abb reviation s, & c ., see n otes o n pa ge 6]

M isso u ri-K a n sa s-T ex a s R R . C o .—
Com m on stock 2 ,5 0 0 ,0 0 0 shares au th_____________
Pref (a&d) stock Ser A 7 % cum aft Jan 1 '28 red 110
Prior lien m tge bonds Series A red 1 0 5 ________ C ezc*
do
do
Series B red 1 0 0 _____________ C ezc*
do
do
Series O red 1 0 2 3 ^ __________C ezc*
Convert adjust m tge bonds Series A red 1 0 0 -C o lz c *
Equipt trust notes due $ 8 4 ,1 0 0 . an n________________
K aty O ff B ldg C o 1st M ............................................ c*& r*
Bonds rem a in in g unexchanged'.
First mortgage gold b o n d s _______________________ Usz
Kansas C ity & P a cificist M gold assumed__F r.cx*
M K & Okla 1st M $ 5 ,4 6 8 ,0 0 0 g assumed------- C e.xc*
Dallas & W aco 1st M $ 20,000 p m g gu p & i. C e.xxc*

M - K - T R R .C o.— Owned (1726 m .)
Jet. near S t. Louis to R ed River
M oberly, M o ., to Franklin J e t.
K . O ., M o ., to Parsons, K a n . .
Parsons, K a n ., to Okla. C i t y . .
Junction C ity to Parsons, K a n .
K . O . June, to Paola, K a n ____
Osage Jet. to W yb a rk , O kla___
R ed R iver to Forgan, O kla____
Other branches___________________

M ile s
Road

D a te
Bonds

1922
1922
1922
1922
1920
1912
1,377
127
247

68

1890
1890
1902
1890

Par
V a lu e

R ate
%

N one
807,541sb
100 $ 2 6 ,677 ,800 See text
100 &c 3 6 ,7 0 0 ,4 2 9
5
100 &c 11.520.570
4
100 &c 1 2 .894.570
6
100 &c 53,374,863
5 g
756,900
6
600 &c
160,000
5H g
500 &c
1,000

3 0 ,7 0 9 ’,000
118,000
313.000
136.000

1,000
1,000

M . M - K - T R R .C o .o f Tex.O w ned (868 m .)
629 Red R iv . to H ouston, via F t . W 357
35 Denison to H illsb., via D a lla s .. 172
87
94 W hitesboro to Henrietta_______
98
203 Smithville to San Antonio______
154
156 Other branches_________________
87 M - K - T o f T ex.— L eases (366 m .)—
79 ♦Tex. C en t_______________________ 309
18
287 ♦Wichita Falls R y ............................
39
156 Other lines_______________________

T o ta l operated D ec. 31 1925------------------------------------------------------------------- 2,960
Owned h u t not operated______________________________________________
85
Operated under trackage agreements----------------------------------------------------- 229
T o ta l operated m ileage__________________________________________________ 3,189
Th e I .-S . C . Com m ission has placed a tentative valuation o f $81,8 8 4 ,0 0 0
on the total owned and used properties o f the Missouri K ansas & Texas
R y . as o f June 30 1918 and a tentative valuation of $40,9 5 0 ,1 9 5 on the
total owned property and $51,5 6 3 ,5 6 8 on the total used property of the
M issouri, K ansas & Texas R y . o f Texas as o f June 30 1918.
Concurrently w ith the application to the I .-S . C . Commission of the
K ansas C ity Southern R y . to acquire control by stock ownership of the
M issouri-K ansas-Texas R R . (V . 123, p. 4 5 1 ), the latter com pany has
filed its brief with the Commission for permission to acquire “ control, not
involving consolidation o f” the St. Louis Southwestern R y .
It is proposed to acquire control o f the C otton Belt by purchase from the
K ansas C ity Southern R y . o f that road’s holdings o f 135,000 shares o f pref.
stocK and 2 0,0 0 0 shares o f com m on stock o f the C otton Belt for $ 13 ,6 1 3 ,3 0 1 ,
and b y the acquisition o f sufficient additional shares of C otton Belt pref.
and com m on, or b o th , to constitute, w ith the shares purchased from K . C . S .,
at least a numerical m ajority o f the outstanding stock.
In addition to purchasing the present C otton Belt stock now owned by
the K . C . S ., the K a ty will also “ acquire all rights of the K ansas C ity C o .,
ursuant 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 o f said shares purchased by the
Kansas C ity C o . from the Chicago R ock Island & Pacific R y .”
According to the brief, no contract has been made as yet for the acquisi­
tion of additional C otton Belt stock necessary to constitute a m ajority, but
directors o f the K a ty have authorized that road’s officers to acquire such
additional shares from time to time as they deem expedient. N o shares can
be bought above the market quotations on the N ew York Stock Exchange
nor at a price above $92 a share for C otton Belt preferred and $74 a share
for that road’s common stock, plus the usual brokerage fees.
K a t y ’s purchase agreement calls for a first paym ent of $7 ,0 0 0 ,0 0 0 to be
m ade presently and the balance o f the purchase price is to be paid within
not more than 30 days after the Commission has authorized its acquisition.
I f b y April 1 1927 the Commission has not entered its order approving the
acquisition, anu the balance o f the purchase price not having been paiu in
fu ll, the K . C . o . at its option m ay notify the M .- K .- T . that if such order is
not entered before July 1 1927, the obligation to sell its C otton Belt stock
shall term inate. I f the order o f approval is not entered b y July 1 1927,
then K . C . S. agrees to refund the $ 7 ,0 0 0 ,0 0 0 paid on account with interest
at 5 % annually.

P

R eorgan ization P la n D ated N o v . 1 1921 (V . 113, p . 2311, 2 5 0 5 ).— Pres.
O has. 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 & C o . and Hallgarten & C o ., N ew Y o rk , announced a
Plan o f Reorganization, dated N o v . 1 1921, an outline o f which is given
below (for details in full, see V . 113, p . 231 1 .)
T h e plan was declared
operative In Jan. 1 922 . V . 114, p . 198. Sale o f road, V . 115, p . 2794;
v T l l O . p . 6 1 6 , 7 21.
The new com pany authorized the following securities:
P rior L ie n M ortga ge Bon ds.— The prior lien mortgage bonds are limited to
the total authorized am ount of $ 250 ,00 0,00 0 at any one time outstanding.
T h ey bear interest, payable semi-annually, at such rate as m ay from time to
time be determined b y the directors at the tim e o f issue and be stated in
the bonds, and are seem ed b y mortgage and deed o f trust to Central Union
Trust C o. o f N ew 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 o f railroad, franchises and equipment, terminals and
other property (including underlying bonds deposited under the plan and
stocks and bonds of subsidiary companies) which m ay be vested in the new
com pany 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 b y the new com pany subject to existing liens or purchase
money liens thereon. T h ey m ay be issued in separate series maturing on the
same or different dates and any series m ay be made redeemable in whole or
in part at tim es, on notice and at prem ium s, and m ay have such conversion
privileges as m ay be determined b y the directors at the time o f issue.
Cum ulative A d ju stm en t Mortgage Gold B on d s.— The adjustment mortgage
bonds are limited to the total authorized am ount o f $100 ,00 0,00 0 at any
one time outstanding. T h ey are secured b y mortgage and deed of trust
to Irving Bank-Colum bia Trust C o . and Thom as S. M offitt as trustees,
on the properties embraced in the prior lien mortgage and from tim e to
time becoming subject thereto. The adjustm ent mortgage is subject to
the prior lien m ortgage. Bonds bear interest payable annually or semi­
annually at such rate not exceeding 7 % per annum as m ay from time to
time be determined b y the directors at the time o f issue, but required to
be paid, prior to the m aturity of the principal, only out of the net income
o f the new com pany as defined in the adjustm ent mortgage. The interest
will be cumulative from and after Jan. 1 1925, bu t accumulations of interest
shall not bear interest. A t the m aturity o f the principal, all arrears of
cumulative interest shall be payable. Th e bonds m ay be issued in separate
series, maturing on the same or different dates, and any series m ay be made
redeemable in whole or in part at tim es, on notice and at premiums, as m ay
be determined b y the directors at the time o f issue. The bonds o f any
series m ay be made convertible into preferred stock at such rate or rates, in




A m oun t
O utstanding

4
4
5
5

g
g
g
g

W h en
P a yable

[V ol. 123.
L a st D ivid en d
and M a tu r ity

P laces W h e r e In te re s t and
D iv id en d s A r e Payable

Q— F
J
&
J
J
&
J
J
&
J
J
&
J
J & J15
J
& D

N o v 1 1926 1M
Jan 1 1962
N ew
Jan 1 1962
Jan 1 1932
Jan 1 1967
T o Jan 16 1935
Dec 1 1932

J
F
M
M

June
Aug
M ay
N ov

&
&
&
&

D
A
N
N

1
1
1
1

1990
1990
1942
1940

Y o rk
do
do
do

61 Broadw ay, N ew Y o rk
do
do
do
do
do
do

such manner, under such regulations and during such periods as shall be
authorized in the adjustm ent mortgage.
T h e adjustm ent mortgage bonds. Series A 5 % , are redeemable In whole
or in part at par and accrued interest and convertible prior to Jan. 1 1932
into preferred stock Series A 7 % , at the rate o f ten shares for each $ 1,000
bonds with adjustm ent o f interest and dividends.
P referred Stock.— T h e preferred stock is authorized to the amount of
$20 0 ,0 0 0 ,0 0 0 , divided into 2 ,0 0 0 ,0 0 0 shares o f the par value o f $100 each.
The preferred stock m ay be issued in series. Each series shall carry divi­
dends at such rate, not exceeding 8 % per annum , as m ay be determined
b y the directors and any series m ay be made redeemable in whole or In
art on such term s, on such notice and a t such prem ium , if an y, as m ay
e determined b y the directors and be stated in the certificates thereof.
Dividends will be cumulative from and after Jan. 1 1928 or later issue.
In the event o f any liquidation, dissolution or winding up, whether volun­
tary or involuntary, the holders o f the preferred stock shall be entitled to
be paid in full out o f the assets o f the com pany $100 per share o f their
stock and all arrears in cumulative dividends, before any amount shall be
paid out o f said assets to the holders o f the common stock, but they shall
not be entitled to any other or further distribution o f assets. Provision is
to be m ade that no additional m ortgage is to be p u t on the property becoming
vested in the new com pany pursuant to the plan except with the consent o f
the holders o f a m ajority o f such part o f the preferred stock a t the time
outstanding.
C om pa nies the Capital Stock o f W h ich is Owned by N ew C om pa n y.
Stock
P a r Value
A cq u ired .
N a m e o f C om pany—
O utstanding.
M issouri-Kansas-Texas R R . C o . o f T exas________ $1 ,4 0 0 ,0 0 0
$ 1 ,4 0 0 ,0 0 0
Texas Central R R . preferred stock_________________ 1 ,325,000
1.3 2 5 .0 0 0
do
common stock___________________________ 2 ,6 7 5 ,0 0 0
2 .6 7 5 .0 0 0
2 0 ,0 0 0
W ichita Falls R y . C o ________________________________
20,000
Wichita Falls & Northwestern R y . C o . of Texas
20.0OO
20,000
W ithita Falls & Wellington R y . C o . o f T exas_____
15,000
1 5.000
San Antonio Belt & Terminal R y . C o _____________
117,400
117.400
Joplin Union D epot C o _____________________________
40.O 00
10.000
Terminal R R . Association o f St. Louis____________
3 ,0 8 7 .8 0 0
20 5 ,8 0 0
Missouri & Illiniois Bridge & Belt R R ____________
1 4 3,000
13,000
Union Terminal C o. (D allas)_______________________
4 8 ,0 0 0
6,000
Galveston Houston & Henderson R R ______________ 1,0 0 0 ,0 0 6
500,000
Bonds o f Old C om pany U nexchanged ( See table at head o f p a g e) .— The M . K
& T . R y . 1st m tge. bonds, due 1990 (abstracts in V . 51, p . 495) cover,
besides right to land grant, 1,377 miles o f road, including line H annibal.
M o ., to Boggy Tank (except 71 miles trackage), and sundry branchesD I V I D E N D S .— A n Initial dividend o f 1 M % on the preferred “ A ” stoe
was paid F eb. 2 1925: same am ount paid quar. to F e b . 1 1926: on M a y 1
A u g. 2 and N o v . 1 1926 paid 1 ) 4 % quarterly.
R E P O R T .— For 1925, in V . 122, p . 1913, showed:
1925.
1924.
1923.
1922.
Average mileage oper___
3 ,1 8 8 .5 4
3 ,1 9 3 .1 4
3 ,3 5 9 .7 6
3 ,7 3 7 ,4 6
O perating R evenues—
$
$
$
$
Freight___________________ 43,77 7 ,6 4 3
4 2 ,3 3 1 ,7 0 5 3 9 ,7 9 1 ,2 1 5 39,198,401
Passenger________________
9 ,3 2 5 ,0 6 0
10,457,071 1 1 ,295,456 10,958,412
M a il______________________
1,143,052
1 ,189,966
1,221,101
1 ,241,950
Express__________
1,758,952
1 ,827,782
2,1 8 1 ,2 3 3
2 ,1 3 0 ,7 5 6
M iscellaneous____________
705,652
6 65,305
637,147
620,381
Incidental________________
729,569
79 1 ,3 5 2
788,634
7 10,075
Joint facility______ ______
5 2,985
4 6 ,1 6 4
7 3,132
175,727

g

Total oper. revenue. _ 57 ,4 9 2 ,9 1 4
O perating E xp en ses—
M a in t. o f way & s t r u c .. 7,4 0 4 ,5 7 4
M ain t. o f equipment___ 11,422,783
1,177,621
Traffic expenses_________
Transportation expenses 1 7 ,592,364
M iscell. operations______
3 7 2,179
General expenses________
1,886,171
Transp. for invest.— Ur.
2 3 7,564

57,30 9 ,3 4 5

5 5 ,987,918

55 ,0 3 5 ,7 0 2

7,5 6 3 ,1 3 8
11,517,475
1 ,138,962
1 7 ,363,774
381,099
1,919,777
152,190

7 ,393,307
14,636,724
1,151,353
18,380,268
362,232
2 ,053,373
348,939

7 ,2 3 7 ,2 7 6
1 0 ,548,094
1,0 4 1 ,4 3 5
1 8 ,780,007
33 7 ,5 0 9
2 ,0 2 3 ,7 0 9
284,331

T otal oper. exp en ses.. 3 9 ,618,128

39 ,7 3 2 ,0 3 5

43 ,6 2 8 ,3 1 8

39 ,6 8 3 ,7 0 1

N et oper. revenue_______ 17,874,785
R ailway tax accruals___
2,8 6 7 ,5 8 9
Uncollectible ry. revenue
2 5,424

17,577,310
3 ,2 1 5 ,6 8 7
31,403

12,359,599
2,587,461
26,091

1 5 ,352,000
2 ,9 2 6 ,3 7 6
31,3 5 4

2 ,893,013

3 ,2 4 7 ,0 9 0

2 ,6 1 3 ,5 5 2

2,9 5 7 ,7 3 1

14,981,772
921,384

14,330,220
877,155

9 ,7 4 6 ,0 4 6
1,953,603

12,394,269
999,571

Gross incom e__________ 15,903,155
D ed uct— R entals, & c___
2,6 1 4 ,7 0 4
Fixed interest charges 4 ,4 3 2 ,4 4 6
In t. on adjust, bon ds. 2,7 3 8 ,3 8 7
Preferred dividend___
1,281,529

15,207,375
2,1 8 2 ,8 9 7
4 ,7 2 5 ,9 5 5
2 ,7 9 0 ,0 8 5
306,288

1 1 ,699,649
1,517,981
4 ,7 8 1 ,9 7 4
2 ,791,013

13,393,840
2 ,565,652
4,901 846
2,791 013

T o ta l________________ _
T otal oper. income
Other incom e____________

5 ,2 0 2 ,1 5 0
2 ,608,681
3,1 3 5 ,3 2 9
Balance, surplus______ 4 ,8 3 6 ,0 9 0
For 8 m os. ended A u g. 31 1926, total ry. oper. re v ., $36 ,6 0 6 ,0 9 3 : net
oper. income, $8,6 5 7 ,0 9 1 ; other income, $ 6 69 ,78 6; interest, rentals, & c.,
$ 6 ,2 0 4 ,2 0 3 ; pref. divs., $782 ,71 6; b a l., sur., $ 2 ,3 3 9 ,9 5 9 .
For latest earnings, see “ R ailway Earnings Section” (issued m onthly)
O F F IC E R S .— L . F . Loree, Chairman, N ew Y o rk ; C . N . W hitehead,
Pres.; O . Haile, V .-P . in charge o f traffic, St. Louis; W . M . W hitenton,
V .-P . in charge o f operation, D allas; D . M . Collins, V .- P ., N ew York;
Joseph M . Bryson, Gen. Counsel, St. Louis; A . C . Rearick, Counsel, New
Y o rk; J. G . Livengood, Comptroller; F . Johnson, T reas.; N . A . Phillips, Sec.
St. Louis; J. B . Barnes, V .- P ., Asst. Sec. & A sst. T reas., N ew Y o rk. Offices,
61 Broadway, N . Y . , and Railway Exchange B ld g ., St. Louis.— (V . 123,
p. 2651 .)

Nov., 1926.]

R A IL R O A D C O M P A N IE S
IF o r abbreviations, & c ., see n otes on page 8]

M ile s
R oad

D ate
B on d s

Par
V a lu e

A m oun t
O utstanding

$100

$ 3 ,0 0 0 ,0 0 0
3 ,5 0 0 ,0 0 0

100
100

First Sc R ef M tg e gold_______________________ G _c*& r* —
Series A callable 10714 Sc i n t ____________ _____ . . y
6,7 3 4
Series D callable (all) 10714 and in t_____________ y 6,734
Series E red (text)_______________.
_____________y 6,734
Equip, gold notes Ser. 41. due * 6 9 3 ,4 0 0 yrly d . y c *
Equip trust certfs Ser “ A ” due $153,000 a n n ..
_y
Equip tr ctfs ser “ B ” due $266 ,00 0 yearly_______ y c*
do
Ser “ C ” due $260 ,00 0 ann____ _____. . y c *
do
Ser “ D ” due $588,000 ann . ________
c*
do
Ser “ E ” due $322,000 ann____ . _ .
yc*
Gen M $ 5 3 ,0 0 0 ,0 0 0 g call par......................... B ayc*& r* 6,738

1917
1919
1925
1920
1921
1923
1924
1925
1925
1917
1924
1925

500 &c 17,840,500
500 &c 2 4 ,2 0 1 ,5 0 0
500 &c 25 ,0 0 0 ,0 0 0
1,000
6,2 4 0 ,6 0 0
1,000
1,530,000
1,000
3 ,1 9 2 ,0 0 0
1,000
3,3 8 0 ,0 0 0
1,000
8,232,000
1,000
4 ,5 0 8 ,0 0 0
500 &c 51.350,000
1.000 12.000.000
10,000
3 ,0 0 0 ,0 0 0

Secured gold notes, participation ctfs red Dar______
Secured serial gold bon d s due $506,000 annually
___ 1926
1,000 13,156,000
beginning 1931 red (text) $15,000 ,000 auth _yc*
(1) M is s o u r i P a cific Railw ay Securities Outstanding —
1,000
Pacific R R o f M issouri 1st M ext in 1887 g old . Bazz
285 1868
6,9 9 6 ,0 0 0
1,000
Second m tge ext in 1891 in gold St L to K O .x c *
1871
2,5 7 3 ,0 0 0
1872
500 &c
First m tge St Louis real estate ext in 1892 gold .x
800,000
5 0 0 &c
First mtge Caron Br g gu p & 1 (end) ext 1893___ *
13 1873
237,500
1876
1,000
M o Pac R y third m tge ext 1896 red 105____ C e .z
3 ,8 2 8 ,0 0 0
(2) Form er St. L ou is I r o n M t . A S o ., A c . —
1,000 4 2 ,874,000
Gen Cons Sc L ’d G r’t M tg e ($45,000,000) g B a .x c * 1,538 ‘8 i - ’87
1,000 3 0 ,551,000
Unifying Sc Refund M gold $ 4 0 ,0 0 0 ,0 0 0 -M p .x c * & r
612 1899
772 1903
l.OOO&c 34 .5 4 8 ,0 0 0
River Sc G ulf D lvs 1st M $ 5 0 ,0 0 0 ,0 0 0 g .B a .x c * & r *
1.000
Little Rock & H ot Sp W 1st M g. assumed___ SStxxx
57 1899
1.140.000
___ ____
100
900,000
Mobile & Birmingham RR— Pref stock ($90 0 .0 0 0 )____
Prior lien gold $ 6 0 0 ,0 0 0 ____________________ -Ce.o
150 1895 200. 1000
600,000
150 1895 2 0 0 .1 0 0 0
1.200,000
First mortgage $ 1 ,2 0 0 ,0 0 0 ____________________ Ba.c

M IS S O U R I & N O R T H A R K A N S A S R Y . C O .— Joplin, M o ., to H elena,
A rk ., 364.57 miles, o f which Neosho M o ., to Joplin, 19 m ., and Seligman,
M o ., to W ayn e, 9 m ., are trackage. V . 8 6 , p . 168; V . 8 2 . p . 5 69, 1269;
V . 83. p . 39.
Succeeded the Missouri & N orth Arkansas R R ., which was sold at re­
ceiver’s sale in April 1922.
Operations were resumed April 24 1922.
T h e I .- S . C . Commission has placed a tentative valuation o f $ 9 ,1 7 7 ,4 6 0
on the total owned and $ 9 ,1 7 7 ,5 0 7 on the total used properties of the com ­
pany, as o f June 30 1919 .
E A R N I N G S .—
G ross
N e t after
Other
In terest,
B alance,
Y ea rs E n ded—
E a rn in g s. T a xes.
In co m e R ents, & c. Sur. or D e f.
1925 ______________ $1,548,341
$8 6 ,7 4 4
$13,141
$339 ,21 4 d ef.$239,329
1924 ______
1 ,587,104
169,097
9,955
320,288
def.141,236
1923 ______________ 1,5 0 9 ,8 4 8
2 0 7,784
12,784
307,874
def.87,307
1922 ______________
7 53,508
149,676
4,301
154,519
d e f.1,723
For latest earnings, see “ R ailway Earnings Section” (issued m onthly).
O F F IC E R S .— Pres. & G en. M g r ., W . Stephenson, Harrison, A r k .; Sec.
& T reas., J. M . M cG au gh ey.— (V . 120, p . 3063.)
M IS S O U R I P A C IF IC R R . C O .— Operates a system extending from St.
Louis, M o ., to O m aha, N e b ., and Pueblo, C olo ., via Kansas C ity, M o .,
and also to Texarkana, A r k ., Lake Charles, L a ., and Johnston C ity , 111.:
Owns 6,836 miles o f 1st main track, o f which 6,821 m . are operated, viz.
Missouri____. . . 1 , 4 3 9 m . 1Colorado___ ____ 152 m . ILouisiana___ ___ 658 m
2,9113 m . I
. . . 1 6 2 m.
N e b r a s k a .. ___ 349 m .i A rkansas___. . . 1 . 7 6 5 m .
Also has leased lines and trackage rights aggregating 517 miles, making
the total miles o f main track D ec. 31 1925. 7,338; total miles o f all track
operated, 10,025. The trackage includes 193 miles o f Texas Pacific R y . in
Louisiana, affording entrance to N ew Orleans.
The I .-S . C . Commission on N o v . 6 1926 approved the acquisition by the
company o f control o f the New Orleans & Lower Coast R R . by purchase of
its capital stock. V . 123, p . 2651.
O R G A N I Z A T I O N .— Incorp. in M issouri M arch 5 1917 and about June 1
succeeded to the properties o f M o . Pac. R y . and its subsidiary, the St.Loult
Iron M t ., foreclosed per plan in V . 101, p. 130; V . 103, p. 406 , 493 , 579
V . 104. p . 8 6 3 . 1899. (As to K . C . Sc N . W . R R .,s e e V . 104. p. 1 5 9 1 .2 0 1 0 .)
Under the terms o f a reorganization plan for the Denver Sc R io Grande
W estern R R ., the Missouri Pacific acquired from the Western Pacific R R .
O orp. for $ 9 ,000,000 one-half o f the common stock o f the new company
(150,000 shades). For details o f plan, see Denver & Rio Grande Western
R R . The com pany also owned on D ec. 31 1925 $608,800 o f the preferred
stock o f the D enver & R io Grande Western R R . Also owned D ec. 31
1925, $ 1 0 ,0 0 0 ,0 0 0 com m on stock, $23,7 0 3 ,0 0 0 pref. stock and $4,44 0 ,5 8 3
notes of the Texas & Pacific R y . The pref. stock is pledged as part se­
curity for the unifying & ref. m tge. 4s o f the former St. Louis Iron M ountain
& Southern R y . C o.
T h e co. also owns approxim ately 8 7 % % o f the outstanding 150,000
shares o f stock o f N ew O rl. Texas & M exico R y . In A pril 1925 offered to
purchase additional shares o f stock at $120 per share, payable in Missouri
Pacific R R . 15-year 7 % sinking fund notes, at face value, with adjustm ent
o f accrued interest and dividends. V . 120, p . 1744.

O LD B O N D S , A LL ISSU ES.— See Issue o f June 26 1915. Rem nants
o f two old bond issues included in plan of reorganization are still being ex­
changed under terms o f plan. v iz .. Central Branch R y . 1st 4s and Lexing­
ton D iv . 5s.— V . 105. p. 498.
S T O C K .— Convertible 5 % P r e f. Stock (p. & d .)— Cum ulative from
June 30 1918. Convertible at holders’ option at par into common stock at
par, subject to adjustment o f dividends. Callable b y com pany as an entire
issue at 107% % and dividend, subject to conversion privilege. Full voting
pow er. Authorized, $ 1 0 0 ,00 0,00 0; issued, $ 7 1,800 ,100 .
Com m on Stock, authorized, $200,000,000; issued, $82,839,500.

B O N D S — F irst A R ef. M tg e . Bonds — Total issue, including amounts
reserved for refunding, Im provem ents, extensions, & c., under restrictions,
Is limited (except with further consent o f a m ajority in am ount o f the s to c k ,
holders) to $450,000,000 and further limited so that tne total at any tim e,
Including amounts reserved for refunding bonds and equipm ent trusts
(together aggregating $135,945,500 in June 1917, exclusive o f the equipment
trusts maturing prior to July 1 1918, which were provided for under plan),
shall never exceed three times the capital stock at the tim e outstanding,
nor shall issues above $450,000,000 exceed 80% o f the expenditures for im ­
provem ents and additions.
First main track upon which First & R ef. M . is a first lien, 3 ,2 9 9 miles;
2d lien, 1,712 miles; 3d lien, 1,438 miles; 4th lien, 286 miles; total 6,734
miles; and all mileage hereafter built or purchased with these bonds:
Series “ A , ” and “ D ” bonds are redeemable as shown in table at head
Series “ E ” bonds are redeemable as a whole only on any interest
date on or before M a y 1 1940 at 1 0 7 % and interest, or on any interest date
thereafter at par and interest, plus a premium o f % % for each six months
between the redemption date and the date o f m aturity, upon not less than
90 days' notice. Proceeds o f the Series “ E ” bonds were used to provide
com pany with the necessary funds for the redemption o f $9 ,0 4 4 ,0 0 0 first &
ref. m tg e. bon ds, Series “ 0 , ” which were called for redemption on A u g . 1
1925, to reimburse the com pany for capital expenditures already m ade and
to provide funds for additional capital expenditures.
G eneral M ortga ge B onds — Total authorized, $53,000,000. to bear 4%

o f page.

ia t. and m ature 1975, but redeemable as a whole (but not in part) at
atid Int. on and after M arch 1 1921. A junior lien upon all property at
tim e subject to the new First and Refunding M ortgage.
$51,350,000 were issued to the Reorganization M anagers in 1917 for
tribution under Plan and Agreement o f Reorganiztion o f the Missouri
cific R y . C o . and St. Louis Iron M ountain & Southern R y . C o.

R ate
%

W h en
P a yable

L a st D ivid en d
and M a tu rity

P laces W here In terest and
D ivid en d s are Payable

8 2 ,839,500
7 1 ,800,100

1922
M issouri P a cific R R . C o .—

par
any
dis­
Pa­

Secured Serial Gold Bon ds.— -Bonds mature in equal annual installments of
$506 ,00 0 each from D ec. 1 1931 to D ec. 1 1956 both incl. They are a
direct obligation o f the com pany and seemed b y the deposit and pledge of




87

RAILW AY STOCKS AND BONDS

6

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

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

o 1937

A

5H

A
A
N
J
A
N
N
S
D
8
.1
S

&

g J

Sc
&
&
&
&
&
<
fc
Sc
<s
S
Sc
Sc
&

D D ec 1 ’31 to ’56

Feb 1 1965
Feb 1 1949
M a y 1 1955
T o Ja n . 15 1935
T o Feb 1 1936 !
T o N o v 1 1938
T o N o v 1 1938
T o M ar 1 1940
T o D ec 1 194C
M ar 1 1975
July 1 1927
M a r 1 1930

G o’s office, 120 B w a y .N ’S
do
do
do
do
Guaranty Trust C o , N Y
do
do
C o ’s office, 120 B w a y ,N Y
New York
N ew York
N ew York
G o’s office, 1 2 0 B w a y ,N Y
C hath & Ph N B & T Co

4 g
F tv A
J
tr.
5 g
J
M Sc N
5 g
4)4 g A Sc O
M Sc N
4

Aug 1 1 9 3 8
July 1 1938
M a y l 1938
Oct 1 1938
July 1 1938

G o’s office, 120 B w a y .N Y
do
do
do
do
do
do
do
do

f ig
4 g
4 g
4 g

Apr 1 1 9 3 1
July 1 1929
M a y 1 1933
July 1 1939
Jan 2 1927 2 %
July 1 1945
July 1 1945

C o ’s office, 120B w ay,N
do
do
Co office. 120 B 'w a y .N
St Louis Union T r Co
JPM organ ficCo, N Y . &Lon
J P Morgan & Go. N Y
do
do

4
5 g

4

A
J
M
J
J
J
J

Sc
Sc
Sc
Sc

&
&
&

O
J
N
J
J
J
J

$1,000 par value o f N ew Orleans Texas & M exico R y . stock for each $1,000
o f bonds outstanding. R ed. as a whole, but not in part, on any int. date
upon 60 d a ys’ notice at par and int. plus a premium equal to % % for each
6 months between thered. date and date o f m atu rity,bu t not exceeding5% .
Proceeds o f the sale o f the bonds will be applied to the retirement o f $ 1 3 ,391,500 o f th is c o .’s 15-year 7 % sinking fund notes (see under Notes below)
which have been called for red. on Jan. 17 1927. Y . 123, p . 2515.
Equipment trusts issued to Director-General for rolling stock allocated
to this com pany. See article on page 3 and V . 114, p. 4 10; V . 118, p . 3197.
Equipm ent trust certificates. Series “ B , ” V . 117. p . 1884; Series “ O ’ ’
V . 119, p. 2064; Series “ D , ” V . 120, p . 827; Series “ E , ” V . 121, p . 2871 .
Governm ent loan, V . I l l , p. 792, 1566, 2 229 ; V . 112, p . 372.
N O T E S .— The 5 % secured gold notes o f 1924 are redeemable as a whole
only on 60 days’ notice on July 1 1925. or on any int. date thereafter, upon
paym ent of the principal amount of the notes and accrued interest, with a
premium of % % o f such principal amount for each six months from the date
of redemption to July 1 1927. The notes are secured b y deposit and pledge of
$15,500 ,000 1st & ref. m tge. 6 % gold bonds, Series “ D , ” due F eb. 1 1949.
The $ 3 ,000,000 6 % secured gold notes, due M arch 1 1930, participation
certificates o f C hatham & Phenix National B ank, N ew Y o rk , trustee,
represent shares in a promissory note o f the M issouri Pacific R R . o f the
principal amount o f $ 3 ,0 0 0 ,0 0 0 dated A u g. 18 1921, due M arch 1 1930,
bearing int. at the rate o f 6 % per annum, and secured by pledge o f $ 4 ,0 0 0 ,000 1st & ref. m tge. 6 % gold bonds. Series “ D , ” due Feb. 1 1949.
T h e note and the collateral securing the same will be held b y the trustee
for the benefit o f certificate holders under a trust agreement, dated M arch 2
1925, providing that if part o f the deposited note is called for redemption,
the trustee will call a corresponding principal amount of certificates by lot
for redemption at par. T h e railroad m ay redeem the note in whole or in
part on any int. date.
Whenever a part o f the note is redeemed, a pro
rata amount o f the pledged collateral m ust be released to the railroad
com pany. V . 120, p . 1087.
Th e 15-year 7 % sinking-fund notes (issued in exchange for stock of
N ew Orleans Texas & M exico R y .) are secured by pledge o f all stock of
N . O. Tex. & M a x . R y . acquired through the issue o f notes. These notes
have been called for redemption on Jan. 17 1927 out o f the proceeds o f sale
o f the secured serial 514 % gold bonds described above.
R E P O R T .— For 1925, in V . 122, p .
1925.
A vge. mileage operated.
7 ,3 3 7 .6 2
O perating R evenues—
$
Freight. ............................. 104,319,277
Passenger. _ _
___ . 16,536,035
M ail . .
___
. .. 2,886,211
Express . .
_______
. 2 ,7 4 7 ,1 7 2
Miscellaneous______
2,2 8 5 ,0 1 2
Incidental
________ . 1,829,703
Joint facility_____
228,252

2360 , showed:
1924.
1923.
7 ,3 5 9 .9 7
7 ,2 3 5 .7 2
$
$
95,949,391
8 5 ,961,414
1 7 ,525,200
18,970,393
2 ,9 8 9 ,9 5 4
2 ,854,093
2 ,9 0 1 ,9 2 0
2,8 8 2 ,7 0 2
2 ,2 7 9 ,2 1 9
2,0 0 6 ,8 6 8
1,771,640
1,707,280
230,398
225,196

1922.
7 ,261.78
S
73,918,551
16,898,650
2 ,631,406
3 ,174,580
1,917,157
1,182,925
198,061

T otal ry . oper. r e v s .. .130,831,661 123,647 ,724 114,607 ,948
O perating E xp en ses—
M a in t. o f w ay & struc_. . 2 0 ,465,706
18,916,235
16,464,182
M a in t. o f equipment___ . 25 ,8 9 5 ,9 3 8 2 5 ,843,403 3 0 ,324,816
Traffic___________________ . 3,1 0 8 ,3 4 5
2 ,566,671
2 ,019,098
Transport’n— Rail lin e ... 4 8 ,307,743 46 ,7 2 5 ,5 2 5 4 5 ,101,683
M iscell. operations_____ . 1,184,455
1 ,073,394
873,278
General_________________ _ . 3 ,9 2 9 ,9 4 8
3 ,713,741
3,385,243
Transp. for invest.— Cr.
615,637
372,604
228,335

17,282,957
20,996,699
1,841,419
41,152,481
532,175
3 ,085,979
232,797

102,276 ,500
T otal operating income. 23 ,2 5 3 ,2 3 9

9 8 ,466,365
2 0 ,4 4 5 ,4 6 4

84,658,915
11,206,433

2 8 ,733,701
21,08 5 ,4 9 3
7,6 4 8 ,2 0 9

2 4 ,8 5 7 ,6 7 9
18,354,462
6,5 0 3 ,2 1 8

97,939,966
12,185,417

99,921,331

16,332,478 14,493,800
16,211,132 15,907.512
121,346 d e fl ,413,712
O F F IC E R S .— W m . H . W illiam s, Chairman; L . W . Baldwin, Pres.;
J. G . Drew , F . J. Shepard, E . J. W h ite, C . E . Perkins. H . R . Safford,
John Cannon, E . M . D urham Jr., F . P . Johnson, V .-P s .; O. B . H untsm an,
V .- P ., A sst. Sec. & A sst. Treas.; H . L . U tter, S e c-T rea s.; T . M . N iven,
Gen. Aud.
D IR E C T O R S .— J. E . D a v ey , Arthur V . D avis, John J. R askob.
H . H obart Porter, Finley J . Shepard, Charles H . Sabin, M atthew C . B rush,
H . L . Utter and W illiam H . W illiam s, N ew Y o rk; John G . Lonsdale, L . W .
Baldwin, G eo. W . Niedringhaus and B . F . Bush, St. Louis; Charles E .
Ingersoll, Philadelphia; R . Lancaster W illiam s, Baltimore; W illiam T .
Kem per, Kansas C ity; James W . Gardiner, Lake Charles, L a . Offices,
120 Broadway, N ew Y o rk , and Railway Exchange B ld g .. St. Louis.— (V .
123, p . 2651.)
M OBILE & B IR M IN G H A M R R .— (See M a p Sou thern R y .)— Mobile to
M arlon Junction, A la ., with branches, 150 miles. Leased to Southern R y .
from March 1 1899 tor 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
flrst year, 2 % for seoond year, 3 % for third year and 4 % for fourth year
and thereafter. Of the $900,000 common stock, $894 ,90 0 is owned by
Southern R y ., and voting power on pref. assigned to Southern R y . during
lease. V . 68, p. 429, 1134: V . 69. p. 391: V . 71. p. 1013 .— (V . 72. p. 137.)
M O B IL E A N D O H I O R R . C O .— Owns from M ob ile, A la ., to East
Cairo, K y ., 490 m iles; to E ast St. Louis, with branch, 155 miles; M o n t­
gom ery Division, Artesia, M is s ., to M ontgom ery, A la ., 180 miles; M obile
& B ay Shore branch, 34 miles; other branches, 59 m iles; total owned, 918
miles; W arrior Southern R y . (all stock and bonds ow ned), 14 miles; trackage
rights, 191 miles; operated under agreement Okolona to Calhoun C ity , M iss.
38 miles; total operated, 1,161 m iles. Valuation, V . 113, p . 1540.

88

R A IL R O A D C O M P A N IE S
[For abbreviations, & c ., see notes on pa ge 8J

M ile s
Road.

D a te
Bonds

P ar
V a lue

Am oun t
O utstanding

Mobile & Ohio— Stook_____________________________ : ____
$100
First M Mobile to Columbus (prlnolpal g o ld )._F .*o *
472 1879
500 Ac
First M exten Columbus to Cairo A branch g ._ F .z o
525 1883
1.000
General m tge for $ 1 0 ,5 0 0 ,0 0 0 (now gold) s f -F .z o ’
525 1888
600 Ac
Montgom Dlv 1st M $4 ,0 0 0 ,0 0 0 g (V 6 6,p 1045)Ce.zc*
189 1897
1,000
M obile & B Sh 1st M $200,000 assumed gold.F .zo*
46 1899
500 Ac
M * O St Louis D lv M $ 3 .0 0 0 ,0 0 0 gred 1 0 2 M Cexc*
159 1913
1,000
St Louis & Cairo 1st M gol/J assumed_____________ zc
159 1886
500 Ac
Equip tr (G ovt) due $ 4 0,500 annually_____________
1920
1,000
do
due $ 3 6 ,0 0 0 annually____________________ .
1922
1,000
do
ser “ L ” due $54,000 s a . _ ________ _C e
--1923
1,000
do
Series “ M ” due $112 ,00 0 ann_______ C e.c*
1924
1,000
do
Series “ N ” due $5 5 ,0 0 0 s-a _ ______C e.c*
1924
1.000
do
Series O due $80,000 a n n ______
-G e .c *
1926
1,000
M ohaw k & M alon e— See New York Cent Sc H R R R .
M o n o n g a h e la R y — 1st Sc R ef. M . $ 1 5 ,0 0 0 ,0 0 0 gU P i
1917
1.000
M onongahela R R I s t M $1,50 0 ,0 0 0 joint guar____ k
37 1902
1.000
M o n o n g a h e la S o u th e r n R R — See U S Steel Corp un der In dustria Is below.
33 1909
Montana W yom & Sou— 1st M g red 110 te x t__Emxo*
1,000
10.43 1866
Montgomery & Erie Ry— 1st M (extended)___________
1,000
1.000
M o n to u r R R — ls t M g $ 2 ,7 5 0 .0 0 0 r e d l0 5 s fte x t U P .x c *
67 1913
Equip trust gold bonds ser B due $50,000 ann____
1926
1,000
M oreh ead 5c N or Fork— 1st M g crust Clearf T r C o .x 27.91 1908
1.000
Morris & Essex— Stock 7 H % guaranteed D L A W , .
50
i.nno
1st R ef M g $3 5 ,0 0 0 ,0 0 6 gu p Sc i____ _______ F.xc*5cr
119 1QOO
1,000
1925
Consol m tge $ 3 5 , 0 0 0 ,0 0 0 - ___ _____________- ______
M orris & Essex E x te n sion C o .— Stock guar 4 % ------2
100
13 1903
1.000,
Morristown & Erie— First M $300 ,00 0 g s f red p a r ..
50
Mt Carbon & Port C RR— Stook (rental guar) tex t___
Mount Hood RR— 1st M $ 5 0 0 ,0 0 0 . .
’0 7 -’ 11
M u sk egon G ra n d R a p id s & In d ia n a — See Grand R aplds Sc Indl ana.
100
Nashua & Lowell"— Stock 9 % rental 99 years B A M .
14 H
100
N ash ville C h a t t 5c S t L o u is— Stock $ 1 6 .0 0 0 .OOOautb
1.000
Cons m tge ($20,000,000) $20,000 p m gold -U s.xo*
846 1888
1920
do
do Series “ B " due $120 ,00 0 annually____
1922

S T O C K .— Stock authorized, $10,0 0 0 ,0 0 0 ; outstanding, $ 6 ,0 1 6 ,8 0 0 ; pa
$100 . The voting power on $ 4 ,984,200 ol the stock Is exercised by the Gen­
eral M ortgage bondholders by virtue a t deposit of old debentures of 1879.
L A T E D I V S . T 4 -T 5 . ’ 1 5 -T 6 . T 6 -T 7 . T 8 . T 9 . ’2 0 . ’2 1 . ’2 2 . ’2 3 . ’2 4 . '2 5 .
Per cent______
4
4
4
4
4
4
4
4
7
7
10
Paid in 1926: June 28, 3 H % .
T h e Southern Kailway nas acquired $ 8 ,355,000 o f the $9 ,4 7 1 ,0 0 0
general 4s and $ 5 ,650,200 of the $6,01 6 ,8 0 0 stock, Issuing, § for $, Its col­
lateral trust 4 % gold bonds In exchange for the M . A O . general 4s, secured
by a pledge o f the latter and had also Issued stock trust certificates for stock,
dividends being payable (A . & O .) a t 4 % in perpetuity. V . 106. p. 2758B O N D S . — General m ortgage o f 1888 abstract, V. 47, p . 8 3 . V . 6 0 , p . 967T he S t. Louis D iv . 5 % gold bonds (limited to $ 3 ,0 0 0 ,0 0 0 ), dated A u g. 1
1913, are secured by a mortgage on the former St. Louis & Cairo R R ., sub­
ject to St. Louis Sc Cairo 1st M . 4 s, due Jan. 1931, the latter o f which have
been assumed. V . 9 6 . p . 5 54. 1022. 1365. 1773, 1840. and V . 7 0 , p . 532.
Stockholders in Feb. 1918 authorized the creation of a mortgage to secure
not exceeding $5 0 ,0 0 0 ,0 0 0 bonds, whenever the board o f directors m ay deem
it advisable. V . 106. p . 929: V . 104, p . 452; V . 102. p. 251; V . 100. p. 253.
Guaranteed bonds: Warrior Southern R y . 1st 4s of 1903 (all ow ned),
$603,000; M eridian Terminal 1st 4s (Jointly), $250 ,00 0; G ulf Terminal
1st 4s (Jointly). $600 ,00 0.
Equipm ent bonds, ser. L , V . 116, p . 721; ser. M , V . 117, P. 2770; ser. N ,
V. 119, p . 1844; ser. O, V . 121, p . 3000 .
R E P O R T .— For ig25, in V . 122, p . 2642 , showed:
C a le n d a r Y e a r s —
1925.
1924.
1923.
1922.
Total oper. revenue_$ 1 9,255 ,064
$19,464,381 $ 2 0 ,1 1 2 ,4 1 6 $ 1 7 ,878 ,005
3 ,6 4 2 ,9 1 9
3 ,5 3 2 ,1 5 5
3 ,2 8 9 ,4 9 6
3,2 8 0 ,9 0 9
N e t over taxes____
N e t, incl. other incom e.
3 ,8 1 0 ,5 7 0
3 ,653,421
3,4 4 1 ,8 6 9
3,3 7 2 ,5 5 8
Interest, rentals, & c_____ 1,622,947
1 ,572,250
2,313,901
2 ,3 5 3 ,5 9 7
Dividends paid___
601.680
4 21,176
42 1 ,1 7 6
240,671
Balance, surplus______$ 1 ,585,943
$ 1 ,659,894
$706 ,79 2
$778,289
For latest earnings, see “ R ailway Earnings Section” ,,(issued m onth ly).
O F F IC E R S .— Pres., Fairfax Harrison; Sec., C . E . A . M cC arth y; T reas.,
George A . Cooke; C o m p t., E . H . K em per. Offices, M obile, A la ., and
120_Broadway, N ew Y o rk .— (V . 122, p . 3335.)
“ M O N O N .” — See Chicago Indianapolis Sc Louisville R y .
M O N O N Q A H E L A R A I L W A Y C O .— Brownsville J et., P a. (connection
with Penn. R R . and Pitts. & Lake Erie R R .) to Fairm ont, W . V a ., 69 miles,
with branches aggregating 38 miles. In N o v . 1915 operations extended
from P e n n .-W . V a . State line to Fairm ont, W . V a ., 33 m . A consolidation
July 1 1915. See Pitts. & L . E . report. V . 102, p. 1535; V . 106, p . 2003.
T h e I .-S . O . Commission on Jan. 6 1925 authorized the com pany to ac­
quire control o f the Scotts R u n R y .b y purchase of its capital stock and lease
o f its properties, and the M onongahela & Ohio R R . b y the purchase o f its
capital stock.
T h e I .-S . C . Commission has placed a tentative valuation o f $9,36 0 ,0 0 0
on the total owned, and of $1 1 ,3 2 5 ,7 5 0 on the total used property o f the
com pany (including leased lines) as o f June 30 1916.
Stock authorized, $ 1 0,000 ,000 ; par, $50.
Outstanding,
$ 5 ,0 0 0 ,0 0 0
o f which P ittsb u r g h * Lake Erie (N . Y . Central System) owned $2 ,5 0 0 ,0 0 0
and Penn. R R . C o . $2,50 0 ,0 0 0 on D ec. 31 1925. First & ref. m tge. bonds
o f 1917 auth. $ 1 5,000 ,000 ; issued in 1917 to company In N . Y . Central and
Pennsylvania systems in settlement o f outstanding notes. Sec.. $4,584 ,0 0 0 .
V . 106, p . 2 011 . $416 ,00 0 issued M a y 2 3 1918. A s o f D ec. 31 1925, Penn­
sylvania R R . C o . owned $2,50 0 ,0 0 0 of outstanding bonds and the P . &
L . E . R R . C o . owns $ 2 ,5 0 0 ,0 0 0 . P . & L . E . and Pittsb. V a . & Charleston
(Penn. R R .) guarantee the 3>£s.
O F F IC E R S .— Henry O . N u tt, P res.; T . H . B . M cK n igh t, T reas.; 8 . H
Church, Sec., Pittsburgh.— (V . 123, p . 1248.)
M O N O N G A H E L A S O U T H E R N R R .— Line extends from Monongahela
Jet. to M ifflin J e t., P a ., and from Clairton Jet. to W ilson, P a ., 11.55m iles
(leased to U nion R .R . of Pennsylvania).
S T O C K .— A u th . and outstanding, $ 3 ,0 0 0 ,0 0 0 ; par, $ 50, all owned by
Union R R . of Pennsylvania.
B O N D S .— First 5s, au th ., $ 3 ,0 0 0 ,0 0 0 ; outstanding, $ 3 ,0 0 0 ,0 0 0 . Dated
O ct. 2 1905, due O ct. 1 1955. G en. 6s, au th ., $7,000 ,0 0 0 ; outstanding,
$2 ,5 0 0 ,0 0 0 . D ated April 1 1920, due O ct. 1 1955.
M O N T A N A W Y O M I N G & S O U T H E R N R R . C O ,— Owns from Brldger,
M o n t., on Northern Pacific, to B elfry, and westerly to Bear Creek, about
33 miles, serving a coal district. Stock outstanding, $ 1 ,0 0 0 ,0 0 0 . Ad di­
tional bonds at $2 5 ,0 0 0 per m ile. V . 8 9 , p . 4 7 0 .
P res., M . A . Z ook.
- ( V . 119, p. 1625.)
M O NTGOM ERY & E* R Y .— (S ee M a p E r ie R R .) — Owns Montgomery
to Goshen, N . Y . , 10 miles. Leased In 1872 to Erie R R . Rental now
$16,000 per an. Stock, $ 1 5 0 ,0 0 0 . D lv s. ( 4 H % per an.) paid M a y 10 and
N o v . 10 S. fd .. $ 6,500 per an. There are $4 0 ,5 0 0 2d M . 5s due O ct. 1 1927.
— (V . 122, p . 2 795 .)
M O N T O U R R R .— Owns M ontou r Jet. to the M ifflin Yards o f Bessemer
A Lake Erie R R . and branches, 51 miles. In O ct. 1916 the Northern M o n ­
tour R R . C o ., with $ 350 ,00 0 o f auth. capital stock, was Incorporated.
Stock $ 5 ,1 0 0 ,0 0 0 , owned by Pittsburgh Coal C o . V . 9 6 , p . 2 86. 861.
Bonds, originally $2 ,7 5 0 ,0 0 0 1st 50-yr. 5s; retired by sinking fund, $ 9 0 0 ,000: redeem, at 105 as a whole on and after Feb. 1 1924, or at 1 0 2 H for a
sinking fund o f $55,000 yearly.
For latest earnings, see “ R ailway Earnings Section” (issued m onth ly).
— (V . 121. p . 2634 .)
M O R E H E A D & N O . F O R K R R .— M orehead to Redw lne, K y .. 24.44
m .; 3 .47 m . branch. Stock, au th ., $ 5 00 ,00 0; out. $ 2 60 ,60 0; par, $100
B onds, see table above. For year ending D ec. 31 1924, gross, $52,0 3 6 ; net
operating income, def., $40,6 0 8 ; other income, $ 2,046; interest, rentals,
& c ., $20,2 6 5 ; bal., def., $ 5 8 ,8 2 7 . P res., A . W . Lee, Clearfield, P a .; Sec. &
T reas., A . W . Lee Jr., Clearfield, P a .




[V ol. 123,

KAILWAY STOCKS AND BONDS

$ 3 ,016,800
7,000,000
1 ,000.000
9,471,000
4,0 0 0 ,0 0 0
200.000
2 ,5 0 0 ,0 0 0
4,0 0 0 ,0 0 0
3 64,500
2 1 6 .0 0 0
1,2 2 2 .0 0 0
1 ,456,000
1 ,430.000
1,200,000

R ate
%
See text
6
6 g
4 g
5 g
5 g
6 g
4 g
0
0
5 g
5
4H
4H

W h en
Payable
J
J
M
F
M

J
J
J

J
M
J
M
J

5,0 0 0 ,0 0 0
1.048,000

4H g J
SH g A

835.000
130,000
1 ,850.000
500,000
373.000
15.000.000
3 5 ,0 0 0 000
11,582,000
221,000
187.000
282,350
500,000

M
5 e
5
M
F
5 g
4 H S .1
K
6 g
J
7M
J
SH g
M
5
4
M
M
6 g
J
5
J
6

800,000
16,000,000
16.100,000
778,500
1 ,320,000

9
7
5 g

L a st D ivid en d
and M a tu rity

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

& D June 28 ’2 6 3 H
A D Deo 1 1 9 2 7
July 1 1927
3— J
A S Sept 1 1938
A A Feb 1 1947
A N M ay 1 1949
Sc D D ec 1 1927
A
J Jan 1 1931
S
c.
J T o Jan 15 1935
<
fe J T o July 1 1932
&
S M ar ‘27-M a r ’ 38
S
c, .T To Jan 1 1939
N M a y ’ 2 7 -N o v ’39
&
J T o Jan 15 1941

M obile, A la .
Farmers L A Tr Co, N I
do
do
Hanover N at Bank, N Y
do
do
First N at B k. Mobile, Ala
H anover N a t B k , N T
Farmers Loan A Tr, N v
Guaranty Trust O o, N Y
Amer Loco O o, N Y
Central U n T r O o, N Y
N ew Y o rk
N ew Y o rk
N ew York

J Jan. 1 1907
O Got 1 1942

Treas. office, P ittsb, Pa

Sc
A

A

S
A N
Sc A
&
J
06 A
A
J
A r>
& N
A N
A
S
A
J
J
A

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

N
A
()
15
O

Sept 1 1939
M ay 1 1956
Feb 1 1983
T o Jan 1 1936
Feb 1 1958
July] 1926 3 H
D ec 1 2000
1954 to 1987
N o v 1 1926 2 %
Sept 1 1933
Ju ly 15 1926 2 H
Jan 1 1927

Empire Tr Co. N Y
Goshen, N Y
Union T r C o , Pittsburgh
Clearfield (Pa) Trust Co
Del Lack A W estern. N Y
D el Lack Sc W e st. N Y
do
do
do
do
Brooklyn Trust Co, N 1
Reading Term inal, Phila
1st & U tah N a t B k , Ogden

N o v 1926
4 H Oheck from G o ’s office
A u g 2 1926 3 H New York and NaahvQU
Apr 1 1928
do
do
G uaranty T ru st O o , N Y
N ew Y o rk .
T o O ct 1 1937

M ORGAN’ S LOU ISIAN A & T E X A S R R . & STEAM SHIP C O .— (S ee M a p
o f S outhern P a c i f ic .) — R O A D .— Owns Algiers to Cheneyvllle, 205 miles;
branches. 119 m .; extensions to P ort Allen. L a ., S e e.. 53 m .; trackage to
Alexandria, & c., 25 m .; total, 401 m .; ferries. 3 miles. Owns $300,000 stock
o f Iberia Sc Vermillion R R .. 21 miles.
Th e I .-S . C . Com m ission has placed a tentative valuation o f $ 21,5 1 0 ,4 0 0
on the owned and used property o f the com pany as o f June 30 1918.
Sou. Pac. C o . owns the entire $ 1 5 ,0 0 0 ,0 0 0 stock and $ 6 ,4 2 9 ,0 0 0 first m ort­
gage bonds outstanding. Dividends, 1 907 ,-07, 1 0 % ; 1907-08, 2 5 % ,
1908-09, 4 % , 1910-11, 6 % , 1911-12, 4 % , 1915-16, 2 % , 1917 to 1925, none.
For 1925, total railway oper. revenue, $ 8 ,5 0 3 ,9 4 7 , net railway oper.
income, d e f., $ 7 1,965 other income, $12 1 ,9 6 0 ; deductions, $457 ,72 5; bal.,
def., $ 4 07 ,73 1. For latest earnings, see “ Railw ay Earnings Section”
(issued m on th ly ).— (V . 123, p . 1500.

M O R R IS & E S S E X R R .— Owns from H oboken, N . J ., with Im portant
terminal facilities on N . Y . H arbor, to Phillipsburg, N . J ., 85 miles; branch,
D e m ille to H oboken, N . J ., 34 miles; leases, 38 miles; total op er., 157 m iles.
Leased D ec. 10 1868 in perpetuity to D el. L a ck. Sc W est., which guaran­
teed 7 % per ann. on stock and, con tingently, 1% extra. In M a y 1917.
fo llo r 'n g som e litigation, it was agreed that In future the dividends under
the b ase should be fixed at 7 H % . payable unconditionally, the additional
rental (J4 % ) for year 1916 to be paid on July 1 1917. and for subsequent
years on each succeeding Jan. 1. respectively. 8ee V . 104. p . 2 1 l8 .—
T h e stockholders on June 24 '25 approved a resloution to issue $35,000,000
mortgage bonds in order to provide for the paym ent to the Delaware Lacka­
wanna & W estern R R . C o ., lessee, o f expenditures properly chargeable to
construction account amounting to $11,582,000 and fo r the paym ent to
the lessee o f future capital expenditures for im p ta ., extensions, & c. —

(V . 123, p . 2135.)
M O R R IS T O W N & E R IE R R .— Owns M orristow n. N . J .. to Essex
Fells, N . J ., 10.64 miles; 2 branches, 2.32 m .. total 12.96 m . S tock.
$400,000; par, $100. B onds, see table. In 1925, gross, $158,732; net,
$41,413; interest, rentals, & c., $25,464; b a l., $16,708.
P re s., R . W .
M cE w an , W hippan y, N . J .— (V . l 2 1 , p . 1345.)
MOUNT CARBON & PORT CARBON R R — Owns M t. Carbon to P ori
C arbon, P a ., 2.62 m .; total track, 12.71 m . Leased to Phila. Sc Reading
999 years from M a r. 1910 at 5 % on s to c k , taxes. A c . (V . 89, p . 4 2.)
M O U N T H O O D R R .— H ood R iv e r to Parkdale, O re., 12.2 m iles.
Stock, $250,000; par, $100. B onds, see table. P res., J. M . E ccles,
Ogden, U tah; S ec., Jos. A . W est, B righam , U tah.
M U SCLE S H O A L S B IR M IN G H A M & P E N S A C O L A R Y .— (V . 121.
p . 2871.)
N A R R A G A N S E T T P IE R R R .— This road was form erly leased to the
R hode Island C o ., b u t early in 1920 the lease was term inated b y default
and on M arch 1 1920 the com pany received Its property directly from the
U. S. Railroad Adm inistration. S tock, $133,800. First m tge. 5s, $70,000.
due A ug. 1 1936; int. F . Sc A . at R hode Island H ospital Trust C o ., P rov i­
dence, trustee. R oad extends from N arragansett Pier to K ingston. 8.41
miles. T h e I.-S . C . Comm ission has placed a final valuation o f $310,000
upon the properties as o f June 30 1916.— (V . 119, p . 1844.
NASHUA & LO W E LL R R .— Owns double-track road from Low ell, M ass.,
to Nashua, N. H ., 14.26 miles. On O ct. 1 1880 leased ter 99 years to B oston
& Low ell. In 1887 lease was transferred to Boston A Maine, which pays
a rental o f $73,000 (9 % on stock) and $1,000 for annual expenses, and In
A pril 1911 received authority to purchase stock; In N o v . 1906 to 1912 incl.
% extra was paid from accum ulated cash surplus. T rea s., G e o . O . O olt.
6 B eacon S t., B oston.— (V . 83, p . 970; V . 85, p . 1005.)
N A S H V IL L E C H A T T A N O O G A & S T . L O U IS R Y . (T H E ).— Owns
from Chattanooga, T en n ., to H ickm an, K y ., 325 miles; branches to L eban­
on, & c., 532 m .; leases W estern Sc A tlantic, Chattanooga, T e n n ., to A tlanta,
G a ., 137 m. (V . 104, p . 452; V . 110, p . 78); and Paducah Sc M em phis D iv i­
sion o f the L . & N ., 254 miles; trackage rights, 12 m iles. See V . 71, p . 544,
664, 864. T otal operated D ec. 31 1925, 1,260 miles.
T he I.-S . O. Comm ission has placed a tentative valuation o f $69,262,133
on the com p any’s property as o f June 30 1916.
O R G A N IZ A T IO N .— A m ajority ($11,484,100) of the stock is owned b y
the L ou. & Nash., of which $11,483,100 pledged under Its m tges. W est.
A A tl. was leased from State of Georgia till Deo. 27 1919 at $420,012 yrly.
Under the lease as extended to D e c. 27 1969, the rental fo r the 50 years
will be $540,000 yearly with taxes o f abou t $113,000 p . a ., while $60,000
yearly from D e c. 27 1919 will be applied to lm p rov’ta. V . 104, p . 664. 863.
T h e Paducah Sc M em phis D lv . o f the L ouisville Sc N a sh v . R R . O o . Is
leased for 99 years from D e c. 14 1895; the annual rental is 5 % on the cost
o f road and 5% on amounts paid b y L . Sc N . R R . for additions, etc.
Owns join tly with the C hic. B url. & Quincy and Illinois Central the
Paducah & Illinois R R ., which has built a double track bridge over the
Ohio R iver at M etropolis, 111., and has constructed a line from M etropolis
to P aducah, K y ., 14 miles, and join tly guarantee its bonds. See that
com pany and V . 106, p . 1788.
L A T E D IV S .— f 0 7 . ’08. ’09. ’ lO -’ l l . '1 2 . *13-'14. T 5 . '16. '1 7 t o A u g ’26.
5 6 yrly . 6 H 7 y rly . 5 6 H 7yrly(F & A )
P e r c e n t _________ \ 6 5 H
BO N D S.— Consol, m tge. o f 1888 provides that all prior bonds shall be
paid oil at m aturity: 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.
J o in tly. w ith L o u . Sc Nash., guarantees $2,601,000 L . & N . T e r. 4s;
with the L . Sc N ., Southern R y .. S t. Louis I . M . & So. and S t. Louis South­
western $2,560,600 M em phis Union Station 5s, and with the C hic. B url. Sc
Quincy R R . and Illinois Central R R . C o . $4,285,000 Paducah & Illinois
R R . 1st m tge. sinking fund 4 M s.
E quipm ent trusts issued to D irector-G eneral for rolling stock allocated
to this com pany
See article on page 3 and V . 113, p . 1471.

Nov., 1926.]

89

KAILW 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 . & c . , s e e n o te s o n p a g e 8 ]

M ile s
R oad

119
Nashville & Decatur — Stock guar 7 H % by L & N .
Nashville Florence & Sheffield — See Louisville * Nash vllle
N a tio n a l R ys o f M exico — Com stk $ 7 5,000 ,000 U S g

D a te
B on ds

Par

Am ount
O u ts ta n d in g

V a lu e

25

R a te

W h en

%

P a y a b le

3 ,5 5 3 ,7 5 0

7H

$ 7 4 ,803 ,466
28 ,8 3 1 .0 0 0
120,543,421
$, £, A
cC 84 .8 0 4 ,1 1 5
$, £, &C 50 ,7 4 8 ,5 7 5
$500 &c 23 ,0 0 0 ,0 0 0
$500 Acc 24 .7 4 0 ,0 0 0
1,000
1,374,000
1,000
6 5,300
1,000
2 1,000
342,000
1,000
150.000
1,000
3 00,000
£100 Acc 5,8 5 0 ,0 0 0
500 &c a 4 ,206,500
1,000
7,0 0 0 ,0 0 0
1,000
2 ,0 0 3 ,0 0 0
1,000
1 ,484.000
$, £, Acc 2 6 .7 3 0 ,0 0 0
4 5 , &c
2 ,4 6 0 ,3 2 5
746,000
2 , &c
1 ,509,752
13.055
1 ,4 0 3 ,0 0 0

First pref stock $ 3 0 ,0 0 0 ,0 0 0 4 % non-cum (p & d) —
2d pref stock $ 1 25 ,00 0,00 0 5 % non-cum (p & d ) ------1907
Prior lien M U S g red 105 (see t e x t)-------Ce.xc*Acr*
AH g
___ 1907
Gen m tge U S gold redeem par (text) gu ar__N .xc*
4 g
N a t R R o f M ex prior lien m tge g call 1 0 5 --U n .x c * 1,284 1902
AH e
First cons M $60,0 0 0 ,0 0 0 gold (see tex t)_ _C e.xc* 1.534 1902
A g
___ 1889
M exican Central— Priority bonds gold red 1 1 0 -------z
5 g
First cons Inc & scrip n-cum ($9,600 p m) g A B .zc * 3,407 1889
3 g
2 d con sin c($6,400 p m)red 5 0 % to July ’29 A B zc* 3,407 1889
3
Car and locomotive rental notes---------------------------x
1897
Equipm ent 5s $50,000 redeemable yearly at p a r.x
5 g
___ 1899
do ($50,000 yrly par) red 1023^ beg T O -O B .x c *
5 g
615 1897
M ex In t prior lien £1,20 0 ,0 0 0 red at pa r..U n .x c*A cr
AH g
866 1897
do g guar stamp subj to call at 95 to M ar 1 9 0 7 -_
4 g
263 1904
Vera Cruz & Pacific 1st M g red (te x t)-----------------xc*
AH g
285 1903
Pan A m er (M ex-G u at) 1st M (te x t)re d l0 5 gu pAd xc*
5 g
285 1907
General mortgage guar prin A in t-------------------------x
c
5
___ 1913
N a t R ys 2-year secured gold notes red par--------- C e.x
6 g
___ 1913
3-year secured notes $2,460,341 red p a r ---------------- G
6
1913
6
Secured gold notes extended in 1914 and 1915----------1914
Secured gold notes Series B $ 1 ,509,752 red par------ G
6
___ 1914
Secured gold notes Series C $813,090 red par-------- G
6
1914
N otes (for purchase o f notes of Pan-American C o ). .
N e v a d a -C a lifo rn ia -O re g o n —
1917
$1,000
1st M $ 2 ,2 0 0 ,0 0 0 $10,000 p m g call 105 s f — U n .c *
$91 000
6 g
1.000
94 1888
N evad a C e n tr a l— 1st M gold non-cum Inc (sk fd ) .C e z
;
000
5 g
N evad a C o N G R R —
1,000
1914
20 A
M ortgage sink fund call 105 $ 5 0 0 ,0 0 0 ------------------U S
5 9 ,500
5
c
N ew E n g la n d — Also N ew H aven & N o r th a m p to n — See N ew Y o rk N ew Haven A H artford.

J

&

L a s t D iv id e n d
a n d M a tu r ity

J July 1926

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 .

4 % Louisville, K y

Feb 10 ’ 13, 2 % O ffice, 25 Broad S t. N Y
J
A
J
A

&
J
& ()
&
J
& O
J &
J
July 10
A
A
M
M
J
.1
J

&
A.
r

J

Ac

<
&
A
c
A
c
Ac
Ac

July 1 1957
O ct 1 1977
O ct 1 1926
Oct 1 1951
July 1 1939
Jan 10 1939
Jan 10 1939

See text
See text
See text
See text
See text
None paid
do

O Apr 1 1917
<) Oct 1 1919
s Sept 1 1947
H Sept 1 1977
J July 1 1934
.1 Jan 1 1934
.1 Jan 1 1937
1) Ju nel 1915
J Jan 1 1917
Junel 1915
J Jan 1 1917
J Jan 1 1 9 1 7
July 1 1916

t ............. ...............................
See text
M ar 1915 coup not paid
do
do
Jan 1915 coup not paid
Bee text
Bee text
P e c 1914 coup not paid
L --------------------------------D ec 1914 coup not paid

J

&

J
J

A
c
&

M

J

&
&

N M a y l 1967
J July 2 1938

N ew York
4 % paid D ec 1917

A

Ac

O April 1943

Union Tr C o , San i>« .

D ec 1914 coup not paid

a D oes not include $ 3 ,0 0 0 ,0 0 0 pledged under prior lien m tge. of the N a t. R ys. o f M e xico.

R E P O R T .— For 1925, in V . 122, p . 2 485 , showed:
Operating R evenues—
1925.
1924.
1923.
1922,.
Freight____________________ $17,3 1 7 ,7 7 0 $17,044 ,426 $18,027 ,477 $1
$17,044 ,426 $18,027 ,477
5,060,565 4 ,678.037
Passenger_________________
4 ,8 3 4 ,7 9 8
4 ,8 1 5 ,1 8 5
5 ,060,565
4 ,815,185
592,827
M a i l ______________________
630,327
624,489
592,827
580,876
624,489
620,381
Express____________________
618,332
600,348
620,381
564,525
600,348
500.537
M iscellaneou s____________
598,823
517,198
500,537
4 74,606
517,198
Railw ay oper. revenus$24,000,050 $ 2 3,601 ,646 $24,801 ,787
O perating E xp en ses—
$4,405,882 $ 3 ,339,580
M ain t. o f w ay A struc__ $3,48 6 ,4 7 4 $3,573,811
c
5 .464,098
5 ,919,108
5,325,381
M a in t. o f equipm ent___
5,2 1 5 ,6 2 3
818,197
883,475
914,280
946,124
T r a f fic ___________________
8,820,897
9,466,281
8 ,806,185
Transportation__________ 8,5 6 7 ,2 3 2
6 5,356
73,233
74,815
M iscellaneou s___________
146,104
708,899
811,831
742,181
851,251
General___________________
9.339
37,113
2 5,334
T r a n sp o rts for inv.— Cr._____ 27,712
Operating expenses___ $ 1 9 ,185 ,096 $19,4 8 0 ,9 6 9 $21,453 ,047 $19,207,688
3,1 4 6 ,0 7 5
3 ,348,740
4 ,1 2 0 ,6 7 6
N e t rev. from ry . o p er-_ 4,8 1 4 ,9 5 4
420.000
651.900
701,900
759,516
T a x accruals____________
16,991
4.671
3,6 7 3
U ncollectibles____________
4,5 9 6
Operating income____ $ 4 ,050,842
$ 3 ,465,103 $2,64 2 ,1 6 9 $2,70 9 ,0 8 3
N o n -O p er. In c o m e —
1D r .$149,752 C r .$305,292
241,858
2 2 8,706
207,291
249,511
Joint facility rents, &c_ 801
801
801
801
Inc. from lease of road__
124.219
40,113
4 8.630
51,810
M isc. physical property.
72,980
66,913
58,906
63,879
Inc. from funded securs.
107,103
108,514
77,411
130,116
Inc. from unfund, securs
4,130
6,944
10,610
11,670
Dividend income________
441
49,903
Miscellaneous income___ _
Gross income___________ $ 4 ,3 4 4 ,4 1 2
$3,723,975 $ 3 ,399,454 $ 3 ,556,326
D ed u ction s—
$149,747
Joint facility rents______
$806 ,50 6
$806,506
$806,506
$806 ,50 6
R ent for leased roads___
734
1,067
1,580
1,817
Miscellaneous rents____
17.884
18,100
18,100
60.484
M iscell. tax accruals____
900.219
943,699
940,556
929.216
Interest on funded d e b t713
1,276
1,723
17,346
In t. on unfunded debt__
1 , 120,000
1,120,000
1,120,000
D ividends ( 7 % ) ________
1,120,000
1127888,466 $ 2 ,8 9 0 ,6 4 8 $ 2 ,995,804
Total deductions______$2,935,370
$835,509
$508 ,80 6
$560,522
N________________________________________
e t incom e________________$1,409,042
For latest earnings, see “ Railway Earnings Section” (issued m on th ly ).
O F F IC E R S .— Pres., James B . H ill; V .-P . A Traffic M g r ., H . F . Smith;
c
V .-P . & G en. Counsel, Fitzgerald H all; Sec., T . A . Clarkson; V .-P . A G en.
c
M g r ., W . P . Bruce. Office. N ashville. Term .— (V . 122, p . 2485 .)
N A S H V IL L E & D E C A T U R R R .— (See M a p L ouisville <% N a s h v ille .)—

Owns from Nashville, T enn ., to D ecatur, A la ., 119 miles. Re-leased to
L ou. A Nash, in 1900 for 999 years, the rental being 7 H % on stock. The
c
Lou. & N ash, owns $1,758,850 o f the stock.— (V . 70, p . 1195.)

N A T IO N A L R A IL W A Y S O F M E X IC O .— On June 30 1914 this sys­
tem, including the Interoceanic and M exican Southern R ys. (1,047 miles
controlled but operated separately), aggregated 8,027 miles o f road (1,342
miles 3 -ft. gauge). On D ec. 4 1914 the railw ay, telegraph and telephone
lines o f th e R epublic were seized b y the M exican authorities. T he railways
were returned to private management on Jan. 1 1926.
O R G A N IZ A T IO N .— Organized March 28 1908 under speolal A ot Of C on­
gress of M exico, per plan In V . 8 6 , p. 918, 982. The properties o l N at. R R .
o f M exico. M ex. Central and Mex. International were acquired b y deeds.
V . 8 8 , p. 452. 1318: V . 89. p . 1601; V . 90, p. 1554. Vera Cruz A Isthmus
c
R R . (340 miles) was merged N o v . 1 1913 and its bonds assumed and the
Pan-American R R . In M arch 1914. V . 97. p. 1740, 1823; V . 98. p. 1000.
The M exican G overnm ent owns 100,000 shares o f 1st p ref., 302,783 shares
o f 2 d pref. and 747,711 shares o f com m on stock, and guarantees the prin
cipal and interest o f the general m ortgage bonds. V . 87, P. 1533.
D I V 8 .— 1st p ref.. 1908, 1 % ; 1909 . 2 % ; 1910 to 1912, 4 % ; 1913. 2 % :
none since.
B O N D S .— T he prior lien A H % bonds ($225,000,000 auth.) were de­
scribed in V . 8 6 , p . 1319, 919, and the guaranteed general m ortgage 4%
bonds ($160,000,000 auth.) in V . 8 6 . p. 1320. 919.
Additional bonds m ay be issued to retire M ex . In tern et. R R . consols.
T h e General mtge. bonds will be subject to call at par after April 1 1927
R E A D J U S T M E N T OF D E B T . (Com pare advertisem ent in “ C hron­
icle" o f July 14 1923, page xx viii).
.
, . ,
T h e International C om m ittee o f Bankers for M ex ico In July 1923 an­
nounced that bondholders desiring to participate in the plan for the read­
justm ent o f the M exican d ebt (V . 115, p. 1153) m ay d o so b y depositing
their bonds with the authorized depositaries. T he plan in b rief provides
as follow s:
.
„
„
.
(1) T he M exican G overnm ent undertakes to set aside annually toward
the paym ent o f interest on the bonds after Jan. 2 1923: (a) T he entire p ro­
ceeds o f the oil export tax; ( 6) 10% o f the gross revenues o f N ational R ail­
ways o f M exico; (c) the entire net operating revenues o f such railways.
In any event the Governm ent agrees to p rovid e for such current interest
an annual fund amounting to not less than 30,000,000 pesos ($15,000,000
U . S. gold) dining the first year; and increasing b y 5,000,000 pesos ($2,500,000 U . 8 . gold) per annum for each o f the ensuing four years, bringing
the annual fund up to 50,000,000 pesos ($25,000,000 U . S. gold) in the fifth
year, to be used for the paym ent in cash o f the interest due on the bonds
dealt w ith (com pare table in “ C hronicle” o f July 14 1923, p . xxviii). The
balance o f such interest will be dealt witn in 20 -year scrip, not bearing any
Interest during the first five years, but, for the balance o f 15 years, bearing
interest at th e rate o f 3 % per annum, payable half-yearly.
A n y excess o f
the allocated revenues over the minimum fund in any year m ay be applied
to the purchase or redem ption o f such scrip; b u t the com m ittee has the
pow er, 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 M arch 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 b y the respective de­
positaries and lodged with Guaranty Trust C o . o f N . Y . as depositary
against the issue o f receipts to an equivalent face am ount. Such receipts
are to be purchased or redeemed b y the Governm ent 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 com pletely prior to Class “ B ” — which will be issued in the
approximate proportions stated in the schedule (see table in “ Chronicle” o f
July 14 1923. p . xxviii) to the deposit agreement.
(3) The Governm ent Is to make prompt return o f the N ational Railways
to private managem ent. I t recognizes its obligations to restore such rail­
ways, including rolling stock, to their condition at the time the Governm ent
took over the railway lines. T h e Governm ent has agreed to assume the
paym ent o f principal, Interest and sinking fund o f outstanding bonds o f the
National Railway System , listed hereinbefore, subject to the provisions set
forth as to the paym ents during the five-year period. Th e liens created b y
the existing mortgages are not to be enforced unless the Governm ent falls
to carry out Its obligations under the plan; in which event such liens m ay be
enforced in favor o f the respective bondholders.
(4) The matured 2-year notes o f the National Railways o f M exico are to
be extended for a period o f ten years from Jan. 1 1923, with interest at 5 %
per annum for the first f ive 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 R ailways o f M exico 6 % Secured G old
N otes, 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 m aturity to Jan. 1 1933: National R R . C o ,
o f M exico Prior Lien A l % Bonds (N o . 17); M exican Central R y . O o.
A
L td ., 5 % Equipm ent N otes (N o . 2 4 ).
(5) All sinking funds are to be postponed for a period not to exceed five
years from Jan. 1 1923.
M o d ifie d A g reem en t.— Under the terms o f a modified agreement reached
in O ct. 1925 the National Railways were returned to private management
on Jan. 1 1926. T h e modified agreement provided for the separation in
the handling o f the Governm ents’ direct debt from the debt of the National
Railways of M exico. The interest paym ents 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 rs Ended Jun e 30 (in M e x ic a n Gold P e s o s ).
1925.
1924.
1923.
1922.
E x p . o f M e x ., N . Y . and
London offices________
516,030
5 20,658
534,801
528,781
Taxes in Paris, & c______
2 ,6 9 6
189,071
190,729
192,979
In t. on sundry oblig’n s . 74,980
7 6,427
80,674
60,450
In t. on fund, debt, equip.
& coll. tr. & notes p a y . 2 1 ,840.762 2 1 ,8 4 0 .7 6 2 2 1 ,840,762 21,840,762
D ebit bal. of exch. acct _
6,790
4 ,2 8 7
$3,468
481
Install, acct. sinking fund
prior hen A H s ________
2,2 8 9 ,4 3 4
2 ,2 8 9 ,4 3 4
2,2 8 9 ,4 3 4
2,2 8 9 ,4 3 4
Sundries__________________
_______
21
_______
_______
Total___________________ 2 4 ,730,693
24 ,9 2 0 ,6 6 0 24 ,9 3 9 ,8 6 8 24,912,887
In t. & divs. on sec. ow n659,373
637,988
616,603
595,218
In t. on pend. am ts, spent
in constr. of new lines.
563,770
517,876
49 3 ,2 1 6
469,729
Miscellaneous earnings.
332,836
433,692
564,489
537,274
Total credits___________
1,555,977
1 ,589,556
1 ,674,308
1,602,221
Balance, deficit__________ 2 3 ,174,713 23 ,3 3 1 ,1 0 3
2 3 ,265,560 2 3 ,310,666
Total p . A 1. deficit_____ 286,0 5 8 .8 0 2 262,8 8 0 ,1 6 4 239,520,461 216,231 ,317
c
Chairman o f Board, Alberto J. Pani; Vice-Chairm an, L eon Salinas;
Executive President, Bertram E . Halloway; See., R . D . Carrion, all o f C ity
o f M exico; Executive V .-P res. A A sst. T reas., E . E . Bashford; A sst. S ec.,
c
Bartolomi C arbajal y Rosas, N ew Y o rk C ity . N ew York effice, 25 Broad
S t.; C ity o f M exico office, 2a Calle de B olivar N o . 19.— V . 122, p . 2 3 2 5 .)(

N E V A D A -C A L IF O R N IA -O R E G O N R Y .— ( 3 - f t . g a u g e .)— In June 1917

the Western P acific R R . purchased 63 miles o f the main line and the 41m ile branch line in California, together with terminals in R en o, N e v ..
leaving 171 miles H ackstaff, C a l., to Lake View, Ore. V . 107, p. 1379.
In Aug. 1922 the I .-S . C . C om m , authorized the abandonment o f 16 miles
o f railroad between H ackstaff and W endel, Calif.
T he I .-S . C . Commission on M a y 3 1926 authorized the Southern P acific
C o. to acquire control of the com pany through purchase o f capital stock.
V . 122. p . 2944.

O f the $2,200,000 gold bonds o f 1917, $750,000 were used to redeem a
like am ount o f 5 % gold bonds o f 1899, and $250,000 were Issuable on account
o f additions and Im provem ents. Sinking fund to purchase bonds (or call
at 105 and Int.), 1922 to 1931, yearly H o f 1% bonds then o u t, and there­
after H o f 1 % . V . 104, p . 1592.
S tock, com m on, $1,450,000; p ref., $750,000. A fter 5 % on co m m on , b oth
stocks share pro rata. D ivs. on p re f., 1906, 3 % ; 1907, 4 % ; 1908 t o 1910;
5 % each; 1911. 3 % ; Sept. 1912, 2 % ; on com m on, 1 % , 1909: 1 % . 1910;
none since
V . 102. p . 1540. 1626Pres., Charles M oran ; T reas., R . R osa, 68 W illiam S t., N . Y .— (V . 122,
p 2944 )
N E V A D A C E N T R A L R R — B attle M t . to A ustin, N e v „ 94 m iles.
3 -ft. gauge. The I .-S . C . Commission has placed a tentative valuation of
$528,700 on the owned and used property o f the com pany as o f June 30 1917.
Stock, $750 ,00 0, in $100 shares, largely owned b y the N evad a C o . Interest
payments on the $750 ,00 0 income bonds in recent years: July 1906, 4 % ;
Jan. 1908, 2 H % ; Feb. 1909, 1 H % ; July 1911, 1 M % ; A u g . 1914, 3 H % :
M arch 1916, 1 % ; D e c ., 1917, 4 % ; none since. P res., J . G . Phelps Stokes,
100 W illiam S t., N . Y . C ity .— (V . 122, p . 3602.)

N E V A D A C O U N T Y N A R R O W G A U G E R R .— C olfax to N evada C ity .
C al.. 2014 miles. In M a y 1913 control w a s acquired b y Oakland A ntioch
& Eastern (E lec.) R y . interests. V . 96, p . 1630. S tock, $250,200; par o f
•hares, $100 each. D ivs. paid: In 1882, 3 % : 1883, 6 % ; 1903 to 1905. 5 % ;

90

RAILWAY STOCKS AKD BONDS

R A IL R O A D C O M P A N IE S
[F or abbreviation s, & c ., see n otes on pa ge 8]

N ew J ersey In d ia n a & Illin o is — 1st M $ 250 ,00 0 gold
Conditional sales agreement due $ 2 5,770 s-a -----do
do
due $ 23,519 s a -----------------------------N ew Jersey J u n e — 1st M guar $ 4 ,0 0 0 ,0 0 0 --G .z c & r
N ew Jersey & N ew Y o r k — 1st m tge ext 1910-------Second m ortgage-------------------------------------------------------General m ortgage-----------------------------------------------------N ew L o n d o n N o r th e r n — Stock-------------------------------First m ortgage------------------------------------------ B a.xc*& r*
W est R iver 1st m tge guar prin and in t----------------------l e w Orleans Great Northern— First M g — C ol.xo*& r
Caw Orleans & North Eastern—
Prior lien mortgage gold--------------- ------------------- Ce.xo*
R e f& I m p M $16,0 0 0 ,0 0 0 g SerA call 107 J*G .xc*& r*
N ew O rle a n s T erm — 1st M $15,000 ,000 g gu _G .xc*& r
N ew O rle a n s T e x a s & M exico R y— Stock------------------1st M $ 5 0 ,0 0 0 ,0 0 0 gold Ser A call (text)— kxxxc*
do
Series B call 100------------------- C ol.c*& r*
do
Series C red 105_______________ c*&r
N on-cum 5 % inc $ 2 5 ,0 0 0 ,0 0 0 g Ser A call par _c*G
Equip trust cert Ser “ A ” due $1 1 6 ,0 0 0 ann .C o l .c *
do
do Series B due $50,000 ann__________

M ile s
R oad

12
5.62
34
34
34
125
125
36
243

D ate
B on d s

1904
1923
1925
1886
1880
1885
1892
1910
1905
1905

196
196

1885
1917
1903

981
981
981

1924
1924
1924
1916
1924
1925

_

Par
V a lu e

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

1906, 1 0 % ; 1909 and 1910, 2 J * % : 1911. 6 J * % : 1912, June. 6 1 * % ; 1913
*
--------__
6 % ; — 14> 1 6 % ; ......................... to June ------- —
1914,
M arch 1915
1917, 2 % quar.; July ------- -----------1917, 1
O ct. 1917, 1 1 * % ; N o v . 1 9 1 8 ,2 % . B onds, see table and V . 9 8 , p
V . 110, p . 360.
N E W J E R S E Y I N D IA N A & IL L I N O I S R R .— 8outh Bend to Pine, In d .,
11.32 miles. Stock (all owned by W abash R y .) , $825 ,00 0; par $100 . Bonds,
2 5 0 ,0 0 0 . M echanics’ Trust C o ., Bayonne. N . J ., trustee. Y ear end. D ec.
1 1925, gross, $473 ,52 6; net oper. incom e, $174 ,84 0; other incom e, $56,144;
in t., rentals, & c, $40,135; bal. ,su r., $19 0 ,8 4 9 . Pres., T . A . H ynes,
South Bend, In d .; Sec. & T reas., J. C . O tteson, New Y o rk .— (V . 1 23, p.

t

1 6 N E W J E R S E Y J U N C T IO N R R .— Terminal road through Jersey C ity,
Hoboken and W eehawken, about 5 .62 miles. Leased for 100 years in
1886 to N . Y . Central & H . R . R R . C o. (assumed by N . Y . C entral),
which guarantees bonds and owns the $100 ,00 0 stock.
N E W J E R S E Y & N E W Y O R K R R .— Owns from N . J. & N . Y . Jet.
to Stony Point, N . Y . , 29 miles; branches, 7 miles; trackage, 10 miles;
total operated, 46 miles. The I .-S . C . Commission has placed a tentative
valuation o f $ 1 ,482,000 on the owned and used property of the company
as o f June 30 1918. Erie R R . in April 1896 purchased a m ajority of
the stock. Stock, $1 ,4 4 0 ,8 0 0 com m on, $787,800 pref.; par $100 . Control
is w ith pref. stock and 1st m tge. till 6 % has been paid on pref. for three
years at 5 % . — (V . 123, p . 577.)
N E W LONDON NORTH ERN R R .— Owns from New London. Conn
via Brattleboro, V t ., to South Londonderry. V t .. 161 miles.
L E A S E D for 99 years from Deo. 1 1891 to Central Vermont.
The rent*!
Is $213 552 per annum , whloh leaves a small surplus after providing foi in­
terest. & c ., and 9 1*% divs. An extra div o f H % was paid July J 1917,
Jan. 2 1918, July 2 1920, Jan. 3 1921 and each Jan. 2 to Jan. 2 1926 inclusive.
Taxes and im provem ents m et b y lessee. V . 9 0 , p . 1677.
S ^ N E W M E X IC O C E N T R A L R Y .— Owns Santa F e ., N . M ., to Torrance,
116.7 miles. T h e I .-S . C . Commission on June 30 1926 authorized the
acquisition b y Atchison Topeka & Santa Fe R y . o f control of the co. by
purchase of capital stock and by lease. Incorp. in Delaware in Jan. 1918 as
successor o f the R R ., foreclosed and bid in for Federal Export C orp. of 115
B ’w ay, N . Y . V . 105, P- 1708; V . 106, p . 4 99, 929. The I .-S . C . Commis­
sion on July 7 1925 issued a certificate conditionally authorizing the co. to
construct an extension of its line of railroad from its present terminus at
Santa Fe in a general northwesterly direction to Gallina. a distance of appr.
100 m iles, all in Santa Fe and Rio Arriba counties, N . M ex . The request
for permission to retain excess earnings was also granted. Capital stock
authorized, $ 5 00 ,00 0, par $100. The I .-S . C . Commission has placed a
f inal valuation o f $1,36 5 ,0 2 4 on the property o f the company as o f June 30
1916. Pres., S. C . M un oz, N . Y . ; V .- P ., A . F . M a ck , N . Y . ; V .-P . &
G en. M g r ., R . C . Ten E y ck , Santa F e, N . M .; Sec., F. A . W agner, N . Y . ;
T reas., W . M . M au le, N . Y . Executive office, 42 Broadw ay, N . Y . ;
operating office, Santa Fe, N . M . — ( V . 123, p . 451.)
NEW O R L E A N S G R E AT NORTHERN R R .— Owns New Orleans. La.
to Jackson, M iss., 188 miles, with branches, R io, L a ., to Tylertown, Miss.
41 m .; Slidell, L a ., to Folsom, L a ., <5co., 46 m ., making a total of 275 miles
ODerated lncl 29 m . trackage from New Orleans to Slidell, L a ., and other
trackage, 12 m . Stock. $7,500 ,0 0 0 .
1st M ., $10,000 ,000 auth. issue.
Tentative valuation, $7 ,2 0 1 ,3 8 8 , as of June 30 1916.
R E P O R T .— For calendar years:
Balance.
Gross.
N et a ft.T a x . Oth. I n c . R en t.,A c .
1925
__________ $2,90 5 ,0 4 4 $697,766 $35,954
$571,662 sur. $162 ,05 8
sur.75,591
1924
............. . 2 925,031
648,692
29 ,6 0 9
598,710
sur.219,554
1923
_____ 2 ,8 4 1 ,0 1 0
716,656
7 8,902
576,003
________
_. .
sur.186,570
1922 I I — ............. 2 ,5 4 7 ,7 5 0 _ 660,162
. 9____ _ . 572,120
8,528
For latest earnings, see “ Railway Earnings Section” (issued m onthly).
Chairman, W alter P . Cooke; Pres., A . C . Goodyear; V .-P . & Gen. M g r.,
W m . E . Farris; V .-P s ., F . H . Goodyear, H . H . Redfield; Sec., J. M . Gieger;
Treas.. O . W . Goodyear.— (V . 123. D. 1500.J
N E W O R L E A N S A N D N O R T H E A S T E R N R R . C O .— N ew Orleans,
L a. to M eridian, M is s ., 196 miles; trackage, 12 miles. Stock, $ 6 ,000,000
(par $ 1 0 0 ), substantially all of which has been acquired by Southern R y.
C o. V . 104, p . 73; V . 103, p . 1792; V . 105, p . 1529.
D I V .—
T ’0 8 . ’0 9 . '1 0 . ’ l l . '1 2 . ’ 13. ’ 1 4 -1 5 . ’ 16. T 7 . T 8 - ’24. ’25- ’26
Yearly ( % ) \
4
5 61* 61*
5
5 - yrly.
4
4
6
9
6
B O N D S — In M a r. 1917 a m tge. was auth. to secure not exceeding $ l b .000 000 bonds. T h e initial $ 7 ,1 9 5 ,0 0 0 (Series A — see table above) were made
Issuable only on cancelation of the $ 1 ,5 0 0 ,0 0 0 income bonds of 1902 and
the cancelation of the $ 6 ,1 6 3 ,0 0 0 G en. M tg e . bonds (or the deposit, of cash
to redeem any uncanceled G en. M tg e . bonds).
Bonds of $ 1 ,3 7 1 ,0 0 0 are
reserved to retire the Prior Lien 5s and $363 ,00 0 to retire that amount out
of $605,000 equipment trusts outstanding Jan. 1 1917. The remaining
$6 603 GOO new bonds are reserved for additions and improvements under
restrictions. The old bonds, except prior lien 5s. have all been retired
V 104 P. 8 6 5 . 559; V . 105, p . 1892; V . 107, p . 1920. Future issues are to
bear not over 6 % interest, mature not later than Jan. 1 1967. and be
callable at such price0 as the directors shall determine.
R E P O R T .— For 1925, showed:
*
Cal Y ea r— Total In c o m e.
In terest, A c .
D ividends.
Balance.
1Q25
$1,605,977
$399 ,74 8
$540,000
sur.$666,230
1924...................... 1,280,131
3 99,669
360,000
sur.520,362
1923
1,811,916
796,721
360,000
su r.655,195
1922.................... - 828,606
762.262
360,000
def.293,656
For latest earnings, see "R ailw ay Earnings Section” (issued m onthly).
O F F IC E R S .— Pres., Fairfax Harrison, W ashington, D . C .; Sec., C . E .
A . M cC a rth y , N . Y . ; T reas., Charles Patton, Cincinnati: C o m p t., E . H .
K em per, W ashington. D . C .— (V . 121. p. 68.)
N E W O R L E A N S L O W E R C O A S T R R .— Algiers to Buras L a ^ 6 0 mller
Successor D ec. 1 1916 of New Orleans Fort Jackson & Grand Isle R y ., fore­
closed and bid in for a syndicate. V . 103, p . 4 07. The I .-S . C . Commission
has placed a tentative valuation of $622 ,17 0 on the total owned and used
property o f the com pany as of June 30 1918. The I .-S . C . Commission on
N o v . 6 1926 approved the acquisition b y the Missouri Pacific R R . o f control
o f the com pany b y purchase o f its capital stock. V . 123, p . 2651. Pres.,
H . H all, N ew Orleans; V .-P s ., Lee Benoist and T . G . Bush, T reas., Bernard
M cC loskey; Sec., A . C . H am m er.— (V . 123, p . 2651.)




Am ount
O utstand ing

$250
128
282
1,700
394

000
850
238

000

000
960
631. 000
1.500 000
1.500 000
75, 000
8,1 4 0 000

Last D ividend
and M a tu rity

R a te

5 g
5
5
4
5
5
5
See text
4 g
4
5 8

[V ol. 123.

J
F
M
F
M
J
J
3
J
F

&
&
&
&
&
&
&

J
A
S
A
N
J
J

July 1 1934
T o Aug 15 1928
To M a r 15 1932
Feb 1 1986
M a y l 1950
N o v 27 1985
D ec 31 1932
— J
See text
&
J July 1 1940
& D 1990
& A Aug 1 1955

1.371.000
M & N
5 g
&
J
7.1 9 5 .0 0 0
41* g J
14.0 0 0 .
0004 g
J
&
J
1 5 .0 0 0 .
000 text
Q -M
See
15,770,000
5K gA & O
12,500,900
A & O
5 g
F & A
4.6 0 0 .0 0 0
See text
5 g
5
A & O
5
M & N
1.508.000
J
& D
750,000
4J*

N ov 1 1 9 4 0
Jan 1 1952
July 1 1953
D ec 1 1926 1 %
Apr 1 1954
Apr 1 1954
Aug 1 1956
Oct 1 1935
T o N o v 1 1939
T o D ec 1 1940

P la ces W here Interest an
D ivid en d s are P a yable

M ech T r C o,B ayon ne.N J
466 Lexington A v e , N Y
O ffice, 50 Church S t ,N Y
do
do
do
do
N ew London office
C p M & M B k ,N Y ;r e g m ’d
N ew London office
Irving B k & T r C o , N Y
Central Union Trust, N Y
J P M organ & C o . N ^
Guaranty Trust C o, N Y
Irving B k & Tr C o, N Y

G uaranty Tr C o . N Y
Irving Bk & Tr C o, N Y

• N EW O R L E A N S T E R M IN A L C O .— Owns extensive terminal prop­
erty at N ew Orleans . nd a belt railroad around the city , leased to the
Southern Railway for 99 years from July 1 1903. rental covering all e x ­
penses o f operation, m aintenance, taxes and Interest. Southern Railway
owns the $2,000,006 outstanding stock ($5,000,000 au th .), and guarantees
the bonds. See V . 102, p . 8 86 ; V . 98, p . 304, 1460; V . 8 6 , p . 721; V . 8 8 .
p. 564; V . 92, p. 660; V . 97, p . 1898. The passenger terminals are used
b y the Southern R y . System , New Orleans Great Northern R R . and L ou ­
isiana R y . & N a v . C o. Pres., Fairfax Harrison.— (V . 117, p . 2770.)
NEW O R L E A N S T E X A S & M E X IC O R A IL W A Y C O .— R O A D .

— O R G A N I Z A T I O N .— This company and its subsidiaries, all o f whose o u t­
standing capitalization, both bonds and stock (excepting only $500 to $900
directors’ shares) it owns, nam ely, The St. Louis Brownsville & M exico R y .
C o ., The Beaumont Sour Lake & W est. R y . C o . and The Orange & N orth­
west. R R . C o ., form a direct line from Brownsville, Texas, to Baton Rouge,
L a ., whence ferry across the river and the Y azoo & M iss. Valley R y.
(Illinois Central R R .) afford an operating connection to N ew Orleans.
Tentative valuation. V . 113, p . 1053.
M ilea ge Operated D e c . 31 1925 (In clu d in g A fo r e s a id Subsidiary L in e s ).
M ain line: Anchorage to D e Quincy, L a ., 137 mlies; Beaumont to Hous­
ton, T e x ., 83 miles; Algoa to Brownsville, T e x ., 343 miles; Orange, T e x ., to
N ew ton, T e x ., 62 miles; branches, 198 miles; operated under trackage rights,
99 miles; operated under special traffic agreement, Y . & M . V . R R ., 93
miles; total operated, 1,015 miles; side track and spurs, 248 miles; total
track, 1,265 miles.
The com pany, in June 1924, acquired 74,991 shares o f common stock of
the International-Great Northern R R . The company also offered to ad j.
bondholders of the International-Great Northern R R . the guarantee that
during the calendar years 1924, 1925, 1926 and 1927 (these adjustm ent
bonds become cumulative Jan. 1 1928) distribution on the adjustm ent bonds
for each of those years shall not be less than 4 % per annum; in consideration
of which the adjustm ent bondholders, accepting such offer, will give to
New Orleans Texas & M exico R y. the option to purchase their bonds until
Jan. 1 1928 at 85 and interest, and thereafter at par and interest. See
International-Great Northern R R . above.
The com pany in April 1924 obtained permission o f the I .-S . O . C om m is­
sion to acquire control of the Houston & Brazos Valley R y . by purchase of
its entire capital stock, 240 shares, par $100, and certain bonds, receiver’s
certificates, promissory notes and other securities at a total cost of $ 1 ,6 0 0 ,000.
The I .-S . C . Commission on N o v . 2 1925 approved the acquisition b y the
company o f control o f San Antonio U valde & G u lf R R ., Asphalt Belt R y .,
and properties o f Live Oak Pipe Line by purchase o f their capital stock and
bonds, securities transferred D ec. 1 1925.
The I .-S . C . Commission on N o v . 13 1925 authorized the acquisition by
the company of control of the Sugar Land R y ., the Asherton & G u lf R y. and
the Rio Grande C ity R y . by purchase o f the capital stock o f those cos.,
securities transferred Jan. 2 1926.
’
The Missouri Pacific R R ., which owns 129,857 shares, or more than
8 6 % , of the outstanding 150,000 shares of stock of N ew Orleans Texas &
M exico R y ., in April 1925 offered to purchase additional shares of stock
at $120 per share, payable in Missouri Pacific R R . 15-Year 7 % Sinking
Fund notes.
O R G A N I Z A T I O N .— Formerly part of 8t Louis & San Francisco R R
out in 1916 separately reorganized, after foreclosure sale, per plan in
t >0 ) p 774 768. 1714; V. 102, p. 8 8 6 . Incorporated in Louisiana
S E C U R IT I E S .— These include:
First M tg e. Gold B on ds.— Under the m tge., bonds m ay be issued in series
bearing such dates, rates o f interest, & c., as m ay be determined b y the
directors. The Series “ A ” bonds are redeemable, all or part, on any int.
date on or before April 1 1944 at 105 and in t., the premium decreasing I* %
for each year elapsed thereafter until m aturity. Series “ B ” bonds are red.
at 100 and int.
Series “ C ” bonds are red. at 105 and int. $ 1 3 ,5 0 0 ,0 0 0
Series “ B ” bonds are to be reserved to exchange (until June 30 1927) or
refund an equal face amount o f income bonds due Oct. 1 1935. A s of
Sept. 30 1926, $ 9 ,300,900 of 1st mtge. series B bonds had been exchanged
5 % N on -C u m u lative In co m e B on ds.— Limited to $ 25,0 0 0 ,0 0 0 , secured by
a trust indenture. T o bear non-cum ulative interest payable semi-annually
at rate of 5 % per annum, but payable only when and as authorized by
the board of directors, according to provisions of the indenture. Entitled
to share in the security of any new mortgage issue on a parity w ith any
such indebtedness created in excess of $ 1 5 ,0 0 0 ,0 0 0 1st M . Initial interest
paym ent, 1 J * % , made April 1 1917, and further 3 J * % O ct. 1, making
5 % for year; thereafter 2 J * % semi-annually, 5 % p. a ., to and incl. April 1
1925. Issued, $ 1 3 ,500 ,000 ; exchanged for 1st m tge. Series “ B ” bonds
(see above) as o f Sept. 30 1926, $ 9 ,300,900; balance outstanding, $ 4 ,1 9 9 ,1 0 3 .
D ivid en d s.— Initial div. o f 1 ) * % on the capital stock was paid D ec 1.
1920; same amount paid quar. to D ec. 1 1922: M a r. 1 1923 to D e c . 1 1926
paid. 1 % % quar. On June 2 1924 also paid 16 J* % extra, payable 41* % in
cash and 6 % in scrip due Sept. 1 1934, and 6 % in scrip due D ec. 1 1924.
R E P O R T .— For 1925, in V . 122, p . 2938 , showed:
[ln cl. N . O. Tex. & M e x . R y ., St. L . Browns. & M e x . R y ., Beaum ont
Sour Lake & W . R y ., and Orange & N . W . R R .]
Calendar Y ears— •
1925.
1924.
1923.
1922.
Freight____________________$11,787,381 $11,1 8 0 ,2 2 5
$ 9 ,0 1 9 ,9 4 3 $7,811,368
Passenger________________
2 ,0 4 4 ,2 9 5
2 ,0 9 4 ,6 5 6
2,1 9 0 ,1 1 1
1,914,565
M a il, express, & c_______
887,142
976,665
7 0 1.366
688,042
Total oper. reve n u es.. $ 1 4 ,718 ,818 $14,2 5 1 ,5 4 6 $ 1 1 ,9 1 1 ,4 2 0 $10,413 ,975
M aintenance o f w ay, &c. $2 ,2 1 6 ,0 1 8 $ 2 ,4 8 0 ,4 1 9 $1 ,7 9 3 ,5 2 9 $1,837,921
M a in t. o f equipm ent___
2,4 0 1 ,6 3 7
1,879,741
1,718,844
1,586,517
Traffic expenses________
4 54,873
3 71,763
368,813
319,891
Transportation__________
4 ,1 6 1 ,4 5 6
3 ,5 8 8 ,2 8 0
3 ,132,761
2,7 8 5 ,3 1 2
General & m iscell_______
594.657
5 2 6,408
4 4 2,617
397,133
Total oper. exp enses,.
$ 9 ,8 2 8 ,6 4 0 $8 ,8 4 6 ,6 1 2 $ 7 ,4 5 6 ,5 6 4 $6,926,774
N e t earnings______________$ 4 ,8 9 0 ,1 7 8
$ 5 ,4 0 4 ,9 3 5
$4,45 4 ,8 5 7 $3,487,201
Taxes, & c_______________
766,033
732,738
787,094
554,366
Operating incom e____ $ 4 ,1 2 4 ,1 4 5
$4 ,6 7 2 ,1 9 6 $3 ,6 6 7 ,7 6 2 $2,932,835
Equip, rents (net)_______
97,681
48 3 ,2 0 4
C r46,131
C rl40,887
Joint facility rents (net)
268,605
243,901
263,222_____ 257.873
N et operating incom e. $ 3 ,7 5 7 ,8 5 9 $ 3 ,945,091 $3,450,671
$ 2 ,815,848

91

RAILW AY STOCKS AND BONDS

Nov., 1926.]

R A IL R O A D C O M P A N IE S
IFor abbreviation s, & c ., see n otes on p a g e 8]

D ate
M ile s
R oad J B on ds

■ sw York B ay— First m ortgage $6,000,000 g o ld .Q p x
13 1908
■ Y C e n tr a l R R . C o .— Stock ($450,000,000 auth) T r
C onvertible bonds call 110 $100.000,000_____ c*&r*
1915
R e f* Im pt M g .Series" A .’ ’assumed .see text Q .c**;r *
1914
do Series " C ” red 105 after O ct 1 ’ 51 G.c*& r*
1921
C on solid a tion M ($167,102,500) ....... __B a.Xxxc*Sr
1913
(1) U nderlying M a i n L in e M o rtga ge—
N Y C 4 H R R R M $100,000,000 g ____ C e.xc*& r 1.828 1897
do
do
M tge on Spuyten D Sc P M g .C e .
1909
Lake Shore Sc M S 1st M gold , ass______ Us.xc*&r
826 1897
do
Debentures (sec b y 2d M ) g , ass C e.xc*& r*
1903
do
do
do
gold a ssu m ed ..,--C e.xc*& r*
. . . 1906
(2) N Y C A H Riv bonds secu red by C on sol’ n M tge etc on line N
Collateral 3 )4 s (M ich Cent stock as collateral)_G .x
1898
Lake Shore Collateral 3J4s a ssu m ed _____ G.xc*& r
1898
Debentures 1Junior liens under O o n -f____ Us.xc*&r*
1904
___ 1912
do
f solidation M o f 1 9 1 3 1 ____ G .sc*& r
(3) O ther N ew Y o rk Central A H u d so n R iver RR A ssum ed, A c ,
___ 1900
Debentures (V 69. p 1102; V 71, p 502, 9 64 )_____ a
New Y ork & N orthern first m ortgage g o ld _____ z c
57 1887
N Y Sc Putnam cons g g u p & i _________-U n .xc*& r
57 1894
M oh Sc M ai 1st M $15,000 p m g gu p & l(en d )C olx c*
182 1892
Consolidated m tge g o l d ________________ G.xc*& r
182 1902
Carthage & A dirondack 1st M g guar____ U n.xc*& r
46 1892
Oarth W ater & Sack Har 1st M g gu p & i (e n d )-.x
29 1891
Gouverneur Sc Oswegatchie 1st M g gu p Sc i-U n .x c
13 1892
1902
(4) Bonds o f Other C o m p a n ies In clu d ed in lerger o f Jan and M
Indiana Illinois Sc Iow a 1st M gold _________IC .xc*
203 1901
C hic In d Sc South con sol M gold
G.xc*<fer
337 1906
Kalam azoo Sc W hite Pigeon 1st M assum___U n.xc
37 1890
Pine Creek Is i M gu prln and lnt endorsed
r
76 1885
Sturgis Goshen & St Louis 1st M gold p & 1 g u a r ..a
29 1889
Jamestown Franklin & Clearfield—
1st M $25,000,000 auth g u a r . . ______ Q.xo*& r*
1909
Cleveland Short Line R y 1st M gold guar__G.xc*<kr
1911
Lake Erie Sc Pittsburgh— see that com p a n y—
E quip trust (B & A ) $500,000 due y rly __G .zc*& r
" “ ” 1912

1925.
16,876
166,226

Par
V a lu e

A m ount
O utstanding

$ 1,000

$5,201,000

100 383,258 ,235
12,060,200
$. £ Sc fr 40,000,000
100 Sec 85.00 0 ,0 0 0
l.OOOScc 67.88 5 ,0 0 0

Par

1,000 &c
1.000 See
1,000 &c
1,000 &c
1,000 &c
Y to B uf
1,000 &c
1.000 See
1.000&C
1.000 & c
I s su es —
1 bond
1.000
1.000
1,000
1,000 &c
1,000
1.000
1,000
ar 1915
1,000
1.000 Sec
1.000
1.000
1,000

R ate
%

&
J Jan 1
— If N o v 1
M & N M ay 1
4)4 < A Sc O O ct 1
?
A Sc o Oct 1
5 g
F Sc A Feb 1
4 g

4 g
7

J

6

94,000,000
3)4 g J Sc
2,500,000
3)4 g J Sc
50,000,000
3)4 g J Sc
M Sc
60,000,000
4 g
M Sc
50,000,000
4 g
fa lo. See., a nd (b ) B uffalo
19.336,000
3)4 g F Sc
22,69 3 .0 0 0
3)4 g K fc
M Sc
48,000,000
4 g
J Sc
9,188,000
4 g
5 ,5 0 0 ,0 0 0
1 .200,000
3,987,000
2,500.000
3.900,000
1 , 100,000
300.000
300,000
250,000

L a st D ivid en d
and M a tu r ity

W hen
P a y a b le

3)4 g J
A
5 g
A
4 g
M
4 g
3)4 g M
J
4 g
.1
5 g
J
5 g
J
3

4,850.000
15,150,000
400,000
3,500.000
322,000

4 g
4 B
5

1.000 &c
1.000 &c

11,000,000

1.000&C

J

St
Sc
Sc
Sc
Sc
Sc
Sc
Sc
Sc

J
D
D
S
N
to
A
A
N
J

July 1
June 1
June 1
Sept 1
M ay 1

1948

P laces W here Interest an*
D ividends are P a yable

Treasurer,

2013
2013

1998
1997
1959
1997
1928
1931

N Y.

1
1
1
1

466 Lexington A v e, N Y

J July 1 1950

do

do
do
do
do

do

do
do

do
do
do
do

1998
1998
1934
1942

J July 1 2000
O Oct 1 1927
O Oct 1 1993
s Sept 1 1991
H M ar 1 2002
D D ec 1 1981
.1 July 1 1931
D J u n e l 1942
J July 1 1932

L ondon & Pari*

New York
466 Lexington A v e, N Y

Chicago, &c

Feb
Feb
M ay
Jan

Philadelohl*

1926 1 H 466 Lexington A v e, N Y
do
do
1935

do
do
do
do

do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Am E xch N a t B k. N Y
Lincoln N at B ank. N Y

J

Sc
Sc
Sc
Sc
&

J Jan 1 1940
D D ec 1 1932
D Deo 1 1989

4 g J
4)4 g A

St

D June 11959

11,800,000

St

O Apr 1 1961

500,000

4)4 g A

Sc

O Y rly to O c t ’27 N ew Y ork

6

3 g

J
J
J

J Jan 1 1956

466 Lexington A v e , N Y
do
do

do

do

466 Lexington A v e, N Y

do

do ana Lond

The I .-S . C . Commission in M a y 1922 authorized the com pany to acquire
control o f the Chicago River & Indiana R R . by the purchase o f not exceed­
ing $750 ,00 0 stock, and also authorized the Chicago River company to
1,018
acquire control of the property of the Chicago Junction R y . by lease.
V. 114. p. 2241
400
4,4 1 8
400
400
154,371
T h e stockholders on Sept. 29 1926 approved the following:
93,385
9 4,970
104,193
18,810
1. A lease of the M ichigan Central R R . to the N ew Y o rk Central R R . at
33,379
d eb73,939
208,232
an annual rental which includes a dividend on M ichigan Central stock
T otal non-oper. inc___
$356 ,68 2
pledged as collateral for the N ew Y o rk Central-M ichigan Central 3 ) £ %
$34,853
$145,487
$325,126
Gross income _______
$4,114,541
collateral bonds in compliance with the provisions o f the indenture under
$3 ,9 7 9 ,9 4 4 $ 3 ,775,797 $ 2 ,961,336
Loss on sep. oper. prop.
which they were issued and an amount equal to 5 0 % on the stock o f the
(New Iberia & N . R R .)
99,432
143,494
M ichigan Central not owned b y the N ew Y o r k Central.
170,822
29,731
In t. on funded d ebt____
1 ,463,438
2 . A lease o f the Chicago K alam azoo & Saginaw R y . to the N ew York
1 ,027,320
1 ,166,679
1,203,830
ln t . on unfunded d e b t. 2 7,393
35 ,5 8 4
Central. The N ew Y o rk Central and the M ichigan C entral own all o f the
982
668
M iscellaneous charges. 10,114
stock o f this com pany.
9,789
5,313
9,160
3 . A lease o f the Cleveland Cincinnati Chicago & St. Louis R y . to the
T otal d e d u c tio n s ____ $1,60 0 ,3 7 7 $ 1 ,216,187 $ 1 ,347,644 $ 1 ,239,543
N ew York Central at an annual rental which includes an amount equal to
N e t in c o m e ..
._
_ . $ 2 ,5 1 4 ,1 6 4 $ 2 ,763,756 $2,42 8 ,1 5 3 $ 1 ,721,793
5 % on the preferred stock and 1 0 % on the com m on stock o f the lessor not
D iv . appropriations____
1 ,038,198
889,852
owned b y the N ew Y o rk Central.
1,038,198
1,050,557
Surp. approp. for inv. in
4 . A lease o f the Cincinnati Northern R R . to the Cleveland Cincinnati
physical property____
594,632
Chicago & St. Louis at an annual rental which includes an amount equal to
796,655
1 2 % on the stock o f the lessor not owned b y the lessee. This leasehold
B al. to profit & loss___ $ 1 ,4 7 5 ,9 6 6 $ 1 ,725,558
W ill be transferred to the N ew York Central.
$580,940
$237,309
5 . A lease of the Evansville Indianapolis & Terre H aute R y . to the
O F F IC E R S .— Chairm an, W illiam H . W illiam s; Pres., L . W . Baldwin;
Cleveland Cincinnati Chicago & SL Louis, all of the stock o f the lessor being
Exec. V .- P ., H . R . Safford; V .-P . & Sec., R oy Terrell; T reas., A . T . Cole.
owned b y the lessee. This leasehold will be transferred to the N . Y . Central.
G en. M g r ., W . G . Choate; A u d ., M . Eckert.
Th e N ew Y o rk Central now owns more than 9 9 % o f the stock o f the
M ichigan Central and more than 8 4 % o f the preferred and 9 1 % of the
D IR E C T O R S .— W illiam H . W illiam s, J. E . D avey, Frank Andrews,
com m on stock of the Cleveland Cincinnati Chicago & St. Louis, and the
Alexander Berger, Carl A . de Gersdorff, G . E . W arren, E . N . Potter,
C . B . Fox, L . W . Baldwin, M atth ew C . Brush, H . R . Safford, H . H obart Cleveland Cincinnati Chicago & St. Louis owns more than 9 7 % o f the stock
o f the Cincinnati N orthern.
Porter, John J. Raskob, Charles H . Sabin, Finley J. Shepard. N . Y . office,
M inority stockholders of the M ichigan Central and C . C . C . & St. L .
60 Broadw ay.— (V . 123, p . 1500.)
have obtained rulings, temporarily restraining the leases. See those com ­
panies above.
N E W Y O R K B A Y R R .— Owns from W averly, N . J ., to Greenville, N . J .,
and branches, 12.94 miles. Stock, $ 6 ,0 0 0 ,0 0 0 , all owned b y Penn. R R .,
P artial L ist o f Stock B old in a s D e c . 31 1925.
which leases the property.— (V . 123, p . 2 0 4 .)
--------A m o u n ts Owned----------------Total Outstanding-----N E W Y O R K C E N T R A L R A IL R O A D C O . (T H E )— {See M a p s .)— Owns
P r e f. Stks. Com . Stock.
P ref. Stks. C om . Stock.
In fee direct line from New York to Chicago, 954 miles of first and second
Michigan Central.........................................$ 1 7 ,9 0 7 ,7 0 0
N one $ 1 8,736 ,400
track, 729 miles o f third track, 671 miles o f fourth track, 11 miles o f fifth
Pittsburgh & Lake E r ie .
__________
17,993,100
N one 3 5 ,985,600
track and 6 miles o f westbound fast^freight track in D e W itt Y a rd , and
Mahoning Coal R R ____
47 8 ,0 0 0
894,650
661,367
1,500,000
numerous branches, the total mileage owned D ec. 31 1925 aggregating
O O O & St Louis R y .
8 ,4 6 8 ,1 0 0 4 2 ,9 4 1 .1 0 0
9 ,9 9 8 ,5 0 0 47 ,0 2 8 ,7 0 0
3 ,7 2 2 m iles. Also owns stock control o f the W est Shore R R . (leased),
Toledo & Ohio C e n t r a l..
3 ,7 0 1 ,4 0 0 5,8 4 6 ,3 0 0
3 ,7 0 1 ,4 0 0
5 ,8 4 6 ,3 0 0
N . Y . to B uffalo, and thence to Chicago, via M ichigan Central R R . and
New York & H a r l e m ...
1,1 4 2 ,9 5 0 5,5 5 1 ,4 0 0
1 ,343,950
8 ,6 5 6 .0 5 0
Canada Southern R y . B y similar control o f the Pittsburgh & Lake Erie
N Y State R a i lw a y s ...
600 1 3 ,604,300
3 ,8 6 2 ,5 0 0 19,952,400
R R . the Cleveland Chicago & St. Louis R y . and other companies, has
M ohawk Valley C o ______
5,1 1 4 ,3 0 0
None
7 .500,000
close running connection to Pittsburgh, Colum bus, Cincinnati, Indianapolis,
W est Shore R R ........................................... 10,00 0 ,0 0 0
N on e 1 0 ,000,000
St. Louis, &c. T o ta l system owned, controlled, & c ., D ec. 31 1925 , 6 931
T h e N ew Y o rk State Railways C o . (see “ Public U tility Com pendium ” )
miles o f first track, and total trackage o f 17,099 m .
is the com pany’s trolley ally. Com pare V . 100, p. 3 9 9 , 4 75.
O perated D ir e c tl y .
L in es Owned—
M ile s . Beech Creek R R .* __________ 142
S T O C K .— D ividends on stock registered in London are payable at
New Y ork to C hicago__________ 954 Beech Clreek E x t e n .R R ., & c .* . 134 4 9 )£ d . to the dollar.
B ra n ch es______________________ 2,768 Walklll V alley______________
Tne company offered to stockholders o f record Feb. 1 1924 the 603,650
33
Reading rights which it received at $3 per right, in proportion to holdings.
M ahoning C oal R R * _______
70
L in e s L eased , etc. (*See this c o .)—
W est Shore*___________________ 488 D etroit Hillsdale Sc S W * ..........
65 V . 117, p . 2653: V . 118, p. 794.
28
T roy & Green bush*___________
6 Lake Erie & P itts____________
The stockholders on Sept. 29 1926 approved an increase in the authorized
New Y ork Sc H arlem *_________ 137 Fort W ayne Sc Jackson*______
98 capital stock from $ 4 0 0 ,00 0,00 0 to $50 0 ,0 0 0 ,0 0 0 .
New Jersey Junction*_________
5 Lake Erie Alliance Sc W heeling.
88
D ec. 31 1925 the Oregon Short Line R R . C o. (Union Pacific) owned
D etroit T oled o & M ilw aukee__
47 Erie Sc K alam azoo R R ______
22
$22,700 ,000 N . Y . Central stock; also $ 3 ,0 0 0 ,0 0 0 ref. & im pt. m tge. 4 M s .
Kalam azoo A . & G . R ________
58 T r a c k a g e r ig h ts. & c ,________ 554
V . 84, p . 52, 571; V . 89, p . 4 11.
St. Lawrence & A dirondack*__
56 Boston Sc Albany system ____ 396
Ottawa & N ew Y o r k _________
57 Ohio Central Lines__________ 694
D I V I D E N D S .—
\ ’ 15. T 6 . T 7 . ’ 18. ’ 19. ’2 0 . ’2 1 . ’22. ’2 3 . ’2 4 . ’2 5 .
Battle Creek Sc Sturgis_________
7
Per cent________________ J 5
5
5
5
5
5
5
5
6
7
7
H udson River Connecting____________ 24 T otal oper. D ec. 31 1925__6,931
Paid in 1926: F e b ., 1 M % ; M a y , 1 % % ; A u g. 2 , 1 M % ;N o v . 1, 1 % % ■
M iscell. rent incom e____
Separate oper. props _
Dividend income _
Income from funded secs
Inc. fr. unfunded secs___
Miscellaneous! n c o m e ..

1924.
13,421

1923.
12,302

1922.
13,287

O R G A N IZ A T IO N .— The N ew Y ork Central R R . C o . was form ed by
consolidation, effective D ec. 23 1914, under laws o f N . Y ., P enna., Ohio,
In d ., M ich , and 111., o f the N . Y . Central Sc Hudson R iver R R . (as enlarged
in 1913 b y the absorption o f R om e W atertow n Sc Ogdensburg and other
N ew Y ork branch lines; see bond table above) and Its leading W estern sub­
sidiary. the Lake Shore Sc M ich . So R y ., and 9 minor controlled properties
See V . 96, p . 1425: V . 98, p . 387, 1393; V . 100. p. 140.

(a) N . Y . C ent. 3)4 % Lake Shore coll, bonds o f 1898-1998____ $90,578,000
(On D ec. 31 1925 $67,885,000 o f these had been exchanged
for Consolidation M tg e . Series A 4s. See below.)
(t» N . Y . C ent. 3 )* % M ich . C en t. coll, bonds o f 1898-1998____ 19,336.000

In 1916 sold its controlling interest in the stock o f the N . Y . Chicago &
St. Louis R R . and in 1922 the Lake Erie & W estern R R . C o . to the Van
Sweringen interests in Cleveland. V . 104, p . 1598; V . 114, p . 1890. E n­
tire stock Clearfield Bituminous Coal C o . is owned. V . 103, p . 1794.
In 1917 a subsidiary, the Hudson River Connecting R R ., received
authority to build a bridge across the Hudson River 11 miles south of
A lbany. The l .- S . O . Commission on O ct. 5 1926 authorized the acquisi­
tion by the N ew York Central R R . o f control of the lines o f railroad o f the
Hudson River Connecting R R . C orp. and the franchises and facilities
appurtenant thereto, by lease. V . 123, p . 2135 . See that co. above.
Cleveland terminal, V . 113, p . 2505, 2614. Proposed new Niagara River
bridge, V . 106, p . 1689, 2011. Court decision respecting Toledo & Ohio
Central, & c ., V . 105, p . 819, 998. Lease o f real estate in N ew York C ity,
V . 110, p . 2292 . Tax decision, V . 110, p . 2658. W ins ejectment suit.
V . I l l , p . 2229; V . 113, p . 2313; V . 115, p . 308. Rate decision, V . I l l
p. 2 424 .
T h e directors on D ec. 14 1921 authorized the making o f an offer to
purchase the stock o f the Cleveland Cincinnati Chicago & St. Louis R y . Co.
on the basis o f one share of New York Central stock for one share o f 5 %
Cleveland Cincinnati Chicago & St. Louis preferred stock, and o f 80 shares
o f N ew Y o rk Central stock for 100 shares of Cleveland Cincinnati Chicago
& S t. Louis common stock. V . 113, p. 2614; V . 115, p. 3 08, 4 3 6 , 1429.
The directors also authorized the lease of the Toledo & Ohio Central,
including with it the Zanesville & W estern, the Kanawha Sc Michigan and
the Kanaw ha & W est Virginia railroads to the New York Central for a
rental o f fixed charges and taxes, and in addition thereto an am ount equal
to the net earnings o f the Toledo & Ohio Central for the year 1921, and in
the case o f the Kanaw ha & M ichigan o f 6 % on its stock. V . 113, p . 2614;
V. 114, p . 627; V . 115, p. 544.

(c) N . Y . C ent, debentures o f 1904, due 1934__________________ $48,000,000
9.188,000
(«) 4 % Consolidation M tg e . bonds dated, A u g. 1 1913 and due
F eb. 1 1998. issuable In series A , B , C and D only to refund
above collateral bonds and debentures, respectively. See below .
T he C onsolidation M ortgage (securing the collateral Issues and other
bonds in the order indicated above) covers b y a li en ranking ahead o f the Re­
fund. & Im p t. M tg . (see below ), the lines owned in 1913 (inc,. those then
brought in b y consolidation or m erger), 75% (3.750 shares) of the stock o f
Hudson River Bridge C o . at A lbany and the leases o f T ro y & Greenbush,
New Y ork & H arlem , W est Shore and Beech Creek railroads. On the main
line between N ew Y ork and B uffalo there is no lien ahead o f it except the
$100 000,000 1st M . o f 1897; and on the railroads consolidated or m erged in
1913, such as the R om e W atertow n Sc Ogdensburg, M oh aw k Sc M alon e,
& c., there are no prior liens except the old underlying m ortgages thereof
and the N . Y . C entral’s $100,000,000 1st M . V . 102, p . 800, 1541
R efunding St Im pt. M tge. for N ew Capital and Debt U n ification .
T he purpose o f the R efunding and Im p t. M tge . was to provide for future
financing o f the N . Y . C ent. Sc H ud. R iver and the consolidated company,
and for the unification o f the d eb t. T he bonds are Issuable in series, all
due O ct. 1 2013, but bearing date o f April 1 or O ct. 1 next preceding the
date on which the series Is authorized, and carrying interest at such rates,
subject to call at such dates, and prioes, and with such provisions as to con­
version, & c.. as shall be fixed for successive series. V . 96, p. 1424.
The amount o f bonds which m ay be Issued under the R e f. and Im p . M .
Is not limited to a stated am ou nt, but is determ ined b v standards set up
In the m ortgage itself, and those standards are believed to be such that a




Consolidation Mort. $167,102,400 Secures W ith o u t Increasing D eb t.
(1) Equally by L ien P rio r to that S ecuring the D eb en tu res a n d the 4 % bonds—

(2) Equally by L ien Subsequent to L ie n o f A fo r e s a id —

id) N . Y . C ent, debentures o f 1912, due 1942__________________

93




EAILW AY STOCKS AND BONDS

[V ol. 123.

Nor., 1926.]

KAILW AY STOCKS AND BONDS

NEW YORK CENTRAL LINES
1926
Trackage is shown by dotted lines thus
Lines under construction by dashes th u s :-—




—

93

94

KAILW AY STOCKS AND BONDS
D ate
B on ds

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 , cfee., s e e n o te s o n p a g e 8 ]

N ew Y o rk JC en tra l R R (C oncluded)—
Equip trust N o . 43, due $922 ,70 0 yearly_________
E q tr (N Y C R R ) due $ 1 ,1 1 7 ,0 0 0 y r ly ..Q .y c * & r
E q t r ( N Y C R R ) $ 1 ,1 5 3 ,1 6 7 y rly ____________ _ G .c
Equipm ent trusts ( N Y C Lines)— ■
D ue $688 ,39 9 yearly_______________________ G .zc*& r
D u e $ 494 ,74 5 yearly_______________________ G .zc*& r
D ue 5 72,000 yea rly__________________________ G .z c '
D ue 569,000 yearly__________________________ G .zc
D ue 46 2 ,0 0 0 yearly__________________________ G .zc
D ue 9 83,000 yearly__________________________ G .zc
D u e 84 8 ,0 0 0 yearly__________________________ G .z c *
D ue 2 50,000 yearly__________________________ G .z c *
N ew Y o r k C e n tra ! L in es (Incl. various associated cos
Joint equip trust due $ 1 ,0 0 0 ,0 0 0 yrly _____ G .zc*& r
do
ao
due $ 1 ,6 0 0 ,0 0 0 yearly_____ G .zc*& r
do
do
due $1,84 3 ,0 0 0 yearly_________G .zc *
do
do
due $844,000 yearly___________ G zc*
do
do
due $ 1 ,1 5 6 ,0 0 0 yearly_______ G .zc
do
do
due $ 1 ,6 7 0 ,0 0 0 yearly_________G .zc
do
do
due $1 ,3 9 7 ,0 0 0 yearly_________G .zc
do
do
SI ,500,000 y e a r ly ____________ G .zc *

Par
V a lu e

1920
1917
1920

$ l,0 0 0 & c
500 &c

$8 ,3 0 4 ,3 0 0
6 ,7 0 2 ,0 0 0
11,531,673

J & J 15 T o Jan 15 1 9 3 5 ____________________________
6
1 1932 G uaranty Trust C o , N Y
4K g J &
.1 T o Jan
A
& O T o A p r 15 1935jG uaranty Trust C o, N Y
7 g

1912
1913
1922
1922
1923
1924
1924
1925

50 0 -1 0 0 0
500 &c
50 0 -1 0 0 0
1,000
1,000
1,000

688,399
989,490
6,2 9 2 ,0 0 0
6 ,259,000
5,5 4 4 ,0 0 0
12,779,000
11,024,000
3 ,5 0 0 ,0 0 0

4 )4
4)4
5
4 )4
5
5
4 )4
434

1912
1913
1922
1922
1923
1924
1924
1925

1,000 &c
1,000 &e
50O&1000
500 &c
500&1000
1,000
1,000
1,000

1,000,000
3 ,200,000
2 0 ,273,000
9,2 8 4 ,0 0 0
13,872,000
21,710,000
1 8 ,161.000
21 ,0 0 0 ,0 0 0

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

bondholder will be indifferent as to the amount o f bonds which m ay be
outstanding under the m ortgage, so long as the standards are complied
with. Th e am ount o f R ef. & Im p t. M . bonds outstanding cannot exceed
three times the am ount o f the capital stock as from time to time increased.
After $500 ,0 0 0 ,0 0 0 of the bonds shall have been issued, not more than
8 0 % of the cost o f improvements, additions or new property can be paid
for from the proceeds of bonds. N o t more than one-third o f the amount
of bonds can be used in the acquisition o f bonds or stocks o f otner com­
panies. After $ 5 0 0 ,00 0,00 0 of bonds shall have been issued, no additional
bonds can be issued without the vote of stockholders. Each issue of bonds
must receive approval o f R R commissions and P. S. Com m issions. Y . 98,
p. 387. 6 1 1 , 690. 1245, 1393: V . 99. p . 1052, 1131. 1367: V . 100. p. 1079;
V . 104, p . 1387: V . 106, p , 2757.
The R e f. & im p t. M . is ( l ) a lien next to the lien of the Consolidation
M tg e. (see above) on the properties, & c .. covered by the Consolidation
M ortgage.
(2) A first lien on the leases o f the Beech Creek Extension
New Jersey Junction and W allkill Valley railroads, subject to the out­
standing bonds o f each. (3) A first collateral lien on $500 ,00 0 2d M tge
bonds of Beech Creek R R . and $ 3 ,9 6 4 ,0 0 0 Consol. M tg e . 4s of the Beech
Creek Extension R R . companies.
(4) A first collateral lien on—
Pledge o f Stock ow ned in — P ref. Stock. C om . Stk. P r e f. I s s ’ d. C o m .Iss'd
N . Y . & Harlem R R .(p a r $ 5 0 )1 1 ,1 4 2 ,9 5 0 $5,55 1 ,4 0 0 $ 1 ,3 4 3 ,9 5 0 $ 8 ,6 5 6 ,0 5 0
1 0 ,000,000
10,00 0 ,0 0 0
W est Shore R R ________________
Beech Creek Extension R R . . __________ 5,1 7 9 ,0 0 0
5 .1 7 9 ,0 0 0
New Jersey Junction R R ____ __________
100,000 __________
1 00,oOo
The Refunding & Im p t. M tg e . is also a lien upon the properties described
in the supplemental indenture (dated June 1 5 1 9 1 5 ), assuming, as authorized
by the shareholders, the obligations of the R ef. & Im p t. M tg e . and extend­
ing the lien thereof over the former Lake Shore & M ich . So. R y .. Chicago
Ind. & So. R R ., Geneva Corning & So. R R .. Dunkirk Alleg. V a l. & Pitts.
B B . ana all of the other properties included in the consolidation o f 1914,
and also over the former Cleveland Short Line R v . Jamestown Franklin &
Clearfield R R ., Sturgis Goshen & St. Louis R y. and Elkhart & Western
R R ., acquired by conveyances in 1915 (see “ Organization” above). The
Hen created by this supplemental mortgage is subject, as to parts of the
mortgaged properties, to the respective prior liens of the several underlying
mortgages thereon shown in table above. In 1914 $ 4 0 ,0 0 0 ,0 0 0 Series A
4)6 % bonds, issued under this mortgage, were sold (V . 98. p . 1245);
N one o f the Series B bonds are outstanding in hands of public; $ 4 ,4 9 4 ,0 0 0
have been nominally issued and are held b y or for the com pany. In April
1922 $ 6 0 ,0 0 0 ,0 0 0 Series C 5 % bonds were sold and a further $ 2 5 ,0 0 0 ,0 0 0
were sold in July 1922. V . 114, p . 1534; V . 115, p . 3 08.
Bonds f o r R etirem ent o f w hich R ef.
I m p t. M ortga ge Bonds w ere Reserved
1st M . o f 1897, due 1997................. ...................................................... .$ 1 0 0 ,0 0 0 ,0 0 0
Consolidation M tg e . (see above) dated 1913 , due 1998_______ 167.102 .400
17 divisional issues o f N . Y . C ent. & H u d . River R R ___________
29,50 9 ,0 0 0
Old bonds of Lake Shore and other cos. absorbed in 1914 -15___ 197.002.0O f
C o n v e r tib le 6 % 20- Y e a r B o n d Issu e o f $ 1 0 0 ,00 0,00 0 D a te d M ay 1 1 9 1 8
These bonds were convertible into stock at the rate of $100 o f stock foj
$105 of bonds, between M a y 1 1917 and M a y 1 1925. They m ay be called
for redemption on any interest date at 110 and int. upon 90 days’ notice,
bu t, if so called, they m ay be converted into stock up to 30 days prior to
See V . 100, p . 556, 643, 5 93-4, 8 13, 902, 1349, 1438, 1833; V . 102, p . 1443;
V . 109, p . 72.
O L D B O N D S O F N . Y . C E N T R A L & H U D S O N R IV E R R R .— First
m ortgage Is for $ 1 0 0 ,00 0,00 0, covering the original road owned, and, b j
suDDiemental deed. 930 miles of lines (Rome W atertow n S Ogdens
c.
burg, Sec.) merged in 1913.
V . 7 7 , p .4 5 2 ; V . 86, p . 1 0 4 3 .1 1 0 1 : V . 88
p . 506: V 94. p . 208: V . 96. p . 1424.
Collateral trust 3 H s o f 1898 were secured by deposit of stock o f the Lake
Shore & M ic h . Sou. and M ich . Central R R s ., respectively, at the rate of
$100 of L . 8 . & M . S. stock for each $200 of bonds and $100 of M ic h . Cent,
■tock for each $115 o f bonds. T h e Lake Shore collateral 3 H e (7 5 % )
exchanged for Consolidation M ortgage 4s, Series A , are a direct (third) m tge
on the form er Lake Shore & M ic h . So. R y ., D etroit M onroe & Toledo R R ..
Northern Central M ich . R R ., K alam azoo & W hite Pigeon R R . and Swan
Creek R y . o f Toledo. See the “ Consolidation M ortgage” above. V . 96.
p .1 4 2 4 ; V . 6 6 , p .3 3 6 , 8 11; V . 102, p . 522; V . 100, p . 5 56, 2085 ; V . 1 0 1 ,p.288
The New York Central Railroad C o . has duly made an indenture
to secure the paym ent of (a) the 3 ) S % gold bonds. Lake Shore C ol­
lateral, and (6) by secondary lien thereunder so many of the 4 % Consolida­
tion M ortgage Gold Bonds, Series A , as m ay be issued to pay and retire
an equal am ount o f 3 )4 % gold bonds. Lake Shore collateral (the two issues
aggregating $90 ,5 7 8 ,4 0 0 ) ,by a lien upon the railroads,&c., formerly owned by
the Lake Shore, and also on the property of its four former subsidiaries,
v iz .; D e t. M onroe & T o l. R R . C o .. N o r. Central M ich . R R . C o ., K a l. &
W hite Pigeon R R . C o. and Swan Creek R y . o f T o l., such lien following the
Hen thereon o f Lake Shore & M ic h . So. 1st M . 314s of 1897 and the $100,000,000 Lake Shore debenture (now mortgage) bonds of 1903 and 1906
L A K E S H O R E & M I C H . S O U T H E R N B O N D S .— Th e N . Y . Central
R R . by supplemental indenture (dated Jan. 1 1915) assumed the obliga­
tions of the $ 5 0 ,0 0 0 ,0 0 0 3 )4 % 1st M . o f 1897 (see V . '64, p . 1182 ), and has
extended the lien of that m ortgage over the railroads, & c ., formerly
owned by D e t. M onroe & Toledo R R . C o .. Northern Central M ich . R R
C o .. K a l. & W hite Pigeon R R . C o . and Swan Creek R y . C o . of Toledo, and
it has also executed a supplemental indenture dated Jan. 2 1915, assuming
the obligations of the mortgage dated July 1 1914, securing the 25-year
4 % gold bonds of 1803 and 1906 aggregating $109,000,000 <tw* lssm«e
$50,000,000 each), and extending the lien thereof to aald add’ l srepertiea
A s to guaranty of Kanawha & Hocking Coal & Coke and Continental
Coal C o. bonds, see V . 109, p. 1527. Joint guaranty of Cleveland Union
Terminal C o. bonds, V . 114, p . 2716.
E Q U I P M E N T B O N D S .— See table at head of page.
R E P O R T . —For 1925, in V . 122, p. 2817, showed:
[Including Boston & Albany R R . and the Ohio Central Lines.]
R esults f o r Calendar Y ea rs.
1925.
1924.
1923.
6 ,9 3 0 .6 0
6 ,9 2 0 .1 9
6,8 8 9 .5 6
M iles operated_________________________
R ailw ay O perations—
$
$
$
Railway operating revenues__________ 385,994 ,505 3 6 9 ,606 ,930 421,0 3 4 ,7 8 4
Railway operating expenses___________2 9 0 ,4 4 0 ,9 5 8 279,970 ,163 325,917 ,241
N e t revenue from ry. op eration s.. 9 5 .553,546




[V ol. 123

8 9 ,636,767

9 5 ,117,543

A m ou n t
O utstanding

R ate
%

W hen
P a y a b le

L a s t D iv id e n d
a n d M a tu r ity

,T
.1

&
J To
&
.1 T o
<
& 1) T o
M &
S To
.1 & 1) T o
J
& I) T o
M &
s To
M & N To
J

g J
g J
.1
g M

&
.T T o
&
.1 T o
A 1) T o
&
S To
J
& 1) T o
.1
& D To
I
S To
g .V &
g M & N 1 5 To

Jan
1
Jan 1
June 1
Sept 1
June 1
June 1
Sept 15
M a y 15

P la ces W h ere In terest a n 4
D iv i d e n d s a r e P a y a b l e

1927 Guaranty
1928 Guaranty
1937 G uaranty
1937|Guaranty
1938'G uaranty
1939 Guaranty
19 3 9 1Guaranty
1940;G uaranty

Trust C o , N
Trust C o, N
Trust C o , N
Trust C o, N
Trust C o , N
Trust C o , N
Trust C o , N
Trust C o , N

Y
Y
Y
Y
Y
Y
Y
Y

Jan
1 1 9 2 7 ____________________________
Jan 1 1928 New York and L ondon
.June 1 1937 G uaranty Trust C o , N Y
Sept 1 1937 Guaranty Trust C o , N Y
June 1 1938 G uaranty Trust C o , N Y
June 1 1939 G uaranty Trust C o , N Y
Sept 15 1939 Guaranty Trust C o , N Y
M a y 15 1940 Guaranty Trust C o ., N Y

1925.
25,34 3 ,9 2 3
217,276

1924.
23 ,2 8 9 ,5 4 0
179,340

1923 .
2 2 ,656,867
104,976

6 9 ,992,348
5,079,852
3 ,008,054

66,16 7 ,8 8 7
4 ,6 0 2 ,5 6 4
3,069,751

72 ,3 5 5 ,6 9 9
4 ,4 8 2 ,6 6 7
3,1 1 6 ,0 6 9

6 7 ,920,550

64,63 5 ,0 7 4

7 0 ,989,101

973,831
883,456

1,133,611
970,598

1 ,175,446
965,163

Miscellaneous operating income___
90,374
Total operating incom e_______________ 68,010,925
N on -O p era tin g In co m e—
116,289
Income from lease o f road____________
2,7 0 4 ,5 6 4
Miscellaneous rent income____________
550,110
M iscell. non-oper. physical property.
Separately oper. properties— p rofit. _ 1,148,288
Dividend income_______________________ 15,318,325
Income from funded sec. & accounts. 3,215,801
2 ,137,074
Income from unfunded sec. & accts.
130,599
Inc. from sink. & other res. funds__
Miscellaneous income_________________
98,045

163,012
64,798,087

2 10,284
7 1 ,1 9 9 ,3 8 4

2 5 ,419,095
9 3 ,430,000

24,123,217
88,921,304

24,66 8 ,3 0 9
9 5 ,867,694

14,079,484
886,012
202,303
14,701
28,68 4 ,2 8 4
142,210
Interest on unfunded debt____________
550,075
Am ort, o f disc, on funded debt_______
5,472
M aintenance o f invest, organization..
238,255
Miscellaneous income charges________

13,027,600
978,209
306,560
14,979
34,191,311
223,687
653,764
5,316
269,476

13,948,833
869,083
284,881
7,077
3 3 ,8 8 1 ,2 4 9
575,496
637,407
5,112
319,130

. 4 4 ,802,796
48,62 7 ,2 2 4
D isp o sitio n o f N e t In com e—
Dividends declared____________________ 26,73 2 ,8 3 3
(7 % )
Rate of dividends___________________
125,465
Sinking and other reserve funds______
652
Investm ent in physical property____

49 ,6 7 0 ,9 0 4
39,25 0 ,4 0 0

5 0 ,528,267
4 5 .339,427

2 0 ,728,835
(7 % )
122,104

17,432,978
(6 )4 % )
144,754
12,917

R ailw ay tax accruals________________
Uncollectible railway revenues____
R ailway operating

M iscella n eo u s O pera tion sRevenues____________________
Expenses and taxes________

Miscellaneous rents__________________
Miscellaneous tax accruals___________
Separately oper. properties— loss___

120,947
107,059
2 ,317,537
2 ,494,914
782,259
863,946
1,914,956
1,297,993
14,911,850
14.388,778
3 ,367,812
3 ,073,667
1,270,761
1,648,527
127,312
148,620
121,020 d e b .166,434

1 7 ,590,649
Total appropriations of income____ 26,858,951
20 850,939
2 7 ,748.778
Surplus for year carried to P . & L ___ 21,76 8 .2 7 3
18 ,399,461
— Q uar. E n d . Sept. 30----------9 M o s . E n d. Sept. 30— •
1926.
1925.
P eriod—
1926.
1925.
R y . oper. revenues____ $104 ,82 9,86 3$101,384,380 $297 185,971$284,300,353
Railway oper. expenses. 7 4 ,816,966 72,627,231 219 ,602,106 210,593 ,351
N et rev. from oper___ $30,012 ,897 $28,7 5 7 ,1 4 9 $77 ,583,865 $ 7 3 ,7 0 7 ,0 0 2
Railway tax accruals___
7 ,329,131
6,6 5 1 ,9 2 4 20 ,607,900 19,456,916
107,162
164,300
Uncollectible ry. revs___
28 ,5 0 0
80,456
2,167,495
E q u ip .& joint facil.rents
555,573
6 5 3 ,3 7 3 ____1 ,567,318
N et ry. oper. in com e .$22 ,099 ,69 3 $ 2 1 ,371 ,395 $55 ,301,485 $ 5 1,918 ,292
17,611,360
M isc. & non-op. inc____
7 ,190,866
5,736,331
21 ,724,541
Gross income__________ $29,290 ,559 $ 2 7,107 ,725 $77,026,026 $69,529,652
Deductions______________ 11,605,369
11,468,002 34,204,524 33,450,24a
Dividends accrued______
6,7 0 6 ,9 5 4
6 ,706,950 20,120,861 2 0 ,025,881
106,061
91,784
Sink. & other res. fu n d s.
3 7,009
32,326
Surplus________________ $10,941 ,228
$ 8 ,900,447 $ 2 2 ,594 ,580 $15,9 6 1 ,7 4 3
N o te .— Subject to such adjustm ent as m ay be necessary at close o f fiscal
^ For latest earnings see “ R ailw ay Earnings Section” (issued m onth ly).
O F F IC E R S .— Pres., Patrick E . Crowley; Chairman, Chauncey M . D e ­
pew; Chairman of Finance C om m ittee, Albert H . Harris: Vice-Presidents.
Ira A . Place, A . H . Harris, G . H . Ingalis, R aym ond D . Starbuck, H ow ard
M . Niscoe, John L . Burdett and John G . W alber, Gen. T reas., H arry G .
Snelling, Sec., E . F . Stephenson, T reas., E d w . L . Rossiter, C o m p t., W m .
C . W ishart.
, . „
D IR E C T O R S .— F . W . Vanderbilt, C . M . D epew , Harold S. Vanderbilt,
George F . Baker, W . K . Vanderbilt, Ogden M ills, Charles B . Seger, Albert
H . Harris, Bertram C utler, Patrick E . Crowley, Edward S. Harkness,
Jackson E . Reynolds, W arren S. H ayden, M yron C . Taylor and Frank J.
Jerome. Office. 466 Lexington A v e ., N ew Y o rk .— (V . 123, p . 2515 .)
N E W Y O R K C E N T R A L L I N E S — The N . Y . Central Lines equip
trusts cover engines, passenger cars and freight cars used b y various lines
of the system , which jointly and severally agree to pay prin. and in t., the
larger part being for N . Y . Central.— (V . 123, p . 1994.)
N E W Y O R K C H I C A G O A N D S T . L O U IS R R . C O . (T H E ) .— This
company was formed in 1923 under laws o f N . Y . , P a ., Ohio, In d . and 111.
as a consolidation o f the N ew Y o rk Chicago & S t. Louis R R ., Chicago &
State Line R R ., Toledo St. Louis & W estern R R ., Lake Erie & W estern
R R . and Fort W ayn e Cincinnati & Louisville R R . Th e consolidated
com pany operates 1,692 miles o f road, its main line extending from Buffalo
through Cleveland to the three M id-W estern gateways at Chicago, Peoria
and S t. Louis. Its lines also reach Fort W a y n e, Indianapolis, and the
important Lake ports of Sandusky and Toledo and the com pany also owns
half the capital stock of the D etroit & Toledo Shore Line R y .. connecting
Toledo with D etroit.
The I .-S . C . Commission has placed a tentative valuation o f $ 4 5 ,530 ,546
on the total owned and $ 5 0 ,1 1 5 ,9 4 4 on the total used properties of the com­
pany as o f June 30 1916.
.
. , . .
The agreement and articles o f consolidation were entered into by the
directors of the constituent companies on D ec. 28 1922. Ratification by the
stockholders, and compliances with the requirements o f State statutes,
were completed on April 11 1923, on which date the consolidation became
effective. On June 18 1923 the I .-S . C . Commission issued a certificate o f
public convenience and necessity authorizing the acquisition, and operation
us inter-State commerce, o f the lines o f railroad o f the constituent com­
panies by the consolidated corporation, and approved the necessary Issue o f
securities.

Nov., 1926.]

R A IL R O A D C O M P A N IE S
lF or abbreviations, & c ., see n otes on page 8]
N Y C h ic & S t L R R — Com stock $59,620 ,000 auth .
Pref stock Ser“ A " 6 % cum $ 4 5 ,880 ,000 a u th . _kxxx
First mortgage gold (closed)______________C e.xc*& r
2d & Im p t M tg e $ 2 5 ,0 0 0 ,0 0 0 g Ser A .B & C .x x x k c *
R ef m tge gold Series “ A ” red 1 0 7 )4 -_G .x x x c * & r*
do
Series “ B ” red 1073 ^ .
- -G .x x x c *& r*
Debenture bonds gold sec by 2d M tg e ___ G .x c *& r*
Equipment trusts sink fd red 101 & int_______ xxc*
do
do due $225,000 yearly
_________ xxxc*
do
do sink fund red 102 & i n t ___ __ __________
do
do due $285,000 yearly
_______xxxe*
do
do due $191,000 yearly___________ G .xxxc*
Collateral trust note____________________________________
Lake E rie & W estern Bonds—
1st M ($10,000 per mile, see V 4 6 , P 45) g -_ C e .x c »
2d M (V 54. p *44) $3,62 5 ,0 0 0 ($5,000 p m) g C e.x c*

D ate
Bonds

M ile s
Road

Par
Value

Am oun t
O utstanding

Rate
%

W h en
Payable

$100 a $30336244 See text
Q— J
— J
100 b25,822,821
6
A A O
c
1,000 17,445,000
4 g
513 1887
M <f N
513 Voriou s 500 Ate 12,230.000
6 g
fe
500 &c 26 ,0 5 8 ,0 0 0
1,669 1924
5 )4 g A & ()
J
9,5 7 5 ,0 0 0
5 H g .1 &
1,669 1925 1,000 &c
M A N
1.000 10,000,000
s
1906
4 g
2.9 1 6 ,0 0 0
5
M & N
1.000
1917
r
1,000
2,4 7 5 ,0 0 0
M A, S
1922
5 g
M At N
1922
1,000
257,000
5 )4
1.000
E
3 ,4 2 0 ,0 0 0
A
1923
5 g
1,000
M &
S
1924
2 ,483.000
5 g
6
1922
1,000,000
1,000
1.000

710
710

Toledo St L ou is
W estern bond's—
p'rst mtge g S 6 .5 0 0 .0 0 0 red after July 1925 Eq.xo&r
Equipment trust notes due $78,800 annually______G

1887
1891
1917
1920
1922

451

N Y C onn R R — l s t M g r e d l 0 5 - .
-Q .y c * & r *
N Y Sc G reen w Lake— Prior lien M gu p & i.N .g x c *
New York & Harlem— Common 1 0 % guaranteed
_
Preferred stook 1 4 % , 1 0 % gu aranteed.. ________
R ef. m tge (now first) $12,0 0 0 ,0 0 0 g u a r .. O.xo'Acr
m V Lackawanna & W estern— Stock guar 5 %
(end)
1st, & ref m tge Series B guar p & i (end) -.F .x x x c *
do
Series A ____________ ______________________

54
146
146
136
214
214

1900 1.000 &c
1,000
1920
1921
l.OOO&c
1913
100 &c
1896
50
50
1900 1,000 &o
100
1,000
1923
1,000
1923

t
a
b
c

95

RAILWAY STOCKS AND BONDS

7 ,250,000
3 ,625,000
110.000
388,800
910,000

5 g
5 g
4 )4
6
6

6 ,500,000
4 g
709,200
6 g
508,000
2 7 ,333,000 4 )4 & 5 g
1.471,900
5 e
8,6 5 6 ,0 5 0 See text
1 ,343,950 See text
1 2 ,000.000
3 )4 g
See text
5
10,000,000
4 )4 g
13,639,000
5

J
J
J
J

&
&
Sc
&

L ast D ivid en d
and M a tu rity

Places W here In terest and
D ivid en d s are Payable

Jan 3 1927 2 %
Jon 3 1927 i y 2
O ct 1 1937
M a y 1 1931
Apr 1 1974
July 1 1975
M a y 1193 1
M ay
1 1931
T o Sept I 1937
T o M a y 1 1932
T o A u g 1 1938
T o M ar 1 1939
M ar 1 1930

tChase N a t B k . N f
do
do
Guaranty Trust C o , N Y
G uaranty Trust C o , N Y
tC hase N a t B an k . N Y
New York and Cleveland
Un T r, C lev; Gu T r , N Y
N ew Y o rk & Cleveland
U n Tr.C lev: G u a rT r.N Y
Guaranty Trust C o , N Y

Guaranty Trust C o , N Y
J Jan 1 1937
do
do
J July 1 1941
J
J T o Jan 15 1935 Guaranty Trust C o , N Y
Apr 26 1932

A
o Apr 1 1950
*
J & J 15 T o Jan 15 1935
M a y 15 1936
F &
A Aug 1 1 9 5 3
M & N M a y 1 1946
See text See text
See text See text
M A N M a y 1 2000
c
Q— J
Oct 1 1926 1H
M & N M a y l 1973
M & N M a y l 1973

Irving B k & T r C o , N Y
Guaranty Trust C o , N Y
See ’ ’ c ” below
50 Church S t, N ew York
466 Lexington A v e , N Y
do
do
do
do
Del Lack & W est. N Y
do
do 3
do
do

Regis, int on 1st M . 4s and deb at Treas Office Clevel and.
Does not include $15,795 ,456 in treasury.
Does not include $ 6 ,843,379 in treasury.
Keg.Interest Am er. E x ch .N a t.B a n k ; coup. in t. T reas. o f Penn , R R ., P hil

!
The total capital stock o f the consolidated company authorized by the
O F F IC E R S .— Chairm an, M . J . Van Sweringen; P res., J. J. Bernet;
agreement and articles o f consolidation is $ 1 0 5 ,50 0,00 0, o f which $ 4 5,880 ,000
Senior V .- P ., W . L . Ross; Sec., George S. Ross; Treas., L . B . W illiam s.
is preferred stock and $59,6 2 0 ,0 0 0 is common stock. The amount o f stock
C o m p t., Lewis A . B ell. Office, Cleveland, O .— (V . 123, p . 2389.)
authorized b y the I .-S . O . Commission to be issued in exchange for the
N E W Y O R K C O N N E C T I N Q R R . C O . ( T H E ).— Owns 4-track viaduct
stocks o f the constituent companies is $78 ,9 6 7 ,9 0 0 , o f which $ 3 2,720 ,000 is
bridge and connecting road forming a line 8 .9 6 miles in length from Port
preferred stock and $ 4 6,247 ,900 is common stock. On D ec. 31 1925
Morris, N . Y . , at Hell G ate, to Long Island C ity (with line to Fresh Pond
capital stock o f the constituent companies amounting to $ 7 8 ,797 ,900 par
4 .3 2 m .) , a connecting link between the N . Y . N . H . & H . R R . and the
value had been exchanged, par for par, for stock o f this com pany, leaving
Pennsylvania R R ., each o f which owns $1 ,5 0 0 ,0 0 0 of the $3,00 0 ,0 0 0 capital
a stock liability for conversion under the agreement and articles o f consoli­
stock. Opened for passenger service April 1 1917 and for freight service
dation of $170 ,0 0 0 . A part o f the stock which will be issued to discharge
Jan. 17 1918.
that liability will be contributed to the company pursuant to the agreement.
Passenger trains run thence direct to Penn. R R . station in N . Y . ; freight
Because o f contributions by stockholders and other adjustments incident
Crains go to B ay R idge, Brooklyn, passing by ferry to and from Green­
to the consolidation, the company holds in its treasury, out of the total of ville, N . J. V . 104, p . 1045, 1388; V . 106, p . 3 96. O f the 1st m tge. bonds
$78,7 9 7 ,9 0 0 issued and exchanged to D ec. 31 1925, fully paid preferred stock
($30,000,000 a u th .), $24,0 0 0 ,0 0 0 Series “ A ” 4 M s and $ 3 ,3 3 3 ,0 0 0 Series
of the par value of $ 6 ,843,379 and fully paid common stock of the par value
“ B ” 5s have been sold, guaranteed, principal and in t., jointly and severally,
of $ 1 5 ,7 9 5 ,4 5 6 . V . 116, p. 721; V . 119, p. 1183.
b y Pennsylvania R R . and N . Y . N . H . & H . R R .
R E P O R T .— For 1925 showed:
M erg er P lan R ejected.— The I .-S . C . Commission on M arch 2 1926 rejected
Calendar Y ears—
1925.
1924.
1923.
the proposed unification o f the N ickle Plate, Erie, Pere M arquette, Hocking
Operating revenues______________________$2*782,340
$3 ,0 9 1 ,6 4 7 $ 3 ,278,057
Valley and Chesapeake & Ohio roads. For full text of Commission’s report
N et operating incom e__________________ 1,2 5 4 ,2 3 4
1,287,007
1,477,939
compare V . 122, p. 1249.
Gross incom e___________________________
1 ,283,024
1,282,324
1 ,502,055
For the revised terms o f proposed unification plan, as reported unofficially,
1,2 8 0 ,8 2 8
1,281,564
1 ,303,014
Deductions from gross incom e_______
see V . 123, p . 577.
N e t incom e___________________________
$ 2,195
$759
$199,041
D I V I D E N D S .— On July 16 1923 paid 3 % on new common stock; O ct. 1
— (V . 123, p. 452.)
1923 to Jan. 2 1926 paid 1 ) 4 % quar.; April 1 1926 paid 1 ) 4 % quar. ana
NEW YO R K & G R E E N W O O D L A K E R Y .— (See M a p o f E rie R R .)—
1 Vi % extra; July 1 1926 to Jan. 3 1927, paid 2M % quar.
Owns from Croxton Jet., N . J ., to Sterling Forest, 41 m ., and branches to
B O N D S .— First m tg e ., a b s t r a c t , V . 45, p 541
Rlngwood, & c., 8 m .; W atchung R y ., Forest Hill to Orange, N . J ., 4 m .j
The stockholders on July 2 1918 authorized a “ Second & Im p t. M t g e .’ ’
total owned, 53 m . Stock, $100 ,00 0: par, $50. Leased to Erie R R . for
for $ 3 5 ,0 0 0 ,0 0 0 , including the $ 1 0 ,0 0 0 ,0 0 0 debentures o f 1906, which are
999 years from M ay 1 1896. Prior lien bonds are guaranteed, prln. and l n t .;
equally secured, leaving $ 2 5 ,0 0 0 ,0 0 0 that m ay be issued for improvements.
by Erie. See V . 63. p. 513: form of guaranty. V . 65, p . 463.
The bonds are to be issued In series, each series to bear such rate o f interest
N E W Y O R K & H A R L E M R R .— (See N ew Y ork Central R a ilr o a d ).—
as m ay be fixed by the directors. A t D ec. 31 1925 $ 1 4 ,3 0 9 ,0 0 0 had been
Owns steam road N . Y . City to Chatham, N . Y . , 136 m . Also owns street
issued, o f which $ 1 ,389,000 were pledged as security for $1 ,0 0 0 ,0 0 0 note
railroad on Fourth & Madison avenues. N .Y . City, 10 m . Assets, V . 95, p .4 7
issued to U . S. R R . Administration, and $690,000 held in treasury. V . 108,
Th e N . Y . Central R R . owned on D ec. 31 1925, $5 ,5 5 1 ,4 0 0 com m on and
p . 1061, 579; V . 107, p. 1670.
$ 1 ,1 4 2 ,9 5 0 preferred of the $ 1 0,000 ,000 stock. V . 94, p . 2 08, 768; V . 93.
In June 1924 sold $26,0 5 8 ,0 0 0 ref. m tge. 5 ) 4 % gold bonds, Series “ A . ”
p. 1788, 1600, 1696; V . 94, p. 1057; V . 98, p. 1157; V . 99, p . 1749.
and in D ec. 1925 sold $ 9 ,575,000 Series “ B ” bonds. The authorized issue
The steam road (since partly electrified) was leased April 1 1873 for 401
of refunding mortgage bonds is limited to an am ount which, including all
years to the N . Y . C ent. & Hudson River R R . C o .; and the street railw ay
bonds at the time reserved to retire prior debt, shall not exceed three times
was leased July 1 1896 for 999 years to the M etropolitan Street R y . (now
the par value o f capital stock then outstanding. V . 118, p . 2949 ; V . 121,
N . Y . Railways C o .) , at annual rental intended to provide dividends as
p . 3128.
follows, the interest on the bonds being taken care o f under lease o f the
The I .-S . C . Commission in June 1925 authorized the com pany to issue
$10,0 0 0 ,0 0 0 o f Toledo St. Louis & W estern R R . 1st m tge. 4 % gold bonds steam road.
Rental—
D ividends.
in exchange for a like amount of Toledo St. Louis & W estern R R . prior
Steam road— ___________________________1 0 % per annum guaranteed___________
lien 3 )4 % gold bonds; said bonds so issued in exchange to be pledged with
•Street railway_________________________ $400,000 yearly— 4 % p .a . (see below)
the trustee under com pany’s refunding mortgage.
These last dividends were not paid in 1919, the N . Y . Railways O o.
Equipm ent trusts, V . 103, p. 1032; V . 104, p . 952, 1592, 1801; V . 106, p.
having defaulted on the street railway rental. B y order of Judge Julius
2007; V . 115, p . 1321; V . 117, p . 894; V . 118, p . 907.
M . M ayer in Jan. 1920, the street railway line was returned to the com ­
Joint guarantee of Cleveland Union Terminal C o. bonds, V . 114, p . 2716
pany as o f Jan. 31 1920 V . 108, p . 79: V . 109. p . 1273; V . 110, p . 360.
V . 117, p. 208.
R E P O R T .— For 1925, total income, $ 1 ,2 4 4 ,0 7 1 ; int. and rentals,
R E P O R T .— -For 1925, in V . 122, p . 2819, showed:
$661 814: pref. d iv s., $1 3 4 ,3 9 5 common divs, $ 8 6 5 ,6 0 5 : b a l., d e f., $ 4 1 7 ,7 4 3 .
O perating In com e—
1925.
1924.
O F F IC E R S .— P res., P . E . Crowley; V .- P ., Albert H . Harris; V .- P ., John
R ailw ay operating revenues............................ --$ 5 4 ,6 7 0 ,9 1 6 66 $53,9 9 2 ,4 3 4 88
Railw ay operating expenses----------------------------- 3 9 ,6 0 4 ,2 0 0 57
40 ,2 7 6 ,9 5 5 85 L . Burdett; Sec., E . F . Stephenson; T reas., H . G . Snelling; C o m p ., W . C .
W ish art.— (V . 118, p . 2573 .)
N et revenue from railway operations______ $ 1 5 ,066 ,716 09 $13,7 1 5 ,4 7 9 03
NEW YO R K L A C ix A W A N N A & W E S T E R N R Y .— Binghamton to Buf­
R ailw ay tax accruals-------------------------------------------- $2,96 5 ,5 1 7 71
$ 2 ,7 3 7 ,0 3 2 51 falo and Internat. Bridge and branches, 214 m ., of which the main line, 213
Uncollectible railway revenues_______________
7,907 20
18,730 02 m .. Is double track; D L . & W . has a lease for duration of charter from O ot.
1882, giving a guaranty of the bonds and 5 % yearly on the stook. See form
$2,97 3 ,4 2 4 91 $2,75 5 ,7 6 2 53
of guaranty o f terminal bonds in V . 67, p. 1357; see also V . 68, p . 2 83.
Railway operating incom e---------------------------$ 12,093 ,291 18 $10,9 5 9 ,7 1 6 50
Th e stockholders on April 26 1922 authorized an increase in the capital
N on -op era tin g In co m e—
stock from $ 1 0 ,0 0 0 ,0 0 0 to $15 ,0 0 0 ,0 0 0 .
R ent from locom otives________________________
$92,468 03
’ $22,328 36
The $ 1 0 ,0 0 0 ,0 0 0 1st & ref. m tge. 4 !4 % gold bonds Series B are uncon­
R ent from passenger-train cars_______________
25,012 53
22,2 5 6 40 ditionally guaranteed b y endorsement, both as to principal and interest, by
Rent from work equipm ent___________________
19,528 84
19,755 57 Del. Lack. & W e st. R R . Authorized, $ 3 0 ,0 0 0 ,0 0 0 . There have also been
Joint facility rent incom e--------------------------------241,661 14
198,291 78 Issued $ 1 3 ,6 3 9 ,0 0 0 Series A 5 % bonds, all o f which are held in the treasury
Miscellaneous rent incom e____________________
153,175 86
144,274 51 of D el. Lack. & W e s t. R R .
Miscellaneous non-operating physical prop­
N EW YO R K & L v Nu tJK a NCH R R .— Perth A m b oy to Bay H ead, N . J .,
j
e r t y ----------------------------------------------------------------2 3,908 80
25,9 1 8 56 38 miles. Operated under an agreement made In 1888 for a period of 99
Dividend incom e----------------------------------------------1,157,775 00
994,860 00 years with Penn. R R . and Cent. R R . of N . J ., which jointly and severally
Income from funded securities_______________
31,363 17
39 ,7 2 2 50 guarantee Interest and 7 % on the $ 2 ,000,000 stock, all owned by Centra)
Income from unfunded securities and ac­
R R . of N . J. O f the bonds $192 ,00 0 are 5s. Pres., George F . Baker;
cou n ts------------------------------------------------------------156,158 64
246,318 33 Vice-Pres., Robert W . de Forest, and Sec. & Treas., F . T . Dickerson.—
Income from sinking and other reserve funds
425 00
425 00 rV 72. p. 438
Miscellaneous income--------------------------------------5,7 2 0 65
5,3 6 0 93
N E W Y O R K N E W H A V E N & H A R T F O R D R R . C O . (T H E ).— C ov­
Total non-operating income------------------------------- $ 1 ,907,197 66
$ 1 ,719,511 94 ers Southern N ew England and the only direct routes between N ew York
«nd Boston.
Gross incom e------------------------------------------------- $14,000 ,488 84 $ 1 2 ,6 7 9 ,2 2 8 44
L ines ow ned in Fee—
M ile s . I L eased (part ow ned)—
M il e s .
D ed u ction s fro m Gross In com e—
Woodlawn Jet. N . Y . . to Provi|Oid Colony R R . (which see)___ 527
Hire o f freight cars— D ebit balance----------------- $1 ,4 2 5 ,8 0 8 59 $ 1 ,1 4 7 ,5 5 9 78
dence, R . I _____________________ 1731
L in es Leased—
R ent for locomotives-------------,________________
12,059 88
2 8,164 82
to D anbury,
|Providence and W orcester______
48
R ent for passenger-train cars________________
24 ,5 2 2 15
77,043 15 Boston, M a s s .,
C o n n ------------------------------------------ 179|N orw . & Worcester (which see)
70
R ent for work equipment____________________
8,0 2 8 48
5,0 5 4 39
|Other lines_______________________ 142
Joint facility rents--------------------------------------------40 9 ,1 3 5 35
3 7 4,890 93 New H aven , C o n n ., to Springfield, M a ss--------------------------------- 60 |
Track to N ew York C ity , & c.
R ent for leased roads_________________________
3,3 1 6 64
11,690 25
I ( V . 8 8 , p . 5 3 ) __________________
Miscellaneous rents____________________________
111,694 08
97,583 94 Lines to Pittsfield, Litchfield,
8pringfield, & c_________________ 6191
---------Miscellaneous tax accruals____________________
4,003 12
6,387 86
Total operated D ec. 31 1925___________________________________________ 1,919
Interest on funded debt----------------------------------- 5 ,1 2 0 ,3 9 5 60
4 ,6 6 9 ,2 5 7 35
Second track, 795 m .; third track, 126 m .; fourth track, 116 m .; all other
Interest on unfunded debt____________________
279,761 77
2 69,895 87
Am ortization o f discount on funded debt___
9 5,919 55
71,047 08 main tracks, 27 m .; yards and sidings, 1,904 m .
On Jan 17 1918 began operating N . Y . Connecting R R . (which see
M iscellaneous income charges________________
6 0,036 38
51,406 07
above). V . 104, p. 1592; V . 105, p. 2094.
Total deductions from gross incom e______- $7,554,681 59 $6,809,981 49
In Oct. 1904 $29,160,000 of the $58,118 ,982 N . Y . O nt. A W e s t. com .
s
stock was acquired at $45 per $100 share and $2,200 of the $4,0 0 0 p ref.
N e t incom e------------------------------------------------------- $6 ,4 4 5 ,8 0 7 25 $5 ,8 6 9 ,2 4 6 95
D is p o s itio n o f N et In com e—
V . 95, p. 481: V . 79, p . 2086 , 2642: V . 80. p . 1363; V . 9 5 . p . 1427.
Incom e applied to sinking funds_____________
$98,429 35
$98,184 40
This com pany and the N ew York Central each own $2 ,3 5 2 ,0 5 0 or the
D ividend appropriations o f incom e_________
3 ,3 6 7 ,7 3 8 50
3 ,3 6 1 ,7 7 4 50 majority pref. stock of the Rutland R R . V . 93, p. 1600, 1788; V . 9 4 , p.
1317; V . 95, p. 1608; V . 101, p. 1974.
Total sinking fund and dividend appropria­
Owns entire outstanding stock of Central N ew England R y . (which see)
tions ---------------------------------------------------------- $ 3 ,466,167 85 $3 ,4 5 9 ,9 5 8 90
and guarantees$14,5 1 2 ,0 0 0 gen. 4s. V . 92, p . 1179, 1375, 1436; V . 9 3, p . 866.
Incom e balance transferred to profit and
The stockholders on April 20 1926 authorized the merger o f the Central
loss account------------------------------------------------- $ 2 ,979,639 40 $2 ,4 0 9 ,2 8 8 05
N ew England R y . and the H arlem R iver & Portchester R R . with the N ew
For latest earnings, see “ R ailway Earnings Section” (issued m onth ly).
H aven.




96

[V ol. 123.

KAILW AY STOCKS AND BONDS

R A IL R O A D C O M P A N IE S
[For abbreviation s, A c . , see notes on pa ge 8]

M ile s
R oaa

D ate
B onds

H ew York Lake Erie & W estern— See Erie R R

N Y & Long Br— Gen M (now 1st) $ 2 ,500,000 g-_C e .o *
New York New Haven & Hartford— Stook (see t e x t ) .

Par
V a lu e

1891

$ 1,000

1925
9 7 -0 1
1904
1905
1906

38

Pref. a&d stock 7 % cum $ 4 5 ,0 0 0 ,0 0 0 call ] 10_______
First and refunding mortgage— See text
15-year secured gold bonds red 105____ C olxc*& r*
Debentures ($ 5 ,0 0 0 ,0 0 0 are 4s) non con vert..xo & r
Debentures (for F H & W ) (V 7 8 , p 2 3 3 5 )________ x
Debentures (for N Y O 4 W ) (V 8 0 , p 2458) _zc*& r
Debentures convertible (see te x t)______________xo*& r

100 &c
1.000
500 &o
1.000
100 &o

A m ount
O utstand ing

R ate
%

W hen
P a y a b le

12

$

P la ces W here Interest and
D ivid en d s are P a y able

$ 2 ,5 0 0 ,0 0 0 4 g & 5 M

&

S Sept 1 1941
See text

N ew Y o rk Trust C o , N Y
C o ’s office. N ew Haven

A
M
A
J
J

&
&
&
&
&

O Apr
R MTar
O Apr
J July
J Jan

J P M organ & C o , N Y
Irv B k & T r, Line office
2d N a t B k , N ew Haven
Irv B k & T r C o, Linc’n
office, N ew Y o rk .
J2d N a t B k . N ew H aven
(Irving B k& T r C o , N Y
Irv Bk & T r, Line office
J 2 d N a tB k , N ew H aven
\and First N a t B k , B ost

100 157.117 ,900
100
N one

Debentures not convertible__________________________z
1906
100 &o
Debentures $ 3 9 ,0 2 9 ,6 0 0 gold conv ( t e x t ) ___ zo*& r
1908
Gold coupon debentures___________________________ xc*
1.000
1920
N etes to Director-General o f Railroads_________ text
1920 1.000 &c
N ote to Director-General o f Railroads_____________
1920
Chatham Phoenix N a t B ank & T r C o , trustee_______
1922
5,000
N otes to Secretary o f Treasury_____________________
’2 0 -'2 3
1.000
N Y Pr & Bost genM (now 1st) g ass, $ 4 ,0 0 0 ,0 0 0 zc&r
62 1892
1,000
87 1887
Housatonlc con M g (assum ed)_______________ F zc*
1.000
N Eng cons (now 1st) M $ 1 7 ,5 0 0 ,0 0 0 5s g g u .B a .z c*
862 1895
D anbury & N orw alk—
First ref m tge V 82, p 210) gold assum ed.xo*& r
30 1905
Harlem R & P ort 1st M gold $ 1 5 ,0 0 0 ,0 0 0 .LI«.xo*&r
1904 1 , 0 0 0 & c
l.OOO&o
Naugatuck first mortgage gold assum ed_____ xo* &r
61 1904
D ebentures_________________________________________ z
1902
Boston A N Y Air Line 1st M $ 5 ,0 0 0 ,0 0 0 (assum) . . x
1,000
1905
N H & N ortham pton ref M $ 1 0 ,0 0 0 ,0 0 0 guar p & i .x
1906
Providence Term 1st M $ 7 ,5 0 0 ,0 0 0 g a s s u m ..x c * & r
1906 I.OOO&o
Consolidated R y debentures_________________________
Providence Secur C o debs g gu red 105 beg 1 917 -x c *
1,000
1907
B ds o f elec roads See text below & “ Public U tility Co mpend ium ”
1,000
1914
Equipm ent trusts. Ser. A due $ 166 .00 0 yearly . . F
1.000
do
ser D D due $ 1 7 1 ,0 0 0 s a ___ C P c*i
1918
do
ser E E Class A _______________________
1,000
1920
1920
do
G ovt N o 53. due $ 2 9 5 . POo yearly__
do
due $121 ,00 0 Jan, $122 ,00 0 July____
1925
"V .6 6 6
Bonds o f Lead in g P r o p r ie ta ry . A c . . L in e s (V 103, p. 1604)

L a st D ividend
and M a tu rity

2 1 ,9 2 8 ,9 0 0
6 g
9,9 9 1 ,0 0 0 3 H & 4
9,9 9 7 ,9 0 0
314
1 5 .000,000
4
8,9 1 2 ,8 5 0
3H
1 5 .0 0 0 . 000
3 8 .5 4 1 ,2 0 0

12 , 868,000

4 3 .0 0 0 .
1 7 .0 0 0 .
4 .0 0 0 .
2 7 .1 3 0 .0 0 0

1 .000 .000

2 .8 3 7 .0 0 0
1 7 .500.000

4
6 s
4g
000 6
000 6 g
000 g
6
6 g
4 g
5 g
4 g & 5 g

3 5 0.000
4 e
1 5 .0 0 0 .
000 4. g
2 .5 0 0 .0 0 0
4 g
3)4
234.000
3 .7 7 7 .0 0 0
4 e
2 .4 0 0 .0 0 0
4
4 .0 0 0 ,0 0 0
4 g
See text
See text
4 g
4 98.000
513.000
1.252.000
2,6 6 3 ,1 0 0
3.2 8 0 .0 0 0

5
6
7
6
5 g

1 1940
1 1947
11954
1 1955
1 1956

M & N May 1 1956
J & J15 Jan 15 1948
M & N M a y l 1957
M & N O ct 31 1930
M tr, H M ar 1 1930
A & O Oct 31 1930
Various T o 1935
A & O Apr 1 1942
M & N N ov 1 1937
J
& J July 1 1945
J
M
M
A
F
J
M

&
&
&
&
&
&
&

D
N
N
O
A
n

M

&

N M ay 1 1957

s

June 1
M ay 1
M ay 1
Oct 1
Aug 1
June 1
Mch 1

1955
1954
1954
1930
1955
1956
1956

A & O T o Apr 1929
M & N 1 5 M a y ’2 6 -M a y ’28
A & O T o O ct 1 1935
J
&
,1 To Jan 15 1935
J
&
J Jan ’26-Jan '40

OentUnion T r C o , N Y
Farmers' L & T r C o , N Y
Safe D ep & T r C o,B oston
Second N a t BaDk, N H
Irving B k & T r C o, N Y
Second N a t B k N Haven
do
do
do
do
Second N a t B k . N Haven
do
do
Equitable Trust G o , N Y
Farm Loan Sr T r C o . N Y
Commercial T r C o , Phila
Old C olony T r C o , Bost
Guaranty T rust C o , N v
J P M organ & C o , N Y

Owns practically all the stock of the N . Y . Westchester & B oston. 177 tt
payable in fifteen years from date, to the U nited States e f the to ta
S t., N . Y . C ., and M t . Vernon, & c., and guarantees payment o f prtn. & int,
am ount o f $ 8 ,1 3 0 ,0 0 0 , with interest at 6 % in return for a loan o f th at
o f the 4 34 % 1st m tge. gold bonds. See b on d offering, & c ., V . 9 3 , p . 346,
amount from the revolving fund created by the Transportation A c t of
866; V . 9 4 , p . 1508, 1627; V . 95, p . 4 8 , 2 98, 964, 1040, 1208, 1746; V . 100,
1920, and deposited its first & ref. m tge. bonds to the amount o f $ 9 ,5 6 5 ,0 0 0
p . 6 4 3 , 1919. See “ Public U tility C om pendium .” Tentative valuation,
as collateral security.
V . 1 1 5 , p . 2478 , 2581 ; V . 116, p . 7 7 .
Further loan under the revolving fund o f $ 8 ,0 0 0 ,0 0 0 was certified bythe
M A S S A C H U S E T T S A C T .— A n A ct o f M a ss. Legislature duly adopted
Inter-State Commerce Commission on A u g. 29 1921. Tw o ten-year notes
by directors on M a y 8 1917, (1) grants authority to retain possession of
in the respective amounts o f $3,00 0 ,0 0 0 (dated S e p t..15 1921) and $ 5 ,0 0 0 .14 subsidiaries, but requires the sale o f the Rutland R R . stock within five
000 (dated O ct. 15 1921) were given to United States in return therefor.
years (subsequently extended to M a y 8 1927); (2) makes numerous stipula­
First & ref m tge bonds o f Series “ B ” in the am ount o f $ 4 ,7 7 5 ,0 0 0 were
tions as to how sundry branch line securities shall be treated in the accounts,
pledged as collateral security for the $ 3 ,0 0 0 ,0 0 0 note, while certain stock
and (3) lim its dividend on com . stock to 5 % p . a ., until various conditions
and bonds of other carriers were deposited with the U nited States as security
are complied w ith. V . 104, p . 2010; V . 114, p . 1766.
for the $5 ,0 0 0 ,0 0 0 note.
On N o v . 1 1921 a further loan o f $ 40 0 ,0 0 0 , covering equipment purchased
S E G R E G A T I O N .— The stockholders on A p r. 21 1914 approved an agree­
under Trust “ E E ” was made and equipment trust notes Class “ B , amount­
m ent which had been reached with the G o v t, for a surrender to inde­
pendent control of certain parts o f the system so as to prevent a suit under
ing to $400 ,00 0, and first and refunding mortgage bonds. Series " B , "
the anti-trust law as follows; (1) The Boston R R . Holding C o . stock own
amounting to $66 0 ,0 0 0 , deposited as collateral security. $ 200 ,00 0 o f the
above loan have since been paid off, releasing a corresponding am ount of
ing 2 8 .3 % o f the stock o f the Boston & M aine R R . has been transferred to
5 trustees, v iz .: Henry B . D a y , G eo. W . Anderson, Augustus P . Loring, “ E ” trust certificates which were canceled.
On M a y 26 1922 a further loan o f $50 0 ,0 0 0 , covering equipment purchased
Arthur B . Nichols and Frank P . Carpenter, and, after arrangements have
under trust “ E E ,” was made and equipment notes Class “ A , ” amounting to
been made to protect the minority stock o f the holding com pany, they shall
$400 ,00 0 deposited as collateral security. $20 0 ,0 0 0 of the above loan has
■ell the Bos. & M aine stock before (as extended) O c t.l 1923. V .1 0 7 ,p .l4 8 2 .
1802. See V . 103, p . 166; V . 9 9 , p . 1221. See Boston & M aine. Federal since been paid o ff, releasing a corresponding am ount of “ E E ” certificates
which were canceled. On Jan. 27 1923 a further loan of $50 0 ,0 0 0 , covering
Judge M ayer in the U . S. District Court for the Southern D istrict o f New
equipment purchased under Trust “ E E , ” was m ade and equipment notes
York on June 4 1923 modified the decree o f O ct. 17 1914 by which the
Class “ A ” and “ B , ” am ounting to $60 0 ,0 0 0 , deposited as collateral security.
N ew H aven was required to dispose o f the N ew England Street R y . System
Series “ C , ” aggregating $ 2 ,6 0 0 ,0 0 0 , issued to secure loans from United
and o f holdings in the Boston & M aine R R . T h e modification restores
States G overnm ent, to secure following notes: M a y 1 1922, $ 2 ,1 0 0 ,0 0 0 6 % ,
to the N ew H aven its investm ent in the B . & M . See V . 116. p . 2 6 3 7 . 2884.
(2) The stocks of the companies which control the Connecticut and due M a y 1 1932; Juno 1 1922, $300,000 6 % , due June 1 1932: Jan. 1 1923.
$200,000 6 % , due Jan. 1 1933, on account o f 1 0 % Installment European
Rhode Island trolleys were placed In the hands o f trustees— five for each
loan maturing April 1 1925.
State— and ordered sold by A p r. 1 1926 (as extended). Th e Rhode Island,
A Government loan o f $7 ,4 0 0 ,0 0 0 was authorized in June 1922. T h e first
trolley properties were disposed o f during 1920. V . 99, p . 1452; V . 108
Installment o f this loan, $ 2 ,0 0 0 ,0 0 0 , was received F eb. 1 1923; the second o f
p . 0 83. 1275; V . 110, p . 1188 . 1291; V . 112, p . 1618.
$ 2 ,0 0 0 ,0 0 0 , April 2 1923; the third, of $1 500,0 0 0 , M arch 6 1924: and
(3) The majority stock o f the M erchants' & M iners’ Transportation C o.
$1 ,9 0 0 ,0 0 0 M arch 28 1924. These advances were principally for additions
held by the New H aven R R .. has been sold. V . 9 8 . p. 1320, 1396
and betterments and maturing obligations.
■6(4) The majority stock of the Eastern Steamship Corporation, held by
B O N D S .— Th e com pany has executed and delivered to the Bankers
Che New Haven R R . shall be sold by J uly 1 1921 (as extended in 1919), and
Trust C o ., trustee, its first and ref .m tge. dated D ec. 9 1920. This is an
In the meantime shall be deprived o f voting power. (Sold in 1919.) R e­
open mortgage under which substantially all pre-existing obligations are
organization plan in 1916, V . 103, p . 8 4 6 , 1601. V . 9 9 . p . 1369, 1454;
equally secured with the $95,0 0 0 ,0 0 0 bonds authorized to be issued to the
V . 106, p . 1345.
(6) Whether the Long Island Sound steam boat lines m ay be retained
United States G overnm ent.
Th e aggregate principal amount o f bonds which at any time m ay be issued
will be determined b y I .-S . O . Com m ission. (Retention authorized on
and outstanding is limited to an amount w hich, together with all other then
July 10 1918.)
V . 103, p . 1981: V . 105, p . 2184 ; V . 107, p . 9 06.
(0) T h e Berkshire trolleys shall be sold b y A p r . 1 1926. V . 108. p . 1275- outstanding bonds, notes and other evidences o f indebtedness, shall not
(7) The stocks of companies owning or controlling street railways In exceed twice the amount o f the then outstanding stock (now $ 1 5 7 ,1 1 7 ,9 0 0 ),
plus premiums paid in thereon (to date $ 1 9 ,2 8 2 ,8 8 7 5 0 ), which at the
N . Y . shall be sold by Apr. 1 1926. V . 8 9 J ) . 1000, 1072. 1157. 1239. 1245:
present time would lim it the am ount to $ 3 5 2 ,8 0 1 ,5 7 5 .
V . 9 9 . p . 4 6 7 . 2 70. 198. 120 1131. 1221- V 100. p 642.
A total of not more than $95,0 0 0 ,0 0 0 o f new bonds is authorized, o f which
$’■O n N o v . 20 1925 Judge Francis A . W inslow o f the U . S . Court for the
Southern D istrict o f N ew York entered an order m odifying the decree o f not exceeding $80,0 0 0 ,0 0 0 Series “ A ” 6s, dated N o v . 1 1920 and due
O ct. 31 1930, are authorized to refund com pany’s indebtedness to United
O ct. 17 1914 in the following respects: The N ew York N ew H aven & H art­
States Government incurred during period of Federal control; and not ex­
ford R R . C o . is relieved o f the obligation to sell any o f the securities o f the
ceeding $ 1 5 ,000 ,000 Series " B ” 6s, due O ct. 31 1935, are authorized to be
N ew York or M assachusetts trolleys. The trustees, to whom was trans­
ferred the capital stock o f the Connecticut Com pany, were directed to re­ issued for security to the United States for loans that m ay be made to the
company for equipment and betterments (as o f D ec. 31 1925a total o f $ 1 2 5 .transfer the stock to the railroad com pany. V . 121. p . 2635 .
7 68,000 ) (Series A , B , O , D , E & F) had been issued and were owned or held
M K ep o rt or in ter-state Commerce Commission July 1914, V . 99, p . 270
as lessee b y the com pany, o f which $1 2 2 ,1 6 8 ,0 0 0 were pledged.
Suits against former directors, V . 9 9 . p . 198. 270, 4 0 7 . 5 38. 1367T 1052
Bonds to the principal am ount o f $ 1 5 0 ,1 1 6 ,4 5 0 are reserved to refund
V . 1 02, p. 3 4 5 . 2 5 1 . 134; V . 103. p. 8 4 4 ; V . 1 04. p. 1592. 1801 ; V . 1 08. p.
debentures and underlying mortgage bonds. For further details, including
0 8 3 , 8 7 9 , 2 1 2 3 . Lim ited receivership denied. V . 110, p . 2 292 .
Leaseof
list of obligations secured under this m ortgage, compare V . I l l , p . 2 423 ,
real estate in N . Y . C ity , V . 110, p . 2 292 .
2041. 1942.
Th e stockholders on April 2 0 1921 authorized the directors and officers to
15-Y e a r Secured 6 % B on d s.— The 15-year secured 6 % gold bonds due
acquire the property o f the following corporations or any o f them , or to
April 1 194 0 are issued under a collateral indenture with the Irving Bankmerge or consolidate any or all o f them with this company: (a) Central New
Columbia Trust C o . whereunder com pany has pledged as security $ 2 3 ,England R y .; (b) Harlem River & Port Chester R R .; (c) New England SS.
000,000 1st & ref. m tge. 6 % gold bonds, Series r‘F , ” dated April I 1925,
C o .; (d) Hartford & N ew Y o rk Transportation C o .; (e) N ew Bedford M ar­
payable April 1 1940, issued under and secured by com pany’s 1st & ref.
tha's Vineyard & Nantucket Steamboat C o.
m tge. dated D ec. 9 1920. Beginning N o v . 1 1925 and semi-annually M a y 1
T h e N ew E n gla nd T ran sp ortation Co. was incorporated in June 1925 for
the purpose o f owning, maintaining and operating motor vehicles for the and N o v . 1 in each year thereafter, com pany will pay to the trustee as a
transportation o f passengers, baggage, freight, m ail, express and other cumulative sinking fund to purchase the bonds at not exceeding 1 0 5 %
and in t., or to the redemption o f bonds selected by call at such price, 1 %
commodities in M assachusetts, Rhode Island, Connecticut and N ew Y o rk ,
o f the principal sum at any time issued, and in addition an am ount equal
both in inter-State and intra-State commerce. The authorized capitaliza­
to the int. upon the bonds acquired for the sinking fund by purchase or call,
tion o f the com pany is $ 1 ,5 0 0 ,0 0 0 and it is form ed as a subsidiary of N ew
as o f D ec. 31 1925. C o . owned $832 ,90 0 and $238,200 were in sinking fund.
Y o rk N ew H aven & H artford R R . Com pare also V . 121, p . 7 03, 2 270 ,
Proceeds o f this issue were used to retire the com pany’s “ European Loan”
3128; V . 122, p . 1022, 1307, 1606.
debentures, which m atured on April 1 1925. Holders o f the debentures
Report o f Joint N ew England Railroad Com m ittee suggesting plans to
were offered the new 6 % bonds in exchange for their holdings, par for par.
rehabilitate the N ew England roads. V . 117, p . 87.
V . 120, p . 953, 1323.
S T O O K .— Com m on stock, authorized issue unlimited. Pref. stock,
N . Y . N . H .’ & H . Harlem R iver & Portchester 4s of 1904, V . 8 5 , p . 1143.
authorized, $45,0 0 0 ,0 0 0 7 % cum ulative. The plan to sell a block o f this
Debenture certfs. o f 1906, Y . 8 1 , p . 976, 1039, 1493; V .8 4 , p . 103. 6 94.
stock in order to take up the collateral notes ($43,964,000) was withdrawn
Providence Terminal C o. bonds ($7 ,5 0 0 ,0 0 0 a u th .), see V . 8 2 , p. 929,
in M arch 1918 when the G o v ’t loan below mentioned was granted. V . 105,
6 29, 6 93. 1213, 1323; V . 8 3 , p. 9 6 , 819.
p . 1413, 1420, 1708. 1820: V . 106. p . 1127. 1131. 1231, 1345.
The $39,029 ,000 6 % debentures are convertible into stock at par, and are
D I V I D E N D S .—
j 1873-1895.
1896 to 1912.
1913
1914. None
secured b y lien of 1st & ref. m tge. V . 85. p . 1270, 1339, 1402 , 1647.
1 10 yearly
8
734
134 •tnee
Per c e n t _____ . __
In April 1918 $ 3 ,141,000 of the $19,8 9 9 ,0 0 0 30-year 4 % debentures of
G O V E R N M E N T L O A N S .— On M arch 27 1918 the Director-General
the Providence Securities C o. had been acquired by the N . Y . N . H . &
agreed to advance to the com pany, for the purpose of protecting its m a­
H . R R ., which had assumed the issue, and its shareholders voted Aprii
turing notes, $43,9 6 4 ,0 0 0 due as extended April 15 1920, at 6 % interest,
1917 to authorize not exceeding $16,7 5 8 ,0 0 0 4 % debentures due in M ay
with the right o f renewal to the com pany for one year more on the same
1957, to be exchanged $ for $ for the rest. In D ec. 1925 $ 1 2 ,8 6 8 ,0 0 0 had
term s.
been exchanged, leaving $ 3 ,8 9 0 ,0 0 0 outstanding. Y . 106, p . 1577, 1689;
Th e note was reduced b y paym ent on account from $ 4 3,964 ,000 to
V . 110. p . 2488. 2658.
$ 4 3 ,0 2 6 ,5 0 0 . A new note in this latter am ount, dated N o v . 1 1920 and
The I -S O Commission on O ct 16 1920 authorized the com pany to
payable O ct. 31 1930, was given to the Director-General to replace the
'ssue and pledge $3,560,000 equipment trust notes, Series E E (Old Colony
note for $ 4 3,964 ,000 , dated April 15 1918, since reduced by paym ents to
Trust C o , trustee), $ 2 ,800,000 thereof to be 7 % “ Class A " notes ($2,006,000
$ 4 3 ,0 0 0 ,0 0 0 and $ 5 0 ,620 ,000 of first & ref. m tge. bonds were deposited with
the United States as collateral security therefor. A note in the am ount of of these to be pledged to secure $ 2 ,0 0 0 ,0 0 0 promissory notes) and $700,000
to be 6 % “ Class B ” [second lien notes]
These “ Class B " notes and the
$ 1 7 ,0 0 0 ,0 0 0 , dated N o v . 1 1920 and due M arch 1 1930, with interest at
remaining $800 ,00 0 “ Class A ’ notes to be turned over to the U , S. Treasury
6 % . was given to the United States to refund indebtedness of the company
In return for a loan o f $1,50 0 ,0 0 0 under terms o f Transportation A ct o f 1920.
incurred during the period of Federal control, and first & ref. m tge. bonds
The “ Class A ” notes are in denom . o f $ 1 ,0 0 0 , due serially 1921 to 1935.
In the amount of $20,0 0 0 ,0 0 0 were deposited as collateral security therefor.
The “ Class B ” notes are in denom . o f $ 1 0 0 ,0 0 0 , are due each O ct. 1 1921
A 6 % collateral gold note for $ 4 ,2 9 0 ,0 0 0 , due April 1 1925, was issued to
to 1927 inclusive. V . I l l , p . 1567.
the Director-General of Railroads during 1922, since reduced b y paym entsto
O f the $ 2 2 ,190 ,000 N . Y . Westchester « Boston 1st 434a, this company
$ 4 ,0 0 0 ,0 0 0 and extended to O ct. 31 1930 (now held b y C hatham Phoenix
owned $ 2 ,1 9 0 ,0 0 6 on D ec. 31 1925. See “ Public U tility Com pendium .’ ’
N a t . Bank & Trust C o ., trustee). T h ejcom p a n ylalso issued Its notes,




Nov., 1926.]

97

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 , & c . , s e e n o te s o n p a g e 8 ]

M ile s
R oad

<**w York New Haven & Hartford (C o n c lu d e d )—
Boston R R H olding Co— Boston Term C o— Central
N ew Y ork C onnecting R R and Old C olon y— See th
N Y W es A Bos 1st M $60,000,000 g red 110 Q xo*A r*
N o t e . — Certain property o f this com pany is subject
minal bonds o f that com pany to the am ount o f $1,500,
flaw York Ontario & W estern— Comm on s took ______
Refunding (first) m tge $20,000,000 g old -.B a .x o * Ar
Gen M $12,000,000 gold red 110 (see text) ..N x c * Ai
Equip notes Ser O $30,000 e-a (V 9 6 ,p 420 -_B a*
N ew Y o r k P h ila & N o rfo lk —
First m tge $3,000,000 g (V 6 8 . p 773. 978) - F P .x c *
Incom e m tge g non-oum regls (V 6 8 . p 9 7 8 )___FPx
V e w Y ork & P u tn a m — See N ew York Central R R .
N Y Sus & W est— Midland R R 1st M g ext ’ 10-C e.xc*
Paterson E x te n R R 1st M ext In 1910 at 5% a f g .x o *
New Y ork Susq A Western first M ref g _____ C e.so*
Second M ($1,000,000 gold) 3d M on 72 m .C e.zc*
General m ortgage for $3,000,000 g o ld ____Ce.xc*
Terminal first m tge for $2,000,000 gold ___Usx.o* Ar
WUkes-B A E ’ n 1st. M g gu p A 1 (V 60. p 481) - Q.xc*
E quipm ent notes D _
_ _
A l l i e d C o m p a n ie s —
Passaic A N Y 1st M (999 years rental) ext 1910- .x
Newark & Bloom field— Stook, 6 % rental____________
Newport & Cincinnati Bridge— See Louisville A Nash
Norfolk & Carolina— See A tlantic Coast Line R R

D a te
B onds

Par
V a lu e

New
Engla nd R y — See those co
ose co mpani 08
$ A £
8 ee text
1911
to a lien un der a mo rtgage o f th
0 0 0 , d ue A pr 1 1939 bearing In
$100 $58,113,983
T ext
1892
1,000 2 0 .000,000
___ 1905
1,000
8.630,000
1,000
1913
90,000

R a te
%

W h en
P a y a b le

4M e
e N ew Y
terest at
See text
4 g
4 g
4M

r A J
■rk St, Ne
.4 %
^ee text
M A S
J
A D
M A 8

1899
1899

$ 1,000

2.600,000
1 ,000,000

4

1,000

72

1880
1881
1887
1887
1890
1893
1892
1924

500 Ac

3,488.500
3,745.000
447,000
2,551,000
2 ,000,000
3.000,000
188,500

A
5 g
J
5 g
J
5 g
4M g F
F
5 g
M
5 g
J
5 g
5M e A

70.000
1.600.000

8
$

1

127
127
127
65

vine

3
4

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

1,000 Ac
1,000

1885

500
60

O utstanding C onsolidated B y . C o . D eb en tu res A ssu m ed
$ 2 ,0 1 1 ,0 0 0 Jan. 1 1956
2 ,3 0 9 .0 0 0 Jan. 1 1955 4 % 1905 - 96 9 .6 5 0 F eb. 1 1930
1 .340.000 A p r .l 19551

4 % 1905 . . .
4 % 1905 —

O utstanding Street R ailw ay B onds A s s u m e d a s o f D e c . 81 1925.
(A ll 5 per cents except as shown. See “ Public U tility C om p en d iu m .")
W .& O .E .4 M S $1,38 9 ,0 0 0 Jan. ’43 Greenw. T r a m __ 32 0 .0 0 0 July '31
N . H . & C e n t .. . 283,000 Sept. ’33 Branford E lec___
« 5 7 ,0 0 0 O ct. *37
H artf. S t. 4 s ____ 2 ,5 0 0 ,0 0 0 Sept. *3* M e r .S o .& C o m p .
175,000 July "28
40 0 .0 0 0 July *56
4 % debs............. 165,000 Jan. ’36 Staff. 8 p . S t ____
a Prin. and int. to m aturity deposited with Union Sc N ew H aven Trust C o .
Equipment trusts Issued to Director-General for rolling stock allocated
to this com pany. See article on page 3 and V . 114, p . 2 4 7 0 .
R E P O R T .— For 1925, in V . 122, p . 2180 , showed:
C alendar Y ea rs—
"
1925.
1924.
1923.
Average miles operated_______________
1,935
1,986
2,001
O perating R evenues—
$
$
Freight_____________
6 7 ,667,234 6 3 ,432.140 67,186.374
Passenger_______________________________ 49,73 5 ,5 0 4 4 9 ,670.377
51,360,209
9,439,333
M ail, express, & c_______________________
9 ,284,224
8,8 1 5 ,0 5 8
Incidental_______________________________ 4 ,2 4 1 ,1 2 8
4,9 4 9 ,7 9 4
4,1 8 8 ,3 9 9
Joint facility___________________________
1,183,223
1,107,723
1,159.985

$

T o ta l------------------------------------------132,266,422
127,213 ,698 133,940,586
Operating E xp en ses—M aintenance of way and s tru ctu res.. 16,992,836
1 5 ,919,488 16,376,045
2 7 ,539.883 3 2 ,217,092
Maintenance e f equipm ent____ 2 7 ,629,520
Traffic------------------------------------------906,114
817,441
711,224
Transportation__________________ 46,733,099
4 7 ,941,947 53,037,109
Miscellaneous operations_______
2 ,014,756
1,886,747
2 ,076,259
3 ,519,907
General___________________________
3 ,3 9 6 ,1 1 8
3,403,443
Transportation for investm ent_ C r.50,851
C r .21,300
Cr.5,078
9 7 ,480,323 107,816 .094
2 9 .7 3 3 ,3 7 5 26,124,492
4 ,8 0 7 ,9 7 3
4,9 3 4 ,0 0 4
20,9 7 6
94,929

Operating incom e___________________ 2 9 ,611,845 2 4 ,9 0 4 ,4 2 6 2 1 ,095,558
Hire o f freight cars__________________ D r . 1,805,3 3 9 D r.l ,0 3 8 ,37 6 D r.3,486,187
R ent for equipment___________________
C r.49,845
D r . 11,220 D r .224,339
Joint facility rents___________________D r.4 ,5 3 1 ,5 5 6 D r.4 ,0 6 7 ,5 5 1 D r.4 ,1 0 7 ,3 0 4
N e t railway operating incom e______ 2 3 ,3 2 4 ,7 9 5
N on -O p era tin g In co m e—
D ividend incom e_______________________
1,703,102
Incom e from funded securities_______
1,079,745
Income from unfunded securities____
1,525,357
Income from lease of road____________
1,443,897
Miscellaneous rent incom e____________
1,208,332
Miscellaneous___________________________
26,665

19,787,279

13,277.728

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-operating incom e_______
6 ,987,098
Gross i n c o m e ................ ..........
30,311,893
D ed u ction s—
R ent for leased roads_________________
5 ,915,572
Interest on funded d ebt_______________ 15,410,604
Interest on unfunded debt........ ..............
76,384
N . Y . W . B . R y . g u a r, (b o n d in terest)
8 64 ,000
Separately operated property________
113,800
Miscellaneous---------------------------------------513,782

6,3 6 9 ,2 4 9
2 6 ,156,528

7 ,192,233
20,469,961

5,915.414
15,576,807
178,432
8 6 4 ,0 0 0
113,189
510,036

5,846,451
15,491,206
497,999
864 ,0 0 0
112,588
574,823

N e t income----------------------------------------- 7 ,418,252
2 ,9 9 8 ,6 5 0 def2,917,105
For latest earnings, see “ Railway Earnings Section” (Issued m onthly).
O F F IC E R S .— P res., E . J. Pearson: V .-P . E . G . Buckland, B . Cam pbell,
A . P . Russell, N . M . Rice; G en. M g r ., J. A . Droege; Sec., Arthur E .
C lark: T reas., A . S. M a y ; C o m p ., H . S. Palmer; G en. Counsel. B . I.
Spock.
D irectors.— Howard E lliott, N . Y . : James L . Richards and Jos. B . Rus
sell, Boston; John T . Pratt, R . G . Hutchins and J. Horace Harding, N . Y .
C ity; Arthur T . H adley, N ew H aven; W . B . Lashar. Bridgeport; Francis T .
M axw ell, Rockville, C on n .; Edward M illigan, Hartford, C onn.; Frank W .
M atteson, Providence, R . I .; Harris W hittem ore, N augatuck, C onn.; Edw .
G . Buckland, Benjamin Campbell and Edward J. Pearson, New H aven;
Charles F. Choate Jr., Southboro, M a ss.: Frederick O . D um aine, Concord,
M a ss.; George Dwight P ratt, Springfield, M ass. Offices, New H aven.
C on n .; South Station, Boston; Grand Central Term inal B ld g.. N ew Y ork.
— (V . 123, p . 2515.)

200,000

L a s t D iv i d e n d
a n d M a tu r ity

P la ces W h ere In terest and
D iv id e n d s a r e P a y a b l e

mpanles

112
112

4 % 1904 — S4.255.000 July 1 1 9 5 4 1 4 % 1906

T o ta l--------------------------------------------------- 97,745,382
N e t operating revenue________________ 34,52 1 ,0 4 0
Tax accruals____________________________ 4,890,151
Uncollectible revenues________________
19,045

A m ount
O u ts ta n d in g

4

J

M

J
A

Sc
Sc

A
A
A
A
A
A
A

N ew Y ork & London
July 1 1946
w England R R . C o. to secure B oston T erJan 28 1925.1% Checks mailed
Office, Gr Cent T er, N Y
June 1 1992
do
do
June 1 1955
M a r'2 7 -M a r *28 Bankers Trust Co, N Y

J Jan 1 1939
N Jan 1 1939

Broad St. Station, Phila
Checks mailed

O A pr 1 1940

O ffice, 50 C hurch St, N Y
ao
do
de
do
de
do
a*
do
do
do
do
do

D June 1 1950

&

Jan 1 1937
Feb 1 1937
Aug 1 1940
May 1 1943
n June 1 1942
0 T o O ct 1 1939

A

D D ec 1 1940

A

J
A
A
N

O ffice. 50 Church St. N Y

0 O ct 1 1926 3 % 90 West St, New York

ST O C K — There Is S4.000 old preferred. V . 79. p. 9 77. 9 8 0 . 1332.
C O A L P R O P E R T IE S — “ O T H E R I N C O M E ." — In 1899-1900 coal
properties having then a maximum output capacity of 2 ,7 0 0 .0 0 0 tons
annually, were brought under friendly control with aid of loans from the
Railway C o. and are now owned by the Scranton Coal C o . and the Elk
Hill Coal & Iron C o .. the Railway C o. owning the stock of both com panies.
The $ 6 ,000,000 5 % 1st m tge. notes issued by the railway to enable these
coal companies to acquire the aforesaid properties were all paid off on or
before D ec. 1915, ana on D ec. 31 1925 the railway held as first liens on
said properties former 2d m tges. for $1 ,0 0 0 ,0 0 0 and $ 2 ,2 2 5 ,0 0 0 . respec­
tively.
D IV S . ’0 6 -’ l l . *12. *13. *14-’ 15. *16.1917 . *18. *19. *20. *21. *22-24.
*25.
C o m .( % ) 2 y ’ly 0 2
N one
1 N one 2
1 1 2
N one 1 %
The directors on D ec. 23 1925 took no action on a dividend on th e c o m .stk .
B O N D S , &C.— R efu n d in g m tge. for $20,0 0 0 ,0 0 0 covers 319 miles or road
owned, all the securities of the Ont. Carb & Scran. R v .. 54 miles, and all
after-acquired property. V . 72, p . 87, V . 78, p . 2012, V . 80, p . 651.
The gen. m tge. gold 4s o f 1905 are a second lien on all property covered by
the refunding m tge., and a first lien, through deposit with trustee o f stock
and bonds on 66 miles, viz., $295 ,00 0 stock and a $650 ,00 0 bond o f the
Ellenville & Kingston R R . C o ., and $105 ,00 0 stock and a $450 ,00 0 bond
o f the Port Jervis, M onticello & Summitville R R . C o . V . 79, p . 1332, 1432,
V . 92, p . 462, V . 94, p . 1508, V . 96, p . 420, 653.
R E P O R T .— For 1925 showed:
1922.
1923.
Calendar Y ears—
1925.
1924.
Operating revenue______ $12,247,511 $13,666,131 $13,937 ,366 $12,341 ,911
1 1 ,440,832
12,568,942
Oper. expenses, taxes, &c 10,751,819
11,492,160
5 66.864
361,969
E q u ip ., rents, &c. (n e t).
40 4 ,2 3 9
498,603
N e t oper. income____ $1,091,461
Other incom e____________
3 5 3,766

$ 1 ,675,368
347,194

$1,00 6 ,4 5 5
508,784

$334 ,21 5
322,949

T otal income__________$ 1 ,4 4 5 ,2 2 6
Deductions_______________
1,404,159

$ 2 ,0 2 2 ,5 6 2
1,395.062

$1,51 5 ,2 3 9
1,392.454

$657,164
1 ,441,223

N e t incom e___________
$41,067
$627,500
$ 122 ,78 5 d ef$784,059
For latast earnings, see “ R ailway Earnings Section” (issued m onth ly).
O F F IC E R S .— Pres., John B . Kerr; V .-P ., Sec. & T reas., Richard D .
Rickard. Office. Grand Central Terminal, N ew Y o rk .— (V . 123, p . 2651.)
Report for 9 m os. ended Sept. 30 1926, in V . 123, p . 2651, showed:
1923.
Q uar. E n d. Sept. 30—
1926.
1925.
1924.
Operating revenue______ $ 4 ,9 0 8 ,8 8 7
$4 ,5 7 2 ,5 7 9 $ 4 ,6 5 4 ,7 8 9 $4 ,3 2 2 ,7 0 7
99 4 ,7 6 6
Gross incom e____________
1 ,636,988
1,5 0 1 ,7 7 9
1 ,439,558
437,466
Deductions______________
5 53,075
4 9 8,282
529,404
55 7 ,3 0 0
N etin com e________
1,083,913
1,0 0 3 ,4 9 7
910,154
R ail lines
N E W Y O R K P H I L A D E L P H IA A N D N O R F O L K R R . C O .
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
o f the $ 2 ,5 0 0 ,0 0 0 stock. B onds, see table at head o f page*.
The l .- S . C . Commission has placed a final valuation of $ 1 1 ,200 ,000 on
the owned and used properties of the com pany as o f June 30 1915.
D ivid en d s.— D iva, have been paid as follows: 1901. 6 % ; 1902, 6 % :
1903. 6 % ; 1904, 6 % , and 2 % extra; 1905, 8 % and 2 % extra; 1906. 1 0 %
and 2 5 % In stock; 1907 to 1925. 1 2 % yearly.
O F F IC E R S .— Pres., A . J. C ounty: Sec., Lewis N eilson: T reas., Henry
H . Lee; C o m p ., E . A . Stockton. Office, Philadelphia, P a .— (V . 120, p .
3 3 1 0 .)
N E W Y O R K S U S Q U E H A N N A A N D W E S T E R N R R . C O .— (See
E r ie M a p .)
Owned (in fe e ) or entire stock. M ile s . |W ilk e s -B a rr e & E a s te r n _________ 64
Jersey C ity to Stroudsburg, P a _ . 99 Susquehanna Connecting R R ____
8
(Double track 19 miles.)
Other branches_____________________ 24
Beaver Lake, N . J ., to N . Y .
Trackage____________________________
8
State Line_______________________20
.2 2 3
Total road operated December 31 1 925 .
T h e I .- S . C . Commission has placed a tentative valuation of $ 1 4 ,2 6 3 ,5 0 0
on the owned and used properties as o f June 30 1918.
S T O C K .— P rel.. $ 1 2 ,9 6 4 ,3 4 4 ; co m ., $12,816 ,319 . of which the Erie
owns $ 2 5,735 ,417 common and preferred— of this, $6,63 0 ,0 0 0 com.
and $ 6 ,630,000 pref. being deposited under its mortgages. Dividends on
pref., N o v . 1891 to 1892, 2 1 4 % yearly: none since.
B O N D S .— G eneral 5s are reserved to retire 2d 4 Ms. See abstract, V . 52.
p. 84. The seconds are exchangeable for generals on payment of an assess**.
Term in al bonds, see Issue of Jan. 1898 and abstract, V . 57, p. 512.
The $3 ,5 0 0 ,0 0 0 Midland R R . 6s were extended 30 years from l 9 l 0 a* 5 %
and $200,000 Paterson E x t. 5s 40 years at same rate.
V . 9 0 , p 3 7 3 , 91.
Equipment notes, 1916, V . 103, p. 61.
R E P O R T .— For 1924 showed:
Calendar Y ears—
1925.
1924.
1923.
Total railway operating revenue_____ $5,179,121
$5 ,1 5 0 ,2 4 8 $ 5 ,482,001
Operating incom e______________________
4 9 1,648
109,416
163,101
N e t railway operating income________
305,073
d e fl3 ,2 5 3
193,050
Other income___________________________
60,643
56,152
d e fl,5 1 9
Deductions_____________________________
823,129
81 2 ,9 2 6
8 0 9,359

N E W Y O R K O N T A R I O & W E S T E R N R Y . C O .— Operates from
Weehawken, opposite N . Y . C ity , to Oswego, on Lake Ontario, in all 569
miles, viz.:
R oad Owned—
M ile s .
Road C ontrolled, A c .—
Oswego to Cornwall, N.Y _______ 272 tPecksport, Conn, (leased)___________4
Balance, deficit_____________________
$457 ,41 2
$ 770 ,02 7
$6 1 7 ,8 2 8
branch to New B erlin____________ 22 f o n t . Carb. & S. (leased) Cadosla.
O F F IC E R S .— Pres., F . D . Underwood; V .- P ., W m . A . Baldw in; V .-P .
do
to D elhi.............................. 17
N . Y ., to Scranton, P a, Sec______ 73
& Gen. Counsel, G eo. F . Brownell; V .-P . & Sec.. G eo. H . M inor; V .- P .,
do
to Ellenville, e t c _______ 9 R om e A Clinton (leased)________ *13
D avid L . G ray; C o m p t., C has. P . Crawford; T reas., W m . J . M o o d y .
Utica Clinton A Bing, (leased) ..* 3 1
Offices, 50 Church S t., N ew Y o rk.
Total ow n ed ________________ 329 tW harton Valley (ow ned )....................7 — (V . 122, p. 3 6 0 2 .)
Trackage (till 2079) W .Shore R R .
TEllenville A Kingston (leased)
28
N IA G A R A J U N C T IO N R Y .— A terminal and switching road extending
O’nwall to W ’ken (V .61,p.425) - 53 + P t. Jervis M ont. A Summitville
from Niagara Falls, N . Y . , to Pfletchers Corners, N . Y . , 4 .8 6 miles; factory
Other trackage____________________
3
(le a se d )__________________________ 38
sidings, 9 .16 miles. Electrically operated since Sept. 1 1913. V . 9 7 , p.
• See this com pany
1837. Stock, 10,000 shares of no par value, all owned by N iagara Falls
t Entire stock and d eb t owned b y N . Y . O. & W .
Power C o.
C O N T R O L .— In O ct. 1904 N. 1 . N. H . & H . R R . acquired $29,160,000
Pres., Paul A . Schoelkopf; Sec., Fred’k L . Lovelace; T reas., W . Paxton
com . 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. 8 1 . p . 1044; V - 07 . p . 1427 . L ittle.— (V . 115, p . 2906.)
Tentative valuation, V . 114, p . 5 22, 627, 1064; V . 123, p . 840.
N O R D R A I L W A Y .— (V . 121, p . 195.)




Q
fO

RAILW AY STOCKS AND BONDS
[ V ol. 123.




co

99

RAILW AY STOCKS A D BONDS
JST

Nov., 1926.]

R A IL R O A D C O M P A N IE S
[F or abbreviation s, & c ., see n otes on page 8]

Norfolk Southern— Stock $ 1 6 ,000 ,000 authorized------

M ile s
R oad

223
First m ortgage________________________________ M p.xc*
223
First General mortgage gold redeemable at 1 1 5 --G x
75
Suffolk A Carolina First Oons m tge gold red 110 xc*
789
lst& R e f M $35,000,000 red 105 since 1915 Ce.xc* Ar*
32
Raleigh & Cape Fear 1st M g ________________ Col.xo*
Raleigh & Southport first mort $2 ,0 0 0 ,0 0 0 — Colx
61
82
Aberdeen & Asheboro 1st M $164 ,00 0 g.M eB a.xo*
Equipm ent trusts N o . 55, due $8,800 yearly-------G
do
do
Series “ D ” due $14,000 ann—
do
do
SeriesE , due $ 7 ,OOOsemi-annc*
2 .4 2
Norfolk Term inal— 1st H $2 ,0 0 0 ,0 0 0 g gu r e n ._ u .x c *
Norfolk & W estern— Common stock $ 2 5 0 ,0 0 0 ,0 0 0 .Ox
Adjust o ref(p A d )4 stock non-cum $ 2 3 ,000,0 0 0 .G x
428
N & W gen (now 1st) M Norf to Bris &c g __FP.xo*
194
New River Division first mortgage g o ld -..F P .x o *
566
Im provem ent A extension mortgage gold,FP.xo®
127
Scioto Valley & New Eng 1st M assum gold-C e.zc*
N & W First C on solm tge$62 ,50 0.00 0 g _ .B a .x c * Ar* 1,620
D lv 1st lien A gen M (text) g red 105 beg 1929 tlx 1,9S2
Pooah Joint M $20,0 0 0 ,0 0 0 g call 105 s I .G P .x o * A r
Convertible bonds
gold red te x t_Gx
do
do
1 3 ,300.000 gold r e d -.G xc*&r*
do
do
see text gold r e d
G .x c *A r*
do
do
$ 1 7 ,9 4 5 ,0 0 0 g see text G .y c * A r*
W inston-Sal So’b ’d ls tM $ 5 ,0 0 0 ,0 0 0 g gu U f.x c 'A r *
89
Equip tr Series of 1922 due $670,000 ann_______ CP
do Series o f 1923 due $800 ,00 0 ann___________
do Series o f 1924 due $600,000 s - a _______ c*
do Series o f 1925 due $600,000 ann________ _

%

Date
B on d s

Par
V a lu e

A m ount
O utstand ing

Rais
%

W hen
P a ya b le

L a st D ivid en d
and M a tu rity

Jan 11914,34 %
$100 $16,000 ,000
M A N M ay 1 1941
1.000
1,655,000
5 g
A
1,000
825,000
J
J July 1 1954
5 g
A
1 000
J
J July 1 1952
642.000
5 g
500 Ac h l0 .9 2 1 ,000
F A A Feb 1 1961
5 g
S Moh 1 1943
1,000
137,000
M A
5 g
1,000
,J
A D June 1 1965
374.000
5 g
A
164,000
5 2
J
.1 Jan 1 1940
1,000
J A J 15 T o Jan 15 1935
79 ,0 0 0
6
105.000
6
T o 1933
A A O A p r ’27-A p r ’36
1,000
133,000
5
M A
1,000
1,000.000
N May 1 1961
4 g
100 138,977,300 See text
Q— M D ec 18 ’26 4 H
4
100 2 2 ,992,300
3 — F N o v 19 ’26 1 %
M A N M a y 1 1931
1881
1,000
7,235,000
6 g
A A O Apr 1 1932
1882
1,000
2 ,0 0 0 .0 0 0
6 g
1,000
K A A Feb 1 1934
1883
5.0 0 0 ,0 0 0
6 g
1889
1.000
5 ,0 0 0 ,0 0 0
4 g
M A N N o v 1 1989
100 Ac 41,05 3 ,5 0 0
4 g
1896
A
A O Oct 1 1996
l.OOO&c 35,00 0 ,0 0 0
1904
4 g
J
A
J July 1 1944
1901
1.000 13,733.000
A D Dec 1 1 9 4 1
4 g
J
28t>,000
1907 1,000 Ac
A D June 1 1932
4 g
J
1912 1,000 Ac
4 1,000
M A
S Sept 1 1932
4 g
1913
l.OOOAc
8 Sept 1 1938
115,000
4H g M A
1919 1,000 Ac
1, 46.300
M &
8 Sept 1 1929
6 g
J July 1 1960
1910
1,000
5.0 0 0 .0 0 0
4 g
,T A
1922
fe
1.000
3,9 6 3 ,0 0 0
M < N T o M a y 1 1932
4H
1923
1,000
F <
& A T o Feb 1 1933
5 .455,000
4H
1924
1,000
9 ,COO,000
4 X g A A O Apr ’27-Apr ’34
1925
1,000
A
J T o Jan 1 1935
5 ,360,000
4H g J
1891
1914
1902
1911
1903
1905
1910
1920
1923
1926
1911

P la ces W here Interest a n t
D ivid en d s are P a yable

Checks mailed Norf office
Ch & P N B & Tr C o ,N Y
Guaranty Trust Co, N Y
International Tr Co. Balt
Central U n T r C o . N
Irving B k & T r C o, N Y
Irving B k & T r C o, N Y
Hero Tr A S Dep C o,B alt
Guaranty Trust C o , N V
Guaranty Trust Go N Y
Office, Philadelphia
Office, Philadelphia
Bankers Trust Co, N Y
do
do
do
do
do
do
Bankers Trust C o, N Y
do
do
do
do
Bankers Trust Co. N Y
do
do
do
do
do
do
United States Tr Co, N Y
B k o f N A & T r C o , Phlla
do
do
do
do
Bk o f N A & T r C o . Phlla

h Further amount pledged, see text.

N O R F O L K S O U T H E R N R R . C O .— Operated D ec. 31 1925 931.883
miles extending from N orfolk, V a ., to Raleigh, Goldsboro and Beaufort and
the Piedmont Section, N . C ., with branches. O f this total, the company
owns 790.263 miles and leases 133.895 miles (from Goldsboro to Morehead
G ity ), and has trackage rights on 7.7 2 5 miles.
Owns entire capital stock and bonds of John L . Roper Lumber C o . and
entire stock ($35,000) of Carolina R R ., Snow H ill to Pink H ill, N . O .,
3 5 miles, which com pany leased in 1921 the Kingston Carolina R R . C o.
until 1996. V . 9 5 , p . 1684; V . 9 6 , p . 8 63. Acquired the Durham & South
Carolina R R in 1920 V . 110, p . 2 292 .
As to Cum nock Coal M ining C o ., an ally, see V . 106. p. 6 07. 822.
T h e I .-S . C . C om m ission has placed a final valuation o f $ 2 1 ,6 2 2 ,0 0 0 on
the owned and used property of the com pany as of June 30 1914 and $6,5 0 0
on its owned but not used property, and $2 ,8 0 4 ,4 6 5 on the used but not
owned property. T h e valuation figure includes the properties of the A t ­
lantic & N orth Carolina R R . and the Carthage A Pinehurst R R .
O R G A N I Z A T I O N .— Successor May 5 1910 to N . & S R a ilw a y , foreclosed
Deo. 7 1909 per plan V . 8 7 . p. 614. 678.
Inoorp. In Virginia M ay 2 1910
B O N D S .— O f the “ First A R e f.” $35,0 0 0 ,0 0 0 bonds. $ 3 ,9 8 1 ,0 0 0 were
reserved to retire, a like am ount of underlying bonds. T o D ec 31 1925
retired by sinking fund, $ 2 ,5 0 4 ,0 0 0 , held for company by Central Union
Trust C o ., $ 2 ,039,000; held by public, $10 ,9 8 1 ,0 0 0 ; as collateral for 3-year
notes o f 1917 pledged, $1,5 7 7 ,0 0 0 ; held by U . S. G ovt, and D ir. Gen. of
R R . as collateral, $389 ,00 0; in treasury, $ 1 1,000 . V . 107, p . 604.
These bonds are secured by a first mortgage on 334 miles, and, subject
to underlying Issues aggregating $ 3 ,8 0 5 ,0 0 0 . on 455 additional miles, and
also by a first lien on practically the entire equipm ent, valued at about $2,720,625 ; also by a 1st lien on the entire stock ($1,000,000) and 1st M . bondi
o f the John L . Roper Lumber C o . Sinking fund $ 106 ,00 6 yearly, as long as
the lumber company bonds are pledged, at least one-half for purchase or
redemption of bonds o f this Issue, and the balance. If an y, for construction.
Im pts.. A c . V . 9 3 , p . 1534; V . 9 6 . p . 487: V . 97. p . 1204: V . 9 8 , p . 5 23.
On M a y 31 1926 there were outstanding $1,69 8 ,5 0 0 U . S. G o v t, notes,
due 1930-32.
D I V I D E N D S .— In 1911. 2 % (quar.); 1912 to Jan. 1914. 2 % ( Q .- J ,'.
N one since. V . 9 8 , p . 1000. 1072.
R E P O R T .— For 1925, in V . 122, p . 2323 , showed:
Calendar
O per.
N et (after
Total
I n t ., ren t,
Bal
Y ea r—
Rev.
taxes)
in com e.
& c.
Sur
1925________$ 9 ,131,878 $ 1 ,9 0 0 ,0 8 8 $1 ,9 6 3 ,3 9 8
$1 ,4 5 0 ,8 7 4
$ 512 ,52 4
1924________ 9,2 9 1 ,9 2 8
1,839,144
1 ,915,805
1,5 0 7 ,2 8 4
408,521
1923________ 9 ,386,653
1,798,043
2 ,5 8 1 ,8 1 2
2 ,2 0 7 ,4 6 2
37 4 ,3 5 0
1922________ 8 ,412,957
1,413,673
2,049,601
1 ,940,549
109,051
tfeEor latest earnings, see “ R ailway Earnings Section” (issued m onth ly).
O F F IC E R S .— Ernest W illiam s, Chairman; G eo. R . Loyall, Pres.; E . D .
K y le, V .- P .; F . P . Pelter, V .-P . & G en. M g r.; J. F . George, Treas.; M . S.
H aw kins, Sec.; J. R . Pritchard, A sst. Sec.; J. C . N elm s Jr., G en. A u d.
O ffice. N orfolk, V a .— CV. 123. p . 80.)
N O R FO LK T E R M IN A L R Y .— Owns a union passenger station at
Norfolk, V a ., with approaches, opened June 1 1912, used by the Vlrfinlan R y ., Norfolk A Western R y . and Norfolk Southern R R ., which
own the entire stock and undertake to meet all expenses, charges and
interest and principal o f bonds. Th e I .-S . C . Commission has placed a
final valuation of $9 9 5 ,0 0 0 on the owned and used property o f the com pany,
as of June 30 1914. Bonds authorized M arch 20 1911, $ 2 ,0 0 0 ,0 0 0 ,
guaranteed, principal and interest, b y the three lessor companies, of
which $1,00 0 ,0 0 0 have been sold. Redeemable at 105. V . 92, p . 660, 1109;
V . 93, p . 667, 1191. Pres., A . O . N eedles; Sec., T . E . Bristow; T reas., J. F .
George; Gen. Counsel, W . H . T . Lo yall, N orfolk, V a .— V . 118, p . 2547.)
N O R F O L K A N D W E S T E R N R Y . C O .— (.See M a p . ) — System extends
from Norfolk, V a ., westward to Colum bus and Cincinnati, O ., and north­
ward to Hagerstown, M d ., southward to Durham and W inston-Salem ,
N . C ., Bristol, V a ., and N orton, V a ., with branches to the various coal
fields in Virginia and W e s t Virginia.
R oad Owned—
M ile s
M ile s .
122
Norfolk, V a ., to Golumbus, O ___ 707 Roanoke to W in ston ____________
R adford, V a ., to Bristol, T e n n . _ l l l Sundry branohes________________ 661
Roanoke, V a ., to Hagerstown. .2 3 8 Oper. under lease_______________
21
Graham to Norton_________________100 T r a ck a g e ________________________
16
N o. Caro. Junotlon to Fries______44
Lynohburg to Din-ham, N . C ____ 115
Total operated D ec. 31 1 9 2 5 .2 ,2 4 1
Portsmouth Junction to Cincin­
nati and Ivorydale______________ 106 Double track__________
617
O R G A N I Z A T I O N .— Successor In 1896 of N orfolk & Western R R ., &c.
foreclosed per plan in V . 6 2 , p . 641. A s of D ec. 31 1925 the Penn. R R
owned $ 4 4 ,698 ,200 common and $ 1 1 ,4 5 8 ,0 0 0 adjust, pref. V . 8 3 , p . 502;
V . 8 8 , p . 1062; V . 9 8 , p . 763; V . 9 5 , p . 3 6 1 ,6 8 8 . B oat lines, V . 105, p. 73.
Tentative valuation as of June 30 1916, $ 2 3 7 ,3 9 2 ,0 0 0 . Valuation pro­
tested, V . 119, p. 694.
T h e I .- S . C . Commission on O ct. 11 1926 denied the proposed acquisition
b y the N orfolk & W estern R y . o f control of the railroad o f the Virginian
R y . b y lease. Compare V . 123, p . 2257.
S T O C K .— Provisions of pref. stock were In the Issue of April 1897, p . 4.
On April 10 1919 stockholders authorized an increase In the authorized
com m on stock to $ 2 5 0 ,00 0,00 0 chiefly in order to provide for the conver­
sion feature of new convertible bonds.
V 108. n .1512. See below.
D I V S .—
f ’ 06. ’ 07. ’ 08. ’ 09. ’ 10. ’ l l . ’ 12-’ 15. ’ 16. ’ 17. ’ 1 8 -’21. ’2 2 -’25.
C o m m o n .. % \
5
4
4J^ 5
5 H 6 yrly. 7 % 8
7 yrly. 8 yrly.
In June 1916 dividend was increased to 1 % % quarterly and an extra of
1 % was paid.
1917, M a r ., 1 % % and 1 % extra; June 1917 to D ec. 1926,
1 M % qu ar.; also paid 1 % extra in D ec. 1922, D ec. 1923, D ec. 1924, and
D ec. 1925 and 3 % extra in D ec. 1926. A d just, pref. receives 4 % p . a.
( 1 % Q .-F . 19).
B O N D S .— TheFlrstOonsolIdated m tge. of 1896 is limited to $ 6 2 ,500 ,000 ,
the balanoe unissued being reserved to retire the underlying bonds. V 73,
p. 5 0 2 ; V . 7 4 , p . 151; V . 75, p . 505; V . 77, p . 1785; V . 7 8 , p . 2 2 9 . See
a b s t r a c t , V . 6 4 , p . 3 76; V . 7 2 . p . 1 37, 4 3 8 , 5 3 2 . 7 2 3 , 1080; V . 7 5 . p . 505;
V . 7 9 . p . 2 1 3 ; V . 8 1 . p . 2 12.




The N . A W .-P ocahontas Joint bonds are secured by about 3 0 0 ,0 0 0 acres
of coal lands owned and held by the Pocahontas Coal A Coke C o ., of
which about 78,632 acres have been leased to companies whose stock is
all owned by the United States Steel Corporation and 102,368 to other con­
cerns, subject to royalties. T h ey are subject to call at 105 for a sinking
fund of 2 H c ts .p e r to n m ined, V . 106, p . 1239. V . 7 3 , p . 8 4 5 , 902; V . 74,
p . 4 1 , 3 8 0 , 1197; V . 7 5 , p . 5 0 2 . These bonds are the joint and several
obligations o f the R ailw ay C o . and o f the Coal & Coke C o ., but as between
the two companies the debt is to be paid by the latter com pany.
D iv is io n a l 1st L ie n a n d O en . M tg e . 4 s o f 1904 ($3 5 ,0 0 0 ,0 0 0 ) authorized for
future capital requirements are a 1st lien on extensions and branches and
also a lien subject thereto upon properties covered by 1st C onsol. M . V . 78,
p . 1549; V . 79, p . 5 0 1 , 6 28, 9 7 3 . 1642, 1704, 2148 ; V . 8 0 . p . 1175; V . 8 2 .
p. 510 V . 83. p . 1471 V . 8 8 , p . 2 3 1 , 453 V . 119, p . 2643 .
The O o n v .4 s of 1907, of which $ 2 5 ,5 6 9 ,0 0 0 were issued 1907-10 (V . 83,
t>. 3 8 0 ,4 3 5 , 575) were convertible Into common stock. $ for $, prior to June 1
1917, and thereafter subject to call at 105 & ln t.; $ 2 5 ,2 8 4 ,0 0 0 bonds were
converted. V . 83, p . 1412, 1471; V . 8 4 , p. 1248; V . 86, p . 109, 286; V . 90.
p. 772. 1425; V . 93, p . 1324, 1534; V . 104, p . 1592; V . 106, p . 1237.
Convertible bonds o f 1912 were convertible into common stock, $ for $ .
prior to Sept. 1 1922, and thereafter subject to call at 105 and int. $ 1 3 ,259.000 bonds were converted. V . 9 4 , p . 2 08. 4 17: V 95. p . 687
The 25-year 43^ % convertible bonds o f 1913 were convert lble into com ­
mon stock, $ for $ , prior to Sept. 1 1923, and thereafter are;sub. to call at
105 & int. Converted. $ 1 8 ,2 3 8 ,0 0 0 . V . 9 6 , p . 3 6 0 , 65g , 948 V . 9 7 . p . 6 66.
T o provide for capital requirements during 1919 , A c ., the holders of
both classes o f stock o f record D ec. 18 1918 (see V . 107, p . 2098) had the
privilege of subscribing at par for $1 7 ,9 4 5 ,0 0 0 Convertible 10-year 6 %
gold bonds of 1919 in am ounts equal to 1 2 H % o f their respective holdings.
The bonds are convertible at any time before m aturity into common stock,
$ for $ . Converted to O ct. 13 1926, $ 1 6 ,1 9 8 ,7 0 0 .
Th e $5 ,0 0 0 ,0 0 0 W inston-Salem Southbound R y . 1st M tg e . bonds are
guar, jointly with the Atlantic Coast Line R y . C o . Also guar., with Vir­
ginian R y . and N orfolk Sou. R y ., $ 1 ,0 0 0 ,(X)0 N orfolk Term . R y . 1st 4s,
and, with Southern R y . and W inston-Salem Southbound R y .. $ 800 ,00 0
W inston-Salem Terminal C o . 1st 5s.
R E P O R T .— For 1925, in V . 122, p . 1930, showed:
1925.
1924.
1923.
1922.
O perating R evenues—
$
$
$
$
Freight___________________ 9 3 ,370,357
8 1 ,6 8 4 ,8 1 8 81 ,3 2 1 ,8 6 8 77,672,461
Passenger________________
8,0 3 1 ,2 2 9
8 ,972,057 1 0 ,301,246
9 ,191,620
M a il______________________
1,149,651
1,161,923
989,497
933,419
Express----------------------------1,101,736
1,118,992
1 ,237,913
1 ,204,964
A ll other transportation
5 62,354
581,049
5 7 8,610
4 85,728
Incidental & joint facility
revenues_______________
1 ,003,664
1 ,061,834
1,162,547 **™T864,695
T o ta l___________________105,218,991
*Other revenue__________
__________

9 4 ,580,674
3 ,1 2 6 ,6 3 6

T o ta l___________________ 105,218,991
Operating E xp en ses—
M ain t. of way A s t r u c .. 1 5 ,109,848
M ain t. of equipment___ 2 1 ,655,956
T raffic___________________
1,190,439
Transportation__________ 28 ,1 4 0 ,1 2 8
Miscellaneous operations
272,971
General___________________ 2,0 8 4 ,5 4 9
Transp. for invest.— C r .
519,077

9 7 ,707,310

95,591,682

90,352,887

14,801,044
22 ,7 9 6 ,8 3 9
1,054,805
2 9 ,217,013
288,092
2,0 1 2 ,5 8 2
2 95,268

12,408,975
25,140,609
991,805
31,997,613
306,382
1,869,052
115,568

12,564,606
2 3 ,514,618
933,056
29,106,712
278,149
1,773,754
118,093

T o ta ls_________________ 6 7 ,934,815
N e t revenue from op er. _ 3 7 ,284,175
Tax accruals_____________ S,600,060
Uncollectible revenue___
29,022

6 9 ,875,109
2 7 .832,202
7 ,400,000
13,539

72,598,871
22,992,811
6,225,000
26,172

6 8 ,052,804
22,300,084
6 , 0 0 0 ,000 0
7,939

T o ta l oper. incom e___ 2 8 ,655,153
N on -O p era tin g In com e—
Hire of freight cars (net) 2 ,386,617
Hire of other equip. (net)
167,130
Joint facility rents (net)
302,052

2 0 ,418,662

16,741,639

16.292,145

1,726,291
17,629
300,787

3,003,995
4,408
258,824

2 ,161,002
D r .42,567
180,109

T o ta ls_________________
2 ,855,799
N et railway oper. income 31,516,952
Inc. from lease of r o a d ..
1,110
M iscell. rent income____
75,873
M isc. non-op. phys. prop
81,446
7,049
Dividend income________
Income from funded secs.
488,545
Income from unfunded
securities & accounts.
219,459
Miscellaneous incom e___
6,649

2,044,707
2 2 ,463,369

2,298,H ?4
18,590.689

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

219,494
6,529

1,855,592
29,102

2 69,876
184

T otals_________________
880,131
Gross income____________ 32,391,083
R ent for leased roads___
105,388
Miscellaneous rents_____
1,847
Interest on funded d e b t. 5 ,366,857
In t. on unfunded debt__
74,618
Amortization of discount
on funded d ebt_______
247,043
M iscell. income charges.
30,571

1,083,224
2 3 .546,593
103,805
1,755
5,064,022
20,729

3 ,604,210
2 3 ,613,076
102,307
1,454
4 ,622,613
33,232

1 ,183,477
1 9 ,774,166
100,619
1,149
5,0 5 7 ,7 8 9
14,142

80,751
32,182

64,974 1 "nbff45,477

T otals_________________
5 ,826,325
N e t income______________ 26,564,759
Dividends on adjustment
preferred stock ( 4 % ) .
919,692
Com m on divs. ( 8 % ) ___ 10,890,199

5 ,303,245
18,243,348

4 ,8 2 4 ,5 7 9 SP’5 ,2 1 9 .1 7 8
18.788,497 J [14,554,989

919,692
10,563,752

919,692 ^1^1919,692
1 0 ,304,434 1 ^ 9 .9 3 4 ,0 0 8

1,110

9 5 ,591,682
_______ _

90,352,887
__________

1,110

72.632
82.881
3,6 4 9
753.145

Balance, surplus--------- 1 4 ,754,868
6,7 5 9 ,9 0 4
7 ,564,371 1 3 .7 0 1 .2 8 9
* N o te.— I t has been the com pany’s practice for m any years to include in
its figures of operating revenues for each monthjthe revenue from local busi-

100
BAILW AY STOCKS AND BONDS
[ V ol. 123.




E sesi*

Nov., 1926.]
RAILW AY STOCKS AND BONDS
101




102

[V ol. 123,

BAILW 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 , & c . , s e e n o t e s o n p a g e 8]

M ile s
R oad

North Carolina— Stock 7 % paid from ren tal.................
226
N orth E ast P e n n — 1st M gold gu P & R (ext) red 105
after 1925 ________________ ___________ -G u P k v c *
2 5.6
North Penn— Stock 8 % gu 990 yrs $ 6 ,0 0 0 ,0 0 0 a u t h ..
88
Old second M (now 1st) (7s extended in 1896 )--k v o
57
General mortgage extend. In gold In 1903 -F P .k v c& r
88
Funding loan bonds $ 409 ,00 0 g o ld _____ _________kv
112
Northern A la b a m a — 1st M ($350,000 prior lien) C o l xo
Northern (N H )— Stock 6 % r e n ta l.----------------------------83
Northern California Ry— See Southern Pacifio R R —
—
Northern Central— Stock (see te x t)-------------—
First mortgage State of Maryland loan (V 7 4 ,p 1197)
144
Gen & ref m tge gold Series
____ __
xc*& r*
142
Northern of New Jersey— Stock guar (see V 69. p 81)
1st M ext at 4 )4 % till July 1 1927 see text___ ______ c
21
Gen mtge $ 1 ,0 0 0 ,0 0 0 g lnt guar by lease— Usm .xo*
162
Northern Ohio— 1st M g ($15,000 p m) gu p & LC e.xc*
Northern Pacific Ry— Stock $250 ,0 0 0 ,0 0 0 authorized
162
W ash & Columbia River IstjM gold assu m ed.F.xo*
Mortgages of Northern Pacific R a il w a y —
Prior lien M $ 1 3 0 ,0 0 0 ,0 0 0 gold land g r.B a .x o ’ Ar 4,876
General lien M $1 9 0 ,0 0 0 ,0 0 0 gold land gr-F .xo* Ar 4,876
239
St Paul-D uluth D lv pur money M $ 2 0 ,000 ,000 G.xc*
R ef and Im pt M gold ($, £ , fr) red te x t-_ G .c * A r * 6.467
do
do
Series B bonds red (t e x t )..c * & r * 6,467
do
do
Series O bonds red (t e x t ) ..G .c * & r * 6,467
do
do
Series D bonds red (text)__G c*& r* 6,4 6 7
Equip, trust cert, due $ 4 5 0 ,0 0 0 yearly____ B a c*
do
do
D ue $ 450 ,00 0 y e a r l y ___ ______ __
do
do
D ue $2 3 5 ,0 0 0 yearly - - - - - - c*

D a te
B onds

Par
V a lu e

Am ount
O u ts ta n d in g

$100
1890
____
1866
1873
1898
1896

$4,00 0 ,0 0 0

1.000
50
500 Ac

400,000
5,5 2 2 .6 5 0
1 ,500,000
4 ,500,000
408.000
1 ,650,000
3 ,0 6 8 ,4 0 0

1,000
100

R a te

%

W h en
P a y a b le

A

L a s t D iv id e n d
a n d M a tu r ity

A See text

7

F

5 g
8
4
3 .32
4 g
5
6

& O April 1 1930
Q— F
N ov 25 ’26 2 %
M d N M a y 1 1936
o
J
<o .1 Jan 1 1953
5
M & N N ov 1 1928
I
A
J July 1 1928
Oct 1 1926 1)4
Q— J
A

P l a c e s W h e r e I n t e r e s t and
D iv id e n d s a r e P a y a b l e

Burlington, N 0
Reading Term inal. Phila
Office. 240 S 3d S t. Phila
do
do
do
do
Reading Term inal. Phila
T reas’ office,W ashington
50 Congress S t, Boston

50 27 ,0 7 7 ,2 0 0
1 ,500,000
1,000 13,531,000
100
1 .000.000
100 Ac
654,000
1,000
154.000
1,000
2,5 0 0 ,0 0 0
100 2 4 8 .000 ,000
1,000
140,000

J
A
8
J
Q— J27
6
M &
S
5 g
4
Q— M
J
A
J
4 )4
&
J
4 )4 g J
A A o
5 g
Q— F
5
J
&
4 g
J

1897
1897
1900
1914
1921
1922
1923
1920
1922
1925

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

J P Morgan C o , New York
4 g
Q— J
Jan 1 1997
Q— F Jan 1 2047
do
do
3 g
4 g
J
A D Deo 1 1996
do
do
A
J July 1 2047
New Y o rk , A c .
4 )4 s J
J
A
N ew York
0
J July 1 2047
J &
J July 1 2047
N ew Y o rk .
5 g
J
&
J July 1 2047
N ew Y o rk
5 g
M & V T o M a y 15 1930 J. P . M organ & G o .,N .Y .
7 g
F & A T o Aug 15 1932 J P M organ & C o, N Y
4)4
S T o M a r 15 1940 J P M orga n & C o , N Y
4 )4 g M &

1881
1898
1898

1,000
1,000
500 Ac

1855
1924
1887
1900
1895
1895

108,396 ,600
a 5 4 ,5 5 1 ,500
3 55.000
2 0 .0 0 0 .0 0 0
C106959 600
8 .7 0 2 ,3 0 0
d l0 .0 0 0 .0 0 0
1.800,000
l.ro o
2 ,7 0 0 ,0 0 0
1,000
3 ,2 9 0 ,0 0 0

July 15 1926 4 %
Irredeemable
M ar 1 1974
D ec 1926
1%
July 1 1927
Jan 1 2000
Oct 1 1945
N o v 1 1926 1
July 1 1935

Treasurer’* Offloe, B alt.
do
do
do
do
50 Church S t, New York
do
do
do
do
Cent U n Trust C o , N LY
J P Morgan A Co. N Y
Offloe 34 Nassau S t. N Y

B o n d s U n d e r ly in g S t P a u l & D u lu th D iv M tg e

St Paul & Duluth first mortgage assum ed............ zo*
Consol m tge assumed $ 5 ,0 0 0 ,0 0 0 g o ld -.M p .zo *
Washington Central 1st M g $1 5 ,0 0 0 p m ____ xC ol

165
226
130

a b o d e N o t including am ounts in treasury, viz.: a $5,448 ,500.

5
4 g
4 g

F A A Aug 1 1 9 3 1
J
A D June 1 1968
Q— M
M a r 1 1948

J P Morgan A Co, N Y
do
do
Bankers Trust C o , N Y

b $2,480 ,000. C $336 ,000. d $ 7,837,000 . e $ 1 ,0 6 9 ,0 0 0 .

ness for that m onth and the revenue from inter-line forwarded and received
business for the preceding m onth. B y order o f the I .- S . C . Commission, it
became necessary, beginning w ith D ec. 1924, to include the revenue from
inter-line business in the figures for the month in which it was earned. D ec.
1924 figures, therefore, include the revenue from inter-line business for
Novem ber and Decem ber, and the figures for the year 1924 include similar
revenue for the 13 months D ec. 1923 to D ec. 1924, inclusive.
For latest earnings, see ••Railway Earnings Section”
O F F IC E R S .— Pres., A . C . Needles; V .-P s ., W . J. Jenks, B . W . Herrman,
W . S. B attle Jr., E . H . Alden; Sec. & A sst. Treas., I . W . Booth; Treas.,
Joseph B . Lacy; C o m p ., W . H . W ilson; Gen. M g r ., J. E . Crawford. Offices.
Roanoke, V a ., and Commercial Trust Building, Philadelphia.
D I R E C T O R S .— F . 8 . R oyster, Norfolk, V a .
D avid W . Flickwir
Roanoke, V a .; E . H . Alden, Samuel Rea, W . W . A tterbury, A . J. C ounty,
Ph ila.; S. P . B ush, Colum bus, O .; M . C . K ennedy, P h ila., N . D . M aher
and A . C . N eedles, Roanoke, V a .; Isaac T . M ann , Bram w ell, W . V a .
— (V . 123, p . 2257.)
N O R T H C A R O L I N A R R .— Owns from Goldsboro to Charlotte, N . O .
228 .4 4 m .; Caroleigh Jet., N . G ., to Caroleigh M ills, 1.90 m .; total, 224-34
miles. Leased from Jan. 1 1890 to the Southern R y . for 99 years at $260
000 (6 H % on stock) per year till Deo. 31 1901 and $286 ,00 0 (equal to 7 %
onstook) balance of lease; also taxes. V . 63, p . 3 61. St te of North Caro
ina hop's $ 3 ,0 0 r> 000 stock.— (V . 117, p . 325.)
NORTH P E N N S Y L V A N IA R R .— Owns from Philadelphia, P a ., to Beth
lehem . P a ., 56.54 m .; Delaware River branoh, 21.10 m .; Doylestown branch
10.07 m .; total first track, 87.71 m .; total track, incl. 2d, 3d and 4th track
and sidings, 279.91 m . Leased for 990 years from M a y . 1 1879 to Phila.
& Reading R R . at 8 % on stock, and lease assumed in 1896 by Phila. &
Reading R y
Pres.. Charles E . Ingersoll.— (V . 18, p. 668: V . 103, p .2 4 2 9 .)
NORTH EAST P E N N S Y L V A N IA R R .— Owns road from Glenslde t<
New Hope. P a ., 25.62 miles; 2d track, 2 .00 m .; total tracks, 3 3 .2 8 miles
The I .-S . C . Commission has placed a tentative valuation of $751 ,72 6 on
the total used, and $751,471 on the total owned properties of the com pany,
as of June 30 1917. Capital stock, S 4 00.000, of which $3 2 3 ,9 5 0 owned by
Reading C o ., par $50. The $4 0 0 ,0 0 0 1st m tge. 5s, due Ap il 1 1920, were
extended to April 1 1930. A ll owned b y Reading C o .— (V . 120, p . 3063.)
N O R T H & S O U T H R Y . O F W Y O M I N G .— (V . 118, p 1912.)
NORTHERN A L A B A M A R Y .— Sheffield to Parrish, A la ., and branches
112.50 miles. In April 1899 a m ajority of stock and bonds purchased by
the Southern, R y .
V . 68. p. 8 24, 873.
See also V . 69, p. 391.
Stock is $2 ,0 0 0 ,0 0 0 , of which Southern R y . owns $ 1 ,8 9 5 ,4 0 0 . Under
supplementary mortgage of 1898 $400 ,00 0 o f the outstanding $1,700,000
l i t 5s were made prior liens. V . 67, p . 1208.
For latest earnings, see “ Railway Earnings Section” (Issued m onth ly).
Pres Fairfax Harrison, W ashington, D . O .— (V . 69, p . 28.)
NOR TH ERN (N . H.) R R .— Owns Concord, N . H ., to W hite River Jot.
Y t ., 70 m .; branoh to Bristol, N . H ., 13 m .; total, 83 m . Subsidiary lines
Qonoord A Claremont R R ., 71 m .; Peterborough & Hillsborough R R ., 19 m
Lease to Boston & Lowell for 99 years from Jan. 1 1890 was assigned to
B os. A M e .; rental now 6 % , payable In gold. Until July 1897 1 % extra
was paid regularly from contingent fund. Also in 1894 , J an ., 5 % extra
i t 1896 . 2 % : in 1897 . 5 % ; in 1904. V* % extra.— (V . 106. p . 9 2 4 .)
N O R T H E R N C E N T R A L R Y . C O . (T H E ).— Owns Baltimore, M d ., to
Sunbury, P a ., 134 miles, all double track; branch, 8 miles; total, 142 miles.
Leases o f Sbamokin Valley & Pottsville R R . and Elmira & W illiam sport
R R . were assumed by Penn. R R . in 1914.
The stockholders on N ov. 2 1910 voted to lease road to Pennsylvania R R .
for 999 years from Jan. 1 1911, the holders o f the $ 1 9 ,3 4 2 ,5 5 0 stock re­
ceiving a stock div. o f 4 0 % ; also 1 0 % in cash from treasury assets and a
guaranty of 8 % on all the stock during the lease, retroactive to Jan. 1 1911
V. 9 1 . p . 154. 3 3 7 , 4 64. 8 71. 1026. The lease went into effect in July 1914.
V . 9 9 . p . 3 43. 49; V . 9 1 . p . 1768; V . 9 2 . p . 527. 1109. 1179. 1243. 1560
V . 9 3 , p . 4 5 . 286; V . 9 6 , p . 572; V . 102, p . 2342 .
S T O C K .— Penn R R on D ec. 31 1925 owned $ 1 3,058 ,050 of $ 2 7 /7 7 ,2 0 0
outstanding stock. The auth. Issue was Increased in N ov. 1910 from
*2 0 ,0 0 0 ,0 0 0 to $ 2 7 ,0 7 9 ,6 0 0 , and in F eb. 1924 to * 3 3 ,0 7 9 ,6 0 0 . A 4 0 % stock
dividend ($7,737,000) was paid A u g . 5 1914. V . 91, p . 1630; V . 98, p . 1695;
V . 99, p . 271, 538.
D 1Y S.—
’88. ’ 89. ’ 90. ’ 91. ’ 92. ’93. ’ 94-’00. ’ 01-’ 14. S ince under L ease
Percent ____
7
8
8
7
8
8 7 yrly. 8 y rly.*
8 yearly.
• A lso Jan. 1907, 1 2 )4 % paid In stock ($2,149,169). V . 83, p . 471.
Also 10% extra in cash and 4 0% in stock under lease in A ug. 1914 and 28%
extra in cash representing 8 % on 4 0% stock dividend for 2)4 years from
Jan. 1 1911 to July 1 1914, during which lease was held up . V . 99, p . 343.
B O N D S . — The total authorized am ount of the gen. & ref. m tge. Is limited
to $ 3 0,000 ,000 at any one tim e outstanding. $5,23 1 ,0 0 0 bonds were re­
served to retire a like amount o f underlying bonds which matured on April 1
1925 and Jan. 1 1926, so that the gen. & ref. m tge. bonds are now a 1st m tge.
subject only to a charge o f $9 0 ,0 0 0 per an n., payable to the State of M ary­
land. The balance o f the authorized amount of bonds m ay be issued for
additions and betterm ents, for new properties, for new equipment to the
extent of $5,00 0 ,0 0 0 and for other corporate purposes, all as provided in
the mortgage. V . 119, p. 455.
R E P O R T .— For cal. year 1925: R ental from lease o f road, $2,916 ,7 6 4 ;
Interest, & c., charges, $ 7 46 ,89 9; divs., $2,166 ,1 7 2 ; surplus, $3,6 9 3 .
O F F IC E R S .— Pres., W . W . A tterbury; Sec., Lewis Neilson; T reas., H .
H . Lee; C om p t., E . A . Stockton. Office, Broad Street Station, Ph ila.,
P a .— (V . 123, p . 2257.)

NORTHERN RR. OF NEW JERSEY.— Owns from C roxton, N . J .. to
Sparklll, N . Y „ 21 m .; leases Sparkill to N yaok, 5 m . Leased to the Erie
RR. from June 1 1899 for the term of its corporate existence, for Interest
an bondi, 4 % on $1,000,000 stock, payable quarterly, taxes, and all cor­
porate expenses. The $600,000 1st M . 6 % bonds, m aturing July 1 1917.
were extended until July 1 1927, with 4 )4 % lnt.
V . 104, P. 2553.—
(V . 104. p .2 5 5 3 .)
NORTH ERN OHIO R Y .— Owns C oplay Jet. to D elphos, O ., 152.35
miles. W as leased for 999 years to Lake Erie & Western R R ., which owned




1,0 0 0 .0 0 0
1.000 000
e784 ,00 0

the $3,58 0 ,0 0 0 com m on stock, but in Jan. 1920 the latter com pany disposed
of the lease and stock to the Akron Canton & Youngstown R R . V . 110,
p. 562. Pref. non-cum . 5 % stock, $650 ,00 0; par, $100. M ortgage a u th .,
$ 4 ,000,000; issued, $ 2 ,5 0 0 ,0 0 0 , and $ 1 ,500,000 reserved for extensions at
$ 1 5,000 per m ile. For 1925, gross, $1,4 1 2 ,0 7 2 ; net oper. income, $ 93,676 ;
other income, $ 8 ,9 2 3 ; Interest, rentals, & c., $127 ,97 7; b a l., d e f., $ 25,377 .
— (V . 66, p . 337.)
N O R T H E R N P A C IF IC R Y . C O .— ( See M a p s .)— Operates one o f the
leading lines to the Pacific, having its eastern terminal at St. Paul, M inn.,
»nd Duluth, Minn, (the head of Lake navigation), and running thence west­
erly, traversing the great wheat belt of Minnesota and North Dakota, the
mining district of Montana and the farming country of W ashington to
Tacoma and Seattle and to Portland, Ore., with branches.
M a in L in e—
M ile s . Operated by controlled lines___ 179
Ashland, W is ., to Portland, O re.2,457 Operated by other companies __ 334
150
St. Paul to Staples and Brainerd 193 Industrail spurs_________________
Other main lines________________ 320 2d , 3d and 4th track____________ 843
Yards tracks and sidings_______2 ,7 9 5
Total main line_______________ 2,970
Various branch lines____________ 3,712
Total oper. directly__________6,682 T o t. System track D ec. 3 1 ,’ 2 5 -1 0 ,9 8 3
The Manitoba branches, aggregating 355 m ., were leased for 999 years
from M ay 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 ,00 0 for 10 years, then $275 ,00 0 for 10 years and thereafter
$300,000, with option of purchase any time for $7,0 0 0 ,0 0 0 .
V . 7 3 , p. 6 10.
Owns jointly with Great Northern the stock of Spokane Portland A Se­
attle R y ., extending from Portland to Spokane, W a s h ., with branches:
see V . 81. p. 1101: V . 83, p. 1111; V . 86, p 1530. The Sp. Port. A Seattle
owns m ajority of the stock o f the Oregon Electric and U nited R y s ..o f Port­
land.
V . 91, p .1 1 7 8 . Twin C ity Belt R y ., org. in 1917. See V . 1 04,p .500.
In 1909 arranged for Joint use of Co’s line, Tacom a to Vancouver, W a sh .,
135 M ., with G t. N or. and Un. P ac.; V . 8 8 . p . 1373; V . 93, p . 1030. In
Jan. 1918 began running its own trains into Vancouver, B . O .; discontinued
Aug. 16 1918.
In 1912 the Midland R y . of M anitoba, formed In the joint Interest of the
sompany and the Great Northern, obtained trackage rights from the Cana­
dian Northern R y . between Emerson, M an ., and W innipeg, 66 miles, for
tO years, with provision for 999 years. V . 9 5 . p . 2 9 8 ,1 1 2 9 ; V . 9 7 . P- 1038.
In Jan. 1922 acquired the W alla W alla V alley R y .
V . 114, p . 4 1 0 .
H I S T O R Y .— 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 —
J ’ 05. ’ 06. ’ 07. '0 8 . ’ 09. ’ 10-’21. ’22. ’ 23. ’24. ’ 25
On com m on ( % ) ------------- \ 7
7
7
7
7 7 yrly 5 )4
5
5
5
•Also Deo. 1908 1 1 .2 6 % from surplus of N . W . Im pt. Co. V . 87. p. 1238.
Paid in 1926: F eb. 1, l M % ; M a y 1, 1 M % ; A u g . 2, l M % ; N o v . 1 , 1 ) * % .
B O N D S .— The Refunding and Im provem ent M ortgage o f 1914 covers
6.467 miles o f road, on 1,060 of which it is a first lien. I t is an open mortgage
and not limited to any specified am ount, but the bonds at any time out­
standing are limited to three times the outstanding capital stock, now
amounting to $2 4 8 ,0 0 0 ,0 0 0 . W hen the am ount o f bonds Issued thereunder
(bearing Interest at rates to be fixed) reaches $ 5 0 0 ,0 0 0 ,0 0 0 , further issues
must be limited to 8 0 % o f the cost o f new property placed under the m tge.
Bonds of any series m ay be made redeemable before m aturity or convertible
at the election o f the holders into capital stock on terms and dates
be
fixed
O f the bonds. $421 ,4 9 2 ,5 0 0 are reserved to retire. $ for $ . prior
bonds at or before maturity
In 1914 $ 2 0 ,0 0 0 ,0 0 0 Series A 4 )4 s were sold, callable as a whole at 110 and
Interest on and after July 1 1919. V . 99, p. 120, 2 7 1 : V . 105, p . 2366.
Series B 6 % bonds were issued in conversion o f the joint O . B . & Q.
collateral 6 ) 4 % bonds, due 1936, and the mortgage will also cover such
shares of stock of the O . B . & Q . as were released as a result o f such conver­
sion. The Series B 6 % bonds m ay be redeemed on and after July 1 1930
at 110 and Interest. In July 1922 $ 8 ,7 0 2 ,3 0 0 Series O bonds were sold,
the proceeds providing funds for paym ent and cancellation o f the un­
converted joint 6 ) 4 % bonds called for redemption July 27 1922 at 103)4
and int. Series C bonds are redeemable as a whole only on and after July 1
1952 at 105 and int.
The series D bonds were sold In Jan. 1923 and are
redeemable as a whole only on and after July 1 1953 at 105 and int. V . 116,
p. 410.
A b s tr a c ts o f prior lien and general lien mortgages o f 1896 were in V . 6 3 .
p. 1012-1019. 1072; see V . 99, p . 49.
Of G en. Lien bonds, $1 3 0 ,0 0 0 ,0 0 0 wero reserved to retire Prior Lien 4s.
The SI. P a u l-D u lu th D iv is io n mortgage secures $ 2 0 ,0 0 0 ,0 0 0 purohase
money bonds on the former St. Paul & Duluth, of which $ 9 ,2 1 5 ,0 0 0 were
Issued to acquire the road, $ 5 ,2 8 3 ,0 0 0 were reserved to retire existing St. P.
& 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 o f the bonds at
not over 105 and ln t., or. If not purchasable at that price, then to better­
ments. improvements or additions to the mortgaged premises or equipment
therefor. T o D ec. 31 1 9 2 5 $ 1 0 ,4 1 9 ,0 0 0 had been issued but $ 1 0 ,064 ,000 had
been purchased and canceled. V . 7 1 , p . 1167; V . 7 2 , p . 3 3 9 . The
First N a t. Bank of N . Y . , acting as agent for the com pany, in A u g. 1920
offered 4 ) * % Liberty bonds in exchange for these bonds. V . I l l , p . 693.
G overnm ent loan, V . I l l , p . 7 9 3 , 1753; V . 113, p . 2614.
L A N D G R A N T .— The land grant was 12,800 acres to the mile In the
States of M innesota and Oregon and 25 ,6 0 0 acres per mile In the (then)
Intermediate territories. Unsold on D ec. 31 1925, 5 ,554,433 acres, viz.:
M in n ., N o . D a k . A W is e * .
57,3 6 3 IIdah o________________________ 303.603
56,271 W a s h in g to n ________________1,283,945
W y o m in g ___________________
M on tan a____________________ 3 ,7 6 4 ,1 8 1 1Oregon----------------------------------89.070
Congressional investigation o f land grant, V . 118, p . 907, 1774, 2705.
2825 , 2914; V . 119, p . 694.

Nov., 1926.]

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]

Northern Pac Term Co— First M gold red 110 ..F.xo*
Northern Railway (Cal)— See Southern Pacific R R
Northern S e cu ritie s— See Industrials.
Northwestern Pacific— Stock (535.000.000) -------------- F
Cal Northw 1st M g sb I d -------------------------------------------z
Is t A R e fM 5 3 5 .0 0 0 ,0 0 0 g red 110 aft 10 y r s .F ,x o » A r
Northwestern R R of South Caro — First cons M _ _ x
--------- c*
Northw Term Ry— 1st M gold call at 102
Norwich & Worcester— Preferred stock 8 % rental —
Bonds (not mtge) lnt guar under lease, c u r ____ zoAr
Norwood & St L— 1st M 5300.000 g red 110 1 9 1 2 ..Eax
Collateral trust note___________________________________
Ogden Mine P P — »*ook (5 % rental Central of N J ) _ .
Ogdensburg & Lane Champlain R y— See Rutland R R
Ohio Conn R y— 1st M 52,00 0 ,0 0 0 g gu (te x t)-------Fxo*
Ohio St Little Kanawha R y— See Balt A Ohio R R .
Ohio River— See Baltimore A Ohio

M il e s
R oad

40
515

40
'7 6
*72

20
'1 6
9

D a te
B onds

1883

Par
V a lu e

A m oun t
O u ts ta n d in g

$1,000

R a te
%

$1,698,000

6 g

J

5 g

A
M
A
J

100 35,000,000
1,000
1898
890.000
1907 1.000 Ac 28,871,000
1.000
19141
360.000
1.000
1906
2.217.000
100
3,000,000
1897
1,000
1.200.000
1902
500 Ac
147.000
500 &c
1923
125.000
100
450.000
1903

1,000

F I N A N C E S .— In 1901 N o r. Pac. and G t. Northern acquired $ 1 0 7 ,612,600 of the $110 ,83 9,10 0 stock o f Chic. Burl. & Quincy R R . In exchange
for their joint 20-year 4 % gold bonds. See circular V . 72, p . 871, 1034.
1135; V . 73, p . 294, 610; V . 8 5 , p . 601. Through the declaration of a stock
dividend by the C . B . & Q . of 5 4 .1 3 2 % ($60,000,000) to stockholders of
record M arch 31 1921, these holdings were Increased to $165 ,8 6 7 ,4 0 0 out
of a total o f $170 ,83 9,10 0
R E P O R T .— For 1925, in V . 122, p . 2 965 , showed:
O perating R evenue—
1925.
1924.
1923.
Freight revenue________________________ $ 7 6 ,301 ,308 $73,422 ,540 $ 7 7 ,610 ,570
Passenger revenue_____________________ 13,201,179 13,167,942 1 5 ,438,784
Other transportation revenue________
6 ,067,165
6 ,224,083
6,2 9 0 ,8 1 5
Incidental and joint facility___________
2 ,2 9 4 ,9 0 2
2 ,4 7 7 ,8 3 9
2 ,661,891
T o ta l operating revenues___________$ 9 7,864 ,554 $ 95,292 ,404 8102,002,060
Onpratinn Tttiph^ ^
^
p ___
W a y and structures_____________ $12,759 ,190
$12,240 ,855 $14,022 ,694
Equipm ent_______________________ 17,60 5 ,3 0 4
18,675,927 22,464,341
Traffic____________________________ 2,0 7 3 ,1 5 5
1,917,955
1,954,443
Transportation__________________ 33 ,5 3 8 ,2 3 3
34,19 0 ,3 3 4 38,53 5 ,4 1 7
Miscellaneous operations_______
1,637,652
1,614,992
1,822,139
General__________________________
2 ,9 8 0 ,3 0 7
2,7 3 1 ,1 5 4
2,6 4 4 ,6 2 5
Transportation for investment— C r_ .
621,365
838,154
1 ,078,849
Total operating expenses___________ $ 6 9 ,972 ,476 $ 7 0 ,533 ,064 $80,364 ,810
N et operating revenues_________________$27,8 9 2 ,0 7 8 $24,759 ,340 $21,637 ,250
Taxes and uncollectible revenues_____ 9 ,372,270
8,5 6 3 ,1 5 4
8,4 8 2 ,3 1 9
Railw ay operating incom e___________$18,5 1 9 ,8 0 8 $16,196 ,186 $13,154,931
Equipment rents, net____________________ $1,85 5 ,7 8 9 $ 2 ,130,763 $ 2 ,4 0 4 ,2 3 8
Joint facility rents, net_________________
1 ,851,722
1 ,534,128
1 ,541,389
N e t railway operating incom e______$ 2 2 ,227 ,319 $ 1 9,861 ,077 $17,100 ,557
11,181,676
Non-operating incom e________________ 1 1 ,079,164 11,483,432
Gross incom e_________________________ $33,3 0 6 ,4 8 4 $ 3 1 ,344 ,508 $28,282 ,233
Interest on funded debt________________$14,783 ,165 $ 1 4 ,767 ,619 $14,707 ,679
Other deductions from income________
579,031
606,645
593,127
N et'incom e__________________________ $ 1 7,944 ,288 $ 1 5 ,970 ,244 $12,981 ,426
D ividend appropriations_____________ 1 2 ,400,000 12,40O,OOO 12,40O,OO0
B alance_______________________________$ 5 ,5 4 4 ,2 8 8 $ 3 ,570,244
$581,425
For latest earnings, see “ R ailway Earnings Section” (issued m onth ly).
O F F IC E R S .— Howard Elliott, Chairman; Charles D onnelly, Pres.; H . A .
Clifford, T reas.; E . A . G a y , Sec. & A sst. T reas.; F . W . Sweney, C om pt.
N . Y . office, 34 N assau St.
D I R E C T O R S .— Stephen Birch, Howard E lliott, John Sloane,'Grenville
K ane, Gerald* M . Livingston, Frank L . Polk, George T . Slade, Rudolph
W eyerhaeuser, Francis H . Brownell, E . Hayward Ferry, N ew Y o rk ; Charles
D onnelly, J. M . Hannaford, St. Paul; Theodore F . M erseles, Chicago;
Henry B . Spencer, W ashington; Charles E . Perkins, Burlington, Iow a.—
( V . 123, p . 2651.)
NORTHERN PACIFIC TERMINAL CO. OF OREQON.— Owns terminals
in the W illam ette R iver, O re., at Portland, East Portland and Albina,
comprising 270 acres land, 40 m track, dock frontage 7.9 0 4 feet.
L E A S E .— Leased for 50 years from Jan. 1 1883 Jointly ana severally to
Northern Paoiflo. Oregon R y. A Navigation and Oregon A California, with
inaranteed rental to pay Interest, sinking fund and taxes; leases assumed
n 1899 by new Nor. Pac. and Oregon R R A N av
V 69. p. 230.
S T O C K .— Stock ($3,000,000) owned by said three companies ( 4 0 % by
Oregon R y. A N av. C o., 4 0 % by Nor. Pac. and 2 0 % by Oregon A Cal.
R R .). and held by Central Trust Co. of New York, to be delivered after
payments to the sinking fund, which Is to cancel the bonds.
B O N D S .— The first mortgage is for $5,000 ,0 0 0 ; to D ec. 31 1925 $ 4 ,3 2 3 ,000 had been Issued, of which $2 ,6 2 5 ,0 0 0 retired„by sinking fun d.— (V . 122
p. 477.)
N O R T H E R N S E C U R IT I E S C O .— 8ee Industrials
NORTHWESTERN PACIFIC RR.— (See M a p A tc h . T o p . A S F . ) —
Operates a system extending from Point Tlburon and Sausallto, C al.
(whence ferry to San Francisco, 6 )4 m iles), northerly to Eureka, with
branches, 515 miles In all. Inoorp. Jan. 8 1907 In the Interest of Southern
Pac. &Qu Aoch. T o p . & San. Fe, which each owns $ 1 7 ,5 0 0 ,0 0 0 stock. V.
9 5 , p. I l l ; V . 96. p. 1489.
B O N D S .— Cal. N . W . 5s s. f. $ 5,000 yearly call, at 110 and lnt.
O f the 1st & Refund. 4 Y s o f 1907 ($35,000,000 a u th .), $ 2 8 ,8 6 1 ,0 0 0 were
outstanding April 20 1926. $26,7 8 2 ,0 0 0 being owned by Sou. P ac.; the mtge.
reserved $6,676,000 to retire a like amount o f underlying bonds, $ 5 ,000,000
for im pts. and equip, and $ 1 3 ,3 2 4 ,0 0 0 for new construction, lncl. line from
ihlvely to W illlts and from W endllng to connection with main line at
Healdsburg; s. f. $10,000 yearly; bonds drawn at 110. V . 8 4 , p. 221.
394; V . 8 5 . p. 222; V . 96. p. 1773; V . 9 8 . p. 1316
Equipm ent trusts issued to Director-General for rolling stock allocated
to this com pany ($271,500 . due $ 18,100 annually). See article on page 3
R E P O R T .— For 1925. gross. $7,045,831; net oper. income, $ 1 ,158,222;
other income, $43,959 ; lnt.. rentals, & c., $ 1 ,4 6 1 ,0 3 9 ; b al., def., $25 8 ,8 5 8 .
For latest earnings, see “ Railway Earnings Section” (issued m onthly).
— V . 120, p. 2397.)
N O R T H W E S T E R N R R . O F S O U T H C A R O L I N A .— (See M a p A tlan tic
Coast L i n e .) — Wilson M ill, S. O ., via Sumter to Cam den, 6 2 .5 miles; branch,
M illard to S t. Paul, 3 .5 m .; M annville to Rose H ill, 9 .5 m .; trackage, 5 m .;
total, 81 miles. Stock, $ 1 00 ,00 0. Dividend, 6 % , paid yearly D ec. 1900
to 1902; 1903 to 1905, 6 % ; 1907 and 1909. 4 % ; 1910. 5 % : 1911 and 1912.
6 % ; 1914, 4 % ; 1915, 5 % ; 1916-19, 6 % yearly; 1920, 7 % ; 1921-24, 6 %
yearly. O f the outstanding $360,000 first consol, m tge. bonds, $285,000
are 4s and $ 75,000 5s. Year 1925, gross, $ 2 29 ,03 6; net oper. Income,
$ 7 0 ,2 8 0 ; other income, $8,1 8 6 : deductions, $ 4 9,377 ; b a l., sur. (before
dividends), $ 2 9 ,0 8 9 .




103

RAILW AY STOCKS AKD BONDS

1,777,000

L a s t D iv id e n d
a n d M a tu r ity

W h en
P a y a b le

A

J Jan 1 1933

8
4
5 g
6 g
5

A O
A S
A O
<c J
S
Q— J
M A S
A A O
M A N
J
AJ15

4 e

M A S

4Y s
4 & 5
5 e

Apr
Mch
A ug
July

1
1
1
1

O ct 1

Mch 1
Apr 1
N ov 1
J u ly l5

1928
1967
1964
1926
1926 2 %
1927
1932
1926

P la c e s W h ere In terest and
D iv id e n d s a r e P a y a b l e

W inslow ,Lanier & Oo.N V

San Francisco

Safe Dep A T r Co. Baltfi
Jan 1918 coupon not paid
Mech Nat B k, W orcester
C om pany’s offloe, Boston
Watertown (N Y ) N a t Bk
W atertow n (N Y ) T r Co
•26 23^ % Chestnut St, Phila

Sept 1 1943

Penn R R C o . N ew York

N O R TH W ESTE R N T E R M IN A L R Y .— Owns terminals ooverlng 36 acres
at Denver and 102 acres of right of way in that city, and 100 acres of freight
terminals at U tah Junction, 3 miles north of Denver. Leased for 50 yea rs
from Jan. 1 1914 to Denver A Salt Lake R R ., which owns the $ 3 ,0 0 0 ,0 0 0
■tock. rental covering Interest on bonds, operating expenses and taxes.
V. 98, p. 913. Operated by D enver & Salt Lake R R . C o . b y virtue of
lease. Interest was defaulted Jan. 1 1918 and subsequently, and In
Jan. 1919 a protective com m ittee with S. M . Perry o f D enver, as C hair­
m an, called for the deposit o f the bonds with the International T rust C o .
of Denver or Bankers Trust C o . of N . Y .
V . 108, p. 269, 3 7 9 , 1061.
V . 106, p . 8 6 . A suit for the foreclosure o f the First M tg e . 5 % bonds waa
filed by the Bankers Trust Co , N . Y . , trustee, in Jan. 1920. V . 110, p .
562. Bonds ($2,500,000 auth. Issue), see V . 8 9 , p . 994; V . 9 0 . p . 503.
Henry M cA llister J r., receiver.

R e o r g a n iz a tio n P la n (V . 122. p . 1023).
Th e committee representing holders o f the 1st m tge. 5 % gold bonds and
o f certificates of deposit for the bonds has prepared and adopted a plan for
the reorganization o f the com pany.
The new terminal company to be organized pursuant to this plan is re­
quired to make and execute a new lease on all the properties o f the present
com pany, which lease shall ran to the new reorganized Denver & Salt Lake
com pany, and shall provide tnat (a) the term of the lease shall be not less
than 49 nor more than 99 years as shall be agreed: (b) the lessee shall main­
tain and operate the leased properties at its own expense in connection with
and as a part o f its railroad system ; (c) the lessee shall pay all taxes and
assessments against tne leased properties during the term o f the lease; also
corporate expenses and current obligations of the lessor not exceeding
$ 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 o f the
present bonds of the terminal com pany now outstanding and hereinafter
called the “ base sum ” ), such rent to begin on the completion o f the M o ffat
Tunnel and its use or occupancy by the lessee not later than D ec. 31 1927;
sucn annual paym ent (initially 2 % on the base sum) to be increased Y of
1 % on the base sum annually for each increase o f $500 ,00 0 in the annual
gross or total operating revenues o f 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 paym ent shall equal 5 % on the
base sum , at which am ount 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
paym ent shall, if it has not already reached that figure, automatically be­
come and remain at 5 % o f the base sum with the option in the successor les­
see to decline to pay such additional rental and, in case o f such declination,
with the option to the lessor to cancel the lease upon 6 m ontns written notice.
S ecurities to Be Issu ed by N ew C om pany and D isp o sitio n T h ereof.
N ew B on ds.— A new m ortgage will be created upon all o f its property.
N ew mortgage shall provide for and secure an issue o f new bonds with such
name or designation as the committee m ay determine, to be limited to a
total authorized principal amount of $ 2 ,2 1 7 ,0 0 0 and to mature at such
date as the committee m ay fix, not later than the date fixed for the terihination of the lease. N ew bonds will bear 5 % interest and shall be redeemable
all or part, on any interest date on sixty days’ publication, at 102 & int.
Stock.— A n issue o f stock all of one class shall be created by the new
company, which shall possess all voting rights and shall consist o f 2 ,217
shares (plus 5 shares to qualify directors o f the new com pany).
D is p o s itio n o f N ew Securities.
Holders of present bonds or of certificates o f deposit therefor who shal
be entitled to the benefits o f this plan will be entitled on the completion
o f the reorganization, and surrender o f their certificates of deposit and (or)
bonds receive new securities as follows:
For each $ 1 ,0 0 0 o f present bonds accompanied b y the coupon due Jan. 1
1918 (and all subsequent coupons), the holders will receive $ 1,000 in new
bonds and one share of stock in the new com pany. V . 122, p. 1023.
Plan D eclared O perative. —Plan was declared operative as o f April 2 1926.
— (V . 123, p. 1500.)
N O R W IC H & W O RC ESTER R R .— Owns from Groton, C onn., to W o r ­
cester, M ass., 71.15 miles. Leased to New England R R . for 99 years from
Feb. 1 1869 (now N . Y . N . H . A H .) ; rental 8 % on pref. s tk .— V .1 0 6 , p .9 2 4 .
N O R W O O D & S T . L A W R E N C E R R .— Norwood to W addington, N . Y . .
20 miles, including extension, 13 miles, opened July 1909. The InterState Com m erce Commission has placed a final valuation of $53 3 ,0 7 8 on
the owned and used and $895 on the used but not owned properties o f
the com pany as o f June 30 1917.
Stock. $250,000: par of shares, $100 .
Bonds are subject to call at 110 since April 1 1912. V . 9 5 , p . 1542. C o lBonds are subject to call at 110 V . 9 5 , p . 1542. Collateral trust notes are
secured by $153 ,00 0 1st m tge. bonds. The St. Regis Paper C o. in Jan. 1926
acquired the roads. V . 122, p. 361. For 1925, gtoss, $ 1 84 ,84 4; net, $ 4 4 ,7 6 0 ;
other income, $ 6 ,7 5 8 ; int. and rentals, $31,066 ; b a l., sur., $ 2 0 ,4 5 2 . P res.,
F . L . Carlisle; V .-P . & T r e a s ., R . B . M altb y; V .- P ., D . M . Anderson; A sst.
T reas., C . B . M artin; A u d ., P . F . W eed.— (V . 122, p . 346.)
O C IL L A S O U T H E R N R R .— Sold in Jan. 1924. See V . 118. p . 2 03.
O GDEN M IN E R R .— Owns Nolan’s Point (Lake Hopatoong) to Sparta
(or Ogden M ine), N . J ., 10 miles. Leased for 999 years from Jan. 1 1882
to Central R R of N J for 5 % per ann. on stock and $500 yrly. for org. e x p .
OHIO CONNECTING R Y .— Owns bridge over Ohio River near P itts­
burgh, P a ., and approaches, 9.11 miles. Leased to Pennsylvania R R .
rental, net earnings. Stock increased in D ec. 1902 from $ 1 ,0 0 0 ,0 0 0 to
$2,0 0 0 ,0 0 0 , in $50 shares. Bonds are guaranteed as to principal and interest
by endorsement b y Pennsylvania C om pa ny, which owns the entire stock.
Form of guaranty, V . 8 1 , p. 6 6 9 .— (V . 123, p . 840.)
OHIO & K E N T U C K Y R Y .— Owns from L e x. A E a st. R y . at Jackson;
K y .. to Oannel C ity , K y .
Receiver was discharged in 1916. V . 103, p .
2238. The I .- S . C . Commission has placed a tentative valuation o f
$817 ,06 8 on the com pany’s property, as o f June 30 1917. Com m on stock,
$ 2 00 ,00 0; pref. stock, $ 1 00 ,00 0.
O K L A H O M A & R IC H M O U N T A IN R R .— The I .- S . C . C ommission
on Feb. 18 1926 issued a certificate authorizing the com pany to construct
a line o f railroad extending from a connection with the Kansas C ity Southern
R yt at Page in a general westerly direction to a connection with the St.
.

104

LVol. 123

RAILW AY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S

IF o r a b b r e v ia tio n s , & c . , s e e n o t e s o n p a g e 8]

Old C olony— Stook 7 % guaranteed b y r e n t a l _____ o*
First m ortgage gold b on d s _____________ O B zc*& r*
Bonds n ot m o rtg a g e .. __________________________zr
First mortgage Series B __________________ zc*&r*
Bonds not m ortgage ________ __ _______.O B zo& r
Orecon & Cal— 1st M e drawn at 100 aru p & l.U n .zo*
O r e g o n P a c ific & E a st R y— 1st M $500,000 gold___
Oregon Short Line R R —
Utah Sc N orth 1st M ext 1908 (V 86. p 1410) — .so*
Cons 1st M $36,500,000 g (1st M on 400 m ) _G.xo*
Ref M $100,000,009 g gu red (te x t)______ E q.xo’ &r
Inoom e bonds Series A 5 % n o n -o u m u la tlv e ___OBz

M ile s
R oad

D a te
B onds

Par
V a lu e

Am ount
O u ts ta n d in g

$100 $22,294,000
I§24 1,000 &c
3,500,000
1,000
4 ’ 000,000
1888
1925 1,000 Sco
5,598,000
1902 1,000 &o
1,000,000
680 1887
1.000 17,437,000
27.78 1914
(b)
330,000

488 1878
1.000
4.991.000
500 &o 28,752,000
1.178 1897
1904 1,000 Sco 45.000.000
500 Sco
1897
272.500
1910 1.000 &c
100
1,000 23.380,000
Ore R R & Nav oons(now 1st) $24,312,800 g ..N .x o * 1,135 1896
1st ft R ef M $175,000,000 g g u p & I red 105.F .xo*ftr» T ext 1911
Sc £ c54.694.995
50
1,320,400
Oswego ft Syracuse— Stook 9% guaranteed D L & W
35
First and refunding m ortgage_______________________
1,000
1,193,000
P a c ific G re a t E astern — 1st M 4 h % guar deb stock
1912
£1 <sx £ 2 ,926,000
2d charge ranking aft 1st M gu by G ov o f B C 1915.
see text
£1 &C
1915
f 500 ]
• 5,925,195
C oup on bonds guar b y P rov o f B ritish C olu m b ia .c*
1925 \ and }
{ 1.000 J
89.9 1899
1,027,000
Pacific & Idaho North R y— 1st M g s 1 1 % y l y . . G .zo
1,000
956.000
2d M $3,000,000 gold .................. .. ..............Ce.o
76 1907
1,000
P a d u c a h & III— 1st M gu $7,000,000 r e d ..U C .c * * r *
l.OOO&c
5.000,000
14 1915
P a n -A m e r (M e x -G u a t) — See N at. R ys. o f M ex ico.
P a ra g o u ld S o u th e a s te r n — See St Louis Southw R y
1,000
600,000
Paris & Mt Pleasant — 1st M g red 1 0 5 -------.F C .x c ’
53 1912
b Ser “ A . " $1,000: Ser “ B . " $5,000.

O L D C O L O N Y R R . (M a s s .).— Owns road from Boston to Provincetown,
M ass., New port, R . I ., & c., 533 miles; leases 101 miles
In June 1907 a
bill was passed perm itting purchase of Boston & Providence (leased line)
First m tge. bonds ®f 1924, V . 117, p. 2110. First m tge. bonds Series B ,
V . 121, p . 1674.
L E A S E .— In 1893 leased to N ew York N ew Haven & Hartford for 99
years. O f the stock, $ 9 ,813,200 is held by the lessee. The lease provides
for dividends o f 7 % per annum on stock not exchanged. V . 76, p . 247,
374; V . 93. p . 1726. 1789; V . 94. p . 68 — (V . 121, p. 1674.)
O R A N G E & F R E D E R I C K S B U R G R R — A charter has been granted
b y the Virginia Corporation Commission to this company which will operate
the 38-m ile line between Fredericksburg, V a ., and a point near Orange,
formerly operated b y the Potomac Fredericksburg & Piedm ont. T h e Vir­
ginia State Corporation Commission on M a y 26 1925 granted a petition of
the owners o f the latter road for an order of dissolution. M odern bus­
line com petition and the thinning o f the lumber stand along the route of
the road were assigned as the reasons for the dissolution.
T h e capital stock o f the new com pany will be from $5 0 ,0 0 0 to $100 ,00 0;
divided into shares o f $100 par value. Officers named in the charter are,
P . H . Faulconer, Cahrlottesville, Pres. & T reas.; R . L . Biscoe, Fredericks­
burg, V .-P re s.; C . L . Y o u n g , Rhoadsville, Sec., and V . R . Shackleford,
Orange. G en. M g r. T h e four officers will constitute the boardof directors.
— (V . 122, p . 1307.)

OREGON & C ALIFO RN IA R R .— (S ee M a p Southern P a c .)— Portland
Ore., to California State line, 367 m .; Albany Jot to Lebanon, 11 m . Port

land to Corvallis. 101 m .; Lebanon to W oodburn. 49 m .: Portland. O re., to
Airlee, O re., 74 m .; M ohaw k Jet. to W endling, 16 m .; Salem to Geer, 7 m .
Springfield Jet. to T allm an , and branches. 54 m .: total mileage operated
D ec. 31 1925, 702 miles.
L E A S E , & c.— Leased to Southern Pacific C o . for 34 years from A u g. 1
1893. the lessee guaranteeing int. on the bonds and the lessor receiving any
net profit and being charged with any deficit after paym ent o f charges
Betterments are payable by lessor. Southern Pacific owns all o f the
$19,0 0 0 ,0 0 0 stock, $12,000 ,000 o f which is 7 % preferred. V . 72, p. 287.
The U . S. Supreme Court on D ec. 9 1915, in the G o v t, suit involving
2 ,3 0 0 ,0 0 0 acres in Western Oregon, permanently enjoined the sale o f lands
except to actual settlers in quantities not greater than 160 acres and at
over $2 50 per acre. V . 104. p . 1703; V . 102, p. 67, 154, 1061, and (So
P a c.) 1347; V . 106. p. 929.

B O N D 8 .— T he Southern P acific guaranty o f principal and interest b
printed on face o f the 5 % bonds. See V . 63, p. 754
E A R N I N G S .— For 1925, gross income, d e f., $302 ,24 0;
$ 8 74 ,70 5; balance, deficit, $ 1 ,1 7 6 ,9 4 5 .— (V . 123, p. 2651.)

deductions,

O R E G O N P A C IF IC & E A S T E R N R Y .— Cottage G rove to Disston,
20 m .; branches, 4 m . Successor Jan. 1914 to Oregon ft Southeastern R R .,
foreclosed. V . 90. p . 1297. In O ct. 1917 J. H . Chambers o f C ottage Grove
O re., purchased control. V . 105, p . 1618. The a .-S . C . Commission

recently placed a final valuation o f $321 ,11 7 on the com pany’s property as
o f June 30 1917. Stock authorized, $700*000 com . and $ 300 ,00 0 pref.;
outstanding, $2 0 0 ,2 5 0 com ., par $ 10. B onds, Union Trust C o ., San Fran­
cisco, trustee. See table above. V . 98, p . 2 37. Pres. & G en. M g r .,
J. H . C ham bers: Sec. & A u d ., A . N . W a rd .— (V . 122, p . 2796.)

O R E G O N S H O R T LIN E R R .— ( See M a p U n ion P aci/ic.)M ileage owned
D ec. 31 1925, M ain line and branches, 2 , 2 4 7 m .; trackage rights, 13 m .;
leased from O re.-W ash. R R . ft N a v. C o ., 237 m .; total, 2,497 m .; deduct,
mileage owned but not operated. 54 m .; total operated D e c. 31 1925
2,443 m iles. T en ta tive valuation. V . 114, p . 2360.
H IS T O R Y .— Suooessor March 16 1897 of the Oregon Short Line ft Utah
Northern R y ., foreclosed per plan In V . 62, p. 504, 505. Controlled b y Un.
P a c.. which b olds entire capital stock. V . 84, p. 52. 572. 932.
C A P IT A L S T O C K .— S tock, $100,000,000. all in the U . P . treasury
V . 9 1 . p . 8 7 1 ; V . 9 3 . p . 1387. 1669.
B O N D S .— F ir s t C on sols, $22,029,000. were reserved to retire old bonds

Series A lnoomes, non-eum ulatlve 5 per cents, have reoelved: In Sept
1897, 4 % ; Sept. yrly. slnoe, full 5 % , at N .Y . office or Old Col. T r., B oston
The R ef. gold guar. 4s (oollat. trust) o f 1904 (authorized Issue, $100,000.000) are subject to call a t 102 )4 . T he bonds, o f which $45,000,000 have
been sold, are secured b y pledge o f $8,700,000 Illinois Central stock,
$4,018,700 C hicago & N orth W estern R y . com . stock, $1,845,000 Chicago
M ilwaukee ft St. Paul R y . p ref. stock , $27,577,000 Los Angeles ft Salt
Lake 4s and $20,000,000 N ew Y ork Central R R . stock. T he collat­
eral m ay be replaced b y other o f equal value. See abstract, V . 80. p . 240$;
V . 79. p . 2086; V . 80, p . 1913; V . 96. p . 1424.
Of the 1st and C on sol.M . bonds ($150,000,000 auth. Issue, Interest lim­
ited to 6 % ), $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 com m , m ay fix. N one sold to D ec. 1925.
but $41,487,000 were then owned b y U nion Pacific R R . and $3,587,000
were In the treasury. V . 91. p . 1512: V 92. p . 1179.
For latest earnings, see “ R ailw ay Earnings” Section (Issued m onthly).
(V . 117, p . 782.)
O R E G O N T R U N K R Y . — (V . 122, p . 2944 )
O R E G O N -W A S H I N G T O N R A I L R O A D & N A V IG A T I O N C O .— (See
M a p U n ion P a c ific .)— Owns from East Portland, Ore., to Huntington.
O re., 388 miles; Um atilla, O re., to Spokane, W a sh ., 184 m .; other lines,
62 m .; branches, 1,372 miles; total owned, 2,0 0 6 miles, including 237 miles
leased to Oregon Short Line R R .; leased from Des Chutes R R ., 95 m .;
owned jointly with Chic. M ilw . & St. Paul R y ., & c., 78 m .; trackage
rights, 306 miles; total operated D ec. 31 1925 (excl. 237 miles leased to
Oregon Short Line R R . and 11 miles owned but not operated), 2 ,2 3 7 miles
Also operates 101 miles o f water lines.
Tentative valuation as of June 30 1916, $129 ,8 1 0 ,9 1 3 . V . 116, p. 2131 .

W h en
P a y a b le

7

5 )4 g F
J
5 g
3
4
J
3)4
J
5 g
J
S i

ft

ft

4 g
4 g
9

J
J

ft
ft

F Sc A

M

&

4)4
4)4

J & J
J ft J

4 )4

J

&

5

M
5 g
F
5 g
4 )4 g J
6 g

J

L a s t D iv id e n d
a n d M a tu r ity

O— J O ct
ft A Feb
Sc J Jan
Sc D Deo
Sc J July
J July
ft J Jan

4 (7) J
J
ft
5 2
4 g
J
ft
Sept
5
J
ft

c O f which $ 1.778, 495 are sterling bonds at $4. 85 per £;

Louis-San Francisco R y . at Talihina, a distance of approximately 35 miles,
all in Le Flore C ounty, Okla.
O K L A H O M A C I T Y - A D A - A T O K A R Y — (V . 121, p . 2518 .)




R a te
%

&
ft

ft
6b

1
1
1
1
1
1
1

P la ces W h ere In terest ana
D iv i d e n d s a r e P a y a b le

1926 1 3 Treasurer's O ffice, Boat
A
do
do
1944
do
do
1938
do
do
1945
do
do
1932
Southern Paolfio Co. N T
1927
___
____, .
1934

J July 1 1933
J July 1 1940
D Deo 1 1929
July 1 1946
D Deo 1 196D

120 B roadw ay, N ew York
do
do
do
do
do
do

J July 1 1932

First Nat B k, N S & Oblc
’

Offioe 120 B ’w ay, N T
D June 1 1946
do
do
New Y ork and London
J Jan 1 1961
20 Aug 20 1926 4)4 Del L a c k * W est R R .N F
do
do
S 1974
B row n ,8 ft Oo.LoinScVlct
15 July 15 1942
do
do
15 July 15 1942
(Can B k of C o m , V ic to r ia ,
■(Vancouver & T o ro n to ;
J July|15 1942
[Brown, S& C o , L on . Eng
N N o v 1 1949
N ov 1914 last paid
A Feb 1 1937
N ot regularly paid
N ew Y o rk and Chicago
J July 1 1955

an addi tional $16,994,0 00 is ow ned b y U . P R R

O R G A N IZ A T IO N .— Incorp. in Oregon N o v . 23 1910 and on Deo. 23
1910 took over by purchase the Oregon R R . & N a v . G o., North Coast R y .,
tnd affiliated lines controlled oy the Union Pacific. V . 91, p. 1447, 1512,
1630, 1768. Stock au th ., $ 5 0,000 ,000 ; $ 4 9 ,998 ,500 owned b y O re.S h.Llne.
B O N D S .— The 1st and R e f. 5 0 -year gold 4s ($175,000 ,000 au th . issue)
are guar. p . ft 1. by U . P . Series “ A " are dollar t inds. Series “ B ” sterling
bonds, each redeemable (but not part o f either) at> 105 on any int. day on
90 days’ notice. Sterling bonds are exchangeable for dollar bonds at $4 85
on paym ent o f $15 per £100 bond. See V . 102. p . 801. 2255.
The bonds are a first lien on about 767 miles of road owned and a lien,
subject to $23,380 ,000 Ore. R R . & N a v . 4s, on 1,135 additional m iles, on
70 miles jointly owned and 139 miles of trackage. See V . 92, p . 1500, 1566;
$23,380 ,000 are reserved to refund the Ore, R R . 4s; In D ec. 1925. $ 5 4 ,6 9 4 ,995 were held by public; $16,9 9 4 ,0 0 0 were held b y Union Pac. R R ., $253,000
were In treasury and $ 7 9,678 ,005 were reserved for extensions, improve­
ments, acquisitions, equipment, & c ., as in Y . 9 2 , p. 1500: V . 92. p . 1437.
1324, 1600; V . 94. p. 699; V . 106. p . 715.
An abstract of Oregon R R . & N a v . Consol. 'M was in V . 63. p 928
For latest earnings, see “ Railway Earnings Section” (Issued m onthly).
— (V . 123. p . 2135 .)
O SW E G O & SY R A C U SE R R .— Owns from Oswego, N . Y . , to Syracuse,
N. Y . , 35 miles
Leased in 1869 during length of charter and renewals
thereof to the Del. Lack. ac Western R R . Co. for 9 % per year on $ 1 ,3 2 0 ,4 0 0
stock and interest on bonds.
The Inter-State Commerce C om m ission on Sept. 20 1923 authorized the
com pany to issue not exceeding $ 1 ,1 9 3 ,0 0 0 1st & R af. 5 % 50-Y e a r gold
bonds to be delivered to the Delaware Lackawanna & Western R R ., lessee.
In refundment of certain obligations. T h e CommissioB also granted author­
ity to the Delaware Lackawanna & W estern R R . t o assume obligations and
liability, as guarantor. In respect o f said bonds.— (V . 1 1 7 , p . 1462.)

P A C IF IC G R E A T E A S T E R N R Y . — Incorporated In British Colum bia
early in 1912. Operates from North Vancouver to W h ytecliff, 12.7 m .
From Squamish, at the head o f Howe Sound, to Quesnel, 3 4 8 .5 m . Line
has been completed to Cottonwood R iver, 364 m iles. Line under con­
struction, Cottonwood River to Red Rock Creek, 46-8 m iles, which when
completed will give through connection between Squamish and the Cana­
dian National R y . system and Fort George.
Under the settlem ent, which received royal assent April 23 1918, the
Province of B . O . had In O ct. 1918 acquired the entire snare capital stock
of the railway ($ 2 5 ,0 0 0 ,0 0 0 ). the Pacific G reat Eastern Equipm ent O o. and
the Pacific Great Eastern D evelopm ent C o ., and had exercised its option
Uso on the lands and assets of the last-nam ed, the promoters being released
from their obligations. V . 107, p . 1580 , 1 101 , 182; V . 106, p . 9 29, 2 123 .
Th e $ 5 ,9 2 5 ,1 9 5 coupon bonds issued in June 1925 (V . 120, p . 3310) con­
sists o f $ 2 ,5 6 5 ,1 9 5 1st m tge. 4 ) 4 % guaranteed bonds and $ 3 ,3 6 0 ,0 0 0 4 ) 4 %
guaranteed bonds, all o f which equally enjoy the guarantee o f the Province
of British Colum bia as to principal and interest and, in the opinion o f
counsel, are secured by the full credit and taxing power o f the Province
equally with its direct obligations.
T h e Governm ent o f the Province o f British Colum bia has undertaken to
initiate legislation establishing a sinking fund o f $325,931 per a n n ., payable
out of the consol, revenue fund, which will be sufficient to m eet b y July 15
1942 4 0 % o f the entire issues of the Pacific G reat Eastern R y . C o .’s securi­
ties guaranteed by the Province, aggregating $ 2 0 ,1 6 0 ,0 0 0 . com posed o f
$ 1 6 ,8 0 0 ,0 0 0 1st m tge. 4 ) 4 % guaranteed bonds issued at the rate o f $ 3 5 ,0 0 0
per mile over 480 miles, and $ 3 ,3 6 0 ,0 0 0 4 ) 4 % guaranteed bonds (2d m tge.)
Issued at the rate o f $ 7 ,0 0 0 per mile over the sam e m ileage.
E A R N I N G S .— For 1925, gross, $ 4 3 6 ,8 3 3 ; net oper. Income, d e f., $ 2 8 4 ,508; other Income, $19,5 3 8 ; deductions, $ 2 ,4 2 2 ,3 3 3 ; b a l .,d e f .,$ 2 ,6 8 7 ,3 0 3 .
— (V . 1 20, p. 3 310 .)
P A C IF IC & ID A H O N O R T H E R N R Y .— Owns W eiser to N ew M o a dows, Id aho. 90 miles. In June 1918 the receiver appointed In 1915 wa»
discharged. V . 106. n. 2560 . V . 101. p . 846. S tock. $ 2 ,9 2 9 ,8 0 0 : par
$ 100 . B onds, 1st & 2d m tg e s., see table abo ve. P res., Samuel N orris;
T rea s., James B . Ford; S e c., John D . Carberry; A s s t. T r e a s ., F . D . Stover;
G en. M g r ., Le Grand Y o u n g . O ffice, W eiser, Idah o. N . Y . office, 1790
Broadw ay.— (V . 113, p . 1054 .)

P A D U C A H & IL L IN O IS R R .— Line from M etropolis. 111., to P a d u ca h .

K y .. 14 miles, including the double-track steel bridge over the Ohio River
was completed D ec. 3 1 1 9 1 7 . Owned jointly by N ash v. C h a tt. & S t. L ., C h.
Bur. & Q. and Illinois Central, which use same as part o f a route from
Northern and Central points to the G ulf, and unconditionally guar : prin.,
Vnterest and sinking fund (over $ 120 ,00 0 yearly) on bonds. T h e I .-S . C .
(Commission has placed a tentative valuation o f $ 4 ,8 5 0 ,0 0 0 oil the com­
pa n y’s property as o f June 30 1919. Stock authorized, $ 5 ,0 0 0 ,0 0 0 pref.
and $1 0 ,0 0 0 com m on, outstanding, $ 1 0 ,0 0 0 ; all except directors shares,
owned by the guarantors and by them pledged with the mortgage trustee.
Y. 99, p. 609. The bonds ($ 7 ,0 0 0 ,0 0 0 auth.) are redeemable for sinking
fund beginning 1921 at 1 0 2 H . See offering V . 1 02, p . 6 7 , 2 5 1 ; V . 103, p .
2342; V . 104, p. 6 64.— (V . 122. p . 2944 .)
P A R IS & M T . P L E A S A N T R R .— Owns Paris. T e x ., to M t . P leasant;
51.43 miles. Stock authorized, $75,006.
The I .-S . O . Commission has placed a final valuation o f $813 ,77 1 on the
owned and used property o f the com pany as o f June 30 1918.
OI the 1st gold 6s ($2,000,000 auth. issue), $600 ,00 0 have been sold,
against the present property (53 m iles), including term inals, rolling stook,
Sec., 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 a p ­
plied to redemption o f bonds.
V . 9 4 , p . 1509.
R eceivership.— R . W . W ortham o f Paris, T e x ., was appointed receiver by
Judge Ben H . D enton in M arch 1920 on the petition o f T . D . W ilson and
8 . G Norris o f D etroit, alleging that the road was in a rundown condition
and there were 350 cars o f freight awaiting transportation and delivery to
consignees on which demurrage and other charges were accumulating.
Th e I .- S . O . Commission on A u g . 27 1925 authorized the issuance of
$ 9 0 ,0 0 0 6 % receiver’s ref. c tfs . to refund a like am ount o f 8 % ctfs.

R A IL R O A D

C O M P A N IE S

[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 8]

P a ris-L y o n s -M e d ite rra n e a n R R C o— See text
P a ris-O rlea n s R R C o— See text
Paterson & Hudson R iv— Stock 8 % rent N Y 1 E A W
“ em irew asset Valley R R — Stock (rental gu aran ty)- Pennsylvania R R —Stook auth $600,000.000----------Tr
Consolidated
Gold ooup s t 1% not d r ------ kv.o*
$100,000,000 Sterl ( s t i n 1900) not d r_kv.o»r& r*
(now 1st)
d o stam ped p a y'le In $ .k v .cA r
M o f 1873
Sterling___________________k v .c * * r *
secures all
do stam ped payable In $ kv.c*A r*
equally
G old dollar b o n d s _______ k v .c*A r*
Q .P .
[G old — ........... ................... ......xc*A r*
New York Phlla & N orfolk stook trust c e r t -------- kv
General mortgage g o ld __________________ G P .y c ’ A r*
do
do
5 % bonds Series B __yc*A r*
do
do
Ser C $110,000,000 pledged
c*A r*
Secured gold
bonds___________
do
do

do

do

___________________________yc*A r*

red (text)______________G P .zc*A r*

M il e s
R oad

D a te
B onds

14
1463
1463
1463
1463
1463
1463
1463
2834
2834

1893
1895
1895
1908
1908
1908
1915
1908
1915
1918

2834

1920

Am ount
O u ts ta n d in g

Par
V a lu e

R a te

%

$50
$630,000
8
100
6
5 4 1.500
$50 499 173.400 See text
1.000
2.3 1 7 .0 0 0
4 g
£200 2,5 0 2 ,22101
3* g
10

$ 1,000
£200

5,267 .100

1.000 14.670.000
1,000 20 ,000,000
1,000 4 9 .0 0 0 .
1,000
7.478,250
1.000 125.000.000
1.000 5 0 .0 0 0 .
1.000
Pledged

1920

600 Ac

1921
1924

500 Ac
1 .000

For year ended D ec. 31 1925, gross, $177 ,02 2; net, $ 5 5,896 : deductions,
$ 56,057 ; b a l., su r., $597. Pres., R . F . Scott; T reas., T . J. Recard.
Office, Farts, T e x.— (V. 121, p. 1346.)

P A R IS -L Y O N S -M E D IT E R R A N E A N R R . — C om pany was organized In
1857. Its lines In France, comprising about 6,121 miles o f road, consist of
a main trunk line from Paris to Lyons and from Lyons to Marseilles; Its
branches and extensions reach throughout the part o f France southeast of
Paris, through the French Riviera and to the Swiss and Italian frontiers.
In addition the com pany operates in Algeria 1,000 miles under lease.
C a p ita liza tion .— Com pany has outstanding debenture bonds to the
amount o f 8 .8 8 6 .6 8 8 ,1 2 5 francs, £5,000,000 and dollar bonds amounting
to $ 6 0 ,0 0 0 ,0 0 0 . N one of the above debentures or bonds carries any special
security nor is any part of the com pany's system or equipment mortgaged
or pledged in any w ay. The capital stock originally amounting to 4 0 0 ,0 0 0 ,000 francs, has, through amortization to date, been reduced to 333,8 7 1 ,5 0 0
francs.
G uaranty o f French G overnm ent.— Before the war the com pany paid sub­
stantial dividends on its capital stock in excess o f the minimum rate o f 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-M editerranean R R ., revising the status of the railroads.
This convention was approved b y the law “ Regulating the Great Rail­
road Systems” dated O ct. 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 o f 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 fu n d " any balance o f their gross
receipts available after providing for their operating expenses, interest
and amortization of their loans, a variable operating premium Intended
to encourage efficient and economic operation, the guaranteed dividends
to the stockholders and other charges as established by the convention.
I f , at anv time, the gross receipts o f one of the railroad companies should
be insufficient to meet the charges mentioned above, there will be paid to the
railroad out of the “ common fu n d " any sums necessary to make up the
deficiency.
The Government o f the French Republic has undertaken to provide the
“ common fu n d " with any sums by which the receipts o f the “ common
fund” may fall short of its requirements; provided, however, that if the
M inister 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 o f the service o f 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
m eet expenditures. In regard to 1 ,673,000.000 francs of bonds issued
by the company under the special law o f Dec. 26 1914 to cover Its defi­
ciencies of 1 ,229.000.000 francs since the beginning of the war, the conven­
tion provides that the Government will reimburse the company therefor by
the payment o f annuities to cover the service for interest and amortization
o f these bonds. Thus the Government of the French Republic as above
described undertakes to provide, if necessary, funds sufficient to pay
interest on the bonds o f this issue and funds for sinking fund sufficient
to retire the entire issue by m aturity.
G oldm an, Sachs A C o ., Bankers Trust C o ., Lehman B ros., Halsey,
Stuart A C o ., In c., and Union Trust C o . o f Pittsburgh in Sept. 1924 sold
at 93 34 and int. $20,0 0 0 ,0 0 0 7 % external sinking fund gold bonds.
Dated Sept. 15 1924: maturing Sept. 15 1958. Denom . $1,000 and
$500 c*. Int. payable M . A 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. R ed. only as a whole on or after Sept. 15
1932 on any int. date at 103 and in t., except for sinking fund.
Sinking 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 in t. or by annual drawings for redemp­
tion at 100 and interest.
In M arch 1925 Kuhn, Loeb A C o . and National C ity C o . sold $ 4 0,000 ,000
6 % external sinking fund gold bonds, due A u g. 15 1958.
Dated Feb. 15 1922. N o t subject to redemption before F eb. 15 1932.
except for the sinking fund. Entire issue outstanding, but not any part,
will be redeemable at 103 and in t., at the option of the company on Feb. 15
1932, or on any interest date thereafter. D enom . $1,000 and $500 (c).
Sinking F u nd.— Bonds are to have the benefit o f a cumulative sinking
fund calculated to redeem the entire issue b y A u g. 15 1958. This sinking
fund will begin Aug. 15 1929, and is to operate b y purchases o f the bonds at
or below 100 and int. or by redemption on A u g . 15 1929, and any A u g. 15
thereafter, at 100 and Interest o f bonds to be drawn by lot.
General office, Paris, France.— (V . 120, p . 1087.)
P A R IS -O R L E A N S R R . (C O M P A G N IE D U C H E M IN DE FER DE
P A R IS A O R L E A N S ).— Organized in 1838 to operate a railroad line
between Paris and Orleans. A s a result o f subsequent mergers, pur­
chases o f other companies and construction, now owns and operates the
second largest system in France.
M ile a g e .— System covers about 7 ,8 0 0 kilometers, or 4 ,8 4 8 miles. The
lines serve (a) the central part of France, providing a direct route between
Paris and the important seaports o f Bordeaux, N antes and St. Nazaire and
forming part of the through lines between Paris and Southern France and
Spain; (b) rich agricultural districts; (c) the industrial centres of M ontlucon
(iron), Albi (coal) and Limoges (porcelain); (d) through the western ex­
tension the south coast of B rittany; (e) the Valley o f the Liore and the
Aubergne M ountains, carrying a very heavy and profitable tourists’ traffic.
G overnm ent G uaranty.— A law enacted on N o v . 20 1883 provides that the
French G overnm ent shall advance each year any am ount necessary in addi­
tion to the net income to cover the interest on and amortization of the bonded
debt and to m ake an annual distribution on the capital stock o f frs. 56 per
share o f frs. 500 and frs. 45 on the beneficiary shares without par value.




105

RAILW AY STOCKS AND BONDS

Nov., 1926.]

50.000.

W h en
P a y a b le

J
F

& J
A A
F
M A N
J
A J
Q—

Sc 3
3H 8 3
M Sc N
4
M & N
4 g
M A N
4
000 4 H g F A A
J
A D
4 g
4H g J A D
J A D
000 5 g
A & O
6 g
000 7 g
A

6 0 .0 0 0 .
000 6 H 8 F
M
50 ,0 0 0 ,0 0 0
5g

A
&

L a s t D iv i d e n d
a n d M a tu r ity

July 1926
A u g 1926
N o v 30 ’26

May 1 1943
July 1 1945
July 1 1946
M ay 11948
M ay 1 1948
M a y 1 1948
Aug 119 6 0
June 1 1948
June 1 1966
D ec 1 1968
Apr 1 1970

o April
A

N

1 1936

Feb 1 1936
1 1

P l a c e s W h e r e I n t e r e s t and
D iv id e n d s a r e P a y a b l e

4% Paterson, N J
3 % O hecks mailed
W e O ffice, Phlla A N Y
Treasurer. Phlla A N Y
L ondon, England
O ffice, Phlla A N Y
L ondon , England
O ffice, Phlla A N Y
O ffice, Phlla A N Y
O ffice, Phlla A N Y
Fidelity-Phila T r C o , Phil
O ffice, Phlla A N Y
do
do
O ffice. Phlla A N ew York
do
do

do
do

A n y am ounts so advanced are to be repaid with int. a t 4 % p . a . out of any
future surplus remaining after paying the div. on the stock.
This agreement continues in effect until D ec. 31 1956 (the end o f the
concession of the com pany) and contains similar provisions to protect the
bondholders and stockholders in case the G overnm ent should take over the
com pany’s property prior to that date.
N ew C onvention— Com m on F u n d Establish ed .— See Paris-Lyons-M ed­
iterranean R R . above.
C apital Stock.— Frs. 3 0 0 ,0 0 0 ,0 0 0 , divided into 3 5 3 ,3 1 8 shares o f frs. 500
each, and 2 4 6,682 beneficiary shares without par value. T h e stock is
listed on the Paris Bourse.
Bonded D eb t.— The bonded debt o f the com pany consists of debentures
to the amount of 6 ,1 0 0 ,0 0 0 ,0 0 0 francs; 2 ,0 0 0 ,0 0 0 , 5 0 ,0 0 0 ,0 0 0 Swiss francs
and $10,0 0 0 ,0 0 0 .
In Feb. 1921 A . Iselin A C o ., H alsey, Stuart A C o ., I n c ., and Hem phill,
N oyes A C o ., N ew Y o rk , offered frs. 5 0 ,0 0 0 ,0 0 0 6 % bonds (Foreign Series),
redeemable at par, b y semi-annual drawings, not later than 1956. Interest
from D ec. 1 1920, payable J. A D . at office of A . Iselin A C o ., 36 W all S t.,
N . Y . C ity , without deduction for any French taxes, present or future, if
held by non-residents of France. D enom . fr. 1,000.
Tax E x em p tio 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 b y a non-resident of France.
C on vertibility.— T h e com pany 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 am ount 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 ed em ption.— T h e concessions o f 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 G overnm ent
free of charge. T h e companies have, therefore, with the approval of the
French Governm ent, adopted a plan of am ortization which provides for
the total redemption of their funded debt, and for the repaym ent o f their
capital stock b y the time of the termination of their concessions.
The amortization plan provides for semi-annual drawings at par o f a
gradually increasing number of bonds, sufficient to retire the entire issue
by D ec. 1 1956.
Drawings under this amortization plan are m ade annually
and the bonds drawn will be payable on D ec. 1 each year, beginning D ec. 1
1921. £2 ,0 0 0 ,0 0 0 6 % sterling bonds of 1922, see M id i R R . C o . above.
See V . 112, p . 563.
A . Iselin A C o ., Brown Brothers A C o ., H alsey, Stuart A C o . and H em p­
hill, N oyes A C o . in Sept. 1924 sold a t 92 M and int. $ 1 0 ,0 0 0 ,0 0 0 7 %
external sinking fund gold bonds.
D ated Sept. 1 1924. D ue Sept. 1 1954. In t. payable M . A S. D enom .
$500 and $ 1 ,0 0 0 . Principal and int. payable in N ew York in gold at the
office of A . Iselin A C o ., fiscal agents o f the loan, without deduction for
any French taxes. R ed. on any int. date as a whole only at 103 and int.
except for sinking fund.
Sinking F u n d .— Sinking fund beginning M arch 1 1925 sufficient to retire
all bonds b y m aturity through purchase a t not exceeding par or by semi­
annual drawings for redemption at par. V . 119, p . 1282.
O F F IC E R S .— C h. Verge, Pres.; C om te Louis de Segur, Etienne M a llet,
Jules C am bon, V .-P re s .: M arcel Peschaud, Sec.; C . M an g e, M g r ., Paris,
France.— (V . 122, p . 3079 .)
PATERSON & H U D SO N R IV E R .— Owns from Marlon, Jersey C ity.
V J. (south to Bergen Junction), to Paterson, N . J ., 14 miles: single-track.
Leased In perpetuity (at $48,400 per year for road, $5,000 for rent o f lot.
fee.) to Erie R R .. forming part o f main line. Erie has built a second
track
PATERSON & R AM AP O R R .— 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
second track. Stock, $298 ,0 0 0 , m ajority o f which is owned by Erie R R .—
(V . 122, p . 3208.)
P E M U iE W A S S E T V A L L E Y R R .— Plym outh, N . H ., to Lincoln N . H .
<11.41 miles. Leased to Boston A M aine for 6 % on stock.
P E N N S Y L Y A N I A -D E T R O I T R R . C O — Incorp. in M ich. Feb. 27 1917
with authority to construct and operate a line of railroad in that State. Its
outstanding capital stock is $ 5 ,0 0 0 ,0 0 0 , all of which, except directors’ quali­
fying shares, was owned b y the Pennsylvania R R
It nas no bonds out­
standing, but as of D ec. 31 1925 its non-negotiable debt to affiliated com ­
panies amounted to $ 7 ,3 6 8 ,1 2 4 , representing construction expenditures
and moneys advanced by the Pennsylvania. Construction work was
begun in 1917 and the line opened for passenger traffic on Jan. 1 1923 and
for freight traffic on M a y 1 1923. The entire project, however, is not yet
completed. The railroad of the company extends from a connection with
the Pere M arquette R y . at Carleton, M ic h ., in a northerly direction to a
connection with the W abash R y . at D etroit, a distance of about 19.96 miles.
It also owns certain extensions and branches In and near D etroit, M ich ,
having an aggregate length of about 8 .9 8 miles. The total length of its
owned railroad is about 29-01 miles. In addition It has trackage rights in
and near D etroit over the W abash, Pere M arquette and Fort Street Union
Depot railways amounting to about 21.11 miles. It also has trackage rights
over the Pere M arquette R y . between Carleton, M ic h ., and Alexis Junction,
O . . a distance o f about 25.3 3 miles. Between Alexis Junction, O ., and
Toledo, O ., a distance o f about 4 .3 7 miles, it operates over the Ann Arbor
R R . The total distance operated under trackage rights is about 50.81 miles.
T o be merged into Pennsylvania Ohio A D etroit R R .— See that co. below.
Th e Inter-State Commerce Commission in Sept. 1923 approved the lease
of the property to the Pennsylvania R R .
B y the terms o f the proposed lease (which runs for 999 years from June 1
1923) the Pennsylvania agrees to maintain and operate the leased railroad
and to pay to the D etroit com pany, as rental, a sum equivalent to 5 % per
annum on the aggregate par value of the D etroit com pany's Issued and
outstanding capital stock, and such percentage as m ay be agreed to upon
any additional capital stock that m ay be issued after Jan. 1 1923 by the
D etroit com pany with the approval o f the Pennsylvania. T h e Pennsylvania

a

106
RAILW AY STOCKS AND BONDS
[V ol.

123.




Nov., 1926.]
EAILW A Y STOCKS AND BONDS




108

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 te s o n p a g e

81

M il e s
R oad

D a te
B onds

Par
V a lu e

Sunb Ha* A WUk first Series A drawn at 100____ zo
Second m ortgage Incom e____________________zcA r
Sunb A Lewis first m tge $600,000 p A l g -G u P .vo*
W est Penn oonsol m ortgage g assum ed___P IP .kvo*
Allegheny Valley gen (now 1st) M s F P i.k v .o ’ Ar
Junction (Phila) Gen M (now first) g$725,000 .. k v
Pitta Va A Oh first m tge gold gu p A l .Q P .k v o ’ &r
Cambria A Clearfield lat M (V 96.p. 286) g C P. kvo*
Cambria A Clearfield Gen M $7,500 000_________kv
Clearfield A Jefferson first m o r tg a g e .. Q u P .kvo*
Pennsylvania A N W g en M $2,500,000. QuP.kvo*
Harrlsb Portsm M t J ft L 1st M ext in 1 91 3 _.G p .k x
HolHdaysburg B ed f A C um b lat M f gu ass. kxxc*
Girard Point Storage 1st M guar p A 1 b y P en n .-k r
8 usq Bloom s Sc Berwick— First M g ___________ FPx
E q u ip m e n t T r u s ts —

G old guar p Sc 1 due $3,894,000 yearly___________ G
Gen equip trust due $2,100,000 y e a r ly ___ .F P .x c*
do
Series “ B ” due $1,340,000 ann____ FP.xc*
do.
Series “ OV due *1 050 000 ann____ F P .xc*
do
Series " D " due $1,310,000 in n ____ F P .y c*

44 1878
44 1878
56 1896
140 1888
264 1892
3 0 0 -0 7
91 1904
102 1891
407 1905
57 1886
87 1890
1853
72 1011
1890
42 1902

_

1920
1923
1924

1024

1926

$100 Ao
$117,600
100 A c
1.349,500
1.000
500,000
1.000
4.000.000
1.000 20,000.000
1.000
725.000
1.000
6,000.000
1,000
534,000
1.000
2,000,000
500 Ao
1,000.000
1.000
1.021,000
500 See
700.000
1.000
1.073.000
1.000
1,718,000
1.000
700.000
$1,000 $35,048 000
1.000 25,200.000
1.000 17.420.000
1.000 13,650 000
1.000 17,030.000

la also to pay all taxes as they shall accrue and a sum each year sufficient to
pay all Installments o f interest and sinking funds when due and payable on
fys bonded and other Indebtedness, as well as such sum as m ay be necessary
to maintain the corporate organization of the Detroit C o .— (V . 117. p 1556.'
P E N N S Y L V A N I A O H I O & D E T R O IT R R . - 1
The I .-S . C . Commission
on D ec. 10 1925 Issued a certificate authorizing the company to acqu re
and operate the line of ra.lroad of the Manufacturers R y . and to acquire
the lines of railroad of four other constituent companies, viz.: Cincinnati
Lebanon & Northern R y ., Cleveland Akron & Cincinnati R y ., Toledo
C olum bus & Ohio River R R . and the Pennsylvania-Detroit R R .
Authority was also granted to the cc. to issue $28,410 ,000 capital stock
(par $100) in exchange for all the outstanding capital stock of its five
constituent companies.
The Commission also approved the acquisition by the Pennsylvania R R .
o f control of the Pennsvlvania Ohio & Detroit R R . by accepting the latter’s
capital stock in exchange for stock o f the constituent companies ($23,398,100
owned as of D ec. 31 1925). The stockholders o f the Pennsylvania R R . on
April 27 1926 approved the lease of the road (approved by I .-S . C . C om ­
mission on A u g. 3 1926- V . 123, p . 9 7 9 ). Com pare V . 121, p . 3128:
V . 122, p. 2 4 8 9 .— (V . 123, p. 1248.)
PE N N SY L V A N I A R A I L R O A D C O . ( T H E ).— (See M a p s .) — The sys­
tem , as shown on the adjoining m aps, ext,ends from New York C ity westerly
Via Philadelphia, to Pittsburgh, Erie, Cleveland, Toledo, Chicago and
Burlington on the north and to W ashington, Cincinnati, Louisville and
St. Louis on the south. The total system on Jan. 1 1926 aggregated 11,698
miles. On Jan. 1 1926 the lines included in the com pany’s results aggre­
gated 10,582 miles.
L in es A ggregating on D e c . 31 ’25 10,582 M ile s In clu d ed in P en n . RR Results
Rail lines ow ned__________________________________________________ 3.0 3 4 27 mile*
Rail lines under leases and contracts___________________________6 976 01
“
Rail lines under trackage rights----------------------------------------------505 06
T o t a l _____________________________ __________ __________________ 10.515.34
--------------------------------------6 7 .0 0 “
Canal and ferries--------------------M ile a g e o f System .
O perating C om panies—
M ile s .
Pennsylvania R R _____________________________________________________ 10,582.34
Baltimore, Chesapeake & A tlantic_________________________________
130.76
Long Island___________________________________________________________
397.10
Ohio River & W estern________________________________________________
110.47
W est Jersey Sc Seashore______________________________________________
380.97
Other lines_____________________________________________________________
145.91
T o ta l_____________________________ ______________ ____________________ * 11.697.66
* Includes 70 miles of steamer lines canals and ferries, but excludes
4 9 .8 9 miles of system , intercorporate trackage rights
P rin cip a l Leased L in es.
M iles
M ile s
Belvidere Delaware R R _______ 80 35 Phila. B alt. * W ashington___ 416.29
Delaware R R ____ ____________ 245.22 fTrited N J. R R . & C an al____ 166 50
O in ., Lebanon & N o rth ___
76.17 Western N . Y . & Pennsylvania563 26
Grand Rapids & I n d --------4 76.69 Cleve. Akron & Cincinnati____ 335 21
N . Y . , P h ila. & N o r f o l k ..1 22.28 Cleveland & Pittsburgh_______ 204-75
P itts., C in ., Chic. & St. L . 1 ,874.79 Erie & Pittsburgh_____________ 82 99
D elaw M aryland & V irgin ia.. 97 64 Pitts. F t. W ayne & C hicago. .471 33
Pitts. Youngstown & A sh ta b _ .1 4 0 47
E lm ira & L a k e O n ta r io -----------99.91
Elmira & W illiam sport------------- 73 49 Toledo Col & Ohio River____ 349.64
Northern C entral______________ 142.13 L ittle M ia m i___________________140.63
Terre Haute & Peoria__________ 145.07
O R G A N I Z A T I O N , L E A S E S . A c .— The charter
the Pennsylvania k h .
was dated April 13 1846. As to agreement In 1917 to take over the prop­
erties and assume the obligations of the Pennsylvania C om pany, see that
Company’s statem ent below, and V . 106, p. 1031.
In N o v . 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 C o. should be reassigned to tbe Penn. R R ., and the lines west
of Pittsburgh operated directly by the Pennsylvania R R ., through the same
Officials who had heretofore beeD in charge of the operation of those lines.
In pursuance of this plan the Penn. R R . C o. had resumed in O ct. 1918
operating under lease the Pitts F t. W ayn e & Chicago R y , Cleveland &
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 Com%<any was relieved of the operation
of all the aforesaid lines, which were operated directly by the Penn. R R
O o. as its “ Western L in e s ."
System Operated as a U n it.— I t was announced in Feb. ’20 that, effective
M arch 1 1920. the system would be operated as a unit instead of being
subdivided as formerly between the lines east and west o f Pittsburgh
Th e system was divided into four regions, each in charge o f 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, N orth­
western and Southwestern regions. A s of June 1 1925 the Northwestern
and Southwestern regions were combined and will be known as the Western
region. V . 120, p. 2812.
In M arch 1916 Incorporated the P e n n D e t r o i t R R . with $ 5 ,0 0 0 ,0 0 0 stock
to build a 52-m ile road from Ohlo-M ichigan 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 ths Pennsylvania R R . for 999 years.
V . 116, p. 1893.
In April 1918 took title to the Susqhehanna Bloomsburg Sc Berwick R h
a 42-m fle line W atsontown to Berwick. P a .. Sec., with $700 ,00 0 First M tg e
gold 5 % bonds outstanding. V . 106, p . 2011.
On Jan 1 1921 leased for 999 years the Grand Rapids & Indiana R y and
the P itts. Oin. Chic. & St. L . R R . V . I l l , p . 1753, 1950; V . 115, p . 4 37, 760
Th e stockholders on M a r . 8 1921 approved the leases o f 16 railroad prop­
erties constituting portions of the system and controlled through stock
ownership. Compare V . 112, p. 162; V . 114, p . 1526.
T h e company In 1921 was authorized by the I .- S . O . Commission to leas*
in perpetuity the property o f the New York Philadelphia & Norfolk R R ..
beginning July 1 1921. V . 113, p. 7 31. Has also been authorized to
purchase from the Pennsylvania C o. the stock o f the P itts., F t. Wayne
& Chicago R y. V . 112. p. 2191: V . 117, p . 2324 .
derger o f S u bsidiaries.— See Pennsylvania Ohio Sc Detroit R R . above.




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 l a c e s W h e r e i n t e r e s t an*
D iv i d e n d s a r e P a y a b le

•

P e n n sy lv a n ia RR ( C o n c lu d e d )—

Bonds o f C o s . M e r g e d i n P e n n s y l v a n i a R R .—

A m ount
O u ts ta n d in g

[V ol. 123.

M A
6
6
M A
4 g
J
A
4 g
J
A
4 g
M A
314 g A A
4 g
M A
J
A
5g
P A
4 g
J
6
A
A
5
J
4
A
J
J A
4 g
A A
3H
A A
6 g
6 g

5
5
414
4H

N May
N May
J July
D June
S Moh
O A pr
N N ov
J Jan
A Feb
J Jan
J Jan
.1 July
J July
O Apr
O O ct

1 1928
1 1938
1 1936
1 1928
1 1942
1 1930
11943
1 1941
1 1955
1 1927
1 1930
1 1943
1 1951
1 1946
1 1952

B road St Station. Phila
do
do
do
do
do
do
O ffice Phila A N ew Yarh
Broad St S tation. Phila
O ffice Phila A N ew York
B road St Station Phil*
do
do
do
do
•
do
do
do
do
do
Treasurer’* O ffice. Phil*
Fid .-Phila T r O o. Philo

J A J 15 T o Jan 15 1935 G uaranty Trust Oo, N Y
M A
8 T o M a r 1 1938 F id -P h ila . T r C o. Phila
A Sc O T o A pr 1 1939
do
do
A & O T o O ct 1 1939
do
do
M & N M a y 15 ’2 9 to ’41
do
do

T h e 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 ew T erm in al.— I t was announced In O ct. 1924 that the co. will
build a new terminal in W est Philadelphia, P a. Com pare annual report
In V. 122, p. 2031.
S E C U R IT IE S O W N E D . - T o t a l book value o f these on D ec. 31 1925
was $ 5 6 6 ,02 9,46 4, many of which are pledged to secure Pennsylvania Issues.
Revenue derived from these securities In 1925. $ 2 3 .3 1 1 ,5 7 8 . The securities
Include $ 2 ,893,800 Sou. Pac. O o. stock, $ 4 4 ,6 9 8 ,2 0 0 (common) stock of the
Norfolk Sc W estern, and $ 5 ,3 1 2 ,5 0 0 stock of N > N H . Sc H R R . O o.
W ith a view to complete stock control of the Pittsburgh Cincinnati C hi­
cago Sc St. Louis R R ., the directors of the Penn R R . C o. and of the Penn.
Co on M ar. 10 1920 offered to purchase the minority stock of the Panhandle
Oo. and to pay for the same, par for par. In new 60-year m tge. bonds of the
latter co. when Issued to the Penn. Oo . bearing Int. at the rate of 5 % p . a .,
prin. Sc int. to be guaranteed by the Penn. R R . V . 110, p . 1188. See also
Pitts. C ln . Chic. Sc St. L . R R . below.
The Pennsylvania C o. also offered to acquire the minority shares o f the
Grand Rapids & Indiana R y ., by exchanging therefor, par for par, 2d m tge.
4 L hords o f the latter com pany, held in its treasury
Z
D I V I D E N D S .—
1900 -’ 05. ’06. ’ 07. ’ 0 8 -’20. ’21. ’2 2 . ’2 3 - 2 5 .
P ercen t-----------------------------------------6 yearly 6 H
7 6 yrly.
4 H 6 yrly .
C A P IT A L S T O C K .— Stockholders o f record M a y 5 1913 subscribed for
10*7 in new stock ($45,387,750) at par
Paid in 1926: F eb. 2 7 , U 4 % ; M a y 2 9 , l > 4 % ; A u g . 31, l H % ; N o v . 3 0 ,
1K%.
B O N D S .— Consolidated m ortgage of 1873 (see In V . 86, p 1043, 1101) In
June 1915 covered 993.01 miles o f road by a first lien and by supplement
dated 1913, 409.47 miles by a subsequent lien. V . 100, p . 3 9 9 , 4 75. 8 1 9 ,
1169. In 1916 majority of 4 % sterling bonds o f 1908 were stam ped as “ $ ’ ’
bonds. V . 101. p. 2072 . 2255: V 103. p. 321
The G eneral M ortga ge Bonds o f 1915 (V . 98, p. 695) are a direct obligation
of the company and are secured by a mortgage on its property subject to
prior liens amounting to approximately $ 1 3 3 ,0 0 0 ,0 0 0 . Th e prior liens
mature from 1926 to 1960, cannot be increased and a sufficient am ount of
bonds authorized by this mortgage is reserved for their retirement.
Data Regarding Issu a n ce o f General M ortga ge Bonds o f 1915,
Authorized, limited to paid up capital stock of the company
outstanding at the time of issue________________________________ $499 ,26 5,70 0
Outstanding including $60,000 ,000 sold in M arch 1917, and
bonds in sinking fund Series A __________________________________ 125,000 ,000
do series B issued in 1919. chiefly for additions and im ­
provem ents______________________________________________________ 50,00 0 ,0 0 0
do series C pledged as security for $50,0 0 0 ,0 0 0 10-year 7 %
Secured gold bonds o f 1920 and $ 6 0 ,000 ,000 6 3 ^ % gold bonds
of 1921___________________________________________________________ 110.000 .000
Reserved to retire equal amount of prior lie n s_________________ 1 3 3,056 ,879
Issuable when and as voted by stockholders______________________ 8 1 ,208,821
O f the Gen. M tg e . 434s $65,000 ,000 was sold In M a y 1915 (V . 100, p.
1593) and $60,0 0 0 ,0 0 0 in 1917 (V . 104. p . 1388; V . 105, p . 1105); $ 5 0 ,0 0 0 ,000 Gen M tge Series B 5s were sold in D ec 1918.
V . 107, p . 2376.
The 3 V$s of Girard Point Storage Do. became a direct obligation of Penn.
R R . In 1917. V . 105, p . 1310, 1523, 2543 .
1'he 10-year 7 % gold bonds due April i 1930 are secured by deposit of
$50,000,000 Penn R R . gen. mtge. 6s, series O , 1970, and $5,00 0 ,0 0 0 Phila.
Balt. & W ash, new gen. m tge. 6s. V . 110, p. 1527
The 15-year 6 3 4 % gold bonds due F eb. 1 1936 are secured by deposit of
$60,000 ,000 Penn. R R . gen. m tge. 6s. Series O , 1970, and $6 ,0 0 0 ,0 0 0
Phila B alt. & W ash . gen. m tge. 6s, Series A , 1960. Proceeds used
for purchase o f equipment from Pennsylvania C o ., purchase of $ 1 ,7 0 4 ,4 2 0
stock of P. C . C . & St. L . R R . and $20,4 6 6 ,1 0 0 stock o f Pitts. F t . W ayn e &
Chicago R y .. &c.
V . 112. p. 1025
The 40-year 5 % gold bonds due N o v . 1 1964 are secured b y deposit of
$ 1 5 ,000 ,000 Philadelphia Baltimore & W ashington R R . capital stock,
$10,0 0 0 ,0 0 0 Pittsburgh Cincinnati Chicago & St. Louis R R . capital stock,
$ 7 ,5 0 0 ,0 0 0 Cleveland & Pittsburgh R R . special guaranteed betterm ent
4 % stock, $4 ,7 5 0 ,0 0 0 W est Jersey & Seashore R R . common stock, $ 8 ,5 0 0 ,000 Northern Central R y . capital stock, and $1 2 ,0 0 0 ,0 0 0 Pittsburgh F t .
W ayne & Chicago R y. guaranteed 7 % common stock.
The bonds are redeemable all or part at 105 and interest upon 90 d ays’
notice on any interest date from N o v . 1 1929 to N o v . 1 1954, and thereafter
on any interest date at a premium equal to 34 % for each six m onths between
date o f redemption and date o f m aturity.
V . 119, p. 1625.
Equip cent trusts issued to Director-General for rolling stock allocated
to this com pany. See article on page 3 and V . 113, p . 1471; V . 114, p . 410.
I quip, trusts of 1923, V. 116, p. 1178.
Equipm ent trusts of 1924, V . 118, p. 1774; V . 119, p . 1510.
Equipm ent trusts of 1926, V . 122, p . 2188.
R E P O R T .— For 1925, in V . 122, p . 2 031 , showed:
1922.
1925.
1924.
1923.
M ileage (incl. 67 miles of
10,601
10,582
10,575
10,577
canals and ferries)____
R ailw ay O per. R ev.—
$
$
$
$
Freight___________________ 4 6 5.013 ,724 4 4 0 ,567 ,310 50 2 ,6 9 8 .6 0 6 439,528 ,929
Passenger..................
144.969.963 147,523 ,905 155,516 .003 147,424,247
M a il, Express, & c_______ 4 2 ,0 8 7 ,3 5 4 38,526,191 4 1 ,8 1 6 ,8 9 8 3 9 ,459,714
Incidental________________ 19,149,262 18,727,546 2 1 ,3 2 4 .9 8 2
19,807,454
Joint facility____________ C r .916,659
D r .45,7 76
C r .40,9 19 C r. 131.763
Total ry . oper. r e v s ..6 7 2 ,136 ,962 64 5 ,2 9 9 ,1 7 6 7 2 1 ,3 9 7 ,4 0 8 646,352 ,108
R y. O per. E xp en ses—
M a in t. o f way & s t r u c .. 8 5 ,0 0 3 ,4 1 7 7 4 ,0 2 5 ,5 3 0 8 5 .383,281 78,536,995
M ain t. o f equipment___ 162,033 ,562 158,884,751 188,577,703 167,127.562
6 ,953,139
T raffic___________________
8 ,175,440
7.846,321
7 ,754,739
Transportation__________ 2 4 5 .2 2 6 ,4 6 8 250,3 6 4 ,3 8 4 2 8 1 ,851 ,982 255,732 .666
9,700,743
Miscellaneous operations 8,7 3 4 ,3 5 9
9 ,4 0 9 ,2 4 4
9,7 7 2 ,3 4 6
16,128,117
General___________________ 1 8 ,203,608 17,222.321
17,345.432
60,537
Transp. for invest— C r.
237,507
3 01,878
167,454
T otal ry . oper. e x p s ..5 2 7 ,139,347 517.4 5 0 .6 7 3 5 9 0,518 ,030 534,118 .684

Nov., 1926.]

M ile s
R oad

R A IL R O A D C O M P A N IE S
[F or abbreviat o n * . A c . . se e n otes o n page 8]

Pennsylvania Company—
Guar tr certs $5,000,000 g ass’d Pa RR Ser A - kvr
do
10.000.000
do
Ser B QPkvo*
do
6.000.000
do
Ser O — -kvc*
do
10.000.000
do
SerD OPvkc*
do
10 000.000
do
SerE.GPkvc*
Gold loan red after 15 yra (gu V 83. p. 1229) -QPkvc*
Pennsylvania & North Western— See Penn. R R ____
Peoria & Bureau Valley— Stock rental (see text)-----Peoria & Eastern— Ind Bloom & W 1st M pf.Ce.xoAr
Ohio Indiana A We 1 1st M pref g lntguar___Ce.xc*
Peo & E 1st (cons) M $10,000,000 lnt guar.-Cex.c*
Income M lnt when earned non-cumulative__Ce.sc

...
47
202
338
338
338

D ate
B on d s

1897
1901
1902
1904
1912
1906

Par
V a lu e

100
1879
1888
1890
1890

100 Ao
600 Ac
1.000
1.000

R y . oper. incom e____ 113,016,963
Hire o f e q u ip .-D eb . b a l. 12,723,961
Jt. facil. ren ts-D eb . bal. H r .184,995

97,17 7 ,5 8 6
1 8 ,034.348
343.325

98 ,0 6 4 ,2 5 8
13,927,103
590,487

8 3 ,035,772
9,689,671
59.227

N e t ry. oper. ln co m e .100 ,108 ,00 8
N on -O peratin g In co m e—
Incom e fr. lease o f r oad .
6,4 6 4
M iscell. rent income____
2,6 8 4 ,4 2 9
M isc. non-op, pbys. prop.
4 6,536
Sep. oper. prop., p rofit132,437
Dividend incom e________ 2 1 ,8 0 4 ,0 2 8
Inc. from fund, secu re.. 2,3 3 5 ,4 7 5
Inc. from unfunded sec.
and accounts__________ 7,4 1 5 ,5 8 2
Inc. from sink. & other
reserve funds__________ 2,8 5 0 ,6 1 8
Release of premium on
funded debt___________
3,921
Miscellaneous income___
2,001

7 8 ,799,913

8 3 ,546,667

73 ,4 0 5 .3 2 8

5,891
2,6 4 1 ,0 0 8
6 8.586
115,682
20 ,4 5 6 ,3 5 8
2 ,2 0 8 ,5 2 8

5,736
2,3 5 2 ,5 4 3
56,362
66,806
19,802,002
2 ,588,627

13,570
2 ,820,077
120,111
191,287
18,232.009
2,2 6 6 .2 0 9

2,987,081

5,8 0 5 ,9 1 5

2 ,492,766

2,5 3 0 ,0 4 9
3,921
5 0,648

3,921
D r .259,590

71,674,157
3 8 ,134,677

65,271,200
5 1 ,538,078

70.116.423
32 ,3 8 2 ,0 5 8

3 ,871,837
2 9 ,950,404

5,112,397
2 9 ,950,404

3,9 2 3 .4 9 0
2 4 ,958.670

Balance, surplus........... 2 8 ,179.829
4 ,312,436
16,475,277
3,4 9 9 ,9 0 9
For latest earnings, see "R ailw ay Earnings Section” (issued monthly)
O F F IC E R S .— Pres., W . W . A tterbury; V .-P s ., Elisha Lee, M . C . K en­
nedy, G . L . Peck, Julien L . Eysm ans, A . J. C ounty, M . W . C lem ent,
B enj. M c K e e n ,, Thom as W . H ulm e, V .-P . & Gen. Counsel; C . B . Heiserm an; Treas-, H enry H . Lee; Sec., Lewis Neilson; V .-P .s in charge o f regions:
Eastern, Charles S. K rick; Central, E . T . W hiter; W estern, T . B . Ham ilton,
N . Y . office, 85 Cedar St.
D IR E C T O R S .— G eo. H . M cF adden, Charles E . Ingersoll, Samuel Rea,
Jay Cooke, W . W . Atterbury, A . J. C ounty, Arthur W . Thom pson, E . B .
M orris, Levi L . R ue, Edgar C . Felton, John T . Dorrance, Howard Heinz,
Elisha Lee, Julien L . Eysm ans, M . C . K ennedy, Percival R oberts Jr.,
Charles D a y — (Y . 123, p . 2516 .)
P E N N S Y L V A N IA C O M P A N Y .— (See M a p s P en n sy lva n ia R R .) — Opet
ated all the Pennsylvania Railroad lines west o f Pitts, until Jan. 1 1918
Owns no road in fee, and since Jan. 1 1918 has acted solely as an Invest
ment com pany. (V . 108, p . 9 6 7 ).
T o effect a closer unity of its system , the Penn. R R . O o. in 1917 entered
Into an agreement to take over as o f Jan. 1 1918 the leases, business and
assets of the Penn sylvania C om pany, and assume its obligations, liabilities
and duties to the lines and properties in which it had an interest. The
Penn. R R . owns the entire capital stock o f the Pennsylvania C o . and guar­
antees its outstanding bonds. V . 106, p. 1031: V . 107. p. 82. Acquisition
of “ Panhandle” and Grand Rapids & Indiana R y . m inority stock, see
Pennsylvania R R . above.
O R G A N IZ A T IO N .— Chartered in Penna. April 7 1870.
Its #80,000.001
■took is owned by the Pennsylvania R ailroad.
On Deo. 31 ’ 25 the P ent ''■
<
owned sundry stocks and bonds having value, per balance sheet, $ 1 2 0 ,7 3 9 ,860, yielding in 1925 income of $ 6 ,4 8 4 ,0 1 7 .
D I V S .— f ’ 1 0 -T 3 . ’ 14. '1 5 . T 6 . '1 7 . ’ 18. ’ 19. '2 0 . '2 1 . '2 2 . ’2 3 . ’2 4 . ’2 5 .
Per c en t. _ \ 7 yrly. 4
6
8
6
6
6
6
6
26 6
*6 6
♦Also paid 1 0 % in securities.
Paid in 1926: April 30, June 30 and Sept. 3 0 , 1 } 4 % quarterly.
B O N D S .— The gold bonds of 1921, secured by leases of P. F t. W . #
CL, the Clevel. & Pittsb. and Erie & Pittsb. railroads and of bond* at d
stocks having a par value of $20,4 4 8 ,4 5 0 , as well as real estate, were paid
off in 1921 and the collateral released.
G uaranteed trust certificates, “ A , ” " B , ” “ O ,” “ D , ” and " E " were issued by
Girard Trust C o ., Philadelphia, as trustee, under a deed of trust made by
the Penn. C o. and the Penn. R R . C o ., whereby the Penn. C o. pledged
an equal amount at par of the 7 % guar, special stock of the Pittsb. F t. W .
St Ohic. R y . C o. These certificates were assumed by the Penna. R R . in
1921. See V . 6 5 . p. 368. 5 72. 1116; V . 67. p .U 2 2 ; V . 7 9 , p. 2457; V . 94
p. 768; V 114. p. 1527
T h e gold loan 4s of 1906, guaranteed, are secured b y deposit o f $ 33,500 ,000 P itts. C in . Chic. & St. Louis stock, and $ 1 ,0 0 0 ,0 0 0 Pitts. Youngstown
St Ashtabula pref. stock. $5 ,5 0 0 ,0 0 0 Cleveland & Pittsburgh R R . Co
tecial guaranteed betterment stock, $500 ,00 0 The Little M iam i R R
o . special guaranteed betterment stock, $ 900 ,00 0 Erie & Pittsburgh R R .
O o. special guaranteed betterment stock, and $250 ,00 0 N orfolk & Western
R y . C o . com m on stock— total par value o f collateral, $ 4 1 ,6 5 0 ,0 0 0 . V . 92,
p. 3 35; V . 83, p . 1229.




$ 3 ,502,000
7 232.000
3.6 0 0 .0 0 0
7 ,543,000
8 ,913.000
19,471.000
1.500.000
937,500
500.000
8.3 7 6 ,0 0 0
4.0 0 0 .0 0 0 U p

W hen
P a y a b le

3H t M
3H g K
3H i J
3H 8 J
M
4 g
A
4 g

A
<o
5
A
A
A
&

S
A
D
n

L ast D iv id en d
and M a tu rity

Sept
Feb
Dec
Deo

1 1937
11941
1 1942
1 1944

N May 1 1952

o Apr 1 1931

734
F A A
4
A A O
5 x
Q— J
4
A A O
to 4

See text.
Apr 1 1940
Apr 1 1938
Apr 1 1940
Apr 1 1990

P la ces W here Interest a n t
D ividend s are P a ya b le

I

Penna R R . New York
and Girard Tr Oe.
Philadelphia
Bankers Trust Oo. N Y
Treas office. N Y
do
do
4% paid April 1191$

R E P O R T .— For 1925,, in V . 123, p . 7 8 , showed:
Calendar Y ears—
1923.
1925.
1924.
Dividend incom e________ $6,23 5 ,1 6 2 $6 ,6 6 1 ,1 1 8 $ 6 ,669,487
R ent from equipm ent___
D r482
M iscell. rent incom e____
13,581
Income from funded secs
42 3 ,8 0 0
406.185
2 48,855
Incom e from unfunded
securities & accounts.
110,667
2 1 6,309
147,096
Incom e from sinking and
other reserve funds___
630
2.0 0 0
11,901

2,6 1 6 ,3 5 7

3.921
29 ,1 0 0

R a te
%

3 ,0 8 9 ,2 0 2

Total non-op. incom e. 37 ,2 8 1 ,4 9 0 31,008,921 3 3 ,262,610 2 9 ,092,153
Gross income................ ...1 3 7 ,3 8 9 ,4 9 8 109,808 ,834 116,809 ,278 102,498,481
D ed uctions—
Rent for leased r o a d s ... 44 ,3 8 5 ,9 4 9 38 ,2 9 1 ,1 2 6 3 5 ,246,256 34 ,2 9 0 ,8 0 4
Oper. deficits of branch
roads borne by P a .R R .
154,858
4 7 5,000 C r .957,964
910,789
1 ,210,820
1 ,242,826
1,163,997
1,064,717
Miscellaneous rents_____
M iscell. tax accruals____
115,092
118,369
209,559
356,327
ln t . on funded debt____ 2 8 ,2 6 1 ,0 4 0 3 0 ,527,956 2 8 ,062,553 2 5 ,571,853
ln t. on unfunded d e b t ..
742,411
7 15,888
841,204
7,3 7 3 .6 8 9
M iscell. income charges.
299,003
3 0 2,992
7 0 5,594
548.243

S

A m ount
O utstanding

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

P E N N S Y L V A N I A R R . C O . ( T H E ) .— C ontinued—
N et rev. from ry. o p e r ..144,997 ,615 127.848,503 130,879 ,378 112,233 ,434
Railway tax a c c r u a ls ... 3 1 ,700,789 30,45 7 ,9 7 0 32 ,6 9 0 ,5 2 2 2 9 ,0 8 3 ,5 2 0
Uncollectible ry. revs___
279,863
212,947
124,598
114,132

Total deductions........... 7 5 ,169,173
N et incom e______________ 6 2 ,220,324
D is p o s itio n o f N et In com e—
Sink. & oth. res. fu n d s. 4,090,091
D ividends______ _________ 2 9 ,950.404

109

RAILW AY STOCKS AND BONDS

D ed u ction s—
ln t . on funded d ebt____
ln t. on unfunded d e b t ..
M a in t. o f invest, organ.
M iscell. income charges.

1922.
$6,786 ,'869
55,021
10,014
695,150
733,255
48,9 0 5

$ 6 ,712,227

$ 7 ,2 1 4 ,5 4 8

$ 7 ,219,536

$8,32 9 ,2 1 3

$423,821
79 2 ,4 8 4

$542 ,97 2
793,720
14,119
14,620
7,370

$667,781
794,093
455,865
31.8 4 5
5,9 9 9

$290,089
799,954
1,007,631
17,149
72,332

19,361
7,045
$1,242,711

Inc. appl. to sinking and
other reserve fun ds___
In c. appropr. for inv. in
physical property_____

$ 1 ,372,803

$ 1 ,955,583

$2,18 7 ,1 5 4

$5 ,4 6 9 ,5 1 6

$5,84 1 ,7 4 6

$5,26 3 ,9 5 2

$6 ,1 4 2 ,0 5 9

$18,391

$ 6,849

$7,367

$49,934

_______

_______

_______

118,948

Balance transferred to
credit of prof. & loss
$ 5 ,451,125 $ 5 ,8 3 4 ,8 9 7 $5 ,2 5 6 ,5 8 5 $5 ,9 7 3 ,1 7 7
Previous surplus_________$37,6 7 2 ,4 1 9 $ 4 3 ,416 ,773 $42,324 ,417 $ 17,3 9 7 ,9 8 8
Sund. net cred. during yr
4 5,015
1.220,749
635,771
4 ,8 7 4 ,3 1 4
Less div. approp. ( 6 % ) .
4 ,8 0 0 ,0 0 0
4 ,8 0 0 ,0 0 0
4 ,8 0 0 ,0 0 0
4 ,8 0 0 ,0 0 0
Special d iv id e n d ._______
_______ (10)8000 ,000
_______ (20)16000,000
Approp. to gen. fu n d ..d e 6 7 ,332,442
_______
_______
_______
P . & L .s u r p . D ec. 3 1 .1 3 1 .0 3 6 ,1 1 6 $37,6 7 2 ,4 1 9 $ 4 3 ,416 ,773
— (V . 123, p. 2651 .)

$ 7 ,4 4 5 ,4 7 9

P E O R IA & B U R E A U V A L L E Y R R — Peoria to Bureau J e t., 111., 47
miles. Leased in 1854 to C . R . I & Pac. R y . for $125 ,00 0 yrly, d ivs., usu­
ally 8 % yearly, and for some years occasionally more. Feb. 1908 and A u g.
1915, 1 % extra. In 1919, 1920, 1921 and 1922 at the rate of 7 A % . 3 > S %
l
being paid in Feb. and 4 % in A u g . Feb. 1923 to A u g. 1926 paid 3 > i %
sem i-ann.— (V . 86, p . 169.)
P E O R IA A N D E A S T E R N R Y . C O .— {See M a p N ew Y ork Central L in e s .)
— Owns from Pekin, 111., to 111.-Ind, State line; holds lease in perpetuity,
111.-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 ,0 0 0 ,0 0 0 from C . C . C . & St. Louis R y . C o. (owner) on
Springfield D iv ., Indianapolis to Springfield, O ., 136 m .; trackage, Pekin
to Peoria, 9 m .; total o p er., 211 m iles.
O P E R A T IN G A G R E E M E N T , & c.— Formerly Ohio Indiana A W estern,
<old in foreclosure in 1890, reorganized per V . 49, p. 616.
Has operating
agreement till April 1 1940 with C lev. Cine. Chic. & St. L ., which guar­
antees Interest, but not principal, of the 1st consols and the underlying
bonds, and owns $5,00 0 ,1 0 0 of the $10,0 0 0 ,0 0 0 stock, par $100. See
Supplement” of Jan 1894 as to provisions respecting any surplus over
charges. C o . owns $173 ,00 0 stock and $35,000 deb. bonds o f Peoria &
Pekin Union R y .
Offer by “ Big Four” to purchase stock and income bonds, see Cleveland
Cincinnati Chicago & St. Louis R R . above, and V . 116, p. 722.
A committee (W . A . Carnegie Ewen, Chairman; Leroy B . D orland,
2 W all S t., Sec.) asked deposits of income bonds with Empire Trust C o ..
N. Y ., with a view to taking action, owing to the failure to pay interest tm
the bonds. On April 20 1920 the committee announced that It had effected!
a settlement o f accounts with the “ Big F our,” the deposited bonds being
returned on presentation of certificates of deposit on paym ent o f $15 per
bond to cover expenses. V . 110, p. 1742.
B O N D S .— See abstracts of mtges. of 1890 in V . 51. p . 2 46.
D I V I D E N D O N I N C O M E S .— April 1 1902 to 1908, both incl., paid 4 %
Fearly: 1909. none: 1910 and 1911. 4 % : 1912. none: 1913. 4 % : none since.
R E P O R T .— For 1925, in V . 123, p . 1112, showed:
Revenue—
1925.
1924.
1923.
1922
Freight___________________ $ 3 ,402,695 $ 3 ,598,814 $ 3 ,413,467 $ 3 ,0 8 6 ,6 9 3
761.172
781,929
666,723
745,266
Passenger____________
205,977
193.377
212,456
192.699
M ail and express________
9 9.455
95,911
110,343
97,366
Other revenue___________
4 4,392
29 ,0 7 5
20,127
25,914
Incidental________________
16,342
12,670
12,489
11.653
Joint facility_____________
T otal ry. oper. rev___ $4,424,832
E xp en ses—
$668,002
M ain t. o f way & s t r u c ..
877,762
M ain t. of equipm ent___
Traffic____________________
71,217
Transportation---------------1,665,276

$4,67 1 ,7 1 4

$4 ,5 6 1 ,5 6 4

$4 ,1 7 8 ,8 9 8

$930,785
1 ,062,264
6 7,908
1 ,786,608

$802 ,11 6
1 ,139,942
62,102
1,8 4 8 .6 7 6

206,267
402

153,683
4.733

136.611
6.0 6 2

$640 ,01 8
1,049,956
6 6,407
1 ,7 1 7 ,9 7 0
809
129,048
D r l3 5

$ 3 ,488,122
Total ry. oper. exp—
N et rev. from ry. o p e r ..
936,711
Railway tax accruals—
189,385
496
U ncollectible r y . revenue
Equipm ent rents (n et). .
313,675
62,474
Joint facilities rent (net)

$ 3 ,996,516
675.198
199.200
202
481,333
58,607

$ 3 ,9 8 3 ,3 8 6
57 8 .1 7 8
177,896
493
4 41,377
63,641

$3 ,6 0 4 ,3 4 3
5 7 4,555
206.751
496
390,146
6 2,264

N e t r y . oper. d e fic it..s u r$ 3 7 0 ,681

$64,144

$105 ,23 0

$85,103

G en era l.-*._______________
Transp. for invest.— C r .

110

General m ortgage, Series A _________________________

do
do
Series B ________________ xc*&r*
Phlla Sc B alt C en t— 1st M $10,000,000 g gu p& IFP.x
C olum bia Sc Port D eposit first m ortgage gold ____x
Chester Creek R R 1st M $185,000 gold _____ _____
Phlla & Ches V— 1st M pref old 5s red '9 6 g .P e P . kv.o*
1st m tge old 4s not pref Introduced In ’96 g P e P -k v c*
Phlla derm & Norristown— Stook rental P & R R y . .

Gross incom e___
R ent for leased roads
In t. on fd. & unfd. d e b t.
Other deductions________

R Y . C O .- —C ontinued—
265,640
275,401
$646,082

$201 ,49 6

424,360
27,666

400,565
17,698

N e t deficit------------------- sur$194,056
Sink. & other res. fu n d s.
5,432
In vest, in physical p ro p .
142,401

$216 ,76 8
5,432

1924
1911
1907
1911

1916
1916
199 1903
1920
88.2
88.2

A m ount
O u ts ta n d in g

Par
V a lu e

1,000
3.200,000
1,000
180.000
$1,000
$944,000
1.000
1,500,000
100 45.046.000
100 11.200,000
100 12.429.000
l.OOO&c 34.476,000
8,479.000
1.000
3.000.000
1,000
6,048.000
100 Ac
1,000
100

797,100
1,125.000
385.000

50
1,000
1,000 Ao
1,000
1920
1,000
413 1924
1,000
86 1911
1,000
43 1890
1,000
6 1868
500
24 1888
500
24 1888
50
30

29,837,000

1888
1888

1892
229 1904

315,401

297,236

$210 ,17 0
0178
400,832
43,981

$212,134
322
40 1 ,0 8 6
25,817

$234,466
5,375
2 38,363

$215,092
5,425
2 8,409

Balance, deficit____ sur$46,223
$222 ,20 0
$478 ,20 2
$248 ,92 6
O F F IC E R S .— Pres., Patrick E . Crowley; V .-P s ., W .A . Carnegie Ewen,
A . H . Harris, I. A . Place, G . H . Ingalls and H . A . Worcester; Sec., E . F .
Stephenson; G en. T reas., H . G . Snelling; C o m p t., W . C . W ishart.—
(V . 123, p . 1112.)
P E O R IA A N D P E K IN U N IO N R Y . C O .— Owns Pekin to Peoria, on
both sides o f Illinois River, and yards at and opposite Peoria. Mileage
main track, 16.11: second main track, 10.51; total main track owned, 26.62
miles. M ileage o f side and yard tracks owned, 112.12.
. Capital stock, $ 1 ,0 0 0 ,0 0 0 . Owned b y Peoria & Eastern (Cleveland Cin­
cinnati Chicago & St. Louis system ), Chicago & North W estern, Illinois
Central system , N . Y . C hic. & St. L . R R . C o. and Tol. Peo. & W est. cos.
Extension of bonds and G ovt, loan, V . 112, p .5 6 3 . 933 Dividends; 1891,
4 % ; 1895-1901. 6 % per an n.; 1902, 4 % ; 1905, 5 % ; 1905-16, none; Jan.
1917, 6 % ; none since. Debentures, V . 93, p. 1260. In July 1924, $ 3 ,2 0 0 ,000 1st m tge. 5 * 4 % gold bonds. Series “ A , were sold, the proceeds to be
applied to retiring U . S. G o v t. Loan, underlying issues and 1st and 2d
m tge. 7 % bonds, due Feb. 1 1926. C al. year 1925, gross, $ 1 ,869,476;
oper. income, $217 ,83 3; other income, $340 ,67 4; interest, rentals, & c.,
$242 ,49 4; balance, $316 ,01 3. For latest earnings, see “ R ailw ay Earnings
Section” (issued m on th ly !. Pres., V . V . Boatner; V .-P ., S. M . Russell,
Sec., C . Leber; Treas., E . T . G ibbons. Office, Peoria, 111.— (V . 122, p.2796 .
P E O R IA R A I L W A Y T E R M I N A L C O .— Owns terminal road between
Peoria and Pekin, 111., 7 .69 miles, over private right-of-w ay, and local lines;
total, 8 .7 3 miles; 25.28 miles o f track. Passenger service discontinued on
Sept. 1 1924. N ow operates steam freight service only. H as union depot
In Pekin. Owns a 1 ,000 -ft. steel drawbridge over the Illinois River. Capi­
tal stock, $ 1 ,0 0 0 ,0 0 0 , all owned b y Chicago R . I . & Pac., which guaranteed
the 1st m tge. bonds. C hic. R . 1. & Pac. owns the $1,500,000 1st & ref.
m tge. 4 *4s. Valuation, V . 113, p . 1574. For year ending D ec. 31 1925.
ross, $288,041; net inc., $47,989; other income, $4,0 6 9 ; deductions.
131,628; b a l., d e f., $79,570.
W . G . Belrd and H . I. Battles were appointed receivers in A u g. 1922.
V . 115, p . 989. H . I . Battles now sole receiver.
Pres., J. E . G orm an; V .- P ., F . H . H am m ill; Sec. & Treas., Carl N yquist
A n d ., W . H . Burns.— (V . 115, p . 989.)

?

P E R E M A R Q U E T T E R Y . C O .— T otal system D ec. 31 1925 2,263
miles. T h e com pany’s lines gridiron the State of Michigan serving D etroit,
Port H uron, B a y C ity , Lansing, Grand R apids, M uskegon, M anistee, Flint,
Traverse C ity , See., See. By means of extensions of Its own lines and track­
age over other system s the company is able to reach Chicago (entering over
B . Sc O .) , the Suspension Bridge at Niagara Falls, using the Michigan C ent.
R R . from S t. Thom as, O n t., east., Toledo, &c. In Aug. 1921 was author
Ired to acquire control o f Flint B elt R R . V . 113, p . 1157.
L in es Owned—
M ile s . \
Trackage—
M ain lines and branchea_______ l,787|L eased and trackage rights_______ 266
Controlled—
M ile s . I
Lake Erie Sc D etroit R iver_______ 199|
Other lines_________________________ 111
Operates oar ferries Ludlngton to Milwaukee and Manitowoc.
O R G A N I Z A T I O N .— Incorp. in M ichigan M arch 12 1917 and took pos­
session of property as o f April 1 1917. A reorganization, per plan in V .1 0 3 ,
P, 1692, 2342 . of Pere M arquette Railroad C o. after foreclosure sale under
Consol. M . o f 1901, R ef. 4 % M . and Im p t. Sc R ef. Gen. M .: Flint A Pere
M arquette Consol. M . and 1st M .; Port Huron 1st M . 6s; Grand Rapids
Beldlng & Saginaw 1st M . 5s, and C h k a r o Sc W est Michigan 1st M 5s,
Chicago & North M ich . 1st M . 5s; Pere M arquette of Ind. 1st M . 4s, and
Detroit Grand Rapids Sc W estern 1st Consol. 4s. Sale of stock interest of
3 . P . M organ & C o ., see V . 109, p . 173, 73.
Tentative valuation as o f June 30 1915, $ 6 3 ,3 0 9 ,2 4 2 . V . 115, p. 183.
M e rg er Plan R ejected.— The proposed unification of the road with the
New York Chicago & St. Louis R R ., the Erie, Chesapeake & Ohio and
Hocking Valley railroads was rejected by the I .-S . C . Commission on
M arch 2 1926.
Compare V . 122. p. 1249.
For the revised terms o f proposed unification plan, as reported unofficially
see V . 123, p. 577.
C A P I T A L S T O C K .— The capital stock (V . 103, p . 1692) Includes;
Com m on stock______________________________________________________ $ 4 5,046 ,000
Prior pref. stock 6 % cumulative, 1st pref. as to prin. and divs.
Redeemable at par and dividends______________________________ 1 1 .200.000
Pref. stock 5 % cum. since Jan. 1 1919, 2d pref. as to prin. and
dlvs. Redeemable at par and divs___________________ . . . . . __ 12.42 9 ,0 0 0

i.OOO.OOO

16.070,000
11.000,000
10,000,000
2.200,000
1,500,000
185,000
280.500
100.000
2,246,900

R a te

%

W h en
P a y a b le

6 g
5 g

F
M

&

3

L a s t D iv i d e n d
a n d M a tu r ity

A A ug 1 1974
N 1927 to 1930
J Jan 2 1 9 3 7
J
D D ec 1 1941
Q— J O ct 1 1926 1*4
Q— F
6
N o v 1 1926 1 X
Q— F N o v 1 1926 I X
5
3
Sc
3 July 1 1966
6 g
J
Sc
3 July 1 1956
4 g
4*4 g F A A Aug 119 3 2
J & J T o Jan 15 1935
6 g

5*4 g
5 g
4 K
4*4 g
See text

Sc
Sc

&

O— J
Q— J

P l a c e s W h e r e I n te r e s t a n t
D iv i d e n d s a r e P a y a b l t

N ew Y o rk
Central U n T r Co. N Y

First Nat bank. N 1
do
d*
Office of company. N Y
Office o f com pany, N Y
do
do

Office of company, N Y
do
do
do
do
G uaranty Trust C o , N Y

Reading Terminal, Phils
Jan 11938
do
do
Jan 1 1938
O ct 1926
2 % Nashua, New Hampshire

4

6
4 E
4 g
6
5 g
4 K
4 g
6
4 g
3 g
12

J Sc D June 30 ’ 26, 3 % Broad St Station, Phils
dt
do
A Sc O Oot 1 1932
do
do
M A N N ov 119 4 3
A

o

Peoria & P ek in U n —l s t M g S e r “ A ” red(text) C e.c*& r*
Debentures due $45 000 y ’ly (In 1930 $30,000)____ ■
Peoria Ry term — 1st M gu g red 102*4 beg T 8 .IC .x o*
1st & R e f M g ku (owned b y O R I k Pac R y ).B a .*
Pere M a r q u e t t e R y ., C om m on s tock _______________
Prior prel (a Sc d) stock 6 % cum red at par Sc d iv e ..
P ref (a Sc d) stk 5 % cum aft Jan 1 '19 red par Sc dlvs
1st m tge gold /8 er. A 5 % call at 105 Sc in t .y c * & r *
$75.0O0IO 00BalSer. B 4 % call at 100 Sc i n t .y c*A r*
Lake Erie Sc D etroit R lv D lv coll tr M g o ld ______Q
Equipm ent gold notes Ser 63 due $§72,000 y ly .G r *
Perklomen— 1st M Ser 1 gold callable 105 from
Jan 1923 _______
P eP .k v.c*
First M Ser 2 g call 105 from Jan 1 9 2 3 _.P eP .k v.c*
Peterborough RR— Stook (rental 4 % ) ________________
Petersburg RR— See Atlantlo Coast Line R R .
Phlla & Baltimore Central— See Phlla Balt Sc Wash
Phlla Baltimore & Wash— Stook auth $ 2 9 ,9 0 0 ,4 5 0 ..
Plain bonds g o ld _________________________________ xr
First m ortgage $20,000,000 g o ld _________ d .x o*A r*

M i l e s D a te
R oad B on d s

►

R A IL R O A D C O M P A N IE S
[F or abbreviation s, A c . , see n otes on pa ge 8]

P E O R IA & E A S T E R N
Non-operating incom e. _

[V ol. 123,

RAILW AY STOCKS A N D BONDS

&

O Apr 1 1960

F & A
M A N
F Sc A
J A J
A A O
A A O
Q— M

F eb
N ov
Aug
Jan
A pr
A pr
D ec

do

do

do
do
1 1974
do
do
1 1951
1 1940
do
do
1 1933
do
do
Reading Terminal, Phll>
1 1938
1 1938
do
do
4 1926 3 % Mar Sc Mer Bldg. Phils

B O N D 8 .— The first m tge o f 1916 is a direct first lien on all the railroad
property, equipm ent. S ec., owned by the com pany In the U . 8. and also
covers securities owned In several subsidiaries. The m ortgage Is for
171.000 000 (see V . 103, p. 1692, and offering in V . 104, p. 1265. 1388).
1 .cable In series, with, if desired, different m aturities and call features, the
m
Interest rates to be fixed at not over 6 % p a. for the follow ing purposes:
N ow Issu ed all equally secured, covering as a direct first lien
about 1.821 miles o f main line and branches and as a sec­
ond collateral lien 199 miles; total, about 2,020 miles ($6,000.000 Series A for sale to syndicate; rem. for exchange)—
Series A 5 % . due July 1 1956, redeem able at 105 A In t
34,476,000
Series B 4 % , due July 1 1956, redeemable at par A l n t
8.479.000
Reserved to retire undisturbed bonds, viz.: $3,000,000 P. M .
(Lake Erie & D etroit River R y . d iv .) Collateral Trust 4*4s 3 ,0 0 0 ,0 0 )
Reserved for issue, for acquisitions, additions, betterm ents and
i mprovem ents. under re s tric tio n s _______________

___

________

29.04 5 .0 0 0

Equipm ent trusts issued to Director-General for rolling stock allocated

t« this com pany. See article on page 3 and V 114 p 410.
R E P O R T .— For 1925, in V . 122, p . 3449 , showed:
1025.
1924.
1923.
Freight re v e n u e ._____________________ $35,503^610 $ 3 3,552 ,524 $36.345,’428
Passenger_________________
4 ,2 7 5 ,2 4 9
4 ,8 7 8 ,9 9 6
5 ,2 4 1 ,0 2 0
M ail .........................
465,541
480.281
4 9 9 ,0 3 8
9 9 1 ,6 6 6
9 38,098
9 8 5,544
Express__________________________________
M iscella n eou s__________________________
2 ,6 1 8 ,4 0 2
1,9 4 8 ,0 1 6
2 ,7 9 4 ,7 0 7
Total operating revenue_____________ $ 4 3,854 ,468 $4 1 ,7 9 7 ,9 1 5 $ 4 5 ,9 6 5 ,7 3 7
$ 5 ,0 8 4 ,3 9 9 $ 5 ,9 4 9 ,5 2 9
M aintenance o f w ay and structure___ $4 ,8 5 0 ,2 7 4
M aintenance o f equipm ent___________
9,1 0 4 ,6 4 7
8 ,6 9 3 ,7 6 0
9 ,8 4 1 ,4 1 5
Traffic___________________________________
640,320
62 9 ,4 3 0
5 9 8.623
1 5 ,3 8 1 ,0 9 3 17 ,3 5 2 ,1 0 7
T ran spo rtatio n -------------------------------------- 1 4 ,928,247
M iscella n eou s__________
1,3 3 9 ,0 1 8
1,380,971
1 ,420,643
Transportation for investm ent_______ C r. 137,250 C r.206,723 C r .2 91,220
Total operating expenses____________$ 3 0 ,725 ,256 $ 3 0 ,9 6 2 ,9 3 0 $ 3 4,871 ,097
N et operating revenue-------------------------- $11,9 8 5 ,4 3 4 $ 1 0 ,8 3 4 ,9 8 5 $ 1 1 ,0 9 4 ,6 4 0
2 ,0 6 4 ,6 7 5
2 ,0 2 8 ,0 2 0
1 ,848,822
Railway tax accruals___________________
Uncollectible railway revenues_______
18,330
7,803
13,604
E q u ip m e n tr e n ts .n e t__________________
45 9 ,8 3 4
91 9 ,6 3 5
1 ,625,249
6 7 2,374
678,697
520,593
Joint facility rents, net..........................
T o ta l___________________________________ $ 3 ,215,213
N e t railway operating income________
8 ,7 7 0 ,2 2 0
Other income, net_____________________
2 8 8,642

$ 3 ,6 3 4 ,1 5 6
7 ,2 0 0 ,8 2 8
406,053

$4 ,0 0 8 ,2 6 8
7,0 8 6 ,3 7 2
357,191

Balance before deduction o f interest $ 9 ,0 5 8 ,8 6 2
Interest on bonds________________________ $ 2 ,1 9 7 ,9 6 0
Interest on equipment notes__________
4 04,880
Miscellaneous interest________________
15,640

$7,606,881
$2 ,1 9 7 ,9 6 0
445,246
28.652

$ 7 ,443,563
$ 1 ,664,974
485.881

Surplus-------------------------------------------------- $6 ,4 4 0 ,3 8 2
D iv s. on prior preference stock_______
5 60,000
D iv s. on preferred stock_______________
6 21,450
D iv s. on common stock_______________
1 ,801,840

$4 ,9 3 5 ,0 2 2
560.000
621,450
1 ,801.840

$ 5 ,202,810
5 60.000
8 70,030
1 ,351,380

89,898

Balance, surplus...............................
$ 3 ,4 5 7 ,0 9 2 $1,95 1 ,7 3 2 $2,42 1 ,4 0 0
O F F IC E R S .— E . N . Brown, Chairman; F . H . Alfred, Pres.; Clarence S.
Sikes, V .-P res. & G en. A u d .; J. L . Cramer, V .-P . & Treas.; E . M . Heberd,
Sec
D irecto rs.— S. T . C rapo, F . H . Alfred, D . P . B ennett, Francis R , H art,
John W . Stedman, E . N . Brown, FrankliD Q . Brown, E . V. K . Th ayer,
Walter W . C olpitts, W m . J. W ilson, M atthew C . Brush, George C . Fraser,
M . L . B ell, Frederick Osborn and W m . H . Porter. N ew Y o rk office,
120 Broadw ay. D etroit office. Fort S t ., Union D epot B ld g.— (V . 123,
p. 1381.)
P E R K IO M E N R R .— Owns from Perkiomen J et., P a ., to E m aus J et.,
P a ., 38.21 m .; trackage on Reading Com pany, Em aus Jet. to East Penn Jet.
3 .6 m . Th e I .-S . C . Commission has placed a tentative valuation o f
$ 1 ,8 9 6 ,5 3 2 on the total owned and used properties o f the com pany as o f
June 30 1917. Stock ($ 1 ,5 0 0 ,0 0 0 , par value o f shares $50) owned b y the
Reading C o . and m ostly deposited under its Jersey Central collat. 4 %
m tge. o f 1901. V . 72, p. 2 8 3 . Th e bonds, extended till Jan. 1 1938 , are
subject to call at 105 and int. V . 105, p . 1802. For 1925, gross, $ 1 ,4 0 2 ,1 3 4 ;
net after taxes, $549 ,44 4; other income, $53,6 3 1 ; interest and rentals.
$ 1 60 ,68 2; balance, surplus, $418 ,93 8 (to profit and loss).
For latest earnings, see “ Railway Earnings Section” (issued m onth ly).

P E T E R B O R O U G H R R .— W ilton to G reenfield, N . H .. 10 64 mllee
Leased April 1 1893 to B oston & M aine for 93 years at 4 % on stock and ex
penses
C apital stock. $385,000: par, $100- div A Sr O
P H IL A D E L P H IA B A L T IM O R E & W A S H IN G T O N R R . C O . (T H E ).

— (See rfa p P ennsylvania R R.)
L in es Owned—
M ile s .
Philadelphia to W ashington, D . C ., via Baltim ore, all double track____ 131
Philadelphia to Octorara, M d ., and branches____________________ „ _______ 91
Perryville, M d ., to C olum bia, P a ., & c______________________________________43
Bowie to Pope's Creek, M d ___________________________________________________49
Sundry branches, & c_________________________________________________________ 102
T o ta l mileage owned________________________________________________________416
T h e I .-S . C . Commission has placed a tentative valuation o f $79,040 ,000
on the total owned but not used property o f the com pany as of 1918.

10% on the preferred stock; on M a y 1 1922 paid 1 2 -3 % (for 4 months'
period) and 1 % on account o f accumulated dlvs, and on A u g. 1 and N o v . 1
1922 paid I X % quar. and 1% on account o f accumulated divs
On Feb.
1 1923 paid 1 X % quar. and 2% on account of accumulations, clearing up
all back dividends; M a y 1 1923 to N o v . 1 1926, paid 1 X % quar. On com.
paid Initial div. o f 1% on July 2 1923: same am ount paid quar. to April 1
1926; on M ay 1 1926 paid an additional *4 % for the quarter ending M a r. 31
1926 and an extra dividend o f 2 % ; on July 1 and O ct. 1 1926 paid 1*4%
quar.




O R G A N IZ A T IO N .— A consolidation 1916-17. V . 104, p . 1686; V .
103. p . 1033; V . 102, p . 1897; V . 107. p . 2009, 2188
Property leased to Penn. R R . C o . (V . 106. p. 1031) for 999 years from
Jan. 1 1918 at a fixed rental providing for dividends on stock at rate of
6 % per annum. V . 105, p . 1709, 1898. 2543.
S T O C K .— Stock authorized, $ 2 9 ,9 0 0 ,4 5 0 ; outstanding,
The Pennsylvania R R . owns $ 2 9 ,8 3 6 ,9 4 4 o f the stock.

$29 ,8 3 7 ,0 0 0 .

D ividends since consolidation D ec. 31 1902 to June 1916, 2 % sem l-ann.;
4 % p . a .; D e c. 1916 paid 4 % ; June 1917 to D e c . 1925. 3 % s. a .; 6 % p . a

Nov., 1926.]

R A IL R O A D C O M P A N IE S
IF o r a b b r e v ia tio n s , & c . , s e e n o t e s o n p a g e 8 ]

P h lla N e w to w n Sc N Y — I s t M (3s first ch a rg e).k v .c*
Philadelphia & Reading R y— See R eading Com pany
Philadelphia & Trenton— Stook 10% rental Penn R R
Philippine R y— Stook $5,000,000 authorized---------1st M $15,000,000 g lnt guar s f red 110--B a.xo*& ,P
P in e C reek — See New Y ork Central
P it ts b u r g h Bessemer & Lake Erie— C om m on 3% rent
Preferred stook 6 % cum ulative guaranteed by rental
Pittsburg Shenango A Lake Erie 1st M g .C e.xxo*
Consolidated first mtge for $4,800,000 g -Ce.xxo*
Pitts Bess <e L E oons mtge $10,000,000 g .U s.xxo*
S
Plttsb Chart & Y ou th — Gen M $1,000,000 g gu .F P ik
P ltts b C in c in n a t i C h ic & S t L R R (new )— S t o c k ,..
Ohio St L & Pitts oons M ($22,000,000) g -.U n .x o & r
" A ” g o ld .x c
“ B " g o ld .x c*
Plttsb Oln Ohlc A St Louis R y —
Consolidated m ortgage $75,000,000 " C ” gold .x o*
gold guaranteed prln A lnt (end) b y “ D ” gold .x o*
Pennsylvania Com pany unoondl-' “ E ” gold .xo*
tlonally, all equally secured______ “ F ” gold .x o*
“ G” gold .x o*
" H ” gold .xo*
“ I ” gold .xa*
“ J ” g o ld .x c*
Gen m tge Series " A ” guar______________ U Pyc*&r
Gen m tge Series “ B ” guar__________________ yc*& r*
Ohartlers first m ortgage assum ed_______________ xo*
Vandalla R R (C ons M Ser A sf assm d.F.xc*r& r*
$25 .00 0 ,0 0 0 1Series B assum ed__________________x
P itts F t W a y n e & C— P ref stock (orig’l guar stock)
Original guaranteed stock unexchanged______ ______
Com m on stock (gu spec stock) 7% gu $100,000,000
Guaranteed special stock unexchanged____________
Pittsburgh it Lake Erie— Stook auth $50,000,000___
First m ortgage gold _______________________________sc
Seoond m ortgage gold Series A and B _________ N.sc
Equipment Trust C ertificates_________________ c*&r
ao
do
due $99,000 yearly_____ Q .c * ___
do
do
due $38,800 yea rly_____________ G
do
do
( N Y C ) due $31,856 yearly
do
do
( N Y C ) ___________________

M ile s
R oad

D a te
B on ds

Par
V a lu e

A m ount
O u ts ta n d in g

1892

$1,000
100
100
1,000

1 0 .000,000
2 .000,000
2 .981,000
572,000
6.4 4 7 .0 0 0
50.000
84,71 8 .0 4 0
1,375,000
9,508.000
8,220.000
1,335.000
3,163.000
1,142 000
7,0 1 5 000
7,0 7 8 .0 0 0
2,124,000
6,197,000
3 .400,000
2 0 .000.000
26,00 0 .0 0 0
625 000
9 ,429.000
5.744.000
17.591,300
2 122,986
4 8 ,485.190
3 8 .327,700
35,yao,ooo
2 ,000,000
2 .0 0 0 .0 0 0
530.932
891.000
349,200
286.704
2 676 000

119 1890
136 1893
178 1897
20 1892
581

1,144

1.862
1,862
23
651
651
471

1883
1890
1892
1892
1895
1899
1903
1907
1910
,1913
1914
1920
1925
1901
1905
1907

E471
•

76
75
75

...

%

See text
5 ,0 0 0 ,0 0 0
8.5 4 9 .0 0 0

50
50
1,000
1,000
1,000
1,000
100
1.000
1.000
1,000
1.000
1.000
1.000
1.000
1.000
1,000
1,000
1 000
500 &c
1,000
1,000
1,000
1.000
100
100
100
100
50
1.000
1,000
1,000 &c
500 &c

R a te

$1 ,5 9 9 ,0 0 0

1907

22.18
26.61

1878
1889
1913
1920
1920
1920
1922

B O N D S .— 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-p assu the $ 2 ,930,000 debentures of the former P. W . A
B ., and also on the line from Baltimore to W ashington. V . 78, p . 49; V . 92
p. 795; V . 97. p. 1427, 1734; V . 98, p . 2 37, 1000.
The *1 1 ,0 0 0 .0 0 0 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 6*4 % secured gold bonds due Feb. 1 1936. V . 111, p. 2424.
In Feb. 1924 $10,0 0 0 ,0 0 0 Series B 5 % bonds were sold. V . 118, p. 665
The authorized amount of general m tge. bonds is limited to $60,000 ,000 ,
of which $22,8 8 5 ,0 0 0 are reserved to retire a like amount of prior lien obli­
gations, all of which are closed at their outstanding amounts (except that
Phila. B alt. & W ash. R R . 1st m tge. 4s m ay be issued to refund $ 1 ,930.000
Philadelphia Wilm ington & Baltimore R R . 4 % debentures) and may
not be renewed or extended, but when due will be paid and canceled.
R E P O R T .— For 1925 shows: Income from lease of road, $ 3 ,8 4 8 ,3 8 0
other income, $1,3 8 5 ; in t., & c ., charges, $ 2 ,0 5 8 ,1 6 3 , dividends ( 6 % )
$1,7 9 0 ,2 1 7 : b a l.. sur.. $1 ,385.
O F F IC E R S .— Pres., W . W . A tterbury; Sec., Lewis Neilson; Treas.,
H . H . Lee; C o m p ., E . A . Stockton. Office, Broad Street Station, Phila­
delphia, P a .— (V . 1 2 3 , p . 2 6 o l.)
P H IL A D E L P H IA & C H E S T E R V A L L E Y R R .— Road from Bridgeport
to Downingtown, P a ., 23.96 miles. Chartered in 1888. Capital stock
(par $50) com m on. $550 ,00 0; preferred, $205,100; total, $755 ,10 0, of which
Reading C o. owns $489,300 common and $205,100 preferred. Reading
C o. guarantees bonds, with int. reduced. See. V 63, p. 1064.
P H IL A D E L P H IA G E R M A N T O W N & N O R R IS T O W N R R .— Phila.,
P a ., to Norristown and Germantown, P a ., 21.85 miles; second track, 20.11
miles; third track, 7.61 miles; total track, 85.79 miles; leases Plymouth R R .
9 .22 miles. Leased on N o v . 10 1870 to Phila. & Reading for 999 years
rental, $277 ,62 3, incl. $8,000 yearly for organization expenses.— (V . 119
p . 2177 )
P H IL A D E L P H IA N E W T O W N & N E W Y O R K R R .— Philadelphia to
New town, P a ., 22.18 miles; 2d track, 3 .3 4 m .; 3d track, 2 .15 m .; sidings
and laterals, 5 .19 m . The I .-S . C . Commission has placed a tentative
valuation of $ 2 ,144,100 on the property of the company as of June 30
1917* Stock— common, $ 1 ,225,000; preferred, $400 ,00 0. Reading owns
prefarfed| *382.450; common, $672,950; par, $50., O f the bonds, $ 1 ,120,200
(witu coupons only partly paid— see V . 64, p. 331) are owned by the
Reading C o. and deposited under its general and refunding mortgage of
1924. $ 2 6,000 additional being owned but not pledged. In O ct. 1898
Interest on $570,000 bonds was reduced to 3 % from April 1 1897 and made
a first charge; remainder, 5 % , subject to said agreement.— V . 122, p . 1608.)

PHILADELPHIA

& TRENTON RR.— Phlla. (Kensington). Pa
to
Morrlsvllle, Pa , 30.66 m ., mostly four-tracked.
On June 30 1871 leased for
999 years to Pennsylvania R R . at 1 0 % on $494,100 stock, the balance,
$765 ,00 0. being owned by United New Jersey R R . & Canal Co.
P H IL IP P IN E R Y . C O . ( T H E ).— Under a concession granted July 13
1906 by the Philippine Governm ent, in accordance with an Act o f Congresf
of the United States In 1905, and with the approval of the Secretary of War
this company has contracted to build lines o f railroad in the Philippine Ts'
ands as follows: Island of Panay, 100 miles; Negros, 100 m .; and C ebu, 95 m .
O R G A N I Z A T I O N .— Incorp. Feb. 5 1906 in Connecticut with an autb
capital of $ 5,000 ,0 0 0 .
V . 80. p. 2622; V . 82, p . 219, 752; V . 8 3 . p. 493. 9 7 0 ,
1412: V . 85, p. 794; V . 8 7 , p. 1358. Under the terms of the concession the
Philippine G ovt, guarantees interest on an issue o f 1st M . 30-year sinking
fund 4 % gold bonds, which may be Issued to extent of 9 5 % of cost of
construction. Any interest payments by the Government become a cumn
lative lien on the property subject to the lien of the 1st M . bonds.
R E P O R T .— For 1925 showed: Gross, $746,742, railway oper. income,
$199 ,37 6, other income, $ 2,418, deductions, $349 ,72 7; bal., def. $147 ,93 3.
V . 122, p . 3449.
D IR E C T O R S .— H . T . S. Green, J. H . Pardee, O . Lewis; Major-General
Frank M cIntyre, G en. W m . Barclay Parsons, J. G . W h ite, Alonzo Potter.
Charles M . Sw ift, Gen. Cornelius Vanderbilt, C ol. Orval P . Townshend,
Jacques Weinberger. Chairm an, J. G . W hite; Pres., Charles M Swift;
Sec. A Treas., T . W . M o ffa t. O ffice, 33 Liberty S t ., N ew Y o rk .— (V . 122,
p . 3449 .)
P I T T S B U R G H B E S S E M E R & L A K E E R IE R R (T H E ).— East P itts­
burgh, P a ., to Conneaut H arbor, O ., 184.44 miles; 2d track, 140.36 miles;
branches and spurs, 29.1 0 miles; yard track and sidings, 272 66 miles, total
6 2 6 .5 6 miles, all of which is leased to Bessemer & Lake Erie R R . C o ., who
in turn leases to Union R R . mileage between N orth Bessemer, Pa. am)
East Pittsburgh, P a ., of 8 .0 4 miles; second track, 8 .0 4 miles, and 87-77
miles o f yard track and sidings, reserving traffic rights to operate passenger
trains over the 8 .0 4 miles.
The I .-S . C . Commission has placed a tentative valuation o f $31,000 ,000
on the property o f the company as o f June 30 1916. Valuation protested,
V . 119, p . 1283.
O R G A N IZ A T IO N . &c.— A consolidation Jan. 18 1897.
Boat lines to
Canada, see V. 77, p. 1228; V . 76, p. 1358, 922: V. 61. p. 241, 795.
Of the stook, $5,500,500 common and $761 ,00 0 preferred are owned by
the U . S. Steel Corp. Leased for 999 years from April 1 1901 to the Besse­
mer A Lake Erie R R ., a subsidiary organization o f the U . S. Steel C orp ..
for 6 % on pref. and 3 % on com . stock. Interest on bonds and organization
expenses, & c., lease guaranteed by the U . S. Steel C orp.
V . 72. p. 137.
B O N D S .— The m tge. of 1897 is for $ 1 0,000 ,000 ; $ 3 ,5 5 3 ,0 0 0 reserved to
retire Pittsburgh Shenango & Lake Erie bonds.— (V . 119, p . 1283.)

PITTSBURGH CHARTIERS & YOUGHIOGHENY R Y.— Owns from
Ohartlers to Beechm ont.20 miles; trackage (Chartlers R y . , 1.40 m .; 22 m . in
all. S T O C K outstanding, $ 1 ,3 9 0 ,0 0 0 , owned Jointly by guarantors men­
tioned below
A u th . stock, $ 1 ,5 0 0 ,0 0 0 . V . 8 2 , p . 1269.




111

KAILW AY STOCKS AND BONDS

3 Sc 5

W h en
P a y a b le

A

4 g

&

O Oot

J

Si

A
J
A

A

J July 1 1937

O
A
D
A
O
g
J
J A
g
A
J
J
g
A A O
z
J Sc J20
5
A A O
6 g
H i e A A <)
4*4 e A A O
4*4 g M A N
M A N
4 g
3*4 g F A A
A D
J
4 g
Si A N
4 g
F A A
4 g
A
F A
4*4
444
1
M A N
J & 1)
5 g
A & O
5 g
3 *4 X A A <)
F A A
5 g
4 g
M A N
0—J
7
7
O— J
G— J
7
7
Q— J
F A A
10
J A
J
6 g
A A ()
5 g
A
J
J
4 *4
O
614 g A A
J & J 15
6 g
7
A & O 15
&
J
5
1
8
6
5
6
5
4

1 1942

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 e

Reading Term inal. Phlla

O ctlO ’ 26 2 * 4 % Treas Penn R R Co, Phlla

Q— J

10

L a s t D iv id e n d
a n d M a tu r ity

O ct 1 1926 1*4
D ec 1 1926 3 %
O ct 1 1940
July 1 1943
Jan 1 1947
A nr 1 t932
July20 1926 2*4
Oot 1 1932
Oot 1 1940
Apr 1 1942
Nov 1 1 9 4 2
Nov 1 1 9 4 5
Aug 1 1 9 4 9
Deo 1 1 9 5 3
N ov 1 1 9 5 7
Feb 1 1960
Aug 1 1 9 8 3
M a y 1 1964
June 1 1970
Apr 1 1975
Oot 1 1 9 3 1
Feb 1 1955
Nnv 1 1957
July 6 1926 1*4
July 6 1926 1*4
July 1 1926 1*4
July 1 1926 1*4
Aug 2 1926 5 %
Jan 1 1928
Jan 1 1928
Jan 1 1928
T o Oct 1 1935
T o Jan 15 1935
T o Apr 15 1935

Bankers Trust Co. N Y
Cheok from Co's Office
do
do
Central U nion Trust N Y
do
do
United States Tr Co, N Y
Office, Pittsburgh
Pa
Treas office. P lttsb, Pa
R eg Penn R R , N Y coup
Penn R R O o „ N Y
do
do
do
do
do
dodo
do
do
do
do
do
do
do
do
do
do
do
P ittsburgh and N Y
C o'soffloe, P ittsburgh.Pp
Treasurer, Pittsburgh
Pa R R C o . N Y
W inslow, Lanier&Go.NY
do
do
do
do
do
do
Co's Of floe, Pittsburgh
do
do
New Y ork Trust Co, N Y
G uaranty Trust C o , N Y
G uaranty T r C o , N Y
G uaranty T r C o , N Y

T he I.-S . C . Com m ission has placed a tentative valuation o f $1,976,543 on
the total owned and $1,950,350 on the total used prop erty o f the com p any,
as o f June 30 1916.
D IV I D E N D S .— In 1895, 4 % ; 1896, 1 1 % ; 1897. none; 1898, 7 % ; 1899.
1% ; 1900, 4 % ; 1906, 6 % ; 1907, 1 0% ; 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) b y Pitts. C in . C hic. & St. Louis, the other half b y
Pitts. & Lake Erie. See guaranty, V . 56. p. 650. In 1925, gross Incom e,
$493,900' qet Incom e, $109,405: other incom e, $68,167; deductions, $16,463;
di vs., $55,600; sinking and other reserve funds, $21,745; b a l., su r., $83,766.
Pres., H enry C . N u tt.— (V . 120, p . 2682.)
P I T T S . C I N C IN . C H I C . A N D S T . L O U IS R R . C O . (T H E ) .— M ain
Line:
M ile s .
6 10.54
Pittsburgh, P a ., to East St. Louis, HI_____________________________
Bradford, Ohio, to Chicago, 111____________________________ _________ 2 3 1 .9 0
Rendcomb Jet., Ohio, to Anoka J et., In d _________________________
1 6 6 .l l
Indianapolis to Clarksville, In d _____________________________________
108 46
Indianapolis to Vincennes, In d _______________________________________ 115-50
Rockville to South Bend, In d ________________________________________ 176.41
Logansport to Butler, In d ____________________________________________
9 3 .1 0
Ohartlers Branch— Carnegie to W ashington. P a _____________________
2 3 .6 2
New Cumberland B r.— New Cumberland Jet. to Chester, W . V a
22-19
Wheeling Branch— W heeling Jet. to Benwood, W . V a ______________
2 8.04
M uncie Branch— Converse to M un cie. In d ___________________________
4 3 .0 2
Main Line
M ile s •
Effner Branch— Peoria Jet. to Effner, In d ____________________________
6 0 .3 4
62.01
Cambridge C ity Branch— Colum bus to Dublin Jet., In d ___________
Madison Branch— Colum bus to M adison, In d _______________________
44-95
Sundry branches________________________________________________________
88 60
Total mileage ow ned_________________________________________________ 1.874-79

O R G A N IZ A T IO N .— This railroad com pany com pleted its organization
jn Jan. 1 1917 with $100,000,000 o f auth ca p ita l stock, per plan in V 103,

0 . 6 6 6 . 844, 2429, as a consolidation o f the folio wing cos belonging to the

Pennsylvania R R . system : Pitts. Cine. C hic. & St. L. R y ., Vandalla R R .,
Pitts Wheel A K y .. Anderson Belt R y and C hic. Ind & East R y .
The stockholders on D e c. 29 1920 approved the lease o f the road and
property to the Pennsylvania R R . for 999 years upon the general basis o f
paying a rental sufficient to cover the fixed charges and a dividend at the
rate o f 4 % per annum upon the stock for five years and thereafter at the
■ate o f 5 % .

V

111 . p. 1950: V. 112. p 63: V

115, p

437. 989

The I.-S . C . Comm ission has placed a tentative valuation o f $184,131,934
on the property o f the com pany and its subsidiaries, as o f June 30 1916.
S T O C K .— Pennsylvania C o. owns $74,039,400 o f the outstanding stock
and Pennsylvania R R . $10,000,000. In M arch 1920 the Penn. R R . and
Penn. C o. offered to acquire the m inority holdings. See under “ B onds” below
B O N D S .— T he C o n so lid a te d M o r tg a g e for $75,000,000. made in 1890 b y
she Pitts. C in. C hic. & St. Louis R a ilw a y C o. reserves sufficient bonds for
be purpose o f retiring all sectional bonds at m aturity, at which tim e they
must be paid o ff. T h e remainder are Issuable for Improvements, additions,
fcc. T hey are guar, unconditionally as to prin. & int. by the Penn. O o.
The ten series are all equally secured
See adv. in “ Chronicle” M a y 21
1892 and guaranty on bonds. V . 96, p. 488: V. 9 7 , p 365. 598; V. 90. p.
103.1555; V . 91. p. 337; V 92, p. 1243; V . 98. p. 1461: V 99. p. 199: V . 100.
p 475: V 103, p. 2342. Equipm ent trusts D ec 31 1925 $8,095,064.
T o retire the $1,899,000 old bonds o f Terre Haute A Ind. (old Vandalla
B R .) an equal amount o f consols o f 1905 was reserved. See V. 80. p. 1243,
'.236: V. 82. p. 162, 630; V. 8 6 , p. 1531; V . 90, p. 850, 915, 1426The stockholders on M a y 27 1920 authorized an issue o f Gen M tge .
bonds, $20,000,000 (Series “ A ” ) o f which were issued to reimburse the
Pennsylvania C o. for advances made to cover the im pt. & exten. o f the
“ Panhandle” prop erty. In M arch 1925, $26,000,000 Series “ B ” bonds
were sold. Gen. M tge. dated June 1 1920, will be a direct m ortgage upon
all the lines o f railroad and appurtenances thereto now owned and upon
all properties acquired b y the issuance o f any o f the Gen. M tge . bond s.
These G e n .'M tg e . bonds are subject to $69,753,000 o f prior lien bonds,
which m ay not be extended or renewed and for the retirement o f w hich,
at or before m aturity, G en. M tge. bonds are reserved. T otal authorized
amount o f Gen. M tge. bonds is limited so that the am ount thereof at any
one time outstanding, together with all outstanding prior debts o f the
com pany, after deducting therefrom the bonds reserved under the G en.
M tge. to retire prior debts at m aturity, shall not exceed three times the
then outstanding paid-up capital stock.— V . 120, P. 1323.
R E P O R T .— For 1925 show ed: Gross incom e, $8,844,580; deductions,
$5,455,890: dividends, $3,388,690.
O F F IC E R S .— P res., W . W . A tterbury; S ec., S. H . C hurch; T reas.,
T . H . B . M cK n igh t; C o m p t., E . A . Stockton. O ffice, Philadelphia, Pa.
— (V . 123, p . 1248.)
PITTSBURGH FORT WA Y N E & CHICAGO R Y . — ( S e e M a p s P e n n . R R .)
R O A D .— Owns from Pittsburgh, P a., to Chicago, 111 . and branches, 471
miles. Double track. 469 miles.
Leased to Penn. R R . O o. for 999 years from July 1 1869. and Is operated
directly b v that railroad (V . 105, p . 2095); rental, 7 % on stocks outstanding
payable Q .-J., and a sum sufficient to cover actual organization expenses.
in 1901 an extra dividend o f 2 % was declared on b o th stocks, b u t on
guar, special stock only in case courts so decide
V . 72, p . 821, 1188. In
Jan. 1920 paid special dividend o f 5 % % on both com m on and preferred in
addition to regular quarterly paym ents o f 1 *4 %
C o m p a re V . 1 0 8 .p. 1275.
C A P IT A L S T O C K .— A plan was adopted O ct. 17 1917 (1) increasing
the limit o f capital stock to $ 100 ,0 0 0 ,0 0 0 , thus perm itting the Issuance
firom time to tim e as required o f $27,849,414 additional guaranteed
special stock, or as it is now know n, com m on stock, with dividends p ay­
able under lease at such rate as shall be fixed at tim e o f issue;

112

KAILW AY STOCKS AKD BONDS

R A IL R O A D C O M P A N IE S
[F or a bbreviation s, A c . , see n otes on pa ge 8]

Pittsburgh M cK ees & Yough — Stock guar (see text)
First mortgage guar by P A L E an 6- L S * M S_xc
Id M guar p A I (end) b y P A L E and L S & M S .x c
Equipm ent trusts due $18 6 ,7 0 0 yearly____________ Q
do
do
( N Y O L i n e s ) .....................................
_____________________________________
do
do
P itts b u r g h & S h a w m u t R R — Stock__________________
First mortgage gold red 105____________ C E .xc*A r*

M ile s
R oad

57
57
—
—

First Lien T rust lfli-year notes $8,760,000 g _________
...
Collateral trust notes $1,500,000 autb (ext. 1 j r r .) ..
E quipm ent trusts $13,000 sem i-annually______Colx
do
do
$7,000 sem i-annually______Colx
P it ts b u r g h S h a w m u t & N o rth — R eceivers’ certific
Central N Y * W estern R R 1st M _________________
First m ortgage gold $12,000,000____________ E o-xo’
R efunding m ortgage gold $15,000,000_____________
...
Pittsburgh & W est Virginia R.v—
C om m on stock $30,500,000 auth__________________
W est Side Belt 1st M t - - ______________________ UPlx Text
do
E qu ip tr c t f Ser “ B " due $75,000 s-a FP c*
E qu ip trust cert due $300,000 ann red 1 0 2 4 4 ____ c*
do
due $134,000 ann red 10244_____________c*

D ate
B on d s

1882
1882
1884
1920
1922
1920

Par
V a lu e

$50
1,000
1,000

1909
1917
1920
1916
1917
1924
1892
1899
1902

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

$3 ,9 5 9 ,6 5 0
2 ,250,000
1.000.000
1 ,680.300
2 ,6 7 6 ,0 0 0
610,000
15,000.000
2 ,2 1 8 ,0 0 0
7.260.000
1 .100.000
13,000
7,000
2,1 7 0 .0 0 0
733,000
164,000
14.491,600

1897
1917
1924
1926

100
1.000
1.000
1,000
1,000

3 0 ,2 3 5 ,1 0 0
7.000
75 ,0 0 0
2 ,4 0 0 ,0 0 0
2 ,0 0 0 ,0 0 0

$100
1.000
1,000

to rename the guaranteed special stock “ common stock” as above stated
and the “ original” guaranteed stock as pref. stock and the latter to continue
to receive dividends out of sum of $1 ,3 8 0 ,0 0 0 set aside annually for this pur­
pose under terms o f 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 ,5 0 0 ,0 0 0 , after meeting expenses of recapitalization, to all stockholders
other than Penna. R R . and Penna. C o . See V . 105, p. 716. Under the above
plan the authorized capital stock was increased to $100 ,00 0,00 0, and there
had been Issued to D ec. 31 1925 $ 1 7 ,7 4 7 ,2 0 0 o f pref. stock In exchange for
original guaranteed .itock and $49,090,300,'of common stock In exchange for
guaranteed special stock and to Penna. R R . for additional betterm ents.
In M a y 1922 the authorized common stock was increased from $ 8 0,285 ,700
to $ 1 0 0 ,00 0,00 0.
Penna. R R . C o. owns $ 3 2,100 ,000 guar, sp e d al stock and $37,9 5 4 ,9 0 0
com m on stock. Penna. C o. owns $ 5 ,3 2 0 ,0 0 0 guar, special stock, $ 1 9 ,700 pref. stock and $807 ,10 0 common stock.
C a pital Stock D ec . 31 1925 (.Total A u th orized $ 1 1 9 ,7 1 4 ,3 0 0 ).
A u th o rized .
Issu ed .
Reserved fo r C on version .
Pref. stock_________ $19,7 1 4 ,3 0 0 $ 1 7 ,7 4 7 ,2 0 0 $1,96 7 ,0 8 6 (original guar.)
Com m on stock_____ 100,000 ,000
4 9 ,0 9 0 ,3 0 0 3 7 ,7 2 2 ,5 0 0 (special stock)
R E P O R T .— For 1925, gross Income, $7,4 7 9 ,2 1 8 ; deductions, $21,779
dividends, $ 7 ,4 5 6 ,8 9 6 ; balance, sur., $529.
P res., Charles Lanier; V .-P re s., James F . D . Lanier and Charles A . Pea­
body; Sec. A T reas., R . M . Colem an, New Y o r k .— (V . 118, p . 795.)
P I T T S B U R G H A N D L A K E E R IE R R C O (T H E ) — (See M a p s N . Y .
C entral RR. ) . — Owns from Pittsburgh, P a ., to Haselton, O ., 65 m ., to be
4-tracked: branch lines to Newcastle. Elwood C ity. A c .. P a ., 11 m .: total
owned, 76 m . (of which 68 m . double track; 51 m . 3d and 49 m . 4th track,
leases Pitts. M cK eesport & Y o u g h . (which see), 122 m .; M a h . State Line.
R R ., 3 m .; trackage rights, 31 m .; total, 231 m .
In Jan. 1910 a 99-year traffic agreement was made with the Western
M arylan d. V . 90, p . 237: V . 92. d . 874.
S T O C K .— Operated in harmony with the N . Y . Central, which, D ec. 31
1925, owned $17,9 9 3 ,1 0 0 of the $ 3 5 ,9 8 5 ,6 0 0 outstanding stock.
P . A L . E . owns stock o f Pitts. M c K . A Y ough. R y . (see below; stock
and bonds In Monongaheia R y . C o ., which see above); M ahoning State
Line R R ., $ 9 5,500 ; Pittsburgh A Clearfield R R .. $107,000; l.a k e E r le A
Eastern R R .. see that co.
The Pittsburgh A Lake Erie and N . Y . Central R R . Jointly own $ 3 ,1 3 6 ,
850 of the $ 3 ,9 5 9 ,6 5 0 Pitts. M cK eesport A Youghiogheny R R . stock.
Covenants to pay New York Central Lines equipment trusts o f 1913, its
share o f the amount outstanding D ec. 31 1925 being $ 5 3 0 ,9 3 2 .
Equipm ent trusts of 1920, V . 111. p. 1473.
Equipm ent trusts Issued to Director-General for rolling stock allocated
to this com pany. See article on page 3 and V . 113. p. 1472.
L A T E D I V 8 .— J’0 7 . ’0 8 . ’09. TO ’ l l T 2 T 3 ----- 1914 to A u g ’2 6 .----Per c e n t .................. \ l2
11 10 50 35 22 15 10% yearly (F . A A .)
A n extra dividend o f 2 0 % was paid A u g . 12 1916, and simultaneously
shareholders were allowed to subscribe at par for 2 0 % ($5,997,600) new
stock. Increasing outstanding amount to $35,9 8 5 ,6 0 0 . V . 103. p. 494.
R E P O R T .— For calendar year 1925, in V . 123, p. 201; for 9 m os. ended
Sept. 30 1926, in V . 123, p . 2516:
N e t, after
Total N et In terest, etc. D ividends
Balance
oa ten d a r
Gross
T a xes, A c . In c o m e.
C harges.
(10^J).
Surplus
Y ea r— E a rn in g s.
’26(9m o) 2 4 ,9 6 1 ,7 9 3 6 ,6 3 9 ,8 1 4 7 ,6 5 2 ,8 3 8 1,942,979 2 ,6 9 8 ,9 2 0 3 ,0 1 0 ,9 3 9
8,8 9 1 ,7 9 0 10 ,0 9 7 ,8 9 8 2 ,728,295 3,5 9 8 ,5 6 0 3,7 7 1 .0 4 3
19 2 5 ____ 3 2 ,0 2 6 ,6 8 9
_________________ ,1 4 8
8 ,146,221 9 .2 2 5 .8 9 7 3,0 6 0 ,7 4 2 3 ,5 9 8 ,5 6 0 2 ,5 6 6 ,5 9 6
1924____ 3 1 ,4 2 1 ____
1923_____ 4 4 ,6 6 6 ,6 9 0 15,574,595 16.794,617 3 ,624.510 3 .5 9 8 .5 6 0 9 .571,546
19 2 2 _____ 2 9 .5 7 0 ,9 8 3
5 ,2 7 9 ,7 4 2 6 ,0 1 8 ,3 0 4 1,686,291 3 ,5 9 8 ,5 6 0
733,451
For latest earnings, see “ Railway Earnings Section" (issued m onth ly).
O F F IC E R S .— Chairm an, J. M . Schoonmaker; Pres., P . E . Crowley!
V .-P . & G en. M g r ., J. B . Y o h e; Sec., E d w . F . Stephenson; G en. T reas.,
H . G . Snelling; C o m p t., W . C . W ish art.— (V . 123, p. 2516.) .

PITTSBURGH McKEESPORT & YOUGHIOGHENY RR.— (S ee M a p s
N ew Y ork Central L in e s ) .— Owns from Pittsburgh to Connellavills. Pa.
56 70 miles; Belle Vernon Jot. to Brownsville J et., P a .. 38.5 2 m .; branches
18.78 m .; leases, 2 .0 0 m .: total. 116 50 m .. of which 95.22 miles double tr’k
L E A S E — Leased to Pittsburgh & Lake Erie R R lor 999 years.
Rental
Is 6 % on the stock, principal and interest of the Pittsburgh M cKeesport A
Youghiogheny bonds being guar, by P itts. A L . Erie and Lake Sh. A M ich.
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 oondltlon that the holder shall aooept 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 ,2 5 0 ,0 0 0 ; second mortgage
bonds authorized, $ 1 ,750,000.
The Pitts. A Lake Erie and Lake Shore A M ich . Sou. (now N .Y . Central
R R .) offered Jointly to purchase the stock at $65 per $50 share; $ 3 ,1 3 6 ,8 5 0
acquired up to D ec. 31 1925.
Equipm ent trusts Issued to Director-General for rolling stock allocated
to this com pany. 8ee article on page 3 and V . 113, p. 1472.
O F F IC E R S .— Pres., J. M . Schoonmaker; V .-P s ., P . E . Crow ley, A . H .
Harris and J. L . Burdett; Sec., E . F . Stephenson; Treas., H . G . Snelling;
C o m p t., W . C . W ishart.— (V . 113, p . 1472.)
P I T T S B U R G H & S H A W M U T R R .— Owns from Erie June., Brock
w ayvllle. P a ., to Freeport, P a ., main line. 102.96 miles; sidings, 5 7 .0 6 miles.
Th e I .-S . C . Commission has placed a tentative valuation o f $10,5 1 5 ,0 0 0
on the owned and used property o f the company as of June 30 1919.
B O N D 8 A N D N O T E S .— In 1909 sold $ 4 ,0 0 0 ,0 0 0 of an authorized $12.• 00,000 o f 50-yr. 5 % g. bonds, callable at 105; ann. a. f . , $ 1 0 0 ,0 0 0 . beg
D ec. 1914. The bonds are secured on the 103 m . In operation; also pledge
of $11,9 5 3 ,0 0 0 of $ 1 4,491 ,600 R ef. 4s and $ 58,000 of $164 ,00 0 P itts. S.jA




A m oun t
O utstanding

R ate
%

6
6
6

V
644
6
g
6
6
6
6
5
5
4

g
i
g
i
«
g
l

W hen
P a ya b le

[V ol. 123.
Last D ivid en d
and M a tu rity

P la ces W here In terest a n c
D ivid en d s are P a ya b le

J
& J July 1 1926 3 % Central On Tr Co, N Y
J
A
J July 1 1932
do
do
J
A
J July 1 1934
do
do
J A J 15 T o Jan 15 1935 Guaranty T r O o, N Y
J
A D 1937
A A O O ct 1 1935
G uaranty Trust C o , N Y
J
A D
M A N
M A S
J
A
J
A A O
Sem i-an.
J
A
J
F
A A
F A A

6
Q— J 31
M A S
5 ft
5
A A O
444 g M A N
444 g M A S

Deo 1959
M a y 1 1927
M ar 1 1922
Jan 1927
Apr 1927
1927
Jan 1 1943
Feb 1 1949
Feb 1 1952
See text
Sept 1 1 9 3 7
Apr 1927
T o N o v 1 1934
T o M a r 1 1941

internal B an k .N ew Y ork
Irving B k A T r C o , N Y
Irving B k A T r C o , N Y
do
do
do
do
In default
Feb 1905 Int last paid
do
do
Plttsb'h. Colonial Tr o Fidelity-Phila Tr C o,P hil
N Y A Un Tr C o , Cleve
(D illon, Read A C o , N Y
(Union Trust C o , Cleve

N or. 1st 5s outstanding, pledge of entire $ 3 ,6 0 6 ,3 6 2 stock and $2 ,0 1 9 ,7 0 3
5% notes o f Allegheny River M ining C o .; also contract with last-named
'om pany for minimum coal tonnage. Total bonds Issued $ 1 2 ,0 0 0 ,0 0 0 ,
of which $2 ,2 1 8 ,0 0 0 outstanding, $ 1 ,7 8 2 ,0 0 0 have been canceled by sinking
fund and $ 8 ,006,000 pledged as collateral (see below ).
Under plan o f refinancing M a y 1 1917, $ 8 ,7 6 0 ,0 0 0 10-year 5 % Trust
Notes were authorized, of which $ 7 ,2 6 0 ,0 0 0 were issued together with com ­
pany's $1 ,5 0 0 ,0 0 0 one-year 5 % trust notes, to provide for bills payable and
demand notes then outstanding also to provide for cash paym ents on car
•.rust dated April 1 1917. These $ 7 ,2 6 0 ,0 0 0 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 ,0 0 0 ,0 0 0 o f the com pany's 1st M . 5s of 1909 and $3 ,0 0 0 ,0 0 0
1st M . bonds of Allegheny River M ining C o . and “ $600 ,00 0 value o f loco­
motives and cars borrowed for this purpose from the AUeg. M ining C o .
The remainder ($1,500,000) o f the 10-year notes were reserved to retire th*
$1,500,000 1-year Issue due In M a y 1918; but In M arch 1918 $1 ,5 0 0 ,0 0 0
2-year notes were sold to take up the latter.
The one-year Collateral N otes ext. to M ar 1 1922 are secured by $ 1 ,0 0 0 ,000 1st mtge. 5 % bonds o f Pittsburgh & Shawmut R R ., $339 771 6 %
demand note o f the receiver P . 8 . A N . R R . and $600 ,58 8 demand note of
Allegheny River M ining C o. V . 110, p . 2388 . Announced In M a r. 1921
that the notes “ are held privately b y m ajority stockholders of the co. and
are being carried as over-due company obligations, on which the int. will be
regularly paid but the principal m ay not be called for a year or m ore.”
R E P O R T .— For year ended D ec. 31 1925; Gross, $ 1 ,3 2 4 ,4 9 8 net oper
Income, $249,776 other Income, $289 ,88 4; int. A rentals, $57 2 ,5 1 7 ; b a l.,
d e f., $ 3 2,857 .
i)I R E C T O R S .— Arthur T . W alker (C h airm an). W m . Shillaber J r., John
Hubbard, Edwin E . T a it (P res.), H . H . Gardiner, N athan L . Strong,
A . O . Griffith (Treas. A A u d .), Lewis L . Delafield, E . E . R u dd , R . E .
Ball. W . W . M orrison, Edgar W . T a it ( V .-P .) , J. T . C olb ert.— (V . 1 23,
p. 1872.)
P I T T S B U R G H S H A W M U T & N O R T H E R N R R .— Owns a road ex.
tending from bituminous coal fields In Elk C ounty. P a ., northerly to W a y
land. N . Y . Total road owned. 161 miles: total operated, 210 miles.
L eased—
M ile s .
ow ned—
M ile s .
Way land. N . Y . , to H y d e , Pa_ 144.50 Clarion River R y ________________11.83
9 .00
Trackage—
Proeser to Olean . N . Y ________
6.17
Kasson to H aziehurst. P a ____
4.82 H yde to B rockw ayvllle, P a —
Brown's Run B ranch__________
1.50 W a y land to W aylan d J e t .,N .Y . 1.26
Horton C ity to D ru m m o n d ._ 1.27 S t. M a r y ’s , D epot to Junction 0 .4 2
Brockport to H orton C it y . P a_ 2 .42
L eased—
Moraine to H ornell. N . Y ____ 10.38
T o ta l operated----------------------210.48
Kersey R R . to Cardiff, P a ____ 16.92
The I .-S . C . Com m ission has placed a tentative valuation o f $7 ,2 8 5 ,0 0 0
on the owned and used property o f the com pany as o f June 30 1919.
R E O R G A N I Z A T I O N .— On Aug. 1 1905 a receiver was appointed. V .
42. D 188: V 96. p. 864: V . 101, p 208: V. I l l , p. 2521.
Stock, $15,0 0 0 ,0 0 0 authorized and outstanding.
Receiver's certificates and promissory note, V . 118, p . 2180.
The $ 5 ,836,000 old firsts or 1899 exchanged for the bonds of 1902 have
aot been canceled. V . 7 5 , p. 291.
Protective committee for P . 8 . A N . bonds, Howard Bayne. Chairm an;
A. N . Hazeltine, Sec., 60 Broadw ay, N . Y .
In April 1916 a m ajority o f
sach class of bonds had been deposited with Colum bia Trust C o . as deposi­
tary. V . 102. p . 4 38. For causes delaying reorganization. V . 105, p . 3 89.
R E P O R T .— For 1925, gross, $ 1 ,9 0 1 ,8 9 9 ; net oper. Income, inc., $ 2 3 8 ,1 8 2
other income, $ 17,728 ; in t., rentals, A c ., $ 2 27 ,60 4; b a l., $28 306.
For latest earnings, see “ Railway Earnings Section" (issued m onth ly).
Receiver, John D . Dickson.— (V . 123, p. 2389 .)
P IT T S B U R G H

& S U S Q U E H A N N A R R .— (V . 123, p . 4 5 2 .)

P I T T S B U R G H & W E S T V I R G I N I A R Y , C O . ( T H E ) .— Owns road
sxtending from connection with W heeling A Lake Erie R y .. near Jew ett, O .,
easterly to Pittsburgh, P a ., 60 miles; Longview, P a ., to M ifflin , P a ., 3
miles: Virginia, W . V a ., to Bellfield, P a ., 3 miles; also extensive terminal*
at Pittsburgh, and ownership o f the $1 ,0 8 0 ,0 0 0 capital stock o f the W est
Side Belt R R ., operating a belt line from Pittsburgh to Clairton, P a ., 21
miles, and branch o f 2 miles. Total main line mileage operated (tncl.
that leased from the W est Side Belt R R .) at D ec. 31 1925 was 89 miles;
second main track, 5 miles; yard track, sidings, A c .. 72 miles; total, 166 m .
On N o v . 15 1920 the stockholders approved the purchase o f the W est Side
Belt R R ., which was taken over for operation as o f Jan. 1 1921. V . 111.
p . 8 97, 2041; V . 113, p . 2721. The I .-S . C . Commission on Jan. 12 1926
authorized the company to.ontinue control o f the railroad o f the W est Side
Belt R R . for a period of 10 years from Jan. 1 1926, through agreement pro­
viding for the operation o f both companies b y the Pittsburgh A W . Va. R y .
The I .-S . C . Commission has placed a tentative valuation o f $ 22,852 ,368
on the total owned and $ 2 2 ,8 5 5 ,6 4 0 on total used property o f the com pany,
as o f June 30 1917.
O R G A N I Z A T I O N .— Incorporated In Penn, and W . V a . In Jan. 1917 as
auccessor o f W a b . P itts. T erm . R y ., foreclosed per plan In V . 103, p . 9 40:
V. 104. p. 74, 258.
S T O C K .— Holders o f com m on stock o f record Sept. 30 1924 were offered
the right to subscribe for pref. stock (par $100) and common stock (par
$100) o f the Pittsburgh Terminal Coal C o . 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 A W est Virginia R y . held, on paym ent of $ 1,300.
V . 119, p . 1511.
D I V I D E N D S .— In M arch 1926 a dividend o f 6 % was declared payable
in four quarterly installments, as follows: 114 % on April 30 to holders o f
record April 13, 1 1 4 % on July 31 to holders o f record July 15, 1 1 4 % on
O ct. 30 to holders o f record O ct. 15 and 1 1 4 % on Jan. 31 1927 to holders
o f record Jan. 15 1927.

R A IL R O A D C O M P A N IE S
[For abbreviation s, A c . , see notes on page 8]

M ile s
R oad

P Itti Y ou n rst St Ash— Com stk {2.1 0 0,00 0 7 % gu ar.
138
Preferred stock 7 % guaranteed {9 ,1 0 0 ,0 0 0 _______
138
Consol mtge sinking fund 1 % not d raw n____F.xo*
123
First General m ortgage {15,000,000 g o l d s f-.C e j c *
140
do
Series B ________________________ Ce.xc*
140
do
Series O ________________________ C e.x c*,
140
Portland & Rumford Falls RR— Stook {1 ,0 0 0 ,OOu—
Portland & Rumford Falls Ry— Stook 8 % guaranteed
1st mtge s f gold bonds guar p & i red ( t e x t ) . - x x x c *
Debentures sinking tuna gold {3 5 0 .0 0 0 -_______ -so
Debenture bonds guar p * 1 by end b y M e Oen R R
Portland Term Co— P Un St Dds (not M) ser A A B g s f
New M 810,000.000 gold guar <2.800,000 are 5%
( t e x t ) ____________________
xc*Ar*
21
Port Reading— 1st M g guar b y old P & R --PeP.xo*Ar
Providence Terminal— See New York New Haven A H artfor
51
Providence & Worcester— Stook (10% ren tal)-----------61
First M (ref) our{1,500.000 (V 63. p 1064) _____ so*
Raleigh St Chari— 1st M prior lien ods g red text g .x o*
43
Consol mtge bonds {1,0 0 0.00 0 g guar red t e x t___xo*
43
Raleigh & Southport Ry.— See N orfolk Southern
Raritan River RR— Stock <1,000.000 auth__________
First m ortgage gold ____________________
sc
23
Reading & Colum bia— 1st consol M g ______ PePkv 54.03
Debentures_________________________________________o
--Debentures____________________________________

Date
B on ds

1887
1908
1908
1924

Par
V a lue

1926

1897
1915
’8 7 -’89

d

R E P O R T .— For 1925, In V . 122, p . 2 486 , showed:
1924.
1925.
1923.
< 4,8 5 6 .3 8 4 < 4,1 64,7 33 < 3,8 44,5 87
Railway oper. expenses. 2 .9 6 7 .2 6 8
2,9 0 1 ,3 2 7
3 ,0 2 0 ,3 2 8

$ LO $3,100,000
O
100
9,089,000
1,000
1,485,000
i .non
4,346,000
1,000
4,995.000
1,000
1,479.000
100
1,000
500 Sea
t, 1.000

1011 1.000 Ac
1891
1,000
1897
1906
1906

1889
1912
1877
1912

100
1,000
$200 Ac
200 Ac
100
1,000
< i.6 o o

1922.
< 2,835.601
2 ,2 3 6 .8 2 4

$ 1 ,8 8 9 ,1 1 6
5 61,327
647

$ 1 ,2 6 3 ,4 0 6
498.228
300

$824 ,25 9
481,112
46

$598,777
3 65.285
17

$1 ,3 2 7 ,1 4 2
782,291
2 99.519
4 0.114

$764,877
220,000
812,073
437,746
215.070

<343,101
720.000
979,483
44,597
4 2,237

$233,474
5 60.000
564.229
50.556
3 0.327

Gross Income__________ $ 2 ,449,067
D educt— Interest, & c___
132.839
Dividends ( 6 % ) ______
R ent for leased r o a d ..
397.491
Miscellaneous charges
2 0,258

$ 2 ,449,767
22,727
542,260
302,617
4,401

$ 2 ,1 2 9 ,4 1 8
120
544,242
253.275
150

$1 ,4 3 8 ,5 8 7
69
544,242
161.136
134

Dividend incom e. ..
Hire & rent o f equip. (net))
In c. from sec. A accts___
Miscellaneous incom e___

$733,005
Balance, surplus---------$1 ,8 9 8 ,4 7 8 $1 ,5 7 7 ,7 6 2 $ 1 ,3 3 1 ,6 3 2
For latest earnings, see “ R ailway Earnings Section” (issued m onth ly).
O F F IC E R S .— Frank E . T aplin, Chairman and Pres.; H . W . Nethken,
V .-P . & G en. M g r .; J. R . K raus, V .-P .; F . H . H arvey, Sec. & G en. A u d .;
H . C . M oore, T reas., Pittsburgh; Charles F . T aplin, General Counsel.
Cleveland. Office, W abash B ld g ., Pittsburgh, Pa.
D irecto rs.— Charles F . Taplin , Francis W . Paine, Richraf Sutro, H . W .
N ethken, W alter L . Haehlen, Robert S. M cV eig h , W illiam C . Atw ater,
Joseph R . K raus, Frank E . Taplin , John Sherwln Jr., A . W . Thom son,
Alec B . Uhrlg. Charles B . H utchins.— (V . 122, p . 3602 .)
P I T T S B U R G H Y O U N G S T O W N & A S H T A B U L A R Y . C O .— Owns
W est Rochester, P a., to Ashtabular H arbor, O ., 102 m .; Niles to Alliance
June., O ., 24 m .; Homewood to W am pum June., 6 m .; Lawrence June, to
New Castle, 3 m .; Bessemer Branch 5 m .; trackage. 1 m
T o ta l. 140
miles.
Pennsylvania C om pa n y owns $ 5 ,7 7 4 ,3 0 0 of the pref. stock and also
the <2,1 00.0 00 common
Leased to the Pennsylvania Co. for 999 years
from July 1 1910, the rental to oover all oharges, maintenance and 7 %
dividends on both ol asses of stook the oost of betterments to be represented
by stook or bonds bearing such rate of dividend or Interest as m ay be
satisfactory to the lessee. On Jan. 1 1918 lease was transferred to Penn
R R . O o. V . 90. p. 9 16, 1364; V . 9 2 . p . 1243.
B O N D S .— First Gen mtge. bonds o f 1908. < 1 5 ,0 0 0 ,0 0 0 au th ., o f which
< 4,3 4 6 ,0 0 0 8eries A outstanding, $654 ,00 0 having been canceled by sinking
fund; also <4,995.000 Series B outstanding. V . 118, p. 665; V 108, P
1823; V . 105, p . 73: V . 87, p . 416; V . 97. p . 729; V . 98. p . 1538, 1994: V . 99.
p. 60: V . 107, p. 2290.)
R E P O R T .— For 1925, gross income, $ 1 ,3 5 6 ,7 5 7 ; deductions, $573,427*
dividends, $783 ,2 3 0 .— (V . 122, p . 3079 .)
P O R T L A N D & RUM FOR D F A L L S R R .— Leases for 1,000 years from
April 1 1907 the Portland S Rumford Falls R y. and the Rum ford Falls &
c
Rangeley Lakes R R ., together extending from Oquossoo, M e., to Rumford
Jet., 92.3 5 miles, with branch to Livermore Falls, 10.27 m .; total, 102-62 m
Lease provides for Interest on bonded debt or two companies and 8 % on
< 2.000,000 stock of P. S R. Falls R y. and 2 % on {3 0 0 ,0 0 0 stock of the R F
c
A Rangeley Lakes R R .
The company Is Itself leased to the Maine Centra
RR
V 84 D 8BS- V 85 P Q92.
H as {1 ,0 0 0 ,0 0 0 auth s to ck
Dl-c'
dends, 6 % per annum since 1907. T h e 1st m tge. sinking fund 5 % gold
bonds due N o v . 1 1951 are callable as a whole or in part on any int. date at
102 and int. to and incl. N o v . 1 1941; thereafter at 101 to and incl. N o v . 1
1946; and thereafter at 10 0 t$ . C allable by lot for sinking fund at 100 on
N o v . 1 but not more than <17,000 in any one year. The bonds are
guaranteed, principal and interest, by endorsement by the M aine Central
R R . and also by the Portland & Rum ford Falls R R , Beginning N o v . 1
1927 an annual sinking fund will retire $17,000 principal amount o f these
bonds. Under the term s o f the m ortgage the sinking fund for year 1927
m ay be reduced to $12,0 0 0 . V . 123, p. 1872.
D ebentures of 1915, see V . 102, p . 7 7 3 .— (V . 123, p . 2136 .)
P O R T L A N D T E R M IN A L C O .— Owns railroad property In the cities o'
Portland. South Portland and W estbrook; sub-leases from M aine Central
the property belonging to the Portland A Rumford Falls R R .
and
Portland A Ogdensburg R y . Furnishes terminal facilities at Portland
(Including passenger and freight stations, wharves, coal-discharging
lants, shops and yard facilities) for the Maine Central and Boston & Maine
wns 23 88 miles and leases 7 .73 miles of track; 2d, 3d A 4th tracks owned
12.55 m .; leased, 4 .64 m .: yard tracks and sidings .owned. 78.6 4 m .; leased
12.4 4 miles. V . 95. p. 1202. Formerly Portland Union R y . Station Oo.
V . 9 2 , p. 1566- The tenant companies pay In proportion to use all costs
of maintenance and operation. Stock, < 1 ,2 0 0 .0 0 0 . owned by M aine C ent.
Valuation. V . 113. p. 1540.

S

B O N D S , E T C .— The Boston A M . and M aine C en t. Jointly guarantee the
<300,000 bonds of 1887-89. V . 93, p. 940. The 1st M . bonds of 1911
(< 1 0,0 00,0 00 auth. issue: Fidelity Trust C o ., Portland, M e ., trustee), are
guar, b y M aine Central, prin. A in t.; $ 4 ,500,000 bear 4 % and $2,800,000
6 % 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., M orris M cD onald ; V .-P . A G en. M g r ., D . O . Douglass, Port­
land. M e .— (V . 120, p. 700.)
P O R T R E A D IN G R R .— Owns 19.71 miles o f road, completed Sept. 1892
from Port Reading Jet.. N . J ., to coal piers on Staten Island Sound; second
track, 1 .13 miles; sidings and laterals, 5 9 1 7 miles; total, 80-01 miles.
T h e I .- S . C Commission has placed a tentative valuation o f $ 3 ,5 2 7 ,5 9 0
on the total owned and $ 3 ,5 2 7 ,8 0 0 on the total used properties o f the com­
pany as o f June 30 1917.




Am ount
O utstanding

juu

_

R ailw ay tax accruals___
U ncoil, r y . revenues____

113

RAILW AY STOCKS AKD BONDS

Nov., 1926.]

R ate

%

7

7
6
4 a
r
5 g
5
l.iHJo.ooo See text
8
2,000.000
881,000

350.000
300,000
300,000

5 g
4 g

4
4

7.300,000 4 A 6 g
1.500,000
5 B

W hen
P a ya b le

Last D ivid en d
and M a tu r ity

P laces W here Interest a n t
D ividends are P a ya b le

O— M D ec 1 1926 1 H
Q— M D ec 1 1926 X%
M A N N ov 1 1927
J
A D June 1 1948
F A A Feb 1 1962
J
A D June 1 1974
See text See text
Q— F N o v 1 1926 2 %
M A N N o v 1 1951
F A A Aug 1 1927
J A D June 1 1935
J
A J J * J 1927 to ’ 29

Treasurer, Pittsburgh
do
do
Pennsylv R R O o , N Y
do
do
do
do
do
do
Portland, Me
Portland. Me
Union S D A T , P ’t l ’d ,M e
Portland, Me
do
Portland. M e and Bostos

J
J

N Y . Boston A Portland
Reading Terminal, Phils

J July 1 1961
J Jan 1 1941

A
A

31 ’26 2 K Checks mailed
R1 H osp Tr C o , Prov. R l
1 1947
Baltimore Tr C o , M d
1 1966
do ’
do
1 1956

Q— M
10
3.500,000
4
A A O
1,500,000
F A A
350,000
4 g
200.000 See text. F A A

D ec
Oot
Feb
Feb

920,000 See text
400,000
5 v
4 g
<850.000
1.000,000
6
150,000
5

See text

J A J Jan 1 1939
M A S M cb 1 1962
J

A

D Deo 1 1917
M ch 1 1962

Jersey City
New Jersey Title A Tr
Reading Term inal, Phils
Interest not paid

M A S

OapPal stock authorized. < 2 .0 0 0 ,0 0 0 : par, <100, all owned by Reading
C o ., $1 ,9 9 5 ,0 0 0 being deposited under its general and refunding mortgage
o f 1 9 2 4 — (V . 121, p . 1346.)
P O T O S I & R IO V E R D E R Y .— San Luis, Potosl, on National R y s, o f
M exico to Ahuacatal, 38 m iles. On Aug. 16 1923 the management o f this
company was assumed by the American Smelting and Refining C o . In
connection with the acquisition o f smelter site near San Luis Potosl and
the operation o f a group o f so called Towne properties. Incidental to the
reorganization which took place at that time the Potosl and Rio Verde
Bonds no longer have the guaranty o f the Compania Metalurgica M exicana.
Warrants were Issued for unpaid interest on the bonds and scrip in the
amount o f $240 for each $ 1 ,0 0 0 par value o f bonds, and $43 20 for each
$180 par value o f scrip. The total o f warrants issued to public was $ 1 8 9 ,539 20. The reorganization managers were Spencer Trask A C om pany.
President. H . A . G uess. N . Y . — V . 107, p . 1193.
PR O VID EN C E St W O R C ESTER R R .— Owns from Providence, R . I ., to
Worcester, M ass., 44 miles, of whloh 5 miles are owned jointly with Boston &
Providence; branches, 7 miles; total owned. 51 miles; July 1 1892 leased for
99 years at 1 0 % per annum on stock to N . Y . N. H . & H .— (V . 105, p . 2 467 .)
PU EBLO UNION DEPOT St R R .— Owns union passenger station at
Pueblo, Colo., with 2 .5 9 miles of traok and sidings. Stook au th., {3 0 0 .0 0 0 :
outstanding, $ 4 0,600 ; one-fourth being owned b y each o f the tenant roads,
Denver & Rio Grande W estern, A tch . T o p . & Santa Fe, Colorado & South,
and Missouri Pacific. Operations are all at cost for benefit o f tenant lines.
Pres., Robert Rice, D enver, C o lo .; V .- P ., J. S. P yeatt, D enver, C o lo .;
8 u p t., C . W . Climenson; Sec. & T reas., A . S . B ooth, Pueblo, C olo .—
(V . 117, p . 1018.)
Q U E B E C M O N T R E A L & S O U T H E R N R Y .— Owned lines: St. Lam bert
to Fortierville, 109.69 miles; Bellevue Jet. to N oyan J et., 81.09 miles;
trackage rights, 7 .4 6 miles. Napierville Junction R y ., also owned by
Del. & Hudson, operates from International Boundary to Delson J e t.,
27.15 miles, west side o f loop to Delson Jet., 1.30 miles, and has 14.66
miles o f trackage rights over Canadian Pacific R y .
Stock authorized, $ 2 ,0 0 0 ,0 0 0 ; outstanding, < 1 .0 00,0 00, all owned by the
Del. & Hudson. Certificates of Indebtedness. < 6.0 00.0 00. For year end­
ing Dec. 31 1925, gross, < 602,535; exp. & taxes, < 771,456; other Income,
< 343.079; charges, $28 3 ,1 8 4 ; balance, deficit. $109 ,02 6.
“ Q U E EN & C R E SC E N T.” — Common name for Cln. N . O. & Texas Pao
Ala. G t. S o u ., A la . & Vicks, and Vicks. Shreve. A Pac. lines.
R A H W A Y V A L L E Y R R .— Owns Aldene, N . J .. on Central R R of New
/ersey, to Roselle Park on Lehigh Va'ley R R ., and Sum m it, on the Del.
Lack. A W e s t ., 10 m iles. V . 8 3 , p . 3 8 0 . Operated under lease by Rahway
Valley C o .
Stock a u th ., < 400.000; outstanding, < 213.200.
Bonds a u th ., < 400,000
1st 25-year 5s due July 1 1931. O f the bonds. < 328.000 with < 164.000 stock
were at last accounts deposited as collateral for notes payable. Pres, of
R. V . C o .. C . J. W ittenberg, Springfield, N . J.— (V . 90, p. 699.)
R A L E IG H & C H A R L E S T O N R R .— Owns Lum berton, N . O ., to South
Marion 8 .C ., 4 2 .5 8 m .
V . 81, p . 1241, 1437.
Owns stock o f M arion A
Southern R R ., 2 7 .0 miles. Stock outstanding < 574.500, allowned by Sea­
board Air Line R y .
V . 95. p. 892.
O f the bonds (Baltim ore Trust C o ., B a lt., M d ., trustee), < 350.000
.re 1st mtge. prior lien 4s and < 1,0 00,0 00 oonsols, the first ten coupons on
>he latter to be paid In cash up to 4 % as earned, the balance In 10-year 6 %
nterest-bearing scrip, with Interest payable semi-annually and subject to
tall at par.
Of the oonsols, < 350.000 are reserved to retire the prior Hens
ind $450,000 for future extensions and Improvements. The Seaboard Air
bine guarantees all of the bonds. V 95, p. 8 9 2 .; V . 83. p. 97.
Year ending D ec. 31 1925, gross, $ 1 37 ,26 8; net, after taxes, < 33,002;
gross income, $ 3 8 ,2 8 7 ; interest, A c ., $ 57,031 ; b a l., d e f., < 18,744. Pres.,
3. Davies W arfield, Baltim ore; Sec. A T rea s., R obert L . N u tt, 24 Broad
9 t .. New Y o rk .— (V . 95 p . 892.)
R A R I T A N R IV E R R R .— South A m b oy to N ew Brunswick, N . J ., 13
miles; branches, 10 miles; total, 23 miles.
The I .-S . C . Commission has placed a final valuation of $ 1 ,215,416 on
the com pany’s property, owned and used, as o f June 30 1916, and used
but not owned, $148.
D IV S . ( % ) ’09. ’ 10. ’ l l t o J u ly '1 5 . ’ 16. ’ 1 7 t o ’ 2 0 . 1922. 1923. 1924. ’ 25.
(Cal y e a r )s .5 H
8
8 % (J. A J.)
9
lO y rly .
1
4
5X
7H
D ec. 1916. 8 % extra; 1917, D e c .. 1 2 % extra: 1918. Sept. 3. 1 5 % extra.
For 1925, gross, $599 ,80 4: oper. income, $176,455; other income, <13.793;
Int. A rentals, $ 8 0,301 ; com . divs., $69,000; bal., sur., $ 4 0 ,9 4 7 . Pres.,
G eo. Holmes; V .- P ., George T . Smith; Sec. A T reas., C has. H . Sisson.—
(V . 119, p . 2408.)
R E A D IN G St C O L U M B IA R R .— Owns Columbia to Sinking Springs,
P a ., 40.33 m .; branches, 13.82 m .; operates M arietta Jet. to Chickies, 6.17
m .: operated under trackage rights. Sinking Springs to Reading, 5 .7 0 m .;
total operated, 66.02 m . The I .-S . C . Commission has placed a tentative
valuation o f $ 2 ,071,083 on the owned and used properties of the com pany,
as of June 30 1917. Stock, $958,373 (par $50), of which $788 ,2 0 0 , together
with $698,000 1st consolidated 4s and $1,000,000 debentures o f 1917
and $150,000 new debentures of 1962, are owned by Reading C o ., all except
$ 3,200 stock, deposited under its general and refunding m ortgage. The
1st consols, o f 1912 are gu ar., prin. A in t., bv the Reading C o . V . 9 3 , p .
1789; V . 94, p. 632; V . 9 5 , p. 8 33. Year 1925, gross, $824 ,6 5 7 ; n e t, $ 1 1 4 ,847: other income, $5,3 9 9 ; deductions, $207 ,87 0; b a l., d e f., $ 8 7 ,6 2 4 .—
(V . 122, p . 2188.)
R E A D IN G C O M P A N Y .— (See M a p .)— Operates a system of roads cen­
tering at Philadelphia, extending to Hazleton and W illiam sport on the north
and westerly to Harrisburg, Shippensburg and G ettysburg, in Pennsylvania,
aqd W ilm ington, D e l., on the south; also easterly in N . J. to Atlantic C ity
and C ape M a y on Atlantic Ocean and to P t. Reading on N . Y . H arbor, viz."

114
KAIL W A Y STOCKS AND BONDS
[V
ol

.

123.




Nov., 1926.]

R A IL R O A D C O M P A N IE S
[F or abbreviation s, & c ., see n otes on pa ge 81

it la d in g Com pany— Comm on gtoolc____________
First preferred stook 4 % non-oum ulatlve___
Seoond preferred stock 4% non-cum ulatlve________
Gen Sc ref m tge g . Series A red 105____________ Ce
Jersey Central coll trust m tge g red 105-PeP j o '& r
WUm A Nor stk tr otfs g red 105 (V 72, p 340) QP.xr
Equip trust Ser G due $450,000 s - a __________ PeP
do
do Ser H due $95,000 s-a ________________
do
do Ser I _____________________________ PeP
do
do Ser J due $415 000 s - a ___________ P eP .c
do
d o Ser K due $400,000 s-a ______________
do
d o Ser L due $375,000 s-a ______________
Delaware River Terminal puroh m oney M g o ld -.x o *
Delaware River Term ext puroh m oney M g old .x o*
Mortgage loan of 1868 gold extended 1893___kvcA r
Im p M gold ext ’97 (see V 65. p 870) g - .P e P . kvoA r
Consol m ortgage 5s ext 1897 (V 65 p 278) ..k v c & r
Terminal mortgage gold (see V 64, p 85) _-kvo* Ar
R e a d in g B elt 1st m tge__________________________kv
P h ila & F ra n k fo r d 1st m tge____________G u P .k v c*
S c h u y lk ill & L eh ig h 1st m tge________________ kv
Sham S u n b & L ew isb Second mtge gold ____ kvc
N Y S h o rt L in e 1st mtge g ___________ P eP k v c*
N o rris to w n & M ain L C o n n 1st m tge g ____ G P k v

L in es Owned in Fee—
M ile s .
Philadelphia to M t . Carbon,
& c., and branches___________ 128.32
Shamokin Sun. & L ew isbu rg.- 31.06
Schuylkill & Lehigh R R _______ 47.21
Phila. H arrisbu rg* P itts. R R . 44.71
Lebanon Valley branch_______ 61.36
Lebanon & Trem ont b ra n ch -. 51.33
M ahanoy & Shamokin branch- 83.9 5
Schuylkill & Susq. branch____ 53.55
W est Reading branch__________
1.88
Other branch lines______________44.1 8
Total (2d track. 265 m ile s).547.55
Leased L in es (See each C o .)—
12.8
Colebrookdale R R ____________
East Pennsylvania R R * _______
3 5.8
Allentown R R * _______________
4 .2
Little Schuylkill N a v . & R R * . 3 1.8
M ine Hill & Schuylkill H aven* 61.8
M t . Carbon & P t. Carbon R R *
2.6
M ill Creek & M ine H . R R . . .
5.9
Schuylkill Valley N a v . & R R * 17.2
8.7
East Mahanoy R R * ___________
Phila. Germ ant’n * N o r. R R * 21 .h
Chestnut Hill R R * ____________
4 .0
Catawissa R R * __________________ 103.3
North Pennsylvania R R * ____
87.7
Delaware & Bound Brook R R * 3 1.6
Ironton R R ____________________
13.0

M iles
R oad

...

148
325
327
7.78
2 .55
48
32
9 38
0.64

D ate
B on d s

___
1924
1901
1900
1917
1920
1922
1922
1923
1924
1892
1892
1868
1873
1882
1891
1900
1892
1898
1890
1907
1902

Wilmington & N orth. R R * ___
Phila. & Reading Term . R R .
East Trenton R R ____________
Allentown Terminal R R _____
M ou nt Carmel R R ___________
Phila. W ilm . & Baltimore R R .
Plym outh R R ________________
Swedesford Bridge C o ________

Par
V a lu e

A m oun t
O u tstanding

$50 $ 6 9,989 ,100
50 2 7 ,991,200
50 4 1 .970.650
100 See 59.59 4 ,6 6 7
1.000 2 1 .534.000
1 .289.000
1.000
450.000
1,000
760.000
N one.
1,000
1,000
4 .9 9 0 .0 0 0
1,000
5 ,6 0 0 .0 0 0
1.000
6 .3 7 5 ,0 0 0
1,000
500,000
1,000
534.000
1.000
2.6 4 4 ,0 0 0
9 ,178,000
500 Ac
5,725,717
1.000
8,4 9 8 ,0 0 0
1.000
750.000
1.000
98,000
1.000
488,000
1.000
8 8 8.000
1,000
1,500,000
1.000
250,000

86.5
1.3
3.1
3.6
5.8
10.0
9.2
0.3

Totalleased (2d track280m .) 562.1
Trackage rights_______________ 40.6
Total D ec. 31 1925..............1 ,150.3
Controlled—
Central R R . o f New Jersey___ 642.7
Reading & Columbia R R * ____
60.3
North East Penn. R R * _______
25.6
Phila. & Chester Valley R R * .
24-0
Atlantic C ity R R . & branches 161.3
Catasauqua & Fogelsville R R * 31.5
Gettysburg & Harrisburg R y * 41.6
38.2
Perkiomen R R * _______________
Peoples R y _____________________
3 .5
Phila. Newtown & N . Y . R R * 22.2
19.7
Port Reading R R * ____________
Pickering Valley_______________
11.2
Stony Creek R R _______________
10.2
Williams Valley R R ..................... 11.1
(♦See this com pany.)

The stockholders on June 24 1926 approved the proposed lease subject to
approval by the I.-S . C . Comm ission and other public authority, for a term
o f 999 years from Jan. 1 1927. o f the railroad, property and franchises o f
the Lehigh & New England R R . T h e R eading C o. will pay an annual rental
o f $1,069,000, clear o f all charges and deductions. Exam iner recom m ends
approval o f lease; com pare V . 123, p . 2651.
rruxn the company » uucka at tne extensive terminal at P ort R ichm ond
It operates a line of steamers and barges In coastwise coal traffic and p ro­
vides berths, with elevators grain-drier and accom m odations for several
trans-Atlantic steamship lines, new ore-unloader and concrete dock
eapacity 600 tons per hour
Pursuant to the final decree o f the U . 8. D istrict C ourt for the Eastern
D istrict o f Pennsylvania, entered June 28 1923 on the m andate o f the
O . 8. Supreme Court In the suit by the G ov t., Reading C o. merged and
•enulred as o f Jan. 1 1924 the properties o f the following railroad co s.:
Philadelphia Sc Reading R y .
Philadelphia Sc Frankford R R .
Chester & Delaware River R R .
Philadelphia Harrisburg Sc P itts­
M iddletow n Sc Hummelstown R R .
burgh R R .
Rupert Sc Bloom sburg R R .
Schuylkill & Lehigh R R .
Tam aqua Hazleton * N orthern R R . Shamokin Sunbury Sc Lewisburg R R
N ew Y ork Short Line R R .
Norristown Junction R R .
Norristown Sc M ain Line C on n . R R
Reading Belt R R .
T h e I.-S . C . C om m ission has placed a tentative valuation o f $72,179,977
on the total owned and $200,927,187 on the total used property o f the Phila­
delphia & R eading R R . system as o f June 30 1917. In addition to the Phil­
adelphia & Reading R y . C o. proper, this valuation includes 29 subsidiaries.
Valuation protested, V . 123, p . 1872.
O R G A N IZ A T IO N .— The Philadelphia A Reading R R . (chartered A pr!
4 1833) and the P. A R Coal A Iron Co. were sold in foreclosure Sept. 23
1896 and reorganized per plan In V. 61, p. 1109. See V 64. p. 709
The “ Reading C om pany” In the reorganization aoquired the security
holdings, real estate, equipm ent, A c., of the old Phila. A Reading R R . Co.,
also the $20,000,000 stock and $20,000,000 bonds of the Phila. A Reading
R y . and the $8,000,000 stock of the Coal A Iron C o.
T h e U . 8 . Supreme C ourt on D ec. 10 1912 in the G o v t, suit (1) dismissed
the charge o f com bination and conspiracy In restraint o f trade against the
com pany and other anthracite coal com panies and coal-carrying roads;
(2) held that the Tem ple Iron C o. is an Illegal organization and should be
dissolved; and (3) also held Illegal the arrangement under which the coal
companies pay the independent operators for coal at the mines 65 % o f sell
Ing price at tidewater. 8ee V. 95. p. 1684. 1652; V. 96. p. 286, 554. 1090
1557. The U. 8. District C ourt on July 31 1915 held that the com pany and
Its subsidiaries, had not violated either the Sherman Law or the com m odl
ties clause o f Comm erce Law
The G overnm ent filed an appeal. V . 103
p 1119; V . 101. p . 85. 929. 1465. 1807: V . 96, p 1425; V . 97. p. 666; V 99
p. 821. The U 8. Supreme C ourt on April 26 1920 sustained m ost o f the
Governm ent's charges o f illegal com bination against the com pany and cer­
tain o f its railroad and coal subsidiaries, and ordered their dissolution. See
V . 110, p. 1816. The com pany on June 1 1920 sought a m odification o f the
dissolution decree. The m otion, how ever, was dismissed b y the C ou rt on
June 7 1920. V . 110. D. 2358. 2488.
T h ird M od ified S e g re g a tio n P la n ,
T h e com p any on M a y 10 1923 filed with the U . S. D istrict C ourt for the
Eastern D istrict o f Pennsylvania a third m odified plan for the carrying
ou t o f the decision o f the U . S. Supreme C ourt, which provided as follows:
1. N o additional general m ortgage bonds shall be authenticated except
that, to refund underlying bonds and obligations [other than those m en­
tioned in clause (a) o f Section 5 below ], additional general m ortgage bonds
m ay be issued to the trustee o f the new m ortgage o f the Reading C o . [pro­
vided for In Section 10 below] and stam ped to show that they represent
obligations o f the Reading C o.
2. After paym ent b y the Reading Iron C o. to the Reading C o . o f a d iv.
or d lvs. o f $6,000,000 in cash or marketable securities at m arket value, the
R eading C o. will sell all Its right, title and interest in and to the stock o f the
Iron C o ., including the present right to vote and receive dividends thereon,
to the C oal C o. for $8,000,000. T he stock o f the Iron C o. will, how ever,
rem ain subject to the Hen o f the general m ortgage b ut as security for the
obligation o f the C oal C o. and n ot the obUgation o f the R eading C o .




115

RAILW AY STOCKS AND BONDS
R ate

%

8
4

4

4J4g
4 g
4 2
4 )4
6
5
5
4 )4
4)4
5 K
5 g

5 g
4 g
4 g
5 g

W hen
P a y a b le

L ast D ivid en d
and M a tu rity

P laces W here Interest and
D ividend s are P a y a b le .

Q— F

N o v 11 '26 2 %
D ec 9 '26
1%
O ct 14 1926 1 %
Jan 1 1997
Apr 1 1 9 5 1
w hen d ra w n
Tan 1927
M ar 27-Sept '30
T o N o v 1932
Jan '27-Jul.v ’32
M a r ’2 /-S e p t ’33
Apr ’27-A p r ’35
May 20 1042
July 1 1942
Oct 1 1933
Apr 1 1947
Moh 1 1937
May 1 1941
Sept
1950
Aug 1 1952
M a y 1 1948
July
1 1945
Feb
1 1957
Sept
1 1952

R e a d in g T e r m in a l, P h ils
do
do
do
do

Q— M
J
3 Sc J
A A O

Q

J

Q— M
& J

M

&

S

J
M
A

&
&

J
S
O

m

a n

&

J
A
J
A A O
A A O
M A S

4
M
4 )4 g F
4
M
J
5 g
F
4 g
4 g
M

Q— F
&
S
& A
& N
& J
Sc A
&
S

J P M o r g a n & O .N Y & P h il
G irard T r u s t C o . P h ila
Philadelphia
do
do
PhUadelphla
do
do
G u aran tee T ru st O o. P h il
do
do
R e a d in g T e rm in a l, P hila
do
do
do
do
Prov Trust C o , Phila

Reading Term inal, Phila
do
do
do
do
de

do
do
do
do
do

3. T he liabiUty o f the R eading C o . on the $94,627,000 gen. m tge. b o n d !
outstanding on N o v . 30 1922 will be decreed to be tw o-thirds thereof and
the liability o f the C oal C o . thereon one-third thereof.
4. (Section 4 deals with sinking fund paym ents, fo r detaUs o f which
com pare plan pubUshed In full In V . 116, p . 2256.)
6. There are outstanding certain underlying bonds m entioned In the
Gen. M tge
These bonds Include (a) $810,000 o f the Phila. Sc Reading
R R . C o. 10-year Sinking Fund C oll. G old bonds o f 1892, extended to
Feb. 1 1932, which are secured b y pledge o f bonds o f coal companies belong­
ing to the Coal C o ., were assumed by the Coal C o. In 1896 and are in
effect guaranteed b y the Reading C o .; (6) $5,766,717 o f the Phila. Sc
Reading R R . C o. 1st Series C onsol. M tge. bonds o f 1882. extended to
March 1 1937, which are secured by property o f the Railroad C o. and o f
the Coal C o . and are In effect guaranteed b y the Reading C o. and the Coal
C o ., and (c) certain other bonds which are not the obligation o f the Coal
C o. and are not secured upon any property o f the Coal C o . T he final
decree will make provision so that the covenants o f the companies In the
Gen. M tge. In respect o f these underlying bonds shall bind only the Reading
C o. In respect o f the bonds described In (6) and (c) above and shall bind
only the Coal C o. In respect o f the bonds described In (a) above; and, aa
between the com panies, the Coal C o . wUl remain ultimately liable on the
bonds described In (a) above, and the Reading C o . will remain ultimately
liable on the bonds described In (6) and (c) above
6. (Section 6 deals with defaults, liens. A c ., and is pubUshed in detail
In V . 116, p. 479.)
7. The Coal C o . will p ay to the Reading C o . $10,000,006 In cash or
current assets at market value. General releases o f aU claims and Uabilltlei
as between the Reading C o. and the Coal C o ., Including the claim o f approxi­
mately $70,000,000 carried on the books o f the Reading C o. as an asset
and on the books o f the Coal C o. as a liability, will be exchanged. T he
current Indebtedness o f the Reading C o . to the Coal C o . amounting to
$2,500,000 wiU first be paid.
8. The Reading C o . wUl, subject to the Hen o f the G en. M tge. (but aa
security for the obligation o f the Coal C o. and not the obligation o f the
Reading C o .), sell, assign and transfer all its right, title and Interest In
and to the stock o f the C oal C o . to a new corporation to be form ed with
appropriate powers. In consideration o f the paym ent b y the N ew Coal C o .
to the Reading C o. o f the sum o f $5,600,000, and its agreement to issue ita
shares to the stockholders o f the Reading C o . as hereinafter provided. T he
New Coal C o. will issue 1,400,000 shares o f stock without par value. Such
no par value stock will be sold by the New Coal C o . to the stockholders o f
the Reading C o ., preferred and com m on, share and share alike, for $5,600.000, or $2 00 for each share o f Reading stock. Provision will be m ade for
the disposition b y the Reading C o . o f any rights to subscribe which m ay not
be availed o f by the Reading stockholders within such period as m ay b «
fixed by the Reading C o ., with the approval o f the C ourt, to the end that
the New Coal C o. shall receive the full purchase price o f $5,600,000. Thia
sale will be carried out b y issuing to Reading stockholders assignable certifi­
cates o f interest in stock o f the New C oal C o ., exchangeable for such stock
only when accom panied b y an affidavit that the holder Is not an owner o f
any stock o f the Reading C o .,
9. The Reading C o . will merge the R ailw ay C o . under the authority
contained In the present charter o f the Reading C o ., and will subject the
Railway C o .'s property to the direct lien o f the G en. M tge. T he name
o f the Reading C o ., after merger, will not be changed.
10. In order to com pensate for any Injury to the security whicn tne m od i­
fication o f the term s o f the gen. m tge. bonds and the general m ortgage m ay
cause, and to leave the Reading C o . properly financed to m eet Its obligation!
to the public, the C ourt will direct the Reading C o. and the Coal C o . to
tender for acceptance b y the bondholders the following proposals for the
execution o f new bonds and m ortgage and the deUvery o f new bon d s to
holders o f general m ortgage bonds;
(a) T he Reading C o . shall execute a new m ortgage which will provide
for the creation o f a series o f bonds to be known as Series A , to be lim ited
to the aggregate principal am ount o f $63,084,666 2-3. and to be issuable
only upon the surrender o f general m ortgage bonds as hereinafter provided
Said bonds o f Series A will bear interest at the rate o f 4)4 % per annum , wlB
mature Jan. 1 1997 and will b e redeem able as a whole only a t 105 and in t,
on any int. d ay on 60 d a ys’ notice. The new m ortgage will contain a p p ro­
priate provisions for the creation and issue o f additional series o f bonds
equally secured thereby bearing Interest at such rates and m aturing on
such dates and otherw ise in such form and containing such provisions a i
m ay be determ ined b y the directors at the tim e o f issue.
(b) T he Coal C o . shall execute a new m ortgage which wUl p rovid e for
an issue o f bonds lim ited to the aggregate principal am ount o f $31,542,333 1-3, and to be issuable on ly upon the surrender o f gen. m tge. bonds as
hereinafter provid ed . Said bonds will bear Interest at the rate o f 5 % per
annum, will m ature Jan. 1 1973. and will be redeem able as a w hole, b ut not
in part except for the sinking fu n d, at 105 and Int. on any Int. d ay on 60
days' notice.
(c) The Reading C o . and the C oal C o . shall offer to the holders o f gen.
m tge. bonds the right to surrender their bonds and receive In exchange
therefor an equal aggregate principal am ount o f new bonds (with an adjust­
ment o f interest as o f the date o f the surrender o f the gen. m tge. bon d s for
exchange) as follow s;
Tw o-thirds o f said principal am ount In 4)4 % 74-year gen. (or, if and when
practicable, fir s t ) & ref. m tge. gold bonds. Series A , o f the R eading C o .
One-third thereof in 5 % 50-year ref. m tge. sinking fund gold bonds o f
the C oal C o.
(d) T he exchanged bonds will b e pledged under the new m ortgages.
(For details, see V . 116, p . 2256.)
P lan A p p r o v ed by C o u rt .— Judges B uffington, D avis and T hom pson filed
a final decree in the TJ. S. D istrict C ourt June 28 1923 at Philadelphia,
directing the dissolution o f the R eading C o . and Its subordinate concerns
within six m onths.
T he decree adopted the third m odified segregation plan subm itted M a y
10 1923.

116

RAILW AY STOCKS AND BONDS

R A I L R O A D CO 4 P A N I E S
[F or abbreviation s. A c . , see n otes on p a ge 8]

M iles
R oad

Rensselaer & Saratoga— Stock 8 % guar D & H (end)
First m ortgage. Interest guar D . & H ___USMxxx
Richm ond Fredericksburg & P otom — Com stook -----Dividend obligations (same dlv as oom m on s t o o k )..
Stook guar 7% exoept $19,300 guar 6 % ___________

D ate
B on d s

1921

82

t.0 0 0

100
100
100
100

1890
1903
1903
1920

1.000
Various

0 3 -’ 12

1.000 &o

S T O C K .— Reading O o. has the right to convert the 2d pref. stock Ints
one-half first pref. and one-half common stock. See V 6 4 , p. 709
Pursuant to the final dissolution decree, the Reading C o. in Jan. 1924
offered to its stockholders, preferred and com m on, share and share alike,
the right to subscribe for certificates of Interest in 1,400.000 shares o f the
capital stock (no par value) o f Philadelphia & Reading Coal & Iron Corn
Stockholders of record D ec. 17 1923 have the right to subscribe for said
certificates o f Interest at the rate o f a certificate or interest in one share of
stock of Philadelphia & Reading Coal & Iron C orp. for each two shares of
stock o f Reading O o. pref. or com . held. This right of subscription m ust
be exercised before Jan. 1 1927, and certificates o f interest m ay be exchanged
for stock o f the coal corporation b y filing the necessary affidavit prior to
July 1 1927 . T h e price o f subscription is $4 for each share o f stock of
Philadelphia & Reading Coal & Iron C orp. represented b y the certificates
o f interest subscribed for, or $2 for each share o f Reading stock . Com pare
V . 118, p . 2 0 3 ; V . 123, p . 2 389 , and Segregation Plan above.
D I V 8 .—
0 1 . 0 2 . *03. '0 4 . ’0 5 . ’0 6 - 0 9 . ’ 1 0 -’ 12. ’ 13 to 4tt
First p r e f_ _ _ % [
4
3
4
4
4
4 yrly. 4 y rly .
4 yrly. (W— V )
Second p r e f .% (
0
0
1H 4
4
4 yrly . 4 yrly .
4 yrly.
Oom m on _ _ _ % I 0
0
0
0
3H
4 yrly. 6 yrly .
8 yrly .
B O N D S .— T h e final decree o f the U . S. District Court for the Eastern
District o f Pennsylvania, entered June 28 1923, pursuant to the mandate of
the U . S. Supreme C ourt, in the suit o f the U . S. o f America against Reading
C o . et a l., severed the joint liability o f Reading C o . and Philadelphia &
Reading Coal & Iron C o. upon the Gen. M tg e . bonds and the lien o f the
general mortgage upon the properties o f said companies and decreed that
the liability o f Reading C o. in respect thereof be two-thirds thereof and the
liability of Philadelphia Sc Reading Coal Sc Iron C o . one-third thereof. As
further directed by said final decree, Reading C o . and Philadelphia &
Reading Coal & Iron C o . offered to the holders o f Gen. M tg e . bonds the
right to surrender their G en. M tg e . bonds and receive in exchange (a)
$666 2-3 principal amount o f G en. & Ref. M tg e. 4 H % G old bonds, Series
“ A , ” of Reading C o ., issued under the mortgage and deed o f trust dated
Jan. 2 1924, made by Reading Oo. to Central Union Trust C o ., (New York,
trustee; and (b) $333 1-3 principal amount o f R ef. M tge. 5 % Sinking Fund
Gold bonds o f the Philadelphia & Reading Coal & Iron C o. issued under
the mortgage and deed of trust dated Jan. 2 1924. made by Philadelphia &
Reading Coal & Iron C o. to Central Union Trust C o ., New York, trustee,
for each $1,000 o f G en. M tg e. bonds so surrendered. Two-thirds in prin­
cipal am ount o f the G en. M tge. bonds surrendered for exchange will be
stamped to show that they are solely obligations o f Reading C o . and pledged
under the mortgage securing the new G en. & R ef. bonds o f Reading Co.
One-third In principal amount o f said G en. M tg e . bonds will be stamped to
show that they are solely obligations of Philadelphia & Reading Coal & Iron
O o. and pledged under the mortgage securing the new Refunding bonds of
Philadelphia & Reading Coal & Iron C o .— V . 118, p. 203, 2 305 .
Im p rovem en t m ortgage 6 % bonds of 1873 due Oot. 1 189/ were extendet
at 4 % for 50 years from April 1 1897, payable in U . S. gold, and guaranteed
principal and Interest by the Reading Co. V . 64. p. 470; V 6 5 . p. 516
The consol 5s of 1882 for $5 ,7 6 6 ,5 0 0 were also extended at 4 % till Maroh 1
1937. the Reading Co. and the Coal A Iron Co. becoming responsible. Se>
V . 65, p. 8 70. for contract
V 6 5 . p. 152. 870
T erm in a l m ortgage bonds, see V 64. p. 8 5 , and V . 6 0 . p. 732
The J e r s ey C entral collateral trust bonds ($23,000,000 present issue) art
secured by deposit of $ 1 4 ,504 ,000 Cent. R R . of N J. (cost $23,200 ,000 ) of
the $ 2 7 ,4 3 6 ,8 0 0 stock outstanding, $1 ,4 9 5 ,0 0 0 Perklomen stook and $440.000 Port Reading R R . stook, the remainder of the $45,000 ,000 auth. being
reserved to acquire the minority stook of the Central Co. They are callable
on any lnt. day at 105 & int
See abstract. V . 72, p. 487; V 7 3 . p. 847
Equipm ent trust Series F . dated Jan. 1 1916. covers equipment described
In V . 1(57, p. 697. Series G covers equipment mentioned In V. 106. p . 1786
V . 108. p. 684, 2324.
Series J. V 115. p. 183.
R E P O R T .— For 1925. in V . 122, p . 2 062 , showed:
1923.
1924.
W R ailw ay O perating In co m e—
1925.
Freight— C oal...... ..................
$34,914 ,501 $36,056 ,193 $ 4 2,842 ,557
Freight— M erch an d ise............................... 4 1 ,6 6 8 ,4 9 4 4 0 ,860.078 4 5 ,480.722
Passenger...........................................
9 ,8 8 1 .4 2 2
10,187.574 10,635.379
Excess baggage__________________________
17,196
19.061
19.190
Parlor and chair car____________________
5,2 5 4
5,4 1 8
5.411
M a il.........................
43 1 ,3 3 0
438.441
4 09.923
Express...................
1,617,531
1,422.449
1,538.229
Other passenger train__________________
179,736
162,502
177.752
M ilk .........................
4 0 1,193
433.543
468.240
Switching...................
60 1 ,1 6 8
509,574
879,554
Special service___________________________
9,617
14,085
10.040
A ll other transportation________________
7 37,264
937,848
1,556,691
Incidental.......................
1 ,031,676
1,041,487
1,783.736
$ 9 1 ,4 9 6 ,3 7 9 $92,088 ,258 $105.807,431
R ailw ay O perating E xp en ses—
Maintenance of way and stru c tu re s ..$ 1 2 ,0 5 5 ,8 8 2 $ 1 1 ,2 8 9 ,0 0 9 ,$ 1 0 ,7 7 8 .2 3 9
M aintenance o f equipment____________ 20 ,3 8 1 ,9 5 3 2 1 ,798,358 2 3 ,940.443
Traffic___________________________________
862,643
840,986
952.082
Transportation__________________________ 3 3 ,1 5 2 ,8 5 7 3 4 ,030,945 138.271,93
165,846
137,606
245,908
Miscellaneous operations______________
General expenses________________________ 2 ,2 3 6 ,2 5 9
2 ,261,209
2,6 4 5 .9 0 3
Transportation for investm ent_________ deb221,927 deb 51,560
deb75,603
N e t revenue from ry. operations..$ 2 2 ,8 6 2 ,8 6 3
Railw ay tax accruals___________________$4,349,772
5 611
Uncollectible railway revenues_______

$21,781 ,702 $ 2 9,048 ,522
$4,284,017 $4,952,591
6,010
26.239

T o ta l operating! ncom e......................... $18,507 ,479 $17,491 ,674 $24,069 ,691
N on -O p era tin g In com e—
Hire of freight cars— n e t . . ........................ $ 1 ,537,333 $ 1 ,169,012 $2,254,341
Other equipment rents— net__________
256,083
219,057
274,177
Joint facility rents— net_______________
53,732
87,997
5 7,214
N e t railway operating Income_______$20,3 5 4 ,6 2 9 $18,967,741 $ 2 6 ,6 5 5 ,4 2 5




A m ou n t
O utstanding

$100 $10,000 .000

190

Oom stock noD-voting 6 % (see te x t)_________________

Consolidated m ortgage $500,000 g o ld — C e .x o**r
Genera) m ortgage $ 4,000,000____________________ *
Washington Southern Ky 1st M tge bonds (assumed)
E quipm ent trusts due $93,700 y ea rly _____________ Q
Richmond & Petersburg— See A tlantlo Coast Line R R
Rich-Wash Co— Col) trust gold guar red 105-N .xo*& r

Par
Value

2,000 ,000

R ate
%

W hen
P a y a b le

Last D ividend
an d M a tu rity

P la ces W h ere In terest oas
D ividends are P a yable

8

J
AJ
M A N
J
&D
J
&D
M
4s N
J
&D
A
&O
A
&0
J
Sc D
J dt J 15

Ju ly 1 1926 4 %
May 1 1941
See text
See text
See text
See text
Apr 1 1940
~ „ . ____4 3
Apr 1 1 9 —
June 1 1943
T o Jan 15 1935

Del A H udson Co, N V
do
do
Richm ond. V »
Richm ond, Va
Richm ond. Va
Richm ond. Va
hi V , Phlla or RlohmonC
Richm ond
Say D ep Sc T r C o , B all
G uaranty T r Oo, N V

6a

1.316 ,900 See text
9.017 .500 See text
500 ,400 See text
AA/1
g
4.0 0 0 ,000
500 ,000
4 H g
2 .680 000
8 H
4 g
4.0 0 0 ,000
6 g
843 ,300

.

10 000,000

[V ol. 123.

4 g

A

D June 1 1 9 4 8

Other N on -O p era tin g In co m e —
Miscellaneous rent incom e____________
M iscell. non-oper. phys. property___
Dividend Income.....................
Income from funded securities_______
Inc. from unfund. sec. Sc a c c o u n ts..
Income from sinking funds, & c______
Release o f premiums on funded d e b t.
Miscellaneous Income_________________
Separately oper. property— profit___

$ 578 ,22 2
307.567
2,7 6 0 .3 4 7
8 29.818
567.532
29,8 4 3
5 .2 0 2
7 ,467
134,322

New York Trust Oo, N )

$526 ,35 0
$256 ,81 2
251,869
162,449
2,5 9 0 .4 3 4 * 5 ,9 5 5 ,1 1 8
8 l8 .8 7 9
4 77,432
43 3 .0 7 8
5 55.328
34,731
30,6 5 4
5 ,2 0 2
7 ,5 2 3
8 ,2 2 8
12,503
__________
__________

Gross income____________________
$ 2 5 ,574 ,952 $23,6 3 6 ,5 1 6 $34,1 1 3 ,2 4 8
D ed u ction s fr o m Qross In co m e —
R ent for leased roads_____________
. $ 2 ,829,443 $2 ,8 3 1 ,6 5 5 $ 2 ,832,262
Miscellaneous rents________________
1,954
1,968
2.840
Miscellaneous tax accruals________
159,469
168,568
115,201
Interest on funded debt_______________. 5 .085.742
5,0 5 9 ,1 5 7
5,2 1 3 .9 3 0
2 65,978
Interest on unfunded debt___________
28,232
4 1.999
Am ortiz. of disc, on funded d ebt___
27,007
2 7.007
27.007
Miscellaneous income charges_______
260,604
296,332
3 8 1 ,2 4 8
N e t incom e_________________________ .$17,159,618 $15,1 2 1 ,3 1 6 $25,386 ,171
D is p o s itio n o f N e t In co m e —
In c. applied to skg. & oth. res. funds
$47,031
$ 48,914
s
$46,243
Additions abd betterments___________. 4,090,291
3 ,2 1 7 ,3 3 2
3,5 7 7 ,3 4 3
Income bal. transf. to P . Sc L ____ $ 1 3,023 ,083 $11,496 ,941 $ 2 2 ,1 1 9 ,9 2 4
* Includes $ 3 ,0 0 0 ,0 0 0 special dividend received from the Reading Iron
O o . in connection with the segregation o f the coal and iron properties.
For latest earnings see “ Railway Earnings Section" (issued m o n th ly ).
O F F IC E R S .— Chairm an, Edward T . Stotesbury; Pres., Agnew T . D ice
V .-P . In charge o f operations and passenger traffic, C has H . Ewing; V .-P .
in charge o f freight traffic; E . D . Hilleary; Sec., Jay V . Hare: T r e a s., H . R .
Paisley; C o m p t., W illiam H . W hitehead.
D IR E C T O R S .— E . T . Stotesbury, Joseph E . W idener, Agnew T . D ic e .
Daniel W illard, Charles H . Ew ing, W illiam A . Law , Samuel M . C u rw en .
Ira A . Place, Patrick E . Crow ley. Office, Reading Term inal, Philadelphia.
— (V . 123, p . 2651 .)

R E N S SE L A E R & S A R A T O Q A R R .— (See M a p D elaw are A H u d so n .) —
Road Owned—

M ile s . I

Leased—

M ile s .

Troy to Lake Station, W h ite h a ll.-7 2 lA lb a n y to W aterford Junction___12
Fort Edward to Lake G eorge____15 Schenectady to Saratoga_________ 20
Eagle Bridge to R utland. V t_____ 631 Vermont Line to Oastleton. V t ___ 7
L E A S E .— Leased in perpetuity M ay 1 1871 to The Delaware Sc H udson,
which owns $800,000 o f stock; rental, 8 % on the stock and Interest on bonds.
Dividends being paid less incom e tax, V . I l l , p . 1184. G uaranty on stock ,
V. 56, p . 773. T he $2,000,000 7 % bonds due M a y 1 1921 were refunded
by a like amount o f 6 % bonds due M a y 1 1941. V . 112, p . 1867.— (V .
114. p . 1652.)
R IC H M O N D F R E D E R IC K S B U R G S t P O T O M A C R R . C O .— Owns
from R ichm ond. V a ., to South End P otom ac R iver Bridge, 109.15 milea,
double-tracked; James R iver branch, 3.56 m .; other mileage, 4.§1 m .; tota l,
117 62 miles. T he div . obligations carry no voting pow er. T h e R . F . J tP .
R R guar, stock is secured oy m tge.
The Richm ond-W ashington O o. (see below) in 1901 took over $947,200
i t the $1,316.900 com m on stock. V . 74, p. 149. C onnection R R . franchise
w it, V. 107, p. 2188. T he W ashington Southern R y. was merged in F eb.
1920
V 110, p 168. 872, 1416.
T he I.-S . O . Comm ission has placed a tentative valuation o f $11,384,700
on the com p a n y’s property and $7,108,460 on the property o f form er
Washington Southern R y . C o ., as o f June 30 1916. C om pare also V . 119,
p 694.
D I VS. on voting stock and f 1905-16. 1917. 1918-22. 1923. 1923-24. 1925
dividend obligations . . % \9 yearly
14 9 yearly
7
7 yearly
12
•Also in Jan. 1907 25% lndividend obligations, and in F e b ., 1916 5 0 % In
same on both stocks and dividend obligations
V 102. p. 610; V 8 3 . P - 1526
In Feb. 1923 paid 100% in dividend obligations. V . 116, p. 296.
On non-voting com m on stock paid 6 % In 1922, 1923, 1924 and 1925.
S T O O K .— The 6 % non-voting com m on stock was Issued in exchange for
s like am ount o f com m on stock o f W ashington Southern R y.
T he stockholders on Feb. 5 1923 Increased the authorised capital stock
from $9,500,000 to $15,000,000. V . 116, p . 722.
B O N D S.— O f the gen. 3 H s of 1903 due April 1943 ($4,000,000 author;
•zed), $3,500,000 were Issuable for double-tracking and Im provem ents (o f
which $2,680.000,outstanding) are owned Dy R lohm ond-W asnington Co and
pledged under its mtge. (V . 81, p. 1178), the remaining $500,000 being relerved to retire the consol 4 X 8 at m aturity. See V. 77, p 2388. 2391.
Guarantees, join tly with A tlantic Coast- Line R R ., $3,380,000 1st mtga.
5% gold bonds due Jan. 1 1952 o f R ichm ond Term inal R y . V. 114, p. 948.
Equipm ent trusts issued to Director-Genera) for rolling stock allocated
to this com p any. 8ee article on page 3 and V . 113. p . 1472.
R E P O R T .— Year ending D e c . 31 1925, gross, $12,891,176; oper. incom e,
$3,277,685: other incom e, $201,845; deductions, $579,709; net incom e;
$2,899,821. F or latest earnings, see “ Railway Earnings Section” (issued
m onthly). Pres., E ppa H unton, Jr.; V .-P . & Sec., N orm an Call; T reas.,
D . K . K ellogg. O ffice, Broad Street Station, R ichm ond, V a.— (V . 122.
p. 2489.)
RICH M ON D-W ASH INQTON C O M PA N Y.— Controls a "u n io n ” line,
W ashington. D. C .. to R ichm ond, Va , 117 miles, in the join t interest of the
following roads, v iz.: the Pennsylvania H R ., Baltimore & Ohio R R ., Atlan
tic Coast Line C o., Southern R y ., Seaboard A. L R y. and Ches. & O. R y.
each of which owns 1-6 of the $2,670,000 capital stock. DIvs. in 1902, 3%
1903 to 1905, in cl., 4 % yearly; 1906 and 1907. none: 1908 to 1915. 4%
1916, 5 % ; 1917 to 1922. 6 % yearly; 1923. 7 % ; 1924-25, 8 % ,

Nov., 1926.]
R A IL R O A D C O M P A N IE S

[For abbreviations, < tc., see notes on page 81

M ile s
Road

l{lo Grande Southern— First M g $2,277,000 are gu ,x
Rio Grande W estern— See D env A R io Grande West.
R ob e r v a l-S a g u e n a y R y—

175

Rochester A Genesee Val— Stock rental Erie R R ____
Rock Island *rk & Louisiana— See Chic R I & Paolflo
Rock Islaud-Frlsco Term— 1st M gold guar jo in tly .x o*
Rome & Clinton— Stock (rental guaranteed)_________
r o s c o e S n y d er & P a c ific —
1st ref M $5,000,000 gold red text
__________ G y
R u m ford Falls & R L— Stock $300,000_____________
R um ford Falls & R L first mtge gold sink fund .z c *
do
do
sinking fund g m tge____________ zc

18

D ate
Bonds

1890
1919
1907

12H

1912
1897
1923

First oonsoi m ortgage for $3,500,000 gold ____ U s.sc
120 189i
Ogd A L Ch 1st M $4,400,000 gold assum ed.C e.xo*
127 1898
♦3 1899
R ut-Can first M gold assumed $ 1 .3 5 0 ,0 0 0 -.OB.xo*
Bennington & Rutland— 1st ref M g ass------------- N.x
59 1897
Ohatham A Leb Val 1st M $500,000 g p A 1 gu ar.G
58 1901
Equip trusts due $34,000 yrly (V 94, p 1 2 5 0 ).G .sc*
1912
do
do
due $14,000 yearly -------------------------- x
1913
do
do
due $16,400 yea rly_____________ G
1920
do
do
due $55,000 yea rly________ G .zc*
1924
Rutland Toluca A Nor— 1st M g gu red Oot 15-NC.xo*
27 1910
Rutland & W hitehall R R — Stock (no b o n d s )________
6.75
i t Clair Madison & St Louis Belt — See Missouri A 11 1 noli B ridge
1
*t John & Quebec Ry—: 1st M deb stk guar see te x t____
1912
p rov G ov t 4 K % bds $10,000 per m ile_____________
170 1914
Prov G ov t 5 K % b on d s____________________________
Prov G ov t 6 % b on d s_______________________________
i t Johnsb & Lake Champ— 1st M quar______ ____ xo*
118 1894
*t. J o se p h & G r a n d Isl R y— Com m on s t o c k _____
ist pref stock 5 % non-cum ulatlve $5.500.000____
2d pref stock 4 % non-cum ulatlve_________________
251 1807
First mtge $5,000,000 g o ld _______________Ce.xc*& r
It Lawr A Adirondack R y — 1st M $800,000 g --N .x c*
43 1896
Second m ortgage $400,000 g ......... ................... ...... N-x
43 1896
i t Louis & Cairo— See M obile & Ohio
St Louis Bridge — See Terminal Railroad Association of St Louis

Par
Value




Am ount
Outstanding

$1,509,000

4 g

W h en
P ayable

Rate
%

Last D ividend
and M a tu rity

P laces W here In terest and
D ividends A r e P ayable

3

A

J July 1 1940

Jan 1922 lnt unpaid

100

J
1.330,000
7 g
55§,200 See text J

A
A

J July 1 1955
J See text

Credit Gen du C an, M on t
Erie R R Go. New York

1,000
100

3.390,000
J
5 g
345.360 See text J

A
A

New York or St Louis
J Jan 1 1927
J July 1 1926 2*4 By check

$ .00)

1.000 See text
58
100
2
300,000
500 &c
400.000
5 g
1,000
276.000
6
100
8,959,500
1,000
3,491.000
4M g
1,000
4.40O.000
4 g
1.000
1.325.000
4 g
1.000
500.000
4H g
1.000 In treasury
4 g
1,000
34 000
4U g
1,000
28.000
4 H
1,000
147.600
6
1,000
715.000
5 g
4 g
100&1000
225.000
100
255.700 See text
A Belt RR
Jt'560.643
4
1 700 000
1.268.000
1.416.000
$1,000 $1 328.000
5 g
100
4.600.000
100
6.499.400
100
3.500.000
1.000
4.000.000
4 |
800,000
1 ,0 0 0
6 ■
1,000
4 0 0 .0 0 0
6 8

Incorporated on Sept. 5 1901 and acquired $947,200 ol the voting oapltal
(took ol the R ichm ond Fredericksburg & P otom ac R R . and the entire sti ok
•f W ashington Southern R y .. L ong Bridge to Q uantico, 36 miles.
The collateral trust 4s o l 1903 ($11,000,000 auth. issue) are g u a r a n te e ,
Jointly and severally, prln and ln t.. by the six roads named above O f the
bonds, $10,000,000 (Ser. A to B) have been sold. V. 77. p. 629, 696; V 78,
p. 684, 1393; V. 84, p. 932. This collateral consists or $2,680,000 R ich­
m ond Fred. & P otom ac gen. 3K&. $947,200 com m on, $2,604,800 dividend
obligations, $4,000,000 W ashington Southern 1st 4s, $4,000,000 R ich.
Fred. & P ot. non-voting stock. See form o f guaranty, V . 77, p . 2391; V . 81.
p. 1178.— (V . 84. p. 932.)
R IO Q R A N D E S O U T H E R N R R . C O . (T H E )— R idgew ay, C o lo ., to
D urango, 162 m ., and branches. 13 m . S tock, $4,509,000, o f which $3,579,737 owned by Western Pacific Holding C o. M ortgage a b s t r a c t ,
V . 5 4 , p . 163, and application to N . Y . Stock Exchange in V . 54, p. 446:
V . 61, p . 1014. O f the bonds, $2,277,000 were guar, by the old D . A R. G .,
which owned $1,779,000 o f the Issue. V- 70. p. 791. See guaranty,
V . 70, p . 1295. T he interest due Jan. 1 1922 was not paid .
V . 113, p
2819; V. 114, p . 80. Protective com m ittee, V . 114, p. 80, 199; V. 117,
p . 1235. (N o provision was made for these bonds in the D enver & R io
Grande W estern reorganization plan. See V . 117, p. 1235.)
F or 1925, gross. $777,327 net. d e f., $8,316: other in com e ,'$1,510; de­
ductions, $183,645: b a l., d ef., $190,451. Pres., T . H . M arshall; Sec. A
T reas., R . F. W atkins.— (V . 114, p . 80, 199, 411.)
R O B E R V A L -S A Q U E N A Y R R .— M ain line. Port Alfred to Ha-Ha
B ay J et.. 19.2 miles. Branches, 37 miles. In O ct. 1925 it was reported
that the Aluminum C o. o f Am erica had acquired control o f the road. Stock
com m on, $500,000, and p re f., 6 % non -cu m ., $800,000; par $100. The
$536,400 consol, ref. m tge. 5s, $723,600 H a-H a B ay R y . 1st 5s, and the
$70,000 bonds issued June 1 1 9i9 were replaced b y a single bond for $1,330,000 7 % ), payable to the General Trust o f Canada. M on treal, on .Tulv 1
1955. For year ended D ec. 31 1925: Gross, $363,243; net, $138,259; other
Income, $1,195; deductions, $148,337; bal., d ef., $8,883. Pres., Arthur V .
D avis, Pittsburgh, P a.; V ice-Pres., E . S. Fickes, Pittsburgh, P a.— (V . 121,
p. 2154.)
R O C H E S T E R & QEN ESEE V A L L E Y R R .— A von to R ochester, N . Y .,
18 m . Leased 1871 in perpet. to Erie R y . Rental, $34,012, paid b y Erie
R R . direct to stockholders, $33,312, organiz’n, $700. See V . 108, p. 580.
ROCK ISLAND-FR1SCO TERM IN AL R Y .— Furnishes part of St. L oul.
terminals o f the Rook Island and St. Louis-San Francisco systems, Includ
Ing freight station and yards In St. Louis, M o ., the C hicago R . I. A
Pao., St. Louis-San Fran and Ohio. & E. 111. contributing proportionate
amounts equal to operating expenses, taxeB and fixed charges. Incorpo
rated April 9 1906; V . 84, p . 929. A uth. stock , $5,000,000; outstanding
$500,000, $300,000 being owned D ec. 31 1925 b y Ch. R . I. & P acific Ry
and $200,000 b y St. Louis-San Fran. R y . C o. T h e bonds (see above)
are join tly guaranteed b y endorsement b y C hic. R . I. & Pac. R y. and old
St. Louis & San Francisco R R . C o .. M erc. T rust C o. o f St. Louis is trustee
V . 84, p . 571, 749. Pres., J. M . K urn; V .-P . & Gen. M g r .. A . D . Aiken:
Sec., Carl N yquist, La Salle St. Station, C hicago. O ffice, C hicago, 111.
ROME & CLINTON R R .— Owns road from R om e to Clinton, N . t
13
miles. Organized In 1869. Leased In perpetuity In 1891 to Delaware A
Hudson Canal (now D & H .) C o. and sub-leased to N . Y . O nt. A W estern
Rentals, $22,375 yearly and taxes, except incom e tax. V . 118, p. 907.
D ivs. at 6 K % P. a. (314% J .-J .) paid to Jan. 1910, but paym ents reduced
thereafter on account o f Federal incom e tax; 3 % paid July 1910; 1911 &
1912, 8 M % \ 1913, 6 K % ; 1914 to July 1917, 6 K % ; Jan. 1918 to Jan. 1919,
3 % s-a.; July 1919, 2 K % ; Jan. 1920. 2 * 4 % ; July 1920. 3 % ; Jan. 1921,
2 14 % : July 1921. 3 % : Jan. 1922 to July 1924 2 * 4 % s.-a .: Jan. 1925. 3 % .
July 1925,2 *4 % ; J an. 192 6 ,2 *4 % ; July 1926, 2 *4 %
( V . 118, p . 907.)
RO SCO E S N Y D E R & P A C IF IC R Y .— Owns R oscoe, T e x ., to Flu­
vanna, 60 miles. Stock, $200,000. Dividends for year 1914-15, 25%
191 5 -1 6,16 % ; 1917, 1 5 % : 1920,331-3% in stock; 1921-22, none; 1923-24-256 % . 1st ref. g 5s ($5,000,000), limited to $20,000 per m ile, $158,000 were
reserved to retire 157.511 prior liens due July 1917 held b y Texas A Pacific
R y . O f these $57,511 were paid o ff at m aturity 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 iD
blocks o f $1.000.000. V . 95. P .1 6 8 5 . For year ending D ec. 31 1925 gross
291,578, net, $90,874, other Incom e, $12,232, ln t., rentals, & c., $38,000,
It s .. $12,000, b al., sur., $53,107.
R U T L A N D R R . C O .— (See M a p s N . Y . C. RR.)—4 13 m iles, vix.:
R R . L in e s Owned —
M ile s .
lea se d , A c .—
M iles .
Bellow’s Falls, V t „ to OgdensLines to Tloonderoga, A c _________17
burg, N. Y ....................................282
Rutland, V t., to Chatham, N. Y .1 1 4
Owns entire $100,000 stock and $100,000 4 % bonds o f Rutland A Noyan
R R ., entire $206,000 stock o f Rutland Transit C o ., entire $100,000 stock
Ogdensburg T erm . C o ., $495,900 (total $500,000) stock o f Addison R R . C o.
and entire $50,000 stock o f R utland Transportation C orp . V . 75, p . 1029,
T . 73, p . 437, V . 72, p . 88, 8 22 . In M a y 1915 the I.-S . C . Comm ission
ordered the com pany to sell the Rutland Transit C o. by D ec. 1 1915. six o f
the Transit C o. ships were sold in A ug. 1915. V . 101, p . 695, V . 100,
p . 1753. V . 104, p . 2637.
In a supplemental tentative report on the valuation o f the R utland R R .,
the I.-S . C . Commission placed a value o f $20,897,414 on the total owned
prop erty and $21,221,980 on the total used property as o f June 30 1917.
In a tentative report issued N o v . 14 1922, the Comm ission placed a
valuation o f $21,881,255 on the total owned and $22,205,821 on the total
used property o f the road, as o f June 30 1916.
ST O C K .— In Dec. 1925 all but $148,300 com. stock had been exchanged
far pref.— 10 of common for 1 of preferred. V . 72. p. 439. On Dec. 31
1925 the Rutland RR. owned $98,100 and the N . Y . Central RR. and the
N . Y . N . H . A H . R R . Co. each owned $2,352,050 of the company's pref.
stock.
D i v e ./ ’ 98-’ 99. ’00. ’01. ’ 02. ’03. ’04-’05. '0 6 -’08. ’ 09-T 6 . ’ 17-T 8. T 9 -’25
On p f--\
2
3
4
3
1
0
I K y ’ly
0
2 . 0
Accumulated dividends on preferred aggregated about 293% la n . 1926.

S

117

RAILW AY STOCKS AND BONDS

M
M

A
M

N
< N
&
A <)
A N

A

A
J
A
J
A
J
M A
J
A
M A
A A
J <&
J &
A A
Q— F

5
J
J
N
J
N

O
J
D
O
15

N o v 1 1942
N o v 1 1926 1%
O ct 1 1937
N o v 1 1948
Jan 23 ’ 18 2 %
July 1 1941
July 1 1948
July 1 1949
N ov 1 1927
July 1 1951
T o M a y 1927
T o Apr 192P
T o Jan 15 1935
T o June 1 1939
Oot i 1930
N o v 15 '26 I K

New York
Portland, M e
Old C olon y Tr O o, Boston
U n ion S D & T r.P ortrd .M e
do
do
do
do
Old C olon y Trust O o.B os
466 Lexington A ve, N Y
do
do
G uaranty T rust O o , N Y
do
do
do
do
do
do
See text
United Nat Bank. Troy

j

A

D 1962

Bank of Montreal, Lone

M

A

S Mob 1 1944

B & M R R office. Boston

1902, 5 %
J
3
A

A
A
A

J Jan 1 1947
J July 1 1996
O Oot 1 1996

U 8 M tge A T r C o N Y
New York Trust Oo. N 1
Equitable Trust Co. N Y

Equipm ent trusts Issued to Director-General for rolling stock allocated
to this com pany
See article on page 3.
R E P O R T .— F or 1925, in V . 122, p . 2940. showed:
1925.
1924.
1923.
$C,509,063 $6,695,786
Railway operating revenues....... ............. $6,440,041
N et railway operating Incom e-----------786,663
799.608
868,143
Gross incom e.....................
860.309
878.694
919,741
Surplus after charges_________________
371.913
407.309
463,909
R ep ort for 9 m os. ended Sept. 30 1926, In V . 123, p . 2516, showed: R y .
oper. re v ., $5,087,794; net ry. op er. incom e, $727,769; other incom e, $56,999: deductions, $361,755; b a l., sur., $423,013.
For latest earnings see "R a ilw a y Earnings Section” (Issued m on th ly).
O F F IC E R S .— Pres.. P. E . C row ley; Sec.. Edw. F. Stephenson; Gen.
T reas., H. G . Snelling; C o m p t., W . C. W ishart. O ffice, R utland, V t.
Gen. Treas. office, 466 Lexington A v e ., N . Y .— V . 123. p. 2516.)
RUTLAN D TOLUCA & NORTHERN R R .— Rutland to MoNabb, 111..
27 miles. Leased to Chicago & Alton R R ., whtcb owns all the $97,000
stock for 999 years from Oot. 1 1910 and guarantee* the bonds orin A lnt.
V. 93, p . 408. D efault having occurred In the paym ent o f the lnt. due
Oct. 1 1922 on the bonds, Clifford Bucknam (o f Pynchon A C o .). Nathan
8. Jonas (Pres. M anufacturers Trust O o.) and Arthur 8 Dewing (Professor,
o f Harvard U niversity) consented to act as a protective com m ittee, and
J. B. W ardwell, 20 Broad St., N . Y . C ity , Sec. Depositary M anufac­
turers Trust C o ., B rooklyn, N . Y . T he com m ittee In M ay 1923 announced
that the O ct. 1922 coupon on the bonds had been paid
The C hicago &
Alton R R . having failed to pay the rental due on the Rutland T oluca A
Northern R R ., and the R utland having defaulted In paym ent o f lnt due
April 1 1923 to O ct. 1 1924, in cl., on its 1st mtge bonds, the com m ittee,
which has over 95% o f the bonds on deposit, have instructed their counsel,
W ollm an A W ollm an and R obert G . Starr, to begin proceedings to foreclose
the mortgage and terminate the lease.
Pres., W . G . Bierd; Sec. A T reas., James W illiam s. O ffice, 340 W
Harrison S t., C h ica go.— (V . 117, p . 1778.)
R U T L A N D & W H IT E H A L L R R .— N Y State Line to Oaatleton. V t.
J 75 m
Leased 1870 In perpetuity to Rensselaer A Saratoga R R (rents
115.342—6% on stock less H. 8, incom e tax): operated by Del A H udson.
S T . JO H N 5c Q U E BE C R Y .— Operated by tne Canadian National Rail­
ways
Fredericton northwest to Centreville 88 miles and Fredericton
southeast, to Gagetow n; also since O ct. 1 1919 from Gagetow n to Westfield
Beach thence over the Can. Pacific R y . to 8t John.
The 1st M . debenture stock, unconditionally guaranteed, prln A ln t.,
Oy the P rovince o f New Brunswick. Callable for 1 % fund beginning In
1922 at 105. V 94, p. 1450: V. 95, P 1747
The tit e o f the railway being now vested In the F rov. o f N . B. the Prov.
of N . B. Issued P rovincial 4 K % bonds to com plete the railway between
Centreville and W estfield, l5 7 miles. W . P. Jones, Pres., W oodstock,
N. B .; R obert B ayley, S ec., F redericton. N . B .— (V . 98, p. 1678: V. 112,
p. 2191.).
S T . J O H N S B U R Y A N D L A K E C H A M P L A IN R R . C O . (T H E ).— Owns
Lunenburg, V t., to Swanton, V t., 118 miles (22 miles from Lunenburg to
8t. Johnsbury, V t.. is leased to the M aine Central R R . C o .). The road is
now being operated under local m anagem ent, the Boston A M aine R R .
having withdrawn from participation In the management as o f Jan. 1 1925.
T be 1st m tge. 5 % bonds are guaranteed, principal and interest, by the B os­
ton A M aine R R ., V . 119, p . 3007. Stock, co m ., $2,452,449: pref., $1,154,400: par, $50. Valuation, V . 113, p. 1540. In 1925, gross, $458,978; ne$
ry. oper. Incom e, $85,770; other incom e, $26,343: deductions, $183,790
bal.. def. $71.677.— (V . 119. p. 3007.)
S T . JO S E P H & G R A N D IS L A N D R Y .— Owns St. Joseph, M o ., to
Grand Island, N e b .. 251 miles; Stouts to Highland, K a n ., 7 miles.
H IS T O R Y .— A reorganisation Feb. 23 1897 (per plan »n V 62, p. 784,
J50) of the St. Jos A Grand Island R ailroad, sold In foreclosure. Union
Pacific* D oc 31 1925. owned $4,585,200 com . $5,365,690 first pref. and
$3,448,430 2d pref. V . 84. p. 62. 571; V 92. p. 697 1244
On July 9 191$
Circuit C ourt o f Appeals In a suit b y certain pref stockholders reversed the
decision o f the lower cou rt, which held Illegal the control by the Union
Pacific R R . C o . T he appeal o f the plaintiffs from this decision to the
C 8. Supreme C ourt was voluntarily dismissed June 12 1916. In June 1910
the preferred stock deposited with the com m ittee referred to In previous
reports was all sold to the Union P acific R R . C o
V 102. p . 1812
D IV ID E N D S ( % ) —
11898 1899 1900 1901 1902 N one
On first preferred___*_____________ \ 5
3
3
5
5
Since
B ON DS.— Bonds for $1,000,000 oan be sold under m tge. of 1897 only for
aew mileage at not exoeedlng $6,000 per mile. See listings In V . 64, d . 1138:
v . 94, p . 763.
tr e s ., O . R . G ray; 8 e c.. T hos. P rice; T reas.. E . G . Sm ith.— (V . 113,
p. 1675.)
ST. J O S E P H S O U TH B E N D & S O U T H E R N R R .— O w n s South B end.
In d „ to St. Joseph, Mloh., 39 m . Stock, $500,000 oom . and $250,000 5 %
pref Leased to Ind. 111. A Iow a RR . (now New York Central R R ) for 50
years from Feb. 23 1900, the Michigan Central assuming operation on F e b .16
1905 R% per annum on pref and 2 % on oom were paid yearly (M A s 15)
since Sept. 1901: in M arch A Sept., 1926 paid J4% on com m on . In 1905 A
1907 & M arch A Sept. 1909, Sept. 1911. Sept. 1913, Sept. 1915, M a r. 1918
and M ar. 1920 paid K % e x t r a on com m on. N o bonds. Oflcers: Jacob S.
Farlee, Pres.; C olgate H oyt, V .-P res.; S. O . M asters, Sec. A Treas.—
(V . 106. p . 930, 1127.)
ST. LAW REN CB *

A D I R O N D A C K B Y . — (See M a p s N

Y . O. L in m .

- Owns from Malone, N Y .. to Adirondack Jet 43 07 miles Leases from
Canadian N a t. R y s „ Y alleyfleld to Beauharnols, Que., 12.7 m .. and has
trackage rights over Can. Pac. from Adirondack Jet to Montreal. Qua..
8.80 m .: other lines, 5.40: total, 70.63miles
N ew York Central RR o w n
entire stock, $1,615,000. and leased the road for 31 years from Jan. 1 1910.
V. 102, p. 1443; V. 99, p .1 6 9 9 ; V . 101,jp. 450.7 7 5 . As per lease, the earn­
ings are now included with those of the lessee.— (V . 101, p. 775.)

118

[V ol. 123,

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 notes o n page 8]

I t L o u is Iro n Mt & S o u t h e r n — See M issouri Pacific
It Louis Merchants' Br Term— 1st M gu p & 1 g .S S t.s c
Meroh Bridge IstM re d s ln o e F e b l 1909 at l l O .S S t x
it Louis & O’ Fallon—
SeooHd S4 $300,000 g red par beg Oot 1 9 1 2 ______ y
Jt L ou is P eoria & N W R y— See C hicago A N orth W
f t L o u is -S a n F r a n c is c o R.v— C om stk $250,000,000
Pref stk non-cum $200,000,000 serA6% red p a r ___
Prior lien M $250,000,000 gold securing—
Series A 4 % callable at p a r__________ C exc*A r*
Series B 5 % callable at 105__________ C exc*A r*
Series 0 6 % callable at 102 34_________C e.xc*A r*
Series D 5 3 4 % callable at lO2 ) 4 - - ___ C e.xe»A r*
Adjust M cum $75,000,000; ser A , call par & IntBax
Incom e M non-cum *75,000.000; ser A . call p a r.U n
Old Gen M g o !d (ls t o n 6 5 8 m )$ 3 ,659,000are6iU s.se*
Collateral gold notes red 100______________________
Secured gold notes .

.

_

_____________________ ____G

M iles
R oad

D ate
B onds

„ __ 1890
___ 18$9
9 1903
estern R f

Text
Text
Text
Text
Text
Text

986

1916
1916
1918
1922
1916

1916

1881
1924
1926
1920
1922
1926

Equip tru st c e r t if due $400.000 v e a r l y . _______ G c *
do
Series BB due $520,000 yearly . .C e .c *
Kansas C ity Ft Scott A M em phis System bonds — see tb at co
Rem nants Old Bonds. A c . still exchangeable under plan —
dt Louis & San Francisco —
188 1890
Consol m tge (V 64, p 186P gold, no o p t io n .B a z
Quanah Acm e A Pac R y 1st M call 105____________
79 1909
Kansas C ity Fort Scott A M em phis — See that co
K G M em phis & Birm — See K O F t Scott & M em phis
A u xilia ry Com panies
223 1888
Ft W orth & R io Gr 1st M gold old 5s Int red .C e.xo*

Par
V alu e

A m ount
O utstanding

R ate
%

*500 A c $3,500,000
1.000
2,000.000

5 g
6

A
F

6 g

M

500 A c
100
100
100
100
100
500
100
100

300.000

50,2"' 7,826 See text
6.975,200
6

Ac d 9 1,562.875
A c 2 4 .9 5 0 .0 0 0
A c 10.598.000
A c 17.173,000
A d4 0.53 2.69 3
Ac 3 5 ,172,000

1.000

9 ,362,000

1.000

3.000.000

1.000

5 .0 0 0 ,0 0 0
8.5 8 6 .0 0 0
4 .4 0 0 .0 0 0

1 .000
1,000

W hen
P a ya b le

7,800,000

Last Dividend
and M a tu rity

A
A

O Oot 1 1930
A Feb 1 1929

St L ouis U ulon T r Oo
Farmers I* & Tr Co, N 4

A

8 Sen 1 1938

State B a s k . C hicago

Q— J
Q— F

O ct 1 1926 1 H
N ov 1 1926 134

A J July 1
J
A J July 1
J
J
A J July 1
A
J Jan 1
534 g J
A A O July 1
6 g
O ct.
6 g
July 1
A J July 1
5 &6 g J

4 g
5 g
6 g

6 g
5 g
5 g
434

M
F
.1 A
M
F

8
A
A A
J 1S
s
A
A A

1950
1950
1928

O ffice o f C o m p a n y , N J
do
do
do
do
do
do

1955
1960
1931

Paid In full to O ct 1926
Paid in full to Oct 1926

American T r C o . S t L

1942

Panker* Trust Co. h

New York
M ar 1 1930
Feb 1 1928
T o Jan 15 1935
York
To Sept 1 1937
T o Feb 15 1941 N ew York

1,000
1.000

120,000

* g
6 g

J

A

A
A

J July 1 1996
O Oct 1 1939

1.000

1.046.000

4 g

J

A

J July 1 1928

8,0 0 0

P la ces W here Interest and
D ivid en d s are P a ya b le.

Bankers Trust Oo. N I

Central U nion T r N Y

A 6 % ad justm ent bonds were hel d
d On D ec 31 1925 an additional $ 1 ,7 4 5 ,6 2 5 Prior 1ien “ A ’ ’4 % b onds and
$15,125
managers for retirement o f trust certificates f or K O .F . 8 , A M . R y . pref. stk. and und “Hying b o n d s .

S T . L O U IS & H A N N IB A L R R .— Hannibal to G ilm ore. M o .. 86.0 miles
Bolls Junct. to Perry, 17.80 m .
The railway was sold under foreclosure
Sept. 28 1917 and reorganized per plan In V. 105. p. 717, all the old bond*
being retired and no new bonds issued.
The new company took possession
D ec 31 1917. The company In Sept. 1920 withdrew Its petition made to
the Missouri P . 8. Commission In M ay 1919 for permission to abandon the
entire system and scrap the entire road.
George A M ahan, Hannibal,
attorney for the com pany, stated that the property had been sold to John
Rlngllng (one of the brothers who owns Ringling Bros Circus), who intends
to Improve the property and operate It.
Auth capital stock, $250,000
non-cum. 5 % prei. stock and $790,000 common (par $100); all the pref. and
$370 ,00 0 common stock had been Issued to June 1 1918 (V 105. p 717)
The I .-S . O . Commission on Sept. 23 1925 authorized the com pany to
Issue not exceeding $650,000 1st m tge. 6 % bonds dated Jan. 2 1925. due
Jan. 2 1955, $250 ,00 0 to be delivered to John Ringling to be used in satis­
faction of advances of a like amount and $400 ,00 0 to be sold at par and the
proceeds used for capital purposes
The I .-S . C . Commission has placed a final valuation o f $1 ,9 0 6 ,7 7 0 on
the total owned and used properties o f the com pany as o f June 30 1918.—
V . 123, p. 1112.
S T . L O U I S IR O N M O U N T A I N & S O U T H E R N R Y .— (B o n d s.)—
See Missouri Pacific R R . C o . and V. 119, p. 456.
S T . L O U IS K E N N E T T & S O U T H E A S T E R N R R .— Owns K ennett.
M o ., to Piggott, A r k ., 20 miles. Stock, $300 ,00 0; par, $100.
Pres.
W . D . Lasswell: V .-P re s., H B. Pankey; Sec. & Treas., H . B. Pankey
O 'fice Kennett M o — (V 118, P 1393 )
S T . L O U IS M E R C H A N T S ’ B R ID G E T E R M IN A L R Y .— O R G A N I ­
Z A T I O N .— Double track road from near Union Station, via M ain S t., Hall
8 t ., A c ., to Perry S t., opposite the M erchants’ Bridge, 4.01 m .; it owns and
controls the Madison ill & St L. R y ., 1 9 1 m ., total. 5-92 miles.
The
property of the Merchants' Bridge C o. ( 1 9 9 m .) was conveyed by deed
Aug 24 1920 to the company subject to mortgage for $2 000 000
The I .- S . C . Commission on Sept. 19 1925 authorized the acquisition
by the Terminal Railroad Association o f St. Louis of control o f the com ­
pany by lease. V . 121, p. 1786.
Stock au th ., $3,500 ,0 0 0 ; issued. $ 2 ,9 3 9 ,5 0 0 ; par, $100; of this the Ter­
minal Railroad Association owns a m ajority.
In N o v . 1893 T erm . RR
Assn, o f St. Louis guaranteed by endorsement the prin and int. o f its
$3 ,5 0 0 ,0 0 0 1st mtge. bonds and the interest on $ 2 ,000,000 M erch Rdge 6s
Y ear—
O ross.
N et.
Other Incom e
Charges
Balance
1925
. . . $ 4 ,966,629
$ 1 ,096,925 $1,025,563 $1,372,240 sur $750,248
1924
$4 ,6 0 9 ,4 6 9
$748,463
$926 ,33 2 $ 1 ,296.225 sur.$378.570
1923
$4,88 5 ,6 4 0
$ 1 ,117,296
$962 ,54 6 $1,424,229 sur.$655,612
1922 ............. 4 ,118.952
961.826
775.444
1.043,227 sur. 694.043
— V. 121, p . 1786.)
S T . L O U IS & O ’ F A L L O N R Y .— East St Louis. 111., to M ine No 2
8.94 miles
Incorporated In Illinois June 1 1896
Stock $410,000 all
issued. For 1925, gross. $343,811; net oper. inc., $88,829: other income,
$31,096 ; in t., A c ., $18,800; divs., $41,000: sur., $60,125
Pres. W illiam
Cotter. St. Louis, M o .; Treas., Philip M arsh .— (V . 103, p. 62.)
S T . L O U IS -S A N F R A N C IS C O R A I L W A Y C O .— The com pany on
D ec. 3 l 1925 operated directly or through subsidiaries a total of 5.6 3 2 m . of
read of which 5 537 miles are owned, i l miles leased and 84 miles operated
under trackage rights. The mileage of the com pany extends from St Louitinto the States o f M issouri. Kansas, Arkansas, Oklahoma. Texas, A t bama
Mississippi and Tennessee. Through the Kansas C ity P t . Scott & M i mphls
R y .. which>t controls by stock ownership, the St. Louis-San Francisco R y .
also has a direct through route from Kansas C ity to M em phis and Birming­
ham . V . 106, p. 2006: V. 107. p. 2377
The stockholders on Sept. 4 1925 approved the purchase, at a price not
exceeding $ 1 ,7 5 0 ,0 0 0 . o f the capital stock of Jonesboro Lake C ity & East­
ern R R .. and the lease o f the property. T h e acquisition was approved by
the I .-S . C . Commission on O ct. 14 1925. V . 121. p. 2035.
The I.-S C . Commission in N ov. 1925 approved the purchase by the
company o f the M uscle Shoals Birmingham & Pensacola R y. V . 1 2 1 .p .2518.
It was announced in Jan. 1926 that the company had purchased a sunrtantial am ount o f stock of the Chicago Rock island & Pacific R y. C o.
V 122 p 477.
The I .-S . C . Commission on Jan. 7 1925 placed a tentative valuation of
$135 ,75 3,72 2 on the total owned property of the St. Louis-San Francisco Ry
■ystem, as of June 30 1918, and $186 ,33 7,06 3 on the total owned and used
properties. The latter figure, however, does not Include the Texas lines
Valuation figures protested. V . 120, p. 450.
O R G A N I Z A T I O N .— Incorporated in Missouri Aug. 24 1916 and suc­
ceeded on N o v . 1 1916. per plan In V . 102 p. 896, 1061 to certain proper­
ties of 8t. Louis & San Francisco R R .. foreclosed under the General Lien
and also the Refunding M ortgage.
V . 102 p 2167. 1256. 1342.
S T O C K .— The com pany's share capital embraces:
N on -C u m . P ref Stock. * 200.000 000 A u th .; N ow Is su ed ------------7 500 000
Entitled to receive for any fiscal year such non-cumulative dividend*
as may be determined by the board, provided for the two fiscal years nexi
precedi* g the full interest shall have been paid on the Income M ortgag*
bonds. Issuable in series and redeemable. In whole or in part, at such
premiums, &c .. as may be fixed at time of issue.
Com m on Stock $250 ,00 0,00 0 Authorized-. * 5 0 .4 4 7 026 Now Issu ed .
O f the pref. and common stock issued, the reorganization managers on
D e c . 31 1925 held $524,800 pref. and $ 5 ,1 6 9 ,2 0 0 com. O f the latter
amount $ 5 ,000,000 was sold in July 1926. V . 123, p. 204.
B O N D S .— Com pare V . 104, p. 452, 1703; V . 107, p. 2477.
P rior L ien M tg e ., Series A 4 % ; B 5 % Bonds; C 6 % Bonds; D 5 4 % Bon ds.
Limited to $ 2 5 0 ,00 0,00 0
Issuable In separate series bearing such Inter­
est rates not to exceed 6 % . maturing at different dates and redeemable at
such times, and premiums as m ay be determined. Including Dec 31 1925.
Series A 4 % bonds in hands of public------------------------------------------- $ 9 1 ,562 ,875
Held to retire remnants o f old securities--------------------------------- -- 1 ,745,625

In insurance fu n d _____________________________________________




90.000

Y

b y reorganization

series B 5 % B onds, held by public (V . 1 03, p . 1889; V . 1 06, p
2 0 0 6 ) ................................................................................................................... 2 4 .9 5 0 Oflfl
Reid In Insurance fun d___________________________________________
5 0.000
5,5.33,500
Held in treasury__________________________________________________
Series C 6 % bonds sold in D ec. 1918 (see V . 107. p. 2477: V . 108,
p 2325!
. 10 59v pflO
Pledged to secure the 6 % coll, gold notes dated 8ep t. 1 1 9 2 4 -- 4 .0 0 0 .0 0 0
Series D bonds held by public______________________________________ 17.173.000
Held in treasury__________________________________________________
3 .2 0 8 .7 0 0
The balance, bearing such rates of Interest not exceeding 6 % and having
such maturities as m ay be determined by the directors, are under the m ort­
gage reserved and issuable for the following purposes:
9 ,484,000 for the refunding or acquisition of St Louis & San Francisco
R y . C o. gen. mtge. 5 % and 6 % bonds maturing in 1931
522.000
for the refunding of equipment obligations heretofore retired.
41,591,500 for the acquisition of other lines o f railroad and terminals or th«
capital stock and bonds representative thereof
2 5 ,773,600 for new equipment at the cumulative rate of $4,00 0 ,0 0 0 bi­
ennially. but only for two-thirds of cost thereof
13,717,200 for Improvements and betterments and additions other than
new mileage at the cumulative rate of $4,00 0 ,0 0 0 biennially,
but only for tw o thirds of cost thereof
The prior lien bonds are secured by a mortgage which Is a first lien on
over 3 ,500 miles of railroad and, subject to the lien of $9 ,4 8 4 ,0 0 0 under­
lying mortgage bonds, for the refunding, paym ent or acquisition o f which
prior lien bonds are reserved, and to the equipment notes and certificates,
is a lien upon all other property o f the com pany, whether now owned or
hereafter acquired.
Cum ulative A d justm en t M ortgage Bonds.
Limited to $ 7 5 ,0 0 0 ,0 0 0 . Bankers Trust C o . and E . F . Swtnney, T ru s­
tees. Interest payable at such rate not exceeding 6 % per annum as fixed
at time of issue, but payable, prior to the maturity of the principal, only out
of the ‘ Available N et In co m e ."
Intc-est accumulated must be paid at
or before maturity but accumulations ■ 'all not b*ar Interest
The full semi-annual 3$?. Interest < D $ >e outstanding Adjustment bonds
>
has been paid to and including Oct 1 1926. and the full 693 (annual! Inter­
est on the outstanding income bond® has bpen paid to and including O ct. I
1926. V . 106, p . 822; V . 107, p . 1005; V . 108, p. 1166; V . 109. p. 888.
lutstandlng as of Dec. 31 19 2 5 ________________________
. . ___ $40,5 3 2 ,6 9 3
Res for part ref. stock trust certif. for pref. stock o f K . O . F. 8.
* M R y. Oo
......................................... ............................................... .
15,125
Reserved for 33 1-3 °r. of cost of equipment and improvement*
$ 4 ,000,000 biennially ($ 2 ,000,000 for equip, and $2,00 0 ,0 0 0
for im provem ents)------------------------------------ ------------------------------------$20,000 ,000
Reservedto be issued at par after Jan 1 1932. at the cumulative
rate o l $3,000,000 annually for that part of the cost of Im­
provements and for additions other than new mileage In re­
spect of which Prior Lien M tge bonds shall not be Issued
1 4 .452.183
N on -C u m . In com e M tge Bonds. $ 7 6 ,000 ,000 : N ow Issu ed $35,172 ,000
Limited to $ 7 5,000 ,000 . Trustees Central Union Trust Co of N Y and
J. H Smith. To bear non-cumulatlve Interest at such rate not Br­
eeding 6 % per annum as may be named at time of Issue but only after tbs
payment of all Interest on the Adjustment Bonds which see above
Reserved for Issue at par for Improvements, additions and equip
m e n t . > 922 to 1Q31 * 2 Win 0(10 t h e r e a ft e r * 3 OHO non v e a r K x o 8 0S OO0
Southwestern D ivision Bonds.— All o f the outstanding tst M tge. South­
western Division gold bonds were redeemed on Oct. I 1925 at par and hit.
N otes.— The 6 % collateral gold notes of 1924 are secured by pledge o f
$ 4 ,000,000 prior lien mtge. gold bonds. Series C . 6 % . due July 1 1928 .
V 119 p 2177
Equipment truste Issued to Director-General for rolling stock allocated
to this company
See article on page 3 and V . 114. p 411: V 119. p 695
D IV I D E N D S .— An initial quarterly dividend o f 1 )4 % on the preferred’
stock was paid N o v . 1 1924; same amount paid quar. to N o v . 2 1926.
An Initial dividend of 1 % on the common stock was paid Jan 15 1925;
same amount paid April 1 1925 and July 1 1925; O ct. 1 1925 to O ct. 1 1926
paid 1 >4% quar.
R E P O R T .— For 1925. in V . 122, p . 2970, showed:
1925.
1924.
1923.
1922 .
Total oper. revenue_____$9 4,715 ,375 $ 9 0 ,5 0 9 ,1 3 0 $89,6.33,152 $83,0 0 8 ,0 2 3
N et operating reve n u e.. 2 8 ,786.428 26 .4 1 7 .1 2 7 2 3 .6 9 8 .5 3 2 20.376.291
Operating Charges—
T a x es........................................ $5 ,0 9 3 ,1 2 4
$ 4 ,6 3 1 ,3 3 0 $4,28 9 ,3 3 7 $ 3.726 684
Uncoil, railway revenue.)
f
3 1 .7 5 7
61 142
Hire o ' equipment— n e t .) 1 ,371,199
712,9 0 7 )
479 996
1.051.832
JoiDt facility rents— n e t.)
I
24 3 .5 6 0
174.799
Operating Income______$22,3 2 2 ,1 0 5 $21,0 7 2 ,8 9 0 $18,653 ,881 $15,361,834
Other incom e_____________
516,209
611.063
451.827
494,650
Gross income..................$22,838 ,314 $ 2 1,072 ,890 $ 1 8 ,653 ,881 $ 1 5,361 ,834
196.036
23 6 .3 0 7
239.497
D educt— Rentals.
161.977
171.163
167.381
M lsc. income charges___ 1
Miscellaneous taxes_____►
5 74,158
13.002
13.429
16.368
2 71.927
245.244
Sink. & other res. funds. I
295.160
82.601
.............
Separ. oper. prop'y— lossj
Bal. for bond in t., & c .$ 2 2 ,264.156 $21,0 1 2 ,3 7 4 $ 1 8 ,3 3 9 ,4 6 7 $15,184 ,212
Interest on—
Fixed charges_________ $10,5 5 9 ,0 7 6 $ 1 0 ,439 ,740 $ 1 0 ,039 ,232 $9,887,795
C um . adjust, b o n d s ..
2.4 3 2 .2 0 7
2 .4 3 2 .1 1 2
2 .4 2 7 .6 5 6
2.431.884
Income bonds................
2.1 1 0 .3 2 0
2 ,1 1 0 .3 2 0
2 ,1 0 9 .7 2 0
2,1 1 1 ,5 2 0
Preferred d iv id e n d s..
420.932
104.628
_____________
Com m on dividends___
2 ,4 8 9 .1 4 0
------------------------------Balance income____ $ 4 ,2 5 2 ,4 8 0

$5,92 5 ,5 7 4

$3 ,7 6 2 ,8 5 9

$753,013

For latest earnings, see “ R ailw ay Earnings S ection " (issued m on th ly).

Nov., 1926.]

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 iles
Road

Preferred stock 5 % non-cumulatlve * 2 0 ,0 0 0 ,0 0 0 ___
First mortgage certs (* 16,500 per mile) gold.C e.xo* 1,223
3eoond M 4 % lnc *1 0 .0 0 0 ,0 0 0 non-cum g .,B a .x c * 1,223
First Consolidated mtge * 2 5 ,0 0 0 ,0 0 0 g E a .x c ’ Ar 1,271
First Term and UnlfylngM *1 0 0 ,0 0 0 ,0 0 0 g Uxo*&r*
Stepbenvtlh Not & Sou Tex 1st M g gu red 105_xo*
ioe
Paragould Southeastern 1st M $ 5 ,0 0 0 ,0 0 0 gu ______
37
Equipment gold nines—
___
do
Ser H due $90,000 s -a ____________ B a.c*
do
Ser I due $60 000 s-a__________________c*
do
Ser J due $51,000 s -a ____________ _______
Guaranteed bu n d s, A c . —
Gray’s Pt Term 1st M guar p A 1 g o ld -------- SSt.sc Ar
16
1st R ef& E xt M*4 .0 0 0 ,0 0 0 g red text gu p A lE a .x c*
Oen A r A E 1st M *3 ,0 0 0 ,0 0 0 g red 105 text SSxo’ Ar*
45
Shreveport Bdge A Term 1st M *5 0 0 .0 0 0 E g u ____ x
S t L o u is T roy & E a ste rn —
Equip trust cert SeriosA due s e m i - a n n . . ________
-- St Paul Bridge & Term Ry— 1st M * 5 0 0 ,0 0 0 . xxFCz
St Paul Eastern Grand 1 runk —See Chic & North W est
St Paul & Kansas City Short Line RR—-See Chicago R I & P
$t Paul Union Depot— First M gold, int as rental___ s
. -Consol mtge gold (*100,000 are 4s), Int as rental
*
- -___
1st A ref M Ser A gu $ 2 0 ,000 ,000 auth red (text) _zc*
Salt LC Ln Dep & RR - 1st M * 1 ,5 0 0 ,0 0 0 g red 105 B ax
4.38
Salt Lake Oar & W est R y— 1st M $600,000 call 104CC
Second mortgage $200 000 authorized_______________
Third mortgage. $ 150 ,00 0 authorized________________
San Antonio & Aransas Pass— Stock________ _______ . .
First M * 2 1 .6 0 0 .0 0 0 g guar p & 1 (e n d )._ _ C e .zo * 4 r 724.86

Date
B onds

189i
1891
1902
1912
1910

Par
V alue

5
4
4
4
6
5
5

g
g
g
g

W hen
P a y a b le

M
J
J
J
J

C— J
& N
& J
4
D
*
J
&
J

Last D ividend
and M a tu rity

P laces W here Interest and
D ividend s are P a ya b le

Sept 30 ’26 1 H
Nov 1 1989
Nov 1 1989
June 1 1932
Jan 1 1952
July 1 1940
1943

Office, 601 6th A v e. N J
Guaranty Trust Co, N Y
Bankers Trust Co, N Y
Equitable Tr Co, N Y
New York, London, * •
New York and St Louis

1.000
l.ono
1.000

2.0 7 0 .0 0 0
1.50 >.000
1 ,377.000

5X g A
5M g M
i
M
5 g

A
&
&

O Apr ’27-A p r ’38 Bankers Trust C o . N Y
S M ar ‘27-M ar .-W Nat Bk orC om m erce.N Y
’
S M ar ’2 7 -M a r ’40 New York

1897
1906
1910
1905

l.uuo
1,000
1,000
1.000

5 00,000
See text
1 ,085.000
450.000

5
5
6
6

t
g
g
g

I
V
J
K

4
4
4
4

D
A
J
A

1923
1909

$ 1,000
i.OOu

$169 ,00 0
400.000

6
6 g

A
J

&
*

O A p r ’ 2 7 -O c t ’30 Liberty Cent Tr C o, St L
J Jan 1 1929
First Tr 4 Sav B k. Chls

1880
1894
1922
1908
1916

1,000
1.000
500 A 1000
$1 ,000
100AC

1919
1893

100
1,000

foreclosed in Dei

lijsO.

'09. ’ 10. T l . T 2 . '13. '1 4 . T 5 -'21 '22.
23
25
P R E F . D IV S . ( % ) ----- 2
5
4
5J* 4M 1 Vi None. 2W
5 v'rly.
D ivs. on pref. stock wore resumed on Dec. 30 1922 with a payment of
April 2 1923 to Sept 30 1926 paid 1 R % quar
B O N D S . — Flrai Consols, autb Issue. $26,000 ,000 . unissued bonds wen
reserved to retire the balance of 2d m tge. incomes outstanding. $900 o'
consols for $ 1,000 of incomes. See V . 74. p. 831; V 76. p 790: V. 77. p
2160: V 84. p 1249; V 87 p. 814: V 88. p. 453
The First Terminal and Unify ng 5s of i912 ($100,000,000 auth. Issue
cover all the property secured by existing mortgages aDd will also have »
first Hen on all extensions branohes. equipment Ao., constructed or ac
culred with the proceeds of the bonds
Of the bonds *14 .793 000 bav
been issued, including $ 6 ,7 3 0 ,0 0 0 held by or for company on Deo 31
1925. O f the remaining bonds, $38,500,000 are reserved to retire prior
lien bonds of the company and controlled companies maturing during tin
life of the mortgage, and $46,707 ,000 for additions, improvements, equip
m ent. A c .. under stringent provisions. See V . 94, p 1450. 1120. 560 (88
V . 95, p. 887: V . 98. p. 891: V. 100, p. 1673; V. 102, p. 1718.
Equip,
trusts. Series F.
V . 103. p. 1211. Series H , V . 116. p. 1650.
Equip,
trusts of 1924, V . 118, p. 552, 1136. Secured gold not participation certi­
ficates. V 119, p. 326.
G uaranties. — Gray s Point Term guar, of 1st 5s, V , 69, p. 1062 St
Louis So. W . owns all stook and leases road till Aug. 1958.
V . 65. p. 413
O f the Gray’s Point Term Ry 1st Ref & Ext 50-yr gold 5s. redeemahl*
after 5 yrs. at 105 ($4,000,000 auth lrsue), $500,000 are reserved t<
retire be first 5s, $600,000 to acquire $600,000 So. 111. & Mo. Bridge bonds
$843 ,00 0 Issued and pledged under St L & 9 W First Term and UdH
m tge.
> 93 p 273 8 1 9 . 890 V 85 p 222. 601
7
Th e Shreveport Bridge & Terminal C o ., which is controlled by St. L
S. W . R y. Co. and its $500 ,00 0 bonds ($450,000 issued) being guaranteed
by them . V . 81. p. 1097, 1101; V . 82, p. 753: V . 83. p. 815.
Mem D * * m a s t e r 1 As lasuanle at $25,000 net mile » - » guar d . * l
st
also St ephensvtlle N o. * So. Texas 1st 5s and Paragould Southeastern 1st
0s ($5. OOO.OOOauth. Issue; $ 5 1 1 .0 0 0 Issued held by St. Louis S W Dec. 31
1925).
V. 97, p. 366. 1025. 1824. Pine Bluffs Arkansas River R v.
(leased) 1st 5s, $126,000 issued, held b y St. L . S. W . (pledged) D ec. 31 1925
R E P O R T .— For 1925, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
Freight revenues................. $22,093 ,552 $21,783,501 $24,596,071 $22,297,231
Passenger_____ __________
2 .486.944
2 .918.929
3 .390.917
2.686.794
M a il, express, A c . ____
5.504.331
1.157.549
1.085.618
946.331
Incidental. & c___________
477,578
466,312
478.514
229,557
Total oper. r e v e n u e ..$26.132.262 $26,326,291 $ 2 9 ,551 ,120 $26.1.59.914
M a in t. o f wav A s t r u c ..
$ 4 ,626,890 $4,232,984 $4.2.51.897 $4,299,438
M aintenance o f equip— .
5.504.331 5.878 093
6.7 9 8 .3 2 6
4 .831.412
Traffic expenses_________
913.528
848.087
784.522
740.968
Transportation__________
7.5 3 6 .0 3 4
7 .770.502
8,984 543
9.091.603
General. & c ............. ...........
1.345,07 6
1,298.248
1 .170,924
1.043,999
Total oper. ex p en ses..$19.925 .859 $20,029 ,914 $21,990 ,212 $20,007,425
N e t earnings_______ $6,206,403
$ 6 ,298,377
$7,56 0 ,9 0 8 $6.1,52.488
Tax accruals............
1,171.512
1.286.014
1,630.624
1.261.882
Uncollectibles___________________ 5.532
4 . 9 6 0 ________ ,5.8,55________5.066
Operating Income_____$5,029,359
$5,007,403 $ 5 ,924,429 $4,885,511
Hire of freight cars...........
162.264
184.519
249.766
109.980
Joint facility rents............
299.838
252.762
254,777
239.373
Interest in c o m e ...............
147.573
197,170
217.397
169.074
M iscell. other income___
158.887
153.350
149,129
141.499
Gross In co m e.................$5,797,921 $5,79 8 ,3 0 4 $ 6 ,795,498 $5,548,467




B ate
%

1923
1924
1925

S T . L O U IS S O U T H W E S T E R N R Y . C O .— System embraces:
St. L ou ts 3 W Ry i,y70mlle8).—
Shreveport Branch .
. . 63.2
37.3
Main Line — Delta to Texarkana412.4 Paragould S tt K v. ileased)
1 9 St. L . S W . R y. o f Texas (807 m iles).—
Main line trackage . _________
Illinois Division (trackage) .
132.4 Main L— Texark to Comanche 373 9
Cairo and Mew Madrid Branohes 63 7 Fort Worth * Dallas Btancbesl , 1 (Grays Point Term. Ry (leased) 13 3 Sherman & Hillsboro Branches 92.5
Memphis Dtv trackage, Ac . . 68 6 Lufkin
ranch............................ . 1 3 0 1
Cent Ark 4 Eastern (leased) 43 3 Steph. N . & 8. T . (leased)____ 38 ?
Stu ttga rt* Little Rock Branohes 78 8
Pine Bluff Ark River (leased). 25.7 Total operated Dec 31 1925
1 74s
On Jan. 1 19IX teased Flu*- Bluff Ark River R y ., 26 miles. — V i<lh p 29,
The Stephenville North * South Texas Ry
Stephenville to Oates ville
75 m .. and Edson (near Hamilton) to Comanche 30 m
Is leased from
July 1 1913 with option of extension for 40 years, or right to purchase ai
an ytim e
V 96 p 1 0 9 0 .1 4 9 0 1774. V 96. p 1841
Leases for 30 years
from July 1 1910 with privilege of purchase on payment of bonds the Cent
Arkansas A Eastern operating from Stuttgart, Ark to England and Rfr
Jet. to Hazen: total, 45 miles. V . 90, p. 1045; V . 91, p. 397: V. 93, p. 104
228: V. 94, p 417. 632. Tentative valuation V. 113, p. 534. 1540.
On N o v . 22 1922 the l.-S C Commission authorized the company to
acnnirP control f the Valiev Terminal R y bv len-p
V MS p 2581
The Chicago Rock Island & Pacific R y. C o. in 1924 acquired a minority
Interest in the stock of the com pany.
While the ownership of this interest
was still under consideration by the I .-S . C . Commission, the Rock Island
disposed of its holdings to the Kansas C ity Southern R y. C o.
V. 121. p.
1906.
In July 1926 the M issouri-Kansas-Texas R R . C o. applied for per­
mission to acquire control of the com pany.
See that company above.

1
'exas

A m ou n t
O utstanding

$100 $16,356 ,100
100 19.893,650
1,000 2 0 .000.000
600 4 c
3.0 4 2 .5 0 0
1,000 20,799 750
1.000
8,063 000
2,423.000
1,000
1.000
See text

O F F IC E R S .— Chairman, E . N . Brown; Pres., J. M . Kurn; V .-P .. See
A T reas., F. H. Hamilton; V .- P ., J. R . K oontz, J. E . Hutchison, B . T
Wood and C . W . Michel.
D I R E C T O R S .— E. N . Brown, Frederick H Ecker, Walter S. Franklin
C. W
Michel. Theodore O Sm ith, Jesse Hirsehman, O e >n*e C Pr-i«<r
E . V . R . Thayer, Henry Ruhlender, Robert M . Thom pson, New York,
J. M . K urn, Festus J. W ade, St. Louis; B . F. Yoakum , New York; David
P . Bennett, Pittsburgh; Grant R. M cCullough, Tulsa, Okla; H. P. Wright.
Kansas C ity; R. E . Lee Wilson, W ilson, Ark.
General office, Frisco Bldg.,
St. Louis, M o . New York office. 120 Broadway.— (V. 123. p. 1381.)

ORGAN. — Ktxirg. of Hi. Louis Ark s

119

RAILW AY STOCKS AKD BONDS

M 4 N
250,000
6 g
250.000 4 g A 5 g M 4
N
J
A
15,000,000
J
5 g
M 4
N
$1,03 5 ,0 0 0
5 g
258 000
M A
S
6 g
3 5,443
7
(J— F
150 000
7
Q-— M
1,000.000
4 g
4
J
J
17,544,000

Deo
Aug
July
Aug

11947
1 1956
1 1940
1 1955

N Y . Eq Tr 4 St Louis
do
do
Guar Tr Co N Y A 8t L
St Louis, Mo

May 1 1930
May 1 1944
Jan 1 1972
Nov 1 (93P
T o Sept 1941

Central Union Trust, N Y
Northweet’n Tr C o St P
.7 P Morgan A C o. N Y
Bankers Trust Co. N Y
Cont A Com Tr A 8 B . Chit

Jan

Central Union T ru st, N Y

1 1943

D ed u ction s—
1925.
$924 .
1923.
1922.
6 6 8.388
698.396
775.001
787 116
Joint facility rents---------Miscellaneous rents-------4 3,789
42.046
61.578
20 259
Interest on funded d e b t. 2 ,6 6 7 .9 7 4
2 ,6 4 9 ,7 1 4
2 ,5 2 2 ,4 2 5
2 449 192
Other interest----------------10.194
13,873
6.110
2 874
Miscellaneous___________
28,284
29 113
29.292
32i346
N et incom e------------------$ 2 ,379,292 $ 2 ,365,162
$ 3 ,401,092
$2,256,679
For latest earnings, see “ Railway Earnings Section” (Issued monthly)
O F F IC E R S .— Chairm an, Winslow S. Pierce, N . Y . ; Pres., Daniel U pthegrove, St. Louis; V .- P ., D ave H . M orris, F . W . Green, Frank M . Gould and
N B. B irr. Sec., Paul J. Loaguu. N Y .; T reas.. Charlton M essick, St.
Louis; Gen A nd., J. H Pahlmann. St Louis.
D IR E C T O R S .— W inslow S. Pierce(Chairman), W alter E .M e y e r , Charles
Hayden, L. F. Loree. Paul Rosenthal, E . R Hand Harriman. New York;
Daniel Upthegrove, C . F G , M e y 0r and F. W . Green, St. Louis. Office
Buder B ldg., St. Louis.
N . Y office, 501 Fifth A v e.— V. 123, p. 4 5 2 .
’
S T . L O U IS T R O Y & E A S T E R N R R .— East St Louis, 111., to Troy 111,,
with branch 1 mile to Donkville, HI.; total 18 9 miles; leases St Louis &
111. Belt, Edwardsville. 111., to near Formosa, 111., 7 m ., yard track and
sidings. 17 28 m. total, 45.19 miles.
Strictly a freight road.
Stock,
$850,000. The Illinois Commerce Commission in March 1925 authorized
the Illinois Power & Light Corp. to acquire ill of the outstanding stock of
the com pany. D iv . record: 1 2 t £ % in 1903 and 1904: 2 5 % each year 1905
to 1909 incl.; 1 2 4 4 % in I9 1 0 a n d 1 0 % in 1912. N one thereafter until 1918

$38,841: bal., sur., $64,135 .
p. 1323.)
SI

Pres., L . E

P A U L — See Chloago Milwaukee A St

Fischer, St. Louis.— (V . 120,
Paul.

S T . P A U L B R I D O E fit T E R M IN A L R Y . — Owns 2.31 miles of right-ofway from St Paul terminals to stock vards at South St. Paul w tb recelvug yard and other tracks; total 8 .8 8 miles. Total owned and operated
mder lea te. 38.3 8 miles.
V. 104, p. 953.
Bond- iamb *500 0 0 0 1 see 'aide ah v<- and V. 104 p 953
F < year
r
ending Dec.31 1925. gross earnings were $579,050; net after taxes. $232 ,61 1;
rentals. Interest, A c ., $35,312; bal., sur.. $197 ,29 9. Pres . L. F Sw iftV .-P A Gen. M gr.. T . E. Good. Sec . A A M cKechnle, Treas. H a !
Barber. Office. South St. Paul. M in n .— (V 107 p. 697; V . 108. p. 1611.)
S T PA U L UNION O EPOI CO
THE)
O vns Unton Passen,f«r station
with 11.56 miles o f track aud is building a new station, the first unit of
which was placed In operation in April 1920. V 110, p. 2293 V. 109 d
(tp.- v 107 p. IHOg V 105 °5 (3 '
|01 n r,c0 o , , o v , n0 „
The I .-S . C . Commission has placed a tentative valuation of $5 ,9 4 4 ,0 0 0
on the owned and used property of the company as of June 30 1918.
wiiuai noi Id u n .HoiihUh ta illlc , Uiilo Oi t'ttui Jlluix a o a j uua (JillO.
dll A St Paul Ohio Great Western. Ohio. Burl. 4 Q u b o y . Minn. S t.
Jaul & S Ste Marie. Minn A St Louis and the Ohio. R I. A Pacific,
m n the entire capital stock equally
The first A ref mtge. 5 % bonds Series " A " are guaranteed, principal and
tnterest. 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 a n vin l dare thereafter.
V 117. p .2 5 4 3 .
8tock authorized. $1,0 0 0 ,0 0 0 ; outstanding. $932 ,40 0; par, $100.
Rentals
x>ver Int. on bonds, A c ., and 4 % on stock since M ay 1 1901.
From 1881
to M ay 1901 6 % divs. were paid. Pres., C . O . Jenks; Sec., Charles Jensch.
— (V . 123 p . 840 ■
S A L T L A K E C I T Y U N IO N D E P O T & R R .— Owns union depot and
facilities at Salt Lake C ity , opened A ug. 20 1910. Stock. $ 2 00 ,00 0,
equally owned by Denver A Rio Grande Western and Western Pacific, which
Jointly guar, bonds, prin. and int.
Bonds are subject to call at 105. See
table above.— (V . 91, p. 523; V . 107. p. 1102.)
S A L T L A K E Q A R F I E L D & W E S T E R N R Y .— Salt Lake to Saltalr
Beach, Garfield, U tah, A c ., 16.73 miles. V 65. p. 824. In Aug. 1919 elec­
trification of line was com pleted, only electric power now used The 1st M .
Is limited to $600 ,00 0 issued, $300 ,00 0 paid off, $42,000 call. , t 104 and int.
on any int. date in reverse o f numerical order. Remaining bonds are issuable
for 8 0 % of cost of extensions, A c ., when net earns, are twice the Int. charge.
Including the additional bonds
The Sait Air Beach C o ., aD am usem -ut
resort, was purchased in 1918; property is pledged on both the first and
t w n d m«ptsrages
See particulars, V 101 o 560 864 V 109 p 2074.
stock, $750 ,00 0. Year 1925, gross, $106,785: net deb. $4,6 5 6 ; other inc.,
$19,945; deductions, $58,2 6 8 ; bal., d e f., $ 4 2 ,9 7 8 .— (V . 105, p. 608; V
106. p. 2011.)
SAN A N T O N I O & A R A N S A S P A SS R Y .— Owns from Kerrvllle to
Houston. 30 8 .7 9 miles; Kenedy to Corpus Christl, Texas, 88.9 7 miles;
Yoakum to W aco, 170.95 miles; with branches, 156.15 miles; total. 724.86
mil s .
The I .-S . O . Commission on M ar. 25 1925 approved and authorized (1)
the acquisition by the Southern Pacific C o. of control o f the San Antonio A
Aransas Pass R y. by purchase of capital stock; and (2) the acquisition by
the Galveston Harrisburg A San Antonio R y. o f control of the railroad of
the San Antonio A Aransas Pass R y. by lease. V . 120. p. 1878.
The l .-S . G . Commission has placed a tentative valuation of $1 7 ,3 9 6 ,2 2 8
on the total owned and $17,402 ,723 on the total used properties of the
company as o f June 30 1919.
B O N D S .— M ortgage Is for $21,600 ,000 (trustee. Central Union T rust
C o .), and the Sou. Pac. C o ., by en lorsement on each bond, guarantees
unconditionally, “ the punctual paymeut of the principal and Interest.”
Bonds for $ 2 ,700,000 reserved for extension, limited to 100 miles at $27,000
per mile equipped. Abstract of m tge., V . 56, p. 5 40.
In 1903-04 iuuder 01 a n of chi leiu a Railroad Commission) cancel id
(1.3 5 6 .0 0 0 ol the outstanding $18,900 ,000 bonds, reduced the stook 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 . 8 2 , p . 4 53.

120

RAILW AY STOCKS AND BONDS

R A IL R O A D C O M P A N IE S
IFor abbreviations, & c ., see notes o n pa ge 8]

S an A n t o n io U va ld e & O u lf— 1st M $ 1 3 .500,000.gx
S a n D ieg o & A r iz o n a R y .— M ortgage *12,000,000
Guar, equip, trust certif. Series “ A ” - __xxxc*
San Francisco & San Joaquin Valley— See A tchison T
San J o a q u in & E a stern — 1st M gold red text------ c*
San Luis Southern R y— First mtge $1,000,000 g o ld -.x
S an P e d ro L os A n g & S a lt L ake R R — See Los Ang
S a n ta M aria Val R R — 1st M *200.000 g red 105 _c*
Santa Fe Prescott & Phoenix— See Atchison Topeka A
Saratoga & Schenectady — Stook, $450,000 guar 7 % . .
Sault Ste Marie Bridge — 1st M gold s i ------- - — --x o
S a v a n n a h & A tla n ta R y — Brinson R y I s t M g - .F x c *
1st A C onsol M $5,000,000 conv par call 105------ c*
Pt W Ter C orp g bonds *2.000,000 not g U -.x .E q .c*
Savannah Florida & W estern — See Atlantlo Coast Lin
5av & Statesboro — 1st M $500,000 gu p A 1 (en d ).x c*
Savannah Uaion Station Co— 1st M $600 ,00 0 g — Gjcr
Schuylkill Valley Navigation & R R — S tock ---------------

M iles
R oa d

318
opeka
61
32
elea A
18
Santa

_

1H
111

144
e RR"
33

D ate
B onds

Par
V a lu e

1913
*1.000 $4,413,000
1917
1921
500 A c
600.000
A Sana Fe
1912
1.000
1,000.000
1909
1.000
327,000
Salt L ake R R above
1.000
1911
127,000
Fe
100
450,000
1887
1.000
294 000
1910
1.000
865.000
1917
600 Ac
2.500.000
1920
500 A c
1,000.000
1903
1902

l.OOOAc

1.000

185.000
600 000

50

576,050

For latest earnings, see "R a ilw a y Earnings Section” (Issued m onthly).
P res., W . H . M cIn ty re, N . Y .: Treas., O . M . Louguecker. H ouston, Texas;
S ec., G . R . C ottingham , H ouston, Texas.— (V . 121, p . 1875.)
SAN A N T O N IO & M E X IC A N R Y .— (V . 119. p. 1626.)
SAN A N T O N IO U VA LD E & G U L F R R . C O .— Owns San A ntonio, T e x .,
to C rystal C ity , 144.43 miles; U valde Jet. to Carrlzo Springs, 52.83 m .;
Pleasanton Jet. to Corpus Christ!, 117.26 m .; total 314.52 miles. The
I .-S . C . Comm ission has placed a tentative valuation o f $4,204,300 on the
ow ned and used property o f the com pany as o f June 30 1919.
A ll the stock and bonds o f the com pany were purchased b y the N ew
Orleans Texas & M exico R y. C o. on D ec. 1 1925.
For 1925, gross, $1,447,849; net oper. incom e, $281,668; total incom e,
*178,525; interest, $220,725; b al., d e f., $42,201.
►or latest earnings, see 'R ailw ay Earnings S ection " (Issued m onthly).
— (V . 122, p . 607.)
SAN D IE G O & A R IZ O N A R Y .— Owns and operates a standard gauge
steam railroad connecting San Diego with El C entro, C alif. M ain and
branch line trackage owned aggregates 140.49 miles. In addition, com pany
leases or operates under trackage rights 19.68 miles o f line. Lines in lower
California aggregating 44.4 miles are controlled through stock ownership
o f T ijuana & T ecate R y .
The ownership o f the stock is divided equally between Southern Pacific
C o. and J. D . A A . B . Spreckels Securities C o. The Southern P acific Co
owns $7,815,000 o f the total outstanding bonded debt o f $10,104,000.
In D ec. 1917 obtained authority to purchase physical properties o f the
San D iego & Southeastern R y . In M arch 1919 isued $1,500,000 o f its own
bonds to make paym ent therefor. The San D iego A S. E . R y . owns some
73 miles o f road in and about San D ieg o, C alif. V . 105, p . 2366; Y . 106. P
1231 2758; V 108 p 80.
In O ct 1918 the C alif R R . C om m , authorized execution o f a m tge
securing $12,000,000 6 % bonds, due July 1 1957, and also the Issue of
$7,289,088 o f the bonds. In June 1920 the California R R . Commission
authorized the issuance o f $1,000,000 bonds to pay loan advanced by
Southern Pacific R R . V . 109, p. 1987; V . 108, p. 1275; V . 107, p . 1670
In July 1921 issued $600,000 guaranteed equipment trust certificates
V . 113, p . 534. Stock auth., $8 000.000; issued, $7,826,800. Incom e
account year ended D ec. 31 1925, gross, $1,361,149: oper. Income, $234,953
other incom e, $103,687; deductions, $ l / '6 8 , 978; bal., d ef., $730,338. Pres.
John D . Spreckles; V .-P res., R . C . Gillis; Sec., L . J. Masson; Treas., W . G
Daniels; Gen. M g r., A . T . M ercier. O ffice. Spreckles B ld g ., San Diego
— (V . 121. P- 327.)
SAN JO A Q U IN & E A S TE R N R R .— El Prado. C al. on the Southern
P acific, to Oascada on Big Creek Cal , 55.9 miles; sidings 5.8 mile*
T he I.-S . C . Commission has placed a final valuation o f $1,148,000 on the
property o f the com pany as o f June 30 1916. Stock, $1,000,000, all owned
b y South. C al. Edison C o., par $100. B onds are redeemable as a whole at
par and int. on 60 days' notice or b y lot for a sinking fund o f 1% o f out­
standing bonds from M ar. 1 1917 to M ar. 11951. For year ended D ec. 31
1925, gross, $376,621; net oper. incom e. $26,085; other Incom e, $7,532;
deductions, $70,438. b al.. d ef.. $36,821. Chairman, H . E . H untington:
P res., J. B . M iller; Treas., E . G . M iller; Sec., O. V . Showers; C o m p t..
D . M . T ro tt. O ffice, Los Angeles, C al.— (V . 122, p . 2188.)
SAN L U IS S O U T H E R N R Y .—Owns Blanca, C olo., on D enver A RU
Grande to Jaroso, on New M exico-C olorado State line, 31.53 m . A . O.
R obinson was appointed receiver in M arch 1924. Y . 118. p. 1521. C om
stock, $750,000; p ref., $250,000. R eceiver's ctfs., $40,000. V . 118, p
2180. Bonds ($1,000,000) outstanding, $327,000. International Trust
C o ., D en ver, trustee. T h e I.-S . C . Comm ission has placed a final
valuation o f $303,090 on the total owned and used properties o f the com ­
pany as o f June 30 1919. P res., H enry S. Thom pson; Sec., G . W . Brebauer; T reas., C has. A . R obinson. O ffice, San A cacio, C o io .— (V . 123,
p . 1112.)
S ain 1 A M A R IA V A L L E Y R R .— Bettaravta to R oadam ite, C a l., 18 m ,
leases Guadulupe to B ettaravla, 5 m .; tota l, 23 miles. Has traffic arrange­
ment with Southern Pacific C o ., which owns one-half o f bonds. V . 101
p . 132. S tock. $300,000; par, $100. B onds. $200,000 1st 20-year 6s,
■inking fund 6 % gross earnings yearly; redeemable after 1915 at 1 0 5
F or year ended D ec. 31 1925, gross, $101,964; net oper. d e f., $66,871;
other incom e, debit $1,722; in t., rentals, A c ., $21,760; b al., d e f., $86,910.
P res., C . Allen H ancock: V .-P ., C . C . Magenheimer; Sec., Gerald M agenhelmer, L os Angeles, C al.; A uditor, J . M . Davis, Santa M aria; T rea s.,
James Irvine, L os Angeles, C al.— (V . 101, p . 132.)
SARATOGA & SCHENECTADY R R .— (S ee M a p D el. A H u d s o n .) Saratoga to Soheneotady 20.56 m . Leased in perpetuity In 1861 to Rens
& Saratoga and lease assigned to Del. & Hudson, by which It Is operated
Rental, >31,750 per year. Stook, $450,000. Diva., 7 % yrly. (J. A J. 1)
— (V . 106 p . 924.)
S A U L T S T E . M A R IE B R ID G E C O .— Owns Sault Ste. M arie Bridge,
tael. 6,421 feet o f main track. T h e C an . P a c., D u l. So. Shore & A tl. and
M inn. St P. & S. Ste Marie R R cos. agree to pay for use o f bridge ai>
am ount equal to operating expenses and interest and s. f. on d eb t. T he
I.-S . C . Comm ission has placed a final valuation o f $500,750 on the property
o f the com pany, as o f June 30 1916. B onds authorized, $1,000,000. issued,
*900,000, sinking fu n d , *5,500 yearly, redeem able at 110 i f not purchasable
at a lower figure, outstanding in hands o f pub lic, *294,000, held alive in
sinking fu n d , *606.000. S tock , *1,000,000. O ffice. 64 W all S t „ N ew Y k .
S A V A N N A H & A T L A N T A R Y .— Owns and operates 144.7 m iles ot
railroad, extending from C am ak, G a ., on Georgia R R ., to Savannah
T h e P ort W entw orth term inal, which is owned b y the Savannah A Atlanta
R y . C o ., comprises about 3,000 acres o f land lying along the Savannah Rivei
on tidewater, 6 miles fr o m Savannah. On this property are located a lumbei
com p any, sugar refinery, shipbuilding concern, pulp mill, barrel fa cto ry , A c
In M a r. 1921 Charles E . G a y Jr. and Thom as B . Felder were appointed
receivers for both com panies. V . 112, p . 1025. M r. Felder resigned at
receiver for P ort W entworth T erm . C orp . In July 1922 and was succeeded
b y Paul J Burrage.
T h e property o f the P ort W entw orth Term inal C orp. has been ordered
sold a t foreclosure. V . 122, p . 2647.




A m ount
O u tstanding

R ate

%

W hen
P a ya b le

F

A

[You 123,
L ast D ividend
and M a tu rity

A Feb 1 1943
July 1 1957
J15 June 16 1936

P la ces W here Interest an*
D ivid en d s are P a y a b le.

St L ouis. M e

e “
6H

J A

6 S
0 g

M A
J A

8 M ar 1 1952
J D ec 1 1939

6|

M

S Sept 1 1931

7
5 g

5 g
6 g

M ay 1921 coup in defanlt
Bank o f Am erica, N Y

81

J A J Ju lyl 1926 3 H
J
A J July 1 1937
M A N May 1 1935
J A J 15 M ay 1 1935
A A O Oct 1 1950

6 g
« I
S

J
A
J

Savannah Bk A T r, Sav’b
Guaranty Trust Co.N Y
Reading Term inal, Phila

A

A
A
A

J Jan 1 1953
O Apr 1 1952
J See text

San F rancisco
Secur T r A Sav B k . Los A

Internal Tr Co, Denver

Sec T r A Sav B k . Loa An
Troy, N Y
Bank o f M on treal. N Y

ST O O K , A c.— In July 1917, to purchase the Savannah A N orthwestern
R y .. the com pany increased Its authorized capital stock from $500,000 to
$2,250,000, or which $1,250,000 is to be 7 % pref stock cum ulative after
Oct. 1 1920. and the remaining $1,000,000 will be com m on stock
B O N D S .— In tne m erger o f July 1917, the old securities were retired,
except the $865,000 Brinson R y 5s and $46,198 equipm ent trusts, and
there was created a new $5,000,000 First A Consol M tge to the Franklin
Trust C o. o f N . Y ., as trustee, o f which $2,500,000 issued. Additional bonds
can be issued for only 85% o f the cost o f extensions, A c ., when net earning*
are twice the total interest charge as increased. See V 104, p. 2642.
M ay 1921 couDon was defaulted and protective com m ittee form ed; V . 112, p.
1979; V . 113. b . 2506. Foreclosure proceedings to be Instituted, V . 113, p
1888, 1983. P ort W entw orth T erm , bonds (n ot guaranteed), V . I l l , p .
1370.
In Sept. 1919 was authorized to issue $145,125 o f equipment notes to
oun-hase 3 locom otives and one locom otive crane V 10Q o 1180
T he I.-S . C . Commission in June 1926 approved the issuance o f $500,000
2-year 7 % receiver’s certificates, dated July 1 1926. Denom . $10,000. G f
the proceeds, $150,000 were used to retire a certificate maturing on June 29
1926, approxim ately $200,000 to take up certain 60-67 lb. w orn-out rails,
and replace them with 85-lb. rails, and the remainder will be used to cu t
down certain grades on the line between N ewington and St. Clair.
E A R N IN G S .— For cal. year 1925, gross, $1,241,280; net oper. incom e,
$287,476; other incom e, $11,990; interest, rentals, A c., $478,236; b a l.,
d e f., $178,767. O ffice, Savannah, G a.— (V . 122. p. 3451.)
SA V A N N A H & S T A T E S B O R O R Y . C O .— Owns Ouyler to S tatesboro.
G a ., 32.69 m .; sidings, 5.26 m .; trackage, Cuyler to Savannah. 20 m . S tock,
$200,000, all outstanding. Has traffic agreement with Seaboard Air Lina,
which guarantees bonds b y endorsem ent, principal and interest; C ontinental
Trust C o ., Baltim ore, trustee. V . 75, p . 1303; V . 77. p . 695. F orm o f
g u a r a n ty ,V . 81, p . 614.
T he I.-S . C . Com m ission has placed a tentative valuation o f $349,029 on
the total used and owned properties o f the com nany as o f June 30 1918.
E A R N IN G S .— F or year ending D ec. 31 1925. gross, $88,907; net oper.
incom e, $3,665; def. after charges, $19,872. Pres., J. R andolph Anderson;
Sec., Samuel A . C ann, Savannah, G a .; Treas. and Asst. S ec., T . W .
M atthews, Portsm outh, V a. O ffice, Statesboro, G a .— (V . 121, p . 1225.)
SAVANNAH UNION STATION C O .—Owns union pass, station ana ter­
minal at Savannah, Ga., with 8 m. o f traok Leased ;y the Southern R y .
la v. Fla. A W est, (now A tl. Coast Line R R .) and Seaboard A . L . R y ..
*h4oh own the $300,000 stook,the rental providing for interest and s.f, on
jonds, maintenance, Ao. Pres., J . R . K enly; Treas., Savannah T r. C o.
Sec.. W . V . D a v is.— (V . 71, p . 343; V , 74, p . 1039. 1253.'
S C H U Y L K IL L VALLEY NA V I u AT ION A RR
M
ort Carbon to Reeveaiaie Pa. 17.21 m .; 2d track. 5.24m .; total track 28.94 m . Leased July 26
1861 for 999 years to Phila A Read R R ; assume-) b j H & R Ry D ec. 1
1896
Rental. $29,450. which has paid 5 % on stock (JAJ) and State taxes.
S E A B O A R D A IR LIN E R Y , C O .— This system Includes a line from
R ichm ond and P ortsm outh, V a ., to A tlanta, Birmingham , Charleston,
M on tg om ery, T am pa and W est Palm B each. On O ct. 1 1926 was operat­
ing 3.928 miles o f road, v iz .:
M iiiage ow n ed .
_____________ 3 ,4 7 5 1Leased lines—
----------------417
Less leased to others___________
5 I Trackage — T o A tlanta, A c ---------- -- 35
Proprietary com panies_________
71
Also owns a 1-6 Interest in the R iohm ond-W ashlngton C o., con trolling the
road from R lohm ond, V a „ io W ashington, D. C. (V. 73, p. 843), and under
i attic agreement with the Penn. R R . maintain* through oar service betw een
v Y ., Phila., W ashington and the South In Jan. 1907 the entire stook o f
the Macon Dublin & Savannah, Macon to Vldalla, Ga., 93 m ., was acquired
or leoured under option , the $1,629,000 5% bond* ($l,84O,O0O auth issue)
being guar., prin. and int. V . 84, p. 104. 451. Owns the entire capital stoek
o f tne Balt. Steam P acket C o ., operating a line o f steamers betw een B alti­
more and N orfolk.
Owns entire stock o f Chesterfield & Lancaster R y ., 37 m .; also ow n*
entire capital stock o f C harlotte M on roe A Colum bia R R ., M cB ee to Jef­
ferson. S. C ., 18 miles; E ast A W est C oast R y ., M anatee to A rcadia,
Fla., -18 miles; Florida Central A G u lf R y .. Hernando to Inglis, Fla., 29
miles and Kissimmee River R y ., W alinwa to Nalaca Fla 7 !4 miles
D uring the fiscal year ended June 30 1912 acquired all the stock o f R aleigh
A Charleston R R ., extending from Lum berton, N . C ., to M a rion , 8 . C .,
43 m iles, and through stock ownership, a 12 m. extension know n as the
M arion A Southern R R .; also o f the T am pa N orthern R R ., extending from
T am p a, F la ., to B rookville and branch, 62 miles. V . 94. p . 49; V . 95, p .
906. Also guarantees $1,184,000 bonds and owns stock o f T am pa A G u lf
C oast R R ., T am pa, F la ., to St. Petersburg. V . 96, p . 1425. See caption
“ T am pa N orthern R R . "
In Feb. 1922 organized the Seaboard-B ay Line C o
V 114. p 522.
T he 1.-S. O. Commission on Aug. 13 1924 approved the acquisition b y the
com p a n y o f con trol o f the F lorida W estern A N orthern R R . lease b y
purchase o f stock. C om pare V . 118, p . 1774.
T he Seaboard-All Florida R y . was organized in June 1925 for the purpose
o f constructing lines o f railroad on b otn coasts o f Ftorida, including an ex­
tension to M iam i. This com p a n y’s lines (including th e lines o f the Florida
W estern A N orthern R R . C o . and E ast and W est C oast R y .) have been
leased b y S. A , L . R y . C o . fo r 99 years fro m N o v . 15 1925. V . 121, p .
327, 1098, 2518.
T h e B rooksville A Inverness R y ., a subsidiary, was organized in the fall
o f 1925 for the purpose o f constructing 19.05 miles o f railroad to connect
the lines o f the Tam pa N orthern R R ., a subsidiary, at B rooksville, F la.,
with the com p a n y’s W aldo-A rcher-Inverness line near Inverness, F la.,
and open up a substantial area o f undeveloped territory, T his link was put
in operation under lease in D e c . 1925 and, together with the lines o f the
T am pa N orthern, provides a second m ain line o f the com pany between
T am pa and W ald o.
_
. „
„
„
In N o v . 1925 the lines o f the E ast
A W est
C oast
R y .,
was form erly operated separately, were leased b y the Seaboard and now
fo rm a part o f the com pany’s South F lorida D ivision.

a subsidiary th

Nov., 1926.]

131

RAILW AY STOCKS AND BONDS

R A IL R O A D C O M P A N IE S
[F or abbreviations, A c . , see notes on page 8]

M i l e s D ate
R oad B on d s

(onboard Air L in e R y C o— Com stock $40,041 ,000
Pref stock 6 % non-cum A participating * 2 .2 7 3 ,1 0 0 .
First mtge gold subj to call (see t e x t ) ___CoBa.xoAi 2,4 9 3
Refunding intge $ 1 2 5 ,00 0,00 0 red 1 0 5 ___N .xo’ Ar* 3,0 3 2
1st A Cons M * 3 0 0 ,0 0 0 ,0 0 0 serA c a lU 07K O zc * A r* Text
Adjust M (5 % cum Int) $25,000 ,000 red par.F B a.xo*
D iv ision a l Bonds and E quipm ent Trusts.
Atlanta-Blrm Division 1st M $ 1 0 .0 0 0 ,0 0 0 --C o l.x c *
200
Florida Went Shore first mortgage g o ld ___________x
63
Equip m tge “ S” due * 60.000 s a ____________________
do “ ’I 1 due * 8 1 ,0 0 0 »-a red 1 05. . .
”
. _ .c
do “ t ” due $128 000 s-a red 105
. ..x x x c *
do
due *275.000 s-an red 105____ xxxc*
do “ W ” due $60 000 s-a red 1 0 5 ____ .xxxc*
do “ 5 . ” due *11 3 ,0 0 0 s-a red 105______B.xxxc*
do “ 'V'” due $04 000 s-a red 105_____ C exxxc*
do “ 2 ” due $302 ,00 0 s a red 105____ C oB ac*
do Seab-Bay Line Go “ A ” due $157,000 s -a _ .
Equip trust N o 66 due $110,000 yearly____ _______
Carolina Cent 1st cons M gold guar p A 1 (end) . .F *
274
Durham A Northern first mtge $ 1 5 0 .0 0 0 - - .MeBa*
42
Florida Cent A P enin L G P v F x t ( ls t o n e x t ,8 9 m )
$5,226 p m g --------- ----------------------------- . M d .20*
694
Consol m tge $7 ,8 0 0 ,0 0 0 ($10,000 p m) g old .U .zo *
807
South Bound 1st M gold Interest rental. M eBa.so*
141
Raleigh A Augusta Air Line 1st M red. (te x t)_____ 1
97
Georgia A Ala 1st M cons $ 6 ,185,000 gold.B B a.xo*
400
Georgia Carolina A North 1st M gold guar.M eB a.zo*
266
Raleigh A Gaston first mortgage g o ld .. .M e B a .z c
98
Seaboard & Roanoke 1st m tge red (text). M eB azc*A c
82
Seaboard-All Florida R y 1st M g Ser A guar p A i
red (text
____________ _ ______B a.kxxxc*A r*
...

1900
1909
1915
1909

Par
V a lu e

A m ount
O utstanding

R ate
%

$ L O $37,0 1 9 ,1 0 0
O
100 2 3 ,8 9 4 ,1 0 0
3 7 .3 0 0
100
1.000 Ac q l2 7 7 5 .0 0 0 !
4 g
1,000 r 1 9 .350,000
4 g
100 Ac s 4 5 .7 4 7 ,500
6 g
1,000 25.000,100 Up to 5

1903
1904
1917
1922
1922
1923
1923
1925
1925
1926
1922
1920
1898
1888

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

5,9 1 0 ,0 0 0
755,000
120, >00
1,775,500
1 ,664,000
4 .6 7 5 ,0 0 0
1 .260.000
3,0 5 1 ,0 0 0
2 ,6 32.000
3,1 7 0 ,0 0 0
3 ,486,000
990,000
3 .0 0 0 ,0 0 0
100,000

4 g
5 g
6
6
53i
6 g
6 g
5 g

1890
1893
1891
1885
1895
1889
1897
1886

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

326,000
4 ,372,000
2.033.000
1.000.000
6.0 8 5 .0 0 0
5,3 6 0 .0 0 0
1,200,000
2,5 0 0 ,0 0 0

5
6
5
5
6
6
5
5

1925

500 Ac

2 5 ,0 0 0 ,0 0 0

1.000

W h en
P a y a b le

A
A
M
F

A
A
A
A

O
O
S
A

M A
S
A
J
J A
D
F & A
A A 015
A A O
J A D 15

J

J

g J A D 15
fc
g A < O
F & A
6
.( A .T 1K
6
A
4 K
J
.1
M A N
6
g
g
g
g
g
g

6 g

L ast D ivid en d
and M a tu rity

Apr
Oct
Sept
Oct

1
1
1
1

1950
1959
1945
1949

P la ces W here Interest a n e
D ividend s are P a y a b le ,

24 Broad St. New York
24 Broad St. New York
Guaranty Trnst C o . N Y
N ew York Trust C o , N Y

24 Broad S t. New York
M ay 1 1933
Jan 1 1934
do
do
June ’27-D ec ’27 Com T r C o , Phila
Feb ’27-A u g ’ 37 Chase N at Bank, N V
A p r ’27 Oct ’ 32
do
do
Apr ’27-A p r ’35
do
do
do
do
J’n e ’2 7 - J’ne’37
-Tune ’27-D ec’40
T o Oct 1 1941
Feb ’27-F eb ’37
T o Jan 15 1935
Jan 1 1949
Nov 1 1928

Gent Un Trust, O o, N Y
Continental T r C o , B alt
Continental T r C o , B alt
Blair A C o , N ew York
Mere Tr A Dep Co, Bal>

J
J
J

A
A
A
A
A
A
A
A

J Jan
J Jan
() Apr
J Jan
J Oct
J July
J Jan
J July

1930
1943
1941
1931
1945
1929
1947
1931

24 Broad S t, New York
do
do
Continental T r O o, Balt
Continental T r O o . Balt
24 Broad St, New Y »rk
24 Broad S t. N Y ; A Balt
Continental T r O o, Balt
24 Broad St, New York

F

&

A Aug 1 1935

D illon. Read A C o , N Y

J
J
A
J

J

1
1
1
1
1
1
1
1

9 * * Additional am ounts outstanding as collateral. vl*. q * 2 7 .0 0 0 ,0 0 0 . r $56,510 ,000 s * 2 0 ,8 7 8 ,5 0 0 ; bon ds proprietary c os, * 5 ,9 4 7 .0 0 0

Effective Jan. 1 1926 , the lines o f the Charlotte Harbor & Northern R y .
Richm ond-W ashington C o . coll, trust m tge. (Seaboard proportion, 1 -6 ),
C o ., consisting o f approximately 100 miles o f main line, were leased under a
*10 ,0 0 0 ,0 0 0 ; Savannah A Statesboro R R . 1st M ., *185 ,0 0 0 ; Tam pa A G u lf
3-year deferred purchase contract and will be operated separately under the
Coast R R . 1st M ., $1,1 8 4 ,0 0 0 ; W ilm ington R y . Bridge C o . (Seaboard pro­
name o f “ Charlotte Harbor & Northern R y ., Seaboard Air Line R y . C o .‘
portion, >4), $217 ,00 0; Seaboard-Bay Line C o ., paym ents $200 ,00 0; notes
lessee.’’
to Secretary o f Treasury o f U . S ., $ 3 ,6 1 1 ,0 0 0 ; Georgia A A la . T erm . C o .
In M arch 1926 the com pany acquired the entire capital stock of the
1st m tge., $1,0 0 0 ,0 0 0 ; Seaboard-All Florida R y ., Florida W estern A
Tavares & G u lf R R . C o ., which extends from a point near Tavares, F la .,
Northern R R . C o ., and East & W est Coast R y . joint and several 1st m tge.,
to Clermont £.nd Ocoee, approximately 34 miles. This line will be operated
$25 ,0 0 0 ,0 0 0 ,
separately as a subsidiary o f the Seaboard.
Th e $25,0 0 0 ,0 0 0 1st m tge. gold bonds, series A , o f Seaboard-All Florida
Jacksonville G ainesville & G u lf R y.— Organized in A u g. 1926 to acquire the
R y . , & c ., are red. as a whole only on any int. date on 60 d a ys’ notice, to and
property o f the Tam pa & Jacksonville R y . C o . Application by Seaboard
incl. A ug. 1 1926 at the principal amount thereof plus a premium of 3 % ,
Air Line R y . C o. to acquire control o f this com pany through purchase of its
and thereafter at the principal amount thereof plus a premium o f H % for
capital stock has been filed with the I .- S . C . Commission.
each full year to elapse prior to A u g. 1 1935. Part o f the proceeds were
N a p les Seaboard A G u lf Ry. C o .— Organized in 1925 to construct 20 miles used to redeem the entire outstanding $7 ,0 0 0 ,0 0 0 Florida W estern A
o f new line from southernmost terminus of Seaboard-Ali Florida R y .'s west
Northern R R . 1st m tge. s. f. 7 % gold bonds and $ 525 ,00 0 East A W est
coast lines at Estero River into N aples. C o . will be taken over within three Coast R y . 1st m tge. 6 % gold bonds. V . 121, p . 583.
years b y the Seaboard at cost without int. but will be operated by the
The I .-S . C . Commission on F eb. 4 1926 approved the extension o f $ 1 ,Seaboard upon its com pletion. Construction o f line has been authorized
0 00,000 Raleigh A Augusta Air Line R R . 6 % 1st m tge. bonds to Jan. 1 1931,
by I .- S . C . Commission and same is now under construction.
with interest at 5 % . T h e extended bonds are subject to redem ption at
V en ice Englew ood A Southern R y .— Organized in the early part o f 1926 to
any time on 30 days’ notice at par and in t., plus a premium o f 1 % , at any
construct line o f railroad from a point of connection with the Seaboard’s line
time prior to and incl. Jan. 1 1927, and at any time thereafter at par and in t.,
at Venice, F la ., to Englewood, F la ., and to later construct a line from
plus a premium o f
% for each full year to elapse between the date desig­
Englewood to a point or points of connection with the leased lines o f the
nated for redemption and Jan. 1 1931. V . 122, p . 1023.
Charlotte Harbor & Northern. Th e I .-S . C . Commission has approved
The I .-S . C . Commission on June 12 1926 approved the extension o f the
the construction from Venice, F la ,, to Englewood, Fla.
$2 ,5 0 0 ,0 0 0 Seaboard A Roanoke R R ; 1st m tge. 5 % bonds maturing July 1
It was announced on Feb. 16 1926 that a new and important through rail
1926, so that they shall mature July 1 1931, with int. at the rate of 5 % per
route opening up new gateways to connections throughout the W est and
a n a ., payable sem i-ann. on Jan. 1 and July 1 at the office or agency o f the
extending along the west coast o f Florida and across the State o f Georgia
c o ., N ew Y o rk, or Continental C o ., B a lt., the present mortgage security o f
will be established as part o f the Seaboard System . Com pare V . 122, p.1023
the said bonds to remain unimpaired. Th e extended bonds are red. at any
I n T rea su ry
H eld by
time on 30 days’ notice at par and in t., plus a premium o f 1 % o f such prin­
C A P I T A L S T O C K .—
or Pledged.
P u b lic.
cipal amount at any tim e prior to and incl. July 1 1927, and at any time
Com m on Stock (par *100)
__________________________ * 3 .0 2 1 ,9 0 0 * 3 7 .0 1 9 ,1 0 0
thereafter at par and int. plus a premium o f M % o f such principal am ount
P referred Stock $ 2 7 ,2 7 3 ,1 0 0 , issued [without prefer­
for each fu ll year to elapse between the date designated for redemption and
ence of one part over another] as follows:
July 1 1931. Y . 122, p . 2648.
(n) As 6 % non-cumulative preferred ____________ 2 ,2 3 5 ,8 0 0
37.300
Equipment trusts issued to Director-General for rolling stock allocated
(6) A* 4 -2 % non-cum pref., I. e .. entitled to nonco this com pany. See article on page 3.
cum. pref. divs at 4 % p a ., and after 4 % on
Notes to Secretary of Treas. of U S (O ct. 1 1926
$ 1 4 ,4 5 3 ,9 0 0 , due
the com m on, to an additional 2 % _______________ 1 .1 0 5 .9 0 0 2 3 .894.100
1931-35; note to Director-General o f Railroads, * 2 .0 0 0 ,0 0 0 .
Stockholders o f record Feb. 24 1926 were offered 304,753 shares o f stock
R E P O R T .— For 1925, in Y . 122, p . 3204 and 3226 , showed:
o f the Investm ent A Securities C o . o f Florida at $25 per share on the basis
O perating R evenues—
1925.
1924.
1923.
1922.
o f one-half share o f Investm ent C o . stock for each share o f preferred or com­
$43,8 8 4 ,9 9 3 $38,2 9 3 ,4 0 1 $ 3 6 ,5 7 4 ,3 8 4 *3 1 ,9 9 8 ,0 5 2
Freight__________
mon stock o f the Seaboard Air Line R y . owned, subscriptions to be accom­
Passenger............................. 1 3 ,123,868
9 ,8 0 9 ,3 0 9 1 0 ,349,864
8 ,936,217
panied by checks for $10 per share, the right o f subscription closing M arch
M a il___________
1,222,247
1,2 1 3 ,0 1 9
1 ,207,878
1,109,555
11 1926. Further paym ents run from one to ten years. Compare V . 122,
E x p r e s s .................................. 2 ,2 9 0 ,1 7 9
2 ,2 5 1 ,3 9 6
2 ,3 0 3 ,7 6 6
2 ,0 4 5 ,5 7 5
p. 1023, 1452.
Other transportation___
643,389
59 6 ,5 0 5
533,523
428,700
B O N D S .— The new First and Consol. M tg e . to the Guaranty Trust
Other than transport'n.
1,700,035
1,2 2 0 ,5 4 0
1 ,279,695
1 ,160,949
(Jo. of N . Y . , as trustee secures an auth. issue o f * 3 0 0 .0 0 0 ,0 0 0 bonds, of
variable Interest rates and maturities. This mortgage is a first lien on the
Total oper. revenues.$62,864 ,711 $ 5 3 ,3 8 4 ,1 7 3 * 5 2 ,2 4 9 ,1 1 0 *4 5 ,6 7 9 ,0 4 8
442 miles of main-line track between Hamlet and Savannah, via Charleston
Lanes and Georgetown, S. O ., and on the lines running from M cB ee, S. O .
O perating E xp en ses—
located on the H am let-Colum bia line, to Florence. Poston Sumter and
M ain t. of way A s t r u c ..
$8,466,901 $ 7 ,8 4 6 ,6 7 0 * 6 ,9 7 2 ,3 6 2 * 5 ,3 5 8 ,0 9 2
Tlm m onsville. S. O
The mortgage has no direct lien on the former Sea
M ain t. o f e q u ip m e n t ...
1 0 ,141,243 9 ,3 6 7 ,2 0 9
8 ,9 4 7 ,0 3 7
8 ,424,973
board Air Line Ry 's property but there are pledged under It a majorltj
T raffic___________________
2 ,2 2 6 ,8 2 5
1 ,7 1 3 ,3 0 6
1 ,642,467
1,478,277
(*5 6 ,5 1 0 ,0 0 0 out of * 7 5 ,8 6 0 ,0 0 0 issued) of the ref. m tge, bonds, which gives
Transportation__________ 22 ,9 2 8 ,1 7 6
19 ,9 7 4 ,9 1 2
2 0 ,317,381 1 8 ,667,039
it a collateral lien on 3 ,032 miles; and also all the stock o f Raleigh & Charles­
Miscellaneous operations
9 91,336
544,133
465,441
378,041
ton R R . C o ., Kissimmee R iver R y ., Tam pa & G u lf Coast R R ., the Seaboard General___________________
2 ,0 8 0 ,4 3 8
2 ,004,681
2 ,0 2 6 ,8 1 4
1,945,711
B ay Line C o . and Tam pa Northern R R . C o ., Florida Central & G u lf R R .,
Transp. for investm en t.
C r. 101,555 C r .6 3,277
C r .29,243
Cr.2 9,249
and 1-3 of the outstanding stock of Tam pa Union Station C o ., and all re­
funding bonds hereafter issued will be pledged thereunder.
T otal oper. ex p e n se s..$ 4 6 ,7 3 3 ,3 6 4 $41,3 8 7 ,6 3 4 *4 0 ,3 4 2 ,2 5 9 *3 6 ,2 2 2 ,8 8 4
On O ct. 1 1926 $ 4 5 ,7 4 7 ,5 0 0 1st & consol, m tge. 6s (series A ) were out­
N e t operating revenues.$ 1 6 ,1 3 1 ,3 4 7 $ 1 1 ,9 9 6 ,5 3 8 *1 1 ,9 0 6 ,8 5 1 * 9 ,4 5 6 ,1 6 4
standing and a further * 2 0 ,8 7 8 ,5 0 0 were pledged; $71,5 7 9 ,0 0 0 were reserved T a xes-------------------------------- 3,0 2 3 ,4 0 1
2 ,4 4 2 ,5 3 5
2 ,2 0 4 ,0 5 4
2 ,1 2 4 ,2 3 5
for refunding an equal am ount o f Seaboard refunding bonds and various Uncollectible railway rev.
22,583
17,808
12,314
3 ,7 7 6
underlying bonds; the rest o f said issue are to be reserved for betterments,
improvements, additions and extensions, refunding or paym ent o f liens on
Operating incom e____ $ 1 3,085 ,363
$9 ,5 3 6 ,1 9 6 $ 9 ,690,482 * 7 ,3 2 8 ,1 5 3
after-acquired property and retirement o f equipment obligations under
Other In com e—
restriction. V . 101, 5 28, 1189, 1974; V . 103, p . 1707, 1981, 2156.
102,254
98,057
131,421
113,459
Of Che First Mtge. 4a of 1900 >*76,000,0001. *12,776,000 are In hand* Joint facility rent income
961
73
86
1,278
of public and * 2 7 .0 0 0 .0 0 0 are pledged as collateral under the R ef. m tge. of Inc. from lease o f r o a d ..
Dividend in c o m e ..............
41 3 ,1 4 9
413,934
67,4 5 6
4 9 ,4 0 9
1909. O f the *1 2 ,7 7 5 ,0 0 0 , * 1 2 ,4 3 8 .0 0 0 are stam ped subject to call at par
Inc. from funded securs.
22 5 ,0 9 8
2 12,374
2 14,427
197,048
en any Interest day.
V . 8 9 , p. 666
Income from unfunded
The * 1 2 5 ,0 0 0 .0 0 0 R efund ing M ortgage o f 1909 provided f o r the lasuln*
securities A accounts.
25 3 ,0 2 7
170,987
3 9,943
8 8 ,0 9 6
of bonds as follows: (a) T o retire underlying and divisional bonds, except
208,163
237,951
194,843
153,244
som e * 1 0 .7 2 8 .0 0 0 maturing prior to 1958 and certain short-term obligations M iscellaneous......................
and equip, obligations not over * 7 2 ,0 7 6 .0 0 0 ; sundry im provem ents, double­
Gross in c o m e ................ $14,2 8 8 ,0 1 4 $10,6 6 9 ,5 7 2 * 1 0 ,3 3 8 ,6 6 0 *7 ,9 3 0 ,6 8 6
tracking. A c .. * 8 ,4 2 4 .0 0 0 ; further Improvements and additions at not over
D ed uct—
$ 2 ,750,000 yearly * 4 4 .5 0 0 .0 0 0
As oart security for this mortgage are
Hire o f equip.— D r. b a l. $2 ,1 4 8 ,6 0 5
* 4 1 2 ,8 6 5 * 1 ,6 4 4 ,5 4 * *2 ,9 9 1 ,9 7 5
pledged *2 7 ,000,000 1st m tge. 4s o f 1900. On A u g. 31 1926 *5 6 ,5 1 0 ,0 0 0 of Joint facility rents______
216,281
2 07,874
21 9 ,3 9 2
2 19,068
the * 7 5 ,8 6 0 ,0 0 0 ref. m tge. bonds issued had been pledged under the new
Interest on funded d e b t.
5.6 1 5 ,7 4 3
5,5 7 2 ,7 3 6
5 ,3 9 5 ,0 1 9
5 ,3 2 8 ,3 5 6
1st & consol, m tge., as will also all further ref. m tge. bonds. V . 92,
In t. on equip, oblig’n s . .
1 ,071,003
990,709
6 7 9,742
24 9 ,1 9 2
p . 189, 1110, 1179, 1244; V . 93, p . 4 7 0 . 956.
R ent for leased road____
942,869
5 9,569
5 9 ,0 6 *
58,8 6 5
The Adjustment M tge. bonds (issue limited to * 2 5 ,0 0 0 ,0 0 0 ) are entitled
Miscellaneous____________
2 0 8,354
93,7 4 0
.
6 8 ,5 1 *
85,8 4 6
to cumulative int. at 5 % , to be payable as earned in installments o f 114 %
or multiples thereof, and are redeemable at par and all unpaid cumulative
N e t s u rp lu s ................... $ 4 ,085,159 * 3 ,3 3 2 ,0 7 7 *2,272,3791o ss*1002617
Int. on any int. date, their lien to be immediately subsequent to the refund­
In t. on a d j. m tge. bonds 1 ,250,000
1,2 5 0 ,0 0 0
6 2 5 ,0 0 0
__________
ing bonds. N o divs. to be paid on the stock until any arrears of int. on
Annual allotm ent o f disc­
the bonds are paid in full. V. 90. p . 1171, 1297, 1555; V . 9 1 . p . 1575. Int.
ount securities.............
250,184
25 3 ,1 3 4
2 5 2 ,9 3 *
155,613
on adjustment bonds, 2 ) 4 % Aug. 1 1910; 1911 to Feb. 1921. in e l.,5 % yearly:
then none until Feb. 1 1924, when 2 1 4 % was paid; same amount paid semi­
Surplus for year_______ *2 ,5 8 4 ,9 7 6 * 1 ,8 2 8 ,9 4 3 *1,3 9 4 ,4 4 1 d f * l , 158,230
annually to A u g . 1 1926.
D IR E C T O R S .— S . Davies W arfield (Chairm an), J . W m . M iddendorf,
Atlanta A Birmingham division 4s o f 1903 ($ 1 0 ,0 0 0 ,0 0 0 authorized issue),
L . R . Powell Jr., Baltimore; L . F . Loree, B . F . Y oaku m , R . O . R eam ,
see V 76 p 1302 V 77. p. 647: V . 81. p. 1850.
Equip. T r. “ R ,” V . 105
F . N . B . Close, R obert L . N u tt, F . Q . Brown, W . E . H ooper, Jas. C . C o l­
p. 2 007 ; " 8 . ” V 105, p. 2273: “ T . ” V . 115, p . 1101; “ U . ” V . 115, p. 1430;
gate, W . T . Rosen, N ew Y ork; M ills B . Lane, Savannah, G a .; Robert F .
KW , " V . 117, p . 2433; “ X . ” V . 119, p . 2758.
M add ox, A tlan ta , G a .; J. P . Taliaferro, Jacksonville, F la .; A . H . W oodw ard
G U A R A N T I E S .— On O ct. 1 1926 the com pany was liable as guarantor
W oodw ard, A la .; C . Sidney Shepard. N ew H aven , C onn.
o f the Athena Terminal (Jo. 1st M . . * 1 0 0 .0 0 0 ; Birmingham T erm . C o xa»
O F F IC E R S .— Pres., 8 . D avies W arfield; V . - P . , C has. R » C apps, R o b t.
M . (Seaboard proportion. 1-6 ). S1.94O.O00; Fruit Growers Express O o .,
L . N u tt, L . R . Powell Jr., M . H . Cahill, W . L . Seddon, W . L . Stanley,
paym ents. * 3 6 5 .0 4 9 ; Jacksonville Term . C o. 1st M . (Seaboard proportion,
M . J. C aples, W . R . Bonsai; Sec. A T reas., R o b t. L . N u t t . General offices
1 -3 ). * 4 0 0 .0 0 0 ; 1st A gen. (Seaboard proportion, H ) , * 1 0 0 ,0 0 0 . and ref. A
Norfolk and Portsm outh, V a ., and Savannah, G a .; executive offices. C on
ext. m tg e., X o f * 3 ,5 0 0 ,0 0 0 ; M acon Dublin A Savannah R R . 1st M .,
* 1 ,5 2 9 ,0 0 0 ; Raleigh A Charleston R R . prior lien A consol, m tges., * 5 5 0 .0 0 0 1 tinental B ld g ., B altim ore, M d ., and 24 Broad S t ., N . Y . — (V . 123, p . 2651 .




122

R A IL R O A D C O M P A N IE S
iF or abbreviation s, A c . , see notes on pa ge 8]

M iles
R oad

40
lham okin Valley $ Pottsvllle— Stock guarby T’a .R .R .
(baron— Stock (#1,600.000! guar b y rental tex t— F
33
Sbaron first m tge gold (Sharon toP y m a t, &c) . F.x
16
New Castle & S ben .V .— First M extended lnt guar.x
17
■breveport Bridge & Terminal— See St Louis Southwe stern
Sierra Railway (of California!— First m ortgage g o ld .*
76
Second m ortgage #860.000 g o ld ........... ................... .a
76
Y osem lte Short Line 1st M gold guar ___________s
S om erset Railway— See Maine Central R R
South Carolina & Q a — See Southern Ry Carolina Div
S o u th C a r o lin a P a c ific — P ref stock 6 % cu m ______
South Pacific C o a s t — 1st M gold gu (s 1 1912>
-F .zc
S o u t h & N o r t h A labam a— 8ee Louisville A Nashvlll
4.64
Southern Illin ois & Mo Br— 1st M #3.000,000 g.B a.xo*
Southern Indiana — See C h ic Terre H & Southeastern
S outh ern Pacific Co— Stock (#394.451,800 auth.)
Ooll trust mtge gold subject to call par..Un,xc*<Ser
Oonv bonds #82,000,000 gold redeem tex t- xo’ &r*
Gold bds #100,000,000 call 105 since July ’ 12
Q.x
8 Fr Term . 1st M g call 105 since '15U sinxo*& r*
O n n v b o n d s # 5 5 .0 0 0 .0 0 0 g ca ll t e x t ______y c * A r *

Collateral trust g o ld b o n d s ------------------------------------------Equip trSer E #1,250,000 due yearly___________yc*
do

[V ol. 123.

RAILW AY STOCKS AND BONDS

Ser F d u e # 2 .1 0 0 .0 0 0 y e a rly b e g 1928______ c*

d o Ser G due #1,176,000 yearly____________xxxc*
d o Ser H due #807,000 yearly-----------------------yc*
Equip gold notes due #187,600,yearly_____________O

D ale
B onds

Par
V alu e

A m ou n t
O utstanding

Rate

%

W hen
P a ya b le

L ast D ivid en d
and M a tu rity

P la ces W here Interest and
D ivid en d s are P ayable

##50
50
1,000
1,000

##869.450
1.389.000
164.000
250.000

6

1,000
1.000

100

1 .1 1 8 .0 0 0
751.000
365.000

A 12 A O Apr 12 1937
6 g
M 15 A S Sept 15 1944
5 g
4 H g M at S Sept 1 1945

1887

inn
1,000

104 600
2 ,5 7 9 ,0 0 0

8
4 g

J
J

Sc
at

J Jan 1927
3 % W ilm ington, N O
So Pac, 165 B ’ w ay, N Y
J July 1 1937

1901

1.000

3.0 0 0 .0 0 0

4 g

M

at

N Nov 1 1951

1889
1887
1897
1904
1905

1899
1909
1909
1910
1914
1924
1920
1923
1924
1925
1920

10i 374,831 ,415
500 Ac 34.100.500'
1.000 Ac 53.811.000!
1.000
227.000
100 A c 2 4 .877.600
500 ate 3 185 000!
29 .4 0 0 .0 0 0
1,000 11.250.000
l.onn 23 100 0 0 0 1
1,000 15.288.000:
1,000 1 0 .491.000
1.688,400

F
M
5
5H g J
4H g J

6
4 g
4 g
4H
4g
5 g
7 g
5
5
4X

6

J
o
&
&
at

A A u g 1926
3 % Broad St Station, Phils
Sharon, Pa
S
See text
Farmers L at Tr Co, N Y
D Jan 1 1937
do
do
J Jan 1 1937

Jan 3 1927 1 H
Q— J
J
& D Aug 1 1949
M & S June 1 1929
a
> j July 1 1929
g J
a
* o Apr 1 1950
j
at d June 1 1934
1944
J at D To June 1 1935
J & D iD ec 1 28 to '3S
M & N T o M a y 1 1939
J
& D June 1 ’ 28 to '40
J & J 15 T o Jan 15 1935

Crocker FlrstN B k.S an 9
do
do
do
do

Bankers Trust Oo. N Y
Checks mailed
165 Broadway. N ew Y ort
do
do
do
do
New Y ork, London, 4ks
New York
New York
New York
N ew York

P R O P R IE T A R Y L I N E S .— These, with a total mortgage indebtednes
Dec. 31 1924 of #453 ,8 6 3 .4 0 8 , are controlled through stock ownership, only
# 2 .479,800 out of their total capital stock of # 3 6 3 ,70 2,90 0 not being held on
Dec 31 1924 by the Southern Pacific C o.
Proposed C onsolidation o f S u bsidiaries.— Permission to consolidate into
the Texas & New Orleans system several Texas and Louisiana railroads
already owned by the Southern Pacific was sought Sept. 24 1926 from the
SH ARON R V . — Owns from Newcastle, P a ., via Sharon to Pym atunlng
I .-S . C . Commission. The abolition of separate corporate organizations,
P a ., with branches, 32.75 miles. Leased to Erie RR for 900 years from
the Southern Pacific application said, would follow economy in operation
D ec. 1 1900 for taxes, interest, and a sum equal to 6 % on stock. A c.
In
and no change in ownership would result. Am ong the companies to be
1918 reduced to 5 H % and In 1919 to 5 % due to refusal of lessee to paj
unified with the Texas & New Orleans R R . are: Louisiana Western R R ., the
Income tax. In 1922, 1923, 1924 and 1925 paid 5 H % yearly.
M organ's Louisiana & Texas R R . & Steamship C o ., the Iberia & Vermillion
R R ., the Franklin & Abbeville R R ., the Lake Charles & Northern R R .,
T h e stock has been Increased from time to time on account of Improve
the Houston Shreveport R R ., Galveston Harrisburg A San Antonio, the
ments and in 1919 was Increased from # 1 .203.650 to # 1 .389.000 in connec
Houston & Central R R ., Houston & Texas R R ., Houston East & W est
tlon with double tracking of the New Castle branch. V . 108. p. 380.
Texas R R ., Southern Pacific Terminal and the San Antonio & Aransas
The New O . Sc 8. V . 6 % bonds were extended In 1917 at 4 \ 4 % lnt anc
Pass R R .
# 164 ,00 0 4
due June 1 1919 until Jan. 1 1937 at 5 1 4 % .— (V 111 o 793.)
O R G A N I Z A T I O N — Organized under laws of Kentucky
As to disposal made by Union Pacific of Its Interests In com pany In
SIE R R A R A I L W A Y (OF C A L IF O R N IA ).— Owns road from Oakdali
1913 under order of court, see V . 97. p. 50, 4 45. 667.
In Stanislaus C ounty,C al.,to Tuolumne, Tuolumne County. 56 65 m .; James­
town to Angels, 19.3 m .; total. 75.95 m .; yard, & c., track, 2 3 .2 4 m . Tenta­
Suit by the G o v t, to compel the company to dispose of Its holdings In
tive valuation, # 2 .0 7 7 .2 7 6 as of June 30 1916.
1'entral Pacific was decided against the G ovt In the lower court in March
1917: an appeal by the G ovt, came up for hearing in the Supreme Court on
8tock authorized, # 5 .0 0 0 .0 0 0 ; Issued. # 3 .2 4 8 .0 0 0 . B onds. V . 79. p. 270
April 17 1921, and. after full oral argument, was submitted on April 19 1921
«ud taken under advisement by the C ourt. On Jan. 9 1922 the Court
For year ending D ec. 31 1925 gross. #592 .4 2 5 : net. #158 ,58 0; other In­
ordered a re-argument of the case. On M a y 29 1922 the U . S Supreme
come. #14,402 ; Interest, A c ., #162 ,67 1; bal.. 110,311.
Pres.. R
B
Court ordered the dissolution o f ownership and control o f the Central
Downes; Sec., J. T . Bullock; T rea s., O . N . Hamblin, Jamestown. C a l.—
Pacific R y. by the Southern Pacific C o.
V . 107. p 1542; V 104, p. 1046;
(V . 115. p. 2047.)
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
S O U T H C A R O L I N A P A C I F I C R Y . C O .— N o . Caro. 8tate line to Benauthority to acquire control o f the Central Pacific by lease and stock ownnettsville. S C . 10 58 miles
Com m on stock #100.000 #82.200 helm
ersnip pending final determination by the Commission o f a plan for conowned by Atlantic Coast Line RR
which leases the road for a term of
folidation of the railroads into a limited number of systems.
This applica­
years from Jan 1 1915 at a rental sufficient to pay 6 % yearly on #104 60(
tion was approved by the Commission upon certain conditions on Feb. 6
cum pref stock and dividends on the #100,000 common stork as follows
1923
Compare V 116. p 685. 2768: V . 117. p. 782
As to Union Pacific
4 % for 4 years ending Jan. 1 1922. and 5 % thereafter to end of lease. The
decision in 1912 see V 97. p 445. 667.
pref. stock Is convertible with all accumulated dividends, at option of holder
Oil land decision. V 98. p 1994; V 99. p. 1461; V . 100. p. 399. 734. 2 0 H :
kt par Into any bonds that may be issued which would rank ahead o f the
V. 103. p 1221. V. 106 p 2123. V 107. p. 513: V 109 p 8 8 9 .1 9 8 8 .2 1 7 2 :
pref. stock either as to prln. or divs. V . 99 p. 1675; V . 100. p. 142.— (V
V. 110, p. 1090. TnSept. 1925 the com pany was awarded # 4 ,0 7 5 ,4 7 8 in the
100. 0. 142.)
final accounting of the old Oregon-California R R . land grant cases. Com ­
S O U T H Q E O R Q I A R Y . ( T H E ) .— Adel, G a. to Hampton Springs. Fla.
pare V. 121. p. 1457.
82 miles. Th e I .-S . C . Commission has placed a final valuation of #657.800
The directors on Dec. 1 1920 adopted a plan for the separation of the
on the owned and used property o f the co. as of June 30 1917.
Inc. M ar.
company's California oil properties and o f its stock holdings in the Asso­
6 1896 In Georgia as the South Georgia R R .. name changed to present title
ciated Oil Co. from its railroad properties, a new com pany, known as the
In 1902.
Road opened from Heartpine to Quitman. G a ., 2 8 .0 miles in M ar.
Pacific Oil C o ., being organized for this purpose. See Pacific Oil C o. un­
1897: extension from Quitman, G a .. to Greenville, Fla.. 2 3 .0 miles opened
der "In d u strials."
In Oct. 1901. The northern terminus o f the road was changed from lleartOn Jan. 1 1917 agreed to take part In building and then to operate the San
plne to Adel, G a ., 1904. and in the same year an extension (built under the
Olego A Arizona Ry (V . 104. p 7 1 ). San Diego to Y u m a. C a l.. 220 mile*
charter of W est Coast R y. C o .) was opened from Greenville to Perry. F la.,
and branches.
V 104. p 74: V 105. p 2367: V 107 p. 514
2 6 .0 miles. Extension 5 miles from Perry to Hampton Springs. Fla., built
Southern Pacific KR of M exico. Incorporated 1909 with # 7 5,000 ,000
In 1915. Under date of June 30 1924 the entire holdings o f the W est Coast
•lock 1 owned Dec 31 1924 by Southern Pacific C o .), took over the 1,507
all
R ailw ay C o , bought by permission of the Interstate Commerce Commission
miles covered by Mexican concessions, extending from Empalme to G uad a­
and the two companies consolidated under the name of The South Georgia
la j a r a , 815 miles, with branch lines 692 miles, of which 1,249 miles had been
completed D ec. 31 1924. In Dec 1910 obtained additional concession
It was announced in April 1926 that the Seaboard Air Line R y. had
from Guadalajara to Mexico Oity
V. 83, p. 1536: V. 84. p 1141; V 8 6 ,
entered into a tentative agreement for the leasing of the com pany.
V . 122.
p 350; V 87. p 414; V 88, p 303, 1622; V . 91. p. 1645. 1770.
It was
D 2188. S t o c k . 7 % cum . pref., #199 .00 0. com m on. #487.000.
Dividends
announced in M arch 1923 that work had been resumed on the Southern
paid in 1908-09. 2 0 % ; in 1 9 0 9 -1 0 .3 0 % : in 1910-11. 2 5 % : in 1911-12. 3 5 % :
Pacific R R. of M exico, which will connect the main line at Tucson with
in 1912-13. 4 5 % : In 1913-14, 5 0 % : in 1914-15. 6 0 % : 1916. 4 0 % : 1917. 4 0 % :
Mexico City by meeting the National Railways of M exico at Orendian
All
1918. 6 % ; 1919. 47 K % : 1920. 2 4 % : 1921, 1 2 % : 1922. 4 0 % : 1923 3 5 % :
but 98 miles of the line were completed when revolutions interrupted in
1924 1 5 % on old capitalization and 1 V % on new: also a stock dividend or
4
1910
This gap is now to be bridged. The road is not expected to he com ­
4 0 0 % : 1925. 5 % . Year ended Dec. 31 1925. gross. #265.165; net. after taxes
pleted before 1926.
Northwestern Pacific R R . (jointly owned with
#56 061; other income. * 15.542: in t.. rentals. A c ., #28.111; divs.. pref.
Atchison), see that company
( 7 % ) . #13.930 ; d ivs.. com ., #24.350: bal.. sur., # 5.212.
Pres.. J. W .
The Southern Pacific Equipment O o. was incorp. In M a y 1920.
V.
Oglesby: Sec. Sc T reas., C . T . Tillm an. Office, Quitman. G a .— (V . 122,
The I .-S . C . Commission in Sept. 1924 authorized the acquisition by the
p . 2648.)
Southern Pacific C o. of control of the carriers comprising the El Paso Sc
S O U T H P A C I F I C C O A S T R Y .— Elmhurst to Santa C ruz, with
Southwestern System by stock ownership through purchase of the interest
branches, total, 105 miles; ferry, 3 miles. Leased for 55 years from July 1 of the El Paso A Southwestern Oo. therein and by lease.
Also granted
1887 to Southern Pacific C o ., which guarantees the bonds and owns all the
authority to the Southern Pacific C o. to issue not exceeding # 2 8 .0 0 0 .0 0 0
# 6 .000,000 stock.
common stock and not exceeding # 2 9 .400 ,000 5 % 20-year collateral trust
bonds in payment for the interest of the El Paso A Southwestern System
S O U T H E R N I L L I N O I S & M IS S O U R I B R ID G E C O .— Owns bridge
In the Nacozari K R . Oo. T h e operation of the properties of the El Paso
(and 4.64 miles of track) across Mississippi River at Thebes. III. Stock.
A Southwestern System was formally taken over on. N o v . 1 1924. V . 119.
# 50,000 . all outstanding, equally owned by the St. Louis Southwestern.
p. 1626. 2177.
Illinois Central. Chicago & Eastern 111. and Missouri Pacific, all of which,
except the last-nam ed, have a 50-year contract dated N o v . 1 1901 for use
E L E C T R I C R A I L W A Y S .— T h e electric roads controlled Include (a)
o f the bridge, under which they agree to meet all charges. Pres., W . J.
Pacific Electric Ry
689 miles o f electric Interurban road radiating from
Jackson: Sec. Sc T reas., F . P . Johnson.— (V . 119. p. 1283.)
Los Angeles; (b) Peninsular R y . , serving San Jose. Santa Clara. See 65 m .
<3qn lose Railroads 30 m 'd) Stockton Electric C o. 13 m Visalia ElecS O U T H E R N P A C IF IC C O M P A N Y .— (See M a p .) — ' his company owns
T
ric R R .. 59 m ., and (e) Fresno Traction C o ., 31 m . See “ Public Utility
only 564 m in tee (operated by Oregon & California R R ., A c ) , but prin­
C om pendium .”
cipally through ownership of stock. It controls a great system >f roads
C A P I T A L S T O C K .— Against the common stock or Southern Pacific Oo.
extending from San Francisco to New Orleans (thence by com pany’s
there was on deposit with Union Trust C o. of N . Y . on Dec 31 1924. stocks
steamers to N V .S c J and to Portland Ore .to Ogden Ptab with branches
of subsidiary companies as follows (at par value): G al. Har. A San An t.
System comprises the following, mostly described under their own titles:
#27.005.600: La W est R R .. # 3 ,310.000, M org a n s La. Sc Texas R R . Sc 8 8 ,
(1) C ontrolled ; also leased.
M ile s . Controlled as above (C on cl.)— M ilh s .
Oo. #4.994,000; Sou Pac. R R .. *1 2 4 .6 7 1 ,8 6 1 ; Texas Sc N ew Orl. R R ..
41
Central Pacific Ry (see below) .2 .3 5 9 Houston & Shreveport R R ____
#4.997,500: total. # 1 6 4 .97 8.96 1.
191
South Pacific Coast R y __________ 105 Houston E. A W Texas R y . .
Stockholders of record Jan. 14 1921 were given the right to purchase at
Southern Pacific R R ____________ 4.999 (3) Controlled by M organ's L a . & T ex.
#15 per share one share of stock of the Pacific Oil C o. for each share of South21
Oregon & California R R ________
704 Iberia A Vermillion R R ________
rn Pacific Oo. stock held
See Pacific Oil C o. under “ Industrials.”
Less du p lica tion s. A c . (n e t)___
36
D IV I D E N D S .—
\Oot. ’0 6 - Apr. ’0 7 . J u ly ’0 7 . Oot. '07 to Jan. '27.
(2) Controlled by S o. P a c . C o . — Op­
Total In system D ec. 31 '2 4 .1 2 ,4 4 7
(Common stock) . . . r5% yrly. (2 K s.-a .)
U i%
6 % yrly ( 1 quar.)
erated by C os. ow ning them .
Other P roprieta ry C om pa nies—
B O N D S . A c .— The funded and other Interest bearing debt of Southern
(x Jointly controlled.)
G alv. Harrisb. Sc San A n t. R y . 1,380
Pacific O o. on Dec 31 1924 aggregated # 2 0 3 .18 1.96 0; of proprietary co .,
Houston & Texas Central R R . . 929 Southern Pao. R R . of M ex ico .. 1,249
#453 .86 3.40 8; total. # 657 .04 5.36 8; held as follows: In hands of public,
x480
Louisiana Western R R _________
208 Northwestern Pacific R R ____
# 526 .91 0.41 8; owned bv Southern Pacific C o .. # 102 .54 9.95 1; owned by pro­
___________
x63
Morgan’s La. & Tex. R R .& S S . 401 Sunset Railway
prietary cos.. # 4 .880.000: held in sinking funds of proprietary cos., # 16,Texan A New Orleans R R _____
508 San Diego A Arizona R y _______ 200
256.000 ; owned by affiliated co s ., * 6 ,2 3 1 .0 0 0 ; held In sinking funds of
Lake Charles Sc N o R y ---------73 Affiliated companies_____________1,094
■ affiliated cos., # 2 18 ,00 0.
Trackage agreement with W estern Pacific. V . 118, p. 1270.
. S H A M O K I N V A L L E Y & P O T T S V I L L E R R . C O .— (See M a p s P a . RR.)
— Sunbury, P a ., to M t . Carm el, P a ., and branches, 40.93 miles. Leased
Feb. 27 1863 for 999 years to Northern Central R y. C o ., with a guaranty of
taxes, Interest on bonds and 6 % on stock, o f which N . C . owns #619 ,65 0.
The lease assumed In 1914 by the Penna. R R . C o .— (V . 97. p . 1735.)




133
RAILWAY STOCKS AND BONDS
1926.]
o t .,

N



124




KAILW AY STOCKS AND BONDS

[Vol. 123.

Nov., 1926.]




RAILW AY STOCKS AND BONDS

125

126

R A IL R O A D C O M P A N IE S
F or abbreviations, & c ., see notes o n pa ge 81

M ile s
R oad

So Pao Br 1st M gold s f $50,000 1897 not drawn . . »
First Consol m tge guar gold s f not d ra w n .C e.xc*A r
Northern R y (Cal) oons(now 1st) M g o ld .U n .s o 'A r
Northern California first m ortgage g o ld __________s
First R ef M g gu red 105 . . ................ ...... E a.xc*A r*
C oast Line R y 1st M (owned b y So P ac C o ) ______
Southern Railway— Comm on stook $120,000,000 ___
Preferred 5 % non-cum ulative $60.000,000________
M A O stock trust certificates_____________________x
Southern R ailw ay Is s u e s —
First Cons M 1st on 900 m g($120,000,000)Ce.xo* Ar
Developm ent A Gen M ($200,000,000) g --Q .x o * A r
_________ _ .
_______ __
do
do
do
do
M on on join tM red 105 since 1907half share Q .xc’ Ar
g o l M g $9,500,000 s f (M o b A O h io)____ Q .xc*A r
Series
Series
Series
Series
Series
Series

[V ol. 123.

RAILW AY STOCKS AND BONDS
Par
V alu e

A m oun t
O u tstanding

1887
1893
1888
1889
1905

4,943
text
text
text

1894
1906
1906
1906
1902
1901

1.000 Ac
1,000 Ac
1,000 A c
1.000 Ac
1.000 Ac
1,000 Ac

84,213,000
b61.333,000
30,000,000
20.000.000
$5.S92.500
8,355,000

1920
1922
1923
1924
1924
1926

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

6,175,800
6,510,000
5,175,000
5,500.000
6,110,000
6,670,000

A— P ro p er ties M erged in Southern R ailw ay Co.

R ate
%

$100 160,000,000
3.533.000
6 g
500' Ac
4,127,600
5 6
1.000 4.751,000
6 g
1,000
1.074.000
6 g
500 Ac 143,745 500
4 g
6
700,000
100 120.000.000 See text
100 60.000,000
5
100
6,650,200
4

240
1.685
377
54
3.109

67 due $686,200 y e a r ly ..
__________ G c*
W gold due $310,000 M A N ____________ c»
X due $225,000 A A O _________ PePc*
Y due $220,000 M A S ............... ........ P ep .c*
Z due $235,000 A A O .......................P eP .c*
A A due $230,000 A A O . . . .
. .P e P

RIohm A Danv deb M old 5s (no longer Incomes) Ces
Virginia M id — 50-yr. 5s Series " F ” ________________
General m ortga ge........... ..... .............................. Ce*
East Tenn Virginia A Georgia Dlv m tge g .U n .so*
E T Va A Ga cons M g ($20,000,000)
-C e.xcA r
B— Southern R ailw ay D ivisio n a l S ecu rities.
East Tennessee lien g o ld _________________ Ce.xc*& r
M em phis D iv 1st M ($8,000,000) gold _ .G .x c * A r
Aiken Branch first m tge gold (V 68, p. 8 2 6 )___M p.x
St Louis Division 1st M g $15,000,000. _IC .xc*A r
M ob ile A Ohio bonds— See M obile A Ohio R R Co

D ate
B on d s

403
552
1.020

1882
1881
1886
1880
1886

1.000 3.368,000
1,310,000
100 Ac
1,000 4,859,000
1,000 3,106,000
1,000 12,770.000

1,020
292
24
365

1894
1898
1898
1901

1,000 4,500,000
1,000 6,883,000
500
150,000
1,000 12.474,000

W hen
P a y a b le

A
A
A
A
J
J
A
M A
Q -F
Q-J
A A
A
M
A

5 g
J
4 g
A
6H g A
A
6 g
J
4 g
M
4 g

A
A
A
&
A
A

A
A
A A
M A
4K g A A
A &
4K g
6 g

J

5K g M

5 g
5 g

5
5

A

M
M

6

A
A

A

6 g
6 S

1
M

A
A

5
5
4
4

M
J
J

A
A
A

J

A

g
g
g
g

L ast D ivid en d
and M a tu rity

Places W here Interest a n t
D ivid en d s are P a ya b le

So Pao. 165 B ’w ay. N T
A pr 1 1937
do
do
N ov 1 1937
do
do
Oct 1 1938
do
do
June 1 1929
do
do
Jan 1 1955
N o v 1 1941
(H eld b y So P ac C o)
N o v 1 1926 I K j P Morgan A Co, N v
do
do
O ct 15 1926 1 K
do
do
O O ct 1 1926 2 %

O
N
O
n
j
N

J July 1 1994
o Apr 119 5 6
<) Apr 11956
o Apr 1 1956
J July 1 1952
s Sept 1 1938
J
N
o
s
o
o

do
do
do
do
do
do
do
do
J P M organ A C o , N Y
lb
do

T o Jan 15 1935 G uaranty Trust C o , N Y
N o v '2 7 -M a y ’37 Pa C o for Ins, A c. Phils
do
do
A p r '27-A pr '38
do
do
M ar '27-M ar ’39
do
do
A p r '27-O ct ’39
do
do
A p r ’27-A pr ’41

o Apr
s Mar
N May
J July
N N ov

1 1927
1 1931
1 1936
1 1930
119 5 6

S Sept 1 1938
J July 1 1996
J July 1 1998
J Jan 1 1951

J P M organ & Oo, N Y
Safe Dep A Tr Go, Balt

J P Morgan A Oo, N Y
in
do
do
do
do
do
do
do

do
do
do
do

b A lso on D ec 31 1925 $37,519,000 in treasury.

Th e 4 % collateral trust gold bonds o f 1899 are limited to $ 3 0 ,8 1 9 ,0 0 0 and
are subject to call at par on 6 months' notice. The $ 3 4,100 ,500 outstanding
Dec. 31 1924 were secured by $67,2 7 4 ,2 0 0 common and $ 1 7 ,4 0 0 ,0 0 0 pref
stocks o f the C en t. Pac. K y . C o . See m tge. abstract. V . 69. p. 59.
Collateral for Central Pacific R y. 4 % 35-year European Loan o f 1911
(a) Stocks: Houston E . A W . Texas, $ 1 ,919,000; M organ’s L a. A
Tex. R R .
A SS.
C o ..
$ 1 0,000 ,000 ;
Oregon
A C al. R R . co m ..
$ 6 ,9 0 0 ,0 0 0 .
and
pref.,
$11 ,9 9 1 ,0 0 0 ;
So. Pac.
R R .. $ 3 5 ,000 ,000 ;
So. Pac. Term . C o ., $ 1 ,999,500.
(6) Bonds: G alv. Har.
A San
An t. R y. 1st M . East D lv ., $ 4 ,7 2 8 ,0 0 0 . and 2d D iv ., $ 1 ,0 0 0 ,0 0 0 : Houston
& Texas Central Lampasas Exten. 5s, $450,000; Northwest Pac. 1st A ret.
4 ^ s , $ 5 ,8 8 2 ,0 0 0 ; total par value, $79 ,8 6 9 ,5 0 0 . V . 103, p . 1222; V . 101.
p . 2146; V . 94, p . 130, 1762; V . 92. p. 593, 794.
In March 1909 the stockholders subscribed for 581,814 ,000 of 4 % 20-year
bonds at 96, convertible to June 1 1919 Into common stock at 130 at option
o f holders and red. at 105. A total o f $ 2 7,319 ,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
00 0 ,0 0 0 4 1 4 % 20-year gold bonds for “ corporate purposes” ; under option
then given 5227,000 was exchanged, along with 520 per share In cash, for
5227 ,00 0 pref. stock; no others Issued. V . 88, p. 1501; V . 89, p. 1420
“ San Francisoo Terminal” bonds (550,000,000 au th.; int. rate 5 % or less)
oover Bay Shore line and terminals; $ 2 4 ,8 7 7 ,6 0 0 4s outstanding.
V . 90, p
373. 448, 1555, 1615, 1678: V . 91, p 1631: V 92. p. 1180
Th e 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 in t., $ 4 0 ,0 0 0 ,0 0 0 5 % gold bonds, due A u g. 1
1960, of Central Pacific R y . Y . 121, p . 194.
Equipm ent trusts. V . 9 6 . p . 1425; V . 9 7 . p . 5 9 7 ,7 3 0 ; V . 9 9 . p . 1 5 9 9 ,1 6 7 5
V . 110, p . 2488; V . 117, p. 2213; V . 120, p . 2812.
G uaranty o f Pacific Fruit Express C o . equipments, V . 110, p . 2082 .
Equipm ent trusts Issued to Director-General for rolling stock allocated
to im s com pany. See article on page 3 and V . 113, p . 1472.
R E P O R T .— For 1925, in V . 122, p . 2207, showed:
[Southern Pacific C o . and Proprietary Companies.]
„
,
1925.
1924.
1923.
1922.
O perating In com e—
$
$
$
$
Freight.................................2 1 1 ,3 1 4 ,5 8 2 193,692 ,958 199,591.192 180,438 ,952
Passenger.............................. 5 6 ,101,353 56 ,5 6 6 ,1 3 4 6 2 ,158,876 59,00 3 ,5 5 0
M a i l ---------------------------------[11,054,123 1 1 ,6 4 9 ,0 5 4 /
3 ,8 6 4 ,9 7 3
3 ,5 8 1 ,7 5 5
E x p r e s s ...--------- --------------\
( 7 ,7 4 8 ,3 4 5
7 ,653,473
A ll other transportation. 8,052,861
7 ,4 3 0 ,6 0 7
6 ,8 0 2 ,8 8 9
5,7 9 7 ,6 4 5
I n c id e n ta l_______________
6,8 2 2 ,2 8 8
'
6 ,4 5 9 ,2 0 4
6 ,9 2 1 ,6 3 0
5,8 7 8 ,4 1 9
Joint facility— Credit___
260,824
181,099
175,771
216,139
531,478
Joint facility— D e b t____
7 4,946
59,041
50,763
T otal railway o p . revs.293,074,553 2 7 5 ,904 ,111 287,204 ,635 2 6 2 ,519 ,170
R ailw ay O per. E x p .—
M a in t. o f way & s t r u c .. 40,11 0 ,8 0 6 3 9 ,3 6 7 ,7 1 7 4 1 ,235,817 36 ,8 0 6 ,1 2 9
' '
‘
‘
M a in t. o f equipm ent___ 49,196,333 4 7 ,2 1 3 ,2 3 8 50,451,491 48,26 4 ,0 6 8
T r a f f i c -----------------5 ,638,295
5,239,731
4,9 9 0 ,7 6 8
4,4 1 7 ,4 0 9
Transportation__________ 106,977,411 99,11 9 ,5 6 8 98,559,831 92,45 4 ,1 8 5
Miscellaneous operations 4,7 0 6 ,3 6 2
3,9 2 8 ,3 1 9
4 ,1 0 5 ,4 0 6
4,347,543
General------------------------------- 10,513,786
9 ,3 9 9 ,6 1 4
8,590,865
8,3 2 3 ,3 5 9
Transp. for invest.— C r.
1,533,675
529,013
1 ,393,945
1,009,728
N et rev. from ry . o p e r .. 77,46 5 ,2 3 5
R ailway tax accruals___ 21,27 5 ,2 8 2
Uncollectible railway rev
9 5,349
Equipm ent rents— n e t . . 5,7 6 4 ,3 5 2
Joint facility rents— n e t.
16,492

2 0 3 ,0 5 1 ,3 2 9 207,166 ,588 193,664 ,456
72 ,8 5 2 ,7 8 2 80,038,047 6 8 ,854,713
19,867,104 2 0 ,365,328 18,859,356
144,539
127,593
87,738
4 ,8 0 2 ,2 1 5
5,555,374
3,8 1 5 ,7 2 7
C r .62,492 C r.198,417 C r.170,810

N e t railway oper. in c . 5 0 ,3 1 3 ,7 5 9
N on -O p era tin g In co m e—
Inc. from lease o f r o a d ..
8 1,853
Standard return________
_______
M iscell. rent incom e____
1 ,493,683
M isc. non-op. p hys. prop
3 14,464
Separately operated prop­
erties, profit___________
_______
Dividend incom e________
2 ,7 8 0 ,9 7 7
Income from funded secs 3 ,7 7 2 ,9 1 2
Income from unfunded
securities & accounts. 2 ,3 6 5 ,9 3 0
Income from sinking,& c.,
reserve fun ds__________
9 47,738
Other miscell. income___
536,887

4 8 ,1 0 1 ,4 1 6

54,228,023

4 6 ,222,846

90,657

88,144

1 ,110,185
261,024

1,009,653
300,461

159,053
1,587
883,317
281,621

2,7 8 7 ,6 7 7
5 ,8 5 2 ,0 5 9

16,889
4 ,443,170
6,045,373

30,510
3 .174.044
3 .252.044

Gross income.................. 6 2 ,6 1 3 ,2 0 2
D ed uctions—
R ent for leased roads___
2 2 7,880
Miscellaneous rents____
760,992
M iscell. tax accruals___
2 0 6,700
Interest on funded d e b t. 2 5 ,3 3 9 ,3 3 5
In t. on unfunded d e b t ..
212,341
Am ortization o f discount
on funded debt_______
30,199
M ain t. o f invest’t org’n .
3 8,880
M isc. income charges___
139,466
T otal deductions______ 2 6 ,955,792
N e t incom e______________ 35,65 7 ,4 1 0




1,084,931

509,276

875,035

925,102
385,440

887,573
81,0o0

848,925
86,396

60,598,491

67,609,607

5 5 ,815,379

232,968
743,735
130,092
23,091,183
3 9 2,905

239,108
762,002
542,567
21,175,721
97,122

238,399
656.088
478,234
21,20 2 ,6 7 2
107,103

72,737
2 8,276
152,180

76,563
23,376
140,665

87,419
23,390
421,923

24 ,8 4 4 ,0 7 6
35 ,7 5 4 ,4 1 5

2 3 ,057,125
4 4 ,552,482

2 3 ,215,229
32 ,6 0 0 ,1 5 0

D is p o s itio n o f N e t In co m e— 1 9 2 5 ,
Income applied to sink­
1 ,232,776
ing, & c., fun ds________
Income appropriated for
invest, in phys. p ro p .
126,669
Dividends ( 6 % ) ________ 2 2 ,3 4 2 ,8 5 4

1924.

1923 .

1022.

1 ,2 0 3 ,3 7 9

1,165,183

1 ,128,116

191,308
2 0 ,9 4 2 ,8 5 4

3 72,348
20,66 2 ,8 5 4

2 0 ,662,854

------------

B a la n c e _________
11,955,111
1 3 ,4 1 6 ,8 7 5 2 2 ,352,097 10.809.180
D IR E C T O R S .— J. N . Jarvie, J. Horace Harding, Paul Shoup, Henry
W . De Forest, James S. Alexander, H . E . H untington, Lewis J. Spence,
Ogden M ills, Cleveland H . D odge, W alter Douglas. Edward S. Harkness,
W illiam Sproule, Samuel Rea, Chauncey M cC orm ick and A . D . M cD on ald .
O F F IC E R S .— Chairman Exec. C o m m ., Henry W . D e Forest; Pres.,
W illiam Sproule; V .-P . in charge o f T r a ffic , T . M . Schumacher; Exec. V .-P .,
Paul Shoup; V .-P . & Sec., Hugh N eill: T reas., George M . Thornton;
C o m p t., H . B . Johnson. Offices, 165 Broadw ay, N . Y .; 65 M arket S t., San
Francisco, and Poydras & C am p S ts ., N ew Orleans.— (V . 123, p . 1760.)
SOUTHERN PACIFIC RR C O — (See M a p s .) — 5,0 7 2 m „ embracing
• through line from east bank of Rio Grande River through New Mexico and
Arizona, via Los Angeles, San Francisco and Oakland, to Teham a, in N o.
California, with branches (V . 105, p. 181); 24 m . are leased to other roads.
S T O C K .— Sou. Pac. C o . D ec. 31 1925 held all the $ 1 6 0 ,00 0,00 0 stooK.
D ivs.: 4 % in 1906-07; 1 3 % . 1907-08, 5 % . 1908-09: 6<? from 1909-10 to
June 1914, incl.: 5 % 1914-15; 6 % 1915-16; 1917 to 1925. 6 % yearly.
B O N D S .— C onsolidated M ortga ge o f 1894 abstract was in V . 57, p. 104.
The First Refunding 4s of 1905 ($160,000 ,000 auth. Issue) will eventually
t>e 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 ,4 3 8
miles, save lien of consol. 5s of 1893 at less than $ 1,700 per mile (V . 8 7 . p.
1012). V . 88, p. 159 : V . 89, p. 164: V . 9 8 , p. 264. Sufficient o f the issue
is reserved to retire the underlying bonds.
R E P O R T .— For year ending D ec. 31 1925 earnings were: Incom e from
lease o f road, $14,5 9 7 ,2 9 6 ; other income, $418 ,68 9; deductions, $6,5 5 1 ,6 4 0 ;
net income, $ 8 ,4 6 4 ,3 4 5 ; dividends paid, $ 9 ,6 0 0 ,0 0 0 .— (V . 122, p. 746.)
S O U T H E R N R A I L W A Y C O .— (See M a p s .)— System embraces 6,908
miles, extending from W ashington, D . C ., and W est Point and Richm ond.
V a .. to D anville, V a ., Greensboro, N . O ., N orfolk . V a ., C harlotte, N . O ..
C olum bia, S. C and A tlan ta , G a ., thence northerly to Bristol, T e n n ..
southeasterly to the coast at Brunsw ick. G a .. and to C olu m bus. M iss.
Owned in fee —
M ites Leased (*see this co.) —
•North Carolina R R .—
Alexandria (near W ashington)
G old sb.,N . C ., to Greensboro,
to Greensjoro, N . C _________
275
Charlotte, A o________________
224
Charlotte, N . C „ to Augusta,G a 190
Colum bia,S.C o.,toG reenv.,S.C .. 144 Atlantio A Danville R y .—
Norfolk to D a n v ., V a .. A b r . 276
West Point, V a ., to N e a p o lls .. 179
•Virginia & 8. W ...........................
188
Salisbury, N . C ., to Morristown,
54
Tenn _______________
228 North Carolina M idland________
13
Memphis to Stevenson, A a ____ 273 O t h e r _______________________
Bristol to Chattanooga, T e n n .
242
Controlled by S ecurities—
Coster to Cumberland G ap,Ten n. 64 Cum berland R y ________________
11
Ooltewah Jot., Tenn., to Bruns­
Trackage Rights—
wick, Ga........ .................
412 Hardeev’e, S. C ., to Savan., Ga.
17
/V tell, G a., to M iss.State lin e. 259 W ashington, D . C ., to A le x .,V a .
us
9
Atlanta Jot.. G a., to York, A la . 271 Stevenson,A la.,to Chattanooga,
Roseland, G a.. *o F t.V a lley ,G a . 102
Tenn., A c_____________________
38
B .S t .L ., 111., to In d . State Line 147 York, A la ., to Meridian, M i s s ..
27
Branohes, Ao_____________________1,504 Kentucky A Indiana Term . R R .
8
Selma, N .C ., to Plnnen P t., V a . 154
Total o w n e d ..
. _________ 4 ,2 9 0 Savannah,Ga.,to Jaoksonn, Fla. 152
Leased— (‘ see this oo.)—
M ile s O t h e r ____________________
___ . ___100
'A tlan ta A Charlotte Air Line,
Total mileage D ec. 31 1925 .6 ,9 0 8
Chari., N C ., to Armour, G a. 255
Leased to other companies
..
117
•Georgia Midland R y ___________
98
•Mobile A Birmingham R R .—
Balance oper Dec. 31 1925 .6 ,7 9 1
C ontrolled— operated sepa ra tely —
Mobile, A la ., to Marion J o t .. 147
•Southern R y ., Car. D iv .—
Bine R idge__________________________ 44
Tallulah Falls........................................... 57
Charleston, S. C „ to Augusta,
G a., with branohes to Co­
Danville A W estern_________________83
lumbia, S. C ., & o _________
217 Atlantic A Y adkin_________________ 163
C am den ,S.C .,to M arion ,N .C . 208 Yadkin R R ................
52
B tltm ., N . C ., to Alston, S. O. 134 H . P R A A So. R R .....................28
Other branohes_______________ 186 State U niversity________________
16
•Richmond & Meoklenburg R R .
31 Ensley Southern________________
33
Lockhart R R . ___________________
14 Tenn. & Carolina Southern____
31
Elberton Southern R y ____
51 Seivern A K noxville__________. . .
25
Leased for 50 years from July 1 1912. Bluemont branch. 64 m .. to W ash .A
Old Dominion R y.
W ater tines— Chesapeake SS O o .. 200 miles.
Also aas one-sixth Interest In Riohm ond-W ashlngton C o ., owning line
between Rlohmond and W ashington, 115 miles
V . 75, p . 449
A ffilia te d — (S ee eacn c o m p a n y ).
Alabama Great Southern________ 3 1 8 1Northern A lab am a_________________ 111
Cincinnati N . O. A Texas Paoiflo.3381 Georgia Southern A Florida______402
M obile A O h i o _________________ 1 ,1 6 1 1N ew Orleans A N ortheastern_____ 208
In July 1918 the Carolina A N orthw estern R R . (V . 105, p. 6 0 5 ), with
lines from Chester, S. O ., to Edgem ont, N . O ., 134 miles, was acquired
by Southern Railway interests, but remains a separate corporation
V.
107 p 1670 .
Tentative V a lu a tion .— T h e I .-S . C . Com m ission has placed a tentative
valuation of $ 2 5 0 ,3 4 2 ,1 7 4 on the total owned and $3 4 9 ,0 6 6 ,6 2 2 on the total
used properties of the com pany and its subsidiaries as of June 30 1916.
Compare V . 121, p . 196.
O R G A N I Z A T I O N — Organ. 1894. V .5 8 . p . 3 63. 3 8 5 .0 5 8 . 8 74, 1016.1058
In 1903-04 Jointly with Louisville A Nashville acquired $ 1 3,680 ,300 of
the $ 1 5,500 ,000 Chioago Indianapolis A Louisville stock In exchange for
their Joint 50-year 4 % bonds. V . 74, p . 1029, 1090.

127

RAILW AY STOCKS AND BONDS

Nov., 1926.]

R A IL R O A D C O M P A N IE S
[F or abbreviation s, & c ., see n otes on p a ge 8]

S o u t h e r n R a ilw a y — (Concluded)—
C— On P roperties P ractically Owned by (*) or Let
((Richmond Sc Mecklenburg 1st M $315 ,00 0 g ___
((Atlanta & Charlotte— Stock_____________________

■N orth Carolina stock 7 % guaranteed.
Preferred stock.
Stock_________________
Northern Alabam a R y - -See that com pany

M iles
Road

D a te
B onds

Par
V a lu e

A m oun t
O utstanding

Southe rn R y.
to (a)
$1,000
31 1898
100
263 1914 1,000 &c
to (a) Southe rn Ry.
1,000
98 1896
100
149 1895 2 0 0 1 ,0 0 0
149 1895 2 0 0 1 ,0 0 0
___
100
1,000
53 1891
100

__

__

... —

R ate
%

W hen
P a ya b le

M
$315 ,00 0
4 g
M
1 ,700,000
9
2 0 ,000.000 4 H & 5 J

ft
ft
ft

L ast D ivid en d
and M a tu rity

P la ces W h e e Interest and
D ividend s o re P a y a b le .

do
do
N N o v 1 1948
S Sept 1 '26 4 1 * % U 8 M tg e & Trust. N Y
Central U n T r C o , N Y
J July 1 1944

1 ,650.000
4 ,000,000
600,000
1,200,000
900,000
801,000
924,000

3 g
7
5 g
4
4
6 g
3

A ft o
F & A
.1 ft
J
ft
J
J
J
ft
J
ft
J
J
D ec 30

Apr
Aug
July
July
Ju ly
July
D ec

1 1946
1926 3 H %
1 1945
1 1945
1926
2%
1 1931
1926 3 %

J P M organ & C o , N
Burlington, N o Caro
J P M organ & C o , N
do
do
do
do
Treas, W ashington, D
Bankers Trust C o , N

Y
Y
O
Y

278
278
136
209

1900
1904
1903
1908

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

3 ,9 2 5 ,0 0 0
1,525.000
2,000,000
5,0 0 0 ,0 0 0

4
4
5
5

J
J
J
A

ft
ft
ft
ft

J
J
J
O

July
July
Jan
Apr

1
1
1
1

1948
1948
2003
1958

Bankers Trust C o , N Y
Equitable Trust C o . N Y
Guaranty Trust C o . N Y
do
do

248

Virginia & Southw— 1st M g gu by Va I C & C .

1919
1895
1902
1906

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

5.2 5 0 ,0 0 0
1,000,000
5.000.000
434,000

5X g M
J
4 g
J
4 g
J
5 g

ft
ft
ft
&

N
J
J
J

M ay
Jan
July
Jan

1
1
1
1

1929
1995
1952
1953

J P M organ ft C o , N Y
do
do
do
do
Guaranty Trust C o , N Y

S o u th e r n R a ilw a y , C a r o lin a D iv is io n —
...
42
S o u th w e s t P enn R R — See Pennsylvania R R

S ta te L in e & S u lliv a n — 1st M $300 ,00 0 g .

333
100
5 ,1 9 1 ,1 0 0
Carol! na D i vision.
1,000
141 1905
4 ,2 0 0 ,0 0 0
1,000
22 1910
544,000
495 1911 1,000 &c 7 3 ,710,000
RR
1,000
24 1898
272,000
— See Baltim ore ft Oh io

In 1916 purchased most o f stock of N . O . & Northeastern R R ., which
see: also V . 104, p. 74: V 105. p 1530
Effective M ar 1 1920. for the purposes o f administration, the lines con*
itituting the Southern Railway system were divided into two groups, v is.;
(1) L in es W est— Cincinnati New Orleans & Texas Pacific R y ., Alabama
Great Southern, New Orleans & Northeastern, Harriman & Northeastern
Cincinnati Burnside & Cumberland River, Northern Alabam a, Georgia
Southern & Florida and the St Louis Louisville, M em phis, Atlan ta, Colum*.
bus, Birmingham and M obile operating divisions o f Southern Railway;
(2) L in es East— the following operating divisions of Southern Railway:
W ashington, Danville, Charlotte, Richm ond, N orfolk. Winston-Salem
Colum bia. Charleston, Spartanburg, Knoxville, Coster, Appalachia, Ashe
ville, M urphy and Transylvania.
S T O C K .— Authorized $ 1 2 0 ,0 0 0 ,0 0 0 com . and $ 6 0 ,0 0 0 ,0 0 0 5 % n o n -cu m
Pr e f stock
As to whether the prof. Is callable, see V 72 D 1136
T h e stockholders on N ovem ber 18 1926 authorized the issuance of
$ 3 0 ,0 0 0 ,0 0 0 common stock, of which it is proposed to offer $ 1 0,000 ,000 at
par ($100) to stockholders, both preferred and com m on, of record N o v . 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 D ec. 28 1926, or 2 0 % on or before that
date, 4 0 % on or before A u g. 1 1927, and 4 0 % on or before N o v . 1 1927.
T h e remaining $ 2 0 ,0 0 0 ,0 0 0 is to be issued from time to time as new capital
Is required. V . 123, p . 1995, 2 1 3 6 ,2 6 5 2 .
D I V S .— \’ 12. ’ 13. '1 4 . ’ 15-’ 16. ’ 17. ’ 18. ’ 19. ’2 0 . ’ 21. ’2 2 . ’23 to O ct. ’26O n p f ..% /4 ^
5 4H
N one 2 K
5
5
5
0 2 H 5 y ly . (Q .-J .15)
On common stock, paid initial div. o f 1 K % quar. on M a y 1 1924; same
amount paid quar. to N o v . 2 1925; F eb. 1 1926 to N o v . 1 1926 paid W \ %
quarterly.
Dividend suit filed, V . 122, p . 1165, 1606. Preferred stockholders lose
suit; appeal to be filed. V . 123, p . 1630 , 2 652 .
B O N D S A N D N O T E S .— In Feb. 1917 plan for creation of a refunding
and im pt. mtge. V . 103, p. 1593, 2079; V . 104, p. 765; V . 105, p. 1530.
F irst Consol. M tg e. for $120 ,0 0 0 ,0 0 0 , a b s tr a c t, V .5 9 , 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; VT 102, p. 610; V . 103, p. 580; V . 107, p . 1921.
The SI.OOO.OOO 1st m tge. 6s o f Ala. Central R R ., due July 1 1918, were
acquired by So. R y . Co. and pledged under its first consol, m tge.
A p p lic a tio n o f $ 1 2 0 ,00 0,00 0 First C onsol. M ortga ge 5s o f 1894.
Issued to date (of which $154 ,20 0 in treasury)---------------------------$ 8 4,367 ,200
Issuable only t o / “ prior b on d s" (.see V . 59. p . 7 8 5 )____________ 135,632,800
retire certain 1stocks (see V . 59, p . 7 8 6 )_____________________ J
A p p lic a tio n o f $ 200 ,00 0,00 0 D evelopm ent and G eneral M ortga ge Bonds.
Issuable fortwith and to retire coll. tr. 5s ($16,000,000) A p r.l9 0 9 $ 3 1 ,0 0 0 .0 0 0
(1) T o retire prior liens not provided for by consol, m ortgag e-. 3 1 ,158,000
(2) T o retire equipment obligations maturing 1906-21--------------- 18,008.000
(3) T o acquire capital stocks of certain leased lines------------------- 10,000,000
(4) For Eastern D ivision of Tennessee Central (option expired) 10,000,000
(5) T o provide for future acquisitions and betterments under
stringent provisions (a) at not exceeding $5,000,000 yearly
for improvements and equipment and (b) in exchange for
1st m tge. bonds not exceeding in amount the actual cost
thereof of railroads and terminals hereafter acquired--------- 99.834.000
On D ec. 31 1925 $ 6 1 ,333 ,000 of development & gen. m tge. 4 % bonds
were outstanding and a further $ 3 7 ,519 ,000 was available for com pany’s use
These bonds, subject to underlying liens, are now said to be a direct m tge. on
some 3,8 8 0 miles of road, a coll, lien on 1,175 miles, a lien by pledge o f lease­
holds on 1,813 miles and are also secured by pledge of securities, &c. V . 82
D. 397; V . 86, p. 1468: V . 88. p. 565, 626. 1622; V . 105, p. 1530. In Jan. 1922
$30,000 ,000 development and gen. m tge. bonds were issued, bearing inter­
est at the rate o f 6 H % . and in N o v . 1923 $ 2 0 ,000 ,000 bonds were issued,
bearing 6 % interest. Principal and 4 % interest secured by lien of the
dev. & gen. m tge. Pursuant to a supplemental indenture, the company
affixed to the bonds its obligation to pay additional interest (2 H % and 2 % .
respectively), thus making the total int. rate 6 H % and 6 % per ann. The
additional int. obligations will not be secured by the dev. A gen. m tge., but
In the supplemental indenture the company will covenant that it will not
create any new m tge. upon any part or the railways subject to the dev. ft
gen. mtge. unless such new mtge. expressly shall secure the paym ent of the
additional interest obligation equally and ratably with any Indebtedness
secured by such new m tge. The total 6 1 4 % and 6 % int. obligation is com ­
bined in the several coupons. V . 114, p. 307; V . 117, p . 2214.
D ivision al First M tg e. 5s were issued in 1898 on account o f purchase of
M a m . & Chari. R y. Total auth. issue, $8,0 0 0 ,0 0 0 .
V . 67, p. 179; V . 81.
■ j j l l 8 0 ; V . 83, p.
436; V . 84, p. 392. St. L o u is D iv isio n M tg e..
V . 72, p . 138; V . 84, p. 392.
The collateral trust 4s o f 1901 have been issued, $ for $, in exchange for
the M obile & Ohio gen. 4s as acquired, by a pledge of which they are secured.
Stock trust certificates for M . & O. stock are now entitled to dividends at
rate o f 4 % per ann. in perpetuity (V . 72, p. 242, 8 2 2 ); $ 8 ,356,000 of the
$ 9 ,4 7 2 ,0 0 0 bonds and $5,650,200 o f the $ 6 ,017,000 stock have been depos­
ited. V . 72, p. 439; V . 73, p. 664. See M . & O. statem ent.
Jointly with St. Louis & San Francisco R R . guaranteed bonds o f New
Orleans Terminal C o ., and subsequently acquired entire control o f property
(see St. L . & San Fr. plan, V . 102, p. 8 9 7 ). V . 77, p . 38. 699; V . 79, p. 1466
Equipm ent trusts, V . 81. p . 1850: V . 82, p . 1323; V . 88, p . 1374; V . §0,
p. 978; V . 97, p . 366; V . 98, p . 1158; V . 102, p . 1897; V . 103, p . 1889, 1981;
V . 114, p. 1892; V . 118, p. 1393; V . 119, p. 1396; V . 122, p. 2037.
Atlan ta & Chari. Air Line R y . (leased line) bonds, V . 102, p . 1058, 1162
A s to extension and guaranty o f South Carolina & Georgia R y . bonds in
1919 see Sou. R y ., Carolina D ivision, below, and V . 108, p . 1166, 1512.
Equipm ent trusts issued to Director-General for rolling stock allocated
to this com pany. See article on page 3 and V . 114, p . 411; V . 115, p . 1321.
R E P O R T .— For 1925, in V . 122, p. 2217, showed:
1925.
1924.
1923.
1922.
$
$
$
$
Gross oper. r e v e n u e s ...1 4 9 ,3 1 3 .8 9 2 142,486,514 150,467 .985 128,489,847
T o ta l oper. expenses____ 103,811,952 102.674,674 112,414 ,259 9 7 ,170,133
N e t r e v . from o p e r .. . 4 5 ,5 0 1 ,9 4 0




3 9 .8 1 1 ,8 4 0

3 8 .0 5 3 .7 2 7

3 1 ,3 1 9 .7 1 4

g
g
g
g

5

J

ft

J July 1926 2 H % M acon and Savannah.Ga

5 g
5 g
4 g

J
J
M

ft
ft
ft

J July 1 1955
J July 1 1960
S M ar 1 1961

ft

J July 1 1929

4H g J

Amer Exch N a t B k , N Y
do
do
Central Union T r u st.N Y
do

do

1925.
9,4 9 0 .2 4 4
925,674

1924.
7,7 5 2 ,1 0 5
1,617,016

1923.
7 ,041,796
2 ,883,794

1922.
5,853.511
4 .9 9 3 ,4 2 8

Railway oper. incom e. 35,086.021
Other income____________
5,2 7 3 ,9 9 8

30 ,4 4 2 .7 2 0
4.842,661

28,128.137
3 ,584,167

20,472,778
4 ,483.467

Total gross incom e. . 40,36 0 .0 2 0
Interest & rentals
1 7 ,780,847
Dividend on pref. stock . 3 .0 0 0 .0 0 0

35.285.381
17,516,241
3 ,0 0 0 ,0 0 0

3 1 ,712,304
16.575.305
3 ,0 0 0 ,0 0 0

24,956.245
16,132,449
1.500,000

Balance________________ 19,579,172

1 4 ,769,140

12,136,998

7,323,797

Taxes and uncollectible
railway revenue
E q . ft joint facility rents

For latest earnings, s e e "R a ilw a y Earnings” Section (issued m onth ly).
O F F IC E R S .— Pres., Fairfax Harrison; V .-P . & G en. Counsel, L . E .
leffries; V .-P ., H . W . Miller. R . B . Pegram, Elmer R . Oliver. J. B . M unson,
F . S. W yn n ; T reas., M aury M iddleton; Sec., C . E . A . M cC arth y; C o m p t.,
E . H . Kem per.
D IR E C T O R S .— Fairfax Harrison, Belvoir, V a .; Henry W . M iller, F . S.
W yn n , W ashington; Jonathan Bryan, Richmond, V a .; Adrian Iselin,
Devereux M ilburn, Jackson E . Reynolds, W alter S. Case, G uy C ary, Jere­
miah M ilbank, New Y o rk ; Gasper G . Bacon, Boston; R . S. Reynolds,
Louisville, K y . General office, 1300 Pennsylvania A v e ., W ashington,
D . C . New Y o rk office, 120 Broadw ay.— (V . 123, p. 2652.)
S O U T H E R N R A I L W A Y C A R O L I N A D I V I S I O N .— C ayce, 8 . O .. to
Hardeeville, 129 miles; Charleston, S . C . , t o Augusta, Ga , 136 m .; K ln gville, S. C .. to M arion. N . C ., 208 m .; branches, & c., 272 m .; total. 745 m .
Leased to the Southern R y . Stock authorized, $7 ,7 9 8 ,7 0 0 . o f which
$4,174,700 owned by the Southern R y . V . 75, p. 136. Holders o f $ 5 ,2 5 0 ,000 South Caro. & Georgia 1st M . 5s, due M a y 1 1919, had the privilege
o f extending their bonds for ten years at 5 % , 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 10714 and int. V . 108, p. 1166. 1512, 2023 .
S O U T H -W E S T E R N R R . (G e o r g ia ).— Owns M acon , G a ., to Eufaula;
Fort Valley to Colum bus, G a ., & c., with branches, total 333 m . Leased
for 101 years from N o v . 1 1895 to Central o f Georgia R y .; rental 5 % on
stock. Office, M acon , G a .— (V . 110, p. 872.)
S P O K A N E I N T E R N A T IO N A L R Y .— Owns Spokane, W a sh ., to E astport, Idaho, on C an. 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 B ay View, Idaho. 11.61 m ., operated under trackage rights
in Spokane, 3 .6 7 m .; total operated, 165.69 m . Th e I .-S . C . Commission
has placed a final valuation of $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 ,91 8, including $ 400 ,00 0 for the property of the Coeur d ’Alene
& Pend d ’Oreille R y . Stock, $ 4 ,2 0 0 ,0 0 0 ; par o f shares, $100 . V . 8 l , p . 156,
1551. Tentative valuation, V . 113, p . 1054.
Oth. I n c .
I n t ., «ftc.
Balance.
Year— Gross E a rn s. N e t E arn s.
$ 9,175
$343,561
sur.$20.280
1925 — .$ 1 ,2 5 4 ,9 6 5
$354 666
1 9 2 4 ...
1 ,088,664
184,971
7 ,2 8 4
327,581
def.135,326
1923 . . .
1,165,813
2 2 9.432
11,549
339,860
def.98.879
1922 . . .
1.229,532
3 3 5,424
10,137
325,621
su r.19,940
For latest earnings, see “ R ailway Earnings Section” (issued m onthly).
Pres., C . T . Jaffray; Sec., W . R . H arley, Minneapolis; T reas., J. OW illiam s, Spokane, W a sh .— (V . 122, p. 3 336 .)
^
S P O K A N E P O R T L A N D & S E A T T L E R Y .— (See M a p N orthern P a cific.
Road O per. (554.60 m .)—
M ile s .
Corporations Controlled—
M ile s •
Sp okan e,W ash.,to P ortl.,O re_369.47 Oregon T r k .R y .(V . 89, p . 6 6 6 ) .1 5 1 .»
Goble, O re., to H oliday, O r e .. 79.41 Oregon Elec. R y. (V . 92. p.
L yle,W ash .,to Goldendale,W ash42.21
323; V . 107, p. 2 1 8 8 )---------- 156.28
W arren ton, Ore., to F t. Stevens - - » 3.54 United R y s .( V .9 0 ,p .1297,1364)29.36
Trackage rights_________________ 24.68
Leases Wilbridge to G oble, O re.35.29
From Vancouver, W a s h ., to a point near Portland, O re., the line is owned
as to an undivided 2-3 by this com pany and 1-3 by N or. Pac. R y.
The I .-S . C . Commission has placed a tentative valuation o f $ 5 6 ,8 0 0 ,0 0 0
on the property o f the com pany, as o f June 30 1916.
Jointly controlled by Northern Pacific and Great Northern. Stock a u th .,
$62,500 ,000 ; outstanding $ 4 0,000 ,000 , equally owned by N or. Pac. and
Great Northern, together with the $73,710 ,000 bonds Issued which were
jointly guaranteed and held in treasuries of two companies.
O f the 1st gold 4s o f 1911 ($125,000,000 auth. issue), redeemable at 105
and Int. after M arch 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 $ 2 0 ,0 0 0 ,0 0 0 reserved for im pts., & c., at not exceeding $ 1 ,0 0 0 ,000 a year.
V . 92, p. 886.
Equipment trusts Issued to Director-General for rolling stock allocated
to this com pany. See article on page 3 and V . 119, p . 3 26.
R E P O R T .— For calendar year 1925, gross oper. re v ., $8,184 ,9 4 0 ; net
oper. income, $ 1 ,983,580; other income, $942,031; interest, rentals, & c .,
$ 4 ,467,799; bal., d ef., $1,532 ,1 8 8 .
For latest earnings, see “ Railway Earnings Section” (issued m onth ly).
Pres., W . F . Turner; V .-P res., G eo. T . Reid; Sec. ft C o m p t., R ob t.
Crosbie; T reas., J. E . M a n g .— (V . 123, p. 1872.)
S P R I N G F I E L D H A V A N A & P E O R IA R R — (V . 122, p . 1 4 5 2 ).
S T A T E L IN E & S U L L IV A N R R .— Owns M onroeton, P a ., to Berenice,
P a ., 2 4.06 miles. Stock, $980,250 (par, $ 5 0 ). D ividend, 1 % , paid D ec. 7
1904. M ortgage covers 5 ,0 0 0 acres on coal lands. The bonds are subject t (
call at par. V . 67. p. 1209. Road leased till 1934 to Pennsylvania ft
N ew York Canal ft R R . (rental, $ 4 0,000 per annum ), and so operated by
Lehigh V a lle y — (V . 7 4 , p . 479; V . 76. p . 332.)

128

RAILW AY STOCKS AKD BONDS
R A I L R O A D CO r f P A N I E S

IF o r abbreviation s , A c ., see notes o n p a ge 8]

M ile s
D ate
R oad l B onds

Par
V a lu e

A m ou n t
O u tstanding

R ate
%

S te p h e n N or & S o u T e x a s R R — 1st M g g u red 105 c*
105 1910
$1,000 $2,607,000
5g
S to n y C rk— ls t M *3 5 0 .0 0 0 e x t’07 gu (V 8 5 ,p 5 3 2 ).F P .x
10 1872
1,000
350,000
4
S u lliv a n C o u n t y R R — First mortgage__________c*A r*
1924
1,000
357,000
6 g
Sun bu ry H a z le to n & W ilk e s -B a r re — bun bu ry A L ew is t o w n - See Pe nnsylvani a R R
s u n c o o k V a lley — S t o c k ____ _____________ _______________
•-100
341,700 See text
S u s q u e h a n n a B l o o m s b u r g & B e r w i c k — See P en n sylvan la
S yra cu se B in g h a m to n & N Y— Stook 1 2 % ren tal____
81
100
2,500,000
12
Tallulah P alis— F irst m o r t g a g e ____
_______________Q
58 i909
1.519.000
5
T a m p a & Q u i t C o a s t — 1st M g gu red 1 0 fi.C o B a .x c *
1,000
1,184,000
78 1913
5 g
T am p a A J a c k s o n v ille — F irst m tg e (see t e x t) ..........Ox
1909
1,000
520,000
5
T am p a N orth ern — F irs t M * 5 ,0 0 0 ,0 0 0 g red 1 0 6 ..O B x
1906
1.000
1.258,000
6 g
T a m p a U n i o n S t a t i o n C o — F irst m o r t g a g e __________
$1,000
1910
$225,000
6
T a va res & G u lf R R — 1st M g o l d ----------------------------- B ax
34 1890
1,000
299.000
5 g
T e n n e s s e e C e n t r a l R y— Com m on s t o c k ______
N on e.
60,000 shs.
Convertible preferred stock____________________________
100
500,000
F irs t m tg e bonds re d 105 $ 3 ,0 0 0 ,0 0 0 au th _______ z c*
295 1922
1.000
3,000,000
C o lla te r a l tru s t n o t e s ____________________________
1922
1,500,000
68
Equip trust cert due $45,000 a n n .____________
1926
1,000
675,000
5 g

__

.

S T E P H E N V IL L E N O R T H & S O U T H T E X A S R R .— Owns Gatesvllle
to C om anche, Texas, 68.50 m .; Edson to Stephenville, 37.02 m .; total.
105.52 m . S tock all owned b y St. Louis Southwestern R y ., which leasee
the road (V . 118, p . 1912) and operates it as part o f its W aco division.
— (V . 118, p . 1912.1
S T O N Y C R E E K R R .— Norristow n to Lansdale, P a ., 10.22 miles; total
tracks, 14.15 m . T h e I.-S . C . Commission has placed a tentative valuation
o f $382,225 on the owned and used properties o f the com pany, as o f June
3 0 1917. Stock. $300,000 auth. (par $50). o f which $176,100 outstanding,
the Reading C om pany owning $110,900. B onds, principal and Interest,
guaranteed b y P . A R . R R . C o .— (V . 122, p . 880.)
S U L L IV A N C O U N T Y R R . (T H E ).— R oad from Bellows Falls to
W indsor, V t., 26-04 miles. Operated since A pril 1893 b y B oston A M aine
as agent u nder lease o f C o n n . R iver R R . (consolidated with B oston A M ai ns
R R . on D ec. 1 1919), the Sullivan C ou n ty receiving earnings over charges
w ith a m inimum guaranty o f 8 % on stock.
S tock, $500,000, owned b y Verm ont V alley R R . First m tge. 6 % bonds,
V . 118, p . 2825.— (V . 118, p . 2825.)
S U N C O O K V A L L E Y R R .— Owns Suncook to Pittsfield, N . H ., 17.55
miles. T h e lease to the B oston A M a ine R R . was cancelled Sept. 15 1924.
and the road is now being operated independently. V . 119, p . 457. Pres..
Frank W . Sargent, M anchester, N . H .— (V . 120, p . 2009.)
S U S S E X R R .— Stanhope to Franklin, N . J ., and branch. 30 miles.
Operated under lease b y D el. Lack. A W estern, which owns a m ajority of
th e $1,638,000 stock. T h e I.-S . C . Comm ission has placed a tentative
valuation o f $1,075,000 on the ow ned and used properties o f the com pany
as o f June 30 1918.— (V . 123, p . 2258.)
S Y R A C U S E B IN G H A M T O N & N EW Y O R K RJR.— G eddes. N . Y ., to
B ingham ton, N . Y ., 81 miles. Stockholders voted D ec. 6 1911 to lease the
road during its corporate existence to the D el. Lack. A 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 O ct. 1 1912. In the suit o f m inority stock­
holders Justice Geigerich in the Supreme C ourt in N . Y . on N o v . 16 1916
decided that the lease o f 1912 was inequitable to the m inority interests.
On July 2 1920 the Appellate Division reversed the judgm ent o f the trial
eourt and dismissed the com plaint. T he C ourt o f Appeals affirm ed the
judgm ent o f the Appellate D ivision. T he m atter is now finally disposed o f.
D IV S .—
1 ’89. ’ 90. *91. — 1892 to 1909— T 0 -T 2 . Since to F eb . ’26*
Per cen t_____
8
8 13 8 y ’ly (2 % quar.) 10 y ’ly
12 yearly (3 Q-F)
— (V . 94. p . 82! ; V . 95. p . 481: V . 103, p . 1982: V . 106, p . 601.)
T A L L U L A H F A L L S R Y .— Owns Cornelia, G a ., to Franklin. N . O ..
57.20 miles. Southern R y . owns $200,000 com m on stock, o f which $199,500
and $123,400 pref. stock and $1,519,000 bonds are deposited under its
developm ent and general m ortgage. V . 8 8 ,, p. 687, 750, 884. Joseph
F . G ra y , C ornelia. G a ., was appointed receiver I n J u ly l9 2 3 . V. 1 1 7 ,p. 89
T h e I.-S . O . C om m ission has placed a final valuation o f $1,795,600 on
the com p a n y ’s prop erty owned and used, as o f June 30 1916, and $ l3 2 on
the prop erty used b u t not owned.
R eceiver’s operations for year ending D ec. 31 1924, gross, $213,422; net
oper. In c., $14,748.— (V . 120,p. 207.)
T A M P A & O U L F C O A S T R R .— Operates from St. Petersburg to
T am pa. F la ., 55.28 m ., including trackage. 7.82 miles; Tarpon Springs R R ..
Tarpon Junction to P ort R ichey, 28.68 miles. Has a 50-year trackage agree­
m ent with Tam pa N orthern R R ., giving entrance into Tam pa and use of
Tam pa term inals. T he Seaboard Air Line R y . guarantees the bonds, prln
and interest and also owns the entire capital stock.
T he I.-S . C . Comm ission has placed a tentative valuation o f $1,016,825
on the total ow ned, and $1,029,325 on the total used property o f the com ­
pany as o f June 30 1918.
O f the 1st 5s ($5,000,000 authorized issue) the remainder is Issuable
for extensions or branches at $12,000 per mile, or, in case net earnings for
a preceding year shall have been 14$ time# the interest on outstanding
bonds, additional bonds m ay be issued to such an amount that the tote)
■hall not exceed $17,500 per mile o f main track. V . 96, p. 1425. For
1925. gross, $1,562,312; net oper. in c., $523,275; other incom e, $7,765
Interest, rentals, A c .. $351,093; Dal., surp, $179,947. Pres., 8. Davies W ar
field, Baltim ore; T reas.. R . L . N u tt, N ew Y o r k .— (V . 122, p . 93.)
TA M P A & J A C K S O N V IL L E R Y .— Sam pson C ity to E m athia, Fla.
56 m. Stock a u th ., $1,000,000; par, $100; Issued, $604,900. 'The 1st 5s are
lim ited to $10,000 p e rm . V . 8 9 ,p . 1543. C oupons due Oct. 1 1914 in default
R eorganization P la n . — H . A . Smith and F . J. Lism an, the protective com ­
m ittee for the $520,000 1st m tge. 5 % 40-year gold bonds under deposit
agreem ent dated D ec. 1 1916 and w ho are also reorganization managers,
on A ug. 3 1926 purchased the road for $300,000.
T he com m ittee has entered into an agreem ent with the Seaboard Air Line
R y ., subject to approval b y the I.-S . C . C om m ission, pursuant to which,
all o f the property acquired will be transferred to a new com pany which will
issue $450,000 new 1st m tge. 6 % 25-year gold bonds, which bonds, in consid­
eration o f a transfer o f all o f the capital stock to be issued b y the new c o .,
will be guaranteed as to both prin. & int. b y the Seaboard Air Line R y .
Under the reorganization plan it is contem plated that bondholders will
receive for each $1,000 certificate o f deposit for bonds (with O ct. 1 1914,
and subsequent coupons attached) and for each $l,O0O bond with like
coupons attached which have n ot already been deposited with the com ­
m ittee b ut which m ay be deposited under the plan o f reorganization, $750
o f new 1st m tge. 6 % bonds, dated Jan. 1 1926, guaranteed both as to
principal and interest b y the Seaboard A ir Line R y .
C a pita liza tion .— Subject to the approval o f the I.-S . C . C om m ission, the
new com pany is to issue the follow ing securities:
(a) $450,000 1st m tge. 6 % 25-year gold bonds, to be secured b y and
Issued under an open railway m tge. covering the railroad and railroad
properties and after acquired properties. These bonds m ay be redeemed
b y the new com pany on any coupon date a t par on 90 d a ys’ prior notice.
(b) 50 shares o f com m on stock, par $100 each.




W hen
P a ya b le

&
&

[V ol. 123.
L ast D ividend
and M a tu rity

J July 1 1940

O O ct 1 1957

& o A pr
J

*

I

A
A
J

A
A
A

M A

J

A

See text

N ov
Moh
O Apr
O Apr
J July
N N ov
J July

O— F
M A S

1 1944

1 1926 3 %
119 5 9
1 1953
11949
1 1936
1 1940
1 1921

A

A

O A p r 1 1947

F

A

A T o A ug 11941

P la ces W here In terest and
D iv id en d s are Payable

G uaranty T rust C o, N Y
R eading T erm inal, Phila
Safe D ep A T r C o,B oston
M anchester. N H , Nat Bk
D B A W R R Co, N Y
Guaranty Trust Co. N Y
New York A Baltlmors
O ct 1914 lnt n ot paid
Old Colony T r Co, B ostor
Safe D ep A T r C o , Ball

( Am er T r C o .N a sh v ’e, or
\Chem N a t B ank, N Y
Chem ical N at B ank, N Y

Upon the organization o f the new co. and the sale and transfer to it o f all
of the properties acquired at judicial sale b y the com m ittee, the entire capital
stock o f the new co. is to be delivered to the Seaboard C o. in consideration
of the guaranty o f the 8eaboard C o . of the prin. A int. o f the bonds.
Th e I .-S . C . Commission has placed a final valuation o f $500 ,00 0 on the
owned and used property o f the company as o f June 30 1915.
P res.. F . J. Lism an. N . Y .; V .-P . A Gen. M g r ., G . F . Allen, Gainesville,
F la.; Sec., H . W . W a its, Gainesville, F la.— (V . 123. p. 708.)

T A M P A N O R TH ER N R R . — Owns T am pa, F la ., Brooksville, 50 miles.
In July 1912 the Seaboard Air Line R y . acquired entire stock and in Jan.
1926 leased the road. V . 122, p. 477. The I .-S . C . Commission has placed
a tentative valuation o f $ 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*
com m on, $500 ,00 0. Bonds (authorized issue $ 5 ,000,000) are limited to
$10,000 per mile of road. 8 0 % o f hte cost o f new equipment and the actual
cost of terminals. V . 87, p 814* V . 89. p. 1484. G o v t, loan, V . 112, p .
2750. Pres., S. D avies W arfield, Baltimore* Sec. A T reas., R . L . N u tt,
24 Broad S t., N . Y . — (V . 122, p. 478.)
T A M P A S O U T H E R N R A IL R O A D .— (V . 120, p . 2939 .)
T A M P A U N IO N S T A T IO N C O .— Property used Jointly by Atlantia
Coast Line R R .. Seaboard Air Line, Tam pa Northern and T a m p a A
G ulf Coast R R .
T A V A R E S & O U L F R R .— Owns Ellsworth Jet. to O coee, F la ., 28.02

miles; W ait’s Jet ., to C lerm on t. F la ., 5.93 m .; trackage, Tavares to Ellaworth Jet., 3.39 m.* total, 37.34 miles. Incorp. M a r. 27 1890. T h e I .- S .
C . Commission on Jan. 25 1926 authorized the acquisition by the Seaboard
Air Line R y. of control of the road by purchase of stock. V . 122, p . 7 46.
Stock, $250,000* par, $100. The $299 ,00 0 1st m tge. 5s matured July 1
1921* no provision was m ade for their retirement.— (V . 122. D. 746.)
TE N N E SSE E A L A B A M A & G E O R G IA R Y .— Owns road from Tennes­
see State line to Gadsden, A la ., 86.7 4 m .; trackage to C hattanooga, 7 .8 5
m . T h e I .-S . C . Commission has placed a final valuation o f $ 1 ,3 7 2 ,8 0 9
on the property o f the com pany as o f June 30 1917. Gen. M g r ., Charles
Hicks was appointed receiver in D ec. 1920. V . I l l , p . 2424 ; V . 112, p . 1284.
T h e road was sold April 8 1922 to C . E . James, C hattanooga, for $ 1 30 ,00 0.
T h e I .- 8 . C . Commission has placed a tentative valuation o f $ 1 ,4 2 2 ,8 0 9
on the total used and $ 1 ,3 7 2 ,8 0 9 on the total owned property o f the com pany
as o f June 3 0 1917.
8 T O C K .— The I .-S . C . Commission has authorized the com pany to issue
1200 .00 0 Com m on stock and $400 ,00 0 Pref. stock and to assume obligation
In respect o f $ 9 7,500 notes made by O . E . James. V . 115, p. 1533 . U p to
M ay 1923 the entire preferred stock was held in treasury.
The I .-S . C . Commission on A u g. 30 1923 authorized the com pany to issue
$500 ,00 0 o f common stock at par and $ 1 ,0 6 2 ,0 0 0 o f 50-year 6 % 1st m ort­
gage gold bonds at 90. Com pare V . 117, p. 1237.
For 1925, gross, $309 ,85 9; net oper. income, $ 53,453 ; other incom e, $159:
in t., rentals, & c., $67,259 ; b a l., d e f., $ 13,646 .
Pres., o . E . James; V .- P ., W . T . James; Sec. A T rea s., J. L . D avies,
C hattanooga, T en n .— (V . 123, p . 80.)
TE N N E SSE E C E N T R A L R Y . C O .— Incorp. in Tennessee Jan. 26
1922. C om pany purchased all the properties o f the Tennessee Central
R R . and possession o f same was given at midnight Jan. 31 1922. M ileage:
Main line owned and operated, 29 4 .9 5 m .; leased, 1 .40 m .; total operated.
296 3 5 miles.
S T O C K .— In addition to the am ount outstanding as shown in table at
head of page, 10,000 shares of common stock are reserved for conversion of
preferred stock.
B O N D S .— See table at head o f p age.
R E P O R T .— For 1925, gross revenues, $3,197,233* net oper. incom e,
$430,167* other income, $15,367* interest, A c ., $251,580* balance, $19 3 ,9 5 4 .
For latest earnings, see “ R ailway Earnings Section’ ’ (Issued m on th ly ).
Pres., H . W . Stanley: V .-P r e s ., B . P. M orse; Sec., W . T . H ale Jr.;
T reas., P . D . H ouston; C om ptroller, W m . M . M oon ey. O ffice, N ashville,
T e n n .— (V . 123, p. 2136 .)

TE N N E SSE E K E N T U C K Y & N O R T H E R N R R .— Leases for long term
Cincinnati Nashville A Southern R y „ which extends from A lgood, T e n n ., on
Tennessee Central R R . to Livingston, 17 miles. V 98, p . 2 38. The
OIncinnati-Nashville South. R y . is successor to Overton C ounty R R ., fore­
closed Aug. 13 1912; V . 95, p . 4 8 1 . Th e C in .-N a sh . Sou. R y . has issued
$ 2 5,000 stock and $1 5 0 ,0 0 0 1st M . tax exempt 25-yr. gold 5s, due O ct. 15
1937; int. A . A O. at Colonial Trust A Savings Bank, Chicago, 111., trustee;
denomination $ 1 ,0 0 0 each. The Tenn. Kentucky A Northern has issued
$10,000 stock and no bonds. T h e I .-S . C . Commission has placed a tenta­
tive valuationiof $835 on the owned and used property o f the com pany and
$195 ,00 0 on the used but not owned property as of June 30 1918.
For 1925,
gross, $ 7 2 ,8 2 9 ; net oper. income, $1,7 6 0 ; deductions, $ 9 ,0 8 3 ; bal., sur.,
$ 7 ,3 2 2 . Pres., M rs. P . E . Clark* V .-P . A Gen. M g r ., C . P . Clark; Sec. A
Treas., F . E . Gillis, Nashville, T e n n .— (V . 122, p . 2 944 .)
T E N N E S S E E & N O R T H C A R O L I N A R Y . C O .— A reorganization, as
of June 26 1920, of the Tennessee A N orth Carolina R R . Operates N ew ­
port, T e n n .. to C restm ont, N . C ., 19 H miles (2 miles over leased track).
Leases Pigeon River R y ., W e s t Canton to Spruce, 17 miles; total operated,
41.48 miles. The road was bought in on June 7 1920 for $200 ,00 0 by Fred
Elly of Philadelphia on behalf o f A . J. Stevens, representing the bondholders.
The I .-S . C . Commission has placed a final valuation of $431,322 on the
owned and used property o f the company as o f June 30 1916.
Capital stock authorized and outstanding, $25 0 ,0 0 0 . Year 1925, gross,
$143 ,03 1; net oper. income, $ 3 5 ,4 0 3 ; other incom e, $ 1 2 ,5 5 0 ; rentals, Ac.
$44,615 ; b a l., su r., $3,3 3 8 - Pres., C . Boice; V .-P r e s ., W . J. Parks; Sec. A
T reas., J. W . B ell.— (V . 122, p . 7 2 , 1167.)

Nov., 1926.]

Terminal Railroad Association— First mtge cold Q

D ate
B on d s

Par
V a lu e

1889
1894
1903
1920

$1,0 0 0
1,000
1.000 &c

145

1892

1.000

111

1908
1875
1893
1900
1907

1.000

1888
1901
1888
1917
1924
1925
1920
1920
1920
1920
1922

M ile s
R oad

R A IL R O A D C O M P A N IE S
lF or abbreviation s, & c .. see n otes on page 81

tc

First Consolidated mtge $ 1 2 ,0 0 0 ,0 0 0 gold___ Gxo
Gen M Ref $50,000 ,000 n i l call (te x t)__Ce.xo*&r
Equipment trusts due $ 22,800 y e a r ly ____________ O
Terre Haute & P e o r ia First mtge $2,500,000 gold guar p & 1 (end) _IJn.sc*
Texas Central— Common stock $2 ,6 7 5 ,0 0 0 authorized
Preferred stock non-cumulatlve $1 ,3 2 5 ,0 0 0 au th _.
Texas Midland R R — First Refunding mtge $2,500,000
Texas & N O R R— M ain line first m ortgage...............
Consolidated mortgage for $ 4 .1 0 5 .0 0 0 ____ G .sc*& r
Dallas Dlv 1st M gold $20,000 per m (te x t)_U n.sc*
Burrs Ferry Rrowndell & Chester first mortgage___
T exas & P a cific R y— Com m on stk $50,000 ,000 auth
Pref (a & d) stock 5 % non-cum red par________
General & refunding mortgage bonds— see text
First consol (now 1st) m tge g _________________ F P .xc*
Louisiana D lv Br lines 1st M gold $12,500 p m .B a *
Second Cons Inc M tge g _____________________ B a.xc*
Secured and unsecured notes— See text.
Equip bonds. Series E E due $60 000 s-a ------------do
do
Series G G due $2 1 9 ,0 0 0 ann_______ y
do
do
Series H H due $165 ,00 0 ann--------do
do (U . S. R R . A d m .) due $ 1 5 9 .2 0 0 a n n .G
do
lease warrants (Pullman C o .) __________
do
do
(American Oar & F oundry)_______
Receivers' equip. 6 % notes_____________________
Receivers' equip cert Series F F _________________

208

1.387
456
1.387

A m oun t
O utstand ing

R ate
%

$ 7 ,000,000
5,0 0 0 .0 0 0
23 .7 9 0 .0 0 0
2 0 5.000

4 g

i

6

W h en
1 a st D ivid en d
L
P a y a b le I and M a tu rity

A
F
J
J

A
*
A
&

O
A
J
J

P la ces W here Interest and
D ivid en d s are P a ya b le

I P M organ A C o. N ¥
Oot 1 1939
do
do
Aug 1 1944
do
do
Jan 1 1953
T o Jan. 15 1935 Guaranty T r . C o .. N .Y

S Sept 1 1942
M A
2 .2 3 0 .0 0 0
6 K
_____ See text
2.6 7 5 .0 0 0 See text
_____ See text
1.325.000 See text
& A Aug 1 1938
2 .0 0 0 .0 0 0
4
& A Aug 1 1935
862.000
6
& J July 1 1943
1 .620.000
6c
A A Aug 1 1930
3.9 9 7 .0 0 0
4 g
165.000
& O Apr 1 1937
6
38 ,7 5 5 ,1 1 0
text
|
See text
23 .7 0 3 .0 0 0

Penn R R C o , N Y
61 B roadw ay. N Y
do
do
None ever paid

1,000
1,000
1,000

24 .9 8 9 .0 0 0
4 .9 7 0 .0 0 0
2 8 2.000

5 C
5 g
5 g

J
J

C o ’s office, 120 B w ay, N Y
do
do
da
do

1.000
1,000

60.000
2 .8 4 7 .0 0 0
2 .3 1 5 .0 0 0
1 ,435,500
730,624
125,876
23 7 .0 0 0
648.000

5 g
5
434

F & A Feb 1927
M & N T o N o v 1 1939
M Sc S T o Sept 1 1940
J & J15 T o Jan. 15 1935
__________M a y
1 1930
J
Sc J Jan 1 1930
M &
S Sept. 1 1930
A & O Oct 1 1938

1,000

1,000
100
100

1,000

1,000

T E N N E S S E E R R .— Organized in 1918 in Tennessee, following a receiver­
ship o f the Tenn essee R ailw ay (V . 107, p. 502). The main line as now oper­
ated extends from Oneida to Fork M ountain, about 45 m iles, with several
short branch lines in Scott, Cam pbell and Anderson counties. T h e main
line and branches are chieflv used to handle timber and coal.
Th e road was in receiver’s hands from Jan. 21 1921 to Feb. 13 1922.
New securities authorized. Scc , compare V 115. p. 1633.
T h e I .-S . C . Commission has placed a tentative valuation o f $1 ,0 0 6 ,8 6 6
on the property of the com pany, as o f June 30 1918 .— (V . 122, p . 3 602 .)
T E R M IN A L RR ASSO CIATIO N OF S T .L O U IS .— P R O P E R T Y — Owns
and operates extensive terminals at S t. Louis, with belt lines and bridges,
and a tunnel 4 ,800 feet in length; owns and operates East S t. Louis A
Oarondelet R y ., 7 .7 8 m ., slnoe 1903. V . 74, p. 479; V . 83, p. 1168. Touoh
(ng the Missouri A Illinois Bridge & Belt R R .. see that oo’s statem ent.
O R G A N I Z A T I O N .— Organized in 1889. The following oompanles are
sole owners: Cleveland Cincinnati Chicago & St. Louis, Louisville & Nash­
ville, S t. Louis Iron Mountain & Southern, Baltimore & Ohio Southwestern,
Missouri Pacific, W abash. Pitts. C in. Chic. Sc St. Louis R R ., Chic. Roek
Isl. A Paolflo. S t. Louis & San Fran., Ohio. & Alton , Chlo. Burl. & Quinoy,
111. C ent., Southern R y .. M o. K an. & T e x. and S t. Louis Southwestern,
V . 7 5 , p. 1355; V . 76, p. 103.
These oompanles agreed under contract tc
use the property forever and pay as tolls the Interest, taxes, rentals and
ether ohargea, each line to contribute its proportion to the extent of
one-fifteenth to make up any deficiency from unforeseen circumstances
See V . 79, p. 4 99. See also St. Louis Merchants’ Bridge Terminal R R
Government suit, V . 88, p. 1374: V . 90, p. 373; V . 91. p. 39.
Decision of U . 8. Supreme Court permitting all would-be tenants to use
the property, see V 94, p. 1187; V . 95, p. 545, 1208. 1685; V 96. p . 136
1774: V 98. p. 764, 1394. 1994: V . 100. p. 1734.
In the litigation between the western lines 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 banded
down a final decree which declared that the Terminal and the eastern sub­
sidiary companies had been in contempt of Court since 1914, and ordered
the defendants to rebate to the western lines alleged unfair through freight
charges which they declared had been charged against them , to the advan­
tage of the Terminal Association and the eastern lines. Compare V . 116,
p. 1178. Appeal granted, V. 116, p. 1412. Appeal heard and decided
O ct. 13 1924 by the Supreme Court of the United States, reversing the
decree of the District Court entered Feb. 8 1923, and holding that the
making of rates and the division of Joint rates is a legislative, and not a
judicial, function, and that the controversy was referable to the I .-S . O.
Commission. Feb. 4 1925 the W est 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.
L E A S E S .— The leases of the Bridge and the Tunnel are for their corporate
existence, and were made July 1 1881. A s to litigation, see V . 77. p . 299
512: V . 78. p. 1908. 2443 . 2600: V . 81. p. 32. 1666.
T h e I .-S . C . Commission on Sept. 19 1925 approved and authorized tne
acquisition b y the Term inal Railroad Association o f St. Louis o f control
o f the St. Louis M erchants Bridge Terminal R y ., the East St. Louis C on­
necting R y . and the St. Louis Transfer R y. b y lease. V . 121, p . 1786.
S T O C K .— Authorized. $100 ,00 0,00 0; outstanding $ 3 ,0 8 7 ,8 0 0 .
B O N D S . &o.— Of the Gen M . R ef. 4 % s .t . gold bds. of 1953 ($50,000,000
a u th .), $ 1 7 ,5 0 0 ,0 0 0 are reserved to retire prior liens. A sink, fund which
began July 1 1906 retires $100 ,00 0 of these bonds yearly by lot at 110 and
int. If not purchasable for less; $2 000,000 bonds have been canceled by
sinking fund. The entire Issue Is subject to call at 110 and Int. See V . 76,
p. 267, 383, 481, 807 V . 79, p. 499 V 83, p. 1168; V . 85. p. 1647’ V . 99,
p. 50: V . 100, p. 1079; V . 104, p. 2642.
Guarantees $3 ,5 0 0 ,0 0 0 St. L . Merchants’ Bridge Ter. 1st 5s and interest
on $ 2 ,000,000 1st 6s of M erchants’ Bridge. See those companies.
Equipm ent 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 . 8 5 5 .
R E P O R T .— For calendar years:
Year—
G ross.
N e t.
O ther I n c .
C h arges. B a l..S u r v .
1925
$5 ,1 7 3 ,0 2 5
$804 ,97 8 $1,832,848 $2,80 4 ,4 5 0 d f$ 166.624
1924
5,1 0 3 ,8 8 3
752,939
1 ,709,929
2 ,7 5 3 ,6 8 3 df290.815
1923 ---------------- 5,1 2 1 ,8 3 9
7 9 3,770
1.897,745
2,730.711 def39,196
1922 ................... 4 ,4 9 8 .4 5 6
7 28,907
1,867.561
2 .6 6 4 ,2 0 0 def67,732
For latest earnings, see “ R ailw ay Earnings Section” (issued m onth ly).
O F F IC E R S .— Pres., Henry Miller; V .-P . & G en. Counsel, T . M . Pierce
Sec. & A u d ., C . A . Vinnedge; T reas.. G . H . Steinberg.— (V . 121, p. 2748 .)
T E R R E H A U T E A N D P E O R IA R R . C O .— (See M a p s o f P enn sylvania
R R .)— Road operated from Terre Haute, In d ., via Decatur, to Peoria. 111.,
174 m .. o f which 138 m . are owned and half interest owned in 7 m ., and 29 m .
is b y trackage over other roads. From Oct. 1 1892 leased for 99 years to the
Terre H aute & Indianapolis at rental o f 3 0 % o f gross earnings, with a mini­
m um sufficient to pay int. on debt, the lease being assumed Jan. 1 1917 by
P itts. C in . C h. & St. L . V . 104, p. 73; V . 55, p. 766: V . 81. p . 2 12. Lessee
owns $ 651 ,70 0 o f the $1,83 7 ,4 0 0 pref. and $ 1 ,5 8 0 ,4 0 0 o f the $1 ,9 2 6 ,8 0 0 com .,
and Pennsylvania C o. owns $ 1 ,1 7 0 ,2 0 0 pref. and $ 289 ,80 0 com m on.
B O N D S .— The consols (Union Trust C o ., N . Y . , trustee), carrythe
guaranty o f the T . H . & Indianapolis. In 1905 all back coupons were paid.
V . 8 1 , p. 156. 2 12; V . 72, p . 481, 8 73. See guaranty. V . 81, p . 212.
E A R N I N G S .— For year 1925, gross income, $ 3 37 ,23 1; deductions,
$28 0 ,5 3 5 ; dividends, $55,122; b a l., su r., $ 5 6 ,6 9 6 , before deducting divi­
dends, charged to profit and loss.
O F F IC E R S .— Pres., A . J. C ounty; V .- P ., C . M . South; Sec., S. H .
Church; T reas., T . H . B . M cK n igh t; C o m p t., C . A . Stockton. Office,
Pittsburgh, Pa.
T E X A R K A N A & F O R T S M IT H R Y — See Kansas C ity Southern R y .
and V . 122. p . 1452.




139

RAILW AY STOCKS AND BONDS

6
6

6
6
5

& D June 1 2000
& J Jan 1 1931
M ar 1 jD ec 1 2000

Sa Pac. 165 B ’w a y , N Y
do
do
C om m onw 'th T r C o . StL

Equitable T r C o . N Y
C o ’s office,120 B w ay ,N Y
do
do
Guaranty T r C o , N Y

Bankers Trust C o . N Y

T E X A S C E N T R A L R R .— W aco to R otan, T e x ., 268 m .; branch tc
Cross Plains, 41 m . First 5s, Y . 9 3 , p . 1325; V . 9 2 . p . 1437: V . 91, p . 9 5 .
1631; V . 90, p. 1556. Th e M o .-K a n .-T e x . R R . C o . owns all o f the stock.
M o .-K a n .-T e x . R R . o f Texas leases the road for 99 years from M a y 1 1914,
with authority to purchase the sam e, & c.
D IV S .— % — '0 1 .’02 to ’0 4 . ’0 5 t o '0 7 . ’0 8 t o ’ l l . ’ 1 2 . ’ 13. 1914. 1915 -’25.
C o m m o n ..
2 V , 2 H y i y . 5 yearly.
0
5 5
6 5-6
Below
Pref
%
TV , 5 yearly
5 yrly.
5 yrly. 5 5
8 1-3
Below

D ividends paid under lease, 5 % on b oth classes.

T E X A S C I T Y T E R M I N A L R Y .— (V . 123, p . 1501.)
T E X A S M ID L A N D R R .— Road from Ennis on Houston & Texas Central
R y. to Paris, T e x ., 125 miles. Extension from Com m erce to Greenville.
T e x ., 14 miles, was completed and p u t in operation N o v . 15 1921. T h e
final valuation as of June 30 1914 has been fixed at $ 3 ,0 8 0 ,0 0 0 b y the
I .- 8 . O . Com m ission. Stock, $ 1 12 ,00 0: par, $100.
Year end. D ec. 31 1925, gross, $ 1 ,043,365; net, $ 161 ,3±2; other Income
$4,2 4 6 ; deductions, $168 ,63 4; b al., d e f., $ 3 ,0 7 6 . Pres., E . H . R . Green;
T reas., W . P . Allen, Terrell, Texas.— (V . 119, p . 943.)
“ TE x X s 's r W E W * rO R l!E A N S °T ?Ii^ -^5ee*A 5ajrs<r*P ac^ ^H m i8ton 7=
Tex7!
to Orange (Sabine River). I l l miles; and Sabine Pass to Dallas, 314 miles,
sundry branches, e tc ., 120 miles; total D ec. 31 1925. 545 miles.
The I .-S . C . Commission has placed a tentative valuation o f $ 1 8 ,3 1 3 ,7 3 0
on the total owned and $ 1 9 ,8 0 9 ,8 1 9 on the total used property o f the com­
pany, as o f June 30 1918.
S E C U R IT IE S , &C.— The stock Is $ 5 ,000,000, all but $900 owned by the
Southern Paolflo. Dividend of 2 0 % paid in 1909-10 from accumulated sur­
plus.
G f the $3 ,9 9 7 ,0 0 0 D allas D lv . 1st 4s, $1,19 0 ,0 0 0 are owned by the Sou.
Pac. O o. and the remainder are in sinking funds of proprietary companies.
O f the $862,000 main line first 30-year 6s. $460,000 were on D ec. 31 1925
held in the Sou. Pac. treasury and the remainder in the sinking funds of
proprietary cos. There were also $ 2 ,5 7 5 ,0 0 0 Sabine Division bonds,
$ 1 ,5 4 6 ,0 0 0 of which held by Sou. Pac. C o . D ec. 31 1925. Equipm ent 6s
$204 ,00 0 all owned by Sou. Pac.
In 1925, gross, $ 1 1,095 ,852 ; net oper. income, $1,765 ,9 0 3 ; other income,
$88,667; deductions, $502 ,18 0; net Income, $ 1 ,3 5 2 ,4 9 0 .
For latest earnings, see “ R ailway Earnings Section” (issued m onth ly).—
(V . 122, p . 3 336 .)
T E X A S A N D P A C I F I C R Y . C O . ( T H E ).— N ew Orleans. L a ., west to
El Paso, Texas, 1,164 miles; M arshall via Texarkana Jet. and W hitesboro
to Fort W orth , 312 m .; Opelousas branch, M elville to Crowley, L a ., 57 m .
branches, 420 m .; total, 1,953 m .; deduct 105 m . trackage rights. Sierra
Blanco to El Paso; balance owned, 1,848 miles.
The I .-S . C . Commission has placed a tentative valuation of $68,170 ,227
on the total owned, and $ 6 5 ,0 8 3 ,6 1 6 on the total used properties of the
com pany, as of June 30 1916.
Th e Texas & Pacific R y . C o . and the M issouri Pacific R R . C o . each
owns one-half o f the $ 2 ,0 0 0 ,0 0 0 stock o f the Texas Pacific-Missouri Pacific
Terminal R R . o f N ew Orleans (formerly Trans-M ississippi Terminal C o .)
and guaranty an issue o f 1st m tge. 5 3 ^ % gold bonds. Series “ A ” — see
that com pany below.
“ O R G A N I Z A T I O N ^ u T l 8 8 8 reorganized (V . 4 3 , p. 164; Vi 4 5 ,"p 7 4 0 1 )
without having foreclosure sale confirm ed, thus preserving Federal charter.
In O ct. 1916 receivers were again appointed and on D ec. 31 1923 the
stockholders approved a plan for a readjustm ent of the road’s finances,
which was declared operative in M a y 1924. T h e plan did not disturb
the capital stock bu t offered holders o f the 2d m tge. income bonds 5 %
non-cum ul. pref. stock on a par-for-par exchange basis. T h e plan also
rovided for the creation of an issue of new gen. & ref. m tge. bonds secured
y a new m ortgage subordinate only to prior mortgages of about $ 3 1 ,0 00,000 and subordinate as to equipment to outstanding equipment trust
obligations aggregating approxim ately * 4 .6 0 0 n

E

S T O C K .— The Missouri Pacific R R . C o . on D ec. 31 1925 owned $ 1 0 ,000,000 common stock, $ 2 3 ,7 0 3 ,0 0 0 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 m tge.
to secure add’l indebtedness shall be created (except the gen. & ref. m tge.)
no obligations maturing more than two years after their date (except the
notes described below, the G en. & R ef. M tg e. bonds and equipment trust
obligations) shall be issued, and no stock on a parity with, or having a
priority, either as to dividends or assets, over the Pref. stock shall be issued
without, in each such case, the consent of the holders of a m ajority o f the
outstanding Preferred stock.
D I V S .— Initial dividend on*the 5 % non-cumT pref’ stock 'of $2 91*"ashare
was paid D ec. 31 1924, covering the period from M a y 26 1924 to D ec 31 ’2 4 .
On Dec.JJ1 1925, paid 5 % ^
*sa
ms
Vti
~ B O N D S S e e ° 1888^ortgage~a^Dstract87*vT*477"pTr
82T” ^ ^787*I^*T 44iL
The Weatherford Mineral Wells & Northwestern ($660,000 5s o f 1902) are
guaranteed, principal and Interest, by endorsement.
V . 78, p. 3 4 4 . The
$100,000 Denison A Pacific Suburban 5s are also guaranteed.
Louisiana Branch Lines m tg. Is limited to $7,(KHMKJO V 72. D- 577. 1189’
T he $5,000,000 5s due A p r. 1 1942 o f the Union Term inal O o ., Dallas
T e x ., are guaranteed join tly with seven other proprietary
com panies.
General rfc R ef. M tg e. B on d s.— Authorized issue not to exceed 1 ^ times
the par am ount 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 franchises, and,
subject to existing equipment trusts, upon aU equipment now owned.
The lien of the mortgage shall also extend (subject to prior liens) to all
properties hereafter acquired b y the use o f the new G en. Sc R ef. M tge.
bonds or their proceeds. Such lien shall be in the form o f a direct mortgage,
but it m ay take the form of the pledge or assignment o f securities of a cor­
poration or corporations owning property to which the lien is intended to
extend.

130

[V ol. 123,

RAILW AY STOCKS AND BONDS
R A IL R O A D C O M P A N IE S

1 or abbreviations. A c ., see notes on p a ge 8]
F

M ile s D a te
Road Bonds

T e x a s P a c ific -M is s o u r i P a c ific T erm R R o f New
O rle a n s —
1st m tge Series A (guar) red (te x t)___________ yc*& r*
Toledo Col & Ohio Ri v— Cleve & Mar 1st M g gu F-xo*
103
Tol W V & O 1st Ml “ A " guar p & I (en d )___Fjro* l
J
($15,700 per m) )“ B ”
do
do
____ xc* J 2411
*4.000 000 g o l d _ j" 0 ”
do
do
sk.fd.xo*
T o l X O h io C e n tra l— C om stock ($6,500,000 a u th ).
111
Preferred stock ($3,708,000 a u th )_________________
197
First M ortgage gold (V 53, p 4 3 6 ).....................C e.x
W estern Division first m ortgage g o l d . ______ N.xo* T ext
General m tge (V 62, p 594) (*2,000.000) g ..C e .x o *
395
St M ary’* Division first mtge gold *500,000- G .io*
60
do
first pref lno *500,000 non-cum 4 % -Q .r
60
Equipm ent trust certificates_______________________

1924
1895
1891
1893
1902
1885
1892
1894
1901
1901
1913
1917
1920

do
do
N o . 52 due $144,800 a n n u ally.G
—
G uaranteed B on ds — Kan & Mich R y — See that oo
230 1887
T o le d o Peoria & W estern— 1st M (tor *5,000,000) F vo*
T o le d o Terminal— First *i *6,000,000 g Int guar .C ol .x 31.27 1907
T o le d o W alhondint Valley & Ohio— See T oledo Colum bus A Ohio
T o n o p a h Sc G o ld fie l > C om m on s tock ____________
—
Preferred stock 7 % non-cum _______________________

Par
V a lue

A m oun t
O utstand ing

R ate

%

$1,000 $5,000,000
5H g
1,000
1.109,000
4H S
1,000
4H g
1,489,000
1,000
950,000
4X g
1.000
4 g
936.000
100
5,846.300 See text
100
3.701,400
1.000
3.000,000
5 g
1,000
2,500,000
5 g
1,000
2.000,000
5 g
1,000
500,000
4 g
1,000
272 000 Oot 1 It
426.646
4X
120.000
4X
6 g
1,303,200
1.000
1,000
R iver R y
100
100

4,895,000
a5,241,000

W h en
Payable

M
M
J

L a st D ivid en d
and M a tu r ity

S Sept 1 1964
N May 1 1935
J July 1 1931
J
& J July 1 1933
M A S Sept 1 1942
J

&
&
&

& J
& O
& D
F
& A
earned
J A J
J & J
J A J 15

A

J

500.000 See text

Penn R R O o. N Y
do
do
dm
All owned b y N Y O R B
All owned b y N Y O R R
Central U nion T r, N Y
do
do
do
do
Guaranty Trust Co, N 1
Second Nat Bank, Toledo
G uaranty T rust O o . N Y

July 1 1935
Oot 1 1935
June 1 1935
Feb 1 1951
Feb 1 1951
Jan 1 1928
Jan 1927
T o Jan 15 1935 G uaranty Trust O o , N Y

J
& J July 1 1917
4 g
4 X g M A N N ov 1 1957

1.650,000 See text

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

July 1 1917 int defaulted
Irving B k & T r C o , N Y

Various M ar 15 ’ 24 3 % C om pany * o ffice , Phils
do
do
Various A pr 12 ’26 7 %

a A dditional 259,000 in treasury.

General & R ef. M tg e . bonds m ay be issued in separate series, maturing
on the sam e or different dates, and bearing the same or different rates of
Interest, and any series m ay be made redeemable, in whole or in part, at
times, on notice and at premiums, and m ay have such conversion privileges
and other provisions as determined by the directors.
N otes to D irector-G eneral o f R ailroads.— Such notes bear interest at the
rate of 6 % per annum and were issued to fund Indebtedness of the receivers
to the Director-General. They will mature M a r. 1 1930 and will be secured
by pledge of $5 ,5 0 0 ,0 0 0 gen. & ref. m tge. Series “ A ” bonds. Am ount
issued, $ 4 ,4 0 0 ,0 0 0 .
U nsecured C ou pon Serial N o tes.— Unsecured coupon serial notes bear­
ing interest at rate of 6 % per annum were issued to the amount of the
Judgments on the unsecured notes of the Texas & Pacific and int. thereon
to Jan. 1 1924. Such notes wil Ibe dated Jan. 1 1924. will mature In equal
annual installments over a period of 10 years, beginning Jan. 1 1930, and
will bear interest from Jan. 1 1924. Am ount issued, $4,4 4 0 ,5 8 3 .
Equipment trusts of 1917, see V . 104, p . 8 64.
Equipment trusts. Series
G G , V. 119, p. 2065. Series H H , V . 121, p. 975.
Equipm ent trusts issued to Director-General for rolling stock allocated
to this com pany. See article on page 3 and V . 114, p. 1653.
R E P O R T .— For 1925, in V . 122, p . 2793, showed:
O perating R evenues— ’
1925.
1924.
1923.
1922.
Freight___________________ $ 2 6 ,051 ,237 $2 3 ,9 3 0 ,3 4 7 $22,482,491 $21,7 3 8 ,4 8 2
6 ,5 5 8 ,9 5 9
7 ,1 5 0 ,2 7 5
7 ,5 7 3 ,8 5 6
7 ,279,004
Passenger_____________ . _
M a il.........................................
720,485
7 94,916
7 33,475
645,494
E x p r e ss._________________
1,0 2 2 ,2 8 8
1 ,047,445
934,413
945.643
Miscellaneous____________
3 21,767
3 1 4,414
3 02,309
216,987
Incidental, & c___________
598,163
547,183
5 65,945
556,185
T o ta l_________ _________ $35,2 7 2 ,8 9 9 $ 3 3 ,7 8 4 ,5 8 0 $32,592 ,489 $ 3 1,381 ,795
O perating E xp en ses—
Maintenance o f w ay, &c.
$ 5 ,2 0 5 ,6 4 6 $4 ,8 4 1 ,0 8 3 $4,57 1 ,3 8 2 $ 5 ,051,050
Maintenance o f e q u ip t ..
6 ,9 8 2 ,3 2 9
6 ,471,081
7 ,2 7 3 ,1 7 8
6,5 4 4 ,2 6 4
7 8 6,060
700,031
625.094
586.305
T raffic expenses.................
Transportation exp______ 12,363,073
11,58 9 .1 1 4
11,485,278 11,843,491
1 ,127,694
1 ,767,090
1 ,157,622
1 ,225,780
General expenses_______
Transportation for in v __C r .342,917
C r .420,705
C r.443,753
C r .76,123
Miscellaneous operations
3 31,917
294,629
312,857
319,319
T o ta lo p e r.e x p e n se s..$ 2 6 ,4 5 3 ,8 0 2 $2 5 ,2 4 2 ,3 2 4 $24,981 ,658 $25,4 9 4 ,0 8 6
N etearnin gs_____________ $8,81 9 ,0 9 7 $ 8 ,5 4 2 ,2 5 6
$7,610,831 $ 5 ,887,710
Tax accruals, & c............... 1 ,952,406
1 ,876,696 1,457,832
1,239.339
Operating incom e_____$ 6 ,866,691
Other operating incom e.
768,443

$ 6 ,6 6 5 ,5 6 0
714,804

$ 6 ,152,998
693,367

$4 ,6 4 8 ,3 7 0
621,590

T otal oper. i n c o m e ... $7,63 5 ,1 3 4
Hire o f equipm ent______
967,162
R entals, A c ______________
693,867

$7 ,3 8 0 ,3 6 4
926,314
652,438

$ 6 ,846,365
979.935
628,896

$ 5 ,269,960
1,029,132
611,356

N e t in c . b e f.fix . ch gs. $ 5 ,974,105
N on-operating incom e__
373,137

$5,801,611
346,103

$ 5 ,237,535
371,812

$ 3 ,629,473
316.130

Gross incom e___________ $6,34 7 ,2 4 2
In t. on funded debt____
2 ,4 1 3 ,2 5 5
In t. on unfund, d ebt____
14,784
M isc.re n ts, taxes, & c . . .
97,648
N e t i n c o m e ................ $3 ,8 2 1 ,5 5 5
Pref. dividend___________
1 ,185,150
Inc. appr. for inv. in
physical property_____
_______
M isc. approp. o f inc____
_______

$ 6 ,1 4 7 ,7 1 4
2 ,1 7 0 ,3 3 9
2 6,375
72 ,4 0 7

$ 5 ,609,347 $ 3 ,945,603
1,778,841
1,755,683
235,987
272.785
161,407
144.550

$ 3 ,878,591
7 0 7,798

$3,433,111
.............

$ 1 ,7 2 2 ,5 8 4
.............

_______
_______

2 ,8 7 1 ,6 1 0
561,501

1,262,025
510,559

Incom e balance_______ $ 2 ,636,405
$3 ,1 7 0 ,7 9 3
_______
_______
For latest earnings, see “ Railway Earnings Section" (issued m onth ly).
l^ O F F lC E R S .^ -C h a irm a n T W illiam "H 7 W illiam s; Pres., J. L . Lancaster;
V .- P ., Finley J. Shepard, Kingdon G ould, O . B . Huntsm an, J. B . Payne
and J. A . Somerville; Sec. & T reas., O . W . Veitch. N ew York office, 120
Broadw ay.— (V . 122, p . 279 3 .)
“ T E X A S P A C 1 F IC -M IS S O U R I P A C IF IC T E R M IN A L R R . O F N E W
O R L E A N S .— N ew Orleans terminals, opened Feb. 15 1916. Formerly
known as Trans-M ississippi Term inal R R . C o ., the stockholders on June 13
1924 changing the name as above.
S T O C K .— The Texas & Pacific R y . and Missouri Pacific R R . each owns
one-half of the $2 ,0 0 0 ,0 0 0 stock.
B O N D S .— K uhn, Loeb & C o ., N . Y . , in Sept. 1924 sold at 100 and Int.
$5 ,0 0 0 ,0 0 0 1st m tge. 5 H % gold bonds. Series “ A . ” Guaranteed jointly
and severally hy endorsement b y Texas & Pacific R y. and Missouri Pacific
R R . Entire amount of Series " A ” bonds, but not a part thereof, will be
red. on Sept. 1 1934 or on any int. date thereafter, at 107 H and in t., upon
not less than 60 days previous notice.
The first m tge. 5 Vi % gold bonds, Series “ A , ” will be issued under a new
first mortgage of the Terminal R R . T otal authorized limited to $7 ,5 0 0 ,0 0 0
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 ,5 0 0 ,0 0 0 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 o f equipment to the extent o f 9 0 % o
he cost thereof.
Th e mortgage will provide for a sinking fund o f 5 % per annum o f the
m ount of bonds issued in respect o f equipm ent, for a period o f twenty
ears after such issue. V . 119, p. 1283.
For cal. year 1925. gross, $ 2 26 ,22 2; net oper.i ncom e.l if , $223 ,59 9;
her income ; 818 577
nt
rentals &c. $595.535.'» i l
d e f., $557.
1 2 3 , p 322.
Pres J L Lancaster — (V 1 2 3 ,? 322




T I D E W A T E R S O U T H E R N R R .— See W estern Pacific R R .
T O L E D O C O L U M B U S & O H I O R IV E R R R . C O .— (See M a p s P en n ­
sylvania R R .)— -Owns road Toledo Jet. to Toledo, O ., 81 miles, and Loudonville to C oshocton, O ., 45 m .; Sandusky to Colum bus, 108 m .; M arietta to
Canal D over, 103 m .; branch, 8 m . Total owned, 345 m .; trackage, C leve.
C in. Chic. & St. L . in Sandusky and Colum bus, O ., 2 miles; N . Y . C . Lines.
B . & O . Jet. to Union Station, Toledo,. O ., 2 miles: total, 349 miles.
Pennsylvania C o . owns $ 1 1 ,999 ,100 (auth. $12,000 ,000 ) capital stock
and leases the propertv for net earnings, and guarantees the bonds o f the
old cos. V . 92. p. 1702; V . 93, p. 106.
To be merged into Pennsylvania Ohio A D etroit R R . See that company
above.
I N C O M E .— For calendar year 1925, gross income, $ 6 78 ,72 9; deduction*
$198 ,72 9: dividends, $ 4 80 ,00 0.— (V . 121. p 3129 .)
T O L E D O & O H I O C E N T R A L R Y .— M ileage as o f D ec. 31 1925:
M ile s Second
Y a rd Tr k, Total
Sidings,
M iltof
M a in
age.
& c.
R oad.
Track.
121.44
2 8 3 .1 5
1.63
Toledo to Brem en_______________________ 160.08
91.27
2 5 5 .1 1
Whitm ore to Thurston__________________ 158.52
5 .32
10 91
2 3 .2 4
____
New Lexington to Corning_______________ 12.33
7 3 .6 1
13.69
Peoria to St. M a ry ’s ____________________ 59.9 2
____
6 .5 3
2 .35
Truro to East C o lu m b u s_______________
4 .1 8
____
1.22
2 .1 4
D oty to M ine 2 4 _________________________
.92
____
2 3 .8 7
2 3 .8 7
Corning to Chauncey____________________ ____
_____
0 .72
0 .7 2
At Carrington, Ohio_____________________
____
____
2 6 5 .4 7
6 6 8 .3 7
Total mileage__________________________ 3 95.95 6.950
Owns all stock and bonds of Zanesville A W est. R y ., Thurston to Shawne e
and Zanesville, O ., with branches, 90 m ., oper. separately.
V . 75. p. 9 06 •
In 1914 purchased from the Ches. & Ohio R y. and Lake Shore A M ich*
Southern R y now New York Central R R . $ 8 ,9 4 7 ,9 0 0 of the $ 9 ,0 0 0 ,0 0 0
Kanawha & M ichigan R y . stock, issuing therefor demand or one-year note*
for $ 8 ,7 1 9 ,0 1 2 . V . 100. p . 1250.
New York Central R R . owns $3 ,7 0 1 ,4 0 0 pref. and $ 5 ,8 4 6 ,3 0 0 common
stock— all the capital stock outstanding— the balance authorized is held
by the Toledo & Ohio Central R y.
V . 90. p. 7 71. 1095: V. 9 2 , p . 804.
Th e directors o f the N . Y . Central R R . on D ec. 14 1921 authorized the
lease of this company for a rental of fixed charges and taxes, and in addition
thereto an amount equal to the net earnings for the year 1921 . V . 1 13, p.
2614: V . 115, p. 546.
D I V I D E N D S .— f 1911. 1912-13. 1 913 -21 . 1922. 1923. 1 9 2 4 . 192
5
5 yearly
N one
9
5
5
5
C om m on ( % ) _______ i
Preferred ( % ) _______ l
5
5 yearly
N one
5
5
5
5
G U A R A N T I E S .— The company guarantees the principal and int. o f th
Kanawha & Michigan first m tge. bonds (see that com pany).
Equipment trusts issued to Director-General for rolling stock allocated
to this com pany. See article on page 3 and V . 114, p . 4 11.
Governm ent loan, promissory notes. A c .. V . I l l , p. 2521; V . 112, p . 1 63.
R E P O R T .— For 1925, total income, $1 ,8 0 0 ,9 3 1 ; interest and rentals.
$ 1 ,100,154; pref. d ivs., $185 ,07 0; common d iv s., $292,315; b a l., su r.,
$223 ,39 2.
O F F IC E R S .— P res., P . E . Crowley; Sec., E . F . Stephenson; G e n . Treas.
H . G . Snelling ;C o m p t., W . C . W ishart.— (V . 122, p. 2796.)
T O L E D O P E O R IA & W E S T E R N R Y . C O .— Owns from Effner, Indiana
State line, to W arsaw , 111., 220 miles; L a Harpe to Iowa, 111., 10 miles;
jointly with W abash, 1 mile; trackage at Peoria and Beurlington, l a ., 17 m .;
total, 248 miles. Stock, $4 ,5 0 0 ,0 0 0 (par $100 ); outstanding, $ 4 ,0 7 6 ,9 0 0 ,
of which the P a. C o . and C . B . & Q . each own about $ 2 ,0 1 1 ,2 0 0 . M o rt­
gage abstract, V . 4 5 , p . 242.
In July 1917 Pres. E . N . Armstrong was appointed receiver, both prin­
cipal and Interest due July 1 1917 on the $4 ,8 9 5 ,0 0 0 1st M tg e . 4s being In
default. V . 105. p. 7 3 . In A u g. 1921, Samuel M . Russell of Peoria was
appointed receiver to succeed E . N . Armstrong, deceased.
Bondholders’ C om m ittee: Thom as D enn y. Adrian I selin Jr. and Henry
K . M cH arg
Depositary, Farmers' Loan S Trust C o ., N . Y . City.
c
M ajority deposited. V . 104. p. 1046: V . 105. p. 73, 390.
T h e road was sold at public auction at Peoria, 111., on June 11 1926 to
George P M cN ear Jr., o f N ew Y o rk , a minority bondholder, for $ 1 ,3 0 0 ,0 0 0 .
V . 122, p. 3451; V . 123, p . 578. T h e Toledo Peoria & W estern R R . has
been form edi n Illinois for the purpose o f taking over the property. V . 123,
p . 2652.
Report for 1925 showed: Gross, $1 ,6 1 7 ,0 6 7 ; net op er., d e f., $155 ,78 8;
other ncome $74 238 deductions, $334,101; balance, d e f., $415 ,6 5 1 .
The I .-S . C . Commission has placed a tentative valuation of $7,118,684
on the total owned and $6,967,921 on the total used property o f the com­
pany as of June 30 1917.— (V . 123, p . 2652^:
TO LED O T E R M IN A L RR — Owns belt road, 2 8 .7 7 miles (including two
bridges), with 2 H-mHe branch to terminal station; total. 3 1 .2 7 miles.
O R G A N I Z A T I O N .— Controlled by nine roads. V . 8 4 , p. 130: V . 85.
p 100. 347. 1402- V . 86, p 170.
Stock authorized, $ 6 ,0 0 0 ,0 0 0 ; outstanding, $ 4 ,0 0 0 ,0 0 0 . The Pere
M arquette and Baltimore & Ohio each guarantees paym ent o f 1 6 .1 2 %
o f the interest on the bonds, and the Hocking V alley, Pennsylvania C o .,
N ew York Central, M ichigan Central, N . Y . Chicago & St. Louis, Grand
Trunk W estern, Hocking Valley and Toledo & Ohio Central, 9 .6 8 % each
For cal. year 1925, gross, $ 1 ,7 8 8 ,3 9 9 ; net oper. income, $466 ,83 2; other
Income, $398 ,60 5; interest, rentals. See., $ 3 79 ,38 0; b a l., sur., $486,057
A . B . New ell, Pres. & G en. M g r .; D . C . Follas, Sec. & A u d .; O . H
M cK ean d , Treas.— (V . 120, p . 1745.)
T O N O P A H A N D G O L D F I E L D R R . C O .— Owns Tonopah Junction
via Tonopah to Bullfrog Junction, N e v ., 89 miles; trackage, 9 miles;
branches, & c., 14 miles. V . 8 2 , p . 80. Tentative valuation, V . 113, p .1054
D I V S . ’ 13. ’ 14. T 5 . ’ 16. ’ 17. T 8 . T 9 . ’ 2 0 . ’ 2 1 . ’ 2 2 . '2 3 . '2 4 . ’2 5 . A p r . ’26
7
0
0
7
3
C om ----- 7 H 7 1 0 ) i 7 3 « 1 0 H 7
7
7
7
7
7
7
7
0
0
7
7
7
7
P r e f ... 7

131

KAILW AY STOCKS AND BONDS

Nov., 1926.]

R A IL R O A D C O M P A N IE S
[F or abb reviation s, A c . , see n otes o n p a ge 8]

M ile s
Road

T o n o p a h & T id ew a ter R R .— 1st M deb stk oerts g gu
Sterling bonds, gear, redeemable 1 0 5 _____________
T o ro n to Ham & B uff— 1st M g ________________ AB.zo* 104.31
C onsol 1st M $10 000,000 sk fund guar__________ Qr
42
Transylvania— First mtge gold $500,000 — G .x o 'A r
T ra v erse C ity R R — See Grand Rapids & Ind R y —
67
Trem ont & Gulf— First mtge gold red t e x t _ IC .xo4
_
Troy & Green hush— Stook 7% rental New York Cent
6
29
Tuckerton R R — 1st M ext 1910 red 1920 at 105___
101
Ulster & Delaware— Cons M tor $2,000,000 -g .C e .o *
R efunding mortgage $3,200,000____________G.o*Ar
Unadilla Valley— First M $200,000 gold redeem at 110
19
Union Pacific R R — Comm on stook $296,178.700-----Pref stook 4% non-oum $200,000,000 (V 80, p 1364)
First M g R R A land grant $100,000,000 g ____Bax 2.090
Bonds redeemable (te x t)_______________________ Bax
FlrstLlen A R ef m tge red 107 )4 __________ E a .xo’ Ar* 3,556
do
do
do
________________
3.5 5 6
do
do
do
sterling_________________ 3.556
T en-year Secured gold b on d s__________________ c*& r
Serial equip trust certificates due $833,000 yrly __c*
E quip tr ctfs Ser B due $618,000 ann beg 1 9 2 7 --C P
do
Series O due serially_______________
do
Series D due serially_____________________
--U n io n RR— See D 8 Steel O orp under ‘ ‘ Industrials"
(In Term C o , D ali— 1st M red 105 beg '22 text.C C yc*
—

D a te
Bonds

1905
1907
1896
1916
1906
1908
1880
1888
1902
1904
1897
1907
1908
1908
1908
1918
1920
1922
1923
1924
1912

P ar
Value

Am oun t
O utstanding

£ 5 0 0 ,0 0 0
150,000
$ 1 ,280,000
2.000.000
434.000

£16 6
$ 1,000
1,000
1.000AO

1,000
1 ,550.000
50
275,000
500 Ac
100.000
1.000
2.0 0 0 .0 0 0
1.000
'1,00 0.00 0
200.000
1.000 Ac
100 222.291 .600
100 99,543.500
500 Ac 100.000 .000
500 Ao 26.835.225
b63.922.500
$
1,000 20,000,000
£
1,920,600
1,000 20.000,000
1.000
6 664,000
1,000
6.800,000
1,000
5.687.000
1,000
3 ,0 0 0 ,0 0 0
$1,0 0 0

$5 ,0 0 0 ,0 0 0

Rate
%

W h en
Payable

P laces W h ere In te rest and
D ivid en d s are P ayable

L a st D ivid en d
and M a tu r ity

Ind Sc Gen In v T r,L ond on
G1yn.Mills.Curr A C o. Lon
/T re a s., 466 Lexington
\Ave., N . Y . C ity .
Guaranty Trust Co. N Y

A & O 15 July 1 1960
4)4
M & S July 1 1960
5
A D June 1 1946
4 g
J
4 )4 g F Sc A Aug 1 1 9 6 6
A
J
J Jan 1 1956
;5 g
5
7
5
5 g
4 B
4 g
10
4
4 g
4 g
4 g
5 g
4 g
6 g
7
5
4)4
4 )4
5 g

F & A
J A D 15
A
J
J
J
A D
A
A O
A
J
J
3— J
A A o
A
J
J
A
J
J
M A
S
M &
s
M &
s
Sc J
jJ
Sc D
ll
M Sc
s
M Sc N
M Sc S
A

A

o

Feb 1 1948
D ec 15 ’26 3 )4
July 1 1930
June 1 1928
Oot 1 1952
Jan 1 1934
Jan 3 ’27 2 ) 4 %
O ct 1 1926 2 %
July 1 1947
July 1 1927
June 1 2008
J u n el 2008
June 1 2008
July 1 1928
T o June 1 1934
M ar 1 '27 to ’37
1928 to 1938
1929 to 1939

New Y ork and Chicago
T ro y , N Y
Camden (N J)S D do Tr Oo
Central U n. Trust Co.N Y
do
do
Bankers Trust O o, N Y
Of floe, 120 B ’w ay. N Y
do
ao
do
do
do
do
New Y ork and London
do
do
do
do
O ffice, 120 B ’w ay, N Y
New Y ork

Apr 1 1 9 4 2

O ont& C om Tr&S B k . Ob

b Union Pacific R R on D ec 31 1925 owned an additi onal $ 14,098 ,000.

A sink, fund retired to July 1 1917, all the $1,15 0 ,0 0 0 bonds theretofore
Issued under the $1 ,6 0 0 ,0 0 0 mortgage of 1906. V . 105 p . 717; V . 8 2 , p.806.
R E P O R T .— For years ending Dec. 3 1 ‘
Gross
Total N et
In t.
P f. D ie s . C om . D iv . B a la n ce,
E arns.
In com e. Rents. A c . ( 7 % p . a . ) ( 7 % p .a .) Sur. or D e l
_______ def $13,824
1925
............$345 ,17 2 $32,723 $11,546 $35,000
1924 ..................... .$ 3 6 0 ,2 1 8
$48,066 $11,372 ................................... sur.$36.694
336,116
10.875 $35,000 $115 ,50 0 sur.74.741
1923 ------------------- 4 12,746
1922 ------------------- 4 2 0.997
7 7,809
11.726 ________ ________
sur.66.083
O F F IC E R S .— Pres. & G en. M g r ., M . B . Cutter; V .- P ., W . L . Haehnlen;
Sec. & T reas., W m . F . Henshaw, Bullitt B ld g ., Philadelphia.— (V . 122,
p . 2945 .)

T O N O P A H & T ID E W A T E R R R .— Owns Ludlow , C a l., on the Atch.
T o p . & S. F e ., to Beatty, N e v ., 169 miles; extension proposed to Tonopah,
N e v ., 110 miles. Acquired the Bullfrog-Goldfield R R . in 1920. V . I l l , p.
1567. Stock au th ., $ 1 ,0 0 0 ,0 0 0 . The debenture stock certificates are guar,
by Borax Consolidated, L td ., and are secured by deposit of mortgage and
bonds issued thereunder with the Indian & General Trust C o ., L td ., of
London; redeemable at 105. V . 81, p. 1793: V . 82, p. 753, 871, 1440. The
bonds o f 1905 and 1907 are guar, by Borax Consolidated. V . 86, p . 722.
O F F IC E R S .— Pres.. R . O . Baker; V .-P . & Gen. M g r ., O . B . Zabrlskle;
Sec., M . R . M usser.— (V . 113, p . 1054.)

T O R O N T O H A M ILTO N & B U F F A L O R Y .— Owns W elland Junction
to Waterford Junction, O n t., 80 miles; Port M aitland on Lake Erie, O n t.,
north about 20 miles to Smlthville; trackage, 4 miles. Operates car ferry
between Ashtabula and Port M aitland in connection with N . Y . Central
Lines. V . 106. p. 930.
S T O C K .— Authorized, $ 5 ,4 1 5 ,0 0 0 , $ 4 ,5 1 2 ,5 0 0 outstanding, held by
New York Central system and Canadian Pacific, the last named on
D ec. 31 1925 owning $1,46 9 ,5 2 0 stock. V . 6 1 , p . 753; V . 63. p. 3 59; V . 68.
. 475, 1134; V . 69, p. 29. In O ct. 1912 a cash dividend o f 2 0 % was paid
n O ct. 1 1913 1 14 % (quar.) was paid; 1914, J an ., April and July, 1 ) 4 %
none then to Jan. 1917, when 1 ) 4 % was paid; April 1917 to Jan. 1919
5 % p. a ( 1 H % quar. J )
In April. July and O ct. 1919 and Jan 1920
paid 1 ) 4 % ; 1921, 6 % ; 1922, 6 % ; 1923. 6 % ; 1924, none; 1925, 6 % and
2 0 % in stock; July 1926, 3 % semi-annually.

&

B O N D S .— Under traffic agreement with N . Y . C entral, M Ichlgan Cent.
Canada Southern and Canadian Pacific, Interest on 1st M tge. bonds it
practically guaranteed. See V . 68. p. 475. and ad vt. In “ C hronicle” of
M ar 11 1899
T he Consol. 1st M . bonds ($10,000,000 auth.) are a first lien on the form ei
Brie Sc Ontario R y . at $45,060 per mile, and a second lien on remainder of
the property to provide for betterments, refunding Ac
V 101 p 528
V . 99, p. 1750. Canadian Pacific R y . C o. owns $1 ,000,000'of outstanding
bonds. The M ichigan Central R R . C o ., Canada Southern R y . C o.
and Canadian Pacific R y. C o were to Join In a guaranty o f the interest
thereon and provide for sinking fund In proportion to their respective In­
terests therein, but In M arch 1917 the Ohio Supreme C ourt held that,
while the New Y ork Central might guarantee such o f the T oron to Hamilton
Sc Buffalo bonds as It m ay Itself own or acquire, it Is not perm itted, undei
the Ohio law, to make a Joint guaranty with the other proprietary com ­
panies. See V . 101, p . 1975, and C an. P a c., V . 103, p . 1508; V . 104, p.1146
C a l.
Y ea r—

Gross
R evenue.

N et (a fter
T a x es ).

1925___$2.821,733
$617,432
1 9 2 4 ...$ 2 ,5 3 0 ,4 7 5
$143,879
1923— 2,910,527
721,981
1 9 2 2 --. 2,444,381
450,108
— (V . 122, p . 3336.)

Other
In c o m e.

C h arges,
A c.

D ivid en d s.

B alance
Su rplus

$223,038 $243,206 (6% )$270,570 $326,514
$286,487 $252,091
$178,275
323.896 234,509 (6% )$270,570 540,618
327,852 255,557 (6 % ) 270.750 251,653

T R A N S Y L V A N IA R R .— H endersonville to Lake T oxaw ay, N . O ., 42
miles. Leased to Southern R y . for 50 years from Jan. 1 1906 at a rental
o f $25,000 yearly for 10 years and $30,000 thereafter. V . 83, p . 97. Stock
authorized, $420,000. B onds, see table.— (V . 87, p . 814.)
T R E M O N T & G U L F R Y .— Owns Trem ont to W innfield, L a ., 48 m iles'
M enefee to Rochelle, 18.47 miles: total, 66.74 miles. The I.-S . C . Com m is­
sion has placed a final valuation o f $1,222,430 on the property o f the
com pany as o f June 30 1916. Stock authorized, $5,000,000; outstanding,
$2,000,000; par, $100. O f the bonds ($5,000,000 auth. issue), redeemable
in whole or part on and after Feb 1 1918 at 165 and Int ; the $3,450,000
unissued are reserved for extensions at not over $30,000 per mile for im­
provem ents, & c., under restrictions contained in the m ortgage. V . 88,
1314. Pres., J. S. Joyce, C hicago; Sec., Frank P . Stubbs J r., M on roe,
.— (V . 122, p . 2796.)

L

T R I N I T Y & B R A Z O S V A L L E Y R Y . C O .— Owns Cleburne to Houston;
T e x ., 236 m .; Teague to W axahachie, 67 m .; operates trackage, 67 m .;
total, 370 miles. On June 16 1914 J. W . R obins was appointed receiver,
the Interest on bonds due Jan. 1 1914 being in default. In Sept. 1919
G en. John A . Hulen was appointed receiver to succeed L . H . A tw ell, re­
signed. V . 109. p. 1180; V. 98, p . 1921.
C olorado & Southern and Chic. R .I . & Pac. each own half interest In stock
(the R ock Island’s Interest being subject to the lien o f the C olorado & South­
ern m tge.) The C hic. R . I. Sc P. R y . C o. also agreed to pay for, on M ay 1
1935 (date o f m aturity o f C ol. Sc Sou. refunding and extension m tge.)
one-half o f the 1st m tge. bonds and other securities o f the T r. Sc R . V . R y.
V . 80. p.*1423, 2622; V . 82, p. 930, 986; V . 99. p. 1529. This latter obliga­
tion was disavowed by receivers o f the Oh. R . I. Sc P a c., but In Jan. 1919
a settlem ent was reached b y which the latter com pany on paym ent o f about
$4,000,000 cash to the C olorado Southern, obtained ownership o f a half
Interest in the property. V . 109, p . 672, 677; V . 108, p . 380, 1611; V . 103
p . 2429; V . 100. p . 2087; V . 102, p . 885.




Owns one-quarter interest in Houston Belt & Terminal R y .
Tentative valuation, V . 113, p . 1054.
Stock, $304 ,00 0; 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 C ol. & South, refunding mortgage; outstanding D ec. 1923,
$8 ,7 6 0 ,0 0 0 .
During 1919 the Colorado & Southern R y . C o . and the Chicago
Rock Island & Pacific R y . C o. canceled all of the outstanding and unsecured
6 % certificates o f indebtedness theretofore issued by the Trinity & Brazos
Valley R y . C o. under the provisions of the agreement of M arch 31 1906. for
advances made to cover deficits in the income of the Trinity & Brazos Valley
R y . C o. from June 1 1907 to June 16 1914. Inclusive. The 5 % equip bonds,
of 1907 are guar. Jointly, p . Sc 1., by C ol. Sc Sou. and Chic. R . I . Sc P .
V . 84. p. 509.
For year end. D ec. 31 1925, ’gross, $ 2 ,6 5 2 ,7 3 2 ; oper. d e f., $ 60,437 ;
other income, $ 16,947 ; deductions, $320 ,22 6; b a l., d e f., $363 ,7 1 6 . Pres.,
Receiver & G en. M g r ., John A . H ulen; Sec., D . O . H aggart; T reas., R . G .
Ballinger.
For latest earnings, see “ R ailway Earnings Section" (issued m onth ly).
Office, H ouston, Texas.— (V . 122, p . 203 7 .)

TR O Y Sc G R EE N B U S H R R . — Owns from Troy to Rensselaer, 6 miles,
louble track; leased to the Hudson River R R . C o . in 1851 at 7 % on $ 2 7 5 ,3 0 0 stock, le a s e assumed by N . Y . C ent. R R . D ec. 1914.— V . 106. p.924
T U C K E R T O N R R. — Owns W hitings Station to Tuckerton. N . J , 29 m
The I .-S . C . Commission has placed a final valuation o f $503 ,94 6 on the
roperty o f the com pany as o f June 30 1916. Stock authorized, com m on,
125,000; p ref., $500 ,00 0; outstanding, com m on, $106,868; pref., $445 ,37 5;
par, $50. Year ending D ec. 31 1925, gross, $194 ,15 7; net oper. income,
$52,144 ; balance, $ 3 1 ,2 3 8 . P res., Theop. P . Price, Tuckerton; V .-P . &
T reas., W m . Selfridge, P h ila.; Sec. & A sst. T reas., G . J. Banse, Philadel­
phia.— (V . 122, p . 2490.)
U L S T E R A N D D E L A W A R E R R . C O . (T H E ) .— Owns from R ingstonPoint (on Hudson R iver), N . Y . , to Oneonta, 107.03 miles, with branches,
a total o f 128.88 miles. The I .-S . C . Commission has placed a final valu­
ation of $ 6 ,468,019 on the owned and used property o f the company as of
June 30 1916. Stock, $3,0 0 0 ,0 0 0 ; outstanding, $ 1 ,9 0 0 ,0 0 0 ; par, $100 . A s
to refunding 4s of 1902, see V . 75, p . 667; V . 79, p. 153.
D I V I D E N D S .— D i v s .o f 3 % declared annually in D ec. 1914 to 1922 , incl.
none since.

R E P O R T .— F or calendar year 1925, show ed: Gross, $1,331,587; net,
after taxes, $118,444; deductions, $213,426; bal., d e f., $94,982.— (V . 122,
p . 3333.)
For latest earnings, see “ Railway Earnings Section” (Issued m onthly).
P res., E dw . Ooykendall; Sec., H . H . Flemming; T reas., Frank Ooykendall. O ffice. K ingston, N . Y .— (V . 122, p . 3602.)
U N A D IL L A V A L L E Y R Y .— Owns road from Bridgewater to N ew
Berlin, N . Y ., 20 m . T he I.-S . C . Com m ission has placed a tentative
valuation o f $.316,008 on the total owned and $316,000 on the total used
property o f the com pany as o f June 30 1918. Stock, $200,000; par $100.
V . 78, p. 104. B onds, see table above. V . 78, p . 1499. Lewis R . M orris is
trustee. Year 1925, gross, $91,261; net oper in c., $12,500; other inc.,
$2,793; in t., rentals, & c., $9,545; b a l., sur., $5,748. P res., Lewis R . M o r­
ris, 27 Cedar S t., N ew Y o r k .— (V . 122, p . 3336.)
U N IO N P A C IF IC R R . C O .— (See M a p . ) — T he lines operated on D ec. 31
1925 aggregated 9.555 miles o f road (with 1,494 miles o f additional main
track and 3,733 miles o f yard track and sidings), extending from C ouncil
Bluffs and Kansas C ity in the east, via D enver. Cheyenne, Ogden, A c ., to
Portland, O re., and Spokane, Seattle, & c., in the west. T he system
comprised:
M ile s o f Road o n

W h olly Owned L eased T r'k’ge D ed u cTota}
A c . R ights, tio n s. O perated.

D ec. 31 1925—
O wned. Join tly.
Union P acific R R ___________ 3.673
3
Capital Stock Owned (see each co .) —
Oregon Short Line R R - ..........2,247
-Ore.-W ash. R R . & N . C O ---2 .0 0 6
77
Los Angeles & Salt Lake R R . 1,075
1

3

16

7

3,688

x237
95
___

13
306
132

54
y248
___

2,443
2,237
1,208

T o ta l..................................- ..9 ,0 0 1
81
335
x Leased from O regon-W ash. R R . Sc N a v . O o.
leased to Oregon Short Line.

467
309
9,576
y Includes 237 miles

H IST O R Y .— Inoorp. In Utah In 1897 per plan of Oot. 15 1895 (V . 61, p.
704. 705, and V . 64, p. 424: V . 66, p . 618; V . 67, p 790.)
Under the m odified plan for the sale o f the Southern P acific stock ap­
proved by the U . 8 . D istrict C ourt June 30 1913 (V - 97, p . 50). $38,292,400
o f she Southern P acific O o. stock was on July 16 1913 exchanged for the
entire holdings o f $42,547,200 Baltimore Sc Ohio stock (one-half p ref.) of
the Penn. R R . T he remaining $88,357,600 So. Pac stock form erly owned
was deposited with a trustee, which issued certificates o f Interest In the
stock, certificate holders to have no voting rights and receive no dividends
until they exercised the option to convert their certificates into So Pac.
C o . stock, after first making affidavit to the effect that the applicant owned
no Union P acific stock and was not acting for any stockholder thereof, or in
the Interest o f the Union Pacific.
U.
P . stockholders In 1913, under an offer, which was underw ritten, sub­
scribed for $84,426,700 o f said $88,357,600 certifs. o f Interest at 92. See V .
97, p. 177. 445. 662, 730. 1288. 1904; V . 99. p 895. 1675: V 95. p . 1543.
Relations with Southern P acific in regard to Central P acific R y ., see
1—8. O . Commission decision in V . 116, p . 685.
S E C U R IT IE S O W N E D .— On D e c. 31 1925 the com pany and Its subfidiaries held: (1) In affiliated com panies; (a / stocks, $34,258,453: (b) bonds
and notes, $20,217,319; (2) In outside com panies’ stock, $71,513,947, and
their bonds, notes and equipm ent trusts, $80,458,362; (3) U . S. Liberty
bonds, $40,809,800.

132
RAILWAY STOCKS AND BONDS
[V
ol.

m .




Nov., 1926.]

M ile s
Road

R A IL R O A D C O M P A N IE S
[F or abbreviations. A c . , see notes on page 8]
U n ite d N J RR & C a n a l C o— Stock 1 0 % guaranteed.
General mortgage of Loan o f 1929 gold_____ xc&r
1871 for $20,0 0 0 ,- Loan o f 1944 gold_____ xc&r
000
(now
first Loan o f
1951 gold gu ar------ x
mortgage) FP se­ Loan o f 1948 g p Sc lgu.xc& r
cures all equally [Loan o f 1973------------------------.
• t i e s Sc B la ck R iv e r— see New York Central R R

D a te
Bonds

167

1889
1894
1901
1908
1923

97
V tlca Chen & Susa Val— Stock 6 % guar by D L 4 W
U tica Clinton & Bingham ton— C om m on s t o c k -------31 1889
First mtge guar p & 1 by Del S H ud ( e n d ) ___N.X0
c
C om m on stock, guar stam ped dlv 5 % ____________
11 j ------Va'le j i N V> —Stock 5 % guaranteed by D 1> & W -----1st & ref m tge______________________________________
V an B u ren B rid ge— See Bangor Sc A roostook R R
V a n d a lia R R -S e e Plttsb Cin C b Sc St Louis R R
V ara C r u i & P a c ific — See N ational Railways o f M . exlco
59
Vermont & Mass— Stock 6 % guar by Boa & M aine—
24
Vermont Valley Ry— S tock -------- --------------------------------24 1910
First m ortgage $1,500,000 g o ld __________B B.rc& r
Vicksburg & Meridian— See Alabama & Vicksburg
188
V icksburg Shreve & Pac Ry— Com stock $3,000,000Preferred stock 5 % non-cum ulatlve $2,200.000-----188 1901
General m ortgage $ 3 .5 00 ,0 0 0 -...........................F.ao*
1923
R e f & Im pt m tge Series " A ” red (tex t)_________xc*
188 1885
Vloks Sbrev Sc P R R prior lien ext ’ 15 at 5% g.C e,xc*

Par
Value

A m ount
O utstand ing

$100 $ 2 1 ,240 ,400
1,000
6.0 2 0 .0 0 0
1.000
5 .646.000
1.000
5.6 6 9 .0 0 0
1.000
841,000
—
.1 .8 2 4 .0 0 0

Rale
%

W h en
Payable

10
Q— J
M Sc
4 g
M Sc
4 g
3 )4 g M Sc
M Sc
4 g
4 )4 g M Sc

L ast D ividend
and M a tu rity

July
s Sept
HM ar
8 M ar
S Sept
8 Feb

Places W here In terest and
D ividends A r e Payable

10 26 2 h Offices, Penn R R . Phils
1 1929
do
do
1 1944
do
do
1 1951
do
do
1 1948
do
do
do
do
1 1973

M S N N o v 1 1926 3 %
c
E-Ms A 10 See text
S
c J July 1 1939
J
3
Sc D D ec ’26 2 X %
*
i)
J J u ly l *26 2 X %
M & S 1974

n L * W R R , New York
Utica Tr Sc Deposit Cp
New York Trust uo, N Y

100
100
1.000
100
1no
1,000

6
4.0 0 0 ,0 0 0
649,224 8ee text
800.000
5
200.000
5
7,v> onn
5
443,000
5

100
50
1,000

3.1 9 3 ,0 0 0
A
6
1 .000.000 See text J
1 .500,000
4)4 g A

A
Sc
Sc

o O ct 7 1926 3 % 53 Devonshire S t. Boston
J See text
o Oot 1 1940
Safe Dep & Tr Co. Boston

100
100
1,000
1,000
1.000

2.8 5 6 .5 0 0 See text
2,1 4 2 .8 0 0
5
6 7 7 ,0 0 0
6
1,845,000
6 g
1.3 2 3 .0 0 0
5 K

Sc
Sc
Sc
Sc
Sc

o
o
N
N
N

Vi lu e .
Som e o f P rin cip al Securities Owned as A fo resa id D ec . It ' ti>
B .& O. R R . com . Sc p ref. $ 5 ,400,027 Illinois Central (C oncluded) Bonds Sc equip. 4 H s _ .
6 ,4 0 0 ,0 0 0
Joint Ref
5s ($5.B . Sc A lt. R R . Gen M tge.
000,000), &c............
6 .740.000
6s ($8 4 1 7 ,0 0 0 ), &C 9 .2 2 8 ,0 0 0 N. Y Cent RR . stock.w$22 ,700.000
C .
4 N .W
R y com .stk . v 4 .420,600 Sc Impt. M 4 X s.
Ref.
3 .000.000
G en.M . ($4.600,000).&c. 7 ,0 7 0 .2 0 0 Penn RR.Var. b’nds, &c 7 .6 00.000
C h .M t l .Sc S t.P .R y pref.. x l.8 4 5 .0 0 0 RR Secur Co stocks.. 6 423 320
Sundry bonds _
...
4 975.000 So Pacific Co. 4s. 1949.
6 399 000
C h . St. P. M . & O. deb. 5s 3.7 0 0 ,0 0 0
So.Pac.R R .1st ref 4s. 6 026,000
ir
D . Sc H gold notes, & c . 3 ,460,000 N Y Conn RR lst4)48 3 ru in rw
Illinois Gent com stock _y24,750,000 W abash Ry. equip. 5 s___ 2 4 00.000
Preferred stock________
6,9 7 5 .0 0 0
▼ w x y A m o u n ts Pledged.— Oregon Short Line m tge. covers $4 ,0 1 8 ,7 0 0
o f item “ v ,” $ 2 0 ,0 0 0 ,0 0 0 of “ w ,” all o f “ x ” $ 8 ,7 0 0 ,0 0 0 of “ y .” . See also
“ Secured gold bonds” below.
Com plete control o f Los Angeles & Salt Lake R R . was acquired In M ay
1921.
V . 112, p. 2307.
S T O C K .— In 1901 common stock was authorized to be Increased bj
$100 ,00 0,00 0, to provide for conversion of First Lien 4s, and on June 15 190"
by $100 ,00 0,00 0, of which *4 2 .8 5 7 .2 0 0 was reserved for conversion of th«
1 /5 ,0 0 0 ,0 0 0 4s of 1907; balance for future requirements. See B O N D ?
below
w 8? p 1271; V . 84, p. 1115: v 85. p. 1587
L A T E D I V S .—
f ’06. ’0 7 -T 3 . ’ 14. ’ 15. ’ 16. ’ 17. ’ 18. ’ 19-’26
Com m on ( % ) ___________
9
8 9)4 10 y ’ly
10 y ’ly
8
8
text - Extra ( % ) ----------------------- ...........1 - - 3 H >4 .............
Jan. 1917 paid 2 % and 2 % extra, A p r., July and O c t., 2 % and hi % extr*!
Jan. 1918, 2 % Sc hi % ext.. April 1918 to Jan. 1927, 2 ) 4 % Quar.
There was distributed on July 20 1914 out of accumulated surplus profit*
to the holder of each share of com . stock 12% In B alt. Sc Ohio pref and
2 2 ) 4 % of B . Sc O com. held In the treasury and also $3 per share in cash
V 98. p 167. 238 454 525. 840. 914. 1248. 1394 1539 1847 V 90 p
109 1682.
B O N D S .— The 1st m tge. o f 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 $ 7 5 ,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 o f 2 ) 4 % , upon
9 0 days’ notice. V . 84, p. 1115, 1183; V . 8 5 , p . 100, 161.
Th e 1st lien and refunding 4s o f 1908 are secured by first mortgage
on 1,466 miles of main track, including the line from Julesburg to La Salle,
C o lo ., and also, subject to the 1st m tge., the 2.0 9 0 miles of road covered
thereby, making a total o f 3,556 miles covered by the m tge. O f the
remaining bonds, $100 ,00 0,00 0 are reserved to retire the 1st 4s o f 1947. In
Sept. 1923 $ 2 0 ,0 0 0 ,0 0 0 bonds bearing 5 % Int. were sold, the additional 1 %
tnt. to be secured under a supplemental Indenture b y a Hen on the lines of
railroad, franchises and appurtenances now. or hereafter, subject to the 1st
lien & ref. m tge., subordinate to the lien of the prin. of the 1st lien & ref
m tge. bonds and int. thereon at the rate of 4 % per annum .
V. 99, p. 749
8 18, 895; V . 86, p. 1468; V . 87, p. 5 46, 1012, 1541; V . 90, p. 448 V . 9 1 , p
872; V . 100, p. 1834; V . 101, p. 1465; V . 102, p. 8 0 1 , 1719; V . 117, p. 1130
In July 1918 sold an issue of $ 2 0 ,000 ,000 10-year 0 % Secured Gold bonds
Secured (V . 106, p. 2758) by deposit of the following collateral: $2,000 000
Chicago & N . W . R y . G en. M tg e . 4s and $2,500,000 5s. due 1987; $3 000,000
N . Y Central R R . R ef. & Im p t. 4J4s, due 2013; $1 ,0 0 0 ,0 0 0 Penna RR
Consol. M tg e . 4 )4 s , due 1960 and $ 2 ,500,000 G en. M tg e . 4 )4 s , due 1965
$ 6 ,000,000 Southern Pacific R R . 1st Ref. M tg e. 4s, due 1955: $4,000,000
B alt. & Ohio R R . R ef. & G en. M tg e . 5s, due 1995; $ 5 ,000,000 Illinois
Central R R . C o. & Chic. St. Louis & New Orleans R R . C o. Joint First
R ef. M tg e. 5s. due 1963; $4,00 0 ,0 0 0 Denver Union Terminal R y . 1st M
4 )4 s , due 1964 (guaranteed join tly).
In June 1920 sold $10,000 000 Serial Equip. T r. Certs. V . 110, p. 2388
In M arch 1922 sold $ 6 ,8 0 0 ,0 0 0 5 % equip, trust certf. Series “ B , ” dut
$ 618 ,00 0 annually M a r. 1 1927 to 1936, both inclusive, and $ 620 ,00 0 M a r. 1
1937. V . 114, p. 1181.
In M arch 1924 sold $ 3 ,0 0 0 ,0 0 0 4 ) 4 % equip, trust certificates. Series
“ D , ” due serially 1929 to 1939.
Guarantees $ 5 4,694 ,995 O re.-W ash . R R . Sc N a v . 1st & ref. 4s ($175,000 ,0 0 0 auth. issue), not including $17,2 4 7 ,0 0 0 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 P O R T .— For 1925, in V . 122, j . 2214 , showed;
1924.
1923.
1922.
1925.
Average miles___________
9,5 4 7
9,510
9,483
9,406
$
$
$
Operating revenue______ 198,039,901 199,035,118 211,3 1 8 ,4 6 5 192,877,122
O per. exp. & taxes______ 152,320 ,602 156,098,495 1 6 5 ,843 ,930 157,111,055
N e t revenue___________ 45,71 9 ,2 9 8
N e t from operations____ 4 0 ,038,645
Other incom e_____________/1 6 ,5 3 9 ,6 9 8
Incom e from in v ., &c___ /

42,936,623
37,913,161
16,226,202

4 5 ,4 7 4 ,5 3 5
39 ,6 6 0 ,2 4 6
17,513,566

3 5 ,766,067
33,49 6 ,3 1 8
15,749,563

T o ta l incom e______1 __ 56,578,343
Fixed charges, & c_______ 18,365,964
Preferred divs. ( 4 % ) ___
3 ,981,740
C o m m o n d iv s. ( 1 0 % ) ___ 22,229,160

54,139.363
18,394,838
3 ,981,740
2 2 ,229,160

57,17 3 ,8 1 2
17,270,343
3 ,9 8 1 ,7 4 0
2 2 .229,160

49,245,881
16,915,574
3 ,981,740
2 2 ,229,160

9 ,533.625
13,692.569
6 ,119,407
Balance, surplus______ 12,001,479
For latest earnings, see “ Railway Earnings Section’ ’ (issued m onthly).
O F F IC E R S .— Chairman, R obt. S. Lovett; Pres., Carl R . G ray; V .-P s .,
E .- E . Calvin (in charge o f operations), H . M . Adam s (in charge o f traffic)
V .P . & C o m p t., F . W . Charske; V .-P . & Gen. Counsel, H . W . Clark;
S e c., Thom as Price; Treas., Edward G . Sm ith.
D I R E C T O R S .— Newcomb Carlton, Paul M . W arburg, James H
Perkins, H . W . C lark, W . A . Harriman, R obert S. L o vett, Oliver
A m es, H . J. G rant, C has. A . Stone, Chas. A . Peabody, C . B. 8eger,
Robert W . Goelet, Carl R . G ray, E . E . Calvin and E . Roland Harriman.
Offices. 120 Broadw ay. N . Y . . and Om aha. N eb .— (V . 123. p . i9 9 5 .)




133

RAILW AY STOCKS AND BONDS

A
A
M
M
M

D el Lack Sc W estern .N Y
do
do

O ct 1 ’26 2 hi Treas. office. New Orl
O ct 1 '26 2 h Treas office, New Orl
Farmers L Sc T C o , N Y
May 1 1941
Nat Park Bank, N Y
N o v 1 1973
N ov 1 1940
Central Un T r C o , N Y

U N IO N R R ., P it t s b u r g h .— Owns East Pittsburgh to Streets Run and
Duqueene P a ., 9 .92 m ., leased: North Bessemer to East Pittsburgh. P a .,
8 .0 4 m .: P . B . & L . E . R R .; Monongahela Jet. to M ifflin Jet. and W ilson,
P a ., 11.56c. St. Clair Term inal R R . (leased), 5 .5 8 m .; total, 45.67 cm .
Th e 1 .-8 . C . Commission has placed a tentative valuation o f $ 1 4 ,9 0 5 ,0 0 0
on the total owned and $ 2 2 ,9 8 0 ,2 6 3 on the total used property o f the com ­
pany as o f June 30 1917.
S T O C K .— Auth. and outstanding, $ 2 ,0 0 0 ,0 0 0 : par. $50; all or a m ajority
owned by TJ. S. Steel Oorp
B O N D S .— See U . S. Steel Oorp. under “ Industrial C om p an ies" below
(T H E ) U N IO N T E R M IN A L C O ., D A L L A S , T E X .— Owns union passen­
ger station at Dallas, T e x ., completed O ct. 1916, for use by the M o . K a n . Sc
Texas Texas * Pacific Houston & Texas Central Gulf Colorado & Santa
Fe (Atchison T . & S. Fe. system ), Fort W orth & Denver Mty, St. Louis &
San Francisco, Chicago Rock Island Sc Pacific and St. Louis Southwestern
system s, each owning h ith of the $ 4 8,000 capital stock. Under 99-year
operating contract the com pany handles the passenger business of the afore­
said companies, who discharge all its expenses, liabilities and receive all
income.
Covers about 1 hi city blocks on 10 Vi acres of real estate in business
district, with 10 parallel tracks and space for 8 more; total trackage, 4 .84
miles o f main track. 11.80 miles of yard tracks.
All of the bonds ($ 5 ,0 0 0 .)00) have been issued under said agreement, guaranteed prin. and In t..
jointly and severally, by the eight proprietary companies. V . 9 8 , p . 1 0 7 3 .
1158. 1394: V 103, p. 146 In 1915-16 W illiam Salomon & C o .. N Y . ,
•ffered these bonds. V . 101. p . 1887: V . 102. p. 1164 1898
Notes extended
V 111, p. 1662; V . 117, p. 89; V . 119, p. 199. The I .-S . C . Commission
has placed a tentative valuation o f $ 4 ,667,300 on the property of the com­
pany, as o f June 30 1917. Pres., J. L . Lancaster, D allas, T e x .; Sec., A . S.
Steirer, D allas, T e x .; T reas., M . L . Buckner, Dallas, T e x .— (V . 122, p .1 1 6 7 )
U N IT E D A M E R IC A N R Y S ., IN C .— (V . 118, p. 3080.)
U N IT E D NEW JE RSEY R A IL R O A D & C A N A L C O .— (See M a p P e n n .
S R .) .— Part of a system of roads in Northern New Jersey, extending from
?am den to South A m boy and from Trenton to Jersey C ity , with branches
*nd connections, a distance o f 166 miles; Hudson River ferries to New Y o rk ,
I rn Del. Sc Raritan C anal, from Bordentown to New Brunswick, Sec..
66 miles.
L E A S E .— Leased In June 1871 to the Pennsylvania R R . for 999 years;
rental equal to 10% on stock, interest on bonds, taxes. <feo.
O f the $21 240,400 stock outstanding, the Penn. R R . on D ec. 31 1925
lwned $1,350,000
E A R N I N G S .— For year 1925, gross income, $ 2 ,9 6 9 ,9 8 1 ; deductions,
$844 ,96 2; dividends. $2,1 2 4 ,0 4 0 : b a l., surp., $ 980 .— (V . 117, p. 1557.)
U N IT E D R A I L R O A D S O F Y U C A T A N .— t,V. 122. p. 1759.)
U N IT E D R A I L W A Y S O F T H E H A V A N A & R E Q L A W A R E H O U S E S
L T D .— (V . 117. p. 2105.)
UTICA C H E N A N G O & SU SQ U E H A N N A V A L L E Y R Y .— Owns Utloa.
M. V
to Greene, N . Y . , 75 miles; branoh to Riohfield Springs, 22 miles.
Leasedto Delaware Lackawanna A Western at 6 % on stock.
N o bonds.
V 106 p 601 >
U T IC A C L I N T O N & B IN Q H A M T O N R R .— Owns Utica, N . Y . , to
Randallville, N . Y . , 31 miles. Leased during continuance of charter and
renewals thereof to Delaware & Hudson C o ., which pays rental of $61,500
per. ann., and sub-leased to N . Y . Ont. & W estern. V. 118, p. 907. The
street lines owned (10 miles) are leased to Utica & M ohawk Valley R y.
for $15,000 per ann. Capital stock, $849 ,22 4 (par $100). $200,000 of which
Is guar, by D el. & Hudson 5 % per ann. (guarantee endorsed on face o f the
certificate); balance, variable— 3 h i % , 1898 to 1912, incl.; 1913, 4 % ; 1914,
3 H % \ 1915 and 1916, 3 % % ; 1917. 3 ) 4 % ; 1918, 3 ) 4 % ; 1919. 3 ) 4 % : 1920,
3 % ; 1921, 3 ) 4 % ; 1922, 3 % ; 1923, 3 % ; 1924, 3 % ; 1925, 3 % ; 1926. F e b ..
1 ) 4 % . — (V . 118. p. 907.)
V A L L E Y (N . Y .) R R .— Bingham ton, N . Y . , to State Line o f Penna.,
11 miles. Leased to Delaware Lackawanna & W estern at 5 % per annum
on stock.— (V . 119, p. 1735.)
V A N C O U V E R , V I C T O R IA & E A S T E R N R Y . & N A V I G A T I O N .—
Passenger and freight terminal at Vancouver. B C .— (V . 1 03. p. 2 0 8 0 .)
V E N IC E E N G L E W O O D & S O U T H E R N R Y .— The I .-S . C . Oommfcr
sion on April 19 1926 issued a certificate authorizing the company to con­
struct a line of railroad from Venice southeasterly to Englewood, a distance
of approximately 13 miles, all In Sarasota C ounty, Fla.
The company is a Florida corporation and was organized at the Instance
of the Seaboard Air Line R y. The proposed line will connect at Venice
with a line o f the Seaboard terminating there and will form an extension of
that line. Th e Seaboard proposes later to acquire control of the applicant
by purchase o f the latter’s capital stock or by lease.
The estimated cost o f the proposed line is $ 5 47 ,42 6.
Construction Is to
be commenced within 6 months and completed within 18 m onths after the
certificate authorizing such construction is issued. Funds for constructing
the line are to be furnished by the Seaboard.— (V . 122, p . 2490.)
VE R M O N T & M A S S A C H U S E T T S R R . — Road Fitchburg to Greenf Id. M a ss., 56 miles of double track; branch. 3 miles
Leased to Boston Sc
Maine R R . for 999 years from Jan. 1 1874 at 6 % on stock and organization
expenses.— (V . 79, p . 2589; V . 106, p. 818.)
V E R M O N T V A L L E Y R R .— Owns Bellows Falls to Brattleboro, V t ,
34.69 miles. Controlled and operated by Boston Sc M aine R R ., which owns
entire stock, the Vermont Valley receiving earnings over chargee with *
guaranty of 4 % on stock. V 76, p 214; V . 94, p. 1628
Owns all stock
of Sullivan C ounty R R ., Bellows Falls to W indsor, V t , 2 6 .0 4 miles. In
March 1911 acquired control of the Montpelier Sc W ells River. Barre and
'helsea R R s .. Incl.. with spurs, 68 miles.
V . 92, p. 528. 660.
D ividend,
lo n g 6 % 1904 8 % : 1905 to J u ly ’ 16 Inol . 1 0 % vrly ■ -17-’ 19, none; '20, 4 % :
1921. 4 % ; 1922, 4 % ; 1923, 4 % ; 1924, 1 0 % ; 1925, 5 % .

o f

THE VIRGINIAN
RAILWAY o
indicates Double Track

Marietta

RAILWAY STOCKS AND BONDS
[V
ol.

123.




134

M a p

-Nov., 1926.]

R A IL R O A D C O M P A N IE S
[F or abbreviations, A c . , see notes on pa ge 81

M ile s
Road

Virginia Air Line— See Chesapeake & Ohio
Virginia & Caro Son— le t M $1,000,000 g (see text) _x 6 4 .2 2
Virginia Midland— See Southern R y
Virginia & South w— 1st M g g u b y v a l C A C --------Qx
136
First C onsolidated m tg $7,000,000 gold -.. G.xo* Ar*
209
V ir g in ia n R y — C om m on stock auth $40.000,000____
P rel stock $35,000,000 auth 6 % cum red t e x t ____
First M $75,000,000 g Ser “ A " red at 110F.xo*Ar*
470
E qu ip trust cert Ser “ O " due $260,000 s-a______ c*
do
Ser “ D " due $380,000 ann____________ c*
do
Ser “ E ” due $240,000 ann____________ Fc*
do
due $108,700 a n n u ally_______________ Q
—
W a b a sh R a ilw a y C o—
C om m on stock, $70,328,050 a u t h _________________
Pref stock A 5% prof-shar, red 110 aft 5 yrs (text) .
C o n y 6 % p ref stock B red 110 $3,893,900 auth____
1.542
First m ortgage gold ($34,000.000)________ C e.zc*
Second m ortgage g o ld ______________________M p .ic
1,007
Deben m tge incom e non-oum Series B not red Ba 1.542
R e f A gen m tge gold Ser A red (text)_________yc*A r* 2,041
do
do
Series B red (text)_________yc*A r* 2,041
Detroit A Chicago E xt 1st M g s f red 110 --.C e .z c *
150,
Des Moines D iv 1st M g$ l,8 0 0 .0 0 0 (V 68 .P 5 7 4 ) Nxc*
94
Toledo & Chicago Div m tge g $3,000,000 ~ C o l.x c *
225
Omaha D iv $3,500,000 gold (V 75. p 686) — Eq.xo*
144
1st lien terminal m tge $10,000,000) g o ld -.B a .x c * A r
Kan City E xo Sp & Nor M g guar (V 79 p 2697) -«
9
Columbia & St Louis $300,000 gold guar p & l.S S f x
22
Secured gold notes red 100___________________ P h P
Equipm ent gold notes, due $755,400 yearly______ Q
do
do
due $283,000 yea rly_______ C P .c*
do
do
due $35,709 sem i-ann______________
Equip trust ctfs S e r .“ C ” due $134,000 a n n _.xxxc*
do
do
due $34,140 semi-ann________
do
do
Ser “ D ” due $166,000 ann______y c*
do
do
Ser “ E ' due $171,000 ann______ y c*
do
do
Ser ” F ” due $279,000 ann______y c*

D a te
Bonds

Par
Value

A m oun t
O utstanding

R ate
%

$524,000

5 g

W h en
Payable
A

L a st D ividend
an d M a tu rity

J July 1 1943

1913

$1,000

1903
1908

1,000 Ac
1,000 Ac
100
100
100 Ac
1.000
1,000
1.000

A
J Jan 1 2003
J
2 .000,000
5 g
5.000,000
A A O Apr 1 1958
5 g
31,27 1 .5 0 0 See text See text D ec 31 ’25 6 %
F &
A A u g 2 1926 3 %
2 7 .955,000
6
M A N M a y 1 1962
55.344.000
5 g
1,820.000
6 g
A A O Apr ’ 27-Apr '30
M A N T o M a y 1 1938
4,5 6 0 ,0 0 0
5 g
A
J T o July 1 1940
3,3 6 0 ,0 0 0
4H g J
J A J 15 T o Jan 15 1935
8
978,300

100
100
100
1,000
1889
1.000
1889
1 000
1889
1925 500A1000
1,000
1926
1.000
1891
1899
1.000
1,000
1901
500 Ac
1901
1904 1,000 Ac
1901
500
l.ono
1902
1925
1,000
1920
1,000
1.000
1922
1,000
1922
1.000
1923
1,000
1924
1924
1,000
1924
1.000
1,000
1925

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

66 ,6 7 7 ,7 7 5
69,31 3 ,0 5 0 See text See text N o v 25 ’26 1 X
2 ,5 0 2 ,1 4 2
M A N M ay 1 1939
3 3 ,891,000
5 g
F A A Feb 1 1939
13,993.000
5 g
.1July 1 1939
J
A
6
209,000
S M ar 1 1975
12,500,000
5H g M A
F A A Aug 1 1976
15,500,000
5 g
A
J
J July 1 1941
5 g
2 ,2 3 6 ,0 0 0
A
J Jan 1 1939
J
1 .600,000
4 g
a Mch 1 1941
M A
3 ,0 0 0 ,0 0 0
4 g
3 .1 7 3 .0 0 0
3 X g A A 0 Oct 1 1941
A
j Jan 1 1954
J
3 ,5 5 5 ,0 0 0
4 g
A
j Jan 1 1928
J
100,000
4 g
N A N May 1 1942
T
20 0 .0 0 0
4 g
a M ar 1 1930
M A
1 ,500,000
6 g
J A J 15 T o Jan 15 1935
6 ,7 9 8 600
6 g
F & A T o Aug 1 1937
3 ,113,001
5
M Sc a M a r ’27-Sep t '27
71,418
5
-J Sc j To July 1 1938
1 ,608.000
5X
A A 0 Apr ’27-A p r ’29
170.700
5
J
A D D ec 1 ’28 to ’38
1 ,826,000
5
J
A 1) T o D ec 1 1939
2 ,2 2 3 ,0 0 0
5
J & D T o D ec 1 1940
4J4
3,9 0 6 ,0 0 0

1912
1920
1923
1925
1920

Bonds ($ 1 ,500,000 1st 4 X s of 1910) are secured by first lien on road, 24
miles, and additionally by deposit of $700 ,00 0 Connecticut & Passumpslc
Rivers R R . and $100 ,00 0 Massawippi Valley R y stock. V . 91 p 791.
In Jan. 1914 sold $ 2 ,3 0 0 ,0 0 0 one-year 6 % notes to construct the B rattleboro extension and for paym ent o f notes for acquisition o f the M o n tp . A
W ells River and Barre and Chelsea roads; these are guaranteed by the
Connecticut River R R . and endorsed by B . A M . R R ., and were extended
to A u g . 31 1916. Entire issue owned by Boston A M aine R R . V . 97,
p. 1899; V . 9 8 , p . 157, 238; V . 99, p . 1675; V . 100, p . 1919; V . 105, p . 182,
9 99. 1310, 1414; V . 106, p . 930; V . 115, p. 1733.)
V I C 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 .— D elta . L a ., on
M ississippi River, to Lorraine, L a ., 188 miles.
T h e I .- S . C . Commission has placed a tentative valuation o f $ 8 ,7 2 6 ,2 0 0
an the total owned, and $8 ,4 6 6 ,2 0 0 on the total used properties o f the
com pany, as o f June 30 1918.
T h e I .- S . C . Commission in M a y 1926 authorized the lease o f the road
to the Y azoo A Mississippi Valley R R . under the guarantee o f the Illinois
Central.
V . 122, p 2 945 .
B O N D S , A c .— O f the $ 3 ,500,000 general 5s, $1 ,2 4 5 ,0 0 0 have been re­
funded, $ 1 ,3 2 3 ,0 0 0 are reserved to take up at m aturity the prior lien 6s
which were extended in 1915 to 1940 at 5 % , and $ 255 ,00 0 have been can­
celled. V . 101, p . 7 74, 1629.
The ref. A im p t. m tg e., series “ A , ” bonds are redeemable as an entirety
on any int. date upon 90 days’ notice at 107 X and int. on or prior to N o v . 1
1928 at 105 and int. after N o v . 1 1928 and on or prior to N o v . 1 1 963 , and
at H o f 1 % less than 105 and Int. for each succeeding year
O f the $ 1 ,8 4 5 ,0 0 0 series " A ” bonds issued, $ 1 ,2 4 5 ,0 0 0 were issued in
exchange for a like amount o f gen. m tge. 5 % gold bonds (leaving only
$ 677 ,00 0 outstanding) and the proceeds from the remaining $600 ,00 0 of
bonds were used to reimburse the treasury in part for expenditures made
prior to 1923 for additions and betterments.
V . 117, p . 1887.
D I V S .—
'1 3 . ’ 14. ’ 15. ’ 16. ’ 17. ’ 18-’20. ’2 1 . ’2 2 . '2 3 . ’2 4 . ’25
2 0
0
0 2 M 2 H y ly 0 0
4
4
C om m on -----------------Preferred___________ 5 5
0
5
5 5 yly.
5 5
5 5
5
Paid in 1926: On pref. and com ., April 1, 2 H % ; O ct. 1, 2 X % R E P O R T .— For 1925, In V . 122, p . 1909, showed:
Y ea r—
G ross.
Total I n c . I n t ., & c. P ref. D ie s . Com . D ie s .
Su rplus.
1 9 2 5 ........... $ 4 ,552,077 $877 ,28 9
$438 ,66 7 $107,140 $114 ,26 0 $217,281
1 9 2 4 ______ 4 ,2 5 9 ,2 6 4
740,025
4 1 9,896
107,140 11 4 ,2 6 0
98.729
1 9 2 3 ______ 4 ,4 6 0 ,5 8 0
931,668
367,375
160,710
71,4 1 2
332.170
1 9 2 2 _______ 3 ,7 1 7 ,9 7 0
556,318
3 33,778
107,140
115,400
For latest earnings see “ Railway Earnings Section” (issued m onth ly).
O F F IC E R S .— Pres., L . A . Jones; Sec., w m . Brewer; T reas., J. E . C am bias. Office, N ew Orleans, L a .— (V . 122, p . 1909.)
V I R G I N I A & C A R O L I N A S O U T H E R N R R . C O .— Owns from Lum berton, N . C ., north to H ope M ills, 25.2 3 m .; St. Pauls, N . O ., to Eliza­
bethtow n, 27.71 m .; Lum berton Jet. to N orth Lumberton and East Lum berton, 3 .8 6 m .; sidings, A c ., 7-45 m .; total, 64.69 m .; under trackage con­
tract, 0 .9 2 m .; total, 65.61 miles. Stock, $141 ,00 0; m ajority owned by
A t l. Coast Line. Th e I .-S . C . Commission recently placed a tentative
valuation o f $659 ,07 5 on the property of the company as of June 30 1918.
Y ear ended D ec. 31 1925, gross, $194,997; net oper. income, $44,2 3 6 ; in t,,
A c .. $26,924 ; b a l., sur., $18,260 . Pres. A Treas., A . T . M cL ean; V .-P . A
Audior, J. O . Beckwith Sec,., D icksonM eL ean . Office, Lum berton, N .O .
— (V . 122, D. 2796 .)
V I R G I N I A & S O U T H W E S T E R N R Y .— Owns B ristoI.V a., to coalfields
around St. Charles. V a .. and southerly to mines at M ountain C ity . T en n .,
with branches. 151 miles; M occasin G ap to Persia J et., T e n n ., 38 m . Leasee
Rogersvllle via Persia to Bull’s Gap, Tenn., 14 m .; traokage, 22 m .; total,
2 25 miles. In 1908 Southern R y . purchased the $ 2 ,000,000 stock at $2QC
per share and on July 1 1916 took a lease of the road for one year and tr o
n;
year to year thereafter until terminated by either p a rty . at a rental equai
to int. on bonds and equip, trust obligs. V . 8 7 , p . 98; V . 103, p . 3 21.
Virginia Iron, Coal A Coke C o. guar. 1st M . bonds, p . A i. V . 7 5 , p . 348,
3 9 8 ,7 3 6 ; V . 76, p . 2 7$. O f the 1st consol. 50-yr. 5s ($ 7 ,0 0 0 ,0 0 0 auth. issue),
dated April 1 1908. $ 2 ,0 0 0 ,0 0 0 are reserved to retire 1st 5s. V . 8 6 , p . 1102.
1 1 6 1 ,1 1 8 7 ; V . 87, p . 1606; V . 93, p . 1192.— (V . 115, p . 2 478 .)
V I R G I N I A N R A I L W A Y C O . (T H E )— (See m ap.)— Th e main line o f the
road extends from Deepwater, on the Kanawha River, in W est V a ., to
Sewall’s Point on Ham pton Roads, near N orfolk, V a ., a distance o f 441 miles.
W inding G u lf branch, M ullins, W . V a ., to W illabet, 33 miles; other lines
owned and leased, 50 miles; trackage rights, 21 miles; total, 545 miles. On
fe p t . 91^1922 leased for 999 years the Virginian A W estern R y . V . 115, p.
T h e I .-S . C . Commission on O ct. 11 1926 denied the proposed acquisition
b y the N orfolk A W estern R y . o f control o f the railroad o f the Virginian
R y . b y lease. Compare V . 123, p . 2257.
R oad taps the Pooahontas and New River ooal fields, and forms “ the short­
est possible route to tidewater over the lowest grades.”
From Prlnoeton,
the main ooal-gathering yard, 350 miles west of Sewell’s Point, the east’
bound grade does not exoeed 0 .2 of 1 % , or 1 0 X ft. per m ile, exoept for a
9-m ile section over the Allegheny Mountains, where the m axim um grade
is 0 .6 of 1 % , or 32 ft. per mile; on this seotlon a pusher is used. On*
locomotive will haul 80 loaded 50-ton ooal oars, or 4.00ft tons of ooal per train
Tentative valuation as o f June 30 1916, $55 ,8 6 2 ,6 2 2 . Electrification of
line between Roanoke, V a ., and M ullens, W . V a „ compare annual report
In V . 122, p . 1599.
S T O C K .— Pref. stock is redeemable as an entirety at any tim e after 3
years from date o f issue b y vote o f majority in amount o f all the outstanding
stock on paym ent o f $105 per share, plus any accumulated dividends
A s o f A u g. 1 1922 the div. rate on the pref. stock was increased to 6 %
stockholders in return surrendering their right to accrued and unpaid divs.
amounting to $30 per share to July 31 1 922 . V . 115, p . 1101.
D I V I D E N D S .— On common Initial div. o f 4 % was paid D ec. 31 1923!
same am ount paid D ec. 31 1924. On D ec. 311 925 paid 6 % .
B O N D S .— The first 5s o f 1912 ($75,000,000 auth. issue) are a first lien
on all property owned or hereafter acquired, including terminals and




135

KAILW AY STOCKS AND BONDS

J

D ep

&

Tr.

Balt

Guaranty Trust Co, N V
do
do
Farmers’ L & T Co A T,nn
/ B k o f N A A T r O o .,P h f l
iN a t ’l C ity B ank, N Y
Farmers L A T C o , N Y
G uaranty T r C o , N Y

G o’s o ff, 120 B ’w ay, N Y
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
G uaranty T r C o , N Y
C o ’s office. N Y
G o’s office. N ew Y o rk
N ew Y o rk
N ew Y o rk
N ew York
N ew York

equipment. The remaining $19 656,000 are reserved for extensions o f tttf)
main line at not over cost, or $ 75,000 per mile, additional branches dr
second track not to exceed $5 0 ,0 0 0 per mile, additional equipment and
other additions and equipment at not over 7 5 % o f cost, and 7 5 % o f cost of
not less than 6 0 % o f the securities o f other companies whose properties
form extensions or can be operated advantageously therewith (to an aggre­
gate not exceeding $ 1 0 ,0 0 0 ,0 0 0 ), to acquire stocks under restrictions named
in the mtge. V . 94. p. 1058, 1187. 1318, 1385. 1765: V . 95, p. 4 4 , 127Q;
V . 9 8 , p . 4 5 4 ,1 5 3 9 ; V . 102, p . 2 5 2 ; V . 105, p . 2 1 8 6 ; V . 118, p . 3 1 9 9 ; V . 12J.
p . 7 04.
Equipm ent trust 6 % certificates o f A p r. 1 1920, V . 110, p . 1291. Series
■ D , " V . 116, p . 2 0 0 8 . Series " E , ” V . 120, p . 3 3 1 0 .
’
Equipm ent trusts issued to Director-General for rolling stock allocated
to this com pany, see article on page 3.
R E P O R T .— For 1925, in V . 122, p . 1599, showed:
1925
1924
1923
1922
Freight r e v e n u e s .............$16,8761)47 $ 1 6 ,8 7 3 il9 4 $18,0931633 $ 1 6.956 !023
Pass , mail A e x p r e s s ...
8 4 9.353
1 ,014,575
1,133,681
990.524
Other transportation___
1 ,1 3 6 ,7 7 9
1 ,100,669
1,101,034
1 ,0 6 2 ,8 9 6
Railway oper. rev____ $ 1 8 ,8 6 2 ,1 7 9 $ 1 8 ,9 8 8 ,4 3 9 $20,3 2 8 ,3 4 8 $19,009 ,444
M a in t. o f way A struct__ 2 ,7 0 0 ,2 0 9
2 ,4 9 0 ,5 9 0
2 ,2 1 9 ,8 6 8
2 ,1 9 3 .2 0 6
M ain t. o f e q u ip m e n t ...
4 ,1 0 2 ,4 9 1 4 ,0 7 7 ,6 5 6
5,3 4 4 ,3 0 2
4 ,8 3 8 ,6 0 5
Transportation, rail lin e .
4 ,4 6 2 ,1 9 9 5 ,1 4 1 ,3 8 3
5 ,5 3 6 ,1 1 2
4 ,9 0 2 ,9 6 9
Other expenses__________
504,583
4 99,817
511,139
504,610
N et railway oper. r e v .
T a x e s ____________________
Uncollectible ry. rev____

$ 7 ,0 9 2 ,6 9 7 $6 ,7 7 8 ,9 9 2
1 ,2 8 8 ,0 4 8
1 ,390,228
15,633
916

$6,71 6 ,9 2 7
1,1 8 1 ,7 9 0
2,4 2 6

$6 ,5 7 0 ,0 5 2
1,5 2 8 ,9 1 6
291

Railw ay oper. incom e. $ 5 ,7 8 9 ,0 1 7
R ent of tracks, A c _______
70,7 5 4
Dividend incom e____ ^__
136,697
Hire o f equip, (net)...........
6 22,618
Other incom e____________
1 ,1 1 9 ,0 7 7

$ 5 ,387,848 $ 5 ,532,711 $5 ,0 4 0 ,8 4 5
71 ,1 7 4
72 ,9 4 0
8 2,854
5 1,697
36 ,6 9 7
21 ,4 8 6
102,049
2 9 3 ,3 5 9
30 3 .2 7 8
1,3 3 6 ,0 6 5
5 4 1,936
47 3 .8 2 5

Gross incom e___________ $7 ,7 3 8 ,1 6 3
In t. on funded debt, A c .
3 ,0 6 9 ,8 4 9
D isc, on bonds A n o t e s ..
119,745
R ent o f tracks, A c _______
65 9 ,1 2 9
Tax on bond int. A m isc.
29,6 6 3

$6,94 8 ,8 3 3
2 ,8 1 8 ,5 3 7
114,452
665,026
3 5 ,6 7 6

$6 ,4 7 7 ,6 4 3
2 ,1 5 6 .2 4 3
69,4 6 6
557,621
22,8 6 9

$ 5 ,9 2 2 ,2 8 9
2 ,0 9 6 ,8 6 3
74,511
3 25,242
17,639

N e t incom e____________ $ 3 ,8 5 9 ,7 7 7
Preferred dividends____
1 ,677,300
Com m on dividends______
1 ,8 7 6 ,2 9 0

$ 3 ,315,141
1 ,677,300
1,2 5 0 ,8 6 0

$ 3 ,6 7 1 ,4 4 5
1.6 7 7 ,3 0 0
1,2 5 0 ,8 6 0

$3,40 8 ,0 3 3
2 ,3 0 6 ,2 8 8

$386,981

$743 ,28 4

$ 1 ,1 0 1 ,7 4 5

Balance, surplus______

$306 ,18 7

_____

O F F IC E R S .— Chairm an, A . H . Larkin, 74 Broadw ay, N . Y . ; P res.,
Chas. H . H ix, N orfolk, V a .; Sec., Ivins A . Browne, 74 Broadw ay, N . Y . ;
T reas., G . H . Church, 55 W a ll S t., N ew Y o rk .
D IR E C T O R S .— W illiam E . Benjam in, W . R . C oe, E . W . K night, G eo.
H . Church, G . M . H yam s, Adrian H . Larkin, P . J. M cIn tosh , H . H . Rogers
G . W . D avison. Charles H . H ix . James H . Perkins.— (V . 123. p . 2258 .)
W A B A S H R A I L W A Y C O .— (.See M a p .)— Em braces lines as follows, viz.
Owned and operated—
M ile s .
Owned and operated—
M ile s .
D elray, M ic h ., to Butler, In d __110
Pattonsburg, M o ., to Council
144
B luffs, l a _____________________
M ontpelier, O ., to Clarke J et.,
451
I n d ...................
150 O t h e r ..................................................
Toledo, O ., to Aladdin, 111_____ 460
T o ta l owned A operated_____2,0 3 4
G A W . I . Jet. to Effingham,111. 205
79
Decatur to Bridge Jet__________ 109 L e a s e d ___________________________
St. Louis to H arlem , M o _______ 274 Oper. under trackage rights___ 411
T o ta l operated D ec. 31 1 9 2 5 .2 ,5 2 4
M oberly, M o ., to O ttum w a, l a . 131
Owned and not operated_______
7
Entrance to Chicago is over Chic. A W e s t. Indiana, o f whose stock this
com pany owns $ 1 ,0 0 0 ,0 0 0 .
T h e I .-S . O . Com m ission on N o v . 2 1925 approved the acquisition b y the
com pany o f control o f the Ann Arbor R R . b y purchase o f its capital stock
(6 6 .9 3 9 3 % acquired as o f D ec. 31 1925 ).— V . 121, p . 2400; V . 122, p . 6 07.
The I .-S . C . Commission has placed a tentative valuation of $ 107 ,24 1,95 1
on the total owned and $ 116 ,86 0,74 7 on the total used property o f the com­
pany (including $10,2 3 5 ,7 4 7 for leased lines), as o f June 30 1919.
O R G A N I Z A T I O N .— Incorporated in Indiana O ct. 22 1915 as successor
o f W abash R R . (foreclosed) under First R ef. A Extension M ortgage, and
reorganized per plan in V . 100, p . 1599, 1594; V . 101, p . 1975. T o ok pos­
session N o v . 1 1915. T h e plan reduced the fixed charges from $ 5 ,7 9 5 ,2 7 8
to $ 3 ,1 8 3 ,9 1 5 , besides eliminating guaranties and unsecured obligations.—
V . 108, p . 2 70, 1927; V . 109, p . 2 074 , 2173; V . 110, p . 1090.
S T O C K .— T h e pref. shares A and B are respectively p r e f., prin. and divs.
(non-cumulative) and are callable after 5 years at 110. T h e A shares are
entitled, after paym ent in any year of 5 % on all stock (com . and p re f.), to
participate in any further dividend for that year at the sam e rate as de­
clared on com m on stock (above said 5 % ) .
O f the authorized com ­
m on and convertible preferred, $ 3 ,7 5 0 ,0 0 0 and $ 1 ,2 5 0 ,0 0 0 respectively
were issuable from time to time on account o f unsecured creditors’ claims
against old co. The pref. and com m on are issuable as needed for conversion
of pref. B and on A u g . 31 1926 the amounts outstanding had been increased
chiefly in this manner from the totals issued at reorganization in 1915,
namely $ 4 3 ,5 4 0 ,0 0 0 and $ 4 6 ,2 0 0 ,0 0 0 , respectively, to the amounts shown in
table at top o f page. V . 108, p . 1929; V . 107, p . 182; V . 101, p . 2 072 ,
1599: V . 102, p . 1812.
The helders o f the convertible pref. stock m ay at any tim e after A u g . 1
1918, and up to 30 days prior to any date fixed for the redemption of the
entire issue o f said profit sharing pref. stock A , convert the same into and
exchange the same for profit-sharing pref. stock and com . stock at the rate
o f $50 of profit-sharing pref. stock and $50 of com . stock for each $100 o f
convertible pref. stock, with adjustm ent o f unpaid dividends.

136

RAILW AY STOCKS AND BONDS

R A I L R O A D C O M P A N IE S
F or abbreviations, A c . , see notes on page

8 ]

W a b a sh C h es ter & W e s te r n — First m tge g o ld ------ «c*
First consolidated mortgage S I .0 0 0 ,0 0 0 g - _ SSt j o *
W arren (N J )— Stock 7 % perpetual guar D L & W —
First ret m tge $ 2 ,000,000 g gu p & 1______F.xo*Ar
W ashington & Columbia River— See Northern Pacific
Washington County— See Maine Central R R
Washington & Franklin— 1st M $475,000 g lnt r e n t.-i
w ash Ter— 1st M g gu '$ 2 ,0 0 0 ,0 0 0 4s) (text) ,U s.xo*A r
W a s h & V a n d — 1st M $1 ,5 0 0 ,0 0 0 g gu p & L S B a .x c *
W e a t h M in W e lls & N or— 1st M gu end (text)-----Nx
W e s t Jersey & S eash ore— C om m on stock___________
First Consol M ortgage Series A g ■ f __________xc*
Series B $1,500,000 g o ld ------------xo*
Gold Series C & D ($714,000 Series C 3 Hs) .xo*
Gold Series E _______________________________________ x
Gold Series F ---------------------------------------------------------xo*
W est Shore— 1st M gu p A 1 end by N Y C _.U n .x cA r
W e s t V i r g i n i a & P i t t s b u r g h — See B a ltim o r e Sc O h io

M ile s D a te
Road Bonds

1888
1893
1900
19
400
41
38e
338
338
338
479

1901
1905
1907
1902
1 8 9 0

1896
1896
1896
1896
1886

P ar
V alue

$1,000
1.000
50
1,000
1.000
..000 Ac

1,000
1,000

50
l.OOu
1,000
1.000
1.000
1.000 A

D I V I D E N D S — N o . 1 on pref. “ A " stock Jan. 29 1917, 1 % ; April, July
and O ct., 1 % : 1918. Jan. and April, 1 % ; then none until M ay 25 1925,
when I X % 'was paid; same am ount paid quar. to N o v . 25 1926.
B O N D S , & c.— T h e plan o f 1915 left it to the new c o ., after reorganiza­
tion, to provide, by a first & ref. m tge., or otherwise, for refunding the
underlying bonds at maturity and for future capital requirements.
The stockholders on D ec. 29 1924 approved and authorized the creation
o f a ref. & gen. m ortgage, the aggregate principal amount of which at any
one time outstanding, together with all prior obligations as defined in the
mortgage or deed o f trust securing the ref. & gen. m tge. bonds, shall be
limited to 1 X times the aggregate par value o f the then outstanding capital
stock, determined as provided in the mortgage. The lines of railroad
covered by the mortgage comprise about 2,041 miles o f first main track,
339 miles o f second main track and 963 miles of other track, on various
parts of which the ref. & gen. m tge. is subject to prior obligations issued and
outstanding on D ec. 31 1925, in the aggregate principal amount of $ 6 8 ,4 4 3 ,5 26, for the retirement of which at or before maturity ref. & gen. mtge.
bonds are reserved. N one of the prior obligations m ay be renewed or
extended and no further issues made under the indentures securing them,
except that $5,936,311 principal amount of additional bonds may be issued
under W abash R R . 1st lien terminal gold 4 % trust indenture dated Jan. 1
1904, for the acquisition of additional terminal properties.
R ef. & gen.
m tge bonds are reserved for the retirement o f any such additional terminal
bonds which m ay be so issued. Th e $12,500 ,000 Series “ A ” gold bonds are
not red. before M arch 1 1935. T h e entire series, but not part thereof, will
be red. on M a r. 1 1935, or on any int. date thereafter at 105 and int. upon
not less than 60 days’ previous notice. V . 120, p . 700. T h e Series “ B ” bonds
are not redeemable before A u g. 1 1936. The entire series, but not part
thereof, will be redeemable on A u g. 1 1936 or on any interest date there­
after at 105 and interest upon not less than 60 d ays’ previous notice.
V . 123, p . 452.
Abstracts o f the mortgages o f 1889 were in V . 49, p . 270-273; D etroit
A Chicago E xten. m tg e., V . 54, p. 1049. D es M o in e s D ivisio n bonds
o f 1889, see V . 68, p. 574; V . 69, p . 1248. C ol. & St. L . R R ., V . 73, p. 338,
786, 1012; V . 74, p. 1040; V . 75, p. 686.
For $ 1 0 ,000 ,000 terminal gold bonds o f 1904, see V . 76, p . 4 3 6 , 7 53, 1032
V . 81. p. 1437; V . 8 2 , p . 570; V . 8 3 , p . 1236; V . 8 4 , p. 997.
Th e 6 % secured gold notes due M a r . 1 1930 are a direct obligation o f the
co. and are additionally secured b y deposit o f $729,000 Chicago & Western
Indiana R R . consol, m tge. 4 % bonds, due 1952, and 1.217 shares (par $100)
American Refrigerator Transit C o . capital stock (out of a total issue of
6 ,0 0 0 shares capital stock ). V . 120, p . 1324.
Equipm ent trusts issued to Director-General for rolling stock allocated
to this com pany. See article on page 3 and V . 114, p . 1409; V . 118, p . 665.
Governm ent loan, V . I l l , p . 794.
R E P O R T .— For 1925, in V . 122, p . 2515 , showed;
1925.
1924.
1923.
1922.
A v er, mileage operated..
2 ,5 2 4 .2 0
2 ,489.93
2 ,4 7 6 .5 9
2,4 7 2 .9 6
Freight revenue__________ $55,3 2 9 ,5 3 3 $51,546 ,110 $5 1 ,6 9 8 ,1 6 8 $43,911 ,074
Passenger________________
9 ,3 6 4 ,4 8 6
9 ,328,465
9 ,7 9 4 ,5 9 4
9 ,087.894
M a il
8 2 1,243
849,062
8 3 2,169
905,714
Express___________________ 1,8 4 9 .6 8 4
1,702,325
1,6 9 0 .0 4 9
1,493.995
M iscellaneou s___________
2 ,5 4 5 .3 5 6
2 ,354,967
2 ,6 0 2 ,6 5 6
2 ,263,819
T otal oper. revenues.-$ 6 9 ,9 1 0 .3 0 1 $ 6 5 ,780 ,929 $66,6 1 7 ,6 3 6 $ 5 7,662 ,496
E xp en ses—
M a in t. o f w ay & str u c t-- $9 ,3 1 1 ,9 8 5 $9,91 3 ,5 6 5 $ 9 ,5 0 1 ,5 1 5 $ 8 ,270,927
M a in t. o f e q u ip m e n t ... 12,348,291 1 1 ,579,914 13,884,271
12,282,949
T r a f f i c ....
________
1,816,543
1 ,640,320
1.5 1 8 ,0 0 4
1,378,262
T ra n sp o rta tio n .............. - 2 5 ,4 3 1 ,8 0 4
2 4 ,9 7 3 ,3 7 4 24 ,9 9 7 .6 9 0 24,08 6 .9 0 5
Miscellaneous operations
387,661
346,745
326,555
297,998
General.....................
1 ,784,140
1,844,499
1 ,805,457
1,724,256
Total oper. e x p e n se s ..$ 5 1 ,080,424 $ 5 0 ,298 ,418 $52,0 3 3 ,4 9 4 $48,041 ,297
N et rev. from ry o p e r .. 18,829,877
15,482,512 14,584,141
9 ,621,199
Tax accruals . . . ________
3 ,2 8 7 .5 8 0
3 ,036,367
2 ,4 7 0 ,8 0 0
2 ,262,675
U ncollectibles___________
7,0 6 9
14,182
16.384
23,871
Operating incom e____ $ 1 5 ,5 3 5 ,2 2 8 $ 1 2,431 ,963 $12,096 ,957
Other incom e____________
43 1 ,7 4 5
712,492
482,325
N on-operating in co m e .7 7 0,107
530,392
660,621

$ 7 ,334,653
335,759
1.165,159

____ $16,7 3 7 ,0 8 0 $13,6 7 4 ,8 4 6 $13,239 ,904
Gross incom e.
1 751,072
1,852,217
1 .881,230
Hire of freight cars--------1,623,654
1,710,086
1 ,673,350
Joint facility rents--------296.527
365,251
3 61,704
R ent for leased roads----3 ,860.182
3 ,953.703
Interest on funded d e b t. 4 ,5 8 7 .5 9 6
207.154
234,370
159.877
R ent of equipment______
90,483
84,270
126.884
M iscellaneou s___________

$8,835,571
1.673,894
1,677,026
250.462
3,6 8 9 .3 9 2
212.071
122,338

$8,19 9 ,8 9 8 $7,829,030 $ 7 ,625,183
T otal deductions______$ 8 ,790,641
1,210.388
6,410,873
5,474,949
B a la n c e _________________
7 ,9 4 6 ,4 3 8
For latest earnings, see “ Railway Earnings Section” (issued m on th ly ;.
O F F IC E R S .— Chairm an, W illiam H . W illiam s; P res., J. E Taussig
V.-P res. (in charge of traffic), W . O . M axw ell; V .-P . Sc Gen M g r ., 8. E
C otter; V .-P . & G en. Solicitor, N . S. Brow n; V .-P . in charge o f accounts,
J. W . N ew ell; V .- P ., Sec. A T reas., J . C . Otteson; V .- P ., H . R . W inthrop;
G en . Counsel, W inslow S. Pierce.
D IR E C T O R S .— W illiam H . W illiam s, J . E . Taussig, Alvin W . Krech,
J . Horace Harding, George W . D avison, J. C . O tteson, Robert Goelet,
W inslow S. Pierce, W illiam A . Jamison, H . R . W inthrop, J Leonard
Replogie, John N . W illy s, T . E . W ilson, C . G . Edgar, S. H oge Jr. Office,
120 Broadw ay, N ew Y o rk .— (V . 123, p . 1995.)
W A B A S H C H E S T E R & W E S T E R N R R .— M enard, 111., to M t . Vernon,
111., 65 miles. The I .-S . C . Commission has placed a tentative valuation of
$ 886 ,10 0 on the property o f the company as of June 30 1917. Th e com­
pany passed into the hands o f J. Fred Gilster, receiver, on Jan. 4 1924.
M r . Gilster formerly served as receiver from July 15 1914 to N o v . 30 1920,




Am ount
O utstanding

$300 ,00 0
390,000

1, 800,000
1.394.000

Rate
%

6 g
5g
7
3 )4 g

378.000
5 g
12.000.00) 3 X & 4 e
720.000
4X g
660.000
5 g
11,586,250 See text
1.477.000
4 K
637.000
3 )4 g
1.753.000 3 ) 4 & 4
669.000
4 g
789.000
4 g
$49,994 ,600
4

W hen
P ayable

[Vol.1 3
2,
L ast D ividend
a nd M a tu rity

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

J
Sc 3 July 1 1918
July 1913 coup last paid
J
A
J Jan 1 1928
July 1894 paid July f ’96
A A O 15 O ct 15 1926 3 X D el Lack & W R R , N Y
do
do
F & A Aug 1 2000

&
A

Jan 1 1939
Feb 1 1945
Feb 1 1947
A u g 1 1930
O Oct 15 1 9 2 6 .2 H
J July 1 1936
J uly 1 1 9 3 6
July 1 1936
July 1 1936
July 1 1936
Jan 1 2361

Reading T r u s t O o. Phlla
Washington * New York
U S T r C o , N Y & Balt
U S M tg e & T r C o . N Y
Broad St Station, Phila
do
do
do
do
do
do
do
do
do
do
466 Lexington A v e , N Y

when the first receivership was dissolved. Stock, $1,2 5 0 ,0 0 0 ; par, $100.
First consol, m tge. coupons due July 1894 paid July 1896 none paid since;
on 1st m tge. bonds the July 1913 coupons were those last paid. Year end­
ing D ec. 31 1925, gross, $206 ,41 1; net oper. incom e, d e f., $9,301 gross in­
come, $145; fixed charges, $81,807 ; b a l., d e f., $ 8 1 ,6 6 2 .— (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 I N E R Y — (V . 121. p . 9 7 5 0
W A R R E N R R ., N. J .— New Hampton Jot to Dela. Bridge, N. J. 1 9.9
tn. Leased in perpetu.ty to Dela. L . & W at 7 % on stock and Interest
on bonds. See form of guaranty, V . 72, p 6 2 8 .— (V 106, p. 601.)
W A S H I N G T O N & F R A N K L IN R Y .— Hagerstow n. M d .. to Bum bro.
1911 miles. Controlled by Phila & Reading Ry
Leased to W estern
Maryland for lnt. on bonds and 5 % on $150 ,00 0 stock; par $50 per share
<all owned by Reading C o .)— (V 7 3 . P 392 >
W A S H I N G T O N P O T O M A C & C H E S A P E A K E R Y .— (V . 122, p . 1760.)
W A S H IN G T O N T E R M IN A L C O .— Owns union station at Massachusetts
A ve., W ashington, D. C ., with terminal and approaches; opened Oot. 27
i907.
V . 85, p 1144. The Phila Balt A W ash. (P en n.R R . system) and
the B alt. A Ohio own the outstanding $4 ,2 5 2 ,0 0 0 stock (auth. amount
$5,000,000) and guarantee the bonds, of whioh $10,0 0 0 ,0 0 0 bear 3 H % lnt
and $2,900,000 4 %
V 80. p 1973. V 76 p 812.
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. Equipt. trusts issued to Director-General for rolling
stock allocated to this co. See article on page 3 . Pres., Daniel W illard
Philadelphia; Sec., O . W . W oolford; T reas., E . M . Devereux, Baltim ore.
— (V . 110, p. 972.)
W A S H I N G T O N & V A N D E M E R E R R .— W ashington, N . C ., to Vandemere on Pamlico Sound, 40 miles, completed Jau 1909. The I .-S . C . C om ­
mission has placed a tentative value of $680 ,40 0 on the property of the
com pany, as of June 30 1917. Stock all owned by Atlantic Coast Line R R .
C o ., which guarantees the bonds, prin. & int. Bonds are issuable at $18,000
per m ile, incl. $4,000 for equip. V . 8 4 , p. 1249. Form of guaranty, V . 85,
p. 347.
For year Dec. 31 1925, gross, $74 ,0 3 1 ' net oper. income, d e f.,
$ 2 2,526 ; other income $11,7 2 3 ; in t ., rentals, & c ., $ 54,587 ; b a l., d e f.,
$65,3 9 0 .
W A T E R T O W N & S I O U X F A L L S R Y .— Owns Sioux Falls. S. D .. to
W atertown. 102 miles. Successor of South D akota Central Ry foreclosed
June 12 1916. Capital stock, $ 1 ,5 0 0 ,0 0 0 authorized; $1 ,1 0 0 ,0 0 0 ou tst'd 'g.
As o f Jan. 1 1922 the line o f railway & properties of the W atertown Sc
Sioux Fails R y. C o. were leased to the Great Northern R y. C o. for a period
o f 25 years and is now operated as a part o f the Great Northern R y . System .
O F F IC E R S .— Pres., O . O . K alm an: Sec.-T reas., F. L . Paetzold.
— (V . 103. d 62.)
W E A T H E R F O R D M IN E R A L W E L L S & N O R T H W E S T E R N R Y .—
Owns Weatherford via Mineral W ells to G raford, T e x ., 41 miles. Tentative
valuation, $786 ,04 0, as o f June 30 1916. Stock, $100 ,00 0, of which Texas
& Pacific owns $ 9 4,680 . Latter guarantees the bonds ($1,354,000 author­
ized Issue), principal and interest, by endorsement. V . 75, p. 908, 1356.
See form, V . 78, p. 344.
1925, gross, $225 ,59 6; net oper. inc., $ 5 3 ,2 8 0 :
other income, $7,621; interest, rentals. See., $33,421 : bal., $27,480 Pres.,
J. L . Lancaster. D allas; S e c ..F . J. Burke. D allas.— (V . 123, p . i 6 3 0 J
W E S T J E R S E Y A N D SE A S H O R E R R . C O .— (See M a p P enn sylvania
RR.)— Owns all the lines on the Pennsylvania system in southern N ew Jersey,
including Uamden, opp. Philadelphia to Atlantic City (59 miles), Camden
to Cape M ay, 81 miles, A c., total, 3 8 0 .9 7 miles. V . 62, p. 366, 871. Of this.
Camden to Atlantic City, with branch, total about 75 miles, Is equipped
electrically. Operated as the “ Atlantic Division” o f the Pennsylvania
System.
The I .-S . O . Commission has placed a tentative valuation o f $26,621 ,783
on the com pany’s property as o f June 30 1916.
S T O C K .— The stockholders on Feb. 4 1915 authorized an Increase in the
common stock from $10,000 ,000 to $ 1 3 ,0 0 0 ,0 0 0 .
Penn
R R . owns $ 6 ,7 4 7 ,9 0 0 common and $45,350 special guaranteed stock.
D I V I D E N D S .— C om m on, Sept. 1896 to M arch 1905. Incl.. 5 % yearly;
shen to ’0 7 . incl.. 6 % yrly: ’08. 4 % : ’09 4 X % : ’ 10 to A p r. 1 ’2 0 . 5 % ( A .-O .)
In O ct. 1920 paid 2 X % : then none until Apr. 16 1923, when 2 % was paid;
same amount paid O ct. 15 1923, April 15 1924 and O ct. 15 1924. On
April 1 and Oct. 15 1925 paid 2 X % .
On April 1 1926 paid 3 % , and on
O ct. 15 1926 paid 2 X % B O N D S .— First oonsol. m tge. is for $7,0 0 0 ,0 0 0 : $90,000 reserved for prior
ien bonds when due. V . 6 2 , p . 1179; V . 8 4 , p . 160; V . 8 9 , p . 995; V , 9 2 .
o. 1702; V . 100, p . 5 7 . 3 11. 473; V . 102. p. 1156.
R E P O R T .— For 1925. in V . 122, p . 2 644 , showed:
Total I n c . F .xedC h gs.
D ive.
Bal.
C a l.Y ta r s . Cross.
N et.
$637 ,24 4 $481,527
1 9 2 5 -.$ 1 3 ,4 5 1 ,5 3 2 $ 1 ,178,305 $ 1 ,5 0 0 ,5 9 4 $381 ,82 3
1 ,0 9 9 ,1 2 8 3 42,955
521,381
234,792
1 9 2 4 -. 12,932.368
821.850
1 .5 4 7 .4 9 4 5 3 0,246
4 63.450
553.798
1 9 2 3 -- 14,142.520
990.825
__________
1 .533.986
434.177
23 1 .7 2 5
868.083
1 9__________________
2 2 -. 14,018.091
1,279,702
For latest earnings, see “ Railway Earnings Section” (Issued m onth ly).
(V . 123. p . 1630.)
W E S T S H O R E R R .— (See M a p s N . Y . C en tra l.)— Weehawken, N . J .,
opposite N . Y . C ity , to B uffalo, N . Y . , w ith branches, 479 miles. Between
Utica and Syracuse is equipped electrically.
L E A S E .— Leased in 1885 for 475 years to the New York Central &
Hudson River (now New York Central R R . ) , with the privilege o f a further
term o f 500 years, and all earnings. A c Included In that c o m p a n y ’ s report.
The $ 1 0 ,000 ,000 s to c k is o w n e d b y th e N ew Y o r k C e n tra l B R
B O N D S .— T h e bonds cover 479 miles o f road and also the terminals at
W eehawken. Abstract o f mortgage in V . 4 2 , p . 176.— ( V . 109, p . 1457.)

RAILWAY STOCKS AND BONDS
N o v ., 1926.]



138
-

RAILW AY STOCKS AND BONDS

R A IL R O A D C O M P A N IE S
[F or abbreviations, cfee., see notep on page 81

-------------------------------------_________________

M ile s
Road

D a te
Bonds

P ar
Value

A m ount
O utstanding

R ate
%

W h en
P ayable

[V ol. 123.
Last D ividend
and M a tu rity

W e ste rn M arylan d R y C o—
Com m on stock $ 5 0 ,0 0 0 ,0 0 0 ___________________________
$100 $49,426 ,098
First Pref (p A d) stock 7 % cum $ 1 8 ,0 0 0 ,0 0 0 auth_
100 17,742,050
2d Pref (p A d) stock 4 % non-cum $ 1 0 ,0 0 0 ,0 0 0 ____
100
9 ,9 9 9 .0 0 0
IstA R e f M . $1 5 0 ,0 0 0 ,0 0 0 Ser A (see tex t)_E q c*A r*
616 1917 1,0 0 0 A c
Pledged
J
A
J July 1 1967
5 S
Collateral trust notes___________________________________
’ 2 1 -’22
6
A A O Oct 1 1931
1,000,000
do
do
_____________________________________
1921
622.800
6
F A O Jan 1 1931
do
do
_____________________________________
1922
M A
6
2 ,000.000
s M ar 1 1930
do
do
_____________________________________
5,8 0 0 ,0 0 0
7 g
F & A A u g 1 1928
- - - 1923
U nderlying B ond and E q u ip m en t I s su es —
1902
First mortgage $ 5 0 ,0 0 0 ,0 0 0 gold_______ B a .x c* A r .. Text
1,000 4 6 ,565,866
4 e
A & O Oct 1 1952
Eq tr
“ C ” due $75,000 s -a ______________________c*
1923
1,000
1,050.000
6
J
A D To June 15 1933
do
“ D ” due $100,000 s -a _____________________c*
1926
1,000
2,2 7 8 ,0 0 0
5
M A N 15 M a y ’2 7 -N o v ’38
Equip obligations due $147 ,20 2 s -a _________________
1917
4 .52
147,202
F
A A Feb 1927
do
do
due $48,091 s -a ___________________
1917
J
A D June 1927
48.091
4 .52
do
do
due $ 57,100 ann__________________
1920
J A J 15 T o Jan 15 1935
513,900
6
do
do
due $2 5 ,0 0 0 ann__________________
1920
75,000
6
M ay
T o M a y 1 1929
do
do
due $ 3 0,000 ann_______________ CP
1922
1,000
3 30.000
A A O To Oct 15 1937
5 g
do
do
due $100 ,00 0 s -a ___________________
1926
2 ,4 0 0 ,0 0 0
5
N
Equip gold notes pref series due $100 ,00 0 y r ly .E q .c *
1921
1,000
M A
1 000,000
7 g
8 T o M a r 1 1936
do
do
due $100 ,00 0 y r l y ___________________
1921
1,000
1.000,000
M A S T o M ar 1 1936
6
Potomao Val 1st M $ 2 ,0 0 0 ,0 0 0 g assu m .M eB a.se* &r
1,000
J
A
31 1891
782 000
5 e
J Jan 1 1941
Balt A Cumb Val Ry 1st m t g e ______________________
3, 1879
500
26.0 0 0
J
A
6
J July 1 1929
Balt A Cumb Vai R R 1st m tge_______________________
100 Ac
5 1879
5 1 ,4 )0
J
& .1 July 1 1929
6
Balt A Harrisburg R y m ortgage g o ld .M e B a .s ____
1,000
M A N Nov 1 1936
66 1886
689,000
5 8
Balt A Harrisburg R y W E xt g guar___ M e B a .s ._ c *
1,000
M A N May 1 1938
197,000
15 1888
5 8
Securities o f L eased L in es—
B alt & Cum Val R R Ext and W ashington & Franklin R y — See sta tements for those co mpanies
1,000
576 1887
J
A
W estern N V & Penn— 1st M ($10,000,000) g-B a .xc*
9,9 9 0 ,0 0 0
J Jan 1 1937
5 8
1,000 10.000,000
General mortgage $ 1 0 ,0 0 0 ,0 0 0 g o ld ................. Un.xc*
A A O Apr 1 1 9 4 3
600 1895
4 g
1,000
Income bonds $10,0 0 0 ,0 0 0 gold n o n -cu m _.F P .xc*
1895
9.605,001
N ov 1 Apr 1 1943
5 e
100 57.462 862 See text
W e ste rn P a c ific R R C orp (holding co)— Com stock
100 38.12 6 ,7 0 4
Pref stock 6 % (see text) red at 105 cony Into c o m ..
6
Q— J
Oct 20 1926 134
A A O Oct 1 1930
Securednotes red par ____________________________ xxx
1920
5.014 000
4 g
t o o A c 27 .7 7 4 ,4 0 0
Western Pac R R C o. (oper co) ls tM c a Ilp a r_ x x c * A r 1,042 1916
M A
8 M a r 1 1946
5 g
100 Ac
do
do
call 1 0 2 1 4 ______________xxc*&r* 1,042 1916
M A
2 .9 5 0 .0 0 0
6 g
S M ar 1 1946
1,000
Equip trust ctfs due $ 375 ,00 0 annually___ Eq.xxxc*
1923
M A
S T o M ar 1 1938
4,4 7 5 ,0 0 0
514
1,000
do
do Series “ O ” due $207 ,00 0 an n .E q .x x x c *
. . . 1924
2 ,4 8 4 ,0 0 0
J
A D T o D ec 1 1938
534

W E S T E R N M A R Y L A N D R A I L W A Y C O — Em braces:
M ain line—
Fulton Junction, M d ., to Connellsville, P a ______________
Em ory G rove, M d ., to H ighfield, M d ____________________
R ld gely, W . V a ., to Belington, W . V a ___________________
South Elkins, W . V a ., to D urbin, W . V a ________________
Other main lin e______________________________________________

file s
5 1 .0 6
73 4 3
28 1 §

T o ta l main line_______________________________________________________ 548 ug
Branches and spurs______________________________________________________
7 5 .6 4
Leased lines______________________________________________________________
45 63
Operated lines____________________________________________________________
2 1 .2 7
Trackage rights__________________________________________________________ 113.82
T o ta l mileage operated D ec. 31 1925_______________________________ 8 04.44
Second track, 86.8 3 m iles; sidings, 3 98.49 miles.

O per. Revs. (C o n cl.)—
1925.
N et rev. from ry. o p e r .. $5,896,217
Total oper. income______ $5,121,650
Gross income____________ $5,054,233
Joint facility rents______
$247,098
Rents for leased r o a d s ..
65,130
Miscellaneous rents_____
4,921
In t. on funded debt____
2,6 0 4 ,6 5 9
In t. on equipment c t f s ..
335,418
In t. on unfunded d e b t ..
4,089
M isc. income charges___
13,858
Settlement o f U . S. R R .
A d m in , accounts______
—

1924.
$ 4 ,970,154
$4 ,0 5 7 ,3 1 4
$ 3 ,921,163
$255,608
65,130
4,753
2,6 1 1 ,8 6 7
4 02,697
5,956
1,002

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

233 B roadw ay, N ew York
do
do
do
do
do
do
do
do
Bankers Trust Co, N Y
N a t C ity B ank, N Y
do
do
G uaranty Trust C o . N Y
233 Broadw ay, N ew York
233 Broadway, N ew York
233 Broadway, N ew York
N a t B ank of C o m .. B a lt
do
do
do
do
do
do
do
do

Treas. P hil. A N . Y .
do
do
Fidelity Tr— when ears
Checks mailed
New York
Equitable Trust C o , N Y
do
do
Equitable Trust C o , N Y
do
do

1923.
$ 5 ,338,602
$ 4 ,334,552
$5,128,933
$318,846
65,130
4,876
2 ,642,036
420,532
5,530
814

1922.
$3,845,193
$ 3 ,238,094
$ 3 ,430,244
$232,577
65,130
5,142
2,6 0 2 .9 6 8
413,739
76,239
1,051
C r.16,348

N e t incom e____________ $1,779,059
$49,745
$574,148 $ 1 ,671,169
For latest earnings see “ Railway Earnings Section” (issued m onth ly).
O F F IC E R S .— Chairman & Pres., M . C . Byers; V .-P . & G en. Solicitor,
G . P. Bagby; V .-P . Traffic, D . G . G ray; Sec. & Asst. T reas., J. W . Broome;
Treas. & Asst. Sec., S. R . Gehlert. Office, Standard Oil B ld g ., Baltim ore,
M d .— (V . 123, p . 2389.)

O R G A N I Z A T I O N .— A consolidation Jan. 23 1917 per plan In V . 103, p .
1700 o f “ The Western M aryland R y. (formed as stated In V . 8 9 . p. 2 8 7 ).
and subsidiaries. A c . (V . 104, p . 7 4 , 7 66, 1047, 1265: V . 105. p. 717.)
This plan was to affect the status of the coal, A c ., properties as follows:
W E S T E R N N E W Y O R K A N D I ^ N N S Y L V A N I A R Y . C O .— (See M a p
P ennsylvania R R .)— Owns Buffalo to Em porium , P a ., 121 miles; Buffalo to
(a) Th e acquisition by the new company o f all the system ’s terminal
Oil C ity, P a ., 137 miles; Oil C ity to Olean, 110 miles; Stoneboro to M ah o n roperties at B altim ore, Including grain elevator with storage capacity o
ingtown, 37 miles; Hinsdale to Rochester, 98 miles; branches, including pro­
,900 000 bushels. A c .
( 6)
The underwriting and offer to shareholders at par o f $ 1 8 ,0 0 0 ,0 0 0 7 % prietary lines, 83 miles; total owned, 586 miles; trackage rights, 65 miles;
total, 652 miles.
1st pref. stock (cum. from July 1 1918) in amounts 3 0 % o f their holdings,
The I .-S . C . Commission has placed a tentative valuation o f $ 4 3 ,1 3 6 ,2 3 6
ihe subscriber with each $100 of 1st pref. receiving also $22 stock of D avis
on the property owned as of June 30 1918. A tentative valuation o f $ 4 1 Coal & Coke C o. and $25 stock of M onongalia Coal Lands C o ., (V . 103, p
400,000 was placed on the owned and used properties as of the sam e date.
2157 ; V .1 0 4 , p . 7 66), thus distributing the entire outstanding stocks of the
■oai cos. In 1917 these coal properties were merged. V . 105 p. 1421, 717.
O R G A N I Z A T I O N .— Reorganization M a r. 18 1895 (per plan In “ Su p­
(e)
The lease to the D avis Coal & Coke C o. for 99 years of all the rail­plement” of Jan. 1895) of the R ailroad, foreclosed Feb. 6 1895.
way's coal mining properties and the transfer of the reserve coal lands to the
Penna. R R . owned on D ec. 31 1925 $ 19,439 ,001 of the $ 2 0 ,0 0 0 ,0 0 0 Stock
Monongalia Coal Lands C o ., this measure, with the distribution of their
and $ 9 ,508,000 of the 5 % income bonds and leases the road for 20 years
stock, removing danger of legal complications owing to ownership of coal
from A u g. 1 1903, subject to termination on 60 days’ notice. V . 7 5 . p .l 2 5 $ .
properties by the railway. The new railway c o .. under the lease, was to
Th e Penn. R R . in July 1926 offered to acquire the minority stock at $10
receive as rental 6 cts. per ton on coal mined and was to transport all the coal.
per share. V . 123, p . 205.
D avis O. & O . C o . was to operate 31 mines having an annual capacity of
B O N D S .— Abstract o f 1st M . in V . 4 7 , p . 109.
2 ,5 0 0 .0 0 0 tons.— V . 103. D. 1791.

f

D es c r ip tio n o f N ew $ 1 5 0 ,0 0 0 ,0 0 0 F irst and R efund ino M o rtg a g e.
(1) A direct first m tge. upon road from Cumberland, M d ., to Connellayllle. P a ., together with branches, in all 119.49 miles; (2) a new First Lien
by pledge of all securities representing ownership of branch lines (V . 103, p
1611 ), aggregating 17.82 miles; (3) a mortgage subject to existing $500 ,00 0
mortgage upon Western M aryland R R . Term inal, and, subject to a $115 ,00 0
mortgage upon the Baltimore Fidelity Warehouse and Hazard W harf:
(4) a blanket mortgage, subject only to existing underlying mortgages,
amounting to $ 5 0 ,1 7 7 ,0 0 0 , on lines acquired in the consolidation as well as
all extensions, A c ., hereafter constructed or acquired with the new bonds:

R E P O R T .— For 1925, gross income, $ 1 ,3 5 7 ,5 8 0 ; deductions, $ 2 ,0 6 8 ,6 6 6
b a l., d e f., $711 ,08 6 — (V . 123, p . 2389 .)

(T H E ) W E S T E R N P A C I F I C R R . C O R P O R A T I O N .— A Delaware
holding co owning all the stock o f the W estern Pacific R R . (of C a l.) , which
in turn owns the railroad running from San Francisco to Sait Lake C ity,
via Oakland, Stockton, Sacramento, M arysville and OrovlUe, C a l., a dis­
tance of 930 miles (including San Francisco Bay ferry, 3 m iles); branch
lines, 116 miles. T otal mileage D ec. 31 1925, 1,046 miles. Crosses the
mountains at maxim um grade o f 1 % .
Trackage agreement with Southern
Pacific C o. V . 118, p . 1270. Th e corporation also owns 5 0 % (150,000
shares) o f the common stock o f the Denver & Rio Grande W estern R R .,
(a) Reserved for corporate purposes_______________________________ $1,00 0 ,0 0 0
the other 5 0 % being owned by the M issouri Pacific R R . C o.
(b) For funding o f underlying and divisional bonds____________ 6 0 ,000.000
Both the holding company (The W estern Pacific R R . C orp., incorp. in
(c) Under restrictions for terminals and terminal facilities____ 2 5 ,000,000
Delaware) and the operating company (The W estern Pacific R R . C o .,
id ) Under restrictions for new equip., extensions & im prov'ts__ 67,50 0 ,0 0 0
incorp. in C alif.) were formed in June 1916 per reorganization plan o f W e st­
ern Pacific R y . foreclosed. See plan, & c ., V . 102, p. 155, 160, 2168 , 2255;
On D ec. 31 1925 $ 1 5 ,4 5 8 ,0 0 0 o f these bonds were pledged.
V . 103, p. 62, 2 40, 408; V . 104, p. 165, 2 58, 560; V . 103, p. 2080.
Th e 1st M . 4s of 1902 cover some 522 miles o f road, subject as to part
In October 1917 arrangements had been made to give financial assist­
to $ 1 ,2 8 1 ,5 0 0 underlying issues and also coal and coke properties which
ance to the following companies In the construction of their projected
In 1917 were taken over under lease or otherwise by the coal companiet
lines which will serve as feeders for the W estern Pacific, the latter receiving
mentioned
Com pare V . 103, p. 1700: V . 75, p. 550, 850: V . 79. p 1024
in return for the Investment a considerable interest in their capital stock;
V . 79. p . 2 6 9 2 , and V . 81, p. 2 6 6 : V . 8 0 , p . 4 7 3 , 1914: V . 8 1 , p . 614; V . 83, (1) Indian Valley R R ., Paxton Junction to Taylorsville and Engles Copper
p. 2 73; V . 8 9 , p . 666 ; V . 92, p . 120, 1437: V . 93, p . 1465.
M ine, C a l., 21 miles :(2) D eep Creek R R ., W endover, U tah , southerly Into
The 7 % equip, gold notes, pref. series, are followed by $1,50 0 ,0 0 0 notes
Gold Hill and Berber M ining District, 46 miles; (3) In 1917 purchased
of a junior series, which were taken by the U . S. G ovt, and which will mature
$ 1 ,147,968 of the capital stock of the Tidewater Southern R y ., an electric
serially at the rate of $100,000 per annum . V . 112, p . 746.
railway, now 65 miles In length, extending from Stockton t
eyond
Turlock ''see “ Public U tility Com pendium ” ) . Tentative valuation,
.1 1 3 ,
For 5 % 10-year serial equip, trust notes o f 1917, see V . 103. p . 2239 . 2343
p . 1055.
V . 108, p . 2 70.
S T O C K .— -The two corporations originally had similar capital stocks,
Equipm ent trusts Issued to Director-General for rolling stock allocated
common and preferred, auth. and issued, the holding com pany owning
to this com pany. See article on page 3 .
all the outstanding shares o f the operating com pany. The pref. Is conver­
The collateral trust notes of 1923 are secured b y pledge of 1st & ref. m tge
tible by holders, $ for $, Into com m on.
bonds. V . 117, p . 1888.
The stockholders on N o v . 18 1920 approved an increase in the capital
stock o f the holding company from $75,000 ,000 to $ 1 0 0 ,0 0 0 ,0 0 0 .
O f the
R E P O R T .— For 1 9 2 5 , in V . 122, p . 3075 , showed:
total capital $40,000 ,000 is preferred (par $100) and $60,0 0 0 ,0 0 0 com m on ,
O perating R evenues—
1925.
1924.
1923.
1922.
(par $ 1 0 0 ). Compare details in V . I l l , p. 1864.
Freight— Coal and coke $ 8 ,863,686
$8 ,2 8 2 ,8 7 7 $11,410 ,424 $7,347,283
The stockholders on M a y 11 1925 approved the plan of the management
M i s c e l la n e o u s ...............
9,4 3 2 ,2 1 0
9,1 2 2 ,0 7 3
9 ,620,496
9 ,059,092
to make the Pref. stock cumulative to the extent of two years’ dividends.
Passenger________________
669,140
8 1 7,157
959,474
973,058
D I V I D E N D S .— On p re f., Feb. 1918 to Jan. 1919 paid 1 H % quar.; M a y
M a il______________________
8 5,510
9 1,267
88,333
94,440
1919 to April 1920, 1 % qu ar.; July 1920 to O ct. 1926, 1 M % quar.
i
Express___________________
98,802
108,498
120,501
90,762
On July 15 1925 also paid a cash dividend of $5 per share on the C om ­
M ilk ______________________
130,639
152,629
176,713
181,652
mon stock, a cash dividend of $1,558 on the Preferred stock and a stock
Other revenue___________
183,658
169,802
163,399
129,323
dividend of one share o f C om m on and one share o f Preferred stock on each
six shares o f either common or preferred stock outstanding. V . 120, p .3 0 6 3 .
T otal transport, r e v . . $ 1 9 ,463 ,644 $ 1 8 ,7 4 4 ,3 0 4 $22,539 ,343 $17,875 ,610
B O N D S O F O P E R A T I N G C O M P A N Y .— Secured by a 1st m tge. on the
Grain elevator___________
2 98,545
2 6 6,470
374,742
600,383
existing railway properties and all property hereafter acquired. Trustees,
Other incidental revenue
99,203
123,956
138,681
98,185
Crocker-First Federal Trust C o ., San F ran ., and Henry E . Cooper.
Joint facil. oper. revenue
382
833
2,270
1.172
Total auth. issue, $ 5 0 ,0 0 0 ,0 0 0 . Sinking fund beginning In 1919, $50,000
T otal oper. r e v e n u e s ..$19,861 ,774 $19,135 ,563 $23,055 ,036 $ 1 8 ,575 ,350
annually. V . 104, p . 1593; V . 103, p . 2157, 2080.
The remaining 1st M ortgage bonds are reserved for future use, with
M a in t. o f way & s t r u c .. $2,493,541
$ 2 ,942,390 $2,919,972 $2,787,713
int. rate not to exceed 6 % , for or against betterm ents, add ns and extens.,
M aintenance o f e q u ip .. 4,5 6 6 ,3 4 2
3 ,9 8 7 ,1 9 2
5,882,271
4 ,052,903
inder safeguards, at not over $ 1,000 In bonds for $ 1,000 of money actually
Traffic expenses_________
439,113
4 37,753
439,528
425.051
Invested in additional physical property, subject to the new mortgageTransportation expenses 5,802,371
6 ,1 1 2 ,6 3 2
7,736.945
6 ,658.125
N O T E S .— The holding com pany In A u g. 1920 offered to exchange
Miscellaneous operations
132,827
152,179
193,655
258,761
4 % 10-year secured notes for D enver & R io Grande adjustm ent mortgage
General expenses________
535,209
534,548
546,928
549,034
bonds $ 5 ,175,000 have been issued in exchange, o f which $161,000 are in
Transp for investm ent.
C r.3,846
C r .1,286
0 .2 ,8 6 5
0 .1 ,4 3 0
treasury o f holding com pany. V . 113, p . 1573.
Equipm ent trust certificates, V . 116, p . 823; V . 118, p . 1270.
T o ta lo p er expenses..$ 1 3 ,9 6 5 ,5 5 7 $ 1 4 ,165 ,409 $17,716 ,434 $ 1 4 ,730 ,157




Key., 1926.]

R A IL R O A D C O M P A N IE S
[F or abbreviations, & c ., see n otes on page 8]

M ile s
Road

W e ste r n R y .(A Ia )— 1st M g gu by G aR R & B k gO o zc* 133.42
W h e e lin g an d Lake Erie R y —
Prior Lien 7 % stock cum convert redeem___________
Pref stock (a & d) 0 % non-cum convert redeem____
Com m on stock (further amounts for conversion)___
R e f m tge gold Ser “ A ” callable 10 2 M -C e y c*& r*
do
Series “ B ” callable 103_______
C ec*& r*
Certlfs o f participation (in Lor & W Va R y )___ C C I
Equip trust ctfsSer B d u e$462,000 yly call 1 0 2 H - c*
do
Series C due $ 170,000 yearly_____________
L e ft U ndisturbed (Issues closed by R ef M o f 1910)
First M W heel’* D lv $ Sc £ (2d on 187 m ) g - .C e .z c *
50
Exten and Im p t m tge ($ 1 ,900,000) gold___ C e .zc *
260
First Consol mortgage gold $ 1 1 ,6 9 7 ,0 0 0 ____ B a .x c*
451
Equipm ent gold notes due $ 305 ,00 0 annually____ G
U S Government Long-term notes___________________
N atl R y Service, E q Tr “ A ” due $454 ,30 0 s a ______
National C ity C o o f N ew Y o rk _______________________
W h e e lin g T erm — 1st M $ 2 ,0 0 0 ,0 0 0 g s f gu p Sc l.x c *
W hite & Black R iv e r Valley— 1st M g int guar— F.xo

D ate
Bonds

Par
Value

$ 1 ,3 2 9 ,2 6 5
1 ,650,000
50,000

$ 1 ,819,795
1 ,650.000
5 0,000

$ 1 ,543,000

6 g

W h en
Payable

R ate

%

A

&

100 11.882.000
100 10,344.958
100 33.64 1 ,3 0 0

1910
1917

1,000

4.827.000

1,000 &c

2 , 000,000

1917
1925

l.nnn

1888
1889
1899
1920

1,000
1,000

1900
1900

1,000
1,000

1,000
1.000

$1 ,1 0 5 ,3 4 5
262,900
50,000

$322 ,61 7 def$370,735
$119 ,79 5
$792 ,44 5
Balance, surplus--------For latest earnings, see “ Railway Earnings Section " (issued m onth ly).
R e p o r t o f H o ld in g C o m p a n y .
Y ea r Ended J u ly 1 ’23 to — Y ears E n ded J u n e 30—
P eriod —
D e c . 31 ’2 5 . D e c . 31 ’2 4 .
1923.
1922.
D lv s. on stock o f W e s t.
Pacific R R . Co - $4 ,4 5 3 ,3 7 5 $2,47 5 ,0 0 0 $ 1 ,6 5 0 ,0 0 0 $1,65 0 ,0 0 0
D iv s. on stock o f U tah
Fuel C o _______________
_______
2,9 2 8 ,8 1 3
Interest receipts------------534,537
953,025
358,585
3 19,426
Rental railroad equipm ’t
1,170
10,459
167,431
30,783
Profit on securities so ld .
3 82,484
76,624
Total incom e--------------- $ 5 ,371,567
General expenses________
$209 ,48 9
5 3,813
T a x e s ------------------------------D epr. on railroad eq u ip .
549
In t. on 4 % sec. notes___
2 02,280
Interest, miscellaneous.
6,770
Miscellaneous charges. _
_______

$3,51 5 ,1 0 9
$182,485
52,775
3 ,3 7 4
303,420
83
67,864

$ 2 ,176,016
$220,265
112,265
63,158
202,281
1,719

$ 4 ,929,022
$164,674
18,696
13,802
202,281
4 ,6 7 8

N et income------------------- $ 4 ,898,665
♦Deduct divs. rec. on
U tah Fuel stk. transf.
to deferred income___
_______
Preferred dividends____
2 ,3 3 5 ,9 6 7
Com m on dividends______ 2 ,2 7 6 ,0 5 5

$ 2 ,905,110

$1,57 6 ,3 2 7

$4,524,891

2,7 4 9 ,3 7 3

1,571,070

2 ,9 2 8 ,8 1 4
1 ,571,070

B a la n c e ----------------------$286,642
$155 ,73 8
$5 ,2 5 7
$25,007
O fficers o f H old in g C om pa n y.— -Chairman, Alvin W . Krech; P res., T . M .
Schumacher; V .-P . & Sec., Lym an Rhoades; Treas. and A sst. Sec., S C
M atthew s; Gen. Counsel, J. F . Bowie. Office, 43 Exchange P L , N ew Y o rk .
O fficers o f the O perating C om pa ny.— Chairman o f the Board, Alvin W Rrech; Chan-man of exec. co m m .,T . M . Schumacher; Pres., C has. M . Levev;
V .-P - & G en. M g r ., E d w . W . M ason ; V .-P . & T reas., Charles E lsey; Sec.,
W m . G . Bruen. Office, San Francisco, C alif.— (V 123, p . 2258 .)
W E S T E R N R Y . OF A L A B A M A (T H E ).— Selma to W est Point, 1 33.42 m .
Central Trust C o . of N . Y . , as trustee under Central Railroad Sc Banking
C o . coll trust 5s o f 1937, and Louisville & N ashville, as trustee for Itself
•Jra Atlantic Coast Line R R ., each own one-half the $3 ,0 0 0 000 stock
Yhe $1 ,5 4 3 ,0 0 0 4 H s o f 1888 due O ct. 1 1918 were extended to O ot. 1 1928
I t D%
In M arch 1920 announced that the Georgia R R ., the Atlan ta & W est
Point and the Western R y . o f Alabam a would in future be operated in close
organization independently. The three properties will be directed as u
operation from A tlan ta, G a.
The I .-S . C . Commission has placed a tentative valuation o f $ 6 ,0 1 5 ,0 0 0
on the property o f the com pany as o f June 30 1918.
D IV S .—
\ ’ 97. ’9 8 . ’9 9 . ’0 0 . ’0 1 . ’0 2 -’0 6 . ’0 7 - ' 3 . ’ 1 4 -’2 3 . ’2 4 .
1925.
Per cent-------- J 3
0
2
7
4 4 y r ly . 5 yrly. 6 vrlv
7
8
Paid in 1926: June 3 0 , 4 % .
* Y
^ y * 0 yrly7
For year ending D ec. 31 1925, gross, $3,3 9 2 ,3 8 2 ; ry. oper. incom e, $ 8 6 8 ,bal
surpiiis1C '8 8 ’ 0 2 2 8 ’° 85 ’ deductions- $ 3 18 ,55 6; dividends, $240 ,00 0;
$
For lafcgt earnings, see “ Railway Earnings Section” (issued m onthly).
O . A . Wickersham, Pres., Atlan ta, G a .— (V . 123. p . 322.)
W H E E L I N G A N D L A K E E R IE R Y . C O . ( T H E ) .— 512 miles o f road
v iz .;
L in es owned—
M ile s . I
M ile s
T oledo, O ., to Terminal Juno------ 2101 Various branches owned
81
Cleveland to Zanesville, 0 ............... 1441 Trackage (O . O . O . Sc S t. L'.) Lln Oanton to Sherrodsville__________ 4 5 1 dale to W ellington________________33
, 9 S ? A ? I Z 4 T I O N -— ^Incorporated in Ohio D ec. 14 1916 as successor of
•IdWheeling Sc Lake Erie R R ., per plan In V . 103, p . 1211, 1689.
Tentative V aluation.— The I .-S . C . Commission has placed a tentative
valuation of $40,956 ,740 on the com pany’s property as o f June 30 1918.
$1 0 r3 4 4 f 5 8 ~ lMUed: Prl° r Uen' * 11’8 8 2 ’600: c o m .. * 3 3 .0 4 1 .3 0 0 ; pref.
P rior L ien 7 % Stock, entitled to (a) cumulative divs. from N o v . 1 1916
payable quar.- (6) to priority over all other stock both as to divs. and
In liquidation, and also, so far as legal, redeemable on or after N o v . 1
1919 at $115 per share and divs.; (c) convertible at any time after N o v . 1
1919 Into com. stock, $ for $, with an adjustment of divs.; (d) T o elect
for first five years a majority of the directors, and thereafter a majority
o f the board. In case of failure to pay the full d lv . on the Prior Lien stock
ror five consecutive years; otherwise the three classes of stock shall have
proportionately equal voting rights. N o cumulative dividends have been
paid on prior lien stock.
P referred 6 % Stock, entitled to non-cum . divs. from N o v . 1 1916.
Pref
over the com . stock both as to divs. and n liquidation, and, so far as
legal, redeemable on or after N o v . 1 1919 at $ 105 , and convertible at any
time after N o v . 1 1919 into common s to ;k , $ for $.
B O N D S .— New Refunding M tg e . V . 104, p. 8 04. 1900; V . 103, p. 1211
P u rp oses f o r W h ich the $ 5 0,000 ,000 R efund ing Bonds W ere M a d e Issu able




A m oun t
O utstanding

$1,000

1888

R E P O R T .— O f operating company for 1925, in V , 122, p . 3 075 , showed.
_
,
1925.
1924.
1923.
1922.
Gross earnings..................... $15,5 6 9 ,0 4 5 $ 1 4 ,370 ,467 $ 1 4,138 ,269 $ 1 2 ,505 ,348
Total incom e-------------------- 5 .6 1 0 ,6 2 7
4 .1 5 8 ,2 0 0
4 ,327,347
3,1 5 0 ,1 0 2
2 ,8 2 8 ,9 3 5
2,5 0 7 ,5 5 2
2 ,044,757
Interest, rentals, & c-------- 3 ,1 5 9 ,5 6 0
N e t incom e........................ $ 2 ,4 5 1 ,0 6 7
Preferred dividends------- 2 ,0 7 8 .4 5 0
Sinking funds-----------------50,000

139

KAILW AY STOCKS AND BONDS

3 0 0.000
4 62.000
1 .530.000

894.000
4 0 9.000
6 .870.000
2 .7 4 5 .0 0 0
2 .0 6 0 000
9.0 8 6 .0 0 0
900.000
1 .383.000
600.000

4X g
5 g
5
5

J

&

g
g
g
g

J
F
M
J

&
Sc
Sc
&

4 g
5 g

M
F
J

&
Sc
&

5
5
4
6

6

Last D ividend
am d M a tu r ity

O O ct

1 1928

Places W here In terest and
D ividends A r e P ayable

A tlan ta, Ga

Sept 1 1906
Sept 1 1966
Jan 1 1927
To A p r 1 1927
T o Jan 1 1935

New York
Central Union T r C o .N Y

July 1 1928
Feb 1 1930
Sept 1 1949
T o Jan 15 1935
Various
Various
M ar 1 1930
Aug 1 1940
June 30 1980

Central U n . Trust N Y
do
do
Bankers Trust C o , N Y
G uaranty T rust C o , N Y

Guardian Tr C o ., C lev e.

W inslow .Lanler& O e.N Y
First National B ank. N Y

(fl) Issued In exchange for such 1st Consol. 4 % bonds as
assented to plan: G old. 4 J^s, callable on any int. date at 102
$ 4 , 827.00$
Issued to retire $2,00 0 ,0 0 0 1st m tge. Lake Erie Division bonds,
due O ct. 1 1926_______________ ______ ____________________ - ................ 2,0 0 0 ,0 0 0
(6) Ail other R ef. M . bonds to bear not over 6 % in t., and to be
redeemable on any Int. date, rate of in t., int. dates and re­
demption prices to be fixed at tirx> of issue. Reserved:
(aa) T o pay or refund the Wheeling Division bonds and the ex­
tensions and improvements bonds_______________________________ 1,303,000
(bb) A n amount equal to the amount of First Consol. 4 % bonds
not assenting to plan, reserved to pay or refund the sam e___
0.870,00®
(cc) Under restrictions for betterments, extensions and new
properties, and to aid In refunding the above-mentioned
bonds, and to retire equip, oblig’ns of receiver or o f old co___ 35,000,000
O f the Refunding m tge. o f 1916 there had been issued to O ct. 30
1926, $17 ,4 2 3 ,0 0 0 ; held in treasury or temporarily pledged as collateral for
loans, $10 ,5 9 6 ,0 0 0 ; balance in hands of public, $ 6 ,8 2 7 ,0 0 0 .
Equipm ent trusts of 1917, V . 104, p. 1047; of 1902, see V . 103, p. 2429 .
The $300 ,00 0 non-transferable certificates of participation are payable
out of the earnings o f the Lorain & W est Virginia R y . C o . A ll o f the ou t­
standing securities o f the L . & W . V a . R y ., viz.: $ 1 ,9 9 9 ,3 0 0 stock and
$ 2 ,0 0 0 ,0 0 0 First M tg e . bonds o f 1913 are owned.
Equipm ent trusts issued to Director-General for rolling stock allocated
to this com pany. See article on page 3 and V . 114, p . 1654.
N o te s .— -All o f the outstanding 6 % 10-year gold notes dated Jan. 1 1923
were called for paym ent N o v . 15 1926 at 100 and interest.
R E P O R T — For 1925, in V . 122, p. 2792 , showed:
-------------Corporate-------------- F ed . & C o rn . C om bin ed .
O perating In co m e—
1925.
1924.
1923.
1922.
R ailway oper. rev_______ $ 2 0 ,395 ,618 $18,332,401 $19,213 ,669 $13,1 7 9 ,9 0 2
Kailway oper. e x p ______ 1 4 ,400,990 14,410,273 14,753,220
11,166,554
N et rev. from ry. oper. $5 ,9 9 4 ,6 2 9
Railw ay tax accruals___
1 ,568,458
U ncollec. railway rev ___
4,1 0 8

$3 ,9 2 2 ,1 2 8
1 ,255,606
4,732

$4,46 0 ,4 4 9
1,3 2 6 .8 0 9
1,915

$2 ,0 1 3 ,3 4 8
1 ,229,557
1,128

R y . oper. incom e____ $4,42 2 ,0 6 2
N on -O p era tin g In c o m eR ent from equipment___
$61,050
Joint facility rent income
4 6,174
Inc. from lease of r o a d -6,000
M iscell. rent incom e____
22,611
M is c . non-op. phys. prop
10
Inc. from funded sec___
100,279
Inc. from unfunded securities and accounts108,624
Miscellaneous income___
4,4 0 9

$2,661,791

$3 ,1 3 1 ,7 2 4

$782,663

$50,907
4 1,236
6,000
19,392
10
100,279

$46,474
40,101
6,000
19,509
100,279

$20,529
27,940
a99 7,03 5
17.331
55
100,279

7 8,320
5,637

4 5,847
d204,631

b 89 ,994
c l 1,903

$2,963,571

$ 3 ,594,566

$ 2 ,047,728

$46,073
13,602
104,640
164
1,278,881
22,757
14,637
4 ,1 8 5

$294 ,94 4
13,036
8 4,465
742
1 ,254,247
2 1,653
11,740

$371,114
60,221
76,209
1.529
1.303,701
22,224
11,740

$279,350
6 6,176
475
1 ,326,315
66,073
11,740

N e t income____________ $3 ,2 8 6 ,2 7 9
Invest, in rd . & equip___
141,612
Inc. applied to sinking &
other reserve fun ds___
3 0,000

$ 1 ,2 8 2 ,7 4 4
78 ,1 1 5

$ 1 ,747,826
87,149

$211 ,59 6
77,8 2 0

3 0,000

30,000

2 5,000

Gross income

______ $4,77 1 ,2 1 9

D ed u ction s—
Hire o f freight cars,
debit balance__________
R ent for equipment____
Joint facility rents______
Miscellaneous rents____
Interest on funded d e b tIn t. on unfunded d e b t -A m ort, disc, on fd . d e b tM is c . income charges___

86,002

Sur. tra n s .to p r o f.& lo s s . $ 3 ,1 1 4 ,6 6 7 $ 1 ,1 7 4 ,6 2 9 $1 ,6 3 0 ,6 7 7
$108 ,77 6
N o te .— a) $ 9 91 ,03 5; b) $ 55,000 and c) $10,000 additional am ounts re­
ceived In final settlement of accounts with Director-General o f Railroads
and included in 1922.
d) $202 ,54 7 additional amount received in final
settlement with the U . S. G o v t, for guaranty period operation.
For 9 m os. ended Sept. 30 1926, total ry. oper. rev ., $ 1 5,699 ,880 net
oper. income, $ 3 ,3 7 6 ,3 9 0 other income, $343,109 interest, $890,261
rentals, & c., $102 ,92 6 net income, $2,726 ,3 1 2 .
For latest earnings, see "R a ilw a y Earnings Section” (issued m onth ly).
O F F IC E R S .— Chairman and Pres., W . M . Duncan; V .-P . & G en. M g r .,
G eo. D urham ; Sec., C . E . B ahl; T reas., J. G . Stidger; C o m p t., H . H .
Henderson.
D IR E C T O R S .— -H . E . Cooper, Thom as S. Grasselli, Harris Creech,
E . A . Petrequin, George A . Coulton, W . M . D uncan, Frederick H . Ecker,
W . F . N ash , G . A . Tom linson, W arren Bicknell, Bertram C utler, J. A .
House, W alter S. Bowler, L . F . Loree, one vacancy. Office, Cleveland, O .
— (V . 123, p. 1995.)
W H E E L I N G T E R M I N A L R Y . C O .— Owns a railway bridge at W heel­
ing, W . V a ., and 10 miles of terminal track. Leased to Pennsylvania R R .
S T O C K .— $ 2 ,0 0 0 ,0 0 0 , all owned by Pennsylvania C o m p a n y, which
guarantees prin. and int. of bonds of which $400 ,00 0 are reserved for
additions and improvements; m tge. trustees Commercial T r . C o . of Phlla.
V . 98, p. 612, 1769. Form of guaranty V . 76, p. 6 55.
D iv s. 2 % paid In
1906, 1907, 1911, 1912 and 1913. 1916, £ % ; 1917, 3 % ; 1918-1925, 4 % ann.
For the year 1925, gross income, $135 ,95 9; deductions, $ 5 5 ,9 5 9 ; dividends,
$80,000 — (V . 123, p . 1248.)
W H I T E & B L A C K R IV E R V A L L E Y R R — Brinkley to Jacksonport.
A rk ., 56 miles; W iville, A r k ., to Gregory, 6 m .; total, 62 miles. Leased for
80 years from July 1 1900 to Choctaw Oklahoma Sc G u lf R R . (now C hle.
R . I . Sc Pac. R y .) for guaranty o f in t., endorsed on bon ds. Stock a u th .,
$ 1 ,8 7 5 ,0 0 0 ; paid in . $ 3 2 3 ,0 0 0 .— (V . 9 0 . p . 504.)

140

RAILW AY STOCKS AND BONDS

R A IL R O A D C O M P A N IE S
F o r abb reviation s, & c ., see n otes o n p a g e 611

" A ” shares £10,000, pref rights to 8 0% p rofits_____
Prior Lien debenture" stock £100,000_______________
Cons first m tge deb stock £794,802 red after 1920 Mortgage debentures (navigation) £273,440 red 105Secured notes 6 % £70,000_____
- _______________
Incom e debentures 6 % £168.430 red _______________
W h ite R iver RR — 1st M $250,000 auth g o ld ____ AB
W ich ita N o rth w e s te rn R R — ist. M g ca ll__________
W lcb Un Term Ry— 1st M g gu red 108 H _________Cex
W ild w o o d and D ela w a re Bay S h o rt L in e R R — 1st M
W ilkes-Barre & Scranton— Stock 5% r e n t a l ..--------First m ortgage gold guar p & i by L C A N C o .-x x x
W illiam s Valley— First mtge $120,000 a u t h ______ kv
W illm ar & Sioux Falls — See Great Northern
W ilm ington & Northern— 1st M call 1907 Int g u ___xr
Gen mtge $1.000.000 gold p & 1 guar (end) ..P e P .x r
Debenture bond . . ......... ....
......................................
W ilm ington & W eldon— See A tlantic Coast Line R R
W ilm ington Ry Bridge— M guar jo in t ly .. —
SBa
W lnston-S alem S outhbound— 1st M g g U --U s .x c* A r*

M ile s
Road

110
_
_
20
1002
9.11
4.2
4.27
4.27
11

1918
1900
1901
1903
1921
1911
1910
1888
1903

P ar
V a lue

1887
1892

3.4

____
1893
1910 1.000 Ac
1,000
1924
100
100
1899
1,000
1901
1.000

89

831
33

158
1022

_

1909
1924
'll - ’l

1,000

% ft {

1,000

W H I T E R IV E R R R .— Owns Rochester to Bethel, V t ., 20 miles.
The I .-S . C . Commission has placed a final valuation o f $392,223 on the
property o f the com pany, as o f June 30 1917.
Stock, $250 000: par $100
Bonds ($250,000 auth Issue), see table
above. For 1925, gross, $ 59,848 ; net operating income, $9,6 0 6 ; other
Income, $100; deductions, $26,849 ; balance, deficit, $ 1 7 ,1 4 3 . Pres.,
E . S. French, Rochester, V t . Office, Rochester, V t.
W I C H I T A F A L L S & N O R T H W E S T E R N R Y .— A ll the property of
this com pany was sold under foreclosure; now owned and operated by
M issouri-Kansas-Texas R R . C o.
F A L L S & S O U T H E R N R Y — (V . 122, p . 1760)

W I C H I T A N O R T H W E S T E R N R R .— A reorganization of the Anthony
A Northern R R .
Road completed in 1917 from Trousdale, K a n ., to
Vaughn, 47 miles, and Pratt via Trousdale to Kinsley, 53 miles. The
Inter-State Com m erce Commission has placed a tentative valuation of
$961 ,70 0 on the property of the company as of June 30 1919. O. P.
Byers and J. E . Conklin were appointed receivers on N ov. 10 1922. Capital
stock, com m on, $ 8 60 ,00 0, and preferred, $830 ,00 0
The company obtained
a Government loan amounting to $ 3 81 ,75 0. The loan is in the form of
one bond deposited with the Treasurer of the United States. The Commerce
Trust C o ., Kansas C ity, M o ., successor to Midwest Reserve Trust C o ..
Is trustee under the terms of a 1st Consol. M tge. in the principal sum of
$ 600 ,00 0 to secure the 6 % 1st Consol. M tge. bond amounting to $ 3 81 ,75 0.
The bond is callable upon any s .-a . int. paym ent date upon the railway co.
lving 30 days' notice ' o ’ hose concerned of its intention to retire the same
for 1925, gross, $123 ,06 0; net oper. d e f., $ 9,544; other income, $1,149:
interest, rentals, & c., $34,182; bal., d e f., $42,5 7 7 . Pres. O . P . Byers;
Sec., T . A . F ry.— (V . 119, p. 1066.)

f

W I C H I T A U N IO N T E R M IN A L R Y .— Owns railway terminal at
W ichita, K a n ., Including a passenger station with elevated track approaches
o f about 2 miles, including a 4 track main line, to be used by the Atchison,
Chic. R . I. A Pac. and St. Louis A San Francisco. These 3 roads own
the stock and guarantee jointly and severally the $ 2 ,300,000 30-year 4 } 4 %
gold bonds. V . 101, p . 1269. Pres., A . B . W arnes.— (V . 101, p . 1629;
V . 113, p . 629.)
W I L D W O O D A N D D E L A W A R E B A Y S H O R T L IN E R R .— Road
connects with Atlantic C ity R R . (Phila. A Reading System) at Wildwood
Junction, 4 .2 miles from W ildw ood.
Stock, $500,000; issued, $378,000:
par, $ 50. Bonds auth., $562,500 1st gold 5s: issued, $479,100.
Broad­
way Trust C o ., C am den. N J. trustee: see table above. For 1925, gross,
$144 ,83 6; net oper. income, $49,700 ; otherinc., $2,051; Int., rentals, Acl,
$ 48,198 ; b a l., su r., $3,5 5 3 . Pres., L . R . Baker; V .-P . A G en. M g r ., EL G .
Slaughter; T reas., J. H . Slaughter; Sec., O . I . Blackwell. Office, W ild­
wood, N . J.— (V . 1 2 0 , p . 2009 .)
W I L K E S -B A R R E & S C R A N T O N R Y .— Owns from Scranton to
M inooka J et., P a ., 4 .27 m ., of which 1.38 miles double track. Leased
from M a y 1 1888 to Lehigh Coal & N a v . C o . (which holds all the stock)
during corporate existence, less one year, at $ 4 7,500 per annum and taxes.
Lease assigned to Central o f N . J. at 6 % on cost o f road ($1,141,676) & taxes.
W I L L IA M S V A L L E Y R R .— W illiam s Valley Jet. to Lykens, P a ., 11.04
miles. Stock authorized, $120 ,00 0; outstanding, $89,900 ; par of shares,
$50. In April 1907 the Reading C o. obtained control. V . 84, p. 933.
The $120,000 first m tge. bonds were extended to D ec. 1 1938 at 4 % , the
Reading C o. assuming obligation and liability in respect o f the paym ent of
principal and interest.
T h e I .- S . C . Com m ission has placed a tentative valuation o f $1 5 8 ,4 8 6 on
the t tal ow ned, and $15 8 ,4 8 5 on the total used property o f the com pany,
as oi rune 30 1917 .— (V . 121, p . 2 5 1 9 .)
W I L L IA M S P O R T & N O . B R A N C H R Y .— H a ll’s to Satterfield, P a .,
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 com pany, as of June 30 1917.
On M ar. 9 1921, the road, equipm ent, & c., o f the Williamsport A North
Branch R ailroad, was purchased b y Joseph H . Em ery, Edgar R . Kiess,
D . K . Townsend and J. K . Rishel, at foreclosure sale confirmed b y the
Court April 4 1921. V . 112, p . 1026. Th ey, with others, on M a y 16
1921 organized this com pany to take over and operate the property.
The I .-S . O . Commission in June 1921 authorized the company to issue
at par (1) $500,000 1st mtge. 6 % gold bonds; (2) $200,000 non-cumulative
6 % pref . stock, and (3) $500,000 com m on stock, In full paym ent for its
railroad property, rights, and franchises.
The bonds are proposed to be issued under a mortgage to Harrisburg
Trust C o ., Harrisburg, P a ., dated July 1 1921. Authorized $500 ,00 0 of
which only $200,000 will be now issued. The common and preferred stoex
represent the entire authorized issues.
E A R N I N G S .— For 1925, gross, $ 1 30 ,68 1; net operating income, $ 1 4,209 ;
other income. $152; deductions, $ 1 8 ,9 7 4 : bal., d e f., $ 4 ,6 1 3 .
Pres., Edward Bailey; Sec., F . W . Corcoran; T reas., J. H . E m ery.
Office, Hughesville, P a .— (V . 122, p . 3336 .)




364.000
462,000
61.500

500
1.000

__

1906

R ate

£ 10 £1,275,000
£1
(I )
(T)
(T)
£10 A c
£582.870
£100
£273,385
£14,000
£168.430
$1,000
$200,000
381.750
381 750
1,000
2.300,000
470.600
550 & c
50
600,000
1,000
600.000
500
120,000

W H I T E P A S S & Y U K O N R Y .— Owns a narrow-gauge line 110 miles In
length, extending from Skaguau, Alaska, to White Horse with branch tc
W hite Horse copper mines, 12 miles (V . 69, p. 335; V . 67, p. 1162, 1138)
also operated steamers between W hite Horse and Dawson C ity and Caribou
and Atlin.
V . 73. p. 443: V . 75. p. 1300.
R E O R G A N I Z A T I O N .— 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, A c .) , it was arranged under
the plan to issue £100,000 7 % Prior Lien debenture stock.
Pres, of local (subsidiary) cos., F . O . E lliott, 111 W . W ashington Sq .,
C h ic a g o — (V . 113. p. 2820.)

W IC H IT A

Am ount
O utstanding

90
90
___

W in s-S a le m T erm C o— 1st M g(gu)red text F .c*A r*

Pref stk 4 % n-c$12,500,0G0 a u th _________________
First General m o r t g a g e .................... ...U s .x c *
Marsh * S E Div 1st M gold subj to caliat 105Usxc*
Sup St Dul Div Sc Term M $7,500,000 g (text) U s.xc*
First and R ef M g ($60,000,000au) intguE m .xe* Ar*
Secured gold notes (guar.) redeem (text)___E q.c*

D a te
Bonds

217,000
5,0 0 0 .0 0 0
800,000

16 126 300
11.26c .900 Sea

%

303 000
7.600.000
5.816,000

L a st D ivid en d
an d M a tu r ity

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

Jan 15 1913 1% Office 7 M oorgate S t,Lon
7
5
6
6

D ec 1
D ec 1 1935
J
A J Dec 31 1930
& J Jan 1 1930
J

J
D
N
J A. D
5 g
Deo 31
6
4H S M A N
4
J
A D
6 g
6

J
.1

4H e M

5
5 g

5

5

4 g
5 g

text
g
g
g
g
6.0 0 0 .0 0 0
5H g
2,779,163 5 .6 H . 7

2 1 ,683,000

W h en
P a yable

[V ol.123.

4
4
4
4

J
J
A
J
A

St
Sc

A

Jan 1 193a
June 1 1931
N ov 1 1941
June 1 1940
See text
May 1 1938
Dec 1 1938

O D Parker Sc C o . Boston
M ldw R e s T r C o , K O M o
D illon. Read A C o . N Y
Bway Tr C o, Cam den, N J
437 Chestnut S t, Phila
do
do
Tow er City (Pa) N at Bk

A D Deo 1 1927
Reading Term inal, Phila
Quar
A ug 11932
do
do
A
Owned by Reading C om pany
J
A
A
A

O Apr 1 1943
J July 1 1960
O Apr 1 1966

See text
A
J
M A N
M A N

J

A
A

See text
See text

A
&

Oct 1 1921 2%
July 1 1949
May 1 1951
May 1 1936
() Apr 11959
O Apr 15 1927
T o M a y 1 1936

Safe Dep A Tr Co, Balt
United States Tr Co. N 1
New York

Checks mailed
1

New Y ork

1
Bank of Montreal
1
New York

W I L M I N G T O N & N O R T H E R N R R .— Owns W ilm ington, D e l., to
Highs Farm , P a ., 86.5 9 miles; total track, 146.55 m . Leased to Phila. Sc
Read. R y. for 999 years from Feb. 1 1900 for int. on bonds and 3 H % div.
on stock, payable quar. (Q .-F . 15) and organization taxes. V 8 0 , p . 1858;
V. 102, p. 1812. Supreme Court decision, V . 110, p. 1816.
u ILM INUTON R Y . B R ID G E .— Owns Hilton to N avassa, N . 0 . . 2 .4
miles. Stock. $40,000, owned by Seaboard Air Line Ry
and A tlantic
Coast Line R R ., which Jointly guarantee the $217,000 bonds— see table
abo e.
Pres.. G eo. B. E lliott, W ilm ington. N . C .; Sec and Treas., R . L .
N u tt 24 Broad S t ., New York.
W IN S T O N -S A L E M S O U T H B O U N D R Y . C O .— Owns W inston-Salem ,
N . G ., on N orfolk & W estern, to Wadesboro on Atlantic Coast Line R R .,
88 miles; branches. 7 miles; trackage rights, 7 miles; total operated, 102 miles,
Under trust agreement (V . 106, p. 1239) said two roads own the $1 ,2 4 5 ,0 0 0
st o c k and jointly and severally, guarantee the $5 000 000 bonds prin. &
int. See form, V . 92, p. 396; V . 105, p. 2367. Th e 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 1925: Gross, $ 1 ,3 8 7 ,3 3 2 , ry. oper,
income, $481,462. other income, $54,329, deductions, $368,039, b a l., su r.,
$167 ,75 2. Valuation report, 107, p. 1194, V . 108, p. 2124, 2434, V . 113,
p. 1055. Pres., H . E . Fries, W inston-Salem , N . O ., Sec., J. F . Post, T rea s.,
Jno. T . R eid, W ilm ington, N . C .— (V . 120, p. 327.)
W I N S T O N -S A L E M T E R M I N A L C O .— H as been formed for the pur­
pose of constructing, maintaining and operating a modern union passenger
station in the city of W inston-Salem , N . C . T h e terminal, when com­
pleted, will represent an investm ent o f approximately $ 8 0 0 ,0OO.
The Norfolk A W estern R y ., Southern R y . and W inston-Salem South­
bound R y. will enter into an operating agreement with the W inston-Salem
Terminal C o. under which they will be obligated to use the station facilities
of the Terminal C o ., and no other, for their passenger business to and
from W inston-Salem during the life of the bonds.
As rental, the railway
companies will agree to pay to the Terminal C o ., each in proportion to its
use, sums covering, in the aggregate, all operating expenses, taxes and
interest charges o f the Terminal C o ., and will jointly and severally guarantee
the paym ent o f the principal of and the interest on the bonds by endorsement
T h e bonds are redeemable, as a whole on ly, on or after O ct. 1 1939 at
110 and interest.
The stock o f the Terminal C o. is owned one-third each b y the three
guarantor railway companies.— (V . 119, p . 1954.)
W I S C O N S I N & M I C H I G A N R R .— Operates from Faithorn June.,
M ic h ., to Iron M ountain, M ic h ., 7 0.25 miles.
Successor, after foreclosure
sale, o f the Wisconsin & M ichigan R y . C o ., acquiring or at least operating
only the portion of the road above mentioned. The I.-S . C . Commission
in D ec. 1920 authorized the company to rebuild 7.17 miles of road between
Fairhorn Jet. and Aragon Jet., M ich ., and to resume operation of 13.8
miles o f road in Dickinson C ounty, M ich V l l l . p 2522
Capital stock,
$ 1 ,5 0 0 ,0 0 0
Tentative valuation as o f June 30 1916, $ 2 ,209,333
For 1925, gross, $370 ,96 4 net oper. income, $72,930 other income,
$87,820 interest and rentals, $29,522 net incom e, $51,228 .
Pres , John M arsch, Chicago; V Pres , W . H . W righ t, M enom inee,
M ic h .; Sec. & T reas., N icholas M arsch , Chicago; Auditor, W m . A . Ahern,
M enom inee, M ich . Office, M enom inee, M ic h .— (V . 119, p . 3 0 0 7 .)
W I S C O N S I N C E N T R A L R Y . C O .— System extends from Chicago
to Ashland, W is., and Lake Superior iron mines; also to St. Paui and M il n eapolls and to Superior and Duluth. B y car ferry connects with the I ere
M arquette and has a short line to the E a st. V . 63, p . 117. System includes
\liles.
J4.32
Chicago, 111., to W ith row , M in n _____________________
L4.64
C ylon, W is ., to Dow ning, W is ., cut o ff_____________
17.96
Carnelian J et., M in n ., to Trout Brook J e t., M inn.
16.54
Neenah, W is ., to M anitow oc, W is ___________________
(0 .7 6
Stevens Point, W is ., to Portage, W is _______________
7 86
Packwaukee, W i s ., to M ontello, W is _________________
22.44
M arshfield, W i s ., to Greenwood, W is _______________
9 .8 8
Chippewa Falls, W i s ., to Eau Claire, W is __________
25.41
Abbotsford, W is ., to Goodrich, W is _________________
12.46
Abbotsford, W is ., to Owen, W is ______________________
45-87
Spencer, W is ., to Ashland, W is _______________________
555
Chelsea, W is ., to Rib Lake, W is _____________________
33.77
M ellen, W is ., to Bessemer, M ich _____________________
2.10
Ashland, W is ., Ore Dock Line________________________
1 .14
Ashland. W is .. Commercial D ock Lin e______________
32.65
M arshfield, W is ., to N ekoosa, W is _______________
53.40
Owen, W is ., to Superior, W is ______________________
Duluth Term inals_____________________________________
T otal mileage owned D ec. 81 1 925 -

1,021.46

O R G A N IZ A T IO N .— Successor July 1899 of Wisconsin Gent. C o., fore­
closed per plan V . 68, p . 725: V . 69. p . 29. 133; V . 70. p. 434.
In Jan. 1909
M inn. St. Paul & S. S. M . acquired 5 1 % of com m on stock, and in M arch
1924 acquired 9 5 % of the remaining minority stock and operates the road
as its “ Chicago D ivision,” the road being leased for 99 years from April I
1909. M ost of the pref. stock has been exchanged for M . St. P . & S. S. M .
leased line certificates, secured by W isconsin Central pref. stock. A s of
D ec. 31 1925, " S o o " owned $1 5 ,9 6 8 ,0 0 0 common and $ 1 1,249 ,200 pref.
V. 88, p. 159, 2 32. 566, 626. 750. 1003, 1439; V . 89, p. 780; V . 118, p. 1667.
The I .- 8 . C . Commission has placed a tentative valuation o f $ 5 0 ,245 ,800
on the total used and $44,9 9 5 ,8 0 0 on the total owned property of the com ­
pany as of June 30 1917.
S T O C K .— Stook, authorized, oom m on. $ 1 7 ,5 0 0 ,0 0 0 ; p ref.. 4 % nonaum. $ 1 2 ,500 ,000 . Outstanding, com ., $ 1 6 ,1 2 6 ,3 0 0 ; pref., $ 1 1 ,2 6 5 ,9 0 0 :
par of shares. $100
After 4% dividends on both olasses shall have been
paid in any year, both shall participate equally in any further dividends
For suoh year. The preferred has the right to elect a majority of the direc­
tors on failure for two successive years to reoeive 4 % per annum .

Nov., 1926.]

RAILW AY STOCKS AND BONDS

R A IL R O A D C O M P A N IE S
[F or abbreviations, A c ., see notes o n page 8]

D a te
Bonds

Par
Value

R ate
%

$ 2 ,4 1 5 ,0 0 0

11

W h en
P ayable

Last D ivid en d
and M a tu rity

P laces W here In terest and
D ividends A r e Payable

= 1 ...........................................
$ 1 ,0 0 0

R E P O R T .— For 1925, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
$1 ,1 1 8 ,7 1 8 $1,13 1 ,1 1 2 $1,04 0 ,0 5 5
Freight, iron ore.................. $ 1 ,4 2 2 ,9 9 3
Freight, o th e r ..............
1 4 ,844,354
13.758,613
14,487,696 13,172,829
Passenger.............................. 2 ,6 9 7 ,7 0 4
2 ,8 2 6 .6 6 2
3 ,1 9 5 .8 7 6
3 ,0 0 8 .3 7 7
M a i l .......... ............................
2 24,707
2 31,947
203,321
251.234
Express.......... .................
37 1 ,9 7 6
4 1 2,730
4 4 3.810
491,292
M iscellaneou s....................
438,671
520,186
5 33,668
514.899
In c id e n ta l...........................
40 5 ,1 1 0
351,801
392,757
361,480
T o ta l.................................. $20,4 0 5 ,5 1 5 $ 1 9 ,2 2 0 ,6 6 6 $20,3 8 8 ,2 4 2 $18,8 4 0 ,1 6 5

M ain t, o f way & stru ctM ain t. o f equip..................
T raffic expenses________
Transportation expenses
Miscellaneous operations
General expenses________
Transp. for invest.— C r.

H
i

1906

*

78

D IV I D E N D S .— First dlv. on pref.. 4 % for the year, paid 1 % Deo 23
1908 and 1% eaob on Mob. 11 and July 15 and O ot. 15 1909.
On June 15
1910, 2 % : O ct. 1, 2 % . 1911 to O ct. 1 1921. 4 % yearly; none since.
B O N D S .— The IstG e n . gold 4s ol 1899 are secured by a m tge. upon ail
the lines of railway, terminals, equlpm ’t and other property acquired there­
by, and also by deposit of all securities owned or acquired under the plan
V . 7 6 . p. 734. 1204; V 7 7 . p . 1238; V . 8 8 . p. 1591.
The Superior <c Duluth Division & Term . 4s are limited to $ 7 ,500,000.
3
the present amount outstanding; they cover the road from Owen, W is .;
Via Superior to Duluth, M inn., 158 miles, and terminals at both Superior
end Duluth. V . 82, p. 806, 930, 1103; V . 8 3 . p . 986; V . 84, p. 1429; V.
85. d . 532: V . 86. d . 1411: V . 88. D. 824.
The "F irst and R e f ." mtge. is limited to $ 6 0,000 ,000 , of which $ 3 6 ,4 5 9 ,0 0 0
to reserved to refund existing bonds and equipment obligations and the re­
mainder for general purposes; $5 8 1 6.000 nave been sold.
V . 88. p. 687,
824 , 884; V . 89, p. 44. 1069: V. 94, p. 489; V . 98. p. 840. The M in n . S i.
P. A Sault Ste. M arie guarantees interest on the bonds. V . 95. p 9 6 9 .
N O T E S .— The 3-year notes of 1924 are secured by the deposit of $ 8,000.
000 Wisconsin Central R y . 1st & R ef. M tge. 5 % gold bonds, due April 1
1959. Principal and interest guaranteed by endorsement by the M inn.
St. Paul & S. S. M arie R y. C o.
Redeemable, all or part, by lot, at any
time on 60 days' notice, at 101 and interest to April 15 1926, and at 100
and Interest thereafter.
V . 118, p . 1776.




A m ount
O utstanding

H
i

W o r c e s te r N ashu a & R o c h e s te r — S ee B o s t o n & M aine!
Y o s e m ite S hort Line R y — See Sierra R y o f C a lifo rn ia
Y o s e m ite V alley— F irs t m tg e $ 3 ,0 0 0 ,0 0 0 g o ld s f . x o <

M ile s
Road

141

Jan

2 ,5 0 8 .5 4 6
3 ,5 0 3 ,3 9 4
35 8 ,3 6 4
8 ,3 0 5 ,0 4 7
135,183
59 4 .9 5 6
2 3 ,0 6 2

1 10*8

2 ,5 0 1 ,0 6 6
3 .4 7 8 ,9 6 6
332.248
8,5 4 5 ,6 6 3
147,948
5 7 6.068
2 9 ,4 0 8

M e r c a n t ile T r C o , S an F r

2 ,4 0 3 .0 6 0
3 ,4 8 8 ,6 4 5
3 0 6,328
8 ,8 6 0 ,3 8 5
141,752
556,943
31 ,0 8 3

2 ,4 8 0 ,3 6 8
2,7 7 6 ,6 6 6
310,738
8,5 0 2 ,1 2 8
125,064
522,040
52,052

T o t a l . . . _______________ $15,3 8 2 ,4 2 9 $15,5 5 2 ,5 5 2 $ 1 5 ,7 2 6 ,0 3 0 $14,664 ,951
Percent, o f exp. to earns.
7 5.4
8 0 .9
77.1
77.8
N et earnings____________
5 .0 2 3 ,0 8 7
3 ,6 6 8 .1 1 4
4 ,6 6 2 ,2 1 2
4 ,1 7 5 .2 1 4
Inc. from other sources.
32 5 ,3 0 4
3 1 8,094
230,999
172,217
$3 ,9 8 6 ,2 0 8
T o t a l . . . ............... ............$5,348,391
Fixed charges, taxes and
terminal rentals_______
5.0 3 9 .9 1 1 4 ,8 0 9 .8 2 4
Surplus income.............

$308 ,48 0 d ef$823,616

$4,893,211

$ 4 ,347,431

4,4 5 9 ,6 4 7

3,851,061

$433 ,56 3

$496 ,37 0

O F F IC E R S .— Pres., O . T . Jaffray, V .- P ., G . W . W ebster, Sec., W . R .
H arley, Treas., C . H . Bender, C o m p ., D . J. B ond.— (V . 122, p . 2945.)
W Y O M IN G N O R T H

& SOUTH

R R .— (V . 119. p. 645.)

Y O S E M IT E V A L L E Y R R .— M erced. O al.. to the Yosem ite N ational
Park, 78 miles, completed M a y 15 1907.
Stock, $5,0 0 0 ,0 0 0 . all outstand­
ing; par, $100.
1st M bonds ($3,000,000 a u th .). V . 82, p. 511, 930; V . 8 4 ,
p. 1553; V . 122, p. 1453. Chairman of bondholders’ com m ittee, Charles K .
M cIntosh , care M ercantile Trust C o ., San Francisco.
1st m tge. coupons
due Jan. 1 1919 were met in June 1919. the stockholders providing at least
a part of the funds. V . 109, p. 74. On July 1 1923 paid coupons due
Jan. 1 1923 and July 1 1923. V . 117, p. 90. Second m tge. 5s, $2 ,0 0 0 ,0 0 0
held in treasury June 30 1914. Pres., Frank G . D ru m , W e st Coast Life
B ld g ., San Francisco.— (V . 1 22, p . 1453.)

In d u str ia l /

M isc e lla n e o u s

United S tates, Cuba, Canada, M exico and Other Foreign Countries.
M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviation s, & c ., see n otes on page 8]

Date
B on ds

A b itib i Pow er & P aper C o L td — Com stk 2 50,000 sh au th—
Pref (a & d) stock 7 % cum $ 1 ,0 0 0 ,0 0 0 au th orized-. .
1st (closed) M ser bonds due $ 292 ,50 0 ann
________ zc*

1914

None 2 50,000 shs
$100 $ 1 ,000,000
2 .3 5 4 .0 0 0
500 &c

1920

500 &c

3 .6 4 7 .0 0 0

* 121

100 &c

3 ,3 4 0 ,1 0 0

Gen s f m tge bonds auth $ 5 ,0 0 0 ,0 0 0 red 1 05__________ .z c *
Consol s f g bonds auth $ 1 4 ,0 0 0 ,0 0 0 ___________ — xxxxc
A d am s Express— Stock, 1 2 0,000 shares (20,000 held by co)
Collateral trust mortgage gold . . .
___ . __
____ - Baz
. Collateral trust distribution mortgage g o l d ____ - ____ Gz
A d v a n ce R u m eiy C o— Com m on stock auth $1 3 ,7 5 0 ,0 0 0 ____
Preferred (a & d) 6 % cum call 105 $12,5 0 0 ,0 0 0 authorized
A h u m a d a Lead C o— Stock $ 1 ,3 0 0 ,0 0 0 auth
A ir R e d u c tio n C o ., I n c .— Stock 29 3 ,3 3 4 shares au th .____

1898
1907

Par
V a lu e

A m ou n t
O utstanding

Bate
%

W hen
P a yable

Last D ividend
and M a tu rity

Q— J 20 O ct 20 ’ 26 $1
O ct 1 ’26 1 M %
Q— J
& A T o Feb 1 1934 /F irst N a t B k . N Y
[First N at B k , Chi
/R o y a l B k o f Canada
J
&
J Jan 2 1940
6
[Chase N a t B k , N Y
/F irst N a t B k , Chi
M & S 15 M ar 15 1931
8
[Chase N a t B k , N Y
See text Q— M
D ec 31 ’2 6 $ 1 H Chase N a t B ank, N Y
Bankers Trust Co, N Y
M A S Mch 1 1948
4 g
Guaranty Trust Co, N 1
J
& D June 1 1947
4 g
$4
7
6

100 10,000,000
500 Ac
5 ,793,500
500 Ac
7.298.000
100 13.750.000
3
100 12.500.000
1
1,192,018 See text
None 20 1 ,2 0 4 sh. See text

F

O ct 1 1926
Q— J
Q— J
O ct 4 1926 25c
Q -J 15 O ct 15 ’2 6 $2 H Checks mailed

E xp en ses—
_______
Interest on loans________
Interest on bonds_______
$518 ,68 5
Salaries, exp. & taxes___
66,467
D ividends________________(6 % )6 0 0 .0 0 0

Statements of

P la ces W here In terest and
D ividends are P a ya b le

_______
$545 ,91 8
6 5,730
(6)600,000

_______
$579,881
151,605
(5 )500.000

$9 ,6 0 5
6 21.614
160,828
(100,000)

Balance, surplus______
$396,867
$361,141
$414 ,83 8
$988 ,59 0
Profit and loss, su rp lu s..
6,6 0 8 ,8 0 5
5 ,3 6 9 ,6 2 8
3 .6 0 0 ,1 0 7
3 ,0 7 4 ,5 0 2
O F F IC E R S .— Pres., W m . M . Barrett; T reas., T h os. J. Degnen; Sec.J
Horatio H . G ates.
Office. 61 Broadw ay, N ew Y o r k .— (V . 122, p . 742.)

Public Utility Companies
such as

A D V A N C E -R U M E L Y C O .— O R G A N I Z A T I O N .— Incorp. In Indiana
D ac. 15 1915, per plan in V . 101, p . 777, 8 51, 1276, 2 1 4 6 .
Business estab«*hed in 1853.
Has plants at La Porte, In d .. B attle Creek, M ic h ., and
Toronto, Canada. Products, agricultural im plem ents, such as tractors,
separators, plowing engines, &c. V . 102. p . 1626; V . 104, p. 1486; V . 106,
p. 1575; V . 107, p. 2189. In D ec. 1923 purchased the business of the
Aultman & Taylor M achinery C o. o f M ansfield, Ohio. V . 118, p . 86.
S T O C K .— See table at head o f page
P referred D iv id en d s.— N o . 1. 1 H % paid April 1 1919; to July 1 1 921 ,
1 H % quar., O ct. 1 1921 to O ct. 1 1926. % % quarterly.
Accum ulated
divs. on D ec. 31 1925 amounted to 1 3 H % R E P O R T .— For 1925, in V . 122, p . 1757, showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
Gross profits______________ $2,824,041
$ 1 ,7 3 8 ,1 8 7 $2,00 8 ,8 8 5 $1 ,8 0 4 ,9 8 0
1 ,409.538
1.014 609
319.667
26 1 .2 2 6
N e tin c o m e ______________
Bond interest, & c_______
2 79.926
23 7 .0 7 4
2 42,944
123,618
Depreciation reserve___
496.963
34 1 ,7 9 8
33 4 ,0 8 8
_____
Provision for Fed’l taxes
92,071
_______
_______
_______
Preferred dividends_____
374,253
374,253
37 4 ,2 5 3
374,253

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

PUBLIC UTILITY COMPENDIUM
Issued Oct. 30, 1926

A B I T I B I P O W E R A N D P A P E R C O ., L T D .— O R G A N I Z A T I O N .—
Incorp. under the Com panies’ A ct (Canada) by letters patent Feb. 9 1914.
C om pany manufactured groundwood pulp, sulphite pulp and newsprint
and is also a holding com pany. Charter is perpetual. Owns 12 buildings
at Iroqouis Falls, O n t.: at Twin Falls a dam and power house, also timber
and water power leases.
In June 1925 organized the Abitibi Electric Developm ent C o ., L td .
V . 120. p. 3067.
S T O C K .— Au th. and issued $ 1 ,0 0 0 ,0 0 0 (par $100) pref. 7 % cumul. and
2 5 0 ,0 0 0 shares no par com m on. Pref. has preference as to cumul. divs. at
rate o f 7 % per annum; in event o f liquidation or dissolution has preference
as to par and accrued dividends.
D I V I D E N D S .— Pref. stock: 1916, 1 K % ] 1917-18, 7 % ; 1919, 7 % and
1 9 % on account of accumulations; 1920-26, 7 % yearly. C om m on: 1920,
$4 50; 1921, $1: 1922, $2; 1923-1926, $4 yearly.
B O N D S .— G en. m tge. bonds sinking fund amounts to sum equal to 3 %
o f par value o f bonds outstanding plus Int. at 6 % per annum on par value
o f bonds previously pin-chased or redeemed. Consol, m tge. sinking fund
o f 1 0 % o f annual net profits avail, for divs. (not less than $300,000) to be
applied to purchase of bonds at not over 110. Company guarantees bonds
and _ other obligations of the Abitibi Electric Developm et C o ., L td .,
Abitibi Lands & Forests, L t d ., and the Abitibi Transportation & N aviga­
tion C o ., L t d ., to the extent of $ 2 ,4 7 0 ,9 5 6 .
R E P O R T .— For 1925 showed:
C alendar Y ea rs—
1925.
1924.
1923.
1922.
Gross sales_______________ $10,364 ,677 $10,686 ,859 $ 1 1,047 ,668 $ 9 ,461,299
C ost o f sales & expenses.
6,1 2 4 ,3 4 0
6 ,301,307
6,7 6 8 ,0 8 8
5 ,846,462
Interest__________________
611,420
762,260
882,625
929,123
D eprec. & depletion, & c .
539,000
625,505
930,186
803,391
Appropriation for taxes.
2 2 0,000
190.000
_______
_______
Preferred dividends_____
7 0,000
70.000
70,000
70.000
Com m on dividends______
1 ,000,000
1 ,000,000
1 ,0 0 0 ,0 0 0
500,000

Balance, surplus______
$166 ,32 4
$61,484 def$631,618 d ef$236,648
O F F IC E R S .— Finley P . M ou n t, Pres.; A . H . Berger, V .-P . and Sec.,
W . T. Ballentine, V .-P .; J. Abram s, V .-P .; J. R . K ohn e, T reas. Office,
La Porte. In d .— (V . 123, p. 1636.)

Balance, surplus...........$ 1 ,7 9 9 ,9 1 6 $1,73 7 ,7 8 7 $ 1 ,396,768 $ 1 ,312,323
Previous surplus________
6,705,651 6 ,2 0 4 .0 0 7
4 ,8 0 7 ,2 3 8 3 ,548,093
Reserve for depreciation 1,521,461
1 ,236,144
_______
_______
Adjustm ent G o v t, taxes
_______
_______
_______
53,177
Profit & loss su rp lu s.. $ 6 ,9 8 4 ,1 0 6 $6,705,651 $6,204,007 $ 4 ,807,239
O F F IC E R S .— Pres., Alexander Smith; V .-P . & M an . D ir., L . R . W ilson;
V .-P ., W . A . Black; Sec. & T reas., W . H . Sm ith. General office, Canada
Cement B ld g ., M ontreal, C anada.— (V . 122, p . 1919.)

Less trans. to M exican Legal Reserve
D educt dividends______________________

A D A M S E X P R E S S C O . (T H E ).— O R G A N I Z A T I O N .— An unincor­
porated association formed in 1854. V . 100 , p . 289, 371; V . 104, p. 2120.
A s of July 1 1918, at the behest o f the U. S. G o v t., all the com pany’s
express business and equipm entin the U . S. .together with a required amount
o f working capital, was turned over to the American Railway Express C o.
(which see) in return for stock in that com pany, amounting in D ec.
1925 to $ 1 1 ,9 1 4 ,3 0 0 .
(See A m er. R y . E x p . C o . for dividends declared by
that com pany.)
The 1. S. O . Commission in D ec. 1920, approved the permanent consoli­
dation of the transportation busi ness and properties of the Am erican, A d am s,
W ells Fargo & C o . & Southern Express C o . into the American R y . Express
O o . V . I l l , p. 2522.
C a sh D iv s .,
1914. 1915. 1916. 1917. 1918-21. 1922. 1923. 1924. 1925.
Per share______$5 50
$4
$6 $5 50
N one
$
$5
$6
$6
Paid in 1926: M a r. 3 1 , $1 50; June 3 0 , $1 50; Sept 30, $1 50; D ec. 31,
$1 50.
R E P O R T .— For 1925, in V . 122, p . 742, showed:
(A d am s E x p ress Co. and Southern E xp ress C o.)
R evenue—
1925.
1924.
1923.
1922.
Interest on balances____
$15,450
$9,703
$ 5,968
$5,085
In t. on securities ow ned.
186.858
199,595
193.540
206,093
D iv s. on securities owned
821,534
770,671
714,486
967,981
In c. from codat. pledged
558,177
592,819
639,006
632,800
Miscellaneous income___
_______
_______
9 3,326
68.679
T o ta l_____




— - $ 1 ,582,019

$1,57 2 ,7 8 8

$ 1 ,646,325

$ 1 ,880,637

A E T N A E X P L O S I V E S C O ., IN C .— See Hercules Powder C o .
A H U M A D A L E A D C O .— Incorp. under laws o f Delaware M arch 4 1921.
In accordance with the terms of its charter, the com pany holds the stock
of other corporations, is the purchaser o f lead-silver ores and other mine
products, and has contracts with other corporations covering the smelting
and selling of its product.
The Ahumada Lead C o ., through its M exican subsidiary, the C ia. Minera
de Plom o, S. A ., owns in fee 1,453 hectares, or 3,591 acres of ground in the
Los Lamentos M ountains, State o f Chihuahua, M exico. I t also has under
option, or owns part interest in considerable outlying ground. The Erupcion M ining C o ., through its M exican subsidiary, the C ia. M inera Erupcion y Anexas, S. A ., owns in fee 62 hectares, or 153 acres o f ground in the
same district, adjoining the Ahum ada property on the south. These
properties take in nearly all o f the Los Lamentos M ountains.
D I V I D E N D S .— Paid as follows: Jan. 2 1924, 7 H e. regular and 2 H c .
extra; April 2 1924 to Jan. 2 1925, 7 H c . regular and 7 H c . extra each quar.
April 1 1925 to O ct. 4 1926, 7 H c . regular and 1 7 H c . extra each quarter
R E P O R T .— For 1925 showed:
[Ahumada Lead C o. and Compania M inera de Plom o, S. A .]
1925
1924
x l9 2 3
Sales o f lead and s i lv e r ............... .............. $ 3 ,3 9 7 ,2 2 4
$1,448,573
$427 ,89 2
Expenses, taxes, & c___________________ 2,3 8 0 .8 0 3
1,109.594
3 19.825
Depreciation____________________________
29,5 1 6
18.035
12.853
D epletion_______________________________
_______
7 2 .6 8 2
27 ,6 7 9
N e t income_____________________________
Income from investm ents______________

$986 ,90 5
506,828

$248,261
455,533

$6 7 ,5 3 5
3 09,708

Total incom e__________________________ $1,493,733
Previous surplus_______________________
2 17,282
Depletion previously charged off— C r.
100,361

$703 ,79 5
2 49,199

$37 7 ,2 4 3

$ 1 ,811,376
42,174
1,192,018

$952 ,99 4
21,2 5 2
714.461

$377 ,24 3
9,342
118,702

Surplus D ec. 3 1 ______________________
$577 ,18 4
$ 2 1 7 ,2 8 2
$ 2 4 9 ,1 9 9
x Period M a y 1 1923 to D ec. 31 1923 operations havin gbeen commenced
on M a y 1.
• Q uar. E n d . Sept. 30— • 9 M o s . E n d . Sept. 30—
—
—
Period—
1926.
1925.
1926.
1925
Gross receipts___________
$431 ,10 6
$880 ,07 3 $2 ,4 8 4 ,8 5 1
$ 2 ,470,725
N et income, after depre­
ciation, taxes, & c____
$230 ,09 4
$497 ,71 7
$ 827 ,61 7 $1,260,232
O F F IC E R S .— Louis D . Ricketts, I r e s .; Harry C . D udley, V .-P res.;
John F. Bankerd, Sec. & Treas.; George H . Cobbe, A sst. Sec. & Asst. Treas.;
Joseph W . Alien, Asst. Sec. Offices, 25 Broadw ay, N ew Y o rk , and Pacific
Southwest Bank B ld g., Pasadena, C alif.— (V . 123, p . 2 658 .)
A IR R E D U C T IO N C O ., I N C .— Incorp. in N Y . on N o v 26 1915.
Manufactures oxygen, acetylene, nitrogen and other gases, carbide, oxyacetylene welding and cutting apparatus and chemicals. Early in 1922 the
company purchased all the assets o f the D avis-Bournonville Co.
In Aug.
192 acquired the assets of the Gas Tank Recharging C o . In O ct. 1926 acquired
the assets of the D ayton Oxygen & Hydrogen Products C o . Also owns
substantially all of the stocks o f the N ational Carbide C orp. Interest in
California Cyandide C o ., V . 116, p. 8 25, 1414.
S T O C K .— See table at head o f page.
D I V I D E N D S .— Paid $1 per share quar. from July 14 1917 to Oct- 15
1926 . Also paid an extra div. o f 50c. per share in Second Liberty Loan
bonds on Oct. 15 1918 and $1 extra in cash per share on O ct. 15 1924'
O ct. 15 1925 and O ct. 15 1926.
B O N D S .— Th e convertible debentures Series A bonds were re
April 1 1924 at 105 and int. V . 118. p . 4 33.

Nov., 1926.]

Date
B on ds

M IS C E L L A N E O U S C O M P A N IE S
[For abbreviation s, & c ., see notes on pa ge 81

A la x R u b b e r C o Inc— Stock, 1,000,000 shares a u t h _______
First m tge s f gold bonds callable 1 1 0 ___________ kxxxc*&r
A lask a J u n ea u G old Min Co— Stock $ 1 5 ,000 ,000 au th____
First mortgage bonds $ 3 ,500,000 a u th o rize d ___ ..M S .x c
A lz om a S teel C o r p o r a t io n — See Lake Superior Corp.
A llia n ce R ea lty C o ( The)— Stock 200,000 shs authorized.
A llled C hem 6c D ye C o rp — C om stock 3 ,143,455 shs auth
Pref (a & d) stock 7 % cum red 120 $97,326 ,400 au th_______
A llli-C h a lm ers M a n u fa c tu rin g C o— Com m on stock----------Preferred stock (a & d) cum (see text) red 110___________

R E P O R T .— For 1925, in V . 122, p. 1020, showed:
1925.
1924
1923.
Gross' income______$10,500 ,600
$9,204]836 $10,201*061
Operating income_______
3 ,662,880
3 ,037,420
3 ,725,597
1,294,159
Reserves___________
1,102,807
1,031,168
Bond interest____________
_______
118.138
5,387
Prem . on bds. red’m e d ..
_______
23,265
Com pens. to off. & em pl.
108,546
101,874
112,500
Federal taxes_____
243,309
192,131
302,503
986,857
D ividends paid___
687,588
954,483

pr~-

Par
V a lue

1922.
$ 7 ,021,209
2 ,169.175
958,971
142,963
64,034
120,338
627,466
$255,403
1923.
$2,588,891
1,654,853

$1,106,378
Additions to reserves___
461,408
Bond int. & expense____
Special credit____________

$813,068
296,427

$626,495
276,454

$934,038
249,154
29,180

16,073

N e t prof, before Fed. tax
$655,704
$366,113
$644,969
$516,640
O F F IC E R S .— Chairman. F . B . Adam s; Pres., C . E . Adam s; 1st V .-P res.,
In charge o f sales, A . R . Ludlow; V .-P re s., M . W . Randall; V .-P res., O . S
M unson; V .-P . & Oper. M g r ., H . Van Fleet; V .-P . in charge o f devel. &
research, F . J. M etzger; Sec., R . B . D avidson; Treas., C . L . Snow; A sst.
T reas.. R . W . R yder; A sst. Sec., T . G . Harrison. O ffice, Canadian
Pacific B ld g ., M adison A v e ., N . Y . — (V . 123, p . 2 522 .)
A J A X R U B B E R C O ., IN C .— O R G A N I Z A T I O N .— Incorp. In N . V
D ec. 20 1915, succeeding A jax-G rieb Rubber C o ., Trenton, N . J ., estab
lished Sept. 11 1906. V . 101, p . 2 073 , 2 146 . Owns plants In Trenton
N . J. and Racine, W is.
S T O C K .— The stockholders on Jan. 11 1922 auth. the issuance o f shares
without par value and exchange of the outstanding 200,000 shares (par $50
each) share for share for the shares without par value, ana also autnorizeu
an increase in the number o f shares which m ay be issued from 400 non
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 Feb. 9 1925 were given the right to subscribe
for 7 5 .0 0 0 shares of capital stock at $10 per share.
D I V I D E N D S .— D iv . M a r. 1916 to M ar. 1917, 1 0 % p. a .; June 1917 to
Sept. 1920, 3 % quar.; D ec. 15 1920, 2 % ; none since.
First m tge. 15-year 8 % s. f. gold bonds, V . 113, p. 2724.
R E P O R T .— For 1925, in V . 122, p . 1314, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
Gross sales---------------------- $19,868 ,825 $16,516 ,716 $16,068 ,710 $12,189 ,938
C ost of sales, & c________ 18,303,063 x l5 ,4 0 1 ,8 4 2 x l5 ,6 3 2 ,7 4 2 x ll,6 3 2 ,6 5 1
$557 ,28 7
108,537

N e t profits-----------------------$ 1 ,764,566 $ 1 ,284,286
$552,885
$665,824
Federal taxes____________
118,177 --------------------------- See x---------------------------D eprec’n, int., A c ----------641,321
620,158
569,322
639,287
Extraordinary adjust’ts_
_______
_______
y543,953
_______
Balance, surplus_____ $1,005,069
$664,128 def$560,390
$26,537
x Includes Federal taxes, y Includes loss from liquidation of certain
subsidiary companies and inventory adjustm ent, &c.
Report for 6 mos. ended June 30 1926, in V . 123, p . 9 84, showed:
6 M o s . E n d . J u n e 3 0—
1926.
1925.
1924.
1923.
Sales--------------------------------- 1
N ot
f$9,696,213 $ 7 ,311,105 $8,964,371
Operating expenses, &c_ / reported
\ 9 ,146,088
6,7 3 6 ,1 1 7 8,1 0 6 ,1 1 6
Gross profits--------------Other incom e-------------------

$587,535
78,108

$550,125
101,384

$574 ,98 8
5 9,736

Total incom e--------------Interest & depreciation.
Federal taxes------------------Revaluation & re b a te s ..
Inventory reserve_______

$665,643
329,771
11,593
_______
2 50,000

$651,509
330,024
59,091
_______
_______

W hen
P a y a b le

None 120.000 sh. See text Q— J 15
None 2,178,109sh
See text
$4
100 3 9 ,284,900
7
Q— J
See
100 2 6 .0 0 0 .
000 text
100 16.500.000
7
Q -!
Q

$1,450,435
1924.
$2,082,391
1,455,895

$435,968
116,917

R ate
%

L ast D ivid en d
and M a tu rity

Places W here Interest ane
D ividends are P a ya b le

None 500.000 sh. See text
D ec 15 '20
$2 N ew Y o rk
J & D D ec 1 1936
$100 &c $2,31 3 ,8 0 0
W A H arrim an& C o. N V
8 g
10 1 4 .0 0 0 .
000
M ercantile Tr C o , San Fr
1,894,000
7 g
M & S 15 M ar 15 1929
1919 50 0 -1 0 0 0

$680,739
1925.
$2,572,948
1,759,879

N e t earnings_________ $ 1 ,565,762 $ 1 ,114,874
Miscellaneous income___
198,804
169,412

Am ount
O utstanding

1921

$1,030,005
Q uars. End. Sept. 30—
1926.
Gross income____________ $ 3 ,142,373
Operating expenses____ *_ 2,035,995

$634 ,72 4
311,602

$858,255
58,829

$917 ,08 4
325,237
______________
179,605
177,127
_______
_______

N e t profits------------------$74,279
$262,394
$143,517
$414,720
O F F IC E R S .— J. O . W eston , Chairman & Pres.; E . L . Fries, V .- P ., Sec.
& Treas.; L . T . Vance, W . M cM ah on , F . M . H oblltt, V .- P .; C has. L.
Morris. A sst. Sec. & A sst. Treas. N . Y . office, 218 W . 57th S t.— V .
123. p. 984.)
A L A S K A J U N E A U G O L D M IN IN G C O .— Incorp. under laws o f W est
Virginia, Feb. 17 1897. Property o f company is situated near the town of
Juneau, Alaska. The com pany’s claims, it is stated, have a length of
over a mile on the mineralized Juneau Gold B elt.
B O N D S .— The first m tge. 7s due M a r. 15 1929 are a first lien on all of
the com pany’s property in the Territory of Alaska now owned or hereafter
acquired. N o dividends shall be declared out of surplus profits, nor shall
any of the com pany’s properties or assets be distributed to stockholders
while these bonds are outstanding.
A E P O R A .----A
VJX
YVCU
.
R X J ViV T .— For A
1925 BI1U
showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
Gross recovered gold, sil­
ver and lead values—
B ullion--------------------- $1 ,5 7 6 ,9 8 4 $1,519,312 $1 ,1 7 3 ,0 7 8 $1,025,879
Concentrates----------607,400
536,470
341,698
362,800
T o t a l .......... ............$2,18 4 ,3 8 4 $ 2 ,055,782 $1 ,5 1 4 ,7 7 4 $1,388,679
T otal oper. costs & ex p __ 2 ,0 1 8 ,4 9 6
1,796,288
1,544,857
1,366,538
N e t profit before depr.
$165 ,88 8
$259,494 def$30,083
$22,141
O F F IC E R S .— Pres., F . W . Bradley; V .-P res., A . B . D avis and D . J.
M u rp h y: Sec. & Treas., J. W . Crosby. M ain office, 1022 Crocker B ld g.,
San Francisco.— (V . 123, p. 2 522 .)
A L L IA N C E R E A L T Y C O . (T H E )— Incorp. in N . Y . June * 1 8 9 9 . E n ­
gaged in the business of holding, managing and dealing in real estate. Owns
$ 1 ,2 5 0 ,0 0 0 out of $ 2 ,000,000 pref. stock and $1 ,6 2 0 ,4 0 0 out of $2,000,600
com . stock o f The Broad Exchange C o ., and also stock Interests in other
concerns.
S T O C K .— 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 of stock at the rate of four shares of stock of no par value for each
share o f $100 par value.
D I V S .—
I ’0 2 -’0 5 . '0 6 -’09. ’ 10. ’ 1 1 -T 3 . ’ 14. ’ 1 5 -’20. ’2 1 -’23. ’2 4 ’25.
Per cen t------- \ 6 yrly. 8 yrly. 14 8 yrly. 7 X 6 yrly. 8 yrly. 10
8
Also paid 2 5 % in stock on D ec. 15 1922.
Paid in 1926: Jan. 15, 2 0 % in stock; Jan. 27, 2 % ; April 16, J u ly 21
and O ct, 18, 50 cents quar. per share on new no par stock.




143

INDUSTRIAL STOCKS AND BONDS

Oct 18 1926
N o v 1 1926
O ct 1 1926
N o v 15 26
O ct 15 1926

50c Checks mailed
$1 Checks mailed
I H Checks mailed
IX
1X

R E P O R T .— For 1925, in V . 122, p . 752, showed:
Calendar Y ea rs—
1925.
1924.
1923.
N et income, real estate
$559,265
$488 ,25 4
$452 ,42 7
oper. and invest______
Corp. exp., incl. t a x e s ..
92,3 5 8
73,743
75.141

$280 ,43 2
3 4,696

N e t earnings__________
$466 ,90 7
$414,511
Six M o n th s Ended Jun e 30—
N e t from operation and sales o f real estate_______
Interest on mortgage_________________________________

$377 ,28 6
1926.
$129 ,79 9
33 ,0 7 9

$245 ,73 6
1925.
$ 8 3,147
3 1 ,6 3 2

Balance, surplus____________________________________
Other income_________________________________________

$ 96,720
167.214

$ 51,515
137,086

Total incom e________________________________________
Expenses and all taxes________________________________

$263 ,93 4
5 7,236

$188 601
27.823

1922.

N e t income--------------------------------------------------------------$206 ,69 8
$160 ,77 8
O F F IC E R S .— P res., W alter T . Rosen: V .-P re s ., Harry S. Blacic and
Olarke G . D ailey: Sec. & T reas.. Howard W . Sm ith. Office, 115 Broad­
way, N ew Y o rk .— (V . 123, p. 4 5 7 .)
A L L IE D C H E M IC A L & D Y E C O R P O R A T I O N .— Incorp. In N . Y . on
Dec. 17 1920 as a consolidation by means of stock ownership of the control
ef General Chemical C o ., Sem et-Solvay C o .. The Solvay Process C o .,
The Barrett C o . and National Aniline & Chemical C o ., Inc. The plan
provided for the exchange of the pref. and com stocks of the consolidating
'•ompanies by the holders thereof, based on their outstanding capitalizations
for the stock o f the “ new co m p a n y ".
The plan was declared operative in D ec. 1920. For details o f plan,
terms o f exchange, & c., compare V . I l l , p . 1379.
General Chemical C o . was incorp. Feb. 15 1899 in N . Y .
Its business
Is the production, manufacture and sale of acids and other chemicals.
The Solvay Process C o. was incorp. Sept. 28 1881 in N . Y . and is engaged
in the manufacture o f alkalis and soda products in the U . S ., operating
plants at Syracuse, N . Y . , D etroit, M ich ., and Hutchinson, K a n . SemetSolvay C o. was incorporated Jan. 31 1916 in N ew York and is engaged in
the manufacture o f coke and its by-products. The Barrett C o. was incor­
porated Feb 6 1903 in New Jersey, its business being the manufacture and
sale of coal tar products.
National Aniline & Chemical C o. was incorpora­
ted M ay 26 1917 in N . Y
Business is manufacture and salp of dvestuffs.
The company, in D ec. 1924, was cited by the Federal Trade Commission
for alleged violation of certain provisions o f the C layton A ct. Compare
V. 119, p. 2882: V. 120, p. 960.
S T O C K .— The preferred stock has equal voting rights with common
nock and is redeemable in whole or in part at 120.
The authorized capital was increased on M ar. 7 1921 from 37 3 ,2 6 4 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 ,1 4 3 ,4 5 5 shares
of common stock without par value.
D I V I D E N D S .— Initial div. on com . o f $1 per share was paid M a y 2 1921
same amount paid quar. to N o v . 1 1926. On pref. paid 1 3 % quar. from
A
April 1 1921 to O ct. 1 1926.
R E P O R T .— For 1925, in V . 122, p . 1905, showed:
„
.
1925.
1924.
1923.
1922.
Gross income after prov.
for deprec., obsol., all
State & local taxes, re­
pairs and renewals___ $ 2 3 ,140 ,592 $2 1 ,0 5 9 ,6 9 0 $ 2 1 ,9 7 4 ,5 5 8 $ 1 7 ,280 ,368
Federal taxes____________
2 ,5 7 4 ,0 0 0
2 ,5 1 9 ,7 2 9
2 ,8 2 6 ,0 8 6
2 ,165,413
N e t income---------------- $20,5 6 6 ,5 9 2 $18,539,961 $19,1 4 8 ,4 7 2 $15,114 ,955
Previous surplus------------ 141,288 ,099 134,209 ,968 126,428 ,336 122,659,080
Total surplus-------------$ 1 6 1 ,8 5 4 ,691$ 152,7 4 9 ,929$ 145.5 7 6 ,808S 137,774.035
Pref. divs. ($7 per share) 2,7 4 9 ,9 4 3
2,7 4 9 ,7 6 8
2,7 3 5 ,0 9 4
2 ,731,942
C om . divs. ($4 per share) 8 ,7 1 2 ,4 3 6
8 ,712,062
8 ,631,746
8,613,757
Profit & loss surplus_$150,3 9 2 ,3 12$ 141,2 8 8 ,099$ 134,2 0 9 ,968$126,428,336
O F F IC E R S .— Chairm an, W m . H . N ichols; Pres., Orland F. W eber;
V.-Pres., W . H . Nichols Jr. and Clinton S. Lutkins; Sec., V * D . Crisp;
Treas.. Thom as E . Casey; C o m p ., Frank N a y . Office, 61 Broadway. N . Y
D IR E C T O R S .— W m . H . Nichols, W . H . Nichols Jr., Charles Robinson
Smith, Orlando F . W eber, W m . G . Beckers, W alter E . Frew, Rowland
Hazard, Armand Solvay, Em m anuel Janssen and Roscoe Brunner.—
(V . 122, p. 1905.)
A L G O M A S T E E L C O R P O R A T I O N .— See Lake Superior Corporation
below.
A L L IS -C H A L M E R S M A N U F A C T U R I N G C O .— O R G A N I Z A T I O N .—
incorporated in Delaware on M ar. 15 1913 as successor of the Allls-Ohalmers C o. (forclosed) per plan V . 94, p. 913. M anufactures heavy ma­
chinery and electrical apparatus.
S T O C K .— The 7 % cumul. pref. stock is pref. both p. & d. It m ay ele
a m ajority of the directors and is redeemable at 110 and divs. V . 102.
1724; V . 106, p. 1128.
N o mortgage lien while any pref. stock remains outstanding, unless 8 0 %
of preferred consents.
D IV ID E N D S —
’ 16. ’ 17. ’ 18. T 9 . ’20. ’2 1 -’24. ’25.
6 6M
7
7
7 7 yrly.
7
Preferred regular)----------------------------------On accumulations________________________
3 3%
3
3 15^
C om m on__________________________________ __ __
__
__
2 4 yrly. 5 X
In Jan. 1920 the accumulated preferred dividends were paid off in full
with a paym ent o f 1 % % .
Initial dividend on common stock o f 1 % was paid A u g. 16 1920: same
amount paid quarterly to Feb. 16 1925; M a y 15 1925 to N o v . 15 1926 paid
I X % quarterly.
R E P O R T .— For 1925, in V . 122, p . 2229, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
Sales billed---------------------- $ 2 8,921 ,357 $27,855 ,524 $ 2 5 ,612 ,709 $20,7 9 4 ,0 4 6
Cost (incl. deprec., de­
vel., selling, publicity
& adm . e x p .)--------------- 2 5 ,639,655 24,75 1 ,9 2 8 2 3 ,0 3 2 ,9 9 6
19,205,871
Factory profit-------------$3,28 1 ,7 0 2 $ 3 ,103,596 $ 2 ,5 7 9 ,7 1 3 $ 1 ,588,175
Other incom e------------------689,666
632,504
654,924
920,375
N et profit----------------------- $3 ,9 7 1 ,3 6 8
Reserved for Fed’l taxes
and contingencies------554,000
Preferred dividends____
1,154,811
Com m on dividends--------1,546,242

$3,736,101

$3 ,2 3 4 ,6 3 6

$2 ,5 0 8 ,5 5 0

5 15,000
1,154,811
1 ,030,830

5 3 1,000
1,154,811
1 ,030,830

300,000
1,154,811
1,030,830

Balance, surplus--------$716 ,31 5 $1,035,461
$517 ,99 6
$22,908
Report for 3d quar. o f 1926 in V . 123, p . 2 264 .
O F F IC E R S .— Pres., O tto H . Falk; V .-P . & G en. A ttorn ey, M a x W .
Babb: Sec. & C o m p t.. W . A Thom pson: T reas., R . D ill. Office, M il­
waukee, W is .— (V . 123, p . 2522.)

144

[Y ol. 123.

INDUSTRIAL STOCKS AND BONDS

M I S C E L L A N E O U S CO lI P A N I E S
[F or abbreviations, & c ., see notes on pa ge 61

D ate
Bonds

A m a lga m ated L e a th e r C o s, I n c . — Com stk 175,000 sh auth
Preferred (a & d) stock 7 % cum $5,00 0 ,0 0 0 auth red I I S A m algam ated S u g a r Co — Com m on stock 724.624 sh______
1st Pref a A d stk $ 5 ,0 0 0 ,0 0 0 8 % cum call 120 s f 2 % o f issue
First (closed) m tge s f gold call 1 05 _ _________________ xxxc*
A m e rad a C o r p o r a tio n — Stock 1,0 0 0 ,0 0 0 shares a u t h _______
American Agricul Chemical Co— Stock com m on 550,000 ,000
Pref (a & d) 6 % oum * 5 0 ,0 0 0 ,0 0 0 ____ _______
________
First ref m tge s f gold bonds Ser A red (text) _ -O B .x x x c *A r*

....
1922

1921

Par
V alu e

B ate
%

W hen
P a ya b le

None
175,000 sh.
$100 $ 5 ,000,000
N one
724,624 sh.
100 $4,27 1 ,4 0 0
Q— F
8
1 0 0 A c
3 .354.000
A A O
7 g
N one 923,075 shs See text Q-J 30
3 3 .322,126 see text
lu i
ion 28,455.200 See text
500 Ac 2 0 ,2 0 9 ,5 0 0
7 )4 g F A A
10
50

American Bank Note Com pany — Com stock 5 1 0 ,0 0 0 ,0 0 0 ____
Preferred (a A d) 6 % cum $ 5 ,0 0 0 ,0 0 0 ________
___________

A L P IN E M O N T A N S T E E L C O R P , A U S T R IA — V . 123. p. 2523 .)
A M A L G A M A T E D L E A T H E R C O M P A N IE S , IN C .— Incorp. In M arch
1910 In Delaware as the P. Blum enthal C o .; present name adopted N o v . 17
1919. Manufacturers o f black and colored glazed kid and other classes of
leather largely used in the manufacture o f shoes. Plants are located in
W ilm ington, D el.
S T O C K .— See table at head o f page.
D I V I D E N D S .— On present capitalization payments have been made a8
follows: On pref., paid l % % quar. Jan. 1 1920 to Oct. 1 1920; none sinceOn com m on, initial paym ent o f $1 per share was made Jan. 1 1920; April 1
and July 1 1920, $1 each; none since.
R E P O R T .— For 1925 showed:
iqoq
1Q92
Calendar Y ears—
1925.
1924. m
Income from operations _
$ 889 ,12 7
$842^077 loss$675,995
$ 224 ,56 9
Previous balance________
_______
_______ adj. d f805463
1,712,831
Capital surplus________ a d jl.1 1 5 ,4 9 3 ad j. 918,766 a d j.161,557
Balance o f cap. surplus $ 2 ,0 0 4 ,6 2 0
$ 1 ,143,335 $1,00 3 ,6 3 4
$231,372
6 M on th s Ended Ju n e 30—
1926.
1925.
1924.
N e t profit, after Federal tax reserve._
$813,551
$532,046
$200,347
O F F IC E R S .— Pres. & T reas., John B . Blatz; V .-P . & Sec., Louis HalleV .-P ., W illiam C . B latz; A sst. T reas., P . H . Van Bloem . Office, 315 Arch
S t.. Philadelphia.— V . 123. p . 1116.)
A M A L G A M A T E D S U G A R C O . ( T H E ) .— O R G A N I Z A T I O N .— Incorp!
Jan. 1915 in U tah . Owns eight beet sugar plants at Ogden, Logan, Lewis
ton, Cornish and Sm ithfield, U tah , and Burley, Twin Falls and Paul. Idaho'
S T O C K .— The stockholders in N o v . 1921 reduced the com . stock from
2 ,5 0 0 ,0 0 0 shares, par $10, to 7 2 4,624 shares of no par value and making it
assessable, but limiting the assessments to $1 50 in five years.
A m ajority of the common stock is held in a voting trust.
A n assessment of $1 39 a share on the outstanding common stock was
levied, payable N o v . 10 1921. Compare V . 113, p. 1474. 1677. 2082.
A n issue of $ 3 ,8 7 5 ,0 0 0 7 % bonds was sold in M a y 1922; retired to Feb. 28
1926, $ 5 21 ,00 0. V . 114, p . 2243.
D ivid en d s.— The pref. div. due to be paid A u g. 1 1921 was om itted, no
payments being made until June 15 1923, when 2 % quar. and 8 % on
account o f accumulations was paid; A u g. 1 1923 to Feb. 1 1924 paid 2 %
quar. On M a y 1 and A u g. 1 1924 paid 2 % quar. and 3 % on account o f
accumulations, clearing up all back dividends. N o v . 1 1924 to N o v . 1 1926
paid 2 % quar.
P rod u ction and N et E a rn ings Y ea rs E n din g F eb. 28.
Y ea r—
1922-23.
1923-24.
1924-25.
1925-26.
Production (lb s.)________ 9 6 ,7 9 2 ,9 0 0 146,3 1 3 ,5 0 0 64.56 1 ,9 0 0 127,493,000
N et after Fed. taxes____
$818 ,91 4 $2 ,3 9 8 ,1 7 2
$194,943
__________
O F F IC E R S .— Chairm an, A . W . Ivins; Pres., Henry H . Rolapp; V .-P . &
G en. M g r ., E . S. Rolapp; Sec., F . S. Y oung; Treas., A . P . Bigelow. Office,
Eccles B ld g ., Ogden, U ta h .— (V . 122, p . 3213.)
A M E R A D A C O R P O R A T I O N .— Organized under laws of Delaware as
a holding corporation. On June 30 1926 Amerada Petroleum C orp., the
principal operating subsidiary of Am erada C orp ., owned oil and gas leases
on an aggregate area of 44 6 ,2 9 3 acres; mineral rights in perpetuity on 1,475
acres; 60 acres of land in fee; 8 casinghead gasoline plants, tankage with a
storage capacity of 660,000 barrels of oil, and miscellaneous equipment and
property, including a 4 2 ) 4 % interest in the Geophysical Research C o rp .,
which is a New Jersey corporation with an authorized capital of 3 ,0 0 0 shares
o f the par value of $100 per share, of which 1,400 shares were outstanding
on June 30 1926. This latter company is engaged in research work and the
development o f scientific methods for the location o f oil and gas deposits.
On June 30 1926 Amerada Petroleum C orp. owned lands in fee, leases and
mineral rights on 4 4 7 ,8 2 8 acres of land situated in the States of Oklahoma,
K ansas, Louisiana, Arkansas and Texas, distributed as follows:
A rk.
Total
Oklahoma. K a n sa s.
La.
Texas.
Producing__________
5,4 8 3
1,500
2,635
353 V .090
119
U nderdevelopm ent____
3,6 8 0
520
3,031
94
7,3 2 5
Undeveloped_______ 2 3 3 ,5 2 3
114,245 19,488 54,603
7,019 428,878
M ineral rights in perpet.
1,475
_____
1,475
Land owned in fee______
____
____
—
—
60
60
7 ,432 4 4 7.828
T o ta l__________________ 244.161 161.265
19,701 60,269
S T O C K .— See ta b le at head of page.
D I V I D E N D S .— On new shares of no par value paid initial div. o f 40ca share on April 30 1926; on July 30 and O ct. 30 1926 paid 50c. quar.
R E P O R T .— For calendar year 1925 and 6 months ended June 30 1926.
in V . 1 2 3 , p . 8 4 5 , showed:
C on solidated In co m e A c c o u n t (C om pany & S u bs.).
Cal. Y ea r 6 M o s . E n d.
1925.
Jun e 3 0 ’ 26
O il, gas and gasoline sold and consumed____________ $ 8 ,821,199 $6 ,7 4 1 ,1 9 7
Decrease in stocks on hand_________________________
648,513
446.388
Purchases, oper. & adm . exps. (excl.Fed. ta x es). 2 ,7 2 4 ,2 3 9
1,6 6 5 ,6 2 2
Leases abandoned, & c________________________________
939,991
692,801
Balance_________________ ______ ___________________
$4,508,455
Other incom e...................................................... .....................
192,914

$ 3 ,936,385
120,546

N et profit.................
$4,701,369
Depreciation___________________________________________
937,938
Depletion on cost_____________________________________
1,153,618
Federal income taxes_________________________________
111,385
Dividends paid________________________________________
879,750

$4,056,931
564,404
1,154.668
136,000
8 73,620

Balance, surplus____________________________________ $ 1 ,618,678 $ 1 ,3 2 8 ,2 3 9
■------------------ Q uarter Ended--------------------9 M o s . End.
Period—
Sept. 30 ’26. Jun e 30 ’2 6 . M a r . 31 ’ 26. Sept. 30 '2 6 .
Gross oper. incom e______$ 4 ,2 9 8 ,4 8 3 $ 3 ,9 8 9 ,0 4 7 $2,305,761 $10,593,291
Oper. costs, admin, exp .,
leases abandoned, A c .
1 ,617.068
1,4 4 1 ,9 6 6
916,457
3 ,975,491
Operating incom e____ $ 2 ,6 8 1 ,4 1 5 $ 2 ,5 4 7 ,0 8 0 $ 1 ,389,305 $ 6 ,617,800
Other in c o m e ............... ..
6 2 ,3 6 7
79 ,5 4 9
4 0,997
182.913
Total in c o m e .. ...........$2 ,7 4 3 ,7 8 2 $ 2 ,6 2 6 ,6 2 9
D e p r., depl. & Fed. t a x .
1 ,248,840 1 ,2 3 6 ,3 9 7

A m ount
O utstanding

$1,430,302 $6,800,713
6 18,675
3,103,911

4 ,945,250 See text
6
4 ,4 9 5 ,6 5 0

Q— F
Q— J

Last D ividend
and M a tu rity

Places W here Interest a n t
D ividend s are P ayable

July 1 1920. $1
O ct 1 1920, 1 H
Apr 1 1918 3 %
N o v 1 1926 2 %
April 1 1937
Oct 30 '2 6 , 50c.
See text
Apr 15 ’21 1)4
Feb 1 1941

Irving B k A T r C o, N Y
do
do
C o ’s office, Ogden, Utah
Bankers Trust O o, N Y
M ercT r, 8 F . B a T r . N Y

O ct 1 1926
O ct 1 1 9 2 6

Checks mailed
do
Lee, Higginson A Oo,
N Y , Bos A Chicago
4 % Checks mailed
I X Checks mailed

28 fertilizer plants and 4 mining plants. Also owns the Charlotte Harbor
A Northern R y . Th e Seaboard Air Line R y . in A u g. 1925 entered into a
contract with the com pany for the acquisition o f the Charlotte Harbor A
Northern R R . under a 3-year lease and for the purchase of the property
at the expiration of the lease.
B O N D S .— All o f the outstanding 1st m tge. 5 % convertible gold bonds
due O ct. 1 1928 were redeemed on O ct. 1 1926 at 103 and int.
The $30,0 0 0 ,0 0 0 first ref. m tge. 7 )4s are secured Dy a mortgage on all real
estate, plants and equipment, now owned or hereafter acquired, subject
only to the first (closea) mortgage 5s, to retire which first refunding m tge.
bonds are reserved. T h e mortgage provides that the 1st m tge. 5 % bonds
ihall not be extended, so that upon their paym ent, at or before m aturity in
1928, the 1st ref. m tge. will become a first m tge. on all the properties.
None of the subsidiary companies has any funded debt.
Future series m ay bear such rate o f interest, m ature at such tim es, be
callable at such prices, have such convertible or tax provisions and be paya­
ble in such currencies and at such places as the directors m ay determine.
The total mortgage debt shall never exceed 7 5 % of the value of the m ort­
gaged property, based upon the book valuation June 30 1920. plus the cost
»r fair value (whichever m ay be the less) o f property subsequently acquired
•ubject to the mortgage.
The total combined net assets o f the com pany and its subsidiaries, after
deducting all 1labilities except funded debt, shall equal at least 2 5 0 % of
the entire funded debt. Including bonds proposed to be Issued.
I f the total combined current assets fall below 1 6 0 % o f total current
liabilities, the com pany shall declare no further dividends upon its common
dock until said ratio is restored;i f below 1 6 0 % i t will default under mtge.
N o further 1st refunding bonds shall be issued unless the average annua]
iet earnings for the last three fiscal years, applicable to interest charges,
ihall je twice the annual interest charges on the funded debt outstanding,
ncluding the bonds proposed to be issued.
The bonds are callable all or part at 105 prior to F eb. 1 1926, during next
5 years at 1 0 3 )4 ; next 5 years at 1 0 2 )4 ; next 4 years at 101; last year at
?OOH.
Three per cent annually o f total 1st ref. m tge. bonds to be used for pur­
chase or call and retirement of bonds sufficient to retire before m aturity
more than 5 0 % o f the amount of the present issue. In addition a sinking
fund of $375 ,00 0 per year is operating to retire the first m tge. 5 % bonds.
Com m on D ividends (Rate % . )
jran.'12-JulyT6.
O c t.’ 16-July’ 17.
O c t .’ 17-Ju IyT 8.
O c t .’ 1 8 -A p r.’2 1 .
i % p .a .( l % q u .) 6 % p .a .( l
% q u .) (6 % p .a .( l )4 % q u .) 8 % p .a .(2 % q u .)
N o te .— The Jan. and Apr. 1921 divs. were paid in scrip convertible inte
common stock at par; none since. On pref., July 1921 and subsequent
iivs. have been deferred. V . 112, p. 2539: V . 113. n 1363
R E P O R T .— For year ended June 30 1926, in V . 123. p . 1245. showed:
[Incl. subs. cos. and investments in Charlotte Harbor & Northern R y . and
Associated Companies.
1926.
1925.
1924.
1923.
Consol, income after de­
du ct’g oper. charges &
int. on notes pa yable. $5 ,3 0 3 ,4 4 5 $ 6 ,8 1 1 ,4 7 8 $5 ,9 5 3 ,2 2 0
$ 6 ,3 0 6 ,1 2 9
Less reserves for freights,
1 ,314,680
1,762,891
disc., doubt’la c c ’ts,& c 1,146,020
1 ,863,999
2 ,0 5 1 ,4 0 2
In t. paid and accrued___
2 ,3 4 0 ,5 3 6
2 ,5 2 9 ,9 4 2
2,4 4 1 ,3 6 7
Plant depr. & mines depl. 1,082,311
1,110,447
1 ,5 1 1 ,8 1 5
1,535,481
T otal ...................................$ 4 ,279,733
N e tp r o fit__________
$ 1 ,0 2 3 ,7 1 2
Previous d e ficit-................ 17,860,237

$ 4 ,765,663
$2 ,0 4 5 ,8 1 5
1 9 ,404,876

$ 5 ,8 4 0 ,7 5 7

$ 5 ,8 0 4 ,6 4 8
$112 ,46 3 $501,481
1 2 ,8 1 7 ,5 8 4 s u r l,5 4 5 ,8 8 0

Total deficit........ ............$16,836 ,525 $17,359 ,061 $ 1 2 ,705 ,121 sr$2,047,361
Reduc. in capital assets.
_______
$501 ,17 6
Inventory a d ju s tm e n t..
_______
_______
IIIIII
$1,8021262
Reserves:
Bad A doubtful rec___
_______
_______
$6 ,6 9 9 ,7 5 4 $3,241,181
U nam ort. bond disc. &
expenses____________
_______
_______
.............
2 ,1 6 8 ,3 5 2
Federal taxes, & c____
_______
_______
.............
1,2 5 0 ,0 0 0
A d j. o f prop, v a lu e s ._
_______
_______
_______
5,1 6 5 ,3 6 2
Losses on sundry in v .
_______
_______
_______
47 5 ,8 6 0
M isc. surplus a d j____
_______
_______
.............
761,927
Profit & loss d e f i c i t ...$ 1 6 ,8 3 6 ,5 2 5 $ 1 7 ,8 6 0 ,2 3 7 $ 1 9 ,404 ,875 $12,8 1 7 ,5 8 4
D I R E C T O R S .— R obert S. Bradley (C h m n .). G eo. B . Burton fPres.)John Foster D ulles, Charles B . W hittlesey, James S. Alexander, Samuel
F. Pryor, G . C . Lee, G . C . Clark Jr., C has. H ayden. Philip Stockton and
Horace Bowker ( V .- P .) . Jas. A . Starrett is Sec. and A . W . Goeller is Treas.
N ew York office. 2 Rector St.— (V . 123 p . 1999.)
A M E R IC A N B A N K N O T E C O .— O R G A N I Z A T I O N .— Incorporated in
N . Y . Feb. 20 1906 as United Bank N ote C o rp ., per plan V . 81, p. 1851,
1794; V . 9 2 , p . 1315, 1503; V . 96, p. 714. H as plants in New Y o rk and
Chicago, and office building at 70 Broad S t., N . Y .
V . 104, p. 8 59. In
O ct. 1919 sold the old plant on Trinity Place, N . Y . V . 109, p. 1793.
S T O C K .— N o lien or new stock without assent of 8 0 % o f each class.
1 1stockholders on D ec. 1 1925 approved the change in the authorized
common stock from 200,009 shares, par $50, to 1 ,000,000 shares, par $10.
Five shares of the new stock were issued in exchange for each share o f
common stock held. Each share of preferred stock will have five votes and
each share o f common stock o f $10 par value one vote.
Preferred 6 % stock of foreign subsidiary held by public D e c . 31 1 9 2 5 ,

$386,410.

D I V S .—
f ’ 12. T3. ’ 14.-T5.-T6. T 7-T 9. '20. ’21. '22. '23. '24. ’25.
C om m on ____ % )
5
6 3X
2
4
6
7 8
* 3 0 1 9 3 4 25 16
♦Also paid 1 0 % in common stock.
Paid in 1926: Jan. 2, 4 % ; April 1, 4 % ; July 1, 4 % ; O ct. 1, 4 % .
R E P O R T .— For 1925, in V . 122, p . 1173 and 1613, showed:
C al.
P rofits (a ft.
M is c e l.
P en sion
C om m on
B alance.
Y r. D e p r .& c .)
In c o m e.
F d ., & c . P r e f .D iv .
D ivid en d s.
Surplus.
1 9 2 5 -.$ 1 ,6 3 3 ,1 2 9
$168 ,34 2 $29 5 ,2 6 7 $269 ,73 9
$ 989 ,05 0 $305,752
1 9 2 4 ..
1,9 1 0 ,3 7 8 30 5 ,8 7 4
2 9 5 ,2 8 7
26 9 ,7 3 9
1 ,2 3 6 ,3 1 2
414,914
1 9 2 3 -.
1 ,988,689
155.370
2 91.757
269,739
964,101
618,461
1922—
1 ,703,759 200,346
2 69,637
2 69.739
1 ,3 4 8 ,7 1 0
16.019
--------------------Quarter Ended-------------------- 9 M o s . End.
Period—
Sept. 30 ’26. Ju n e 30 ’26. M a r . 31 ’2 6 . Sept. 30 ’26.
xOperating profit.............
$613,012
$584 ,10 9
$ 439 ,97 5 $1,63 7 ,0 9 7
Other in c o m e .....................
58,281
46 ,4 9 9
4 0 ,3 6 4
145,143

O F F IC E R S .— Pres., E . L . D eGolyer; V .-P re s ., A . Jacobsen and John
M . Lovejoy; T reas., Herbert J. Carr; S ec., R obert N ock. Office, 65 Broad­
w a y , N ew Y o rk .— (V . 123, p . 2 263 .)

Total incom e..................
D e p r e c ia tio n ,...................
M isc. charges, & c . ...........
Preferred dividends____
Com m on dividends...........

A M E R IC A N A G R I C U L T U R A L C H E M IC A L C O . (T H E ).— O R G A N I .
Z A T I O N .— Incorp. in April 1899 in Connecticut under special charter;
V . 6 8 , p . 974, and V . 72, p. 672; V . 73, p . 664; V . 75, p. 241, 292, 440;
.7 7 , p . 399; V . 83, p. 1230; V . 84, p. 272; V . 87, p. 874; V . 92, p . 324;
.93. p . 1669; V . 94, p. 2 09: V . 98, p . 5 25. See V . 71, p . 545. Operates

$270 ,29 0
$ 212 ,87 8
$110 ,59 7
$593,765
S u rp lu s.............. ..............
x After expenses and Federal taxes.
O F F IC E R S .— Pres., D . E . W oodhull; 1st. V .- P ., A . C laxton Cary;
Sec. & C o m p ., John P . Treadwell, J r.; T reas., Charles L . Lee. Office,
70 Broad S t ., N . Y . — (V . 123, p . 2 3 9 3 .)

N e t income........ ............$ 1 ,494,942




$ 1 ,3 9 0 ,2 3 2

$ 811 ,62 8

$ 3 ,6 9 6 ,8 0 2

$671,293
6 7,138
6 8,620
6 7,435
197,810

$630 ,60 8
65,2 9 8
87,1 8 8
67,4 3 4
197,810

$ 480 ,33 9
63,3 2 4
41 ,1 7 4
6 7,434
197,810

$ 1 ,782,240
195,759
196,982
202,304
593,430

145

INDUSTRIAL STOCKS AND BONDS

N ot., 1926.]

D ate
Bonds

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviations, A c . , see n otes on p a g e 8]

A m e ric an B eet S u g a r— Com m on stock 260,000 shs auth__
Pref (a & d) stock 7 % cum red 110 $6 ,0 0 0 ,0 0 0 au th ------10-yr (closed) conv sinking fund debs red (te x t).B a .k x x x
M in n Sugar Corp 1st (closed) M ser g bds red(text) C olxxxc*
Am er B osch M agn eto C orp— Stock 250,000 shares------------American Brake Shoe & Foundry— Com stk 40 0 ,0 0 0 sh .au tb
Pref (a & d) stk 7 % cum red 110 $10,000,000 auth________
A m erican Brow n B overi E lectric C orp—
Participating stock (see text) 1,000,000 shares au th _______
Preferred stock 7 % cumulative $ 1 0,000 ,000 authorized___
N Y Shipbuilding Corp 1st M $25,0 0 0 ,0 0 0 g call 1 0 2 ^ :
sinking fund 2 ) 4 % _________________________________ U P .xc*

Par
Value

A m ou n t
Outstanding

None
S l>
w
500 &c
1925
1925 50 0 -1 0 0 0
N one
N one
100
N one
None
100
1916

S T O C K .— The stockholders on Jan. 20 1925 changed the capital stock,
consisting of $15,0 0 0 ,0 0 0 com m on and $5 ,0 0 0 ,0 0 0 6 % non-cum ul. pref., to
$ 6 ,0 0 0 ,0 0 0 7 % cumul. pref. stock, par $100, and 2 60,000 shares of com.
stock o f no par value, the old stock being exchanged for the new stock on
a share for share basis.
D I V I D E N D S — f ’ l l . T 2 . ’ 1 3 -’ 15. '1 6 . T 7 . ’ 1 8 -’2 0 . '2 1 .'2 2 - ’2 3 . ’24 ’25
C om m on_________ %| 1)4. 5
N il
4 )4 7 H 8 y r l y .
2
N one
3
4
do e x tra ____ % [ - --12
_____________
Paid in 1926: Jan. 3 1 , 1 % : none since.
T h e pref. div. due to be paid on O ct. 1 1926 was deferred.
B O N D S .— The 10-year 6 % (closed) convertible sinking fund debentures
are redeemable at 105 and int. up to and incl. Feb. 1 1926 and thereafter
at 105 less
for each succeeding year.

W h en
Payable

See text
See text
F & A
6
M & N
6 g
See text
See text Q — M 31
7
Q— M31

3 9 2 ,5 5 6 shs. See text
3OO,OO0shs.
7
$3,00 0 ,0 0 0

100 &c

A M E R IC A N B E E T S U G A R C O .— Incorp.
larch 24 1899.
Owns
and controls 8 beet sugar factories, o f which 5 are In active operation, In
California, Colorado, Nebraska, M innesota and Iow a, with a capacity of
8,4 0 0 tons of beets per day. I t also owns and controls 33,687 acres of land,
located adjacent to its factories. The company early in 1925 acquired the
entire issues of cap. stk. of M innesota Sugar C o. and Northern Sugar Corp.
California, Colorado, Nebraska, M innesota and Iow a, with a capacity Id
excess of 2 5 0 ,0 0 0 ,0 0 0 pounds of sugar per annum. I t also owns and
controls 33,605 acres of land, and leases 13,796 acres additional, located
adjacent to its factories. Th e com pany early in 1925 acquired the entire
issues of capital stock o f the M innesota Sugar C o . and Northern Sugar Corp.

150.000 sh
$5,00 0 ,0 0 0
3 .4 0 3 .0 0 0
1.200.000
20 7 ,3 9 9 sh
156,093 sh
9 ,5 3 8 ,5 0 0

Rate
%

5 ,5 2 3 ,8 0 0

5 g

Last D ividend
and M a tu r ity

P laces W h ere In terest ana
D ivid en d s are P ayable

See text
July 1 ’26
1%
Feb 1 1935
M a y 1 ’ 28 to ’41
Oct 1 ’ 21 * 1 .2 5
Sept 30 ’26 $1 )4
Sept 30 ’26 1 H

Checks mailed
Cheeks mailed
Bankers Trust C o , N Y
Irving B k & T r C o ,N Y
First N at B ank. Boston
30 Church St. N Y
do
do

O ct 20 ’26
Q— J
M

&

50c.

O ct 1 1926

1H

N N o v i 1946

B an kersT rC o.N Y .& P itta

industry with a new braking material and brake shoe for motor vehicles.
Production will be centred at the Lancaster, N . Y . , plant o f the American
M alleables C o ., also a subsidiary o f American Brake Shoe & Foundry C o .
C A P I T A L S T O C K .— Th e shareholders on July 1 1920 ratified a plan
for recapitalization in accordance with which: (a) Holders o f the old Pre­
ferred stock were entitled to receive in exchange for each share thereof one
share of the new 7 % cumulative preferred stock and three shares o f the
new common stock. (6) Holders o f the old common stock were entitled
to receive in exchange for each share thereof one share o f the new 7 %
cumulative preferred stock. The plan approved called for the issuance
o f $10,000 ,000 7 % cum ul. pref. stock, red. at 110, and 400,000 shares
o f common stock o f no par value. Compare V . 110, p . 2293, 2569.
The new Pref. stock Is entitled to 7 % cumulative dividends and has v o t­
ing rights. Redeemable, all or In part, at $110 per share and accumulated
dividends. The new common stock is entitled to dividends at the discre­
tion of the board, after dividends on the new pref. stock have been paid.
The new common will not have voting rights until they shall be granted b y
a vote of a m ajority o f the new pref. stock. In case of liquidation, the new
pref. will be entitled to priority to the extent of par and accumulated divi­
dends. and the new common to the remaining assets.
D IV S .— On new common stock o f no par value: 1920. $2 regular and a
special div. o f $2: 1921, $4; 1922, $4: M a r. 31 1923 to Sept. 30 1925, $1 25
quar.; D ec. 31 1925 to Sept. 30 1926 paid $1.5 0 quar.
R E P O R T .— For 1925, in V . 122, p . 1314, showed:
Calendar Y ea rs—
1925.
1924.
1923.
*N et profits_______________ $2 ,7 8 6 ,6 0 7
$2 ,4 5 4 ,9 0 5 $ 2 ,727,097
Dividends— Preferred
667,695
667,695
667,695
C o m m o n ______________
829,900
789,599
792,083
300
11,617
112
D iv s. paid by sub. cos__

1922.
$ 2 ,120,540
667,725
620,496
216

Convertible at any tim e into com . stock at $50 per share, if converted on
or before Feb. 1 1927: thereafter at $60 per share if converted on or before
Feb. 1 1930 and thereafter at $70 per share.
The trust indenture will provide for a sinking fund o f $ 100 ,00 0 per
annum , payable sem i-annually out o f net earnings, to be applied to tht
purchase of debentures at not exceeding the then current redemption price
or to their redemption by lot at such price. V . 120, p. 585.
The M innesota Sugar C o. 1st (closed) m tge. 6 % serial gold bonds are
redeemable all or part on any int. date in reverse order of m aturity and
numerical order on 60 days’ notice, at par and in t., plus a premium of 1 %
for each year or part thereof of the unexpired term o f the bonds, such
premium in no event to exceed 5 % . V . 121, p. 3013.

* N et profits from operation o f plants are shown after deducting m anu­
facturing, administration and selling expenses and depreciation o f plants
and equipment and including dividends received on stocks o f associated
companies whose earnings are not incorporated herein and other income
(net) less estimated Federal taxes.

R E P O R T .— For year ending M arch 31 1926, in V . 122, p . 3213 , showed:
Y ears End. M a r . 31—
1925-26.
1924-25.
1923-24.
1922-23.
Gross sugar sales____ . . . $ 7 ,403,920 $10,192 ,815 $ 6 ,418,674 $5,65 6 ,7 9 4
Cost and expense___
7 ,8 4 5 ,2 0 4
8 ,751,148
4,709,868
4 ,571,563
Federal taxes________
23.211
215,880
144.792
153,584
Depreciation_________
631,833
4 24,339
342.026
352,011

O F F IC E R S .— Pres., J. B . Terbell; Vice-Presidents, James S. Thom pson,
W illiam S. M cG ow an, W m . F . Cutler, W m . B . Given, Jr., Thom as
Finigan and C has. P . W right; T reas., George C . Am es; Sec. George M .
Judd: C om p. W m . M . M c C o y . O ffice, 30 Church S t., N . Y . — (V . 123,
p . 1636.)

N e t earnings_______..d e f $ l , 096,328
Other in c o m e ______
456,949

$795,447
428,651

$ 1 ,221,988
293,985

$579,637
309,062

N et income_______ ___ def$639,379
$ 1 ,224,098
Preferred dividends...
(6 % )3 5 0 ,0 0 0 (6 % )3 0 9 ,7 2 0
Common dividends__ . . .
_________ (4 % )6 0 0 ,0 0 0

$1,51 5 ,9 7 3
3 0 0.000
6 00,000

$888,699
3 0 0,000

$615,973

$588 ,69 9

Balance, surplus__ — def$989,379

$314,378

O F F IC E R S .— Pres., R . W alter Leigh; V .-P ., F . Q. B row n; V .- P ., Elisha
Gee; V .-P . & Treas., Charles C . Duprat; Sec., Charles E . E ller. Office,
62 W illiam S t., New Y o rk .— (V . 123, P.E1879.)

A M E R IC A N B O SC H M A G N E T O C O R P O R A T IO N .— O R G A N I Z A ­
T I O N .— Incorp. in N . Y . Jan. 9 1919, and acquired the assets of every
character of the Bosch Magneto C o. of N . Y . C ity (previously German
ow ned), including a plant at Chicopee, M a s s ., &c. During 1925 the
com pany began producing radio receiving sets and radio loud-speakers.
Suits brought by former interests. V . 113, p. 296, 537; V . 115, p. 1535,
1841, 2049 , 2381; V . 117, p . 442; V . 118, p . 1913; V . 123, p . 1764.
Th e starting, lighting and battery ignition business o f the com pany was
sold to the Electric A u to-L ite C o . in M arch 1926.
S T O C K .— The stockholders on Oct. 13 1925 increased the authorized
capital stock from 175,000 shares to 250,000 shares o f no par value. The
stockholders o f record O ct. 23 1925 were given the right to subscribe for
69,133 additional shares of stock at $33 per share on the basis of one new
share for every two shares held. The proceeds were used to retire the $ 2 ,125,000 8 % gold .cotes at 105 on D ec. 1 1925
D I V I D E N D S .— Dividends 1919: April 5, $1 50; June 3 0 , $1 50; Oct. 1,
$2: 1920, Jan. 2, $2; April 1, $2 50; July 1, $2 50; July 15, 2 0 % payable in
stock. O ct. 1 $2 50; 1921, Jan. 2 , $2 50; April 1, $1 25; none since.
R E P O R T .— For 1925, in V . 122, p . 2332, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
Operating p r o f i t .............
$882,053
$491,479
$148,711
$25,914
Interest on gold notes___
160,000
184,1671--------- N o t shown
D epreciation____________
20 0 ,6 6 0
1 9 9 ,6 8 6 /
Reserve & adjust’t, & c . .
_______
_______
54,6 3 6
23,582
N e t p r o f it ........................

$521,393

$107,626

$ 9 4,075

$2,332

— Q uar. E n d . Sept. 30----------9 M o s . E n d . Sept. 30—
1926
1925
1926
1925
N e t sales................................$3 ,1 7 5 ,6 7 3
$ 3 ,461,222 $9,987,651 $10,414 ,326
Operating p r o fit..............
72,023
156,232
4 17,837
587,261
D e p r e c ia t i o n ..................
71 ,6 3 2
50,1 4 5
173,694
150,112
In t e r e s t ...................... .........
.............
42,5 0 0
_______
131,666
Profit (bef. Fed. taxes)

$391

$63,587

$244 ,14 3

$305,483

O F F IC E R S .— Arthur T . M urray, Pres.; Arthur H . D . Altree, Leon W .
Rosenthal and G . J. Lang, V .-P s .; R . W . W ashburn, Sec.; M orris M etcalf,
Treas.— (V . 123, p . 2143.)

A M E R IC A N B R A K E SH O E A N D F O U N D R Y C O . (T H E ).— O R ­
G A N I Z A T I O N .— Incorp. in N . J. on Jan. 29 1902.
Reincorp. in Delaware,
effective O ct. 1 1916. Manufactures brake shoes for steam and electric
cars and castings. V . 105, p. 2453. Am er. Brake Shoe & Fd y. C o. of
C alif. V . 110, p. 1291. During 1919 acquired the Southern Fd y. &
M achine C o ., Chattanooga, Tenn. (V . 110, p. 1219), and during 1920
acquired a two-thirds interest in the Am er. Forge C o. V . 112, p. 1395.
On Sept. 1 1922 acquired control of the R am apo A jax C orp. V . 116,
p . 1409. In Feb. 1924 purchased the National Car W heel C o ., Pittsburgh.
V . 113, p. 796- The National Car W heel C o . and the Southern W heel C o.
were merged Jan. 1 1925 and are now operating under the name of Southern
W h eel Co.
I t was announced in Sept. 1926 that the A m e r ica n Brake M a teria l C orp.
had been organized as a subsidiary of the American Brake Shoe & Foundry
C o.
W ith the formation o f the new subsidiary the co. enters the automobile




Balance, surplus...........$1 ,2 8 8 ,7 1 2

$985 ,99 4

$1 ,2 6 7 ,2 0 6

$832,103

A M E R IC A N B R O W N B O V E R I E L E C T R IC C O R P .— Incorp. under
laws of New Y o rk , N o v . 28 1916, as the N ew Y o rk Shipbuilding C orp .,
with plant located a t Cam den, N . J. In O ct. 1925 the stockholders ap­
proved the change in name to present title, the company at the same tim e
acquiring the properties and business o f the Condit Electrical M fg . C o .
at Boston and the Scintilla M agneto C o. at Sidney, N . Y . In N o v . 1925,
acquired the M oloney Electric C o. o f St. Louis. V . 121, p . 2640. In Jan.
1926 acquired the Railway & Industrial Engineering C o. o f Greensburg,
P a ., and the Electric Developm ent & M achine C o . o f Holmesburg, P a .,
near Philadelphia. V . 122. p. 613. The Electric D evelopm ent & M achine
C o . has been merged into the Railw ay & Industrial Engineering C o .
The main plant at C am den, N . J ., includes one o f the largest and most
complete shipbuilding plants in the world, producing ships, river and
harbor craft o f all sizes and description in their entirety, as well as all of
their operating equipm ent, 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 Cam den to
increase its facilities for manufacturing heavy electrical apparatus.
The American Brown Boveri Electric C orp. is an American-owned and
American-managed concern, all but 3 % of its capital stock is held b y
American interests. Through its affiliation with Brown Boveri & C o ., L td .,
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 m ade available to the American m arket. The European
organization has its main plants in Switzerland, and associated companies
located in France, Germ any, Ita ly , N orw ay, and other European countries.
The Swiss com pany manufactures complete equipment for steam and
water power generating stations, including the largest units adopted by
the public utilities; all equipment for the transmission of electric energy
and the inter-connection o f system s.
It designs and builds all systems
for the electrification o f railways and all types of electric locom otives,and
in addition it builds Diesel electric locom otives, rapid transit, traction and
mine equipment, all equipment for industrial electric application, marine
drives, and a broad line o f mechanical equipment for gas utilities and the
steel Industry.
S T O C K .— The stockholders o f the N ew York Shipbuilding C orp. re­
ceived a dividend of $15 a share in new 7 % preferred stock and were offered
in exchange for each share held one share o f participating stock and one
share o f founders stock o f the new com pany.
The participating stock (after pref. stock requirements) is entitled to all
net earnings derived from the operation o f the business during the period
from O ct. 1 1925 to Jan. 1 1929, whether or not declared in dividends, prior
to said last mentioned date or thereafter, and to 6 5 % of all other net in­
come or gain. A ll net profit accruing from and after Jan. 1 1929 after
pref. stock requirements shall be declarable in dividends, 6 5 % to the par­
ticipating stock and 3 5 % to the founders stock.
On liouidation or disso­
lution, the participating stock is entitled to receive, after pref. stock re­
quirements, all undistributed net earnings derived from the operation o f the
business from O ct. 1 1925 to Jan. 1 1929, as well as 6 5 % o f the remaining
assets, the founders stock to receive the balance o f 3 5 % .
The partici­
pating stock has no voting power.
Voting power is vested exclusively in the founders stock, except in the
event o f default in the paym ent o f preferred stock dividends for four quar­
terly dividend paym ent periods, in which event the preferred stock is to
have equal voting power, class for class, with the founders stock, until
such time as the defaulted dividends have been paid and the regular divi­
dends on said preferred stock resumed.
D I V I D E N D S .— On pref. stock, paid initial d iv. o f 1 % % on Jan. 1 1926;
same amount paid quar. to O ct. 1 1926. In participating stock, paid
initial div. of 50c. per share on April 20 1926, same am ount paid July 20
and O ct. 20 1926.
R E P O R T .— For 1925 of the corporation, Condit Electrical M fg . C orp
Scintilla M agneto C o ., In c ., M oloney Electric C o ., R ailway & Industrial
Equipm ent C o . and Electrical D evelopm ent & M achine C o ., showed: N et
rofit from operations, $ 1 ,2 5 4 ,2 9 0 ; other income, $485 ,7 2 1 ; income charges,
3 1 ,3 2 1 ; net income after depreciation and interest charges and before
provision for incom e taxes, $ 1 ,7 0 8 ,6 9 0 .

146

[V ol. 123,

INDUSTRIAL STOCKS AND BONDS
D a te
Bonds

M IS C E L L A N E O U S C O M P A N I E S
F o r abbreviation s, & c ., see n otes on p a ge 6

A m erican C an— Common stock S66.00 0.00 0 authorized-------Preferred (a & d) stock 7 % cumulative S 4 4.00 6.00 0---------A m erican Car a n d F o u n d r y — Common stock 600,000 sh — O
Preferred (a & d) stock non -cum S30 .000 . 0oo
.. 0
1
A m erican C h a in C o , I n c — C om stock 35 7 ,1 4 3 shares auth
Class “ A ” stk 8 % cum & partic red $30 $12,5 0 0 ,0 0 0 auth
Sinking fund debenture bonds red 1 0 5 _____________ kxxxc*
A m erican C h icle — Stock common 187,500 shares authorized
Prior preferred stock $7 cumulative_________________________
Preferred stock 6 % cum ulative_______________________________
Sen Sen Chiclet C o . sk .fd . bonds call 10714 V .1 0 6 ,p 2344 zz
A m e r ic a n C ig a r C o — Com m on stock $50,0 0 0 ,0 0 0 authorized
Preferred stock 6 % cumulative $10,0 0 0 ,0 0 0 authorized-----American D r u g g i s t s S y n d i c a t e — Stock $10,000 ,000 q u a r ..

1923

1909

Par
Value

Am ount
O utstanding

R ate
%

$25 $61,849 ,950 See text
in
n v< < H
>i
7
None 600,000 sh
$6
100 $30. 1,1 i 1n
7
N one 2 50,000 sh See text
25
8.7 5 0 .0 0 0
8
6,670.000
500 &c
6
None 186.595 sh see tex>
N one
35,773 shs. See text
100
138.100
6
500 &
1 ,498,000
6 R
100 15 000 00d See text
100
7 298 300
6
10 $ 6 ,784,510 See text

W h en
Payable

L a st D ividend
and M a tu r ity

P laces W here In te re s P a n i
D ivid en d s A r e Payable

Q— F
Q— J
Q— J
Q -J
See text
Q -M 31
A & O
Q— J
Q— J
Q— J
J & D
Q— F
0— J
A— O

N o v 15 '26 2 %
O ct 1 1926 1*4
Oct 1 '26 $1 H
O ct 1 1926 1*4
O ct 4 '26
50c
D ec 31 ’26 2 %
upril 1 1933
Jan 1 '27
75c
Jan 1 1927 1 V
a
Jan 1 1927 1 )6
June 14 1929
N o v 1 '26
2%
Oct 1 ’26 114%
See text

Checks mailed.
Checks mailed
Guaranty Trust Co, N Y
do
do
Chemical N a t B ank, N Y
Long Island C ity , N Y
do
do
do
do
G uaranty Trust C o , N Y
Checks mailed
do

--------- Q uarter Ended--------- 6 M o s . End.
J u n e 30 '2 6 . M a r . 31 '2 6 . Ju n e 30 26.
N et income after int. & deprec., but
before Federal taxes________________
$539 ,89 0
$436,326
$976 ,21 8

On com m on, paid initial dividend o f $1 50 per share on Jan 2 1924.
M arch 26 and July 2 1924 paid 50 cents per share; Jan. 2 1925 paid $1 per
share; April 8 and O ct. 15 1925 and Jan. 15, July 7 and O ct. 4 1926 paid
50 cents per share.

O F F IC E R S .— Pres., Laurence R . W ilder, V .-P ., Clinton L . Bardo,
Sec. & Treas., J. T . W ickersham . Executive offices, 165 Broadway,
N ew Y o rk .— (Y . 123, p . 2658.)

R E P O R T .— For 1925 showed;
Consolidated Statem ent o f E a rn ings fo r 12 M o n th s Ended D e c . 3 1 .
1925.
1924.
1923.
Income from operations (n et)__________$4 ,2 7 0 ,1 0 0 $ 3 ,384,777 $4,77 6 ,1 1 6
Deprec. o f plants & am ort, o f p a ts___
1,118,587
925,579
981,160
Interest___________
3 53,722
465,181
4 44,945
Income tax— Federal and foreign____
3 96,414
240,251
251,327
Dividends on new C la s s " A ” stock___
700,000
700,000
525,000
Dividends on common stock__________
500,000
500,000
3 7 5,000
D iv . on stock redeemed April 2 1923__
_______
_______
162,531
Surplus for year________________________
1 ,201,376
5 5 3,765
2 ,036,153
Cash approp. for divs. on class “ A ”
stk . for 9 m os. ended Sept. 30 1924
_______
_______
525,000

A M E R IC A N C A N C O .— O R G A N I Z A T I O N .— Incorp. in N ew Jersey on
M arch 19 1901 as a consolidation o f about 100 concerns. See V . 72, p . 582;
V . 84, p . 994; V . 90, p . 3 7 1 ,6 2 9 ; V . 96, p . 1841. Sanitary Can C o ., acquired
in 1908, has been dissolved. V . 85, p . 656; V . 86, p. 336, 422; V . 90,
p . 504, 1230; V . 105, p . 2367; V . 106, p . 88; V . 86, p. 796. Has arrange­
ment with Goldschmidt Detinning C o ., now M etal & Thermit Corporation.
V . 88. p. 232, 373; V. 90 p 371
Dissolution suit dismissed, V 112 t .
2539; Y . 118, p .2 1 8 1 . Liberty Ordnance C o ., V . 107, p. 2190. Settlement
o f munition contracts, V . 108, p 2435; V . 110, p . 655. In t. in Am er. M otor
B ody C o .. V 111, p .7 9 4 .
Sale o f adding mach business. V 114, p 2118
Th e stockholders voted F eb. 9 1926 to change the authorized common
stock from 440,000 shares, par $100 to 2 ,640,000 shares, par $25: and also
ratified the action o f the directors authorizing the distribution to the
common stockholders o f 824,666 shares o f new common stock as a 5 0 %
stock dividend. The common stockholders received six shares of the new
common stock o f $25 par in exchange for each $100 share. T o preserve the
equality o f voting power between the preferred and common stocks, each
share o f preferred has been given six votes per share.
C O M M O N D I V I D E N D S .— Initial div. o f 114 % on common stock was
paid on Feb. 15 1923 (V . 115, p. 2 4 8 0 ); same amount paid quar. to Feb. 15
1926. Also paid 1 % extra on F eb. 15 1924, 2 % extra on Feb. 16 1925 and
3 % extra on F eb. 15 1926. On M arch 11 1926 p a id '50% in common stock.
On M a y 15, A u g. 16 and N o v . 15 1926 paid 2 % quar. on new stock of
$25 par value.
D E B E N T U R E S .— All the outstanding 5 % debentures due Feb. 1 1928
were redeemed on Feb. 1 1925 at 102)4 and interest.
R E P O R T .— For 1925, in Y . 122, p . 1173, showed:
1925.
1924.
1923.
1922.
Earnings__________________$ 2 1 ,423 ,903 $15,9 0 6 ,7 5 6 $15,423 ,202 $14,898 ,925
Reserve for Federal taxes
3,0 0 0 ,0 0 0
2 ,1 5 0 ,0 0 0
2 ,000,000
2 ,000.000
D epreciation____________
2,0 0 0 ,0 0 0
2 ,006,000
2,0 0 0 ,0 0 0
2 ,000,000
Interest on deb. b o n d s ..
33,867
4 14,825
440,108
465,575
Preferred dividends____
2 ,880,331
2,886,331
2,886,331
2,886,331
Com m on dividends______ 3 ,2 9 8 ,6 6 4
2,886,331
2,4 7 3 ,9 9 8
515,416
Balance, surplus______$10,205 ,041
$5,56 9 ,2 6 9 $5,622,765 $ 7 ,031,603
O F F IC E R S .— Chairm an, F . S. W heeler; Pres., H . W . Phelps; Sec. &
T reas., R . A . Burger; C o m p t., C . E . Green. Office, 120 Broadw ay, N . Y .
— (V . 123, p . 1764.)
A M E R IC A N C A R A N D F O U N D R Y C O .— O R G A N I Z A T I O N , & c.— In­
corporated in N ew Jersey on F eb. 20 1899 as a consolidation. M anufac­
tures freight and passenger cars o f wood and steel. In M arch 1926 ac­
quired the Shippers' C ar Line C orp. V . 122, p . 1613
T h e A m erica n Car & F ou ndry Securities C o r p ., a subsidiary, was incor­
porated in Delaware on Jan. 24 1925 with an authorized capital stock of
$

10 , 000 , 000 .

The American C ar & Foundry Export C o ., a subsidiary, serves as a
medium for the handling o f the c o .’s business in the foreign field.
B R IL L C O R P O R A T IO N .— Incorp. In Delaware Jan. 26 1926.
Com ­
pany was organized to acquire all or at least 6 0 % o f each class o f the out­
standing capital stock of J. G . Brill C o . and more than 5 0 % o f the pref.
and approximately 6 7 % o f the common stock o f the American Car &
Foundry M otors C o ., a Delaware corporation which owns all the capital
stock o f the H all-Scott M tor Car C o . (of California) and more than 9 0 %
o f the capital stock o f the Fageol M otors C o. o f Ohio.
Com m on stockholders of record o f Jan. 29 1926 o f Am er. Car & Foundry
C o ., were given the right to subscribe for 150,000 shares o f class A and
75,000 shares o f class B stock o f the Brill C orp. in units, each unit consist­
ing of 2 shares o f the class A and one share o f the class B stock at the price
o f $122 per unit.
.
The right o f subscription on the basis o f one such unit for each 8 shares
o f American Car & Foundry C o . common stock held. Compare V . 122,
p . 3 52, 4 85, 2 9 5 0 .
S T O C K .— The stockholders on M arch 5 1925 changed the authorized
and outstanding com m on stock from 30 0 ,0 0 0 shares, par $100, to 600,000
shares o f no par value. The com pany distributed two no-par shares in
exchange for each $100 par share o f common stock.
The relative voting power o f the pref. and com . stock will remain un­
changed as the new no par value com . stock will be entitled to only half a
vote instead o f a full vote granted the old $100 stock.
^
D I V S .—
J'09to 1 5 . ’ 16. '1 7 .'1 8 . ’ 19. '2 0 . '2 1 . '22. '23 ‘24
’2 5 -’2 6 .
On com
% i 2 yrly. 2
8
8
9
12
12
12
12 12 Seebelow.
Paid in 1925: Jan ., 3 % April, 3 % ; July and O ct., $1 50 per share on
new stock of no par value. Paid in 1926: Jan ., $1.50; A p ril, $ 1 .5 0 ; July,
$1.50; O ct., $ 1 .5 0 .
Reserve for com m on dividends on April 30 1926 amounted to $10 ,8 0 0 ,0 0 0 ,
to be paid when and as declared b y directors.
R E P O R T .— For year ending April 30 1926, in V . 122, p. 3617:
1922-23.
1923-24.
1924-25.
Y ea rs E n d . A p r i l 30— x l9 2 5 -2 6 .
Earnings from all sources
after providing for tax. $9 ,2 7 4 ,5 7 2 $9,78 1 ,0 8 5 $10,786,574 $ 1 0 ,633 ,562
4,419,951
4,481,607
3,616,981
3 ,1 7 1 ,6 7 4
$6,10 2 ,8 9 8
2,1 0 0 ,0 0 0
3 ,6 0 0 ,0 0 0

$6 ,1 6 4 ,1 0 4
2 ,1 0 0 ,0 0 0
3,6 0 0 ,0 0 0

$6,304,967
2 ,100.000
3 ,600,000

$ 6 ,2)3,611
2.1 0 0 .0 0 0
3,6 0 0 ,0 0 0

$402 ,89 8
40 ,8 4 2 ,3 9 9

N e t earnings__________
Pref. divs. ( 7 % ) ________
D ivs. on com . ( 1 2 % ) ___

$464 ,10 4
37 ,2 7 8 ,4 6 6

$604,967
36,673,499

$513,611
36,15 9 ,8 8 8

$41,.-45 ,296 $37,7 4 2 ,5 7 0 $37,278 ,466 $36,673 ,499
x Consolidated statem ent, incl. com pany, its wholly owned subsids.,
American Car & Foundry Securities C orp. and American Car & Foundry
Export C o. y Incl. renewals, replacements, repairs, new patterns, flasks, &c.
O F F IC E R S .— P res., W illiam H . W ood in ; Sec., H . C . W ick ; T reas.,
S. A . M allette. General offices. N ew Y o rk (30 Church S t .), St. Louis
and Chicago.— (V . 123, p . 1636.
A M E R IC A N C H A IN C O ., I N C .— Incorp. under laws of N . Y . on D ec.
1 3 1 9 1 2 . M anufactures chains and automobile accessories and also, through
ownership o f stock of subsioiary companies, manufactures bar iron, rods,
Wire, fence, castings, valves and railroad specialties.
S T O C K .— After paym ent of 8 % on class “ A ” stock and $2 per share on
com . stock , both classes o f stock share equally in any further distributions.
D I V I D E N D S .— Initial quar. div. o f 2 % on the class “ A ” stock was
paid June 30 1923; same amount paid quarterly to D ec. 31 1926.




Balance, surplus___________
Surplus adjustments (credit)
Previous surplus______________

$1 ,2 0 1 ,3 7 6
17,498
8,508,511

Balance at D ec. 3 1 __________________$9,72 7 ,3 8 7
6 M o s . E n d. Jun e 30—
1926.
1925.
N e t income after ta x e s ._ $ 1 ,440,168. $1 ,3 9 7 ,3 4 4
N et after deprec., am ort.
o f patents & interest. _
$600 ,11 5
$625 ,42 5

$553 ,76 5
25,281
7,9 2 9 ,4 6 5

$ 1 ,511,152
21,485
6 ,396,828

$ 8 ,508,512 $7,92 9 ,4 6 5
1924.
1923.
---------N o t available---------$514,851

$ 1 ,718,403

O F F IC E R S .— Pres., W alter B . Lashar; V .- P ., William T . M orris;
S e c ., William M . W heeler; T reas., W ilm ot F . W heeler. Office, Bridgeport
C onn.— (V . 123, p . 1879.)
A M E R IC A N C H IC L E C O .— O R G A N I Z A T I O N .— Incorp. in N . J . on
JDne 2 1899 and consolidated chewing gum interests (V
71, p. 545); in
4ug 1914 acquired Sen Sen Chiclet C o, Y . 90, p. 238; V . 68, p. 8 7 1 ,
1130; V . 77, p 197, V . 83. p. 152; V . 84. p. 160; V . 86. p 230; V . 90. p. 238;
V 99 p. 51, 122, 271, 4 09. In O ct. 1916 A m . Chicle C o . o f N . Y . took
iver property of Sterling Gum C o. V . 103, p. 1594. 1890; V . 104 p . 2 5 8 .
S T O C K .— Pref. and common stocks have equal voting power.
W alter S. Prim ley, W arren S. H ayden, Louis R . Adam s and Silas B Adams have been made voting trustees under a voting trust agreement
dated June 16 1924 and terminating June 16 1929.
R e a d ju s tm e n t P la n .
The stockholders on June 2 1925 approved a plan o f readjustm ent of
capitalization, dated M a y 12 1925. which provided, among other things,
for the paym ent o f accumulated dividends on the 6 % preferred stock and
the issuance o f 2 4,670 additional common shares.
The company offered: (1) T o the holders o f the outstanding 30,0 0 0 shares
of 6 % cum . pref. stock an opportunity to exchange their shares w ith all
claims for dividends accrued and unpaid thereon on a basis o f 1
shares of
cum. prior pref. stock for each share of 6 % pref. stock surrendered.
(2) T o the holders o f the outstanding 185,025 shares o f both 6 % cum .
pref. stock and common stock, 24.6 7 0 additional shares o f com m on stock
at $50 per share. W arrants for subscription to shares o f com m on stock
were issued to stockholders o f record June 4, entitling such holders, whether
pref. or com m on, to subscribe for 2-15 o f a share o f com m on stock for each
share (whether common or pref.) held.
The proceeds o f sale o f 24,670 shares o f additional com m on stock were
used by the com pany for the paym ent o f its bank indebtedness and o f its
6 % 5-year notes outstanding. V . 120, p . 2945 , 3067; V . 121, p . 710.
D I V S .— f '01. '02. ’0 3 -’ 13. '1 4 . '15. '16. '1 7 -’ 18. '1 9 . '2 0 . ’2 1 -'2 5 . '2 7 .
C o m m o n .8
11 1 8 y ly . 20 1 1 X
1)4
N il
$4 $4
None $1.50
On new prior pref. stock paid initial div. o f $2 33 (for four m onths period)
on O ct. 1 1925. Jan. 1 1926 to Jan. 1 1927 paid $1 75 quar.
On July 1 1926 paid 1 ) 4 % quar. and 2 5 ) 4 % accumulated divs. on the
6 % pref. stock, clearing up all accumulations; on O ct. 1 1926 and Jan. 1
1927 paid 1 ) 4 % quar. Paid on com m on 1926: July 1, 75 cents; O ct. 1,
75 cents. Paid in 1927: Jan. 1, 75 cents.
R E P O R T .— For 1925, in V . 122, p . 885 and 1029, showed:
Calendar Y ea rs—
'
1925.
1924.
1923.
1922.
$3 ,0 2 0 ,2 2 2
$2,47 3 ,9 7 3 $ 2 ,107,086
Total income______________$3,42 1 ,5 3 9
N et incom e______________ 1 ,564,062
1,3 6 3 ,3 6 4
9 6 0,546
4 5 4,485
Interest, disoount, & c ._
313,764
2 80,282
460,747
623,701
Dividends________________
149,391
------------------------------$499,799 d ef$169,215
Balance, surplus______$1 ,1 0 0 ,9 0 7
$ 1 ,0 8 3 ,0 8 2
-9 M o s . E n d . Sept. 30—
— Q uar. E n d . Sept. 30—
1926.
1925.
1925.
P eriod— •
1926.
Profits after int. charges
$398 ,94 9
$ 373 ,61 2 $ 1 ,119,835 $ 1 ,0 1 6 ,2 5 0
and depreciation______
N et income after reserves
for income taxes______
$344 ,34 9
$ 339 ,59 2
$965 ,07 5
$ 919 ,36 2
O F F IC E R S .— Pres. & Chairman o f the Board, Thom as H . B lodgett;
V .-P res., S. T . Britten; Sec., J. Hoppenfeld; T reas., A . A . M asterson .
Office, Thom son A v e. & M an ly S t .. Long Island C ity, N . Y . — (V . 123, p.
2 143 .)
A M E R IC A N C IG A R C O .— The American Tobacco C o . owns a m ajority
of the $ 1 5,000 ,000 com . and $10,0 0 0 ,0 0 0 6 % _cu m . pref. stock. See V . 7 3 ,
p. 1113; V . 78, p. 1393; V . 93, p . 1122-24. Holds a large interest in Cuban
Tobacco C o. common stock. V . 8 5 , p . 285; V . 86, p. 110; V . 118, p . 6 72.
Properties, V . 7 2 , p. 185, 284, 9 37, 1037; V . 7 3 , p . 958; V . 7 5 , p . 1255.
The stockholders voted on N o v . 24 1920 to increase the authorized
common stock from $ 1 0 ,0 0 0 ,0 0 0 to $ 5 0 ,0 0 0 ,0 0 0 . The outstanding am ount
was increased from $ 1 0 ,0 0 0 ,0 0 0 to $ 1 5 ,0 0 0 ,0 0 0 through the paym ent o f a
5 0 % stock dividend on D ec. 15 1920 .— V . I l l , p . 1853.
D ivs. on pref. stock from July 1906 to July 1912, 6 % yearly ( 3 % s .-a .) ;
Oct. 1912 to O ct. 1926, 1 ) 4 % quar. On com . in 1912 to N o v . 1 1918,
6 % yearly ( 1 ) 4 % Q .-F -); Feb. 1919 to Feb. 1922 paid 2 % qu ar.; M a y 1922
to N o v . 1925 paid 1 ) 4 % quar.; F eb. 1 1926 to N o v . l 1926 paid 2 % quar.
Paid 5 0 % in common stock on D ec. 15 1920.
R E P O R T .— For 1925, in V . 122, p . 1613, showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
N e t earn s.aft.Fed.taxes. $ 2 ,2 0 9 ,9 2 2 $1 ,6 3 2 ,8 9 9 $ 1 ,7 2 4 ,7 1 2 $ 1 ,636,268
Preferred dividends ( 6 % )
43 9 .5 1 2
6 00,000
60 0 ,0 0 0
600,000
Com m on dividends____ ( 6 % )9 0 0 ,0 0 0
(6 )900,000
(6 )9 0 0 ,0 0 0 (6 )4 )9 7 5 ,0 0 0
Balance, surplus______
$ 870 ,41 0
$132 ,89 9
$244 ,71 2
$71,268
O F F IC E R S .— Chairm an, Junius Parker; Pres., A . L . Sylvester: Treas.,
C . V . Seaman; Sec., Sidney Schou. Office 111 Fifth A v e ., N . Y . — V . 123,
p . 1764.
(T H E ) A M E R IC A N C O T T O N O IL C O .— See Gold D u st Corp. below.
A M E R IC A N D R U G G I S T S S Y N D I C A T E .— Has manufacturing plant
at Long Island C ity; stock largely owned by druggists throughout U . S.
Dividends paid regularly 1908-1920, rate in 1920, 8 % ; then none until
Apr. 15 1925 when 3 % was paid.

Nov., 1926.]

147

INDUSTBIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviations, & c ., see notes on page 81

Date
Bon ds

American Express— Shares_________ ____ ..p a r not fixed.
Am er H id e & L eath er— Com m on stock $11,500 ,000 au th___
Prior prefer Mice stock 8 % cum $3 500,000 auth (see text).
A m e ric an H om e P ro d u c ts C orp— 9tk 1,000,000 shs a u t h ..

A m erican Ice C o -

Com m on stock $15,000 ,000 a u t h .. _________ _____________
Pref stock (new) 6 % non-cum $ 1 5 ,0 0 0 ,0 0 0 (V 104. p 5 6 1 ) ..
Real Est 1st * Gen M $6,500,000 e s f r e d ________ PePxx.o*
Convertible debenture notes $ 3 ,375,000 red (tex t)___ ______
Underlying bonds______________________________________________

Par
Value

A m ou n t
O utstanding

R ate
%

W hen
P a y a b le

treate d as 100 $18,000,000
6
sit 0 11,500.000 None pd.
100
See text See text

....

N one 3 0 0,000 shs See

1912
1924

100
100
1.00.
1.000

Q— J

Mo

P laces W here Interest a n t
D ividends are P a yable

O ct 1 1926 SHS Office. 65 B ’w ay, N
Jan 3 1921

text

9 .927.000 See text
15,000,000
6
5.0 3 7 .0 0 0
6 g
1 .3 3 4 .0 0 0
7 g
192,000

Last D ividend
and M a tu rity

Y

1 H Equitable Trust Oo, N I

Jan 3 1927 20c

Q— J 25 O ct 25 1926 2 %
Q— J 26 O ct 26 1926 U S New York
New York
K & A Aug 1 1942
New York
J
&
J July 15 1939

& Philadel’a

<

The shareholders on A u g. 17 1926 approved a plan whereby the organiza­
tion will be controlled by the Schulte Retail Stores C orp. for the next
10 years.
Under the terms o f the offer, the Schulte interests guaranty Druggists’
Syndicate shareholders dividends of 6 % for the ten year term o f control.
The corppany has been merged with Schulte Products Distributing C orp .
R E P O R T .— For 1925. in V . 122, p . 886, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
$ 299 ,46 7
$173 ,28 0
$189 ,47 2
$430,921
Profit for year___________
Surplus from revaluation
o f plant (net)__________
_______
640,734
_______
_______
Previous surplus________
541,180
3,062 d e fl8 6 ,4 1 0 d ef603,216

(5) T h a t the directors be authorized from time to time to issue shares of
8 % cumul. prior preference stock up to 3 5 ,0 0 0 shares, for cash at not less
than par, or in exchange for shares of outstanding pref. stock , share for share,
or upon any other basis o f exchange which to the board m ay seem advisable,
with such adjustm ents o f divs. as shall be determined by the board, or to sell
the stock or any part thereof and with the proceeds o f such sale to purchase
shares o f outstanding pref. stock for the com pany, for retirement, at not
above par, provided that for each share o f said 8 % cumul. prior preference
stock issued at least one share o f outstanding pref. stock shall be purchased,
or acquired, b y the com pany, so that at no time shall there be issued and
outstanding more than a total of 100,000 shares in the aggregate of both
classes o f 8 % cum ul. prior preference stock and pref. stock.

T otal surplus__________
Loss on liquidation o f
Canadian branch____
Reserve for inventories.
A dd. prov. for acct-s. rec.
Fed. income & prof. ta x .
Loss on sale o f subs. cos.
plan ts__________________
Dividends ( 3 % ) ________

$840 ,64 7

$817 ,07 6

5 ,7 8 2
_______
_______
x4,721

80,8 9 6
150,000
45,0 0 0
_______

_______
_______
_______
_______

_______
_______
_______
y l4 ,1 1 4

P R E F . D IV S —
’0 6 -1 5 . ’ 16. ’ 17. ’ 18.
19. ’ 20.
’2 1 . ’2 2 -’2 5 .
Per cent c a s h _______ n il
5
5
5
9
7
1H
0
__
__
2
__
__
__
0
U . S. Liberty b o n d s . __
From Jan. 1919 to July 1919, incl., paid 1 l % qu ar., Oct 1 1919 paid
A
1 * 4 % regular and 2 % extra in cash. Jan. 1920 to Jan. 1921, 1 % % quar.
April 1921 div. om itted. N one since. Overdue pref. divs. O ct. 1 1925,
about 1 5 0 3 4 % .

5 6,169
2 0 3,528

_______
_______

_______
_______

_______
_______

Surplus at end o f ye a r.

$570 ,44 7

$541,181

$ 3,062 d ef$172,295

$ 3,062 d ef$176,410

x Additional Federal income tax paid for year 1920. y Paid for the
years 1917 to 1919 inclusive.
E a rn in g s f o r Six M o n th s Ended Jun e 30.
1926.
1925.
1924.
1923.
Profits____________________
$83,898 loss$38,341
$212,067
$102,214
Previous surplus________
3,0 6 2 d e fl8 6 ,4 1 0
570,447
541,181
Addins, to sur.thru. incr.
val. of plants & equip.
_______
485,677
Total surplus__________
Special res. for loss on
closing C an . b ra n ch ._
Inventories______________
D ivs. paid A p r. 15 1 9 2 5 .

$782,514

$643,395

$572 ,63 8 def$223,751
70,000
d e b l5 0 ,0 0 0

.............
_______

203,528

Profit & loss su r p lu s ..
$782,514
$439 ,86 7
$352 ,63 8 d ef$224,751
— (V . 123, p . 1116.)
AM ERICAN EX P R E S S C O.— An “ Association” formed under the laws
of New York State N o v . 25 1868. N ot an incorporated company
On July 1 1918 the American Railway Express C o. under G ovt, control
cook over the domestic express operations of American, A dam s, W ells Fargc
and Southern express cos. for duration o f war. G ovt, control terminated
M arch 1 1920.
The I .-S . C . Commission in D ec. 1920 approved the
permanent consolidation o f the transportation business and properties
of the four companies. V . I l l , p. 2522.
The American Express C o ., how
ever, continues to transact a foreign forwarding business and foreign ex
change as well as its traveler’s checks, money orders and other financial
activities. Also arranges and conducts tours to all parts of the world.
(See American R y. E x p. C o. for divs. paid by that co.)
The A m . Express C o ., In c ., was incorporated in Conn, in Feb. 1919
with $6,000,000 to facilitate the com pany’s operation in foreign countries
V . 108. p. 880.
Th e com pany, it was announced in 4ay 1925, has acquired control of
W ells, Fargo & C o.
D I V S .—
/ ’01. ’02 to ’0 5 . ’0 6 . '07 to T 3 . '1 4 . 1915.
1916 to 1926
Per c e n t ---------1 7 8 % yrly.
11
1 2 % yrly. 5
4JS
text
Jan. 1916 to O ct. 1920 paid 1 }S % quar. (6 % per ann.) with special dlv
of $2 in Jan. 1917 from investments. V. 103, p. 1793. Jan. 1921 to Apr.
1923 paid 2 % quar.; July 1923 to O ct. 1926 paid 1 3 4 % quar. In July
1913 paid 2 5 % ($4,500,000) in W ells Fargo & C o. stock.
R E P O R T .— For 1925 showed:
Calendar Y ea rs—
Gross income_____________________
Operating expenses (less taxes) __
Taxes, & c_________________________
Dividends__________________________
Reserves____________________________

1925.
1924.
$6,71 5 ,2 2 2 $ 6 ,239,450
4 ,5 7 5 ,6 4 7
4,4 5 2 .7 1 6
218.044
55.910
1 ,080,000 . 1,080,000
605,116
419,351

R E P O R T .— For 1925, in V . 122, p . 1304, showed:
Calendar Y ears—
1925.
1924.
1923.
Profits from op eration ._ x$507,2 64
$537 ,22 0 loss$38,908
Res. for rebldg, p la n ts ._ 0 3 4 3 ,3 9 9
_______
_______
Inventory reserve_______
30 0 ,0 0 0
_______
_______
Contingency reserve____
4 3 ,3 9 9
_______
_______
Previous surplus________
5 ,1 6 8 .3 1 2
4 ,6 3 1 ,0 9 2
4,6 7 0 ,0 9 1

Profit & loss su rp lu s.. $ 5 ,6 7 5 ,5 7 6 $5 ,1 6 8 ,3 1 2 $ 4 ,6 3 1 ,0 9 2 $4,670,091
x After all charges and provision for Federal taxes.
• Q uar. E n d . S ept. 30--------- 9 M o s .E n d . Sept. 30—
—
P eriod —
1926.
1925.
1926.
1925.
♦Net earnings___________
$33,403
$219 ,24 8
$ 6 7,475
$649,323
Depreciation_____________
5 9,372
6 2,438
173,328
187,400
N e tp ro fit_____________ loss$92.776
$156 ,81 0
$240 ,80 3
$461,923
* Results from operations after charging repairs, interest on loans and
reserves for taxes.
O F F IC E R S .— Pres., J. O . Lilly: Sec. & T reas., George A . H ill. Office.
17 East S t., Boston, M a ss.— V . 123. p. 2264 )
A M E R IC A N H O M E P R O D U C T S C O R P .— Incorp. under laws of
Delaware on Feb. 4 1926 by interests identified with Sterling Products, I n c .,
and Household Products, In c., together with interests identified with
W y eth Chemical C o ., and affiliated companies including W hitehall Pharmacal C o ., which owns all of the capital stock of The Larned C o ., engaged
in the manufacture and sale of H ill’s cascara bromide quinine. The
American Home Products C o . acquired W yeth Chemical C o. and affiliated
companies engaged in the manufacture and sale of preparations known as
“ Jad S alts,” “ W y e th ’s Sage and Sulphur,” “ T iz ,” “ St. Jacob’s O il,” “ H am ­
burg Breast T e a ,” “ H am burg D rop s,” “ Burdock O il,” “ Rowles Red Pepper
R u b ,” “ Rowles M enth o-S ulph ur,” “ E ly ’s Cream B alm ” and “ D ioxol” ;
Deshell Laboratories, In c., engaged in the manufacture and sale of petrolagar, a medicinal mineral oil emulsion; The Larned C o. engaged in the
manufacture and sale o f H ill’s cascara bromide quinine and the business of
Edward W esley & C o ., a co-partnership, engaged in the manufacture and
sale of preparations known as “ Freezone,” “ orchard w hite,” “ epsonade,”
“ ou tgro,” "h eet and hair g roo m .”
S T O C K .— See table at head o f page.
D I V I D E N D S .— Paid 20 cents per share m onthly from M a y 1 1926 to
Jan. 3 1927.
R E P O R T .— Consolidated income accounts for periods stated: (a) W yeth
Chemical C o ., I n c ,, and affiliated companies for the period from Jan. 1 1921
to N o v . 30 1925; (6) Th e Larned C o. and predecessor, for the period from
April 1 1922 to D ec. 31 1925; (c) Edward W esley & C o. and affiliated com­
panies for the period from Jan. 1 1921 to D ec. 23 1925; and (d) Deshell
Laboratories, In c ., for the period from N o v . 15 1922 to O ct. 31 1925.
1925
1924
1923
1922
N e t sales_________________$4,71 1 ,8 0 9 $ 4 ,193,509 $4,57 6 ,8 8 9 $3,681,714
Cost and e x p e n s e s ..____
3 ,5 4 2 ,4 6 6 3 ,2 9 2 ,9 8 5
3 ,516,986
2 ,977,746
Operating profit______$ 1 ,169,343
Other incom e____________
3 5,342

$900 ,52 4
72,932

Surplus for year____________________________________
$236,415
$231,473
Pres., Fred P . Small; V .- P ., Howard K . Brooks; V .-P . & T reas., G eo.
W eston; V .-P . in charge o f Foreign Traffic, H arry Gee; V .-P . & Sec.,
J. K . Livingston; C o m p t., Ralph T . R eed. Office, 65 Broadw ay, N . Y . —
(V . 122, p . 886.)

T o ta l____________________ $ 1 ,2 0 4 ,6 8 5
Other deductions________
143,957
Interest paid____________
60,7 2 0
Depreciation_____________
20 ,3 7 9
Federal income taxes___
103,921

$973,456
98 ,5 1 8
18,744
13,102
67,615

A M E R IC A N
H ID E A N D L E A T H E R
C O .— O R G A N I Z A T I O N .—
Organized in New Jersey in 1899 as a merger o f upper leather interests.
See V . 69, p. 493; V . 68, p. 925; V . 7 0 . p . 77: V . 102, p . 1348; V . 103. p.
763. and application to list. V . 72, p . 673.

N e tp r o fit_____________
Add elimination o f non­
recurring charges_____

C a p ita l R e a d ju s tm e n t P lan (V . 119, p. 1955).
P la n .— The stockholders on M arch 4 1925 approved a capital readjust­
ment plan, which provided as follows:
(1) T h at 3 5,000 shares of the unissued pref. stock be changed and re­
classified Into 35,0 0 0 shares o f 8 % cumul. prior preference stock (par
$100 each).
(2) T h at the authorized capital stock be decreased from $ 3 5 ,0 0 0 ,0 0 0 , con­
sisting of 175,000 shares of pref. stock, par $100 each, and 175,000 shares of
common stock, par $100 each, to $ 2 5 ,0 0 0 ,0 0 0 , to consist of 3 5 ,0 0 0 shares of
8 % cumul. prior preference stock, par $100 each, 100,000 shares of pref
stock, par $100 each, and 115,000 shares of com m on stock, par $100 each
(3) T h at the decrease of the capital stock o f the com pany be effected by
(a) cancelling and extinguishing 10,000 shares o f the unissued pref. stock,
being all of the auth. pref. stock not heretofore issued, remaining after chang­
ing and re-classifying 35,0 0 0 shares thereof into 8 % cumul. prior preference
stock; (b) purchasing for retirement at not above par, and retiring, 30,000
shares o f the outstanding pref. stock; (c) cancelling and extinguishing 60,000
shares o f the unissued common stock, being all o f the authorized common
stock not heretofore issued.
(4) T h a t the directors be authorized to purchase from time to time for
the com pany, for retirement, at not above par, the 3 0 ,0 0 0 shares of pref.
stock above referred to, by any one or more of the following m ethods, as in
the discretion of the board m ay seem advisable: (a) pro rata from each
holder o f shares of said stock; (b) from pref. stockholders offering said stock
to the co. at the lowest prices up to a total of not exceeding 3 0 ,0 0 0 shares, or
any part thereof, all of said stockholders to be given equal opportunity to
subm it offerings; (c) in the open market; (d) by direct purchase at private
sale.
A ll accumulated and accrued unpaid d iv s ., and the right to receive the
sam e, on any of such shares of the outstanding pref. stock so as aforesaid
purchased for retirement b y the co. to be surrendered and extinguished.
The outstanding preferred stock had in this manner been reduced te
$ 1 1 ,0 4 8 ,3 0 0 in D ec. 1925

T o ta l____________________ $ 1 ,056,541
Inc. from secs, not acr.D r
9,1 4 7
Federal taxes— C r_______
103,921
E st. profit for D e c .— C r.
10,000
Federal tax at 1 2 JS% —
145,164




1922.
$1 ,0 3 5 ,1 5 3
_______
_______
_______
3,6 3 4 ,9 3 8

$87 5 ,7 0 8
180,832

$775,477
132,896
$ 908 ,37 4
13,005
6 7,615
_______
120,373

$ 1 ,059,902
59,165

$703,968
53,425

$1,119,067
62,459
13,009
7,761
101,498

$757,394
4 2,304
11.704
8,161
61,662

$934,339

$633,563

71,196
$ 1 ,005,535
780
101,498
_______
138,282

73,631
$70 7 ,1 9 4
_____
6 1,662
_______
9 6,107

Adjusted net earnings. $ 1 ,0 1 6 ,1 5 0
$842,611
$967,972
$ 672 ,74 9
Th e com pany reported for the nine m onths ended Sept. 30 1926, net
earnings after taxes o f $88 4 ,1 9 2 .
O F F IC E R S .— Pres., W . H . K irn, D etroit; V .- P ., Stanley P . Jadwin,
N ew Y o rk; Sec. & T reas., John F . M urray, N ew Y o rk .— (V . 123, p . 2 393 .)
A M E R IC A N IC E C O .— O R G A N I Z A T I O N .— Incorp. in New Jersey
M ar. 11 1899. Transacts a wholesale and retail ice and coal business in
N . Y . C ity , Long Island, Newark, Philadelphia, Boston, Baltimore, W ash ­
ington, D . C ., C am den, Garwood and Atlantic C ity, N . J. Operates in
New Y o rk under name o f Knickerbocker Ice C o . V . 104, p . 165, 363, 4 53,
561.
The stockholders on Jan. 9 1923 Increased the authorized C om m on stock
from $ 7 ,500,000 to $15,0 0 0 ,0 0 0 and auth. a $10,0 0 0 ,0 0 0 bond issue to
run for 40 years, bear 6 % int. and be known as “ Consolidated Gold B ond”
Issue. Compare V . 115, p . 2908 .
D I V I D E N D S .— N o . 1, on new pref., A p r. 25 1917 to O c t .25 1919. H i %
auar.: also extra 1 % . O ct. 25 1918 and 1919, making 6 % foryear. Jan. 24
1920 to O ct 25 1926 paid 1 H % q u a r. On common declared 4 % for
1920, payable 1 % each on Jan. 2 4 , April 2 4 , July 24 and O ct. 25. On
Jan. 25 1921 paid 1 % quar. and ) % extra; April 25 1921. 1 % : July 25 1921,
1 M % \O ct. 25 1921 to July 25 1925. 1M % quar.; O ct. 26 1925 paid 2 % quar.
Jan 25 1926 paid 2 % quar. and 2 % extra; April 26 1926 to O ct. 25 1926
paid 2 % quar
B O N D S .— The Real E state First & General M tg e . sinking fund gold
6b ($6,500,000 auth. issue) are a first lien on real estate in M aine, N ew
Fork, New Jersey, Pennsylvania, M aryland and District o f C olum bia,
having an estimated value of $18,998 845 and a general lien, subject to exist­
ing encumbrances, on substantially all the remaining property. O f the bonds.

148

M IS C E L L A N E O U S C O M P A N IE S
[For abbreviations, & c ., see notes on pa ge 8]

D a le
Bonds

A m erican I n t Corp— Com m on stock auth 750,000 shares___
A m e ric a n -L a France Fire E n g in e C o In c —
Com m on stock $ 5 ,0 0 0 ,0 0 0 authorized_______________________
Preferred (a & d) stock 7 % cum red 120 $5,00 0 ,0 0 0 au th _5-year gold notes red (text)____________________________ xxx.c*
Am erican L in seed C o— Com m on stock $ 1 6 ,7 5 0 ,0 0 0 _______
Preferred $ 1 6 ,7 5 0 ,0 0 0 7 % D o n -cu m u la tiv e ____________
Coupon notes due yearly red (see te x t!_______________E q .c
A m erican L o com otive C o— Com stock 7 7 0 ,0 0 0 shares auth
Preferred (a & d) 7 % cum $ 3 8 ,5 0 0 ,0 0 0 authorized_______
Richm ond Locom otive C onsol M tg e assumed____________ z

P ar
Value

A m oun t
Outstanding

N one

490.000 shs See text

$10 $ 4 ,493,000

1926

—

1925
1889

100
4 ,0 0 0 ,0 0 0
1,000
4 ,0 0 0 ,0 0 0
100 16.750.000
ion 16.750.000
1,000
6 ,000,000
None
77,000 sh
10(1 38 ,5 0 0 ,0 0 0
1,000
432.000

$ 5 ,0 3 7 ,0 0 0 In A u g. 1926 were outstanding, $24,000 were in treasury and
$ 1 ,4 3 9 ,0 0 0 in sinking fund. Redeemable at 1 0 2 )4 as a whole on any int
date or for yearly sinking fund beginning A u g . 1 1913, v iz.: 2 % for 10 years
then 2 ) 4 % . V . 9 5 , p. 482; V . 9 9 , p. 1453; V . 101, p. 529
N O T E S .— Convertible debenture 7 % gold ($3,375,000 auth. issue)
Redeemable at 110 in whole or part on any interest date after July 15 1926, or
are convertible into C om m on stock o f the company at par at any time
before m aturity. $ 1 ,3 3 4 ,0 0 0 outstanding, $366 ,00 0 in gen. ins. fund.
R E P O R T .— For 1925, in V . 122, p . 2195, showed:
Y ea r En ded 14 M o s . End. Y ear Ended Y e a r Ended
D e c . 31 ’2 5 . D ec. 31 ’2 4 . Oct. 31 ’23. Oct. 31 ’22.
Gross receipts___________ $ 1 8 ,7 1 8 ,6 1 0 $ 1 7 ,3 2 5 ,3 0 3 $ 1 6 ,121 ,366 $16,000 ,404
Income from investm ’ts,
interest, discount, &c_
331,070
346,577
4 2 3 .3 5 5
3 6 5 ,8 5 8
T o ta l__________________ $ 1 9 ,1 4 1 ,9 6 5 $17,691 ,161 $ 1 6 ,452 ,436 $16,346,981
Less cost o f merchandise
oper. expenses, & c___.’ 13,95 6 ,6 6 0 14.128,879
12,934,967
12,439.512
Balance________________. $ 5 ,1 8 5 ,3 0 6
Bond in t., Ped’l ta x ., &c,. 1 ,460,071
D epreciation____________
750.978

$ 3 ,562,282
8 5 4.448
9 56,097

$ 3 ,517,468
690,118
9 8 9,084

$ 3 ,907,469
759.052
864.128

. $2 ,9 7 4 ,2 5 5
8 9 9.775
5 4 0 ,3 8 2

$1,75 1 ,7 3 8
8 99,763
524,823

$ 1 ,838,266
899.742
5 2 4,806

$ 2 ,286,289
899,656
524,755

$327 ,15 2

$413,718
1926.
6 ,916,901
195,203

$861 ,87 8
1925.
$ 7 ,552,928
146,267

T o ta l incom e_________________________________________ $7,11 2 ,1 0 4
Expenses, maintenance, & c_________________________
5 ,4 9 9 ,8 8 8
Interest________________________________________________
240,563
Preferred dividends________________
4 49,894
C om m on dividends___________________________________
579,736

$ 7 ,699,195
5,866,681
317,064
4 49,886
262,416

C om m on dividends.

Balance, surplus______$ 1 ,5 3 4 ,0 9 8
Six M o n th s Ended Ju n e 30—
Sales_____________________________________
Other incom e__________________________

$342 ,02 3
$803,148
Surplus before depreciation & Federal taxes____
O F F IC E R S .— Pres., W esley M . Oler; V .-P re s., W alter Lee: V .-P re s.,
R obert W . K elly: V .-P re s ., W esley M . Oler, Jr.; V .-P res., Charles C . Small;
V .-P res. & T reas., Thom as Pettigrew; Sec., Henry C . Harrison; A sst. Sec.,
Herm an Jaeger. Offices, 15 Exchange Place, Jersey C ity , and 41 East
42d S t., New Y o r k — (V . 123, p . 2 .,93 .)
A M E R IC A N
I N T E R N A T IO N A L
C O R P O R A T I O N .— O R G A N I Z A ­
T IO N .— Incorp. in N . Y . on N o v . 22 1915.
Is financially interested in following companies (V . 103, p . 2338 ): Interna­
tional M ercantile M arine C o ., U . S. Rubber C o ., Simms Petroleum C o .,
International Products C o . (V . 104, p . 2237 ), American Balsa W ood C orp.
Other interests are. International Acceptance Bank, Baker, Kellogg &
C o ., In c ., Carter, M a cy C o ., In c., Lockwood, Greene & C o ., In c ., Depart­
ment Ei Valle del Cauca, Ulen & C o.
S T O C K .— The stockholders on April 1 1925 increased the authorized
Com m on stock from 490,000 shares to 750,000 shares, this additional stock
to be sold from time to time under such terms and conditions as m ay be fixed
by the directors
A ll o f the outstanding preferred stock was retired during 1925.
D I V I D E N D S .— C om m on, 75c., paid quar. D ec. 1916 to Sept.1917, incl.;
D ec. 1917 to M arch 1919, 90c. each quar.; June and Sept. 1919, 1 20 quar.
on 8 0 % paid stock; D ec. 1919 to Sept. 1920, $1 50 quar.; none since.
R E P O R T — For 1925, in V . 122, p . 1645, showed:
X1922.
E a rn in g s—
1925.
1924.
1923.
____
$1,567,312
Operating profit_________
$305 ,39 6
8 29.003
Interest__________________
$484 ,87 2
$ 318 ,34 8
D ivid en d s.
748.657
342.474
711,916
29 5 ,5 8 5
Profit on sales o f securs. 3 ,8 8 5 ,0 3 7
258.782
Profit on syndicate and
37 6 .1 7 6
126.474
credit participations. _
M iscellaneous incom e___
7,2 9 8
6 .0 9 0
5 2,137
T o ta l__________________
T a x es_____________________
Interest__________________

$5,502,041
$351 ,36 3
29.3.56
2,977

N e t earnings__________ $ 5 ,118,345
Surp. at beginning o f y r .
5 .061.997

$1,03 9 ,2 1 6
$ 305,043
28,159
2,565

$666 ,07 0
$367,648
27,732
2,637

$3,108,231
$2,615,676
89.788
381 ,422

$268 ,05 3
$703 ,44 9
$21,345
a 4 .358,547 def6,953,484 def5,899.458

Gross deficit................... $ 1 0 ,1 8 0 ,3 4 2 s r$ 5 ,0 6 1 ,9 9 7 $ 6 ,685,430 $5,878,113
a Surplus resulting from reduction o f Capital stock less revaluation o^
Investments and deficit at beginning o f year, x All the stock o f G . Amsinck
& C o ., in c .. Allied Machinery C o . o f America, Carter & C o ., In c., Internationl Steel C orp., Rosin & Turpentine Export C o ., and Balsa Refrig­
erator C o rp . being owned by the corporation, the accounts o f these companies
were included in the consolidated statem ents for the years 1921 and 1922.
During 1923, however, corporation sold its interests in Carter, M acy &
C o ., In c., receiving in paym ent therefor $650 ,00 0 in cash and $200,000
7 % Pref. stock in Carter, M acy & C o ., In c ., the new corporation organized
b y the purchasers. During 1923 Rosin & Turpentine Export C o. was
liquidated, its assets having been sold. The holdings in Balsa Refrlgaerator
C orp. were also written off the books in 1923 as being o f problematical
value. These steps were taken in pursuance o f a policy, the object o f which
w as to withdraw the corporation from 1 0 0 % ownership o f companies
transcating a trading business and concentrate its resources In assets o f a
more profitable and liquid character
— Q uar. E n d . Sept. 30----------9 M o s . E n d . Sept. 30—
1925.
1926.
P eriod —
1925.
1926.
In t. on current assets___ \ $124 ,21 8
/$ 8 3 ,0 6 9
$386,967
($33,817
1157,986
In t. on securities________ J
\ 5 7 ,7 5 1 /
423,504
629,148
D iv s. on stocks ow n e d -.
27 5 ,5 6 9
185,873
3 47,582
1,111.931
Prof, on sale of securities def27,212
322,859
Profits on syndicate and
194,594
140,011
163,182
cr. participations____
2 6 ,0 5 9
6,055
4,395
1,765
M iscellaneous___________
2,3 8 6
T o ta l income__________
Expenses_________________
Interest__________________
T a xes_____________________

$400 ,39 9
69 ,5 4 4
674
3 ,2 4 5

$765 ,86 8
7 2,730
640
7 ,0 8 0

$ 1 ,508,103
2 10,639
4,101
16,535

$1,97 7 ,1 3 8
206,509
2.346
22,626

Operating incom e____
$326 ,93 4
$ 685 ,41 8 $1 ,2 7 6 ,8 2 9 $1 ,7 4 5 ,6 5 8
O F F IC E R S .— Pres., M atthew C . Brush; V .-P re s., H arry A . Arthur;
V .-P . & T reas., W illiam M . Crozier; Sec., D onald G . M illar. N ew York
office, 120 Broadw ay.— (V . 123, p. 2 143 .)
A M E R IC A N -L A F R A N C E F IR E E N G IN E C O ., I N C .— Incorp. D ec.
12 1912 under laws of New York as a reorganization of Am erican-La France
Fire Engine C o. Manufactures commercial trucks, motor fire apparatus
chemical fire engines, aerial trucks, water towers and hand fire extinguishers
Plants are located at Elm ira, N . Y . , and Bloom field, N . J. Also owns




[V ol. 123.

INDUSTRIAL STOCKS AND BONDS
Rate
%

10
7
5 )4 g
See text
7
6
See text
7

6g

W h en
Payable

Last D ivid en d
and M a tu rity

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

Sept30'20 $1.5 0 N ew "York
15 N o v 15 ’26 2 )4
Q— J O ct 1 1926 I H
J
& D June 1 1931
M ar 1 5 ’21 H %
Q— J Apr 1 1927 1
J & D 15 1930 to 1935
Q - M 3 1 Sept 30 ’26 $2
Q— M 31 Sept 30 ’26 1
A & O Apr 1 1 9 2 °
Q -P

Equitable T r . C o ., N . V
N ew York
C h eck s m ailed
C h eck s m ailed
30 Church S t, N ew T o r i

the entire capital stock o f the Am erican-La France Fire Engine C o . of
Canada, L t d ., with plant at Toronto, O nt.
S T O C K .— Pref. and common stock have equal voting power, the pref.
10 votes for each share (par $100) and the com m on one vote for each
share (par $10).
The stockholders on D e c . 22 1925 increased the auth. com . stock from
$3 ,9 5 0 ,0 0 0 to $ 5 ,0 0 0 ,0 0 0 , and the authorized pref. stock from $ 4 ,0 0 0 ,0 0 0
to $ 5 ,0 0 0 ,0 0 0 . O f the increased common stock, $ 1 ,0 4 3 ,0 0 0 was offered at
$12 a share to stockholders o f record Jan. 7 1926.
The com pany offered to common and preferred stockholders o f record
N o v . 14 1924 the right to subscribe to $1 ,0 0 0 ,0 0 0 7 % cum ul. pref. stock
at $100 a share in the ratio o f $16 worth for each share o f pref. held and
$1 60 worth for each share o f com . held.
D I V I D E N D S .— On pref., in full to date. On com m on, F eb. 15 1915 to
Aug. 15 1917, paid 1 % quar.; N o v . 15 1917 to F eb. 15 1919, 1 H % quar.;
M ay 15 1919 to N o v . 15 1919, 2 % quar. On new stock o f $10 par value
raid 2 ) 4 % quar. from F eb. 16 1920 to N o v 15 1926.
A dltr. o f 1 5 %
In oreferred stock was paid on common June 1 1921.
N O T E S .— Th e 5-year 5 ) 4 % gold notes o f 1926 are redeem able, all or
part by lo t, on any int. date after 30 days’ notice at 102 and int. on or
before June 1 1927 w ith successive reductions in the redemption price of
)4 of 1 % for each year thereafter until June 1 1930. V . 123, p . 86.
R E P O R T .— For 1925, in V . 122, p . 1314, showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
N et p ro fits ._____________
$968 ,80 3
$ 1 ,0 4 5 ,4 9 9
$93 7 ,4 2 4 $1,00 7 ,9 4 6
Federal, & c., taxes______
137,938
2 50,025
23 4 ,8 8 4
271,001
Preferred dividends ( 7 % )
2 79.084
2 0 5 ,6 9 7
192,221
182,623
Com m on d ivs. ( 1 0 % ) — 34 5 ,0 0 0
3 2 8,425
2 90,115
286,451
Balance, surplus______
Period—
Operating profit________
Less interest & tax res_.

$206 ,78 0
$261 ,35 3
$ 220 ,20 4
$267 ,87 0
— Q uar. E n d . Sept. 30----------9 M o s . E n d . Sept. 30—
1926.
1925.
1926.
1925.
$275 ,57 6
$2 4 2 ,8 8 4
$65 1 ,3 7 5
$693,509
79 ,0 4 4
62,5 4 8
4 8 ,6 3 8
173,682

N e t incom e___________
$196 ,53 2
$1 8 0 ,3 3 6
$ 602 ,73 7
$519 ,82 7
O F F IC E R S .— Pres., James R . Clarke; V .- P ., Paul Appenzellar, Arthur
E . Rhodes and Edward C . Keating; Sec. & T reas., Arthur E . Rhodes.
M ain office, Elm ira, N . Y . New York office, 250 W est 57th S t.— (V . 123,
p . 2143.)
A M E R IC A N L IN S E E D C O .— O R G A N I Z A T I O N , & c.— Incorp. on
D ec. 5 1898 in N . J. Produces linseed oil and, through its principal sub­
sidiary, Best Foods, In c ., is also engaged in the edible oil business. Stock
$33,5 0 0 ,0 0 0 (one-half 7 % non-cum . pref.), par $100. V . 7 6 , p . 2 1 6 . D iv s.
on preferred, 1899 to 1900, aggregated 1 0 H % : none then till N o v . 1916,
when 3 % was declared, payable 1 ) 4 % Jan. 1 1917 and 1 ) 4 % July 1 1917 .
In N o v . 1917, 1918 and 1919 declared annual dividends o f 7 % , payable
quarterly (Q .-J .) in following years (V . 107, p . 201). Jan. 3 and A p r. 1
and July 1 1921 paid 1 2 4 % ; then none until July 1 1925, when 1 2 4 % was
paid; same amount paid (or declared payable) quar. to A p r. 1 1927.
In
N ovem ber 1919 declared an initial dividend o f 3 % on the com m on stock,
payable 24 of 1 % D ec. 15 1919 and M a r ., June and Sept. 1920. On
D ec. 15 1920 and M a r . 15 1921 paid 2 4 % ; none since.
N o te s .— The $6 ,0 0 0 ,0 0 0 6 % coupon notes mature as follows: $500 ,00 0
June 15 1930; $750 ,00 0 June 15 1931; $ 1 ,0 0 0 ,0 0 0 June 15 1932; $ 1 ,2 5 0 ,0 0 0
In each o f 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 1 0 2 ’ on or
after June 15 1930 at 10024- V . 120, p . 2946.
R E P O R T .— For 1,925 in V . 122, p . 2333, showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
N et profits_______________ $ 2 ,574,688 $2,14 1 .5 4 9 loss$837,572
x$791.119
Provision fordeprec’n . .
510,069
543.787
28.882
Federal taxes____________
218,460
3 30,932
Interest__________________
384,156
Preferred dividends_____
1,167,957
Balance, surplus______
$294 ,04 5 $1,23 7 ,9 4 7 d ef$837,572
$791,119
x Surplus after all charges, &c.
O F F IC E R S .— Pres. & G en. M g r ., R . H . A dam s; Exec. V .- P ., Arthur
Roeder; Sec., J. C . Ham ilton; T reas., W . I . Branigan; C o m p ., W . B .
M ontgom ery. Office, 297 Fourth A v e ., N . Y . — (V . 123, p . 3 2 7 .)
A M E R IC A N L O C O M O T IV E C O .— O R G A N I Z A T I O N .— Incorp. In
N. Y on June 10 1901 as a consolidation of various companies (see list V .
(3. p. 8 0 ). V . 72, p . 1189; V . 73, p. 84, 186, 724; V . 83, p. 686; V . 88, p.
i.02; V . 89. p. 591: V . 7 8 . p. 1111. 1393. 1448; V . 84, p. 1431; V . 8 0 . p . 474;
V. 87, p. 675; V . 104, p . 2454 ; V . 105, p 182, 906.
V . 7 9 . p . 1022.
Suit, V . 105, p. 2096. Plants are located at Schenectady. N . Y . ; D unkirk,
N . Y . ; Richm ond, V a .; Paterson, N . J .; M ontreal, C a n ., and Chester, P a.
Proposed new plant in St. Louis, M o . V . 112, p. 260, 935.
A c q u is itio n o f R a ilw a y Steel S p rin g C o .— The stockholders on
April 20 1926 increased the authorized capital stock from 2 50,000 shares o f
pref. stock, par $100, and 500,000 shares o f com . stock, no par value, to
§8 5 .0 0 0 shares of pref. stock, par $100, and 77 0 ,0 0 0 shares o f com . stock,
no par value. The purpose o f these changes was to enable the com pany to
carry out a plan under which it acquired all the property and assets of the
Railway Steel Spring C o ., assuming all its debts and liabilities. T h e stock­
holders of the Spring C o. received one share o f pref. stock of this com pany
for each share of pref. stock of the Spring C o ., and two-thirds o f a share of
com . stock of this com pany for each share o f com . stock o f the Spring C o .
held by them respectively.
D IV S . ( % ) — 1908. 1909-15. 1916 .
1917.
*18. ’ 19. ’2 0 -’2 1 . ’2 2 -’26
On c o m m o n ... 3 H
N il
l\ i 5 & 1 R. O . 5
654
6
text
On Sept. 30 1919 the quarterly dividend was Increased from 1 ) i to 1 ) 4 % .
which rate was paid quar. to M a r . 31 1923; on June 30 ’23 paid 2 ) 4 % quar.
8rpt 29 1923 to D ec. 3 l 1924, paid each quar $1 50 a share on new stock
of no par value. M a r. 31 1925 to Sept. 30 1926 paid $2 quar. T h e directors
on M a r. 5 1925 also declared an extra dividend of $10 per share on the
common stock, payable in four installments of $2 50 each, through the
year 1925, on M ar. 31, June 30, Sept. 30 and D ec. 31 to holders of record
M ar. 16. June 15, Sept. 14 and D ec. 14, respectively. V . 120, p . 1206.
R E P O R T .— For 1925, showed;
1925.
1924.
1923.
1922.
Unfilled orders D ec. 3 1 .$ 1 5 ,9 1 9 ,1 2 9
$ 1 2 ,5 3 2 ,4 6 2 $ 1 7 ,7 8 9 ,8 7 3 $ 4 9 ,349 ,140
5 6 ,3 0 1 .8 4 3
9 0 ,1 8 0 ,1 7 6 29,12 2 ,1 1 2
Gross earnings___ 2 7 ,7 7 3 ,4 9 3
M fg .,m a in t.& a d m .ex p . 2 7 ,3 0 4 ,5 4 5
47 ,4 1 0 ,4 4 1
7 4 ,3 1 1 ,2 5 0 26,288.361
Depreciation.............. .........
1 ,312,269
1,4 4 5 ,8 9 0
1,581,364
1,447.274
Manufacturing profit-def$843,321 $ 7 ,4 4 5 ,5 1 2 $ 1 4 ,2 8 7 ,5 6 2
In t. on bonds o f constit­
$ 85,998
uent companies, & C - _
_________
$ 36,004
U . S. and Canadian in­
1 .825.000
7 6 0.000
come & profits ta x e s -.
_______
1.7 5 0 .0 0 0
1750 .00 0
Pref. divs. (7 % per ann.)
1 ,7 5 0 ,0 0 0
2 .5 0 0 .0 0 0
3 ,0 0 0 .0 0 0
Com m on dividends______ 9,0OO,0OO
4 .5 0 0 .0 0 0
8 75.000
Additions & betterm ’t s .
_______

Net to profit & loss.def$ll ,593,321

$1,024,507

$1,386,477
$85,998

200.000
1.750.000
1.500.000

$3,626,565df$2,149,521

Nov., 1926.]

149

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviations. A c . , see n otes on page 8]

A m erican M etal C o , L td — Com stock 1,000,000 shs auth
Pref (a & d) stock 7 % cum red 110 conv (text) $5 ,0 0 0 ,0 0 0 au
A m e ric an P ian o C o— Com m on stock $5,30 0 ,0 0 0 au th ______
Pref (a & d) stock 7 % cum $ 6 ,0 0 0 ,0 0 0 au th .
American Pneumatic Service— com m on stock $ 5 ,0 0 0 ,0 0 0 -.
Flrst preferred (a A d) $3,00 0 ,0 0 0 7 % cum ulative_______
Preferred (a A d) 6 % non-cumulative $ 7 ,0 0 0 ,0 0 0 ________
Collateral trust mortgage $ 5 ,000,000 gold sinking fu n d .IB *
A m erican R a d ia to r Co— C om m on stock $ 4 7 ,000 ,000 authu .
Preferred stock (not as to assets) 7 % cumulative $ 3 ,000,000
A m erican R ailw ay Express Co— Stock $40,0 0 0 ,0 0 0 a u th —

D a te
Bonds

i903

Par
Value

A m ount
Outstanding

None
593.505 shs
$100 $ 5 ,000,000
100
4,3 4 1 ,2 3 0
100
6.0 0 0 ,0 0 0
N one 198.504 shs
j(
1.498 050
H
I
0 .274.350
3 0.000
S00 A c
2 6 31.064.025
100
3.000.000
100 34,64 2 ,0 0 0

C ondensed In co m e A c co u n t Six M o n th s Ended Jun e 30 1926.
N et earns, from all sources after deducting m fg ., m aint. and
administrative exp ., depreciation, reservesfortaxes. & c_______ $ 3 ,3 3 8 ,2 8 9
D iv s. on pref. stock, $947 ,44 7; com m on divs., $2,5 4 0 ,0 0 0 ; to ta l- 3,4 8 7 .4 4 7

Rate
%

See

text
7

See

text
7

See

7

text
5 e
See text
7
6

W h en
Payable

Q— M
Q— M
Q— J
Q— J
M & S30
J & D 31
A A (J
Q— M
Q— F 15
Q— M 31

L ast D ividend
and M a tu rity

Places W h ere Interest aru1
D ividends are Payable

D ec 1 1926 $1 Checks mailed
D ec 1 1926 1 H Checks mailed
O ct 1 1926 2 %
O ct 1 1926 \M
Sept
June
O ct
D ec
N ov
D ec

30 ’26
3 0 ’26
1 1928
31 '26
15 ’26
311926

3 M By check
check
2%
First N a t Bank, Boston
5 % 40 W . 40th S t ., N . Y .
do
do
1%
1H

N in e M o n th s Ended Sept. 30—
N et from Lam son C o --------------------------------------------------Earnings from tube rentals, & c______________________

1926.
$269,181
3 9 4 ,8 7 0

1925,
$363 ,34 5
3 2 0.560

Total incom e------------------------------------------------------------$664,051
$683 ,90 5
Charges________________________________________________
42 7 ,1 6 6
381,282
$149,158
D e f i c i t - . . . .......................................... ................................. .....................
N e t income before taxes--------------------------------------------23 6 ,8 8 5
302,623
Includes results from operations of the R ailway Steel-Spring C o. from
O F F IC E R S .— Pres., W illiam F . Merrill; V .-P res. & Sec., M erton L .
M a y 14, when such business was acquired by the Locom otive C o ., to June
Emerson; T reas., Henry W . Robinson: Asst. T reas., Theodore S. Dutcher.
30 1926.
Office, Syracuse, N . Y . — (Y . 123, p. 2 2 6 !.)
O F F IC E R S .— W illiam H . W oodin (Chairm an), F . F . Fitzpatrick (Pres.),
A M E R IC A N R A D I A T O R C O .— Incorporated in N . J. F eb. 10 1899.
Joseph Davis (V .-P res.), J. B . Ennis (V .-P re s.), D . W . Fraser (V .-P res.),
V , 68, p. 329; V . 80, p. 2346; V . 9 0 . p. 374, 629.
W . Spencer Robertson (Sec.), J. O . H obby Jr. (T reas.). Office, 30 Church
C A P I T A L S T O C K .— The shareholders on M ar. 3 1920 voted to-reduce
S t ., New York.— (V . 123. p. 1509.)
Che par value of the common stock from $100 to $25, four shares o f new
A M E R IC A N M A L T & G R A I N C O .— Dissolved In 1922. All asset*
common being issued and exchanged for each share of old com m on stock.
distributed; last in July 1923.
Stockholders (both pref. and com .) of record M ar 5 1920 were offered the
A M E R IC A N M E T A L C O .. L T D . (T H E ) .— Incorp. in N ew York in
privilege of subscribing to new common stock ($25 par) at $62 50 per share
M a y 1887. Owns or controls a number o f subsidiary companies engaged I d
to the extent of 10% of holdings
the production, refining and distribution of electrolytic copper, zinc, lead
Th e stockholders voted Dec. 4 1924 to increase the authorized common
silver and other metals: also coal mining, production of sulphuric acid. &<
stock from $ 2 2 ,0 0 0 ,0 0 0 to $ 4 7 ,0 0 0 ,0 0 0 , which, with the $ 3 ,0 0 0 ,0 0 0 of pref.
stock outstanding, m akes a total authorized capital of $ 5 0,000 ,000 .
8 T O C K .— Both classes of stock have equal voting rights. The pref.
stock is convertible into common stock on or before June 1 1927 at the rate
L A T E D IV S .— 1910-11. 1912-13. 1914. 15. T 6 ’ 17.
18 '1 9 .
2 0 -’26
o f two shares o f common for one share of pref. Th e conversion basis is
Common, cash— 10 yrly. 10 yrly 11 H
16
16 13
12 12
see
subject to change in case of future issues o f common stock or securities con­
Extra, stock, & c _ ______
10 stock lO s tk . . .
. . 5G stk. 4 bds.
text
vertible into common stock, but in no event shall be less than two shares of
in Feb 1918 paid extra 4 % Liberty bonds; In M ar. 1919 an extra 4 %
common for each share o f preferred converted.
iD 4 14 % IJbprtv bonds-in M ar 1020 ari extr > of 4 % <n cash.
Tune1O 20to
Sept. 1926 paid $1 ( 4 % ) quar. on the new $25 par value stock; on D ec. 31
D I V I D E N D S .— On preferred in fu ll to date. On new no par valu
1926 paid $1 25 ( 5 % ) qu ar.; on D ec. 30 1922 and D ec. 31 1924 also paid
common stock paid 75c. quar. Sept. 1 1922 to Sept. 1 1925; D ec. 1 1925
5 0 % in common stock on each date.
to D ec. 1 1926 paid $1 quar.
R E P O R T .— For 1925, in V . 122, p . 1920, showed:
R E P O R T .— For 1925, in V . 122, p . 1766, showed:
Calendar Y ea rs—
1925.
1924.
1923.
1925.
1924.
1923.
a Profit_________________________________ $ 1 3 ,196 ,434 $ 1 2 ,877 ,554 $13,614 ,537
Incom e after expenses___________ z$5,2 9 6 ,1 0 9
z $ 5 ,3 1 7 ,9 9 5 x $4 ,948,467
9 25.045
438,469
314,099
Other incom e----------------------------------------D eprec., depletion, & c., reserve______
1 ,606,956
1 ,285,168 a 2 ,245,261
P rov. for reduc. of invest. & inventory
335,287
721,781
_____
Total incom e---------------------------------------$ 1 4,121 ,479 $13,3 1 6 ,0 2 3 $13,9 2 8 ,6 3 6
Preferred dividends______________
350,000
350.000
350,000
Interest paid and exchange____________
254.666
184,196
103,677
Com m on dividends______________
1,926,775
1 ,773,395
1,642,467
Pension fund, & c-----------------------------------206.585
201.630
159,798
Depreciation and depletion____________
2 ,0 2 6 ,6 2 7
1 ,776,469
2,6 9 6 ,1 8 4
Balance, surplus-------------------------------$ 1 ,077,091 $1,187,651
$710,739
Profit and loss, surplus------------------------- 1 0 ,348,170
9 ,2 6 4 ,9 4 6
8,1 5 2 ,1 7 5
N et profit_____________________________ $ 1 1 ,633 ,602 $ 1 1,153 ,728 $ 1 0 ,968 ,977
x Includes approximately 9 0 % of Cia M inera de Penoles, S. A ., earnings,
b Preferred dividends---------------------------485,798
486.332
49 5 ,3 0 0
z After deducting managem ent’s share of profits under contracts and
Com m on dividends-------------------------------4,9 6 9 .9 9 1
3,3 1 3 ,4 9 6
3 .3 1 3 .3 5 3
provision for U . S. and Mexican Federal income taxes, but before deprecia­
tion. &c. a Includes $ 1 ,0 0 0 ,0 0 0 special appropriation to general reserve.
Surplus------------------------------------------------ $6 ,1 7 7 ,8 1 3 $7 ,3 5 3 ,9 0 0 $ 7 ,1 6 0 ,3 2 4
P eriod end. Sept. 30—
1 9 2 6 -3 M o s .-1 9 2 5
1 9 2 6 -9 A fo s .-1 9 2 5
Profit and loss, surplus------------------------- 24 ,8 7 9 ,8 3 0 x l8 ,7 0 2 ,0 1 7 2 1 ,7 0 2 ,7 9 2
N et income after charges,
Fed’l taxes, deprec'n, & c - - $ 705 ,72 8 $1,20 6 ,5 4 7 $2,098,881 $ 3 ,040,173
a Total consolidated profit from operations of all companies after de­
ducting all ordinary and necessary expenses and reserve for estimated
O F F IC E R S .-—Chairman, Ludwig Vogelstein; Pres., C . M . Loeb; V .-P ..
Federal taxes, but before deducting the annual provision for pension and
O tto Sussman; V .-P . & T reas.. J. Loeb; V .-P . & Sec., H . K . Hochschild.
benefit fund and depreciation and depletion of properties, b Includes
Office, 61 Broadway, N . Y . — (V . 123, p . 2264.)
pref dividends o f subsidiary companies,
x After deducting a 5 0 % stock
A M E R IC A N P IA N O C O .— Incorp. under laws of New Jersey on June 10
dividend amounting to $ 1 0 ,3 5 4 ,6 7 5 on common stock.
1908. M anufactures pianos and player-painos.
O F F IC E R S .— Chairman and P res., C . M . W oolley: 1st V .- P ., C has. H .
S T O C K .— Preferred and common stock have equal voting power.
Hodges: 2d V .- P ., Clarence Carpenter; Exec. V .-P . & T reas., C has. K .
D I V I D E N D S .— On pref., in full to date. On common as follows:
Foster; C o m p t.. C . L . Barnum . Office, 40 W est 40th S t .. N ew Y o rk .
1920, 6 % in cash and 2 0 % in stock; 1921, 6 % ; 1922, 6 % ; 1923, 6 % ; 1924.
— (V . 123, p. 2 143 .)
9 > i % ; 1925, 8 % ; 1926, 8 % .
R E P O R T .— For 1925. in V . 122, p . 1614, showed:
A M E R IC A N R A I L W A Y E X P R E S S C O .— Incorp in Delaware June 22
Calendar Y ears—
1925.
y l9 2 4 .
y l9 2 3 .
i9 l8 to act from July 1 1918 during the period of Federal control of rail­
N e t sales______________________________ x $12,161,183 $14,327 ,901 $12,9 2 6 ,5 5 8
roads as the Agent of the Director-General of Railroads in conducting the
iipresn business of t h e country.
C ost of sales, adm . & gen. exp ., incl.
deprec. & taxes_____________________ 1 0 ,599,968 1 2 ,920,302
10.905,141
The property devoted to the express business Includes approximately
16,000 motor and horse vehicles V 106 p 2316 2452: V . 107 n 158(1
N e t incom e_______________________
1,561,215 $ 1 ,407,599 $2,02 1 ,4 1 7
Pres. Robert E . M . Cowie in N o v . 1926 announced that a contract had been
Preferred dividends_________________
417,389
4 2 0 ,0 0 0
353.192
entered into with the N ational Air Transport, In c., for the inauguration of
C om m on dividends_________________
343,632
347,058
307.013
an air express service on two routes. The first route is to be between N ew
Balance, surplus------------------------------$800 ,19 4
$640,541 $1 .361,212
York and Chicago and the second between Chicago and Dallas, Texas,
x After deducting intercompany sales o f $3,5 8 2 ,4 7 8 .
y Including
with service to intermediate points on both routes.
Under the contract,
intercompany sales.
it is proposed to establish this air service as an auxiliary to the railway ex­
— Q uar. E n d. Sept. 30---------9 M o s . E n d . Sept. 3 0 —
press system and to have it in full operation on or before April 15 1927.
P eriod —
1926.
1925.
1926.
1925.
V. 123, p. 2523.
Increased rates took effect in July 1918 and again Jan. 1
N et sales------------------------- $3,06 7 ,4 7 6 $3 ,5 6 3 ,8 8 5 $8,79 6 ,1 5 6 $10,135 ,057
1919, Sept. 1 1920 and O ct. 13 1920.
V . 107, p. 2065; V . I l l , p. 694, 794.
E x p ., depr. & Fed, taxes 2 ,680.821
3 ,190.761
7,5 9 5 ,1 2 5
9 ,334,378
898, 1338. G ovt, control terminated M a r. 1 1920. V . 109, p . 2405 .
N et incom e___________
$386 ,65 5
I’ he i.-S . C . Commission in Dec 1920 approved the permanent consoli­
$373,124 $1,201,031
$800,679
Preferred dividends____
104,347
dation of the transportation business and properties of the American.
105,000
315.000
313,041
C om m on dividends______
86,134
Adams, W ells Fargo and Southern Express cos. into the American R y.
86,804
2 6 0 ,372
258,410
Express C o. V 111 p 2522.
$196 ,17 4
$181 ,32 0
$629 ,58 0
Surplus------------------------$ 225,307
Contract with railroads. V 115, p. 439
O F F IC E R S .— Chairm an, C . H . W . Foster; Pres., G eo. G . Foster. 1st
S T O C K .— The total auth. cap. stock is $ 4 0,000 ,000 , of which $34,6 4 2 ,0 0 0
V .-P ., W . B . Armstrong: Sec. & T reas., I. E . Edgar
O ffice, 437 Fifth
has been issued to pay for the physical property purchased and also to
A r e ., N e w Y o r k . — ( V . 1 2 3 . p . 2 2 6 4 .)
furnish cash working capital.
During the period of Federal control, from July 1 1918 to Feb. 29 1920
A M E R IC A N P N E U M A T IC S E R V IC E C O .— O R G A N I Z A T I O N .— In ­
corporated July 1 1899 in Delaware. V . 68. p. 1130, 1179.
Owns the
inclusive, the Director-General received 5 0 1 4 % o f gross transportation
earnings, but this resulted, after paying operating expenses, taxes A c. In
entire capital stock o f The Lamson C o. ( V .6 8 , p . 1073; V . 115, p. 439).
Inter. Pneum. Service C o ., &c.
a deficit which was met by the United States R R . Administration. The
same rate was paid to individual carriers during the Federal guaranty period
The companies’ combined pneumatic tube system s total 46 miles of
March 1 to A ug. 31 1920 incl. The resulting deficit was guaranteed by the
double 8-inch pneumatic tubes, o f which only 27 miles in N ew York and
Brooklyn are in operation.
Transportation A ct of 1920. The express company is conducting its express
operations subsequent to Aug. 31 1920 under contracts with individual
S T O C K .— The 7 % fir s t pref. stock ranks ahead o f old pref. V . 90, p.
carriers on an entirely new basis.
4 49, 504, 701; V . 91, p. 3 3 4 .
In 1912 reduced the par value of the common
D IV I D E N D S .— The company in April 1921 paid a dividend o f $2 per
stock from $50 to $25 a share. Th e stockholders in M a y 1925 voted to
share on its $ 3 4 ,642 ,000 capital stock for the last four m onths o f 1920
change the par value of the common stock from $25 to no par value.
Sub
and one of $1 50 per share on the stock for the first three months o f 1921 ’
co. stock out, $45,558
D I V I D E N D S on old (now 2d) pref. stock to Jan. 20 1902, incl., 6 % pei
V . 112. p. 1743
Julv 15 1921 to D ec. 31 1926 paid $1 50 quar
annum in 1906. 4 H % In 1907. Jan ., 1 ^ % ; 1912, 2 % ; 1913 to M arch 3(
R E P O R T .— For 1925, in V . 122, p. 2655 , showed:
1918, 3 % : then none until June 30 1923, when 1 % was paid: D ec. 31 1923
Calendar Y ea rs—
1925.
1924.
1923.
1922.
Onprnfinn
s
a
»
a
and June 30 1924 D aid 1 % : Dec. 31 1924 and June 30 1925 D a id 1 %
D e c . 31 1925 and June 30 1926 paid 2 % . Semi-ann. d iv. on 1st pref. Sept.
Express— domestic........... 290,300 ,069 287,278 ,763 3 0 9 ,5 7 5 .8 4 3 2 9 1,345 560
30 1910 to Sept. 30 1926, 7 % yearly ( 3 M % M . & S .).
Miscell. transport, r e v . _
2 ,972
2.652
3 .6 3 0
3 754
F irst M ortgage Collateral Trust Sinking F u n d .— O f the $5 ,0 0 0 ,0 0 0 5 % bond
Rev. from oper. other
Issue, $1,84 9 ,0 0 0 has been issued, of which $ 1 ,8 1 9 ,0 0 0 in treasury and
than tran sp ortation .. 3,2 4 3 ,9 0 2
3 ,3 5 5 ,7 5 0
3 ,6 0 0 .4 9 1
3,4 7 6 ,8 7 7
sinking fund.
Other Incom e—
R E P O R T .— For 1925, in V . 122, p . 1920 and 2 046 , showed;
Income from sec. & accts.
863,209
1,094.807
1 ,390.848
1 ,544.784
Car mileage______________
209.125
Com bined In com e A c co u n t Y ea rs En ded D e c . 31.
344 ,824
4 3 6,928
395.831
Miscellaneous____________
15,431
In c o m e F rom Sales * Installation s
18,625
2 3,512
15,421
on Rental—
1925.
1924.
1923.
Total r e v s .& in c o m e .2 9 4 .634,711 292,095 ,424 1 315 ,03 1,25 5 2 9 6 .7 8 2 ,2 2 9
$674,290
$602 ,74 9
$455,771
D ed uctions—
M a il tube income (less am ort, of re­
Express privileges— Pay­
habilitation cost & int. on n o te s ).72.054
65,462
51,148
139,997 ,383 155,736 ,204 142,323 021
ments to carriers---------143.831 ,906
Gross combined earnings___________
$746,344
Operating expenses---------146,432,893
147,446,609 1 5 4 ,446 ,243 149,142 021
$668 ,21 2
$506 919
In t. on A m . Pneum. Serv. C o. bon ds.
Uncoil, rev. from transp.
27.875
45,602
25,2 8 4
39 634
1,527
1.734
2.245
M a in t. o f Boston, Chicago & St. Louis
Express taxes............. .........
2,0 5 8 ,8 0 5
2,1 0 2 ,1 0 3
2,1 3 8 ,3 6 1
2 .2 1 3 ’935
M ail T u be cos. & exp. of parent c o .
Int. on unfunded d e b t ..
72,761
194,710
1 8 7.940
257 627
33,836
4 2,222
47,409
Depreciation mail tube companies___
Miscell. deductions--------26,828
26,986
37,4 5 2
32,269
111,870
111.944
150.871
Reserve for Federal income tax_______
78,000
20,432
50 .0 0 0
Total deductions--------- 292,451 .071 2 8 9 ,813 ,425 3 1 2 ,5 7 1 .4 8 6 2 94.008 510
Dividends paid:
N et incom e.........................
2 ,1 8 3 .6 4 0
2 ,281.999
2 ,4 5 9 ,7 6 8
2 773 719
M inority Lamson stock____________
28
20
16
D iv. approp. of incom e.
2 .0 7 8 ,5 2 0
2 ,0 7 8 .5 2 0
2 .0 7 8 ,5 2 0
2.0 7 8 520
First preferred stock___________________
105.000
105.000
105.000
Prof. & loss items (net cr.)
126.229
72.199
221,707
48,718
Preferred stock________________________
221,510
158,221
126,577
T otal income and prof.
Balance, surplus____________________
$194,573
$199 ,07 0
$54,369
& loss after divs------231,349
2 75.679
6 0 2,956
743,918




150

INDUSTKIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
(F or abbreviation s, & c ., see n otes on pa ge 81

D a te
Bonds

Am erican R o llin g Mill C o .— Com m on stock $ 3 0 .0 0 0 ,0 0 0 ..
Preferred (a & d) stock 7 % cum $ 2 9 ,5 4 9 ,6 0 0 call 1 1 0 . . .
Sinking fund gold notes redeemable (text)
O .xxxo*

1923

10-yr s f convertible notes $2,123,600 auth red 102___ G .c *
American Shipbuilding— Stock common 5 1 5 .5 0 0 ,0 0 0 ________
Preferred (a & d) 7 % noD-cumulatlve $785 ,60 0___________

1920

P ar
Value

A m oun t
Outstanding

Rate
%

W hen
Payable

[V ol. 123,
Last D ividend
and M a tu rity

P laces W here Interest antJ
D ivid en d s are Payable

$25 $22,0 4 9 ,6 4 3
8
Q— J 15 Jan 15 ’27 2 % Check
100 11,647.500
7
Q— J 1 Jan 1 '27
1 % Check
6.825 000
1.000
J
&
J Jan 1 1938
6 g
200,000 sh See text
O ct 1 1926 'A. %
Q— J
591.271 sh
100-100 0
F & A 15 Aug 15 1Q30
$763,800
10
$100 1 4 ,714,400
Q— F N ov 1 1926 2 % Cleveland, Ohio
8
100
7
Q— F
do
N ov 1 1926 1 H
78^,600

Six M onths Ended Jun e 30—
1926.
1925.
1924.
2 5 1,466
258,236
264,759
Average miles operated_______________
Revenue from transportation_______ $ 1 4 1 ,9 6 0 ,177S138,792,0585140,865,308
Other revenue and income (net)______ 2 ,114,933
2,1 1 4 ,6 7 7
2,318,401
Total revenues and incom e_______$ 1 4 4 .0 7 5 ,110S140,9 0 6 ,735S 143,183,710
Express privileges— pay'ts to carriers. 6 9 ,526,742
66,230,867 65,663,241
7 2 ,592,189 7 5 ,330,152
Operating expenses------------------------------- 7 2 ,368,893
Uncollectible revenues_________________
8,7 2 0
15,727
23,238
Express taxes___________________________
1,059,563
1 ,037,880
1,028,400
N etin co m e___________________________$ 1 ,111,193
$ 1 ,030,072 $1,138,680
O F F IC E R S .— Chairm an, J. Horace Harding; Pres., Robert E . M .
CoWle; Y .-P . & T rea s., J. W . N ew lean; V .-P . in Charge o f Accounts;
Charles A . L u tz; V .-P . in Charge o f Traffic, F. S. Holbrook; V .-P . in
Charge of Personnel, L . R . G w yn; Sec., E . R . M erry Jr.; G en. Counsel,
H . S. M arx.
D IR E C T O R S .— R obert E . M . Cowie, Charles H ayden, W . M . Barrett,
H . W . de Forest, M . L . Schiff, J. Horace Harding, J. S. Alexander, N ew ­
com b Carlton, W . Averill Harriman, J. G . M ilburn, Albert H . W iggin,
Frederick H . Ecker. General offices, 65 Broadway, N . Y . — (V . 123, p.
2523 .)
A M E R IC A N R E P U B L IC S C O R P O R A T I O N .— (V . 123. p . 2264.)
A M E R IC A N R O L L IN Q M ILL C O . (T H E ).— O R G A N I Z A T I O N —
Originally incorp. in N . J in 1899; in 1917 consolidated with Columbus Iron
& Steel, per plan io V . 104, p. 1900, under laws of Ohio with present name.
Com pany is engaged in the manufacture and sale of a highly diversified line
o f specialty sheets— electric, enameling, galvanized, alloy coated, annealed,
pickled and black— used in the manufacture of a wide variety of products.
Plants, located at M iddletow n, Columbus and Zanesville, Ohio, and Ash­
land, K y ., consist of 4 blast furnaces having a total pig iron capacity of
45 6 ,0 0 0 gross tons per annum; 18 open hearth furnaces with a combined
capacity of 805.000 gross tons per annum; 2 blooming mills and 2 bar mills
51 stands of hot mills with a finished sheet and light plate capacity of
about 38 4 ,0 0 0 net tons per annum , and factory buildings.
Com pany also owns over 30,000 acres of coal and timber lands containing
large reserves o f coal of high quality and has substantial interests in com ­
panies owning limestone quarries, coke works. Iron ore properties and
steamships on the Creat Lakes.
In April 1924 sold the Ashland Coal & Iron R y. to the Chesapeake &
Ohio R y . V . 118, p. 1668.
S T O C K .— Pref. stock provisions in V . 116, p. 179. The $6,88 2 ,6 0 0 7 %
debenture pref. stock was redeemed on O ct. 1 1923. Th e stockholders on
M a y 15 1924 increased the authorized common stock from $20,0 0 0 ,0 0 0 to
$ 3 0 ,0 0 0 ,0 0 0 .— V . 118, p . 2440.
D I V I D E N D S .— Dividends on the common stock of the present company
have been paid as follows: O ct. 15 1917 to Jan. 15 1927 incl
2 % quar.
extra dividends of 3 % paid O ct. 1917, Jan. 15 and A p r. 15 1918 and 1%
each quarter thereafter to and including Jan. 15 1921
Stock dividends of
6 % were paid Feb 1 1918, Feb 1 1919 Jan. 10 1920 and Feb 1 1921
A stock dividend o f 2 5 % was paid N o v . 15 1920. The directors in M a y 1924
passed a resolution to the effect that an annual stock dividend policy, as
formerly in effect, be resumed at the rate of 5 % per annum , to be declared
at the discretion of the board. T h e first o f these dividends was paid July 15
1924. the second July 15 1925, and the third July 15 1926.
N O T E S .— The sinking fund 6 % gold notes, due 1938, are redeemable, all
or part, at 105 and int. to Jan. 1 1928, the premium decreasing thereafter
H o f 1 % for each year or fraction thereof elapsed subsequent to Jan. 1 1928,
Sinking fund, commencing April 1 1925, sufficient to retire each year 243 %
o f the total amount o f notes issued. V . 116, p. 79.
The company has guaranteed the principal and Interest o f $350,000
Portsmouth By-Product Coke C o. first mortgage 6 % bonds.

O F F IC E R S .— Chairman o f Board, Samuel M undheim ; Pres., Joseph
Kaufm an; V .- P ., N W . Greenhut; Sec., M ilton Dam m ann; T reas., Julius
B . de M esqu ita.— (V . 123, p. 2523.)
A M E R IC A N S H IP A N D C O M M E R C E C O R P .— O R G A N I Z A T I O N .—
Incorporated in Delaware July 18 1910 as a holding com pany, principally for
steamship, shipbuilding and allied companies and to engage in commerce
and industry.
Owns 7 4 % interest in the W m . Cram p & Sons Ship &
Engine Building C o. (see statement below ), one-half interest in the ThirtyNine Broadway C orp., a passenger and freight vessel of 8,1 7 0 gross tons
and 6 cargo vessels having a total d . w . tonnage o f 5 7,625.
The stockholders on July 23 1926 (1) ratified the sale to the H am burgAmerican Line of the three steamers Resolute, Reliance, and C leveland, and
of shares o f the capital stock of certain subsid. and affiliated shipping cor­
porations, for the following considerations: $1,58 2 ,5 0 0 in cash; $ 4 ,0 0 0 ,0 0 0
o f a new issue of notes o f the Ham burg-Am erican Line, secured by mortgages
upon the three steamers, and maturing serially in installments from 1927 to
1937; and shares of the common stock of the Hamburg-American Line to the
aggregate par value o f 10,000,000 reichsmarks, and (2) authorized th#
directors at any tim e in their discretion, upon such terms as they m ay deem
advisable, to sell all or any other ships and (or) shares of stock in shipping
corporation.
N O T E S .— The 10-year notes due Aug. 15 1930 are convertible at any
time into stock at the rate of 3 share>-- of stock for each * 1no of notes
V . 112, p. 1027. There was also outstanding on D ec. 31 1925 an 18-months'
loan due 1927, amounting to $ 2 ,500,000.
R E P O R T .— For 1925, in V . 122, p . 3086, showed:
1925.
1924.
1923.
1922.
$ 2 5 ,7 2 6 ,1 0 0 $ 2 7 ,9 9 1 ,1 4 0 $ 2 3 ,719 ,372
Total revenue_____ $26,202 ,869
N e tp ro fit_________
447,876
1 .172,120
3,5 0 7 .9 6 6
4,812.591
D ed uct— -Depreciation __
1,066,365
1 ,440.294
1.412.939
1 .294.805
Interest and taxes____
473.519
4 01.529
1,048.550
9 7 2,015
N e tp ro fit___________ lo s s ll ,092,009 loss.$669.703
N e t profit for American
Ship & C om m . Corp loss$1056,881 loss$930,406

$1,04 6 ,4 7 6

$ 2 ,5 4 5 ,7 7 0

$680,501

$ 1 ,7 9 0 ,6 1 6

Report for 6 m os. ended. June 30 1926, in V . 123, p. 1993. showed:
(giving effect to the sale o f ships and securities authorized by stockholders
at special meeting held July 23 1926):
1926.
1925.
Gross earnings: From operation o f shipbuilding
and manufacturing plants_________________________ $6,85 6 ,0 7 6 $4 ,8 6 4 ,4 3 8
From operation of vessels_________________________
3 ,8 4 8 ,6 4 6
7 ,6 0 1 ,2 3 8
Total gross earnings_______________________________$ 1 0 ,704 ,723 $12,4 6 5 ,6 7 7
Operating expenses (incl. general administrative):
Operation of shipbuilding & m fg. plants________ $ 7 ,300,902
Operation of vessels________________________________
4.1 1 1 ,6 8 5

$ 4 ,7 5 4 ,0 6 5
7 .5 5 5 .7 1 5

N et operating
Other in c o m e ..
Interest...........
Depreciation.

.loss$606,037
250.178
427,094
- $ 1 ,2 8 3 ,3 0 9

$331,064
196.123
551.802
$416 ,86 6

.

0 7 7 8 .0 6 7

D r422,453

.

$505,243

$839 ,31 9

Deficit applicable to American Ship & Com m erce
Corp. for six m onths_______________________________

R E P O R T .— For 1925. in V . 122, p . 1173 and 1766. showed:
$26,106
$804,975
Calendar Y ea rs—
1925.
1924.
1923.
1922.
O F F IC E R S .— Chairman, W . A . Harriman: Pres., R . H. M . Robinson1
N et sales__________ $34,2 5 7 ,8 1 2
$28,6 7 9 ,8 1 8 $26,6 9 1 ,2 3 5 $ 2 0 ,294 ,205
V .-P res. and Sec., W alter C am p; V .-P ., W . L. Pemberton; T reas., A . W .
N et profit_________
3,0 3 9 ,6 9 7
2,124,761
3 ,3 8 7 .4 8 3
2 ,417,557
Lishawa. Office, 39 Broadw ay, New Y o rk .— (V . 123, p. 1993 )
Other incom e______
667.781
1 ,617,502
46 3 ,5 2 9
304.148
49 1 ,7 0 6
568,408
158,381
240.340
Interest paid_____
Federal taxes_____
3 29.460
3 28,800
21 9 ,7 3 3
-------- A M E R IC A N S H IP B U IL D IN G C O . (T H E ) .— Incorp. in N . J. M arch 16
1899. and acquired the plants, properties, & c., o f the following companies
Prov. for inv. adjustm ent
_______
_______
_______
175.000
located on the Great Lakes and engaged in the construction and repair
Cash di vs .— On 6 % pref.
1,320
1,320
1.620
3.501
of cargo-carrying and passenger ships: The Globe Iron W orks C o ., Cleve­
On 7 % deb. pref. s t k .
_______
_______
89,301
481,800
land, O .; The Ship Owners' Dry D ock C o ., Cleveland. O .; The Cleveland
On com m on stock____
1,7 2 1 ,1 9 6
1,639,622
1 ,514.712
1,428,204
Shipbuilding C o ., Cleveland and Lorain, G ., and F. W . Wheeler Yards
On 7 % cum . pref. s tk .
819,401
826,948
807,671
_______
at W est Bay C ity , M ich , (since dism antled). Subsidiary companies are:
Detroit Shipbuilding C o ., Chicago Ship Building C o ., T h e Superior Ship­
Balance, surplus______
$344 ,39 5
$377 ,16 5 $1 ,0 5 9 ,5 9 5
$392,861
building C o ., Buffalo D ry D ock C o ., M ilw aukee D ry D ock C o . and The
O F F IC E R S .— Pres., G . M . Verity; 1st V .-P ., J. H . Frantz; V .-P . & Gen
Independent Steamship C o.
M g r ., C has. R . H ook; V .- P ., W . W . Sebald; Sec., R . C . Phillips; T rea s.,
C . W . Verity. Office, M iddletow n, Ohio.— (V . 122, p. 2802.)
C A P I T A L S T O C K .— The directors on M ar. 1 1922 declared operative
the plan for exchanging the pref. stock for common stock, subm itted I d
A M E R IC A N S A F E T Y R A Z O R C O R P .— O R G A N I Z A T I O N .— Incorp.
Dec 1921. The plan provided as follows:
in July 1919 in Virginia as a consolidation of the Gem Safety Razor Cor­
(1) Increase authorized common stock from $ 1 5 ,0 0 0 ,0 0 0 . par $100 . to
poration, American Safety Razor C o ., In c., Kam pfe B ros., makers o f the
115.500 .000 . par $100
(2) Declare an extra dividend of 2 0 % upon the
‘ ‘G e m ." “ E v er-R ea d y " and “ S ta r " safety razors. Also acquired at time
old outstanding common stock out o f accumulated surplus net profits
of consolidation all of the capital stock of the Ever-Ready Safety Razor C o .,
of previous fiscal years for the purpose of more nearly equalizing the values
L td . of Canada, and the Ever-Ready Safety Razor C o ., Ltd. of Great
of the pref and common stocks for retirement.
(3) Thereafter offer as re­
Britain. Since organization has acquired a majority of the stock of the
quired by la * to all common stockholders pro rata the right to sub­
Jay & Johnson Box Corp. and the Lightfoot Schultz C o ., mfrs. o f soaps
scribe for and purchase for cash at par (a) the unissued common stock
and toilet articles.
amounting to $, ,400,000. and (6) such proposed addl.lonal common stock
British-American Safety R azor C o ., L t d ., V . I l l , p . 2425 , 2524.
amounting to the aggregate par value of $500 ,00 0.
(4) Offer to ail pref.
stockholders to purchase their stock at par. payment therefor to be made
C A P I T A L S T O C K .— The stockholders on Sept. 21 1926 increased the
share for share In coinmoD stock at par; provided that to the extent that any
auth. capital stock to 2 5 0,000 shares o f no par value from 200,000 shares
common stock may be sold for cash as above, the proceeds of such sales
o f $100 par. Stockholders received one share o f new no par value stock
shall be applied pro rata as nearly as possible without the Issuance of frac­
for each old share o f $100 par value.
tional snares to tne purchase price o f such pref. stock and the amount of
common stock used in such purchase shall be cerrsepondingly reduced
D I V I D E N D S (on $25 par value stock ).— Initial div. of 25 cents a share
V. 114. p. 8 2 . 951. 1410, 1655.
Was paid Oct. 2 1922; same am ount paid semi-annually to O ct. 1 1924.
On April 1 1925 paid a semi-annual dividend o f 1 % on the new stock
L A T . D IV S .
'12. ’ 13. ‘ 14. ’ 15. '16. ‘ 17. *18. ‘ 19. ‘ 20. ‘ 21. ’22. "23-’26.
o f $100 par value; July 1 1925 to O ct. 1 1926, paid % % quar.
Com m on cash.
12 16
16
0
0
0
0
0
16 39 M 8 yrly.
do Lib. bds.
15 . .
R E P O R T .— For 1925, in V . 122, p . 1766, showed:
Preferred_______
7
7
7 7 yrly.
7
7
7
7
7
7
1V 0
k
Calendar Y ears—
1925.
1924.
In cal. year 1919 paid each quarter on common beginning Feb. 1. I H %
Gross profit--------------$3,336,891
$3,195,654
and 2)4 % extra in cash. 8am e amount paid quar. from Feb. 1920 to Feb.
Selling and administration expenses________________
2 ,0 6 9 ,5 2 5
1,971.448
1922. On April 24 1922 paid I H % quar. and 2 0 % extra. On June 20
Miscellaneous charges________________________________
3 2 .1 5 0
5 3,235
922 paid 1 0 % extra; Aug. I 1922 to N o v . 1 1926 paid 2 % quar.
Federal taxes_________________________________i _______
155,000
150.000
D ividends---------------------------------------------7 50.000
4 00.000
R E P O R T .— For year ending June 30 1926, in V . 123, p. 1627, showed:
Balance, surplus......... ........................... ..........................
$330 ,21 6
$620,971
Y ea rs E n d. Ju n e 3 0 —
1925-26.
1924-25.
1923 -24 .
1922-23.
Gross income, all props.,
— Q uar. End. Sept. 30—
— 9 M o s . Sept. 30----after mfg. e x p e n s e s ... $2 ,1 2 8 ,8 3 4 $2 ,4 5 5 ,1 6 5 $ 1 ,3 1 6 ,9 3 9 *2.010.091
P eriod—
1926.
1925.
1926.
1925.
Other income____________
3 92,515
3 9 5,596
390.736
691,228
x N et income.......................
$288 ,01 7
$340,862
$941,632
$888,291
Total incom e__________$2 ,5 2 1 ,3 4 9 $2,850,761
$1,70 7 ,6 7 5 $2,701,319
x A fter depreciation, & c., but before Federal taxes.




Nov., 1926.]

Uatt
Bonds

M IS C E L L A N E O U S C O M P A N IE S
[For abbreviations. &.C., see notes on page 8]

American Smelting & Refining — Common stock $65,000,001
Preferred stock (a & d) 7 % cumulative $ 5 0 ,000 ,000 . . .
1st M Ser A callable at par from O ct 1 '3 0 ____ C ec.*& r*
First mortgage Series B callable ( t e x t ) .____ __ C e.vvc*& r*
American -’null
-’loci' common $ 11 .UDO.OtX) - ____
Preferred (a A d' 6*? non-com $4 OOP (Win
A m erica n S teel F o u n d rie s — Stock 1,000,000 shares a u t h ..
Pref(a&d)stock7 % cum non-vot$25m ll call 110 s .fd .l % _____

Y ea rs E n d . J u n e 30—
D ed uct— G en ., & c., exps.
State, county & miscel­
laneous taxes__________
Sundry charges (n et). . .
Depreciation_____________
M aintenance & re p a irs..
N et loss sub. co__________
Fed'] taxes, &c. ( e s t .) _ .
Alterations_______________

1917

Pat
Value

Am ount
tutstandino

Rate
%

When
Payable

$100 $«0.998 non See tex’
Q— F
100 5 0 .0 0 0 .
Q M
000 7
100 < . 4 0 .094.900
&
A & O
5 g
500 &c
A & O
9.4 8 2 .0 0 0
6 g
l **
12
Q—J
11.0 0 0 .
000
inn
3 .9 5 2 .8 0 0
6
0
J
None 902.745 sh. See text Q— J
10b $ 8 ,727,500
Q— M 31
7

Last D iviaenu
and M aturity

Places W here Interest and
D ividends are P a ya b le

N o v 1 1926 2 % 120 Broadw ay,N ew York
do
do
D ec 1 1926 \ %
Apr 1 1947
Central U n T r C o . N Y
Apr
O ct
O ct
Oct

1 1947
1 1*26
1 1926
15 ’ 26
Sept 30 ’26

3 % Memphis. Tenn
do
do
1H
75c. Checks mailed
do
Wi

1925-26.
49 0 ,1 8 4

1924-25.
588,791

1923-24.
619,429

1922-23.
637.743

I n t ., rents, dividends,
commissions, & c______

2 3 8,793
182,153
4 2 4,726
_______
3 5,371
_______
_______

25 3 ,8 8 4
169.233
4 28,306
27 1 ,7 0 2
_______
15,000
_______

2 90,054
52,499
333,446
341,672
_______
_______
_______

303,025
41,897
505,165
353,843
_______
60,000
3 4,530

$ 1 ,123,844
5 ,770,711
45,781

$70,576
7 ,0 2 4 .7 5 8
924,362

$765,114
7 ,221,388
453,380

Gross incom e_________ $15,0 8 6 ,8 9 9 $ 1 2 ,492 ,547 $ 1 1 ,482 ,994 $10 728,371
Gen. & adm . exp en ses,.
$713 ,71 3
$663 ,26 6
$682,461
$631 ,51 8
Research & exam. exps.
74,0 2 0
117.967
9 9,602
71,2 7 9
Corporate taxes(incl.est.
Federal taxes)________
8 02,929
1 ,212.162
897,315
735,086
Int. on first m tge. 5 s ___
1 ,002,812
1,010,935
1,0 6 0 ,3 3 0
1,027.661
Int. on first m tge. 6 s ___
85 ,9 8 5
2 85,574
284,905
289.406
M isc. profit & loss ad j__
72 .7 3 9
D ep r’n & depl. o f ore res. 2,9 4 3 ,7 6 3
3 ,139,242
2 ,9 0 7 ,5 4 6
2 ,958.241
Preferred divs. (3V 6 % )_
1,7 5 0 ,0 0 0
1 ,750,000
1,750,000
1,750,000
Am er. Smelt. Sec C o.
pref. A divs. ( 3 % ) ___
3 0 ,0 2 9
Am er. Smelt. Secur. C o.
2,3 5 2
pref. B divs. (2 H % ) . .
i
C om m on dividends______ 2 ,1 3 4 ,9 3 0
76 2 .4 7 5
1,829,940
1 ,524,950

N et income for y e a r .. $ 1 ,1 5 0 ,1 2 2
Previous surplus________
6,033,231
242,682
Miscellaneous credits___
Total____________________ $7,42 6 ,0 3 5
Miscellaneous c h a rg es..
x659,070
Pref. dividends ( 7 % ) . . .
52,934
Com m on dividends____ (6 % )8 7 6 ,8 6 4

$6,94 0 ,3 3 6 $ 8 ,019,696 $8,43 9 ,8 8 2
557,825
1,016,841
182.981
54,992
54,992
54,992
(2)294,288 (8)1,177,152 (8)1.177.152

Prof. & loss bal. fo r 'd . $ 5 ,8 3 7 ,1 6 7 $6,033,231
$5,770,711
$7,024,758
x Includes $600 ,00 0 charged to reduce Type Eleven ships to inventoried
value at June 30 1926.
O F F IC E R S .— P res., A . G . Smith; V .-P . and T reas., James E . Davidson;
V .-P . & Sec., W . H . Gerhauser. Office, Foot of W . 54 S t., N . AV., Cleve­
land, Ohio.— (V . 123, p. 1627.)
A M E R IC A N S M E L T E R S S E C U R IT I E S C O .— Dissolved.
can Smelting & Refining C o . below.

See Ameri­

A M E R IC A N S M E L T IN G A N D R E F IN I N G C O .— O R G A N I Z A T I O N ,
& c.— Incorp. April 4 1899 under laws of New Jersey; V . 68. p. 668.
Owns
and op M a iit pirtnis for the smelting of ores and the iriaunent oi lead
bullion copper bullion and copper matte in f'tah . Montana Colo do,
Nebraska Illinois New Jersey, Mexico and elsewhere
The prlneipn1 mer
chantable products are bar gold and silver, pig lead, electrolytic copper
and zinc
V . 106. p . 1457.
Plants, rights o f stock, & c., V . 102, p. 1989:
V 68. p 1041: V 84. p 160; V 88, p. 1059; V 93. p 471
For status
of mines In M exico, see V . 108, p. 1159, 2243 .
During 1919 purchased a
substantial interest in the Premier M ine, in British Colum bia, and took
options on several properties in that section. Also completed the acquisi­
tion o f over 9 0 % of the Sabinas Coal C o.
V . 110, p 1286
In 1923 sold
Its lead min°s in Missouri to the St. Joseph Lead C o.
V. 117 p 1888
Report of investigating com m ittee. V 114, p 2244
Agreement with
Mexican Metallurgical C o . V . 116, p . 2773; V . 117, p. 210, 1354. Patent
suit, V . 122, p. 1314; 3213 .
The stockholders o f the American Smelters Securities C o. on D ec. 14
1922 voted to dissolve the com pany, all of the common stock and 8 9 % of
the A and B Pref. stock having been acquired by the American Smelting &
Refining C o. The outstanding A and B pref. stock of the Securities C o.
still In the hands of the public was entitled to be paid par plus accrued
dividend to the date o f dissolution. fixed as o f F e b . 1 1923. V . 115. p . 2689
S T O C K .— The common stock was increased In 1916-17 from $50,000 ,000
to $60,998,000 in connection with the retirement of the remaining $10,998,000 6 % debentures of American Smelters Secur. C o.
D IV S . / '0 9 -T 1 . '12. T 3 -T 5 . T 6 . T 7 . '18. T 9 - ’20. '21. '2 2 . '23. '24. '25
Com %1 4 vlv
4 2-3 4 viv.
5^ 7
6
4 vly
1
0
5
6M
Paid In 1926: Feb. 1, l ^ % , M a y 1. 1 ^ % , A u g. 2, I H % . N o v . 1, 2 % .
B O N D S .— In Jan 1917 the company arranged to make a first mot gagr
bond Issue, limited in amount to the par amount of the full paid prel*rred
and common shares at any time outstanding, and issuable under euHablp
restrictions for Improvements, additions, the acquisition of securities, Ac
The 1st m tge Is, directly or through the pledge of securities, a first lien
on all the property, plants and equipment of the company (excepting Its
holdings in a Peruvian corporation and certain minority Interests and In
vestments In other companies), and on substantially the entire capital
Stock of certain subsidiary companies. Also covers such additional real
property and additional shares of stock and obligations of any existing or
future subsidiary companies as may be acquired with the bonds or their
proceeds.
V 104, p. 363; V . 105, p. 608; V 108, p 880.
The Initial $ 3 0 ,0 0 0 ,0 0 0 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 Int.
Annual sinking fund beginning In 1918, 1 M % of the maximum
amount of bonds at any time Issued. In M ay 1917 holders of the Securities
C o.'s total uncalled series " A ” pref. stock were offered in exchange at par
series “ A " bonds, plus $7 50 In cash. In N o v . 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 $ 1 0 ,0 0 0 ,0 0 0 series “ B ” 6 % bonds were sold (V . 116. p.
1896). Series “ B " bonds are redeemable, all or part, on or before April 1
1932 at 107 >4% and Int., and thereafter at a premium equal to M % for
each 6 months between redemption date and date of maturity.
Mortgage
provides for annual sinking fund payment equal to 1 F5 % of face value
of maximum amount of bonds outstanding for purchase or redemption of
bonds at not exceeding 1 1 0 % and Int.
R E P O R T .— For 1925, in V . 122, p . 1334, showed:
Calendar Y ears—
1925.
1924.
1923.
Smelting, refining. & c............................. /$ 2 6 ,762.8461 $18,390,081 $ 1 6,091 ,420
M ining properties____________________ \
/ 3.0 8 1 .4 2 5
3 .4 6 5 580
Other Income (n et)___________ _________
1,215,781
1.469.423
597.914
Gross income_________________________ $ 2 7 ,978 ,626 $ 22,940 ,929 $20,154 ,914
Administration, & c., expenses__________ $1,576,941 $1,496,834 $ 1 ,378,976
Taxes (including Federal taxes)_______ 2 ,3 2 1 .7 4 6
1.612.369
1.459.350
5,914,562
Depreciation, & c . ------------6 ,3 0 0 ,9 3 7
6 .025.884
Bond interest (S. & R . C o .) ___________
2,5 8 8 ,2 4 1
2,618,851
2,4 7 7 ,4 4 5
A m e r ica n Sm elting S ecurities C o .—
Preferred A dividend___________________
_______
_______
Preferred B dividend__________________
_______
_______
A m e r ica n Sm elting & R efin in g C o .—
Preferred dividend_____________________ $ 3 ,5 0 0 ,0 0 0 $ 3 ,500,000
C om m on dividend_____________________
3 ,9 6 4 ,8 7 0
3,2 0 2 ,3 9 5

$30,029
2,3 5 2
$ 3 ,500,000
2,2 8 7 ,4 2 5

Surplus or deficit_________________ sur$7,7 2 5 .8 9 0 s r$4.484,596 sr$3,104,775
R eport for 6 mos. ended June 30 1926 in V . 123, p . 1870, showed:
6 M o s . end. J u n e 30—
1926.
1925.
1924.
1923.
N e t earns, smelt. & ref. (
plants and industries!
N ot
($10,284,836 $9 ,1 1 1 ,1 1 4 $8,51 9 ,8 9 9
N e t earns, metal mines! reported \ 1,624,961
1,712.223
1.967.327
T o ta l net earnings____ $ 1 4 ,346 ,277 $ 1 1,909 ,796 $10,8 2 3 ,3 3 6 $10,4 8 7 ,2 2 6




151

INDUSTRIAL STOCKS AND BONDS

740,621

B a l., sur. for 6 m os___ $4 ,9 6 9 ,9 2 5

582,751

$ 2 ,798,976

6 59,658

$2 ,4 1 5 ,5 8 7

24 1 ,1 4 5

$ 2 ,5 5 1 ,1 8 9

T otal profit & loss sur.$24,4 8 1 ,3 4 9 $19,584 ,509 $ 2 0 ,183 ,373 $ 1 7 ,9 8 9 ,7 3 3
O F F IC E R S .-— -Pres., Simon Guggenheim; 1st V .-P res., Francis H . Brow­
nell; T reas., John C . Emison; Sec., George A . Brockington; C o m p ., Lucius
A . Chapin. Office 120 Broadw ay, N ew Y o rk .— Y . 123, p . 1999.
AM E RIC AN SNUFF CO. — Incorporated In N . J. on Maroti 12 1900.
Under plan of disintegration of Am Tobacco Co. (V 93. p 1122-4) the
issets remaining were large modern grinding factories at Yorklyn Del and
Clarksville Tenn
and finishing works at M em phis, Tenn
Since disin­
tegration a new large and modern grinding plant has been erected at M em ­
phis, T e n n ., and the Y o rklyn , D e l., plant sold.
L A T E D IV S . | 13. T 4 T 5 to 17. T 8 . '19. ’20. '21 ‘22 '23
24 '25. ’26.
C o m m o n ____ % ( 1 2
9
12 yly.
10 12
11
11 12 12 12 12
12
do e x t r a _____ 1 3
2 H _________
..
. . __ . .
.. ..
2-Also In Dec 1911
34 4 -1 1 % eachIn com stock of Geo. W Holme
and
tVeyman Bruton companies (V 94. p 280). in July 1913, 10% in Amer T o Dacco C o pref stock and 4 .5 4 % o f Amer Cigar C o pref stock (V 96. p.
1631).
In Oct 1914, distributed P Lorlllard C o. and Liggett & M yers
Tob. pref stock out of surplus, making 02204 6-11 and .03127 3-11 o f a
ihare. respectively on each share of common stock. V . 9 9 . p. 6 76. 1676.
R E P O R T .— For 1925, in V . 122, p. 1173, showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
Net earnings_____________* $ 1,640,158 * $ 1,858,588 * 8 2 .082,520 *$ 2 ,1 9 3 ,9 5 5
Preferred dividends_____
237,168
237.168
237,168
2 37.168
Com m on dividends........... 1 ,320,000
1 .320,000
1 ,540,000
1,320,000
Balance, surplus______

$ 82,990

$301 ,42 0

* After deducting Federal taxes.
Pres., Martin J. Condon; T reas., M . E . Finch.
— (V . 122. p. 1173.)

$305 ,35 2

$636 ,78 7

Office, M em phis, Tenn.

A M E R IC A N S T E E L F O U N D R IE S .— O R G A N I Z A T I O N .— Incorpor­
ated In New Jersey on June 26 1902
V 79, p 1463 V 80, p 224 6 0 2 ,
V 83. p 685. 1575. V 103. p 495; V 101. p 1373
In July 1919 purchased
most of the $8 ,7 5 5 ,6 0 0 common stock of the Griffin Wheel C o
In July
1923 acquired the entire outstanding common stock of Damascus Brake
Beam C c.
W.irks located at Chester. Franklin Aharon and Ihttahureh Pa ; Granite
C ity and East St. Louis, III.; Indiana Harbor and H am m ond, In d .; Alliance
and Cleveland. Ohio.
S T O C K .— The pref. stock Is callable at 110 and divs.; sinking fund
equal to 1% of issue, began Dec. 31 1920.
N o mortgage can be (Tested
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 to be Issued In exchange for each four shares of the old common stock.
D IV S .—
14. 15. 16. 17. * 1 8 . 19. 20. 2 1 .'2 2
23 '24
2 5 -,2 6 ’
C o m m o n .. 2 . .
1H 6
7
6 H t9 9
o9
9
9
text
Preferred . . . .
. . .
3 * ^ 7 7
7 7 7
7
Paid on common in 1925: Jan ., 2 t £ % ; April. 2 H % : July and O ct., 76
cents a share on new stock o f no par value. Paid in 1926: Jan. 5 , 75 cents;
April 15, 75 cents; July 15, 75 cents, O ct. 15, 75 cents.
•Also 2 ) 4 % In Liberty bonds
tA lso $6 a share payable in
a Also 1 8 % In common stock, payable D ec. 30 1922.

stock

R E P O R T — For 1925, in V . 122, p. 2655 , showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
*Earnings________________ $5 ,4 0 2 ,3 7 8 $5 ,7 5 9 ,0 7 0 $ 9 ,031,456 $ 4 ,4 8 1 ,8 4 0
D ed uct— Depreciation
1.076,733
1,118,459
1,370,391
945,626
N et profit from oper’n $4 ,3 2 5 ,6 4 5
Miscellaneous incom e___
524,840

$4,640,611
437.044

$ 7 ,661,065
251,506

$ 3 ,5 3 6 ,2 1 4
552,678

Total profits__________ $4 ,8 5 0 ,4 8 5 $5,07 7 ,6 5 5 $7,912,571 $ 4 ,0 8 8 ,8 9 2
N et earnings o f sub. cos.
180,748
290,616
298,659
30 7 ,6 0 7
Interest charges, & c____
_______
_______
l t .9 6 7
71 ,4 2 0
Balance, surplus______ $4 ,6 6 9 ,7 3 7
Preferred divs. t7 % ) ----6 2 2,916
Com m on dividends______ 2 ,5 7 2 .8 2 3
Balance, surplus______ $1 ,4 7 3 ,9 9 8

$ 4 ,787,039
626,591
2 ,1 6 6 ,5 8 8
$ 1 ,993,860

$ 7 ,595,944
607.341
2 ,1 6 6 .5 8 8
$4 ,8 2 2 ,0 1 5

$ 3 ,7 0 9 ,8 6 6
586.691
,83 6 .0 9 0
$ 1 ,2 8 7 ,0 8 5

*After deducting manufacturing, selling and administrative expenses
and Federal taxes.
■ 3 M o s . E n d . Sept. 30-------- 9 M o s . E n d . Sept. 30—
—
P e rio d

IQ OR

iq b 1
)

1Q9fi

iq a e ;

N et earns, after Fed. tax $ l,1 4 2 ,'l5 3
D epreciation____________
193.109

$947 ,69 7
215.565

$ 4 ,4 1 7 ,5 2 3
704,607

$ 4 ,1 6 4 ,6 0 0
8 0 2,444

B a la n c e _______________
Other income____________

$732 ,13 2
i3 2 ,1 0 5

$ 3 ,7 1 2 ,9 1 6
27 5 .1 3 6

$ 3 ,3 6 2 ,1 5 6
4 3 7 ,3 0 0

$949 ,04 4
9 7,795

Total income__________$ 1 ,046,839
Charges, & c______________
6.268
N e tp r o fit______________$1,040,571

$864,237 $ 3 ,9 8 8 ,0 5 2 $ 3 ,7 9 9 ,4 5 6
2 9,016
22 .0 9 0
175,888
$835 221

$ 3 ,9 6 5 ,9 6 2

$ 3 ,6 2 3 ,5 6 8

D IR E C T O R S .— Charles Miller. R . P . Lam ont. F. E Patterson. K tt
Am es, W . D . Sargent. G eo. B . Leighton, John M . Harrison, E . F. G oltra,
G eo. E . Scott, R . H . R ipley. President, R obert P . Lam ont; First VicePres., G eo. E . Scott: Second Vice-Pres R . H . Ripley; Third V .-P ., Warren
J. Lynch: Fourth V .- P ., J. C . D avis; Treas. & Sec., F . E . Patterson; Asst.
Sec. & Treas., W . Epple; C o m p t., O . O . Jarchow. Office, Chicago, 111.
— (V 123, p . 2393 .)

152

M IS C E L L A N E O U S C O M P A N IE S
[F or a bbreviation s. & c ., see notes on pape 8]
Am erican Stores C o— Stock common 1,800.000 s h a r e s ____
American Sugar Refining Common stock $45,000 ,000 - Pref stock 7 % cum 'not pref as to assets) $45,000 ,000
15-vear gold bonds call (textl ______
.
_ _ _kxxxe*
A m erican S u m a tra T o b a c c o C orp— Com stock (v t c ) _ .
t m t r iu n lom -cco c o
i <<
n stk (“ A ’) $50.000.00U autn.
Com stock B (non voting! $100 000 .0 0 0 _ _ ______________ .
Preferred (a * di 6 % cum $54,010 ,600 (see text) ____ __
Gold bonds ,not m ortgage' $56,100 ,000 au th___ G .x o 'A r
Gold boDds (not mortgage!
_____ _____ G .xcAr*
Consolidated Tobacco coll trust mtge gold
G.xo*Ar
American Type Founders— Gom m on stock $6,000,000
Preferred (a & dl stock 7 % cum $4 , 000,000 red 105_______
Deb gold $ 2 ,000,000 red 106 s fd $30,000 y ’ly (te x t)___G.z
D eb gold * 1 ,0 0 0 .0 0 0 g call 105 s hi «40 .0 0 0 yearly ___ O r *
D eb gold $5,00 0 ,0 0 0 red 105 s f $250 ,00 0 y rly ____ kxxxc*

Dale
Bonds

1922

_
_
1904
1904
1901
1900
1917
1925

Par
V a lu e

T o t a l ___________________ $ 7 ,477,656 $ 1 3 ,119 ,407 $11,357 ,724 $11,354 ,773
D ep r., renew. & replace.
1,0 0 0 .0 0 0
$ 1 ,0 0 0 ,0 0 0
$1 ,0 0 0 ,0 0 0
Sundry reserves__________
_______
_______
4,542,631
_______
Interest on bonds_______
1 ,800,000
1 ,8 0 0 ,0 0 0
1,800,000
1 ,800,000
D ividends, pref. ( 7 % ) —
3 ,1 4 9 ,9 8 6 3 ,1 4 9 ,9 8 6
3 ,149,986
3,1 4 9 ,9 8 6
C o m m o n ______________
562,498
_______
_______
_______
Total deductions______$ 6 ,512,484 $ 4 ,949,986 $10,492 ,617 $5,949,986
Balance to surplus______
$965,172 $8,169,421
$865,107 $ 5 ,404,787

y Loss.

D I R E C T O R S .— Earl D. Babst, Charles Francis Adam s, G u y E . Tripp:
Van-Lear Black, .vlbert H . W iggin, James H . Douglas, Philip Stockton,
Samuel M cR oberts, James L . Richards, W . Edward Foster, Fred Mason
and N ew com b Carlton
O F F IC E R S .— Chairm an, Earl D . B abst: Pres., W . Edward Foster;
V .- P ., Ralph S. Stubbs and Edward A . W eber; Sec., Lynde Selden; Treas.,
Arthur B . W ollam ; C o m p t., H enry Edgcum be. New Y o rk office, 117
W a ll S t.— I V . 123, p . 1765.)
A M E R IC A N S U M A T R A T O B A C C O C O R P .— Incorporated in Delaware
Feb. 27 1926 as successor, per reorganization plan dated M arch 15 1926
(V . 122, p. 1766) of the American Sumatra Tobacco Co. and is engaged in
the operation o f tobacco plantations, raising, curing, sort ing and merchan­
dising of cigar wrapper tobaacco. The American Sumatra Tobacco C o. at
organization in 1910 acquired the facilities and business in Gadsden County
F la ., and D ecatur C ounty, G a ., of eight established tobacco plantation cos.
Subsequently purchased Connecticut property; also A . Cohn & C o. V . 108,
p. 2023. C onn. Tobacco C orp., see V . 106, p . 1579. The Griffin Tobacco
C o. was acquired in O ct. 1919 and was subsequently dissolved, its property
having been transferred to this com pany. V . 119, p. 1628.
The receivers in Sept. 1925 sold property of the company in Hartford,
C onn., for $175 ,00 0.
V . 121, p. 1350.
S T O C K .— The common stock has been placed in a voting trust dated
July 31 1926, which will run for five years unless sooner terminated by the
voting trustees, but no such earlier termination shall be made except with
the unanimous consent o f the voting trustees unless at the time o f such
termination there shall be not more than 15,000 shares o f preferred stock
outstanding. The voting trustees are Stephen C . M ille tt, R obert L .
Clarkson, Richard L . M orris, Joseph F . C ullm an, Jr., and Seton Porter.
D I V I D E N D S .— The directors on A u g. 11 1926 declared an initial div.
o f 3 H % on the new preferred stock (to cover the Quarters ended M a y 31
and A u g. 31 1926), payable Sept. 1 1926: on D ec 1 1926 paid 1 M % quar.
R E P O R T .— American Sumatra Tobacco C o. (in receivership) net income
A u g. 1 1925 to June 30 1926:
Sales— 1924 and prior crops, $ 6 16 ,54 5; 1925 crops, $ 2 ,9 3 7 ,6 4 2 - $ 3 ,5 5 4 ,1 8 7
C ost of sales— 1924 & prior crops, $ 4 38 ,80 0; cost o f 1925 crops
to June 30, $ 1 ,664,105; est. cost to com plete 1925 crops,
$ 1 5 ,0 0 0 ._________________ __________________________________________ 2 ,1 1 7 ,9 0 6
A d m . & selling exp. as annexed, $13 8 ,5 9 1 ; prov. for State & local
tax, $30,000; 5-year gold note exp ., $ 6 7,329 ; m iscell. charges,
312,735
$10,7 7 9 ; receivers’ fees & exp. paid on a cc t., $ 6 6 ,0 3 5 _________
Operating profit-----------------------------------------------------------------------------$1 ,1 2 3 ,5 4 6
M iscell. income, $15,627: bad debts recovered, $8,3 5 5 ; interest
received, $15,627; miscell. credits, $ 3 0 ,8 8 1 ____________________
5 4.865
N e t profit A u g. 1 1925 to June 30 1 9 2 6 -.................. ........... ............$1,178,411




Am oun t
O utstanding

None 1 ,800,000sh
$i0( $4 , quo .001
O
too 15 000 O O
500 v
art 000 000
175.000 shs
$100 $2 ,3 5 6 ,2 0 0
50i 40 .2 4 2 .4 0 0
50 5 7 .397.200
10* 5 2 .699,700
59 A<
285.800
50 fte l
50 ter f
962.100
100
6.000 000
100
4 ,000,009
100 A'
927.400
100 Ac
646,000
1,000
4 ,6 2 1 ,0 0 0

A M E R IC A N S T O R E S C O — O R G A N I Z A T I O N .— Incorp
In Dela.
March 29 1917
Owns 34 700 shares of the 35.000 shares of eom m or
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
C o ., George M . D unlap Co and the Mullison Econom y Stores. W eekly
baking capacity about 2 .0 0 0 .0 0 0 loaves and 25 tons o f cake. Operates a
chain of over 1.200 grocery stores in Pennsylvania. New Jersey. Delaware
and M aryland. D eals in food products, coffees, groceries, meats, A c.
S T O C K .— A ll o f the outstanding 1st pref. and 2d pref. stock was re­
deemed on June 1 1922. Com m on stock was increased from 150.000
shares to 3 0 0,000 shares in Feb. 1922 and to 1 ,800,000 shares in M arch 1923,
a 7 0 0 % stock dividend being paid June 15 1923.
D I V I D E N D S .— Initial div. of $1 on com m on 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 7 0 0 % 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 Jan. 1 1927 paid 50c. quar. Also paid extra
divs. as follows: M a y 1 1924, 25c., D ec. 1 1925, 40c., D ec. 1 1926, 50c.
R E P O R T .— For 1925 showed:
Calendar Y ea rs—
19 5.
1924
1923.
19 '2.
Gross sales_____________ $108 ,88 6,07 1 $ 9 8 ,1 7 8 ,6 0 2 $ 9 4 ,579 ,850 $85,8 6 6 ,3 9 6
Earns, after taxes, divs.,
and adjustm ents______ 2 ,7 2 6 ,2 3 2
3 ,8 2 5 ,7 1 4
4,0 2 0 ,3 3 6
3,2 1 5 ,7 0 6
O F F IC E R S .— P res., Samuel Robinson; V .- P ., Robert H . Crawford;
V .-P . & G en. M g r ., James K . Robinson; Sec., E . J. Flanigan; T reas., W m .
M . M . R obinson. Office, Philadelphia, P a .— (V . 123, p . 2143 .)
A M E R IC A N S U G A R R E F IN IN G C O . (T H E )-— O R G A N I Z A T I O N —
Organized in N ew 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
24541 by direct ownership and ownership of subsidiary companies re
fineries at Boston, Brooklyn, Baltimore, Chalm ette, L a ., and Philadelphia.
T h e company s refineries In New Orleans formerly held in reserve have
been dism antled. In Nov 1919 acquired all the capital stock of a Cuban
corporation. Central Cunagua, a raw sugar property in Cam aguev Province
C uba. V . 109. p. 1988: V 112. p. 1020: V 113, p . 186.
The com pany’s investments on D ec 31 1925 were carried at $ 2 5 ,3 9 3 ,0 6 3 .
which is said to be much below actual value
They included
Beet Sup. Co. (m in o rity )— Par vat I Beet Sup. Cos (m in ority)— Par val.
Michigan Sug Co pref $2,043 8or |Spreckels Sugar C o ________ 2.5 0 0 000
Com m on (V 106. p OSS'* 1 4 3 7 .4 0 0 ! W averly Sugar C~ com .
300.000
The com pany also owns a 2 5 % interest in the National Sugar Refining C o.
D IV ID E N D S —
•91. ’ 9 2 . ’93. ’ 94-99. 1900. ’ 01-20. ’21. ’22-25.
8
9
22 12 v r ly . 6J4 7 v r lv . 5 H N one.
C om m on __________________%
da
e x tr a ___________ %
July 1918 to Oct. ’20. 3 % ( % % qu.)
D iv s. on common stock were resumed on Jan. 2 1926 with a paym ent
o f 1 M % ouar this being thp first paym ent since July 1 1921, when 1 K. %
was paid; April 2 1926 to Jan. 3 1927 paid 1 \i % quar.
On preferred in full to Jan. 3 1927.
Bonds — The 15-year 6 % gold Ponds due Jan. 1 1937 are callable as a
whole or b y lot In amounts of not less than $1 ,0 0 0 ,0 0 0 at 105 if redeemed
on or before Jan. 1 1927 and thereafter at a premium decreasing M % for
each full year until and Incl. Jan. 1 1931, and thereafter at 102 V^. V
113. p. 2724
R E P O R T .— For 1925, in V . 122, p . 1449, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
y $327,637 y$1.693 .070 x$10,083.833
Profit from operation___ $ 4 ,477,143
In t. on loans & deposits.
2 ,9 8 9 .9 6 4 1,644,615
2,955,675
y 381,130
Income from investments
10,549 2 ,5 9 3 .0 4 9
5 ,552,488
1 ,523,008
N e t profit from in v e s t ..
8 ,2 0 9 .3 8 0
4,542,631
129,063
Excess res. former years.
_______
1 ,0 0 0 ,0 0 0
_______
_______

x After provision for taxes,

[V ol. 123,

INDUSTRIAL STOCKS AND BONDS
Rate
%

W hen
P a yable

Last D ividend
and M a tu rity

Places W here Interest and
D ividends are P ayable

O— J
text
text
Q— J
7
O— J
J
&
J
6 g

Philadelphia
See text
Jan 3 1927 1 M Ohecks mailed
do
•Tan 3 1927 \ %
Jan 1 1937
N ational C ity B ank. N V

7

See
See

D ec 1 1926
D ec 1 1926
D ec 1 19^6
O ct 1 1926
Oct 1 1944
Aug 1 1951
\ng 1 1951
O ct 15 1926
O ct 15 1926
Wav 1 1939
ATay 1 1097
Oct 1 1940

Q— M
Q— M
Q— M
6
Q— J
4
A O
6 z
F A A
4 g
4 v
F
A A
See text
Q— J
7
Q -J
M A N
6 g
M A N
6g
A & O
6 g

See
See

text
text

1M
4 % Ohnoics mailer)
4 % Checks mailed
1 H Checks mailed
Guaranty Trust Co. N Y
do
do
dc
do
2 % nbecks mailed
do
IK
Guaranty Trust Co, N Y
do
do
N a t Bank o f C om m , N Y

The balance o f the 1925 crops on hand at June 30 1926 were sold during
July for $ 1 52 ,11 2. These sales, together with estimated costs o f $ 1 5,000
to com plete the 1925 crop expense, have been included in the above state­
m ent. N o reserve has been provided for Federal taxes, as the loss in 1925
will absorb the 1926 profit for taxable purposes. N o provision has heen
m ade above for additional receivership fees and reorganization expenses.
O F F IC E R S .— Chairman, Seton Porter; Pres., George W . Spitzner;
V .- P . & Gen. M g r ., Louis F . Leopold; V .- P ., Frank Arguimbeau; Sec. &
T reas., Em il Trueb. Office, 131 W ater S t ., N ew Y o rk .— (V . 123, p . 1 117 .)
A M E R IC A N T O B A C C O C O . T H E ) — O R G A N I Z A T I O N — A merger
O ct. 19 1904 under New Jersey laws
V . 7 9 . p. 1024 1705; V 80 p . 1 6 8 .
On M ay 29 1911 the U . S. Supreme Court held the onmnany a combination
in violation o f the A n ti-T rust law (V . 9 2 , p . 1501) and required that various
o f 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 . 9,3, p . 1122, 1325, 1557, 1603. 1670.
Owns a m ajority of the stock o f the American Cigar O o. See separate
statement for that com pany.
Tn M arch 1923 purchased a substantial interest In the Schulte Retail
stores C orp. V . 116. p. 1535.
Contract with Tobacco Products C orp. See that com pany below.
S T O C K .— The shareholders voted Jan. 7 1918 to change 50 0 ,0 0 0 o f the
597 576 shares o f unissued common stock Into “ common shares Class B ,”
having the same rights to dividends and upon liquidation as any other
shares o f common stock, but without any voting rights. On Sept 15 1920
stockholders voted to increase the authorized am ount o f Com m on “ B "
stock from $ 5 6 ,0 0 0 ,0 0 0 to $ 1 0 0 ,0 0 0 ,0 0 0 . V . 111. p . 1185. See under
“ D iv id e n d s " b e lo w .

The stockholders on N o v . 6 1924 voted to change the authorized common
stock from 5 00,000 shares o f $100 par to 1 ,0 0 0 ,0 0 0 shares of $50 par, and
the authorized 1 ,0 0 0 .0 0 0 shares of common “ B ” of $100 par to 2 ,0 0 0 ,0 0 0
shares o f $50 par value. Tw o 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 o f the
preferred stock so as to give them two votes for each share held instead o f
one vote.
D I V I D E N D S .— On com m on stock since “ disintegration" of 1911-1912.
Y ear—
1912.
1913
1914
1915 to D ec. 1917 1 918 -’2 6 .
Regular. c a sh (% ) 7 )4
20
20 (text)
2 0 ( 5 % Q .-M .)
text
in 1914 paid, M a r. June and D ec., 5 % In cash: Sept. 1914. 5 % In 6 %
icrlp. paid off Sept. 1 1915.
Also Sept. 1912 $20 per share from sale of
'•ertain securities under the disintegration plan, and 2 .9 8 6 % in Am er. M a ­
chine & Foundry C o. stock, and In M arch 1913 a similar cash distribution of
*15 per share. V . 95, p. 362. 620; V 96. p. 421
On April 20 1914 a dis­
tribution was made in restricted B deferred ordinary shares o f Imperial
T ob. C o . equaling about 215-240. or about 9 -1 0 of a £1 share V . 9 8 . p . 8 4 1 .
The directors tn Jan. 1918 decided that for a period the dividends upon
the common stock should be paid in scrip, bearing interest at rate of
8 % per an n.. int. payable M . A S. and maturing In 3 years from M a r . 1
1918 and redeemable at maturity in cash or common stock “ B " at par
Cash option eliminated beginning M arch 1 1919. Option to exchange for
stock was extended from M arch 1 1921. Accordingly paid each quarter
5 % in scrip M arch 1 1918 to June 1919.
In Sept, and D ec. 1919 and M a r. and June 1920 paid a quarterly 5 % to
cash. V . 109. p . 579; V . 108, p. 582, 975; V . 106, p . 193, 298, 6 08, 1902
2452.
Th e stockholders on M a y 6 1920 approved the plan o f the directors for a
7 5 % stock dividend on common and common stock “ B ” by the distribution
of authorized but unissued common stock “ B ” on Aug. 1 1920. The plan
carried with it the redemption of the outstanding scrip in exchange for stock,
in order that scrip holders m ay participate in the stock dividend. Compare
V . 110, p . 1644. On Sept. 1 and D ec. 1 1920 and M a r . 1 1921 paid 3 % each
on common and com m on “ B ” stock, payable In 8 % scrip which was ex­
changed for common “ B ” stock on M arch 1 1923.
V . I l l , p 591, 1854
V 112, p . 565. June 1921 to Sept. 1924 paid each quarter 3 % each on
common and common “ B ” stock tn cash; D ec. 1 1924 to Sept 1 1925 paid
3 H % qu ar.; D ec. 1 1925 paid 4 % quar. and 2 % extra; M a r . 1 1926 to D ec. 1
1926 paid 4 % quar. On A u g. 15 1921 paid 4 % % on par value o f common
stock o f the M engel C o . to common and com m on “ B ” stockholders. V . 113,
p . 296.
R E P O R T .— For 1925, in V . 122, p . 1614, and 1766, showed:
Calendar
N et
Bond
P r e f.
Com m on
B alan ce,
Y ea r— Sales.
In c o m e.
I n t ., <fec.
D iv .
D iv.
S u rp lu s.
1925—
________ $$22 ,28 8,59 7
$49,677 $3,1 61 ,9 8 2 $ 1 6 ,1 0 9 .9 2 2 $ 2 ,9 6 7 ,0 1 5
1924
_________ * 2 0 ,839,694
5 4,825 3 ,1 6 1 ,9 8 2 12,202,675 5 ,4 2 0 .2 1 2
1923 — 138.47 3 ,3 4 0 *1 7 ,9 4 2 ,5 4 4
134.405 3 ,1 6 1 ,9 8 2 11,470,695 3 ,1 7 5 .4 6 2
1922— 143,901 ,4 4 5 *2 0 ,3 8 0 ,8 4 0 1,412,371 3 ,1 6 1 ,9 8 2 10,750,533 4 ,9 2 0 ,7 4 0
* After deducting provision for Federal income taxes.
D IR E C T O R S .— Junius Parker (Chairm an), George W . H ill (P res.),
Charles A . Penn, A . C . M ower and A . L . Sylvester ( V .-P .) , J. E . Lipscom b,
O . S. Keene, Thom as W . Harris, T . T . Harkrader, James H . Perkins,
Donald Geddes, J. E . Archbell, Paul A . N oell, O . F . N eiley (Sec.), Jesse
R . Taylor (T reas.). O ffice, 111 Fifth A v e ., N ew Y o rk .— (V . 122, p . 1766.)
A M E R IC A N T Y P E F O U N D E R S C O .— Incorp. In N . J. In 1892 and
acquired the leading type foundries of the United States. Its manufactur­
ing plants are located in Jersey C ity and Elizabeth, N . J ., and Franklin,
M ass. C om pany has 24 distributing branches in the leading cities in the
United States and 1 in W innipeg, C anada. In addition to the manufacture
and sale of type, com pany manufactures and deals in printers’ machinery,
materials and supplies. Also owns and manufactures K elly printing press.
Owns all o f the common stock of Barnhart Bros. & Spindler, and guaran­
tees $ 1 ,250,000 7 % 1st pref. (par $100; dividends Q .-F .; also $ 750 ,00 0 7 %
2d pref. stock, principal and divs., according to terms o f an agreement with
Guaranty Trust C o. o f N ew Y o rk dated M a y 19 1911. V . 92, p. 1501. Also
owns (including the stock held by Barnhart Bros. & Spindler) about 6 0 %
of the common stock o f the N ational Paper & T y p e C o .
S T O C K .— The stockholders on April 25 1923 authorized an increase to
the capital stock from $ 7 ,0 0 0 ,0 0 0 (consisting of $ 4 ,0 0 0 ,0 0 0 common and
$3,000,000 pref.) to $1 0 ,0 0 0 ,0 0 0 (consisting of $6,O0O,OOO common and
$4,000,000 pref.).
The common stockholders o f record Jan. 10 1924 were given the right to
subscribe at par ($100) to $2 ,0 0 0 ,0 0 0 additional com m on stock in the ratio
of one new share for each two shares held.
D I V I D E N D S .— On com m on. O ct. 1898 to Jan. 1923, 1 % quar.; Apr1923 to O ct. 1923 paid 1 H % qu ar.; Jan. 1924 to A p r. 1925 paid 1 X % quarJuly 1925 to O ct. 1926 paid 2 % quar. In addition, in Jan. 1902, 6 % scrip;
In April 1903, 3 % scrip; April 1909, 2 % scrip; M a y 1913, 2 % scrip was
paid; M arch 1017, 2 % scrip, applicable in paym ent for bonds o f 1917.
V. 104, p. 1265.
D E B E N T U R E S .— Annual sinking fund as follows: Debentures o f 1909,.
$ 5 0,000 ; debentures o f 1917, $ 40,000 ; debentures o f 1925, $ 2 50 ,00 0.

Nov., 1926.]

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviations, A c ., see notes cm page 8]
Preferred (a * d) 7 % cum call 110 s f auth $ 9 ,0 0 0 ,0 0 0 ____
A m erican W in d o w G la ss C o — Pref stk $4 ,0 0 0 ,0 0 0 7 % cum
American W indow Qlass Machine— Com stock 1 13.000,000
Preferred a & d stock 7 % cumulative $7 0 00.000
_____ _
A m e ric an W o o le n — Com m on stock $40,0 0 0 ,0 0 0 au th_______
Preferred stock 7 % cum (a & d) $6 0 ,0 0 0 ,0 0 0 au th __________
Shawsheen Mills gold notes (guar) redeemable: t e x t .. __c
W ebster M ills 10-yr gold notes (guar p & i) red text____ c
Preferred (a A dl stock 7 % cumulative $ 1 2 ,5 0 0 .0 0 0 _______
New 1st M $12,000 ,000 sk fund from Jan 1 1919
call 105
__________________________ xxx_O B .c*& r

D a te
B onds

i§ 2 i
1923

1919
1925
For securities to be issued under reorganization plan, see test.

1.000

$4,52 0 ,4 4 5
_______
2 ,928,990

$5,14 9 ,1 4 4
_______
3 ,484,953

$5 ,5 4 5 ,5 8 9
_______
3,6 8 0 ,8 7 9

Operating incom e_$ 1 ,5 5 0 ,8 2 3
Other income____________
4 55,160

$1,59 1 ,4 5 5
284,278

$1,664,191
_______

$ 1 ,864,710
____

P rofit____________ $2 ,0 0 5 ,9 8 3
Reserve for deprecia’n . .
513,879
183,418
Federal taxes paid_______

$ 1 ,875,733
538,006
163,600

$1,664,191
492,075
161,358

$1,86 4 ,7 1 0
728,815
144,923

N e t p r o f i t . . ____ $1 ,3 0 8 ,6 8 6
Previous surplus__ 4 ,232,501

$1,17 4 ,1 2 7
3 ,747,202

$ 1 ,010,757
3 ,2 8 3 ,6 9 8

$990,972
2 ,690,624

_

T otal surplus___ $5,54 1 ,1 8 7
$4,92 1 ,3 2 9
$4,29 4 ,4 5 5 $ 3 ,681,596
Preferred divs. ( 7 % )
280,000
280,000
256,761
197,897
Com m on divs__________ (8 % )4 8 0 ,000 (7 X ) 408,828 (6 X ) 290,493 (5 % ) 200,000
Surplus A u g. 3 1 ______ $4,78 1 ,1 8 7 $4,232,501 $ 3 ,747,202 $3,28 3 ,6 9 8
O F F IC E R S .— Pres. & Gen. M g r ., Frank B . Berry; V .-P ., Joseph W .
Phinney and Joseph F . Gillick; V .-P . & Sec., W alter S. M arder, V .-P . &
T reas., J. Russell Merrick; Asst. Treas., James A . Coleman; Asst. Sec.,
W adsw orth A . Parker; Gen. Counsel, Benjamin K im ball. Office, 300 C om munipaw A v e ., Jersey C ity .— (V . 123, p . 2658.)
A M E R IC A N W H O L E S A L E C O R P .— O R G A N I Z A T I O N .— Incorp June
27 1919 in M aryland. Its business started in 1881.
Is conducted through
catalogue instead of salesmen, and comprises nearly everything sold bj
the average department store (except groceries). See V . 10i9, p. 272.
S T O C K .— Annual sinking fund for purchase or redemption of Pref. stock
commencing July 1 1920 is to receive 2 5 % of net profits after Pref. divi­
dends, but not less than 3 % of the largest amount of Pref. stock at any one
time outstanding
Redemption price, $110 and divs.
N o mortgage with­
out consent of 7 5 % of Prof stock. Initial dividend of 114 % paid on Pref
itook Oct 1 1919; to O ct. 1926, I X % quarterly.
R E P O R T .— For 1925, in V . 122, p . 4 84, showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
Gross sales______________ $28,6 7 3 ,5 3 3 $28,561 ,023 $32,6 0 0 ,4 0 8 $ 3 0 ,028 ,337
Total earnings__________
1 ,136,926
1 ,236,734
2 ,1 1 3 ,5 8 4
1,068,487
Federal taxes (e s t.)______
143,000
156,000
2 6 5 ,0 0 0 .
134,000
Preferred dividends_____
47 4 ,6 4 4
503,125
525,707
550,044
Balance, surplus______
$519 ,28 2
$577 ,60 9 $ 1 ,322,876
$384,443
Report for 6 months ended June 30 1926, in V . 123, p. 585, showed:
A p p roxim a ted In com e Statem ent fo r 6 M o n th s Ended, Jun e 30 1926.
Earns, (est.), $282,192; add disc, on pref. shs. retir., $68, total
$282,260
Fed. taxes, $38,000; pref. divs., $219 ,54 6; total_________________
2 5 7,546
N e t addition to surplus________________________ ________________ _____ $ 24.714
O F F IC E R S .— Pres., Jacob Epstein; V .-¥ 'r e s ^ A "' Tiay^KiitzT Sidney
Lansburgh; Sec. & A sst. T reas., N athan Epstein; Treas. & A sst. Sec.,
Abraham I . W einberg. Office, Baltim ore, M d — (V . 123, p . 585.)
A M E R IC A N W IN D O W G L A S S M A C H IN E C O — O R G a JNTZAIIUIN
— Incorp. in N . J. on M ar. 6 1903. V . 76, p. 596. Owns exclusive rights
in certain window-glass machine patents in the U . S. See V . 109, p. 372.
V. 76. p. 596, 707; V . 107, p. 2010. Also owns $ 1 2 ,999 ,200 of the $13,0 0 0 .
000 com . stock of Amer window Glass C o (V . 107, p. 1668) and leases
patent rights to latter on royalty. In O ct. 1919 accrued royalties had all
been paid and royalty was being paid regularly
See V . 109, p . 372. V .7 6 ,
. 707 , 867; V 77, p . 2282; V . 79. p. 2644; V . 9 1 , p . 1027. Patent
ecrees, V. 110, p . 2489; V. 113, d . 2082; V . 114, p. 857.
D IV ID E N D S % .—
1919.
1920
1921. 1922.
1923 . 1 924 . 1925
On cum Pref s t o c k ..
7
7
7
7
7
7
7
On Com m on, cash___
14
7X
0
7
10
9
Paid on com m on in 1926: Jan ., 1 X % ; April, 1 J 4 % ; July, 1 3 4 % ; O ct.,
1X % •
R E P O R T .— For fiscal year ended A u g. 31 1926 showed:
Y ea rs E n d . A u g . 31—
1925-26.
1924-25.
x l9 2 3 -2 4 .
1922-23.
R oyalty received________$1 ,4 6 3 ,4 7 0 $1,63 0 ,7 6 5 $ 1 ,419,898 $3 ,0 9 2 ,6 3 4
Other incom e____________
17,766
19,090
4 4,670
2 9,754

§

,480,236
5 0,508
192,372
4 89,965
7 79,898

$ 1 ,649,855
48,895
250,590
489,965
1,299,830

$1,46 4 ,5 6 8
3 5 ,6 2 8
141,894
489,965
1 ,299,830
150,000

$3 ,1 2 2 ,3 8 8
45,525
3 9 0,249
612,450
974,873
_______

Balance, sur. or d ef___ d ef$32,507 def$439,425 d e f$ 6 5 2 ,7 4 9 s r$ l,0 9 9 ,2 8 4
x Balance for 16 m onths, April 1 1922 to Aug. 31 1923.
R eport o f A m erica n W in d o w Glass C o.
Y e a rs E nding—
A u g . 27 '2 6 . A u g . 28 '25. A u g .3 \ ' 2 4 . A u g . 3 1 '2 3 .
N e t profits_____ ______ _ $ 1 ,3 4 4 ,8 2 2 $ 1 ,368,173 $1,951,291 $ 5 ,012,807
Other in c o m e .....................
751,955
419,302
544,589
691,148
Total income___________ $2 ,0 9 6 ,7 7 7
Federal and State taxes.
$67,531
R oyalties------------------------1,4 6 3 ,4 7 0
Other deductions________
145,066
Pref. dividend ( 7 % ) ____
27 9 ,6 5 0
a A d justm ents__________
_______

$1,78 7 ,4 7 5
$38,014
1 ,630,765
32,771
279,650
2 9,375

$2 ,4 9 5 ,8 8 0 $5,70 3 ,9 5 5
$141 ,33 6
$411,249
1,419,898
2 ,4 0 3 ,4 8 8
4 2,523
131,663
2 79,650
279,650
68,845
_______

Balance, surplus_____
$141 ,06 0 d e f$ 223,100
$543 ,62 8 $2,47 7 ,9 0 5
P . & L . su rp lu s,.............. $ 1 0 ,845 ,438 $ 1 0,704 ,378 $10,9 2 7 ,4 7 8 $10,383 ,850
a Charges applicable to prior years’ operations.
O F F IC E R S .— Pres., W m . L . M onro; V .-P ., A . E . Braun; Sec. & Treas.,
E . J. A skey. Office, Farmers Bank B ld g., Pittsburgh, P a .— (V . 123, p.
2393.)
A M E R IC A N W O O L E N C O .— O R G A N I Z A T I O N .— Incorporated In
M ass. F eb. 15 1916 as a reincorporation o f the New Jersey company
with the same name and capitalization. In 1899 merged the W ashing­
ton M ills, Lawrence, M a ss.; N ational Providence M ills, Providence, R . L ,
Sec.; 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. 263.
8 47, 8 02, 1542.
In March 1919 purchased W hitestone M ills, Ellenville
O onn. V . 108, p. 1276. In Dec. 1921 purchased three mills owned by the
Norwich W oolen M ills C orp. and known as the Norwich W oolen M ills,
the Winchester W oolen M ills, both of Norwich, C o n n ., and the \antic
W oolen M ills of Yantic, Oonn. In 1923 acquired the Strathmore Worsted
M ills, of Concord, M a ss., the Tilton M ills of T ilton, N . H ., the Black
River M ills of Ludlow , V t ., and S. Slater & Sons W oolen M ills o f W ebster,




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 tu r ity

None
96.6">4 shs.
$1.000 $$6,194 ,500
7
Q— J
100
4 .000.000
M A S
7
12,968.600 See text See text
10t
5.909.600
inn
7
Q— J
100 4 0 .0 0 0 .
See
000 text
inn 5 0.000. non
i
Q — J 15
1,000
5.5 0 0 .0 0 0
A & O
7 g
1,000
5.5 0 0 .0 0 0
& D
63* 8 J
10n
9 .500.000
100 12.500.000

Gross income____$4 ,7 3 5 ,3 3 0
Interest__________________
4 61,325
Sell., adm in., & c „ e x p ..
2,7 2 3 ,1 8 2

Preferred dividends____
Com m on divs. (cash)___
C om . divs. (Lib. b d s.)_ _

A m oun t
Outstanding

Par
V a lu e

R E P O R T .— For year ending A u g. 31 1926, showed:
Y ea rs E n d. A u g . 31—
1925-26.
1924-25.
1923-24.
1922-23.
N et sales__________ $ 1 2,790 ,753
$ 1 2 ,133 ,600 $11,1 9 7 ,8 7 7 $ 1 1 ,863 ,790
C ost of goods sold_______
8 ,055,423
7 ,613,155
6,048,733
6,318,201

Total incom e___
General expenses

153

INDUSTRIAL STOCKS AND BONDS

9,293 000
700,000

6
6

J

&

O ct I 1926
Sept 1 1926
Oct 1 1926
O ct 1 1926
July 15 1924
O ct 15 1926
O ct 1 1 9 3 1
D ec 1 1 9 3 3
Apr

IX
314
IX
\X
IX
1X

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

Central Un Tr C o , N Y
By check from Pittsburgh
Pittsburgh Pa
do
do
Go's o ff, Andover, M ass
C o ’s off, Andover, M ass
Brown B ro s * C o , N Y , Jtc
do
do

1 1913 1 % Checks mailed

J Jan 1939
Jan 1 1927

Jan 1924 Interest unpaid

M ass. Th e last named has been renamed the W ebster M ills and will be
Improved and extended. A corporation called the W ebster M ills has been
organized under M assachusetts laws for the purpose of taking over -this
Webster property.
All o f the capital stock o f the corporation is owned by
she com pany.
The W ood W orsted Mill Corporation, which was merged in Sept. 1910,
owned a large mill at South Lawrence, M ass., for the manufacture of yarns
Mid men's wear fabrics.
V . 81, p. 900 842; V . 84. p. 1054; V . 86. p.
599; V 90, p. 622; V. 91, D. 522, 1162
The Ayer M ills (merged Jan. 1 1 9 2 2 ), built a yarn mill at South
Lawrence, M ass.
V . 88, p. 508; V . 9 0 . p . 6 2 2 , 701; V . 9 2 , p . 1312; V .
102, p. 888; V . 104. p. 766.
S T O C K .— The stockholders voted M a y 25 1920 to increase the author­
ized preferred stock from $ 4 0 ,0 0 0 ,0 0 0 to $60 ,0 0 0 ,0 0 0 , and the common
stock from $ 2 0 ,0 0 0 ,0 0 0 to $ 4 0 ,0 0 0 ,0 0 0 . The additional $ 2 0 ,0 0 0 ,0 0 0 com .
stock was offered to stockholders o f record June 7 1920 at $100 per share
n the rail* o f one new share for each three shares of stock held. Stockhold­
ers of record April 20 1923 were given the right to subscribe for $10,000,0(4)
pref. stock at par In the ratio of one share of pref. for each eight sharjs
(whether com . or pref.) held. V . 116, p. 1652.
G U A R A N T E E D N O T E S .— The company guarantees, principal and In­
terest, $5 ,5 0 0 ,0 0 0 10-year 7 % gold notes o f Shawsheen M ills, due O ct. 1
1931. and redeemable as a whole on or after O ct. 1 1926 at 103 and int.
V. 113, p. 1775. Also guarantees, prin. and In t., $ 5 ,5 0 0 ,0 0 0 10-yr. 8 X %
gold notes o f W ebster M ills, due D ec. 1 1933 . and redeemable as a whole or
in part at 103 in 1926, 1 0 2 X in 1927, 102 in 1928, 1 0 1 H in 1929, and 101
thereafter.
D I V I D E N D S .—
1916. 1917. 1918. 1919. 1920-23. 1924. 1925.
______
On common stock___________ 3 X
5
5
5X
7
5X
do in eq Liberty bon d s. ___
___
___
15
___
___
On pref. stock— July 1899 to O ct. 1926, 7 % per annum ( 1 X % Q .-J .).
In O ct. 1919 increased the common dividend from 1 X % quarterly to
1 * 4 % : then to July 1924, I X % quarterly; none since.
R E P O R T .— For 1925, in V . 122, p . 1448, showed:
*1925 .
x l9 2 4 .
x l9 2 3 .
y l9 2 2 .
N e t profit after t a x e s . . . $ 3 ,0 5 1 ,0 6 5 d f$ 4 ,0 2 5 ,8 6 5 $ 9 ,3 2 6 ,6 2 3 $9 ,5 3 1 ,9 2 6
3 ,5 0 0 ,0 0 0
3 ,1 2 0 ,8 3 3
2 ,8 0 0 ,0 0 0
Preferred dividend______ 3 ,5 0 0 ,0 0 0
Com m on divs. ( c a s h ) ...
_______
1 ,516,667
2 ,8 0 0 ,0 0 0
2 ,8 0 0 ,0 0 0
Subsidiary dividends___
4 ,7 5 0
8 ,7 5 0
_______
_______
Balance, surplus______d e f$ 453,685d f$9 ,051 ,282
Previous surplus________ 2 0 ,8 0 8 ,2 0 9 3 4 ,0 8 7 .7 3 6

$3 ,4 0 5 ,7 9 0
32 ,6 0 6 ,3 5 4

$ 3 ,9 3 1 ,9 2 6
3 1 ,915,381

T o ta l-------------------------------- $ 2 0,354 ,524 $ 2 5 ,0 3 6 ,4 5 4 $ 3 6 ,012 ,144 $ 3 5 ,847 ,307
R es’ve restored to su rp .C r.5 ,071,985 C r .$9,457 C r.$ 250,992 C r .$36,372
D epreciation----------------------- 2 ,1 0 1 ,8 9 3 2 ,9 1 8 ,5 5 5
2 ,666,411
3 ,2 7 7 ,3 2 4
Profit & loss, surplus_$23,324,616 $22,1 2 7 ,3 5 6 $33,5 9 6 ,7 2 6 $ 3 2 ,606 ,354
* Includes Shawsheen M ills and W ebster m ills, x Shawsheen M ills and
W ebster M ills om itted, y Shawsheen M ills om itted.
O F F IC E R S .— Pres., Andrew G . Pierce; V .- P ., Frank H . Carpenter;
2d V .- P ., W heaton K ittredge; 3d V .- P ., Parry C . W iggin; T reas., W m . H .
D w elly. Office, 1 Federal. S t.. Boston, M a ss.— (V . 122, p . 1614.)
A M E R IC A N W R I T I N G PA PE R C O .— O R G A N I Z A T I O N .— Incorpor­
ated in New Jersey on June 25 1899 as a consolidation. Has tw enty-tw o
separate manufacturing plants, 15 of these located in Holyoke, M a ss., and
the other 7 in Mit.tineague. Huntington and South Lee, M a ss., M an­
chester, U niom dlle and W indsor Locks, Conn and D e Pere, W ise. D e­
partm ents: W riting and ledger papers, specialties and covers, books and
papeteries and envelope papers. V . 69, p . 25, 128, 227; V . 70, p . 998;
V . 80, p. 1172; V . 90, p . 625: V . 92, p . 4 5 8 . In F eb. 1917 im portant new
interests became directors. V . 106, p . 1793.
R eceiversh ip.— Pres. S. L . W illson was appointed receiver on O ct. 5 1923.
V. 117, p. 1558. A protective committee for the preferred and common
stock was formed Sept 12 1923. o f which B . W . Jones (V .-P res. o f Bankers
Trust C o.) is Chairm an. Tne other members are M . C . Branch (Pres, of
M erchants’ National B an k ), R ichm ond, V a .; M urray H . Coggeshall (of
Coggeshall & H icks), John T . Gillespie (of L . C . Gillespie & Sons), Percy H .
Johnston (Pres. Chemical N ational B an k ), and Ridley W atts (of Ridley
W atts & C o .). C . O. Cornell, 16 W all S t ., N . Y . , is Secretary. Bankers
Trust C o ., depositary. 16 W all S t ., New Y o rk. V . 117. p. 1238. 1351.
Foreclosure Suit.— The Old C olony Trust C o ., Boston, in Sept. 1924 filed
a bill in equity in the Federal Court at Boston against the com pany, seeking
to foreclose a mortgage on the com pany's property to the amount of $ 1 1 ,8 70,000 . A n intervening petition was also filed in the Cincinnati Federal
Court in M arch 1925.
D ig e s t o f Plan o f R e o r g a n iz a tio n , D ated J u ly 1 1926.
N ew C o m p a n y .— It is intended to organize a new company under the laws
o f M assachusetts or such other State as the reorganization committee shall
determine, or the charter o f some existing corporation m ay be utilized. It is
intended to vest in the new company by direct ownership such of the plants
and other properties o f the paper company as the committee m ay ultimately
determine to have acquired for the use o f the new company, but to the
extent deemed b y the committee advantageous, securities representative
o f any part o f such property m ay be vested in the new com pany in eu
o f the direct ownership thereof.
N ew Bonds. N o te s and Stock.
In consideration o f the properties to be acquired by it the new c e . is to issue
its bonds, notes and shares o f stock to the amounts specified in the plan.
First M ortga ge 6 % Gold Bon ds.— The 1st mortgage bonds will be limited to
the total authorized amount o f $ 5 ,5 0 0 ,0 0 0 . They will bear interest from
Jan. 1 1927 and will mature Jan. 1 1947.
Serial 4 % Gold N o te s .— The serial notes will be limited to the total princi­
pal amount o f $ 1 ,0 0 0 ,0 0 0 . They will bear interest from Jan. 1 1927.
The notes will be expressed to be payable as follows $150,000 on Jan. 1
1928; $150,000 on Jan. 1 1929; $175,000 on Jan. 1 1930; $175 ,00 0 on Jan. 1
1931; $175 ,00 0 on Jan. 1 1932, and $175,000 on Jan. 1 1933.
Preferred Stock.— The pref. stock shall consist o f 90,000 shares, par $100
per share, and shall rank for dividends from Jan. 1 1927 at the rate o f 7 %
per annum. Until Jan. 1 1929 the dividends on the pref. stock shall be noncumulative, and if not declared by the directors out o f the earnings o f any
year ending D ec. 31 prior to the first day of July next ensuing, the holders
o f the pref. stock, irrespective of the amount of the earnings of the new
company for that year or for previous years, shall be entitled to non-cum ulative dividends for subsequent years only out o f the earnings o f the new
company for subsequent years, if and when declared by the directors. Fro m
an i after Jan. 1 1929 the dividends on the pref .stock shall be cumulativeand
payable as and when declared by the board of directors out of the earnings or
surplus o f the new com pany. Arrears of dividends will not bear interest.
Com m on Stock.— Th e common stock shall consist o f 140,000 shares with­
out par value.
V oting T ru st.— The shares o f preferred and com m on stock of the new
company (other than directors qualifying shares) will be assigned to the
following voting trustees: George W . D avison, George C . Lee, Henry K .
H yd e, O tto M arx and M urray H . Coggeshall, to be held by them jointly

154

M IS C E L L A N E O U S C O M P A N IE S
[For abbreviation s. A c ., see notes on page 81

Am erican Z in c Lead St S m e ltin g C o— Common stock . .
Pref stock cum 21% (entitled to $100 per share m liquidation)
Silver D yke M in s f debs (guar p A 1) red 105
. _xxxc
A n a co n d a C o p p e r M in in s C o— Stk $ 3 0 0 ,00 0,00 0 auth
Secured gold bonds $ 5 0 ,0 0 0 ,0 0 0 Ser A _ . . . . .................G .y c *
I s t c o n M SerA s f g bds red (t’t)$ 2 0 0 .0 0 0 000 a ’th .G k xxxc*r
Convertible debentures redeemable 1 1 0 ._
___
c*
B utte A A P 1st M s f call 105 (guar p A 1)____ y c*A r*

Date
Bonds

1923
1919
1923
1023
1914

Par
V a lue

B O N D E D D E B T .— O f the $ 1 2 ,0 0 0 ,0 0 0 first mtge. sinking fund bonds
issued, $ 2 ,0 4 3 ,0 0 0 were in treasury (pledged). $534,000 were in sinking fund
and $13 0 ,0 0 0 had been retired on D ec. 31 1922.
Interest on the bonds was at the rate of 7 % per annum from Jan. 1 1919
to and including Jan. 1 1922: thereafter. 6 % .
Sinking fund: An annual 1% of bonds outstanding, plus: (1) 2 5 % of the
net available surplus earned In any one year, after providing for deprecia
tion, fixed charges, A c ., until the amount of bonds outstanding has been
reduced to $ 1 0 ,0 0 0 ,0 0 0 , par value; and (2) thereafter 1 5 % of such net sur­
plus till the bonds are all retired.
Interest D efa u lted .— The Interest due Jan. 1 1924 was not paid.
Bondholders' C om m ittee.— George C . Lee, Chairman (Lee, Higginson A
C o .) . Boston: Philip Stockton (Old Colony Trust C o .), Boston; A Willard
D am on (Springfield Fire & M arine Ins. C o .) . Springfield, M a ss.; Philip R
Allen (Bird St Son, In c.), East W alpole, M ass • H. B Lake (Ladenburg
Thalm ann A C o .) . O tto M arx. New York, with Josiab F. H ill.. Sec., 44 State
S t.. Boston, and Ropes, G ray, Boyden A Perkins. 60 State S t ., Boston
counsel.
D ep o sita r ie s .— Old Colony Trust C o ., Boston; Central Union Trust C o.
New York; Springfield Safe Deposit A Trust C o ., Springfield, M ass
V . 117. p. 1666. 1889. 2435; V . 118. p 313.
R E P O R T .— For calendar year 1922, in V . 116, p. 1414, showed
Gross Sales.
N et In co m e.
Bond Int.
E x p .. A c.
Bal. Sut
$ 151 ,41 2
$ 557 ,58 0
$154,212 def$560.38G
1922 ___ $ 1 5 ,3 2 7 ,7 2 0
1 9 2 1 .. . 12.069.346 l o s s l.1 0 1 .457
6 50.760
192.558 defl .944.77*
1920— 3 4 .339.813
3 .0 5 8 .8 9 8
650..569
720.656
1.687,67?
1 9 1 9 . . . 16,936.648
1.7 9 0 .1 9 2
675.047
680 050
435.095
For period from Jan. 1 1923 to O ct. 5 1923, net sales, $11,704 ,642 ; net
loss after taxes and depreciation, $843 ,47 9; interest and discount on currenl
obligations. $134 ,69 5; interest on bonds (net), $425,929; deficit for period
$1,4 0 4 ,1 0 3 .
P R E F . D IV S .— June 1908, 2 % ; 1909, 1 % ; 1910 to April 1913, 2 % yrlj
none since. Y . 97, p. 367, 4 46. A ccum . pref. divs. to April 1925, about

17014%.
O F F IC E R S .— Chairm an, W alter T . R osen.
Sec., James T . Robinson; T rea s.. L . S. N o ld .
(V . 123. p 2143 .)

A m ou n t
O utstanding

R ate
%

$25 $ 4 ,828,000 See text
2.414 000 See text
500 Ac
330 500
7
50 150,000,000 See text
1.000 16.933.000
6 g
500 Ac 104.731 000
6 g
500A 1000 50.000.000
7
1,000
2 ,4 4 1 ,0 0 0
5 g

and their successors under a trust agreement prescribing their powers and
duties and the met*1o ’ o f filling vacancies for a period expiring not later
than D ec. 31 1933. unless earlier terminated by action of the voting trustees.
Treatm ent o f D ep o sited Bonds, C laim s and P referred Stock.
Holders of certificates o f deposit issued un ’er or otherwise subjected t °
the plan for bonds or for claims or for pref. stock (or for certificates o f de"
posit for pref. stock issued under the stockholders’ deposit agreement dated
Sept. 12 1923) who shall have complied with the con itions o f the plan and
agreement will be entitled to receive new securities at the following rates:
First M ortga ge Tw enty Y ea r S inking F u nd Gold Bonds. — A t the rate for
each $1.000 of existing bon is accompanie i by coupons or claims for interest
maturing on and after Jan. 1 1924; $500 o f new first mortgage bonds and
$680 new pref. stock (voting trust certificates).
Secured D eb t.— A t the rate for each 51,000: $500 cash, $500 o f new serial
notes (substantially proportionate amounts in each m aturity), an i $150
new pref. stock (voting trust certificates).
U nsecured D eb t.— A t the rate for each $1,000: $100 cash and $900 new
pref. stock (voting trust certificates).
Preferred Stock.
(In addition to right o f purchase— see below.)
A t the
rate for each $1,0 0 0 : 1 share o f new common stock ( voting trust certificates)
Stockholders' Rights o f Purchase.
Th e preferred stockholders are given an opportunity to subscribe new
money at the rate o f $10 per share of pref. stock now held, payable 4 0 %
at the time o f deposit on or about A u g. 14 1926 an l the remaining 6 0 % in
3 equal installments as called for by the reorganization com m ittee. For each
$1,0 0 0 so paid a preferred stockhol der will receive $500 of 1st m tge. b o n 's of
new com pany, voting trust certificates representing 5 shares o f pref. stock,
par $100 each, and voting trust certificates representing 60 shares o f com
m on stock without par value (which is in a ldition to the new common
stock to be received by depositors o f pref. stock as above s t a t e !).
Com m on stockholders are also given an opportunity to subscribe new
money at the rate o f $5 per share o f common stock now held, payable 4 0 %
on or before A ug. 1 1926. an i the remaining 6 0 % in 3 equal installments as
c a lle 1for by the reorganization committee. For each $500 so pai 1 a common
stockhol der will receive $250 of 1st m tge. bon Is. voting trust certificates
representing 2 'A shares o f pref. stock, par $100 each, an 1 voting trust cer­
tificates representing 25 shares o f common stock without par value.
Upon making the paym ents provi ’e l for in the plan, depositing stock­
holders will receive participation warrants. The amount o f the payments
required by the participation warrants, aggregating $1 725.000 an I con­
stituting new m oney for the uses o f the plan, has been un 'erwritten by a
syn icate o f which Central Union Trust Co o f Ne v York is the manager.
The com m ittee in charge o f the reorganization has notifie 1 the hoi lers
o f pref. stock participation warrants an I o f common stock participating
warrants.issued u n ler the plan dated July 1 1926 that they are require!
to make pavm ent o f installments payable un ler these warrants as folio vs:
first installment on or before N o v . 13 1926. secon 1 installment on or before
D ec. 15 1926 an l the third on or before Jan. 17 1927.
D ep osita ries U nder P lan .
(1) For the 1st m tge. 20-year sinking fun 1 gold
bonds: Old C olony Trust C o .. 23 Court S t., Boston, an l Central Union
Trust C o . o f N ew York, 80 Broadway, N . Y . C ity. (2) F o " the secure 1
and unsecure I claims: Central Union Trust C o. o f N e w Y o rk, 80 Broadway.
N . Y . C ity . (3) For the preferre 1 an l common stock a n ! certificates of
deposit therefor: Bankers Trust C o ., 16 W all St., N . Y . C itv .
R eorgan ization Com m ittee.-— George C . Lee (of Lee, Higginson A C o .),
Chairman: George W . D avison (Pres, o f the Central Union Trust C o .),
O tto M arx and H . B . Lake (of L a rlenburg, Thalmann & C o .), an 1 M urray
H . Coggeshall; with C . E . Sigler, Sec.. 80 Broadway, N . Y . C ity . V . 123,
p . 327.
Plan O peratise.— The plan was declared operative in A u g . 1926. V . 123.
p . 1117.
Judge Augustus N . Hand in the Federal Court at New York O ct. 6 1926
signed a decree approving the reorganization plan o f the com pany. Si nev
L . W ilson has been appointe i special master to negotiate the sale o f the
com pany's assets. It was announce! in N o v . 1926 that Si 'nev L. W ilson,
special master, would sell the entire property at com pany's mill building,
W indsor Locks. C on n ., on D ec. 2 1926. Upset price, $ 1 ,9 0 0 ,0 0 0 .

Receiver, S. L . W illson
Office, H olyoke, M a s s .—

A M E RIC AN Z IN C , LE AD A N D S M E L T IN G C O .— O R G A N I Z A T I O N .
— Incorporated Jan 26 1899 in M aine as a mining and smelting company
I t Is also a holding and operating com pany for certain subsidiaries (V . 102p. 73; V . 104, p . 1486) In M issouri, Tennessee, Wisconsin, Kansas and Illi­
nois
S T O C K .— Th e pref. shares are entitled to cumul. quar. divs. of $6 per
Share Q .-F .. or 2 4 % per ann. and are callable at $100 and d iv s.. and In
iquldation will receive up to that am ount. See official statement to N . Y .
Stock Exchange on listing of stock. V . 102, p. 2330 , 1164, 6 9 . T h e total
stock , common and pref.. Is limited to $ 7 ,5 0 0 ,0 0 0 .
Year—
1907.1910. 11. '12. '13. T 4 -T 5 .
1916.
’ 17
T 8 -'2 5 .
Com. d i v s ____ $1.25 $1.50 $2 $2 $1
0
50% in .s tk . 8
None




[V ol. 123,

INDUSTRIAL STOCKS AND BONDS
W hen
P a yable

j

A D
Q —M
J
A
J
F A A
F A A
F A A

Last D ividend
and M a tu rity

P laces W here Interest and
D ividends are P a ya b le

M a y 1 1917 4 %
N o v 1 1020 6 % Boston M ass
N a t Shawmut B ank, Bos
Ju n el 1928
N o v 22 ’ 26 1 Vi Matlona] Cl tv Bank N Y
N a t C ity Bk A Gu T .N Y
Jan 1 1929
N a t C ity Bk A G u T r .N Y
Feb 1 1953
do
do
Feb 1 1938
G uaranty T r C o , N Y
Feb 1 1944

Quarterly dividend on pref. shares, 6 % each (2 4 % yearly)
A u g. 1 1916 to N o v . 1 1920; none since. Accum ulated preferred
on M a y 1 1926 amounted to $33 a share.
Silver D yke M ining C o . debentures, V. 116, p . 2647 .
R E P O R T .— For 1925, showed:
Calendar Y ears—
1925.
1924.
1923.
Operating profit________
$549,691
$ 426 ,23 3
$ 432 ,25 8
Interest on bonds, A c . . .
5 0,865
6 6 ,2 9 5
59,341
Balance, surplus______
Previous s u r p lu s .............
D educt— Deprec'n and
depletion reserves____

was paid
dividends

1922.
$516,313
73,075

$ 498 ,82 6
1 ,926,655

$359,938
1 ,991.808

$372 ,91 7
2 ,0 3 2 .0 3 5

$443,238
x 2 ,010,135

511,067

4 2 5 ,0 9 0

4 13,144

421,338

Total surplus D ec. 3 1 - $ 1 ,914,415 $ 1 ,9 2 6 ,6 5 5 $ 1 ,9 9 1 ,8 0 8 $2 ,0 3 2 ,0 3 5
— Q uar. E n d . Sept. 30--------- 9 M >s. E n d . Sept. 30—
Period—
1926.
1925.
1926 .
1925.
Profit before depreciation
and depletion_________
$152 ,13 7
$ 66,620
$ 3 8 2 ,9 8 8
$367,149
O F F IC E R S .— O . W . Baker, Chairman; W illiam A . O gg, Pres.; F . W .
Batchelder, Sec. A Treas. O ffice, 55 Congress S t.. B oston.— (Y . 123, P
2393.)
A N A C O N D A C O P P E R M IN IN G
C O .— O R G A N I Z A T I O N .— Incorporated in Montana June 18 1895 and was for many years the leading oper­
ating subsidiary of the Amalgamated Copper C o ., a hold In" company dis­
solved in 1915, the Anaconda taking over its assets (V . 100, p. 1594),
Com pany, together with the companies consolidated, produces copper and
silver, with also a large output o f zinc, lead, gold, arsenic and other im ­
portant metals, besides treating upon a custom basis large quantities of.ores
and metals for other producers.
C om pany’s reduction works at Anaconda, M o n t ., have a normal output
amounting to 1 6 % of the copper produced in the United States and more
than 9 % o f the world’s total production. C om pan y’s properties Include a
modern copper refinery at Great Falls, M o n t ., with an average annual
capacity of ,100.000,000 lbs. Another refinery, located at Perth A m b oy,
N . J ., with an annual capacity of 4 5 0 .0 0 0 .0 0 0 lb s., is owned by the Raritan
Copper W orks, all of whose capital stock is owned by the com pany. C om ­
pany operates a rod and wire mill at Great Falls vrith an annual capacity
of 181.000 .000 lbs. of manufactured copper. Its electrolytic zinc plant at
Great Falls has an annua] capacity of 2 4 0 ,0 0 0 .0 0 0 lbs.
For further de­
tailed description of properties and holdings, see V 114. p. 74, in connection
with acquisition of American Brass C o .; also V . 116, p. 4 06; V . 117, p. 1558.
The company in Dec. 1921 made an offer to the shareholders o f the Am er­
ican Brass C o . to acquire not less than 5 1 % of the stock of said com pany,
and to pay therefor $150 cash, and 3 sh. o f the stock o f Anaconda for each
share of Brass stock.
T o provide for part o f the payment o f the American
Brass C o ., the stockholders o f the Anaconda company o f record Jan. 3
1922 were offered the right to subscribe for 233,125 o f the 6 6 8 ,7 5 0 unissued
shares of Anaconda company in the ratio o f one share o f new stock to each
10 shares owned.
V. 113, p. 2725, 2822; V . 114, p. 2 01.
In Feb 1922,
149.817 out o f a total o f 150,000 shares o f Am er. Brass stock had been de­
posited or placed in the controlof the com m ittee for deli verv V .1 1 4 .P 741.
In Jan. 1923 the company acquired a m ajority interest in the Chile
Copper C o. through the purchase o f 2 .2 0 0 ,0 0 0 shares from Guggenheim
Bros, at $35 a share. V . 116, p. 298.
During 1924 the company purchased, for the sum o f $ 3 ,0 0 0 ,0 0 0 , all o f the
physical property and assets of the D avis-D aly Copper C o.
The company also owns all o f the issued stock o f the Butte, Anaconda A
Pacific R y. C o. and guarantees, principal and interest, that com pany’s
b o n d s i«h > lahle at head o f nave'
The Silesian-American C orp. was incorp. July 7 1926 In Delaware for the
purpose of acq tiring from George von G iesch es Heirs M ining C o. (Bergwerksgesellschaft Georg von G iesch es K rben), a German corporation, all
o f the capital stock of the Giesche Com pany (Giesche Spolka A k cyjn a). a
Polish corporation, together with $ 6 ,0 0 0 ,0 0 0 o f the G erm an com pany’s
sinking fund mortgage bonds. The new corporation will have authorized
and outstanding the following capitalization:
15-year 7 % collateral trust sinking fund gold bonds-------------------$15,0 0 0 ,0 0 0
7 % non-cumulative preferred stock, par $ 1 0 0 -------------------------- 12,000,000
Com m on stocs (no par valu e)______________________________ . - - ,.2 0 0 ,0 0 0 shs.
A majority of both the preferred and com m on sharse o f Silesian-American
C orp. is to be acquired tx/ S ilesian H old in g C o .; in this latter com pany
Anaconda Copper M ining C o. owns a majority stock interest. T h e com­
mon stock o f Silesian Holding C o . is to be placed in a 10-year voting trust.
Am ong the most important Giesche properties are the fields comprising the
operating unit know n as the Bleischarley Zinc and Lead M in e, located in
Upper Silesia. V . 123, p. 592.
S T O C K . — The stockholders on Feb. 26 1923 Increased the authorized
capital stock from $150 ,0 0 0 ,0 0 0 to $ 3 0 0 ,0 0 0 ,0 0 0 .
D IVS.
per \ ’ 12. *13. T 4 . ’ 15. ’ 16. ’ 17. ’ 18. ’ 19. ’ 2 0 . ’ 2 1 -’ 2 2 . ’ 23. ’ 2 4 . ’ 25.
cent
f 9 12 10
6 14 17 16
9
8
N one
1 Hi 6
Paid in 1926: Feb. 23, 1 H % : M a y 24. l V i % : A u g. 2 3 . \ V i% \ N o v . 22.

1H%.
B O N D S .— O f the ten-year Secured Gold bonds of 1919, $ 2 5 ,0 0 0 ,0 0 0 of
Series A were sold in January 1919 to provide for the developm ent of the
South American property and to reimburse the treasury on account of
capital expenditures. These bonds are secured by practically the entire
stock not only of the several South American companies (m ining, explora­
tion and railw ay), but also in the Raritan Copper W orks, Int. Sm elting C o .,
Int Lead Ref. C o .. Ac. N o mortgage can be made without securing these
bonds as a prior lien thereunder. V 108. p. 81
The first consol, m tge. Series A sinking fund 6 % gold bonds due F eb. 1
1953 are redeemable, all or part, at 105, if redeemable on or before Feb. 1
1933. at 103 H thereafter if redeemable on or before F eb. 1 1943, and at
102 thereafter and prior to m aturity.
Secured by a direct mortgage lien on all the plants, real estate and equip­
ment owned by the Anaconda Copper M ining C o . at the date of the execu­
tion of the mortgage and by the pledge thereunder of shares of capital stock
of certain controlled companies, subject to the prior paym ent of outstanding
Series A 6 % 10-year secured gold bonds, due Jan. 1 1929, for the refunding
of which an equal amount of bonds are to be reserved under the First consol,
mtge. Com pany will specifically pledge with the trustee for the prior se­
curity o f bonds issued under the 1st consol, m tge. the following collateral,
which on basis of actual cost, represents a value In excess of $130 ,00 0,00 0:
2 .2 0 0 .0 0 0 shares (par $25) representing over 5 0 % o f the issued capital stock
of Chile Copper C o.
149,500 shares or more (par $ 1 0 0 ), representing over 9 9 % o f the Issued
capital stock of American Brass C o.
29 7 ,3 0 0 shares (par $ 2 0 ), representing over 2 5 % of the Issued capital
stock of the Inspiration Consolidated Copper C o.
T h e mortgage will provide for a semi-annual sinking fund beginning
O ct. 1 1923. sufficient to retire all present and future Issues of Series A bonds
by m aturity.
Prior to O ct. 1 1928 the semi-annual sinking fund payments
shall be In the amount of $75 0 ,0 0 0 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 com pany.

Nov., 1926.]

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
\For abbreviations. Sec., see notes on pa ge 8]

D ate
Bonds

Par
Value

fcsglo-American Oil Co— Stock £ 5 ,0 0 0 ,0 0 0 auth_____________

Am ount
Outstanding

£1

£1

1926

Rate
%

Total receipts.............2 6 9 ,9 3 8 ,9 4 7 218.805 ,776 2 3 4 ,2 2 3 .1 3 6 175,496,462
D isbu rsem en t s—
M etals in process and on
hand Jan. 1___________ 46 .6 4 5 .5 9 8 46 ,4 0 2 .3 4 3 43,67 2 ,7 9 2
17.817,364
C ost of mdse, sold, & c . . 2 ,457.793
2 ,171,563
2 .4 3 3 .7 7 2
1.584.546
M fg . exp., incl. sellin g .. 66,61 6 .8 6 2 5 6 ,111,300 74.662.321
76.280.221
M ining. & c.. e x p e n s e ... 4 5 .797.717 41,88 1 .1 9 8 4 3 .3 2 4 .4 2 7 3 1 .659,050
Ore p u r c h a s e s ................ 7 3 .404.146 48 ,6 0 1 ,2 1 7 46,569.193 3 4 .834.516
A d m . exp. & Fed. taxes.
1.939.601
1,893.190
1,147,767
1,842.644
Depreciation. & c________
5 .049.347
4 ,2 3 1 .4 2 2
3 ,8 2 2 .8 9 4
2,988,044
Total deductions______2 4 1 .9 1 1 .0 6 5 2 0 1 .2 9 2 .2 3 3 215.633.167 167.006.384
2 8 ,0 2 7 .8 8 3
17,513.543
18,589,969
8 .490.078
Balance____________
I n t .. incl. disc, on bonds 10.482,519
10,806,001
9 ,8 3 0 .2 9 4
4 .020,344
E xp. during sh u td o w n ._______
_______
______
930.494
Dividends....................
9 .0 0 0 .0 0 0
2 .2 5 0 ,0 0 0
9 ,000.000
.............
Balance, surplus______$8 ,5 4 5 ,3 6 3

$ 4 ,457,542 d ef$240.325

$ 3 ,539,240

O I K K C T o l i s .— J o h n l> K 'a n iChairm an• C I' KfMe\ I’r e s
it n
Thayer (V .-P res.), O eo. H Church, Andrew J. Miller, Percy A Rocke
feller, Nicholas F. Brady, Charles F . Brooker, A. H . Melin (Sec. & Treas.)
O F F IC E S .— Anaconda, M o n t., and 25 Broadway, N . Y . — (V . 123, p
7 1 4 .)
A N O L O -A M E R I C A N O I L C O .,L T D — O R G A N I Z A T I O N & c.— Incorp
in
nglanu in 1888.
Viarke;s most of the oil of the M&nuard Oil Co. of
N . J. >n the 1’ nlted Kingdom and is the largest marketing concern there.
Owns 'arge number of tank steamers, chiefly used in trade with the United
K ingdom
Formerly controlled by Standard Oil Co of N. J but segre
ated in 1 9 ’ 1.
See Standard nil r Q v g* , t i e ton v 03 n lio n
n Aug. 1925 purchased from Pan American Petroleum & Transport Co.
the entire outstanding capital stock of the British Mexican Petroleum C o .,
L td .
V. 121, p. 981.
S T O C K .— The stockholders on June 5 1925 approved the paym ent o f 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 o f every 3 ordinary shares comprised in his share
warrant.
D l \ I D E N D S .— 1916. 1917, 1918-21.
1922
1923. 1924
1925
Regular ( % ) ----------- 15
15
3 0 y ’ly
15
20
20
1244
Extra ( % ) _________
5
10
____
____
____
____ 3 3 1js tk .
Paid in 1926: Jan. 4 . 7 4 4 % : M a y 2 7 . 1 2 4 4 % .

f

R E P O R T .— For 1925 showed:
Calendar Y ears—1925.
1924,
1923.
1922.
Profit(aft.exc.prof .duty) £2, 68,233 £ 3 ,0 3 8 .0 2 1
£2,167.923 £1.928.561
Deprec. (ships.jplant,&c)
813,942
756.641
811.485
745,768
Interest and premium on
notes paid off, A c ____
X66.794
169.308
369.605
Provision for taxes______
575,000
435,730
340.922
419,787
Loss on steamships so ld .
4,912
Expenses of issuing new
55.606
capital and gold notes
Dividends________________
675,000
600.000
450.000
450.000
Balance, surplus______
£718.425
£874.858
£171 .88 8
£297,063
x Interest on gold notes only.
Office. 36 Queen Anne's G ate. London, S. W . 1, E n gl.— (V . 123. p . 329.)
A N Q L O -C H IL E A N C O N S O L I D A T E D N IT R A T E C O R P .— Incorp in
D ec. 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 of the Guggenheim firm .
It was announced in
O ct. 1926 that the first units of the com pany's new plant would be ready
for operation before Jan. 1 1927.
V . 123. p. 2143.
S T O C K .— Common stock (1,7 5 6 ,7 5 0 shares) will be largely owned by
Guggenheim Bros
There is also outstanding £ 3 ,600.000 1st m tge. 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.
B O N D S .— Lehman Brothers, Blair & C o ., In c., and G oldm an. Sachs
Sc C o ., in O ct. 1925 sold at 100 and int. $ 1 6 ,500 ,000 20-year 7 % debenture
bonds, carrying the right to receive common stock at the rate o f 7 .5 shares
for each $1 ,0 0 0 debenture bond, without cost. This stock was issued about
N o v . I 1926.
Dated N o v . 1 1925; due N o v . 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
T ru st C o ., N . Y . C ity , trustee. R ed . on any int. date for sinking fund




L ast D ividend
and M a tu rity

P laces W h ere In terest a n t
D ivid en d s are Payable

£ 4 .000,000 See text See text M a y 2 7 ’26 1244 Guar TrCo, N Y , Lon.&a
None
Quar.
8
6 .000.000 444 g
1927-1929

A n g lo -C h ile a n C o n so lid a ted N itra te Corp— See text.
N one 200,000 shs.
A r c h e r-D a n ie is-M id la n d Co— Stock common 225,000 shs au
Pref (a & d) 7 % cum red 115 s f $ 5 ,0 0 0 ,0 0 0 authorized______
$100 $ 4 ,3 0 0 ,0 0 0
7
A rm our & C o. of D elaw are—
100 63.506 900
Guar pref (a A d) stfe 7 % cum red 110 auth $100 000.0 0 0 - .
7
Pref stock North Amer Prov Co 7 % cum $10,000 ,000 au th .
100 8 ,600.000
7
1923
1st mtge bonds Ser A (guar) red 105 ____ C C k.xxxc*& r*
100 &c 60,00 0 .0 0 0
544 g
Funded Debt o f M o r ris A Co. (A ssu m ed by N orth A m erica n P ro iisi on C o .)—
1909
1,000 16.467.000
First mtge auth $ 2 5,000 ,000 g red 1 0 3 -______FC.xc&r
444 g
Ten-year s f gold notes $15,0 0 0 ,0 0 0 auth red t e x t-.x x x c * 1920
100 See 1 3 .0 0 0 .
000 744 g
Armour & C o. (o f Illin o is ) —
25 50.000
000 text
See
25 5 0 .0 0 0 .
000
Preferred stock 7 % cumulative . .
_ _ _
_ _________
100 59.298.400
7
Real estate 1st M $50,000 ,000 gold red 102 44____ xc*& r*
1909 1.000 &( 5 0 .0 0 0 .
000 444 g

Beginning O ct. 1 1928, the sinking fund payments shall be cumulative and
sufficient to retire by maturity all Series A bonds outstanding on O ct. 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 F eb. 1 1938. are convertible at any
time prior to Feb. 1 1933 into the common capital stock o f the Anaconda
company, as the same m ay from time to time be constituted, at thefollowing
rates, based upon the present par value of $50 a share, and at rates propor­
tionate thereto in case o f any change in such par value: the first $10,000 ,000
of debentures to be presented for conversion m ay be converted at a price of
$53 a share; the next $ 1 0 ,0 0 0 ,0 0 0 at a price of $56 a share; the next $10,00 0 ,0 0 0 at a price of $59 a share; the next $10,000 ,000 at a price of $62 a
share: and the last $ 1 0 ,0 0 0 ,0 0 0 at a price of $65 a share.— V . 116 p. 298
The Andes Clopper M ining d o ., a subsidiary, in 1924 issued $40,0 0 0 ,0 0 0
Convertible 7 % Debentures, maturing Jan 1 1943- Each $ 1,000 debenture
Is convertible at any tim e into 44 shares o f stock of Andds Copper M ining
Co.
R E P O R T .— For 1925, in V . 122, p. 2641, showed:
1925.
1924.
1923.
1922.
R eceipts—
$
$
$
$
Sales or metals & manu­
factured products____ 198,698.145 157,657,107 1 7 1,282 ,496 123,501 ,639
R oyalties, & c_...........
10.593.876
5,9 8 9 .5 1 0
7 ,232,771
5 ,973.915
Income from investm 'ts,
in sundry companies. _ 6 .522,991
5 ,6 9 2 ,2 7 6
6 ,386,346
46,078
Sales of mdse, and rev.
from P. S. com panies. 3,4 7 8 .4 7 8
2 ,8 2 1 ,2 8 5
2,9 1 9 ,1 8 0
2 ,3 0 2 ,0 3 9
M etals & mfd. products
in process & on h a n d .. 50.645.458 46,64 5 ,5 9 8 4 6 ,4 0 2 ,3 4 3 43,67 2 ,7 9 3

W hen
Payable

155

Q— F

N o v 1 1926 1 %

Jan 1 1927 1 H
Q— J
Jan 1 1927 1 %
Q— J
New York or Chicago
J
&
J Jan 1 1943
J
M

&
&

J July 1 1939
S Sept 1 1930

New York & Chicago
New York & Chicago

A pr 1 1 9 2 6 50c
Jan 1 1927 i M
Q— J
Farmers L & T r O o, N Y
J & D D e c 1 1939

only, on 30 days’ notice, at 105 and int. R ed. on any int. date, all or part,
on 60 days’ notice, at 10744 and int. Com pany will agree to refund upon
application within 90 days after paym ent, as provided in the indenture, the
Penn. 4-m ills tax and the M ass, income tax on int. not in excess of 6 % per
annum .
Sinking F u n d .— A s a sinking fund com pany will agree to retire on N o v . 1
1928 $475,000 of these debenture bonds and a like principal amount semi­
annually on M a y 1 and N o v . 1 o f each year thereafter, to and incl. M a y 1
1945. by redemption by lot at 105 and int or by purchase at not exceeding
the sinking fund redemption price. V . 121, p 2042 .
R E P O R T .— For 1925 showed:
N et operating incom e________________________________________________$ 1 ,6 5 5 ,4 7 9
Other income from interest, discount, & c_______________________
158,896
T otal income________________________________________________________$ 1 ,8 1 4 ,3 7 5
Interest_______________________________________________________________
1 ,380.783
T a xes_________________________________________________________________
60.519
Am ortization of bond discount_____________________________________
8 ,869
Miscellaneous________________________________________________________
1,591
Depreciation, $493 ,03 9; depletion, $ 7 2 ,6 6 8 ______________________
5 65,707
Deficit D ec. 31 1 9 2 5 _____________________________________________
$ 203 ,09 2
Depletion reserve D ec. 31 192 5 ___________________________________
72,668
N et deficit D ec. 31 19 2 5 _________________________________________
$130,425
O F F IC E R S .— Pres., E . A . Cappelen Sm ith. Office, 120 Broadw ay,
New Y o rk .— (V . 123. p . 2523 .)
A R C H E R -D A N 11 L S -M ID L A N D C O .— O R G A N I Z A T I O N .— Incorp. in
Delaware M a y 2 1923 to take over business and properties of ArcherDaniels Linseed Co. and entire capital stocks o f The Toledo Seed & Oil C o.
and Delliwood Elevator C o ., In c., and in addition the plants o f M idland
Linseed Products C o. Production and sale of linseed oil o f all varieties,
linseed cake and meal, castor oil and pomace, & c .. Is the business of the
company. Operates 2 mills at M inneapolis, 1 at Chicago, 3 at Toledo,
1 at Buffalo. 2 plants at Edgewater, N . J ., and 1 at St. Paul.
S T O C K .— In event o f liquidation or winding up.voluntary or involuntary,
pref. stock is entitled to $115 per share. Sinking fund of 3 % per annum
of largest amount of pref stock at any
le outstanding
Pref has no
voting power except in default of 3 quarterly pref. dividends; until default
Is cured, has exclusive voting power. Holders o f pref. stock have right to
buy from C om pany up to M a y 1 1926 at $50 per share, 1 share o f common
for each 2 shares of pref. held.
D I V I D E N D S .— Preferred Stock: Initial dividend o f 1 4 4 % paid Aug.
1 1923; regularly quarterly since including N o v . 1 1926. C om m on: N one to
date.
R E P O R T .— For 12 months ended A u g. 31 1926, in V . 123, p . 2 264 ,
showed:
12 M o s .E n d . 11 M o s .E n d .— Y ears End. Sept. 30—
Period—
A u g . 31 ’ 26. A u g . 31 ’25.
1924.
1923.
N et profit__________________$ 2 ,2 2 3 ,7 3 8
$2 ,5 1 3 ,5 1 7 $1,09 1 ,2 8 8 x$254.767
Provision for deprecia'n.
37 9 ,3 7 2
340,715
355,044
130,113
Prov. for Federal t a x . . .
2 58.887
2 72,575
92,031
15.582
339.500______ 350,000
73,646
Preferred dividends____ _____3 1 5,000
Balance, surplus______$ 1 ,2 7 0 ,4 8 0
$ 1 ,5 6 0 ,7 2 7
$294,214
$35,426
Profit and loss su rp lu s..
3 ,1 6 0 ,8 4 7
1.890,367
3 29,640
35,426
x Being the proportion of earnings accruing to the com pany from its
incorporation. M a y 10 1923 to Sept. 30 1923.
O F F IC E R S .— J. W . Daniels, Chairman; 8 . M . Archer, Pres.; A . F
Berglund, Secy.: L . M . Leffingw ell, Treas. O ffice, M inneapolis, M inn
— (V . 123, p. 2264.)
A R M O U R A N D C O . O F D E L A W A R E .— Incorp. In Delaware Dec. 27
1922 to acquire from Armour & Co. of Illinois certain of its properties and as­
sets (01 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 W orks, and approximately $23,0 0 0 ,0 0 0
of investments
For list o f properties acquired, see V . 116, p. 80: V . 117.
p 1889.
A cqu isition o f M o r ris Sc C o .— J. Ogden Armour, Chairman, on March 28
1923 announced that the acquisition of the business and physical assets o f
Morris & Co. by the North American Provision C o ., a subsidiary o f Armour
& C o of Del had been effected.
N orth A m erica n P rovision C o.— Capitalized at $ 1 0 ,000 ,000 7 % cum .
pref. stock and $ 3 0 ,0 0 0 ,0 0 0 common stock, all of which is owned by Armour
& C o. of D el., except $ 8 ,6 0 0 ,0 0 0 of pref. stock, which was issued to acquire
a like amount of the pref stock of Armour & Co. required as part of the
purchase price. The funded debt o f Morris & C o. has been assumed by the
North American Provision C o. Compare V . 116. p. 1415. 2887.
S T O C K .— T h e entire $ 6 0 ,0 0 0 ,0 0 0 com . stock is owned by Armour As
Co. of Illinois.
The pref. stock Is guaranteed as to prin. diva, and sinking fund by
Armour & C o. of Til
Redeemable all or part at any time at 110 and dive,
on 60 days’ notice. On or before Feb. 1 in each year, company shall, out o f
Its net earnings, after paym ent o f full divs. on the pref. stock, retire at not
exceeding 110 and d iv s., not less than 1 % o f the maximum amount o f pref.
stock theretofore Issued.
For further pref. stock provisions, compare
V. 116, p. 80.
B O N D S .— The 1st m tge. 5 4 4 % gold bonds. Series A , are guaranteed,
prin. and int., by Armour & C o. o f III. 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 ,0 0 0 ,0 0 0 .
V. 116, p. 179.
Securities o f M o r r is & Co. (A ssu m ed by N orth A m e r . P rovision C o .) .
B on d s.— A u th . issue, $ 2 5,000 ,000 : First Trust Sc Sav. Bank and Emile
K. Boisot of Chicago and the M ercantile Trust C o. of St. Louis, trustees!
Annual sinking fund, beginning July 1 1921, $345 ,00 0 (sinking fund was
$200,000 per annum from July 1 191 to July 1 1920 ).— V . 91. p. 1510;
V. 89, p. 48. 107. V 108. p. 2334.
The 10-year sinking fund gold notes o 11920 are redeemable at 107 during
first three years. 106 during next three years, 105 during next two years,
and 104 during last two years. A sinking fund beginning Sept. 1 1922 will
retire in s. a. installments $ 5 ,000,000 before maturity as follows: On Sept. 1
and March 1 o f each year from Sppt. 1 1922 to and including M arch 1 1928,
$250 ,00 0, and on the four following semi-annual dates $ 5 0 0 ,0 0 0 each.
V. i l l . p. 901.
O F F IC E R S .— Chairm an, J. Ogden Armour; Pres., F . Edson W hite
1st B .-P res., Philip D . Armour.— V . 122, p. 484.
A R M O U R A N D C O . (O F IL L I N O I S ).— O R G A N I Z A T I O N .— Incorp.
in Illinois April 14 1900. Owns plants in Chicago. Kansas C ity . South
Om aha, East St. Louis. South St. Paul. M in n ., Huron, So. D a k ., Fargo,
N o . D a k ., warehouses, refrigerating stations, tanneries. Sec., &c. See ap­
plications to list, V. 90. p. 370, and V . 9 5 , p. 546: V. 9 8 , p. 1002. In D ec.
1923 purchased the soap plant in New York formerly owned by B . T . B ab­
bitt C o .
V . 117, p . 2893.

156

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviations, A c . , see n otes on page 8]

Date
Bon ds

A r n o ld , C o n s ta b le C o r p . — Stock 2 2 5,000 shares au th______
A rtio o m C o rp — Com m on stock 200,000 shares auth________
Pref (a & d) stock 7 % cum red 115 $ 8 ,000,000 auth____
Art M etal C o n s tr u c t io n C o — Stock $ 6 ,0 0 0 ,0 0 0 au th ____

Associated Drv Hoods C orporation.. _____________________
C om m on stock 8 00,000 shares au th___________________________
1st prelia & d) stock 6 % cum $ 2 0 ,0 0 0 ,00O___________________
2d pref (a & d) stock 7 % cum $ 1 0 .0 0 0 .0 0 0 ___________________
A ss o cia te d O il C o — Stock $6 0 0 0 0,000 au th .
12-year sold notes_________________________________ A S .y .c*& r*

Par
V a lue

A m ount
O utstanding

Rate
%

None 202.099 sh.
None 200,000 shs See text
$100 $2,61 9 ,0 0 0
7
10
3 .2 0 5 .7 0 0 See text

—
___
1923

W hen
P a yable

Last D ividend
and M a tu rity

[V ol. 123,
Places W here Interest a«*>
D ividends are P a yable

Jan 3 1927 75c.
Q— J
Q— M
D ec 1 1926 1 *4
Q— .i 31 N ov 1 1926 2 S

N one 5H9 4 0 0 shs. See text
Q— F
$100 $ '3 .8 1 8 .70(
6
Q— M
ion
6 725 500
7
Q— M
25 a56 ,000 ,000 See text Q— J 25
1,000 22 ,8 0 0 ,0 0 0
M &
S
6 g

N ov 1 1926 62c.
D ec 1 1926 1 4 ''hecks mailed
D ec 1 1926
hecks mailed
See text
New York and San Fran
Sept 1 1935

a O f which $ 3 ,0 0 0 ,3 1 6 is in com pany’s treasury.

The consent decree of Feb. 27 1920, by which the Big Five packers of
Chicago, Armour & C o ., Swift & C o ., M orris & C o ., Cudahy Packing C o.
and Wilson & C o ., Inc., were dir i 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 C o­
operative Canneries.
Compare V . 120. p . 2 1 5 1 ,2 2 7 2 ; V . 121, p. 463.
The Department o f Justice in Sept. 1926 filed a brief in the District of
Colum bia Court of Appeals, defending the validity of the consent decree
o f Feb. 27 1920. V . 123, p. 1636.
Holding demands of the Government as being unreasonable. Judge Samuel
Alschuler of the 17. S. Court of 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 A ct o f 1921, Govern­
m ent attorneys contended that the A ct 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.
in giving his decision, Judge Alschuler ordered that mandamus proceed­
ings instituted by the U . S. A tty .-G e n ., and previously upheld by Judge
A d am C . Cliffe o f the U . S. District Court, be dismissed. The Government,
it is expected, will appeal from the decision.
On J a n 1 4 i t t e u anuouucemeut w a s made of the formation of tDe Armour
Leather C o ., which would take over the leather and tanning properties o (
Armour & C o
Preferred stockholders of Armour & C o. of record Feb 2
1 9 2 0 w e re offered the right t o su bscrib e to the stock of the leather c o m p a n v
V . 110, p . 263.
In July 1926 the Armour Leather C o. and the Sylva Tan­
ning C o ., a subsidiary, were consolidated under the name of J. K . Mosser
Leather C orp.
V . 123, p. 209.
Text of M eat Packers Bill, known as the Packers and Stockyards A ct of
1921, V . 113, p . 1422; V . 114, p . 2473.
Armour & C o. of Delaware was organized in Dec. 1922 to acquire certain
of the com pany's properties and assets. The entire common stock is owned
by Armour & Co (of Illinois).
Proceeds of the Issue of $5 0 ,0 0 0 ,0 0 0 1st
mtge. 2 0 - y e a r 5 4 % guar gold bonds. Series A , and of $ 6 0 ,0 0 0 ,0 0 0 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 ,6 9 7 ,2 0 0 6 % serial conv. gold debentures, for the reduction
of its floating debt and for Its other corporate purposes. Compare Armour
tv O o. of Delaware above and V . 116. p 179
S T O C K .— The stockholders on July 28 1920 ratified a plan increasing
the authorized capital stock from $160 ,00 0,00 0 to $400 ,0 0 0 ,0 0 0 .
The plan provided for an authorized Issue of $ 3 0 0 ,00 0,00 0 C om m on stock
divided equally into class “ A " and class " B " stock, and for an Increase of
Preferred stock from $ 6 0 ,000 ,000 to $100 ,00 0,00 0.
Holders of the ( on,mot
stock received for each share of Common stock of the pat* value of $100 held
two shares of class 'A ' stock and two shares of class “ B " Com m on stock
par value $25 each
The Class A com m on stock has preference as to cash dividends up to 8 %
over Class B com m on stock, and after 8 % has been paid on Class B stock in
Any year both classes of common stock will share alike in percentage of
additional dividends paid during such year. Bach share of Class A common
■tock shall be entitled to all the rights of any share of com . stock of the co
D I V I D E N D S .—
1920.
1921-24.
1925
Class “ A " stock_________________________________________ 4
N one
$2
Class “ B ” stock_________________________________________ - N one
Nom
Paid in 1926: On class “ A ” stock, 50 cents quar. on Jan. 2 and April 1.
July dividend was passed.
On preferred, Oct. 1918 to Jan. 1927 1 % % quarterly.
B O N D S .— O f the “ Real Estate 1st m t g e ." 4 4 s ($50,000,000 authorized
issue), final $ 2 0,000 ,000 were sold in April 1916. V . 102, p . 1542. They
are subject to call as a whole on any interest day at 1 0 2 4 and interest on
12 weeks’ notice, and since D ec. 1 1914 in blocks o f not less than 1 0 % .
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 P O R T .— For 1925, in V . 122, p . 1602, showed:
U n ci. A r m o u r A Co. o f III. , A rm o u r A Co. o f D e l ., N o . A m erica n P rovision
Co. and S u bsidiaries.]
Calendar Y ea rs—
1925.
1924.
1923.
I n c o m e _______ _______
$36,213 ,923 $40,167 ,497 $38,583 ,217
Depreciation (bldgs., m ach'y & cars) 9,197,017
9,0 6 4 ,5 7 5
7,971,703
12,793,183
14,920,256
Interest charges________________________ 1 2 ,565.096
Preferred stock dividends____________
9 ,247,980
9,2 9 3 ,3 8 9
8 ,357,625
Class A com m on dividends___________
5 ,0 0 0 ,0 0 0
----------------Balance_______________________________
$203,830
W rite-offs and res. against securities.
_______
Previous surplus_______________________ 5 4 ,807,152

$9,016,349
45,790,803

$ 7 ,333,632
1.919,232
4 0 ,376,402

Total su rp lu s...................................... ..$ 5 5 ,0 1 0 ,9 8 2 $54,807,152 $45,790 ,803
O F F IC E R S .— Chairm an, J. Ogden Armour; Pres., F . Edson W hite; 1st
V .-P ., Philip D . Armour; Treas., Philip L . Reed; Sec. & C o m p t., William
P . H em phill. O ffice, 208 La Salle S t., Chicago, 111.— (V . 123. p. 2393.)
A R N O L D C O N S T A B L E C O R P .— Incorp. under laws of Delaware in
Sept. 1925 as a merger o f Arnold, Constable & C o ., In c., and M . 1. Stewart
& C o ., Inc. (compare plan in V . 121, p . 8 4 2 ). Conducts general department
stores located In N ew York C ity .
S T O C K .— See table at head o f page.
R E P O R T .— For 7 months ended Jan. 31 1926, showed:
In com e A cco u n t fo r 7 M o n th s Ended Jan. 31 1926.
N et sales (incl. leased departm ents)________________________________ $ 6 ,439,344
Expenses, & c., $ 6 ,4 8 3 ,7 8 8 ; deprec., $36,2 5 1 ; total........................... 6 ,520,039
L o s s _________________________________________________________________
Other income__________________________________________________________

$80,695
39,378

L o s s _________________________________________________________________
xFederal taxes_________________________________________________________

$41,317
11.277

N e t loss___________________________________________________________ $52,594
x This provision is made for Federal taxes on profit made by M . I.
Stewart & C o.
A bove statement shows consolidated operations o f M . I . Stewart & C o .
and Arnold, Constable & C o ., Inc.
E arnings Six M o n th s En ded July 31 1926.
N e tsa le s (including sales of leased departm ents)_________________ $5,06 6 ,8 2 2
Loss after cost and expenses, including depreciation, & c------------148,595
N e t loss______________________________________________________________
X109.127
x After crediting other income and deducting Federal taxes for profits
m ade by M . I . Stewart & C o .




O F F IC E R S .— Pres., Isaac Liberman; T reas., M eyer Liberman; Sec.,
J. A . Dingiran. O ffice, Fifth A v e . and 40th S t ., New Y o rk .— (V . 123,
p. 1253.)
A R T L O O M C O R P O R A T I O N .— Tncorp. under laws of Pennsylvania
Feb. 24 1925 as a merger and consolidation o f Philadelphia Tapestry M ills,
Philadelphia Pile Fabric M ills and Artioom Rug M ills. Manufactures
carpets, rugs and other textile fabrics.
S T O C K .— On or before M arch 1 1926, and in each year thereafter out
o f the surplus and net profits, at least 3 % o f the largest am ount in par
value of the Preferred stock that shall have been at any one time issued
and outstanding, shall be acquired by the company by redemption or by
purchase at not exceeding the redemption price.
D I V I D E N D S .— An initial dividend o f 75 cents per share on the common
stock was paid O ct. 1 1925; same amount paid quar. to Jan. 3 1927.
R E P O R T . — F o r c a le n d a r v * a r s :

Calendar Y ea rs—
1925.
1924.
1923.
1922.
N et pro its after taxes&
d e p reciation ,.________ $ 1 ,671,546 $ 1 ,3 7 7 ,3 9 4 $ 1 ,1 6 7 ,3 2 2 $ 1 ,3 0 7 ,3 9 3
N et income for the first nine months o f 1926, after depreciation and
Federal taxes, totaled $1,0 1 3 ,2 2 6 .
O F F IC E R S .— Pres., Joseph W asserman; V .-P .. Benjamin W asserm an;
V .-P ., John Zimmermann; Sec., Albert Zimmermann; T rea s., Charles
Wasserman. O ffice, Allegheny A v e . & Front S t., Philadelphia, P a.
— (V . 123, p . 2000.)
A R T M E T A L C O N S T R U C T I O N C O .— Incorp M arch 24 1913 undera w s of M ass and acquired the properties and assets of the New York
company of similar name. On M ay 1 1918 acquired the Crown M etal
« onstruction C o ., since dissolved and In N ov 1919 purchased the plant
'C
ind machinery of the Steelwhite C o and In June 1920 >he assets, & c., of
be Interior M etal M fg C o.
M anufactures metal furniture, including
leaks, safes and steel filing cabinets; also structural grille work, partitions,
orass railings, library, bank and similar equipment
Plants are located
»t Jamestown, N Y
D ividends Paid S ince O rganization.
Year—
1913. 1914. 1916-1917 1918 1919 1920. 1921-1925.
6
6
0
10
16 *1314
10 yrly.
Rate ( % ) _________
• Also jdocf in stock on June 10 1920
Paid in 1926: Jan. 2, 4 % ; Jan. 30, 2 14%\ April 30, 2 K % ; July 31, 2 H % ;
N o v . 1, 2 K % .
R E P O R T .— For 1925, in V . 122, p . 2333 , showed:
1925.
1924.
1923.
1922.
N et shipments for yea r. $ 6 ,479,272 $ 6 ,8 0 0 ,8 2 0 $5,70 5 ,1 0 7 $ 4 ,6 0 6 ,3 8 4
Less cost goods shipped- 5 ,713,045
6 ,379,903
5 ,202,326
3 ,9 1 8 ,9 1 8
Gross profit___________
$766,227
$420 ,91 7
$ 502 ,78 0
$ 687 ,46 6
Inventory depreciation.
_______
_______
_______
_______
Adjustm ents— C r ________
8.1 5 8
6,088
22,2 4 9
3 4.853
Taxes .
99,610
54,700
69,000
90.000
Di v id e n d s ____________ . . .
4 48,798
320,570
320.570
32 0 ,5 7 0
Balance, s u r p l u s .... .
$225,977
$ 5 1,735
$ 162 ,59 8
$3 1 1 ,7 4 8
— Q uar. E n d . Sept. 30--------- 9 M o s . E n d . Sept. 30—
Period—
1926.
1925.
1926.
1925.
Shipments_________________ $ 1 ,887,409
$ 1 ,4 7 6 ,9 0 2 $ 5 ,9 3 0 ,7 6 2 $4 ,6 1 3 ,6 1 1
1,707,274
1 ,331,344
5 ,2 0 5 ,7 4 5
4 ,1 3 6 ,8 5 7
Cost of goods shipped___
Estim ated taxes_________
24,0 0 0
19,000
97,0 0 0
60,0 0 0
Dividends________________
80,143
8 0.142
240.428
240.427
Surplus________________
$75,992
$ 4 6,415
$ 387 ,58 9
$176 ,32 6
O F F IC E R S .— Pres., Henry K . Sm ith; V .-P . & Gen. M g r ., Algot J . E .
Larson; Sec. & T reas., H . T . Swanson. Office, Jamestown, N . Y . — (V .
123, p. 2265.1
A S S O C IA T E D D R Y G O O D S C O R P .— O R G A N I Z A T I O N .— Incorp.
in Virginia M a y 24 1916 and in Aug. 1916 succeeded, per plan in V . 102,
69, 64, to all the properties of the Associated M erchants C o. and United
ry Goods C o ., viz (V . 103, p . 1412): (a) Retail dry goods stores wholly
owned, with net tangible assets valued D ec. 31 1925 at $26,665 ,427 , viz.,
James M cCreery & C o ., New York; Hahne & C o ., Newark, N . J.; Stewart
& C o ., Baltimore; W m . Hengerer C o ., B uffalo; Powers Mercantile C o .,
Minneapolis; J. N . Adam & C o ., Buffalo: Stewart Dry Goods C o ., Louis­
ville, K y .
(b) Adrico R ealty C o ., owning equity in M cCreery real estate,
W est 34th S t., N . Y . , $ 1 ,6 0 0 ,0 0 0 . (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 com m on
stock; Surety Coupon C o ., all capital securities, $200,000; Associated D ry
Goods C orp. o f N . Y ., all capital securities, $25,000.
The aforesaid seven retail dry goods companies, whose capital securities
are wholly owned, had on D ec. 31 1925 tangible assets, $31 ,2 0 6 ,7 7 3 , liabili­
ties, $4,5 4 1 ,3 4 6 ; net assets, $ 2 6,665 ,427 .

&

C A P I T A L I Z A T I O N .— The stockholders on M a y 18 1925 voted t o
change the authorized common stock from 200,000 shares, par $ 1 0 0 , to
800,000 shares of no par value. Four shares of such stock without par value
were issued for each outstanding share o f common stock, par $ 100 .
D I V I D E N D S — D iv id e n d s of 1 ) ^ % were paid on Che lal p r e f. stock
Dec 1 1917 q u a r t D ec. 1 1926. On 2d pref. s t o c k ( N o l ) , l j £ % M a r . 1
1018 q u a r u , D ec. 1 1926.
O n com ., in it ia l dlv o f 1 % p a i d M a y 1 1920;
same amount p a id q u a r . to N o v . 1 1923: paid l \ f % quar. from Feb. 1
1924 t o M a y 1 1925: o n A ug. 1 1925 p a i d 63 c e n t s a n d o n N o v 2 1925 paid
62 cents per share on new stock o f no par value. Paid in 1926 : F eb . 1.
62 c e n t s ; M a y 1, 62 c e n t s ; A u g. 2 , 63 c e n t s ; N o v . 1, 62 c e n t s .
R E P O R T .— For 1925, in V . 122, p . 3087 , showed:
1922.
1925.
1924.
1923.
Total profits...........................$4,96 9 ,8 0 4
$ 4 ,9 3 9 ,9 6 3 $4 ,5 7 6 ,3 3 9 $4 ,2 3 4 ,9 5 3
N et curr. prof, (after de3 ,7 6 0 .6 9 5
duc.res.for Fed. taxes)
4 ,134,941 4 ,2 6 2 ,8 6 5
3 ,9 7 5 ,4 0 6
829.122
First preferred dividend82 9 ,1 2 2
829,122
8 2 9,122
470.785
Second preferred d lv ____
470,785
570.785
47 0 .7 8 5
599.400
Com m on dividends______ 1 ,123,875
749,250
5 9 9 .4 0 0
Cr .2,721
D iv s. on treasury stock .
C r .3,071
C r .2,821
C r .2,721
$2,21 6 ,5 2 9 $ 2 ,0 7 8 ,8 2 0 $1,864,109
Balance, surplus_____ $ 1 ,7 1 4 ,2 3 0
O F F IC E R S .— Pres., Samuel W . Revburn; V .-P s ., Charles A . Gould and
C . P . Perris; Sec., P . G . H o lt.— (V . 122, p . 3 037 .)
A S S O C IA T E D O IL C O .— O R G A N I Z A T I O N .— Incorp. in Cal. O ct. 7
1901. The company has 25 strings of tools in operation In California,
Texas and Alaska, o f which 14 are being operated on leases held jointly
with Pacific Oil C o.
Also stockholdings in Associated Pipe Line C o .,
California Coast Oil C o ., Pantheon Oil C o ., Pioneer-M idway Oil C o .,
Consolidated, Reward Oil C o ., Sterling Oil & D ev. C o ., The Coalings Unity
Oil C o ., West < oast Oil C o ., Associated Supply C o. and M iley-K eck OH
“
Oo. The Amalgamated Oil C o . was merged In D e c . 1923.
S T O C K .— The stockholders on July 19 1923 Increased the authorized
capital stock from $40,0 0 0 ,0 0 0 to $ 6 0 ,0 0 0 ,0 0 0 and reduced the par value
of the shares from $100 to $25. In A u g. 1923 stockholders were offered
$ 1 0 0 0 0 0 0 0 S t o c k a t p a r ($251 on a pro r a t a basis
E xchange o f Stock.— The Tide W ater Associated Oil C o. (see statement
|
below) in M arch 1926 offered to the holders o f the capital stock o f Associated

Nov., 1926.]

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviations, A c . , see n otes on page 8]

A t l G & W I SS — C om stock 30 0 ,0 0 0 shares an th __________
Preferred (a A d) stock $2 0 ,0 0 0 ,0 0 0 6 % non-cum ___________
Collateral Trust M g red text_________________________ Ea.xx
M arine equip trust cert due annually____________________ G
Bonds of sub. cos. (less am ts. In treas., & c .)_______________
M arine Equipment gold bonds due yearly__________________
1st pref mtete gold bonds due yearly
_____
Atlantic Refining C o (T h e )— Stock $ 5 0 ,000 ,000 a u th .. Eo
Pref (a & d) stk 7 % cum $20,000,000 non-vot call tex t. Eq
15-year gold debentures____________________________Eokxxxo*
Serial gold notes red (see text)__________
___________ E q.kc*
M ortgage on real estate purchased___________ _______________
A tla s Pow der C o— Com m on stock 500,000 shares au th_____
Preferred stock (a & d) 6 % c u m .$ 1 0 ,000 ,000 (see t e x t ) .. .

D a te
Bonds

1908
1921
1921
1922
1922
1924
1922

Par
V a lue

A m oun t
O utstanding

N one 199.458 shs.
$100 $13,742 ,000
13.0 0 0 .
1,000
2.1 3 2 .0 0 0
5.8 1 3 .0 0 0
"i 'o o o
1.950.000
1,000
720 900
100 5 0 .0 0 0 .
100 2 0 .0 0 0 .
15 000 ooo
100 A
1,000
5 .807.000
150.000
None 261,438 sh
100 $ 9 ,000,000
500 Ac

Oil C o . to acquire their stock In exchange for stock o f Tide W ater Associated
Oil C o . on the basis o f 1-3 of a share of Tide W ater Associated Oil C o .'s 6 %
cum . pref. stock (par $100) and 1 share o f Tide W ater Associated Oil C o .’s
com . stock without par value, for each share of Associated Oil C o . stock so
exchanged. An alternative offer was made b y a syndicate formed by Blair &
C o ., In c., and Chase Securities C orp., to holders o f the capital stock o f Asso­
ciated Oil C o . to purchase their stock for cash at $58 50 per share.
D I V S .— 1906. 1907. 0 8 -T 2 . '1 3 -T 4 . 1915. '16. 1 7 -1 9 2 « - 24.
'2 5 .
P e rcen t.. \ H % 1 } 4 % N one. 3 yrly. 4K ,
4 S y r ly . 6 yrly
7
Paid in 1926: Jan., 2 % ; April, 2 % ; June, 2 % ; July, 40 cents extra; Sept.,
2 % ; O ct., 40 cents extra.
B O N D S .— All the outstanding first and refunding mortgage 5 % bond*
due 1930 were redeemed on Jan. 15 1924 at par and interest
N O T E S ..T h e $24,0 0 0 ,0 0 0 12-year 6 % gold notes were offered in Aug
1923 (V . 117, p. 1019). On Sept. 1 1925 and semi-annually thereafter until
all o f the notes shall have been retired, com pany will provide a sinking fund
o f $ 1 ,200,000 or such greater am ount as the company shall determine, to be
used to retire the notes, by purchases in the market if obtainable at not
exceeding 102 H and interest, or to the extent not so obtainable, by redemp­
tion at that price upon the next interest date.
R E P O R T .— For 1925, in V . 122, p . 2185 , showed:
Calendar Y ears—
x l9 2 5 .
x l9 2 4 .
x l9 2 3 .
1922.
Operating income_______$7 8 ,0 2 2 ,1 3 3 $ 6 9,859 ,166 $66,0 9 3 ,6 9 0 $36,776 ,769
D lv s., in t., & c., received 1,651,111
1,670,291
1 ,173,302
1,086,520
Total r e c e ip t s ..............$ 7 9 ,673 ,244 $71,5 2 9 ,4 5 7 $ 6 7 ,266 ,992 $37,863 ,290
D ed u ction s—
Operating expenses______$ 61,163 ,525 $ 5 7,159 ,952 $53,973 ,561 $29,405 ,712
T a xes......................
1,854,779
1,511,647
1,038,287
877,968
Interest on funded d e b t.
1,435,488
1,4 4 0 ,0 0 0
613,276
3 4 0,394
_______
179,266
9 2 3,655
142,973
Miscellaneous in te re st..
Other item s______________
_______
_______
71
562
D isc, on notes sold, & c__
174,492
182,738
55,125
4 3,288
Depreciation & depletion 4 ,5 7 9 ,7 1 0
4,6 5 0 ,5 2 4
4,7 1 2 ,3 3 4
2,861,826
D ividends_____________(7 % )4 ,2 0 0 ,0 0 0 (6 )3 ,3 6 0 ,0 0 0 (6)2,632,672 (6)2,385,345
Total deductions______$ 7 3 ,4 0 7 ,9 9 4 $ 6 8 ,484 ,127 $63,948,981 $ 3 6,058 ,067
Surplus for year___________ $ 6 ,265,250 $ 3 ,0 4 5 ,3 3 0 $3,318,011
$1,805,223
x Exclusive o f Am algam ated Oil C o.
--------3 M o n th s Ended------------------6 M o n th s Ended-------M a r . 31 '26. Ju n e 30 '2 6 . Jun e 30 '26, Jun e 30 '25.
aBusiness earnings--------- $4,01 0 ,8 3 4 $5 ,1 5 4 ,5 1 4 $ 9 ,165,348 $ 1 0 ,554 ,969
Taxes, prop. & m is c e ll..
326,666
293,203
619,869
493,513
Interest on funded d e b t.
346,313
342,000
688,313
718,031
Reserve for income taxes
108,582
267,940
376,522
643,613
R es. for deprec’n & d e p l.
1 ,268,668
1,303,039
2 ,5 7 1 ,7 0 8
2,2 2 7 ,5 9 8
Reserve for am ortiz’n o f
discount on notes____
3 8,023
34,823
7 2,846
9 1,246
Balance, income______$ 1 ,922,582 $2 ,9 1 3 ,5 0 8 $4,83 6 ,0 9 0 $6,38 0 ,9 6 7
a After deducting operating, maintenance and transportation expenses.
O F F IC E R S .— P res., Paul Shoun: Exec V .- P ., A . C M cLaughlin: V P
E . B . Henderson. L. J. K in s and J. H . Lewis: V .-P . & Treas.. W . A . Sloan;
Sec., P . G . W illiam s. Office, Association Oil B ld g., San Francisco.— (V .
123, p .2 5 2 3 .)
A T L A N T I C G U L F A N D W E S T IN D IE S S T E A M S H IP L I N E S .—
Incorp. in M aine N o v . 25 1908 as successor o f the Consolidated SS. Lines
(V . 87, p . 287, 1013, 1090), and owns nearly all the stock of the Clyde,
N ew York & Cuba M ail SS. C o ., and all o f the Stock of the New York &
Porto Rico SS. C o ., M allory SS. C o. and the Southern SS. C o. Also con­
trols a number of smaller companies. On D ec. 31 1923 a receiver was
appointed for the New York & Cuba M ail SS. C o . Receivership ter­
minated in 1925. See Y . 118, p. 92, 440, 560; V . 119, p . 4 6 2 ; V . 121, p . 334.
|fe_Iu Dec. 19z5 owned 81 ships.
The Atlantic G ulf Oil Corp. of Virginia, o f which the company ownt
63 % % , owns or controls several producing wells in M exico located about 75
miles south o f Tam pico
Compare V . I l l , p 601; V . 116 p . 21.52
In June 1925 company took over management o f Colom bia Syndicate.
Owns 61 7 ,0 0 0 shares o f total o f 2 ,5 5 0 ,0 0 0 shares, outstanding.
T h e C l y d e S t e a m s h ip t u , e a r ly in 1 9 2 0 , a e q a ir e d b y p u r c h a s e t h e steam
•hip interests o f Edw M Raporel & Co , Inc
V 110, p 766.
8 T O C K .— The stockholders on A u g. 24 1925 changed the common stock
from shares o f $100 par value to shares o f no par value and also increased
the authorized common stock to 3 00,000 shares
Com m on stockholders
o f record A u g. 28 1925 were offered for subscription 4 9,878 shares o f no
par value com m on stock at $40 per share in the ratio o f one share for each
three shares held. V . 121. p . 1105.
D I V I D E N D S . — On pref. stock N o. 1. A pr. 10 1916, 1 % ; July 1. 1%

I p O ct. 1916 a dividend o f 1 H % was paid. Including W V , for t.tae Apr
and H. % for the July dividends, thus placing the pref. on a 5 % basis; Jan
1 1917 to Jan. 1 1920 both incl. 5% per ann. ( 1 H % quar.) V 108, p 881

Rate
%

See text
See text
000
7B
5
5
7 g
6
000 text
See
000 7
5 g
4H g
6
See text

6

W hen
P ayable

Last D ivid en d
and M a tu r ity

Feb 1 1921 , 5 %
See text
Jan 1 1959
Jan 15 1934
See text
T o M a y 1 1931
T o M a y 1 1927
June 16 ’24 1 %
Q— P
N o v . 1 1926 l ! i
J &
.1 July 1 1997
J &
J T o -Jan 1928
A & O 25 Apr 25 1927
Q— M Jan 10 1927 $1
Q— P
N o v . 1 1926 1 M
J &
J
J &
J
sem l-an.
M & N
M & N

157
P laces W h ere In te re s t ana
D ivid en d s a re P a yabtt

New York
do
Equitable Trust Co. N Y
Guaranty T r C o , N Y
New York
New York Trust C o , N Y
New York Trust C o N Y
Equitable Trust C o , N Y
do
do
do
do
do
do
P 8 P & T C o , P lttsb’ gh

--------M o n th o f A u g u s t------- - — 8 M o s . E n d . A u g . 31—
Period—
1926.
1925.
1926.
1925.
August gross_____________ $ 2 ,9 4 5 ,1 4 0
$ 2 ,4 5 7 ,5 0 8 $ 2 6 ,4 2 6 ,5 5 4 $ 1 9 ,679 ,296
N et after depreciation__
139,162
33 1 ,9 6 9
1,568,051
2 ,760,878
Gross Income__________ __
189,892
3 4 4,982
2 ,0 0 5 ,0 7 9
2 ,987,815
Interest, rent and taxes.
235,383
21 9 ,5 4 6
1 ,910,760
1 ,535,886
N et incom e______________
def45,491
125,436
94,319
1,451,928
O F F IC E R S .— Chairm an, Galen L . Stone; Pres., F . D . M oon ey; V .- P .,
R . F . H oyt; V .-P . & Sec., J. G . Gredler; T reas., R . O . M a cB a in . Office,
25 Broadway, N . Y . — (V . 123, p . 2 265 .)
A T L A N T I C R E F IN I N G C O . (T H E ) .— O R G A N I Z A T I O N , & c — In ­
corp. In Pennsylvania In 1870.
Has refining plants at Philadelphia, Frank­
lin and Pittsburgh, P a ., and Brunswick, G a.
Also owns an extensive sys­
tem of sales stations, warehouses and storage plants throughout Pa. and D el.
with gasoline and motor oil stations In New England States; a fleet o f 14
tank steamers. Ac
Formerly controlled by Standard Oil C o o f N J ..
bu 1 segregated in 1911. Suit brought by stockholders o f Superior Oil
C orp. V . 119, p . 200, 328; V . 122, p . 2 656 . D am age award set aside,
V . 123, p . 714.
T h e subsidiaries o f the com pany are: (1) Atlantic Oil Shipping C o .,
which operates storage and shipping facilities in M exico through an Interest
in the Producers Terminal C orp ., which in turn owns the entire stock of
Oia Terminal de Productores, 8 . A .; (2) Atlantic Oil Producing C o ., operat­
ing producing properties in T exas, O k la., Kansas and K entucky; this sub­
sidiary owns 5 0 % o f the com . and pref. stock of A tlantic Lobos Oil C o .; is
also Interested In the G u lf Coast Oil C orp ., the Panuco-Boston Oil C o. and
the Superior Oil C orp .; (3) Atlantic Refining & Asphalt C orp.; (4) A . R . Co.
of Brazil.
S T O C K — The shareholders voted O ct. 6 1919 to Increase the auth. com.
stock from $ 5 ,000,000 to $50,0 0 0 ,0 0 0 , and to create $20,0 0 0 ,0 0 0 7 % cum.
(non-voting) Pref. stock. This last having been underwritten, was offered
for subscription at par on or before N o v . 1 1919 to shareholders o f record
O ct. 6 1919. A 9 0 0 % stock div. on the common stock was paid In D ec.
1922. V . 115, p. 2480. Pref. stock is redeemable as a whole at 115.
Dividends on common stock D ec. 1914 to D ec. 1922, 5 % quar. On
Dec. 20 1922 paid 9 0 0 % in com m on stock. V . 115, p. 2480. M arch 15
1923 to June 16 1924 paid 1 % quar. on increased capitalization; none since.
Initial div. o f 1 M % on pref. paid F eb. 2 1920; same am ount paid quar. to
N o v . 1 1926.
R E P O R T .— For 1925, in V . 122, p . 2333, showed:
1925.
1924.
1923.
1922.
$
Gross income____________ 137,849 ,719 1 2 4 ,213 ,374 117.624,931 116,507.586
Raw materials, operating
and general expenses. 118,743,140 107,799,571 106,376,174 100,160.711
N et income from o p er. 19,106,579
16,483,803
11,248.757
16,346.875
Other income____________
1,273,538
1,126.906
1,202.926
1,080,178
Profit before Fed.taxes 2 0 ,380,117
1 7 ,610,709
12,451.683 17,427,053
Interest on funded d e b t.
1 ,249,222
1 ,034.250
783,608
864,495
Depreciation & depletion 9 ,2 2 6 ,3 3 5
9 ,0 1 0 ,2 2 6
7 ,6 5 6 ,5 0 0
7 ,860,365
Inventory a d ju s tm e n t..
7 30,179
1 ,410,744
2,2 3 3 ,9 3 0
_______
Insurance & other reserve
957.231
9 32,115
986,433
1,056,531
R es’ve for Fed. tax (est.)
1 ,0 5 0 ,0 0 0
5 25,000
4 5 ,5 77 ____570,000
Balance, surplus---------$7 ,1 6 7 ,1 5 0 $ 4 ,6 9 8 ,3 7 4
$835,634 $7.075.M 62
Previous surplus------------- 2 2 ,661,879 20 ,6 9 5 ,1 6 6 2 1 ,148,447 61,42 7 ,8 9 9
D eficit of sub sid iaries..
(x)
(x)
(x)
(x)
Total surplus--------------- 2 9 ,8 2 9 ,0 2 9 25 ,3 9 3 ,5 4 0 2 1 ,984,081
68,503,561
Preferred divs. ( 7 % ) . . .
1 ,401,050
1 .400,000
1 ,400.000 1,400,350
Com m on dividends_____
_______ (2 )1 ,0 0 0 ,3 5 0 (4 )2 .0 0 0 ,0 0 0 (2 0 )1 0 0 0 ,0 0 0
Stk. d iv. on c o m .(9 0 0 % )
_______
_______
_______
45 ,0 0 0 ,0 0 0
Adjustm ent prev. yea rs.D r .894,234 D r .3 3 1 ,3 1 0 C r .2 , 1 11,085
C r .45,235
P . & L . s u r . D ec. 3 1 .x . 27 .5 3 3 ,7 4 5 2 2 .6 6 1 ,8 7 9 2 0 .695.166 21,148.447
x D eficit of minority interest in 1925 amounted to $100,116, without
which the profit and loss surplus would total $ 2 7 ,633 ,861 , and In 1924
deficit o f minority Interest amounted to $12 5 ,0 0 3 , and in 1923, $181 ,54 6,
and in 1922, $ 1 71 ,17 3.
Report for 6 m os. end. June 30 1926, in V . 123, p . 1109, showed:
6 M o s . End. Jun e 30—
1926.
1925.
1924.
1923.
Gross income____________ $75,927 ,193 $65,2 0 7 ,7 3 9 $64,146 ,059 $ 5 8,292 ,114
Raw m a t’l, o p ., & c., exp. 6 7 ,2 5 5 ,2 7 3 55 ,2 3 9 ,2 9 2 5 5 ,617,339 5 1 ,051,505
N et income___________ $ 8 ,6 7 1 ,9 2 0 $9,96 8 ,4 4 6 $8,528,721
$ 7 ,240,609
Other incom e------------------684,508
5 32,834
500,296
704,735
Total Income............. — $9 ,3 5 6 ,4 2 8 $10,501 ,281
$9,029,017 $ 7 ,945,344
575,726
641,089
395,650
375,435
Interest---------------------------Insur. & other reserv es..
522,986
464,985
486,696
260,264
D eprec’n and depletion.
4 ,6 1 0 .8 0 3
4 ,3 6 9 ,3 9 6
4 ,138,542
4 ,153,018
Federal taxes (estimated)
3 98,800
8 00,000
365,000
178,200
Inventory a d ju s tm e n t..
_______
_______
1,428,371
1,175,691
Dividends-----------------------700,350
701.050
1,700,350
1 ,700,000

In M ar. 1920 declared 5 % . payable in quarterly installments, Apr. 1
July 1 and Oct. 1 1920 and Jan. 1 1921; none since. V . 112, p. 1869.
A n Initial dividend of 5 % was paid Feb. 1 1917 on the common stoct
Aug. 1917 5 % and 1 % to Red Cross; Feb. 1918 to F e b -1 9 2 1 ,5 % semi-ann
none since.
Balance, surplus______$ 2 ,547,763 $3,524,761
$514,408
$102 ,73 4
B O N D S .— The auth. issue of collateral trust 5 % gold bonds is $ 15,000 ,
O F F IC E R S .— Pres., J. W . Van D yk e;, Sec. W m . M . O ’Connor; T reas.,
000.
The $ 2 ,000,000 unissued can only be put out on vote of 66 2 -3 % o*
Albert Hill; C o m p t., V . L . Elliott. Office, 260 South Broad S t., Phila­
pref. stock.
Redeemable at 105 and int. on any date by lot
No foreclos
delphia, P a .— (Y . 123, p . 2143.)
ore proceedings can be brought for default in int. for less than 2 years
V . 8 8 , p . 160. All coupons free of Federal income tax.
A T L A S P O W D E R C O .— O R G A N I Z A T I O N .— Incorp. O ct. 18 1912 In
Th e stockholders on M ay 23 1922 authorized the creation of $1,800,001
Delaware, pursuant to decree of court in suit of United States of America
6 % 5-year gold bonds and a first preferred trust Indenture of mortgage upor
vs. E . I. du Pont de Nemours Powder C o. Commenced business Jan. 1
the steel tank steamships Agwistone and Agwismith. in order to finance thf
1913 having taken over a number of the plants and a portion o f the business
balance due the builders for the construction o f the steamships. V 114
of E . I . du Pont de Nemours Powder C o. The nature of the com pany’s
p . 2245 , 2363.
business is the manufacture, storage and sale of explosives and blasting
B onds o f Sub. C om pa n ies, $5,8 1 3 ,0 0 0 .
supplies and allied chemicals.
Outstanding. Maturity.
Int.
b Clyde SS. Terminal Co 1st M .. 6 A & O $ 3 4 3 , 0 0 0 Oct. 1 1 9 3 4 ( V . 9 1 . P . 1 8 8 7 )
S U B S ID IA R Y C O M P A N IE S .— The company owns the entire Issued
cN .Y .& P orto Rico SS. Co. 1st M .. 5 M & N 1 . 2 8 4 . 0 0 0 May I 1 9 3 2 ( V . 8 8 , p 2 3 5 )
capita] stock of the following corporations: The Giant Powder C o ., C on­
b Carolina Terminal Co 1st M ____ 5 M & N
4 6 0 , 0 0 0 Nov. 1 1 9 3 7 ( V . 9 5 . P . 1 7 4 8 )
solidated a California corporation, engaged in the manufacture, storage
c Mallory SS. Co. 1st M ........... ...... 5 J & J 1.931.000 Jan. 1 1932 (V.83,p. 194)
and sale o f explosives; Richards & C o ., In c., a Connecticut corporation
Atlantic Gulf Oil Corp. 2d Mtge____6 J & D 1.500.000 June 1 1929
engaged in the m anufacture o f leather cloth, lacquers and lacquer enamels;
e Clyde SS. Co. 1st M _____________ 5 F & A 1 . 7 9 0 . 0 0 0 Feb. 1 1931 (V.82.P 807)
The Zapon C o ., engaged in the sale of lacquers and lacquer enamels and
b Callable at 105
c Callable at 110.
leather cloth, and the G . R . M cA bee Powder & Oil C o ., Pittsburgh, Pa.
R E P O R T .— For 1925, in V . 122, p. 2802, showed;
C A P I T A L S T O C K .— The stockholders voted June 13 1923 to create
Calendar Y ea rs—
x l9 2 5 .
y l9 2 4 .
y l9 2 3 .
500,000 shares of com , stock without par value, of which 4 50,000 shares
Operating revenue_____________________ $33,997,631 $27,7 1 4 ,3 0 2 $25,288 ,202
shall be voting com . stock and 50,000 shares will be non-voting com . stock,
Total operating expenses_____________ 2 9 ,9 9 4 ,6 8 9
2 4 ,3 51,959 2 3 ,4 1 7 ,1 1 2
in lieu of the old 100,000 shares of com . stock, par $100, of which 9 0,000
N e t operating Income________________ $ 4 ,002,942
$ 3 ,362,343 $1,871,089
shares were voting com . stock and 10.000 shares non-voting com . stock. The
Other Income____ _______
227,120
401.302
462.688
com stock (par $100) outstanding was changed Into shares o f com . stock
Gross income__________
$ 4 ,230,062
$ 3 ,763,645
$2 ,3 3 3 ,7 7 8 ! without par value, in the ratio of 3 shares o f voting com . stock without par
value for each share o f voting com . stock (par $100 ), and 3 shares of non-vot­
Interest, rentals, & c........ ....................... 2,358,563
2 ,4 0 8 .8 0 4
2 ,4 7 5 ,1 2 7
ing com stock without par value for each share o f non-voting com . stock
N e t Income for year________________ $,-,'871,498
$ 1 ,354,840 d ef$141,349
(par $100 ). The pref. stock Is preferred as to assets and dividends and is
x Includes the operations o f the N ew York & Cuba M a il SS. C o . for four J redeemable In whole or in part on A u g . 1 1925 or on any A u g . 1 thereafter
m onths, y Excluding operations o f New Y o rk & Cuba M a il SS. C o .
at 110 plus accrued dividends.




158

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviation s, & c ., see notes on pa ge 8]

D ate
Bonds

A tla s T a ck C orp— Stock 100,000 shares authorized________
A u stin N ich o ls & C o , I n c — Com stock 150,000 shares____
Preferred stock 7 % cum S 1 5.00 0.00 0 call 115 sinking fund
A u to K n itte r H osiery C o, I n c — Stk 1 5 0 ,0 0 0 sh sa u th _______
A u to s a le s C orp — C om m on stock______________________________
Pref (a & d) stock 6 % non-cum partic_______________________
Weighing at Sales l in musing fund 5s____________________ EM
Baldwin Locom otive W ork s— Common stock $ 2 0 ,0 0 0 ,0 0 0 -Pref (a * d) stock 7 % oum $ 2 0 ,0 0 0 ,0 0 0 red 1 25,beg July’ 16
First mtge $15,0 0 0 ,0 0 0 gold redeem text __PeP.kvc*& r*
Standard Steel W orks 1st M gold sink fund
Pp P ko*&r*
S a r n e t L e a t h e r C o ., I n c . — Com m on stock 4 0,000 shares___
Pref. (a . & d .) 7 % cum . a. f. stock, call. 115_________________

1911
1910
1908

Par
V a lue

A m oun t
Outstanding

Rate
%

W hen
P ayable

[V ol. 123,

Last D ivid en d
and M a tu rity

None
(*5,000 sh* See text
Text
N ov 1 1920 75c
None
150.000 she
$100 $1,544,500
7
Q— F N o v 1 1926 1 X
None 100.000 shs
See text
$3
text
None
See text
See text
50
2,8 8 6 ,5 1 4 See text Q— M
5
J
& D lime 1 1931
69,707
100 &<
lOt 20 , 000,000
& J July 1 1926 3 X
J
7
10< 20 , 000.000
J
& J July 1 1926 3 X
7
1.000 &r a 7 ,074.425
M & N May 1 1940
5 g
1.000
J
& .7 Tan 1 1928
1.400,000
5 g
None
Aug 1 5 '2 0 $ 1 -5 0
40 ,0 0 0 shs See text
100 $1,000,000
Q— J
7
O ct 1 ’26 I X %

P laces W h ere Interest and
D ivid en d s A r e Payable
Checks mailed
By check
Checks mailed
Empire Trust C o , N T
Checks mailed
do
Phila. & Brown Bros, NT
Penn Co for In s,& c Phila

a A lter deducting $2 ,9 2 5 ,5 7 5 In sinking fund.

A T L A S T A C K C O R P .— Organ in N . Y . on Jan, 30 1920 and is engaged
In the business of manufacturing, buying, selling and generally dealing in
all kinds and varieties o f tacks brads, rivets, eyelets and other ware*
manufactured from metals or alloys
M ain factory at Fairhaven, M ass
branch at St. Louis, M o . In Oct. 1926 acquired the assets o f the St. Louis
Trunk Hardware M fg . C o . V . 123, p . 2143 .
C A P I T A L S T O C K .— A u th ., 1 0 0,000 shares; outstanding, 9 5 ,0 0 0 shares
no par value.
D I V S .— Quarterly dlvs. o f 75 cents per share were paid In M a y , A u g ., and
N o v . 1920; none since.
R E P O R T .— For 1925, in V . 122, p . 1459, showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
N e t sales________________ $2 ,2 5 2 ,2 9 0 $ 2 ,1 4 5 ,2 1 8 $2,23 5 ,2 4 0 $ 2 ,367,237
— Q uar. E n d . Ju n e 30— ■ — 6 M o s. E n d . June 30 —
1926.
1925.
1926.
1925.
$28,203
$14,961
$72,009
N et profit________________ loss$6,606
N et sales for the quarter ended June 30 amounted to $458 ,89 1, against
$487,094 in the June 1925 quarter.
O F F IC E R S .— W m . F . D onovan, Pres.; W . E . M axson , Vice-Pres.;
Chas. F . Holnrook, Treas.; Ralnh Hornblower, Sec. O ffice, 140 Nassau
S t ., N ew Y o rk .— (V . 123, p . 2 143 .)

A U S T IN , N IC H O L S & C O .. I N C — O R G A N I Z A T I O N .— Incorp. Ir
>
Virginia, A ug. 23 1919, succeeding company of same name, incorp. in New
Y ork, in 1912. Business established about 1855. In Aug 1919 acquired
(a) the entire capital stock of the Fame Canning C o ., owning eight vegetable
canning plants in the M iddle W est, (6) 51 % of the Capital stock of the Wilson
Fisheries C o . (minority holdings acquired in Nov 1920), owning plants
for the canning of salmon in W ashington and Alaska; and (c) the W hiteland, In d ., vegetable canning and condiment plant of W ilson & C o .,
along with the privilege o f using certain of the latter’s grocery product
brands. In D ec. 1919 purchased the William M . H oyt C o. o f Chicago,
wholesale grocers. In June 1923 acquired from Acker, M errall & Condit
C o . that firm ’s wholesale grocery business. Warehouses and factories in
Brooklyn, N . Y . ; New H aven, W aterbury and Norwich, C onn.
S T O C K .— Cumulative sinking fund for the redemption o f the Pref. stock
at not exceeding 115 and div. will receive from profits, commencing In
1921, a sum equal to 3 % of the Pref. stock issued. N o mortgage without
2-3 of the Pref. stock. Regular quarterly dividends of I X % paid on thf
Pref. stock of the N . Y . Corporation, from Feb. 1 1912 to Aug. 1 1919; on
the pref. stock of the new company paid I X % quar. N o v . 1 1919 to N o v . 1
1926.
T h e common stock is held in a voting trust expiring A u g. 1 1929.
V . 119
p . 459.
R E P O R T .— For year ending Jan. 31 1926, in V . 122, p . 2656 , showed:
1926
1925
1925
1923
Profits for the year______ x$360,’l4 0 $ 1 ,0 6 7 ,9 3 2 $ 1 ,0 5 4 ,8 8 5
$648,764
Previous surplus______- 1 ,828,534
1 ,193,733
589,866
288,646
_______
_______
_______
A d ju st, prior years______D r . 175,973
Capital surplus through
acquisition o f prop’t y .
----------2 1 7,648
--------------------T otal surplus__________$ 2 ,012,701
$2 ,4 7 9 ,3 1 3
Provision for F ed. taxes.
See x
115,000
Preferred dividend ( 7 % )
3 1 5,490
31 8 ,1 2 9
Sur. transf. to com . s tk -_
____ 2 1 7 ,6 4 8

$1,644,751
125,000
32 6 ,0 1 8
-----------

$937,410
N o t shown
347,543
-----------

Profit & loss su rp lu s-. $1,697,211 $ 1 ,8 2 8 ,5 3 4 $ 1 ,193,733
$589 ,86 6
x After provision for Federal taxes.
C . W . Patterson, Pres. M ain office, K ent A v e. and N orth 3d S t.,
Brooklyn, N . Y . — (V . 123, p . 2394 .)
A U T O K N I T T E R H O S IE R Y C O ., I N C . (T H E ).— Incorp. A ug. 24
1921 in N . Y .
Business consists o f 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 of
the finished hosiery produced by them as they m ay not need for persona)
or other use, and m ay choose to sell to the com pany, and the resale of such
finished hosiery. Th e machines are sold under the registered trade-mark
“ A u to -K n itter,” and the hosiery sold under the registered trade-mark
“ Old T y m e ” W o o l Socks. Plants are located in Buffalo, N . Y .
S T O C K .— O f the 150,000 shares authorized, 125,000 shares have beeD
issued, o f which 2 5 ,0 0 0 shares are held in treasury.
D I V I D E N D S .— On new no par value stock paid initial div. of 75 cent*
a share on June 15 1923; on O ct. 15 1923 paid $1 a share; none since.
R E P O R T .— For 1925 showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
N et sales________________
$496,039
$768,202
$1,296,220 $2,491,273
Cost o f sales______________
23 1 ,1 0 0
3 3 6,833
644,659
1,241,622
Expenses_________________
45 6 ,9 5 4
623,272
792,272
502,336
Loss from operations.
Sundry earnings________

$192 ,01 4
13,327

$191,903
16,966

$140,710prof$747,315
10,030
25,328

Loss____________________
Previous surplus________

$178 ,68 7
4 6,864

$174,937
221,801

$130,680prof$772,643
527,481
281,471

Total surplus__________def$131,823
Federal taxes____________
_______
Loss b y School of M o d ­
ern D ress_____________
_______
G ood-w ill written o ff___
_______
D ividends________________
_______

$46,864

Profit & loss, surp lus.d ef$131,823
6 M os. E n d. Ju n e 30—
1926.
N et income after charges loss$66,699

$46,864
1925.
$16,190




$396,801
_______

$ 1 ,054,114
184,234

_______
_______
175,000

212,700
29,499
100,200

$221,801
1924.
loss$35,480

$527,481
1923.
$109,527

O F F IC E R S .— Pres., ____________________; 1st V .- P ., Burton Bigelow:
2d V .- P ., Henry Schneider; Sec. & T reas., T . M . Funk. Office, 630
Genesee S t., B uffalo, N . Y . — (V . 123, p . 846.)
A U T O S A L E S C O R P .— O R G A N I Z A T I O N .— Incorp. in N . Y . . N o v . 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, <kc. Plants at
New York and Chicago.
S T O C K .— The Pref. stock shares equally with the Com m on stock after
6 % has been paid in any yearon that stock. N o mortgage without consent
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 35,99.5 shares, par $50, and the common stock
from 9 0,000 shares, par $50, to 80,592 shares o f no par value. One share
of new common stock will be issued in exchange for each share o f common
stock of $50 par value.
D I V I D E N D S .— On Pref. stock, Initial d iv. of 1 % paid M a y 15 1918;
*»i!y and Sept. 30 1918. 1 % each; D ec. 30 1918, 2 % ; M arch 31 and June 3€
1,919. 1% each: Sept 30 and Dec. 31 1919 1 X % regular and U, % extra
M arch 31 1920, \ X % \ D ec. 31 1920, 4 X % , payable in pref. stock. On
A
D ec. 31 1921 paid 4 % in pref. stock. On D ec. 29 1925 paid 5 % in cash.
R E P O R T .— For 1925, in V . 122, p . 754, showed:
Calendar Y ea rs—
1925.
1924.
1923.
Earns, a ft. cost o f goods- $ 1 ,192,752 $ 1 ,2 1 1 ,8 7 4
$ 1 ,2 6 0 ,4 5 2
N et earnings____________
112,351
125,032
145,701
Total incom e____________
146,104
158,656
20 8 .1 0 9
Federal taxes____________
2 9,645
6 ,6 0 0
1,000
Other charges___________
18,939
89 ,9 7 4
198,237
Preferred dividends____
93,772
---------------------

1922.
$1 ,2 2 6 ,6 4 0
3 2,348
8 0,003
4 ,9 4 0
4 0,482
-----------

Balance, surplus______
$ 3,748
$ 6 2,082
$ 8,872
$34,581
Previous surplus_________ a d j.302,964 a d j.2 4 3 ,9 4 4 a d j.2 3 5 ,2 7 0 a d j.219,810
Profit and loss, su rp lu s-$306 ,71 2
$30 6 ,0 2 6
$244 ,14 2
$254,391
In co m e A c co u n t f o r 8 M onths E n ded A u g . 31 1926.
N et sales______________________________________________________________ $1,062,350
Cost o f sales, including cost o f goods sold, oper. & adm . e x p -996,740
Interest on weighing and sales com pany bonds and loans______
2,402
D eprecia tion .________________________________________________________
4 ,1 3 6
N et profits___________________________________________________ ______
Other income credits________________________________________________

$59,073
33,531

Total incom e______________________________________________________
Other income charges________________________________________________
Provision for current year’s Federal tax (estim ated)____________

$92,604
2 ,5 9 8
10,239

N et profits for period_____________________________________________

$79,767

O F F IC E R S .— Oscar L . Gubelm an, Chairman; John B randt, Pres.; F . E .
Lang, Sec. N ew York office, 13th St. & Van A lst A v e ., Long Island C ity ,
N . Y . — (V . 123, P- 2 658 .)
B A L D W IN L O C O M O T IV E W O R K S (T H E ) .— O R G A N I Z A T I O N .—
Incorporated in Pennsylvania June 7 1911 as a consolidation. W ork s in
Philadelphia; foundries, shops, & c., a t Eddystone, P a. C apacity 2,6 5 0
locomotives yearly. V . 88, p. 1623.
See application to list, V . 92, p.
1 1 0 5 ,and offering. V . 9 2 , p . 1703; V . 1 0 8 ,p .8 7 5 ; V 1 0 9 ,p . 75; V . l l l , p . 7 5 .
It was announced in June 1926 that the com pany had acquired a majority
interest in the stock o f the M idvale C o. V . 122, p. 3213.
S T O C K .— Pref. stock cannot be increased without consent o f m ajority of
pref. shares outstanding. V . 92, p. 1703; V . 9 3 , p . 4 7 .
D I V I D E N D S .— On pref., 1912 to July 1926, 7 % ( 3 X % ) s .-a .) . On
com ., in 1912 to July 1915, 2 % (J. & J .); none thereafter until Jan. 1 1920.
when 3 X % was paid, then to July 1926 3 > 5 % semi-annually.
B O N D S .— O f the 1st 5s o f 1910 ($ 1 5 ,0 0 0 ,0 0 0 ), $ 5 ,0 0 0 ,0 0 0 are reserved
for 7 5 % o f cost of extensions and im provem ents. Redeemable as a whole
at 115 and by lot at 107 X for an annual sinking fund o f 2 % o f the maximum
bonds theretofore issued.
V. 91, p. 40; V. 90. p- 1104, 1046; V. 92, p. 1703);
sinking fund installments, aggregating $ 2 ,9 2 5 ,5 7 5 , were paid 1915 to 1925.
Standard Steel W orks Co. has auth. $ 5 ,0 0 0 ,0 0 0 1st M . sinking fund 5s, of
which $5 ,0 0 0 ,0 0 0 have been issued, $ 3 ,6 0 0 ,0 0 0 having been retired by the
sinking fund.
Sinking fund, $ 200 ,00 0 yearly. V . 86, p . 232; V . 89.
p. 1416; V . 92, p. 1245, 1703.
R E P O R T .— For 1925, in V . 122, p . 1019, showed:
1925.
1924.
1923.
1922.
Gross s a l e s .........................$ 2 7 ,876 ,064 $ 2 6 ,0 8 0 ,3 5 2 $ 1 0 2 ,7 6 2 ,0 7 5 $33,087 ,259
M anu factu rin g profit_loss$2,359,625loss$356,820 $ 1 0 ,1 8 4 ,7 5 5 $1,99 4 ,3 6 2
Other incom e____________
3 ,3 7 3 ,2 6 2
3 ,2 5 6 ,2 5 5
2 ,9 1 2 ,8 4 4
6 ,078,574
D educt taxes, in t., & c - 817,073
97 9 .4 0 8
1,1 6 6 ,0 7 7
1 ,307,422
P rofit__________________
S p ecial D ed u ction s—
Res. for depr. & a d ju s t.Res. for taxes & rem ov’ls
Deferred profits________

$196,564
1925.
_______

N e t profit______________
$196,564
D iv . on pref. stock ( 7 % ) y l ,400,000
D iv . on com . stk. ( 7 % ) . y l , 4 00,000

_

D I V S . O N O L D C O M . ’ 13. ’ 14. '1 5 . '1 6 . ’ 17. '18. '1 9 . '2 0 . ’21. '2 2 . '23
IX
6 11X
25 26 21
12 *12 12 12
a6
Percent_________________
♦Also paid 1 0 % In stock in 1920.
a On new stock o f no par value paid $1 quar. from Sept. 11 1923 to
D ec. 10 1926; also paid $1 extra on Jan. 10 1927.
R E P O R T — For 1925, in V . 122, p . 7 4 1 , showed:
C om m on
B alance.
N et
N et
Preferred
Cal. Y ea r—
Sales.
D ivid en d s.
Surplus
I n c o m e. D ividends.
1925 ___________ $ 2 0 ,588 ,981
$ 2 ,1 3 0 ,5 3 5 $540,000 $ 1 ,0 4 5 ,7 2 2 $544 ,81 3
1 ,045,644
24,305
1 ,6 0 9 ,9 4 9
540,000
1924 ___________ 1 9 ,462,295
1 ,045,347
710,924
1923 ..................... 19,616,170
2,2 9 6 ,2 7 1
540.000
1922 ........................1 6 ,723,735
8 5 2,882
613.781
2 ,0 0 6 ,6 6 3
540,000
Sales for the six months endin; June 30 1926 were $ 1 0 ,0 3 0 ,2 0 8 . N et
income after all charges, includini depreciation, amounted to $1 ,1 1 3 ,9 0 7 .
V . 123, p . 714.
O F F IC E R S .— Pres., W . J. W ebster; V .-P s ., J. F. Van Lear. W . A . L a y field and Leonard Richards Jr.; Sec.-T reas., Leland L y on . General office,
W ilm ington, D e l.— (V . 123, p . 2393 .)

$1 ,9 2 0 ,0 2 7 $11,9 3 1 ,5 2 1
$ 6 ,765,514
1924.
1923.
1922.
$6 0 0 ,0 0 0
$6 0 0 ,0 0 0
$600 ,00 0
4 ,4 0 0 ,0 0 0
300,000
4 1 5 ,0 5 8
658,995
$ 1 ,3 2 0 ,0 2 7
y l , 4 0 0 ,0 0 0
y l , 4 0 0 ,0 0 0

$ 6 ,5 1 6 ,4 6 4
x 2 ,80 0 ,0 0 0
x 2 ,80 0 .0 0 0

$ 5 ,206,519
1 ,400,000
1 ,400,000

Surplus after d ivs__d ef$2,6 0 3 ,4 3 6 d e f$ l,479,973
$ 916 ,46 4 $ 2 ,406,519
x Includes $1 ,4 0 0 ,0 0 0 special dividend reserve for year 1924, in addition
to regular dividend, y Being dividend for the following year transferred
from dividend reserve.
O F F IC E R S .— Chairm an, Thom as 8. G ates, Pres.. Samuel M . Vauclain;
Senior V .-P res., John P. Sykes; V .-P . & T reas., W illiam de K rafft; Sec.,
Arthur L . Church; C o m p t., A . B . E h st.
D IR E C T O R S .— W illiam L . Austin, John M . Hansen, Samuel M . Vanslain, S. F . Pryor, Thom as S. G ates, Arthur W . Sewall, B . Dawson Cole­
man. Thom as G Ashton, Harold T . W h ite, Sidney F Tyler, William E .
Corey and Sydney E . Hutchinson. Office, 500 N . Broad S t .. Phila.—
(V . 123, p. 2523.)

B A R N E T L E A T H E R C O .. IN C .— O R G A N I Z A T I O N .— Incorp. In Dela­
ware Aug. 2 1919, succeeding Barnet Leather C o. Manufactures high-grade
calf leathers. Tannery and plant at Little Falls, N . Y .
C A P I T A L I Z A T I O N .— The stockholders on Feb. 18 1924 voted to re­
duce the authorized preferred stock from $2 ,0 0 0 ,0 0 0 to $1.5 0 0 .0 0 0 , par $100.
On O ct 19 1925 the directors voted to retire 5 ,0 0 0 shares o f the pref. stock,
leaving $ 1 ,0 0 0 ,0 0 0 outstanding. N o mortgage without 7 5 % o f pref. stock
outstanding. Callable at 115. Sinking fund 3 % per annum first three
years and 5 % thereafter. Initial quarterly dividend o f I X % paid on pref.
stock O ct. 1 1919; to O ct. 1 1926, I X % quar.
On com m on, initial quar.
d iv. o f $1 50 paid A u g . 15 1920; none since.

Nov., 1926.]

M IS C E L L A N E O U S C O M P A N IE S
[For abbreviations, A c . , see notes on page 8]

B arn sd a ll C orp— Class A voting stock $ 2 5 ,0 0 0 ,0 0 0 au th____
Class B non-votings'- * $75,0 0 0 ,0 0 0 authorized___________
15-year s f gold debentures red. (text) _ - ____ _____ kxxxc
B a y u k C iga rs Inc— C 'tnm on stock 250 000 shares a u th ____
1st pref (a & d) stock 7 % cum & partic $ 5 ,000.000 au th____
2d pref stock non-cum (see text) $1,280 450 auth ________
B e e c n -N u t P a ck in g C o— Common stock $7 500,000 a u t h ..
Preferred (a & d) stock Class B 7 % cum red (text)______

D a te
Bonds

1925

Par
Value

Am ount
Outstanding

Rate
%■

W hen
Payable

$25 $25,000 ,000 See text
Q— J
25
3.7 1 3 ,4 0 0 See tex
Q— J
J & D
500-100 0 2 5 .000.000
6 g.
None
77.121 shs
$100 $1,820,600
7
Q— J 15
100
1.234.000
7& 8
Q— J 15
7.500.000 See Text
20
Q— J
100
1.119,500
7
Q— J

R E P O R T .— For 1925, in V . 122, p . 1767, showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
Sales (net)_______________
_______
$ 4 ,431,622 $ 3 ,3 3 0 ,3 2 6 $ 3 ,8 1 6 ,1 5 0
N et incom e______________
223,165
70,594
6 2,469
296.909
Gross income____________
26 2 ,9 8 7
111,070
9 9 .7 5 8
355.477
Interest paid____________
_______
_______
5,6 2 9
9,380
Fed. & State tax reserve.
3 7,652
28,205
23.1 9 0
4 2,278
Preferred dividends____
96,2 5 0
105,000
119,000
126.000
_______
116.170
91.875
Sinking fund p r o v i s i o n _______
$129 ,08 5 def$22,135 d ef$164.232
$85,944
Balance, surplus--------♦ A fter deducting charges for maintenance and repairs o f plants, depre
elation and estimated am ount o f Federal and State taxes. &c.
— Q u a r. End. Sept. 30— -— 9 M o s . E n d . Sept. 30 —
P eriod—
1926.
1925
1926.
1925.
N et earnings*___________
$84,215
$58,869
$158 ,78 5
$177,276
Preferred dividends____
17.500
26,250
35,0 0 0
78,750
Balance, surplus______
$66,715
$32,619
$123 ,78 5
.$98,526
S u rp lu saso f Sept. 3 0 . . .
1 ,008,650
618,573
1,008,650
618.573
* A fter deducting charges for maintenance and repairs of plants, deprecia­
tion and estimated amount o f Federal and State taxes, &c.
N o te .— 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.
O F F IC E R S .— Pres., Sylvan M . Barnet; 1st. V .-P ., Sigmund Rothschild:
2d V .- P ., R . L . W hite; Sec. & T r e a s .,________________
Office, 360 M adison
A v e ., N ew Y o r k .— (V . 123, p . 2265.)
B A R N S D A L L C O R P .— Organ, in D el. N o v . 13 1916 as Pittsburgh
Investment C o .; name changed to present title in Jan. 1919.
In M ay
1919 merged with Union M etal M ines Oo. and subsequently purchased the
assets o f the United Investm ent 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 n. 1204 V . 112 o. 1040 V 111 n 131 i
V . 119, p . 1175; V . 120, p . 1350; V . 121, p . 4 63. 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. 4 7 3 ), the Barnsdall Oil C o. of M aine in M arch 1921 (V . 112,
p. 9 3 5 ), and the International Barnsdall C orp. in October 1921 (V 113. p.
2618; V . 116, p. 5 1 8 ). Organized the Barnsdall Tripoli Products Corp. in
Feb. 1924 (name subsequently changed to Barnsdall Products C orp ., New
Y o rk). In Feb. 1925 organized the Petroleum Chemical C orp. V . 120,
p. 8 32. In Jan. 1926 acquired the entire stock of the W aite Phillips C o.
T . 122, p. 351.
A summary o f acreage and wells in which the Corporation and its sub­
sidiaries owned interests a t D ec. 31 1925 follows;
- W ELLS—
—■
--------A C R E A G E ---------Oil
Gas
O perated
U n operated
A rk an sa s____________________________ ___
3 3 ,4 2 2 .8 0
California____________________________
79
2.6 7 1 .5 7
809.36
C o lo r a d o ____________________________ ___
160.00
Indiana_______________________________
11
172.00
95.0 0
Illin o is_______________________________
37
””
178.00
80.00
Kansas_______________________________
___
I
2 40.00
___
K entucky____________________________ ___
1.502.00
Louisiana____________________________
___
___
4 0 .0 0
176 00
M o n t a n a ____________________________ ___
6 40.00
2 .7 5 9 .0 0
O k la h o m a ___________________________ 1,602
18
3 0 ,5 7 6 .1 4
5,732 85
O h i o . ------------------------------------------------- 193
5
3 ,5 6 2 .0 4
4 ,3 2 4 .5 0
Pennsylvania________________________
315
8
5 .0 5 9 .6 2
233.25
T e x a s ________________________________
110
_________
1 .290.00
1 .327.75
W est Virginia_______________________
273
16
8 ,418 74
23 .4 1 0 .5 6
T o ta l----------------------------------------------- 2,6 2 0
48
6 5 ,7 7 5 .4 7
61.105.71
S T O C K .— Both classes o f stock share equally in the distribution of
dividends or in the event o f dissolution or liquidation.
Holders o f class A and class B stock o f record Jan. 25 1926 were given the
right to subscribe for class A stock at $30 per share to the extent o f one share
f° D I V S . — Pald ^M follows: O ct. 15 1919. 1 4 * % ; Jan. 15 1920, 14*65.
April 15 1920 to April 30 1921, 2 4 * % quar.; then none until Jan. 2 1926,
when 2 % was paid; same amount paid quar. to Oct. 1 1926.
B O N D S .— The 8 % sinking fund convertible gold bonds were redeemed
•n Feb. 15 1926.
Th e 15-year s. f. 6 % gold debentures are redeemable all or part, at any
time, on 60 days’ notice until D ec. 15 1930 as follows: (1) I f accompanied
by both stock purchase warrants pertaining thereto, at 1074C and int. up
to D ec. 15 1926, the premium decreasing 4 * % for each 12 m onths or part
thereof elapsed thereafter; (2) if accompanied by only one stock purchase
warrant, at 103 K and int. up to D ec. 15 1926, the premium decreasing M ' 7
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. a f er
D ec. 15 1930 in whole or in part on 60 days’ notice at 105 and int. up to
D ec. 15 1931, the premium decreasing 4* % for each 12 months or part
thereof elapsed thereafter, except that any moneys on hand on D ec. 15 1930
arising from the exercise o f stock purchase warrants are to be applied to the
purchase in the market or redemption of debentures at 100 and in t., the
debentures from which both warrants have been exercised being drawn in
priority to others.
Stock Purchase W arrants.— 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 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 F u n d .— The cash received from the exercise o f the stock purchase
warrants during the five years ending D ec. 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 am ount sufficient
to retire at the then current optional redemption price (then 105 and int.)
l-2 0 th o f the debentures then outstanding on D ec. 15 1931 an amount
sufficient to so retire at the then current optional redemption price 1-19t.h
o f the debentures then outstanding, & c., so that the whole issue will be
retired b y m aturity. Debentures will be subject to call for the sinking fund
at the current optional redemption price. All debentures acquired b y the
sinking fund are to be canceled. Corporation m ay tender debentures to the
sinking fund in lieu of cash. V 122, p. 350.
R E P O R T .— For 1925, in V . 122, p . 1328, showed:
1925.
1924.
1923.
1922.
Gross sales and earnings_$14,792,299 $ 1 0 ,2 0 9 ,2 7 4 $ 9 ,2 8 8 ,8 8 5 $ 9 ,276,646
Oper. & general expenses 9,5 1 2 ,0 2 0
7 .2 9 3 ,3 4 0
7 ,1 1 2 ,4 6 5
6,473.599
N e t income
____ $5,280,279 $2 ,9 1 5 ,9 3 4 $2 ,1 7 6 ,4 2 0 $2,803,047
Other incom e____________
252,582
4 2.767
72.723
72.408
T otal i n c o m e . ______ $5,352,687 $3 ,1 6 8 ,5 1 6 $2,21 9 ,1 8 7 $2,875,771
Interest p a id . . _______
617,052
746.050
793,889
897,139
Federal taxes
113,165
2 4,533
64,662
36.229
Depreciation & depletion 1,528,468
1 ,176,747
1,142,026
1 ,270,298
Drilling costs charged off
4 11.978
N e t incom e___________ $3,09 4 ,0 0 1 $1 ,2 5 5 ,9 0 8
$183 ,88 8
$260,126




159

INDUSTKIAL STOCKS AND BONDS
Last D ivid en d
and M a tu rity

Places W here Interest ant)
D ividends are Payable

Oct 1 1926 2 % Checks mailed
Oct 1 1926 2 % Checks mailed
Blair & C o ., N ew York
Dec 15 1940
Oct 15 1926
Oct 15 1926
D ec 10 ’26
Oct 1 5 ’26

1*4
2%
3%
IK

■ Q uar. E n d . Sept. 30----------9 M o s . End. Sept. 30—
—
Period—
1926.
1925.
1926.
1925.
Gross s a l e s . . . .................... $ 8 ,0 0 6 ,2 5 6 $ 3 ,872,733 $23,044 ,467 $10,902,502
Expenses, & c____________
5 ,033,433 2 ,432,712
1 4,211,019
7,193,043
N et oper. income____ $ 2 ,972,823 $1,440,021
$8,833,448 $ 3 ,709,459
Other income____________ ______ 6,008
12,298_______ 52,896
29,600
Total income___________ $2,978,831
$1,45 2 ,3 1 9 $ 8 ,886,345 $3,73 9 ,0 6 0
In t e r e s t ........ ...............
417,106
136,702
1,321,762
4 85,030
Federal taxes____________
72,819
28,801
225,000
72,195
D epreciation____________
376,185
207,740
1,072,603
625,133
D epletion________________
499,137
146,174
1,499,578
397,703
N et income___________ $ 1 ,613,584
$932 ,90 0 $4,767,401 $2,158,996
O F F IC E R S .— Chairm an, M . C . Brush; Pres., E . B . Reeser; V .- P ., R. A .
Broomfield; V .-P . & T reas., E . O. Bartlett; V .-P . & Sec., J. A . Dunn;
Gen. A u d ., E . M . Skeehan. Office, 120 Broadw ay, New Y o rk .— (V ,
123, p. 2 6 5 8 .)
B A Y U K C I G A R S . I N C .— Incorp. under laws o f M aryland on M a y 24
1920 and acquired the property and business o f Bayuk Bros. C o ., M apacuba
Cigar C o. and M erchants’ Real Estate C o. The stockholders on July 12
1923 voted to change the name from Bayuk B ros.. In c ., to Bayuk Cigars.Inc
S T O C K .— The 1st pref. stock is redeemable all or part at 110 and diva.
Entitled to cumul. divs. at rate of 7 % per ann. and an additional 1 % in
each year In which the common stock shall receive more than $4 per share.
Annual sinking fund each year from 1923 to 1926 equal to 3 % of 1st pref.
stock issued, and equal to 5 % each year after 1926, to be applied to the pur­
chase or retirement of 1st pref. stock at not to exceed 110 and divs.
The stockholders on July 12 1923 voted approval of amendments to the
certificate o f incorporation which provided fo ra reduction In the olvioend
rate on the 2d pref. stock from 8 % per annum to 7 % per annum.
Tne acceptance of the reduction is optional with holders of tnis stock,
but the amendment providing for the reduction further stipulates that in
consideration of the acceptance of tne reduction, nolders shall have the
privilege of converting their shares at the redemption price ($110) Into
common stock at $62 a share for com m on. On D ec. 31 1925 all except
$5,000 had been exchanged.
R E P O R T .— For 1925, in V . 122, p . 1314, showed:
1922.
•
1925.
1924.
1923.
Gross earnings___________ $ 2 ,1 2 2 ,1 8 8 $ 2 ,225,991 $ 2 ,227,995
$ 2 ,346,775
Other incom e____________
58.323
111.805
45.193
40,553
Total incom e.
$ 2 ,180,511 $2 ,3 3 7 ,7 9 6 $ 2 ,273,188 $ 2 ,387,328
$ 1 ,102,842
Expenses, interest, & C -- $ 1 ,4 5 3 ,2 3 6 $1 ,3 4 6 ,1 2 3 $1,23 3 ,9 3 6
93 ,2 2 4
129.388
136,920
Federal taxes------------------160,560
First preferred dividends
129,717
136,064
95,418
91,280
Second pref. dividends-_
8 6,963
87 ,1 9 0
98,868
• 102,440
Surplus........ ...............

$417,371
$639 ,03 0
$708 ,04 6
$930,206
— 3 M o s . E n d. Sept. 30------—9 M o s. E n d . Sept. 30—1926.
1925.
1926.
1925.
* N et earnings___________
$267 ,20 5
$230,009
$706 ,18 5
$482,088
Other incom e____________
2 3,760
9,011
5 9,102
44,324
Total income--------------Depreciation_____________

$290 ,96 5
3 3,825

$239 ,02 0
33,527

$765 ,28 7
98,855

$526,412
101,549

N et incom e__________ _
Preferred dividends_____

$257 ,14 0
53,555

205,493
53,906

$666 ,43 2
160,666

$424,863
163,124

Surplus------------------------$203 ,58 5
$151,587
$505 ,76 6
$261 ,73 9
♦After deducting charges for maintenance and repairs o f plants and esti­
mated Federal taxes, &c.
O F F IC E R S .— Pres., Samuel B ayuk; V .- P ., L . A . Kram er; Sec., H . L.
Hirst; T reas., Harold B ayuk . Office, 3d & Spruce S ts., Philadelphia.—
(V . 123, p . 2143.)
B E E C H -N U T P A C K I N G C O .— Incorp. D ec. 29 1899 in N ew York as
successor to Imperial Packing C o. Manufactures food products, including
hams, bacon, peanut butter, chewing gum, preserves, marmalade, jellies,
beans, sauces, confections and other products.
S T O C K .— Class B pref. stock is redeemable as a whole or In part after
Jan 1 1925 at 115 anu accrued divs. The par value o f the com . stock was
reduced from $100 to $20 in M a y 1922
D I V I D E N D S .— On com . (since 1 910 ;: 1910, 2 4 % ; 1911, 2 3 % ; 1912
2 4 % : 1913, 2 4 % , and 5 0 0 % in stock, 1914, 4 2 % ; 1915. 5 2 % ; 1916, 6 0 %
1917, 6 1 % ; 1918, 1 7 1 * % ; 1919, 1 2 % ; 1920, 1 1 % ; 1921, 1 0 % ; 1922, equiva­
lent to 96 cents per share on $ 5 ,000,000 common stock o f $20 par value
and 4 0 0 % in stock; 1923, 1 2 % regular (3 % quar.) and extras o f 3 % in
cash and 5 0 % in common stock (payable D ec. 10); 1924, 1 2 % regular and
3 % extra; 1925, 1 2 % regular and 3 % extra. Paid in 1926: Jan ., 3 % ;
April, 3 % ; July, 3 % : O ct., 3 % ; D ec. 10, 3 % extra.
R E P O R T .— For 1925, in V . 122, p. 1314, showed:
Cnlprtdnr
1 1 0 0 4 .
1qoq
N et profits less (est.) Federal t a x e s .. $2 ,0 9 9 ,2 4 3 $ 2 ,187,600 $2,01 3 ,6 9 6
Cash dividends________________________
1 ,2 0 5 ,6 7 6
1,219,719
910,142
Balance, surplus____________________
$893 ,56 7
Previous surplus________________________ $ 2 ,3 7 6 ,3 8 8
Adjustm ents (net)______________________
C r.2,2 0 2
Stock dividends________________________
_______
Prem . on pref. stk. purchased_______
7,8 5 6

$967,881
$ 1 ,412,200
D r . 3,6 9 4

$1,10 3 ,5 5 4
$1,811,691
D r . 3 ,045
2 ,5 0 0 ,0 0 0

Profit and loss, surplus.
$3,264,301
9 M o s . E n d . Sept. 30—
1926.
1925.
N et profits_______________ $ 1 ,9 5 4 ,1 8 8 $2 ,1 1 1 ,0 3 4
Previous surplus________
3 ,1 9 8 ,5 3 8 2 ,347,371
A djustm ents_____________
Cr. 10,670
_______

$2,376,387
1924.
$1 ,9 7 2 ,4 2 8
1,321,476
Cr. 8,728

$ 1 ,412,200
1923.
$ 1 ,907,843
2,6 9 9 ,7 8 8
Cr. 4,1 6 0

Total surplus__________$ 5 ,1 6 3 ,3 9 6 $4,45 8 ,4 0 5 $3 ,3 0 2 ,6 3 2 $ 4 ,611,791
Dividend (cash)________
7 27,500
729,621
73 4 ,0 1 0
509,010
Profit & loss s u r p lu s ., $ 4 ,4 3 5 ,8 9 6 $3 ,7 2 8 ,7 8 4 $2,56 8 ,6 2 3 $4 ,1 0 2 ,7 8 1
O F F IC E R S .— Pres., B artlett Arkell; V .-P ., F . E . Barbour; V .-P . &
Treas.. J. S. Ellithorp; V .-P . & Sec., W . C . Arkell; A sst. Sec., C . E . Sm ith,
Asst T reas., E . W . Shineman. M ain office, Canajoharie, N . Y . — (V 123,
p. 2394 .)
B E T H L E H E M S T E E L C O R P O R A T I O N .— O R G A N I Z A T I O N .— In ­
corporated in N . J. on D ec. 10 1904 as successor, per plan V . 78. p. 5 8 7 , of
the U . S. Shipbuilding C o ., and owns the entire stock o f Bethlehem Steel
C o ., Cornwall iron ore properties and numerous subsidiaries, notably
Bethlehem -Cuba Iron M ines C o. and Bethlehem Chile Iron M ines C o .
Steel plants are located at Bethlehem, P a .; Johnstown, P a .; Coatesville,
Pa.; Lackawanna, N . Y .; Lebanon and Reading, P a .; Sparrow Point, M d .,
and Steelton, Pa. Other subsidiary companies are as follows:
Beth­
lehem Iron & Steel Corp. and subsidiaries, Bethlehem M ines C orp.
and subsidiaries, Bethlehem Steel C o . (Delaw are), Union Iron W orks
C o ., Union Iron W orks Dry Dock C o ., Fore River Shipbuilding C orp ..
Bethlehem Shipbuilding C orp ., L t d ., Redington Standard Fittings C o .,
Bethlehem Steel Products C o . and subsidiaries. Cam bria Iron C o . and

160

[V ol. 123.

INDUSTRIAL STOCKS AND BONDS
Date
Bonds

M IS C E L L A N E O U S S E C U R IT IE S
tFor abbreviation s, A c . , see n otes on page 8]

B e th le h e m Steel C orp—
Com m on stock $ 2 7 0 ,00 0,00 0 au th ____________________________
Pref stock 8 % cum A conv (called for paym ent July 1 1 9 2 6 ) -!
Preferred stock 7 % cumulative $ 1 0 0 ,00 0,00 0 authorized___ I
Cambria Iron C o stock 4 % guaranteed_______________________I
Cons M $ 500 ,00 0,00 0 g; Ser A $70,0 0 0 ,0 0 0 call 105 s f 1920 1918
do
Series B callable (text)____________________ G ,c * A r*
1923
Ser gold bds (Spar Pt Dry Dk) $ 1 ,2 5 0 ,0 0 0 due 2 0 % y rly . J 1918
Secured g notes red (text) due $ 2 ,5 0 0 ,0 0 0 ann beg '2 9 -G .c * 1926
Securities o f C on trolled C om pa n ies—
Beth Steel purcb money mtge lor Beth Iron gold 0 P.xo* &r 1901
do
First Lien & Ref M g gu red l0 5 s f.E q .x o * &r* 1912
do Pur M on A Im p M $60,000 ,000 call 105 s f_ B akc*A r 1918
Eq tr ctfs Series “ B " due $75,000 annually________________
1920
Cornwall Ore Banks purchase money m ortgage_____________ | 1921
Coleman Estate Pur M M tge call par t e x t -.P e p .k c * 1919
Freeman Est Pin- M M tg e call any lnt day tex t-P ep .k c* 1919
Cornwall Pur M M tge call any lnt day te x t._ P e p .k c * 1919
Fore River 1st M g gu due $ 40,000 yly red 1 0 3 -O B .x c * 1913
Beth Shipbuilding pur m oney mtge sink fd gold_____________ I 1921
do
do
do
______________________________ I 1925
F unded D ebt o f L ackaw anna Steel C o. A ssu m ed under M e rg er 1st Con M $ 3 5,000 ,000 g red 105 conv_______________C e .x c ’ i 7910
Ellsworth coll pur m oo s fd 5s guar (part due In 1927’
F .3 1907
Lackaw Bdge W k s Corp pur m notes (ass’d) due $200,000 yly!

Par
V a lue

Am oun t
O utstanding

Rate
%

W h en
P ayable

Last D ividend
and M a tu rity

$
July 1 1924 1 K
100 180.151.900 See text
100
7 .7 9 9 ,3 0 0
8
Q— J July 1 1926 2 %
Q-—J Jan 3 1927 1*4
100 8 7 .6 0 6 ,6 0 5
7
A & O O ct 1 1926 2 %
50
4
8 ,465.625
See text z 5 0 ,166.000
Aug 1 1948
6 g
500 &c 2 4 ,174,500
5 H g F & A Feb 1 1953
Dec 31 28 to ’32
6
1.227.524
J & D J ’ne 15’29 to '32
i “66o 10 , 000,000
5 g

1,000 7.5 0 0 .0 0 0
500 Ac g l2 .7 5 9 .5 0 0
1.000 Ac W 22177.000
1,000
300 000
1 .767.000
1.000
2 5 6.000
1.000
384.000
1,000
1 .290.000
1.999
280.000
1 .601.000
8 55.000
100 Ac
1.000

6 853.000
1 .816.000

200.000

Places W here Interest and
D ivid en d s A r e Payable
Checks mailed
Checks mailed
C hecks

mailed

G uaranty T r C o , N

Y

N ew York
Girard Trust Co, Phlla
Equitable Trust C o . N i
Bankers Trust C o , N S

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

Q— F
M A N
J
&
.1 &
M &
J
A
J
A
J
A

5 8
5
6

Central Union Tr Co, N J
M A S Mch 1 1950
Farmers’ L A Tr Co, N 1
J A
J Jan 1 1927
J A
J T o Jan 3 1927

Aug 1 1998
May 1 1942
July 1 1936
T o June 1 1930
M a y 1 1941
July 1 1939
July 1 1939
July 1 1939
T o July 1933
O ct 1 1936
J Jan 1 1940

Pa C o Ins on Lives, Phil*
do
do
do
do
Old Colony T r C o , Bo*t

g D ec. 31 1925, $16,5 7 8 ,0 0 0 pledged and $ 1 0 ,662 ,500 in sin kin g fu nd or can celed.
w $ 4 ,5 2 1 ,0 0 0 In treasury and $6 ,2 3 6 ,0 0 0 in sinking fund or cancel led Dec. 31 1925.
z A dditional$ 9 ,0 0 0 ,0 0 0 p led ged.$1 ,1 8 4 ,0 0 0 in treasury and $ 2 9 ,9 5 7,0 0 0 in sinking fun d or canc eled.
subsidiaries, Betnelhem Steel Export C orp ., South Buffalo R y . C o .,
Philadelphia, Bethlehem A New England R R . C o .; Steelton A Highsplre
R R . C o .. Patapsco A Back Rivers R R . C o .. Fore River R R . C orp., Corn­
wall R R . C o ., Service Stores C orp ., Bethlehem Transportation C orp.,
Bethlehem Land A Im provem ent C orp ., Bethlehem Securities C o .,
Bethlehem Steel C o ., Bethlehem Steel C o . of Brazil, Bethlehem Steel
Realty C o rp ., B eth -M a ry Steel C orp ., Brotherton Iron M ining C o .,
Buena Vista Iron C o ., Buffington W ater C o ., Cambria Inclined Plane
C o .. Citizens’ R ealty C o . of Bethlehem , Com pania de M ines de Fierro
“ Las T ru ch a s,'’ S. A ., Conem augh & Black Lick R R . C o ., Dundalk C o .,
D undalk Sewerage C o ., E ast W heatfield W ater C o ., Franklin Iron C o .,
Juniata Lim estone C o ., L t d ., Juragua Iron C o ., Lebanon Consolidated
W ater C o ., Lebanon C ounty Light, H eat A Fuel C o ., M anufacturers
W ater C o ., M idvale Steel C o ., Northam pton County W ater C o ., Ore
Steamship C orp ., Penn Iron M ining C o ., Penn Iron M ining C o. of W iscon­
sin, Penn Store C o ., Pine Township W ater C o .. Possum Glory W ater C o .,
Sunday Lake Iron C o ., Dundalk W ater C o ., Ellsworth Collieries C o.
In O ct. 1919 purchased from Elkins Coal A Coke C o. coal laud in W est
Virginia. During 1920 purchased bituminous coal lands from Jamison
Coal A Coke C o.
V . 112, p. 1274.
In 1916 consummated purchase (V . 103, p . 241, 243) of all the assets oi
the Pennsylvania Steel C o. of Pennsylvania and M aryland Steel C o ., witfe
their extensive steel plants, shipyard, A c. Through the medium o f Penn
M ary Steel C o ., for about $6,6 6 0 ,0 0 0 , payable in bonds of 1916, acquired
the plants of American Iron A Steel M fg . C o. at Lebanon and Reading. Pa.
also acquired other properties. V . 103, p . 2344; V 101, p. 1139
Bethlehem-Chile Iron M ines C o . was incorporated in Delaware Jan. 18
1913, controlled by Beth Steel C o ., to operate the T ofo iron mines nea>
the coast o f C oquim bo, Chile. A u th . capital stock was increased in Sept
1917 to $ 10,000 000 V 105. p 999; V 109, p 8 90.
Also Bethlehem
Steel C o . authorized stock from $15,0 0 0 ,0 0 0 to $ 6 5 ,0 0 0 ,0 0 0 , and Ore
8 8 . C orp ., $100 ,00 0 to $10 ,0 0 0 ,0 0 0 .
V . 96, p. 204, 287, 1023; V . 98. p. 833
In 1913 purchased Fore River Shipbuilding C orp ., Q uincy, M aks., and
fu a r. $ 303 ,00 0 1st 5s. V . 96, p. 1300, 1492; V . 98, p. 239; V . 105. p. 1619
The agreement for the acquisition of the Lackawanna Steel Co. (V 115
p . 872) was consummated in O ct. 1922, and the properties and assets of tht
Lackawanna com pany were transferred to Bethlehem Steel C o. of New
Y o rk , Inc. (name since changed to Bethlehem Iron A Steel C o rp .), a sub­
sidiary com pany. The purchase price paid in addition to the assumption
of all obligations was $ 1 2 ,5 0 0 ,0 0 0 7 % Cum Pref. stock and $ 2 2 ,608 ,500 in
Class B Com m on stock, together with $308,680 in cash and an amount
equal to one m onth’s dividends upon the stocks delivered. (This stock and
cash were distributed pro rata among Lackawanna Steel C o. stockholders
Compare V 115. P 875.)
The properties acquired from the Lackawanna Steel C o . are: (1) Plant
Situated at Lackawanna, near B uffalo, N . Y . . manufactures bars plates,
steel rails, s t r u c t u r a l steel and other materials; (2 ) o r e p r o p e r t ie s in Minne­
sota, M ichigan, Wisconsin and N ew York; (3) 2 1,700 a c r e s of bituminous
coal lands (coal rights and in fee) in Pennsylvania. V . 8 3 , p . 1593; V . 8 4 ,
p . 2 6 9 , 393: V . 100. p . 815.
A cq u isition o f M id vale and Cam bria P roperties.— On N o v . 24 1922 agree­
ments were entered into covering the purchase by Bethlehem Steel Corp
directly or through subsidiaries, o f all the properties and assets of M idvale
Steel A Ordnance C o. (except the plant at Nicetown, P a ., and certain assets
appurtenant thereto, and the stock owned by it in Cambria Steel C o .) and
all the properties and assets of Cambria Steel C o. in consideration o f the
assumption o f all liabilities and obligations of the M idvale and Cambria
companies (except certain thereof pertaining to the Nicetown p lan t),
including outstanding bonds o f the M idvale C o ., and the delivery of $97,6 8 1 ,4 0 0 , par am ount, of Bethlehem Com m on Stock. The agreements were
consummated on March 30 1923, the M idvale properties having been on
that date transferred to, and the M idvale liabilities and obligations having
been assumed by. Bethlehem Steel C o ., the Cambria properties transferred
to Bethlehem Steel Products C o ., and the Cambria liabilities and obligations
having been assumed by both Bethlehem Steel Products C o . and Bethlehem
Steel C o .
A s a result of these purchases the stockholders of the M idvale company
received for each two shares of $50 par value of the M idvale C o. stock $95
par value o f the Bethlehem com . stock, together with a pro rata share
of the stock o f the new corporation (The M idvale C o .) , to which the Nice­
to w n

p la n t

and

th e

a ssets a p p u r te n a n t

th e re to

w ere

tra n sfe rre d

(o n e

tenth share o f M idvale C o . stock, no par, for each share of M idvale Steel A
Ordnance C o .) . The minority stockholders of the Cambria Steel C o. were
offered $181 a share for their holdings. V . 116, p. 1416, 1898, 2260.
In
Feb. 1924 the minority stockholders of the Cambria Steel C o. filed suit to
cancel the merger, but the suit was dismissed in M a y 1924. V . 118, p. 668.
2441 .
The Federal Trade Commission in Jan. 1923 filed a complaint against the
merger. V . 116, p. 518. The com pany filed an answer to the complaint in
M arch 1923. V . 116, p. 1279.
The steel ingot capacity o f the corporation on D ec. 31 1925 was 7,6 0 0 ,0 0 0
gross tons per annum and the pig iron capacity 6 .610,000 tons per annum
The U . S. Governm ent, on April 17 1925, filed a suit and complaint
against the company in the U . S. District Court at Philadelphia, claiming
over $ 1 1,000 ,000 alleged overpayments on wartime ship contracts. In the
U . S. District Court at New York Bethlehem Shipbuilding C orp., L td ., a
subsidiary, on April 17 1925 filed a complaint in a suit instituted against
the tJ. S. Shipping Board Emergency Fleet Corp. in M a y 1924, claiming
$9,74 4 ,8 9 9 which it alleges is still owing it on the contracts in question
V . 120, p . 2 1 5 1 . 2 224 , 2 554 ; V . 121. p . 5 89.
S T O C K .— In Sept. 1922 amendments to certificate of incorporation pro­
vided for creation of a new class o f 7 % Cum ul. Pref. stock, of which $77,000,000 was authorized and issuable for following purposes and in following
amounts so long as required for such purposes;
(1) $ 3 4,500 ,000 in exchange for existing 8 % Cuinul. C onv. Pref. stock;
(2) $15,000 ,000 in exchange for existing 7 % N on-C u m ul. Pref. stock;
(3) $12,500 ,000 in paym ent for the Lackawanna properties; and
(4) $ 1 5 ,000 ,000 for sale.
A t the same time the holders o f the existing 8 % C um ul. C onv. Pref. stock
were given the right, after Jan. 1 1923, and until termination by the board
o f director* to erchanse such stock for new 7 % Cumul Pref stock
Tht
basis o f said exchange prior to M arch 4 1926 was $115 , and is now $110.
par value, of 7 % cumul. pref. stock for each share of 8 % cum. conv. pref.
stock. All of the outstanding 8 % pref. stock has been called for retirement
on July 1 1926 at 115 and divs.
At

t n e s a m e t im e t h e h o l d e r s o f t h e 7 %

N o n - C u m u l . P r e f . s t o c k w e re

stock
1922
fiven 1the right to exchange such by theafter Oct. 1 new 7 %and prior to
an.
1923, subject to extension
board, for
cum . pref

stock on the basis of share for share. The 7 % non-cum. pref. stock has beeD
retired, substantially all of it having been exchanged.




The certificate of incorporation of the corporation as last amended Sept
1922, provided that after 8 0 % o f the 7 % N on-C u m ul. Pref. stock shall have
b e e n e x c h a n g e d for Cum ul. Pref. stock or otherwise retired Class B C om .
-tr ick s h a ll b e in ill r e s p e c t s t h e same a® 'h e C o m s t o c k i n i s h i l l c e a s e to

exist as a separate class of stock. Pursuant to such provision, on April 4
1923 the Class B common stock became in all respects the same as the com ­
mon stock and ceased to exist as a separate class of stock .
The stockholders on April 6 1926 increased the authorized 7 % preferred
stock from $7 7 ,0 0 0 ,0 0 0 to $ 1 0 0 ,00 0,00 0.
L A T E D I V S .— f ’ 14. ’ 15. ’ 16. ’ 17. ’ 18. '1 9 . '2 0 . *21. '2 2 . ’2 3 . ’2 4 . ’258
8
8
8 % preferred_____
8
8
8
8
..
..N e w 8
7
7
7
7
7
7 % preferred______ I 5
7
7
5
6 )4 7
7
7
3H —
C om m on ___________ | . .
5
. . 22)4 T ext 10 8 H 5
5
5
In Jan. and April 1919 paid dividends on the common stock of 1 M %
regular and 1 ]4 % extra. In July 1919, H of 1 % was paid extra along with
the regular quarterly 1 ) 4 % . but from Oct. 1919 to July 1924 only the
regular \ M % with no extra. N one since.
In Ian 1917 a quarterly cash dividend of 1 0 % was declared on the $ 1 5 ,100.000
common stock, payable April 2, and upon the authorization of
$45,000 ,000 of new class “ B ” (non-voting) common stock the company
paid a stock dividend of 2 0 0 % on Feb 17 in said stock, and permitted the
common shareholders to subscribe and pay in full at par on or before
March 6 for the remaining $15,0 0 0 ,0 0 0 class B “ which had been under­
written.
See V . 104. p . 3 64, 66o, 8 65, 1266. 2345. On A ug. 1 1917 a Red
Cross dividend o f 1 % was paid on common stock. V . 104, p . 2554; V . 106,
p. 502.
B O N D S .— The Consolidated M ortga ge authorized in 1918 is limited to
$ 500 ,00 0,00 0. The mortgage. In which the Bethlehem Steel C orporation
and Bethlehem Steel C om pany Join, was to be secured (subject to $ 8 5 ,3 4 0 ,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 o f the
C o rp o ra tio n . comprising in value over 9 5 % of such properties then owned;
also by $ 3 5 ,4 3 4 ,0 0 0 previously issued underlying bonds, which in respect to
Important properties rank equally with certain of the above-mentioned
underlying Issues. N o additional underlying bonds may be issued unlesi
pledged thereunder. V . 107. p. 293. 405
The Consolidated M ortgage bonds may be issued in series, differing as
to dates, maturities, interest rates, redemption prices, sinking funds, con­
version privileges, A c ., but no such bonds shall be issued maturing prior to
these Series A bonds. O f the total authorized issue of $ 7 0 ,0 0 0 ,0 0 0 Series A
bonds. $ 5 0,166 ,000 in D ec. 1925 were in hands of public, $ 1 0 ,184 ,000 in
treasury (of which $9,000,000 pledged); $29,9 5 7 ,0 0 0 purchased for sinking
fund or cancelled. Bonds not issued for refunding purposes m ay be issued
from time to time for not exceeding 8 0 % of the cost o f investments in
properties or securities.
The Series A bonds are callable at 105, and will have the benefit of
% sinking fund beginning in 1920 o f 1 % per annum of all Series A bonds
issued prior to the dates of the respective sinking fund payments to be ap­
plied to the purchase of such bonds at not exceeding 105 or to their redemp­
tion at that price.
Bonds so purchased or redeemed will be canceled.
The Series B bonds (offered in Jan. 1923, V . 116. p. 413), are redeemable,
*11 or part, at 107 and interest, except that during the last two years the
premium shall be !4 o f 1 % for each full six m onths of unexpired life. Annual
sinking fund, beginning Feb. 1 1924, o f 1 % o f the total of Series B bonds
Issued, for purchase of bonds up to the redemption price and accrued
____ __
interest or for their call at that price.
O f Bethlehem Steel C om pany's 3 0 -year 5s of 1912 ($50,000,000 auth.
issue) $12.759 .500 on D ec.31 1925 were in the hand of the public .$10.662,500
in sinking fund or canceled and $ 1 6 ,5 7 8 ,0 0 0 (pledged) were in the treasury
Annual sinking fund 2 ) 4 % o f bonds outstanding (but not less than
$ 3 0 0 ,0 0 0 ). V . 94. p. 1450; V . 9 5 , p. 892; V . 96, p. 1300, 1366; V . 9 8 , p .
1002. 1922: V . 9 9 . p . 898; V . 100. p . 1169, 1260; V . 105, p . 1524.
nurch M on ey A Im pt Bonds o f 1916 (Made, Jointly with P en n -M a ry Steel C o .),
As of D ec. 31 1925. $32,9 3 4 ,0 0 0 had been issued, o f which $ 2 2 ,177 ,000 were
in hands of public, $ 4 ,521,000 were in treasury, and $ 6 ,2 3 6 ,0 0 0 had been
purchased for sinking fund or cancelled.
These bonds have a 2 H % sinking lund from July 1 1916.
In Jan. 1919 the Bethlehem Steel Oo. arranged to purchase additional
interests in the Cornwall iron ore banks at Cornwall, P a ., and on account of
same issued three series o f Purchase M oney mortgage 5 ) 4 % bonds dated
July l 1919 and due July 1 1939, but callable all or part on any tnt. day,
viz.; (a) Coleman Estate, $310 ,00 0, at least $18,000 to be called each year
after July 1 1922 (secured on undivided 50-1536 Interest in Cornwall Ora
Banks, incl. bldgs., A c .; lb) Freeman Estate, $438 ,0 0 0 , at least $27,000
to be redeemed yearly after July 1 1922, secured by 75-1536 Interest in
Cornwall Ore Banks; (c) Cornwall, $1 ,4 7 4 ,0 0 0 . at least $ 9 2,000 to be called
each year after July 1 1922, secured on 125-1596 undivided interest in Corn­
wall Ore Banks covered by aforesaid Issues (a) and (5); and also secured on
5,333 shares capital stock of Cornwall Iron Oo. and 8 ,000 shares capital
itock of Cornwall R R .
See V . 108, p. 173. During 1921 the company
purchased the remaining outstanding 1 9 .7 8 % undivided Interest in the
-ornwall Ore Banks and M ine Hills and in part paym ent therefor issued
$1,877,000 face amount o f its Cornwall Ore Banks purchase money mtge.
t H < 20-year bonds.
%
A ll the outstanding 15-year 7 % marine equipment trust certificates due
O ct. 1 1935 were redeemed on July 9 1926 at 10 2 )4 and divs.
A ll of the outstanding equip, trust 7 % gold certificates due M a y 15 1927,
M a y 15 1928, M a y 15 1929 and M a y 15 1930 were redeemed on N o v . 151926.
The mortgage of Penn M ary Steel C o ., created on acquisition of proper­
ties of A m . Iron A Steel C o ., Is limited to $ 1 3 ,0 0 0 ,0 0 0 , o f which $6,660,000
ssued (incl. $1,14 6 ,5 0 0 retired to D ec. 31 1925) and $6 ,3 4 0 ,0 0 0 reserved
for future extensions to 75% of cost of same. C allable all or any at 105.
Sinking fund beginning D ec. 31 1918 a sum equal to 2 )4 % of the bonds at
sime outstanding. V . 104, p . 1139.
This Issue has been assumed.
Eastern Coke C o. 1st M . cover 574 coke ovens, benzol plant, A c. 8inkng fund, $250,000 s .-a .
Callable 101 A int. on or before Feb. 1 1918,
ibereafter 102)4 A in t.; retired to D ec. 31 1925, $ 4 ,2 5 3 ,0 0 0 . V .104, p. 1706
The Union Iron W orks D ry Dock C o ., a subsidiary of the Beth. Steel
orp., took over on N o v . 1 1908 the property of San Francisco Dry Dock
O o., and issued 20-year 6 % purchase money bonds ($431,867 outstanding
Dec. 31 1925), besides assuming $495 ,00 0 underlying 5s.
V. 88, p. 941.
The Penn M ary Coal C o . 1st M . 5 % bonds o f Oct. 1 1919, $5,000,000
auth. and issued, have an annual sinking fund o f $200 ,00 0 after N o v . 1
1920 and are callable at any time all or part at 102 H and lnt. These
bonds, issued, it is understood, in connection with purchase from Elkins
Coal A Coke Oo. o f coal lands and coal rights in M onongalia and Preston
counties. W V a ., with bldgs, and im pts. Purchased for sinking fund to
D ec. 31 1925, $ 1 ,2 9 6 ,0 0 0 .

Nov., 1926.]

161

INDUSTKIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
I 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 ]

D a te
B onds

Par
V a in *

A m ount
O u ts ta n d in g

R a te

39,65 4 ,5 0 0
2 .638.000
2.7 3 3 000
2.053 000
56.000
130,000

5 g
5 g

%

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 tu r ity

P la ces W h ere In terest ana
D iv id e n d s a r e P a y a b l e

B e th le h e m S teel C o r p o r a t io n ( C o n tin u e d )—
F u n d e d D e b t o f M id v a le S teel & O rd . C o .

A s s u m e d u n d e r M e r g er —

Collateral Trust con y s fd bonds, call, at 106______ Q c * 4 r *
Union Coal A C oke 30-yr s fd bda call 106______________UP
Pitts-W estm ore Coal $6,000,000 1st mtge bon d s______ SP
M anufacturers W ater Co $4,000,000 1st M ■ fd b o n d s -.Q P
Beaver 8 8 C o 1st M , due $28,000 ann.; call 102____ Q P .c
Johnstown 8 8 C o $1,300,000 bonds due $130,060 p a ___Q P
B o n d s o f P e n n - M a r y S teel P r o p e r t ie s G u a r a n te ed —
Spanlsh-Amerlcan Iron 1st M g guar red 102 A - G P .n o * &r
Oollat trust loan (Cornwall) s f red 105: V 74, p l 3 l 2 , _xx
Penn M ary Steel M tge $13,000,000 guar call 106 O P .xc*
B o n d s o f C o a l a n d C ok e C o m p a n ie s a ls o D ry D o c k s —
Eastern C oke C o 1st M (closed) call s f Joint gu ar.xxU p Ic*
G
Penn-M ary Coal 1st M gold gu red 102 H (s f 101)_C P .xx
1st M Elkins prop call 102 H s fd $200 yearly___ F r.c*
San Francisco D ry D ock C o ________________________________
Union Iron W orks D ry D o c k ___________________ _________ _
Finch Run C oal pur. m oney s. f . __________________________
Jam ison O . A O . D a k . m tge. s. f. $1,304,000 ____________
do
Barracksvllle " p. m A lm pt. 1st m .____________

B lo o m in g d a le B ros, In c — Com m on stock 300,000 shs au th .
P r e fe r r e d (a & d ) stock 7 % cum r e d 110 $ 4 ,000,000 a u th ___
(Sidn ey) B lu m e n th a l & C o , Inc— -Com stock 250,000 shs au
Pref (a & d) stock 7 % cum red 110 $ 6,00 0 ,0 0 0 au th__________
First mortgage sinking fund gold bonds redeemable (tex t). -

1910
1916
1907
1909
1916
1910

600 A c

1907
1902
1917

1,000
1,000
1 000

1917
1909
1919

2,747 ,000
944 ,000
3 ,704
495
431 ,867
4 ,200
845
395 000
N o n e !3 00,000 shs
$100 $4,000 000
None 218,212 shs
100 $2,408 200
1,782 000

1909
1920

1921

C385.000
4.0 7 8 .0 0 0
6.5 0 2 ,5 0 0

1.000

1,000

.000
.000
,000
,000

M .A

l*

J
J

««

J
A

5 g
5 g
««
5 g
5 g
5
6g

5 g
« *
5 g

8 M a r 1 1936

New Y ork

July 1 1927
O ct 1 1932
J Jan 1 1937

G uaranty T r C o , N Y
Girard T r C o , Phila
Bankers T rust C o . N Y

N o v 1 1940
M a y l 1947
D J u n e l 1939
D T o D ec 1928
T o D ec 1927

M A N
M A N

A
A

&
&

J

A

F
A
A

J
O

A
&
A

J
J
J

A Feb 1 1931
O Apr 1 1939
O O ct 1 1939
M ar 1 1931
O ct 1 1929
A D June 1 1950
A J Jan. 1 1934
A J July 1 1929

Q -F

s text
J
7g

A

Girard T ru st C o , Phila
Bank o f A m erica, N Y
U nion T r C o , San Fran

N o v 1 1926 1:

A pr 1 1925 1 H
C ent Union T r C o . N Y
D D ec 1 1936

c $2,603,000 purchased for sink fund or canceled.

N O T E S .— 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 m aturity: 100 H and interest for notes having two
years or less but more than one year to rim; and 100 and interest for notes
having one year or less to run.
The notes are secured by pledge o f $ 1 5 ,000 ,000 of Bethlehem Steel C orp.
consol, m tge. 30-year sinking fund 5 M % gold bonds, series B .— Y . 122,
p . 3345.
R E P O R T .— For 1925, in V . 122, p . 1790, showed:
1925.
1924.
a l9 2 3 .
b l9 2 2 .
$
$
$
$
Gross sales_______________ 273,0 2 5 ,3 2 0 243,9 0 4 ,2 6 6 2 7 5 ,2 1 3 ,4 2 3 132,866,111
M fg . cost, adm in ., sell­
ing A gen.exp.& ta x e s-2 3 6 ,882,321 2 1 2,413 ,960 2 3 9 ,1 1 5 ,6 4 0 114,957,171
N e t , before depr., A c . 36 ,1 4 2 ,9 9 9
Other incom e____________
2,8 4 5 ,7 4 3

3 1 ,490,306
2 ,5 0 8 ,1 8 4

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

16,908,941
2 ,884,772

T otal incom e__________ 38,98 8 ,7 4 2 33 ,9 9 6 ,4 9 0 3 7 ,3 7 3 ,2 2 8 19,793,713
D ed u c t_________________
Bond, A c ., interest, A c . 13,125,561
13,233,418 12 ,3 2 2 ,9 9 8
8,6 8 9 ,1 9 3
Depreciation A depletion 12,004,984
11,846,891 1 0 ,676,078
6 ,499.189
Pref. dividends ( 8 % ) - . .
893,621
1 ,515,454
1 ,623,613
2,4 0 0 ,0 0 0
Pref. dividends ( 7 % ) . . .
3 ,4 0 9 ,4 5 2
3,8 5 9 ,7 3 3
2 ,6 9 4 ,6 4 0
1,262,310
Com m on divs____________
____ (2 K % ) 4 4 9 4 ,7 8 5 (5)7 ,7 6 7 .0 7 4 (5 )3,275,706

O F F IC E R S .— Pres., Sidney B lum enthal; V .- P ., Frank R . W heeler.
Treas. A G en. M g r ., S. H arvey D a y ; Sec. A Asst. Treas., Philip Gerlach
Office, 395 Fourth A v e ., N ew Y o r k .— (V . 123, p . 2659.)
BOOTH F IS H E R IE S CO.— O R G A N I Z A T I O N .— Incorp. in Delaware
May 10 1909 and purchased at receiver's sale all the assets of A . Booth A
Do.. Chicago, per plan in V . 88, p. 1063. Is engaged in buying and selling
at wholesale and retail fish, oysters and all sea foods, and has a large fleet
af fishing boats on the Great Lakes and Pacific Ocean. On April 1 1911
purchased the N . W . Fisheries C o . V . 100, p. 2088: V . 101, p. 530.
Booth St. Louis Cold Storage C o. has a large cold and dry storage plant In
St Louis. V . 101, p. 1976. In D ec. 1916 purchased the Lindenberger
Packing C o. and the Colum bia Salmon C o. through its subsidiary, tbs
Northwestern Fisheries C o .— V 103, p. 2430.
Early In 1917 purchased
5 packing plants of the Lubeck Sardine Co. and also property of the M a chlasport Packing C o ., both on the M aine coast.
V 105, p. 2000New
Sardine factory at St. Johns. N . B . . opened in July 1918. V 107 p 4 05.
Physical properties consist o f 17 salmon packing canneries (15 in Alaska,
1 on Puget Sound and 1 on Columbia River) with combined annual capacity
of 1,000,000 cases of salmon (48 1-lb. cans to the case); 8 sardine canning
plants. 6 in M aine and 2 in New Brunswick, annual capacity o f 800,000
cases; 6 public cold-storage Plants, located at Chicago Minneapolis. St. Paul,
8 t. Louis, Seattle and Buffalo; more than 100 lake, river and seaboard
producing and buying stations; 2 steamship lines and other properties.
Booth Fisheries Co of Canada, L td ., was incorporated July 4 1916 witb
f 1 ,000,000 capital stock, primarily to take over and operate the New Bruns­
wick Sardine Canning C o ., with plant near St. Andrews, N . B . N am e
Changed to Booth Fisheries Canadian C o ., L t d ., in M a y 1920. V . 110,
D 2389 V 112 o 2309 1540
A readjustment plan dated D ec. 15 1925 (V. 122, p . 1315) was declared
effective M a y 8 1926. Under the plan, debenture and note holders were
asked to exchange their holdings for an equal principal amount in new first
mortgage bonds. The banks agreed to subordinate one-third oftheir claims
through the acceptance o f $ 1 ,0 0 0 ,0 0 0 o f new debenture notes.

Balance, surplus______
9 ,555,124 def953,791
2 ,2 8 8 ,8 2 5 def2,332,685
a Includes the results o f the operations of the properties acquired from
Cambria Steel C o. and M idvale Steel A Ordnance C o. after M arch 30 1923.
6 Including the results o f the operations of the properties o f Lackawanna
Steel C o. after O ct. 10 1922.
P R O D U C T I O N .— (In gross tons):
1QOK
1094
B O N D S .— The $ 5 ,0 0 0 ,0 0 0 10-year sinking fund 6 ! 4 % gold bonds were
1923.
to be issued and applied, so far as possible, as follows:
O re_______________________________
5 ,580.362 4 ,7 5 3 ,8 8 9 5 ,466,799
For exchange o f an equal am ount of debenture bonds outstand’g_$ 2 ,2 8 6 ,0 0 0
Lim estone_____________________________________ 1,726,975 1 ,361,345
1,190,978
For exchange o f an equal amount o f gold notes outstanding______
4 50.500
C o a l------------------------------------------------------------------ 6 ,331,246 5 ,5 8 6 ,2 0 0 6 ,593,668
T o banks and others in settlem ent o f an equal amount o f loan s, 2 ,2 6 3 ,5 0 0
C ok e----------------------------------------------------------------- 4 ,4 4 6 ,4 7 2 3 ,4 4 6 ,7 2 8 4 ,2 6 1 ,9 7 6
A s o f M a y 1 1926 there remained outstanding $319 ,00 0 6 % debentures
Pig iron and ferro-manganese______________ 4 ,0 2 7 ,1 8 4 3,435,011
4 ,0 3 3 ,0 1 5
due April 1 1926, and $6 1 ,4 0 0 gold notes due Sept. 15 1937.
Steel ingots (open-hearth, bessemer A elec)5,344,625 4 ,4 1 9 ,0 3 7 4 ,7 6 1 ,2 5 4
The banks agreed to subordinate $1,00 0 ,0 0 0 of their loans and accept
Rolled steel A other finished products for
3 ,2 6 6 ,2 4 5 3,5$ 1 ,0 0 0 ,0 0 0 of 5-year 7 % debenture bonds which will come after the $ 5 ,0 0 0 ,4 1 ,7 1 3
sale_________________________________________ 3 ,8 2 9 ,0 3 2
000 6 1 4 % sinking fund gold bonds, and with the provision that no dividends
R esults f o r 3 and 9 M o n th s Ended Sept. 30.
shall be paid and all surplus earnings, above bond interest and other interest
— Q u a r. E n d . Sept. 30---------9 M o s . E n d . Sept. 30—
charges, shall be applied towards the retirement o f these debenture bonds
P eriod —
1926.
until they are paid.
1925.
1926.
1925.
T otal incom e______$10,585 ,064
$ 8 ,337,762 $34,6 5 4 ,1 3 5 $28,445 ,606
S T O C K .— The first pref. stock, cum. from April 1 1912, with no voting
In t. charges, incl. prop,
power except while dividends are not paid or set aside. V . 102, p. 1438.
o f disc, on and exp. of
Holders o f the 6 % debentures have the option of exchange at par for the
bond and note issu es._ 2 ,8 7 3 ,0 3 7
3 ,2 6 2 ,1 1 6
9 ,544,293
9 ,901,479
first preferred. V . 9 4 , p . 125, 489.
Prov. for deprec’n, obsol.
t he common shareholders voted M ay 21 1917 to change the authorized
and depletion___
3 ,161,049
2,984,987
9,344,991
8,958,761
common stock from 100,000 shares o f $100 each to 500,000 shares o f no par
1,718,645
Preferred dividends____
1,075,774
5 ,080,160
3,2 2 7 .2 0 2
value: 250.000 of the new shares then being exchanged for the outstanding
common five new for one old. On July 14 1922 the authorized stock was
Balance, surplus______$ 2 ,832,333 $1 ,0 1 4 ,8 8 5 $10,684 ,691
$6,35 8 ,1 6 4
Increased to 625,000 shares.
O F F IC E R S .— Chairm an, Charles M . Schwab: Pres., Eugene G . G race;
D I V I D E N D S .— On first pref. paid July 1912 to O ct. 1920 l f i % Q - - J . ;
V .- P ., H . E . Lewis, James H . W ard ; Sec., R . E . M c M a th ; T rea s., W . F .
none since. On common paid 4 % April 1913 in new pref. stock, and In
H artm ann; A sst. T reas. A A sst. Sec., W m . J . Brown; C o m p t., F . A . Shick.
M arch 1917 a cash dividend (N o. 1) o f 2 % ; April 1 and July 2 1917, 1 % .
D I R E C T O R S .— C . M . Schwab (Chairm an), Archibald Johnston, C .
O ct. 1917 to April 1 1919, inclusive, paid 50 cents quar. ($2 per annum) on
Austin B uck, John W . Griggs, G . M .- P . M u rp h y, E . G . Grace, M oses
new com . stock (see above); none since. V . 108. p. 2244; V . 109. p. 890.
T a ylor, H . G . D alto n , O . G . Jennings, W . E . C orey, Percy A . Rockefeller,
R E P O R T .— For fiscal year ended M a y 1 1926 , in V . 123, p . 4 58, showed!
H . E . Lewis, Harold Stanley, F . A . Shick, and Alvin U nterm yer. N ew
Y ears Ended—
M a y 1 '2 6 . M a y 2 '2 5 . A p r . 26 '2 4 .
York office, 25 B roadw ay.— (V . 123, p . 2265.)
Operating income_______________________ $ 1 ,2 4 3 ,9 1 9
$1 ,1 1 2 ,7 2 3
$942,177
Interest.....................
62 1 ,6 9 8
653,241
6 59,282
B L O O M I N G D A L E B R O S ., IN C .— Incorp. under laws o f N ew Y o rk on
Depreciation, A c _______________________
177,591
174,273
171,703
A u g. 2 1917. Conducts a department store at 59th St. and Third A v e .,
Federal taxes___________________________
32,1 0 9
_______
_______
N ew Y o rk.
S T O C K .— The preferred stock is redeemable at 110 and divs. Sinking
fund, 3 % annually o f largest amount issued and outstanding, first payment
being due D ec. 31 1927. to be acquired at not exceeding 110 and divs.
D I V S .— On preferred, in full to date. N o payments on common to date.
R E P O R T .— For year ended Jan. 31 1926, in V . 122, p. 1615, showed:
Y e a rs Ended Jan. 31—
1926.
1925.
1924.
N e t sales------------------------------------------------ $ 2 1 ,5 4 5 ,3 0 4 $ 1 9 ,4 0 5 ,0 7 3 $ 1 8 ,326 ,458
N e t profits-------------------------------------------1,4 0 9 ,2 4 4
1 ,1 2 9 ,0 7 1
1 ,2 5 2 ,6 4 2
O F F IC E R S .— P res., Samuel J. Bloomingdale; T reas., Julius Bellman:
S e c., Herman W eiss. O ffice, 59th S t. A Lexington A v e ., N ew Y o rk .—
(V . 1 2 3 , p . 88 .)
(S I D N E Y ) B L U M E N T H A L & C O ., I N C . (T h e S h e lto n L o o m s ).—
Incorp. under laws of N . Y . on June 30 1899. M anufactures every variety
o f pile fabrics, the chief of which are com m only known as velvets, plushes,
velours and velvet brocades. Plants are located at Shelton, C o n n ., South
R iver, N . J .. and Unionville. C onn.
D I V I D E N D S .— On pref. In full to April 1 1925; none since. N o pay­
ments on com m on.
B O N D S .— The 1st m tge. 7 % s. f. gold bonds are redeemable in whole or
In part by lot at par plus a premium o f ]4 % for each full year to m aturity.
R E P O R T .— For 1925, in V . 122, p . 1460, showed:
[Including South River Spinning C o ., Inc.]
1925.
1924.
1923.
N e t incom e_________________ ___________
$324,601 loss$562,338 $1,44 9 ,9 1 5
Depreciation reserve
281,506
281,247
279,410
Provision for doubtful accounts
3 2,217
26,702
39 ,4 4 4
Interest charges, etc____________
220,216
Federal tax reserve______________
82,074
Inventory written o ff___________
651T 77
N e t loss______________________________
$860,515
$ 883 ,02 9 s r $ l.061.730
— Q u a r . E n d . S e p t. 30—
-9 M o s . E n d . S e p t. 30—
P erio d —
1926.
1926.
1925.
------1925.
P rofit from operation___
$144,772
$231,369
$450 ,80 4
$475,285
Interest on bon d s______
32,051
3 3,836
97.670
102,937
D ep reciation ____________
72,721
69,375
195,071
217,840
In ven tory losses, A c ____
252,455
188,014
688,645

N et p ro fit____________




$43,346 def$127,643

def$29,951 def$534,137

Balance, surplus_____________________

$ 0 2 ,5 2 1

$2 8 5 ,2 1 0

$111,192

O F F I C E R S . — K . L . A m e s , P r e s . ; P . L . S m it h e r s , V . - P . A T r e a s . ; W . G .

W e il, Sec.

Chicago offices, 205 N orth M ichigan A v e .— V . 123, p. 1636.

B O R D E N C O M P A N Y ( T H E ).— Incorp. In N J. in 1899 as Borden’s
Condensed M ilk C o . In O ct. l 9 l 9 present name was adopted, the former
title being considered restrictive in that it implied the manufacture of but
ane product— condensed milk— whereas the company also produces evaporated m ilk, malted m ilk, dried m ilk, condensed coffee and m ilk, condensed
cocoa and milk and caramels. See annual report in V . 122, p. 1642.
S T O C K .— The stockholders on April 15 1925 approved the change In the
par value o f the common stock b y reducing it from $100 to $50 and the issue
of two new shares for each share outstanding. The common stockholders
o f record D ec. 30 1925 were given the right to subscribe for $4,11 4 ,5 0 0
additional common stock at $75 per share, to the extent o f 1 5 % o f their
holdings.
The authorized common stock was increased to $50,000,000 in April 1926.
The preferred stock was redeemed on D ec. 15 1925 at 110 and divs.
L A T E D IV S . [1905. 1906. 1907. ’0 8 ( o ’ 16. 1917. T 8 ( o ’23. 1924. 1925.
On com . (%)__•( 8
8
8
8 yearly
8
8 yearly 10
8
Extra__________[ 2
2
2
__________ T ext __________ ____
____
In Aug. 1917 paid H o f 1 % to aid Red Cross contributions.
Paid in 1926: M arch 1, June 1, Sept. 1 and D ec. 1 , 2 % quar. and 14 %
extra on each date.
R E P O R T .— For 1925, in V . 122, p. 1642, showed:
1925.
1924
1923
1922
Gross sales........ ..............-$ 1 2 3 ,3 5 2 ,8 3 3 $ 1 0 9 ,6 6 6 ,’6331 100,245,160 $ 9 2 ,0 5 8 ,7 6 0
N et op. prof.(aft. deduc.
all op.chgs..incl.depr.,
insur. A prop’y taxes).
6,8 9 9 ,8 5 6
5,790,135
5 ,3 7 2 .8 7 6
5 ,6 7 6 ,9 7 4
Interest (net)______________C r.395,178
C r .284,672
C r.256,305 C r.132,620
Federal taxes (est.)______
997,799
662,101
60 5 ,8 8 5
635,844
N et income------------------- $6 ,2 9 7 ,2 3 5
Dividends— Preferred
4 5 0 ,0 0 0
C om m on______________
1,940,387
Borden’s Farm Prod.C o.,
In c ., 1st pref. ( 7 % ) - .
-----------

$5,412,706
450,000
2 ,1 3 6 ,8 0 0

Balance, surplus______$3 ,9 0 6 ,8 4 8

$2 ,8 2 5 ,9 0 6

-----------

$ 5 ,0 2 3 ,2 9 7
4 5 0,000
1 ,7 0 9 ,4 4 0
-----------

$ 5 ,1 7 3 ,7 5 0
4 50.000
1,7 0 9 ,4 4 0
3 5.330

$ 2 ,8 6 3 ,8 5 7 $2 978.980

162

M IS C E L L A N E O U S C O M P A N IE S
[F or abb reviation s, & c ., see n otes on page 8]

D a te
Bonds

B ooth F ish e rie s — Com m on stock 625,000 shrs au th orized ..
1st pref stock $ 1 0 ,0 0 0 ,0 0 0 (oum since Apr 1912) red 110Slnk fd deb $5 ,0 0 0 ,0 0 0 g red 101 conv Into 1st of s tk .x o *
1st M & coll tr s f gold bonds red 1023^ $5,00 0 ,0 0 0 auth Cec
Sink fd conv g notes red (text) auth $ 7 ,5 0 0 ,0 0 0 __C eCxxxc*

B o rd e n C o— C om m on stock $50,0 0 0 ,0 0 0 a u t h . . ____________
B riggs M fg C o— Stock 2 ,0 2 5 ,0 0 0 shares au th o rize d ___ _____

B ritis h E m p ire S te e l C o r p .— See text

Previous surplus________
Earnings applicable to
prior period, & c_______

P ar
Value

A m ount
O utstanding

Rate
%

N one 250,000 shrs see

Toil
1926
1922

W h en
Payable

text
4 ,9 9 9 ,8 0 0 See text
6 tr
A Sc O
319,000
4 ,5 3 6 ,5 0 0
6 y2 g A & O
500&1000
M &
S
61,400
7 g
5 43...00
50 31 ,5 4 4 ,8 0 0 See text
Q— M
None 2,000,000sh See text Q— J 25
$100
1,000

1925
9,3 1 0 ,9 7 9

1924
8 ,650,773

1923
7,8 1 7 ,5 3 2

1922
5,7 2 0 ,8 7 4

5 6 0 ,9 7 3

_______

_______

_______

T o ta l__________________ $ 1 3 ,7 7 8 ,8 0 0 $11,476,679 $ 1 0 ,6 8 1 ,3 8 9 $ 8 ,6 9 9 ,8 5 4
A pprop’n for reserve____
1,3 6 5 ,7 2 7
1 ,950.633
1,9 1 7 ,5 1 0
730,871
In t. on sub. to cap' 1stock
79,716
6 5 ,9 8 5
_______
_______
Loss on prop. & sec. sold
1 22,022
14 9 ,0 8 0
113,106
151,449
P .& L . s u r p . D ec. 3 1 .$ 1 2 ,21 1 ,3 3 5 $ 9 ,3 1 0 ,9 7 9 $ 8 ,6 5 0 ,7 7 3 $7,817,532
O F F IC E R S .— Chairman, Albert G . M ilbank; Pres., Arthur W . M ilburn;
V .-P ., Albert T . Johnston; V .-P . & Treas., Shepard Rareshide; V .-P .,
Charles C . Lobeck; V .-P ., W allace D . Strack; Sec. & Asst. T rea s., W m . P.
M arsh . N . Y . office, 350 M adison A v e .— (V . 123. p . 1880.)
B O R D E N ’ S F A R M P R O D U C T S C O ., I N C .— Incorporated at A lbany,
N . Y . , April 24 1917
A subsidiary o f the Borden O o. engaged In the
business o f distributing fresh m ilk, cream and other farm products in N . Y
C ity and adjacent cities, Chicago, M ontreal, &c. V . 107, p. 2478. Entire
capital stock is owned by the Borden C o .— (V . 123, p . 2659.)
B O R N E S C R Y M S E R C O .— (Y . 123, p. 1254.)
B R IQ Q S
M A N U F A C T U R IN G
C O .— O R G A N I Z A T I O N .— Incorp.
N o v . 29 1909 under laws of M ichigan. Com pany produces automobile
bodies, chassis fram es, automobile body parts, truck body parts, sheet
metal stampings, gasoline tanks, & c. Plants are located in D etroit and
C leveland.
S T O C K .— See table at head o f page.
D I V I D E N D S .— On no par shares: Feb. 1923, 20 cents per share; June
1923, 20 cents per share; O ct. 1923 to July 1924, 50 cents quar.; O ct. 1924,
$1 60 per share: Jan. 1925 to July 1925, 87V£ cents qu ar.; O ct. 1925, 3 7 H
cents; Jan. 1926 to O ct 1926, 75 cents quar.
R E P O R T .— For 1925, in V . 122, p . 2502 , showed:
Calendar Y ears—
1925.
1924.
Gross profit___________________________________________ $ 1 1 ,9 9 8 ,1 0 0 $14,554 ,209
Other incom e________________________________________
63 9 ,8 7 4
587,043
Total incom e________________________________________ $12,6 3 7 ,9 7 4 $15,141 ,252
Expenses and depreciation___________________________
3 ,2 0 8 ,3 1 8
2,415,176
Federal taxes_________________________________________
1 ,2 8 8 ,0 0 0
1,590.500
D ividends______________________________________________
5 ,9 9 9 ,8 6 3
2 ,030,236
Balance, surplus____________________________________$ 2 ,141,793 $9,10 5 ,3 4 0
— Q uar. E n d . Sept. 30— — 9 M o s . E n d . Sept. 30—
1926.
1925.
1926.
1925.
N e t after deprec’n, Fed’l
taxes and charges____ $ 1 ,3 5 9 ,0 6 8 $ 1 ,0 2 5 ,4 8 5 $ 6 ,7 7 2 ,7 9 9 $5 ,0 9 2 ,7 5 0
O F F IC E R S .— Chairman, W . O. Briggs; Pres., J. H . French; 1st V .-P .,
H . C . M aise; T reas., W . F . Connolly; Sec., H . W . Griffith: A sst. Sec. &
A sst. Treas.. L . A . Lark. O ffice, 11631 M ack A v e ., Detroit, M ich.
— (V . 123, p. 2144.)
B R IL L C O R P O R A T I O N .— See American Car & Foundry C o. above.
B R I T I S H A M E R IC A N T O B A C C O C O ., L T D .— (V . 123, p. 1385.)
B R I T I S H E M P IR E S T E E L C O R P ., L T D .— The stockholders of thr
Dom inion Steel C orp ., L t d ., and N ova Scotia Steel & Coal O o. Ltd ItApril 1921, form ally ratified the merger o f those companies with the Hallfa)
Shipyards, L td ., in the British Empire Steel C orp., L td . The new merger
plan is outlined as follows, the plan of June 28 1920 having been abandoned,
The companies composing the merger are: (a) Dominion Steel C orp.
L t d ., and its subsidiaries. Dominion Iron & Steel O o ., L t d ., and Dom inior
Coal O o .. L td .
(b) N ova Scotia Steel & Ooai O o., L td . and its snihsirBswv
Eastern Oar C o ., L td .
(c) Halifax Shipyards, Ltd. The National Trust
C o . o f Toronto was appointed receiver o f the Dom inion Iron & Steel C o .,
L t d ., on Ju ly 2 1926. V . 123, p . 210.
C a pitaliza tion o f C orp ora tion .
A u th orized .
Is su ed .
8 % G um . 1st Pref. stock Series “ A ” _ _ $ 6 0 .0 0 0 ,0 0 0
7 % O um . 1st Pref. stock Series “ B ” _ 4 0 ,0 0 0 .0 0 0 $ 8 ,0 3 2 ,1 0 0
7 % C um . 2d Preference stock________ 7 5 ,000.000 57 .3 5 0 ,0 0 0
Com m on stock_________________________ 7 5 ,000.000 2 4 ,4 5 0 .0 0 0
$ 2 50 ,00 0,00 0 $8 9 ,8 3 2 ,1 0 0
D educt— H eld b y constituent cos.:
7 % Oum ul. 2d Preference stock___ $7,391,425
Com m on stock_______________________
3 ,144,600
------------------10.536,025
------------------- $ 7 9 ,2 9 6 ,0 7 5
N o te .— O ut o f the total authorized issue o f 7 % Oum ul. 1st Preference
stock Series “ B " $1 1 ,9 1 7 ,9 0 0 is reserved for exchange o f the outstanding
Preference stocks o f constituent companies.
P ref. Stocks o f C on stit. C os. O utstanding:
Dominion SteelO orp ., L td ___________________________ $ 4 ,705,500
Dominion Iron & Steel O o ., L t d ------------------------------3 ,3 3 6 ,3 0 0
Dominion Goal O o ., L t d ____________________________
2 ,7 9 9 ,4 0 0
N ova Scotia Steel & Goal O o ., L td __________________
8 08,000
Eastern Oar O o ., L t d _________________________________
107,100
-------------------- 11,75 6 ,3 0 0
C a p. Stock o f the A ca d ia Coal C o ., L td ., Outst’g—
6 % N on-Oum ulatlve 2d Preferred stock_________
$5,5 0 0
Ordinary stock________________________________________
107,800
--------------------_ 113.300
$91,1 6 5 ,6 7 5
The cumulative preference shares, series B , rank w ith the cumulative
preference shares series A as a first preferrence both as regards dividend and
distribution o f assets on a winding up.
B asis o f Exchange o f C om m on Stocks.
(а) Each $100 fully paid Ordinary or Com m on share o f the D om lnlot
Steel O orp., L td ., was exchanged for $95 o f fully paid 7 % Cum ulative 2d
Pref. shares and $40 fully paid Com m on shares in the Empire C orp.
(б) Each $100 fully paid Ordinary or Common share of the N ova Scotia
Steel & Coal C o ., L t d ., was exchanged for $90 fully paid 7 % Cum uiativf
2d Pref. shares and $40 fully paid Com m on shares in the Empire Corp
(c) Each $100 fully paid Ordinary or Com m on shares o f H alifax Shipyards
L t d ., was exchanged for $60 fully paid 7 % Cum ulative 2d Pref. share*
and $25 fully paid C om m on shares in the Empire C orp.




[V ol. 123,

INDUSTRIAL STOCKS AND BONDS
L a st D ivid en d
and M a tu r ity

P laces W h ere In terest a*6
D ivid en d s are Payable

A pr 1 '19 50 cts Central T r C o o f III. Chi*
do
do
O ct 1 '20 I H %
N at City B k , N Y ; or Chit
Apr 1 1926
A p r 1 1936
Chase N at B k , N Y ; CeC
Sept 15 1937
D ec 1 1926 2 K Seaboard N a t B ank, N Y
Oct 26 '2 6 75c.

Basis o f E xchange o f P referred Stocks.
0a ) Each $100 6 % Oum ul. Pref. share of Dominion Steel C o rp ., L t d .,
and each 7 % C um ul. Pref. share o f Dom inion Iron & Steel C o ., L t d ., and
each 7 % Cum ul. Pref. share o f D om inion Coal C o ., L t d ., to be exchangeable
for one share of like am ount of O um ul. 7 % Preference stock Series “ B ” of
the Empire Corp.
(6) Each $100 8 % C um ul. Pref. share o f N o v a Scotia Steel Sc Coal C o .,
L td ., to be exchangeable for 1 1 - 5 share o f like amount of C um ul. 7 % Pref.
stock Series “ B ” of Empire C orp ., and each $100 6 % Cum ul. Pref. share Of
the Eastern Car C o ., L t d ., to be exchangeable for one share o f like amount
of Cum ul. 7 % Pref. stock Series “ B ” of the Empire Corp.
(c) Each $100 Preference share o f Halifax Shipyards, L t d ., to be ex­
changeable for one share o f like am ount of C u m u l. 7 % Pref. stock Seriet
’B " of the Empire Corp
D IV I D E N D S .— The directors on M arch 31 1924 decided to defer the
dividends upon all the shares of the corporation and its subsidiaries, viz.:
Dominion Steel C orp., Dominion Iron & Steel C o ., L td ., Dominion Coal
C o ., L td ., Nova Scotia Steel & Coal C o ., L td ., and Eastern Car C o ., L td .
This action was taken owing to the shutdown of the steel plant at Sydney
and all of the coal mines of the corporation, which were idle from Jan. 16
to practically M arch 1, while negotiations were being continued for a new
wage agreement with the coal miners
B O N D S .—-Funded and mortgage debt represented by bonds and deben­
ture stock of the constituent companies, as o f D ec. 31 1925, $ 3 6 ,9 8 8 ,8 0 4 .
The interest due July 1 and Sept. 1 1926 on the 1st m tge. bonds due 1929
and the consol, m tge. bonds due 1939 of the D om inion Iron & Steel C o .
was not paid.
R E P O R T — For 1925, in V . 122, p . 3 332 , showed:
1922.
Calendar 'Years—
1925 .
1924.
1923.
$2,917,275
$923 ,77 5 $ 4 ,444,346
♦Total earnings_______ lo ss$ l,1 3 3 ,4 4 3
A m ts. rec. in settlem ent
of claims agst. G o v t,
for cancellation of con­
4 ,0 0 0 ,0 0 0
tract for ship plates----------------------------------T o ta l________________ lo s s$l,1 33,4 43
D ed uct— P rov. for sink,
funds, deprec. & d epl.
o f minerals (& approp.
to write down value of
1 ,341,764
plate mill in 1922)------In t. & disc, on bonds and
debenture stock_______
1 ,936,223
1st pref. divs. of corp. &
pref. stocks of constit.
& subsidiary c o .’s-----------------

$923 ,77 5

$4,44 4 ,3 4 6

$ 6 ,917,275

1 ,112,515

1,112,515

3 ,6 2 7 ,7 9 9

2 ,0 2 3 ,8 4 6

1 ,978,473

1,676,906

145,033

1 ,346,524

1 ,344,298

$ 6,834

$268,271

1,024,198

755,927

Balance, surplus___ d e f$ 4 ,4 1 1 ,4 3 0 d f$ 2 ,3 5 7 ,6 1 9
Balance brought forward
Jan. 1 _________________ d ef1,3 2 6 ,5 8 9
1 ,031,031

Profit & loss, s u r p --d e f$ 5 ,7 3 8 ,0 1 8 d f$ l,3 2 6 ,5 8 9 $ 1 ,013,032 $1,02 4 ,1 9 8
Surplus at date o f org’n,
balance at D ec. 3 1 - --$ 2 1 ,7 8 4 ,8 7 0 $ 2 1 ,7 8 4 ,8 7 0 $ 2 1 ,784 ,870 $ 2 1,784 ,870
* Total earnings o f properties after deducting all manufacturing, selling
and administrative expenses--------------------------------------------------------------------------------O F F I C E R S . — Pres.. R . M . W o l v i n ; Sec. & T reas., C . S. Cam eron.
Office, Canada Cem ent B ld g ., Phillips Square, M ontreal, Que.— (V . 122.
p. 88 1

B R O W N S H O E C O ., IN C .— O R G A N I Z A T I O N .— Incorp. in N . J. Jan.
1913 and acquired the Brown Shoe C o . o f M o . Owns and operates 16 large
m o d e r n p l u g s , 6 in St . L o n i - . a n d o n e e a c h in V lo b e r l.v . B r o o k f i e l d . M o . .

M attoon . M urphysboro, D ix on , Litchfield, Salem and Charleston, 111.,
U nion C ity , T e n n ., and Vincennes, In d . Also leases and operates a plant
for the m anufacture of paper boxes. In F eb. 1913 acquired Barton Bros,
of Kansas C ity . V . 96, p . 556. Owns and operates Central Shoe C o .,
St. Louis.
S T O C K .— The pref. stock is redeemable a t any tim e, all or part (pro
rata), and also upon dissolution at 120 and divs. on 3 m o s.’ notice. N o
mortgage (other than purchase money) can be authorized or pref. stock
increased or prior stock issued by vote o f less than 7 5 % o f each class, both
pref. and com . Sinking fund out o f surplus profits to retire at least 2 }4 %
annually o f the m aximum 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, $4,5 3 7 ,5 0 0 ; outstanding, $ 4 ,4 5 9 ,6 0 0 ; retired by
sinking fund and cancelled, $77,9 0 0 .
The stockholders on D ec. 10 1925 voted to exchange the $ 8 ,4 0 0 ,0 0 0 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 I V I D E N D S .— D iv . on pref. from F eb. 1913 to N o v . 1926, 1 H % quar.
Dividends on com m on, 1 % paid F e b ., M a y and A u g. 1 1914; none to D ec. 1
1916. when U 4 % was paid; M ar. 1917 to Sept. 1919, 13^ % qu ar.; D ec.
1919 to Sept. 1920. 1 H % quar.: then none until June 1 1923. when 1 %
was paid; then to D ec. 1 1925 paid 1 % q u ar.; M arch 1 1926 to D ec. 1 1926
paid 50c. quar.
R E P O R T .— For year ended O ct. 31 1926, showed:
Y ea rs Ended Oct. 31— 1925-26.
1924-25.
1923-24.
1922-23.
N et sales________________ $31,9 1 5 ,8 2 9 $3 1 ,0 7 5 ,6 6 7 $28,9 2 6 ,6 3 2 $29,679,235
2 ,4 0 6 ,7 2 7
1 ,568,337
1,510,059
♦Net profits______________ 1,574,951
Federal income, war and
3 5 4,550
196,800
176,000
excess profits tax (est.)
251,000
32 0 ,2 2 4
342,650
Preferred dividends____
314,942
331,188
3 36,000
Com m on dividends______
4 6 2,000
335,616
167,126
Balance______ _________
$547 ,00 9 $ 1 ,3 9 5 ,9 5 3
$704,733
$824,283
♦After deducting cost o f materials, e x p ., deprec. & inc. charges, bad
debts, &c.
Pres., John A . Bush: V .-P r e s ., E . R . M cC a rth y , P O'B rien, T . F.
James; T reas., H . S. Hutchins; Sec., W . E . Tarlton . Office, Washington
A v e ., 16th to 17th S ts., St. Louis, M o .— (V . 122, p . 3083.)
B R U N S W I C K -B A L K E -C O L L E N D E R
CO.
( T H E ).— O R G A N I Z A ­
T I O N .— Inc. in 1907 in Delaware. Business established In 1874. C o.
manufactures billiard and pocket billiard tables, billiard supplies, bowling
alleys and incidentals thereto, phonographs, record a and combination
phonograph-radios. Owns and operates l 3 factories; leases and operates
2 factories. Products sold through jobbers and 27 branch houses.

Nov., 1926.]

D ate
B on d s

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviations, & c ., see notes on page 8]

Brown S h o e C o , In c— Com m on stock $50Q*000 shares auth.
Pref stock fa & 0) 7 % cum red 1 2 0 - .................................. ..
B ru n sw lc k -B a lk e -C o lle n d e r C o— Com stk 600,000 shs auth
Pref (a & d) stock 7 % cum s f $ 6,00 0 ,0 0 0 auth----------------------Serial notes redeemable at 1 03---------------------------------C C .xxxc
B u ck e y e Pipe Line Co vThe)— Stock 5 1 0 ,0 0 0 .0 0 0 ------------B u rn s B ro s.— Com m on stock Class A 100,000 shares au th .
C om m on stock Class B 100,000 shares auth----------------------Prior pref (a & d) stock 7 % cum red 120 $1,29 2 ,1 0 0 a u t h ..
Preferred (a & d) stock 7 % cum red 110 $3 ,0 0 0 ,0 0 0 auth —
B u rro u g h s A d d in g M a ch in e Co— Com stk 600,000 shs auth
B u sh T e rm in a l C o — Com m on stock 2 50,000 shares auth—
Preferred (a & d) 6 % cum redeemable at 110 tex t--------------Debenture pref stock 7 % cum $ 2 5 ,0 0 0 ,0 0 0 au th--------------First M (V 76. p 974) conv sink fund since 1 9 0 7 - C ol.xc*
First consolidated mortgage $ 1 0 ,0 0 0 ,0 0 0 ------------------------- xc*
Bush Term Bldgs Co M $ 1 2 ,0 0 0 ,0 0 0 g gu s f .C o l . x . c*& r*
do 7 % cum . pref. stock guar. call. 1 20---------------------------

Par
V a lu e

$ 2 ,801,723
8,8 3 9 ,5 7 6
D r . 519,907
D r .62,544

1919

1902
1905
1910

$8,13 5 ,6 6 9
336,096
275,626
_______

P . & L . sur. D ec. 3 1 ._ $ 1 ,736,479 $3,67 5 ,2 1 9 $8,83 9 ,5 7 6 $ 7 ,523,948
a Profits from operations after deducting manufacturing, selling, adminis­
trative and general expenses, incl. int. on borrowed money and adequate
provision for depreciation o f buildings, plant, machinery and equipment
O F F IC E R S .— B . E . Bensinger, Pres.; O. G . O rtman, Treas.; T . M .
M cH ale, Sec’y . O ffice, 623 S. W abash, A v e ., Chicago.— (V . 123, p . 2394.)
B U C K E Y E PIPE L IN E C O . ( T H E ) .— O R G A N I Z A T I O N , & c.— Incorp
In Ohio M ar. 31 1886. Owns pipe lines in Ohio. Formerly controlled by
Standard Oil C o. of N . J ., but segregated in 1911. 8ee Standard Oil C o. of
N . J ., V . 85, p. 216, 796; V . 93, p . 1300. Stock, $ 1 0 ,000 ,000 ; par, $50
R E P O R T .— For 1925 showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
$1 ,0 5 7 ,6 8 6
$938,000
$1,041,571 $ 1 ,744,396
N et profits...............
D iv id e n d s ...............
800,000
800,000
1,350,000
7 .000.000
B a l.,s u r . or d e fic it ...s u r $ 2 4 7 ,686 sur$138,000 def$308,329 d f$ 5 ,255604
D I V I D E N D S .— T 5 . T 6 . T 7 . T 8 . T 9 to ’21. ’22. '23 ’24. ’25. 2 6 .
Regular, per cen t. 16 16
16 16
16 yrly.
16 131£
8
8
8
Extra, per cent___ __
..
3
2 _________
54 ______
__
2
Paid in 1926: M a r . 15, 2 % quar. and 1 % extra; June 15, 2 % qu ar.;
Sept. 15, 2 % quar. and 1 % extra; D ec. 15, 2 % quar.
O F F IC E R S .— Pres., D . S. Bushnell; V .-P . & G en. M g r ., T . B . Greene;
Sec., J. R . Fast: Treas., W . F . Livingston. M ain office, L im a , Ohio.
N . Y . o ffice, 26 Broadway.— (V . 123, p . 459.)
B U R N S B R O S .— W holesale and retail coal dealers in N . Y . C ity and
vicinity. A consolidation D ec. 31 1912 under laws of N . J. V . 9 6 , p.
363; V . 103, p. 2 081 .
I n D e c . 1 9 2 1 a c q u i r e d W i ll ia m F a r r e l l & S o n , I n c .
s i t i o n , s e e V 1 13 p 19X 6. 2 4 0 8

F o r te r m s o f a c q u i­

On Sept. 2 1925 company acquired assets o f W yom ing Valley Coal C o .,
In c ., and total outstanding capital stock o f Steamship Fuel C orp., Tem ple
Contractors, In c ., and Schuylkill Fuel C orp., issuing therefor 16,421 shares
o f “ A ” stock and 16,427 shares o f “ B ” stock.
C A P I T A L S T O C K .— In connection with the acquisition In D ec. 1921
of W m . Farrell & Son, In c., the capital stock was changed to amounts
shown in table at head of page (compare V . 113, p. 1986. 2408).
The 7 % cumulative pref. stock is entitled to benefit of an annual sinking
fund of $12 0 ,0 0 0 , after the payment o f dividends on stock, and after all
prior preference stock has been retired.
The Class A common stock will be entitled to receive cumulative divi­
dends at the rate of $8 per share per annum before any dividends are
paid on the Class B common stock, and thereafter all dividends are to be
paid ratably on the Class A common stock and Class B common stock, share
and share alike. Upon liquidation. Class A common stock will be entitled
to receive $60 per share before any distribution o f assets to the Class B
common stock, and thereafter all assets will be distributed ratably to the
Class A common stock and Class B common stock, share and share alike.
Th e 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.i
D I V I D E N D S .— On Class " A ” common stock paid $2 50 each quarter
from Feb. 15 1922 to N o v . 15 1926.
On Class “ B ” common stock paid
50c. quarterly from Feb. 15 1922 to N o v . 15 1926.
R E P O R T .— For year ended M arch 31 1926, in V . 122, p. 3 600 , showed:
M a r c h 31 Y ea rs—
1925-26.
1924-25.
1923-24.
1922-23.
N e t sales________________ $29,049,655 $27,2 8 7 ,4 7 4 $30,2 9 5 ,5 8 6 $ 2 9,432 ,808
C ost o f sales (incl. oper.
exp. and deprec’n ) - . - 2 4 ,744,302 2 4 ,8 8 3 ,0 9 4 2 7 ,7 3 9 ,2 3 4 2 6 ,799,944
G en. exp ., incl. allow, for
doubtful acc’ts & taxes 2,1 6 1 ,2 2 2
1 ,431,758
1,5 8 1 ,7 7 4
1,909,782
N e t profits____________ $2,144,131
O ther incom e____________
276,649
T o ta l incom e__________$ 2 ,420,780
Add—
B al. beginning of y e a r -- $3,170,355
W m . Farrell & Son sur__ 6,513,681
Sur. arising from sale of
Pattison & B o w n s s tk . 1 ,025,000
R educ. o f prior pref. stk.
thru purch. for retire’t
2,0 0 0
Sur. ext. through retire­
m ent of stock__________
A d j. in book v a l. of in v .
_______
C ancel, o f res. not r e q -_______
T o ta l................................... $13,131 ,816




B ate
%

W h en
P a ya b le

Last D ivid en d
and M a tu rity

$2
Q— M
252.000 shs
D ec 1 1926 50c
$100 $4,459,600
Q— F
7
N o v i 1926 1 %
None 5 0 0.000 shs See text
M a y 15 '2 5 , 90c
100 $4,52 7 ,3 0 0
O ct 1 1926 1 H
7
Q— J
1,000
J
&
J T o Jan 1 1929
6
1.200.000
Q— M
50 10 , 000.000 See text
D ec 15 ’26 2 %
N one
N o v 15’26 $2.5 0
$10
97,3 6 7 sh.
Q — F
N one
9 7.365 sh.
Q — F
$2
N o v 15 ’ 26 50c.
Q— F N o v 1 1926 I K
100
737,100
7
100
2.5 8 0 .0 0 0
7
Q — J
Jan 3 1927 I K
N one 600.000 shs
$3
Q— M 31 Sept 3 0 ’2 6 , 75c.
N one 137,770 shs. See text J
&
J See text
ini
6
2.3 0 0 .0 0 0
j
& j July 15 '26 3 %
100 6,8 8 9 ,9 8 6
Q & J Oct 15 ’26 1 K
7
1,001
2 .7 1 3 .0 0 0
A & O Apr 1 1952
4g
1.000
J
& J Jan 1 1955
6 .629.000
6 g
1,000 &r 1 0 ,238.000
5 g
A & O Apr 1 1960
100 7 ,0 0 0 ,0 0 0
Q— J
O ct 1 1926 1 ^
7

$ 2 ,5 1 3 ,9 4 9 $ 2 ,585,579
7 ,523,948
7 ,659,839
_______ C r.2 ,109,749
_______
_______

T o t a l ___________________ $ 2 ,954,707 $11,058 ,848 $ 1 0 ,037 ,897
Pref. divs. (7 % perann .)
318,229
329,878
332,071
Com m on divs. (c a s h ).—
900,000
866,250
8 6 6,250
In com . stock ( 5 0 % ) __
_______
6 ,187,500
_______

A m ou n t
O utstanding

N one

S T O C K .— Pref. stock S. P .— C o. shall retire b y purchase, redemption
or otherwise $ 1 ,5 0 0 ,0 0 0 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. $1,47 2 ,7 0 0 retired as of D ec. 31 1925. N o dividend
can be declared on the com m on, 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. N o bonded debt of any kind except pur­
chase money mortgages, & c., can be created without the consent o f 7 5 %
of the outstanding preferred stock. In any dissolution, voluntary or in­
voluntary, preferred stock is entitled to $120 per share. Com m on has
exclusive voting power except in event o f dissolution or preferred dividends
being in arrears for 2 successive years, whereupon the preferred stock has
the privilege along with com m on.
D I V I D E N D S .— Pref. stock, 1914 to O c t . 1926, 7 % per annum. C o m .,
1914-1915, 3 % ; 1916, 4 H % ; 1917, 3 % ; 1918, 1 X % ; 1919, 7 % ; 1920, 7 %
in cash and 1 5 0 % in Class “ B ” common on Class “ A ” common; 1 9 2 1 .1 K %',
1922, 1 M % on each on old Class “ A ” and Class “ B ” ; 1923, 7 % ; 1924, 7 %
and 5 0 % stock dividend.
Initial paym ent on com m on (no par) was 90
cents on Feb. 15 1925; same amount paid M a y 15 1925; none since.
B O N D S .— There were $349 ,99 8 purchase money obligations outstanding
as o f D ec. 31 1925.
R E P O R T .— For 1925, in V . 122, p . 2334 , showed;
Calendar Y ears—
1925.
1924.
1923.
1922.
a Profits from oper____ loss$743,210 $2,98 7 ,3 9 0 $ 2 ,835,949 $ 2 ,367,355
Sundry exp. & chgs. (net)
_______
_______
_______
C r .218,223
Prov. for income ta x ____
_______
4 2 6,000
322,000
_______
Profit on sales o f prop’ty C r .2 5,809 C r .240,333
_______
_______
N et incom e___________ loss$717.401
3,6 7 5 ,2 1 9
Previous surplus________
Appr. o f prop’s (a d j.)___
D r .3 , 111
A d j. o f F e d .ta x(p r.yrs.)_
_______

163

INDUSTRIAL STOCKS AND BONDS

$972,622
299,281

$ 974 ,57 7
330,734

$723,081
416,948

$ 1 ,271,902

$ 1 ,305,311

$ 1 ,140,029

$ 3 ,100,673
_______

$2 ,5 7 7 ,1 6 3
_______

$ 2 ,684,300
_______

_______

_______

_______

_______

_______

_______

130,200
_______
138,416

2 44,300
1,0 9 0 ,0 0 0
23 0 ,0 0 0

9 5,000
_______
281,756

$4,641,191

$5 ,4 4 6 ,7 7 4

$ 4 ,2 0 1 ,0 8 5

D educt D iv s ., & c.—
1925-26.
N ew preferred ( 7 % ) ____
$181,475
64,601
Prior preference ( 7 % ) - Com m on class A ($10)__
890.982
Class B ($ 2 )___________
178.226
Retire pref. stock (n e t).
2 1 6,649
C hgs. not app. to op er_164,240
Leases, contracts and
good-will a d j__________ 4 ,0 6 0 ,5 4 6
Sur. transf. to com . cap.
acct. of class B stock - _ 2 ,9 1 8 ,6 2 0
A d j. of res. for retire, of
prior pref. stock set
apart in prior years___
1.089
- $ 4 ,455,387

1924-25.

$210,000

54.243
809,440
161,880
170,757
64,516

$3,170,355

S ept. 3CU26. Jun e 30 '26.

P laces W h ere In terest a n i
D ividends are P a yabls
Checks mailed
Checks mailed
Cont & Com Tr&S B k , Chi
New York

Office, 10(fBroad St. N Y
Office. 100 Broad 8 t . N Y
New York

1923-24.

$210,000
74,935
809,165
161,757
150,065
940,180

$3,100,673
“1926.'

'

1922-23.

$ 210,000
9 0.447
8 09,159
161.828
134,553
2 1 7,936

$2 ,5 7 7 ,1 6 3
1925.

$124,076

$706 ,43 8

$830,515

$ 1 ,068,165

come & State taxes. Depreciation___________

8,000
4 5,783

99.000
4 2,592

107,000
88,375

108,975
91.919

N et profit____________
D ividends paid:
7 % prior pref. stock7 % preferred s to c k -C om m on class A ____
C om m on class B ____

$70,293

$564 ,84 6

$635 ,14 0

$867,271

12.724
45 ,1 5 0
2 4 3,360
48,6 7 3

12.724
45 ,1 5 0
243,413
4 8,684

2 5 .4 4 8
90.300
486.772
97,358

25.8 6 8
91.225
404.647
80,940

,loss$279,614

$214,875

loss$ )4,738

$264,591

-

O F F IC E R S .— Chairm an, W illia m T . Payne; Pres., S. A . W ertheim ; V .-P .
S. M . Schatzkin, Thom as F . Farrell, James P . Geagan, W m . J. D alton and,
Ben. W ertheim ; Sec., Alexander Levene; T reas., George S. W eaver.
Office, 50 Church S t., N ew York C ity.
D ire c to r s .— S. M . Schatzkin, W illiam H . Conyngham , Theodore S
Barber, H arry B . fechooley, Kerwin H . Fulton, W illiam T . Payne, Alex
ander Levene. Sanders A . W ertheim . M oritz Rosenthal, Charles H ayden
Carl J. Schmidlapp, Allison D odd , Thom as F . Farrell, G . F . Parrish, J. S.
Bache, W illiam J. W ason Jr. and Alfred T . H olley.— (V . 123, p . 239 4 .)
B U R R O U G H S A D D IN G M A C H IN E C O .— Incorp. in 1905 in M ichigan
as successor to American Arithmometer C o . incoprorated in Missouri in
1886. C o. manufactures m any types o f adding, bookkeeping and calculat­
ing machines. C o. has its own sales agencies. Also owns about 4 50 U . S.
and foreign patents. Plant at D etroit.
S T O C K .— The entire outstanding preferred stock was redeemed on
Sept. 30 1926 at 105.
D I V I D E N D S .— On old common stock, 1905 -07 , 7 % ; 1908-09, 8 % ; 1910,
1 0 % ; 1911, 1 2 % ; 1912, 1 4 % ; 1913-14-15. 1 6 % ; 1916, 2 1 % ; 1917, 9 % ;
1918 to 1923, 8 % ; 1924, 4 % .
Stock dividends, 1917, 2 0 0 % ; 1922, 2 5 % .
New preferred stock, initial dividend, 1 K % Sept. 30 1924; D ec. 31 1924
to Sept. 30 1926, 1 M % quar. N ew com . stock, initial dividend 75 cents,
S ep t. 30 1924; same amount paid quar. to Sept. 30 1926; also paid $1 special
d iv . on Aug. 31 1926.
R E P O R T .— For 1925, In V . 122, p . 2 5 0 2 , showed:
Calendar Y ea rs—
1925 .
1924.
Gross profit on sales o f machines, service, parts,
accessories, supplies, & c____________________
!$ 1 1 ,381.164 $10,411,587
Other income___________________________________
783,755
649,564
.$ 1 2 ,1 6 4 ,9 2 0 $11,061,151
Sales, general and miscellaneous expenses__________ 6,369,401
6,369.401 5 ,959,133
.
Provision for U . S. Federal taxes____________
752,000
577,000
N et profit____________________________________________ $5,043,518 $ 4 ,525,018
.
Surplus at Jan. 1 _______________________________________ 9,5 2 2 9 ,4 2 2 7 ,506,966
9 ,5 9 ,4 3 3
.
Increase in value o f invest, in foreign subs, due to
fluctuations in rates o f exchange___________
101,663
.$14,5 7 2 ,9 5 0 $12,133 ,587
Premiums paid on preferred stock purchased80.312
1,652
Dividends paid in eash_______________________________ 2 ,704,330
.
2,6 0 2 ,5 6 4
Profit and loss surplus at D ec. 3 1 _______________.$11,788,308
$11,788 ,308

$9,52 9 ,4 3 2

Six M o n th s Ended Ju n e 30—
1926.
N e t income, after taxes and depreciation___________.$2,803,246
$2,803,246

1925.
$ 2 ,3 0 7 ,3 7 0

O F F IC E R S .— Chairm an, Joseph Boyer; Pres., Standish Backus; V .- P .,
A . J D oughty; T reas., L . A . Farquhar: Sec., G . W . Evans; C o m p t.,
A . F . Liska. Office, Second Boulevard at Burroughs A v e ., D etroit. M ich
— (V . 123, p . 1880.)
B U S H T E R M IN A L C O .— O R G A N I Z A T I O N , & c — Incorporated In
New York on Feb. 10 1902 (V . 74, p . 4 7 7 ). Owns extensive terminals on
the water front, 40th to 51st streets, Brooklyn. V . 76, p. 974, 1032; V . 79,
p. 1956; V . 82, p. 1039; V . 88, p. 163; V . 106, p. 399. Also controls Bush
Terminal Buildings C o ., owning $ 1 ,000,000 common stock ($2,000,000
au th .). A s to International Sales Building on 42d S t ., M anh attan, and
leases to tenants. See V . 108, p . 2239 .
S T O C K .— The stockholders on M a y 6 1925 approved a plan which
provided for the exchange of the old common stock for one share of new
7 % debenture preferred stock and two shares o f new no-par-value com m on,
which carries voting control. The new preferred stock is junior to the Bush
Terminal C o. 7 % preferred and to the Bush Term inal C o . 6 % preferred
stock. V . 120, p . 2 152 , 2405.
B O N D S .— O f the consol. 5s, sufficient are reserved to retire the 1st 4s
of 1902. See listing application, V . 88, p. 163; V . 7 9 , p. 1956; V . 8 0 , p . 999,
1005, 1177; V . 81, p . 1243; V . 90, p. 1427: V . 103, p . 1793; V . 108, p. 2 239 .
Bush Terminal Buildings C o. gold 5s cover office, loft and other buildings
in N . Y . C ity and Brooklyn. V . 89, p. 848; V . 9 2 , p . 7 47, 1034, 1111
V . 97, p . 1901; V . 100. p . 1675; V . 101, p . 1809: V . 1 02. p . 1344; V . 112, p.
D I V I D S .—
’0 9 . '1 0 . ’ l l . ’ 1 2 -’ 14. ’ 15.
0
2
4 4 yrly.
5
C om m on________ J
D o In stock , i
-___
2K
Paldin 1925: Jan. 17, 2 K % '. M a y 12, I K

T 6 . ’ 17-’2 1 . ’2 2 . '2 3 . ’2 4 . ’25
5
5
6
5
5 3K
5
5
2 K __
% \ none since.

164

[V ol. 123.

INDUSTRIAL STOCKS AND BONDS
M IS C E L L A N E O U S C O M P A N IE S
F or abbreviations, & c ., see n otes on page 8]

D ate
Bonds

Par
Value

Am ount
Outstanding

Rate
%

W h en
Payable

Last D ividend
and M a tu rity

P laces W h ere Interest and
D ividends A re Payable

D ec 24 1926 50c
Sept 3 0 ’26 50c.
See text
D ec 15 '26 *1
Sept 1 1936
D ec 1 1926 2 %
O ct 1 1933
N o v 1 1938

Checks mailed
Checks mailed
H alsey,Stuart& C oN Y & O
Irving B k & Tr C o, N Y
Blair & O o. N Y : Los Ang

*
B u t t e & S u p erio r M in in g C o— Stock auth $ 3 ,5 0 0 ,0 0 0 ____
B u tte r ic k C o (T h e )— Stock * 2 0 ,0 0 0 ,0 0 0 auth . . __ . . . .
C a lifo rn ia P a c k in g C orp— Stock 1 ,500,000 shares auth___
Butterick Pub C o sink fd g debentures red (text)____ kxxxc*
C a lifo rn ia P e troleu m C orp— Stock com *1 2 5 ,0 0 0 ,0 0 0 au th .
10-year sinking fund gold bonds red (text)____ Ce.kxxxc*
Bonds o f Controlled C om pa nies—
American Oilfields Co 1st M g red 105 beg 1916 sink fu n d .x
M ohaw k Oil C o gold bonds__________________________________

R E P O R T .— For 1925. in V . 122, p . 2334, showed:
Y ear Ended D ec . 31—
1925.
1924.
1923.
Gross earnings.......................* 8 ,8 1 3 ,7 2 4
*8 ,2 9 4 ,1 1 4 *8 ,0 9 6 .8 8 3
Operating expenses______ 4 ,5 2 3 ,4 1 6
4 ,457,891
4 ,2 5 6 ,2 2 5
T a x e s ____________________
1,1 4 1 ,5 0 2
1,0 9 9 .9 8 3
1,098,078
1 ,1 0 3 ,9 0 7
1,0 8 4 ,7 8 0
1 ,060,515
In te r e s t_________________
D epreciation____________
175,824
175,413
162,009
P ref.d ivs. Bush Ter. O o.
1 38,000
1 3 8,000
138,000
Pref. divs. Bush T erm .
•
Bldgs. C o _____________
4 9 0 ,0 0 0
467,105
462.893
C o m . divs., B ushT er.O o.
8 6 ,0 7 7
344,277
344,157
Debenture dividends___
36 1 ,6 1 7
_______
_______
Income tax_______________
137,778
180,756
187,240

....
I§ 2 6
1923
1926

$5 $3,000,000
2.9 0 1 ,9 7 7
10
100 15,813,168
N one 9 73, 16shr>.
500&1000
2 ,000,000
25 49,497 725
*100 &c
5,9 6 3 ,0 0 0
500&1000 1 2 ,0 0 0 ,0 0 0

1910

1922.
*7 ,5 5 1 ,6 1 8
4,0 1 1 .1 4 8
1,101,620
1 ,022,924
162.334
138.000
4 08.532
3 4 4 ,0 0 0
_______
130,610

Balance, surplus______

*6 5 5 ,6 0 2
* 3 4 5 ,9 0 8
*38 7 ,7 6 7
* 232,450
— Q uar. E n d . Sept. 30----------9 M a s . E n d . Sept. 30—
Period—
1926.
1925.
1926.
1925.
Gross earnings___________ $2,323,061 $2,278,991 $ 6 ,808,147 *6,6 4 1 ,7 5 6
Operating expenses______ 1 ,208,021
1 ,1 5 0 ,8 5 0
3 ,6 1 5 ,7 5 2
3,4 7 2 .6 0 6
T a xes_____________________
343,141
3 56,379
1,015,336
1,013.717
Interest___________________
2 54,252
2 79,013
775,373
826,065
Depreciation................... . .
43,9 8 9
4 3 ,8 5 3
131,966
130,950
* 4 7 3 ,6 5 8
* 4 4 8 ,8 9 6 * 1 ,2 6 9 ,7 2 0 * 1 ,1 9 8 ,4 1 7
S u rp lu s..........................
O F F IC E R S .— Pres., Irving T . Bush; V .- P ., Frank Bailey and P. L Gerhardt; Y .-P . & Treas., R . G . Simonds; Sec., S. O . Blackiston. O ffice,
100 Broad S t., N . Y . — (V . 123, p . 2 2 6 6 .)

B U T T E C O P P E R A N D Z I N C C O .— Organized under laws of M aine,
N o v . 22 1904. Is engaged In developing, mining and operating mines and
mineral lands, and in milling zinc and manganese ores. Property, con
listing o f ten claims. Is owned in fee and is located in the centre o f the City
o f B utte, Silver Bow county, M ontana, and is a compact group covering
about 3 .0 0 0 feet along the Black Chief vein
C A P I T A L S T O C K .— Authorized and outstanding, * 3 ,0 0 0 .0 0 0
Par
value, $5.
D I V I D E N D S .— A dividend o f 50 cents per share was paid in July 1918
then none until M arch 1 1923, when 50 cents per share was paid: nom
thereafter until D ec. 24 1924, when 50 cents per share was paid; same
amount paid D ec. 24 1925 and D ec. 24 1926.
L E A S E .— About July 1915 the Anaconda Copper M ining C o. started
development operations under a lease, under the terms of which net earn­
ings from ores recovered is divided 5 0 % to Butte Copper & Zinc C o. and
6 0 % to the Anaconda Copper M ining C o.
R E P O R T .— For 1925, in V . 122, p . 754, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
Proceeds of ore__________
$444 ,39 8
* 145,951
$9 3 ,6 6 4
* 17,591
Other income____________
2 6,134
3 2 ,4 3 6
22,354
34,361
Total incom e__________
Expenses & taxes, & c___

* 4 7 0 ,5 3 2
9 1,583

$178 ,38 7
45 ,2 7 5

$116 ,01 8
40 ,6 9 7

$51,952
29,105

N e t income___________
* 3 7 8 ,9 5 0
$133 ,11 2
$75,321
$22,847
P eriod Ended Sept. 30 1926—
Q uarter.
9 M o n th s.
Tons of ore____________________________________________
36,891
108.768
Proceeds of ore________________________________________
$78,219
$208 ,18 0
Less written off for deprec. o f plant and equipment
2,5 0 0
7.500
B alance_____________________________________________
Interest receivable____________________________________

* 7 5 ,7 1 8
5,471

$200,680
14,323

T o ta l________________________________________________
Adm inistrative expenses and taxes_________________

* 8 1 ,1 8 9
2 9 ,1 5 8

* 2 15,004
81,201

Profit on sale o f securities____________________________

* 5 2 ,0 3 2
_______

*1 3 3 ,8 0 2
586

N e t incom e_________________________________________
$52,032
*1 3 4 ,3 8 8
O F F IC E R S .— Albert J. Seligman, P res,; Albert Fries, V -Pres , a
>
alley. Sec. & Treas.— (V 123. p 2 524 .)
B U T T E A N D S U P E R IO R M IN IN G C O .— O R G A N I Z A T I O N — Incor­
porated in Arizona Oct. 2 1906. Owns mining claims in Silver Bow C o .,
M o n t, (area 164.7 acres), interests in other claims having an area o f 5 8.3
acres and surface rights, &c. Output chiefly zinc spelter.
L A T E D I V I D E N D S — 1916. 1 9 1 7 .'1 8 - ’2 1 . 1922. 1923. 1924. 1926
Regular ( % ) _______________
40 3 1 M
...........
5
10 ------20
Extra ( % ) _________________
300 3 5 ...........
........
........
..........................
Paid in 1926: M a rch 3 1 , 5 % ; June 3 0 , 5 % : Sept. 3 0 , 5 % .
R E P O R T .— For 1925, in V . 122, p . 2643 , showed:
1922.
1923.
1924.
1925.
N e t value o f zinc and
$ 3 ,346,294 * 2 .9 0 2 .6 3 3
copper o r e ___________ * 3 ,1 9 0 ,1 7 5 *2,9 6 9 .2 6 1
3 ,0 3 2 ,5 5 3
Operating costs__________ 2 ,584,779
2 ,5 0 4 ,2 8 2
2 ,5 8 4 ,9 1 9
N et incom e_______ __
Other incom e____________

* 6 0 5 ,3 9 6
46 ,5 0 0

$46 4 ,9 7 9
4 0,678

$313,741
44,065

* 3 17,714
95.401

Total incom e__________
D epreciation_____ __ . .
Accrued taxes, & c_______

* 6 5 1 ,8 9 5
7 2,000
86 ,3 6 8

* 5 0 5 ,6 5 8
180.000
116,286

$357 ,80 6
219,412
169,445

$413 ,11 6
222,314
480,651

N e t income before depletion . ___________
Previous surplus________

* 4 9 3 ,5 2 7
*7 1 8 ,2 1 4

*2 0 9 ,3 7 2
$1 ,8 8 9 ,6 7 2

def$31,050 d ef$289.850
$2,210,921
*2 ,7 6 4 ,6 5 5

T o t a l.. . _______ _____ * 1 ,211,741
Capital distributions. .
$580 ,39 5
Adjustm ents ____________
243,842

*2 ,0 9 9 ,0 4 5

$2,179,870
$290,197

1,380,831

* 2 ,4 7 4 ,8 0 5
$145 ,09 8
118,785

B a l., sur., D ec. 3 1 ___
$718,214 $1,889,672 *2,2 1 0 ,9 2 1
* 3 8 7 ,5 0 4
R ep ort for 3d quar. of 1926 in V . 123, p . 2394 .
O F F IC E R S .— Pres., D . C . Jackling; V .- P ., C has. H ayden; Sec., A . J
Ronaghan; T reas., J. R . D illon. Office, 25 Broad S t., N ew Y o rk .— (V
123, p . 847.)
B U T T E R I C K C O . (T H E ).— O R G A N I Z A T I O N .— Incorp. in N ew York
on Jan. 15 1902. Owns stock o f various companies publishing magazines,
manufacturing paper patterns, & c. See V . 75, p. 237.
S T O C K .— The stockholders on Sept. 8 1926 increased the authorized
capital stock from * 1 5 ,0 0 0 ,0 0 0 to * 2 0 ,0 0 6 ,0 0 0 , the additional stock to be
used specifically for stock dividend purposes from time to time.
Th e outstanding obligations on D ec. 31 1925 included: m ortgages, $ 5 5 0 ,000.
D IV ID E N D S —
/ ’03. '0 4 . ’0 5 . ’ 0 6 . ’0 7 . '0 8 . ’09. '1 0 -T 5 . ’ 16. ’ 1 7 -’25.
Since 1902, 5 % _____ 1 4
4
4
4
3
1 H 2 H 3 yrly. 2 H None
Dividends on common stock were resumed on D ec. 1 1926 with a paym ent
o f 2 % in cash and 8 % in stock. V . 123, p . 2 266 .




514,800
71,000

See text See text
See text See text
See text
See text q — M
S
6H g M &
See text q — M
61* g A & O
5H g M & N
6 e
7 g

F

*

A Feb 1930
1 9 2 9 ...................

Southern Tr C o , Los Ang

B on d s.— T h e B utterick Publishing C o . 6 H % gold debentures are red
all or part b y lot at any time on 4 weeks' published notice at 105 on or prior
to Sept. 1 1928, and thereafter at 105 less M o f 1 % of the principal amount
for each 6 m onths’ period or fraction thereof to Sept. 1 1935; thereafter at
1 0 0 to M arch 1 1936, and thereafter at the principal am ount plus int.
to date fixed for redem ption 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 ,00 0 of
debentures annually thereafter. The sinking fund will operate semi­
annually commencing M arch 1 1927. D ebentures m ay be purchased or
called by lot at the prevailing cali price, and debentures acquired for the
sinking fund will be cancelled. V . 123, p . 1385.
R E P O R T .— For 1925, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
N et profit after Fed. tax
* 4 8 8 ,0 8 6
$5 7 7 ,6 4 8
$629 ,26 2
$566 ,91 3
Preferred dividends____
4 2 ,0 0 0
50,0 0 0
5 8 ,0 0 0
6 6 ,0 0 0
Balance, surplus...........
$446 ,08 6
$527 ,64 8
$ 571 ,26 2
$ 500 ,91 3
Profit and loss___________ $ 4 ,1 5 0 ,5 1 8 $4,29 4 ,1 8 7 * 3 ,7 6 6 ,5 3 9 $ 3 ,1 9 5 ,2 7 8
O F F IC E R S .— Chairman, Joseph A . M oore; Pres., S. R . Latshaw ;
Treas., C . D . W ilder; Sec., T . S.M ersereau . Office, Butterick B uilding,
N . Y . C ity .— (V . 123, p . 1510.)
C A L IF O R N IA P A C K I N G C O R P O R A T I O N lO F N . Y . ) . — O R G A N I ­
S A T IO N .— In O ct. 1916 incorporated in New York to acquire (V . 103. p
212). free of mortgage or other funded debt, the business, assets andpropirtins of J. K . Armsby C o .; California Fruit Oanners’ Association; Centra!
’ allfornla Canneries; Griffin & Skelley C o .; and about S0% of the cap­
ital stock of the Alaska Packers’ Assn . Packs and distributes California
dried fruits and canned goods, and is also an important factor in Hawaiian
pineapple industry. Am ong the different brands of goods owned are “ D el
M o n te ," “ G old B a r,” “ Sun K ist” and "G la s s Jar.”
The Alaska Packers’
.Association is a large packer of canned salm on.
Hawaiian property, V . 104
p. 2454
S T O C K .— The stockholders on M a y 18 1926 increased the authorized
capital stock from 5 00,000 shares without par value to 1,500.000 shares
without par value. A stock dividend of 1 0 0 % was paid on A ug. 2 1926.
D I V I D E N D S .— D iv s. on com ., June 15 1917 to M a r . 1918. 50 cents
each ($2 p. a .); June 15 1918 to D ec. 15 1919, $1 qu ar.; M a r . 15 1920 to
M a r. 15 1926, *1 50 qu ar.; also paid 50 cents extra on M a r . 15 1926. On
June 15 1926 paid $2 quar. On A u g. 2 1926 paid 1 0 0 % in stock. On
Sept. 15 and D ec. 15 l9 z 6 paid $1 quar. on increased capitalization.
R E P O R T .— For year ending Feb. 28 1926, in V . 122, p. 2803, showed:
Y ea rs End. F eb. 28—
1925-26.
1924-25.
1923-24.
1 9 22 -23 .
♦Profits____________________ $5,745,541
$ 5 ,630,519
$4,479,221 $ 5 ,1 7 2 ,8 7 9
Income from in vestments
2 6 9,309
519,960
840,129
9 9 5,504
N et profit_______________ *6 ,0 1 4 ,8 5 0
Com m on dividend______
3 ,1 6 3 ,6 0 2

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

$ 5 ,319,350
2 ,8 3 0 ,2 4 8

$ 6 ,1 6 8 ,3 8 3
2 ,8 3 0 ,2 4 8

Balance, surplus______$2,85 1 ,2 4 8
$3,230,231 $2 ,4 8 9 ,1 0 2 * 3 ,3 3 8 ,1 3 5
♦After charges and taxes.
O F F IC E R S .— J. K . Arm sby, Chairman of the Board; R . I . B entley,
Pres.; L. E . W o o d , V .-P . & Gen. M g r .; L . A . W oolam s, V .-P . & Treas.;
H . Z . Baldwin, Sec. Office, 101 California S t ., San Francisco.— (V . 123,
p. 847.)
C A L I F O R N IA P E T R O L E U M C O R P O R A T I O N .— O R G A N I Z A T I O N .
— A holding company incorporated in Virginia Sept. 27 1912. Owns all the
stock of American Petroleum C o. (V . 92, p. 1111; V . 91, p. 2 1 6 ), which
owns or controls 2,000 acres of land in the Coalinga, Lost Hills and Los
Angeles districts; and 9 9 % of American Oil Fields O o. (V . 92, p. 9 5 7 ),
which owns 4,200 acres in the M idw ay, Sunset, M cK ittrick and Lost
Hills oil districts of Southern California, and all the stock of Petroleum
M idway C o ., L td ., which owns 580 acres and has leased about 4 ,200 acres
in the M idw ay and other oil fields. Other subsidiary companies are the
N iles Lease C o ., the M idland Oil Fields C o ., L t d ., and the California
Petroleum C o . o f U tah. During 1920 the M id lan d Oil C o. (a subsidiary)
was uissolved, and uuring 1923 the W estern star Oil C o. was dissolved.
Also owns a half-interest in the Red Star Petroleum C o. and the Olympic
Carpet Refining C o. On D ec. 31 1925 there was in hands of public *248,970
stock and also $702,000 bonds (see table above) o f the subsidiary companies;
remainder owned by California Petroleum Corporation.
On Sept. 10 1925 purchased the assets of the Motiawk Oil C o. o f Cali­
fornia . consisting of 1,000 acres held in fee and lease in the Coalinga. Santa
Fe Springs and Athens districts, refineries, service stations, &c. Also dur­
ing 1925 acquired 586,872 shares out o f 595,004 shares outstanding o f the
Ventura Consolidated Oil Fields, and as o f O ct. 16 1925 took over the af­
fairs o f that company and its subsidiaries. Oak Ridge Oil C o ., Santa Paula
Oil C o ., M ontebello Oil C o ., Gato Ridge Oil C o ., Ventura Refining C o .,
Ventura-Colorado Oil C o. and M exican Oil Lands C o . (S. A .) .
In Feb. 1926 acquired the California Gasoline Corp. V . 122, p . 1031.
In A u g. 1926 was reported to have purchased the International Refining
C o . and the N orth Star Oil & Refining C o. V . 123. p. 1254.
In N o v . 1926 acquired the common stock o f the Cape Steamship Co
V . 123, p . 2659.
S T O C K .— In April 1923 the par value o f the common shares was changed
from $100 to $25, the holders o f common stock receiving 4 shares o f new
common stock, par $25, for each $100 share held. V . 116, p. 1898.
The stockholders on M arch 22 1926 increased the authorized capital stock
from * 6 0 ,0 0 0 ,0 0 0 to $125 ,00 0,00 0, par $25.
The entire outstanding preferred stock was redeemed on July 6 1925 at
120 and divs. The retirement of the pref. stock was financed by issuing
an additional 527,978 shares of common (par $25) at $ 2 7 .5 0 a share to both
pref. and common stockholders. The new stock was offered to the pref.
and common stockholders o f record June 2 1925 in the ratio o f 1 4 -5 shares
of such additional stock for each share of pref. stock and 9 -2 0 of a share of
such additional stock for each share of common stock held.
B O N D S .— The 10-year 6 H % sinking fund gold bonds are redeemable
for sinking fund on any Interest date at 103
and interest up to and includ­
ing April 1 1927, the premium thereafter decreasing M o f 1 % on each suc­
ceeding interest date. On April 1 1924, and sem i-annually thereafter until
all of the bonds have been retired, the corporation as a sinking fund will
deliver or pay to the trustee bonds or cash sufficient to retire $400,000 bonds
or such greater amount as the corporation shall determine, thus retiring all
of the bonds by m aturity at the prices given above. The corporation
proposes to redeem these bonds on April 1 1927 out o f the proceeds o f the
debentures described below.
V . 117, p . 1351.
The 12-year convertible o l % sinking fund gold debentures are redeem­
A
able, all or part, at any tim e on 60 days notice at 103 an i in t., if called for
redemption on or before N o v . 1 1927, the premium decreasing thereafter
]4 of 1 % for each successive 12 m onths period. Am erican Exchange-Pacific
N ational Bank, N . Y . . trustee.
Convertible at the option o f the holder a t any time into common stock
at the following prices $40 per share if converted on or before N o v . 1 1929,
or $42 50 per share if converted after N o v . 1 1929, and on or before N o v . 1
1932, or $45 per share if converted after N o v . 1 1932 and on or betore
N o v . 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
stock shall be issued or sold at prices lower than the respective conversion
prices, except as otherwise provided in the indenture.

N o v ., 1926.]

165

INDUSTRIAL STOCKS AND BONDS
D a te
Bonds

M IS C E L L A N E O U S C O M P A N IE S
F or abbreviations, & c ., see n otes on page 6

C a lla h a n Z in c -L e a d Co— Stock $ 1 0 ,000 ,000 authorized------c a lu m e t & Arizona M inin* C o— Stock
------C a lu m e t & H ecla C on sol C opper C o— Stk $62,500 ,000 auth
C a n a d a D ry G in g e r A le, Inc— Stock 800,000 shares a u t h ..
1st & gen m tge gold bonds, series A red (text) . .

kxxx.c*

::::

1926

P ar
Value

A m oun t
O utstanding

$10 $7,245 020
10
6 .427.570
25 5 0 .137.550
N one 444.801 shs
N one 120.000 shs
100 $15,000 ,000
500&1000 18,000,000
4,8 5 3 ,2 7 8
175,000

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 6 0 % o f the
debentures by m aturity.
Out of the proceeis o f this issue the corporation proposes to redeem on
April 1 1927 the .15,963.000 W A % bonds due O ct. 1 1933, and on F eb . 1
1927 the 6 % bonds o f American Oilfields C o . due F eb. 1 1930 .V 123, p .
2144 .

D I V I D E N D S .— D iv s. on com m on, Jan. 1, A p r. 1 and July 1 1913 , 1
each: then none until M a r. 1 1923, when l % % was paid: June 1 1923 to
June 1 1925 paid 1 % % q u .; Sept. 1 1925 to D e c . 1 1926 paid 2 % qu.

R ate
%

See
See
See
See

W h en
P ayable

L a st D ivid en d
and M a tu r ity

P laces W h ere In terest and
D ividends A r e Payable

text
See text.
text Q — M
D ec 2 0 '2 6 , 1 5 %
text See text D ec 15 '2 6 . 2 % Checks mailed
See text
text Q-J 15
6 g
5
7

A

&

O Oct

1 1941

N Y , M o n t, Tor or Lond

R E P O R T .— For 1925, in V . 122, p . 1922, showed:

--------------------------- Q u a r te r s

E n d e d ------------------------------

R eceipts—
D e c . 31 '25. Sept. 30 '2 5 . Jun e 30 '25. M a r . 31 '2 5 .
Copper sales______________$4 ,6 7 8 ,0 4 9 $ 3 ,0 0 5 ,3 7 2 $ 3 ,671,315
$ 2 ,672,844
Custom milling & sm e lt.
28,331
24 ,4 7 8
22,568
14,091
9,186
1,773
2.489
5 4,365
D iv id e n d s _________
In t e r e s t ................................
138,043
28,501
2 3,055
18,320
M iscellaneou s___________
10,010
47
2,882
4 5.112

Total receipts__________$ 4 ,8 6 3 ,6 1 9 $3,06 0 ,1 7 0 $3,72 2 ,3 0 9 $2 ,8 0 4 ,7 3 2
D isbursem en ts__
Copper on hand___________ $5 ,6 0 7 ,2 6 7 $ 5 ,263,897 $6,11 1 ,1 7 5 $5 ,8 6 6 ,9 0 9
R E P O R T .— For 1925, in V . 122, p. 3214, showed
Prod., sell.,adm . & taxes 2,6 0 1 .6 2 3
2,3 4 3 .1 9 4
2,226,981
2,1 1 9 ,5 9 2
Calendar Y ears—
1925.
1924.
1923.
1922.
Depreciation & depletion 1,261.679
1,083,026
1,019.672
977,637
Gross e a r n in g s ...________ $22,9 3 7 ,6 3 9 $17,680,521 $20,314,981 $ 1 1 ,8 3 5 ,7 6 0
Miscellaneous ....................
12,310
12,528
34,070
23,030
N e t earnings_____________ 12,106,343
8,2 1 2 ,5 3 9 10,838.296
6,861.171
Depreciation, & c ...............
4 ,6 1 5 ,5 3 2
3,7 9 2 ,4 7 9
3,1 6 1 ,8 8 5
2 ,2 8 2 ,5 6 3
Total e x p e n d itu re s ... $9 ,4 8 2 ,8 7 9 $8,70 2 ,6 4 8 $ 9 ,391,897 $8 ,9 8 7 ,1 6 8
Interest on bonds, & c____
595,959
592,628
186,620
49,4 5 2
Reserve for Federal taxes
Less copper on hand____
4 ,6 9 4 ,7 4 5
5 ,607,267
5 ,263.899
6,1 1 1 ,1 7 5
and contingencies_____
6 00,000
350,000
775,000
540,000
N et expenditures____ $4 ,7 8 8 ,1 3 4 $3,095,381
$ 4 ,127,999
$ 2 ,875,993
Preferred dividends_____
423,499
836,787
863,550
705,150
Gain for period__________
Com m on dividends______
1,995,668
1 ,216,390
1,216,390
_____
$75,485 loss$35,210 loss$405,690 loss$71,261
Sinking f u n d ..............................................
582,969
610.293
333,561
— Q u a r . E n d . S e p t . 30----------9 M o s . E n d . S e p t . 30—
R e c e ip ts —
1926.
1925.
1926.
1925.
Balance, surplus...........$ 3 ,875,684
$841,285
$ 4 ,024,559 $ 2 ,905,444
Copper sales____________ $ 3 ,538,756 $3,00 5 ,3 7 2 $10,485,501 $ 9 ,349,531
— Q u a r . E n d . S e p t . 30----------9 M o s . E n d . S e p t . 30—
Custom milling & sm elt.
20,161
2 4,478
53,991
61,137
P eriod —
1926.
1925.
1926.
1925.
Dividends________________
_______
1,773
4 ,7 7 0
58,627
Gross earnings................... $ 8 ,978,732 $5,953,891 $ 2 4,575 ,360 $16,7 6 7 ,4 2 2
Interest__________________
63 ,3 2 0
28,501
139,382
69,876
Operating expenses______ 4,7 2 7 ,2 3 8
2 ,0 5 2 ,8 2 9
12,026,938
5,9 3 2 ,8 3 8
M iscellaneous___________
31
47
8 ,1 0 4
48,041
D eprec’n, depletion, & c .
2,0 7 8 ,7 6 0 1,622.506
6 ,145,284
4,7 6 8 .1 7 9
Bond interest, & c_______
136,148
144,316
424,156
4 4 0.030
Total receipts________ $3 ,6 2 2 ,2 6 9
$3 ,0 6 0 ,1 7 0 $ 1 0 ,6 9 1 ,7 4 9 $9,587,211
Res. for Fed'l taxes, & c .
200,718
178.500
565,048
4 8 3,400
D isbursem en ts—
Preferred dividends____
_______
7.870
_______
4 2 3.499
$ 5 ,2 6 3 ,8 9 7 $ 6 ,6 0 1 ,6 9 0 $17,241 ,981
Copper on hand___________ $3,419,311
C om m on dividends______
950,567
610,809
2 ,8 1 7 ,1 9 4
1 ,219,004
Prod., sell., adm . &taxes 2 ,4 8 9 ,3 8 3
2 ,3 4 3 ,1 9 4
7 ,437,226
6 ,689,767
Deprec. & depletion____
1 ,066,430
1,0 8 3 ,0 2 6
3 ,2 8 6 ,0 3 7
3,0 8 0 ,3 3 5
Surplus________________
$885,301 $1,337,061
$ 2 ,596,740 $3,50 0 ,4 7 2
M iscellaneous____________
5,152
12,528
3 6,673
69,628
O F F IC E R S .— Chairman o f Board, Th os. A . O ’Connell: Pres., Jacques
Total exp e n d itu re s... $6,98 0 ,2 7 5 $8 ,7 0 2 ,6 4 8 $17,3 6 1 ,6 2 5 $27,081 ,711
Vinm ont; Sec., D . E . O ’Brien; Treas., W . D . Stewart. Office, Security
Less copper on hand____
3 ,5 2 8 ,5 5 6
5,6 0 7 ,2 6 7
6,9 4 7 .8 6 7
16,982,341
B ld g ., Los Angeles, C alif.— (V . 123, p . 2659.)
CALLAH AN
Z I N C -L E A D C O .— Formerly Consolidated Interstate
Callahan M ining C o.
N am e changed to present title on Apr. 12 1920

N et expenditures____ $ 3 ,4 5 1 ,7 1 9 $3,095,381 $ 1 0 ,413 ,758 $ 1 0,099 ,370
Loss for period___________
$170 ,55 0
$ 35,210
$277 ,99 2
$512 ,16 0

O R G A N I Z A T I O N .— Organized in Arizona June 12 1912. and is engaged
In mining and milling zinc and lead ores in Shoshone C ounty. Idaho
Stock
au th., $10,0 0 0 ,0 0 0 , in $10 shares. Paid dividends regularly from April )
1916 to June 30 1917, in all $13 50 per share, or $ 6 ,2 7 7 ,3 6 5 in divs.; Sept
1917 none, pending certain improvements, & c.: Jan. 2 1918 5 0 cents (5 % )
June 15, 50 cents (5 % ) quarterly. In O ct. 1918 paid 75 cents ( 7 H % ) quar
none thereafter until Feb. 1920 when $2 was declared payable in quar. in
•tallments of 50c. each on M a r. 3 0 , June 3 0 . Sept. 30 and D ec. 30 1920
none since.
S T O C K .— The stockholders o f record O ct. 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 I V I D E N D S .— A n initial dividend o f 50c. per share was paid D ec. 17
1923; same amount paid June 16 1924, M arch 4 1925. Sept. 15 1925, D ec. 15
1925, June 15 1926, Sept. 15 1926 and D ec. 15 1926.
O F F IC E R S .— Pres., Rodolphe L. Agassiz: V .-P . & G en. M g r ., James
M acN aughton; Sec. & T reas.. Alonzo D . Nicholas. Offices, 12 Ashburton
Place, B oston, M a s s .— (V . 123. p . 2266.)

R E P O R T .— For 1925 showed:
C a le n d a r Y e a r s —
1925.
y
$33,290

N et value o f shipm ents.
Miscellaneous income___
Total incom e.............
E x p en d itu res.............. ..

$33,290
2 1 9,406

1924 .
y
$48,772

1923.
$916,559
6 4,424

$48,772
240,107

$980,983
988,917

1922.
x$149,129
19,065
$168,194
318,455

Operating deficit______
$186,115
$191,335
$7,934
$150,261
x Six weeks’ production, total output o f lead and zinc concentrates, 4,284
tons (production was resumed in N o v . 1922 after a shut-down of 2 years)
y M ining and milling were discontinued in Oct. 1923.
O F F IC E R S .— Pres., Donald A . Callahan; Sec. & Treas., H . T . M cM e e k jn . O ffice, W allace, Idaho.— (V . 122, p . 2503.)
C A L U M E T & A R I Z O N A A U N IN G C O .— O R G A N I Z A T I O N .— Incorp.
in Delaware on O ct. 17 1925 to take over the business formerly conducted
by the Arizona corporation by an exchange share for share o f its stock for the
stock o f the Arizona corporation, owning mining properties in Bisbee, A riz.,
Lordsburg, N . M e x ., Copper Creek, A riz., and D ouglas, Ariz. On D ec. 31
1925 owned also 1,229,741 o f the 1,800,000 outstanding shares o f $5 each of
the N ew Cornelia Copper C o .
D I V S .— '13. '14
15. T 6 . '17. T 8 . T 9 . '2 0 . '2 1 . '2 2 . '2 3 . ’24 '25
Per c e n t .. 50
30 3 2 H 90
110 80
30 40
20
20
35 20 42
Paid in 1926 M a r. 22, 1 0 % and 5 % extra; June 21, 1 5 % ; Sept. 20, 1 5 % :
D ec. 20, 1 5 % .
jL E P v/iv x .--- For 1925 Biiuweu.
-u
RV ji O R T .— rui i
showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
T otal income______________$ 9 ,3 7 1 ,8 4 9
$ 8 ,173,310 $8 ,9 3 3 ,3 1 5 $ 7 ,378,692
D ed uct—
Oper. exp. at mines and
smelters, incl. deprec.
5 ,5 3 9 ,8 5 4
5 ,124,805
5 ,3 4 5 ,4 3 9
3 ,722,897
Salaries,office & gen.exp.
54,213
114,747
2 7 7,788
128,325
Freight, refining & mar­
keting expense_______
8 60,463
823,236
1 ,023,226
770,229
Ore depletion c h a r g e s ...
1,3 3 6 ,7 1 6
1,247.461
1,242.153
924,920
State & Federal t a x e s ...
515,067
434,431
540.856
497,086
D ividends p a id ................
2 .5 7 1 ,0 2 8
1,285,063
2 ,2 4 8 ,8 4 9
1,285,046
Balance, d e fic it............$1 ,5 0 5 ,4 9 3

$856,433

$ 1 ,7 4 4 ,9 9 8

sur$50,189

O F F IC E R S .— Pres., Gordon R . Cam pbell; Sec. & T reas., James E Fisher. O ffice, Calum et, M ich .— (V . 123, p . 2395.)
C ALU M ET AND HECLA
stockholders of the Calum et &
Allouez mining companies Sept.
under this title (under the laws

C O N S O L I D A T E D C O P P E R C O .— The
H ecla, Osceola, A hm eek, Centennial and
7 1923 approved the plans for consolidating
o f Michigan) the five companies named.

S T O C K .— The auth. capitalization o f the new com pany is 2 ,5 0 0 ,0 0 0
shares, par $25, of which the new com pany issued a total o f 2 ,0 0 5 ,5 0 2 shares
to the stockholders of the constituent companies; the remaining 494,498
shares are to be reserved for general corporate purposes.
A llo tm e n t.— The shares o f the new com pany were alloted as follows:
T otal Shares
N ew
O utstand ing.
Shares.
Ahm eek C o --------------------------------------------------------------------20 0 ,0 0 0
536,000
Allouez C o ----------------------------------------------------------------------100,000
80,000
C alu m et & Hecla C o ----------------------------------------------------800 000
1 ,205.308
Centennial Copper C o _________________________________
9 0 ,0 0 0
34 200
Osceola Consolidated C o _________________________________
9 6 ,1 5 0
149.994

T otal.




2 ,0 0 5 ,5 0 2

C A M B R IA S T E E L C O .— Properties taken over b y Bethlehem Steel
Corp on M arch 30 1923. See that com pany above.
C A N A D A D R Y G IN G E R A L E , IN C .— Incorp. under laws o f Delaware
on June 1 1925.
Owns all the outstanding stock of Canada D ry Ginger
A le, Inc. (Virginia) and J. J. M cLaughlin, L td . (Canada). Through these
subsidiaries is engaged in the manufacture and sale in the United States
of “ Canada D ry Ginger A le ,” and in Canada in the manufacture and sale
o f “ Canada D ry Ginger A le ” and carbonated waters, and other non-alco­
holic beverages. Plants are located at Hudson, N . Y . ; M ayw ood , 111.;
Toronto, O n t., and Edm onton, Alberta.
S T O C K .— See table at head o f page.
D I V I D E N D S .— Paid 50c. a share each quarter from Oct. 15 1925 to
O ct. 15 1926. Also paid stock divs. o f 1 ) 4 % each quarter from April 15
1926 to Jan. 15 1927.
R E P O R T .— For 9 months ended Sept. 30 1926 showed:
P e r io d E n d . S e p t . 30—
1 9 2 6 -3 M o s.- 1 9 2 5 .
1 9 2 6 -9 M bs.-1 9 2 5 .
$4,851,187
N et sales_________________ $ 2 ,2 2 6 ,2 2 9 $1 ,7 4 3 ,0 1 7 $ 6 ,5 2 1 ,7 2 7
Cost of sales and e x p . . .
1,7 5 2 ,9 4 3
1,3 4 5 ,5 9 3
4 ,9 6 3 ,9 8 8
3 ,619,472
Profit from operations
Other income____________

$ 473 ,28 6
25,661

$39 7 ,4 2 4
15,691

Gross income__________
Other deductions________
Depreciation_____________
In terest__________________
U . S. & D o m . of C an. tax

$ 498 ,94 7
2 7 ,8 2 3
2 8 ,8 0 2
4 ,9 4 9
5 7,763

$413 ,11 5
7 8,819
10,969
769
4 1,491

$1 ,5 5 7 ,7 3 9
63,405

$ 1 ,231,716
34 ,8 6 2

$ 1 ,6 2 1 ,1 4 4 $ 1 ,266,577
147,961
141,537
6 0,339
3 6,055
7 ,8 2 9
3,162
179,000
134,523

N e tp r o fit________ . . . .
$ 379 ,61 0
$ 281 ,06 7 $ 1 ,2 2 6 ,0 1 6
$951,300
O F F IC E R S .—-Chairm an, Lym an N . Hine; Pres., P . D . Saylor; V .-P .t
P . M . Boggs and J. M . M athes; Sec., R . W . Snow; Treas., W . C . Hanson!
A sst. Treas., A . J. P . E stlin. Office, 15 Exchange P i., Jersey C ity , N . J.
— (V . 123, p. 2659.)
C A N A D A S T E A M S H IP L IN E S , L T D .— Formed in Canada in 1913 b y
the consolidation o f ten steamship companies and is engaged in inland water
transportation o f bulk and package freight and passengers. The territory
served extends from the head o f the Great Lakes to the G u lf o f St. Lawrence.
Com pany owns a fleet o f steamships on the Great Lakes, consisting o f 109
vessels; 66 o f its steamships, with a cargo capacity of 306,462 tons, are en­
gaged in the transportation o f bulk freight commodities. There are 19
package freight steamships o f a specialized type, adapted to quick and
efficient handling o f package freight, with a cargo capacity of 4 9,100 tons,
and also 23 passenger steamships with gross registered tonnage o f 5 6 ,5 5 1 ,
tons and a total certified passenger capacity o f 17,781. C om pany 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 com pany
is owned, with the exception o f two sites, which are operated under long
term leases from the Canadian Government. In addition to its transporta­
tion facilities, the com pany owns several subsidiary companies, such com­
panies include shipbuilding and repairing plants, towing and wrecking
service, and a coal sales com pany operating coal handling docks and vessel
bunkering stations at points ranging from Sault Ste. M arie, O n t., to the
C ity o f Quebec.
S T O C K .— 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 o f 1 % per annum at such time and for such period as divi­
dends up to and incl. $3 per annum per share m ay be paid upon the common
stock o f the com pany; 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 o f $3 per annum per share m ay be paid upon the com m on stock
o f the com pany. T h e pref. stock is callable in whole or in part at $125
per share.
B O N D S .— The 1st & gen. m tge. 6 % gold bonds series “ A ” are callable
at 105 on or before O ct. 1 1932, with successive reductions o f 1 % annually
to and incl. O ct. 1 1936, and thereafter at 101 before m aturity, plus interest.

166

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
IFor abbreviation s, & c ., see n otes on page 81

D ate
Bonds

( J I) C ase T h r e s h in g M a ch in e C o — Com stock $20,0 0 0 ,0 0 0
Pref stock (a & d) 7 % cum S20 0 0 0,000
________

C en tra l A guirre S u g a r C o — Stock * 6 .0 0 0 .0 0 0 auth_________
C e n tra l A llo y S tee l C orp — C om stk 2,0 0 0 ,0 0 0 shs auth____
First m tge gold bonds

_

.

_______________ C IC l.xc*

1921

Par
Value

A m ount
O utstanding

Rate
%

W h en
Payable

$100 $13,000 ,000 See text
1 3.000.O P See text
O
1O
f
20
3 600 000
$6
N one 1 ,3 2 0 ,6 2 5 sh
$2
7
100
9 ,489,300
100 &c
4,4 9 2 ,0 0 0
M
8g

100 3 9 .701,030 See text
. Eq — in»
Preferred (a & d) 7 % cumulative $40 ,0 0 0 ,0 0 0 . . . .
Fo
3 3 .299,050 See text
1,000 a l3 ,1 9 9 ,0 0 0
First lien s f gold bonds red 1 0 5 - - - ______ --B a .y c * & r * 1925
6 g
J
F or p rop osed capitalization under R eadjustm ent P lan, see te x t,
a v ft -.l am ount, $775 ,00 0 have been called for redemption on Jan . 1 1927 a t par and in t.

N e t operating revenue $ 2 ,270,062
Other income____________
83,013

$ 1 ,468,392
187,635

$1,91 2 ,0 1 2
243,501

$1,82 9 ,2 4 2
211,506

Total incom e_________ $ 2 ,353,075
D eductions______________ $ 1 ,550,233
87,000
Reserve for income ta x __
Good-will written o ff___
Special depreciation____
Loss on sale o f assets____

$1,65 6 ,0 2 7
$ 1 ,512,208

$2,155,513
$1,67 8 ,2 6 9

$ 2 ,040,748
$ 1 ,652,012

16,017

1,045,180

1,424,647

866,000
2,490

B a la n c e .................. .........
Special surplus__________

$715,841
_______

$ 1 2 7 ,8 0 1 d f$ l,4 3 3 ,9 3 6 d f$ l,0 3 8 ,4 0 1
_______
_______
330,366

Surplus________________
Previous surplus________

$715,841
1 ,596,550

$127,801 d f $ l ,433,936 def$708,037
1,468,749
2,9 0 2 ,6 8 5
3,6 1 0 ,7 2 0

Profit & loss su rp lu s .. $2 ,3 1 2 ,3 9 2 $1 ,5 9 6 ,5 5 0
O F F IC E R S .— Pres., W . H . Coverdale.

$ 1 ,468,749

$ 2 ,902,685

(J. I.) C A S E T H R E S H I N G M A C H IN E C O .— O R G A N I Z A T I O N .—
Incorporated in Wisconsin in 1880 as successor of a co-partnership formed In
1842. Has plant at Racine, W is ., on navigable waters, covering over 40
acres of floor space. M anufactures threshing machines, clover hullers,
steam traction and farm engines, steam road rollers, oil tractors, both for
gasoline and kerosene, A 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 C o. of
Dixon, 111. Y . 109, p. 273. Compagnie Case de France, a subsidiary,
operates in W estern Europe and Northern Africa. Operated 58 branch
houses on D ec. 31 1925.
8 T O C K .— Preferred stock has equal voting power with common stock.
Dividends on pref., April 1912 to Jan. 2 1924, 1 M % quar.; then none
until Jan. 12 1926. when 7 % on account of accumulations was paid, reducing
the latter to 7 % ; April and July 1 1926 paid 1 M % quar.; O ct. 1 1926 paid
1 % quar. and 7 % on account of accumulations, clearing up all back divs.
On Jan 28 1919, after an interval of 8 years, dividends were resumed on
the common stock with paym ent of 7 % in Liberty bonds. V . 108, p. 2 71.
In Jan. 1920 paid 1 0 % in cash. A common stock d iv. o f 3 9 ,0 0 0 shares of
new com m on stock was paid D ec. 15 1920. N one since.
R E P O R T .— For 1925. in V . 122, p . 1603,showed;
1923.
1922.
1925.
1924.
$18,587 ,952 $15,720 ,716
Gross sales
__
__—
b 860,283
Prof i t s. .
.
. ' a$4, 132/826 b$i , 512/270 b l , 370,806
367,584
405,848
343,367
Interest, & c_____________
See a
Federal and State tax___
675,000
561,558
Reduc. in invent’y value
----------171,429
459,634
330,326
Depreciation_____________
664,147
R es’e for contingencies.
500,000
916/666
910/666
Pref. dividends 7 % ) ___
c804,969
B alance_____________ s u r$ l,488,765 sur$147,711 def$275,367 d ef$588,730
a After deducting interest charges but before making provision for Federal
and State taxes,
b After deducting all operating expenses and ordinary
losses, but before deducting interest charges and provisions for depreciation
(and also in 1924 adjustment of automobile inventory values), c Back
dividends covering the year 1924.
O F F IC E R S .— Leon R . Clausen, Pres.; Ellis J. G ittins, D . P . D avies,
Edwin E . R ussell, W m . B . Brinton, V .- P .’s; Th eo. Johnson, Sec.; Leon R .
Clausen, T reas. Office, Racine, W is .— (V . 123, p . 847.)
C E N T R A L A G U I R R E S U G A R C O .— Incorp. In Porto Rico D ec. 19
1918 as a reincorporation of the Central Aguirre Sugar C os., a voluntarj
trust, organized A u g. 14 1905 in M a ss. Owns the entire stock of the Ponce
& Guayam a R R . C o . In Jan. 1920 purchased a controlling interest in the
Central M achete, a sugar m ill situated within 5 miles o f Aguirre. Also
owns the entire outstanding stock o f Central Cortada. Properties are
located at Jobos, Porto Rico.
D iv id e n d s —
’0 9 . T O . ’ l l . T 2 . T 5 - T 4 . T 5 . T 6 . T 7 . T 8 . T 9 . ’2 0 -’ 26
R e g u la r .................. 7 10
6
6
0
10 43 j* 10
10 10
See
Extras __________ . . .
_
_
__
__
__
__
..
50 30 10
text
In Jan. 1920 paid $2 50 and $7 50 extra on the old $100 par value stock
On new $20 par value stock paid as follows; Apr. 1 1920, $2; July 1 1920,
$5; July 31 1920, $5; O ct. 1 1920 to July 1 1921, $2 quar.; O ct. 1 1921 to
O ct. 1 1926, $1 50 quar. Also paid $5 extra on July 2 1923 and 2 0 % In
common stock on N o v . 2 1925.
R E P O R T .— For year ended July 31 1925, in V . 121, p . 3019, showed:
July 31 Y ears—
1924-25,
1923-24.
1922-23.
1921-22.
Total income______________$5 ,9 2 3 ,9 3 9
$ 5 ,004,925 $6,387,710 $ 4 ,363,497
N et income______________
1,8 0 6 .8 5 7
1,2 0 0 .3 6 9
2,5 5 9 ,4 1 2
915,556
Depreciation, & c________
167,893
152.264
162,587
163,728
D iv id e n d s ................ .........
903,000
903,000
1,6 6 0 ,0 0 0
902,250
Reserve for income taxes
180.000
369,631
3 69,548
25,651
Other reserves___________
25,674
19,285
C r . 5,2 9 8
7,189
Balance, surplus______
$530 ,29 0 def$243,812
$372,575 def$183,252
O F F IC E R S .— Pres., Ohas. G . Bancroft; V .-P res., John Farr; 2d V .-P
& G en. M g r ., Ohas. L . Carpenter; T reas., J. Brooks K eyes; Sec., Richard
D . Coe. M ain office, Aguirre, Porto Rico. New York office, 129 Front
S t.; Boston offico, 145 M ilk S t.— (V . 121, p . 2998.)




L ast D ivid en d
and M a tu rity

Places W here In terest and
D ivid en d s are Payable

See text
Checks mailed
O ct 1 ’26 8 K
Oct 1 ’26 $1 V Checks mailed
£
Oct 11 ’26, 50c
Oct 1 ’2 6 , 1M
N o v 1 1941
/B la ir & C o, N ew York;
/C levelan d T r. C o ., Clev
Aug 2 ’ 20 1 H Checks mailed
Apr 1 1921 1 H Checks mailed
J Jan 1 1945

Q— J
O— .1
Q-J
Q-J
& N

Central Leather Co— Common stock $40 0 0 0 ,0 0 0 ___ __

S e c u r i t y . — Secured b y a 1st m tge. on recently acquired properties having a
total value after depreciation o f $ 1 4,000 ,000 ; and by a 2d m tge. on steam­
ships, real estate and other properties having a total value after depreciation
o f $21 ,8 9 5 ,0 7 6 , as at M arch 31 1926, and subject to a prior m tge. to secure
the com pany’s 5 % debenture stock outstanding in amount o f $4,853 ,2 7 8 ,
thus leaving an equity o f $ 1 7 ,0 4 1 ,7 9 8 . The m tge. to secure this issue wili
be closed at $50 ,0 0 0 ,0 0 0 , 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, m ay be issued against
7 5 % o f the cash cost or value, whichever is less, o f property subsequently
acquired, or to refund 5 % debenture stock (and[or] 5 % bonds) at par,
provided net earnings, to be defined in the m tge., are equal to twice the
interest requirements upon funded debt o f the company under appropriate
provisions o f the m ortgage.
S i n k i n g F u n d . — C om pany agrees to pay at least $400 ,00 0 per annum as a
sinking fund to m eet the requirements o f its 5 % debenture m tge. and to
retire annually at least $50,000 principal am ount of series “ A ” bonds. This
sinking fund will provide sufficient m oneys to purchase all o f 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 o f the
5 % debenture mortgage, the mortgage securing this issue will become a
first charge upon all the properties o f the company.
R E P O R T .— For 1925, in Y . 122, p . 2937 , showed
C a le n d a r Y e a r s
1925.
1924.
1923.
1922.
Gross oper. revenue____ $10,437 ,686 $ 1 0 ,247 ,479 $11,640 ,381 $ 1 1 ,403 ,365
Operating expenses_____
8 ,1 6 7 ,6 2 4
8 ,7 7 9 ,0 8 7
9,7 2 8 ,3 6 9
9,574,123

[V ol. 123.

&

C E N T R A L A L L O Y S T E E L C O R P .— Formerly United A lloy Steel
C o rp ., the stockholders having voted A u g. 17 1926 to change the name as
above. Under an agreement dated July 2 2 1926 , the entire property,
assets and business of the Central Steel C o. and the Central Furnace C o
o f M assillon, 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
m ill. 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 M assillon.
The new blast furnace will be ready for operation about N o v . 1 1926 , and
the new coke ovens not later than M arch 1 1927.
S T O C K .— Com m on stock of the new com pany was exchanged share for
share for the outstanding common stock of United Alloy Steel C orp; 5 2 0 ,6 2 5
shares o f common stock were issued in part paym ent o f the purchase price
for the property and business o f the Central Steel C o .; $ 3 ,3 0 0 ,0 0 0 of 7 %
cum. pref. stock were issued in exchange share for share for outstanding
pref. stock of United Alloy Steel C orp ., and $ 6 ,1 8 9 ,3 0 0 pref. stock was issued
in exchange, share for share, for the 8 % cum . pref. stock of C entral Steel C o .
D I V I D E N D S .— On common stock o f United Alloy Steel C orp. paid $1
per share Jan. 10 1917; April 1917 to Jan. 1921 , $1 quar.; then none 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 am ount paid quar. to July 10
1926. On common stock o f Central A llo y Steel C orp. paid 50c. quar.
on O ct. 11 1926.
R E P O R T .— Financial statement o f United A llo y Steel C orp .:

6M

o s . E n d . ---------------- C a le n d a r

Y e a r s ------------------

J u n e 3 0 ’2 6 .
1925.
1924.
1923.
N e t s a l e s . . ______ ________$ 2 3 ,1 4 1 ,4 5 3 $47 ,8 1,147 $37,911 ,701 $47,6 4 1 ,1 7 6
C ost of sales--------------------- 19,410,101
3 8 ,8 5 8 ,9 9 8 3 2 ,7 7 4 ,1 4 9 39 ,5 4 0 .4 0 0
Selling & admin, e x p . . .
1,443,931
2 ,9 5 7 ,2 3 5
2 ,7 5 3 ,1 5 7
2 ,6 4 6 ,3 7 7

Operating profit______ $ 2 ,2 8 7 ,4 2 1
Other deductions_______
19,515
Depreciation_____________
832,821
Federal taxes____________
185,123
Preferred dividends_____
115,500
C om m on dividends paid
800,000
Balance.

--------

$ 334 ,43 2

$ 6 ,0 3 4 ,9 1 4
78 0 ,9 5 5
1,6 2 4 ,9 7 3
500.000
2 3 1 .0 0 0
4 00.000

$ 2 ,384,395
75,843
1,494,299
100.413
231.000
400.000

$ 2 ,4 9 7 ,9 8 5

$ 8 2 ,8 4 0

$5 ,4 5 4 ,3 9 9
5 3 8 ,8 5 4
1,493.179
3 50.000
23 1 .0 0 0

2 , 200,000
$641 ,36 6

S u r p l u s A c c o u n t (C e n t r a l S te e l C o . ) .

6M

o s. End.
J u n e 30 '2 6 .

Surplus as at beginning o f period____ $ 6 ,6 1 8 ,2 3 4
Sundry additions_______________________
168
N et earnings____________________________
1 ,3 9 2 ,9 8 9
T o ta l---------------$ 8 ,011,391
Sundry deductions_____________________
9,176
D ividends-----------------------------73 7 ,5 7 2

------ C a le n d a r

Y e a r s ---------

1924.
$ 4 ,7 3 5 ,8 0 4
744
3 ,3 7 4 ,0 9 5

1925.
$ 3 ,3 2 2 ,7 8 4
2 ,3 4 9
2 .8 9 9 .8 2 4

$ 8 ,1 1 0 ,6 4 3

$ 6 ,2 2 4 ,9 5 7

1 ,4 7 4 ,2 3 0

1 ,4 7 3 ,2 5 0

18,179

15,903

Surplus forward_____________________ $ 7 ,2 6 4 ,6 4 4
$ 6 ,6 1 8 ,2 3 4 $ 4 ,7 3 5 ,8 0 4
O F F IC E R S .— F . J. Griffiths, Chairman of the board; C . E . Stuart.
Pres. & Treas.; B . F . Fairless, V .-P res. & Gen. M g r .; J. M . Schlendorf,
V .-P res. & director o f sales; C . W . K reig, V .-P res. & Sec.; George H
Freeborn, A sst. T rea s., and J . Paul M oseley, A sst. Sec.
D IR E C T O R S .— F . J . Griffiths, C . E . Stuart, B . F . Fairless, J. M .
Schlendorf, I . M . D aggart and D . T . C roxton, M assillon , O .; Howard
Prescott, W . G . M ath er, H . C ou lb y, C . S. E a to n , J. O. E aton and Elton
H o y t 2d , Cleveland, O .; C . W . K reig, C anton, O .; Philip W ic k , Y oungs­
tow n, O .; B ayard D om inick, New Y o rk C ity .
Offices, C anton, O ., and
Pershing Square B ld g ., New Y o rk C ity .— (V . 123, p . 1881.)
C E N T R A L L E A T H E R C O .— O R G A N I Z A T I O N .— Incorp. In N . J. on
Apr. 12 1905 as a reorganization, per plan V . 7 9 , p. 2 751 , o f U . S. Leather
n o . (V . 56, p. 757; V . 57. p. 23; V . 7 1 . p. 817: V . 81, p. 213. 560. 1176. 1852.
V . 9 0 , p . 1173; V . 9 4 , p . 6 24. O utpu t, sole, belting and harness leather,
glue, grease, lum ber, &c.
R e a d ju s t m e n t P lan (V . 123, p . 1881).
A plan for the readjustment of the share capital o f the com pany formu*
lated by committees representing the preferred and common stocks, has
been approved by the board of directors. K uhn , Loeb & C o. and Bankers
Trust C o. have agreed to act as managers under the plan. Stockholders
were asked to deposit their stock with the depositary. Bankers Trust C o .,
16 W all S t., N ew York C ity, or with the sub-depositary, Vermeer & C o .,
Am sterdam , Holland.
C o m m it te e f o r H o l d e r s o f P r e fe r r e d S to c k . — Gayer G . D om inick, Chairm an,
Frank Altschul, Dewees W . D ilworth, Charles S. H aight, Harold M . Leh­
man and M a x J. H . Rossbach.
C o m m it te e f o r H o l d e r s o f C o m m o n S to c k . — Andrew J. M iller, Chairm an,
Samuel L . Fuller and Henry Rogers W inthrop.
D ig e st o f P la n .
P r o p o s e d M e t h o d o f R e a d ju s t m e n t . — It is proposed to organize a new
corporation under the laws o f such State as the managers and the committee
m ay approve, to acquire by purchase, consolidation or otherwise, the
properties or stock of the present com pany. I f the managers shall so
determine, the present com pany or some other existing corporation m ay be
utilized as the new com pany. New company is to issue its stock in lieu
of or in exchange for the stock o f the present com pany, and, if it acquires
the properties of the present com pany, is to assume the first lien bonds
and other indebtedness o f the present com pany outstanding at the con­
summation of the plan.
T r e a tm e n t o f S to ck s o f P r e s e n t C o m p a n y .

(1) Holders o f preferred stock o f the present com pany will be entitled to
receive for each share of such preferred stock, $5 in cash; $50 par value
(}4 share) 7 % cumul. prior preference stock of the new com pany; % o f a
share of class A participating and convertible stock o f the new com pany.
(2) Holders of common stock o f the present com pany will be entitled to
receive for each share o f such com m on stock one share o f common stock o f
the new com pany.
D e s c r i p t i o n o f S to ck s o f N e w C o m p a n y .

(а) P r io r P r e fe r e n c e S to c k . — W ill be entitled to cum ulative 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. R ed. at any time in whole or in part
at 110 and divs. In event of liquidation or dissolution holders o f 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.
A n annual sinking fund is to be provided for sufficient to retire annually
5 % o f the m aximum par value of prior preference stock at any time out­
standing. Payments to the sinking fund are to be made or provided for,
if earnings or earned surplus are available, before any dividend payment
on the class A stock or the common stock, but are not to be cumulative.
M oneys in the sinking fund will be applied to the purchase of prior preference
stock at not exceeding $110 per share and d iv s., or to the redemption by
lot of prior preference stock.
(б) C la s s A P a r tic ip a t in g a n d C o n v e r tib le S to c k . — After full provision for
the dividend on the prior preference stock and for sinking fund requirements

Nov., 1926.]

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviation s. &.C., see n otes o n page 8]

C e n t u r y R ib b o n M ills— Com m on stock 100,000 shs au th___
Pref (a & d) stock 7 % cum red 115 $ 2 ,0 0 0 ,0 0 0 auth------------C erro d e P a sco C op p er C orp — Stock 1,240.000 shares auth.
C e rta in -te e d P ro d u cts C orp — Com shares 500,000 ( a u t h )..
First preferred stock 7 % cumulative $15,000 ,000 ( a u t h ) ..
Second pref stock 7 % $ 5 ,000,000 (au th )-------------------------------

D ate
Bonds

Par
V a lu e

A m ou n t
O utstanding

R ate
%

None 100,000 shs See text
$100 $ 1 ,782,000
7
1,122,842 shs. See text
None
None
307,0OOsns. See text
100
4 ,300,000
7
100
2.675,000
7

the class A stock will be entitled to receive dividends up to $4 per share per
annum, in priority to any paym ent o f dividends on the common stock.
Such dividends shall be non-cum ulative.
After dividends up to >4 per share per annum on the class A stock, the
class A stock will be 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
am ount 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)
am ount 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 of $2 per share, exceed the
am ount which would have been so paid if such additional stock had not
been so issued.
The class A stock will be convertible at any time at the option o f the
holder into common stock, share for share. Stock so converted shall not
be reissued. In case o f liquidation or dissolution, o f the new com pany,
after payment o f $100 a share together with accrued unpaid dividends on
the prior preference stock, two-thirds of all amounts distributable will be
distributed among the holders o f class A stock provided, however, that if
any Class 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) Com m on Stock.— Subject to the participation rights o f the class A
stock, the common stock will be entitled to receive all amounts declared in
dividends in any fiscal year after paym ent if, or provision for, the full divi­
dends and sinking fund on the prior preference stock and a dividend o f $4
per share on the class A stock for such year.
Voting T ru sts.— All prior preference stock and class A stock o f the new
company will be placed in voting trusts under each of which Prank Altschul,
Gayer G . Dominick and Charles S. Haight will be named as voting trustees.
Such voting trusts will be for a period of 10 years or such shorter period as
the pref. stockholders’ committee m ay determine. The common stock of
the new company will also be placed in a voting trust, under which Andrew
J. M iller, Samuel L . Puller and Henry Rogers W inthrop will be named as
voting trustees.
Voting Rights.— Provision will be made so that two-thirds o f the members
o f the 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 of the board will be elected by the holders o f the common stock,
provided, however, that at any election of directors occurring after prior
preference stock to the amount o f $10,000 ,000 par value shall have been
retired, if full dividends shall have been paid, then the holders o f 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 o f directors.
In all other respects all classes o f stock will have equal voting power.
Proposed C apitalization o f N ew C om p a n y.— Assuming the exchange o f the
entire stock of the present company for stock of the new company as con­
templated by this plan and the acquisition by the new company of the prop­
erties o f the present com pany, the capitalization of the new company as of
June 30 1926 would be as follows:
20-year 1st lien sinking fund 6 % bonds, maturing Jan. 1 1 9 4 5 .a $ 1 3 ,8 6 8 ,0 0 0
7 % cumulative prior preference stock_____________________________ 16,649,525
Class A participation and convertible stock without par value
(preferred dividend $4 non-cum ulative)______________________ 249,743 shs.
Com m on stock (without par value)______________________________ b 397,010 shs.
a On June 30 1926 there was $697,704 in cash in the sinking fund for
these bonds. The present company had in its treasury on Sept. 23 1926
$ 1 ,9 2 7 ,0 0 0 of the above bonds. The directors have determined to use
available cash for the purchase and retirement o f bonds, as market condi­
tions warrant, so as to reduce the outstanding bonds to $ 1 0 ,0 0 0 ,0 0 0 .
b Additional common stock will be authorized to provide for the conversion
o f the class A stock.
B O N D S .— Th e 6 % first lien sinking fund gold bonds will have the benefit
o f a sinking fund of not less than $750 ,00 0 per annum, payable to the trustee
in semi-annual installments beginning July 1 1925, being sufficient to retire
this issue o f bonds by m aturity. This sinking fund is to be used for the
purchase of bonds at or below par or for their redemption by lot at par.
S ecu rity.— Secured b y the pledge of all o f the shares and all of the Donds
of the wholly-owned subsidiary companies which own and operate all the
timber properties, the sole, belting and harness leather tanneries, the
Susquehanna & N ew York R R . and the Tionesta Valley R y.
The com pany will covenant in the Trust Indenture not to pledge any of
Its other assets to secure any subsequent loans or permit any o f its subsidiary
companies to pledge any o f their assets, unless, after such pledge, the value
of the unpledged net current assets of the com pany and its subsidiary com­
panies, all as defined in the Trust Indenture, shall amount to at least 1 K
times the total indebtedness, including this issue o f bonds.— V . 119, p . 2884
D I V S .—
1915. 1916. 1917. 1918. 1919. 1920.
1921 -2 5 .
3
5
5
5
3K
None
C om m on-------------------- 7
do
extra---------------4
4
2
2
2
N one
Preferred dividends regular 1 K % quarterly O ct. 1905 to April 1921:
none since.
R E P O R T .— For 1925, in V . 122, p . 1756, showed:
„
1925.
1924.
1923.
1922.
Volum e o f business-------- $41,122,551 $41,483,792 $ 5 2,826 ,920 $55,249 ,114
♦Earns, after oper. exp.
repairs, maintenance.
6,195,771
4 ,206.887 def2,588.969
6 ,294,267
E x p. & losses of all c o s._
3 ,879,395
2,962,995
3,2 9 1 ,3 9 0
3,3 1 1 ,3 1 0
N e t incom e____________ $2,31 6 ,3 7 7
Income from investments
231,638

$ 1 ,2 4 3 ,8 9 2 d f$ 5 ,880,359
110,008
446,323

$2,982,956
383,460

„ T o t a l ------------------------------ $2,548,014
D ed uct— In t. on 1st M . 5s 1,082,939

$1,353,901 d f$5 ,434,036
1 ,838,208
1 ,838,208

$3,366,417
1,838,208

B alance--------------------- s u r$ l.465,076 d e f$ 4 8 4 ,3 0 7 d f$ 7 ,2 7 2 ,2 4 3 sr$ l,5 2 8 ,2 0 9
♦ Expenses include yearly also provisions for plant abandonment and
stumpages, repair and maintenance, $1,495,070 in 1925 and approximately
$ 1 ,3 6 5 ,6 5 6 in 1924, $2,228,452 in 1923, and $1,84 5 ,9 5 2 in 1922.
R esults f o r Three and N in e M o n th s Ended Sept. 30.
_
— Q uar. E n d . Sept. 30--------- 9 M o s . E n d . Sept. 30—
P eriod —
1926.
1925.
1926.
1925.
N e t income after charges
and reserves----------------$538,627
$343,575
$431 ,56 4 $1 ,8 7 0 ,3 1 8
I n t . & disc, on b o n d s ...
2 3 3,985
219,009
719,025
745,557
Balance, surplus...........
$304,642
$124,566 loss$287,461 $1,124,761
D I R E C T O R S .— Charles S. Sargent, Jr., M a x J. H . Rossbach, H iram S.
Brown, Oliver C . H oyt, Warren G . Horton, Ernest Griess,
G eo. W .
Childs, W m . M cA d oo Jr., W illiam H . Harkness, Chas. Einsiedler, C has. S.
H aight, Boylston A . Tom pkins, Lewis L . Strauss and M adison J. Beach.




167

INDUSTRIAL STOCKS AND BONDS
W hen
P a y a b le

Q— M

8=5

Last D ivid en d
and M a tu rity

Jan 30 ’26
D ec 1 1926
N o v 1 1926
O ct 1 1926
O ct 1 1926
O ct 1 1926

Places W here Interest and
D ividends are P a ya b le.

50c
IK
$1 irv B k 'T r 'C o , N Y
$1
IK
IK

O F F IC E R S .— P res., H iram S. Brown; 1st V .- P ., W m . H . Harkness
2d V .- P ., W m . M c A d o o Jr.; 3d V .- P ., M adison J. Beach; 4th V .- P ., A . T
Lynch; Sec. and T reas., H . W . H ill. N e w Y o rk office, 17 B attery Place
— (V . 123, p . 2 659 .)
C E N T U R Y R IB B O N M IL L S , IN C .— Incorp. under laws o f N . Y . on
Dec. 16 1922. M anufactures silk and fabric ribbons, all o f the raw materials
Tor 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, P a .; Paterson, N . J .. and N ew Y o rk
C ity
D I V I D E N D S .— Initial dividend on common stock of 50 cents a share
was paid April 30 1924; same amount paid quar. to Jan. 30 1926; none since.
On pref. in full to D ec. 1 1926.
R E P O R T .— For 1925, in V . 122, p . 2047 , showed:
1923.
Calendar Y ea rs—
1925.
1924.
xN et sales________________________________ $4 ,7 8 0 ,1 3 8 $4,45 2 ,7 3 4 $5,17 2 ,7 3 1
General & selling expense______________
785,339
1,114.731
898.056
Inventory (net)________________________
3,0 0 5 ,3 5 1
3,0 5 3 ,9 5 5
2 ,6 9 8 .9 6 8
3 81,444
Other expenses__________________________
4 68,314
34 9 ,1 9 0
106.100
Depreciation____________________________
118,854
115.575
74,066
Federal income tax____________________
4 4 ,2 1 0
52,276
127,547
140,000
Preferred dividend____________________
131.362
Com m on dividends____________________
20 0 ,0 0 0
150.000
Surplus_________________________________ d ef$18,080
Surplus earned Jan. 1_
4 79,596
Surplus available for pref. stock
7 50,000
dividends & red. fund agre em en t..
D iscount on pref. stock purchased___
9 ,357

$57,308
42 1 ,7 5 0

$351 ,04 0
7 0,340

7 5 0.000
7 .0 9 4

7 50,000

2,022

Profit and loss, surplus______________$1 ,2 2 0 ,8 7 4
$ 1 ,2 3 6 ,1 5 2 $ 1 ,1 7 3 ,4 0 2
— Q uar. E n d . Sept. 30— - - 9 M o s . E n d . Sept. 30—
Period—
1926.
1925.
1926.
1925.
N e t a ft. depr. & Fed. tax
$34,943
$353,181
$148 ,02 6
$102 ,19 9
9 5.872
Preferred dividends____
92,102
30,459
3 1,675
C om m on dividends______
_______
5 0,000
150,000
5 0,000
Balance, surplus.
$ 5,924
$107 ,30 9
$4,484
$20,524
x Including other income o f $3 1 4 ,9 8 8 in 1925, $132 ,68 8 in 1924 and $ 1 6 2 ,792 in 1923.
6 M o s . E n d . Jun e 30—
1926.
1925.
1924.
1923.
N et profits_______________
$1 1 3 ,0 8 3
$ 250 ,98 2
$225 ,25 4
$279 ,31 9
6 1,643
6 4,197
65,8 0 0
7 0,000
Preferred dividends____
C om m on dividends______
5 0 ,0 0 0
100,000
5 0,000
____
Balance, surplus.
$1,440
$86,785
$109 ,45 4
$209,319
O F F IC E R S .— Pres., H erm an L e vy; 1st V .- P ., Ernest L evy; 2d V .-P .,«
Leo P latt; Sec. & T reas., Irving L e v y . Office, 80 M adison A v e ., New
Y o r k .— (V . 123, p . 2 266 .)
C E R R O D E P A S C O C O P P E R C O R P O R A T I O N — See V
101. p
1467, 1716. Incorp. in N . Y . State in N o v . 1915 and acquired extensive
copper. & c., deposits in Andes M ountains, Peru.
D I V S .— 1917. 1918. 1919 . 1920.
1921. 1922. 1923. 1924.
1925.
Regular . . $ 4 00 $4 00 $4 00 $4 00
50c.
0
$3.00 $ 4.00 $4.0 0
E x t r a ____ $ 1 7 5
$100
____
____
____
____
____ ____
$1.00
Paid in 1926: Feb. 1, $1; M a y 1, $1; A u g. 2 , $1; N o v . 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 . 2 308 .
R E P O R T .— For 1925, in V . 122, p . 2 5 0 3 , showed:
ca len d a r Sales o f
N et, after
Other
Bond
D ivid en d
B alance,
Y ea r. C o p p e r,A c . T a x e s ,A c .
I n c o m e. In terest.
P a id .
Sur. or D e f

$

$

$

$

$

$

1925___ 21,37 6 ,3 5 6 10 ,9 2 8 ,4 6 0
59 0 ,8 4 5
____ 5 ,6 1 4 ,0 6 0 sur.4,7 2 3 ,5 5 5
1 9 2 4 .- .2 2 ,2 6 6 ,5 9 5 7,573,181
524.361 49,0 0 0 4 ,4 1 3 ,6 0 8 sur.3,634 934
1923___ 20,98 2 ,0 8 5
5 ,483,481 1 ,7 7 5 ,2 2 8 3 73,000 2 ,9 7 1 ,6 8 6 sur.3,91 4,0 23
1 9 2 2 - - .1 7 , 805.585 3 ,5 6 1 ,8 3 7 1 ,628.320 59 5 ,3 6 0
_______ su r.4,594,798
Pres., L . T . Haggin; Sec., & T rea s., H . E sk M oller
Office 44 W all S t ..
N . Y — (V . 122, p . 2 952 .)
C E R T A IN -T E E D P R O D U C T S C O R P O R A T I O N .— O R G A N I Z A T I O N .
— Incorporated In M d . Jan. 30 1917 as successor of the General Roofing
M fg . C o .
Roofing plants located at East St. Louis and Marseilles. H I.,
York, P a ., Niagara Falls, N . Y . , and Richm ond, Calif. Paint and varnish
plants, St. Louis, M o ., and Richm ond, C alif. Linoleum , floortex and oil
cloth plants at Philadelphia and Trenton. G ypsum plaster plants at Grand
Rapids, Laramie, A cm e, N . M . , A cm e, T e x ., and at Acm e and C em ent,
Okla. Purchased the capital stock, & c., of Thom as Potter Sons C o ., In c .,
of P hila., in A u g. 1920. V . I l l , p . 796, 992. In 1923 acquired the plants
and properties of C ook’s Linoleum C o ., Trenton, N . J ., and the Acm e
Cem ent Plaster C o ., St. Louis, M o .
V . 116, p. 1653. Produces asphalt
roofings and shingles, building papers, dry asphalt and tarred felts, insulat­
ing papers, paints, varnishes, linoleums, floortex, oil cloths, plaster, plaster
blocks, rock plasterboard, & c. D ividends on 1st and 2d pref. in full to O ct.
1926. Initial div. on com . Jan. 28 1918, $4 per share; none thereafter until
July 1 1920, when $1 quar. and $1 extra was paid; O ct. 1 1920. $1 quar.
and $1 extra; Jan. 1 1921, $1 quar.; then none until July 1 1925, when
$1 quar. was paid; sam e am ount paid quar. to O ct. 1 1926.
The 1st mtge. 6 3 4 % serial coupon bonds were all redeemed on N o v . 1
1925 at 105 and int.
R E P O R T .— For 1925. in V . 122, p . 1316, showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
xGross operating pro fit- $ 5 ,9 5 0 ,8 6 4 $5 ,2 5 5 ,6 7 9 $4 ,9 9 6 ,1 5 4 $ 3 ,4 3 9 ,8 6 9
62,321
2 4 ,4 5 5
Inc. from other sources.______ 51.4 8 7 ______ 32,587
Gross incom e___________ $6 ,0 0 2 ,3 5 1
$5 ,2 8 8 ,2 6 6 $5 ,0 5 8 ,4 7 5 $ 3 ,4 6 4 ,3 2 4
Selling, & c., exp. & i n t . .
3 ,8 2 4 .0 5 7
3 ,8 3 6 ,9 4 4
3 ,8 8 9 .3 0 9
2 ,6 9 4 ,3 0 8
Federal taxes____________
78,0 0 0
174,000
8 2,000
9 8 ,0 0 0
Sundry surplus a d ju s t ..
C r.705
C r.10,163 D r .2 7 0,008
D r .220
1st pref. divs____________
3 1 7 ,4 5 0
3 30,925
32 1 ,6 5 0
2 4 9 ,9 0 0
2d preferred dividends—
187,250
187,250
187,250
187,250
Com m on dividends______
7 46,000
_____ _______
_______
Balance, surplus______
$850 ,29 9
$769 ,31 0
$ 308 ,25 8
$234 ,64 6
x A fter deducting repairs, maintenance and depreciation.
— Q uar. E n d . Sept. 3 0 --------- 9 M o s . E n d . Sept. 30—
P eriod—
1926.
1925.
1926.
1925.
Oper. profit after repairs,
m aint. and deprec____ $1,668,961
$ 1 ,512,838 $ 4 ,7 3 8 ,6 3 8 $ 4 ,5 7 0 ,0 3 6
Other income-----------------4,451
2 6,330
16 787
34,9 3 8
Gross income............. .. $ 1 ,673,412
L e s s — Selling, adm in.,
gen. exp. and bank int.
896,714
Interest on bonds_______
_______
Federal taxes------------------104,600
Sundry adjustm ’ ts, debit
_______

$1,539,168

$ 4 ,7 5 5 ,4 2 6

$ 4 ,6 0 4 ,9 7 3

884,154
124,755
64,500
_______

2 ,6 8 2 ,5 8 2
_______
2 7 7 ,6 0 0
2 ,7 2 5

2 ,5 4 1 ,3 6 4
3 8 7.303
2 0 3 ,0 0 0
0680

Balance, surplus--------$672,098
$465 ,75 8 z $ l ,792,518 $1,47 3 ,9 8 6
x Equivalent, after providing for divs. on 1st and 2d preferred stocks to
$4 67 per share on 307,000 shares of common stock.

168

INDUSTKIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviation s, A c . , see n otes on page 8]

D ate
Bonds

C h a n d le r -C le v e la n d M otors C orp— See text.
C h eseb rou gh M fg. C e C o n so l— Stock $ 4 ,000,000 a u t h .------C hevrolet M otor C o— Sec General M otors Co
Chicago Junction R ys & Onion Stock Yards— Common stock
P referred fa & d) 6 % cumulative
___________________ .
kftge & Coil Tr B s f bds g (* 1 0,000.000 5 s ) ........... Q.xc*<5tr
Central M fg D ist 1st M * 1 0 .0 0 0 .0 0 0 gu “ A " due *120,000
yearly call 105____________________________________________ c*
Railroad Issues guaranteed see te x t________________________
C h ic a g o P n e u m a tic T o o l C o -Stock auth $ 1 3,000 ,000 _
C h ic a g o Stock. \ m o i C o — < ollat tr bonds g red 105.
OBx
C h ic a g o Y e llo w C a b C o In c— Stock 4 0 0 ,0 0 0 shares a u t h ..
C h ild s C o— Com m on stock 750,000 shares auth_____________
Pref (a & d) 7 % cum $ 5 ,0 0 0 ,0 0 0 au th_______________________
5-year notes red 102________________________________ Em .xxxc*

Par
Value

A m ou n t
Outstanding

$25

1900

100
100
1,000

1916

l.o o o

1911

1925

P res., G eo. M . Brown; Sec. & T reas., R obt. M . N elson.
offices, 100 East 42d S t ., N ew Y o r k .— (V . 123, p . 2266 .)

C H A N D L E R -C L E V E L A N D M O T O R S C O R P .— Incorp. in D ec. 1925
for the purpose o f consolidating the Chandler M otor Car C o . (incorp. in
1915) and the Cleveland Autom obile C o. (incorp. in 1919 ). Combined
plants have a daily output capacity o f 300 cars.
S T O C K .— T h e consolidation plan provided for the exchange o f one
share o f Chandler stock for one share o f preferred stock o f the new com pany,
and one share o f Cleveland stock for one share of com m on stock of the new
com pany. The preferred stock o f the Cleveland com pany was retired on
April 1 1926.
C a pitaliza tion o f the N eto Chandler-Cleveland M o to rs C orp.
Preference shares, entitled to have declared thereon in any cal­
endar year non-cunm lative 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
tim e. N o t entitled to share in assets or earnings beyond the
above preferences but are convertible at the option o f the
holder a t any tim e, share for share, into common stock_______ 35 0 ,0 0 0 shs.
Com m on shares, for exchange for 2 80,000 common shares of
Cleveland Autom obile C o ________________________________________280.000 shs.
Com m on shares to be reserved for conversion of the 3 50,000
preference shares above m entioned____________________________ 3 5 0,000 shs.
Com m on shares to be retained in the treasury of the com pany
for future corporate uses_________________________________________ 370,000 shs.
All shares have equal voting power share for share and are without
par value
D I V I D E N D S .— An initial quarterly dividend o f $1 a share on the
preferred stock was paid April 1 1926; same amount paid July 1 and Oct
1 1926.
R E P O R T .— For 1925, in V . 122, p . 2047 , showed:
( Chandler M o to r Car C o .)—
1925.
1924.
1923
Gross profit from s a l e s .._____________ $3,28 0 ,9 1 4 $ 3 ,2 1 9 ,9 1 4 $ 4 ,012,189
23,503
21 ,5 6 0
29,184
Interest earned, & c____________________
$ 4 ,041,373

Total Income________________________ $ 3 ,304,117
Selling, & c., expenses and other
1,794,500
charges, incl. depreciation__________

$3 ,2 4 1 ,4 7 4
1,719.732

1,690,354

N e t profit____________________________ $ 1 ,509,917
840.000
Dividends paid________________________
179.000
Federal taxes___________________________

$1,521,741
1 .260.000
173,321

$ 2 ,351,019
1 ,680,000
295,752

$490,917
$ 8 8,420
Balance, surplus____________________
R esults fo r 3 M o n th s Ended Sept. 30 1926.
Gross profit, $392 ,48 9; other income, $296 ,06 1; total income . .
Expenses and depreciation__________________________________________
Federal taxes_________________________________________________________

$3,000,000 See

$375 ,26 7
$688,550
292 .708
14,330

N e t profit.
$381,512
O F F IC E R S .— Pres., F . O . Chandler; V .-P res., W . S. M . M ead , Georgi
M . Graham , John R . H all: Sec. Tsador Grossman; T reas., Samuel Regar
Office, C leveland. O hio.— (V . 123, p . 2524.)
C H ESEBR OU G H M A N U F A C T U R IN G C O ., C O N S O L ID A T E D .— O R ­
G A N IZ A T IO N , & C — Incorporated In 1880 in New York. Manufacturers
o f “ Vaseline” preparations. Fortnerly controlled by Standard Oil Cw
of N . J , but segregated In 1911.
See Standard Oil Co of N . J.. V 85 p
2 16, 790; V . 93, p. 1390. June 10 1916 the common stock was increased
from $500,000 to $1,50 0 ,0 0 0 by a 2 0 0 % stock dividend, and on M ar. 20
1924 the authorized common stock was increased to $4,00 0 ,0 0 0 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. $1,50 0 ,0 0 0 o f the
new stock was distributed M a v 2 1924 as a 1 00% stock dividend; the bal
ance ($1,000,000) remains in the treasury.
Th e $ l,0 00,00O 7 % cumulative preferred stock was redeemed on Sept.
30 1925 at 11214 and divs.
C O M . D IV S . ( % ) —
T 7 . '1 8 . ’ 19. '2 0 . ’2 1 . ’2 2 . ’2 3 . '24. '25.
Regular________________ t ______
12
9
12 12 1014 14 14 11 10
Extra cash (stk , see abo ve).
2 114
2
2 ___
___ 3 H 11
214
Paid in 1926: M a r . 31, June 30 and Sept. 30, 3 % quar. and 1 % extra;
D e c . 2 8 , 3 % qu ar., 1 % extra and 2 % special extra.
R E P O R T .— For 1925, in V . 123, p . 89, showed:
Earnings for the year 1925_________________________________________ $1,003,033
Surplus as at D ec. 31 1924_________________________________________
1,742,491
T o ta l surplus_______________________________________________________ $ 2 ,745,524
D iv s. paid in 1925, * 427,500 ; reserves appropriated, $1,336,484;
to ta l_________________________________________________________________ $ 1 ,763,984
Prem ium and fees on redemption o f preferred stock____________
125,877
Surplus as at December 31 1925________________________________
$855,663
O F F IC E R S .— Pres., C . W . M cG ee; V .- P ., R . S. G ill; Sec., T . J. Dobbins;
T reas., EYed’k H . W illiam s. Office, 17 State S t., N . Y . — V . 123, p . 2660.)

Last D ividend
and M a tu rity

Places
' here Interest and
D ividends are Payable

text Q - M 31 D ec. 2 8 ’26 6 % Checks mailed

9
6 500,000
6 .5 0 0 ,0 0 0
6
14,000.000 i & s e

A

4 ,7 2 9 ,0 0 0 5 , 514&6 M

1(0 1 0 ,408,600 See text
500 &c
6.2 5 0 000
5 8
N one
$4
400.000 shs
345,167 shs
$100
7
5 .0 0 0 .
000
1,000
5
2 .0 0 0 .
000

Executive

W hen
Payable

Rate
%

[V ol. 123,

Q— J July 1 1926 2 H Old C olony T r C o . Boston
do
do
0 — J July 1 1926 114
& O A p r 1 1940
Guaranty Trust Co. N T
*

S M ar 1 1941

First Tr & Sav Bk, OhU

Q— J26 O ct 25 1926 1 H Equitable Trust C o , N Y
» »
< O ct 1 1961
lu v oiony T r C o, Boat
M onth ly M ar 1 ’ 27 3 3 b c
Q— M 10 Dec 10 '26 60c
q — m 10 D ec 10 ’26
Em pire Trust C o , N Y
J
& D D ec 15 1930

mated in excess o f $ 1 2 ,0 0 0 ,0 0 0 . Bonds are guaranteed, prin. & in t., by
endorsement by the C h . June. R ys. & Union Stock Yards C o
M inim um
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. 4>£s due Jan. 1 1920 were refunded by an issue of
5 H s due Jan. 1930.
Also guarantees prin. and int. o f $ 2 ,3 2 7 ,0 0 0 Chicago Junction R R . 4s.
R E P O R T .— For 1925, in V . 122, p . 1460 and 1616, showed:
1925.
1924.
1923.
1922.
Gross earnings___________ $ 6 ,9 3 5 ,1 4 5 $7 ,3 2 8 ,0 6 9 $ 7 ,0 7 1 ,0 1 5 $ 8 ,3 5 8 ,6 1 0
Taxes, int. & oper. e x p ..
4 ,3 9 9 ,2 6 2
4 ,5 7 3 ,1 5 3
4 ,5 1 6 .2 8 2
5 ,7 1 4 ,9 1 6
Surplus after in t., & c . $ 2 ,535,883

$ 2 ,7 5 4 ,9 1 6

$ 2 ,5 5 4 ,7 3 3

$ 2 ,6 4 3 ,6 9 3

D I R E C T O R S .— F . H . Prince (P re s.), G eo. P . Gardner ( V . - P .) , M ark W .
Potter ( V .-P .) , G u y W . Currier, C . B . W iggin , John A . Spoor, J. W .
Powell, Philip D exter, M . A . Taylor (Sec. & T r e a s.), Bradford N orm an Jr.
N . Y . agency, 100 East 45th S t.— (V . 122, p . 1616.)
C H I C A G O P N E U M A T IC T O O L C O .— O R G A N I Z A T I O N .— Incorp.
In New Jersey on D ec. 28 1 9 0 l. M anufactures pneumatic and electric
tools, air compressors, oil engines and rock drills. Plants are located at
D etroit, C leveland, Franklin, P a .; M onrteal, Canada; Frasersburgh,
Scotland, and Berlin, G erm any.
S T O C K .— Th e stockholders voted D ec. 5 1919 to increase the auth. capi­
tal stock from $ 7 ,5 0 0 ,0 0 0 to $ 1 3 ,0 0 0 ,0 0 0 .
Stockholders o f record D ec. 19
1919 were given the privilege o f subscribing until Jan. 20 1920 to the new
stock at par equivalent to their respective holdings. V . 109, p . 1794, 2266.
L A T E D I V S .— /T O . ’ l l to '1 7 . T 8 . ’ 19 ’2 0 . ’2 1 . ’22. ’ 23. ’2 4 . ’ 25Ppr cen t.
____ 1 3
4 yearlv
5K
6
S B
4
4N
5
5
Paid in 1926: Jan. 2 5 , 1 H % \ April 2 6 , \ H % \ July 2 6 , 1 X % ; O ct. 2 5 .

1M%R E P O R T .— For 1925, showed:
Calendar Y e a rs—
1925.
xN et profits______________
$7 2 2 ,9 0 5
Miscellaneous incom e
58,5 2 6

1924.
$ 618 ,33 0
102,673

1923.
* 8 1 9 ,2 1 8
63,8 9 7

1922.
$ 567 ,52 6
41 ,5 7 1

Total incom e__________
Interest charges, & c____

$721 ,00 3
90 ,7 5 5

$ 883 ,11 5
7 1,079

$ 6 0 9 ,0 9 7
103,279

$781,431
64 ,9 3 7

Balance________________
$716 ,49 4
$630 ,24 8
$812 ,03 6
$ 505 ,81 8
Profit & loss, s u r p lu s ... 4 ,5 6 6 ,2 7 9
5 ,4 3 4 .4 2 9
5 ,2 1 6 ,5 4 4
4 ,8 7 6 ,1 9 3
x After providing for depreciation and for Federal taxes.
— Q u a r. E n d . Sept. 30— — 9 M o s . E n d . Sept. 3 0 —
Period—
1926.
1925 .
1926.
1925.
Profit after depreciation
and Federal taxes____
$282,618
$145,571
$754 ,41 2
$466 ,58 2
Other income____________
11,379
15,441
3 9.537
38,664
Total incom e__________
Interest__________________

$293,997
22.8 8 0

$161,012
16.960

$79 3 ,9 4 9
75.5 4 4

$ 505 ,24 6
44,637

N e t p r o f i t . . .............. ..
$271,117
$144,052
$718,405
$460,609
O F F IC E R S .— Chairman of Board, Charles M . Schwab; Pres., Herbert A .
Jackson; V .-P s ., A . E . Goodhue and W . H . C allan; Sec. & T reas., J. G .
Grimshaw. Directors: Chas. M . Schwab, James H . W a rd , Carl J. Schmidlapp, J. R . M cG in ley, W . A . M itchell, H . A . Jackson, E . M . Richardson,
E. V . R . Thayer.
New York office, 6 East 44th S t.— (V . 123, p. 2001.)
C H I C A G O S T O C K Y A R D S C O .— Incorp. In Sept. 1911 in M aine and
owns or controls all o f the $6 ,5 0 0 ,0 0 0 com . stock o f Chicago Jet. R y s. & U n.
Stock Yards C o .— which see above (V . 93, p . 1193; V . 94, p. 2 1 0 ). Has
w tstanding $ 8 ,0 0 0 ,0 0 0 common stock in $100 shares on which 5 % was
paid yearly from Jan. 1914 to July 1 1917, incl. ( 2 1 4 % J. & J .), and the
collateral trust bonds above described (auth .. $ 1 3 ,0 0 0 ,0 0 0 ). callable at
105. Pres., Fred’k H . Prince; Sec. & T reas., F . R . Pegram, Am es B ld g.,
Boston.— (V . 94, p. 210; V . 106, p . 193.)
C H I C A G O Y E L L O W C A B C O ., I N C .— Incorp. under laws o f N . Y . ,
Oct. 31 1916 as the W alden W . Shaw C orp .; name changed to present title
in A u g. 1921. Owns the entire capital stock o f Yellow Cab C o ., doing busi­
ness in Chicago. Also owns the entire capital stock of the Benzoline M otor
Fuel C o. In Sept. 1924 acquired a substantial interest in the Yellow -D ri veIt-Y ourself-System , Inc. (V . 119, p . 1285.)
S T O C K .— See table at head o f page.
D I V S .— Initial d iv. of $1 25 per share was paid M a y 15 1917, which
rate was paid quarterly to and incl. N o v . 15 1918; Feb. 15, M a y 15, A u g. 15
and N o v . 15 1919 paid $1 50 each; Feb. 14 1920. $5; M a y 15 1920 to F eb. 15
1922, $1 quar.; April 1 1922 to M a r . 1 1927, 33 1-3 cents each m onth.
Also paid $1 extra in 1918 and $1 extra on D ec. 24 1919. A stock dividend
o f 1 0 0 % was paid D ec. 18 1923.
R E P O R T .— For 1925 showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
N e t profit from o p e r ._ .
* 4 ,6 5 6 ,4 5 6 $ 5 ,287,205 * 5 ,0 9 9 ,4 0 5 $4 ,2 5 5 ,7 0 8
Administrative expenses
758,709
1 ,119,898
1,276,221
1,141,165
Depreciation_____________
1,364,465
1,626.305
1 ,4 5 0 ,4 0 2
1,096,471
Provision for income tax
3 2 5,784
312,000
29 2 ,0 0 0
245,000
D ividends...... .............
1 ,600,157
1,600,091
800.071
800,049

C H I C A G O J U N C T IO N R A I L W A Y S A N D U N IO N S T O C K Y A R D S
C O ., (T H E )— O R G A N I Z A T I O N .— Incorp. in 1890 in New Jersey, and
owns entire stock (132,000 shares) o f Union Stock Yard & Transit C o . and
54,991 shares of Chic. June. R y ., incl., about 700 acres i f land (with
Balance, surplus...........
$607,341
$628,910 $ 1 ,2 8 0 ,7 1 2
*973,023
one mile of water front), containing warehouses, sheds and pens to accom­
P . & L . surplus D ec. 3 1 . $3,54 7 ,1 7 3 $2,93 9 ,8 3 2 * 2 ,3 1 5 ,9 9 4 $ 1 ,426,307
m odate 7 5,000 cattle, 36 0 ,0 0 0 hogs, &c. V . 100, p. 1261. In 1907 New
— Q uar. E n d Sept. 30— — 9 M o s . E n d . Sept. 3 0 Y o rk Central R R . interests acquired the 46 miles outer belt line of the
Period—
1926.
1925.
1926.
1925.
Chicago Junction R y ., assuming the $ 2 ,5 0 0 ,0 0 0 bonds, and giving $ 2 ,5 0 0 ,000 new bonds in paym ent. V . 8 5 , p . 159; V . 86, p. 664. In D ec. 1920 the N et profit after deprec.,
Federal taxes & c____
$477 ,38 0
$458 ,91 4 $ 1 ,5 8 7 ,7 1 6 $1,601,449
N . Y . Central filed formal application with the I. S. C . C om m , for authority
to lease, operate and ultim ately purchase the Chic. Jet. R y . terminal
O F F IC E R S .— Chairm an, John H ertz; Pres., C . W . G ray; Sec. & Gen.
properties at Chicago. Th e lease becam e operative M a y 18 1922. V . 112.
Counsel, E . N . d ’Ancona; T reas., A . N . H u ttel. O ffice, 165 Broadway,
p. 62.
N ew Y o rk .— (V . 123, p . 2660.)
The Central M anufacturing D istrict o f Chicago trustees own about 37f
acres on which factories have been erected and used by about 150 industrial
C H I L D S C O .— Incorp. in 1906 in N ew Y o rk . Business started in 1889.
concerns. V . 99, p. 342; V . 100, p. 1261; V . 106, p. 2227.
See bonds below
C o. owns and operates a chain of restaurants in various cities throughout
Chicago Stock Yards C o . (which see) owns all of the *6,500,000 com. stock.
the United States and Canada. In Dec. 1925 109 restaurants were being
D I V I D E N D S — On pref 6 % yearly (Q -J .) . On common 1891 lO*’ • operated. Controls through ownership o f m ajority o f stock Childs Dining
1892 to Jan. 1 1915, inch, 8 % yearly; 1915 to July 1926. 9 % yearly { 2 H %
Hall C o. and Childs C o . o f Providence. Owns entire capital stock of
Q --J •) •
Childs B ldg. & Im provem ent C orp.
B O N D S .— The collateral trust bonds are secured b y pledge o f 131,803
S T O C K .— A reserve fund for the preferred is provided equal to 1 0 % of
shares o f the stock o f Union Stock Y ards & Transit C o ., $5,49 9 ,1 0 0 o f the
the net profits of the preceding calendar year, such fund to be invested in
$ 5 ,500,000 stock o f Chicago Junction R y . and $2,500,000 bonds o f Indi­
real estate or securities and to be maintained equal in am ount to the pre­
ana Harbor Belt R R . O f the bonds, $4,000,000 are 4s and $10,000 ,000
ferred outstanding. Voting power is shared equally with the common.
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
D I V I D E N D S .— Pref. stock, 7 % per annum , since organization to date.
* 1 0 ,0 0 0 ,0 0 0 bonds will be a secondary charge on the property. See V . 70,
C om . stock ($100 par), from organization to and including 1904, 3 % :
p . 1251; V . 72, p. 389; V . 86, p . 664; V . 100, p . 1261.
1905, 3 M % : 1906, 4 U % \ 1907, 5 j | % ; 1908, 6 % ; 1909, 1 !4 % \ 1910, 8 1 4 % ;
Central M fg . D ist. 5s are issued by J. A . Spoor, Arthur G . Leonard and
1911, 1 0 % ; 1912, 1 0 % , and 3 3 1 4 % in com . stock; 1913, 1 0 % ; 1914, 7 14%',
Eugene V . R . Thayer, as trustees o f the Central M anufacturing D istrict,
1915, none; 1916, 3 1 4 % and 14 % extra; 1917, 6 % and 14 % Red Cross;
and are a first m tge. on real estate and property the value o f which is esti­
1918, 314 % \ 1919, 2 M % and 1 4 % extra; 1920, 7 H % and H % extra;




1926.]

169

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[For abbreviation s, & c ., see n otes on page 8]

C h ile C op p e r Co— Stock auth $ 1 3 5 ,0 0 0 ,0 0 0 __________________
Convertible 15-year bonds. Ser A , (see text") call g _ O c*& r*
C h ry sle r C orp— Com m on stock 3 ,2 0 0 ,0 0 0 shares auth_____
Pref stock Ser A $8 cum red 115 2 75,000 shares au th --------1st M Ser G bds due $350,000 ann red (tex t)-C e.k xxxc*& r*
C lu e t t , P eabod y & C o , Inc— Com stk 2 50,000 shares auth
Pref (a & d) 7 % cumulative $ 9 ,0 0 0 ,0 0 0 .
--------------C o c a -C o la C o (T h e )— Com m on stock 50 0 ,0 0 0 shares_______

D ate
B o n as

1917
1924

__

Par
V a lu e

$25
500 &c
N one
N one
500 &c
None

A m oun t
O utstanding

R ate
%

W hen
P a yable

109,782,550
10
Q— M
A
Sc O
$34,991 ,500
6 g
2,693338shs See text
Q— J
2 14,684 shs
$8
Q— J
$ 1 ,951,000
546 g J & D 15
192,391 shs
Q— F
$5
7
too $ 9 ,000,000
Q— J
None 500,000 shs.
$7
Q— J

Last D ividend
and M a tu rity

D ec 27 '26 2 H
Apr 1 1 9 8 2
Jan 2 1927 75c.
Jan 3 1927, $2
T o D ec 15 1934
N ov 1 '26 $1M
Oct 1 1926 154
Jan 1 ’27 $1M

Places W here Interest ana
D ividends are P a yable

New York
New York and D etroit
Equitable Trust C o , N Y
Checks mailed
do

1921-22, 8 % ; 1923, 8 .8 5 % . C om . stock (no par), initial dividend 60 cents
The directors also declared four quarterly dividends o f $2 per share on
M arch 10 1924; regularly quarterly thereafter, including D ec. 10 1926.
the no par value pref. stock, series A , payable April 2, June 30, Sept. 30
D iv . o f 4 % in com . stock payable in 4 quarterly installments, commencing
1926 and Jan. 3 1927 to holders o f record M arch 19, June 15, Sept. 15 and
April 1 1925 was declared in Feb. 1925D ec. 15 1926, respectively.
The directors on Jan. 27 1926 declared a 4 % stock dividend on the com .
B O N D S .— The 1st m tge. 5 'A % serial gold bonds ($5,000,000 auth.) are
stock, payable in four installments o f 1 % each on April 1, July 1, O ct. 1
redeemable as an entirety, or from tim e to time any one or more series as
and D ec. 30 to holders o f record F eb. 2 6 , M a y 28, A u g. 27 and N o v . 26
an entirety, at 105 and int. if called for red. on or before D ec. 15 1925, and
1926, respectively.
thereafter at 105 and int. less j ^ % for each 12 months or part thereof
N O T E S .— See table at head o f page.
elapsed after D ec. 15 1925. V . 119, p . 2769 .
R E P O R T .— For 1925, in V . 122, p . 1031, showed:
R E P O R T .— For 1925, in V . 122, p . 1648, showed:
[Including Childs Dining H all C o . and Childs C o . of_ Providence.]
Calendar Y ears—
1925.
1924.
Consolidated In c o m e A c c o u n t Y ea r Ended D ec . 31 1925.
Total sales_____________________________________________ $ 2 5 ,625 ,393 $24,6 7 5 ,5 6 4
Total income_________________________________________________________ $29,2 9 1 ,5 6 0
Gross income from operation________________________
3,0 9 5 ,4 9 4
2 ,762,811
Expenses______________________________________________________________ 9,4 1 0 ,1 2 7
Federal and State tax reserve_______________________
. 298,4631
945,051
Interest_______________________________________________________________
2 8 4,298
Other general expenses_______________________________
7 9 8 ,5 9 8 ]
________
Federal taxes_________________________________________________________
2 ,4 7 1 ,0 0 0
N et income from operation________________________ $ 1 ,998,432 $ 1 ,817,760
Preferred dividends_________________________________________________
1,750,400
Other income (net)___________________________________
364,248
578,838
Balance, surplus___________________________________________________$ 1 5 ,375 ,735
Depreciation___________________________________________
706,786______ 587,629
Period Ended Sept. 30 1926— Q uarter.
9 M on th s.
N e t-p r o fit__________________________________________ $ 1 ,655,894 $ 1 ,808,969
N e t operating profits___________________________________ $ 4 ,4 3 6 ,9 4 0 $13,453 ,184
Previous surplus______________________________________
5 ,782,250
5 ,028,910
Federal taxes__________________________________________
5 63,372
1,733,372
Total surplus________________________________________ $ 7 ,438,145 $ 6 ,837,879
Preferred dividends___________________________________
44 0 ,5 7 4
1 ,307,294
Reserve account______________________________________
158,663
147,950
Com m on dividends___________________________________
2 ,0 3 0 ,3 1 0
6 ,090,930
Preferred dividends Childs C o _______________________
350,000
350,000
Preferred divs. Childs Dining H all C o ______________
6
6
Surplus______________________________________________ $ 1 ,4 0 2 ,6 8 4 $ 4 ,3 2 1 ,5 8 8
743,000
557,672
Com m on dividends (cash)___________________________
C om m on dividends (stock)__________________________
247,667______________ _____ O F F IC E R S .— Chairman & Pres., W alter P . Chrysler; V .- P ., & Sec., W .
Ledyard M itchell; V .-P . & T reas., B . E . Hutchinson; C o m p t., W . T .
Profit and loss surplus_____________________________ $ 5 ,938,808
$5,782,251
--------Q uarter Ended— — ■ ■ -— ■ 9 M o s . End.-------- -—- Schm itt. O ffice, D etroit, M ich . N ew Y o rk headquarters, 347 Madison
—
—
A v e .— (V . 123, p . 2524 .)
P eriod—
Sent. 3 0 ’26. Sept. 3 0 ’2 5 . Sept. 3 0 ’2 6 . Sept. 3 0 ’25.
Gross incom e____________ $ 6 ,8 8 7 ,3 8 6 $6 ,5 2 3 ,6 7 3 $20,206 ,461 $18,655 ,020
C L U E T T , P E A B O D Y & C O ., I N C .— O R G A N I Z A T I O N .— Incorp. in
Expenses and taxes______ 6 ,2 6 1 ,5 0 8
6,0 4 4 ,0 8 0
18,387,049 1 7 ,363,314
New York Feb. 4 1913. Combined factories at T roy. N . Y . ,
also
operates factories at Rochester, Schenectady, N assau, H adley and Corinth.
Operating incom e____
$ 625 ,87 8
$479 ,59 2 $1,84 9 ,4 1 2 $ 1 ,291,706
N . Y . ; Leominster and Fram ingham , M a s s .; Bridgeport, C on n .; South
Other incom e____________
37 ,5 7 3
87,0 2 2
125,523
2 83,210
N orw alk, C on n .; St. Johns, Q ue.; Kitchener, O n t., and a bleachery at
W aterford, N . Y . Annual production about 1 2 ,000,000 dozen collars and
T otal incom e__________
$663,451
$566 ,61 4 $1 ,9 7 4 ,9 3 5 $ 1 ,574,916
500.000 dozen shirts. V . 96, p. 4 91. Canadian C o ., V . 106, p . 2454;
D epreciation_____________
2 96,093
184,030
861,434
514,497
V . I l l , p . 796, 1373.
The com pany in Jan. 1925 purchased assets and trade-mark o f Earl &
N e t incom e____________
$367 ,35 8
$ 382 ,58 4 $1,113,501 $ 1 ,060,419
W ilson also o f T roy, N . Y . , and manufacturers o f shirts and collars. V . 120,
O F F IC E R S .— W illiam Childs, Pres.; C . L . R oberts, Sec.; C . J. W im ple,
p . 833. 1094.
Treas. Office. 200 Fifth A v e .. N ew Y o rk .— (V . 128, D. 2524 .)
S T O C K .— Pref. is callable, all or part, in blocks o f 1 0 % o f issue, at 125
and accrued d iv ., also at same price on dissolution or consolidation or dis­
C H IL E C O P P E R C O .— Incorporated April 16 1913 in Delaware and
tribution o f capital. Beginning D ec. 31 1916, annual sink, fund, 1916 to
owns the entire 10,000 shares o f full-paid and non-assessable capital stock
1920, 1 % o f issue and thereafter 2 % , payable out o f surplus profits. The
of the Chile Exploration C o . o f N . J. Said company owns and operates
extensive deposits o f low-grade copper ore and a plant for producing elec­ pref. has no vote for directors unless four quarterly dividends are in default.
N o mortgage or new pref. without consent o f 7 5 % o f each class o f stock.
trolytic copper at or near C huqulcam ata, Northern Chile, on a branch of
In D ec. 1925 $1 ,0 0 0 ,0 0 0 o f the original $ 1 0 ,000 ,000 had been amortized.
the Antofagasta Sc Bolivia R y ., 163 miles northeast o f Port o f A n tofagasta,
The stockholders in F eb. 1925 changed the authorized com . stock from
and has Its own standard-gauge railroad connecting the plant with the m in e.
180.000 shares o f $100 par value to 25 0 ,0 0 0 shares o f no par value. The
Altitude of mine, 9,600 f t .; o f plant, 9 ,0 0 0 ft. The plant has a capacity
outstanding stock of $100 par value was exchanged for the new stock of
o f 15,000 tons of ore per day. Compare V . 116, p . 4 15.
no par value on a share for share basis.
S T O C K .— In Jan. 1923 the Anaconda Copper M ining C o . acquired a
Dividend on com m on, 1914 and 1915, 4 % ; 1916, 5 % ( 1 X % quar.)
majority interest in the company through the purchase of 2 ,2 0 0 ,0 0 0 shares
1917. 6 % ( 1 K % quar. ; Feb. 1918 to N o v . 1919, 6 % d . a . ( U 4 % q u ar.)
from Guggenheim Bros, at $35 a share. V . 116, p. 3 00, 940.
Feb. 1920 to N o v . 1920, 2 % quar.; F eb. 1921, 1 H % : then none until
D IV I D E N D S .— A n initial dividend o f 244 % was paid on M arch 22 1923;
F eb. 1 1923, when 1 M % "was paid; same amount paid quar. to F eb. 1 1925;
same am ount paid quar. to D ec. 27 1926.
M a y 1 1925 to N o v .l 1926 paid $1 25 quar. on new shares o f no par value.
B O N D S .— In April 1917 sold $ 3 5 ,0 0 0 ,0 0 0 6 % convertible. Series A bonds
R E P O R T .— For 1925, in V . 122, p . 8 78, showed:
(total au th ., $ 1 0 0 ,00 0,00 0), to pay floating debt and pay for further addi­
Calendar Y ears—
1925.
1924.
1923.
1922.
tions, &c. These bonds are convertible into stock at any tim e, $35 of bonds
N e t sales------------------------ $ 2 4 ,8 8 2 ,8 6 7 $ 2 4 ,3 8 0 ,9 7 9 $28,2 6 4 ,9 0 2 $ 2 3 ,656 ,125
for $25 stock [or at lower rate in case of issue o f (a) bonds convertible at
x Expenses, & c--------------- 2 2 ,3 8 6 ,8 3 4
2 2 ,1 9 4 ,8 6 7 2 4 ,9 3 2 ,7 5 8 2 0 ,483,835
lower rate; (6) stock at less than $35 per share]; also callable b y com pany
In te r e s t_________________
C r .27 ,5 9 0
90 ,9 0 8
196,165
113,644
after April 1 1922 at 110 and int. V . 109, p. 778; V . 104, p . 1047, 1147,
D epreciation____________
2 80,925
271,991
281,312
307,205
1594, 2013 ; V . 105, p. 1000; V . 106, p. 1580, 2563; V . 107, p. 1483; V . 108,
p. 1612. 2 4 3 0 .
N e t incom e------------------- $ 2 ,2 4 2 ,6 9 9
$1 ,8 2 3 ,2 1 3 $2,85 4 ,6 6 6 $2,751,441
Preferred divs. ( 7 % ) - - .
59 0 ,9 3 5
572,813
582,190
R E P O R T .— For 1925, in V . 122, p . 2643 , showed:
558,665
C om m on dividends_____ ($5) 939,966 (5 % ) 900,000 (5 % ) 900,000
1925
1924
1923
1922
Copper produced ( l b s .) .2 1 9 ,516 ,420 211,644 ,026 2 0 4,897 ,590 134,568,506
Balance, surplus______
$711 ,79 8
$350 ,40 0 $1,37 2 ,4 7 6 $ 2 ,162,776
Copper sold (lb s.)________ 2 0 7 ,978 ,026 2 1 3 ,418 ,044 203,801 ,420 144,588 ,097
Appropriation (d eb .)___
_______
y 795,500
Average price_____________ 14.273 cts. 13.255 cts.
14.677 cts. 13.540 cts.
Previous surplus________
8 ,2 7 5 ,3 8 5
8 ,7 2 0 ,4 8 5
7,3 4 8 ,0 0 9
5,1 8 5 ,2 3 3
Operating revenue_______ $29,684 ,407 $28,289 ,013 $29,911 ,105 $ 19,576 ,635
T otal surplus D ec. 31 - $ 8 ,987,183
,275,385 $ 8 ,720,485 $ 7 ,348,009
Operating costs___________ 11,293,499 11,812,500
12,394,688 1 0 ,411,116
x Including raw m aterials, labor, supplies, operating e x p o s e s , general
D eliv ., selling, & c., e x p .
_______
____ _______ ____
1,257,701
and selling expenses, all administrative expenses, reserves for taxes, royal­
N et operating in co m e .$ 1 8 ,3 9 0,908 $16,476 ,513 $17,516 ,417 $ 7 ,907,818
ties, & c. y Appropriated from surplus for settlement of patent suits.
In t. & disc’t received___
_______
_______
_______
576,375
Other income____________
997,100
1,297,008
1,108,611
104,156
Report for six months ended June 30 1926, in V . 123, p. 715, showed:
P r o fit
on
u n d e li v e r e d
Six M o s . E n d. Jun e 30.
1926.
1925.
1924.
1923.
copper sold.
____
_______
_______
1,810,637
N e t sales_________ _______ $ 1 2 ,3 0 2 ,9 3 8 $ 1 2 ,8 3 2 ,6 7 4
_______
_______
Total income__________$ 1 9 ,3 8 8 ,0 0 8 $17,773 ,521 $20,435 ,665
$8 ,5 8 8 ,3 5 0
Operating expenses___ _ 1 1 ,1 5 9 ,6 2 5
_______
_______
Federal taxes, & c_______
2 ,567,923
1,781,508
553,384
1,214,255
Depreciation at p la n t s ..
145,583
_______
_______
Interest on bonds_______
2,2 3 9 ,9 5 9
2 ,240,000
2 ,384,093
3 ,148,012
Interest received________
Cr. 19,640
_______
_______
Deprec’n plant & equip’t 2 ,640,975
2,399,075
2 ,116,053
2,8 5 6 ,5 6 8
Am ortization____________
_______
140,000
N e tp r o fit----------------------- $ 1 ,0 1 7 ,3 6 9
$ 1 ,0 1 3 ,3 3 9 $ 1 ,0 2 7 ,6 6 2 $ 2 ,2 5 3 ,6 1 2
D epletion________________
_______
2,8 5 2 ,8 8 4
Preferred divs. ( 3 K % ) 28 9 ,0 5 7
29 7 ,4 8 8
28 9 ,1 7 0
29 1 ,7 9 5
P l a n t s u p e r s e d e d or
C om m on divs-----------($2 J^)4 77,727 ($ 2 14) 4622 39 (2 K % )4 50000(2 ^ )450000
406,110
abandoned____________
_______
Dividends________________
1 0 ,9 7 7 ,9 8 8 10,977,650 10,908,800
Balance, surplus--------$ 250 ,58 5
$2 5 3 ,6 1 2
$288 ,49 2 $1,51 1 ,8 1 7
$375,288 $ 3 ,8 1 2 ,4 6 4 d f $1,36 8 ,6 0 8
Balance, surplus______
$961,163
O F F IC E R S .— President, G . A . Cluett; V .-P s ., E . Harold C lu ett, A . E .
iq y K
1094.
iq o q
Six M o s . E n d. June 30.
1926.
C lu ett, A . Gillespie and E . H . Betts; Sec., H . M . Grout; T reas., D . A . Gil­
9 4 ,2 6 0 ,6 1 8 103,984 ,796 127,057,968
Total pounds sold_______ 1 0 8 ,083 ,227
lespie. O ffice, T r o y , N . Y . — (V . 123, p . 715.)
T o ta l gross receipts_____ $ 1 5 ,4 2 2 ,3 1 6 $13,6 5 8 ,0 6 8 $ 1 4,050 ,779 $19,770,937
C O C A -C O L A
CO.
(T H E ).— O R G A N .— Incorp. In Delaware on
E x p ., incl. depr., am ort.,
Sept. 5 1919 as successor o f (The) Coca-Cola C o . o f G a. Business started In
disc. o n 6 % conv. bd s.,
1886. M ain plant at Atlan ta, G a ., also has rftanufacturing plants at
d.1 0 1032 accrued Fed
1
N ew Y o rk , Chicago, Baltim ore, D allas, Los Angeles, N ew Orleans, H avana
tax & accrued bond int 9 ,2 6 1 ,4 5 9
8 ,055,421
8 ,6 5 5 ,1 9 0 10,346,078
and Santiago, and in Toronto, M ontreal, W innipeg and Vancouver, C anada.
Norm al combined m fg. capacity o f plants is 30,00 0 ,0 0 0 gallons per annum .
Surplus________________ $ 6 ,1 6 0 ,8 5 7 $ 5 ,6 0 2 ,6 4 7 $5 ,3 9 5 ,5 8 8 $ 9 ,424,859
Coca Cola International C orp. was organized as a holding com pany in
O F F IC E R S .— Chairman, John D . R yan; P res., O F . K elley; Sec. &
Jan. 1923. V . 116, p . 181, 3 00. The C oca-Cola C o. o f C anada, L t d .,
T reas.. O . W . W elch . Office, 25 Broadw ay, N . Y . — (V . 123, p . 1766.)
was organized in D ec. 1923. V . 117, p . 2894 . Tax suit against old com­
C H R Y S L E R C O R P .— Incorp. in Delaware June 6 1925 for the purpose
pany, V . 119, p . 2068 .
o f taking over the properties o f the M axw ell M otor C orp. pursuant to a
reorganization plan dated April 15 1925 (V . 120, p . 2 0 1 9 ). The latter
D IV I D E N D S .— Initial div. on com . stock o f $1 paid A p r. 2 1920; same
com pany was incorp. M a y 7 1921 in W . V a . as a reorganization and merger
amount paid July 15 1920; then none until D ec. 1 1921. when $1 was paid;
o f M axw ell M otor C o ., In c., and Chalmers M otor Corp. Manufactures
April 1, July 1 and O ct. 1 1922 paid $1 each; Jan. 2 1923 paid $1 50; April 2
the Chalmers and Chrysler cars.
1923 paid $1 50 quar. and 50 cents extra; July 1 1923 to Jan. 1 1927 paid
$1 75 quar.
S T O C K .— The pref. stock is callable at 115, and a sinking fund o f not
less than 1 0 % o f the amount of divs. paid on the com m on shares is to be
R E P O R T .— For 1925, in V . 122, p . 1317, showed:
created to provide for the retirement o f the pref. stock.
Calendar Y ears—
1925.
1924.
1923.
1922.
T h e stockholders on D ec. 18 1925 ratified an increase in the common stock
N et sales-------------------------$28,5 5 3 ,4 2 5 $ 2 5,444 ,197 $ 2 4 ,3 2 0 ,0 6 4 $ 2 1 ,0 5 3 ,8 3 4
from 8 0 0 ,0 0 0 shares, no par value, to 3,2 0 0 ,0 0 0 shares, no par value, and
Operating profit------------9,9 2 0 ,1 6 5
6 ,506,993
5 ,2 2 2 ,6 8 4
7 ,2 2 7 ,1 6 2
approved exchange on tne basis o f four shares o f new common stock for
Less other deductions___
660,585
4 5 ,5 7 6
61,719
each share o f com m on stock held.
Federal taxes------------------1 ,360,000
806,000
648.000
897.000
Preferred dividends____
662,961
700,000
7 0 0.000
7 0 0.000
D I V I D E N D S .— The directors on M arch 9 1926 declared an initial
Com m on dividends______ 3 ,5 0 0 ,0 0 0
3,5 0 0 ,0 0 0
3 ,6 2 5 ,0 0 0
2,2 5 0 ,0 0 0
quarterly dividend o f 75c. per share on the common stock, no par value,
payable April 2 1926; same amount paid quar. to Jan. 2 1927.
Balance, surplus---------$ 3 ,7 3 6 ,6 1 9
$ 1 ,500,993
$ 204 ,10 8 $ 3 ,3 1 8 ,4 4 2




170

[V ol. 123,

INDUSTRIAL STOCKS AND BONDS
D ate
Bonds

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviation s, & c ., see n otes on page 8]

C o c a -C o la I n t e r n a t io n a l C orp — Stock----------------------------------Colorado Fuel & Iron— Com m on stock 844,2 0 0 ,0 0 0 au th —
Preferred stock (not as to assets) 8 % cum $ 2 ,0 0 0 ,0 0 0 ____
Oolo Fuel & Iron Gen M $6 ,0 0 0 ,0 0 0 K s f red 105- C e.c’ &i
’’ ole Tndus U t M e o rt ser 4 & B guar n 4- t cal' 105 n o* a-»
C o lu m b ia n C a rb o n C o— Stock (v t c) 5 00,000 shares autb
C om m ercial S o lv e n ts C orp—
Class “ B " stock 110,000 shares au th________________________
C o n g o le u m -N a ir n , In c — Com stock 1,7 5 0 ,0 0 0 shs au th—
First pref (a & d) stock 7 % cum $ 2 ,0 0 0 ,0 0 0 auth red 1 0 7 -Second pref (a & d) stock 8 % cum $1,00 0 .0 0 0 auth red 1 0 0 First m tge serial gold bonds due $100 ,00 0 an n______________
Farr & Bailey M fg 1st s f g bonds (guar) red (te x t).-k x c *

1893
1904

1922

Par
Value

C O C A -C O L A I N T E R N A T IO N A L C O R P — Incorp. in Delaware on
N o v . 18 1922. Is strictly a holding com pany. Certain stockholders of
C oca-C ola C o . became interested in the advancement o f that corporation
and its policy, and this com pany was formed to insure control of that cor­
poration, and for the purpose of seeing to it that the control o f Coca-Cola
C o . remain vested in the hands in which it was at the time this corporation
was form ed. In the opinion of those people, it became necessary to form
this corporation in order to stabilize the management and policies of C ocaCola C o . I t was further believed that from time to time Coca-Cola should
enlarge the sphere of its endeavor and it was the purpose of this corporation,
as a holding com pany, to aid it to enlarge this sphere of its endeavor by
having other corporations formed that would engage in lines that were simi­
lar to the business of C oca-Cola C o ., and from time to time this corporation
would own and hold the capital stock o f such other corporations and thereby
have continuity o f m anagement. In order to accomplish this purpose cor­
poration exchanged 25 1 ,0 0 0 shares of its common stock and obtained in the
exchange 25 1 ,0 0 0 shares of the common stock o f C oca-Cola C o.
D I V I D E N D S .— A n initial dividend o f $1 75 per share was paid July 1
1926; same amount paid quar. to Jan. 1 1927.
E a rn in g s Y e a rs Ended D e c . 31—1923.
1924.
1925.
D iv s. received, C oca-Cola C o __________ $1 ,8 1 9 ,7 5 0
$1,75 7 ,0 0 0 $ 1 ,7 5 7 ,0 0 0
Other incom e___________________________
26,405
12,766
12,509
T o ta l_________
$1 ,8 4 6 ,1 5 5
$1 ,7 6 9 ,7 6 6 $1 ,7 6 9 ,5 0 8
Expenses________________________________
2 6,406
12,674
9,535
D ividend paid............ ................ - - - ( $ 7 . 2 5 ) 1,8 1 9 ,7 5 0 ($ 7 ) 1757,000 ($7) 1757,000
$92

%

Last D ivid en d
and M a tu rity

W h en
Payable

$2,974

C O L O R A D O F U E L & IR O N C O . ( T H E ).— A Colorado corporation
formed O ct. 21 1892. Re-chartered O ct. 1912. V . 93, p. 1728. In June
1903 Rockefeller-Gould interests assumed control. V . 7 6 , p . 1410; V . 98,
p . 1159.
Under the reorganization plan of 1903 (V . 77, p. 2037, 2282, 2341: V , 79
p. 736, 1267) the Colorado Industrial C o., whose entire capital stock is
owned, created an Issue of $45,0 0 0 ,0 0 0 consol, first m tge. guaranteed bonds
(■ce below; also full statem ent In V . 8 0 , p. 1726; V . 8 3 , p. 378).
D I V I D E N D S .— Dividends on pref. In full to Feb. 1903 then none till
July 1912. 2 H % : Jan. 1913, 2 3 4 % . M a r . 20 1913, 3 5 % account aceumulated dividends; July 1 1913, 4 % ; Jan. 1 1914, 4 % ; then none till
Aug. 1916. when 3 0 % was paid; on D ec. 22 1916 also paid 3 0 % . thus
clearing up all accumulations; 1917, F e b ., 4 % ; M a y 1917 to N o v . 1926, 8 %
p . a. (2 % q u a r.). V . 103, p . 6 3 , 2081.
A n initial dividend of 3 % was declared in July 1917 on the common s to c k ,
payable % o f 1 % on July and O ct. 25 1917 and Jan. and April 25 1918;
July 1918 to M a y 1921,
o f 1 % qu ar.; none since.
B O N D S .— The'Gol. Ind . guar. 5s ($45,000,000 authorized Issue) cover all
the property of that company a n d ,b y supplemental mortgage of 1913. the
real estate transferred to the C ol. Fuel & Iron C o . and entire Issue of securi­
ties of subsidiary cos. named, v iz ., $ 4 ,500,000 bonds and $100 ,00 0 stock o f
O o l.& W y o . R y .; $3,00 0 ,0 0 0 Rocky M t n . Coal & Iron stock and $331 ,20 0
stock and $160,000 notes of Crystal R iv . R y .
Series “ A ” (limited to $ 1 4 ,0 6 7 ,0 0 0 ), Series “ ’B ’ (limited to $ 3 0 ,9 3 2 ,0 0 0 ), $ 6 ,000,000 to retire gen. M .
5c of 1893. V . 8 0 , p . 1481. 1720; V . 8 3 . p . 3 8 1 . 377. 326; V . 9 6 . p . 1492.
V . 97. p. 53, 630.
O f the total o f $36,355 ,000 C o l. In d . 1st 5s outstanding D ec. 31 1925,
$ 4 ,9 2 5 ,0 0 0 were held In treasury o f Colorado Fuel & Iron C o .
R E P O R T .— For 1925, in V . 122, p . 1616 and 2185, showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
T otal gross earnings____ $34,5 3 7 ,1 3 5 $39,297 ,321 $ 3 8 ,656 ,580 $29,533,191
T otal net incom e________
5,8 6 9 ,5 3 7
4,6 2 8 ,5 0 3
4 ,9 9 2 ,6 8 0
3 ,730,602
4,1 0 8 ,2 1 8
4 ,260,651
4 ,385,547
Interest, taxes, & c______ 4 ,1 1 7 ,1 0 9
Preferred dividends____
160,000
160,000
160,000
160,000
Balance, surplus______$ 1 ,5 9 2 ,4 2 8
$360,285
$572 ,02 9 def$814,945
— Q uar. E n d. Sept. 30— - 9 M o s . E n d. Sept. 30— —
P eriod—
1926.
1925.
1926.
1925.
Gross receipts___________ $ 5 ,7 1 2 ,6 6 4 $ 5 ,977,325 $25,5 5 9 ,7 0 7 $26,194,551
N e t earns, from o p e r -.7 0 2 ,3 2 7
6 9 9,680
4 ,318,411
3 ,667,747
Other incom e____________
1 1 8,484
121,174
343,029
346,747
N e t incom e_____________
820,811
8 2 0,854
4 ,6 6 1 ,4 4 0
4,0 1 4 ,4 9 4
I n t ., taxes, sink, f d ., &c.
7 05,465
750,007
2 ,1 2 5 ,3 9 2
2,1 7 5 ,3 7 2
D epreciation____________
343,821
2 5 7,182
949,761
771,546
Surplus___________________ d ef$228,475 d ef$186,334 $1 ,5 8 6 ,2 8 7 $1,067,576

— Q u a r.

Jan 1 1927 $2
O ct 30 ’25 50c
D ec 1 ’26 1M
T o 1932
Ju n el 1942

30— - — 6 M o s . E n d . J u n e 3 0 1925.
1926.
1925.
1,012,647 a$2 ,1 4 2 ,7 9 5 $ 2 ,0 6 6 ,3 2 9
41 2 ,7 1 2
759,035
8 25,976
75 ,0 0 0
a
155,000
4 0 2 ,0 3 2
840,782
804,153
23,078

Balance, surplus______
$274 ,61 2
$ 122 ,90 3
$ 5 4 2 ,9 7 8
$258 ,12 2
a Including Federal taxes also in 1926.
O F F IC E R S .— P res., F . F . C urtze; V .- P ., Edw in Binney and C . H arold
Smith; T reas., G eo. L . B ubb; Sec., R e id L . Carr; Controller, R . E . Harnden.
Office, W illiam sport, P a .— (V . 123, p . 1510.)
C O M M E R C IA L S O L V E N T S C O R P .— Incorp. under laws o f M aryland
Dec
13 1910.
Manufactures solvents, particularly butanol
(butyl
alcohol) and other alcohol products under the W eizm ann processes; also
manufactures acetone, ethyl alcohol and various im oortant derivatives.
Plants are located in Terre H aute, In d ., and Peoria, 111.
S T O C K .— The directors in April 1926 called for redemption the $ 1 ,0 0 0 ,000 8 % pref. stock and the 3 9,960 shares o f no par value Class “ A ” stock
as of July 1 1926.
D I V I D E N D S .— A n initial quar. div. o f $2 per share on the Class “ B ”
stock was paid O ct. 1 1926; same amount paid Jan. 1 1927.
N O T E S .— The 6 K % gold notes were redeemed on June 1 1926 at 104
and int.
R E P O R T .— For 1925, in V . 122, p . 1769, showed:
1925.
1924.
1923.
1922.
Gross profit____________ 1
N ot
[* $ l,5 5 3 i5 7 6
$ 165 ,82 8
$457,891
D epreciation___________ ) reported (
See*
59,533
24 ,6 8 5
Adm in, expenses, &c-_J
1
31 7 ,4 2 5
114,152
185,168
Other incom e-

$ 1 ,312,189
87,712

$1,236,151
183,044

loss$7,857
26,691

$248 ,03 8
30 ,3 4 8

interest, & c., charges___
Federal tax reserve______
Preferred dividends____
Class “ A ” dividends____

$1,399,901
338,014
171,622
80,000
159,880

$1 ,4 1 9 ,1 9 6
217,223
158,000
62,736
280.000

$18,834
7 8,708

$278 ,38 6
98,797
22 ,6 0 0

D I R E C T O R S .— J. F . W elborn , Fred Farrar, Thom as D ebevoise, George
B . Berger, S. G . Pierson, Arthur W ood s, E . H . W eitzel, Albert A . Reed,
W m . V . Hodges, E . T . W ilson and M . D . Thatcher. Office, Boston Build­
ing. D enver. C olo.— (TJ. 123. D. 2145 .)

Interest paid_______________________
Depreciation_______________________
F e d ’l & State income taxes (est.).

R E P O R T .— For 1925, in V . 122, p . 1640, showed:
Calendar Y ears—
1925.
1924.
1923.
N e t sales__________________$7 ,2 8 6 ,1 6 3
$6 ,4 8 9 ,5 8 8 $ 8 ,5 9 6 ,7 1 8
N e t profits_______________ 2 ,4 7 6 ,2 9 0
2 ,4 4 2 ,4 1 8
3 ,8 6 6 ,2 5 4
Federal taxes (est.)______
31 0 ,0 0 0
275,000
480,000
Dividends paid_________
1,6 0 4 ,9 0 9
1 ,602,254
1 ,601,170
M inority interest share.
4 5 ,8 6 6
51,733
7,6 0 2
Balance, surplus______




$515 ,51 6

$513,430

$1 ,7 7 7 ,4 8 2

120,000

Operating profits______________
. $3,04 4 ,9 5 9
I n t., royalties, dividends, & c__. 2 ,136,822

$7 ,6 9 7 ,4 0 3
6 1 2,802

$5 ,6 8 0 ,5 1 6
266,906

. $5,181,781
256,623
722,084
4 25,000

$ 8 ,3 1 0 ,2 0 5
289,921
749,111
882,715

$5 ,9 4 7 ,4 2 2
303,566
332,846
675,000

. $ 3 ,778,074
119,842

$ 6 ,3 8 8 ,4 5 8
135,752

$4,646,010
129,036

3 ,4 8 9 ,3 7 5

1,280,000

Second preferred stock.
.

4 ,0 7 7 ,5 6 5

,def$419,334 $2 ,7 6 3 ,3 3 2 $3,226,974
.$ 1 3 ,1 6 6 ,5 5 4 $1 2 ,6 4 8 ,7 0 9 $7,390,826
x Congoleum C o ., In c., was merged with the Nairn Linoleum C o. during
1924 and the earnings o f both companies for the year are included in the
above report; however, the properties were jointly operated only for the
last two months o f the year.
Report for 6 m os. ended June 30 1926 in V . 123, p . 4 60, showed:
S ix M o n t h s E n d e d J u n e 30—
1926.
1925.
xl9E 4.
Manufacturing profits__________________$ 4 ,8 2 4 ,1 1 8
$6 ,4 0 7 ,8 4 5 $ 6 ,2 2 4 ,3 9 9
Administration & gen. exp ., & c ______ 2 ,7 9 4 ,6 7 2
4 ,0 6 3 ,5 8 9
3 ,310,594

1922.
$ 6 ,8 4 8 ,0 6 5
2 ,127,641
250,000
Operating profits______________________$ 2 ,0 2 9 ,4 4 6
1.119,973
Other income___________________________
89,044
-------$757 ,66 8

15,652
4 0,000

B a la n c e _______________
$650,385
$701,237 d ef$115,526
$ 36,989
* After deducting production costs, laboratory expense, factory oper. e x p .,
redistillation charges and returns and allowances (and depreciation in 1924).
-------------------- Q u a r te r s E n d e d — -— ■ -—— 9 M o s . E n d
—
P e r io d —
S e p t . 30 ’26. J u n e 30 ’26. M a r . 31 ’ 2 6 . S e p t . 3 0 ’2 6 .
Oper. profit after deprec.
$ 453 ,72 2 $ 1 ,7 6 8 ,2 4 2
Other incom e_____
2 7 ,9 7 5 _____ 85,309
T otal income__________
$720 ,91 5
$481 ,69 7 $ 1 ,853,551
Interest, discount, & c__
163,756
79,1 9 5
4 3 9 ,2 2 7
Federal taxes____________
___8 0,828
8 0 , 6 1 3 ____ 249,681
N e t profit______________
$476,331
$3 2 1 ,8 8 9 $1 ,1 6 4 ,6 4 3
O F F IC E R S .— Chairm an, W . D . Ticknor; Pres., P . G . M u m ford ; T reas.,
J. C arty; Sec., W . V . Sullivan; C o m p t., E . L . Pangborn. O ffice, 17 East
42d S t., N ew Y o rk .— (V . 123, p. 2145.)
C O M P U T IN Q -T A B U L A T I N Q -R E C O R D I N G C O .— See Internationa)
Business M achines Corp.
C O N G O L E U M -N A I R N , I N C .— Incorp. June 23 1919 in N . Y . as the
Congoleum C o ., In c ., successor to The Congoleum C o ., a Pennsylvania
corp.; name was changed to Congoleum -Nairn, I n c ., in O ct. 1924. M an u ­
factures waterproof floor covering, art rugs and borders under the registered
name o f “ C ongoleum .” Plants are located at M arcus H ook, P a .; Salem,
N . J.; Camden, N . J ., and Asbestos, M d .
The stockholders in O ct. 1924 authorized the company to purchase the
assets or to that end to acquire the whole or any part not less than 66 2 -3 % ,
o f the capital stock, both com . and p re f., o f “ The Nairn Linoleum C o ."
(of N . J .), by issuing and giving in exhange for each share, either com .
or pref. o f said stock o f “ The Nairn Linoleum C o .” (of N . J.) 6.80120
shares o f the com . capital stock without par value o f Congoleum C o ., In c.
S T O C K .— 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 I V I D E N D S .— On pref. in full to date. On com m on, paid $1 50 per
share each on O ct. 15 1920 and Jan. 15 1921; A p r. 15 1921 to O ct. 15 1922
paid $1 quar.; Jan. 15 and A p r. 16 1923, $2 each; July 16 1923, $4; O ct. 15
1923, $2; D ec. 22 1923 paid 3 0 0 % in stock; Jan. 1924 to A p r. 1925 paid
75c. quar. on increased capitalization; July and O ct. 1925 paid 50c. qu ar.;
none since.
B O N D S .— The Farr & Bailey M fg . C o. 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 1937, and thereafter 1 % less until
m aturity. Guaranteed as to principal and interest by endorsement by the
Congoleum C o .. Inc.
R E P O R T .— For 1925, in V . 122, p . 1922, showed:
C a le n d a r Y e a r s
1925.
x l9 2 4 .
1923.
M anufacturing pro fit_________________ $10,269,761 $ 1 6 ,6 9 1 ,7 1 0 $ 1 1 ,4 4 0 ,3 0 8
Selling, admin. & general expenses___
7 ,224,802
8 ,9 9 4 ,3 0 7
5 ,768,792
Add—

S T O C K .— All the outstanding stock is deposited under a voting trusi
agreement expiring N o v . 1 1930, the voting trustees being F . F . Curtze.
F . M . K napp, R . L . C arr, Edw in Binney and C . Harold Sm ith.
D I V I D E N D S .— Paym ents have been made as follows: Feb. 15 1922
$1; M a y 1 1922, $1; A u g . 1 1922, 75 cents; N o v . 1 1922, 75 cents; F eb. 1
1923 to N o v . 1 1926, $1 quar.

Bankers Trust C o , N Y
Cam den S D & Trust Co

E n ded June

P e r io d —
1926.
N et earnings after e x p .._ a $ l,0 6 7 ,8 6 2
Depletion & depreciation
3 78,984
Federal tax reserve______
a
Dividends paid__________
414,266
Adjustm ent prior years.
_______

O F F IC E R S .— Pres., J. F . W elborn ; V .- P ., Arthur W ood s; V .-P . & Gen
M g r ., E . H . W eitzel; V .-P . & T reas., S. G . Pierson; V .- P ., Industrial
R elations, A . H . L ichty; Sec., W endell Stephens.

C O L U M B IA N C A R B O N C O .— Incorp. under laws o f Delaware on
A u g. 24 1921. Produces carbon black, lampblack, bone black, pigments,
gasoline and natural gas. For description o f properties, & c., compare
annual report in V . 122, p . 1640; also V 122, p . 2658.

P laces W h ere Interest ann
D ivid en d s are Payable

Jan 1 ’27 $ 1 H
M a y 25 ’21 % %
N o v 26 ’26 2 % Chase N a t B ank, N ?
Chase N at B ank. N
Feb 1 1 9 4 3
Aug 1193 4
New York Trust Co, N
N o v 1 1926 $1

None
Q— J
4 7,064 sh See text
N one 1,641,026 shs See text
Q— M
100 $ 1 ,652,000
7
100 In treasury
600,000
6 g
M ‘ &~~S
100&1000
1,273.300
7 g

N et inc. bef. Fed. ta x - $ 3 ,4 3 1 ,8 6 0 $ 3 ,345,979 $8 ,1 2 7 ,5 0 3 $ 7 ,862,644
O F F IC E R S .— Chairm an, W . C . Bradley; Pres., Robert W . W oodruff;
Exec. V .- P ., Harrison Jones; V .- P ., W m . P . Heath; Harold Hirsch, B . N .
Harris; Sec. & T reas., S. F . B oykin. M ain office, A tlan ta, G a .— (V . 123,
p . 2 6 6 0 .)

_______

Rate

None 251,000 shs. See text
Q— J
$100 $ 3 4 ,235 ,500 See text
100 2.5 0 0 .0 0 0
Q -J25
8
F & A
5.319.000
1,000
5 g
F 4 a
i .one 3 1 ,430,000
5 g
None 402,031 sh
Q-F
$4

— Q uar. E n d. Sept. 3 0 — • 9 M o s . E n d. Sept. 30—
—
Period—
1926.
1925.
1926.
1925.
Gross receipts_____________ $ 9 ,2 2 0 ,2 2 9 $ 8 ,219,439 $ 2 4 ,2 1 2 ,3 6 9 $22,535,701
M fg . & general expenses. 5 ,6 0 2 ,1 4 3
4 ,7 7 3 ,5 2 9 14,863,449
14,448,486
Interest, discount, & C -186,226
99,931
1,2 2 1 ,4 1 7
224,571

Balance_______________________________
— (V . 123, p . 2395.)

A m oun t
Outstanding

T otal incom e......................... .................. $2 ,1 1 8 ,4 9 1

$2 ,3 4 4 ,2 5 6
1 ,333,187
$3 ,6 7 7 ,4 4 3

$2,91 3 ,8 0 5
156,575
$3,070,380'

Nov., 1926.]

D ate
B on d !

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviations, & c ., see n otes on pa ge 81
C o n g r e ss C iga r C o , In c— Stock 35 0 ,0 0 0 shs au th ------------------C o n le y T in Foil C orp— Stock 2 0 0 , OOO shares au th__________
C o n so l C igar C orp — Com m on stock, 350,000 shares________
Preferred (a & d) 7 % cum (see text) auth $5,000,000 call 110
10-yr sink fund conv gold notes red (tex t)_________ kxxxc*
C o n s o lid a te d D is tr ib u to r s In c— Stock 4 50,000 shs a u t h -.
co n so lid a te d T e x tile C o rp .— Stock auth. 2 ,0 0 0 ,0 0 0 shares.
ls t m tge. S. F. convert, gold bonds $ 5 ,0 0 0 ,0 0 0 auth.kxxxc*
Secured gold notes_____________________________________________
Income subordinated conv debentures (see text) red 1 0 0 - C o n so lid a tio n C oal— Com m on stock auth $ 5 0 ,0 0 0 ,0 0 0 ____
Preferred (a & d) stock 7 % cum red 112J4_________________
Refunding mtge 5 7 .500,000 auth gold s f red 105 G.xc*&r
Fairmont Coal 1st M gold sinking fund assum ed____ G.sc*
1st & R ef M $40,000 ,000 g auth red 1071^ s f _G kxc*& r*

Six M o n th s Ended Jun e 3 0 Interest________________________
D e p re c ia tio n _________________
Federal taxes (estim ated)____
First preferred dividends____
C om m on dividends___________

1926.
98 ,0 5 7
359,247
2 2 5,000
5 8 ,2 5 4

1925.
147,475
358,291
39 5 ,0 0 0
60 ,5 0 8
2 ,4 6 1 ,5 3 9

Par
V a lu e

N one 35 0 ,0 0 0 shs

1926
1921
1924
1924
1904
1901
1910

x l9 2 4 .
124,158
2 00,884
342,799
62 ,4 5 4
2 ,1 6 0 ,0 0 0

C O N G R E S S C I G A R C O ., IN C .— Incorp. on Jan. 14 1926 under laws
o f Delaware. M anufactures the La Palina cigar. Plants are located in
Philadelphia, Bethlehem , Allentown and K ulpm on t, P a .; Cam den, N . J.;
W ilm ington, D e l., and Baltim ore, M d . C om pany 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, N ew Y o rk
and Philadelphia.
S T O C K .'— See table at head of page.
D I V I D E N D S .— A n initial quar. div. o f 75c. a share was paid July 1 1926;
sam e amount paid O ct. 1 1926 .
R E P O R T .-— For calendar years:
N e t P ro fit.
D e p r e c ’n .
In terest.
F ed ’ l T axes. N e t E a rn ’gs.
1922
_$ 1 ,5 8 6 ,3 8 7
------------$1 2 ,5 5 6
$ 4 7,025
$191,093
$ 1 ,335,713
1923
_ 1 ,1 6 4 ,8 7 9
2 6,083
63,9 0 0
135,186
939,710
1924
_ 1 ,453,454
4 5 ,7 4 8
6 1 ,2 6 8
170,112
1 ,176,326
1925
_2 ,1 9 2 ,1 5 4
50,841
160,103
2 49,460
1 ,731,750
1923.
1924.
1925.
1926 (E st.)
O utpu t o f cigars-------------1 4 7 ,8 9 2 ,5 2 4 179,150,715 2 1 9 ,8 5 4 ,8 3 5 225,0 0 0 ,0 0 0
— 3 M o s . E n d. S ept. 30— - — 9 M o s . E n d . S ep t. 30—
_T ,
_
,
,
1926.
1925.
1926.
1925.
N e t after charges, but
before Federal t a x e s ..
$ 6 6 9 ,3 9 2
$553 ,88 3 $1,727,361
$1,473,727
— (V . 1 23, p . 2 1 4 5 .)
C O N L E Y T I N F O IL C O R P .— A holding com pany. Incorporated under
laws o f N ew Y o rk on D ec. 9 1919. Subsidiary corporations are engaged
In the business o f manufacturing and selling m etal products, particularly
tin foil products.
To D issolv e.— Th e stockholders on Sept. 9 1924 voted to dissolve the
corporation. A n initial liquidating dividend o f $14 a share was paid on
Feb. 16 1925; a second dividend in liquidation o f $2 50 a share was paid
on M a y 15 1925. Com pare V . 120, p . 2555 .
D I V I D E N D S .— Paid 50 cents per share on June 16 1920 and 50 cents
per share on O ct. I 1920.
R E P O R T .— For 1923, in V . 118, p . 1778 and 2442 , showed:
Calendar Y ears—
1923.
1922.
1921.
♦Net earnings. _ ----------------------------------$145 ,75 0
$373 ,70 8
$134,013
Federal taxes----------------------------------------17,500
52,106
19,006
N e t incom e----------------------------------------$128 ,25 0
$321 ,60 2
$115,007
* After expenses and reserves for inventory adjustm ent, &c.
For 9 m os. ended Sept. 30 1924: M anufacturing profit, & c., $10,044 ,231
expenses, $5,296,689; interest, $172,938; depreciation, $294 ,92 1; Federal
taxes, $536,197; net profit, $ 3 ,7 4 3 ,4 8 6 . V . 119, p . 1959.
O F F IC E R S .— Pres., E . J. Conley; V .- P ., Egbert M oxh am ; Sec., L . D .
Conley; T reas., Fred. D . K eith ly .— (V . 120, p . 2555.)
C O N S O L ID A T E D C IG A R C O R P .— O R G A N I Z A T I O N .— Incorp. in
Delaware M a y 13 1919, acquiring at that time all assets and property of
T . J. D unn & C o ., E l Sidelo Cigar C o ., E . M . Schwarz & C o . 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 “ 4 4 ” Cigar C o. was acquired.
Com pany produces five brands of cigars retailing for 10 cents and up­
wards, nam ely, “ D utch M asters,” “ H arvester,” “ E l Sidelo,” “ M o z a rt,”
“ A d lo n .”
In addition, the company produces the “ 4 4 ” 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 9 5 % , o f the
capital stock of the G . H . P . Cigar C o ., In c ., manufacturers o f “ E l Producto” cigars.
The com pany operates plants in 16 cities in the States o f N ew Y o rk ,
Pennsylvania, M ichigan, Florida and New Jersey. 12 o f these plants are
owned in fee, the balance leased. The G . H . P . Cigar C o ., In c ., operates
26 plants located in 2 4 cities.
S T O C K .— N o mortgage without consent o f 2-3 o f pref. stock. Annual
cumulative sinking fund o f $ 80,000 beginning June 1 1921 to be applied for
redemption o f the pref. stock at 110. Also callable as a whole at 110. In
case of failure to pay 3 successive quar. divs., pref. stockholders shall have
right to elect a m ajority of directors. There was also outstanding on
D ec. 31 1925 $ 171 ,50 0 stocks o f subsidiary companies.
The stockholders in Sept. 1926 increased the auth. common stock from
250.000 shares to 3 50,000 shares.
Com m on stockholders o f record Sept. 23 1926 were given the right to
subscribe for 4 8,666 additional shares o f C om m on stock at $77 a share on
the basis o f one new share for each four shares held.
D I V I D E N D S .— An Initial dividend on pref. at the rate of 7 % per annum
for the Z'A months ending A u g. 31 (about $2) was paid Sept. 1 1919; D ec.
1919 to D ec. 1 1921, \ H % quar.; then none until D ec. 1 1922, when 1 H %
was paid; M a r. 1 1923 to D ec. 1 1926 paid 1 5 * % qu ar.; also paid 1 5 * % o n
account o f accumulations on June 1 1925, Sept 1 1925 and O ct 1 1925,
clearing up all back dividends
Initial div o f $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. On N o v . 1 1920 paid 1 5 % in com­
m on stock.
N O T E S .— 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 O ct. 15 1929, thereafter
at 1 0 1 A up to Oct. 15 1932, and thereafter a t 101.
These notes are convertible into com m on stock on the basis o f one share
o f stock for each $100 o f notes.
T h ey will be secured by the deposit of not less than 9 5 % o f the capital
stock o f G . H . P . Cigar C o ., Inc.
A sinking fund is provided to retire $500 ,00 0 o f notes annually, com m mencing O ct. 15 1927, either b y purchase at or below the call price or bv
call b y lot. V . 123, p . 1511.
R E P O R T .— For 1925, in V . 122, p . 1317, showed:
Calendar Y ears—
1925.
1924.
1923.
$ 3 ,342,622
$ 2 ,754,473
Gross profit on sales-------$ 3 ,945,937
Selling, adm . & gen. exp. 1,702,978
1,620,630
1,769,896
Operating p ro fit______ $ 2 ,242,959
I n t . on loans, discount &
m iscell. losses ( n e t ) $489 ,79 7
F e d . & State taxes (est.)
230,000

$ 1 ,721,992

N e t incom e........................ $1,523,162

$ 1 ,081,432

$475,560
165,000

$984,577
$458 ,59 4
5 4,000

Am ount
O utstanding

N one
194,662 shs
$100 $3 4 87.500
50 0 -1 0 0 0 1 0 ,000,000
45 0 ,0 0 0 sh
1.300,022 sh
JNone
100 &c
3,8 7 5 ,0 0 0
6 ,569,500
566&IO66
4 76.000
10(1 40 ,2 0 5 ,4 4 8
100 10,000,000
1H C
O
4 ,099,000
1.000
3,9 4 4 ,0 0 0
1.000 21 ,3 9 5 ,0 0 0

N e t incom e___________________________$ 1 ,3 7 7 ,9 3 2
$ 254 ,63 0
$180,086
x Exclusive of Nairn C o.
O F F IC E R S .— Chairm an, A . W . Erickson; Pres., Albert W . Hawkes;
Sec. & T reas., L . W . Fogg. Office, M orris Building. Philadelphia.— V . 123,
p . 2395 .




171

INDUSTRIAL STOCKS AND BONDS

1922.
$3,225,653
1,697,867
$1,527,786
$357,496
115,000

$471,983 $1,055,290

R ate
%

W hen
P a yable

Last D ividend
and M a tu rity

Q-J

O ct 1 ’2 6 , 75c

$3
See

text
7
6 g

See

Places W here Interest o*
D ivid en d s are P a yabi'

A

y—

text
l
8 a
J
7 g
J
6
See text
See text See
4H RM
1
5 g
i
5 g

&

O ct 1 ’26 $1.75
D ec 1 '26
N ew York
C hat-P h N B & T C o , N Y
O O ct 15 1936

Jan 16 ’21
75c
D Tune 1 1941
J July 15 1929
D D ec 1 1929
Jan 31 1925 W 2 Guaranty
text D ec 1 1926 1 M
Guaranty
& IS May 1 1934
A
0 S Mtge
.1 July 1 1931
& D Deo 1 1950
Guaranty

&
&
&

Trust Co, fj Y
Trust Co, N Y
& Tr Co, N Y
Trust Co, N Y

— 3 M o s . E n d . Sept. 30— • — 9 M o s . E n d . Sept. 30—
P eriod
’ 1926.
1925.
1926.
1925.
N e t earnings after exp. &
charges but bef. ta x e s _ x $ l,412,237
$ 442 ,14 9 x $2 ,332,450 $ 1 ,070,257
x Includes earnings o f G . H . P . Cigar C o.
O F F IC E R S .— Pres., Julius Lichtenstein; V .-P res. & Sec., Louis C ahn.
General office. 730 Fifth A v e .t N . Y . C ity .— (V . 123, p . 2 267 .)
C O N S O L I D A T E D D I S T R I B U T O R S , I N C — Incorp. under laws of
N ew Y o rk . Operates a chain o f stores dealing in automobile and radio
supplies.
S T O C K .— The stockholders on Feb. 16 1926 increased the authorized
capital stock from 3 00,000 shares to 450,000 shares, no par value, the
150,000 new shares being offered to stockholders o f record M a r. 26 1926
in the ratio o f 1 new share for each two shares held, at $3 75 per share.
R E P O R T .— For 1925, in V . 122, p . 889, showed:
Consolidated In co m e A c co u n t fo r Y ea r Ended D ec . 31 1925.
Sales, $1,6 8 5 ,6 1 6 ; costs and expenses, $ 1 ,537,079; oper. p ro fit. ..$ 1 4 8 ,5 3 7
Other incom e______________________
_
_
207 007
T ° taJ i ? 00™4 -------3
$355 ,54 4
Other deductions________________________________________
11,987
Reserves for taxes and contingencies___ ZZZZZZZZZZZZZZZZZZZZZZZ 50|000
N e t p ro fit-------------------------$293,557
--------------------Quarter Ended-------------------- 9 M o s . E n d .
„ ,
Sept. 30 ’2 6 . Jun e 30 ’2 6 . M a r . 31 ’26. Sept. 30 ’26.
S a l e s . . . ------------------------$529 ,43 5
$386 ,01 2
$328 ,44 9 $ 1 ,243,896
Costs and expenses--------503,544
354,847
315,416
1,173,807
Operating profit .
Other incom e______

$25,891
4,485

$31,165
2,0 7 6

$13,033
2,111

$70,089
8,672

Total incom e____
Other d e d u ctio n s..

$30,376
9 ,093

$33,241
5,074

$15,144
11,229

$78,761
25,396

Profit_______
$21,283
$28,167
$3,915
$53,365
r Q F F IC E R S .— P i c a . , j c o o o n u e u u u u ; v , - v . r . n . nam son; sec. & T rea s..
L . M inzie. Office, 56th St. and Broadw ay, N ew Y o rk .— (V . 123, p . 2 524 .)

• C O N S O L ID A T E D T E X T IL E C O R P .— O R G A N I Z A T I O N .— Incorp.
Si *
1 ,.9 ctA! 1919 to acquire all the properties, assets A c ., o f the
P
Pilot Cotton M ills C o .. Raleigh. N . O .. James N . William son & Sons C o ..
Burlington N . O ., owners o f the Ossipee and Hopedale m ills, and the Ella
M fg. C ° - o f Shelby, N . C . In 1919 also acquired all o f the stock of Pelham
™ f g , Co T aPfi Lynchburg Cotton M ills; in 1920 Bonham Cotton M ills.
1
W indsor Print W ork s, Henderson C otton M ills and Union Cotton M ills.
Also owns the entire common stock (102,000 shares) and $5,09 0 ,0 0 0 notes
receivable o f B B . & R . K night, In c. (in receivership). For details o f
reorganization plan o f that com pany, compare V . 122, p . 2050.
.. ^ h e corporation on Sept. 8 1924 announced that a pian for strengthening
the financial structure of the com pany, which had been under consideration
tor some time b y the board o f directors had been consummated. As con­
templated in the plan a new selling com pany, to be known as Consolidated
Selling C o ., was organized as a subsidiary o f Consolidated Textile C orp. for
the purpose o f selling the goods o f that com pany. Com pare V . 119, p . 1286.
S T O C K .— The stockholders June 12 1922 authorized an increase in the
capital stock from 1,0 0 0 ,0 0 0 shares o f no par value to 2 ,0 0 0 ,0 0 0 shares of no
pf r
o.TS rS’ Stockholders of record June 14 were given the right to subscribe
at $12 50 a share for new stock on the basis o f one new share for each two
shares held. V . 114, p. 2474.
There was also outstanding on Jan. 2 1926 $800,000 8 % cumulative first
preferred stock o f Consolidated Selling C o ., In c.
D IV I D E N D S .— A n initial dividend of 75c. a share was paid in Jan. 1920.
same amount paid quar. to Jan. 15 1921; none since.
B O N D S — Th e 1st m tge. 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 K o f 1 % less for each 12 m onths or part thereof elapsed after
June l 1922. Convertible into no par value common stock on the basis of
par for the bonds and $21-309 per share for the stock. V . 112, p . 2 646 .
D E B E N T U R E S .— In t. on the income subordinated convertible deben­
tures is payable only if and to the extent that the net income o f the com pany
f° r *Le 6 months period ending 30 days preceding each int. paym ent date
shall be sufficient for the paym ent o f said in t ., any deficiency in the paym ent
o f m t. at said rate for any period to be cumulative and made up when the
net income of the co. shall be sufficient. C onv. at any time after April 1
1925 or such earlier date as the directors or executive committee shall bv
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 o f a reduction in the c o .’s capital stock. R ed. at
any time on 30 days’ notice at 100 and accrued and unpaid int. Subordi­
nated to the prior paym ent of the c o .’s 5 year 7 % secured gold notes dated
July 15 1924 at any time issued and outstanding.
Stockholders of record N o v . 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 P O R T — For 1925, in V . 122, p . 1923, showed:
Consolidated
a Y r . En ded a Y r . E n d e d ------Y r s . Ended D e c 31____
In co m e A cco u n t—
"“ °
""
1922.
xProfit from operations- T $648,680 loss$939,730 $2,59 1 ,3 2 0
$335 ,11 9
Depreciation_____________
252,614
248,320
543,565
635,000
Interest on bonds and
bills payable, & c______
901,404
802,249
1,862,288
1,724,988
Proportion o f bond dis­
count written o f f ______
50,509
37,316
131,392
153,004
1st pref. div. on Consol.
Selling C o ., In c _______
64,000
B a la n c e .----- ---------------- def$619,848def$2027,615 sur$54 074d ef$2l77 871
a Excluding B . B . & R . K night, Inc. x A fter deducting a d m ., selling
and gen. expenses (and in 1922, also shut-down and strike expenses)
, 9 l!fHler Ended—
-------- 6 M o s . Ended---------N et loss after in t., depre- ' V
6 ' J u n e 3 0 '2 5 - ^
3 ’2 6 . Jun e 3 0 ’2 5 .
d ation , & c _ _ ------- x$333,980
$90,259
$355,948
$33,801
x A lter charging depreciation amounting to $ 61,961 .
O F F IC E R S .— P res., Frederick K . Rupprecht; V .- P ., Allen E J oh n son Alfred L . Ferguson, J . K . Morrison and Joseph Bennett; Sec. '& Treas *
’
Henry B . Stimson. O ffice, 88 W orth S t., N ew Y o r k .— V . 1 2 3 ,'p . 986
i (n O ™ O L l D A T ,O N C O A L C O . (T H E ).— Inc. in M d . 1860. V 82 d
C
AQ4. The company owns approximately 5 4,500 acres o f fee lands underlaid
with coal, the mineral rights to approximately 22 8 ,0 0 0 acres, m aking a to ta l
coal acreage owned o f 2 8 3 ,1 0 0 acres; and has leasehold mineral rights in
approximately 2 6 ,6 0 0 acres and owns approximately 1,900 acres o f surface
S/r ~
aPPr1 xl™ ately 1,500 acres o f surface under lease, located in
o
M aryland, Pennsylvania, W e st Virginia and K entucky. The Developm ent

172

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
(F or abb revia tion s, & c ., see n otes o n p a g e 8]

D ate
Bonds

C o n tin e n ta l B a k in g C orp— Com stk C l A 2 ,0 0 0 ,0 0 0 sh auth
Com m on stock C lass B 2 ,0 0 0 ,0 0 0 shares authorized
Preferred stock 8 % cum ulative $ 2 0 0 ,0 0 0 ,0 0 0 au th orized-.
C o n tin e n ta l C an C o , In c— Com m on stock 750,000 shares
Pref stock (a & d) 7 % cum $ 7 ,5 0 0 ,0 0 0 red 1 2 5 ______

Am oun t
Outstanding

None
N one
$100
N one
100

—

P ar
V a lue

291,799 shs
$8
2,000,000sh
851,8 6 7 ,7 0 0
8
50 0 ,0 0 0 shs See text
7
5 ,4 7 3 .5 0 0

consists o f 82 modernly equipped mines w ith a developed capacity o f 15 ,000,000 tons per annum, and through the ownership of the entire common
capital stock of the Carter C oal C o ., controls in addition thereto, approxi­
mately 34,4 0 0 acres fee lands underlaid w ith coal, the mineral rights to
approximately 2 ,400 acres and leasehold mineral rights in 1,700 acres in W est
Virginia, Virginia and K entucky, on which are located ten modernly
equipped mines with a developed capacity of 1,000,000 tons per annum.
The coals produced by this com pany are: Georges Creek Big Vein and
Cumberland; Somerset smokeless and steam ; Fairmont gas, locom otive and
domestic; M illers Creek block; Elkhorn coking, by-product and gas, and
Pocahontas-New River Smokeless, steam and domestic coals.
Also owns: Entire capital stock as follows: S I ,500,000 Cumberland &
Pennsylvania R R ., which see under “ Railroads” above; $ 4 ,0 0 0 ,0 0 0 Somer­
set Coal C o .; $ 650 ,00 0 Consolidation Coastwise C o .; $10,000 Fairm ont Coal
C o .:$ 1 0 0 ,000 M onongah. Service C o .; $ 2 0 ,0 0 0 C assv. & M on o n . R R . C o .:
$5,000 Pennmont Coal M ining C o ., $250 ,00 0 Fairmont Supply C o .; $500
M aryland Construction & Contracting C o .; $ 2 ,500,000 pref. and $ 4 ,200,000
common o f Northwestern Fuel C o ., owning large docks at W ashburn,
Green B ay and Superior, and yards at St. Paul and Minneapolis; 50,000
shares o f common stock (no par value) o f Carter Coal C o . The com pany
formerly owned the Sandy Valley & Elkhorn R y . C o ., but control o f that
road was acquired b y the Chesapeake & Ohio R y . C o . in A u g. 1925 for
approxim ately $ 6 ,8 0 0 ,0 0 0 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 1925, including subsidiaries, 8 ,077,292 net tons, and 2,707,611 net tons mined b y lessees. See 61-year record, V . 120, p . 1492.
S T O C K .— Th e common stockholders o f record M arch 29 1924 were,
entitled to subscribe at par for a new issue o f $10,000 ,000 7 % cumulative
preferred stock at the rate of one share o f new pref. for every four share#
o f common stock held.
*18. *1 9 to J a n 3 1 ’25
C O M .D I V S . 0 0 . ’0 7 . 0 8 .
1909.
T 0 t o T 6 '1 7 .
6
l^ q u a r .
P e rce n t_______ 6
6
6 6 & 2 ex. 6 yearly.
6
do extra _ . 2
2
2
-------0
—
________
3.
__
60
..
5
do In stock . . .
14
................
April 1925 dividend was passed; none since.
On pref. stock, paid in fu ll to M arch 2 1925; then none until F e b . 20 1926,
when 1 M % was paid; then none until D ec. 1 1926, when 1 M % was paid,
leaving 8 M % unpaid on the pref. stock.
B O N D S .— The refunding sinking fund 4 } 4 % mortgage bonds are secured
b y a first mortgage on approximately 24,725 acres mineral lands in Somerset
C ounty, Pennsylvania, upon 11,803 acres mineral lands in M onongalia
C ounty, W e st Virginia, and 11,657 acres fee lands. 1,534 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 C ounty, M ary­
land.
Th e first and refunding sinking fund gold 5s are secured b y a first m ort­
gage on approximately 40,0 4 4 acres fee lands, 153,183 acres mineral lands
and 1,374 acres sin-face lands owned, and on leasehold interest in 624 acres
mineral lands and 131 acres surface lands situated in Pennsylvania, W est
Virginia and K entucky. O f the foregoing acreage 5,947 acres fee lands,
2 5,608 acres mineral lands and 148 acres surface lands owned, and lease­
hold interest in 457 acres mineral lands and 7 acres surface lands are
represented b y deposit w ith the trustees o f the entire issue o f the Somerset
Coal C o .’s first mortgage bonds. Further secured as a second mortgage on
approximately 20,387 acres fee lands, 100,001 acres mineral lands and 683
acres surface lands owned, and leasehold interest in 26,400 acres mineral
lands and 1,337 acres surface lands situated in M arylan d, Pennsylvania
and W e st Virginia..
Status o f $40,0 0 0 ,0 0 0 F irst and R efu n d in o M ortga ge Bonds D ec. 31 1925.
Reserved to retire prior lien bonds (see table at head of page) $10,4 4 3 ,0 0 0
Purchased and held by com pany________________ ___ _______________
595,000
Retired by operation o f sinking f u n d _____________________________ 2 ,2 5 0 ,0 0 0
Held for future developm ent, & c., for m ost part to 7 5 % o f cost
998 .,000
H eld in treas., $ 4 ,3 1 9 ,0 0 0 . and outstanding-----------------------------------2 1 ,395,000
O f Fairmont Coal C o . $ 6 ,0 0 0 ,0 0 0 1st M . 5s, $ 1 ,6 9 6 ,0 0 0 had on D ec. 31
1925 been retired b y sinking fun d. Secured b y a first mortgage on 2,712
acres fee lands, 3 7,402 acres mineral lands and 403 acres surface lands
owned, and on leasehold interest in 2 5,256 acres mineral and 1,312 acres
surface lands located near Fairm ont, W est Virginia.
R E P O R T .— For 1925, in V . 122, p . 1604. showed:
Calendar Y ea rs—
1925.
1924 .
1923.
1922.
Total earnings___________ $ 1 9 ,8 3 9 ,1 0 9 $ 1 9 ,263 ,184 $31,2 9 8 ,3 7 3 $ 22,464 ,912
Operating expenses, & c . 17,235,841
18,960,261 2 6 ,0 0 9 ,8 8 4 17,776,469
D epreciation_____________
1,175,404
1,442,698
1,436,388
1,453,508
D epletion________________
2 61,200
247,948
266,253
135,327
N et earnings__________ $l,166,6641oss$1387723 $ 3 ,585,847 $3 ,0 9 9 ,6 0 8
Profit from sale o f capi­
tal assets______________
$ 116 ,62 7
$ 143 ,57 6
$168,851
$372 ,33 9
Insur. fund surp. credit_______
114,941
130,623
111,122
Otherincome____________
82 2 ,3 0 5
1,0 3 1 ,7 0 5
911,545
1,017,029
Total surplus___________ $ 2 ,1 0 5 ,5 9 6
d ef$97,501
In t. on funded debt, &c_
$ 1 ,6 4 4 ,9 4 2 $1 ,7 9 1 ,1 4 4
D iv s. on pref. stock of
Carter Coal C o _______
2 3 5 ,0 4 8
2 3 7 ,0 0 4
Federal taxes____________
_______
_______
Surplus for year_______
$225 ,60 7 d f $ 2 ,125,650
Realization o f apprecia­
tion o f coal lands______$ 1 ,5 0 3 ,0 7 8 $1 ,4 7 9 ,1 4 3
Direct surplus ch arges-.
167,105
44,663
Preferred dividends_____
175,000
431,667
Com m on dividends ( 6 % )
_______
2 ,412,088

$4,796,867 $ 4 ,600,097
$1,892,659 $1,866,652
218,923
9 9,812
$2,585,474$

_______
175,000
2,558,446

$1,529,562

$935,691

2 ,412~676

2,412~035

Balance to s u r p lu s --d e f$ l,6 1 9 ,5 7 6 d f$ 6 ,4 9 3 ,2 1 1 d f $ l,356,158 def$789,280
Profit & loss, su rp lu s...$ 8 6 ,1 8 0 ,8 0 9 $87,8 0 0 ,3 8 6 $94,293 ,598 $ 9 5 ,649 ,757
O F F IC E R S .— Pres., Clarence W . W atson ; Sec., H . H . Snoderly.
67 W a ll S t., N ew Y o r k — (V . 123, p . 2 3 9 6 .)

Office,

C O N T I N E N T A L B A K IN G C O R P O R A T I O N .— O R G A N I Z A T I O N .—
Incorp. under laws o f M aryland on N o v . 6 1924. Through its ownership
o f the stock o f the United Bakeries C o rp ., the Continental Baking C orp.
controls the following ten baking companies:
Campbell Baking C o ., Incorporated in Delaware, M a y 13 1920, with baker­
ies at Kansas C ity and St. Joseph, M o .; Des M oines, W aterloo and Sioux
C ity, Iow a; W ichita and Topeka, K a n .; Oklahoma C ity and Tu lsa, O kla.;
D allas, T e x .; Shreveport, L a.
Continental Baking C o ., I n c ., incorp. in N ew Y o rk , M arch 24 1910 as
the Shults Bread C o ., name changed to present title on F eb. 17 1926,
with bakeries at W est N ew Brighton, M t . Vernon, Brooklyn and Jamaica,
N . Y . ; Hoboken, N . J.
W ard & W ard, I n c ., incorporated in N ew Y o rk , A u g. 14 1913, with bak­
ery at Buffalo, N . Y .
W ard B ros. C o., I n c ., incorporated in N ew Y o rk, Sept. 13 1913, with
bakeries at Rochester, N . Y . ; D ayton, Toledo, Cincinnati, Youngstown
and Colum bus, Ohio; G ary, In d ., and Gak Park, Chicago, 111.




Rate
%

W hen
P ayab le

[V ol. 12,3,
L a st D ivid en d
an d M a tu r ity

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

Q— J

O ct 1 1926

Q— J
0—F
Q— J

O ct I 1926 2 %
N ov 15 ’26 $1 U Checks mailed
Jan 3 1927 I K
do

$2

Crescent Baking C o ., I n c ., incorporated in N ew Y o rk , M a y 4 1922, with
bakery at Utica, N . Y .
M e m p h is B aking C o ., incorporated in D elaw are, M a y 27 1902, with
bakery at M em phis, Term.
Crescent B aking C om pa ny, incorporated in M ississippi, M a y 27 1922, with
bakery at Clarksdale, M iss.
The Stroehm ann Baking C o ., incorporated in W e st Virginia, April 1 1922,
with bakeries at W heeling W . V a . and Huntington, W . V a.
A tla s B akeries, I n c ., incorporated in Delaw are, N o v . 1 1 9 2 3 , w ith bakery
at M ilw aukee, W is .
B akeries Service C o rp ., incorporated in Delaware, July 27 1922. This
corporation has charge o f operating, buying, accounting and advertising
for all companies acquired b y the Continental Baking Corporation.
In addition to the above companies the Continental Baking C orp. has
also acquired a direct controlling interest in the following companies, either
b y purchase of their stock for cash, or b y exchange o f its own stock for that
o f the companies controlled, or b y both o f these m ethods.
A m erica n Bakery C o ., incorporated in M issouri, F eb. 14 1907, w ith 5
bakeries at St. Louis, M o . A M aryland corporation o f the same nam e
acquired the assets on April 11 1925.
L ivingston B aking C o ., incorporated in Illinois, June 26 1923, w ith 3
bakeries at Chicago, 111.
The W agner Baking C o ., incorporated in M ichigan, July 1 1980, with
bakery at D etroit, M ich .
Standard Bakeries C o r p ., incorporated in Delaware, Jan. , 1923, with
bakeries at Long Beach and Los Angeles, C a lif.; Denver and Pueblo, C olo .;
H am m ond, In d .; E l Paso, T e x .; Omaha, N e b .; Akron, Ohio.
During 1925 the Continental Baking C orp. further acquired a controlling
interest in the following companies: (1) Massachusetts Baking C o ., with
bakeries in B oston, Bedford, Haverhill, Springfield, Holyoke and Fitchburg,
M a ss., Bridgeport, Hartford, N ew Haven and W aterbury, C onn.
(2) C on­
sumers Baking C o ., with bakeries in Paterson and Garfield, N . J.
(3) Occi­
dent Baking C o ., w ith bakeries in M inneapolis, M in n ., M adison, W is.
(4) Spokane Bakery C o ., Spokane, W ash .
(5) Perfection Bread C o .,
Sacramento, C a lif., (6) Log Cabin Baking C o ., Portland, Ore.
(7) W ash­
ington Bakeries C o ., Seattle, W ash.
(8) Butterkrust Baking C o ., Salt
Lake C ity , U ta h .
(9) Ogden Baking C o ., Ogden, U ta h . (10) Northern
Bakeries, L t d ., 10 bakeries in 7 Canadian cities. (11) Corby Baking C o .,
w ith bakeries in Richm ond, V a ., W ashington, D . C .
(12) R . B . W a rd &
C o ., In c ., w ith bakeries in Los Angeles, San Diego, and Berkeley, C alif.
(13) N ew England B akery C om pany, with bakeries in Somerville, Haverhill,
Lawrence, N ew Bedford and Springfield, M a ss.
(14) Taggart Baking C o .,
with bakeries in Anderson and Indianapolis, Ind .
On Sept. 14 1926 the name o f the Massachusetts Baking C o . was changed
to Continental Baking C o . (M a s s .).
The names o f the following companies have been changed to Continental
Baking C o . (Delaware): American Bakery C o ., Livingston Baking C o .,
The W agner Baking C o ., Consumers Baking C o ., Occident Baking C o .,
Spokane Bakery C o ., Perfection Bread C o ., Log Cabin Baking C o .,
W ashington Bakeries C orp ., Butter Krust Baking C o ., Ogden Baking C o .,
The C orby Baking C o ., In c ., R . B . W ard & C o ., In c ., and Taggart Baking
C o.
S T O C K .— See table at head o f page.
B O N D S .— Funded debt o f subsidiary companies outstanding Sept. 18
1926, 7 ,7 6 5 ,3 6 7 .
D I V I D E N D S .— On preferred, in full to date.
$2 quar. fro m Jan. 2 1925 to O ct. 1 1926.

On Class A com m on paid

R E P O R T .— For 1925, in V . 122, p . 1923, showed:
In co m e A c c o u n t f o r Y ea r E n ded D e c . 31 1925.
N et earnings--------------------------------------------------------------------------------------- $ 1 3 ,436 ,915
Interest and m ortization, $633 ,81 7; depr’n, $ 2 ,5 9 6 ,0 6 4 ; t o t a l ..
3 ,229,881
Preferred and Class A dividends (including subsidiaries)_______
1,651,345
Balance, surplus____________________________________________________ $ 8 ,555,689
Th e com pany reported for the 13 weeks ended Sept. 18 1926 net profits o f
$ 1 ,6 6 9 ,3 9 9 after depreciation and other charges but before Federal taxes.
Consolidated In c o m e A c c o u n t 25 W eeks E n ded June 19 1926.
N et earnings, $ 4 ,4 2 1 ,3 0 7 other income, $ 3 56 ,07 1; to ta l__________ $ 4 ,7 7 7 ,3 7 8
In t. and amortization o f bond disc., $ 2 4 7 ,2 1 9 ; depreciation,
$1,233 ,9 2 3 : to ta l__________________________________________________
1,4 8 1 ,1 4 2
Estim ated Federal taxes, $445 ,00 0; prop, applicable to subs.
preferred dividends, $70,266 ; to ta l_____________________________
51 5 ,2 6 6
N et incom e________________________________________________________ $ 2 ,7 8 0 ,9 7 0
O F F IC E R S .— Chairman, George G . Barber. Office, M u rra y H ill
B uilding, 40th S t. and M adison A v e ., N ew Y o rk .— (V . 123, p . 188 2 .)
C O N T I N E N T A L C A N C O ., IN C .— O R G A N I Z A T I O N .— Incorp. In
N . Y . Jan. 17 1913. Operates 24 mills at Oanonsburg, P a . V . 9 5 , p.
1610; V . 9 6 , p . 363; V . 104, p . 5 55, 2643 . A new general line factory at
Jersey C ity , N . J ., was completed and placed in operation during 1921.
and during 1924 a new general line can factory at Chicago was com pleted.
Agreement w ith Vulcan Detinning C o . See that com pany. In Sept. 1923
purchased the can and tube departments of the N ational C an C o . o f D e ­
troit. V . 117, p . 1240. In April 1924 purchased the properties o f the
Bucklen Food & Products C o . at Id a ., M ich . V . 118, p . 1916.
S T O C K .— The stockholders on D ec. 29 1922 ratified a change in the com­
mon stock from $15,0 0 0 ,0 0 0 (par $100) to 5 00,000 shares o f no par value,
each share o f the old stock receiving 2 2 -3 shares o f new no par value
common stock. V . 115, p . 2 9 0 9 . The authorized com m on stock was in­
creased to 75 0 ,0 0 0 shares in F eb. 1926.
The preferred is callable, all or part, at 125 and accrued d iv .: also, begin­
ning in 1915, for annual sink, fund o f 3 % o f issue, payable out o f surplus
profits. The pref. has no vote for directors unless 4 quarterly divs. are in
default, in which case the election is vested exclusively in the pref. until
all the defaults have been made good. O f the pref. stock, $2 ,0 2 6 ,5 0 0 had
been redeemed to D ec. 31 1925. N o mortgage or increase in pref. stock
without consent of 7 5 % o f each class of stock.
T h e preferred and com m on stockholders o f record N o v . 24 1924 were
given the right to subscribe to no par value com m on stock at $54 per share
to the extent of 1 5 % of the number of shares o f preferred and (or) common
stock held.— (V . 119, p . 2 292 .)
D I V I D E N D S .— Dividend on pref. from organization to Jan. 3 1827,
Incl., 1 % % quar. ( 7 % per a n n .). On common O ct. 1 1915 to Jan. 1 1918,
incl., 5 % per ann. ( I M % Q .-J .); also, Feb. 21 1918, 3 5 % in com . stock;
April 1918 to July 1919, 1 K % quar.; O ct. 1919 to July 1921 paid 1 H %
quar. On Feb. 15 and M a y 15 1923 paid each quar. 75 cents a share on
new stock of no par value; A u g . 15 1923 to N o v . 16 1925 paid $1 a share
each quar.; on F eb. 15 1926 paid $1 25 quar. and $1 extra; on M a y 15 1926
to N o v . 15 1926 paid $1 25 quar. On F eb. 15 1924 and F eb. 16 1925 also
paid 5 % in common stock.

Nor., 1926.]

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviation s, & c ., see n otes on p a g e 8)

D a te
Bonds

Continental Motors Corp—

Com m on stock, 3 ,0 0 0 ,0 0 0 shares auth_______________________
1st m tge s f g bonds red (text)___________________CCkxxxc*

Copper Range Co— C apital stock $ 1 0 ,0 0 0 ,0 0 0
C o r n P r o d u c t s R e f i n i n g . — Common stock $ 7 5 .0 0 0 ,0 0 0 - . .
Preferred (a & d) stock 7 % oum $ 2 5 ,0 0 0 ,0 0 0 ________________
1st M . g sink, fa red 105__________________________________xc*
N Y Glucose Co first mtge assumed gold s f (see te x t) ___ t
G uaranteed D ebentures —
Nat Starch C o debs g guar d * I (V 0 4 . p. 127)__________ *
C o ty , In c— Stock 309,300 shares authorized__________________
(Wm) C r a m p & S o n s S h i p St E n g i n e B ld g C o — 8ee text

1924

1909
1902
1910

P ar
Value

Am oun t
Outstanding

Rate
%

None 1760,845 sh. See text
$100 &c $7 ,2 0 7 ,2 0 0
6X g
26
9,8 6 8 ,8 7 5 See text
25 63,25 0 ,0 0 0 See text
100 25 ,0 0 0 ,0 0 0
7
1.000
1,877,000
5 g
See text
38,280
6 g

W hen
Payable

Q— J30
M & S
See text
Q— J
Q— J
M & N
M & S

Last D ivid en d
and M a tu rity

Places W here In terest and
D ivid en d s are P ayable

O ct 30 ’26 20c B y check
(H alsey, Stuart & C o .N Y
M a r 1 1939
M a y 3 1926 $1 Boston
O ct 20 1926 2 %
O ct 15 1926 1 H Title Guar & Tr Co, N Y
do
do
M ay 1 1934
Title Guar & Tr Co Aklyn
Sept 1 1927

Farmers’ L & Tr Co. N Y
J
*
J July 1 1930
1.000
558,500
5 g
N one
309,300 sh s. See text Q— M 31 D ec 31 1926 $2

R E P O R T .— For 1925, in V . 122, p . 879, showed:
1925
1924
1923
1922
N e t earnings_____________$ 7 ,097,736 $ 5 ,317,370 $ 3 ,8 3 7 ,4 8 0 $ 4 ,4 3 8 ,5 0 8
D epreciation-------------------776,343
741,888
519,750
476,905
R es. for taxes & con tin g.
781.660
5 22,157
55 0 ,0 0 0
80 0 ,0 0 0
Preferred dividends ( 7 % )
387,116
405,256
4 1 1,574
289,713
Com m on dividends...........
1,875,725
1,514,389
99 5 ,4 6 4
27 0 ,0 0 0
Surplus------------------------- $ 3 ,276,892 $ 2 ,133,680 $ 2 ,3 6 0 ,6 9 2 $ 2 ,601,890
Office, Pershing Square B ld g ., N ew Y o rk .— (V . 122, p . 2197.)
C O N T I N E N T A L M O T O R S C O R P .— O R G A N I Z A T I O N .— Incorp. in
Virginia in Jan 1917 (see V . 104, p . 2 5 9 ), and took over business and plants
at D etroit and M uskegon. M ich ., o f Continental M otors C o ., makers of
“ Continental” gasoline motors. Produces passenger car m otors, truck
m otors, bus m otors, industrial m otors and aviation m otors; also special
motors for the exclusive use of some o f the largest automobile manufac­
turers.
The corporation has organized a holding com pany known as the British
C ontinental M o to rs, L td ., which will handle British rights to the Argyll
single sleeve valve engine.
S T O C K .— The stockholders O ct. 18 1922 authorized an increase in the
capital stock to 3 ,0 0 0 ,0 0 0 no par value shares, of which 1,5 0 0 ,0 0 0 were
exchanged share for share for the old common stock, par $10. Outstanding
O ct 31 1925, 1 ,760,845 shares. The unissued shares will be held in the
treasury for issuance as the directors m ay determine. See V . 115, p . 1637.
D iv . on common stock. N o . 1, June 15 1917, 1 ) 4 % ; D ec. 5 1917, 2 % ;
Feb. 1918 to A u g. 15 1919, 1 % % ; quar.; N o v . 15 1919 to A u g. 15 1920
2 % qu ar.; D ec. 15 1920, 1 % ; then none until April 30 1924, when 20 cents
a share was paid on stock o f no par value; same am ount paid quarterly to
O ct. 30 1926.
The 1st m tge. 6 ) 4 % sinking fund gold bonds are redeemable all or part,
at any time on not less than 30 days’ notice at the following prices and
Interest: to and inch M arch 1 1925 a t 10314; thereafter at M o f 1 % less for
each succeeding year or part thereof to and incl. M arch 1 1938 and there­
after at 100. For sinking fund, & c .. compare V . 118, p . 1524.
R E P O R T .— For year ended O ct. 31 1925, in V . 122, p. 228. showed:
1924-25.
1923-24.
1922-23.
1921-22.
Profits for year___________ $4,776,071
$4,65 4 ,3 7 4 $ 3 ,8 8 6 ,1 9 6 $ 2 ,955,691
Interest---------------------------566,206
610,370
497,547
506,092
Premium on notes r e d ._
_______
3 0,000
_______
______._
Depreciation_____________
1,007,242
1,143,981
1 ,208,195
888,655
Federal tax reserve_____
3 8 1,000
367,500
2 4 3 ,0 0 0 ______ 91,000
N et earnings___________ $ 2 ,811,624
$ 2 ,502,523 $ 1 ,937,453 $ 1 ,4 6 9 ,9 4 4
Previous surplus__________$8 ,9 4 5 ,8 4 8
$7,61 7 ,2 4 8 $6 ,1 0 6 ,9 2 6 $ 4 ,779,066
Pref. stk. pur. for canc’n
_______
_______
_______
C r.2,964
Provision for add’l Fed’l
taxes prior years)____
_______
117,415
266,000
_______
Property adjustm ent___
_______ _______ _______
C r.11,988
_______
Total surplus_________ $11,757 ,472 $10,002 ,356 $ 7 ,790,367
$6,251,974
Prem. on pref. stk. ret’d
_______
_______
$138,587
_______
Preferred dividends_____
_______
_______
34,533
$145,048
_______
_______
Com m on dividends______$ 1 ,408,676
$1,056,507
Profit and loss, su rp __$10,348,796 $8 ,9 4 5 ,8 4 8 $ 7 ,617,248 $ 6 ,106,926
Report for 6 months ended April 30 1926, in V . 122, p . 3 346 , showed:
Six M on th s En ded A p r i l 30—
1926.
1925.
1924.
Operating profits_______________________$ 2,018,441 $ 2 ,461,131 $ 2 ,366,287
Interest charges________________________ 1
847,208
(286,762
3 09,616
Depreciation____________________________j
(571,096
712,927
Federal taxes for period_______________
157,655
200,409
180,000
Dividends p a id _________________________
692,338
704,338
3 52,169
Premium on 7 % notes redeemed____
_______
_______
30,000
Surplus_______________________________
$319 ,24 0
$698 ,52 6
$781 ,57 5
O F F IC E R S .— Pres., R . W . Judson; V .-P s ., W . R . Angell and W . A .
Frederick; Sec., T . M . Simpson; T reas., R . M . Sloane. Office, Detroit,
M ich .— V . 122, p. 3346 .)
C O P P E R R A N G E C O .— O R G A N I Z A T I O N — Incorp. In M ich . Jan. 26
1899. See V'. 105, p , 610; V . 101, p. 925. H as extensive land holdings
and mineral rights in Lake Superior district, M ich . Owns all the stock o f
Copper Range R R . (see “ Railroads” ) , and 5 0 % o f Cham pionCopper C o .;
also owns 9 ,2 0 0 shares o f M ichigan Smelting C o . stock.
D ivid en d s.— Since A u g. 1915: 1915, 1 2 % ; 1916. 4 0 % 1917, 4 0 % (10%
Q .-M .) ; 1918, 2 4 % ; 1919. M arch 15 *1: June 1919 to Sept. 1920. 50 cts
( 2 % ) quar.; then none until M a r. 1 1922. when $1 was paid; M a y 10 1923
paid SI; M a y 20 1924, paid $1; M a y 4 1925, paid $1; M a y 3 1926, paid $1.
R E P O R T .— For 1925 showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
Copper produced l b s .). 23 ,2 7 7 ,7 1 8 25 ,1 0 9 ,1 7 5
23 .5 7 1 ,3 6 0 2 9 ,029,474
T o ta l revenue____________ $ 4 04 ,5,099 $ 4 ,573,230 $ 3,687,763$ 4,2 6 0 .4 2 2
N et for dividends_______
*541,132 *def476,101 *def570,745
331,683
Dividends paid__________
394,727
394,727
394,422
394,422
* After deducting $711 ,54 3 for depreciation and depletion and $107,321
Trimountain shut-down expense in 1923 and $740,893 depletion and depre­
ciation in 1924 and $719,943 depletion and depreciation in 1925.
Pres., W illiam A . Paine; V .-P . & T reas., F . W . Paine; Sec., J. A . Ackroyd.
Office, 82 Devonshire S t., B oston.— (V . 122, p . 2953.)
C O R N P R O D U C T S R E F IN I N G C O — O R G A N I Z A T I O N .— IncorpF eb. 6 1906 per plan Y . 8 2 , p . 103, 1321; V . 85. p . 527; V . 86, p . 1412; V,
87, p . 42; V . 96, p . 996; V . 90, p . 845. Plants at Argo and Pekin, 111.
Edgewater, N . J ., and Kansas C ity, M o . V . 105, p . 501; V . 84, p . 696.
V . 87, p . 938; V . 88, p . 628, 1623; V . 90, p. 845; V . 92, p . 465, 883; V . 98.
p . 9 15. New plant at N orth Kansas C ity M o ., was put in operation in
M arch 1922. Y . I l l , p . 796; V . 114, p. 1291. Purchase o f plants in
Europe, V . 112, p . 261. Forms German com pany, V . 114, p . 1895.
In June 1916 the U . S. District C ourt in N . Y . held the company to have
violated the Sherman A n ti-T rust L aw , and on M arch 31 1919 a final decree
wns filed, to which the company assented, ordering the dissolution o f the
merger not later than Jan. 1 1921 (subsequently changed to Jan. 1 1922;
V . 113, p . 1776). The decree ordered the company to dispose of its plants
at Granite C ity, 111.; Davenport, l a .; its interest in the stock and other se­
curities o f the National Starch C o ., with its plant at Oswego, N . Y . , and the
stock and securities o f the N ovelty Candy C o ., which had plants at Chicago,
H I., and Jersey C ity, N . J ., to a person or persons, including corporations,
not controlled by or affiliated with the Corn Products Refining C o. and
the com pany, or affiliated corporations, not to have any officers or directors
in common with such purchaser, nor any defendant be such purchaser. Only
persons or corporations intending to continue the business were eligible
as purchasers.
Accordingly in M a y 1919 the N ovelty C andy plants were sold to the
Continental Candy C o. (V . 109, p . 687). In Sept. 1919 also the Granite
C ity plant was sold for $ 4 ,500,000. The Davenport, l a ., plant was sold
in D ec. 1919 for $ 2 50 ,00 0. In D ec. 1921 the Oswego, N . Y . , plant o f the
N ational Starch C o . was sold to the Oswego Factories C orp. See V . 109,
p . 1 277 , 1463 , 1702, 2267 ; V . 112, p . 66.




173

INDUSTKIAL STOCKS AND BONDS

C A P I T A L S T O C K .— The stockholders on M arch 25 1924 (1) reduced
the authorized pref. stock from $ 3 0 ,000 ,000 to $ 2 5 ,0 0 0 ,0 0 0 , thus formally
completing 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 $50,0 0 0 ,0 0 0 to $75 ,0 0 0 ,0 0 0 , and changed the par value of the
common shares from $100 each to $25 each.
The directors declared a 2 5 % stock div. on the com . stock, payable to
holders of record April 5 1924. The stockholders received 5 shares of the
new stock, par $ 25, in exchange for each share o f the old com . stock, par
$100. The balance o f the new com . stock will be held in the treasury,
from which sales m ay be m ade to employees.
D I V I D E N D S - [ ’ 14. ’ 15. ’ 16. 1917. T 8 . ’ 19. ’20. ’ 21. '2 2 . ’2 3 . ’24. ’2 5 .
Preferred ( % ) ____ \ 5
5
5 26.1 6 7
7
7
7
7
7
7
7
Com m on ( % ) ____ I
__
____
. . . .
6
6
6 11X 8 %
8
Also paid 2 5 % in stock to stockholders o f record April 5 1924.
Paid in 1926: Jan. 20, 2 % ; April 20, 2 % ; July 20, 2 % and 1 % extra;
O ct. 20, 2 % .
B O N D S .— O f the N ew Y o rk Glucose 6s, 4 % o f each bond ($40) is retirable Sept. 1 yearly beginning 1902, but they are not subject to call. V . 74,
p. 1086.
The first 25-year 5s o f 1909 ($10,000,000 auth. issue) are secured b y a first
lien on all the property o f the com pany and its subsidiaries now owned or
hereafter acquired, subject only to N ew York Glucose first 6s. Annual
sinking fund o f 2 % o f total at any time issued m ay be used to draw bonds at
105 and interest. V . 106, p . 1034; V . 88, p . 1064, 1256, 1439; V . 90, p . 845.
846; V . 93, p . 348; V . 105, p . 1423.
R E P O R T .— For 1925, in V . 122, p . 1317, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
Profits from operations. $9 ,7 5 8 ,1 7 4 $14,510 ,015 $ 1 3 ,9 7 8 ,9 6 6 $13,826 ,118
In t. on dep., loans, & c - .
448,518
241,445
688,736
532,227
In t. & divs. on securities
1,0 6 8 ,9 9 2
1 ,269,610
9 1 4,305
864,929
Rents real est. not in o p .
88 5 ,2 6 0
_______
_______
_______
Profit on securities sold .
3 4 6,704
134,078
122,401
2 3 0 ,6 4 *
Total incom e__________$12,5 0 7 ,6 4 8 $16,1 5 5 ,1 4 9 $ 1 5 ,7 0 4 ,4 0 8 $ 1 5,453 ,918
Interest on bonded d e b t.
$124 ,95 9
$127,301
$ 136 ,19 0
$113 ,92 0
General & Fed. taxes— .
1,599,031
1,9 0 8 ,0 6 4
1 ,990,292
1,755,837
Insurance________________
231,723
263,118
199,101
191,450
1,7 5 0 ,0 0 0
1 ,750,000
1 ,737,890
1 ,737,899
Preferred dividends____
Com m on dividends______ 5 ,0 6 0 ,0 0 0
5 ,0 3 0 ,0 0 0
4,4 8 0 ,5 6 0
4 ,4 8 0 ,5 6 0
D epreciation____________
2 ,9 8 9 ,1 8 6
2,9 5 7 ,3 6 9
2,9 0 7 ,2 6 5
2 ,976,138
$ 752 ,74 9 $ 4 ,119,295 $ 4 ,253,110 $ 4 ,198,123
Balance, surplus______
9 M on th s E n d . Sept. 30
1926.
*N et earnings____________$ 9 ,317,448
Other income____________
1,769,859

1925.
$6 ,3 2 4 ,4 1 5
1 ,315,598

Total income__________ $ 1 1 ,087 ,307
Interest & depreciation. 2 ,4 8 0 ,0 6 8
Preferred dividends_____
1 ,312,500
Com m on dividends______ 3 ,7 9 5 ,0 0 0
Com m on stock (extra). .
632,500

$ 7 ,640,013
2 ,3 7 7 ,9 8 9
1,3 1 2 ,5 0 0
3 ,7 9 5 ,0 0 0
_______

1924.
$ 9 ,5 8 6 ,5 9 8
8 71,650

1923.
$9,782,792
702,111

$ 1 0,458 ,248 $ 1 0 ,484 ,903
2 ,4 9 8 ,3 3 8
2,3 4 7 ,6 3 2
1,3 1 2 ,5 0 0
1 ,303,417
3 ,7 6 5 ,0 0 0
2,2 4 0 ,2 8 0
_______
1,120,140

Balance, surplus______$2 ,8 6 7 ,2 3 8
$154 ,52 2 $ 2 ,8 8 2 ,4 1 0 $3,47 3 ,4 3 7
♦After deducting maintenance and repairs and estimated amount of
Federal taxes, &c.
D IR E C T O R S .— E . T . Bedford (P res.). W . J. M atheson ( V .-P .) , G . M M o ffett ( V .-P .) , F . T . Fisher (Sec.-T rea s.), C . H . K elsey, G . S. M ahana
( V .-P .) , T . P . Kingsford, W . H . Nichols Jr., A . A . Sm ith, A . B . Boardm an.
F ' . H all, W illis D . W o o d , Preston D avie, E . E . V an Sickle, C . L . C am pb O f f i c e , 17 B attery Place, N ew Y o rk .— (V . 123, p . 2267.)
C O T Y , IN C .— O R G A N I Z A T I O N .— Incorp. under laws of Delaware on
D ec. 22 1922. The com pany is engaged in the business o f importing per­
fum e 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 a t 423 W est 55th S t ., N . Y .
S T O C K .— See table at head o f page.
D I V I D E N D S .— On no par value stock paid $1 90 per share on June 3 0 ,
1925 and 95 cents per share quar. on Sept. 30 and D ec. 31 1925, M a r. 31
1926 to D ec. 31 1926 paid each quar. $1 per share, also paid $1 extra on
D ec. 31 1926.
R E P O R T .— For 1925, in V . 122, p . 487, showed:
Calendar Y ea rs—
1925.
1924.
1923.
Gross profit________ ___________________ $5 ,0 1 7 ,1 7 4 $3,954,711
$ 2 ,528,812
General, adm in., selling expenses, & c. 2,1 1 2 ,8 6 6
1,564,928
1,278,966
Balance___________________ ___________ $ 2 ,9 0 4 ,3 0 8 $ 2 ,389,783 $ 1 ,249,846
Other incom e___________________________
27,373
21,347
14,890
Total incom e__________________________$2,931,681
$ 2 ,411,130
D ep recia tion ___________________________
67,310
71,862
Federal taxes___________________________
3 60,000
293,396
D ividends_________________________ ($3 8 0 )1 ,1 7 5 ,34 0 ($ 3 K 1721700
N et incom e___________________,_______ $1,329,031

$1,324,172

$ 1 ,264,736
3 9,362
154,913
_______
$1 ,0 7 0 ,4 6 0

Q uar. En ded Q uar. Ended Q uar. Ended 9 M o s E n d .
Period—
Sept. 30 ’26. Jun e 30 ’26. M a r . 31 ’26. Sept. 30 ’26
Gross profit______________$ 1 ,6 8 5 ,6 9 4
$891 ,84 5 $ 1 ,182,003 $3 ,7 5 9 ,5 4 2
Expenses_________________
5 8 5,469
430,423
528,164
1 ,544,056
Operating p rofit______ $ 1 ,1 0 0 ,2 2 5
Other incom e____________
11,671

$461 ,42 2
D r l,7 9 3

T otal incom e___________ $1 ,1 1 1 ,8 9 6
Depreciation-------------------16,826
Federal taxes____________
147,834

$459,629
16,828
59,778

$653 ,83 9
90,363
$744,202
16,828
98 ,1 9 6

$2 ,2 1 5 ,4 8 6
100,241
$ 2 ,3 1 5 ,7 2 7
5 0,484
3 0 5,808

N et incom e____________
$947 ,23 6
$383,023
$ 629 ,17 8 $ 1 ,9 5 9 ,4 3 5
O F F IC E R S .— Pres., Francois C oty; V .-P . & T reas., Benjam in E . L evy
2d V .- P ., Joseph F . Scanlan; Sec., Paul Fuller Jr.; A sst. Sec., E . M . Jones
Office, 714 Fifth A v e ., N ew Y o rk .— (V . 123, p . 2660 .)
(W M .) C R A M P & S O N S S H IP A N D E N G IN E B U I L D I N G C O .
(T H E ).— Incorp. in Penna. M arch 26 1872. In N o v . 1917 purchased for
some $ 1 ,5 0 0 ,0 0 0 the 5 J^-acre plant o f the D e La Vergne M achine C o .
V . 105, p . 2 0 0 1 . In M arch 1922 purchased the plant o f the Pelton W ater
W heel C o . V . 114, p . 1291. H as also acquired over 9 5 % o f the stock
o f the Federal Steel Foundry C o . of Chester, P a.
In July 1919
American Ship & Commerce Corp. (see above) acquired a m ajority o f the
stock, issuing in place o f each $100 share acquired five shares o f its own
stock, with no par value. V . 109, p . 5 2 7 , 4 79.
S T O C K .— Authorized, $ 2 0 ,0 0 0 ,0 0 0 ; outstanding, $ 1 5 ,2 3 2 ,5 0 0 ; par of
shares, $100.
LATEST
I ’9 8 . ’9 9 . ’00. ’01. ’ 02. ’ 0 3 -’ 16.
1917.
T 8 . ’ 19.
’ 20-’26
D IV S - _ % l I X 5
5
5
3 X N one A u g ., 3 %
6
7 )4
text

174

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[For abb reviation s, & c ., see n otes on p a g e 8]

D a te
Bonds

Crex C a rp e t C o — Stock $ 3 ,0 0 0 ,0 0 0 authorized
-___
C ru cib le S teel C o — Common stock autnorlzed $75,000,000
Prelerred (a & dj 7 % cumulative $ 2 5 ,0 0 0 ,0 0 0 au th orized ..
Pitts Cruc Steel Co 1st M $250 ,00 0 y e a r ly ___
. .U P i.x c *
C u b a C a n e S u g a r C o r p — O om stk no par value (see te x t).
Pref stock 7 % cum convert red 120 $ 5 0 ,0 0 0 .0 0 0 ___________
Ten-year Debenture bends convertible t e i t ____________ G c*
Eastern Cuba Sugar Corp m tge conv s f g bds red (text) gu

P ar
Value

Am oun t
Outstanding

$100
100
10C

$ 3 ,000,000
5 5 .0 0 0 .
2 5 .0 0 0 .
4.7 5 0 .0 0 0
None 500.000 she
100 $50,000 ,000
! 100 See a25 .000 ,000

1911
1920
1922

100 &c

i921

10
100
600 &c

C u b a n -A m e r S u g a r C o— C om stock $10,0 0 0 ,0 0 0 auth____
Preferred (a & d) stock 7 % cum ($10,000,000 au th )_______
First m tge coll s f gold bonds red 1 0 7 4 $ 1 0,000 ,000
..c *

Hate
%

W h en
P ayable

[V ol. 123.

L a st D ivid en d
and M a tu r ity

P laces W h ere In terest ant'
D ivid en d s a re Payabie

See text See text
000 text Q— J31
See
000 7
Q— M
5
M A S

Jan 15 1926 1 %
O ct 30 1926 1 4 fTnion T rust O o, Pltrar
D e c 31 ’26 1 % U nion T rust C o , Pittsb
To M a r 1945
Union Trust Go, Pittsb

See tex1
7 & 8

Apr 1 1 9 2 i 1 4
Jan 1 1930

J— J

9 .4 0 0 .0 0 0
S
74 g M &
508.000
1 0 .0 0 0 .
000
See text
Q— J
7
7,8 9 3 ,8 0 0
Q— J
8.8 5 1 .0 0 0
M & S15
8 g

G uaranty T rust O o, N Y
G uaranty Trust C o , N Y

Sept 1 1937
T o 1935
Jan 3 ’27 2 4 138 Front S t. N Y
do
do
Jan 3 ‘27 1 H
N a t C ity B an k , N Y
M ar 15 1931

a $1 7 ,5 5 1 ,1 0 0 bear 8 % interest and $ 7 ,4 4 8 ,9 0 ■bear 7 % i nterest

In
A u g.
14%
1925
none

M a y 1917 resumed dividends, 3 % being paid A u g. 1; Peb. 1918 to
1919, 3 % s.-a .
In Oct. 1919 and Jan .. April and July 1920 paid
.
Paid 1 5 0 % in stock on Sept. 10 1920.
O ct. 15 1920 to Sept. 30
paid 1 % quar.; on D ec. 31 1925 and M arch 31 1926 paid 4 % quar.
since. On July 14 1922 paid an extra cash dividend o f 2 5 % .
Funded D eb t.
1st M tg e . 5 % gold bonds o f 1899, due M a r. 1 1 9 2 9 ,'b u t call­
$814,000
able $ 25,000 yearly at 110; interest M . & 8 ____________________
20,444
Beal estate mortgage and ground rents___________________________ _
N otes payable U . S. N a v y D ep t, 1926 -19 42_______________________
861,600
K E P O B T .— For 1925 showed:
1922.
Calendar Y ea r—
1925.
1924.
1923.
N e t, all departm ents
loss.$74,635 $ 1 ,401,141
$1,817,261 $3,82 8 ,9 4 4
4 7 7 ,0 8 0
7 70,748
766,612
D epreciation_____________
756,793
149,733
Interest, & c_____________
8 4,755
67,006
96,645
$563,387
$954 ,00 3 $ 2 ,9 2 2 ,4 1 8
P N e t incom e__________ d ef$636,469
D iv id e n d s ______________
5 33,124
609,267
4,420,611
609,281
Surplus for y e a r .. .d e f $ l , 169,593 d ef$45,894
$ 3 4 4 ,7 3 S d f$ l,4 9 8 ,1 9 3
O F F IC E R S .— Pres. & G en. M g r ., J. Harry M u ll; V .- P ., H . B . Taylor;
Sec. & T reas., G eo. D . M artin; A sst. Sec., R . L . Howe; A sst. T reas., J. P .
R am age.— (V . 122, p . 3610.)
C R E X C A R P E T C O .— Incorp. June 8 1899, in D elaw are, as the
American Grass Twine C o .; nam e changed to above on O ct. 17 1908. M an u ­
factures grass, cotton and wool rugs and carpets. Plants are located at
S t. Paul, M in n ., and New burgh, N . Y . ; also owns about 50,000 acres of
grass lands in the northern parts o f W isconsin and M innesota.
D IV S .
( ’ 10. ’ 1 1 -T 3 . ’ 14. ’ 15-’ 16. ’ 17. ’ 18-’20. ’2 1 . ’2 2 -’2 3 . ’2 4 . ’ 25.
1 514 6 yrly. 3
0
2 6 yrly. 1 )4
0
1 4
Paid in 1926: Jan. 15, 1 % , none since.
I R E P O R T .— For year ended June 30 1926, in V . 123, p . 1499, showed:
Y ea rs E nded Ju n e 30—
1925-26.
1924-25.
1923-24.
1922-23.
Gross incom e____________
$181,031
$306,425
$396 ,28 4
$418,853
Selling, a d m ., gen. exp.,
depreciation, & c______
210,822
208,063
201,803
320,815
N e t incom e___________ loss$29,791
Previous surplus________
800,622
Refund Federal tax____ _
_______
Gain/on sale o f real estate
_______
Total surplus__________
D ividends________________
Inventory a d ju stm e n t..
Settlement o f B urt s u it.
R e s. for Crex Carpet C o .
(Eng.) ,L td .,c u rr.a cc’t
Loss on old m ach in ery ..

$770,831
6 0,000
_______
_______
25 ,0 0 0
3 ,2 8 0

$98,362
801,056

$194,481
610,835
Cr. 5,470

$98,038
662,377

$811 ,05 6

$760,415

21,204
$920,622

120,000

deb.30,735
43,845

10,000

75,000

Balance June 3 0 ______
$682,551
$800 ,62 2
$801 ,05 6
$610,835
O F F IC E R S .— P res., James H . Baldwin; V .- P ., H . E s k .M o lle r and
R . C . Gam bee; Sec. & T rea s., W m . A . Pfeil; A sst. Sec. & A sst. Treas.
W m . B . Herbort; G en. Msrr., G eo. B . Faw ley. Office, 295 Fifth Ave
N ew Y o r k .— (V . 123, p. 1499.)
C R U C IB L E S T E E L C O . O F A M E R I C A .— O R G A N I Z A T I O N .— Incoi
ated In N . J. on July 21 1900. V . 71, p . 32; V . 73. p . 842; V . 84. p . 573
101. p . 2 90. Fourteen of plants owned and controlled, Pittsburgh. Pa.
Syracuse, N . Y . , Auburn. N . Y . . Harrison, N . J .. Jersey C ity , N . J ., M id ­
land, P a ., M cK ees R ocks, P a ., Crucible, P a ., and Glassmere, P a.
The Pittsburgh Crucible Steel C o ., all of whose stock is owned by the
Crucible Steel C o . of America, purchased the property of M idland Steel Co
(V . 83, p . 4 1 ), owning a plant at M idland, P a ., also 501 acres of land, and
sold $ 7 ,5 0 0 ,0 0 0 1st M . 6 % bonds, guar. p. & 1. by Crucible Steel C o .
maturing $250 ,00 0 annually beginning l 9 l 6 . V . 92, p . 5 25, 728; V . 95, P
1272; V . 99, p. 1449; V . 101, p. 1551; V . 105, p . 18957
H alcom b Steel C o . 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 4 b of 1910
due July 1 1929. having the option to purchase the same before maturity
at 80 and lnt. (V . 9 5 . p. 4 2 4 ); also prln. and lnt. of bonds of the St. Olah
Steel and S t. Clair Furnace O o. jointly with U . S. Steel Corporation.
C A P I T A L S T O C K .— Th e stockholders voted Feb. 16 1920 to lncreast
the authorized lim it o f common stock from $25,000 ,000 to $ 7 5 ,0 0 0 ,0 0 0 . with
a view to stock distributions to represent accumulated surplus when and
as the directors shall deem such distributions conservative. V . 110, p . 767,
L A T E D I V . '0 9 . ’ 10. T 1 -T 3 '1 4 . ’ 15. '1 6 . '1 7 . ’ 18. 19
’2 0 -’2 6 .
On pref— % 5 4
7
7 yrly. 3 4
14
7
7
7
7
7
Onacc n s . % [In 1910 H Sc lOscJ
See
6 18X
On C o m ____
__
__
____ ____
text
"
~4
In July 1919 an initial dlv. o f 1 4 % was paid on the common stock,an d
In O ct. 1919 and Jan. 1920 paid 3 % . V . 109, p . 1182; V . 108, p . 2632
On April 30 1920 paid 3 % in cash and 5 0 % in common stock. On July 31
1920 paid 2 % in cash and 16 2 -3 % in common stock. On A u g. 31 1920
paid 14 2 -7 % in com m on stock. V . I l l , p . 3 92. O ct. 30 1920 to A p r. 30
1921 paid 2 % quar. in cash. July 31 1921 to Jan. 31 1922 paid 1 % quar ;
then none until July 31 1923, when 1 % was paid: same amount paid quar
terly to O ct. 31 1925, Jan. 31 1926 to O ct. 30 1926, paid 1 4 % quarterly.
R E P O R T .— For 4 m os. ending D ec. 31 1925, in V . 122, p . 4 76, showed:
4 M bs. E n d .
-Y e a r Ended A u g . 31
D e c . 31 ’25.
1924-25.
1923-24.
1922-23.
y Profits_________________
;3,578,774 $ 8 ,735,535 $7,703,076 $6,783,493
Depreciation & renewals
40 0 ,0 0 0
1, 200,000
1, 200,000
1 , 200,000
M aintenance o f p la n ts ..
1 ,025,194
2 ,753,819
1,984,277
I n t . on bonds of su b . cos.
83,333
256,250
281,250
268,750
Preferred dividends____
1,750,000
1 ,3 6 2 ,4 8 6 /
1,750,000
1,750,000
C om m on dividends______
2 ,1 9 9 ,9 3 9
2,1 9 9 ,9 2 4
549,979

r

Balance, sur. or def___ sur$707,761 sur$575,527 sur$300,125 sr$3,002,264
N o te .— Fiscal year has been changed to end D ec. 31.
y Profit from Federal taxes.
O F F IC E R S .— Chairman, H . S. W ilkinson; Pres., F . B . Hufnagle; V .- P .,
A . T . Galbraith; J. M . M cC om b and John A . M athew s; Sec. & Treas.,
George E . Shaw; A sst. Sec. & A sst. T reas., F . M . Barnes; A u d ., H . L .
Gellinger. Office, 17 E ast 42d S t., N ew Y o rk .— (V . 123, p . 2145.)
CU B A CANE
SUGAR
C O R P .— O R G A N I Z A T I O N — Incorporated
in D ec. 1915 in N . Y .
A consolidation o f 17 sugar plantations.
V. 103, p . 64; V . 102, p . 1628. In July l9 l6 acquired Stewart Sugar Oo.
o f C uba. V . 102, p . 2344; V . 103, p . 64. 496. During 1920 the company
purchased Central Violeta, in C am aguey Province, C uba. V . 110, p . 2196 ,
2 052 . Other acquisitions during 1920, V . I l l , p . 2052.
S T O C K .— Authorized, $50,0 0 0 ,0 0 0 7 % cum . conv. pref. (par $ 1 0 0 ), and
2 ,1 0 0 ,0 0 0 shares common (including 500.000 shares reserved for conversion
o f pref. stock and sufficient shares for conversion o f 7 % debenture bonds; see
below ), no par. Pref. is redeemable at 120 and int. and is preferred as to
assets and dividends. Convertible into com m on, share for share, at any
tim e, at option o f holder. V . 103, p . 6 4 , 1.794.




B O N D S , & c.— The $25,0 0 0 ,0 0 0 10-year 7 % debentures (offered in Jan.
1920 at 100 & int.) are convertible at any time into common stock at $45.882 3
per share. Redeemable on 60 d a ys’ notice at 1 0 7 4 during the first 5
years, 105 during the sixth year, 104 during the seventh year, 103 during the
eighth year, 102 during the ninth year, and 101 thereafter. N o mortgage
may be created while any o f these debentures are outstanding except pur­
chase money mortgages. V . 109. p. 2174: V . 110, p. 363.
In Sept. 1921 the company announced that it had arranged with a
group o f bankers to secure at once a loan o f $10,0 0 0 ,0 0 0 under an arrange­
ment which required the subordination o f the $ 2 5 ,0 0 0 ,0 0 0 7 % Convertible
Debentures to the new money for the period o f the loan and o f any renewals,
substitutions or refundings thereof. As a consideration therefor, the com ­
pany offered to increase the rate o f interest on assenting debentures from
7 to 8 % per annum from July 1 1921 to the maturity of the debentures.
The plan was declared operative on O ct. 31 1921. On Sept. 29 1923 it was
announced that the loan had been paid o ff and the subordination o f the 8 %
debentures had been terminated. T h e 8 % debentures therefore now enjoy
the same position in point of security as the 7 % debentures, but they will
continue until m aturity (Jan. 1 1930) to bear interest at the rate o f 8 % per
ann. instead o f 7 % . V . 113, p . 1 4 7 5 ,1 9 8 6 ; V . 115. p . 2682; V . 117, p . 1560.
The Eastern Cuba Sugar C orp. 7 4 % m ortgage bonds are guaranteed,
prin. and in t., b y Cuba Cane Sugar C orp. and are exchangeable for the life
j f the bonds into Cuba Cane Sugar C orp. common stock at $ 20 per share.
Sinking fund will retire annually for five years, beginning in 1925, 3 % , and
thereafter annually 5 % o f the m axim um am ount o f bonds at any one time
outstanding; redeemable at any tim e after one year, all or part, on 6 0 days’
notice at a premium of 7 4 % if redeemed on or before Sept. 1 1924; if re­
deemed thereafter and on or before Sept. 1 1934, the premium shall decrease
4 o f 1 % for each year or fraction thereof elapsed from Sept. 1 1924 to date
of redem ption; 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 . 6 50, 1326.
D IV I D E N D S .— On pref. April 1916 to A p r . 1 1921, 7 % p . a. ( 1 H % a n ) ;
aone since.
R E P O R T .— For year ending Sept. 30 1926, in V . 123, p . 2254 and 2 3 8 6 ,
showed:
Y ea rs Ended Sept. 30—
1925-26.
1924-25.
1923-24.
1922-23.
Produc. raw sugar (bags) 4,2 7 3 ,7 6 6
4 ,4 7 1 ,3 5 7
3,683,291
3 ,284,731
Sugar sales________________$31,819,941
367,129
M olasses sales___________
Other earnings___________
80,233

$ 3 6,536 ,247 $53,424,441 $50,4 1 1 ,0 9 6
2 ,5 1 0 ,8 4 7
1 ,438,034
168,693
118,871
230,694
251,613

Total earnings________ $32,267 ,302 $39,1 6 5 ,9 6 5 $ 5 5 ,093 ,169 $50,8 3 1 ,4 0 2
E xp en ses—
Cost of cane_______ $15,968 ,113
$19,3 5 1 ,5 0 9 $ 2 9,436 ,370 $26,8 8 8 ,1 1 0
D ead season_______ 3 ,860,553
3 ,4 6 9 ,6 4 6
3 ,8 0 4 ,9 7 5
2 ,4 4 7 ,4 0 8
Crop exp. (C u ba-U . S .)_
4 ,7 6 5 ,8 7 7
5 ,4 4 3 ,7 8 6
4 ,5 2 6 ,0 1 5
4 ,4 3 7 ,4 7 1
aFiscal year charges____
989,080
985,963
856,289
9 2 2,559
Sugar expenses___
4 ,3 5 3 ,6 0 8
5 ,0 7 4 ,0 4 7
3 ,9 5 7 ,8 0 2
3,5 2 7 ,7 3 1
Total expenses________ $29,937 ,231 $34,324 ,951 $42,581 ,451 $ 3 8 ,223 ,279
Operating profit________ $2,330,071
$4 ,8 4 1 ,0 1 4 $ 1 2 ,5 1 1 ,7 1 9 $12,608 ,123
D ed u ction s—
2,675,511
Interest on bonds_______
2,675,511
2,6 6 5 ,4 4 7
2,642,277
Miscellaneous in te re st..
257,780
Other interest & incom e.
Cr .89“
,3.38 Cr.319,827 Cr.295,931
Taxes paid during yea r. .
20,712
61,629
9,213
8,487
Miscellaneous expenses.
26,927
400,000
250,000
R es’ve for contingencies.
1,750,000
R es’ve for depreciation.
1 ,750,000
1,750,000
1,750,000
Loss on sale o f property.
358,855
Reserve for obsolescence
1,500,000
o f plants_______________
380,762
1,142
Additional taxes & exp__
15,025
3 ,033,100
750,000
Other reserves___________
Balance, surplus___ lo s s$l,9 97,1 06
Previous surplus________ 14,017,961

$735 ,76 6
1 3 ,282,195

$ 3 ,047,565
10,234,631

$6,47 7 ,4 2 2
3 ,7 5 7 ,2 0 9

B a l., sur.. Sept. 3 0 -..$ 1 2 ,0 2 0 ,8 5 5 $ 1 4,017 ,961 $13,282 ,195 $ 1 0,234 ,631
a General insurance, Cuban taxes on sugar and Cuban taxes on real
estate, &c.
O F F IC E R S .— Albert Strauss, Chairm an B d . D ir .; Charles H ayden,
Chairman Exec. C o m .; W . E . O gilvie, Pres.; F . Gerard Sm ith, Exec.
V .-P .; M anuel E . Rionda and P . G . Bishop, V .-P s .; B . A . L y m a n , V .- P .
& T reas.; G . A . K n ap p , Sec. Offices, 123 Front S t ., N ew Y o r k , and
Amargura 3 2 , H avan a, C u b a.— (V . 123, p . 2386 .)
C U B A N -A M E R I C A N S U G A R C O . (T H E ) .— O R G A N I Z A T I O N .—
Incorp. Sept. 19 1906 in N ew Jersey and controls and operates, through its
sub-companies, six sugar plantations in Cuba and two sugar refineries, one
In Cuba and one in Louisiana. Annual capacity o f Cuban plantations,
700,000 tons o f sugar. Compare V . 8 9 , p . 7 1 9 ; V . 90, p . 9 16.
D I V 8 .—
( ’09. ’ 10. '1 1 -’ 14.
On pref..........................% \ 1 H 8 4 7 y ’iy

T 5 . ’ 16. '17. ’ 18. ’ 19. ’2 0 -’25.
14
7
7
7
7
7
-10 10 10 10
See
Oom extra_____________ __
„
____
__
10 1 0 _______
text
Oom stock___________ j . __
____
..
40 __ . . __
In 1920: Jan. 1 and April 1, 2 4 % each; in M a y 1920 two divs. o f $1.75
per share were declared on the new $10 par value stock, payable July 1
and Sept. 30 1920.
V . 110, p. 2196. In 1921: Jan. 3 , $1: April 1. $1;
July 1, 50c. N one in 1922. In Sept. 1923 two divs. o f 75c. per share
were declared, one payable N o v . 15 1923 and the other payable Jan. 2 1924
April 1 1924 to July 1 1925 paid 75c. quar.; Sept. 30 1925 to July 1 1926
paid 50c. quar., Sept. 30 1926 and Jan. 3 1927 paid 25c. quar.

Jd common_________ U -

--

____

C A P I T A L S T O C K .— The stockholders on April 15 1920 authorized a
change o f capitalization from 100,000 shares, par $ 100 , to 1,000,000 shares
par $10. Th e common stock outstanding was exchanged for the com­
mon stock of the new par on the basis of 10 shares o f new for each one
•hare o f old common stock. Holders o f com m on stock will have one vote
for each ten shares held, holders o f less than ten shares to have no vote,
— V . 110, p . 1418, 973.
B O N D S .— Th e 1st m tge. collateral 8 % s. f . gold bonds are secured by
the deposit o f (a) $13,0 0 0 ,0 0 0 (entire outstanding issues) first m tge. 6 %
bonds, all due O ct. 1 1929, of the following subsidiaries: $ 2 ,5 0 0 ,0 0 0 Chaparra
Sugar C o ., $ 2 ,9 0 0 ,0 0 6 Chaparra R R ., $3 ,5 0 0 ,0 0 0 San M anuel Sugar C o .,
$ 1 ,000,000 Tinguaro Sugar C o ., $500 ,00 0 M ercedita Sugar C o ., $300,000
Cuban Sugar Refining C o. (refining), $900 ,00 0 Cuban Sugar Refining C o.
(plantation), $400 ,00 0 Unidad Sugar C o ., and (6) $3 ,0 0 0 ,0 0 0 Colonial Su­
gars C o . 1st m tge. 5s, due April 1 1952— total, $16 ,0 0 0 ,0 0 0 . A s a sinking
fund com pany will set aside quarterly the sum o f $ 2 5 0 ,OOO, 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.

Vnv., 1926.]

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviations, cfee., see n otes on page 8]
C u b a n D om in ican S u g a r C oro— Stock 1 ,150,000 shs auth
Sugar Estates of Orlente pref stock 8 % cum $ 5 ,0 0 0 ,0 0 0 auth
1st (closed) lien 20-year s f g bonds red (text)____ kxxxc*
Secured serial notes due $ 320 ,00 0 annually______________
Santa Ana Sugar 1st m tge s f bonds______________________
Sug E st of Oriente 1st M s f g bds $ 7 ,5 0 0 ,0 0 0 au th _.k x x x c*
Cia Central America S A purchase money s f bonds___
C u d a h y P a ck in g C o (T h e )— C om stock $36,449,500..au th .
Preferred stock 6 % cum red 100_____________________________
Preferred stock 7 % cum red 1 05_____________________________
1st m tge $12,000 ,000 s f call 102 J4____________________ c*& r*x
Sinking fund gold debentures red (text)___________kxxxc*&r
C u m b e r la n d P ip e L in e C o . — Stock $ 3 ,000,000 au th _______
C u s h m a n s S o n s, In c— Com m on stock 200,000 shares a u t h ..
7 % cumulative preferred stock $ 3 ,0 0 0 ,0 0 0 au th ____________
$8 cum div pref stock 40 ,0 0 0 shares auth red $ 1 1 0 __________
C u ya m el F ru it C o — Stock 300,000 shares auth_____________
1st m tge s f g bonds red (text)_______________________xxxc*

D a te
Bonds

1924
1921
1922

1916
1922

1925

P ar
Value

O F F IC E R S .— Chairm an, J. H . Post; Pres., George E . Keiser; 1st V .- P .,
H . A . Clark; V .- P ., John Farr; T reas., J. H . Land: Sec., W alter J. Vreeland;
C o m p ., G eo. E . B ush. Office, 138 Front S t., N . Y . — -(V . 123, p . 986.)
C U B A N D O M IN IC A N S U G A R C O R P .— Incorp. under laws o f M ary­
land in 1926 and acquired, under reorganization plan, all the property and
assets o f the Cuban Dom inican Sugar C o ., assuming all that com pany’s
outstanding obligations and liabilities. Owns stocks of operating sub­
sidiary companies (through 1 00% stock ownership), which subsidiaries are
engaged in the business o f owning and operating sugar plantations and
factories in C uba and in the Dominican Republic, and in the growing and
grinding o f sugar cane and manufacturing and selling o f raw sugar and re­
lated products.
In Oct. 1923 the company acquired the Sugar Estates o f 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 o f stock o f the new co. for each share
o f the old stock, also received a transfer o f the subscription warrant entitling
him to subscribe at $ 20 a share for all or any part of 2 shares of stock of the
new com pany.
Each holder o f com m on in addition to receiving one share of stock in the
new co. for each 10 shares o f old com ., also received transferable subscrip­
tion warrants giving him the right to subscribe at $ 20 a share for all or any
part o f 35-100th s o f a share o f stock of the new co. for each share of his
existing common stock.
A syndicate headed b y W . A . Harriman & C o ., In c., and C assatt & C o .
agreed to underwrite the reorganization. Compare V . 122, p. 2505 .
S T O C K .— See table at head o f page.
B O N D S , & C .— The first m tge. 8 % bonds (see table at head o f page) have
a sinking fund provision of $ 500 ,00 0 for each year, commencing July 1 1925,
and continuing to m aturity.
The $15,000 ,000 1st (closed) lien 20-year sinking fund 7 1 4 % gold bonds
ore redeemable on any int. date, either as a whole or at the option of the
com pany, at 1 0 5 % , or by lot, through the operation of the sinking fund, at
1 1 0 % . A s security there will be pledged with the trustee $16,500 ,000
1st (closed) m tge. bonds o f certain controlled properties constituting their
entire funded debt, and the entire issued and outstanding common capital
stocks (other than directors’ shares) o f all controlled companies, both in
Cuba and in the Dominican Republic. The sinking fund provisions will
require the paym ent to the trustee semi-annually o f cash aggregating at
least $75O,O0O a year, less certain credits on account of subsidiary sinking
fund retirements, together with additional amounts equivalent to 2 5 % of
all dividends declared and paid on the com pany’s pref. and com m on stocks,
respectively; and all m o n e ^
posited will be applied semi-annually
commencing M a y 1 1925 t
- redemption and retirement b y lot of bonds
o f this issue at 1 1 0 % . V . 119, p . 1960; V . 120, p . 1753.
N O T E S .— The $ 1 ,600,000 secured 7 % serial gold notes will be secured
b y a second lien on the same collateral as the 1st lien 20-year s. f. 7 34%
gold bonds, and will be redeemable in whole or in part at any time at face
value and accrued interest. These notes will m ature in five equal annual
installments.
R E P O R T .— For 1924-25, in V . 122, p . 210, showed:
Con solidated In c o m e A c co u n t Y ears Ended Sept. 30.
1924-25.
1923-24.
1922-23.
Raw sugar produced___________
$18,761,356 $10,884 ,563 $ 8.662,993
Molasses produced____________________
1,183,977
330,910
86,923
Interest received_______________________
447,965
78,256
44,015
Profit on stores, cattle, & c____________
306,582
205.411
95.058
T o ta l_________________________________ $20,699 ,880 $11,499 ,140
Expenses o f producing, m fg ., & c____ 12,285,294
7,356,629
Provision for depreciation____________
970,258
1,463,511
In t. on 1st lien 734 s ___________________
700,835
In t. Sugar E st. o f Oriente 7s_________
421,274
In t. Com p. Cent. America 6 s________
135,000
In t. on 7 % serial notes________________
60,667
In t. on 1st m tge. 8s o f S. Ana Sug. C o.
258,333
280,000
In t. on bills p a y ., current accts., & c ._
787,409
620,509
D isc, on Sug. E st. of Oriente 1st 7 s . _
34,111
Amortization o f bond discount, & c ._
183,768
D iv . on Sugar Estate o f Or. pref. s tk .
319,980
N et profit for year________________ loss$l ,950,302

$ 2 ,271,744

Am oun t
Outstanding

B ate

%

W h en
Payable

L a st D ivid en d
and Maturity

N one l,1 4 2 ,8 3 6 s b
100
3.9 0 0 .0 0 0
A u g . 1 1925 2 %
5 0 0 -1 0 0 0 1 4 .395.000
734 8 M & N N o v 1 1944
1.6 0 0 .0 0 0
7 g
3 .0 0 0 .
000
8
A
& O Apr 1 1931
5 0 0 -1 0 0 0
6 .0 5 0 .0 0 0
M &
S Sept 1 1942
7 g
2 .1 0 0 .0 0 0
6
1935
50 2 1 .249,500 See text Q— J15
O ct 15 ’26 2 %
M & N N o v 1 ’26 3 %
100
2 .0 0 0 .
000
6
M & N N o v 1 ’ 26 334
100
6,5 5 0 ,5 0 0
7
J
& D D ec 1 1946
1,000
8,9 4 0 ,1 0 0
5 g
100 &c 1 3 .800.000 n 5 H g A & O O ct 1 1937
100
3 ,000,000 See text Q— M 15 D ec 15 ’ 26 3 %
N one
Q— M
$3
100,240 sh
D ec 1 1926 75c
100
Q— M
7
2,7 3 6 ,8 0 0
D e c 1 1926 1 %
N one
Q— M
26,449 sh
$8
D e c 1 1926 $2
N one 300,000 shs.
See text N o v 1 1926 $1
$4
100 &c
A & O Apr 1 1940
4 ,9 0 7 ,0 0 0
6 g

R E P O B T .— For year ending Sept 30 1925, in V . 121, p . 3020, showed:
1923-24.
1922-23.
1921-22.
1924-25.
Gross incom e____________ $27,372,608 $36,647,841 $37,318 ,789 $25,393 ,293
N et income______________ 4,350,772
9,8 8 7 ,2 6 0
11,057,634
4,662,215
Reserve for Federal taxes
390,000
1.040.000
830,000
1 ,443,390
1,243,786
Depreciation_____________
1,332,127
1,304,561
Interest, discount, & c__
1,394,982
804,400
939,350
919,925
Preferred dividends____
552,566
552,566
552,566
552,566
Com m on (cash) divs___
2,750.000
2 .250.000
1,500,000
Balance, surplus___ d e f$ l,5 8 9 ,5 8 4 $3,773,217 $5,95 0 ,5 8 2
$1,470,881
Production (total bags,
320 lb s.)----------------------2 ,135,259
1,853,202
1,847,746
2 ,256,736

$ 8 ,8 8 8 ,9 8 8
5 ,8 0 8 ,2 3 8
972.115

262,511
436,218

$ 1 ,409,905

O F F IC E R S .— Chairman, Thom as A . H ow ell; Pres., George H . Houston;
V .- P ., H . W . W ilm ot; V .-P . & Sec., Lorenzo D . Armstrong: T reas., Arthur
Kirstein Jr. Office, 129 Front S t., N . Y . — (V . 123, p . 1766.)

C U D A H Y P A C K IN G C O . (T H E ).— O R G A N .— Bogan business In
1887 in South Om aha, and, as subsequently enlarged, was sold on O ct. 15.
1915 to present company, organized in M aine H istory. V 107, t> 294, 607.
Owns 9 main plants (in O m aha, Kansas C ity , Sioux C ity , W ichita, St.
Paul, Salt Lake, D etroit, Jersey C ity and Los Angeles) and over 100 branch
houses, with slaughtering, curing and preparing capacity for 20,0 0 0 hogs,
6 ,0 0 0 cattle and 10,000 sheep per day. Also owns and operates five plants
which manufacture “ Old D utch Cleanser.”
Packers’ decree suspended— see Armour & C o . above.
S T O C K .— The stockholders on O ct. 26 1926 voted to increase rne author­
ized common stock from $ 2 6 ,4 4 9 ,5 0 0 , par $100, to $36 ,4 4 9 ,5 0 0 , par $50,
two shares o f the new stock to be issued in exchange for each share of old
com m on stock outstanding.

D IV I D E N D S ON C O M M O N S T O C K .— In 1916, N o v ., 1 « % cash auu
5 0 % In stock; M arch 1917 to July 5 1920, 1 H % quar. (cash); also from
accumulated surplus common shareholders o f record D ec. 15 1918 received
a stock dividend o f 2 5 % . V . 107, p . 2191 . N o paym ents were made from
O ct. 1920 to O ct. 1923, incl.; Jan. 15 1924 to Jan. 15 1925 paid 1 % quar.;
April 15 1925 to July 15 1 9 2 6 paid 1 % % quar.; O ct. 15 1926 paid 2 % quar.
T h e M a y and N o v . 1921 pref. divs. were deferred; payments were re­
sumed on M a y 1 1922, when 3 % and 3 3 4 % was paid; same am ounts paid
sem i-ann. to N o v . 1 1926.
On D ec. 31 1923 paid 6 % on the 6 % pref. stock
and 7 % on the 7 % pref. stock in paym ent of dividends deferred in 1921.




175

INDUSTKIAL STOCKS AND BONDS

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

N a t C ity B an k , N Y
N a t C ity B ank, N Y

Boston and Chicago
New Y o rk and Chicago
Checks mailed

N Y , Chic & N ew Orl’ns

B O N D S , & C .— A u th . and Issued, $ 1 2,000 ,000 , o f which $3 ,0 5 9 ,9 0 0 were
retired by sinking fund to N o v . 1926, leaving $ 8 ,9 4 0 ,1 0 0 outstanding.
Annual sinking fund, $325,000.
The $ 1 5 ,000 ,000 sinking fu n i 534 % gold debentures, due O ct. 1 1937,
are redeemable as a whole or in part, except for sinking fund purposes, at the
following prices and interest: T o O ct. 1 1927 at 10713: after Oct 1 1927
to O ct. 1 1932 at 105; and thereafter at 10213 except during the last six
months they will be redeemable at par. Sinking fund beginning April 1
1924, with semi-annual paym ents 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 o f these
debentures at not exceeding 10213 and interest.
R E P O R T .— Year ending Oct. 31 1925, in V . 121, p . 3127, showed:
In c o m e A c co u n t f o r F is c a l O ct. 31 ’2 5 . N o v . 1 ’2 4 . Oct. 27 ’2 3 . O ct. 28 ’2 2
Y ears E n din g—
$
$
$
$
Total sales_______________224,491,011 2 0 3,750 ,000 190,289 ,000 160,164 ,000
Paid for live stock_______ 145,905,109
M fg . & selling exp_______ 72,121,745
Depreciation_____________
1,562,226
N et income___________ $ 4 ,901,930
M iscell. incom e_________
200,363-1

Figures not available.

Total incom e__________$5,102,293
In t. (incl. amort, of disc.
on fund, d ebt)________
2 ,031,062
N et profits____________
3,071,231 y 3 ,352,230 y 2 ,010,198 y l . 231,499
Res. for Fed. taxes______
2 78,874
See y
_______
_______
First pref. dividend____
120,000
120,000
120,000
120,000
Second pref. d i v i d e n d ...
4 58,535
4 58,535
458,535
458,535
Res. for 1921 pref. d iv s .
_______
_______
x578,535
_______
Com m on dividend______
1,288.094
6 8 9 ,9 8 0 ____ ________
_______
Balance________________
$925 ,72 9 $2 ,0 8 3 ,7 1 5
$853 ,12 8
$652,964
Total profit & loss surp. $ 8 ,0 6 8 ,2 8 7 $ 7 ,142,558 $ 5 ,058,843 $ 4 ,205,714
x Declared payable D ec. 3 l 1923. y After paym ent of interest and all
other expenses and in 1924 after making reserve for Federal taxes.
Report for 8 m os. ended July 3 1926, in V . 123, p. 2524 , showed: Sales,
$ 146 ,95 1,71 2; paid for live stock, $103 ,2 0 9 ,8 8 6 ; expenses, $ 3 7 ,374’,968;
depreciation, $ 1 ,0 8 4 ,2 5 6 : miscellaneous income, $50,099; total income,
$ 5 ,3 3 2 ,7 0 0 : interest, & c., $ 1 ,2 5 2 ,1 2 4 ; reserved for Federal taxes, $547 ,00 0;
net profit, $ 3 ,5 3 3 ,5 7 6 ; dividends paid, $ 1 ,0 3 3 ,0 0 0 .
O F F IC E R S .— Chairman, E . A . C udahy; Pres., E . A . Cudahy Jr.;
V .-P ., F . E . W ilhelm ; 2d V .-P ., G . C . Shepard; 3d V .- P ., W illiam Diesing;
Treas., John E . W agner; Sec., A . W . Anderson, Chicago.— V . 123, p . 2524 .)
C U M B E R L A N D PIP E L IN E C O .— O R G A N .. A c .— Incorp. in 1901 In
Kentucky. Owns pipe line in K entucky. Formerly controlled by Stand­
ard Oil C o. of N . J ., segregated in 1911.
D I V I D E N D S .—
’ 1 2 . '1 3 . ’ 14. ’ 1 5 . '1 6 . ’ 17. ’ 1 8 -’2 3 . ’2 3 . ’2 4 . ’ 2 5 .
6
6
5
5
5 10 1 2 y r ly . 10 12 12
Per cent----------------------------Also paid 1 00% in stock D ec. 30 1922.
Paid in 1926: M arch 15, 3 % ; June 15, 3 % ; Sept. 15, 3 % ; D ec. 15, 3 % .
R E P O R T .— For 1925, in V . 122, p . 1032, showed:
1925
1924
1923
1922
Profits for the year______
$367,551
$439,446
$786 ,42 0
$723,605
D ividends________________
360,000
360,000
300,000
179,999
Balance, surplus______
$7,551
$79,446
$486 ,42 0
$543,605
Pres., Forrest M . Tow l: Treas., J. M . Tussey; Sec., V . S. Swisser.
Office, Oil C ity, P a .— (V . 122, p . 1032.)
C U R T I S S A E R O P L A N E & M O T O R C O .— (V . 123, p . 2660 .)
C U S H M A N ’ S S O N S , IN C .— Incorp. under laws o f 1 ew Y o rk N o v . 24
1914. Is engaged principally in the business of manufacturing and selling
breads, rolls and pastries. Owns in fee six manufacturing plants located
in N ew Y o rk C ity and one at Rockaway Beach, N . Y .
It was announced
in N o v . 1925 that L . A . Cushman Jr. had acquired on behalf o f the com ­
pany substantially all the stock o f H . B . Cushman C o ., B . A . Cushman C o.
and the H ill W are C o . B y these acquisitions the chain o f Cushman stores
operating under one management now numbers in excess o f 100, and the
com pany’s manufacturing capacity has been increased so as to permit it
to supply approximately 100 additional stores.
S T O C K .— The holders o f the 7 % cumulative preferred stock and the
holders of the common stock are entitled to one vote for each share of
stock and if and so long as any quarterly dividend on the $8 cumulative
dividend preferred stock shall have been in default for a period of six
months, the holder o f each share of such stock is entitled to one vote for
each share. The 7 % preferred stock has preference over the $8 pref. div.
stock as to assets and divs. and sinking fund o f 2 % annually o f amount
of 7 % pref. stock at the time outstanding.
D I V I D E N D S .— On preferred stocks, in full to date. On common stock,
paid 75 cents qu ar., D ec 1 1923 to D ec. 1 1926.
R E P O R T .— For 1925 , in V . 122, p . 889, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
Total income______________$1 ,2 7 5 ,7 6 3
$1 ,4 0 6 ,0 9 5 $1,167,401 $1 ,1 1 0 ,2 6 4
D epreciation------------------32 9 ,2 9 3
3 22,046
293,270
286,386
Federal taxes------------------117,147
133,164
106,551
103,484
Preferred dividends____
313,100
3 11,275
270,863
93,331
Com m on dividends______
2 8 7 ,8 2 2
2 85,720
101,510
120,320
Surplus------------------------$ 2 2 8 ,4 0 0
$353,890
$395,207
$506,743
Profit & loss surplus____ 2 ,4 0 6 ,1 0 6
2,1 7 7 ,7 0 6
1,809,964
1 ,427,823
— Q uar. E n d . Sept. 30-------- 9 M o s . E n d . Sept. 30—
Period—
1926.
1925.
1926.
1925.
N e t earnings after in t.,
taxes & depreciation..
$64,143
$101 ,75 8
$ 703 ,47 2
$441 ,00 9
O F F IC E R S .— Pres., Lewis A . Cushm an; V .- P ., E . St. John Taylor
V .- P ., W alter R . Herschman; Sec., B . A . Cushman; T reas., Benton E .
Adam s; Asst. Sec., W illiam J. Verito. Office, 461 W e st 125th S t ., N ew
Y o rk .— (V . 123, p . 2660.)
C U Y A M E L F R U I T C O .— Incorp. under laws of Delaware on Jan. 24
1923. Is engaged in the cultivation, transportation and marketing of
bananas, which are raised in Honduras and Nicaragua and sold in the
Vnited States and C anada.
S T O C K .— The stockholders on April 1 1925 increased the auth. capital
stock from 25 0 ,0 0 0 to 30 0 ,0 0 0 shares, no par value. Th e additional 5 0,000
shares were offered to stockholders of record April 15 1925 at $48 50 per
share in the ratio of one new share for every five shares held.
D I V I D E N D S .— A n initial div. o f $1 per share was paid June 28 1923.
same amount paid quar. to D ec. 29 1924; M a y 1 1925 to N o v 1 1926
paid $1 per share quar.
B O N D S .— The 1st m tge. 6 % sinking fund gold bonds are redeemable,
all or part, at 10734 and int. to April 1 1926, thereafter the premium de­
creasing 34 of 1 % annually. T h e bonds are the joint and several obliga-

176

[V ol. 123,

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviation s, & c ., see n otes o n p a g e 8]

D a te
Bonds

D avison C h em ical C o (T h e )— Stock 40 0 ,0 0 0 shares auth 5-year gold debentures red (text)___ ________________ kxxxc*

1925

Par
Value

Am oun t
Outstanding

Rate
%

W hen
P ayable

L a st D ivid en d
and M a tu r ity

P laces W h ere In terest and
D ivid en d s are Payable

N one
40 0 ,0 0 0 shs. See text See text N o v 15 1920 $1 Checks mailed
/B ankers Trust C o , N Y
500& 1,000 $3 ,0 0 0 ,0 0 0
&
J Jan 1 1931
6A g J
lor Century T r C o , Balt

De B eers C o n so lid a te d M in es, L td — See text
Preferred (a & d) stock 7 % cum not callable. ___
FC
D evoe & R a y n o ld s C o ., I n c .— Com m on stock Class A non-

$100 b l7 ,9 0 4 ,4 0 0
100 a 33 ,000 ,000 See text

—

None
None
100
100

Com m on stock Class B voting 40,0 0 0 shares authorized-First pref (a & d) stock 7 % cum red 115 $2,00 0 ,0 0 0 a u th -.
Second pref stock 7 % cum red 115 $ 1 ,0 0 0 ,0 0 0 auth_______
(a) Additional $4 ,8 2 8 ,5 0 0 in treasury,

. $ 1 ,059,219
. 1 4 ,892,733
!
1

2 ,3 9 8 ,5 1 7
15,000

$18,365,471

$708,051
15,388,458

$2,38 4 ,3 0 7
13,936,572

—

126,183
5 6,239
50,936
152,839

3

do

—

$16,096 ,508 $16,3 2 0 ,8 7 9

before acquisition

Loss of S. S. Jamaica by fire________
Prem. paid on 7 1 4 % bonds c a lle d ..
U nam ort. diet, o n 7 A % bonds--------

148,750
275,697
300.000
550.000

500.000
500.000

500.000
2 5 0.000

C ap. & sur. of com b. cos. D ec 3 1 .$ 1 7 ,09 1 ,0 2 2 $14,892 ,733 $ 1 5,388 ,458
x After deducting all expenses incident to operations, including repairs
and maintenance and all other charges and losses, and after adding $151 ,97 2
income from other sources.
y Includes depreciation o f farm s, railroads, machinery and equipment,,
steamers and office huiming furniture and fixtures.
z Option cancelled D ec. 31 1925.
— 3 M o s . E n d . Sept. 30--------- 9 M o s . E n d . Sept. 30—
1926.
1925.
1926.
1925.
N e t inc. after deprec.,
int. & taxes___________
$ 15,483
$ 72,486 $ 1 ,0 2 9 ,1 8 0
$880,414
O F F IC E R S .— P res., Samuel Zemurray; T reas., P . E . Fulcher; Sec.,
Joseph W . M ontgom ery. Office, 410 C am p S t., New Orleans.— (V .
1 23, p . 2661 .)
D A V IS O N C H E M IC A L C O . (T H E ) .— Incorp. In M aryland Jan .2 1902
as the D avison Chemical C o. o f Baltimore C ounty; name changed to present
title on M a y 11 1920. Owns the entire capital stock o f D avison Sulphur
& Phosphate C o. Business consists o f the manufacture and sale o f sulphuric
acid, acid phosphate, sodium silica fluoride, magnesium luosilicate, iron
sinter and silica gel. In July 1921 helped organize the Silica-Gel C orp.,
in which it holds a substantial interest. V . 112, p. 656; V . 113, p . 1160:
V . 117. p . 6 68. 1352; V . 118. p . 1397: V . 120. p. 963.
I t was announced in July 1926 that the com pany had acquired the Eastern
C otton Oil C o ., the M iller Fertilizer C o. and the E . H . & J. A . M eadow s C o.
C A P I T A L S T O C K .— The stockholders on M a r. 26 1926 increased the
auth. capital stock from 235,000 shares o f no par value to 4 00,000 shares.
T h e stockholders of record Jan. 23 1924 were given the right to subscribe
at $25 per share to 109,350 shares (no par value) capital stock (v. t. c.) of
the Silica G el C orp. V . 118, p. 315.
D I V I D E N D S .— Paid $1 per share in A u g. 1920 and $1 per-share in N ov
1920; none since.
B O N D S .-— The 5-year 6 A % gold debentures are redeemable, all or part
on any int. date on 60 days’ notice at 102 and int. up to and incl. D ec. 30
1926, the premium decreasing A of 1 % for each succeeding 6 months period
thereafter.
Debentures will constitute the sole funded debt o f com pany and its
subsidiaries (the trustee of this issue will hold sufficient funds in cash for
the retirement of $774,000 D avison Sulphur & Phosphate C o . bonds, due
M arch 1 1927 ). There will also be pledged with the trustee 10,000 shares
(par $100) Davison Sulphur & Phosphate C o. capital stock (entire issue),
and 184,650 shares (no par value) capital stock of the Silica Gel C orp. as
security for this issue. V . 121, p. 3136.
R E P O R T .— For 1925, in V . 122, p . 2953, showed;
[Including D avison Sulphur & Phosphate Co.]
Calendar Y ea rs—
1925.
1924.
1923.
Gross incom e____________
$575,558
$366 ,94 3 x $2,081,811
Administrative expenses
213,434
189,712
y 271,499
Interest, & c______________
142,053
156,159
304,355
Reserve for depreciation
2 2 3,839
189,680
193,775
Conting., & c., reserves.
2 1 ,0 5 9
18,621
88,591
N on -op. exp.
(Cuban
mines)__________________
21 ,0 5 5
2 8,013
----------Premium, disc., & c., in
connection with retire­
m ent of 8 % deb ens___
_______
284,605
-----------

1922.
$240,421
191,420
305,917
205,754
3 9,862
---------------------

Balance, deficit_______
$ 45,883
$499,847sur$1223,591
$502,532
x A s follows: Gross profit from manufacturing and trading operations,
$15,278 , and profit from sale of 7 9,950 shares o f the Silica G el C orp. at
$25 a share, $2,066 ,5 3 3 . y includes $37,698 non-operating expenditures,
Cuban mines, and $36,444 items applicable to prior periods.
R esults f o r Six M o n th s Ended Ju n e 30 1926.
N e t sales_______________________________________________________________ $7,542,521
C ost o f sales___________________________________________________________ 6,3 3 8 ,7 4 4
Administration expenses, & c_________________________________________
351,644
M aintenance and depreciation_______________________________________
226,587
N e t profit___________________________________________________________

$625,546

O F F IC E R S .— Pres., O . W ilbur M iller; V .-P re s ., G eo. W . D avison,
E . B . M iller and W . D . Huntington; T reas., T . J. D ee; Sec., J. R . W ilson.
Office, Baltim ore, M d . - ( V 123, p . 1255.)




$ 2.40
$2.4 0
7
7

Q— M

D ec 1 1926 4)4 Co’s

Q— J
Q— J
Q— J
Q— J

O ct
O ct
O ct
O ct

1
1
1
1

1926
1926
1926
1926

Office,

Moline.

Ill

60c
60c
1H
1M

(b) Additional $3, 6 6 8 ,4 0 0 In treas ury.

tions o f C uyam el Fruit C o. and Cortes Developm ent C o.
Secured b y a
1st m tge. upon all of the mortgageable property o f both companies in H on­
duras and b y the pledge of notes and stock of the Cuyam el Steamship C o .,
which holds title to 7 steamships.
M ortgage will provide that the com pany commencing O ct. 1 1925, during
the life o f this issue, will apply semi-annually as a sinking fund the sum of
$240 ,00 0 less interest requirements on the am ount of this issue then out­
standing to the purchase o f bonds at not exceeding the then current redemp­
tion price or to their redemption b y lot. Through the operation of this
sinking fund provision will be m ade for the retirement o f all but $957 ,00 0
of this issue b y m aturity. T h e principal am ount o f bonds which will be
thus retired will steadily increase from a minimum o f $ 169 ,00 0 in the first
year to a m axim um o f at least $4 0 2 ,0 0 0 in the last year. These calculations
are based on the retirement o f bonds at the call price, which is 107 A in the
first year and A less in each succeeding year. V . 120, p . 1464.
R E P O E T .— Consolidated incom e account years ending D ec. 31:
[Including Cortes Developm ent C o . and subsidiary.]
Calendar Y ea rs—
1925.
1924.
1923.
x Consolidated earnings________________ $2 ,5 8 3 ,7 3 7 $2,43 7 ,6 5 0 $4,27 4 ,1 6 0
y Am ort, o f concessions & deprec___
1,001,957
1,105,443
1,156,021
z Prov. for depr. on steamships under
9 1,897
option of pur chase___________________
100,948
497,627
523,963
Interest paid___________________________
421,612
236,204
Provision for Federal ta x _____________
_______
8 ,2 9 6
Prev. capital & sur. of consol. cos_

95 .0 0 0 shs
4 0 .0 0 0 shs
1,841,400
935,500

DE B E E R S C O N S O L I D A T E D M IN E S , L T D .— A registered com pany
of the Province o f the Cape of G ood H ope in the Union of South Africa.
Com pany is said to control about 8 0 % o f the w orld’s output o f diam onds.
Owns entire capital stock of Cape Explosives W ork s, L td .; a controlling
interest in the Premier (Transvaal) D iam ond M ining C o ., L t d ., and shares
in the South W e st Africa C o ., L td .
C A P I T A L S T O C K .— A u th ., £ 2 ,0 0 0 ,0 0 0 Preference and £ 2 ,7 5 0 ,0 0 0 de­
ferred shares; par. £2 10s. Outstanding, £ 2 .0 0 0 ,0 0 0 preference and £2 ,7 2 6 ,2 8 5 deferred shares. Pres, shares are entitled to an annual cumulative
dividend of 4 0 % and to priority for capital for the sum o f £20 without
further participation.
A m e r ica n Shares.— Pursuant to a deposit agreement, dated Jan. 17 1920 .
entered into with Central Union Trust C o . o f N . Y . as depositary, 32 ,0 0 0
Deferred shares have been deposited against which 8 0 ,0 0 0 "A m e ric a n '’
shares have been issued in the ratio of five “ Am erican” shares for each two
original shares on deposit. Additional “ Am erican” shares m ay be issued in
the same proportion against the deposit o f further original Deferred shares.
Th e “ Am erican” shares represent a proprietary Interest in the deposited
shares and are entitled to their pro rata benefit o f all dividends and other
accretions on such deposited shares. “ Am erican” certificates are exchange­
able for original Deferred shares in the same proportion as the American
shares were issued. The deposit agreement is terminable by the written
request of 7 5 % of “ Am erican” shareholders.
D I V I D E N D S .— D iv s. on deferred shares have been paid as follows (year
ending June 3 0 ): 1912. 4 0 % ; 1913. 6 0 % ; 1914. 5 0 % ; 1915 and 1916. none:
17 and 1918. 4 0 % each: 1919. 8 0 % : 1920. 1 2 0 % ; 1921. 2 0 % : 1922-23,
none; 1924, 2 0 % ; 1925 , 4 0 % ; 1926, 6 0 % .
Also paid a bonus o f 1 0 % in
each o f the years 1912, 1913 and 1918. In D ec. 1922 declared a div. of
3 0 % and in 1923 8 0 % on the preference shares in full paym ent o f the back
divs. due on that issue.
D E B E N T U R E S .— £ 1 ,6 3 5 ,4 9 5 4 H % South African Exploration M o rtg : ge
Debentures, dated Jan. 23 1901; int. J. & J. Denom inations. £ 5 , £ 1 0 ,
£50, £100 , £500 . A u th . £ 1 ,7 5 0 ,0 0 0 . Redeemable at par Jan. 1 1930 or
at 105 at any time earlier or in case o f voluntary dissolution, & c.
R E P O R T .— For year ended June 30 1925, in V . 122, p. 744, showed:
Y ea rs Ended Jun e 30—
1924 -25 .
1923-24.
1922-23.
£
Previous year’s balance (diamonds
£
£
333,143
unsold, & c .) _________________________
4 0 7,218
422,585
3,452,541
2,8 1 8 ,4 3 8
3 ,3 4 8 ,2 2 3
D iam ond account during year_______
In t. and divs. on investments, &c___
948,401
355,796
326,317
_______
Transferred from general fund_______
Stabiliment of diamond trade reserve
T otal incom e________________________
M ining expenditure, & c_______________
In t. on debehtures and sinking fu n d Income tax— Union o f South A fr ic a -Am ount for stabiliment reserve______
Preference dividends (after ta x )______
Deferred dividends, tax free_________

4 ,7 0 3 ,8 4 2
1 ,845,449
2 5 7 ,7 4 4
2 58,466
_______
800,000
l ,0 § 0 ,5 l 4

4 ,201,443
2 ,0 2 6 ,5 7 9
256,644
l 9 l ,2 8 0
54,000
740,000
5 2 5,722

3 ,5 0 7 ,3 7 7
1,167,954
2 5 3 ,0 8 0
64,994
118,765
1 ,4 8 0 ,0 0 0

Suspense profit acct. (diam. unsold)

4 51,669

4 0 7,218

422,584

O F F IC E R S .— P . Ross Frames, C .M . G . , Chairman; Earl o f Bessborough,
C .M . G . , D epu ty Chairman; E . F . R aynham , Joseph Bruce, J. H . B ovenizer. Secretaries. General office, K im berley, South Africa. London office
15 St. Swithin’s Lane, E . C ., 4 .— (V . 1 2 2 , p . 744.)
O F F IC E R S .— P . Ross Frames, O .M .G ., Chairman; Edwin Samuel
M ontagu, P .C ., D epu ty Chairm an; E . F . R aynh am , Joseph Bruce, J. H .
Bovenizer, Secretaries. General office, K im berley, South Africa. London
office, 15 St. Swithin’s Lane.— (V . 123, p . 331.)
D E E R E & C O — O R G A N I Z A T I O N .— Businesa founded in 1837; Incorp.
in 1868 and again In 111. in 1911. M an u f. steel plow s, farm implements and
vehicles. V . 9 2 . p . 9 59, 1246. 1313. 1502; V . 9 5 . p . 2 3 8 . 2 99. In M arch
1918 purchased W aterloo (Iowa) Gas Engine C o ., manufacturer o f tractors
and gas engines. V . 108, p . 969.
S T O C K .— Pref. Stock. See V . 9 2 , p. 1502; V . 9 5 , p. 299, 8 20. C o m ­
mon stock voting trust expired N o v . 1 1920 and was not renewed.
D iv . on pref. Sept. 1911 to Sept. 1921, in cl., 1 % % quar.; D ec. 1921
to D ec. 1924, U % quar.; M a r. 1925, 1 % ; June 1925, 1 ) 4 % : Sept. 1925.
1 ) 4 % ; D ec. 1925, 1 ) 4 % quar. and M % on account of accumulations; M a r.
1 1926 to Sept. 1 1926 , 1 ) 4 % quar. and A % o n account o f accumulations;
D ec. 1 1926, 1 ) 4 % quar. and 2 ) 4 % on account o f accumulations, leaving
1 0 % in arrears.
N o te s .— All o f the outstanding 7 A % gold n otes, dated F e b . 15 1 921 , were
redeemed on N o v . 1 1925 at 103 and in t.
R E P O R T .— For year ending Oct. 31 1925 , in V . 122, p. 755, showed:
1922 -23 .
1921-22.
1924-25.
1923-24.
x T otal earns, (all cos.)_ $ 5 ,643,677 $2 ,9 6 8 ,7 7 7 $ 3 ,0 84,416fo ssl,019,328
4 99,674
511,401
568,397
A d m in ., & c., expense___
586,656
783,806
9 33,054
In t. on d e b ., & c., (n et).
54 2 ,4 5 4
6 15,265
1,050,000
1 ,312,500
1 ,035,000
Preferred dividends____
1,9 8 0 ,0 0 0
Balance, surplus_____ $ 2 ,5 3 4 ,5 6 7
Total surplus_________ $ 1 2 ,2 9 4 ,0 2 2
x After deducting all expenses for
ment, for all taxes, for cash discount,
for other contingencies.
Six M o n th s Ended M a y 31—
N et sales__________________________
Total incom e_____________________
N et profit before Federal taxes.
1st preferred dividends__________
2d preferred dividends__________
C om m on dividends______________

$818 ,83 8
$739,209def$3833,279
$ 9 ,759,456 $ 8 8 ,940 ,617 $ 8 ,2 0 1 ,4 0 8
depreciation of property and equip­
uncollectible notes and accounts, and
1926.
$ 5 ,5 3 3 ,5 0 7
734,718
62 3 ,5 5 6
65 ,5 2 0
32,7 4 2
162,000

1925.
$ 5 ,938,419
794,321
679,251
6 7,669
3 2 ,7 4 2

1924.
$ 5 ,6 9 8 ,3 7 6
633,308
567,632

120,000

Surplus_______________________________
$3 6 3 ,2 9 4
$ 458 ,84 0
----------O F F IC E R S .— Pres., W m . Butterw orth; Sec. & C o m p t., T . F . W harton;
Treas., G eo. W . Cram pton. Office, M olin e, 111.— (V . 123, p. 2267.)
D E V O E & R A Y N O L D S C O ., IN C .— Incorp. in N . Y . on April 6 1917.
M anufactures paints, varnishes, brushes, artists’ supplies and other inci­
dental and kindred products. I n O ct. 1925 acquired Wadsworth-Howland
C o ., In c ., o f Boston. V . 121, p . 2045.
S T O C K .— The >stockholders on Sept. 22 1925 voted to change the
authorized Com m on stock from 40,0 0 0 shares, par $100 to 150,000 shares
of Com m on stock o f no par value, of which 110,000 shares will be Class
“ A ” non-voting and 4 0,000 shares Class “ B ” voting.
The Common
stockholders received in exchange for each share o f stock (par $100) held by
them, two shares o f Class “ A ” non-voting stock and one share o f Class
“ B ” voting stock.
The stockholders o f record Sept. 22 1925 were offered the right to sub­
scribe at $35 a share, to 10,000 additional sharas of Class “ A ” Common
(non-voting) stock o f no par value in the ratio o f one share for each four
shares owned. ?]

Nov., 1926.]

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviations, & c ., see n otes on page 8]

____________ Ce.kxxxc*

D om e M in es, L td — Stock 1,0 0 0 ,0 0 0 shares au th .
D o u g la s-P e c tin C orp — Stock 4 00,000 shares authorized—
(E I) d u P o n t de N em ou rs & C o— C om stk 5 ,0 0 0 ,0 0 0 s h s ..
Debenture atocit 6 % teu at 12,•>% cum voting $ 1 0 ,0 0 0 ,0 0 0 1
do
do
do non-voting! $ 150 ,00 0,00 0 ______________!

Par
Value

D a te
Bonds

D ia m o n d M atch C o (T h e )— Stock S 25.000.000 an th-----------

Sinking fund gold debentures-

'

1925
1926

None
N one
None
100

Operating profit__________
Other income________________

$943,977
106,638

$ 1 ,0 5 4 ,1 2 0
91,638

$1 ,2 3 5 ,1 6 5
88,504

T otal income_____________
Discounts, adjustm ents, &c.
Provision for Federal taxes .
First preferred dividends.
Second preferred dividends.
Com m on dividends_________

$ 1 ,050,614
251,129
101,468
134,263
65,485
280,000

$ 1 ,145,758
231,546
116,899
103,803
49,1 1 4
180,000

$1,32 3 ,6 6 9
294,573
133,416
105,000
65,485
200,000

Surplus____________________
Profit and loss, surplus_____

$218,271
1.849,145

$464,396
1,630,350

$525,192
1,166,479

O F F IC E R S .-— C hairm an, I . W . Drum m ond; Pres., E . S. Phillips;
V .-P . & Sec., E . B . Prindle; T reas., de L . K ountze; C o m p t., D . Kiefer.
Office, 1 W e st 47th S t ., N ew Y o rk .— (V . 123, p . 2396.)
D IA M O N D M A T C H C O . (T H E ) .— O R G A N I Z A T I O N , & c.— Incorp.
Feb. 13 1889 in Illinois as successor to a Connecticut corporation. Owns
tracts o f timber lands in M assachusetts, N ew Hampshire, Verm ont and
M aine, and has extensive holdings of timber lands in California, Idaho and
W ashington; owns match and block factories located at Oswego, N . Y . , Bar­
berton, O ., Chico, C a lif., Springfield, M a s s ., Spokane, W a s h ., A th ol,
M a s s ., Biddeford, M e ., and Stirling C ity , C alif.; machine shop and foundry
at Barberton, Ohio, together with plant employed in lumber operation in
California, consisting of saw m ills, power plants, logging railroads, equip­
m ent, rolling stock retail lumber yards, &c. Owns holdings o f pine lands
in M ain e, M assachusetts, N ew Ham pshire, Verm ont, California, Idaho
and W ashington, and conducts selling branches in N ew Y o rk , Chicago,
St. Louis, San Francisco, N ew Orleans and A tlan ta . Is interested in the
match business o f G reat Britain (V . 108, p. 1821) and Peru. Interest in
new Canadian com pany, V . 113, p. 2084; V . 117, p . 1560.
S T O C K .— Th e stockholders in Oct. 1922 increased the authorized capital
stock from $ 1 8 ,0 0 0 ,0 0 0 to $25,0 0 0 ,0 0 0 .
D E B E N T U R E S .— A ll o f the outstanding 15-year 7 l % sinking fund
A
gold debentures, dated N o v . 1 1920, were called for redemption N o v . 1
1923 at 105 and int. V . 117. p . 785.
D I V S .— (1896 to 1908. ’0 9 . ’ 10. ’ l l . ’ 1 2 -T 5 . T 6 . ’ 17. ’ 1 8 to D e c ’26.
Per C e n t .._ \ l0 (2 j^quar.) 8
6
6
7 y ’ly 7 ^
9 8 y ’l y ( 2 Q .- M )
R E P O R T .— For 1925, in V . 122, p . 1770, showed:
Calendar Y ears—
1925.
1924.
1923.
Earnings___________________$3 ,2 0 9 ,7 2 9
$4 ,2 7 7 ,2 1 5 $ 4 ,6 9 3 ,2 8 6
G en ., & c., depr., res’v e .
1 ,288,530
2 ,2 0 7 ,4 0 9
2 ,6 4 0 ,9 6 6
R es. for Fed. taxes, & c ._
31 5 ,0 0 0
3 75,000
3 50,000
Dividends_______________
1 ,354,306
1 ,357,208
1 ,357,208

Am ount
O utstanding

$ ’ 00
None
None
None
100 &c

D I V I D E N D S .— Paid on common: 1919 to 1922. 4 % per arm.: )9 2 3 5 %
1924, 5 % and % % extra; 1925, 5 % % and 1 H % extra. Jan. 2 1926 to
O ct. 1 1926 paid 6 0 cents a share quar. on the new class A and B common
stocks.
R E P O R T .— For 12 m os. ended N o v . 30 1925, in V . 122, p . 756 and 8 89,
showed:
12 M o s.E n d . 11 M o s.E n d . 12 M o s.E n d .
N o v. 30 ’25. N o v . 30 ’24. D ec . 31 ’23.
N e t sales_______________________________ $11,304 ,161 $10,5 9 3 ,1 6 6 $ 1 0,692 ,038
C ost of sales and expenses____________ 10,360,185
9 ,5 3 9 ,0 4 6
9,4 5 6 ,8 7 3

1922.
$4,73 2 ,7 8 7
2 ,7 3 3 ,3 1 0
3 00,000
1 ,357,208

Balance, surplus______
$251 ,89 2
$337,598
$345 ,11 2
$342 ,26 9
T o ta l surplus____________ $4 ,6 4 6 ,9 5 2 $4 ,3 9 5 ,0 6 0 $4,05 7 ,4 6 2 $ 3 ,712,350
P eriod E n tered Sept. 30 1926— Q uarter.
9 M o n th s.
Earnings from all sources____________________________
$674 ,66 6 $2,168,117
Federal, state and city ta x __________________________
118,745
464,576
Depreciation and amortization, & c_________________
176,390
501,748
D ividends_____________________________________________
33 6 ,0 0 0
1,008,000
Balance, surplus_______ I ___________________________
$43,531
$193 ,79 4
The profit and loss surplus, Sept. 30 1926, amounted to $ 4 ,8 4 0 ,7 4 0 .
O F F IC E R S .— Pres., W . A . Fairburn; \ .-P res., T . J. Reynolds & O . K .
Light; Sec. & T reas., H . F . H olm an. General offices, 110 W . Kinzie S t .,
C hicago. N ew Y o rk offices, 30 Church St.— (V . 1 23. p . 2396 .)
D O D G E B R O T H E R S , IN C .— Incorporated in M aryland to own the
business and all o f the assets (excepting $14,0 0 0 ,0 0 0 cash) of Dodge Brothers,
ineorporated July 1 1914 in Jichigan. M anufactures the Dodge motor
car and accessories. Plant is located in D etroit, M ich .
On O ct. 1 1925 the com pany purchased a 5 1 % interest in the common
stock o f Graham Brothers, m otor truck manufacturers, and in April 1926
acquired the remaining 4 9 % . V . 121, p . 2644; V . 122, p . 2197.
S T O C K .— Preference stock is entitled to $105 per share and divs. in
case o f liquidation. The preference stock was offered (850,000 shares) in
April 1925 b y a syndicate o f bankers headed by D illon, Read & C o . at $100
per share. Each share of preference stock carried as a bonus one share of
common stock, class “ A . ” — - V . 120. p . 1885.
Com m on stock class “ A ” and common stock class “ B ” are identical in
all respects except that holders of common stock class “ A ” have no voting
power for any purpose and that holders of com m on stock class “ B ” have
exclusive voting power for all purposes.
B O N D S .— 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 a y 1 1930.
the call price decreasing 1 % per annum thereafter.
Sinking F u n d .— Com pany agrees to provide a sinking fund o f $1 ,0 0 0 ,0 0 0
per annum, available sem i-annually, to buy debentures if available at not
exceeding par and int. dining the succeeding 6 m onths, any unexpended
remainder to revert to the com pany.
C onvertibility.— Debentures to a total face value o f $3 0 ,0 0 0 ,0 0 0 will be
convertible, at the option o f the holder, into common stock class “ A . ”
In making conversion debentures shall be valued at face value, and stock
at $30 per share until a total of $ 5 ,0 0 0 ,0 0 0 debentures shall have been
converted. The conversion value per share of stock for each succeeding
$ 5 ,0 0 0 ,0 0 0 debentures converted thereafter shall be as follows: $35, $40,
$ 50, $60 and $70, respectively.
(In accordance with the terms o f the
indenture, $15,000,000 of debentures had been surrendered in O ct. 1925
for conversion into Class “ A ” Com m on stock.— V . 121, p . 1794.)
These debentures were offered in April 1925 by D illon, Read & C o . and
associates at 99 and int. V . 120, p. 1885.
E A R N I N G S .— For calendar years:
N o . o f Cars
N et E a rn s, before
Calendar Y ears—
Sold.
N et Sales.
F ed. T axes.
$161,002,512
1920 ________________________ 145,389
$18,601 ,780
1921
_________________ 92,476
83 ,6 6 6 .2 8 4
2,8 0 1 ,3 7 0
130,625 ,774
1922 ________________________ 164,037
19,054,098
1923 ________________________ 179,505
141,332 ,685
11,590,637
19,965,440
1924 ________________________ 22 2 ,2 3 6
191,652 ,446
1925 ________________________ 255,322
$216 ,84 1,36 8
*$28,698 ,846
* From which was deducted: interest on 6 % gold debentures, $2,7 5 2 ,7 3 3 ;
provision for Federal income taxes, $2,0 7 7 ,7 4 7 ; provision for dividends on
preference stock, $3 ,9 0 4 ,6 8 7 ; b a l., sur., $ 9 ,8 4 1 ,9 6 9 .




177

INDUSTRIAL STOCKS AND BONDS
Bate
%

W h en
P ayable

Q— M
$16,800 ,000
8
1934563shs.
500.000 shs.
850.000 shs.
7
Q— J
M & N
5 9 ,485,000
6 g
8 ,250,000
5
953,334 shs See text 0 — j 20
3 0 0.000 shs See text Q— M 31
2 ,6 6 1 ,658sh See text Q— M 15
78,910,483
Q— J 25
6 .

Last D ivid en d
and M a tu rity

P laces W h ere In terest and
D ivid en d s are P ayable

D ec 1 5 ’2 6 , 2 % B y check from N Y office
O ct 15 ’26
D illon, Read & C o , N V
M a y 1 1940
1927 to 1929
O ct 20 '26 50c Checks mailed
D ec 31 ’ 26
$1
Ohecks mailed
See text
do
Jan 2o 27 1 M

E a rn ings f o r Three and N in e M o n th s Ended Sept. 30 1926.
P eriod Ended Sept. 30 1926—
Q uarter.
9 M on th s.
N e t after depreciation__________________________________$7,242,081 $23,043 ,445
Interest and Federal taxes___________________________
1 ,6 2 9 ,0 2 3
5,063,661
Preferred dividends___________________________________
1 ,465,625
4 ,396,875
Surplus______________________________________________ $4,14 7 ,4 3 3 $13,582 ,909
Sales for the 9 m onths were 29 3 ,8 4 2 carp, trucks and buses, against 207,601
for the same period o f 1925.
O F F IC E R S .— Chairm an, Frederick J. H aynes; P res., Edwin G . W ilm er.
V .- P ., A . T . W aterfall; V .- P ., A . Z . M itchell; V .- P ., H . H . Springford•
Sec. & T reas., H . V . Popeney. Office, D etroit, M ich .— (V . 123, p . 2 525 .)
D O M E M IN E S , L T D .— The stockholders o f the D om e M ines C o ., L t d .,
In O ct. 1923 were advised that the assets, rights, credits and effects o f the
com pany had been vested in D o m es M in e s , L td ., incorporated under the
Companies A c t o f Canada July 7 1923 with an authorized capital o f 1 ,0 0 0 ,,
000 shares o f no par value. The stockholders o f the D om e M ines C o .
L t d ., received in exchange two fully paid shares of no par value o f the new
com pany for each share (par $9) o f the old com pany.
Properties are located at South Porcupine, Ontario, Canada.
D IV S .— Jan. 1924 to O ct. 1926 paid 50 cents quar.on stock of new co.
October.
Septem ber. A u g u st.
J u ly.
J u n e.
M ay.
Gold produc­
tion (value) $ 324 ,62 9 $ 324 ,77 4 $ 324 ,24 3 $ 320 ,04 2 $327 ,66 4 $328,028
R E P O R T .— For 1925, in V . 122, p. 2506 . showed:
Cal. Y e a r
Cal. Y e a r 9 M o s . E n d .
1925.
1924.
D ec. 31 ’23.
Operating earnings____________________ $ 1 ,9 9 7 ,4 1 5 $ 2 ,049,071
$ 1 ,859,882
Other incom e___________________________
176,132
20 4 ,9 8 2
179,381
T otal incom e__________________________$2 ,1 7 3 ,5 4 7
Depreciation & depletion______________
$ 480 ,58 0
120,538
Canadian taxes________________________
D ividends----------------------------------------------1 ,9 0 6 ,6 6 8

$2,25 4 ,0 5 3
$ 431 ,03 5
102.961
1 ,906,668

$ 2 ,0 3 9 ,2 6 3
$454 ,08 9
104,979
1,453,334

Balance, surplus____________________ def$334,240 def$186,611
$26,861
Profit and loss, surplus________________ $ 2 ,0 1 9 ,6 6 5 $ 2 ,419,278 $2 ,6 7 1 ,5 5 7
Period—
N o . o f tons m illed_______
Average recovery________
Operating, general costs.
Dom inion inc. tax, e s t ._
N etin co m e ____________
Miscellaneous earnings.

■ Q uar. E n d . S ept. 30— ■ — 9 M o s . E n d . Sept. 30—
—
1926.
1925.
1926.
1925.
141,900
1 33,300
41 3 ,5 0 0
396,600
$97 1 ,2 4 5 $ 1 ,1 0 0 ,8 3 5
$2 ,9 6 1 ,7 1 8 $3,237,801
56 5 ,1 7 5
636,505
1 ,728,459
1,752,662
2 3 ,6 7 7
29,369
68,2 8 0
93,232
$ 382 ,39 3
59,954

$434,961
4 4 ,1 4 2

$1 ,1 6 4 ,9 7 8
149,446

$ 1 ,391,907
132,690

T otal incom e__________
$442 ,34 7
$479,103 $ 1 ,3 1 4 ,4 2 4 $ 1 ,524,597
N o t e .— In the above figures no allowance is made for depreciation or
depletion.
O F F IC E R S .-— Pres. & T reas., Jules S. Bache; Sec., Alexander FaskenM ain office, 36 Toronto S t ., T oronto, C an. N . Y office, 42 Broadw ay— (V . 123, p . 2396 .)
D O U G L A S -P E C T I N C O R P .— Incorp. under laws o f N . Y . on April 1
1923. Manufactures Pectin. Certo, and pure apple vinegar.
D I V I D E N D S .— A n initial dividend o f 25c. per share was paid July 1
1923, same amount paid quar. to June 30 1926, on Sept. 30 and D ec. 31 1926
paid 50c. quar., also paid 25c. extra on D ec. 31 1925 and 5Qc. extra on
Sept. 30 1926 and D ec. 31 1926.
R E P O R T .— For 1925:
[In clu d es Packing C o ., L td ., and Oil E m u lsion C o r p .|
Calendar Y ears—
1925.
1924.
1923.
Sales, less returns, & c___________________ $2 ,8 8 5 ,8 1 2
$ 2 ,8 9 5 ,4 1 0 $ 2 ,463,459
Manufacturing cost____________________
1 ,390,209
1 ,528,398
1,004,435
Selling & administrative expenses____
8 70,670
799,787
743,049
Balance___________________ ___________
Miscellaneous incom e___________ , _____

$624 ,93 3
38,3 2 7

T otal incom e------------------------------------Depreciation____________________________
Interest_________________________________
Prov. for U . S. & C an. G o v t. inc. ta x .
Dividends_______________________________

$ 663 ,26 0
97 ,5 6 4
4 3 ,7 4 8
6 4 ,5 6 7
37 5 ,0 0 0

$567 ,22 5
3 3,824
$601 ,04 8
92,021
63,615
61,642
3 00,000

$715 ,97 4
_______
$715,974
88,695
34,463
78,584
225,000

Profit for year ending D ec. 3 1 ______
$82,381
$83,771
$289 ,23 2
— Q uar. E n d . Sept. 30— — 9 M o s . End. Sept. 30—
Period—
1926.
1925.
1926.
1925.
Sales less rets. & allow’ns $ 2 ,2 3 7 ,6 5 4 $ 1 ,450,631
$ 4 ,260,920 $ 2 ,975,982
Other incom e____________
5 ,7 3 5
4 ,9 2 0
18,929
14,381
Total incom e___________ $ 2 ,2 4 3 ,3 8 9
M fg . costs, sell’g exp. &c 1 ,488,705
2 7 ,9 8 2
Depreciation_____________
Interest__________________
5,163

$1,455,551
1 ,264,008
2 8 ,4 3 6
10,989

$4,27 9 ,8 4 9
2,9 7 1 ,7 7 0
83,189
2 4 ,0 2 8

$2 ,9 9 0 ,3 6 3
2 ,2 8 9 ,3 5 7
8 1,974
34,710

N et profit______________
$ 721 ,53 9
$152 ,11 8 $1,200,861
$ 584 ,32 2
O F F IC E R S .— P res., Robert D ouglas; V .- P ., Charles A . D ouglas;
V .- P ., Charles G . K n igh t; Sec., Earl J. N eville; T reas., John J . Clingen.
O ffice, Rochester, N . Y . — (V . 123, p . 2661.)
E. I. D U P O N T D E N E M O U R S & C O .— Incorporated in Delaware
on Sept. 4 1915 and on Oct. 1 1915 succeeded to the ownership o f all the
properties o f the E . I. du Pont de Nemours Powder C o . of N . J. (per
plan in V . 101, p . 616, 696, 8 4 8 ), with no change in the m anagement,
and without creation o f bonded debt or fixed charges. In D ec. 1915 pur­
chased the Arlington C o . o f N . J. for about $ 6 ,6 0 0 ,0 0 0 . V . 101, p . 1888
In M a y 1917 acquired from the Government of Chile two large nitrate
fields in the northern part o f that country. V . 104. p . 1902; V . 106, p . 1034.
In 1917 built at Deepwater, N . J ., an extensive plant for m anufacture of
coal tar dyes. V . 105, p . 610.
In 1917 purchased the property o f Harrison Bros. & C o ., In c ., and other
companies and had made substantial progress in the manufacture and sale
o f fabrikoid. pyralin, lacquers, solvents, dyes and a variety of chemicals,
V . 106, p . 1034, 1347. In O ct. 1918 purchased N ew England Paint & Var­
nish C o. o f E verett, M a ss. V . 107, p . 1671.
The E . I . du Pont de Nem ours Export C o . was liquidated early in 1922.
In M a y 1922 the D u Pont Chemical C o . was dissolved, the Industrial Sal­
vage C o. being organized to purchase such o f the Chemical C o .’ s assets as
could not be readily disposed of. T h e stockholders on A u g . 30 1926 voted
to liquidate the Industrial Salvage C o ., stockholders receiving 52 A cents
per share.
In M a y 1920 purchased n connection with Flint Varnish & Color W orks,
the plant and business o f the Chicago Varnish C o . V . 110, p . 2294.
The Flint Varnish & Color W orks sold its entire assets to the du Pont C o.
as o f O ct. 31 1924. V . 119, p . 2414 . On D ec. 31 1925 the com pany’s

178

[V ol. 123,

INDUSTRIAL STOCKS AND BONDS
M IS C E L L A N E O U S C O M P A N IE S
F o r abbreviation s, & c ., see notes on p a g e 6]

D a te
Bonds

D u rh a m H osiery M ills— Com Class “ A ” auth $ 1 ,2 5 0 ,0 0 0 --.
Com m on Class “ B ” , non-voting, auth $ 3 ,7 5 0 ,0 0 0 __________
Preferred, 7 % cum (a & d) call 120, auth $ 5 .0 0 0 .0 0 0 ________
E astm an K o d a k — C om m on stock 2,5 0 0 ,0 0 0 shares_______ __ .
Preferred (a & d) $ 1 0 ,0 0 0 ,0 0 0 6 % cum ulative____________

—

P ar
Value

$100 $1.250.000
3.750.000
50
2 .910.000
100
None 2 ,0 4 6 ,190sh
100
6 ,165,700

direct holdings o f General M otors C orp. common stock together with its
equity in the holdings of the General M otors Securities C o. (constituting
about 2 5 .8 % o f the entire common stock o f General M otors C orp.), aggre­
gated 1,3 3 0 .8 2 9 shares. Also owned $ 1 5 ,5 2 0 ,0 0 0 preferred stock o f M ana­
gers Securities C o . Compare Gen. M otors C orp. below, and V . 120, p . 697.
Investm ent in D u Pont R ayon C o . and D u Pont Cellophone C o ., V . 119,
p . 699.
The D u Pont-Pathe Film M anufacturing C orp. was formed in O ct. 1924
b y E . I . du Pont de Nem ours & C o ., the Pathe Exchange, In c., and the
Pathe Cinem a Societe Anonum e o f Paris. V . 119, p. 2 414 , 2886.
The D u Pont Everdur C o. was organized in April 1925 to take over the
manufacture and sale o f the metal alloy developed by chemists of the E . I.
du Pont de N em ours & C o. and known as Everdur. Previously this had
been handled b y the D u Pont Engineering Co.
The D u Pont-Viseoloid C o . was organized M a y 1 1925 to manufacture
and deal in pyroxylin plastic products and articles. V . 120, p . 1886.
It was announced in N o v . 1925 that the Eastern Alcohol C orp. had been
formed to be jointly owned and operated b y E . I . du Pont de N em ours &
C o . and the N ational D istillers’ Products C orp ., for the manufacture of
industrial alcohol. V . 121, p . 2 279 , 2525 .
Th e D u P on t N a tio n a l A m m o n ia C o ., with a capital stock of $ 1 3 ,100 ,000 ,
was organized in Delaware on M a y 28 1926. This is a holding corporation
for the interests o f E . I . du Pont de Nemours & Co. and the N ational
Am m onia C o ., I n c ., in the m anufacture of ammonia from nitrogen of the
air through the Claude process and for the sale o f the product. The new
holding corporation has had transferred to it the major part o f the stock
holdings of E . I . du Pont de Nem ours & C o. in Lazote, Inc.
Lazote, In c ., has a plant near Charleston, W . V a ., for the manufacture
o f am m onia b y the Claude process. This plant was commenced in M a y
1925 and the first unit was com pleted and began production in April 1926.
T h e holding com pany has also acquired an important interest in the common
stock of Pacific Nitrogen C orp., a com pany organized b y the N ational
Am m onia C o. This com pany operates a plant in the vicinity o f Seattle,
W a sh ., for the fixation of nitrogen in the form of ammonia.
The officers o f the D u Pont N ational Am m onia C o. are: Pres., Jasper E .
Crane; V .-P re s., D r. H . Dannenbaum ; T reas., B . L. W ard ; A sst. T reas.,
S. J. Thom ison; Sec., A l. D . Fisher; A sst. Sec., E . A . Howard; Chairman
o f Board, J. B . D . Edge.
C A P I T A L I Z A T I O N .— Th e stockholders on Sept. 13 1926 changed the
authorized com m on stock from 1 ,500,000 shares, par $100, to 5,0 0 0 ,0 0 0
shares o f no par value. Tw o shares of no par stock were issued in exchange
for each share o f com m on stock o f $100 par value outstanding.
R ig h ts o f D e b e n tu r e S to c k .— E xcept as to voting powers the rights o f b cti
debenture stoeks will be Identical.
All debenture shares will bear cum uis
tlve dividends o f 6 % p . a ., m ay be called for paym ent at $125 per share
and have preference as to assets for both principal and accum ulated divi­
dends. N o m ortgage or other specific lien m ay be placed upon any o f the
property without the consent o f 75% o f the total debenture stock outstand­
ing, but this does n ot apply to purchase m oney mortgages or liens upon
property purchased, or collateral loans for cash advances in the ordinary
course o f business, provided they do not run m ore than three years. The
voting deb. stock has equal votin g rights with the com m on stock.
T he non-voting deb. stock has no voting privileges except that (o) ft
case o f default for 6 m os. in the paym ent o f any dividend thereon, the voting
and non-voting debenture stockholders will have the sole right o f voting
until the com pany shall pay all accrued dividends on said debenture stock
and (6) In case o f the net earnings in any cal. year amounting to less than 9*2
on the debenture stock, then the debenture stockholders o f both classes wil!
have equal voting rights with the com m on until the net earnings for some
future year equal 9 % on the debenture stock. V . 101. p . 610. 848.1275

A t a meeting o f the finance committee on N o v . 2 1925 it was resolved that
$ 1 0 ,0 0 0 ,0 0 0 o f 6 % non-voting debenture stock be issued and offered to the
debenture stockholders pro rata to their holdings, at $100 per share. Each
debenture stockholder was given the right to subscribe to one share of the
new stock for each seven shares o f his holdings as of N o v . 16 1925.
B O N D S .— The 10-year gold bonds o f 1931 were redeemed on Sept. 1
1925 at 106 and int.
A ll o f the outstanding 4 M % 30-year gold bonds, due June I 1936, were
redeemed on June 1 1926 at 110 and interest.
Bonds o f subsidiary cos. in hands of public D ec. 31 1925, $ 2 ,4 4 1 ,5 0 0 .
D I V I D E N D S ( % ) — 1919. 1920.
1921. 1922. 1923. 1924. 1925.
18
10 H
8
8
6^
8
10
Regular, cash----------------Extras, common s t o c k ..
_
7U
__
50
__
__
40
Paid in 1926: Jan. 8, 5 % extra: A lar. 15, 2 5 4 % quar.; June 15, 2 5 4 %
quar., July 3, 4 % extra, Sept. 15, 3 5 4 % quar, D ec. 15, $1.75 quar. on n ew
shares o f no par value. Paid in 1927: Jan. 5, $5 extra.
R E P O R T .-— For 1925, in V . 122, p . 741; for 6 mos. end. June 30 1926,
in V . 123, p . 5 87:
Calendar Y ears—
’26 (6 m o s .)
1925.
1924.
1923.
N et sales-------------------------N o t rep’ted N o t report’d $90,861 ,633 $94,069 ,319
N et incom e from opertions & in v e stm e n ts--$ 2 1 ,5 7 5 ,0 0 1 a $ 2 4 ,860,458 $18,660 ,468 $21,134 ,656
Profit and loss on sale of
real estate, secur., & c 227,461
D r . 1,520 C r .I l l , 198
C r.3 ,424
T otal earnings________ $21,802 ,463 $2 4 ,8 5 8 ,9 3 8 $18,771 ,666 $21,138,081
Interest on funded d e b t45,149
8 24,980
1,740,178
2 ,8 2 5 ,5 7 7
Balance of income for
the year___________-$ 2 1 ,7 5 7 ,3 1 3 $ 2 4 ,033 ,957 $17,031 ,488 $18,312 ,505
C o .’s portion t h e r e o f --. 2 1 ,757,313
See a
15,947,424
17,346,222
Surplus at begin, o f y r -_ 62,669,541 5 5 ,8 8 1 ,4 9 1 54,642,476 3 7 ,652,211
Profits from sale o f G en.
M otors Securs. stock _______
_______
_______
c 9 ,926,086
Surplus from reval’n of
G en. M o t . Corp. s t k _ _______ d 3 6 ,2 8 5 ,8 9 3
_______
$70,589 ,899 $64,924 ,519
T otal surplus_$ 8 4 ,4 2 6 ,8 5 4 $ U 6 ,2 0 1 ,3 4 1
D educt— Debenture stock
dividend (cash)_$ 2 ,441,929
$4,105,331
$4 ,1 0 4 ,8 6 8 $4,10 4 ,7 7 0
C om . stk. div. (cash ). 13,306,327
11,404,429
7,6 0 3 ,5 4 0
6 ,177,274
C om . stk. div. (stock)
( 4 0 % ) ____________
__________
38 ,0 2 2 ,0 4 0
Approp. to provide for
premium & discount
on 7 14 % bonds_______
_______
_______
3 ,000,000
Profit & loss, surplus.$68,6 7 8 ,5 9 8 $62,669 ,541 $55,881,491 $54,642,476
a Including in 1925 com pany’s equity in earnings o f controlled companies
not wholly owned, b Includes $ 2 ,9 8 0 ,7 1 0 surplus o f subsidiaries not hereto­
fore included in annual report, c Increase in surplus arising from sale by
General M otor Securities C o . o f a 3 0 % interest in its stock, d Resulting
from revaluation of 7 0 % interest in 1,8 7 5 ,0 0 0 shares o f General M otors
C orp. common stock.
N o te .— A n amount o f $6 ,6 5 4 ,1 4 5 receivable on Jan. 7 1926 in respect of
an extra dividend o f $5 per share declared b y General M otors C orp. on its
common stock and the corresponding amount payable on Jan. 8 1926,
representing an extra dividend o f 5 % on the D u Pont C o .’s com m on stock
are not reflected in the above statem ent.




Am oun t
Outstanding

Rate
%

See text
See text
See text
See text
6

W h en
P a yable

0—J
0— J

Last D ivid en d
and M a tu r ity

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

See text
See text
Aug 4 1924 1 %
Jan 3 1927
$2 Rechester, N Y & Loud
do
do
Jan 3 1927 1M

— 3 M o s . E n d . Sept. 30— — 9 M o s . E n d . Sept. 30—
1926.
1925.
1926.
1925.
Inc. from operations____ a $ 4 ,044 ,723
$ 4 ,0 3 8 ,0 4 4 $ 1 1 ,662 ,285 $10,7 6 3 ,5 2 8
Inc. from investm ent in
3 ,2 9 1 ,5 3 7 20,12 9 ,4 1 3
7 ,2 4 6 ,9 2 4
General M o to rs_______
8,815,641
Inc. from m isc. sec., & c_ b l , 014,510
33 0 ,0 9 5 x 4 ,281,416
1,811,571
T o ta l incom e__________ $13,8 7 4 ,8 7 4
Prov. for Federal t a x e s ..
414,853
Interest on funded d e b t.
22,165
D iv s. on deb. stock______
1,183,907

$7 ,6 5 9 ,6 7 6
164,227
155,465
1,026,351

$ 3 6 ,073 ,114 $ 1 9 ,822 ,023
810,630
715,953
6 7,314
794,353
3 ,6 2 5 ,8 3 6
3 ,0 7 8 ,9 4 2

A m t. earned on c o m .-$ 1 2 ,253,949 $6 ,3 1 3 ,6 3 3 $ 3 1 ,5 6 9 ,3 3 4 $15,2 3 2 ,7 7 5
O F F IC E R S .— Pres., Lam m ot du Pont; Chairman o f B oard, Irenee du
Pont; Vice-Presidents. J. P . Laffey. H . G H askell. Frank G . T allm an,
H . F . Brown, R . R . M . Carpenter, W illiam Coyne, John J. R askob, F . W .
Pickard, C . L . Patterson, W . S. Carpenter Jr., J. B . D . E d ge, A . Felix du
Pont, W illiam C . Spruance; Sec., Charles Copeland; T reas., Angus B .
Echols.
D I R E C T O R S .—-Donaldson Brown, H . F . Brow n, R . R . M . Carpenter,
W alter S. Carpenter J r., Alfred P . Sloan Jr., W illiam C oyne, A . Felix du
Pont, Charles Copeland, Eugene du P ont, Eugene E . du P ont, H . F . du P ont,
Irenee du P ont, Lam m ot du Pont, P . S. du Pont (Chairm an), J. B . D . E d ge,
H . G . Haskell, C . L . Patterson, J. P . L a ffey , J. Thom pson B row n, F . W .
Pickard, H . M . Pierce, M . R . Poucher, John J. R askob, Charles L . R eese,
W . C . Spruance, F . G . Tallm an, Leonard A . Yerkes. Office, W ilm ington.
D e l.— (V . 123, p . 2661 .)
D U R A N T M O T O R S , IN C .— (V . 123, p . 226 7 .)

D U R H A M H O S IE R Y M IL L S . — Incorporated under laws of North
Carolina, Feb. 17 1898. Business is the spinning, manufacturing and selling
of hosiery and similar lines of cotton, woolen, silk or other materials. M ills
are located at D urham , N . C ., High Point, N . C ., Carrboro, N . C .,G o ld s­
boro, N . C ., and M eba n e, N . C . Affiliated companies are: N orth State
K nitting M ills, I n c ., D urham , N . C ., T ar Heel Hosiery M ills, I n c ., W est
D urham , N . C .; Jno. O ’ D aniel Hosiery M ills , I n c ., D urham , N . C .; D ur­
ham Hosiery M ills , In c ., N ew Y o rk .
C A P I T A L S T O C K .— Pref. stock is redeemable at 120 and has no voting
power except in the case of default in dividends for two quarterly periods,
when it then has the sole voting power. A yearly sinking fund of 3 % o f the
largest amount outstanding is provided for. Preferred as to 1 2 0 % of assets
in case of dissolution. Com m on Class “ B " stock has no voting power.
V . 109. p . 891.
D I V I D E N D S .— Dividends on the pref. stock were paid 1 M % quarterly
A u g. 1924; none since.
1912. 1913-17. 1918.
1919. 1920 -21 . 1 922 -24 .
C om m on, Class “ A ” - - 7 l
A
7 yearly
12
12
See
N one
C om m on, Class “ B ” _ - ___
________
634
12
text
N one
Feb. 1 1920 paid 4 % on com . “ A ” and 4 % on com . “ B ;” A p r. 1 1920, paid
1J£% quar, and H % extra on com , “ A ” and “ B ” - July 1 and O ct, 1 1920
paid 1 H % quar. and % % extra on com . “ B ” ; Jan. 3 1921 paid \ M % in
scrip on com . “ B . ”
R E P O R T .— For 1925 showed:
Calendar Y ea rs—
1925.
1924.
1293.
1922.
Gross sales_______________$6,48 3 ,7 7 7
$ 5 ,4 3 1 ,6 9 4 $ 6 ,0 7 9 ,6 5 7 $ 5 ,8 1 3 ,5 8 2
Expenses, & c____________ 5 .8 7 3 .8 7 0
5 ,1 2 7 ,7 85
5.1 1 1 .8 7 2
5 ,1 8 8,422
Balance________________
$6 0 9 ,9 0 7
$ 3 0 3 ,9 0 9
$634,785
$625 ,16 0
Other incom e___________ _______ 19,134 ___ 3 , 0 0 1 5 _____ 3 5 ,7 6 9 ______ 6 9,2 5 6
Total incom e_________
$629,041
$ 3 3 3 ,9 2 3
$670 ,55 4
$694,416
E s t. insur. taxes for 1925
4 ,7 3 8
_______
_______
_______
Other ch a rg es.__________
5 6,920
_______
_______
_______
Interest and depreciation
3 9 7 ,0 0 9
196,869
274,678
372,617
Inventory a d ju s tm e n t..______ 94,1 4 0 _____ _______ _______ 6 6,274 -------------------N e tp r o fit_____________
$ 76,230
$1 3 7 ,0 5 4
$3*29,602
$321,799
Preferred divs. (all cos.)
a !3 .1 2 5
171,951
233,840
233,485
Balance, s u r p l u s .- - - .
$ 63,105 d ef$34,897
$95,762
$88,314
a N orth State K nitting M ills, In c ., only.
O F F IC E R S .— O. M . Carr, Pres.; H. C . Flower Jr., V .-P .; A . II. Carr,
V .-P . & Treas.; W . F . Carr. Sec. & Asst. Treas.
M ain office, D urham , N . C .— (V . 123, p . 1767.)
E A S T M A N K O D A K C O .— O R G A N I Z A T I O N .— Incorp. in N ew Jersey
O ct. 24 1901 as an amalgamation per plan in V . 73, p . 1114, of various oper­
ating companies, of which it owns practically all the stock. See list, V . 6 7 ,
p. 1160, 1207; V . 69, p. 387; V . 75. p . 735, 613; V . 77, p . 253, 300; V . 8 9 ,
d . 1225; application to list. V . 80. n. 1477: V . 93. p . 1728; V . 97. p . 7 31;
V . 98, p . 1540. Also owns a one-third interest in American Anode, I n c .,
organized in O ct. 1926. V . 123, p . 2523.
The decree o f dissolution and injunction entered on Feb. 1 1921, against
the co. was modified M a y 13 1928 when Judge Hazel of the U . S. D istrict
Court for the W estern District o f N ew York signed a new decree in the case.
This case, which was a suit against the co. under the anti-trust laws, was
won b y the Government several years ago. Th e decree directed the respond­
ent to sell the Premo camera, Century-Fulm er and Schwing business and
certain brands o f dry plates and printing-out paper. The plates and paper in­
terests were sold to Defender Photo & Supply C o ., In c., of Rochester in 1924.
The decree signed M a y 13 1926 recites that the co. has entered into a
contract with Clark W illiam s & C o. o f 160 Broadway, N . Y . C ity , for sale
o f the Premo and Century-Folmer and Schwing departments o f its business,
including a factory in Rochester and modifies the other decrees to the extent
that, although the Premo camera business is transferred title is not passed
to the factory in which this business has heretofore been carried on, nor
does the purchaser take such machinery as remains in the Premo factory.
The decree also recites that Clark, W illiam s & C o. proposes to organize a
corporation to take title to the properties purchased and to continue the
manufacture o f the several lines o f cameras and accessories which are the
subject o f sale.
C A P I T A L S T O C K .— The stockholders on Apr. 4 1922 ratified the pro­
posal to change tbe 250,000 shares o f common stock, par $ 100 , to 2,500,000
shares of no par value, and to give ten shares o f no par value stock for each
sharp of $1 00 par value.
D I V I D E N D S .— On July I 1922 paid a regular q u a n div. of $1 25 per
share on the new no par value stock; sam e amount paid quar. to Jan. 1927.
Extra divs. have been paid as follows: D ec. 30 1922, 50 cents; M a r . 1 1923,
$1; A p r. 2 1923, 75 cents; July 2 1923, 75 cents; Jan. 2 1924, $1 25; April I
1924 to Jan. 3 1927, 75 cents each quar.
R E P O R T .— For 1925, in V . 122, p . 2185, showed:
Calendar
x N e t (after P r e f.D iv s .
Com m on
B alan ce,
Total
Y ear—
D ep recia tio n )
D ivid en d s.
S u rp lus.
Surplus.
$1 ,7 5 1 ,7 3 2 $ 68,274 ,845
1925__________ $ 1 8 ,467 ,114 $ 3 6 9 ,9 4 2 16,23 1 ,6 4 0
1 9 2 4 . ............... 17,201,815
3 69,942 16,26 7 ,4 0 0
564,473 66,523,114
1923__________ 1 8 ,877,229
3 69,942 1 5 ,678,337
2 ,8 2 8 ,9 5 0 65,958,640
1922__________ 1 7 ,952,555
369,942 1 2 ,574,963
5 ,0 0 7 ,6 5 0 63,129,690
x Figures are after deducting Federal taxes.
O F F IC E R S .— Chairm an, George Eastm an; P res., W illiam G . Stuber;
G en. M g r ., Frank W . L ovejoy; Sec., James S H avens. Office, Rochester
N . Y . — (V . 123, p. 2525 .)

Nov., 1926.]

M IS C E L L A N E O U S C O M P A N IE S
F or abbreviation s, & c ., see notes on p a ge 6]

D a te
Bonds

Par
Value

R a ton A xle & S p r in g C o — Stock 250.000 shares au th ____ _
E is e n lo h r (O tto ) & B ro s, In c — C om stk $ 6 ,0 0 0 ,0 0 0 au th .

10-year conv gold notes red 105 conv (text) warr (tex t). N .c*

Rate

%

6 000,000

text
y2 ,2 5 4 ,3 0 0
7 66.932 shs
697,326 shs See text
3,0 0 0 ,0 0 0
6 g
801,699 sh. See text

W h en
Payable

1926

Pref stock 6 % and participating redeemable at 56 >4_______
I s t & r e f M s f g b d s r e d (text) $ 5,500,000a u th _M eB a .k x x x c* 1925
6-year deben notes $ 2 ,0 0 0 ,0 0 0 auth red 1 02____ F B a .k xx xc* 1925
M ineral Fuel C o 1st M sinking fu n d _________________________ 1913

E A T O N A X L E & S P R IN G C O . (T H E ).— Incorporated in 1916 in Ohio
under the name of The Torbensen Axle C o . In M a y 1923 the com pany
acquired the business and properties of T h e Eaton A xle C o. and the
Perfection Spring C o ., and on M a y 17 1923 changed its name to T h e Eaton
A xle & Spring C o. M anufactures axles, bumpers and springs for auto­
mobiles and m otor trucks. In A u g. 1925 acquired the bumper business of
Cox Brothers M fg . C o. The Eaton Bumper & Spring Service C o ., entirely
owned subsidiary o f The E aton A xle & Spring C o ., operates service stations
in A tlanta, Boston, C leveland, Chicago, D en ver, K ansas C ity and Phila­
delphia.
During N ovem ber 1925 a new corporation, known as the E aton Spring
C orp., was organized and the property o f the Am erican Autoparts C o ., loca­
ted in Detroit, was acquired and subsequently merged w ith the spring busi­
ness o f the Eaton A xle & Spring C o. The acquisition was m ade without
new financing. A ll o f the common stock is owned b y the parent com pany,
the preferred stock being owned by the American Steel Foundries.
In June 1926 the property of the Beans Spring C o .,,lo c a ted in M assillon,
Ohio, was acquired and merged with the Eaton Spring C orporation.
S T O C K .— The stockholders o f record O ct. 15 1925 were offered fcheright
to subscribe to additional stock in the ratio o f one new share for each 10
shares held, at $23 a share.
D I V S .— A n initial div. o f 65 cents per share was paid July 1 1923; sam e
am ount paid quar. to April 1 1924; July 1 1924 paid 40 cents; then none
until A u g. 1 1925, when 50 cents quarterly was paid; same am ou nt paid
quar. to N o v . 1 1926.
R E P O R T .— For 1925, in V . 122, p . 2048, showed:
Consolidated In c o m e A c c o u n t f o r Calendar Y ea r 1925.
M anufacturing profit after deducting cost o f goods sold, including
material, labor, factory expense and depreciation______________ $ 1 ,298,247
Selling, general and administrative expense________________________
645,050
Operating p rofit______ t ____________________________________________ $653 ,19 7
Other income, $188 ,87 0; Less other deductions, $87,793 ; balance_C r.101.077
Provision for estimated Federal taxes______________________________
4 7,500
D ividends paid and provided for____________________________________
354,200
Balance, surplus____________________________________________________ $352,574
— Q uar. E n d . Sept. 30— - — 9 M o s . E n d . Sept. 30—
1926.
1925.
1926.
1925.
N e t profit a ft. in t., exp .,
& c ., but bef. F e d . tax_
$303 ,54 2
$200,066
$972,773
$605,641
O F F IC E R S .— -Chairman, J. O . Eaton; Pres. & Gen. M g r ., C . I . Ochs.
V .-P . & A sst. Gen- M g r ., F . C . Robie: V .-P . & D ir. o f Sales, R . C . E n os’
Sec. & T reas., F . A . Buchda. Office, Cleveland, Ohio.— (V . 123, p . 2145 .)
E D M U N D S & J O N E S C O R P O R A T I O N .— (V . 123, p . 1255.)
E IS E N L O H R (O T T O ) & B R O S ., IN C .— Incorp. under laws o f Penn­
sylvania on Feb. 3 1916. M anufactures cigars, the com pany’s brands
including Cinco, Henrietta, E l Purano, Luxus and Oxford.
In 1924 the com pany acquired all o f the capital stock o f W ebster Cigar C o .
S T O C K .— The preferred stock is redeemable at 115 and divs. Sinking
fund, $60,000 per annum.
D I V S .— On pref., in full to date. On com m on, paid as follows 1917,
4 % ; 1918, 4 % ; 1919, 4 % ; 1920, 4 J * % ; 1921, 5 % ; 1922, 5 % ; 1923, 5 % ;
1924, 2 4 * % ; none since.
R E P O R T .— For 1925 showed
Calendar Y ears—
x l9 2 5 .
x l9 2 4 .
1923.
Gross p ro fit______________________________ $1,526,978 $1,278,601
$1,466,399
1,084,506
Selling, adm . & gen. expenses------------1,027,741
1,018,912
M isc. charges, less misc. incom e______
73,178
101,321
14,881
Federal income tax, estim ated_______
_______
20,441
54,100
N e t pro fit____________________________
$369 ,29 3
$129,097
$378,506
x Includes W ebster Cigar C o . for 1925 and for the period from A u g . 2 to
D ec. 31 1924.
— Q uar. E n d . Oct. 2— - — 9 M o s . E n d . Oct. 2
P eriod
1926.
1925.
1926.
1925.
M anufacturing p rofit___
$373 ,25 4
$407 ,25 2 $ 1 ,024,553 $ 1 ,138,287
General & selling expense
2 5 3,404
190,104
715,780
824,868
N e tin c o m e -----------------$119 ,85 0
$217 ,14 8
$308 ,77 3
$313,419
N o te .— Allowances have been m ade for depreciation. Reserve for Fed­
eral tax not required on account o f surplus adjustm ent o f inventory value
during 1925.
O F F IC E R S .— Chairman o f Executive Com m ittee, H arry S. Rothschild’
Pres., Samuel T . Gilbert; V .-P s ., John J. Rogers and Joseph F . Gallagher’
Sec. & Treas., R . G . Cunningham; A sst. T reas., Jackson K em per. Office,
932 M arket S t., Philadelphia, P a.— (V . 123, p . 239 7 ).
E L E C T R IC B O A T C O .— Incorp. under laws of N ew Jersey on M a y 29
1925, and acquired the property and assets of the old Electric B oat C o.
which was organized in Feb. 1899. Builds submarine boats, motor boats,
naval equipment, Diesel engines, electrical equipm ent and accessories.
S T O C K , & c.— The entire outstanding stock o f the old com pany was held
b y Submarine B oat C orp . U pon the organization of the new Electric Boat
C o ., Submarine B oat C orp. acquired 766,920 shares o f the Capital stock
o f the new company for the sum of $ 76,692 in cash. Submarine B oat C orp.
then declared and paid to its stockholders in A u g . 1925 a dividend of $76,692 ,
payable in shares o f the new Electric Boat C o. on the basis o f one share of
stock of the new Electric B oat C o. for each share of stock o f Submarine
B oat Corp. held. After paym ent o f such dividend the outstanding stock
o f the old Electric B oat C o. was acquired b y the new com pany from Sub­
marine Boat Corp. in consideration of the following:
(а) The assumption b y the new com pany of an indebtedness o f Submarine
B oat C orp. to the old Electric B oat C o . o f $ 6 ,8 2 1 ,0 0 4 .
(б) A n agreement to pay the sum o f $ 848 ,19 6, represented b y promissory
notes of the new com pany maturing at certain intervals.
(c) The guaranty b y the new company of a debt o f Submarine Boat
C orp. amounting to the principal sum of $ 1 ,0 0 0 ,0 0 0 .
R E P O R T .— For 1925, showed:
Consolidated In co m e A c c o u n t fo r Y ea r E n d in g D e c . 31 1925.
Exclusive of N ew London Ship & Engine C o.
Gross earnings from operations_____________________________________ $5,189,501
C ost o f operations___________________________________________________ 4 ,129,992
Expenses not apportioned to cost_________________________________
615,796
N e t profit from operations_______________________________________
Other income (interest, dividends and miscellaneous)___________

$443,713
90,495

Gross incom e______________________________________________________
L ess— Interest, discount and miscellaneous____________________

$534,208
10,558

N e t inc. (subject to add’l deprec. & Fed. taxes) carried to su r.
Balance Jan. 1 1925--------------------------------------------------------------------------C apital as of D ec. 31 1925 (766,932 shares o f no par value at
10 cents per share)-------------------------------------------------------------------------

$523,650
7 ,7 2 1 ,l^ o
76,693

T otal capital and surplus as per balance sheet_________________$ 8,32 1 ,5 3 8

24 0 .0 0 0 sh. See text
$ 6 ,600,000 See text
4 .5 0 0 .0 0 0
64* g
1.500.000
7
356,000
5

L a st D ivid en d
and M a tu r ity

Q— F

N o v 1 ’26

Q— J

O ct

$ ,

E le c tr ic B o a t C o— S t o c k ___________________________________
E le c tr ic R e fr ig e r a t io n C o rp — Stock 2 ,000,000 shares auth
E le c tr ic S to r a g e B a tte ry C o— C om m on stock (see te x t)___
E lk H o rn C oa l C o r p o r a t io n —
C om stk $3 & partic 4 4 0,000 shares a u t h ___________________

A m ount
O utstanding

250.000 sh. See

Pref (a & d) stock 7 % cum red 115 $4,00 0 ,0 0 0 au th _______




179

INDUSTRIAL STOCKS AND BONDS

Places W here In terest a n d
D ivid en d s A r e P ayable i

50c. C h e ck s m ailed

I 1926 IM

Q— F
See text
N ew Y o rk Trust C o , N Y
&
J Jan 1 1936
Q— J Jan 3 '27 $ 1 H Checks mailed

&
&

Sept 11 ’ 19 14*
June 11 ’23 14*
N Y or M erc T & D , B alt
D D ec 1 1931
N Y , or Fidelity T r .Balto
D D ec 1 1931
Fidelity Trust C o , B alt
M a y l 1943

O F F IC E R S .— Pres., H enry R . Carse; V .- P ., L . Y . Spear; V .- P ., Henry
R . Sutphen; Sec. & T reas., H . A . G . Taylor. Office, 11 Pine S t., N ew
Y o rk .— (V . 122, p . 0 000 .
E L E C T R IC R E F R I G E R A T IO N C O R P .— Incorp. under laws o f M ichi­
gan on D ec. 16 1925. T h e com pany is a holding com pany, holding stocks
o f constituent companies. The constituent companies, Kelvinator C o rp .,
N izer C orp. and Grand Rapids Refrigerator C o ., are engaged in the m anu­
facture and sale o f electric refrigeration devices, cabinets for both household
and commercial use and household and commercial refrigerators or ice
boxes, and through a division of Kelvinator Corporatoin, automobile tire
carriers, t.re locks and stam pings. Plants are located at Detroit and
Grand R apids, M .c h ., and London, O n t., Can.
S T O C K .-— See table at head o f page.
N O T E S .— The 10-year 6 % convertible gold notes are convertible on and
after Jan. ] 1928 into capital stock o f the company in the ratio o f one share
without par value for each $100 face amount of notes; non-detachable option
warrants are attached to the notes, entitling the bearers, until Jan. 1 1928
or prior redemption, to purchase stock o f the company in the ratio o f one
share, without par value, for each $100 face amount o f notes at the price
o f $100 per share. T h e indenture also contains provisions for the increase
pro rata of the option warrant and conversion privileges o f the noteholders
in case of the paym ent o f stock dividends b y the com pany. Th e company
agrees to provide a purchase fund of $ 6 0,000 semi-annually for the pur­
chase of notes in the open market at not exceeding the redemption price.
D I V I D E N D S .— On M a y 1 1926 paid an initial quarterly dividend of
50 cents a share in cash and 1 44 % in stock; same amount paid quarterly to
N o v . 20 1926.
R E P O R T .-— -For 6 m onths ended June 30 1926 showed:
P eriod E n d . J u n e 30— 1926— Q uarter— 1925.
1926— 6 M o s .— 1925.
N et sales___ _______________$8 ,1 8 4 ,5 7 0
$ 5 ,4 8 2 ,4 0 2 $13,9 2 1 ,9 4 7 $9,46 2 ,4 7 6
Operating profit__________ $ 1 ,8 4 0 ,3 6 8
$1,369,3-47 $ 2 ,7 6 4 ,7 0 0 $1,98 2 ,2 6 6
Other incom e____________
158,368
4 6 ,6 8 0
2 4 4,455
101,596
T o ta l incom e___________ $ 1 ,9 9 8 ,7 3 6
Charges__________________
64,0 7 4
Federal taxes____________
26 1 ,1 7 9

$ 1 ,4 1 6 ,0 2 7
849
179,129

$ 3 ,0 0 9 ,1 5 5
104,608
39 2 ,1 1 4

$ 2 ,083,862
4,5 0 3
2 7 0,317

N e tp ro fit______________$ 1 ,6 7 3 ,4 8 3 $ 1 ,236,049 $ 2 ,512,433 $1 ,8 0 9 ,0 4 2
E a rn in g s f o r T hree a n d N in e M o n th s Ended Sept. 30.
1926— 3 M o s .— 1925.
1926— 9 M o s .— 1925.
N et after chgs. & Fed .tax
$252 ,48 8
$622 ,22 8 $ 2 ,764,921 $2 ,4 7 1 ,2 7 0
""O F F I C E R S .— Chairm an, H . A . Tremaine; Pres., A . H . Goss; V .-P . &
T reas., Otis A . Glazebrook, Jr.; Sec., M erlin W ile y . Office, Buhl Building,
D etroit, M ich .— (V . 123, p . 2145 .)
E L E C T R IC S T O R A G E B A T T E R Y C O . (T H E )— Incorp. in 1888 In
New Jersey. Owns basic patents for storage batteries. V . 6 9 , p . 7 6 , 850;
V. 105, p. 1212.
S T O C K .— After 1 % on pref. ($31,400 outstanding D ec. 31 1925) com*
The stockholders April 19 1922 voted to change the authorized capital
-itock from $ 3 0 ,0 0 0 ,0 0 0 , divided into 300,000 shares, par $100 (875 pref. and
299,125 common stock ), to 3 ,5 0 0 shares o f pref. stock, par $ 2 5 , and o f
proportionately the same preference, and 1 ,196,500 shares o f common stock,
no par value. Th e new stock was issued at the rate o f one share of the old
stock for four shares of the new stock; old com m on 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 com m on stock o f
no par value, at the option o f the holder of the preferred shares.
D I V I D E N D S .— On com ., 1901 to 1907, 5 % yearly; 1908, 3 H % \ 1909
3 4 4 % ; 1910 to 1918, 4 % ; 1919, 5 % ; Jan. 1920 to July 1 9 2 0 p a id 2 4 * % quar.
Oct. 1920 to April 1922, 3 % quar. On July 1 and O ct. 1 1922 paid 75 cents
per share on new com . and pref. stocks; Jan. 2 1923 to O ct. 1 1925 paid
$1 qu ar.; Jan. 2 1926 to Jan. 3 1927 paid $1 25 quar. Also paid extra divs.
o f 75 cents on Jan. 2 1923; $1 on Jan. 2 1924; $1 on Jan. 2 1925 and $1 on
J a n .2 1 9 2 6 .
R E P O R T .— For 1925, in V . 122, p . 1616, showed:
[Including W illard Storage B attery Company.]
Calendar Y e a rs—
1925.
1924.
1923.
1922.
Sales, less m fg. cost & c_$ 1 3 ,980,160 $ 1 2 ,1 2 2 ,4 6 0 $11,836 ,030 $11,966 ,681
Total net incom e________$ 8 ,6 2 6 ,1 0 6 $ 7 ,2 1 0 ,8 8 2 $7,21 6 ,5 2 2 $7 ,5 7 0 ,8 3 9
D ividends. ........................
4 ,2 4 7 ,2 5 0
4 ,0 2 8 ,9 0 5
4 ,0 1 0 ,1 4 5
3 ,1 9 6 ,6 8 5
Balance, surplus______ $ 4 ,3 7 8 ,8 5 6 $ 3 ,1 8 1 ,9 7 7 $3,20 6 ,3 7 7 $4 ,3 7 4 ,1 5 4
Previous surplus_________ 2 0 ,5 4 0 ,3 7 9 18,103,661 21,95 7 ,7 6 5 19,041,211
Total surplus__________ $ 2 4 ,919 ,235 $ 2 1,285 ,638 $ 2 5,164 ,142 $23,4 1 5 ,3 6 5
Sundry adjustm ents____ C r.2 7 1,229
C r. 106,310
D r .96,540 D r . 101,467
Em ployees’ pension fund
7 5,000
25,000
150,000
3 50,000
Taxes paid previous year
851,007
813,941
1 ,006,132
826,569
xA djust. o f patent a c c t. y 4 ,009,099
___________
6 , 000,000
Loss on sale o f plan t____
7 3,314
Profit & loss, su rp lu s.$ 1 9 ,191,144 $ 2 0 ,5 4 0 ,3 7 9 $18,103,661 $ 2 1,957 ,765
x Adjustm ent o f patents account to the approximate valuation allowed
by the U . S. Treasury D ept, for the purpose o f Federal taxation,
y Patent account written down D ec. 31 1925 to nominal value o f $ 1 .
N o te .— Federal income tax for year 1925 is estimated at $ 1 ,0 5 0 ,0 0 0 .
O F F IC E R S .— Pres., Herbert Lloyd; Sec. & Treas., W alter G . Hendersoni
Philadelphia. Office, Allegheny A v e . and 19th S t., Philadelphia.— (V . 123*
p. 1255.)
E L K H O R N C O A L C O R P O R A T I O N .— O R G A N I Z A T I O N .— Incorpt
n W . V a ., N o v . 18 1915 , per plan in V . 101, p . 1716; V . 102. p . 3 48; and
;ook over the properties and business o f E lk Horn Fuel C o . (V . 9 8 , p . 1762)
Slk Horn M ining C orp. (V . 9 8 , p . 1 6 1 8 ). and M ineral Fuel C o . (V . 9 6 , p .
1427.)
Owns approxim ately 20 5 ,0 0 0 acres o f valuable coal lands and im prove­
ments thereon lying principally in 6 o f the counties in the southeastern
part o f the State o f K entucky, and 2 o f the counties in the central part o f
W e st Virginia. Also owns oil and gas rights, free o f royalty, in about
16,500 acres in K entucky. Oil and gas rights in about 143,500 acres were
sold during 1925, retaining f i interest in all oil produced.
Other assets consist of holdings o f the stocks o f other operating coal
companies, including over 2 4 ,0 0 0 shares o f the com m on stock o f the C on­
solidation C oal C o .
S T O C K .— Authorized (a) pref. (6 % and participating; red. at 5644 );
$ 6 ,6 0 0 ,0 0 0 , all ou t, w ith sole voting power during any default on full year’s
dividend.
(6) C om m on, 4 4 0,000 shares ($3 and pa rtic.); outstanding,
240,000 shares (no par value). Th e stockholders on O ct. 2 4 1925 changed
the authorized common stock from 4 4 0,000 shares, par $ 5 0 , to 4 40,000
shares o f no par value, one share o f no par stock to be issued in exchange
for each share o f com m on (par $50) outstanding.
Pref. dividend N o . 1, June 15 1916 to D ec. 1918 , 3 % sem i-ann. (J. & D .) ;
M arch 1919 to D ec. 1922 , 1 4 * % quar.; M arch 1923 dividend deferred
June 11 1923 paid 1 4 * % ; none since. C om . d iv ., 2 % , June, Sept, an
D ec. 1918; M arch , June and Sept. ’ 9 1 9 , 1 4 * % each; none since.

180

M IS C E L L A N E O U S C O M P A N IE S
[For abbreviation s, dec., see notes on pa ge 8]

E m e rso n -B ra n tin g h a m C o— Com m on stock $ 3 0 ,0 0 0 ,0 0 0 -Preferred stock (a & d) 7 % cum red 115 $20,000,000 au th .
(For stock proposed to be issued under readjustment plan,
E n d ic o tt-J o h n s o n C o rp — C om m on stock $ 2 1 ,0 0 0 ,0 0 0 ------Pref (a & d) 7 % cum (sink fund) call 125a u th $ 1 5,000 ,000
Erie Stea m Sh ovel C o— Com m on stock 510,000 shs auth___
Pref (a & d) stock 7 % cum red 110 convert (te x t)_________
E u rek a P ip e L in e C o— Stock $ 5 ,0 0 0 ,0 0 0 _____________________
E u reka V a c u u m C lea n er C o— Stock 250,000 shares auth__

D a te
Bonds

P ar
Value

see te xt.)

A m oun t
Outstanding

Rate

%

W h en
P ayable

$100 $10,132 ,500
100 1 1 .084,500 See text
50

100
5

100
100
N one

B O N D S .— The first & ref. m tge. sinking fund gold bonds are redeemable
as a whole, or in part, b y lo t, at any int. date upon 60 days notice, during
first year at 103 and in t., and thereafter at 101 and int.
The bonds are secured b y a first m ortgage on all property owned b y the
corporation, including coal reserves, real estate, equipment, dwellings and
other extensive im provem ents, subject only to an issue o f $ 356 ,00 0 5 %
bonds on approxim ately 4 ,8 0 0 acres acquired from the M ineral Fuel C o.
They are additionally secured b y the specific pledge of the above referred to
stocks o f various companies ow ned.
N O T E S .— T h e 6-year 7 % debenture notes are redeemable as a whole
or in part b y lot at a n y in t. date upon 60 d a ys’ notice a t 102 and in t.
W a rra n ts.— Each $ 1 ,0 0 0 note carries a detachable warrant entitling the
holder to subscribe for 40 shares o f no par com m on stock o f the coal cor­
poration at $15 per share if the purchase is m ade on or before D e c . 1 1926;
thereafter at $16 50 per share if purchased on or before D e c . 1 1927; if
urchased subsequent to D e c . 1 1927 b u t on or before D ec. 1 1 928 , at
17 50 per share; if purchased thereafter bu t on or before D e c . 1 1 9 2 9 , at
$18 50 per share, and if purchased subsequent to D ec. 1 1929 and on or
before D e c . 1 1930 at $21 per share
V . 121, p . 2 526 .
R E P O R T .— For calendar year 1925, in Y . 122, p . 2198, showed;
1925.
1924.
1923.
1922.
Earnings (all s o u r c e s ).. $ 5 ,1 1 6 ,1 7 7 $ 3 ,8 4 0 ,1 3 6 $ 4 ,689,375 $3,443,877
Oper. exp ., taxes, & c . . .
4 ,0 2 2 ,1 2 1
3 , 100,886 3 ,7 9 5 ,5 0 0
2,8 1 5 ,8 7 2
Depreciation, & c________
3 5 8,915
309,961
323,265
323,219
N e t earnings_____________
735,141
42 9 ,2 8 8
57 0 ,6 1 0
304,786
Interest, sink, fu n d ., & c.
38 5 ,6 8 0
3 90,843
4 0 2,309
404,692
Federal taxes____________
37,6 5 9
_______
_______
_______
Preferred dividends_____
_______
_______
98,9 8 8
395,952
$311 ,80 2
$38,445
$69,313 d ef$495,858
_
— Q uar. E n d . Sept. 30---------- 9 M o s . E n d . Sept. 30—
P eriod —
1926.
1925.
1926.
1925.
N e t incom e_____________
$218 ,41 7
$61,653
$467,115
$161,889
x A fter interest, depreciation, depletion, Federal taxes, &c.
O F F IC E R S .— Chairm an, C . W . W atson, Fairm ont, W . Y& .; Pres
George W . Fleming, N . Y . ; Sec.. J. W . M . Stewart, Ashland, K y .; V .-P
& T reas., J. F. Caulfield, N . Y . ; V .- P ., J. N . C am den, Versailles, K y
N ew York office, 67 W a ll S t.— (V . 123, p . 2 661 .)
E M E R S O N -B R A N T I N G H A M C O .— O R G A N I Z A T I O N .— Incorporated
under laws o f Illinois A u g. 19 1895 as Emerson M fg . C o .; name changed to
present title O ct. 19 1909. M anufactures agricultural im plem ents, gas
and steam engines, farm w agons, tractors, &c. Plants are located at
Rockford and B atavia. 111.
R e a d ju s tm e n t P la n (V . 122, p . 1032).
The directors in F eb . 1926 subm itted to the stockholders a plan o f read­
justm ent o f the com pany’s affairs outlined as follows:
N ew C om p a n y .— It is proposed that a new company be organized under
the name o f Emerson-Brantingham C orp. in Illinois. A ll o f the assets of
the present com pany are to be transferred to the new corporation which
will assume all of the obligations o f the present company.
C a p ita liza tion .— The new corporation will issue: 200,000 shares class A
stock and 2 0,000 shares class B stock .
B oth classes o f stock shall be no par value and with equal voting privilege,
but the A stock shall have a preference o f $50 per share as to assets, in
event o f liquidation, and $3 50 per share as to divs. paid, and shall parti­
cipate share for share with class B stock on any divs. paid over $3 50 per
share. D ividends on the class A stock to be non-cum ulative.
E xchange o f Stock.— Holders o f preferred stock o f present com pany are
to receive one share of class A stock o f new com pany in exchange for each
share o f pref. stock which they hold. Com m on stockholders o f present
com pany are to receive one share o f class B stock o f new com pany in ex­
change for each 5 shares o f common stock they own in present com pany.
Stock f o r E m p lo y e e s .— A portion o f the class A stock shall be set aside for
the benefit o f employees participating in the management o f the com pany,
to be distributed am ong them in such manner and at such prices as m ay be
determined b y the directors, in the event o f the com pany showing satis­
factory earnings. N one o f the stock reserved for employees participating
in the m anagem ent o f the com pany shall be distributed until 2 5 % o f the
original issue o f debentures (mentioned below) shall have been retired.
To O ffer A d d itio n a l Stock.— After this exchange, a part o f the excess class
A stock remaining in the treasury o f new com pany shall be later either
offered to preferred stockholders at such price as m ay be deemed fair and
adequate b y the directors, or otherwise disposed of, for the purpose of
acquiring additional working capital.
Bank and C reditors to Convert In d ebted n ess.— 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 b y the com pany to them as o f O ct. 31 1925, into 5 % 5-year debenture
notes. Th e banks have further consented to make such additional loans as
m ay from tim e to tim e be agreed upon as necessary in the conduct o f the
business, provided, o f course, the com pany is m aking satisfactory progress.
The indenture securing the debenture notes shall contain among others,
the following provisions:
(a) Each year an annual audit is to be m ade b y competent accountants.
I f such audit reveals a loss from operations, after all proper charges including
the usual reserves in accordance with the practice of the leading companies
in the industry, as o f much as $ 400 ,00 0 in any one year, or losses aggregating
$750,000 or more in any three consecutive years, or if any suchjiudit shall
show that the com pany’s net quick assets do not equal at least 7 5 % o f the
then outstanding obligations, upon request o f the holders o f 5 0 % o f 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 com pany.
(6) N o
mortgage or prior lien shall be placed on any o f the com pany’s assets, nor
shall any sale o f the Rockford or B atavia plants be had without first obtain­
ing the written consent thereto o f the holders o f a m ajority in amount
o f the debentures remaining outstanding,
(c) N o dividends shall be paid
to either A or B stockholders until the indebtedness evidenced b y the
debenture notes is reduced to $ 2 ,5 0 0 ,0 0 0 ; and then only on consent o f the
holders o f a m ajority o f the debentures remaining outstanding,
(d) Deben­
ture notes m ay be retired at par and in t. at any time before m aturity.
I t was announced in June 1926 that the plan had been approved b y over
7 5 % o f the stockholders. A deposit agreement, dated M a y 10 1926 has
been prepared, whereunder Charles W . Folds, Chairman, Charles S. Brantingham , Albert T . Jackson, James L . M artin, and Cecil F . Sanders, Sec.,
have been constituted a com m ittee to carry out the plan o f readjustm ent.
The N ational Park B ank. N ew York and the First Trust & Savings
B ank, Chicago, have been appointed depositaries under the deposit agree­
m ent to accept deposits of stock.
S T O C K .— A s to pref. stock, see V . 9 5 , p . 363; V . 9 7 , p . 1507. N o bonds.
D I V I D E N D S .— On pref., 1 5 ^ % , paid quar. N o v . 1 1912 to A u g. 1 1914,
then none till N o v . 1918, ) % % ', Feb. 1919 to N o v . 1920, 1 S % quar;
A
none since; overdue accumulated pref. d iv. N o v . 1 1925, 6 3 % .




[V ol. 123,

INDUSTRIAL STOCKS AND BONDS

10
20 ,2 6 8 ,0 0 0
1 2 ,262,900
7
4 00.000 shs See text
3 .0 0 0 .
000 7
See text
5 .0 0 0 .
000
250.000 shs
$4

L a st D ivid en d
and M a tu rity

Places W h ere In terest and
D ivid en d s a re Payable

N o v 1 1920 1 H Checks mailed
Q— J
Q— J
Q— F
Q— F

1 1926
1 1926
See text
See text
O ct 1 5 1 9 2 6
N o v 1 1926

O ct
O ct

2 H Irving B k & T r C o , N Y
do
do
lh
1 % Checks m ailed
$1

R E P O R T .— For year ending O ct. 31 1925, showed;
Oct. 31— Y ea rs—
1924-25.
1923 -24 .
1922 -23 .
1921-22.
Loss from oper. after exp .,
& c______________________
$ 425 ,72 5
$ 1 ,1 8 3 ,1 7 2
$ 1 ,608,201 $ 1 ,690,308
Interest on loans________
3 53,493
4 1 8,243
569,876
516,360
136,696
195,675
2 03,702
2 3 9,118
D epreciation_____________
Balance, deficit_______ x$915,914 $ 1 ,7 9 7 ,0 8 9
x Exclusive o f special losses and charges.

$ 2 ,3 8 1 ,7 7 9

$2,44 5 ,7 8 6

O F F IC E R S .— Pres., Charles S. Brantingham ; V .-P s ., Edward P . L ath rop; Albert T . Jackson and H arry H . Biggert; Sec. & T reas., Cecil F .
Sanders. Office, Rockford, 111.— ( V • 122, p . 3346 .)
E N D IC O T T
JO H NSON
C O R P .— O R G A N I Z A T I O N .— Incorp.
In
New York M a r . 31 1919. Business, principally manufacturing leather and
medium-priced staple shoes and footw ear. Plants at En dicott, Johnson
C ity , Bingham ton and Owego, N . Y . , together w ith tanneries, shoe fac­
tories. N um ber o f employees about 17,0 0 0 .
Average ou tput, about
125,000 pairs o f shoes daily.
S T O C K .— Annually beginning Feb. 1 1921 the co. shall acquire out o f the
surplus profits 3 % o f the largest amount o f Pref. stock at any time outstand­
ing. N o mortgage without consent o f 7 5 % o f each class o f stock. Pref.
stock has equal voting power with the com m on stock.
D iv id en d s.— A n initial dividend of 1 M % on both the pref. and com . stock
was paid July 1 1919; O ct. 1 1919, 1 % % each; Jan. 1 1 920 , \ % % on pref.
A
and 2 H % regular and 4 % extra on com .; April 1 1920, \ % % on pref. and
A
2 ) 4 % on com . On June 10 1920 common shareholders received a stock
dividend o f 1 0 % , July 1 1920 to O ct. 1 1926 paid quar. 1 % % on pref. and
2 1 4 % on com m on. On F eb. 15 1923 paid on com m on 2 0 % in stock.
R E P O R T .— For 1925, in V . 122, p . 4 7 5 , showed;
1925
1924
1923
Gross sales________________
$69,3 4 6 ,9 3 1 $6 6 ,3 7 8 ,1 7 7 $ 6 6,565 ,812
6 ,3 7 4 ,7 2 9
6,3 6 0 ,5 1 3
6,3 8 1 ,4 7 2
Total profits____________________________
Retirement o f preferred stock_________
4 5 0 ,0 0 0
45 0 ,0 0 0
4 50,000
Provision for taxes_____________________
90 8 ,8 4 0
949,773
1 ,029,902
Profit-sharing plan_____________________
1 ,1 5 3 ,8 2 4
1,2 3 5 ,0 9 6
1,197,290
Preferred dividends____________________
8 7 6 ,2 2 8
914,874
932,517
Com m on dividends_____________________ 2 ,0 2 6 ,8 0 0
2 ,0 2 5 ,6 7 5
2 ,024,471
B alance____________________ __________
$ 959 ,03 6
$785 ,09 5
$747,290
6 M o s. E n d . ----------Six M o n th s En ded July 1---------July 3 1926.
1925.
1924.
1923.
N et sales_________________ $32,491 ,355 $32,6 5 2 ,3 2 5 $ 3 1 ,460 ,500 $33,4 7 8 ,1 7 0
a M fg . costs & other exp - 30,42 5 ,7 2 8 2 9 ,6 9 8 ,9 6 9 29,03 6 ,8 9 7 2 9 ,798,491
N et operating incom e. $2 065,627
3 9 0,343
Federal taxes, & c_______
Profit sharing plan______
_______
427,122
Preferred dividends____
Com m on dividends_____
1,013,400

$2 ,9 5 3 ,3 5 6
4 69,558
5 1 3,786
442,827
1 ,013,400

$2,42 3 ,6 0 3
4 37,426
256,932
459,663
1,0 1 2 ,6 5 0

Balance, surplus______
$ 2 34 ,76 2.
$513 ,78 5
$256,932
a Includes interest charges, less miscellaneous income.

$3 ,6 7 9 ,6 7 9
515,905
841,797
467,983
1 ,012,196
$841 ,79 8

O F F IC E R S .— Pres., George F . Johnson; Sec., M . E . Page; T reas., John
E . Paden. Office, Endicott, N . Y . — ( V . 123, p . 2001 .)
E R IE S T E A M S H O V E L C O .— Incorp. in Penna. in 1883 as the
B all Engine C o .
M anufactured steam engines until 1913, when
development o f a steam shovel was commenced. D uring 1925 a gasolinecompressed air shovel was developed under basic patents. Plant is located
at Erie, Pa.
S T O C K .-— The pref. stock is callable as a whole or in blocks o f $250,000
at 110. A sinking fund is provided for retirement of $90,000 o f the pref.
stock each year at not over 110. Convertible at par into com m on at $32
per share for first $1 ,0 0 0 ,0 0 0 offered for conversion; at $36 for second $ 1 ,000,000 offered, and at $40 for third $ 1 ,0 0 0 ,0 0 0 offered. C om pany coven­
ants that it will not, against the dissent o f 2 5 % o f the pref. stock out­
standing, authorize any bonds or stock or create any liability, equal or
prior in right to this preferred. C om pany will not increase the authorized
common except upon terms maintaining the conversion ratio above estab­
lished. Pref. stock has voting power, share for share, with the com m on.
D I V I D E N D S .— The directors declared an initial quarterly dividend
of 62 J4 c. per share on the common stock and an initial dividend of $1 60
per share (pro rata portion o f quarter) on the 7 % cum. pref. stock, both
payable D ec. 1 1926.
R E P O R T .— For fiscal years ended June 30:
E arn ings Y ears E n d . June 30 {A fte r E lim . In co m e fro m Invest. R ecently S old).
1926.
1925.
1924.
1923.
N et from oper. after deprec.,
excl. of invest, income but
before Federal taxes_______ $ 2 ,077,107 $ 1 ,8 9 3 ,3 7 7 $2 ,0 5 9 ,8 7 2 $ 2 ,4 5 7 ,6 8 8
N e t adjusted to increased
deprec. on the basis of
appraised value, and after
Fed. taxes at present ra te. 1,763,312 1 ,6 0 3 ,2 9 4 1 ,7 4 4 ,2 4 0 2 ,0 8 9 ,7 0 9
O F F IC E R S .— Pres., F . B . M cBrier; V .- P ., A . C . Vicary; V .-P . & Asst.
T reas., W . L . Little; Sec. & Treas., A . W . M iln e. Office, E rie, Pa.
— (V. 123, p. 2397.)
E U R E K A P IP E L IN E C O . (T H E )— O R G A N I Z A T I O N , & C — Incorp
in 1890 in W . V a. Owns pipe line In W V »
Formerly controlled by
Standard Oil C o , of New Jersey, but segregated in 1911,
Stock. $ 5 ,0 0 0 ,0 0 0 , par. $100. D iv 1 0 % paid quar. from M a y 1912 to
8eb. 1914: M a y & A u g ., 8 % ; N o v . 1914 t o M a y 1918, IncL, 2 4 % (6 % q u .).
Aug. and N o v . 1918 and Feb. 1919. 5 % quar.; M a y , A u g . & N o v 1919. and
Feb. 1920, 4 % ; M a y 1920 to M a y 1 9 2 1 .3 % quar.; A u g. 1921 to N o v . 1922.
2 % quar.; Feb. 1923 to A u g. 1923 paid 3 % quar.; N o v . 1923 to A u g. 1924
paid 2 % quar.; N o v . 1 1924 to O ct. 15 1926 paid 1 % quar.
R E P O R T .— For 1925, in V . 122, p . 7 56. showed:
Calendar Y ea rs—
1925.
1924.
1923 .
1922.
Profits for year_________loss$208,353
$32,061
$ 324 ,50 7
$632,603
D ividends paid________ (4 % )2 0 0 ,0 0 0
(7)350,000 (11)550,001 (10)400,001
Balance________________ def$408,353 def$317,939 d ef$225,494 sur$232,602
Pres., Forrest M . Tow l; V ice-P res., Alan T . T ow l; Sec. ,V . S. Swisser;
T reas., J. M . Tu ssey. Office, Oil C ity , P a .— (V . 122, p . 756.)
E U R E K A V A C U U M C L E A N E R C O .— Incorp. under laws o f Michigan
on A u g. 20 1910. M anufactures the Eureka Vacuum Cleaner together with
accessories, attachments and extra parts, and distributes its product
through its own sales organization operating in every state o f the Union.
Plant is located in D etroit, M ich .
S T O C K .— See table at head o f page.

Xov.,

INDUSTRIAL STOCKS AND BONDS

1926.]

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviations, & c ., see n otes on page 8]

A m ou n t
O utstanding

D ate
Bonds

E x ch a n g e B u ffe t C orp — Stock 2 5 0 .0 0 0 shares au th orized-F a irh an k s C o .— Com m on stock S I ,5 0 0 ,0 0 0 ________ _________
1st Pref. (a. & d.) 8 % cum. stock, call. 110. s .f. $ 1 ,0 0 0 ,0 0 0 (9d) Pref. fa. & n i 8 % cum. stk ,, call 110 * 2 .0 0 0 .0 0 0 ____
F a irb an k s, Morse & C o— Com stk 375,000 shares au th ------Pref (a & d) stock 7 % cum s f red 110 auth $ 1 2 ,5 0 0 ,0 0 0 -Paimtoni Coai Co- See Consolidation Coal ( c
Fam ous Players-L a*ky Corp— Com stock 1 ,000,000 shares.
Preferred (a A d) stock 8 % cum conv s f auth $20,000,000
Paramount B ’way Corp 1st m s f g loan red (text) .kxxx c*

N one 25 0 ,0 0 0 shs.
$25 $1,500,000
100
1,000,000
2,000.000
100
None 368,977 shs
100 7,529,425

1926

N e t addition for the year_________________________________________
$747,988
Profit and loss surplus, D ec. 31 1925_____________________________ $3,769,098
— Q uar. E n d. Sept. 30--------- 9 M o s . E n d . Sept. 30—
Period—
1926.
1925.
1926.
1925.
$2,233,731 $8,27 7 ,5 1 4 $ 6 ,547,323
N et sales___________________ $2,58 6 ,3 6 8
Cost o f sales______________
747,414
762,169
2 ,4 1 3 ,8 3 9
2 ,0 4 0 ,8 5 4
Expenses_________________
1 ,462,908
1,167,056
4,5 6 5 ,5 9 5
3,549,121
Other deductions ( n e t ) ..
11,722
0 .5 ,2 1 8
16,357
28,221
Fed. tax pro v___________
49,183
38,7 1 5
179,783
116,141
N e tin c o m e ____________
$315,140
$271,009 $ 1 ,101,939
$812,985
O F F IC E R S .— P res., Fred W ardell; V .-P re s ., E . R . Field, Arthur L .
M cC arth y and Vernon W . Young; Sec. & T reas., P . A . Barnard. Office,
H am ilton and D ew ey Avenues, D etroit, M ich .— (V . 123, p . 2 267 .)
E X C H A N G E B U F F E T C O R P — Incorp. under laws o f N . Y . , July 26
1913, and acquired the business of The Exchange B uffet C o rp ., incorp. in
1902, the business having been established in 1885. Operates restaurants
and cigar stands in various business centres o f N . Y . C ity , B rooklyn, and
N ew ark, N . J.
D iv .—
fT 4 . T 5 . T 6 . ’ 17. T 8 . T 9 . ’2 0 . ’21. ’22. ’2 3 . ’2 4 . 1925 .
R eg u la r______1 $4
$4 $ 4 .5 0 $5 $5 $5 -5 0 $ 7 .5 0 $8 $ 3 .5 0 $2 $2
$1 %
$1
__ _____
__________
E x tr a ------------ l - . 50c. 50c. 60c. $1
Also paid 3 0 0 % in stock on April 20 1922.
Paid in 1926: Jan. 30, 37 l cents; April 30, 37 l cents; July 3 1 ,3 7 )
A
A
O ct. 30, 3 7 X cents.
A
R E P O R T .— For year ending April 30 1926: in V . 123: p . 90: showed:
Y ears E n ded A p r . 30—
1926.
1925.
1924.
1923.
Gross profits_____________
$551 ,42 7
$624,877
$670,099
$732,953
D ed uct— D ep r e c ia tio n ___
9 7,675
108,914
104,087
93,412
Interest-----------------------10,061
25,4 1 7
27,941
39,280
Am ortization o f debt
discount & expense_______
_______
_______
7,731
Prov. for Fed. incl. tax
49 ,8 1 6
5 8,000
6 4,000
70,000
375,000
468,489
4 9 7,790
485,205
D ividends_____________
$18,275
1926.
$113 ,36 9
22,530
12,264
9 3,750

def$35,944
1925.
$120 ,81 7
24 ,7 9 5
10,753
93,750

d ef$23,719
1924.
$145 ,94 8
27,381
14,821
124,762

$37,325
1923.
$129,953
26,689
12,908
124,229

D eficit-------------------------$ 15,174
$8,481
$ 21,015
$33,873
O F F IC E R S .— Chairm an, S. C . M illett; Vice-Chairm an, H enry de
Jongh; Pres., Gardner W . M illett; Sec. & T reas., H . A . Fream . Office,
17 John S t ., N ew Y o rk .— (V . 123, p . 1119.)
F A IR (T H E ),
p . 2661.)

(D E P A R T M E N T

S T O R E ),

C H I C A G O .— (V .

W hen
P a yable

See text Q — J 31
-ee text
See text
See text
Q — M 31
$3
Q— M
7

Last D ividend
and M a tu rity

P laces W here Interest ahS
D ivid en d s are P a yable

Oct 3 0 ’2637J4c.
Apr 1 1921 2 %
M a y 1 192i 2 %
D ec 31 ’2 3 , 75c
D ec 1 ’2 6 , M

None
Jan 3 1927
$2
574,523 shs See text
Q— J
100 $7,95 4 ,4 0 0
8
Q— F N o v 1 1926 2 %
& J Jan 1 1951____
5 0 0-100 0 10, 000,000
5M gJ

D I V S .— On new stock of no par value paid $1 per share quarterly from
M a y 1 1925 to N o v . 1 1926.
R E P O R T .— For 1925, in V . 122, p . 1460, showed:
In co m e A c co u n t f o r Y ear Ended D e c . 31 1925.
N et sales to customers and dealers________________________________$10,090 ,152
M anufacturing, administrative and selling costs________________
8 ,150,936
Miscellaneous charges against income____________________________
81,614
Provision for Federal income tax and reserves____________________
231,000
856,720
Dividends paid_________________________________________ '____________
Premium on preferred stock retired________________________________
2 1,894

N et profit_____________
3 M o s . E n d . -July 31—
Gross operating p r o fits -Depreciation_____________
Provision for Fed. ta x es.
Dividends paid__________

R ate
%

181

123,

F A I R B A N K S C O . ( T H E ).— Incorporated in N ew Jersey, June 11
1891, to acquire the business, & c., o f the Fairbanks C o . o f N ew Y o rk , and
•ther cities. Manufactures valves, trucks and barrows; also acts as selling
and distributing agents for manufacturers. H as the exclusive right until
1929 to sell the Fairbanks Scale throughout the entire world, except C an ­
ada and the western part of the U nited States. Plants located at Rome.
G a . and Bingham ton. N . Y .
S T O C K .— Sinking fund for the 1st Pref. beginning in 1918 1 0 % of net
earnings after all taxes and divs. on both First Pref. and Pref. stock. I f ,
in any year such 1 0 % is less than $50,000 all available earnings up to
$50,000 shall be set aside for the sinking fund. I f such 1 0 % is more than
$100,000 only $100 ,00 0 shall be set aside. See also under divs. below.
D IV S . ’97. ’9 9 -’01. ’0 2 -’03. ’0 4 -’06. ’0 7 -’08. TO. ’ l l . T 2 . T 3 . T 8 . ’ 1 9 .-’25
O o m .% 1 0 15 9 6 8 y ’ly . 10 y ’ly .1 2 y ’ly . 12
4 10
8 text N one
Dividends of 2 % were regularly paid quarterly on the 1st Pref. from
June 7 1918 to M a y 1921; none since. On the (2d) Pref. stock 2 % quarterly
from N o v . 27 1907 to April 1 1914, inclusive. The accumulated divs. fr o m
April 1 1914 to A pril 1 1918 were adjusted b y a C om . stock div. (2 0 % )
paid June 7 1918, the (2d) Pref. stockholders receiving one share o f C om .
stock for each $100 accrued. Cash divs. were resumed July 1 1918 and
were paid quarterly to April 1921; none since.
On D ec. 1 1918 paid a 4 % stock div. on the Com m on stock.
R E P O R T .— For 1925, showed:
Calendar Y ea rs—
1925.
1924.
1923.
N e t sales-----------------------------------------------1
f $4,41 6 ,4 7 9 $ 5 ,6 8 0 ,5 6 4
•
3 ,264,102 4 ,381,765
Allowance and costs_________________
[
N ot
{ -------------------------------------------Gross profit-------------------------------stated
$1 ,1 5 2 ,3 7 8 $1,29 8 ,7 9 9
Other income---------------------------------------1
75,766
77,445

extended to include manufacture and sale o f internal combustion engines
and other lines of product, the company acquiring from time to time
manufacturing plants at Beloit, W is ., Three Rivers, M ic h ., and Indian­
apolis, Ind. In 1916 purchased all the Capital stock o f E . & T . Fairbanks
& C o ., with plants at St. Johnsbury, V t ., and East M oline, 111., and
continues the manufacture of Fairbanks scales at these points, acting as
Western distributors.
R E P O R T .— For 1925, showed:
------------Consolidated--------------------Com pany Proper-------Results— Cal. Y ea rs—
1925.
1924.
1923.
1922.
N et shipments____________ $29,3 5 7 ,6 6 8 $24,6 2 1 ,8 9 4 $25,757,363 $20,011 ,200
Operating p rofit_______ \ 4 ,5 2 5 ,8 3 8
3 ,3 1 7 ,9 0 0 J$3,478,192 $2,452,678
D iv ., E .T . F ’b ’ks.& C o ./
\
150,000
100,000
Prof, from sale o f p r o p ..
_______
50,805
_______
_______
Total incom e___________ $ 4 ,5 2 5 ,8 3 8
D epr. on bldgs. & equ ip .
950,349
Federal taxes____________
449,145

$ 3 ,368,705
924,478
290,042

$ 3 ,628,192
797,330
_______

$2,55 2 ,6 7 8
776,568
_______

B a la n c e _______________$3,12 6 ,3 4 4 $2,15 4 ,1 8 5 $ 2 ,830,862 $ 1 ,776,110
Surp. & undiv. profits
brought forward______a l l , 145,378 18,110,967 -1 5 ,9 7 8 ,8 9 7
15,061,837
Prem . o n s a le o fp f. s t k ._
_______
3,4 5 0
_______
______Prov. for sinking fu n d
_______
_______
C r .100,000 C r .100,000
Total surplus___ $14,271 ,722
$20,268 ,602 $18,909 ,759 $16,937,947
Contrib. to pension fund
110,094
97,347
108,522
81,391
_______ b 7 ,349,425
_______
_______
Stock dividend__________
E x p . in sale o f cap. s t k . _______
168,530
_______
_______
Prem . on red. o f 6 % pfd _
_______
85,000
_______
_______
A d j. o f surp. o f subs____
C r. 1,444
13,188
_______
_______
Pref. stock sinking fu n d .
_______
_______
100,000
100,000
Preferred dividends____
526,825
c38 3,27 5
(6)108,000 (6)108,000
D iv . on pref. stk. M oline
Scale C o _______________
717
13,455
_______
_______
Com m on dividends______
959,064
1,013,004
1,175,270
669,659
Balance o f surplus and
undivided p r o f i t s ..$ 1 2,676 ,464 $11,145 ,379 $17,417 ,967 $15,978 ,897
a Including $902 ,92 4 undivided profits o f subsidiaries,
b 2 5 % stock
dividend paid on Com m on stock in 7 % Preferred stock, c Dividends on
the 6 % Pref. stock were paid until date o f redemption, June 1 1924, and the
divs. on the new 7 % Pref. stock have been paid at the fixed rate since A p r. 1
1924 (paid on 6 % P ref., $ 4 0,434 on 7 % Pref. $ 3 42 ,84 0).
— Q uar. E n d . Sept. 30---------9 M o s . E n d . Sept. 30—
P eriod—
1926.
1925.
1926.
1925.
Gross incom e____________ $ 2 ,9 6 5 ,3 1 3
$ 2 ,894,872 $ 8 ,491,197 $7,754,991
1,783,633
1,583,016
5 ,107,662
4 ,518,305
Selling & admin, exp___
N et earnings__________ $ 1 ,1 8 1 ,6 8 0 $ 1 ,311,855
Other incom e____________
_______
_______
Total incom e___________ $1,18 1 ,6 8 0
D epreciation_____________
2 1 9,475
Contrib. to pension fund
27 ,6 8 8
Federal taxes____________
121,487
Preferred dividends____
128,333
Com m on dividends______
27 6 ,6 1 0

$3 ,3 8 3 ,5 3 4
150,000

$3,236,686
-----------

$1 ,3 1 1 ,8 5 5 $ 3 ,5 3 3 ,5 3 4
213,209
660,615
33,609
83,722
133,129
3 43,096
131,706
3 88,372
239,767
829,873

$ 3 ,236,686
628,053
83,322
315,664
395,119
719,298

N e t surplus___________
$408 ,08 7
$560 ,43 5 $1 ,2 2 7 ,8 5 7 $ 1 ,095,230
S T O C K .— Preferred stock is entitled in liquidation to 110 and div.
H as equal voting power with Com m on stock.
Preferred stock sinking
fund, first paym ent April, 1926, annually at rate o f 1 0 % o f net earnings for
preceding fiscal year remaining after paym ent o f preferred stock dividend
(but not over 5 % of maxim um amount o f preferred at any time outstanding)
for purchase or redemption o f preferred at not over redeemable prices.
N o cash dividends m ay be paid on stocks junior to preferred stock which
would reduce net current assets below 1 1 0 % o f par value o f preferred stock
outstanding or which would aggregate more than $ 1 ,500,000 (except out
o f earnings accumulated since D ec. 3 1 , 1923) or while any dividends on
preferred stock are unpaid.
D I V I D E N D S .— Preferred Stock: Initial dividend o f $1.17 June 1 1924;
R egularly quarterly \
since to D ec. 1 1926. Com m on (no par) 1920.
$3 75; 1921, $1 25; 1922, $2 25; 1923, $4; 1924, $2 95; 1925, $2 6 0 .
The
directors in Feb. 1926 declared four quarterly dividends o f 75c. each o f
the common stock, payable M a r . 31 .June 3 0 , Sept. 30, and D ec. 31 1926 to
holders o f record the 15th o f each preceding m onth.
___
O F F IC E R S .— Pres., O . H . M orse; 1st V .-P ., R . H . M orse; V .-P .^ fe
G en. M g r ., W . S. H ovey; V .-P . & T reas., W . E . M iller; Sec. & C o m p .,
F . M . Boughey. General office, 900 So. W abash A v e ., Chicago, 111.—
(V . 123, p . 2397.)

FAM OUS
P L A Y E R S -L A S K Y
C O R P .— O R G A N I Z A T I O N .— Incor­
porated in N ew York July l 9 1916 as a holding and operating company
with the right to produce, lease and exhibit motion pictures, operate thea­
tres, & c. Acquired the Fam ous Players Film C o ., the Jesse L . Lasky
Feature Play C o ., In c., the Paramount Pictures Corp. and its subsi­
diaries and the Artcraft Pictures C orp. In Jan. 1924 merged the Clark
Film C orp ., N ew Y o rk . Owns stock in several other companies doing
business in the U nited States and foreign countries. Has general contract
with foreign concerns for substantially exclusive distribution o f its pictures.
On June 30 1919 acauired the Charles Frohman, Inc. V . 109, p . 176, 4 80.
T o ta l income------------------------------------------- $ 1 ,341,955
$ 1 ,228,143 $ 1 ,376,244
See V . 109, p . 1708. Other acquisitions, V . 110, p . 469: V . 115, p . 188;
Expenses------------------------------------------------835,658
946,891
1,260,768
V . 116, p . 416; V . 120, p. 2688. Famous Players Canadian C o rp ., L t d .,
Discount and miscellaneous charges__
C r.8,703
C r .27,497
60,507
V . 110, p . 3 6 4 , 469; V . 113. p . 75. 2409; V . 114, p. 632; V . 119, p . 1287.
Interest, reserve, & c___________________
177,426
205,944
260,333
1400, 2184; V . 123, p. 2397.
D ep recia tion ----------------------------------------132,532
181,159
189,097
In Oct. 1926 the Fam ous Players-Lasky C orp. acquired an approxim ate
two-thirds interest in Bala ban & K atz Corp. This com pany owns, leases
B a la n c e ..-------------------------------------------sur$205,041 def$78,354 def$394,461
and operates motion picture theatres in Chicago and the surrounding terri­
— Q uar. E n d . Sept. 30----------9 M o s . E n d. Sept. 30—
tory, and is also a holding company for the stocks o f other theatrical and
1926.
1925.
1926.
1925.
amusement enterprises. Am ong its more important properties are the
Gross operating p r o fi t ..
$374 ,01 7
$338 ,38 0 $ 1 ,117,086 $1,055,377
Chicago, Tivoli, Roosevelt, Central Park and Uptown Theatres in Chicago,
Expenses-------------------------2 2 5,800
218,503
671,262
670,109
which are owned in fee. The corporation also leases and / or operates the
I n t ., depr., Fed. tax, &c
8 3,534
73,479
239,688
2 2 9,228
Riviera, Oriental and Norshore Theatres in Chicago and has interests by
way o f stock ownership or otherwise in the Lubliner & Trinz Circuit o f
N e t profit--------------------$64,683
$ 4 6,398
$206,136
$156,040
Theatres, which operates theatres in the city of Chicago and T h e Great
States Theatres C o ., which operates theatres in Illinois
O F F IC E R S .— Pres., G eo. M . N aylor; T rea s., Jas. A . Cleary; Sec.,
The Paramount Broadway C orp., a wholly owned subsidiary, is erecting
E . Valentine. N ew York office, 416 Broom e S t.— (V . 123, p . 2661 .)
a building situated in one o f the recognized centers o f N ew Y o rk C ity; it
F A IR B A N K S , M ORSE & C O .— Incorp. in Illinois in 1891, succeeding a includes the entire block front on the west side o f Broadway between 43rd
partnership o f same name. Manufactures internal combustion engines for and 44th S ts., fronting on Tim es Square, and has an area o f approxim ately
industrial, marine and farm purposes, including practically all classes of 41,575 sq. f t ., with frontages of 200 f t . 10 inches on Broadw ay, 207 ft . on
internal combustion engines except automobile engines.
In addition,
43rd St. and 207 f t . on 44th St.
-ysA
com pany manufactures and sells Fairbanks scales, centrifugal, steam and
Th e building w ill be known as the Paramount B uilding. I t will be a
power pum ps, railroad motor cars, hand and push cars and standpipes,
high-grade fireproof office and theatre building, the office portion o f which
dynam os, motors and electrical equipment; windmills and water systems.
will be 31 stories with a height o f approxim ately 417 f t ., and with over 2 2 3 ,Business originated in Chicago in 1858 as the Western selling agency of
300 sq. ft . o f rentable floor space for stores and offices. The theatre portion
E . & T . Fairbanks & C o ., manufacturers o f the Fairbanks scale, produced o f the building will contain a motion picture theatre with a seating capacity
■ince 1830. During the years following 1858 the W estern business was o f approximately 3 ,8 0 0 . See also under “ B o n d s" below. V . 1 2 2 ,p .2 2 5 .




182

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviation s, & c ., see n otes on p a g e 8]

D ate
B onds

federal Mining & Smelting— Common stock 8 1 0 ,0 0 0 ,0 0 0 ___ ____
Preferred (a & d) 7% cumulative $20,0 0 0 ,0 0 0 authorized ...
F e d e ra l M otor T r u c k C o— Stock 500,000 shs au th___________ ____
Serial gold debenture notes due annually (see tex t)____ U D 1925
F ed era l S u g a r R e fin in g C o— Com m on stock_______________ ____
Preferred (a & d) stock 6 % cum red conv (text)____________
____
Sinking fund gold bonds red (text)____ __________________ kxc* 1923
F ia t (T u r in , Ita ly ) — See text.

Par
V a lu e

$100 $5 ,0 4 0 ,0 0 0
100 r > n o n , o o o
N one 4 10,000 shs
1,375,000
io o
12,913,100
100
1,929,300
500 &c
5,0 0 0 ,0 0 0

S T O C K .— Sinking fund o f 3 % of maxim um issued pref. stock, less con­
verted am ount, began N o v , 30 1920. K ed. on 60 days’ notice (also for
sinking fund) at 120. Convertible at par at any time into common stock
at $107 32 per share (as am ended). N o mortgage without the consent of
2-3 o f the outstanding pref. stock. Each share o f pref. shall be entitled to
one vote. V . 108, p . 2245 , 2633 ; V . 109, p . 4 87, 1612.
The stockholders on June 2 5 1926 approved the increase in the authorized
common stock from 45 0 ,0 0 0 shares to 1 ,000,000 shares. C om m on stock­
holders of record June 30 1926 were offered the right to subscribe for one
share of com m on stock for each two shares held at $107 49 per share.
R ecent D ivid en d s—
1918 1919 1920
1921 1922 1923
1924 1925
C om m on________________
0 $ 5 .5 0 $8
$8
$8
$8
$8
$8
Paid in 1926: Jan. 2 , $2; April 1, $2; July 1, $2; A u g. 10, $2 extra, payable
in common stock; O ct. 1, $2. Paid in 1927: Jan. 3 , $2.
The directors on June 3 1926 adopted a resolution declaring the policy o f
the corporation to place the common stock on a dividend basis o f $10
per share per annum , payable $2 quarterly in cash, and the remaining
$2 payable at such times, quarterly, semi-annually or annually, as the board
m ay from time to time determine, in cash or, at the option o f the corp.,
and subject to the approval b y the stockholders of such increase in the
authorized number of shares o f com m on stock, in shares o f com m on stock
without par value taken at such valuation per share as the directors shall
determine at the time each such dividend is declared.
B O N D S .— T h e Param ount Broadw ay C orp. 1st m tge. 5 K % 25-year
sinking fu n d gold loan is redeemable all or part on any int. date on 30 days’
notice up to and incl. Jan. 1 1936 at 103 and in t., thereafter up to and incl.
Jan. 1 1941 at 102 and in t., thereafter up to and incl. Jan. 1 1946 at 101
and in t., and thereafter at 100 and int. Annual sinking fund payable in
semi-annual installments beginning Jan. 1 1929, sufficient to retire $250,000
principal amount o f certificates per annum at redemption price, to be ap­
plied to purchase o f certificates i f obtainable at or below redemption price
then in force, or, to the extent not so obtainable, by call at such prices.
V . 122, p . 225.
R E P O R T .— For 1925, in V . 122, p . 1644, showed:
Calendar Y ears—
1925.
1924.
1923.
Operating profits_______________________ $6,41 8 ,0 5 4 $ 6 ,221,769 $ 4 ,605,785
Provision for Federal taxes____________
700,000
799,420
360,001
Balance, operating p ro fit___________ $ 5 ,718,054
Com m on d iv s. (paid and reserved)___
2 ,200,814
658,000
Preferred divs. (paid & reserved)____
D iv s. o f sub. cos. (to outside interests)
_______
Balance, surplus____________________ $ 2 ,859,240
Profit and loss surplus_________________$15,209 ,317
Quarter Ended—
M a r . 27 ’26.
N et profits after all charges & reserve
for Federal taxes____________________ $1,649,690

$5,422,349
1,867,450
683,800
1,135

$4,245,784
1,858,240
710,800
5,115

$2,869,964 $ 1 ,671,629
$12,350 ,077 $9,480,113
M a r . 28 ’25. M a r . 29 '24.
$1,355,808

A m oun t
O utstanding

$803,072

R ate
%

See
See
See

W h en
P a y a b le

text
text O M
text
Q-J
M & N
5 g
See text
See text
M & N
6 g

L ast D ivid en d
and M a tu rity

[V ol. 123
P la ces W h ere In terest a n t
D iv id en d s are P a ya b le

See text
D ec. 15 ’26 I K Checks mailed.
See text
T o N o v 1 1931
A u g 1 ’2 4 , I K
N o v 1 ’2 4 , I K
Am er E x N a t B k , N Y
M a y 1 1933

D I V S .— On new stock o f no par value paid initial dividend o f 20 cents a
share on O ct. 1 1926. A stock dividend o f 2 K % was paid on O ct. 5 1926.
R E P O R T .— For 7 m os. ended July 31 1926, in V . 123, p . 1638, showed:
7 M o s . E n d . Y ea r E n d.
July 31 ’26. D ec . 31 ’2 5 .
T o ta l revenue from operations_____________________ $ 8 ,4 4 7 ,7 5 2 $ 1 1,000 ,002
C ost o f operations____________________________________
7,0 7 5 ,1 4 9
9 ,746,075
Operating income.
Other incom e_______

$1 ,3 7 2 ,6 0 2
137,306

$1 ,2 5 3 ,9 2 7
2 86,586

T otal income__________________________________________ $ 1 ,5 0 9 ,9 0 8
D epreciation_____________
48,8 1 9
Interest on funded debt______________________________
51,564
Federal income tax____________________________________(est,)175,000

$1 ,5 4 0 ,5 1 3
117,647
11,667
176,399

N e t incom e__________________________________________$ 1 ,2 3 4 ,5 2 4

$ 1 ,2 3 4 ,7 9 9

O F F IC E R S ,-— Chairman, Thom as E . Rider; Pres., M artin L . Pulcher;
V .- P ., H a l. H . Smith; Treas., Edward P . H am m ond; Sec., Charles F .
M ellish. Office, 5780 Federal A v e ., D etroit, M ic h .— (V . 123, p . 1638).
F E D E R A L S U G A R R E F IN IN G C O .— O R G A N I Z A T I O N .— Incorp. in
New Jersey June 1 1902; reincorp. in N ew York M a y 3 1907. V . 84, p .
1117. Plant at Yonkers, N . Y . , capacity 10,000 bbls. daily. Pref. stock
Is subject to call at 125 and convertible into common stock at par. Both
classes o f stock have equal voting power. Dividend on common stock 1912
to O ct. 1913. 5 % yearly 1 Q -J .1 ; none then until June 15 1917, when 1 K %
w as paid; Sept. 15 and D ec. 15 1917. 154 <2, each; 1918 to 1922, inclusive,
7 % per annum: 1923. 5 % : F eb. 1. M a y 1 and A u g. 1 1924. paid 1 K % each;
none since. D ivs- on pref. paid in full to N o v 1 1924; none since. A n
extra cash dividend o f 5® , w a s oaid an Aug 2 192Q
A stock dividend of
6 0 % was paid on N o v . 23 1922
B O N D S .— The sinking fund 6 % gold bonds due M a y 1 1933 are callable
as a whole or in part at 1 0 2 K on or before N o v . 1 1928, at 102 in 1929,
101 ;H in 1930, 101 in 1931, and 1 0 0 K in 1932, plus interest in each case.
Sinking fund, $200 ,00 0 in 1925, and increasing at the rate o f $50,000 each
succeeding year to a m aximum o f $550 ,00 0 in 1932.
R E P O R T .— For 14 m onths ended June 3 1922: (latest rendered):
14 M os. to 22
d o s. to -----------Y ea rs Ending---------Ju n e 3 1922. A p r . 2 1921. day 31 T 9 . May 2 5 ’ 18.
$643 ,36 7
$5 ,5 4 0 ,8 7 5
$1,654,291 $ 2 ,172,945
P r o f it .______ _____________
Interest_____________
$333 ,72 2
$468 ,53 5
$328,001
$225,427
Inc. & exc. profits tax,& c
182,195
1,3 5 1 ,3 3 7
218,909
1 ,003,002
Dividends on stocks____
732,505
1 ,384,678
783,625
6 03,088
Balance, surplus______def$605,055 $2 ,3 3 6 ,3 2 5
$323 ,75 8
$ 341 ,42 8
O F F IC E R S .— Chairm an, C . A . Spreckels; P r e s . , ______________V .- P .,
Lewis L . Clark; Sec. & T reas., A . H . P latt. Office, 82 W all S t., N ew
Y o rk .— (V . 123, p . 1883.)

F I A T (T u r in , I t a ly ).— F iat was constituted as a societa anonima (cor­
poration) according to Italian law, M arch 8 1906, as successor to Societa
Anonim a Fabbrica Italiana di Autom obili (Torino), which latter com pany
was founded in 1899- It takes its title (Fiat) from the initial letters o f its
former name. C om pany is one o f the largest manufacturers o f automobiles
(W I L L I A M ) F A R R E L L & S O N S , I n c .— See Burns B ros, above.
in Europe, and one of the foremost manufacturers o f D iesel engines in the
world. It has ten manufacturing divisions engaged in the production of
F E D E R A L M IN IN G A N D S M E L T IN G C O .— O R G A N I Z A T I O N .—
Incorp. under laws o f Delaware June 25 1903. Owns silver-lead mines in passenger automobiles, automobile bodies, com m on and special steels,
forgings, castings, spare parts, tractors, various types o f internal combustion
Cbeur d ’Alene district, Idaho. V . 93, p . 733; V . 96, p . 1086; V . 97, p . 1424.
engines, including Diesel and semi-Diesel types, railway rolling stock and
In 1905 A m er. Smelters Securities C o . (Am er. Smelting & Refining C o.)
m aterial, aviation engines and aeroplanes. In addition, the com pany has
acquired about $ 3 ,0 0 0 ,0 0 0 common stock. V . 93, p . 1728; V . 99, p . 52.
subsidiary and associated companies which manufacture motor trucks,
supply and manufacture raw and semi-finished materials and accessories,
D I V I D E N D S .— ’ 14. ’ 15. ’ 16. ‘ 17. T 8 . T 9 . ’ 2 0 . '2 1 . ’ 2 2 . ’2 3 . ’24 ’25
C om m on ____________
0
0
0
00 _ _ _ _ _ _ _ _
-- - - - supply hydro-electric power, operate motor services in Ita ly , and facilitate
Preferred____________
5
4 4 J ^ 7
7 3M
6
4 4K
7
77 installment purchases of automobiles. The com pany’s chief manufacturing
The directors on Jan. 6 1926 declared dividends (paying the $19 25 per plant is the Lingotto W ork s at Turin, Ita ly .
share dividend arrears) on the preferred stock, as follows: $6 per share
C A P I T A L S T O C K A N D D I V I D E N D S .— The stock capitalization o f
payable Jan. 2 6 , $6 per share payable F eb. 16, $7 25 per share payable
the com pany consists of 2 ,0 0 0 ,0 0 0 shares o f 200 lire par value each, o f which
iV i
IBF. 9 .
1 ,0 0 0 ,0 0 0 shares are fu lly paid. In 1924 shareholders were granted the
T h e directors also declared a special dividend on the com m on stock of right to subscribe to 1 ,000,000 shares at par, or 200 lire each, thus bringing
$10 per share, payable M a r. 16 1926 from earnings prior to Jan. 1 1926,
the stock capitalization to the present outstanding amount. 7 0 % of the
and passed a resolution announcing it to be the policy of the com pany, until new share capital was paid for in installments during 1924 and 1925, and
further action o f the board, that, beginning with Jan. 1 1926, approximately
the remaining 3 0 % is subject to call. The new shares participate in divi­
one-half o f the current earnings o f the com pany after all charges except
dends from Jan. 1 1 9 2 6 . D iv s. paid in recent years have been: 1 9 2 2 , 7 K %
depletion, and after preferred dividends, shall be paid out as dividends on
1923, 1 0 % ; 1924, 1 1 K % ; 1925, 1 5 % .
the com m on stock. V . 122, p . 220.
B O N D S .— J. P . M organ & C o ., First N ational B ank, the N ational C ity
H . Content & C o . on Jan. 8 1926 started suit in the Court o f Chancery o f C o ., G uaranty C o . o f N ew Y o rk , Bankers T rust C o ., Lee, Higginson &
the State o f Delaware asking for an injunction restraining the paym ent
C o. and M arshall Field, Glore, W ard & C o . in July 1926 sold at 93 and int.
o f the common dividend o f $10 per share. V . 122, p. 2 20. Chancellor
$10,0 0 0 ,0 0 0 20-year sinking fund 7 % gold debenture bonds (carrying de­
W olcott issued a preliminary injunction on M a r. 16 1926. A demurer
tachable stock purchase warrants). D ated July 1 1 926 ; due July 1 1946.
filed by the com pany was overruled on April 20 1926. V . 122, p . 2337.
R ed. as a whole (but not in part except for the sinking fund) at the option
The company has filed an appeal. V . 122, p . 2659; V . 123, p . 1386.
o f the company on any int. date upon 60 days’ notice at 105 and in t. Prin.
and int. (J. & J .) payable in N . Y . C ity at the office o f J. P . M organ & C o .
R E P O R T .— For 1925, in V . 122, p . 1603, showed-:
in U . S. gold coin o f the present standard o f weight and fineness, w ithout
1922.
1924.
1923.
1925.
Calendar Y ea rs—
deduction for any Italian taxes, present or future. D enom . $1,0 0 0 and
$9 ,4 6 8 ,3 0 9 $6,662,327 $ 4 ,653,023
..$ 1 2 ,5 4 6 ,1 6 1
Operating earnings.
$500 c. The N ational C ity Bank o f N ew Y o rk , trustee.
3,6 5 5 ,4 2 4
6,8 8 2 ,0 6 3
5,127,048
8 ,5 0 5 ,6 51
Operating expenses.
Sinking F u n d .— A cumulative sinking fund calculated to be sufficient to
$997 ,59 9
$ 1 ,5 3 5 ,2 7 9 '
. . $ 4 ,0 4 0 ,5 1 1 ' $2 ,5 8 6 ,2 4 6
B a la n c e __________
redeem the entire issue on or before m aturity is to be applied to the pur­
208,214
262,239
3 0 3,346
4 10,955
Other income_______
chase o f bonds if obtainable at or below 105, or, if not so obtainable, to
Total incom e___________ $4 ,4 5 1 ,4 6 6 $ 2 ,8 8 9 ,5 9 2 ' $1,797,517 $1,205,813
the semi-annual redemption at 105 of bonds called b y lot.
235,482
339,942
882,922
G en. exp., inc. tax. & c ._
682,405
Stock P urchase W arran ts.— Each $ 1,000 bond will carry a detachable stock
purchase warrant entitling the holder to purchase 40 shares, and each $500
$970,331
N e t earnings___________ $3 ,7 6 9 ,0 6 0 $2 ,0 0 6 ,6 7 0 $1,457,575
bond 20 shares o f the present outstanding fully paid capital stock (par 2 00
5 ,933,614
6,5 6 6 ,5 4 8
6,291,985
Previous deficit__________ 7 ,6 2 4 ,6 6 2
lire each) at $25 a share. A ll rights under the warrants will expire on July 1
Profit on common stock
1931. The company will cause 400,000 shares o f the com pany’s now out­
purchased for treasury
822,592
standing fully paid stock to be deposited b y important shareholdering int­
ests under a deposit agreement w ith the Credito Italiano, M ila n , Italy,
T o ta ld efic it____________ $3,03 3 ,0 1 0 $4,55 9 ,8 7 8 $4,834,410 $4,963,283
which, upon the exercise o f rights under any warrants, will deliver the
$50,000
A d d ’lin c . tax, prin ., & c .
appropriate number of share certificates. W arrants m ay be surrendered and
149,204
101,627
346,205
319,240
D epreciation____________
the required paym ent made at the office of J. P . M organ & C o . in N . Y
693,899
657,731
756,790
719,572
Ore depletion____________
C ity. This deposit agreement contains appropriate provisions protecting
1,122,756
R ev . o f property accr—
the interests o f the holders of the warrants in case o f a change in the par value
569,344
839,034
839,034
839,034
Preferred dividends____
o f the stock, in case of the issuance o f additional shares o f stock as a stock
dividend, and in case of the issuance of additional shares for a consideration
Profit & loss d e f i c i t ... $ 4 ,9 1 0 ,8 5 5 $ 7 ,6 2 4 ,6 6 2 $ 6 ,566,548 $6,29 1 ,9 8 6
in cash or property less than the then existing purchase price per share.
O F F IC E R S .— Chairman & Pres., Francis H . Brownell; Sec., J. L . M ar­
E A R N IN G S .-— For calendar years:
tin; T reas., F . C . D ruding. O ffice, 120 Broadw ay, N . Y . — ( V . 123, p .1512
1921 .
1 922 .
1923 .
1 924 .
1925
Sales_______ $ 2 0 ,1 3 2 ,9 1 0 $20,6 9 0 ,2 0 8 $ 2 4 ,8 1 9 ,3 9 0 $ 3 3 ,8 7 3 ,0 3 5 $ 4 9,423 ,160
F E D E R A L M O T O R T R U C K C O .— Incorp. under laws o f M ichigan on
♦Net earns. 2 ,0 1 9 ,8 2 5
1 ,218,048
2 ,1 4 0 ,8 7 5
5,1 0 5 ,4 3 3
8 ,641,920
Feb. 14 1910 as the Bailey M otor Truck C o .; name changed to present
♦After taxes and ordinary depreciation.
title on July 28 1910. M anufactures automobile trucks ranging from one
(Lire figures have been converted at the following rates; 1921, 4.5c.;
ton capacity to seven tons capacity.
1922 , 4 .8 c .; 1923 , 4 .5 c .; 1924 , 4 .3 c .; 1925, 4c.; being approximately the
S T O C K .— See table at head o f page.
annual average exchange rates for each of these years.)
The sales and net earnings shown above are those o f the Fiat C o . itself,
N O T E S .— Th e serial gold debenture notes are due as follows: $150,000
the earnings including only dividends received from subsidiary and associ­
on N o v . 1 1927, $175,000 on N o v . 1 1928, $200 ,00 0 on N o v . 1 1 9 2 9 , $225,000
ated companies and not including the com pany’s proportion o f the undis­
on N o v . 1 1930 and $625,000 on N o v . 1 1931. N o mortgage can be placed
tributed surplus earnings o f such companies.— (V . 123, p. 211.)
on the property of the com pany while any o f these notes are outstanding.
O F F IC E R S .— Aldolph Zukor, Pres.; Jesse L . L asky, 1st V .- P .; Frank A .
G arbu tt, V .- P .; Elek J. Ludvigh, Sec. & Treas.; Richard W . Saunders,
C om p t. Office, 485 Fifth A v e ., N ew Y o rk .— (V . 123. p. 2 146 .)




Nor., 1926.]

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviation s, & c ., see n otes on page 8]

fir e s t o n e T ire & R u b b e r C o— Com stock $25,000 ,000------First pref stock 6 % cum $10,000,000 call l l O s k f d 1921
Second pref stock 7 % cum $40,000,000 call 1 1 0 ----------------Firestone Park Land Co coll tr s f g (guar p & i) _ C L C L .k x x x
Firestone C ott M I s t M s f g bds(gu p&i)red 1 0 1 -C L C L k c * .
Fisk R u b b e r Co— Common stock 1,250,000 shares___________
First pref (a & d) stock 7 % cum $24,950,000 call 110 sk fd
First pref conv stock 7 % cum $ 4 ,630,300 auth____________
8econd pref 7 % com $10,000,000 auth conv till D ec 31 1930
1st (closed! mtge s f gold bonds call (text)____
__k c *
Sinking fund gold notes red (text)________________ C e.kxxxc*
F leisch m a n n C o— Common stock 4,5 0 0 ,0 0 0 shares au th___
Pref (a & d) stock 6 % cum $3,00 0 ,0 0 0 auth_________________
F o u n d a t io n C o — Common stock 100,000 shares authorized.
F o u n d a t io n C o (F o r e ig n ) — Class A stock (see te x t)------Class B stock (see te x t)-------------------------------------------------------------

D ate
Bonds

Par
Value

Am ount
O utstanding

$10 $ 3 ,580,260
10C
8 , 000,000
100 18.380.900
100 &c
2 , 000,000
1923
2 , 000,000
1925 500&1000
None 8 1 1,827 >hs
100 18.198.900
4 ,4 3 8 .1 0 0
100
100
995,900
500 * r
8 370 000
1921
1926 500&1000 10 , 000,000
4,500.000sh
None
100
1,229,500
None
lOO.OOOshs.
160,000shs.
N one
160,000shs.
None

F IR E S T O N E T I R E & R U B B E R C O . (T H E )— O R G A N I Z A T I O N .—
Incorp. in W . V a . in A ug. 1900: in 1910 reincorp. in Ohio. Manufactures

automobile and truck tires, other rubber products and accessories and steel
rims. Factories are located at Akron, Ohio, Hudson, M a s s ., and H am ilton,
O n t., and preparation mills at Fall River, M a s s ., and Singapore Straits
Settlements.
Canadian subsidiary. V . 114, p. 2723.
President H arvey S. Firestone, O ct. 14 1925, announced that the F irestone
Plantation Co. has obtained concessions for 1,000,000 acres o f rubber planta­
tions in Liberia, W . Africa, and that the project calls for an investment of
$10 0 ,0 0 0 ,0 0 0 .
D evelopm ent plans, it is stated, call for building harbors,
roads, towns, hospitals and possibly organization o f steamship lines.
Compare V . 121, p . 1914.
President Firestone on O ct. 28 1925 also announced the leasing by the
company o f 3 5 ,0 0 0 acres o f rubber plantation land in the Province of
Tobasco, M exico. V . 121, p . 2279.
S T O C K — In A u g. 1919 (V . 109, p . 681) increased the auth. issue of com
stock to $25,0 0 0 ,0 0 0 and auth. also $40,0OO,OOO 7 % pref stock, o f which
$10,000 ,000 was sold. See offering, Y . 109, p . 1182.
D ivs on 1st p ref., I X % Q .-J . 15: 2d pref., 1 9 4 % Q -F 15
D ivid en d R ecord on Com m on Shares (Par Value $10 after 1916).
Y ea r—
1917. 1918.
1919.
1920. 1921.
1922-23.
1924. 1925.
$8
$6
$ 1 .5 0
N one
$4
$6
Per share____ $ 4 .2 5 $ 6 .2 5
Paid in 1926: Jan. 2 , 1 0 % (special); Jan. 2 0 , 1 5 % ; April 2 0 , 1 5 % ;J u ly
2 0 , 1 5 % ; O ct. 2 0 , 1 5 % .
B O N D S .— Guarantees prin ., int. & sink, fund $2 ,0 0 0 ,0 0 0 coll, trust
8. f. 6 X % gold bonds due June 1 1933 of Firestone Park Land C o . and
$ 2 ,0 0 0 ,0 0 0 1st m tge. s. f . 6 % gold bonds due July 1 1940 o f Firestone
C otton M ills. V . 117, p . 2 1 1 . ; V . 121, p. 2 05.
R E P O R T .— For year ended O ct. 31 1925. showed:
Y ea rs E n d . Oct. 31—
1924-25.
1923-24.
1922 -23 .
1921-22.
Sales_____________________ $125 ,5 9 7 ,9 9 8 $ 8 5,610 ,004 $77,583 ,149 $64,507,301
D epreciation______________ 2 ,6 1 4 ,1 9 2
1,716,860
1,670,998
1,559,530
N e t after deprec., in t.,
6,1 0 4 ,9 9 2
7,348,421
& Federal taxes________ 1 2 ,800,412
7 ,116,689
Balance after 6 % pref.
5 ,038,859
6,3 0 9 ,8 8 5
divs. & red. fu n d --------- 11,811,653
6,0 6 6 ,9 3 5
O F F IC E R S .— P res.. H . S. Firestone: V .-P .. A C . M iller; V .- P .. J. W .
Thom s: Sec., S. G . Carkhuff; T reas., J. J. Shea. Office, A kron, Ohio.—
(V . 123, p . 1119.)
F I R S T N A T IO N A L P I C T U R E S , I N C .— (V123 p . 2 525 .)
F I S K R U B B E R C O . (T H E ).— O R G A N I Z A T I O N , & C .— Incorp. In
M ass, in 1912. M anufactures pneumatic and solid tires for automobiles
and trucks; also for motorcycles and bicycles, & c. Factories are located at
Chicopee Falls, M a s s ., C udah y, W i s ., Pawtucket, R . I ., N ew Bedford,
M a ss., and Jewett C ity , C onn.
The stockholders of the Fisk Rubber C o . and Federal Rubber C o. in Sept.
1921 voted to consolidate the two companies and to take over the Ninigret
C o . V . 113, p. 631. 1160.
S T O C K ..—-The stockholders on D ec. 28 1925 approved the proposed plan
to pay the back dividends o f $26 a share on the 1st pref. stock and $35
a share on the 2d pref. stock.
In settlem ent o f the divs. on the 1st
pref. stock, stockholders were offered $1 in cash and $25 in 1st pref. (conv.)
stock, which will be entitled to 7 % divs. ranking equally with the present
1st pref. stock and will be convertible into 4 shares of com. stock at any
time up to D e c . 31 1935. On D ec. 1 1926 the 2d pref. stockholders received
a cash div. o f $35 a share in full paym ent o f accumulations. The 2d pref.
is convertible into com . par for par until D ec. 31 1930. T h e 1st pref. is
callable all or any part at 110 at any time on 60 days’ notice, and when that
has all been redeemed the 2d pref. will be redeemable in like manner.
B O N D S .— The 1st m tge. 8 % sinking fund gold bonds are callable as a
whole only at U 7 X and int. from Sept. 1 1931 to Sept. 1 1936, and there­
after at 1 1 2 X and int. Sinking fund, $500,000 per ann. V . 113, p . 1160.
N O T E S .— The 5-year 5 X % sinking fund gold notes are red. all or part
by lot, on any int. date on 30 days’ notice at 102 and in t., to and incl.
Jan. 1 1927; thereafter at 1 0 1 X and int. to and incl. Jan. 1 1928; thereafter
at 101 and in t., to and incl. Jan. 1 1929; and thereafter prior to m aturity
at 1 0 0 X and int. A n annual sinking fund of $ 2 5 0 ,0 0 0 , payable semi­
annually Jan. 1 and July 1 (first paym ent July 1 1926, last paym ent July 1
1930 ), will be provided to purchase these notes at not exceeding 100 and
in t., unexpended funds to revert to the company. V . 1 22, p. 488.
D IV I D E N D S .-— Initial div. of 3 % quar. on com . stock paid April 1 1920.
July 1 1920, 3 % ; O ct. 1 1920, 3 % ; none since. On 1st pref. and 2d pref.
stock, in full to date.
(For details of paym ent of accumulated dividends
on these issues see under “ Stock” above.)
R E P O R T .— F o r year ended O ct. 31 1925, in V . 122, p. 743, showed:
Y ea r Ended Y ea r Ended 10 M o s .e n d .
Oct. 31 ’2 5 . Oct. 31 ’ 2 4 . Oct. 31 ’23.
Gross sales_____________________________$ 7 4 ,900 ,373 $ 5 2,946 ,531 $ 4 4 ,862 ,744
Selling & admin, exp., incl. d e p rec._ 64,918,561 4 8 ,6 8 6 ,9 8 7 4 1 ,0 5 1,863
Operating profit_____________________ $9,98 1 ,8 1 2 $4 ,2 5 9 ,5 4 4
$3,810,881
In t. charges & Fed. tax reserve, & c _ . 3,8 7 2 ,9 0 6
1 ,522,880
1,7 2 7 ,2 6 8
N e t profit____________________________ $6,108,906
$2 ,7 3 6 ,6 6 4 $2,08 3 ,6 1 3
Previous surplus----------------------------------- 8,348,771
5 ,612,107
3 ,5 2 8 ,4 9 4
First preferred dividends_
1 ,025,696
Total surplus________________________ $13,431 ,980
$ 8 ,348,770 $5,612,107
— Q uar. E n d . July 31----------9 M o s . E n d . July 31—
1926.
1925.
1926.
1925.
N e t sales_______ _________$21,500 ,000 $ 2 4,579 ,000 $ 4 9 ,917 ,000
$54,254 ,000
N e t profit after all ch gs.
1,500,000
3 ,9 4 5 ,0 0 0
3 ,6 2 4 ,5 9 3
5 ,930,000
P res., H . T . D unn; Treas., R . B . M cG aw ; Sec., Andrew A . Leiser Jr.;
Office. Fisk B ld g., N ew Y o rk .— (V . 123, p . 2 525 .)
F L E IS C H M A N N C O . (T H E ).— Incorp. in Ohio in April 1905: certificate
o f reorganization filed in Oct. 1922. Manufactures yeast and distilled
vinegar; also produces m alt. In O ct. 1925 purchased from the National
Distillers Products C orp. the plants and equipment o f the Liberty Yeast
C orp. V . 121, p . 1795. In N o v . 1925 purchased the N orth Star M alting
C o .’s plant at Minneapolis. V . 121, p. 2646.
The co. has a total capacity
o f about 7 ,5 0 0 ,0 0 0 bushels of m alt yearly, operating m alt houses in Chicago,
B uffalo, R ed W in g, another plant in Minneapolis, and W atertow n, W is .,
and in connection with these m alt houses a chain of 24 country elevators are
also operated by the Fleischmann M altin g C o . throughout the States of
M innesota and South D akota.
S T O C K .— The stockholders voted N o v . 10 1925 to increase the auth­
orized com m on stock (no par value) from 1,5 0 0 ,0 0 0 shares to 4,5 0 0 ,0 0 0
shares. T h e new stock was exchanged 3 shares for 1 of the old stock.
P referred Stock.— See table at head of page.
C O M M O N D I V I D E N D S .—
1923.
1924.
1925.
R egular__________________________________________ $ 1 .5 0
$2.7 5
$3.75
E x tra _______ ________________________
$1 75c.
1.50
Paid in 1926: Jan. 2 , $1; April 1, 50c. (on increased capitalization);
July 1, 50c. quar. and 25c. extra; O ct. 1, 50c. quar.




183

INDUSTKIAL STOCKS AND BONDS
W h en
Payable

Last D ividend
and M a tu rity

Q— J 20 O ct 20 ’26$1>£
Q— J 15 O ct 15 ’26 1 X
N o v 15 ’26 1 %
& D June 1 1933
6 X fS J
J
&
J July 1 1940
6 g
See
Oct, 1 1920 3 %
Q— F
7
N o v 1 1926 1M
7
Q— F
N ov 1 1926 1M
Q— F
7
See text
Ke
r
M V S Sept 1 194]
& J Jan 1 1931
5X g J
Q— J
Oct 1 1926 50c
6
Oct 1 1926 I X
Q— J
See text Q -M 15 D ec 15 ’26
$2
See text
See text

Places W here In terest a m
D ivid en d s are Payable

Cleveland T r C o , Cleve
Cleveland T r C o , Cleve
New E n g T r C o , B ostor
N ew York
D illon, Read' & C o , N „ Y

R E P O R T .— For 1925 , in V . 1 22, p . 1032, showed:
Calendar Y ears—
1925.
1924.
N e t sales----------------------------------------------------------------------- $56,6 4 5 ,8 1 3 $ 4 6 ,442 ,691
C ost of sales------------------------------------------------------------------ 2 0 ,8 2 0 ,9 2 4 17,258,161
General expenses, & c---------------------------------------------------- 2 0 ,5 8 7 ,3 0 6 18,575,475
N et operating incom e-------------------------------------------- $ 1 5 ,2 3 7 ,5 8 3 $10,6 0 9 ,0 5 5
Other income-------------------------------------------------------------8 2 3 ,6 9 8
840,633
Gross income------------------------------------------------------------ $ 1 6 ,061 ,281 $ 1 1 ,4 4 9 ,6 8 8
Income charges-------------------------------------------------------------179,208
2 2 9 ,6 1 5
Federal and Canadian ta x e s ..?______________________
1 ,959,968
1 ,3 7 6 ,8 4 0
Preferred dividends___________________________________
7 4 ,2 7 4
76 678
Com m on dividends----------------------------------------------------7 ,5 0 0 ,0 0 0
6 ,0 0 0 ,0 0 0
Profit and loss credits________________________________
176,944
1 8,627
2 70,821
4 6 4 ,4 2 0
Profit and loss charges_____________ 1_______________
Surplus------------------------------------------------------------------------- $ 6 ,2 5 3 ,9 5 4 $ 3 ,3 2 0 ,7 6 2
— Q uar. E n d. Sept. 30----------9 M o s . E n d . Sept. 30—
P eriod— ■
1926.
1925.
1926.
1925.
N e t in c., after charges
and taxes______________
,7 38,984 $ 3 ,7 6 6 ,2 6 8 $13,476,951 $ 9 ,854,625
O F F IC E R S .— Chairman; M a x C . Fleischmann; Pres., Joseph Wilshire;
1st V .- P ., Paul W . Fleischmann; Sec. & Treas., Hugo A . Oswald. Office
701 W ashington S t., N ew Y o r k .— ,V . 123, p . 2397.)
F O R D M O T O R C O .— (V . 123, p . 1767.)
F O U N D A T I O N C O . ( T H E ) .— ( See M a p . ) — Incorp. under laws o f New
York on April 1 1902. Conducts directly or through subsidiaries a general
engineering and construction business in the United States and many
foreign countries. Since inception com pany has specialized in foundation
work in lower M anhattan and at present does the greater part o f this class
of 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. D irectly or
through subsidiaries has important contracts in the United States, Canada,
Great Britain, Belgium , France, Greece, Japan and South Am erica. M uch
o f its present business consists o f the construction o f 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 C o . (Foreign), a subsidiary, was incorporated in D ela­
ware on N o v . 27 1925 with an authorized capitalization consisting of 160,000
shares o f Class “ A ” stock o f no par value, and 160,000 shares o f Class “ B ”
stock of no par value. V . 121, p . 2882 .
S T O C K .— A ll o f the outstanding cumul. conv. pref. stock was redeemed
on M arch 16 1925 at 115 and divs.
Th e stockholders on Feb. 19 1925 increased the autb. com m on stock from
75,000 shares to 1 0 0,000 shares of no par value. Stockholders of record
M ar. 3 1925 were offered 15,000 shares o f new com m on stock (no par value)
at $95 a share on the basis o f 1-5 of 1 share for each share of old stock held.
The stockholders o f record N o v . 11 1925 were given the right to subscribe
for 10,000 additional shares o f capital stock (no par value) at $125 per share,
on the basis o f one new share for each nine shares held.
T h e stockholders o f record D ec. 3 1925 were given the right to subscribe
at $28 50 a share for 100,000 shares o f Series A stock of a new subsidiary
com pany to be known as The Foundation C o. (Foreign). Compare V . 121.
p . 2526, 2882.
D I V S .— On com m on stock, initial div. of $1 per share was paid D ec. 15
1917; Jan. 15 1918, $3 extra; M a r. 15 1918 to D ec. 15 1918 paid $1 quar.;
D ec. 15 1918, $3 extra; M a r. 15 and June 15 1919, $2 each; A u g. 15 and
Oct. 15 1919, $5 each; D ec. 15 1919 and M a r. 15 and June 15 1920, $2 per
share each; Sept. 15 1920 to M a r. 15 1921, $2 50 qu ar.; June 15 1921 to
D ec. 15 1921, $1 50 qu ar.; 1922, $6 per share; M a r. 15 1923 to D ec. 15 1924,
$1.50 quar.; M a r. 16 1925 to D e c . 15 1926 paid $2 quar. On Jan. 25 1926
paid 4 0 % in series “ A ” stock o f Foundation C o . (Foreign).
R E P O R T .— For 1925, in V . 122, p . 1771, showed:
Includes Foundation C o ., L td .; Construction Equipm ent C o ., L t d .,
and Foundation C o. of Canada. L td .l
Y ea rs E n d. D e c . 311925.
1924.
1923.
1922.
Gross incom e_________
$2,06 7 ,2 2 2 $1 ,9 9 7 ,8 4 2 $ 1 ,358,469 $ 1 ,076,223
Federal taxes_________
35,000
50,000
1,022,661
951,542
865,171
844,401
Preferred dividends____
48,9281
297,115 j
Com m on dividends______
687,792
3 1 8 ,8 0 5 /
197,720
$321 ,76 9
9 M o s . End. Sept. 30
1926.
Gross earnings__________ $1,51 5 ,5 6 6
G eneral expenses, & c___
835,079

$628,567
1925.
$ 1 ,306,422
693,521

$196,183
1924.
$1,237,867
688,458

$34,102
1923.
$829 ,35 7
585,754

$680 ,48 7
$612,901
$549,409
$243 ,60 3
O F F IC E R S .— Honorary Chairm an, Franklin Remington; Chairm an,
John W . D o ty ; Pres., H . J. Deutschbein; V .-P . & Gen. M g r ., G . L . Free­
m an; V .- P ., Frank Quilter, W m . Steele, W alter C . Hebard, G eo. R .
Johnson, Lee F . G iblin, W alter Rutherford, Reuben D avis, and J. H .
O ’Brien; Sec. & T reas., Ralph L . D alton.
D IR E C T O R S .— Franklin Rem ington, C . P . Colem an, John W . D o ty ,
Frank Quilter, W illis B ooth, H . J. Deutschebin, Louis Stoddard, C . C .
Pines, H . P . W ilson, R . L . D alto n , G eo. M urnane, N ew Y o rk , N . Y .
Office, 120 Liberty S t., N ew Y o rk .— (V . 123, p . 1767.)
(T H E ) F O U N D A T IO N C O . ( F O R E I G N ).— Incorp. under laws o f D ela­
ware N o v . 27 1925 to take over the business o f the Foundation C o . in all
parts o f the world other than N orth, Central, and South Am erica, the W est
Indies, the British Empire (including British mandate territory) and the
insular possessions o f the United States, together with the good-will o f the
Foundation C o. in such territory, any and all contracts, options, & c.,
possessed b y the Foundation C o . for carrying out work in such territory and
the entire capital stock o f the Belgian and French subsidiary companies of
the Foundation C o. which companies now carry on business in Belgium
and France, respectively.
For the property so transferred the Foundation C o. received 4 0 ,0 0 0 shares
of Class A stock and 160,000 shares o f Class B stock o f the Foundation C o .
(Foreign). 20,0 0 0 shares o f 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 C o.
ST O C K .-— The Class A stock shall be entitled to non-cum ulative divi­
dends at the rate o f $ 2 .5 0 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 m ay be paid or
set apart on the Class B stock at a rate not in excess o f $2.5 0 per share
per year, entirely irrespective o f 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 an y period, any additional divs. which

184

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[For a bbreviation s, c%c., see n otes on page 8]

D ate
Bonds

flew pref (a & d) 8 % cum $ 8 ,0 0 0 ,0 0 0 call 1 1 5 ___________ Convertible debentures $6 ,0 0 0 ,0 0 0 auth red t e x t _______ Ba
Subsidiary C o ., entire $12,0 0 0 ,0 0 0 stock ow ned—
Galena Signal Oil o f T ex bonds red. 1 0 5 .
___
- ______c*

1920
1918

Preferred (a & d) stock _______________________________________
Car trust certificates— See text.

N one
729,844 sh
$100 $16,000 ,000
100
2 .000,000
100
4 .0 0 0 .0 0 0
loe&i.ooo
4,8 1 9 .7 0 0
1.000

1924
1911
1915

FREEPORT
TEXAS
C O — O R G A N I Z A T I O N .— Incorp. Sept. 30
1913, in Delaware. A holding com pany controlling through ownership of
entire stock; Freeport Sulphur C o . ($200,000 ); Freeport Tow n Site C o.
($20,000); Freeport L ight, W ater & Ice C o . ($5,000); Freeport Sulphur
Transportation C o . ($ 2 5 ,0 0 0 ); Freeport Asphalt C o. ($50 ,0 0 0 ); Sulphur
Export Corp. ($9,380); South Texas Stevedore C o . ($ 5 ,0 0 0 ). Also owns
500,000 francs (of a total o f 2 ,0 0 0 ,0 0 0 ) or Societe Pour L ’lm portation
et al Yente des Soufres Americains. Owns entire $ 250 ,00 0 stock o f La
Espuela Oil C o ., which was organized in M exico. Full description in
V . 108, p . 1517. Export association formed, V . 115, p. 1638. The new
plant at Hoskins M o u n d , T e x ., was put into operation on M arch
1923.
D I V I D E N D S .— (On capital o f $100 par.) N o v . 4 1915 to M a y 15 1917
incl., 1 0 % quarterly; on capital no par value (per share); A u g. 15 1917, to
N o v . 15 1917, F eb. 15 and M a y 15 1918, $1.5 0 each; M a y 20 1919 . $2
A ug. 20 1919, $1; N o v . 28 1919, $1; none since.
R E P O R T .— For fiscal year end. N o v . 30 1925 in V . 122, p . 1318:
N o v . 30 Y ea rs—
1924-25.
1 9 2 3 -2 4 ..
1922-23.
1921-22.
$439 ,39 5 $1,33 9 ,4 3 5
$290,781
*N et profits_______________ $1 ,0 9 4 ,2 1 3
1,1 5 8 ,6 8 7
4 5 8,425
1 ,374,437
422,273
Total incom e____________
Federal taxes____________
140,862
24 3 ,5 7 8
112,439
60,751
I n t ., depl’n , deprec., &c.
2 6 7,516
5 4 0,609
491,887
615,020
Balance________________ sur$750,309 d ef$325,762 s u r $ 7 7 0 ,lll def$253,498
* After cost of sales and expenses.
— Quar. E n d . A u g . 31— -— 9 M o s . E n d. A u g . 3 1 Period—
1926.
1925.
1926.
1925.
Gross sales________________ $2,10 8 ,6 4 1
$ 1 ,9 1 6 ,1 8 2 $ 6 ,376,243
$5,198,973
C ost of sales______________ 1,484,584 x l ,437,409
4 ,5 0 2 ,3 3 5 x 3 ,593,884
General expenses, & c .- _
184,821
2 7 2 ,2 1 4
5 6 7,930
823,171
$ 439 ,23 7
14,848

N e t incom e____________
Depreciation_____________
T a x reserve______________

$ 454 ,08 4
61,0071
2 0 ,3 6 8 /

$2 0 6 ,5 5 9
15,834

$ 1 ,305,980
4 6 ,3 0 2

$ 2 2 2 ,3 9 3
6 0 ,4 2 9 /
I

$781,917
36,359

$1 ,3 5 2 ,2 8 2
184,137\
8 9 ,0 6 6 /

$818,276
3 24,082

Surplus________________
$3 7 2 ,7 1 0
$161,964 $1,079,078
$494,194
x Includes extra cost o f resuming operations at Bryan M oun d.
O F F IC E R S .— P res., Eric P . Swenson; V .- P ., E . E . Dickinson; Treas.
S. M . Swenson; Sec., F . M . Altz; G en. A u d ., C . H . Findlay. N ew York
office, 61 Broadway.— (V . 123, p. 2525.)
G A L E N A -S I G N A L O IL C O .— O R G A N I Z A T I O N . A C .— Incorp. lr
Penn. In 1901
Deals in railroad lubricating and signal oils
Formerlj
controlled by Standard OH C o. o fN . J. but segregated in 1911,
In 1918 arranged to acquire control, subject to $2,80 0 ,0 0 0 6 % bonds
of important interests in the H um ble. T e x ., oil field including 42 wel's
w ith 24-m ile pipe line, and remaining 5 0 % o f the $1,50 0 ,0 0 0 stock o f the
Petroleum Refining C o. (name changed to Galena Signal Oil of Texas),
owning refinery at H ouston. V . 106, p. 1233; V . 110, p . 968.
In connection with these acquisitions the shareholders voted M a y 21 1919
to Increase the authorized common stock from $12,000 ,000 to $2 0 ,0 0 0 ,0 0 f
and on creating $ 8 ,000,000 o f 8 % cumulative preferred (a. & d .) stock
(callable at 115 and d iv s.), ranking as to assets and dividends ahead o f all
other stock except present $2 ,0 0 0 ,0 0 0 8 % cum . pref. stock. Par of all $100
The plan involved (1) the issuing o f $ 2 ,0 0 0 ,0 0 0 of such new pref. stock
and $ 4 ,0 0 0 ,0 0 0 of the increased com m on stock, in part paym ent for afore
said acquisitions; while (2) $ 4 ,0 0 0 ,0 0 0 o f such new pref. stock was offered
for subscription to all stockholders o f record June 29 1919 at par. Y . 107
p. 85.
It was the Intention o f the board that the remaining $ 4 ,0 0 0 ,0 0 0 of nevr
common stock and $2,00 0 ,0 0 0 of new pref. stock should for the present re
m ain 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. .
Governm ent suit, V . 118, p. 3161.
Stock— D eb en tu res.— The stockholders In M a y 1920 approved the plati
to increase the common stock from $ 20 ,000,600 to $22,000 ,000 (par $100)
and to issue $ 6 ,0 0 0 ,0 0 0 7 % convertible debenture bonds, convertible into
common stock, par for par. Stockholders were given the right to subscribe
to the debentures at the rate o f $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 m aturity. Convertible into common stock
at rate o f $100 in par value o f stock for each $100 in principal o f debenture
bonds. Com pare V . I l l , p . 696.
S U B . C O .— B O N D S .— A new company with title "Petroleum Refining
Co. o f T e x a s” (in 1919 name changed to Galena Signal Oil C o . o f Texas'
took over the properties acquired in Texas and operates the same as
a separate organization. This new com pany issued $6 ,0 0 0 ,0 0 0 capita!
stock (increased to $12,0 0 0 ,0 0 0 D ec. 31 1924), all owned b y the Galena
Signal Oil C o .; also $ 3 ,8 0 0 ,0 0 0 6 % bonds dated July 1 1918, $1 ,0 0 0 ,0 0 0
o f which are in the treasury.
Galena Pipe Line C o . (of T exas), Galena Navigation C o ., Societc
Anonym e des Huiles G alena (of France), Galena-Signal Oil C o ., L td . (o!
London, E n g .), G alena-Signal Oil C o . (of B razil), G alena-Signal Oil Co
(of C anada). V . 110, p . 968, 1294; V . I l l , p . 2143 .
C O M M O N D I V S .— 1 ’ 13. 1914 to 1917. ’ 18. ’ 19-’ 21. ’ 2 2 . ’2 3 . ’24 ’25Cash ( % ) ------------------------ ) 14 1 2 % (3 % qu .) 101* None
1 4
4
2
D iv s. on common stock were resumed D ec. 30 1922 with a paym ent o f 1 % ;
same am ount paid quarterly to June 30 1925; none since.
C om . stock. 8 4 ,0 0 0 .0 0 0 was distributed M a y 15 1913 as a 5 0 % 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.
R E P O R T .— Balance sheet as o f D ec. 31 1925 in V . 122, p. 1318.
O F F IC E R S .— Pres., _______________; V .-P re s ., J. E . Linahen, G eo. L .
M orton , W . A . Trubee, W . J. W alsh; S ec., J. French M iller. Office, Frank­
lin, P a .— (V . 1 23, p . 1387.)
G A R D N E R M O T O R C O ., IN C . (T H E )— Incorp. under laws o f New
York on July 14 1920 . Plants are located in St. Louis, M o .
R E P O R T .— The com pany reported for the eight months ended A u g. 31
1926 a profit of $ 9 6 ,8 2 4 before taxes. Balance sheet as o f A u g. 31 1 926 ,in
V . 123, p. 2398.
O F F IC E R S .— Chairman, Russell E . Gardner; P res., Russell E . Gardner,
Jr.; Exec. V .-P . & T reas., F . W . Gardner; Sec., W . H . Yeld ell. Office,
St. Louis, M o .— (V . 123, p . 2 398 .)

G E N E R A L A M E R IC A N T A N < C A R C O R P .— In corp . In N . Y .
July 5 1916. A holding com pany owning the entire capital stock ($3,000,
000) o f General A m er. T ank Car C orp ., in corp . in W , V a. T he latter com ­




2 ,800,000

Rate
%

W h en
P ayable

Last D ivid en d
and M a tu rity

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

See text
See text
See text
See text
7
A

&

N ov 28 1919 $1
June 30 ’25 1 % Checks mailed
do
June 30 ’26 2 %
do
June 30 ’26 2 %
Bankers Trust C o , N A
O Apr 1 1930

6

A

&

O July 1 1933

$3
7

J

/ Fid elity Tr C o , H ouston,
\U S M tg e & Tr C o, N Y

&
J July 1 ’26 $1.50 Checks mailed
do
Q— J
Oct 1 1 9 2 6 1 H

100 23,584,000
100
5
Q— M
7 .416.000
A & O
4 ,7 8 2 ,2 0 0
100&1000
6 g
None
429,719 sh. See text
None
90,775 sh.
$8
Q— J
J
&
J
1,000
1 .478.000
5 g
M & S
100 &c
236,000
6 g

m ay be declared for such period shall be distributed ratably among tne
holders o f all shares o f Class A stock and o f Class B stock theh outstanding
irrespective o f class. The Class A and Class B stock shall be entitled to
equal voting rights, each share o f each class having one vote.
F O X FIL M C O R P .— (V . 123, p . 1387.)

N e t profit______________
Other incom e____________

A m ount
Outstanding

N one
155,000 shs.
303,570 shs
N one
100 $ 7 ,951,200

G a rd n e r M otor C o , In c— Stock 3 00,000 snares au th orized--

Pref (a & d) stk 5 % cum convert (text) call 110 & d iv ___ c .
Convertible gold bonds red (tex t)________ - . - ___ .kxxx
G en era l B a k in g C o— C om m on stock 500,000 shares a u th -Preferred (a & d) stock $8, cum 100,000 shares auth_______
Kolb Bakery first gold red 105- .............
_
- -G x c *
D illm an Bakery first s f gold $ 500 ,00 0 auth red 1 0 5 -C o l.c *

Par
Value

[Vol. 123.

D ec 1 1926 I H
Oct 1 1939
O ct 1 ’ 25, $ i a
Sept 30 1926 $2
Jan 1 1937
M ar 1 1935

Checks mailed
Bankers T rust C o , N Y
Checks mailed
do
C om pan y’s office N V
Irving B k & Tr C o , N Y

pany owns the entire capital stock o f the General Am erican Car C o ., Genera
American Tank Car C orp. of L a ., General American Refrigerator Express
and General American Tank Storage & Terminal C o ., Inc.
C A P I T A L S T O C K .— Authorized, 4 0 0 ,0 0 0 shares Com m on of no par
value and $ 1 0 ,0 0 0 ,0 0 0 7 % cumulative preferred, par $100; outstanding.
3 0 3,570 shares common and $7 ,9 5 1 ,2 0 0 preferred. Pref. stock provisions
in V . 110, p . 2 090 .
D I V I D E N D S .— On com m on: April 1 1919 to April 1 1920, $1 5U quar.;
M a y 1 and July 1 1920 , 50 cents each; Jan. 1 1921 to July 1 1926, $1 50
semi-ann.
C A R T R U S T C T F S .— Outstanding D ec. 31 1925 as follows:
Rate
D eta il o f
D ue
D eta il o f
Rate
D ue
D a te.
D a te.
% A m ts . D u e .
A m ts. D u e. S eries
Series
%
Apr.
1 ’27 7 A
$288,000 B
M ay
1 ’27 5 A
$300 ,00 0
Apr.
M a y 1 ’28 5 A
300,000
1 ’28 7 A
288,000
A p r.
288,000
M a y 1 ’29 5 A
300,000
1 ’29 7 A
Apr.
M a y 1 ’30 5 A
1 ’30 7 A
288,000
500,000
Apr.
584,000
M a y 1 ’31 5 A
1 ’31 7 A
600,000
D ec. 1 ’26 6
400,000
M a y 1 ’32 5 A
700,000
D ec. I ’27 6
500.000
M a y 1 ’33 5 A
800,000
qon.ono
D ec. 1 ’28 6
M a y 1 ’34 5 A
500,000
D ec. 1 ’29 6
500,000 Ser.l6Sept 1 ’36 4 A
1,500,000
D ec. 1 ’30 6
500,000
R E P O R T .— For 1925, in V . 122, p . 2660 , showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
N et incom e______________$ 2 ,477,001 $ 2 ,4 8 3 ,1 9 8 $2 ,2 4 3 ,2 5 6 $1,70 6 ,7 9 6
T a x e s ____________________
x473,045
x436,199
x425,000
185,000
Preferred dividends____
596,013
625,142
637,439
500,330
Com m on dividends____
760,200
7 60,200
750,200
760,203
Balance to su rp lu s.. .
$647,743
$661 ,65 6
x Includes reserves for contingencies.

$420,617

$261,262

O F F IC E R S .— Pres., M a x Epstein; V .-P res., D avid Copland; V .-P . &
C om p t., John M . Sweeny, Chicago; V .- P ., Henry E . Butler, N ew York;
V.
-P ., Le R oy Kram er; V .-P . & Sec., Elias M ayer; Treas. & A sst. Sec.,
W . J. W oodw ard, Chicago, A sst. Sec., Bennet Epstein, N ew Y o rk ; A sst.
C o m p t., Sam L and, Chicago. N . Y . office, 17 B attery Place.— (V . 123.
p. 1638.)
G E N E R A L A S P H A L T C O .— O R G A N I Z A T I O N .— Incorp. In N . J. on
M ay 19 1903 as successor o f the N at. Asphalt C o ., per plan V . 75, p. 188;
V. 7 6 , p. 1145; V . 7 9 , p. 101, 2586; V . 80. D. 2218; V . 8 2 , p. 1208.
Controls the following corporations through which, as subsidiaries, prac­
tically all of the business is conducted: The Barber Asphalt C o .; The Trin­
idad Lake Petroleum C o ., L td -: The Uintah R y . C o .; Gilson Asphaltum
C o .; Th e Petroleum D evel. C o ., L td .; Th e Trinidad Lake Asphalt Operating
C o ., L td .; N . Y . & Bermudez C o .; the Bermudez C o.
Subsidiary companies own extensive asphalt deposits and petroleum
lands in Trinidad and Venezuela and giisonite deposits in Colorado and
Utah; operate important mining, refining and shipping properties, pro­
ducing a great variety o f asphaltic and other materials for paving, roofing
painting, & c., and conduct a paving business.
Agreement with R oyal D utch C o ., V . 115, p . 2691; V . 118, p . 1906.
S T O C K .— The total authorized capital stock (pref. & com .) was in­
creased to $40,000 ,000 in Sept. 1924. The pref. stock is convertible into
com. stock as follows: $150 com . for $100 pref.
D IV I D E N D S .—
\ 06. ’0 7 . ’08. ’09 to T 6 ’ 17. 18. T 9 to D e c . ’ 26
2
2
5 yly
5
5 ll£ q u a r (Q -M )
On preferred_________ J 4
The accumulated dividends, 9 A % , were discharged in full in cash.
1 % I d 1910 and balance, 83^ % , through paym ent in 1915 of debentures
issued representing same.
C O N V E R T I B L E B O N D S O F 1924.— Convertible after April 1 1927
into com . stock at par. C all, all or part a t 105 and in t. up to and incl.
Oct. 1 1929, and thereafter at A % less premium during each successive
year prior to the year o f m aturity, together with accrued interest.
Each stockholder o f record Sept. 23 1924 had the right to subscribe to
bonds o f the above issue in an amount face value equal to 1 8 .4 % o f the
par value o f his holdings o f stock, including both pref. and com . stock,
at the price o f 9714 % o f their face value and accrued int. V . 119, p . 1513.
The 10-year 6 % debentures o f 1915 were redeemed on O ct. 1 1924 at
par and int. The 8 % convertible gold bonds, due D ec. 1 1930, were re­
deemed on D ec. 1 1924 at 105 and int.
Calendar Y ears—

, in V . 122, p. 1910, showed:
1922.
1924.
1923.
1925.
$17,634 ,375 $16,110 ,062 $14,015,652 $12,0 5 9 ,9 4 6
1 0 ,869,543
14,795,942
13,304,120
12,034,050
$2 ,8 3 8 ,4 3 2
80,681

$ 2 ,8 0 5 ,9 4 2
333,251

$1,98 1 ,6 0 2
213,160

$1,19 0 ,4 0 3
502,431

T o ta l incom e_________ $ 2 ,919,113
Interest, gen. dxp,. & C - - $1,156,323
Federal tax, & c__________
241,785
Preferred dividends (5 % )i
370,800

$3,13 9 ,1 9 3
$ 1 ,4 3 2 ,9 1 4
133,750
3 7 0,800

$ 2 ,194,762
$1,02 4 ,6 2 6
9 2,030
3 7 0,800

$ 1 ,6 9 2 ,8 3 4
$ 1 ,0 5 0 ,1 2 0
31,587
370,803

Surplus________________ $ 1 ,150,206
$707,306
$ 1 ,201,729
Six M o n th s E n ded Ju n e 30—
1926.
Incom e_________________________________________________ $ 8 ,4 0 0 ,8 7 5
C osts___________________________________________________
7 ,0 5 7 ,0 3 2
Expenses, interest and taxes________________________
719,038
Preferred dividends__________________________________
185,400

$240,324
1925.
$7 ,7 0 3 ,4 4 4
6 ,606,839
644,171
185,400

Other incom e______J_____

Balance, surplus____________________________________
$ 439 ,40 5
$267 ,03 4
O F F IC E R S .— Pres., Arthur W . Sewall: V .- P ., C . W . Bayliss, A . L .
Robinson and Frank Seamans; C om p ., Ira Atkinson; Sec., E . Robert Riter;
T reas., John A . M acP eak; A u d ., Frank E . D eitlin. Office, Insurance C o.
o f N orth America B ld g ., Philadelphia, P a .— (V . 123, p . 2525.)
G E N E R A L B A K I N G C O .— Incorp. June 6 1911 In N . Y .
Owns
bakery plants in N ew Y o rk , P h ila., Boston, D etroit, Cleveland, Buffalo,
Providence. W ashington, Rochester, Buffalo, N ew Orleans and other cities.
In O ct. 1925 W illiam B . W ard offered to purchase a controlling interest
in the common stock o f the dompany and to pay for such $225 a share and
accrued dividends in cash. A new com pany known as the General Bak­
ing Corp. (see below ), was organized under laws o f M aryland to hold stock
acquired as a result o f this offer. Com pare V . 121, p . 2163 .
S T O C K .— Both classes o f stock have equal voting rights.
D I V I D E N D S .— On pref., in full to date. On new com ., paid $2 per
share quar. April 1 1922 to D ec. 30 1922; April 2 1923 to O ct. 1 1923 paid
$1 quar.; D ec. 31 1923 to O ct. 1 1925 paid $1 50 quar.
B O N D S .— The first gold 6 % bonds due June 1 1936 were redeemed on
D ec. 1 1925 at 105 and int.
The K olb Bakery C o . first gold 5 % bonds are guaranteed as to $40,000
yearly sinking fund and Interest by General Baking C o .

j u*.,
N

1926.]

M I S C E L L A N E O U S S E C U R IT IE S
F or abbreviations, A c . , see n otes on page 8]
G e n e r a l B a k in g C orp— Class A stock 5 ,000,000 shares auth
ir n e r a l C igar C o , In c— Com m on stock 500.000 shares____
Preferred stock (p & d) 7 % cumulative $ 5 ,000,000
....
Debent pref (a & d) stk “ B ” 7 % cum $5,000,000 call 110
sk fd convert into com m on_____________________
____ .
Serial gold notes due $700,000 ann red (text) kxxxc*
G en era l E lectric C o— Com m on stock 7 ,400,000 shs au th ___
Debentures for Sprague stock g call 105 (V 75, p 1 3 9 )___ xc
G en era l E lectric C o . G erm a n y — See text.

D ate
Bonds
—

P ar
V a lue

Balance, surplus____________________ $ 1 ,971,604

$2,88 4 ,0 3 2

1923
1902

Jan 3 1927, 1 H New York
T o Dec 1 1935 Corn Exch Bank, N Y
O ct 28 ’26 75c Check from C o ’s office
O ct 28 '26 15c
Aug 1 1942 Guar Tr Co, N T ; 4 Bost

$ 2 ,875,012

R E P O R T .— For year ending D ec. 26 1925, in V . 122, p . 1043, showed:
Statem ent o f P rofit and Loss A cco u n t, Y ea r Ended D e c . 26 1925 General
Baking Co. and Smith Great W estern Baking C orporation].
Profit from operations________________________________________________$8,588,645
Depreciation__________________________________________________________ 1,053,908
Federal income taxes_________________________________________________
919,145
N et profit___________________________________________________________ $6,615,591
N et profit applicable to period prior to acquisition_______________ 4,249,331
N et profit applicable to period since acquisition__________________ x 2 ,366,261
Dividend payable on General Baking C o. 8 % cumul. pref. stock.
181,550
M inority interest_____________________________________________________
6,852
Dividend payable Jan. 2 1926 on Class A stock ($1 25 per share) 1,292,044
$885,815

O F F IC E R S .— Chairman, F . H . Frazier, Pres., C . Leslie Lowes, V .-P .,
J. W . Rum bough, Sec. & Treas., R . E . Peterson. Office, 522 Fifth A v e .,
N ew Y o r k — (V . 123, p . 2661.)
G E N E R A L C IG A R C O ., IN C .— O R G A N I Z A T I O N .— Incorporated
April 28 1906 under laws of N . Y . as the United Cigar Manufacturers Co.
The name was changed by court order effective M arch 1 1917 to General
Cigar C o ., Inc.
Business is that of the manufacture and distribution of cigars. Company
«ucceeded to the properties and business o f the United Cigar Manufacturers*
and has since acquired the business o f Theobald & Oppenheimer C o. oi
Phila.. M . A . Gunst & C o ., In c ., B ondy & Lederer, o f N ew Y o rk , the Best
< Russell Companies of Chicago, M em phis and Kansas C ity , and the
fc
C onw ay Cigar C o. o f Sioux C ity , la . Manufacturing department comprises
40 factories, located in 39 cities: warehouse department comprises 31 units,
located in 19 cities; distributing branches are established in 100 cities, and
retail demonstration stores (a total of 30 in operation) are located in 9
cities. Output is approximately 650,0 0 0 ,0 0 0 cigars annually.
S T O C K .— The stockholders voted Feb. 3 1926 to change the authorized
common stock from 250,000 shares, par $100, to 500,000 shares o f no par
value, and authorized the issue of two shares of such stock of no par value
for each share of old common stock outstanding. Neither pref. can be
increased nor can mortgage other than purchase money mortgage be created
without consent o f 7 5 % o f that issue, and neither has voting power except
while default for aft least two quarterly dividends continues.
The debenture pref. stock is entitled to an annual cumulative sinking
fund sufficient to purchase (or call) and cancel at not exceeding 110 and d iv .,
1,500 shares of said stock; it is also exchangeable for common stock of no
par value at the rate o f two shares of common stock for each share of
debenture preferred stock.
N O T E S .— The serial gold notes of 1923 are redeemable as a whole on
30 days’ notice on any interest date. The redemption price on D ec. 1 1925
shall be 104 plus interest and the redemption price shall decline % o f 1 %
on each: succeeding D ec. 1. V . 117, p. 2439.
D I V I D E N D S .— On com m on, 1909, 5 % ; 1910, 6 % : 1911. 4 ! ^ % ; 191S
to M a y 1919, 4 % yearly (1 % Q .-F .) : Aug. 1919 to N o v . 1923. 1 G % ouar
F eb. 1924 to Feb. 1926, paid 2 % quar., M a y 1 1926 to N o v . 1 1926 paid $1
quar. on new stock of no par value.
1922.
$ 8 ,775,360
6 ,151,133

N et incom e........... ......... $2,97 4 ,2 2 6 $2,866,977 $ 3 ,246,875 $ 2 ,624,227
Other income____________
181,267
421,323
69 ,2 7 8
227,607

P eriod —
N e t income after charges
and Federal taxes____

$ 3 ,288,299
$524,429
350,000
223,123
1,448,320

$ 3 ,316,152
$377,867
350,000
279,611
1 ,086,240

$ 2 ,851,834
$119,625
350,000
293,650
1,086,240

$742,427

$ 1 ,222,434

$1,002,319

— Q uar. Ended Sept. 30----------9 M o s . to Sept. 30—
1926.
1925.
1926.
1925.
$757,475

$668,317

$1,66 9 ,5 1 0

$ 1 ,675,882

O F F IC E R S .— President, Fred Hirschhorn; Senior V .-P re s ., R . O . B ondy,
Vice-Pres. & Treas., W illiam Best; V .-P s ., M ilton H . Esberg, B . G . M eyer.
Sec., H . V . Shick. Office, 119 W . 40th S t., N . Y . — (V . 123, p . 2398.)
G E N E R A L E L E C T R IC C O .— O R G A N I Z A T I O N .— Organized under a
special charter of New York April 15 1892, ana manufactures outnts for
eleotric railways and all kinds of electrical supplies. V . 85, p. 155, 1648;
V . 8 2 . p . 5 02, 6 35, 1040; V. 65. p. 151; V . 6 8 . p. 1024.
( V . 108, p. 1837.)
V . 70, p. 689; V . 80, p . 1481; V . 83, p . 689
Owns entire common stock of
Electrical Securities C orp. International General Electric C o . export
organization. V . 108, p . 83, 385; V . 110, p . 1435. In 1919 acquired
control o f the Cooper-H ew itt Electric C o . and Trum bull Electric C o . V .




Places W h ere In terest and
| D ividends A r e Payable

Q— J
J
& D
„ Q— J
See text
F & A

D I V I D E N D S .— A n initial quar. div. o f $1 25 per share on the Class “ A ’
stock was paid on Jan. 2 1926, same amount paid quar. to O ct. 1 1926.

$698 ,72 4

Last D ividend
and M a tu rity

7
100
2,255.200
100 &c
6 300.000
6 g
N one 7 ,2 1 1 ,4 8 'sh See text
10 42 ,9 1 7 ,2 8 0 See text
100 &c
2.047,000
3K f

S T O C K .— Class A stock (no par value), having a value at liquidation of
$100 per share; authorized, 5,0 0 0 .0 0 0 shares; issued, 1,045,757 shares;
subscribed but not fully paid, 5,135 shares; total, 1.050,892 shares. Class B
stock (no par value), authorized and issued, 5,000,000 shares; less held in
treasury, 993.103 shares: balance, 4 ,0 0 6 ,8 9 7 shares.

T o ta l incom e___________ $ 3 ,155,493
Interest on notes & loans
$498 ,00 2
Preferred dividends_____
350,000
Debenture pref. d i v s . . .
160,447
1,448,320
Com m on dividends_____

W h en
Payable

N o v 1 1926 $1 Check from G o's office
D ec 1 1926 1 %
do
dc

G E N E R A L B A K I N G C O R P .— Incorp. Oct. 3 1925 under laws of
M arylan d to hold stock o f General Baking C o . acquired under offer b y W ill­
iam B . W ard in O ct. 1925— see General Baking C o. above. In Novem ber
1925 acquired the Smith Great W estern Baking C orp ., which operates nine
bakeries in M issouri. K ansas and O klahom a.
Suit b y minority stockholders against the W ard interests, V . 123, p. 2661 _

R E P O R T .— For 1925, in V . 122, p. 756, showed:
1925.
1924.
1923.
Gross earnings___________$ 9 ,0 0 8 ,2 3 5 $9,211,413
$9,88 9 ,1 2 9
Selling, gen., adm in.,& c.,
exp ., inel. FedT taxes. 6 ,0 3 4 ,0 0 9
6.344.436
6 ,642,254

Rate
%

Q— F
Q— M

O F F IC E R S .— Chairman, F . E . H . Frazier; Pres., C . Leslie Lowes; Sec. &
T reas., A . A . Clarke. Office, 342 Madison A v e ., N . Y . — (V . 123, p . 1767.)

N et surplus of earnings after dividends since acquisition______

Am oun t
Outstanding

N one
1,0 4 5 ,7 5 7 sh See text
N one
4,006,897sh
None
$362 ,57 6 sb See text
7
$100
5,0 0 0 .0 0 0

R E P O R T .— For 1924, In V . 120, p . 8 44, showed:
--------------Consolidated Com pany-------------1924.
1923.
1922.
N et after taxes and bond Interest_______ $6,06 0 ,0 7 5 $6 ,2 0 5 ,5 9 8 $5,27 2 ,4 7 2
Reserve for depreciation________________
783,957
680,039
571,050
Preferred dividends_____________________ ($8)726,200 ($8)719,720 ($8)703,796
C om m on dividends_________________ ($6)2,578,314(450)1921807($8) 1108,624
K olb Bakery preferred dividends____
_______
_______ (7 % )1 3 ,9 9 0

Surplus-------------------------

185

INDUSTRIAL STOCKS AND BONDS

Q— J

O ct 1 ’26, $1M

108, p . 2437 : V . 109, p . 375. Owns a substantial interest in M ohaw k H ud­
son Power C orp. Acquired a substantial interest in the Locke Insulator
C orp. in 1920. V . I l l , p . 1374. Victor X -R a y C orp. organized, V . I l l ,
p . 1475. In J a n . 1921 acquired the lamp and wire plants o f the Independent
Lam p & W ire C o ., V . 112, p . 3 77. N ew lam p plan t, V . 112, p. 1287;
V . 117, p. 1669.
Th e company in D ec. 1924 decided to dispose o f all o f its shareholdings in
the Electric Bond & Share C o ., b y organizing a new corporation under the
laws o f the State of N ew Y o rk , w ith an authorized capital stock o f 1,802,870
shares without par value (being the same number o f shares as the outstand­
ing Com m on stock o f the General Electric C o .) , and b y transferring to such
new corporation:
(a) 300 sharps o f the 6 % C um ul. Pref. stock o f the Electric Bond & Share
C o ., having a par value o f $ 3 0 ,0 0 0 , and
(ft) 250,000 shares o f the C om m on stock o f the Electric Bond & Share C o.
(being the entire Com m on stock), having a par value o f $25 ,0 0 0 ,0 0 0 .
The new corporation, in consideration o f such transfer, distributed lti
shares to the stockholders o f record o f the General Electric C o . as o f Jan
15 1925, ratably in proportion to their holdings. V . 120, p . 91
As to organization or Radio Corp < r America, see caption of that com ­
>
pany in “ Public U tility C om pendium .”
>wns the rights for the l_ s> under patents covering Curtis steam turbine
engines V . 7 6 , o . 1195: V . 77. o - 2161: V . 82, p. 1272.
Acquired the former plant o f the B artlett Hayward C o ., Baltimore, In
M a y 1920. V . 110, p . 1976. Purchased the Remington Arms C o. plant
at Bridgeport in June 1922. V . 115, p. 188. Lam p patent sustained,
V . 110, p. 2571. Agreement with Araer. T e l. & T e l. C o. to exchange
licenses, patents, & c ., V . I l l , p . 899. Controls the Canadian General
Electric C o . V . 117, p . 1908.
S T O C K .— Th e stockholders on M a y 11 1926 approved a plan to change
the 1 ,850,000 shares o f auth. com m on stock, par $100 each, into 7,4 0 0 ,0 0 0
shares of com m on stock without par value. Each com m on stockholder
received four shares of the new no par stock for each share o f old holdings
C$180,287,046 outstanding on D ec. 31 1925).
D I V I D E N D S .— -On new com m on stock o f no par value, paid 75c. quar.
in cash and $1 in special stock on July 15 1926, on Oct. 28 1926 paid 75c.
quar.
For records of dividends on old com m on stock, see “ R y . & Ind . Compen­
dium ” o f M a y 29 1926.
D E B E N T U R E S .— N o 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. 2 38. 752, 892 1611.
Th e outstanding $ 1 5 ,0 0 0 ,0 0 0 6 % debenture bonds, due 1940, were re­
deemed at 105 and int. on F eb. 1 1923. V . 115, p . 2691.
The outstanding $15,1 3 6 ,5 0 0 5 % debentures, due 1952, were redeemed
on Sept. 1 1925 at 107 'A and interest.
R E P O R T .— For 1925, in V . 122, p . 1756, showed:
1925.
1924.
1923.
1922.
R eceipts—
$
$
$
$
Sales billed______________ 290,290 ,166 299,251 ,869 2 7 1,309 ,695 2 0 0 ,194 ,294
xCost o f sales, & c---------x257,479,491 264,9 0 9 ,5 3 8 2 4 1,653 ,949 177,458,012
Profit from sales______ 3 2 ,810,675
Interest and discount &
sundry profits________
3 ,8 0 3 ,2 3 4
Income from securities, .
6,5 5 6 ,8 3 3
T o ta l----------------------------- 43,17 0 ,7 4 3
D ed uct—
Interest and discount___ 1 1 ,925,697
Other interest p a ym en ts/
Excess profits tax (est.)_
(y)
2,6 0 3 ,8 2 9
General reserve_________
C om . divs., cash ( 8 % ) - - 14,407,544
Cash divs. on special stk. 1,735,576
Balance, surplus______ 2 2 ,4 9 8 ,0 9 7
Previous surplus________ 7 2 ,362,223

34,342,331

2 9 ,655,746

2 2 ,736,282

4 ,0 5 9 ,5 8 0
6,733,772

3,1 4 5 ,3 4 8
5 ,2 0 0 ,4 3 4

3,2 0 8 ,8 1 4
4,849,871

4 5 ,135,683

3 8 ,001,528

3 0 ,794,966

1 1 ,096.107
1 153,081

1,307,791
700.819

4 ,3 4 4 .7 8 9
21 9 ,1 5 8

(y)

(y)

(y)

4 ,650,946
14,404,980
1,195,405

2 ,4 6 7 ,8 0 0
14,289,316
656,379

13,943,234
130,394

23 ,6 3 5 ,1 6 3
82 ,7 6 2 ,0 9 6

18,579,423
73,167,048

12,157,391
70,126,922

Total surplus_________ 94,860,321 106,397 ,259
Dividends in stock (5 % )
9 ,0 1 2 ,1 5 0
9,0 0 5 ,0 3 5
C has. A . C offin F ound’n
D elivery o f E l. Bond &
Share C o . stock_______
25 ,0 3 0 ,0 0 0

9 1 ,746,470 82,284,312
8 ,984,375
8 ,717,265
----------4 0 0 ,0 0

Profit & loss, surplus. 85,84 8 ,1 7 1 72,36 2 ,2 2 3 8 2 ,762,096 73,167,048
x Includes provision for Federal taxes, y Included in cost o f sales, &c
P eriod Ended Sept. 30—
Q uarter.
9 M on th s.
N et sales billed----------------------------------------------------------- $82,187 ,349 $229,638,216
Cost of sales billed, incl. oper., m aint. & deprec.
charges, res. & provision for all taxes___________ 72,499,449 203,690 909
N et income from sales------------------------------------------- $ 9 ,687,900 $25,947 ,307
Sundry income less int. paid & sundry charges___
2 ,006,848
5 ,818,365
Profit available for dividends____________________$11,694 ,748
Dividends on special stock_________________________
643,521

$31,765 ,672
1,714,052

Profit avail, for divs. on com . stock & s u r p lu s ..$11,051 ,227

$30,0 5 1 ,6 2 0

O F F IC E R S .— Chairm an, Owen D . Y oung; Pres., Gerard Swope; Treas.*
R . S. M urray; C o m p t., Samuel L . W hitestone; Sec., M yron F . W estover. M ain office, Schenectady, N . Y . N . Y , office, 120 Broadway
— (V . 123, P. 2 662 .)
G E N E R A L E L E C T R IC C O . (A L L G E M E IN E E L E K T R I C I T A T S
G E S E L L S C H A F T ), G E R M A N Y .— Com pany was originally incorporated
in 1883 under the name o f the German Edison C o. to exploit the Thom as A
Edison patents for incandescent lam ps. In 1887 its corporate name was
changed to “ Allgemeine Elektricitats Gesellschaft,” since known the world
over as the “ A E G .”
For m any years A E G has enjoyed a co-operative
relationship with the General Electric C o. (America) under a contract
which provides for the exchange and mutual use o f patents, technical
knowledge and experience.
A E G manufactures all forms o f electrical apparatus from the largest
turbo-generator set to a flashlight bulb.
S T O C K .— Outstanding, com m on,
preferred “ B , ” $4 ,4 6 2 ,5 0 0 .

$ 2 8,560 ,000 ; preferred,

$ 4,165 000

D E B E N T U R E S .— The National C ity C o ., N ew Y o rk , in Jan. 1925
sold at 93 3 i and int. $ 1 0,000 ,000 20-year sinking fund 7 % gold debentures.
/
Dated Jan. 15 1925, due Jan. 15 1945. In t. payable J. & J. 15. D enom .
$1,000 and $500 c * . Principal, interest and sinking fund payable in N . Y .
C ity in U . S. gold coin o f the present standard o f weight and fineness, at
National C ity Bank, N ew Y o rk , trustee, without deduction for any past
present or future taxes or duties levied by or within the German Reich

186

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[F or abb reviation s, & c ., see notes on pa ge 8]

G en era l M otors C orp— Com m on stock auth 10,000,000 shs_
Pref stk 6 % cum non-vot red 110 & diva_____________________
Debenture stock 6 % cum non-voting call 115_______________
Pref stock 7 % cum call 125 8 5 0 0 .0 0 0 .0 0 0 auth _ _ _______
G en era l M otors A c c e p ta n c e C orp — Serial gold notes due
$ 5 ,0 0 0 ,0 0 0 ann red ( t e x t ) ____________________________ B a z.c *

D ate
B on d s

Par
V a lu e

R ate
%

W hen
P a yable

N one 8,700,000sh See text
6
$100 $ 1 ,875,900
100
6
2,8 6 9 ,9 0 0
100 105,170,200
7
1926

1,000

R ed. at 105, on 30 days’ notice, either as a whole, on any interest date after
July 15 1929, or by lot, through the operation of the sinking fund, on any
nterest date after Jan. 15 1930.
P*7Sinking F u n d .— A s a sinking fund for the redemption o f the debentures,
the company agrees to pay over to the trustee the sum o f 8360,150 on or
before June 1 1930, and the sum o f $349,650 on or before each succeeding
D ec. 1 and June 1, so long as any o f the debentures remain outstanding.
The sums so received shall be applied by the trustee, on the respective
Interest dates next following the receipt thereof, to the redemption by lot.
at 105, o f $343 ,00 0 o f debentures on July 15 1930, and $333,000 principal
amount thereof on each subsequent interest date. The trust agreement
will provide that any debentures which shall not have been redeemed by
the sinking fund or otherwise retired prior to m aturity on Jan. 15 1945
will be paid on that date at 105.
Security.— Debentures will be the direct credit obligations o f the company
which will covenant in the trust agreement securing the debentures, that
so long as any o f the debentures remain outstanding and unpaid, the corncompany will not execute any mortgage upon or make any pledge o f any part
o f its properties and assets either real or personal, unless such mortgage or
agreement o f pledge shall provide for the security o f these debentures either
equally and ratably with the bonds, notes or other obligations or liabilities,
o f whatsoever character, which are to be secured by such mortgage or
pledge, or, at the option o f the com pany, in priority thereto.
Except for the charge or lien in favor o f the so-called “ Dawes debentures,”
the capital amount o f which has now been fixed at the equivalent o f $ 7 ,732,620 , the only outstanding liens on any o f the com pany’s properties are
small mortgages to the extent o f only $95,2 8 2 . Com pany will also covenant
in the trust agreement not to take advantage o f the provision o f the German
law, under which the “ Dawes debentures ’ have been created, to register
an owner’s mortgage in its own name to the extent that it m ay at any time
have redeemed or repaid such debentures.
The trust agreement will further provide that the com pany will not pay
any cash dividends on its capital stock subsequent to Sept. 30 1924 except
out o f net earnings.
6 } 4 % Gold D eb en tu res.— The National C ity C o. in D ec. 1925 sold at 9 4
and int. $ 1 0 ,0 0 0 ,0 0 0 15-year 6 Y % gold sinking fund debentures, carrying
certain stock pin-chase rights which m ay be availed o f at the option o f the
respective holders o f such rights, at any tim e up to and incl. D ec. 1 1930.
D ated D ec. 1 1925, due D ec. 1 1940. In t. payable J. & D . D enom .
$ 1 ,000c*. Principal, interest and sinking fund payable in N . Y . C ity in
TJ. S. gold coin o f the present standard o f weight and fineness at N ational
C ity B ank, N ew Y o rk , trustee, without deduction for any past, present
or future taxes or duties levied b y or within the German Reich. R ed. on
any int. date, beginning June 1 1931, but not prior thereto, on 30 days’
notice, either as a whole, or in part for sinking fund, at 1 0 2 K up to and
incl. D ec. 1 1935, the premium declining M % each subsequent year to
par in the year 1940.
Stock Purchase R ights.— Each debenture will carry a stock purchase
right evidenced b y an appropriate warrant, or otherwise, entitling the holder
to purchase shares o f the common stock o f the A E G o f th e par value o f
100 reichsmarks (about $23 80 at par of exchange) each, evidenced by
certificates in bearer form , carrying unmatured annual dividend coupons.
The number and price of shares covered by each warrant will be determined
as follows: First 2,3 6 0 warrants presented will each call for 18 shares at
$24 a share (1 0 0 .8 % ); next 2,1 5 0 warrants presented will each call for 18
shares at $26 50 a share ($ 1 1 1 .3 % ); next 1,940 warrants presented will
each call for 18 shares at $29 a share ( 1 2 1 .8 % ); next 1,800 warrants presented
will each call for 18 shares at $31 50 a share ( 1 3 2 .4 % ); last 1,750 warrants
presented will each call for 17 shares at $34 a share (1 4 2 .9 % ).
The requisite number o f shares will be deposited with National C ity
B ank, N ew Y o rk , which, upon exercise o f any right, will deliver the appro­
priate number o f share certificates, or, if the right be exercised prior to
D ec. 1 1928 , a trust receipt exchangeable for such shares on and after
that date, or, at the option o f the A E G , prior thereto. The purchase
rights will expire if not exercised on or before D ec. 1 1930. The right
m ay be exercised b y the paym ent o f cash, but in lieu o f cash, debentures
o f 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 o f shares will be applied to the purchase
o f debentures, if obtainable at prices not exceeding 1 0 0 % and int. within
a reasonable tim e (not less than six or more than 12 months) after receipt.
I f not so used, such cash reverts to the A E G .
Sinking F u n d & R ed em ption .— A sinking fund will be provided which will
redeem all the debentures outstanding on D ec. 1 1930, in substantially
equal semi-annual installments during the following ten years. On any
in t. date beginning June 1 1931, but not prior thereto, the outstanding
debentures m ay be redeemed either as a whole or in part for the sinking
fund at 102>^ up to and incl. D ec. 1 1935, the premium declining one-half
point each subsequent year to par in the year 1940.
E A R N I N G S .— For the five years ending June 30 1914 the net earnings
available for dividends after deducting all interest, tax and depreciation
charges, were as follows:
1910.
1911.
1912.
1913.
1914.
$4 ,3 8 5 ,2 0 4
$5 ,2 6 9 ,4 9 3
$ 5 ,8 0 4 ,0 1 4
$6,879,267
$ 4 ,496,448
During the year ended Sept. 30 1924 the books o f the company have again
been pu t on a gold basis and the company reports net earnings, after deduct­
ing all interest and tax charges (except income taxes which are a charge
against earnings after interest) but before deducting depreciation— equal to
$ 3 ,201,107, and net earnings, available for dividends, after all charges,
o f $ 1 ,7 1 9 ,1 4 3 .
(Balance sheet as o f Sept. 30 1924, in V . 120, p. 5 8 9 .)— (V . 123, p . 2 662 .)

G E N E R A L M O T O R S C O R P O R A T IO N .— O R G A N I Z A T I O N .— In
corp. in D el. O ct. 13 1916 as successor to Gen. M otors O o. (of N . J.)
On
Aug. 1 1917 the N . J. company was dissolved. For plan see V . 103. p
1 5 1 0 ,2 3 4 6 .
P R O P E R T Y .— Products include the Buick, Cadillac. Chevrolet, Oak­
land, Pontiac and Oldsmobile passenger cars and the Chevrolet truck; also
ice machines, accessories and parts, & c.
A detailed statement as to
properties as of D ec. 31 1923 appeared in V . 118, p . 1554; compare also V .
110, p . 2385; V . 108, p . 883; V . 112, p . 1634; V . 114, p . 1672; V . 116, p.
1300; Y . 120, p . 1609; V . 122, p . 1186.
Statem ent by Pres, du Pont in N o v . 1921 regarding com pany’s policies
& c., V . 113, p . 2084
Liquidation o f Scripps-Booth C orp., V . 114. p . 311A C Q U IS IT IO N S .— A s o f M a y 2 1918 all assets of Chevrolet M otor C o
o f D e l. (except its 450,000 shares o f Gen. M otors Corp.) were acquired.—
V . 106, p. 824, 2761; V . 107. p . 1006, 1194.
In D ec. 1918 acquired United M otors C orp.— V . 107 p 1 484 . 2101
V . 1 0 8 . p 83 , 584.
In Jan. 1919 acquired entire capital stock o f Gen. M otors C orp. of Can
ada.— Y . 108, p . 272. 584; V . 107, p . 1923. In 1919 acquired the Inter
State Autom obile C o ., M uncie, Ind.
In O ct. 1919 announced that control had been acquired o f the Delcc
house light business and plant at D ayton , O ., and the Sunnyhome Elec
C o . o f D etroit. In 1919 also purchased for $27,600 ,000 6 0 % o f the common
stock o f Fisher Body C orp. On D ec. 31 1925 the corporation’s investment
in the Fisher B ody Corp. was $32 ,1 5 1 ,8 2 5 , represented by 1 ,4 4 1 ,9 2 0 shares




Am ount
O utstanding

50 ,0 0 0 ,0 0 0

5 g

Q— M
Q— F
Q— F
Q— F
M

&

Last D ividend
and M a tu rity

[V ol. 123,
P laces W here Interest an
D ivid en d s are P a yable

See text
Checks mailed
Feb 1 1927 1 H
do
do
Feb 1 192? 1 Y
do
do
do
do
Feb 1 1927 1 %
S T o M ar 1 1936

J P M organ & O o, N Y

being a 6 0 % interest in the com m on stock. In M a y 1926 acquired minority
interest on the basis o f two-thirds o f a share o f G en. M otors common for
each share o f Fisher B ody stock. V . 122, p . 2805. The assets o f the
Fisher B ody C orp. were subsequently transferred to General M otors C orp.
and the com pany was dissolved.
I t was announced in Sept. 1926 that a new subsidiary, F r ig id a ire C orp .,
had been incorporated in Delaware to take over distribution and sale of
electric refrigerators manufactured b y the D elco-Light C o . This subsidiary
has been created to segregate the electric refrigerator from the electric
light plant business o f the D elco-Light C o . at D ayton , O . V . 123, p . 1512.
Pres. Alfred P . Sloan, Jr. in O ct. 1926 announced the incorporation in
Delaware o f the D elco R em y C orp. to take over the sale o f products manu­
factured by the D ayton Engineering Laboratories C o . o f D a y to n , Ohio,
and the R em y Electric Division at Anderson, Ind .— V . 123, p . 2268 .
For other acquisitions see V . 108, p . 882; V . 109. p . 2267; V . 110, p . 2660:
V . 116, p . 621; V . 118, p . 316.
Organized the G en. M otors Acceptance C orp. in Jan. 1919. V . 115, p.
765; V . 116, p . 6 1 3 ,1 9 0 0 ; V . 117, p . 558, 2439: V . 118, p . 2 08, 557, 6 70. 1526
V . 119, p . 585; V . 120, p . 835; V . 121, p . 2046; V . 123, p . 2662 .
(Annual
report for 1925 in V 122, p . 890.)
For serial gold notes see below.
G en. M otors B ld g. C orp.— bonds, & c., V . 113, p . 2189.
New subsidiaries, V . 116, p . 1184. 1767.
Interest in Ethyl Gasoline C o rp ., V . 119. p . 947.
Owns the entire issue of 8 00,000 shares o f com m on stock, or 5 7 % o f the
total voting stock o f the Yellow Truck & Coach M fg . C o . See that com ­
pany below.
President Alfred P . Sloan Jr. announced in Sept. 1925 that the corpora­
tion had pending a proposition looking towards the acquisition o f all o f the
ordinary shares, or common stock, o f the Austin M otor C o ., a British
manufacturer o f automobiles with plants located at Birm ingham , E n g.
The proposition has been accepted b y General M otors C orp. and approved
by the directors o f the Austin M otor C o ., and is subject to ratification by
the stockholders o f the latter com pany. V . 121, p . 1352.
President Sloan in O ct. 1925 also confirmed cable advices from London
to the effect that arrangements are under way whereby the corporation m ay
become financially interested in Vauxhall M otors, L td . V . 121, p . 2046 ,
2527 .
M a n a g e r s S ecu rities C o .— Pres. Alfred P . Sloan, J r., on O ct. 29 1923
announced that the directors had worked out a plan under which about
7 0 % o f the principal executives o f General M otors will be given an oppor­
tunity to acquire a substantial stock interest in the corporation. The
plan is briefly summarized as follows:
(1) General M otors Corp. will cause the Managers Securities C o . to be
organized in Delaware with a capital o f $ 2 8 ,8 0 0 ,0 0 0 of 7 % cum ul. non-voting
con. pref. stock, $ 4 ,000,000 Class A stock and $ 1 ,0 0 0 ,0 0 0 Class B stock.
(2) General M otors Corp. will subscribe for all of the Class A and C lass B
stock, paying therefor $5,00 0 ,0 0 0 in cash, and will enter into a contract
with the M anagers Securities C o . agreeing to pay to it for each year from
1923 to 1930, both inclusive, 5 % of its net earnings in excess of 7 % on the
capital em ployed. On Jan. 1 of each year it will advance $ 2 ,0 0 0 ,0 0 0 to the
M anagers Securities C o . on account of am ount due under this contract,
or as a loan, or both, as more fully recited in the plan.
(3) The M anagers Securities C o. will offer to purchase as o f O ct. 15 1923,
the equivalent of 2 ,2 5 0 ,0 0 0 shares of General M otors C orp. com . stock at
$15 per share, aggiegatm g a total purchase price o f $ 3 3 ,7 5 0 ,0 0 0 , payable
$4,950,000 in cash and $28,800 ,000 in its 7 % cum ul. non-voting conv. pref.
stock: this is at the rate of $2 20 in cash and $12 80 in 7 % pref. stock for
each share o f General M otors C orp. com m on stock purchased.
(4) A special com m ittee of the directors will select a list o f managers (in­
cluding directors who are occupying managerial positions) to whom the
General M otors C orp. will sell at cost the Class A and Class B stocks of the
M anagers Securities C o. theretofore purchased. Sales so made to these
managers will be secured by an agreement under which the General M otors
C orp. shall have the right to repurchase said stock under the term s and
conditions recited in the plan.
Each common stockholder is given the right to supply common stock for
the purposes o f this plan up to 10% o f his total common stock holdings,
to be paid for at the rate o f $2 20 in cash and $12 80 in 7 % cum ul. non­
voting conv. pref. stock of the M anagers Securities C o . for each share of
General M otors C orp. com m on stock supplied.
(F o r fu r th e r d e ta ils o f p la n , c o m p a r e V . 117, p . 199 8.)
On D ec. 31 1925 E . I . du Pont de Nem ours & C o. owned 1 ,330,829 shares
o f the com pany’s common stock; also owned $ 1 5 ,520 ,000 preferred stock of
M anagers Securities C o.
S T O C K .— The stockholders on June 16 1924 adopted the charter am end
ments proposed b y the directors for the purpose of sim plifying the capita
structure o f the corporation.
These amendments provided for the consolidation o f the three issues of
senior securities into one issue o f 7 % pref. stock, which will constitute a
prior preference on the entire assets after debts o f the corporation.
Holders of the outstanding 6 % pref. stock and 6 % debenture stock were
accorded the right, upon paym ent o f $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 D ec. 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 of common stock outstanding.
D I V I D E N D S — On com ., in 1917, F e b ., 1 % ; M a y 1917 to F eb. 1920,
3 % each quar. (1 2 % p . a .) . The directors on M arch 25 1920 declared a
dividend o f 25 cents a share in cash and l-4 0 th 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 a y 1 1920.
In A u g. and N o v . 1920, paid 25c. a share in cash and l-4 0 th o f a share in
stock on the new com . In F e b ., M a y , A u g. and N o v . 1921 paid 25c. a
share in cash, the stock dividend being om itted. F eb. 1922 div. was
om itted. On D ec. 20 1922 paid a special d iv. o f 50c. a share. M arch 15
1923 to Sept. 12 1924 paid 30c. a share each quar. On D ec. 12 1924 paid
$1 25 per share on the new com . stock, which was issued in exchange for
the old com . stock on the basis o f one share o f new stock for four shares of
old stock.
(See under “ Capital Stock” above.)
M a r . 12 to D ec. 12 1925
paid $1 50 qu ar.; also paid $1 extra on Sept. 12 1925 and $5 extra on Jan. 7
1926. On M arch 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 5 0 % in common
stock. On D ec. 11 1926 paid $1 75 quar. and on Jan. 4 1927 paid $4 extra.
N O T E S .— The General M otors Acceptance Corp. 5 % serial gold notes
are redeemable, but only as to the whole amount o f any one or more m a­
turities, on any interest date, on 60 days’ notice at 100 plus a premium of
Yi % for each 6 m onths o f unexpired life.— -V. 122, p . 1034.
A ll o f the outstanding Either B ody C orp. 5 % serial gold notes da 1
ed
Jan, 2 1925 nave been called for redemption Jan 1 1927 at par and int.
V . 1 2 3 , p . 1512.

Nov., 1926.]

D ate
B on ds

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviation s, & c ., see n otes on pa ge 8]

1922

Par
V a lu e

A m ou n t
O utstanding

None
N one
$100
None
500 &c
None
None

642,383 shs
125.000 shs
$2,847,933
225.000 shs
$ 3 ,777,500
2000000 shs
622,500 shs

100 2 1 , 000,000

R E P O R T .- -F or 1925, in V . 122, p . 1186, showed
— -----------— Calendar Y ears
1923.
1925.
1924.
C ars & trucks sold_____________________
835,902
587,341
798,555
N e t sales______________________________ $73 4 ,5 9 2 ;592$568,007 ;459$69 8,038,947
N e t profit after depr., & c___________ 120,982,532 5 1 ,4 6 2 ,1 7 9 7 0 ,521,899
Federal taxes, & c____________________
13,912,000
5 ,7 2 7 ,0 0 0
8 ,135,000
B alance_____________________________ $107 ,07 0,53 2 $45,7 3 5 ,1 7 9 $62,386 ,899
G en . M otors proportion______________ 106.484,756 45 ,3 3 0 ,8 8 8 6 2 ,067,526
971,117
6 % preferred dividends__________
13 5 ,5 4 0
611,380
2,268,162
7 % preferred dividends___________
7 ,315,222
4 ,7 4 3 ,6 0 7
3 ,648,093
Debenture dividends________________
189,229
1 ,917,650
C om m on dividends_________
61,935,221 25,030,631 2 4 ,772,026
----- ------- — d
Balance, surplus___________________ $36,9 0 9 ,5 4 4 $ 1 3,027 ,620 $30,408 ,129
R E P O R T .— -For 9 m os. ended Sept. 30 1926, in V . 123, p . 2513, showed
192619253d Q uarter. 9 M o n th s. 3 Q uarter. 9 M o n th s .
Salescars & trucks-unitsRetail deliveries by
624,389
dealers to users____
228,029
342,105
962,295
General M otors sales
611,367
to dealers___________
3 60,234
996,321
222,158
$
$
$
829,449 ,652 187,889,296 528,409 ,937
188,418,646 3 9 ,409,743 105,345,174
Depreciation of real est.,
12,900,299
5,7 9 7 ,8 7 2
plants & equipm ent. .
14,558,324
4,3 0 9 ,7 5 5
N e t p ro fit______________ 69,29 2 ,9 6 2 173,860 ,322
Less—
Prov. for empl. bon ds- 2,5 8 1 ,0 0 0
6 .785.000
A m t.d u eM grs’ Sec.C o. 2 ,5 8 1 ,0 0 0
6 .7 8 5 .0 0 0
E m p l. Sav. & In v . F d .
870,979
2 ,3 9 4 ,6 0 9
Spec’l p a ym ’t to empl.
under stk .subsc .plan
_______
32,984
In t. on Fisher B ody
155,846
n o t e s . ____________
155,846
Prov. for U . S. and
foreign in c. taxes___
8 ,3 8 2 ,0 0 0 2 0 ,213,000

3 5 ,099,988

92,444,875

1.271.000
1.271.000
514,533

3 .1 7 0 .0 0 0
3.170.000
1,677,024

68

17,190

3 ,758,000
2 8 ,285,387
28,16 1 ,7 3 0
1,828,981
3 3,313
4 7,729

74,7 4 5 ,,6 1
74,24 3 ,9 6 6
5,485,023
102,637
142,134

W h en
P a y a b le

See

text Q-.T 15
$4
Q -F 15
Q -F 15
6
See text Q— J 15
F & A
„
6 g
See text Q— M
7

L a st D ivid en d
and M a tu rity

O ct
N ov
N ov
O ct
Aug
D ec
N ov

*131239,357 *26,251,707 *68,514,172
*N ote I f the Gen. M o t.
C orp .’s equity in the
undivided profits of
Fisher
Body
C orp .
(6 0 % ) c o n s o lid a t e d
since June 30 1926,
• G en. M o t . Acceptance
C orp. ( 1 0 0 % ) , Yellow
Truck & Coach M fg .
C o .( 5 7 % ) ,E th yl Gaso­
line C orp. ( 5 0 % ) were
incl., the am t. earned
on com . stk. would be 54 ,1 2 0 ,2 9 7 143,584,228 28,647,896 7 5 ,191,220
C o m . stock divs. p a id ._ 1 6 0 ,212,662 198,922,436 12,903,183
2 8 ,3 8 6 ,8 5
Surp. at end o f p erio d l02,149,375 102,149,375 122,238 ,244 122,238,244
a Profit from operations and investments, after all expenses incident
thereto, but before depreciation o f real estate, plants and equipment.
O F F IC E R S .— Pierre S. du P ont, Chairman; J. J. R askob, Chairman of
finance com m ittee; Alfred P . Sloan Jr., Pres.; T . S. M errill, Sec.; M . L .
Prentis, T reas.; Frank Turner, Com ptroller. M ain office, D etroit; N . Y :
office, 224 W . 57th S t.— (V . 123, p . 2662.)
G E N E R A L O U T D O O R A D V E R T I S I N G C O ., IN C .— Incorp. under
laws o f N ew Jersey on Feb. 7 1925.
S T O C K .— Holders o f the Class A stock in addition to cum ulative divi­
dends o f $4 per annum are entitled to participate share for share with the
com m on stock, after the latter has received dividends o f $2 per share, in
any further dividends declared or paid, until the holders o f the Class A stock
shall have received dividends aggregating $6 per share.
Preferred stock and Class A stock have no voting power, unless dividend
paym ents for twelve consecutive m onths are in default.
A voting trust for all classes o f stock has been formed and expires Feb. 26
1930. The voting trustees are Kerw in H . Fulton, George L . Johnson and
George A rm sby.
D I V I D E N D S .— Initial divs. o f 1 M % on the preferred stock and $1 per
share on the Class A stock were paid on M a y 15 1925; same amounts were
paid quar. to N o v . 15 1926.
On com m on stock paid initial d iv. of 50 cents per share on July 15 1926
sam e am ount paid O ct. 15 1926.
R E P O R T .— For 10 months ended D ec. 31 1925:
In co m e A c c o u n t fo r T en M o n th s Ended D ecem ber 31 1925.
Profit after depreciation and interest_____________________________ $2,146,114
^ 0^ oral t>^xGS
2Q2 015
Preferred d ivs., $128,260; C)iass A divs., $375 ,00 0; total "divs___
503^260
Sin-plus____________________________________________________________ $1,380,839
--------------------Quarter Ended— --------------- - 9 M o s . End.
R esults f o r —
Sept. 30 ’26. June 30 ’26. M a r . 31 ’26. Sept. 30 ’26.
Operating revenues
■ ",1 8 3 ,5 9 6 $7,93 1 ,6 9 0 $ 6 ,6 6 8 ,0 1 0 $22,783 ,296
Operating expenses, incl.
depreciation___________
6 ,425,174
6 ,817,963
6 ,143,071
19,386,208
Earns, from operations $1,758,422
M iscellaneous incom e
95,456

L,113,727
133,682

$524,939
66,480

$3,39 7 ,0 8 8
295,618

Gross earnings__________$ 1 ,853,878
A m o rt, o f a d v . display
p lan ts__________________
564,787
I n t e r e s t __________________
21,259
P rov. for F ed. taxes____
166,157

$ 1 ,247,408

$591 ,41 9

$ 3 ,692,705

16,682
165,260

10,178
79,355

564,787
48,119
410,772

N e tp r o fit______________$ 1 ,101,675 $ 1 ,065,466
$501 ,88 6 $2,669,027
O F F IC E R S .— Chairman, George L . Johnson; Pres., Kerwin H . Fulton;
Sec., Isaac W . Digges; T reas., J. Durkee. Office, 1 W est 25th S t., New
Y o r k .— (V . 123, p . 2268.)
G E N E R A L P E T R O L E U M C O R P .— See Standard Oil C o. o f N ew Y o rk .
G E N E R A L R A I L W A Y S I G N A L C O .— (V . 123, p . 2662 .)




P laces W here Interest and
D ividends are P a yable

15 ’26 50c
15 1926 $1
15 ’26 1 M
15 '2 6 , 75c.
Lee, H igg’n & C o ,N Y ,& c
1 1952
1 1926 U K Boston
1 1926 I K

G E N E R A L R E F R A C T O R I E S C O .— Incorp. in Pennsylvania in 1922.
Consolidation o f the General Refractories C o. o f W est Virginia; the Pennsyl­
vania Fire Brick C o ., the H ayes Run Fire Brick C o ., and the Standard
Refractories C o . H as since acquired the American Refractories C o. R e­
fractory brick constitute the chief material o f which furnaces, stacks and
retaining vessels used in the manufacture o f iron and steel, and the refining
of copper are m ade. Pottery, lim e, cement, manufacturing and glass in­
dustries are large users o f refractory brick. Com pany has at the present
time 15 plants, with a capacity o f 3 2 0 ,0 0 0 ,0 0 0 refractory brick per annum.
Value o f real estate, buildings, equipment, mineral lands, & c., exceeds
$27,5 0 0 ,0 0 0 according to conservative appraisals made in 1922.
S T O C K .— See table at head o f page.
D I V I D E N D S .— Initial dividend, 50 cents Jan. 1923: 1923, $2 25:
1924, $3, 1925, $2, 1926, Jan. 15, 50 cents, April 15, 50 cents, July 15, 75
cents, Oct. 15, 75 cents.
B O N D S .— Redeemable at 1 0 7 M prior to A u g. 1 1932; at 105 prior to
i
A u g. 1 1942; premium thereafter decreasing }4 % annually to m aturity.
Cum ulative sinking fund semi-annually o f 1 K % bonds o f bonds issued
plus 6 % interest on bonds retired, plus premium paid for pin-chase or
redemption o f bonds.
R E P O R T .— For 1925 showed:
1923.
Calendar Y ears—
1925.
1924.
Sales, net returns and allow ances. .1
f $ 9 ,431,089
$9,785,376
N ot
7 ,672,297
Operating cost o f sales_______________
7,807,214
reported.
Gross earnings from o p eration s..
$1,758,792
$1,978,161
Selling, adm in. & general expenses..J
360,226
456,896
$ 1 ,893,104
59,770

$ 1 ,301,896
57,487

$ 1 ,617,934
76,665

T otal incom e________________________ T$ 1 ,952,874
$
C alendar Y ea rs—
1925.
Reorganization expenses, & c__________
$32,790
Corporate, municipal & income taxes
219,217
Interest on bonded and floating d e b t.
306,440
D eprec. & depl. reserved from e a r n s ..
225,184
Dividends paid_________________________
450,000

$ 1 ,359,383
1924.
$81,600
116,990
330,142
203,555
560,870

$1,69 4 ,6 0 0
1923.
$112,244
87,276
367,356
311,850
628,350

$719,243
6 ,068,238

$66,226
6,280,701

$187,522
6,650,671

9 ,665,000

137,493,883
136,972 ,682
1 ,839,897
5,5 0 9 ,7 3 6
28,287
8 9,739
43,3 9 8
133,850

R ate
%

1
a

G e n e r a i O u td o o r A d v ertisin g C o , In c — Com m on stock,
1,0 0 0 ,0 0 0 shares authorized________________________________
Class A stock $4 cum & partic (see text) 300,000 shs a u t h ..
Preferred stock 6 % cum S3,066,500 authorized____________
G e n e r a l R e fra cto ries Co— Com stk 2 25,000 shares a u t h ..
l s t m tge s f g Ser “ A ” red (see te x t)______FP.kxxxc*&r*
G il l e t t e S a fe ty R azor C o— Stock 2 ,0 0 0 ,0 0 0 shares auth___
G im b e l B ro s., In c .— Com stock 622,500 shares auth_______
Pref (a & d) stock 7 % cum red 115 $ 2 1 ,0 0 0 ,0 0 0 auth______

Pref. divs. at rate o f 7 %
Pref. divs. at rate o f 6 %
D e b . divs. at rate o f 6 %

187

INDUSTRIAL STOCKS AND BONDS

Miscellaneous incom e.

Depreciation and depletion reserved
from paid in surplus________________

Period—
Total income____________
Interest, taxes, & c____
Depreciation &depletion
D iv id e n d s _______________

1926.
$462,109
135,198
58,683
167,632

—

D r . 139,725

$6,787,481 $6,207,202 $6,83 8 ,1 9 3
Sept. 30— — 9 M o s . E n d Sept. 30—
1926.
1925.
1925.
$427,297 $ 1 ,449,195 $1,455,531
127,854
412,079
405,659
53,894
179.184
169,619
447,240
337,500
112,500

$100 ,59 6
Surplus________________
$410,692
$542,753
$133,049
O F F IC E R S .— W m . C . Sproul, Chairman; Burrows Sloan, Pres.; H . L ongstreth, Sec.; J. R . Sproul, T reas.; G . O . W illiam s, C om p t. Office, 117
South 16th S t., Philadelphia.— (V . 123, p . 2 3 9 8 .)
G IL L E T T E S A F E T Y R A Z O R C O . (T H E ).— Incorp. in Delaware
Sept. 20 1917 (V . 105, p . 1108, 1213), succeeding M ass, corporation.
Plants located at Boston, M a s s ., M ontreal, C anada, and Slough, England.
S T O C K .— The shareholders on O ct. 6 1924 increased the authorized capi­
tal stock from 500,000 shares to 2 ,0 0 0 ,0 0 0 shares o f no par value. Stock­
holders o f record N o v . 1 1924 received on D ec. 1 1924, 4 .7 additional shares
o f stock for each share held, making 2,0 0 0 ,0 0 0 shares outstanding. V . 119,
p . 1401, 1740.
Canadian C o ., see V . 109, p . 1464.
D IV ID E N D S —
1918. 1919. 1920. 1921. 1922. 1923. 1924. 1925.
Cash (regular)__________ %7y2
$9
$10
$12
$12
$12
$12 x $ 2 %
Cash (extra)_____________ $2
$1
$2
____
____
____
____ x75c.
Stock------------------------------------------ ------- ------- 1 0 % 1 0 % 1 0 %
* 5 % ____
* Stockholders of record N o v . 1 1924 also received 4 .7 additional shares
o f stock for each share held, x On increased capitalization.
Paid in 1926: M a r. 1, June 1 and Sept. 1, 75c. quar. and 25c. extra,
D ec. 1, $1 quar. and 50c. extra.
R E P O R T — For 1925, in V . 122, p . 877,
Calendar Y ea rs—
1926.
1924.
1923.
1922.
Razor sales_______________ 1 4 ,862,098
8 ,4 3 8 ,5 7 6
7,798,781
3 ,420,895
Blade sales ( p a c k e t s )--.a 5 2 ,983,533 a42 ,6 0 4 ,4 9 8 b 2 9 ,0 6 1 ,634 b24,082 ,97 0
N e t earnings____________ $ 1 2,089 ,857 $ 1 0,122 ,473 $8,41 1 ,7 7 6 $7,602,939
x Cash dividends____ . . .
7 ,0 0 0 ,0 0 0
4 ,1 0 3 ,1 2 7 3 ,719,424
3,375,463
a Ten in packet, b D ozen blades in packet,
x In addition stock distributions were made from time to time.
E a rn in g s 6 M o n th s En ded Ju n e 30—
1926.
1925.
1924.
N et inc. after res. for taxes, & c_______ $ 6 ,0 9 3 ,6 7 4
$ 5 ,738,965 $5,03 7 ,9 7 3
O F F IC E R S .— Chairm an, J. E . Aldred; P res., K ing C . OUlette; V .-P res.
ft T reas., Frank J. Fahey; Sec., Frank J. Sullivan. Office, 47 W est First
S t ., B oston.— (V . 123, p. 2268 .)
G IM B E L B R O T H E R S , IN C .— Incorp. under laws o f New Y o rk on A u g .
22 1922. Conducts department stores in New Y o rk C ity , Philadelphia and
M ilwaukee. In April 1923 acquired Saks & C o . Compare V . 116, p . 1901.
In D ec. 1925 acquired the entire stock o f K aufm ann & Baer C o . o f Pitts­
burgh. V . 121, p . 2883 .
S T O C K .— The stockholders on D ec. 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 com m on stock from 600,000 shares to 622,500
shares (no par value).
D IV I D E N D S .— On pref., in full to date. N o paym ents on com m on.
R E P O R T .— For year ended Jan. 31 1926, in V . 122, p . 1924, showed:
Y ea rs Ended J an . 31—
1926.
1925.
1924.
N e t sales_____________________________ y $ 1 1 0 ,102,565$ 102,110,802 1101,544,467
Cost o f goods sold, selling, operating
& adm . exp ., less m isc. earnings____104,335,615 96 ,0 7 8 ,4 3 9 93,215,821
Federal income ta x _____________________
610,000
550,000
950,000
Pref. divs. on stock o f former cos____
_______
_______
_______
C om . divs. on stock o f former c o s ___
_______
_______
_______
Pref. dividends o f new com pany_____
1,260,000
1 ,260,000
1 ,155,000
Balance to surplus_____________________ $ 3 ,896,950 $4,22 2 ,3 6 3 $6,22 3 ,6 4 6
y Includes other income o f $ 1 ,0 0 1 ,0 0 0 , being proceeds from insurance
policy on life o f an officer.
O F F IC E R S .— Chairman, Charles G im bel; P res., Isaac G im bel; V .-P .
& Treas.. Ellis A . G im bel; Sec., Richard Gim bel. Office, Broadway &
33d S t., N ew Y o rk .— (V . 122, p . 2508 .)

188

M IS C E L L A N E O U S C O M P A N IE S
[For abbreviation s, & c ., see n otes on page 8]

D a te
B onds

U lid den C o .— Com m on stock 5 0 0,000 shares authorized___
Prior Pref (a & d) stock 7 % cum red 105 $7,50 0 ,0 0 0 au th ls t m tge serial gold bonds red 102____________________ kxxxc*

1925

G old D u s t C orp— C om m on stock (v t c) 325,000 shares auth
Serial notes_____________________________________________________
S ecurities o f A m e r Cotton Oil Co guar und er consol agreem 't
Bonds $ 1 5 ,0 0 0 ,0 0 0 authorized gold red 1 0 5 _________ C e.xc*
Goodrich (B F ) Co (T h e )— Common stock 750,000 shares. . .
Preferred (a & d) 7% cu m u lative____________________ ______
Pirst m tge. red. 107. $ 2 5 ,0 0 0 ,0 0 0 au th________________ B ac*
Serial gold notes due $ 5 ,0 0 0 ,0 0 0 ann red (text)___ B a .x x x c*
G o o d y ea r T ire & R u b b e r C o— C om stk 1 ,450,000 shs auth_
Managem ent stock 6 % $ 1 0 ,0 0 0 ______________________________
Prior pref stk 8 % cum red 110 $2 1 ,9 0 4 ,5 0 0 ______________
^’referred stock 7 % $ 1 0 0 ,0 0 0 ,0 0 0 au th_______________________
First m tge. s. f. gold bonds red. 120________________________ k
______ C e.k e*
"In k . fund deb. red. 110 auth $3 0 ,0 0 0 ,0 0 0
3-year gold notes red (text)____________________________ kxxxc*

1925
1911
1922
1926

1921
1921
1925

P ar
Value

None 288,093 sh.
502,000

B O N D S .— All of the outstanding 1st m tge. 8 % sinking fund gold bonds
dated Sept. 1 1921 were redeemed on M a r. 1 1925 at 1 0 7 K and int.
T h e $ 3 ,0 0 0 ,0 0 0 1st m tge. 6 % serial gold bonds (sold in Feb. 1925) are
secured b y a first (closed) m tge. on all of the fixed assets, comprising valu­
able land, buildings, machinery and equipment. V . 120. p 964.
R E P O R T .— For year ending Oct. 31 1925, in V . 122, p . 357, showed:
----------------------Y ea r E n din g---------------------- 10 M o s .E n d .
Oct. 31 ’25. Oct. 31 ’24. Oct. 31 ’23. Oct. 31 ’ 22.
Sales_______________________$ 2 3 ,769 ,396 $19,614 ,396 $ 1 9,372 ,277 $14,1 1 3 ,4 9 5
C ost o f sales, exp ., & c ._ 20,41 9 ,3 1 9
17,595,032 17,276,192 13,042,765
$2,019,364 $2 ,0 9 6 ,0 8 5 $ 1 ,070,730
Operating profit________$ 3 ,350,077
Interest, & c______________
564,605
533,900
695,017
626,182
D epreciation_____________
300,715
276,558
284,566
251,823
_______
_______
Federal tax______________
2 7 5,000
130,000
-----------------------------------------500,396 _____ _______ ___
_______ _____ _________
N e tp ro fit________________ $1,709,361 $ 1 ,078,906 $1 ,1 1 6 ,5 0 2
$192,725
Report for 6 m onths ended April 30 1926 in V . 122, p . 3217, showed:
6 M o s . end. A p r . 30—
1926.
1925.
1924.
1923.
Sales____________________ a $ 1 2 ,376,000 $11,496 ,628 $9,671,081 f
N et after interest, & c .. _
897,808
1,211,893
713,2641
N ot
Federal taxes____________
100,000
76,500
48 ,0 0 0 ( available
$1,135,393
106,105
155,951

$665 ,26 4
78,338
140,868

$687,748
101,228
141,414

N e tp ro fit______________
$608 ,90 5
$873,337
$446 ,05 8
$445,106
a Approxim ate.
O F F IC E R S ..— Pres., Adrian D . Joyce; Sec. & T reas., R . H . Horsburgh.
Office, C leveland, Ohio.— (V . 123, p . 1639.)
G O L D D U S T C O R P O R A T I O N .— Organized in Sept. 1923 with an
authorized capital of $5,O0O,OOO non-cum ul. 6 % pref. stock, par $100, and
325,000 shares of com . stock, no par value. It succeeded to the soap an d
washing powder business (the manufacture and sale o f Gold D u st, Fairy
Soap, Sunny M ond ay Soap and like products) formerly carried on by The
N . K . Fairbank C o ., a subsidiary o f American Cotton Oil C o ., and all of
its then outstanding stock was issued to The N . K . Fairbank C o. and
American Cotton Oil C o. for property. On D ec. 1 1925 acquired the busi­
ness o f the F . F . Dailey C orp., manufacturers o f Tw o-in-One, B ixb y’s and
Shinola shoe polishes. V . 121, p . 2164, V . 123, p . 2398.
A plan for the exchange of stock of Gold D ust C orp. for stock of American
Cotton Oil C o . was formulated under which pref. and com . stock o f American
Cotton Oil C o . were made exchangeable for stock of Gold D ust Corp. in
the ratio o f one share of com . stock o f Gold D ust for one share of the pref.
stock o f American Cotton Oil C o . and one share of com . stock o f Gold Dust
C orp. for each three shares o f the com. stock of American Cotton Oil C o.
In furtherance o f this plan there was organized in D ec. 1923 the F . 8 . Corp.
In N ew Jersey. T o this corporation were transferred the pref. and com .
stock o f American Cotton Oil C o. deposited under the plan for exchange of
stock o f G old D ust C orp. B y consolidation agreement, dated Jan. 22
1924, the F . S. C orp. merged wdth and into Gold D ust C orp. This merger
effected the transfer to Gold D ust Corp. of the deposited stock of American
C otton Oil C o ., consisting of over 9 3 % of each class. The capital of Gold
D ust C orp. continued the same. $ 1 ,000,000 o f its pref. stock were reissued
to American Cotton Oil C o. and $4.OOO,O0O pref. and approximately 50,000
shares o f its com . stock to N . K . Fairbank C o. Arrangements were made
for the exchange of further stock o f the American Cotton Oil C o. for stock
o f G old D u st C orp., & c., in the above ratios. As o f M a y 1 1926 G old D ust
C orp. owned over 9 8 % o f pref. and over 9 9 % o f common stock.
S T O C K .— The stock is deposited under a voting trust agreement, dated
Jan. 28 1924 and expiring July 1 1931. The voting trustees are Francis D
Bartow, R a y M orris, George K . M orrow and R oyall Victor.
R E P O R T .— For year ended A u g. 31 1926, in V . 123. p . 2268, showed:
Y ea rs En ded A u g . 31—
1926.
1925.
1924.
Profit____________________________________$ 1 ,316,368
$987 ,22 5 $ 1 ,129,099
Depreciation____________________________
174,280
138,898
156,767
Interest_________________________________
274,713
170,442
367,882
Balance_______________________________
Other income___________________________
N et profit.

$867,375
_______

$677,885
_______

$604 ,45 0
68,648

$867,375

$677,885

$673,098

O F F IC E R S .— Pres., George K . M orrow ; V .-P ., Alfred Jaretzki Jr.;
Sec. & T reas., Randolph C atlin; Director o f Sales & A d v tg ., A . C . Lang;
A sst. Sec. & A sst. T reas., J. F . Forsyth. Office, 44 Beaver S t., N ew Y o rk .
— (V . 123, p . 2398.)
G O O D H O P E S T E E L & IR O N W O R K S , G E R M A N Y .— (V . 123, p.

2002.)

(B . F.) G O O D R I C H C O . ( T H E ) .— O R G A N I Z A T I O N .— T h e com pany
was founded in 1870 and operated as an Ohio corporation until April 1 1912.
Reincorp. in N . Y . M a y 2 1912, and in June 1912 acquired D iam ond Rubber
C o . (V . 9 3 , p . 1262), having adjoining plant at Akron, O . V . 9 4 , p . 829,
1386, 1629. Manufactures a large variety of rubber goods, including
automobile tires.
In July 1921 organized the International B . F . Goodrich C o . V . 113,
p . 188. In Jan. 1925 acquired control o f the Am es-H olden Tire & Rubber
C o ., L td . (V . 120, p . 835); British Goodrich Rubber C o ., L td . (V . 118,
p . 3204 ). Owns a one-third interest in the American Anode, In c., organized
in O ct 1926. V . 123, p . 2523.
S T O C K .— Preferred m ay be redeemed at not exceeding 125 and divs. A t
least 3 % o f pref. stock m ust be retired yearly after July 1 1913 from surplus
profits before divs. are paid on com . stock. Entire voting power for elec­
tion o f directors is vested in com m on stock until four quarterly preferred
divs. are in default. V . 94, p . 1629.




W hen
P ayable

Rate
%

L a st D ivid en d
and M a tu rity

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

Union Tr C o , Cleve, or
Chase N a t B k , N Y

1927-1930

6'

5,0 0 0 ,0 0 0
1,000
5 g
None 6 0 1 ,5 6 0 shs. See text
100 3 6 ,2 8 4 ,0 0 0
7
50 0 -1 0 0 0 23 ,0 4 4 ,5 0 0
OK g
1,000 15,000,000
5 g
None 8 30,750 shs. See text
$1
6
10,000
100 1 5 ,000,000
8
100 65 ,0 7 9 ,6 0 0 See text
100 &c 2 1 ,7 5 0 .0 0 0
100 Ac 17,227,300
5 0 0 -1 0 0 0 15,00 0 ,0 0 0
5 g

D I V I D E N D S .— On com m on stock of no par value paid 50 cents quar.
from April 1 1920 to Jan. 3 1921; then none until Jan. 2 1926, when 50 cents
was paid; sam e amount paid quar. to Jan. 2 1927. Initial dividend of
I K % on prior preferred stock (covering period from April 12 to July 1 1924)
was paid July 1 1924; O ct. 1 1924 to Jan. 2 1927 paid 1 M % quar.

$797 ,80 8
3 0,000
158,903

Am oun t
O utstanding

None 4 00,000 sh. See text
Q— J Jan. 2 1927 50c.
7
$100 $ 7 ,151,905
Q— J Jan. 2 1927 I K
M &
S T o M ar 1 1940
500&1000
6 g
3 ,0 0 0 ,0 0 0

G L 1D D E N C O . (T H E )— Incorp. under laws of Ohio on D ec. 11 1917
M anufactures paints, varnishes, dryers, japans, chemicals, oils and all
allied products, also linseed oil. lithopone. edible oils and nut margarine.
S T O C K .— The stockholders on Jan. 18 1924 authorized the creation o f a
new issue o f $ 7 ,5 0 0 ,0 0 0 7 % prior preferred stock. Th e new stock was
offered to holders o f the old preferred stock in the ratio of 116 shares of new
stock for 100 shares o f old pref. stock, which included paym ent o f all
accumulated dividends up to April 12 1924. Compare V . 117, p. 2776.
The stockholders on A u g . 17 1925 approved an increase in the authorized
common stock from 360,000 shares to 500,000 shares. Approval was also
given for the sale o f 4 0 ,0 0 0 shares o f such stock at $20 per share, through
offering the holders o f the outstanding common stock o f record July 22 1925
the privilege o f subscribing for one share for each nine shares held.

N e tp r o fit______________
Reserve for contingencies
Reserve for deprec’n ____

[V ol. 123.

INDUSTEIAL STOCKS AND BONDS

M & N M a y 1 1931
See text D ec 1 1926 SI
0 — J Jan 3 1927 I K
J
A
J July 1 1947
J &
J T o Jan 15 1929
& N
Q— ,T
Q— J
M & N
F
& A
J
& D

N ew Y o rk Trust C o , N Y
Checks mailed
Bankers Trust C o .. N . V
D illon, Read & C o , N Y

M

Oct 1 1926 2 %
N o v l5 1926 4 K
New York & Cleveland
M ar 1 1941
M a y 1 1931
C ent’l Union T r C o, N Y
D illon, Read & C o, N Y
D ec 15 1928

The stockholders on April 16 1924 voted to reduce the authorized com .
stock from 1,500,000 shares to 7 50,000 shares.
B O N D S .— First M tg e . 6 K % gold bonds, V . 115, p . 188.
N O T E S .— Th e 5 % serial gold notes are redeemable as a whole on any int.
date on 30 days’ notice at 100 and int. plus a premium o f M % for each 6
months from date of red. to the date o f m aturity o f the respective series.
D I V I D E N D S .— Dividends on pref. have been declared regularly \ % %
quar. to and incl. Jan. 3 1927. On common 1 % was paid A u g. and N o v . 15
1912 and F eb. 1 1913; then none till F eb. 1916 to N o v . 1919, 4 % per annum
(1 % Q .- F .) . In F eb. 1920 paid 1 % quar. and K % extra, and in M a y 1920
to F eb. 1921 paid $1 50 quar.; then none until Aug. 15 1925, when $1 per
share was paid; same amount paid quar. to D ec. 1 1926.
R E P O R T .— For 1925, in V . 122, p 1 3 0 3 , showed:
1924.
1923.
1922.
1925.
$
$
$
$
N e t sales________________ 136,239,526 109,817,685 107,092 ,730 9 3 ,6 4 9 ,7 1 0
M fg ., & c., expenses____ 113,860,422
95,952,161 9 9 ,947,324 8 6 ,6 3 1 ,1 6 4
2 2 ,379,105
1 ,020,035

13,865,524
865,643

7 ,145,406
863,075

7,0 1 8 ,5 4 6
8 3 5,284

Total net incom e______ 23,39 9 ,1 3 9
D epreciation____________
2 ,377,192
Interest on bonds, notes,
bills payable, & c______
1 ,927,500
Provision for Fed. taxes. 2 ,3 5 0 ,0 0 0
Reserve for contingencies 4 ,0 0 0 ,0 0 0
2 ,314,620
Preferred divs. ( 7 % ) ___
Com m on dividends____
1 ,202,800

14,731,167
2,5 4 7 ,4 3 4

8 ,008.481
2,088,386

7,8 5 3 ,8 3 0
2 ,094,188

2 ,361,228

2,894,711

2 ,711,872

1,0 0 0 ,0 0 0
2,4 6 0 ,1 5 0

2,543,310

2 ,605,680

Balance, surplus______ 9,2 2 7 ,0 2 8
Previous surplus________ 17,609,966

6,3 6 2 ,3 5 4
11,106,950

482,074
10,794,614

4 42,090
10,194,527

T o t a l _________________ 2 6 ,836,994
P ro fit & L oss Item s— ■
Pref. stock & bond red’n C r .58,643
Fed. tax (1924 earnings)
685,692
Cost o f issuing 6 K % bds 1,439,821
E st. earthquake loss____
_______

17,469,304

11,276,688

10,636,617

C r.140,663

C r.330,262

C r.157,997

_______

y50 0 ,0 0 0

-----------

Total profit & loss su r. 24,770,125

1 7 ,609,966

11,106,950

10,794,614

N e tp r o fit_____________
Miscellaneous incom e

x This item , appearing as a credit item in the com pany’s profit and loss
account, represents reserve at D ec. 31 1920 for contingencies and approxi­
m ate losses on raw material com m itm ents for future delivery, y Provision
for estimated losses on investments in Japan caused b y earthquake.
Report for six m onths ended June 30 1926, in V . 123, p . 705, showed:
% M o s . E n d . J u n e SO—
1926.
1925.
1924.
1923.
N et sales_________________ $67,690 ,286 $ 6 0 ,434 ,755 $50,1 3 7 ,6 6 5 $ 5 4 ,0 7 4 ,9 2 6
M anufacturing, & c., exp. 6 3 ,655,742 50,682,831 4 5 ,4 1 2 ,0 6 4 48,98 0 ,3 5 8
N e tp ro fit______________$4,03 4 ,5 4 5 $ 9 ,7 5 1 ,9 2 4 $ 4 ,725,601
$5 ,0 9 4 ,5 6 8
Miscellaneous incom e___
323,574
563,285
40 9 ,9 2 7
451,436
Total net incom e______$4 ,3 5 8 ,1 1 9
$ 1 0 ,3 1 5 ,2 0 9
Depreciation_____________
1,224,432
1 ,195,415
283,507
1,0 0 0 ,0 0 0
Federal tax reserve______
Interest__________________
1,491,563
1 ,013,178
Pref. dividends (3 K % ) 1,290,730
1,1 7 8 ,1 0 0
Com m on dividends ($2)_
1 ,203,120
_______

$ 5 ,135,528
1 ,056,662
----------1 ,323,849
1 ,240,470
_______

$5,54 6 ,0 0 4
1 ,036,189
----------1 ,503,430
1,282,050
_______

Balance, s u r p lu s ...d e f.$ 1 ,135,234 $5 ,9 2 8 ,5 1 6 $ 1 ,514,547 $1 ,7 2 4 ,3 3 5
O F F IC E R S .— Chairman & Pres., B . G . W ork ; V .-P . & Treas., L . D .
Brown; Sec., F . C . Van Cleef. Office, Akron, Ohio.— (V . 123, p . 2662 .)
G O O D Y E A R T I R E & R U B B E R C O . (T H E )— O R G A N I Z A T I O N .—
Incorp. in Ohio in 1898. Owns fireproof plant a t Akron, O ., capable (V . 109.
p. 1703) o f producing tires and other rubber goods; owns rubber lands in
Sumatra; cotton lands in Arizona. V . 106, p . 293. Owns entire $ 4 ,0 0 0 ,0 0 0
common stock o f Goodyear Tire & Rubber C o. of C a lif., which see below.
Also controls, through stock ownership, the Goodyear Tire & Rubber C o .
o f C anada, L td . Com pare V . 123, p . 2398 .
Acquisition o f coal lands.
V . 110, p . 875.
The com pany’s principal products are automobile tires and tubes, solid,
cushion and pneumatic truck and bus tires, motorcycle tires and tubes, air­
plane tires, carriage tires, tire accessories and repair materials, aeronautical
goods, golf bails, “ W ingfoot” rubber heels and soles, and mechanical rubber
goods. Products are distributed through 105 branches in the U nited States
and through branches and agencies in m ost o f the im portant business centres
o f the world.
The com pany announced on N o v . 7 1923 th at, negotiations having been
concluded with the Zeppelin C o. o f Germ any, a com pany, known as the
Goodyear-Zeppelin C orp., would be formed in this country as a subsidiary
o f the Goodyear organization, to construct lighter-than-air craft o f the
Zeppelin type. The new company was organized D ec. 14 1923. Compare
V . 117, p . 2116; V . 119, p . 1961.
R E F I N A N C I N G P L A N .— The stockholders on M a y 11 1921 ratified
a refinancing plan under which stocks and bonds were issued as shown in
table at head o f page. For details o f refinancing plan, compare V . 112,
p . 6 5 6 , 1735- Suits filed attacking legality o f refinancing plan , V . 115.
p . 766, V . 116, p . 727, V . 123, p . 1120.
S T O C K .— A ll o f the prior preference stock and a m ajority o f the preferred
and common shares are held under three separate voting trust agreements,
all dated M a y 1 1921 and terminating M a y 1 1941.
N o n -A s s en tin g Preferred Stockholders' C om m ittee.— H . A . Leisy, George B .
Durell and W illiam T . Bentz, Cleveland, Ohio, W illiam K . Lanm an, Co­
lumbus, Ohio, P . H . Schneider, A kron, Ohio, Sec., James A . W eeks, 1122
Guardian Building, Cleveland, Ohio.
C om m on Stockholders' Com m ittee.— A com m on stockholders’ committee
which has for its purpose “ the examination o f any plan o f reorganization or
refinancing that m ay be proposed and to take such action as the com­
mittee in its sole discretion or under the advice o f counsel m ay decide to
be for the best interests o f the com m on stockholders” was formed in
August 1926.
_
,
_
, ..
The committee is made up o f F . F . Prentiss and R . H Bishop, Jr., both
o f Cleveland; D r. Charles F . W ishart o f W ooster, O .; Paul V . Robinson of
East Liverpool, O .; Frank C . Rowland o f Akron, O ., and F . C . Tomlin­
son o f Ironton, O . Compare V . 123, p . 332, 9 87, 1256, 2002, 2268 .
D I V I D E N D S .— D iv s. o f 1 6 % in cash on the outstanding prior prefer­
ence stock, being the amount o f accumulated unpaid dividends thereon
to Jan. 1 1923, were paid on F eb. 16 1923. Th e regular quarterly dividends
o f 2 % were paid April 1 1923 to O ct. 1 1926.
On pref. stock, dividends o f $1 75 were paid quar. from April 15 1925 to
O ct. 15 1926. On N o v . 15 1926 paid 4 K % on account o f accumulations,
leaving unpaid dividends o f 2 5 % .
Dividends on this issue have accrued
since O ct. 1 1920.
B O N D S .— The first m tge. 20-year 8 % sinking fund bonds have a sinking
fund of $ 750 ,00 0 sem i-annually.

Nov., 1926.]

189

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
IF or abbreviations, & c ., see notes on page 8]

D a te
Bonds

Par
Value

A m oun t
Outstanding

Rate
%

W h en
P ayable

L ast D ivid en d
and M a tu rity

Places W h ere In terest a n d
D ividends A r e Payable

G o o d y e a r T ire & R u b b e r C o o f C a lifo rn ia —

Pref (a&d) stock 7 % cum $ 10,000 ,000 call 5 yrs 105,then 110
5-year sinking fund gold notes red (text)___________ kxxxc*

G r a n b y C o n s o l Min S m elt & P o w C o — Stock $ 5 0 ,0 0 0 ,0 0 0 -

1st M convertible bonds series A gold red see text.. . ..xcl
Convertible debenture bonds red 105 $ 4 ,000,000 au th ____
G r e a t N orth ern Iron O re P r o p — Trust certs i .500,0<io share?
G r e a t W e ste rn S u g a r C o — Com m on stock $ 1 5 ,0 0 0 ,0 0 0 auth
Preferred (a & d) stock 7 % cum $1 5 ,0 0 0 ,0 0 0 authorized____
G r e e n e C a n a n e a C o p p e r C o — Capital stock $ 6 0 ,0 0 0 ,0 0 0 --

1926
1913
1925

$100
1,000
100
100 &c
i*i OKP
25
100
100

8 °7p Sinking F u n d Gold D eb en tu res.— Subject to call as a whole or in part
for sinking fund at 110 and int. Sinking fund (annual) of either $1,50 0 ,0 0 0
or 2 5 % of net earnings after divs. on prior pref. stock commenced on M a r.
15 1922. A n y bonds not canceled through sinking fund to be redeemed
at m aturity at 110. Com pare V . 112. p . 2417. 2541.
5 % Gold N o te s .— The 3-year 5 % gold notes rank equally w ith the 10-year
8 % sinking fund gold debentures and are redeemable at 101 and int. on
June 15 1926, and thereafter at 10014 and in t. V . 121, p . 2884.
R E P O R T .— For 1925, in V . 122, p . 740, showed:
1925.
1924.
1923.
1922.
N e t sales (less returns,
disc’ts & freights), incl.
ship’ts to sub. cos. and
foreign branches____ $ 1 6 9 ,4 7 0 ,1 1 2$115,323,173 $106,026,109$1 02,904,177
D educt m fg. cost & sell.
& general e x p e n s e -._ y 151,822,651 101,004,330 9 5 ,2 5 0 ,5 7 2 95 ,2 0 1 ,1 1 5
Add surp. net profits of
sub. cos. & foreign
branches & other in c ._

$ 1 7 ,6 4 7 ,461y$14,318,843 $10,7 7 5 ,5 3 7

$ 7 ,703,062

1,9 4 4 ,5 9 0

3,2 3 5 ,6 8 6

8 ,637,211

3,044,319

Total earnings________ $26,2 8 4 ,6 7 2 $17,363 ,162 $ 1 2 ,7 2 0 ,1 2 7 $ 1 0 ,938 ,748
Profits o f California Co. _
_______
_______
x 6 4 1 ,396
x837,317
Balance, surplus______$26,2 8 4 ,6 7 2 $17,363 ,162 $12,078 ,731 $10,101 ,431
Interest charges________ $3,97 0 ,1 9 9 $4,09 5 ,1 1 8 $4 ,4 1 0 ,7 8 7 $4,79 5 ,8 1 7
Loss on property liquid­
208,609
_______
ated, & c_______________
40 3 ,0 5 6
217,999
Foreign exchange p ro v . _
3 5 9,018
_______
Propor. of bond & deben.
discount, & c__________
9 05,518
888,505
1 ,234,469
854,242
Special raw m a t’l reserve 7 ,5 0 0 ,0 0 0
_______
Balance of carrying chgs.
(in t., insur., & c.) on
def. deiiv. of materials
_______
900,190
purch. prior to reorg_ _
2 ,7 2 9 ,6 5 2
----------D iv s. on prior pref. stock!
(
1,149,100
D iv s. on preferred stock . Jz 5 ,655,1561
_______
$ 7 ,850,743 $11,012 ,440
A d d profits o f California
co. as above___________
_______
_______
Previous surplus________ 2 2 ,7 9 8 ,5 7 6 11,786,136

$3 ,1 3 6 ,1 9 6

$ 3 ,551,183

641,396
8 ,0 0 8 ,5 4 2

837,317
3,6 2 0 ,0 4 3

Profit & loss surplus____ $30,6 4 9 ,3 1 9 $22,798 ,577 $11,7 8 6 ,1 3 6 $ 8 ,008,543
x Applied in reduction o f California deficit and consequently an addition
to parent co. equity, but not available for in t., &c. y Includes Fed. taxes
in 1925 and 1924. z Representing divs. on prior pref. stock ( 8 % ) and pref.
stock ( 7 % ) less the divs. on the stocks held b y subsidiary companies.
Report for 6 months ended June 30 1926, in V . 123, p . 976, showed:
6 M o s . E n d. Jun e 30—
1926.
1925.
1924.
1923.
N e t sales (less returns,
disc. & freights), incl.
shipping to sub. cos.
and foreign brancbes_$97,835,456 $78,130 ,645 $55,4 1 2 ,0 3 4 $55,439,631
M fg . cost, gen., & c., exp.
& prov. for F ed’1 ta x . . 94,393,947 69,786,756 49,84 7 ,3 3 6 4 8 ,372,573
$ 8 ,343,889
3,050,378

$ 5 ,564,698
1,226,655

$ 7 ,067,057
1,900,021

Total incom e____ _ ___ $7,147,213
$11,394 ,267
D ed uct— O per’g profit o f
Calif, company applied
to California d e fic it._
_______
In t. on bds.(incl. p re m .). 1,067,137
1,127,028
Interest on debentures. .
729,506
818,528
Other interest___________
760,473
60,781
Prop’n o f bond and deb.
disc., reorg. and other
expenses written o f f . .
575,224
376,524
Oper. profit o f Calif, c o .
_______
Loss on prop, liquidated
_______
Special raw material r e s.
_______
3 ,000,000
D ividends________________a 2 ,826,528
a 2 ,828,628

$ 6 ,791,353

$ 8 ,967,079

1,187,332
894,220
18,188

620,392
1,243,130
1,008,767
6,683

A d d other income_______

$3,441,509
3 ,705,704

417,936

394,179
Cr.620,392

100,555
b59 0,00 0

b 2 ,129,652

Balance, surplus______$ 1 ,188,345
$3,182,779 $3 ,5 8 3 ,1 2 0 $ 4 ,184,666
a Includes dividends on prior preferred, preferred stock and management
stock, b Dividends on other preferred stock only.
O F F IC E R S .— Chairm an, E d w . G . W ilm er; P res., P . W . Litchfield;
1st V .- P ., F . K . Espenhain: Treas, P . H . H art; Sec., Chas. A . Stillman;
C o m p t., O. H . Brook. Office, Akron, Ohio.— (V . 123, p . 2526 .)

G O O D Y E A R T IR E & R U B B E R C O . O P C A L IF .— Incorporated
In California July 11 1919. Entire outstanding common stock, $ 4 ,0 0 0 ,0 0 0 ,
owned b y Goodyear Tire & Rubber C o. of Akron, O .; total authorized,
pref. stock, $10,000 ,000 ; sold in July 1919, $7,995 ,7 0 0 . A quar. d iv. of
1 X % on the pref. stock was paid April 1 1924, this being the first paym ent
since O ct. 1 1920; same amount paid quar. to A p r. 1926. Also paid I X %
on account o f accumulations in Jan. 1925, April 1925, July 1925 and O ct.
1925 and 1 4 % in April 1926.The 5-year 5 'A % sinking fund gold notes are
redeemable as a whole or in part b y lot, on any int. date after 30 days'
notice, at 102 and in t., to and incl. F eb. 15 1927; thereafter at 101 and in t.,
to and incl. Feb. 15 1929; and thereafter prior to m aturity at 10034 and int.
A n annual sinking fund of $200 ,0 0 0 , payable semi-annually F eb. 15 and
A u g . 15 (first paym ent A u g. 15 1926, last paym ent A u g. 15 1930), will be
provided to purchase these notes at not exceeding 100 and in t., any unex­
pended balances to revert to the com pany. V . 122, p . 1319. R eport for
1925 in V . 122, p . 2200 — (V . 122, p . 2200.)
G R A N B Y C O N S O L ID A T E D M I N I N G , S M E L T IN G & P O W E R C O .,
L T D . (T H E ) .— O R G A N I Z A T I O N .— Incorp. M arch 29 1901 in British
C olum bia. Owns low-grade copper, & c., deposits. V . 7 9 , p . 1644; V . 81,
p . 1490; statem ent to N . Y . Stock Exchange, V . 85, p . 4 03; report of expert,
V . 91, p . 1250; V . 96, p. 289. In 1907 a large interest was acquired in the
C row ’s N est Pass Coal C o ., which provides the coal supply. V . 88, p. 155.
In 1923 acquired the capital stock of the Allenby Copper C o ., L td . V . 116,
p . 2 394 .
C A P I T A L S T O C K .— The stockholders on Feb. 8 1923 approved an
Increase in the authorized capital stock from $ 2 5 ,0 0 0 ,0 0 0 to $ 5 0 ,000 ,000 .
D I V . r i S . ’ l ^ A u f l . ’ lfilo A fa»T 6.A u (7.A IV orT 6. T 7 . '1 8 . 1919 1920-25.
% J 0
3 6 % ( 1 X % Q .-F .) 2 % each 2 H q u . 10
3 X . N one

Stockholders In 1913 auth. $5,000,000 15-year b ond s, su b j. to call after
10 years at 105 and in t., with sink. f d . o f 4 % o f bonds issued, to purchase up
to llO and then call at 105, and con v. into com . stock at not less than par;
laaues abov e present $3,440,000 (convertible into com . stock at par until
M ay 1 1923) lim ited to $65 0 ,0 0 0 . T he $2,000,000 issue o f 1915 and future
{■sues will be redeem able at 110 b y lot b y an annual sinking fund o f 10% of




A p r 1 1926 \ 5 X
$ 7 ,995,700 See text
Q— J
/D illo n Read & C o , N Y
5.0 0 0 ,0 0 0
5 H g F & A Feb 15 1931
\Pac-S W Tr & S B , L A
M a y 1 1919 I X Com pany’s office
3 4 ,480,365
Title Guar 4 T r O o . , N T
M A N M a y 1 1928
1 ,353,400
6
M & N M a y 1 1930
2,5 0 0 ,0 0 0
7
1.500.000sh See text See text D ec 28 ’26 75c, 32 Nassau S t, New York
15,000,000 See text
Q— J O ct 2 1926 $2
15,000,000
7
Q— J O ct 2 1926 I X
N o v 22 ’ 20
y2
5 0 .000,000 See text

st earnings or 1 % o f copper ore mined (except at Phoenix).

V , 9 8 , p . 289,

7 3: V . 1 0 0 . p . 1513, 1598: V . 9 8 . p . 1319. 1611: V . 101. p . 1275.

The 5-year 7 % convertible debentures of 1925 are convertible into ordi­
nary shares o f stock at $25 per share. Each shareholder of record April 10
1925 was given the right to subscribe for $100 o f new 7 % debentures at par
for every eight shares o f capital stock held. The remaining $1 ,5 0 0 ,0 0 0 will
not be issued except to extinguish bank loans or to care for outstanding first
mortgage bonds, which m ature M a y 1 1928.
R E P O R T .— For 1925 showed:
Calendar Y ea rs—
1925.
Gross incom e______________$ 6 ,749,831
Operating costs__________ 5 ,0 8 6 ,8 5 8
38 9 ,5 7 7
Expenses, taxes, & c____

1924.
$ 6 ,1 7 2 ,7 7 7
4 ,6 9 9 ,8 4 9
3 8 5,852

N e t operating incom e. $ 1 ,2 7 3 ,3 9 5
96 ,7 9 6
Other incom e____________

$1 ,0 8 7 ,0 7 6
3 1,056

$1 ,1 1 8 ,1 3 2
Total incom e___________ $1,37 0 ,1 9 1
Interest, & c_____________
26 2 ,9 5 6
2 8 5,740
Deprec’n, depletion, & c .
1,6 1 0 ,9 8 2 1 ,604,765

1923.
$ 7 ,691,856
6,1 8 5 ,4 4 8
510,619

1922.
$5,279,267
3 ,759,332
491,331

$995,788
67,870

$1 ,0 2 8 ,6 0 4
66,796

$1,06 3 ,6 5 8
2 86,332
1 ,494,613

$1 ,0 9 5 ,4 0 0
287,300
781,790

Balance, deficit_______
$503 ,74 7
$772,373
$717 ,28 7 sur$26,311
Profit and loss, d e fic it .. $ 2 ,6 4 5 ,2 7 8 $2,156,811 $1 ,4 2 3 ,3 6 6
$738,007
— 3 M o s . E n d . Sept. 30— — 9 M o s .E nd .Sept .30—
1926.
1925.
1926.
1925.
Value of copper produced $1 ,4 0 9 ,5 3 2 $ 1 ,352,752 $ 4 ,0 3 2 ,9 8 9 $ 4 ,050,670
Operating costs_________
8 0 3,399
9 6 4,098
2,4 7 9 ,6 5 1
3 ,006,021
Operating incom e____
Miscellaneous incom e___

$606 ,13 3
58,3 6 8

$ 388 ,65 4
9 ,8 7 0

$ 1 ,5 5 3 ,3 3 8
142,090

$ 1 ,044,649
81,829

T otal incom e_________
B ondinterest____________

$664,501
6 8,936

$398 ,52 4
64,051

$ 1 ,6 9 5 ,4 2 8
208,431

$ 1 ,126,478
201,152

N e t incom e___________
$595 ,56 5
$334 ,47 3 $1,48 6 ,9 9 7
$925,326
N e t income, as stated, is after provision for all charges, except deprecia­
tion and depletion.
O F F IC E R S .— Pres., J. T . Crabbs; Sec., H enry G . Lodge; V .-P . & G en.
M g r ., Charles Brocking; T reas., H . R . Plom m er. Office, 718 Granville
S t., Vancouver, B . C .; N ew Y o rk office, 25 Broad St.— -(V . 123, p. 2526.)
G R E A T N O R T H E R N IR O N O R E P R O P E R T IE S .— In July 1917
M . A . Hanna & Co. o f Cleveland, 0 . , took over under lease substantially
all the active controlled properties on the M esaba range not theretofore
leased, leaving free only about 1 5 % of the original holdings. See V . 105,
p. 184. T be trustees are Louis W . H ill, James N . H ill, E . T . Nichols
and Ralph Budd. The 1,5 0 0 ,0 0 0 shares of beneficial interest equal to the
number of shares o f stock held were issued D ec. 1906 to Great Northern R y .
stockholders. Properties, & c., V . 104, p . 2346; V . 103, p . 58; V . 94, p . 55:
V . 99, p. 1751: V . 104, p . 955; V . 109, p. 69. 1277.
L A T E D IV S . '1 4 . ’ 15. 1916. 1917. T 8 . ’ 19. ’ 2 0 . ’ 21. ’ 2 2 . '2 3 . ’ 2 4 . ’25«
Per share________ 50c. 50c. $ 1 .2 5 $1.5 0 $4 $4 $4 $4 $3 $3
$4 $ 1 X
Paid in 1926: April 30, 75 cents; D ec. 28, 75 cents,
R E P O R T .— For 1925, in V . 123, p . 203.
N ew York office, 32 N assau St.— (V . 123, p . 2526 .)
G R E A T W E S T E R N S U G A R C O . (T H E )— Incorp. under laws o f N . J.
on Jan. 12 1905. M anufactures beet sugar and by-products. Owns 17
plants, 11 o f which are in C o lo ., 4 in N e b ., 1 in W y o . and 1 in M o n t.
S T O C K .— Th e holders o f the pref. stock are entitled to one vote for each
share o f such pref. stock, and the holders o f com m on stock to one-fourth
o f one vote for each share o f such common stock.
D I V I D E N D S .— A dividend o f $1 per share was paid on the new com m on
stock o f $25 par value on Jan. 2 1923: same am ount paid quar. to Jan. 2
1924; April 2 1924 to O ct. 2 1926 paid $2 quar.
R E P O R T .— For year ended Feb. 28 1926, in V . 122, p . 2660 , showed:
Consolidated In co m e A c c o u n t Y ea rs En ded Last D a y o f February.
1925-26.
1924-25.
1923-24.
1922-23.
Profits from op era tio n ..
$7 ,7 8 4 ,1 0 7 $ 1 1 ,614 ,119 $ 1 3 ,760 ,579 $ 8 ,056,092
Interest incom e__________
314,269
2 7 8,738
211,369
247,508
Incom e from investm ’t s .
45 4 ,0 5 7
5 2 7,895
450,733
146,273
T otal incom e__________$ 8 ,5 5 2 ,4 3 4 $ 1 2 ,4 2 0 ,7 5 2 $14,422 ,681
Int. on m oney borrowed
__________
__________
__________
Loss on farm ing, & c.,
side operations________
__________
__________
1,162
Deprec. o f plants & R R .
1,2 8 8 ,3 4 3
1,224,511
1,202,520
A d ju s t , o f c o n s tr u e , in
suspense_______________
__________
__________
__________
Federal taxes____________
8 3 9 ,9 4 8
61 8 ,9 6 7
1,214,696

$ 8 ,449,873
93,113
48,1 2 5
1,176,765
252,756
___________

Balance, surplus______$6 ,4 2 4 ,1 4 2 $ 1 0 ,5 7 7 ,2 7 4 $ 1 2,004 ,304 $6 ,8 7 9 ,1 1 4
Previous surplus________ 3 8 ,4 2 7 ,2 0 0 3 3 ,6 9 9 ,9 2 7 2 5 ,145,623
1 9 ,868,560
D ed uct— Pref. divs.( 7 % )
1 ,050,000
1 ,050,000
1 ,050,000
1 ,002,050
Com m on d iv s. . . . ( 3 2 % ) 4 ,800,000 (3 2 )4800 ,000 (1 6)2400,000
(4)600000
Profit and loss________ $ 3 9 ,0 0 1 ,3 4 2 $ 3 8 ,427 ,201 $ 3 3,699 ,927 $25,1 4 5 ,6 2 3
O F F IC E R S .— Pres., W . L . Petrikin; 1st V .-P . & Gen. M g r ., W . D .
Lippitt; V .- P ., C has. B oettcher;V .~P ., B . A . Tom pkins; T reas., M . D .
Thatcher; Sec., S. P . Saunders. General offices, Sugar B ld g ., D en ver,
C olo .— (V . 123, p . 987.)
G R E E N E C A N A N E A C O P P E R C O .— O R G A N I Z A T I O N .— Incorp. in
vHnn. D ec. 26 1906 and acquired nearly all o f the 1 ,000,000 shares of the
capital stock o f Greene Consolidated Copper C o . ( W . V a .) , which in turn
owned all the shares o f the Cananea Consolidated Copper C o . o f M exico.
In June 1917 arranged to purchase outright the properties of the last-nam ed
company. See V . 105, p . 7 5 , 184; V . 104, p . 2455 .
D IV I D E N D S —
/1 9 1 2 . 1913. 1914. 1916. '1 7 . ’ 18. ’ 1 9 . 1920.
Per c e n t ...............................\ 3 X
2X
2
8
8
8
IK
1
A dividend of $1.50 was paid Feb. 24 1919; none thereafter until A u g . 23
1920, when 50c. was paid; same amount paid N o v . 22 1920; none since.
R E P O R T .— For 1925, in V . 122, p . 2973, showed:
1922.
Calendar Y ears—
1925.
1924.
1923.
Gross incom e______________$ 4 ,4 4 3 ,2 3 8 $5,34 0 ,5 9 6 $6 ,4 9 7 ,3 1 8 $ 2 ,4 9 4 ,1 3 0
3 ,6 0 1 ,9 3 9
Expenses, taxes, & c____
3 ,500,477
4,828,461
6 ,1 9 2 ,0 5 5
Depreciation_____________
347,347
409,523
376,036
Cr. 15,695
Interest paid____________
5,462
46,490
85 ,1 5 8
3 67,532
Shutdown expense______
__________
Balance, sur. or d e f.su r.$589 ,952 su r.$56 ,122 d ef.$ 155,932d ef$1459,647
N o te .— Operations were suspended in Jan. 1921 and were not resumed
until July 15 1922.
Pres., W m . D . Thornton: Sec. & T reas., Joseph W . A llen. Office.
25 Broadway, N . Y . — (V . 122, p. 2937 .)

190

[V ol. 123.

INDUSTRIAL STOCKS AND BONDS
Par
V a lu e

D a te
B onds

M IS C E L L A N E O U S C O M P A N IE S

IF o r a b b r e v ia t io n s , & c . , s e e n o t e s o n p a g e 81

Pref (a & d) stock red 1 0 5 - -

-

-

____

_______

S f deben gold bonds red 10313 ___ Upi.kxxxc
Ser deb gold bonds due $ 4 ,0 0 0 ,0 0 0 ann red 1 0 2 -U PI.kxxxc*
G u lf S ta te s O il & R e fin in g C orp — See text.
1st pref stock 7 % cum call begin 1918 at 11 0 ________ _____
(M A) H a n n a C o — Com m on stock 5 0 0.000 shares a u t h ------First pref stock 7 % cum $20,0 0 0 ,0 0 0 auth red 110 . . - 2d pref stock 8 % cum $ 1 0 ,0 0 0 ,0 0 0 auth red 110 conv (text)
Sink fund gold debentures $15,000,OOo auth red ( t e x t ) .-k c *
ffa r b is o n -W a lk e r R e fr a c t o r ie s C o — Com m on stock----------

1922
1924

1924

R a te

%

W h en
P a y a b le

N one 397.435 shs. See text
$100 $ 1 ,933,800
8
25 109,767,900
6

G u a n ta n a m o S u g a r C o — Stock 4 05,000 shares au th_______
G u lf O il C orp o f P e n n a — Stock $120 ,00 0,00 0 au th -----------

A m ount
O u ts ta n d in g

1,000
1,000

Q .-J .
Q— J
T & D
5 g
&
J
5 )4 g J

3 0 .904.000
8,0 0 0 ,0 0 0

100 12.500.000
100
2 ,000,000
None 291,844 sh.
100 11,199,400
100
3,1 8 6 ,0 0 0
5 0 0 -1 0 0 0
6 ,649,500
100 3 6 ,000,000
100
3 ,000.000

See

7

text

Q— J
Q -J

See
See

text
text
F
& A
6 g
See text Q — M
Q— J
6

L a s t D iv i d 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 6
D iv i d e n d s a r e P a y a b le

July 1 ’ 21 25c.
Jan 3 1927 2 %
O ct 1 1926 1)4
D ec 1 1937
T o Jan 1 1928

Checks mailed
Checks mailed
Un T r , Pitts; Ba T r. N Y
U nion Trust C o , Pittsb

Jan 3 1927
Jan 2 1927

1 \i
1 H Guar T r . N Y . b y check

June 20 ’2 5 , 1 H
U n T r , C le; B o f C bm , N Y
A u g 1 1934
D e c 1 1926 1)4
Jan 20 ’ 27 1)4

G U A N T A N A M O S U G A R C O .— Incorp. in N . J. F eb . 9 1905. Own
over 100,000 acres of sugar lands situated at Guantanamo, C uba, together
with a majority o f the capital stock o f the Guantanamo R R . C o . (Compar*
annual report in V . 121, p . 2768.
C A P I T A L S T O C K .— The stockholders voted on N o v . 25 1924 to increase
the authorized 8 % cum . pref. stock from $ 1 ,390,000 to $ 1 ,990,000 and the
authorized com m on from 3 75,000 shares to 405,000 shares o f no par value.
T h e pref. stock created b y this issue was offered to stockholders o f record
D ec. 1 1924 at $100 per share. Th e no par common stock was offered to
stockholders o f record D ec. 1 1924 at $1 per share.
D I V I D E N D S .— Initial cash dividend o f 1 2 % , together with a 1 0 % stock
d iv., were paid July 1 1915; on July 1 1916, 1 2 % cash and 9 % in stock verf
paid; M a y 31 1917, 2 y % : July 31 1917 to July 1920, 2M i% quar. In
addition, an extra dividend of 1 0 % was paid July 1 1920. On Sept. 30 1920
paid 50 cents quar. and 50 cents extra on the new no par value stock. O d
Jan. 3 and A p r. 1 1921 paid 50 cents quar. On July 1 1921 paid 25 cents
none since. On new pref. an initial dividend of $1 09 was paid April 1 1922,
covering the period from F eb. 10 to M a r . 31 1922; July 1 1922 to Jan. 3
1927 paid 2 % quar.
R E P O R T .— F *,r year ended Sept. 30 1925, in V . 121, p . 2768 , showed:
Balance,
D iv i­
Gross
Total
D ed u c­
Sept. 30
Sur. or D e f
dends.
Sales.
P ro fits.
tion s.
Y ears—
$283,401 $138 ,08 0
sur. $21,488
$442 ,96 9
1 9 2 4 - 2 5 .- - $ 2 ,940,711
sur.102,646
221,690
114,000
1 9 2 3 -2 4 -..
2,5 9 2 ,0 3 9
438,336
def .364,291
2,038
246,330
120,000
1,637,727
1 9 2 2 -2 3 --sur. 54,458
2 .7 3 9 ,5 8 8
437,779
331,715
51,605
1 9 2 1 -2 2 --Production o f sugar in bags o f 320 lbs. each has been as follows: 1924-25,
3 4 6 ,4 9 5 ; 1923-24, 197,693; 1922 -23 , 124,980 ; 1921-22, 351,937.
O F F IC E R S .— -Pres., Jam es H . P ost; V .- P ., George R . Bunker; V .-P . &
Gen. M g r ., G . H . Bunker; S e c., M a lco lm M cD ougall; T reas., John W o llpert. O ffice, 129 Front S t ., N ew Y o rk .— (V . 121, p . 2747.)

In Jan. 1918 purchased Sayre coal property, 15,000 acres. V . 105, p .
2547; V . 106, p . 1457.
S T O C K .— First ppef., $ 3 ,0 0 0 ,0 0 0 ; in treasury D ec. 1925, $ 1 ,0 0 0 ,0 0 0
outstanding, $ 2 ,0 0 0 ,0 0 0 . C om . stock au th . and outstanding, $ 1 2 ,5 0 0 ,0 0 0 .
D I V I D E N D S .—
'1 6 . ’ 17. ’ 18. ’ 19. ’2 0 -’22. '2 3 . ’2 4 . ’2 5 . ’26
8 10
1
0
3
5
See
Com m on ( % ) ___________________ __
__
__ - text
Com m on (extra)_______________ 2 H - - 25stk
April 1919 a quarterly com m on dividend o f 1 % was paid; then none unti.
April 2 1923, when 1 % was paid; same amount paid quar. to Jan. 2 1924
On April 1 1924 paid 1 J4% q u ar.; July 1 1924 to Jan. 3 1927 paid 1 3 4 %
quar.; also paid 11J 4% in common stock on M a r . 13 1 925 . D iv s. on 1st
pref. stock paid or declared in full to and incl. Jan. 2 1927.
R E P O R T .— For 1925, in V . 122, p 1 178 , showed:
1922.
1923.
1925.
1924.
Gross profits______________ $ 1 ,571,441
$ 1 ,493,972 $ 2 ,1 6 9 ,8 6 3 $ 1 ,4 0 6 ,0 8 3
447,876593,342
D epr., taxes, & c., res’ ves
534,663
514,657
140,000
140,000
First pref. divs. ( 7 % ) - _ 140,000
140,000
2,194
Second pref. divs. (6 % )_
__________
123
44 8 ,5 2 0
6 25,000
560,663
Com m on dividends_____

G U L F O IL C O R P . O F P E N N A .— Incorp. in 1922 under laws o f Penna.
to succeed the G u lf Oil C orp ., incorp. under laws o f N ew Jersey. The com­
pany, through its subsidiaries, conducts an active business in producing, re­
fining, transporting and distributing petroleum and its products. Owns and
operates (a) producing wells, w ith its own connecting pipe lines, in Texas,
O klahom a, Louisiana, Arkansas, K ansas and in M exico and Venezuela;
principal refineries located at Port Arthur and Fort W orth , T e x ., and
B ayonne, N . J .; have a daily capacity of 136,000 b b ls.o f crude oil; (6) a
large fleet o f tank steamers and other ocean-going equipm ent; (c) distribut­
ing stations “ at practically all of the Atlantic seaport cities and at inland
points over a large area of country. Also controls, through stock ownership,
the Venezuela G u lf Oil C o .
S T O C K .— Stockholders o f the G u lf O il Corp. (of N . J.) had the privilege
of exchanging their shares for shares o f the newly-organized G u lf Oil C orp.
o f Pennsylvania on the basis o f 12 shares o f Penna. C orp. stock (par $25) for
one share o f G u lf Oil C orp. stock (par $100 ).
D I V I D E N D S .— Regular rate 5 % p . a. in July and Oct. 1913; thereafter
6.% per annum to and incl. O ct. 1 1922. Jan. 1 1923 to O ct. 1 1926 paid
1 H % quar. on new stock o f $25 par value.
B O N D S .— Proceeds o f the 5 % debenture gold bonds, d u e.D ec. 1 1937,
were used to provide funds for the retirement of the G u lf Oil Corp. (N . J.)
12-year 7 % sink, fund debenture gold bonds which were called for redemp­
tion on Felo. 1 1923 at 10334 and interest.
A purchase fund of $ 2 ,0 0 0 ,0 0 0 per a im ., commencing N o v . 1 1924, to
be used to purchase bonds upon tender during each N o v . at not exceeding
par and int. I f in N o v . o f any year a sufficient number o f bonds shall noi
have been tendered at a price of par or less and accrued int. to exhaust thf
purchase fund of that year, the trustee shall on D ec. 1 next thereafter repay
the balance in the fund to the com pany. V . 115, p . 2052.
R E P O R T .— For 1925, in V . 122, p . 1772, showed:
1 922.
1925.
1924.
1923.
Calendar Y ears—
$
$
$
Operating revenue_____ 2 1 5 ,6 6 1 ,8 6 8 172,481 ,560 159,057.367 159,188,251
Operating expenses_____ 127,763,121 108,099,026 98 ,1 9 3 ,3 4 0 100,754,494

(T H E M. A .) H A N N A C O .— Incorp. D ec. 9 1922 in O hio. Owns and
operates iron ore and coal m ines, blast furnaces, coke ovens, by-product
plants and steamships.
S T O C K .— The 2d pref. stock is convertible, prior to Jan. 1 1933, into
common shares on the basis o f 2
shares o f common stock for one share
of 2d pref. stock.
D I V I D E N D S .— Th e dividend on the 2d pref. stock due to be paid
in June 1925 was deferred. T h e dividend on the 1st pref. stock due to be
paid in Sent. 1925 was deferred.
F U N D E D D E B T .— Tn e 10-year 6 % sinking fund gold debentures of
1924 are red ., all or p a rt., on any int. date at 102 and int. to and incl.
Aug 1 1929, and at 101 and int. thereafter. A sinking fund will be provided
to retire one-half o f the debentures b y m aturity, in annual installments
commencing A u g. 1 1925 b y purchase at or below the current redemption
price, or, if not so obtainable, b y call b y lot at that price. M inim um
annual retirements $ 350 ,00 0 debentures. V . 119, p . 461R E P O R T .— For 1925, in V . 122, p . 1319, showed:
19zo.
1924.
Calendar Y ears—
1925.
$154 ,59 6 $4 ,2 7 6 ,7 5 3
N et income after all charges___________ $ 1 ,958,016
514,792
592,004
Interest on funded debt_______________
408,609
1 .382,039
1 ,181,737
1,365,242
Depreciation and depletion___________
Federal taxes___________________________
60,871

Operating profits____ 87,89 8 ,7 4 7
Other incom e____________ x 5 ,106,433

64 ,3 8 2 ,5 3 4
4 ,3 7 3 ,2 3 3

6 0 ,864,027
5,6 1 5 ,2 2 9

58,433,756
3,043,011

T o ta l____________________ 9 3 ,005,180
Depletion & deprec’n ____ y 3 6 ,959 ,716
Shrinkage in val. o f in v _______
T a x e s _____________________ 17,221,520
3 ,8 2 3 ,1 8 3
Interest, & c______________

68,755,767
32,514,540
_______
13,053,038)
4 ,0 2 1 ,3 9 5 /

6 6 ,4 7 9 ,2 5 6
3 4 ,825,068
4 ,0 4 4 ,3 6 4
13,286,481

61,476,767
20,925,632
4,9 4 7 ,5 2 4
1 5 ,851,544

N e t profits____________ 35,000,761
D ividends (6 % p . a .) -_ _
6,554,731
Additions to surplus (af­
fecting prior years)___
__________

19,166,795
6,5 2 3 ,2 3 0

1 4 ,3 2 3 ,3 4 2
6,5 2 3 ,2 2 9

19,752,067
2,1 7 3 ,9 5 0

Balance carried to balance sheet___ $ 1 ,614,052
$1 ,8 8 5 ,5 4 2 $4 ,6 9 3 ,0 9 5
x Applicable to the M . A . Hanna C o. stock, $323 ,94 1, applicable to
minority stock holdings (less) $ 2 00 ,64 7. y After deducting $223 ,98 3 recdived b y M . A . Hanna C o.
— Q uar. E n d . Sept. 30— — 9 M o s . E n d . S ep t,3 0 —
P eriod—
1926.
1925.
1926.
1925.
Operating income_______
$ 927 ,49 5
$634,295 $ 1 ,800,542
$790 ,97 5
Interest__________________
99,750
99,742
3 09,735
30 8 ,8 6 6
Depreciation & depletion
3 2 9,472
28 9 ,5 8 8
842,903
7 3 4 ,6 6 4
Federal taxes____________
75,269
2 1 ,7 2 8
113,269
39 ,7 3 5

C r. 1,342

C r .923,985

$

_________

Balance, surplus--------- 28,44 6 ,0 2 9
12,643,565
7 ,801,455
18,502,102
x Inclufing $ 2 ,948,543 appreciation in value of inventories (oil), y In­
cludes drilling costs.
Pres., W . L . M ellon . Office, Pittsburgh, P a .— (V . 122, p . 1772.)
G U L F S T A T E S O IL & R E F IN I N G C O R P .— Incorp. in Delaware.
The properties o f .the com pany are as follows: N um ber o f acres, 10,292;
number o f producing wells, 94; number o f drilling wells, 8; present daily
production, 9,2 7 6 barrels (wells pinched in and not producing at full ca­
pacity account lim ited m arket); wells producing to normal capacity, daily
production, 13,346 barrels.
A ll o f the above acreage located in Union, Ouichita, Calhoun, B rady,
Nevada and Columbia counties, Arkansas.
In O ct. 1923 the com pany entered into an agreement with the committee
for the stockholders of Island Oil & Transport C o ., whereby the G u lf States
C orp. offered to exchange shares of its Class “ A ” stock (par $5) for shares
of Island Oil & Transport C orp. (par $10) on a share-for-snare basis, each
shareholder of Island Oil paying in addition to the exchange o f his shares
on the above basis $3 for each share of Class “ A ” stock o f G u lf States Oil
& Refining Corp. The latter com pany has also acquired the N ew Orleans
refinery of the Island Refining C orp. and a $ 1 2 ,000 ,000 claim against the
Island Oil & Transport C o . Com pare readjustment plan o f Island Oil &
Transport C o . in V . 1 17, p . 1561; also V . 117, p . 1894.
C a pitaliza tion .— Authorized capital stock (all com m on ), 5 ,0 0 0 ,0 0 0 shares
(par $5 per share), divided into: 4 ,9 0 0 ,0 0 0 Class “ A ” non-voting stock and
100,000 shares Class B voting stock. Issued: Class “ A , ” 1 ,5 0 0 ,0 0 0 shares;
Class “ B , ” 100,000 shares.
O F F IC E R S .— P res., P . D . Saklatvala; V .- P ., J. A . Bruning; V .- P . &
A sst. T reas., C . A . E astm an; Sec. & T reas., P . R ohrbach. O ffice, 350
M adison A v e ., N ew Y o rk .— (V . 117, p . 2896 .)
G U L F S T A T E S S T E E L C O .— O R G A N I Z A T I O N .— Incorp. in D ela
ware N o v . 1 1913 as successor o f Southern Iron & Steel C o . (foreclosed),
per plan in V . 97, p. 1119. Owns blast furnaces, by-product coke ovens,
open-hearth steel plant, blooming m ill, rod m ill, merchant m ill, wire mills,
machine shop, & c., at Alabam a C ity , A la ., and also coal mines at Altoona,
Sayre and Virginia, A la ., and iron ore mines at Shannon, A la . Its products
are pig iron, coke and its by-products, barbed wire, galvanized wire, bar
steel, billets, rods and wire nails. V . 101, p. 128, 776.




$271 ,77 8
$278 ,53 0
— Q uar. E n d . Sept. 30—
P eriod —
1926.
1925.
N e t earnings____________
$249,702
$333,621
Taxes, depreciation, & c_
101,414
122,889
Balance, surplus______

$985 ,80 7
$818,207
-9 M o s . E n d . Sept. 30—
1926.
1925.
$911 ,94 6 $ 1 ,1 6 7 ,7 5 9
347,006
3 8 9,235

N e t incom e___________
$ 148 ,28 8
$210 ,73 2
$564 ,94 0
$ 778 ,52 4
O F F IC E R S .— Chairman, James Brown; P res., Chas. A . M offett; 1st
V .-P ., H . Sanborn Smith; V .-P . & T reas., A . R . Fosryth; Sec., P . R .O w ens
Office, B row n-M arx B ld g ., Birmingham, A la .; N ew Y o rk office, 55 Cedar
S t.— (V . 123, p . 2146 .)

N et corporate deficit________________
Previous surplus_______________________
Miscellaneous credits_________________

x$123,294
1,8 8 5 ,5 4 2
164,280

Total surplus________________________ $ 2 ,173,116
Dividends paid b y company:
On 1st pref. 7 % cum. stock________
395,302
On 2d conv. pref. 8 % cum. s t o c k ..
51 ,8 9 6
D ivs. paid b y other controlled (but
not wholly owned) (net)________ ___
y lll,8 6 7

$l,651,572p ro f$2327842
4 ,6 9 3 ,0 9 5 3,5 4 5 ,0 0 4
42,142 18,300
$ 3 ,083,665

$ 5 ,891,147

810.901
207,584

826,175
201,789

179,638

17 0 ,0 8 8

N e t income___________
$ 423 ,00 4
$223 ,23 7
$53 4 ,6 4 0 def$292,290
O F F IC E R S .— Chairm an, M . Andrew s; P res., H . M . H ann a; Sec. &
T reas., C . N . Osborne. O ffice, 1300 Leader B ld g ., C leveland, O hio.—
(V . 123, p . 2269.)

H A R B IS O N -W A L K E R

R E F R A C T O R IE S

C O ,— O R G A N I Z A T I O N .

—Incorporated June 30 1902 In P a. M anufactures fire-clay products, &c.
Has 32 plants, embracing 400 kilns; total daily capacity, 1 ,5 0 0 ,0 0 0 brick
Plants are located 24 in P a ., 3 in O hio, 3 in A la ., 1 in K y . and 1 in Ind .
S T O C K .— Authorized and Issued $ 3 ,0 0 0 ,0 0 0 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 m ay perm it. Stockholders
voted M a y 15 1922 to retire and cancel $6 ,6 0 0 ,0 0 0 o f preferred stock held
in the treasury of the com pany.
D I V I D E N D S .— On preferred, 1902 in full to Jan. 1927 , 6 % .
On Com m on—
f 1 9 1 0 T 4 . ’ 17. T 6 . ’ 17. ’ 18. ’ 19. ’2 0 . 1921 ’24. ’25
R egular________________ 1 2 % yrly. 2 y 534
6 6
6
6 6 yrly.
6
E x tra__________________ { _______________
4 18 6
6
2
Also paid stock dividends as follows: 5 0 % in 1920 and 33 1 -3 % in 1925.
Paid in 1926: Jan. 30, 2 % extra; M arch 1, 1J4 % ; June 1, 1 M % ; Sept. 1,
1 ) 4 % ; D ec. 1, 1 V2 % .
R E P O R T — For 1925, in V . 122, p . 1462, showed:
Calendar Y ears—
~
1925.
1924.
N et earnings, after all taxes___________ $ 4 ,551,620
14,171,398
N e t , after repairs and depreciation___
3 ,8 4 7 ,4 9 3
3,4 9 6 ,1 1 3
Dividends on preferred stock__________
164,435
159,576
Dividends on common stock__________ 2,444,131
1 ,524,849

192.3
$4,358,708
3,651,582
160,723
1,522,761

Balance, surplus____________________ $1 ,2 3 8 ,9 2 7 $ 1 ,8 1 1 ,6 8 8 $1,968,098
— Q uar. E n d . S ept. 30— — 9 M o s . E n d . Sept. 30—
P eriod—
1926.
1925.
1926.
1925.
N et prof, (est.) aft. d e p .,
d ep l., Fed. ta x ., & c .
$ 979 ,00 0
$ 873 ,00 0 $ 2 ,8 8 0 ,0 0 0 $2,407,000
O F F IC E R S .— H . W . C roft, Chairm an; J. E . Lewis, Pres.; O. M . Reif
and N in M cQuillen, Vice-Presidents; VVm. W alker, T reas., and P . R
Hilleman, Sec. Office, Pittsburgh, P a.— (V . 123, p . 2662.)

Nov., 1926.]

191

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[F o r a b b r e v ia tio n s , & c . , s e e n o te s o n p a g e 81

D a te
B on d s

H a rt, S c h a ffn e r & Marx— Com m on stock $15,000.000____
H a rtm a n C orp (T h e ) — Class A stock $2 cum red $ 30_______

H a y es W h e e l C o — Stock 2 00,000 shares authorized- _______
Preferred stock 7 K % cumul $ 2 ,0 0 0 ,0 0 0 authorized_______
H elm e (Q e o W ) C o — Com m on stock $ 8 ,0 0 0 ,0 0 0 authorized-_
Preferred stock (a & d) $4,000,000 7 % non-oum __________
H ercu les Pow der C o— C om m on stock auth $20,000.000___
P ref stock 7 % cum $20,000,000 red 120 N o v 15 beg 1915H o e (R .) & C o ., I n c .— C om m onstock 1 6 0 ,0 0 0 s h a r e s a u th ...
Class A stk .$4 cum. (pref.& part.) red.$65 100,000 shs.auth.
1st m tge. g. coupon bonds series A $6 ,0 0 0 ,0 0 0 a u th .G k c*

- -

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

8'0C $15,000,000 See text Q - F
N one
Q— M
$2
N one 393,615 shs See text Q— M
y—M
None 197,044 shs. See text
100
Q— M
1,528,800
7K
Q— J
25
6,000,000 See text
100
4 ,000.000
7
O— i
100 14.700.000 See text Q— M
100 10.956,800
Q— F
7
N one 160,000 shs
N one 80 .0 0 0
shs text
See
1,000
A & O
4 ,435,000
6K g-

L a s t D iv i d e n d
a n d M a t u r it y

P la c e s W h e r e I n t e i es t a n d
D iv id e n d s a r e P a y a b le

N o v 3 0 ’ 26 1 H
Sept 1 1927 50c
See text
D ec 15 '26 75c
D ec 1 5 ’26 I K
O ct 1 1926 3%
O ct 1 1926 1 U
Sept 25 ’26 2 %
N ov 15 ’26 1 %

.......................................... .........

Cheeks mailed
Checks mailed
Checks mailed
Cheeks mailed

Oct 15 1925 $1
Guaranty Trust C o , N Y
Oct 1 1934

H A R T , S C H A F F N E R & M A R X .— O R G A N I Z A T I O N .— Incorp. In
N . Y . M a y 11 1911, succeeding firm manufacturing m en’s clothing. V .
9 2 , p . 1376. Also manufactures coats for women.
S T O C K .— C om m on stock, $15,000 ,000 ; par, $100. The entire outstanding preferred stock was retired on M a r. 31 1924.
D I V I D E N D S .— C o m . d ir. M arch 1 1916 to A u g. 31 1922. 1 % quar.
N o t . 29 1922 to N o v . 30 1926, paid \ % % quar.; also paid 2 % extra on
Feb. 27 1926.
R E P O R T .— For year ending N o v . 30 1925, in V . 122, p . 604, showed:
1924-25.
1923-24.
1922-23.
1921-22.
x N e t profits_____________$ 1 ,854,447 $2,041,383 $2,54 1 ,2 4 9 $ 2 ,1 4 1 ,0 6 8
Preferred dividends_____
__________
y$21,286
$102 ,26 0
$209 ,32 8
Common dividends______
900,000
900,000
900,000
675,000
Redemp. pref. stock, & c.
__________
282,078
24,966
317,967

D I V I D E N D S .— I '1 5 . ’ 16. T 7 . T 8 . ’ 19. ’2 0 -’21. '22. ’23. ’24. ’25. ’26.
On com m on_____% j 10
10 10 10 10
10 * 1 0 K
12 12
12 12
Extra in January l 2
4 4
4
-4
4
4 7
15 15
* Also 5 0 % in common stock paid Feb. 23 1922.
R E P O R T .— For 1925, in V . 122, p . 1035, showed:
1925.
1924.
1923.
1922.
N et earnings______________*$2,2 0 3 ,7 2 4 * $2,199,749 * $ 2 ,096,307 *$£,005,612
Preferred dividends_____
2 80,000
280,000
280,000
280,000
Com m on dividends_______
1 ,620,000
1,620,000
1,140,000
900,000

Balance, surplus______
$954 ,44 7
$838,018 $1,51 4 ,0 2 3
$938,774
x N et profits after deducting manufacturing, m arketing, administrative
expenses and interest on loans and provisions for depreciation o f equip­
ment, doubtful accounts and Federal taxes,
y Preferred stock redeemed
April 1 1924.
O F F IC E R S .— Pres., H . H art; V .-P s ., M a x H art and Alex M . Levy;
Sec. & Treas., M . W . Cresap. Office, Chicago, 111.— (V . 122, p . 2661.)

H E R C U L E S P O W D E R C O .— O R G A N I Z A T I O N .— Incorp. in D ela­
ware O ct. 17 1912, and took over, as of Jan. 1913, per plan o f disintegra­
tion, part of the properties of the E . I . du Pont de Nemours Powder O o.
(V . 9 4 , p. 1386. 1929, 1698; V . 95. p. 9 6 9 ). H alf o f the stock received by
the 27 defendants in the dissolution suit is without voting power.
The stockholders o f the Aetna Explosives C o . on June 6 1921 approved
the sale o f the entire property, assets, privileges, franchises, & c.. to the
Hercules Explosives C orp., in accordance with a contract dated F eb. 12
1921, made by and between J. S. Bache & C o . and Hercules Powder C o .
Inc. The sale was made subject to the mortgage dated Jan. 1 1919
made to the Bankers Trust C o . and now a lien on said property, and also
subject to the unpaid outstanding bonds o f the Jefferson Powder C o .,
and all the debts, contracts, just liabilities and obligations, all o f which are
to be assumed by the purchaser as set forth in the contract.
The consideration was $ 5 ,4 0 0 ,0 0 0 in cash and $2 ,1 6 0 ,0 0 0 Pref. 7 % C um .
stock o f Hercules Powder C o ., In c ., at par. This consideration was paid
to J. S. Bache & C o . for the account o f the holders o f the C om m on stock to
be distributed by the bankers as follows: For each share o f C om m on stock
the holder received $ 10 in cash and $1 50 in Pref. 7 % C um . stock o f Hercules
Powder C o ., In c ., at par, and in addition thereto an escrow receipt for
$2 50 in Pref. 7 % C u m . stock o f Hercules Powder C o ., I n c ., at par. The
last-mentioned amount o f stock was held by J. 8 . Bache & C o. in escrow
pending the liquidation and discharge o f certain liabilities o f A etna Explos.
C o ., but on Sept. 6 1922 the escrow receipts were exchanged for certificates
of preferred stock. V . 112, p . 263; V . 115, p . 1215.
The Hercules Explosives Corp. was incorporated June 4 1921 in N . Y .
with an authorized capital o f 80,000 no par value shares. The company
is a subsidiary o f Hercules Powder C o . and was organized to acquire the
assets and business o f Aetna Explosives C o ., In c., which it did June 7 1921.
The Aetna Explosives C o. 6 % bonds, Series A , due Jan. 1 1931, and
Series B , due Jan. 1 1941 ($ 3,059,075 outstanding S e p t.30 1925) are solely
a liability o f the Hercules Explosives Corporation.
I t was announced in July 1926 that the company had acquired all the
stock o f the Virginia Cellulose C o ., I n c ., which has a plant at Hopewell, V a .
S T O C K .— The stockholders on O ct. 24 1922 increased the authorized
capital stock from $10,0 0 0 ,0 0 0 Com m on and $ 1 0 ,000 ,000 Preferred to
$20,000 ,000 Com m on and $20,0 0 0 ,0 0 0 Preferred. The directors declared
out o f the surplus earnings a stock dividend of 1 00% on the C om m on stock
payable N o v . 25 1922. Com pare V . 115, p . 1327.
Com m on D ividends—
1918. 1919. 1920. 1921. 1922. ’23. 1924 1925.
Regular ( % ) ____________
8
8
8
8
1044
6
6
6
Extra, cash ( % ) ________
8
8
8
4
—
2
2
4
do R ed Cross ( % ) - _
1
Extra, in common stock .
..
__
__
100
Paid in 1926 : M a r. 2 5 , 1 4 4 % ; June 2 5 , 2 % ; Sept. 2 5 , 2 % .
R E P O R T .— For 1925, in V . 122, p . 741, showed:
1925.
1924.
1923.
1922.1
1
Gross receipts___________ $23,6 6 9 ,0 0 9 $20,862 ,603 $22,2 6 0 ,7 9 6 $18,728,881
x N et from all so u rce s.. $2,99 9 ,3 6 9 $2,15 6 ,9 0 2 $2 ,5 0 8 ,6 7 0 $ 2 ,264,895
Preferred dividend______
734,538
723,233
711,050
667,620
Com m on d iv id e n d s .(1 0 % )l,4 3 0 ,0 0 0 (8 )1,144,000 (8)1,144,000(1044)858000

H A R T M A N C O R P O R A T I O N (T H E ) .— O R G A N I Z A T I O N .— Incorp. in
Va. in Jan. 1916 and acquired the capital stock o f the Hartm an Furniture
& Carpet C o. o f Chicago and affiliated companies. V . 103, p . 2337. Oper­
ates a chain of 17 retail stores located as follows: 11 in Ohicago, 2 in M il­
waukee, 1 in M inneapolis, 1 in St. Joseph. 1 in Denver and 1 in O m aha,N eb.
S T O C K .— Th e stockholders on July 15 1926 ratified a
ization b y which existing shares of com m on stock were
equal number o f class B shares without par value, while
a new class A stock, without par value, intended to be
m ent of dividends in the future.

change in capital­
exchanged for an
there 'was created
used for the pay­

D I V I D E N D S .— Sept. 3 1917 to D ec. 31 1919, 5 % per ann. 1SJi % Q .-M .)
M a r. 1920 to Sept. 1923, \ % % quar.; on D ec. 1 1923 paid $2 quar. on new
stock of no par value; M a r. 1 1924 to D ec. 1 1924, paid $1 quar.; M a r. 2
1925 to June 1 1926, paid 6 2 J cents quar.
4
T h e directors in A u g. 1926 declared 4 quarterly dividends of 50c. a share
on the new class A and 4 quarterly dividends of l-4 0 th of a share of class A
stock on each share of new class B stock.
The class A dividends are payable. D ec. 1 1926, M arch 1, June 1 and
Sept. 1 1927 to holders o f record on N o v . 17 1926 and Feb. 15, M a y 17 and
A u g. 17 1927, respectively, while the class B dividends will be paid on Sept. 1
and D ec. 1 1926, and M arch 1 and June 1 1927 to holders of record on
A u g. 27 and N o v . 17 1926, and Feb. 15 and M a y 17 1927, respectively.
R E P O R T .— For 1925, in V . 122, p . 2 338 , showed:
Calendar Y ea rs—
1925.
1924.
1923.
Total profits and in co m e *$l,412,827 *$1,276,643 $ 1 ,979,549
Interest charges________
158,652
112,304
203,150
Dividends paid_________
984,037
1,574,460
870,000

1922.
$1,670,448
65,072
840,000

Balance, surplus_____
$270,137 d ef$410,121
$906,399
$765,376
* After depreciation, doubtful accounts receivable, taxes, commission
and collection and other expenses.
E a rn s. 6 M o s . E n d . Jun e 30—
1926.
1925.
1924.
N e t income after charges & Fed. taxes
$676,943
$677 ,81 8
$622 ,66 4
N e t retail sales for the first half of 1926 were $9,2 0 2 ,4 5 7 , comparing
with $ 7 ,1 6 9 ,0 3 9 in same period o f 1925.
1926------October------1925.
1926— 10 M o s . — 1925.
S A L E S .—
$1 ,5 9 5 ,6 7 4 $ 1 ,525,957 $ 1 5,731 ,953 $12,422 ,834
O F F IC E R S .— Chairman, D avid M a y ; Pres., M artin L . Straus; V .-l*.,
I . H . Hartm an and S. E . K ohn; Sec. & Treas., E . G . Felsenthal; Asst.
Sec. & Treas., H arry A . Cohen, O ffice, 144 So. W abash A v e ., Chicago,
— (V . 123, p . 2526.)
H A Y E S W H E E L C O .— O R G A N I Z A T I O N .— Incorp. under laws of
M ichigan on O ct. 20 1908. M anufactures automobile wheels, wheel m a­
terial. &c. Plants are located at Jackson, M ic h .. Anderson. In d ., and A l­
bion, M ich . In 1924 acquired the Hayes M otor Truck W h eel O b ., the
Albion B olt C o . and the M orrison M eta l Stam ping C o . Compare V . 118,
p 1019.
S T O C K .— See table at head o f page.
D I V I D E N D S .— On stock o f no par value, paid as follows: Sept. 15 1922,
50 cents; D ec. 15 1922 to D ec 15 1926, 75 cents quar.; also paid 25 cents
extra on Sept. 15 1925, D ec. 15 1925 and M a r . 16 1926.
R E P O R T .— For 1925, in V . 122, p . 1795, showed:
1Q94
1Q9*}
r Q99
Calendar Y ears—
1925.
Sales____________________.$ 1 6 ,4 8 4 ,8 3 3 $15,366 ,492 $19,737 ,725 $13,483 ,915
C ost o f sales, & c______ 14,527,976
14,456,538 18,234,201
12,380,442
Gross p rofit___________ $ 1 ,956,857
Other income____________
141,761

$909,954
100,038

$ 1 ,503,524
110,297

$1,103,473
82,051

T o ta l income___________ $2,098,618
Interest charges, & c____
99,613
Profits o f cos. acquired_______
Federal taxes____________
280,000
Preferred dividends____
137,867
Com m on dividends_____
689,654

$1,009,992
138,099
D r.71,629
85,000
91,910
591,132

,613,821
121,755

$ 1 ,185,524
72,281

190,000

140,000

5 9 1", 132

393',819

$891 ,48 4

$32,222

$710 ,93 4

$579 ,42 4

Six M o n th s Ended June 30—
Sales____________________________________
C ost o f sales____________________________

1926.
$6,128,117
5,561,221

1925.
$ 9 ,070,865
7 ,800,961

1924.
$9,220,149
8 ,358,595

Gross profit from operations_______
Other incom e__________________________

$566,896
66,405

$ 1 ,269,904
42 ,8 4 0

$861,554
60,065

T o ta l gross profit____________________
General administrative expenses, &c_
Interest_________________________________
Federal taxes__________________________
Preferred dividends____________________
C om m on dividends____________________

$633,301
281,849
3,197
4 6,800
58,574
344,827

$ 1 ,312,744
2 7 3,588
3 2,726

$921,619
375,425
48,281

68,933
295,566

68,933
295,566

Balance, surplus____________________ def$101,946

$641,931

$133 ,41 4

Surplus________________

O F F IC E R S .— Pres. & Gen. M g r ., C . B . Hayes; V .-P . & Treas., R . H .
Loveland; Sec.. C . G . M ack ay. O ffice. Jackson. M ich .— (V . 123, p . 2526.)
(Q E O . W .) H EL M E C O .— O R G A N I Z A T I O N .— Incorp. In New Jersey
D ec. 4 1911 and took over snuff factories at Yorklyn, D e l., and H elm etta,
N . J ., formerly owned by American Snuff C o . V . 9 3 , p. 1605; V . 94, p. 282.
S T O C K .— Th e stockholders on M arch 5 1923 voted to change the author­
ized common stock from 8 0.000 shares, par $100 , to 32 0 ,0 0 0 shares, par $25.




Balance, surplus______

$303 ,72 4

$299 ,74 9

$676,307

$825,612

* After provision for estimated Federal taxes, &c.
Pres., J. C . Flynn; Treas., L . A . Bengert. Office, 111 Fifth A v e ., N . Y .
— (V . 122, p. 1035.)

B alance________________
Previous surplus________

$834,831
8,8 9 4 ,6 5 9

$289 ,66 9
8 ,604,991

$653 ,61 9
7 ,951,372

$739,276
14,362,096

Total surplus___________ $9,72 9 ,4 9 0
$ 8 ,894,659 $8,604,991 $15,101,372
Report for 9 mos. ended Sept. 30 1926, in V . 123, p . 2 2 6 9 , showed:
In com e Statem ent fo r N in e M o n th s E n d in g Sept. 30.
1926.
1925.
1924.
19237
Gross receipts____________$ 2 0 ,7 6 8 ,7 2 3 $ 1 7 ,9 0 2 ,7 0 8 $ 1 5 ,596 ,488 $17,102 ,835
N e t earns, all sources_____ x 2 ,4 7 6 ,7 8 0
2 ,3 1 8 ,5 0 2
1,5 1 0 ,2 5 7
2 ,100,040
Preferred dividend______
5 6 3 ,9 5 0
5 49,490
541,121
532,954
A v a il, for im pts. or
common dividends. $ 1 ,9 1 2 ,8 3 0 $1 ,7 6 9 ,0 1 1
$969 ,13 6 $1,567,087
x After deducting all expenses incident to manufacture and sale, ordinary
and extraordinary repairs, maintenance o f plants, accidents, depreciation,
taxes, & c., also interest on A etna bonds.
O F F IC E R S .— Pres., R H . Dunham; V .-P ., T
W . Bacchus, J. T .
Skelly, G . H . M arkell, C . D . Prickett, N . P . Rood; Sec. & T r e a s .,__________
__________
Office, W ilm ington, D e l/— -(V. 123, p . 226 9 .)
H E R S H E Y C H O C O L A T E C O .— (V . 122, p . 2661.)
H O E (R .) & C O ., I N C .— Incorp. O ct. 4 1924 under laws o f N ew York*
and acquired the property, & c., of R . H oe & C o ., a New Y o rk corporation
incorp. D ec. 31 1909. M anufactures printing press machinery and ac­
cessories, and repair parts for presses and equipment. Also manufactures
circular saws and accessories for the lumber trade.
S T O C K .— The Class A stock ($4 per share cumulative) participates with
the Com m on stock, after dividends of $ 160 ,00 0 per annum have been paid
on the latter, as follows: the holders o f Class A stock shall be entitled to
receive one-third of any additional dividend and the holders of Com m on
stock shall be entitled to receive two-thirds thereof, until the holders o f
Class A stock shall have received in such one-year period an additional
dividend (in excess o f 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 o f the Com m on stock.
D I V S .— On Class A stock, paid $1 quar. from Jan. 15 1925 to O ct. 15
1925; none since.
B O N D S .— Th e 1st m tge. gold coupon bonds, Series A , are redeemable
at 105 and int. to O ct. 1 1930, and thereafter less 1 % for each full year
elapsed after Oct. 2 1930. The bonds are secured b y a first mortgage upon
all the plants o f the com pany in the United States and by the pledge of
4,9 9 7 shares o f the Capital stock of R . Hoe & C o ., Lim ited, a corporation
organized under the laws of the United K ingdom of Great Britain and Ire­
land, o f 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 b y directors o f R . H oe & C o ., L td . A n y additional shares
issued by R . H oe & C o ., Lim ited, are to be acquired b y the com pany and
’ edged under the mortgage.

192

M IS C E L L A N E O U S C O M P A N IE S
[For abbreviations, & c ., see notes on page 8]

D ate
Bonds

Homeatake Mining Co — Stock S 2 5.1 1 6 .0 0 0 ___ . . . ______ ______
H o u s e h o ld P r o d u c ts , In c — Stock 5 75.000 snares au th____
H o u s to n Oil C o — Com m on stock certif $25,000 ,000 a u t h ..
Preferred stock certificates 6 % cum ulative_____

_________

10-year sinking fund gold notes red (text)____ M B a.xxxc*

H ow e S o u n d C o— Stock (v t c) 6 00,000 shs auth
H u d s o n M otor C ar C o — Stock 2,0 0 0 ,0 0 0 shs auth___________

1925

Par
Value

A m ount
Outstanding

Bate
%

W h en
Payable

Last D ivid en d
and M a tu rity

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

$100 $25,116 ,000 See text M on th ly N o v 26 ’26 50c.
None 5 75.000 sh See text Q— M Jan 3 ’27
50c
100 24 ,9 6 8 ,6 0 0
F & A Aug 2 1926 3 % Checks mailed
100
8 .947,600
6
(Bankers T r C o , N Y
(M arylan d T r C o , Balt
7,0 0 0 ,0 0 0
600 &c
6 H g A & O Apr 1 1935
[Boatm en’s B ank, St L
None 460,411 shs See text
Oct 15 1 926 , $1
Q— J
N one 1 ,596,060sh See text
y— J
Oct 1’26 8 7 K c .

R E P O R T .— For 1925, in V . 122, p. 1773, showed:
Calendar Y ea rs—
1925.
Total incom e_______
$681,463
Interest_____________
387,244
D epreciation_______
230,545
British income ta x .
59,940
United States taxes

1924.
$1,203,792
105,287
257,182
54,007
57,435

$ 3,734
N et p ro fits_________________________________________
D ividends, class A stock_____________________________ ($3)240,000

$729,880
x295,604

Balance, surplus____________________________________ d ef$236,266
$434,276
x Includes $215 ,60 4 paid on the preferred stock o f the old com pany and
$ 80,000 paid in class A stock o f new com pany.
O F F IC E R S .— Pres., H arry R . Swartz: V .-P . Harold M . Tillinghast,
H arry V . B all, Fred G . K en t, C . W . Gaskell and Addison J. Gallien; Treas.,
Allen W . Lishawa; Sec., John M . Masterson; A sst. Sec., Louis Roehm .
Office, 504 Grand S t., N ew Y o rk .— (V . 1 2 2 , p . 1773.)
H O M E S T A K E M IN IN G C O .— Incorp. in California N o v . 5 1877. Owns
over 4 ,0 0 0 acres, located in the W hite W ood M ining D istrict, near Lead,
Lawrence C ounty, So. D a k ., where the company has a large gold mining
plant, including reductionworks. stam p m ills, electric plants, & c.
D I V S f l 9 1 0 t o 1912.
1913.
1914 to 1916.
1917.
1918-26.
Since’09-i 50c. m onthly 65c. m onthly 65c. monthly 65c. m thly
text
E x tr a __l
N one
1 5 % stock
$1 yearly
N one
____
Jan. 1918 to Sept. 1919, 50 cents m onthly. In O ct. 1919 dividend?
were suspended, owing to a fire that necessitated flooding to the sixth level
V . 109, p . 1529. Paym ents were resumed on M a y 25 1921 with a dis
tribution of 25 cents a share: then to Oct. 25 1922 oaid 25 cents m onthly:
N o v . 25 1922 to N o v . 26 1926, paid 50 cents m onthly; also paid $1 extra
on April 25 1924, Jan. 25 1925 and Jan. 25 1926.
R E P O R T .— For 1925 showed:
Calendar Y ears—
1925.
1924.
1923 .
1922.
Revenues__________________ $ 6 ,0 7 9 ,4 9 8
$ 6 ,2 1 3 ,3 3 4 $ 6 ,4 6 7 ,5 9 3 $6 ,3 3 2 ,9 9 4
Op. & gen. ex p .,in s., & c .
3 ,7 8 0 ,9 3 4
3 ,7 8 0 ,3 4 2
3 ,744,961
3,7 9 4 ,1 1 6
T a x e s ------------------------------40 4 ,3 8 0
4 2 5 ,5 8 9
4 4 7 ,5 3 0
414,709
Reserve for deprec’n ____
7 40,361
730,748
7 18,790
684,668
Reserve for d e p le t io n ...
589,871
593,011
6 2 4 ,6 5 3
646,068
D iv id e n d s ----------------------1 ,7 5 8 ,1 2 0
1,7 5 8 ,1 2 0
1,5 0 6 ,9 6 0
879,060
Balance, deficit_______ $ 1 ,1 9 4 ,1 6 8 $1 ,0 7 4 ,4 7 6
$575 ,30 1
$85,627
O F F IC E R S .— P res., Edw ard H . Clark, N . Y . ; V .- P ., Fred T . Elsey,
San Francisco; Treas., L . T . H aggin, N . Y . ; Sec., R . A . C lark, San Fran­
cisco, C al. O ffice, 910 American Bank B ld g., San Francisco.— (V . 122,
p . 3349.)
H O U S E H O L D P R O D U C T S , I N C .— Incorp. F eb. 9 1923 under laws
of Delaware. The corporation is authorized to m anufacture and sell,
either directly or Indirectly through stock ownership, medicinal and pharma­
ceutical preparations. A t present the corporation is only a holding company
owning and holding all the issued and outstanding capital stock o f the
Centaur C o ., manufacturers o f “ C has. H . Fletcher’s C astoria,’ ’ and the
Pepsin Syrup C o . o f M onticello, 111., manufacturers o f Caldw ell's Syrup
o f Pepsin.
In Feb. 1923 Sterling Products, I n c ., purchased a one-fourtb interest n
Household Products, I n c ., and has assumed the management o f the corp
D I V I D E N D S .— A n initial div. of 75 cents a share was paid M a y 31
1923; same amount paid quar. to D ec. 1 1926. On Jan. 2 1925 and 1926
and Jan. 3 1927 paid 50c. extra.
R E P O R T .— For 1925, in V . 122, p . 1618, showed:
1Q98
Calendar Y ears—
x l9 2 5 .
1924.
N et profits_______________________________$2,908,400 $ 2 ,628,176 $2,630,355
Estim ated Federal taxes_______________
345,950
316,216
311,635
D iv id e n d s.........................................
1,843,750
1 ,750,000
1,125,000
Surplus...........................
$718,700
$561 ,96 0 $1,193,720
Profit and loss surplus__________________$1,810,680
$1 ,4 2 3 ,3 8 8
$959,027
x Includes Pepsin Syrup C o.
R eport for 6 months ended June 30 1926, in V . 123, P- 1513, showed:
Six M o n th s Ended June 30—
1926.
1925.
1924.
N e t p r o f it s ------------------------------$ 1 ,7 6 0 ,8 4 5
$ 1 ,2 6 0 ,7 0 7 $ 1 ,2 5 0 ,1 6 8
Estim ated income ta x _________________
24 2 ,4 9 5
161,181
154,286
N e t incom e-----------------------------------------$ 1 ,5 1 8 ,3 5 0 $ 1 ,0 9 9 ,5 2 6 $1,095,882
D ividends p a id ------------------------------------8 62,500
75 0 ,0 0 0
750,000
Surplus
$655 ,85 0
$3 4 9 ,5 2 6
$345,882
O F F IC E R S .— Pres., A . H . Diebold; V .-P . & Sec., Frank A . Blair; Treas.
Albert B ryant: G en. M g r ., W . E . W eiss. Office, W ilm ington, D e la .—
(V . 1 2 3 , p . 2662.)
H O U S T O N O IL C O . O F T E X A S — Incorp. July 6 1901 In Texas
Owns the oil and gas rights on over 80 0 ,0 0 0 acres o f land in Texas and
Louisiana. The fee simple of the lands, together with all mineral rights
thereon other than oil and gas was sold in l 9 l 5 to the Southwestern Settle­
ment & D evelopm ent C o. (not incorporated).
Th e stockholders iD N o v . 1916 ratified the acquisition by the Federal
Petroleum C o . and the Republic Production C o. of an undivided half­
interest in the mineral rights retained by the company and also in those sold
to the Southwestern Settlement & Developm ent C o . The Federal Petro­
leum C o . and the Republic Production C o . assumed the management and
control o f the com pany’s oil developm ent o f the lands involved In D ec.
1916 under this agreement.
In 1901 the Houston Oil C o . contracted to sell to the K irb y Lumber Co.
about 8 ,0 0 0 ,0 0 0 ,0 0 0 feet o f standing yellow pine timber of 12 inches and up­
wards to be paid for semi-annually at $5 per 1,000 feet. Under an agree­
ment effected in July 1908, the am ount of timber to be cut under this con­
tract was reduced to 6 ,4 0 0 ,0 0 0 ,0 0 0 feet, the minimum semi-annual pay­
ments to be five-eighths o f am ount specified in original contract
The stockholders on M a y 12 1921 approved the terms of the adjustm ent of
the com pany’s claims against the K irby Lumber C o ., under which the
Houston Oil C o. received in settlem ent $3 ,0 0 0 ,0 0 0 In 7 % notes, payable
Bemi-annually in installments of $1 5 0 ,0 0 0 and secured by a lien on the
K irby Lumber C o .’s timber. Com pare V . 112, p. 1982.
The company in April 1925 issued $ 7 ,0 0 0 ,0 0 0 10-year sinking fund 6 H %
gold notes, the proceeds to provide the Houston Pipe Line C o. (all o f whose
securities are owned by the H ouston Oil C o. and pledged with the trustee to
secure this issue) with funds for the construction o f a 200-m ile pipe line
from the com pany’s recently developed gas field in Live Oak C ounty, Texas,
to H ouston. Texas, and intermediate points.
C A P I T A L S T O C K .— Under the terms o f a readjustment plan dated
July 1911, the Readjustment M anagers assigned to the M ercantile Trust
& Deposit C o. of Baltimore, trustee, under a readjustment and voting
trust agreement, all the pref. and common stock deposited with them ,
against which were issued Certificates of Beneficial Interest. Under this
agreement, the divs. accrued to Jan. 1 1912 were separated from the pref.
stock by the issue o f (a) Pref. stock certificates carrying 6 % divs. from Jan.




[V ol. 123.

INDUSTRIAL STOCKS AND BONDS

1912, which were issued for pref. stock par for par (6) accrued d iv. certificate
which were issued for the divs. unpaid to Jan. 1 1912. All o f the accrued
dividend certificates have been paid off.
D I V S .— A t the end of 1911 accumulated divs. on pref. stock amounted to
5 4 % . Paym ents were resumed on Aug. 1 1912 with a div. o f 3 % , which
amount has been paid semi-annually to A u g . 1926. The 5 4 % back divs.
were paid with an issue o f $ 2 ,3 9 4 ,0 6 5 6 % Accrued Dividend Certificates
(See above).
The 10-year sinking fund 6 % % gold notes are redeemable all or part on
any int. date on 60 days’ notice at par and int. plus a premium o f
of 1 %
for each year or fractional year from date o f redemption to m aturity.
The indenture provides that the co. will not create any mortgage upon
any property now owned or hereafter acquired, except purchase-money m ort­
gages and loans made in the ordinary transactions o f the business, while any
notes of this issue are outstanding. There will be deposited w ith the trustee
for the benefit of these notes all the bonds and stocks of the H ouston Pipe
Line C o ., including $ 7 ,0 0 0 ,0 0 0 6 K % bonds, which will constitute a first
mortgage on the entire 20 Cmiles o f proposed pipe line.
The indenture will provide a sinking fund equal to 7 5 % o f the net earnings
o f the Houston Pipe Line C o ., after deducting int. charges on the latter’s
1st m tge. 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 b y lot. It is estimated there should be available for
the sinking fund not less than $ 700 ,00 0 annually from date o f completion
of the pipe line. V . 120, p . 1754.
R E P O R T .— For 1925, in V . 122, p . 1462, showed:
Calendar Y ears—
*1925.
1924.
1923.
1922.
$ 3 ,480,144 $2 ,4 0 1 ,5 8 4
Oil sales___________________ $4 ,2 0 0 ,1 1 3 $3 ,8 8 7 ,9 8 3
Premiums on oil runs___
_________
__________
28 ,3 6 0
__________
Royalties received______
138,727
4 9 ,6 3 0
62,3 3 6
103,675
M isc. sales, oil trans., &c
136,325
7 9 ,2 2 4
8 7,244
22 ,7 9 4
Incr. in inventory of o il.
3 3,505
445,619
194,146
112,071
Total incom e_$ 4 ,508,670
Oper. exp ., depreciation,
depletion, taxes, & c _ - 3 ,5 2 3 ,4 5 9
Income credits_C r.648,473
Income charges_
379,334
Preferred divs. ( 6 % ) - - 546,856

$ 4 ,4 6 2 ,4 5 6

$ 3 ,8 5 2 ,2 3 0

$ 2 ,6 4 0 ,1 2 4

2 ,9 3 3 ,3 9 7
C r.70,374
80,641
536,856

2 ,3 2 0 ,6 9 3
C r.28,618
30,986
536,856

1,457,877
C r.57,374
16,302
536,856

Balance, surplus--------Previoussurplus ( a d j .) - .

$717 ,49 4
4 ,2 2 6 ,9 5 0

$981 ,93 6
3,3 5 8 ,4 4 7

$992 ,31 3
2 ,3 4 6 ,2 5 8

$686,463
1,659,795

Profit & loss su rp lu s-- $4,94 4 ,4 4 4
♦Includes Houston Pipe Line C o.

$ 4 ,340,383

$ 3 ,3 3 8 ,5 7 1

$ 2 ,3 4 6 ,2 5 8

-— 3 M o s . E n d . Sept. 30----------9 M o s . E n d . Sept. 30—
Period—
1926.
1925 .
1926.
1925.
Gross earnings___________ $ 2 ,3 3 0 ,1 5 9
$997 ,97 7 $ 5 ,5 6 6 ,5 7 3 $ 2 ,9 2 0 ,4 7 8
O p. & gen. exp ., incl.tax 1 ,5 8 0 ,7 9 6
4 10,431
3 ,3 5 6 ,4 1 9 1,184,417
N e t earnings before deprecia’n & deple’n - .
$749 ,36 3
$58 7 ,5 4 6 $ 2 ,2 1 0 ,1 5 4 $1,73 6 ,0 6 2
O F F IC E R S .— Pres., E . H . Buckner; V .- P ., M urray Carleton; V .-P . &
T reas., L . S. Zimmerman; Gen. M g r ., A . W . Standing; Sec.-Auditor, A . H .
Kennerly. O ffice, H ouston, T e x .— (V . 1 2 3 , p . 2146.)
H O W E S O U N D CO.-—-Incorp. under laws o f M aine on A u g. 22 1903
as a holding com pany. Subsidiary companies are the Britannia M ining &
Smelting C o ., L t d ., E l Potosi M ining C o . and Calera M ining C o . Produces
silver, lead and zinc.
S T O C K .— A large m ajority of the capital stock is held in a voting trust
expiring D ec. 15 1935 , the voting trustees being Evander B . Schley, Reeve
Schley and Nelson Robinson, all of N ew Y o rk .
D I V I D E N D S .— Paid as follows: O ct. 15 1925, 50c.; Jan. 15 1926, 50c.;
April 15 1926, 75c.; July 15 1926, 75c.; O ct. 15 1926, $1.
R E P O R T .— For 1925, in V . 122, p . 1462, showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
Total incom e______________$ 8 ,9 9 9 ,6 6 4
$6 ,3 0 1 ,1 7 2 $ 6 ,4 2 7 ,9 5 7 $3 ,2 7 8 ,4 5 0
Oper. expenses, & c--------- 6,3 1 9 ,6 5 9
4 ,7 2 1 ,7 2 6
4 ,8 4 6 ,2 9 9
2 ,1 4 5 ,4 9 6
T axes_____________________
3 0 7,592
148,635
164,414
136,394
Depreciation & depletion 1,2 2 0 ,9 5 0
82 7 ,2 3 7
857,545
6 0 9 ,9 2 2
Interest___________________
2 04,156
188,494
192,441
160,575
Dividends________________
4 67,190
9 9,207
29 7 ,6 2 3
_____
Surplus________________

$480 ,11 6

$315 ,87 3
$69,635
$22 6 ,0 6 3
--------Q uarters Ended— - 6 M o s . E n d.
—Jun e 30 ’26. M a r . 31 ’26. J u n e 30’2 6 .
Value o f metals produced______________$ 3 ,5 3 1 ,2 3 1
$ 3 ,3 1 7 ,3 4 7 $ 6 ,8 4 8 ,5 7 9
Operating expenses____________________
2 ,5 3 4 ,8 2 2 2 ,4 7 6 ,4 5 7
5 ,0 1 1 ,2 8 0
Operating incom e___________________
Other incom e___________________________

$996 ,40 9
4 3,659

$ 840 ,89 0
3 8 ,5 8 3

$ 1 ,8 3 7 ,2 9 9
8 2 ,2 4 2

Total incom e_________________________$1 ,0 4 0 ,0 6 8
Depreciation___________________________
194,353

$87 9 ,4 7 3
184,942

$1,919,541
379,295

N et income before depletion_______
$845 ,71 5
$694 ,53 1
$1 ,5 4 0 ,2 4 6
O F F IC E R S .— Pres., W . J. Quigly; V .- P ., Reeve Schley; V .- P . & Sec.»
W . J. W alw orth; Treas. & A sst. Sec., E . Richter. Office, 730 F ifth Ave.>
N ew Y o rk .— (V . 123, p . 1639.)
H U D S O N M O T O R C A R C O .— Incorp. under laws o f M ichigan on Feb.
24 1909. M anufactures the H udson Super-Six and Essex m otor cars.
PlaDt located in D etroit, M ich .
S T O C K .— The authorized capital stock was increased from 1,200,000
to 2,0 0 0 ,0 0 0 shares on M a r. 31 1924.
D I V I D E N D S .— A n initial quar. d iv. o f 50c. per share on the no par value
stock was paid July 1 1922; O ct. 5 1922 paid 50c. qu ar.; Jan. 2 1923 to July 2
1923 paid each quar. 50c. quar. and 25c. extra; O ct. 1 1923 to Apr. 1 1926
paid 75c. quar.; July 1 and O ct. 1 1926 paid 8 7 K c . quar. On April 15
1924 paid a stock div. o f 1 0 % , and on June 15 1926 paid a stock div. of 2 0 % .
R E P O R T .— For fiscal year ended N o v . 30 1925, in V . 122, p. 90, showed:
C onsolidated In co m e A c co u n t Y e a r En ded N o v . 30.
Y ea rs Ended N o v . 30—
1924.
1925.
1923.
Gross profit
________
_ - . _____ $ 3 2,004 ,261 $16,2 4 7 ,8 7 2 $14,472,351
Other incom e_____________________ _____
800,374
396,195
380,675
Total income
- _
_____ $32,8 0 4 ,6 3 5 $16,644 ,067 $ 1 4 ,853 ,026
Expenses, depreciation, & c_____ ____
7,450,000
5,706,002
8,4 4 4 ,0 0 5
Provision for Federal taxes_____ _____
2 ,9 8 2 ,1 2 5
1,120,600
1,143,400
N et income
_
____________ $ 2 1 ,3 7 8 ,5 0 4
Dividends paid______ __ _______________
4 ,9 7 4 ,5 6 2

$8,07 3 ,4 5 8
3 ,781,394

$ 8 ,003,624
3 ,601,255

Balance, surplus____________________ $16,4 0 3 ,9 4 2
Profit and loss surplus N o v . 3 0 _______ 2 6 ,3 7 5 .3 6 0

$ 4 ,2 9 2 ,0 6 4
1 0 ,201,418

$ 4 ,402,369
9,459,979

Nov., 1926.]

D ate
Bonds

M IS C E L L A N E O U S C O M P A N IE S
tF o r abbreviation s, & c ., see notes on page 8]

H u m b le O il & R e fin in g — Capital stock $ 7 5 ,0 0 0 ,0 0 0 _______

G old debenture bonds red (tex t)________________ G .c*& r*

1922

H y d r a u lic S teel C o— C om m on stock 500 000 shares a u t h ..
Preferred stock 7 % cum con v red 102 Y $6,000,000 a u t h ..
T en-year s f gold notes red 107 H __________________ xxxet

1920

H u p p M otor C ar C o rp — C om m on stock autb $20,000,000. .

(F or secu rities to be issued under reorganiza tion p la n , see text.)

I llin o is P ip e L in e C o— Stock $ 3 0 ,0 0 0 .0 0 0 ____________________
I n d e p e n d e n t Oil a n d Q a s Co— Stock 1 ,000,000 shares auth
5-yr g notes (with stk purch warrants) red (text)___ kxxxc*
Ilse d e r S te e f C orp — See text.
In d ia n a P ip e L ine C o — Stock J 5.000.000-.
---------------------In d ia n M o to c y c le C o — Com m on stock 100,000 shares a u t h ..
Pref (a < d) cumul convert call 125 $2,50 0 ,0 0 0 au th_______
&

1926

::::

Par
Value

50
5 ,000,000 See text
None
100,000 shs. See text
100
$750,000
7

R E P O R T .-— For 1925 , in V . 1 22, p. 1618, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
T otal incom e____________ $ 6 8 ,6 2 0 ,4 2 9 $ 4 8 ,734 ,410 $40,356 ,536 $26,490 ,523
C ost of oper. & interest. 3 3 ,1 0 4 ,6 1 0
28 ,4 8 6 ,8 6 0 26,46 6 ,6 4 2 19,760,643
D epreciation____________
9 ,6 5 6 ,1 1 9
8 ,4 7 6 ,6 3 0
6 ,664,383
5 ,646,506
985,911
935,725
2,1 6 7 ,3 1 9
2 ,2 3 9 ,8 5 3
D epletion________________
Federal taxes (e st.)______ 2 ,2 5 0 ,0 0 0
1,000,000
_________
__________
Dividends paid_________
2 ,1 0 0 ,0 0 0
2,1 0 0 ,0 0 0
2 ,1 0 0 ,0 0 0
x
Balance.............................$ 2 0 ,5 2 3 ,7 8 9
$7,735,195su r$2858,192def$1156,479
x Dividends paid out of surplus in these years.
President. W . S. Farish, H ouston, T exas.— (V . 123, p . 1388 )
H U P P M O T O R C A R C O R P O R A T I O N — O R G A N I Z A T I O N .— Inc. on
N o v . 24 1915 in V a. to make automobiles and take over the business and
properties o f the Hupp M otor Car C os. o f Detroit and Canada, and the
Am er. Gear & M fg . C o. o f M ichigan.
V . 101, p . 2074; V . 102, p . 2079.
Also owns the D etroit Auto Specialty Corp.
S T O C K .— The stockholders on Sept. 8 1926 increased the authorized
capital stock from $ 1 0 ,0 0 0 ,0 0 0 to $ 2 0 ,0 0 0 ,0 0 0 .
The entire outstanding
pref. stock was retired on April 1 1 9 2 4 . V . 118, p. 90.
D I V I D E N D S .— Initial common div. of 2 Y % paid in Feb. 1920; to
A ug. 1 926 , 2 4 £ % quar.; on N o v . 1 1926 paid 3 Y % quar. On M a r. 15
1923 and Oct. l 5 1926 paid 1 0 % in common stock.
R E P O R T .— For 1925, in V . 122, p. 1463, showed:
Calendar Y e a r s - 1925.
1924.
1923.
1922.
Sales_____________________ $ 4 3,847 ,198 $32,3 2 0 ,7 0 6 $ 3 8 ,013 ,014 $34,122 ,847
N et profits after t a x e s ..
2 ,9 1 6 ,9 3 9
1,095,160
2 ,646,438
3,763,9S 4
Pref. dividends ( 7 % ) . . . ___________
_________
37,822
58,873
Com m on dividends______
913,809
685,357
786,603
519,210
Balance, surplus______$2 ,0 0 3 ,1 3 0
$409,803 $1,822,013 $3,185,901
Report for 9 m os. ended Sept. 30 1926 , in V . 123, p. 2 2 6 9 , show ed:
■------- Q uarter Ended- — — ■ • — 9 M o n th s Ended■ — •
—
—
Period—
Sept. 30 ’2 6 . Sept. 30 ’25. Sept. 30 ’26. Sent. 30 ’25.
N et sales______________ y $ 1 4 ,1 0 8 ,5 1 7 $9,203,905y $43,890,S 74x $32,436,123
C osts, exp. & deprec’n _ _ z 1 2 ,9 3 9 ,9 4 2
7 ,7 6 3 ,2 7 8 z 4 0 ,3 4 0 ,7 2 4 2 7 ,301,657
$3 ,5 5 0 ,1 5 0 $ 5 ,134,466
4 7 9,270
2 ,3 9 8 ,7 2 0
685,357
685,357

Surplus------------------------$ 7 8 2 ,3 6 4
$369 ,57 4 $ 2 ,3 8 5 ,5 2 2 $ 2 ,050,389
x Including $ 3 7 4 ,5 1 9 profit on sale of plant assets, y Includes $174,974
other income for the quarter ended Sept. 30 1926 and $ 5 1 5 ,8 3 0 for the
9 months ended Sept. 3 0 1926.
z Includes $1 1 3 ,7 1 6 depreciation for the
3 months and $ 345 ,99 1 depreciation for the 9 months ended Sept. 30 1926.
O F F IC E R S.-— Chairman of Board, C . D . Hastings; Pres. & Gen. M g r .,
G e n e ral o ffic e ,

Detroit, Mich.-— (V . 1 23, p. 26 .2.) '
H Y D R A U L IC ST E E L C O . (T H E ).— See “ R y . & Ind. Com pendium ”
for M a y 1926.
IL L IN O IS PIPE L IN E C O . (T H E )— O R G A N I Z A T I O N .— Incorp. in
Ohio on N o v . 30 1914 and took over as o f Jan. 1 1915 the pipe line owned by
Ohio Oil C o ., extending from W ood River, 111., to Centerbridge on Pennsyl­
vania-New Jersey boundary line, about 900 miles, joining at that point the
line o f the Standard Oil C o. leading to the Bayonne refinery. The line also
reached the Solar Refining C o .’s plant at Lim a, O.
Also has line from
Martinsville, 111., to Preble, 182 miles. Stock, $20 ,0 0 0 ,0 0 0 , all distributed
among stockholders of Ohio Oil C o .
V . 9 9 , p. 1678, 1913; V . 100, p. 144
L A T E D IV S . 1918.
1919. 1920.
1921.
1922.
1923. 1924.
1925Per cent----------14
16
18
16
14
11
12
12
Paid in 1926: June 30, 6 % ; D ec. 15, 6 % .
R E P O R T .— For 1925, in V . 122, p . 1463, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
N e t profits_______________$ 3 ,855,554 $2,40 1 ,3 0 2 $ 2 ,2 3 3 ,1 9 9 $ 2 ,808,255
D ividends________________ 2,4 0 0 ,0 0 0 2,4 0 0 ,0 0 0
2 ,2 0 0 ,0 0 0 2 ,800,000
Surplus________________ $1,45 5 ,5 5 4
$1,302
$ 3 3,199
$8,255
P res., W . A . M iller, Lim a, O .; V .-P . & T reas., W . E . Badger; Sec., O . F .
M oore, Findlay, O .— (V . 123, p . 2003.)
IL S E D E R S T E E L C O R P . (IL S E D E R H U T T E ), G R O S S -I L S E D E ,
G E R M A N Y .— The National C ity C o. April 1926 sold at 94 and interest
$ 7 ,5 0 0 ,0 0 0 20-year m tge. sinking fund 7 % gold bonds. D ated April 1
1926; due April 1 1946. Prin. and int. (A . & O.) payable at National C ity
B ank, N ew Y o rk , in U . S. gold coin without deduction for any past, present
or future taxes or duties levied by or within the German Reich or any
political subdivision thereof. Prin. and int. also collectible at the option
of the holder either at the city office of National C ity Bank o f N ew York
in London, E n g ., in pounds sterling; or at the Amsterdamsche Bank in
A m sterdam , Netherlands, in guilders; or at the Stockholms Enskilda Bank
in Stockholm , Sweden, in Swedish kronen; in each case at the then current
buying rate of the respective banks for sight exchange on N ew Y o rk .
D enom . $1,0 0 0 and $500 c * . R ed ., all or part, on any int. date upon 30
d ays’ prior notice at 1 0 3 % . N ational C ity Bank o f N ew Y o rk , trustee.




W hen
Payable

L a st D ividend
and M a tu rity

Oct
luly
N ov
Dec
M ar
N ov

Places W h ere In terest a n t
D ivid en d s are P ayable

1 ‘26 50c.
15 1932
New York,
1 1926 3 K New York
31 ’20 75c
31 ’21 1 H
New York
1 1930

$100 $20,000 ,000 See text J A D D ec 15 ’26 6 % Findlay. Ohio
None
500,000 sh.
$1
Q— M 31 Jan 17 ’27 25c Checks mailed
500&1000
N a t Bk of C om , N Y
3 ,000,000
&
J Jan 15 1931
6Y S J

H U M B L E O IL & R E F IN I N G C O .— O R G A N I Z A T I O N .— Incorp. in
1917 in Texas. H as large holdings of well selected leases upon lands in all
sections of Texas and has considerable holdings in Louisiana, Arkansas and
Oklahoma. Transportation facilities, & c.. compare V . 115, p . 188.
S T O C K .— The Standard Oil C o. of N . J. owns 5 0 % o f the capital stock.
The stockholders on M a r. 1 1926 increased the authorized capital stock from
1 ,750,000 shares to 3 ,0 0 0 ,0 0 0 shares, the new stock, except such amount as
was reserved for sale to employees, being offered to holders of record M a r. 1
1926 at par.
D I V I D E N D S .— Quarterly dividends of 30c. a share on the outstanding
$ 4 3 ,7 5 0 ,0 0 0 capital stock, par $25, were paid April 1 1923 to O ct. 1
1926 ; also paid 20c. a share extra on July 1 and Oct. 1 1926. Holders of
record D ec. 18 1922 received a 7 5 % stock div. Previous to this stock dis­
tribution, divs. at the rate o f 8 % per ann. ( 2 % quar.) were paid on the old
stock, par $100.
Th e 5 >2 % gold debenture bonds of 1922 are redeemable as a whole only
at 105 and int. to July 15 1925, and at 102Y, and int. thereafter. Proceeds
were used to retire $ 2 5 ,000 ,000 7 % notes which were called for redemption
on Sept. 15 1922. V . 115. p. 188.

D u b o is Y o u n g ; V .-P r e s ., S ec. & T r e a s ., A . v o n S ch leg ell.

Rate
%

Text
7 5 .0 0 0 .
See text
000
2 5 .0 0 0 .
000 5 Y g J & J 15
Q— F
10,051,900 See text
294,518 sh.
100
5 ,998,900
100 &c
8g
M & N
2 .851,300

O F F IC E R S .— Chairm an, R . D . Chapin; Pres., R . B . Jackson; Y .-P . &
T reas., W . J. M cA neen y; V .-P ., H . E . C offin; Y .- P ., O. H . M cC ornack;
Sec., A . Barit.
Office, 12601 East Jefferson A v e ., D etroit, M ic h .—
(V . 123, p. 1639.)

$ 1 ,4 4 0 ,6 2 7
842,601
2 2 8 ,4 5 2

A m ount
Outstanding

25
100 &c
10

-— Quar. Ended A u g . 31— -— 9 M o s . E n d. A u g . 31-—■
P eriod—
1926 .
1925.
1926 .
1925 .
x N et income____________ $ 1 ,9 2 6 ,6 4 5 $ 6 ,9 2 6 ,5 5 4 $ 7 ,9 8 3 ,9 8 2 $16,7 2 2 ,2 6 9
x After charges, Federal taxes and depreciation.

P r o f it s __________________$ 1 ,1 6 8 ,5 7 5
Federal taxes, & c_______
1 57,757
Com m on dividends--------2 2 8 ,4 5 2

193

INDUSTRIAL STOCKS AND BONDS

Q— F
N ov 15 ’26 4 % New York
See text N o v 1 ’26
50c
Oct 1 1926 1 %
Q— J

Darmstadter und Nationalbank Kommanditgesellschaft au f Aktien, co­
trustee.
Sinking F u n d .— M ortgage will provide for a sink.fundsu fficient to retire
prior to m aturity all the present and any additional issue o f these bonds.
On A u g. 15 1926, and semi-annually thereafter, the corporation shall be re­
quired to deliver to the trustee, either cash sufficient to redeem at 1 0 3 % ,
such principal amount o f bonds as is necessary to retire b y equal semi-annual
installments prior to m aturity all bonds previously issued, or in lieu thereof
(in whole or in part) bonds in such principal am ount. Bonds so delivered
and redeemed shall thereupon be canceled and permanently retired.
P R O P E R T Y .-— The corporation, founded in 1861, produces steel beams
and channels and other structural steel products. The properties include
3 large iron ore deposits, extensive coal lands and mines, together with by­
product coke plants, 6 modern blast furnaces having annual capacity o f
600,000 tons o f pig iron, converters and furnaces having annual capacity
o f 600,000 stons o f steel ingots, 9 electrically driven rolling m ill trains, an
electric power plant o f 4 5,000 h .n . capacity, and a steam railroad system
comprising 110 miles o f track.— (V . 123, p . 2526.)
IN D E P E N D E N T O IL A N D G A S C O .— Incorp. O ct. 18 1919 in Dela­
ware. Properties are located in O klahom a, K ansas and Texas.
T h e In d epen d en t P ip e L in e Co. has been incorporated in Oklahoma with
an authorized capital o f $ 300 ,00 0 to handle the crude oil production of the
Independent Oil & Gas C o.
The T ri-C ounty Gas C o. has been incorporated in Oklahoma with an
authorized capital of $ 300 ,00 0 to handle the distribution of gas produced
b y the Independent Oil & Gas C o.
Each of these subsidiaries is owned 1 0 0 % b y Independent Oil & Gas C o .
S T O C K .— The stockholders o f record June 15 1925 were given the right
to subscribe for additional stock at $30 per share to the extent o f one new
share for each 9 shares held.
D I V I D E N D S .— Paid 25 cents a share quar. from M arch 31 1924 to
Jan. 17 1927.
N O T E S .-— The 5-year 6 Y % gold notes are redeemable, all or part, on
the first day of any m onth or on any int. date on 60 days’ notice at 1 0 2 Y
and int. on or before Jan. 15 1927, and thereafter at a premium decreasing
Y of 1 % during each succeeding 12 m onths period until m aturity. R e­
deemable for sinking fund on or before Jan. 15 1929 at 101, and thereafter
prior to m aturity at 1 0 0 Y , plus accrued interest in each case..
Stock P u rch a se W a rra n ts.— These notes carry detachable stock purchase
warrants entitling the holder thereof to subscribe to the capital stock o f the
com pany at the rate o f 15 shares o f stock for each $ 1,000 notes, and 7 Y shares
for each $500 note, at the following prices, depending upon the period in
which exercised: On or before Jan. 15 1927 at $35 per share; thereafter, and
on or before Jan. 15 1928, at $37 50 per share; thereafter, and on or before
Jan. 15 1929, at $40 per share; thereafter, and on or before Jan. 15 1930, at
$42 50 per share; thereafter, and on or before Jan. 15 1931, a t $45 per share.
Sinking Fund.— Beginning July 15 1926, and semi-annually thereafter,
the com pany, as a sinking fund, will deliver to the trustee, or deposit cash
sufficient to redeem, $300 ,00 0 principal amount of notes. V . 122, p . 619.
R E P O R T .— For calendar years (including owned companies):
Calendar Y ears— 1925.
1924.
Oil and gas sales, & c__________________________________ $6 ,2 1 3 ,1 2 0 $ 2 ,2 7 5 ,1 1 9
Sales o f leases and equipm ent________________________
39,9 5 2
545,816
T o ta l__________________________________________________ $6 ,2 5 3 ,0 7 2
Cost o f crude oil refined_______________________________ $489 ,62 0
Operating, general and administrative expenses___ 1,0 8 0 ,4 0 9
Taxes, dry holes, abandoned wells & expired leases.
7 5 2,732
Interest and discounts (net)___________________________
2 1,807
Depreciation and depletion___________________________ 1 ,271,839
Estim ated reserve for Federal taxes_________________
7 5,000

$2,82 0 ,9 3 4
__________
$536,307
4 58,290
4 ,l8 3
1,183,985
__________

N e t incom e-----------------------------------------------------------------$2 ,5 6 1 ,6 6 4
$638,169
Surplus account, D ec. 31 1925, shows: Earned surplus, D ec. 31 1924,
$622,286; net income, year 1925, $2,5 6 1 ,6 6 4 ; total, $ 3 ,1 8 3 ,9 4 9 . Cash divi­
dends paid and declared during 1925, $474 ,75 0; total earned surplus, $ 2 ,7 0 9 ,199; appreciation resulting from appraisal o f producing leases, $ 4 ,403,622;
stock dividends paid, $ 2 ,0 4 3 ,8 2 4 ; total capital surplus, $2,359 ,7 9 7 ; total
surplus per balance sheet, $ 5 ,0 6 8 ,9 9 7 .
- Q uar. E n d . Sept. 30— - 9 M o s .E nd. Sept. 30—
—
—
P e r io d __________________
1926.
1925.
1926.
1925.
Gross earnings___________ $ 2 ,889,030
1,594,286
£6,353,767 $ 4 ,739,304
Operating costs__________
1,432,897
751,076
3,017,574
1,500,270
Interest and discounts. _
86,996
3,712
211,533
16,843
Deprec. & depl. reserve.
502,331
908,278
333,151
1,328,425
Res. for Fed. inc. tax___
35,837
35,837
150,000
N et avail.forsur.& divs.
$830 ,96 8
$506 ,34 8 $1,760,397 $ 2 ,163,914
O F F IC E R S .— Pres., E . H . M oore; 1st V .- P ., E . F . Connors: 2d V .- P ..
J. Donald D uncan; 3d V .- P ., C . F . K elsey; Sec. & Treas., R . M . Riggins
A sst. Sec. & T reas., L . F . Craig and W m . A . M cK n igh t. Office, Tulsa,
O kla.— V . 123, p . 2270.
IN D IA N M O T O C Y C L E C O .— Incorp. O ct. 4 1913 in Massachusetts
as Hendee Manufacturing C o .; name changed to present title O ct. 24 1923.
Manufactures the “ Indian M otocycle .” Plant is located at Springfield.
M ass. Also has a branch in London, Engl. Suit, V . 123, p . 2527.
S T O C K .— Pref. stock is convertible into common share for share.
Callable as a whole only at 125. N o mortgage without consent o f 7 5 % of
outstanding pref. stock. Both classes have equal voting power. A total
o f $1,50 0 ,0 0 0 pref. stock has been retired under the terms o f the sinking
fund as provided in the articles o f organization, leaving $ 1 ,0 0 0 ,0 0 0 out­
standing and completing all requirements o f the sinking fund provision.
Subsequent to the retirement, the company purchased a total o f .$250,000
pref. stock, which stock is held in the treasury and is not to be reissued.
D I V I D E N D S .— Quarterly divs. of 1 H % have been paid on the pref.
stock since Jan. 1 1914 to O ct. 1 1926. On com m on, paid initial div. of
50 cents per share on N o v . 1 1925; same am ount paid M arch 1 1926, July
1 1920 and N o v . 1 1926.
R E P O R T .-— For fiscal year ended A u g. 31 1 9 2 6 ,i n V . 123, p . 2388 .showed5
Y ears En ded A u g . 31— 1926.
1925.
1924.
1923.
Sales______________________ x $4 ,037 ,441 $4,286,866 $ 3 ,7 5 7 ,8 8 0 $4 ,6 8 7 ,7 9 7
Cost and expenses_______
3,6 6 2 ,1 4 6
3 ,9 1 0 ,7 2 8
3 ,4 7 6 ,9 4 5
4 ,287,921
Operating p ro fit______
M ain t. E . Springf. p ro p .
Depreciation_____________
Preferred dividends____

$375 ,29 5
6,232
157,069
54,512

$376 ,13 8
10,297
163,928
56,525

$280 ,93 5
14,044
178,880
63 ,2 6 4

$399 ,87 5
_____
192,138
70,000

Surplus________________
$157 ,48 2
$145,388
$2 4 ,7 4 8
$137,737
x Includes London branch net income of $1,6 7 3 .
O F F IC E R S .— P res., Frank J. Weschler; V .- P ., W m . E . Gilbert; Sec. &
T reas., Parm ly H anford; A sst. T reas., John W . L eahy. Office, Springfield, M a ss.— (V . 123. p . 2662.)

194

INDUSTRIAL STOCKS AND BONDS
Date
Bonds

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviation s, A c ., see notes on page 8]

In d ia n R e fin in g C o— Com m on stock $10,0 0 0 ,0 0 0 a u t h ..
Pref (a & d) stock 7 % cum convert (text) $3,00 0 ,0 0 0 a u t h ..
I n g e r s o lL R a n d — C om m on stock 1 ,500,000 shs auth________
Pref stock 6 % cum (a & d) option (see te x t)_____________
First m tge $ 3 ,000,000 gold red 105 since 1911____ N j c ' i i
In la n d S tee l C o .— Stock 1 ,200,000 shares____________________
P ref (a & d) stock 7 % cum . red 115 $ 3 0 ,0 0 0 ,0 0 0 auth_______

1st M tge g due *150,000 yearly April 1___________ F C .c*

Five year-gold notes redeemable (tex t)____________ G xxx.c$
I n te r n a tio n a l A g r ic u ltu r a l C orp— Com m on stock________
Prior preference (a & d) stock 7 % cum red 1 10____________
1st (closed) M & coll tr s f bonds red 1 03____________ B a.x c*

1908
1925
1926
1912

$10 $ 7 ,850,680
100
2 ,2 9 6 .4 0 0
N one l,0 0 0 ,0 0 0 s h
$100 $2,525,500
100 &c
1,000,000
1.182.799sh
100 $10,000 ,000
1,000
300,000
1,000 12,250,000
20 2H,6:t9.:-t40
500&1000
6 ,000,000
N one 450,000 sh.
100 $10,000 ,000
100 &c
8,2 2 8 ,3 0 0

IN D IA N R E F IN I N G C O ., IN C .— Incorp. in N o v . 1904 in M ain ej
Engaged in transporting and refining crude oil. Owns the entire capita
stock o f the Central R efining C o .
S T O C K .— Th e pref. stock is convertible into common stock in the ratio
o f one share o f pref. for five shares o f com m on.
Th e stock trust certificates have been issued under a stock trust agree­
m ent dated as o f July 22 1925, m ade b y and between B ayard D om inick,
J. H . Graham and W . C . Janney as a committee under a certain plan
and agreement dated April 15 1925 for the realization and distribution of
collateral securing the 2-year secured conv. gold notes dated Sept. 1 1921
o f Seaboard Finance & Investm ent C o . and Bayard D om inick, D avid M .
Goodrich, J. H . G raham , W alter C . Janney and Robert L . M ontgom ery as
trustees. The purpose o f the stock trust agreement is to insure for the ben­
efit o f the holders o f all the stock o f the com pany continuity o f management
and policy for a term o f years. T h e stock trust agreement expires on July
22 1930, but m ay be terminated prior thereto by a m ajority vote o f the
trustees.
D I V S .— On pref., In full to D ec. 1921; none since. On com m on, July
1906 to O ct. 1911 at rate o f 1 2 % per annum; then none until D ec. 1917,
when 3 % was paid; M a r. 1918 to June 1920 paid 3 % qu ar.; Sept. 1920, 5 % :
D ec. 1920 , 5 % ; none since.
B O N D S ..— There was outstanding on June 30 1926 $ 1 ,4 2 2 ,0 0 0 N ational
Steel Car Lines equipment trust certificates o f Central Refining C o. and
$480 ,00 0 first m tge. gold bonds o f Indian Pipe Line C orp.
R E P O R T .— For 1925, in V . 122, p . 3218 , showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
Profit fro m operation
y $ l ,452,331
$488,179 loss$ 1850413 loss$402,538
Profit on sale o f capital
assets__________________
_______
2,0 8 9 ,9 4 5
_______
_______
Total pro fits____________$1,452,331
D ed uct— Interest p a i d ..
a 200,852
D epreciation__________
751,757
_______
A m o rt, o f disc. & exp_
Miscellaneous_________
147,517
Pref. divs. ( 7 % p . a . ) .

$2,578,1251oss$1850413 loss$402,538
143,069
190,974
226,566
833,832
_______
_______
40,8 1 8
_______
_______
x l 1,078

x 19,440

A m ou n t
O utstanding

x l9 ,4 2 9

Balance, surplus______
$352 ,20 5 $ l,5 4 9 ,3 2 7 d f$ 2 ,0 6 0 ,8 2 7 d ef$648,533
Profit and loss, d e fic it .. $ 1 ,9 5 4 ,6 8 5 $ 2 ,582,964 $ 4 ,132,291 $ 2 ,074,464
a Including discount, x Central Refining C o . y The com pany reports
for the year 1925, sales of $20 ,1 5 9 ,9 2 8 ; cost o f sales, $15 ,4 8 8 ,5 7 0 ; selling and
general expenses (including 2 5 % o f Havoline advertising expense), $ 3 ,3 2 1 ,074; net profit on sales, $ 1 ,3 4 9 ,6 8 5 ; other income, $102 ,64 6; total income as
above, $ 1 ,4 5 2 ,3 3 1 .

W hen
P a yable

R ate
%

See
See
See

text
text
text

6
5 «
$ 2.50
7
6 g
5 )4
8e» text
6H g
See

Last D ividend
and M a tu rity

See text
See text
D ec 1 1926 $ 1 K
July 1 1926 3 %
D ec 31 1935
D ec 1 ’26 6 2 ^ c
Jan 1 1927 I K
T o Apr 1928
N o v i 1945
O ct 4 1926 2 )4
S M ar 1 1931

Q— M
J
&
J
J
& J
Q— M
Q— J
A & O
g M & N
1
O

Debenture gold bonds red (text)_________________ Fcxxxc*

I n s p ir a t io n C o n s o l C o p p e r C o— Stock $30.000,000____

1906

Par
V a lue

M

&

text Q— M
D ec 1 1926 I K
M & N M a y 1 1942
5 g

[V ol. 123
P laces W here Interest oms
D ividends are P a yable

Checks mailed
do
Office 11 B ’ way

N

Y

First T r & S B . Chicago
G uaranty Trust C o, N Y
Bankers Trust C o , N Y

IN L A N D S T E E L C O — O R G A N I Z A T I O N .— Incorp. in Delaware Feb.
6 1917 as successor o f Illinois com pany, incorp. in 1893. Owns plants at
Indiana Harbor, In d .; Chicago Heights, 111., and Milwaukee, W is . In
April 1917 purchased 2,0 0 0 acres o f coal land 14 miles northeast o f Pitts­
burgh. V . 104, p . 1493. In Jan. 1924 acquired the Milwaukee Rolling
M ill C o ., the name being subsequently changed to Inland Steel C o . o f
W isconsin. V . 118, p . 673.
S T O C K .— The stockholders on April 12 1923 voted: (a) to create an
authorized issue of $30,0 0 0 ,0 0 0 7 % cum . pref. (of which $ 1 0 ,0 0 0 ,0 0 0 has
been sold), and (6) to change the authorized common stock, consisting of
1,200,000 shares, par $25 per share, into a like number of shares without
par value, of which 1,182,799 shares are outstanding. V . 116, p . 1655.
D I V I D E N D S .— On com m on: 1917, M arch , 5 % ; June 1917 to M a r c h l9 2 0 ,
incl., 8 % p . a . (2 % Q .- M .) .
In June, Sept, and D ec. 1920 paid a dividend
of 75c. a share (3 % on the new $25 par value stock ). M arch 1921 to M arch
1923 paid each quarter 25c. a share ( 1 % ) .
Extra dividends: In M a y 1911 ,
1912 and 1913, each 3 % . June 1 1923 to D e c . 1 1926 paid each quarter
q 2 ) 4 c . a share on new stock of no par value.
B O N D S .— The 5 1 4 % debenture gold bonds are redeemable as a whole
but not in part upon not less than 6 weeks’ notice at 103M and int. on any
int. date on or before N o v . 1 1935, at 102 and int. on any int. date there­
after on or before N o v . 1 1940, and at 101 and int. on any int. date there­
after prior to m aturity. Semi-annual sinking fund, beginning M a y 1 1926,
o f 1 % o f the m axim um principal amount o f bonds at any tim e outstanding
is to be applied to purchase o f bonds if obtainable at their principal am ount
or less, or if bonds are not so obtainable, within 5 m onths after each paym ent
date, m ay be used for capital expenditures for which no additional securities
are issued, at the rate o f 7 5 % o f such expenditures. V . 121, p . 2165 .
R E P O R T .— For 1925, in V . 122, p . 1925, showed:
IQOO
Calendar Y ea rs—
1925.
1924.
1923.
$ 8 ,0 4 4 ,5 6 3 $ 7 ,6 7 3 ,4 0 8 *$ 2 ,4 3 4 ,0 2 3
Total incom e______________$ 7 ,980,316
Depreciation, & c________
2 ,0 5 5 ,6 3 8
1,5 0 7 ,2 9 6
1 ,321,270
1 ,004,336
Bond interest____________
129,943
58,667
162,180
2 88,510
Federal ta x ______________
6 69,000
7 1 6 ,0 0 0
650,000
Em ployees’ pension fund
25 6 ,0 0 0
28 8 ,0 0 0
2 6 5,000
Preferred dividends_____
7 0 0 ,0 0 0
7 0 0 ,0 0 0
525,000
Com m on dividends______ 2,9 5 6 ,9 9 7
2 ,9 5 6 ,9 9 7
2 ,471,313
1,0 1 4 ,0 0 9
Balance, surplus______$ 1 ,212,737
$ 1 ,8 1 7 ,6 0 3 $2,27 8 ,6 4 5
$127 ,16 8
♦After reserve for Federal and other taxes.
-— Q uar. E n d . Sept. 30— — 9 M o s . E n d . Sept. 30—
P eriod—
1926.
1925.
1926.
1925.
N e t after expenses______$ 2 ,6 7 3 ,3 1 6 $ 1 ,7 9 4 ,0 7 8 $7,87 5 ,0 3 1
$5 ,4 0 6 ,5 7 2
Deprec. & depletion____
5 37,974
487,093
1,548,603
1 ,510,453
43 4 ,0 5 6
117,750
1,2 9 1 ,9 0 9
4 47,500
In t. & Federal taxes____
Preferred dividends_____
175,000
175,000
5 2 5,000
525,000
Com m on dividends______
73 9 ,2 5 0
73 9 ,2 5 0
2 ,2 1 7 ,7 5 0
2 ,2 1 7 ,7 5 0

R E P O R T .— For 6 m os. ended June 30 1926, in Y . 123, p . 1245, showed:
1926.
1925.
1924.
1923.
Surplus------------------------$787 ,83 6
$ 274 ,98 5 $ 2 ,2 9 1 ,7 6 9
$705 ,86 9
N e ts a le s _________________ $ 1 1 ,6 1 0 ,7 3 5 $ 1 1 ,7 4 2 ,1 9 6
N o t stated.
Gross p ro fit______________ 2,8 8 3 ,8 4 1
3 ,3 1 1 ,1 6 9 $ 3 ,433,231 N o t stated.
O F F IC E R S .— Chairman, L . E . Block; P res., P . D . Block; 1st V .- P .'
E. M
N e tp r o fit________________
6 87,894
849,283
608,666 683,983 . Adam s; Sec. & Treas., W . D . Truesdale. Office, First N a t ’l Bank
Deprec. & deple________
_______
3 9 4,148
4 1 6,602
7 60,788
B ld g., Chicago, 111.— (V . 123, p . 2270 .)
I n t ., & c., charges_______
3 8 0,029
_____________
97,961
IN S P IR A T IO N
C O N S O L ID A T E D
COPPER
C O .— O R G A N I Z A ­
T I O N .— Incorp. In M aine D ec. 18 1911. Owns 4,2 1 6 acres, o f which (a)
N etin co m e____________
$307 ,86 5
$455 ,13 5
$ 192 ,06 5 Ioss$174,765
1.870 for mining lands, and lb) 2,3 4 6 for mill site, tailings, disposals, water
O F F IC E R S .— Pres., James H . Graham; Sec., D . G . Siemer; Treas . supply, & c. Owns half of the outstanding 16,320 shares o f the stock o f the
R . J. D illon. Office, Lawrenceville, 111.— (V . 123, p . 2003.)
Arizona Oil C o . Acquisition o f W arrior property, V . 110, p . 2 295 .
IN D I A N A P IP E L IN E C O .— O R G A N I Z A T I O N . & C .— Incorporated In
Indiana in 1891. Owns pipe lines in State of Indiana. Formerly controlled

b y Standard Oil C o . of N . J ., but segregated in 1911.
D I V I D E N D S .—
f ’ 15. ’ 16. ’ 17. ’ 18. ’ 19. ’20. '2 1 . ’ 2 2 . ’2 3 . ’2 4 . ’2 5 .
R egular-------------------------- %\ 16 16 16 16 16 16 16
16 16 14
8
E x tra____________________ % [ . . . .
4
8
3 4
44
.. ..
..
O n D e c . 3 0 1922 paid a special dividend o f 4 0 % .
Paid in 1926: F eb. 15, 2 % ; M a y 15 A u g. 14 and N o v . 15, 2 % quar.
and 2 % extra.
R E P O R T .— For 1925 showed:
1925.
$919,801
4 0 0 ,0 0 0

Profits for year__________
D ividends________________
Balance, surplus.

$519,801

1924.
$ 599 ,43 3
600,000
def$567

1923.
$ 965 ,94 4
80 0 ,0 0 0

1922.
$1,532,856
3,0 0 0 ,0 0 0

$ 1 6 5 ,9 4 4 d f$ l,4 6 7 ,1 4 4

O F F IC E R S .— D . S. Bushnell, Pres.: R . A . M iller. V .-P res. & Gen. M gr
J. R . F ast, Sec.; W . F . Livingston, Treas.
M ain office, H untington, In d . N ew Y o rk office, 26 Broadw ay.— (V
123, p . 1639.)

D I V I D E N D S .— An initial div. o f 6 K % ( $ 1 2 5 per share) was paid
M a y 1 1916; July 1916 to Jan. 1919, incl., 1 0 % qu ar., also July 30 1917.
1 K % to aid Red Cross distributions. V . 104. p . 2556 ; V . 107. p. 2479 .
In M a r. 1919 the quarterly dividend declared payable April 28 was reduced
to *1 50 (.7 )4 % )', to A p r. 1920, 7 )4 % qu ar.: in July and O ct. 1920 Paid 5 % :
then none until April 1923, when 2 ) 4 % was paid; July 1923 to Jan. 1924
paid 2 ) 4 % quar.; then none until July 6 1925 , when 50 cents quar.was paid;
same amount paid quar. to O ct. 4 1926.
N O T E S .— Th e 5-year 0 ) 4 % gold notes are redeemable, all or part, on
any int. date on 30 days’ notice at 103 and int. to and incl. M arch 1 1930
and on Sept. 1 1930 at 101 and int. V . 122, p . 1320.
R E P O R T .— For 1925 showed:
1925.
1924.
1923.
1922.
Copper produced (lb s .). 81,944,321 90 ,8 3 2 ,9 2 7 8 8 ,881,012
67 ,6 2 5 ,0 6 7
Sales o f copper----------------- $ 1 1 ,497 ,356 $12,4 3 0 ,1 7 7 $ 1 0 ,7 7 9 ,3 2 0 $ 1 0 ,2 3 6 ,8 9 4
Operating expenses, & c . 9 ,2 1 6 ,0 3 7
1 0 ,037,528
8 ,2 0 8 ,0 2 6
9 ,2 2 9 ,9 6 7
A d m . & Federal t a x e s ..
258,446
267,188
289,262
3 9 9,941
Other incom e____________
179,465
35 ,4 9 7
196,945
309
D ividends________________
1 ,772,950
__________
2 ,3 6 3 ,9 3 4
__________
Depreciation, & c------------385,536
457,365
39 9 ,9 6 5
3 5 2 ,0 4 9
Idle plant expenses______
__________
__________
__________
229,081
Balance, sur. or def------- sur43,851 s u rl,7 0 3 ,5 9 3 d ef279,922
sur26,166
N et cost o f prod, copper. 12.2858 cts. 11.0251 cts. 11.6158 cts.
12.1 4 cts.
Operations were suspended April 1 1921; resumed F eb. 15 1922. V . 112,
p . 1350; V . 114, p . 953, 1658.
O F F IC E R S .— Pres., L . D . Ricketts; V .-P ., W m . D . Thornton and W m .
W raith; Sec. & Treas., J . W . Allen; A sst. S e c .& A sst. T reas., W . S. Harper;
Gen. M g r ., Thos. H . O ’Brien. Office, 25 Broadw ay, N ew Y o r k .— (V . 122,

I N G E R S O L L -R A N D C O .— O R G A N I Z A T I O N .— Incorporated !n N . J
June 1 1 9 0 5 and acquired Ingersoll-Sergeant Drill and Rand Drib companies.
Owns plants at Philipsburg, N . J ., Easton and Athens, P a ., Painted Post,
N . Y . , and Littleton, Colo. M anufactures air compressors, rock drills,
locomotives, oil and gas engines, pneumatic tools and general mining,
tunnelling and quarrying m achinery. See V . 83, p. 117; also V . 84, p . 867:
V . 8 5 , p . 4 65. Canadian C o ., V . 105, p . 824.
p. 2200.)
S T O C K .— The stockholders on O ct. 6 1925 changed tne authorized com '
I N T E R N A T IO N A L A G R I C U L T U R A L C O R P O R A T I O N .— O R G A N ­
mon stock from 3 00,000 shares, par $100 , to 1,500,000 shares without par
I Z A T I O N .— Incorporated on June 14 1909 in N ew Y o rk .
Owns one-half
value, and approved the issuance o f four shares of com m on stock without
o f the stock o f the Kaliwerke Sollstedt Gewerkschaft, owning potash mines
par value in exchange for each share o f C om m on stock (par $100) outstand’g.
at Sollstedt, Germany (having sold one-half with an option outstanding in
D IV ID E N D S —
T 2 . ’ 13.
’ 14.
'1 5 . ’ 16.
’ 17. *18-’2 1 . ’2 2 . ’23. ’24 '25.1912 on the remaining h a lf). Prairie Pebble Phosphate C o ., Florida,
Jan.
5 5
15
50 30 10 yly.
10
38
8
8
Com m on, cash------- % 5
& c., phosphate deposits in Tennessee and fertilizer factories in various
do stock_______ % . .
25 - -20 —
100
. . 10
__
States. V . 91, p . 1516, 1450; V . 92, p . 1181; V . 94, p . 282, 1768; V . 97,
Paid in 1926: On new stock o f no par value, M ar. 1, 75c .; June 1, 7 5 c .;
p . 1895; V . 109, p . 1699. H ad contract with the Tennessee Copper C o. for
July 1, $1 (special); Sept. 1, 7 5 c .; D ec. 1, 75c. quar. and $1 extra.
sulphuric acid. V . 110, p . 1419; V . 108, p . 2437; V . 106, p . 932, 1482.
Potash supplies, V . 93, p . 287, 231, 1197; V . 94, p . 70, 2 82. Properties
R E P O R T .— For 1925, in V . 122, p . 1925, showed;
owned, & c., see application to list, V . 100, p . 138. N ew construction, & c.,
1925
1924
1923
1922.
V . I l l , p . 1274.
Total income______________$ 8 ,1 1 7 ,2 6 4
$6 ,1 3 8 ,0 4 2 $ 7 ,8 2 9 ,5 9 2 $ 4 ,982,949
R eadjustm ent P la n .— The stockholders on O ct. 3 1923 approved a plan for
Depreciation------------------1,048,761
1,036,517
1,015,788
1,071,091
the readjustment o f the debt and capitalization o f the corporation. The
Reserve for Federal taxes
87 1 ,0 5 7
596,901
792,666
283,595
plan in brief provided as follows:
Bond interest, & c_______
5 0 ,0 0 0
50 ,0 0 0
50,0 0 0
5 0,000
The capital stock was reclassified so as to consist o f $10,000 ,000 o f prior
Dividend on pref. sto ck ,
151,518
151,518
151,518
151,518
preference cumulative 7 % preferred stock and 4 5 0 ,0 0 0 shares o f common
Com m on (cash) divs____
1,9 2 3 ,8 0 2
1 ,923,456
6,1 0 2 ,5 3 2
3 ,2 6 9 ,1 4 0
stock, o f no par value.
Holders o f the old preferred stock received 1 )4 shares o f new common stock
B a la n c e -......................sur$4,072,125 sr$2,379,650 def$282,912 su r$157,604
o f no par value for each share o f preferred stock held, in lieu o f the share
6 M o s . En ded June 30— 1926.
1925.
so held, and o f the accumulated dividends thereon. Holders o f common
N e t after depreciation_________________________________ $ 4 ,590,409 $ 3 ,140,970
stock received one share o f new stock o f no par value for each six shares
Interest-------------------------------------------------------------------------25,000
25,000
o f old common stock.
Federal taxes__________________________________________
585,000
400,000
A new issue o f $10,0 0 0 ,0 0 0 o f prior preference stock was underwritten at
90, carrying with it for each share o f prior preference stock so underwritten
N e tp r o fit------------------------------------------------------------------ $3 ,9 8 0 ,4 0 9 $2 ,7 1 5 ,9 7 0
2 )4 shares o f the new non-par value common stock. This prior preference
O F F IC E R S .— Chairm an, W . L . Saunders; Pres., George D oublday;
stock, together with the accompanying com m on stock, was offered pro rata
1st V .- P ., W . R . Grace; Sec., F . S. Overton; Treas., R . D . Purcell. Office,
to the stockholders on identically the same terms as the banks had under­
11 Broadw ay, N ew Y o rk .— (V . 123, p . 2270.)
written it.




Nov., 1926.]

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviation s, & c ., see n otes on page 8]

D ate
Bonds

I n t e r n a t B u sin ess M ach C orp — Stk (750,000 shs auth) —
Sink fd gold bond*_____ ______________ _______
__ __G z
I n t e r n a t io n a l C em en t C o r p . — Com m on stock auth.

1911

P ar
Value

D I V I D E N D S .— -An initial quar. div. o f \ Z % on the prior pref. stock
A
was paid M arch 1 1926; same amount paid quar. to D ec. 1 1926. Accum u­
lated dividends on this issue total 14 % ■
R E P O R T .— For year ending June 30 1926, in V . 123, p . 1628, showed:
Y ea rs E n d . June 30—
1925-26.
1924-25.
1923-24.
1922 -23 .
Gross profit on oper____ $3 ,3 6 4 ,0 8 5 $ 3 ,201,601 $ 1 ,9 2 9 ,1 1 4 $ 1 ,650,092
Operating. & c., exp____
1 ,293,585
1,155,670
1,2 5 5 ,4 0 8
1 ,357,328
N e t e a r n i n g s .............._ $ 2 ,0 7 0 ,4 9 9
Dividends earned_______
8 3,249

$ 2 ,045,931
_______

$673 ,70 6
_______

$292 ,76 4
_______

T o ta l incom e___________ $ 2 ,1 5 3 ,7 4 8
B ondinterest____________
4 11,415
Interest on loans________
6 1,987
A m o rt, o f bond discount,
_______
organization exp ., &c_
P rofit on bds. purchased
_______
Depreciation & depletion
39 6 ,2 1 9
R ec’v . fro m German d t . C r. 121,952

$2,045,931
411,415
193,439

$673 ,70 6
411,415
519,895

$292,764
429,322
920,774

291,404

92,841
C r.85,572
304,219

Balance, surplus______$ 1 ,4 0 6 ,0 7 9

$1,17 2 ,0 3 5 d e f$ 5 4 9 ,0 0 8 d f$ l,3 6 8 ,8 2 0

O F F IC E R S .— Pres. & T rea s., John J. W atson , Jr.; V .- P ., Albert French:
V .- P ., F . F . W ard ; A s s t. Treas. & A s s t. Sec., Charles J. C ottee; A s s t. Sec.A . C . Edw ards. O ffice. 61 B roadw ay, N . Y . — (V . 123, p . 1628.)
I N T E R N A T IO N A L B U S IN E S S M A C H IN E S C O R P .— The Com putingTabulating-Recording C o . was incorp. in 1911 as an am algamation, per
plan in V . 93, p . 48, o f International Time-Recording C o ., Tabulating M a ­
chine C o . and D ayton Scale C o ., Chicago, 111. See V . 94, p . 1254-5.
The directors on Jan. 30 1924 authorized the merger of International
Business Machines C orp., all of the stock o f which was owned by Com put­
ing-Tab ulating-Recording C o. into Com puting-Tab ulating-Recording C o .,,
and the assumption o f the name b y the latter corporation o f International
Business M achines C orp. The merger and change of name in no way
affected the corporate identity o f the com pany or its rights, powers and
obligations.
S T O C K .— 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 D ec. 31 1925, $162 ,58 8.
D I V I D E N D S .— 1 % paid April, July and O ct. 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 2 0 % in stock on D ec. 15 1925. April 10
1926 to O ct. 11 1926 paid 75c. quar. on increased capitalization.
R E P O R T .— For 1925, in V . 122, p . 2339, showed:
Calendar Y ears—
1925.
1924.
1923.
x N et profit_______________ $4,956,259
$4,069,749 $ 3 ,659,537
Bond, & c., interest_____
343,152
349,542
387,255
Depreciation_____________ 1,055,586
979,810
813,372
D evelop. & patents ex p .
3 5 3,988
315,060
297,535
D iv s. on C . T . R . stock .
1,329,610
1,205,416
874,573

1922.
$ 3 ,121,709
4 64,852
777,701
247,339
720,616

Balance, s u r p lu s .._____ $1,873,923
Previous surplus_________ 21,64 7 ,0 8 6

$911,203
1 7 ,635,928

$1,219,921
2 0 ,701,430

$ 1 ,286,802
18,249,713

T otal surplus___________$23,521,009 $21,921,351 $19,536,515 $18,547,131
Calendar Y ea rs—
1925.
Federal taxes (est.)_____
375,000
Sale o f stock_____________ C rl,004,629
A m t. rec’d in lawsuits. _
____ _____
Res. for contingencies. .
__________
Loss in liquid, of Detroit
Auto Scale C o ________
__________
Cost of list. & issuing shs.
4,629
Amortization of patents.
74,837

1924.

$ 200,000

1923.

$200,000

__________Crl ,427,386
_________
Cr513,818
--------------500,000
__________
74,265

1922.

$ 200,000

__________
__________
.............

21,130
76,289

76,289

Balance________________$24,071 ,173 $21,647 ,086 $20,701 ,430 $18,249 ,713
x N et profit of subsidiary companies after writing down inventories of
raw materials to cost or m arket, 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.
Periods ended Sept. 3 0 . 1926— 3 M o s .— 1925.
1926— -9 M o s .— 1925.
N e t earnings after bond
in t., res., deprec., & c .
$9 9 2 ,2 9 0
$741 ,55 5 $ 2 ,7 9 8 ,9 7 4 $ 2 ,282,599
Estim ated Fed’l t a x e s ..
128,998
92 ,6 9 4
363,866
285,325
$86 3 ,2 9 2

$648,861

$ 2 ,4 3 5 ,1 0 8

$1,99 7 ,2 7 4

O F F IC E R S .— Thomas J. W atson, Pres. & Gen. M g r.; O tto E . B raitm ayer, V .- P .; Clement Ehret, V .-P .; W illiam F . Battin, Treas. & C om p t.;
John G . Phillips, Sec. Office, 50 Broad S t., N . Y . — (V . 123, p . 2399-)
I N T E R N A T IO N A L C E M E N T C O R P .— Organized on N o v . 15 1919
under the laws of M aine. Through subsidiaries, is engaged in manufacture
o f Portland cement in N ew Y o rk, Kansas, Texas, Virginia, Indiana, Ala­
bam a, C uba, Argentina and U ruguay. Owns and controls the following
independent cement companies: Indiana Portland Cement C o ., Indianapo­
lis, In d .; Kansas Portland Cement C o ., Kansas C ity, M o .; Texas Portland
Cem ent C o ., Houston and Dallas, T e x.; Knickerbocker Portland Cement
C o ., In c ., A lbany, N . Y . ; Virginia Portland Cem ent C o ., N orfolk, V a .;
C uban Portland Cement Corp., H avana, Cuba; Argentine Portland Cement
C o ., Buenos Aires, A rg.; Uruguay Portland Cement C o ., M ontevideo,
Uruguay; Alabam a Portland Cement C o ., Birmingham, A la .; Louisiana
P ortland Cement C o ., N ew Orleans, La.
C A P I T A L . S T O C K .— Pref. and com . shares nave equal voting power.
C om m on stockholders o f record July 27 1926 were offered 6 2,500 shares of
com m on stock at $50 a share at the rate o f one share for each eight shares
held. V . 123, p. 3 3 2 .
D I V I D E N D S .— On com m on, initial d iv. o f 62>$ cents per share was
paid Sept. 30 1920; same amount paid quar. to Sept 30 1922.
D ec. 30
1922 to Sept. 29 1923 paid 75 cents quar.; D ec. 31 1923 to D ec. 31 1926,
paid $1 quarterly. Also paid 1 0 % in com . stock on D ec. 31 1924.




Rate
%

W h en
Payable

None 562,500 shs See text Q -M 3 1
• 100
Q -M 3 1
7
9 ,768,400
None 646,137 shs
Q— J 31
$2
100 $99,876 ,772 See text Q— J 15
100 6 2 ,678,400
O— M
7

Accordingly, rights were issued to the old preferred stockholders, entitling
each preferred stockholder to subscribe for his proportionate share o f the
$ 1 0 ,0 0 0 ,0 0 0 prior preference stock, together with the 2 25,000 shares of
common stock.
Under the plan the m aturity o f the bonds was extended from M a y 1 1932
to M a y 1 1942; the annual sinking fund payments postponed until M a y 1
1929, unless a dividend is paid on common stock (see V . 117, p . 1241),
and the mortgage closed at $ 1 0,000 ,000 , leaving in the treasury o f the com ­
pany $ 1 ,771,700 o f bonds available for future corporate purposes. (C om ­
pare V . 117, p . 1241, 1669, 1783.)

_______
_______
340,240
C r .71,197

A m oun t
Outstanding

Last D ivid en d
and M a tu rity

Places W here In terest and
D ivid en d s are Payable

None 578,634 shs See text
O ct 1 1 ’ 26 75c
Q— J
Guaranty Trust Go, N Y
$500 &e $ 5 ,481,500
J
& J July l 1941
6 e

Preferred stock cumulative $15,000 ,000 auth. red 10 0 ____
I n t e r n a t C o m b u s Eng C orp — Stock auth 750.000 shs______
Internat Harvester C o .— Com stock $ 1 3 0 ,00 0,00 0__________
Preferred (a & d )7 % c u m . $ 1 0 0 .0 0 0 .0 0 0 -........................ ...........

B a la n c e _______________

195

INDUSTRIAL STOCKS AND BONDS

D ec
D ec
N ov
O ct
D ec

31 ’26
31 ’ 26
30 ’ 26
1 5 19 26
1 1926

$1
13
4
50c
1 H Jheoks mailed
1 % Checks mailed

R E P O R T .— For 1925, in V . 122, p . 2676, showed:
Calendar Y ears—
1925.
1924.
1923.
$ 1 3,683 ,504 $11,289 ,117
Sales, less discounts, & c________ $17,713 ,900
Manufacturing and shipping costs_ 10,021,390
7 ,8 4 3 ,2 7 3
6,382,770
Prov. for deprec. and depletion_______
1,154,627
6 97,987
822,074
Selling, admin, and general exp en se..
2 .064,055
1 .505,852
1,214,104
N et profit from operations__________$ 4 ,473,827 $3,636,391 $ 2 ,870,169
Miscellaneous incom e__________________
164,994
135,006
102,261
Total incom e__________________________$4,638,821
Interest, taxes and miscellaneous____
662,436
Preferred dividends ( 7 % ) ______________
457,922
Com m on dividends____________________
1,800,000

$ 3 ,771,397
723,890
193,591
1,476,006

$2,97 2 ,4 3 0
549,853
103,351
1,164,537

Balance, surplus_____________________$1,718,463
$ 1 ,377,910 $1,154,689
--------- Q uarter Ended--------------- N in e M o n th s E n d ed —
P eriod—
Sept. 30 ’26. Sept. 30 ’25. Sept. 30 ’26. Sept. 30 '25.
Gross sales____ $8 ,0 2 3 ,3 4 4
$7,16 3 ,5 2 8 $ 1 9 ,7 2 8 ,5 1 3 $16,398,031
Less pkg. dis. & allow’ce 1,497,756
1,349,332
3 ,6 2 1 ,5 8 3
2,990,571
M fg . costs, excl. deprec- 3 ,2 5 9 ,2 4 7
2 ,8 9 1 ,5 8 5
8 ,0 2 0 ,5 4 4
6 ,527,737
D epreciation_
472,481
328,131
1,190,182
769,892
Manufacturing profit- $2 ,7 9 3 ,8 6 0
Ship., sell. & adm. exp__
1,090,352

$ 2 ,594,480
946,158

$ 6 ,896,203
2 ,9 1 2 ,2 4 3

$6,109,831
2 ,257,543

N et profit
___
$1,70 3 ,5 0 8
Miscellaneous income___

$1 ,6 4 8 ,3 2 2
6,456

$ 3 ,983,960

$3 ,8 5 2 ,2 8 8
19,620

Gross income .
$ 1 ,703,508
Fed. tax & conting. res_
3 2 3 ,9 2 6

$1,65 4 ,7 7 8
301,880

$3,98 3 ,9 6 0
7 99,420

$ 3 ,871,907
694,468

N et to surplus________ $ 1 ,3 7 9 ,5 8 2 $ 1 ,3 5 2 ,8 9 8 $3 ,1 8 4 ,5 4 0 $ 3 ,177,440
O F F IC E R S .— Chairman, F. R . Bissell; Pres., H . Struckmann; Sec.,
Henry S. Buescher; Treas.. John R . D illon. Executive offices, 342 M adison
A v e ., N ew Y o rk.— (V . 123, p . 239 9 .)
I N T E R N A T IO N A L C O M B U S T IO N E N G I N E E R I N G C O R P .— In ­
corp. July 30 1920 in Delaware as a holding com pany. Subsidiary com pan­
ies are engaged in the business of manufacturing and selling automatic
stokers and accessories, and fuel burning and heating devices o f all kinds.
The subsidiary companies are as follows; Combustion Engineering C orp .,
N ew Y o rk ; Coshocton Iron C o ., M onongahela, P a .; Coxe Traveling Grate
C o ., Port Carbon, P a .; R aym ond B ros. Im pact Pulverizer C o ., Chicago,
111.; Green Engineering C o ., E a st Chicago, In d .; Combustion Engineering
B ld g ., N . Y . ; International Pulverized Fuel C orp ., N . Y . ; Com bustion
Engineering C orp ., L t d ., T oronto; Underfeed Stoker C o ., L t d ., London,
England; International C om bustion, L t d ., London, England; Combustion
Engineering C o ., L t d ., D erb y, England; Societe A nonym e des Foyers
Autom atiques, Paris, France; Societe Anonym e Anciens Establissements
R aym ond Freres, Paris, France; Italsice, M ila n , Ita ly ; KohlenscheidungGesellschaft, Berlin, G erm any. Plants are located at Monongahela and
Port C arbon, P a ., E ast Chicago, Indiana, Chicago, 111., D erby and Barrow
in-Furness, England, and R oubaix. France.
S T O C K .— The stockholders o f record D ec. 1 1924 were given the right
to subscribe to 2 7,372 additional shares at $33 per share in the ratio o f one
new share for each 15 shares held. The stockholders voted on M a y 20
1925 to increase the authorized capital stock from 45 0 ,0 0 0 shares o f no par
value to 750.000 shares.
D I V S .— Jan. 6 1921 to O ct. 6 1921 paid $1 50 qu ar.; Jan. 31 1922 to
N o v . 30 1926 paid 50 cents quar. Also paid a d iv. of 2 0 0 % in stock on
Jan. 6 1922.
R E P O R T .— For 1925, in V . 122, p . 2 9 5 6 , showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
N et income from o p e r .. $ 1 ,3 5 0 ,1 0 9 $ 1 ,4 4 8 ,4 3 2 $ 1 ,1 9 2 ,7 4 2
$513 ,16 0
Other incom e____________
186,175
66,5 0 8
105,669
75,253
T otal incom e___________ $ 1 ,5 3 6 ,2 8 4
Interest, deprec., & c___
4 1 2 ,2 1 5
R es. for Fed. taxes, & c .
117,150
D ividends............................
91 3 ,1 8 6
Balance, surplus______
6 M o s . end. Jun e 30—
N et inc. from opera’n s . .
In t. and miscell. incom e.

$9 3 ,7 3 3
1926.
$ 933 ,84 0
115,093

Total income___________ $ 1 ,0 4 8 ,9 3 3
D epreciation____________
137,296
I n t ., taxes & misc. ch gs.
159,237

$ 1 ,5 1 4 ,9 4 0
30 0 ,2 1 6
158,318
789,822

$1,29 8 ,4 1 1
2 6 3,123
126,729
562,018

$588,413
108,879
4 3,752
434,587

$ 266 ,58 4
1925.
$473 ,99 9
4 5 ,2 0 0

$346,541
1924.
$632 ,97 4
41,716

$ 1,195
1923.
$324,023
29,679

$519 ,19 9
7 9,135
106,335

$674,691
75,622
118,254

$353,702
25,281
62,496

N e t earnings__________
$ 7 5 2 ,4 0 0
$333 ,72 9
$480,815
$265,926
O F F IC E R S .— Pres., George E . Learned; V .-P s ., W ilfred R . W ood and
Joseph V . Santry; Sec. & T reas., George H . Hansel; C o m p t., G . G . Guthrie,
Hunter. Office, 43 Broad S t ., N ow Y o rk .— (V . 123, p. 1768.)
I N T E R N A T IO N A L
H AR VESTER
C O .— Originally
incorporated
in N . J. on A u g. 12 1902 and acquired five concerns manufacturing agri­
cultural machines; Deering Harvester C o ., M cC orm ick Harvesting M achine
<&Oo..c. Also has timber lands, coal, ore, blast furnace and steel proper­
ties. See full description of plants, organization, & c ., in O ct. 1918. V .
107, p . 1574. 1575; V . 108, p . 2038; V . 85. p. 104. Canadian C o ., V . 108,
p. 385. In 1919 acquired Chattanooga Plow C o. and Parlin & Orendorff
C o. of Canton. 111. V . 108, p. 2437. In June 1920 acquired the Richmond
(Ind.) plant o f the American Seeding M a chine C o ., V . 110, p . 2662 . The
International Harvester C o. o f Argentina (a subsidiary) was incorporated
in Delaware Sept. 29 1924 with a stated capital o f $ 5 ,000,000.
Plants are located at Chicago, 111.: M ilwaukee. W is .; Akron, Ohio: Auburn
N . Y . : C hattanooga, Tenn.: F t. W ayn e, In d .: C anton, 111.: N ew Orleans,
L a .; R ichm ond, I n d .; R ock Falls, 111.; S t. Paul, M in n .; Springfield, O .;
C hatham , O n t.; H am ilton , O n t.; C roix, France; N eu ss, G erm any, and
N orrkoping, Sweden. M anufactures binders, reapers, harvester threshers,
mowers, rakes, hay stakers, corn machines, ensilage cutters, potato diggers,
culti-packers, engines, cream separators, tractors, commercial cars, m otor
'tru cks, tillage im plem ents, plow s, cane m ills, evaporators and kettles,
listers, beet pullers, cultivators, corn planters, seeding m achines, & c.
The U . 8. G o v t, through Attorney-General Daugherty on July 17 1923
filed a petition in the Federal District Court at St. Paul, M in n ., demanding
that the International Harvester C o . be separated into three independent
corporations, with different stockholders, owners and officials, as suggested
by the Federal Trade Commission in its report to the U . 8 . Senate in 1920
(V . I l l , p . 1088).
The action was taken, the A t t ’v-G e n . stated in his petition, because the
original decree dissolving the Harvester company which was entered N o v . 2
1918 (V . 107, p . 608, 699) was inadequate to achieve its purpose, v iz.
" T o restore com petitive conditions in the U nited States in the inter-State
business in harvesting machines and other agricultural im plem ents.”
The A t t ’y-G e n . asks the Court to decree that the com pany is " s t i l l a
combination In restraint o f inter-State trade and commerce, and still is

196

[V ol. 123

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[.F or abbreviation s, & c ., see n otes on page 8]

I n t e r n a t io n a l M a tch C o r p — C om stk 1,450,000 shs a u t h ..
Participating preference stock (see text) 1,350,000 shs au th .
International Mercantile Marine— Stock com st>u,u00,000—
Pref (a A d) 6 % cum $6 0 ,0 0 0 ,0 0 0 (V 84, p 1309, 1 3 7 0 ) . . .
Ut M & C o! Tr $ 5 0 ,0 0 0 ,0 0 0 callable at 110 A i n t „ ............ N
Securities o f Controlled C om pa nies—
Oceanic Stm N a v i
lat M debents/ Ser 2 ■ f 6 % or £125,000. call p a r ____ _
International Nickel C o .— Common stock $50,0 0 0 ,0 0 0 auth
Preferred stock (a & d) 6 % non-oum $12,000,000 auth___

D a te
Bonds

1916

Par
Value

Am oun t
Outstanding

W hen
P ayable

Rate
%

L a st D ivid en d
and M a tu r ity

Places W h ere In terest and
d iv id e n d s are Payable

None 1 ,000,990sh
35 l,35 0,0 00sh See text
Q-J 15 Oct 15 ’ 2 6 , 80c
$10U $49,871 ,800
100 5 1 .725.000 See text
Feb 1 1923 I K New York C ity
C o's office. N ew York
A & O Oct 1 1941
500 A c 3 5 .9 8 0 .0 0 0
6 g

100

1914

25
—

100

monopolizing and attem pting to monopolize said trade and commerce in
violation o f the Sherman A n ti-T ru st L aw , and contrary to several opinions,
orders and decrees o f this C o u rt.” Compare V . 117,p . 282, 1561; V . 118,
p. 1672; V . 119, p . 1741.
The Government on O ct. 23 1924 filed in the Federal Court at S t. Paul
a brief in the foregoing proceedings asking that the consent decree o f 1918
be reversed or ‘ 1effective dissolution’ ’ ordered. Compare V . 119, p . 1962.
H o p in g that the decision o f 1918 , divesting the com pany of three o f its
manufacturing lines, had proved effective, a special Federal Court o f Equity
at St. Paul, M in n ., M a y 19 1925, denied the G overnm ent’s petition for
supplemental provisions to that decree. The Governm ent, it is stated,
will appeal from the decision. Compare V . 120. p. 2689.
Attorney-General Sargent on O ct. 5 1926 filed a brief in the U . S. Supreme
Court contending that the partial dissolution of the alleged Harvester
combination in 1918 was not sufficient to restore competitive conditions in
the farm machinery industry. The Court was asked to decide between
conflicting opinions in the Court below. V . 123, p . 2004.
S T O C K .— Rights of stock, see application to list. V . 107, p . 1574
The stockholders on July 29 1920 ratified the proposal Increasing the
authorized Pref, stock from $ 6 0 ,0 0 0 ,0 0 0 to $100 ,00 0,00 0 and the Com m on
stock from $ 8 0 ,0 0 0 ,0 0 0 to $1 3 0 ,0 0 0 ,0 0 0 , The plan provided: (a) that
$20,0 0 0 ,0 0 0 o f the new Com m on and $40,0 0 0 ,0 0 0 o f the Pref, stock be set
aside for employees under the stock ownership and profit-sharing plan- (6)
that $ 1 0 ,0 0 0 ,0 0 0 o f the new Com m on will be used for the paym ent of
12)4 % stock dividend on the Coinmon and (c) the balance. $ 2 0 ,0 0 0 ,0 0 0 , will
be available for the paym ent of 2 % semi-annual stock dividends on the
Com m on stock, the same to be declared on the first days of Jan, and July ef
each year if the directors so decide, V 111, p . 4 98. 6 9 7 .
D I V I D E N D S .— Regular dividends at rate of 7 % per annum were paid
on the pref. stocks of the International Harvester C o . o f N . J, and Int.
Harvester Oorp. Dividends at rate of 5 % per annum were paid on Inter.
Harvester C o . o f N . J. common stock from 1913 to 1916; 7 % in 1917 ( 5 %
and 2 % extra), 1 K % on Jan. 15 1918 and two dividends o f 1 M % each on
April 15 and July 15 1918 , respectively. N o dividends had been paid on
the com m on stock o f the Inter. Harvester C orp. since July 15 1914 owing
to European war.
Th e consolidated com pany paid its initial dividend on com m on stock
1 K % O ct, 25 1918- Jan, 1919 to April 1920, 1 ) 4 % quar,- July 1920, 1 H %
Sept. 1920, 1 2 ) 4 % in com . stock; O ct. 1920. \ % % ; Jan. 1921, 1 % % ai 1
2% in com . stock; April 1921, 1 K % ' July 1921, 1 ) 4 % in cash and 2 % in
stock (V . 112, p . 2 4 1 8 ); O ct. 1921, 1 ) 4 % ; Jan. 1922, 1 ) 4 % in cash and 2 %
in common stock: A p r. 1922, 1 ) 4 % ; July 1922, 1 ) 4 % in cash and 2 % in
common stock; O ct. 1922, 1 ) 4 % : Jan. 1923, 1 ) 4 % in cash and 2 % in
com m on stock; April 1923 to Jan. 1926 paid 1)4 % quar. in cash; April 1926
to O ct. 1926 paid 1)4 % quar. in cash.
R E P O R T .— For 1925, in V . 122, p . 1796, showed:
1923.
Consol. In com e A c c t. o f M erg ed Cos.
1925.
1924.
Operating income after taxes___________$28,956 ,967 $ 23,633 ,236 $18,237,837
767,194
Interest__________________________________
217,042
645,968
Ore and tim ber extinguishment_______
292,897
311,809
560,693
Reserve for depreciation_______________ 4 ,4 6 0 ,3 6 0
4 ,2 4 4 ,0 1 0
4,138,493
Special maintenance reserve_________
982,745
364,490
333,205
Reserve for losses on receivables______
2 ,3 3 2 ,6 8 4
1 ,988,404
2 ,163,875
Russian plant investm ent_____________
_________
2 ,2 9 1 ,1 6 0
Pension funds__________________________
1,500,000
750,000
4,215.673
Preferred dividends_____________________
4 ,363,635
4 ,2 3 0 ,5 6 4
4,9 9 3 ,8 3 5
C om m on dividends_____________________
4,9 9 3 ,8 3 5
4 ,9 9 3 ,8 3 5
C om m on dividend (stock)____________
__________
__________
1 ,958,368
Surplus_______________________________ $ 9 ,813,770 $3 ,8 1 2 ,9 9 6 def$893,500
O F F IC E R S .— P res., Alexander Legge; V .-P s ., H . F . Perkins, A . E .
M cK in stry , H . B . U tley , C yrus M cC orm ick Jr.; V .-P . & T reas., George
A . Ranney; Gen. Counsel, W illiam S. E llio tt; C o m p ., W illiam M . R eay;
Sec., W illiam M . G ale. General office, 606 South M ichigan A v e ., C hicago.
— (V . 123, p . 2004.)
I N T E R N A T IO N A L M A T C H C O R P .— Incorp. under laws of Delaware
on June 16 1923. Controls companies owning 90 m atch manufacturing
plants in various European and other companies outside o f Sweden. It
is in turn controlled b y Swedish M atch C o. through ownership o f m ajority
itscom m on stock.
S T O C K .— The participating preference stock is preferred over common
tock as to assets up to $40 a share and d iv s., thereafter participating equally
with com m on in any distribution o f assets after common has received $40
a share; preferred as to cumulative dividends at rate o f $2 60 a share per
annum , and participating at least equally with common stock in any divi­
dends after common has received $2 60 a share in any year; non-voting.
Swedish M a tch C o. has agreed with International M atch C o. and its
stockholders that the Swedish com pany will not reduce its ownership of
com m on shares of International M atch C orp. below a m ajority, without
first publishing notice of its intention so to do and offering and agreeing to
purchase all participating preference stock of International M atch Corp.
which m ay be offered to it, within three months after the first publication,
at a price not less than 1 2 0 % o f the par value thereof plus accrued dividends.
D I V I D E N D S .'— The participating preference stock is now on a dividend
basis at the rate o f $3 20 a share per annum b y payment of a participating
dividend at the rate o f 60 cents a share per annum in addition to the fixed
cumulative dividend.
R E P O R T .— For calendar years:
Calendar Y ears•
—•
1925.
1924.
Sales___________________________________________________ $ 3 1 ,4 9 4 ,6 3 0 $ 2 1 ,164 ,297
Income from interest and other sources____________
3 ,4 2 1 ,5 2 2
3 ,180,558
N et incom e__________________________________________ $ 3 4 ,916 ,152 $ 2 4 ,344 ,855
Operating expenses (including taxes)________________ 2 2 ,487,831 1 5 ,111,242
Allowance for depreciation___________________________
1 ,731,717
1,610,586
W riting off discount on debs, and other exp enses..
----------2 ,5 3 3 ,7 0 0
Dividends on participating pref. ($2 9 0 ) ___________ 2 ,0 2 3 ,7 1 3
-----------

London
J A D 30 June 30 1943
5 ,3 4 5 ,6 7 0
4K
1 ,820,000 5 )4& 6
4 1 ,8 3 4 ,6 0 0 See text
Sept 3 0 ’26 2 % Bankers Trust C o , N V
do
do
8 ,9 1 2 .6 0 0
Q— F
6
N o v 1 1926 I K

On June 30 1926 the com pany’s fleet comprised 102 ships having a gross
tonnage o f 1 ,108,844 tons.
In O ct. 1916 the com pany'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, 6 68, 1214, 1985 , the funded debt o f the Inter­
national C o . being reduced by $ 3 0 ,7 2 9 ,0 0 0 and its direct interest chargee
from $ 3 ,2 4 8 ,3 3 0 as o f D ec. 31 1914 to $ 2 ,3 6 9 ,8 2 0 .
V . 105, p . 3 8 7 . The
plan left entirely undisturbed the existing common and preferred stock.
V . 103, p. 1214. The American Internationa! Corn. (V . 103. p . 2338 ; V .
106. p . 90) In 1918-17 acauifed a considerable amount o f the capital stock.
I t was announced in July 1926 that negotiations for the sale o f the W h ite
Star Line to British interests headed b y Furness, W ith y & C o . had been
terminated b y mutual consent. V . 123, p . 589.
P R E F . D I V S .— 1917 . 1918 . 1 9 1 9 . 1920 . 1921 . 1922. 1 923 . 1924-25Regular dividends. 6
6
6
6
6
6
IK
N one*
_______
On accum ulations. 10
5
15
10
-..
..
Paid in 1 9 2 3 :F e b . 1, 1)4 % ; none since. Accum ulated dividends, 6 1 ) 4 %
as of F eb. 1 192 6.
B O N D S .— F irst M . & Coll. T r . Sinking F u nd bonds dated O ct 1910,
and due O ct. 1 1941, but subject to prior redemption on any int. date at
110 and int. on 4 weeks’ notice. Sinking fund not less than $ 400 ,00 0 per
annum beginning in 1917, and proportionately more if more than $ 40,000 ,*
000 bonds are issued
Total au th ., $ 5 0 ,0 0 0 ,0 0 0 . Present issue, bearing
6 % in t., $ 4 0 ,0 0 0 ,0 0 0 .
Remaining $ 1 0 ,0 0 0 ,0 0 0 reserved for future
use under restrictions to meet not over 8 5 % o f the cost of additional ships,
equipment, & c., and for improvements and betterments of the property.
Int. rate not to exceed 6 % and callable at not over 110 and int. On D ec. 31
1925. $ 4 ,0 2 0 ,0 0 0 had been retired b y sinking fund. V . 105, p . 3 87.
S U B S I D I A R Y C O M P A N Y B O N D S .— Oceanic Steam N a v . C o . 4 ) 4 %
debentures: on D ec. 31 1925, $ 5 ,3 4 5 ,6 7 0 were outstanding, see V . 87, p.
1091; V . 99, p . 202; V . 102, p. 2170; V 105, p . 3 87. N um ber One Broadway
C orp. 6 % bonds and m ortgage outstanding D e c . 31 1925, $ 1 ,8 2 0 ,0 0 0 .
R E P O R T .— For 1925, in V . 123, p . 2 01, showed:
Calendar Y ears— 1922.
1925.
1924.
1923.
Gross voyage earnings. l$ 7 5 ,1 4 1 ,1 3 3 $78,054 ,931 $7 5 ,2 3 8 ,0 1 8 ($73,873,555
M iscellaneous earnings■
1
1 6 ,5 5 2 ,0 7 8
T otal earnings .
-$ 7 5 ,1 4 1 ,1 3 3 $78,054,931 $75,2 3 8 ,0 1 8 $80,4 2 5 ,6 3 4
O p er., general expenses,
taxes and m isc. int__ - 69,460,451
72,11 0 ,0 4 0 6 9 ,591,220 7 4 ,1 5 8 ,3 8 9
N e t earnings .
Fixed charges _

. $ 5 ,6 8 0 ,6 8 3
.
2 ,5 1 1 ,3 9 5

$5,944,891
2 ,5 7 5 ,9 6 5

$5,64 6 ,7 9 9
2,6 1 8 ,7 2 6

$ 6 ,2 6 7 ,2 4 5
2 ,6 9 0 ,6 4 6

Profit before deprec. - $ 3 ,1 6 9 ,2 8 8
Previous surplus
_ 2 2 ,039,440

$3,36 8 ,9 2 7
24,426,721

$3,02 8 ,0 7 2
2 6 ,9 7 8 ,4 4 9

$ 3 ,5 7 6 ,5 9 9
3 1 ,7 1 4 ,1 3 6

T otal
-$ 2 5 ,2 0 8 ,7 2 8 $27,7 9 5 ,6 4 8 $ 3 0,006 ,521 $3 5 ,2 9 0 735
D ed uct— Depreciation _ _ 5 ,656,105
5 ,7 5 6 ,2 0 8
5 ,5 7 9 ,8 0 0
5 ,9 8 4 ,6 6 1
Preferred dividends___
—
2 ,3 2 7 ,6 2 5
Sur. as o f bal. sheet. -$ 1 9 ,5 5 2 ,6 2 2 $22,0 3 9 ,4 4 0 $24,426 ,721 $ 2 6 ,9 7 8 ,4 4 9
T h e foregoing includes the earnings from operations, v iz .: Am erican
R ed, Star, W h ite Star, Atlantic Transport, Panam a Pacific and Leyland
lines, together with dividends received from partly ow ned companies.
D IR E C T O R S .— M atthew C . Brush, H . Bronner, P . A . S. FranklinJ. M . Perry, Charles H . Sabin, Frederic W . Scott, Donald G . Geddes,
John W . P latten, Charles A . Stone, Thom as B . M cA d a m s, J. P . M organ,
Charles Steele, H orace G . Philips and John H . Th om as. P res., P . A . SFranklin; T reas., H . G . Philips; S e c., E . E . Parvin; C o m p t., A . R . M arshallN ew Y o rk office, 1 Broadw ay.— (V . 123, p . 2 270 .)
I N T E R N A T IO N A L N IC K E L C O . (T H E ) .— Incorp. in N . J. M a r. 29
1902. In Sept. 1912 succeeded to International Nickel C o. and Colonial
N ickel C o ., per plan V . 95, p. 239, 682.
H ad previously acquired all stock
o f Canadian Copper C o ., with plant at Copper C liff, O nt.; and the Orford
Copper C o. of Bayonne, N . J . ; control N ickel C orp., L td ., London and
Societe M iniere N ew Caledonia, &c. V . 75, p . 1205, 1257The 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 N ickel C o . o f C anada, L t d ., increased its authorized
capital stock from $5 ,0 0 0 ,0 0 0 to $ 5 0 ,0 0 0 ,0 0 0 (the issued stock being owned
by the American com pany) and took over the assets o f Canadian Copper C o .
with its mining an d smelting operations in Canada and the refining opera­
tions at the Port Colborne plant. V . 108, p . 2236; V . 106, n . 2 3 4 8 . A
rolling mill has been erected on the G uyandotte R iver near H untington.
W . Va.
S T O C K .— Shareholders voted Jan 1916 to decrease the par value of com •
shares, each $100 share being exchangedfor four $25 shares. V . 1 0 2 ,p .3 4 8 , 71D I V S .—
/ T3. T4.
1915 .
T 6 . '1 7 . T 8 . T 9 . ’2 0 -’2 4 . '2 5 .
C om m on __________% 110)4 10 17)4 & 1 0 stk . 25 23
16
2
0
4
Paid in 1926: M a rch 31, 2 % ; June 30, 2 % ; Sept. 30, 2 % .
R E P O R T .— For 9 m os. ended D ec. 31 1925, in V . 122, p. 1304, showed:
9 M o s . E n d . ----------Y ea rs E n ded M a rch 31-------— D ec . 31 ’25.
1924-25.
1923 -24 .
1922-23. •
Earnings o f all properties
$
$
$
$
(mfg. and selling exp.,
& c., deducted)_______
6 ,3 2 5 ,8 1 0
4 ,9 1 4 ,2 8 9
2 ,8 0 3 ,7 8 4
1,153,322
Other incom e____________
102,291
194,910
2 2 1 ,8 7 0
128,950
T otal incom e_________
General expenses________
Federal, franchise, & c.,
taxes (estimated)_____
Depreciation o f p la n ts -.
Shutdown expenses______
Foreign cos. not included
Preferred dividends_____
Com m on dividends______

6 ,428,101
406,771

5 ,1 0 9 ,1 9 9
3 92,815

3 ,0 2 5 ,6 5 4
3 60,552

1,282,272
37 0 ,3 2 8

715,796
979,846
8 0 ,7 8 8
7 ,5 0 0
401,067
1,6 7 3 ,3 8 4

4 67,506
1 ,200,442
1 15,878
8 ,5 0 0
5 3 4,756
__________

2 0 2 ,8 3 0
1 ,1 3 8 ,4 5 7
103,029
14,000
534,756
__________

64,854
394,728
389,191
15,000
534,756
__________

Balance, surplus_____________________________________ $ 8 ,672,890 $5,08 9 ,3 2 7
Balance, sur or def___ su r2,162,949 s u 2 ,389 ,302 sur672,030 def486,586
Previous surplus________________________________________
5,725,291
635,964
Premium on preferred stock___________________________
3 ,8 3 3 ,0 8 0
_____ R eport for 9 m os. end. Sept. 30 1926 , in V . 123, p . 2 399 , showed:
— Q uar. E n d . Sept. 30— — 9 M o s . E n d . Sept. 30—
S u rp lu s_____________________________________________ $18,231 ,261
$5,7 2 5 ,2 9 1 .
Period—
1926.
1925.
1926.
1925.
Earnings_________________ $2,00 2 ,6 1 2 $ 2 ,1 2 3 ,4 8 7 $ 6 ,2 7 0 ,1 8 9 $5,897,536
O F F IC E R S .— Pres., Ivar Kreuger; V .-P s ., Krister Littorin, C . G.
Other incom e____________ ______4 1 ,6 8 0
23,3 2 5 ____ 1 27,568
138,013
Bergman and F . Atterberg; T reas., B . Tomlinson; Sec., E . A . H offm an.
Office, 26 W est 44th S t., N ew Y o rk .— (V . 123, p . 2399 .)
T otal incom e___________ $ 2 ,0 4 4 ,2 9 2 $ 2 ,1 4 6 ,8 1 2
$ 6 ,3 9 7 ,7 5 6 $6,035,549
A d m . & gen. expense___
127,476
1 49,290
4 0 6 ,5 1 5
375,415
Reserved for Federal &
IN T E R N A T IO N A L M E R C A N TILE M A R IN E CO.— O R G A N IZA T IO N
<!:C.— Formerly Interrat. N av. C o., acquiring in 1902 (per plan, V . 74'
franchise tax__________
193,205
220,951
6 7 0,468
588,975
p. 8 8 8 , 9 4 1 , 1093: V . 7 5 , p . 1089, 130 5 ), entire cap. stock of W h ite Star,
D eprec. & depletion____
3 8 2,693
32 8 ,9 3 2
1,1 5 1 ,8 8 5
968,712
American, Red Star, Atlantic Transport and Dominion Line and in tbr
Orford W ork s prop. exp .x
2 6 ,4 8 4
2 6 ,5 2 0
7 9,766
88,628
Leyland Line, £587,030 of the £ 1 ,4 1 4 ,3 5 0 5 % cum. pref. stock and £ 1 .1 8 4 .
Foreign com panies______
_______
_______
_______
8,500
630 o f the £1,200,000 com . stock. A s of M a y 1 1926 owned the entire com­
Dividends, preferred___
133,689
133,689
4 09,467
401,067
Dividends, com m on____
836,692
8 36,692
2 ,5 1 0 ,0 8 6
836,692
mon stock and all except £ 5,210 o f the preferred stock of the Leyland Line.
During 1919 acquired through the Oceanic Steam N avigation C o ., L td .,
B alance________________
$344 ,05 2
$ 450 ,73 2 $ 1 ,1 7 7 ,9 8 0 $2,767,560and the Shaw, Savill & Albion C o ., L t d ., practically all of the stock not
already held of the George Thom pson & C o ., L td . V . I l l , p . 387.
x Insurance, taxes, & c ., pensions o f ex-em ployees.




Nov., 1926.]

M I S C E L L A N E O U S S E C U R I T IE S
F o r abbreviations, & c ., see notes o n page 6]

I n t e r n a t io n a l P aper C o—
Stock common 1 ,000,090 shares authorized_______________
Preferred (not as to assets) 6 % cum $25,0 0 0 ,0 0 0 auth____
Preferred (a & d) stock 7 % cum red 115 $100 ,00 0,00 0 auth
1st & K ef M 5s s f cal! 102 H _________________________ Bsxxxc*
R ef m tge s f g Series A red 1 0 5 _______________Ba.kxxxc*& r*
Convertible gold debentures red (tpxt)_______________kxxx.c*
I n t e r n a t io n a l S a lt— Stock $8 ,0 7 7 ,1 3 0 (V 9 6 . p 1025)------fo il tr M gold $12,000 ,000 red 105 s f $200 ,00 0 y r ly .U s m x c *
D etroit Rock Salt C o. (sub co) 1st M g _______________________
In t e r n a t io n a l S h o e Co— Com m on stock 1 ,400,000 sh auth
Preferred (a & d) stock 6 % cum $ 2 5 ,0 0 0 ,0 0 0 auth________

D a te
Bonds

1917
1925
1926
1901
1912

Par
Value

Am ount
O utstanding

Rate
%

None 500,000 shs.
$2
$100 $2,887,900
6
100 2 8 ,9 3 2 ,1 0 0
7
1 000 118.036,000 /
5 K
500 &c 22 ,0 2 8 .0 0 0
6 g
100 &c
5 ,000,000
6 g
6,0 7 7 ,1 3 0 See text
100
5 ,750,500
500 &c
5 g
550,000
6 g
None 9 2 0 ,0 0 0 sh
$6
6
100 $ 1 0,000 ,000

O F F IC E R S .— Chairm an, Charles H ayden; Pres., Robert C . Stanley;
V .-P .. Sec. & T reas,, James L . Ashley. Office, 67 W a ll S t ., N . Y . —
(V . 123, p . 2399 .)
I N T E R N A T IO N A L P A P E R C O .— C om pany, organized in 1898, is the
largest manufacturer o f paper in the world.
The stockholders on M arch 24 1925 ratified a contract between the
company and Canadian Intern ation al P a per, L td ., which provided among
other things for the acquisition b y the company of all or substantially all
o f the capital stock and other securities of Canadian International Paper,
L t d ., and the issue and exchange therefor of $ 5 ,000,000 o f C om . stock,
$ 5 ,370,000 o f Cum ul. 7 % Pref. stock, and not less than $ 6 ,912,250 o f new
6 % 30-Year Sinking Fund Gold bonds o f the company and the further
payment o f a large sum in cash.
Through the acquisition of the securities o f the Canadian International
Paper, L t d ., the com pany acquired indirectly all, or substantially all,
o f the properties formerly owned by the Riordon C o ., L t d ., o f Canada,
purchased at a foreclosure and liquidation sale o f the properties o f the
Riordon C o ., L t d ., held in M ontreal, Canada, on Sept. 8 1924, b y the
committee representing holders o f 20-Y ear Sinking Fund 1st M tg e . & R ef.
G old bonds o f the Riordon C o ., L t d ., and by the committee representing
holders o f 10-Year 6 % G en. M tg e . Sinking Fund Gold bonds o f the Riordon
Pulp & Paper C o ., L td .
C om pany also owns entire capital stock o f Ticonderoga Pulp & Paper
C o ., Bastrop Pulp & Paper C o ., and Gatineau Power C o ., and controls
Continental Paper & Bag M ills C orp.
M ill P rop erties.— Com pany and wholly owned subsidiaries own 21 paper
and pulp mills located in M aine, N ew Hampshire, Verm ont, Massachusetts,
N ew Y o rk , Louisiana, and the Provinces of Quebec and Ontario, C anada.
These mills have a daily capacity of 2,5 9 4 tons of various classes of pulp
and paper for sale, now being increased to approximately 3 ,2 5 0 tons.
The most im portant plant is the Three Rivers m ill located at Three
Rivers, Q ue., which has a capacity of 700 tons of newsprint. The Kipawa
M ill, a bleached sulphite plant with a present capacity o f 250 tons, located
in the Province of Quebec, is believed to be the most modern and efficient
plant of this character in N orth Am erica. The new 600-ton Gatineau news­
print m ill is rapidly approaching completion and it is expected that b y July
1927 the entire m ill will be in opertaion.
Including the above m ills International Paper C o. and wholly owned
subsidiaries own and operate three ground wood mills for the manufacture
o f mechanical pulp, six combination ground wood and paper m ills, six
combination ground w ood, sulphite and paper mills, one paper m ill, one
kraft pulp m ill, one pulp and paper m ill, one combination paper and soda
pulp mill and two bleached sulphite mills.
Tim ber L im its and W ater P o w ers.-— The company and wholly owned sub­
sidiaries own in fee 1 ,631,229 acres o f 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 ,0 0 0 ,0 0 0
corns, while that on lands h6ld under Canadian crown leases is estimated
to exceed 3 9 ,7 0 0 ,0 0 0 cords.
C om pany with its wholly owned subsidiaries is among the largest holders
o f developed and undeveloped water powers on the Continent. The water
powers which the com pany and its w holly 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 .
C atineau Pow er C o.— 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
o f 70 0 ,0 0 0 h .p . The company is now undertaking a development program
calling for a completion b y the fall of 1928 o f four hydro-electric plants
w ith an initial aggregate installed generating capacity of 397,500 h .p ., of
which 37 3 ,5 0 0 h .p . is on the Gatineau River. Contracts for the sale of
over 90 % o f the prim ary power to be generated by the initial installations
a t these four plants have already been executed ana the balance is expected
to be readily absorbed in adjacent power m arkets.
C a p ita liza tion -—
Outstanding.
C om m on (no par v alu e )_______________________________________
5 0 0,000 shs.
Preferred 6 % cumulative_____________________________________$25,000 ,000
Fu nded D ebt■
—
6 % sinking fund gold debentures due 1941_________________ 12,500,000
First m tge. gold bonds 5 % due 1956_______________________ 37,500,000
Th e In tern a tion a l H y d ro-E lectric C o r p ., a subsidiary, has been incor­
porated for the purpose o f segregating the company’s U . S. power properties
from the manufacturing end o f the business. V . 120, p . 2689.
ST O C K .-— Th e stockholders on O ct. 28 1926 increased the number of
authorized shares o f cum ul. 7 % pref. stock b y 2 50,000 shares and increased
the number o f authorized shares of com m on stock b y 250,000 shares, so
that including those previously authorized the total authorized number o f
shares will be 2 ,2 5 0 ,0 0 0 shares divided as follows; 1 ,000,000 shares of
cu m u l. 7 % pref. stock (par $10 0 ), 2 50,000 shares o f cum ul. 6 % pref. stock
(par $100 ), 1,000,000 shares o f com m on stock (without par value).
Th e cum. 7 % pref. stock is entitled to cumulative dividends at the rate
o f 7 % per annum, preferred over the 6 % pref. stock and com. stock.
Red.
a t 115 on any div. paym ent 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. Th e holders o f the 6 % pref. stock have been given the
privilege o f exchanging their stock, share for share, for the new 7 % pref.
stock on paym ent o f $10 per share.
D iv s .— On 6 % and 7 % preferred, in full to date.
Under the terms of the financial plan of Jan. 31 1917 the 3 3 1 4 % accum.
divs. were discharged with 7 1 4 % In cash, 1 4 % in 6 % cum . pref. stock and
1 2 % in common stock.
On common stock of no par value paid 50c. per share on A u g. 16 1926;
on N o v . 15 1926 paid 50c. per share.
B O N D S .— First & R ef. 5 % Sk. F d . Itg e. Bonds.— See Y . 107, p . 1575.
Series A , issued to retire 6 % bonds of parent and subsidiary cos. and
consol, m tge. 5s, these Series A bonds (but not the remainder, Series B)
were convertible from July 1 1919 to July 1 1922, Inch, into 6 % cum . pref.
stock, par for par.
Series B bonds (sold in D ec. 1921, V . 113. p. 2825 ).
A n annual sinking fund of 1 % o f the total amount o f bonds at any time
Issued (plus interest on bonds so retired). Callable a t option o f com pany,
all or part, on any interest date at 10214 and int. V . 104, D. 563.
R ef. .Itg e. Sinking F u nd 6 % Gold Bonds, Series “ A ” ,— Secured b y a
m ortgage, subject only to the 1st & R ef. (Closed) M t g e ., on all the plants
and real estate, and all the capital stock o f the more important wholly
owned American subsidiaries, owned directly. Further secured b y a direct
first lien on the entire capital stock (excepting directors' shares) o f Canadian
International Paper, L td ., which will own or control substantially all the
properties located in Quebec and Ontario.
T h e m ortgage provides for an annual cumulative sinking fund sufficient
to retire all Series “ A ” bonds by m aturity. N o bonds o f any other series
m ay be issued unless sinking funds are provided sufficient to retire by
m aturity at least 7 5 % of all bonds then to be outstanding.
These bonds were sold in M arch 1925 b y Bankers Trust C o ., Harris,
Forbes & C o ., Lee, Higginson & C o ., Blair & C o ., In c ., Union Trust C o.
(Pittsburgh), Continental & Commercial Trust & Savings Bank o f Chicago,
H alsey, Stuart & C o ., In c ., and Redmond & C o . at 96 and int.— Y . 120.
p . 1592.
Convertible 6 % Gold D eb en tu res.— The convertible gold debentures of




197

INDUSTRIAL STOCKS AND BONDS
W h en
Payable

L a st D ivid en d
and M a tu rity

Q— F
Q— J
Q— J
j
&
j
M &
S
A & O
Q— J
A A (1
J
&
J
See

N o v 15 ’2 6 50c
O ct 15 1926 1(S
Oct 15 ’2 6 , l ( i
Jan 1 1947
M ar 1 1955
Oct 1 1941
San 3 1927 V 4
Oct 1 1951
July 1 1932
O ct 1 1926$1(6
text See text

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

Checks mailed.
Checks mailed
Checks mailed
Bankers Trust C o , N Y
New York
Chase N a t. B ank, N Y
Empire Trust C o , N Y
Security Tr C o , Detroit

1926 are redeemable all or part on the first day of any month on at least 30
d a ys’ notice at 102(4 through O ct. 1 1929; at 102 through O ct. 1 1932;
at 101(4 through O ct. 1 1935; at 101 through O ct. 1 1938; at 100(4 thereafter
prior to m aturity, including interest in all cases.
Convertible on or after April 1 1927 to and including the date o f m aturity,
into cumulative 7 % preferred stock at the rate o f one share for each $100
debenture. A t the time of any conversion on or before O ct. 1 1928, holders
shall have the right to purchase com m on stock at the rate o f $50 per share,
on the basis o f one share o f com m on stock for each $1,000 o f debentures so
converted. The board of directors m ay extend time and fix price during
which such purchases m ay be m ade. V . 123, p. 2270.
There were also outstanding on A u g. 31 1926 the following bonds: Ti­
conderoga P. & P. C o. ref. m tge. 5s, 1930, $244,000; Ticonderoga P . & P .
C o . ref. 6s, 1940, $ 5 78 ,50 0; Riordon Pulp & Paper C o. 1st 6s, 1942, $ 1 ,3 7 8 ,600: Riordon pur. m oney m tges., $ 5 80 ,00 0: Pentecost 5 % bonds. 1927
$25,000; property purchase obligations, $i .480,000; Bastrop P . & P . C o .
1st m tge. 6 (4s, 1940. $800 ,00 0.
R E P O R T .— For 1925, in V . 122, p . 2 662 , showed:
Consolidated P ro fit and L oss Statem ent fo r Y ears Ended D ecem ber 31.
1925.
1924.
1923.
1922.
Total revenue....................... $ 8 ,2 1 2 ,3 8 4
$ 7 ,8 1 5 ,5 0 4 $ 8 ,0 7 4 ,5771oss$1047128
Depreciation_____________ 3 ,4 0 4 ,5 1 9
3 ,1 7 6 ,2 0 8
3,1 4 4 ,7 3 7
2 ,7 1 5 ,7 2 6
2 ,1 9 5 ,9 6 9
938,640
------------------Bond interest____________
962,799
962,845
Reserved for taxes______
6 1,594
x l , 168,000
157,500
R ed. of conting. res_____C r l ,000,000
l.sbb",665 _ r,500~566 _ i , 566"666
Preferred dividends___________________ 1 ,979,026
Surplus increased______ $1 ,5 7 1 ,2 8 2 $ 1 ,0 3 2 ,6 5 6 $2,309,541 loss$6225699
Paid in surplus__________ 2 ,1 4 0 ,9 5 0
Surplus Jan. 1___________ 18,144,986 1 7 ,112,330 1 4 ,802,789 2 3 ,8 7 5 ,1 8 0
Inventory a d ju stm e n t..
__________
__________
__________de62,846,691
Surplus D ec. 3 1 ______________________ $ 2 1 ,8 5 7 ,2 1 8 $ 1 8 ,144 ,986 $17,112 ,330 $1 4 ,8 0 2 ,7 8 9
x Including reserves for contingencies.
O F F IC E R S .— Pres., A . R . Graustein; V .- P ., Allen Curtis; V .- P ., Joseph
L . Fearing; Treas., Owen Shepherd; Sec., F . G . Simons; A u d ., B . O . B ooth.
Office, l6 0 E ast 42d S t ., N ew Y o rk .— (V . 123, p . 2 527 .)
I N T E R N A T IO N A L S A L T C O .— O R G A N I Z A T I O N .— Incorp. in New
Jersey in 1901. Owns (a) all o f the $ 2 ,501,000 capital stock o f R etsof
M ining C o ., rock salt, R etsof, Livingston C o ., N . Y . , which company
owns $300 ,00 0 stock (entire issue) o f A very Rock Salt M ining C o ., with
mine at A v ery Island, L a . (this stock is in treasury of R etsof M ining C o .);
(6) entire $750 ,00 0 stock o f International Salt C o. of N . Y . (with producing
plants in N ew York State known as W atkins, Ithaca and C ayuga), which
com pany owns $1,472,469 o f $1 ,5 0 0 ,0 0 0 Detroit Rock Salt C o. common
stock; (c) $ 2 ,5 0 0 ,0 0 0 (entire issue) 1st m tge. 5 % bonds, due 1951, o f R etsof
M ining C o.
L A T E D IV S .
1915. 1916.
1 9 1 /.
’ 18. ’ 19 to ‘2 3 . ’2 4 . '2 5 . ’2 6 .
P ercent;..
------ 1 ( 4 %
4W 6 (4 t n k . O . 10
6 yrly
7
6
6
Paid in 1927: Jan. 3 , 1 (4 % .
t W L i! •
'
u t me ;> ui ii#ol (512 9 00,000 auth issue) one-sixtietb of
C
Amount issued to be retired each year by sinking fund and canceled In
Y a r d 1910 $ 2 ,420,000 were retired
the result of the sale of the W est­
ern properties. O f the $ 1 1 ,1 9 7 ,5 0 0 bonds issued to June 1926, $ 5 ,4 4 7 ,000 had been retired, leaving $ 5 ,7 5 0 ,5 0 0 outstanding. Secured b y deposit
o f practically all the outstanding stock of com pany’s subsidiaries; also b y de­
posit of practically all the outstanding bonds o f subsidiaries owned by
the com pany.— V . 122, p . 3461.
R E P O R T .-— For 1925 shows:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
Total income____________
$ 939 ,29 9
$75 9 ,9 2 8
$ 1 ,0 8 8 ,5 4 8 $ 1 ,3 8 1 ,4 2 0
Adm in. & legal expenses,
taxes, & c______________
$ 4 7,835
$ 3 5,770
$ 3 7,535
$68,057
Bond interest, & c_______
3 2 0 ,3 5 5
353,339
393,634
373,258
D ividends________________
36 4 ,6 2 8
3 64,628
4 2 5,399
364,628
Balance, surplus______
$206 ,48 1
$6,191
$ 2 3 1 ,9 7 0
$541,457
Q uar. End. Sept. 3 0. — 9 M o s . S ept. 30—
1926.
1925.
1926.
1925.
Earnings after deducting all ex­
penses except Federal taxes___ $349 ,44 0 $ 3 9 9 ,3 4 9
$668 ,17 7 $838,440
Fixed charges and sinking f u n d .. 104 ,0 9 2
9 5 ,621
2 74,219
285,064
N e t earnings before F ed’l taxes$245,348 $ 3 0 4 ,3 2 8 $393 ,95 8 $553,376
O F F IC E R S .— Pres., M . B . Fuller; Sec., H . J. Osborn; Treas., W . H .
Barnard. Office, Scranton, P a .; N . Y . office, 475 Fifth A v e .— (V . 123,
p. 22711)
IN T E R N A T IO N A L S H O E C O .— Incorporated under laws o f Delaware
M arch 16 1921. The com pany is engaged in the business o f manufacturing
and selling boots, shoes and kindred articles and of tanning leather, hides,
skins, &c.
The Federal Trade Commission in A u g. 1925 ordered the com pany to
d iv e s t its e lf o f all s to c k o f W . H . M c E lw a in C o . C o m p a re V . 121, p .7 1 5 .
C A P I T A L S T O C K .— The 8 % preferred stock was redeemed on D ec. 1
1925 at 115 and divs. 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
one-half their holdings, and for the other half to take for each share $15 In
cash and one share o f new 6 % preferred stock. V . 121, p . 82.
D iv s .— On common at rate o f $2 per ann. (50c. Q .-J .) to Jan. 1923;
Apr. to Oct- 1923 paid 75c. quar.; Jan. 2 1924 to Oct.. 1 1924 paid $1 quar.
Jan. 1 1925 to O ct. 1 1925 paid $1 25 quar.; Jan. 1 1926 to O ct. 1 1926 paid
(or declared payable) $1 50 quar.
Dividends on preferred are payable (£ % m onthly.
R E P O R T .— For fiscal year ended N o v . 30 1925, in V . 1 2 2 , p . 90:
Y ea rs Ended N ov. 30—
1925.
1924.
1923.
x N e t sales of shoes & other m anu$
$
$
factured merchandise_______________114,265,988 110,240,651 109,922 ,738
y C ost of shoes & merchandise s o ld -- 99,671,577 9 4 ,968,963 100,498,151
Operating profit_____________________
z Miscellaneous earnings_____________

14,594,410
__________
. 14,594,410

15,271,688

9,4 2 4 ,5 8 7
2 ,766,151

15,271,688
12,190,738
148,424
486,750
1,872,966
2,0 6 2 ,4 6 8
1,405,347
Preferred dividends ( 8 % ) ______________ 1 ,424,000
1 ,424,000
1 ,421,753
4 ,600,000
3,680,000
2 ,5 2 3 ,5 3 9
Surplus for year--------------------------------- 6 ,697,444
7,9 5 6 ,7 9 5
6,3 5 3 ,3 5 1
x After deducting returns and allowances for prepayments,
y After
charging operating expenses, deprec. and maintenance of physical properties;
selling, admin, and warehouse expenses, and credit losses, z Discounts on
purchases, int. and dividends received, rentals charged to factories, and
other receipts.
F ive M o s . E n d. A p r . 30— 1926.
1925.
1924.
1923.
N et sales_________________ $44,9 0 4 ,0 0 6 $ 4 5 ,449 ,686 $ 4 4 ,3 8 8 ,8 8 6 $ 4 4 ,1 3 4 ,8 6 9
C ost, exp ., deprec., & c.,
less other income______ 40,09 1 ,3 6 1
3 9 ,572,913 3 8 ,5 0 4 ,5 5 8 39 ,0 0 8 ,7 1 8
Interest__________________
60 ,4 3 0
_______
1 2 6,456
170,421
Federal taxes____________
5 0 0,267
86 3 ,6 9 4
86 5 ,6 1 7
601,471
Preferred dividends____
2 5 0,000
6 2 3,000
62 0 ,8 8 7
62 2 ,2 9 8
Com m on dividends______ 2 , 7 6 0 / 0 0
2 ,3 0 0 /0 0
1 ,8 3 9 .1 5 0
1,143,772
Surplus............. ................ $ 1 ,241,947
$2 ,0 9 0 ,0 7 9 $ 2 ,4 3 2 ,2 1 8 $ 2 ,588,189
— V . 122, p. 619, 90.
Interest charges on notes payable____

D ate
B onds

M IS C E L L A N E O U S C O M P A N IE S
F or abb reviation s, & c ., see n otes on pa ge 8]

Par
V a lue

A m ou n t
O utstanding

$100
I n t e r n a t io n a ! S ilver C o— Com m on s t o c k ---------------------------100
stock pref 7 % a & d ) _________________________________________
l.OOt
First mtge 54 ,5 0 0 ,0 0 0 s t called at 110 since 1901— N.xe* 1898
Debentures $2 ,0 0 0 ,0 0 0 gold redeemable at par___________ s 1903
N one
In te r ty p e C orp— C om m on stock 3 00,000 shares au th----------100
First preferred (a & d) stock 8 % cum ref 1 20----------------------100
Second preferred (a & d) stock 6 % cum convert (text)--------1.000
Debenture notes redeemable (tex t)________________ Eq.xxxc 1922
None
Jew el T e a C o In c — C om m on stock 120,000 shares au th___
Pref stock 7 % cum $ 3 ,0 0 0 ,0 0 0 call 125 & divs______________
None
J on es B ros T e a C o In c — Com m on stock--------------------------------.100
Pref stock 7 % cum call 1 10__________________________________
100
J on es & L a u g h lin S te e l C orp— Com stk $ 6 0 ,000 ,000 auth
100
Pref (a & d) stock 7 % cum red (text) $60,000 ,000 auth____
1,000
1st M $30,0 0 0 ,0 0 0 g s f red 105____________________ FC .xc*
1909
1,000
Shannopin Coal Co serial notes due $600 ,00 0 annually------- 1921
N one
Jordan M otor C ar C o , In c — C om stock 200,000 shs a u th ___
100
Preferred (a & d) stock 7 % cum red 110_____________________
a O f which $800 ,00 0 called for redemption July 1 1926 at par & interest

i .001

100

O F F IC E R S .— Chairm an, Jackson Johnson; Pres., F . C . R and; T reas.,
F . A . Sudholt; Sec., D . E . W ood s; Auditor, B . A . G ray. Office, St. Louis
M o .— (V . 122, p . 3350 .)
I N T E R N A T IO N A L S I L V E R C O — O R G A N I Z A T I O N . & C .— Incor. in
N o v . 1898 undei laws of N . J. a D f t acquired silver-plating properties- see
V . 67, p . 1 ICO; also V 68, p 232. 334. 1024; V . 76, p . 106. Also has a large
sterling sliver output
See t . 68. p 334. as to rights of capital stock,
plants & c ., V . 67, p . 1160; V . 6 8 . p. 1024; V . 71, p . 545; V . 82, p. 9.
Plan o f A d ju s tm e n t.— In accordance w ith the plan of adjustment ratified
T
b y the stockholders D ec. 9 1925;
(1) A dividend of 7 % on the pref. stock, amounting to $ 4 2 2 ,0 0 2 , was
paid D ec. 31 1925, covering all unpaid cumulative dividends from Jan. 1 ’ 03.
(2) I t was voted to pay on D ec. 31 1925 all outstanding pref. stock div.
scrip, amounting to $970 ,7 6 4 , 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 D ec. 30 1925 , stock to be deliv­
ered on or after Jan. 1 1926.
P R E F . f T 3 . T 4 . T 5 . ’ 16. T 7 . T 8 . T 9 . ’2 0 ’ .21' ’2 2 . ’2 3 . ’2 4 . *25. ’26.
D IV S . % t
9 7K
7 5K 6K
7
7
7 7K
7 8K
8 15
7
On com m on, paid intitial div. o f 1 K % on April 1 1926; same amount paid
quar. to O ct. 1 1926.
R E P O R T .— For 1925 , in V . 122, p . 1463, showed:
1925.
1924.
1923.
$969,318 $ 1 ,0 0 8 ,6 2 0 $1 ,5 7 2 ,4 1 6
--------------C r.10,511
D r .75,609

x N e t, after in t., & c------A d just, of plants & in v .
T r .-m k s. & pats. writ, off
D iv s. on pref. stock____

422,002

482,288

4 82,288

1922.
$1 ,1 3 9 ,1 3 2
D r .4 ,937
1 ,5 0 0 ,0 0 0
48 2 ,2 8 8

Balance______ _________
$557 ,82 5
$450,723 $ 1 ,090,128 def$848,093
$4 ,1 0 4 ,0 9 0
T otal surplus D ec. 31 — . $ 3 ,427,606 $5,593,884 $5,143,161
x Earnings, less depreciation, taxes and bond interest.
O F F IC E R S .— P res., Geo. H . W ilcox, Meriden, C on n .; T r e a s ., G . H .
Yeam ans, M eriden, C o n n .— (V . 1 22, p . 2510.)
I N T E R T Y P E C O R P O R A T I O N .— Incorp. under laws o f N ew Y o rk on
Feb. 1 1916. M anufactures 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.
S T O C K .— The second pref. stock m ay be exchanged for common stock
at the ratio o f one share o f second pref. stock for five shares o f common
stock.
D I V I D E N D S .— On old com m on: In 1920, $1; 1921, none; 1922, $4 and
1 0 % in com m on stock: F eb . 1923. $1. On new com m on (exchanged five
shares of new for one o f old) paid 25 cents quar. M a y 15 1923 to N o v . 15
1926. Also paid 1 0 % in stock on N o v . 15 1923 and N o v . 17 1924 and 25
cents extra in cash semi-annually from Feb. 15 1924 to A u g. 16 1926.
D E B E N T U R E S .— The 7 % debenture notes are redeemable at 105 and
lnt. to April 1 1927, the premium decreasing 1 % each year to m aturity.
R E P O R T .— For 1925, showed:
1922.
1923.
1924.
E arn ings— Cal. Y ears—
1925.
Profits_____________________ $1,18 5 ,1 6 5 $1,217,653 $ 1 ,317,383 $1,318,497
$209 ,19 2
$213,291
$204,503
Depreciation_____________
$ 127 ,23 2
142,000
161,000
160,000
Taxes, including Federal
185,000
85,152
83,134
86,470
1st pref. dividends______
91,146
34,750
1,370
326
2d pref. dividends_______
318
88,817
154,885
271,511
C om m on dividends______
298,643
1st pref. stock retire­
30,000
30,000
30,000
m ent ap prop riation ..
30,000
61,875
D isct. in 7 % deb. notes.
--------------$402,973
$694,783
$707,505
Balance, surplus______
$ 452 ,82 6
P eriod—
Gross profits before depr.
Less-— H ead and branch
office selling expense.
D e p r e c ia t io n _____________
Reserve fo r t a x e s _______

— Q uar. E n d. Sept. 30--------- 9 M o s . E n d. Sept. 30—
1926.
1925.
1926.
1925.
$338 ,53 3
$438,933 $1 ,1 0 8 ,4 9 4 $1,331,033

N e t to surplus________

184,336
3 2 ,9 7 2
17,500
$103 ,72 5

165,759
33,8 0 4
2 3 ,8 0 0
$215,571

549,903
110 ,870
6 5 ,5 0 0
$382,221

505,971
97,6 1 2
110,800
$616,650

O F F IC E R S .— Chairm an, R . H . Swartwout; Pres., N eal D ow Becker;
V .-P . & Sec., H . G . W illnus; Treas., H . A . Grube. Executive offices,
1440 Broadw ay, N . Y . Factories, 300 Furman St. and 365 Park A v e .,
Brooklyn, N . Y . — (V . 123, p . 2271.)
J E W E L T E A C O ., I N C .— O R G A N I Z A T I O N .— Incorp. in N . Y . on
Jan. 14 1916 to take over the Illinois co. o f the same name. Sells coffee, tea,
baking powder, soap, & c. M a in offices and plants in Chicago and Hoboken.
V . 108, p . 2 026 . Large shipping station leased in H oboken. N . J.
S T O C K .— The stockholders on Jan. 27 1925 voted to change the author­
ized com m on stock from $ 1 2 ,0 0 0 ,0 0 0 , par $100, to 120,000 shares o f 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 o f July 1 1917
as the date governing the acquisition o f pref. stock of the com pany and its
retirement pursuant to the provisions o f the certificate of incorporation
4,6 0 0 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; pref. stock cannot be increased without consent of
K 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 ,0 0 0 ,0 0 0 b y the retirement of 6,4 0 0 shares held in
the treasury.
D I V I D E N D S .— On pref. paid 1 K % quar. from April 1 1916 to O ct. 1
1919; then none until April 1 1925. when 1 K % quar. and 2 V % on account
2
of accumulations was paid; July 1 1925 paid 1 M % ; Oct. 1 1925 to O ct. 1 1926
paid 1 K % quar. and 2 M % on account of accumulations, leaving accumu­
lated dividends of 2 3 % .
R E P O R T .— For 1925, in V . 122, p . 1036, showed:
Calendar Y ears—
Jan . 2 ’2 6 .
1924.
1923.
1922.
N e t sales________________ $14,1 7 8 ,4 7 8 $13,602 ,745 $12,554,875 $10,240 ,810
Operating profit________
7 49,288
773,8081
713,906
(101,700
Other income____________
20 7 ,3 5 4
2 1 0 ,5 8 9 /
1121,374
Total income_________
Interest, inv. a d j., & c—
Federal tax reserve______

$956 ,64 2
__________
117,694

$984,397
_________
129,321

$713,906
__________
89,705

$223,074
49,189
21,736

Balance_______________
Bad debts res. not requir.
Pref. dividends ( 1 4 % ) —

$838 ,94 8
__________
46 3 ,2 7 5

$855,076
__________
---------------

$624,201
208,959
---------------

$152,149
__________
---------------

Surplus________________
Profit & loss, surplus___

$375 ,67 3
998,414

$855,076
654,555




[V ol. 123,

INDUSTRIAL STOCKS AND BONDS

198

$833 ,16 0
$152,149
d e f2 00,5 20d efl ,033,681

la te
%

$6,079,831
text
6 ,028,588
6
2.5 1 1 .0 0 0
6 3
6 r
a 1.867,001'
199,141 sh. See text
$1,17 9 ,7 0 0
8
5,2 7 0
6
7
632,000
120.000 shs
text
2.9 7 0 .0 0 0
text
100.000 shs
text
3.290.000
57.332.000
text
56,85 0 ,8 0 0
7
14.700.000
5 g
6
1.800.000
126.000
shs
text
7
9 4 3.700

W hen
P a yable

Last D ividend
and M a tu rity

See

text O ct 1 1926
j
O ct 1 1926
r D ec 1 1948
.7
A
1 Jan 1 1933
Q— F 15 See text
Oct 1 1926
Q— J
J
& J J u ly 1 1926
,
A & O Apr 1 1932
Q—

J

&

P laces W here Interest ana
D ivid en d s are P a ya b le

1 Yi
I K Cheoks mailed
A m B x N a t B ank, N Y
dc
do
2%
3%

Equitable Trust C o , N Y
Dividends not reported
O ct 1 1926 4 % New York
Oct 1 5 '2 3 . 1 %
July 1 1924 1 H
Q— M D ec 1 1926 I K
O ct 1 1926 I K
Q— J
M A N M a v 1 1939
N pw York and Chicag#
T
M & N T o N o v 15 1929 Pittsburgh
June30 '2 6 , 75c.
Q -M 31 Sept 30 ’2 6 , I K
Q— J

O F F IC E R S .— Chairman, John M . H ancock; Pres., M . H . K arktr
V .- P ., O . B . W estphal; V .- P ., John C . Regan: Sec., W . I . Sm ith; T r e a s.,
F . M . K asch. Office, 5 N orth W abash A v e ., Chicago.— (V . 123, p . 2 4 0 0 .)
J O N E S B R O T H E R S T E A C O ., I N C .— O R G A N I Z A T I O N . E stab
as a co-partmership in 1872. Incorp. in N ew Y o rk State in 1910 as Jones
Bros. C o .; present name adopted in 1916. V . 103, p . 2346 . The Jones
Bros. Tea C o . o f N ew Y o rk , a subsidiary, has been incorp. in Delaware w ith
an authorized capital of $25 0 ,0 0 0 , to take over the business carried on by
one of the departments of the parent com pany. Owns in B rooklyn, 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 S t., N . Y . Controls (a) Globe Grocery Stores, In c ., operating
stores in Ohio: (6) Grand Union Grocery Stores, I n c ., operating stores in
N ew York and Pennsylvania, (c) Grand U nion Tea C o ., I n c ., operating
stores in the principal cities of the country; (d) Anchor P ottery, Trenton,
N . J .; (e) Progressive Grocery Stores, Inc.
In July 1923 acquired the
chain of grocery stores operated b y John T . Tom ich, Inc. The latter co.
operated 47 stores and one warehouse in the northern section of N ew Y o r k
C ity and in W estchester C ounty.
S T O C K .— N o bonds or mortgages without the consent o f 7 5 % o f the
pref. stock; the pref. is redeemable at 110 and is subject to a yearly sinking
fund of 2 % .
The stockholders on D ec. 23 1924 approved a change in the com m on
stock from shares of $100 par to shares of no par value.
D I V I D E N D S .— Paid on pref. stock in full to July 1924; none since.
D ivs. of K of 1 % each were paid on com m on stock O ct. 15 1917 to O ct. 15
1920; then none until O ct. 16 1922, when 1 % was paid; Jan. 15 1923 to
Oct. 15 1923 paid 1 % quar.; none since.
R E P O R T .— For 1925 showed:
1922.
Calendar Y ea rs—
1925.
1924.
1923.
$ 6 3 5 ,6 5 2
N e t profits after t a x e s ..
$149 ,81 2
*$284 ,88 0
$165 ,90 5
(7 )2 7 1 ,6 0 0
__________(3 M )1 3 4 ,2 2 5
(7)266,350
Preferred dividends_____
( 2) 200,000
Com m on dividends______
__________
__________
(3)300,000
$149 ,81 2 def$419,105
$ 400 ,44 5
$ 1 6 4 ,0 5 2
Balance, surplus______
*N et loss.
Report for 9 months ending O ct. 2 1926 showed net profits after charges
and Federal taxes o f $142 ,81 5. V . 123, p . 2663.
O F F IC E R S .— Chairm an, Harry L . Jones: Pres., J. Spencer W eed ; V .-P .*
G ustav E . Kruse; T reas., Albert R . Doerle; Sec., L . P . Shield. O ffice,
68 Jay S t., Brooklyn, N . Y .— (V . 123, p . 2663.)
J O N E S & L A U O H L I N S T E E L CO R P.— O R G A N I Z A T I O N .— O rgan­
ized in D ec. 1922 as successor to the Jones & Laughlin Steel C o. which was
Incorp. in Penn. June 1902, succeeding the lim ited partnership of Jones &
Laughlin, L td .
Owns plants and property at Pittsburgh and W ood la w n ,
20 miles from Pittsburgh; controls ore, coal and railroad properties. V .
115. p . 2692.
S T O C K .— The pref. stock is red. as a whole only at 120 and divs. H as no
voting power except upon the question of voluntary dissolution or in case
any div. is in arrears for one year. E xcept with consent o f holders o f 7 5 % of
pref. stock (a) no m tge. m ay be placed upon the properties (except purchase
money m tges. on hereafter acquired property and the remaining authorized
$ 5 ,000,000 Jones & Laughlin Steel C o. 1st M tg e . 5s); (6) the authorized
pref. stock m ay not be increased; and (c) no additional stock m ay be issued
with rights as to dividends or assets equal or prior to this stock.
D I V I D E N D S .— A n initial div. of 1 % on the common stock was paid
M arch 1 1926; same amount paid June 1 1926; on Sept. 1 and D ec. 1 1926
paid 1 K % quarterly.
B O N D S .— The first 5s o f 1909 ($ 2 5 ,0 0 0 ,0 0 0 o f which were issued) are
secured b y the plants and properties o f the corporation in Allegheny and
Beaver counties. P a ., and Chicago, 111., and further b y pledge o f stocks of
subsidiaries owning coal mines, ore lands and railways. N e t quick assets
are always to am ount to $ 8 ,0 0 0 ,0 0 0 , while an equal am ount o f bonds are
outstanding. Sinking fund equal to l-1 5 th o f bonds issued, less interest
on bonds outstanding. V . 9 3 , p . 49; V . 9 2 , p . 1503; V . 88, p . 1257.
R E P O R T .— For 1925, in V . 1 22, p . 1774, showed:
Jones & L aughlin Steel C orp. and Subsidiary C om panies.
Calendar Y ears—
192 5.
1924.
192 3. _
Total earnings________________________ x$ 1 5 ,6 7 1 ,5 8 2 x $ 1 3 ,8 6 4 ,3 5 3 $ 1 6 ,7 2 7 ,1 7 6
$999,675 $1,06 6 ,4 3 0
In te rest c h arge s__________________________
925.037
4 ,238,449
4,7 4 6 ,8 6 8
Depreciation and depletion___________
4,7 9 2 ,0 5 0
3 ,921,937
3 ,8 79,8 7 2
Preferred dividends paid ( 7 % ) ________ 3,993,381
Surplus for year______________________$ 3 5 ,0 8 0 ,7 2 2 $4,70 4 ,2 9 2 $7 ,0 3 4 ,0 0 6
30,80 8 ,2 7 5 2 4 ,384,619
Previous surplus_____________________ _ 4 1 ,0 4 1 ,8 35
_________________
Total surplus________________________ $ 4 1 ,041 ,835 $35,512 ,567 $ 3 1 ,418 ,625
L ess— Adjustm ents, & c_______________
__________
4 31,845
6 1 0,350
Appropriation for pension fun d______
100,000
----------------------------Profit and loss, surplus______________ $ 4 0 ,941 ,835 $ 3 5 ,0 8 0 ,7 2 2 $ 3 0 ,8 0 8 ,2 7 5
x After deducting all expenses incident to operations, inch repairs and
m aint. o f plants and est. provision for all local, State and Federal taxes.
Periods Ended Sept. 30 1926—
Q uarter.
9 M o n th s .
Earnings after taxes_______________________________ $ 5 ,8 5 6 ,8 8 3 $16,282,351
Depletion and depreciation_____________________ _____
1,3 8 5 ,9 7 7
3 ,8 7 7 ,1 0 9
N et earnings_______
Interest on bonds, & c.

$ 4 ,4 7 0 ,9 0 6 $12,405 ,242
645,686
2 1 3,119

Preferred dividends____________________________
C om m on dividends_____________________________

$4 ,2 5 7 ,7 8 7 $11,7 5 9 ,5 5 6
2 ,9 9 2 .7 8 2
998,947
1 ,863,290
7 1 6,650

Surplus______________________________________________ $ 2 ,5 4 2 ,1 9 0 $ 6 ,903,484
O F F IC E R S .— B . F . Jones J r., Chairman o f Board; W illiam Larimer
Jones, Pres.; W illis L . K in g, G . M . Laughlin J r., W . C . M oreland, Charles
A . Fisher and 8 . E . H ackett, V .-P re s.; B . F . Jones 3d , Sec.; J. C W atson.
Treas • W . J. Crieghton, Controller. O ffice, Pittsburgh, P a .— (V . 123, p .
2271.)
J O R D A N M O T O R C A R C O ., I N C .— Incorp. under laws of Delaware
on June 11 1919 as successor to the Jordan M otor Car C o ., which was
organized on M arch 13 1916. Plant is located at C leveland, Ohio.
S T O C K .— On D ec. 24 1923 the authorized com m on stock was increased
to 2 0 0,000 shares without par value. A 6 0 0 % stock dividend was paid
on D ec. 29 1923, increasing the amount outstanding to 84,0 0 0 shares. A
further 4 2 ,0 0 0 shares were sold in Jan. and F eb. 1924, stockholders receiving
the right to subscribe for this stock at $30 per share.
D I V I D E N D S .— On increased com m on stock (see above) paid 75 cents
per share quarterly M arch 31 1924 to June 30 1926; Sept, j.926 div. was
om itted. V . 123, p . 1389.
R E P O R T .— For 1925 , gross sales were $ 1 3 ,5 1 1 ,4 8 8 and earnings before
taxes and adjustm ents were $ 4 3 3 ,2 3 9 .— V . 122, p . 2 3 3 9 .
— Q uar. E n d . Sept. 30—------ 9 M o s . E n d . Sept. 3 0—
Period—
1926.
1925.
1926.
1925.
Profit after charges, but
_
____ _____
___ „ „ „
before Federal ta x e s ._
$J6,253
$ 139 ,45 9
$288 ,01 6
$573 ,17 2

Nov., 1926.]

INDUSTRIAL STOCKS AND BONDS
D a te
Bonds

M IS C E L L A N E O U S C O M P A N IE S
IP or abbreviations, & c ., see n otes on page 8]
(J u liu s) K avser & Co— Com m on stock 150,000 shares au th .
Pref (a & d) stock $8 cum red 120 70 ,0 0 0 shares a u th _______
First m tge s f gold red (text) $ 6 ,0 0 0 ,0 0 0 a u th .......... G xxxc*
K e lly -S p r in g fie ld T ire C o— Com m on stock $10,000 ,000
Second Pref 8 % cum $ 7 ,000,000 call 125 sinking fund 3 %
10-year sinking fund gold notes red 110
Ce.kxxxc*
ife!*e.v W h ee l C o— Com m on stock $10,000,000au th _ _
Pref stock 7 % cum redeemable at 125 and d iv s____
K e n n e c o tt C oop er C orp — Stock 5.0 0 0 ,0 0 0 shares auth
_
K e y s to n e T ire & R u b b er Co— Stock auth 500.000 s h s . _ _
(Q . R .) K in n e y C o ., I n c .— Common stock 60,000 shs auth . _
Secured gold coupon notes convert & red (text) .

.

Eq .c*

1922
—

1921

—

1921

Par
Value

Am oun t
Outstanding

None
None
$160 &c
25
100
100
100 &c
ion
100
Noni
N one
N one
100
100 &c

115,700 shs
66,115 shs.
$ 3 ,408,000
9,096 002
2,9 5 0 .0 0 0
5 ,264.700
6 ,000.000
10,000.000
2 ,189,500
4,474,424sh
455,851 shs
6 0,000 shs
5,427,400
1,972,700

Rate
%

W hen
Payable

199

L a st D ividend
and M a tu rity

text See text N o v 1 1926 75c
$8
Jan 3 1927
$2
Q— J
F '& A Feb 15 1942
7 g
See text
See text
Apr 1 1924. 1 H
See text
Feb 15 1924 2 %
M & N M ay 15 1931
8 g
6
O ct 1 1926 I H
Q— J
7
Q — F N o v 1 1926 1 V
t.
See text
Jan 2 1927 $1 M
Q— J
See text
Oct 1 1920 3 %
See text See text Jan 3 1927 $1
8
Q— M
D ec 6 1926 2 %
& D D ec 1 1936
7)4 g J
See

O F F IC E R S .— P res., Edward S. Jordan; V .- P ., Charles L . Bradley;
Sec. & T reas., Paul Zens; A sst. Sec. & A sst. T reas., Harrison B . M cG raw .
Office, 1070 East 152d S t ., Cleveland, Ohio.— (V . 123, p . 2004.)

Six M o n th s Ended Ju n e 30—
1926.
N et sales________________________________ $8,178,141
7 ,614,152
M anufacturing costs and expenses___

(J U L IU S ) K A Y S E R & C O .— O R G A N I Z A T I O N .— 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, sjlk and cotton-ribbed underwear, dress nets and veiling. Plants
at Brooklyn, Sidney, W a lto n , Hornell 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 F ifth A v e ., New Y o rk C ity.
S T O C K .— Under the terms o f a recapitalization plan ratified by the stock­
holders M arch 8 1922 the authorized stock was changed to 70,000 shares of
no par value preferred and 150,000 shares o f no par value com m on.
The new (no par value) pref. and common stock was exchanged for the
old stock at the rate o f 4 shares of new no par value preferred and one share
o f new no par value com m on for each 4 shares o f old common stock out­
standing. The old first and second preferred stock was called for redemp­
tion on July 5 1922 at 120 and in t.
D I V I D E N D S .— On old com m on ($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
to April 1922, 2 % quar. On new no par value com m on paid initial dividend
o f 75 cents per share on N o v . 2 1925; same amount paid quarterly to N o v . 1
1926. On new pref. (no par value) paid $2 quar., July 1922 to Jan. 1927.
B O N D S .— The first mortgage s. f. gold bonds due 1942 are redeemable
all or part up to and incl. Feb. 15 1927, at 110 and in t.; thereafter up to
and incl. Feb. 15 1932 at 107)4 and in t.; thereafter up to and incl. Feh If
1937 at 105 and in t., and thereafter at 102 H and int.
Sinking fund payable annually, commencing Feb. 15 1923, will pro
vide for the retirement, through redemption or purchase, annually o f 2)4 %
o f the largest am ount o f 1st M tg e . bonds issued. V . 114. p. 743.
R E P O R T .— For 10 m os. ended June 30 1926, in V . 123, p . 8 37, showed^
10 M o s . E n d . ----------— Y e a r E n ded A u g . 3 1 -9 2 3 .
Ju n e 30 ’26.
1924.
x P rofiys_________________ $ 1 ,1 3 9 ,9 9 5
$206,954 $1,71 4 ,6 3 0
Inventory ad ju stm e n t-_
_______
633,475
R es. raw silk fluctu ations
_______
150.000
528,920
528,920
D ivs. on com . stock ($2.25) 2 60,055

N et profits___________________________
Miscellaneous incom e__________________

Balance, surplus______

$438 ,27 3

$495 ,72 2 def$955,441

x A fter depreciation, interest and taxes.

$935 ,71 0

O F F IC E R S .— P res., Edw in S. Bayer; V .-P . & T reas., C . W . Sinn; V .- P .,
H . L . Van Praag; Sec., C . J. H ardy; C o m p t., A . Flum e. Office, 353 Fourth
A v e ., N ew Y o rk .— (V . 123, p . 837.)
K E L L Y -S P R IN G FI ELD T I R E C O .— O R G A N I Z A T I O N .— Incorp. in
N .J ., April 15 1899 as Consolidated Rubber Tire C o .; name changed Jan 2
1914.M anufactures a full and com plete line of pneumatic tires and tubes.
Is one of the largest producers in the country o f solid truck tires .Produ< ts
are distributed through 67 branches established in important business cen­
tres of the country aDd approximately 50.000 active accounts with dealers
Plant is located at Cum berland, M d . V . 108, p. 1835, 2 6 3 4 . Compare
also V . I l l , p . 1374; V . 112, p . 8 5 4 , 9 4 5 , 1872; V . 121, p . 1685.
S T O C K .— On N o v . 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 D ec. 31 1925 had retired ano
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 ,8 6 0 ,2 0 0
o f an issue o f $7,000,000 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 m axim um 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. T o D ec. 31
1925 $595 ,50 0 had been purchased for redemption. V . 108, p . 2634;
V . 109, p . 683.
N O T E S .— The 10-year 8 % notes o f 1921 have a sinking fund providing
for the retirement o f the entire issue at 110 and int. by drawing by lot
$1,00 0 ,0 0 0 p. a. ($500,000 on each int. date) beginning M a y 15 1923, a? d
continuing until M a y 15 1931, when the remaining $2 ,0 0 0 ,0 0 0 will be
paid at 110 and int. V . 112, p 2088
C A S H D I V S . f ’ 9 9 . ’0 0 .
1914.
1915.
1916. 1917 tv F e b ’25
C om . s t o c k ..)
..
..
------7 )4
15
16 (4 % Q -F )
From M a y 1 1919 to Feb. 1 1921 paid a stock dividend o f 3 % along witb
the regular quarterly cash dividend o f $1. In M a y , Aug. and N o v . 1921
paid 3 % in stock, the cash dividend being om itted: none since.
The July 1924 d iv . on 1 st pref. stock was deferred. V . 118, p . 3 0 8 5 . The
M a y 1924 div. on 2d pref. stock was deferred.
R E P O R T .— For 1925, in V . 122, p. 1042, showed:
1925.
1924.
1923.
1922.
Gross profits______________$ 9 ,895,844
$7 ,2 5 5 ,7 4 6 $ 9 ,559,804 $ 1 2 ,531 ,379
Total operating incom e.
3,686,641
717,658
1 ,107,536
5,5 7 7 ,8 4 6
In t. on 10-year 8 % notes
610,000
690,000
770,000
800,000
D isc. & misc. deduc’n s . .
39 5 ,3 2 5
301,033
3 5 4,062
464,465
Depreciation_____________ 1 ,2 2 8 ,7 3 8
1,2 5 2 ,3 7 4
1,149,759
1,168,823
N e t income___________ $ l,4 52,577d e f$ 1525,749d ef$1166,284 $3,144,549
D iv s. on pref. ( 6 % ) --------------------4 4,250
177,900
181,113
D iv s. on pref. ( 8 % ) --------------------105,294
424,376
437,186
O F F IC E R S .— Samuel W oolner Jr., Pres.; F A . Seaman, 1st V .- P .,
M aurice Switzer, T . S. Lindsey, Louis M ueller and C . A . Brown, V .-P .;
H . B . Delapierre, Sec. & Treas.; M . C . Lachenbruch, A u d . N ew Y o rk
office, 250 W . 57th S t — (V . 123, p . 2094 .)
K E L S E Y W H E E L C O ., IN C .— O R G A N I Z A T I O N .— Incorp. in N . Y
on A u g. 23 1916. and took over as o f D ec. 31 1915 the entire assets and
business o f K elsey W heel C o . of M ich , and Herbert M fg . C o . o f M ic h ., as
going concerns, and the capital stock of K elsey W heel C o ., L t ., of Canada
and o f the Kelsey W heel C o. of Tenn. Owns one of the largest automobile
wheel plants in the world. V . 103, p . 4 11, 848; V . 105, p . 75.
Sale o f portion of interests at M em phis to Fisher B ody C orp ., V . 117
p . 2 000 .
S T O C K .— Auth. and issued, $10,0 0 0 ,0 0 0 com. and $ 3 ,0 0 0 ,0 0 0 (par $100j
7 % cum . pref.; pref. redeemed to D ec. 31 1925, $789 ,70 0- Pref. is redeem­
able, all or part, at any time on 90 days' notice, at $125 and divs. N o
mortgage or funded debt. See stock offering, V . 103, p . 411.
D iv. on
pref. N o v . 1 1916 to N o v . 1 1926, 7 % per annum ( 1 M % qu ar.). On com ­
m on, initial dividend of 1 ) 4 % paid Jan. 2 1922; same amount paid quar. to
O ct. 1 1926.
R E P O R T .— For 1925, in V . 122, p . 2 339 , showed:
E a rn s. Cal. Y ea rs—
1925.
1924.
1923.
1922.
Sales, less returns, & c ..$ 1 5 ,0 8 3 ,0 9 0 $ 1 4 ,856 ,825 $2 0 ,0 7 8 ,4 3 5 $16,938 ,924
T otal incom e____________
1 ,596,060
1,412,453
2 ,0 0 7 ,1 5 7
2,0 4 6 ,3 4 5
Provision for F ed’l taxes
238,776
294,084
249,133
244,833
Preferred dividends_____
158,063
168,665
173,089
178,211
C om m on dividends______
600,000
600,000
600,000
600,000

Balance, surplus.




$599,221

$349,704

$984,934

$1,023,301

$563 ,98 9
106,292

P laces W here In terest and
D ivid en d s are Payable
Guaranty T r O o. N Y
New York
New York.
New York
New York
New York
New York
Equitable Trust C o , N Y

1925.
$7,862,051
7 ,064,767

1924.
$ 8 ,4 4 3 ,9 8 6
7 ,7 7 4 ,9 2 2

$797 ,28 4
87,471

$669 ,06 4
97,6 8 5

T o ta l incom e_________________________
Federal ta x _____________________________
Preferred dividends____________________
C om m on dividends-------------------------------

$670,281
$884 ,75 5
$766,740
_______
108,400
9 5,843
7 7.185
80,253
85,1 7 9
300,000
3 0 0,000
3 0 0,000
$293,096
——
— --------------------Surplus-------------------------------------------------------- ---- - ■ — $396 ,40 2
$285 ,72 7
Pres., John K elsey. Office, Detroit, M ich .— (V . 123, p . 1256.)

KENNECOTT
COPPER
C O R P O R A T I O N .— O R G A N I Z A T I O N .—
Incorp. on April 29 1915 in N . Y . and took over the Kennecott and Beatson
properties in Alaska. V . 100, p . 1922.
On D ec. 31 1925 owned all of the stock of the Braden Copper C o . and
in excess of 9 5 % o f the stocks o f the U tah Copper C o. and Alaska SS. C o.
S T O C K .— The stockholders on April 9 1923 increased the authorized
stock from 3 ,0 0 0 ,0 0 0 to 5 ,0 0 0 ,0 0 0 shares and approved an offer to exchange
shares o f stock of the Kennecott Copper C orp. for shares of capital stock
of the U tah Copper C o . on the basis of 1 % shares of stock o f Kennecott
for 1 share o f stock of U ta h .
D I V I D E N D S .— A n initial dividend of $1 per share was paid M a r. 3 1 1 9 2 6 ,
June 1916 to Sept. 1917, $1 50 quar. ($6 yearly); D ec. 1917 to D ec. 1918.
$1 quar. M a r. 1919 to D ec. 1 1920 paid 50c. quar.: then none until Jan. 15
1923, when 75c. was paid; April 1923 to Oct. 1 1925 paid 75c. qu ar.; Jan. 2
1926 to O ct. 1 1926 paid $1 quar, Jan. 2 1927 paid $1 25 quar. In July
1917 paid a Red Cross div. of 20c.
B O N D S .— Th e 10-year secured 7s, due F eb . 1 1930, were redeemed on
N o v . 1 1924 at 106 and int.
R E P O R T .— For 1925, in V . 122, p . 2 662 , showed:
C onsolidated In co m e Statem ent Calendar Y ea r 1925.
[Incl. Braden Copper C o ., U tah Copper C o . and Alaska Steamship Co.J
Operating revenue: Copper, $ 5 8 ,9 8 8 ,7 9 9 ; gold and silver, $ 2 ,327,8 6 2 ; railroad, steamship and wharf, $ 6 ,5 4 6 ,4 5 4 ; total___ $ 6 7,863 ,114
C ost of metal production, incl. mining treatm ent & d e liv e r y .. 33,08 7 ,5 3 5
Railroad, steamship and wharf operating costs_________________
4,8 0 3 ,9 9 3
N e t operating revenue____________________________________________ $ 2 9 ,971 ,586
Other receipts: D iv s ., int. and miscellaneous____________________
2 ,315,024
T otal incom e______________________________________________________ $ 3 2 ,286 ,610
D educt: Interest on short-term notes, $ 4 95 ,55 6; taxes, $ 3 ,3 6 9 ,159; depreciation, $ 3 ,9 9 1 ,6 0 7 ; total____________________________
7,8 5 6 ,3 2 2
N e t income for year________________ ______________________________$24,430 ,288
Less— minority interest in income of subsidiaries_______________
540,243
N e t income applicable to Kennecott stock (after depreciation)$23,89Q,044
O F F IC E R S .— Pres., Stephen Birch; V .- P ., E . T . Stannard; Sec. &
T reas., Carl T . Ulrich. N ew Y o rk office, 120 Broadw ay.— (V . 123,
p. 2663.)
K E Y S T O N E T I R E A N D R U B B E R C O .— O R G A N I Z A T I O N .— Incorp.
In N ew Y ork Sept. 26 1911. The chief business o f this com pany is the man­
ufacture and sale o f Keystone cord and fabric tires which are manufactured
at the plant located at Kingsbridge. N ew Y o rk C ity .
S T O C K .— On O ct. 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 o f com . stock of record O ct. 24 1922
were offered the right to subscribe at $6 50 per share for com . stock (no par
ralue) 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 O ct. 1916; in 1917, 1 2 % ; in 1918,
1 2 % . and 15% in stock; in 1919, Jan ., 3 % : A p ril, 3 % ; M a y , 1 5 % in stock;
Tidy. 3 % ; Sept., 1 5 % in stock: O c t., 3 % ; 1920, Jan.. 3 % ; April, 3 % ;
July. 3 % ; O ct., 3 % .
NoDe since.
The stockholders were given the right to subscribe on or before N o v . 23
1926 for 100,000 shares of com m on (treasury) stock (no par value) o f the
Keystone Clearing C o. at $5 per share. Paym ent m ay be made either in
full or in installments, viz.: 3 0 % upon subscription, 3 5 % within 30 days
and 3 5 % within 60 days of subscription. Compare V . 123, p . 2 5 2 7 .
R E P O R T .— For 1925, in V . 122. p . 2340 , showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
$ 12,155 loss$141,586 loss$59,664 loss$110,131
Gross profit on sales____
Operating, & c., expenses
84,859
103,459
260,509
364,785
Operating loss________
Miscellaneous incom e___

$ 72,705
__________

$245 ,04 5
12,572

$320,173
18,572

$474,916
3 2,322

L oss____________________
Interest, taxes, & c______
Previous deficit__________
Refund of Fed. ta x ., &c_
A d just. Gryphon Rubber
& Tire Corp___________
Reserve for doubtful ac­
counts, & c____________

$ 72,705
14,326
3,3 5 6 ,5 9 9
__________

$232,473
45,3 8 0
3 ,0 3 6 ,0 6 7
Cr.8,489

$301,601
106,146
2 ,538,578
__________

$442 ,59 4
45 6 ,7 1 2
1 ,468,128
__________
__________

Profit & loss d e ficit-. .

19,159

__________

__________

__________

51,168

89,7 4 2

171,144

$ 3 ,4 6 2 ,7 8 9

$ 3 ,356,599

$3 ,0 3 6 ,0 6 7

$ 2 ,5 3 8 ,5 7 8

O F F IC E R S .— Pres., G . A . D orfm an; V .-P . & Treas., Joel Jacoos; S e i.
Isidore Brenner. Office, Bailey A v e. & 192d S t., Kingsbridge, N . Y . —
(V . 123, p . 2663 .)
(G . R .) K I N N E Y C O ., I N C .— -Incorp. under laws of N ew Y o rk on Jan.
23 1917. Business is principally that o f operating a large chain o f retail
shoe stores throughout the country, manufacturing, selling and dealing in
shoes and footwear, &c. On D ec. 31 1925 owned and operated 250 stores
in 36 States, m ostly east o f the Mississippi River. Also owns and operates
five factories, four of which are located in the vicinity o f Harrisburg, P a .,
and one a t H untington, W . V a .
D I V S .— On pref., in full to date, a special paym ent o f 3 % having been
made on F eb. 15 1924, clearing up all accumulations.
On common paid $1 a share July 1 1925, this being the first paym ent to
be m ade on this issue since 1921, when $2 a share was paid; O ct. 1 1925 to
Jan. 3 1927 paid $1 quar.
B O N D S .— The secured gold coupon notes due D ec. 1 1936 are converti­
ble at any tim e before maturity into a like par or face am ount of preferred
stock.
Redeemable after D ec. 1 1931 at 105 and interest.
1926— October— 1925.
1926— 10 M o s .— 1925.
Sales
$1 ,6 3 5 ,5 4 7 $ 1 ,789,517 $ 1 4 ,0 9 2 ,0 7 8 $13,856 ,477

300

INDUSTRIAL STOCKS AND BONDS
D a te
B on d s

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviation s, & c ., see n otes on page 8]

Kraft C h e e se C o— C om m on stock $8 ,7 5 0 ,0 0 0 authorized—
(S S) Kresge Co — Common stk $ 1 0 0 ,00 0,00 0 auth____ _____
Pref (a & d) stock 7 % cum auth $ 5 .0 0 0 ,0 0 0 ___________ _
Kresge Dept Stores, Inc — C om m on stock 700,000 shs auth
Pref (a & d) stock 8 % cum red 110 $25,0 0 0 ,0 0 0 au th _______
( S H ) K ress & Co— C om m on stock $ 1 2 ,0 0 0 ,0 0 0 ------------------pref stock 7 % cum $ 5 ,0 0 0 ,0 0 0 au th .; s fd 1918 call at 1 25__
F or p rop osed change in ca p ita liza tion , (see text)
Krupp (F r ie d .), L t d , E sse n , G erm a n y — See text.

Par
Value

A m ount
Outstanding

$25
$10
100

....

Rate
%

$8,32 2 ,5 7 5 See text
3 6 ,786,197 See text
2,0 0 0 ,0 0 0
7
None 2 14,000 shs
100
3 ,5 0 0 ,0 0 0
8
100 12,000,000
4
100 a 2 ,944,600
7

W hen
P ayable

Last D ivid en d
and M a tu r ity

[V ol. 123.
Places W h ere In terest ana
D ividends are Payable

Q— J
Q— J
Q— J

Oct 1 1926 1)4
D ec 31 ’26 3 % Checks mailed
do
D ec 31 ’26 \ %

Q— J

O ct 1 1926 2 %
N o v 1 1926 1 %
O ct 1 1926 1 U Lawyers Trust C o , N Y

w

a Called for redemption on Jan. 3 1927

R E P O R T — For 1925, in V . 122, p . 2050 , showed:
1925
1924.
1923.
N et sales________ ______ _________________ $ 1 8,031 ,460 $1 7 ,0 6 8 ,9 0 5 $ 1 5,321 ,009
C ost o f sales____________________________ 11,612,535 1 1 ,212,846
10,541,564
Gross p rofit______________ ___________ $ 6 ,4 1 8 ,9 2 5 $ 5 ,8 5 6 ,0 5 9 $4 ,7 7 9 ,4 4 5
Selling, admin, and general ex p e n se .. 4 .8 5 0 ,9 4 4
4 ,3 7 0 ,3 9 9
3,5 2 4 ,5 1 2
N e t operating profit__________________ $ 1 ,567,980
Interest________ _______________________ f
322,766
Bad debts, lessrecoveries&misc. chgsl
110,000
D educt F ed’l & State inc. tax, est____
Preferred dividends____________________
433,128
C om m on dividend______________________
179,985

$ 1 ,4 8 5 ,6 6 0
1197,609
\ 58,331
152,172
591,639

$ 1 ,254,933
186,420
4 ,0 3 8
140,000

Balance surplus _______
________
$522,102
$415 ,90 8
$924,475
Report for 6 m onths ended June 30 1916, in V . 123, p. 1513 , showed:
6 M o s . E n d . J u n e 30—
1926.
1925.
1924.
1923.
N et sales_________________$ 8 ,6 8 3 ,0 6 8
$ 8 ,8 0 5 ,9 5 8 $ 8 ,2 1 5 ,0 8 6 $ 7 ,155,240
C ost o f sales____________
5 ,6 8 0 ,5 7 4
5 ,6 4 4 ,7 3 3
5 ,3 4 4 ,0 9 7
4 ,9 3 4 ,2 9 0
Gross profit___________ $ 3 ,0 0 2 ,4 9 4 $ 3 ,1 6 1 ,2 2 4 $ 2 ,8 7 0 ,9 8 9 $ 2 ,2 2 0 ,9 5 0
Selling, adm . & gen. exp. 2 ,5 6 6 ,5 6 5
2 ,3 6 3 ,3 6 2
2 ,1 0 8 ,7 3 5
1,568,403
N e t profit_____________
Other income____________

$ 435 ,93 0
_______

T otal incom e__________
Federal tax (estim ated).
In t. & misc. chges. (net)

$43 5 ,9 3 0
30,0 0 0
179,399

N e t profit_____________
O F F IC E R S .— Pres. &
G oodyear; 2d V .- P ., F . S.
W m . Herbert; A sst. Sec.,
N ew Y o r k .— (V . 123, p .

$797 ,86 2
_______
$ 797 ,86 2
7 2,000
1 6 3,280

$76 2 ,2 5 5
_______

$652,549
77,201

$ 7 6 2 ,2 5 5
$729,746
8 0,042 N o t shown.
121,917
86,591

$ 2 2 6 ,5 3 0
$56 2 ,5 8 2
$ 560 ,29 5
$643,157
T reas., Edwin H . Krom ; 1st V .- P ., W m . H W oodford; Sec., Edward H olloway: Asst. T reas.,
Le R o y R . K inney. Office, 225 W est 34th S t.,
2527.)

K R A F T C H E E S E C O .— Incorp. under laws of Illinois, Sept. 2 0 1924,
and is engaged in the cheese business in the United States, Canada, Great
Britain, Europe, South Am erica, Australia, and other countries. The
com pany’s principal sales are pasteurized or sterilized cheese in packages.
I t also manufactures and sells or jobs all varieties of bulk cheese and foreign
cheese.
Controls through stock ownership the K raft Cheese C o . o f Wisconsin,
the K raft Cheese C o . o f California, the K raft-M acL aren Cheese C o ., L td .,
the P . E . Sharpless C o ., the B urton Creamery C o ., the C . D . Reynolds
C o ., the C . A . Straubel C o . and the Dairystate C old Storage C o.
The principal factories and warehouses are located at Chicago, 111;
Pocatello, Idaho; M ontreal, Canada; Antigo, W is .; Concordville and
Philadelphia, P a .; Stockton, 111.; N ew Y o rk , N . Y . , and H ayes, England.
S T O C K .— See table at head o f page.
D I V S .— 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 f 1 ) 4 % quarterly.
R E P O R T .— For year ended M arch 31 1926, in V . 122, p. 2 937 , showed:
Y e a r s E n d e d M a r c h 31—
1926.
1925.
N e t sales_______________________________________________ $ 3 6 ,7 2 0 ,0 7 7 $ 3 1,097 ,386
C ost of sales_______ ______
3 1 ,2 5 6 ,6 9 2 25,41 0 ,9 3 2
Operating expenses___________________________________
3 ,7 6 0 ,8 5 5
3,5 1 2 ,1 9 5
Operating p rofit..
Other income______

$ 1 ,7 0 2 ,5 3 0
20 7 ,8 5 3

$ 2 ,174,259
122,400

Total income_____
Interest _____________
Other expense_______
T axes________________
Preferred dividends.
Com m on dividends.

$ 1 ,9 1 0 ,3 8 3
78 ,1 5 0
150,624
181,176
100.248
4 3 9 ,9 * 7

$2 ,2 9 6 ,6 5 9
171,488
502,304
2 05,536
186,313
175,170

S u rp lu s _____________________________________________
$960 ,19 8 $ 1 ,0 5 5 ,8 4 7
O F F IC E R S .— Pres. & Gen. M g r ., J. L . K raft; V .-P s ., C . H . K raft,
J. H . K raft and Fred K raft; Sec., Oliver A . Blackburn; T reas., E . Ridge­
w ay. Office, 400 Rush S t., Chicago.— (V . 123, p. 2004.)
(S , S .) K R E S G E C O .— O R G A N I Z A T I O N .— In M arch 1916 incor­
porated in M ichigan to succeed, per plan V . 107, p. 1555. 1717. the S. S.
Kresge C o . incorporated in Delaware April 1912. In O ct 1926 operated
352 retail stores in Chicago, D etroit, St. Louis, Greater N ew Y o rk , Phila­
delphia, Pittsburgh, Boston, and other cities north of W ashington, D . C .,
and east o f St. Joseph, M o . V . 94, p . 1319; V . 104, p . 366.
S T O C K .— T h e stockholders on Jan. 19 1926 increased the authorized
common stock from $ 5 0 ,0 0 0 ,0 0 0 , par $100 , to $100,000,000, par $10. For
each share of com m on stock held the stockholders received in exchange
ten new $10 par com m on shares.
Pur. m oney m tges. and land contract payable D ec. 31 1925, $ 7 ,6 8 6 ,6 7 0 .
D I V I D E N D S .— On p re f., 1 % % quar. (Q .-J .). On com m on, N o . 1,
15c. ( 1 1 4 % ), July 1 1916 to Jan. 1918, 4 % yearly; July 1918, 2 1 4 % : 1919,
Jan. and July, 2 ) 4 % ; D ec. 31 1919, 2 ) 4 % regular and 1 % extra; July 1
1920, 3 % ; July 1 1921, 3 % ; D ec. 31 1921, 3 % in cash and 5 4 % , payable
in common stock (V . 113, p . 1580); Ju ly 1 1922, 3 ) 4 % ; D ec. 30 1922, paid
3 ) 4 % ; M a r. 1 1923, 33 1 -3 % in com m on stock; April 2 1923 to D ec. 31
1925, paid 2 % quar.; on M a r. 31 1926 to D ec. 31 1926 paid 3 % quar. On
April 1 1925 also paid 5 0 % in com . stock.
R E P O R T .— For 1925, in V . 122, p . 1036, showed:
1925.
1924.
1923.
1922.
Stores____________________
304
256
233
213
Sales_______________________1 0 5 ,965 ,610 $90,0 9 6 ,2 4 8 $81,843,233 $65,191 ,467
N et income x _____________ 1 1 ,609,260
10,114,163
9 ,4 9 3 ,9 8 8
6 ,616,417
140,000
140,000
141,350
141,445
Preferred dividends_____
Com m on divs., cash____
2 ,9 4 1 ,4 0 6
1 ,961,450
1 ,958,257
1,168,557
Balance, surplus_______ $ 8 ,5 2 7 ,8 5 4
T>prinr1_
_

— Q u a r.

1Q9fi

$8,01 2 ,7 1 3
$7,394,381 $ 5 ,306,415
30—- — 9 M o s . E n d . S e p t . 30—

E n d . S ep t.

1Q9A

1Q9^

Sales______________________ $ 2 7 ,0 3 7 ,9 4 9 $23,909 ,671 $ 7 6 ,875 ,274 $ 6 8 ,564 ,584
Profits before ta x _______
3 ,9 1 7 ,7 7 2
2 ,8 4 7 ,6 7 0 1 0 ,028,136
8 ,338,076
T axes_____________________
52 8 ,8 9 9
3 5 5,960
1 ,307,016
1,042,261
Preferred dividends_____
35,0 0 0
3 5 ,0 0 0
105,000
105,000
Balance, surplus______$ 3 ,3 5 3 ,8 7 3 $ 2 ,4 5 6 ,7 1 0 $ 8 ,6 1 6 ,1 2 0 $ 7 ,190,815
x After providing for Federal taxes and contingencies.
O F F IC E R S .— Chairman, S. S. Kresge; Pres., C . B . Van D usen; V .P res.i
R . R . Williams, P. T . Evans and H . H . Servis; Treas., C . B . Tu ttle; Sec.'
R . A . Bell; C om p ., A . J. M cIn ty re . Office, Detroit, M ich .— (V . 123P. 2271.)




K R E S G E D E P A R T M E N T S T O R E S , I N C .— Incorporated under laws
o f Delaware on A u g. 16 1923. Owns the entire outstanding stocks o f the
following companies: L . S. Plaut & C o ., N ew ark, N . J ., and Th e Palais
R oyal, In c ., W ashington, D . C . T h e latter owns the entire stock o f the
R oyal Stores C orp ., W ashington, D . C .
In O ct. 1925 the corporation offered to issue to the holders o f the common
stock o f The Fair in exchange for their common stock holdings common
stock without par value, or common stock and 8 % cumul. pref. stock o f
this corporation in accordance with either one o f the two following alter­
native options: (1) A n exchange at the rate o f 1 share o f com m on stock of
the corporation for each share o f common stock o f Th e Fair presented for
exchange. (2) A n exchange at the rate o f 3 -10 o f a share o f pref. stock and
1-10 o f a share o f common stock o f the corporation for each share o f com m on
stock o f Th e Fair presented for exchange. V . 121, p . 1916.
S T O C K .— Preferred stock is redeemable as a whole or in part at 110.
An annual sinking fund of 3 % o f the m axim um am ount o f preferred stock
issued commences D ec. 31 1927.
Th e stockholders on A u g. 26 1925 increased the authorized com m on
stock (no par value) from 20 0 ,0 0 0 to 7 00,000 shares.
D I V I D E N D S .— Initial dividend o f 2 % quar. on the preferred stock
was paid July 1 1924; same amount paid quar. to O ct. 1 1928.
R E P O R T .— For 6 m os. ended July 31 1926 showed:
S ix M o n t h s E n d e d J u l y 31—
1926.
N et sales________________________________________________ $ 4 ,6 3 2 ,5 5 4
Gross profit on sales_________________________________
1,390,584
Operating loss_________________________________________
419,796
Other income (n et)___________________________________
490,541
N e t profit before taxes..
Provision for Federal taxes
Balance, surplus____________________________________

1925.
$ 4 ,2 1 2 ,2 8 8
1 ,282,405
131,355
168,207

$ 70,745
-----------

$36,852
4,795

$ 7 0,745

$ 32,057

O F F IC E R S .-— P res., Sebastian S. Kresge; V .- P ., Charles B . V an D usen;
T reas., E . W . G lover; Sec., J. H . Overm an. Office. 455 Seventh A v e .,
N ew Y o rk .— (V . 123, p . 1640.)
(S . H .) K R E S S & C O .— O R G A N I Z A T I O N .— Incorp. in N . Y . in June
1916 to take over the 5-10-25-cen t chain store business o f S. H . Kress & C o .
of N . Y . and S. H . Kress & C o . o f T ex. In Jan. 1926 was operating 166 stores
S T O C K .— Pref. 7 % cu m ., au th ., $ 5 ,000,000; $ 4 ,0 0 0 ,0 0 0 issued; retired
to D ec. 31 1925, $ 1 ,0 5 5 ,4 0 0 , leaving $ 2 ,944,600 outstanding. C om m on,
$12,000 ,000 auth. and outstanding. The pref. will have no voting power
unless and until two quarterly dividends are in default. M a y be redeemed,
all or part, at any time upon 90 d ays’ notice at 125 and divs. Annual
sinking fund to retire pref. beginning in 1918, 3 % o f largest am ount issued.
N o mortgage possible without consent o f 7 5 % o f each class of stock. V .
102, p . 2080; V . 104, p. 2143.
P r o p o s e d C h a n g e i n C a p it a liz a t io n .- — The stockholders will vote Jan. 4
1927 on changing the authorized capitalization from $5 ,0 0 0 ,0 0 0 7 % cumul.
pref. stock, and $12,0 0 0 ,0 0 0 common stock (par $100) to $1 0 ,0 0 0 ,0 0 0 6 %
special pref. stock (par $10) and 1,500,000 shares o f no par value com . stock.
A ll of the outstanding 7 % cumul. pref. stock has been called for redemp­
tion on Jan. 3 1927 at 125 and divs.
It is proposed that the present common stock be exchanged for new no par
stock on the basis o f one share of old for eight new
A auarterly dividend
o f 25c. in cash will be paid on Feb. 1 1927, on the new com m on, which will
be equal to $8 per annum on o ld , which has been receiving $4 per share per
annum. I n addition, the directors contemplate declaring an additional
dividend of 50c. a share on the common stock payable in special pref. stock
redeenable at 11 and dividends.

D ivid en d s.— On p ref., \ % % ouar. O ct. 1916 to O ct. 1926.
stock, A u g . 1 1919 to N o v . 1 1926, 1 % quarterly.

On common

1926— October— 1925.
1926— 10 M o s .— 1925.
S A L E S ______ _____________ $4 ,2 6 0 ,1 1 9 $ 4 ,0 4 6 ,4 2 0 $ 3 7 ,3 7 9 ,0 6 9 $33,245 ,151
R E P O R T .— For 1925, in V . 122, p. 7 58, showed:
C al.
N o.
Sales.
P ro fits.
P f. D iv s . C o m .D ivs.
Y ears.
Stores.
$
$
$
$
1925 __________ 166
45 ,9 6 3 ,1 8 2
4,1 5 8 ,5 2 1
208,105 48 0 ,0 0 0
1924 __________ 161 40 ,2 5 9 ,2 3 2
3 ,1 4 3 ,9 3 4
209,349 480,000
1923 ..................152 3 4 ,0 0 5 ,4 6 4
*3 ,4 7 2 ,9 0 2
220,105 48 0 ,0 0 0
1922 ............... . 1 4 5 30 ,6 4 6 .9 3 8
*3,088.641
232,024 48 0 .0 0 0
* A fter providing for Federal taxes.

B a l., S u r.
$
3 ,4 7 0 ,4 1 6
2 ,4 5 4 ,5 8 5
2,7 7 2 ,7 9 7
2 .3 7 6 ,6 1 7

O F F IC E R S .— Chairman, S. H . Kress; Pres., Claude W . K ress.
114 Fifth A v e .. New Y o rk .— (V . 123, p . 2527 .)

Office,

K R U P P (F R I E D .), L T D . (F R I E D . K R U P P A K T I E N G E S E L L S C H A F T ), E S S E N , G E R M A N Y — H I S T O R Y A N D
B U S IN E S S .—
Fried. K rupp Aktiengesellschaft (Fried. K rupp, L td .) was organized in
1903 to continue the industrial enterprises theretofore conducted for nearly
100 years under the firm name of Fried. K rupp.
C om pany is one of the largest coal-producers in Germ any and its produc­
tion of coal is more than sufficient for its own requirements. Th e mines
controlled and worked are equipped with coking plants for the recuperation
o f by-products. Under the allotm ent o f the “ Ruhrkohle” (Federation of
Ruhr Coal M ine Owners), the com pany’s coal production is placed at
9 ,5 0 0 ,0 0 0 tons a year. In addition to its control o f fuel, the com pany also
controls and works important deposits o f high-grade iron ore.
Th e blast furnace plants, comprising 10 furnaces at Rheinhausen on
the lower Rhine and 7 on the middle Rhine, have a total daily output
capacity of between five and six thousand tons. The steel plants are
equipped m ainly with open-hearth furnaces with capacities o f up to 80 tons,
in addition to converters and electric and crucible shops. Their total
yearly steel output capacity is 2 ,2 0 0 ,0 0 0 tons.
The main plants for casting, forging, rolling and finishing are located at
Essen and Rheinhausen.
The com pany’s activities cover virtually every important steel and iron
product in its various phases o f manufacture. Am ong the products the
following m ay be specified; Structural steel (construction o f bridges and
steel structures of any dimensions) , rails, locom otives o f all sizes and kinds,
rolling stock, ship building material, forging and steel castings of largest
sizes, Diesel engines, motors and m otor trucks, excavators, machinery for
the textile and paper industries, agricultural machinery and implements,
cash registers and m any other kinds o f machinery and apparatus. The
works own facilities for transport as well b y river and canal as b y rail, there
being besides for the circulation within the works a well-developed network
of lines with corresponding rolling stock. The com pany also owns about
140 miles o f railroad, 91 locomotives and 3 ,7 8 0 cars. For inland water
and oversea transport, the company has its own shipping department.
N O T E S .— In D ec. 1924 Goldm an, Sachs & C o ., Kleinwort Sons & C o.
(London), Lehman Brothers, W h ite, W eld & C o ., Hallgarten & C o .,
Halsey, Stuart & C o ., In c ., and J. & W . Seligman & C o. sold at 9 9 H and
int. $ 1 0,000 ,000 7 % 5-year merchandise seemed gold dollar notes.

INDTJSTKIAL STOCKS AND BONDS

Nov., 1926.]

D ate
Bon ds

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviation s, A c ., see notes on page 8]

K u p p e n h e im e r (B) & C o . In c — Com stk 110,000 shs a u t h ..
Preferred (a & d) stock 7 % cum red 115 $3,50 0 ,0 0 0 au th___
First and collateral trust mortgage gold. --------------------------Incom e mortgage $2,500,000 gold (extended)______
______
B on d s, A . . . o ' Controlled C om panies H eld by P u blic
Alg Steel 1st & Ref M * 3 0.000,000 g gu sf red 105 - - U sm .o*
Oannelton Coal A Coke 1st M int gu sk fd 5c per t o n ____
Algom a O A H Bay R y lS e e these cos. under “ R R s .”
Algom a East R y . . . . f
L a m b ert C o (T h e )— Com m on stock 1 ,000,000 shares auth__
Deferred stock convert (see text) 100,000 shares au th____
Lanston Monotype M ach in e Co— Stock $10,000,000 au th .

—

1904
1904
1912
1911

—

Par
V a lu e

Am ount
O utstanding

W hen
P a yable

R ate
%

201
Last D ividend
and M a tu rity

Places W here Interest and
D ividends are P a ya b le

$5
100
100
1.000
500 &c

$2
J &
J Jan 2 1927, $1
$500,000
Q— M
1 .700.000
7
D ec 1 1926, 1 U
4 0 .0 0 0 .0 0 0
J
A D June 1 1944
5 g
Bank of M ont, N Y . A e
5.2 7 8 .0 0 0
a 2 ,315.850 Up to 5 %
O ct 1
O ct 1 1929
See text

$& £

15,366,373
217,000

.

N one 281,250 shs
None 100,000 shs
100
6 ,000,000

5 g
6

A
J

$3 50
$1
6

&
A

Q— J
Q— J
Q— M

O Apr 1 1962
J July 1 1950

8ee text
Fidelity-Phila T r Co,Phil

Oct 1 ’ 26, 87 X
Oct 1 ’26, 25c
N ov 3 0 ’26 I X Checks mailed

a $184 ,15 0 additional in treasury.

D escrip tion o f N o te s .— Dated D ec. 15 1924, due D ec. 15 1929. N otes
will be the direct obligations o f Fried. Krupp, L td . The notes will be in
bearer form in denom. o f $ 1,000 and $500 and will bear int. payable J. & D .
at the rate o f 7 % per annum, such interest to be represented b y coupons.
Principal and in t., and premium, if any, will be payable at the N ew York
office o f Goldm an, Sachs & C o ., fiscal agents for the loan, in U . S. gold
coin o f the present standard o f weight and fineness. Com pany covenants
that net interest receivable from it by the holders o f these notes shall not
fall below 7 % per annum , and that net payments b y way o f principal and
sinking fund shall not fall below the amounts specified, b y reason o f any
German taxes, present or future, which the company m ay be required or
permitted to deduct or withhold. The notes will be issued pursuant to the
terms of an agreement with the National Bank o f Commerce in New Y o rk,
defining the obligations of the company, and an agreement with the Dresdner
Bank, Germ any, as trustee of pledged assets.
The company will covenant to retire $750,000 of notes on or before
D ec. 15 in each o f the years 1925 to 1928, incl. T o the extent that the
company shall not purchase such notes at not to exceed 102 and in t.,
notes will be called for redemption at 102 and in t., all as provided in the
trust agreements. Except as redeemed for this purpose, the notes m ay be
redeemed only as a whole on any interest date at 102 and int. and on three
m onths’ prior notice. N otes not retired nor redeemed as above are payable
at par on D ec. 15 1929.
S ecurity.— The notes will be secured b y a direct and exclusive first
charge upon merchandise and raw material in salable form o f a value at
cost or m arket, whichever is lower, of at least 1 5 0 % of the amount of the
outstanding notes, all as defined In the trust agreements pursuant to which
the notes are issued. Com pany will covenant to maintain at all times
this ratio between the pledged security and the amount o f outstanding
notes. The pledge o f assets to secure the notes will be made in favor of
the Dresdner B ank, as trustee of pledged assets.
R elation to “ D aw es P la n .” — The obligations of the company with respect
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 %
upon a capital sum which has not yet been definitely determined but
which in all probability will not exceed 3 0 ,000,000 gold marks, or about
$ 7 ,2 0 0 ,0 0 0 . N o paym ent whatever is required for the first year ending
Aug .3 1 1925. For the second year the rate is 2 X % ; for the third year, 5 % .
For the fourth year, it attains 6 % whereof 1 % is as amortization o f principal.
A s there is no provision for accelerating the maturity of the capital sum,
the average annual ?jayment required of the company for account of
reparation during the life of these notes would thus not exceed $306 ,00 0.
Th e burden of the com pany’s liability for reparation will, furthermore,
be considerably reduced, as, under a special German law, part of the
annual paym ents in respect of industrial reparation bonds will be refunded
to the obligors of such bonds b y branches of German industry, banking
and commerce which under the “ Dawes Plan” do not themselves assume
a direct responsibility for reparation paym ents. The liability o f the
company for reparation will be seemed b y a charge in the nature o f a
first mortgage upon the fixed assets of the com pany, but such charge
does not extend to assets o f the character to be pledged as security for
these notes.
Neither German law nor any international engagements assumed by the
German Government involve any restrictions upon the acquisition b y the
com pany of the foreign exchange requisite to permit the company to meet
the external obligations evidenced b y these notes.— (V . 121, p. 301 2 0

L a k e S u p erior G o a l O o . a n d O a n n e lto n G o a l A G o k e G o . o w n e x t e n s lr
co a l p ro p e rtie s In W e s t V a .
V . 9 6 . p . 1 493; V . 1 0 1 , p . 9 2 1 ; V . 1 0 9 . p . 1076
V . I l l , p . 1 079.

K U P P E N H E IM E R (B .) & C O ., I N C — Incorp. Sept. 28 1922 under
laws of Illinois. Manufactures and sells m en’s clothing at wholesale. The
com pany sells only the goods which it manufactures, and all its goods are
put out under the trade name and brand o f “ The House o f K uppenheim er.”
Plants are located in Chicago, 111.
S T O C K .— Preferred and common stock have equal voting power. Sink­
ing fund retires annually 3 % o f the largest amount o f preferred stock issued,
to be acquired at not exceeding 115 and divs. N o mortgage can be created
without the consent o f at least two-thirds in interest o f the preferred stock.
D I V I D E N D S .— On preferred, in full to date. On com m on, paid initial
d iv . o f $1 per share on Jan. 2 1925; same amount paid semi-annually to
Jan. 2 1927.

O F F IC E R S .— Pres., W ilfred H . Cunningham; V .-P r e s ., W . C . Franz;
V .-P . & Treas., J. W . Gem m ell; V .- P . & Sec., A lex. Taylor. O ffice,
Sault Ste. M arie, O nt.
Secretary’s office, B ank o f Ham ilton B ld g .,
T oronto.— (V . 123, p . 2004 .)

R E P O R T .— For fiscal year ended O ct. 31 1925, in V . 121, p . 2999, showed
Y ea rs Ended—
Oct. 31 ’25. N ov. 1 ’2 4 . N o v . 3 ’23. Oct. 28 ’22.
Gross p rofit______________$ 2 ,203,255 f
A dm in . A gen. exp ., less
misc. incom e__________
1 ,6 6 9 ,8 2 8 -j
N ot
N ot
N ot
Fed. taxes, $51,000 ; int.
stated
stated
stated
paid, $20,540 ; t o t a l ..
7 1 ,5 4 0 [
N et profit for y e a r .. .
Excess o f par val. over
cost o f pref. stock pur­
chased and cancelledLess — Portion accrued
prior to Sept. 28 1922,
incl. in initial surplus.
Org’n exp. written o ff___
Pref. dividends ( 7 % ) - - .
C om m on divs. ($2)______

$461 ,88 8
C r .4 2,020
_______
_______
154,586
20 0 ,0 0 0

$535,358
C r .15,622
_______
_______
222,880
-----------

$877,723

x$366,211

_______

_______

_______
20,088
237,221
-----------

318,671
_______
_______
-----------

B O N D S .— As to 1st mortgage and coll, trust 5s of 1904 (reduced to
$5,2 7 8 ,0 0 0 ), see Consolidated Lake Superior C o ., V . 77, p. 771, 1290;
V. 78. p. 1784, 1900; V . 8 8 , p. 1065; V. 90, p. 1105; V . 9 2 , p. 529, and
below. First dividend on incomes, 5 % , O ct. 1 1906; 1907 to 1909, none;
1910 2 X % - 1911, 2 4 % ' 1912 and 1913 5 % : 1914, 1915 and 1916, none;
1917 to 1920 incl., 5 % yearly in O ct.; 1921 to 1926, none.
The corporation requested the holders of the income bonds which matured
O ct. 1 1924 to agree to an extension of time for the payment of the principal
for a period o f five years from O ct. 1 1924. The plan submitted protects the
position of the bondholders by providing that if events shall occur which
m ay prejudice the rights o f the bondholders, the extension agreement shall
terminate and the bondholders shall be free to proceed as If the extension
agreement had never been made. Under the terms of the plan the corpora­
tion surrendered for cancellation $500 ,00 0 par value of bonds, thus reducing
the outstanding issue to $ 2 ,5 0 0 ,0 0 0 par value, o f which $184 ,15 0 were
held in treasury June 30 1926. V . 119, p. 1177, 2186.
Algom a Steel Corporation's $15,OOO,O0O common and $10,0 0 0 ,0 0 0 7 %
cumulative pref. stock is all owned by the Lake Superior G orp., which guar­
antees as to prin. and int. the 1st & ref. M . 5s of 1912, $ 3 0 ,0 0 0 ,0 0 0 auth.
V . 103, p. 2076 . The Steel Corporation issued its purchase money bonds
for $ 5 ,8 0 0 ,0 0 0 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. C orp. 1st 5s; callable at 105.
C u m . skg. fund
of 1 % yearly on bonds out. V . 94, p. 1253, 1387, 1569, 1697; V . 95, p . 4 2 1 ,
1747; V . 97, p. 1118; V . 101, p . 920; V . 104, p. 665.
For Algoma Central A Hudson Bay K y. and Algoma Eastern R y ., see
R R . D ept. Status as to guarantee in D e c .1920, see report of Algom a Cen­
tral & Hudson B ay R y . in V . 112, p . 157. Cannelton Coal & C ok e. V .
93. p. 804
R E P O R T .— For year ending June 30 1926, in V . 123, p . 977, showed:
E arn ings
I n t. A D ivs. Other
G eneral 1st I tg e .
B alan ce,
L . S. C o r p .—
Sub. C os. In c o m e. E x p .,& c . Bond I n t . S u r . o r D e f .
1 9 2 5 -2 6 ---------------------- $ 295 ,00 0 $ 23,628 $ 6 2,360 $263 ,90 0
def. $7,633
1 9 2 4 -2 5 ------------------------- $294 ,50 0 $70,627
$85,060 $263 ,90 0 sur. $16,167
1 9 2 3 -2 4 ------------------------- 2 95.000
32,711
67.532
2 6 3,900 def.
3,721
1 9 2 2 -2 3 ------------------------- 2 9 3.500
4 6.806
69.328
263,900 sur.
7,078
29 3 ,5 0 0
100,391
103,595
2 6 3,900 sur. 26,390
1 9 2 1 - 2 2 .______
O perations o f S ubsidiary C om pa n ies f o r Y ea rs Ended Ju n e 3 0 .
[Excluding the earnings o f the Algom a Central & Hudson B ay R y.]
Y ea rs E n d . Jun e 30— • 1925-26.
1924-25.
1923-24.
1922-23.
N e t earnings fro m oper.
o f all subsid. cos______
$742 ,12 9
$28,685 $ 1 ,1 5 6 ,7 4 0
$866,582
In t. on bonds o f sub. cos.
and on bank and other
advances, divs., & c___
1,3 6 6 ,9 8 4
1,354,621
1 ,393,989
1,410,717
D eficit for year_______
D eficit forward__________

$624 ,85 3
2 ,5 3 0 ,6 8 4

$1,32 5 ,9 3 6
1,545,199

$237 ,24 9
1,3 0 7 ,9 4 9

$544 ,13 6
763,814

D eficit carried forward $ 3 ,1 5 5 ,5 2 8

$2,87 1 ,1 3 5

$ 1 ,5 4 5 ,1 9 9

$ 1 ,3 0 7 ,9 4 9

L A M B E R T C O . (T H E ) .— A holding com pany, incorporated under law s
o f Delaware on M arch 15 1926. Owns 33,7 5 0 shares (or 5 6 M % ) o f the
capital stock o f the Lam bert Pharmacal C o ., which is the operating com­
pany.
The Lam bert Pharmacal C o . was incorporated under laws of
M issouri on N o v . 12 1884, and manufacture's 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; M exico C ity , M exico; and M adrid , Spain.
S T O C K .— 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 com m on stock. U p to 50,000
shares o f deferred stock m ay be converted, share for share, into com m on
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 m ay be so converted, subject to the provisions of
the certificate o f incorporation.
D I V S .— Initial divs. o f 8714 cents per share on the common stock and
25 cents per share on the deferred stock were paid on July 1 1926; same
am ounts paid on O ct. 1 1926.
R E P O R T S .— For 9 m os. ended Sept. 30 1926:
N in e M o n th s E n ded Sept. 30—
1926.
N et profit after taxes (Lam bert Pharmacal C o .) _ . $2 ,3 9 4 ,5 1 9
1,346,917
Proportion of profit applicable to Lam bert C o ____

1925.
$1,48 0 ,7 3 4
. 832,912

$47,540
1,586,453

O F F IC E R S .— P res., Gerard B . Lam bert; V .- P ., Francis O . N oble:
Treas., Henry V . Poor; Sec., Parker N ew hall. Office, 383 M adison A v e . .
N ew Y o rk .— (V . 123, p. 2 0 0 4 ).

P rofit and loss surplus $ 2 ,731,828 $ 2 ,582,505 $ 2 ,254,406 $1,633,993
x Including premiums on sale o f preferred stock in lieu o f accrued divs.
Six M o n th s Ended A p r i l 30—
1926.
1925.
N e t income after all charges and Federal taxes____
$265 ,14 5
$12,349
O F F IC E R S .— Pres., Louis B . Kuppenheimer; V .- P ., Ludwig Stein,
Alfred W . Stern and Bertram J. Cahn; Sec., II. C . Furneaux; A sst. Sec.,
M . L . D o ty ; Treas., Bertram J. Cahn. Office, Congress and Franklin
S ts., Chicago, 111.— (V . 122, p . 3451.)

LAN8TON M O N O TYPE M A C H IN E C O.— O R G A N I Z A T I O N .— Incor­
porated In Virginia In 1892. Manufactures for sale or rental automatic m amlnes for composing and casting type. Controls Lanston M onotype
Corporation of London.
V. 78, p . 2440; V . 8 4 , p . 994. In Jan. 1922 pur­
chased the business, machinery, & c., of the Barrett Adding M achine Co.
V . 114, p . 312.
’09. ’ 1 0 -T 3 . T 4 . ’ 15. ’ 16.
1917 to N o v . 1926.
D I V I D E N D S ____ ( % )
1 H 6 y ’ly
3
0 4X
6 yrly (1 H Q -F )

Balance, surplus______
Previous surplus________

$149 ,32 2
2,5 8 2 ,5 0 6

$328,099
2 ,254,406

$620,414
1 ,633,992

L A C K A W A N N A ST E E L C O .— See Bethlehem Steel C orp.
L A Q O O IL & T R A N S P O R T C O R P .— (V . 123, p . 2527.)
L A K E S U P E R IO R C O R P O R A T I O N (T H E ).— O R G A N I Z A T I O N .—
Incorporated in N . J. on M a y 19 1904 as successor, per plan, V . 7 7 , p. 1296,
and V . 7 8 , p. 1784, 909, of Consol. Lake Superior C o . Controls Algoma
Steel C orp ., Sault Ste. M arie, Canada, and affiliated companies. V . 107,
p . 9 0 2 . Compare V . 103, p. 2075; V . 7 7 , p . 771.
T h e plants include: Upen-hearun steel works and rail m ill; 4 blast furnaces
o f about 1.300 tons daily capac.; 8 50-ton open-hearth furnaces and 3 75-ton
furnaces with a 300-ton mixer and a duplex plant consisting of one 150-tor
mixer, all representing a capacity of 50,000 tons ingots per month
about 450 miles of railroad; freight steamships; machine shops, forge;
iron and brass foundry and car building shops. See also V . 79, p. 1026,
V . 8 1 , p . 977; V . 83, p 1096; V . 88. p 1004; V . 90, p . 1105; V 93, p . 1195;
V . 99 p . 1134. Also owns 6,000 acres of W . V a . coal ands acquired i
1910. V . 91, p . 868. Has 160 coke ovens.
in Jan. iyu9 the Fleming syndicate ac uired oontrol and undertook ex­
tensive Improvements. (See V . 8 7 , p. 938; V . 88, p. 234, 1065, V . 89, p. 916 j




The div. of I X % M a y 31 1918 was paid in 6 % d iv. ctfs. due M a y 31
1919, which were paid at m aturity.
See V . 106, p . 2125; V . 109. 121, p .
R E P O R T — For year ending Feb. 28 1926, showed:
Y ears Ending F eb.—
1926
1925.
1924
N et earnings____________
$895 115
$707,059
$715,531
Previous surplus________
4 ,735,185
4,877,868
4 ,677,791
T o ta l-------------------------------$ 5 ,630,300
T axes-------------------------------66.544
Dividends ( 6 % ) ------------360,000
O bsoletem ach w r i t .o f f .
43,369
Depreciation_____________
368.889
P a ts., & c., wr tten o f f - .
90.740
Profit &l oss,

urplus. $ 4 ,700,756

1923.
$614,091
4 ,5 5 0 ,3 9 6

$5,584,927 $5 ,3 9 3 ,3 2 2
80,760
8 5,913
360,000
36 0 ,0 0 0
42,445
69,541
366,537
_______
_______
_______

$5,16 4 ,4 8 7
76,856
360,000
49,840
_______
_______

$ 4 ,735,185

$4,677,791

$4 ,8 7 7 ,8 6 8

O F F IC E R S .— Pres., Harvey D . Best; Sec., John A Ferguson; Treas#!
Joel G . Clemmer
Office and factory, 24th aiid. Locust S ts.. Philadelphia*
— V 122, p . 2 8 0 7 )

202

INDUSTRIAL STOCKS AND BONDS
D ate
Bonds

M IS C E L L A N E O U S C O M P A N IE S
F or abbreviation s, A c ., see notes on page 8]

L e e R u b b e r & T i r e C o r p — S to c k a u th 3 0 0 ,0 0 0 shares (te xt)
Lehigh C oal & N a v ig a tio n — S to c k a u th o riz e d * 2 9 .2 4 3 .4 0 0 F u n d & im p t m tg e g o ld Ser A * 2 ,6 9 1 ,0 0 0 ( c lo s e d )-P I P .x c *
C o n s o l M * 4 0 ,0 0 0 ,0 0 0 ,g . ■ f re d t e x t ___________ P e P .k c * r *
L e h i g h V a liev C oal S ales C o— S to c k a u th * 1 0 .0 0 0 .0 0 0 --------L ife Sa vers, I n c — Stock 5 5 0,000 shares authorized__________
L ig g e tt & M yers T o b a c c o C o — C om stock *21,4 9 6 ,4 0 0 auth
O o n w io a s t o c k Class B n o n v o t in g . * 4 4 ,3 6 3 ,8 0 0 a u t h ______
P referred s to c k (a & d) 7 % c u m u la t iv e * 3 4 .1 3 9 .8 0 0 _______
G old b o n d s (n o t m o rtg a g e ) * 1 5 ,5 0 7 ,8 0 0 a u t h ___ G . x c ’ &r*
do
do
do
do
15 .0 5 9 .6 0 0 a u t h - .- G .x o * & r *
L im a L o c o m o t i v e W o r k s , I n c — Com stock 300,000 sh. auth.

1898
1914

1911
1911

P ar
V a lu e

1923.
*9 ,3 9 0 ,3 9 7
182,586
2 5 4,399
256,904

1922.
$ 6 ,468,208
442,734
72,241
300,000

Balance, sur. or d e f-_ -s u r * 3 0 0 ,209 def$234,473 de f*3 28,7 17

sur$70,493

Six M o n th s Ended Ju n e 30—
1926.
N e t sales________________________________ $6 ,0 9 8 ,7 3 5
C ost of goods sold_____________________ x 6 ,257,227

1925.
$6 ,0 5 9 ,4 0 4
5 ,8 8 1 ,9 6 5

1924.
$6 ,6 6 2 ,5 3 4
6,7 7 0 ,2 5 6

Operating loss_______________________
Other incom e___________________________

*1 5 8 ,4 9 2 sur$177,439
3 4 ,5 1 6
3 9,632

$107,722
29,469

N e t operating loss___________________
Interest_________________________________

$123 ,97 6 sur$217,071
5 7,309
59,011

$78,253
86,313

N e t loss_______________________________
$181 ,28 5 sur$158,060
$164,566
x After provisions for rebate on sales covering decline in prices effective
July 7 1926.
O F F IC E R S .— Chairman & P res., John J. W atson Jr.; V .-P res. & T reas.,
Albert A . Garthwaite; Sec., H enry Hopkins Jr. General office, Consho­
hocken, P a. N . Y . office, 61 Broadw ay.— (V . 123, p . 463.)
L E H IG H C O A L A N D N A V I G A T I O N C O . (T H E ).— Owns canal from
Coalport to Easton, P a ., 46 m ., and leases Delaware Division Canal, 60 m .
Also owns Lehigh & Susquehanna R R ., Phillips b u rg.N . J ., to Union Junc­
tion, P a ., 105 m ., with branches, 58 m ., and leases for 999 years Nesquehoning 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 o f the charters of the
parties (excepting that the lease of the Nesquehoning Valley R R . is for 999
years from 1868), rental being, by amendment o f lease dated June 4 1926,
*2,267,801 per annum . D ela w a re D iv isio n Canal leased for 99 years from
1866. In 1904 m ajority o f capital stock o f Lehigh & N ew England R R . was
acquired. V . 78, p . 1785, V . 79, p . 2646, V . 97, p . 668, 1587, V . 100, p . 731.
Proposed lease o f Lehigh & N ew England to Reading C o .— see that company
under “ R ailroads.”
Allentown Terminal R R . first m tge. were extended
from July 1 1919 to July 1 1929 at 6 % and com pany’s guarantee canceled
as o f July 1 1919. V . 108, p . 2634.
A s to decision In O ct. lu lo in anti-trust suit by U . 8 . D ist. Court (sub
Ject to appeal), see V . 101, p . 1473). U . 8 . Supreme Court decision. V
110, p . 1816. R ebate suit M arch 1916 appealed in April 1916 before the
U . 8 . Circuit C ourt. V . 102, p . 1063, 1350, 1440.
In 1917 the company sold its stock Interest in the Lehigh N a v . Electric
C o ., owning a large power plant 10 miles west of M auch C hunk. P a ., and
•btaining its coal supply from the c o .’s mines, to the Lehigh Pow er Securities
C orp , for * 1 ,5 0 0 ,0 0 0 cash and 61,0 0 0 shares of the last-nam ed company's
305)000 shares of capital stock (V . 105, p . 4 9 8 ). 5 0 -year contracts being
made to furnish coal for the plant and to receive the electricity needed to
operate the m ines. V . 96, p . 1367; V . 100, p . 645, 731S T O C K .— Shareholders of record O ct. 31 1917 were allowed to subscribe
at par for * 2 ,6 5 5 ,7 5 0 o f new stock.
V . 105, p. 1713.
Stock for em­
ployees, V . 112, p . 938; V . 115, p . 2275.
A t the annual meeting Feb. 23 1926 a resolution was adopted, calling
for the appointm ent o f a com m ittee 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 .
D I V 8 .— 1900. 1901. 1902. 1903. 1904. 1905-08. 1909. 1 9 1 0 -N o v .’26.
Per c e n t .. 5 H
6
5
6
7
gyearly
9 8 yearly(2Q-F28)
Also 15°Z in serin Marcti 1 1910. V 90, p. 55; V . 9 2 , p . 265.
A lso paid 2 % extra on N o v . 30 1926.
B O N D S .— N o additional funding and improvement m tge. bonds can
be issued. Sinking fun d, 5 cents a ton o f coal mined and carried away
from the mortgaged premises west o f the Little Schuylkill River and from
the lands o f the Alliance Coal M ining C o . V . 67, p . 125; V . 70, p . 428;
V . 81, p . 720; V . 8 4 , p . 106.
The Consol, m tge. 4>4s ($40,000,000 auth. issue) are secured by about
12,734 acres of anthracite lands in Carbon and Schuylkill counties, P a ., and
canal and railroad properties, and all except 100 shares o f Lehigh & New
England R R . stock and stocks and bonds of other affiliated companies
Of
the *1 8 ,0 0 0 ,0 0 0 Series A , * 1 4 ,0 0 0 ,0 0 0 were sold to retire * 1 0 ,0 5 4 ,3 3 3 prior
lien bonds and secured gold notes outstanding, and for general purposes,
and * 4 ,0 0 0 ,0 0 0 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. O f the bonds un­
issued, sufficient are reserved to retire prior bonds maturing after July 1
1914 and the balance under restrictions for future purposes. Redeem­
able on any July 1 at 102 H and interest by sinking fund of 5 cents per
ton of pea and larger coal mined and shipped. C allable at 105 and m t.
T o D ec. 1925, * 1 ,3 4 5 ,0 0 0 had been retired by sinking and other funds,
making *1 4 ,3 3 0 ,0 0 0 outstanding, and * 5,715.000 in treasury pledged or
unpledged, being *2 ,3 2 5 ,0 0 0 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.
R E P O R T .— For 1925, in V . 122, p . 1019, showed:
1Q93
1922.
1924
Calendar Y ears—
1925.
2 ,276,964
4,206,961
3,523 ,671
C oal production (tons). .
2,6 4 3 ,3 9 3
Gross earnings___________ $20,040 ,001 *24,462 782 $27,098 ,022 * 1 8 ,786,432
5,285,533
3,179,037
3,969 617
N e t earnings______ 3 ,178,231
381,105
339 ,377
604,535
General taxes_____
352,789
201,887
General, & c., exp en ses..
220,019
215 ,687
202,851
986,035
992,497
863 364
Interest on funded d e b t.
798,588
16,524
M iscellaneous____________
12,037
3 121
18,604
2 ,339,472
2,339, 472
2 ,339,472
Dividends ( 8 % ) ________
2 ,339,472
Surplus for year_d ef$544,676

$208 ,59 6

$1,13 4 ,0 3 6 def$752,448

N o te .— The mines were idle from April 1 to Sept. 10 1922 and from A ug.
31 1925 to F eb. 18 1926, due to a general strike o f the anthracite mine
workers.
O F F IC E R S .— Pres., S. D . Warriner; V .- P ., H . F . Baker; V .-P . & Sec.,
H . H . Pease; T reas., O . E . N eff; C o m p t., Edward H ughes. Office, 437
Chestnut S t ., Philadelphia.— (V . 123, p . 2271.)




Bate

%

None 300 OOOshrs See text
*50 *29 243.400
8
1.000
3 ,787,000
4 g
1,000 &c 14, 330,000
4H g
q 801 ,435
50
*8
N one
500 000 shs See text
25 2 1 , 496.400 See text
25 37 917,955 See text
100 22 5 14.100
7
50 Ac 13 732.600
7 g
50 Ac 15 059.600
5 g
None 211. 057 sh.
*4

LEE R U B B E R & T I R E C O R P .— O R G A N I Z A T I O N .— Incorporated
In N . Y . on D ec. 14 1915 to take over the assets of the Lee Tire & Rubber
C o . o f Conshohocken, Pa. In M a y 1923 acquired the Republic Rubber C o.
V . 116, p . 2 395 . Product consists o f cord, pneum atic, puncture proof and
fabric tires. The stockholders on June 6 1923 authorized an increase in the
capital stock from 150,000 shares to 3 0 0 ,0 0 0 shares. O f the additional stock,
6 5,000 shares were issued to acquire the assets o f the Republic Rubber C o.
Y . 116, p. 2644 . Stockholders o f record Jan. 18 1926 were offered 85,163
shares o f treasury stock at * 1 2 50 a share on the basis o f two new shares
for each five shares held. In 1916 paid three dividends o f 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 1925 showed;
Calendar Y ea rs—
1925.
1924.
N et sales_________________ $ 1 2 ,742 ,585 *12,5 8 6 ,3 7 1
Operating p ro fit_________
4 19,372
loss99,610
Interest, & c______________
119,163
134,863
D ividends________________
_______
_______

A m oun t
Outstanding

W h en
Payable

Last D ivid en d
and M a tu r ity

O— F 28
J
A
J
J A
J
O— J
Q— J
(j— M
Q— M
Q— J
A A O
F A A
Q— M

Sept 1 '23 50c
N o v 30 '26 4 %
July 1 1948
Jan 1 1954
O ct 1 1926 * 2
Oct 1 1926, 40c.
D ec 1 1926 3 %
D ec 1 1926 3 %
O ct 1 1926 1 M
Oct 1 1944
Aug 1 1951
D ec 1 1926
*1

[V ol. 123,
Places W h ere Interest anti
D ivid en d s A r e Payable

New York
Office, Philadelphia
do
do
N ew Y o rk Sc Phila
Checks mailed
Checks from Cen Dn Tr
do
do
do
do
Guaranty Trust Co, N Y
do
do
Checks mailed

L E H IG H V A L L E Y C O A L C O .— See Lehigh Valley Coal Sales C<*.
below; also Lehigh Valley R R . under “ Railroads” above; compare also
V . 118, p. 673, for details of * 1 5 .0 0 0 .0 0 0 1st & ref. m tge. bond issue,
description o f property, & c. A n initial dividend?o f *1 25 per share was paid
Jan. 31 1925, same amount paid A u g. 1 1925 and A u g. 2 1926. Report for
1925 in V . 122, p . 1775.— (V . 122, p . 3612.)
LE H IG H V A L L E Y C O A L SA LE S C O.— Incorporated in New Jersey
Jan. 22 1912.
Purchases from the Lehigh Valley Coal Co. coal mined, pur­
chased or otherwise acquired by the Leh. Val. Coal Co. and affiliated com ­
panies, and ships and markets the sam e. Th e lower Federal Court on D eo.
21 1914 dismissed the G o v t, suit against the com pany and the Lehigh Valley
R R ., & c ., for alleged violation of the anti-trust law and the commodities
clause o f the Inter-State Commerce law . V . 9 9 , p . 1914; V . 9 8 , p . 9 16.
This decision was reversed on D ec. 6 1920 b y the U . S. Supreme C ou rt,
which ordered a separation of the Lehigh Valley R R . from Its coal proper­
ties. Com pare V . I l l , p. 2292; V . 117, p. 2117 . See also Lehigh Valley
R R . Stock a u th ., $10,0 0 0 ,0 0 0 (par * 5 0 ), of which $9 ,8 0 1 ,4 3 5 has been
issued. A * 1 2 .5 0 stock allotm ent was issued Jan. 17 1914 and a *1 5 stock
allotment on July 14 1917, being paid for out o f special divs. declared for
same am ounts. V . 104, p . 2238 ; V . 9 4 , p . 123, 282; V . 9 7 , p . 1429.
D I V S .—
’ 15. ’ 16.
T 7 . ’ 18. ’ 19.
’2 0 . ’2 1 . ’2 2 . '2 3 . ’2 4 . ’2 5 .
$5
* 6 .5 0 $8
$8
$8
$8
Regular--------- $5
$8
$8
$8
$8
E x .( s e e a b o v e ) __
15.00
Lib. L ’n b d s.
..
..
__
*5 $ 2 .5 0
__
From July 1917 to O ct. 1926 paid $2 quarterly.
O F F IC E R S .— P res., G eo. N . W ilson; V .-P . & G en . Sales A g t ., W . R ,
Evans; Sec. & T reas., W . J. B urton.— (V . 117, p . 2 1 1 7 .)
L E H N & F I N C K P R O D U C T S C O .— (V . 123, p . 463.)
L IF E S A V E R S , IN C .— Incorp. under laws o f N ew Y o rk on D e c . 30
1925 b y the consolidation of two existing N ew Y o rk corporations, Life
Savers, In c., and M inco, Inc. Th e com pany 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 o f 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, L t d .,
organized under the laws o f Canada, and Life Savers Sweets Sales, L t d .,
organized under laws o f Great B ritain.
S T O C K .— See table at head o f page.
D IV I D E N D S .-—A n initial dividend o f 4 0 cents a share was paid April 1
1926; same am ount paid July 1 and O ct. 1 1926.
R E P O R T .— For calendar years:
D ep re - F ederal
N et
N e t Sales.
P ro fit.
I n terest, cia tio n .
T a x.
P r o fit.
1922
____ $ 1 ,9 3 7 ,8 2 8 $618,107
$1,569
$47,438
$70,952 $498,147
___ 2 ,6 9 2 ,7 9 4
781,099
19 2 3
1,456
57,745
8 9,222 632,674
1924
____ 3 ,4 0 1 ,4 7 6 1 ,119,068
1,385
8 1,586
125,396 910,701
x 19 2 5 _________ 3 ,4 5 2 ,1 1 7 1,1 2 7 ,7 4 2
____
8 2 ,2 4 4 .13 0 ,8 0 0 914,698
x Ten m onths ended O ct. 31.
The com pany reported for the first 6 m onths o f 1926 net sales o f *2 ,5 0 6 ,7 3 2
and net profits after all charges except taxes o f $ 8 0 1 ,8 1 9 .— (V . 123, p . 590
L I G G E T T & M Y E R S T O B A C C O C O -— O R G A N I Z A T I O N .— Incorp.
in N ew Jersey N o v . 24 1911 and under order o f U . S. Circuit Court dated
N o v . 16 1911 took over under plan o f disintegration o f American Tobacco C o.
(V . 93, p . 1122-24) certain of its plug, smoking, cigarette and little cigar
factories. V . 93, p . 1537; V . 94, p . 2 8 2 ; V . 100, p . 896; V . 107, p . 2012 .
S T O C K .— The stockholders on Jan. 8 1923 increased the authorized
capital stock from $65,752 ,700 ($21,496,400 common stock; $ 2 1,496 ,400
common stock. Class “ B , ” and $22,759 ,800 pref. stock) to $ 1 0 0 ,00 0,00 0.
par *100, to consist of $ 2 1 ,496 ,400 com m on, $44,3 6 3 ,8 0 0 Com m on " B ”
stock and $34,139 ,800 preferred.
Th e stockholders voted on N o v . 12 1923 to increase the number of
shares o f com m on stock from 21 4 ,9 6 4 shares, par $100, to 8 5 9 ,8 5 6 , and
tbe number o f shares o f common stock “ B ” from 4 4 3,638 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 o f $100 . Four shares o f the new
$25 par value stock were exchanged for each share o f $100 .
The directors in Jan. 1924 decided to issue * 8 ,5 9 8 ,5 5 0 additional common
stock “ B ” (par * 2 5 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 com m on 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 F eb . 16
1925 were offered $ 1 0 ,810 ,700 additional common stock “ B ” a t par in the
proportion of one share o f such com m on stock “ B ” for each four *2 5 par
value shares o f common stock and (or) common stock “ B ” held b y them ,
to be paid for in cash on M arch 16 1925.
D IV ID E N D S ( % ) .—
1913 (0 1919.
1920 to 1924.
1925
On com m on--------------------------------1 2 % (3 % Q .-M .)
1 2 % (3 % Q .-M .)
12
Com m on extra----------------------------4 %
extra ann.
extra dividend
4
in April
om itted.
Paid in 1926: M arch 1 , 3 % quar. and 4 % extra in cash and 1 0 % in
com m on “ B ” stock, June 1, 3 % , Sept. 1, 3 % , D ec. 1, 3 % .
Initial dividend of 3 % on Class “ B ” common stock was paid June 1 1 9 2 0 ’
same am ount paid quar. to D ec. 1 1926; also paid 4 % extra on M a r . 2 1 9 2 5 ’
and M arch 1 1926; also paid 1 0 % in common “ B ” stock on M arch 1 1926’
B O N D S .— The rights of the 7s are prior to those of the 5s. N o m ortgagi
without making these bonds a prior claim . See V . 9 4 , p . 282.
R E P O R T .— For 1925, in V . 122, p . 4 7 6 , showed:
N et
Bond
P r e f. D iv s.
Com m on
Balance,
P rofits.
I n t .& c .
(7 % ).
D iv id e n d s .
Su rplus.
1925---------- $ 1 7,028 ,475 $1 ,7 3 8 ,8 2 3 $ 1 ,5 7 5 ,9 8 7 ( 1 6 % )* 7 ,8 8 6 ,3 9 5 $ 5 ,827,270
1924---------- 13,714,197 1,7 4 4 ,3 6 8 1 ,575,987
( 1 2 % ) 4 ,89 8 ,4 5 5 5 ,495,386
1923---------- 11,375,627 1,753,231 1,575,987 (1 2 % )4 ,0 3 8 ,9 9 3 ------------------4,007,417
1922______ 11,483,679 1 .759,385 1,575,982 (1 2 % )3 ,9 6 5 .7 7 5 4,182,538
O F F IC E R S .— Pres., C . C . D ula; V .-P res. & T reas., T . T . Anderson
V .-P ’s, W . W . Flowers, E . B . M cD o n a ld , C . W . Tom s and H . A . W alker
Sec., E . H . Thurston; A sst. Sec., W . S. Tisdel and E . C . Brenn. Office,
4241 Folsom A v e ., S t. Louis; branch, 212 Fifth A v e ., N ew Y o rk .— (V . 122,
p . 2510.)
L IM A L O C O M O T IV E W O R K S , I N C .— Incorp. in Virginia, April 25
1916. Plant located at Lim a, Ohio.
S T O C K .— A ll o f the outstanding pref. stock was retired on June 1 1923
at 1 0 7 H and dividends.
The stockholders voted on July 14 1922 to create an authorized issue
of 300,000 no par value shares of com m on stock. The new stock was issued
for the purpose o f exchanging two shares for each share o f pref. stock out­
standing and two shares o f new com m on stock for one share of the out­
standing common stock.
The common stockholders o f record July 20 1922 were given the right to
subscribe at $50 per share to 1 1-3 shares of new com m on stock for each
share o f the existing com m on stock.

M IS C E L L A N E O U S C O M P A N IE S
[For abbreviations, & c ., te e notes o n pa ge 8]

D ate
Bonds

L oew s In c— Stock authorized 4 ,0 0 0 .0 0 0 shares_______________
15-year s f gold debs (with warrants) red (text)____ kxxxc*

1926

L o n g -B e ll L u m ber C orp (T h e )— Class B stk 5 5 0,000 shs au
Class A (a & d) $4 cum participating (text)--------------------------Long-Bell Lum C o 1st M Ser A g s f (text) red .C eC .x x x k c*
do
do 1st JL Ser B g s f red (text)___ C eC .xxxk c*
do
do Ser C g s f red (text)_______ C eC .xxxk c*

1922
1923
1926

P ar
Value

R E P O R T .— F o r 1925. in V . 122, p . 892, showed:
Calendar Y ea rs—
1925.
1924.
1923.
Gross income______________$4,49 0 ,0 2 8 $14,577 ,135 $ 2 0 ,286 ,867
1 ,725,043
2 ,9 0 2 ,6 0 5
N e t income_______________ d ef844,392
Reserve for Fed. t a x e s ..
_______
22 5 ,0 0 0
5 00,000
Pref. dividends ( 7 % ) ___
_______
_______
30,326
Com m on dividends ( 7 % )
844,228
844,228
809,570
Balance, surplus_______ d e fl,6 8 8 ,6 2 0
655,815
1 ,562,709
Profit and loss s u r p lu s ..
2 ,9 8 3 ,0 7 2 4 ,671,692
4 ,015,876

1922.
$ 6 ,476,953
175,446
----------130,985
189,211
d e fl4 4 ,7 5 0
2,453,167

O F F IC E R S .— Chairman o f Board. Joel S. Coffin; Chairman, Exec. C o m .,
Samuel G . Allan; Pres., Joel S. C offin: Treas., L . A . Larsen; Sec., E . N
Pierce. Offices. Lim a, Ohio, and 17 East 42nd S t., N . Y . — (V . 123, p. 1513
L O E W ’ S I N C O R P O R A T E D .— O R G A N I Z A T I O N .— Incorp. in D ela­
ware O ct. 18 1919 to take over the business of Loew ’s Theatrical Enterprises
(incorp. under New York laws on April 17 1911).
Through subsidiary companies owns, leases or directs a chain of 105
theatres in the United States and foreign countries.
C A P I T A L S T O C K .— A u th ., 4 ,0 0 0 ,0 0 0 shares; outstanding, 1,060,780
shares of no par value. Initial dividend o f 50c. per share paid Feb. 1 1920'
then to M a y 1921 paid 50c. quar.: then none until D ec. 31 1923. when
50c. was paid, M arch 31 1924 to D ec. 31 1926 paid 50c. quar., also paid
$1 extra on D ec. 31 1926.
There is also outstanding $4,43 0 ,6 6 7 pref. stock o f M etro-G oldw yn C orp.
B O N D S .— Obligations o f subsidiary corporations outstanding M a r. 14
1926, $12,1 9 5 ,9 7 5 .
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 in t., on
or before April 1 1931, with successive reductions in the redemption price
o f f i o f 1 % on each semi-annual int. daym ent date thereafter until m aturity.
N ational C ity B ank, New York, trustee.
Stock Purchase W a rra n ts.— Each debenture will have attached thereto,
upon original issue, a stock purchase warrant detachable on and after O ct. 1
1926 evidencing the right of the holder thereof to purchase (common) shares
o f the co., in the ratio of 5 shares for each $1,0 0 0 principal amount of deben­
tures, at the price of $55 per share, at any time on or before April 1 1931.
Sinking F u n d .— A minimum sinking fund of $500 ,00 0 per annum, payable
semi-annually, will be provided, first paym ent on or before O ct. 1 1 9 2 6 , to
purchase debentures at not exceeding 101 and in t., or if not so obtainable to
redeem debentures by lot at 101 and int. Th e sinking fund will be in­
creased, up to a m axim um sinking fund o f $ 1 ,0 0 0 ,0 0 0 paid in any fiscal
year, b y an amount equal to one-half the total cash dividends paid during
the preceding fiscal year on the com pany's (common) shares in excess of
$ 3 ,4 0 7 ,3 4 0 or such part thereof as will be equivalent to $3 per share on the
(common) shares now outstanding, plus shares issued on exercise o f the
above warrants. V . 122, p . 2202.
R E P O R T .— For fiscal year ended A u g . 31 1925, in V . 121, p . 2514,
showed;
1923-24.
1922-23.
1921-22.
Gross In co m e—
1924-25.
Theatre receipts, rentals
and sales of film s, & c. $53,797 ,925 $ 4 0 ,628 ,928 $16,860 ,161 $16,801 ,424
1,448,049
1,3 6 3 ,2 3 8
1,250,106
Rentals o f stores & offices 1,585,279
630,181
623,623
606,437
Booking fees & com m is's
437,731
_______
515,657
696,081
D iv s. rec. from affil.corp.
----------2 30,110
2 71,678
254,254
Miscellaneous income
473,811
$56,2 9 4 ,7 4 5 $42,9 3 7 ,2 6 9 $ 1 9,634 ,355 $19,608 ,302
E xp en ses—
Operation o f theatres and
office buildings----------- $ 2 9 ,039 ,528 $24,182 ,952
Operation of film distri­
4,3 2 7 ,4 2 0
bution offices--------------6 ,820,583
A m ortiz’n o f film s pro­
2 ,766,547
duced and released—
5 ,6 1 2 ,5 9 6
C ost o f film advertising
436,177
accessories sold----------492,559
Producers’ share o f film
5 ,862,032
rentals_________________
5 ,521,986
825,031
D epr. of bldgs. & equ ip. 1 ,811,082
450,674
Federal income taxes—
674,316
M inority interests, shares
946,351
affiliated corporations. 1,034,352
Loew’s In c., share undis­
112,858
tributed affil’d corp’ns
268,925
D iv s . on subsidiary stock
78,174
(M et-G oldw yn p r e f.).
310,186

$ 8 ,320,486

$ 9 ,874,405

2 ,958,355

2 ,0 1 0 ,8 7 0

2 ,118,832

3,5 2 1 ,3 3 9

366,657

226,673

2 ,793,634
409,712
251,192

1,512,894
194,250

Total expenses________ $ 5 1 ,586 ,114 $ 3 9,988 ,217 $17,2 1 8 ,8 6 6 $17,340,431
Operating profits________ $ 4 ,708,631 $ 2 ,949,053 $2 ,4 1 5 ,4 8 8 $2,267,871
2 ,9 6 1 ,4 8 6
545,998
100,413
Previous surplus________
3,7 8 8 ,9 7 8
T otal surplus_________ $ 8 ,4 9 7 ,6 1 0 $5,91 0 ,5 3 8 $2 ,9 6 1 ,4 8 6 $ 2 ,368,284
D ividends________________ 2 ,1 2 1 ,5 6 0 2 ,1 2 1 ,4 5 0
---------------Extraordinary ch arges..
------------------------------1 ,822,287
Profit and loss surplus $ 6 ,3 7 6 ,0 5 0

$3 ,7 8 8 ,9 7 8

$2 ,9 6 1 ,4 8 6

Am oun t
O utstanding

None
500&1000
None
None
None
$100 &c
100 &c
100 &c

D I V I D E N D S .— On common paid 1 H % quar. from D ec. 1 1920 to Sept. 1
1922; D ec. 1 1922 to D ec. 1 1926, paid $1 per share quar on new no par
value stock.
B O N D S .— A ll o f the outstanding 1st m tge. 6 % sinking fund gold bond
dated July 1 1912 were redeemed on N o v . 1 1922 at 110 and interest.

$545 ,99 7

N o te .— Figures for 1924-25 and 1923-24 include subsidiaries 1 0 0 % owned.
R eport for period from Sept. 1 1925 to M arch 14 1926 showed: Gross
income, $33,624 ,443 ; operating profit, $ 6 ,297,820; deprec., $ 1 ,0 8 4 ,7 2 0 ;
Federal taxes (est.), $678,494; minority interests’ share, affiliated corpora­
tions, $686 ,89 0; Loew’s In c., share undistributed, affiliated corporations,
$ 40,885 ; divs. on subsidiary stock (M etro-Goldw yn p ref.), $155 ,07 7; net
profit transferred to surplus, $ 3 ,6 5 1 ,7 5 4 . V . 122, p . 2510, 2663 .
D I R E C T O R S .— D avid Bernstein (T reas.), D avid W arfield, W . C .
D uran t, D avid L . Loew ( V .-P .) , M arcus Loew (P res.), Daniel E . Pomeroy,
N . M . Schenck ( V .-P .) , Lee Shubert, Charles M . Schwab, Arthur M .
Loew ( V .-P .) , W illiam Hamlin Childs. Secretary is Leopold Friedman.
O ffice, Broadway and 45th S t., N ew Y o rk .— ( V . 123, p . 2527.)
L O F T , I N C .— O R G A N I Z A T I O N .— 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 .
1 03, 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 39 retail stores in Greater
N ew Y o rk , N ew Jersey, Hartford and New H aven, C on n ., Baltim ore,
Philadelphia and Boston.
D I V I D E N D S .— Initial dividend o f 25 cents per share was paid M arch 31
1921; the same am ount paid quarterly to D ec. 30 1922; none since.




203

INDUSTRIAL STOCKS AND BONDS

Nov., 1926.]

Rate
%

W hen
Payable

1.060.780 shs. See text Q— M 31
$15,000 ,000
A & O
6 g
650.000 shs See text
542,569 shs
593,921 shs See text Q— M 31
$9,32 7 ,1 0 0
J
&
J
6 g
A & O
8 ,220,000
6 g
F & A
8,0 0 0 ,0 0 0
6 g

Last D ividend
an d M a tu rity

Places W here Interest and
D ividends are Payable

D ec 31 ’26 $ 1 K
Apr 1 1941
D ec 30 22 25c
Sept
July
Apr
Aug

30 ’ 26, $1
New York or Chicago
1 1942
New York or Chicago
1 1943
New Y o rk or Chicago.
1 1946

R E P O R T .— For 1925, in V . 122, p . 1320, showed:
1Q9q
Calendar Y ears—
1924.
1925.
N et sales
___
$ 8 ,1 6 9 ,6 7 3 $ 7 ,720,589 $ 7 ,406,292
Raw materials, labor, &c.
expenses _ _______ _____1| 8 ,0 3 6 ,4 4 7 1 7,0 4 5 ,4 7 4
6 ,713,215
D e p r e c ia tio n ___
379,062
377,957

1922.
$ 6 ,738,262
5,7 6 8 ,7 7 9
360,634

Operating income____
Miscellaneous incom e___

$133 ,22 6
161,334

$296,052
123,617

$315,120
90,0 7 9

$608 ,84 9
55,184

Profit for year___ . _
Federal taxes. _______

$294 ,56 0
39,6 0 0

$419,669
52,303

$405 ,19 9
50,477

$664 ,03 3
82 ,2 0 8
($1)645,000

$254,960
2 ,065,331

$367,366
1,697,965

$ 354,722
1,343,242

def$63,174
1,406,416

Profit & loss su rp lu s.. $2,320,291

$2,065,331

$1,697,965

$ 1 ,343,242

Balance, surplus .
Previous surplus. ______

Report for 6 m os. ended June 30 1926, in V . 123, p. 989, showed:
R esults f o r Six M o n th s E n ded J u n e 30.
1926.
1925.
1924.
1923.
N et sales_________ 1______ $ 3 ,8 6 9 ,4 1 0 $ 3 ,771,126 $3 ,6 3 1 ,6 1 0 $ 3 ,301,398
C ost, expenses, & c______ 3 ,9 0 3 ,3 6 4 3,5 9 5 ,4 5 3
3 ,4 3 0 ,0 4 0
2 ,989,613
N et incom e___________loss$33,954
Other incom e____________
112,718

$175,673
102,230

$201 ,57 0
69,034

$311,785
2 4.444

$ 78,764
$277,903
$270 ,60 4
$336,229
x N et profit___________
x Before depreciation and Federal taxes.
S A L E S .—
1926— Oct.-— 1925.
— 1 9 2 6 -1 0 M o s .-1 9 2 5 .
$767,729
$725 ,08 2 $6 ,7 4 6 ,8 0 9 $6,30 5 ,6 0 0
O F F IC E R S .— G eo. W . L o ft, Pres.; N . J. M iller, Chairman; G . L . Loft,
James J. New m an and Paul Hungelmann, V .-P s .; S. T . A u stin, Treas.;
T . F . Flyn n, Sec. & A sst. Treas. Office, 400 Broome S t., N ew Y o rk .
— (V . 123, p . 2528.)
L O N G -B E L L L U M B E R C O R P . (T H E ) .— Inc. in M aryland in 1924 as
a holding com pany for a business started in 1875 under the name R . A .
Long & C o ., subsequently incorporated in M issouri in 1884 as
the Long-Bell Lum ber C o. Corporation owns about 9 9 % o f capital
stock o f Long-Bell Lumber C o ., which in turn owns entire capital stocks
of Long-Bell Farm Land C orp ., Longview C o ., Longview Suburban C o .
Longview Dredging & Construction C o . and Longview Portlnd & Northern
R y . C o.;so over 9 0 % o f stock of Louisiana & Pacific R y . C o .; over 9 4 %
o f stock of the Sibley Lake Bistenau & Southern R y C o ., and over 6 0 %
o f stock o f the W oodw orth & Louisiana Central R y . C o . C om pany’s prop­
erty is distributed over 12 States o f the W e st, M iddle W est ana South.
Com pany manufactures long and short leaf Southern yellow pine, Southern
hard wood,oak floorings, California white pine lumber, California white pine
sash and doors, veneers, W ashington Douglas fir. standardized woodwork,
creosoted posts, poles, ties, piling and wood blocks. C om pany owns stand­
ing timber sufficient for its operations for m any years.
S T O C K .— Class A com m on 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 m ay be declared on Class B
shares in any year if the paym ent will not reduce surplus earned after
Jan. 1 1925 below $ 6 ,0 0 0 ,0 0 0 . A ll further dividends from earnings de­
clared in any year shall be m ade ratably on both classes, share and share
alike. A n y distribution which would am ount to a partial liquidating divi­
dend m ust first be used to acquire Class A shares which m ay be tendered
after advertisement, at $60 per share and unpaid accumulated dividends less
partial liquidating dividends paid thereon; and any balance is distributable
to both classes, share and share alike. On liquidation, Class A shares first
receive $50 per share and unpaid accumulated dividends, less partial liqui­
dating dividends paid thereon; then Class B shares receive $50 per share less
partial liquidating dividends paid thereon; and the balance is divided be­
tween the Class A and Class B shares share and share alike. I f and when
$60 per share in partial liquidating dividends and all unpaid accumulated
dividends have been paid on Class A shares, then all distinction between
Class A and Class B shares shall cease.
D I V I D E N D S .— Long-Bell Lum ber C o. paid cash dividends o f $ 2 1 ,1 0 4 ,045 extending continuously over a period o f 2 7 years prior to 1925; in addi­
tion stock dividends totaled $ 2 1 ,5 9 3 ,0 0 0 . Recent cash dividends were:
1919. 8 % ; 1920-21, 9 % ; 1922 -24 , 4 % ; M a r. 30 1925, 1 .8 5 % .
Long-Bell Lumber C orp. initial dividend Class “ A ” stock, $1 per share
paid M a r. 31 1925; same am ount paid quar. to Sept. 30 1926. N one on
Class “ B ” reported to date.
B O N D S ..— Long-Bell Lum ber C o . series “ A , ” “ B ” anft “ O ” bonds will be
equally se- red b y a oirect 1st m tge. on unencumbed standing timber hav­
ing a value, as independently appraised, equal to at least 1 00% o f the face
amount o f 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 m ortgage not less than 200 % o f 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 o f $62 ,1 9 4 ,9 6 3 , subjected to
the lien of the m ortgage included as of D ec. 31 1925, over 6 ,5 0 0 ,0 0 0 ,0 0 0
feet of unencumbered standing timber having a value, as independently
appraised, of $33,0 8 1 ,3 5 3 .
The mortgage contains a sinking fund provision, under which the com­
pany covenants to pay into such fund the sum o f $6 per 1,000 feet o f timber
cut or sold in the States o f Louisiana and Texas, $3 per 1,000 feet in the
States o f California and Oregon and 6 0 % o f the appraised value in all other
States. The funds in said sinking fund m ust be used to pay and discharge
existing liens against certain tracts of timber, or for the retirement o f bonds
secured by the mortgage, and the balance remaining in such fund, if an y,
m ay be used for the paym ent of interest on bonds secured b y the m ortgage.
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, $1 ,4 8 3 ,0 0 0 Longview, W a sh ., local
improvement district 6 % gold bonds.
On D ec. 31 1925, in addition, there were outstanding obligations o f the
com pany’s subsidiaries to an am ount of $ 1 4 ,5 8 2 ,5 8 9 timber land and
sundry purchase m oney obligations and $2 ,6 4 1 ,4 5 6 other notes payable, of
the total amount of which $2,227,851 were to m ature within one year and
$178,004 were to mature in same period, but were subject to renewal.
R E P O R T — For 1925, in V . 122, p . 2 340 . showed:
Calendar Y ea rs—
1925.
1924.
Profit for year________________________________________ $11,5 0 3 ,7 3 7 $ 1 0 ,7 3 6 ,9 7 2
Depletion______________________________________________
3 ,1 6 7 ,8 6 0
3 ,2 8 9 ,1 8 9
Depreciation___________________________________________ 1 ,559,243
1 ,4 1 3 ,4 1 6
Operating interest charges___________________________
1 ,2 8 7 ,5 7 0
1 ,4 8 7 ,0 0 6
Income taxes___________________________________________
6 7 6,885
541,321
Dividends paid________________________________________
2 ,3 9 5 ,9 4 0
1,1 6 1 ,7 7 3

Balance, surplus.

$2,416,239

$2,844,267

204

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[For abbreviations, & c ., see n otes on pa ge 8]

D a te
Bonds

Loose-W iles Biscuit Co— 1st pref (p & d) 7 % cum red 1 2 0 -.
Second pref (a & d) 7 % cum $2,00 0 ,0 0 0 conv into common
L o rillard (P/ Co— Common stock $ 5 0 ,000 ,000 a u t h ________
Pref stock (a & d) 7 % cum $ 1 1 ,3 0 7 .6 0 0 .......... .......................
Gold bonds (not mortgage) $ 1 0 ,9 3 3 ,5 0 0 auth___ Q .x c ’ &r*
do
do
do
do
1 0 ,617,450 auth___G .xc*& r*
L o u isia n a O il R e f C orp — Stock 1,3 6 0 ,0 0 0 shares au th ____
Pref (a & d) stock 6
% cum red 105 conv $ 4 ,000,000 auth
L u d lu m S teel C o— Stock 50 0 ,0 0 0 shares authorized_______
First m tge s f g ($ 6 ,0 0 0 ,0 0 0 auth) Ser “ A ” red (text)____ c*
M cC rory S to re s C o r p .— C om m on stock 500,000 shares a u th .
Com m on stock Class B (non-voting) 150,000 shares a u t h ..
Preferred (a. & d.) stock, 7 % cum red 110 $ 3 ,000,000 au th .

Par
Value
$100
100
100

—

1911
1911

25
100
50 &c
50 &c
None
100
N one
500 &c
N one
N one
100

— Q uar. E n d . Sept. 3 0 — -— 9 M o s . E n d . Sept. 30—
Period—
1926.
1925.
1926.
1925.
Total incom e____________ $ 2 ,1 3 5 ,7 5 3 $ 2 ,635,877 $7,34 7 ,9 9 7 $ 8 ,620,734
D epletion___ _______________
5 5 2,855
726,472
1 ,987,259
2 ,248,643
Depreciation_______________
3 8 3 ,4 3 0
4 13,008
1 ,160,127
1,215,643
4 8 8 ,6 7 9
332,051
1 ,235,570
1,034,903
Interest_____________________
Federal taxes_______________
100,331
1 2 , ,527
3 9 2,779
478,628
$ 610 ,45 7 $1,04 2 ,8 1 7 $2 ,5 7 2 ,2 6 2 $ 3 ,642,916
N et incom e___________
O F F IC E R S .— Chairm an, R . A . Long; P res., M . B . Nelson; Sec., R . W .
Stith; T reas., R . P . C om bs. Office, R . A . Long B ld g., Kansas C ity , M o .—
(V . 123, p. 2400.)
L O O S E -W IL tS B ISC U IT C O.— O R G A N IZ A T IO N .— Incorp. in N . Y .
M a y 4 1912. Operates large factories in Boston, Chicago, St. Louis, K an­
sas C ity , M inneapolis, Om aha, Dallas and Long Island C ity .
S T O C K .— C om . stock ($8 ,0 0 0 ,0 0 0 ) was in a voting trust extending to
M a y 8 1917. but extended as to a m ajority until M ay 8 1922 and again
to M a y 8 1927, with right to terminate vested in 7 5 % . V . 104, p . 1903;
V . 94, p. 1768.
D I V I D E N D S .— On first pref.. 1 K % quar. July 1912 to O ct. 1 1926
On 2d pref., Aug. 1912 to Feb. l 9 l 5 . 1 K % quar.- none thereafter until
M a y 1920 when 5 H % was paid on accumulated dividends; N o v . 1 1920
to N o v . 1 1922 paid I K % each au ar.; Feb. 1 1923 to M a y 1 1924 paid
7 % each quar.; Aug. 1 1924 paid 3 4 S % , clearing up all accumulations.
N o v . 1 1924 to N o v . 1 1926, paid 1 K % quar.
R E P O R T .— For 1925, in V . 122, p . 1163, showed:
1922.
Calendar Y ea rs—
1925.
1924.
1923.
$820,967
$914 ,32 5
N e t profits * ______________ $ 1 ,4 1 3 ,0 9 5 $1 ,1 7 7 ,2 0 5
308,630
304,500
2 93.204
First pref. div. ( 7 % ) ___
2 9 1,585
245.000
420.000
Second preferred d iv ____
140,000
42 0 .0 0 0
150.000
Sink. fd. of 1st pfd. stock
150,000
150.000
150.000
10,217
Prem. on 1st pfd. redeem
_______
3,281
Balance, surplus______
$831 ,51 0
$310 ,72 0
$2 9 ,6 0 8
$117,337
Profit and loss, s u rp lu s .. $5,01 5 ,8 0 9 $ 4 ,1 8 4 ,2 9 8 $ 3 ,8 7 3 ,5 7 8 $ 3 ,8 4 3 ,9 7 0
* N et profits from operations after deducting all expenses, interest
charges, depreciation and Federal taxes.
O F F IC E R S .— Pres., B . L . H upp; V .-P . & T reas., John H . W iles; See*;
R . W . C astle. Office, K ansas C ity , M o .— (V . 123, p . 851.)
(P.) L O R I L L A R D C O .— O R G A N I Z A T I O N .— Incorporated in New Jen*
sey N o v . 24 1911 and, under order of U . 8 . Circuit Court dated N o v . Id
1911, took over, under plan o f disintegration o f American Tobacco C o.
(V . 93, p. 1122 -2 4 ), certain of its plug, smoking, cigarette and little cigar
factories. V . 106. p. 1348; V . 9 3 . p. 1537; V . 94. p. 70. 126, 283.
S T O C K .— Th e stockholders on D ec. 18 1923 increased the authorized
.common stock from $ 3 0 ,3 1 1 ,2 0 0 to $ 5 0,000 ,000 and changed the par value of
the com . stock from $100 to $25 per share. Four new shares of com . stock,
par $25, were Issued in exchange for each share of com . stock, par $100.
C O M M O N D I V .—
(1914. 1915. 1916. 1917. 1918. 1919-25.
Regular______________________ \ 10
10
12
12
12
12 yrly.
E x tr a ________________________ l
5
3
5
6 20 stk.
-----------Paid regularly in cash 3 % qu ar.. April 1916 to Julv 1926, inclusive.
On O ct. 1 1926 paid 2 % in stock div. certificates. These ctfs. will entitle
■
the o ivners thereof to have deliverer to them on M a y 1 1927, in exchange for
such certificates, shares o f com m on stock (par $25 each) at the rate of 20
shares for each 100 shares so held, together with the divs. which m ay be
issued or paid during the time such ctfs. are outstanding upon the 2 5 ,732 86-100 shares of com m on stock, which are being set aside as o f O ct. 1
1926 , for such delivery for said certificates.
B O N D S .— The rights ol the 7s are prior to those of the 5s. No mortgage
Without providing for these bonds as prior claims See V . 9 4 . p . 2 83.
R E P O R T .— For 1925, in V . 122, p . 758 and 893, showed:
1925.
1924.
1923.
1922.
N e t income after Fed.tax $ 6 ,868,461 $ 6 ,4 3 9 ,1 9 6 $ 6 ,2 7 7 ,6 3 4 $8,13 3 ,3 9 8
Premium on 7 % b o n d s ._
13,765
15,150
14,345
18,791
Loss on L ib. bonds sold---------------------------------------,B ondin terest____________
1,2 1 3 ,2 6 5
1 ,219,209
1,2 2 5 ,2 4 8
1,231,163
Preferred divs. ( 7 % ) ___
7 91,532
791,532
791,532
791,532
C om m on divs. ( 1 2 % ) ___
3 ,7 0 4 ,0 3 9
3 ,8 0 3 ,8 3 4
4 ,0 8 8 ,9 3 8
4,0 1 7 ,0 0 2
Surplus after dividends $ 1 ,1 4 5 ,8 6 0
$609,471
A d justm ents_____________
_______ D r . 3,0 0 0 ,0 0 0
Previous surplus_________ 1 2 ,440,373 14,830,902

$157 ,57 2
----------1 4 ,673,330

$2 ,0 7 9 ,9 1 0
— --12,593,420

Profit & loss s u r p lu s -.$ 1 3 ,586.233 $12,440 ,373 $14,830 ,902 $ 1 4 ,673 ,330
O F F IC E R S .— Pres., B . L . B elt; Sec., G . T . Minnigerode; T reas., H . A .
Stout. Office, 119 W est 40th S t ., N ew Y o rk .— (V . 123, p. 1256.)
L O U IS IA N A O IL R E F IN IN G C O R P .— Incorp. under laws o f Virginia
on April 30 1917. Conducts a general oil producing, refining and market­
ing business. Corporation has approximately 85,000 acres o f land, o f which
15.000 acres are fee and 70 000 acres lease land. It has production in the
Louann (Sm ackover), Eldorado H aynesville, H om er, Bellevue, Caddo,
Urania and Cotton Valley fields in Arkansas and Louisiana and in the
H um ble field in Texas. The total daily production is approximately 9,700
barrels settled production. The corporation has two refineries in Shreve­
port, L a ., with a total daily refining capacity of 17,000 barrels. Corpora­
tion also has over 1 ,600,000 barrels of steel field storage in addition to
7 50.000 barrels o f earthen storage pits, exclusive of storage for refined
products at refineries, service stations, &c.
In Jan. 1926 acquired a large block of stock of the Beacon Oil C o. V . 122,
p . 351.
S T O C K .— T h e stockholders on Jan. 18 1926 increased the authorized
capital stock from 1,2 0 0 ,0 0 0 shares, no par value (all of one class) to 1 ,3 6 0 ,000 shares of com m on stock, no par value, and 40.600 shares of' 6 M % cumul.
pref. stock, par $100. Th e pref. stock is convertible until Feb. 15 1929 into
com m on stock at the rate of four shares of common for each share o f pref.
The common stockholders were given the right to subscribe for the 6 K %
cumul. pref. stock at par ($100) on the basis o f 3M shares of pref. for every
100 shares o f common stock held.
R E P O R T .— For calendar years;
E a rn in g s Y ea rs E n ded D ec . 31 ( In clu d in g S u b sid ia ries).
[After eliminating from 1924 and 1925 interest and discount on 5 }4 %
serial debenture gold bonds so as to give effect to retirement of that issue
with part o f proceeds from sale o f $ 4 ,0 0 0 ,0 0 0 6 j ^ % cumul. conv. pref. stock,
and after deducting Federal taxes computed for all years on the basis of
current rate of 1 2H % .]
N et P rofit
D ep letio n
N et after
N et
a fter M is c .
and
F ed. Taxes
Sales.
Charges.
D ep recia tio n .
at 1 2 4 6 % .
19 2 2
________ $ 7 ,550,783
$3 ,2 3 7 ,9 8 3
$1,008,569
$ 1 ,950,737
19 2 3
_______ 5 ,9 2 9 ,5 4 6
1,529,621
756,281
676,672
1 9 2 4 ..............
8 ,663,371
1,264,193
851,457
361,144
19 2 5 ______________ 11,395,856
2 ,2 3 2 ,7 4 3
1,051,366
1,033,705
The above statem ent o f earnings does not take into consideration the
properties o f the Arkansas-Invincible Oil C orp ., In c., and the Gladstone




A m oun t
Outstanding

Kate
%

$4,165,500
7
2 .0 0 0 .
000
See text
8 .0 0 0 .
000
153,250
6 g
12
3 2 ,166,075
7
11.307,600
9 ,7 4 1 .5 0 0
7 g
10,617,450
5 g
1,140,063sh
See text
(SV3
135,000 shs.
$2
1,1 9,500
7 g
376,709 shs. See text
78,787 sns. See text
2 ,8 9 1 ,0 0 0
7

W hen
Payable
Q— J
Q— F

[V ol.

Last D ivid en d
an d M a tu rity
O ct 1 1926
N o v 1 1926

123.

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

I K Checks mailed
do
1K

F

& A
Q— J
Q— J
A & O
F & A

To Feb 15 1931
New York Trust Co, N Y
See text
do
do
O ct 1 1926 I K
Guaranty Trust Co, N Y
Oct 1 1944
do
do
Aug 1 1951

Q — F 15
Q— J
& A
Q— M
Q— M
Q— F

N ov 15 ’ 26, 1 K
O ct 1 1926 50c.
Chem ical N a tB a n k , N Y
Feb 1 1943
See text
See text
N o v 1 1926 I K

F

Oil & Refining C o . to A u g. 31 1924, although the operations o f these proper­
ties, which are now an integral part o f the Louisiana Oil Refining C o r p ., are
included subsequent to that date
• Q uar. Ended Sept. 30— - • 9 M o s . E n d . Sept. 30—
—
—
Period—
1926.
1925.
1926.
1925.
$ 1 ,0 0 3 ,0 4 9
$3,25 3 ,3 8 2 $1 ,8 4 0 ,1 5 5
Earnings___________________ $1,220,021
Deductions______________
1,392
30,1 5 7
5 9,016
133,521
Interest__________________
4 5,207
75 ,5 4 2
' 174,065
2 0 4,644
Deprec. & depletion____
428,075
_______
1 ,171,315
671,200
E s t. Federal tax________
129,717
_______
_______
_______
N et incom e___________
$615 ,63 0
x $8 97,3 50 y $ l ,848,986
y$8 30,7 89
x Before Federal taxes, depletion & deprec. y Before Federal taxes.
O F F IC E R S .— Chairm an, Clifford M . Leonard; Pres., Richard B .
Kahle; Sec., C . R . Harrison; T r e a s., A . F . W hiting.
Offices, Richm ond,
V a ., First N a t. Bank B ld g., -4 hreveport, L a ., and 51 M aiden Lan-' .New
York.— (V . 123, p . 2271.)
L U D L U M S T E E L C O .— Incorp. under laws o f N ew Jersey on M arch 11
1898 as The Ludlum Steel & Spring C o .; name changed to present title
on June 8 1915. Owns the entire capital stock of Ludlum ElectricFurnace
Corp. and M etal A lloys, Inc.
S T O C K .— See table at head of page. In N o v . 1920 the capital stock
was changed from par value of $100 per share to no par value stock. The
stockholders on M arch 15 1926 increased the authorized capital stock from
200,000 shares to 5 0 0,000 shares.
D IV S .— On stock o f no par value paid 50c. per share quarterly, Jan. 2
1924 to O ct. 1 1926.
On old stock o f $100 par value paid as follows:
1916, 1 0 % ; 1917, 2 5 % ; 1918, 5 % ; 1919, 2 0 % ; 1920, 2 0 % .
B O N D S .— The Series “ A ” bonds are callable as a whole, or in part for
the sinking fund, at 107 H to Feb. 1 1933, and at 105 thereafter. The
mortgage indenture provides for an annual sinking fund paym ent, beginning
in 1924, equal to 1 0 % of the net earnings of the last preceding calendar
year with a minim um amount of 2 .8 % of the face value o f the bonds out­
standing at the end o f the calendar year last ended.
R E P O R T .— For 1925 showed:
Consolidated Statem ent o f E a rn in g s— Y e a r E n ded D ec. 3 1 .
1925.
1924.
1923.
1922.
N e t sales__________________ $3,74 5 ,4 7 7
$ 2 ,8 8 6 ,3 4 5
$3 ,4 1 8 ,2 5 8 $2 ,5 1 1 ,2 1 3
M aterial,labor & op.exp.
3 ,1 2 0 ,1 1 4 2 ,4 4 5 .5 8 2
2 ,6 8 8 ,6 6 0
2 ,062,721
106.360
100.989
105,105
99,5 8 7
Depreciation_____________
N e t incom e___________
Other incom e____________

$519 ,00 2
39 ,5 6 2

Total incom e__________
D ed uct—
Interest on bonds_______
Am ortiza’n b o n d d isc’t - .
Other interest___________
Adjustm ent prior years.
Res. for F e d ., & c., taxes
Dividends paid__________

$558 ,56 4
$81,398
11,076
_______
_______
6 5,536
26 2 ,5 0 0

$33 9 ,7 7 4
3 6 .2 8 5

$624,491
3 1 ,3 6 0

$348 ,90 5
23,477

$ 376 ,05 9

$655,851

$372,381

$ 8 3 ,9 0 7
11,135
1,133
_______
55 .4 6 0
2 4 0 ,0 0 0

$ 82,573
11,115
15,894
58 .5 4 6
_______
4 8,783

$50,829
10,100
5 5,189
, ----------_______
_____

Balance, surplus______
$138 ,05 4 def$15.576
$ 438 ,94 0
$256 ,26 4
Profit and loss s u rp lu s .. $1 ,9 8 9 ,3 1 3 $ 1 ,8 4 5 ,0 1 0 $ 2 ,2 1 0 ,4 8 6 $1 ,7 7 7 ,0 4 9
— Q uar. Ended Sept. 30---------9 M o s . E n d . Sept. 30—
Period—
1926.
1925.
1926.
1925.
N e t sales_________________
$940,641
$956 ,17 6 $ 2 ,9 2 5 ,2 6 9 $ 2 ,7 6 7 ,0 4 5
Expenses_________________
821,681
7 8 6,237 2 ,5 1 9 ,0 7 5
2 ,2 7 1 ,3 3 2
Operating incom e____
$118 ,96 0
$169 ,93 9
$406 ,19 5
$495,713
Other income____________ ______ 10,501 _______ 7 ,6 0 0 _____ 33 ,8 2 9 ______ 29,640
Total incom e__________
$129,461
$177 ,53 9
$440,023
$525,353
Depreciation_______ . . . .
29,775
3 0 ,3 1 8
7 6,037
8 7,505
Interest, & c______________
22 ,3 6 0
23,0681
(69,404
Federal taxes____________
14,398
2 3 ,5 4 2 f
121,238
171,148
N et incom e___________
$62,928
$100,611
$242 ,74 8
$297,296
O F F IC E R S .— Pres. Edwin Corning; V .-P . & Treas., Parker Corning;
V . - P . . H. G . Batcheller; Sec., E . Palmer G avit. Office, W atervliet, N . Y . —
(V . 123, p . 2528.)
M c C R O R Y S T O R E S C O R P O R A T I O N .— O R G A N I Z A T I O N — Incorp.
In M ay 1916 In D e l., successor of J. G . M cC rory C o.
Owns and operates a
chain of 189 5 and 10-cent stores in the Eastern and Southern States.
S T O C K .— The stockholders on M a y 21 1923: (1) Authorized the issu*
ance of $3,00 0 ,0 0 0 new 7 % cumul. pref. stock. The old ($924,700 ) pref.
stock was called for redemption on July 1 1923; (2) authorized the issuance of
500,000 shares of no par value common stock. This stock was exchanged
for the old common stock (par $100) on the basis o f 4 shares o f new stock
for 1 share of the old stock.
(3) Authorized the issuance o f 150,000 shares
of no par value class B common stock. This stock will have no voting
power, but in other respects will be on the same basis as the new com m on
stock. This stock m ay be issued as determined by the directors.
Stock Purchase W arrants.— Each pref. stock certificate, at the time of
issue, will be accompanied by a stock purchase warrant entitling the holder
of such warrant to purchase on or before D ec. 31 1930 new non-voting
class B common stock at $40 per share on the basis o f 213 shares o f class
B common stock for each share of pref. stock represented by each such
pref stock certificate. Com pare V . 117, p . 95.
Initial div. of 1 % on com . stock paid D ec. 15 1920. On M a r . 15 1921 the
regular 1 % d iv . was paid in stock, plus a special stock div . o f 2 0 % .
V . 112,
p. 938. June 15 1921 to D ec. 1 1923 paid each quarter 1 % in com . stock,
with the exception of M a r. 1 1923 when 1 % in cash was paid. On D ec.
15 1922 paid 1 0 % in com . stock; also paid 1 0 % in com . stock on M a r. 1
1923 and 5 % extra in com . stock on D ec. 1 1923. On M a r. 1 1924 paid
40 cents a share in cash and 5 % in com . stock and on June 2 1924 paid 40
cents in cash and 1 % in com . stock on class “ A ” and class “ B ” com. stocks.
On Sept. 1 and D ec. 1 1924 paid 1 % in stock, on M a r. 2 1925 paid 40 cents
in cash and on June 1 . Sept 1 and D ec. 1 1925 p id 1 m. in stock on Class “ A ”
and “ B ” common stocks. On M a r. 1, Sept. 1 and D ec. 1 1926 paid 40c. in
cash on Class “ A ” and Class “ B " common stocks. On June 1 1926 paid
1 % in stock. On pref. paid (or declared payable) in full to N o v . 1 1926.
M ortgages and purchase m oney obligations secured by real estate and
leaseholds, $ 4 ,560,017 (as o f D ec. 31 1925.)
P eriod E n d . Oct. 31—
1926— M o n th — 1925.
1926— 10 M o s .— -1925.
Sales______________________$ 2 ,909,611
$2,72 4 ,6 9 3 $ 2 4 ,6 1 8 ,5 0 8 $21,572 ,069
R E P O R T .— For 1925, in V . 122, p . 1197, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
Sales______________________ $30,0 7 8 ,1 8 6 $ 2 5 ,2 2 3 ,3 4 4 $2 1 ,3 6 7 ,8 2 4 $17,123 ,253
C ost o f sales______________ 2 0 ,7 0 8 ,9 9 8 17,63 5 ,5 2 6 1 4 ,888,936
11.797,154
General exp ., taxes, & c . 6 ,6 7 9 ,3 5 0
5 ,5 9 8 .8 3 0
4 ,8 0 7 ,8 4 9
4,141,029
Preferred d iv id e n d s .._ .
2 06,498
20 8 ,5 1 6
9 9 ,2 1 4
66,504
Com m on divs. (cash)___
164,545
177.916
104,599
36,731
Com m on divs. (s t o c k ) ..
5 1 0,240
1 ,1 9 3 ,6 8 0
1 ,700,699
852,300
Retirement o f pref. stock_______ 3 .6 8 1 ---------- ----------- ----------- 93,8 3 2 ______ 54,970

Balance, surplus_____$1,804,875

$408,876 def$327,305

$174,564

Nov., 1926.]

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
F or abbreviations, & c ., see n otes o n page 6]

D a te
Bonds

M c ln ty re-P o rcu p irie M in es, L t d .— Stock $ 4 ,000,000 au th . ____
M ack T r u ck s Inc— Com stock auth. 1 ,000,000 shares_______ ____
let pref (a & d) 7 % cum $ 1 0,921 ,900 auth call 110_________
____
2d pref (a & d) 7 % cum $ 5 ,347,800 auth call 105...............................
(R HI M acy & C o . I n c .— Common stock 350,000 sh auth___ ____
Serial gold debenture bonds due $750 ,00 0 ann red (text) _ _ c 1926
M agm a C op p e r Co— Stock 410.000 shares auth
___________ ____
(H R) M allin son & Co— Com m on stock 200,000 shares a u th . ____
Pref (a & d) stock 7 % cum red 115 $ 1 0,000 ,000 au th_______ ____
M anat) S u gar C o— Com m on stock $15,000,000 au th________
____
Preferred (a & d) 7 % cum call 1 2 0 $ 5,0 00,0 00 au th...... ...............
First (closed) m tge s f gold bonds call (te x t)___ C ek.xxxc* 1922

P ar
Value

$5
None

W h en
P ayable

text
text
7
7

Q— M
Q— J
Q— J
Q— J

None 350,000 shs
7 ,500,000 „ 5 ^ g A & O
None 408.155 sh. See text See text
200,000 shs
100 2,2 8 8 ,5 0 0
Q— J
7
100 10,000.000
100 3.500,000 See text
100 &c 7,2 5 1 ,5 0 0
7H g A & O

100 &c

$ 4 ,002,685 $ 3 ,164,503
3 ,2 0 7 ,4 9 0
2,4 6 8 ,8 4 8

N et profits____________
$457,093
$438,818
$795,195
$695,655
O F F IC E R S .— Pres., J. G . M cC rory; V .-P re s., J. M . M cC ullough , P . A .
Prior, Van C . M cC rory; T reas., F . D . Jolly; Sec., B . H . Stenzel. N . Y .
office, 1107 B roadw ay.— (V . 123, p. 2528 )
M c IN T Y R E P O R C U P IN E M IN E S , L T D .— Incorp. M arch 16 1911 in
Ontario. Properties are located in the Porcupine District near Schu­
macher, Ont.
S T O C K .— The par value o f shares was changed from $1 to $5 on Feb. 23
1922, the capital stock being rearranged so that every five old shares of $1
par value constituted one share of $5 par value.
D I V I D E N D S .—
1918. 1919. 1920. 1921. 1922. 1923. 1924. 1925.
10
15
15
15
15
20
20
Per cent........ ....................... 15
Paid in 1926: M arch 1, 5 % , June 1, 5 % , Sept. 1, 5 % , D ec. 1, 5 % .
R E P O R T .— For year ended June 30, 1926, in V . 123, p . 1389, showed:
Y ea r Ended Jun e 30—
1926.
1925.
1924.
1923.
Bullion recovery________ $3 ,8 0 4 ,7 7 5 $3,54 6 ,6 3 7 $3,29 1 ,1 7 8 $2,249,741
Operating costs__________ 2 ,1 2 1 ,3 2 2
1,927,500
1 ,788,332
1,334,517
Operating profit______ $ 1 ,683,453 $1,61 9 ,1 3 7 $1 ,5 0 2 ,8 4 6
$915,224
Other income____________
104,444
95,833
77,537
56,619
Total income__________$ 1 ,787,896 $1,71 4 ,9 7 0 $1,58 0 ,3 8 3
$971,843
Taxes_____________________
6 6,514
96,084
91,914
52,677
N et incom e___________ $1,72 1 ,3 8 2 $ 1 ,618,886 $1,48 8 ,4 6 9
$919 ,16 6
Surplus July 1___________
3 ,311,543
3,1 3 7 ,4 8 9 1,795,615
1,638,422
_______
_______
611,272
100,000
Premium on capital stock
_______
_______
195,239
_______
Reinstatement shares___
Sales o f sundry investin't
_______ _______ _______
_______ _________3,6 6 6
Total surplus___________ $ 5 ,0 3 2 ,9 2 5
$ 4 ,756,375 $4,09 0 ,5 9 5 $2 ,6 6 1 ,2 5 4
D ividends________________
79 8 ,0 0 0
798,000
559,639
546,042
Sundry deductions______
29,109
12,769
937
341
D evel. written o ff_______
460,759
268,943
96,901
139,598
Depreciation_____________
568,251
365,120
295,629
179,658
Profit & loss surplus- _
$3,17 6 ,8 0 6 $3,311,543 $ 3 ,137,489 $ 1 ,795,615
--------------------Quarter Ended-------------------- 9 M o s . E n d.
M a r . 31 '2 6 . Jun e 30 '2 6 . Sept. 30 '2 6 . Sept. 30 '26.
$972 ,40 0
$999,569
$963,799 $2 ,9 3 5 ,7 6 8
Gross recovery__________
N et earns, after exp. and
taxes, but before depr.
443,837
487,340
_449,553
1,3 8 0 ,7 3 0
The fiscal year has been changed to end M arch 31 instead o f June 3 0 .
O F F IC E R S .— Pres., J. P . Bickell; V .- P ., W . J. Sheppard: Sec., M . PVan der Voort; Treas., Balmer N eilly. Office, Standard Bank B ld g.Toronto, O n t.— (V . 123, p. 2147.)
M A C K T R U C K S , I N C .— Incorp. N o v . 8 1916 in N . Y . as the Interna­
tional M otor Truck C orp., as a result of the refinancing o f the International
M otor C o. o f Delaware. N am e was changed to present title in M arch 1922
Acquired approximately $ 8 ,0 0 0 ,0 0 0 o f the assets o f W right-M artin Aircraft
Corp, in D ec. 1919. Plants are located at Allentown, P a .. Plainfield
N T., and New Brunswick. N . J
The M a ck Acceptance Corp. and M ack Trucks Real E state, In c ., were
formed in 1925, all of the capital stock being ownedby M ack Trucks, Inc.
The real estate corporation sold $ 3 ,0 0 0 ,0 0 0 15-year 6 % serial notes. Com ­
pare V . 121, p. 208.
S T O C K .— The stockholders on D ec. 4 1925 increased the authorized
common stock from 500,000 shares to 1 ,000,000 shares.
The common stockholders of record Jan. 22 1926 were given the right to
subscribe for 101,919 additional common shares at $100 per share, on the
basis of one new share for each 6 shares owned. Subscriptions will be
payable in four installments of $25 each.— on Feb. 11, April 12, June 14
and A u g. 12. The new stock will not participate in dividends payable prior
to A ug. 12 1926 and will not be entitled to vote until after that date.
D ivid en d s,— Initial divs, o f $3 50 per share on both First Pref, and Second
Pref, stocks were paid in M arch 1920, Dividends of $2 33 per share were
paid July 1 1920. These dividends covered the four months ending June 30
1920. O ct. 1920 to Sept. 30 1926 paid \ % % quar. on both classes. Initial
div. on com . stock o f $1 per share was paid D ec. 28 1922; same amount
paid A p r. 2 and July 2 1923; O ct. 1 1923 to Sept. 30 1926 paid $1 50 quar.
Also paid 100% in common stock in M a y 1920 and 5 0 % in common stock
on D ec. 31 1925.
R E P O R T .— For 1925, in V . 122, p. 1646, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
Sales______________________ $68,912 ,183 $ 4 6 ,622 ,622 $ 4 3,806 ,958 $31,070,289
N e t profit_________________ $ 1 2,129 ,540 $8,146,186
$ 8 ,897,620 $ 5 ,122,275
Federal tax reserve______
1,550,000
935,000
1,050,000
565,000
Depreciation_____________
1 ,226,053
990,913
843,955
604,966
First pref. divs. ( 7 % ) ____
764.533
764,533
764,533
764,533
Second pref. divs. ( 7 % ) .
373.219
373,219
373,219
372,084
C om m on dividends
($6)2,056,629($6) 1698.653($5) 1415,540 ($1)283,109
C o m . stock div. ( 5 0 % ) - .
1,122,065
------------------------------Balance, surplus________ $5,037,041 $ 3 ,383,868
$4,450,373 $2,532,554
-Q uarter— ------------ ------- — in e M on th sN
P eriod E n d. Sept. 30—
1926.
1925.
1926.
1925.
x N et profit_____________ $1,558,793 $ 2 ,614,205 $ 7 ,289,494 $ 7 ,324,058
x After charges, deprec., m aint., Federal taxes and contingencies.
N o te .— M ack Acceptance C orp. and M ack Trucks Real E state, In c.,
were only formed the latter part o f 1925 and their profits are included in
the above 1926 earnings.
O F F IC E R S .— A . J. Brosseau, Pres.; R . E . Fulton, E . C . Fink. A . F.
M asu ry, W . R . Edson, V .-P res.; J. E . Savacool, V.-Pres. & Com pt ;
C . W Haseltine, Sec. & Treas. Office, 25 Broadway, N . Y . — (V . 123,
p. 2528 .)
(R . H .) M A C Y & C O ., I N C .— Incorp. in New York on M a y 28 1919
Conducts a department store located on Broadway and 34th & 35th Sts.
New York C ity. In Dec. 1923 acquired an interest in the T... Salle V Koch
C o . of Toledo. V . 118, p. 91.. Also owns an interest in the DavisonPaxou-Stokes C o .. Atlanta, Ga.
S T O C K .— The directors on Sept. 1 1926 decided to reitre on D ec. 15 1926
all o f the outstanding $8,80 0 ,0 0 0 pref. stock at 115 and dividends.
D I V I D E N D S .— On common, paid a stock div. in common stock of 150,000 shares to stockholders of record A u g. 31 1922.
B O N D S .— The 5 M % serial gold debenture bonds are redeemable, but
only as to the whole amount of any one or more maturities, at any tim e, at
the option o f the com pany, 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.




Rate
%

$ 3 ,990,000 See
713,434sh. See

100 10.921.891
100 5.331.700

— Q uar. Ended Jun e 30--------- 6 M o s . E n d . Ju n e 30—
Period—
1926.
1925.
1926.
1925.
Sales______________________ $ 7 ,304,794 $ 6 ,569,788 $ 1 4,183 ,092 $12,0 7 8 ,6 0 0
Cost o f sales______________
5 ,139,655
4,8 6 5 ,6 1 8
10,180,407
8 ,9 1 4 ,0 9 7
Gross profits__________$ 2 ,165,139 $ 1 ,704,170
Selling & gen’l expenses.
1,708,046 1,265,352

Am oun t
Outstanding

205
P laces W h ere In terest and
D ivid en d s A r e P ayable

L ast D ivid en d
and M a tu rity

D ec
Sept
Sept
Sept

1
30
30
30

'26 5 % Checks mailed
'26 $1 >4 Guaranty T r C o , N Y
do
do
'26 1M
do
do
'26 1M

Chase N a t B ank, N
T o O ct 1 1936
O ct 15 26 75c

Y

Jan I 1927 V %
A p r 1 1926 I X
Apr 1 1942

R E P O R T .— For year ended Jan. 31 1926, in V . 122, p. 1925, showed:
Jan. 30 '2 6 . Jan. 31 '2 5 . Feb. 2 '2 4 . Feb. 3 '2 3 .
N e t sales________________ x$66,50 5,45 9 $56,369 ,795 $ 5 1,232 ,360 $49,6 1 5 ,2 2 9
C ost o f goods sold, selling,
oper. & adm. exp., less
miscell. earnings______ 61 ,6 9 1 ,6 4 4 53,014,097 47,494 ,473 4 6 ,0 6 8 ,2 8 7
41 0 ,0 0 0
400 ,000
P rov. for Fed. inc. t a x . .
650,000
350,000
683 ,914
Preferred divs. ( 7 % ) ____
64 6 ,2 2 4
659,330
577,928
Balance, surplus______$3,517,591
$2,346,368 $2,653 ,973 $ 2 ,5 5 9 ,0 1 4
Profit and loss s u rp lu s.. 12,664,132
5,7 8 8 ,2 3 7
9,190,041
7.379 ,500
x This figure does not include sales o f affiliated stores.
O F F IC E R S .— P res., Jesse Isidor Straus; V .-P ., Percy S. Straus; Sec. te
T reas., Herbert N . Straus. Office, 34th St. & Broadw ay, N ew Y o rk .—
(V . 123, p . 1514.)
M A G M A C O P P E R C O .— Incorp. M a y 7 1910 in M aine. Owns a group
o f mining claims of 2,4 7 0 acres, o f which 539 acres have been patented,
and also owns an adjoining group o f mill sites containing 398 acres, of
which 31 acres have been patented and 359 acres o f patented farm lands.
S T O C K .— The stockholders on Jan. 26 1925 increased the authorized
capital stock from 35 0 .0 0 0 to 4 1 0,000 shares without par value.
The stockholders o f record Jan. 31 1925 were given the right to subscribe
at $36 50 per share for the 60 .0 0 0 additional shares.
D I V I D E N D S .— D ividends o f 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 O ct. 15 1926. A lso paid a
special Red Cross dividend of 10c. a share on July 27 1917.
B O N D S .— A ll o f the outstanding 10-Year 7 % C on v. gold bonds, dated
June 1 1922, were redeemed on June 1 1925 at 105 and interest.
R E P O R T .— For calendar years:
(In clu d in g M a g m a A r iz o n a R R .) .
Calendar Y ea rs—
1925.
1924.
1923.
Sales of copper_________________________ $4 ,0 0 5 ,7 1 9
$2 ,5 5 5 ,7 7 4
$419,669
C ost of sales, & c________________________
2 ,5 2 0 ,6 9 1
1,504,513
520,719
G en ., selling, adm. exp ., taxes, & c ._
111,056
105,843
102.796
Interest and other income______________
Cr40,O98
C r21,026
C r58,049
6 ,2 5 6
R ailway operating loss (n et)_________
37,9 9 8
44,779
Interest on bonds, discounts, & c____
4 1 9 ,4 2 2
377,366
3 6 2,427
D ividends________________ ______________
9 1 8 ,3 4 9 ______ _______ _______ _______
Surplus for. year____________________
$ 38,299
$544,299 def$514,480
— Q uar. E n ded Sept. 30--------9 M o s . E n d . Sept. 3 0 Period—
1926.
1925.
1926.
1925.
Prod.refined copper (lbs.) 7 ,7 4 2 ,1 1 3
6 ,6 3 7 ,7 2 4
22 ,1 3 0 ,0 7 2 20,639,301
N e t earnings before depr.
and Federal taxes____
$ 504 ,07 6
$503 ,37 8
$1 ,3 4 7 ,7 7 3 $1,49 1 ,7 5 6
O F F IC E R S .— Pres., C has. F . Ayer; V .- P ., A . J. M c N a b and W alter H .
Filor; Sec. & T reas., H . E. D odge. Office. 14 W a ll S t ., N ew Y o rk . M ine
office, Superior, A riz.— (V . 123, p . 2147 .)
(H. R.) MALLINSON & C O ., IN C.— Incorp. O ct. 27 1919 under laws
o f Delaware. M anufactures high grade silks o f distinctive designs and
weaves, known collectively as “ M allinson Silks de L u x e,” each yard bearing
the name “ M allinson.”
Plants are located at Astoria, L . I . , W e st H oboken,
N . J .: Paterson, N . J .; Trenton, N . J .; Allentow n, P a ., and Erie, P a.
R E P O R T .— For 14 m onths ended D ec. 31 1925, showed:
14 M o s . E n d . ----------------Y ea rs E n d. Oct. 31----- •
---------D ec . 31 '2 5 .
1924.
1923.
1922.
Operating income_______
$805 ,71 8
loss$2,246 $ 1 ,5 5 6 ,5 9 5
$838,401
Other in co m e ................ ..
93 ,7 6 7
36,2 3 3
89,851
148,124
Total incom e_________
Deductions,incl. depr.,& c
E st. Federal taxes_______
Pref. dividends ( 7 % ) —

$899 ,48 5
2 4 9 ,5 2 8
64 ,0 0 0
2 0 9,116

$ 3 3,987
195,442
_______
179,594

$1 ,6 4 6 ,4 4 6
183,897
185,000
181,090

$986,525
245,200
90,000
192,000

Balance, surplus...........
$376,841 d ef$341,049 $1,09 6 ,4 5 9
$459 ,32 5
6 M o n th s Ended—
June 30 '26. A p r . 30 '2 5 .
N e t operating incom e________________________________ loss$343,217
$399,613
Other incom e_________________________________________
3 1,999
26,889
Total incom e____________________
Depreciation_______________________
B ad debts charged o f f ____________
Other deductions__________________
Interest p aid_______________________
Taxes, except Federal income tax
Dividends on preferred stock_____

loss$311,218
7 4,270
6,329
6,393
37,197
I

83,167

$426,503
71,959
4,2 9 5
2,3 0 4
28,286
87,552

N e t profit___________________________________________loss$518,574
$232,107
O F F IC E R S .— Pres., H iram R . M allinson; V .-P . & T reas., E . I . Hanson.
Sec., A . H . W atson. O ffice, 299 Fifth A v e ., N ew Y o rk .— fV . 123, p . 11231MAN ATI S U d A R C O — O R G A N I Z A T I O N .— Organized under laws of
Vew Y o rk. April 36 1912. Engaged In the business of owning and operating
* sugar estate and factory In the island of C uba, in the growing of sngar
cane. In the manufacturing of raw sugar therefrom, and in the sale of such
sugar. Owns, leases and controls 291.166 acres of land, of which 76 ,0 8 0
acres are planted in cane.
S T O C K .— Prof, stock is redeemable at 120 and accrued divs., and has
equal voting power with common stock.
D I V I D E N D S .— Beginning April 1 1915, the com pany paid regularly
quarterly dividends on the pref. stock at the rate o f 7 % per annum to April 1
1926; the div. due to be paid July 1 1926 was deferred. V . 122, p . 3351 . On
common paid 2 J 4 % quar. D ec. 1 1916 to June 1 1921; then none until
Dec. 1 1923 when 1 K % was paid; same am ount paid quar. (or declared
payable) to Sept. 1 1925; none since. Paid extra divs. as follows: N o v . 8
1916, 2 0 % in com . stock; July 23 1917, 1 % in cash (Red Cross); Sept. 8
1919, 2 ) 4 % in cash and 5 % in common stock.
B O N D S .— Th e first m tge. 20-year 7 H % sinking fund gold bonds are
callable as a whole or for sinking fund at 110 through 1936 and decreasing
l % annually thereafter. A s a sinking fund com pany will pay to the trustee
semi-annual payments a sum sufficient to retire $335 ,00 0 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 m oney 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.
R E P O R T .— For year ended O ct. 31 1925, in V . 122, p. 3 43, showed:
Y ears Ended Oct. 31—
1924-25.
1923-24.
1922-23.
1921-22.
Production (bags)_______
617,830
540.526
53 4 ,6 2 8
450,391
Operating profit________
$955 ,91 5 $2,62 4 ,2 9 5 $ 2 ,6 9 2 ,7 0 7
$629 ,54 6
Interest (net)_____
269,506
346,937
2 79,468
498 ,2 5
Tax reserve_______
15,000
135,000
100,000
10,80
Adjustm ents, & c__
8 4,094
142,623
525,025
21,82
Reserves___________
751,687
931.176
660,000
54,23
D ivs. on preferred ( 7 % ) 245,000
245 000
245,000
2 45,00
D iv s. on com m on_______
500,000
500,000
Balance, sur. or def_d ef$909,372 sur$323,559 sur$915,087 def

306

[V ol. 123.

INDUSTKIAL STOCKS AND BONDS
M IS C E L L A N E O U S C O M P A N IE S
F or abb reviation s, & c ., see n otes on pa ge 6]

D a te
Bonds

M a n h a tta n E lec S u p p ly C o— Stock 2 5 0 ,0 0 0 shares a u th -(T h e ) M a n h a t t a n S h ir t C o— Com stk $7,50 0 ,0 0 0 auth__
Preferred stock (a & d) 7 % cum red 120 $ 3 ,0 0 0 ,0 0 0 au th___
M aracaib o O il E x p lor C orp — Stock 40 0 ,0 0 0 shares a u th -.
M arland O il C o— Stock 2 ,4 0 0 ,0 0 0 shares authorized _______
M a rlin -R o c k w e ll C orp— Com m on stock 4 0 0 ,0 0 0 shs auth - _
Pref. (a&d) stock cum 7 % convert, red 110 auth $ 2 ,7 2 2 ,8 0 0
a Does not include stock offered to shareholders of record N o v .

Par
V a lue

None 81,0 0 0 sh.
$25 $ 7 ,090,173
1,385,000
100
None 3 3 0 ,0 0 0 shs
None al926,465sh
None 2 5 6,225 shs
100
2 ,7 2 2 ,8 0 0

M A N H A T T A N E L E C T R IC A L S U P P L Y C O ., IN C .— Incorp. In M a ss.N o v . 8 1916. On July 1 1916 took over the business and assets o f the M a n ­
hattan Electrical Supply C o . o f N . J. Manufacturers and Jobbers in elec­
trical supplies and apparatus. Plants are located in Jersey C ity , N . J.,
R avenna. O . Stores located in New Y o rk C ity, Chicago and St. Louis,
and a sales branch at San Francisco. The battery business o f the com pany
was sold to the N ational Carbon C o. in April 1926.
Y . 122, p . 2202.
In A u g. 1926 acquired the entire outstanding stock o f the E . D . Anderson
C o . V . 123, p . 1256.
D I V I D E N D S .— Initial d iv. o f $1 50 per share on the 3 0,000 shares o f
no par value stock was paid O ct. 15 1920. A stock d iv. of 1 0 % 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; O ct. 1 1925 to April 1 1926 paid $1 12)£ quar.
July 1 and O ct. 1 1926 paid $1 25 quarterly.
R E P O R T .— For 1925, in V . 122, p . 1620, showed:
Calendar Y ears—
19251924.
1923.
1922.
Sales (net)_______________ $8 ,1 4 0 ,8 5 3 $ 9 ,036,624 $8 ,2 8 3 ,4 6 3 $ 7 ,016,370
Cost of sales_____________
6,2 3 1 ,2 9 1
7 ,129,743
6 ,366,107
5,130,923
Gross profit___________ $1,90 9 ,5 6 2 $1,906,881 $ 1 ,917,367 $ 1 ,885,447
M iscellaneous p ro fits-_
133,546
172,509
143,643
104,872
$2 ,0 4 3 ,1 0 8 $ 2 ,079,390 $ 2 ,061,000 $1,990,319
A d ver., taxes, deprec.,
gen, exp., eng.&devel. $1 ,4 8 3 ,3 6 0 $1,628,505 $ 1 ,9 6 6 ,8 2 4 $1,538,891
Special depreciation____
_______
110,495
_______
_______
Federal income tax_____
72,422
39,897
_______
_______
D iv id e n d s ____________
333,250
2 80,000
280,000
280,000
B a la n c e _______________sur$154,076
sur$20,493 def$185,823 sur$171,428
Report for 6 m os. ended June 30 1926, in V . 123, p . 4 64, showed:
In co m e A c c o u n t fo r 6 M o n th s Ended Ju n e 30.
x l9 2 6 .
1925.
1924.
1923.
Sales----------------------------------$3 ,6 2 1 ,0 1 9 $ 3 ,739,229 $4 ,0 0 2 ,0 8 9 $ 3 ,723,379
Cost o f sales_____________
2,8 4 3 ,2 0 5 2,9 0 2 ,0 8 0
3 ,1 4 5 ,6 1 9
2,9 0 7 ,5 0 6
$ 777 ,81 4
1,012,306

T otal incom e__________$ 1 ,790,121
Selling, adm in. & gen.
exp ., taxes & d e p re c.933,886

$837 ,14 9
60,239

$856 ,47 0
9 4,637

$815,873
68,482

$897 ,38 8

$951 ,10 7

$884,355

7 32,974

8 39,734

770,189

N e t prof. (bef. Fed. tax.) $856 ,23 4
$164 ,41 4
$ 111 ,37 4
$114 ,16 6
x Tentative figures.
O F F IC E R S .— Pres., Richard H . Brown; 1st V .-P . & Sec., W . W . Tem p
lin; 2d V .- P ., J. F . Baisley; 3d V .- P ., W . F . Hendry; A sst. T reas., V . C .
Stephens. N . Y . o ffice , 17 Park PL— (V . 123, p. 2400 .)
M A N H A T T A N S H I R T C O . (T H E )— O R G A N I Z A T I O N .— Incorp. in
New York June 15 1912 as successor o f N ew Jersey com pany o f same nam e.
M anufactures m en's shirts, collars, underwear, pajam as, & c.
S T O C K .— Total pref. stock Issued $ 3 ,000,000; am ount redeemed to
N o v . 30 1925, $1,400 ,0 0 0 ; held in treasury, $215,000. Pref. is redeemable
(also in liquidation) as a whole or in part at 120 and accrued div. Cum ula­
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 $25 in
June 1919.
D IV ID E N D S ( % ) —
( 1 9 1 5 .1 9 1 6 .1 9 1 7 1918. 1919. 1 9 2 0 -2 1 .2 2 -’26
On com m on_________________1 %
2 )4
4
4
6 )£
7 yrly.
Text
do in Liberty bonds___ (
__
__
2
__
________
„
On pref. stock 7 % p . a . ( 1 « Q .-J) O ct. 1 1912
to
O ct.
an extra 2 % was paid on com . in 4 M % Liberty bonds. V . 107, p . 1924.
In M arch 1919 paid 1 % on com .; June 1919 to D ec. 1921, 1 H % qu ar.; on
M arch 1 1922 paid 2 % quar. in cash, 2)4 % quar. in com . stock, and a
special div. o f 1 0 % payable in com . stock (V . 114, p . 635); on June 1 and
Sept. 1 1922 paid 2 % quar. in cash and 2 )4 % in com . stock; on D ec. 1 1922
paid 3 % quar. in cash, 2 ) 4 % quar. stock div. and a special stock div. of
1 7 ) 4 % . M a r . 1 1923 to D ec. 1 1924 paid 3 % quar. in cash; M a r. 2 1925
to D ec. 1 1926 paid 1 )4 % quar.
R E P O R T .— Report for year ending N o v . 30 1925 in V . 122, p . 344:
Y ea rs E n d . N ov . 3 0 .—
1925.
1924.
1923.
1922.
Total n e t __________________$ 1 ,260,652
$464,190 $2 ,0 7 0 ,4 2 7 $ 1 ,949,696
In t e r e s t __________________
14,919
65,538
69,975
52,996
Federal taxes____________
155,616
4 9,750
25 0 ,0 0 0
265,000
Preferred dividends____
103,278
106,533
106,565
107,026
Com m on dividends______
4 24,726
847,801
846,695
502,567
Balance, surplus______
$562,113 d ef$605,432
$797,192 $1,022,107
Report for 6 m os. ended M a y 31 1926, in V . 122, p . 3 599 , showed:
6 M on th s E n ded M a y 31—
1926.
1925.
1924.
T otal incom e___________________________
$665 ,83 6
$716,291
$791 ,56 6
T a x reserve_____________________________
9 5,036
92,061
98,831
N et incom e___________________________
Preferred dividends____________________
Com m on dividends____________________

$570 ,80 0
47,927
2 1 2,315

$624 ,23 0
5 6,000
2 12,654

$692 ,73 5
56,000
425,267

Surplus___________________________ . . .
$310 ,55 8
$355 ,57 6
$211 ,46 8
O F F IC E R S .— Pres., Abram L . Leeds; Treas., Silas Thom as; Sec., L . C .
Leeds. Office, 385 M adison A v e ., N ew Y o rk .— (V . 122, p . 3599.)
M A R A C A IB O O IL E X P L O R A T I O N C O R P .— Incorp. Sept. 8 1919 in
Delaware. The com pany began business by acquiring all the authorized
capital stock of the following corporations: M ara Exploration C o ., Miranda
Exploration C o ., Paez Exploration C o. and Perija Exploration C o ., each of
which is a corporation organized under the laws of Delaware. Each of these
companies owned contracts or rights for the exploration and exploitation
o f petroleum and similar substances in the Republic o f Venezuela. These
companies are now engaged in the development o f 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 C o . and Urdaneta Exploration C o . The
Sucre Exploration C o . and the Urdaneta Exploration C o . have, since their
acquisition b y the corporation, been similarly engaged in the development
o f the rights and concessions held b y them in Venezuela.
The corporation has entered into an agreement with the Standard Oil
C o. (N . J.) whereby the Standard Oil C o. undertakes the development of
some concessions belonging to the M aracaibo Oil Erplor. C orp. and will
share with the Standard Oil C o. 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 G u lf Oil C o . whereby the G u lf acquired for $ 8 0 0 ,000 and a royalty 100,000 acres o f exploitation lands.




Rate
%

See text
See text
7
See
See
7

W h en
P ayable

Q— J
Q— M
Q— J

L ast D ivid en d
and M a tu r ity

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

O ct 1 '2 6 , $1 M
D ec 1 1926 1)4 Checks mailed
do
O ct 1 1926 1 %

text Q — M 31 Sept 3 0 1 9 2 6 . $1 Guaranty T r C o , N Y
text
Q— J Oct 1 '2 6 , 50c.
Q— J Oct 1 '2 6 , 1 % %

15 1926— S ee text

O F F IC E R S .— Regino Truffin, Pres.; M anuel Rionda, Albert Strauss,
Frederick Strauss, M anuel E . R ionda, E . D . de Ulzurrun, V .-P s .; B .
Braga R ionda, Treas.; W m . F . Corliss, Sec. N . Y . office, 106 W a ll St.
— (V . 122, p . 3351 .)

Gross profits__________
Miscellaneous profits

A m ount
O utstanding

S T O C K .— See table at head of page.
D I V S .— N o dividends have been paid by the corporation or any o f Its
subsidiaries.
R E P O R T .— The company for 1925 reported an addition of $ 328 ,58 0 to
surplus account. V . 122, p . 2663.
O F F IC E R S .— Pres., John L . W eeks; V .-P . & T reas., T . J. M egear;
V .-P . & Consulting Geologist, L . G . D onnelly; Sec., S. Rossiter. Offices,
W ilm ington, D e l., and 14 W all S t., N ew Y o rk .— (V . 122, p . 2 663 .)
M A R L A N D O IL C O .— O R G A N I Z A T I O N .— Incorp. O ct. 9 1920 under
laws o f Delaware. The com pany acquired b y consolidation the M arland
Refining C o. and the K a y County Gas C o. b y exchanging its shares for
shares of the old companies on the following basis: One no par value share
in the new company for each ten shares of M arland Refining C o ., par $5
each, and one share in the new company for each 20 shares o f K a y C ounty
G as stock, par $1 each.
M a rla n d R efin in g C o.— Owns a complete modern refinery and lubricating
plant at Ponca C ity , O k la., processing an average o f 12,000 b b ls. per day.
The M arland Em ployees R oyalty C o. was incorp. in June 1926, the
officers and employees of the M arland Oil C o. being offered stock o f the
new com pany at $10 a share. V . 123, p . 851.
S T O C K .— The stockholders on N o v . 1 1926 increased the authorized
capital stock (no par value) from 2 ,0 0 0 ,0 0 0 shares to 2,4 0 0 ,0 0 0 shares.
Th e com pany has authorized the issuance, at $50 per share, of additional
capital stock, equal to 2 0 % of the capital stock outstanding on N o v . 15 1926.
The number o f shares to be issued will not exceed 392,697 shares.
The stockholders o f record N o v . 15 1926 were offered the preferential
right to subscribe for such stock at $50 per share, in the proportion of one
share o f such stock for each fiv e shares held. Subscriptions are payable
in cash, either (a) b y paym ent in fu ll on or before D ec. 9 1926, or (b) by
paym ent o f a first installment o f 5 0 % on or before D ec. 9 1926, and o f a
final installment of 5 0 % on or before D ec. 30 1926. V . 123, p . 2400.
S T O C K .— Stockholders o f record June 20 1923 were given the right to
subscribe for additional shares at $40 per share up to 2 5 % o f holdings
V . 116, p. 2890.
J. P . M organ & C o. in 1925 acquired 3 35,000 shares o f the company s
stock at $40 per share. V . 121, p . 593.
D I V I D E N D S .— A n initial dividend o f $1 per share was paid Sept. 30
1922; same am ount 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; D ec. 31 1925 to Sept. 30 1926 paid $1 per share quar.
N O T E S .— The two-year 5 % gold notes due N o v . 1 1926 were redeemed
on N o v . 1 1925 at 101 and int.
, , .
On D ec. 31 1925 there was also outstanding $120,306 stock of subsidiaries
— minority interests.
R E P O R T .— For 1925, showed:
1925
1924
1923
Gross earnings_________________________ $64,718 ,281 $33,205 ,451 $32,9 3 7 ,4 1 0
Oper. and admin, expense____________ 48 ,6 0 7 ,2 3 5 2 7 ,9 5 2 ,9 4 0 3 0 ,432,962
N et earnings_________________________ $16,111 ,047
Dividends Com ar Oil C o _____________
7,9 0 0 ,0 0 0
D iv . Romarti Gasoline C o ____________
612,684
Miscellaneous income_________________

$5,252,511
3 ,7 5 0 ,0 0 0
255,507

$ 2 ,504,447
5,0 0 0 ,0 0 0
12,033
127,609

Gross income________________________ $24,623 ,730
Interest and amort, of bond disc____
974,283
Reserves for depreciation--------------------- 2 ,8 0 2 ,4 8 8
Reserves for depletion on cost________
3,0 7 1 ,5 9 4
1,540,374
Leases charged o ff_____________________

$ 9 ,258,017
1,148,574
2 ,183,869
1,573,795
1,752,407

$ 7 ,644,090
1,418,583
1,702,111
648,398
801.796

N et operating incom e_______________ $16,234 ,992
1 1926. In D ec. 1918
R ed. of crude oil invest, to m a rk et-D isc, and premiums on bonds retired_
390,136
Investments charged off----------------------170,786
Provision for Federal taxes___________
875,000
Dividend paid_________________________
4 ,5 7 9 ,8 7 4

$2,599,373
1,077,166
876,750
291,151

$3,073,203
1,350,203

Surplus______________________________ $10,219,195
$354,306 $1,72 3 ,0 0 0
Report for 9 months ended Sept. 30 1926. in V . 123, p . 2132, showed:
---------Quarter Ended--------------- N in e M on th s Ended—
Period—
Sept. 3( '26. Sept. 3 0 '2 5 . Sept. 3 0 '2 6 . Sept. 30 '2 5 .
Gross earnings___________ $18,491,321 $17,900,261 $ 5 5,530 ,862 $ 5 1 ,7 3 0 ,0 8 7
Oper. & admin, expenses 14,090,099 13,200,947 43 ,8 3 1 ,9 8 0 3 8 ,6 5 7 ,6 5 8
N et earnings__________ $4,40 1 ,2 2 2 $ 4 ,699,314 $11,698 ,882 $ 1 3 ,0 7 2 ,4 2 9
Other incom e____________
3 ,451,351
2 ,857,563
7 ,5 7 8 ,5 0 2
6 ,6 0 4 ,4 6 3
Gross incom e___________ $7,852,573
Interest, & c______________
57,277
W ells & leases abandoned
244,121
Depreciation reserve___
1 ,106,080
Depletion reserve_______
576,542

$7,55 6 ,8 7 7 $1 9 ,2 7 7 ,3 8 4 $ 1 9 ,6 7 6 ,8 9 2
418,948
68,743
1 ,113,660
283,576
746,503
1,048,625
717,419
2 ,7 7 3 ,6 0 2
2,0 3 5 ,7 6 8
717,276
1 ,968,566
1,788,810

N e t incom e___________ $ 5 ,868,553 $ 5 ,419,658 $13,7 1 9 ,9 7 0 $ 1 3 ,6 9 0 ,0 2 9
Dividends p a i d - . - ........... 1,920,930 1,405,041
5 ,7 2 7 ,6 1 7
2 ,695,594
Balance, surplus______$ 3,947,623 $4,01 4 ,6 1 7 $ 7 ,992,353 $10,9 9 4 ,4 3 5
i t is estimated that the Federal income taxes for the nine m onths ended
Sept. 30 1926 will amount to $730,000.
O F F IC E R S .— Pres., E . W . M arland; T reas., S. R . Sheldon; Sec., C has.
E . Stephenson. Office, Ponca C ity , Okla.— (V . 123, p . 2 528 .)
M A R L I N -R Q C K W E L L C O R P .— Incorp. in N . Y . in 1915 under name
of M arlin Arm s C orp ., its name being changed to present title in M arch
1917. C o . is engaged in manufacture o f ball bearings. On April 1 1924
purchased the assets of the Gurney Ball Bearing C o . with plant at James­
town, N . Y .
Gurney C o . was subsequently dissolved.
In A u g. 1925
acquired the Strom Ball Bearing C orp. o f Chicago.
S T O C K .— In liquidation or dissolution or winding up of the com pany,
pref. stock is entitled to receive $110 per share and accrued and accumulated
divs. Each share of stock o f whatever class has one vote; in addition for
jlection of directors, each stockholder has as m any votes as he has shares
multiplied b y m axim um number o f directors to be elected, distributable
as he m ay see fit.
The stockholders on N o v . 12 1925 voted to amend the certificate of
incorporation so as to permit the conversion o f the Preferred stock into
Com m on on the basis o f 4 shares o f C om m on for each share of Preferred.
The stockholders also increased the Com m on stock by 100,000 shares to
400,000 shares o f no par value, and authorized the directors to set aside
108,912 shares for conversion o f the Preferred stock.
The Com m on stockholders o f record A u g. 28 1925 were given the right to
subscribe for additional C om m on stock at $15 per share on the basis o f 1 5 %
o f their holdings.

Nov., 1926.]

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[For abbreviations, & c ., see n otes on page 8]

Date
Bonds

Martin-Parry Coro — Stock autb 2 0 0.000 shares____________
Mathleson Alkali— Com m on stock 20 0 ,0 0 0 shares a u th ____

_____
____
____
____
____
1B13
1913
____

Preferred (a & d) stock cum 7 % $ 3 .5 0 0 .0 0 0 _________________
May D e p a rtm e n t S tore s C o (T h e )— Com m on stock_______
Pret (a & d) 7 % oum redeem 125 (tex t)_____________________
M a y r<ldg 1st M leasehold serial M gold red text_________
do
2d M
do
do
._
M aytag C o (T h e )— Com m on stock 2 ,4 0 0 ,0 0 0 shares au th___

Par
V a lue

None 125,000 sh.
None 147,207 sh
$100 $2,50 0 ,0 0 0
See text 26,00 0 ,0 0 0
100 4 ,9 8 8 ,3 0 0
500 Sec
1 , 020,000
olio &c
500.000
N one l,6 0 0 ,0 0 0 s b

D I V I D E N D S .— On 7 % pref., created in M a y 1924, initial quarterly
div. o f 1 M % was paid July 1 1924; regularly quarterly since, incl. O ct. 1
1926. C om m on, 1918, $2; 1919, $6; 1920-24, none; 1925. $1; 1926, Jan. 4,
33c. (for 2 m os. period), April 1, 50c., July 1, 50c., O ct. 1, 50c.
R E P O R T .— For 1925, in V . 122, p . 1620, showed:
Calendar Y ears—
N et sales_________________ f
Cost of sales_____________ t

1925.
N ot
stated.

1924.
$3,839.8771
3 ,4 2 5 ,8 7 2 /

1923.
N ot
stated.

1922.
($4,124,610
1 2 ,6 8 7 ,5 2 0

Gross profits__________$ 2 ,0 9 9 ,8 9 9
Other income____________
29 ,3 8 5

$414,005
4 9,862

$4 8 7 ,8 3 8
17,601

$ 1 ,437,090
5 8,635

■ Total income___________ $2 ,1 2 9 ,2 8 4
x General expenses, & c ..
x725,808
Preferred dividends____
185,687
Com m on dividends______
260,013
Res.for prem .on pref.stk .
_______

$463 ,86 7
142,661
142,947
55,701
5,000

$505,439
2 ,165,377

$1,49 5 ,7 2 5
2 ,4 8 5 ,6 2 5

Surplus for year_______
$957,776
Profit and loss, su rp lu s.. $3,89 6 ,8 7 0

$117,558def$1659,938 def$989,900
$2,468,713 def$336,388 $1,323,962

x Includes in 1925 and 1924 extraordinary charges not applicable to
operations, and in 1923 and 1922 incl. interest paid, depreciation, inventory,
adjustment, idle plant expense, m oving expenses, loss on sale o f securities,
misc. adju st., &c.
— Q uar. Ended Sept. 30— - — 9 M o s . E n a . Sept. 30—
Period—
1926
1925.
1926.
1925.
Gross earnings___________
$499,657
$621,168 $ 1 ,690,902 $1,650,601
Selling & admin. exp___\ 189,092
J174,755l
585,337
(447,645
Depreciation____________ J
(1 2 3 ,1 3 7 /
(338,060
N et operating pro fits.
Other income____________

$310,565
14,267

$323,276
12,619

$1,105,565
28,807

$864,896
3 8,604

N et profit______________
Federal taxes____________
Preferred dividend______
Com m on dividends______

$324,832
48,280
10,404
170,679

$335,895
_______
4 7,649
_______

$1,134,372
165,341
35,443
507,201

$903,500

Surplus........................... ..

$95,469

$288,246

$426,387

$760,553

142,947

O F F IC E R S .— F . W . Gurney, Chairm an; H . K . Sm ith, Pres.; A . C .
D avis, V .-P . & G en. M g r .;’ J. H . W alters, T reas.; R . A . G am ble, Sec.
Office, Jamestown, N . Y . — (V . 123, p . 2400-)
M A R T I N -P A R R Y C O R P .— O R G A N I Z A T I O N — Incorp. In Delaware
M ay 26 1919 and has acquired M artin Truck & B ody C orp ., Y o rk , P a .,
and Parry M anufacturing C o ., of Indianapolis. Manufacturers o f com ­
mercial automobile bodies. Plants at Y o rk , P a ., and Indianapolis, Tnd.,
Branch assembly plants in 41 principal cities. In M a y 1920 the truck
business was taken over by the A tlas Truck C o rp ., a new corporation,
stockholders being given the privilege o f subscribing to 2 5,000 shares of the
latter com pany’s stock at $5 a share. V . 110, p . 1647. In Jan. 1924
acquired the plant and property o f Th e Oakes C o ., Indianapolis. Ind.
V . 118, p . 318.
S T O C K .— The stockholders on Jan. 26 1925 increased the authorized
capital stock from 100,000 shares of no par value (all outstanding) to 2 0 0,000
shares o f no par value. Stockholders o f record Feb. 17 1925 were given the
right to subscribe to 25,0 0 0 shares of additional capital stock (no par value)
at $30 per share at the rate o f }$ o f a share of stock for each share held.
D I V I D E N D S .— Initial quar. div. of 50c. per share was paid M a r. 1 1920;
same am ount paid quar. to M a r. 1 1923; June 1 1923 to M ar. 1 1924 paid
75c. quar.; June 1 1924 to June 1 1925 paid $1 quar.; Sept. 1 1925 to D ec. 1
1926 paid 50 cents quar.
R E P O R T .— For fiscal year ended A u g. 31 1926, showed:
Y ea r E n d . 8 M o s . End. ■ Y ears E n d.
—
A u g . 31 '2 6 . A u g . 31 ’2 5 .
1924.
N et sales__________________$5 ,2 0 5 ,3 5 0
$ 3 ,654,023
$ 4 ,577,043
Cost o f goods sold, sell­
ing, adm . & gen. exp s.
4 ,7 7 4 ,1 9 9 3 ,4 8 4 ,3 8 6
4 ,187,672
D isc, on pur. & oth. in c .
Cr.223,449 Cr. 107,229 C r .I l l , 159
Miscellaneous ch arges..
84,617
59,330
75,364
Federal taxes____________
52,141
15,396
4 3 ,9 8 8
25 0 ,0 0 0
287,500
375,000
D iv id e n d s_______________
Balance, surplus--------Profit and loss su rp lu s ..

$267,842
$859,215

def$85,360
$614,681

$6,178
$707,035

D ec . 31—
1923.
$ 5 ,951,166
5,1 8 3 ,8 4 2
C- .72,642
94,830
92,071
275,000
$378,065
$718,723

O F F IC E R S .— Chairman, John J. W atson; Pres., Frederick M . Small;
V .-P . & Gen. M g r ., John A . Callahan; V .- P ., R . P . Henderson, Claire L .
Barnes and Joseph N . Coppinger; Sec., Henry Hopkins Jr.; T reas., Irving
D . D a w e s;C o m p t., J o h n E . Urich. Office, Y o rk , P a .— (V . 123, p. 2663.)
(T H E ) M A T H IE S O N A L K A L I W O R K S ( I N C .) .— O R G A N I Z A T I O N — Incorp. in V a. in 1892 and manufactures soda ash, caustic soda, bicarbon­
ate o f soda, liquid chlorine, ammonia and bleaching powder.
S T O C K .— 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. Com m on 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 P O R T .— For 1925, in V . 122, p. 1321, showed:
Calendar Y ears—
1925.
xTotal earnings___________ $2,285,553
D eprec’n and depletion.
657,320
Incom e charges (net)___
15,724
Federal income tax______
147,476
Preferred dividends____
175,567
C om m on dividends______
147,207
Balance, surplus______$ 1,14 2 ,2 6 0

1924.
$1,521,477
553,336
21,295
7 3,780
344,634
_______

1923.
$1,83 3 ,7 3 4
549,238
37,551
150,000
250,549
_______

1922.
$1,644,186
524,903
44,882
96.000
155,036
_______

$528,430

$846,394

$823,365

x After deducting manufacturing, selling & general admin, expenses.
Period_
_

— Q uar. Ended Sept. 30----------9 M o s . E n d . Sept. 30— 1 Q9fi

1 Q9 K

T otal earns, from o p e r ..
P rov. for depr. & deplet.

$706,304
195,224

$548,719
164,342

$ 1 ,989,345
570,417

$1,723,482
492,937

N e t earnings__________
Incom e charges (net)___
Prov. for Fed. inc. taxes

$511,080
15,890
65,426

$384,377
8,234
33,918

$1,41 8 ,9 2 9
37,657
175,352

$1,230,545
10,388
124,529

N e t inc. transf. to su r.




$429,764

$342,225

1 Q9fi

$ 1 ,2 0 5 ,9 2 0

A m ount
Outstanding

1Q9<t

$1,095,628

Rate
%

See
See
See
See

text
text
text
text
7
6

6

S

$2

W h en
P ayable

Q— M
Q— J
Q— .1
Q— M
Q— J
M & 8
m
&- s
Q— M

207

Last 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

D ec 1 ’26. 50c.
Oct 1 1926
$1
Oct 1 1926 1M
D ec 1 1926 4 % Checks mailed
do
Jan 1 1927 1 H
T o M ar 1 1933 Cleveland and
T o M ar 1 1933 Cleveland
D ec 1 ’26, 50c.

Chicago

D I V I D E N D S .— On the pref. at rate of 7 % yearly, from organization
to April 1921; then none until July 1 1922, when 1 H % was paid; O ct. 2
1922 to O ct. 1 1923 paid 1 % % qu ar.; Jan. 2 , April 1, July 1 and O ct. 1 1924
paid l 3 % quar. and 1 % % on account o f accumulations, clearing up all
A
back dividends; Jan. 2 1925 to O ct. 1 1926 paid 1 9 £ % quar.
On common paid $1 per share on Jan. 2 1926, this being the first paym ent
on the new shares o f no par value, same amount paid quar. to O ct. 1 1926.
Com m on d i v d s .. ’0 9 . TO. ’ l l . T 2 . '1 3 . 1 4 '. '1 5 . '1 6 . T 7 . '1 8 . T 9 . ’ 20-25
74$ 54$ 4
4
64$ 6
6 14$
0
Per cent.................. 44$ 6 }$ 6
O F F IC E R S .— Pres., E . M . Allen; Sec. & Treas., H . F . H yland.
250 Park A v e .. New Y o rk .— (V . 123, p . 2147.)

O ffice,

M A X W E L L M O T O R C O R P O R A T I O N .— See Chrysler C orp. above.
M A Y D E P A R T M E N T S T O R E S C O . (T H E ).— O R G A N I Z A T I O N .—
Incorp. in N . Y . on June 4 1910 and took over the Shoenberg M ercantile C o .
o f St. Louis operating the “ Fam ous,” M a y Shoe & Clothing C o . o f D enver,
C olo.; the M a y C o . o f C leveland, Ohio, and the M a y Real Estate & Invest­
ment C o . the last named holding title to the real estate occupied b y the
St. Louis and Denver stores. V . 90, p . 1617. On Feb. 25 1911 acqtilred entire stock ($ 1 ,000,000 each of common and pref.) of W m . Barr
Dry Goods C o . of S t. Louis. V . 9 2 , p . 876; V . 100, p. 2 0 7 5 . In July 1912
purchased department store business o f M . O ’N eil & C o . o f Akron, O .—
see below . V . 9 4 , p . 1569; V . 9 5 , p . 4 84. I t was announced In F eb. 1923
that the company had closed a contract for the purchase of Hamberger &
Sons, the largest department store in Los Angeles. V . 116, p . 945.
Owns entire stock o f M a y Building C o. (Cleveland) and leases property
for 30 years, rental providing for int. and prin. of $ 1 ,2 2 0 ,0 0 0 6 %
serial bonds, maturing $100 ,00 0 in 1927, $120 ,00 0 In 1928 and 1929.
$140,000 in 1930 and 1931, and $200 ,00 0 in 1932 and 1933. Bonds red. at
103 on any int. date beginning M arch 1 1918; also $500 ,00 0 2d 6 % serial
bonds maturing yearly to 1933, red. since Sept. 1 1913. V . 97, p . 54
V . 98, p . 993.
S T O C K .— A s to stock provisions, see V . 94, p . 1569, 1768, V . 95, p . 484
Pref. stock retired by sinking fund to Jan. 31 1926, $3,261 ,7 0 0 .
The stockholders were to vote N o v . 23 1926 on increasing the authorized
common stock from $ 2 6,000 ,000 , par $50, to $30 ,0 0 0 ,0 0 0 , par $25. I t is
proposed to issue 1 ,040,000 of the new common stock in exchange for the
present outstanding 520,000 shares on a 2-fo r-l basis, and to offer to com­
mon stockholders o f record April 5 1927 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 o f par $25 stock held. The remainder o f the new stock
will be set aside for sale to employees.
It was announced in N o v . 1’9 26 that the company proposed calling for
redemption on April 1 1927 at 125 and dividends all o f the outstanding
$ 4 ,988,300 7 % cumulative preferred stock.
D IV I D E N D S on
/ '1 5 , T 6 . T 7 . T 8 . T 9 . ’2 0 . ’2 1 . '2 2 .'2 3 . ’2 4 . '25Com m on stock . % ( 2 H
2H 5
5
6 *7Ji
8
t8 10
10
10
* Shareholders of record June 25 1920 received a stock divid’d of 3 3 1 -3 % .
t Also 3 0 % in stock paid D ec. 20 1922.
Paid in 1926: M a r. 1, 2 4 $ % , June 1 , 2 4 $ % , Sept. 1 , 2 } $ % , D ec. 1 , 4 % .
R E P O R T .— For year ending Jan. 31 1926, in Y . 122, p . 1775 and 2202 .
showed:
t
Jan . 31 Y ears—
1925-26.
1924-25.
1923-24.
1922-23.
N et sales_________________ $97,117,891 $89,932 ,915 $90,997 ,655 $ 6 1,685 ,253
N et income______________
7 ,840,312
6,7 5 9 ,6 0 8
7,5 8 8 ,6 2 5
6,2 7 9 ,2 3 3
Federal taxes_____________
1,040,000
840,000
1 ,175,000
775,000
Preferred dividends_____
354,375
376,250
389,375
406.875
Com m on dividends______
2 ,5 9 9 ,8 0 4
2 ,599,711
2,5 9 9 ,6 2 5
1,599,748
Balance, surplus______$ 3 ,846,133
$ 2 ,933,647 $ 3 ,424,625 $3,497,610
Pres., M orton J. M a y .
Office, St. Louis. M o .— (V . 123, p . 2400.)
M A Y T A G C O . ( T H E ).— Incorp. under laws o f Delaware on A u g. 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 N ew ton, Iowa. Also owns the entire capital stock o f the M aytag C o .,
L td ., which maintains a warehouse and sales organization in W innipeg,
having the entire Canadian sales territory.
S T O C K .— See table at head o f page.
D I V I D E N D S .— A n initial dividend o f 50c. a share was paid on D ec. 1
1925; same amount paid quarterly to D ec. 1 1926.
R E P O R T .— For 1925 showed:
E a rn ings fo r Y e a r E n ded D e c . 31 1925.
N et sales, $17,463 ,738 ; other income, $228 ,48 7; total in com e ..$ 1 7 ,6 9 2 ,2 2 5
Manufacturing, selling and general expenses_____________________ 12,686,072
Provision for estimated Federal taxes for 1925___________________
629,000
N e tp ro fit________ ________________ ________________________________$4,377,153
N o te .— The foregoing statem ent includes the operations of both M a y ta g
C o. (M aine corporation) and its successor, M a y ta g C o. (Delaware corp .).
R eport for 9 m os. ended Sept. 30 1926, in V . 123, p . 2528 , showed:
--------------------Quarter Ended— ■
--------------- - 9 M o s . E n d •
Sept. 30 ’26. June 30 ’26. M a r . 31 '26. Sept. 30 '2 6 .
N e t sales_________________ $ 7 ,488,444 $7,720,733 $5,621,841 $ 2 0 ,8 3 1 ,0 1 8
Operating general e x p ..
5 ,624,171 5,971,473
4 ,0 7 9 ,3 3 8 15,674,982
Operating incom e____ $ 1 ,864,273 $1,749,260 $ 1 ,542,503 $ 5 ,156,036
Other incom e____________
160,824
167,014
94,997
422,745
T otal incom e___________ $2,02 5 ,0 9 7
Federal tax reserve______
276,510
D iv id e n d s _______________
800,000
Surplus________________

$948,587

$1,916,274
259,000
800,000

$1 ,6 3 7 ,4 1 0
221,000
800,000

$ 5 ,578,781
756,510
2 ,4 0 0 ,0 0 0

$857,274

$616 ,41 0

$2,422,271

O F F IC E R S .— Chairman, F . L . M aytag; Pres., L . B . M a y ta g ; V .- P .,
Howard Snyder; Sec. & Treas., E . H . M aytag; A sst. Sec., W . L . Pickens.
Office, N ew ton, Iow a.— (V . 123, p . 2528.)
M E R G E N T H A L E R L I N O T Y P E C O .— Incorp. under laws of N ew York
D ec. 16 1895. Owns plant at Brooklyn, N . Y . , and controls British Lino­
type & M achinery, L t d ., and Mergenthaler Setzmaschinen Fabrik. V . 8 8 ,
p. 509, 567, 9 48, 6 89. Decisions, V . 100, p . 58, 234; V . 104, p . 1149.
S T O C K .— The stockholders on M arch 16 1926 changed the authorized
capital stock from 150,000 shares (par $100) to 300,000 shares of no par
value. Tw o new no-par shares were issued in exchange for each share o f
$100 par value.
D IV 8 .
j '0 1 . ’0 2 -T 3 . ’ 1 4 . T 6 . T 6 . 1917 . ’ 1 8 . T 9 - 2 4 .
1925.
P ercent-----------11E}$ 15 y ’ly 14}$ 10 12}$ 12}$ 12}$
10 yrly
12}$
Paid in 1926: M a r. 31, 2 } $ % , June 30, 2 } $ % quar. and } $ % extra,
Sept. 30 and D ec. 31, $1 25 quar. and 25c. extra on new stock o f no par
value.

IKDUSTBIAL STOCKS AND BONDS

208

D a te
Bonds

M IS C E L L A N E O U S C O M P A N IE S
[For abbreviation s, & c ., see notes on p a g e 81

M erg e n th a ler L in o ty p e — Stock authorized 300,000 shares.
M exican S eaboard O il C o .— Stock 1 ,000,000 shares a u t h ..
10-year debentures red 105 $ 1 5 ,0 0 0 ,0 0 0 auth_______________
M iam i C< p p er Co— Capital stock J4 .OflO.OiM> a u t h _____
M id -C o n t in e n t Petrol C orp— C om stk 3 ,0 0 0 ,0 0 0 shs auth
Pref stock 7 % cumulative convertible red 1 20____________
1st m tge s f gold bonds red (te x t)____________ xxxc*&r*
M id d le S ta te s O il C orp— Stock $311 0 0 ,0 0 0 ------------------------.0
Serial notes due quar beg M a y 1 1924_______________________

1919

1925
1924

Par
V a lue

Balance, surplus______ $1 ,2 1 7 ,0 3 3
$1 ,1 9 0 ,0 2 8 $ 1 ,0 5 6 ,7 5 5 $1,38 9 ,2 7 6
P res., Philip T . Dodge: V . P ., Frederic D . M cK enn ey; 2d V .-P . & Gen.
M g r ., Norm an Dodge: Sec. & T reas., Jos. T . M a c k e y . Office, 29 Ryerson
S t., Brooklyn, N . Y . — (V . 123, p. 2664 .)
M E X IC A N P E T R O L E U M C O .. L T D ., O F D E L .— See Pan American
Petroleum & Transport C o . below.
M E X I C A N S E A B O A R D O IL C O .— Incorp. under laws of Delaware,
Sept. 12 1919. Owns $ 5 ,9 7 9 ,3 2 0 o f the $5,99 9 ,3 2 0 capital stock o f the
International Petroleum C o.
S T O C K .— See table at head o f page.
D I V S .— Paid as follows:
July 15 and Sept. 15 1920, $1 1 2 M each;
N o v . 1 and D ec. 15 1921 $1 25 each: Jan. 16 and M a r. 16 1922. $1 each;
April 15, M a y 15, June 20, July 20, A u g . 21 and N o v . 27 1922, 50c. each,
F eb. 27 and June 1 1923, 50c., M a y 15, A u g. 15 and N o v . 15 1924, 50c.
each, none since.
D E B E N T U R E S .— O f the authorized $15,000 ,000 7 % debentures, $ 1 0 ,70 0 ,0 0 0 have been issued, of which $7,2O0,O0O have been redeemed and are
held in the com pany’s treasury, leaving $3,50 0 ,0 0 0 outstanding in the
hands o f the public.
R E P O R T .— For 1925 showed:
[Including International Petroleum Co.]
Calendar Y ears—
1925.
1924.
1923.
1922.
Gross earnings___________$ 8 ,2 6 2 ,5 4 9 $10,717 ,494 $4,893,361 $23,781,633
Costs and expenses_____
4 ,3 8 9 ,8 6 7
5,076,941
4,8 2 1 ,9 7 7
14,076,954
Gross p r o fits................ $ 3 ,8 7 2 ,6 8 2 $5,640,552
Other incom e____________
165,593
324,482

$ 71,384
8 10,458

T otal incom e_________ $ 4 ,0 3 8 ,2 7 5
$5,965,034
Interest, deprec., & c . . .
3 ,9 2 8 ,6 7 4
3,283,891
Dividends paid_________
1,423,654

$ 881 ,84 2 $10,327,734
1 ,589.884
1,928,320
947,211
2 ,8 2 0 ,5 5 6

$109,601

$9,704,679
623,055

$ 1 ,2 5 7 ,4 8 9 d f $ l,6552253 $5,578,858

x Before providing depletion reserve.
— Q uar. Ended Sept. 30-------- 9 M o s . E n d . Sept. 30—
Period—
1926.
1925.
1926.
1925.
Gross revenue____________ $1 ,3 9 4 ,5 7 9
$ 2 ,019,590 $ 4 ,313,616 $ 6 ,727,225
Expenses_________________
722,118
1,005,830
2 ,3 3 4 ,4 9 6
2,9 9 8 ,6 7 7
B a la n c e .______________
Other incom e____________

$672,461
24,573

Total incom e__________
Interest__________________
Drilling e p . and res. for
exp. on inactive leases

$697,034
6 1,250

$ 1 ,013,760
4 4,407

$ 1 ,9 7 9 ,1 2 0
7 2,275

$ 3 ,728,548
134,130

$1,05 8 ,1 6 7
6 1,250

$2 ,0 5 1 ,3 9 5
183,750

$3,86 2 ,6 7 8
183,750

1,491,043

2,2 4 5 ,0 2 9

4 ,218,197

x N e t loss______________
$144 ,90 4
$494,126
x Before depreciation and Federal taxes.

$377 ,38 4

$539,269

780,688

O F F IC E R S .— Pres., Harris H am m ond; V .- P ., F . N . W atriss, R . D .
Hanna and J. A . M urp hy; Sec., J. A . M u rp h y; Treas., R . D . Hanna; Asst
T reas., T . J. Broidrick; A sst. Sec., W . L . Pratt. O ffice, 120 Broadway
N ew Y o r k .— (V . 123, p . 2528.)
M IA M I C O P P E R C O .— O R G A N I Z A T I O N .— Incorp. N o v . 29 1907 in
Delaware. Property totals 2 ,2 7 3 acres near Globe, Ariz.
R E P O R T .— For 1925, in V . 122, p . 2664, showed:
C alendar Y ea rs—
1925.
G r o s s ______________________$ 7,53 5 ,0 3 0
6,5 1 3 ,4 4 5
Expenses, taxes, & c____
Depreciation, & c________
424,617
D epletion________________
_______
B a la n c e _______________
Other incom e____________

$596 ,96 8
524,551

1924.
$7,958,397
6 ,790,388
427,403
See x

1923.
1922.
$9,669,022 $ 8 ,7 6 7 ,2 6 0
7 ,065,149
6 ,561,559
506,287
404,601
See x
See x

$740,606 $ 2 ,097,586 $ 1 ,801,100
370,400
2 03,800
172,344

T otal income_________ $1 ,1 2 1 ,5 1 9 $1,111,006 $ 2 ,301,386 $ 1 ,973,444
D iv id e n d s ____________ (2 5 % )9 3 3 ,8 9 2 (40)1494,228 (40)1494 ,228 (4 0)1494,228
Surplus________________

$187,627 d ef$383,222

$807 ,15 8

$479,216

x Depletion charges o f $ 2 ,0 9 1 ,4 9 1 for 1924, $2,124,166 for 1923 and
$2,138,904 for 1922 were made against surplus account. N o depletion
cleared off in 1925.
D ivid en d s—
T 4 . T 5 . T 6 . T 7 . T 8 . ’ 19. '20. ’21. ’22. ’23. ’24. ’25.
Per cent_____________ 30 45 115 175 90 50 40 4 0 40 40 40 25Paid in 1926: Feb. 15, 5 % , M a y 15, 5 % , A u g. 16, 5 % , N o v . 15, 7 Y % O F F IC E R S .— P res,, Adolph Lewisohn; V .-P . & Cons. E n gr., J. Parke
Charming; V .-P . & T reas., Sam A . Lewisohn; V .- P ., E . H . W estlake; Sec.,
Herman C ook. O ffice, 61 Broadw ay, N ew York.— (V . 123, p. 1885.)
M I D -C O N T I N E N T P E T R O L E U M C O R P .— O R G A N I Z A T I O N .— In­
corporated in Delaware July 9 1917 as Cosden & C o .; name changed to pres­
ent title in Feb. 1925. Properties (a).O perates over 1,600 producing wells
located on over 35,0 0 0 acres o f developed leases, o f which 320 acres are in
the Seminole pool, undeveloped leases are in excess of 310,000 acres in K an­
sas, Oklahoma, Texas, & c., (b) pipe line system , about 1,200 miles in length
connecting the producing area with the refineries, (c) over 2,0 0 0 tank cars,
(d) modern refinery at T u lsa, O k la., said to have a consuming capacity of
50,000 bbls. daily if producing all by-products. V . 109, p . 680, V . 105,
p . 8 2 2 , V . 107, p . 2292.
T h e directors in N o v . 1921 approved a plan for the consolidation of A tlan­
tic Petroleum Corp. with the company and approved the exchange o f three
shares o f Atlantic Petroleum stock, par $25, for two shares o f Cosden & Co
stock, no par value. V . 113, p- 2189, 2316 ,
C A P I T A L S T O C K .— The stockholders on M a y 4 1922 approved (a) the
lan to change the par value of the outstanding preferred stock from $5 to
100 a share and (6) the exchange of 20 shares of the old stock for each
share o f the new. The preferred stock Is convertible into common stock
at the rate of $75 o f pref. for each no par value com m on share. Sinking
fund sufficient to retire pref. stock the rate of $140,000 annually by purchase
up to. or call at, 120 and dlv. V . 114, p. 2018.




R ate
%

W h en
P ayable

N one 256,000 sh. See text
Q— M
None 945,939 sh.
7
$ 3 ,500,000
M &
S
$5
3 ,7 3 5 570 See text
Q— F
N one 1 3 5 7 ,461sh.
100 $6,434,61 F
7
>
Q— M
1,000 11,131,000
S
6H g M &
10 2 9.796.03b
7
Q— F
5,143,033

R E P O R T .— For year ended Sept. 30 1926, in Y . 123, p . 2664, showed:
Y ears E n d . Sept. 30—
1 9 25 -26 ,
1924-25.
1923-24.
1922-23.
N et prof. aft. deb. & tax $ 2 ,6 2 5 ,0 3 3 $ 2 ,6 9 9 ,0 2 8 $2 ,3 3 6 ,7 5 5 $ 2 ,6 6 9 ,2 7 8
Dividends (abou t)______
1 ,4 0 8 ,0 0 0 1 ,600,000
1,2 8 0 ,0 0 0 1 ,280,000

xBalance, surplus-------

A m oun t
Outstanding

[V ol. 123

L a st D ivid en d
an d M a tu rity

D ec 31” 2 6 $ 1 M
N o v 15 ’ 24 50c.
Sept 1 1929
N o v 15 ’26 I Y i
Aug 1 ’ 23
$1
D ec 1 1926 1 H
M ar i iy 4 0
See text
T o Feb 1 1929

P laces W h ere In terest and
D ivid en d s a re Payable

29 Ryerson S t .. Bklyn
Bankers T rust C o , N Y
B altim ore, M d
do
N ew York
Checks mailed
A u g. ’ 24 instal.unpaid

The shareholders voted Feb. 14 1920 to authorize an issue o f stock without
iuy nominal or par value In lieu o f certain o f the then outstanding and
authorized common stock, and to exchange five shares o f the then out­
standing common stock o f the par value o f $5 each for one share o f stock
of no par value.
Pref and common stockholders of record O ct. 3 1922 were entitled to sub­
scribe at $41 per share for 187.406 additional shares o f com m on stock.
V . 115, p . 1433,
The stockholders voted on June 6 1923 to increase the authorized com m on
stock from 1,4 0 0 ,0 0 0 shares to 3 ,0 0 0 ,0 0 0 shares, no par value. V . 1 16, p .
2642.
D I V I D E N D S .— In Sept. 1917 an extra dividend of 4 % was declared
on the common stock In addition to the initial quarterly 2 % , payable N o v . 1.
On Feb. 1 1918, the common dividend of 5 % was paid in com m on stock
in lieu of cash and this was repeated In M a y ; A u g. 1918, 2 H % was paid In
common stock. N o v . 1918 to A u g. 1919, 2 Y % each, paid qu ar.; N o v . 1
1919 and F eb. 1 1920 paid 2 Y % cash and 2 Y % in com m on stock. See
“ Capital Stock” above. On new (no par value) com m on stock paid 6214
cents a share quarterly from M a y 1920 to A u g. 1922; N o v . 1922 to A u g .
1923 paid $1 quarterly; none since.
On preferred. In full to date.
B O N D S .— The 1st M tg e . 614 % 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 M a r. 1 1935, and thereafter on like
notice on any int. date at their principal am ount and accrued interest with
a premium equal to 14 % for each 6 months between the redemption date
and the date o f m aturity.
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 m aturity. The paym ents on account o f this
sinking fund are to be made in m onthly installments o f (a) $ 28,000 and (b)
an additional amount o f 10 cents per barrel of the net production o f crude oil
of the corporation and its subsidiaries during the preceding calendar m onths.
Such m onthly paym ents are to be made on or before the 18th day o f each
month, beginning M a r. 18 1925. V . 120, p . 4 60.
R E P O R T .— For 1925 showed;
1 004.
1 09“
?
1922.
1925.
T otal incom e____________ N o t shown
N o t shown $ 3 4 ,602 ,549 $44,436 ,391
N et incom e______________ $15,929 ,232 $9,68 7 ,2 4 6 $6,50 2 ,9 8 3 $14,182 ,801
x 6 ,928,872
Provision for deprec__________________ 3 ,953,572
3,722,1661
6 ,827,403
Depletion reserve_____________________2 ,540,969,3 0 7 )
3 ,0 0 9
Leaseholds abandoned &
surrendered, & c_____________________ 1,030,374
857,876
_______
499,803
953,391
672,934
459,205
Interest__________________
In t. on bonds (Cosden &
948,643
C o ., D elaw are)_______
_______
3 30,453
Federal income ta x ___________________ 450,000
Inventory adjustm ents.
_______
_______
489,111
393,337
Dividends on pref. stock
464,477
47 9 ,2 6 2
2 ,4 4 1 ,9 2 5
3 ,4 6 7 ,1 5 9
Com m on dividends______
_______
Balance, surplus______$6,53 6 ,4 4 9
$ 9 4 5 ,7 0 2 d f$ 6 ,7 1 4 ,7 6 1 $ 1 ,6 1 4 ,5 3 2
x Includes leasehold development cost and carrying charges.
— Q uar. Ended Sept. 30--------- 9 M o s . E n d . Sept. 30—
Period—
1926.
1925.
1926.
1925.
Operating profit________ $ 4 ,527,938 $4 ,3 5 2 ,8 3 4 $12,137 ,773 $12,505 ,218
Leaseholds aband., & c ._
100,148
22 9 ,8 7 8
429,042
6 3 5,157
In t. & am ort, o f bd.disc.
215,428
688,730
6 15,798
224,674
Preferred dividends_____
114,283
349,397
Sur. bef. depr. & depl. $ 3 ,203,117

$3 ,9 0 7 ,5 2 8 $11,020 ,001 $11,254,263

O F F IC E R S .— Pres., Jacob France, V .-P s ., A . W . Gieske, J. C . D enton,
G . O. M ood y and D . W . M o ffitt, Sec., E . M . Rouzer, Treas., Charles Klein.
Offices, Tulsa, O kla., and 1125 Calvert B ld g ., Baltimore, M d .— (V . 123
p . 2271.)
M ID D LE S T A T E S O IL C O R P .— O R G A N I Z A T I O N .— Incorp. in D el
Feb. 24 1917. A holding com pany. Owns entire issued stocks o f the
following companies: N um berO ne Oil C o ., $200,000; N um ber Seventy-seven
Oil C o ., $200 ,00 0; Peters Oil C o . $2,0 0 0 ,0 0 0 : Corona Oil C o ., $ 4 ,0 0 0 ,0 0 0 :
Num ber N ine Oil C o. and over 9 5 .4 % o f Ranger Texas Oil C o ., 9 5 .8 % o f
Dominion Oil C o . and 9 8 .6 % o f Texas C hief Oil C o . Subsidiary com ­
panies reported to have a daily settled producing capacity o f over 2 4 ,0 0 0
bbls. In July 1921 acquired $ 2 ,0 0 0 ,0 0 0 capital stock o f the U nited Oil
Producers C orp ., the Imperial Oil C o rp ., owning the remaining $ 4 ,0 0 0 ,0 0 0 .
V . 113, p . 6 35. It was announced in M arch 1922 tnat Chairman C . N .
Haskell had purchased, in the interest o f nis companies, the Louisiana &
Northwest R R . V . 114, p . 1187. In A u g . 1922 the Oil Lease D evelop­
ment C o . was organized for the purpose o f developing 12,000 acres o f the
com pany’s unproved oil and gas leases; in O ct. 1923 controlled leases on
about 2 00,000 acres. V . 115, p . 6 77, 1106 . In D ec. 1922 organized the
W yom ing N orth & South R R . and the M ontana R y . as a step toward
entering the M ontan a and W yom ing oil fields; in O ct. 1923 , 48 miles o f the
330-m ile line were in operation. V . 116, p. 6 23, 1284; V . 1 17, p . 9 6 . In
Sept. 1923 acquired a controlling interest in the M aar Oil C o . V . 117, p .
1135. In Feb. 1924 acquired 372,821 shares o f stock (a controlling interest)
of Southern States Oil Corp.
See V . 118, p. 915. 1277.
The G u lf States Oil & Refining C orp. was organized in Sept. 1 923 . V .
117, p . 1562.
In N o v . 1923 the corporation and the Turm an Oil C o ., through articles
of agreement, acquired control o f the Foreign States Oil C orp ., which owns
large oil and gas leases in C uba. The property acquired consists o f 30,000
acres located »in Havana Province.
Receivers A p p o in te d .— Federal Judge John C . K nox on A u g . 15 1924
appointed former Judge Julius M . M ayer (since deceased and succeeded b y
Joseph Glass) and Joseph P . T u m u lty, former Secretary to President W ilson,
receivers. V . 119, p. 819. Judge Franklin E . K ennam er, at Tulsa, O kla.,
on Sept. 3 1924 announced the appointment o f Julius M . M ayer o f N ew
York as a co-ancillary receiver w ith N . T . Gilbert o f Tu lsa, for the Okla­
homa properties o f the corporation.
Government tax claim, V . 121, p . 2049.
Progress under receivership, V . 122, p . 1926.
S T O C K .— Th e stockholders Jan. 7 1922 approved a proposal to increase
the authorized capital stock from $16,0 0 0 ,0 0 0 to $ 3 0 ,0 0 0 ,0 0 0 , and the con­
solidation plans of the various subsidiary companies as outlined in V . 113,
p. 2623.
Stockholders of record Jan. 29 1923 were given the right tQ subscribe at
$11 per share for 579,533 shares o f capital stock (par $10) to the extent o f
2 3 ) 4 % o f their holdings. V . 116, p. 304.
Stockholders' Protective C om m ittee.— The following stockholders’ protective
com m ittee was formed in A ug. 1924: Henry S. Fleming (Chairman), Robert
S. Johnstone, Robert Carey, Horace A . D avis, W . S. Fanning, H . C .
Hequembourg, with Henry F . W hitney, Sec., 120 Broadw ay, N . Y . , and
O lcott, O lcott & Glass, 170 Broadway, counsel. Com pare V . 119, p . 702,
1850, V . 120, p . 3199, V . 121, p . 337, 2049, V . 123, p . 2528.

1926.]

309

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviation s, & c ., see n otes on p a ge 8]

D ate
Bonds

M iller R u b b er C o (T h e )— -Common stock 400,000 sh au th Pref (a & d) stock 8 % cum red (text) $ 3 8 ,481 ,100 a u th .
M on tgo m ery W ard ex C o — C om . s t k .. 1,280,000 sh . auth.
Pref. stock 7 % cum . $ 4 ,249,800 auth. red. tex t___________
Class “ A ” stock $7 cum. (see t e x t )_________
____________
M ontgom ery W ard Warehouse C o 1st M ser g bds due
kxxxc* 1924
$150 ,00 0 ann red (tex t)- _________
M o n t W ard Properties Corp 1st M g ser “ A ” red (text) xxxc* 1926
M oon M otor C ar Co— Com m on stock 180,000 shares a u t h ..
M o th er L o d e C o a litio n M ines Co— Stock 2,500,000 shsautb

Par
V a lu e

Am ount
O utstanding

N one
$100
10
100
None

Rale
%

W hen
P a yable

260,088 shs
$2
Q— J25
Q— M
$12,4 5 1 ,6 0 0
8
1 141,251 shs. See text
Q— F
aS'l .249,800
Q— J
7
Q— J
20 5 .0 0 0 sh. See text

•500&1000
1 .350.000
5 )4 g A & O
M & N
500&1000
5 .7 5 0 .0 0 0
5 g
None 180.000 shs. See text.
Q— F
None 2 ,5 0 0 ,OOOsh See text J & D 30

Last D ividend
and M a tu rity

Oct
Dec
N ov
O ct
Jan

Places W here Interest and
D ivid en d s are P a ya b le

25 ’26, 50c
1 ’26, 2 %
15 1926 $1
1 L926 1%
1 ’27 $ lJ i

Oct 1 ’27 to ’ 35 Lee.H igginson & C o.B ost,
New Y o rk
M ay 1 1946
N o v 1 ’ 26 3 7 K c
June30'26 37 )4 c

a T o be redeemed— see text

N oteholders' Protective Committee.-—-Announcement was made A u g. 12 1924
o f the formation o f a protective committee to look after the interests of
holders o f the 7 % secured serial gold notes as a result o f default in the pay­
m ent of interest due on A u g. 1 1924. The committee consists of Chauncey
H . M urphey, Chairm an, Joesph M . Byrne Jr., Frank B . C ahn, W illiam J.
Ehrich and Henry Feuchtwanger, with C ook, N athan & Lehm an, and
M errill, Rodgers, G ifford & W ood y, counsel. Th e committee asked all
holders of notes to deposit the same with ihe Metropolitan Trust C o ., 120
Broadway, N . Y . C ity . W . W . Sniffin, Sec.. 120 Broadway. V . 119, p.
819.
D I V I D E N D S .— Cash dividends were paid since N o v . 1 1917 as follows
From N ovem ber 1 1917 to M arch 1 1918, both inclusive, one-half o f 1 %
m onthly from April 1 1918 to April 1 1920, 1 % m onthly; on J u lv 1 and Oct.
1 1920 paid 4 % quar. On Jan 1. Apr 1 and July 1 1921 paid 3 % q >ar and
1 % extra; O ct. 1 1921 to A p r. 1 1923 paid 3 % quar. On J a r. 1 1923 also
paid an additional div. o f three shares o f Oil Lease Develoj men no par
stock on each 100 shares of M iddle States Oil stock. V . 115, p. 2485.
In addition, eight stock d iv s., aggregating 1 2 4 % , have been paid, viz.;
A ug. 1 1918, 4 % ; N o v . 1, 8 % ; Feb. 1 1919, 8 % ; M a y 1, Sept. 1, D ec. 1
1919, 1 0 % each; M a r . 1 1920, 2 0 % ; July 10 1920, 5 0 % ; July 1 1923. 4 % .
O ct. 1923 div. was om itted.
V . 117, p. 1243.
C O N S O L I D A T E D I N C O M E A C C O U N T .— For 1922, In V . 116. p
1059 and 1186, showed:
Calendar Y ears—
1922.
1921.
T otal gross Income____________________________________ $ 1 0 ,477 ,824 $ 8 ,617,709
D educt— Field oper., new constr., lease rentals, ad­
ministrative and general expenses________________
3,638,441
2,3 2 3 ,8 1 7
Dividends paid________________________________________ 2 ,720,899
3 ,7 7 4 ,5 8 0
D ivs. paid minority interests in Dom inion Oil C o .,
_______
Texas Chief Oil C o. and Ranger Texas Oil C o ___
208.576
Reserves, including Federal taxes___________________
150,000
160,000
Balance, surplus____________________________________ x$3 ,968 ,484
$2,15 0 ,7 3 5
x Subject to depletion.
For 6 m os. ended June 30 1923, in V . 117, p . 1671, showed: Gross In­
com e, $ 4 ,8 9 7 ,2 8 2 ; expenses. Fed. taxes, & c .. $ 2 ,0 1 1 ,7 3 2 ; net profit,$ 6 99 ,82 1.
O F F IC E R S .— Pres., P . D . Saklatvala; Sec. & T reas., C . A . Eastm an.
Office, 383 M adison A v e ., N ew Y o rk .— V . 123, p . 2528.)
M I D L A N D S T E E L P R O D U C T S C O .— (V . 123, p . 2148 .)
M ID V A L E C O .— (V . 123, p . 1257.)
M ID V A L E S T E E L & O R D N A N C E
Bethlehem Steel C orp. on M a r . 30 1923.

C O .— Properties taken over by
See that com pany above.

M IL L E R R U B B E R C O . (T H E ) .— Incorporated under laws o f Ohio on
July 30 1906. Manufactures pneumatic tires (G eared-to-the-Road) and
tubes, together with a general line o f auto accessories, druggists’ sundries,
toys, & c., and certain items of mechanical goods. M aintains 42 direct
factory branches and 103 distributors in the principal cities o f the United
States, and 88 agencies in foreign countries.
S T O C K .— The preferred stock is redeemable during 1926 a t 1 0 5 )4 ,
during 1927 and 1928 at 1 06 ) 4 , and thereafter at 107 'A • Sinking fund,
3 % per annum o f largest amount o f preferred stock issued.
D I V S .— On pref., in full to date. On common stock o f no par value paid
5 0 cents a share each quarter from Jan. 25 1926 to O ct. 25 1926.
R E P O R T .— For 1925, in V . 122, p. 1321, showed
Calendar Y ea rs—
1925.
1924.
x Operating p ro fit_______________________ $5,31 8 ,6 7 7
$3,43 3 ,9 7 5
Reserve for depreciation_______________
1 ,127,039
970,213
Interest, doubtful accounts and other
deductions (n et)____________________
148,437
41,940
Federal taxes (estim ated)______________
510,000
320,797
Reserve for contingencies______________
860,569
_______
Preferred dividends------------------------------542,592
y69 8,13 8
C om m on dividends____________________
364,053
_______

1923.
$3,272,522
893,862
52,811
302,579
____
y l , 829,179
_______

Balance, surplus____________________ $1,76 5 ,9 8 8 $ 1 ,402,887
$194,091
x After deducting cost o f goods sold, selling, general and administrative
expense, y Includes dividends declared but not paid.
S ix M on th s E n ded Jun e 30—
1926.
1925.
N et after interest, Federal taxes, & c________________ $ 1 ,322,027 $ 2 ,602,410
Depreciation__________________________________________
577,926
554,067
N etin com e___________________ ______________________

$744,101

$2,048,343

O F F I C E R S .— P r e s ., J aco b P feiffer: S ec . & T r e a s ., W illia m F . P feiffer;

V .- P ., C . T . G rant.

O ffice, Akron, Ohio.— (V . 123, p . 1123).

M O N T G O M E R Y W A R D & C O ., IN C .—-O R G A N IZ A T I O N .— Incorp.
in Illinois in D ec. 1919 as successor to a com pany o f the same name incorp.
under laws of New York in Jan. 1913. M ail order business established in
1872. Owns land, plant and equipment at Chicago and the equipment at
all other plants. Land and buildings at Kansas C ity , St. Paul, Baltimore,
Portland and Oakland are owned through stock ownership o f controlled
companies, this stock ownership plus other advances representing its equity.
T h e plant at Fort W orth is leased f rom the Chevrolet M otor C o . The build­
ings owned and controlled b y the com pany have an aggregate floor space
o f 6 ,904,000 sq. f t . , equivalent to over 157 acres.
Merchandise is bought directly from manufacturers and sold b y mail
directly to consumers, largely eliminating intermediate profits. The com­
pany is engaged in the manufacture of m any of its merchandise item s, such
as harness and saddles, paints, gas engines, agricultural implements, &c.
C om pany leases fro m subsidiaries the buildings owned by the latter at
rentals sufficient to service the bonds of said subsidiaries.
S T O C K .-— The directors on Oct. 8 1926 voted to retire at the end o f the
present fiscal year all c f the outstanding $4,249,800 of 7 % cum . pref.
stock at 115 and dividends.
T h e stockholders voted Feb. 20 1922 to change the par value o f the
com m on stock to $10 per share (formerly no par value).
C lass “ A " Stock.— 205,000 shares having no par value. Preferred as to
cumulative dividends of $7 per share and preferred up to $100 per share of
assets in event of liquidation.
A ll shares o f stock have the same voting rights.
D I V I D E N D S (on stock of old com pany).— On p ref., 1 .1 8 % Apr. 1 1913
covering 2 m os. and 1 da y, July 1913 to D ec. 1 919 ,1 % % quar. Dividend
N o . 1. $3 per share, was paid on common stock out of earnings of year
1914 and dividend N o . 2 $3.5 0 in Feb. 1916 out of earnings of 1915. N o .
3 , $5 In F eb. 1917; N o . 4 , $5 In 1918; N o . 5, $5 in Feb. 1919; N o . 6, $5 in
Jan. 1920.
(On stock of new com pany), pref. 1 % % quar. paid April 1920
to O ct. 1921; then none until D ec. l l 1922, when V% was paid, representing
divs. accrued during the year; Jan. 1 1923 to O ct. ] 1926, 1 1 4 % quar.
On class A stock paid $1 75 quar. from April 1920 to O ct. 1920; then none
until F eb. 9 1924, when $1 75 was paid; same amount paid quar. April 1
1924 to Jan. 1 1927. On N o v . 5 1924 paid $3 50, on Jan. 26 and M a y 1




1925 paid $5 25, and on D ec. 7 1925 paid $7 on account o f accum ulations’
clearing up all back dividends. On common stock paid initial quarterly
dividend o f $1 per share on N o v . 15 1926.
B O N D S .-— A 1st m tge. 5 )4 % serial gold bond issue amounting to $ 1 ,5 0 0 ,"
000 is outstanding on the Baltimore property, which is owned b y the sub­
sidiary known as Th e M ontgom ery W ard W arehouse C o. The bonds are
redeemable as a whole at 103 and int. on or before Oct. 1 1926, the premium
decreasing thereafter
o f 1 % each two years to 1 0 0 )4 on April 1 1925.
M ontgom ery W ard Section “ C ” Associates has a 1st m tge. of $ 1 ,500,000
outstanding with an interest rate o f 5l4>% on the Kansas C ity property.
These bonds are redeemable serially, $150,000 each year on the tenth day
o f February, commencing F eb. 10 1927.
First mortgage series A gold bonds o f M ontgom ery W ard Properties C orp.
are callable as a whole only (except for sinking fund) on any int. date on
30 days’ notice at 102
on or before M a y 1 1931; at 102 thereafter and on
or before M a y 1 1936; at 101 )4 thereafter and on or before M a y 1 1941,
and 101 thereafter and before m aturity plus interest in each case. Th e
bonds are secured b y a first lien on property at St. Paul, M in n ., Portland,
O re., and Oakland, Calif.
A ll of the above properties have been leased to M ontgom ery W ard &
C o . for a term extending one year beyond the m aturity date o f the bonds
at a rental sufficient to pay interest and sinking Lund installments. M o n t­
gom ery W ard & C o . assumes all taxes, maintenance, renewals and other
operating expenses of the properties.
S A L E S—
1926.
1925.
1924.
1923.
M on th o f October_______$ 2 0 ,1 5 4 ,6 2 6 $ 2 1 ,964 ,882 $1 7 ,2 6 2 ,3 7 6 $15,165 ,652
First 10 m os. o f y e a r .__ 156,281 ,323 1 4 2 ,512 ,618 125,517 ,047 105,469,411
R E P O R T .— For 1925, in V . 122, p . 605, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
Sales____________________$ 1 7 0 ,5 9 2 .642S150,0 4 5 ,065$12 3,702,043 $ 8 4,738 ,826
N e t, after depreciation. _ 1 2 ,908,498 10,433,501
7 ,7 0 2 ,6 2 5 a 4 ,562,607
----------Reserve for income t a x 1 ,550,000
1,2 0 0 ,0 0 0
500,000
Preferred dividends____
243,033
2 44,223
2 5 4 ,3 5 4
344,619
Class A dividends_______
4 ,9 9 7 ,3 6 3
2 ,4 9 9 ,2 0 7
--------------------Surplus for year______$ 6 ,1 1 8 ,1 0 2
$ 6 ,490,071
$6,94 8 ,2 7 1
$4 ,2 1 7 ,9 8 8
a After providing for taxes, bad and doubtful accounts and depreciation
on capital assets and inventories.
.
O F F IC E R S .— Chairm an, Silas H . Strawn; P res., Theodore F . Merseles.
V .-P . & Gen. M g r ., George B . E veritt; Sec. & T reas., Albert S. S cottj
D ir e c to r s .— Charles H . Schweppe, D . R . M cL ennan, Francis D . B artow _
S. H . Strawn, B . A . Eckhart, Theodore F . Merseles, R obt. P . L am ent.
C has. H . Thorne and R . J. Thorne. O ffice , 618 W . Chicago A v e ., Chicago
— (V . 123, p . 2664 .)
M O O N M O T O R C A R C O .— Incorp. under laws o f Delaware July 5 1917.
Plant located in St. Louis, M o
T h e Diana M otors C o . was organized in M a y 1925 to market the new
Diana light straight 8-cylinder car. V . 120, p . 2823 .
D I V I D E N D S .— Initial dividend on common stock of 25 cents a share
was paid A u g. I 1922; N o v . 1 1922 paid 25 cents; Feb. 1 1923 paid 3 7 )4
cents quar. and 1 2 )4 cents extra; M a y 1 1923 paid 50 cents qu ar.; A u g . 1
and N o v . 1 1923 paid 75 cents quar. and 25 cents extra; F eb. 1 1924 to
A u g. 2 1926 paid 75 cents quar.; on N o v . 1 1926 paid 3 7 )4 cents quar.
R E P O R T .— For 1925, in V . 122, p . 2 340 , showed:
1922.
Calendar Y ears—
1925.
1924.
1923.
$6,87 7 ,1 5 9
N et sales, & c____________ $12,6 7 8 ,4 6 5 $ 9 ,287,671 $9 ,7 4 1 ,8 5 7
6 ,159,655
C o s t _____________________ 1 1 ,534,993 8 ,7 6 7 ,9 5 0
8 ,9 2 3 ,8 4 4
Operating profit______$1 ,1 4 3 ,4 7 2
Other income____________
130,244

$519,721
127,294

$ 818 ,01 2
148.726

$717,504
196,661

Gross incom e__________$ 1 ,2 7 3 ,7 1 6
Income taxes____________
170,888

$647 ,01 6
87,4 3 0

$966 ,73 9
124,730

$914,164
119,025

N et incom e___________ $ 1 ,1 0 2 ,8 2 8
Proceeds, sale o f s t o c k ..
-----------

$ 559 ,58 5
-----------

$842 ,00 9
386,805

$795,140
-----------

T otal incom e_________ $ 1 ,1 0 2 ,8 2 8
Preferred dividends----------------C om m on dividends______
5 4 0.000

$559 ,58 5
----------4 0 5,000

$ 1 ,228,814
5,4 4 9
585,000

$795,140
21,798
154,213

$154 ,58 5
2,2 3 3 ,2 8 7

$620,651
1,612,019

$619 ,12 9
992,890

Surplus for year_______
Previous surplus, a d j

$562 ,82 8
2 ,3 5 4 ,2 2 3

Total surplus_________ $2,91 7 ,0 5 1
6 M o s . Ended June 30—
1926.
S a le s ___________________ - -a $ 4 ,9 4 2 ,1 3 1

C °setllin g& ef ( t a t o Pe l p n-

4,6 0 6 ,3 4 3

N e tp r o fit_____________
Miscellaneous earn ings.-

$335 ,78 9
52 ,7 5 0

N e tin c o m e ___________
Federal and State taxes.

$388 ,53 9
56,3 3 8

$ 2 ,387,872 $2,23 2 ,6 7 0 $1,61 2 ,0 1 9
1925.
1924.
1923.
$6 ,2 1 4 ,0 6 4 $ 5 ,375,192 $ 5 ,798,870
5,507,421
$706 ,64 2
6 9,876
$776 ,51 9
104,830

4 ,984,046

5,138,655

$391,146
72,715

$660,215
91,196

$463,861
62,621

$751 ,41 1
101,440

Balance, surplus______
$332,201
$671 ,68 9
$ 401 ,24 0
$649 ,97 0
a A fter deducting returns and allowances.
O F F IC E R S .— P res., Stewart M cD on ald ; V .- P ., W . D . H em enw ay, C . W .
Burst and A . F . M oberly; Sec., Stanley M oon ; T reas., H . W . K lem m e.
Office, M ain and Douglas S ts., S t. Louis.— (V . 123, p . 1885.)
M O T H E R L O D E C O A L I T I O N M IN E S C O .— Incorp. April 17 1919
under laws of Delaware. Owns twelve patented lode mining claims near
Kennecott, Alaska, having an area o f 186)4 acres.
D I V I D E N D S .— Paid 50 cents per share semi-annually from June 30
1922 to D ec. 3 1 1 9 2 3 ; June 3 0 1924 to June 30 1926 paid 3 7 )4 cents per share
sem i-annually.
R E P O R T .— For 1925 showed:
1922.
1924.
1923.
Calendar Y ears—
1925.
Operating revenue______$ 4 ,249,891
$ 4 ,447,034 $4 ,2 0 3 ,1 9 3 $ 3 ,4 6 5 ,9 5 9
2 ,1 9 5 ,6 7 2
1 939,802
1,7 0 1 ,5 3 2
Operating costs__________ 2 ,107,431
C r.1,960
Cr .6,095
Cr.33,1 7 0
Other incom e____________
C r .4,711
51,637
52 ,2 7 8
3 5 ,7 0 4
T a x e s ____________________
4 6,574
D eb . 1,082
_______
Interest, & c______________
C r .3,797
Balance, surplus______$ 2 ,1 0 4 ,3 9 4
Previous deficit_________
1,5 4 9 ,4 2 9

$2,200,603
1,098,846

$ 2 ,2 1 7 ,2 0 8
1,0 2 2 ,3 3 2

$ 1 ,7 6 1 ,8 9 2
7 50,082

Total surplus__________
Deprec. & depletion____

$ 1 ,101,756
2,6 5 1 ,1 8 6

$ 1 ,1 9 4 ,8 7 6
2 ,2 9 3 ,7 2 2

$ 1 ,0 1 1 ,8 1 0
2 ,0 3 4 ,1 4 3

$554 ,96 4
2 ,3 1 8 ,2 0 9

D ebit bal. D ec. 3 1 - - - $ 1 ,7 6 3 ,2 4 4
$1,54 9 ,4 3 0 $ 1 ,0 9 8 ,8 4 6 $1 ,0 2 2 ,3 3 2
O F F IC E R S .— Pres., Charles Earl; V .- P ., F . R . Foraker; T reas., James
D ean; Sec., C . T . Ulrich. Office, 120 Broadw ay, N ew Y o rk .— (V . 123,
p. 989.)

310

[V ol. 123,

INDUSTKIAL STOCKS AND BONDS
M IS C E L L A N E O U S C O M P A N IE S
E or abbreviations, A c . , see notes on page 8]

M o to M eter C o In c— Class A stock $3 60 cum & partic__
Class B stock $1 non-cum and partic_____________________
Serial gold notes due $ 225 ,00 0 ann red (text) $1 ,0 0 0 ,0 0 0
authorized____________________________________________Eq.xxx
M o to r W h e e l C orp — Com m on stock__________________ Ba.xxx
Preferred stock 8 % cum ulative_______________________________
M u llin s B ody C orp— C om auth 100,000 shares_______________
Pref (a & d) stock 8 % cum call for s f auth $ 1 ,0 0 0 ,0 0 0 ____
M u n sin g w e a r, In c— Stock 20 0 ,0 0 0 shares authorized___
M urray B o d y C orp — Com m on stock auth 300,000 shares- .
Pref (a & d) stk 8 % cum s f red 110 auth $ 2 ,5 0 0 ,0 0 0 ----------First m tge s f g red (te x t).
__________
____ D D .xxxk c*
F or reorganiza tion p la n , see text

1926

1924

Par
Value

A m ount
Outstanding

None
None

D ate
Bonds

1,000
9 01,000
None
550.000 shs.
$100
$994,500
None 100.000 sh.
100
956,500
None 200.000 shs
None 2 4 3.956 shs
100 2 ,5 0 0 ,0 0 0
100 &c
4 ,0 0 0 ,0 0 0

M O T O M E T E R C O ., IN C . ( T H E ) .— Incorp. under laws o f N . Y . on
O ct. 1 1912 as the M otom eter C o ., In c .; name changed to present title on
July 1 1925. M anufactures m otor heat indicators for autom obiles, aero­
planes and motor boats, both dashboard and radiator typ e, sold under the
trade names o f “ B oyce M otom eter” and “ M otom eter.” Also manufactures
industrial thermometers o f the mechanical type.
I t was announced in Sept. 1926 that the com pany had acquired control
of the N ational Gauge & Equipm ent C o. o f La Crosse, W is ., manufacturers
of oil gauges and meters and other motor car equipment in conjunction
with the Boyce M otor M eter. Y . 123, p . 1514.
S T O C K .— After paym ent o f cumulative divs. o f $3 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 am ount does not exceed
$300 ,0 0 0 ; additional paym ents 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.
D I V I D E N D S .— -On Class A stock, paid initial quar. div. o f 90c. per
share on O ct. 1 1925; same am ount paid quar. to O ct. 1 1926. On Class B
stock, paid initial d iv. of 25c. per share on O ct. 1 1925.
N O T E S .— T oe 6 % serial gold notes are callable on and after Sept. 11
1928 at par and int. V . 123, p . 2664 .
R E P O R T .— For 1925, in V . 122, p . 1926 '
1925.
1924.
Calendar Y ea rs—. $ 2 ,118,362 $ 1 ,541,995
Operating incom e_______________________________
7 0,809
72,971
Depreciation____________________________________
252,961
184,339
Federal taxes____________________________________
- $ 1 ,7 9 4 ,5 9 2
682,500
3 6 0,000
100,000

Dividends old com m on stock D iv s. new A common sto ck . D iv s. new B com m on s to c k -.

Previous surplus.

$652 ,09 2
881,736

$ 1 ,284,685
1,125,000

$159,685
716,975

T otal surplus-----------------------------------------------------------$ 1 ,5 3 3 ,8 2 8
$876,660
R eport for 9 m os. ended Sept. 30 1926, in V . 123, p . 2529, showed:
— Q uar. Ended Sept. 30--------- 9 M o s . E n d . Sept. 30—
Period—
1926.
1925.
1926.
1925.
$447,141
$601,257 $1,77 3 ,5 1 4 $1,755,519
P rofits___________________
12,836
Depreciation____________
18,909
57,492
49,873
57,797
79,153
Prov. for Federal taxes.
208,854
250,735
$1 ,4 6 5 ,2 8 8

180,000
50,000

$509,268
82,500
180,000
50,000

$140 ,43 5
2,168,681

$197,768
1,269,259

$370 ,43 5
_
x Com m on dividends_
D iv s. class A co m m o n ..
D iv s. class B com m on ..

W h en
Payable

M & S 11
6 g
text Q— M 20
Q— F 15
See text
Q— F
8
Q— M
$3
See text
Q— J
See text
& D
6^ g J
See

8

Last D ividend
and M a tu rity

T o Sept. 1119 30 Equitable T r . C o ., N . Y .
Sept 20 ’26 50c
N o v 15 '26 2 %
Feb 12 1921 $1 N a t B k of C o m m , N Y
do
do
N o v 1 1926 2 %
D ec 1 ’26 75c
See text
O ct 1 '2 5 , 2 %
(D etroit T r C o , Detroit
D ec 1 1934
(Guaranty T r C o , N Y

M U L L IN S B O D Y C O R P .— O R G A N I Z A T I O N .— Incorp. in N ew Y o rk
July 19 1919. Successor to W . H . M ullins C o . of Ohio, incorp. in 1906.
Business originally established in 1871.
Plant at Salem, O.
Business
consists in stamping and welding o f steel automobile bodies, manufacture of
enders, engine parts and radiator shells, also m otor-boats, launches, &c.
S T O C K .— Stockholders o f record N o v . 28 1919 were given the right t o
subscribe at $44 a share for 3 0 ,0 0 0 shares o f new stock in proportion to
3 to 7 increasing the total outstanding to 10 0 ,0 0 0 shares o f no par value.
V . 109, p . 1897.
„
Annual sinking fund for pref. stock, 5 % o f net earnings after pref. divs.
N o mortgage without the consent o f 7 5 % o f the outstanding pref. stock.
D I V I D E N D S .— Initial dividends o f 75c. per share on the com m on and
$2 per share on the pref. stock were paid N o v . 1 1919. Com m on dividend
increased to $ 1 in F e b . 1920; same am ount paid quarterly to F e b . 1921; none
since. Pref. dividend paid regularly to N o v . 1926.
R E P O R T .— For 1925, in V . 122, p 760, showed:
1923.
Calendar Y ea rs—
1924.
1925.
N et s a le s -.
. _ _ .
$ 2 ,922,570 $3,48 6 ,8 0 5
106,202
N et income - .
365,582
302,797
7 7 ,6 0 0
Preferred dividends____
7 7,360
77,160

1922.
$ 2 ,1 4 4 ,4 7 0
116,304
7 7 ,6 0 0

$28,602 sur$38,704
Balance ___
$225 ,43 7
$288,422
Report for 9 m os. ended Sept. 30 1926, in V . 123, p. 2401. showed:
—Q uar. E n ded Sept. 30— — 9 M o s . E n d . Sept. <50—
1925.
1926.
Period—
i9 2 6 .
1925.
$ 487 ,41 8
$457,769
$141 ,78 2
Gross p r o fit-$157,201
24 0 ,5 2 6
245,982
A d m in ., gen. & sell. exp.
79,736
74,091
2,741
13,197
3,922
Interest (net) ________ __
377
$73,543
11,929

$67,314
14,305

$198,590
36,610

$244,151
2 8,912

$85,472
2,4 8 3 ,1 1 6
Cr. 1,909

$81,619
2 ,322,203

$235,200
2,4 1 7 ,5 2 0
C r. 1,909

$273 ,06 3
2 ,2 0 7 ,9 8 9
Cr. 1,541

T o ta l surplus. _ .
$ 2 ,570,497
A m ort, o f obsolete equip.
20,304
Federal tax installments
10,277
Preferred dividends_____
19,130

$ 2 ,403,822
12,410
7,763
19,280

$ 2 ,654,630
45,473
3 0,830
57,5 4 0

$2 ,4 8 2 ,5 9 4
3 7 ,0 5 6
23,2 9 0
5 7 ,8 8 0

$ 2 ,364,369

$ 2 ,520,787

$ 2 ,3 6 4 ,3 6 9

Operating income
Other income
Total income _
Previous surplus _
R ef. o f 1920 Fed’l t a x _ -

Surplus____ __ _______

$ 2 ,520,787

540.000
150.000

O F F IC E R S .— Chairman, W . H . M ullins; Pres., C . O . Gibson; V .- P . *
Sec., F . P . M ullins; V .-P . & Treas., W . P . Carpenter. M a in office, Salem ,
Ohio.— (V . 123, p . 240 1 .)

$775 ,28 8
1 ,533,828

$584,291
881,736

M U N S IN G W E A R , IN C .— Incorp. in Delaware M a y 8 1923 .
Owns
through stock ownership, The Munsingwear C orp. o f M inneapolis, the
W ayne Knitting M ills o f Fort W ayn e, Ind . and the Thiem e Brothers
Hosiery C o . o f Fort W ayn e, In d . Th e former com pany is the manufacturer
o f “ M unsingwear” underwear and the latter o f “ W ayn e K n it” hosiery.

M O T O R W H E E L C O R P .— Incorp. under laws o f M ichigan in 1920.
Com pany manufactures not only wood wheels o f the artillery type, which
is the m ajor part o f its ou tput, bu t also steel disk wheels, marketed under
the nationally known trade names o f “ Tuarc” and “ D istee l.”
C om pany origially acquired the assets o f the Prudden W heel C o ., Auto
W heel C o ., Gier Pressed Steel C o ., all o f Lansing, M ic h ., and the W eis
& Lesh M anufacturing C o . o f M em ph is, T enn. In subsequent years com any acquired the business o f Forsyth Brothers C o. at H arvey, 111., and the
usiness, m achinery, equipm ent, & c ., o f the D etroit Pressed Steel C o . of
D etroit, M ic h ., used in the manufacture o f the Disteel wheel.
T h e three principal plants, the “ Prudden,” “ G ier” and “ A u to W h ee l”
units, are located a t Lansing, M ich . The timber and spokes required by
the com pany are produced in its own m ills in the South.

g

S T O C K .— See table a t head o f page.
D I V I D E N D S .— A n initial dividend o f 25c. a share was paid on the
com m on stock in M a y 1920 and in June 1920 a stock dividend o f 5 0 % was
paid in com m on stock. Since then quarterly dividend paym ents have been
at the rate o f 80c. per share per annum up to D ec. 20 1924, when a quarterly
dividend o f 40c. a share was paid, m aking the paym ents for the year total
$1 per share. On M a r. 20 1925 paid 35c. a share; on June 20 1925 paid 40c.
a share and on Sept. 20 1925 paid 50c. a share. On D ec. 20 1925 paid 50c.
quar. and 30c. extra; M a r . 20 1926 to Sept. 20 1926 paid 50c. a share each
quar.
R E P O R T .— For 1925, in V . 122, p . 1321, showed.
Calendar Y ea rs—
1924.
1925.
$4,234,974 $3 ,4 0 8 ,4 4 5
In t. earned and income from invest’ts
83,891
39,033

1923.
$ 2 ,499,813
5 3.645

$3 ,4 4 7 ,4 7 8
$733,512
197,835

$2,55 3 ,4 5 8
$852 ,07 3
169,543

165.279
289,759
261,000
147,968
440,371

181,000
160,302
355,712

5 8,559

$776,268
$1,298,986 $1,21 1 ,7 5 5
$5,778,918 $4,09 9 ,5 6 5 $ 2 ,887,810
9 M os. End.
uarters Ended
Period—
S ept. 30 '26. J u n e 30 '26. M a r . 31 '26. Sept. 30 26
$627,372
$843,827 $ 2 ,199,096
Gross 6arnings___________
$727 ,89 6
235,342
290,309
777,099
Expenses, Fed. taxes, &c
2 5 1,448
Balance___
Other incom e.

$476 ,44 8
61,910

$392,030
47,613

$553 ,51 8
4 7,710

$ 1 ,421,997
157,234

T otal incom e__________
Interest, & c_____________

$538 ,35 8
2 3,257

$439,643
21,753

$601,228
23,091

$1,579,231
68,103

N et profit_____________
Preferred dividends____
Com m on dividends_____

$515,101
19,910
27 5 ,0 0 0

$417,890
19,924
275,000

$578,137
20,052
2 7 5,000

$1,51 1 ,1 2 8
59,886
825,000

$626,242
Balance, surplus______
$220,191
$283 ,08 5
$122,966
O F F IC E R S .— Chairm an, W . H . Newbrough; Pres. & G en. M g r ., H . F .
Harper; 1st V .- P . & T reas., B . 8 . Gier; V .- P ., D . L . Porter; V .- P ., W . C .
B rock; S e c., C . C . Carlton. O ffice, Lansing, M ic h .— (V . 123, p 2272 .)




%

$1,496,791
682,500
180,000
50,000

$2 ,3 0 9 ,1 1 6 $1,466,027 $ 2 ,309,116 $ 1 ,466,027
x On old stock previous to classification o f capital stock.
O F F IC E R S .— P res., George H . Townsend; V .- P . & G en. M g r ., Earle V .
H ennecke; Sec. & T reas., Louis C . K u n z.
Office, Long Island C ity , N . Y .
— (V . 123, p . 2664.)

T otal incom e________________________ $4,318,865
$4,318,865
Selling, a d v ., gen ., adm in, exp ., & c ._
$839,376
156,190
Interest paid and accrued--------------------Miscellaneous losses, incl. machinery
105,199
sold and scrapped___________________
356,072
D ep recia tion ___________________________
360,000
Provision for Federal taxes___________
121,204
Dividends on preferred stock________
_
.
Dividends on common stock__________
1,081,837

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

2 00.000 shs. $3.60
Q— J
Oct 1 1926 90c
2 00.000 shs. See text See text Oct 1 1925 25c

Rate

S T O C K .— Authorized and issued, 2 0 0 ,0 0 0 shares o f no par value. There
is also outstanding $ 2 ,0 0 0 ,0 0 0 . Th e Munsingwear Corp. 7 % cumulative
preferred stock and $ 1 ,0 0 0 ,0 0 0 W ayn e K nitting M ills 6 % cumulative
preferred stock.
D IV S .— Initial d iv . o f 75 cents a share was paid Sept. 1 1923; same
amount paid quar. to D ec. 1 1926.
R E P O R T .— For 1925. In V . 122, p . 3 6 0 , showed:
Y ea r Ended Y e a r Ended
N o v . 30 '25. N ov . 30 '2 4 .
a N et sales_______________ ______________ _________ _____$15,775 ,600 $ 1 3,384 ,923
b Cost o f merchandise produced and sold__________ 14,563,696 12,595,431
$ 1 ,211,904
134,632

$789,491
7 3,796

Interest charges_____________
Provision for Federal taxes .

. $1,346,536
248,026
159,500

$863,287
285.913
90,0 0 0

$939,010

$487 ,37 4

Miscellaneous credits.

$13,512 ,940 $13,7 0 6 ,2 1 7
6,5 4 9
2 2,216

c Miscellaneous earnings.

.$14,474,166 $ 1 4 ,2 0 0 ,1 4 2
T
stockholders o f W ayn e Knitting M ills___
Dividends on preferred stock o f subsidiaries.
Dividends paid by M unsingwear, I n c . .

90,106
600,000

8 7,202
6 0 0,000

Capital and surplus N o v . 3 0 _____________________ $13,7 8 4 ,0 6 0 $13,5 1 2 ,9 4 0
a O f the Munsingwear C orp. and W a y n e K nitting M ills, including both
underwear and hosiery, after deducting returns, discounts and allowances,
b Incl. m aint. and deprec. of phys. properties, advertising and distribution
exps. and general and admin, exps. c D iscounts on purchases, rentals, int.
earned and other income (n et).
Six M o n th s Ended M a y 31—
1926.
1925.
1924.
N et after all charges and taxes_______
$ 299 ,14 0
$1 6 8 ,2 8 6
$ 18,403
O F F IC E R S .— Pres., F . M . Stowell; V .- P ., G . E . R utledge; V .- P ., J. A .
Faye; Sec., J. R . Van Derlip; Treas,. C . L . Pillsbury; A sst. Sec. W illiam
Ferrer; Asst. T reas., O . A . Kirschstein. O ffice,.M in n eapo lis, M in n .—
(V . 123, p. 92.)
M U R R A Y B O D Y C O R P .— Incorp. in N o v . 1924 in M ichigan to acquire
the properties and assets of C . R . W ilson B ody C o ., Tow son B ody C o. and
J. C . Wridman & C o. Through the acquisition o f the business of these vari­
ous companies, the corporation builds bodies for such well-known makes of
cars as the Lincoln, Packard, Jewett, Paige, Reo, M arm on , M o o n , W illysK night and Rollin. M ain plants at D etroit, with additional plant at Bay
C ity , M ich. Stockholders on M a r. 16 1925 ratified the proposal to exchange
com m on stock o f the corporation for outstanding com m on stock of J. W .
M urray M fg . C o ., on the basis o f one share o f M urray B ody common stock
for each 2 Yi shares o f M urray M fg . C o . com m on stock, the exchange to be
m ade on or after April 1 1925.
Federal Judge C . C . Simons at D etroit in A u g . 1926 approved a contract
under which the corporation and its receiver agree to furnish 7 5 % of all
automobile bodies required b y the H upp M o to r Car C orp. during the next
four years.
Receiver A p p o in te d .— Federal Judge Charles C . Simons on D ec. 3 1925
appointed the Guardian Trust C o . o f D etroit as receiver. V . 121, p . 2761.
Bondholders’ Protective C om m ittee.— The following have agreed to act as a
committee to represent the first m tge. 6 14 % 10-year sinking fund gold bonds
due D ec. 1 1934: M errel P . Callaw ay, Chairm an, V .-P . Guaranty Trust C o .,

Nov., 1926.]

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N I E S
1F or abbreviations, A c . , see notes on page 8]

D ate
Bon ds

N ash M o t o r s C o — C om s t o c k a u th 2 ,730.000 shares
. ------N a t i o n a l A c m e C o . ( T h e l — S to c k $ 5 ,0 0 0 ,0 0 0 ______________
First m tge sinking fund gold bonds red (te x t)-.C L C L .x x x c *
R a tion a l B iscu it C o — C o m m o n s to c k $60,000 ,000 au th_____
P refer red (as t o d ivid e n d s ) 7 % cum $ 2 5 ,0 0 0 ,0 0 0 _________

1921

Par
V a lu e

Rate
%

W hen
P a y a b le

N o n e 2730.000shs See text
Q— F
$10 $5,000,000 See text
100 &c
3 ,500,000
7Y g J & D
25 5 1 .163,000 See text Q— J 15
Q— F
100 24,804,500
7

N ew Y o rk; H enry L . Bogert Jr. (Eastm an, Dillon & C o .) , N ew Y o rk ; W . C .
B auds, D etroit, with Charles H . Platner, Sec., 140 Broadway, N . Y . C ity;
and D a v is, Polk, W ardwell, Gardiner & Keed, N . Y . C ity , counsel. D e ­
positaries, G uaranty Trust C o ., New York, and Security Trust C o ., D etroit.
R e o rg a n iz a tio n P la n (V. 123, p. 3 3 4 ).
A plan of reorganization dated June 15 1926 has been adopted b y the
committee (below) and subm itted to the creditors and stockholders o f the
corporation.
The plan provides for the formation o f a new com pany which will acquire
the assets of the existing corporation and of its receiver. The new com­
pany is to have one class of stock, o f which it is expected that not more than
approximately 290,000 shares without par value presently will be issued.
Treatm ent o f E x istin g Indebtedness and Stock.
Bonds.— The obligations o f the 1st m tge. 6 l % 10-year gold bonds and
A
the first mortgage securing the same are to be assumed b y the new com­
pany, and such bonds are not to be disturbed. The sinking fund paym ents,
if any, due and unpaid under the 1st m tge. are to be paid.
Bank Indebtedness.-— The holders of bank indebtedness are to receive pay­
m ent o f 2 5 % of their claims in cash and 7 5 % in common stock of the new
com pany to be taken at $45 per share.
M erch a n d ise and Other Current Indebted n ess.— The holders o f the mer­
chandise and other current indebtedness (except bank indebtedness), as
finally proved and allowed in the receivership suit, are to receive paym ent
o f 2 5 % of their claims in cash and 7 5 % in common stock of the new com­
pany to be taken at $45 per share, except that holders of claims o f less
than $1,000 m ay at their option receive in full for their claims 8 0 % of the
face value thereof in cash.
L and Contract.— The land contract ($180,000) is to be assumed b y the
new com pany.
Indebtedness f o r Stock o f H . A M . Body C o rp .— 2 5 % of the net amount
o f this indebtedness (estimated to be $1,000,000) is to be paid in cash and
the balance is to be exchanged for common stock o f the new com pany to be
taken at $45 per share.
Shelden N o te o f J. W . M u rra y M fg . Co.— 2 5 % o f this indebtedness
($500,000) is to be paid in cash and the balance in common stock o f the
new com pany at $45 per share.
Preferred Stock.-— Holders of existing 8 % cum. pref. stock are to have the
option o f (1) paying an amount in cash equal to $35 per share for each share
o f their old pref. stock and receiving common stock o f the new com pany at
the rate o f 2 shares o f such new stock for each share o f their old pref. stock; or
(2) making no cash paym ent and receiving common stock o f the new com­
pany a t the rate o f three-fourths share of new stock for each share o f pref .stk.
Com m on Stock.— Holders of existing common stock are to have the option
o f (1) paying an amount in cash equal to $10 per share for each share of their
old stock and receiving common stock of the new company at the rate of
one-half share o f such new stock for each share o f their old stock; or (2) mak­
ing no cash pavm ent and receiving common stock o f the new com pany at
the rate of 1-15 th share of new stock for each share o f their old stock.
U n derw riting Syndicate.-—A syndicate, o f which Chas. D . Barney & Co.
and Hallgarten & C o. are to be managers, has underwritten the optional
cash payments to be made by the stockholders o f the old company.
D ep o sita r y .— Guaranty Trust C o ., 140 Broadway, New Y o rk C ity.
P a rticip a tion in P la n .— Holders of the preferred and common stock and
unsecured creditors of the old company, and the holders of the indebtedness
for the stock of H . & M . B ody C orp. and of the Shelden note of J. W .
M urray M fg . C o ., m ay become parties to the plan and entitled to all o f the
benefits thereof b y depositing with the depositary or any sub-depositary,
on or before Aug. 6 1926, or such later date as the reorganization committee
m ay determine, their notes or other evidences of indebtedness, or an assign­
m ent of their claims, or their certificates of stock, as the case m ay be,
receiving therefor appropriate certificates of deposit.
R eorgan ization C o m m ittee.— J. Horace Harding, Chairman; Christopher F
C oda, H enry W . Farnum , Henry H . Sanger and Casimir I . Stralem, with
Alfred A . Cook and Lord, D a y & Lord, as Counsel, and John F . Russell Jr.,
Secretary, 7 W a ll S t ., N . Y . C ity.
P lan O perative.— The plan was declared operative in Sept. 1926.
S T O C K .— In event of voluntary dissolution, liquidation, merger, con­
solidation or sale of assets, pref. stock is entitled to $110 per share and
unpaid accrued divs.; in event o f insolvency or involuntary dissolution,
liquidation or sale o f assets, it is entitled to $100 per share and unpaid
accrued divs.
Beginning April 1 1926 and each year thereafter, the com pany shall set
aside out o f surplus earnings an am ount equal to 1 0 % of net profits o f the
previous fiscal year but in no case less than $ 1 25 ,00 0, out of which the co.
shall retire at not over $110 per share and accrued d iv s., an amount of pref.
stock sufficient to exhaust such amount set aside. Pref. stock is not entitled
to vote except in event 3 consecutive quarterly divs. are in default, or,
either net quick assets are less than 1 0 0 % or total net assets are less than
2 0 0 % o f outstanding p r e f. stock, in which case pref. has exclusive voting
power in the election of directors.
D I V I D E N D S .— On common stock: Initial quarterly div. o f 60c. cash
and 1 Yi shares of stock per 100 shares paid April 1 1925; same am ount paid
July 1 1925. On Oct. 1 1925 paid 4 % in common stock.
D iv s. on pref. stock paid 2 % quar. to O ct. 1 1925; none since.
B O N D S .— B ed. at 105 to and incl. D ec. 1 1925, the premium thereafter
decreasing >4 o f 1 % for each year or fraction thereof elapsed subsequent to
D ec. 1 1925. Sinking fund, payable semi-annually, commencing M a r. 15
1 926, to be sufficient to retire $250 ,00 0 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)
o f W ilson Building Co.
There were also outstanding on June 30 1925 $600 ,00 0 5-year 7s of J. W .
M urray M fg . C o . and $331,000 7 % 1st m tge. bonds o f W ilson Building Co.
R E P O R T .— Combined net earns, after deprec. o f the properties acquired:
Calendar Y ears—
1921.
1922.
1923.
1924.
N e t earns, after d e p re c..
$258 ,86 8 $1,493,755 $ 3 ,246,056 $1,115,101
— — Q uarter En ded— -— -— N in e M o n th s Ended—
P eriod —
Sept. 30 ’26. J u n e 30 ’2 6 . M a r . 31 ’2 6 . Sept. 30 ’26.
$188 ,50 0
$300 ,00 0
$ 630 ,00 0 $1,11 8 ,5 0 0
Estim ated earnings x ___
x A fter all charges and reserves.
O F F IC E R S .— Chairman, J. W . M urray; Pres., Allan Sheldon; V .-P . &
G en. M g r ., Gordon D . Fairgrieve; Sec. & T reas., J. E . J. K eane. Office,
D etroit, M ic h .— (V . 123, p. 2529.)
N A S H M O T O R S C O . (T H E ).— O R G A N I Z A T I O N .— Incorp. in M a ry ­
land July 29 1916. Took over property and business o f the Thom as B .
Jeffrey C o . o f Kenosha, W is ., manufacturers o f motor cars and trucks.
See fu ll statem ent in V . 103, p . 597. In 1919 purchased a ha lf interest in
the Seam an B ody C orp. o f Milwaukee.
Purchased 41 acres of land in M ilwaukee in 1919 for the purpose of
erecting a new plant for the production of four-cylinder cars. T h e first
units of this new plant had been placed in operation in Jan. 1921. Addi­
tional units were added during 1922 and 1923. Also has been making
additions to its main factory at Kenosha, W is. V . 112, p . 367.
In Jan. 1924 purchased the plant o f the M itchell M otors C o . at Racine,
W is.
In June 1924 the A jax M otors C o ., a subsidiary, was incorporated




A m ou n t
O utstanding

211

Last D ividend
and M a tu rity

P laces W here Interest and
D ivid en d s are P a yable

N o v 1 1926 $1 Com m onw Atl N a t B k
Dec 1 1920 1M C h e ck s m ailed
New York & Cleveland
Dec 1 1931
Jan 15 ’27 4 % First N a tio n a l B a n k , N Y
do
do
N o v 30 ’26 1 V
i.

to operate this plan t. It was announced in June 1926 that the latter com
pany had been entirely absorbed by the parent company and that the A jax
m otor car will hereafter be known as the L a sh Light Six.
S T O C K .— All o f the outstanding shares o f pref. stock were redeemed on
F eb. 1 1926 at 105 and divs. The stockholders on Jan. 27 1926 increased
the authorized common stock (no par value) from 3 00,000 shares (273,000
shares outstanding) to 2,7 3 0 ,0 0 0 shares, the additional stock being dis­
tributed to com m on stockholders as a 9 0 0 % stock dividend.
D I V S ,— initial div. o f $6 on common stock paid Feb. 1918; M a y 31 1918,
$15; 1919 to 1922. paid $16 yearly ($10 in Feb. and $6 in A u g .). Pursuant
to a plan reclassifying the capital stock and capitalizing the surplus, each
common stockholder o f record D ec. 26 1922 received on account o f 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; A u g. 1 1923 paid $3 50 a share; F eb. 1 1924 paid $3 50
and $1 50 extra; A u g. 1 1924 paid $3 50 and $1 50 extra; Feb. 1 1925 paid
$3 50 and $2 50 extra; A u g. 1 1925 paid $3 50 and $6 50 extra; Feb. 1 1926
paid $10; on Feb. 19 1926 paid 9 0 0 % in common stock; A u g. 2 1926 paid
$1 regular and $1 extra on increased capitalization; N o v . 1 1926 paid 50c.
quar. and 50c. extra.
R E P O R T ,— For fiscal year ended N o v . 30 1925 in V . 122, p . 605, showed:
1921-22.
Y ea rs E n d. N ov. 30— a l9 2 4 -2 5 .
1923-24.
1922-23.
N et incom e______________ $18,839 ,467 $10,532 ,399 $10,722 ,263 $8,845’, 509
1,232,263
Prov. for Federal t a x e s .. 2 ,583,251
1 ,251,858
1,442,231
N et income after expen­
ses, reserves and taxes$16,256,216 $9,280,541
$ 9 ,280,032 $ 7 ,613,246
262,500
Preferred dividends_____
1 ,051,309
1,103,262
1,207,850
873,600
Com m on dividends______ 4 ,3 6 8 ,0 0 0
2 ,7 3 0 ,0 0 0
1,638,000
Balance, surplus______$ 10,836 ,907
A djustm ents_____________
_______
Previous surplus________ 14,240,965

$5,447,279 $6,434,182
_______ D r .295,668
8,7 9 3 ,6 8 6 2 0 ,127,172

$ 6 ,477,146
C r .231,931
13,418,095

T otal surplus_________ $ 2 5 ,077 ,872 $ 1 4 ,240 ,965 $26,265 ,686 $20,1 2 7 ,1 7 2
Stock divs.— C om . stock—
_______ $ 1 6,380 ,000
_______
Paid in preferred A ___
_______
1,092,000
Paid in common stock.
_______
Profit & loss s u r p lu s ..$25,077 ,872 $ 1 4 ,240 ,965
a Includes profits o f A jax M otors C o.

$ 8 ,793,686 $20,127 ,172

Consolidated E a rn in g s f o r Q uarter and N in e M o n th s Ended A u g . 31.
— • ■ —Q u a r te r -------------------------- N in e M o n th s--------——
1926.
1925.
1926.
1925.
N et income after taxes,
depreciation, & c______$4 ,6 4 3 ,6 5 8 $ 3 ,8 4 0 ,2 6 8 $14,791,991 $11,133,411
O F F IC E R S .— Pres., Charles W . N ash; V .-P . & C o m p t., W alter H . A l­
ford; T reas., George H . E d d y; Sec., Horace J. M ellu m . Office, Kenosha,
W i s — (V . 123, p . 2401.
N A T IO N A L A C M E C O . (T H E ).— O R G A N I Z A T I O N .— Incorp. in
Ohio (about D ec. 1 1916) to take over the assets, & c., o f the National Acm e
M fg . C o . o f Cleveland (incorp. in Ohio Sept. 20 1901), manufacturers of
automatic screw machines and milled screw products. Owns and operates
two plants located at Cleveland, Ohio, and W indsor, V t.
S T O C K .— The stockholders on O ct. 24 1924 voted to reduce the capital
stock from $25,0 0 0 ,0 0 0 to $ 5 ,0 0 0 ,0 0 0 by changing the par value o f shares
from $50 to $10.
D I V I D E N D S .— M arch 1917 to D ec. 1 1919, W i % qu ar.; M arch 1920 to
D ec. 1920, 1 % % qu ar.; none since.
B O N D S .— The first m tge. 7
% sink, fund gold bonds are redeemable,
all or part, at 105 and int. up to D ec. 1 1926; thereafter at 104 and int. to
Dec. 1 1928: thereafter at 103 and int. to D ec. 1 1930, and thereafter at 102
and int. Sinking fund payable semi-annually commencing Sept. 1 1923,
will provide for the retirement o f $ 3 6 0 ,0 0 0 annually. V . 113, p . 2510.
R E P O R T .— For 1925 showed:
1922.
1923.
1924.
Calendar Y ea rs—
1925.
$ 7 ,300,403 $ 9 ,586,306 $5,618,237
N et sales__________________ $ 9 ,217,893
5 ,043,202
7,888,011
6 ,489,586
Cost o f goods sold, & c__ 7 ,467,198
745,208
903,332
914,746
A d m in ., sales, & c., ex p .
793,222
705,058
563,418
636,205
Other deductions________
404,116
Balance________________
Other income____________

$553 ,35 7 loss$667,347
20,0 4 5
40,698

$158,758 loss$875,231
81,959
70,221

N e tp r o fit_______ ______

$573 ,40 2 loss$626,649
$240,717 loss$805,011
— Q uar. Ended Sept. 30— — 9 M o s . E n d. Sept. 30—
Period—
1926.
1925.
1926.
1925.
N et profit after interest
and depreciation_____ loss$40,223
$199,722
$238,489
$300,336
The net loss of $40,223 after all charges for the third quarter o f 1926 was
due largely, it is said, to loss o f approximately $64,000 taken in July when
the co. wrote off extraordinary expenses, incl. heavy inventory shrinkage.
O F F IC E R S .-— A . W . H enn, Chairman; Fred H . Cnapin, Pres. & Treas.!
N . VV. Foster; V .-P . & G en. M g r -, O . F . Douglas, Sec.; D . H . Parker, A sst.
Treas. at W indsor, V t . M ain office, Cleveland, O .— (V . 123, p. 2272 .)
N A T IO N A L B IS C U I T C O .— Incorp. in New Jersey in 1898. Operates
plants in various cities throughout the country. V . 6 6 , p. 2 8 8 , 901; V . 71,
p. 545; V . 7 7 , p . 92; V . 93, p. 669; V . 9 7 , p . 599; V . 106, p. 292; V . 112, p .2 5 3 .
In M a y 1919 purchased the real estate covering the entire block on
W est 15th S t., New York C ity , occupied by its New York plants.
The company in June 1925 organized the National Biscuit C o . (C anada),
L td ., as a subsidiary to handle its Canadian business.
S T O C K .— The stockholders voted on N o v . 15 1922 to increase the
authorized common stock from $ 3 0,000 ,000 to $60,0 0 0 ,0 0 0 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 o f new $25
stock, amounting to a stock dividend of 7 5 % . V . 115, p . 2276.
D I V I D E N D S — 11900-05. '06. ’07. *08. 09. TO. T l . 1912 to Oct. 14 ’ 2 2 .
C om . $100 par stk. 14 yearly 5 5 %
6 5M
6 694
7 % (1 9 4 % Q -J )
On D ec. 30 1922 paid a stock dividend of 7 5 % .
On new $25 par value
stock paid 3 % q u a r . from Jan. 15 1923 to April 15 1926; July lo 1926 to
Jan. 15 1927 paid 4 % quar. A lso paid 4 % extra on N o v . 15 1924, 4 % extra
on N o v . 14 1925, 2 % extra on July 15 1926 and 4 % extra on N o v . 15 1926.
R E P O R T .— For year ended D ec. 31 1925, in V . 122, p . 3 44, showed;
Calendar Y e a r s —
1925.
1924.
1923.
1922.
N et profits_______________ $13,581 ,696 $12,881 ,530 $ 1 2 ,0 9 2 ,8 2 8 $11,0 2 4 ,9 8 0
Com m on dividends______ 8,1 8 6 ,0 8 0
8 ,186,080
6 ,1 3 9 ,5 6 0
3,0 6 9 ,7 8 0
Preferred dividends_____
1,736,315
1,736,315
1 ,736,315
1,736,315
Balance, surplus______$3,659,301 $2,959,135 $ 4 ,2 1 6 ,9 5 3 $ 6 ,218,885
E a rn in g s fo rQ u a rter a nd N in e M o n th s lE n d ed S ept. 30.
■ Q uar. En ded Sept. 30— • 9 M o s . E n d . Sept. 30—
—
—
1926.
1925.
1926.
1925.
,
N et income, after all
expenses and t a x e s . . . $4,113,391 $3 ,7 5 9 ,9 3 0 $11,2 5 4 ,7 2 2 $ 1 0,372 ,625

212

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviation s, & c ., see notes on page 8]

D ate
B on d s

N a tio n a l C a rb o n C o , Inc —
Pref (a A d) stock 8 % cum $ 5 ,6 0 0 ,0 0 0 call 140
—
_____
National Cash R e g is te r Co— -Common A stock $3 cu m ______

__

National C lo a k & Suit Co— Com m on stock $ 1 7 ,000 ,000 aut
Pref (a & d) stock 7 % cum red 125

-- -

N a t’l Dairy Prod Corp — Com m on stock 2,0 0 0 ,0 0 0 shs auth
Preferred (a & d) stock 7 % cum red 105
Collateral trust notes red

(text)

..

.

Eq.kxxxc*

National Dept Stores, Inc — C om stock 7 2 5,000 shs au th .
First pref (a & d) stoc k7 % cum red 115 $ 1 0,000 ,000 au th . .
Second pref (a & d) stock 7 % cum red 115 $7,50 0 ,0 0 0 auth

....
1925

Par
v a lu e

N A T IO N A L C A R B O N C O „ I N C .— O R G A N I Z A T I O N I n c o r p . Jan.
15 1917 under laws of N ew Y o rk State for the purpose o f m anufacturing,
buying and selling carbon in all its various forms, as well as dry batteries,
storage batteries, starters, lam ps, machinery, devices and appliances of
every nature, &c. Succeeded through exchange of stock to the property
and business o f the N ational Carbon C o ., a N ew Jersey corporation, which
latter com pany has been dissolved. V . 104, p . 261, 858.
Plants at Cleveland, Frem ont, Fostoria, Ohio; East St. Louis, 111.; San
Francisco, C a lif.; Clarksburg, W . V a .; Jersey C ity, N . J .; Chicago. 111.;
Pittsburgh, P a .: Bradford, P a .; N iagara Falls, Long Island C ity and New
Y o rk , N . Y .
The com pany owns the entire capital stock o f the Canadian
N ational Carbon C o ., L td ., Toronto; authorized issue, 30,000 shares of no
par value; issued, 6,0 0 0 shares. V . 106, p. 1581.
In April 1926 acquired the M anhattan Electrical Supply C o .’s battery
business, including battery plants located at Jersey C ity and Ravenna,
Ohio. V . 122, p . 2203.
C A P I T A L S T O C K .— Preferred, see table above. All o f the issued
common stock (419,250 shares) is owned by the Union Carbide & Carbon
O orp ., which see below , and V . 105, p . 1425.
D I V I D E N D S .— These have been paid quarterly from M a y 1 1917 to
N o v . I 1926 incl. at the rate of 2 % per quarter on the preferred. Dividends
•n common no longer made public.
R E P O R T .—
— Q uar. En ded Jun e 30---------- 6 M o s . E n d. Ju n e 30—
1925.
1924.
1925.
1924.
N e t incom e_____________
$524 ,93 5
$531,930 $1,08 5 ,3 5 3 $1,227,991
O F F IC E R S .-— Chairman, ,a m e s Parmelee; Pres., W . J. K napp; Treas ,
O . T . Ayres; Sec., A . C . C ornell.— (V . 122, p . 2808.)
N A T IO N A L C A S H R E G I S T E R C O . ( T H E ).— Incorp. under laws of
M aryland Jan. 2 1926 to acquire the entire business and assets of National
Cash Register C o. (Ohio), established in 1882.
Com pany manufactures 502 types and sizes of cash registers and main­
tains a comprehensive engineering and research department for the purpose
o f developing new types o f machines and kindred devices. It also manu­
factures credit files and a number o f specialty machines. Principal plant
a t D a y to n , Ohio, consists o f 23 buildings with a total floor space in excess of
44 acres.
C om pan y’s German suosidiary. National Registrier Kassen Gesellschaft,
G .m .b .H ., owns and operates a modern plant in Berlin C om pan y’s Cana­
dian subsidiary. N ational Cash Register C o . o f Canada, L t d ., owns and
operates an assembling plant at T oronto, Canada.
S T O C K .— Com m on A stock is entitled to preferential cumulative divi­
dends o f $3 per share per annum , payable Q .-J . before any dividend on the
Com m on B stock. Subject to this prior right. Common B stock is entitled
to non-cumulative dividends o f $3 per share in any year. Both classes of
stock participate equally share for share in additional dividends in any year.
C om m on A and Com m on B stocks participate equally snare for share in
distribution of assets in liquidation. Com m on A and C om m on B stocks
have equal voting rights except that the Com m on B stock has the right to
elect a m ajority o f the directors and the C om m on A stock the remainder,
unless at the time of election the com pany is in default with respect to two
quarterly dividends on the C om m on A stock, or with respect to earnings,
as provided in the charter, in each o f which cases the Com m on A and
Com m on B stocks vote equally, share for share, in the election of directors.
D I V I D E N D S .— Regular quarterly dividends of 75c. a share on the
class A stock were paid April 15, July 15 and O ct. 15 1926.
R E P O R T .— (O f Ohio com pany):
Calendar Y ea rs—
1925.
1924.
Incom e from all sources (after deprec. & m ain t.),
incl. profit o f foreign subs, and b ra n c h e s ,______ $ 9 ,0 7 1 ,6 3 0 $7,35 1 ,3 0 5
2 38,768
343,288
Miscellaneous incom e________________________________
T o ta lin com e_________________________________________ $ 9 ,3 1 0 ,3 9 8
Interest paid__________________________________________
122,439
Provision for Federal ta x _____________________________
7 73,090
Reserve for contingencies____________________________
25 0 ,0 0 0
Em ployees’ profit-sharing participations___________
2 ,0 9 4 ,6 4 8
Preferred dividends___________________________________
6 76,182
C om m on dividends__________________________________
6 7 5,000

A m oun t
Outstanding

Rate
%

W hen
P a yable

$100 $ 5 ,600,000
Q— F
8
N one l,1 0 0 ,0 0 0 sh
$3
Q-J 15
N one
400,000sh
100 12,000,000 See text
Q— M
7
100
6 ,944,700
N one
1.029,338sb
$3
Q— J
100 $6,924,400
7
Q— J
100
5 ,000,000
7
Q— J
500 &c 14,400.000
M & N
6
None 550,000 shs.
100
Q— F
7
9 ,148,200
100
Q— M
5 ,400,000
7

O F F IC E R S .— R . E . Tom linson, Pres.; W . W . Graves, J. G . Zeller,
A . G . Bixler, H . H . Tom linson and O . F . Bliss; Vice-Presidents; G . P . W ells,
Sec. & Treas. O ffice, 85 N in th A v e ., N ew Y o rk.— (V . 123, p . 2148.)

$ 7 ,694,593
306,225
514,478
109,000
1,681,457
674,909
810,000

Balance, surplus________________________ ______ _____$4 ,7 1 9 ,6 3 9 $ 3 ,707,524
* N in e M o n th s En ded Sept. 3 0 —1926.
1925.
N et profit after all expenses, depreciation and
taxes (including Federal)_________________________ $4 ,7 4 5 ,9 7 4 $5,766,511
x During the years 1924 and 1925 an employees’ profit sharing part iation was in effect. This was discontinued on Jan. 1 1926, and in the
m onths’ figures the employees’ profit sharing participation has been
eliminated from the 1925 figures for comparative purposes.
O F F IC E R S .— Pres., F. B . Patterson; V .-P & Gen M g r ., J H . Bar­
ringer; T reas., S. C . A llyn ; Sec., E . M . K uhns. Office, D ayton , O .— (V .
123, p. 2401.)
N A T IO N A L C L O A K & S U I T C O .— Incorp. M a y 29 1914 in N . Y „
successor to com pany o f same name incorporated in 1903. Business is the
retailing by mail o f all kinds o f wearing apparel for m en, women and chil­
dren, and also certain household furnishings, such as curtains, blankets,
linens, & . The N ational C araley C o , In c., a subsidiary, was incorporated
in J u ly 1926. V . 123, p. 722.
S T O C K .— See table at head o f page.
D I V I D E N D S .— O n p re f., in full to date. On common, paid 1 ) 4 % quar.
from A p r. 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 P O R T .— For 1925, in V . 122, p . 8 79, showed:
Y ea rs Ended—
D e c . 31 ’2 5 . D ec . 31 ’24. D ec. 27 ’23. D ec . 28 ’22.
N e t sales________________ $ 4 6 ,6 8 5 ,3 7 6 $ 4 9 ,2 2 5 ,8 0 4 $52,399 ,783 $ 4 5 ,357 ,566
Profit before deducting
2,3 3 2 ,0 9 0
bonus and taxes_______
1 ,054,122
2,7 6 4 ,6 6 6
2 ,047,473
Federal taxes____________
260,000
224,000
133,000
379,821
B onus____________________
256,856
15,500
209,551
60,022
59,089
Sundry adjustm ents____
Preferred dividends____
480,419
4 9 1 ,3 7 9
508,266
2 92,600
Com m on dividends______
4 8 0 ,0 0 0
D iscount on pref. stock .
9.787
Premium on pref. stock .
1,045
Balance, surplus______d ef$66,802 $ 1 ,3 6 4 ,0 6 0 $ 1 ,6 2 0 ,4 0 4 $ 1 ,438,929
Profit and loss surp lu s.. $ 5 ,3 0 9 ,4 3 6 $5 ,3 7 6 ,2 3 9 $4 ,0 1 2 ,1 7 9 $3,00 7 ,5 2 2
P eriod E n d . Oct. 31—
1926— M o n th — 1925.
1 9 2 6 -1 0 M o s .-1 9 2 5 .
Sales______________________$5 ,5 1 0 ,4 8 0 $6,99 9 ,4 2 2 $ 3 2,953 ,098 $ 3 6,836 ,180
O F F IC E R S .— Chairm an, S. G . Rosenbaum ; Pres., H . C . Freeman*
1st V .-P ., Z . D . Bernstein; V .-P . & G en. M g r ., M . D . Passmore; V .- P .,
F . Bokor; V .-P ., E . L . Olrich; T reas., M . J. Biehn; Sec., W illiam Rosen­
baum . Office, 207 W est 24th S t., N ew Y o r k .— (V . 123, p. 2529.)




[V ol. 123,

INDUSTRIAL STOCKS AND BONDS
Last D ividend
and M a tu rity

P laces W here Interest a n i
D ivid en d s are P a ya b lt

N o v 1 1926 2 % Company’s office. N
O ct 15 ’2 6 , 75c
Jan 15 26
D ec 1 ’26
O ct 1 1926
Oct 1 1926
Oct 1 1926
N ov 1 1940

Y

1%
1 H Checks mailed
75c.
1U
1H
Equitable Trust C o , N Y

N o v 1 1926 1 H
D ec 1 1926 1 M

N A T IO N A L D A I R Y P R O D U C T S C O R P .— Incorp. D ec. 8 1923
Corporation holds the common stocks o f R ieck-M cJunkin D airy C o. and
H ydrox C orp.
Rieck-M cJunkin D airy C o . is engaged in the gathering
and distribution o f m ilk, the manufacture and distribution o f ice cream and
other dairy products, principal among which are cream, condensed m ilk,
m ilk powder, casein, milk sugar, butter, cheese and eggs. H ydrox C orp.
is engaged in the manufacture and distribution of ice cream and beverages,
such as ginger ale, root beer and sarsaparilla.
In A u g. 1924 the corporation acquired the business of the J. T . Castles
Ice Cream C o . o f N ew ark, N . J ., and of Castles Ice Cream C o . of Perth
A m b oy, N . J ., through an exchange of capital stock of the N ational D airy
Products C orp. for the entire common stocks o f these two com panies.
A lso, during 1924, acquired the entire common stock of the W . E .
H offm an C o ., which operates plants in Altoona, Philipsburgh, T yrone and
Barnesboro, P a ., and the assets and business of the Durkin Ice Cream C o .
of Waukegan, 111.
During 1925 acquired the assets or the stock o f the following: Sheffield
Farm s C o ., In c., and subsidiaries, N ew Y o rk , N . Y . ; Supplee-W ills-Jones
M ilk C o ., Philadelphia, P a .; The Franklin Ice Cream C orp., K ansas C ity ,
M o .; Chapell Ice Cream C o ., In c., Chicago, 111.; Thom pson Ice Cream C o .,
Chicago, 111., Edw ard E . Rieck C o ., In c., New Y o rk , N . Y . ; N ew ark M ilk
C o ., New ark, N . J .; Allen Ice Cream C o ., Rockford, 111.; Carpenter Ice,
Cream C o ., St. Louis, M o .; Clover Farm D airy C o ., M em ph is, T e n n .:
Erie C ounty M ilk Association, Erie, P a .; Jamestown Ice Cream Co.*
Jamestown, N . Y . ; Lily Ice Cream C o ., M em phis, T e n n .; Lake C ity Ice
Cream C o ., I n c ., Jam estown, N . Y . ; Louis M oglia, M orristow n, N . J .;
W m . Ohlhaver C o ., Aurora, 111.
During 1926 acquired the Breyer Ice Cream C o . o f Philadelphia, the
Breyer Ice Cream C o . of N ew Y o rk , the Harding Ice Cream C o . o f N ash­
ville, the Consolidated Buttermilk C orp. o f Chicago and the Luick Ice
S T O C K .— The stockholders on N o v . 6 1925 authorized the creation of
an issue of $ 6 ,9 2 4 ,4 0 0 7 % preferred stock, and on April 14 1926 authorized
an additional $5 ,0 0 0 ,0 0 0 (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
of the corporation, whether voluntary or involuntary, the holders o f 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 a y 28 1926 increased the authorized com m on
stock from 1,0 0 0 ,0 0 shares to 2 ,0 0 0 ,0 0 0 shares.
Preferred stock of subsidiary companies July 31 1926 , $10 ,7 3 9 ,0 1 5 .
D ivid en d s.— Initial dividend on common stock o f 75c. per share was paid
April 1 1924 ; same amount paid quarterly to O ct. 1 1926.
N O T E S .— The 15-year 6 % collateral trust notes due N o v . 1 1940 are
redeemable at any time, all or part, on 60 days’ notice at 103
and int. up
to N o v . 1 1930, at 1 0 2 H and int. on said date and thereafter up to N o v . 1
1935 at 10134 and int. on said date and thereafter up to N o v . 1 1939 , and at
par and int. on said date and thereafter to m aturity.
Sinking F u n d .— A s a sinking fund the com pany will agree to retire no
less than $300,000 principal amount o f notes, and (or) deposit sufficient
cash for that purpose with the trustee on or before M a y 1 and N o v . 1 in
each year, beginning on N o v . 1 1926, and will agree to retire at least 6 0 %
o f the issue b y m aturity.
S e c u r ity — Secured b y the pledge of all o f the stocks o f the com pany’s
subsidiaries now owned as well as the com m on stocks now under contract
or hereafter acquired o f Sheffield Farms C o ., In c ., Sheffield By-Products
C o ., and Sheffield Condensed M ilk C o ., In c. C om pany will covenant
that it will not permit 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 o f
such subsidiaries, to have mortgages on real property in excess o f the
aggregate am ount o f such mortgages now outstanding, except purchase
money mortgages and (or) then existing liens on property purchased, and
the renewal or refunding of such mortgages or liens, unless pledged under
the indenture securing these notes.
R E P O R T .— For 1925, in V . 122, p . 2 053 , showed:
C onsolidated In com e A c c o u n t f o r Calendar Y ea rs.
1925.
1924.
N e t sales_____________________________________________ $105 ,37 7,15 1 $20,1 8 0 ,8 9 2
C ost of sales, expense and depreciation______________ 91 ,7 9 3 ,4 3 3 15,70 8 ,4 5 8
Gross profit_______ ______ ___________________________ $13,5 8 3 ,7 1 8
Other income_________________________________________
522,234

$ 4 ,4 7 2 ,4 3 3
193,923

$ 1 4 ,1 0 5 ,9 5 2
6,1 6 1 ,3 9 1
1 ,046,198
1 ,9 6 5 ,1 0 4

$ 4 ,6 6 6 ,3 5 7
2 ,0 1 5 ,3 6 8
29 7 ,7 7 4
4 6 3 ,9 4 0

Adm inistrative, selling Sc gen. exp s., in t., & c_______
Federal income taxes_________________________________
xOther deductions____________________________________

B ala n ce--------------------------------------------------- . ----------------y $ 4 ,9 3 3 ,2 5 8 $ 1 ,8 8 9 ,2 7 3
x Includes interest on National D airy Products C orp. 6 % notes for full
year, less adjustm ent of Federal income tax and dividend requirements on
preferred stocks o f com pany and subsidiaries.
Six M o n th s Ended Jun e 30—1926.
1925.
Sales_____________________________________________ $ 6 6 ,6 8 3 ,8 1 4
$ 1 2,545 ,846
Com bined profits----------------------------------------------- 8 ,0 2 4 ,7 0 7
1,960,508
D epreciton---------------------------------------------------------1 ,7 2 5 ,2 4 7
485,476
Interest, pref. divs. and minority int. o f s u b s id s ..
6 4 7 ,6 9 4
2 86,188
B alance---------------------------------------------------------------------- $ 5 ,6 5 1 ,7 6 6
In t. on coll, trust notes, Fed. inc. taxes, divs. on
pref. stock of N ational D airy Products C orp___
1 ,5 2 6 ,8 5 4

$ 1 ,188,844
181,000

Balance available for common stock____________ $ 4 ,1 2 4 ,9 1 2
$ 1 ,007,844
O F F IC E R S .-— -Chairman o f board, Loton Horton; Pres., Thomas H .
M clnnerney; Treas., James G . Lewis; Sec., Frederick J. Bridges. Office,
120 Broadw ay, New Y o rk .— (V . 123, p. 2 2 7 2 .)
N A T IO N A L D E P A R T M E N T S T O R E S . IN C .— Incorp. under laws of
Delaware on D ec. 22 1922.
Owns (excepting directors’ qualifying shares)
entire outstanding stock of The Bailey C o ., T h e Rosenbaum C o ., B . Nugent
& B r o ., D ry Goods C o. and G eo. E . Stifel C o ., operating stores, respectively,
in Cleveland. Plt.tsbnreh St T o n i s and W heeling, W Va.
In N o v . 1923
completed negotiations for the purchase o f the Frank & Seder department
store group. V . 117, p . 2118, 2220. In 1924 acquired the Atkinson stores
in Minneapolis and St. Paul, G oldberg’s in Trenton and K auffm an’s in
Richm ond. In M a y 1925 purchased the Lipm an, W olfe & C o . department
store in Portland, Ore. Stores owned and operated, 15.
The National Departm ent Stores R ealty C orp ., a subsidiary, was in­
corporated in Delaware N o v . 7 1924 to acquire lands and develop the same.
S T O C K .— The second pref. stock is convertible until Jan. I 1929 into
com m on stock, share for share.
The stockholders on N o v . 12 1923 authorized the issuance of $3,000,000
1st pref. stock, par $100, $ 2 ,0 0 0 ,0 0 0 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 O ct. 26 1925 were given the right to subscribe
to 5 0,000 shares o f com m on at $40 per share in the ratio o f one new share
for each 10 shares held.

Nov., 1926.]

M I S C E L L A N E O U S S E C U R IT IE S
[For abbreviations, & c ., see notes on page 8]

D ate
Bonds

N a t D i s t i l l P r o d C o r p — C o m s tk (v t c) 2 0 0 ,0 0 0 shs a u th
P r e f (a & d ) s to c k (v t c ) $7 c u m fr o m M a y 1 ’ 29 re d 1 1 0 10-year guaranteed gold notes red (text)_______ Eq.kxxxc*

1925

Satlonal bnameling& stamping— Common Btook S2U,0UU,000

P referred s to c k (a A d) 7 % c u m u la tiv e , $ 1 0 ,0 0 0 ,0 0 0 ____
R efund 1st M real esta te sink fu n d g red t e x t ____ C e .x c & r *
National Fireproofing— C o m m o n s to c k $ 4 ,5 0 0 ,0 0 0 ___________
P referred s took 7 % n o n -c u m u la tlv e $ 8 .0 0 0 .0 0 0 ___________
1st M a n d C o ll T r g due $ 1 2 5 ,0 0 0 y r ly r e d l 0 2 X
U P l-s o *
N a tio n a l Lead Co— S to c k o o m m o n $ 2 5 ,0 0 0 ,0 0 0 a u t h o r iz e d ..
ref (also as t o assets) 7 % cu m $ 2 5 .0 0 0 .0 0 0 red sin ce 1 9 1 0 ..
National Sugar Refining Co o f N J— S tock $ 1 5 ,0 0 0 ,0 0 0 .
N a t i o n a l S u p p l y C o o f D e ia — C o m s tk $ 1 7 ,0 0 0 ,0 0 0 a u t h . .
P r e f (a & d ) s to c k 7 % cu m $ 8 ,0 0 0 ,0 0 0 a u th re d 1 1 5 -----------

1909
1912

Par
Value

Balance, surplus____________________ $1 ,2 8 6 ,8 2 8 $2 ,1 1 3 ,9 8 0
Profit and loss surplus, Jan. 3 1 _______ $4 ,3 2 1 ,4 9 2 $3,65 2 ,1 8 6
Six M o n th s En ded July 31—1926.
N et profits after charges_____________________________ $1,116,043
Federal taxes__________________________________________
150,666

$3,67 0 ,4 4 8
$1 ,7 7 5 ,4 1 4
1925.
$1,130,293
101,787

$965,377 $ 1 ,029,506
N et incom e_________________________________________
O F F IC E R S .— Chairman, L . A . Behr; Pres., Victor W . Sincere; T reas.,
M orton Stein; Sec., W alter R osenbaum . New Y o rk office, 1328 Broad­
w ay.— (V . 123, p . 2664.)
N A T IO N A L D IS T I L L E R S P R O D U C T S C O R P O R A T I O N .— O R G A N ­
I Z A T I O N .— 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 C orp., with two plants, manufac­
tures industrial alcohol. Old Tim e M olasses C o . purchases molasses in
Cuba from sugar centrals, and the greater part o f its product is shipped
to this country for use in the manufacture of industrial alcohol and feeding
molasses. H enry H . Shufeldt & C o. prepares, packs and sells maraschino
cherries, glace fruits and olives. K entucky Distilleries & W arehouse C o.
and Hannis Distilling C o . owns bonded warehouses. U . S. Food Products
Car Line C orp. owns and operates tank cars. During 1925 purchased 5 0 %
o f the preferred stock and 2 5 % o f the common stock of the Petroleum
Chemical C orp ., which manufactures higher alcohols, lacquer solvents
and motor fuel. The plant and assets o f the Liberty Y east C o. were sold
to the Fleischmann C o . in O ct. 1925.
I t was announced in N o v . 1925 that the Eastern Alcohol C orp. had been
formed to be jointly owned and operated by E . I. du Pont de N em ours &
C o . and the National Distillers Products Corp. for the manufacture of
industrial alcohol. V . 121, p. 2279; V . 123, p. 722.
S T O C K .— 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 2 0 % o f 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 M a y 1 1924 and ex­
pires M a y 1 1930, unless sooner terminated by trustees; voting trustees are
A . W . Loasby, B . W . Jones and R . L . Clarkson. New York.
N O T E S .— The 10-year 6 34 % guaranteed gold notes are redeemable
all or part, on 30 d ays’ notice at any time at 105 and in t., less K for each
full 12 m onths’ period elapsed after D ec. 15 1925. They are guaranteed
unconditionally, prin., int. and sink, fun d, jointly and severally, b y Ken­
tucky Distilleries & W arehouse C o. and Kentucky Alcohol Corp. V . 121,
p . 3014.
R E P O R T .— For 1925, In V . 122, p . 1464, showed:
Calendar Y ea rs—
1925.
1924.
N e t sales______________________________________________ $ 9 ,230,611 $7,272,371
C ost o f sales__________________________________________
6 ,264,428
4 ,6 7 8 273
G rossprofit_____________________ .___________________$ 2 ,966,183 $2,59 4 ,0 9 8
Bottling and storage revenue (net)_________________
335,387
426,453
Miscellaneous incom e________________________________
255,386
163,067
T otal incom e_________________________________________ $3,55 6 ,9 5 7
Selling, administrative and general expenses_______
1,822,507
xOid Tim e Molasses C o _______________________________ D r .98,131
Interest on gold notes________________________________
184,016
Other interest_________________________________________
8 9,995
Depreciation___________________________________________
284,043
Loss on sale o f capital assets__l ______________________
_______
Provision for Federal faxes___________________________
160,000
Brands, trade-m arks, & c., written off_______________
95,668

$3,18 3 ,6 1 8
1,854,160
Or. 162,879
147.259
50,151
290,426
14,521
25,000
169,185

$832,597
$795 ,79 7
Balance, surplus__________________________________ _
Profit and loss surplus_________________________________ $1,43 1 ,7 1 7
$599,121
x Proportion o f loss or gain applicable to investment of National Distillers
Products Corp. In the Old Tim e M olasses C o.
-— Quar. Ended Sept. 3 0 —• — 9 M o s . E n d . Sept. 30—
E arnings fo r — 1926.
1925.
1926.
1925.
Earnings from operations
$95,466
$375 ,94 4
$339 ,20 7 $1,379,412
Interest and discount___
6 8 ,3 6 6
9 9,044
221,030
263,394
N e t before deprec. ,Fed.
taxes, am ort., & c _ .
$2 7 ,1 0 0
$2 7 6 ,9 0 0
$118 ,17 7 $ 1 ,116,018
O F F IC E R S .— Pres.. Seton Porter: V .- P ., F. A . Rogers; Sec. & T reas.,
T . A . Clark; Asst. Sec. & Asst. T reas., J. A . Petrie. Office, 30 Broad S t.,
193

n

9979 1

NATIONAL ENAMELING AND STAMPING C O .. INC.— O R G A N ­

I Z A T I O N .— Incorp. in N . J. on Jan. 21 1899. See prospectus, & c., V . 68.
p . 1 8 ,; V . 76, p . 1405; V . 77, p . 403; V . 82, p. 755; V . 104, p . 859. 768.
Decision D ec. 1906. V . 81, p . 215: V . 82, p . 755; V . 83, p . 1415.
Th e Sc. Louis Coke <k Iron C o ., in which the com pany owned a substantial
interest, was placed in receivership in Sept. 1924 and reorganized as the St.
Louis Coke & Iron Corp.
S T O C K .— See table at head o f page.
D I V I D E N D S — 1902-04 1905. 1906-16. 1917. 1918-21. ’22. ’2 3 . ’ 2 4 -’ 25
On common ( % ) __4 yrly.
IK
N one.
4 6 ( l K q u ’) I K 5 K
0
On preferred, in full to Sept. 30 1926, 1 K % quar.
In Feb. 1921 a dividend of 6 % was declared on the common stock, pay­
able 1 K % quar. M ar. 19, M a y 3 1 , A u g. 31 and N o v . 30 1921; then
none until N o v . 29 1922, when 1 K % was paid; Feb. 28 1923 to A u g. 30
1923. paid 1 K % quar.; N o v . 30 1923 paid 1 % ; none since.
B O N D S .— Subject to annual drawings at 105 in am ounts Increasing
yearly from $108,000 to $263 ,00 0. Original issue, $3 ,5 0 0 ,0 0 0 ; $2,747,000
retired to June 30 1926.
R E P O R T .— For 1925, in V . 122, p . 1464, showed:
1922.
1924.
1923.
C alendar Y ea rs—
$1,862,646 $2 ,5 3 8 ,5 5 4 $ 2 ,856,187
Profit on op eration..
|
N ot
936,698
698.341
1,026,227
Depreciation, & c____
1 reported j
51,966
59,032
75.251
$873 ,98 2 $ 1 ,4 5 3 ,2 9 5 $ 2 ,082,595
. $1,166,034
$182 ,00 0
$100,000
700,000
700,000
700,000
700,000
Pref. divs. ( 7 % ) . . .
. (5 ^ )8 5 7 .5 4 9 ( 1 >4)233.877
Com m on dividends------------------Balance, surplus______
$466,034
$173 ,98 2 def$286,254 $ 1 ,048,718
Profit and loss su rp lu s._y $2,579,176 x $7 ,248 ,129 $9 ,3 1 0 ,7 0 5 $9 ,9 1 0 ,8 4 2
x After deducting $2,2 3 6 ,5 5 8 , cost of pref. and common stocks of St.
Louis Coke & Iron C o. written off account receivership of com pany, y After
deducting additional Federal taxes for prior years and $ 5 ,0 0 0 ,0 0 0 additional
depr elation reserve.




Am ount
Outstanding

Rate
%

None 168,000 shs
None 110,000 shs
5 0 0 -1 0 0 0 $3,500 ,000
6K e
$100 15,591, ,800 See text
100 10,fi00, ,000
7
1.000 &c
753 ,000
5 g
50
4 ,4 0 1 , 3 0 0
7.900, ,500 See text
50
1,000
638 ,000
5 e
100 20,655, 400
8
7
100 2 4 .3 0 7 000
100 15,000, 000
7
50 13.295, 000 See text
100 7,095, 100
7

R E P O R T .— For year ended Jan. 31 1926, in V . 122, p. 1926, showed:
Y ea rs E n ded Jan. 31—
1926.
1925.
1924.
N e t sales________________________________ $ 7 9 ,455 ,118 $74,3 6 8 ,5 5 6 $ 7 2 ,331 ,456
C ost o f goods sold & s e ll., adm . & oper.
exp. (lessm isc. In c .), incl. deprec. &
am ort, o f leasehold im provem ’ts) _ . 76 ,1 9 2 ,3 5 0 7 0 ,682,667
6 7 ,101,538
In t. charges (incl. am ort, o f bd. disc.)
623,881
26 4 ,9 9 7
3 1 8,259
305,569
3 88,574
601,878
Provision for Federal income taxes___
First preferred dividends_____________
667,324
547,337
3 85,000
Second preferred dividends___________
379,167
3 71,000
254,332

V n r lr _ I V
_

313

INDUSTRIAL STOCKS AND BONDS
W hen
Payable

L a st D ivid en d
and M a tu rity

J
& D
See text,
Q— M
T & D

D ec 15 1935
N o v 30 ’23 1 %
Sept 30 ’26 I K
June 1 1929
Aug 25 ’03 I K
Q— J 15 O ct 15 ’26 I K
M & S T o Sept 1 1932
Q— M D ec 31 ’26 2 %
Q— M D ec 15 '26 I K
Q— J .Jan 3 1927 I K
N o v 15 ’26 2 %
Q -F 15
Sept 30 ’26 I K
Q -M 3 1

P laces W here In terest and
D ividends A r e Payable

N ew York
Guaranty Trust C o , N Y
do
do
Central Union T r C o .N Y
Checks mailed
do
111 Broadway .N ew Y o r k
do
do
Checks mailed
Checks mailed
Checks mailedi

Six M o n th s Ended Ju n e 30—
N e t sales---------------------------------------------N o t
Profit from operation_________________
Renewals, repairs and m ain ten an ce..
D epreciation____________________________
Interest________ '__________________

1924.
1925.
1926.
available $ 1 2 ,704 ,998 $ 1 3 ,7 2 4 ,8 5 9
__________
__________ $1 ,8 8 1 ,0 2 8
_________
__________
773,721
_________
__________
4 2 2 ,3 0 6
42,651

N et profit------------------------------------------Federal taxes___________________________
Preferred dividends____________________

$345,174
43,147
350,000

$839 ,72 8
3 50,000

$ 642 ,35 0
4 6,000
350.000

B alance----------------------------------------------- d e /.$47,973
$489 ,72 8
$24 6 ,3 5 0
a D ue to a charge-off of St. Louis Coke & Iron C o. stock, no provision is
necessary for Federal income tax.
O F F IC E R S .— Chairman, George W . Niedringhaus; Pres., Alfred J
Kieckhefer; V .- P ., W illiam H . M atth al and Charles N . Turner; C om p. &
Sec., Conrad M . Fox; Treas., Robert M iller. Office, First W isconsin
National Bank B ld g., M ilw aukee, W is . — (V . 123, p . 852.)
N A T IO N A L F IR E P R O O F IN G C O .— Incorporated in 1889; name was
changed in 1899 from Pittsburgh Terra Cotta Lumber C o . Controls 22
plants adjacent to various cities between Boston and Chicago, about 5 ,0 0 0
acres o f coal and clay lands, patent rights, &c. M anufactures porous terra
cotta, fireproofing, hollow tile, building blocks, &c. In Feb. 1923 proper­
ties of American C lay Products C o. were acquired b y Atlantic C lay 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 . 5 3 .
B O N D S .— T h e sto c k h o ld e r s July 25 1912 a u th o riz e d $ 2 ,5 0 0 ,0 0 0 r e fu n d s
a o n d s m atu r in g $ 1 2 5 ,0 0 0 y e a r l y . V . 94. p 1452; V . 9 5 . p . 5 3 , 4 2 4 , 8 9 3 .
D I V S . f ’ 06. 07. 0 8 . 0 9 . T 0 -T 4 . ’ 15. Y 6 - T 9 . ’2 0 . ’2 1 .- ’22. ’2 3 . ’2 4 .’2 5 .
P r e f ..% (
1
5
2
0 4 yrly.
1
0
1
0
1
4H 7
Com % ( 0 0 0 0
0
0
0 0
0
0
0 0
On D ec. 31 1920 and Jan. 10 1924 paid a special “ Christmas” div of 1 %
on pref. stock. In O ct. 1923 declared 3 % , payable 1 % on N o v . 15 1923.
1 % on Feb. 15 1924 and 1 % on M a y 15 1924. On July 15 1924 paid 1 % ;
O ct. 15 1924 paid 1 K % ; Jan. 15 1925 paid 2 % ; April 15 1925 paid 1 K % :
July 15 1925 to O ct. 15 1926, paid 1 K % quar.
R E P O R T .— For 1925, in V . 122, p . 2808 , showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
N e t earnings------------------$813,091
$ 971 ,33 8 $1,06 6 ,2 8 9
$29,316
Depreciation, &c------------30 3 ,3 8 8
299,591
301,425
100,000
D ividends-----------------------4 1 4 ,7 7 6 _____4 7 4 ,0 3 0 ____ 3 1 6 ,0 2 0 ____ _______
Balance, sur. or d e f . . . sur$94,927 sur$197,717 sur$448,844 def$70,684
O F F IC E R S .— Chairm an, S. F . Heckert; Pres., H . M . Keasbey; V .- P .
& G en. M g r ., W . H . Foster; Sec., C . G . Jones; Treas., J. P . Robbins.
Office, Fulton Building, Pittsburgh, P a .— (V . 123, p . 1258.)
N A T IO N A L L E A D C O .— O R G A N I Z A T I O N .— Organized in N ew Jer­
sey on D ec. 7 1891. I t controls extensive plants in different States for
manufacture o f white lead, & c. V . 89, p . 2 23; V . 106, p . 1572, 1581. AlsoUnited Lead C o . (V . 84, p . 6 9 7 , 160), M agnus C o . IV . 100. p . 402)..
U. S. Cartridge C o. o f Lowell (V . 90, p . 631; V. 104, p . 1383; V . 110, p„
1524). and Matheson Lead C o. (V . 95. p. 115): Bass-Hueter Paint C o ,
(V . 104, p . 1383), Carter W hite Lead C o ., St. Louis Smelting & Refining
C o ., National Pigments & Chemical C o. and Metallurgical & Chemical
Q o r p . H as an interest in W illiam s H arvey C orp., and W illiam s H arvey
& C o ., L td ., tin smelters; Baker Castor Oil C o ., Cinch Expansion B olt &
Eng. C o ., R iver Smelting & Refining C o ., Titanium Pigment C o ., Inc.
S T O C K .— Preferred is callable at par.
V. 60. p. 349; V . 8 8 , p. 1376.
D IV S .—
’ 10. ’ 1 1 -T 5 . ’ 16-’ 17. ’ 18. T 9 . ’ 2 0 . ’ 2 1 . ’ 2 2 . ’2 3 . ’2 4 . ’2 5 . ’2 6
Common ( % ) 4 K 3 yrly. 4 yrly. 5
5
6
6
QK
8 8
8 8
Also in July 1917 and 1918 1 % extra to aid Red Cross distributions.
In N o v . 1918 paid K % extra to aid United W ar W ork Campaign.
R E P O R T — For 1925, in V . 122, p . 1776, showed:
Calendar Y ears—
1925.
~ 1924.
1923.
1922.
N et earnings-------------------- a $ 4 ,6 3 3 ,3 5 3 a$4 ,4 5 4 ,9 7 9 $5,29 6 ,4 1 3 $4 ,9 2 7 ,5 4 9
Preferred dividends______ $1 ,7 0 5 ,7 3 2 $1 ,7 0 5 ,7 3 2 $ 1 ,705,732 $1,70 5 ,7 3 2
Com m on dividends______
1 ,652,432
1,652,432
1,652,432
1,342,601
Surplus---------------------------- $1 ,2 7 5 ,1 8 7 $1,09 6 ,8 1 5 $1,938,249 $ 1 ,879,216
Previous surplus-------------- 25 ,7 9 5 ,1 5 4 2 4 ,6 9 8 ,3 4 0 22,760,091 2 0 ,880,875
R e m a in in g s u r p lu s ..- $ 2 7 ,0 7 0 ,3 4 3 $ 2 5 ,7 9 5 ,1 5 5 $ 2 4 ,6 9 8 ,3 4 0 $ 2 2 ,7 6 0 ,0 9 1
a N et earnings are after deduction o f all expenses, taxes, reserves, & c.
D IR E C T O R S .— E . J. Cornish (Pres.), G . O. Carpenter, N . B . Gregg
and E . F . Beale (Vice-Presidents), Evans M cC arty, F . W . Rockwell.
C has. E . Field, Fred. M . Carter, G . D . D orsey, G . W . Thom pson, W . N .
T aylor, J. R . W ettstein , W . C . Beschorman, A . H . Brodrick, H . G . Sidford.
Sec y is M . D o u g la s O o le ; T r e a s ., C h a r le s S im o n .
N . Y . office, 111 Broad­
w ay.— (V . 122, p. 622.
N A T IO N A L L E A T H E R C O .— See Swift & C o . below and V . 123, p . 3 3 5 .
N A T IO N A L S U G A R R E F IN I N G C O . O F N E W J E R S E Y (T H E ).—
Incorp. in N ew Jersey on June 2 1900 and took over the NewYorkSugar
Refining C o .’s (Doscher) refinery, Long Island C ity, the MoUenhauer
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 . 3 07.
S T O C K .— The stockholders voted N o v . 15 1922 to increase the authorized
capital stock from $ 1 0 ,0 0 0 ,0 0 0 (all outstanding) to $15 ,0 0 0 ,0 0 0 . par $100.
A 5 0 % stock dividend was distributed D ec. 1 1922 to holders of record
N ov. 20. D iv s. o t l K % paid April 1913 to Oct. 1917; Jan. 1918 to April
1920, 1 K % quar.; July and Oct. 1920, 3 K % \ Jan., April and July 1921.
2 ) 4 % : Oct. 1921 to Jan. 3 1927, 1 K % quar. D iv s. on old p re f., I K %
(Q .-J .), paid O ct. 1900 to Jan. 1913 incl.; divs. on old com ., 1 0 % in 1903 ad
1 5 % in 1904. N o bonds. Balance Sheet D ec. 31 1925, V . 122, p . 2053
Chairman, George R . Bunker; P res., J. H . Post; V .- P .. J. Adolph M ollen hauer; Sec. & T reas., H . F . M ollenhauer.— (V . 123, p . 8 5 2 .)
N A T IO N A L S U P P L Y C O . O F D E L A W A R E (T H E ).— Incorp. in
Delaware in 1922 to acquire the capital stock o f the N ational Supply C o
(of Ohio). Furnishes equipment, machinery and supplies to all branches
of the oil industry. Also controls through stock ownership the D ayton
Pipe Coupling C o ., the Fort W orth Drilling Tool C o. and the Union Tool
C o.
S T O C K .— See table at head o f page.
D IV ID E N D S .
On preferred, in full to date. On com m on, paid 1 K°7«
quar. Feb. 15 1923 to Feb. 15 1926; M a y 15 1926 to N o v . 15 1926 paid 2 %
quar. On June 16 1924 paid 1 0 % in common stock.
R E P O R T .— For 1925, in V . 122, p . 2959, showed:
Calendar Y ears—
1925.
1924.
1923.
$ 3 ,560,630 $ 3 ,3 8 5 ,2 4 3 $ 5 ,9 6 1 ,7 5 6
Gross income____ _________
Interest, taxes, depreciation, & c______
1,182,223
1 ,260,896
1 ,253,394
Federal taxes___________________________
363,650
277,077
672,497
M inority interest_______________________
_______
1,596
Preferred dividends____________________
496,652
494,669
4 94,423
Com m on dividends____________________
792,714
758,317
714,591
Balance, surplus____________________
$725,391
$594 ,28 4 $2 ,8 2 5 ,2 5 5

314

M IS C E L L A N E O U S C O M P A N IE S .
[For abb reviation s, ifec., see notes on page 8.J

Date
B onds

N a tio n a l T r a n s it C o— Stock $ 6 ,3 6 2 ,5 0 0 _____________________
N evad a C o n so lid a te d C o p p e r C o — 5 ,1 0 0 ,0 0 0 shares_______
15-year debentures_____________________________________________
New Y o rk Air b ra k e — Com m on stock 3 0 0,000 shares aui/U.
First, M J 3.000.000 sold convert text to July 1 1914 xCt
N ew Y o r k C a n n e r s, In c — C om stock 20 0 ,0 0 0 shares a u th ._
Pref (a & d) stock $6 cum conv red $ 1 0 0 ___________________
New Y o rk D o ck C o— C om m on stock $ 7 ,0 0 0 ,0 0 0 ____________
Preferred stock 5 % non-cum (te x t)____________________ Usm
First mortgage 11 3 .0 0 0 ,0 0 0 gold call at 1 05____ Usm .xc&r

1926
1908

1901

Par
V a lu e

9 M o n th s.
$7 ,3 8 2 ,0 6 9
3 ,442,918

Total income _
Federal taxes _
Other deductions

$4,55 5 ,5 5 7
577,209
8 2 0,379

_

___
..
___________$1 ,9 7 3 ,1 5 0
_ ____
___________
26 0 ,8 6 3
. ________ _____ __ ___________
24 9 ,7 7 8

$3,939,151
616,406

N et i n c o m e ___
. .
______ .
___________$ 1 ,4 6 2 ,5 0 9
$ 3 ,157,969
u r r iIC En a ,.— Chairm an, J a m e s H .. Barr; Pres., John M . Wilson1:11
n a n , i r e s . , don ii rvi. n iis u u
O F F c B R S — 1 1 rj11:111, James i t
Sec., Ohas. R . Clapp; T reas., O . A . M eyer. Office, Toledo, Ohio.
— (Y . 123, p . 2 664 .)
N A T IO N A L T R A N S I T C O .— O R G A N I Z A T I O N , & c.— lncorp In Penn
•ylvania In 1881. Owns pipe line in Penna. Formerly controlled by Stand
ard Oil C o . of N . J .. segregated in 1911. V . 8 5 . p. 2 1 6 . 790; V . 9 3 . p 1390
On Feb. 2 1916 shareholders voted to reduce the capital stock frors.
$ 1 2,727 ,575 to $6 ,3 6 2 ,5 0 0 by the retirement of 103 shares and the reductlor
of the par value of the remainder from $25 to $12 50 per share and th«
payment of $12 50 In cash to the stockholders. The National Transit
Pump & M ach in eC o . was Incorporated in Penn, on N o v . 26 1915; capita:
Stock, $ 2 ,545,000 (increased on April 1 1918 to $ 3 .I * 1 bO i) in $25 shares
to take over the com pany’s plant at Oil C ity , P a ., for the manufacture of
pumps, engines, compressors, tools, fittings, & c.: all o f the capital stock is
owned by the National Transit C o . V . 101, p. 1890, 2149; V . 93, p. 669
D I V I D E N D S .— 1912 to 1914, 1 2 % per ann.; 1915, 8 % ; then none to
D ec. 15 1916, when 4 % was paid; 1917, 8 % ; 1918, 1 6 % (8 % s -a ); 1919,
4 0 % ; 1920, 3 0 % ; M arch 1921, 4 % : June 1921. 4 % and 4 % extra; Sept
1921, 8 % extra; D ec. 1921, 4 % and 4 % extra; M arch 1922, 4 % extra;
June 1922, 4 % ; Sept. 1 9 2 2 .2 % extra; D ec. 1922. 4 % ; M a r. 15 1923, 4 % ext
June 15 1923, 4 % ; Sept. 15 1923, 4 % extra; D ec. 15 1923, 4 % ; M a r. 15
1924, 2 % extra; June 14 1924, 4 % ; Sept. 15 1924, 2 % extra: D ec. 15
1 924 , 4 % : M a r. 16 1925, 2 % ; June 15 1925, 4 % : Sept. 15 1925. 2 % extraD ec. 15 1925. 2 % ; M arch 15 1926 , 2 % extra; June 16 1926, 2 % ; Sept. 15
1926, 2 % ; D ec. 15 1926, 2 % regular and 1 % extra.
R E P O R T .— For 1925, in V . 122, p. 1464, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
$70 6 ,2 5 7
$774,740 $ 1 ,024,572
$930,203
N et earnings____________
D ividends________________
6 3 6,250
763.500
1,0 1 8 ,0 0 0
890,750
O F F IC E R S .— Pres. & G en. M g r ., F . D . W illiam s; T reas., Lewis C .
Longaker; Sec., F . G . Zim m erm an. Directors: C . C . Baker, T . L . Blair,
C . T . M cC lintock, C . E . M artin , Joseph H . Contino and L . C . Longaker.
O ffice, Oil C ity , P a .— (V . 123, p . 2664.)
N E V A D A C O N S O L ID A T E D C O P P E R
C O .— O R G A N I Z A T I O N .—
Incorp. N o v . 17 1904 in M aine as a consolidation.
O f the outstanding
stock, $5 ,0 0 2 ,5 0 0 on D ec. 31 1925 was owned by Utah Copper C o . (set
below ). Flotation suit. V 1Of*, d 1084: V . 114. p 2124 '
P u rchase o f Ray Consolidated C op per C o.-— The stockholders on M a y 26
1926 approved the purchase from R a y Consolidated Copper C o. o f all its
properties, assets, rights, privileges and franchises, as an entirety, to be
paid for b y (a) $ 4 6 ,1 5 7 ,6 8 5 15-year 5 % debentures, to bear date July 1 1926,
w ith adjustment o f int. from or to the date of transfer of the properties, and
the assumption b y N evada o f all liabilities and obligations of R ay.
The stockholders also approved the making o f an offer to the holder of
any of such debentures of this com pany (effective only after such debentures
shall have passed b y distribution or otherwise out of the ownership or pos­
session of R ay Consolidated Copper C o.) to take up (until July 1 1927)
an y such debentures and to issue and deliver in exchange therefor stock of
this com pany, without par value, on the basis of one share, plus 25c. in cash
to equalize d iv s., for each $15 face value o f debentures. V . 122, p. 2 510 , 3094
S T O C K .— The stockholders on M arch 26 1926 voted to change tne
authorized stock to 5 ,1 0 0 ,0 0 0 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.
R E P O R T .— For 1925, in V . 122, p . 2645, showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
Total r e v e n u e s ............... $11,1 4 9 ,8 0 9
$ 9 ,9 2 0 ,8 2 2 $ 9 ,4 4 5 ,3 0 6 $3,400,961
Operating expenses______
8 ,2 3 4 ,6 7 0
8,1 2 8 ,9 3 2
7,2 3 1 ,8 1 3
4 ,205.836
D epreciation_____________
671,450
6 01,719
526,120
879.194
Miscellaneous incom e_____ C r.453,119
C r.485,338 C r .40 7 ,3 0 4 C r .560,446
D ividends paid ( 5 % ) ___ _____4 99,864 --------- -------------------------------------------- ----------Balance, surplus______$ 2 ,196,944 x $ l,6 7 5 ,5 0 9 $ 2 ,0 9 4 ,6 7 7 d f $ l ,123,623
P rofit and loss, su rp lu s .. 9 ,748,945
7 ,552,001
5,8 7 6 ,4 9 2
3 ,781,816
x Before deduction for depletion.
N o te .— Operations were suspended on M arch 31 1921 and were not re­
sumed until April 1922.
R esults fo r F irst N in e M o n th s o f 1926 (V. 123, p . 2529 ).
--------------------Q uarter Ended— ----------------9 M o s . End.
Period—
Sept. 30 ’2 6 . Jun e 30 ’26. M a r . 31 ’2 6 . Sept. 30 ’26.
Oper. prof, (copper p ro d .)$ 1 ,96 7 ,3 8 4 $1 ,7 1 1 ,7 9 8 $ 1 ,882,957 $ 5 ,562,139
Value of precious metals
2 1 9 ,3 7 4
2 12,045
2 04,880
636,299
M iscell. revenues & inc.
from subsidiaries______
2 4 4 ,7 5 8
209,051
187,274
641,083
Total-operating fecome $ 2 ,4 3 1 ,5 1 6
4 1 2 ,6 6 2
Depreciation_____________

$ 2 ,1 3 2 ,8 9 3
41 2 ,7 7 2

$2,275,111
41 2 ,6 6 2

A m ou n t
O utstanding

$ 12.50 $6,36 2 ,5 0 0
N one 1 999 .45 7sh .
See text
None 300,000 sh s.
100 Ac $3,00 0 ,0 0 0
None 129.761 sh
None 60 ,0 0 0 shs.
100
7 .0 0 0 ,0 0 0
100 1 0 ,000,000
500 &c 12,550,000

Q uarter.
Period Ended Sept. 30 1926—
Gross earnings.
_ __
..
. ____ __________ $ 3 ,055,713
Expenses___
. . .
___ __
__
__________
1 ,2 1 9 ,2 8 2
' 1 ■*
PR'Net earnings
. . .
...
___________$1,836,431
Other income .
..
_________
___________
136,719

$6,839,520
1,238,096

N e t income_____________$ 2 ,0 1 8 ,8 5 3 $1,72 0 ,1 2 1 $1 ,8 6 2 ,4 4 8 $ 5 ,601,422
D IV S .-_
( ’ l l . ’ 13. ’ 13. ’ 14. ’ 15. T 6 . ’ 17. ’ 18. T 9 . ’2 0 . ’2 1 - 2 4 ’25.
Regular — % \
30 30 30 2 2 }4 27 }4 35 40 65 30 15
N one
5
E x t r a ________ [ - 10 10 . .
2H
40 40 —
..
---------O f the 1 0 % extra dividend paid June 30 1917, one-half was capital dl&
tribution. A special d iv. o f 15 cents was declared payable July 25 fo>
Red Cross contributions. In M a r 1919 paid 3714 cents cr
1 au s'
in M arch 1920 paid 25 cents ( 5 % ) ; then none until D ec. 31 1925, when 25
cents (5 % ) was paid; same am ount paid M arch 31 1926. On June 30 and
Sept. 30 1926 paid 25 cents a share on new stock of no par value.
O F F IC E R S .— Pres., D . C . Jackling; V .-P , Charles Hayden and W . E .
Bennett; Sec. & Treas., C . V . Jenkins. Office, 25 Broad S t., N . Y . —
(V . 123. p. 2529.)
N E W C O R N E L IA C O P P E R C O .— See Calumet & Arizona Copper C o.
and V . 123, p. 2401.
N E W J E R S E Y Z IN C C O — (V . 123. p. 2530.)
N E W Y O R K A IR B R A K E C O . (T H E )— I ncorp under laws of New Jer
sey. W orks at W atertow n, N . Y .
In 1912 the W estinghouse Air Brake
C o . granted a general license under its U . S. patents. V . 95, p . 748; V . 96,
p . 531.
S T O C K .— The stockholders on Sept. 15 1922 approved a plan of re­
capitalization providing for the creation of 100,000 shares of class A pref.
o f no par value and 3 0 0 ,0 0 0 no par value common shares. The old $ 1 0 ,0 0 0 ,0 00 common stock (par $100) was exchanged for 20 0 ,0 0 0 shares of no par
value common stock in the ratio of 2 no par value shares for each $100 par
value share.




[V ol. 123

INDUSTRIAL STOCKS AND BONDS
R ate
%

W hen
P a yable

See
See

Last D ividend
and M a tu rity

Places W h e n Intesest and
D ividends are Payable

text See text
text Q -M 3 1
J
&
J
See text
Q— F
V K T
*
V
6 if
See text Q - M 15
Q— M
$6

D e c 15 ’26 3 %
Sept 30 ’26 25c
July 1 1941
\
N o v 1 1926 75c <tffice 165 B’ w ay, J '
Central Union Tr C c.N Y
V ay 1 1928
Sept 15 26 5^c
D ec 1 ’26 $1 ]4
Feb 16 22 2 1 U" 8 'M t g e " i T r C o N Y
do
do
J & J 15 July 15 26 2 f i
F & A Aug 1 1 9 5 1
do
do

5

5
4 g

A ll of 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 I V I D 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 o v . 2 1925 to A u g . 1 1926
paid 50c. quar.; on N o v . 1 1926 paid 75c. quar.
Initial d iv. o f 84c. a share on new class “ A ” pref. stock was paid Jan. 1
1923; A p r. 2 1923 to July 1 1926, paid $1 quar.
B O N D S .— V . 86, p . 725, 797, 921, 1104.
R E P O R T .— For 1925, in V . 122, p . 1604, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
Gross profit_____________ $ 2 ,079,463 $ 2 ,164,068 $3,59 2 ,3 5 9 $ 2 ,2 0 8 ,6 3 6
Other incom e____________
196,592
194,130
421,339
34,3 5 5
Total incom e___________ $ 2 ,276,055
A d m in ., & c., expenses—
466.319
Taxes, franchises, & c___
254,953
R oyalties-------------------------130,141
Interest p a id ------------------- 1
198,783
Bond int. & discount___ /
Class “ A ” dividends____
335,700
Com m on “ B ” dividends
6 0 0 ,0 0 0
Sundry charges, & c______
_______

$ 2 ,358,198
467,307
203,828
2 46,879
197,179
40 0 ,0 0 0
80 0 ,0 0 0
3 ,6 0 6

$ 4 ,013,698 $2,24 2 ,9 9 1
458,397
3 5 3,278
376.511
5 6,504
413,428
437,997
1 9 1 ,9 9 1 /
229,394
\
200,787
5 00,000
84,0 0 0
_____
6 0 0,000
46,883
6,288

Balance, surplus______
$290,159
$39,398 $ 1 ,426,488
$874,741
Report for 6 m os. ended June 30 1926, in V . 123, p. 335, showed:
In com e Statem ent f o r 6 M o n th s Ended Jun e 30 1926.
Gross profit after deducting cost o f manufacture, labor and
materials, incl. repairs, renewals and depreciation, $ 1 ,6 3 4 ,756; other income, $ 1 18 ,51 0; gross incom e_______ _____________$ 1 ,7 5 3 ,2 6 6
Taxes and N . Y . State franchises, $218 ,2 6 6 ; royalties, $100,000;
administration expense, $ 99,797 ; to ta l_________________________
418,064
Interest paid, including pro rata bond expense___________________
9 8,515
N et incom e_________________________________________________________ $ 1 ,2 3 6 ,6 8 7
Capital and surplus, Jan. 1 19 2 6 __________________________________ 12,036,675
Credit adjustments to surplus____ •
________________________________
Cr.81,271
Less dividends (net)_________________________________________________
8 8,300
Balance------------------------------ --------------------------------------------------------------$ 1 3 ,2 6 6 ,3 3 4
O F F IC E R S .-— Pres., B . B . Greer; V .- P ., Richard B . Sheridan; V .- P .,
James W aters; A sst. Treas. & A sst. Sec., E . A . Johnson; C o m p t., Charles
B . Leeser. Office, 165 Broadway, New Y o rk .— (V . 123, p . 1390.)
N E W Y O R K C A N N E R S , IN C .— Incorp. under laws of N . Y . on
Sept. 3 1919. M anufactures and sells canned vegetables, fruits, m ilk,
ketchup, chili sauce and other food products and condiments, and through
Its subsidiaries operates farms for raising part of its vegetables
S T O C K .— The stockholders on M arch 17 1925 increased the authorized
common stock from 120,000 shares to 20 0 ,0 0 0 shares no par value. The
$6 cum . conv. pref. stock (sold in N o v . 1925 by W h ite, W eld & C o ., N . Y .)
has equal voting power with common stock. I t is red. all or part on any
d iv. date upon 60 days’ notice at $100 per share and divs., and Is conv.
share for share, into com. stock at any time on and after D ec. 1 1927, but
only for 30 days after first publication of notice o f redemption. Proceeds
o f this issue were used in the redemption of the com pany’s outstanding
$1,49 3 ,2 0 0 7 % cum. 1st pref. stock and $850 ,00 0 8 % cum . 2d pref. stock,
and the red. of the T . A . Snider Preserve C o .’s outstanding $ 588 ,00 0 1st
m tge. 7 1 4 % sinking fund conv. gold bonds and $400 ,00 0 8 % cum . pref.
stock. V . 121, p . 2762.
D I V I D 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; M a r. 15 1924 to Sept. 15
1926 p aid 50 cen ts quarterly.
A ls o p a id 3 % in common stock on Feb. 2 1925.
ami 5 % in common stock on D ec. 31 1925.
R E P O R T .— For 1925 showed:
Calendar Y ears—
1925.
1924.
1923,
Sales__________________________ _________ $10,194 ,017 $11,512 ,815 $ 1 1 ,183 ,832
Cost o f s a l e s ____ __ .
...............
6 ,720,837
7,965,875
8 ,1 9 3 ,0 4 0
Gross incom e____
Other incom e. .
.

___ __ _________ $3,47 3 ,1 8 0
_________
219,608

$3,546,940
79,590

$ 2 ,9 9 0 ,7 9 2
110,696

Total income . . .
_________ $ 3 ,692,788
Expenses.
. . .
. ... .
2,191,371
Interest..
___ __ . __________
200,152
Depreciation, &c
________
453,455
Federal tax reserve
______ _________
88,830

$ 3 ,626,530
1,905,437
196,599
503,387
127,004

$ 3 ,1 0 1 ,4 8 8
1,6 7 6 ,6 9 0
180,758
28 9 ,6 3 4
110,500

$894,103
284,840

$ 843 ,90 6
3 22,828

.

N et income
________ __________
Preferred dividends. _
_________
Com m on dividends . _
__________

$758,980
156,069
236,763

Surplus
.
.
_ . . __________
$366,148
$609 ,26 3
$521 ,07 8
Profit and loss surplus_____ __________ 3 ,910,982
3 ,1 1 1 ,3 8 5
2,5 8 5 ,6 9 2
O F F IC E R S .— Pres., John M . Prophet; V .- P ., James M oore; T reas.,
George G . Bailey. Office, Tem ple B ld g ., Rochester, N . Y . — (V . 122, p .
2511.)
N E W Y O R K D O C K C O .— O R G A N I Z A T I O N .— Incorporated in N . V .
State on July 18 1901 as successor of the Brooklyn W h a rf & Warehouse C o
foreclosed and reorganized per plan V . 72, p. 9 37.
V . 73, p . 2 39, 1355.
Owns water frontage in Brooklyn, about 2 ]4 miles in length; 159 bonded\ n i
free warehouses, with floor space o f approximately 5 ,0 0 0 .0 0 0 sq. f t .; 34 piers
of various sizes, with wharves, and 20 manufacturing buildings. V . 90. p
1365; V . 103, p. 1794.
Th e railroad department was acquired O ct. 1 1912 b y N ew Y o rk Dock
Ry
V . 95. p. 1217, 1477: V . 96. p. 1026.
S T O C K S A N D B O N D S .— C om . stock, $ 7 ,0 0 0 ,0 0 0 ; pref., 5 % non-cumulative $ 1 0 ,0 0 0 ,0 0 0 , all in shares of $100 each. After 5 % on both stocks
they share equally. There is no preference as to classes of stock in the
event of dissolution or distibution of capital assets.
Bonds, $450 ,00 0 In
treasury Dec. 31 1925 with further $ 1 2 ,5 5 0 ,0 0 0 outstanding.
D I V I D E N D S , f ’l l
1 2 -1 6
17. i s
19 20 z ,
22 23. ’2 4 . ‘2 5 . ’2 6 .
On preferred, % j 2 H
i N one
2 5H
5
5 5 5 5
5 5 5
» > com m on. % 1
r
____
2*
2 * 2A
_
-D iv . N o . 1 was paid on common stock Feb. 15 1919, 2 ' 4 % ; Feb. 16 11-20
paid 2 H % ; Feb. 15 1921 paid 214 % and Feb 16 1922 paid 2 46 % , none since.
i
R E P O R T .— For 1925, in V , 122, p. 2511, showed:
Calendar
Gross
Total
Preferred
Y ears—
E a rn in g s. N et In com e.
D ivid en d s.
1925......................................$ 3 ,3 8 1 .7 1 6
$610,735
$500 ,00 0
1924..........
3 ,3 7 0 .9 0 9
554,031
500.000
1923_______________
3 ,2 9 7 .7 1 3
622.869
500.000
1922_________
3 ,8 2 7 ,3 2 2
649,267
500.000

B alance,
Su rplus.
$110,735
54,031
122,869
149,267

Nov., 1926.]

M IS C E L L A N E O U S C O M P A N IE S
IF or abbreviations, A c ., see notes on page 8J

D ate
Bonds

N ile s - B e m e n t - P o n d C o — Com m on stock 2 00,000 shares auth
Pref (a & d) stock 6 % oum $ 3 ,000,000 call at 105____________
Pratt & W hitney new 6 % cum pref stock guar Jan 1 1921
Niles Tool W orks 6 % cum preferred stock not guaranteed
N o r t h e r n P ip e L in e C o — Stock________________________________
N o r t h e r n S e c u r i t i e s — Stock $ 3 ,9 5 4 ,0 0 0 _______________________
N o r w a l k T ire & R u b . C o. (T h e )— Com ,stk .$l ,500,000 auth
Pref. (a&d) stock 7 % cum. red. 115 $2,000,000 auth_______
N o v a S c o t i a S te e l & C o a l — Ordinary shares $ 1 5 ,0 0 0 ,0 0 0 ___
Preferred (a & d) stock cum not callable_____________________
First m tge (closed) gold s f
call 105____________________
M tg e debenture stock callable 105 after July 1 1919_______
Eastern Car C o 1st M (closed) guar s f 1 % call 105_c*A r
do
do
Preferred stock 6 % cu m ____________________
N u n n a liy C o ( T h e ) — Stock 160,000 shares auth____________
O hio O il C o— S to c k -----------------------------------------------------------------------

9 M o n th s E n ded Sept. 30—
Gross revenues________________
Expenses_______________________
Taxes, interest, & c___________
N e t incom e___________ _______________

1926.
$2,503,695
1 ,185,604
827,582
$490,509

1925.
$2 ,5 0 9 ,8 9 6
1,164,028
867,805
$478,062

1909
1909
1912

Par
V a lue

A m ount
Outstanding

N one 170,000 shs
$100 $1,66 2 ,2 0 0
100 1,126,100
987.600
100
100
4,0 0 0 ,0 0 0
100
3,9 5 4 .0 0 0
995,000
10
100
1,146,600
100 15,000.000
1,000 O O
O
100
100 Ac
5,2 2 7 ,9 0 6
21 Ac
4 ,9 7 8 ,5 0 0
100 Ac
841,900
100
750 000
None 160,000 sbs
25 6 0 ,000,000

Rate
%

W h en
Payable

Last D ivid en d
and M a tu rity

Places W h ere In terest and
D ividends a re Pauablr

See text
Dec 20 1921 1 % Checks mailed
do
See text
Aug 30 24 1)4
do
See text " Q— M - Sept 30 '26 494
do
See text J
& J 'an 2 1927 4 % New York
See text See text 'uly 10 26 4*3 Checks mailed
See text
Tuly 1 1926 2 %
Q & J O ct 1 1926 1 H
7
■ ee text
>
See text
'an 15 1924 2 %
J A
J luly 1 1959
T or, M t l, Bos, London
5 g
J A
J Callable only
N Y , London, Montreal
6
J A
J July 1 1952
N Y , London, M o n t.,& c
6
See
See

text T & D 31 Tune 30 ’26 75c Checks mailed
text Q— M 31 D ec 15 '26 4 %

1924.
$ 2 ,407,613
1 ,060,960
950,130

R E P O R T .— 9 m onths ended June 30 1926 showed:
E a rn in g s N in e M o n th s E n ded Jun e 30 1926.
Gross profit______________________________________________________________ $424,915
Selling, general and administrative expenses________________________ 457,658

$396,523

Loss on sales__________________________________________________________ $32,743
Other incom e___________________________________________________________
17,745

O F F IC E R S .— Chairman, F . S. Landstreet; Pres.. ---------------------------;
V .-P s ., D . L . T illey and C . D . Hoagland; Sec., C . E . Hicks; T reas., V . A .
W heeler. O ffice, 44 W hitehall St. (M anhattan), N . Y . — (V . 123, p. 2272.)
N E W Y O R K S H I P B U IL D I N G C O R P -— N am e changed to American
Brown Boveri Electric C orp .— see that company above.
N IL E S -B E M E N T -P O N D C O .— O R G A N I Z A T I O N .— I n c o r p o r a te d in
New Jersey A u g 11 1899; m akers o f h e a v y m a ch in es.
V . 69. p . 388;
V . 105. p. 2370
C O N T R O L L E D C O M P A N IE S — G U A R A N T I E S .— Owns entire c o m
m o n stock ($2,000,000) o f Pratt & W hitney C o ., guar. 6 % on latter’s pref
stock, provided that the guarantor earns same on its own stock. T h e divs.
due to be paid from N o v . 1 1924 to M a y 1 1926, both incl., were deferred;
on June 21 1926 paid 3 % for first half o f 1926 and l 'A % on account of
accumulations; on Sept. 30 1926 paid 1 9 4 % quar. and 3 % on account of
accumulations, reducing arrearages to 3 % .
The Niles-Crane C orp. o f Philadelphia, a subsidiary, was incorporated in
New Jersey in Jan. 1926 to take over and operate the Crane works. Other
subsidiaries are the Ridgway M achine C o ., Niles Gear C o ., N iles-B em entPond C o. of M a ss., and Niles M achine Tool Corp.
S T O C K .— The stockholders on Sept. 1 1925 approved a plan to change
and reclassify the Com m on stock from 85,000 shares, par $100 to 200,000
shares of no par value. The Preferred stock remained unchanged.
O f the 200,000 shares of new no par value Com m on stock, 170,000
shares were issued in exchange for the $100 par value stock on the basis
o f two new shares for one old share. The additional 30 ,0 0 0 shares are
contracted to be issued, one-third each D ec. 31 1926, 1927 and 1928, at
$15 per share.
D I V S .— I’ 04. '0 5 -'1 2 . 13. ’ 14. ’ 15. ’ 16. ’ 17. '1 8 . ’ 19. ’2 0 . ’ 21
'2 2 -’25.
C om . ( % ) - ( 7
6 y r ly
194 0
194 8
12 12 894
8 4M
0
Also 4 0 % In common stock ($2,000,0001 paid on com . stock Jan 2 1907
On pref., in full to Aug. 30 1924; none since.
R E P O R T .— For 1925, in V . 122, p. 2053, showed:
In clu d in g A sso cia ted C o m p a n ies.
—-— 6 M on th s Ended-------- Y ea r Ended
D e c . 31 '25. Jun e 3 0 ’25. D e c . 31 ’ 25.
Operating incom e_____________________
$580,416
$287,815
$868,231
Selling and general expenses__________
778.346
720,610
1 ,498,955
Operating loss__________
Other income______________

$197,929
127,836

$432,795
13.409

$630,724
141,245

L oss______________________
Depreciation_______________
Interest and miscellaneous.

$70,093
122,107
30.978

$419,386
137,187
19,768

$489 ,47 9
259,294
50,746

N et loss__________________
$223,178
$576,341
$799,519
O F F IC E R S .— Pres., Leonard S. Horner; V .-P . & Sec., Charles K . Sey­
m our, E . L . Leeds; T reas., E . J. Edwards: A sst. T reas., Arlo W ilson.
O ffice, 111 Broadw ay, N . Y.-— I V . 123, p . 1770.)
N IP IS S IN G M IN E S C O ., L T D .— (V . 123, p . 1641.)
N O R T H E R N PIPE L IN E C O .— O R G A N I Z A T I O N . A c .— Incorp. ir
Pennsylvania In 1889.
Owns pipe lines In State of Pennsylvania.
For
merly controlled by Standard Oil C o. of N . J. but segregated In 1911.
Set
Standard Oil C o , V. 85. p. 216. 790; V . 93, p. 1390.
Stock. $ 4 ,0 0 0 ,0 0 0
par, $100.
D iv ., 5 % paid semi-ann. July 1912 to Jan. 1924; July 1924
to Jan. 1927 paid 3 % semi-annually. Also paid extra divs. o f 4 % in Jan
1918, 1 5 % in Jan. 1923, 1 % in July 1926 and 1 % in Jan. 1927.
R E P O R T .— For 1925, in V . 122, p . 1181, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
N e t incom e_____________
$310,748
$214,205
$308,155
$482,167
D ividends________________ (6)240,000
(6)240,000 (10)400.000(25 )1 000,000
Balance________________ sur$70,748 def$25,795 def$91,845 def$517,833
O F F IC E R S .— D . S. Bushnell, Pres.; J. A . Bartlett, V .-P . & G en. Mgr
J. R . F ast. Sec.; W . F . Livingston, Treas. M ain office. Oil C ity , Pa
N . Y . office. 26 Broadw ay.— (V . 123, p . 2530.)
N O R T H E R N S E C U R IT IE S C O .— In 1904 the capital stock was reduced
from $395,400,000 to $3,9 5 4 ,0 0 0 . the par value of shares to remain at $10(
pending completion of dissolution. V . 7 8 , p . 1168. 1223 ,12 76. 1392; V . 76
p . 811, 919, 1249.
D I V I D E N D S .— On stock as reduced 5 % yearly 1906 to 1908; 1909 . 4 %
1910. 2 3 4 % : ’ l l , 4 % ; 1912, 3 % ; 1913 to 1916. incl., yearly Jan. 11 2 %
1 9 1 /,J a n .,3 9 4 % : 1918, Jan. 394 % ; June, 3 % ; Jan. 1919, 4 % ; July 1919. 3 %
Jan. 1920, 4 % ; July 1920. 3 % ; Jan. 1921. 4 % ; July 1921. 4 % : Jan. 1922
4 % and 6 % extra; July 1922, 4 % ; Jan. 1923, 4 % and 2 % extra; July 1923
4 % ; Jan. 1924. 4 % and 2 % extra; July 1924, 4 % : Jan. 1925, 4 % ; July 1925,
4 % ; Jan. 1926, 4 % and 2 % extra; July 1926, 4 % .
R E P O R T .— For 1925, in V . 122, p . 360, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
T otal receipts___________
x$403,748
$363,806
$405 ,34 5
$405,905
T a xes______ ______
16,553
21,725
2 2,060
16,477
Administration expenses
13,668
13,680
13,838
13,727
_______
3,311
3 ,9 9 3
1,687
Interest on loans, & c___
Dividends________________ (8)356,308 (10)395,380 (10)395,380 (14)553,532
Prem . on cost of U . S.
ctfs. o f indebtedness
,
-------------------------------- ---------------------------- 194
Balance, sur. or d e f - . sur$57,219 def$70,289 def$29,926 def$179,711
x Total receipts in 1925 include dividends from G . B . A Q . R R ., $230,630;
dividends from Crow’s Nest Pass Coal C o ., L td ., $165,312; and interest,
$7,2 7 5 ; premium on sale of U . S. 4 2 4 % Treasury notes, $531.
O F F IC E R S .— Pres., E . T . Nichols Sec A Treas . Nicholas Terhune
Office. 26 Liberty S t.. N . Y . — (V . 122. p 360.)
N O R W A L K T IR E A N D R U B B E R C O . (T h e ). —Incorp. under laws
o f Connecticut on M arch 23 1914, and is engaged in the manufacture,
purchase and sale of rubber and rubber goods, pneumatic automobile cord
tires and inner tubes for omnibuses, trucks, taxicabs and pleasure cars,
practically all of which are sold under the com pany’s brand names of Nor­
walk Tires and Tubes. Plant is located at Norw alk, C onn.
S T O C K .— The Preferred stock has an annual sinking fund of 5 % of the
total amount of Preferred stock that shall have been issued, to be applied
toward the purchase of Pref. stock at not exceeding 115 and accrued divs.
D I V S .— On Preferred stock, in full to date. On Com m on stock paid as
follows: 1917. 3 % ; 1918. 4 % ; 1919 8 % ; 1920 , 6 % ; then none until Oct. 1
1925, when 4 % was paid; same am ount paid quar. to April 1926; July 1 1926
paid 2 % ; O ct. 1926 div. was om itted.




215

INDUSTRIAL STOCKS AND BONDS

Total loss___________________________________________________________ _ $14,998
Depreciation, discounts, & c____________________________________________ 96,861
N e t loss_______ •_______________________________ _______________________ $111,859
O F F IC E R S .— Pres., W . B . M iller; V .-P ., F. L. Lamson; V .-P ., D avid
Spence; Sec., W . L. Young; Treas., R . R . Snyder.
Office, Norw alk,
C onn.— (V. 123. p. 1514.)
N O V A S C O T I A S T E E L & C O A L C O ., L T D .— O R G A N I Z A T I O N .—
Incorp. in N . S . in 1898. Owns steel p lan t, blast furnaces, collieries and iron
mines in Cape Breton C ounty, N . S. Also owns $800 ,00 0 o f the $1,55 0 ,0 0 0
stock o f Eastern Car C o ., L td . See fu ll statement to N . Y . Stock Exchange
In 1916 on listing of ordinary shares in V . 103, p. 1896; V. 106, p . 1801, 1790
Proposed adjustm ent of coal arrears. V . 108, p . 2246.
In Dec. 1919
purchased for $ 2 ,0 0 0 ,0 0 0 a controlling Interest in the Acadia Coal C o .,
formerly operated by a Belgian syndicate, with head offices in Brussels
and mines in Pictou C ou n ty, N ova Scotia. V . 109, p . 2362 . T h e stock­
holders in April 1921 voted to merge into the British Empire Steel C orp .,
which see.
S T O C K .— T o provide ample working capital, all shareholders o f record
«s of June 30 1917 were allowed to subscribe at par pro rata for $ 5 ,000,000
new com. stock. The Hayden-Stone interests as underwriters took up the
remainder. Increasing their holdings to a decided m ajority of the stock
7. 105, p. 721
The stock bonus of 2 0 % , or $ 2 ,5 0 0 ,0 0 0 , distributed to
’tm m o n shareholders N o v . 20 1917, raised the issued common stock to the
full authorized $15 ,0 0 0 ,0 0 0 . V . 104. p. 2557: V . 105. p. 76.
L A T E C A S H D I V .— T 5 . ’ 16. ’ 17. '1 8 . ’ 19. ’2 0 . ’2 1 . ’22. ’2 3 . '2 4 . ’25.
Preferred stock_______ % 12 8
8
8
8
8
8
8
8
2
0
C om m on_______________ % 0 0
294 6 94 5
5
text 0
0
0
o
T h e April 1924 dividend on preferred stock was deferred; none since.
Dividends on the com m on stock were resumed In 1917 with a declaration
af 2 A % . payable July 14; on Jan. 15 1918 paid 2 94 % : April 1918 to A p r.
1921 paid 1 9 4 % quar. On A u g. 10 1921 paid 21 cents; none since.
In 1909 a 2 0 % dividend In stock was paid.
V. 102, p. 1064.
In N ov
1917 stock dividend of 20 % In common stock. See above and V . 105. p .2099.
B O N D S , A c .— First m tge. a u th ., $ 6 ,0 0 0 ,0 0 0 ; redeemed. $ 7 72 ,09 4. V .
<8, p. 1563.
Debenture stock Is limited to am ount o f paid-up capital. Eastern Car
Oo. 1st 6s. V . 9 4 , p . 1698.
The following com m ittee has been appointed to protect the interests of
the 1st m tge. bonds: Frank Stanfield, W . H . Chase, J. C . M acK een , Gavin
L . Stairs, T . F . Tobin and J. N orw ood D u ffu s , with H . P . M acK een , Sec.
Depositaries, The Eastern Trust C o ., H alifax, N . S ., and M ontreal, Q ue.;
Toronto General Trusts C orp ., Toronto, O nt.; Bank o f N ova Scotia, Lon­
don, England. V . 123, p. 1390.
Counsel for the Eastern T rust C o. on N o v . 12 1926 served notice of appeal
from the judgm ent of Justice Carroll, in which an application for the ap­
pointment of a receiver for the com pany was dismissed. Com pare V . 123,
p . 2401.
R E P O R T .— For calendar year 1925, in V . 123, p . 853, showed:
Calendar Y ear— •
1925.
N e t profit from operations___________________________________________ $118,778
Special expenses due to strike and shut-dow n_____________________
617,413
Interest charges___________ ___________________________________________
629,466
Sinking f unds and depreciation reserve_____________________________
300,000
Balance, deficit_____________________________________________________$1,428,100
Previous surplus______________________________________________________ 2 ,767,426
Profit and loss surplus______________________________________________ 1,339,326
Pres.. R M . W olvin; Sec., O . S Cam eron. Office, N ew G lasgow , N . 8.
— (V . 123, p . 2530 .)
N U N N A L L Y C O (T H E ).— Organ, in D el. on N o v . 20 1919. Engaged
a the manufacture and sale, both at wholesale and at retail, of candies and
•-onfectioneries of all kinds, ice cream and flavoring syrups, and in leasing
»nd operating shops for the sale o f candy, soda water and ice cream. Facory located at Atlanta, G a ., has a capacity of about 20,000 pounds of
•andv and 500 gallons of ice cream ner day
ODerates 9 store® in Atlanta
and Savannah, G a.; Jacksonville, F la.; Birmingham, A la .; N orfolk and
Richmond, V a .; and W ashington, D . C .
S T O C K .— See table at head of page.
D IV S .— Initial div. of 50 cents a share was paid June 1 1920; on D ec. 31
1920 paid $1 a share; June 30 and D ec. 31 1921, paid 50c. each; D ec. 30
1922 to June 30 1925, paid 50c. semi-annually; D ec. 31 1925 and June 30
1926 paid 75 cents semi-annually.
R E P O R T .— For 1925, in V . 1 22, p . 761, showed:
1925.
1924.
1923.
1922.
N et s a le s________________
N ot
N ot
$ 1 ,553,589 $1,44 4 ,9 3 3
Expenses, deprec., & c ,_
stated
stated
1,383,066
1,312,559
Operating profit______
$ 243 ,99 2
$177,345
$170,523
$132,374
Other income (net)______
46,573 ______ 390421
D r .2,645
1,246
Total income__________
$290 ,56 5
$216 ,76 6
$167,878
$133 ,62 0
Reserve for Fed. ta x e s ._
34,444
2 6 ,2 7 5
2 0,470
16,175
Profit-sharing distrib___ ______ 2 0,000 _____________ _______ _______
_______
N et profit$236,121
$190,491
$147 ,40 8
$117 ,44 5
D ividends_( $1.25)200,000
($1)160,000 ($1) 160,000 (5 0 c .)8 0 ,000
Surplus----$36,121
$30,491 d ef$12,592
$37,445
Profit and loss, su rp lu s..
94,530
58,408
27 ,9 1 7
40.508
— Q uar. Ended Sept. 30—- — 9 M o s . E n d. Sept. 30—
Period—
1926.
1925.
1926.
1925.
N et profit after expenses,
but before tax_____ . . .
$31,303
$47,998
$154 ,46 7
$118,111
O F F IC E R S .— -Chairman, James H . Nunnaliy, Pres. & Treas., Winship
Nunnaliy, V .-P . & Sec., F . C . Fenn. Office, A tlanta, G a .— (V . 123,p.2272)
O H IO O IL C O .— O R G A N I Z A T I O N , & c.— Incorporated in Ohio in
185/ . Owns extensive tracts of oil lands in Onio, lnaiana, Illinois and New
Mexico. Produces crude oil. See Standard Oil C o. of New Jersey. V . 85,
p. 216. 790; V. 86, p. 984. 1227; V. 93, p. 1390.
The pipe lines in
Pennsylvania. Ohio, Indiana and Illinois about 1,100 miles In length, were
a Dec. 1914 transferred to the Illinois Pipe Line C o ., the latter's $ 2 0 ,890,000 stock being distributed pro rata. Id the proportion of 133 1 -3 %
among the Ohio Oil C o. stockholders. V . 99, d . 1678, 1915. The stock­
holders voted N o v . 24 1922 to increase the capital stock from $15,000 ,000
to $60,000,000 (par $ 2 5 ). A stock div. of 3 0 0 % was paid in D ec. 1922.
V. 115, p. 2486.
Has entered the N orth Central T exas, Kansas and Oklahoma fields
through its subsidiary, the M id -K an sas Oil & Gas C o . V . 107. p . 1007.

316

INDUSTRIAL STOCKS AND BONDS
D ate
Bonds

M IS C E L L A N E O U S C O M P A N IE S .
IFor abbreviation s, A c . , see notes on p a ge 8.]

Oil W ell S u p p ly Co— C om m on stock $ 1 5 ,000 ,000 auth____
C onv.P ref.(a& d) s t k .7 % cu m .red .llO .con v. (tex t)-.k x x x
Serial 1st mtge. bonds due $150 ,00 0 ann _
____
Oppenheim, Collins & Co, Inc — Stock 22 0 ,0 0 0 shs au th—
orpheum Circuit, Inc— Com m on stock 1,000,000 shares__
Pref (a & d) stock 8 % cumulative convertible $ 1 0,000 ,000 O tl* Elevator— Stock common $ 2 5 .0 0 0 ,0 0 0 __________________
Stock (a & d) preferred 6 % non-curn $ 6 .5 0 0 .0 0 0 _________
First m tge 15-year s f gold bonds ser “ A ” red (text) -kxxxc*
O w e n s B o ttle Co- (The)— Com stock $30,000,000—
.
Pref stk (a & d) 7 % cum callable at 115 & divs $16,913 ,100

1919

1926

Par
Value

A m oun t
Outstanding

Rate
%

$25 $8,125,000
8
100
6,860,000
7
1,000
1.950.000
6
None 200,000 shs See text
1 549,170 shs See text
100
6 .495.000
8
50 17,092,900 See text
6.5 0 0 000
100
6
None 741,002 shs
100
See text
7
50 0 -1 0 0 0 12,000,000 O 6 g
25 a 16528225 See text
100
8 ,1 5 6 ,3 0 0
7

[V ol. 123,

W h en
Payable

Last D ividend
and M aturity

Q— J
Q— F
& D
Q -F 15
M o.
Q— J
Q— J 15
Q— J 15

Jan 3 1927 2 %
N o v 1 ’26 1 %
T o June 1 1939
N o v 15 ’26
$1
Jan 2 ’27 162sc
Jan 2 1927 2 %
Oct 15 1926 3 %
Jan 15 1927 1M

J

M

Q— J
&
S
Q— J
Q— J

Places W here Interest ana
D ividends are Payable
Pittsburgh, P a.
Pittsburgh, Pa.
Pittsburgh, Pa.
Checks mailed
Checks mailed

Office. 26th St & 11th Ac
do
do

Oct 1 ’2 6 , 1 %
Blair & Co, N Y ; & Cleve
M ar 1 1941
See text
By check
do
Jan 1 1 9 2 7 1 K

a D oes not include 5 % stock dividend payable Jan. 1 1927.

D IV ID E N D S —
1918. 1919. 1920. 1921. 1922. 1923 1924. 1925.
Regular........ ............%
20
20
20
20
20
9
6
8
Extra---------------------%
76
68
60
23
*20
____
...
2
♦Also 3 0 0 % In stock.
Paid in 1926: M arch 31 and June 30, 2 % quar. and 1 % extra, Sept. 15
and D ec. 15, 2 % quar. and 2 % extra.
Balance sheet D ec. 31 1925, in V . 122, p . 2054.
D IR E C T O R S .— P res., Janies C . D onnell; V .- P ., James K . K err, M a r '
shall. 111.; O . D . D onnell, V .- P .; F . E . H urley, V .- P ., and R . J. B erry, al*
of Findlay, Ohio. Sec’y is C . L . Flem ing.— (V . 123, p . 2272 .)
O IL W E L L S U P P L Y C O .— Incorp. under laws of Pennsylvania in 1891.
M anufactures machinery and supplies for drilling and operating oil and gas
wells. In addition to its own output, the company and its subsidiaries
distribute pipe and sundry other articles which are manufactured b y others.
The principal products handled include drilling m a ch 'y , tools, tubular goods,
engines, & c. Th e principal manufacturing plants are located at P itts­
burgh, P a ., Oil C ity , P a ., Bradford, P a ., Los Angeles, C a lif., Oswego,
N . Y . , Poplar B lu ff, M o ., and Parkersburg, W . V a . Th e com pany owns
and operates 95 branches located at all im portant points throughout the
oil and gas territory in the U nited States and M exico, and also has a branch
in London and Bucharest for the European and Oriental trade.
S T O C K .— The preferred stock is convertible at an y tim e into common
stock o f the com pany on the basis o f $100 per share for the preferred stock
and the following prices for the com m on stock: $40 per share in the case of
the first $ 2 ,0 0 0 ,0 0 0 par value preferred stock converted; $45 per share for
the next $ 2 ,0 0 0 ,0 0 0 par value preferred stock converted; and $50 per share
for the remaining preferred stock converted.
A regular cumulative sinking fund for the purchase or redemption o f the
preferred stock at not exceeding $110 per share and accrued dividends is
to be provided b y setting aside from the surplus or net profits on April 1
and O ct. 1 o f each year commencing April 1 1926 a sum equal to 1 % o f the
Greatest amount o f preferred stock theretofore issued, that is, at the rate of
2 % per annum . Th e com pany is to be credited on its regular sinking fund
obligation with preferred stock retired through conversions.
A n a dd itional sinking fund for the same purpose is also to be set apart
on June 1 o f each year b y setting aside from net earnings an amount equal
to 2 5 % o f the consolidated net earnings (as defined) o f 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 com m on stock to be outstanding, that is, $ 1 ,3 0 0 ,0 0 0 .
D I V S .— A n initial dividend on the common stock of 50 cents a share was
paid on Jan. 2 1926. same am ount paid quar. to Jan. 3 1927.
A n initial dividend for one m onth on pref. stocic was paid N o v . 1 1925’
regular quarterly dividends since paid to N o v . 1 1926.
R E P O R T .— For 1925, in V . 122, p. 2809, showed:
Calendar Y ea rs—
1924.
1925.
Gross profits from operations___
$5,600,937 $4,384,538
Selling, admin. & gen. expenses..
3,1 5 4 ,5 8 0
3 ,674,255

1923.
$6,796,182
3,1 5 4 ,5 2 9

N e t profit from operations .
Other incom e.
.
_________________

$1 ,9 2 6 ,6 8 2
2 32,959

$ 1 ,229,958
2 52,746

$3,641,653
234,516

T otal income
. . .
___ ______ $2,159,641
Depreciation .
_.
_ . ___ . .
336,119
Am ortization and miscellaneous______
167,312
Provision for Federal income ta x ____
213,500

$1,482,704
471,577
3 29,480
75,000

$3,876,169
455,969
325,419
361,660

$1,44 2 ,7 1 0
40,833
672,500

$606,647

390,000

$729 ,37 7

$6,6 4 7

$2,343,121

Y ea rs Ended July 31— 1925-26.
1924-25.
1923-24.
1922-23.
Sales_______________ $ 2 0,994 ,092
$ 2 0 ,6 9 1 ,9 8 5 $ 2 1 ,0 0 0 ,6 2 6 $20,9 3 6 ,2 7 2
N et profit after charges.
1,998,793
1,4 3 5 ,4 5 2
1,497,043 __ 1,638,602
D epreciation_____
180,993
203,381
233,468
212,211
Federal taxes_____
2 5 0,000
193,734
156,316 O f t } 179,415
Dividends (new c o .) ____ ($3)598,463
149,970
_______ _______________
N et income___________

$969,337

$888 ,36 7

$ 1 ,107,257

$ 1 ,2 4 6 ,9 7 6

O F F IC E R S .— Pres., Isaac D . L e v y : T rea s., Solomon Starr; Sec’y ,
James K . C udd y. Office, 33 W est 34th S t ., N ew Y o rk .— (V . 123, p . 1886.)
O R P H E U M C I R C U I T , I N C .— Organized D ec. 22 1919 in D el. and ac­
quired the capital stock o f a number of theatrical companies in the U . S.
and C anada.
S T O C K .— Pref stock Is convertible into cbmmon stock at any time
on the basis of two shares o f com . for one share o f 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 d iv. V . 117, p . 1092.
D IV S .— Initial div. o f 50 cents per share on the common stock was paid
April 1 1920; same am ount paid quar. to O ct. 1 1921; then none until F eb. 1
1924, when 12)4 cents per share was paid; same amount paid m onthly
to April 1 1925. Feb. 1 1925 to Jan. 1 1926 paid 15 cents m onthly. F eb. 1
1926 to Jan. 1 1927 paid 16 2 -3 cents m onthly.
B O N D S .— Principal bonded indebtedness o f subsidiary companies on
D ec. 31 1925 was as follows: Orpheum Theatre & R ealty C o . 6s, due Sept. 1
1946, $ 2 ,0 6 3 ,0 0 0 . Junior Orpheum, San Francisco, 7s, due Jan. 1 1936,
$850 ,00 0, Junior Orpheum , Los Angeles, 7s, due N o v . 15 1935, $1,2 0 0 ,0 0 0 .
R E P O R T .— For 1925 showed:
1925.
1924.
1923.
1922
Gross income____________ $ 1 8,205 ,789 $ 1 9 ,1 3 6 ,2 2 3 $16,759^001 $14,405 ,058
E x p en ses------------------------- 1 4 ,900,283
14,683,049
1 3 ,836,965
1 2 ,797,334
Am ortiz. o f leaseh olds..
212,357
2 0 7 ,4 2 6
2 20,066
2 32,840
D epr. of bldgs. & equip.
701,035
9 2 2 ,4 3 3
907,645
740,447
Canadian taxes (est.)___\
2 1 7 ,2 9 3 /
4 ,350
_______
_______
Federal taxes____________ /
\
4 2 1 ,6 5 2
2 2 5 ,6 3 0
8 0,000
Preferred dividends____
510,832
531,960
5 4 2,308
543,008
Com m on dividends_____
984,199
82 2 ,3 5 8
_______
_______
Balance, surplus______
$679 ,79 0 $ 1 ,5 4 2 ,9 9 6 $1 ,0 2 6 ,3 8 6
Total surplus____________ $3 ,7 8 7 ,7 1 4 $3 ,1 0 5 ,1 8 5 $1 ,5 3 6 ,6 8 3

$11,428
$607,588

For 6 m os. ended June 30 1926, in V . 123, p . 1390, showed:
6 M on th s Ended Jun e 30—
1926.
1925.
1924.
Grossreceipts____________________ ______ $ 8 ,5 0 9 ,5 7 9 $ 8 ,192,021
$ 7 ,923,871
R ents, concessions, & c________________
9 40,389
9 90,648
7 8 8,586
Total incom e........ ........................
$9 ,4 4 9 ,9 6 8
Expenses, & c___________________________ 7 ,5 3 9 ,1 9 8
Interest and discounts________________
2 3 9,185
Am ortization o f lease_________________
125,487
D ep recia tion ___________________________
305,173
Federal taxes___________________________
146,000
Preferred dividends____________________
2 52,799
Com m on dividends____________________
545,539

$ 9 ,1 8 2 ,6 6 9
7 ,2 1 9 ,3 4 0
260,113
106,317
351,031
154,400
2 57,292
492,641

$8 ,7 1 2 ,4 5 7
6 ,8 6 2 ,8 3 8
284,465
103,618
46 3 ,6 5 4
127,000
266,516
411,235

$2,733,121

600,000

R E P O R T .— For year ended July 31 1926, in \ . 123, p . 990, showed:

N e t income for y e a r .. ____________
Com m on dividends .

___

Balance, surplus____________________

Su rplu s_______________________________
$296,587
$341,435
$193,131
Profit and loss surplus_________________ $4 ,0 7 7 ,0 8 8 $3 ,4 4 9 ,3 5 8 $ 1 ,755,319
O F F IC E R S .— Pres., M arcus Heiman, V .-P s ., J. M . Finn, C . L . K ohl
and M . H . Singer, Sec. & Treas., B . B . Kahane, A sst. Sec., O . R . M cM a h o n .
Office, State-Lake B ld g ., Chicago. N . Y . office, 1564 Broadw ay.— (V . 123,
p . 1390.)

Report for 6 m os. ended June 30 1926, in V . 123, p . 1258, showed:
Six M o n th s En ded Jun e 30—
1926.
1925.
Gross profit from operations________________________ $3,208,717 $ 2 ,787,850
Sell., ad m . & gen. exp. and loss on bad a c c o u n ts .. 2 ,0 7 0 ,5 6 9
1,816,454
D epreciation____ ______ _______________________________
2 1 7,750
220,964

O T I S E L E V A T O R C O .— Incorp. under N ew Jersey laws N o v . 28 1898
as a consolidation o f a number o f manufacturers o f elevators. The company
owns plants in Buffalo and Yonkers, N . Y . , Harrison, N . J ., and Quincy,
111., and employs about 12,000. Owns entire stock o f Otis-Fensom Elevator
C o ., L td ., o f Canada, Otis Building Trust o f Chicago, 9 9 % o f the stock o f
Companie Beige des Ascenseurs Otis o f Belgium, entire stock Otis A u fzugsN et profit from operation________________________
$920,397
$756,432
werke Gesellschaft o f G erm any, and Otis Ascensori e M ontacarichi o f Italy,
230,314
134,243
Other incom e_________________________________________
and substantial holdings in Atoliers Otis-Pifre o f France, and W aygood-O tis,
L td ., o f England, also owns entire stock o f Otis Elevator C o. o f M aine,
Total incom e________________________________________ $1,150,711
$890,675
which operates in C uba, Central America and South Am erica. The com­
Other deductions_____________________________________
91,354
71,310
pany is engaged in the manufacture, installation and erection o f elevators,
Provision for Federal taxes___________________________
129,825
100,493
escalators and elevator accessories o f all kinds. Offices and warehouses
Preferred dividends paid and declared_____________
366,275
_____ maintained in all o f the principal cities o f the United States.
are
Com m on dividends___________________________________
3 25,000
300,000
S T O C K .— The stockholders on April 28 1924 (a) changed the par value
Balance___ __________________________________________
$238,258
$418,872
o f the common stock from $100 to $50 per share, and (b) Increased the
authorized capital stock from $15,0 0 0 ,0 0 0 to $ 2 5 ,0 0 0 ,0 0 0 . N ew shares of
O F F IC E R S .— Pres., Louis Brown, V .-P . & Gen. M g r ., D . J. Brown,
common stock, par $50, were issued in exchange for the old com m on stock
Treas., H . O . Burns, Sec., W . W . Anderson. Office, Pittsburgh, Pa.
on a basis of two new shares for each $100 share held. A d iv. o f 1 0 % in
— (V . 123, p . 1258.)
eommon stock was paid June 21 1924.
O P P E N H E IM , C O L L I N S 6c C O ., I N C .— Incorp. in Delaware Sept. 10
1924 and acquired the capital stock o f the following companies: Oppenheim,
D I V I D E N D S .—
’ 12. ’ 13. ’ 14. ’ 1 5 -’ 19. '2 0 . '2 1 . ’2 2 . ’2 3 . ’2 4 . ’25
Collins & C o ., N ew Y o rk , In c ., a N ew Y o rk corporation (New York C ity
On common (cash)----------- 4
4 4?4
5
7 H 10
8
8 11 11
store); Oppenheim, Collins & C o ., Philadelphia, a Pennsylvania corpora­
On common (stock)_______ ___
__
__
___
__ 50
__
10 __
tion (Philadelphia and Pittsburgh stores); Oppenheim. Collins & C o .,
Paid in 1926: Jan. 15, 3 % , April 15, 3 % , July 15, 3 % , O ct. 15, 3 % .
N ew ark, a N ew Jersey corporation (Newark store); The Oppenheim, Col­
lins C o ., an Ohio corporation (Cleveland store); Oppenheim, Collins & C o .,
Buffalo, a N ew York corporation (Buffalo store); and Oppenheim, Collins
& C ; . Brooklyn, a N ew Y o rk corporation (Brooklyn store).
Three of the predecessor companies, to wdt: Oppenheim, Collins & C o .,
N ew York, Inc., Oppenheim, Collins & C o ., Buffalo, and Oppenheim,
Collins & C o ., Brooklyn, were consolidated into the Opco Realty C o ., Inc.
(a N ew York corporation), and thereafter all their assets, other than real
estate and insurance thereon, were transferred to the Delaware corporation.
Assets o f other Oppenheim, Collins companies, except the Philadelphia
com pany, were also transferred to the Delaware corporation. The Ohio
and Newark corporations are to be dissolved. The assets other than real
estate and insurance thereon o f Oppenheim, Collins & C o ., Philadelphia,
were transferred to the Delaware corporation after which the stock o f the
Philadelphia company was transferred to Opco R ealty C o ., In c . The Dela­
ware corporation owns all the capital stock o f Opco Realty C o ., Inc.
S T O C K .— See table at head o f page.
D I V I D E N D S .— A n initial quar. d iv. o f 75 cents per share was paid
A u g. 15 1925, same amount paid quar. to A u g. 15 1926, on N o v . 15 1926
paid $1 quar.




R E P O R T .— For 1925, in V . 122, p . 2511, showed:
1 Q93
1925.
1924.
x N e t e a r n in g s _________ $ 6 ,382,908 $ 6 ,286,510 $ 4 ,0 0 8 ,7 0 5
Preferred dividends_____
390,000
390,000
390.000
Com m on d i v i d e n d s .___
2 ,026,566
1 ,702,440
1,138,158
See x
]
Reserved for F ed’l taxes
575.000
R es’ve for pension fund .
307,906
2,125,OOo|
100.000
Contingency reserve____
1 ,3 2 5 ,000J
350,000

1922.
$3,025,244
390.000
1,138,142
360.000
100.000

Surplus________________ $2,333,437
Previous surplus________ y 5 ,348,710

$ 2 ,069,070
1,702,440

$1,45 5 ,5 4 7
1,246,892

$1,037,102
1,209,790

T otal surplus
$7,682,147
R es’ve for working capital

$ 3 ,771,510
1,772,800

$2 ,7 0 2 ,4 3 9
1,000,000

$2,246,892
1,000,000

Profit & loss, surplus. $ 7 ,682,147 $ 1 ,998,710 $ 1 ,7 0 2 ,4 3 9 $1,246,892
x After deducting allowances for depreciation, all charges for patent
expense, renewals and repairs for maintenance o f plant and equipment and
in 1925 including reserve for Federal taxes, y Including $ 3 ,350,000 reserved
for working capital.

Nov., 1926.]

M IS C E L L A N E O U S C O M P A N I E S .
[F or abbreviation s, A c ., see notes o n page 8.1

D ate
Bonds

Pacific C o a s t Co— Stock com m on $ 7 ,0 0 0 ,0 0 0 (see t e x t )______
First pref (a & d) stock $ 1 ,5 2 5 ,0 0 0 5 % n o n-cum ulatlve..
Second pref (a&d) stk $4,00 0 ,0 0 0 4 % non-cum (see text)
First mortgage $ 5 ,000,000 gold_________________ . . Ba-xxc*
Five-year gold notes redeemable (te x t)___________ O B .xxxc*

9 M o s . E n d . Sept. 30—
1926.
xN et earnings___________ x$4,252,161
_______
Reserve for Fed. taxes__
Reserve for pensions____
225,000
R es’ve for contingencies.

1925.
$ 5 ,126,856
585.000
150.000
950.000

1924.
$4,709,867
5 8 5.000
150.000

1 , 000,000

1897
1926

Par
Value

1923.
$3,44 3 ,0 0 8
470.000
75,000
475.000

O T I S S T E E L C O . ( T H E ).— O R G A N I Z A T I O N — Incorporated In
Ohio Jan. 3 1912 and acquired the Otis Steel C o ., L t d ., an English com pany,
registered in 1895. In July 1919 reorganized and acquired the Cleveland
Furnace C o. Properties comprise: (a) the Riverside W orks occupying some
850 acres, on which are 2 blast furnaces, 100 Semet-Solvay by-product
coke ovens, mills, ore docks, & c.; (6) The Lakeside works, on about 22
acres, on which are 5 open-hearth steel furnaces, mills and foundry. C om ­
bined annual capacity 360.000 tons pig iron, 2 2 8 ,0 0 0 tons plates, 84,000
tons light plates, 3 0,000 tons o f steel casting, 54.000 tons sheets, 120,000
tons strips, 3 36,000 tons coke and 250.000 tons ingots.
R e c a p ita liz a tio n P lan .
The stockholders and directors on June 30 1926 gave final approval to the
recapitalization of the com pany. This plan briefly called for the exchange
of the old outstanding preferred stock for a new issue o f prior preference
stock. Preferred stockholders were entitled to surrender their $ 8 ,830,600
old preferred stock and receive 1.3325 shares of new prior preference stock
paying 7 % dividends for each share o f preferred stock held, and in addition,
$1 75 per share in cash, equal to the dividend which had accumulated dur­
ing the quarter which elapsed since the plan was first announced to stock­
holders, thus liquidating all accumulated dividends on the preferred stock
so surrendered.
D I V I D E N D S .— On the new prior preference stock paid initial div. of
1 3 i % quar. on O ct. 1 1926. On the com m on stock (par $100) prior to O ct. 1
/
1919 paid divs. as follows:
Y e a r ............. ...................1913
1914
1915-16
1917
1918
1919
% ............... ....................... 1
1
None
1234 10 ( + 10 ext) 5
B O N D S .— A ll o f the outstanding 1st m tge. 20-year 8 % s. f. gold bonds,
Series “ A , ” and 1st m tge. 25-year 7 l % s. f. gold bonds, Series “ B , ” were
A
redeemed on A u g. 1 1926 at 1 0 7 M and int. and 1 0 2 and in t., respectively.
i
The first m tge. 15-year 6 % sinking fund gold bonds. Series “ A , ” dated
M arch 1 1926, are redeemable in whole at any tim e, or in part on any int.
date on six weeks’ notice at 105 and int. up to and including M arch 1 1931;
thereafter at 105 and int. less y % for each 12 months or part thereof
elapsed after M arch 1 1931. Secured b y a first mortgage on all the real
estate, plants, f ixtures and equipment nowTowned, and will also be secured
on any additional similar properties hereafter acquired or constructed with
the proceeds of the 1st m tge. bonds. Bonds will be f urther secured by
pledge with the trustee of the entire $150 ,00 0 capital stock (except directors’
shares) of the Cuyahoga Valley R y . A s a sinking fu n d for the series A
bon ds, the com pany will covenant to pay to the trustee an am ount in cash
sufficient to retire at the then current redemption price the following
percentages of the m aximum amount o f the series A bonds issued and ou t­
standing prior to M arch 1 1929. 2 % payable on M arch 1 1929; 3 % per
annum payable semi-annually f rom Sept. 1 1929 to M arch 1 1933, inclusive;
4 % per annum payable semi-annually fro m Sept. 1 1933 to M arch 1 1937,
inclusive; 5 % per annum payable semi-annually f rom Sept. 1 1937 to M arch
1 1941, inclusive. V . 122, p . 1037.
R E P O R T .— For 1925 showed:
Calendar Y ears—
1925
1924.
1923.
1922.
Operating profits________$ 2 ,884,119
$151,473 $ 2 ,110,756
$82,057
Depreciation_____________
720,000
763,355
350,000
_______
Operating p ro fit______ $ 2 ,164,119 loss$611,882 $ 1 ,760,756
Other income____________
159,137
175,158
114,753
Gross pro fit______________$ 2 ,3 2 3 ,2 5 6 loss$436,724
Other deductions________
918,868
1,042,417

$1,87 5 ,5 0 9
514,616

$82,057
100,399
$182,456
610,115

N etin co m e_____________ $ l,4 0 4 ,3 8 8 d f$ l,4 7 9 ,1 4 1
$ 1 ,360,893 def$427,659
Profit and loss s u r p lu s .. $2,67 9 ,4 7 4 $1,340,341 $ 2 ,876,757 $ 1 ,173,440
— 3 M o s . E n d . Sept. 30--------- 9 M o s . E n d . Sept. 30—
Period—
1926.
1925.
1926.
1925.
Manufacturing p ro fit___ $ 1 ,2 6 0 ,1 9 2
$914,571 $ 3 ,792,895 $ 3 ,139,534
General e x p ., taxes, &C2 97,109
291,775
896,706
843,581
$963,083
6 3,788

$622,796
20,542

$ 2 ,896,189
165,383

$2,295,953
70,139

Total incom e_________ $1,026,871
Interest, discount, & c ._
29 1 ,3 8 0

$643 ,33 8
243,226

$ 3 ,061,572
912,441

$ 2 ,366,092
771,059

&a
FederaUax°ese d
.eP.r. '
$735,491
$400,112 $ 2 ,149,131 $1,59 5 ,0 3 4
O F F IC E R S .— Chairm an, W illia m G . M ather; Pres., E . J. Kulas; Sec.,
H . B . M iller; Treas., L . K em per. O ffice, 3341 Jennings R oad, Cleveland.
— (V . 123, p. 2148.)
O W E N S B O T T L E C O . (T H E ) .— O R G A N I Z A T I O N .— Incorp. In Ohio
on D ec. 16 1907, succeeding a N ew Jersey corporation o f the same name
incorp. Sept. 3 1903. The word “ M ach in e” was dropped from name in
M a y 1919. V . 108, p . 2027. Owns the U . S . rights to use and license other
manufacturers to use the Owens bottle-m aking machine, the patents cover­
ing which are held by the Toledo Glass C o ., an Ohio corporation. Plants
are located at Toledo, Cincinnati and New ark, Ohio; Huntington, Fair­
m ont, Clarksburg and Charleston, W . V a .; Evansville and Loogootee, In d .;
Streator, 111.; Glassboro, N . J ., and Okmulgee, O kla.
O utput includes
bottles for catsup, chili sauce, salad dressings, syrups, perfum e, proprietary
medicines, druggists’ bottles, & c. In July 1917 purchased property of
Kanaw ha M fr s . Gas C o. and July 1 1918 the W h itn ey Glass W orks. On
Jan. 1 1926 the C has. B oldt Glass C o. was consolidated. V . 121, p . 3015.
Other purchases, V . 109, p . 773; V . 118, p . 1279.
S T O C K .— The preferred stock is entitled to cumulative pref. dividends of
7 % per annum; to priority as to assets to its par value plus accrued dividends;
and is subject to redemption, all or part, at 115 and divs. on 90 days’ notice.
D I V I D E N D S .— On O ct. 1 1916 paid on common shares regular 3 %
and an extra 8 % . V . 103, p . 1122. From Jan. 1 1917 to Jan. 1918,
in cl., paid 2 0 % p . a ., incl. for each quar. regular 3 % and 2 % extra. In
A p ril, July and O ct. 1918 paid regular quarterly 3 % in cash and extra
divs. o f 2 % on the common stock in Second Liberty Loan 4s at par. Jan.
1919 to A p r. 1921 paid 3 % quar.; July 1921 to Jan. 1923 paid 2 % quar.;
A p r. 1923 paid 2 % quar. and 1 % extra; July 1923 to Jan. 1927, paid 3 %
quar.; also paid 4 % extra in Jan. 1926 and 8 % extra in Jan. 1927. Also
paid stock divs. as follows: July 1, 1920 5 % ; June 1 1921, 5 0 % ; Jan. 1
1926, 5 % ; Jan. 1 1927, 5 % .




A m ount
O utstanding

$100
100
100
1,000
100
5 0 0 ,1 0 0 0

N et income___________ $4,027,161
$ 3 ,441,856 $2 ,9 7 4 ,8 6 7 $ 2 ,423,008
x N et earnings after all charges, maintenance and depreciation, and also
Federal taxes in 1926.
O F F IC E R S .— Chairman, W . D . Baldwin; Pres., J. H . Van Alstyne:
Sec. & A sst. Treas., T . M . Logan, Treas., R . H . Pepper, A u d ., C . K . K irkbride. Office, 11th A v e . between 26th and 27th S ts., N ew Y o rk .— (V . 123,
p . 2005.)

Operating p rofit______
Other income____________

217

INDUSTRIAL STOCKS AND BONDS
W h en
P ayable

Rate
%

$ 7 ,000.000 See text
1,525.000 See text
4 .0 0 0 .
000
See text
5 K
5 .0 0 0 . 000
4 0 ,000,000 See text
17,500,000
534 g

Last D ivid en d
and M a tu rity

Places W here In terest and
D ividends a re P ayable

N ov 1 1920 1 % Bankers Trust C o , N Y
See text N o v 1 1 9 2 6 1 H
do
do
See tex t N o v 1 1926 1 %
do
do
J
k
V J u n e l 1946
do
do
D ec 1 ’25, 75c.
F & A Feb 1 1931
Lee.H igg’n & C o ,B os, &c

R E P O R T .— For 1925 showed:
Calendar Y ears—
1925.
M fg . p rofit and royalties $ 7 ,489,282
Other incom e____________
734,575

1924.
$5,643,463
1,025,508

1923.
$ 5 ,064,738
1,037,236

1922.
$4,644,031
1,576,609

Total incom e___________ $8,22 3 ,8 5 6
Expenses, & c., ch arges-- $ 2 ,314,173
Federal ta x ______ _______
858,633

$6,668,971
$2,558,927
399,500

$ 6 ,101,974
$2,161,411
3 80,000

$6,22 0 ,6 4 0
$ 1 ,989,978
675,800

N e tp r o fit----------------------- $ 5 ,051,051
Preferred dividends_____
575,360
Com m on dividends--------- 2 ,6 4 3 ,5 5 4

$ 3 ,710,544
608,031
1,981,909

$3,560,563
622,167
1,981,944

$ 3 ,554,862
637,760
1,3 2 3 ,1 5 8

Balance, surplus______$ 1 ,8 3 2 ,1 3 7 $ 1 ,120,604
$956,452 $1,59 3 ,9 4 5
Profit and loss, s u rp lu s -. $ 8 ,2 0 4 ,8 9 2 $ 6 ,471,718 $5,970,391 $ 4 ,923,282
R esults fo r Three and N in e M o n th s En ded Sept. 30.
— 3 M o s . E n d . Sept. 30— — -9 M o s . E n d . S ept. 30—
P eriod —
1926.
1925.
1926.
1925.
M fg . profits & royalties. $2 ,2 8 8 ,0 1 9 $ 2 ,263,300 $7,17 0 ,5 9 4 $ 6 ,245,304
Other incom e___________
26 ,4 7 8
107,565
395,140
312,849
$2,37 0 ,8 6 5 $ 7 ,5 6 5 ,7 3 4
$ 6 ,5 5 8 ,1 5 ? •
Total incom e___________ $2 ,3 1 4 ,4 9 7
Operating expenses, & c636,679
588,000
1 ,886,064
1 ,670,815
Estim ated Federal taxes
235.100
242.600
7 90.400
6 3 3 ,8Q0
N e t p r o f i t .. . __________$ 1 ,4 4 2 ,7 1 8 $ 1 ,540,267
$4,88 9 ,2 7 0 $ 4 ,253,538
O F F IC E R S .— Chairm an, W m . S. W albridge: Pres. & G en. M g r ., W . H .
Boshart: V .- P ., W illiam Ford; V .- P ., Charles B old t; Sec., F . L . Geddes;
Treas., H . W . Carter; A sst. Sec. \ A sst. Treas., J. H . M cN ern ey .
O ffice,
Toledo, Ohio.— (V . 123, p . 2530.)
P A C IF IC C O A S T C O M P A N Y (T H E ) .— This com pany owns all the
securities of Pacific Coast R R . (old C ol. & Puget Sound R R .) , Seattle to
Franklin, W a s h ., & c., with branches, 57 miles; Pacific Coast R y . (narrow
gauge). Port San Luis, C a l., to Los Alivos, & c ., with branches, 103 miles;
Pacific Coast Coal C o ., owning Franklin m ines, with 3 ,8 5 0 acres at Frank,
lin, W ash ., Black Diamond mines, with 4 ,6 7 0 acres at Black Diamond
W ash ., Newcastle mines with 2 ,5 2 0 acres at N ew castle, W a s h ., Issaquah
mine with 1,600 acres at Issaquah, W a sh ., and South Prairie mine, with
1,140 acres at Burnett. W a sh ., and coal-handling plants at Seattle, Tacom a
and Portland, Ore. During 1924 acquired the Carbonado mine, located in
the vicinity o f the com pany’s South Prairie m ine.
D I V S .—
( T 3 . T 4 . '15. T 6 . T 7 . '18. T 9 . ’20. ’ 21 '2 2 .- ’2 3 . ’24. '25
C om m on ___% {
6
2
0
4
4
2
5
4
0
0
0
0
First pref - _ %
5
5
5
5
5
5
5
6
3H
0
2)4 5
Second pref. % [ 6
4
4
5
4
4
4
4
2
0
0
1
After 4 % on 2d pref. and co m ., these share equally. V . 92, p . 122.
The com m on div. was resumed Feb. 1 1917 at 1 % qu ar., which rate was
paid to and including N o v . 1 1919; thereafter none until A u g. 2 1920, when
1 % was paid; N o v . 1920, 1 % ; none since.
N o payments were made on 1st pref. from A u g. 1921 (when 1 M % quar.
was paid) until Oct. 1 1924, when 2 3 4 % was paid; on Feb. 1 and A u g . 1
1925 paid 2 3 4 % ; Feb. 1 1926 to N o v . 1 1926 paid 1 3 4 % quar. D iv s. on
second preferred were resumed on N o v . 2 1925, when 1 % was paid, this
being the first paym ent since M a y 1921; same amount paid quar. to N o v . 1
1926.
R E P O R T .— For 1925, in V . 122, p . 2809 , showed:
--------Calendar Y ea rs-------- 6 M o s . E n d . Y e a r Ended
P eriod—
1925
1924.
D e c . 31 ’2 3 . J u n e 3 0 '2 3 .
Gross earnings____________ $ 5 ,793,632
$ 5 ,6 7 0 ,3 7 2 $2 ,6 7 9 ,7 7 0 $6,02 1 ,5 1 6
Operating expenses, & c .
5,092,591 4,9 7 9 ,3 8 5
2 ,3 9 3 ,9 7 5
5,580,461
T axes_____________
170,205
163,258
108,506
188,172
N et earnings__________
Other incom e__________

$530 ,83 5
2 4,635

$527 ,72 9
2 5,483

$177 ,28 9
9,255

$252,883
16,908

$555 ,47 0
$553 ,21 2
T otal net income______
D ed uct—
Interest on bonds_______
$250 ,00 0
$250 ,00 0
Interest on notes_______
1,650
4 ,9 5 0
Accrued discount_______
18,481
_______
General interest (net)___
_______
13,322
D iv . on first p r e fe r r e d ..(5 % )7 6 ,2 5 0 (234)38,125
D iv . on second preferred (1 % ) 4 0 ,000
_______

$ 186 ,54 4

$269,791

$125 ,00 0
3 ,3 0 0
_______
2 0,579
_______
_______

$250,000
9,900
_______
50,214
_______
_______

Balance, surplus______

$169,089
$246,815
$37,664 def$40,323
— Q uar. E n d . Sept. 30----------9 M o s . E n d . Sept. 30—
Period—
1926.
1925.
1926.
1925.
Gross earnings___________ $1 ,1 7 1 ,7 8 7 $1,418,001
$3,683,343 $ 4 ,315,220
N e t, after expenses______
$ 100 ,46 8
$135 ,28 9
$262,909
$348,093
O F F IC E R S .— Chairman, W m . M . Barnum , N . Y . ; Pres., W alter
Barnum, N . Y . ; V .-P . & G en. M g r ., E . C . W ard , Seattle; Sec. Sc T reas.,
John H . K elly, N . Y . Offices, 2 50 Park A v e ., N ew Y o rk , and 508 Second
A v e ., Seattle, W ash .— (V . 123, p . 2530 .)
P A C IF IC M I L L S — O R G A N I Z A T I O N .— Incorp. under laws o f M assa
chusetts in 1850. Products consist o f cotton, wool, silk and rayon goods,
including finished fabrics for m ost women’s and children’s clothing from
lingerie to dresses and suits; for m en’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 com pany’s sheetings are
made up in its Lym an plant into finished sheets and pillow cases. Plants
at Lawrence, M a ss., D over, N . H ., and Columbia and Lym an, S. O . T h e
mills contain 663,680 cotton and worsted spindles and 16,212 loom s. 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 com pany’s own
mills and two-thirds purchased.
S T O C K .— See table at head o f page.
N O T E S .— The 5-year 534 % gold notes are callable on 60 days’ notice as
a whole at any tim e or in part on any interest date at 102 during first two
years, at 101 during next two years, and at 100)4 the last year, plus interest
in each case. V . 122, p . 1038.
D I V I D E N D S .— The directors on Feb. 1 1926 voted to om it the quarter­
ly dividend usually due on M arch 1. From June 1925 to D ec. 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 tim e since 1883 that
the company failed to declare a dividend on the stock.
R E P O R T .— For 1925, in V . 122, p . 761, showed:
Calendar Y ears—
1925.
1924.
1923.
x l9 2 2 .
N et sales_________ _______ $52,740,931 $39,683,113 $44,8 1 0 ,1 5 8 $27,6 9 5 ,2 8 4
Cost o f goods sold............. 49,83 1 ,3 3 7 3 9 ,541,103 3 8 ,8 5 6 ,2 5 4 24,57 9 ,6 8 6
N et operating p r o f i t .. $2 ,9 0 9 ,5 9 4
$142,010 $5 ,9 5 3 ,9 0 4 $ 3 ,115,598
Plant depreciation______ $ 1 ,384,562
$1,243,137 $ 1 ,242,483 $ 1 ,268,358
Interest---------------------------1,079,784
767,364
902,999
477,533
Inventory mark d o w n ..
966,068
398,379
117,509
15,112
yD ivs. paid during yr. (3 M) 1,500,000 (6)2,400,000 (6 )2 ,400,000(12)2400 ,00 0

Balance, deficit.

$2,020,820

$4,666,870 sr$l,290,912

$1,045,406

218

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S .
[F or abbreviation s, A c . , see notes o n page 8]

Date
Bonds

P ackard M otor C ar Co— C om m on stock $50 000,000 au th .
P a ig e -D e tr o it M otor C ar C o— C om stk 1 ,000,000 sh auth
Pref (a & d) stock 7 % cum red (see text) $3 ,0 0 0 ,0 0 0 auth
Serial deben g due $ 5 0 0 ,0 0 0 s-a red (text)_______D D .zzc*

1924

P an A m er P etrol & T r a n s p o r t — Com stk $ 5 5 ,0 0 0 ,0 0 0 ------Class B non-voting com stock $ 1 5 0 ,0 0 0 ,0 0 0 ________________
First lien 10-yr marine equip conv bonds red 105 Colkxxxxc*
10-yr conv s f gold bonds red (text)___________________kxxxc

1920
1924

Par
Value

50
50
500 &c
100 &e

$7,12 6 ,0 6 2 $12,205 ,893
2 ,2 1 8 ,4 9 5
2,5 5 8 ,3 7 5
648,715
590,699
424,848
912,804

889.022
2 ,000,000

$9,64 8 ,2 8 9

$3,40 4 ,0 6 4

$ 5 ,684,934

2,542,791

1,401,110

1,396,945

.$15,843,586 $12,191,081
9,488,443
. 15,170,338

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

$ 7 ,081,879
17,004,438

$ 1 3,206 ,756
2 ,6 3 6 ,8 3 0

T o ta l surplus_________ $ 3 1 ,013 ,924 $21,679 ,524 $ 1 3,481 ,197 $ 2 4,086 ,317
Preferred dividends____
_______
1,140,331
1,029,322
686,993
C om m on divs. (cash)
x 8 ,302,221
2 ,8 5 2 ,4 2 4
2,495,871
4,7 4 6 ,0 4 6
R a te ___________________
(3 1 % )
(1 2 % )
(1 0 ^ % )
(2 0 % )
Stock______________( 2 5 % ) 6 ,273,400
...( 1 0 0 ) 1 1 ,8 8 5 ,1 0 0
Prem . on pref. stock red _
_______
1,076,147
Profit & loss surplus. .$ 1 6 ,4 3 8 ,3 0 3 $ 1 5 ,170 ,338 $9,48 8 ,4 4 3 $ 8 ,676,024
x Includes dividends payable Sept., O ct., and N o v . 1926, amounting to
$ 1 ,8 0 2 ,5 5 8 , or 6 % .
O F F IC E R S .— Pres. & Gen. M g r ., A lvan M acauley; V .- P ., R . A . Alger;
Sec.. M . A . Cudlip; T reas., Richard P . Joy. Office, D etroit.— (V . 123,
p . 2 386 .)
P A 1 G E -D E T R O IT M O T O R C A R C O .— Incorp. under laws of M ich.
Sept. 28 1909. M anufactures the “ Paige” and “ Jewett” automobiles.
Plants are located in D etroit, M ic h ., and W alkerville. Ont.
S T O C K .— Pref. stock is redeemable as a whole or in part at 105 up to
O ct. 1 1939, on which date the issue is to be redeemed at par. Annual
ranking fund 1 0 % o f net earnings after taxes and pref. divs.
D I V I D E N D S .— Paid in 1925: Jan ., 30c .; April. 30c. and 2 )4 % in stock;
July, 30c. and 1 0 % instock ; O ct., 35c. Paid in 1926: Jan ., 45c .; April, 45c.
Ju ly, 45 c .; O c t., 45c.
B O N D S .— The serial debenture gold 6 Mis are redeemable in whole or
I n p a r ta t 102 an d in t. to June 1 1926; thereafter at 101 an d in t. to D ec. 1 ’26.
R E P O R T .— For 1925, in V . 122, p . 2 809 , showed:
Calendar Y ea rs—
1925.
1924.
1923.
Sales, less returns— cars, parts, & c.,
including inter-com pany sales______$62,7 6 3 ,7 8 7 $57,6 7 9 ,2 5 9 $ 6 3,401 ,420
C ost o f sales, incl. inter-co. costs____ 55,208,061 50,47 3 ,7 7 3 5 5 .123,106
Gross profit___________________________ $7 ,5 5 5 ,7 2 6 $ 7 ,2 0 5 ,4 8 6 $8 ,2 7 8 ,3 1 4
4,611,861
Selling, administrative &general exp_
4 ,7 0 5 ,8 5 3
4 ,714,861
C r. 108,588
Miscellaneous (net)____________________ D r . 67,007
C r. 1,305
149,414
Interest_________________________________
x
300,320
3 04,978
Depreciation____________________________
x
357,058
434,912
Reserve for Federal income ta x _______
345,000
246,467
185,024
Preferred dividends____________________
153,014
162,856
480,000
Com m on dividends____________________
905,357
720,000
Balance, surplus____________________ $ 1 ,379,492
$705 ,22 9 $ 2 ,220,713
x N o t shown separately, included in expenses.
O F F IC E R S .— Pres., H arry M . Jewett; 1st V .-P ., F . L . Jewett; Sec.,
Sherwin A . Hill; T reas., Gilbert W . Lee. Office, D etroit, M ic h .— (V . 123,
p . 723.)
PAN A M E R IC A N E A S T E R N P E T R O L E U M C O R P .— See Pan Am eri­
can Petroleum & Transport C o . below:
PAN A M E R IC A N P E T R O L E U M & T R A N S P O R T C O .— O R G A N I Z A
T I O N .— Incorporated under laws of Delaware, Feb. 2 1916. It is a holding
company and in addition owns and operates a fleet of oil carrying steamers.
Subsidiary C om p a n ies.— The following is a list of the subsidiary companies
whose accounts are consolidated with those of the parent company and the
percentages of stock of the respective subsidiary companies held by the
parent company:
Pan Am er. Petroleum C orp_____ 1 00%
Tuxpam Petroleum C o ___ '__100%
Tamiahua Petroleum C o -------1 00%
Caloric C o ----------------------------------- 8 1 %
M exican Petrol. Corp. of L a _ 1 0 0 %
M exican Petroleum C o ., L t d .. 9 8 %
Mexican Petroleum C o rp _ g l0 0 %
Subsid. of M ex. Petrol. O o ., L td .—
Subsid. of M exican Petrol. C orp.—
M e x . Petrol. C o. (C a lif.). -9 9 H %
Boston Harbor Oil C o ____ 100%
Huasteca Petroleum C o _____ 100%
In addition, the investment of the company in stocks o f other companies
Is as follows:
American Oil C o ----------------------------------------------------------------------------------- $ 1 ,750,000
L ago Oil & Transport Corp--------------------------------------------------------------- 10,000,000
M iscellaneou s--------------------------------------------------------------------------------------162,562




W hen
P a yable

Last D ividend
and M a tu rity

Places W here Interest aa<
D ivid en d s are P a yable

D etroit
Feb 28 1927 2 "t
O ct 1 1926 45c
__
O ct 1 1926 l h
/F irst N a t B k , D etroit,
June 1927
\or Equit T r C o , N Y
50,077,950 See text Q -J 20 Oct 20 ’26 3 % New York
87,73 8 ,1 0 0 See text Q-J 20 O ct 20 ’26 3% New York
New York
F & A Aug 1 1930
3,7 4 9 ,5 0 0
7 g
Blair & C o . N Y
M & N N o v 1 1934
1 0 ,553,400
6 g

—

Gross profit__________ $16,7 7 3 ,6 3 2 $ 1 1 ,808 ,648 $ 6 ,122,127 $11,348 ,534
O therincom e____________
1,035,161
1,070,433
1 ,003,936
857,360

branches and subs____ .

B ate
%

$10 $30,042 ,640 See text.
Mo
N one 676,474 s "s See text
Q— J
100
7
1,948,000
Q— J
J
& D
1,000
500,000

Sales—
Cotton (y d s .)____________.2 9 7 ,6 1 2 ,8 5 8 2 1 2 ,960 ,568 2 1 3,896 ,810 148,796,421
W orsteds (y d s .)__________ 17,356,122 16,215,845
21,116,403 13,185 323
Yarns (lb s.)______________
37,1 8 5
1,634
110,804
206,728
x A strike o f seven m onths duration occurred in the northern plants in
1922. y Dividends o f 1922 on $ 2 0 ,000 ,000— 100% stock dividend paid in
D ec. 1922. Subsequent dividends on $40,000 ,000 o f stock.
6 M o s . E n d . Jun e 30—
1926.
1925.
1924.
1923.
N e t sales________________ $ 2 3 ,5 2 6 ,8 6 6 $ 2 7,795 ,502 $17,1 2 2 ,6 8 5 $25,045 ,282
N e t profit after expenses,
depreciation, & c______
22 7 ,5 9 4 5 3 0 ,3031ossl,368,930
2 ,759,485
O F F IC E R S .— Pres., Kobert F . Herrick; V .-P ., M alcolm Donald; Treas,.
Edwin Farnham Greene; A sst. T reas., A lfred E . Colby; Clerk, W illiam G .
Sm ith. O ffice, 24 Federal S t., B oston, M a ss.— (V . 123, p . 591.)
P A C IF IC O IL C O .-— See Standard Oil C o. o f California below.
P A C K A R D M O T O R C A R C O .— O R G A N I Z A T I O N .— Incorp. in M ich.
Sept. 1 1909 as successor o f W e s t Virginia co. of same nam e. Plant at
Detroit.
S T O C K .— A ll of the outstanding preferred stock was redeemed on
Aug. 31 1925 at 110 and divs.
Th e stockholders on N o v . 12 1925 increased the authorized common stock
from $ 3 0 ,0 0 0 ,0 0 0 to $ 5 0 ,0 0 0 ,0 0 0 , par $10. A 10% stock dividend was
paid on D ec. 1 1925 and a 1 5 % stock dividend was paid on A u g . 31 1926.
D I V I D E N D S .— On pref. in full to date. On common as follows:
F isca l years ended A u g . 31—
T 1 -T 3 . T 4 . T 5 . T 6 . T 7 . T 8 . T 9 . ’ 20. ’ 21. ’ 2 2 . ’ 23. ’ 24. ’25- ’ 26.
C a s h ..
0
0
0 5M 7 X
6 13 1 2 f i 2Y*
0 13 12 20 25
S t o c k ..
...
40
. 60
.. ..
..
..
. . 100 . .
. . 25
Sept. 30 1926 to Feb. 28 1927 paid 20 cents m onthly.
R E P O R T .— For year ending A u g . 31 1926, in V . 123, p . 2408.
Y e a rs E n d . A u g . 31—
1925-26.
1924-25.
1923-24.
1922-23.
Sales— Carriages, trucks,
parts, marine & avia­
tion engines___________ $ 7 7 ,363 ,954 $60,475 ,989 $46,0 0 3 ,6 7 9 $55,6 7 0 ,4 6 5
C ost o f sales_____________ 60,59 0 ,3 2 2 48,667,341
39 ,8 8 1 ,5 5 2 44,321,931

Gross incom e__________$ 1 7 ,8 0 8 ,7 9 4 $12,879,081
Sell., gen. & adm. e x p ..
2 ,9 1 7 ,6 9 7
1,960,195
Federal taxes____________
1,6 8 4 ,3 4 0
1,270,598
In t. on borrowed m on e y.
_______
_______
Proportion o f bond dis­
count and expense____
_______
_______
Contingencies___________
_______
_______

A m ou n t
O utstanding

[V ol. 123,

_ __

The stockholders on N o v . 8 1926 approved a proposal offering the minority
stockholders of the Lago Oil & Transport C orp. one share of class B stock of
the Pan American com pany in exchange for every 3 shares o f Lago stock.
S team ships.— The fleet o f oil carrying steamers owned by the company
consists of 31 vessels o f a dead weight tonnage of 272.500 tons and carrying
capacity o f 1,800,000 barrels. These vessels are leased to the Huasteca
Petroleum C o. and together with six vessels leased from outsiders, are
employed in transporting the companies’ oil from Tam pico, M exico, Destrehan. L a ., and Los Angeles, C alif., to the various stations of the companies,
located principally along the Atlantic and G u lf coasts of the United States
and in Panama and South America
M exico P ro p erties.
Oil L a n d s.— Through the subsidiaries of the Mexican Petroleum C o .,
L td . (principally the Huasteca Petroleum C o ., Mexican Petroleum C o.
(C a lif.), Tuxpam Petroleum C o. and Tamiahua Petroleum C o .), it owns or
leases approximately 1,500,000 acres located principally in the Tam pico
district. These lands have produced upwards of 3 3 3.000 ,000 barrels o f oil,
the production for the year 1925 being approximately 3 7 ,400,000 barrels.
P ip e L in es.— There is owned and operated approximately 600 miles of
pipe lines with a capacity of 130,000 barrels per day. carrying oil from the
southern fields to Tam pico and, in addition, 40 miles of pipe lines carrying
oil of 30,000 barrels per day from the Panuco fields to Tam pico. The
capacity of the pipe lines from the Panuco fields is being increased to 9 0,000
barrels per day.
R efin eries.—-There is owned and operated at the Terminal (Tampieo) a
complete refinery with a capacity of 130,000 barrels of crude per day.
Other P rop erties.— In addition to the foregoing properties, there are
owned in Mexico storage facilties of approximately lO,OOO.OO0 barrels; a
railroad 40 miles long running from San Geronimo to Cer-o Azul, together
with necessary shops, warehouses, camps, dwellings, facilities for loading
four 10,000-ton tankers at one tim e, compressor plants, tank cars, & c.
U n ited S ta te s P rop erties.
R efin eries.— There is owned and operated at Destrehan, L a ., through the
Mexican Petroleum C orp. o f Louisiana a refinery with a capacity o f aproximately 30.0 0 0 barrels per day.
M arketing F a cilities.— The fuel oil distributing stations are located at
Baltimore, M d ., Portland, M e ., Chelsea, M a s s ., Providence and East
Providence, R . I ., Carteret (New York H arbor), Passaic, N . J ., N orfolk,
V a ., Jacksonville and T am pa, F la ., N ew Orleans, L a ., and G alv esto n ,T ex .
In addition, there is leased and owned gasoline and kerosene bulk and service
stations, operated in M ain e, N ew Ham pshire, M assachusetts, Rhode Island,
Connecticut, N ew Y o rk , N ew Jersey, Virginia, G eorgia, Florida.Tennesee
and Louisiana. There is also owned some 1,700 tank cars.
S o u th A m erican P ro p erties.
la rk etin g F a cilities.— Through the Caloric C o ., marketing stations are
operated at Rio de Janeiro, Santos, Para, Pernambuco and Bahia, Brazil.
The Mexican Petroleum C o. operates stations at Buenos Aires, Argentine.
M ontevideo, U ruguay, and Cristobal, C . Z .
S u b s id ia ry C o m p a n ie s .
P a n A m e r ica n Petroleum C orp .— Incorporated N o v . 5 1923 in Delaware.
Authorized capital, $ 1 00 ,00 0. Operates bulk and service stations in
Georgia and Tennessee.
C aloric C o.— Incorporated O ct. 4 1911 in N ew Y o rk . Authorized capital.
$ 2 ,0 0 0 ,0 0 0 . Operates marketing stations in Brazil.
M e x ic a n Petroleum C o ., Lid.— Incorporated Feb. 16 1907 in Delaware.
Authorized capital, $ 6 0 ,0 0 0 ,0 0 0 . A holding com pany.
M e x ic a n Petroleum Co. o f C a lifo rn ia .— Incorporated D ec. 20 1900 in Calif.
Authorized capital, $ 1 0 ,0 0 0 ,0 0 0 . Produces, refines and markets oil.
H u asteca P etroleum C o .— Incorporated Feb. 12 1907 in M aine. Authorized
capital, $ 1 5 ,0 0 0 ,0 0 0 . Produces, refines and markets oil.
Tam iahua Petroleum C o .— Incorporated O ct. 3 1906 in M aine. Autho­
rized capital, $1 ,000 ,0 0 0 . Owns M exican oil lands.
T u xpam Petroleum C o .— Incorporated June 26 1906 in M aine. A u ­
thorized capital, $ 1 ,0 0 0 ,0 0 0 . Owns M exican oil lands.
C h a n g e In C o n t r o l.
Control o f the com pany passed April 1 1925 to the Standard Oil C o. of
Indiana, Blair & C o ., In c ., the Chase Securities Corp. and their asso­
ciates when Edward L . D oheny signed a contract for the sale o f 501,000
shares of the voting stock of the com pany.
Control passed to the Standard Oil o f Indiana interests through the
Pan American Eastern Petroleum C o rp ., organized in Delaware, M arch 26
1925. I t is this com pany that acquired the Pan American stock from
M r. D oheny. Com pare Standard Oil C o . o f Indiana below and V . 120,
p. 1757.
The Pan American W estern Petroleum C o . was incorporated in Delaware
M a y 7 1925 with an authorized capital of 1 ,000,000 shares of no par value,
divided into 2 00,000 shares of Class “ A ” stock and 800,000 shares o f Class
“ B ” stock.
Th e new company was organized to take over the California and other
Western properties of the Pan American Petroleum & Transport C o .
(see below)
S T O C K .— On O ct. 22 1919 $ 7 0 ,0 0 0 ,0 0 0 o f the $125 ,0 0 0 ,0 0 0 auth. cornstock was made Class B com . with no voting power but in all other respect!
having the same rights, & c., as the other com . The initial block o f thii
Class B was offered till D ec. 22 1919 at $100 per $50 share to all stockholders
o f record N o v . 25 in am ounts equal to 1 0 % of holdings. T h e authorized
C lassB com . stock was increased to $ 1 5 0 ,0 0 0 ,0 0 0 in Jan. 1923. V .1 1 6 , p .420.
Holders o f stock of Pan American Petroleum & Transport C o ., whether
Class A or Class B , of record A u g . 19 1925 were offered the right to sub­
scribe at $23 50 a share for one share of Class B common stock o f P a n A m e r i­
can W estern Petroleum Co. for each seven shares of stock of Pan American
Petroleum & Transport C o . o f either class registered in their names.
V . 121, p. 849.
D I V I D E N D S ,— On com N o , 1 , 1 H % , O ct, 10 1917' Jan. 10 1918, I H % .
April 1918 to July 1919 paid each quar, 2 H % , half in Liberty bonds, O ct,
1919 to Oct. 1922 paid 3 % quar.; Jan. 1923 to Jan. 1924 paid 4 % quar.;
Apr. 1924 to Jan. 1925 paid 2 % quar.; A p r. 1925 to O ct. 1926 paid 3 % quar.
Also paid 1 0 % in Class B stock in July 1920, 2 5 % in Jan. 1923 and 2 0 % in
Feb. 1923. On com . B initial div. o f 3 % paid Jan. 10 1920; 3 % paid Apr. 10
1920. In July 1920 paid 3 % in cash and 1 0 % in Class B stock. V . 110, p.
2493. O ct. 1920 to Oct. 1922 paid 3 % quar. in cash; D ec. 11 1922 paid 2 5 %
in com . B stock; Jan. 1923 paid 4 % in cash; in F eb. paid 2 0 % in com. B
stock; April 1923 to Jan. 1924 paid 4 % quar.; April 1924 to Jan. 1925
paid 2 % quar. in cash; A p r. 1925 to O ct. 1926 paid 3 % quar. in cash.
B O N D S .— The first lien 10-year marine equipment bonds are a first mtge.
on a fleet of 10 steel tank steamships aggregating about 100,670 tons dead
weight capacity, providing marine transportation facilities for the Mexican
Petroleum C o ., L t d .. of Delaware. Convertible into Class B common stock
at $145 per share— that is, at the rate of $2,900 of bonds for $1,000 of
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 of $106.45 value of bonds for 1 share of com m on Class “ B " stock.

Nov., 1926.]

INDUSTKIAL STOCKS AND BONDS
D ate
Bonds

M IS C E L L A N E O U S C O M P A N IE S .
1 o r abbreviations, A c . , see notes on page 8.]
F

P an A m W e s te r n P e trole u m C o- C l A stk 2 0 0,000 sn au m
—
Class B stock 8 00,000 shares authorized
1925
Pan Am er Pet Co of Calif 1st mtge s f g bonds convert and
red (text).
.
.k xxx c*
P a n h a n d le P rodu cin g & R e fin in g — C om stock 300,000 sh.
Pref (a & d) cumul convertible (s.f) $4,000,000 call 110 . .
Debenture 8 f gold bonds _______ __

___ __

..

_xc

1925

1906

P ar
Value

A m ount
O utstanding

Rate
%

W h en
Payable

Last D ividend
ann M a tu rity

319
Places W here In terest and
D ividends are Payable

N one 100.000 shs See text
Q— J30 O ct 30 '2 6 , 50c
N one 40 0 .0 0 0 shs See text
Q— J30 O ct 30 ’2 6 , 50c
J
&
J Jan 1 1940
6 g
$ 1 1,250 ,000
J
$100 &c 15.000,000
6 g
None .198.770 shs.
100
2 ,8 0 7 ,7 0 0 See text
N one 2 00.000 sh.
J
500 &c $2,12 0 ,0 0 0
6 g

&

D D ec 15 1940

Blair & C o, N Y ; & Los A

July 2 1923 2 % Irv B k & T r C o , N I
&

D Ju n el 1936

M ech & M e t N a t B k .N T

R E P O R T .— For 1925 showed:
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
In com e A cco u n t f o r Y ea r Ended D ec. 31 1925.
or before April 30 1929, and thereafter at 103 and in t., less J4 % for each
Gross sales___________________________________________________________ $28,583 ,179
6 months or part thereof elapsed after said date. Convertible into the com ­
Operating and other costs________ __________________________________ 19,150,428
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 of stock (20 shares of $50
Profit from operations___________________________________________ $9,432,751
par value each) with provision for reduction o f the conversion rate if under
Deprec. & deple., $ 2 ,940,675; aband. o f props., $648,370: to ta l. 3 ,589,045
certain conditions additional common stock or Class “ B ” common stock
Gen. and adm. exp., $700 ,04 7; in t., $528,125; prov. for Fed. tax,
(other than 200,000 shares and any stock issued in exchange for Mexican
1,611,096
$382,924; total___________________________________________________
Petroleum C o. stock), shall be issued or sold at prices lower than $70 per
share. Com pany will covenant to retire l-1 0 th o f these bonds in each year,
N et profit_______________
______________ $ 4 ,2 3 2 ,6 0 9
the first installment to be payable on N o v . 1 1925; the sinking fund pay­
Q u a r. E n d . 9 M o s . E n d
ments to be payable sem i-ann. thereafter on M a y 1 and N o v . 1. Com pany
P eriod —
Sept. 30 ’26. Sept. 30 ’26
Is to be credited on its sinking fund obligation with bonds retired by con­
Gross sales_________________
. $9,393,111 $ 2 5 ,815 ,870
versions. Com pany m ay anticipate its sinking fund installments. V .
Operating costs, & c______
. 7 ,4 1 7 ,9 8 2
19,226,251
119, p. 1744.
Depreciation & depletion
920,054
2,5 9 3 ,7 8 5
R E P O R T .— For 1925 showed:
Expenses___________________
174,605
551,896
Calendar Y ears—
1925.
1924.
1923.
1922.
Interest____________________
4 31,540
1,222,549
Profit from o p e r a t io n ...$41,973 ,196 $29,721,151 $32,412 ,906 $ 4 8,049 ,737
Federal tax________________
_______
145,341
D educt— Interest, & c___
79,221
1,586,610
809,962
1,108,622
D ividends_________________
250,005
750,015
Depreciation, & c______ 10,053,519
10,577.180
8 ,359.269 10,785,178
Federal taxes_________
4,0 0 0 ,0 0 0
2 ,2 5 0 ,0 0 0
2 ,5 0 0 ,0 0 0
4,5 8 0 ,0 0 0
$198 ,92 5 $1,326,033
Balance, surplus____________________________________
A p pl. to min. interests
504,462
122,289
391,288
________
O F F IC E R S .— Pres., Edw . L . D oheny; V .- P ., E . L . D oheny Jr., Chas.
E . Harwood and Graham Y oungs; Sec., R . M . Sands; T reas., Fred R itter.
N et incom e___________$27,335 ,995 $15,185 ,072 $ 2 0,352 ,387 $31,575 ,937
— (V . 123. p. 2272.)
Com m on dividends_____ 16.477,044 10,367,671
2 0 ,457,510 10,561,508
P A N H A N D L E P R O D U C IN Q
& R E F IN I N Q
C O .— O R G A N I Z A
T I O N .— Incorp. in Delaware O ct. 16 1919 to acquire entire capital stock
Balance, su rp lu s..
.$ 1 0 ,8 5 8 ,9 5 1
$4,817,401 def$105,123 2 1 .014,429
of Panhandle Refining C o. of Texas, which in turn acquired substantially
Previous surplus____
. 11,832,605
8 ,276,917 3 0 ,830,122 25,457,423
all the properties theretofore owned by Brown & Jones, R oy B . Jones
Trustee, The 6666 Oil C o ., The Trojan Oil Co. and Panhandle Boiler and
Total surplus------------- $ 2 2,691 ,556 $13,094 ,318 $30,724 ,999 $46,471,852
M achine Shop. Owns oil producing leases in whole or in part, covering
Invest., & c., adjust____ D r7,3 33,075
_______ D r l ,215,994 C r5,590,170
about 1,411 acres in W ichita C ounty, 530 acres in Archer C ounty, 304
Stock dividend_________
_______
_______
2 1 ,2 3 2 ,0 8 8 2 1 ,231,900
acres in Young C ounty, 541 acres in Eastland C ounty and 11,000 acre in
Prop, aband., unamort.
Hutchinson C ounty, Texas, also 81 acres in Cotton C ounty, O k la., and
discount & prem ium . .
_______
1,261,714
_______ ______ ________
gas producing acreage of approximately 5 ,500 acres in Texas. The com ­
Profit & loss su r p lu s ..$15,358,481 $11,832 ,604 $8,276,917 $30,830 ,122
pany also holds, in whole or in part, approximately 5 0,348 undeveloped
Results fo r Six M o n th s Ended Jun e 30 1926.
leases located in various counties in Texas; also refinery with two units of
Operating profit______________________________________________________$23,870 ,915
Dubbs Cracking Plant, 293 tank cars, pipe lines, & c. It also owns approxi­
Interest and amortization__________________________________________
255,900
mately one-sixth interest in the W ichita Pipe Line, extending from Wichita
Depreciation and depletion_________________________________________
5,5 9 1 ,3 4 5
Falls into Archer C ounty; a one-third interest in the Panhandle Oil C o . of
Federal taxes_________________________________________________________
2 ,4 3 5 ,0 0 0
Arizona, operating bulk gasoline stations in El Paso, some bulk and filling
Proportion applicable to minority interests_______________ _ _ _
253,054
stations in N ew M exico and Arizona. It also owns the Panhandle Oil C o.
of Mississippi, operating 14 bulk stations in that State. As at D ec. 31
N e t p r o fit .
______________________________________________________$15,335 ,616
1925, the company owned 202 producing oil wells and 6 gas wells.
Consolidated surplus June 3 0 ______________________________________ $22,471 ,595
S T O C K .— Pref. stock Is callable at 110. Convertible into Com m on stock
O F F IC E R S .— Chairman & Pres., F. H . W ickett; V .-P s ., P . H . Harwood,
in the ratio of one share of Preferred for two shares of Com m on stock.
R . G . Stewart, J. J. Cotter, Harold W alker, Frederic Ewing, J. S. W ood ,
Sinking fund provides: 2 5 % of net profits after Pref. divs., but not less
Harold B . Reed; T reas., A . N . Penn; Sec., O . D . Bennett.' C o m p t., J. J.
than $400,000 a year, until the Pref. is reduced to $ 3 .000,000; thereafter,
Satzky.
not less than $300,000 a year until the issue has been reduced to $2,000,000
and thereafter not less than $200,000 per annum until the pref. stock has
D IR E C T O R S .— F . H . W ick e tt, R . W . Stewart, John D . C lark, E . G .
been retired. N o m tge. without consent of 7 5 % o f the pref. stock.
First
Seubert, Elisha W alker, Hunter S. M arston , George A rm sby, Edw ard F .
dividend o f 2 % paid Jan. 1 1920 to July 2 1923, 2 % quar.; none since.
H ayes, E . R . Tinker, Harold W alker, Paul H . H arwood, J. J. Cotter and
See offerings in V . 109, p . 1614, 1993.
Frederick Ewing, Frank Callahan, R . G . Stewart. N . Y . office, 120 Broad­
w ay.— (V . 123, p . 2530.)
R E P O R T .— For 1925 showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
P A N A M E R IC A N W E S T E R N P E T R O L E U M CO.-—-Incorp. under laws Gross earnings ___ . _ $5,139,131
$4,66 5 ,1 6 7
$3 ,4 6 0 ,7 0 0 $4,522,451
o f Delaware M a y 7 1925 and acquired from the Pan American Petroleum
Oper., gen. & adm. exp.
& Transport C o. the stock of the Pan American Petroleum C o. (C a lif.),
and taxes .
_____ __
4 ,8 4 8 ,8 8 9
4 ,124,029
2 ,9 2 9 ,0 0 8
3,689,391
the purchase price being $ 2 3 ,2 9 3 ,1 2 5 . Compare V . 121, p . 1578.
Other income credits___
40.403
30,248
10,038
7,949
The business of the Pan American Petroleum C o . is the producing, refin­
Interest, discount, &c .
73,921
7 6,290
55,068
2 9,306
ing and marketing of petroleum and its products. T hat ’ om pany's prop­
Inventory adjustm ents. C r. 139,698
97.012
186,844
73,435
erties include the following: Lands owned in fee and under lease, situated
Panhandle Oil C o. inc
14,459
In various California oil districts, aggregating approximately 26,7 5 0 acres
D epreciation_______
1
589,248
J242.837
192,649
270,119
a modern refinery near Los Angeles occupying approximately 306 acres of
D ep le’n & amortiza’n . . j
1542.243
400,814
355,895
land owned in fee and 53 acres under lease with storage capacity o f about
Preferred dividends____
X215.316
x228,816
x2.34.816
2 43,500
1 4 ,0 0 0 ,0 0 0 barrels and a daily distillation capacity of approximately 70,000
barrels; a modern wholesale marine loading station at tidewater with a
Balance, deficit
$403 ,83 8
$605,657
$528,460
$131,247
storage capacity o f 4 40,000 barrels and a loading capacity of 2 2,000 barrels
x N o dividends were paid upon the Preferred stock during the year. This
o f fu el oil per hour , or 7 ,0 0 0 barrels of gasoline per hour; a pipe line system
sum was charged against income and credited to reserve for preferred divi­
consisting o f 147 miles o f main and gathering pipe lines, in addition to which
dends. A s dividends are cumulative, this is an obligation of the com pany.
the com pany has in use other pipe lines extending f rom Los Angeles to the
— Q uar. E n d . Sept. 30----------9 M o s . E n d. Sept. 3 0 —
E lk Hills and Buena Vista oil fields (California) under advantageous
P eriod —
1926.
1925.
1926.
1925.
agreements; the com pany owns wholesale distributing stations, tank cars,
Operating revenues______$ 1 ,3 5 3 ,1 8 5 $1,36 4 ,8 4 3 $3,65 8 ,1 9 0 $ 3 ,962,877
& c., and has under lease and in operation 77 gasoline and lubricating oil
Operating expenses______
1 ,071,067
1,269,961
3 ,037,053
3 ,472,456
service stations, the im provements on which are owned b y the com pany,
70,927
5 5,734
193,951
174,963
which also owns other miscellaneous properties used in the conduct of the A d m in ., selling & taxes.
above mentioned business.
N e t earnings__________
$211,191
$ 39,148
$427 ,18 6
$315 ,45 8
In the foregoing paragraph any property which is involved in litigation
Other incom e____________
14,163
248
18,699
8,540
has been excluded.
Gain on oil inventory___
14,625
_______
58,007
_______
Panhandle Oil net inc___
d ef4,005 _____________ _______ 2 0 .9 7 5 ______ _______
ST O C K .-— 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
Gross incom e__________
$235 ,97 4
$ 3 9,396
$524,867
$323 ,99 8
has no voting power for any purpose whatever. A ll dividends which may
D eductions______________
6 3,025
16,550
107,053
56,745
be declared for any fiscal year are to be payable ratably to holders of the
Depreciation & depletion
161,011
_______
372,258
_______
Class A stock and of the Class B stock.
Pref. divs. accrued______
56,1 5 4
56 .1 0 0
168,462
159,348
B O N D S .— The 1st m tge. convertible 6 % sinking fund gold bonds are
Balance, surplus______def$44,216
d e f$ 33,2 54 def$122,906
$107 ,90 6
redeemable in whole (but not in part except for sinking fund) at any time on
O F F IC E R S .— R oy B . Jones, P res.; B . J. Shaw and Thom as M orrissey.
not less than 60 days’ notice at 105 and int. up to and incl. D ec. 15 1926,
V .-P .; M . A . Cham bers, Sec. & Treas. Office, Staley B ld g ., W ichita
the premium decreasing thereafter M of 1 % during each successive 12-month
Falls, Texas.— (V . 123. p . 2530 .)
period.
P A R K A N D T 1 L F O R D , IN C .— Incorp. under laws o f Delaware on
Convertible at the option of the holder into the Class “ B ” stock of Pan
Aug. 6 1923. Manufactures and sells at both wholesale and retail packaged
American Western Petroleum C o. (parent company) at the following prices:
groceries, candy, perfumery, cigars, & c., and also holds the stock o f the
$56 per share if converted on or before D ec. 15 1928; or $60 per share if
converted after D ec. 15 1928, and on or before D ec. 15 1931; or $65 per share M elita Realty C o. The products of the corporation are sold throughout
the United States and exported to m any foreign countries. Operates
if converted after D ec. 15 1931, and on or before D ec. 15 1934; or $70 per
share if converted after Dec. 15 1934 and on or before D ec. 15 1937; or three large retail grocery stores in N . Y . C ity— one at 26th St. and 5th A v e .,
one at 59th St. and M adison A v e ., and the other at 44th St. and Madison
$75 per share if converted thereafter.
Ave.
Sinking F u n d .— On D ec. 15 1927 the company, as a sinking fund, will
S T O C K .— See table at head o f page
deliver or pay to the trustee bonds of this issue or cash sufficient to retire
B O N D S .— On June 1 1906 there was issued and sold $ 3 ,0 0 0 ,0 0 0 worth
l-1 4 th o f the $15,000,000 bonds; and semi-annually thereafter on June 15
of 6 % debenture sinking fund gold bonds, maturing June 1 1936. These
and D ec. 15 of each year, the com pany will deliver or pay to the trustee,
bonds were to be retired at the rate of $40,000 par value annually for seven
bonds o f this issue or cash sufficient to retire l-2 8 th of the principal amount
years from June 1 1909; at the rate o f $80,000 par value annually for ten
o f the $ 1 5,000 ,000 bonds.
years from June 1 1916, and at the rate of $100 ,00 0 per value annually for
S ecurity.— Secured by a closed first mortgage or first lien on substantially
the ten years from June 1 1926. The bonds to be retired either by purchase
all the real estate owned in fee at the date of the mortgage by the Pan
in the open market at not more than 110 and int or to be drawn by lot
American Petroleum Go. (of C alif.), including about 4,242 acres of oil and
at 110 and int. Outstanding D ec. 31 1925, $ 2 ,1 2 0 ,0 0 0 .
gas lands; a modern refinery near Los Angeles Harbor with a daily capacity
R E P O R T .—-The company reported net profit for the fiscal year ended
of 70,000 barrels; storage facilities and terminals; and in addition interests July 31 1925 o f $ 475 ,96 4.
and leases in oil and gas lands covering approximately 21,320 acres. In
The company reported for the five months ended D ec. 31 1925 a net in­
addition the mortgage will cover as a first lien the lubricating plant and all come o f $ 2 96 ,77 5, after taxes and charges.
the capital stock of the Los Angeles M idw ay Pipe Line C o ., to be presently
— — — -----Quarter Ended-------------------------9 M o s . E n d .
acquired.
V . 121, p. 3015.
P eriod—
Sept. 30 ’26. June 30 ’26. M a r . 31 '2 6 . Sept. 30 ’ 2 6 .
N O T E S .— The $11,2 5 0 ,0 0 0 sinking fund 6 % gold notes were issued ti­ N et earnings after chgs.,
the Pan American Petroleum & Transport C o. as part paym ent for the
before taxes___________
$ 2 4,812
$80,982
$96,600
$202 ,39 4
stock of the Pan American Petroleum C o . (of C alif.)
O F F IC E R S .— Pres., D avid A . Schulte; V .-P ., Louis G oldvogel and
D I V I D E N D S .— On Class A and Class B stock, paid initial dividends
Joseph M . Schulte; Treas., Joseph M . Schulte; Asst. T reas., Jerome Eisner;
o f 50 cents per share on O ct. 30 1925; same amount paid quar. to O ct. 30
Sec., Udo M . Reinach. Office, 541 W . 43d S t ., N ew Y o rk .— (V . 123, p.
2402.)




220

M IS C E L L A N E O U S C O M P A N IE S
[F or abb reviation s, A c . , see notes on page 8]

D ate
Bonds

Park U ta h C o n s M ines Co— Com stock $2,50 0 ,0 0 0 au th ___
P a th e E x ch a n g e, In c— Class A com stk 29 0 ,0 0 0 shares auth
Pref (a & d) stock 8 % cum red 110 $ 3 ,0 0 0 ,0 0 0 au th_______
10-year s f g bonds red 110 $2 ,0 0 0 ,0 0 0 auth; warrants—
see text
Peerless M o to r C ar Corp-— C ap stk auth $ 2 0 ,0 0 0 ,0 0 0 ______
P e n ick & Ford L td In c— C om stk 4 5 0,000 shares auth____
Pref (a & d) stock 7 % cum red 110 $4 ,0 0 0 ,0 0 0 au th_______
First mortgage s f g bonds $ 4 ,0 0 0 ,0 0 0 auth ____
xxx

P ar
Value

1921

Rate
%

1923

W hen
P ayable

Q— J
Q— F
Q— F
Q— M

M & S
100 &c
979,800
8 g
60 12,929,450 See text
N one
424,965 shs.
3 ,200,000 See text
100
Q— J
& D
3 ,697,500
6X g J

N et profit for the year 1925____________________________________
$1 ,9 1 2 ,2 7 4
In co m e A c c o u n t Six M o n th s Ended June 30 1926.
T o ta l incom e_______________________________________________________
$2,40 4 ,4 3 8
N et after operating expenses_______________________________________
a 897,427
a After deduction of taxes, depreciation and depletion and after taking
out $628,050 representing dividends paid and accrued, surplus for the
period was $118 ,85 8.— (V . 123, p . 1886).
P A T H E E X C H A N G E , INC.-— Incorp. under laws o f N ew Y o rk on D ec.
2 8 1914 and is engaged in buying, printing and distributing motion pictures.
Product includes special features, serials, the Pathe N ew s, one and two-reel
comedies, the Pathe Review, Animated Cartoons, Topics of the D a y , and
educational pictures. Through a subsidiary, Pathe, In c ., distributes the
Pathex Camera and the Pathex M otion Picture Projector. Also owns 4 9 %
o f the common stock of the D u Pont Pathe Film M fg . C orp. Plants are
located in East Bound B rook, N . J ., and Jersey C ity, N . J.
S T O C K .— See table at head o f page. Class A and Class B common
shares have equal voting rights, except that Class A elects one-third of the
directors and Class B two-thirds.
D I V I D E N D S .-— On common stock paid 2 5 % in stock in 1924. O n M a y 1
1926 paid 75 cents a share in cash and 5 % in stock; on A u g. 2 and N o v . 1
1926 paid 75 cents a share.
B O N D S .-— The ten-year 8 % sinking fund gold bonds carry detachable
warrants entitling the holder to purchase on or before Sept. 1 1931 Class A
common stock on the basis of 40 shares at $25 per share for each $1,000 par
value of bonds. B y reason o f the stock dividend paid on M a y 1 1926, out­
standing stock option warrants will entitle the holders to subscribe to 5 %
additional o f Class A common stock.
R E P O R T .— For calendar years:
D ep rec. Fed. Tax.
Balance.
Y ea r.
Gross.
N et E a rn s.
In terest.
$93,761 $60,180 $1,161,889
$1 ,4
1923-$ 1 4 ,8 5 1 ,3 7 3 5 4 ,0 8 0 $138,251
96,463 126,145
1,312,610
1924- 16,459,386
1 ,660,940
125,722
97,172 136,716
1,431,758
1 ,786,984
121,338
1925. 1 8 ,151,827
O F F IC E R S .— Chairman, E . C . Lynch; Pres., Paul Fuller Jr.; V .-P . &
G en. M g r ., Elm er R . Pearson; V .- P ., Bernhard Benson; Sec., Lewis In nerarity; T reas., John H um m ; Asst. T reas., W . C . Sm ith. Office, 35 W est
45th S t., N ew Y o rk .— (V . 123, p . 2665.)
P E E R L E S S M O T O R C A R C O R P .— O R G A N I Z A T I O N .— Incorp. in
N o v . 1915 in Virginia as the Peerless Truck & M otor C orp. and acquired
20,7 8 9 shares o f pref. and 20,8 5 5 shares of common (being entire stock
except 218 o f pref.) o f the Peerless M otor Car C o . of Cleveland, Ohio; name
changed to present title in Sept. 1925 and assets of Peerless M o to r Car C o.
transferred to new com pany.
D I V I D E N D S .— Th e directors on O ct. 2 1919 declared an initial dividend
o f 1 J *% and also an extra dividend o f ]4 o f 1 % , both payable Jan. 2 1920.
In April 1920, paid 1 ) 4 % and Y t% extra. July and O ct. 1920, 2 K % •
In Jan. 1921 paid 1 1 4 % . In F eb. 1921 declared 4 % , payable in quar.
installments o f 1 % each on M arch 3 1 , June 30, Sept. 30 and D ec. 31 1921.
In F eb. 1922 declared 6 % , payable in quar. installments o f 1 14 % each on
M arch 3 1 , June 3 0 , Sept. 30 and D ec. 31 1922. M arch 31 1923 to D ec. 31
1923 paid 2 % quar.; M arch 31 and June 30 1924 paid 1 % quar.; none since.
R E P O R T .— For 1925 showed:
1925
1924.
1923.
Calendar Y ea rs—
N ot
$ 1 7,352 ,540 $15,4 9 1 ,5 9 6
N et sales___________________________
Stated
. 14,399,643 12,867,984
C ost o f sales_______________________
255,752
195,024
200,775
Depreciation_______________________
N et profit________________________
Other incom e______________________

. $2,75 7 ,8 7 2
223,915

$ 2 ,422,837
126,561

$ 3 ,907,814
211,292

Total incom e____________________
Sell., gen. & adm in, exp ., & c_____
In t. & miscell. deductions________
Extraordinary charges____________
Federal taxes______________________
Dividends__________________________

$ 2 ,981,787
2,7 4 3 ,7 6 7
111,216

$ 2 ,549,398
3,3 8 9 ,1 0 9
94,699
7 59,768

$4,11 9 ,1 0 6
3,2 4 4 ,0 2 7
88,611

(2 % )2 2 8 ,5 8 9

A m ount
Outstanding

60c.
$1 $2,085,715
None 178,265 shs See text
N one 10,000 shs See text
8
$848,200
100

—

P A R K U T A H C O N S O L I D A T E D M IN E S C O .— Com pany was organzed in Delaware under the name of “ Park U tah M ining C o ., ” for the purpose
of conducting a general mining business. B y certificate o f amendment filed
June 22 1925, the corporate name of the company was changed to Park
U tah Consolidated M ines C o . Business has been the operation o f mines
and the ownership of stock o f mining companies.
On A u g. 31 1925, $99 8 ,5 0 0 com m on stock was issued for the properties
and assets o f Park C ity M ining & Smelting C o. From Sept. 15 1925 to
N o v . 19 1925, $ 37,404 com m on stock was issued for shares of stock of
Ontario Silver M ining C o ., at the rate of 1 1-3 shares of the stock of the
com pany for one share of the stock of Ontario Silver M ining C o.
The com pany owns 8 3 .7 % (125,554 shares) of the outstanding 150,000
shares (no par) o f the Ontario Silver M ining C o ., and 5 0 .9 6 % (76,557
shares) o f the outstanding 150,000 shares (par $20 each), of the D a ly M ining
C o.
S T O C K .— See table at head o f page.
D I V S .— A n initial dividend of 15 cents per share was paid O ct. 1 1925;
same amount paid quarterly to O ct. 1 1926.
R E P O R T .— For 1925 showed:
In com e A c c o u n t f o r Calendar Y ea r 1925 (In cl. Park C ity M i n . A Sm . C o .).
Total incom e_______________________________________________________
$4,405,183
Operating, adm in ., general, & c., expenses_______________________
2,3 0 9 ,3 1 4
183.595
Depreciation, $98!595; Federal taxes (est.), $85,000; to ta l______

80,000
(8)935,511

Balance, surplus____________________ s u r$ 126,804d f$ l,922,767 def$229,042
— Q uar. E n d . Sept. 30— — 9 M o s . E n d . Sept. 30—
1926.
1925.
1926.
1925.
N e t a f t .d e p r ., Fed. tax.,& c_ $239 ,19 1
$211,737 $ 1 ,139,330
$258,457
N e t sales fo r the first 9 m onths o f 1926 totaled $16,3 5 5 ,0 2 9 , against
$13,313 ,760 in the first 9 m onths o f 1925.
O F F IC E R S .— Edward Ver Linden, Pres. & Gen. M g r .; D . A . Burke,
V .-P .; G . H . Layng, V .-P .; L . R . G erm an, V .-P .; F . A . Trester, Sec.;
John F . Porter, Treas. O ffice, C leveland, Ohio.— (V . 123, p. 2 5 3 0 .)
P E N IC K A N D F O R D , L T D ., IN C .— Incorp. under laws o f Delaware
on Feb. 7 1920. Is one of the principal packers of molasses and cane syrups
In the United States, and one o f the important manufacturers o f corn syrup
and other corn products. Plants are located at Harvey (New Orleans), L a .;
Cedar Rapids, Iowa; Birm ingham , A la ., and M ontgom ery, A la.
S T O C K .— Pref. stock sinking fund, 1 0 % of net profits annually (after
all accrued divs. on pref. stock have been paid or set apart) to be applied
toward purchase o f pref. stock at not exceeding 110 and divs.
Com m on shares of no par value and o f $1 par value are interchangeable.
D I V I D E N D S .— In 1926 paid on pref. stock as follows: J a n .2 and M arch
3 1 , 1 % % quar. and \ % % on account o f accumulated dividends; June 30,
1 M % quar. and 6 % on account o f accumulated dividends, clearing up all
accumulations; O ct. 1, ! % % ■




[V ol. 123

INDUSTBIAL STOCKS AND BONDS

Last D ivid en d Places W here Interest and
D ividends are Payable
and M a tu rity

Oct 1 1926, 15c.
N o v 1 ’26, 75c.
N o v 1 ’26, 75c.
D ec 1 1926 2 %
Sept 1 1931
June30 ’24 1 %
O ct 1 ’26 I K %
D ec 1 1943
C an C om T & S B , New
Orl; also N Y and Chic

R E P O R T .— For fiscal year ended June 30 1926, in V . 123, p . 1378,
showed:
Y ears Ended Jun e 30—
1925-26.
1924-25.
1923-24.
N et sales_____________ ___________________ 1
N ot
J
’$23,644,843 $ 2 1,577 ,108
Cost of goods sold_____________________ J available 1 19,437,822
,
1 6 ,602,675
Gross profits on sales_______________ $ 3 ,5 5 5 ,4 1 9
Gross profit on oper.— sub. cos_______
80,161

$4,207,021
76,182

$4,97 4 ,4 3 3
76,974

Total gross profit____________________ $3,635,581
Selling, admin. & general expenses._ 1,874,330
Bad debts charged o ff_________________
17,966
M iscell. deductions (net)_____________
0 .4 1 ,0 1 1
Depreciation____________________________
613,515
In t. charges on fund. & floating d e b t.
243.552
Provision for Federal income ta x ____
119,688

$ 4 ,283,203
1,875,719
34,300
195,952
518,089
255,106
188,274

$ 5 ,051,407
1 ,779,763
9 7,659
2 4 2 ,4 0 5
501,632
32 0 ,3 0 8
161,660

N et income
$807 ,54 0 $1,21 5 ,7 6 2
Quarter Ended Sept. 30— 1926.
Gross incom e_________________________________________ $1 ,1 7 4 ,0 3 2
Selling, administrative & general expense___________
575,899
Interest on funded d ebt____________________________
59,490
Depreciation_________________________________________
230,545

$1 ,9 4 7 ,9 8 0
1925.
$765,977
42 2 ,0 0 8
61 ,6 8 5
98,0 4 5

N et income before Federal taxes________________
$308,098
$184 ,24 0
O F F IC E R S .— Chairm an, W . S. Penick; P res., F . T . Bedford; V .- P .,
A . W . H . Lenders; Treas., J. B . Vanderbilt; Sec., C . A . Kepper. Office,
New Orleans, L a .— (V . 123, p. 2273 .)
PE N N S E A B O A R D S T E E L C O R P .— O R G A N I Z A T I O N .— Incorp.
Dec. 6 1915 in New Y o rk, as Penn. M arine & Ordnance Castings C o.
Name changed to present title June 24 1916. M erged Penn. Steel Castings
& Machine C o ., Baldt Steel C o . and Seaboard Steel Castings C o . V . 102,
p. 1631. Plants located at New Castle, D e l., and T acony, Philadelphia,
Pa. M anufactures rolled steel products.
In Feb. 1920 the stockholders authorized the purchase o f the entire
capital stock o f the Tacony Steel C o . (V . 109, p . 484; V . 110, p . 5 67, 4 72,
167).
The financing plan (V . 117, p . 1244) announced in Sept. 1923, under the
provisions o f which the $ 1 ,439,100 7 % serial gold notes due Feb. 1 1924 were
to be retired, has been put into effect. Under the plan each $1,000 note re­
ceived $200 in cash and $900 in 1st m tge. 7 % bonds o f a new subsidiary
company, the Penn Steel Castings C o . The latter company was organized
in Delaware N o v . 24 1923 with an authorized capital o f $500 ,00 0 8 % cum ul.
pref. stock and 10,000 shares o f common stock o f no par value, and acquired
title to the steel casting plant at Chester, Pa.
S T O C K .— The voting trust agreement expired June 26 1926 and was not
renewed.
The authorized capital stock was increased from 3 ,0 0 0 ,0 0 0 shares to
3,5 0 0 ,0 0 0 shares on M a y 20 1926.
On D ec. 31 1925 there was also outstanding $467 ,70 0 8 % cumulative
preferred stock of Tacony Steel C o . o f Delaware (dividends in arrears on
this stock 3 6 % ) .
D I V I D E N D S (Per Share).— M a y 1 1916, $1 25 A u g . 1 1916 to M a y 1
1918, incl., $1 quarterly; A u g. 1 and N o v . 1 1918 and F eb. 1 1919 , $1 50
aach: none since. V . 108, p . 2349.
R E P O R T .— For 1925 showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
N et sales________________ $ 2 ,061,105 $ 2 ,3 0 9 ,5 4 9 $ 4 ,387,771
____
Cost o f sales_____________
2,1 1 9 ,3 2 7 2 ,5 0 0 ,1 1 5
4 ,2 0 9 ,1 0 3
____
Gross p r o fit .__________lo ss$58,222loss$ 190,566
Other incom e____________
8,003
16,992

$178 ,66 8 d ef$177,200
20 ,8 4 6
_______

Total income__________loss$50,218 loss$173,574
Interest___________________
32 ,1 9 4
156,229
Idle plant expense-------------------------------

$199 ,51 4 d ef$177,200
2 32,522
3 3 8,248
86,2 7 9
214,277

D eficit..................

$82,413
$329 ,80 3
$119,287
$729,725
— Quar. Ended Ju n e 30----------6 M o s . E n d . Ju n e 30—
1926.
1925.
1926
1925
N e t sales_________________
$679 ,94 6
$ 454 ,51 3 $ 1 ,2 2 0 ,3 5 4 $ 1 ,099,892
N e t profit, after charges,
but before deprec____
7,791
loss25,073
11,939 loss81,947
O F F IC E R S .— J. B . W arren, Pres.; C . F . Jemison, V .-P . & T reas.;
M . S. Hager, Sec. & A sst. Treas.; M . B . Perrem, A sst. Sec. O ffice,
Franklin Bank Building, Philadelphia, P a .— (V . 123, p . 1124.)
J.
C . P E N N E Y C O ., I N C .— O R G A N I Z A T I O N .— Incorp. in U tah in
1913; reincorporated under laws of Delaware on D ec. 15 1924 . Business
started in 1902. Operates 745 department stores in 44 States.
S T O C K .— The clags A pref. stock is entirely subordinate to the 1st pref.
stock.
D I V I D E N D S .— Initial pref. d iv. o f $0-816 per share for the portion o f
the quarter from A u g. 19 to Sept. 30 1919 was paid Sept. 30; Sept. 30 1919
to Sept. 30 1926, 1 K % quar.
S A L E S .—
P eriod E n d . Oct. 31—
1926------M a rch ------1925.
1926— 10 M o s .— 1925.
Sales______________________ $ 1 3 ,2 4 7 ,1 7 7 $ 1 2 ,1 4 6 ,7 8 5 $ 8 6 ,3 5 4 ,3 1 7 $68,597,631
R E P O R T .— For 1925, in V . 122, p . 1622, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
Sales----------------------------------$91,0 6 2 ,6 1 6 $74,2 6 1 ,3 4 3 $ 6 2 ,1 8 8 ,9 7 9 $ 4 9 ,0 3 5 ,7 2 9
C ost o f m dse, sold, sell. &
gen. exp ., depr., and
res. for Federal taxes. 8 4 ,2 6 7 ,8 5 6 7 0 ,0 8 3 ,6 9 3 5 8 ,2 7 7 ,1 6 0 4 6 ,116,236
N e t incom e-----------------$ 6 ,7 9 4 ,7 6 0 $ 4 ,1 7 7 ,6 5 0 $ 3 ,9 1 1 ,8 1 9 $2,919,493
Other incom e------------------6 5 7,808
5 08,922
57 8 ,4 7 5
406,227
T otal incom e----------------- $ 7 ,4 5 2 ,5 6 8
Preferred dividends____
149,306
Class A prof, divs_______
44 4 ,1 5 6
C om m on dividends_____
760,850

$ 4 ,6 8 6 ,5 7 2
163,224
_______
73 1 ,4 7 0

$ 4 ,4 9 0 ,2 9 4
171,008
_______
40 0 ,5 0 0

$3,325,720
182,427
_______
491,700

E a rn ings 6 M o s . E n ded J u n e 30.
X1926.
1925.
1924.
1923.
Sales______________________$46,0 7 4 ,5 6 3 $35,6 6 9 ,0 0 9 $ 2 9 ,6 5 ,2 0 2 $24,738,781
C osts, deprec. & Fed. tax 4 4 ,0 1 2 ,8 5 6 3 4 ,1 6 1 ,2 9 3 2 8 ,7 3 4 ,1 9 7 24,05 1 ,4 8 6
Other incom e.

$ 2 ,0 6 1 ,7 0 7
42 0 ,1 7 9

$ 1 ,5 0 7 ,7 1 6
361,946

$931,005
2 9 4 ,4 1 5

$687,295
313,780

1st preferred dividends. _
D iv s. on c l.A pref. stock

$2,48 1 ,8 8 6
71,6 8 4
2 5 4,058

$1 ,8 6 9 ,6 6 2
75,971
2 2 2 ,3 2 7

$ 1 ,2 2 5 ,4 2 0
83,034

$1,001,075
87,201

Surplus------------------------- $ 2 ,1 5 6 ,1 4 4

$ 1 ,5 7 1 ,3 6 4

$1 ,1 4 2 ,3 8 6

x Subject to adjustment at end o f fiscal (calendar) year.

$913,874

D a te
Bonds

M IS C E L L A N E O U S C O M P A N IE S .
[F or abbreviations, A c . , see notes on page 8.]
P e n n S eaboard Stee l— Stock 3 ,5 0 0 ,0 0 0 shares a u t h ----------J C P e n n e y Co— Classified common authorized $10,000 ,000
Unclassified common 100,000 shares authorized__________
1st pref (a & d) stock 7 % cum call 105 auth $ 1 0 ,000 ,000
Class A pref stock $ 1 5 ,000 ,000 authorized_________________
P e n n sy lv a n ia C oal & C oke C orp— Stock $12,000 ,000 auth
E q tr ctf due $54,000 s-a to N ov 15 1927, then $ 53,000 s-a
W atkins Coal Minins: Co bonds________ _. —
----Penm-Dixie Cement Corp — Com stk 1,000,000 shs au th—
Pref (a & d) stock series A 7 % cum convert & red (text). _
1st m tge s f g bonds series A $ 2 0 ,0 0 0 ,0 0 0 a u th -.k x x x c *
Pennsylvania Steel Co— See Bethlehem Steel Co.
P e ttib o n e M u llik en C o — Common stock, $ 7 ,0 0 0 ,0 0 0 -------1st pret (a&d) 7 % cum red 115 see t e x t ----------------------------2d pref 7°*, cum , *750,000 red (Ree text) ________________
®helps. Dodge C o r p o r a tio n .— Stock $ 5 0 ,0 0 0 ,0 0 0 ..
P h ila d elp h ia & R ead in g C oal & Iron Co— Bonds— see text
P h ila d e lp h ia & R ead in g Coal & Iron C orp— Stock— seetext

Par
Value

$ 8 ,484,500
33,994shs
7
Q— M
2 ,0 6 >,100
100,
J & D
8 ,468,600
6
50
8 ,6 3 0 ,3 0 0 8ee text
1,000
M & N 15
1,168,000
5H
1.000
J & J
85,000
6
None 400,000 shs See text
100 $13,000 ,000
Q— M
7
5 0 0 -1 0 0 0 13,000,000
M &
S
6 g

ion

1922
1916
1926

100
100
100
100

$817 ,53 4

289,988

251,982

Total income
_
d ef$177,832 def$132,833
M isc. deduc.& Fed. t a x .
292,402
Depreciation & depletion
289,700

$ 1 ,107,522
82,600
283,218

$790,127
8 2 ,3 3 4
196,985

Balance__________ _____def$467,532 def$425,235
690,424
Dividends__________ __

$741,704
690,424

$510,808
493,560

$538,145

$17,248
Surplus for year_______ d e f$ 467,532d f$l .115.659
$51,280
-M o n th o f Septem ber— — 9 M o s .
Sept. 30—
1926.
1925.
1925Period—
1926Gross earnings.
$492 ,47 3
$495,440 $ 4 ,3 1 1 ,5 2 0 $3,968,753
Operating exps. & taxes.
476,816
488,481
4 ,3 4 6 ,0 1 8
4 ,186,448
(not incl. Fed. taxes).
$1 5 ,6 5 7
15,700

$ ’ ,959
18,162

Gross income
Deprec. & depletion____
Other charges.

$3 1 ,3 5 7
23,4 9 7
1 7 ,6 2 2

$2 5 ,1 2 1
2 4,344
19,577

loss$.34,499 loss$217,696
138,514
156,208
$101,014
209,841
161,086

W h en
Payable

Rate
%

L a st D ividend
and M a tu rity

P laces W h ere In terest ano
D ivid en d s are Payable

None 2 ,800,000sh See text

N e t earnings_________ loss$428,657 loss$379,302
Other inc. (incl. propor.
share o f net earns, of
sub. cos. oper. under
collat. agreement with
Clearfield Bitum inous
246,469
25 0 ,8 2 5
Coal Corporation)___

Operating income - _
Miscellaneous income—

A m oun t
Outstanding

$100
N one

O F F IC E R S .— Chairman, J. C . Penney: Pres., B . C . Sams; V .- P ., G eo. H Bushnell; V .- P ., J. M . M cD on ald : V .-P . & T reas., J. I. H . Herbert; Sec.,
L . A . Bahner;JAsst. Sec., R . W . Trow n; C o m p t., A . W . Griggs. Office,
330 W e st 34th S t., New Y o rk .— (V . 123, p . 2 402 .)
P P E N N S Y L V A N I A C O A L A N D C O K E C O R P .— Incorp. in Pennsyl­
vania N o v . 11 1911. Is engaged in the business o f owning, leasing and
operating coal mines and the mining, shipping, buying and selling o f bitum
inous coal. Is not at present engaged in the manufacture or sale o f coke
Operates certain electric light and water companies which serve communities
in the vicinity o f its operations; also, through a subsidiary, is interested in a
wharf company doing business in N ew York Harbor.
|| S T O C K .— See table at head o f page.
D I V I D E N D S — 1917. 1918. 1919. 1920. 1921. 1922. 1923. 1 9 2 i. ’25.
8 N onP
8
8
8
8
Cash ( % ) ................... 4
1014
..
40
S to c k _______________ __
R E P O R T .— For 1925 showed:
1922.
1923.
1924.
Calendar Y ea rs— ■
1925.
S8,428,034 $5,38 4 ,8 2 6
$5,959,581
Gross sales______________ $ 5 ,652,013
4 ,846,681
7 ,610,500
6,338,883
Operating expenses, & c_ 6,0 8 0 ,6 7 0

loss$61,488
2 1 0 ,3 2 5
185,721

N et def. bef. Fed. ta x .
$ 9 ,7 6 2
$266 ,91 3
$457 ,51 4
$18,801
O F F IC E R S .— Chairman, Fairfax S. Landstreet; Pres., J. W . Searles:
V .- P ., C . Law W atkins; Treas. & A sst. Sec., E . B . Houser; Sec. & A sst.
T reas., J. M . Townsend Jr.; C o m p t., C . H . M em ory. Office, 17 Battery
Place, N ew Y o rk .— ( V . 123, p . 2273.)
P E N N S Y L V A N I A -D I X I E C E M E N T C O R P .— Incorp. in Delaware
Sept. 16 1926 to acquire the business and properties o f the Pennsylvania
Cem ent C o ., Dexter Portland Cement C o ., D ixie Portland Cem ent C o. and
Clinchfield Portland Cem ent C orp., which companies have been in opera­
tion for periods o f 15 to 25 years. Upon the acquisition of these properties,
the corporation will become one o f the larger companies in the cement
producing industry, and will own 7 plants with an aggregate productive
capacity o f 10,00 0 ,0 0 0 barrels o f cement per annum.
In addition, the
corporation, through subsidiaries, will produce and sell sand, gravel,
limestone, tile and other cement products.
The location o f the cement plants and their present annual capacity (in
barrels), are shown below
L ocation— ■
A n n 'l C a pacity.
L ocation—
A n n 'l C a pacity.
Nazareth, P a ., plant N o . 1 1,300,000 Kingsport, T e n n ___________ 1,500,000
N azareth, P a ., plant N o . 2 -1 ,1 0 0 ,0 0 0 Clinchfield, G a _____________ 1,100,000
B ath, P a _____________________ 1,940,000
Portland Point, N . Y ______1,060,000
Total
Richard C ity, T e n n ------------- 2 ,000,000

10, 000,000

Each of the above plants constitutes a complete unit with nearby reserves
o f high-grade raw materials and equipment for the quarrying, grinding and
burning operations incident to the manufacture o f Portland cenent. A ll o f
the mill equipment, including the crushers, pulverizers and large rotary
kilns, is electrically driven, power being secured in part from turbo-generator
installations using waste heat from the kilns, and in part under contracts
with electric power companies.
S T O C K .— The series A convertible 7 % cum. pref. is convertible at any
time at the option of the holder thereof into com m on stock o f the corpora­
tion at the rate of 1 % shares o f com m on stock for each share o f cum .
pref. stock series A , so converted.
Preferred Stock P ro visio n s.— Authorized am ount, $20,000 ,000 ; m ay be
Issued in series with such dividend rates, not in excess o f 7 % per annum,
redemption prices, not in excess o f $115 a share, conversion privileges and
other provisions as m ay from time to time be determined by the corpora­
tion. Each series will rank on a parity with the cum . pref. stock of every
other series, with respect to priority in the paym ent o f divs. and the dis­
tribution of capital assets, and, so long as any cumulative pref. stock of
an y series remains outstanding, no stock of any class shall be created
ranking prior to or on a parity with the cum . pref. stock in either o f such
respects, without the consent o f the holders o f two-thirds o f the cum.
pref. stock outstanding.
So long as any of the cum. pref. stock remains outstanding, the corpora­
tion will not create any mortgage or other lien upon any o f its fixed property,
other than purchase money mortgages, and will not issue any bonds, notes
or other evidences of indebtedness maturing more than one year from the
date o f issue (other than bonds issued under its 1st m tge. dated as of
Sept. 15 1926), and will not increase the authorized am ount o f the cum.
pref. stock without the consent o f the holders of a m ajority of the cum . pref.
stock then outstanding.
S in kin g F u n d .— So long as the corporation has outstanding any bonds
issued under tne 1st m tge. dated as o f Sept. 15 1926, there will be no sinking
fund for the series A cum . pref. stock. Upon the paym ent o f all bonds
outstanding under the 1st m tge. or upon provision being made for the
satisfaction thereof, the certificate o f incorporation requires the corporation
to set aside semi-annually on June 15 and D ec. 15, from its surplus or net
profits, a sum equivalent to 1 y2 % o f the greatest aggregate par value of
cu m . pref. stock series A at any time issued, to be applied to the purchase
or redemption of cum . pref. stock series A at prices not exceeding $110 a
share and divs. In addition, the corporation shall set aside within three
m onths after the close of its fiscal year, commencing w ith the year next
succeeding tne year in which the first sinking fund installment is set aside,
as above provided, a sum equivalent to 1 5 % o f the net income o f the cor­
poration for the preceding fiscal year, after providing for pref. divs. and
other charges. The sum so set aside shall be applied b y the corporation
to the purchase or redemption o f cum . pref. stock series A as above provided.




221

INDUSTRIAL STOCKS AND BONDS

Nov., 1926.]

6 ,665,700
7
564,600
7
195,400
5 0 ,000,000 See text

Q— J
Q— J

Q— J

Sept 3 0 ’26

1%

N ov 10 ’ 24 2 %
M a y ’2 7 -N o v '37 Bk of N A & Tr C o.P hila
Jan 1 1941
Germantown Tr C o.P hila
Jan 1 ’27 80c
D ec. 15 ’26 1 %
National C ity B ank, N Y
Sept 15 1941
O ct
O ct
Oct

1 ’26
1 ’26
2 ’ 26

1 H Checks mailed
do
1M
1 y2 Office 99 John St, N V

D I V I D E N D S .— Initial div. o f 1 M % quar. on pref. stock was paid
D ec. 15 1926; initial d iv. o f 80c. per share on com m on stock was paid
Jan. 1 1 9 2 7 .
B O N D S .— The 1st m tge. sinking fund 6 % gold bonds, series A , are
redeemable, all or part on any int. date prior to m aturity upon 30 days’
notice at 105 if red. on or before Sept. 15 1931, at 103 thereafter and on or
before Sept. 15 1936, and thereafter at principal amount thereof plus a
premium o f % % for each year or portion o f a year between date o f re­
demption and m aturity.
Security.— Bonds will be secured b y a direct first mortgage on all the lands,
buildings, machinery and equipm ent (with a few unimportant exceptions)
o f the corporation, and b y the pledge o f the stock o f two small subsidiaries.
S inking F u n d .— M ortgage will provide for a sinking fund requiring semi­
annual paym ents (commencing A u g. 1 1927) in each case equal to 1 M %
o f the maxim um principal am ount o f all bonds theretofore issued, and in
addition will require paym ent on A ug. 1 1928, and on A u g. 1 in each year
thereafter, of an additional sum amounting in each case to 1 5 % of the net
income of the corporation for the next preceding fiscal year remaining after
paying all dividends on the outstanding cumulative preferred stock o f the
com pany during such fiscal year.— V . 123, p. 1642.
R E P O R T .— For the 3 years ended D ec. 31 1925 and the 12 months
ended July 31 1926, the combined earnings o f the properties to be acquire 1.
after eliminating certain bonuses and special compensation now dis­
continued, have been reported as follows
Y ea r E n ded— D e c . 31 ’23. D e c . 31 '24. D e c . 31 ’2 5 . July 31 ’26.
aN et earnings___________ $ 4 ,2 2 6 ,6 8 2 $ 4 ,696,386 $5 ,7 0 2 ,5 9 9 $ 6 ,101,582
Deprec. and deple_______
66 2 ,9 2 2
741,878
9 3 8,128
1,013,968
b N e t earnings_______ ___
3 ,5 6 3 ,7 6 0
3 ,9 5 4 ,5 0 8
4 ,764,471
5 ,087,614
cin e , avail, for pref. divs. 2 ,4 0 7 ,9 5 2
2 ,7 4 5 ,9 5 0
3 ,4 4 6 ,5 6 7
3,7 2 6 ,0 8 6
Inc. avail, for com . divs.
1 ,497,952
1 ,835,949
2 ,5 6 3 ,5 6 7
2,8 1 6 ,0 8 6
a Available for interest, before depreciation and depletion,
b Available for interest after depreciation and depletion,
c After deducting interest charges o f $780 ,00 0 on the $ 1 3 ,0 0 0 ,0 0 0 of
bonds to be outstanding and Federal taxes at 1 3 f i % . — -(V . 123, p . 2665)
P E T T IB O N E M U L L IK E N
C O .— O R G A N IZ A T IO N .— Incorporated
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
rails. & c.. for steam railroads. V . 94. d . 1511.
S T O C K .— As to pref. stock provisions, see V. 94, p. 1511. The second
pref. has no voting power and is subject to call at par after all the first pref.
shall have been retired. V. 94. p. 1511. First pref. originally $2,250,000;
canceled by sinking fund and in treasury Dec. 3 1 1924, $1,602,200; 2d pref.
stock, $750,000, of which $554,600 was In treasury Dec. 31 1924
D IV ID E N D S .— On 1st and 2d pref., 1 H % quar.. Oct. 1912 to Oct. 1926
R E P O R T .— For 1 9 2 5 ,in V . 122, p . 3 3 1 , showed:
Calendar Years—
1925 .
1924.
1923 .
M fg . profits, less maint.
taxes, sell., & c., expsa $ 4 24,8 10
$177 ,05 6
$ 5 5 1 ,6 4 2
Other incom e____________
1 0 6,977
25,2 8 1
----------N et incom e______________
5 31,787
2 0 2 ,3 3 7
55 1 ,6 4 2
First pref. divs. ( 7 % ) ___
42 ,1 2 1
4 6 ,6 6 4
4 8 ,9 0 2
Second pref. divs. ( 7 % ) .
15,744
13,741
14,088
Depreciation_____________
2 2 5 ,0 1 2
199,788
----------Res. for 1925 Fed. taxes2 8 ,3 2 3
--------------------1st pref. stock sink, fund
175,000
175,000
175,000

1922.
$338,834
----------338,834
52,605
15,519
--------------------175,000

Balance, surplus______
$4 5 ,5 8 7 d e f$ 232,856
$363 ,65 3
$95,710
Profit and loss su rp lu s-. $ 1 ,9 0 8 ,9 5 4 $1 ,8 6 3 ,3 6 7 b $ 2 ,0 97,224 $1,487,104
a Before Federal taxes,
b After adding $ 2 9 5 ,4 6 6 adjustment of Federal
income and profits taxes to 1919, inclusive.

OFFICERS.— A . H. Mulliken, Pres.; O. H. Eib, V.-Pres.; H . R . Prest.
Sec.; J. H . Mulliken, Treas. Offices, 725 Marquette Bldg., Chicago, and
120 Broadway, New York.— (V. 122, p. 3331.)
PHELPS DODGE C O R P O R A T I O N .— O R G A N I Z A T I O N .— Incorp. in
N ew York Aug. 10 1885 as the Copper Queen Consolidated M ining C o .,
capital stock $2,000 ,0 0 0 ; name changed to Phelps Dodge C orp. M arch 1
1917 and capital stock increased to $50 ,0 0 0 ,0 0 0 , o f which the entire amount
is now issued and outstanding. Owns the physical properties or capital
stock o f all the companies formerly controlled by Phelps Dodge & C o ., In c.,
which latter company was dissolved in 1917. In October 1921 acquired all
the capital stock o f the Arizona Copper C o . A t the present time the
branches are as follows: Copper Queen Branch, Douglas, A riz.; Morenci
Branch, M orenci, A riz.; Burro M ountain Branch, Tyrone, N . M .; Stag
Canon Branch, Daw son, N . M .; and the subsidiaries are: M octezum a
Copper C o ., Nacozari, Sonora, M exico; Bunker H ill M ines C o ., Tom bstone,
A riz.; Phelps D odge M ercantile C o ., Bisbee. Ariz.

D IV ID E N D S .— Until Mar. 30 1917 of Phelps. Dodge & Co. (holding co.).
’ 14. T 5 . T 6 . ’ 17. T 8 . ’ 19 ’20. ’21. '22. '23. ’24 ’25.
Regular. % _ ............. 10 10' 10’ 1 0 ' 7 « y
10 10 8 X
4
4
4
4
ffxtra

% ___________

4

10 2214 14 1014 314

--

................................

_______
..
--- —
Account depletion- . .
8 4 x 2x
x 2 % payable in 4 H % Liberty bonds, y Only three quarterly dividends,
I K % each due to chance in dividend period from O -M 31 to O .-J. 2,
Paid in 1926: Jan. 2 , 1 % ; April 2 , 1 % ; July 2 , 1 1 4 % ; O ct. 2 , 1 1 4 % .
R E P O R T .— For 1925, in V . 122, p . 2810, showed:
(In clu d in g O perations o f S ubsidiary C om pa nies O wned.)
Calendar Y ea rs—
1925.
1924.
1923.
1922.
Gross incom e____________ $39,7 0 7 ,0 8 4 $35,838 ,489 $ 2 9 ,735 ,620 $ 25,1 4 8 ,2 6 8
Cost of fuel, metal & mdse
31 ,7 5 3 ,6 0 4 3 0 ,646,445 2 6 ,4 3 1 ,0 5 5 24 ,1 5 5 ,0 6 2
Depreciation o f p la n ts -2 ,4 6 7 ,0 4 6
2,3 3 5 ,6 5 3
1 ,946,055
2 ,1 8 1 ,3 4 7
In t e r e s t __________________
4 28,429
765,116
8 3 2,932
7 35,154
2 ,0 0 0 ,0 0 0
2,0 0 0 ,0 0 0
2 ,0 0 0 ,0 0 0
2 ,0 0 0 ,0 0 0
Dividends ( 4 % ) ________
Depletion o f m ines______ 6,2 1 1 ,6 8 7
6,0 2 9 ,2 7 4
4 ,4 0 9 ,0 9 4
3 ,9 0 2 ,3 3 6
Balance, deficit_______
3 ,153,681
Balance forward________ 80,93 8 ,5 3 3

5,9 3 7 ,9 9 8
86,876,531

5 ,8 8 3 ,5 1 6
7 ,825,631
92,76 0 ,0 4 7 100,585 ,678

Profit & loss su rp lu s-.$ 7 7 ,7 8 4 ,8 5 2 $80,938 ,533 $86,876 ,531 $ 9 2,760 ,047
O F F IC E R S .— Chairman, Cleveland H . Dodge; Pres.. W alter Douglas;
V .-P s ., Arthur Curtiss James, E . Hayward Ferry, Cleveland E . D odge and
P . G . B eckett; Sec. & T reas., A . T . Thom son.
N ew Y o rk office, 99 John S t — (V . 122, p . 3353.)
P H IL A D E L P H IA A N D R E A D IN G C O A L A N D IR O N C O R P .— This
com pany, incorp. in Delaware D ec. 20 1923, was formed in accordance
with the final decree in the G ovt, suit against the Reading C o. The latter
sold to the new com pany all its right, title and interest in the capital stock
of the Philadelphia & Reading Coal & Iron C o ., subject to the lien o f the
general mortgage of Reading C o. and the Philadelphia & Reading Coal &
Iron C o . (as modified b y the final decree) for the sum o f $5 ,6 0 0 ,0 0 0 .
Philadelphia & Reading Coal & Iron C orp., pursuant to the final decree
and the order modifying the final decree entered b y the District Court
on D ec. 4 1923, will issue from time to time 1 ,400,000 shares of stock
without par value, being its entire authorized capital stock, to W ilm ington
Trust C o. of W ilm ington, D el. (the trustee) as trustee under a trust agree­
ment dated D ec. 28 1923 between Philadelphia & Reading Coal & Iron

222

M IS C E L L A N E O U S C O M P A N IE S .
{F or abb reviation s, A c ., tee notes on page 8]

D ale
B on ds

Philip Morris Consol Inc — C om stk 1,2 0 0 ,0 0 0 shs au th___

Phillips Petroleum Co. — Stock 2 ,5 0 0 ,0 0 0 shares a u th _____
Phoenix Hosiery Co. — C om m on stock $875 ,00 0 au th _______
Pref (a & d) stock 7 % cum red 115 $4,50 0 ,0 0 0 au th_______

Par
V a lu e

$100
None
5

—

100
100
None
100

Pierce-Arrow Motor Car Co—-Com 500,000 shares a u th -.
Pref (a A d) 8 % cum $ 1 0 ,0 0 0 ,0 0 0 s f call 125 con vertible..
First mortgage gold bonds (see text).

1923

C orp., Reading C o ., N ew ton H . Fairbanks and Joseph B . M cC all as
trustees, and W ilm ington Trust C o . 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 b y an affidavit in substantially the form required b y the
final decree (to the effect, in substance, that the applicant does not own
any shares of the capital stock of Reading C o. and is acting in his own behalf
in good faith) to receive a stock certificate for the number o f shares o f the
capital stock without nominal or par value of Philadelphia & Reading Coal
& Iron Corn, represented b y such certificate o f interest, together with all
dividends (but without interest thereon) collected by the trustee in respect
of said shares o f stock after the date of such certificate o f interest and prior
to such e»change, and a dividend order or assignment for any dividends
declared but not then payable in respect o f said shares.
A ll the certificates of interest will be dated Jan. 2 1924, except as other­
wise provided in the trust agreement in case of the declaration of dividends
by Philadelphia & Reading Coal & Iron C orp. prior to the issue of all of its
authorized 1 .400,000 shares o f capital stock.
Pending the exchange o f certificates o f interest for shares of stock, the
trustee will deliver proxies for voting all the shares o f stock held b y it to
N ew ton H . Fairbanks and Joseph B . M cC a ll, 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 b y it until paid over to the owners of
the respective certificates o f interest upon exchange thereof for shares of
stock as aforesaid. I f at any time after July 1 1926 any of the certificates
o f interest shall remain outstanding, the final decree provides that the Court
In its discretion, after a hearing upon such notice to holders of certificates
o f interest as it m ay direct, m ay order the shares of stock of Philadelphia &
Reading Coal & Iron Corp. represented b y said certificates of interest
to be sold and the proceeds distributed to the registered owners of such
certificates of interest.
O f the total o f 1,400,000 no par shares authorized, there had been issued to
W ilm ington Trust C o ., trustee, as o f D ec. 31 1925, 6 59,867 shares.
The W ilm ington Trust C o . advises that as of D ec. 31 1925, o f the above
6 5 9,867 shares, there had been issued 574,665 shares to holders o f certifi­
cates o f interest who had filed affidavits as required b y the decree.
For details as to new refunding mortgage 5 % sinking fund gold bonds, see
Philadelphia & Reading Coal & Iron C o. below and Reading C o . under
“ R ailroads.”
There were also outstanding on D ec. 31 1925 obligations o f the company
as follows: $720 ,00 0 Phila. & Reading collateral sinking fund 4 % bonds, due
1932, and $ 50,000 first mortgage bonds o f subsidiary coal companies.
R E P O R T .— For 1925, in V . 1 22, p . 3076 , showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
Coal sales________________$ 70,6 2 3 ,1 0 7 $ 8 3,511 ,650 $89,1 9 5 ,6 3 5 $52,7 8 6 ,1 2 0
Oper. & other exp. (less
rentals, & c)___________ 6 9 ,6 7 4 ,0 6 5 7 7 ,641,497 78 ,6 8 2 ,6 6 # 50,52 4 ,7 0 5
$949 ,04 2
32 0 ,4 9 8

Gross incom e--------------- $1 ,2 6 9 ,5 4 0
D ed u ct—
Depletion o f coal lands
and leasehold__________$ 1 ,218,091
Fed’l, State & local taxes 2 ,4 9 8 ,5 0 4
Interest on funded d e b t- 1,668,513

$ 5 ,870,153 $ 1 0,512 ,975
612,406
1 ,270,936

$2,26 1 ,4 1 5
937,479

$ 6 ,482,559 $11,783 ,911 $ 3,1 9 8 ,8 9 3
$1,504,503
2,346,771
1,610,692

$ 1 ,6 2 3 ,9 7 4
4 ,784,651
1,3 0 6 ,5 9 2

$729,421
2 ,530,502
32,400

N e t incom e________ loss $ 4 ,1 1 5 ,5 6 8 $ 1 ,020,593 $ 4 ,0 6 8 ,6 9 4 loss$93,430
O F F IC E R S .— Pres., W . J. Richards; V .- P ., R . J. M ontgom ery; V .- P . &
Sec., W . H . M acE w an; T reas., C has. A . H urff. Office, Philadelphia. P a.
— (V . 123, p . 2148.)
P H I L A D E L P H IA A N D R E A D IN G C O A L A N D IR O N C O . (T H E ) .—
The New York Stock Exchange in Jan. 1924 authorized the listing of $31,5 42,333 1-3 refunding mortgage 5 % sinking fund gold bonds dated Jan. 2
1924, due Jan. 1 1973, in the denom . o f $1,0 0 0 , $500 and $100.
The bonds are issued pursuant to the provisions of the final decree of
the U . S. District Court in exchange for general mortgage 4 % bonds issued
under the general m ortgage, dated Jan. 5 1897, made b y Reading Co.
and the com pany.
The final decree among other things directed the Reading C o . and the
com pany to offer to the holders of general mortgage bonds the right to
surrender their bonds and receive in exchange therefor an equal aggregate
p rin cip a l a m o u n t o? new b o n d s as fo llo w s:

2 - 3 o f said p rincipa l a m o u n t in

m tge. 4 4 % gold bonds,
certificates) of
Sen. & ref.o .; and 1-34thereof in ref. mseries5A (or scripfund gold bonds the
leading C
tge. % sinking
(or

scrip certificates! of the com pany.
On D ec. 31 1925 $31,222 ,667 refunding mortgage bonds had been issued
in exchange for the joint general mortgage bonds; of this am ount, $956,000
had been retired through the sinking fund, leaving $30,266 ,667 outstanding.
The Central Union Trust C o. of N ew York has been appointed trustee of
the refunding m tge. bonds. Compare also Reading C o. under “ Railroads.”
O F F IC E R S .— Pres., W . J. Richards; V .-P . & G en. Coal A gent, R . J.
M ontgom ery; V .- P . & Sec., W . H . M acE w an; T reas., C has. A . H urff.
Office, Philadelphia, P a .— (V . 121, p . 2531 .)
P H IL L 1P S -J O N E S C O R P .— Incorp. in N . Y . A u g. 15 1919. The
company is engaged in the business of manufacturing, producing, adapting,
preparing, buying, selling and otherwise dealing in fabrics and textiles, and
manufacturing and selling at wholesale throughout the country to retail
stores, shirts. Van Heusen collars, underwear and pajam as.
It was announced in N o v . 1926 that the Chain Shirt Shops, In c ., con­
trolled b y the corporation, had been sold. V . 123, p . 2665.
S T O C K .— 7 % cum ulative p ref., auth. $ 4 ,000,000; outstanding, $ 2 ,1 1 7 ,900; par, $100; com m on, a u th ., 100,000 shares; outstanding, 8 5,000 shares
o f no par value.
D I V I D E N D S .— A n initial quarterly dividend of $1 per share on the
common stock was paid Sept. 11 9 2 5 ;s a m e a m o u n tp a id q u a r .to D e c . 1 1926
R E P O R T .— For 1925, in V . 122, p . 7 42, showed:
1923.
1922.
1924.
Calendar Y ea rs—
1925.
$ 1 1 ,163 ,093 $11,135 ,417
Sales______________________x $ 9 ,862 ,787
9,718,511
C ost o f sales, exp ., & C -- z 9 ,3 8 2,710
Gross profit___________
Other income____________

$ 480 ,07 6
29 7 ,8 6 5

Total income_________
In t e r e s t _________________
Federal taxes____________

$777 ,94 2
17,586
See x

N e t profits_____________
$760 ,35 6
Preferred dividends_____
147,378
C om m on dividends_____ ($2)170,000
Spec. exp. & sundry losses
-----------

N ot

N ot
stated

sU ted
-------

_______

H $86,434
a$139,0 15
159,687
154,122
------------287,596
13,083

A m ou n t
O utstanding

None
$25
None

Phillips-Jones Corp.— Common 100,000 snares____________

Operating revenue___
Other inc.-— in t. & d i v s ._

[V ol. 123

INDUSTKIAL STOCKS AND BONDS

$1 ,4 1 6 ,9 0 6
63,347
-------------------$ 1 ,480,253
y41 3.09 6
135,000
$932,157
164,500

W hen
P a yable

R ate
%

S ee text
See text
85.0 0 0 sh See text
$2 ,1 1 7 ,9 0 0
7
2407.082sh. See text
$875,000
7
3 .6 2 9 .0 0 0
500,000
7
3 28,750 shs
10,000,000 See text
3 .9 5 0 .0 0 0

8

Q— M
Q— F
Q— J
Q— M
Q— M
Q— J
M &

Last D ivid en d
and M a tu rity

P laces W here Interest and
D ivid en d s are P a y a tle

D ec 1 1926
$1
N o v 1 1926 1 %
O ct 1 1926 75c. Guaranty Trust C o , N Y
C ent U nion TY C o , N Y
D ec 1 ’26
1%
D ec 1 ’26
1H
May 1 ’ 19 $1.2 5
Jan 1 1927 2 %

S Mar 1 1943

Six M o n th s Ended June 30—
N e t sales________________________
Expenses, Federal taxes, & c___

1926.
$ 5 ,2 9 5 ,0 9 0
5 ,1 1 2 ,1 5 5

1925.
$ 5 ,011,912
4 ,7 2 7 ,3 9 7

P rofit__________________________
Other income____________________

$182 ,93 5
190,805

$284 ,51 5
112,532

Total income__________________
Interest__________________________

$373 ,74 0
13,924

$397 ,04 7
13,786

N e t profit_____________________

$ 359 ,81 6

$383 ,26 1

O F F IC E R S .— Pres., M a x Phillips; V .-P . & Treas., A . S. Phillips; S e c.,
Arthur L . Phillips. Office, 1225 Broadw ay, N ew Y o rk .— (V . 123, p . 2 665 .)
P H IL IP M O R R IS C O N S O L ID A T E D , I N C — Incorp. in Virginia A u g. 17
1926 as a consolidation of Philip M orris & C o ., L td ., In c ., and the Con­
tinental Tobacco C o ., Inc. Philip M orris & C o ., L t d ., In c ., was incorp.
under the laws o f Virginia on Feb. 21 1919 and sold throughout the United
States the brands o f cigarettes known as “ Philip M o rris,” “ Rameses,,*
“ Stephano,” “ English O vals,” “ M arlboro” and “ Players.”
The corpora­
tion did not own or operate any factories, its entire output being manufac­
tured for it b y Stephano Brothers. Philip M orris & C o ., L t d ., In c ., also
owned the entire issued capital stock o f $300 ,00 0 of the Philip-M orrisInternational C orp.
The Continental Tobacco C o. was incorp. in Delaware D ec. 7 1923 and
manufactured cigarettes and smoking tobacco.
S T O C K .— The new company was authorized to issue 300,000 shares o f
class A stock, par $ 2 5 , bearing dividends at the rate of 7 % per annum , pay­
able quarterly and cumulative from Feb. 1 1 927 , and preferred both as to
dividends and principal. I t was also authorized to issue 1 ,200,000 shares
of common stock without par value, o f which 4 2 5 ,0 0 0 shares were issued to
the stockholders of the corporation for the aggregate consideration o f
$425,000.
Each stockholder o f the Continental Tobacco C o ., In c ., and each stock­
holder of Philip M orris & C o ., L t d ., In c ., received the right to exchange his
shares of stock, o f either or both companies, for the stock o f Philip M orris
Consolidated, In c., on the basis of
a share of class A stock and one share
of the common stock o f Philip M orris Consolidated, In c., for each share o f
the stock of either the Continental Tobacco C o . or Philip M orris & C o .
D I V I D E N D S .— On stock o f Philip M orris & C o ., L t d ., In c ., were paid
as follows: A u g. 1 1920, 1 % ; N o v . 1 1920 , 1 % ; Feb. 1 1921, 1 % ; O ct. 1
1921, 2 % ; O ct. 1 1923, 5 % .
R E P O R T .— For year ended M arch 31 1926 showed:
P h ilip M o r ris & C o ., L td ., I n c .
Y ea r Ended Y ea r Ended 15 M o s .E n d . Y e a r Ended
M a r . 31 ’ 2 6 . M a r . 31 ’2 5 . M a r . 31 ’ 2 4 . D e c . 3 0 ’ 2 2
N et income______________
$193 ,51 8
$140 ,65 0
$8 4 ,8 6 0
$139 ,04 1
Dividends (5 0 c .)________
_______
_______
138,000
----------Surplus________________
Previous surplus________

$193,518
23 5 ,0 2 7

$ 140 ,65 0
9 4 ,3 7 7

def$ 53,1 40
147,516

$139 ,04 1
7 ,5 7 8

Profit & loss, surplus— (V. 123, p . 2148 .)

$ 428 ,54 5

$ 2 3 5 ,0 2 7

$ 94,377

$146 ,61 9

P H IL L IP S P E T R O L E U M C O .— O R G A N I Z A T I O N .— Incorp. in June
1917 in Delaware. A s of D ec. 31 1925 the com pany had 287 producing
properties, containing 4 3 ,3 0 6 acres, on which there were 1,759 producing
wells. Land owned and leased amounted to 5 88,448 acres, located in
Kansas, Oklahom a, T e ..a s, Kentucky and Louisiana.
S T O C K .— The stockholders on April 21 1925 increased the auth. capital
stock from 2 ,0 0 0 ,0 0 0 shares to 2 ,5 0 0 ,0 0 0 shares o f no par value.
The stockholders o f record N o v . 25 1925 were given the right to subscribe
on or before D ec. 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.
B O N D S .— The entire outstanding 7 4 4 % gold debenture bonds were
redeemed on or before April 1 1926 at 104 and int.
Each $1,000 of bonds carried a detachable warrant entitling the holder
(for 10 years) to purchase from the com pany at $22 22 per share (reduced
from $33 33 per share on account o f the 5 0 % 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.
D I V S .— Initial div. of 50 cents a share paid D ec. 31 1921; sam e am ount
paid quar. to M a r. 31 1923. On June 30 1923 paid 50 cents quar. and $1
extra. O ct. 1 1923 to O ct. 1 1925 paid 50 cents qu ar.; Jan. 4 1926 to O ct. 1
1926 paid 75 cents quar.
R E P O R T .— For 1925, in V . 122, p . 1490, showed:
1922.
Calendar Y e a r s —
1925.
1924.
1923.
Incom e__________________ $35,770 ,893 $24,8 3 2 ,9 7 3 $ 1 9 ,3 7 2 ,5 8 5 $ 1 2 ,5 9 4 ,7 2 6
2 ,3 6 8 ,1 2 7
O per., gen. & adm . exps. 11,219,823
7 ,351,231
5 ,1 8 5 ,1 5 8
Interest and taxes (incl.
1 ,026,564
Federal ta x )___________
2,0 6 8 ,5 5 3
1 ,782,143
1,7 3 5 ,3 9 6
Expired and abandoned
leases and dry h o les-.
1,2 3 9 ,4 5 6
--------------------N e t incom e____________$21,243 ,061 $15,6 9 9 ,5 9 9 $ 1 2 ,4 5 2 ,0 3 0
8 ,9 1 3 ,4 3 8
8,5 3 8 ,8 1 9
7 ,8 0 9 ,5 3 5
D e p l., depr., & c., res___
Dividends paid__________
4 ,6 3 0 ,2 0 7
3 ,3 2 8 ,9 6 4
2 ,7 1 9 ,7 3 9

$ 9 ,2 0 0 ,0 3 5
4 ,2 3 0 ,2 0 5
1 ,357,810

Balance, surplus______$7 ,6 9 9 ,4 1 7 $ 3 ,8 3 1 ,8 1 6 $ 1 ,9 2 2 ,7 5 5
Capital surplus Dec.‘ 3 l I 9 1 ,1 7 7 ,8 6 0 6 3 ,2 6 0 ,3 4 0 3 8 ,6 7 3 ,9 4 3

$3 ,6 1 2 ,0 2 0
38,32 4 ,1 6 7

R esults fo r 9 M o n th s E n ded Sept. 30 (V . 123, p . 2254 .)
1926.
1925.
Income from oil_____________________________________ -$ 2 4 ,7 6 9 ,8 2 5 $15,326,277
Income from gasoline, gas & miscellaneous________ 15 ,1 8 6 ,1 2 8
11,164,640
Operating expenses___________________________________
General and administrative expenses_______________
Interest and taxes____________________________________
R es. for aband. leases, Fed. ta x ., & c., conting____
Estim ated depreciation and depletion______________
D ividends______________________________________________

$ 3 9 ,9 5 5 ,9 5 3 $26,490 ,917
9 ,3 6 7 ,8 1 9
6 ,969,587
1,4 8 8 ,6 8 2
1,138,659
8 52,870
1,069,901
3 ,4 1 8 ,9 8 6
1,300,000
9 ,0 6 6 ,6 0 4
6,685,078
5 ,4 1 3 ,3 5 6
2 ,850,270

N e t earnings available for surplus------------------------- $10,3 4 7 ,6 3 6

$6,477,422

O F F IC E R S .— Pres., Frank Phillips; V .-P . & G en. S u p t., C lyd e Alexan­
der; V .- P ., John H . K ane; V .- P ., W . N . D avis; Sec. & T reas., H . E . K oopm an. Office, Bartlesville, O kla.— (V . 123, P- 2 273 .)

Balance, surplus______
$442 ,97 8 d ef$28,190 d ef$360,849
.$ 7 6 7 ,6 5 7
P H O E N I X H O S I E R Y C O .— Incorp. under laws of Wisconsin on July
a After adjustm ent o f prior years’ Federal taxes, h After inventory
13 1897. M anufactures complete lines of m en’s, ladies’ and children s
adjustm ent o f $820,501 chargeable in part to operations o f prior years,
x N e t sales, y Incl. discount and also the sum of $10,536 for corporation [ silk, mercerized and woolen hosiery and w om en’s knitted underwear, all
being sold under the trade-mark “ P h o en ix ."
taxes, z Incl. provision for Federal income tax.




Nov., 1926.]

INDUSTRIAL STOCKS AND BONDS
D a te
Bonds

M IS C E L L A N E O U S C O M P A N IE S .
IFor abbreviation s, A c . , see notes on page 8.1
Pierce O il C o rp o ra tio n — Com m on stock ( $ 3 3 .0 0 0 .0 0 0 ) -----Pref (a & d) stock 8 % cumul $ 1 5,000 ,000 callable-------------Pierce P etroleu m Corp— Stock 2 ,5 0 0 ,0 0 0 shares auth_______
Sink fund gold deb (Pierce Oil Corp) call 107 Y ____ kxxc*
P ittsb u r g h C oal C o. (of Penn) — Com stock 6 % and partic.
Participating pref stock 6 % cum (also as to assets, s f call 110
1st M $ 1 ,500,000 g guar red 102 Y s f ___________ UPi.xo*
M on River Cons Coal & Coke 1st M g s f (see te x t)-U P I.zc *
Midland Coal purchase 1st M $1,200,000 g red 102
UPixe
Debentures $0,350,000 g auth redeemable par___________ x
Bonds o f Subsidiary C om pa nies.
M ontour R R red 105 begin 1924_____________________________
Pitts Coal D ock & W h 1st M guar a&d red, 102 M __________

Par
Value

Am ount
O utstanding

Rale
%

$25 S 2 9 .6 2 2 .8 3 1
100 ~ I 5 0 0 0 .0 0 0 See

W h en
Payable

323
Last D ividend
and M a tu r ity

Places W here In terest and
D ivid en d s are P ayable

Feb 1 1922 2 %

text

2 5 0 0 nnnsh

1921
1910
1899
1912
1911

500 &c
100
100

1,000
1 .0 0 0
1 ,0 0 0

500 &c

1,114.000
8 g
J & D 15 D ec 15 1931
Oct 25 1924 1%
a 32 .169 .200 See text
Jan 2 5 ’2 6 1 H %
35.000.000 See text
J
&
J Jan 1 1935
544.000
5 g
A & O Oot 1 1949
3 .9 6 3 ,0 0 0
6 g
M & N May 15 1932
510,000
5 g
M & S July 1 1931
1,756,000
5g
1,850 000
1 ,8 8 6 ,0 0 0

5 g
5 .4

F
A

&
&

A Feb 1 1963
O Apr 1 1938

New \ o rk
B y check
do
Union Trust Co.Pittsb
Union Trust C o .P ittsb
do
do
Union Trust C o o f Pitt*

a Excluding $ 7,83 0 ,8 0 0 com . stock in treasury D ec. 31 19 25

R E P O R T .—-For 1925, in V . 122, p . 1038, showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
N e t incom e_______________ $ 2 ,170,173
$480 ,72 2 $ 1 ,008,991
$1 ,9 2 5 ,4 0 0
Interest p a id ____________
102,640
167,694
______________
Federal and State taxes.
4 1 5,593
4 2,800
______________
D iv . on 7 % pref. s t o c k ..
2 9 4,460
305,893
3 0 8,875
26,250
C om m on dividends______
_______
_______
_______ (2 )^ )7 5 ,0 0 0
Balance, surplus______$1 ,3 5 7 ,4 8 0 def$35,665
Previous surplus________
3,8 7 0 ,4 0 2 3,982,511

$700,116 $1,82 4 ,1 5 0
3,3 1 4 .9 1 1
1,490,761

Total surplus___________ $5 ,2 2 7 ,8 8 2
Unused portion reserve
for conting. (C r.)______
_______
Profit on redemp. o f pref.
stock (C r.)____________
10,291
Depreciation for year___
9 3 ,1 9 7

$4 ,0 1 5 ,0 2 7 $3,314,911

$ 3 ,946,846
_______
16,753
9 3 ,1 9 7

5 3,669
7,012
93,1 9 7

_______
_______
_______

Profit and loss surplus $5 ,1 4 4 ,9 7 5 $ 3 ,870,402 $3,982,511
$3,314,911
O F F IC E R S .— P res., Herman Gardner; V .-P . & Gen. M g r ., John E .
Fitzgibbon; Sec., Theodore Friedlander; T reas., Edw in C . M ason . Office,
M ilwaukee, W is .— (V . 122, d . 1038.)

In M a y 1918, having obtained authority to operate in Texas, took title
to the properties o f the Pierce-Fordyce C o . V . 106, p . 196. 1905, 2 0 1 4 .
S T O C K .— The stockholders o f Pierce Oil C orp. on M a y 9 1924 approved
the proposal subm itted b y the m anagement calling for the transfer o f the
c o .’s assets to the newly organized Pierce Petroleum Corp. T h e new c o .
has an authorized capital o f 2 ,5 0 0 ,0 0 0 shares, of which 1,103,419 shares w er e
issued to the Pierce Oil Corp. in exchange for its holdings. The rem aining
1.396,581 shares were offered to Pierce Oil stockholders at $7 a share, th e
issue having been underwritten by a banking syndicate including L eh m a n
B ros., Goldm an, Sachs & C o ., and Hornblower & W eeks. Proceeds fr o m
the sale o f the stock were used to liquidate current obligations, including
the settlement of the judgm ent held by the International & Great N o rth e rn
RR.
(See V . 119, p. 588.)
D E B E N T U R E S .— T h e sinking fund gold debentures o f 1921 h a v e a
sinking fund of $ 200 ,00 0 annually, operating semi-ann. V . 113, p . 2511
R E P O R T .— For 1 925 , in V . 122, p . 2960, showed:
x l9 2 4 .
Calendar Y ea rs—
1925.
Gross profit_____________________________________________ $8,19 3 ,1 3 7 $6,903,461
6 ,2 9 9 ,0 6 8
M arketing, gen. & admin, expenses________________
7 ,1 4 9 ,3 7 5
273,249
In terest________________________________________________
194,571
Provision for uncollectible acc’ ts receivable_____________________ 4 2,950 9 9 ,0 0 0
609,613
Depreciation___________________________________________
706,141
7 5 % share o f earns, of Consol. Pipe Line C o _______ a O . 107,188

P I E R C E - A R R O W M O T O R C A R C O . (T H E )— O R G A N I Z A T I O N .—
Incorp. D ec. 2 1916 in N . Y . State as successor o f the original com pany of
similar name. Plant at B uffalo, N . Y . covers 43 acres.
N e t profit___________________________________________
$207,288yloss$377471
S T O C K .— Th e stockholders on Sept. 10 1926 approved plans to liquidate
a Since acquisition o f stock in 1924, including a cash div. o f $ 48,000 .
the $40 accumulated divs. on the pref. stock through the issuance o f 4 0,000
x During first 4 m onths Pierce Oil C o r p ., and remaining 8 m onths Pierce
shares of conv. 2d pref. and increased the authorized common stock by
Petroleum Corp. y This am ount comprises a loss o f $ 511 ,18 7 for the period
171,250 shares to 500,000 shares.
M a y 1 1924 to D ec. 31 1924, subsequent to the reorganization o f the com­
pany, less a profit of $133 ,71 6 for the period Jan. 1 1924 to A p r. 30 1924.
It is planned to offer the common stock to the common shareholders
giving rights at the rate of one new share for two and to devote the proceeds
— Q uar. E n ded Sept. 30---------9 M o s . E n d . Sept. 30—
to the retirement of the $ 3 ,9 5 0 ,0 0 0 8 % debentures outstanding.
P eriod—
1926.
1925.
1926.
1925.
Gross profit..................
$2 ,2 8 5 ,3 0 8
$2 ,1 2 8 ,6 4 0
$6,11 2 ,1 4 3 $ 6 ,498,290
The other issue will comprise 40,000 shares o f 2d pref. stock, each share
Gen. adm . exp ., & c____
1,868,459
1 ,901,544
5 ,2 2 8 ,4 1 8
5,2 8 7 ,6 1 7
convertible into 2 l shares o f common stock. This 2d pref .stock will be
A
In t. & exp. on funded &
entitled to cumul. divs. at the rate o f not exceeding $7 per share and callable
floating debt__________
5 4,704
5 3,988
167,457
140,230
at not exceeding $1 0 2 .5 0 and divs. This stock would be used to settle the
Prov. for uncollec.accts.
18,000
15,000
5 4,000
61,0 0 0
$ 4 ,0 0 0 ,0 0 0 of arrears of divs. on the present pref. stock.
2 2 3,906
193,380
678,113
554,167
W hen the above plans are carried out the com pany will have no bonds D epreciation____________
outstanding and its capitalization will be represented by $ 1 0 ,0 0 0 ,0 0 0 of
N e t p ro fit_____________
$120,239 loss$35,283 loss$15,845
$455,275
8 % pref. stock, $ 4 ,000,000 o f 2d pref. stock and 500,000 shares o f common
O F F IC E R S .— Chairm an, W . H . Coverdale; Pres. & T reas., Edward D .
stock, or if the 2d pref. stock is converted, $10,000 ,000 of 8 % pref. stock
L evy; Sec. & C o m p t., S. W . E verett; A sst. Sec. & A sst. C o m p t., P. T . Vize,
and 6 00,000 shares of com m on stock.
A sst. Sec. & Asst. T reas., J. J. O ’Brien. O ffices, 66 Broadway, N ew Y o rk ,
B O N D S .— The $6,000,000 first m tge. 7 % gold bonds will be secured by
and 17th and Locust S ts., St. Louis, M o .— (V . 123, p . 2273.)
a first mortgage on the entire plant and fixed assets. N one o f these bonds
have been sold, but $5 ,0 0 0 ,0 0 0 are held in com pany’s treasury
P I T T S B U R G H C O A L C O . (O F
P E N N A .)— O R G A N I Z A T I O N .—
T his c o m p a n y ’s s to c k w as issu ed t o th e p u b lic in J u ly 1917 in e x c h a n g e fo r
D E B E N T U R E S .— A sinking fund to retire b y purchase or redemption
che s to c k o f th e P itts b u r g h C o a l C o . o f N . J . (h o ld in g c o m p a n y ), p er p la n
$250,000 o f debentures annually is provided: first paym ent into sinking fund
in V . 102, p . 8 0 4 ,1 1 6 6 . V . 1 05, p . 1527. C o m p a r e f u ll s ta te m e n t, V . 105,
was made on April 1 1926, in respect o f year 1925; paym ents annually on
April 1 thereafter for the year ending the preceding D ec. 31.
p . 1101. M o n to u r R R . . see “ R a ilr o a d C o s . "
Th e total reserves o f the com pany’s coal in the Pittsburgh vein in Pennsyl­
D I V I D E N D S .— A t rate o f 8 % per annum (2 % Q .-J .) on pref. stock,
vania are 151,082 acres with an estimated mineable content o f 1 ,128,229,305
Jan. 2 1917 to April 1 1921 incl.; then none until July 1 1926, when 2 % was
tons. The com pany’s reserves in Ohio are 20,201 acres and in Eastern
paid; same am ount paid quar. to Jan. 1 1927. On com m on, A u g. 1917 to
Kentucky are 2,5 6 3 acres. Contract with United States Steel C orp .,
M a y 1919, both in cl., $1 25 qu ar.; none since.
V . 105, p . 1003; V . 106, p . 1338. In Jan. 1924 organized the N ew Pitts­
R E P O R T .— For 1925, in V . 122, 1332. showed:
burgh Coal C o. V . 118, p . 4 41.
Calendar Y ears—
1925.
1924.
1923.
1922.
S T O C K .— T h e p r e f. s to c k is e n title d : (a) T o c u m u la t iv e d iv id e n d s at
xN et earns., after deprec $2 ,1 5 2 ,0 7 8 $1,15 5 ,5 8 4
$952 ,56 4
$571,991
rate o f 6 % p a y a b le q u a rte rly w ith In terest a t 5 % o n a n y a ccu m u la tio n s ,
Other! ncom e____________
9 1,494
3 7.194
_______
_______
(b ) T o p a rtic ip a te e q u a lly w ith th e c o m m o n shares in a n y y e a r in w h ich
I n te r e s t_________________
393,791
4 4 1,718
579,852
561,182
each s to c k has re c e iv e d 6 % ; (c ) T o share in a s in k in g fu n d e ffe c t iv e fr o m
Federal taxes____________
2 2 0,000
_______
_______
_______
Jan. 1 1916, b ased o n th e sale o f m in e -ru n c o a l, sa id fu n d t o b e a p p lie d
FTior preferred divs____
8 3,758
126,000
94 ,5 0 0
_____
as th e d ire cto rs m a y d ir e c t , as fo llo w s (b u t s u b je c t t o th e r e s o lu tio n o f
Preferred dividends____
_______
_______
_______
_______
J u ly 9 1 917. V . 1 06, p . 1 33 8 , b y w h ich s u ffic ie n t a m o u n ts o f th e issue shall
Balance, surplus______$ 1 ,546,023
$625 ,06 0
$278 ,21 2
$10,809
be retired fr o m tim e t o t im e t o p re s e rv e th e r e la tio n o f v a lu e o f u n m in ed
x After providing for depreciation o f $865 ,72 7 in 1925. $737,931 in 1924
co a l t o t h e a m ou n t o f o u ts ta n d in g p re f. s to c k tak e n a t its call p rice o f 1 10 ),
and $779 ,82 7 in 1923.
v iz .; (a) fo r p a y m e n t o f d e b t , (6) a d d it io n s , (c) re tire m e n t o f preferred
— Q uar. E n d . Sept. 30— — 9 M o s . E n d . Sept. 30—
shares b y p u rch a se (o r c a ll) a t n o t e xc e e d in g 110 a n d d iv id e n d s ; (d ) t o p r e ­
Period—
1926.
1925.
1926.
1925.
ferred p a y m e n t o f p rin c ip a l a t 110 a n d d iv id e n d s In case o f liq u id a tio n ;
♦N et earnings___________
$491,396
$783,941 $2,056,131 $ 2 ,093,132
(e) T o th e re s trictio n t h a t n o In d e b te dn e ss se cu re d • m o rtg a g e o r p led g e]
“
D epreciation_____________
196,840
22 4 ,2 0 8
634,745
642,526
o f th e greauer p a r t o f th e p r o p e r ty shall b e cr e a te d w ith o u t th e con sen t at
Interest, taxes, & c ______
118,310
153,955
441,296
479,697
a meeting of at least 2-3 o f the outstanding pref. shares. A u th . p r e f’
stock was red u ced from $40,0 0 0 ,0 0 0 to $35,0 0 0 ,0 0 0 through the retirem en t
N et incom e____________
$176,246
$405,777
$980 ,09 0
$970,907
of $5,00 0 ,0 0 0 treasury stock in M arch 1921. A u t h . c o m . stock. $ 4 0 ,0 0 0 .♦After expenses, repairs, & c.
000.
O F F IC E R S .— Charles Clifton, Chairman; M . E . Forbes, Ikes. & Gen
D I V I D E N D S .— O n p r e f. s t o c k o f o ld P it ts . C o a l C o . o f N . J ., 1900 to
M g r.; S. O. Fellows, Treas.; E . C . Pearson, Sec.; M . C . Ew ald, A ud.
A p r . 1 905, 7 % y r l y .; ’06 t o ’ 0 9 , n o n e ; ’ 10, 5 % ; ’ l l t o A p r . 25 1 919. 5 %
Office, 1695 Elm wood A v e ., B uffalo, N . Y . — (V . 123, p. 2665.)
. a . ( 1 ) 4 % q u a r .) . O n P itts b u r g h C o a l C o . o f P e n n ., p r e f. s t o c k , A p r il
916 t o J u ly 1917, in a ll, 5 M % (t o P it ts . C o a l C o . o f N . J .) ; t o p u b lic In
P I E R C E O I L C O R P O R A T I O N .— Incorp. in Virginia June 21 1913
J u ly 1917 in s e ttle m e n t o f a c c u m u la tio n s . 3 .4 8 % cash w ith S3 1 -3 % o f
Under a plan of refinancing adopted M a y 7 1924, all of the corporation’s prer. stock; O ct. 25 1917 t o J a n . 25 1926 q u a r t e r ly , 1 % cash; April 1926
property was conveyed to Pierce Petroleum C orp. (see below) for 1,103,419
div. was deferred.
shares of the latter’s stock, and all o f the old com pany's liabilities were
In M a r c h 1918 an in itia l d iv id e n d o f $5 p e r share was d e cla red on the
assumed by the new com pany. All pref. and common stock o f the old
c o m m o n s t o c k , p a y a b le in fo u r q u a r te r ly in sta llm en ts o n A p r ., J u ly and
com pany remains outstanding (see terms of plan under Pierce Petroleum
O c t. 25 1918 and Jan. 25 1919, A p r ' 1919 t o J u ly 1922, 1 H % u u a r .; J a n .
C orp. below) and all dividends received on the 1 .103.419 shares o f stock
1923 t o O c t. 1924, p a id 1 % q u a r; n o n e s in c e .
o f Pierce Petroleum C orp. held will be available for the general corporate
B O N D S .— P lt ts b u r g n C o a l C o . o f P e n n a . 1st 5s o f 1910 are g u a r , b y
purposes of the old com pany, including the paym ent of dividends on the
P ittsb u rg h C o a l C o . o f N . J . S in k in g fu n d . 1 0 c . p er t o n , n o t less th a n
old preferred and common stock. Suit for damages, V . 121, p . 2531 .
$60,000 y e a r ly .
V . 9 0 , p . 1494.
F irst M . o n P it ts . C o a l D o c k Sc W h a r f C o . p r o p e r t y a t D u lu th , M in n .
S T O C K .— The pref. stock is redeemable at option o f com pany, all or
part, to July 1 1949 at 115 and dividends; sinking fund beginning July 1 $ 3 ,5 0 0 ,0 0 0 . V . 9 4 , p . 1052; V . 9 6 , p . 8 61; V . 8 9 . p . 1284.
P itts b u rg h C o a l C o . o f P e n n . (M id la n d C o a l C o . p u rc h a se ) 6s h a v e •
1922, not less each year than 3 % o f the issue (or $450,000) to cancel same.
m in im u m s in k , fu n d o f $ 5 0 ,0 0 0 y r ly . V . 9 5 , p . 8 9 3 , 1 043; V . 9 6 , p . 8 6 1 .
This stock has no voting power unless a year’s dividends remain unpaid
T h e M o n o n g a h e la R iv e r C o n s o l. O . & O . b o n d s h a v e a sin k in g fu n d o f
thereon. The consent o f a 66 2-3 interest is necessary to the making of a
5c. p er to n o f 1 >4-in c h , c o a l m in e d , and s h ip p e d , w h ic h retires b o n d s a n ­
m ortgage, &c.
n u ally a b o u t D e c . 1 If p u rc h a sa b le a t a re a s o n a b le p r i c e .
D I V I D E N D S .— On preferred stock 2 % q u ar., O ct. 1919 to July 1921;
R E P O R T .— For 1925 showed:
then none until Feb. 1922, when 2 % was paid; none since.
Calendar Y ears—
1925.
1924.
1923.
1922.
T h e directors in M a y 1920 declared a stock dividend on the common stock
Gross receipts____________$33,832 ,177 $44,025 ,345 $63,0 6 9 ,4 7 2 $34,2 6 8 ,6 5 0
payable in common stock as follows: 2y% % on July 1 and 2 )4 % on O ct. 1 Profits, after all expenses $ 1 ,564,604
$3,885,401 $11,3 5 8 ,5 5 6 $ 6 ,381,676
1920.
Depletion coal lands, & c.
434,617
974,527
1 ,509,847
5 16,597
D eprec’n plant & equ ip . 1,669,352
1,831,241
1,7 9 2 ,5 6 9
1 ,358,349
O F F IC E R S .— Pres., W . H . Coverdale; V .-P . & T rea s., E . D . Levy;
Interest paid & accrued.
637,204
746,055
7 46,978
791,778
Sec. & C o m p t., S. W . E verett; A sst. Sec., P . T . Vize; A sst. Sec. & Asst.
M in . int. in subs________
90,365
T r e a s., J. J. O ’Brien.'— (V . 122, p . 3464.)

?

P I E R C E P E T R O L E U M C O R P O R A T I O N .— O R G A N I Z A T I O N .— In­
corp. April 25 1924 under laws o f Delaware and acquired all o f the property
o f the Pierce Oil Corp. The latter company owned directly, or through
the entire capital stock of subsidiary companies: (a) Five modern refineries
at Fort W orth and Texas C ity , T e x ., Sand Springs, O k la., Tam pico and
Vera C ruz, M exico. Total average daily capacity 4 8 ,0 0 0 bbls. o f crude oil.
(6) 11,000 acres o f oil lands, principally held under lease, partly owned in
fee, in O klahom a, and Tam pico, M exico,
(c) 1,250 tank cars,
(d) 1,150
centrally located main distributing stations,
(e) A 6-inch pipe line owned in
fee from Cushing field to Sand Springs refinery, 35 miles.
(/) Through
Pierce Pipe Line C o. (entire stock owned), an 8-inch pipe line 100 miles in
len gth from Heald ton field, O kla., to Fort W orth refinery. V . 1 0 1 ,p .2 0 7 7 ;
V . 105, p . 2461; V . 106, p . 196; V . 107, p. 611.




$333,577 $ 7 ,3 0 9 ,1 6 2 $3 ,7 1 4 ,9 5 3
N et profits__________lo ss$l,2 66,9 40
Federal taxes____________
19,651
787,660
39 4 ,6 0 8
3 40,208
Pref. dividends ( 6 % ) . . .
2 ,1 0 0 ,0 0 0
2,1 0 0 ,0 0 0
2 ,1 0 0 ,0 0 0
2 ,1 0 0 ,0 0 0
Com m on dividends______
_______ ( 3 % )9 6 5 ,076 (4)1,286,768(3)^)1125,922
Undivided p r o fit s ..d e f.$ 3 ,3 8 6 ,5 9 1d f$3,519,159 a $ 3 ,5 27,786
$148,823
Earned surplus---------------- 14,918,573 19,701,975 2 3 ,2 8 1 ,4 9 2 2 9 ,320,714
a Subject to Federal taxes.
O F F IC E R S .— Chairm an, W illiam G . W arden; P res., W . K . Field; V .-P .
& Treas., F . J. L eM oyne; Sec., Aaron W estlake. Office, H enry W . Oliver
Bldg., Pittsburgh.— (V . 123, p. 1887.)
P I T T S B U R G H P L A T E G L A S S C O .— ( V . 1 23, p . 1 5 1 5 .)

224:

INDUSTRIAL STOCKS AND BONDS

M I S C E L L A N E O U S S E C U R I T IE S
[For abbreviation s, & c ., see notes on page 8]
P ittsb u r g h S te e l— C om m on stock $ 3 9,500 ,000 auth_______
Pref (a * d) 7 % cum $ 1 0 ,5 0 0 ,0 0 0 red 120 (V . 9b, p .6 5 )_
Serial gold notes due $ 500 ,00 0 annually_____________________
Pitts Steel Prod Co 1st m tge skg fu n d gold bonds_________
P ittsb u r g h Term C oa ) C orp — Com m on stk $13,200 ,000 au Pref (a & d) 6 % cum red 105 $4,00 0 ,0 0 0 auth_______________
Pittsburgh Terminal R .R ,&Coal C o 1st M sink fun dC P i.xc*
P o rto R ic a n -A m e rica n T o b a c c o — Class A stock 7 % c u m ..
Class B stock (non-voting)___________________ _______________
P o *tu m Cereal C o , In c— Com m on stock 1 ,4 7 0 ,0 0 0 sh auth
Prairie Oil & Q a s C o— Stock $70,0 0 0 ,0 0 0 auth____________

Prairie Pipe L i n t Co — stock

Rate
%
4
7
6 g
6 g

Par
Value
IOf

1925

1,000

1902

1,000
100

166

100

. .

P ressed Steel C ar C o— Stock com m on $45,3 0 0 ,0 0 0 au th . . Q
P f stk(a& d)7‘% cum red llO c o n v (text) $16,200 ,000 auth Q
Convertible gold bonds red ( t e x t ) _________________ Nkxxxc*
Equipment notes due $110 ,00 0 s-an red 10214____ N .xxxc*

Am ount
O utstanding

$100 $25,350 ,000

D a te
Bonds

1922
1920

N e t sales_____________ $33,8 9 9 ,5 2 4 $22,936 ,965 $2 3 ,6 4 1 ,9 9 8 $28,833 ,133
M f g . & produc. cost and
operating exp en ses__.$23,662 ,018 $16,455 ,655 $15,7 4 8 ,1 8 6 $ 20,740 ,513
Selling & admin. exps___
2 ,2 8 3 ,0 1 8
1,766,011
1,551,583
1,245,161
M a in t., repairs & rep lace
3,3 8 7 ,7 5 1
2 ,6 3 3 ,3 7 4
3 ,232,331
2 ,822,682
1,231,240
697,975
1,222,163
1,318,233
D epreciation____________
D epletion________________
175,659
189,717
114,846
108,859
Inventory adjstm ent
_______
167,578
2 1 4,093
97,846
E x p . incid. to coal strike
_______
_______
_______
460,291
_______
15,761
89,916
56,409
D oubtful acc’ts reserve.
$3 ,1 5 9 ,8 3 8 $ 1 ,070,894
168,994
7 5,448
_______
_______
60,094
81,887

_

N e t profits, all sources $3,38 8 ,9 2 5
Interest paid____________ , b 374,940
Loss on p ro p . abandoned
or replaced_____
4 7,970
Loss on D . S. bonds, &c_
_______
M iscellaneous___________
_______
T a x increase on cap. stk _
_______
F e d . income tax reserve.
432,437
Pref. dividends ( 7 % )
733,256
C om m on dividends_( 4 % )9 3 5 ,4 9 1

$ 1 ,4 6 8 ,8 8 0
292,513
47,733
163,617

$ 1 ,983,145
c278,613
_______
202,244

$1,228,229
35,052

$ 1 ,972,745
65,009

$ 2 ,464,002
100,348

31,447

56,898
4 6,759
245,399
735,000
(5)804,994

108,974
735,000
(4)700,000

47,733
70,403
223,045
735,000
(4)560,000

Balance, surplus______
$864,837 d ef$382,245
$18,686
$727,473
a Includes the results of the operations o f the Pittsburgh Steel Products
C o . prior to Sept. 1 1925, date of acquisition.
b Includes interest and discount on funded and long-term debt and inter­
est on loans.
c In 1922 com pany’s report showed a credit adjustment of reserve for
Federal taxes amounting to $ 2 70 ,42 7, which amount is included in mis­
cellaneous revenue.
O F F IC E R S .— Pres., Hom er D . W illiam s; V .-P ., Em il W inter; V .-P .,
E . H . Bindley: Sec., Henry J. M iller; Treas., W . C . R eitz; A sst. Sec.,
R a y M axw ell; A sst. T reas., W illiam L . R ow e. Office, Union Trust B ld g .,
•Pittsburgh, P a .— (V . 123, p . 1992.)
P I T T S B U R G H T E R M IN A L C O A L C O R P — Incorp. in 1924 as a con
solidation o f Pittsburgh Terminal Coal C o . (formerly owned by the Pitts­
burgh & W e st Virginia R y .) and M eadow Lands Coal C o . Owns seven
mines, five o f which are located in Allegheny County and two in W ashington
C ounty, P a . Th e total reserves o f the com pany’s coal in the Pittsburgh
vein are 2 1 ,2 0 0 acres, with an estimated recoverable content o f 133,500,000
tons.
S T O C K .— See table at head of page.
D I V I D E N D S .-—On pref., initial div. o f \ )4 % was paid M a r. 1 1925;
same am ount paid quar. to D ec. 1 1926. N o payments on common stock
to date.
R E P O R T .— For calendar year 1925 showed: Gross income, $ 8 ,8 1 9 ,0 0 2 ;
gross profit, $1,631 ,7 5 6 ; depletion, $648 ,52 7; amortization and depreciation,
$ 4 57 ,12 4; interest, $187,237; miscel. deductions, $ 4,978; provision for
Federal taxes, $ 19,100 ; net income, $314 ,79 0.
---------------------Q uarter Ended-------------------Total
Sept. 30 ’26. Jun e 30 ’26. M a r . 31 ’26. 9 M o n th s .
Operating p ro fit________
$ 338 ,98 8
$189,646
$399 ,64 0
$928,275
Depletion and deprec_._
30 5 ,5 1 6
2 56,438
284,975
846,930
x In c o m e --------------------$ 3 3,472 loss$66,792
$114 ,66 5
$81,345
x Before Federal taxes.
O F F IC E R S .— Pres--------------------------; V .- P ., L . H , K elly and G . F . Osleri
Sec., A . J. Appel; T reas., E . C . M cK ib b in . Office, W abash Building,
Pittsburgh, P a .— (V . 123, p . 2531 .)
P O R T O R IC A N -A M E R I C A N T O B A C C O C O .— O R G A N I Z A T I O N —
Incorp. Sept. 22 1899 in N . J. and manufactures cigars and cigarettes.
Owns entire capital stock of the Porto Rican-American Tobacco C o . c f
Porto Rico, which operates 14 factories in Porto Rico, and owns and control*
2,000 acres o f farming lands in Porto Rico; also a majority of the capital
stock o f the New Y o rk -T am p a Cigar C o ., which operates factories at Perth
A m boy, N . J ., and at Tam pa, F la ., and one-half o f the capital stock of the
Port*. Rican Leaf Tobacco
(to V 113 p 1896.
S T O C K .— The shareholders on N o v . 23 1923 approved a recapitalization
plan changing the 100,000 shares o f capital stock (par $100) auth. to
cumul. 7 % class A stock, and auth. the issuance of 100,000 shares of stock
to be known as class B common stock without par value and without voting
power, which the directors m ay issue in their discretion in whole or in part as
a stock dividend to the holders o f the present capital stock (par $100 ).
D I V I D E N D S .— f T 2 .
T 3 . 14. T 5 . T 6 .
17. T 8 .
T 9 . ’2 0 . ’2 1 . ’2 2 -’25.
In cash ( % ) ______-j 16
.. ..
4 16
8
--___
In 6 % scrip or stock i 20
20 20
15 10
8 13
6 12 3
In Feb. 1918 a stock div. of 4 % was declared payable M arch 7 In lieu oi
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. M a r. 1920 to M a r. 1921, 3 % quar
In scrip; none since. The $1 ,3 4 2 ,7 5 4 scrip (Series 1 to 9) issued between
June 1 1918 and D ec. 31 1920 was redeemed in stock at par on and after
M arch 31 1921. V . 112, p . 1511. The scriD N o . 10 was redeemed on or
before Feb. 26 1924 in cash or stock at par, at the option of the holder.




M
F

Q— J
W
&
S
& A

L a st D ivid en d
and M a tu r ity

P laces W h ere Interest and
D iv id en d s A r e Payable

O ct 1 1926 1 % Checks mailed
D ec 1 1926 1 H Checks mailed
T o Sept 1 1930
Feb 1 1937

Q— M
D ec 1 ’2 6 , 1 y2
6
Colonial Trust C o, Pittsb
J
&
J July 1 1942
5 g
text
M ar 3 '2 1 , 3 sc G uaranty T r C o , N Y

None
None 1470,000sh See text
Q— F
25 60,000,000 See text See text
8
100 8 1 ,000.000
Q— J
100 12.825.100 See text
100 14.640.100 See text Q— M
J
&
J
500&1000
6,0110.000
5 g
1.000
7
A & O
880,000

P I T T S B U R G H S T E E L C O — O R G A N I Z A T I O N .— Incorp. In Penna
July 1 1901.
Owns works at M onessen, Allenport and Glassport, P a ,,
coal properties at M onessen, Alicia and Grays Landing, P a ., and coke plant
and marine ways at Alicia, Pa. M anufactures pig iron, open hearth basic
steel blooms, billets, bars, wire rods, wire, wire nails, wire fencing, steel
hoops, bands, cotton ties, &c.
Subsidiaries, Pittsburgh Steel Ore C o ., M onessen Coal & Coke C o .,
Pittsburgh Steel Products C o ., Standard Land & Im provem ent C o ., M o ­
nessen Southwestern R y . C o ., Pittsburgh Perfect Pence C o .. L td ., o f Can­
ada, D aly Gas C o ., N ational Steel Fabric C o . and Pittsburgh Steel Sales
C o ., and a substantial interest in the Bennett M ining C o ., M esaba C liffs
Iron M ining C o ., Plym outh M ining C o. and H olm an-Cliffs Iron M ining C o.
• S T O C K .— The stockholders on A u g. 20 1925 increased the authorized
common stock from $19,5 0 0 ,0 0 0 to $39,500 ,606 .
N o m tge. or additional pref. stock without consent of % o f outstanding
preferred. V . 9 1 , p . 1388, 1451.
D IV S . T 4 . T 5 . T 6 .
1917.
1918.
T 9 . ’20. ’2 1 . '22. '2 3 . ’24. ’2 5 .
C o m ., % 0
0
6
8& 40ex. 8& 5ex.
8 *8
5
4
5
*4
4
P ref., % 3 X
7 1034
7
7
7
7
7
7
7
7
7
* On com m on also 1 0 0 % in com m on stock in 1920 and 2 5 % in common
stock in 1923.
Paid on com m on in 1926: Jan. 2, 1 % ; April 1 , 1 % ; July 1 , 1 % ; O ct. 1 , 1 % .
R E P O R T .-— For year ended June 36 1926, in V . 123, p . 1992, showed:
Y ea rs end. Ju n e 30— a l9 2 5 -2 6 .
1924-25.
1923-24.
1922-23.
Sales, less returns and
allowances_____________$34,380 ,881 $23,217 ,962 $ 2 3 ,926 ,890 $29,117 ,117
Less cash discount______
4 81,357
286,997
2 84,892
283,984

N e t profit from o p e r ..
Miscellaneous r e v e n u e ..
Apprec. o f Liberty bd s__
Interest earned_________

10,475,000
2 ,000,000
3,0 0 0 ,0 0 0
12,000,000
3 .729.000
3.1 8 3 .0 0 0
6,3 1 5 ,5 5 0 See

W h en
Payable

[V ol. 123.

N o v 1 ’26 $ 1 H
N ov 30 ’26 2 %
O ct 30 ’26 2 %
June 17 ’24 1 %
See text
Jan 1 1933
Apr '27-O ct '30

Chase N at B k. N Y
N Y Trust Go. N Y
do
do
Chicago or N ew York
New York Trust Co.

B O N D S .-— All o f the outstanding 10-year 8 % gold bonds due 1931 were
redeemed on N o v . 15 1926 at 105 and int.
R E P O R T .— For 1925, in V . 122, p . 1465, showed:
1925.
1924.
1923.
1922.
$ 1 ,2 0 1 ,3 9 0
$1,45 7 ,9 9 8 $ 9 ,9 3 5 ,7 6 0
Gross profit on sales____ $1,334,731
Operating p ro fit_________
4 57,155
132,362
478,779
93,691
Other in c o m e ..................
157,661
151,319
155,945
130,422
Interest, taxes, & c______
297,686
2 63,757
3 3 3,414
614,351
N e t p ro fits......................
$317 ,13 0
$ 1 9,924
$301 ,31 0 def$390,390
O F F IC E R S .— Luis Toro, Pres.; John Frese, 1st V .- P .; E . F . R osenthal,
2d V .-P .; Arthur H . N oble, T reas.; H . C atlin, Sec. & Asst. Treas. N . Y .
office, 185 M adison A v a .— (V . 123, P- 2148 .)
P O S T U M C E R E A L C O ., IN C .—-Incorp. under laws o f Delaware iD
Feb. 1922. M anufactures Postum Cereal, Instant P ostu m ,, G rape-N uts.
Post Toasties, P ost’s Bran Flakes, M alted G rape-N uts, Post B ran, C hoco­
late. Plants are located at B attle Creek, M ic h ., and W indsor, O nt.
S T O C K .— The stockholders on D ec. 28 1925 approved a contract be­
tween the company and the Jell-O C o ., In c ., which provided for the issuance
o f 5 70,000 shares o f stock o f the Postum com pany in exchange for all o f the
outstanding capital stock o f the Jell-O C o ., Inc.
D I V I D E N D S .— Initial div. o f $1 25 a share on the com m on stock was
paid M a y 1 1922; same am ount paid quar. to M a y 1 1923. A 1 0 0 % stock
div was paid June 19 1923. On Aug 1 and N o v . 1 1923 paid 75 cents pe*
share; Feb. 1 1924 to N o v . 1 1925 paid $1 quar.: F eb. 1 and M a y 1 1926
paid $1 10 per share; A u g. 1 and N o v . 1 1926 paid $1 25 per share.
In M arch 1926 acquired 5,0 0 0 shares class B common stock o f Igleheart
B ros., Inc.
R E P O R T .— For 1925, in V . 122, p . 1162, showed:
Calendar Y ears—
1925.
1924.
1923.
N et sales to customers________________ $27,3 8 6 ,9 1 9 $24,2 4 7 ,9 4 0 $2 2 ,2 0 5 ,4 1 0
xCost o f sales and expenses___________ 2 2 ,0 6 2 ,8 0 9
19,555,863
18,923,948
Provision for income taxes____________
6 39,948
586,720
3 99,996
N e t p ro fit_____________________________ $ 4 ,684,162
Previous surplus_______________________
3 ,8 1 0 ,0 4 7
A djustm ents_____________________________D r.7 1 1 ,3 5 5
D iv s. on pref. stock___________________
9 3 ,7 6 7
Dividends on common stock__________
1 ,596,057
do
stock ( 1 0 0 % ) ______________
_______

$ 4 ,1 0 5 ,3 5 7
1,799,831
D r . 183,969
3 2 5,875
1 ,585,296
_______

$2 ,8 8 1 ,4 6 6
1,402,338
D r .3 1,522
3 57,200
1,0 9 6 ,2 5 0
1 ,0 0 0 ,0 0 0

Surplus at D ec. 3 1 ____________________ $ 6 ,0 9 3 ,0 3 0 $ 3 ,8 1 0 ,0 4 8 $ 1 ,7 9 9 ,8 3 2
x Including all manufacturing, selling, administrative and general ex­
penses (less miscellaneous income) but before providing for incom e taxes.
--------------------Q uarter E n d in g-------------------- 9 M o s. E n dSept. 30.
Ju n e 30.
M a r. 31.
Sept. 30.
Sales to customers_$11,8 8 6 ,4 4 9
$ 1 2 ,7 1 8 ,4 7 8 $ 1 1 ,4 5 1 ,8 8 8 $ 3 6 ,0 5 6 ,8 1 5
A ll exp. less misc. incom e
8,466,281
9 ,2 7 6 ,4 8 6
7 ,8 6 0 ,0 2 8 2 5 ,6 0 2 ,7 9 5
Incom e taxes_____
4 6 1,960
46 9 ,6 7 5
48 5 ,5 3 9
1 ,417,174
N e tp ro fit______________$ 2 ,9 5 8 ,2 0 8 $ 2 ,9 7 2 ,3 1 7 $3,10 6 ,3 2 1
$9 ,0 3 6 ,8 4 6
[Including Operations o f Igleheart B ros., In c ., from D a te o f Acquisition
M arch 21 1926.]
O F F IC E R S .— Chairman o f Board, E d w . F . H utton; Pres., C olb y M .
Chester Jr.; V .- P ., H . C . H aw k, R . G . Coburn and E . E . T aylor; Sec. &
T reas., John S. Prescott. Office, 250 Park A v e ., N . Y . — (V . 123, p . 2148 )
P R A IR IE O IL & G A S C O .— O R G A N I Z A T I O N , & c.— Incorp. In
Kansas in 1906. Formerly controlled b y Standard Oil C o . 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 O klahom a, Kansas,
Texas and W yom ing and is extending its operations into Colorado and
New M exico.
In N o v . 1923 the com pany offered to exchange shares of its
stock for stock o f the Producers & Refiners C orp. on the basis of one share
of Prairie Oil & Gas stock (par $100) for 10 shares o f Prod. & R ef. common
stock (par $50 each).
The com pany in N o v . 1925 acquired the property of the Franklin Oil
C o . in Greenwood C ounty, K ansas. In D ec. 1925 was reported to have
purchased the producing properties o f the Lim a Iola Oil C o. in Greenwood
C ounty, Kansas. In M arch 1926 was reported to have purchased the
Olean Petroleum C o .— V . 122, p . 1622.
S T O C K .— -The stockholders voted D ec. 9 1924 to increase the authorized
capital stock from $ 6 0 ,0 0 0 ,0 0 0 to $7 0 ,0 0 0 ,0 0 0 and to change the par value
of each share from $100 to $25- V . 119, p. 2074.
C A S H D I V . [1 9 1 7 . 1918. 1919. 1920. 1921. 1922 . 1923 1 9 2 4 .1 9 2 5 .
R egu lar___ %\
13
12
12
12
12
12
8
8
6
E x tr a ______% [
7
8
14
20
10
11
Also paid 2 0 0 % in stock to stockholders o f record D ec. 27 1922.
Paid in 1926: M a y 3 1 , 2 % ; A u g. 31, 2 % ; N o v . 30, 2 % .
Stockholders of record Feb. 9 1916 received as 1 5 0 % d iv. the $ 2 7 ,0 0 0 ,0 0 0
cap. stock of Prairie Pipe Line C o .— which see below and V . 106, p . 4 0 3 .
Balance sheet as o f D ec. 31 1925 in V . 122, p . 2341.
O F F IC E R S .— Chairman, W . S. Fitzpatrick; Pres., N elson K . M o o d y ;
V .-P . & G en. M g r ., D ana H . K elsey; Sec., John Halihan; T r e a s., E . T .
Patterson. Office, Tulsa, O kla.— V . 122, p . 2666 .
P R A IR IE P IP E L IN E C O .— O R G A N I Z A T I O N .— Incorporated in K an ­
sas in Jan. 1915 and took over as o f Feb. 1 1915 the pipe line o f the Prairie
Oil & Gas C o. Com pany acts as a common carrier or crude oil in the States
of Kansas, Oklahom a. Arkansas, M issouri, Iow a, Illinois, Indiana and
Texas.
The com pany in N o v . 1925 purchased a half interest in the Pure Oil
Pipe Line C o . o f Texas from the Pure Oil C o .
D I V I D E N D S .— July 1917, 5 % , O ct. 1917, Jan. 1918 and Apr. 30, 5 %
reg. and 5 % extra. July and O ct. 1918, 5 % ; Jan. 1919 to A p r. 1922 paid
3 % quar.; July 1922 paid 3 % and 2 % extra; O ct. 1922 paid 3 % quar.:
Jan. 1923 to O ct. 1926 t>aid 2 % quar. A 2 6 6 % stock d iv. was paid to stock­
holders o f record D ec. 27 1922.
R E P O R T .— For 1925, in V . 122, p . 2054 , showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
N et incom e______ _______ $ 1 5 ,228 ,607 $1 1 ,7 9 4 ,5 4 7 $15,8 1 8 ,8 6 5 $19,336 ,134
D ividends............................. 6,4 8 0 ,0 0 0
6 ,4 8 0 ,0 0 0
6 ,4 8 0 ,0 0 0
5,130,000
Surplus________________ $ 8 ,748,607 $5 ,3 1 4 ,5 4 7
$ 9 ,3 3 8 ,8 6 5 $14,206 ,134
O F F IC E R S .— Pres., W . F . G ates; V .-P . C . F. K ountze; T reas., R . G .
Hare; Sec., F . M . W ilh elm . Office, Independence, K ansas.— (V . 123, p.
2666.)
PR E SSE D STEEL CAR CO.— O R G A N I Z A T I O N .— Incorporated b New
Jersey on Tan 13 1899 as a consolidation of the Sohoen and Fox pressed
steel equipment companies. Is one o f the leading manufacturers in the
steel car business, the capacity of plants being from 1 5 % to 2 0 % o f the
estimated total production of cars in this country. Customers are railroads
and industries of the United States and foreign countries. Business con­
sists of the manufacture of steel freight and passenger cars, trucks, truck
frames, bolsters and other pressed steel specialties for cars. Plants, located

P ro cter & G a m b le C o— Com m on stock $25,0 0 0 ,0 0 0 a u t h ..
Pref stock <8% on ml 'See terms In editorial. May '93 supp)
Pref (a & d) stock ( 6 % cum) $45,7 5 0 ,0 0 0 auth call 1 10—
P ro d u c ers & R efin ers C orp— Com stock $47,0 0 0 ,0 0 0 au th .
Pref (a & d) stk 7 % cum & particred 107 k auth $3 ,0 0 0 ,0 0 0
I s t M sf gold bds (text) $5 ,0 0 0 ,0 0 0 au red 1 1 0 ..C e k x x x c*& r
P u llm a n C o m p a n y (T h e )— Stock $1 3 5 ,0 0 0 ,0 0 0 au th -------

D a te
Bonds

.
—
1921

Par
Value

M erger A g reem en t (V . 122, p . 623.)
The stockholders on Peb. 18 1926 approved the merger with the com pany
o f the W estern Steel Car & Foundry C o. The merger agreement provides
that the corporate existence and name of the Pressed Steel Car C o. shall
continue, with a total authorized capital consisting of $ 1 6 ,200 ,000 preferred
stock and $ 4 6 ,300 ,000 com m on stock. Such new preferred stock is entitled
to cumulative dividends at the rate o f 7 % per annum; is convertible share
for share into new com m on stock prior to Jan. 2 1933, is subject to redemp­
tion on any quar. div. paym ent date on 60 days’ notice at 110 and divs.,
is preferred over the com m on stock on any liquidation or dissolution of
the com pany up to 110 and d ivs., and has equal voting rights with the new
common stock.
Under the terms of the merger agreement holders of the old preferred and
common stock of the Pressed Steel Car C o. were entitled to receive new
preferred and com m on stock as follows:
Holders of preferred stock to receive at their option, for each $100 par
value, either (a) $100 par value o f new preferred stock, or (b) $100 par
value of new com m on stock and $20 par value of new preferred stock.
Holders o f com m on stock to receive, for each $100 par value $100 par
value of new com m on stock and $20 par value o f new preferred stock.
Holders o f the outstanding $ 6 ,0 0 0 ,0 0 0 10-year 6 % convertible gold
bonds due Jan. 1 1933 are entitled under the terms o f the merger agreement
to convert their bonds, on any interest date up to and including the date
o f m aturity, into new preferred and common stock at the rate o f $ 1 ,0 0 0
o f new common stock .and $200 o f new preferred stock for each $ 1 ,0 0 0 of
convertible bonds.
The Pressed Steel Oar C o . as holder o f $1 ,2 5 0 ,0 0 0 o f stock o f W estern
Steel Car & Foundry C o ., was entitled under the term s of the merger agree­
m ent to receive $3 ,7 0 0 ,0 0 0 o f new com m on stock, which thus becomes
treasury stock o f the Pressed Steel Car C o .
D IV S .
(’0 5 -’ 13. ’ 14. 1915. ’ 16. ’ 17. ’ 18. ’ 19. ’2 0 . ’2 1 . ’2 2 . ’2 3 . ’24 ’ 25.
C om
% \ N one
3 N one 2 M
7 I 'A
8
8
4
0
1
2 0
P r e f _ % 17% p. a. (1 % % Q .-F .) to June 10 ’ 24; then none until June V
_
1925 when 1 % % was paid; same amount paid quar. to M arch 17 1926;
July 1 1926 to D ec. 31 1926 paid 1 % % on new preferred stock (see reorgan­
ization plan a b o v e ).
Divs. on com . stock were resumed D ec. 18 1923 w ith a paym ent o f 1%
quar.; same amount paid M arch 18 and June 17 1924; none since.
B O N D S .— See under “ M erger Agreem ent” above.
R E P O R T .— For 1925, in V . 122, p . 1182, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
Oper. profit after t a x e s .. $ 1 ,006,345 $ 1 ,785,629 $2,191,061 loss$810,606
Other income____________
52 6 ,2 9 0
x299,481
x608,913
868,918

W hen
Payable

Last D ividend
and M a tu rity

Places W here In terest a n o
D ivid en d s are Payable

$5 8 ,3 1 2
_______
400,000
875,000
_______

own or control approximately 26 5 ,0 0 0 acres o f oil and gasl eases situated in
the W yom ing, M ontana, Colorado, N ew M exico, Oklahom a, Kansas.
Texas, Arkansas and Louisiana fields.
Subsidiary companies are: Kistler Refining C o ., Pan-American Oil C orp ..
Pan-American Refining C o ., Pike’s Peak Petroleum Products C o ., Hudson
Oil C o ., Lyons Petroleum C o ., Sand Draw Pipe Line C o ., Fremont
N atural Gas C o ., Prod. & R ef. C orp. of T e n n ., Crystal Oil C orp. and
Pensland Oil C o.
C A P I T A L S T O C K .— Th e preferred stock has equal voting rights with
the common stock, and participates equally with the latter in any divs. aver
7% on each class o f stock. Pref. and common stockholders o f record F eb.
15 1922 were given the privilege o f subscribing for $ 2 ,0 0 0 ,0 0 0 1st m tge.
8 % sinking fund bonds at 100 anu in i. V . 114. p. 636.
Th e auth. common stock was Increased from $27,0 0 0 ,0 0 0 to $ 4 7 ,0 0 0 ,0 0 0
in Jan. 1923. V . 116, p . 3 05. In Feb. 1923 stockholders were offered
160,000 shares o f common stock at par ($50) . V . 116, p . 625.
The Prairie Oil & G as C o . in N o v . 1923 offered to exchange shares o f Its
capital stock for capital stock o f the Producers & Refiners C orp .. on the
Oasis o f one share o f Prairie Oil & Gas stock (par $100) for 10 shares o f
Producers & Refiners com . stock (par $50 each). Com pare V . 117, p. 2119,
2551, 2660.
B O N D 8 .— T h e 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 com pany at par (payable either in cash or in bonds taken at
their principal am ount and accrued interest) at the rate o f $1 ,0 0 0 par value
o f com m on stock for each $ 1 ,0 0 0 face value of bonds. Issued, $ 5 ,0 0 0 ,0 0 0 ;
retired by sinking fund, $ 2 ,1 2 8 ,5 0 0 .
D I V I D E N D S .— Pref. divs. were regularly paid to M a y 1925; none since.
On A u g. 6 1923 34 % extra was paid. On com m on, paid 134 % quar. from
Peb. 1920 to M a y 1921; then none until M arch 15 1923, when 2 % was paid;
June 15 1923 paid 2 % , Sept. 15 1923 paid 1 % , none since.
R E P O R T .— For 1925, in V , 122, p . 3222 , showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
Gross sales & earn in gs-_$19,283,193 $16,582 ,501 $ 1 2 ,8 1 6 ,3 1 9 $10,910 ,725
P rod., oper., gen. &
admin, expenses______ 15,22 3 ,9 8 5
13,409,512
8 ,833,221
6 ,783,106
Gross earnings. _______
Other i n c o m e ____ -

$ 4 ,0 5 9 ,2 0 8
163,781

$ 3 ,1 7 2 ,9 8 8
189,175

$ 3 ,9 8 3 ,0 9 8
191,917

$ 4 ,127,620
2 4 9,438

T o ta l earnings. _______ $ 4 ,2 2 2 ,9 8 9
D ed uct— Depreciation
1 ,967,949
In t. & bond expense. .
1 ,019,243
Federal tax provision.

$ 3 ,362,164
1 ,075,289
1,0 8 9 ,5 5 2

$4,175,015
712,041
523,716
120,000

$ 4 ,377,058
499,759
549,304
63,312

N et inc. bef. deple’n . . $ 1 ,235,797
Previous surplus
15,011,237

$1,197,323
16,620,792

$ 2 ,819,257
16,052,631

$3,26 4 ,6 8 4
12 ,9 9 1 ,3 6 0

T otal surplus_________ $ 1 6 ,247 ,033 $ 1 7,818 ,115 $ 1 8 ,8 7 1 ,8 8 8 $ 1 6,256 ,044
Adjustm ents prior years D r5 ,4 82,841 D r2 ,607,704
D r254,647
_______
Apprec. o f devel. lease­
_______
_______
_______
hold charged o ff______ 1 0 ,657,503
Preferred dividends____
99,587
199,174
2 06,288
203,413
Com m on dividends______
_______
_______
1 ,776,309
_______
M inority int. in subsids_______
_______
13,851
_______

$ 706 ,86 1 d f $ l ,216,688
T o ta l surplus D ec. 3 1 $7,102 $15,0 1 1 ,2 3 7 $ 1 6,620 ,792 $16,052 ,631
13,461.212 14,67Six 9 9 o n th s E n d ed Ju n e 30—
7 ,8 M
1926.
1925.
N et income after deprec., in t., & tax, before depl’n $1 ,3 9 8 ,3 5 0
$698,003
Total su r p lu s ..___ ____$14,286 ,478 $14,222 ,428
$14,168 ,073 $ 1 3 ,461 ,211 E R S .— Pres., F . E Kistler V .-P & Treas. W E . Lockhart:
O F F IC
x After deducting interest charges.
Sec., D avid R . Thom as.
Office, 400 California B ld g., D enver, C olo.
O F F IC E R S .— F . N . H offstot, Pres.; N . S. Reeder, V .-P ., N . Y . ; J. F.
— (V . 123, p . 1771.)
M acE nulfy, V .-P ., N . Y . ; Henrv P. H offstot. V -P .. Pittsburgh; C . E
Church, Sec. & T reas., N . Y . ; W . A . Chamberlain, C o m p t., Pittsburgh.
P U L L M A N C O . ( T H E ) .— On Jan. 1 1900 the W agner Palace Car C o.
N ew York office. Seaboard Bank B ld g.— (V . 123, p . 854.)
sold its assets to the Pullm an C om pan y. V . 6 9 , p . 854; V . 70, p . 4 0 . In
1908 began building steel cars. V . 8 4 , p . 697; V . 8 7 , p . 1163; V . 90, p . 506:
P R O C T E R & G A M B L E C O . ( T H E ).— Formed in 1890 under laws of
V . 97, p . 669; V . 90, p . 1617, 1682; V . 91, p . 157, 280, 1332, 1517, 1777;
New Jersey to carry on soap, candle, oils and glycerine business o f firm of
V. 92, p . 193, 265.
Procter & G am ble. Reincorporated in Ohio in 1905; V . 8 0 , p . 655, 1916.
The stockholders on D ec. 20 1921 authorized the purchase o f all the assets
The plants of the com pany and Its subsidiaries, in addition to 12 cotton-seed
of the H askell & Barker Car C o ., In c ., and the paym ent therefor o f $ 275 ,00 0
oil mills in the South, are located at Ivorydale, Ohio; M acon , G a .; Kansas
In cash and 165,000 shares o f the capital stock o f this com pany. V . 113,
C ity , K ans.; Port Ivory, Staten Island, N . Y . ; D allas, T e x ., and Hamilton
p. 2319 . 2728.
Ont. V . 109. p. 986; V . 8 1 , p. 1243, 1562; V . 8 3 , p . 498; V . 90. p. 1047
The com pany on June 19 1924 announced the segregation o f its manufac­
It was reported in A ug. 1920, that the company had purchased 54 acres of
turing properties and the organization o f a new corporation, known as the
land in San Francisco where it will build a plant at an estimated cost of
Pullman Car & Manufacturing C o rp ., with a capital stock of $50 ,0 0 0 ,0 0 0 ,
$3,000,000. About 3 0 % o f the value o f the com pany's output consists
which took over, as of M a y 31 1924, the manufacturing plants at Pullm an,
of well-known soaps (Ivory Soap, & c.) and the remaining 7 0 % Includes ,lt
111., and at M ichigan C ity , Ind .
T h e entire $5 0 ,0 0 0 ,0 0 0 capital stock is
Is claimed, about 3 9 % o f the country’s production o f hydrogenated lard
owned b y the Pullm an C o . V . 1 18, p . 3088 .
substitutes (“ Crisco,” & c.) and about 4 0 % o f its glycerine. See full data,
C A P I T A L S T O C K .— The authorized capital stock was increased on
V . 106, p. 1040.
Dec. 20 1921 from $ 1 2 0 ,0 0 0 ,0 0 0 to $ 1 3 5 ,0 0 0 ,0 0 0 . V . 113, p . 2319 , 2728 .
S T O C K .— Th e 6 % pref. stock is in effect a second preference issue,
ranking subsequent to the 8 % pref. and is callable at 110 and divs. Th e
R E G U L A R C A S H D I V S . (1 8 7 7 -8 0 .1 8 8 1 -8 3 . 1884-98. ’9 9 . ’0 0 t o N o v ’2 6
holders will not have the right to subscribe to new stock issues. Neither
Since 1877 ( % ) ________________ / 8 yearly 914 yly- 8 yearly 6 k 8 yly (Q -F )
issue of pref. stock shall be increased nor shall any additional stock be
Also in 1898 and 1906 and to stockholders of record April 30 1910 extra
authorized to be issued with rights equal with or prior to the rights of the
dividends to distribute surplus assets. V . 67. p. 75, 789, 8 40, 902; V . 8 3 .
6 % pref. stock. This stock will be issued over a period o f years and in such
p. 1174. 1233; V . 9 0 . p . 4 51. 5 06. 854.
amounts as conditions m ay warrant and the business m ay require, and all
stock so to be issued will be offered first to the holders o f the common stock.
R E P O R T .— For year ending July 31 1926, in V . 123, p. 1626, showed;
V . 108, p . 2636; V . 109, p. 4 83, 780, 986.
Y ears E n d . July 31— - 1925-26.
1924-25.
1923-24.
1922-23.
The stockholders voted Dec 22 i 9 i y to change the par value o f the
Earnings o f cars_________ $90,831 ,275 $ 8 3,927 ,749 $81,2 4 0 ,6 8 8 $76,9 0 6 ,6 6 5
common stock from $100 to $20, Issuing in exchange for each share o f $106
Other incom e____________ 5 ,906,205
6 ,390,570
7,9 0 4 ,4 2 6
5 ,9 6 7 ,6 7 8
now outstanding five shares each of the par value o f $ 20. The stockholders
on N o v . 19 1924 increased the authorized common stock from $24,000 ,000
Gross incom e_________ $96,737 ,480 $90,318 ,319 $ 8 9,145 ,114 $82,8 7 4 ,3 4 3
to $ 2 5 ,0 0 0 ,0 0 0 .
Oper. expenses & taxes_x$61,590,833 $58,016 ,270 $57,2 8 6 ,3 3 0 $50,548 ,901
C O M . D I V S .—
’0 1 -’ 12.
'1 3 .
'1 4 .
’ 15.
’ 16.
’ 17-’24.
’25.
Depreciation of cars____
9 ,148,169
7 ,954,685
7 ,264,565
7 ,004,633
In cash................................* 1 2 y ly .
16
16
16
18
2 0 y ly .
21 k
Reserve for defer, m aint.
_______
_______
3 ,0 0 0 ,0 0 0
In sto c k ________________ _______
4
4
4
4
4 y ly .
4
Propor’n to rev. accr. to
railroad companies un­
* Also extra dividend o f 14 2 - 7 % , paid Jan. 2 1904, and 2 5 % D ec. 1905 .
der oper’g agreem ent- 9 ,701,867
8,5 7 5 ,3 8 8
8 ,9 9 1 ,1 5 6
8,4 3 3 ,2 3 9
V . 9 5 , p . 1334; V . 96, p. 1776.
Reserve for pensions____
1,000,000
1 , 000,000
1 , 000,000
_________
Paid in 1926: Feb. 15, 6 M % ; M a y 15, 6 k % ; A u g . 14, 6 H % and 1 0 %
Reserve for excess cost of
extra in cash; N o v . 15, 834 % •
replacement of cars___
1,000,000
1 , 000,000
1 , 000,000
--------------Future dividend policy, V . 118, p . 3207.
A d d 'n t o r e s ’v e fo r d e p r ’n
----------_______
_______
y67 0,63 3
R E P O R T .— For year ending June 30 1926 in V . 123, p . 4 5 0 , showed:
10,738,872 10,703,221
10,799,852
Dividends ( 8 % ) _________ 10,749,894
1925-26.
1924-25.
1923-24.
1922-23.
$
S
S
S
Balance, surplus______$ 3 ,546,717 $ 3 ,033,104 $ 2 ,8 9 9 ,8 4 2 $2 ,4 1 7 ,0 8 4
V olum e of business, incl.
x Includes maintenance, $ 2 0,272 ,080 ; conducting car operations, $ 3 4 ,subsidiary com panies-189,314,559 156,085,091 121,372,681 109,776,389
126,430; general expenses, $2,8 9 0 ,6 5 2 , and taxes, $ 4 ,3 0 1 ,6 7 1 . y Addition
N e t earns, after prov. for
to reserve for depreciation to complete provision for depreciation on cars
d e p r., losses, ta x ., & c . 12,241,753 10,375,159
8 ,629,447
8,532,826
in service prior to 1910.
O F F IC E R S .— Pres., W m . Cooper Procter; V .-P s ., J. N . G am ble and
H . G . French; Sec., Ralph F. Rogan; T reas., G eo. S. W oodw ard. Office,
D IR E C T O R S .— John S. Runnells (Chairm an), Edward F . C arry (P res.),
C incinnati.— (V . 123, p. 2149.)
f P. M organ. W . Seward W ebb , John J. M itchell. Chauncey K eep. George
F . Baker, Harold S. Vanderbilt, Arthur O. Choate, George F . Baker, Jr.,
P R O D U C E R S A N D R E F IN E R S C O R P O R A T I O N .— O R G A N I Z A ­
John R . M orrow , George W h itn ey , D onald M cL ennan and Lowell M .
T I O N .— A n operating and holding co. organized under laws o f W yom ing on
Greenlaw.
Secretary is J. F . K ane.
General offices, Chicago. 111.-—
■
M a y 14 1917. Corporation and its affiliated and subsidiary companies
(V . 123, p . 2149.)




$54,355
14,168,073

Bate
%

$20 $25,000 ,000 See text Q— F 15 N ov 15 ’26 8 k C o.’s Office, Cincinnati,O
100
2 ,250,000
8
O— .T 15 Oct 15 1926 2 %
do
do
100
9,9 3 1 .1 0 0
Q— M 16 D ec 15 ’26 1 k
6
50 37 .4 3 8 ,9 5 0 See text
Sept 15 ’23 1%
50
2 ,8 4 5 ,3 5 0
M a y 4 1925 I k
100 &C
Blair & C o , N ew York
June 1 1931
2 ,8 7 1 ,5 0 0
8g
100 135.000,000
8
N o v 15 ’26 2 % N Y , Chicago & Boston

In the Pittsburgh district, have an annual production capacity o f 49,400
freight cars, 300 steam and street railway passenger cars and a large tonnage
o f steel underframes and miscellaneous parts for cars. The constituent
owned or controlled companies are the Koppel Industrial Car & Equipm ent
C o ., American Steel C o . o f Cuba, and the Lincoln G as Coal C o .

Total income___________ $1,53 2 ,6 3 5
$ 2 ,0 8 5 ,1 1 0 $ 2 ,799,973
M aintenance____________
293,586
505,755
430,640
Depreciation, & c________
300,000
400,000
662,472
D iv s. pref. stock ( 7 % ) . .
875,000
875,000
875,000
D iv s. common stock____
_______ (2 % )2 5 0 ,0 0 0
(1)125,000

Am ount
Outstanding

t *
0

M IS C E L L A N E O U S C O M P A N IE S .
[F or abbreviation s, & c ., see n otes on page 8.]

Balance, surplus_______
$64,049
Previous surplus_________ 1 4 ,2 2 2 ,4 2 9

225

INDUSTRIAL STOCKS AND BONDS

C
h

Nov., 1926.]

226

M IS C E L L A N E O U S C O M P A N IE S
IF or abbreviation s, A c . , see notes on page 8]

P u n t a A le g r e S u g a r C o — S to c k $ 2 5 ,0 0 0 ,0 0 0 --------------------------C o n v e r tib le d e b e n tu r e s re d e e m a b le ( t e x t ) ___________________
G o ld n otes red 1 02 4 $ __________________________________ k x x x c *
P u r e O il C o — C o m m o n s to c k $ 1 0 0 ,0 0 0 ,0 0 0 ___________________
P r e f s t o c k , 5 H % c u m , $ 1 0 ,0 0 0 ,0 0 0 _________________________
P re fe r re d 6 % c u m u la t iv e , r e s e rv e d fo r e x c h a n g e (see te x t)
O o n v p r e f c u m 8 % (see t e x t ) red 110 $ 1 0 ,0 0 0 ,0 0 0 a u th _ _
S F gold notes ser A red ft,ext) $20,000.00(1 a u th _ _C eCxxxc*
P u r i t y B a k e r ie s C o r p — Class B stock 5 0 0 ,00 0 shares auth.
Class A stock $3 cum and part $ 1 0 ,0 0 0 ,0 0 0 auth red $ 6 5 . .
Pref (a & d) stock 7 % cum $ 1 5 ,0 0 0 ,0 0 0 auth red $ 1 1 0 ___
Q u a k e r O a ts C o ( T h e ) — Com m on stock 6 0 0 .0 0 0 shares______
P referred (a <c d) s to c k 6 % cu m u la tiv e $ 2 5 ,0 0 0 .0 0 0 ____
5

D ate
Bonds

1922
1925

1923

$50 $19,076 ,850
4,6 8 2 ,3 0 0
2 ,000.000
7 5 ,959,250
100
921,900
100 9,0 7 8 ,1 0 0
100 1 3.000. 000
500&1000 10,130,000
N one 210,826 shs
4 ,124.775
25
100 5,4 9 2 ,5 0 0
None 4 5 0 ,0 0 0 shs
100 1 8 .0 0 0 .
566&1000
25

S T O C K , & C .— T h e stockholders on June 13 1922 approved an increase
in the authorized capital stock from $12,0 0 0 ,0 0 0 to $ 2 5 ,0 0 0 ,0 0 0 . V . 114
p . 2 5 8 7 , 2725.
D I V I D E N D S ,— Paid 2 4 $ % quarterly on O ct. 15 1919 and Jan ., April
and July 15 1920. O c t. 15 1920 and Jan. 15 1921 paid 4 % ($2 per share);
April 15 1921 paid 2 4 $ % ($1 25 per share); then none until N o v . 15 1923,
when 2 4 $ % ($1 25 per share) was paid; sam e amount paid quarterly to
M a y 15 1925; none since.
B O N D S .— Th e convertible debentures o f 1922 were offered to stock
holders o f record June 15 1922 in the ratio of $100 o f debentures for each
four shares of stock held at $100 fla t. T h ey are convertible into stock at
any tim e on the basis of 1.8 shares o f stock (par $50) for each $100 o f deben­
tures. Redeemable at 110 and in t. during first year and at 4$% less for
each succeeding year. V . 114. p. 2587.
Bonded indebtedness o f subsidiary companies; 15-year 7 4 $ % first mtge
bonds, due July 15 1937, authorized and issued by the Baragua Sugar Go.
$ 3 ,6 0 0 ,0 0 0 ; first m tge. 8 % gold bonds, due Jan. 1 1938, o f the Canasf
Sugar C o ., $80,000 .
N O T E S .— 6 % gold notes of 1925, V . 120, p . 2559.

Operating profit______$ 1,51 7 ,5 8 2
Depreciation on p l a n t ..
$699,653
791,605
I n t e r e s t _________________
U . S. and Cuban t a x e s ..
a 31 ,500
A d ju stm en ts____________
C r .70,122
Organization exp en ses..
_______

30 1926, in V . 123, p . 2647, showed:
16M o s .E n d . — Y ears Ended M a y 31—Sept. 30 ’25.
1923-24.
1922-23.
$13,495 ,747 $ 1 5,897 ,794 $17,817 ,312
11,060,079 1 2 ,374,578 11,922,376
$2,43 5 ,6 6 8 $3 ,5 2 3 ,2 1 6 $ 5 ,894,936
$812 ,68 0 $ 1 ,096,214 $1,309,493
671,114 (net)5 0 5 ,1 0 0 (net)572,929
139,754
2 60,000
360,883
Cr. 184,074 C r .429,299
62,030
_______
267,631
_______

B a la n c e _______________
$64,947
$996,195 $ 1 ,8 2 3 ,5 7 0 $3,489,601
Dividends paid_________
23,1 0 0
1,930,785
1,263,111
_______
x Including 160,942 bags o f sugar unsold at Sept. 30 1926 valued at
2 .6 0 cents per pound, f.o .b .
O F F IC E R S ,— Chairm an, E . V . R . Thayer; Pres., W illiam C . Douglas;
V .-P s ., M aurice J. Leonard, E . L . Ponvert and W illiam L . Smith; Treas.,
Louis Irvine; S e c., John E . Thayer Jr,; C om p t., Ellis B . Parry. Office,
Corporation Trust C o ., W ilim ington, D el.-— (V . 123, p . 2'647.)
P U R E O IL C O . (T H E )— O R G A N I Z A T I O N .— Incorp. in Ohio April 21
1914 as the Ohio Cities Gas C o . N am e 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 C o . (Ohio), 1 00% o f the Pure Oil Pipe Line C o. (Penna.); 1 0 0 % of
the Producers & Refiners Pipe Line C o ., 1 00% of the M ountain State Gas
C o ., operating pipe lines and natural gas properties in Boone and Kanawha
counties o f W est Virginia; 1 0 0 % of the Pure Oil Steamship C o ., operating
a fleet of ocean going tankers; 1 0 0 % o f the M oore Oil Refining C o ., com­
pounders of oil and manufacturers of grease and soap, with extensive
marketing properties in Ohio and Indiana.
In 1923 the Pure Oil C o. purchased all of the properties of the Humphreys
Oil C o . and the Humphreys Pure Oil C o. A ll of the capital stock of the
Oklahoma Producing & Refining C orp. was acquired in 1923 and the
roperties o f this com pany merged with the Pure Oil C o. as of June 30 1924.
n April 1924 the Pure Oil C o. acquired producing properties of the Boyd
Oil C o . in the W ortham and Powell fields of Texas.
T h e com pany owns 7 5 % of the capital stock o f the Orinoco Oil C o .,
having an authorized capital o f $ 4 ,000,000 and holding 150,000 acres of
concessions in the Lake M aracaibo district of Venezuela.
In addition to properties owned and operated by its subsidiary companies,
the com pany owns and operates oil and gas properties as follows: 680,000
acres o f leaseholds and fee lands in Ohio, W est Virginia, K entucky, Illinois,
Kansas, Oklahom a, Louisiana, Texas and Arkansas, of which 105,000 acres
are operated with 8,6 0 0 producing oil wells; 13 casinghead gasoline plants
in Ohio, W est Virginia and Oklahoma with 80,000 gallons daily capacity;
9 refineries in Pennsylvania, W e st Virginia, Ohio, M innesota, Oklahoma
and Texas, with daily refining capacity of 44,000 barrels; 2,8 8 6 tank cars
o f which 2,661 are owned and 225 are leased; 100 distributing plants and
3 00 drive in service stations in Verm ont, M assachusetts, N ew Jersey,
Delaware, M arylan d, N ew Y o rk , Pennsylvania, W est Virginia, Ohio,
Indiana, W isconsin, M innesota, N orth D akota, Idaho, M ontana and
W ashington.

¥

S T O C K .— The shareholders in Jan. 1920 voted to increase the auth. pref.
stock from $ 1 0 ,0 0 0 ,0 0 0 to $ 9 0 ,0 0 0 ,0 0 0 . O f this am ount, $10,0 0 0 ,0 0 0 shall
be designated 6 % pref. and set aside for the purpose o f exchange, share for
share, for the existing 54$ % pref. stock. The remaining $70,0 0 0 ,0 0 0 m ay
be issued in installments from time to time at div. rates not to exceed 8 %
and not less than 5 % .
N ew pref. stock has equal voting power with com .
stock and is pref. as to assets and divs. D iv s. are cumulative and payable
quarterly (Q .-J .). Redeemable, all or part, at 110 and divs.
On M arch 19 1920 an issue o f $ 1 0 ,0 0 0 ,0 0 0 conv. 8 % cum . pref. stock
was auth. and offered to com . and pref. stockholders at par. Th e con­
version privilege of this stock expired July 1 1923There was also outstanding on M arch 31 1926, $800,000 pref. stock of the
M oore Oil Refining C o.
D IV ID E N D S —
( ’ 15. ’ 16. ’ 17. ’ 18. ’ 19. ’ 20. '2 1 . ’22. ’2 3 . ’2 4 . '2 5 .
8
7
6
6
C om m on,cash ( % ) ____ -j 54$ 84$ 194$ 20 17 12 8
do
in s t o c k ______l ____ 5
____
5 -4 4
Paid in 1926: M arch 1, June 1, Sept. 1 and D ec. 1, 1 1 4 % quar, and
4 $ % extra.
N O T E S .— The 10-year 6 4 $ % sink, fund gold notes, ser. “ A , ” (V . 116,
p . 2891) are redeemable up to and incl. June 1 1928, at 103 and in t., there­
after up to and incl. June 1 1932, at par and int. plus a premium o f 4$ o f 1 %
for each 12 m onths or fraction thereof by which the regular m aturity Is
anticipated and at par and int. on D ec. 1 1932.
A sinking fund sufficient to retire $ 600 ,00 0 of series “ A ” notes annually
Is provided; sinking fund paym ents to be made to the trustee semi-annually,
beginning M a r. 1 1924, and to be used for the purchase o f notes in the
open market at or below the then redemption price, or for redemption of
notes b y lot: all purchased or called notes to be cancelled. The sinkinc
fund is calculated to retire 5 0 % o f the total series " A ” note issue before
m aturity.




A m ount
Outstanding

Par
Value

P U N T A A L E G R E S U Q A R C O .— O R G A N I Z A T I O N .— Incorp In D ela­
ware on A u g. 3 1915. Owns all the stock ($1,450,000) o f Florida Sugar C o.
The com pany’s plant at Punta Alegre consists of a sugar m ill with other
buildings having a normal capacity o f 5 0 0.000 bags o f sugar per annum
The Florida M ill, in C uba has an annual capacity of 4 00,000 bags. The
Trinidad M ill was sold on A u g. 16 1926. Also owns entire capital stock
o f Baragua Sugar C o ., acquired in 1922. Baragua m ill has a capacity of
50 0 ,0 0 0 bags. V . 115, p . 316.
During 1924 the com pany acquired the entire issue o f pref. stock (51,000
shares) and 5 1 % o f the com m on stock (51,000 shares) o f the Compania
Azucarera Antilla S. A . , issuing in paym ent 5 0 .0 0 0 shares o f its own treasury
stock. During 1925 acquired all the common stock o f the Fidelity Sugar C o .

R E P O R T .— For year ended Sept.
Y ea r E n d .
Sept. 30 ’26.
T o ta l oper. revenue. _ .x $ 1 0 ,4 4 9,872
Operating cost___________
8 ,9 3 2 ,2 9 0

[V ol. 123.

INDUSTRIAL STOCKS AND BONDS
Bate

%

See

W hen
Payable

text
J
7
M
6 g
See text

See

Last D ividend
and M a tu r ity

M a y 15 ’25 $14$
J July 1 1937
N N o v 1 1927
D ec 1 1926 2 %
O ct 1 1926 1 M
O ct 1 1926 1 H
8
8 = j O ct 1 1926 2 %
& D June 1 1933
64$ g J
text

7
See text
000 6

&
&

Q— M
Q— M
Q— J
Q— F

D ec
D ec
Jan
Feb

Places W h ere In terest and
D ivid en d s are Payable

Boston or N ew Y o rk
Central Trust C o , Ohio
Central Union T r . N Y
OeCVchlc ;ChaseN at , N Y .

1 1926. 75c.
1 ’26 1 M %
15 '27
$1 onec&b malicu
do
2 8 ’27 14$

R E P O R T .— For year ending M a r. 31 1926. in V . 122. p. 2790, showed
Y ears E n d. M a r . 31—
1925-26.
1924-25.
1923-24.
1922-23.
Gross earnings_________ $ 1 1 8 ,71 5,18 4$104,397,303 $ 8 7 ,4 3 2 ,4 2 4 $ 6 9,153 ,736
Costs of oper. exp en ses.. 9 6 ,7 2 6 ,2 3 0 y 8 4 ,441 ,313 y68 ,2 5 0 ,5 5 8 y 5 7 ,693 ,197
Operating incom e____ $21,9 8 8 ,9 5 4 $ 1 9,955 ,991 $19,181 ,866 $11,4 6 0 ,5 3 8
Non-operating p r o fi t s .. 2 ,8 1 2 ,7 7 2
_______
_______
_______
Total income__________$24,8 0 1 ,7 2 6 $19,955 ,991 $19,181 ,866 $11,4 6 0 ,5 3 8
Federal taxes____________ x$2 ,3 9 1 ,9 3 2
$255 ,08 3
_______
_______
Interest on notes, & c_________________ 1,144,654
1,671,019
9 06,259
247,672
_______
_______
834,034
Am ort, disc, on ser. notes
_______
7,477,0291
3 .775,379
3 ,0 3 6 ,8 4 4
Depletion, &c:___________ \ 8,3 4 2 ,8 3 7
Depreciation____________ /
J
2 ,8 2 4 ,7 2 9
2 ,3 3 1 ,6 3 3
Preferred divs. (cash)_________________ 1,670,505
1,668,890
1,667,693
1 ,427,755
Com m on divs. (cash ).(64$)493 7,51 6 (6)4,263,591 (61$)4544855 (8) 5 ,1 6 2 ,8 3 9
Surplus________________ $6,314,281
Previous surplus________ 53,128,541

$ 4 ,6 2 0 ,3 7 8
4 9 ,2 7 9 ,7 3 9

$5,462,921 d f$ l ,580,238
44,80 6 ,3 0 9 46 ,4 1 4 ,4 8 2

Total surplus_________ $59,4 4 2 ,8 2 2 $ 5 3 ,900 ,117 $50,2 6 9 ,2 3 0 $ 4 4,834 ,244
58,077
Surplus adjustm ents____
771,577
989,491
27 ,9 3 5
Profit and loss surplus.$59,500 ,899 $53,128 ,541 $49,2 7 9 ,7 3 9 $44,806 ,309
x Including other taxes, y Includes taxes.
O F F IC E R S .— Chairman, Bem an G . Daw es; P res., H enry M . Daw es;
V .-P s ., R . W . M c llv a in , W . E . H utton, C . B . W atson, N . H . W eber,
H . N . Cole, C . C . Burr; S e c., F . S. H eath; T rea s., Rawleigh W arner;
C o m p t., C . H . Jay. O ffice, Colum bus, O hio.— (V . 123, p. 2273.)
P U R I T Y B A K E R I E S C O R P .— Incorp. D ec. 1 1924 in Delaware. Has
acquired over 9 9 % o f capital stock o f the Purity Baking C o ., 9 9 % o f com­
mon stock and 9 0 % o f pref. stock o f Tristate Baking C o ., In c., over 5 8 %
o f common stock of the Grennan Bakeries, In c., substantially all o f the capi­
tal stock of the W inkelm an Baking C o ., and the entire capital stocks of
Nafziger Baking C o. and W illiam s Baking C o. Through the Purity B ak­
ing C o ., corporation also holds the entire capital stock o f the W ernig Bak­
ing C o ., practically all of the capital stock o f the Grocers Baking C o. and a
controlling interest in the Banner Grocers’ Baking C o ., and is arranging to
acquire the minority interest in the last named com pany.
These several baking companies have 35 plants located in cities in M in n e­
sota, M ichigan, Missouri, Oklahoma, Texas, Illinois, Indiana, Ohio, Penn­
sylvania, N ew Jersey, Iowa and Tennessee.
S T O C K .— After paym ent of quarterly dividends of 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 paym ent
however, in no event to exceed 50 cents per share.
D I V I D E N D S .— On pref., in full to date. On Class A , paid $3 in 1925
and $3 in 1926. On Class B , none to date.
R E P O R T .— For periods ended:
Consolidated Statem ent o f O perations o f P u rity B akeries C orp. & S u bsidiaries.
36 W eeks
Y ea r
Ended
Ended
Sept. 11 ’26. J an . 2 ’26.
Sales_______________
$ 1 8,182 ,203 $24,3 7 3 ,4 0 8
Cost of sales___________________________________________ 1 5 ,832,524 2 1 ,8 1 3 ,3 5 0
Interest on funded d ebt_______________________________
96,021
148,476
Depreciation___________________________________________
352,191
524,914
Estim ated Federal taxes_____________________________
2 3 4,992
2 23,224
Propor. o f earns, applic. to m in. stkhldgs. in su b s.
31 ,3 1 8
233,109
N et consol, income (accruing to parent c o .)____ $1,63 5 ,1 5 6
$1 ,4 3 0 ,3 3 6
O F F IC E R S .— Pres., Thom as O ’Connor, V .-P s ., M . L . M olan , R . L .
Nafziger and P. H . Grennan, Sec. & T reas., J. T . M cC arth y, A sst. Sec. &
A sst. Treas., John Pirie. Office, 844 Rush S t., Chicago, 111.— (V . 123, p .
2273.)
Q U A K E R O A T S C O . (T H E )— O R G A N I Z A T I O N .— Incorp. in N ew Jer­
sey on Sept. 21 1901
Owns and operates plants for the production o f cereal
food products (notably Quaker oats. Puffed wheat, & c.) at Akron, O .;
Cedar R apids, Iow a; M em phis, T e n n .; Tecum seh, M ic h .; Peterborough,
O n t.; Saskatoon, Sask.; and until the outbreak o f the war, H am burg, Ger­
m any. Some of these plants also produce commercial mixed feed. Plants
for the production o f feed alone are operated at M em phis, T e n n ., and R ichford, V t . Flour mills are owned and operated at A kron, O hio; Cedar
Rapids, Iow a; Peterborough, O n t., and Saskatoon, Sask. M acaroni and
spaghetti are manufactured at Tecum seh, M ich . In addition, owns and
operates 59 country elevators, a veneer boxboard plant at Foxw orth, M is s .,
and a strawboard plant at Pekin, 111. Th e com pany has 4 9 sales offices in
the United States and C anada.
The assets and property of the Au nt Jemima M ills C o ., St. Joseph, M o .,
were taken over as of Oct. 31 1925.
S T O C K .— Pref. stock has no voting power (except as regards increase
of pref. stock) unless dividends are 3 months in arrears. V . 83, p . 574.
The stockholders on M a r. 13'1925 changed the par value o f the common
shares from $100 to no par and approved the issuance of four shares o f new no
par value stock in exchange for each share of com . stock of $100 par owned.
D I V I D E N D S ( % ) (1907-09. 1910. 1911-16.
1917.
1918.
1919-26.
On common (cash)__\ 8 yrly.
91$
10 yrly
101$
15
See text
In 1918, Jan., 3 % ; April 15 1918 to April 15 1919 paid each quarter 3 %
and 1 % extra. July 1919 to Jan. 1921 paid 3 % ; no extra; April 1921, 11$ %
then none unti Ju I j l 1922, when 2 % was paid; O ct. 1 1922, 2 % ; Jan. 16
1923. 2 1 $ % : April 16 1923. 2 1 $ % ' July Ifi 1923 to Apr 15 1925 paid 3 %
quar.; July 15 1925 to July 15 1926 paid 75 cents quar. on new stock o f no
par value, O ct. 15 1926 and Jan. 15 1927 paid $1 quar. Also paid extra
cash divs. o f 164$% on April 15 1924, 1 0 % on April 15 1925 and $2 50 on
April 15 1926.
Also in common stock, 5 0 % in 1912, 1 0 % in 1916 and 2 5 % in 1920.
R E P O R T .— For 1925, in V . 1 22, p . 1162, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
Profits for year__________ N o t stated N o t stated x$4 ,9 9 2 ,0 0 5 x$5 ,222 ,274
Depreciation_____________ N o t stated N o t stated
$ 602 ,69 9
$588,995
N e t income___________ y $ 5 ,5 0 2 ,7 4 8 y $ 5 ,2 8 6 ,9 2 3
Dividends on preferred- 1 ,080,000
1,0 8 0 ,0 0 0
Dividends on co m m o n ._ a 2 ,475,000 z 3 ,2 0 6 ,2 5 0

$ 4 ,3 8 9 ,3 0 6
1 ,080,000
1,2 9 3 ,7 5 0

$4,633,279
1,350,000
731,250

Balance, surplus____ $1 ,9 4 7 ,7 4 8 $ 2 ,8 5 6 ,9 2 3
$ 2 ,0 1 5 ,5 5 6 $2,552,029
x After reserve appropriations, y After provision for depreciation and
taxes,
z Includes special div. of 1 6 4 $ % ($1,856.2501 paid April 15 1924
out of surplus as of D ec. 31 1923. a Includes special dividend of 1 0 %
($1,125,000) paid April 15 1925 out o f surplus as o f D ec. 31 1924.
O F F IC E R S .— Chairman of Board, Henry P . Crowell; Chairman of Exec.
C om m . & Pres., John Stuart; 1st V .- P ., James H . Douglas; Treas., Robert
Gordon; Sec., W . L . Tem pleton. Office, 1600 Railw ay Exchange, Chicago,
HI.— (V . 123, p . 854.)
R A D IO C O R P . O F A M E R IC A .— See “ Public U tility Com pendium .”
R A I L W A Y S T E E L -S P R I N G C O .— See Am erican Locom otive C o .

Nov., 1926.]

M I S C E L L A N E O U S S E C U R IT IE S
[For abbreviations, & c .. see n otes on page 8]

D a te
Bonds

Par
Value

R a n d M ines, L t d — See text
Ray C o n s o l i d a t e d C o p p e r C o — C a p it a l s to c k $ 3 1 ,0 0 0 ,0 0 0 .
R e id Ice C ream C orp — Com stock 178,000 shares au th____
Pref (a & d) stock 7 % cum red 110 $5 ,0 0 0 ,0 0 0 auth_______
5-year gold notes redeemable (text)
. ..
xxxc*
R e is (R o b ert) & Co— Com m on stock auth 125,000 sh a re s..
First pref. stock cum . red. $115 authorized $ 2 ,2 5 0 ,0 0 0 ____
Second pref. stock cum . red. $100 authorized 7,500-*shares
R e m in g to n T y p e w rite r — Com m on stock $lO,OOO,OO0______
First 7 % pref (a & d) stock cumulative $4,OO0,OO0 ___
Second pref (a & d) stock 8 % cum $6,00 0 ,0 0 0 au th _______

1925

C A P . S T O C K .— A u th ., £550,000;
shillings.

issued. £ 5 3 1 ,4 9 8 .15s;

par value, 5

A M E R I C A N S H A R E S .— Pursuant to a deposit agreement made be­
tween Bernhard, Scholle & C o ., N . Y . , the Bankers Trust C o ., N . Y . , as
depositary, and the registered holders of certificates, 150,000 ordinary
shares have been delivered to the agency o f the depositary in London, E ng.
against which the Bankers Trust C o ., N . Y . , has issued certificates for 60,000 “ American Shares,” each “ American Share” representing 2 H ordinary
shares o f the par value o f 5 shillings each. "A m erican Shares” m ay bt
exchanged for ordinary shares on the foregoing basis. The Deposit Agree­
m ent m ay be terminated at any time on approval o f 7 5 % in interest of thf
holders o f certificates.
D I V S .— A n interim d iv. of 8 5 % was paid in Peb. 1921. making a total of
1 45% paid during the fiscal year, against 100% in 1919-20. In Peb. 1922
paid 3 5 % and in Aug. 1922 paid 2 0 % . In l e b . 1923 paid 8 0 % ; A u g. 1923
to Feb. 1925 paid 6 0 % semi-annually; A u g. 1925 paid 5 0 % ; F eb. 1926 paid
' 5 0 % , A u g. 1926 paid 5 0 % .
On “ Am erican” shares paid $2 06 on Feb. 25
1921, 80c. on A u g. 24 1921, 96c. on Feb. 28 1922, and 55c. on A u g. 24 1922.
On F eb. 26 1923 paid $2 35 and on A u g. 29 1923 paid $1 7 1 . On Feb. 26
1924 paid $1 61 and on A u g. 23 1924 paid $1 71. On Feb. 25 1925 paid
$1 79 and on A u g. 25 1925 paid $1 52. On Feb. 26 1926 paid $1 52 and on
A u g. 30 1926 paid 81 52.
R E P O R T .— For 1925 showed:
Calendar Y ears—
1925.
£494,124
Dividends received______
Other income____________
168,614

1924.
£648,928
209,454

£662,739
2 7,587
59,404
511,287

£858,382
2 8,985
57,767
613,545

Balance, surplus______
£64,461
G old Production (in ounces).

£158,084

1923.
£599,050
241,316
£840,366
25,6 0 6
49,707
612,295
£152,758

1922.
£391,923
461,626
£853,549
27 ,1 6 6
37,912
512,537
£275,933

October. ' Septem ber. A u g u s t.
J u ly.
Jun e.
M ay.
853,296
839,939
843,854
860,134
852,145
849,214
Office, Johannesburg, South Africa. London office, 1, London War
Buildings, London, E . C 2 .— ( V . 123, p . 2531.)
R A Y C O N S O L I D A T E D C O P P E R C O .— O R G A N I Z A T I O N .— Incorp
in M aine in M a y 1907. Land holdings of the R ay mines D ec. 31 1925
consisted of 6,710 acres with full title and half interest in 5 acres, segreated as follows: 2,083 acres and half interest in 20 acres of mineral land at
Say, 4,500 acres used for milling and smelting purposes at H ayden, 127
acres used for railroad yards, & c., at R a y Junction. Land holdings of the
Chino mines D ec. 31 1925 consisted o f 216 mining claims, comprising a total
area of 3,6 2 5 acres in the Santa Rita mining district. Grant C ounty, N . M ex .
also owns 120 acres of agricultural lands adjacent thereto and 19,891 acres
o f non-mineral land in connection with its milling operations at H urley,
its various water supplies and for disposal of tailings. Owns $ 1 ,2 0 0 ,0 0 0
capital stock (total outstanding) of R ay & Gila Valley R R .
The stockholders of the R ay Consolidated Copper C o. and the Chino
Copper C o. on Feb. 15 1924 approved the merger of the Chino Copper C o.
into R ay Consolidated Copper C o. The Chino stock (900,000 shares, par
$5, outstanding) was exchanged for $15,000 ,000 R ay stock, par $10, or in
the ratio of one Chino share for 1 2-3 shares of R a y . The stockholders of
R ay Consolidated Copper C o. also increased the authorized capital stock
from *1 6 ,0 0 0 ,0 0 0 to $31 .000,000. Compare V . 118, p. 212, 319.
The stockholders on M a y 26 1926 authorized the sale to N evada Con­
solidated Copper C om pany o f all o f the properties, assets, rights, priv­
ileges and franchises o f this company as an entirety, to be paid for by:
(a) $ 4 6 ,157 ,685 of N evada Consolidated Copper C o .’s 15-year 5 % deben­
tures, to bear date July 1 1926, with interest adjustment from or to the date
o f transfer o f the properties; (b) N evada Consolidated Copper C o .’s assump­
tion o f all liabilities and obligations of this company.
Th e stockholders also voted (a) to authorize and instruct the directors or
officers to distribute the proceeds of such sale pro rata among the stock­
holders o f this com pany, and (6) to dissolve this com pany.
Effective upon distribution o f the debentures b y R ay to its stockholders,
N evada will voluntarily give each debenture holder the provilege at his
option to exchange his debenture or debentures for stock of N evad a, without
par value, at the rate of one share—-plus 25c. in cash to equalize dividends—
for each $15 face value o f the debentures. Such option of exchange m ay be
exercised up to July 1 1927. V . 122, p . 2512.

f

R E P O R T .— For 1925, in V . 122, p . 2666, showed:
*1925.
*1924.
1923
1922
Copper produced (lb s .). 142,076,711 133,592,467 6 1 ,385,205 2 7 ,953,408
Totaloper.revenues_____ $20,101 ,840 $17,477 ,907 $8,99 1 ,3 7 6 $ 3 ,821,957
Gross income____________
4 ,634,348
2 ,418,689
1,589,538
343,714
Depreciation, &c_________ 1,195,825
1,444,545
553,015
776,828
* Figures for 1924 and 1925 include both the R ay and Chino properties.
N o te .— The mine was shut down April 8 1921 but reopened April 1 1922.
Report, for first quarter o f 1926 in V . 122, p . 2812.
D I V I D E N D S — 1914. 1915. 1916. 1917. 1918. 1919. 1920 1921-25
P ercent______________ T &
12 M 27 X
42
3246
20
17
N one
Paid in 1926: April 30, 25c.
P res., Sherwood Aldrich; M a n . D ir ., D . C . Jackling; 1st V .- P ., Richard
F . H o y t; 3ec. & Treas., E . P . Shove. Office 25 Broad S t .. N ew Y ork.
— (V . 122, p . 2812.)
R E ID ICE C R E A M C O R P .— Incorp. under laws o f Delaware on D ec.
16 1924 and acquired the assets and property o f The Reid Ice Cream C o .,
a N ew Jersey corporation, and the N ew Jersey Ice Cream C o ., a N ew Jersey
corporation. Business is the manufacture and sale o f ice cream and the
distribution o f milk and cream.
S T O C K .— Preferred stock has a sinking fund o f 1 4 6 % semi-annually
(J. & J . 1) o f the greatest amount o f Preferred stock outstanding at any
tim e, the stock to be purchased at 110 and divs.
O f the 150,000 shares o f Com m on stock outstanding, 7 6,600 shares are
held in a voting trust expiring D ec. 31 1929. Voting trustees are W alter
R . C om fort, W illiam J. Weller and John D . Beals.
T h e Com m on stockholders o f record N o v . 16 1925 were given the right
to subscribe for 25,0 0 0 additional shares o f Com m on stock at $35 per share.
D I V S .— On P ref., in full to date. On C om m on, paid initial d iv. o f 7 5
cents a share on April 29 1925; same amount paid quar to Jan. 3 1 9 2 '.
N O T E S .— Th e 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 in t.;
thereafter to and incl. July 1 1927 at 10146 and in t.; thereafter to and incl.
July 1 1928 at 101 and in t.; thereafter to and incl. July 1 1929 at 10046
and in t.; thereafter at principal am ount and int. Chemical N ational Bank,
N ew Y o rk , trustee.




A m oun t
Outstanding

Rate
%

W hen
Payable

Last D ividend
and M a tu rity

P laces W here Interest and
D ivid en d s A r e Payable

$10 $30,771,790 See text See text A p r 30 ’26 25c.
None 178,000 shs
Jan 3 1927 75c
$3
Q— J
100
Q— M
D ec 1 1926 1 X
7
2 .1 9 6 .5 0 0
D illon, Read &
1,000
J
&
J July 1 1930
2 ,0 0 0 ,0 0 0
6 g.
N one 100,900 shs
100
2 .250.000 See text
O ct 1 1926 I X
0— J
None
See text
7.5 0 0
shs
See text
Check from Co's
100
9 .9 9 6 .0 0 0
A & O See text
do
100
Jan 1 ’2 7 , \ %
3,9 9 7 ,9 0 0
7
Q— j
do
100
4 .9 9 4 .0 0 0 See text
Jan 1 ’2 7 , 2 %
Q— J

R A N D M IN E S , L T D .— A holding com pany, incorp. in the Transvaal
Union o f South Africa. Owns shares in a large number of companies own­
ing and operating gold mines in the Witwatersrand D istrict o f the Transvaal.

Total incom e_________
Administration expenses
Taxes, &c________________
Dividends________________

237

INDUSTRIAL STOCKS AND BONDS

C o, N Y

of)Ice
do
do

Sinking F u n d .— A sinking fund is provided, available semi-annually
beginning July 1 1928, to retire each year thereafter $150 ,00 0 principal
amount o f these notes b y purchase at or below the current redemption
price, or. if not so obtainable, b y call b y lot at the current redemption
price.
R E P O R T .— For 1925, in V . 122, p . 1794, showed:
Calendar Y ears—
1925.
Sales_________________________________ _______________ __ $9,856,603
Expenses and depreciation__________________________
8 ,384,919

1924.
$8,28 5 ,5 6 9
7,126,465

_
Operating income_
Other income_________

. $1,471,684
76,556

$ 1 ,159,104
’ 2 7,106

Total income________
Interest and expenses.
T a xes__________________
Preferred divid en d s..
C om m on d ivid e n d s...

. $1,548,240
108,524
175,562
157,325
450,000

$1,186,210
42,941
167,103
35,000
100,000

$656,829

$841,166

Surplus.

O F F IC E R S .— P res., W alter R . Com fort; V .- P ., W illiam W alsh; T reas..
William J. W eller; Sec., John D . Beals.
Office, 524 W averly A v e ..
B rooklyn, N . Y . — (V . 123, p . 1643.)
R O B E R T R E IS & C O .— O R G A N I Z A T I O N .— Incorp. In N . Y . M a y 13
1885. The company produces and distributes throughout the world m en’s
underwear, hosiery and kindred lines, the products being sold under the
trademarks “ Relsf' and other well-known brands and in certain territories
Is the sole sales agent for “ B .V .D . ” and “ Glastenbury” mills.
S T O C K .— 7 % cum . 1st pref., auth. and outstand., $ 2 ,2 5 0 ,0 0 0 ; par $100.
$7 cum . 2d pref., auth. and outstanding, 7 ,5 0 0 shares o f no par value;
com m on, au th ., 125,000 shares; outstanding, 100,000 shares o f no par value
D I V I D E N D S .— The directors in M arch 1921 deferred action onfddie
quarterly dividends on the 1st & 2d pref. stocks. Th e co. had been paying
divs. at rate o f 1 X % and $1 75 per share quarterly on 1st pref. ($100 par)
and 2d pref. (no par stock since D ec. 31 1919). Paym ents on the 1st pref.
stock were resumed on April 1 1926 with a paym ent of 1 M % ; sam e amount
paid July 1 and Oct. 1 1926.
R E P O R T .— For 1925 showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
N et profit from oper____
$438 ,14 9
$170,061
$499,686
$337,838
In t. paid, net rece iv ed ..
35,304
35,716
60,439
3 7,199
Federal tax reserves____
54,093
19,117
55,500
13,930
$348 ,75 2
$115,228
$383,747
$286,709
Balance, surplus______
1926------ 9 M o s .------1925
P eriod E n d . Sept. 30— 1926— — Q uar.-------- 1925
Gross sales_______________$ 1 ,766,701
$ 1 ,754,282 $ 6 ,240,010 $6,150,767
O F F IC E R S .— P res., Arthur M . R eis; V .- P . & T reas., Leslie R . Reis;
Sec., V . E . R add atz. Office ,8 8 9 B roadw ay, N ew Y o r k .— ( V . 123, p . 2006.)
R E M IN G T O N T Y P E W R I T E R C O .— Organized in 1893 in N . J. as
Union Typewriter C o .; reincorporated in N ew Y o rk in M a y 1909.
V . 88
p. 7 52, 1377; V . 8 9 , p . 9 25. In M arch 1913 changed name to R em ington
Typewriter C o . after taking title to the plants o f the controlled companies,
viz.: W y ck o ff, Seamans & Benedict, Y o st W riting M ach in e, American
W riting M achine, M onarch, Smith Premier and Densmore Typewriter com­
panies. V . 96, p . 866; V . 7 9 , p . 1481; V . 101, p . 1812. Acquired the W ahl
C o. in A p r. 1920. V . I l l , p . 500. In Jan. 1924 combined forces with the
Noiseless Typewriter C o. and formed the Remington Noiseless Corp.
Noiseless shareholders received all the preferred stock and 5 0,000 shares of
com m on. The Remington C o . received 6 5,000 shares of com m on. The
Remington-Noiseless Corp. will have its own factory at M iddletow n, C onn.,
producing both standard and portable typewriters, which will be sold on its
account through the Rem ington distributing points throughout the world.
V. 118, p. 676.
Near the close of 1924 the com pany’s new model accounting and book­
keeping machines were placed on the m arket. During 1926 commenced
producing the Remington electric typewriter.
S T O C K .— All of the outstanding $1,21 2 ,5 0 0 series S 1st pref. stock was
redeemed on June 30 1926 at 110 and divs.
L A T E D IV S . ’0 8 -T 2 . ’ 13. T 4 . ’ 1 5 -T 8 . ’ 19.
20. ’21. '22. 1923-’2 6 .
First pref. % ___
See 7 See
See
7 yrly.
7
7
7 3X
3X
Second p r e f.,% .
text 6 text 8 4
text
8 yrly.
8
8
Com m on, % ___
N one 0
--------1
0
—
.. —
The pref. divs. due to be paid July 1 1921 were deferred. On D ec. 15
1922 paid 3 X % on 1st pref.; on M a r. 5 1923 paid 3 X % ; on M a y 1 1923 paid
5 > 4 % , and on A u g. 6 1923 paid 3 4 4 % . clearing up all accumulations.
A p r. 1 1923 to Jan. 1 1927 paid I X % quar. D iv s. on 2d pref. were re­
sumed with a paym ent o f 2 % quar. on D ec. 20 1923, this being the first
paym ent on that issue since April 1921; same amount paid M arch 28 1924
and June 20 1924; on Sept. 20 and D ec. 20 1924 paid 4 % on each date,
F eb. 20 1925 paid 2 % ; M a r . 25 and M a y 12 1925 paid 4 % on each date,
June 12, July 14 and A u g. 14 1925 paid 2 % on each date; on O ct. 1 1925
paid 6 % , clearing up all accumulations; Jan. 1 1926 to Jan. 1 1927 paid
2 % quar.
l'he accumulated dividends on O ct. 1 1918, amounting to 2 8 % on 1st
pref , were paid, half in cash and half in Liberty bonds; the div. of 3 2 % on
the 2d pref. was paid (during 1919) 6 % in cash, 6 % in Liberty bonds, and
2 0 % in first pref. Series “ S” stock obtained by buying $ 1 ,000,000 6 % bonds
and converting the sam e into stock which was then distributed as a dividend.
V. 108. p. 177. 1065, 1185.
B O N D S .— A ll o f the outstanding 1st m tge. 6 % gold bonds, 1926 series,
were redeemed on Jan. 1 1925 at 10244 and int.
R E P O R T .— For 1925, in V . 122, p . 2643, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
N et after taxes & deprec. $2,369,571 $1,754,747 $ 1 ,678,657 $ 1 ,166,272
In t e r e s t .........................................................
56,072
7 5,840
124,412
N et income____________ $2,369,571
1st preferred d iv id e n d s..
354,394
2d preferred d iv id e n d s., x l , 197,576
Surplus________________
Previous surplus................
A d d items applied to
prior years____________

$1,698,674
354,001
x598,788

$ 1 ,602,817
x $810,099
9 9,798

$ 1 ,041,860
$182,441
_______

$817,601
5 ,882,952

$745,885
4 ,911,525

$692 ,92 0
4 .7 0 2 ,8 7 0

$859 ,41 9
3,8 4 3 ,4 5 1

_______

225,542

_______

_______

- Total surplus__________$ 6 ,700,554 $5,882,952 $5 ,3 9 5 ,7 9 0 $ 4 ,702,870
Loss Flushing plan t____
_______
_______
4 8 4,265
_______
P . & L . su rp lu s............$ 6 ,700,554 $ 5 ,882,952 $4 ,9 1 1 ,5 2 5
x Including dividends paid on account o f accumulations.

$ 4 ,702,870

— -— ■
—-— ■ Quarter Ended— ■
—
—-— ■ —
—
N in e M osSept. 3 0 ’26. Jun e 3 0 ’26. M a r . 31 '2 6 . S ept. 3 0 ’26x N et income___________ _
$553 ,89 0
$515,171
$719 ,11 0 $1,788,171
x After taxes, depreciation, and reserves.

338

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N I E S
[For abbreviations, A c . , see notes on page 8]

D a te
Bonds

R e p lo g le S teel C o .— Stock authorized 500,000 shares______
R e p u b lic Iro n & S teel C o — Com m on stock $ 3 0 ,0 0 0 ,0 0 0 ------t r e f 7 % i.a & a) cun. IV 69, p sol)> $ 2 6 ,0 0 0 .0 0 0 ___________
Sinking fund gold ( l s t ) M $ 2 5,000 ,000 red p a r.C e .x c * &r*
R e f Sc gen M s f Ser A red (text)
. _____ U SM .xxxc*& r*
Potter Ore first m ortgage gold guaranteed (text) s f ______ x
Bessemer C oa ’ “c C oke C o 1st M Rold due $100,000 y ly .P e h
R e y n o ld s S p r in g C o — C om m on stock 50 0 ,0 0 0 shares au th .
Pref A (a & d) stock 7 % cum red 105 $ 2 ,0 0 0 ,0 0 0 au th------Pref B (a & d) stock 7 % cum red 100 $ 2 ,0 0 0 ,0 0 0 au th ------General Leather C o pref stock 7 % cum

i< n o
1923
190b

1924
R e y n o l d s (R J) T o b a c c o C o — C om stock $ 1 0,000 ,000______

Rima Steel Corporation — See text. '

Par
Value

None 500.000 shs
lUt
3 0 .0 0 0 .
10< 2 5 .0 0 0 .
1 000 &r 10,906,000
500&1000
8 .9 2 4 .0 0 0
l.OOt
14,000
200,000
N one 387,958 sh.
100
140,000
100
19,100
100
276,200
1.200.000
25 1 0 .0 0 0 . 000
25 70.00 0 ,0 0 0

O F F IC E R S .— P res., B . L . W inchell; Y .- P ., A . A . Forrest and Cecil S.
Ashdown; Sec., Harold E . Sm ith; T reas., E . J. Saxer. Office, 374 Broad­
w ay, New Y o r k .— (V . 123, p . 2402.)
R E P L O Q L E S T E E L C O .— O R G A N I Z A T I O N .— Incorp. under laws of
Delaware O ct. 30 1919 as a holding com pany. The com pany proposed to
become an operating com pany and to engage In the mining o f iron ore,
manufacture of pig iron, quarrying of limestone, and to carry on business
incidental thereto or connected therewith, upon acquisition o f all outstand­
ing notes and bonds o f W harton Steel C o. The latter com pany was dis­
solved during 1922, all o f the outstanding bonds of $ 3 ,0 0 0 ,0 0 0 having been
acouired and canceled.
The com pany owns in fee about 5 ,0 0 0 acres o f iron ore land near W harton
Hibernia, Oreland and M ine H ill, and in M orris C ounty, which is in North
ern N ew Jersey. These lands contain 29 mines, two o f which are in
process o f developm ent.
A new plant at W harton, N J ., was completed early in 1922. V .1 1 4 ,p .5 3 0
The com pany in April 1922 acquired the property o f the Em pire Steel
& Iron C o . Compare V . 114, p . 1661, 1773, 1898, 2125.
In A u g. 1924 acquired the Warren Foundry & Pipe C o ., which was
consolidated with Em pire Steel & Iron C o . V . 119, p . 589, 1074, 1408.
Ore reserves estimated at 100,0 0 0 ,0 0 0 tons o f high-grade ore. V . 109,p .2271
C A P I T A L S T O C K .— The holders o f common stock o f record A u g. 8
1924 were offered the right to subscribe at $14 a share to new common stock
or no par value to the extent o f one share for each three shares held.
B O N D S .— The com pany itself has no funded debt.
Through ownership o f the entire $ 5 0 0 ,0 0 0 capital stock, controls the
Wharton Sc Northern R R C o.
In 1924 issued $ 2 ,5 0 0 ,0 0 0 W arren Foundry & Pipe C o . 1st m tge. 15-year
6J4 % gold bonds, o f which $2 ,0 0 0 ,0 0 0 were outstanding and $362 ,00 0 in
treasury on D ec. 31 1925.
There are also outstanding $ 247 ,00 0 Crane Iron W orks 1st m tge. 6 %
gold bonds.
R E P O R T .— For 1925, in V . 122, p . 1622, showed:
C a le n d a r Y e a r s —

1925.
$5,33 4 ,7 5 4
4,3 6 6 ,8 2 0

1924.
$7,232,312
6,053,415

Miscellaneous income___________

$967,934
138,688

$1,178,897
182,760

Total income___________________
Miscellaneous charges___________
Depreciation and Federal taxes.

. $1,10 6 ,6 2 3
219,238
237,881

$1,361,657
218,734
550,454

.
.

.

N e t p ro fit.

— Q u a r.

N e t incom e___________
x Before Federal taxes.

$592,469

30— ■ — 9 M bs. E n d . S e p t . 30—•
1925.
1926.
1925.

E n d . S ep t.

P erio d —
1926.
Sales, ry . oper. rev. and
other incom e____________$ 1 ,5 7 9 ,6 8 6
Costs and expenses______
1 ,184,850

T otal income__________
D eprec., depletion, & c ..
Federal taxes-------------------

$649,504

$1,531,247
1,146,885

$ 4 ,352,004
3,2 9 5 ,5 2 3

$4,080,186
3,153,874

$394,836
142,224
33,514

$384,363
157,801

$1,056,481
444,238
7 8,194

$926,312
473,910

$219 ,09 8

x$226,562

$534,049

x $4 52,402

O F F IC E R S .— Pres., Leonard P eckitt, V .- P ., W m . H . Hulick; Sec. &
A sst. T reas., S. H . B ell; T reas., L . R . D oh m ; A sst. Sec. Sc A sst. Treas.,
E . F . Nickerson. M ain office, W harton, N . J.— (V . 123, p . 2402.)
R E P U B L IC IR O N & S T E E L C O .— O R G A N I Z A T I O N .— Incorp. in
N . J. M a y 3 1899 to consolidate 29 plants making bar and forge iron
Since the date o f the organization, the property has been completely re­
organized and the character of the business changed to the production of
steel, now operating 8 blast furnaces. Bessemer steel plan t, open-hearth
Steel w orks, tube works. & c., mining properties in M esab a, M arquette and
M enom inee, extensive iron and coal lands in Alabam a. A c .. by-product coke
plants. Youngstown and Thom as. A l a .. coke plants at R epublic, M artin and
B ow ood, P a ., and Thom as, A la.
See Y . 71, p. 545. Acquired the proper­
ties o f the Palos Coal & Coke C o. and the Bessemer Coal & Coke C o ., known
as Bessemer Shafts N o . 1 and N o . 2 . For properties, see V . 68, p . 674;
V . 7 0 , p . 228; V . 71, p . 454; Y . 7 7 , p . 465; V . 79. p . 1480. 1702; V . 8 1 . p.
1562 V . 8 3 , p . 1035: V . 8 4 , p . 342; V . 87, p. 1303. Compare also annual
report in V . 120, p. 841; V . 122, p. 898.
In Jan. 1918 the W oodside Coke
C o ., a subsidiary, purchased some 4 ,0 0 0 acres o f coal lands in Allegheny
and Butler counties. Pa. On M a y 1 1919 took over the property of the
D e Forest Sheet & Tin Plate C o ., which has 10 sheet mills near N iles, O.
V . 108, p . 1614. 1491; V . 110, p. 867.
In N o v . 1906 Republic Iron & Steel and Tenn. Coal & Iron jointly guar.
$700,000 5 % bonds of Potter Ore C o . V . 83, p . 973, 1417.
S T O C K .— See table at head o f page.
L A T E D I V S .—
[ ’ 14. ’ 15.
On preferred. .
j! 5 h l h
On accum ulations___
1
h
On com m on_____________(
--

’ 16.
7
8
--

’ 17. ’ 18. ’ 19. ’ 20. ’ 21. ’ 22. ’ 2 3 .- ’26.
See
7
7
7
7
7
ih
tex t
4
6
6
3
6
6
--

On pref. no paym ents were m ade from A p r. 1922 to Jan. 1923, both
inclusive; paym ents were resumed on April 2 1923, when l h % was paid,
same amount paid quar. to Jan. 2 1927.
Also paid on account of accumu­
lations 2 % each quar. from July 2 1924 to Jan. 2 1924 and 1 % on April 1
1924, clearing up all accumulated dividends.
On common paid 1 % on Sept. 1 1926, this being the first paym ent since
M a y 2 1921, when 1 l % was paid; D ec. 1 1926 paid 1 % .
A
B O N D S .— T h e 5s of 1910, now a first lien on the entire property, are
callable for sinking fund (minimum $250,000) and also on and after April 1
1920 as an entire issue at 105 and int; $ 2 0 ,8 6 9 ,0 0 0 have been issued to
retire the 5s o f 1904 and for general purposes (of which $ 9 ,963,000 pur­
chased for sinking fund).
Th e remaining $4 ,1 3 1 ,0 0 0 o f the $25,000 ,000
auth. are reserved for acquisitions and betterments under restrictions. V .
90, p . 451, 703, 854, 1048; V . 92, p . 1182; V . 93, p. 516; V . 95, p . 622, 822;
V . 100, p. 1353, 1442.
The ref. & gen. m tge. Series A bonds are redeemable as a whole only
(except for sinking fund) at 105 and interest on any Interest date on or
before Jan. 1 1933; at 104 thereafter and on or before Jan. 1 1938; at 103
thereafter and on or before Jan. 1 1943; at 102 thereafter and on or before
Jan. 1 1948; at 101 thereafter and on or before July 1 1952 . For security,
sinking fund, & c ., compare V . 116, p . 4 2 1 .
In 1917 $1,000,000 6 % serial gold bonds were assumed on purchase of
the Bessemer Coal & Coke C o .’s property (Bessemer mines N o s. 1 and 2 '
having a capacity o f 6 00,000 tons o f coal yearly. ($200,000 o f these bonds
outstanding in A p r. 1926.)




A m ount
Outstanding

Rate
%

W hen
Payable

See
000 text Q — M
See text
000
Q— J
.4 & O
5 e
&
J
g J
J
& I
5 g
6 g
See text
7
Q— J
7
Q— J
See
See

[V ol. 123.

Last D ividend
and M a tu rity
D ec 1 1926 1 %
Jan 2 1927 1 %
Oct 1 1940
Jan 1 1953
Dec 1 1931
T o Jan 1 1928
M a y 1 1925 25c
July 1 1926 l h
Ju ly 1 1926 l h

P laces W here Interest ancil
D ivid en d s A r e Payable

New Y o rk T ru st O o . N Y
C ent U nion T r C o , N Y
N ew Y o rk
Hanover N at B ank. N T

Am erican T rust C o , N Y
Amer E xch N a t B k , N Y
Amer E xch N a t B k , N Y

6 M g M & N M a y 1 1939
text
y— j
Oct 1 1926 5 % Checks m aile d
text
Q— J
Oct 1 1926 5 % Checks mailed

R E P O R T .— For 1925, in V . 122, p . 898, showed;
1925.
1924.
1923.
1922.
Unfilled orders D ec. 31 (tons) 2 88.436
2 96,839
141,911
2 1 9 ,9 4 8
Gross business___________ $ 5 3 ,907 ,959 $43,9 8 2 ,5 2 3 $59,043,131 $ 3 9 ,123 ,708
Gross profits____________
6,6 6 9 ,7 0 2
4 ,4 1 4 ,6 5 7
9,2 6 7 ,7 9 6
2 ,5 2 0 ,8 6 2
D epreciation____________
1,577,821
1,3 7 4 ,0 8 8
1,788,938
1 ,225,183
Int. on bonds and n o te s.
1,278,397
1,122,632
1 ,226,640
877,367
Preferred dividends____
1,750,000
2 ,0 0 0 ,0 0 0
3 ,250,000
-------Balance, s u r p l u s ... $ 2 ,063,484

— Q u a r.

def$82,064

$ 3 ,002,218

$418,312

30----------9 M o s . E n d . S e p t . 30—
P e r io d —
1926.
1925.
1926.
1925.
*N et earnings____________ $ 2 ,127,822 $1 ,5 5 5 ,7 5 5
$6 ,2 3 2 ,5 6 7 $ 4 ,6 2 8 ,8 5 7
Deprec. & renewals______
4 6 6,975
3 0 2,364
1 ,368,466
908,763
Exhaustion o f m inerals.
8 8,032
86,799
259,284
24 4 ,9 2 7
Bond and note in te re s t..
2 6 0,549
320,130
849,269
975,840
Preferred dividends. ( 1 M % )4 3 7 ,5 0 0 ( 1 ^ ) 4 3 7 ,5 0 0 ( 5 M) 1312500 ( 5 M) 1312500
Com m on dividends______
3 00,000
_______
30 0 ,0 0 0
----------E n d . S ep t.

Balance, surplus______
$574,766
$408,961
$2,14 3 ,0 4 8 $ 1 ,1 8 6 ,8 2 6
* These are the net earnings from operations after charges for repair and
maintenance o f plants am ounting to $ 1 ,1 5 4 ,8 3 5 and provision for Fed. taxes.
Unfilled orders on hand Sept. 30 1926 o f finished and semi-finished prod­
ucts totaled 150,493 tons, against 122,944 tons June 30 1926.
O F F IC E R S .— C hairm an, John A . Topping; Pree., T h os. J. B ray;
V .-P res., H . L . Rownd and J. W ilbert Deetrick; T reas., H . M . Hurd;
Sec., Richard Jones Jr. Offices, 17 B attery P L , N . Y . , and Youngstow n.
Ohio.— (V . 123, P. 2149 .)
R E Y N O L D S S P R I N G C O .— Incorp. under laws of Delaware on July 1
1919 as Jackson Cushion Spring C o .; name changed to present title o n
July 30 1920. M anufactures cushion springs for autom obiles, furniture
strips, loose springs, Pullman berths and seats, and hair edge-roll for
upholstery purposes, as well as loose springs for sleeping cars, & c.; also
manufactures Bakelite products for the autom otive industries, electrical
trade and radio manufacturers and jobbers. H as 2 plants located at
Jackson, M ich .
In June 1924 acquired the entire common stock o f the General Leather
C o. V . 119, p . 83.
S T O C K .— Preferred and com m on stock have equal voting power. Pre­
ferred stockholders were offered the right to exchange one share o f pref. stock
(par $100) for five shares o f no par value com m on stock up to Sept. 11 1923.
D I V I D E N D S .— On pref. A & B stock, in full to date. On com m on stock
paid 50c. per share on M arch $1 and June 30 1920; then none until N o v . 1
1923, when 50c. per share was paid: Feb. 1 and M a y 1 1924 paid 50c. quar.
Aug. 1 1924 to M a y 1 1925 paid 25 cents quar.; none since.
R E P O R T .— For 1925, in V . 122, p . 1622, showed;
Y e a r s E n d e d D e c . 31—
1925.
1924.
1923.
N et e a r n i n g s ...._______
$155,090
$ 688 ,07 8
$391 ,25 5
Depreciation & in t______
265,939
161,617
60,000
Federal taxes____________
3,469
56 ,8 7 6
41,020

1922.
$ 3 3 4 ,5 5 3
4 3,628
3 3 ,5 0 0

N e t incom e__________loss$ U 4 .3 1 8
$469,585
$290,234
$ 257 ,42 5
Report for 1st quarter of 1926 in V . 122, p. 2961 .
O F F IC E R S .— Pres., W iley R . Reynolds. Office, Bridge and South
W ater Streets, Jackson, M ich .— (V . 122, p . 2 961 .)
R E Y N O L D S ( R . J.) T O B A C C O C O .— O R G A N I Z A T I O N . * c . — I n torporated in N ew Jersey Apr. 3 1899. Manufactures plug, twist and
unoklng tobacco and cigarettes. M anufacturing plants at W inston-Salem .
N . O.TJersey C ity , N . J ., R ichm ond, V a ., and Louisville, K y .: leaf tobacco
and re-ordering plants at D anville, South B oston. M artinsville, V a ., M t .
Airy, Reidaville, Rocky M o u n t, Henderson, W ilson, N . O ., Lexington.
Maysville and Springfield, K y .,
___ _____
S T O C K .— The common stockholders on April 6 1926 voted that the au­
thorizations in the charter for $ 5 0,000 ,000 o f preferred stock and for
$ 1 0 ,000 ,000 o f (par $100) class B common stock be eliminated and the
$60,000 ,000 o f authorization provided for these two stocks be changed into
an authorization for $60,000 ,000 of new class B common stock (par $25)
identical with the existing new class B common stock. V . 122, p. 2054.
The 7 % cumulative preferred stock was redeemed on Jan. 1 1926 at 120.
C O M .D I V .1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. 1 9 2 2 -'2 5 .
In c a s h .. . 16
22
23
28
14
12
10
8
12 y rly .
A ug. 16 1920 paid 2 0 0 % stock div. on com . and Class B com . On D ec. 2
1922 paid on com . stocks 33 1 - 3 % . payable in new Class B com . stock.
Paid in 1926: Jan ., 4 % , April, 4 % , July, 5 % , O ct., 5 % .
___
R E P O R T .— For 1925, in V . 122, p . 361 and 492, showed:
ad
C a le n d a r Y e a r s —
1925.
1924.
1923.
1922.
xN et profits_____________ $25,221)579 $23,777 ,717 $23,039)876 $ 2 0 ,4 7 9 ,2 3 4
D iv id e n d s ______________ 11,800,000 11,000,000 11,000,000
9 ,2 0 0 ,0 0 0
x After deducting all charges, expenses o f managem ent, provisions for
Federal taxes, allowances, depreciation, advertising, &c.
O F F IC E R S .— Chairman, W . N . Reynolds, Pres., Bow m an G ray, V .- P ..
James A . G ray, T . H . Kirk and S. Clay W illiam s, Sec., M . E . M otsinger,
Treas., R . D . Shore. O ffice, W inston-Salem , N o . C aro.— (V . 122, p . 3 2 2 3 .)
R IM A S T E E L C O R P O R A T I O N .— O R G A N I Z A T I O N .— R im a Stee
C orp. (Rimam urany-Salgotarjan Iron W ork s, L td .) was formed in 1881 by
amalgam ation o f the oldest plants in H ungary, which were started in the
18th century. All its plants are situated in Northern H ungary, excepting
part of the mines and forests equal to 1 8 % o f its properties (valued at
$ 3 ,8 6 6 ,3 0 5 ), which are in Czechoslovakia at a distance o f less than 25 miles
from the Hungarian plants.
S T O C K .— Paid in cash equal to $ 8 ,5 8 5 ,0 0 0 .
B O N D S .— In Jan. 1925, F . J. Lisman & C o ., N ew Y o rk , offered at 88
and interest $ 3 ,0 0 0 ,0 0 0 7 % closed first m tge. 30-year sinking fund gold
bonds. D ated Feb. 1 1925; due F eb. 1 1955. D enom . $ 1 ,0 0 0 , $500, $100
c * . Principal and interest (F . & A .) payable in U . S. gold dollars o f the
present standard o f weight and fineness, at the office o f F . J. Lism an & C o .,
N ew Y o rk , fiscal agents o f the com pany, without deduction o f any present
and future Hungarian taxes. Redeemable b y compulsory drawings at par
every two m onths by means o f a cumulative sinking fund o f 1 % per annum
commencing April 1 1925. This will redeem the entire issue by m aturity.
Drawn bonds become payable on the next interest date at par and six
m onths’ accrued interest. N o t callable until F eb. 1 1930; on and thereafter
callable as a whole or in part upon 60 days’ notice as per following schedule:
Feb. 1930-1940 at 103; thereafter at 102. N ew Y o rk Trust C o ., New Y o rk ,
trustee.— (V . 123, p . 2402.)
R O Y A L D U T C H C O . FOR T H E W O R K IN G O F PETRO LEUM
W E L L S IN N E T H E R L A N D S IN D IE S .— O R G A N I Z A T I O N .— Incorp. in
The Hague, H olland, 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 D utch E ast Indies. After 1900 developed

Nov., 1926.]

u d o lp h

K a r s t a d t .

Par
V a lu e

D ate

M IS C E L L A N E O U S C O M P A N IE S .
[F or abbreviations, A c . , se t notes on page 8.1

R

B onds

-Com stock, 105,000 shs auth
Preferred (a & d) stock 7 % cum red 110 auth $1 0 0 0 ,0 0 0 -Flrst mortgage sinking fund bonds red 1 05_________ C ol.c*
R e f mtge bonds redeemable 105 $ 1 .2 0 0 .0 0 0 auth________ xxx
a v a g e A r m s C o r p — Com m on authorized $ 1 0 , 0 0 0 , 0 0 0 __________
F ir s t p r e f 7 %
c u m
a u t h $ 5 0 0 , 0 0 0 convertible (text)_______

S

C

e c ilia

S e c o n d

p re fe rre d

r a p id ly .
th e

I n

c o n c e rn .

th e

c o m p a n ie s ,

tw o

D u tc h

C o .

4 0 %

In te re s ts
S ta te s

s o

in

im

%

p o r ta n t

( O k la h o m a

h o ld s

in

6 0 %

s e e )

th e s e

In

tw o

o r d in a r y

R u s s ia ,

a n d

th e
M

( th t
T h i

U n it e c

e x ic o

D ec. 3 1 1925 the com pany owned the following shares: FI. 180,000,000
Bataafsche Petroleum M aatschappij: FI. 115.200,000 Anglo-Saxon Petro
leum C o ., L td ., FI. 25 ,2 0 0 ,0 0 0 Asiatic Petr. C y ., L td ., FI. 11,121,528 Shell
Transport & Trading C y ., L td .. FI. 200,739 ,358 Shell Union Oil Corp. and
Asiatic Petr. C y . (D e l.), L td ., FI. 2 2 ,220,352 Soc. “ Astra Rom ana” . FI. 9 ,705,862 Mexican Eagle Oil C o ., participation in various companies, FI. 1 1 9 ,4 8 2 ,3 0 4 .
I n
N o v . 1 9 2 1 , a plan was formulated for the merger o f the com p an y'’
“ American Interests” with the Union Oil C o . o f D e la ., for details o f whlc!
s e e statement of Shell Union Oil C orp. below.
O n

S H A R E S .—
e a c h ,

b u t

tr a d in g
w ith

th e

c o m .

c o m p a n y
h e re ,

E q u it a b le

c e r tific a te s
$ 1 3 .4 0

T h e

th e

p u rp o s e s
fo r

to

T r u s t

e a c h

e a c h

s h a re s

is s u e s

h a v e

s h a re s

C o .,

s h a re

a

p a r

s u b -s h a re s

D u tc h

N

o f

.

Y . ,

d e p o s it e d .

“ A m e r ic a n

v a lu e

o f

o f

F I. 1 0 0

1 0 0

p a r

a g a in s t

T h is

F I . 1 ,0 0 0

(s a y

F lo r in

$ 4 0

w h ic h

g iv e s

a

(s a y

2 0 )

v a lu e

w e re

n o m

$ 4 0 2

e a c h .

w e re

F

ot

p a r

4 %

p re fe rre d

4H%
T h e
0 0 0

s h a r e s ________

c u m . p r io r

v a lu e

e rs

s h a re s

a t

itte d

s h a re

fo r

p r iv ile g e

o f

s h a re s

th e

r ig h t

D

to

d is tr ib u t e d
s to c k
’0 7 .

1 0 8 ,

p .

s u b s c r ib e
th re e

h e ld .

E

s to c k

D

V .

s u c h
S

its

’0 8 -1 0 .

*

P lu s

2 0 0 %

z

P lu s

5 0 %

a t

T h e
’1 2 .

1 9

4 1

s to c k
s to c k

to
to

b y

a

c a s h

J u n e

V .

1 1 8 ,

th e

’1 4 -1 6 .
y r ly .

p .

c a s h

b o n u s

o f

’ 1 8 .
z 4 8

g iv e n

s h a re

th e

n e w

)

r ig h t

e a c h

o r d in a r y

fo r

w e r*

o n e

s to c k

fo r

w e re

s to c k

tc

fo u t

th t
e a c l

o ffe re d
fo r

2 0 0 %
( %

)

.

th e

1 9 0 '

c o m

is

a s

in

1 9 1 8

I n

p a n y
p a id

a

5 0 9

f o llo w s :

’ 1 9 .

’2 0

’2 1 .

4 0

4 5

4 0

’2 2 .
3 1

’2 3 .
2 6 )4

’2 4
3 5

’2 5
2 3

d iv id e n d ,

Profit__________________ 94 ,5 0 0 ,1 9 4
8 7 ,983,567
D iv s. on pref. shs. ( 4 % )_
6 0,000
60,000
Priority shares ( 4 ) 4 % ) - 1 ,282,500 1 ,282,500
Ordinary shares ( 6 % ) - . 24 ,1 4 7 ,0 6 0 24,14 7 ,0 6 0

Carried forward______
— (V . 123, p . 336.)

26 8 ,3 9 7

1922.
8 9 ,155,122
1,424,645

84,856,791 8 7 ,730,477
60,000
60,000
1 ,282,500
1,282,500
19,287,420 19,287,420

6 2 ,494,007

64,226,871

5 8 ,119,426
24,14 7 ,0 6 0
1,695,050

59 ,7 3 0 ,9 9 0
19,287,420
666,815

62,40 3 ,5 1 8
19,287,420
1,168,574

_______
_______
2 ,289,760

_______
_______
2,3 7 4 ,0 7 5

_______
508,135
2 ,485,272




o f J a n .

3 1

1 9 2 5

in

86,251,296
8 4 ,464,330
(2 3 % )

82 ,0 5 9 ,3 0 0
8 0 ,364,250
(2 5 % )

85,852,919
8 5 .186,105
(2 6 )4 % )

1,786,966

1 ,695,050

666,814

V .

H e r c u la n e u m

4 6

In c o r p .

in

N e w

in e r a l

r ig h t

o n

(c )

I n

le a d

,

(d)

a n d

J e ffe rs o n

p r a c t ic a lly

m ile s :

m

C o u n ty ,

e n tir e

14

c o n tr o l o f

D o e

c a p it a l

- m ile

R u n
M

o .,

o r

r b a n

1923 purchased from the
owned by that com pany in

O c t.

m in e s

c a p a c ity

s to c k

In te m

Y o r k
1 3 .4 9 8

d is tr ic ts .
M is s .

e le c t r ic

A m e r ic a n
M

is s o u r i.

1898.

.

1922.
$5 ,9 7 2 ,3 3 3
1,378.394
50 0 ,0 0 0
2 ,781,894
9 9,614

C A P I T A L S T O C K .— See table at head o f page.
D I V S .— On common stock as follows: N o v . 1 1919 and Feb. 1 1920 1 X %
$100 par); M a y 1 1920 to N o v . 1 1920 paid quar. 25 cents per share (no
par value); none since. Pref. divs. regularly paid to N o v . 1920; none since.
B O N D S .— The 1st m tge. 6s are a first lien on all of the property now,
iwned or hereafter acquired. A sinking fund is provided of 2 0 % of net
arnings but in any event not less than $25,000 or more than $75,000 for
purchase o f bonds at not exceeding 105 and int. A u th. and issued, $ 750 ,XK); retired by sinking fund, $250 ,00 0; outstanding, $500,000.
R E P O R T .— For year ending July 31 1926 showed;
Y ea rs E n d . July S I—
1925-26.
1924-25.
Output— -Sugar (bags)
----------60,647
Gross revenue___________
$597,669
$561 ,13 8
Operating, & c., expense5 38,588
6 4 4,888
Interest, & c_____________
159,302
144,467
D epreciation____________
111,268
126,662
Balance, deficit_______
O
/ .

F F IC E R S .—

S c h u le r ;

- ( V

.

1 2 1 .

S A V A G

B O N D S .— D illon, Read & C o. and Scholle Brothers in O ct. 1925 sold at
9 7 and int. $3,000,000 1st m tge. 7 % sinking fund gold bonds (and stock
purchase warrants).
P D ated O ct. 1 1925; due O ct. 1 1930. Principal, int. (A . & O .) and
sinking fund installments payable at the office of D illon. Read & C o .,
N . Y . C ity , in U . S. gold coin of the present standard o f weight and fineness.
D enom . $ 1 ,000c*. Callable all or part by lot after 30 days notice on
any int. date, at the following prices and int.: T o and incl. Oct. 1 1927
at 103; thereafter to and incl. O ct. 1 1928 at 102; thereafter to and incl.
O ct. 1 1929 at 101; thereafter prior to m aturity at 10046. A u th ., $ 4 ,000,000.
American Exchange-Pacific National Bank, N . Y .'C i t y , 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.
f1 S in kin g F u n d .— The indenture will provide for a sinking fund o f $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 P urchase W arrants.— W arrants will be issued entitling the holder
o f each $1 ,0 0 0 bond at any time on or before O ct. 1 1930 to purchase 15
shares o f the common stock of R udolph Karstadt, In c., 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 ,69 4 profits for
special reserves.
R E P O R T .— 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.
s h e e t a s

a t

1831.
th e

.—

(a)

Y

S A N T A
C E C I L IA
S U G A R
C O R P . — Organ, in D e l., July
16 1 9 1 7 .
Vwns and operates sugar’estates and a sugar factory on the Island o f C u b a .

6 7 ,100,557

R U D O L P H K A R S T A D T , IN C O R P O R A T E D .— Owns and operates the
largest chain department store business in G erm any. Business includes
more than 50 retail stores, several factories and a considerable wholesale
and export business.

( B a la n c e

C o .

N

L e a d w o o d

Y

O F F IC E R S .— Pres. & T reas., Clinton H . Crane; V .-P res. & Sales M g r .,
frwin H . Cornell; V .-P . & Sec., Leonidas H . Besson; A sst. T reas., H . B .
M cG ow n; Asst. Sec., Robert Bennett. N . Y . office, 250 Park A v e .—
(V . 123. p . 1516.)

e a c h

d iv id e n d .

9 2 ,832,127
Am ount o f ordinary d iv - 92 ,5 6 3 ,7 3 0
R ate per cent-----------------(2 3 % )

R e fin .

p .

IZ A T IO
O w n s

y e a r ly ,

y .,

A N

N

2 9 6 0 .

R E P O R T ,— For 1925, In V . 123, p. 2 01, showed:
( I n F lorin s)—
1925.
1924.
1923.
Incom e___________________ 95,90 2 ,2 2 8 8 9 ,512,076 85,585,361
Expenses, taxes, & c____
1,402,033
1,528,509
728,570

Surplus________________ 6 9 ,010,635
Available for ord’y d iv.:
9 3 % o f above surplus- 64 ,1 7 9 ,8 9 0
6 % on ord’y as above- 2 4 ,1 4 7 ,0 6 0
Brought forward________
1,786,967
Proceeds above par o f
shares sold____________
182,785
Bonus share issue_______
_______
Commissaires’ propor’n .
2 ,5 3 5 ,4 2 5

V . 108,

R

G

R iv e r —

N

n e w

r e c e iv e d

s to c k h o ld e r s

le a d

T e rr e

R

F la t

C o .
d o

N e t incom e__________________________________________ $ 4 ,1 8 4 ,3 1 7 x$5 ,4 2 0 ,7 9 7
x Before Federal taxes.

ir

H o ld

s h a r e h o ld e r s

o r d in a r y

n e w

a n d

th e

fo r

1 2 0 %

s m e lte r

o f p ig

B o n n e

O

p e r p e tu a l.

in

T r

S ix M o n th s Ended Jun e 30—
1926.
1925.
N e t earnings after charges and Federal taxes______$ 6 ,318,311 x$7 ,114 ,180
D epreciation__________________________________________
5 4 3,872
414,441
D epletion_____________
1,5 9 0 ,1 2 2
1 ,278,942

2 3 0 ,0 0 0 .

1 5 2 4 .

s to c k h o ld e r s

d iv id e n d s

r e c o rd
’1 7 .
3 8

w e re
n e w

1 9 1 6

1 9 2 4
o f

fr o m

1 1 2 , p .

o f a b o u t

o f

s h a re

d iv id e n d

4 9

J u n e
b o n u s

s h a re

o n e

to

7 t h

1 9 2 0

I n

s to c k

’ 1 3 .
4 8

a

1 9 1 9

($ 1 4 8 ,7 4 0 ,0 0 0 )
V .

o n e

J u n e

o n e

h e ld .

fo r

I n

In

2 6 6 3 .

p a r

J u n e

J u ly

H o lla n d

2 6 3 6 .

p a r

in

g u ild e r s

o f re c o rd

in

(e q u a l to

a d d itio n

s u r p lu s

’ l l .

ta x

s h a re s .
a t

in c r e a s e d

( $ 2 2 9 ,1 4 0 ,0 0 0 ).

s h a re s

1 1 0 , p .

I n

w a s

3 7 0 ,0 0 0 ,0 0 0

2 5 3 3 ,

s to c k

. —

d iv id e n d .

2 7 « 2 8 y r l y .

to

a t p a r
o ld

s u b s c r ib e
o f

N

6 0 3 ,0 0 (

g u ild e r s

m o d e rn
to n s

n o w

&

A m e r ic a ,

Balance, surplus______
$928 ,86 8 $1,99 5 ,7 5 9 $ 1 ,116,785 $1,212,431
x Includes $269,491 received from U . S. G o v t, to settle claims,
a After providing for depreciation o f plant and equipment.

1 1 , 4 5 7 ,0 0 <

s ta m p

s u b s c r ib in g

s h a re s
I V I D

6 0 3 ,0 0 0
1 1 ,4 5 7 .0 0 0

o r d in a r y

p lu s

V .

to

e a c h

tw o
fo u r

p a r

h e ld .

p e r m

1 .5 0 0 ,0 0 0
2 8 ,5 0 0 ,0 0 0

o r d in a r y

5 7 0 .0 0 0 ,0 0 0

o f o u ts t a n d in g

s u b s c r ib e

$
2 2 9 ,1 4 0 .0 0 1

1 ,5 0 0 ,0 0 0

($ 9 2 ,4 6 0 ,0 0 0 )

to

$

163,6 9 8 ,1 1 8

C O .—

la n d s

B k
o f

R E P O R T .— For 1925, in V . 122, p . 1913, showed:
Calendar Y ears—
1925.
1924.
1923.
a ln co m e__________________$14,3 5 5 ,3 0 7 $11,212 ,433 x $ 6 ,654.318
Depletion, & c___________
2 ,8 5 5 ,4 6 4
2 ,384,163
1 ,537,324
1,926.696
1,030,941
689,470
Federal taxes____________
D iv id e n d s _______________
8 ,4 9 7 ,5 0 6
5 ,563,586
3 ,2 6 3 ,0 6 9
Miscellaneous ch a rg e s..
146,773
237,983
47,670

o f

2 8 ,5 0 0 ,0 0 0

s h a re s .

a u th o r iz e d

g u ild e r s

A p r il 1 9 2 1

F I.
5 7 0 ,0 0 0 ,0 0 0

..................4 0 7 ,209 ,000

o n s h a re t

L E A D

1 8 6 4 ; c h a r te r

See text
See text
I r v in g
Aug 1 1927
M ay 1 1931
d o
D ec 1 1926 1 % Bank
c?o
Ian 2 1927 I'H
d o
Feb 15 1927 1)4

D I V S . ’9 5 -T 2 . T 3 .
T 4 . T 5 . T 6 . T 7 . ’ 18. T 9 . ’20. ’21. ’22. ’23. ’2 4 . ’2 5 .
O a sh (% ) 6 y ’ly
5
2 )4 6 10
25
20 11
20 10 12)4 20 20
30
Stock - _ ______
-_
__
__
__ l O _____ __
-25
The directors on D ec. 17 1925 declaredfour extra dividends o f
25 cents
per share and four regular quarterly dividends of 50 cents per share, payable
on M a r. 20, June 21, Sept. 20 and D ec. 20 1926 to holders o f record M a r . 9,
June 9, Sept. 9 and D ec. 9 , respectively.

c e r tific a te .”

F I.
m

b)

•ine, A c.
Smelt. &
V. 117. p

th r e e

C apitalisation (n o fun ded -----------I n D utch Guilders ---------------------------------- I n U . S. Gold ----------------debt or fix e d charges) — Outstanding.
A u th or'd . O utstanding. A u th orized
O o m

(

Q -M 20
Text
Text
F
& A
M & N
Q— M
Q— J
Q— F 15

d e p o s it e e

is s u e d

in a l

o .;

2 0 ,0 0 0

c o n tr o llin g

E g y p t,

M

R iv e r &

s h a re s .
o r

2 4

n e v

c o n c e rn s

“ S h e ll”

e x c lu s iv e

J O S E P H

v la r c h

» c re s o f le a d - b e a r in g

th o s *

tw o

A n g lo - S a x o i

V e n e z u e la

P a n a m a ,

p r o d u c in ;
w ith
to

th e

d t

S T .

it t

d is tr lb u t

o il

o v e r

a n d

a c q u ir e d

a

w

th e

a n d

a s

In te re s ts

tu r n e d

C o .

R u m a n ia ,

C a lif o r n ia ) .

c o n ju n c t io n
C o .

o th e r

Its

b e in g

o u t s t a n d in g
th e n

in

( w h ic h

p r in c ip a l

b o th

P e t r o le u m

s in c e

fie ld s

a n d

P e tr o le u m

a m a lg a m a t e d
o f

u tc h "

h a v e

o il

a n d

D

o f th e

fie ld

L o n d o n

th e

a n d

a s s e ts

“ R o y a l

1 2 )4

c o m b in e d

o f

A s ia t ic

a b s o rb e d

“ B a ta a fs c h e

T h e

) ; a ls o

In te re s ts

C o .
th e

In d ie s

1917
1921

$ 5 0 0 , 0 0 0 ________________________

In t e r n a t io n a l

T r a d in g

c o m b in e d
th e

c o n v

fo u n d e d

E a s t

th e

v iz . ,

P e tr o le u m

th e

&

g r o u p ,

S u b s e q u e n tly

in

“ S h e ll, ”

“ S h e ll”

e n te re d

T r a n s p o r t
( P a r is )

e n te r p r is e s
o f

n o n -c u m

P la c e s W here Interest and
D iv id e n d s are P a ya b le

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

P a y a b le

$10 $19,503 ,900
None 105.000 sh- see text
100 $1.000 000 See text
1.000
500.000
6 g
850.000
500-100 0
6 g
100
8 ,6 6 4 400 See text
7
100
29,800
100
6
222,200

C o r p —

6 %

1 9 0 2

“ S h e ll”

R o th s c h ild

lng

S u g a r

W hen

B ate
%

Am ount
O u ts ta n d in g

— See text

I n c o r p o r a t e d

St Joseph Lead Co— Stock $20.000,01)0____________________
S a n ta

329

INDUSTKIAL STOCKS AND BONDS

1 2 1 , p .

1 7 9 7 .)—

( V .

1 2 3 , p . 2 6 6 2 .)

S e c .
p .

E

$211,489

P re s ., O .
&

T re a s .,

B .

$354,858

G o o d r ic h ;

R o b e r t

1923-24.
4 2,532
$649 ,98 1
598,097
128,103
121,649

H

.

G

A N

V .- P .,

$195,868

R o b e r t

O a p la n .

1922-23.
40,081
$617,795
532,864
138,074
119,588

N

.

N

.—

L .

Y .

$172,731

D e a n

o ffic e ,

a n d
6 7

W

H e n r y
a ll

S t.

2 7 6 4 .)

A R M

S

C O

R P .—

O

R

IZ A T IO

In c o r p .

in

D e la w a r e

C o r p . , and purchased t h e
1915 the Savage A r m s C o .
the J . S t e v e n s A r m s C o . o f
hicopee Falls M a s s ., through purchase of fbe stock from the W estinghouse Elec. & M fg . C o . The J. Stevens Arms C o . in Jan. 1926 purchased
the physical inventory, use of the corporate name, patents, trade-marks,
& c., of the Page-Lewis C o ., Chicopee Falls, M ass. Manufactures rifles,
shotguns, pistols, ammunition and electrical household devices. Plants
located at U tica, N . Y . , and Chicopee Falls, M ass. N am e was changed to
Savage Arm s Corp. in M a y 1917 on merger o f properties. V . 104, p . 2014;
V . 105, p 1715; V . 106, p . 196; V . 107, p . 1673, 2194; V . 108, p. 982.
■n

A u g .

» m e te o f
tt U t i c a ,

1 6

1 9 1 5

a s

D r ig g s - S e a b o r y

O rd n a n c e

C h e D r ig g s -S e a b u r y
C o ., a n d
N . Y .
A c q u ir e d , a s o f A p r .

in
D e c .
1 1 9 2 0 ,

S T O C K .— First p ref., auth and issued $50 0 ,0 0 0 , of which $470,200 held
in treasury; 2d pref., issued, $ 2 60 ,70 0, of which $38,500 held in treasury;
common, issued, $ 9 ,2 3 9 ,3 0 0 , 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 o f common for one share of first preferred.
B O N D S .— The stockholders in April 1922 authorized
$ 3 ,0 0 0 ,0 0 0 bonds at the discretion o f the directors.

th e

is s u a n c e

of

D I V I D E N D S .— On com m on: In 1916, M a r. 15, 2 ) 4 % ; June 15, 5 % ; t h e n
none till June 15 1917 to Sept. 15 1920, 6 % p. a. (1 )4 % Q .- M .) ; then none
until M a r . 1 1926, when 1 % was paid; same am ount paid quar. to D ec. 1
1926. 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. 2 1927. On 2d pref., paid initial d iv. of 3 %
on M arch 15 1916; June 15 1916 to D ec. 15 1920 paid 1 ) 4 % quar.; none
thereafter until July 1 1923. when 1 ) 4 % quar. was paid, which amount
has been paid each quarter to F eb . 15 1927.
R E P O R T .— For 1925, in V . 122, p . 1623, showed:
1091
1099
1925.
1924.
Calendar Y ea rs—
$454^044 loss$168T 65
$607 ,23 9
$693,799
x P r o fit_____________
84 ,0 7 0
_______
Federal tax reserveP r o fit________ - _______
y Pref erred" dividend____

$523 ,16 9
16,582

$693,799
38,159

$404 ,04 4 loss$168,165
32,916
-----------

S u r p lu s .-_____________
$506 ,58 7
$655,640
$371 ,12 8 def$168,165
x After maintenance, repairs, depreciation and ordinary taxes,
y Being dividends on the 1st & 2d pref. stock paid from surplus.
— Q uar. E n d . Sept. 30— — 9 M o s . E n d . Sept. 30—
P eriod —
1926.
1925.
1926.
1925.
N et after taxes & depr_ _ $174,903
$174,572
$536 ,00 9
$430,522
O F F IC E R S .— Pres., W .
T reas., C . T . M yers.

C o o k ;

L .
N

W

r ig h t :

. Y . o ffic e ,

V .- P .,
1 0 0

F .

R .

E a s t 4 2 d

P h illip s ;
S t.—

S e c .,

J .

H .

(V .1 2 3 .P .2 2 7 5 .)

230

M IS C E L L A N E O U S C O M P A N IE S .
[F or abbreviation s, A c . , see notes o n page

8 .]

S c h u lte R e ta il S to re * C orp— C om stock 1 ,250.000 shs auth
Pref (a & d) stock 8 % cum red 120 $15,0 0 0 ,0 0 0 a u t h _______
S c h u lc o C o Inc-— Quar. m tge. s f g bonds series A red
(tex t)_____________________ ________________________ Ce.kxxxc*
do
do
do
series B red (text)____ Ce.kxxxc*
S e a r s . R o e b u c k Sc C o— Com stock 4 ,2 0 0 ,0 0 0 shares au th ___
S e n e c a C o p p e r M i n i n g C o— Stock 500,000 shares au th____
1st m tge bonds convert red 105 $ 1 ,5 0 0 ,0 0 0 auth____________
S h a f f e r O il & R e f i n i n g Co— Common stock 500.000 shares.
Pref stock 7 % cum and participating $5O,OO0,OOO_________
1st M (closed) conv 6 % s f gold bds (guar) $15,000 ,000
c a ll______ _____
xxvc*A r*K
2-year gold notes (closed) red (text)_______________ TTCkxxc*
S h a t t u c k D e n n M i n i n g C orp— Stock 1,000,000 shs., auth
S h a t t u c k ( F r a n k Q ) C o— Stock 40 0 ,0 0 0 shares au th _______

D a te
B onds

A m oun t
Outstanding

Rate

%

W h en
Payable

L ast D ividend
and M a tu rity

Q— M
Q— J

See text
O ct 1 1926 2 %

None 1094,359shs See text
$100 $ 9 ,425,000
8

—

1926
1926
1925

1919
1926
—

P ar
V alue

50 0 -1 0 0 0
3.5 0 0 .0 0 0
0Y2 g
5 0 0 -1 0 0 0
4,0 0 0 ,0 0 0
6A g
N one 4200.000shs S e e t e x t
None 350.000 sh.
100 &c
1 4 0 1.900
7
None 160.000 sb
100 14.000.000 See text

J
A
J

Places W h ere In terest an
D ividend s a rt Payable

&
J July 1 1946
& O Oct 1 1946
Q— F
N o v 1’26 623^c. Checks mailed
&

J Jan 1 1935

C ent U n T rust C o , N Y

Q— J 2 5 O ct 2 5 1 9 2 6 1)<

N ew York and Chlcasrs
100 Ac
5 ,142,200
. T A D June 1929
6 g
500&1000
7 .5 0 0 .0 0 0
Chicago and N ew York
6 g.
A & O Apr 15 1928
None
799,416
None 300.000 shs See text Q -J 10 O ct 11 ’ 2 6 , 50c.

H fS C H U L T E R E T A I L S T O R E S C O R P .— Incorp. under laws o f Delaware
o n Sept. 5 1919 for the purpose of acquiring the stock issues of the various
Schulte companies. The subsidiary companies operate stores i n N ew York
Brooklyn, C hicago, Philadelphia, B oston, Jersey C ity and other cities
Transfer o f control o f Park & T ilford interests to D avid A . Schulte, Presideni
of the Schulte com pany, was announced A u g. 2 1923.
T h e shareholders o f Am erican Druggists Syndicate on A u g. 17 1926
approved a plan whereby the organization will be controlled b y the Schulte
R etail Stores C orp. for the next 10 years.
Under the term s o f the offer, the Schulte interests guaranty Druggists’
Syndicate shareholders dividends o f 6 % for the ten-year term o f control.
Th e D ruggists’ Syndicate has been merged with Schulte Products D is­
tributing C o r p .
S T O C K .— Th e stockholders on Jan. 25 1926 increased the authorized
com m on stock from 5 0 0 ,0 0 0 shares to 1,250,000 shares, no par value.
The common stockholders o f record M a r. 2 1926 were given the right to
subscribe at $1 a share for 1 A shares of common stock for each share held
b y them .
D I V S .— On com m on paid stock divs. as follows: A u g . 9 1920, 5 0 %
payable in common stock; July 6 1921, 2 0 % payable in common stock
D ec. 20 1921, 1 5 % payable in common stock; D ec. 29 1922, 5 % payable in
pref. stock; June 1 1923 to D ec. 1 1925, 2 % quar. payable in pref. stock: alsr
paid 2 5 % in com m on stock on Sept. 1 1924; M a r . 1 1926 to D e c . 1 1926 paid
each quarter 2 % in com m on stock.
B O N D S .-— T h e Schulco C o ., In c ., m tge. s. f. god bonds are guaranteed
as to p r in ., int. and sinking fund b y endorsement. The series A bonds are
r e d ., a ll or part, b y lot upon 30 d ays’ notice at any tim e 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 1 0 0 l ; thereafter
A
to and incl. m aturity at 100; plus in each instance accrued int. to the date
o f redemption. T h e series B bonds are red ., all or part, b y lot upon 30
days’ notice at any time to and incl. O ct. 1 1931 at 103; thereafter to and
incl. O ct. 1 1936 at 102; thereafter to and incl. O ct. 1 1941 at 101; there­
after to and incl. O ct. 1 1944 at 100 A ; thereafter to and incl. m aturity at
100; plus in each instance accrued int. to the red. date. V . 122, p . 3465;
V . 123, p . 1887 .
R E P O R T .— For 1925 showed:
Calendar Y ea rs—1925.
1924.
1923.
N et profit before taxes________________ $ 6 ,416,932 $4,34 1 ,6 1 6 $3,763,637
Preferred dividend ( 8 % ) ______________
596,718
37 6 ,0 0 0
166,000
Su rplus_____________________
Previous surplus and reserve.

$5,820,214
4 ,059,450

$ 3 ,965,616
3 ,882,949

$ 3 ,597,637
2,447,735

Total surplus and reserve.
Federal taxes p aid__________
Adjustm ents, debits________
Stock dividend on common.

$9,879,664
444,759
102,358
3 ,075,000

$ 7 ,848,565
444,396
44,718
3 ,3 0 0 ,0 0 0

$ 6 ,0 4 5 ,3 7 2
256,620
105,803
1 ,800,000

Profit and loss surplus and reserve- $6 ,2 5 7 ,5 4 7 $ 4 ,0 5 9 ,4 5 0 $ 3 ,882,948
Six M o n th s E n ded Jun e 30—
i9 2 6 .
1925.
1924.
T o ta l sales______________________________ $18,038 ,552 $16,710 ,095 $15,789 ,760
Profits for period before taxes________ $2,714,347 $ 2 ,5 0 0 ,8 3 8 $ 2 ,420,987
O F F IC E R S .— Pres., D a v id A . Schulte; Y .-P . & T reas., Joseph M
Schulte; V .- P ., Louis Goldvogel, Arthur S. M eyer, Charles C . Nicholls Jr
and Harry Goldvogel; V .-P . & Sec., U do M . Reinach; A sst. T reas.. Geo
W . L . Jarman. O ffice, 384 Broadway, N . Y . — (V . 123, p . 2532.)
S E A R S , R O E B U C K & C O .— Incorp. in 1906 in N ew Y o rk as successor
to an Illinois corporation o f the sam e name which had theretofore trans­
acted the same business for over ten years. Business is the retailing o f all
classes o f merchandise and coal direct to the consumer through catalogues
and retail stores; has over 10,000,000 customers. Business is transacted
m ainly from Chicago, with branches in Atlan ta, D allas, Seattle, Philadelphia
and K ansas C ity . The com pany maintains and owns warerooms, ware­
houses and various factories in a number of other cities, throughout the
country. Com pany now operates 9 retail stores; 3 in Chicago and one each
in E vansville, In d .; Atlan ta, D allas, Seattle, Philadelphia and Kansas C ity.
S T O C K .— A ll the outstanding ($8,000,000) preferred stock was retiree
on N o v . 15 1924 at 125 and divs/
The stockholders on Feb. 23 1926 changed the authorized com m on stock
from 1 ,0 5 0 ,0 0 0 shares, par $100 , to 4 ,2 0 0 ,0 0 0 shares o f no par value, four
new shares being issued in exchange for each share o f com m on held.
D I V I D E N D S .— On com m on, 1 9 0 9 ,4 ) 4 % ; 1910 to Feb. 1917, 7 % ( l ? i %
Q .-F .) ; M a y 1917 to N o v . 1920, 2 % quar. The Feb. 1921 dividend (2 % )
was paid in 6 % scrip due A u g. 15 1922; then none until A u g. 1 1924. when
1 ) 4 % quar. was paid; N o v . 1 1924 to Feb. 1 1926 paid 1 ) 4 % qu ar.; on
M a y 1, A u g . 1 and N o v . 1 1926 paid 6 2 )4 c . a share on new stock o f no par
value. Also A pril 1 1911 a 33 1 -3 % stock div. V . 92, p . 601. A stock
div. o f 5 0 % was paid A p ril 1 1915. V . 100, p . 4 7 9 . In April 1917 paid a
stock div. o f 2 5 % . V . 104, p . 3 6 8 , 8 68, 1050. On July 15 1920 paid a
stock div. o f 4 0 % .
S A L E S .—
1926.
1925.
1924.
1923.
M on th o f October_______$ 2 6 ,8 3 9 ,5 0 3 $30,374 ,605 $ 2 3 ,801 ,045 $22,576 ,793
First lO m o s. o f y e a r s .. .2 1 4 ,7 2 5 ,2 6 1 201,996 ,608 173,516 ,177 177,327 ,540
R E P O R T .— For 1925, in V . 122, p . 475, showed:
1925.
1924.
1923.
1922.
S
^
S
$
Gross sales_______________ 258,3 4 2 ,2 3 6 222,174 ,744 2 1 5 ,540 ,604 182,165,825
Total incom e____________ 243,798 ,351 206,430 ,527 198,482 ,946 166,514,110
Purchases and expenses_213,4 4 1,652 185,517,334 184,445,023 157,385,331
Repairs and renewals___
1 ,148,399
848,913
816,050
600,484
Depreciation reserve____
1,560,521
1,379,157
1 ,133,624
1,321,368
Reserve for taxes------------- 4 ,4 7 7 ,8 6 2
3 ,158,530
--------------------Other reserves___________
_______
_______
_______
1 ,500,000
Profit sharing, & c .,fu n d 2 ,1 9 4 ,6 1 2
3,1 7 2 ,1 9 6
575,631
271,758
Com m on dividend______ 6 ,0 0 7 ,0 8 9
2 ,999,758
--------------------Preferred dividend______
_______
489,204
559,188
559,188
Balance, surplus______ 14,96 8 ,2 1 5
8 ,865,435
10,953,430
4,8 7 5 .9 8 0
O F F IC E R S .— Chairm an, Julius Rosenwald; P res., Charles M . K ittle
V .-P ., O . C . D oering, R o b t. E . W o o d , M a x Adler and L . J. Rosenwald
Treas., W . O . Lewis; Sec., John Higgins. Office, Chicago, 111.— (V . 123,
p . 2403.)
S E N E C A C O P P E R M IN IN G C O .— Incorp. in Delaware on Feb. 27
1925 and acquired the property o f the Seneca Copper C orp. under the
terms of a reorganization plan dated N o v . 15 1924. V . 119, p . 3019.
Property is located in Keweenaw C ou n ty, M ic h ., and consists of 2 ,4 6 4 .6
acres owned in fee. Owns entire outstanding 79,500 shares of capital stock
o f G ratiot M ining C o.
B O N D S .— The 1st m tge. bonds are red ., all or part, on any int. date at
105 and int. Convertible at any tim e into shares o f the new co. on the
basis o f the par value o f the bonds and $15 per share for the stock. M o rt­
gage shall provide a sinking fund from and after M a y 15 1928 o f l c . per
pound of refined copper produced from the mortgaged property, including




[VOL. 123.

INDUSTRIAL STOCKS AND BONDS

the property o f any subsidiary com pany and any subsequently acquired
property up to 2 5 ,000,000 pounds produced annually.
The 350,000 no par shares o f the stock o f the new company were offered
to the shareholders o f the old company on the basis o f one share o f the stock
of the new com pany for one share o f the stock o f the old company plus
$6 cash
R E P O R T .—
----------- Q uar. Ended---------- 6 M o s . E n d .
. Ju n e 30 ’26. M a r . 31 ’26. Jun e 30 ’2 6 .
N et loss_________________________________
$59,810
$54,780
$114,590
O F F IC E R S .— P res., Thom as F . Cole; V .- P ., R . M . Atw ater, Jr.; Sec. &
Treas., F . R . K ennedy. Office, 120 Broadw ay, N . Y . — (V . 123, p . 855.)
S H A F F E R O IL & R E F IN IN G C O .— O R G A N I Z A T I O N .— Incorp. in
Delaware in M a y 1919 to acquire the oil interest o f C . B . Shaffer and
associates. Controlled through ownership o f a majority o f the com . stock
(which has sole voting power) b y Standard Gas & E lec. C o .
The properties comprise 11,800 acres in proven oil territory w ith over
8,500 barrels average daily production; also 62,000 acres o f undeveloped oil
lands in Oklahoma, K ansas, Louisana, M ontan a, Texas, Arkansas and
Colorado. The pipe lines comprise 135 miles o f gathering lines and 200 miles
of main pipe lines connecting the production in Oklahoma w ith the com­
pany’s modern refinery of 10,000 barrels daily capacity, total storage
capacity over 2 ,0 0 0 ,0 0 0 barrels, and 880 modern steel tank cars, also 4
casinghead gasoline plants which extract gasoline, from the gas produced
by the com pany’s wells. The refined products are marketed through the
com pany’s own organization and that of allied concerns through 4 2 8
distributing stations all located in the M iddle W e st. The refined products
have been established in the territories served under the trade name “ D eep
R o ck .”
S T O C K .— The Standard Gas & Electric C o . owns 9 5 % of the common
stock and 6 5 % 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 1 0 % p . a. In addition, will participate at the
rate o f )4 of 1 % for each dollar paid on the common stock in excess of $ 1 0
per share during any one fiscal year.
D I V I D E N D S .— A n initial dividend of 1 54% was paid on the pref. stock
O ct. 25 1919; then to July 1923 paid l % % quar.; none thereafter until
July 25 1926 when 1M % was paid; same amount paid O ct. 25 1926.
B O N D S .— Guaranteed, p ., i. & s. f ., by Standard Gas & E lec. C o .
Callable In whole or In part for the sink, fund on 4 weeks’ notice at 103 and
Int. for the first five years, 102H and int. for the following 2 H years, and
thereafter at 102 and int. Convertible at par into participating pref. 7 %
cum. stock at 105.
Sinking fund payable semi-ann. to the trustee equal to
$166,677 plus the following percentages on $ 1 2 ,0 0 0 ,0 0 0 bonds, and these will
retire not less than $ 1 1 ,2 8 0 ,0 0 0 before m aturity: D ec. 1 1921 to June 1 1923 .
4 A % s .-a .; D ec. 1 1923 to June 1 1925, 5 % s .-a .; D ec. 1 1925 to June 1 1 927 ,
S H % s .-a ., D ec. 1 1927 to D ec. 1 1928, 6 % s .-a . All bonds purchased or
redeemed will be canceled. Authorized, $ 1 5 ,0 0 0 ,0 0 0 ; outstanding, $4,—
331,600 retired b y sinking fund, $10,6 6 8 ,4 0 0 .
N O T E S .— 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
% for each 6 m onths or
fraction thereafter elapsed to date of redemption.— (V . 122, p. 2342 .)
R E P O R T .— For 12 months ended Sept. 30 1926: Gross, $ 1 8 ,1 2 9 ,4 3 9 ’
operating expenses, $12,564 ,405 ; net earnings, $5,565 ,0 3 3 .
O F F IC E R S .— Pres., John J. O ’Brien; V .-P s ., John L . G ray, R . J. G raf,
F . C . Gordon, L . B . Riddle and W . E . M o o d y ; Sec. & T reas., W . R . Fran­
cisco. O ffice, Tulsa, O kla.— (V . 123, p . 2403.)
S H A T T U C K D E N N M IN IN G C O R P .— Incorp. under laws o f Delaware
on M a y 20 1925 for the purpose o f consolidating the Shattuck-Arizona
Copper C o. and the Denn-Arizona Copper C o . B y the end of 1925, the
work o f consolidating the two companies had practically been com pleted.
Term s o f M e r g e r .— The company offered to purchase all of the outstanding
shares of the Shattuck and Denn companies, paying therefor in shares o f its
own capital stock at the rate o f share for share, and for this purpose it
set apart 8 00,000 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 45 0 ,0 0 0 shares
of the Denn com pany. The remaining 200,000 shares o f the Shattuck
Denn M ining C orp. will be retained in its treasury.
Report for 2 months ended D ec. 31 1925 showed: gross income, $ 1 9 2 ,4 7 2 ;
net income, $34,2 7 0 ; depreciation and depletion, $20,419 ; net profit, $ 1 3 ,8 52, against which was charged expenses during 1925 appertaining to
organization and to consolidation, amounting to $37,9 6 8 , leaving a deficit
of $ 2 4 ,1 1 6 .
O F F IC E R S .— L . C . Shattuck, P res., H . L . M u n d y , Thom as Bardon and
B . M . Pattison, V .-P s .; N orm an E . La M on d , Sec.; A . M . Chisholm , Treas.
Office, 120 Broadway, N ew Y o rk .— (V . 123, p. 2403.)
S H A T T U C K (F R A N K G .) C O .— Incorporated in
1906 in M ass.
Operates a chain o f 30 restaurants and candy stores under the name of
“ Shrafft’s , ” in N ew Y o rk . Brooklyn, Boston and Syracuse, including the
daily luncheon service at the Chamber o f Com m erce, N ew Y o rk .
The com pany in O ct. 1926 opened a new type o f store at 811 M adison
A v e ., N . Y . C ity. This new unit will sell candies, baked goods, and a
selected line o f Schrafft products. It will differ from other Schrafft Stores
through omission of restaurant and soda fountain service. This latest step
b y the com pany is supplementary to the plan announced earlier in 1926
for opening additional stores o f the larger and more costly type.
In all, the company is expected to open 100 of the new and smaller type
stores throughout Greater N ew Y o rk . V . 123, p . 2275 .
S T O C K .— See table at head o f page.
D I V I D E N D .— Initial quarterly dividend o f 50 cents per share paid Apr
l 0 1925; same amount paid quar. to O ct. 11 1926.
R E P O R T .— For 1 925 , showed:
In co m e A c co u n t Y ea rs E n d in g D e c . 31.
1924.
1925.
$ 4 ,039,187
Stores' gross trading profit___________ $4,03 9 ,0,0 9 9
$4,03 9 6 6
247,603
3 34,234
Other income_____________________

1923.
$3,034,245
222,662

$ 4 ,373,303
Total income________________________ $ 4 ,373,303
General and admin, expenses_______ f
Interest paid_________________________ .( 2 ,7 2 6 ,8 5 8
R ent, insurance, & c________________ _ i(
283,672
Depreciation, im pts. on leased p ro p .
152,659
Federal income taxes________________
6 37,250
D ividends_____________________________

$4,28 6 ,7 9 0
1 461,643
)
18,664
J2 ,2 9 3 ,2 7 6
301,656
151,444
82,408

$3,25 6 ,9 0 7
407,124
18,556
2 ,051,273
227,355
71,507
6,300

$572,864

$977,698

$474,793

Balance, surplus-----------------------------

D a te
Bonds

M IS C E L L A N E O U S C O M P A N IE S
[For abbreviations, A c . , see notes on page 8.]

Par
Value

Am ount
Outstanding

£1 £19,401 ,644
S h e l l T r a n s p o r t & T r a d i n g — Com m on stock £ 3 0 ,0 0 0 ,0 0 0 __
£10 £ 2 ,000.000
First preferred shares 5 % cum £ 3 ,0 0 0 ,0 0 0 __________________
£1 £ 5 .000,000
Second preferred shares, 7 % cum £10,000 ,000 , see t e x t -.
10,000,000 shs.
S h e l l U n io n O il C orp— Com stock auth 10 ,0 0 0 ,0 0 0 shares. .
Pref (a & distock Ser A 6 % cum call 110 auth $ 2 0 ,0 0 0 ,0 0 0
$100 $ 1 7 ,365 ,400
S ie m e n s & H alsk e (A G )-S ie m e n s S c h u ck e rtw e rk e (G m b H ) - See text

P eriod—
Profit a ft. exp. & d ep rec.
Federal taxes (est.) . _ . . .

-— Q uar. E n d. Sept. 30—• — 9 M o s . E n d . Sept. 30—
1926.
1925.
1926.
1925.
$238,'316
$269,267 $1,041,137
$882,464
27,553
33,658
123,274
110,308

N et incom e___________

$210,763

$235,609

$917,863

$772,156

O F F IC E R S .— P res., Frank G . Shattuck; T reas., G . F . Schrafft; Sec.,
Grace M . Austin. Office, 16 W est S t., Boston.— (V . 123, p . 2275 .)
“ S H E L L ” T R A N S P O R T A N D T R A D I N G C O ., L T D . (T H E ) .—
O R G A N I Z A T I O N .— Incorp. in London in 1897 as successor to M . Samuel
& C o . in London and some other im portant oil houses; wholesalers, distribu­
tors and transporters o f petroleum products, owning a large number o f tank
steamers and 40 large and more than 300 small tank installations, incl. can
factories, & c., in all parts o f the world, with a total capacity of about
4 00,000 tons. Also produced oil itself in Borneo, through the NederlandschIndische Industrie en, Handel M aatsch app ij, owning the whole share
capital, originally FI. 2 ,0 0 0 ,0 0 0 , since increased to FI. 2 0 ,0 0 0 ,0 0 0 .
A m algam ation with R oyal D utch C o ., A c . — In 1902, in conjunction with
the Royal D utch C o . (see statem ent above) and the de Rothschild (Paris)
group, organized the Asiatic Petroleum C o . as a distributing concern.
Early in 1907 the com pany amalgamated its interests with those o f the
“ Royal D u t c h ." 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. Th e “ Shell” holds 4 0 %
o f these two concerns, the “ Royal D u tch ” 6 0 % . V . 109. p . 3 77; V . 107
p. 1381; V 108, p p. 2636; V . 103, p . 2243.)
C A P I T A L .— The pref. shares have no voting power unless their d iv. is
affected or in arrears. In July 1919 277.000 o f a total of 3 75.000 “ American
shares” were offered b y K uhn. Loeb & C o . at $69 a share, each “ American
share” being equal to two “ English shares” of £1 par value (V . 109, p . 3 7 7 ).
The com pany in July 1920 issued new ordinary shares at par to the share­
holders in the proportion of one new share for every two held. V . 110, p.
2663; V . I l l , p . 79.
O R D IN A R Y
\ 1912. 1913 to 1921. 1922. 1923.
1924 1925. 1926.
D IV ID E N D S / 30%
3 5 % y ’rly.
2 7 % 2 2 H % 22)4 % 2 2 H % 2 2 )4 %
Paid in 1927: Jan ., 1 0 % .
On "Am erican shares” paid 74c, per share in Feb, 1920; $ 1,965 per
share in A u g . 1920, 7 2.2 cents per share in Jan. 1921, $ 1 .8 5 % per share
in July 1921, 8 3 )4 c . cer share in Jan. 1922, $1 5 5 l
4 oer share in July
1922, 9 2 )4 c . per share in Jan. 1923, $1 1 3 Hi in July 1923. 8514c. in Jan.
1924, $ 1,075 in July 1924, 95c. in Jan. 1925 and $1.21 in July 1925; in Jan.
1926, 96)4 cents; July 1926, $1 20.
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 S u bscription Rights— A m o u n t and P rice o f N ew Stock O ffered H olders.
1067

106 0

1019

1Q18

1 Q17

1Q1Q

1 Q96

N o . shares__3 00,000 2 00,000 508.773 3 6 7,964 9 15,717 4 ,0 5 4 ,4 9 0 6,408,925
r i c e . ............. £114
£214
£314
£314
£1
£1
£1
In 1918 the company distributed a stock bonus of 6 0 % by Issuing to
shareholders 3,014,921 shares gratuitously, applying in paym ent thereof
£3,014,921 of the com pany’s surplus of £4,000,000.
Holders of shares of
the Shell Com pany 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 o f one new
share for every two held.
P

R E P O R T .— For 1925, in V . 122, p . 3599, showed:
C alendar Y ea rs—
1925.
1924.
1923.
Interest received________
£317,065
£337,355
£409,199
D ividends received______ 4 ,542,906
4 ,521,239
2 ,639,470

1922.
£461,033
4,477,051

T o ta l incom e__________£4,859,971
Expenses_________________
4 1,615
Stam p duty on new c a p .
_______
E x p . on new iss. 2d p f . s h .
_______

£4,858,594
4 1,684

£3,048,669
4 0,484

£4,938,084
40,111
100,000
164,813

Profit____________________ £4,818,356
Pref. dividends ( 5 % ) ___
100,000
2d pref. divs. ( 7 % ) ______
350,000
Ordinary dividends______ 4 ,3 6 7 ,4 3 8
R ate paid________________
(2 2 )4 % )

£4,816,910
100,000
350,000
4 ,365,369
( 2 2 )4 % )

£3,008,185
100,000
350,000
4 ,357,157
(2 2 ) 4 % )

£4,633,160
100,000
216,542
4,357,157
(2 2 )4 % )

£ l,5 4 0 d f £1,798,972
230,084
2 ,029,057

d ef£40,539
2 ,069,596

B alance________________
Brought in_______________

£918
231,624

Carried forward______

£232,542

£231,624

£230,084

£2,029,057

Chairman, H on. W alter H . Samuel, M . C .: Sec., E . A . Sm ith-Rewse.
Office, St. Helen’s C ourt, 2 2 , Great St. Helen’s, London, E . C . 3 , E n g .—
(V . 123, p. 2666 .)
S H E L L U N IO N O IL C O R P .— Incorporated F eb. 8 1922 in Delaware
as a consolidation of substantially the entire R oyal Dutch-Shell and Union
Oil C o. o f Delaware interests in the M id-C on tin ent and California fields.
Th e corporation received all the outstanding stock o f the Shell C o . of
California, Roxana Petroleum C orp ., Ozark Pipe Line C orp. and M atador
Petroleum C o .; also 130,869 shares of stock o f Union Oil C o . o f California.
T h e Shell C o. of California received (1) all of the property and assets of the
Colum bia Oil Producing C o ., Western Union Oil C o ., United Western C on ­
solidated Oil C o . and Dunlop Oil C o .; (2) all of the oil and gas properties,
stocks of oil, & c., situated in California, of the E d d y sto ie Oil C orp., C om ­
monwealth Petroleum C orp. and National Exploration C o. The Roxana
Petroleum C orp. received all o f the property and assets outside o f California
and K entucky of the National Exploration C o ., all of the oil and gas
properties, & c., situated in Oklahoma and Kansas o f the Eddystone Oil
C o rp ., and all of the oil properties and facilities in Texas of the C om m on­
wealth Petroleum C orp.
During 1924 the company sold Its holdings in the Union Oil C o. of
California.
S T O C K .— An annual cash sinking fund for the benefit of preferred stock
(Series A ) , first paym ent M a y 1 1924, equal to 1 0 % o f net income after
paym ent o f preferred dividends (but not in any year more than $800,000)
is to be applied to purchase or call and retirement o f preferred stock (Series
A ) , stock so retired to be canceled.
The com m on stockholders of record O ct. 22 1923 were given the rignt to
subscribe to 2 ,0 0 0 ,0 0 0 shares of common stock (without par value) at $10 a
share in cash at the rate of J4 of 1 share of new stock for each share of
com m on stock held. V . 117, p . 1672.
D I V I D E N D S .— On com m on, paid initial dividend of 25 cents per share
on Sept. 30 1922; same amount paid quar. to D ec. 31 1924; M a r . 31 1925 to
Sept. 30 1926, paid 35 cents quar.




231

INDUSTKIAL STOCKS AND BONDS

Nov., 1926.]

Rate
%

5
7
6

W hen
P ayable

J
A

&
&

Last D ividend
and M a tu rity

P laces W here In terest and
D ivid en d s are Payable

J See text
O

Q— M 31 Sept 3 0 ’26 35c.
Q— F
N o v 15 ’ 26 1)4

R E P O R T .— For 1925, showed:
[Including income of W olverine Petroleum C orp., successor to Central
Petroleum C o. from M a y 1 1923.]
Calendar Y e a r s —
1925.
1924.
1923
1922.
Gross incom e___________ x $ 5 0 ,2 9 3,55 0x $50,984 ,588 x $38,909.833 $19,3 2 4 ,8 0 8
Investm ent income______
_______
_______
_______
2 ,1 2 0 ,8 2 4
Miscellaneous incom e___
_______
_______
_______
678,951
Total incom e_________ $ 5 0 ,2 9 3 ,5 5 0 $50,9 8 4 ,5 8 4 $3 8 ,9 0 9 ,8 3 3 $22,1 2 4 ,5 8 3
Depletion, deprec’n, & e .$ 2 6 ,7 3 5 ,9 4 1 $26,0 6 0 ,5 1 6 $20,6 2 6 ,7 5 0 $ 1 2 ,1 4 1 ,2 3 2
Prov. for contingencies.
_______
_________
1 , 200,000
_________
Prov. for income tax____
_______
--------------------3 87,000
Propor’n applicable to
minor, stockholders in
361,334
223,926
subsidiaries___________
341,649
6 , 000,000
_______
A d d'l approp. for spec.res 2 ,8 0 0 ,0 0 0
N e t incom e___________$20,4 1 5 ,9 6 0 $18,5 6 2 ,7 3 8 $16,8 5 9 ,1 5 6
Previous surplus________ 19,420,355
12,005,507
4 ,846,351

$ 9 ,596,351
_______

Total surplus_________ $39,8 3 6 ,3 1 6 $30,5 6 8 ,2 4 5 $21,7 0 5 ,5 0 7 $ 9 ,596,351
Preferred dividends ( 6 % ) 1,031,536
1,147,890
1 ,200,000
750,000
Com m on d ividen ds($1.40)14,000,000 ($1)10000000 ($1) 8500 ,00 0 (50) 4000 ,00 0
Balance, surplus______$ 2 4,804 ,779 $ 1 9 ,4 2 0 ,3 5 5 $1 2 ,0 0 5 ,5 0 7 $4,846,351
x Including a half interest in the income o f Com ar Oil C o.
-— Q uar. E n ded Jun e 30-------- 6 M o s . E n d . Jun e 30—
19261925.
1926.
1925.
Gross income x --------------- $ 1 9 ,0 5 5 ,7 7 6 $ 1 3 ,771 ,621 $ 3 0 ,6 1 4 ,9 6 8 $23,918 ,271
D epletion, deprec’n and
drilling expenses, & c . .
7 ,3 1 1 ,2 9 1
6 ,7 2 1 ,8 1 7 1 3 ,374,592 12,363,262
N e tin c . bef. Fed. t a x .$ l l,7 4 4 ,4 8 5
Preferred dividends_____
2 5 4 ,3 8 0
Com m on dividends--------- 3 ,5 0 0 ,0 0 0

$7,04 9 ,8 0 3 $ 1 7 ,2 4 0 ,3 7 6 $11,555 ,008
24 7 ,1 9 4
514,861
510,675
3 ,5 0 0 ,0 0 0
7 ,0 0 0 ,0 0 0
7,0 0 0 ,0 0 0

Surplus------------------------- $ 7 ,9 9 0 ,1 0 5 $3 ,3 0 2 ,6 0 9 $ 9 ,7 2 5 ,5 1 5 $ 4 ,044,333
Previous surplus------------- 2 6 ,5 4 0 ,1 8 9 2 0 ,1 6 2 ,0 8 0 24 ,8 0 4 ,7 7 9
1 9 ,420,356
Total surplus---------------$ 3 4 ,5 3 0 ,2 9 4 $23,4 6 4 ,6 8 9 $ 3 4 ,5 3 0 ,2 9 4 $23,464 ,689
x Including a half interest in the income o f Com ar Oil C o.
O F F IC E R S .— Chairman, Sir Henri W . A . Deterding; Pres., J. O*
van E ck; Sec. & Treas., James H . Brookmire. Office, 65 Broadway
New Y o rk .— (V . 123, p . 855.)
S H E R W I N -W I L L I A M S C O . (T H E ).— (V . 123, p . 592.)
S IE M E N S & H A L S K E (A . G .) S IE M E N S S C H U C K E R T W E R K E
(G . m . b . H .) .— The business o f the Siemens & Halske A . G . was founded,
in 1847 by Werner von Siemens. Th e Siemens group covers the whole
field o f electrical manufacture, and is subdivided into several companies.
The Siemens & Halske A . G . is the parent organization. Its scope of
business includes the automatic and manual telephone, the telegraph, the
signalling and electro-medical apparatus and all kinds o f radio equipment.
Th e principal associated com pany is the Siemens Schuckertwerke B .m .b .H .,
over 5 0 % o f whose stock is owned by Siemens & Halske A . G ., the balance
o f the stock being owned by the closely allied Elektrizitaets Aktiengesellschaft, formerly Schuckert & C o. The Siemens Schuckertwerke G .m .b .H .
manufactures all kinds o f electrical machinery and appliances for lighting,
power, traction and electro-chemical purposes, also wires and cables. The
Siemens & Halske A . G . also owns 4 0 % o f the stock o f the Osram C o ., a
German incandescent lam p factory, employing about 2 0,000 hands. The
Siemens Schuckertwerke G .m .b .H . owns 6 7 % o f the stock o f the Austrian
Siemens Schuckertwerke A . G . with works at Vienna, at Pressburg and
Mueglitz in Czechoslovakia, and at Budapest. There are a number o f
other subsidiary companies for the manufacture o f electric carbons, porce­
lain, glass, paper and other material required for use in the companies’
principal products.
The concern has outside o f Germany and Austria 82 branch offices situat­
ed in most o f the countries o f the world. A b out 4 0 % o f its production is
exported. The Siemens group consists o f 26 factories situated at various
points in G erm any. The main plants are located at Siemensstadt, near
Berlin, and in Nurem berg.
,
B O N D S .— In Jan. 1925, D illon, Read & C o ., Marshall Field, Glore,
Ward & C o ., N ew Y o rk; Union Trust C o ., Cleveland, and Central Trust
C o. o f Illinois, Chicago, sold $10,0 0 0 ,0 0 0 bonds as follows: $ 5 ,000,000
3-year 7 % secured sinking fund gold bonds, due Jan. 1 1928, at 99 and int.
to yield 7 .3 7 % ; $5 ,0 0 0 ,0 0 0 10-year 7 % seem ed sinking fund gold bonds!
due Jan. 1 1935, at 96)4 and Int.
D ated Jan. 1 1925. Interest payable J. & J. Coupon gold bonds in
denoms. o f $1,000 and $500, registerable as to principal. Principal, interest
and sinking fund payable at the office o f Dillon, Read & C o ., N ew Y o rk , in
U . S. gold coin o f the present standard o f weight and fineness, without
deduction for any German taxes, present or future. Central Union Trust
C o . o f N ew Y o rk , trustee; Deutsche Kreditsicherung A . G ., Berlin, German
agent o f trustee.
A ll o f the outstanding 3-year 7 % bonds due Jan. 1 1928, and $132 000 of
10-year 7 % bonds due Jan. 1 1935 will be redeemed on Jan. 1 1927.
S ecu rity.— The bonds are a joint and several obligation o f the two compan­
ies, the Siemens & Halske A . G . and the Siemens Schuckertwerke G .m b H
These bonds will be secured by the actual ownership o f salable merchan­
dise, title to which will be held by a trustee under the provisions o f the
German law for the benefit o f the bondholder. The method o f taking title
to the merchandise and o f handling the security during the life o f the bonds
will be the same as that used by the Netherlands Government to its credit
to German industry. In 1920 the Netherlands Government arranged to
advance to German industry as a whole 140,000 ,000 guilders (about $56 000,000) for a period o f ten years. The Netherlands Government insisted
that these credits should be secured as much as possible and in such a way
that the total amount o f the credit should always be covered by merchandise
having a current market value at all times substantially in excess o f the
amount borrowed. Under the German laws the actual ownership o f the
commodities passes to the trustee, who is in a position to dispose o f them
without reference to the com pany, if and when foreclosure o f the mortgage
is called for. The Netherlands Government thus has ownership through
the medium o f a trustee o f quick assets in the form o f salable merchandise
the value o f which exceeds at all times the amount o f the credit granted.
For the purpose o f handling these government credits there was organized
in Germany the “ Treuhandverwaltung Fuer das Deutsch-Niederlaendische
Finanzabkommen” (Trustee Administration for the G erm an-D utch Finance
Agreement) which passes on and grants the individual credits. For the
purpose o f handling the merchandise there was also organized by most
prominent members o f German industry the “ Deutsche Kreditsicherumg
A . G ., Berlin” (German Securities Trustee C o ., Berlin) having for its pur­
pose the safeguarding o f foreign financing for the lender. The trustee com­
pany has a thorough and elaborate system o f segregating the commodities
held as collateral security and permanently controls the maintenance o f the
necessary values. I t also supervises the insurance o f the merchandise and
satisfies itself as to the adequacy thereof. The trustee thus safeguards the
above-mentioned Netherlands Governm ent credit, and will in the same

333

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S .
I.For abbreviation s, & c ., see notes on page 8.]

S im m on s C o— C om m on stock 1 ,0 0 0 ,0 0 0 shares authorized. Pref (a & d) stock 7 % cum red 110 $ 2 0 ,0 0 0 ,0 0 0 a u th _______
Sim m s P e trole u m C o— Stock $ 1 9 ,0 0 0 ,0 0 0 authorized . .
Convertible gold notes (see text)
Sim m s Oil C o . equip, tr. ctfs. due $ 35,000 Feb; $40,000
A u g guar nrin and int callable 102
..E q .x x x c
S in c la ir C o n so lid a te d O il— Stock 5,5 0 0 ,0 0 0 shares-----------Sinking fund pref stock 8 % cum red 110 $100,000,000 auth
First lien coll gb d sS erA red (text; $ 1 0 0 ,0 0 0 ,0 0 0 a u . kxxxc*
do
do
Series B redeemable (text)________ kxxxc
do
do
Series C red (text)___________ kxxxc
Equipm ent trusts, & c.— see text.

D a te
Bonds

1926
1923
1922
1923
1924

P ar
Value

Rate
%

W h en
Payable

None l.OOO.OOOsh See text
Q— J
7
$100 $ 5 ,802,300
Q— F
10
6 ,8 5 7 ,0 5 0 See text J
<
& J
M & N
3 ,4 3 1 ,5 0 0
5 0 0-100 0
6 g
F & A
1,000
374,000
7 g
None 4 ,4 9 9 .162sb See text
100 17,852,200
Q— F
8
M &
S
100 &c 46,82 9 ,5 0 0
7 g
& D
100 &c 2 3 ,8 7 5 .0 0 0
6A g J
100 &c 15,000,000
J
& D
6 g

way and to the same extent safeguard the collateral security given for this
loan.
The Siemens companies will transfer to the German Securities Trustee
O o .t as the German agent o f the Central Union Trust C o ., N ew York,
trustee, stocks o f salable merchandise, such as brass, copper, aluminum,
zinc, steel, iron plates, dynam o plates, lumber, oils and rubber, as well as
suitable half-finished and finished goods. The value o f these stocks, which
under the German law will be actually owned by the trustee's German
agent and which will be kept open to permanent inspection by the trustee's
German agent, will at all times exceed the amount o f bonds outstanding by
a t least 66 2 - 3 % . The merchandise will be constantly revalued by the
trustee's German agent at the lowest market prices prevailing. The com­
panies will obligate themselves to insure the stocks serving as collateral
security against all risks in accordance with the requirements o f the trustee's
German agent.
S in kin g F u n d .— A sinking fund is provided for the 10-yr. bonds sufficient
to retire throe eh call b y lot $132 ,00 0 o f bonds each six m os. at 102 & in t.,
the balance o f less than 5 0 % o f the issue to mature at 102 and interest.
The 10-year bonds are callable as a whole, at the option o f the companies,
on any interest date, at 104 and interest on July 1 1925, the call price being
reduced by H o f 1 % each 12 months until July 1 1929, from which date
until m aturity the call price remains 10' and interest.
D E B E N T U R E S .— D illon, Read & C o ., Mendelssohn & C o ., Amster­
dam ; M arshall Field, Glore, W ard & C o. and International Acceptance
B ank, In c., in Sept. 1926 sold $ 2 4 ,0 0 0 ,0 0 0 25-year Q 'A % sinking fund gold
debentures, with warrants for contingent additional interest. The bonds,
offered in the form of 5 0 % paid allotm ent certificates were priced at 99
and int.
D ated Sept. 1 1926; due Sept. 1 1951. D enom . $ 1,000 c * . Principal
and int. (M . & S.) payable at office of D illon, Read & C o ., N . Y . C ity ,
in United Stages gold coin of the present standard or collectible, at the option
o f the holder, in London at the office of J. Henry Schroder & C o ., in pounds
sterling, or in Amsterdam at the offices of Mendelssohn & C o ., Amsterdam
and Nederlandsche Handel M aatsch appij, in guilders, at the buying rate
for sight exchange on N ew Y o rk on the date of presentation for collection.
Redeemable with all unmatured warrants (except the warrant maturing
M a y 1 next following the redemption date), as a whole, or in part by lot,
on 30 days’ notice, on any int. date, at 110 and int. on or before Sept. 1
1936, and at 102 and int. thereafter prior to maturity. Principal and int.
payable without deduction for any German taxes, past, present or future.
Central Union Trust C o . o f N ew Y o rk , American trustee; Deutsche K reditsicherung A . G ., German trustee.
Sinking F u n d .— A sinking fund is to be provided, commencing M arch 1
1927, sufficient to retire each 6 months 1 A % of these debentures theretofore
issued, b y purchase of debentures with all unmatured warrants at not over
100 and int. (or of allotment certificates at proportionate prices), unex­
pended balances reverting periodically to the companies. The sinking fund
is to be reduced in respect of debentures represented b y allotm ent certificates
in proportion to the uncalled balance o f the allotment price.
W arran ts.— ' o each debenture will be attached warrants for contingent
T
additional interest, entitling the holder thereof to receive in United States
gold coin on M a y 1 o f each year, from 1927 to 1936 inclusive, $3.3 5 1-3
for each 1 % (and a proportionate sum for each fraction of 1 % b y which
the average per cent, of cash dividends (to be determined as provided in
the indenture) declared upon the stocks of Siemens & Halske A . G . and
Siemens-Schuckertwerke G . m . b . H . for the preceding fiscal year shall
have exceeded 7 % .
A llotm en t C ertificates.— C os. will issue in the first instance allotment
c tfs., in bearer form , evidencing paym ent of 5 0 % o f the allotment price
o f the debentures represented thereby. The remaining 5 0 % m ay be called
in one or two installments (no call to be for less than 2 5 % ) on 60 days’
published notice, on or before Sept. 1 1929, and shall, if not theretofore
called, be due on said date. Holders of allotment certificates m ay make
paym ent in full on any interest date on or after Sept. 1 1927, and will
thereupon receive the debentures represented thereby. Holders o f allot­
m ent certificates who default in any paym ent thereon will at the option
o f the companies forfeit all rights thereunder, including all prior payments.
Holders o f allotm ent certificates will be entitled to receive interest on the
debentures represented thereby only in proportion to the amount of the
allotment price paid thereon, but will be- entitled to receive the entire
amount of contingent interest paym ents in respect of the warrants.—
(V . 123, p . 1644.)
Sales and E a rn in g s.— Sales and net earnings as shown b y the companies
books for the fiscal years ended July 31 l 9 l 2 , 1913 and 1914 and sales
for the fiscal year ended Sept. 30 1925 were as follows:
• — ■ — -— Sales■ ------- — — •
—
—
—
S iem ens
S iem ens
H alske
Schuckertwerke
A . G.
G. m . b. H .
1912
_ $ 2 0 ,1 1 5 ,0 0 0
$ 5 5 ,1 0 0 ,0 0 0
19 1 3
__
2 0 ,9 3 5 ,0 0 0
7 0 ,9 0 0 ,0 0 0
1914
__
2 1 ,7 6 0 ,0 0 0
7 2 ,1 0 0 ,0 0 0
1 9 2 5 ________
43 ,6 0 0 ,0 0 0
9 3 ,1 0 0 ,0 0 0

A m ount
Outstanding

[V ol. 123.

Last D ivid en d
and M a tu r ity

Oct
N ov
Jan
N ov

Places W h ere In terest ane
D ivid en d s are Payable

1 ’ 26 50c.
l 1926 1 H
3 ’27
50c
15 ’ 29

Feb ’2 7 - A u g ’ 31 Equitable Trust C o ..N .Y
M a y 31 1924 50>
N ov 15 ’26 2 %
Mar 151937
June 1 1938
D ec 1 1927

R E P O R T .— For year ended N o v . 30 1925, in V . 122, p . 1184, showed:
Y ea rs Ended N o v . 30—
1925.
1924.
1923.
N e t s a l e s .._____________________________ $ 3 2 ,6 8 4 ,2 7 9 $31,6 6 7 ,7 4 2 $ 3 4 ,5 5 7 ,2 5 9
C ost of sales, incl. selling, adm . and
ad v. expenses________________________ 2 5 .1 4 9 ,5 1 7 26 .3 6 2 ,0 7 8 3 0 .9 9 5 ,2 4 4
B alance_________________________
Other deductions, & c____________
Reserve for depreciation_________
M aintenance of properties______
Reserve for Federal, & c ., taxes.
Preferred dividends______________
Com m on dividends (cash)______

$ 7 ,5 3 4 ,7 6 2
4 00,614
1,2 4 1 ,4 8 0
756.207
95 6 ,9 6 6
4 37,692
1 ,9 3 2 ,4 8 5

$ 5 ,305,664
1,039.027
1,110,763

$3 ,5 6 2 ,0 1 5
807,612

388.400
4 46,974
902,781

3 4 1.000
45 8 ,6 7 5
1 ,0 9 5 ,6 7 5

Balance, surplus________
Previous surplus (adjusted)

$ 1 ,8 0 9 ,3 1 8
3 ,550,621

$ 1 ,4 1 7 ,7 1 8
2 ,9 0 0 ,3 0 7

$ 859 ,05 2
x 2,0 6 3 ,4 9 9

T o ta l__________________________________$ 5 ,3 5 9 ,9 3 9 $ 4 ,3 1 8 ,0 2 5 $ 2 ,9 2 2 ,5 5 1
Stock div. on com m on stock_______ (8 % )1 ,4 5 8 ,5 6 2
(4)701,232
_______
Profit and loss surplus D ec. 3 1 ____ $ 3 ,9 0 1 ,3 7 7 $3 ,6 1 6 ,7 9 3 $ 2 ,9 2 2 ,5 5 1
Six M o n th s En ded M a y 31—
1926.
1925.
N e t sales________________________________________________ $ 1 4 ,1 2 0 ,0 6 1 $ 14,367 ,801
M anufacturing cost, selling, & c., expenses__________ 1 1 ,8 7 9 ,1 5 6 11,724,002
Other deductions (less miscellaneous incom e)_______
1 9 2,122
106,746
Depreciation reserve___________________________________
597,601
526,677
N e t profit, before Federal taxes___________________ x $ l,4 5 1 ,1 8 2 $ 2 ,0 1 0 ,3 7 6
x Before paying preferred dividends amounting to $ 2 1 0 ,7 3 8 , and common
dividends o f $ 1 ,2 5 0 ,0 0 0 .
O F F IC E R S .— Pres., Z . G . Simmons; Senior V ice-P res., A . H . Lance!
Sec. & T reas., Grant G . Simmons. Office, 110 E ast 42d S t ., N . Y . —
(V . 123, p. 466.)
SIM M S P E T R O L E U M C O .— O R G A N I Z A T I O N .— Incorp. June 27 1919
under laws o f Delaware as a holding com pany. Owns all o f the outstand­
ing stock o f the Simms Oil C o . Th e com pany and its subsidiaries own oil
and gas leases in Arkansas, Louisiana, Texas, Oklahoma and K ansas,
427 producing oil and gas wells, pipe lines, tank cars, warehouses, & c.
Com pare annual report in V . 122, p . 1637.
The com pany in June 1925 acquired the C layton Oil & Refining C o .,
which has been dissolved and the entire assets transferred to the Sim m s
Oil C o.
C A P I T A L S T O C K .— O f the 1 ,0 0 0 .0 0 0 shares authorized, 72 0 ,7 9 2 shares
have been issued, o f which 6 8 5,705 shares are outstanding in hands of
public and 3 5 ,0 8 7 shares have been acquired and are held in the treasury of
the com pany.
D I V I D E N D S .— A n initial dividend o f 50 cents per share was paid
Jan. 2 1925; same am ount paid semi-annually to Jan. 3 1927.
N O T E S .— The 3-year 6 % convertible gold notes are convertible on or
before N o v . 15 1928 into stock of the com pany at $2 5 per share and at the
rate of 20 shares for each $500 o f notes. Stockholders of record O ct. 25
1926 were entitled to subscribe at par for $500 o f notes for each 100 shares
o f stock held.— (V . 123, p . 2 0 0 6 , 2o66.)
R E P O R T .— For 1925, in V . 122, p . 1637, showed:
Calendar Y e a r s 1924
1925.
1923.
.
4 ,2 5 2 ,9 6 7
4 ,0 5 4 ,3 6 2
3 ,9 5 9 ,0 5 7
. . . $ 8 ,6 4 3 ,8 3 6 $ 6 ,2 8 8 ,5 1 0 $ 4 ,0 5 0 ,3 4 2
..
2 ,9 3 9 ,5 5 0
2 ,0 1 9 ,5 6 9
1 ,620,539
D evelopm ent expense___________
784,754
N e t profit from operations___
Tank car earnings, interest, & c.

- . $5 ,7 0 4 ,2 8 6
266,037

$4,268,941
110,976

$ 1 ,6 4 5 ,0 4 9
276,057

Gross incom e______________
R entals, taxes, interest, & c.

.

$4,37 9 ,9 1 6
240.640
595,327

$ 1 ,9 2 1 ,1 0 6
208,131

238,452
872,821
510,459
341,611

252,347
670,768
4 4 8,452

Provision for Federal taxes___
Miscellaneous adjustm ents___
Depreciation____________________
D epletion_______________________
Dividend payable Jan. 2 1925-

$5 ,9 7 0 ,3 2 3
348,801
9 84.548
160.000
. .
2 43,056
...
1 ,078.979
. .
518,202
684,775

Surplus for yea r.
.
$ 1 ,9 5 1 ,9 6 0 $ 1 ,580,607
$ 341 ,40 8
E a rn ings f o r Three and N in e M o n th s Ended Sept. 30 (In cl. S u bs.).
■ Quar. E n d . Sept. 30— -—-9 M o s . E n d. Sept. 30—
—
Ttprinrl___

1 Q9fi

xGross oper. r e v e n u e ... $ 2 ,253,281
Operating expenses______
877,672

1QOS

1Q9fi

iQ O f;

$ 2 ,1 5 8 ,3 5 3
731,468

$5,94 4 ,6 8 3
2 ,4 4 7 ,1 5 7

$ 6 ,8 0 1 ,2 0 8
1 ,827,697

----- ——-xN et E a rn in g s■ -— -—•
—
Gross profit___________ $1,37 5 ,6 0 9 $ 1 ,4 2 6 ,8 8 5 $ 3 , 5 4 7 / 2 6
$ 4 ,973,511
Siem ens
Siem ens
Other income credits
66,9 2 3
7 1 ,2 2 8
133,142
2 1 9,042
& H alske
Schuckertwerke
A . G.
G. m . b. H .
T o ta l____________________ $ 1 ,4 4 2 ,5 3 2
$1 ,4 9 8 ,1 1 3 $ 3 ,6 8 0 ,6 6 8 $5 ,1 9 2 ,5 5 3
$ 4 ,142,000
$ 5 ,800,000
Interest, lease rentals &
3,2 6 4 ,0 0 0
5,6 2 3 ,0 0 0
general taxes__________
8 5,444
6 3 ,9 6 5
2 3 5 ,7 3 6
162,213
4,9 3 0 ,0 0 0
6,9 4 1 ,0 0 0
Prov. for Fed. inc. tax__
y
10,000
y
l6 0 ,0 0 0
----------------------------Developm ent expense___
425,871
4 2 7 ,2 8 9
1,056,101
1,180,067
x N e t earnings before m aking deductions for depreciation and reserves,
D ep r., depl. & aband’t s .
62 4 ,7 9 4
49 6 ,7 3 3
1 ,7 3 5 ,0 6 6
1,382,511
but after taxes other than income taxes.
N et incom e___________
$306,423
$500 ,12 5
$ 653 ,76 5 $2,307,761
The earnings of Siemens & Halske A . G ., shown above, do not include
dividends received from Siemens-Schuckertwerke G. m . b. H ., nor do the
x After deducting cost of raw material refined, y N o Federal tax lia­
figures o f sales contain any inter-company deliveries.
bility required on 1926 earnings.
In addition to charging off, as operating expenses, maintenance and
O F F IC E R S .— Chairm an, Thom as W . Streeter; P res., Edw ard T . M oore.’
upkeep of the properties and plants during the above periods, the companies
Sec., John J. Heffernan. Office. 120 B roadw ay, N . Y . — (V . 1 2 3 , p . 2666 .)
have from time to time set aside large appropriations of earnings for depre­
S IN C L A IR C O N S O L ID A T E D O IL C O R P O R A T I O N .— O R G A N I ciation.
S 'T I O N — Incorp. In N ew York Sept. 23 1919 as a holding com pany.
Figures for the fiscal years 1915 to 1924, inclusive, are not given above
Consolidation o f Sinclair Oil & Refining C orp ., Sinclair G u lf C orp. and
as the results for this period covering the war and the subsequent currency
Sinclair Consolidated Oil C orp ., under a consolidation agreement ratified
inflation in Germany are not indicative o f the normal earning power of the
b y the stockholders o f each com pany on Sept. 22 1919 (V . 109, p . 1279).
companies.— (V . 123, p. 2666.)
P R O P E R T IE S .— The properties, Including subsidiaries and affiliated
companies, embrace facilities for all branches o f the petroleum business
S ILE S IA N A M E R IC A N C O R P .— (V . 123, p. 592.)
from the production and transportation of crude oil to the refining and mar­
SIM M O N S C O M P A N Y . — O R G A N I Z A T I O N .— Incorp. under laws of keting o f the refined products. A brief summary followsDelaware on D ec. 14 1915 and acquired the property, business and assets
S u bsidiaries.— (I) Ownership of or substantial interest In oil and gas
o f Th e Simmons M f g . C o . M anufactures m etal beds, bed springs, couches,
teases covering over 200,000 acres in the principal oil fields in K ansas,
cots, metal furniture, mattresses and kindred articles. W orks are located
Oklahoma, Texas and W yom ing, and also oil and gas leases and concessions
at Kenosha, W is ., San Francisco, C a lif.; Elizabeth, N . J .; A tlan ta, G a .; and
in M exico, Costa R ica, Panama and Portuguese W e st Africa.
Richm ond, V a . Also operates five works in Canada through its subsidiary,
(2) Refineries located at E ast Chicago. In d .; Kansas C ity , K a n .; CoffeySimmons, L t d ., and one in M onterey, M exico.
vUle, K a n .; M uskogee, O kla.; Cushing, O k la.; H ouston, Texas; W ellsville,
N . Y . , and M arcus H ook, N . J .; also casinghead gasoline plants.
D I V I D E N D S .— On common stock of no par value paid 30 cents per share
quar. to N o v . 1922; paid 1 0 0 % in stock to stockholders o f record N o v . 3
(3) Distributing facilities include 5 ,248 tank cars and a fleet o f vessels
1922; D ec. 20 1922 paid an extra cash dividend of 25 cents per share; Jan. 2
aggregating 119,079 tons d .w . capacity (including 17,329 tons under charter)
1923 to O ct. 1 1924 paid 25 cents quar.; Jan. 2 1925 to O ct. 1 1926 paid 50
% system o f marketing stations in the M iddle W e st, seaboard terminal
cents quar.; on Jan. 15 1926 paid 25 cents extra; also paid 4 % in com . stock
facilities on the Atlantic and G u lf C oasts, and in C u ba, and selling agencies
a n Jan. 2 1924 and 8 % in com . stock on Jan. 2 1925.
1 In Europe.




Nov., 1926.]

D a te
Bonds

M IS C E L L A N E O U S S E C U R IT IE S
[F or abbreviations, & c . , see n otes on p a ge 8]

S in g e r (S ew in g M a ch in e) M fg — Stock $120 ,0 0 0 ,0 0 0 au th .
S k elly O il C o — Stock $35,0 0 0 ,0 0 0 authorized------- 1st & coll s f gold bonds red 105 ------------ ---- -U p i.x *
Convertible gold notes red (tex t)-------------------------------------N c*
SIoss-Sheffield Steel & Iron— Common stock $ 1 0 ,0 0 0 ,0 0 0 —
Preferred (a & d) 7 % non-cum S 1 0.00 0.00 6---------------Sink fd gold notes $ 6 ,0 0 0 ,0 0 0 call 105 s f _ C e .w w .c * A r *
Purchase money lien notes red ( t e x t ) ________ — C e.xxxc*

1921
1924

1919
1924

P ar
Value

S T O C K .— The stockholders on M a y 19 1920 approved: (a) the action
o f the directors in authorizing four quarterly stock dividends of 2 % : (&) the
creation o f 1,000,000 shares of 8 % cumul. sink, fund pref. stock (par $100),
redeemable at 110 and divs.; (c) the issuance o f $75,000 ,000 (of which
$ 5 0 ,000 ,000 were issued) 7 )4 % convertible notes, & c ., all as per statem ent in
V . 110, p . 1857. The stock divs. were payable July 15 and O ct. 15 1920
and Jan. 15 and A p r. 15 1921. On A u g. 15 1922 paid a cash div. o f 50 cents
a share on the common stock: same amount paid quar. to M a y 31 1924.
none since. A n initial dividend on the new pref. stock o f $2 a share was
paid to holders o f record A u g. 15 1920: since to N o v . 1926, 2 % quar.
B O N D S .— Th e first lien coll. 15-year 7 % gold bonds. Series A , are re­
deemable as a whole or in part at 107 )4 and int. on or before M a r. 15 1927:
thereafter at 105 and int. on or before M ar. 15 1932: thereafter at 1024$
and in t., less )4 % for each 12 m onths elapsed after M arch 15 1932. The
Series B bonds are redeemable as a whole at any tim e or in part from time
to time on 60 days’ notice at 1 0 7 )4 and int. on or before M arch 14 1927;
thereafter at 105 and in t. on or before M arch 14 1932: thereafter at 10246
and int. less 46 % for each 12 m onths elapsed after M arch 14 1932, up to and
Including M arch 14 1937; and thereafter at 100 and int. The Series C
bonds are redeemable as a whole at any time or in part from tim e to time
on 60 days’ notice if accompanied by uncancelled stock purchase warrants
at 105 and int. on or before D ec. 1 1925; thereafter at 103 and int. on or
before D ec. 1 1926; thereafter at 101 and int. on or before June 1 1927;
thereafter, and whenever redeemed if not accompanied by uncancelled
stock purchase warrants, at par and int.
The Series C bonds will bear non-detachable stock purchase warrants
entitling the holder o f each $1,000 bond on presentation thereof to purchase
common stock in amounts and at prices as follows: 50 shares at $20 per
share if exercised on or before D ec. 1 1925; or 45 shares at $22 50 per share
if exercised thereafter on or before D ec. 1 1926; or 40 shares at $25 per share
If exercised thereafter on or before June 1 1927.
These bonds are to be secured by deposit with the trustee of (a) $ 1 1 0 ,0 0 0 ,000 of subsidiary companies’ 1st M . 7 % gold bonds, due M arch 15 1937,
comprising Sinclair Oil & Gas C o . ($ 45,000,000), Sinclair Refining Co.
($57,000,000) and Sinclair N avigation C o . ($8,000,000); (6) capital stocks
owned by this corporation of an aggregate par value in excess o f $80,000 ,000 ,
Including its holdings of the stock of the Sinclair Pipe Line C o ., and $ 1 0 ,000,000 stock (of $30,000 ,000 par value owned) o f the Sinclair Crude Oil
Purchasing C o.
A semi-annual sinking fund commencing D ec. 15 1922 will purchase at
par and int. the following percentages o f the maximum amount o f the Series
“ A ” bonds at any time theretofore issued and outstanding 2 % p . a. from
D ec. 15 1922 to June 15 1926 incl.; 3 % p. a. from D ec. 15 1926 to D ec. 15
1929 incl.; 4 % p. a. from June 15 1930 to June 15 1933 incl.; 5 % p . a. from
D ec. 15 1933 to D ec. 15 1936 incl.
In the event o f subsequent issues o f bonds the amount o f the sinking
fund paym ents is to be proportionately increased.
Corporation will covenant to pay on April 1 and O ct. 1 of each year, com­
mencing April 1 1924, sums sufficient to purchase at par and interest the
following percentages o f the maxim um am ount o f the Series “ B ” bonds at
any time theretofore issued and outstanding; 2 % per annum payable semi­
annually from April 1 1924 to O ct. 1 1927, incl.; 3 % per annum payable
semi-annually from April 1 1928 to April 1 1931, incl.; 4 % per annum pay­
able semi-annually from O ct. 1 1931 to O ct. 1 1934, incl.; 5 % per annum
payable semi-annually from April 1 1935 to April 1 1938, incl.
The sinking fund provisions will be sufficient to retire before m aturity
5 0 % o f the Series “ B ” bonds. In the event o f subsequent issues o f Series
“ B ” bonds, the am ount o f the sinking fund paym ents is to be proportion­
ately increased.
The directors on M a y 12 1926 voted to apply part o f this year’s current
earnings to the redemption o f outstanding bonds. A s an initial step, the
corporation will call for redemption on July 31 1926, at 103 and in t.,
$ 2 ,500,000 o f its 1st lien collat. 6 % bonds, series “ C ,” with uncanceled stock
purchase warrants attached. The corporation will also call for redemption
on July 16 1926, a par and in t., all bonds o f this series now outstanding
the appertaining stock purchase warrants to which have been exercised.
In addition, it was announced that the corporation would until further
notice purchase at par and in t. any bonds o f this series the appertaining
stock purchase warrants to which have been exercised.
E o u ip . Trusts. & c .— On D ec. 31 1925 there were outstanding $1,97 5 ,4 2 8
purchase money obligations. In O ct. 1924 N ational Steel Oar Lines C o.
sold $6,000,000 6 % equip trust gold certificates, series " E , ” due in semi­
annual installments or $375 ,00 0 each, M a y 15 1925 to N o v . 15 1932 and
guaranteed, prin. and d ivs., b y Sinclair C ons. Oil C orp. V . 119, p . 2073
R E P O R T .— For 1925, in V . 122, p . 2 644 , showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
N et earnings____________ $ 2 8,944 ,647 $16,4 2 6 ,9 3 0 $13,4 3 6 ,5 0 4 $ 3 0 ,943 ,794
D ed u ct— I n t . & discount 7 ,7 3 1 ,7 3 4
6,0 3 6 ,1 3 7
3 ,4 3 5 ,8 8 0
4,4 3 5 ,8 0 9
Reserve for deprec., & c . 1 5 ,210,120 12,540,060 1 1 ,289,673
11,746,242
Pref. d iv. (8 % cash)____
1 ,455,474
1,512,990
1 ,571,172
204,382
C om m on div. in cash--------------4 ,4 8 6 ,3 8 4
8 ,9 7 0 ,9 9 9
4 ,3 2 9 ,0 9 4
Surplus________________ $ 4 ,5 4 7 ,3 1 9 d f$ 8 ,148,641 df$11831,220 $10,171 ,752
6 M o s . E n d. June 30—
1926.
1925.
1924.
1923.
Gross earns. & misc. in c.,
excl. inter-co.sales,&c.$85,214 ,576 $ 6 8 ,444 ,136 $ 6 2 ,4 3 8 ,1 8 4 $55,586,899
Purchases, oper. & gen.
exp., m aint., insur.,
ordinary taxes, & c _ ._ 64,3 9 9 , 836 54 ,4 3 6 ,5 5 5 5 0 ,5 6 1 ,5 6 4 46,794,808
Interest and discount___
3 ,0 0 0 ,7 3 9
3,7 4 7 ,0 9 5 2 ,8 2 3 ,5 1 6
1,507,732
Income available for
surplus and reserves. .$ 1 6 ,9 2 4 , 001 $10,2 6 0 ,4 8 6

$9 ,0 5 3 ,1 0 4

Am ount
O utstanding

$ 7 ,284,359

O F F IC E R S .— Chairman, H . F . Sinclair; Pres., E . W . Sinclair; Sec.
A . Steinm etz; T reas., J. F . Farrell. N . Y . office, 45 N assau S t.— (V . 123,
p . 1772.)
S I N G E R (S E W IN G M A C H IN E ) M F G . C O . (T H E )— O R G A N I Z A ­
T I O N .— Incorp. in 1873 in N ew Jersey under special A ct. Plants located
at Elizabeth, N . J ., Bridgeport. C on n .. St. Johns, Q u e ., &c.
Stock increased in 1900 by 2 0 0 % stock dividend, in 1910 by 1 0 0 % stock
dividend, and in 1921 by 5 0 % stock dividend, capitalizing surplus. V . 71.
p . 1224, 1273; V . 90, p . 1494.

W hen
P ayable

Last D ividend
and M a tu r ity

Places W h ere In terest and
D ividends A r e Payable

Q— M
Q— M
J
& D
A & O
Q— M 20
Q— J
F A A
F & A
M & N

See text.
D ec 15 ’ 26 2 %
Dec 1 1 9 3 1
O ct 1 1927
D ec 2 0 ’26 1)4
Jan 3 1927 1 %
Aug 1 1929
Aug 1 1929
T o N o v 1 1928

Union Trust C o, Plttsb
New York Trust C o , N Y
Central U n lo n T r O o .N Y
do
do
New York
New York

R ate
%

$100 $90,000,000 See text
25 23 .0 8 3 ,9 9 0 See text
1.000
2.0 3 0 .0 0 0
7 )4 g
5 0 0 -1 0 0 0
33,000
6 )4 g
100 10,000,000 See text
100
6 .7 0 0 .0 0 0
7
1.000
4 .177.000
6 g
2.4 0 3 .0 0 0
1,000
6
800,000
5

A ffilia te d C om pa nies.— Corporation and the Standard Oil C o. o f Indiana
each owns a one-half Interest in the Sinclair Pipe Line C o . The latter
owns and operates pipe lines, including trunk lines extending from the Texas
G u lf Coast through the States o f Texas, Oklahom a, Kansas, M issouri and
Illinois to East C hicago, In d ., and a trunk line from the W yom ing fields
to a connection with the main line near Kansas C ity . C om pany's gathering
lines extend to all the principal fields throughout northern and central
Texas, Oklahoma and Kansas.
Corporation and the Standard Oil C o . o f Indiana each owns a one-half
Interest In the Sinclair Crude Oil Purchasing C o ., engaged exclusively in
the nurchasing and sale o f crude oil.
The corporation owns slightly more than 2 5 % o f the stock o f the M a m ­
m oth Oii C o . and all o f the capital stock o f the Sinclair Texas Pipe Line C o.
Stockholders approve lease of Teapot D om e. Compare V . 118, p . 2583.




233

INDUSTRIAL STOCKS AND BONDS

New York

The stockholders voted D ec. 6 1922 to Increase the authorized capital
stock from $ 9 0 ,0 0 0 ,0 0 0 to $ 1 2 0 ,0 0 0 ,0 0 0 .
L A T E D I F S .-1
11 T 2 . 13
14 15. 16. '1 7 . T 8 . T 9 . ’ 20. ’2 1-26Smce 1908
l
12
13 16
12
8
9
11
10
10 7
text
N o te .— The D ec. 1920 paym ent was 30 (French) francs per share and in
March, Sept, and D ec. 1921 paid 20 francs per share. In June 1921 paid
$1 25 per share. In March, Tune and Sepf 1922 paid $1 25 per share.
D ec 1922 to D ec. 1924 paid 1 % % quar. Also paid 2 % extra on D ec. 31
1924. On M arch 31 1925 paid 2 ) 4 % quar; on June 30 1925 paid 2 ) 4 %
quar. and 1 0 % extra; on Sept. 30 1925 to M arch 31 1926 paid 2 1 % quar’
4
on June 30 1926 paid 2 46% quar. and 2 % extra; on Sept. 30 1926 paid 2 )4 %
quar. and 1 % extra; also paid a special div. o f 3 3 ) 4 % on M arch 31 1926.
In July 1917 paid an extra dividend oi $ 1,2 per snare Dy the dis­
tribution at the price o f $4 80 per share, at which it was acquired out of
surplus A u g. 27 1907. 1 ,500,000 of the 2,0 0 0 ,0 0 0 £1 shares of the Singer
M fg. C o ., L td ., o f Great Britain & Ireland (owning plant at Singer, C lyde­
bank, Scotland, in the proportion of 2)4 shares o f £1 each o f the British co. to
one ($100) share o f N . J. co. See V . 105, p. 395; V . 106, p. 5 07. Also
paid stock dividends as follows: 1900, 2 0 0 % ; 1910, 1 0 0 % ; 1920, one share of
pref. stock ($1 par value) o f the International Securities O o. o f N ew Jersey,
a subsidiary, for each share o f Singer M fg . C o . o f N . J. V . 112. p . 379
1921. 5 0 % ; V . I l l , p. 1859.
R E P O R T .— For 1925, in Y . 123, p. 1516, showed:
Calendar Y ears—
x l9 2 5 .
1922.
1921.
N e t after taxes and charges___________$ 2 2 ,1 8 3 ,r 90 $ 2 1 ,568 ,981 $11,938,800
D ividends p a id ------------------------------- (abt) 18,000,000
4 ,9 4 9 ,8 4 2
5,129,674
Balance, surplus------------------------------- $ 4 ,1 8 3 ,0 9 0 $ 1 6 ,6 1 9 ,1 3 9 $6,809,126
Profit and loss surplus---------------------------$ 6 3 ,9 0 5 ,6 8 0 $ 3 0 ,1 2 1 ,0 2 0 $13,501,881
x Results for 1923 and 1924 not available.
Pres., Douglas Alexander; V .- P ., F . A . Park. Office. 149 Broadway.
N . Y . — (V . 123, p . 1516.)
S K E L L Y O IL C O .— A holding and operating com pany organized Aug.
20 1919 under laws of D elaw are. Subsidiary companies are the M idland
Refining C o ., Ranger G u lf C orp ., Inland Oil C o. and Nnrtex Refining Oo,
Properties consist of oil and gas leaseholds in Arkansas, N ew M exico, K an­
sas, Louisiana, Oklahoma and Texas; tank cars, pipe lines, & c.; refineries
and gasoline plants, and distributing facilities. On July 31 1926 the com­
pany owned 207 producing properties and 1 ,1 5 4 producing wells on 2 0,809
acres.
Governm ent suit, V . 118, p . 3161 .
B O N D S .— The 1st & coll. s. f. 7 ) 4 % bonds have a sinking fund of
$350,000 per annum , payable sem i-annually, April and October.
N O T E S .— Th e 3-y r. conv. gold notes o f 1924 are callable, all or part, at
any time on or after April 1 1925 upon 60 days’ notice at 110 and IntT h ey were convertible up to and incl. O ct. 1 1926 into shares of the capital
stock at the rate of 1 share o f the par value of $25 for each $25 o f notes con­
verted. The com pany reported in Oct. 1926 that all except $3 3 ,0 0 0 of the
notes had been converted.
D I V I D E N D S .— Initial dividend of 2 % was paid April 22 1920; July 31
1920. 2 % ; Oct. 30 1920, 2 % ; Feb. 10 1921 2 % ‘ then none until D pc lg
1925, when 2 % quar. was paid; same amount paid quar. to D ec. 15 1926.
R E P O R T .— For 1925 showed:
Calendar Y ea rs—
1925.
Gross--------------------------------- $23,0 0 7 ,5 1 6
Expenses, taxes, & c------- 13,525,607
Interest charges------------9 43,045
Dividends________________
4 3 4 ,3 3 6

1924 .
1923.
1922.
$1 8 ,2 9 6 ,8 2 8 $19,5 9 2 ,3 5 7 $16,683 ,365
12,613,271 11 ,5 5 9 ,4 2 9 10,443,698
976,503
8 49,714
482.052
_______

Balance--------------------------- $ 8 ,1 0 4 ,5 2 8
$ 4 ,7 0 7 ,0 5 4
D eprec., depletion, & c _ .
4 ,6 1 7 ,3 2 4 4 ,6 6 5 ,3 2 0

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

$ 5 ,757,615
4 ,116,555

$ 41,734 $1,123,731 $ 1 ,641,060
Balance, surplus---------$ 3 ,4 8 7 ,2 0 4
— Q uar. En ded Sept. 3 0 — ■ 9 M o s . E n d. Sept. 30—
—
Period—
1926.
1925.
1926.
1925.
Gross earnings------------------- $ 7 ,7 7 2 ,1 3 7
$ 7 ,4 6 8 ,0 8 8 $ 1 9,647 ,656 $17,414,709
E x p . & ord. taxes, & c . . .
4 ,6 7 7 ,9 7 3 5 ,1 8 6 ,7 2 3 10,920,688
9,915,348
I n t e r e s t --------------------------105,887
2 3 2 ,7 9 8
4 40,276
740,637
Deprec. & depl., & c------1,0 7 3 ,5 9 4
1 ,280,498
3,265,551
3,662,311
N e t before Fed. taxes.

$ 1 ,9 1 4 ,6 8 2 ' $768 ,06 9

$ 5 ,0 2 1 ,1 4 0

$3,096,413

O F F IC E R S .— Pres., W . G . Skelly; V .- P ., C . C . Herndon, F . A . Pi elsticker and H . M . Stalcup; Sec. & T reas., F . T . H opp; Gen. A u d . H G
Hum phreys. Office, T u lsa, O kla.— (V . 123, p . 2275.)
S L O S S -S H E F F IE L D S T E E L A N D IR O N C O .— O R G A N I Z A T I O N .—
Incorp. in New Jersey. See V . 109, p . 378; V . 69, p . 286; V . 70, p . 1099
1200. Owns 7 modern blast furnaces, daily capacity o f 1,500 tons foundry
or basic pig iron; also a new stack and cash shed with complete equipment
for handling ore; 11 well-developed coal mines on four o f the best known
seams o f coal in Alabam a, daily capacity o f 6,500 to 7,0 0 0 tons; 5 red ore
mines, daily capacity o f 3 ,0 0 0 tons hard and soft red ore; 5 ore-washer
plants; 15 steam shovels, 20 dinkey locom otives, with narrow-gauged track
mining cars; mine producing 1,500 tons o f brown hematite ore d a ily 1 dolo­
mite quarry, with capacity o f 700 tons o f stone daily. A by-product plant
was put into operation in April 1920.
During 1923 purchased the entire properties o f the Sheffield Iron Oorp.
In O ct. 1924 acquired the properties o f the Alabam a O o .. V . 119 d . 1852.
V . 122, p . 2 667 .
,y
L A T E D IV S . f ’ 0 8 . ’ 0 9 . T 0 .T 1 - T 4 . T 5 -T 6 . T 7 . T 8 . T 9 . ’2 0 . ’ 21-26
C o m m o n ............I 4 H 5 « 3
None N one 1)4
text
6
6
text
Freferred............. I 7
7
7 7 yly See below.
The preferred dividend was paid in Jan. and O ct. 1915 in one-year 6 %
scrip; no distribution April or July 1915, but in Jan. 1916 all the dividend
scrip ( 3 ) 4 % ) was redeemed and there was paid in cash l % % and also an

*■917, 1 ) 4 % , then none until 1918, when quarterly distributions o f 1 ) 4 %
Tach were resumed, beginning M a y 10; A u g. 10 and N o v . 11, 1 U % • in
1918, F eb. to N o v ., inclusive, paid 1)4 % quarterly. In June 1918 the 6 %
dividend on com m on shares earned but deferred in 1917 was declared payfW e July 1; thereafter to Feb. 1921, 1 ) 4 % quar.; then none until M arch 20
1924 when 1 ) 4 % quar. was paid; June 20 1924 to D e c .20 1926 paid 1 ) 4 %
quar.
N O T E S , & c.— Th e gold notes o f 1919 have an annual sinking fund of
1300,000 beginning A u g. 1 1920. W hile 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’
notice at any time at 105 and int. Annual sinking fund paym ents o f $100
000. beginning on A u g. 1 1925, and annually on A u g. 1 thereafter, to retire
notes either by purchase in the open market at not exceeding 105 and in t.,
or b y drawings for redemption at 105 and interest. V . 119, p . 2299.

234

INDUSTRIAL STOCKS AND BONDS

5i M I S C E L L A N E O U S C O M P A N I E S
[F o r abbreviation s, A c . , see notes on p a c e 8]

“ S n ia Y 'iscosa ” — See text
Solar R efin in g; Co— S t o c k ------------------------------------------------South Penn Oil Co— Stook $20,000.000___________________
South Porto R ico S u sa r Co— C om m on stook $12.500.000Preferred stook (a & d) 8 % oum $5.000,000_____________
1st coll m tge s f gold bonds red (te x t)__________ B a .x x x c*
Southern Pipe Line Co— Stook $5,000,000__________________
S o u t h w e s t Pennsylvania Pipe Lines— S t o c k S3.5nn.000_
_
(A G ) S p a ld in g & B ros— C om m on stock $6,000,000 a u t h ..
First pref (a & d) stock 7 % cum red (text) $5,000,000 auth
Second pref (a & d) stock 8 % cum $1,000,000 authorized

D ate
B on ds

Par
V a lu e

R ate
%

$100 $4,0(
25

500 &e
50
inn

100
100

100

Last D ividend
and M a tu rity

text J
& D D ec 20 ’26
text See text Sept 301926
text
Jan 3 1927
Q— J
8
Q— J Jan 3 1927
5,1{
7 g
J
& D D ec 1 1941
See text Q— M
5.01
M ar 1 1926
See text
Q— J
3.5C
Oct 1 1926
5 9£
See text Q— .115 O ct 15 1926
7
Q— M
4 ,3 0 3 ,9 0 0
D ec 1 1926
i ,o c -------8
Q— M
D ec 1 1926

20 0 (

100 a l2 .3 I
100 6 .Of
1921

W hen
P a yable

[V ol. 123.

See
See
8ee

P laces W here Interest an*
D ivid en d s are P a ta b lt

5 % Checks mailed
1)4 Pittsburgh. P a.
1
Checks mailed
2%
do
Bankers Trust Oo, N T
1 % Checks m a i l e d - j -j
1 % Checks mailed
1M
1H
2%

a Includes 11,206 shares offered to stockholders o f record N ov. 1 1 926.

R E P O R T .— For 1925, in V . 122, p . 2055, showed:
Calendar Y ears—
1925.
1924.
1923.
Operating profits_______ $3,73 2 ,7 8 4
$ 2 ,807,953 $ 3 ,773,876
In te r e st__________________
559.716
346,806
321,229
Depreciation & depletion
917,121
718,871
721,628
Federal & State taxes___
277.006
226.000
240.000
Preferred dividends____
469.000
469.000
469.000
Com m on dividends______
600,000
600.000
Balance, surplus--------$909,941
Profit and loss su rp lu s.- $ 9 ,496,177

$447,277
$ 8 ,584,361

$2,022,019
$8,385,007

1922.
$1 ,3 9 4 ,1 0 9
316,575
498,641

B a l., sur. or d ef-------su r$2,075,330 s r $ l,5 2 7 ,4 6 8 de f$ 938,985d f$2 ,165 ,337
Previous surplus------------- 12,469,376 1 0 ,9 4 1 ,9 0 8 11,88 0 ,8 9 3 1 4 ,046,230
_______
_______
_______
Adjust, o f surplus_______ 0 9 , 5 9 7 ,1 2 3
$578,893
$ 6 ,962,988

O F F IC E R S .— Chairman, W add ill Catchings; Pres., H ugh M orrow :
V .-P s ., Frank W . M iller and J. P . D ovel; Sec. & Treas., Russell H unt.
Office, Birm ingham , A la .— (V . 122, p .2 6 6 7 .)
‘ •SNIA V I S C O S A ” (S O C IE T A N A Z I O N A L E IN D U S T R IA A P P L IC A Z IO N I V I S C O S A ), T U R I N , I T A L Y .— C om pany is a large manufacturer
o f artificial silk, having three factories at Pavia, Venaria Reale and Cesano
M aderno, Ita ly , and a fourth plant nearing completion at Turin.
S T O C K .— 5 ,000,000 shares (200 lire par value), 1 ,000,000,000 lire
(3,000,000 shares are fu lly paid, and the remaining 2,0 0 0 ,0 0 0 are paid to
the extent of 7 0 % , the other 3 0 % being callable at the option of the company
at any tim e. T h e partly paid shares only rank for dividends according to
the sums paid up, from Jan. 1 1926, and are not entitled to any dividends
in respect of the year 1925).
The stockholders on N o v . 11 1926 approved the proposal o f the directors
to write down the capital stock b y 2 5 % , to credit this am ount to reserve,
to issue more shares at par and offer new debentures in London. The
capitalization will be reduced from 1,000 ,0 0 0 ,0 0 0 lire to 7 5 0 ,0 0 0 ,0 0 0 by
writing the issued shares down from 200 to 150 lire. T h is will be su c­
ceeded b y a capital increase to 1 ,0 0 0 ,0 0 0 ,0 0 0 lire b y the creation o f 2 5 0 ,0 0 0,000 lire o f new shares to be issued at par. A debenture issue amounting
to £ 1 ,4 0 0 ,0 0 0 o f 7 3 4 % mortgage bonds will, it is stated, be floated in
London.
E . F . H utton & C o. and H arvey Fisk & Sons, N ew Y o rk, in D ec. 1925
offered at $16 per share depositary receipts representing 600,000 fully paid
shares o f the capital stock of the com pany.
Deliveries under this offering were made in the form of depositary receipts
of Chase National Bank, N ew Y o rk, representing fully paid shares of the
capital stock o f "S n ia Viscosa” deposited under an agreement with Chase
National Bank, as depositary. Dividends will be payable in N ew York
to the registered holders of depositary receipts b y 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 I V I D E N D S .— Dividends o f approximately 64 cents a share were paid
on the capital stock in 1923, 80 cents in 1924, and $1 in 1925 (paid M a r . 2
1926).
R E P O R T .— For 1925, in V . 123, p . 1392, showed (all figures given in lire)
Profits on merchandise, divs. on stock and bonds, & c____________ 189,7 4 3 ,5 5 4
Interest, allowances and bank commissions_______________________ 33 ,5 2 6 ,2 8 0
T a x e s _________________________________________________________________ 13,638,028
Salaries, bonuses, general expenses, & c____________________________
7,845,091
N e t incom e___________________’____________________ _______ _______ 134,734,154
Surplus D ec. 31 1924______________________________________________ 13,748,622
Total surplus______________________________________________________ 148,482,776
Ordinary reserves____________________________________________________ 10,000,000
Extraordinary reserves_____________________________________________ 10,000,000
T o directors (1 % on 124,734,154 lire).'___________________________
1,247,342
Dividends, 1 2 ) 4 % (25 lire on 3 ,0 0 0 ,0 0 0 shares)_________________ 7 5 ,000,000
Profit carried forward____________________________________________ 52,235,435
— (V . 123, p . 2532.)
• SOLAR R E F IN IN G C O.— O R G A N IZ A T IO N , & c.— Incorporated In Ohio
in 1886. H as refining plant at Lim a. O , Formerly controlled by Standard
Oil Oo. of N . J ., but segregated In 1911. See Standard OH C o., V . 8 5 , p.
316, 790; V . 9 3 , p . 1390. Governm ent suit, V . 118, p. 3161 .
C A P I T A L S T O C K .— The stockholders voted D ec. 12 1922 to increase
the authorized capital stock from $ 2 ,0 0 0 ,0 0 0 to $ 4 ,0 0 0 ,0 0 0 , par $100.
A stock dividend o f 1 0 0 % was paid to stockholders of record D ec. 23 1922.
D I V I D E N D S .— On D ec. 20 1912, 2 0 % div. was paid; June 16 1913,
3 0 0 % in stock; June 20 1913, 2 0 % ; D ec. 2 0 , 5 % and 3 0 % extra; from
June 1914 to June 1917, 1 0 % (5 % s .-a .) ; D ec. l 9 l 7 , 5 % and 2 5 % extra;
June 1918 , 5 % ; D ec. 1918 and June 1919, 5 % and 5 % extra; D ec. 1919,
5 % and 1 5 % extra; June 1920, 5 % and 5 % extra; D ec. 1920, 5 % and 3 5 %
extra; June 1921 to June 1922, 5 % s .-a .; D ec. 1922, 5 % and 5 % extra;
and 1 0 0 % in stock; June 29 1923, D ec. 20 1923 and June 20 1924 paid 5 %
on increased capitalization; D ec. 20 1924 paid 5 % quar. and 5 % extra;
June 20 1925 to D e c . 20 1926 paid 5 % semi-annually.
R E P O R T .— For 1925, in V . 122, p . 1624, showed:
Calendar Y ea rs—
1925.
1924.
1923.
•Net profits_____________
$628 ,25 8
$685 ,12 8
$496,482
Cash dividends_________
4 0 0,000
600,000
400,000

R E P O R T .— For 1925, in V . 122, p. 2056 , showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
Gross income for y e a r -.-$ 1 4 ,885,601 $ 1 3 ,5 0 8 ,8 0 4 $ 1 3 ,4 3 5 ,6 5 8 $13,363 ,426
Op. exp., ta x ., d e p r .,& c . 12,510,271
1 1 ,9 8 1 ,3 3 6 1 4 ,374,643
14,628,763
D iv id e n d s ----------------------300.000
900,000

1922.
$879,227
300,000

--------$ 2 4 ,1 4 1 ,8 3 0 $ 1 2 ,4 6 9 ,3 7 6 $ 1 0 ,941 ,908 $11,8 8 0 ,8 9 3
O F F IC E R S .— P res.. L . YV. Young Jr.; Sec., John L . H ays; T reas., S. G .
H artm an. Office, 545 W illiam Penn W a y , Pittsburgh, P a .— (V . 123, p .
8 5 5 .)
S O U T H P O R T O R I C O S U G A R C O .— Incorporated N o v . 16 1900
L N ew Jersey. Owns all the stock and bonds o f The Central R om ana,
o
Inc., owning upwards o f 5 0 ,0 0 0 acres o f land in Santo Dom ingo
and a raw sugar factory of 600,000 bags capacity. Also owns all o f the outitandlng capital stock o f South Porto Rico Sugar O o. o f Porto Rico which
• w n sth e Guanica Central sugar factory at G uanica. P . R .. capacity 7 0 0 .000 bags, and o f Yngenio Santa F e, C . for A , the owner o f Central Santa
F e, located at San Pedro de M acoris, Santo D om in go. V . 123, p . 2149.
South Porto Rico Sugar C o . Trading C orp. o f N . Y . was organized in
July 1925 with a capital o f $ 1 ,0 0 0 ,0 0 0 as a subsidiary o f the com pany.
V- 121, p . 2 11.
C A P I T A L S T O C K .— T h e stockholders on July 1 1920 approved an in­
crease in the auth. com . stock from $ 6 ,0 0 0 ,0 0 0 to $ 1 2 ,5 0 0 ,0 0 0 . Stock­
holders of record July 24 1920 received on A u g . 6 1920 a stock dividend of
100% .
V . I l l , p. 8 0 , 301.
Stockholders o f record N o v . 1 1926 were offered 11,206 additional shares
o f common stock at par to the extent o f 1 0 % o f holdings. V . 123, p . 2 149 .
D I V I D E N D S .— Dividends on common were paid from 1910 to 1915 incl.
at an average rate o f nearly 634 % per annum . From Jan. 1916 to D ec. 1917
at the rate o f 2 0 % with occasional extra cash and stock divs. In D ec. 1917
and April 1918, 5 % ; July 1918 to April 1919, 5 % quar. in 3-year 7 % scrip,
all of which was redeemed in cash in July and O ct. 1919. In July 1919 to
July 1920 the 5 % quarterly dividends were paid in cash. Paid 1 0 0 % in
com m on stock on A u g . 6 1920. In O ct. 1920 paid 3 % quar. and 2 % extra
in cash. O .D e c . 31 1920 paid 3 % ; April 1 1921, 1 3 4 % ; then none until
-Ypril 1 1924, when 1 3 4 % was paid; same am ount paid quar. to Jan. 3 1927.
Dividends on pref. at the rate of 8 % have been paid since 1902.
B O N D S . — The 1st collateral m tge. bonds o f 1921 are redeemable as a
whole only (except by operation o f sinking fund) on and after D ec. 1 1930
at 105 and int. Sinking fund will retire entire issue by m aturity. V . 113
p. 2512.
R E P O R T .— For fiscal year ended Sept. 30 1926, in V . 123, p . 2386
showed:
Y ea rs E n d . Sept. 30—
1925-26.
1924-25.
1923-24.
1922-23.
Sugar m ade (tons)--------181,000
159,000
97,0 0 0
8 3,000
Total receipts----------------- $13,1 8 4 ,7 6 8 $ 1 3 ,8 8 9 ,6 6 1 $ 1 1 ,4 4 6 ,3 9 4 $10,5 3 2 ,2 5 8
M a n u fa c ., & c., expenses,
taxes, interest, & c------9 ,9 4 1 ,5 2 4
9,9 1 7 ,9 0 1
8 ,2 3 5 ,7 0 7
6 ,7 6 1 ,8 2 9
N e t earnings----------------- $ 3 ,243,244
$ 3 ,9 7 1 ,7 6 0 $ 3 ,2 1 0 ,6 8 7
Bond in te re st,.
----------363,090
3 8 0 ,5 9 0
40 0 ,1 0 7
D isc.& exp.on coll. m tge.
bond issue pro r a t e d ..
32,6 1 4
32,6 1 6
32 ,6 1 6
Reserve for depreciation
1,116,352 1 ,2 0 1 ,1 5 4
9 04,536
Reserve for income and
excess profits t a x e s - ..
150,000
3 0 0 ,0 0 0
4 0 0,000
Preferred divs ( 8 % ) - . 4 00,000
40 0 ,0 0 0
40 0 ,0 0 0
C om m on divs. ( c a s h )._ ( 6 % )6 7 2 ,3 3 6 ( 6 % ) 6 7 2 ,336(4 1 4 )5 0 4 ,2 5 2

$ 3 ,7 7 0 ,4 3 0
420,000
3 2,616
1 ,150,868
400,000
4 0 0,000

Balance, s u rp lu s .
$508,850
$985,086
$569,175 $1,366,945
T o t a l p . & 1. su r. Sept. 30
$6 ,280,120 $5,771,271 $4,786,205 $4,217,030
O F F IC E R S .— W illiam Schall, Chairman o f Board; F . A . D illingham .
President; Julius A . Stursberg, V .-P re s.; F . M . Schall, T reas.; Edward SFam e, Sec. O ffice, 15 Exchange Place, Jersey C ity, N . J .— (V . 123, p • S O U T H E R N PIP E L IN E C O .— O R G A N I Z A T I O N , &c.-—Incorporated
in Pennsylvania in 1890. H as pipe line extending from Pennsylvania State
m.l° to Philadelphia, P a ., 263.15 miles. Form erly controlled b y Standard
Oil C o. o f N . J ., but segregated in 1911.
S T O C K .— The stockholders on M a y 5 1926 voted to decrease the capital
stock from $ 1 0,000 ,000 to $5,000,000 by changing the par value o f the shares
from $100 each to $o0 each. The directors also authorized the paym ent of
$40 per share from the capital stock reduction account.
i
3 2 %; 1914, 3 0 % ; M a r. 1915 to June
1918, 2 4 % p. a. (6 % Q .- M .) . In Sept. 1918 to M a r. 1920 paid 5 % quar.
In June, Sept, and D ec. 1920, 4 % ; M a r. 1921, 3 % ; June 1921, 3 % - Sent.
§21 to D ec. 1922, 2 % quar.; M a r. 1 1923 paid 4 % ; June 1 1923 to D ec? 1
1924 paid 2 % quar.; Alar. 2 1925 to M a r . 1 1926 paid 1 % quar.
R E P O R T .— For 1925, in V . 122, p . 2 056 , showed:
— ... .
—
1925.
1924.
1923.
1922.
Profits for year------------$191 ,26 6
$280,092
$547 ,70 7
$982 ,23 9
Dividends paid-------------(4 % ) 4 0 0 ,0 0 0 (8 % )7 9 9 .9 9 9 (1 0 )9 9 9 ,9 9 9 ( 8 % )799i999

Balance, surplus______
$228 ,25 8
$85,128
$96,482
$579,227
•After Federal taxes.
Pres. & G en. M g r ., F . T . Cuthbert; V .- P ., N . D . K eys; Sec., Howard A .
Graham; T reas., E . L . H ughes. Office, L im a, Ohio.— (V . 122, p . 1624.)

B a la n c e -----------------------def$208,734 def$519,907 d ef$452,292 sur$182,24Q
O F F IC E R S .— Pres Forrest M . Tow l; V .-P . & Gen. M g r ., J. W . Vanderf ^ i o o 60” Y - S Swisher; T reas., J. M . Tussey. Office, Oil C ity, P a .—
\V . 1ZJ,, p. o b l5 .)

SOUTH PENN O IL C O.— O R G A N I Z A T I O N , AC .— Incorporated ir
Pennsylvania in 1889. Produces crude oil. Early in 1913 acquired 5 1 %
of the $10,0 0 0 ,0 0 0 Penn-M ex Fuel Com pany stock, controlling 180,000
acres leases and fees along the G u lf C oast of M exico, and in 1917 properties
in W . V a. and K y .
V . 107, p . 2481; V . 105. p . 722; V . 96. p. 657.
In Aug. 1917 purchased for about $ 3 ,5 0 0 ,0 0 0 the holdings of the Big
Creek Developm ent C o . in Lincoln C ou n ty, W . V a ., 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 , 6 13, 7 22, In O ct, 1920 reported to hav*
increased its holdings in the W est Virginia field through the acquisition of
1,154 acres with a production o f about 200 barrels daily. In July 1922
purchased the producing properties and leaseholds of the Eddystone Oil
C orp. V . 115, p . 445. In July 1926 purchased a controlling interest in
the Pennzoil C o . of Oil C ity , P a. V . 123, p. 855.
Formerly controlled by the Standard Oil C o. of New Jersey, but segre­
gated in 1911. See Standard Oil C o ., V . 85, p. 216, 790; V . 93, p . 1390.
S T O C K .— The stockholders on Jan. 19 1926 voted to reduce the par value
of the $20,0 0 0 ,0 0 0 capital stock from $100 to $25 per share, four new shares
being issued in exchange for each outstanding share o f $100 par value.
D I V S .—
1915. 1916. 1917. 1918-19. 1920. 1921. 1922. 1923 -24 . ’25
C ash, regular- 12
20
20
20
20
13
4 *
____
134
E xtra, stock____
..
60
__
__
____
____
_____
___
“ c a sh ____
2
12
-------------------------Paid in 1926: M a r. 3 1 , 1 ) 4 % ; June 3CS 1 ) 4 % ; Sept. 3 0 , 1 3 4 %

SOUTH W E S T P E N N S Y L V A N IA P IP E L I N E S .— O R G A N I Z A T I O N
A c .— incorporated in Pennsylvania in 1886. , Own pipe lines In Pennsylvania.
Formerly controlled by Standard Oil C om pany of N ew Jer­
sey, but segregated in 1911. See Standard OU C o .. V . 85. d . 216 790:
V , 93, p . 1390. Dividends paid A p r. 1912 to July 1 914 , 5 % quar - Oct
4 % ; D ec 3 1 , 3 % ; 1915, 1 2 % ( 3 % Q .-J . and 3 % to D e c .) ° Jan i9 1 6 tO
nnt '
( 3%
• A p n l 1920 to July 1921 Paid 2 % quar.
o ^ ald 1 % < l uar- ° n D ec- 30 1922 Pald 4 % ; April
1923 to O ct. 1924 paid 2 % quar.; D ec. 31 1924 to O c t. 1 1926 paid 1 % quar
R E P O R T .— For 1925, in V . 122, p . 1184, showed:
—
1925.
1924.
1923.
1922
Profits for calendar year
$2 0 0 , " 7
$91,199
$268 ,46 4
$315,871
D iv id e n d s --------------------- (4 % ) 140,000 (7 % )245,000 (7 % )279,999 (7 % )2 4 5 !0 0 0




Loss in adj'. account____

101,628

Balance, sur. or d e f „ . def$40,722 def$153,801 ^ e f $ l 1,535 sur$70,861
Pres., Forrest M . Tow l; V .-P re s ., Allan T . T ow l; Sec., V . S. Swisher;
Treas., J. M . Tussey, Oil C ity, P a .— (V . 122, p . 1184.)
(A .
S P A L D IN G & B R O S .— In corp . under laws o f N . J. on F eb. 2

1892.

Manufactures athletic goods and related articles o f merchandise.

S T O C K .— The 1st pref. stock is redeemable after three years from date
of issue at 115 and div. A sinking fund o f at least 3 % per ann. o f the
total amount issued provides for purchase up to the redemption price

Nov., 1926.]

235

INDUSTRIAL STOCKS AND BONDS
D ate
Bonds

M IS C E L L A N E O U S C O M P A N IE S .
[F or abbreviations, & c ., see notes o n page 8.]

Spicer M fg C orp— Com m on stock 600,000 shares authorized

First mortgage gold sink fd $ 6 ,2 5 0 ,0 0 0 (see t e x t ) ..M p .x c *
1st & ref m tge lien gold red (text)____________
.
kxxxc*
4 K -year notes red ( t e x t /. .
. .
.
xxxc*
S ta n d a r d O il C o o f C a lh o r n ia — Stock 1 5 ,000,000 shs auth
S ta n d a rd O il C o o f In d ia n a — Stock $250 ,0 0 0 ,0 0 0 au th—

1900
1925
1926

Par
Value

None
$100
$100
100
1.000
500&1000
1,000
N one
25

D I V I D E N D S .— On common, paid 3 % quar. from Jan. 15 1921 to July 15
1922. A 1 0 0 % stock div. was paid Sept. 19 1922. O ct. 16 1922 to A p r. 16
1923 paid 1 K % quar. on increased capitalization; July 15 1923 to A p r. 15
1926 paid 2 % qu ar.; July 15 and O ct. 15 1926 paid I K % quar.
R E P O R T .— For 1925, in V . 122, p . 1779, showed:
Calendar Y ears—
1925.
1924.
1923.
N et sales_________________________________$20,810 ,182 $20,065,981 $19,859 ,125
N et operating profit-----------------------------1,293,535
942,881
1,676,220
229,724
516,495
Other income___________________________
170,531
Total incom e__________________________$1,523,259
Interest paid___________________________
172,702
United States and foreign taxes_______
188,600
First preferred dividends______________
300.852
Second preferred dividends___________
80,000
477,750
Com m on dividends____________________
Provision for redemption o f 1st p re f_ .
150,000
Reserve for contingencies______________
_______

$1,459,376
228,105
149,589
309,243
80,000
412,956
150,000

A m ount
Outstanding

$1,846,751
203,203
231,890
321.216
80.000
328,771
150,000

Surplus_______________________________
$153,356
$129,484
$531,670
N o te .— Fiscal year has been changed to end O ct. 31.
-— Q uar. En ded Sept. 30--------- 9 M o s . E n d . Sept. 3 0 —P eriod—
1926.
1925.
1926.
1925.
18,351,911 $ 1 7 ,031 ,212
N e t sales_________________ $6 ,3 2 4 ,0 9 5 $5,89 3 ,7 8 3
N e t operating p rofit____
264,893
565,241
1,105,412
1,475,075
Other income_______________
63,621
59,5 9 4
176,436
166,763
Interest paid_______________
44,621
3 1,543
164,814
99,043
Federal tax reserve______
4 1 ,0 0 0
73,300
151,000
192,000
D iv s. on l s t p f . 7 % s t k .
7 2,574
75,307
2 21,128
2 2 7,658
D iv s. on 2d p f. 8 % s t k _ .
19,990
2 0,000
59,970
6 0,000
D iv s. on common sto c k .
74 ,2 3 6
119,276
311,792
3 58,464
1st pref. stk. sink, fu n d 3 7 ,5 0 0
37,5 0 0
112,500
112,500
Balance, surplus______
$38,591
$267 ,90 9
$260,642
$592 ,17 4
O F F IC E R S .— Chairman, J. W . Spalding; Pres., J. W . Curtiss; V .-P .,
C has. F . Robbins, C . S. Lincoln and M ilton B . Reach; V .-P . & Treas.,
H . Boardman Spalding; Sec., John T . D oyle. M ain office, 105 Nassau
S t.. New Y o rk .— (V . 123, p . 253 2 .)
S P IC E R M A N U F A C T U R I N G C O R P .— Organized under laws o f V a.
O ct. 12 1916. Manufactures universal joints, propeller shafts, fram es,
axles and springs for automobiles, and other automobile parts. Plants are
located at South Plainfield, N . J. Pottstow n, P a .; Reading, P a ., and
Jamestown, N . Y .
D I V I D E N D S .— On common paid 50c. per share on A u g. 1 1920; none
Bince. On prefered in full to date.
B O N D S .-— A ll o f the outstanding 10-yr. 8 % s. f. gold bonds, dated July 1
1921, have been called for paym ent Jan. 1 1927 at 1 0 7 K and int. at the
Bank of N orth America & Trust C o ., trrustee, Philadelphia, Pa.
R E P O R T .— For 1925, in V . 122, p . 2 2 0 5 , showed:
1924.
1923.
1925.
Calendar Y ea rsN ot
N ot
$12,675 ,785
N et sales, including other incom e. . .
available.
11,329,665
C ost o f sales, a d m ., selling, & c., exp. available.
Balance, profit________________________ $2,004,582
D ed uct— Interest and discount----------69,399
Provision for Federal taxes________
125,000

$ 1 ,280,534
206,699
105,000

$ 1 ,346,120
270,446

N et profit______________________________.$1,810,183
Surplus Jan. 1___________________________ $2,549,077
D ed uct— Sundry adjustm ents ( n e t ) .. D r .853,317
Loss on sale o f capital assets--------------------Dividends paid on preferred stock___
227,052

$968,835
$1,820,241

$ 1 ,075,674
$1,01 7 ,8 6 3

240’,666

2 i o !ooo

q

V

o q k

T otal profit & loss surplus D ec. 3 1 . $3,27 8 ,8 9 0 $ 2 ,549,077 $1,820,241
• Q uar. E n d . Sept. 30— • 9 M o s . E n d . Sept. 30—
—
—
Period—
1926.
1925.
1926.
1925.
Gross p rofit______________
$588 ,63 8
$672,574 $1,88 0 ,2 9 7 $1,87 8 ,8 3 0
A d m . sell. & gen. e x p s ..
129,257
119,227
379,947
374,225
Balance
—
Miscellaneous incom e—

$459,381
8,281

$553,347
17,562

$ 1 ,500,350
46,119

$1,50 4 ,6 0 5
7 0,464

Total p ro fit____
Interest and discount___

$467 ,66 2
10,494

$570,909
35,191

$1,546,469
47,751

$ 1 ,575,069
73,182

W hen
P ayable

Rate
%

313,750 sh.
$ 3 ,000,000
8
5
$ i2 ,4 9 7 ,3 4 2
6
6.4 8 8 .0 0 0
3.5 7 3 .0 0 0
5 g
2 .4 2 5 .0 0 0
5K g
3 .300.000 „ 6g
1 2 6 0 2 4 3 4 sh See text
226,322 ,708 See text

Q— J
Q -M 3 1
Q -M 3 1
M & N
.vl &
S
M & N
Q— M 15
Q— M

L a st D ivid en d
and M a tu r ity

A u g 1 1920
O ct 1 1926
Sept 30 ’26
Sept 30 ’26
N o v 1 1930
M ar 1 1945
N o v 1 1930
D ec 15 ’26
D ec 15 ’26

P laces W here In e r es i and
D ivid en d s are Pct/al ble

50c
2%
I K Equitable Trust C o, N Y
do
do
IK
C hat & Ph N B & T r C o
N a t B k of C om m , N Y
do
do
$1
3 K Checks mailed

R E P O R T .— For 10 m os. ended June 30 1926, in V . 123, p . 1246, showed1
10 M o s .E n d .
-Y e a r Ended A u g . 31
J u n e 30 ’26.
1924.
1923.
1925.
N et profits all cos. 1______ $1,613,111
$1,917,657 $1,242,173 $ 1 ,213,567
I n t .& disc.on bds.& notes
370,296
2 01,415
194,817
276,846
D iv . on pref. stock______
3 24,375
38 9 ,1 7 8
389,249
389,196
D iv . on common s t o c k ..
520,927
6 01,600
624,532
624,589
Balance, surplus______
Previous surplus_________

$397 ,51 3
6 ,1 6 0 ,6 2 5

$626,973
5,7 9 2 ,2 7 6

$33,627
5 ,933,649

$ 31,374
10,559,675

T otal surplus__________$6 ,5 5 8 ,1 3 8 $6,419,249 $ 5 ,967,276 $ 1 0,591 ,049
C om . stock div. ( 6 0 % ) . .
_______
_______
_______
4 ,4 5 7 ,4 0 0
_______
_______
_______
2 0 0,000
Adjustm ent of reserves.
Reduc. o f Staten Island
plant values___________
_______
_______
175,000
_______
Bond disc, written o f f . .
100,956
2 58,625
_______
_______
Profit & loss s u r p lu s .. $6 ,4 5 7 ,1 8 2 $6,16 0 ,6 2 5 $5,79 2 ,2 7 6 $ 5 ,933,649
O F F IC E R S .— Pres., A . P . W alker; V .- P ., F . L . Rodewald, G . K . M o r­
row, J. A . Sim and E . G . Broenniman; Sec. & T reas., J. A . Neville; A sst.
Sec. & A sst. Treas., G eo. M acdonald. Office, 49 W all S t., N . Y — (V . 123,
p. 1246.)
S T A N D A R D O IL C O . O F C A L I F O R N I A .— O R G A N I Z A T I O N .—
Incorp. under laws o f Delaware on Jan. 27 1926 for the purpose o f absorbing
Standard Oil C o . (incorp. under laws o f California), and the Pacific Oil C o .
on a share for share basis. The consolidation took place M arch 29 1926,
effective as of Jan. 1 1926. In liquidation of the assets which it is not
taking into the merger, Pacific Oil C o. distributed to its stockholders on
M arch 6 1926, 2-5 of a share of Associated Oil and $3 in cash for every
share of Pacific held.
Standard Oil C o. (C a liforn ia ) .
Owned and operated producing properties, pipe lines for the transportation
o f oil, refineries at Richm ond, E l Segundo and Bakersfield, C alif. Also
owned tank steamers and barges for the transportation o f its products and
sales stations in principal cities and towns on Pacific Coast and in N evada.
Arizona, U tah, Idaho, Hawaii and Alaska (compare V . 110, p . 1080: V .
114, p . i 6 4 7 ). Governm ent suit, V . 118, p. 3161.
P a cific Oil C o.
The Pacific Oil C o. owned in fee in excess o f 2 61,000 acres o f land, all
located in the San Joaquin V alley in California. The crude oil production
was 5 5,000 bbls. per da y, and in addition thereto it had a shut-in production
o f 3 ,7 0 0 bbls. per day.
S T O C K .— See table a t head o f page.
D I V I D E N D S .— On stock o f new com pany, paid 50 cents quar. on
June 15 and Sept. 15 1926; on D ec. 15 1926 paid 50c. quar. and 50e. extra.
R E P O R T .— For 1925, in V . 122, p . 2 183 , showed:
Standard Oil C o. (C a lifo r n ia ).
1925.
1924.
1923.
1922.
Earnings for year-------------$ 4 7 ,7 7 9 ,8 7 8 $4 4 ,3 5 4 ,7 9 8 $ 3 8 ,3 3 0 ,9 3 6 $ 4 2 ,8 2 2 ,8 2 5
Depreciation, & c-------------- 13 ,3 8 8 ,4 7 6 1 3 ,535,368 11,75 6 ,8 3 0 12,85 3 ,0 1 2
Interest charges--------------1 ,0 7 2 ,9 1 6
1 ,197,917
1,5 4 1 ,6 6 7
1 ,750,000
Excess profits & income
taxes (estimated)_____
2 ,3 6 5 ,0 0 0
3 ,0 2 0 ,0 0 0
5 90,000
1 , 200,000
D ividends (cash)_______ _ 1 8 ,9 2 7 ,0 2 7 18,7 2 0,0 2 9 18,01 6 ,2 7 3 _ 16,28 5 ,6 5 9
Balance, surplus______ $ 1 2 ,0 2 6 ,4 5 8 $ 7 ,881,484 $ 6 ,4 2 6 ,1 6 6 $10,7 3 4 ,1 5 4
P a c ific Oil Co.
• 3 M o s . E n d . D e c . 31--------- Y ea r E n ded D e c . 31—
—
P eriod —
1925 .
1924.
1925.
1924.
Gross earnings___________$8 ,5 9 3 ,4 2 5 $6 ,4 3 9 ,5 0 3 $32,9 1 4 ,0 2 4 $ 2 3,448 ,932
Oper. expenses and taxes 4 ,0 4 5 ,3 5 4
3 ,0 7 9 ,4 2 2 1 5 ,516,127 1 0 ,982,489
Operating profit--------- $ 4 ,548,071 $3,36 0 ,0 8 1 $ 1 7 ,3 9 7 ,8 9 8 $12,466 ,443
Other incom e------------------1,0 4 9 ,1 4 8
1 ,042,397 a 3 ,435,670
3,2 3 0 ,9 7 8
Gross incom e----------------- $ 5 ,5 9 7 ,2 1 9
Depreciation & depletion
81 4 ,7 8 8
Tax reserves------------------41 7 ,4 7 8

$ 4 ,4 0 2 ,4 7 8 $ 2 0 ,833 ,567 $15,697,421
830,136
3,1 6 6 ,3 8 5
3 ,1 3 3 ,8 5 0
160,692
1,209,171
669,805

N et before Fed. taxes.
$457 ,16 8
$535,718 $1,498,718 $ 1 ,501,887
O F F IC E R S .— Pres., Charles A . D ana; V .- P ., C . W . Spicer and R . E
Carpenter; Treas., J. S. Berry; Sec., Alvin Devereux. Office, South Plainfield, N . J.— (V . 123, p . 2403 .)

Surplus-------. . . ------------$ 4 ,3 6 4 ,9 5 2 $3 ,4 1 1 ,6 5 0 $16,458 ,012 $11,893 ,766
a Includes dividends o f $1 75 per share on the stock of the Associated
Oil C o .; dividends of $1 30 a share on stock o f M iley-K eck Oil C o .; also $40
per share paid D ec. 28 1925 on stock o f Associated Supply C o.
O F F IC E R S .— Pres., K . R . K ingsbury; V .-P re s ., F . H . H illm an, R . J.
flanna. H . M . Storey and H . T . Harper; T reas., R . C . W arner; Sec., J. H .
Tuttle.
N ew York office, 120 Broadw ay; head office, Standard Oil B ld g ., San
Francisco.— (V . 123, p . 2403 .)

S T A N D A R D M IL L IN G C O .— -O R G A N IZ A T I O N .— Incorp. in N . J.
O ct. 31 1900. Consolidated with Colonial M illing C o . M a y 25 1916, per
plan in V . 103, p . 65, and owns directly or through subsidiary companies
m ills in M inneapolis, Superior, B uffalo, K ansas C ity and N ew York; total
daily capacity, 40 ,0 0 0 bbls. o f flour. Brands include “ Hecker’s Superlative
F lo u r,” ‘ ‘ Hecker’s Farina,” “ H -O ” oatm eal, “ P resto,” and “ Force.”
There is also an extensive warehouse on the waterfront in Jersey C ity.
C A P I T A L S T O C K .— On D ec. 22 1922 paid on common 6 0 % stock divi­
dend payable in common stock.
C O M . D I V S .— ’ 12-’ 13. T 4 . ’ 15. T 6 . ’ 17. ’ 1 8 . ’ 19 '2 0 . '2 1 . ’ 2 2 . ’ 2 3 -’25
Per cent___________
2
3
3
5
4
6
10
8 8 5
yrly.
do in stock____ _______
..
..
4
4 --------..
60 --------A lso paid 42 cents a share on D ec. 31 1925, owing to change in dividend
paym ent dates. Paid in 1926; M arch 3 1 , I K % : June 3 0 , 1 K % ; Sept. 30,
1K % .
B O N D S .— Th e first & ref. m tge. lien 5 K % gold bonds are redeemable
all or part, on 30 days’ notice at 103 K and interest during the first two
years, thereafter at 103 K and interest less K % for each two full years
which shall have expired after M arch 1 1925, up to and including M arch 1
1935, and thereafter at 10 2 K and interest less K % for each full year after
M arch 1 1934.
A s a sinking fund the company will agree to retire on or before M arch 1
o f each year, $ 75,000 bonds (by red. b y lot or b y purchase at not exceeding
the current redemption price).
Authorized, $12,0 0 0 ,0 0 0 . Additional bonds m ay be issued for the retire­
m ent o f $ 3 ,5 7 3 ,0 0 0 mortgage bonds. The remaining authorized bonds
m ay be issued for not to exceed 7 5 % o f the cost or fair value o f subsequent
acquisitions or improvem ents, 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
cluding the bonds to be issued, and in each o f such years shall be not less
than one and one-half times such interest charges. V . 120, p . 1214.
T h e 4 K -y o a r 5 % notes are redeemable as a whole bu t not in part at any
time on four weeks’ notice at 101 and interest on or before N o v . 1 1926,
with successive reductions in the redemption price of K o f 1 % during each
six m onths period thereafter.

S T A N D A R D O IL C O . O F I N D I A N A .— O R G A N I Z A T I O N , & C .— In
corporated in 1889 in Indiana. H as refineries at W hiting, In d ., Sugar
Creek, M o ., W ood R iver, 111., and Casper, W y o . Also markets oil, its dis­
tributing territory comprising extensive areas in M iddle W est and N orth­
west . Early in 1921 purchased 50 % o f the capital stock o f the Sinclair Pipe
Line C o . V. 112, p . 6 60. Formerly controlled b y Standard Oil C o. o f
N . J ., but segregated in 1911. V . 105, p . 1216. See Standard Oil C o . of
N . J ., V . 85, p . 2 16, 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 o f M issouri, V . 119, p . 1635, 1746; V . 121, p . 3017;
V . 122, p . 2813 .
On June 15 1921 offered to acquire bal. o f stock of M idw est Refining C o .
by exchange of stock on basis of 2 shares (par $25) o f Stand. Oil for one share
(par $50) o f M idw est Refining (9 9 % acquired to July 192 2 ). V . 112, p .
2649; V . 115, p . 3 1 7 . On O ct. 1 1921 took over the operation o f the plants
of the M idw est Refining C o . at Casper, G reybull and Laramie and will
act as agent of the M idw est so far as the refining end is concerned, without
encroaching on the M idw est producing departm ent. Th e M idw est will
continue Its activity in prospecting and developing oil resources in W yom in g
and neighboring States.
Control of the Pan Am erican Petroleum & Transport C o . on April I
1925 passed to the Standard Oil C o . of Indiana, Blair & C o ., In c ., the Chase
Securities C orp. and their associates when Edward L . D oheny signed a con­
tract for the sale of 50 1 ,0 0 0 shares o f the voting stock of the com pany.
The deal gives to the Standard Oil C o . of Ind. control o f the M exican
properties of the Pan-Am erican Petroleum & Transport C o ., its pipe lines
and refineries, and also its tanker fleet o f 31 vessels, with an aggregate dead­
weight of 27 2 ,5 0 0 tons, capable of transporting 1,8 0 0 ,0 0 0 barrels o f crude
oil.
The deal involved no new financing. Neither was there any exchange o f
stock in connection with the transaction.
Control of the Pan American Petroleum & Transport C o . will pass to the
Standard Oil of Indiana interests through the Pan American Eastern
Petroleum C orp ., organized in Delaware, M a r. 26 1925 with an authorized
capitalization of 2 5 0,000 shares o f preferred stock o f $100 par value and
1 ,000,000 shares of common stock of no par value. I t is this com pany
that acquired the Pan American stock from M r . D ohen y. C om paie V .
120, p .1 7 5 7 .




236

M IS C E L L A N E O U S C O M P A N IE S .
[For abbreviation s, & c ., see notes on pa ge 8.J

D ate
P onds

Par
Value

A m oun t
Outstanding

S ta n d a rd Oil C o o f K a n s a s ( T h e )— Stock $ 8 ,000,000 auth
$25
S ta n d a rd O il C o ( K e n t u c k y )— Stock $17,500 ,000 au th____
25
S ta n d a rd O il C o o f N eb ra sk a — Stock $ 5 ,0 0 0 ,0 0 0 _________
25
S ta n d a r d O il C o (o f N ew Jersey)— Stock $625 ,00 0,00 0 auth
25
100
Pref (a & d) stock 7 % c u m (to be red M a r 15 1927 at $115)
20-year gold debentures red (text)___________________ c*& r* 1926 1,000 &c
S ta n d a r d Oil C o o f New Y o r k — Stock $437 ,50 0,00 0 a u th ._
25
100 Ac
12-year gold debentures red (text)_________________B a.xxxc*
M agn olia P et C o serial gold debs due $1,50 0 ,0 0 0 ann 11925
6,000
red ( t e x t ) ______________________________________________xxxc*
500 &c
G e n P et C orn 1st m tge s f g bonds red (text) $ 3 5,000 ,000 11925
au th___________________________________________________ kxxxc*
G en Pet C orn 5-year gold notes red (text)__________xxxc* 1923 5 0 0 -1 0 0 0

D IV I D E N D S ( % ) —
f ’ 12. T 3 . T 4 . T 5 . '16. T 7 . T 8 . ’ 19. ’2 0 -2 6 .
R e g u la r ........................
\ 6
12 12 12 12 12
12
12
See
E x t r a . . . _______ _______________ I 7
20 13 . .
..
12
12
12
text
Quarterly dividends 1917 to June 1920, both inclusive, 3 % and 3 % extra.
In Sept, and D ec. 1920, 3 % and 5 % extra. A 2 ,9 0 0 % stock div dend was
aid M a y 15 1912. Stockholders of record D ec. 17 1920 received a stock
iv dend of 1 50% . M a r. 1921 to D ec. 1922 paid 4 % quar. in cash. Stock­
holders o f record D ec. 28 1922 received a stock div. o f 1 0 0 % . M a r . 15 1923
to D ec. 15 1926 paid 2 A % au ar. on increased capitalization; also paid 1 %
extra each quar. from M a r . 15 1926 to D ec. 15 1926.
R E P O R T .— For 1925, in V . 122, p . 1624, showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
N et earnings_____________$ 6 0 ,5 3 2 ,6 4 8 $ 4 6 ,088 ,868 $46,9 3 8 ,4 9 9 $55,881 ,104
Reserve for Fed’ 1t a x e s ..
7 ,6 0 0 ,0 0 0
5,300,000
5,4 0 0 ,0 0 0
6 ,500,000
D ividends________________ 2 2 ,5 2 1 ,6 3 8 22,28 4 ,7 5 0 2 2 ,1 0 6 ,8 3 9 17,453,994

S

S urplus fo r y e a r. . . . . .$30,411,010 $18,504,118 $19,431,660 $31,927,110

O F F IC E R S .— Chairm an, R obert W . Stewart; Pres., W m . M . Burton;
Sec. & T reas., E . G . Seubert. O ffice, 910 South M ichigan A v e ., Chicago,
IU.— (V . 123, p. 2403.)
S T A N D A R D O IL C O . O F K A N S A S (T H E ).— O R G A N I Z A T I O N , &c,
— Incorp. in Kansas in 1892. Owns refining plant at Neodesha, K a n .,
with 165 stills and a crude distilling capacity of about 4 ,7 5 0 .0 0 0 bbls.
yearly. V . 103, p. 1512; V . 96, p . 1093, 1428. G ovt, suit, V . 118, p . 3161.
S T O C K .— The stockholders voted on N o v . 29 1922 (a) to increase the
authorized capital stock from $ 2 ,0 0 0 ,0 0 0 (all outstanding) to $ 8 ,0 0 0 ,0 0 0 ,
par $100, and (b) to reduce the par value o f the stock from $100 to $25
per share. The directors on D ec. 5 1922 declared a 3 0 0 % stock dividend
payable D ec. 30 1922.
L A T E D I V S .— f
1913.
’ 14. ’ 15. ’ 16. T 7 -’ 21. ’2 2 . ’2 3 . ’2 4 . ’25.
12
6 12 12 12 y ly .
12
8
4 0
R e g u la r _______ %
E x t r a __________ % (28 & 100 stk.
7 -- 4
12 y ly . 3 & 300 stock
Paid in 1924: M arch 15, 2 % ; June 16, 2 % ; none since.
R E P O R T .— For calendar year 1925, in V . 122, p . 1624, showed:
Calendar Y ea rs—1925.
1924.
1923.
1922.
N e t profits_______________
$494 ,29 6 loss$480,742 loss$280,382 $ 1 ,232,154
D ividends________________
_______
320,000
640,000
300,000
O F F IC E R S .— Pres., J. C . M cD on ald ; V .-P ., A . S. Hopkins; Sec. &
T reas., E . A . W arren. O ffice, N eodesha, K a n .— (V . 122, p . 1624.)
S T A N D A R D O IL C O . ( K E N T U C K Y .) — O R G A N I Z A T I O N , &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 C o. o f N . J ., V . 8 5 , p . 2 1 7 , 790; V . 93, p . 1390. Government
s u it , V . 118, p . 3161 .
S T O C K .— The stockholders on D ec. 21 1922 increased the authorized
oapital stock from $12,0 0 0 ,0 0 0 to $17,5 0 0 ,0 0 0 . A stock div. of 66 2 -3 %
was paid D ec. 30 1922.
C A S H D I V I D E N D S .— '1 5 . ’ 16. ’ 17. ’ 18. ’ 19. ’ 2 0 . ’ 2 1 . ’ 2 2 .
’23 - ’25Regular___________________ % 16
16 14 12 12 12 12
*20
16 yrly.
E x tra______________________ %
0
4
2
—
*20
__
* Also paid stock dividends of 33 1 -3 % in April and 66 2 - 3 % in D ec
p. 8 22.
Paid in 1926: M a r . 3 1 , 4 % ; June 30, 4 % ; Sept. 3 0 , 4 % .
R E P O R T .— For calendar year 1925, in V . 122, p. 2205 , showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
N et profits___________ _
$ 8 ,272,201 $6,151,941 $6 ,2 8 6 ,1 8 2 $ 5 ,086,875
2 ,704,671
2 ,693,723 2 ,6 8 1 ,7 9 6
3 ,763,725
Cash dividends_________
R es. Fed’l tax. curr. year 1,083,711
769,000
7 67,000
625,000
Balance, surplus_____ $ 4 ,4 8 3 ,8 1 9 $ 2 ,689,218 $ 2 ,8 3 7 ,3 8 6
$698,150
(V . 122, p . 1624.)
O F F IC E R S .— Pres.. S. W . Coons: V .- P .. W m . E . Sm ith, W . G . Violette
and A . K . W hitelaw ; V .-P . & T reas., Jos. C . Steidle; Sec., T . Q. M cG o o d -win. O ffice, Louisville, Ivy.— (V . 122, p . 3355.)
S T A N D A R D O IL C O . O F N E B R A S K A .— O R G A N I Z A T I O N .— Incorp.
in Nebraska in 1906. A marketing com pany. Formerly controlled b y
Standard Oil C o . of N ew Jersey, bu t segregated in 1911.
Th e 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 I V I D E N D S .—
1912. 1913. 1914-20. 1921. 1922. 1923-24. 1925.
Regular ( % ) _____________ 20
20
20 p . a . 10
10
10 p . a .
10
E xtra, in cash ( % ) ________
10
-------------10
------------10
E x tra, in stock __________ 33 1-3 25
-------------. ------------Paid in 1926: M a y 6, 5 0 % in stock; June 21, 5 % semi-annual and 2 %
extra: Sept. 2 0 , 63c. quar. and 25c. extra; D ec. 20, 62c. quar. and 50c. extra.
R E P O R T .— For 1925, in V . 122, p . 2056 , showed:
1923.
1922.
Calendar Y ea rs—
1925.
1924.
$661,051
$963 ,54 6
N et profits_______________ x$983,047
$879,019
9 0,962
118,450
See x
111,108
Federal taxes, & c----------300,000
600,000
Dividends________________
602,480
300,000
$271 ,09 0
$245,096
Surplus________________
$380,567
$467,911
x Estim ated net profits after Federal taxes.
Pres., A . H . Richardson. Office, Om aha, N eb . Sec., H . W . Pierpont.
— (V . 123, p . 2532.)
S T A N D A R D O IL C O . (O F N . J .) .— O R G A N I Z A T I O N .— This com ­
pany was Incorp. under the laws o INew Jersey in A u g. 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 M ay 15 1911 ordered the dissolution
of the com pany for violation of the anti-trust laws (V . 92. p. 1343, 1378 )
the oompany on Deo. 1 1911 distributed its holdings In 33 subsidiary
oil gas, pipe line and allied companies in the am ounts given in V . 93
p . 1390. The large refineries at B ayonne, Baltimore and Parkersburg,
W . V a ., were retained. Owns a large majority o f the capital stock o f the
E ast Ohio Producing & R efining C o ., H ope Construction & Refining C o .,
Carter Oil C o. o f O k la., Standard Oil C o. o f Louisiana and Imperial Oil
Co o f Canada w ith its dependency, the International Petroleum C o .,
L td . V . 105, p . 2002, 2369 , 2462 , 2547; V . 106, p . 401. Fleet, V . 107,
P ' The Hum ble Oil & Refining C o ., at H ouston, T e x ., in F e b . 1919 voted to
Increase its capital stock from $ 4 ,0 9 0 ,0 0 0 to $ 8 ,2 0 0 ,0 0 0 , and sell $4,100,000
of the new stock to W O . Teagle of N ew Y o rk , President of the Standard
Oil C o . (New Jersey), for $ 1 7 ,0 0 0 ,0 0 0 , or a basis of $414 63 per share
Deal with M aracaibo Oil Explor. C orp ., V . 112, p . 1625, 1748; V . 113,
p . 1061. In 1921 organized the Standard Oil C o . o f Bolivia. V . 113, p
2 193 . Interest in N obel Russian oil properties, V . 114, p . 2249 . Interest
In E th yl Gasoline C orp., V . 119, p . 951.
Suit alleging infringement started against Pure Oil C o ., V . 115, p . 769
S T O C K .— The com pany on N o v . 15 1926 announced plans for the re­
demption on M a rch 15 1927 o f its 7 % cum . pref. stock at $115. This is
to be accomplished through the sale to J. P . M organ & C o. of $ 1 2 0 ,00 0,00 0
20-year 5 % debentures and the issuance of 3,4 4 9 ,3 1 7 additional shares of
com m on stock to com m on stockholders o f record N o v . 26 1926 at par ($25)
in the ratio of one new share for each six shares held. Rights expire Jan. 15
1927 and paym ents for the new shares are to be made in two equal install­
m ents, one on Jan. 15 1927 and the other on M arch 14 1927. Compare
V . 1 2 3 , p . 2667.




[V ol. 123,

INDUSTRIAL STOCKS AND BONDS

$ 8 ,000,000
16,929,810
4 ,5 0 0 ,0 0 0
517,065,300
199,972,990

R a te

W h en

%

Payable

See
See
See
See

text
text
text
text

Q— M 31
Q— M
Q— M
7
O— M 15
F & A
120. 000,000 a 5 g
3 4 4 ,356 ,600 See text Q— M 15
20 , 100,0 >
0
6X g M & N
F— A
13,500*000
4A g

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

June 16 ’ 24 2 %
Sept30 ’26 4 %
See text
D ec 15 ’26 l A
D ec 15 '26 1
D ec 15 1926
D ec 15 '26 40c.
M a y 1 1933
T o F eb. 15 1935

17,600,000

5 g

F

&

A Aug 15 1940

9 ,2 6 0 ,5 0 0

6 g

A

&

O Apr 15 1928

P la c e s W h e r e I n te r e s t a n *

D ividends are Payable

Checks mailed
Louisville K y
O m aha. N eb
G uaranty T r C o , N

Y

N ew Y o rk
Chase N a t. B ank, N . Y .
B 'nkersTrorBl'r& Co .N Y
/G alveston , or N a t C ity
1 B ank, N ew Y o rk
/B a n k o f Calif. .San Fran
/G u aran ty T r .C o ., N . Y .
B ank o f C a lif., San Fran.

D IV S . (on co m .)—
J ’0 1 . ’0 2 . ’0 3 . ’04. '0 5 -T 0 . ’ l l . ’ 1 2 -’2 2 .
1 923 -’25.
4 y ’ly .
Per cent_________________ / 48 45 44 36 40 y ’ly 37 20 y 'ly
Paid in 1926: M a r . 15, 1 % ; June 15, 1 % ; Sept. 15, 1 % ; D ec. 15, 1 %
quar. and A % extra.
Also a distribution o f 4 0 % ($39,335,320) on F eb. 15 1913 from funds r e ­
ceived In liquidation of loans to former subsidiaries. V . 96, p . 423Also a stock div. o f 4 0 0 % in $25 par value shares payable D ec. 20 1922.
V. 115. p. 2279.
D E B E N T U R E S .— The 20-year gold debentures are redeemable in
whole or in part as follows: From A u g. 1 1927 to A u g. 1 1931 at 103 and
in t.; from Feb. 1 1932 to Aug. 1 1936 at 102 and in t.; from Feb. 1 1937 to
Aug. 1 1941 at 101 and int.; from Feb. 1 1942 to A u g. 1 1946 at 1 0 0 A and
int. See “ Chronicle” for N o v . 27 1926.
R E P O R T .— For 1925, showed:
1925.
1924.
1923.
1922.

s

s

s

s

Total gross e a r n in g s .z l,122,682 ,611 x 409,995,806x 367,334,410x3 28,2 86,8 27
a ln c. from oth. sources
22,837,893
9 ,785,430
8 ,490,245
1 0 ,435,764
Total gross in co m e .1,145,520,504 4 1 9 ,781 ,236 3 7 5 ,824 ,655 338,722 ,591
8 ,689,777
7 ,7 7 2 ,5 3 0
General expenses_______ 1972,693,627 J 10,608,199
Costs & oper. charges. _ J
.377,642,143 340,306,941 3 0 5,792 ,577
Res. for inc. taxes on
1925 earnings___________ 13,188,618
970*964
1,148*080
8*6*2*,718
General taxes____________N o t shown
Depreciation_____________ y 48 ,406 ,904 10,292,977 1 0 ,172,876 11,407,025
2 0 ,266,952
15,506,981
12,887,740
Consol, net earns____ 111,231,355
Proportion o f earnings of
6 0 ,749,618 4 0 ,788,300 3 3 ,354,695
affil. cos. a ft. Fed. tax.N o t shown
Total incom e__________ 111,231,355 8 1 .016.570 5 6 ,295,282 4 6 ,2 4 2 ,4 3 6
Pref. divs. (7 % per arm.) 13,998,103
13,998,103
13,998,103
13,855,205
Com m on divs___________ 20,395,991
2 0 .181.570 20 ,0 1 3 .7 1 8 19,842,485
Balance, surplus______ 76,837,261
4 6 ,836,897 22,283,461
1 2 ,544,746
Previous surplus_________ 278,260,966 2 3 1 ,424 ,069 2 0 9,140 ,608 594,525 ,562
.............................. ......... 3 9 7,929 ,700
_______
Stk. d iv. on com . (4 0 0 % )
Inc. tax paym ents, & c.,
adjust, prior years___
5,873,345
Prof. & loss surp ., inc.
res. for annuities___ 349,224 ,882 2 7 8 ,260 ,966 2 3 1,424 ,069 209,140 ,608
x Gross income from operations with all departmental transactions
eliminated, y Includes depletion, z Including inter-company transac­
tions, but excluding all interdepartmental transactions, a N e t income
from miscellaneous sources, including int. and divs from corporations not
consolidated.
D IR E C T O R S .— Chairman, George H . Jones; Pres., W alter C . Teagle;
V .- P ., F . H . Bedford, J. A . M o ffe tt, S. B . H u n t (V .-P . & T reas.), C has.
G . B lack, Edgar M . Clark, E . J. Sadler, D . R . W eller and W alter Jennings.
Secretary is Charles T . W h ite. O ffice, 26 Broadw ay, N . Y . — (V . 123,
p . 2667 .)
S T A N D A R D O IL C O . O F N E W Y O R K .— O R G A N I Z A T I O N , & c.—
Incorp. in N ew Y o rk in 1882. Has several refining plants at N ew Y o rk ,
Buffalo and East Providence, and also markets oil. Also conducts a
number o f collateral businesses, including the manufacture of barrels, cans,
boxes and wicks. Formerly controlled b y N . J. com pany, but segregated
in 1911. See Standard Oil C o. of N . J. V . 85. p. 216. 790: V . 9 3 , p . 13Q0.
The M agnolia Petroleum C o ., a petroleum producing and refining organiza­
tion, operating in the oil fields of Oklahom a, K ansas, Northwest Texas and
M exico was merged in D ec. 1925, four shares of,Standard Oil C o. o f N . Y .
(par $25) being exchanged for each share o f M agnolia Petroleum C o. (par
$100). Compare V . 121, p . 2417. N ew office building, V . 112, p . 1031,
1748, 2091. In O ct. 1923 organized the Socony Burner C orp., a sub­
sidiary. V . 118, p . 213. G ovt, suit, V . 118, p . 3161.
A cq u isitio n o f General P etroleum C o rp .— The stockholders on M a y 17 1926
increased the authorized capital stock from 15,000,000 shares (par $25) to
17,500,000 shares (par $25) and approved the acquisition by the com pany
o f the assets of the General Petroleum Corp.
The plan for the acquisition o f the properties o f the General Petro­
leum C orp. provides in substance that the General Petroleum C orp. will
convey all its properties and assets, except the amount necessary to retire
its outstanding preferred stock, pay its regular dividend of June 15 1926
a n d meet the necessary expense o f liquidation, to Standard Oil C o . of
N ew Y o rk , and that Standard Oil C o . will assume all obligations and lia­
bilities o f the General Petroleum Corp. and will issue for distribution to
the holders o f the common stock o f General Petroleum Corp. then out­
standing, shares o f the capital stock o f the Standard Oil C o. equal in num­
ber to twice the number o f shares o f the common stock o f General Petroleum
C orp. then outstanding, the number o f shares o f stock o f this com pany so
to be issued being approximately 2,3 5 5 ,0 0 0 .
The preferred stock o f General Petroleum C orp. was redeemed on June 1
1926 at par and in t.
Commencing M a y 18 1926, the business of the General Petroleum Corp.
will be carried on b y a new subsidiary o f the Standard Oil C o . o f N ew Y o rk ,
known as G eneral P etroleum C orp . o f C a lifo rn ia , a Delaware corporation,
heretofore organized and which will be under the same managem ent as the
old com pany.
D E B E N T U R E S .— The $20,0 0 0 ,0 0 0 6 A % gold debentures are redeem­
able all or part on M a y 1 1928 at 103 and in t. and thereafter on any int. date
at 103 and int. less 3-10 of 1 % for each succeeding 6 m onths until m aturity.
C om pany will provide $750 ,00 0 p. a ., available sem i-annually, beginning
N ov. I 1921, to be applied within 6 months to the purchase o f these deben­
tures at not over 100 and int. I f debentures are not available for purchase
at that price, the balance will revert to com pany.
R estrictions.— (1) T otal funded debt, incl. this issue, shall never while
any o f these debentures are outstanding exceed 5 0 % o f 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 . 2 091 .
The M agnolia Petroleum C o. serial gold debentures are redeemable all
or part on any int. date upon 30 days’ notice at face value plus a premium
o f H % for each 6 months intervening between date o f redemption and
m aturity in the case o f debentures o f each series.
B O N D S .— The General Petroleum C orp. 1st m tge. sinking fund 5 % gold
bonds are red ., all or part on any int. date on 30 d a y ’s notice on or before
Feb. 15 1 9 3 8 a t 102 A and in t., the premium thereafter decreasing A o f 1 %
for each six m onths period. Bonds will be secured b y a direct first mortgage
on all the fixed property of the corporation, incl. oil lands, leases, refineries
and storage facilities. Bonds will also be secured b y a mortgage on the tank
steamers owned. Bonds will be further secured b y pledge o f all the capital
stock, except directors’ qualifying shares, o f the General Pipe Line C o. of
California and other subsidiaries. The indenture will provide for an annual
sinking fu n d of $800 ,00 0, 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 b y lo t. W henever bonds in addi­
tion to these $ 18,0 0 0 ,0 0 0 are issued, an additional sinking fu n d will be estab­
lished sufficient to retire at least 6 4 % o f such bonds b y their m aturity.
The remaining authorized bonds m ay 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.

Nov., 1926.]

M IS C E L L A N E O U S C O M P A N IE S .
[For abbreviations, A c . , see notes on page 8.1

D ate
Bonds

S ta n d a r d Oil C o (of O h io )— Com stock 8 1 4 ,0 0 0 ,0 0 0 Pref (a & d) stock 7 % cum call 115 beg 1 9 2 5 -__________
S te r lin g P r o d u c ts In c — Stock 1 .000,000 shares au th _______
S te w a r t-W a r n e r S o eed om e te r Corn— C om stock 6 0 0 .0 0 0 x h
S t jn n e s (H u g o ) C orp— See text.
S t in n e s (H u g o ) I n d u s trie s Inc— See text.

1921

P ar
Value

R E P O R T .— For 1925, in V . 122, p . 2814, showed;
Calendar Y ears —
1925.
1924.
1923.
1922.
x Total earnings_________$72,175 ,827 $38,671,197 $ 3 0 ,827 ,578 $34,548 ,542

13,340,600
3,310,554

12,464,240
3,400,000

11,713,807
3,400,000

N et p rofits____________$ 4 1,580 ,386 $22,020,043 $ 1 4 ,963 ,338 $19,434 ,735
Previous surplu_________ 116,321,195 106,027,134 103,909,470 167,295,390
M agnolia Petr, surplus. 14,173,728
_______
_______
_______
M a g . Petr. sur. o f s u b s .. 2 ,908,659
_______
_______
_______
A d justm ents_____________ D r . 547,057
C r.964,545 D r.24 3,9 28 y 7 9 ,179 ,346

T o ta l surplus___________ $174,436,911$129,O il,722S118,628,8808265,909,470
Cash divs. paid__________ 14,345,486 12,690,527 12,601,745 12,000,000
S tock dividend__________
1,127,623
. . . .
______ 150,000,000
Profit & loss surp lus.$15 8 ,9 6 3 ,802$116,3 2 1 ,195S106,0 2 7 ,134S103,909,470
xTotal earnings are after deducting expenses incident to operations,
ncluding taxes, y In 1922 net appreciation of capital assets and invest­
ments and adjustm ent o f reserves.
O F F IC E R S .— Chairman, H . C . Folger; Pres., H . L . Pratt; V .-P s ., C . F .
M eyer, H . E . C ole, C . M . Higgins, E . R . Brown and John Barneson; Sec.,
F . S. Fales; T reas., R . P . Tinsley. O ffice, 26 Broadw ay, N . Y . — (V .
123, p . 1392.)
(T H E ) S T A N D A R D O IL C O . (O F O H I O ) .— O R G A N I Z A T I O N .—
Incorp. in Ohio in 1870.
Has refineries at Cleveland and Toledo, Ohio, also
markets oil. Formerly controlled b y N . J. com pany. V . 85, p . 216, 790;
7 . 93 p . 1390.
Shareholders on M a y 25 1916 authorized an increase of
stock from $3 ,5 0 0 ,0 0 0 to $ 7 ,0 0 0 ,0 0 0 to nrovide for 1 0 0 % stock dividend,
payable July 5 1916. V . 102, p . 1544, 1991; V . 106, p . 2 371 . G o v t, suit
V. 118, p . 3161.
Th e shareholders voted Jan. 12 1920 to increase the auth stock from
$ 7 ,000,000 to $ 2 1,000 ,000 by creating $ 7 ,000,000 new 7 % cumulative
preferred stock and issuing $7 ,0 0 0 ,0 0 0 additional common stock. Stock­
holders of record July 12 1920 were given the privilege of subscribing to
one share of new preferred stock at par ($100) for each share of common
stock held.
D ive., D ec. 16 1912, 5 % for 6 m os, ending O ct. 30 1912; 1913, 2 0 % ( 3 %
and 2 % extra quar.; 1914, 9 % and 9 % extra; 1915, 12 and 12 extra
(3 % and 3 % extra quar. Q .-J .j; 1916. J an .. Apr. & July, 3 % and 3 % extra.
Jan. 1917 to Jan. 1923, 1 6 % p. a. (quar. 3 % and 1 % extra).
On D ec. 12
1922 paid 1 0 0 % in common stock. A p r. 2 1923 to Jan. 1 1927 paid 2 k %
quar. On pref., I k % quar. paid Sept. 1 1920 to D ec. 1 1926.
R E P O R T .— For 1925, in V . 122, p . 2056, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
N et profits-----------------------$ 3 ,455,422 $ 3 ,731,822 $3,14 3 ,1 6 6 $ 6 ,214,837
Preferred dividends____
490,000
490,000
490,000
490,000
C om m on dividends______
1,400,000
1,400,000
1 ,400,000
1,120,000
Surplus------------------------- - $ 1 ,565,422 $ 1 ,841,822
Office, C leveland,"O hio.— (V .’ 122, p. 2056.)

$1,25 3 ,1 6 6

$ 4 ,604,837

S T A N D A R D P L A T E C L A S S C O .— (V . 123, p. 2275 .)
S T E R L I N G P R O D U C T S , I N C .— Incorporated under laws o f West
Virginia on M a y 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, Cascarets, California Syrup o f Figs,
Danderine, Pape’s Diapepsin, Pape’s Cold Com pound, Diam ond D yes,
Dandelion Butter Color, D odson’s Livertone, D rake’s Palmetto Com pound,
Phillips M ilk o f M agnesia, D r. James’ Fam ily Remedies and Neuralgyline.
In Feb. 1923 purchased a one-fourth interest in and assumed the manage­
ment o f Household Products, In c ., manufacturers o f " C h a s . H . Fletcher’s
Castoria.” V . 116, p . 731.
S T O C K .— See table at head o f page.
D I V I D E N D S .— On stock of no par value paid div. o f 6245 cents a
■hare on M a y 1 1922; A u g. 1 and N o v . 1 1922 paid 75 cents each; D ec. 22
1922 paid 75 cents extra; F eb. 1 1923 to Feb. 1 1926 paid $1 quar.; M a y 1
1926 to N o v . 1 1926 paid $1 25 quar.; D ec. 10 1923, D ec. 15 1924 and D ec.
15 1925 paid $1 extra.
R E P O R T .— For 1925, in V . 122, p . 4 94, showed:
Y ea rs Ended D ec. 31—
1925.
1924.
1923.
1922.
$4 ,9 1 0 ,8 3 0 $ 4 ,734,697 $4,64 2 ,2 5 5 $ 3 ,312,194
Previous period adjust’ts
D r .7,596
D r .6,668 D r . 153,886 D r .418,631
D ed uct— Dividends______ 3,1 2 5 ,0 0 0
3 ,125,000
3 ,0 3 8 ,1 2 8
2 ,166,132
Sterling Remedy C o.
Preferred dividends
8,126
8,159
8,233
14,535
Balance, surplus______$ 1 ,770,108 $ 1 ,594,870 $1,44 2 ,0 0 8
$712,896
Previous surplus________
6 ,305,095
4,7 1 0 ,2 2 5
3,2 6 8 ,2 1 7
2,555,321
Profit & loss su rp lu s .. $8,07 5 ,2 0 4 $ 6 ,305,095 ' $ 4 ,710,225 $3,268,217
R E P O R T .— For 6 m os. ended June 30 1926, in V . 123, p . 1887, showed:
6 M o s . E n d.
P eriod —
June 30 ’26.
N e t profits after Federal and State taxes_________________________ $2,482,726
D ed u ct— Dividends__________________________________________________
1,562,500
Sterling R em edy C o. preferred dividends_____________________
4,037
Balance, surplus__________________________________________________
$916,189
O F F IC E R S .— Pres., H . F . Behrens; V .- P ., Charles A . A u l; Sec. & Treas.,
A . H . Diebold; Gen. M g r ., AN. E . W eiss. Office, 88 Nineteenth S t.,
W heeling, W . V a .— (V . 123, p . 1887.)
S T E W A R T -W A R N E R S P E E D O M E T E R C O R P .— O R G A N I Z A T I O N
Incorp. in Virginia on D ec. 20 1912. Plant is located in Chicago, 111.
Full data, V . 104, p . 450; V . 96. p . 207, 140, 66; V . 101, p . 45; V . 103.
p . 4 9 9 . A s to allied Stewart M fg . C o ., see V . 107, p . 1198, 1673, 2104,
2 295 ; V . 108, p . 978; V . 112, p . 856.
I t was announced on N o v . 11 1924 that the corporation had acquired
control o f the Bassick Alemite C orp. V . 119, p. 2300, 2420.
During 1925 the corporation commenced producing radio sets. Patent
suit, V . 123, p . 1888.
S T O C K .— Stockholders voted June 4 1920 to increase the common
stock to 6 00,000 shares, no par value.
On Sept. 30 1926 there was also outstanding $828,400 preferred stock and
$ 1 ,0 0 0 ,0 0 0 collateral trust 7 % serial gold notes of Bassick Alem ite Corp.




A m ount
Outstanding

Rate
%

$100 $14,000 ,000
10
100
7,000,000
7
None 625,000 shs See text
N one 599,990shrs See text

N O T E S .— The General Petroleum C orp. 5-year 6 % gold notes of 1923
are red. at 102M on or before Oct. 15 1923, the prem . thereafter decreasing
k o f 1 % for each 6 months period or fraction thereof. Indenture is to pro­
vide for a purchase fu n d o f 8500 ,00 0 annually, payable in equal quarterly
installments commencing April 15 1924, to be applied b y the trustee to the
purchase o f notes a t or below par and interest. V . 116, p . 1900.
D I V I D E N D S .— On $25 par value stock paid 35c. quar. M a r. 15 1923 to
June 15 1926; on Sept. 15 and D ec. 15 1926 paid 40c. quar. Also paid a
stock div. o f 2 5 % in F eb. 1926.

D eprec. and in s u ra n c e -- 28,480,563
In te re s t on d e b e n tu re s .. 2,114,878

237

INDUSTRIAL STOCKS AND BONDS
W h en
P ayable

Q— J
Q— M
Q— F
Q— F

Last D ividend
and M atu rity

Jan
D ec
N ov
N ov

Places W h ere In terest and
D ividends are Payable

1 1927 2 k Checks mailed
1 1926 l k
1 ’26 $1 k
15 ’26 $ l k Checks mailed

D I V I D E N D S .—
1920. 1921. 1922. 1923. 1924.
1925.
$2.5 0 $4
$9
$7k
$6
Per s h a re ________________________ $4
Paid in 1926: Feb. 15, $1 50; M a y 15, $1 50; A u g. 16, $1 50; N o v . 15,
$1 59.
R E P O R T .— For 1925, in V . 122, p . 1163. showed;
1922.
1925.
1924.
1923.
$ 6 ,0 1 9 ,7 2 5
P r o fit& in c . (s e e n o t e ).. $ 8 ,4 6 9 ,0 8 9 $ 3 ,898,164 $ 7 ,586,499
684,563
Federal taxes____________
9 2 5,000
397,057
858,380
1 ,875,085
Dividends paid__________ 3 ,6 4 2 ,9 9 9
3 ,463,413
4 ,244,233
Prem. on pref. s to k .r e t’d
_______
_______
2 5 ,3 7 4 ______
Surplus net i n c o m e ... $ 3 ,9 0 1 ,0 9 0
$ 37,694 ' $2,45S ,512 $ 3 ,4 6 0 ,0 7 7
— Q u a r. E n d . Sept. 30---------- 9 M o s . E n d . S ept. 30—
P eriod— •
1926.
1925.
1926.
192o.
N et earnings after depr.,
Federal taxes, & c___ $ 1 ,686,531
$1,90 6 ,3 6 4 $ 4 ,808,346
$ 5 ,373,336
N o te .— “ Profits and income” are shown, “ after deducting all manufactur­
ing, selling and administrative expenses, including adequate provisions for
discounts and losses on doubtful accounts, depreciation on plant equipm ent,
& c.”
O F F IC E R S .— Pres., C . B . Smith; V .-P re s ., V . R . Bucklin; V .-P res. &
See., W . J. Zucker; V .-P res. & T reas., T . T . Sullivan. Directors, C . B .
Smith, V . R . Bucklin, W . J. Zucker, L . H . La Chance, J. E . Otis, Chicago.
— (V . 123, p. 2667.)
S T I N N E S (H U G O ) C O R P .— Organized in M arylan d. W ill acquire al
o f the capital stock presently to be issued o f Hugo Stinnes Industries, In cj
(M aryland) which will control b y stock ownership a co-ordinated group o
im portant and long established enterprises engaged in the production and
distribution of coal, coke and their by-products, including electricity and
gas.
In addition, Hugo Stinnes C orp. will acquire, b y stock ownership, the
control of a group o f 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 fro m the sole legatee of the late Hugo
Stinnes Sr. Substantially all o f the properties are located in G erm any,
with the exception o f certain coal terminal and distributing facilities m
H olland, Belgium, Denm ark, 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 o f the real estate and long term accounts receivable
and certain marketable securities, as favorable opportunities present them ­
selves.
S T O C K .— Authorized, 1 ,200,000 shares o f no par value; outstanding
1,000,000 shares.
N O T E S .— Halsey, Stuart & C o ., In c ., A . G . Becker & C o ., N ew m an,
Saunders & C o ., I n c ., Com m erz and Privat Bank A . G . (Hamburg— B erlin),
W illiam R . Com pton C o. and Henry L . D oherty & C o . in N o v . 1926
offered at 99)4 and int. $ 1 2 ,5 0 0 ,0 0 0 10-year 7 % gold notes (closed issue).
D ated Oct. 1 1926; due Oct. 1 1936. In t. payable J. & J. at Chicago
and N ew York offices o f H alsey, Stuart & C o ., In c ., and A . G . Becker
& C o ., joint fiscal agents, without deduction for Federal income taxes not
in excess o f 2 % per annum. D enom . $ 1,000 and $500 c * . R ed. all or
part b y lot, at any time upon 30 days’ notice at 102 Yz and int. Com pany
will reimburse the holders o f these notes, if requested within 60 days alter
paym ent, for the P enn., Conn, and Calif, personal property taxes, not
exceeding 4 mills on the principal per annum , for the M aryland 4 )4 nulls
securities tax, and for the M ass, income tax, not exceeding 6 % ot the
interest per annum . American trustee: Central Union Trust C o ., JNew
Y o rk .
W arrants.-— Each note will carry two warrants, detachable after O ct. 1
1927 as follows: (1) A warrant entitling the holder to receive, during a
period of 30 days beginning O ct. 1 1927, outstanding stock o f the corporation
in the ratio o f 5 shares for each $1,000 of notes, and (2) a warrant entitling
the holder to purchase, after O ct. 1 1927 and on or before Jan. 1 1929,
outstanding stock of the corporation, in the ratio o f 5 shares for each $1,000
of notes, at $20 per share. W arrants attached to notes called for redemption
on or before Oct. 1 1927 m ay be exercised on or before the redemption date.
S ecurity.— This issue o f notes will constitute a direct obligation of the
corporation and will be secured b y the direct pledge with the trustee ot the
following:
(1) A ll the capital stock presently to be issued o f H ugo Stinnes Ind us­
tries, In c ., which com pany will hold, directly or through subsidiaries, 5 5 %
o f the stock o f M athias Stinnes M ining C o r p ., 5 4 .2 % o f the stock, excluding
treasury stock, o f Muelheimer M ining C orp ., 1 0 0 % of the stock ot Hugo
Stinnes, L td . and sundry other stocks o f companies engaged in the mining
transportation and distribution o f coal and by-products (see also Hugo
Stinnes Industries, Inc. for description o f properties, &c.)
(2) M ortgages (in gold marks) representing substantially the fu ll value,
or stocks representing the ownership, of the Esplanade H otel, Berlin, the
Atlantic H otel, H am burg, the Carlton H otel, Frankfort, and the Nassauer
H o f, W iesbaden, which are among the leading hotels in Germ any, a group
o f three hotels in Oberhof, an office building in H am burg, and three office
buildings in Berlin.
(3) M ortgages in the gold m ark equivalent o f $ 2 ,289,000 on over 2 2,000
acres o f cultivated farm and timber lands in Germ any and a mortgage
of $500 ,00 0, or its equivalent in Swedish kroner, on 10,000 acres of timber
land in Sweden.
(4) M ortgages (in am ounts to be fixed in the indenture) upon, or stocks
representing the ownership o f, 36 office buildings, apartment houses, stores
and dwellings in Berlin, H am burg, Harburg, W iesbaden, Duesseldorf and
M ulheim , G erm any, and real estate in Holland and Sweden.
D IR E C T O R S .— The board o f directors will include, among others,
H ugo Stinnes, Jr.; F . H . W itth oefft, H am burg; Franz Bracht, Essen;
George W . D avison (Pres, o f Central Union Trust C o. of N ew Y o rk ) and
representatives from three banking institutions.— (V . 123, p . 2403.)
S T IN N E S (H U G O ) IN D U S T R IE S , I N C .— A M aryland corporation,
all o f whose capital stock presently to be issued will be owned b y the Hugo
Stinnes C orp. (M aryland), 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 S r.
These holdings include m ajority interests in a group o f companies engaged
in the whole field o f production, transportation and wholesale and retail
distribution o f coal and coke, and doing an international business.
P rop erties.— M athias Stinnes M ining C orp., at Karnap, near Essen, and
Muelheimer M ining C orp., a t Muelheimer (both in the R uhr D istrict),
have an annual producing capacity o f over 6,7 0 0 ,0 0 0 short tons of coal,
700,000 tons o f coke and 800,000 tons of fuel in the form o f briquettes, and
have an estimated reserve of over 330,000 ,000 tons o f bituminous and a,nthracite coal. These companies (together with H ugo Stinnes, Industries
Inc.) will own, directly or through subsidiaries, a 4 6 % interest in RheinischeWestfaelische Bergwerks Gesellschaft, a corporation owning the great
Ruhr coal reserve, estimated at over 7 ,0 0 0 ,0 0 0 ,0 0 0 tons.
W ith their
subsidiaries, they also are engaged in the production o f by-products with an
annual capacity o f 4 ,0 0 0 ,0 0 0 ,0 0 0 cubic feet o f gas for their own use and for
distribution in neighboring cities, over 2 6 0 ,000 ,000 k .w .h . electric power,

238

M IS C E L L A N E O U S C O M P A N IE S .
[F or abbreviation s. & c ., see n otes o n p a g e 8.]

D ate
Bonds

S trom b erg C a rb u r e to r C o— Stock 150,000 shares auth____
S tu d e b a k e r C orp (T h e )— C om stock 2 ,5 0 0 ,0 0 0 shares____
Pref stock (a & d) 7 % cum 5 1 5 .0 0 0 .0 0 0 red 125(allorpart)
S t u t z M o to r C ar C o o f A m e r In c — Stk 263,000 shs. a u t h ..
Convertible gold debs red (text) $ 1 ,5 0 0 ,0 0 0 a u th -G k .x x x c*

1922

Par
V a lu e

$720,681
9 1 ,0 0 0
4 7 9,754

$641 ,79 7
8 0.000
580,000

$996 ,47 5
125,000
656,250

$690 ,26 3
86.000
168.750

$435,513
$215 ,22 5
$ 149 ,92 7 def$18,203
— 3 M o s . E n d . Jun e 30— ■— 6 M o s . E n d . Jun e 30—
1926.
1925.
1925.
1926.
$795,627
$429,672
$817,641
$462,790
350,836
374,386
195,730
180,460
Expenses_________________
78,349
C r. 12,128
C r.15,122
48,871
Deductions, less oth. inc
48,000
24,000
52,250
3 1.750
Federal taxes____________
.50)120,000 ($ 1 34s) 120000 ($3)240,000 ($3)240,000
Surplus_________
Profit & loss surplus____ .




$81,709
3,3 0 1 ,5 8 4

$105,064
3,174,834

$96,206
3 ,301,584

Am ount
O utstanding

R ate
%

W hen
P a ya ble

None 80,0 0 0 shrs See text
Q— J
None 1.875.000sh See text
Q— M
$100 $7 .5 0 0 .0 0 0
7
Q— M
Non* 229.989 shrs See text
1,000
$875,000
7H g A & O

partly sold for public use; 2 ,1 6 0 ,0 0 0 gallons o f benzol, 6,6 0 0 ,0 0 0 gallons of
tar oils 10,000 tons o f amm onium sulphate, 50,000 tons of glass products,
4 5 ,0 0 0 ,0 0 0 brick, and various other products.
1 M athias Stinnes M ining C orp. has developed a process o f low temperature
distillation o f 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.
H ugo Stinnes, L t d ., directly or through subsidiaries (mainly 1 0 0 % owned)
owns extensive storage facilities w ith modern electrically operated loading
and unloading steel bridges for transfer o f coal between ship and rail carriers
at the ports o f H am burg-H arburg, M annheim , Stettin, Koenigsberg,
Nordenham and Duisburg, G erm any, and Copenhagen, Denmark; and coai
stations or yards at H am burg, Berlin, Stuttgart and Bremen, Germ any;
Antwerp, Belgium ; M essina, Italy, and Stockholm, Sweden. It also owns
15 ocean steamers totaling 59,0 0 0 deadweight tons, 20 tug boats, 243 steel
barges w ith a carrying capacity o f 7 4,000 tons, and other floating and land
equipm ent. Also it owns, as a whole or in part, 22 companies engaged in
wholesale and retail distribution o f coal, coke and briquettes in all o f the
above m entioned G erm an cities and m any others.
S T O C K .— Authorized, 30 0 ,0 0 0 shares; outstanding, 2 00,000 shares, no
par value.
D E B E N T U R E S .— H alsey, Stuart & C o ., In c., A . G . Becker & C o .,
N ew m an, Saunders & C o ., In c., Commerz und Privat Bank, A . G . (H am bu rg-B erlin ), W illiam R . C om pton C o. and Henry L . D oherty & C o. in
N o v . 1926 sold at 9 9 K and int. $ 1 2 ,500 ,000 20-year 7 % sinking fund gold
debentures (with w arrants).
D ated O ct. 1 1926; due O ct. 1 1946. Interest payable A . & O . at Chicago
and N ew Y o rk offices o f Halsey, Stuart & C o ., In c., and A . G . Becker &
C o ., joint fiscal agents, without deduction for Federal income taxes not in
excess o f 2 % . D enom . $1 ,0 0 0 and $500 c * . Red. as a whole on 60 days’
notice at any time to and incl. O ct. 1 1931 at 105, thereafter to and incl.
O ct. 1 1936 at 104, thereafter to and incl. O ct. 1 1941 at 103, thereafter to
and incl. O ct. 1 1945 at 102, and thereafter to m aturity at 100, together
with int. in each case. Debentures will also be redeemable for the sinking
fund (sinking fund paym ents m ay be anticipated by the company) in part
b y lot on 30 days’ notice, at any tim e to and incl. Oct. 1 1941 at 102 'A , there­
after to and incl. O ct. 1 1945 at 102, and thereafter to m aturity at 100.
together w ith int. in each case. C om pany will reimburse the holders of
these debentures, if requested within 60 days after paym ent, for the Penn.,
C onn, and C alif, personal property taxes, not exceeding 4 mills on the prin­
cipal per annum, and for the M aryland 4t£ mills securities tax, and for the
M a ss, income tax not exceeding 6 % o f the interest per annum . Central
Union Trust C o ., N ew York, trustee.
W arran ts.— Each debenture will carry two warrants, detachable after
O ct. 1 1927, as follows; (1) A warrant entitling the holder to receive, during
a period o f 30 days beginning O ct. 1 1927 outstanding stock o f Hugo Stines
C orp. in the ratio o f 5 shares for each $1,000 debentures, and (2) a warrant
entitling the holder to pin-chase, after Oct. 1 1927 and on or before Jan. 1
1929 outstanding stock o f H ugo Stinnes C orp. in the ratio o f 5 shares for
each $ 1,000 o f debentures, at $20 per share. W arrants attached to deben­
tures called for redemption on or before O ct. 1 1927 m ay be exercised on
or before the redemption date.
S ecu rity.— These debentures will constitute a direct obligation o f Hugo
Stinnes Industries, In c., 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 b y Edward R ushton, Son & K eyon o f Manchester, E n g ., the value
Of the assets to be pledged is in excess o f $ 3 4,000 ,000 .
U ) 5 5 % o f the Stock o f M athias Stinnes M ining C orp. (Gewerkschaft
M athias Stinnes).
(2) 5 4 .2 % o f the stock, excluding treasury stock, o f M uelheimer M ining
C orp. (Muelheimer Bergwerks Verein A . G .)
(3) 1 0 0 % o f the stock o f H ugo Stinnes, L td . (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.
T h e $ 2 ,500,000 authorized but unissued debentures will be issuable only
to the extent o f 5 0 % o f the appraised value o f additional assets to be ac­
quired b y the com pany and pledged for the security o f these debentures.
In terest and Sinking F u n d .— Indenture will provide for the paym ent to
the joint fiscal agents, in equal semi-annual installments throughout the
life o f the present issue o f debentures, o f $1,250,000 annually, to be applied,
first, to the paym ent 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 m aturity. C om pany will have the privilege o f anticipating its
sinking fund obligations.
D I R E C T O R S .— The board will include among others H ugo Stinnes Jr.;
F . H . W itth o efft, H am burg (Chairman o f the Board o f the Com m erz und
Privat B a n k ); Franz Bracht, Essen (Vice-Chairman o f the Rhine-W estphalia
Electric C o .); George W . D avison (President of Central Union Trust C o .),
N ew Y o rk; and a representative from three banking institutions.— ( V .
123, p . 2404.)
S T R O M B E R G C A R B U R E T O R C O . O F A M E R IC A , I N C .— O R G A N ­
I Z A T I O N .— Incorp. in N . Y . on July 21 1916 and acquired the capital
stock ($50,000) o f the Stromberg M otor Devices C o ., an Illinois corporation
(V . 103, p . 417) with factory in Chicago and branches in N . Y . , B oston.
D etroit, Indianapolis and Minneapolis. In N o v . 1924 acquired the entire
capital stock o f the Stromberg Research C orp. V . 119, p . 2300.
I n Jan. 1919 obtained contract supplying carburetors for all new Stude­
baker motor cars. V . 108, p . 282.
S T O C K .— Th e stockholders on Jan. 10 1923 Increased the authorized
capital stock from 75,0 0 0 shares (all outstanding) to 150.000 shares, no
par value.
D I V I D E N D S .— N o . 1, April 2 1917 to July 1 1918, 75 cents quar.; Oct
1918 to April 1919, paid 75 cents and 25 cents extra. July 1919 to Oct. 1920
$1 quar. Jan. 1921, 50 cents: then none until 0 4 . 1922. when $1 w»paid; Jan. 1923 paid $1 25; April 1923 to O ct. 1923 paid $1 75_quar.; Jan.
1924 paid $2 quar. and $1 50 extra; April 1924 to O ct. 1924 paid $2 qu ar.;
Jan. 1925 to Jan. 1927 paid $1 50 quar.
R E P O R T .— For 1925. in V . 122, p . 2 9 6 2 , showed:
1922.
Calendar Y ears—
1925.
1924.
1923.
Gross profit on sales____ $ 1 ,5 7 4 ,8 7 6 $ 1 ,253,461
$ 1 ,656,376 $ 1 ,217,474
446.891
Selling & admin, expense
83 7 ,0 4 3
6 34,199
631,049
86 ,3 2 0
O th. d edu c., less oth. inc.
17,151
0 2 2 ,5 3 5
28,852
Federal taxes (est.).
Dividends__________

[V ol. 123.

INDUSTRIAL STOCKS AND BONDS
Last D ividend
and M a tu rity

P laces W h ere Interest ana
D ivid en d s are P a ya ble

Tan. 3 1927 $1 H
D ec 1 ’26 $1 Yi Checks mailed
D ec 1 1926 1 % Cheeks mailed
Jan 12 ’21 $ 1.25 New York
Oct 1 1937

D I R E C T O R S .— Charles W . Stiger, Oak Park, 111., Pres.; H icks A .
Weatherbee, N . Y . C ity; George H . Saylor. N . Y . C ity . Treas.; George F .
Lewis, Sec.; Harland B . Tibb etts, N . Y . C ity ; W illiam L . O ’N eill, 1st
V .- P ., and Chas. A . Brow n, Chicago. O ffice, 37 W a ll S t., N ew Y o rk .—
(V . 123, p . 1125.)
S T U D E B A K E R C O R P . (T H E )— O R G A N I Z A T I O N — Incorporated la
New Jersey Feb. 14 1911 and took over the Studebaker Bros, (wagons and
carriages, &c.) M fg . C o ., South Bend. I n d .. and “ E . M . F . (automobile)
C o .” of D etroit, V . 9 2 , p . 5 34, 6 02; V . 9 8 , p. 8 34; V . 103, p. 1046. Plants
are located at South Bend, In d .; D etroit, M ic h ., and W alkerville, O nt.
The completion of the new automobile plant at South Bend begun In 1910 ,
and buildings erected since, gives the com pany a capacity o f 20 0 .0 0 0 auto­
mobiles per annum . Th e wagon business was sold to the K entucky W agon
M fg. C o. in 1920. V . 112, p . 477.
The In d u stria l A c cep ta n ce C o rp . has been organized to take over and
continue financing the sales of Studebaker automobiles from factory to
dealer and from dealer to Individual purchasers.
S T O C K .— A special surplus account, which on M ar. 31 1926 amounted to
1 5 ,670,000, retires 3 % o f pref. stock yearly at not exceeding 125; the
amount issued, $ 1 3 ,5 0 0 ,0 0 0 , had in O ct. 1926 thus been reduced to
$ 7 ,5 0 0 ,0 0 0 . N o mortgage or preferred stock increase, except b y consent
o f at least 7 5 % o f each class. See V . 101, p. 1482: V . 102, p. 527, 8 94.
The stockholders on April 1 1924 changed the auth. common stock from
750.000 shares, par $100 (all outstanding) to 2 ,5 0 0 .0 0 0 shares of no par
value. O f the new stock, 1 ,875,000 shares were issued in exchange for the
old common stock, par $100, in the ratio o f 2 Y shares o f no par value stock
for each $100 share held. The remaining 62 5 ,0 0 0 shares will be held in
the treasury.
Voting rights o f the 7 % pref. stock will not be affected in any w ay b y
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 A shares and the
holders of less than 2 Yt shares of common stock shall not be entitled to vote.
D I V I D E N D S .—
1915.
1916.
1917.
1918.
1919.
1 9 2 0 -2 6 .
5
10
7
4
7
text
5n com m on______%
Sept. 1 1917 to Sept. 2 1919, 4 % annually ( 1 % Q .- M .) ; D ec. 1 T 9 , \ *A %
St 2 H extra. V . 109, p. 1800. M a r. 1 1920, l % % : M a y 5 1920, 33 1 - 3 % .
payable in common stock; June 1920 to June 1922, 1 M % quar. On Sept. 1
1922 paid 2
quar. and 1 Y % extra; D ec. 1 1922, 2 t $ % ; D ec. 29 1922
paid 2 5 % in com . stock. V . 115, p. 2592. M a r. 1 1923 to M a r. 1 1924
paid 2 Y % quar. June 2 1924 to Sept. 1 1925 paid $1 per share each quar.
on new stock o f no par value; D ec. 1 1925 paid $1 25 quar. and $1 extra;
M arch 1 1926 to D ec. 1 1926 paid $1 25 quar.
R E P O R T .— For 1925, in V . 122, p . 1303, showed:
1925.
1924.
1923.
1922.
Autom obiles sold_______
134,664
110,240
145,167
110,269
N e t sales________________$161 ,36 2,94 5$1 3 5 ,4 0 6 ,0 5 5 $ 1 6 6 ,1 5 3 ,6 8 3 $ 1 3 3 ,1 7 8 ,8 8 1
M f g ., & c., gen. exp ., &c_ 141,030 ,380 1 1 8,624 ,654 1 4 4 ,704 .833 112,1 1 0 ,1 8 3
Res. for depreciation___
1,794.802
1 ,3 9 2 ,8 0 9
1 ,1 4 1 ,0 4 5
1,024,741
N e t earnings on sa le s .$ 1 8 ,537,763 $ 1 5 ,3 8 8 ,5 9 2 $ 2 0 ,3 0 7 ,8 0 5 $ 2 0 ,0 4 3 ,9 5 7
C r$369,834 C r$606,936 C r$615,135
D ed uct— -Interest, net___ C r$491,480
1 ,984,557
2 ,5 7 2 .5 1 8
2 ,5 7 2 ,8 9 7
Fed. & Canadian t a x e s ._ 2 ,4 0 9 ,7 2 0
63 8 .7 5 0
6 7 3,750
59 5 ,0 0 0
Preferred dividends____
579,338
7 .5 0 0 ,0 0 0
6 ,0 0 0 ,0 0 0
7 ,5 0 0 ,0 0 0
Com m on dividends______ 9 ,8 4 3 ,7 5 0
Balance, surplus______$ 6 ,1 9 6 ,4 3 5
$ 5 ,6 7 8 ,8 6 9 $ 1 0 ,2 0 3 ,4 7 3 $ 1 1 ,4 1 2 ,4 4 5
R E P O R T .— For 9 m os. ended Sept. 30 1926, in V . 123, p . 2513 , showed1
— 3 M o s . E n d . Sept. 30---------9 M o s . E n d . Sept. 30—
1926.
1925.
1926.
1925.
N um ber o f cars sold____
31,228
39,5 7 4
90 ,6 2 8
111,545
N e t sales_________________ $ 3 9 ,903 ,832 $ 4 6 ,4 3 0 ,492 $ 1 1 5 ,7 4 4 ,4 39$ 133,000,256
C ost o f m fg ., selling and
_ „
— ------------ 4 0 ,9 0 8 ,3 3 0 102,351 .132 116,141 ,709
$5,52 2 ,1 6 2 $ 1 3,393 ,307 $ 1 6 ,858 ,546
$ 3 ,434,487
343,837
242.833
2 01.278
107,243
In t. received (less p a id ).
N e t profits____________ $ 3 ,541,730 $ 5 ,7 2 3 ,4 4 0 $13,636 ,140 $ 1 7 ,202 ,384
2 .0 4 5 ,1 5 8
1 ,832.015
688,263
U . S. & Can. inc. t a x e s ..
473.466
$ 3 ,068,264 $5,03 5 ,1 7 7 $11,804 ,125 $ 1 5 ,157 ,226
$435,225
$411,075
$144,113
D ed uct— Preferred d iv s.
$137,025
5 ,6 2 5 ,0 0 0
7,0 3 1 ,2 5 0
1 ,875.000
Com m on dividends___
2 .343,750
$ 4 ,361,800 $9,09 7 ,0 0 1
Balance, to surplus___
$587,489 $ 3 ,016,065
O F F IC E R S .— Chairm an, Frederick S. Fish; Pres., A . R . Erskine; T rea s.,
N . R . Feltes; Sec., A . G . Rum pf; G en. A u d ., H . E . D alton. O ffice, South
Bend, In d .— (V . 123, p. 2513.)
S T U T Z M O T O R C A R C O . O F A M E R IC A , I N C .— O R G A N I Z A T I O 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 of the Stutz M otor Oar
C o. of In d ., manufacturing motor cars at Its plant in Indianapolis.
C A P I T A L S T O C K .— Th e auth. capital stock was increased in M a y 1920
from 120.000 shares to 2 0 0 .0 0 0 shares, and in N o v . 1922 to 2 6 3 .0 0 0 shares.
D I V I D E N D S .— A n Initial dividend of $1 25 was p a id O ct 2 1916 a n d
paid the same rate to Jan. 1 1920. In Apr. 1920 p a id $1 25 in cash and
one-fifth of a share in stock, On June 29 1920 paid a 60 2 -3 % stock d lv .
In July and O ct. 1920 and Jan. 1921, paid $1 25 in cash. N one since.
B O N D S .— 7 Y % debenture bonds, maturing O ct. 1 1937, are convertible
into stock on the basis of 33 shares o f stock for each $ 1 ,0 0 0 bond held.
They are redeemable at 107 Y and Int. until O ct. 1 1927 and therearcer
at 105 and int. V . 116, p . 188.
R E P O R T .— For 1925, in V . 122, p . 3355 , showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
$ 2 ,3 4 7 ,8 8 7 $ 4 ,2 9 7 ,1 3 4 $ 2 ,737,218
N e t sales___________ $2,42 0 ,3 3 7
Cost o f m anu facture.___ 3 ,1 2 0 ,4 2 5
2 ,4 4 7 ,9 0 7
3 ,7 7 9 ,7 9 3
2 ,724,836
Selling & general expense
4 4 5,188
31 2 .2 4 4
4 5 7 ,3 5 4
297,348
N e t earnings_ d e f$ l,1 4 5 ,2 7 6
_
Other incom e_____
12,085

d ef$412,264
24 ,1 0 4

N et profit___________d e f$ l,1 3 3 ,1 9 1 d ef$388,160
Interest, & c., deductions
2 79,949
128,910
Inv.losses, bad debts, &c,
--------------------N e t loss from branch o p .
247,245
498

sur$59,986 def$284,966
14,164
6,002
sur$74,150 def$278,964
114,685
383,415

Balance, deficit_______ y $ l ,660,385
Previous surplus________
4 ,001,359

_ $5 1 7 ,*6 7
4,531,441

$40,535
4 ,1 2 2 ,3 9 5

$662,378
4 ,777,704

T o t a l . ............................. $ 2 ,340,974
Adjustm ents_____________
_______
Organ’n exp. charged o ff D r .63,353
Capital stock sold_______
_______

$4,013,874

$4 ,0 8 1 ,8 6 0
D r . 224

4,115,326
C r. 7,069

D r . 12,516
x C r .449,805

Profit and loss surplus $2,277,621 $4 ,0 0 1 ,3 5 9 $4,531,441
$4,122,395
x Excess o f sales price over declared book value o f $5 per share, y Extra­
ordinary charges o f $1,10 0 ,3 1 8 were made against 1925 operations for
expense o f new car introduced in 1926 and inventory adjustm ents, losses on
old purchase com m itm ents, and provision for losses to be sustained in
$145,369
3 ,1 7 4 ,8 3 4 ‘ liquidating branches.

Nov., 1926.]

D a te
Bonds

M IS C E L L A N E O U S C O M P A N I E S
[F or abbreviations, A c . , see n otes on page 8.]

S u p e rio r O il C o rp .— Stock 2.500,000 shares auth___________
1st m ortgage s f g bonds red 105 (see tex t)______________C e.

1924

S u p e rio r Steel C orp— Com m on stock $11,500 ,000 au th___

First m ortgage s f bonds red 105_____________ U Pi.kxxxc*
Sweet* C o o f Am erica (T h e )— Stock auth $5,000,000______
Swift & C o— Stock auth $150.000,000_______________________
l»t M gold a f red 10214______________________F C .x c’ &r*
10-year sinking fund gold notes red . (text)____ IC .x x x c * ,S w ift I n te r n a tio n a l (C om p S w ift I n t e r n a c io n a l)— Stock
S y m in g to n C o (T h e )— Com m on stock 300,000 shares auth
Class A stock $2 cum red $32.50 200,000 shares auth______

1923
1914
1922

Par
Value

SU N O IL C O .— (V . 123, p . 2667 .)
S U P E R IO R O IL C O R P O R A T I O N .— Incorp. in Delaware on O ct. 25
1917. Holdings aggregate nearly 29 ,0 0 0 acres, o f which 2 0 ,0 2 8 acres are in
Kentucky.
D IV S .— The M a r. 1921 div. was om itted; no paym ents since. Paym ents
had previously been m ade at the rate o f $2 per annum (Q M . 5 0 c .).—
V . I l l , p . 2146; V . 112, p . 660.
B O N D S .— The 1st m tge. 7 % gold bonds have a sinking fund o f $200,000
annually and have attached (a) a detachable stock option warrant entitling
the bearer o f each such warrant to purchase from the corp. its common stock
at the rate of 200 shares for each $1.000 of bonds; at $4 per share on or be­
fore Feb. 14 1926: at $5 per share from Feb. 15 1926 up to but not after
Feb. 14 1927; at $6 per share from Feb. 15 1927 up to but not after Feb. 14
1928; at $7 per share from Feb. 15 1928 up to and incl. Feb. 15 1929; and (&) a
detachable stock option warrant entitling the bearer o f each such warrant to
purchase from the corp. its common stock at the rate of 100 shares for each
$ 1,000 o f bonds, at $3 per share on or before Aug. 15 1924. Paym ent o f the
purchase price o f the stock upon exercise of any such stock option warrants
m ay be made at the option o f the respective holders thereof either in cash or
in bonds at their face am ount, with cash adjustment o f interest on the
bonds. V . 118, p. 805.
R E P O R T .— For 1925, in V . 122, p . 2814, showed:
Calendar Y ea rs—
1925.
Gross incom e______________$ 1 ,291,317
Operating expenses, & c .
6 2 7,737
Abandoned leases & un­
proven acreage written
o ff______________________
226,640
G en. & admin, expenses.
192,978
D epletion------------------------47 8 ,4 0 4
Depreciation-------------------5 0 3,419
$737 ,86 2

1924.
$ 1 ,375,799
334,218

1923.
$1,35 9 ,1 4 6
548,163

1922.
$ 1 ,869,398
684,371

_______
215,296
606,688
569,628

_______
213,111
813,996
475,739

_______
194,371
1 ,138,530
606,477

$691,863

$754 ,35 2

$ 350 ,03 2

For the 9 months ended Sept. 30 1926 the gross income amounted to
$ 1 ,070,336, compared with $ 1 ,0 2 3 ,6 6 8 for the first 9 months o f 1925. The
net loss, after all charges, depletion and depreciation, for the first 9 months
o f 1926 amounted to $ 3 10 ,82 1, against $411,950 for the like period o f 1925,
O F F IC E R S .— -Pres., H . G . D avies; T reas., G . C . Harned; Sec., E . J.
H enry. M ain office, Lexington, K y .— (V . 123, p. 2667.)
S U P E R IO R S T E E L C O R P .— O R G A N I Z A T I O N .— Incorp. In Va
D ec. 22 1916 to acquire all outstanding stock o f Superior Steel C o . of C ar­
negie, Pa. Manufactures hot and cold-rolled strip steel, which is used in
making pressed steel parts, replacing castings and machine parts for auto­
mobiles, furniture, buildings, &c.
The official statem ent made to the N ew York Stock Exchange in connec­
tion with the listing of the preferred and common stocks, was in V . 104
p . 1904, giving full particulars regarding the com pany’s properties, &c.
S T O C K .— Th e entire outstanding 1st and 2d pref. stock was redeemed
on Feb. 15 1924 at 115 and divs. V . 117, p . 2662.
D I V I D E N D S .— On co m .. N o . 1. 1 1 4 % on N o v . 1 1917: Feb 1918 to
M a y 1919 paid 1 14 % quar : A u g. and N o v . 1919 paid % % ; F eb. 1920, x i %
/
and A$% extra: M a y 1920 to M a y 1921. 1 14% quar.: Aug. 1921. *4 %
then none until M a y 1 1924, when % % quar. was paid: Aug. 1 1924 to
F eb. 2 1925 paid $4 % quar.; then none until June 1 1926 when 50 cents
per share was paid; same amount paid Sept. 1 and D ec. 1 1926.
B O N D S .— Th e 1st m tge. bonds have a sinking fund of $150 ,00 0 per
annum, commencing O ct. 15 1924, to be used to purchase bonds upon tender
during each O ct. 15 to N o v . 15 at less than 105 and int. V . 117, p. 2899 .
R E P O R T .— For 1925, in V . 122, p . 1624, showed:
Calendar Y ea rs—
1925.
1924.
1923.
Gross sales------------------------- $6 ,1 6 0 ,5 9 2 $5,626,752 $8,749,442
N et income--------------------x l4 0 ,9 1 1
52,096
904,566
Federal taxes____________
See “ x ”
42,435
169,687
Sinking fund____________
_______
_______
165,000
Other charges----------------3 5 ,2 7 0
71,509
Dividends________________
_______
300,000
196,404
Surplus____
Total surplus.

$105,641 d ef$361,848
6 3 7,608
531,967

$373,475
803,010

1922.
$6,248,551
572,642
56,780
165,000
267', 594
$83,268
361,852

x Includes taxes, provision for uncollectible accounts, inventory adjust­
m ent, &c.
— • Q uarters Ended—
—
— • 9 M onths Ended— •
—
—
P eriod—
Sept. 3 0 ’26. Sept. 3 0 ’25. Sept. 30 ’26. Sept. 30 ’25.
N e t sales, less discounts. $1,527,411
$1,397,855 $5,54 9 ,7 1 8 $4,126,472
M fg . costs, selling, adm.
and general expenses
1 ,393,975
1,245,594
4 ,9 9 2 ,1 3 5
3 ,843,028
^ Balance-------------- ---------Other incom e-------------------

$133,436
21 ,5 2 5

$152,261
17,563

$577,583
62,127

$283,444
52,210

T otal income_________
R es. for F e d ., & c., taxes,
int. am ortiz,., & c_____
Dividends________________

$154,961

$169,824

$619 ,71 0

$335,654

$101,991
50,000

$105,844
_______

$343,345

$321,692

$ 2,970

$63,980

$176 ,36 5

$13,962

Balance.

100,000

______

O F F IC E R S .— Chairman, James H . H am m ond; Pres., R . Edson Em ery;
V .- P ., Frank R . Frost; Sec. & T reas., C . D . Claney; Asst. Sec. & Asst.
T reas., D onald M . Liddell. Office, Pittsburgh, P a .— (V . 123, p . 2 4 0 5 .)
„ S W E E T S C O . O F A M E R IC A , IN C . (T H E ) — O R G A N I Z A T I O N .—
Incorporated in Virginia July 1919 and acquired entire outstanding capital
stock of the Sweets C o . o f America, In c ., Including the capital stock of the
Lance C ough D rop C o ., Inc. Products, Tootsie Rolls, N u t 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 . C ity . V . 109, p . 379. Has made arrangements with Metropolitan
Tobacco C o ., N ew Jersey Tobacco C o ., Union New s C o ., United Cigar
Stores C o ., and other large chain stores for the distribution o f its products.
S T O C K .— Th e stockholders voted D ec. 5 1924 to change the capital
stock from 5 00,006 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.




Am ount
Outstanding

None
$100 &c
100
1,000
50
100
500 &c
100 &c
15
None
None

O F F IC E R S .— Chairman, B . V . R . Thayer; P res., Frederick E . M oskovics; V .-P . & Sec., W illard A . M itchell; V .-P ., Gordon Peach; V .-P . Edgar
S . Gorrell; T reas., Anthony F . Cassidy. O ffice, 141 Broadw ay, New
York.*— (V . 123, p . 94.)

N e t loss_______________

239

INDUSTRIAL STOCKS AND BONDS
Hate
%

1102,238shs See text
$568,200
7 g
10.000.000 See text
6
2.4 5 9 .0 0 0
5.0 0 0
000
8
150.000,000
5 g
25 ,5 8 6 ,1 0 0
4 8 .000,000
5 g
l,50 0,0 00sh See text
3 00.000 shs.
200.000 shs.
$2

W hen
Payable

L a st D ivid en d
and M a tu rity

Places W h ere In terest a n d
D ivid en d s are Payable

Dec 20 1920 50c Checks mailed.
& A Feb 15 1929
Q— M D ec 1 1926 50c
Union Trust C o , Pittsb
J
& D D ec 15 1938
F

Q— J
J ft
J
A f t O 15
F ft A
Q— J

O ct
July
Oct
Aug

1 1926 2 %
1 1944
15 1932
15 ’26 4 %

Yew York and Chicago
Am Ex N R k. N Y ft PC
Am E x N B k , N Y ft IC
Checks mailed

Jan 2 1927 50c

R E P O R T — For 1925, in V . 122, p . 1779, showed:
Calendar Y ea rs—
1925.
1924.
1923.
N et sales__________________$ 1 ,5 3 5 ,7 5 0 $ 1 ,781,890 $ 1 ,697,193
N e tp r o fit________________
10,824
3 5,983
106,113
Other income____________
33,481
34.617
21,783
D eprec., Federal tax, &c
6 9,207
59 ,8 9 5
66,212

1922.
$1,341,041
8 3,164
16,049
9 3,134

Balance, surplus______d ef$24,902
$10,704
$61,684
$6,0 7 9
O F F IC E R S .— Chairman, Lewis L . Clarke; Pres., R ay L . Skofield; V .-P ,
& T reas., E . Stanley Clarke: V .-P . & Gen. M g r ., Henry A . Fehn. Office
414 W est 45th S t., N ew Y o rk .— -(V. 123, p . 2275.)
S W I F T & C O .— O R G A N I Z A T I O N .— Incorp. In Illinois April 1 1885.
V. 9 5 , p . 1547. Com pany owns and operates 27 packing plants, the prin­
cipal ones being located at Chicago, Kansas C ity . South Om aha, South
St. Joseph, East St. Louis, South St. Paul, Fort W orth, and Denver; and
over 50 plants for the manufacture of creamery butter and the collection of
poultry and eggs for sale through its distributing agences. Branch houses
and sales agencies number over 500 and serve practically every important city
in the world. Owns and operates over 7.0 0 0 refrigerator cars essential to
Its business. V . 9 5 . p . 5 47, 1547: V 96, p. 1133; V . 101, p . 698; V . 108. p .
888. Canadian C o .. V . 105, p. 1809, 1198.
In A ug. 1918 the South American and Australian properties were organiced as Companla Sw ift Internacional Ltd. under the laws o f the Argen­
tine Republic, with a stock of $ 2 2 ,500 ,000 Argentine gold, divided Into
1.500.000 shares of $15 each, all one class, fully paid and non-assessable, all
outstanding. Each stockholder of Swift ft C o. of record Aug. 31 1918
was given until O ct. 15 the opportunity of exchanging 1 5 % of his holding*
In Swift ft C o. at par for equivalent amount o f capital stock In Interna­
tional at par, evidenced by the First Trust of Chicago certificates o f de­
posit. The company by thus exchanging $22,5 0 0 ,0 0 0 of stocks In foreign
rabsldiarles for equal amount of stock o f Swift ft Co.obtalned the latter as a
quick asset, since sold (see below) for requirements o f business. V . 107,
p. 701. 910.
Dividends paid by Swift International: N o . 1. Feb. 20 1919, 8 % ; then to
Feb. 21 1922, 8 % semi-annually; A u g. 15 1922 to A u g. 15 1925, 6 % semlan n.; Feb. id and A u g . 15 1926, 4 % sem i-ann. Swift International ann.
report for 1925 in V . 122, p. 1928.
The aforesaid exchange in O ct. 1918 had reduced the outstanding capital
ftock to $127 ,50 0,00 0 when the holders of record O ct. 26 were offered
until and lncl. N o v . 30 the further option of exchanging one-tenth of their
($100) shares for an equal par value in the $10 shares of the $12,750 ,000
stock of Libby. M cN eill ft Libby (canners). held In Swift ft C o . s treasury.
This further reduced the stock to about $ 1 1 4 ,75 0,00 0. The $ 3 5 ,250 ,000
treasury stock was offered at par to shareholders and employees In M a y
1919. V . 108, p. 2130 , 688.
In A ug. 1919 the National Leather C o . was Incorporated In M aine with
$ 3 0 ,000 ,600 o f authorized capital stock In shares of $10 each, to take over
the com pany’s tanning and leather Interests, &c. Swift shareholders of
record Sept. 10 1919 were allowed to subscribe at par In cash for two of the
$10 shares for each $100 share held In Swift ft C o . V . 109, p . 7 82. For
N a t. Leather C o. refinancing plan, compare V . 113. p. 2191 .
Packers’ consent decree suspended— See Armour & C o . above
D I V I D E N D S .— 1888 to 1894 lnci., 8 % ; 1895 to July 1898 ln cl., 6 % .
O ct. 1898 to July 1915, 7 % : O ct. 1915 to and incl. O ct. I 1926. 8 % p . a ..
(2 % Q .-J .)
On O ct. 20 1917 paid 2 % extra.
On N o v . 25 1916 there was paid to shareholders of record O ct. 16 1916 a
cash dividend of 33 1 -3 % In order to distribute $ 2 5 ,0 0 0 ,0 0 0 of accumulated
earn tags.
On July 15 1918 a stock dividend of 2 5 % was paid out of adjusted
values of fixed assets as reappraised to values current Jan. 1 1914.
V . 106, p. 2127. Appraised value o f physical properties N o v 2 1918.
V. 108. D .689.
B O N D S .— The 1st 5s, dated July 1 1914 ($ 5 0 ,0 0 0 ,0 0 0 auth. issue),
are secured by all property, plants and branch houses and further by
the pledge of stocks o f subsidiary companies representing an Investment by
the com pany of over $15,0 0 0 ,0 0 0 . V . 98, p. 160, 242, 392, 528; V . 99, p.
1678, 1515; V 100, p . 2 92, 560. 647. O f the $50,0 0 0 ,0 0 0 1st M tge. 5s on
N o v . 1 1926 there had been Issued and retired by s. f. $7,784,000; $ 2 5 ,5 8 6 ,000 were outstanding, $ 1 ,6 3 0 ,0 0 0 were reserved for corporate purposes and
the remaining $15,OO0,O0O m ay be Issued only for 7 5 % 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.
N O T E S .— The 10-year 5 % sinking fund gold notes o f 1922 are redeemable
all or part on paym ent o f a premium of 2 >4 % if redeemed during 1923, such
premium decreasing K o f 1 % each succeeding year thereafter.
P ro visio n s.— (1) C om pany 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) W hile 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 com pany, this provision, however, shall not prevent the emission
of the authorized and unissued 1st M . 5 % bonds and the execution o f such
supplemental mortgages as m ay be required under the terms o f 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 of 114 times all Its
current liabilities, plus the outstanding notes of this issue.
Proceeds were used in retiring $ 4 0 ,0 0 0 ,0 0 0 7 % gold notes, due O ct. 15
1925 (called for paym ent O ct. 15 1922 at 101 M and int.) and $ 2 5 ,6 0 0 ,0 0 0
7 % gold notes, due A u g. 15 1931 (called for paym ent F eb. 15 1923 at
10214 and i n t .) . V . 115. p . 1332
R E P O R T .— For year ending O ct. 31 1925, in V . 122, p . 743, showed:
Oct. 31 '2 5 . N ov. 1 ’24. N o v . 3 '23. N o v . 4 ’22
F isca l Y ea rs E n d in g —
$
$
$
$
Business done___________ 8 7 5 ,0 0 0 ,0 0 0 775.0 0 0 ,0 0 0 7 5 0 ,0 0 0 ,0 0 0 650,0 0 0 ,0 0 0
aN et earnings_______ . . . 15,379,152 14,125,988 1 3 ,184,619 13,049,217
Cash dividends ( 8 % ) - . . 1 2 ,000,000 12,000,000 1 2 ,000,000 12,000,000
Balance, surplus______ 3,3 7 9 .1 5 2
2 ,1 2 5 ,9 8 8 ' 1 ,184,619
1 ,049,217
Profit and loss, surplus. _ 69,47 8 ,9 6 7 6 6 ,099,815 63 ,9 7 3 ,8 2 7 6 2 ,7 8 9 ,2 0 8
a After interest and depreciation.
O F F IC E R S .— Pres., Louis F . Swift; Treas., L . A . Carton; Sec., C . A
Peacock. Office, Chicago.— (V . 123, p . 726.)
S W I F T I N T E R N A T IO N A L (C o m p a n la S w ift I n t e r n a c io n a l).— See
8wift ft C o . above.
S Y M I N G T O N C O . ( T H E .) — Incorp. under laws o f M aryland on D ec. 2
1924 to acquire the business o f the T . II. Symington C o. o f Delaware. Also
owns about 9 0 % o f the common stock o f Gould Coupler C o. The company
manufactures standard railway equipment, including journal boxes, draft
gear attachments, center bearings, side bearings and miscellaneous devices
for cars and locom otives, and also malleable iron castings for railway equip­
ment and other purposes. Plant is located at Rochester, N . Y .
S T O C K .— The Class A shares are entitled to $2 cum ulative annual divs.
from date o f 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 o f $32 50 per share and accrued dividend.
D I V I D E N D S .— A n Initial dividend o f 58c. per share on the Class A stock
was paid April 1 1925; July 1 1925 to Jan. 2 1927 paid 50c. quar.

240

[V ol. 123.

INDUSTRIAL STOCKS AND BONDS
D a le
Bonds

M I S C E L L A N E O U S S E C U R IT IE S
F or abb revia tion s, & c ., see notes on pa ge 6]

T e la u to g r a p h C orp— Com m on stock 207,500 shares a u t h ..
Pref fa & d) stock 7 % cum red (text) $750,006 auth______
T e n n e sse e C o p p e r & C h em C orp— Stock 890,000 shs auth_
Convert deb gold bonds series A red (text
__xxxc*
T e x a s C o m p a n y (T h e )— -Stock $164 ,4 5 0 ,0 0 0 auth _
T exas C o rp o r a tio n (T h e )— See text

Par
Value

$3 3 ,7 4 5
15,000

$ 2,445
987

Rate
%

W h en
P ayable

Last D ivid en d
and M a tu r ity

192.000 shs
M & N N o v 1 ’26
7
Oct 11 1926
$750,000
Q— J
794,616 shs See text Q -M 1 5 D ec 15 '26
100 &c $1,600,000
A & O Oct 1 1941
6 g
12
Q -M 31 Sept 30 ’26
25 164.450 .000
$100

1926

R E P O R T .— For calendar year 1925, showed: Gross m fg. profit, $ 1 ,2 7 6 ,149; operating profit, $ 6 15 ,36 0; other income, $29,859; interest, discount,
& c., $90,874 ; Federal taxes (est.), $69,3 0 0 ; net profit, $ 4 85 ,04 5.
— 3 M o s . E n d . Sept. 30— • — 9 M o s . E n d . Sept. 30—
1926.
1925.
1926.
1925.
a Operating profit_______
$2 5 ,4 0 0
loss$6,465
$ 4 7 0 ,9 3 4
$498,779
Other income____________
8 ,3 4 5
8,9 1 0
19,527
21,514
Total incom e__________
Interest charges_________

Am oun t
O utstanding

$490,461
127,422

$520,293
97,878

N et p rofit____ . . . _____
$ 1 8,745
$ 1,458
$363 ,33 9
$422,415
a A fter depreciation, general expenses, Federal and State taxes.
O F F IC E R S .— Pres., C . J. Symington; 1st V .-P ., Donald Symington;
V .- P ., D onald S. Barrows, Le R oy Kram er and J. A . Sauer; Sec. & Treas,.
P . P. M eade; Asst. Sec.-T reas., P . J. Linnekin. Office, Rochester, N . Y .
— (V . 123, p . 2405.)
T E L A U T O G R A P H C O R P O R A T I O N .— Incorp. under laws o f Virginia
on N o v . 26 1915. Business is the manufacturing and leasing o f mechanical
machinery and devices by which, in the operation of w hat is known as the
telautograph system , lines or characters drawn or written at one place are
simultaneously reproduced in fac-simile b y another.
The corporation reported that Telautograph instruments in service D ec 31
1925 totaled 11,627. Annual rentals based on machines in service D ec. 31
1925 amounted to $ 6 4 0 ,3 9 0 .
S T O C K .— The preferred stock is redeemable after three years from date
of issue at 105.
D I V I D E N D S .— A n initial semi-annual dividend of 3 H % was paid on the
preferred stock July 10 1924; O ct. 10 1924 to O ct. 11 1926 paid 1 % % quar.
On common stock, paid initial dividend o f 25 cents per share on M a y 1 1925
same amount paid N o v . 2 1925. On M a y 1 and N o v . 1 1926 paid 30 cents
per share.
R E P O R T .— For calendar years:
Calendar Y ears—
R entals_________________________________
Paper sales_____________________________
Miscellaneous income_________________

1925.
$584 ,93 5
5,116
9,741

1924.
$518 ,97 6
5,589
9,721

1923.
$453 ,43 2
5,716
10,508

Total income________________________
Expenses— A d m in istra tion ___________
S e llin g _______________________________
In sta lla tio n _________________________
M ain ten a n ce________________________
Engineering_________________________
D ep recia tion ________________________
Experim ental________________________
L egal_________________________________
S p e c ia l______________________________
Miscellaneous taxes_________________
Interest______________________________

$599 ,79 2
$40,076
89,876
33,517
138,889
15,316
91,377
6,982
1,880
3 ,629
6,576
_______

$534 ,28 6
$3 9 ,3 2 5
75,891
30,2 9 6
132,681
15,463
89,963
9,1 9 8
4 ,2 4 5
9 ,5 7 4
3,3 4 3
3,1 2 0

$469,656
$38,225
72,067
2 8,267
115,179
14,423
81,286
7,634
2,174
3,2 8 8
3,701
27,192

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

30c
IV i
25c

C o ’s office, 61 B w a y, N Y
3 % Checks mailed

One share of stock for each $20 o f principal am ount of the next $600,000
aggregate principal amount of bonds deposited for conversion.
A ll or any of the series A bonds are redeemable on any interest date.
I f the redemption occurs on or before O ct. 1 1931, the redem ptionfprice
will be 105, in the case of bonds redeemed thereafter, the premium o f 5 %
shall be reduced annually by
o f 1 % o f the principal amount o f such
bonds in each calendar year after the year 1931, the interest due upon the
redemption date to he paid in all cases.
A sinking fund sufficient to retire at least 6 0 % o f the series A bonds
before m aturity will be provided. Com pany will agree to make no mortgage
on its assets, nor permit any subsidiary to make any mortgage on its assets
(except, in either case, purchase money mortgages) unless these bonds shall
share in such security equally and ratably w ith the other indebtedness
thereby to be secured.
The $1 ,6 0 0 .0 0 0 o f series A bonds were offered to the stockholders o f record
on A u g. 31 1926 for subscription at par in the proportion of $100 o f bonds
for each 50 shares of stock then held.
The remaining $ 1 ,400,000 bonds o f the $ 3 ,0 0 0 ,0 0 0 authorized am ount,
if issued, are to be convertible at such rate or rates as m ay be determined
by the directors when such additional bonds are issued, but not more
favorable to the holders of such bonds than the then existing rate for the
conversion o f the series A bonds.— (V . 123, p . 991, 1888.)
R E P O R T .— For 1925 showed:
Including Tennessee Copper C o ., Southern Agricultural Chemical C orp.
and Southern Agricultural Tank Line.l
Calendar Y ea rs—
1925.
1924.
1923.
1922.
Sales______________________$8 ,2 4 2 ,7 9 0 $6 ,4 3 1 ,5 5 8 $5,947,651 $ 3 ,948,886
Miscellaneous income___
443,732
3 27,515
347,052
398,109
Gross incom e___________ $ 8 ,686,523
Operating expenses______ 7 ,169,356
Miscellaneous expenses.
303,801
Bond interest____________
53,789
D epreciation____________
339,328
D iv id e n d s _______________
402,349

$6,759,073
5 ,979,687
2 3 7,424
42 ,8 6 0
385,752
203,873

$6,29 4 ,7 0 3
4 ,931,007
234,456
53,315
298,780
607,946

$ 4 ,346,995
3 ,414,705
225,243
60,865
308,761

Balance, surplus______
$417 ,89 8 def$90,523
$169 ,19 8
$337,421
Total profit & loss surp_ $ 1 ,9 1 9 ,4 2 5 $ 1 ,470,536 $1,56 1 ,0 5 8 $ 1 ,505,726
O F F IC E R S .— Adolph Lewisohn, Pres.; Sam A . Lewisohn, V .- P .; E .1 1 .
W estlake, V .-P . and T reas.; Frederick G . Fischer, Sec. N . Y . office,
61 Broadw ay.— (V . 123, p. 2275.)

T E X A S C O M P A N Y (T H E ).— O R G A N I Z A T I O N .— Incorp. in Texas
April 7 1902 and is engaged in the production, refining and distribution o f
petroleum and its products
Owns and leases properties in Texas, L a .,
O kla., K a n ., Ark. and W y o . Also controls pipe lines reaching T exas,
Oklahoma and Louisiana oil fields, and owns 7 refineries, 4 asphalt plants
and 3 topping plants Combined capacity 135.000 hbls. daily' located in
Port Arthur and Port Neches, Texas, Tulsa, O kla., Lockport, 111., Casper,
W y o ., C raig, C olo ., Ardis, L a ., N orfolk, V a ., M arcus H ook, P a ., Provi­
dence, R . I ., also roofing plant, case and can factory, 2 barrel factories,
shook m ill, fullers earth plant, 24 tank steamers and motor vessels, 4 tugs,
4 ocean barges, and 1,600 sales stations in U . S. The Freeport Sulphur C o.
has taken over the sulphur lease of the Texas C o. at Hoskins M ou n d in
Brazoria C ounty, Texas.
Profits before Federal taxes______
$171,675
$121 ,18 5
$76,220
The $14,000 ,000 stock o f the Texas Pipe Line C o . and the $6 ,0 0 0 ,0 0 0
Federal taxes paid or accrued__________
2 1,459
15,023
9,419
stock o f the Texas Pipe Line C o. o f Oklahoma is all owned (V . 106, P- 186).
Preferred dividends____________________
52,5 0 0
5 2 ,9 2 0
_____
These companies took title to the Texas C o .’s pipe lines, now totaling
C om m on dividends____________________
96,000
_______
_______
2,282 miles, exclusive of gathering lines, in Texas, Louisiana and Arkansas,
and 648 miles, exclusive of gathering lines, in Oklahoma, respectively.
N e t profit____________________________
$1,715
$ 5 3,242
$66,800
In O ct. 1918 the Texas Pipe Line C o. had completed the 8-lnch oil blpe
— Q uar. E n d . Sept. 30— — 9 M o s . E n d . Sept. 30—
line from Fort W orth , T e x ., to Its producing properties near Ranger, T e x .,
1926.
1925.
1926.
1925.
about 100 miles. Extensions. V 107 p. 1389; V . 106, p. 1692.
Gross incom e____________
$177,914
$150,847
$512 ,90 8
$440,183
In July 1920 sold control of the Central Petroleum C o . to the Union
Adm inistrative expense.
11,013
9,7 8 6
3 2,689
29,980
Oil C o of Delaware. V . I l l , p. 385. 600.
Selling expenses_________
19,823
19,024
6 6.847
58.181
Texas Production C o ., a subsidiary, was organized in Aug. 1922. V . 115,
Installation expenses___
8,813
8,506
2 5,096
23,990
p. 1108.
M aintenance ex p en ses..
38,881
3 4,972
114,339
102,123
Texas Petroleum C o ., an exploration and producing subsidiary, was
3,853
3 ,9 5 6
11,338
11,647
Engineering expenses___
incorporated in N ew Jersey on Jan. 6 1925 w ith an authorized capital o f
D epreciation-------------------26 ,5 5 8
23 ,2 3 4
77 ,4 0 8
67,121
$1 ,0 0 0 ,0 0 0 , to operate in South America.
Miscellaneous expenses.
1,824
1,491
4 ,8 4 8
5,625
G ovt, suit, V. 122, p. 1467, 2668.
Interest and taxes, other
S T O C K .— For changes In capitalization prior to 1920, see “ Railway Sc
th a n F e d e r a l__________
2 ,1 7 3
1,6 2 5
6 ,9 8 2
4 ,3 5 0
Industrial” Section for N o v . 1920.
F e d ’l taxes (estim ated).
8,772
6,032
23,4 0 4
17,146
The stockholders on N o v . 18 1920 ratified an Increase In the capital stock
from $130 ,0 0 0 ,0 0 0 to $ 1 4 3 ,0 0 0 ,0 0 0 , to provide for the paym ent o f a 1 0 %
N et p ro fit-------------------$56,203
$42,221
$149 ,95 8
$120 ,02 0
stock dividend payable M arch 31 1921 to holders of record D ec. 10 1920 . A
O F F IC E R S .— Pres., C . H . George; V .- P ., J. V . M itchell; Sec. & T reas.,
further Increase to $164 ,4 5 0 ,0 0 0 was ratified on M arch 31 1921. V . 112,
W . H . N ash . Office, 16 W est 61st S t., N ew Y o rk .— (V . 123, p. 2 405 .)
p. 1406. The additional stock was offered at par ($25) to stockholders o f
record April ° 9 1921 on the basis of 1 5 % of holdings. V . 112. p 1626.
T E N N E S S E E C O P P E R A N D C H E M IC A L C O R P — O R G A N I Z A T I O N
In June 1926 acquired the assets o f the Southwestern Petroleum C o .
— Incorp. in N . Y . O ct. 14 1916. Organized as a holding com pany (pe1
In A u g. 1926, the Texas Corporation offered to exchange its stock for
plan in V . 103. p . 1512), with power also to do a mining and chemical busi­
stock o f this company on a share for share basis. See statem ent, o f the
ness. Owns 194,436 shares o f the 200,000 shares o f stock o f the Ten­
Texas Corporation below.
nessee Copper C o . o f N . J ., whose properties include: 3 copper mines,
D I V I D E N D S .—
1914-1919. 1920. 1921. 1922 -19 25.
railway, smelting works (5 blast furnaces, converters and flotation mills)
C a s h ______________________________________ 10 yearly 11 >£
12
12 yearly.
roasting and iron sintering equipment, sulphuric acid plants and copper
In s t o c k ______________________________________________ ____
10
_______
sulphate plant.
In 1919. with view to more profitable employment o f the unsold
Paid in 1926: M arch 31, 3 % , June 30, 3 % , Sept. 30, 3 % .
portion of its output of sulphuric acid (approximately 350,000 tons
of 60 degrees Baume per annum ), had out of the $ 5 ,000,000 pro­
R E P O R T .— For 1925, in V . 122, p. 1324, showed:
ceeds of the new stock Issue below mentioned bought a phosphate prop­
Calendar Y ears—
1925.
1924.
1923.
1922.
Gross earnings_________ $159 ,39 6,62 7$139,6 1 3 ,6 2 2 $ 1 1 8 ,4 2 2 ,3 6 7 $ 1 3 0 ,9 9 6 ,9 0 7
erty in Florida and in 1920 constructed a modern steel and concrete plant
at Atlan ta, G a .. for the manufacture o f Acid Phosphate and other fertili­
N et earnings____________ 70,003,803
50,54 8 ,5 6 8
3 0 ,875,791 5 0 ,4 2 0 ,0 0 5
zers. For this purpose the Southern Agricultural Chemical Corporation was
Deprec. & Fed. taxes___ 2 2 ,0 8 4 ,4 0 2
19,228,321 1 6 ,1 8 2 ,7 2 7 16,428,514
organized with a capital stock o f $1,0 0 0 ,0 0 0 . V . 108, p . 2439; V . 109, p.
Inventory adjustm ents. 8 ,3 1 4 ,3 2 2
4 ,8 6 1 ,9 7 2
6 ,4 9 5 ,4 8 2
7,4 0 2 ,5 1 8
279; V . 106, p . 9 34, 2 226 . It was announced in Jan. 1923 that a new acidu­
D iv id e n d s _______________ 19,734,000
1 9 ,734,000 19 ,7 3 4 ,0 0 0 1 9 ,734,000
lating plant at Cincinnati had been com pleted and was operating to
capacity. This plant was subsequently enlarged. V . 116, p . 1063. In
Balance to surp lus...$ 1 9 ,8 7 1 ,0 7 8 $ 6 ,724,275d f$11536 ,418 $ 6 ,854,972
A u g. 1920 the Southern Agricultural Tank Line was formed with a capital
Total prof. & loss su rp .$113 ,46 6,02 3 $95,2 0 1 ,7 0 9 $ 8 8 ,4 7 7 ,4 3 5 $94,476 ,397
of $ 1 ,000,000 (subsequently reduced to $ 7 0 0 ,0 0 0 ). V . 113, p. 1898.
O F F IC E R S .— Chairman, Am os L . Beaty; Pres., R . C . H olm es; V .-P s .,
The company in April 1926 acquired the plant and good will of the Calu­
T . J. D onoghue, G . L . N oble, W . W . Bruce, D . J. M oran , A sst. Sec., E . M .
met Fertilizer C o ., located at N ew Albany, Ind. A new corporation, the
Crone, T reas., C . E . W oodbridge. N . Y . office, 17 B attery Place.— -(V.
Calumet Fertilizer C orp ., has been formed to operate the plant as a sub­
123, p . 2533.)
sidiary of the Tennessee com pany.
T E X A S C O R P O R A T I O N (T H E ).— Incorp. under laws o f Delaware on
S T O C K .— The stockholders in O ct. 1926 increased the authorized capital
A u g. 26 1926 to function as a holding com pany to take over the stpck or
Stock from 800,000 shares to 89 0 ,0 0 0 shares.
holdings o f the Texas C o. (see statem ent o f latter com pany ab o v e).
D I V I D E N D S .— Initial dividend o f $1 paid in M a y 1918, then none until
S T O C K .— Authorized, $25 0 ,0 0 0 ,0 0 0 , par value, $ 25.
Stockholders o f
April 16 1923, when 25 cents was paid, same amount paid quar. to Jan. 15
the Texas C o . were offered stock o f the new corporation in exchange for
1924, then none until Sept. 15 192 j when 25 cents was paid, same amount
their holdings on a share for share basis. It was announced in O ct. 1926
paid quarterly to D ec. 15 1926.
that the plan o f exchange had become effective, more than 5 0 % o f the
B O N D S .— The 15-year 6 % convertible debenture gold bonds series A
outstanding shares o f the Texas C o ., the am ount necessary to make the
are convertible into common stock without nominal or par value at the plan effective, having been deposited.
rates fixed by the following schedule.
D I V S .— Upon the consummation o f the exchange, the new com pany,
One share o f stock for each $15 of principal amount o f the first $400,000
it is announced, will inaugurate a dividend rate corresponding to that o f
aggregate principal amount of bonds deposited for conversion. Cash
the Texas C o.
adjustment to be made for fractions o f shares.
One share o f stock for $17 50 of principal amount o f the next $600,000
O F F IC E R S .— Officers and directors o f the Texas C o . will become officers
aggregate principal amount of bonds deposited for conversion. Cash and directors o f the Texas C orp. See the Texas C o . above and V . 123,
adjustment to be made for fractions o f shares.
p . 1125. 2149, 2275.




Nov., 1926.]

INDTJSTKIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N I E S
[For abbreviations, & c ., see n otes on pa ge 8]

T e xas G u lf S u lp h u r C o— Stock 2 ,540,000 shares a u t h . ----Pacific Coal & Oil C o— Stock $10.0 0 0 .mm
—
T h o m p so n (Joh n R) C o— Com m on stock $ 6 ,0 0 0 ,0 0 0 auth__
T id e W a te r A sso cia ted O il C o .— See text- ------------------T id e
v i Com m on s.,ock 4.000,000 s h _______
Preferred stock 5 % cum . convert. red. (text)
- _ ..

D a te
Bonds

—

P ar
Value

None
$ o
25

A m ount
Outstanding

Rate
%

W hen
Payable

L a st D ividend
an d M a tu rity

See text See text Q— M 15 Dec 15 ’26
$1
$ t , 448,048 See t.exl
i une 30 ’93 2 \4
6,000,000 See text M th ly ." Dec 1 1926, 30c

241
Places W here In terest and
D ividends are Payable

-------------- --

None 2,138,373sh See text Q— M 31 Sept30'26 37 l^c
$100 $20,706 ,100
Q— F
N o v 15 ’26 \ M
5

T E X A S Q U L F S U L P H U R C O .— Incorp. under laws o f Texas o d Dec
23 1909. C om pany is engaged in the mining o f crude sulphur or brimstone
at G u lf in M atagorda C ounty. Texas, and In selling it In the United States
and other countries
Owns In fee over 2.956 acres of la nd at Gulf Texas
S T O C K .— The stockholders voted Sept. 9 1926 to change the authorized
capital stock from 635,000 shares o f $10 par value (all outstanding) to
2,540,000 shares o f no par value. It is proposed to issue four new no par
shares in exchange for each share now outstanding.
D I V I D E N D S .—
1921.
1922.
1923.
1924.
1925.
Regular_______________
50c.
$3 75
$5 75
$6 50
$7 50
E xtra_________________
50c.
1 25
50c.
1 00
1 25
Paid in 1926 :’ 'Mar. 15, $2 50: June 15, $2 50; Sept. 15, $3; D ec. 15,
$1 on new stock o f no par value.
R E P O R T .— For 1925, in V . 122, p. 603, showed:
1922.
1923.
1924.
1925.
9,074,877
1,814,976 $10,746 ,160
Gross incom e____________ $ 1 1 ,973 ,617
C ost o f sales, & c., exps.,
5,2 2 1 ,7 1 5
5,000,960
6 ,009,140
incl. Federal taxes. _ . 6,2 8 4 ,3 7 6

T I D E W A T E R A S S O C IA T E D O IL C O .— Incorp. under laws of D ela­
ware, M arch 6 1926, and offered to exchange its stock for stock of the Asso­
ciated Oil C o. and the Tide W ater Oil C o. (see separate statements for those
com panies). In July 1926 acquired the properties of the M cK ittrick Oil C o .
V . 123, p . 4 67, 1260.
S T O C K .— Blair & C o ., In c ., Brown Brothers & C o ., H ayden, Stone &
C o ., B lyth , W itter & C o ., M itchell, Hutchins & C o ., In c ., and Anglo
London Paris C o ., San Francisco in M arch 1926 offered at 9 7 H per share
$46,000 ,000 convertible 6 % cumulative preferred (a. & d.) stock.
Dividends payable Q .-J . Red. all or part at $105 and div.
Preferred stock is to be convertible at the option o f 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 o f $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.
C om pany has no mortgage or funded debt. Its approximate capitaliza­
$ 3 ,853,162
. $5,68 9 ,2 4 2 $4,814,017 $4,737,021
tion based on the acquisition b y the new company of 9 4 % o f Associated Oi
5,609,334
6 ,287,497
7,055,767
. 7,1 0 7 ,2 8 4
C o . stock and 7 8 % of Tide W ater Oil C o . common stock, and including
common stock sold or to be sold for cash is as follows:
.$12,7 9 6 ,5 2 6 $11,869,784 $ 1 1 ,024 ,517 $9,462,497
A u th orized . *Outs en d in g .
3 ,175,000
3 ,968,750
Dividends paid__________. 5 ,556,250
4,7 6 2 ,5 0 0
Convertible 6 % cum. pref. stock ($100 p a r ). .8 1 5 0 .0 0 0 ,0 0 0
$71,<1)8,200
Com m on stock (no par value)____________________ 1 0 ,0 0 0 ,OOOshs. 4 ,7 5 1 ,813shs.
Total su rp ., incl. depr.
*The outstanding shares would be further increased through the exchange
reserve_______
. $ 7 ,240,276 $7,107,284 $7,055,767 $6,287,497
’
of stock of Associated Oil C o . held by the depositaries and in process of
— Q u a r. End. Sept. 30— — 9 M o s . E n d. Sept. 30—
exchange under the offers.
1925.
1926.
1926.
1925.
There are outstanding $22,7 0 4 ,0 0 0 12-year 6 % notes of the Associated
$ 6 ,322,012 $ 4 ,174,225
. $ 2 ,531,469 $1,478,847
Oil C o . and about $ 20,70 1,100 5 % convertible preferred stock of the Tide
3 ,810,000
5 ,080,000
1,270,000
1,905,000
W ater Oil C o ., and in addition approximately $ 1 ,5 8 4 ,0 0 0 miscellaneous
purchase money obligations of the latter com pany.
Sufficient preferred
$364,225
Surplus__________
.
$626,469
$208,847 $ 1 ,242,012
stock of the new company has been authorized to provide for the retirement
Profit and loss surplus,
of the outstanding notes and preferred stock of both controlled companies.
$ 5 ,959,739 $ 8 ,482,287 $ 5 ,959,739
incl. reserve for depl’n $ 8 ,482,287
i
D I V I D E N D S .— On pref. paid initial div. o f 1 %
quar. on July 1 1926
same amount paid O ct. 1 1926. On com m on, paid initial div. o f 30 cent
O F F IC E R S .— P res., W alter H . Aldridge; V .-P res., Theodore Scin Ize;
Sec. & T reas., H enry F . J. Knobloch. M ain office. Bay C ity, T e x a -. per share on A u g. 2 1926, same amount paid N o v . 1 1926.
R E P O R T .— N et income for the quarter ended June 30 1926, after allow­
N ew Y o rk office, 41 East 42d S t.— (V . 123, p. 2 667 .)
ance for minority interest in subsidiaries, amounted to $ 4 ,553,110, before
T E X A S P A C I F I C C O A L A N D O IL C O .— Incorp. under laws o f Texas
allowing for preferred dividends and net income after allowance for such
in O ctober, 1888. Owns in fee 6 9 ,1 8 8 .4 7 acres and leases on 164,185 .15
dividends amounted to $3,471 ,1 1 0 .
acres. Also owns a net interest o f 2 4 ,6 0 3 .4 8 acres in leases held under
O F F IC E R S .— -Chairman, W illiam H um phrey, Pres., Axtell J. Byles,
joint operating agreements. In April 1918 name was changed from Texas
V .-P s ., Robert M cK elvey and E . L . Shea, Sec., Francis I . Fallon, Treas.,
Pacific Coal C o . to present title.
F . A . Marsellus.
S T O C K .— The stockholders voted April 16 1919 to increase the authorized
D IR E C T O R S .'— Henry W . de Forest, N ew York; W . F . H um phrey, Paul
capital stock from $5 ,0 0 0 ,0 0 0 to $ 6 ,0 0 0 ,0 0 0 , the new stock being offered at
Shoup, San Francisco; Robert M c K e lv y , Axtell J. Byles, E . L . Shea, New
par to shareholders of record M a y 1 1919. V . 108, p. 1615, 1516. The
York, and George W h ite, M arietta, Ohio.-— V . 123, p. 2668.
stockholders voted N o v . 11 1919 to subdivide the $100 shares into ten shares
T I D E W A T E R O IL C O .— O R G A N I Z A T I O N .— Incorp. in N . J. in
o f $10 each. V . 109, p. 1468, 1898.
N o v . 1888. Producing, transporting, refining and marketing crude oil
The stockholders on April 21 1920 anthorlzed an Increase in the capital
and products. Owns (1) through subsidiaries, producing properties in P a .,
stock from #« .060,000 to 8 1 0 ,0 0 0 ,0 0 0 par $10). O f the new stock, $2,0 0 0 .
W . V a ., Ohio, Illinois, O k la., K y ., K an. and Texas. (2) refinery at
000 was offered to stockholders o f record M a y 22 1920 at par. V . 110, p
Bayonne, N . J ., on N ew York Harbor (capacity 40 ,0 0 0 bbls. daily), with
2199
private docks to accommodate ocean-going steamers, and steel tanks
R E P O R T .— For 1925 showed:
aggregating capacity 4 ,0 0 0 ,0 0 0 bbls., (3) through a subsidiary, 833 miles of
Calendar Y ears—
1925.
1924.
1923.
1922.
trunk line extending from Bayonne through the Bradford oil regions of Penn­
Gross earnings____________ $5,64 1 ,3 7 4
$5,08 0 ,9 1 5 $ 5 ,6 2 5 ,3 0 6 $7,31 6 ,2 8 7
sylvania, to Stoy, 111., whence, via the Illinois pipe line and the Prairie
Operating profits_______ 2,8 3 1 ,9 6 0
2,4 4 7 ,4 4 7
2 ,9 2 6 ,0 2 8
4 ,421,811
pipe line, direct connection is had with the O k la., Kansas, and Texas fields,
Other income____________
536,706
6 0,554
79,707
2 9 6,156
(4) 887 miles of branch pipe line. M anufactures gasoline, kerosene, gas and
Depreciation, &c__________ 1,728,832 1,727,516
1 ,905,609
2 ,640,231
fuel oils, lubricating oils, wax, pitch, coke, cylinder oils and greases. The
R entals, interest, & c___
9 09,404
747,819
1 ,379,364
-------com pany is one of the largest producers of gasoline. See financial statement
D iv s. (cash and s t o c k )..
_______
_______
4 2 2 ,2 8 2
844,561
to N . Y . Stock Exchange in 1917 upon listing of stock, in V . 105, p . 79, 82,
730,430
3 2,665 def701,520
1 ,233,175
Surplus for year_________
1426, 2100, 2372. In April 1921 acquired control o f the Guffey-Gillespie
— Q uar. E n d . Sept. 30----------9 M o s . E n d . Sept. 30—
Oil C o . V . 112, p . 1985, 2762, V . 113, p . 301, 634. G ovt, suit, V . 118,
Period—
1926.
1925.
1926.
1925.
p . 3161.
G ross_____________________ $2,59 3 ,7 5 2
$1,7 2,252 $6 ,4 0 7 ,5 3 6 $ 4 ,633,757
Exchange o f Stock.— The Tide W ater Associated Oil C o . (see statemen
Expenses__________________
1,655,155 1 ,233,074
3 ,7 9 7 ,3 8 2
3,057,061
above) in M arch 1926 offered to the holders of the no par value common
stock of Tide W ater Oil C o. to acquire their stock in exchange for stock of
Operating profit______
$938,597
$489,178 $2,60 9 ,5 5 4 $1 ,5 7 6 ,6 9 6
Tide W ater Associated Oil C o. on the basis of 1 1-3 shares of Tide W ater
Other incom e____________
193,172
151,045
545,994
225,711
Associated Oil C o .’s com m on stock without par value for each share of
Tide W ater Oil C o. no par value common stock so exchanged.
Gross incom e__________$ 1,13 1 ,7 6 9
$640 ,22 3 $ 3 ,155,548 $ 1 ,802,407
S T O C K .— The stockholders on July 20 1925 changed the authorized
Deductions______________
66,676
55,333
181,809
136,137
Capital stock from 1 ,0 0 0 ,0 0 0 shares, par $100 , to 4 ,0 0 0 ,0 0 0 shares of no
par value. Four new shares o f no par value were issued in exchange for
N et income before de­
each share of old stock outstanding.
preciation & deple’n $1,06 5 ,0 9 3
$584 ,89 0 $ 2 ,973,739 $1,666,270
Th e stockholders on July 20 1925 increased the authorized capital stock
D I V I D E N D S . 11911-13. 1914-17. 1918. 1919. 1920. 1921. 1922. ’23. ’24 ’25.
by approving the issuance o f 2 5 2,215 shares of 5 % cumul. conv. non-voting
Per cent______t 7 yrly. 6 yrly.
16
35 * 1 4 }4
10
10
7 H none
pref. stock, par $100- T h is stock was offered to the common stockholders
* Also paid 6 % in stock.
at par on the basis o f one share of the pref. stock for each eight shares of no
par value common stock held. Pref. stock will be convertible at any time
Paid in 1923: Jan. 2, 2 }4 %', M a r. 3 1 , 2J^ % ; June 3 0 , 2 H % ; none since.
at its par value into the com m on stock, without par value, at the following
O F F IC E R S .— Chairm an, Edgar L . M arston: P res., J. R oby Penn'
rates: the first $ 5 ,0 0 0 ,0 0 0 of pref. stock surrendered for conversion will be
V .-P . & Treas., Edgar J. M arston; V .- P ., E . R . Lederer; Sec., Herman W .
convertible on the basis o f one share o f common stock for each $37 50 par
K nox; C om p t., O. E . M itchell. Executive office, Fort W orth , Texas.
value of pref. stock; the second $ 5 ,0 0 0 ,0 0 0 par value of pref. stock, on the
N . Y . office, 24 Broad St. General office, Thurber, Texas.— (V . 123, p.
basis of one share of common stock for each $40 par value of the pref. stock;
2276 .)
the third $ 5 ,0 0 0 ,0 0 0 of pref. stock on the basis of one share of common stock
for each $42 50 par value of pref. stock; and the balance of the pref. stock on
T H O M P S O N (JO H N R .) C O .— Incorp. under laws of W est Virginia on
the basis of one share o f common stock for each $45 par value of pref. stock.
April 13 1914. Operates a chain o f restaurants in various cities throughout
I f called for redemption, the holders of the pref. stock so called shall be
the country.
entitled to convert, at the prevailing rate, up to and including the tenth
S T O C K .— See table at head of page.
day prior to the date set for redemption. Redeemable as a whole or in
amounts o f not less than $ 5 ,0 0 0 ,0 0 0 , on any dividend date after three years
C O M M O N D I V I D E N D S .—
from the date o f issue, upon sixty days’ notice, at 1 0 5 % and d iv. V . 121,
Year—
’ 16. ’ 17. ’ 18. ’ 19. ’2 0 . ’2 1 . ’22. ’2 3 -’2 5. ’26.
p. 471. 852.
4
6
6
8 7 H 10 12 y ly . 14.4
P e r c e n t ________________________ 4
A lso paid 33 1 -3 % in stock on April 20 1920.
D IV I D E N D S .—
1918. 1919.
1920
1921
1922.
1923.
1924.
R egular______________
8%
8%
12
10
None
1
4
R E P O R T .— For 1925, in V . 122, p . 896, showed:
Extra________________
11%
8%
4
Y ea rs En ded D e c . 31—
1925.
1924.
1923.
1922.
Paid in 1925, M arch 31, 1 % ; June 30, 1 % ; Sept. 30 and D ec. 31 25 cents
x N e t profit_______________ $1,421,297 $1,504:952 $ 1 ,152,006 $1,493,972
per share on new stock of no par value. Paid in 1926: M a r. 31, June 30 and
Provision for F e d ’l taxes
175,461
167,500
150,000
190,000
Sept. 30, 3 7 l cents per share.
A
Preferred d iv s . ( 8 M % ) y75,541
(7)63,281
(7)67,173
(7)79,627
C o m . divs. {73 1 - 5 % ) - .
z 7 9 2 ,0 0 0 (1 2 % )7 2 0 0 0 0 (1 2 )7 2 0 ,0 0 0 (1 0 )6 00 ,0 0 0
B O N D S .— All of the outstanding 10-year 6 )4 % gold bonds, dated Feb. 15
1921, were redeemed on A u g. 15 1925 at 101 % and interest. T h e com pany
Balance, su rp lu s.____
$378,295
$554,171
$214 ,83 3
$624,345
guarantees, principal, interest and sinking fund, $1 ,4 0 0 .0 0 0 gold bonds, due
Profit and loss s u rp lu s .. $ 2 ,898,258 $2,796,607 $ 2 ,280,764 $2,138,932
Aug. 1 1931. o f Tidal Osage Oil C o.
x N e t profit after dedutcing all expenses, including depreciation, &c.
R E P O R T .— For 1925, in V . 122, p . 1757, for 6 m os. ended June 30 1926,
y Includes accrued div. on pref. stock ($14,823 or l % % ) to Jan. 1 1926.
in V . 123, p . 837z Includes accrued div. ($72,000 or 30c. per share) payable Jan. 1 1926.
Calendar Y ears—
1926 (6 M o s .)
1925.
1924.
1923.
Total business____________ $39,493 ,075 $79,502,709 $66,256 ,620 $58,274,731
— Q uar. E n d . Sept. 30---------9 M o s . E n d . Sept. 30—
Operating income_______
5 ,445,182
11,896,100
9 ,0 4 9 ,2 2 4
6 ,3 6 2 ,5 3 0
P eriod —
1926.
1925.
1926.
1925.
Other income_____________
564,086
733,184
697,892
926,431
Sales______________________ $3,494,171
$ 3 ,188,062 $10,6 8 3 ,4 4 8 $9,549,944
N e t income after deprec.,
Total income___________ $6,00 9 ,2 6 8 $12,629 ,284 $9 ,7 4 7 ,1 1 6 $7,288,961
taxes, & c______________
$318,162
$273,561
$ 1 ,096,114
$878,232
Deprec’n & deple’n ______ 2,8 9 4 ,9 8 2
5 ,785,656
5 ,3 5 8 ,9 2 4
4 ,476,775
Federal taxes____________
4 0 4,857
889,672
548,524
_____
O F F IC E R S .— Chairman, John R . Thom pson; Pres., John R . Thom pson
Outside stockholders___
C r.2 2,090
C r.33,297
C r .58,744
C r.96,031
Jr.; V .-P s ., S. D . Goldenberg and R . K ing K auffm an; Treas., Charles A .
Dividends (cash)________
2 ,160,798
2,3 1 7 ,5 7 7
2,0 0 0 ,1 4 5
499,968
M cC ulloch; Sec.. H . M . Henriksen. Office, 350 N . Clark S t., Chicago,
Balance, surplus_____
$570,720 $3,669,676 $1,898,268 $2,408,249
111.— (V . 123, p . 2007.)




243

[V ol. 123

INDUSTRIAL STOCKS AND BONDS
D a te
Bonds

M IS C E L L A N E O U S C O M P A N IE S
[For abbreviations, cfee., see notes on pa ge 8]

T im k e n R o ller B e a rin g C o— Stock 1,2 5 0 ,0 0 0 shares au th _.
T o b a c c o P r o d u c t* C o r p — C om stock $100 0 0 0.000 -------. . .
Com m on stock Class ,rA ” 7 % non-cum $ 4 9 ,354 ,000 auth__
T r a n s c o n t in e n t a l O il C o— C om stock 4 ,0 0 0 ,0 0 0 s h s a u t h ..
Pref (a & d) stock 7 % cum red 110 $ 2 5 ,0 0 0 ,0 0 0 auth--------1st mtge & col tr s f gold bonds $ 10, 000,000 auth red (text)
5-year gold notes red (tex t)...................... - -C L P i.k xxxc*
T ra n s m a r in e & T e rm in a l C o I n c — Stock 191,730 shs no par

1925

P ar
Value

TIM K E N R O L L E R B E A R IN O C O . (T H E )— Incorp. In Ohio on D ec. 15
1904 as the Tim ken Roller Bearing Axle C o .; 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 o f all
kinds. Plants are located at C anton. Ohio. Columbus. Ohio, and W alkerville, O nt. In M a y 1925 acquired the Gilliam Bearing C o. o f C anton, Ohio,
and in A u g. 1926 acquired the Bock Bearing C o . o f Canton, Ohio.
D I V S .— On stock o f no par value: Sept. 1922 to June 1923 paid 75 cents
quar.; Sept. 1923 to June 1920 paid 75 cents quar. and 25 cents extra each
quar., Sept, and D ec. 1926 paid $1 quar. and 25 cents extra.
R E P O R T .— For 1925, in V . 1 2 2 , p . 1625 , showed:
Calendar Y ears—
1925.
1924.
1923.
a Manufacturing profit_______________$12,4 6 6 ,9 8 4 $ 9 ,616,655 $ 1 2 ,5 2 3 ,9 0 3
Selling, admin. & gen ., & c., expenses- 3 ,6 4 1 ,7 7 3
2,5 7 8 ,5 0 3
2,5 2 4 ,1 8 3
Operating p rofit________ _________$ 9 ,8 2 5 ,2 1 2 $ 7 ,038,152 $ 9 ,999,720
Other income___________________________
49 3 ,9 2 9
376,744
38 5 ,0 6 3

Su rplus______________________________ $ 3 ,2 8 4 ,8 1 0

$ 7 ,414,896 $10,3 8 4 ,7 8 3
8 3 4,210
1,162,980
775,000
1,125,000
--------------------_______
_______
4 ,8 0 1 ,3 2 8
4,2 0 0 ,6 7 2
$ 1 ,004,358

Rate
%

W h en
Payable

None 1,200.882 sh See text Q— M
$100 $51,489 ,650 See text Q— J 15
100 44 ,8 0 9 ,2 5 0
Q— F 15
7
None 3,742,029sh
100 15.750.000
See text
8g
500&1666 4 ,0 0 0 ,0 0 0
A & O
7g
None I77,930shrs See text

O F F IC E R S .— P res., Axtell J. Byles; V .- P ., Robert M c K e lv y ; V .- P .,
Edward L . Shea; V .- P ., F . Bailey Vanderholf; Treas., F . A . M arsellus;
Sec., Francis I. Fallon. Offices, B ayonne, N . J ., and 11 Broadw ay, N . Y .
C ity.— (V . 1 2 3 , p . 1516.)

T otal incom e_________________________ $10,319 ,141
1,0 3 2 ,2 4 5
D e p rec ia tio n ___________________________
Federal taxes___________________________
1 ,150,000
Other deductions (net)_______________
48,557
Old com m on____________________________
_______
N ew com m on___________________________
4 ,8 0 3 ,5 2 8

A m ount
Outstanding

$3,896,131

a After deducting cost of goods sold, including material, labor and factory
expense.
6 M o s. End. June 3 0 —
1926.
1925.
1924.
1923.
N e t inc. a ft. taxes, depr.
and other charges____ $ 4 ,9 0 3 ,4 9 0 $3,98 3 ,2 4 3 $ 3 ,046,491 $4,554,301
O F F IC E R S .— Pres., H . H . Tim ken; V .-P .. W . R . Tim ken: V .-P ., M . T
Lothrop; V .- P ., H . J. Porter; V .- P ., J. G . Obermier; V .- P ., T . V . B u ck waiter; Sec. & T reas., J. F . Strough. Office, Canton, Ohio.— (V . 123, p2405.)

T O B A C C O P R O D U C T S C O R P O R A T IO N .— O R G A N I Z A T I O N —
Incorporated in Virginia O ct. 1912 and has taken over concerns manufac­
turing cigarettes, smoking tobacco and little cigars. Owns entire capital
stock of M . M elachrino & C o ., Inc. (N . Y . ) , Melachrino Tobacco Tradinf
C o ., In c. (N . Y . ) . Nestor-Gianaclis C o . ( M e .) , the Surbrug C o. (N . J.)
Khedivial C o . (N . Y . ) , Schinasi B ros., Inc. (N . Y ) , Prudential Tobaccc
C o ., Inc. (N . Y . ) , Falk Tobacco C o ., Inc. (V a .), and approximately 5 0 % oi
tae capital stock of Stephano B ros,. Inc. (V a .), which companies owa
among others, such well-known brands of cigarettes as M elachrino, Schinas'
B ros. N aturals, Rameses. M ilo , Nestors and Herbert Tareyton, and also
own prominent brands of smoking tobaccos and little cigars. In .Tan I 9 ip
purchased Robert Harris & B ro., Inc. V . 108, p . 282. In Jan. 1923 pur
chased the John J. Bagley & C o . o f Detroit.
These companies carry on an extensive business throughout the United
States, and also operate factories and depots in New Y o rk , Richmond
Philadelphia. Cairo. Athens, Cavalla and Smyrna.
In Feb. 1919 purchased the business and assets of Philip M orris & C o .,
L t d ., o f N ew Y o rk , and transferred same to a new Virginia corporation with
an authorized capital stock of $ 3 ,0 0 0 ,0 0 0 , 300.000 shares (all o f $10 par
value) o f these, 265,000 shares were subscribed for by the Tobacco Products
C orp. at $4 per share, which in turn offered to its shareholders 256,000
shares at the same price in the ratio of one share of new stock for a share of
the Tobacco Products pref. or com . at said price. V . 108, p . 689, 789.
During 1923 the company acquired over 8 7 % of the com m on stock of
the United Cigar Stores C o. o f Am erica.
Contract w ith A m e r ica n Tobacco C o .— Th e stockholders on N o v . 15
1923 ratified a contract dated O ct. 26 1923 between the com pany and the
American Tobacco C o. This contract provides for the lease and license
for a period o f 99 years, beginning N o v . 1 1923, for the United States of
Am erica, to the American Tobacco C o ., o f all the brands of cigarettes and
smoking and chewing tobaccos owned b y the company and its subsidiaries,
and for the sale to the American Tobacco C o. o f substantially all o f the
manufacturing assets thereof at substantially the book value thereof
as o f N o v . 1 1923, and also for the paym ent to the com pany by the Amer.
Tobacco C o . for such lease and license of $ 2 ,500,000 annually for the term
o f the lease.
The contract will in no wise affect the ownership b y this company of the
stock of the following corporations, which it will continue to hold: United
Cigar Stores C o . o f America, Tobacco Products Export C orp. and Stephano
Brothers. Com pare V . 117,p . 2224.

Last D ivid en d
and M a tu rity

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

D ec 4 1926 %1H
O ct 15 ’ 26 1 %
N o v 15 ’26 1 H

Apr 1 1930
See text

Pittsburgh or N ew York

R E P O R T .— For 1925, in V . 122, p . 1469, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
N et income______________ $ 7 ,585,604 $7 ,7 6 6 ,8 3 2 $ 4 ,5 2 9 ,5 5 6 $5 ,5 8 7 ,5 1 9
Preferred dividends_____
_______
_______
560,000
5 6 0,000
Com m on dividends______ 5 ,967,839
6,2 2 1 ,5 6 3
3 ,8 9 4 ,9 7 8
1,6 6 8 ,9 0 4
27 5 ,0 0 0
150,000
150,000
_______
Federal taxes (est.)______
Balance, surplus______$ 1 ,3 4 2 ,7 6 6 $1 ,3 9 5 ,2 6 9 d ef$75,422
Six M o n th s Ended Jun e 30—
1926.
N et earnings after taxes_____________________________ $4 ,3 0 9 ,0 2 9
O F F IC E R S .— Pres., Thom as B . Yu ille: T reas.,
O ffice. 44 W est 18th S t ., N ew Y o rk .— (V . 123, p . 594.)

$ 3 ,358,615
1925.
$ 3 ,5 1 5 ,1 8 8

George

W a ttle y .

T R A N S C O N T I N E N T A L O IL C O .— O R G A N I Z A T I O N .— Incorp. in
Delaware June 27 1919 and is engaged in all phases of the oil industry.
Operates 407 miles o f pipe lines and 1,276 tank cars, o f which 1,103 are
owned and 173 leased. The refining and marketing facilities o f the com­
pany have a capacity o f 14,000 barrels daily. C om pany’s net daily crude
production in M arch 1925 was approximately 6,0 0 0 barrels from 255 pro­
ducing wells. Owns or has an interest in leases aggregating 1 ,200.000 acres,
situated in the States of Oklahoma, Arkansas, Louisiana, Texas, M ontan a.
Kansas, W yom ing, W est Virginia, Illinois, Colombia (South America) and
Rum ania. M id-Colom bia Oil & Developm ent C o ., a subsidiary, was incor­
porated in Jan. 1921. V . 112, p. 264, 3 80. Carpathian Oil C o. was organ­
ized in June 1922. V . 115, p. 83. Acquired the holdings of the Rockwell
Oil C o. in Feb. 1923. V . 116, p . 526. Transcontinental California Oil C o .
was organized in July 1925
V . 121. p. 3 41.
Arrangement with Arkansas N atural Gas C o ., V . 110, p . 977. Acquisi­
tion of holdings o f Latin-American Petroleum C orp. o f Colom bia, and
disposal o f 5 1 % o f stock interest therein to Standard Oil C o. o f 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 C orp. in Oklahom a. V . 114.
p. 418.
S T O C K .— The stockholders on Feb. 28 1924 (a) increased the common
stock from 2 ,0 0 0 ,0 0 0 shares, no par value, to 4 ,0 0 0 ,0 0 0 shares, no par value,
and ( 6) created a new issue of $25,0 0 0 ,0 0 0 7 % cum ul. pref. (a. & d .) stock,
par $ 100.
Each share o f preferred stock shall entitle the holder to 10 vote » and
each share o f common stock shall entitle the holder to one vote.
The stockholders o f record M arch 11 1924 were given the right to sub­
scribe, share for share, to 2 , 000,000 additional shares o f com m on stock, no
par value, at $4 per share.
D I V I D E N D S .— Accum ulated dividends on the preferred stock amounted
to 15 M % on July 1 1926.
B O N D S .— O f the $ 1 0 ,000 ,000 authorized first mortgage and collateral
trust sinking fund gold 8s, due D ec. 1 1931, $ 8 ,6 5 7 ,0 0 0 have been issued;
o f which $6 ,7 4 8 ,0 0 0 have been retired and the remaining $ 1 ,9 0 9 ,0 0 0 are
held by Standard Oil C o. o f California. Callable at 105 and int. to D ec. 1
1926, and at 10214 thereafter.
N O T E S .— The 5-year 7 % gold notes are redeemable, all or part, at 10214
and int. on or before April 1 1926, the premium decreasing H ' t 1 % each
year thereafter.
W A R R A N T S .— Each note carries a detachable warrant, which wil
entitle the holder to purchase 100 shares of Transcontinental Oil C o . com .
stock for each $ 1,000 o f notes held, upon the following terms: On or before
O ct. 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 P O R T .— For 1925 showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
Gross earns., all sou rces.$19,304,630 $ 1 4 ,1 0 0 ,7 2 2 $ 1 4,218 ,657 $13,593 ,947
M aterial cost & oper.exp. 15,523,293 12,21 0 ,9 7 2
13,476,573 11,528,727
$ 1 ,8 8 9 ,7 5 0
$742,084
$2,065,220
Operating income____ $3,781,337
A d m in , exp ., in t., & c . . .
1,480,151 1,3 9 1 ,1 4 5
1 ,888,734
1,617,139
Deprec’n, depletion, &c_ 1 ,508,604
_______
_______
_______
Loss on drilling non-pro­
ducing wells___________ 1 ,120,370
1,216,571
916,055
N e t deficit____________ sur$792,580
$621 ,76 5 $2,363,221
$467,973
— Q uar. E n d . S e p t . 30— ■ 9 M o s . E n d . S e p t . 30—
—
P eriod—
1926.
1925.
1926.
1925.
N et income after in t., deprec., deplet’n, & C -._ $ 1 ,457,796
$139,791
$ 1 ,846,632 $ 1 ,206,611
O F F IC E R S .— Chairman, C . H . Huston, Pres., F . B . Parriott, V .- P .,
M . W . B ottom field, J. C . A dam s, L . B . M cC am m on and J. M . H olliday.
Sec. & T reas., E . D . Robinson; C o m p t., W m . H . W eis. O ffice, R itz
B uilding, Tulsa,. O kla.— (V . 123, p . 2 150 .)

T R A N S M A R IN E & T E R M I N A L C O ., I N C — O R G A N I Z A T I O N .—
Incorporated at A lban y, N . Y . , A u g. 4 1915 as the Submarine B o a t C orp.;
name changed to present title in April 1926.
C A P I T A L S T O C K .— The stockholders on June 28 1922 Increased the
During 1925 the company segregated its business. T o carry out the
authorized Com m on stock from $ 2 5,000 ,000 to $100,000,000 (par $100),
and created a new class o f Com m on stock, known as "C la s s A stock ,” in segregation a new E lectric Boat C o. was organized and Submarine Boat
the aggregate am ount o f $49,354 ,000 (par $100 ), such Class A stock to be C orp. purchased 766,920 shares o f the capital stock o f the new Electric
entitled to non-cumulative dividends at the rate of 7 % per annum before Boat C o ., or an am ount approximately equivalent to the number o f shares
outstanding in Submarine Boat C orp ., paying therefor $7 6 ,6 9 2 in cash.
any dividends shall be declared or paid on the Common stock.
This stock was declared as a dividend to the stockholders o f Submarine
Holders of C om m on stock o f record July 10 1922 were entitled either (a)
B oat C orp ., on the basis o f one share o f stock o f new Electric B oat C o . for
to retain the sam e, or (6) to exchange the same for an equal number of shares
each share of stock o f Submarine B oat C orp.
o f the Class A stock, or (c) to exchange each share for half of one share o f the
The new Electric Boat C o. will be engaged in the business o f building
Class A stock and half o f one share o f the Common stock.
submarines, motor boats and marine equipment form erly carried on by
The entire outstanding preferred stock was redeemed on July 1 1924.
the old Electric B oat C o. and its subsidiaries. T h e Transm arine & Ter­
The Class “ A ” and common stockholders of record D ec. 14 1925 were
minal C o ., In c ., will operate the properties located a t Port N ew ark, con­
given the right to subscribe for 144,434 shares of additional common stock
sisting o f the Newark B ay Terminal facilities, the A tlan tic P ort R y . C o . and
at $80 per share, on the basis o f 3 additional shares of common stock for
the fleet o f the Transmarine C orp.
every 20 shares o f class “ A ” or com m on stock held.
D I V I D E N D S — 1913. 1914.
1915.
1916.
17.
’ 18. ’ 19. ‘2 0 -’26.
S T O C K .— The stockholders on April 13 1926 voted to decrease the
Preferred___________ _________ 7 % annually ( 1 M % Q --J .)------------------------See
authorized capital stock from 8 00,000 shares to 191,730 shares o f no par
Com m on (cash)___ ___
___
___
___
$150
$150
$3 00 text
b y issuing one new share for every four shares outstanding.
Com m on (scrip) _ x - ___
___
___
___
___
$4 50 $3 00
_ .
D I V I D E N D S .— Dividends o f $1 50 were paid J an ., A p r ., July and Oct.
Com m on (s t o c k ) ..
___
___
___
___
___ Jan ..1 0 . . .
1916 and Jan. 1917; A p r. 1917, 75 cents. July 1917, 75 cents. None
i 2-year 7 % scrip. Series “ A ” d iv . certif.issued M a y 15 1918 and dut
thereafter until Feb. 7 1920, when 50 cents was paid: A u g. 7 1920, 50 cents:
M a y 15 1920. were paid on the latter date. Series " B ” d iv. certif.. issued
Feb. 7 1921, 50c.; none since. In 1925 stockholders received shares of
on A u g. 15 1918, were paid at m aturity, Aug. 15 1 920. Series “ C ” certifs.
the new Electric B oat C o . (see above).
were paid at m aturity, N o v . 15 1920. Series " D ” certifs. were paid on
Feb. 15 1921: Series ” E ” certifs. were paid M a y 16 1921. In Feb. and M a j
R E P O R T .— For 1925 showed:
1920 paid 1 H % quar. In A ug. and N o v . 1920 and F e b ., M a y , A u g. and
Calendar Y ea rs—
1925.
1924.
1923.
1922.
N o v . 1921. I H % payable in 2-year scrip. V . l l l . p . 5 00. 1573; V 1 1 2 ,p
Gross earnings from con­
477: V . 113. p . 1780. In F eb .. M a y and Aug. 1922 paid I H % in cash
struction and sales
$ 4 ,0 2 9 ,1 4 0 $ 7 ,7 9 7 ,3 2 4 $ 8 ,6 6 8 ,5 4 6 $10,505 ,516
then none until Jan. ’24. when \ H % was paid: Apr. ’24 to O ct. ’25 paid
C ost of constr. & exps__ 3 ,8 1 0 ,0 0 4 6 ,5 0 3 ,1 0 1
7 ,3 3 3 ,2 4 6
9,4 7 2 ,4 9 2
1 H % quar. In Jan. 1926 paid a dividend o f one-fifth o f one Founder’s E x p . not appor’d to cost
3 61,359
_______
_______
_______
share o f Happiness C andy Stores, In c ., for each share of Tobacco Products
com m on stock. On April 15, July 15 and O ct. 15 1926 paid 1 % % quar.
N e t incom e__________ loss$142,222 $ 1 ,2 9 4 ,2 2 3 $ 1 ,3 3 5 ,3 0 0 $ 1 ,033,024
On class “ A ” stock paid 1 M % quar. from N o v . 15 1922 to N o v . 15 1926.
Other incom e___________
7,0 8 6
162,272
62 2 ,7 0 3 1,160,747
N O T E S .— The sinking fund 7 % gold notes of 1921 were redeemed on
ec. 20 1923 at 108 and int.
loss$135,136 $1,456,495 $1,958,003 $2,193,771
I Gross income.




M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviations, & c ., see n otes on page 8]

* f « n « u e St W illia m s S t e e l F o r g i n g C o r n — 8 tk 1 1 0 ,0 0 0 shs
S e d e r wood Typewriter Co— Common stock J10.000.000 au.
Preterred 7<% onm fa * d) red 125 *5.000.000___________
U n io n B ag & P a p er C o r p o r a t io n — S to c k $ 2 0 ,000 ,000 a u th .
Allen Bros Co 2d M $100,000 assumed_______________________
U n io n C a r b id e & C a r b o n C orp — Stock 3,0 0 0 ,0 0 0 shs no par
Sauda Palls C o Ltd 1st mtge s f g bonds Series A guar
. P & 1 red (text)___________________________________ C e.xxxc*
U n io n O il C o o f C a lifo r n ia — Stock auth $ 1 2 5 ,0 0 0 ,0 0 0 ____
First lien M $20,000 ,000 g callable see t e x t -_ Eq.xxe*& r*
20-year non-callable gold $ 1 0 ,0 0 0 ,0 0 0 a u th ._ L L o .x x x c *
10-year sinking fund gold bonds red (tex t)____________ xxxc*

1925
111,990

1924
1,295,685

Balance, surplus.......... def$247,126
Previous surplus________
48,457
Fed. taxes, prior y e a r s .. deb34,069
Dividends paid__________
7 6,692

$160,810
7 ,610,162
_______
_______

Other deductions_______

1923
1 ,723,770

D ate
B onds

1925
1911
1922
1925

500&1000
25
100 &c
500&1000
500&1000

1922
577,938

$234,233 $ 1 ,615,833
7 ,3 7 5 ,9 2 9 5 ,760,096
_______
_______
_______
___ ____

ST O C K .-— Capital stock, auth. issue, 110,000 shares; no par value; out­
standing, 100,000 shares.
D I V I D E N D S .— 1917, Jan. and A p r .. $ l ;i n July 1917 increased the quar.
div. to $1 25; O ct. 1917 to Jan. 1921, $1 25 quar.; April and July 1921, $1
quar.; O ct. 1921 to April 1923, 50c. quar.; July 1923 to Jan. 1925 paid 75c.
quar.; April 15 1925 to July 15 1926, paid 50c. qu ar.; none since.
R E P O R T .— For 1925, in V . 122, p . 763, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
Gross sales-----------------------$5 ,0 8 4 ,4 2 9 $ 4 ,4 2 3 ,6 7 6 $ 6 ,246,922 $4,17 0 ,1 8 3
Less returns, allowances,
and freight
. ..
..
218,526
232,960
310,724
215.C70
Labor, material and fac­
tory expenses_________
4,582,441
4,0 4 7 ,3 4 5 5 ,326,165
3,958,723
Selling, office & adm . exp
186,427
137,342
136,979
130,253
$6,028
70,513

$473,054 loss$133,863
35,837
62,726

N e tp r o fit--------------------$162,446
$76,541
$508,891 loss$71,137
Prov. for est. FedT taxes
13,000
1,500
50,000
_______
D ividends....................
($2)200,000 ($3)300,000 ( $ 2 ^ ) 275000 ($2)200,000
Balance, sur. or d e f . . . d ef$50,554 def$224,957 sur$183,891 def$271,137
• Q uar. E n d . S e p t . 30— — 9 M o s . E n d . S e p t . .30—
—
Period—
1926.
1925.
1926.
1925.
Gross sales_______________
$948,851 $ 1 ,325,657 $ 3 ,427,199 $ 3 ,743,734
N et loss---------------------------5 6,626
6,085
83,066 p ro f.27,580
O F F IC E R S .— Pres. & T reas., F . E . Dussel; V .-P . & G en. M g r ., F . W
Trabold. O ffice, Alliance, O hio.— (V . 123, p. 2276.)
T R U M B U L L S T E E L C O .— (V . 123, p. 2276.)
U N D E R W O O D T Y P P W R I T F R C O ., IN C .— O R G A N I Z A T I O N . Incorp. in Delaware. Plants at Hartford and Bridgeport, C onn.
S T O C K .— Preferred stock, see V . 90, p . 788. $1,50 0 ,0 0 0 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 o f an additional $1,00 0 ,0 0 0 common stock. The stockholders of
record o f June 15 1923 were given the right to subscribe to the new stock
(par $25) at $40 per share.
D I V I D E N D S .— On pref., July 1 1910 to Jan. 1 1927, 1 K % quar.
Or
com. stk, July 1 1911 to O ct. 1916, 1 % quar.; J a n ., April, July and Oct
1917, 1 ) 4 % ; 1918, Jan ., 1 ) 4 % and 5 % extra from accumulated surplus
April, July and O ct., 1 ) 4 % quar.
1919, Jan., 1 ) 4 % and 5 % extra; April
2 % ; Ju ly, 2 % . and 5 % extra in U . S. Victory >onds; O c t., 2 % cash; ii
1920, Jaa ., 2 % and 5 % extra in casn; April, 2 % ; Ju ly, 2 % cash and 5"»
In Victory notes; Oct,., 2 % cash; Jan. 1921 to .Tulv 1923 paid 2 ) 4 % quar
O ct. 1923 to Jan. 1926 paid 3 % quar.; also paid 4 % extra on D ec. 23 1925.
April 1 1926 to Jan. 1 1927, paid 4 % quar.
R E P O R T .— For 1925, in V . 122, p . 877, showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
N et earnings------------------- $3 ,3 1 4 ,5 8 0 $ 2 ,355,587
$ 2 ,881,968 $ 1 ,972,937
Other net income, inter­
est received, & c_______
211,406
203,407
219,937
311,274
Total net income--------- $ 3 ,525,986
$ 2 ,558,994 $ 3 ,101,905 $2,28 4 ,2 1 2
D educt—Deprec. charges o ff, & c .
$244,731
$263,784
$250,112
$199,381
Reserve for employees’
profit-sharing plan___
188,501
90,972
218,209
108,416
R es’ve for Federal taxes.
392,000
286,600
350,000
275,000
Preferred dividends_____
246,750
253,750
260,750
267,750
Com m on dividends--------1,600,000
1,200,000
1,050,000
900,000
Transf. to su rp . a c c t ._
$854 ,00 4
$463 ,88 8
$972,835
$533,665
— Q uar. E n d . S e p t . 30— ■ 9 M o s . E n d . S e p t . 30—
—
P eriod—
1926.
1925.
1926.
1925.
N et earnings------------------$376 ,01 0
$618,788 $1,623,213 $2,204,856
Other net income_______
89,897
96,842
295,886
288,015
Gross income--------------D epreciation-------------------

$465,907
67,111

$715 ,63 0
60,025

$ 1 ,919,099
196,659

$2,492,871
181,963

N e t incom e-----------------R es. Fed. taxes--------------

$398,796
53,600

$655,605
82,000

$1,722,441
230,600

$2,310,908
287,000

N e tp ro fit--------------------$345,196
$573,605 $1,491,841 $ 2 ,023,908
O F F IC E R S .— Pres., John T . Underwood; V .- P ., Edward F . Geer;
T reas., D e W itt Bergen; A sst. Treas., John J. Hinchman; Sec., L . W . Guern­
sey. O ffice, 30 Vesey S t., N ew Y o rk .— (V . 123, p . 2534.)
U N IO N B A G & P A P E R C O R P O R A T I O N .— O R G A N I Z A T I O N .—
Incorp. in N ew Jersey Oct. 4 i9 1 6 as a consolidation, per plan in V . 103, p.
2 44, 762, o f Union Bag & Paper C o. and its sales agent, the Riegel Bag &
Paper C o . In this merger the $ 2 7,000 ,000 stock o f old Union Bag & Paper
C o . ($11,000,000 being p ref.), gave place to $10,0 0 0 ,0 0 0 stock, all o f one
class.
See full statem ent, V . 104, p. 71. In D ec. 1916 purchased the
C heboygan (M ich .) Paper C o . and guaranteed its $1 ,0 0 0 ,0 0 0 bonds
principal and interest. V . 103, p. 2436 , 2161; also then purchased for
cash Badger B ag & Paper C o. o f W ausau, W is. V . 104, p . 262. In Dec
1923 acquired the capital stock o f Columbia B ag & Paper C orp. o f Long
Island C ity , N . Y . M ills and factories are located at Hudson Falls, N . Y .,
C hicago, III., K aukauna, W is ., Cheboygan, M ich ., Long Island C ity , N . Y .
and Bogalusa, L a.
S T O C K .— Th e stockholders voted M a y 4 1920 to Increase the capital
stock from * 1 0 ,0 0 0 ,0 0 0 to *2u .000 ,000 . O f the new stock * 4 ,9 7 7 ,8 5 0 was
distributed as a 5 0 % stock dividend on M a y 20 1920.
D I V I D E N D S .— D ec. 15 1916 to Sept. 15 1919, 6 % p . a. ( 1 ) 4 % Q .-M .)
D ec. 1919 to D ec. 15 1921, 2 % quar.; M a r. 15 1922 to July 15 194, 1 )4 %
qu ar.; none since. Also extra d iv ., Feb. 1917, 2 % cash, and on N o v . IE
1917, Jan. 25 1918 and Feb. 15 1919, each 2 % in Liberty Loan bonds
Paid 5 0 % stock dividend on M a y 20 1920.




Rate

%

W h en
Payable

L a st D ivid en d
and M a tu r ity

P la ceslW h ere In terest and
D ivid en d s A r e P ayable

N one 100,000 shs See text
July 1 5 ’26 50c Guaranty Trust C o , N T
$25 $10,000 ,000 See text
Jan 1 1927 4 % Cheoks mailed
Q— J
100
Q— J
Jan 1 1927 I K
do
7
3.5 0 0 .0 0 0
July 15 ’24 I K
100 14,604,350 See text
semi-an T o 1934
6
90,000
N one 2 ,6 5 9 ,733sh
$5
O ct 1 ’26 $ 1 K B y check
Q— J

T R A N S U E & W I L L IA M S S T E E L F O R G IN G C O R P O R A T IO N .—
O R G A N I Z A T I O N .— Incorp. in N ew Y o rk O ct. 26 1916 as successor o f
company o f similar name (organized in 1898). M anufactures steel forgings
stamping forms. &c.

$97,035
65,411

A m oun t
O utstanding

Par
Value

Profit; loss su rp lu s ..d e f$ 3 0 9 ,430 $7 ,7 7 0 ,9 7 2 $7,61 0 ,1 6 2 $7 ,3 7 5 ,9 2 9
O F F IC E R S .— H enry R . Carse, Pres.; L . Y . Spear, H enry R . Sutphen,
V .-P s .; H . A . G . Taylor, Treas. & Sec. N . Y . office, 11 Pine S t.— (V .
122, p . 2206.)

N et profit from oper’n
Other mcome— net______

243

INDUSTRIAL STOCKS AND BONDS

Nov., 1926.]

$4,00 0 ,0 0 0
5 g
9 4 ,5 5 3 .4 5 0 See text
4 .7 9 3 .0 0 0
5g
8 ,934,500
6 8
5 g
9 .8 8 5 .0 0 0

A
J
F
A

Cent TTn Trust C o , N Y
& O Oct 1 1955
Q— F
N o v 10 ’26 50c Los Angeles
N Y , Los Angelas, &c
&
J Jan 2 1931
Los Angeles T r & Sav B k
& A M a y 1 1942
/P a c-S W T r & S B , LosA
& O Feb 1 1935
(Cent Union T r C o , N Y

B O N D S .— All o f the outstanding $ 5 ,980,000 series A first m tge. 6 % gold
bonds, dated M a y 1 1922, were redeemed on M a y 1 1926 at 105 and int.
R E P O R T .— For 1925, in V . 122, p . 2343, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
N et earnings.....................
x$931,746 x $ l,0 1 4 ,8 4 9 $ 1 ,580,827 $ 1 ,7 4 4 ,3 8 9
Depreciation_____________\
359,273 /
296,214
244,196
4 1 5 ,8 4 8
Prop, o f bd. disc. & ex p . J
]
30,741
_______
25.3 9 6
I n t e r e s t . .. ______ _______
349,389
3 6 9,836
385,922
273,281
Dividends.........................
.............
(3)433,141
(6)869,658
(6)867,834
Balance, surplus______
$223 ,08 4 d ef$115,083
$81,051
$162,031
Profit & loss, s u r p l u s ... $1,28 0 ,0 0 9 $1,164,041 y $ l , 279,124 $1 ,2 2 8 ,0 7 3
x N et earnings, including dividends from sub. cos. (ana profit on sale
of capital assets $308 ,86 9 in 1924), and after deducting ordinary repairs
and maintenance, but before providing for depreciation, y After deducting
$30,000 for taxes and contingencies.
O F F IC E R S .— Chairm an, August Heckscher; Pres., M . B . W allace;
V .-P ., C . R . M cM illen , E . B . M urray and Alexander Calder; T reas.,
M . B . W allace; Sec., Charles B . Sanders. Office, W oolw orth Building.
N . Y . — (V . 122, p. 2 343 .)
U N IO N C A R B I D E A N D C A R B O N C O R P O R A T I O N .— O R G A N I Z A ­
T I O N .— Incorporated in N ew York N o v . 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, lum ber, & c.; iron, steel, silicon, chromium,
m olybdenum, vanadium , titanium , tungsten, manganese, calcium, carbon,
copiier, alum inum , nickel and other elementary substances, and any and
all alloys, compounds, & c.; also to manufacture and deal in electrical
batteries, starters, lam ps, machinery and other electrical appliances,
oxygen, hydrogen, nitrogen and other gases separated from air, & c.
Th e corporation owns directly or indirectly substantially all o f the com­
mon capital stock o f Union Carbide C o. (V . 105, p . 9 16, 7 2 2 ), National
Carbon C o ., I n c ., Th e Linde Air Products C o . (V . 104, p . 6 6 8 ), The Prest-O Lite C o ., Inc. (V . 104, p . 4 5 8 ), Electrio M etallurgical C o ., M ichigan North­
ern Power C o ., Union Carbide C o. o f Canada, L t d ., Electric Furnace
Products C o ., L t d ., Oxweld Acetylene C o ., Oxweld Railroad Service C o .,
and other subsidiary companies. [The outstanding pref. shares include;
National Carbon, In c ., $ 5 ,6 0 0 ,0 0 0 8 % cum . pref., callable at 140 (par $100);
Linde Air Products C o. 6 % pref., $750 ,00 0; Dominion Oxygen C o ., L t d .,
pref., $121,000.]
In April 1921 acquired the Carbide & Carbon Chemical
C orp. and the Clendennin Gasoline C o . V . 112, p . 1748.
C A P I T A L S T O C K .— Stockholders of record D ec. 12 1918 had the right
to subscribe for 406,857 shares of additional stock at $40 per share to the
im ount of 2 0 % of their holdings. Stockholders of record O ct. 20 1920
had the right to subscribe to additional stock at $40 a share to the extent
if 1 0 % of their holdings. V . I l l , p . 1480; V . 107, p. 2195, 2482 .
Preferred stock o f subsidiary companies outstanding, $ 6 ,4 7 1 ,0 0 0 .
D I V I D E N D S .— A n initial dividend o f $1 per share was paid Jan. 2 1918.
Dividend N o . 2, *1 per share, paid April 2 1918; .July 1918, * 1 .
O ct,
1918 to April 1920. paid *1 25 quar. July 1920 to Apr. 1921 paid $1 60
quar. July 1921 to Jan. 1924 paid $1 quar., April 1924 to O ct. 1926 paid
$1 25 quar.
B O N D S .— Guarantees, principal, interest and sinking fund, $ 4 ,0 0 0 ,0 0 0
Sauda Falls C o ., L t d ., 1st m tge. 5 % sinking fund gold bonds. Series A ,
due O ct. 1 1955 and redeemable in whole or in part at 107)4 and int. prior
to O ct. 1 1945, thereafter at 105 and int. prior to O ct. 1 1950, and there­
after prior to m aturity at 102)4 and in t. V . 121, p . 2040.
Other bonds of subsidiary companies: $ 1 ,1 6 5 ,0 0 0 6 % due Feb. 1 1937;
$3 ,5 3 0 ,2 5 0 5 % due July 1 1941; $ 318 ,00 0 6 % due July 1 1950; $1 ,6 8 7 ,9 5 0
5 % debentures due April 1 1958.
R E P O R T .— For 1925, in V . 122, p . 1936, showed:
1925.
1924.
1923.
1922.
Earnings (after prov. for
income ta x )_____$ 2 8 ,2 6 7 ,0 8 9
$ 2 3 ,9 3 9 ,6 3 9 $22,0 3 0 ,1 8 2 $ 1 6,460 ,098
Depreciation, & c__
7 ,2 0 1 ,5 2 7
6 ,1 7 8 ,2 1 5
4 ,8 9 5 ,0 7 6
3 ,8 0 8 ,3 7 2
I n t e r e s t ___________
54 3 ,9 7 5
4 8 9 ,8 5 2
43 0 ,4 3 2
438,377
D iv s . on p fd . stk . o f sub s.
50 0 ,2 6 0
5 00,260
500,260
49 7 ,2 3 5
N et incom e-----------------$ 2 0 ,0 2 1 ,3 2 7 $ 1 6 ,7 7 1 ,3 1 2 $ 1 6 ,2 0 4 ,4 1 5 $11,716 ,114
Earnings o f companies
1 0 0 % owned----------------------------------- deb665,000
_______
Previous surplus------------- 7 5 ,334,931
7 1 ,4 5 0 ,8 5 7 6 6 ,550,374 6 5 ,473,192
U nam ort. book value of
patents, & c________D r .2 9 ,4 2 3 ,5 0 9
_______
_______
_______
N et adjustm ents________ C r .2 17,237 Cr.4 11,426
_______
_______
Total surplus---------------$ 6 6 ,1 4 9 ,9 8 6 $ 8 8 ,6 3 3 ,5 9 6 $82,0 8 9 ,7 8 9 $ 7 7 ,189 ,306
D ivs. on Union C arb. &
Carbon C orp. stk .($5)13,298,665($5)132 98665($4 )1 0638932 ($ 4)106389 32‘,
Profit & loss s u r p lu s ..$ 5 2 ,8 5 1 ,3 2 1 $ 7 5,334 ,931 $ 7 1,450 ,857 $66,550 ,374
— Q uar. E n ded Sept. 30--------- 9 M o s . E n d . S ept. 30—
Period—
1926.
1925.
1926.
1925.
Earnings (after provision
for income, & c., taxes) $8 ,8 6 2 ,0 8 9 $7,06 8 ,8 7 7 $23,303 ,435 $18,735 ,948 .
Int. on funded debt and
divs. on pref. stock o f
sub. cos----------------------304,135
256,702
915,246
770,392
Deprec. & other charges, x l , 959,491
1,800,382 x 5 ,757,744
5 ,4 0 1 ,1 4 6
B a la n c e ----------------------- $ 6 ,598,463
$ 5 ,011,794 $16,6 3 0 ,4 4 4 $12,564 ,411
x Estim ated.
O F F IC E R S .— Chairman o f board, George O . K nap p, P res., J. J. R icks,
Vice-Presidents, G . W . M ead , M . J. C arney, B . O ’Shea and W . J. K nap p,
Sec., G . W . M ead ; T reas., W . M . Beard. O ffice, Carbide & Carbon
Building, 30 East 42d S t ., N . Y . — (V . 123, p . 2 5 3 4 .)
U N IO N O IL C O . O F C A L I F O R N I A .— O R G A N I Z A T I O N — Incorp.
in California O ct. 17 1890 and produces fuel oil, refined oil, gasoline, kero­
sene, benzine, & c. The com pany owns in fee or mineral rights in fee ap­
proximately 616,429 acres, and has underlease approximately 174,622 acres,
as follows: California, 189,708 acres; W yom ing, 14,683 acres; Texas, 771
acres; Colorado. 3 4.355 acres; U tah. 3 ,9 6 0 acres; M exico, 47 0 acres, Colom
bia, S. A ., 425,746 acres; N ew M exico, 121,358 acres.
Owns all o f Producers Transportation C o. s $ 7 ,0 0 0 ,0 0 0 stock. V . 104,
p . 2565; V . 105. p . 78.
In 1917 purchased Pinal D om e properties. V . 105, p . 8 26, 2 2 8 0 ; V ,
107. p . 298.
Organization o f Union Oil Associates, V . 113, p . 2193; V . 114, p . 9 5 6 ,
1072. 1296, i 4 7 ; V . 115, p . 191.
Th e Fort Collins Producers’ C orp., a subsidiary, was incorporated in
Colorado in July 1924 with an authorized capital stock o f $ 1 0 ,0 0 0 ,0 0 0 , par
$25 per share, to take over the operations in Colorado o f the Union Oil C o .
o f California. 8 2 % o f the stock o f the Fort Collins company is owned by
the California com pany. V . 119, p . 2 0 7 .
_In July 1926 the com pany entered into a drilling contract with the M a x u dian Petroleum C orp. under which it will develop 2 5 ,0 0 0 acres o f proven land

2M

M IS C E L L A N E O U S C O M P A N IE S .
IF o r a b b r e v ia tio n s , A c . , s e e n o t e s o n p a g e 8.]

U n io n T a n k C ar C o — Com m on stock (see text). .
Equip tr gold ctfs due $1 ,3 0 0 ,0 0 0 ann red 100
- xxxc*
U n ite d C ig a r S to re s C o o f Am er — C om $ 6 0 ,0 0 0 ,0 0 0 a u tb -_
Preferred stock (a & d) 7 % cum $ 5 ,0 0 0 ,0 0 0 see text_______
Guaranteed Bonds—
U n ite d S tore s R e a lty C orp s f g debs call (text) kxxxc*
United D ru g C o ,— Auth common $ 5 5 ,0 0 0 ,0 0 0 _______________
1st pref (a & d) 7 % cum $ 3 5 ,0 0 0 ,0 0 0 call any time at $60 20-year gold bonds red 1 0 7 >3_____________________ xxxc*&r*

D a te
B on d s

1926

Par
V a lu e

1922

100 &c.
100
50

1924

100 &c

L A T E D I V S .—
| 1 -T 2 . ’ 13. ’ 1 4 -T 5 . ’ 16. '17. ’ 18. T 9 . ’20. ’21. 1922-26.
T
C ash ---------------------- 1 early 48 N one
Y
6
6 6
6 6 )4 8
See
E x tra______________
____________________ __
3
4
44
4
text
I n s t o c k _________ ( ________ _____ ___________
__ M a r ., 1 0 ____ __
________
On Jan. 19 1918, 1 ) 4 % and 1 % extra; M a r. 15 1918, 1 0 % in stock; April
1918 to July 1920, 1 ) 4 % cash and 1 % extra (Q .-J .); O ct. 1920 to O ct. 1922,
2 % quar. and 1 % extra. On D ec. 20 1922 paid 8 0 % in stock. On Jan. 27
1923 paid I K % on increased capitalization; April 28 1923 to O ct. 28 1924
paid $1 80 quarterly. On Feb. 10, M a y 10, A u g. 10 and N o v . 10 1925 paid
45 cents a snare on new stock o f $25 par value, which was exchanged for old
stock of $100 par value on the basis of four shares of new stock for one share
o f old stock. Feb. 10 1926 to N o v . 10 1926 paid 50 cents quar.
B O N D S .— First Lien 5 % 20-year bonds. Sinking fund retires yearly
at 10234 and in t.; also callable as an entire issue at 105 and int. on any int.
date. V . 102, p. 1726.
Th e 20-year non-callable 6 % gold bonds have a sinking fund o f $500,000
p . a ., commencing A u g. 1 1922, available in equal installments each 6
m onths, for the purchase o f these bonds in the market if obtainable at or
below a 5 K % int. basis to m aturity. V . 114, p. 2024.
The 10-year 5 % sinking fund gold bonds are callable, all or part by lot,
at 102 and int. up to and incl. April 1 1927, 101 )4 and int. up to and incl.
April 1 1929, 101 and int. up to and incl. April 1 1931, and 1 0 0 )4 and
int. thereafter. A sinking fund will be provided, paym ents due April 1
1927 and annually thereafter to m aturity, o f $300,000 per annum to and
including April 1 1930, $500 ,00 0 on April 1 1931. and $600 ,00 0 per annum
thereafter to m aturity, to purchase bonds if obtainable at or below the then
prevailing call price, and to the extent not so obtainable to call bonds b y lot
at such price. Bonds so acquired are to be canceled. V . 120, p. 596.
R E P O R T .— For 1925, in V . 122, p . 1450, showed:
C onsolidated A n n u a l Statem ent, In clu d in g Controlled C om pa n ies.
1925.
1924.
1923.
1922.
Production, netbarrels.
1 4 ,961,465 15,036,952
1 8 ,741,633 12,453,846
Gross sales---$74,3 7 8 ,7 7 2
$ 6 5,950 ,218 $ 7 2,962 ,578 $58,937 ,140
T otal profits- 2 7 ,0 8 2 ,2 7 8
27,33 4 ,0 3 2
24 ,3 5 7 ,3 9 3 25,419,981
General exp ., taxes, & c .
4 ,3 9 2 ,0 9 8
4 ,415,712
3 ,2 3 7 ,1 1 5
3 ,141,023
Depreciation_ 11,44 0 ,3 2 4
11,309,412
12,31 1 ,2 3 5 10,563,729
Interest on bonds, & c ._ _
’736[649
904!860
776!394
429,354
Provision for Fed. taxes.
_______
_______
_______
550,000
Cash dividend___________
6,804",666
6,675",349
6,4~35",000
6 ,000 BOO
Balance, surplus______$ 3 ,7 0 9 ,2 0 6
$ 4 ,028,699 $1 ,5 9 7 ,6 4 9 $4,735,875
P r o fits .— Profits from all operations after general expenses, taxes (includ­
ing income tax), interest charges, employees’ share of profits and provident
fu n d , were approximately:
9 M o s . E n d . Sept. 30—
1926.
1925.
1924.
1923.
P rofitsu b j. to d e p r., & c_$18,850,000 $17,425 ,000 $ 1 7 ,500 ,000 $17,000 ,000
P rov. for depr. & d e p l’n_ $5 ,6 0 0 ,0 0 0 $5,27 5 ,0 0 0 $ 5 ,2 0 0 ,0 0 0 $ 4 ,650,000
Prov. for labor & inciden­
tal cost o f new drilling
3 ,5 0 0 ,0 0 0 3 ,4 0 0 ,0 0 0
3 ,3 0 0 ,0 0 0
5,150,000
N e t profits for 9 m o s . $ 9 ,7 5 0 ,0 0 0 $ 8 ,7 5 0 ,0 0 0 $ 9 ,0 0 0 ,0 0 0 $ 7 ,200,000
O F F IC E R S .— Pres., W . L . Stewart; Exec. V .-P ., E . W . Clark; V .-P .,
W . W . Orcutt and L . P . St. Clair; C o m p ., R . D . M atthew s; Sec., John
M cP eak; T reas., R . J. Keow n. Office, Union Oil B ld g ., Los Angeles,
C alif.— (V . 123, p . 2007 .)
U N IO N T A N K C A R C O .— O R G A N I Z A T I O N , & c.— Incorporated in
N . J ., in 1891 as Union Tank Line C o ., name changed to present title June 11
1919_(V . 108, p . 2131 , 2 3 3 6 ). 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 Oi!
C o . o i N . J ., bu t segregated in 1911. Th e stockholders were to vote N o v .
22 1926 on increasing the authorized com m on stock from $ 2 5,000 ,000 to
$ 4 0 ,0 0 0 ,0 0 0 .
V . 123, p . 2150.
D iv s ., 1914 to M ar. 25 1919, 5 % yearly
(214 % M . & S .); June to D ec. 1919 paid 1)4 % quar.; M a r. 1920 to D ec. 1
i9 2 2 paid 1 K % quar.; M a r. 1923 to D ec. 1926 paid \ A % quar.; on in­
creased capitalization. Also paid 5 0 % in common stock on D ec. 28 1922
and 33 1 -3 % in com m on stock on D ec. 10 1925.
The entire $1 2 ,0 0 0 ,0 0 0 preferred stock was redeemed on D ec. 1 1926 at
115 and divs.
Equipm ent trusts o f 1926, V . 123, p . 1772.
R E P O R T .— For 1925, in V . 1 2 2 , p . 1625, showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
Earns, after oper. exp__ $ 6 ,6 1 3 ,2 9 7
$7,22 3 ,9 2 6 $ 8 ,3 7 4 ,1 3 5 $8,097,781
Deprec. & am ortization.
3 ,4 4 4 ,8 9 9
3 ,4 0 1 ,3 6 8
3 ,6 1 6 ,7 5 5
3 ,8 9 5 ,7 8 2
Reserve for taxes________
45 2 ,7 9 0
5 92,688
560,000
819,562
Reserve for annuities___
_______
_______
91,986
79,577
Preferred dividend______
8 40,000
840,000
840,000
840,000
Com m on dividends______
910,370
901,125
900,000
840,600
$1 ,4 8 8 ,7 4 5
1925.
$ 2 ,9 7 1 ,2 1 0
1 ,708,678
155,000

$2 ,3 6 5 ,3 9 9
1924.
$3,31 1 ,6 5 4
1,918,456
2 9 1,480

$ 1 ,622,859
1923.
$3,96 8 ,0 8 4
1,668,492
375,000

Balance, surplus_____ $ 1 ,5 6 7 ,1 6 0 $1 ,1 0 7 ,5 3 2 $ 1 ,1 0 1 ,7 1 8 $ 1 ,924,592
Preferred dividends— (3J ^ )420,0 0 0 (33 ^ )420 ,000
420,000
420,000
Com m on divs. (2 1 4) ____
6 14,110
4 5 4 ,0 0 0
450,000
450,000
Balance, surplus--------$ 533 ,04 9
$233,532
$231,717 $ 1 ,0 5 4 ,5 9 2
O F F IC E R S .— Chairm an, H enry E . Felton; Pres., L . J. Drake; V .- P .,
A ., E . Smith; V .- P ., B . C . G raves; V .- P ., Sec. & T reas., E . L . Gridley.
O ffice, 134 N orth La Salle S t., C hicago.— -(V. 123, p . 2150.)
U N IT E D A L L O Y S T E E L C O R P .— See Central A lloy Steel C orp.
U N IT E D C IG AR STORES CO. OF A M E R IC A .— O R G A N I Z A T I O N .—
Incorporated In N . J. July 24 1912. On June 1 1917 for purposes of eco­
nomical operation it took over all the property and assets of its subsidiaries,
the United Cigar Stores C o ., In c ., N . J ., United Cigar C o. o f 111. and United
Stores R ealty C orp. V . 105, p. 1718; V .94, p. 1451,1386,1122; V .93. p. 1108,
1122; V . 8 8 , p . 1132).
Retails cigars, cigarettes, tobacco, & c.. hav,
lng over 2,500 stores and agencies in various parts o f the country. United
Profit Sharing C orp., see V . 98, p . 1465; V . 99. p . 474. 1683: V . 100. p . 59.
3 14. In M a y 1926 acquired a one-half interest in the Charles F . N oyes C o .,
which has acquired the rental and agency management of the United Cigar
Stores C o. V . 122, p. 2669 . In A u g. 1926 acquired 1,788 shares o f capital
stock (par $100) of W helan D rug Stores, Inc. (N . J .).




A m oun t
O u ts ta n d in g

R ate

%

W h en
P a y a b le

$100 $ 2 4,564 ,400
5
Q— M
1,000 13,000,000
A & O
4 'A
25 4 7 ,140,113 See text Q— M 31
Q— M
3,6 5 0 ,4 8 8
100
7

on the latter’s concession in the district o f Paez, lying northwest o f Lake
M aracaibo, in Venezuela. V . 123, p . 726.
S T O C K .— N o dividends while the first lien bonds are unpaid, unless net
income is twice the interest charge. V . 101, p . 523; V . 100, p. 1353, 1516,
897; V . 102, p. 1065; V . 103, p. 762.
The stockholders voted on Feb. 26 1924 to increase the authorized stock
from $100 ,0 0 0 ,0 0 0 to $12 5 ,0 0 0 ,0 0 0 .
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.

Balance, surplus--------$ 965 ,23 8
6 M o s . E n d . Jun e 30—
1926.
Earns, after oper. exps. $ 3 ,3 9 8 ,0 9 5
Depreciation_____________
1 ,576,072
Reserves_________________
2 54,863

[V ol. 123.

INDUSTRIAL STOCKS AND BONDS

A & O
5,7 9 0 ,0 0 0
6 g
38 ,0 6 3 ,1 0 0 See text Q— M
Q—F
32 .5 6 2 ,3 0 0
7
14,800
6 g
A & O
12,500,000
1,729,595

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

D ec 1 1926 I K
T o Oct 1 1936
See text
D ec 1 5 ’26 I K

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 .

Checks mailed
Chase N a t B ank, N Y
Checks mailed
do

Oct 1 1942
D ec 1 1926 2 % Am er Trust C o , Boston
N o v 1 1926 I K Amer Trust C o , Boston
O ct 15 1944

Chase N a t B ank, N Y

During 1923 the Tobacco Products C orp. acquired over 8 7 % o f the
common stock o f the com pany.
S T O C K .— The preferred stock has equal voting power with com m on. A
special surplus fund out o f net profits m ay be used to redeem pref. stock at
prices not exceeding $140 per share. The stockholders on April 11 1924
changed the par value o f the com m on stock from $100 to $25.
Preferred and com m on stockholders o f record D ec. 10 1925 received the
right to subscribe for additional com m on shares on the basis of one additional
share for every four shares of either preferred or common stock held.
B O N D S .— The com pany guarantees, principal and interest, $ 5 ,8 2 0 ,0 0 0
20-year 6 % s. f. debenture gold bonds, due 1942, o f United Stores R ealty
C orp. The bonds are non-callable during first 5 years except at 105 for
sinking fund. Callable in whole or part after Sept. 30 1927, up to April 1
1932 at 105 and in t., and after April 1 1932 to 1942 at 105 and in t., less
M % for each 6 months to m aturity. V . 116, p . 1953.
D I V I D E N D S (old co. prior to merger o f 1917 ).— D lv . on com m on. 1 ) 4 %
and
extra paid Feb. 15 1913; M a y 15 1913 to N o v . 15 1913. 1 H % :
Feb. 15 1914 to M a y 15 1915, 6 % yearly; A u g. 1915 to F eb. 15 1917, 1 H % '
M ay 1917, 2 % quar. to M a y 1918.
V . 104, p. 1392. On A ug. 15 1918 in
creased the common dividend to 2 ) 4 % ; N o v . 1918 to M a y 1919, 2 3 * %
quar.; then none till Jan. 2 1920, 6 % . V . 107, p . 410. In April and agaiD
in N o v . 1920 paid 1 0 % in common stock. Jan. 1921 to M a r. 1921 paid
1 ) 4 % m onthly. In April 1921 paid 1 % ; M a y 1921, 1 % ; June 1921, 2 % ;
July 1921, 1 ) 4 % ; A u g. 1921, 1 ) 4 % ; N o v . 1921, 2 % ; Sept. 1922, 2 % ;
D ec. 1922, 2 % , and 1 % extra: M a r. 1923, 2 % ; M a y 1923, 2 % : A u g.
1923, 2 % ; N o v . 1923, 3 % ; Feb. 1924, 3 % ; M a y 1924, 3 % ; June 1924 to
D e c . 1926 paid each quar. 2 % in cash and 1 )4 % in common stock.
R E P O R T .— For 1925, in V . 122, p . 1325, showed:
Calendar Y ears—
1925.
1924.
1923.
N et profits________________ a $9 .989 ,676 a 7 ,751,997 $ 5 ,817,027
Federal taxes, & c_______
825,000
70 0 ,0 0 0
70 0 ,0 0 0
351,448
355,298
3 59,100
Interest----------------------------Preferred dividends_____
286,377
3 01,808
316,890
Com m on dividends______
2,780,431
3,9 6 8 ,0 0 2
2,9 5 7 ,2 3 4

1922.
$5 ,0 5 9 ,8 0 6
7 00,000
_____
316,890
1,642,836

Balance, surplus______$5,74 6 ,4 2 0 $ 2 ,426,889 $1,48 3 ,8 0 3
$ 2 ,4 0 0 ,0 8 0
a Includes $1 ,2 9 5 ,1 9 7 enhancement o f leasehold values in 1925 and
$1 ,2 4 7 ,7 2 9 in 1924.
6 M o s . E n d . Jun e 30—
1926.
1925.
1924.
1923.
N e t profits after Federal
$ 2 ,0 1 0 ,0 1 9
taxes, in t., & c________ $3 ,7 1 2 ,6 1 8 $ 2 ,8 5 3 ,8 6 0 $2 ,2 1 2 ,0 5 9
O F F IC E R S ,-— Chairman and Pres,, Charles A;. W helan ; V .-P s ., W m .
Baeder, R . L . R am sdell, C . R . Sherlock, J. F . W helan , H . S. Collins, W . T .
Posey, D r. M . M onac-Lesser, Albert C . A llen, Samuel Simons, L . E . D enslow, Julius Schwartz, M . A . Bouvier; Sec., W . A . Ferguson; T reas., G eo.
W a ttle y . Office, 44 W est 18th S t., N ew Y o rk .— (V . 123, p . 2534 .)
U N IT E D D R U G C O .— O R G A N I Z A T I O N .— Incorporated in M a ss’
in M arch 1916. In addition to its m anufacturing property and business
owns the entire capital stock o f the Louis K . Liggett C o ., the retail com pany
which succeeded to Riker-Hegem an C o ., Riker-Jaynes C o. and Louis K .
Liggett C o. business. Also owns all the com m on stock o f Canadian and
British companies, &c. V . 108, p. 2637; V . 109, p . 894; V . 103, p. 417;
V . 102, p. 615, l l 6 7 , 1255. In its laboratories and factories in Boston,
New H aven, 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 8,0 0 0
stockholder agents, called Rexall stores, situated in nearly every place in
the U . S. of over 1,000 population, and also through over 436 Liggett’s
drug stores. In 1917 purchased Seamless Rubber C o . in New H aven,
C onn., the lessee of a new $1 ,8 0 0 ,0 0 0 plant owned by Seamless Rubber
associates on account of which the latter sold .$1,200,000 6 % preferred
stock in N o v . 1919. having dividends and sinking funds covered by rental
under guaranty b y United Drug C o . V . 109, p . 1706. In 1919 acquired
Schuhles Pure Grape Juice C o ., In c ., o f N ew York (name changed in
1922 to Hudson Valley Pure Food C o .) . V . 104, p . 1495, 2 562 . United
Drug C o ., L t d ., C anada. V . 106, p. 2 1 2 7 , 2458 ; V . 112, p . 2 323 .
In A u g.
1919 sold Vivaudou C o . V . 109, p. 8 94. In N o v . 1919 purchased a con­
trolling interest in the Absorbent C otton C o. of Am erica, St. Louis, and
on Jan. 28 1923 acquired all the outstanding stock o f that com pany. V . 109,
p. 2077.
During 1919 formed the United Drug Building C o ., which sold
52,000,000 of bonds, guaranteed by an irrevocable 20-year lease o f the
property to the United Drug C o . V . 110, p. 877. In July 1920 Liggett’s
International, L td ., In c., was organized and took over the assets and
business in Great Britain, all the outstanding stock o f the Louis K . Lig­
gett C o ., L t d ., of Canada, and the ordinary shares o f the B o o t’s Pure
Drug C o ., L td ., of England.
In June 1925 Liggett’s International, L t d ., was liquidated and its securi­
ties transferred to the treasury o f the U nited D rug C o .
S T O C K .— 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 com m on.
The stockholders on Jan. 21 1925 authorized an increase in the 1st Pref.
stock from $ 2 0,000 ,000 to $ 3 5 ,0 0 0 ,0 0 0 . Preferred stockholders o f Lig­
gett’s International, L t d ., In c ., in Jan. 1925 were offered 1 l-7 th shares
of the 1st Pref. stock of United D rug C o . in exchange for each share o f Pre­
ferred stock of Liggett’s International.
All o f the outstanding $124 ,90 0 2d pref. stock was redeemed on D ec. 1
1925 at 105 and dividends.
B O N D S .— T h e 8 % convertible gold bonds were redeemed on D ec. 15 1924
out o f the proceeds of the $ 1 2 ,5 0 0 ,0 0 0 20-year 6 % gold bonds sold in
O ct. 1924. V . 119, p . 1636.
Guarantees, jointly with Louis K . Liggett C o ., $ 2 ,2 5 0 ,0 7 0 7 % S. F
gold bonds, due M a r. 1 1942, o f Liggett-W incbester-L ey Realty Corn
V . 114, p . 953.
D I V I D E N D S — 1918. 1919. 1920. 1921. 1922. 1923. 1924.
1925.
On com . stock ( % ) 5
7 )4
7K
6
0
3
6
614
On pref. stock ( % ) . ------------------------------------In full to date-----------------------------------Paid on common stock in Jan. 1919, 1 ) 4 % and 1 % extra; April 1919 to
Jan. 1920, incl., 1 K % quar.; April 1920 to July 1921, 2 % quar., then none
until Sept. 1 1923. when 1 ) 4 % was paid; same am ount paid quar. to June
1 1925; Sept. 1 1925 to M arch 1 1926 paid l % % qu ar.; June 1 1926 to
D ec. 1 1926 paid 2 % quar.
R E P O R T — For 1925, in V . 122, p . 1019 , showed;
Calendar Y ea rs—
1925.
1924.
1923.
1922.
N e t sales------------------------- $78,1 4 5 ,5 9 4 $ 7 0 ,1 1 2 ,1 3 3 $67,244 ,671 $61,1 8 6 ,9 0 6
Total net income------------- 9 ,3 3 1 ,3 3 7
8 ,1 3 6 ,0 9 2
6 ,7 5 2 ,0 1 8
5 ,879,844
D epreciation_____________1
D oubtful accts. re c e iv .1,3 2 1 ,7 9 4
1 ,388,114
1 ,346,894
1,377,739
Current taxes___________ J
Pref. & com . divs. (incl.
subsidiary c o s.)_______
4 ,2 3 7 ,3 9 4
3 ,3 5 5 ,9 5 3
2,244,051
1 ,198,069
In t. on b d s .& notes o u t961,356
1 ,2 0 1 ,4 1 9
1,2 4 0 ,3 0 2
1,270,838
Prov. for Fed. tax & adj
8 2 5 ,2 7 4
4 9 3 ,7 3 6
324,284
C r.12,919
Balance, surplus______$ 1 ,9 8 5 ,5 1 9

$ 1 ,6 9 6 ,8 7 0

$ 1 ,596,487

$2,046,117

245

INDUSTRIAL STOCKS AND BONDS

Nov., 1926.]

P ar
Value

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviations, cfee., see n otes on p a g e 8]

U n ite d D yew ood Corn— Com m on stock $ 1 5 ,0 0 0 ,0 0 0 _______
Pref 7 % cum $ 5 ,0 0 0 .0 0 0 ______________________________________
U n ited F ru it— Stock $3 ,0 0 0 ,0 0 0 shares authorized__________
U n ite d Paper B oard C o Inc— Com stock $ 1 2,000 ,000 au th .
Pref stock 6 % non-cum $ 1 ,500,000 red 110 (Vol 104, p . 769)
U n ite d S h o e M ach in ery C orp— Com m on stock____________
Pref (a & d) stock 6 % cumulative (see tex t)________________
U S C a st Iron Pipe & Fdy C o— C om stock $ 1 5 ,0 0 0 ,0 0 0 auth
Preferred stock 7 % non-cumulative $15,0 0 0 ,0 0 0 a u th ____
American Pipe & Foundry 1st m tge $1 ,5 0 0 ,0 0 0 sk fu n d__z

Am ount
Outstanding

$100 $13,918 ,300
100
3 ,9 5 0 ,0 0 0
N one 2 ,5 0 0 ,0 0 Osh
100 12,000,000
100
1 ,317,300
2 c 48,534,891
2c 10,594,375
100 12,000,000
100 12.000,000
1423.000
1.000

1898

Rate
%

See

W hen
Payable

text

7

Q— J

o—J
See text
See text
Text
See text
T ext
See text
0—J
Q- T
6
Q— M 15
10
7
g — M 15
J
& J
6

L a st D ividend
and M a tu rity

July 1 1924
Oct 1 1926
Jan 3 1927
July 15 1926
A p r 1 1926
Oct 5 1926
Oct 5 1926
See text
See text
July 1 1928

Places W here In teres and
D ivid en d s a re P a yable

1 Vi
1
$1 C om pany's office ,B o sto n
6%
6*4 /C hecks frorr Vmericaa
1)4 1 Trust C o . Boston
O ffice ,1B urlington. N J

do
Chattanooga,

do
Tenressee

t After deducting $ 1 ,077,000 in treasury and sinking fund.

Report for 9 m os. ended Sept. 30 1926, in V . 123, p . 2406 , showed:
— Q u a r. E n d . Sept. 30----------9 M o s . E n d . Sept. 30—
Period—
1926.
1925.
1926.
1925.
Sales_____________________ $22,735,611 $19,303,341 $65,6 8 2 ,0 9 0 $ 5 5 ,704 ,904
Total incom e____________
2 ,3 4 0 ,0 2 8
2 ,2 3 2 ,8 9 4
7 ,3 7 2 ,5 4 8
6,283,453
Depreciation, taxes, &c_
434,544
346,457
1 ,266,345
1,086,134
N et p rofit to surplus- _ $ 1 ,905,484
- 11,872,446

$ 1 ,886,437
9 ,441,502

$6,106,203
10,645,673

$ 5 ,197,319
5,071,391

R E P O R T .— For 1925, in V . 122, p . 604, showed:
Calendar Y ears—1925.
1924.
1923.
1922.
N et income from oper___ $ 2 1 ,723 ,704 $18,440,421 $26,878 ,656 $20,4 7 6 ,7 5 9
Interest, dividends, & c . 4 ,494,311
2,1 2 8 ,4 0 7
3 39,364
2,0 8 4 ,7 9 0
$26,218 ,015 $20,568,828 $ 2 7 ,2 1 8 ,0 2 0 $ 2 2,561 ,549
. 3 ,671,135
3,274,620
4 .120.690
3,710,231
y l0 ,0 0 0 ,0 0 0 x 2 0 ,000 ,000
10,00 0 ,0 0 0

Dividends (see note).
B a l., profit, for ye:

$22,546 ,880
. 5 0 ,737,562

-$ 1 3 ,7 7 7 ,9 3 0 $11,327 ,939 $16,751 ,876 $ 1 0 ,268 ,710
.
C r33,494
D r49,296
D r20,486
D r432,171

Surp. acq. through Lig
g ett’s I n t ., L t d ., Inc_ _
Interest____________
Preferred dividends____
Com m on dividends

193,373
569,769
737,337

236,196
546,304
580,344

652,504
1 ,709,355
2 ,058,584

0 3 ,8 8 1 ,3 6 1
729,162
1,388,119
1 ,684,818

$ 1 2,310 ,947 $ 9 ,915,802 : 12,310 ,947 $ 9 ,915,802
$
O F F IC E R S .— Pres., Louis K . Liggett; 1st. V .- P ., G eo. M . Gales; Sec.,
A . W . M urray; T reas., J. A . G alvin . M ain office, 43 Leon S t., Boston,
M a ss.— (V . 123, p . 2 4 0 6 .)

U N IT E D D Y E W O O D C O R P .— O R G A N I Z A T I O N .— Incorporated in
Dela. Sept. 26 1916 as a holding c o . and m ay manufacture chemicals,
coloring materials and dyestuffs. Owns all the capital stock of American
Dyew ood C o. (incorp. in Pa. June 28 1904) and controls three other com ­
panies in France. England and W est Indies. See full data. V . 104. p. 2559.
S T O C K .— Capital stock (par $100) au th ., com m on, $ 1 5 ,0 0 0 ,0 0 0 ; out­
standing, $13 ,9 1 8 ,3 0 0 ; pref. (7 % cum .) au th ., $ 5 ,0 0 0 ,0 0 0 ; issued, $ 4 ,5 0 0 ,000, of which $550 ,00 0 is held in treasury.
D I V I D E N D S .— On pref. stock paid or declared in full to O ct. 1 1926
7 % p. a. ( 1 M % q u .).
D ividends on common (N o . 1), April 1917 to July
1924, 1 H % quar.; none since. In A u g. 1917 paid 1 % extra to aid Red
Cross contributions.
R E P O R T .— For 1925 showed:
In co m e A c co u n t ( o f H o ld in g C om pa n y) fo r Calendar Y ea rs.
1925.
1924.
$466,774
$656 ,10 6
Other incom e.
63,668
50,614
$706 ,72 0
110,884

G en. & adm in, expenses, and foreign taxes.

$530,442
89,343

Preferred dividends.
Com m on dividends.

$441 ,09 9
$595 ,83 6
271,250
261,625
-----------(3 % )4 1 7 ,5 4 9
$169,849
1,030,189

def$83,338
914,458

Interest received.

1926.
$136,630
30,989

1925.
$272,340
26,798

T o ta l incom e________________________
General and administrative expense.
Foreign exchange_____________________
Foreign taxes__________________________

$167 ,01 8
22,194
68,970
33,296

$299,139
55,679
10,474

$42,558
1,030,189

$232,986
914,458

$ 1 ,072,747
0 2 0 ,0 0 0
138,250

$ 1 ,147,444
D r54,118
266,000

$954,497

$827,325

Six M o n th s Ended Jun e 30— ■

N e t incom e___________________
P rofit and loss surplus Jan. 1.

Dividend on preferred stock.
Profit and loss surplus June 3 0 ___________________

Other in com e.
Depreciation, interest. Federal taxes, & c.
General reserves____________________________
D ividends___________________________________

$695,678
256,239
152,476
455,568

D eficit-----------------------------------------------------------------------$168,605
Profit and loss, surplus_______________________________ *2,217,172
* E q uity o f United D yew ood C orp. amounted to $ 2 ,2 5 6 ,5 2 8 .

$752 ,54 9
292,911
124,166
701,989

$366,517
2 ,6 3 9 ,8 0 0

Six M on th s Ended J u n e 3 0 —
N e t profit from operations___________________________
Miscellaneous income________________________________

1926.
$184,161
18,088

1925.
$269,358
6,852

Gross income______________________________________
Depreciation, taxes, interest, & c____________________
Provisions for reserves, & c___________________________

$202 ,25 0
111,125
59,590

$276,210
103,956
3 4,725

N e t incom e--------------------------------------------------------------$3 1 ,5 3 5
$137,529
O F F IC E R S .— Pres., Joseph C . Baldwin Jr.; V .- P ., D e W itt C . Jones
M ain office
100 E ast 42d S t., N ew Y o rk .— (V . 123, p . 1888 .)

and Percival Thom as; Sec. & T reas., Ernest W . Picker.

U N IT E D F R U IT C O .— O R G A N IZ A T IO N .— Incorporated in N . J. on
M arch 30 1899 to carry on tropical fruit business. Properties, see V . 69
p . 854, and successive annual reports as published in the “ C hron icle.’ !
also V . 113, p . 1780; V . 115, p . 2805. Bluefields SS. C o. A nti-T rust case.
V . 104, p . 2656. N orthern R y . o f Costa R ica, 347 miles. See V . 71, p ’
1067; V . 80, p . 223; V . 81, p . 618. Sole owner o f Revere Sugar Refinery;
new plant opened in Jan. 1919, capacity 3,500 bbls. a d a y. V . 108. p . 487;
V . 103, p . 1979; V . 99, p . 1755; V . 98, p . 1619.
D e c . 31 1917 took over the property o f the (controlled) Cuban sugar
co m p a n y, the N ipe Bay C o. V . 105. p . 2006, 2269. Interest in N ew
E ngland Oil C orp . and R adio C orp. o f Am erica. V . I l l , p . 2050; V . 112.
p . 1290. Lease o f pier from Havana D ock s C orp ., V . 112, p . 2541.
S T O C K .— Th e stockholders on M arch 24 1926: (a) voted to change the
authorized capital stock from $150 ,0 0 0 ,0 0 0 , ($100,000 ,000 oustanding)
par $100 per share, to 3 ,0 0 0 ,0 0 0 shares of no par value, and (b) approved
the issuance o f 2J^ shares o f no par value stock in exchange for each out­
standing share w ith par value.

D IV S .— 1912. 1913 1914-18. 1919. 1920 ’21.
R e g u la r ... 8 %
8%
8%
9A %
11M 10
E x t r a -------..
2%
...
) S % ____ *100
* In stock.

’22. ’23. ’24.
8

. . 2

8

8

2

’25.
10

Paid in 1926: Jan. 2, 2 K % ; April 1 , 2 K % and 2 % extra; July 1 and O ct.T
paid $1 per share on new stock of no par value. Paid in 1927: Jan. 3 , $ 1 . '




$3 ,0 9 7 ,3 3 0
4 4 ,970,023

$ 8 ,851,318
34 ,9 5 5 ,7 7 4

.$73,284,442 $55,361,562 $48,067 ,353 $ 4 3 ,8 0 7 ,0 9 2
Charge to profit & l o s s ..
655,175
4,6 2 4 ,0 0 0
C r l,1 6 2 ,9 3 0
Profit & loss balance. .$ 7 2 ,6 2 9 ,2 6 7 $50,737 ,562 $48,0 6 7 ,3 5 3 $ 4 4 ,970 ,022
x Including $ 1 0 ,0 0 0 ,0 0 0 dividends for 1924. y Being dividends for year
1925, declared in D ec. 1924.
D IR E C T O R S .— Victor M . Cutter (Pres.). W illiam Newsome and
Crawford H . Ellis ( V .-P .) , Bradley W . Palmer, R obert F . Herrick, W . Cam ­
eron Forbes, Reginald Foster, F . R . H art, George C . Lee, K . K . M cL aren,
Daniel G . W ing, W . S. Spaulding, T . Jefferson Coolidge, Charming H .
C ox, W illiam K . Jackson and H enry Stockley. Treas. is W m . T . Nolting;
Sec., W m . K . Jackson: C o m p t., Cecil B . Taylor. General offices, 1
Federal S t., B oston.— (V . 123, p . 2 2 7 6 .)

U N IT E D P A P E R B O A R D C O ., IN C .— Incorp. F eb. 27 1912 In N . J.
and acquired at foreclosure sale the properties o f the United B oxboard C o .
Product is pulp and paperboard for the m anufacture o f paper containers and
kindred com m odities.
C A P IT A L S T O C K .— T he auth. pref. stock was decreased from $2,500,000 to $1,500,000 In N o v .1920. P ref. and com m on stocks have equal voting
power.
T h e common stockholders o f record M arch 21 1925 were given the right
to subscribe for 17,093 additional shares o f com m on stock at $18 per share,
in the proportion o f 1 7 % or any part thereof of their respective holdings o f
com m on stock.
D I V I D E N D S .— On p re f., 1 A % quar. O ct. 15 1916 to July 15 1921: then
none until July 2 1923, when 6 % was paid; July 1 1924 paid 6 % ; July 1
1925 paid 6 % ; April 1 1926 paid 6 % .
On com m on: D ec. 15 1917, A % ‘
,
D ec. 15 1918, 1 % ; M a y 27 1920, 2 % ; Sept. 16 1920, 2 % ; Jan. 10 1921, 2 % ,
also 1 0 % in stock; then none until July 1 1925, when % % was paid; A pril
15 and July 15 1926 paid A % qu ar.; none since.
R E P O R T .— For year ended M a y 29 1926, in V . 123, p. 705, showed:
M a y 29
M a y 30
M a y 31
M a y 26
Y e a rs Ended—
1925-26.
1924-25.
1923-24.
1922-23.
$923 ,60 7
$794,476
M ill earnings____________
$705,768
$881 ,71 4
155,771
119,045
Taxes and insurance____
147,397
102,981
Adm inistration exp--------131,325
133,596
134,951
132,459
Depreciation-------------------3 0 0,000
300,000
300,000
300,000
Reserve for Federal taxes
43,9 8 3
________
Preferred divs. ( 6 % ) . - 7 8,972
79,476
79,476
7 9 ,4 8 9
Com m on dividends.
................
-(1 % )1 1 9 ,9 2 0 (1 M )5 9 ,9 5 5
Balance, surplus---------

fo r Calendar Y ea rs.
1925.
1924.
$673,638
$732 ,25 5
22,040
20 ,2 9 4

$7,29 4 ,2 0 8
4 8 ,067,354

$ 93,637

$102 ,40 4

$ 43,944

$266,793

O F F IC E R S .— P res., Sidney M itcnell; V .-P res., M atthias Plum ; T reas.,
Ohas. E . D aniel: S ec., M . B echthold. N . Y . office . 171 M adison A v e .—
(V . 123, p. 1517.)

U N IT E D S H O E M A C H IN E R Y
C O R P O R A T I O N .— O R G A N I Z A Inc° r p . ,n N - J - v - 80, P - 1862. Properties. V . 6 8 . p . 333, 430.
74. p . 430; V. 75. p . 851: V . 80. p . 1486; V . 91. p . 878: V . 92. p. 1699;
®7 v.P- 4359: V . 99, p . 275. T he merger o f the United Shoe M achinery
O o., the operating com p a n y, with the U nited Shoe M achinery C orp ora tion .
'•be holding com pany was finally consum m ated N o v . 30 1917. V 105, p .
1426.
The U . 8 . Supreme C ourt on M a y 20 1918 refused to order the dissolution
of the com pany for alleged violation o f the Sherman A nti-T rust Law
As
to this and the C la y ton A ct suit, see V . 106, p . 2238. 2224. On O ct 21
1918 the G overnm ent was refused a rehearing o f the dissolution suits.
v i 2 73A-V ‘ } 08, D‘ 223 7 - G o v t, suit under C layton Act upheld In
part b y U . S. D istrict C ou rt at St. Louis, V . 110. p . 1421. On April 17
1922 the case was reargued on appeal o f the com p a n y and the decree o f the
D istrict C ourt sustained. T h e U . S. Supreme C ourt in a decision rendered
April 17 1922 held that the U nited Shoe M achinery C orporation under the
Federal anti-trust laws, m ay not include in its leases o f m achinery to
shoe manufacturers the so-called " t y in g " clauses. See V 114 p 1729
C om pany asks m odification o f decree, V . 114, p . 2250, 2368. 2479;
f.

S T O C K .— The stockholders v oted M a y 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 o f com . (par $25) and 600,000 shares o f
pref. (par $25). A stock dividend o f 4 0% was paid June 18 1923.
i u
D IV IS .—
r n - ’ 14. T 5 . 16. ’ 17. '1 8 . T 9 . ’20. 21 ’2 2 ’23. ’24. ’25On co m m on . % 1 8 yrly
.%
“ y
8
8 8
8 8
12
8 8 8
9 10
E xtra cash
----10
6
—
4
6 ....................—
-4
k
"i
Extra stock i l l ]
10
..
10 T e x t __
40
On July 5 1917 an extra d ividend o f 1 0% In stock and 4 % in L ib erty
Loan bonds, in addition to the regular quarterly 2 % . V . 104. d . 2457.
p m?.July 5 1916 6 % extra in cash; also on July 15 1916 15-1000 o f a share
o f Thom as G . Plant C o . p ref. stock as to each $25 share held on June 19;
seo V . 10 ^, p . 2260, 2347.
Paid-in 1926: Jan. 5, 2 A % : April 5, 2 ^ % ; July 6, 2 H % ; O ct. 5 , 2 K %
ana 4 /o 0xtr3i,
year ending Feb. 27.1j926Tn V . 1 2 Y P2| 0 7 7 ,
Y ea rs Ended Feb.—
1925-26.
1924-25.
Com bined net earnings. $8 ,9 0 0 ,9 2 0 $7,38 7 ,7 4 2 $8,054,941
Excess profits taxes------8 50,000
885,000
1 ,000,000
Cash dividends paid------7,4 2 8 ,6 2 9
5,2 4 4 ,9 6 8
4,2 3 9 ,1 7 1

showed

1922-23.
56,547,216
1,500,000

3,396,903

Balance, surp. for y r .
$622,291 $ 1 ,257,774 $ 2 ,8 1 5 ,7 7 0 $ 1 ,650,313
D m E C T O R S — Edw in P . Brown (Pres.), G eo. W . Brow n (V .-P )
M oses B . K aven ( V .-P .) , W m . W arren Barbour, Prescott Le B . Gardner.
E . P . H urd ( V .-P . & A sst. T reas.). Daniel G . W in g, Charles G . Rice, J. H .
§ 0Snoi ' J VG P ').’ , Sia rley ^
Winslow Jr. ( V .-P .) , W illiam W oodw ard.
R obert F . Herrick, R obert Barbour, W . R . Sampson (G en. M g r .) , H W
H anan Harold O . K eith , C has. G . Bancroft ( V .-P .) , H . G . Donham
Y u fP ‘
? ' B ^ tow D raPer. Halsey E . A b bey (T re a s.). Office,
Albany B ld g ., Boston, M a s s .— (V . 123, p . 1392.)

C A S T , IR O N

P IP E

AND

FOUNDRY

C O .—

O R G A O T Z A T J O N .— Jncorp. in N . J. M arch 13 1899. V . 8 1 , p . 233;
69,
Y* 71. p * 1124. Properties, rights o f stocks, & c ., V . 85
P- i,5 7 - *522: V . 103. p . 1709; V . 109. p . 1086; V . 114, p . 1176; V . 116.P .1174.
v . i z z , p . zb b y.

D i y s . j ’09. TO. ’ l l . ’ 12. ’ 13. T 4 . T 5 . T 6 .
Pref % (5 )4 6
2)4 2
4
2
0
4
C om . _ [ _
N one

1917 to ‘22. ’23. '24. ’25 ’26.
5 % yrly . 7)4
8 see text

246

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
F or abbreviation s, & c ., see notes o n pa ge 8]

D a te
Bonds

U S D is t r ib u tin g C orp — C om m on stock 22 0 .0 0 0 shs a u th -_
Pref (a & d) stock 7 % cum convert (see text) $ 2 ,750,000 au
U n ite d S ta te s E n velop e— Com m on stock $ 4 ,0 0 0 ,0 0 0 _______
Preferred stock (a & d) 7 % cumulative $ 4 ,0 0 0 ,0 0 0 _______
1st mortgage g part yearly red 1 04_________________ O B .zc*
U n ited S ta te s G y p s u m C o — C om m on stock $ 1 5 ,0 0 0 ,0 0 0 -.
Pref<»rred stock 7 % cumulative $1 0 ,0 0 0 ,0 0 0 au th orized..
Unlted S ta te s H o ffm a n M ach C orp— Com stock v t c —
U S in d u s tr ia l A lc o h o l C o .— Com m on stock ($24,000,000)
fr e t stock 7 % c u m guar red text_____________________________
S ecurities o f S u bsid iaries H eld by P u blic—
Cuba Distilling C o pref stock (V 103. p 2 1 5 8 )____________
U n it e d S ta te s L e a th e r Co— See Central Leather C o.

Am oun t
Outstanding

Rate
%

168,709 shs
$ 1 ,282,100
7
1.750.000 See text
4 .0 0 0 .
000
7
1 150.000
5 c
a l0 ,1 3 8 ,3 0 0 See text
7
8 .287,200
222,203 sh. See text
24,000.000 See text
7
6 . 0 00 .
000

.

1908

100

1,836,600

7

W hen
Payable

Last D ivid en d
and M a tu rity

[V ol. 123.
Places W h ere In terest ana
D ividends are Payable

Jan 15 1921, $1
July 1 1926 3 H
A u g 14 1926 4 % Old Colony T rust C o . Bos
A u g14 1926 3 H
do
do
do
do
T o D ec 1 1934
See text
Q— M 31 D ec 31 ’26 1*4
Q— M
D ec 1 1926 $)
Sept 15 ’21 l ? . Checks mailed
Q— J 15 O ct 15 ’2 6 1 3 Checks mailed
A

J &
J
M & S
54 & !■
r
.* r
Q— M 31

Q— P 15

Checks mailed

a D oes not include 3 5 % stock dividend payable D ec. 31 1 926.

T h e directors on Jan. 22 1925 declared four quarterly dividends o f 1 % %
each, payable M arch 16, June 15, Sept. 15 and D ec. 15 1925 to holders of
record M arch 2, June 1, Sept. 1 and D ec. 1, respectively.
Th e directors also declared an additional dividend o f $ 300 ,00 0 ( 2 H % )
on the pref. stock, payable M arch 16 1925 to holders of record M arch 2,
and an additional dividend o f $3 0 1 ,3 7 0 52 (2.511 + % ) , payable June 15
1925 to holders o f record June 1. These additional dividends are payable
out of the fund which heretofore m ight lawfully have been distributed in
dividends to the pref. stockholders and was not so distributed. W ith
these distributions all back dividends on the pref. were cancelled.
The directors on Jan. 21 1926 declared four quarterly divs. of 2 V i% on
the com . stock, and four quarterly divs. o f 1 % % on the pref. stock, payable
M arch 15, June 15, Sept. 15 and D ec. 15 1926 to holders o f record M arch 1,
June 1, Sept. 1 and D ec. 1 1926.
R E P O R T .— For 1925. in V . 122, p . 1604, showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
N et operating incom e___x $5 ,9 7 7 ,6 5 9 x $ 6 ,448 ,764 $ 3 ,9 9 5 ,7 9 4 $1 ,4 9 7 ,8 6 6
Other incom e____________
2 5 5 ,7 2 2
138,425
6 6 ,9 0 5
8 5,193
T o ta l incom e___________ $ 6 ,2 3 3 ,3 8 2
$ 6 ,5 8 7 ,1 8 9 $4,06 2 ,6 9 9 $1 ,5 8 3 ,0 5 8
Depreciation reserve___
$ 701 ,23 2
$504 ,12 8
$4 7 2 ,9 3 6
$439 ,64 7
Interest___________________
3 0 ,8 8 4
62 .1 4 0
118,496
121.169
1,441,371
9 6 0 ,0 0 0
9 00 000
600,000
Preferred dividends____
Com m on dividends______
_______
_______
60 ,0 0 0
_______
Surplus for year_______ $ 4 ,0 5 9 ,8 9 4
$ 5 ,0 6 0 ,9 2 0 $2 ,5 1 1 ,2 6 8
$422,243
x Earnings are after deducting cost o f operation and maintenance or
plants ($2,470,885 in 1924 and $ 2 ,2 5 0 ,9 0 3 in 1925) expended for upkeep
o f tools, machinery, buildings and equipm ent, expenses o f sales and general
offices, and provision for taxes and doubtful accounts.
O F F IC E R S .— Pres., N . F . S. Russell; 1st V .- P ., W . T . C . CarpenterV .-P . & T reas., B . F . H aughton; V .- P ., D . P . Hopkins; Sec., C has. R R auth. General offices, Burlington, N . J
N . Y . office, 71 Broadw ay.
— (V . 123, p .8 5 5 .)
U N IT E D S T A T E S D I S T R I B U T I N G C O R P .— Incorporated under
laws o f Virginia on Sept. 18 1919. Through its operating companies is
engaged in the business o f distributing anthracite and bituminous coal,
operating mines in W yom ing, trucking all kinds o f freight in N ew York and
N ew Jersey, and transporting coal and other commodities by barge in
N ew York Harbor. The subsidiary companies are Sheridan W yom ing
Coal C o ., In c., Tongue River Trading C o ., U . S. Trucking Corp. and
Pattison & Bowns, Inc. The last-nam ed com pany controls the U . S. Barge
C orp. and the W est N ew York Coal C o .
In O ct. 1925 the corporation acquired the 48 armored cars and the
business of the Ad am s Express Armored Car C orp. V . 121, p . 1581.
S T O C K .— The preferred stock is convertible into common stock at the
rate o f four shares o f common stock for each share o f preferred stock. Every
share o f preferred stock entitles the holder thereof to four votes and every
share o f common stock entitles the holder thereof to one vote.
D I V I D E N D S .— Paid as follows: On common stock, O ct. 15 1920, $1
per share, Jan. 15 1921, $1 per share, none since. On preferred stock,
initial semi-annual dividend o f 3 14% was paid July 1 1924; same amount
paid semi-annually to July 1 1926.
R E P O R T .— For 1925 showed:
Calendar Y ears—
T o ta l earnings_________________________
Expenses, interest, & c________________

1925.
$411 ,41 5
166,976

1924.
$414 ,03 4
150,894

1923.
$479,684
162,647

N e t earnings_________________________
Other incom e___________________________

$244 ,43 8
9 46,280

$ 263 ,14 0
56 8 ,3 0 0

$317,037
275,924

world’s largest producer o f gypsum (plaster of pa ris), doing about 4 0 % o f the
business in the U . S. Its principal properties, consisting o f mines, m ills,
quarries, warehouses, are located in different parts o f the United States.
S T O C K .— The stockholders on Feb. 11 1925 increased the authorized
common stock from $10,000 ,000 to $ 1 5 ,0 0 0 ,0 0 0 . par $20.
D I V I D E N D S .— On Pref. stock: 1906, 3 * 4 % : 1907. 7 ) 4 % : 1908, 5 % *
1909, 6 % ; 1910 to 1912, 5 % per annum; 1913, 5 4 % : 1914, 6 % ; 1915
6 4 % cash and 4 3 % on all accumulations In Com m on stock (V . 101, p . 136619, 1633) 1916 to date 7 % per annum
On com m on. 1 % quar from D e c'
3 l 1919 to June 30 1924; on Sept. 30 1924 paid 1 % quar. and 1 % extra,
on D ec. 31 1924 paid 2 % quar. and 2 5 % extra; on M a r. 31 1925 paid 2 %
quar.; June 1 1925 paid 5 % extra; June 30 1925 paid 2 % qu ir.: Sept. 1 1925
paid 5 % extra; Sept. 30 1925 paid 2 % quar.; D ec. 31 1925 p^id 2 % quar.
and 1 0 % extra; M a r. 31 1926 paid 2 % quar.: M a y 31 1926 paid 5 % extra;
June 30 1926 paid 2 % qu ar.; Sept. 1 1926 paid 5 % extra; Sept. 30 1926 paid
2 % quar.; D e c . 31 1926 paid 2 % quar. and 7 % extra and 3 5 % in com m on
stock. On D ec. 31 1920 and 1921 also paid 5 % in com . stock; on D e c . 30
1922 paid 1 0 % in com . stock; on D ec. 31 1923 paid 2 0 % in com . stock; on
D ec. 31 1924 paid 3 5 % in com . stock, and on D ec. 31 1925 paid 1 5 % in
com m on stock.
R E P O R T .— For 1925, in V . 122, p . 1780, showed:
Calendar Y ea rs—
1925.
1924.
1623.
1922.
N e t earnings____________ $10,4 7 4 ,3 0 2
$ 8 ,8 2 5 ,6 9 6 $ 6 ,8 4 8 ,9 4 2 $ 4 ,370,771
8 48,008
6 7 0 ,5 9 0
553.323
4 7 0,216
Depreciation_____________
Contingencies____________
_______
_______
5 0 0,000
30 0 .0 0 0
1,2 1 2 ,1 7 8
9 8 8 ,7 2 5
76 4 .6 9 6
48 1 ,5 2 2
Federal taxes____________
Pref. dividends ( 7 % ) - - 5 79,925
5 9 2.076
4 2 1.178
418,881
C om m on dividends______x 3 ,790.002 x 4 ,2 9 2 .5 15(24 )1 180.491 (14)619,659
Balance, surplus______$ 4 ,044,189
$ 2 ,281,789 $3,42 9 ,2 5 3 $2,08 0 ,4 9 3
Profit & loss, surp lus---$ 1 6 ,7 8 9 ,9 7 1 $12,595 ,681 $ 9 ,0 4 5 ,0 4 9 $5 ,6 1 5 ,7 9 5
x In 1925 includes 2 8 % cash and 1 5 % stock divs. In 1924 includes 3 1 %
cash and 3 5 % stock divs. In 1923 includes extra o f 2 0 % and four regular
quarterly divs. o f 1 % each. In D ec. 1922 a stock div. of 1 0 % was paid
and four regular quarterly divs. o f 1 % each during the year.
6 M o n th s Ended Jun e 30—
1926.
1925.
* N et earnings______________________________
$ 5 ,189,532 $4 ,9 9 8 ,6 7 0
Depreciation and depletion reserve_________________
4 3 3.085
341,066
Federal taxes_________________________________________
625,618
566,336
Dividends paid________________________________________
1 ,201,359
1 ,083,309
S u r p lu s_____________________________________________ $2 ,9 2 9 ,4 7 0 $3,00 7 ,9 5 9
* After operating expenses, repairs and maintenance.
O F F IC E R S .— Pres., S. L . A very; V .- P ., O . M . K node; V .- P ., C . F .
Henning; Sec. & T rea s.. R . G . Bear. Office, 205 W . M onroe S t ., Chicago.
— (V . 123, p . 2534 .)
U N IT E D S T A T E S H O F F M A N M A C H IN E R Y C O R P .— O R G A N I Z A ­
T I O N .— Incorp. under laws of Delaware in Jan. 1922. Th e com pany Is
the owner or exclusive licensee o f basic patents covering the manufacture
of garment pressing machinery.
S T O C K .— The entire common stock has been deposited under a voting
trust agreement expiring Jan. 1 1927.
A ll o f the outstanding 7 % cum . pref. stock was redeemed on M arch 1
1926 at 110 and divs.
D I V I D E N D S .— A n initial dividend o f 50 cents a share on the common
stock was paid D ec. 1 1924; same am ount paid quar. to Sept. 1 1925: paid
75c. quar. on D ec. 1 1925 and M a r. 1 1926; on June 1, Sept. 1 and D ec. 1
1926 paid 75c. quar. and 25c. extra.

R E P O R T .— For 1925, in V . 122, p . 1185, showed:
In clu d in g Canadian H o ffm a n M a ch in ery C o ., L td ., and U n ited P ressing
$592,961
M a ch in e E xchange, I n c .
50,000
1924.
Calendar Y ears—
1925.
_____ e t sales_________________________________ $ 5 ,9 8 2 ,1 5 8 $ 5 ,512,296
N
Operating costs, & c_____________________ a 4,2 8 5 ,9 6 3 a 4 ,295.139
Balance, surplus______________________ $ 1 ,061,373
$ 569 ,57 4
$542,961
Profit from operations_______________ $1,69 6 ,1 9 5 $ 1 ,217,157
— Q uar. E n d . Sept. 3 0 --------- 9 Afos. E n d . Sept. 30—
Interest, & c., incom e__________________
151,551 ____ 137,017
P eriod —
1926.
1925.
1926.
1925.
$1,35 4 ,1 7 4
Gross incom e_________________________ $ 1 ,8 4 7 ,7 4 6
N et profit after deplet’n,
Interest, & c., charges_________________
$ 139 ,82 4
$216,775
deprec. & Fed. ta x e s -$268 ,21 5
$248,682
$ 910 ,30 8
$530 ,29 6
Debenture bond interest_______________
103.468
Preferred dividends____
14,871
2 9 ,5 3 4
4 7 ,0 3 0
89,321
2 4.000
Debenture bond prem ium____________
Preferred stock premium_____________
B alance________________
$253 ,33 4
$219,148
$863 ,27 8
$440 ,97 5
Federal & Dominion income taxes____
O F F IC E R S .— Chairm an, G eo. F . G etz; P res., II. N . Taylor; V .-P ..
Amortization of patents_______________
2 1 3,422
Gardner Pattison; T reas., J. R . Edwards; Sec., G uy E . Stewart. Office,
L o sses__________________________________
W hitehall B ld g ., N ew A'ork.— (V . 123, p. 2276 .)
Dividends on preferred stock_________
Preferred dividends accrued___________
U N IT E D S T A T E S E N V E L O P E C O .— Incorp. in 1898 in M aine.
D eb . prem. & miscell. charges________
V. 66. p . 1003.
Com m on dividends____________________
S T O C K .— Th e stockholders on Jan. 7 1921 voted to increase the author­
Organization expenses___________________
ized com . stock from $ 1 ,0 0 0 ,0 0 0 to $ 4 ,0 0 0 ,0 0 0 . C om . stockholders of
Su rplus______________________________
$806,834
record M a r. 1 1921 had the privilege of subscribing at par for 1 share o f new
Profit and loss credit___________________
_______
stock for each share o f com . stock held. This with the $250 ,00 0 issued as a
Previous surplus______________________
1 ,4 7 0,924
stock div. in M a r. 1921 increased the outstanding stock to $ 1 ,7 5 0 ,0 0 0 .
V . 112, p. 753.
Profit and loss surplus________________ $2 ,2 7 7 ,7 5 7
L A T E D I V I D E N D S — f ’ 14-’ 1 6 . ’ 1 7 -’ 19. ’2 0 . ’21. '2 2 . ’2 3 . ’2 4 . '25 '26.
a Includes expenses, returns, depreciation, &c. y Losses o f United States
Preferred.................
( % ) ( 7 yrly.
7
7 7
7 7 7 7 7
H offman M achinery C o . (predecessor com pany), originating prior to form a­
C o m m o n - ...................... (% )|
7 yrly.
7
7
7H
8
8
8
88
tion of the present corporation.
do extra____________ ( % ) ( ______
2K
5
*2K
-----2
— Q uar. Ended Sept. 30--------- 9 M o s . E n d . Sept. 30—
* Stockholders o f record M a r . 2 1921 received a stock dividend o f 33 1 -3 % .
Period—
1926.
1925.
1926.
1925.
B O N D S .— The first mortgage 5 % serial gold bonds of 1908 (S2.500.00C
Operating profits_______
$518 ,70 0
$524 ,08 7 $ 1 ,3 2 3 ,7 8 4 $ 1 ,313,506
authorized Issue) mature Deo. 1 yearly from 1921 to 1937. In N o v . 190f
Other income____________
4 1,899
31,971
138,691
102,785
$2,00 0 ,0 0 0 were sold (falling due $ 50,000 yearly from 1910 to 1924, $ 1 0 0 ,0GC
from 1925 to 1929 and $ 1 5 0 ,0 0 0 1930 to 1934 . V . 8 7 . p . 1360, 1163 .
Gross income__________
$560 ,59 9
$ 556 ,05 8 $ 1 ,4 6 2 ,4 7 5 $1,416,291
In t. and other ch arges._
3 7,483
4 7 ,4 5 9
107,746
133,155
R E P O R T .— For 1925, in V . 122, p . 1325, showed:
Incom e tax, & c_________
68 ,8 7 5
5 6,519
164,424
145,868
1922.
Calendar Y ea rs—
1925.
1924.
1923.
Amortization of patents.
54,8 1 2
54,6 6 3
164,251
163,746
N et profits________________ $ 1 ,3 8 6 ,3 1 4
S I ,035,181 $ 1 ,210,397 $ 1 ,088,026
Interest____________
6 7 ,9 1 7
8 4,625
101,125
117,625
N e t incom e___________
$399 ,42 9
$397 ,41 7 $ 1 ,0 2 6 ,0 5 4
$973,522
Depreciation_____________
3 6 3 ,9 4 8
394,128
448,792
435,874
T a x reserves____________
1 60,000
100,000
75,000
O F F IC E R S .— Chairman, John E . Semmes; P res., Eugene D . Stocker;
3 0,000
Preferred dividends____
2 8 0 ,0 0 0
28 0 ,0 0 0
280,000
280,000
T reas.. M . J. W hite; Sec., W illiam H . N orth . O ffice, 105 Fourth A v e .,
Com m on dividends______
140,000
140,000
140,000
140,000
N ew Y o rk .— (V . 123, p . 2534 .)
Surplus________________
$ 374 ,45 0
$36,428
$165 ,48 0
$ 84,527
U . S. I N D U S T R I A L A L C O H O L C O .— O R G A N I Z A T I O N .— Incorp
Profit and loss surp lu s-- $ 2 ,5 0 3 ,8 7 3 $ 2 ,127,653 $ 2 ,129,030 $1,963,551
In W est Virginia O ct. 17 1906 and manufactures denatured and Industrial
x Includes 3 3 1 - 3 % stock dividend ($250,000 ).
alcohol, &c. The distilleries of the subsidiary companies were taken over
O F F IC E R S .— Pres., James Logan, Worcester, M a ss.; T reas., W m . O .
Jan. 1 1918. Also controls U . S. Industrial Chemical O o. V . 105, p.
D a y , Springfield, M a s s .; S e c., W . M . W harfield, Longmeadow, M a s s .—
2100. V . 84, p. 343: V . 101, p. 777. The Distilling O o. of America (con­
(V . 122, p . 1325.)
trolled by the Distillers’ Securities Corporation) In June 1915 sold the
$6,350,000 of the $ 1 2 ,000 ,000 com . stock owned by It. Its guaranty of
U N IT E D S T A T E S G Y P S U M C O .— O R G A N I Z A T I O N .— Incorp. in
the pref . divs. of Industrial C o. extending for term o f charter to O ct. 17
Illinois in 1920 as successor to a com pany o f the same name incorp. i
N ew Jersey D ec. 27 1901 (V . 74, p . 1138). M anufactures all classes of
1 956 . V . 100, p . 2015; V . 101, p . 2 18.
T h e com pany in N o v . 1926 announced the acquisition, through purchase
gypsum hard-wall plasters and other gypsum products, including cem ent,
wood fibre, concrete, finishing, moulding and pottery plasters, stuci o,
o f the plant, of the Crystal Chem ical C o ., located at Anaheim , C alif. This
property will constitute the first manufacturing unit o f the com pany on the
Keene’ s cement and hydrated lime; fireproof partition, sheetrock, wall
Pacific Coast. The U . S. Industrial Alcohol C o ., a California corporation,
board, plaster board, tile, beam and column protection, floor tile and roof
has been formed to own and operate the plan t. In addition, it will handle
tile, plaster boards, &c. This com pany has been for a number o f years the
T o ta l income............................
$ 1 ,1 9 0 ,7 1 8
Reserve for Federal taxes______________
18,129
Preferred dividends____________________
111,216




$ 831 ,44 0
l 0 l ,6 7 8
160,188

Nov., 1926.]

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviation s, & c ., see notes on p a ge 81

U S R e a lty & Im p rovem en t — C om stock 1 ,000,000 shs--------U n ite d S ta tes R u b b er— Com m on ($200,000 ,000 authorized)
First pref (a & d) $ 1 0 0 ,00 0,00 0 8 % non-cum (see tex t)--------gf First & ref mtge (see text) call 105 after 1919______yc*& r*
Ten-year secured notes_________________________ U sm .xxxc*
Serial gold notes due $ 2 ,0 0 0 ,0 0 0 annually red (text)-----yc*
U nderlying Bonds—

D ate
Bonds

__ _
1917
1920
1925

Canadian Consol Rubber C o C ol T r call 110___________ c*
d o d o First and R efunding M ortgage (see t e x t ) _____
US Smelting, Refining & Mining— Com stock 5 3 7 .5 0 0 ,0 0 0 .
Preferred (a & d) stock 7 % cum ulative $ 3 7 ,5 0 0 .0 0 0 _______

1906
1917

10-year gold notes redeemable (text)_________________ xxxc*

i9 2 5

B o n d s o f sub cos n o t o w n e d ________________________ __________

Par
Value

Am ount
Outstanding

Bate
%

W hen
Payable

Last D ividend
and M atu rity

247
Places W here In terest a n i
D ividends are Payable

N one
666,457 shs See text Q — M 15
$100 $81,000,000 See text
100 6 5 ,110.000
8
Q— J
100 &c 61,448,800
J &
J
5 g
500 Ac 19,072,000
g F & A
1,000 2 8 ,0 0 0 ,0 0 0
S
614 g M &

D ec 15 ’26 $1 Checks mailed
Apr 3 0 ’21 2 % Office 1790 B ’ w ay, N S
do
do
N ov 15 ’26 2 %
Tan 1 1947
New Y ork
Aug 1 1930
T o M ar 1 1940

100 A c

Oct 1 1946
Bank o f T o ro n to , M o n t ”
fan 1 1947
Oct 15 26 I H Checks mailed
do
O ct 15 26 1 U
N ov 1 1935
| First N a t B ank, Boston
FirstN atCorp o f B o s ,N Y

50
5C
500 &c

A & O
2,6 0 0 ,0 0 0
6
5
J &
J
Q— J
17,555,887 See text
2 4 .3 1 7 ,7 7 5
7
—j
8 ,0 0 0 ,0 0 0
5 y3 g M & N

_

121,400

ing rubber footwear, rubber-soled shoes, waterproof clothing, druggists’ r u b
the distribution in the Pacific Coast territory o f the products o f the U . S.
ber goods, hard rubber products, insulated wire, tires, belting, packing, hose
Industrial Chem ical C o. The new California subsidiary is capitalized at
and other mechanical rubber goods, there being many mills in operation
$ 5 00 ,00 0. V . 123, p . 2534.
situated in Connecticut, Illinois, Massachusetts, M ichigan, N ew Jersey,
S T O C K — Pret. stock may be redeemed on any dividend date at 125 aDd
Indiana, Rhode Island, Pennsylvania .Ohio and Canada. Through Gen­
accrued dividend. N o mortgage without consent of 2-3 o f pref. stock.
eral Rubber C o ., the com pany owns in Sumatra one of the largest rubber
The shareholders voted Oct. 7 1919 to Increase the com . stock from
plantations in the world, the production from which is being rapidly devel­
$ 12, K10.000 to $24,000, i >0; shareholders of record on O ct. 21 were giveii
oped, w ith over 5 ,0 0 0 ,0 0 0 rubber trees, of which a large proportion are
the right to subscribe at $70 a share for the entire new Issue, share for share.
being tapped. V . 103, p. 1700. See annual report in V . 120, p. 1320.
V . 109, p. 782. 8 94, 1086. 1468.
U . S. Rubber Plantations C o ., see V . 106, p. 1033. United States Rubber
D I V I D E N D S .— On pref. stock since organization to O ct. 15 1926. 1 H %
Plantations, In c., was organized in 1917 and owns all the Sumatra rubber
Q .-J . On A u g. 2 1917 a cash d iv . (N o . 1) 1 6 % was declared on common stock
plantations of the U . S. Rubber C o ., all the outstanding stock o f which is
out of surplus accumulated prior to Dec. 31 1916, for the year 1916, to bf
owned b y its subsidiary, the General Rubber C o.
V . 108, p. 2131.
paid on O ct. 1 1917 and a div. of 16% for the year 1917, to be paid on D ec. 1
The plants o f the old Rubber Goods M fg . C o ., M organ & W right, & c.,
1917. M a r. 1918 to Sept. 1919 paid 4 % quar. (1 6 % p. a .); D ec. 1919, 2 % ,
are now owned in fee b y U . S. Rubber C o ., though their corporate existence
after Increase of stock and pending the construction and development in­
is continued, and they retain their current assets. V . 105, p. 713.
volved in establishing new lines, M arch 1920 to June 1921, 2 % quar.;
On D ec. 31 1925 owned all except $258 ,90 0 of the capital stock o f Canadian
Sept. 1921. 1 % : none since.
Consol. Rubber C o . V . 104. p . 364; V. 90. p. 1293.
R E P O R T .— For 1925. in V . 122, p. 2815, showed:
S T O C K .— On Sept 9 1919, stockholders voted (V . 109, p . 5 85, 6 86,
Calendar Years—
1925.
1924.
1923.
1922.
8 95.146 8) (1) to Increase the authorized First Preferred and Com m on stocks
N e t earnings______________$ 2 ,6 8 7 ,0 5 7
$3,903,571 $3,89 2 ,9 2 3 $ 1 ,686,643
to $100 ,00 0,00 0 and $ 2 0 0 ,00 0,00 0, respectively; (2) to retire the $403 ,60 0
Bond int. (sub. c o s .)____
_______
_______
1,531
3,779
2d Pref., which was accordingly retired in Oct 1919; (3) to offer $36,000 ,000
Interest on notes, & c___
140,119
110,115
188,852
250,790
new Com m on stock (underwritten) at par to the C om m on stockholders of
Reserved for Fed. taxes.
3 7 9,686
49 2 ,4 3 2
4 48,418
-------record Sept. 13 1919.
Loss on sale of bonds___
D IV .(sin ce’04. 1905. 1 9 0 6 -T 0 . ’ l l . 1912. ’ 13. ’ 14. T 5 . ’ 16-’ 1 8 ’ 1 9 ’2 0 -2 5 .
Dividends—
Com m on, % / --------- None---------- 1 4&20stk 5 H
6
3
nil
2
text
4 20.000
420,000
42 0 ,0 0 0
420,000
P f .U .S .I n d .A .C o .( 7 % )
First pref. % ) 8 yearly (2 % Q .-J. 31) to and including N o v . 15 1926.
128,562
128,562
128,562 ____ 128,562
P f.C u ba D is. C o. (7 % )
On common paid 2 % quar. O ct. 1919 to Apr. 1921; none since. A stock
Balance, surplus_____ $ 1 ,618,689 $ 2 ,7 5 2 ,4 6 2 $2 ,7 0 5 ,5 6 0
$883,511
dividend of 1 2 14% in common stock was paid Feb. 19 1920.
Profit & loss surplus____ x l7 ,5 9 0 ,8 7 0
16,600,509
13,848,047 11,142,487
B O N D S .— The First & Ref. M . 5 % bonds, Series A , cover property
x After deducting claims paid for Boston tank accident occurring in 1919.
owned directly or through subsidiaries. See offering, & c., V . 104, p . 254,
O F F IC E R S .— Pres., H . S. Rubens; V .-P ., P . J. M cIntosh and M ilton O .
262, 1806; V . 105, p. 395; V . 115, p 879.
W hitaker; Sec., Joseph M alone; T reas., A . G . Robinson; C o m p t., R . R .
First & R ef. M tge. (V . 104, p. 254, 262; V . 105, p . 712) Is now limited to
Brow n. Office, 110 East 42d S t ., New Y o rk .— (V . 123, p. 2o34.)
$97,2 5 2 ,9 0 0 (the amount o f full-paid pref. stocks and com . stock outstand­
ing on Jan. 15 1917). except to the extent of any Increase In the authorized
U N IT E D S T A T E S R E A L T Y A N D IM P R O V E M E N T C O .— O R G A N I ­
amount of said bonds which from time to time thereafter m ay be consented
Z A T I O N .— Incorp. in N . J. on M a y 26 1904 and in M a y 1906 had acquired
to by the holders of the pref. and common stocks; and for the future It Is
per plan in V . 78, p. 2019, $ 3 2 ,750 ,200 of the $33,198 ,000 common stock and
limited to said amount plus the par amount of any additional stock Issued
$2 6 ,5 9 6 ,2 0 0 of the $ 2 7 ,011 ,100 pref. stock o f the U . S. Realty & Construc­
at not less than par for cash actually paid in
Bonds, however, additional
tion C o. Subsidiary companies are George A . Fuller C o ., Trinity Build­
to the initial $ 6 0 ,0 0 0 ,0 0 0 , can be issued (except for refunding) only when the
ings C orp. of New York, Plaza Operating C o ., Plaza Annex C o rp ., Lawyers’
total unencumbered quick assets exceed the aggregate debt of the cos. and
Building C orp., Boston, and George A . Fuller C o ., L td ., Canada.
Owns
their total annual net income for 3 fiscal years just preceding is twice the
$ 7 2 2 ,2 0 0 of $ 2 ,0 0 0 ,0 0 0 Alliance Realty C o. stock.
V . 81, p. 1798; V . 82, p.
total annual Interest, Including the bonds then to be Issued
O f the addi­
1209; V . 83, p. 822; V . 90, p. 1422. The company on Feb. 4 1925 was
tional bonds, $2 ,6 0 0 ,0 0 0 are reserved to retire the $2,60 0 ,0 0 0 Canadian
awarded a verdict o f $690 ,36 3 in a suit against the C ity o f New York for
$ 1 ,0 4 0 ,0 0 0 for alleged breach o f contract. V . 120, p. 716. The co. signed a Consol. Rubber C o. bonds, due Oct. 1 1946. and $25,000 ,000 Series B 6 %
(reduced by sinking fund to $23 840,000) have been pledged as collateral
contract April 22 1925 for the sale of the New York Hippodrome to the B . F.
for the $20,000 ,000 (reduced by sinking fund to $19,072 ,000 ) 7 K % notes of
Keith interests. The purchase price was not definitely stated, but was said
1920, below described. Compare V . 105. p 1528, 826, 1809: V . 107, p .2104 .
to be between $ 5 ,000,000 and $ 5 ,5 0 0 ,0 0 0 .
Sinking fund for First & Ref. M tge. bonds from Jan. 1 1919, 1 % annually
S tatistics o f the George A . F u ller Co. f o r Y ea rs E nding A p r i l 30.
upon all the bonds outstanding or retired to repurchase bonds (Series A ) at
or below 105 and in t., and Series B at or below 110 and in t.; otherwise as
1925-26.
1924-25.
part of sinking fund of following years.
Unfinished business at beginning o f year___________$35,110 ,089 $ 1 8 ,3 5 2 ,7 2 9
N ew business during year____________________________ 4 8 ,2 9 6 ,7 4 4 38 ,8 4 0 ,2 1 4
N O T E S .— The $ 1 9 ,0 7 2 ,0 0 0 10-year 7 1 4 % secured gold notes due A u g. 1
W ork executed during year__________________________ 3 2 ,6 0 3 ,8 3 5 2 2 ,0 8 2 ,8 5 5
1930 are secured by deposit and pledge with trustee of $24,0 7 0 ,0 0 0 first
Unfinished business at end of year----------------------------- 5 0 ,8 0 2 ,9 9 8 35 ,1 1 0 ,0 8 9
and ref. mtge. 6 % gold bonds due Jan. 1 1947.
V 111, p. 396.
The 6 1 4 % serial gold notes are redeemable as follows: A ll, but not a
S E C U R IT I E S .— Loans on mortgage outstanding April 30 1926, $18,part, of any one or more of the maturities then oustanding red. on M arch 1
271,0 0 0 , as against real estate and buildings owned valued in balance sheet
1930 or on any int. date thereafter on 60 days’ previous notice upon pay­
at $ 4 1,915 ,902 .
ment o f their principal amount and a premium o f 14 % for each 6 months
Guarantees principal and interest, $ 5 ,829,000 Trinity Building C orp.
between the redemption date and the date o f m aturity.
(N . Y .) first mtge. 5 14% loan, due June 1 1939.
S T O C K .— The stockholders on D ec. 9 1925 voted to change the author­
R E P O R T .— For 1925, in V . 122, p . 1448, showed:
ized common stock from 300,000 shares, par $100, to 1,000,000 shares of
1925.
1924.
1923.
1922.
no par value, and approved the issuance of the new stock for the old stock
$
$
$
$
on the basis of 2 H for 1.
Total sales_______________206.473 ,737 172,214,353 186,261,381 168,786,350
N et inc. avail, for d i v s .. 18,80 9 ,8 7 0
D IV ID E N D S —
i ’0 9 . T 0 - ’ 13. T 4 . ’ 15. '1 6 -’2 1 . ’2 2 . ’2 3 . ’2 4 . ’25.
9,0 6 8 ,0 3 5
7,392,657
7,692,039
D iv s. U . S. Rubber C o .,
On com . ( % ) __________1 4 X 5 yrly. 3 H
1
0
1 }4
8
8 $8>*
1st pref. & 2d pref____
5 .2 0 8 ,8 0 0
5 ,2 0 8 ,8 0 0
5,520,000
* Also paid 1 0 % in common stock on July 15 1925.
5 ,520,000
D iv s. to minority stock­
Paid in 1926: M a r. 15. $1 per share on new stock of no par value; June 15.
holders (sub. c o s.)____
18,718
18.718
18,718
18,718
$1 per share; Sept. 15, $1 per share; D ec. 15, $1 per share.
Pro v . for Fed. taxes (est.) 1,5 0 0 ,0 0 0
700,000
_______
R E P O R T .— For year ending April 30 1926, in V . 122, p. 2974 , showed;
Reserve against cost o f
Y ea rs end. A p r il 30— z l9 2 5 -2 6 .
y l9 2 4 -2 5 .
y l9 2 3 -2 4 .
y l9 2 2 -2 3 .
crude rubber__________
3,0 0 0 ,0 0 0
Income from investm ’ts:
$
$
2,4 8 6 ,4 4 9
Real est. net oper. in c. 2 ,268,731
2,435,491
2 ,4 9 1 ,2 4 2
Balance, surplus______ 9 ,082,352
3 ,140.517
1.853,939
2,153.321
Less interest on mort­
6 M o s . E n d . J u n e 30—
1926.
1925.
1924.
1923.
gages thereon_______
561,417
639,275
601,146
611,321
Sales_____________________$ 100 ,11 3,98 6 $ 9 2 ,530 ,127 $77,774 ,696 $ 8 7 ,710 ,205
1,707,315
1,885,302
N e t from said invest__
1,796.216
1,879,921
N et inc. before in te re s t.. 8,1 5 6 ,8 4 2
8,8 6 0 ,6 7 4
7 ,510,415
7,7 4 3 ,3 4 6
Other investments______ 2 ,124,397
1,767,989
1,190,148
711,374
In t. on funded d ebt____
3 ,2 4 1 ,1 7 4
2 ,9 8 5 ,4 7 0
2,3 6 0 ,2 0 0
2,3 8 6 ,8 0 3
Bldg, contract profit___
2,146,111
1,552,774
1,305,053
1,239.634
A ll other interest________
_______
_______
727,728
783,682
Real estate profits_______
a 482,799
a l3 9 ,8 2 5
110,811
416,060
M iscellaneous___________ ___ 180,517
355,407
N etprofit after in t., & c.,
ch'ges ,incl.dep .ofplant $4,91 5 ,6 6 8 $ 5 ,8 7 5 ,2 0 4 $4 ,4 2 2 ,4 8 7 $ 4 ,572,861
Total income__________ 6.6 4 1 ,1 3 9
5 ,256,804
4 ,491.315
4,6 0 2 ,3 9 5
D iv . on 1st pref. s t o c k .. 2 ,6 0 3 ,9 0 0
2 ,6 0 4 ,4 0 0
2 ,6 0 4 ,4 0 0
2 ,760,001
D ed uctions—
D iv . on minority s tock . .
9,359
9,3 5 9
9,359
9,3 5 9
Gen. & corp. exp ., Fed.)
1,019,232
tax res., deprec., & c .[ d l , 219,200 b l , 032,716
897,288
Balance, surplus______ $2 ,3 0 2 ,4 0 9 $ 3 ,261,445 $ 1 ,808,728 $1 ,8 0 3 ,5 0 2
In t. on deben. bonds___ )
j 106,513
369.416
D IR E C T O R S ..— -C. V . Seger, J. S. Alexander, James B . Ford, James
In t. on pref. stock sub­
Deshler, H enry L . Hotchkiss, Nicholas F . B rady, W alter S. B allou , M id d lescriptions & expenses192,216
ton S. B urrill, Francis L . H ine, Samuel M . Nicholson, Hom er E . (sawyer,
707',122
Preferred dividends____
2 ,8 2 3
270,961
Ernest Hopkinson, M atthew C . Brush, John W . D avis, Lewis B . G aw try
C om m on dividends_____
2 ,347,738
1,144,982
1,616,280
484",884
and isir Charles B . Gordon.
Balance, surplus_____
3 ,071.378
2 ,808,145
1,042,167
2 ,658,591
O F F IC E R S .— Chairman and Pres., Charles B . Seger; Sec., Samuel
a Incl. profit on sale o f securities, g General & corp. expenses, incl. int.
Norris; T reas., W . H . Blackwell; C o m p t., W illiam O . C utter. N ew Y o rk
on 5 % debenture bonds and provision for all Federal and State taxes and
office, 1790 Broadw ay, corner 58th S t.— (V . 123, p. 977.)
deprec. on bldgs, and equip, therein, d N o t incl. int. on debentures In
year 1925-26. x Incl. U . S. Realty & Im pt. C o ., G eo. A . Fuller C o. and
U N IT E D S T A T E S S M E L T IN Q , R E F IN IN G & M IN IN O C O .—
Trinity Bldgs. C orp. of N . Y . y Incl. companies under x and Plaza Oper­
O R G A N I Z A T I O N .— Incorp. Jan. 9 1906 in M aine.
Owns and operates
ating C o . z Incl. companies under x and y and G eo. A . Fuller C o ., L t d .,
(1) M ining claims near Bingham , U tah, producing lead, zinc and copper
o f Canada, Plaza Annex C orp. and Lawyers B ldg. C orp ., Boston.
ores. (2) M ining claims near Eureka, U tah , known as the CentennialEureka M in e.
(3) Lim e quarry at Topliff, U tah , producing limerock for
R eport for 6 mos. ended O ct. 31 1926, in V . 123, p . 2534 , showed:
smelters in U tah V alley.
(4) M ining claims in Tooele C ou n ty, U tah , pro­
6 M o n th s Ended Oct, 31—
1926.
1925.
ducing arsenical ores.
(5) Lead smelter and .zinc concentrating mill at
R eal estate net operating incom e-------------------------------$ 1 ,148,022 $1,110,641
M idvale, U tah, the smelter having seven blast furnaces and a capacity for
1,597,574
A ll other incom e______________________________________ x l , 4 82,668
smelting approximately 480,000 tons of charge per year, and the concen­
trating mill having a capacity of approximately 2 0 0,000 tons o f ore per year;
T o ta l incom e_________________________________________ $2 ,6 3 0 ,6 9 0 $ 2 ,708,215
a flotation m ill with an estimated daily capacity o f 800 tons has recently
Interest on mortgages________________________________
24 8 ,6 6 0
254,803
been completed.
(6) M ining claims near Kennett, C a lif., known as the
G en . & corp. exp ., Fed. & State taxes & deprec’n _
25 6 ,4 3 4
532,091
M am m oth M in e.
(7) M ining claims near Goldroad, A r iz., known as the
Goldroad M ine; and miscellaneous other mining claims in Arizona.
N e t incom e_________________________________________ $ 2 ,125,596 $ 1 ,921,322
Also owns all or substantially all of the stock of the following corporations:
x Including net income of George A . Fuller C o . and proportion of net
(1) United States Fuel C o ., owning coal lands and other property in Carbon
incom e o f Plaza Operating C o.
and Em ery counties, U tah.
(2) Utah Railway C o ., owning a railroad and
O F F IC E R S .— Chairman, H . S. Black; Pres., R . G . Babbage; V .-P .,
trackage rights for hauling o f coal from the coal fields of U ta h .
(3) Niagara
H arry Bam bach and D . G . Scott; Sec., F . M . Sanders; T reas., A . E .
M ining C o ., owning a lead mine and other property near Bingham , U tah.
H adlock; A u d ., Arthur J. Flohr. Office, 111 Broadw ay, N ew Y o rk .—
(4) U . S. S. Lead Refinery, In c., owning an electrolytic lead refinery at
(V . 123, p . 2534.)
East Chicago, Ind.
(5) Cia de Real del M on te y Pachuca, owning silver
U N IT E D S T A T E S R U B B E R C O .— O R G A N I Z A T I O N A N D P R O P ­
mines and mills and other property in M exico.
(6) H am m on Consolidated
E R T Y .— Organized in New Jersey in April 1892; V. 55, p. 1039; V . 56, p.
G old Fields, owning lands, dredges and other property for gold dredging in
539; V . 7 1 , p . 6 45. D irectly or through its subsidiaries is engaged in produc­
Vlaska. (7) Ebner G old M ining C o ., owning gold mining claims in A lask a.




M8

[V ol. 123.

INDUSTRIAL STOCKS AND BONDS
M IS C E L L A N E O U S C O M P A N IE S

[F o r a b b r e v ia tio n s , & c . , s e e n o t e s o n p a g e

8]

D a te
B on ds

U n ited States Steel Corporation— c o m stock $550,000,0uU-_
Preferred (a & d) stock 7% cum ulative $400,000,000____
Coll trust m tge/redeem able at 115 s f (see te x t)--U s.x c* & r
$304,000,0001 not redeem able s f (see t e x t)_______ xc*&r
"S ink fund” coll tr 2d M $250,000,000 g red (text) Us.ro* &r
Illinois Steel deb$30,000,000 g gu red 105 begA pr’ 15Nxo* &r*
B on d s o f C os. Controlled — (A dditional to those In text.)
Union Steel lst& coll M $45,000,000 g gu sfred,110Nxc*&r
The Nat T ube 1st M $15,000,000 gg u red 105begTON.xo*<5cr*
Ind St 1st M $40,000,000 g gu red 105 beg N ov ’ 16 ..x c * & r *
St Clair Furnace first m tge g gu $100,000 y r l y ____ P P i.x c’
St Clair Terminal R R first m ortgage______________________ x
do
do
do
general m ortgage___________________
Elgin Joliet & Eastern first m tge ($lu,uo0,000) g old .C e.x o’
Chicago Lake Shore & Eastern 1st M guar red 110 1 9 1 9 -.X
Duluth & Iron R ange first m ortgage____________ Mp.xc&r

1901
1901
1903
1910
1902
1912
1912
1901
1891
1909
1887

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

$100 508,302 ,500 See text Q— M 30
100 360.281,100
7
Q— F 27
l,0 0 0 & cl
Various
!
5 g
1.000 &cj 6188073 000 l
do
5 g
500 &c 6160230 000
M & N
5 2
1,000 &c 18,500,000
4H B A & O
1,000 &c 6 8 ,7 7 9 ,0 0 0
l.OOO&c 611,580 .000
l.OOO&c b 22,096.000
1,000
1,300,000
3 14,000
1 ,129,000
1,000 10.000,000
1,000
9,0 0 0 ,0 0 0
1.000 &c
8 .151,000

L a s t D iv i d e n d
a n d la tu r ity

P la ces W h e r e I n te re s t a n t
D iv i d e n d s a r e P a y a b le

D ec 30 '26 I X

Oflloe E m pire B ldg, N Y
do
do
J P M organ & Co, N Y
do
do
do
do
Offloe E m pire B ldg N Y

N ov
Apr
Apr
Apr
Apr

29 '26 I X
11951
11951
11903
11940

A
s

A Feb 1 1932

N ew Y o rk T rust C o , N Y
O ffice E m pire B ld g, N Y
do
do
Colonial T r, Pitts & N Y
Pittsburgh Trust C o,P itts

5

M &

5 g

M A N

S M ar 1 1950
May 1 1941
D June 11969
0 Oct 1 1937

O ffice. Em pire B ldg, N Y
do
do
do
do

5
•
5
6

fi

J

& D D ec 1 1952
M A N May 1 1952
M A N May 1 1952
F & A T o A u g 1939

g
2
2
2

F

J
A

4X

6

&
&

b For additional amounts In sinking fund, see text.

(8) Fairbanks Exploration C o. owning option contracts on placer mining
claims, water rights, equipment, & c., located in Fairbanks mining district
in territory of Alaska.
Also has a controlling interest in the following corporations: (1) Bullion
Beck & Cham pion M ining C o ., owning mining claims and other property
near Eureka, U tah.
(2) R ichm ond-Eureka M ining C o ., owning mining
claims and other property near Eureka, N evad a. (3) Hanover Bessemer Iron
& Copper C o ., owning iron and copper mining claims and other property at
Fierro, N . M .
(4) The Sunnyside M ining & M illing C o ., owning lead and
zinc mines, a flotation mill and other property near Eureka, Colo.
D IV ID E N D S —
’ 14. ’ 15. ’ 16. ’ 17. ’ 18. ’ 19. ’2 0 . ’2 1 -’2 4 . ’25.
On com m stock______________%
3 114 8 K
10 10 11
10
N one 6 X
Paid in 1926: Jan. 15, 1 X % : A pril 15, 1 X % ; July 15, \ X % \ O ct. 15,
1 X % • On p re f., in full to date.J
N O T E S .— The 5 X % gold notes o f 1925 are redeemable as a whole at any
time or in blocks o f not less than $1 ,0 0 0 ,0 0 0 on any interest date on 60 days’
notice at 105 on or before N o v . 1 1927, decreasing X % each year thereafter
to 1 0 1 X during year ending N o v . 1 1934 and at 1 0 0 X thereafter, and prior
to m aturity, plus interest in each case. V . 121, p. 2053.
R E P O R T .— For 1925, in V . 122, p. 2815, showed:
1925.
1924.
1923.
1922.
N et earnings_____________x $ 7 ,989 ,995 x$6 ,902 ,806 y $ 4 ,726 ,864 y$5 ,112 ,584
Other incom e____________
_______
_______
_______
626,330
Total incom e_________ $7,98 9 ,9 9 5
$6,90 2 ,8 0 6
Interest on funded d e b t.
801,382
730,393
Deprec. & reserve fu n d s.
2 ,7 8 5 ,6 6 5 2.5 7 2 ,4 6 6
Federal taxes & reserves.
x
x
Additional reserves_____
1.500,000
1 ,800,000
Pref. dividends ( 7 % ) . . .
1,702,225
1,702,225
C om m on dividends______ 1 ,097,234
-----------

$ 4 ,726,864
----------1,711,483
337,291
500,000
1,702,225
-----------

$ 5 ,738,914
----------1,610,447
617,249
1,600,000
1,702.225
-----------

Balance, surplus_____
$103 ,48 8
$97,721
$475,865
$208,993
Profit and loss___________$17,421 ,005 $17,317 ,516 $17,219,795 $16,743 ,930
x N et earnings after charging cost of production, selling expenses, reserve
for Federal taxes, &c. y Before Federal taxes.
8 M o s . E n d . A u g . 31—
1926.
1925.
1924.
1923.
Profit after interest____ $ 4 ,068,834
$ 4 ,280,150 $ 3 ,252,883 $2,734,001
D ep r., depl’n & am ort’n 1,587.968
1.853,395
1,431,773
1,094,558
N et p rofit_______________$ 2 ,4 8 0 ,8 6 6
$2,42 6 ,7 5 5 $ 1 ,821,110 $1,639,443
Preferred dividends_____
1,134,817
1,134,817
1,134,816
1 ,134,816
Surplus________________ $1 ,3 4 6 ,0 4 9 $ 1 ,291,938
$686,294
$504,627
O F F IC E R S .-— Pres., C . A . H ight; Sec. & T reas., F . W . Batchelder;
C o m p ., S. A . B lock. Office, 55 Congress S t., B oston.— V . 123, p . 2534.
U N IT E D S T A T E S S T E E L C O R P O R A T I O N .— O R G A N .— Incorp. in

N . J. on Feb. 25 1901. V . 72. p . 4 41. 679; V . 7 3 , p . 349; V . 8 5 . p . 1467 .
P R O P E R T IE S O W N E D .— The properties owned include 112 blast fur­
naces, 332 open hearth furnaces and 34 Bessemer steel converters, 8 steel
rail, 59 bar, billet, & c., mills; 11 structural shape mills, 18 plate mills, 66
merchant m ills, producing bar iron, steel, & c.; 218 hot mills, producing tin
plate, & c.; 25 rod mills; 64 welded and seamless tube mills; 16 bridge and
structural plants: 20 skelp mills; 159 sheet, jobbing and plate mills; 75 wire
mills; 55 galvanizing and tinning mills: 19 splice, bar, spike, bolt, & c., mills;
5 cement plants; 17 warehouses; 49 miscellaneous armor, axle, & c., works;
12 sulphate of iron plants; 24 iron, steel or brass foundries; extensive iron
ore mines in the Lake Superior region; 4 3 8,354 acres of coking coal land;
320,495 acres steam and gas coal; 319,721 acres surface; 57 coking plants;
16,427 beehive ovens; 3,2 8 4 by-product ovens; 60 coal mining plants not
connected with coke plants, and 8 coal washing plants.
Railroad lines owned or leased total 1,126.05 miles.
On D ec. 31 1925 book value o f capital stock of sub. cos. not owned,
$573 ,71 9.
Output o f C om pany i n 1925 and 1924.
1925.
1924.
Iron and manganese ore m ined_______________ to n s . 27,996,845
24,774,541
5 ,344,893
5 ,033,889
Limestone quarried__________________________________
C oal m ined____________________________________________ 31,475,568 27,738,007
Coke m anufactured___________________________________ 16,301,224 14,408,041
Pig iron, ferro and spiegel___________________________ 14,798,999
12,683,729
Steel ingots (Bessemer and open hearth)---------------- 18,898,697 16,478,857
R olled and other finished steel products for s a l e .. 13,271,010 11,722,908
Universal Portland cem ent_____________________ bbls. 15,722,000
15,156,000
C a sh D iv id e n d s P a id o n C o m m o n S tock S in c e 1910.
’ 10. '1 1 -T 3 . ’ 14. ’ 15. ’ 16. ’ 17. ’ 18. ’ 19. ’2 0 -’2 2 . '2 3 . ’2 4 .’2 5 .
R egular_____5 X 5 yrly . 4 X
0
5
5
5
5 5 yrly.
5
5 5
E x tr a _______
__
____
..
2 1 1 K 11
1
____
X
2 2
Paid in 1926: M arch 30, 1 X % quar. and X % extra; June 2 9 , Sept. 29
A
and D ec. 3 0 , 1 M % quar.

B O N D S .— The collateral trust 5% Donas of 1901 were securea b y all the
securities owned: $154,000,000 only (series A, C and E) are subject to call
in whole or in part at 115% since April 1 1911; a sinking fund of $3,040 000
yearly, beginning June 1 1902, can purchase bonds, If obtainable at not
exceeding 115 and Interest, and since April 1 1911 m ay be applied to the re­
dem ption of series A , C and E bonds to be drawn b y lot. In D ec. 1925,
$115,927,000 not Included In am ount ou t, were alive In sinking fun d.
The coil, trust sinking fund 2d m tge. 5s of 1903 (V. 74. p 584, 733
•92; V . 76, p. 545) are next In rank and similar In form to the 5s of 1901.
T h e y are subject to call after ten years from date at 110 and lnt. In whole
or part (If the latter to be designated b y lot and coupon bonds to be re­
deemed first)
An annual sink. fd . of $1,010,000 will provide for retire­
ment of the bonds. The sinking fund was used until Apr. 1 1913 In pur­
chasing bonds at not over 110 and ln t., or Invested In securities; since Apr. 1
1913 bonds m ay be drawn by lot, ooupon bonds to be first redeemed. All
bonds purchased are to remain alive and draw Interest. N o foreclosure
proceedings can be brought for default (In paym ent o f prln.or lnt.) con tin­
uing for less than tw o years.
In D e c . 1925 $37,147,000 not Included
In table above were held alive in sinking fun d. A n additional $2,623,000
were drawn for redem ption M a y 1 1926.
In 1903 $150,000,000 pref. stock was exchanged. $ for $, for second mtge
bonds, $20,000,000 of the bonds being also sold at par to provide for Im­
provements and $30,000,000 exchanged In N ov. 1907 for Tenn. Coal, Iron &
R R . oom . stock. Final $50,000,000 (of the authorized issue of $250,000,000
2d 5s of 1903) Is applicable for exchange for preferred stock. See V . 76.
p . 334, 439. 545. 1147, 1200; V . 77. p. 717, 827, 1536, 2039; V . 78. p
1173. 1786: V . 79, p. 1283; V . 85, D. 1212. 1282; V . 86, p. 730.
In June 1911 It was arranged to purchase through the H . C. Frick Coke
Oo. 15,943 acres of coking lands and 1,408 acres of surfaoe land, & c.. from
the Pittsburgh Coal and Monongahela Consol. Coal & Coke com panies, pay­
ment being made in $17,084,000 o f an auth. Issue of $18,000,000 serial 5 %
bonds, secured on the property and guaranteed, prln. and lnt., by the Stee;
C orporation. V . 92, p. 1570; V . 93, p. 474, 875, 1108; V. 94, p. 846.
Of the Illinois Steel debenture 4 'As o f 1940 ($30,000,000 auth. Issue
guar.p. & l .b y U .S .S teel Corp., $6,900,000 were reserved to retire the de­
bentures due April 1913, $5,928,000 for notes due 1912-1919 held b y U . S
Steel Corp. and $1,558,000 for 75% o f the oost of additions and betterm ents
118.600.000 were outstanding Dec. 31 1925. Any mtge. must equally
secure them. See V . 93. p. 289; V .94. p. 98 6 .1 1 9 1 ; V . 98. p. 1099.




Of the Indiana Steel Co. 1st 5s, guar. p . & I. ($40,000,000 auth. Issue),
covering the Gary (Ind.) plant, $ 2 5 ,0 3 5 ,0 0 0 have been sold, the remaining
$14,9 6 5 ,0 0 0 being Issuable on new construction from Jan. 1912 at 7 5% o f
cost. Sinking fund annually, beginning M a y 1916, 1 % o f bonds issued to
M a y 1 1922 and thereafter I X % plus lnt. on bonds retired. In D ec. 1925
$ 2 ,6 8 2 ,0 0 0 had been retired through the sinking fund, leaving $ 2 2 ,3 5 3 ,0 0 0
outstanding. A n additional $257,000 were redeemed on N o v . 1 1926.
V . 98, p. 1699; V . 100, p . 2171; V . 100, p. 50; V . 104, p. 1771.
O f the N ational Tube C o . 1st guar. 5s (not the old com pany, but the later
one, organized to build the Lorain, Ohio, p lan t), the unissued bonds are
reserved for 7 5 % o f the cost of new construction.
Annual sinking fund,
beginning M a y 1916, 1 % o f bonds issued, plus interest on bonds retired.
In April 1922 an additional $ 3 ,0 0 0 ,0 0 0 o f these bonds were sold, making
$11,5 8 0 ,0 0 0 outstanding, excluding $ 1 ,4 2 0 ,0 0 0 held by sink, fund trustee.
V. 94. p. 986, 1769; V . 114, p . 1772. 1782; V . 9 4 , p . 986. 1769.
The Union Steel C o. 1st and coll. 5s of 1902 ($45,000,000 authorized
issue) are guaranteed principal and interest b y th e U . S. Steel C o r p ., and are
secured by all the property o f the com pany, including the Sharon Steel stock
acquired. They are subject to call at 110 and interest. Annual sinking
fund 2 % of amount o f bonds out. On D ec. 31 1925 $ 3 5 ,1 5 6 ,0 0 0 were
held in sinking fund and $ 8 ,7 7 9 ,0 0 0 were outstanding. Y . 75, p . 1150;
V . 76, p. 107, 546. G uaranty, V . 76, p. 709.
A d d itio n a l B onds o f Controlled C os.
In terest.
O utstand ing.
M a tu r ity
Dewees (W .) W ood C o . 1st M . , duel
’5
$80 0 ,0 0 0 M a y '2 7 -’30
$100 ,00 0 yearly___________________ x j5 M & N
.1 & .1
73 0 ,0 0 0 Jan.
Alab. Steel & Shipbldg. I s t M ________ 6 J
1 1930
& I)
Potter Ore C o. 1st M __________________ 5 J
1 4,000 D ec. 2 1931
M
A m . St. & W ire of A la . 1st M . (guar.) 5 M & N 1 ,9 5 7 ,0 0 0 N o v . 1 1946
Interstate Transf. R y . 1st M . (guar.) 5 J
&
J 1 ,0 0 0 .0 0 0 July
1 1945
Spirit Lake Transf. R y . 1st M . (g u .)_5 J
5
&
J 1 ,0 0 0 ,0 0 0 July
1 1946
&
2 0 6 ,0 0 0 July
2 1942
Essex Terminal R y . 1st M ____________ 5 J
J
T e n n .C o al,Ir.& R R .C o .g e n m tg e .g __5 J
&
J 1 1 ,7 9 9 ,0 0 0 July
1 1951
.5
Treasury Bon ds.— On D ec. 31 1925 treasury bonds subject to sale
amounted to $ 7 ,1 2 4 ,0 0 0 .
T on nage o f U n filled Orders (00,000 o m itted ).
_Ot DBCBTYlbbt 3 1
x
O ct 31
1 9 1 4 .1 9 1 5 . 1916. 1917. 1918. 1919. 1920. 1 9 2 1 .’2 2 . ’2 3 . 1924. 1 9 2 5 .1 9 2 6 .
3 ,8
7 ,8 1 1,5 9 ,4
7 .4
8 ,2
8,1
4 .2 6 .7 4 .4
4 ,8
5 ,0
3,6
R E P O R T .— For 1925, in V . 122, p . 1781, showed:
1925.
1924.
1923.
1922.
Calendar I cars
S
S
$
$
Gross sales and earnings..1,406,505,195 1,263,711,469 1,571,414,483 1,092,697,772
M fg . cost and oper. exp.1,154,532,752 1,053,059,068 1,265,932,446
926,591,343
Administration, selling &
general expenses, excl.
35,042,575
35,129,043
30,331,296
37,065,395
gen. exp. of trans. co s .
35,798,450
50,923,191
45,276,855
55,082,523
T a x., incl.res.for Fed.tax.
8,992,294
7,838,338
9,207,388
6,854,030
Commercial disc’ts & in t.
Balance____ ___ _________
M iscell. net m fg. ga in s._
Rentals received ...............

1,251,513,562 1,141,216,835 1,365,351,399
122,494,634
206,063,083
154,991,562
4,073,515
4,600,363
4,258,532
1,002,714
1,463,642
1,611,539

999,575,119
93,122,654
3,232,606
921,565
97,276,824

160,676,616
Net profits of prop, owned
whose oper. are not incl..
Int., & c., on investments
and on deposits, & c___
Prov. res. conting. liabil.
of subsid. railroads___

128,097,711

211,785,258

296,799

260,194

403,282

198,570

12,378,379

13,820,653

13,841,989

13,493,163

142,178,558

226,030,529

110,968,557

0 1 9 ,0 0 4 ,9 1 0 Je621,859,586

de61,179,641

411,245

170,940,549
Total incom e________
Deduct—
Bal. prof. sub. cos. (net) * 0 2 ,8 4 2 ,8 7 5
State occupation taxes
previous years_________
Reserve for conting. e xp .
Est. sum due U . S. by
subsidiary r a ilr o a d s ...
Res. for inven. depletion.
Int. on bonds & mortgages1
8,244,960
subsidiary com panies..

4,340,500
1.750.000
9.050.000
1,076,775
8,068,656

8,306.993

8,259,606

N et earnings................ ..
Deduct Charges, & c.—
D epr. & extraor. replace.,
also sinking funds on
bonds of subsidiary co s.
Charges off for adjustm ’ t
In t.on U .S .S t’l C orp.bds.
S k . f d ., & c., U .8 .St’lC orp .
Prem . on bds. red. sub.cos
Approp. for add’l property
and construction______
Preferred dividend______
Com m on dividend___ __
_

165,538,465

153,114,812

179,646.674

101,529,310

45,463,054
0 1 5 ,0 2 6
17,761,389
11,504,065
222,330

38,687,668
0 8 7 ,0 7 0
18,274,207
10,990,464
182,350

41,745,434
0 2 3 5 ,1 8 9
18,764,568
10,499,185
165,612

33,382,624
0 9 2 0 ,0 3 8
19.232,305
10,030,758
150,206

25,000,000
25,219,677
35,581,175

20 , 000,000
25,219,677
35,581,175

40,000,000
25,219,677
29,227,394

25,219,677
25,415,125

Total deductions............
Balance, surplus................

160,736,664
4,801,801

148,848,471
4,266,340

165,386,681
112,510,657
14,259,993 deflO.981,347

♦These profits were earned b y individual sub. cos. in previous years on inter­
com pany sales made and service rendered to— for other subsidiaries but being locked
up in the inventory value o f materials held b y the purchasing cos. at close o f 1924,
were not to that date incl. as part of the reported earnings o f the com bined organiza­
tion. Such profits are so em braced only in the year in which they are converted into
a cash asset.
In co m e fo r N in e M o n th s to Sept. 30 (V . 123, p . 2 2 5 4 .)
1926.
1925.
1924.
1923.

S

S

$

$

N et earnings____________ 145,502 ,216 122,907 ,625 122,1 7 4 ,8 9 9 129,691,930
D ed uct—
For sinking funds, depre­
ciation & reserve funds
46 ,2 1 4 ,5 0 2 4 1 ,8 2 9 ,8 3 8 3 6 ,8 9 9 ,2 0 0 3 8 ,410,310
Interest__________________ 12,973,060
1 3 ,370,448 13,75 3 ,4 6 2 14,119,022
Prem . on bds. redeemed881,250
808,221
7 50,000
772,500
T o ta l deductions______ 6 0 ,068,812
Balance__________________ 8 5 ,433,404
D ividends— •
Preferred__________________ 18,914,757
C om m on _________________ 26,68 5 ,8 7 9
Sums approp’d and exp.
or to be exp. acct. of
add’ns, im pts. or bet­
terments to plants and
properties______________
_______

Undiv.sur. earns.,9 mos 39,832,768

5 6 ,008,507
66,89 9 ,1 1 8

5 1 ,4 0 2 ,6 6 2
7 0 ,772,237

53,301,832
76,390,098

18,914,757
2 6 ,6 8 5 ,8 7 9

18,914,757
26 ,6 8 5 ,8 7 9

18,914,757
2 0 ,332,099

21,298,482

25,171,601

20 , 000,000

17,143,242

Nov., 1926.]

249

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
lF o r abbreviations, dec., see notes on page 8]

D a te
Bonds

P ar
Value

Am oun t
O utstanding

Rate
%

W h en
P ayable

U n ite d S ta te s S teel C o r p o r a t io n ( C o n c lu d e d )—

Union BK nrsi mortgage_____
___ _____
. ___________ x 1896
$1,000 $2,000.onu
5
5 .9 0 0 .0 0 0
G old debenture guar___________________________________________
6
600.000
Mifflin Equip trust, due {1 2 0 .woo y iiy ___________________ 1910 .
5
M unhall E quip Trust due $75 000 y r l y _________________ x 1912 .
600.000
5
1,000
R ankin Equip Trust due $ 45,000 yearly_____________________
5
31 5 .0 0 0
l.OUU
5&6
Monongahela Southern 1st & gen mtges guaranteed-------x 1909
5 .5 0 0 .0 0 0
1,000
Oonnell3Vllle & Monongahela K K 1st M ---------------------- x 1909
4
252.000
H C Frick Co Pltts-M on pur money M gu due $600,000
y e a r ly _______________________________________________U Pi.xo*
52
1.000 a l l , 194,000
1911
Pittsburgh Bess A L ake Erie R R . Bess & L B and Duluth Mlssab e & N orthern R y— S ee those
None 381,512 sh
U n ited S ta tes T o b a c c o C o — Com m on stock 600.000 shares
$3
100
5 ,520,000
Pret stock (a & d) 7 % non-cum $ 9 ,0 0 0 .0 0 0 _________________
7
U n ite d S tee l W ork s C o rp — See text.
N one 291,816 sh
U n iversa l P ip e & R a d ia t o r C o — Com stock 4 00,000 shs auth
100 $6,76 3 ,9 1 4
Preferred (a & d) stock 7 % cum red 110 $ 9 ,0 0 0 ,0 0 0 a u t h ..
7
10 16,24 4 ,9 0 0 See text
U ta h C o p p e r C o — Stock authorized $ 2 5 ,0 0 0 ,0 0 0 ____________

*
&

Last D ividend
and M a tu rity

Places W h ere In terest and
D ivid en d s are Payable

< Sept 1 1046
5

D
A
D
N
(J
S

Fidelity Title&TrCo Pitts
Sept 1 1946
T o A u g i iw32
dom e Tr Co, New Jersey
T o June 1 1934
do
do
M a y 1 ’32 to ’38
J u i i laoo
Olfloe, Empire m u g , N Y
Office, Carnegie B ld.P itts
Sept 1 1930

J
&
J
compan!
Q— J
Q— J

T o July 1944
Union Trust Co, Pittsb
es under R Rs— For other bonds see text
Oct 1 1926 75c Cheeks mailed
O ct 1 1926 1 H
do

J
F
I
M

<0
3

A
c
&
&
M &

A

Q— F
See text
Q— M 31 Sept 30 ’26 $ 1 M Checks mailed

a O f this am ount $122,000 deposited in escrow.
D I R E C T O R S .— Robert W insor, G . F . Baker, Jr., Percival Roberts, Jr.,
E . J. B uffington, J. P . M organ, James A . Farrell, Elbert H . G ary (Chair­
m a n ), George F . Baker, W . P . Palmer, Samuel M ath er, Thom as M orrison,
John S. Phipps, W illiam J. Filbert, N athan L . M iller, M yron C . Taylor.
O F F IC E R S .— Chairman, Elbert H . G ary; Pres., James A . Farrell; VicePresidents, D . G . Kerr and John Reis; Sec.. George K . Leet; T reas., Fred
M . W aterm an : C o m p ., W . J. Filbert. Office, 71 Broadw ay, N . Y . — (V .
123, p . 2668.)
U N IT E D S T A T E S T O B A C C O C O .— O R G A N I Z A T I O N .— Incorp. in
N . J. D ec. 2 1911 as the W eym an-B ruton C o .; name changed to present
title in M arch 1922. The com pany owns and operates factories at Chicago.
111., and at Nashville, Tenn.
It owned all of the stock o f the P . B . Gravely
Tobacco C o ., K entucky L eaf & Transit C o ., and the United States Tobacco
C o . o f Virginia. These companies were dissolved during the year 1923 and
the properties and business taken over.
In addition to the above, the com pany owns all of the stock of the J. G .
D ill C o ., which owns and operates a factory at Richm ond, V a ., all o f the
stock o f the D eV oe Tobacco C o ., which owns properties at Spottswood,
N .J .,a n d Nashville, T e n n ., and one-half o f the stock of the N ational T o ­
bacco C o. of Canada, located at M ontreal, Canada.
The com pany also owns and operates leaf plants at Hopkinsville and
Paducah, K y ., and at Clarksville, Tenn.
C om pany has license to transact business in each o f the States In which
It has factories, plants and leaf tobacco storage warehouses.
S T O C K .— Th e stockholders in M arch 1922 authorized a change In the
existing common stock, par $100 , into common stock without par value on
the basis o f 4 shares o f the latter to one of the former. The authorized
common stock was increased from 360,000 shares to 60C ,000 shares in M arch
1923. V . 116, p. 1063.
D I V I D E N D S .— (1912. 1913.
’ 14 T 5 . 1910. 1917. 1918. 1919-26
10
12
12 12
12 Text
See
On c o m m o n ____ %\ 5
-—
—
14
10
—
text
e x t r a _______ . %| - ■crip or stock . % |(xPald off 1915) x20
xIO —
—
20
—
Pref. dividends 7 % per annum ( I X % Q .-J -) since April 1 1912.
In M arch 1918 a stock dividend of 2 0 % was declared on the $4 ,6 0 0 ,0 0 0
fom m on stock, payable Oct 1 to holders of record Sept. 10, to take the
place of the quarterly distribution on the common stock usually paid
April 1, July 1 and O ct. 1. V . 106, p. 1040. On Jan. 2 1918 the common
received 3 % and 2 % extra ($230 000)
Jan. 1919 to Jan. 1922 paid2t4*(t
quar., with no extra. On D ec. 28 1921 paid 2 0 % in com m on stock. April
1922 paid 3 % quar. July 1 1922 to O ct. 1 1926 paid each quar. 75 cents
a share on new no par value stock. On April 16 1923 paid 2 0 % in common
stock.
R E P O R T .— For 1925, in V . 122, p . 877,
showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
N et earnings____________ x $2 ,298 ,307 x $ 2 ,197,083 x $2 ,112 ,580 $ 2 ,013,116
Preferred dividends_____
386,400
386,400
386,400
376,229
Com m on dividends______ 1,144,626
1,144,626
1,096,879
953,856
Balance, surplus______
$767,281
$666,057
$629,301
$683,031
Previous surplus________
3 ,276,803
2 ,610,746
5,160,945
3,4 2 9 ,5 7 2
Trans, from prov. for ad­
vertising to surplus___
_______
_______
_______ C r1 ,000,000
Premium on pref. stock .
_______
_______
_______
C r .48,343
Stock div. on com m on --______ ______________ _______(2 0 )3 1 7 9 ,5 0 0 ______________
Balance, surplus______$4,044,084 $ 3 ,276,803
$2,610,746 $5,16 0 ,9 4 6
x After provision for all taxes including income tax, and charges and
expenses o f management.
O F F IC E R S .— Pres., J. Peterson; V .- P ., J. M . D e Voe; J. D . Carhart,
C . G . C onn, L . A . Bowers and O. C . H ank; Sec. & T reas., I . L . Elliott.
Office, 1107 B roadw ay, N ew Y o rk .— (V . 122, p . 8 7 7 .)
U N IT E D S T E E L W O R K S C O R P . (V erein ig te S ta h lw erk e A k tie n g e s e lls c h a ft), G E R M A N Y .— Organized in Jan. 1926. Has contracted to
acquire the properties and assets, including good-will, trade marks, &c.
(except certain coal properties) o f four o f the leading steel, iron and coal
companies in Europe, namely Rheinelbe Union, Thyssen, Phoenix and
Rheinstahl. In addition to taking over the entire business o f these con­
cerns, the corporation is acquiring 5 6 % o f the stock o f the Alpine M ontan
Steel C orp ., which owns one o f the largest deposits o f high-grade iron ore
in the world. Upon completion o f acquisition of these properties, the cor­
poration, it is said, will rank as the largest industrial unit in Europe and the
second largest steel com pany in the world, ranking next to the United States
Steel C orp. The chief coal properties and iron and steel plants being ac­
quired are located in the centre o f the Ruhr district. Properties also in­
clude 33 by-product coke plants, with total annual capacity o f 9 ,189,000
metric tons, 63 blast furnaces capable o f producing annually 9,038,000
metric tons of pig iron and ferro alloys, 26 steel plants with an annual ingot
capacity of 7,936,000 metric tons, and rolling mills, foundries, finishing and
manufacturing departments w ith an annual capacity o f 7 ,066,000 metric
tons of finished iron and steel products. The mills and finishing depart­
ments are equipped to convert into finished products the entire ingot pro­
duction. Corporation is also acquiring cement plants equipped to manu­
facture Portland cement from blast furnace slag.
B O N D S .— D illon, Read & C o ., International Acceptance B ank, In c.,
and J. Henry Schroder Banking C orp. in June 1926 sold at 96 and int.
$ 3 0 ,0 0 0 ,0 0 0 25-year 634 % sinking fund gold bonds, series “ A , ” (with nondetachable stock purchase warrants). D ated June 1 1926; due June 1 1951.
Prin. and int. (J. & D .) payable in N ew York at the office o f Dillon, Read
& C o . i n U . S. gold coin of the present standard. Bondholders m ay, at their
option, collect principal and interest in London at the office o f J. Henry
Schroder & C o. in pounds sterling at the buying rate for sight exchange on
N ew Y o rk on the date o f presentation for collection. D enom . $1,000 c * .
C allable as a whole or in part b y lot on any int. date after 30 days’ notice,
at the following prices and accruedinterest
to and incl. June 1 1931 at
105; thereafter to and incl. June 1 1936 at 103; thereafter to and incl. June 1
1941 at 101; thereafter prior to m aturity at 100. The National C ity Bank
o f N ew Y o rk , American trustee; Darmstaedter und N ationalbank K o m manditgesellschaft auf Aktien, German trustee. Prin. and int. payable to
others than citizens and residents o f G erm any, without deduction for any
taxes, past, present or future, levied by German Governmental authorities.
S in kin g F u n d .— The corporation agrees to provide a sinking fund sufficient
to retire the entire issue o f series A bonds b y m aturity, b y semi-annual call
b y lot (first redemption D ec. 1 1926) at 100 and int. at the annual rate of
$ 600 ,00 0 up to and incl. D ec. 1 1938 and at the rate o f $ 1 ,8 0 0 ,0 0 0 annually
thereafter to m aturity.
S ecu rity.— These bonds will be the direct obligation of the corporation,
secured b y mortgage on fixed assets valued b y H . A . Brassert, American
consulting engineer, at $ 537 ,67 1,80 0, subject to about $7 0 ,6 0 0 ,0 0 0 o f under­
lying obligations, including approximately $ 2 9 ,400 ,000 obligations under
the Dawes Plan based on existing assessments. Such fixed assets have been
appraised on the basis o f present replacement costs in G erm any, after allow­
ance for depreciation and obsolescence an comprise iron and steel plants
valued at $22 8 ,8 8 9 ,3 0 0 ; coal properties and coke plants at $107 ,63 5,00 0;
coal reserves at $77 ,6 0 4 ,8 0 0 , and real estate, including land, plant sites.




business and adm inistrative buildings at $ 1 2 3 ,5 4 2 ,7 0 0 . These propertie
include all the fixed assets being acquired by the corporation except a mas
chinery plant, a small wire netting shop, certain ore and other mining prop­
erties, rolling stock, portable machinery and certain other m ovable prop­
erty, valued b y M r . Brassert in the aggregate at less than $35,000 ,000 .
A d d itio n a l Bon ds.— Against the properties presently to be mortgaged
there m ay be issued (ranking equally with the series “ A ” bonds)'a total of
$ 105 ,00 0,00 0 o f bonds, incl. the $30,000 ,000 series “ A ” bonds, the equiva­
lent of about $ 3 0,000 ,000 o f bonds propose to be presently issued abroad
in foreign currency, and $4 1 ,1 8 0 ,0 0 0 o f bonds reserved to refund underlying
obligations. Th e valuation o f $537 ,67 1,80 0 equals about 4 times the sum
o f all underlying obligations (incl. existing obligations under the Dawes
Plan), these $ 3 0,000 ,000 series “ A ” bonds and all other bonds ranking
equally therewith (except bonds reserved to refund underlying obligations)
issuable against the properties presently to be mortgaged.
Stock P urchase W a rra n ts.— Each series “ A ” bond will carry a non-detachable warrant, entitling the holder, on or before July 1 1929, to purchase one
share (par value 1,000 reichsmarks) o f common stock for $297 50, v iz ., 1 25%
o f par. Detached warrants will be issued in exchange for unexercised war­
rants attached to series “ A ” bonds redeemed on or before June 1 1929.
Dillon, Read & C o. in July 1926 also sold privately $ 1 0 ,815 ,000 25-year
% sinking fund 1st m tge. gold bonds, series C . These are part o f the
$41,0 0 0 ,0 0 0 bonds reserved for prior liens. V . 122, p . 3615; V . 123, p . 95,
2 17, 727, 2007, 2276.
U N I V E R S A L P IC T U R E S C O ., IN C .— (V . 123, p. 1839 .)
U N IV E R S A L PIP E A N D R A D I A T O R C O . (T H E ).— Incorp. under laws
o f M aryland April 2 1923 as a consol, of the business o f the Iron Products
Oorp. and certain of its subsidiaries, v iz .: Central Foundry C o ., Central
Iron & Coal C o ., Central Radiator C o ., Essex Foundry, Chattanooga Iron
& Coal C o ., M o lb y Boiler C o. and Central Foundry C o. o f N ew Jersey.
(See plan in V . 116, p . 1655.) The plan was declared operative in Sept.
1923. In July 1925 acquired control of B . N icoll & C o .
V . 121, p . 342.
S T O C K .— The preferred and common stock have equal voting rights.
Th e directors in June 1925 authorized the exchange o f a limited number
o f pref. shares for com m on on the basis o f two shares o f common for each
share o f preferred.
Th e common stockholders o f record D ec. 12 1925 were offered the right
to subscribe at $25 a share for additional common stock to the extent of
one share for each three shares held.
D I V I D E N D S .— The stockholders in April 1925 increased the authorized
capital stock from 180,000 to 4 0 0 ,0 0 0 shares, no par value. On pref.,
Feb. 1 1924, \ % % \ M a y 1 1924, 1 % % \ D ec. 2 1924, 3 J 4 % (clearing up
accumulations); Feb. 2 1925 to N o v . 1 1927 paid (or declared), 1M % quar.
R E P O R T .— For 1925, in V . 122, p . 2815, showed:
Calendar Y ea rs—
1925.
1924.
$873 ,40 0 $ 1 ,333,447
xTotal earnings_______________________________________
Provision for in t., taxes, deprec. & depletion, & C -.
617,468
6 07,077
Dividends paid on preferred stock___________________
457,317
349,326
Balance, surplus____________________________ ______ -d ef$201 ,38 6
$377,044
x After deducting cost o f operation, incl. repairs and m aint. and upkeep
expen. o f sales and general offices.
-------------------- Q uarter E n din g— ----------------Total
P eriod—
Sept. 30 ’26. Ju n e 30 ’2 6 . M a r . 31 ’2 6 .
9 M os.
N et after chges., incl.
deprec. & d e p le tio n --,
$342 ,48 8
$373 ,84 5
$ 210 ,20 3
$926,537
O F F IC E R S .— Chairman, Clarence M . Schwerin; P res., John J. W h ite ’
T reas.. Louis B . Ladoux; Sec., F . D . Griffiths — (V 123. p . 2 150 .)
UTAH C O P P E R C O.— O R G A N I Z A T I O N .— Incorp. In N .J . Apr. 30 1904.
Owns 875 acres of mining grounds on both sides of Bingham C anyon,
Utah, and other lands comprising mill sites, tailings disposal system , & c..
aggregating approximately 10,570 acres; also $ 5 ,0 0 2 ,5 0 0 of the $9,997,285
stock (par $5) of the N evada C on sol., and all o f the $ 7 ,5 0 0 ,0 0 0 Bingham
k Garfield R y . stock.
S T O C K — Stock au th ., $25,0 0 0 ,0 0 0 ; out D ec. 31 1925. $ 1 6 ,244 ,900 (par
$10), was owned by Kennecott Copper C orp . The latter com pany in M a r.
1923 offered to exchange 1 % shares o f its own stock for 1 share o f U tah;
this offer was reopened in April 1925. V . 116, p . 1063; V . 120, p . 1759.
D I V I D E N D S .—
( T 5 . ’ 16. ’ 17, ’ 18. ’ 19. ’2 0 . ’2 1 . ’ 22. ’23. ’24. 1925.
Regular since 1908— % \ 4 2 H 70 140 100 60 60 25 20 40
40
4234
50 x5 . .
__
..................................... ..
Extra-------------------------% ( __
x Paid in July 1917 for R ed Cross distribution.
Paid in 1926: M arch 31, 1 2 3 4 % ; June 3 0 , 1 2 H % ; Sept. 3 0 , 1 2 3 4 % .
R E P O R T . — F o r 1925, in V . 122, p . 264 5. sh o w e d :
Calendar Y ea rs—
1925.
1924.
1923.
1922.
Copper produced (lb s .)-2 1 4 ,1 6 2 ,1 3 9 214,5 9 2 ,7 3 3 195,142 ,919 84,777,712
Operating revenue______$32,1 7 1 ,8 8 3 $30,1 3 0 ,6 5 2 $29,983 ,653 $12,337 ,605
Operating expenses_____ 19,752,322 20 ,4 7 8 ,9 4 6 1 8 ,475,032
7 ,858,988
Profit from operations $12,419 ,561
Miscellaneous i n c o m e ..1 ,118,542

$9 ,6 5 1 ,7 0 5 $11,508,621
614,053
631,641

$4,47 8 ,6 7 7
411,573

Total incom e___ $ 1 3 ,538 ,103
$ 1 0 ,265 ,758 $12,140 ,262
Depreciation______
1 ,207,270
1,175,650
1,132,169
Federal taxes, & c_______
1 ,0 2 0 ,8 9 4
6 6 3,252
_______
Other charges_____
2 06,434
241,537
5 35,294
Dividends paid__________
3,8 3 6 ,9 8 3
248,553
_______
C ap. distributions (divs.)
3 ,0 6 7 ,0 9 9
6 ,249,407
6 ,497,960

$ 4 ,890,250
1 ,011,002
_______
2,1 9 1 ,2 4 8
_______
3 ,248,980

Balance, surplus______ $4 ,1 9 9 ,4 2 2

$ 1 ,687,359

$ 3 ,9 7 4 ,8 3 9 d f$ l,5 6 0 ,9 8 0

N o te .— Operations were suspended April 4 1921 and were not resumed
until April 4 1922.
Report for third quarter of 1926, in V . 123, p . 2668, showed:
— Q uar. E n d . Sept. 30— - — 9 M o s . E n d . S ept. 30
1926.
1925.
1926.
1925.
N etp ro f.fr . copper prod. $3,37 6 ,7 7 2 $ 2 ,457,807 $8 ,4 1 2 ,5 6 3 $ 7 ,5 6 5 ,7 5 0
M isc. inc., incl. gold &
silver___________________
789,828
664,668
1,972,119
1,958,001
Bingham & Garfield R y .
C o. dividend__________
7 5,000
75,000
2 25,000
225,000
N e v . Consol. Copper div
250,125
750,375
In c ., misc. securities___
5 3,954
2 15,817
T otal incom e___________ $4 ,5 4 5 ,6 7 8
Depreciation_____________
312,257
D ividends________________
2,0 3 0 ,6 1 2

$3,197,475 $11,5 7 5 ,8 7 5
302,802
915,763
1,624,490
6 ,0 9 1 ,8 3 7

$ 9 ,748,751
895,621
4 ,8 7 3 ,4 7 0

Balance________________ $2 ,2 0 2 ,8 0 9 $ 1 ,270,182 $ 4 ,568,277
$3,97 9 ,6 5 8
O F F IC E R S .— Pres., D . O . Jackling; V .-P . in charge of finance, Charles
H ayden; T reas., C . V . Jenkins; Sec., A . J. Ronaghan. N ew York office.
25 Broad S t.— (V . 123, p . 2668.)

250

INDUSTRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[F o r abb reviation s, & c ., see n otes on page 8]

D ate
Bonds

V a cu u m O il C o — Stock $ 7 0 ,0 0 0 ,0 0 0 au th____________________
V an ad iu m C orp o f A m er — Stock auth 500.000 shares______
V an R a a ite C o ., I n c . — Com m on stock 8O.0OO shares auth.

....

1st pref. stock cum . red 115 $4 250.000 a u th -- _ ___ V ic k C h e m ic a l C o— Stock 4 00,000 shares au th . - ______
V irg in ia C a ro lin a C h e m ica l C orp — C om m on stock 750,000
___
shares a u th -_
_
_
Prior pref (a & d) stock 7 % cum (v t c) red (text)
Pref (a & d) stk 6 % cum beg July '27 red & partic (see text)

Par
V a lu e

A m ou n t
O utstanding

R ate
%

W hen
P a y a b le

$25 $62,199 ,950 See text Q— M 20
N one
3 76,637 sh. See text Q— F 15
None
8 0 POO sh.
ion
3 .7 3 7 ,5 0 0
O— M
7
N one 4 00,000 shs See text
Q— F
None 486,700 shs
100 $ 1 4,487 ,100
100 21 ,4 4 8 ,0 0 0

V A C U U M O IL C O .— Incorporated In I860 under laws o f N . Y . S tati
charter extended till 1964. Formerly a subsidiary of the Standard Oil Oo
o f N ew Jersey, but was segregated with others in 1911. G overnm ent suit.
V . 118, p . 3161 .
P R O P E R T I E S .— Operates refineries at Olean, N . Y . , and Paulsboro,
N . J .. and plants at Bayonne, N . J ., and Rochester, N . Y . , for the manu
facture of high-grade lubricating oils and related products from crude
petroleum. A t Paulsboro owns a tract of 676 acres fronting on the D ela­
ware R iver, with dockage for ocean-going vessels. Does a large export
business, operating tank and cargo steamships and marketing Its products
in foreign countries through Its own branches or locally incorporated com ­
panies. M an y of these latter axso operate refineries or plants for the manu­
facture o f lubricating products.
S T O C K .— The stockholders voted on D ec. 2 1922: (1) to increase the
capital stock from $ 1 5 ,0 0 0 ,0 0 0 , par $100, to $70 ,0 0 0 ,0 0 0 ; (2) to reduce the
par value of the shares from $100 to $25 each. The directors on D ec. 5 1922
declared a 3 0 0 % stock dividend payable D ec. 30 1922.
D I V I D E N D S .—
f '1 5 . T 6 . '1 7 . ’ 18. '1 9 . '2 0 . ’2 1 . ’2 2 . ’2 3 . *24. *25.
R e g u la r _________________I 6
6
6
6
6
6
6
6
8
8
8
E x tra ____________________l
2
2
2
4
2
2
2
10
2 7
12
Also paid 3 0 0 % stock on D ec. 30 1922.
Paid in 1926: M a r. 20, June 19 and Sept. 20, 2 % quar. and 2 % extra on
each date; D ec. 20, 2 % q u a r., 2 % extra and 4 % special.
B O N D S .— The 15-year 7 % bonds dated April 1 1921 were redeemed on
April 1 1926 at 104 and int.
R E P O R T .— For 1925, in V. 122, p . 1929 , showed:
lo o p
1924.
1923.
1925.
Gross profit______________ $ 2 7 ,4 1 4 ,5 4 0 $ 2 0 ,247 ,248 $16,6 6 1 ,7 1 3 $ 1 5,310 ,174
Inventory depreciation.
1,4 3 4 ,4 4 9
6 9 2,264
1 ,843,414
2 ,3 6 1 .0 5 5
_______
_______
53.731
267,447
Insurance reserve_______
Incom e tax reserve______
1,7 5 0 ,0 0 0
1,000,000
750,000
750,000
Japanese earthquake loss
_______
2 ,4 0 0 ,0 0 0
D iv id e n d s _______________ 12,424,615
9,2 7 1 .1 5 5
6.1H I U I
Balance, surplus______$ 1 1 ,8 0 5 ,4 7 6 $8,13 2 ,6 7 9 $ 7 ,1 7 1 ,2 7 6 $11,2 0 0 ,4 6 3
O F F IC E R S .— Chairm an, Edw ard Prizer; Pres., George P . W haley,
Sec., G eo. V . H olton; T reas., Herbert Baker. M ain office, 61 Broadw ay;
N . Y . C ity .— (V . 123. p . 2407.1

7
6

Q— M

Last D ividend
and M a tu rity

[V ol. 123.
P laces W h ere Interest an
D ivid en d s are P a yable

D ec 20 ’26 8 % Checks mailed
D ec 15 ’26
$1
D ec 1 1926 1
N o v 1*26, 8 7 M e
D ec 1 1926 I M

B O N D S .— Guarantees principal and interest o f $ 105 ,00 0 Saratoga
Textile C o purchase money 6 % bonds, due A u g. 1 1926.
R E P O R T .— For 1925, in V. 122, p . 1469. showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
Gross profit on sales____ $ 1 ,7 1 6 ,4 4 8 $ 1 ,2 3 1 ,8 4 6 $ 1 ,6 2 4 ,5 6 0
$ 2 ,7 5 2 ,0 0 5
6 2 3.913
113,083
381,201
1,4 9 6 ,3 3 4
Gross incom e____________
Income charges__________
x 345,634
x 5 8 1,93 9
244,212
2 4 2,636
Fed. income taxes (est.)
_______
_______
16,059
156,556
1st pref. dividends ( 7 % )
2 6 7 ,0 5 0
2 7 5 .4 5 0
2 7 9 ,6 5 0
2 2 0,325
_______
_______
_______
70.0 0 0
2d pref. dividends ( $ 7 ) - Balance, surplus____ _
$ 1 1 ,2 2 9 d ef$744,306 d e f$ 158,720
$8 0 6 ,8 1 6
x Including depreciation.
O F F IC E R S .— Pres., Em anuel Van R aalte; V .-P re s ., Arthur Van R aalte;
2d V .-P re s., M orton E . Van Raalte; T reas., B enj. T . Van R aalte; S e c.,
Byron E . Van Raalte; Asst. Sec., Edwin C . Anderson. O ffice, Fifth A v e .
and 30th S t.. New Y o rk .— (V . 122. p . 1469.)
V I C K C H E M IC A L C O .— Incorp. under laws o f Delaware on A u g . 4
1925. The business of the company is the manufacture and sale o f pro­
prietary or package medicines, the principal product being Vicks V a p o -R u b .
Laboratories are located at Greensboro, N . C .; Philadelphia, P a .; M exico
C ity , M e x ., and M ontreal, C an.
S T O C K .— See table at head o f page.
D I V I D E N D S .— Paid 8 7 M cents a share quarterly from N o v . 1 1925 to
N o v . 1 1926.
R E P O R T .— For 11 months ended June 30 1926, in V . 123, p . 594, showed
E a rn ings fo r F iscal P eriod E n ded J u n e 30 1926.
Income, $2,4 6 0 ,8 8 0 ; depreciation, $18,759 ; net income_________ $ 2 ,4 4 2 ,1 2 2
Federal and State income tax (estimated)_________________________
32 0 ,9 8 6
Dividends paid ($2 6 2 M ) ------------------------------------------------------------------- 1,050,000
Balance added to surplus_________________________________________ $ 1 ,071,136
O F F IC E R S .— Pres., H . Smith Richardson; 1st V .- P ., Lunsford R ichard'
son; 2d V .- P ., A . L . Thom as; Sec. & T reas., W illiam Y . Preyer; A sstTreas., K . E . Prickett. Offices, Greensboro, N . C .; Roberts and Pulaski
A v e s ., Philadelphia, and 17 Battery Place, N ew Y o rk .— (V . 123, p . 992.)

V I R G I N I A C A R O L I N A C H E M IC A L C O R P .— Incorp. under laws of
Virginia on M a r . 24 1926 and acquired the property and business o f VirginiaCarolina Chem ical C o . (N . J .), per reorganization plan in V . 121, p . 853.
Products sold include fertilizers, chemicals, cottonseed m eal, cottonseed
oil, compound lard, edible oils and other by-products.
Owns entire common stock o f Consumers Chemical C orp ., which has
erected a modern fertilizer plant at C arteret, N . J ., on Staten Island Sound.
S T O C K .—
S ecurities to be Issu ed by the N ew C om pa n y.
(а) 7 % cum ul. dividend prior preference stock (par $ 1 0 0 )_______ $ 1 4 ,4 8 7 ,0 6 0
(б) 6 % cumul. dividend partic. pref. stock (par $ 1 0 0 )__________ 2 1 ,4 4 7 ,9 9 4
(c) Com m on stock (no par value)_________________________________ 4 8 6 ,7 0 8 shs.
(а) 7 % Cum ulative D ivid en d P rio r P referen ce Stock.— Authorized, $ 1 4 ,4 8 7 ,1 0 0 . Entitled to receive out o f the net earnings or the surplus divi­
dends at the rate o f, but not exceeding, 7 % per annum , payable quarterly
and cumulative from June 1 1925, before any dividends shall be declared
or paid on the preferred or common stock. Entitled to receive on aDy
voluntary dissolution or liquidation the stun o f $110 per share, and in case
o f involuntary dissolution or liquidation, the sum o f $100 per share plus in
each case an am ount equal to all unpaid accumulated dividends thereon,
whether or not declared. Redeemable all or part upon not less than sixty
days’ notice at $110 and dividends. Entitled to benefit o f a sinking fund
o f 2 5 % o f the net earnings o f the new com pany for each year remaining
after deducting prior pref. and preferred dividends, to be applied to the
purchase or redemption o f prior preference stock a t not to exceed $110 an
dividends.
The prior preference stock is to have full voting rights, each share thereof
being entitled to one vote, but so long as the prior preference stock out­
standing shall exceed $ 1 0 ,0 0 0 ,0 0 0 par am ount, the holders thereof shall
have the right, voting as a class, to elect a m ajority (by one) o f the directors
Th e 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 $1 0 ,0 0 0 ,0 0 0 par am ount, when the voting trust shall
terminate. Voting trustees shall be George W . D avison, Frederic W . Scott
and H arry Bronner.
(б) 6 % Cum ulative D ivid en d P a rticip a tin g P referred Stock.— Authorized
issue, $ 2 1 ,4 4 8 ,0 0 0 . Entitled to receive out o f the net earnings or surplus,
after cumulative dividends for past periods and for the current quarterly
period on the prior preference stock shall have been fully paid or set apart
for paym ent, dividends a t the rate o f but not exceeding 6 % per annum ,
payable quarterly, before any dividends shall be declared or paid on the
common stock, which dividends shall be non-cum ulative, whether or not
earned, until July 1 1927, but cumulative thereafter. E ntitled to receive
in case o f voluntary dissolution or liquidation, after paym ent in full to the
holders o f prior preference stock o f the sums which such holders are entitled
to receive, the sum o f $105 per share, and in case o f involuntary dissolution
or liquidation, the sum o f $100 per share, in each case plus an am ount equal
to all accrued and unpaid cumulative dividends, whether or not declared
before anything shall be paid on the com m on stock.
$730,833
$ 681 ,42 4
$ 295 ,25 0
Balance, surplus______$ 1 ,1 5 0 ,5 0 4
In addition to dividends at the rate of 6 % per annum , the holders o f the
766,879
202,451
def92,799
Previous surplus________
1,4 9 7 ,7 1 2
preferred stock shall be entitled, after the com m on stock shall have received
_______ d e b .116,997
__ in any fiscal year dividends at the rate o f $3 per share, to participate, share
A d ju stm e n ts____________
3 34,283
for share, with the holders o f the com m on stock in any additional dividends
B alance, profit & lo s s . $ 2 ,3 1 3 ,9 3 3 $1,49 7 ,7 1 2
$ 766 ,87 8 sur$202.451
paid in such year.
Preferred stock will be redeemable, all or part, upon not less than sixty
R eport for 6 m os. ended June 30 1926, in V . 123, p . 991, showed:
days’ previous notice, at $105 and dividends; but none o f the preferred stock
6 M o s . E n d . Ju n e 30—
1926.
1925t
1924.
1923.
shall be redeemed, while any o f the prior preference stock is outstanding,
Profit after expenses____ $ 1 ,3 7 2 ,5 8 3
$887 ,14 4
$560,682
$416,267
without the affirmative vote or written consent o f the holders o f at least
Other incom e____________
6 9 ,2 0 9
63,051
4 9,426
23,599
two-thirds in amount o f such prior preference stock at the time outstanding.
The preferred stock is to have fu ll voting rights, each share thereof being
T o ta l incom e___________ $ 1 ,4 4 1 ,7 9 2
$950,195
$610 ,10 8
$439 ,86 6
entitled to one vote, but so long as the prior preference stock outstanding
D ep r,, d e p l., taxes, & C -3 9 8 ,6 3 8
217,179
180,689
52,735
shall exceed $10,000 ,000 par amount, shall have the right, together with the
D iv id e n d s _______________
471,421
------------------------------common stock (the preferred stock and the com m on stock voting as one
class) to elect only the balance o f the directors o f the new company other
Surplus________________
$571 ,73 3
$733,016
$429,419
$387,131
than those to be elected by the holders o f the prior preference stock.
Profit and loss___________ $ 2 ,8 6 4 ,6 4 6 $ 2 ,248,179 $ 1 ,196,298
----------(c) Com m on Stock.— Authorized issue, 75 0 ,0 0 0 shares (without par value),
O F F IC E R S .— Pres., A . A . C orey Jr.; V .- P ., B . D . Saklatwalla; Sec. & whereof approximately 4 86,708 shares are to be presently issuable for the
T reas., Edgar R . Alpaugh; A sst. Sec., G ustav L au b. M ain office, 120
purposes o f the plan. The balance m ay be issued by the new company at
Broadw ay, N . Y . — (V . 123, p . 2150 .)
such times and from time to time and for such consideration and for such
VA N
R A A L T E C O . IN C .— Incorp. in N . Y . on N o v . 12 1919
o f its corporate purposes as the directors m ay fix and determine.
Engaged In the business o f m anufacturing. Importing, exporting and selling
Com m on stock is to have fu ll voting rights, each share thereof being
nettings, veilings, laces, hosiery, underwear, knit goods, gloves and kindred
entitled to one vote, but so long as the prior preference stock outstanding
lines.
shall exceed $ 1 0 ,000 ,000 . shall have the right, together with the preferred
stock (the common stock and the preferred stock voting as one class) to
C A P I T A L S T O C K .— First pref. stock is entitled to 115 and accrued
elect only the balance of the directors o f the new com pany other than those
divs. in case of voluntary dissolution, e tc., and to 100 and accrued divs. in
to be elected by the holders o f the prior preference stock.
case o f involuntary dissolution, etc. Commencing D ec. 1 1922 a sinking
After the cumulative dividends on the prior preference stock and on the
fund equal to at least 3 % o f the largest amount in par value o f first pref.
preferred stock have been fu lly paid or set apart for payment and after the
stock to be acquired at not exceeding 115 became operative.
sinking fund in respect o f the prior preference stock has been fully set apart,
D I V I D E N D S .— On 1st pref. stock at rate o f 7 % per annum from M a r . 1
the common stock shall be entitled to receive dividends from the remaining
1920 to D ec 1 1926.

V A N A D IU M C O R P . O F A M E R I C A — O R G A N I Z A T I O N .— Organized
under laws o f Delaware Sept. 6 1919 to carry on the business of a mining
and trading corporation in all its branches in any part of the world. A c­
quired from the American Vanadium C o ., a New Jersey corporath n , all of
the latter's ore lands and other physical properties situated at M inaK agra,
Peru, its reduction and smelting plant and other physical properties situated
at Bridgeville, Allegheny C ounty, P a ., 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
Oklahom a. Also acquired the properties of the Primos Chemical C o .,
Primos Exploration C o . and The Primos M ining & M illing C o . (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 D ec. 20 1924 the corporation acquired the entire $ 3 ,0 0 0 ,0 0 0 capital
stock o f the United States Ferro Alloys C orp., together with its properties
and other assets. The consideration was $ 2 ,5 0 0 ,0 0 0 , which total amount
included the assumption o f the bonded indebtedness of the United States
Ferro Alloys C orp. (since paid off as follows: $161,184 on Feb. 1 1925 and
the balance o f $ 1 ,0 0 0 ,0 0 0 on June 1 1925), and also $33 333 1-3 shares of
the capital stock of the Vanadium C orp. of America. The said stock is
held in escrow for a period o f one year pending the completion of the contract
under which the capital stock and properties of the United States Ferro
A lloys Corp. were acquired. In addition to said consideration, if the net
earnings o f the United States Ferro Alloys properties for the year 1925
exceed a minim um agreed upon, additional consideration will be payable,
but in no event will the am ount exceed $500 ,00 0. Physical possession of
the properties and assets and the control of the operations o f the United
States Ferro Alloys C orp. were taken by the Vanadium C orp. o f America
on said date, and title to the properties and assets has been transferred to
this corporation. The principal United States Ferro Alloys property is
ocated at N iagara Falls, N . Y .
C A P I T A L S T O C K .— See table at head of page.
D I V S .— Initial div. o f $ 1 .5 0 paid April 15 1920; sam e am ount paid July
15 and O ct. 15 1920. On Jan. 15 1921 paid $1; then none until A u g. 15 1925,
when 50 cents quar. was paid; N o v . 16 1925 and F eb. 15 1926 paid 50 cents
qu ar.; M a y 15 to N o v . 15 1926 paid 75 cents qu ar.; D ec. 15 1926 paid $1
extra.
R E P O R T .— For 1925, in V . 122, p . 1626, showed:
1922.
1923. '
1924.
Calendar Y ea rs—
1925.
$ 946 ,72 7
$434 ,18 8
$1,028,041
T otal income____________ $ 2 ,2 8 0 ,0 9 0
138,938
207,420
Depreciation & depletion
41 9 ,3 4 3
205,545
Prov. for contingencies19,414
34,417
2,927
Other charges___________
116,781
2 3,466
Federal taxes____________
196,821
88,735
D iv id e n d s _______________
3 7 7 ,2 2 7




D ate
Bonds

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviations. & c ., see notes on page 8]

V ir g in ia Iron, Coal & Coke— C om stock $ 1 0 ,0 0 0 ,0 0 0 a u th -.
Preferred (a & d) stock cumulative callable (tex t)___________
Mortgage gold £10 OOO.OOn____ _________________
B a.ic*
(V ) V iv a u d o u — Common stock $500 ,00 0 shares a u t h ______
Pref stock conv (see text) $ 2 ,500,000 auth___
V u lca n D e tin n in g C o — Com m on stock auth. $ 2 ,0 0 0 ,0 0 0 -----

1899

Pref stock (a & d) 7 % cum Class A auth $ 9 2 0 ,0 0 0 -- - Preferred stork (a & d) 7 % cumulative auth $ 1 ,5 0 0 ,0 0 0 -.

W a ld o r f S ystem , I n c — Common stock 500,000 shares auth
Preferred stock 8 % cum $1,00 0 ,0 0 0 auth

__ ___________

—

Par
Value

N et earnings________________________________________________________ $2,541,740
O F F IC E R S .— Pres., O . G . W ilson, V .-P ., S. L . Carter, V .-P . & Treas.,
George A . Holderness, V .-P ., H . W . W allace. Sec., P . C . Sm ith. Office,
11-13 South 12th S t., Richm ond, V a .— (V . 123, p . 1244.)
V I R G I N I A IR O N . C O A L A N D C O K E C O .— O R G A N I Z A T I O N .—
Owns furnaces at Roanoke, Pulaski, Radford, M ax M eadow s and Foster
Falls, V a .; Middlesborough, K y .; certain foundry and machine works. Also
owns about 120,000 acres of coal lands, and owns and controls aboul
2 09,000 acres iron ore and timber lands.
V . 68, p. 675; V . 6 9 , p . 388; V
76, p. 272; V . 79. p. 1703: V . 81, p 1615. The Colony Coal & Coke Corn
was organized in 1920 with capital stock o f 100,000 shares of no par value
(all in parent com pany’s treasury) for the purpose of developing the com ­
pany’s coal lands in K entucky. V . 112. p 1168
Com m on stock authorized and outstanding. $ 1 0,000 ,000 ; par $ 100 . T h e
stockholders on N o v . 1 1921 authorized an issue of $ 5 ,000,000 5 % cumul.
pref. stock with a provision that no further mortgage or lien can be placed
o n the real estate of the company without the approval of 7 5 % of the holders
o f the preferred stock.
The preferred stock is subject to call at any time
after three years from date of issue upon 60 days’ notice at 105 and Is pre­
ferred as to assets as well as to dividends and is to have voting power. O f
the $5,00 0 ,0 0 0 pref. stocl^ issued, $ 2 ,500,000 is held in the com pany’s
treasury. Dividends on common stock: On O ct. 1 1907 paid a 5 % stock
dividend. A n initial cash dividend o f 6 % was paid D ec. 6 1918; July 1919
and Jan. and July 1920 paid 3 % .
On N o v . 1 1920 paid 1 0 % in stock.
Jan. 24 and July 27 1921 and Jan. 25 1922 paid 3 % each. On Feb. 15 1922
paid 5 0 % in pref. stock. V . 114, p. 314. July 1922 and Jan. 1923 divi­
dends om itted; July 1923 paid 2 % ; Jan. 1924 paid 1 M % ; none since. On
preferred stock paid 2 M % each Jan. and July since date o f issue.
R E P O R T .— For 1925, in V . 122, p . 1304, showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
Gross earnings___________ $ 3 ,3 8 0 ,5 7 6 $3,602,442 $7,918,766 $ 4 ,354,846
Total receipts___________
555,450
350,103
878,694
1,088,809
Bond in te r e st-............— 103,972
109,065
121,937
137,638
Federal taxes.................... ..
1,550
_______
61,589
72,369
Rentals, expenses, & c___
256,630
294,542
238,503
303,409
D iv id e n d s --.............. .........
124,897
249,875
599,810
249,810
Balance, surplus_____

$68,400 d ef$303,379 d ef$143,146
$325,584
— Q uar. E n d . Sept. 30----------9 M o s . E n d . Sept. 30—
1926.
1925.
1926.
1925.
G ross......................................
$944,962
$865,709 $ 2 ,587,207 $ 2 ,376,595
Expenses_______ _________
862,053
800,475
2 ,430,220
2 ,234,535
Operating profit______
Other income............. .........

$ 82,909
22,028

$65,235
83,206

$156,987
70,762

Total income__________
I n t .. depr. & taxes______

$104,937
68,555

$148,441
86,444

$227 ,74 9
241,000

$474,833
2 5,794

$142,061
332,773

N e t p r o f i t ......................

$36,382

$61,997

$13,251

$209,039

O F F IC E R S .— Pres., John B . N ew ton; V .-P ., D . D . H ull, Jr.; Sec. &
T reas., J. W . Cure; A sst. Sec., James M cN eil. O ffice, Roanoke, V a .;
N ew York office, 40 W a ll S t.— (V . 123, p . 2150.)
(V .) V IV A U D O U , IN C .— O R G A N I Z A T I O N .— Incorp. in Delaware
about Sept. 1 1919 and acquired the assets, trade-marks, & c., of V . Vivaudou of N . Y . and Paris. M anufactures and distributes perfumes, talcum
powder, tooth paste and other toilet articles. Plants located in New York
C ity and M ontreal. Contract with M ineralava C o ., V . 116, p. 189.
In
Feb. 1926 acquired the Alfred H . Smith C o ., the business o f which has
been consolidated with this com pany.
S T O C K .— The stockholders on Jan. 5 1926 approved a change in the
auth. com . stock from shares of $10 par value each to shares without par
value, and increased the auth. capital stock from 340,000 shares o f com.
stock to 525,000 shares, of which 25,0 0 0 shares (par $100 each) shall be pref.
stock and 500,000 shares without par value shall be com . stock.
The holders of com. stock of record Jan. 7 1926 were given the right to
subscribe at $105 per block (consisting of 1 share of pref. stock and 1 share
o f com . stock) to 17,000 shares of pref. stock and 17,000 shares of com.
stock in the ratio of 1 share of pref. stock and 1 share of com . stock for
each 20 shares held.
The pref. stock m ay be converted into com. shares at any time prior to
Jan. 1 1929 on the basis of 3 shares o f com . stock for each share of pref. stock.
R E P O R T .— For 1925 showed:
1Qoo
Calendar Years—
1925.
1924.
1923.
Gross sales________________ $ 3 ,381,086 $3,725,954 $6,741,182 $5,414,968
Returns, allowances, dis­
counts, & c____________
246,301
776,466
837,337
812,665
Cost o f sales_____________
1,628,244
1,806,871
2 ,989,847
2,489,468
Selling & admin,expense
998,176
1,483,403
1,997,784
1,407,050
Other charges (net)_____
61,398
101,476
258,685
112,839
N e t profit--------------------$446,966 loss$442,262
$657,529
Previous surplus_______ def1,564,060
273,262
224,864
R ed. o f common stock .xC r6,000,000
Prem . on sale o f s to c k -- 0 1 2 0 ,0 0 0
Profit on sale o f real est.
CV45,000
Prem . on pref. stk. ret’d
17,505
Reorganization expense.
56,918
Reduction o f good-will. _ 1,027,027
C o m . divs. paid (c a s h )..
($2)600,000
Pref. divs. paid (c a sh )-.
2,625
D iv . on com . paid in pref
150,000
Inventory adjusts.. & c ._
617,223
In v . in & adv. to affil.cos
313,598
Charges not applicable to
year’s operations_____
54,489
311,614
Provisions for taxes____
54,131

A m oun t
Outstanding

Rate
%

W h en
P ayable

Last D ivid en d
and M a tu rity

$100 $10,000,000 See ’ text
Jan 2 1924 1)4
100
5
J &
J Jan 2 1927 2)4
2 .500.000
1.000
2 047 000
5
M &
S Mch 1 1949
None
357,000 shs See text Q — J 15 Oct 15 ’26 75c
100 $1,700,000
Q— F
7
N o v 1 1926 1M
100
2 ,000,000
100
1,225,800
919.400 See text
100
Q— J20 O ct 20 ’26 1 %
100
Ct— .120 O ct 20 ’26 3 )4
1.500.000 See text
None
441,610 sh. See text
Jan 3 ’27 31 M e
10
866,100
8
Q— J Jan 3 1927 2 %

surplus or the remaining net earnings o f the new com pany, subject, however,
to the right o f the preferred stock, after the common stock shall have re­
ceived in any fiscal year dividends of $3 per share, to participate, share for
share, with the com m on stock in any additional dividends paid in such year.
R E P O R T .— For 13 m os. ended June 30 1926, in V . 123, p . 1244, showed:
Combined, Statem ent o f Earnings— 13 M o n th s Ended Ju n e 30 1926.
[Inc. properties now operated by Virginia-Carolina Chemical Corp.]
Total earnings and other income after deducting manufacturing
costs and expenses, including repairs and maintenance and
provision for depreciation_________________________________________ 4,601,061
D educt— Selling, administrative and general expenses and pro­
vision for bad and doubtful accounts (not including receiver­
ship expenses nor Federal incomes taxes)_______________________ 2,059,321

$592,947
def288,083

80,000

Profit & loss su rp lu s-. $ 3 ,8 4 6 ,9 6 6 d f $ l,564,060
$273,262
$224,864
x Reduction o f common stock from 300,000 shares o f no par value to
3 0 0,000 shares, par $10.




251

INDUSTKIAL STOCKS AND BONDS

Nov., 1926.]

P laces W h ere In te re s t a n d
D ivid en d s are P ayable

Checks mailed
do
B k o f M anhattan C o , N Y

Checks mailed
Checks mailed

- Q u a r. E n d . Sept. 30— ■ M o s . E n d . Sept. 30—
9
Period—
1926.
1925.
1926.
1925.
N et profit after depr., &c
chgs., before Fed. ta x $369 ,46 5
$ 7 9,585 $1,14 5 ,9 4 9
$410,514
D I V I D E N D S .— Initial d iv. o f 50 cents a share was paid Jan. 2 1920;
same amount paid April 1 and O ct. 1 1920; Jan. 1 1921 paid 25 cents a share
then none until M arch 2 1923. when 50c. was paid: June 15 to D ec. 15 1923
paid 50c. quar., M arch 15 1924 paid 50c. in pref. stock, then none until
July 15 1926, when 75c. in cash was paid, same amount paid O ct. 15 1926.
On new pref. stock paid (or declared payable) in full to N o v . 1 1926.
O F F IC E R S .— Jules S. Bache, Chairman; Thom as J. M cH u gh , Pres.;
R. II. Aronson, V .-P . & T reas.; J. W . Kerbin, V .-P .: Alexander Levene,
Sec. Office, 418 W . 25th S t., N . Y . — (V . 123, p. 2276 .)
V U L C A N D E T IN N IN G C O . (T H E )— O R G A N I Z A T I O N .— Incorpor­
ated in New Jersey on April 25 1902 as a consolidation. V . 74. p. 942.
Has
plants at Sewaren, N . J ., N eville Island, P a ., and Streator, 111.; manufac­
tures “ merchantable pig t in ,” tin compounds (consisting of tetrachloride of
tin, bichloride of tin, tin crystals), caustic soda and steel scrap (used by steel
mills) from tin plate waste. V . 83, p. 4 2 , 1234.
P L A N O F S E T T L E M E N T .— Th e stockholders in Feb. 1920 voted (1)
to increase the capital stock as outlined below; (2) to acquire the assets,
property and business o f the Republic Chemical C o , Inc. (for terms of
acquisition, & c., see V. 110, p . 270); and (3) to pay a dividend o f \\i % on
account of arrearages upon the pref. stock o f the com pany, which dividend
was paid April 20 1920. V . 110. p. 270.
C A P I T A L S T O C K .— T h e stockholders on Feb. 18 1920, in accordance
with a plan of settlement (V . 110, p. 2 7 0 ), voted to increase the capital
stock from $ 3 ,5 0 0 ,0 0 0 to $ 5 ,6 4 6 ,0 0 0 , by creating (a) a new class of 7 %
cumulative pref. stock “ A ” $920 ,0 0 0 , and (6) a new class o f common stock
“ A ’ ’ $ 1 ,2 2 6 ,0 0 0 . 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 o f
the holders of the old and new preferred stock or between the rights o f the
holders o f the old and new common stocks, except that for ten years from
the date of such increase the holders of the old stock will be entitled to
rote for and elect six and no more members of the board o f directors, and
the holders of the new stock will have the right to vote for and elect thre6
and no more members o f such board. B y vote o f two-thirds in interest o f
each class o f stock all o f the classes m ay, however, be given full and equal
voting rights before the expiration o f such ten-year period

D IV S .— 1 02. ’ 03. ’04. '0 5 . ’06. ’07. ’ 08. ’09. '10. '11. ’ 12. 1913-26
Pref— _% 3 * 6 H
0
5 7*
5 IX
5 6H 5 X
7
Below
Oom------ % J 2
3
0 0 0
0 0
0 0
0
- ............ ........
... *n
an<*
July and O c t., none. Accum ulated pref.
divs. O ct. 1913, 2 4 ) 4 % . on account o f which 2 1 % was paid N o v . 20 1913
from proceeds o f suit against American Can O o . V . 95. p . 1478; V . 96 p.
1302; V . 97, p. 181, 1220. N one thereafter to Jan. 1919. In April, July
and O ct. 1919 and Jan. 1920 paid 1 % % and 1 % on accumulations. V . 108.
p 886 . In April 1920 paid 1 % % and 4 ) 4 % on account o f accumulations.
V . 110, p. 1438. In July 1920 paid 1 % % and 1 % on account of accumula­
tions. Paid 1 M % in O ct. 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 .
I l l , p . 2 09. Paid l ) i % on O ct. 20 1920. On Feb. 21 1921 paid 1 H %
each on pref. and pref. “ A " , paym ent being made in 1-year 6 % scrip, due
Jan. 20 1922 (paid off); then none until Jan. 20 1923, when 1 *4 % was paid
on pref. and pref. A stock; sam e am ount quar. to O ct. 20 1926. Also paid
on pref. stock on account o f accumulations 1 % each quar. from July 20 1924
to April 20 1925, 5 % on July 30 1925, 1 % on O ct. 20 1925, 2 % each on
Jan. 20 1926, April 20 1926, July 20 1926 and O ct. 20 1926. Accumulated
divs. on pref., 2 6 ) i % , on pref. A , 1 1 ) 4 % .
R E P O R T .— For 1925, in V . 122. p . 2226. showed:
Calendar Y ears—
1925.
1924.
1923.
1922.
Sales . . . _
_
. . $2,946,081
$ 2 ,023,970 $2,05 6 ,2 8 9 $ 1 ,474,653
Expenses, deprec., & c _ .
2,551,241
1,761,192
1,853,304
1 ,301,130
N et oper. income____
Other income
________

$394 ,83 9
3 8,149

$262,778
27,415

$202,985
30,901

$173,523
32,372

Total income
____
Reserve for tax. &c
D ivs. on pref. stock____

$432 ,98 8
80,979
$304,358

$290,193
77,776
214,358

$233,886
35,503
169,358

$205,896
50,964
4 2,340

Surplus_________ ______

$47,652
d e f$ l,941
$29,025
$112,592
—3 M o s . E n d . Jun e 30— — 6 M o s . E n d. Jun e 30—
1926.
1925.
1926.
1925.
Sales. _____________ _____
$761,488
$609,303 $1,691,963 $ 1 ,251,137
In v. of finished products deb25,616
4 1,540
d e b l2,31 0
debl 0,633
O th er in c o m e ____________
4,7 0 8
16,740
9,563
2 1 ,4 7 5
T o ta l. _ _ _
Costs & gen. expenses,.
Res. & other expenses
Preferred dividends____

$740,580
621,375
28,258
7 2,340

$667,583
590,283
15,865

$1,689,217
1,452,974
53,892
144,680

$ 1 ,261,979
1,087,849
4 2,382
174,679

Balance.
____ __
__
$18,606
$61,435
$37,671 d ef$42,929
O F F IC E R S .— Pres., W . J. B uttfield; V .-P ., R . D . O ’N eil; Sec. O E
Outram; T reas., Gilbert N . K night. Office, Sewaren, N . J .— (V . 123,
p . 1261.)
W A L D O R F S Y S T E M , I N C O R P O R A T E D — Incorp. April 18 1919 in
M ass. Operates restaurants and lunch, rooms and acts as commissary for
a number of industrial plants. On D ec. 31 1925 had 118 stores in operation
located m 37 cities.
S T O C K .— The stockholders on M a y 2 1923 voted to change the com m on
stock from shares o f $10 par to shares o f no par value; also to increase the
auth. common stock from 2 50,000 shares to 500,000 shares and the am ount
issued from 220,805 shares to 441,610 shares. Each stockholder o f record
M a y 20 1923 received two shares o f new stock o f no par value for each
old share, par $10.
The balance o f the outstanding 1st pref. stock was redeemed on O ct. 1
1926.
Pres. Percy E . Woodward in N o v . 1924 announced that M errill, Lynch
& O o. had become interested in the affairs o f the com pany, having purchased
the stock of the Clark interests, as well as a considerable block from
other sources. V . 119. p. 2190.
D I V I D E N D S .— On pref. stock in full to date. On new com m on stock
of no par value initial d iv . o f 3 1 )4 c . a share was paid July 2 1923; same
amount paid quarterly to Jan. 3 i9 2 7 .
R E P O R T .— For 1925, in V . 122, p . 1326, showed:
Calendar Y ears—
1925.
1924.
1923.
1922
Total sales----------------------$ 1 2 ,832 ,053 $13,552,401 $ 1 3 ,9 1 0 ,0 5 6 $1 2 ,1 1 8 ,5 9 7
Cost of sales-------------------- 11,205,878
11,695,652
1 2 ,201,510
10,423,287
Income from oper.
Income credits_______

. - $ 1 ,627,075
143,435

Gross income------------ $1,770,510

$ 1 ,856,748
83,200

$1,939,948

$ 1 ,7 0 8 ,5 4 6
127.404

$1,835,950

$1,69 5 ,3 1 0
122,053

$1,817,363

[V ol. 123,

INDUSTRIAL STOCKS AND BONDS

252

D ate
Bonds

M IS C E L L A N E O U S C O M P A N IE S
[F or abb reviation s. & c ., see n otes on p a g e 8]

W ard B akins: C orp — C om m on C l B 5 0 0,000 shares a u th ._ ------Com m on Class A 50 0 .0 0 0 shares authorized----------------------- ------Pref (a & d) stock 7 % cum red 110 $ 5 0 ,0 0 0 ,0 0 0 auth----------- ------First m tge s f g red 1 0 5 _________________________ Em .xxxc* 1912
W a sh in g to n O il C o— Stock $500 ,00 0 au th —
-------W eb e r & H e llb ro n e r— C om m on stock 100,000 shares auth ____
Preferred (a & d) stock 7 % cum red 115 $2 ,0 0 0 ,0 0 0 a u t h .. ------W e lls , F argo & C o— S to c k ------------------------------------------------------W e ste rn Elec C o In c— C om stock 1,000,000 shs auth------- ------Gold debenture bonds red (text)_______________________c*& r* 1924

Calendar Y ea rs—
Deprec., amort, of lease­
holds, Fed. and State
taxes, & c_____________

1925.

1924.

734,657

836,939

1923.

Par
Value

Am oun t
O utstanding

None
None
$100
100 &c
25
None
100
1
None
100 &c

500,000 shs
8 6,093 shs
$31,841 ,500
7
5,5 1 1 ,0 0 0
6 g
400,000 See text
8 8,168 shs See text
879,800
7
239,674
5
7 5 0,000 shrs
$10
$35,000 ,000
5 g

1922.

685,407

$1,16 7 ,1 0 8
62,540
66,710
401,610

W h en
P ayable

Last D ividend
and M a tu rity

P laces W h ere In terest and
D ivid en d s are Payable

Q— J
J
& D
See text
See text
Q— M
J & D 20
Q— M31
A & O

Oct 1 1926 $2
Oct 1 ’ 26, 1M
June 15 1937
Sept20 ’26 $114
Sept 30 '26 $1
D ec 1 ’26 1 H
See text
Sept 3 0 ’ 26 $2.50
Apr 1 1944

Em pire Tr C o , N Y
Pittsburgh, Pa
Checks mailed
do
Office 51 Broadw ay. N ?
New Y o rk
N ew Y o rk

June 27 1924, 50c.; D ec. 30, 50c.; M a r. 30 1925 to Sept. 30 1926, $1 quar.
Also paid 2 % in common stock on April 30 1925 and 1 5 % in common stock
on Jan. 26 1926.

650,255

$ 1 ,103,009 $ 1 ,150,543
43,0 8 0
50,536
69,246
6 8,882
545,762
514,411

Rate
%

R E P O R T .— For year ended Feb. 28 1926, showed:
N et incom e____________ $1,03 5 ,8 5 3
First preferred dividends
35,631
6 9,246
Preferred dividends____
Com m on dividends______
5 48,160
Balance, surplus______
Profit & loss, surplus___

$382 ,81 5
2 ,4 1 5 ,0 1 3

$444,920
1 ,911,087

$516,713
1,498,296

$636 ,24 8
980,149

— Q uar. E n d . Sept. 30— ■ -9 M o s . E n d . Sept. 30— •
—
1926.
1925.
1926.
1925.
$ 3 ,3 2 1 ,5 5 8
$ 3 ,1 4 2 ,4 5 8 $ 9 ,9 7 4 ,6 2 0 $9,42 8 ,6 0 8
Sales___
*N et p rofit_______________
239,967
200,409
784,530
686,692
Preferred dividends____
20,8 6 0
2 5,879
6 6,798
79,353
Com m on dividends______
138,003
138,003
414,009
414,009
Surplus________________
$ 8 1,104
$36,527
$303,723
* A fter depreciation, Federal taxes and reserves.

$193,330

O F F IC E R S .— Pres., Percy E . W oodward; V .-P ., Thos. F . Ahern,
H arry S. Baldwin and Oscar F . K inney; Treas., Harry S. Baldwin; C om pt.
& A sst. T reas., Austin O. U h l; Sec., Arthur F . R a y . Office, 169 High St.,
Boston, M a ss.— (V . 123, p. 2151 .)
W A R D B A K I N G C O R P .— Incorp. in M aryland Feb. 18 1924 to acquire
the entire capital stock of the W ard Baking C o. o f N ew Y o rk . W ard Baking
C o . o f N ew Y o rk , predecessor com pany was incorporated in N ew Y o rk on
June 21 1912, as a consolidation o f W a rd , Corby C o. o f N ew Jersey, W ard
Baking C o . o f Pittsburgh, Ohio Baking C o ., Cleveland and W ard Bread
C o . o f N ew Y o rk . Business began in 1849. Business consists o f baking
and distributing bread, cakes, etc. A s o f D e c .31 1925, C orp. had 17 bakeries
in operation in 13 cities.
S T O C K .— Preferred has voting power. Class “ A ” is entitled to noncum ulative dividends at the rate o f $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 o f $100 per share before anything shall be
paid to class “ B ” holders, and any assets remaining shall be divided among
holders o f class “ A ” and class “ B ” as one class. Class “ A ” has voting
power. Class “ B ” has no voting power until earnings for 8 consecutive
quarterly dividend periods show earnings available for dividends on class
• ” stock; thereafter class “ B ” holders are entitled to vote in same manner
?B
as holders o f p fd . and class “ A ” stocks.
D I V I D E N D S .— Preferred stock; initial dividend l % % paid April 1
1924; regular quarterly since including O ct. 1 1926.
On class A stock paid initial div. o f $2 a share on July 1 1926; same amount
paid O ct. 1 1926.
B O N D S .— Sinking fund o f 2 % o f outstanding bonds annually commenced
June 15 1915.
R E P O R T .— For 1925 showed:
Calendar Y ea rs—
N et earnings----------------------------------Other incom e_____________________

1925.
$6,22 5 ,5 8 2
613,730

1924.
$ 6 ,417,740
331,255

T otal incom e------------------------------------------Interest____________________________________
D epreciation______________________________
Federal taxes--------------------------------------------W ard Baking C o. dividends--------------------W ard Baking Corp. preferred dividends

$6,839,312
329,926
1,700,152
606,090
31,069
2 ,2 0 1 ,4 8 8

$ 6 ,748,995
327,395
1 ,546,658
505,203

$ 1 ,970,587

$ 2 ,166,045

Surplus.

2.203,694

1926.
1925.
37 W eeks E n ded Sept. 11—
Gross sales_____________________ ________________________$ 30,969 ,716 $ 2 9 ,510 ,886
N e t profit after depreciation, Federal taxes, & c___ $ 2 ,964,085 $2,87 2 ,5 7 4
O F F IC E R S .— Pres., George B . Sm ith: Sec. & Treas., J. M . Barber.
Office, 367 Southern B lv d ., N . Y . — (V . 123, p . 2407 .)
W ARNER

F eb. 28 Y ears—
1925-26.
Gross operating p r o fi t .. $ 3 ,3 1 5 ,8 5 2
Gross oper. profit, oper.
exp ., deprec. & amort­
2,6 0 1 ,8 8 0
ization charges_______
N e t earnings_________
Federal taxes, & c----------D ividends________________

$713 ,97 2
94,000
3 81.239

Balance, surplus---------

$238 ,73 3

6 M o n th s En ded A u g . 31—
N et profit before Federal taxes_______

1923-24.
$2,56 7 ,8 8 5

1922 -2 3 .
$ 2 ,2 2 6 ,7 8 2

2 ,7 2 0 ,4 9 6

2 ,013,458

1 ,7 4 2 ,7 1 8

$633 ,51 9
84,300
364,697

$554 ,42 7
70,000
22 2 ,0 8 2

$484 ,06 4
61 ,5 0 0
219,959

$184 ,52 2

$ 262 ,34 5

$ 202 ,60 5

1926.
$215 ,99 4

1925.
$287 ,99 8

1924.
$236 ,99 3

O F F IC E R S .— Pres., Louis M . W eiller; V .-P ., John C . M ayer, Geo. G .
Goldberg and Irwin Heilbroner; T reas., Sydney H . Rhoades; Sec., Herbert
H . M aas; Asst. Sec. & Asst. T reas., John C . M ayer. O ffice, 215 Fourth
A v e ., N . Y . — (V . 123, p . 1646.)
W E L L S F A R G O & C O . ( E X P R E S S ).— Incorp. In Colorado F eb. 5
1866. On June 30 1917 operated on 84,751 miles o f railroad In the U . S,
and M exico, 3 3,466 miles o f stage, inland and ocean steamer routes; total.
118,218 miles. A lso, Jointly with National R ys. o f M exico, controls W ells,
Fargo & C o . S. A . (Sociedad M exican s). V . 9 1 . p . 1451.
The loss of their contracts with the railroads because of Governm ent
control and operation, and inability to effect an arrangement with the Rail­
road Administration for continuing their individual operations culminated
in an enforced retirement from domestic express operations and the transfer
of the property of this company and the other leading express companies
used in the express business to the American Railway Express C o . 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 A m . R y. E x p. C o. (the
W ells Fargo, $ 1 0 ,5 0 0 ,0 0 0 thereof) but no guaranty o f net return. In D ec.
1920 the I .-S . C . Commission approved the permanent consolidation of the
several companies into the American R ailway Express C o . V . I l l , p . 2532;
V . 108, p. 2 020 , 2 124 . See American R ailw ay Express C o . above for divi­
dends paid by that com pany.
American Express C o . acquires control— see that com pany above.
C A P I T A L S T O C K .— The stockholders on F eb. 6 1923 voted to reduce
the capital stock from $24,000 ,000 to $12,0 0 0 ,0 0 0 by reducing the par
value from $100 to $50, the reduction to be effected by paym ent in cash
of $50 a share, payable as soon as possible after M arch 5.
Paym ent, it
was stated, would be made by disposing o f G ovt, bonds. This return o f
capital was the first step toward the ultim ate liquidation o f the com pany.
See also V . 116, p . 526.
The directors on A ug. 7 1924 authorized the reduction o f capital stock
from $12,000 ,000 (par $50) to $240,000 (par $ 1 ). The directors also
declared a cash dividend of $8 per share in liquidation out of capital assets
and a dividend o f 1-30 o f a share o f American R y . Express C o . stock of
$100 par, for each share of W ells, Fargo stock, both payable June 10 1925
O n June 1 1926 aid a cash dividend of $2 a share in liquidation.
Statem ent o f C on dition as o f M a y 14 1926, A ft e r D istrib u tio n R eferred to A b ov e.
[Security values shown are in most cases based on market quotations of
M a y 14 1926, m any 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 attem pted at this tim e.]
A s s e ts .
R eal property & Equipm ent.
Stocks________________________
B onds________________________
N o te s_________________________
C ash __________________________
Accounts receivable_________
Total.

B R O S . P I C T U R E S , I N C .— (V . 123, p . 1646.)

1924-25.
$ 3 ,345,015

$30,635
118,653
272,450
190,053
6,625
1,957
$620,373

L ia b ilities .
C apital stock (239,674 shs.) $239 ,67 4
Accounts payable___________
17,811
Reserve for suits____________ 155,000
Profit and loss balance______ 20 7 ,8 8 8

Total

$620 ,37 3

W A S H I N G T O N O IL C O .— O R G A N I Z A T I O N , & c.— Incorp. In 1887 in
Penna. Produces crude oil. Owns 140 o f 200 shares o f Taylorstown N at­
ural Gas C o . Form erly controlled by Standard Oil C o. of N . J ., but segre­
gated in 1911. See Standard Oil C o . o f N . J ., V . 8 5 , p. 216; V . 9 3 , p . 1390
Stock, $500 ,00 0; par, $ 2 5 . D ividends in 1906. about 3 5 % ; 1911. 2 9 %
1913, Feb. and D e c ., 4 0 % : 1914. D e c .. 3 0 % ; 1915 .nil; 1916, O c t., 4 0 % '
1917 and 1918, D ec., 4 0 % each; 1920. Jan ., 2 0 % : 1921, Jan ., 2 0 % ; then
none until D ec. 31 1925, when $2 per share was paid; same am ount paid
April 20 1926; on June 21 1926 paid $1 per share; on Sept. 20 1926 paid $1 50
per share.
,
„„„„„
Stockholders o f record M a r. 1 1926 received a stock div. of 3 0 0 % .

Th e remaining assets and liabilities o f the com pany are not quick and the
process o f liquidation will accordingly be slowed up.
— V . 122, p . 2 964 .)

R E P O R T .— For 1925, in V . 122, p . 1626, showed:
Calendar Y ears—
1925.
1924.
1923.
Gross income for year
$195 ,57 3
$ 128 ,63 0
$112,830
Oper. exp., taxes, depr.
112,867
118,413
105,135
and depletion--------------Dividends paid--------------- ($ 2) 20,000

I t was announced in D ec. 1925 that the electrical supply business carried
on b y the W estern Electric C o . had been set apart from the telephone manu­
facturing business and incorporated under the name Graybar E lectric C o.,
I n c ., capitalized at $ 1 5 ,0 0 0 ,0 0 0 , all of which is owned b y the W estern
Electric C o. Apparatus, such as m otors, generators, electric lamps,
industrial and other lighting equipment, household appliances, & c ., formerly
sold under the W estern Electric name, will now be sold under the trade name
“ G raybar.”
The new com pany will be concerned w ith radio through its
sale of broadcasting apparatus and other radio telephone equipment which
the W estern Electric C o. m ay 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.

1922.
$ 118 ,23 4
150,496

N et earnings for yea r.
$7 0 ,4 3 8
$15,762
def$5,583 d ef$32,262
Office, 323 Fourth A v e ., Pittsburgh. P a .— (V . 123, p. 1517.)
W E B E R A N D H E I L B R O N E R .— Organized in N . Y . M arch 19 1913.
Sells m en’s furnishings, clothing and hats at retail, operating a chain of
13 stores. In Jan. 1924 acquired the business o f Brokaw Brothers.
C A P I T A L S T O C K .— A cumulative “ Preferred Stock Sinking Funa
provides that the corp. shall create and maintain a fund for the purchase or
redemption of pref. stock o f a sum equal to 3 % of the largest amount
issued and outstanding, said fund to be continued so long as the am ount
contained therein is less than 1 1 5 % o f the aggregate par value o f pref.
stock plus accrued divs. Pref. stock has no voting power unless three
successive quarterly divs. remain unpaid, in which case it has the right
to elect two-thirds of the directors.*
The stockholders on D ec. 30 1924 approved: (1) The reduction of the
authorized Com m on stock from 2 5 0,000 to 100,000 shares, no par value,
and (2) the plan to exchange the issued and outstanding Com m on stock
amounting to 2 25,520 shares for new stock on the basis of one share of
new stock for each three shares o f old stock owned.
D I V I D E N D S .— On com m on stock as follows: N o v . 1 1919 , 5 0 c .; A p r. 1
1920 5 0 c .; N o v . 1 1920, 50 c .; June 27 1 9 2 1 ,50 c .; D ec. 30 1 9 2 1 ,5 0 c .; July 6
1922 , 50c .; D ec. 30 1922, 50c.; June 29 1923, 50c.; D ec. 31 1923, 50c.;




W E S T E R N E L E C T R IC C O ., I N C .— Incorp. in N ew Y o rk N o v . 17
1915 as successor of an Illinois corporation (organized in 1881 ). American
T e l. & T e l. C o . owns over 9 8 % of the outstanding com m on 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 com pany
on Sept. 30 1925 sold the International W estern Electric C o ., In c ., to the
International Telephone & Telegraph Corp. V . 121, p. 993.

C A P I T A L S T O C K .— The stockholders on Sept. 28 1925 increased the
authorized common stock from 500,000 shares to 1 ,000,000 shares. O f
this new common stock, 2 50,000 shares were issued as a stock dividend,
leaving 250,000 shares unissued.
A ll of the outstanding $ 2 4 ,679 ,600 7 % preferred stock was redeemed on
Sept. 15 1925.
Dividend N o . 1 on common was $4 per share, paid D ec. 31 1915;
M a r. 1916 to D ec. 1917, $2 qu ar.; M a r. 1918 to Sept. 1926 paid $2 50 quar.
On Sept. 30 1925 paid a stock dividend o f 5 0 % .
D E B E N T U R E S .— The $35,0 0 0 ,0 0 0 20-year 5 % gold debenture bonds
are redeemable in whole but not in part upon 60 days notice on April I
1934, or on any int. date thereafter, at the following prices with accrued in t.:
\ on or prior to O ct. 1 1940 at 105, and if on or subsequent to April 1 1941,
v
at par. V . 118, p. 1533.

Nov., 1926.]

M IS C E L L A N E O U S C O M P A N IE S
lF or abbreviations, & c ., see n otes on p a g e 8]

W e s t in g h o u s e A ir B rake C o (T h e )— Stock $ 5 0 ,0 0 0 ,0 0 0 auth
W e s t in g h o u s e El & M fg— Com stock auth $ 1 9 6 ,0 0 0 ,0 0 0 Pref stock $ 4 ,000,000 7 % cum and participatin g___________
2 0-Y e a r gold bonds red (text)_________________ kxxxc*& r*
Westinghouse Machine Oo — 1st & Ref M tg e g o l d .. _ . . x
W e s t o n E lec I n stru m e n t C orp— C om stk 250,000 shs auth
Class “ A ” stk $2 cum & partic red (text) 100,000 shs auth_
W h i t e E agle O il & R e fin in g C o— Stock 640,000 shares auth
Sinking fund gold notes red (text)_____________________ xxxc*

Date
B ond a

....
1926
1910

1924

Par
V a lu e

Gross incom e__________ 299 ,903,974 2 9 9 ,493 ,142 2 5 6 ,479 ,996 213,631 ,840
C ost o f merchandise____ 251 ,915,705 258,1 4 7 ,9 2 3 225,751 ,351 189,418,973
Expenses__________________ 20 217,638 19,331,724 1 8 ,239,356
12,716,973
T axes_____________________
4 628,891
3,9 4 5 ,0 9 9
2 ,4 0 9 ,8 1 8
1,860,004
Em ployees’ benefit fund 3 ,500,000
2 ,0 0 0 ,0 0 0
400,000
Pension fu n d ____________
1 400,000
_______
_______
_______
1 790,679
Interest paid____________
4 ,3 7 8 ,9 2 7
1,159,958
3 ,904,097
Approp. for additional
depreciation on p lan t- 2 ,167,759
1,5 6 2 ,5 3 9
_______
_______
1,727,572
1 ,727,572
686,857
Preferred dividends (7 % ) 1 ,233,980
5 ,000,000
5,0 0 0 ,0 0 0
3 ,500,000
C om m on dividends ($10)
5 ,625,000
Balance, surplus........... * 7 ,4 2 4 ,3 2 2
3,3 9 9 ,3 5 8
2,191,941
1,144,936
*D oes not include the following
Special dividend received from the
International W estern Electric C o ., In c., from Undistributed earnings at
Sept. 30 1925, $ 9 ,7 0 0 ,0 0 0 ; profit resulting from sale o f International
W estern Electric C o ., In c ., after deducting Federal income taxes and setting
aside a reserve for pension fund under agreement with International
Standard Electric C orp ., $ 6 ,2 5 5 ,0 9 6 ; Deduct Premium paid on redemp­
tion o f preferred stock, $ 2 ,4 6 7 ,9 6 0 ; balance from special earnings carried to
surplus, $13 ,4 8 7 ,1 3 6 .
O F F IC E R S Chairm an, Charles G . D uBois; Pres., Edgar S. Bloom:
T reas., F . L . G ilm an; Sec., H arry B . Gilmore; C o m p t., R . H . Gregory.
N . Y . office, 195 Broadw ay.— V . 123, p 2150.
W E S T I N G H O U S E A IR B R A K E C O . (T H E ).— O R G A N I Z A T I O N , & 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 C o. a general
license under its U . S. patents.
V . 95, p. 748; V . 105, p. 1517.
In 1917
acquired control o f the Union Switch & Signal C o. V . 103, p . 2245 , 2349;
V . 104, p . 2 63, 1065.
S T O C K .— The stockholders on M arch 2 1923 increased the authorized
capital stock from $ 3 0 ,0 0 0 ,0 0 0 to $ 5 0 ,0 0 0 ,0 0 0 . A 3 5 % stock dividend was
paid April 30 1923.
L A T E D IV S .—
f ’ l l . ’ 12. ’ 13. '1 4 -1 5 1 6 .’ ’ 17 T 8 -'2 1 .. ’2 2 . ’23. ’2 4 . ’25P e r c e n t . . . .......... \ 20 19 16
16
26 1434 14 yrly 934 12.6 12 12
in s to c k __________l . . 3 3 1 -3 5
20
____ ____
35 - -Paid in 1926: Jan. 30, 3 % quar. and 2 % extra; April 30 and July 31,
3 % quar. and 34% extra; O ct. 30 1926, 3 1 4 % quar.
R E P O R T .— For 1925, in V . 1 22, p. 2070, showed:
Calendar Y ears—
1925.
1924.
1923.
N et earns., all sou rces..
$ 8 ,0 3 9 ,6 5 2 $7 ,0 7 2 ,9 5 2 $11,742 ,844
Cash dividends paid____
5 ,5 3 2 ,3 2 8
4 ,7 2 9 ,0 6 8
4 ,403,587
Federal taxes (est.)______ 1 ,074,114
9 95,024
1,468,715

1922.
$8,051,800
3 ,789,882
960,000

Balance, surplus_____ $ 1 ,4 3 3 ,2 1 0
$1 ,3 4 8 ,8 6 0 $ 5 ,870,542 $ 3 ,301,918
P eriod Ended Sept. 30 1926—
. Q uarter.
9 M o n th s.
N et income after depreciation and Federal t a x e s .. $ 2 ,734,848
$ 8 ,344,278
O F F IC E R S .— Chairman, Henry H . Westinghouse; Vice-Chairm an,
John F . M iller; Pres., A . L . H um phrey; V .-P ., W . S. Bartholomew, S. G .
D ow n and Chas. A . Rowan; Treas. & A c t. V .-P re s., S. C . M cC onahey;
Sec., Hubert C . Tener. General office, W ilm erding, Pa. N . Y . office,
150 Broadw ay.— (V . 123, p. 2407.)
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 IN G
C O .—
O R G A N I Z A T I O N .— 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, P a .;
South Philadelphia, P a .; Attica, N . Y . ; New ark, N . J .; C leveland,O .;
Sharon, P a ., and East Springfield, M a ss. Proprietary (wholly owned)
companies are: (1) W estinghouse Lam p C o ., operating plants at Bloom ­
field, N . J .; Belleville, N . J .; M ilwaukee, W is .; Trenton, N . J .; Brooklyn,
N . Y . ; Indianapolis, In d .; (2) The Bryant Electric C o ., Bridgeport, C onn.;
(3) R . D . N uttall C o ., Pittsburgh, P a .; (4) Pittsburgh M eter C o ., Pitts­
burgh, P a .; (5) W estinghouse Electric Products C o ., M ansfield, O .; (6)
George Cutter C o ., South Bend, In d ., and St. Louis, M o .; (7) W estinghouse
High Voltage Insulator C o ., Derry, P a ., and Em eryville, C alif.; (8) W esting­
house Electric International C o ., N ew York.
During 1921 the com pany acquired a substantial interest in the Radio
Corp. of America.
In D ec. 1924 purchased the entire $ 3 ,000,000 stock of W etm ore-Savage
Electric Supply C o. V . 120, p. 97.
During 1925 formed the W estinghouse Acceptance C orp. and the W est­
inghouse Commercial Investm ent C o. V . 120, p. 1894. In July 1925 or­
ganized the Westinghouse Electric C o. o f Japan. V . 121, p . 472.
S T O C K .— The prer. stock carries cum . divs. o f 7 % per annum , with the
right to participate equally with other stock after the same shall have re­
ceived 7 % and pref. as to principal. Th e holders of preferred and common
stock o f record April 16 1923 were given the right to subscribe at $53 per
share for an amount of common stock [$14,962,530, par $50], equal to 2 0 %
(one share for each five shares held) o f their holdings. V . 116, p . 1544.
Preferred and common stockholders of record M a r. 17 1924 were given the
right to subscribe at $52 50 per share for an amount o f common stock equal
to 2 0 % o f their holdings. V . 118, p. 1163.
T h e stockholders voted June 11 1924 to increase the authorized common
stock from $121,000,000 to $19 6 ,0 0 0 ,0 0 0 , par $50.
D I V I D E N D S .—
’ l l . ’ 12. ’ 13-’ 14. ’ 15. ’ 16. ’ 17-’ 18. ’ 19. ’2 0 -’26.
Preferred, % ________________ 1 2 3£
7 7 yrly. 7 7
7 yrly. 7 )4 8 yrly.
C om m on, % ____________
0 2 4 yrly. 5 434 7 yrly.
734 8 yrly.
Also on com m on and pref. July 31 1917 a special H o f 1 % to aid Red
Gross contributions. July 1919 to O ct. 1926 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 a y 2 1924 received a
stock dividend of 1 0 % , payable in common stock.
B O N D S .— The 20-year 5 % gold bonds are redeemable in amounts of
not less than $ 1 0,000 ,000 principal amount at any one time, on any int.
date on 60 days’ notice at 105 and int. to and incl. Sept. 1 1936, and therefter at their principal amount and in t., together with a premium equal to
i % for every 6 months intervening between the redemption date and the
date o f m aturity.
Th e 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 43
times the total indebtedness of the company and of its proprietary com­
panies (excluding the outstanding $ 5 ,990,000 Westinghouse M achine C o.
1st & ref. m tge. bonds), all as defined in the indenture. The indenture




A m ount
O u ts ta n d in g

R a te

%

W h en
P a y a b le

$50 $39,642,084 See text Q— J 31
50 114,504.450
8
Q— J
50
3 ,998,700
8
Q— J
M &
S
5 0 0 -1 0 0 0 3 0 ,000,000
5 g
LOOP
Q— F
5 .990.000
6 g
150.000 shs
None 100.000 shs
$2
Q— J
N one
4 9 0.000 shs.
$2
Q— J
1,000
&
J
2.2 0 0 .0 0 0
534 g J

R E P O R T .— For 1925, in V . 122, p. 1798, showed:
(In clu d in g the Owned S u bsidiaries, W estern E lectric C o ., I n c ., o f D ela w a re,
and W estern E lectric C o ., I n c ., o f C a liforn ia .)
1925.
1924.
1923.
1922.
$
$
$
$
Sales_____________________ 29 7 ,7 2 9 ,4 2 0 298,2 8 1 ,1 3 8 255,1 7 7 ,1 2 2 210,941 ,004
Other income___________
2,1 7 4 ,5 5 4
1,2 1 2 ,0 0 4
1,3 0 2 ,8 7 4
2 ,690,836

t

253

INDUSTKIAL STOCKS AND BONDS
L a s t D iv id e n d
a n d M a t u r it y

P la c e s W h e r e I n t e r e s t a n d
D iv id e n d s a r e P a y a b le

Oct 30 ’2 6 . 334 Pittsburgh, Pa
O ct 30 '2 6 . 2 % Checks mailed from Pitts
do
do
Oct 15 ’26, 2 %
Chase N a t. B ank, N . Y .
Sept 1 1946
Coionial Trust O o . Pitt
N o v 1 1940
Oct 1 1926 50c
Oct 20 ’26 50c.
Dillon, Read & C o , N Y
July 1 1929

will further provide that, while any of the bonds are outstanding, the com
pany will not make or permit to be made any mortgage (other than purchase
money mortgages on new properties acquired hereafter) on any o f its real
property or plants or on any of the real property or plants of any of its pro­
prietary companies, unless such mortgage shall secure the bonds of this issue
p a ri passu with the other indebtedness secured thereby.
Proceeds were useu to provide part of the funds necessary to pay $ 30,060 ,000 7 % gold bonds which were redeemed on N o v . 1 1926.
V . 123, p . 1126.
R E P O R T .— For year ended M a r. 31 1926, in V . 122, p. 2976 , showed:
Y ea rs Ended
1925-26.
1924-25.
1923-24.
1922-23.
M a r c h 31—
S
S
S
S
Sales billed_______________ 166,006 ,800 157,880,292 1 5 4 ,412 ,918 1 2 5 ,166 ,115
17,841,406 18,74 3 ,0 7 6 14,76 7 ,8 8 4
Total net incom e________ 1 6 ,590,225
Interest on bonds_______
2 ,4 6 8 ,2 2 4
2 ,5 1 7 ,0 4 2
2 ,6 1 7 ,7 7 3
2 ,5 0 4 ,3 9 9
D iv . on pref. stock______
319,896
319,896
3 1 9,896
3 1 9,896
D iv . on common stock . _ 9 ,1 5 4 ,6 1 5
9 ,1 4 8 ,3 2 5
6 ,8 3 3 ,7 5 9
5 ,6 6 5 ,0 0 3
Balance, surplus______ 4 ,6 4 7 ,4 9 0
5 ,8 5 6 ,1 4 3
8 ,9 7 1 ,6 4 8
6 ,2 3 0 ,0 5 8
D IR E C T O R S .— James D . Callery, Paul D . C ravath, H . P . D avis.
Harrison N esbit, F . A . M errick, George M . Verity, Richard B . M ellon,
J. J. Hanauer, Samuel M . Vauclain, Loyall A . Osborne, James C . Bennett,
E . M . Herr, Joseph W . M arsh , G uy E . Tripp, H . H . Westinghouse and
Albert H . W iggin.
O F F IC E R S .— Chairman o f Board, G uy E . Tripp; P res., E . M . Herr;
V .-P . & Gen. M g r ., F . A . Merrick; V .-P s ., H . P . D avis, L . A . Osborne,
Charles A . Terry, H . D . Shute, H . T . Herr, W alter C ary, Edward D .
Kilburn and W alter S. Rugg: T reas., H . F . Baetz; C om pt. & Sec., J. C .
Bennett. Offices, 150 Broadw ay, N ew Y o rk , and E ast Pittsburgh, Pa.
— (V . 123, p . 2277.)
W E S T O N E L E C T R I C A L I N S T R U M E N T C O R P .— Incorp. under laws
of N ew Jersey on D ec. 11 1924 and acquired the business and assets of the
W eston Electrical Instrum ent C o ., incorp. in 1898. M anufactures over
400 different varieties of electrical measuring instruments, such as volt­
meters, ammeters, w attm eters, power factor m eters, & c., and also radio
apparatus. Plant is located in N ew ark, N . J.
S T O C K .— 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 25 0 ,0 0 0 shares. O f this additional common
stock authorized, 50 ,0 0 0 shares were offered for subscription at $15 per
share to holders of Class A and com m on shares, the right of subscription
being given to such holders o f record at the close of business Oct. 15 1925.
D I V I D E N D S .— On Class A stock initial dividend of 50c. was paid
April 1 1925; same am ount paid quar. to O ct. 1 1926; an extra div. o f lc . was
paid July 1 1925, covering period from D ec. 29 1924, date of issue, to
D ec. 31 1924.
R E P O R T .— For 1925. showed:
R esults F or Y ea r Ended D ecem ber 31 1925.
Earnings after deducting cost to m anufacture, repairs, deprec­
i a t io n , selling and administrative expenses----------------------------$791,037
Other deductions, less other incom e_______________________________
56,242
87,864
Federal income tax__________________________________________________
N e t profit for year________________________________________________
$646,931
Capital and surplus Jan. 1 1925----------------------------------------------------- $2,044,391
Additional 50,000 shares common stock issue------------------------------750,000
T o ta l_________________________________________________________ ______ $ 3 ,441,322
Dividends paid on Class “ A ” stock________________________________
201,000
Extraordinary charges,net (not applicable to current operations)
98,290
Balance, represented b y 100,000 shares o f Class “ A ” and
150,000 shares o f com m on_____________________________________ $3,142,031
R eport for 9 m os. ended Sept. 30 1926, in V . 123, p . 2668, showed:
--------------------Q uarter Ended--------:----------- 9 M o s . End.
P eriod —
Sept. 3 0 ’26. Ju n e 30 ’2 6. M a r . 31 ’26. Sept. 2 0 ’26.
N e t after deprec. & e x p .
$155 ,52 6
$229,137
$245,561
$630,224
Other deductions________
3,251
9,277
Cr2,055
10,473
T o ta l incom e_________
Federal ta x ______________
Class A dividends_______

$152 ,27 5
19,974
45,0 0 0

$219 ,86 0
2 9,718
4 0,050

$247,616
3 2,257
50,000

$619,751
81,949
135,050

Surplus________________
$87,301
$150,092
$165,359
$402,752
O F F IC E R S .— Chairm an, D r. Edward W eston; Pres., E . F . W eston;
V .-P . & T reas., W . H . Yaw ger; V .-P . & Sec., Caxton Brown; Asst. Sec.,
T . L . Evans: A sst. T reas., E . R . M ellen. Office, 4 W eston A v e ., New ark,
N . J.— (V . 123, p. 2668.)
W H E E L I N G S T E E L C O R P O R A T I O N .— (V . 123, p. 2277.)
W H I T E E A G L E O IL A N D R E F IN I N G C O .— O R G A N I Z A T I O N .—
Incorp. in Delaware M a y 22 1919. and is engaged in the business o f pro­
ducing, refining, distributing and marketing petroleum and its products.
Owns and operates 3 oil refineries located at Augusta, K a n ., Fort W orth ,
T e x ., and Casper, W y o . Properties are chiefly situated in 8 principal regions
in Kansas, Oklahoma and Texas. Pipe line system , about 253 miles; tank
car equipment, 619 cars. Also owns and operates service and bulk stations
located in Kansas,
Colorado, M issouri, N ebraska, Iow a, M innesota,
Wisconsin, N orth D akota, South D akota and M ontana G ovt, suit, V . 118,
p. 3161.
D I V I D E N D S .— Quarterly dividends of 50 cents a share have been paid
from organization to A p r. 20 1926. Also paid 25 cents extra on O ct. 10
1922 and 2 5 % in stock on D ec. 26 1922.
N O T E S .— The 5 ) 4 % sinking fund gold notes o f 1924 are redeemable,
all or part, on any interest date after 30 days’ notice: at 102 and interest to
and including July 1 1927; thereafter at 101 and interest to and including
July 1 1928; thereafter at 10043 and interest. A sinking fund to purchase
in the market or call b y lot $200,000 of notes sem i-annually, beginning
Jan. 1 1925, will be provided, sufficient to retire 6 0 % o f the entire issue
prior to m aturity. V . 119, p . 85.
R E P O R T .— For 1925, in V . 122, p . 1491, showed:
Calendar Y ea rs—
1925.
1924.
1923.
1922.
Sales_____________________ $1 6 ,4 8 3 ,5 1 8 $14,335,001 $ 1 4 ,6 9 3 ,3 8 7 $13,834 ,818
Cost o f sales_______________ /
9,2 3 9 ,9 1 0
9 ,5 5 4 ,5 7 2
9,0 3 6 ,3 4 3
Gen. admin. & sell. e x p .\ 1 3 ,3 4 3 ,3 7 2
2 ,4 8 8 ,5 9 2
2 ,3 1 7 ,0 3 3
1,467,809
Other deductions— n e t . .
388,531
344,030
2 3 0 ,1 3 4
268,628
D epreciation______________f
8 4 5,786
79 3 ,5 8 9
589,253
Depletion__________________\ 1,1 2 0 ,7 5 4
273,298
41 0 ,1 4 4
377,849
Federal taxes____________
164,000
114,000
40 ,0 0 0
192,000
Dividends paid__________
9 65,000
9 2 0,000
9 2 0,000
894,042
Balance, surplus______

$ 501 ,86 0

$109 ,38 6

$427 ,91 6

$998,896

254:

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviation s, A c . , see notes on pa ge 8]

D ate
Bonds

W h it e M o to r C o (T h e )— A u th capital stock $ 5 0 ,0 0 0 ,0 0 0 -W h ite M otor Secur Corp pref stock 7 % cum (guar) red
105 $ 5 ,0 0 0 ,0 0 0 authorized__________________________________
W h ite M otor R ealty Co— Secured gold* debentures due
$200 ,00 0 annually redeemable at 102_____________ kxxxc* J1925
W h i t e R o ck M ineral S p r in g s C o— Com m on stock 2 0 0,000
shares authorized______________________________________________
1st pref (a & d) stock 7 % cum $ 2 ,0 0 0 ,0 0 0 au th ____________
2d pref (a & d) stk 5 % and partic (see text) $ 1 ,0 0 0 ,0 0 0 auth
W ick w ire S p en ce r Stee l C o— See text

P ar
Value

$690 ,23 3
17,104

$2,56 3 ,6 2 8
50 ,5 4 0

8

2 ,5 0 0 ,0 0 0

7

1,000

2 ,8 0 0 ,0 0 0

6g.

4 ,8 1 4 ,2 9 0
105,042
625,000

5,0 5 6 ,8 7 6
N e t profit for year___________________
Previous surplus_______________________ 1 1 ,534,157

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

Total surplus________________ _______ 1 6 ,591,033 1 3 ,509,987
D ividends paid ( 8 % ) __________________ 2 ,0 0 0 ,0 0 0
2 ,0 0 0 ,0 0 0
A djustm ents applicable to prior years C r .21 9 ,3 6 9
_______
Provision for prior year’s Federal taxes
in excess o f paym ent________________
_______
C r.24,170
Surplus D ec. 3 1 _____________________

1 4 ,810,403

11,53 4 ,1 5 7

* 2 ,5 4 3 ,2 3 9
5 5,160

7,8 9 8 ,2 8 2
8 3,615
850,000
6,964,667
4 ,461,073
11,425,740

2 , 000,000

9,4 2 5 ,7 3 9

O F F IC E R S .— Chairman W . T . W hite; Pres., W . C . W h ite; V .-P . &
G en. M g r ., Thos. H . W hite; T reas., G eo. H . K elly; Sec., T . R D a h l;
C o m p t., S. G . Crilly. Office, 842 East 79th S t., Cleveland, O .— (V . 122,
P -2 2 2 6 .)
W H I T E R O C K M IN E R A L S P R I N G S C O .— Incorp. under laws of
W isconsin on M a y 4 1906 as the N ational W ater C o .; name changed to
present title on July 2 1914. The com pany is engaged in the business of
putting up and marketing W hite Rock W ater and other carbonated bever­
ages in the U nited States and foreign countries. Properties consist of about
36 acres o f land at W aukesha, W i s ., owned in fee, on which are located the
W h ite R ock M ineral Springs, the Still Rock Spring, and the Clysm ic
Spring, together with a bottling plant and other factory buildings; also about
4 0 acres o f land at Ellenville, N . Y . , owned in fee, on which are located the
Sun R a y Spring, together with a bottling plant and various other factory
buildings.
S T O C K .— A m ajority of the common stock is held in a voting trust
expiring N o v . 1 1928, the voting trustees being R . A . C . Sm ith, W m . A .
M arbu rg. T hom as W illiam s, Delos W . Cooke and Richard C . Harrison.
After dividends o f $1 per share per annum have been paid on the common
stock, the holders of the 2d pref. stock share with the holders of the common
stock in any further dividends, the 2d pref. stock being entitled to five
times the am ount o f such paym ents received b y the common stock ..
First pref. and 2d pret. stockholders are entitled to one vote for each
share held; com m on stockholders are entitled to one vote for each five
shares held.
D IV ID E N D S —
1924.
A p r . ’26. July '26. OcL’26.|
1925.
First preferred stock . ______
7%
7%
1H %
1% %
154%
Second preferred stock
.
12%
5%
2 )4 %
2 'A %
3 V i%
Com m on stock .
50c.
50c.
50c.
$1
$2.4 0
R E P O R T .— For 1925 showed:
Calendar Y ea rs—
1924.
1925.
1923.
Income from sales_____________________ $3,293,323
$2,860,584 $2,549,321
Other incom e___________________________
64,915
46,882
39,321
Total incom e________________________ $ 3 ,358,238
C ost of goods sold______________________
1,459,690
Taxes____________________________________
222,000
Administration and selling expenses. .
570,778
Profit and loss charges________________
14,285
N et revenue_______________________ _ $ 1 ,091,486
First preferred dividends______________
140,000
Second preferred dividends___________
108,333
Com m on dividends____________________
400,000
Balance, surplus.

$443,153

$2,907,466
1,321,510
200.376
483,835
12,345

$ 2 ,588,643
1,215,778
145,000
440,883
10,802

$889,400
140,0001
50,000 [
■
2 0 0 ,0 0 0 J

$776,179

$499 ,40 0

$367,429

408,750

■ Q uar. E n d . Sept. 30— — 9 M o s . E n d . Sept. 30—
—
P eriod—
1926.
1925.
1926.
1925.
N e t income after taxes
and charges___________
$224 ,88 5
$237,253
$693 ,36 0
$799,197
O F F IC E R S .— Chairm an, R . A . C . Smith; Pres., Richard C . Harrison;
V .- P ., T . O . M cG ill; Sec. & T reas., T . F . W ood . Office, 100 Broadway,
N ew Y o rk .— (V . 123, p . 2 277 .)
W I C K W I R E S P E N C E R S T E E L C O .— Incorp. under laws of Delaware
on Jan. 3 1925 as successor to the Wickwire Spencer Steel C orp. (see re­
organization plan below). The latter com pany was a merger, as of Jan.
1920, o f the C linton-W rigbt W ire C o ., one of the largest manufacturers of




Q— J

Last D ividend
and Maturity

D ec 31 ’26

Q— M 31 Sept 3 0 ’ 26
J

N one
200,000 shs. See text
$100 $ 2 ,0 0 0 ,0 0 0
7
100
1 ,000,000 See text

W H I T E M O T O R C O . ( T H E ) — O R G A N I Z A T I O N .— Incorporated in
Ohio and took over all the capital stock, excepting qualifying shares, of the
W hite C o . o f C leveland, makers o f W hite M otor trucks. V . 103, p. 1979
T h e directors in O ct. 1924 decided to organize the W h ite M o to r S ecurities
C orp. for the purpose of affording additional facilities for the financing of
time.sales of W hite trucks and buses to its customers.
The new com pany ■will have an authorized capital o f $ 5 ,0 0 0 ,0 0 0 (50,000
shares) o f preferred stock and 25 ,0 0 0 shares o f no par com m on. The
pref. stock will be 7 % cu m u l., non voting, callable at 105 and guaranteed
as to principal and dividends b y W h ite M otor C o. $2 ,5 0 0 ,0 0 0 o f this
stock was offered at par to the stockholders of W hite M otor C o. o f record
N o v . 12 1924. The remaining $2 ,5 0 0 ,0 0 0 o f the pref. stock will remain
unissued pending the future requirements of the corporation. A ll the
common shares were purchased by W h ite M otor Co.
T h e W h ite M otor R ealty C o . was organized in D ec. 1925 . V . 121, p.
2651.
■
S T O C K .— The stockholders on M arch 19 1926 increased the authorized
capital stock to $ 5 0 ,0 0 0 ,0 0 0 . Stockholders o f record M arch 25 1926 were
offered $ 1 0 ,0 0 0 ,0 0 0 o f the additional stock at par.
D I V I D E N D S .— N o . 1, April 8 1916, 1 3 % ] N o . 2, July 15, 1 5 4 % ; Sept.,
A
1 54 % ; D ec. 31 1916 to D ec. 31 1926, 2 % quar. Also paid 2 0 % in stock on
April 10 1926.
R E P O R T .— For 1925, in V . 122, p . 1792, showed:
1923.
1924.
1925.
Oper. profit (after deducting m fg .,
.$
$
$
7,0 2 2 ,2 0 9
selling, service & admin, expenses) 4 ,6 9 2 ,1 0 4
3 ,8 6 6 ,1 1 0
D iscount on purch., int. earned and
876,073
948,180
1,129,772
m iscell. other income— net__________
5 ,8 2 1 ,8 7 6
_______
765,000

W h en
Payable

Rate
%

100

x N et incom e___________ $ 1 ,1 6 8 ,3 9 6
$ 673 ,12 9 $2,51 3 ,0 8 8 $2,48 8 ,0 7 9
x Represents net income before deducting reserve for depreciation, deple­
tion and Federal income tax.
O F F IC E R S .— Pres., L . L . M arcell; T reas., A . N . A llen; Sec., M ilo T .
Jones. Office, K ansas C ity , M o .— (V . 123, p. 2150.)

Total incom e________________________
L ess— In t. & exp. on borrowed m oney
Estim ated Federal taxes____________

Am ount
Outstanding

$50 $30,000 ,000

• Q uar. E n d . Sept. 30— — 9 M o s . E n d . Sept. 30—
—
Period—
1926.
1925.
1926.
1925.
Sales------------------------------------$ 6 ,324,751 $ 5 ,393,377 $14,832 ,992 $ 1 2 ,801 ,153
C ost and expense______
5 ,1 4 8 ,2 7 5
4 ,7 0 3 ,1 4 4
12,269,364
10,257,914
Operating p ro fit______$ 1 ,1 7 6 ,4 7 6
M iscell. charges, net____
8 ,0 8 0

[V ol. 123.

INDUSTRIAL STOCKS AND BONDS

&
Q— J
Q— J
Q— J

Places W h ere In terest a n t
D ivid en d s are Payable

2 % Checks mailed
154 Checks mailed
Irv . Bank & T r . C o .,
N .Y .;U n .T r .C o .,C l e v .

D T o D ec 1 1940\
O ct 1 1926
O ct 1 1926
O ct 1 1926

50c
1 54
3%

wire, wire rope, wire screening, wire netting, wire fences, wire hardware and
wire specialties, and the Wickwire Steel C o ., an extensive manufacturer of
pig iron, steel ingots, wire rods and other high-grade steel wire products.
The stockholders in Sept. 1922 authorized the acquisition of the capital
stock of the American W ire Fabrics C o .
V . 115, p. 1109.
R e o r g a n iz a tio n P la n , D a te d A u g . 4 1924.
Th e reorganization committee in A ug. 1924 announced a plan o f reorgani­
zation (approved by the stockholders on Sept. 25 1924), which provided
as follows:
N ew C o m p a n y .— A new com pany was organized in Delaware, known as
Wickwire Spencer Steel C o ., which acquired all or substantially all the assets
and business of the old com pany.
C a pitaliza tion o f N ew C om p a n y.— T o accomplish the purposes provided
in the plan the new com pany will have outstanding the following capitali­
zation:
.
Prior lien coll. & ref. m tge. 7 % conv. s . f . gold bonds, Series A ,
due 1935------------------------------------------------------------------------------------------x $ 1 2,67 9,00 9
10-year 7 ) 4 % secured notes (assum ed), due 1932_______________
1 ,5 2 0 .0 0 0
5-year 7 % class “ A ” notes_________________________________________
2 ,5 1 5 ,0 0 0
5-year 6 % class “ B ” notes__________________
3 ,6 3 9 ,3 4 0
Com m on stock (no par value), auth. 1 ,8 1 5 ,0 0 0 shares; issued --9 5 8 ,7 5 0 shs.
Am er. W ire Fabrics C orp. 1st M tg e . 7 % bonds, due Sept. 1 1942 1 ,3 5 0 ,0 0 0
x This amount includes $ 1 ,8 3 4 ,5 0 0 bonds o f old com pany remaining
unexchanged in D ec. 1925.
The authorized but unissued stock amounting to 85 6 ,2 5 0 shares w ill, so
far as necessary, be held for the following purposes: 67,440 shares for con­
version rights of the 10-year 7 > 3 % secured notes, 5 07,160 shares for con­
version rights of the proposed new bonds, 145,576 shares for conversion
rights of the 5-year class “ B ” notes and the remaining 136,074 shares for
other corporate purposes.
D istribu tion o f Stock to Stockholders o f Old C om pa n y.— (a) P referred stock­
holders in the old company who assented to the plan received 5 shares of
common stock o f tbe new company (represented by v . t. c.) for each on*
share o f pref. stock of the old company held by them.
(b) Com m on stockholders o f the old company who assented to the plan
received one-tenth of a share of common stock of the new co. (represented
by v .t .c .) for each one share o f common stock of the old co. held by them.
Voting trustees are: F . W . Allen, Samuel F . Pryor, Theodore H . W ick ­
wire and Richard B . Young.
N ew M o n e y — S u bscription by Stockholders o f Old C om pa n y— S ubscrip­
tion R ights.— In order to provide $ 2 ,515,000 additional cash capital, $ 2 ,5 1 5 ,000 5-year 7 % class “ A " notes and 440,125 shares of common stock (repre­
sented by v .t .c .) o f the new company were offered to stockholders o f the
old com pany on the following terms:
Each pref. stockholder of the old company who assented to the plan had
the right to subscribe $20 on account of each share of pref. stock o f the old
com pany which he held, for which he received $20 principal am ount of
5-year 7 % class “ A ” notes and 314 shares o f common stock (represented
by v .t .c .) of the new company.
Each common stockholder o f the old com pany who assented to the plan
had the right to subscribe $2 25 on account o f each share of com m on stock
of the old com pany, which he held, for which he received $2 25 principal
amount of 5-year 7 % class “ A ” notes and 63-160 of a share of com m on stoek
(represented b y v .t .c .) o f the new co. (i. e ., o d the basis o f $20 principal
amount o f 5 -year 7 % class “ A ” notes and 314 shares o f com m on stock,
represented b y v .t .c ., for each $20 so paid).
A d ju stm en t w ith Creditor B anks.— Creditor banks which held $ 3 ,6 3 9 ,4 0 0
o f overdue notes of the old company accepted in exchange therefor an equal
face amount o f 5 -year 6 % class “ B " notes of the new com pany.
D escrip tio n o f 5 -Y e a r Class “ A ” and Class " B ” N o te s .— Th e 5-year 7 %
class “ A notes and 5-year 6 % class “ B ” notes shall be issued under a trust
indenture or trust indentures, and the notes of both or either classes m ay
be issued in registered or coupon form or both, and in such denominations as
m ay be hereafter determined. Class “ A ” notes shall be callable on any int.
date, all or part, on 30 days' notice at 102 and in t.; at or before 2 years from
their date at 101 and int. for the next year, and at par and int. thereaftr.
Class “ B ” notes shall be callable on any int. date, all or part, on 30 days’
notice at the same prices as the class “ A ” notes; but class “ B ” notes shall not
be so called while any of the class “ A ” notes are outstanding unless such
class “ A ” notes shall previously have been called for redemption or unles
such class “ A ” notes are called for redemption at the same tim e. Class “ B "
notes shall be convertible into common stock of the new co. (or v .t .c . there­
for) on the basis o f 40 shares o f com . stock o f new co. for each $1,0 0 0 of notes.
M ortga ge Bonds and A d ju stm en t w ith lsl M tg e. Bondholders.— First m tge.
bondholders were requested to exchange their bonds (through the medium
of a bondholders’ committee) for an equal principal amount of bonds o f a
new issue bearing the same int rate (viz., 7 % ) and the same m aturity date
(viz., Jan. 1 1935). The new bonds shall be given an additional right not
contained in the old 1st m tge. bonds, v iz ., the right to convert the same
into common stock of the new co. (or v .t .c . therefor) on the basis of 40 shares
of stock for each $ 1,000 of bonds. N ew bonds shall be red. in any year at the
same premiums at which the present 1st m tge. bonds are red. for such year.
The 1st m tge. 7 % sinking fund gold bonds ($30,000,000 au th .) are
callable as a whole or in part as follows: 104 to D ec. 31 1926; 103 to D ec. 31
1928: 102 to D ec. 31 1930; 101 to D ec. 31 1932; 100 thereafter. Sinking fund,
commencing in 1923, will retire over 5 0 % o f the present issue before m aturity
(compared reorganization plan above).
The 10-year 7 ) 4 % secured gold notes are convertible at any time
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 b y the
noteholder to avoid the issuance of fractional shares) in case of conversion
on or before Sept. 1 1924; thereafter plus a premium of $1 per share for each
12 months or portion thereof elapsed after Sept. 1 1923. A fter Sept. 1
1927 convertible on basis of $25 per share, plus a premium of $1 per share
for each 12 months or portion thereof elapsed after Sept. 1 1928 to and incl.
Sept. 1 1931, and thereafter plus a premium of $5 per share. R e d ., all or
part by lot on or before Sept. 1 1925 at 1 0 7 )4 , thereafter and on or before
Sept. 1 1928 at 105. and thereafter at 1 0 2 )4 (plus in t .).
V . 115, p . 1219.
R E P O R T .— For 1925, in V . 122, p . 2816, showed;
Results f o r Y ea r E n ded D e c . 31 1925.
Profit from oper. after deduction for selling, adm . & gen. exp s. .$ 1 ,8 7 3 ,1 1 8
Other incom e__________________________________________________________
92,171
Total incom e_________
Other deductions_______
Interest on funded debt.
D epreciation____________

$1,96 5 ,2 9 0
408,877
. 1,474,523
430,079

Loss for year________________________________________________________ $348 ,18 9
The consolidated statement o f the com pany and its subsidiaries for the
nine m onths ended Sept. 30 1926 showed a p rofit o f $ 1,16 3 ,0 3 1 before bond
interest and depreciation, and a loss o f $ 7 5 ,1 2 8 after bond interest and all
fixed charges other than depreciation, compared with a consolidated net
loss o f $263 ,34 4 after depreciation in the corresponding period o f 1925.

M IS C E L L A N E O U S

S E C U R IT IE S

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

D a te
Bonds

Par
Value

A m oun t
Outstanding

W lllys-Overiand Co— Com m on stock $ 1 5 .0 0 0 ,0 0 0 _______

$5 $12,635 ,255
100 18,125.700
P refer red (a & d ) 7 % cum red at 1 1 0 - ---------- ----------------First (closed) m tge sink fund gold bonds red (text).k xxxc* 1923 5 0 0 -1 0 0 0
7.0 0 0 .0 0 0
N one
W ils o n & C o , In c— Com m on stock 1 ,5 0 0 ,0 0 0 shs au th ____
534.983 shs
None
Class A stock $5 (cum after N o v 1 1930)red $75 conv (text)
357,533 shs
100 2 8 ,602,600
Preferred stock 7 % (cum after N o v 1 1927) redeem 1 1 0 ____
1.000 &
<• 2 2,188 000
1st M s fd * 2 5 .0 0 0 ,0 0 0 gold call 1 0 7 tA .......................G c*& r*
1,000
Five-year gold notes red (t e x t )______________________________
1926
2,5 0 0 ,0 0 0
(P W ) W o o lw o r t h C o— Com m on stock $ 1 0 0 ,00 0,00 0 au th —
$25 $65,000 ,000
100 a l2 .9 9 2 .1 4 9
W o r t h in g to n Pum p & M ach . C o r p .— Com stk * 1 5 .0 0 0 ,0 0 0
100
Pref A stk 7 % cum $10,0 0 0 ,0 0 0 call 115 & div text__________
5.592.833
100 10.321,671
Pref B stk 6 % (cum 1919) $ 1 1 ,0 0 0 ,0 0 0 call 105 & divs____
a Includes *3 0 0 .0 0 0 held in treasury issuable to enlist aid o f new interests Ac
For the first 9 m onths o f 1925 the com pany reported a loss o f $90,911
after depreciation, interest, &c.
O F F IC E R S .— Pres.. E . C . Bowers; Sec. & T reas., G . V . Pach. O ffice,
41 East 42d S t., N ew Y o rk .— (V . 123, p . 2534.)

W IL L Y S -O V E R L A N D C O . (T H E ).— O R G A N I Z A T I O N .— Incorp. in
Ohio N o v . 1912 and acquired the properties and business o f the W illysOverland C o . o f Toledo, O . Com pany s production embraces a line o f low
and m edium priced motor cars under the trade names “ Overland” , “ W illy sK n igh t” and “ W h ip p e t.” M ain plant is located at Teledo, Ohio.
In conjunction with the British firm of Crossley M otors. L t d ., formed the
W illys-Overland-Crossleys, Ltd , in D ec. 1919, which is producing the
W illys-Overland cars at M anchester, England. V . 110. p . 475.
S T O C K .— On M a y 25 1916 each share o f com ., par $100. was divided
into four shares, par $25. In D ec. 1923 the stockholders assented to a re­
duction o f the par value o f the common stock from $ 7 5,000 ,000 to $ 1 5 ,0 0 0 ,000, making the par value o f each share $5 instead o f $ 2 5 . V . 118. p. 321.
The company will set aside annually for the purchase or redemption
of the pref. stock a fund equal to 3 % o f the aggregate amount of same
issued, whether or not then outstanding. W ithout the consent of 7 5 % of
the pref. outstanding: N o mortgage shall be placed upon the assets; said
pref. stock shall not be increased above said $ 2 5 ,0 0 0 ,0 0 0 , nor shall any
priority pref. stock be issued, nor any evidences of debt running more than
one year. N o voting power unless four quarterly dividends are in default.
V . 102. p . 159.
On F eb. 3 1926 directors authorized the extinguishment o f all sinking fund
accumulations on the pref. stock, and this resulted in the retirement of
39,238 shares o f pref. stock, leaving the total o f 181,257 shares of pref. stock
outstanding as o f that date.
B O N D S .— T h efirst (closed) mortgage 6 H % sinking fund gold bonds, due
Sept. 1 1933, are redeemable, all or part, on any interest date prior to m a­
turity, upon 30 days’ notice; at 103 if redeemed on or before Sept. 1 1926; at
102 thereafter if on or before Sept. 1 1929; at 101 thereafter if on or before
Sept. 1 1932, and thereafter but prior to maturity at 1 0 0 H - M ortgage
provides for an annual sinking fund sufficient to retire $ 1 ,0 0 0 ,0 0 0 , prin­
cipal am ount, o f these bonds in each year beginning with the year 1924.
For security, & c., compare V . 117, p. 1249.
D I V I D E N D S — 1913. 1914. 1915. 1916. 1917. 1918-20.
1921-25.
6
6
9
12
4 yearly
None
Com m on stock______ 6
do
extra5
__ 5 stock 5 stock 5 stock
____
____
D ivs. on the pref. stock were resumed on M a y 10 1925 with a payment
o f 1 % % . this being the first paym ent since N o v . 1 1920. same amount paid
quar. to O ct. 1 1926.
On Jan. 2 1926 also paid $29 75 in full paym ent
o f accumulated dividends, payable in common stock at $25 per share.
R E P O R T .— For 1925, in V . 122, p . 2184, showed:
C a le n d a r Y e a r s —
1925.
1924.
1923.
1922.
Gross profits___________ x$26,573,649')
N ot
($23,361,851]
N ot
S ell.,gen .& a d m .exp .,& c. y 9 ,052,8 2 0 ] available i 9 ,5 4 7 ,4 3 2 ) available.
Interest__________________
584,642]
[
78 0 ,3 8 7 J
N et profit_____________ $16,9 3 6 ,1 8 6
Com m on stock adjusted
_______
A djustm ents_____________ D r . 3 2,519
Engineer’g & devel. e x p . 3 ,7 7 3 ,4 0 9
Estim ated Federal taxes 1,7 4 0 ,0 0 0
Pref. divs. paid ( 7 % ) ___
1,543,465
Previous surplus________ 15,972,789

$ 2 ,086,646 $13,034 ,032 $2,779,831
_______ 0 4 3 ,1 9 9 ,6 8 5
_______
C r . 883,726
_______ 0 3 8 0 8 7 ,1 1 6
_______
_______
_______
_______
_______
_______
_______
_______
_______
13,002,418 d f4 3 ,2 3 1 ,3 0 0 d e f7 ,9 2 4 ,0 1 5

Profit & loss surplus--$ 2 5 ,8 1 9 ,5 8 2 $15,972 ,789 $13,002,418d f$43231,300
x Gross profit from operation and other earnings, after providing for
depreciation and other operating expenses and net profits from branches and
subsidiary companies, y Selling, advertising, administrative and general
expense, $6 ,6 7 8 ,6 0 6 ; bond discount, $102 ,42 4; adjustments and other item s,
$1,1 0 4 ,0 6 9 ; equipment expenses and miscellaneous provisions', $ 1 ,1 6 7 ,7 2 1 .
— Q uar. E n d . Sept. 30— — 9 M o s . E n d . Sept. 30— P eriod—
1926.
1925.
1926.
1925.
x N e t p ro fit_______________ $ 2 ,229,329 $3,183,299 $10,811 ,280 $13,638,881
N e ta fte r Fed. taxes____
1 ,928,369
2,7 6 9 ,4 7 0
9 ,351,757 11,865,826
x A fter ordinary taxes, depreciation, interest, & c., but before Federal
taxes.
O F F IC E R S .— P res., John N . W illys, 1st V .- P ., L . A . M iller; V .-P . &
T reas., J. H . Gerkens; Sec., Alfred B . Q ualy; C o m p ., W . E . M iner.
O ffice, T oledo, Ohio.— (V . 123, p . 2535.)
W I L S O N & C O ., I N C .— O R G A N I Z A T I O N .— Incorp. under laws o f
Delaware on N o v . 30 1925 and acquired the properties (as per reorganization
plan in V . 120, p . 2025) o f W ilson & C o ., In c., incorp. in N ew York in 1910.
H as large and modern plants in New York and Chicago, and through
subsidiary companies owns and operates plants at Oklahoma C ity , K an­
sas C ity , Los Angeles, C a lif., Albert Lea, M in n ., Nebraska C ity , N eb .;
W heeling, W . V a .; Philadelphia, P a .; Baltimore, M d .; Cedar Rapids,
Iow a; Sao Paulo, Brazil, and Buenos Aires, Argentine. Com bined capacity
of present plants about 187,000 cattle, sheep and hogs per week. Com ­
pany has, either directly or through subsidiary companies, all of whose
stock it holds, 120 distributing branches by means of which and of its
refrigerator car service it distributes its products to practically every citj
and town of importance in the United States. Also does a large export
trade. V . 91, p . 981, 1714; V . 90, p . 1048; V . 94, p . 491; V . 105, p . 723.
Acquired the business of D . B . M artin & C o . in July ’ “ 20 and organized the
W ilson-M artin C o. V . I l l , p . 4 00, 506. 996: V . 112, p. :>56. In D ec. 1920
formed the Phoenix Leather C o . V . I l l , p . 2532 . T 1 Wilson & C o . of
>
Kansas was incorp. M a y 7 1924 and took over all o f the com pany’s Kansas
C ity properties. V . 118, p. 3090.
In Aug. 1919 sold its grocery, packing, vegetable and fishing business to
the new Austin, Nichols & C o ., Inc. (V . 109, p . 379, 586, 895), each share
bolder of 5 shares of W ilson common being permitted to subscribe at $2f
a share for 2 shares of new Austin, & c., stock. V . 109, p. 379, 586. 895
Packers’ consent decree suspended. See Armour & C o. above.
S T O C K .— The new 7 % pref. stock (auth ., $ 5 0,000 ,000 ) is preferred as
to both assets and earnings, will be cumulative after N o v . 1 1927, is re­
deemable at $110 per share and accrued dividends and entitled to receive
the sam e am ount per share on liquidation.
T h e new convertible class A stock is preferred as to dividends over
the new common stock in the amount of $5 per share per annum , which will
be cumulative after N o v . 1 1930, and preferred over the common stock as to
assets in the am ount o f $75 per share and accrued dividends in the case of
liquidation. I t is redeemable at $75 per share and accrued dividends and
convertible into new common stock share for share. Authorized, 500,000
shares.
A ll three classes o f stocks of the new com pany will have equal voting
rights.
D I V I D E N D S .-— A n initial dividend o f 334 % on the preferred stock
was paid N o v . 1 5 1 9 2 6 .
B O N D S .— In 1916 an issue o f $25,000 ,000 1st M . 6 % bonds was author­
ized, all o f which have been issued except $211 ,00 0, which are reserved for
future additions and improvements. Annual sinking fund beginning 1917
1% o f bonds outstanding, to retire bonds which are to be kept, alive in sinking
fu n d . These bonds were left undisturbed in the reorganization. V . 108,
p . 1299, 180; V . 107, p . 910; V . 112, p . 2421.
N O T E S .— Th e 5-year 6 % gold notes are redeemable in whole at any time
or in part from time to time upon at least 30 days’ notice a t par and interest
plus a premium o f 34 % for each year or fraction thereof from the redemption
date to their m aturity date.




255

INDUSTBIAL STOCKS AND BONDS

Nov., 1926.]

Rate
%
See

W h en
Payable

Last D ivid en d
and M a tu rity

text
N o v 1 1920 1 % Bankers Trust C o , N Y
do
do
O ct 1 1926
7
Q— J
N ational C ity B ank. N Y
3 Sept 1 1933
6 )4 g M &

Q— M 15
Q— F
N o v 15 '26
A & O Anr 1 1941
1931
6 g
See text
y -M
D ec 15 1926
See text
See text
Q— J
O ct 1 1926
7
6
Q— J
O ct 1 1926

See

P laces W h ere In terest a n t
D ivid en d s A r e P a ya b le

text

6 g

3 )4

New York & Chicago

4 % Farmers’ L[& Tr O o, N Y
New York
I H New York
1 )4 New York

R E P O R T — For 1925, in V . 122, p . 2076, showed;
I n c o m e A c c o u n t f o r Y e a r E n d e d D e c . 26 1925 { A f t e r G iv in g E f f e c t to
R e o r g a n iz a tio n P l a n ) .

Total sales__________________________________________________________ $271 ,00 0,00 0
Gross earnings______________________________________________________
$4,874,411
D epreciation________________________________________________________
1 ,5 0 0 ,000Interest _____________________________________________________________
2,1 2 0 ,2 7 9
$1,254,131
N e t incom e______________________________________________________
O F F IC E R S .— Pres., Thom as E . W ilson; V .-P s ., George H . Cow an,
A . E . Petersen, J. M o o g , A . Lowenstein and V . D . Skipworth; T rea s.,
W m . C . Buethe: Sec., George D . H opkins. Offices, 816 First A v e ., N . Y . ,
and C nicaso. 111.— (V . 1 23, p . 2150.)
(F . W .) W O O L W O R T H C O .— O R G A N I Z A T I O N .— Incorporated In
New York D ec. 15 1911. Acquired the business of F . W . W oolw orth & C o .,
S. H . Knox & C o ., F . M . K irby & C o .. E . P . Charlton & C o ., the 5 and 10
cent store business o f C . S. W oolw orth, W . H . M oore and W . H . M oore &
Son and the controlling interest in F. W . Woolworth & C o ., L t d ., o f Great
Britain. On O ct. 1 1926 was operating 1,475 5-and-10-cent stores in the
United States, Canada and C uba. The F . W . W oolw orth & C o ., L td .
(controlled) operates 242 stores in England.
S T O C K -— The stockholders voted M ay 21 1924 to change the authorized
capital stock from 1 ,000,000 shares (650,000 shares outstanding), par
$100, to 4 ,000,000 shares, par $ 25. The stockholders received 4 shares
o f stock, par $25, for each share, par $100, held.
In accordance with the action of the directors on O ct. 11 1922, approved
by the stockholders on M a y 16 1923. all o f the $ 9 ,1 3 5 ,7 0 0 outstanding
preferred stock was retired on and as o f Feb. 1 1923 at $125 and dividend.
D I V I D E N D S . 1914. 1915. 1916 1917-1921. 1922. 1923. 1924. 1925.
On com m on______ 6
§li
/
7H
8 yrly
10
8
10
12
A ls o p a id a s t o c k d i v i d e n d o f 3 0 % o n J u n e i 1 9 2 0

Paid in 1926: M a r . 1, 4 % quar. and 4 % extra; June 1, Sept. 1 and D ec.
1, 4 % qu ar.; D ec. 15, 4 % extra.
S A L E S .—
1926.
1925.
1924J
1923.
M o n th o f October_______ $ 2 4 ,800 ,955 $22,975 ,857 $20,4 0 0 ,3 6 0 $18,082,631
First 10 m onths__________ 189,751 ,115 179,012,467 161,103 ,184 143,525,963
O f the increase am ounting to $1,82 5 ,0 9 7 reported for O ct. 1926, the
old stores were responsible for $1,115 ,3 5 7 , a gain of 4 .8 6 % in their business;
o f the increase of $ 1 0 ,7 3 8 ,6 4 7 for the 10 months the old stores were respon­
sible for $ 5 ,7 8 1 ,1 1 5 , an increase o f 3 .2 8 % in their sales.
R E P O R T .— For 1925, in V . 122, p . 604, showed:
1925.
1924.
1923.
1922.
N o . o f stores D ec. 3 1 . . .
1,423
1,356
1,260
1,176
N et s a l e s ........................ $ 2 3 9 ,0 3 2 ,946$215,5 0 1 ,187$193,4 47,010 *167,319,265
24 ,6 0 1 ,7 6 5 20,669,397 20,69 8 ,1 8 0 18,324,399
N et incom e___________
Preferred dividends____
_______
_______
_______
700,000
6 ,500,000
5 ,200,000
6,500,000
Com m on dividends______ 7 ,8 0 0 ,0 0 0
R es. for protested taxes.
_______
500,000
3 ,000,000
Surplus________________$16,801 ,765 $13,669 ,397 $12,498 ,180 $11,124 ,399
Previous surplus............. .. 16,830,927 13,161,529 10,663,349 2 2 ,038,950
T o t a l _________________ $33,6 3 2 ,6 9 2 $26,830 ,926 $ 2 3 ,161 ,529 $33,163 ,349
Reduction o f g o o d -w ill..
9 ,999,999 10,000,000 10,000,000 20,000,000
Prem. on pref. s tk ., &c_
_______
_______
_______
2,500,000
Total su rp lu s.............. .$ 2 3 ,6 3 2 ,6 9 2 $ 1 6 ,830 ,926 $ 1 3 ,161 ,529 $10,663 ,349
Good will was reduced to $1 b y action o f directors on O ct. 14 1925
O F F IC E R S .— Chairm an, C . S. W oolw orth; H . T . Parson, Pres.; F . M .
K irb y, E . P . Charlton, J. F . N u ttin g, B . D . M iller, V .-P res.; B . D . M iller,
Treas.; H . W . D eyo, Sec. and Asst. T reas.; Paul Hofer Jr., A sst. Sec. &
Asst. Treas.— (V . 123, p. 2407.)
N o te .—

W O R T H I N Q T O N PU M P A N D M A C H IN E R Y C O R P O R A T I O N .—
O R G A N I Z A T I O N .— Incorporated in Virginia on April 21 1916 as a re­
organization of the International Steam Pump C o ., foreclosed per plan in
V . 101. d . 5 3 1 .6 2 0 , 926: V . 102. d - 1890: V . 104. p. 1384.
S T O C K .— C la s s A p r e f . is entitled to cum ul. annual divs. at 7 % and
to a preference in assets and dividends over common stock: it is redeemable
at option of company at 115 and accrued dividends. The C la s s B p ref.
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. W ith the Apr. 1 1920 paym ent, the Class B pref.
stock came to a parity with the Class A pref. stock as to assets and <Uvs..
except that the rate o f dividend remains at 6 % .
D I V I D E N D S .— On Class A , July 1 1916 to O ct. 1 1926, incl., 1 H %
quar. ( 7 % p . a.)
On Class B , July 1 1917 to O ct. 1 1926, incl., 1 ) 4 %
quar. See V 104. p . 2562.
Initial div. on common stock of 1 H % quar.
was paid April 15 1920; same am ount paid quar. to July 15 1921; O ct. 15
1921 to July 15 1922 paid 1 % quar.; none since.
R E P O R T .— For 1925, in V . 122, p . 2645, showed:
C a le n d a r Y e a r s —
1925.
1924.
1923.
Billings to customers___________________ $ 1 5,222 ,560 $16,572 ,066 $21,142,264
Gross income___________________________
620,124
1,365,249
1,903,851
11,000
17,469
33,000
I n t., adjust, o f for. invest., & c_______
Federal taxes___________________________
80,000
170,000
200,000
D iv s. on Class “ A ” pref. stock_______
391,498
391,498
391,498
D iv s. on Class “ B ” pref. stock_______
619,300
619,300
619,300
Balance, sur. or deficit_____________ d e f$ 481,675 sur$166,981 sur$660,052
Total profit and loss surplus D ec. 3 1 . . $ 4 ,331,100 $4,662,774 $4,295,793
O F F IC E R S .—-Chairm an, C . Philip Colem an; Pres., L . J. Belnap; V .-P s .,
W illiam G oodm an and Edward T . Fishwick; Sec,, C . N eal Barnet; T reas.,
W illiam H . Baum es. O ffice, 115 Braodw ay, N . Y . — (V . 123, p . 2 277 .)
W R I G H T A E R O N A U T I C A L C O R P .— Incorp. O ct. 9 1919 under laws
of New Y ork, and took over the aeronautical motor business o f W righ tM artin Aircraft C orp ., together with all the assets o f that corporation in
excess of $8,0 0 0 ,0 0 0 . In M a y 1923 acquired the assets o f the Lawrance
Aero Engine Corp. Plant is located at Paterson, N . J.
D I V S .— Initial div. of 25 cents a share was paid on A u g. 31 1921; same
amount paid quar. to N o v . 3 0 1926.
R E P O R T .— For 1925, showed:
C a le n d a r Y e a r s —
1925.
1924.
1923.
1922.
N et s a le s __________________$ 3 ,3 0 7 ,7 1 0
$2 ,1 6 6 ,8 6 4
$ 2 ,2 2 6 ,8 9 2 $2 ,3 8 4 ,2 0 4
584,233
2 71,277
25 4 ,8 3 7
3 70,784
N et incom e_____________
Other incom e____________
206,321
185,159
1 86,288
2 03,508
Liquida’n Lawrance d iv .
_______
______
9 7 ,4 1 4
_______
Federal taxes reserve___
79,721
31,9 1 2
17,1 6 9
50,861
Dividends paid--------------2 4 9 ,3 9 0
24 9 ,3 9 0
2 4 3 ,1 4 0
22 4 ,3 9 0
Balance, surplus________
461,443
174.135
8 3 ,4 0 2
29 9 ,0 4 0
Q u a r . E n d . M a r . 31—
1926.
1925.
1924.
1923.
N et earns, after t a x e s . . .
$200,081
$157 ,63 8
$ 6 5 ,1 7 9
$4 1 ,5 7 8
— Q u a r . E n d . S e p t . 30— — 9M o s . E n d . S e p t . 30—
P e r io d —

lQ 2 fi

1Q9*;

iq o a

1Q9*»

N e t earnings after taxes
$131 ,77 5
$162,509
$ 454 ,92 4
$51*7,760
O F F IC E R S .— Chairm an, Richard F . H oyt; Pres., Charles L . Lawrance;
V .-P . & G en. M g r ., G . W . Vaughan; Sec. & T reas., J. F . Prince. O ffice,
Paterson, N . J .— (V . 123, p . 2407.)
(W M .) W R I G L E Y J R . C O .— Incorp. N o v . 11 1910 in W e st Virginia
Th e com pany manufactures several brands of chewing gum , principal ad­
vertised brands being “ Spearm int,” “ D oublem int,” "J u icy Fruit” and

256

[V ol. 123.

INDUSTKIAL STOCKS AND BONDS
M IS C E L L A N E O U S C O M P A N IE S
F o r a b b r e v i a t i o n s , & c ., s e e n o t e s o n p a g e

D a te
B on ds

6]

W r ig h t A e ro n a u tic a l C orp— Stock 250,000 shares a u t h ..
(W m ) W r ig le y Jr C o— Stock 1,800,000 shares au th____
Y a le & T o w n e M fg C o — Stock $ 2 5 ,0 0 0 ,0 0 0 authorized____
Y e llo w T r u c k & C o a ch M fg C o— C om m on $ 1 7 ,0 0 0 ,0 0 0 ____
Class B stock (seetext) $ 1 3 ,0 6 0 ,0 0 0 authorized .
____
Preferred stock 7 % cumulative $ 3 0 ,0 0 0 ,0 0 0 authorized
Y o u n g s to w n S h e e t & T u b e C o— Com m on stock 1,000,000
shares authorized
.
____ . . . .
. . . __________
Preferred (a & d) stock 7 % cum red 105 $15,000 ,000 a u t h ..
Debenture gold bonds red (text) $ 5 0 ,0 0 0 ,0 0 0 a u .B a .x x x c *
Underlying bonds— See text.

....

1923

Par
V a lu e

None 987,606 shs
100 14,241,100
1,000 47,75 0 ,0 0 0

S T O C K .— See table at head o f page.
D I V S . (Since 1911) 1911. 1912. 1913. 1914. 1915. 1916. 1917. 1918-25.
G ash ( % ) ____________ 10
10
10
7%
12
32
19M 20 yrly.
Paid in 1926: Jan ., 4 % ; A p ril, 4 % ; July, 4 % ; O c t., 4 % ; D ec. 1, 4 %
p e e ia i;.

A lso paid the following stock dividends: 1914, 5 0 % ; 1922, 1 0 0 % .
R E P O R T .— For 1925, in V . 122, p 1649. showed:
Calendar Y ea rs—
1924.
1925.
1923.
1922.
N e t earnings
_ ___
$2,65 2 ,0 2 4 $ 2 ,054,342 $3 ,0 5 2 ,2 4 0 $2,504,283
Interest received . .
271,141
2 8 9,063
268,725
289,276

Balance, surplus
Previous surplus .
Stock dividend (1 0 0 % )

.

$570,749
8,9 4 4 ,3 6 3

$ 2 ,325,483
306,891
2 ,000,000

$3,34 1 ,3 0 3
450,680
2 ,000,000

$2 ,7 9 3 ,5 5 9
3S6.895
1,150,000

$18,592
8,925,771

$890,623
8 ,0 3 5 ,1 4 8

$1,25 6 ,6 6 4
11,970,956
D r . 192,472
5 ,0 0 0 ,0 0 0

Profit and loss, surplus $ 9 ,5 1 5 ,1 1 2 $8,94 4 ,3 6 3 $8,925,771
$ 8 ,0 3 5 ,1 4 8
■ Q uar. E n d . Sept. 30— — 9 M o s . E n d . Sept. 30—
—
P eriod—
1926.
1925.
1926.
1925.
____
N et earnings _
$719,479
$623,765 $2,299,072 $ 1 ,8 3 0 ,3 6 3
Depreciation
89,169
7 3,883
270,101
222,033
Income tax reserve
81,216
295,494
90,154
237,310
Dividends
4 0 0,000
400,000
1 ,200,000
1 ,200,000
S u rp lu s..
______
$140 ,15 6
$68,666
$533,477
$171,020
O F F IC E R S .— Chairman, Schuyler M erritt; Pres., W alter C . Allen;
V .- P ., Joseph A . Horne and Edward C . W aldvogel; Treas., Addison Boren:
Sec., John H . Tow ne. Office, Stam ford, C onn.; N . Y . office, 9 E ast 40th
S t .— (V . 123, p . 2407 .)
Y E L L O W T R U C K & C O A C H M A N U F A C T U R I N G C O .— The stock­
holders o f the Yellow C ab M anufacturing C o . on A u g. 17 1925 approved a
plan to merge that com pany and the truck division o f the General M otors
C orp. (General M otors Truck C orp ., organized on A u g. 17 1925), into a
new corporation to be known as the Y ellow Truck & Coach M a n u fa ctu rin g Co.
Th e Y ellow C ab M anufacturing C o . was originally incorporated as the
W alden W . Shaw Livery C o ., A u g. 25 1910, under the laws o f M aine, the
name being changed to Y ellow C ab Manufacturing C o . 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 com pany owns the entire capital stock o f the following subsidiaries:
Yellow Coach M fg . C o ., Y ellow Sleeve-Valve Engine W ork s, I n c ., Canadian
Yellow Cab M fg . C o ., L t d ., Y ellow Cab M fg . C o ., L td . (England), Yellow
M fg . Acceptance C orp ., N ew Y o rk Yellow Cab C o. Sales Agency, In c .,
Yellow M fg . Sales C orp., General M otors Truck C orp ., General M otors
Truck C o ., General M otors Truck C o. o f Canada, L t d ., H ertz Drivurself
C orp ., Sociedad Sud-Americanade Descuentos de la Com pania M a n u facturera de Taximetros Am arillos, and Sociedad Sud-Americana de Ventas
de Taximetros Am arillos.
T h e H ertz D rivurself Corp. was organized in June 1926 as a holding
■company , controlling State and local D rivurself companies throughout the
U nited States. Com pare V . 122, p . 3356.
S T O C K ..— T h e stockholders June 28 1926 (a) increased the authorized
capital stock from $ 3 6 ,000 ,000 (divided into 200,000 shares o f preferred




R a te

%

W h en
P a y a b le

L a st D iv id e n d
and M a tu r ity

P la c e s W h e r e I n t e r e s t and
D i v i d e n d s A r e P a y a b le

None 249.X90 sh
Q -F 2S N o v 30 2 6 25c
1
None 1 ,800,000sh See text M onthly M a r 1 1927,25c I ; : : : ; ; : ; : : : ; : : ; : : ; ; : .
$25 $10,000 ,000 See text
Q— J
D ec 1 1926 4 %
10
8,0 0 0 ,0 0 0
See text
Q— J
10 1 3 .0 0 0 .
000
Jan 1 ’27 18
100 1 5 .0 0 0 .
000 7
Jan 1 1927 1 %
Q— J

“ P . K . Chewing Sw eet.” which are sold to various jobbers and distributed
by them and the com pany’s selling agencies to approximately 906.000 re­
tailers throughout the United States and foreign countries. Its Chicago
plant, held in fee simple, has a capacity o f 280,000 boxes o f chewing gum,
each containing 20 5-cent packages, per day. Its Brooklyn plant, also
held in fee simple, has a capacity of approximately 7 0,000 boxes chewing
gum, each containing 20 5-cent packages, per day.
Th e directors in June 1925 approved the acquisition by the com pany of
properties in G erm any, and the formation o f a German subsidiary, to be
known as W rigley Aktiengesellschaft at Frankfort-on-the-M ain. In Feb.
1926 the com pany purchased a tract o f land in London, England, for the
construction of a plant, which has been practically completed.
In A u g . 1925 the com pany purchased the physical assets o f the Listerated
G um Corn . , which owned a modern factory at N ew port, R . I .
Judge Wilkerson in the U . S. D istrict Court at Chicago in April 1925
handed down a decision awarding the L . P . Larson Jr. C o. damages from
W m . W rigley, J r., C o ., amounting to $ 1 ,384,600, with interest at 6 % from
N o v . 1923. for infringement on a color scheme used on “ D oublem int.”
N otice o f appeal was filed b y b oth sides, the W m . W rigley Jr. C o. arguing
that the award was too m uch and the Larson C o . declaring it was too little.
S T O C K .— The stockholders on D ec. 4 1923 changed the authorized
capital stock from 600,000 shares, par $25, to 1,800,000 shares of no par
value. Three shares of the new stock were issued in exchange for each
$25 share held.
D I V I D E N D S .— D iv s. at rate o f 1 6 % per annum were paid on the old
stock o f $100 par value from 1914 to Sept. 1 1919; the par value was then
changed to $25 and the dividend rate increased to 2 4 % per annum (2 %
m onth ly), which rate was maintained to D ec. 1 1923. In addition, two
stock dividends o f 1 0 % each were paid in 1922. On new stock of no par
value paid tor declared payable) 25 cents m onthlv from Jan 2 1924 to
M arch 1 1927. Also paid 50c. extra on April 1 1925, Jan. 2 1926 and Jan.
3 1927.
R E P O R T .— For 1925, in V . 122, p . 7 65, showed;
1925
1924
1923
1922
Operating profit________ $ 1 8 ,2 4 6 B 9 7 $ 1 7 ,133 ,960 $16,5 7 2 ,2 2 7 $ 1 1,628 ,710
Expenses_________________ 7 ,2 9 7 ,5 1 4
6 ,972,472
8 ,147,413
4 ,167,940
N e tp ro fit_______$10,9 4 8 ,8 8 3
$10,1 6 1 ,4 8 8
$ 8 ,424,814 $7,46 0 ,7 7 0
Depreciation______
565,593
4 07,197
387,322
464,134
Reserve for Federal taxes
1 ,286,462
1 ,214,977
999,137
820,196
Preferred dividends____
_______
_______
_______
262
Com m on dividends______ 6 ,2 7 4 ,2 0 2
5,3 8 0 ,4 1 4
4 ,0 1 2 ,4 2 2
3,1 2 0 ,9 9 2
Balance surplus_______ $ 2 ,8 2 2 ,6 2 6
$ 3 ,1 5 8 ,9 0 0
$3,02 5 ,9 3 3 $3,02 9 ,1 9 8
— Q uar. E n d . Sept. 30---------9 M o s . E n d . Sept. 30—
1926
1^25
1926
1925.
Earnings___________________ $ 5 ,2 1 3 ,8 2 0
$5,01 7 ,5 4 3 $ 1 4,331 ,595 $14,292 ,645
Expenses_________________
1 ,9 0 6 ,0 0 8
1 ,689,592
5,1 9 5 ,2 7 4
5 ,266,330
Depreciation_____________
1 4 0,070
129,799
4 20,700
387,642
Federal taxes____________
357,635
399,769
1,106,599
1,079,834
N e tp ro fit______________$ 2 ,8 1 0 ,1 0 7
$2 ,7 9 8 ,3 8 3 $ 7 ,609,022
$ 7 ,558,839
O F F IC E R S .— Chairm an, W illiam W rigley, Jr.; Pres., Philip K . Wrigley;
Sec., W . H . Stanley; T reas., J. C . C ox. Office, 400 N orth M ichigan A v e .,
Chicago.— (V . 123, p. 2535 .)
Y A L E & T O W N E M A N U F A C T U R I N G C O . (T H E ) .— O R G A N I Z A ­
T I O N .— Incorp. under laws o f Connecticut on Feb. 22 1882 as the Yale
Lock M anufacturing C o .; name changed to present title on M arch 14 1883.
M anufactures the following products: Builders’ locks and hardware, bank
locks, door closers, chain blocks and electric hoists, post office equipment,
cabinet and trunk locks, rim night latches and cylinder rim locks, padlocks,
specialty cylinders for automobile locking devices, & c ., electric industrial
trucks. Plants are located at Stamford, C on n ., Philadelphia, P a ., N orth
Chicago, 111., Lockport, 111., St. Catharines, O n t., C a n ., and A lton a, near
H am burg, G erm any.
The company on O ct. 6 1925 announced the purchase o f all the physical
assets, good will, trade names and book accounts o f the Sager Lock C o . of
N orth Chicago, 111., and the Barrows Lock C o. o f Lockport, 111.
In N o v . 1925 acquired the M iller Lock C o. o f Philadelphia.

Total net earnings___
$ 2 ,920,749
Reserve for taxes
350,000
Dividends (cash)
.
2,0 0 0 ,0 0 0

Am ount
O u ts ta n d in g

$4
7
6 g

Q -M 31 Sept 31 ’ 26 $1
Q -M 31 Sept 31 ’26 I K
J
&
J July 1 1943
Bankers Trust C o , N Y

stock, par $100, 600 shares of class B stock, par $ 10, and 1,0 0 0 ,0 0 0 shares of
common stock, $10 per share) to $ 6 0 ,0 0 0 ,0 0 0 , divided into 300,000 shares
o f preferred stock, par $100, 1 ,3 0 0 ,0 0 0 shares o f class B stock, par $10 and
1 ,700,000 shares o f com m on stock, par $ 1 0 , per share, and (6) authorized
and empowered the directors to offer the 7 0 0 ,0 0 0 additional shares of class B
stock, for subscription and sale at $20 cash per share, to the holders of the
outstanding 8 00,000 shares of com m on stock and 60 0 ,0 0 0 shares o f class B
stock of record July 9 1926 on the basis o f one share o f new class B stock
for each two shares of either com m on or class B stock held. A ll class B
stock not so subscribed and paid for b y the stockholders was sold to the
General M otors Corp. for cash at $20 per share.
Th e 800,000 shares o f common stock outstanding were issued toGeneral
M otors C orp. in paym ent for stock o f the General M otors Truck C orp ., 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. Th e Class “ B ” stock and the common stock have the same
voting power per share. Th e 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 o f the out­
standing com m on 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 the 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 o f 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 o f issuance o f the common stock.
D I V I D E N D S .— A n 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 1 8 M e- on O ct. 1 1926 and Jan. 1 1927.
R E P O R T .— For 1925 showed: N e t sales, $27 ,1 3 9 ,7 4 2 ; net profit, $ 3 ,0 81,875 ; provision for depreciation, $471 ,96 7; provision for Federal taxes,
$279,165; net income, $ 2 ,3 3 0 ,7 4 3 ; dividends, $1 ,5 3 3 ,6 6 0 ; b a l., su r., $ 7 9 7 ,083. V . 122, p . 2964.
— Q uar. E n d . Sept. 30— — 9 M o s . E n d . Sept. 30—
P eriod—
1926.
1925.
1926'.
1925.
Profit after depreciation.
$129 ,20 5
$439 ,87 0 $ 1 ,5 9 4 ,0 9 8 $1 ,8 1 9 ,7 2 6
Federal taxes____________
2 13,019
227,553
16,674
54,413
N et profit_____________
$112,531
$385 ,45 7
$ 1 ,3 8 1 ,0 7 9 $ 1 ,592,173
Prof. (Yellow A cc. C orp.)
298,097
_______
51,415
T o ta l net profit_______
$163,946
$3 8 5 ,4 5 7
$ 1 ,679,176 $ 1 ,592,173
O F F IC E R S .— Chairman, John D . H ertz, P res., John A . R itchie, V . - P . ,
Charles A . M cC ulloch, V .- P ., Paul H . G eyser, V .- P ., Engineering, George
A . Green; V .- P . Finance & Accounting, Irving B . Bacbock; V .-P .-S a le s,
P . L . Em erson; Sec., Edw ard N . d ’Ancona; T rea s., Irving B . Babcock;
C o m p t., Ernest R . Breech. O ffice, Chicago, 111.— (V . 123, p . 2277 .)
Y O U N G S T O W N S H E E T A N D T U B E C O . (T H E ).— Incorporated N o v .
23 1900 under laws o f Ohio and is engaged in the m anufacture o f sheet iron
and other iron and steel products. Plants are located in Ohio, Indiana.
Hlinois, Wisconsin and M ichigan.
The plants and properties formerly owned by Brier H ill Steel C o . were
purchased early in 1923 and taken over on M a r . 1 1923. These prop­
erties were paid for in stock and by the assumption o f first mortgage bonds
to the amount of $ 1 0,000 ,000 , and all other obligations o f Brier H ill Steel
C o. and its subsidiaries.
On July 1 1923 possession of the plants and properties formerly owned
by Steel & Tube C o. o f America was secured. Part o f the purchase price,
viz., approximately $33 ,0 0 0 ,0 0 0 , was paid in cash. The balance was
paid by assuming approximately $ 2 2 ,5 0 0 ,0 0 0 in bonds o f Steel & Tube
C o . o f Am erica, and all other obligations o f that com pany and its sub­
sidiaries. T o provide cash necessary for this purpose, and also for additional
working capital, $ 4 0 ,0 0 0 ,0 0 0 in debenture bonds were issued by the Youngs­
town Sheet & Tube C o.
D I V I D E N D S .— On common stock of no par value, paid $3 per share In
1920; $2 50 in 1921; $2 75 in 1922; Jan. 1 and M a r . 31 1923. $1 qu ar.;
June 30 1923 to July 1 1924 paid $1 25 quar.; Sept. 30 1924 to D ec. 31 1926
paid $1 quar.
B O N D S .— Th e 6 % debenture gold bonds (V . 117, p . 99) are redeemable
on any interest date upon 30 days’ notice at 105 and interest, as a whole
only (except for sinking fund) up to and incl. July 1 1933, and thereafter
also b y lot at tnat figure in am ounts o f $ 1 ,0 0 0 ,0 0 0 and multiples thereof.
A sinking fund provides for the retirement of $750,000 bonds annually
through purchase at not exceeding 105 and in t ., or redemption by lot at that
figure.
U nderlying B on d s.— Th e underlying bonds include: (1) $ 9 ,5 6 4 ,0 0 0 Brier
H ill Steel C o . 1st 5J^s; (2) $ 5 ,1 8 5 ,0 0 0 series B 6s of Steel & T u be C o . of
Am erica, and (3) underlying bonds o f the latter com pany as follows:
$508 ,00 0 Iroquois Iron C o. 1st 5s, $ 389 ,00 0 Irquois Iron C o . ref. 6s, $ 3 ,150,000 M a rk M fg . C o . 1st serial 6s, $785 ,00 0 Northwestern Iron C o . 1st
serial 6s, and $ 700 ,00 0 gen. m tge. serial 7s o f Northwestern Iron C o .
R E P O R T .— For 1925, in V . 122, p . 1304, showed:
Consolidated In co m e A c c o u n t Y ea r Ended D ec. 31 ( In clu d in g Sub. C o s .).
1922.
1925
1924
1923
$7,60 6 ,9 1 5
N et profits_______________ $27,173 ,'l2 9 $21,717 ,803 $ 2 7 ,5 9 7 ,1 9 4
1,546,314
Other income___________
2 ,796,720
1.746,404
1,8 8 4 .5 0 8
Gross incom e__________ $29,969 ,849 $ 2 3 ,464 ,207 $ 2 9 ,4 8 1 ,7 0 2 $9 ,1 5 3 ,2 2 9
Depreciation & depletion 9 ,023,877
8,7 1 5 ,6 3 8
7 ,5 5 5 ,2 6 0
3,3 6 9 ,4 1 8
Other miscell. charges__ 1,665,117
2,0 3 8 ,2 7 7
9 0 8,838
1,666,841
N et earnings__________$19,280 ,855 $ 1 2,710 ,292 $217017,603 '$ 4 ,1 1 6 ,9 6 9
In t. and discount on bds 4 ,3 0 2 ,3 6 9
4,3 8 7 ,9 9 7
3 ,7 9 6 ,5 2 7
Prof. accr. to minor, subs
5 0,764
30,472
4 7,325
1,700,000
693,748
1,5 0 0 ,0 0 0
410,000
Federal taxes____________
Preferred divs. ( 7 % ) . . .
996,877
996,877
922,209
695,401
Com m on dividends______ 3 .9 5 0 .4 2 4
4 .4 4 4 .2 2 7
4 ,6 9 1 .1 9 8
2 .198.320
Surplus balance for y r. $ 8 ,280,420 $2,156,971 $ 1 0 ,0 6 0 ,3 4 3
$813,247
— 3 M o s . E n d . Sept. 30— - 9 M o s . E n d . Sept. 30—
—
_
P p rin rl _

1 Q9R

109^

1Q9A

lo o s

xN et profit______________ $ 8 ,5 9 2 ,3 8 4 $ 6 ,5 6 0 ,8 0 2 $24,4 6 8 ,6 9 3 $20,938,510
Other incom e____________
5 57,935
576,735
2 ,5 9 1 ,8 1 9
1,860,270
T o ta l incl. (allsources) $ 9 ,150,319 $ 7 ,1 3 7 ,5 3 7 $ 2 7 ,0 6 0 ,5 1 2 $22,798,780
M iscellaneous ch arges-,
1,151,409
184,826
3 ,0 2 0 ,2 3 8
1,129,992
N et incom e_____________ $7 ,9 9 8 ,9 1 0
$ 6 ,952,711 $ 2 4 ,0 4 0 ,2 7 4 $21,668,787
D epr. of plants & equip,
2 ,0 3 2 ,6 2 8
1,9 7 5 ,3 1 4
6 ,1 4 8 ,4 6 0
6J)00,929
D ep l. of m inerals_______
270,745
24 2 ,0 4 9
768,245
753,483
Interest on bonds_______
1,0 3 6 ,0 7 8
1 ,0 6 0 ,6 1 4
3 ,1 6 4 ,9 7 6
3 ,205,182
Prov. for Fed. taxes____
652,000
36 5 ,0 0 0
1 ,9 6 4 ,0 0 0
1,279,000
P ref. dividends p aid____
249 ,,219
24 9 ,2 1 9
747,659
747,656
C om . dividends p a i d ,, ,
98 7 ,6 0 6
98 7 ,6 0 6
2 ,9 6 2 ,8 1 8
2 ,962,818
M inority stockholders.,_____________ _______ 1 0 ,2 9 9 ______ _______ _______ 10,299
Balance, surplus______$ 2 ,770,634
$2,062,611
$8 ,2 8 3 ,6 1 5 $6,709,422
x From operations after deducting all expenses of the business and after
deducting charges for repairs and maintenance of plants.
O F F IC E R S .— Pres., James A . C am pbell; A sst. Pres., Frank Purnell; 1st
V . - P ., H . G . D alton; V .- P ., C . S. Robinson, W . C . R eilly, W .J . Morris and
W . E . W atson: Sec. & T reas., W alter E . M eu b ; A sst. Sec. & A sst. Treas.,
R . M . W elsh: C om p t., W . N . M cD o n a ld . O ffice, Youngstown, Ohio.—
(V . 123, p. 2535.)

Nov., 1926.]

BANKS—TRUST COS.-INSURANCE COS

251

Banks, Trust Companies and Insurance Companies in Greater New York
B A N K S IN G R E A T E R N E W Y O R K .
C a p it a l.
Par

A m o u n t.

S u r p lu s a n d
U n d iv id e d
P r o fi t s .b

S

3

S

C o m p a n ie s .

M a n h a tta n &
B ronx B orou gh s.
A m a lg a m a te d a ____
A m e r ica , B a n k o f a .
(lO )A m e rica n a ____
(30) A m e r E x ch -P a c
A m e r U n ion a ._
g B ow ery & E a st R iv
B roadw ay C e n t - a ..
(4 8 )B ro n x B o r o . a . _______
B r o n x ___
B r y a n t P a r k -a ------(8 )B u tc h & D r o v ’ SC a p it o l___ __
-(lO )C e n tra l M e r c .a
C en tral
_ _______
C e n t u r y , a . ____ y C h a se ___
.
—
C h a th a m & P h en ix
N at Bk & Tr C o.
C helsea E x c h . a ------C h em ica l N a t io n a l.
C ity —
—
- -

1925. 1924.

L a te s t.

100
e300,000
2 24 ,40 0
5(32)
Q— J
N o v . ’2 6 .
2
100
6 ,5 0 0,0 00
5 ,1 4 3 ,6 0 0
Q— J
12
12 D ct. ’ 2 6 .
3
100
1,00 0,0 00
649 ,00 0 Beg. bus. A p ril 2 1 ’20 V . 110, p.1 7 1 7
100
7 ,5 0 0,0 00 13,0 95 ,50 0
16
16 O c t . ’ 2 6.
4
Q— J
100
1 ,5 0 0,0 00
8 00 ,50 0
Q— J
N one None O c t .’26.1 /6 ( 2 0
100
3 ,0 0 0,0 00
3 ,2 2 4 ,0 0 0 Q— M
O
ff)
(a) S ep t’2 6 .3 /6 (a)
100
300,000
1(33)
2 27 ,30 0
Q— J
3 c t ’2 6 .2 /6 (3 3 )
100
150,000
& j N o n e None July ’ 15.
860,200 j
5
100
300,000
& j N on e N o n e J an. ’ 2 3.
353,700 j
3
100
200,000
& j
207 ,50 0 j
9s relO J u ly l9 ’ 2 6 .3 (6 )
25
2 ,0 0 0,0 00
4 J an. ’2 4 .
&
j N one
2
932,000 j
100
2 ,0 0 0 ,0 0 0
Q— J
w
960,800
5 u O ct. ’ 2 6. 1 H
100
1 ,500,000
1,26 8,5 00 J & D 31 N o n e N on e D ec. ’2 3.
6/
100
2 ,0 0 0 ,0 0 0
500,000 B eg a n b u s.J an .2 8 1 926.
100
3 1 ,7 0 0 !B e g a n b u s. Ja n . 28 11922.
100,000
100 4 0,0 0 0 ,0 0 0 36,7 82 ,70 0
Q— J
16
16!O ct. ’ 2 6 . 3 /6

100 13,5 00 ,00 0
100
1 ,5 0 0,0 00
100
4 ,5 0 0 ,0 0 0
100 5 0,0 0 0 ,0 0 0
100 1 2,5 00 ,00 0
(36) C oa l & I r o n ------ 100
2 ,0 0 0 ,0 0 0
1200000
C olon ia l a _________ 100
C olu m b u s a --------- 100
2 0 0 ,0 0 0
C o m m e r c e ________ 100 2 5 ,0 0 0 ,0 0 0
C om m on w ea lth
100
z8 0 0 ,0 0 0
C om m u n ity S t a te .a 100
100,000
100
C on tin en tal a__
1 ,0 0 0,0 00
C orn E x c h a n g e -a . . 100 redo, 0 0 0 ,000
100
2/600,000
E astern E x c h . a ____ 100
100,000
E u r o p e .a — See T ru StC om p a n ies.
F ed era tion — See T r u st C om p a n ies
F ifth A v e n u e , a ------- 100
5 00 ,00 0
F ir s t________________ 100 1 0 ,0 0 0 ,0 0 0
F irst S e cu r ity ______ 100 10,0 00 ,00 0
F o r d h a m ___________ 100
2 50 ,00 0
iOO
F ra n klin _
800 ,00 0
100
1 ,0 0 0,0 00
G a r fie ld .
. ..
G im b el B r o s . a ____ 100
100,000
G ra ce N a t io n a l____ iOO
1 ,0 0 0,0 00
G reen w ich a _______ 100
1 ,0 0 0,0 00
H a m ilto n ___ —
100
1,50 0,0 00
H a n o v e r ___
100
5 ,0 0 0 ,0 0 0
H a rlem B k o f C o m a lOU (45)1:00,000
H a rrim a n ___________ 100
1 ,0 0 0,0 00
H ias Im m ig ra n t a__ 100
100,000
In teru a t U n io n .a . . iOO
250 ,00 0
L eb a n on . .
,00 (7 )5 0 0 ,0 0 0
1 ,5 0 0,0 00
(46) L ib e r t y _________ 100
500 ,00 0
L o n g a cre . a ________ iOO
M a d iso n S t a t e .a — 100
2 00,000
(48) M a n h a t t a n .a . . 50 48)10700000
150,000
ffM ech & M e t a ls ___ 100 1 0 ,0 00 ,00 0
4 2 3 ,00 0
M e lr o s e . __________ ,0 0
100,000
100
500 ,00 0
M u tu a l a . .
N e w N e t h e r la n d a .. ,00
600 ,00 0
P a r k ____ .
100 1 0,0 00 ,00 0
P en n sy lv a n ia E x ch a 100 (5 1 )5 0 0 ,0 0 0
(4 6 )P e o p le ’ s C o m ’la iOO
100,000
P o r t M o r r is . a ______ 100
100,000
150,000
LO
O
100 (5 ,00 0 ,0 0 0
100,000
S e a b o a rd __________ 100
6 ,0 0 0,0 00
S e v e n th .
______
iOO
1,000,000
S ta n d a rd a _________ 10C
(31)250
S ta te a ________. .
iOC * 5 ,0 0 0 ,0 0 0
10(
T r a d e a _______ . .
5 0 0 ,00C
U n i t e d . . _______
10C
1,000,00C
U S (B a n k o f) _a— lOt
4,000,OOC
Washington H ’ts.a . l o t (34)400,000
W o r ld E x c h a n g e .a . l o t
200.00C
Y o r k to w n ( B k o f ) . a . 101
1 ,0 0 0 ,0 0 0
B ’k l y n & Q u e e n s
B orou gn s—
A tla n tic S t a t e . a — 10C
/200.00C
B u sh w ic k ___________ 10C
2 00 ,00 0
C an a rsie a ________ iOC
100.00C
C itizen s a _ _
100
200,000
C o n e y I s l a n d .a ------ 100
200,000
D e w e y S t a t e .a ------- 1 0 0
1 0 0 ,o o c
E rasm u s a
____ 1 0 0
200,000
F a r R o c k a w a y ------ 1 0 0
200,000
F ir s t_____
. — 100 (41)1000000
iF irst N a t J a m a ic a . 1 0 0
200,000
i F la tbu sh a . ._
100
1 00 ,OOC
G lo b e E x c h a n g e .a . 100
4 0 0 ,OOC
G ra n ite . ________ - 100
300,000
(48) G re e n p o in t____ 100
2 00 ,00 0
J a m a i c a _____
100
200,000
K en sin g ton , a
IOC
100,000
L a fa y e tte . _
100 (47)200,000
L o n g Isld (A s t o r ia ). 10C
250,000
iM e ch a n ics a _____ 50 i2,150.00C
M o n ta u k a _______ 100
1 , 0 0 0 ,0 0 c
M u n icip a l a
____ IOC
2 ,0 0 0 ,OOC
N a s s a u _____________ 100
1,000,000
2 0 0 ,OOC
100
200 ,00 0
P e o p le ’s ________
100
200 TOO
Q ueen s-B ellaire a
100
150,00C
10C
Q u e e n s b o r o ____
2 00,000
R ic h m o n d H ill
1001
2 0 0 ,00C
R id g e w o o d (N B of) t o o l
2 0 0 ,0 0 0
R o c k a w a y B e a c h . . 100!
200.00C
R o c k a w a y s (B k of) a t o t
100,000
R u g b y _________ . . .
lo t
200,000
S ecu rity . a . _______ 1 0 (
1 0 0 ,0 0 c
Sh eepsh ead B a y . a . . . .
100,000
R i c h m o n d ( S . I.)
(42) P o r t R ich m o n d
R ic h m o n d B o r o u g h

D iv id e n d s .
P erio d .

,

500,000

S t a p le t o n .
100|
S ta te a ._
lo t
W e st N e w B r ig h ’ n.a 100

200,000
160,O C
O
100,000

lo t

_
10(

1 0 0 ,0 0 c
in n .n o r

Q— J
16
12,7 63 ,70 0
1 6 O ct. ’ 26.
Q— J 3 (3 5 ) N o n e J a n . ’ 2 7 .
874,300
24
18,535,700 B i-m o .
24! n o v . ’2 6 .
Q— J
16(11
6 3 ,1 33 ,50 0
16i’O ct. ’2 6 .
16(12 16(23 O c t . 19 ’ 2 6 .
Q— J
Q— J
12
(36)
1 2 jja n . ’2 6 .
3 ,2 1 6,0 00
Q— J
18a
15s!O ct. ’ 2 6 .
8S,100 B eg a n bu s. Ju ne 2 1924.
Q— J
4 1 ,9 43 .00 0
16re 19re'Oct. ’2 6.
675 ,00 0 J & J 15
10
10J u ly 15 ’2 6 .
47,0 00 B eg . bus. M a y 1 192 6.
1 ,234,700 F & A
8
8 A u g . ’2 6.
14,7 67 ,90 0 Q— F
20
20 N o v . ’ 2 6 .
367 ,90 0
4 2(2 2) S ep t. 30 '26
2 9 ,0 00 Q— M
2 ,9 3 3 ,8 0 0
7 4 ,8 75 ,30 0
75,0 00
4S0.200
1,782,200
123,200
1,88 3,6 00
2 ,5 8 3 ,1 0 0
572 ,30 0
2 6,0 0 3 ,2 0 0
144, 700
1,54 0,2 00
5 5,600
206,800
171,100
764,400
371,600
77,700
15,5 71 ,60 0
785,000

4
2
4
4
4
3
3
4
5
4
5
1

Q— J
50 p 44_p O c t . 1926, 6 p
Q— J
44 5 5 i /O c t .’ 2 6 , 2 0 (2 )
34124) 15'O ct. 1926, 5
Q— J
B e g . bu s. J an.2 ’ 26. V . 122, p . 439.
Q— J
(3)
1(3)
(3) O c t .’2 6 ,
Q —M
15s
15s S e p t .30 ’2 6 , 3
B e g . b u s. O ct. 19 11923.
M & S
8 9 (2 6 )lS ep t. 1926,
4
Q— J
1 4 / O c t . ’2 6 ,3 (18)
14)
B e g . b u s. J an. 1 5 ’23 V . 116, p . 262.
24
24 O c t .’26, 6(1 5)
Q— J
(27) (27) O c t .’26,1 J4(27
J
& J 20(1) 2 (1 ) J uly ' 2 6 , 10(.1)J
B eg a n b usine ss in 1923.
B e g . bus. J a n .5 1924.
J
& J 6 (29) (29) J u ly 1926, 3
B e g . b u s. O ct. i 0 ’23 V . 117, p .1 6 3 0 .
B e g . b u s. A u g . 4 ’24. V . 119, p. 164.
B e g . b u s. D e c. 1 191|9
Q— J
16
1 6lO ct. 1 9 2 6 ,- .4

Q— J
14,700 B e g . b u s.
21,0 00
Q— J
8 88 ,50 0
Q— J
500 ,10 0
Q— J
2 4 ,1 5 2 ,0 0 0
158,700
(46)
Q— J
138,200 B e g .bus.
108,700
7 ,5 5 6,6 00 Q— M 31
6 8,700
Q— J
10,4 15 ,50 0
337 ,80 0 B e g .bus.
4 07 ,80 0 Q— M 30
5 ,6 6 9,4 00
Q— J
275,100 B eg .bus.
500,100 B e g .bus.
Q— J
3 ,003,500
Q— J
1,00 6,7 00
113,000 B e g . b u s.
233,200 B eg . bus.
(a )

p .3 2 9 8 ,2 9 0 6 . / C a p ita l in crea sed from $10 0,0 00 t o $ 20 0,0 00 , e ffe ctiv e O ct. 30 1926.
I P a id o n F e b . 28 1924 a sto c k d iv id e n d o f 14 2 -7 %
($ 5 0 0 ,0 0 0 ), in creasing ca p ita l from $ 3 ,5 0 0 ,0 0 0 t o $ 4 ,0 0 0 ,0 0 0 ; V . 118, p . 969, 168.
A lso o n M a rc h 31 1926 a sto c k d iv id e n d o f 1 2 /2 % in co n n e ctio n w ith a fu rth er
in crease o f th e ca p ita l t o $ 5 ,0 0 0 ,0 0 0 , V . 122, p . 1564, 568. m S tock h old ers t o v o t e
N o v . 30 on in creasing sto c k t o S 1 1 ,0 0 0 ,0 0 0 . V . 123, p . 2 21 9. re In clu d es ex tra
d iv s . o f 4 % . o In clu d e s ex tra d iv s . o f 3 % ea ch p a id in J an . a n d D e c . 1925; also
p a id a sto c k d iv id e n d in J a n . 1925 in creasing sto c k from 3 1,0 0 0 ,0 0 0 t o $ 1 ,2 0 0 ,0 0 0 .
V P a id sp ecial d iv s. as follow s; J u ly 1924, 2 0 % ; J u ly 1925, 2 6 % ; J u ly 1926, 2 6 % .
Q F irst d iv id e n d p a id o n N e w B o w e r y -E a s t R iv e r N a t . B a n k M a r . 31 1926, 3 1 5 % ;
sam e a m ou n t q u arterly sin ce. R ic h m o n d B o r o u g h N a t . B a n k (S ta p leton , S. I .)
m erg ed in to th e B o w e r y -E a s t R iv e r N a t . as o f Ju ly 15 1926. V . 123, p . 2 87 ; V .
122, p . 2 9 0 6 . r C a p ita l in crea sed fr o m $ 1,5 0 0 ,0 0 0 t o $ 2,0 0 0 ,0 0 0 as o f F e b . 1
1926. s In clu d es ex tra d iv s. o f 3 % . t F irst d iv id e n d , 1 /6 % , pa id D e c . 31 1924,
1 1 5 % A p ril 1925 a n d q u a rterly sin ce, u P a id in J an . 1924 5 % regular a n d 2 0 %
e x tra , w F irst d iv . pa id J an . 2 1925, 1 J % , q u a rterly sin ce, x C a p ita l o f C o m m o n ­
w ealth B a n k in creased fr o m S 6 00.000 t o $ 8 0 0 ,0 0 0 , e ffe ctiv e M a r . 22 1926. y C a p ita l
o f C o s m o p o lita n B a n k in crea sed from $ 40 0 ,0 0 0 t o $ 60 0,0 00 , e ffe ctiv e F e b . 25 1926.
V . 122, p . 1410. 2 E x tra d iv s. o f 2 % ea ch p a id in J an . a n d J u ly . * P a id In 1925 in
J a n . sem i-a n n u al d iv id e n d o f 4 % a n d 1 % extra , A p ril, J u ly a n d O ct. q u arterly d iv .
o f 215 % ea ch ,
i P a id in J an . 1925 a n d J an . 1926 3 % regular a n d 5 % ex tra . V . 120,
p. 542.
(1) A sp ecia l d iv . o f 5 0 % w as pa id M a y 21 1925 in con n e ctio n w ith th e
org a n iza tion o f H a rrim a n Securities C o .; J an . a n d Ju ly 1925 d iv s ., 5 % regular a n d
5 % ex tra , V . 120, p . 2646; J an . a n d J u ly 1926, 5 % a n d 5 % ex tra . (2 ) P a id in 1926,
2 0 % ea ch q u a rter.
(3) F irst d iv . 1 % p a id J an . 2 1926 sam e in A p ril, J u ly a n d O ct.
(4) P a id extra d iv id e n d in J a n . 1925, 1 1 5 % ; J an . 1926, 2 % .
(5) P a id in J a n . 1926,
6 % reg u lar a n d 3 % ex tra .
(6) P a id in J an. 1926 extra d iv . o f 3 % . (7) C a p ita l
in crea sed from S 2 50.000 t o $ 5 0 0 ,0 0 0 , e ffe ctiv e A p ril 10 1926. (8) N a t . B u tch ers &
D r o v e r s B a n k m erg ed in to th e I rv in g B a n k -C o lu m b ia T ru st C o . as o f S ep t. 20 1926.
V . 123, p . 1464, 1346, 1208, 5 37 . (10) N a t . A m erica n a n d C en tral M e r ca n tile
b a n k s m erg ed u n d er th e n a m e o f th e la tter as o f O ct. 13 1926. N a t . A m erica n
B a n k ch a n g ed t o A m erica n B a n k (a S ta te in stitu tion ) p rep a ra tory t o m erg er. V
123, p . 1961, 1346, 6 7 . (11) P a id in 1925 t o d a te regular q u arterly d iv . o f 4 % in
J a n ., a n d in terim d iv . o f 2 % on F e b . 16, b oth on o ld ca pital; A p ril 1925, 2 % o n in ­
creased ca p ita l, J u ly a n d O c t . 1925, ea ch 4 % . (12) P a id in 1925 t o d a te regular
q u a r. d iv . o f 2 % a n d 2 % ex tra in J a n . 1925, an in terim d iv . o f 1 % a n d 1 % extra
in F e b ., b o th on o ld ca p ita l; A p ril 1925, 2 % on in creased ca p ital; J u ly a n d O ct. 1925,
ea ch 4 % .
(13) In c l. extra d iv s. o f 4 % ; a lso p a id extra d iv . o f 2 % in J an . 1926 a n d
1 % in J u ly 1926.
(14) D iv s . are 3 % regular a n d 3 % ex tra each J an . a n d J u ly .
(15) F irst d iv ., 2 % , p a id M a r . 31 1925; sam e in J une a n d S ep t.
(16) See V . 122,
p . 3 562, 3416, 1565. (17) See V . 123, p . 946, 167; V . 122, p . 3041.
(18) P a id in
J an . 1925 a n d J an . 1926 3 % reg u lar a n d 2 % ex tra . (20) F irst d iv id e n d sin ce
J u n e 1923 p a id Ju ly 1 1926, 1 1 5 % ; O ct. 1926, 1 /5 % • (22) P a id first d iv id e n d o f 1 %
S e p t. 30 1924 a n d 1 % q u arterly sin ce. (2 3 ) P a id 4 % (2 % reg u la r a n d 2 % extra) in
ea ch q u arter o f 1924.
(24) P a id in 1924 th ree d iv s. o f 5 % ea ch in J a n ., A p ril a n d
O c t . I n 1925, 5 % ea ch J a n . a n d A p ril a n d 1 2 /5 % ea ch in Ju ly a n d O c t .
(25) P a id
in b o th J an . a n d J u ly 1926 2 / 5 % regu lar a n d 5 % ex tra . (26) P a id In 1924, in
M a r c h , 5 % on o ld ca p ita l a n d 4 % in S ep t, o n in crea sed ca p ita l.
(27) F irst d iv .
p a id O c t . 1926, 1 / 5 % .
(28) P a id in 1926, J a n ., 3 % reg . a n d 2 % extra ; A p ril, 3 %
on o ld ca pital; 2 / 5 % in b o t h J u ly a n d D e c . on in crea sed ca p ita l.
(29) F irst d iv .,
3 % , p a id J an . 2 1925. (30) A m e r . E x ch a n g e -P a c ific N a t . B a n k t o b e m erg ed in to
th e Irv in g B a n k & T ru s t C o ., sto c k h o ld e rs o f th e form er v o t in g N o v . 5 t o liq u id a te.
V . 123, p . 2 48 1, 1960, 1589 (31) C a p ita l in creased from $ 20 0 ,0 0 0 t o $ 25 0,0 00 ,
e ffe ctiv e M a rc h 26 1926. (32) F irst d iv . p a id J une 5 1925, 2 % ; A u g . a n d N o v . 1925,
ea ch 2 % .
(33) F irst d iv . p a id J u ly 1 1925, 2 % ; O ct. 1925 a n d J an . 1926, 2 % each;
A p ril, Ju ly a n d O c t . 1926, 2 / 5 % ea ch .
(34) C a p ita l in crea sed fr o m $ 2 0 0 ,0 0 0 t o
$ 30 0 ,0 0 0 , e ffe ctiv e A p ril 10 1926. V . 122, p . 1565, 1266; a ga in in crea sed t o $ 4 0 0 ,0 0 0 ,
e ffe ctiv e S ep t. 23 1926. (35) F irst d iv . since A p ril 1917 pa id J u ly 1 1925, 1 /5 % ;
1926, 1 /5 % ea ch q u a r .; J an . 1927, 2 % .
(36) C oa l & I ro n N a t . B a n k m erg ed w ith
F id e lity T ru s t C o . as o f M a r . 1 1926. V . 122, p . 706, 2 966; V . 121, p . 1642. (38)
F ir st d iv . pa id F e b . 1 1925, 3 % .
(41) C a p ita l in crea sed from $50 0,0 00 t o $ 1,0 0 0 ,0 0 0
as o f M a y 5 1926. V . 122, p . 1716. (42) N a m e ch a n g ed as o f M a y 1 1926 t o S ta ten
Isla n d N a tio n a l B a n k & T r u s t C o ., V . 122, p . 2 9 0 6 . (43) F irst d iv ., 8 % , pa id
J an . 2 1926. (44) F irst d iv id e n d .
(45) C a p ita l in crea sed from $ 10 0,0 00 to $ 20 0 ,0 0 0
e ffe c t iv e A p ril 1 1926. A fu rth er in crea se t o $ 50 0,0 00 w ill b e co m e e ffe ctiv e J an . 1
1927; V . 123, p . 1061. (46) L ib e rty N a tio n a l a n d P eop les C om m ercia l b an k s co n ­
solid a ted und er n a m e o f L ib e rty N a tio n a l B a n k , e ffe ctiv e A u g . 7 1926. V . 123,
p . 8 0 5 . (47) C a p ita l t o b e in crea sed fr o m $ 20 0,0 00 t o $ 4 0 0 ,0 0 0 , all t o b e pa id in
b y D e c . 2 1926. V . 123, p . 2 35 0, 1591. (48) G reen p oin t N a tio n a l B a n k ch a n g ed
t o a S ta te in stitu tion a n d m erg ed in to th e B a n k o f t h e M a n h a tta n C o ., e ffe ctiv e
A u g . 14 1926; a lso a cq u ired 7 2 % o f t h e sto c k o f th e B r o n x B o r o u g h B a n k , th e la tter
t o b e co n tin u e d as a sep arate in stitu tio n . C a p ita l o f B a n k o f M a n h a tta n C o .
in creased from $ 1 0 ,0 0 0 ,0 0 0 t o $ 1 0 ,7 0 0 ,0 0 0 , e ffe ctiv e A u g . 12 1926; V . 123, p . 804,
1061, 418; V . 122, p . 3 298, 3 41 5, 3 16 7. (49) See V . 122, p . 3 298, 3167.
(50) P a id
3 % extra in J an . 1926. (5 1 )C a p ita l in crea sed fr o m $ 20 0 ,0 0 0 t o $ 5 0 0 ,0 0 0 , e ffe ctiv e
M a y 1 1926.
N E W Y O R K A N D B R O O K L Y N T R U S T C O M P A N IE S .
k In clu d es extra d iv . o f 1 % .

20
2 2 | A p r ._ 1 9 2 6 ,.-5
June 7 ’26. See N o t e 49
7 ’ 20. V . 122. n.32 9 8
171
15S;Oct. 1926, 31
8
8 O ct. 1926,
2
24
24 O c t . 1926, 6
N on e N on e J an. 1922, 5
4 Pit 1 A t A p r. 1926, 134
D e c . 1 ’22
(4o) (43) J an . ’2 6, 8(4 3)
16 ' 16/ O ct. 1926, 4
16
S ep t.
9 /2 (4
16
D ec.
J u ly
10
6
O ct.
A ug.

17/ O ct. 1926, 4
8 191 9.
6(4) J an . 3 ’2 7 , 3
16* O c t . 1926, 4
18’22 V . 116, p . 690
5 ’ 23 V . 117, p . 293
10 O ct. 1926, 2 /4
6 O c t . 1926, 1 /4
10’24
16’26 V . 123, p . 805

98,300 B e g . b u s. O ct. 1 ’24.
118,000 B e g . b us. Sept. 4 ’23. V . 117, p . 177
66,900 B e g . b u s. Jan. 12’ 19 26.
95,800 B eg . b u s. June 2 1 ’26 See n o te (16)
& J
9
9 J u ly 15 ’ 26, 4
202.80C J
43.50C B eg . b u s. A u g . 16’26 See n o te (17)
54,900 B eg . bus. M a r 8 ’26. V . 122, p .1565
& D
1C
10 June 30 '2 6 , 5
88,700 J
14/
Q— J
1 ,493,800
14/ O c t .’ 2 6,2 34 (2 8
Q— M
14 M a r . ’2 6 .
4/
16
(i)
Q— M 6 (1 5) (15) Sept .’ 2 5 ,2 (15)
(i)
2 7 4 ,OOC F & A j6 (3 8 ) (38) A u g . 1926, 3
1 50 ,OOC B eg .b u s.J S ep t. 27 ’2 6. V .123, p.1962
& J 12(14 1 2 ( 1 4 J u ly 1926,
495,600 J
6
1 45 ,4 0 0 IB eg .b u s. July 23 IS 24.
5 0 ,0 0 0 'B eg . b u s. O ct. 2 0 i y 24.
70,400 B eg . b u s. A p r. 2 9 ’26 V . 122,p . 1411
3 4 ,O C B e g . b u s. A p r. 3 ’26. V . 122, p . 179
O
15(13
Q— J
3 ,390.70C
12 O ct .’26 ,3(13 )
1,539,100 Q - M
7 /6
6 D e c . 1926, 3
Q— J
8
9 5 9 ,60C
8 O ct.
1926, 2
Q— J
15s; 15s O c t .’2 6 ,3 (50)
1 ,700,20t
45,700 B eg . b u s.iM ay 2 4'26 V . 1 2 2 ,p.3 1 6 7
125,900
Q— J
*12 As
546 ,50 0
10/ O c t .’2 6.2 34 (25
102,500 B eg . b u s. D e c . 5 '21 J an . 3 ’2 7 .3 (4 4
115,000 B eg . b u s. June 16'22
4
4 J u n e30 ’2 6 . 3
99,300 J & D 3C
5 0 , 0 0 0 B eg . bus A p r. 19’26 V . 122, p.2 1 4 7
73,900 B e g . bus D e c . 9 ’22 V . 116, p . 2 63 .
3 7 ,8 00 B eg . b u s. J une 2 4'25 V . 121, p . 2 8 .
50,000 B e g . b u s. J u ly 1 ’26 V . 123, p . 670.
61,0 00 |B eg.b u s D e c . 5 '2 5 V . 1 2 1 ,p .2 8 3 7 .
75,8 00 B e g . b us N o v 20'22 V . 1 1 5 ,p .2 3 4 7 .
8
2
8 M a y ’2 6 .
157,600 M & N
89,5 00 A b sorbec M a y 17 by B o w . & E . R .
[2(44;
58.1 Of
J u ly ’ 26.
2
10 7 l July ’2 6.
5
1 9 7 ,7 0 0 J
&
J!
A
4 Ju ly ’26. 234
147,100|J &
J
5
5 J u ly 1 0 ’ 2 6. 3
1 08 ,500|J
&
J

____

4

C a p it a l.
C o m p a n ie s .
P ar

N ew Y ork .
A m e r ic a n .
. . .
A n g lo -S o u th A m e r .
B a n ca C om m ercia le
Ita lia n a T ru s t C o
B a n c o d i Silicia T r .
B k o f A th en s T r C o
j-B a nk o f E u r o p e T r
Bank of N Y & T r.
. .
B a n k e r s _____
B r o n x C o u n t y ____
C en tral U n io n .
..
C o r p o r a t io n - _____
C o u n t y _____________
E m p ir e _____________
E q u i t a b l e . ___
F a rm ers’ L o a n & T r
(6) F e d e r’ n B k & T r
(7) F id e lit y F u lto n
______
G u a r a n ty ______
I n te rn a t A c ce p ta n ce
S ecu r & T ru st C o
In tersta te
m lr v in g B k & T ru st
Ita lia n D is c & T ru st
L a w y ers T ru st
M a n u fa ctu r e rs .
.
M u rra y H ill
N e w Y o r k ____
N o A m er, T r C o o f
(/T erm inal
T it le G u ar & T ru st
T im es S q u are - . .
U S M tg e & T r u s t ..
U n ited S ta te s______
B r o o k ly n .
B r o o k ly n _________
K in g s C o u n t y ______
M i d w o o d _____
___
(10) P e o p le s_______

100
100

A m ou n t.

$
4 ,0 0 0 ,0 0 0
1 ,0 0 0,0 00

S u r p lu s an d
U n d iv id e d
P r o fi t s o n
M a r k e t V a l.
S ep t. 30 ’ 26.

D iv id e n d s P a id i n 1924 a n d 1925
a n d a ls o L a s t D iv id e n d .
P erio d .

1925. 1924. L a s t P a i d .

%

s
3 ,3 3 3 ,4 0 0 Q — M 31
6
6 S ep t.3 0'26 .1 /6
647,200 B e g . b u s. D e c . 3 ’ 23
B eg . b u s. June 16’24 J an. 26
5k
B eg . bus. A p r. 2 0 ’25
B eg . bus. A p r. 1 ’26
16(5) 16(5) O c t .’2 6 .2 /£ (5)
Q— J
21re 21/1 O ct. '2 6 .
Q— J
6n
20
20 O ct. '2 6 .
Q— J
5
F orm erly 23d W ard B a n k .
24 O ct. ’2 6 . 7 w
28 g
Q— J
Q — M 31
18 17/^olSept. 3 0 .’26 4
B e g . b us. F eb . 2 3 ’26 V . 1 2 2 ,0 .1 2 6 6 .
Q— M 31
16
(4) S ep .2 9 ’2 6.3 (4)
Q — M 31
12
12 S e p t .3 0 ’2 6 . 3
24 N o v . '2 6 .
Q— F
4
(re)
Q— J
8
8 O ct. ’ 26.
2
Q— M 31
10 S ep .3 0 ’26 2 /6 1
10
Z
612 O ct. 2 6 . 2 /6
Q— J
12
12 S e p t .3 0 ’2 6. 3
Q — M 31

100
1 ,0 0 0,0 00
100
6 0 0 ,00 0
100
5 0 0 ,00 0
100 x l , 0 0 0 ,00 0
100
4 ,0 0 0 ,0 0 0
100 2 0 ,0 0 0 ,0 0 0
100 e l , 0 00 ,00 0
100 1 2 ,5 00 ,00 0
100
500 ,00 0
100
1 ,0 0 0,0 00
100
4 ,0 0 0 ,0 0 0
1 0 0 /3 0 ,0 0 0 ,0 0 0
100 2/10,000,000
100
750,000
100 (7)4,000.000
100 z l , 000,000
100 2 5 ,0 00 ,00 0

767,100
174,600
503 ,40 0
658 ,70 0
13,2 00 ,10 0
34,5 55 ,80 0
5 81,900
2 8 ,2 1 6 ,1 0 0
106,000
5 4 6 ,30C
4 ,0 8 1 ,3 0 0
2 2,1 4 4 ,0 0 0
19.820.40C
944,400
3,154,500
1,400,600
2 4 ,6 0 6 ,8 0 0

100
500 ,00 0
100
3,00 0,0 00
1 0 0 /rel8500,00C
100
1,000,000
100
3 ,0 0 0 ,OOC
IOO 10,000,000
10C
1,000,000
IOO 10,000,000
100
500,000
10C
d700,00C
100 1 0 ,0 0 0 ,OOC
100
2 ,0 0 0 ,OOC
100
3 ,0 0 0 ,OOC
100
2 ,0 0 0 ,0 0 0

535,000^Beg. bu s. M a r. 9 '2 6 .
900 ,00 0iB eg. bus. O ct. 14'20 See n o te l.
13
12 O ct. ’2 6 . 3 /6
Q— J
15,882,800
6 N on e Ju ly '2 6 .
4
6 48 ,70 0 J & D 30
t
51
3 ,3 9 4,1 00
Q— J
S e p .3 0 ’2 6 . 1 /6
17a
16 O ct. 2 6.
14,523,200
Q— J
5
1,03 4,8 00 B e g . bu s. Sept. 7 ’26. See n o te (1 1 .)
20 S e p t .3 0 ’2 6 . 5
2 1,3 20 ,30 0:Q — M 31
20
2 07 ,000lB eg. b us. M a r. 11 19 24. p
2 81 ,20 0 B e g . b us. in 19 23; se e n o te d .
15,5 80 ,20 0 Q — M 31
t>29 »28 S ep t. 3 0 ’2 6. 9 b
500 ,00 0 B eg . b us. O ct. 1 6 ’26 See n o te (1 2 ).
16
16 O c t . 2 6 .
4
4 ,8 2 0 ,2 0 0
Q— J
s60 O c t ’2 6 .1 2 /6 (1 )
Q— J
s60
19,563,400

100 (8)2000,000
100
5 0 0 ,OOC
100j (9) 1000,000
1001(10)2000000

*30
5,156,0001 Q — J
s45
5 ,0 8 0,6 00 Q — F
6
5 3 5 ,80C J — D
Q -M 2212 (3)
(1 «)

*27 O c t . 2 6 .
6*
60 N o v . ’2 6 .2 2 A s
3 a J une 3 0 ’2 6 . 3
20 M a r .3 1 ’ 2 6. 5

• a D e cr e a se d u e t o ch a n g e in d iv id e n d p eriod , b In clu d es ex tra d iv id e n d s o f 2 % .
c In crea se du e t o ch a n g e in d iv id e n d p eriod ,
d N a m e ch a n g ed fr o m B r o th e rh o o d

o f L o c o m o t iv e E n g in eers C o -O p e ra tiv e T ru st C o . t o T erm in a l T ru s t C o . as o f
S e p t. 1 1926. e C a p ita l in crea sed from $82 5,0 00 t o $ 1 ,0 0 0 ,0 0 0 as o f O c t . 1 1926.
a S ta te b a n k s.
b J u n e 30 1926 fo r n a tion a l ban k s a n d S ep t. 30 1926 lo r Sta te
V . 123, p . 505. / I n c l u d e s ex tra d iv s ., 5 % . g In clu d es extra d iv . o f 4 % .
h P a id
b a n k s, c D ecr e a se d u e t o ch a n g e in d iv id en d p eriod , d In crea se d u e t o ch a n g e in
ex tra d iv id en d o f 5 % ea ch J an u a ry a n d J u ly , i P a id a sp ecial d iv id e n d o f 4 0 %
d iv id e n d p e r io d , e C a p ita l o l A m a lg a m a ted B a n k in crea sed from $ 20 0,0 00 t o
in F e b . 1926. / C a p ita l in crea sed fr o m $ 23 ,00 0,0 00 t o $ 3 0 ,0 0 0 ,0 0 0 , e ffe ctiv e
$ 3 0 0 ,0 0 0 , e ffe c t iv e N o v . 21 1925. /I n c lu d e s extra d iv . o f 2 % . g C hase N a tion a l
M a rc h 31 1926 (V . 122, p . 51; V . 121, p . 1 2 8 6 ). A F irst d iv id e n d . I See V . 123,
;
a n d M e c h a n ic s & M e ta ls N a tion a l ban k s con s olid a ted u n d er d a te o f A p ril 12 1926.
p . 1961, 1836, 1464, 1061; V . 122, p . 1564. m N a tio n a l B u tc h e rs & D r o v e r s B a n k
V . 122, p . 2 1 4 5 , 1947, 1563, 966, 968, 845, 51. * P a id on J an . 4 1924 a stock
m erg ed in to th e Irv in g B a n k -C o lu m b ia T ru st C o . a n d n a m e o f la tter ch a n g ed
d iv id e n d o f 2 0 % , in creasing s to c k from $ 2 ,5 0 0 ,0 0 0 to $ 3,5 0 0 ,0 0 0 a n d on J an . 2 1926
t o Irv in g B a n k & T ru s t C o . as o f S e p t. 20 1926. C a p ita l o f la tter t o b e in crea sed
a 2 5 % s t o c k d iv id e n d , in co n n e ctio n w ith th e in crease o f th e sto c k fr o m S 3 ,5 0 0,0 00
t o $ 2 2 ,0 0 0 ,0 0 0 (V . 123, p . 1589, 1464, 1208. M erg er o f A m e r ica n -E x c h a n g e -P a cific
t o $ 5 ,0 0 0 ,0 0 0 . V . 122, p . 5 2 . i F la tb u sh B a n k m erg ed w ith M e c h a n ics B a n k as o f
N a tio n a l B a n k a n d I rv in g B a n k & T r u s t C o . u n d er n a m e o f A m e r cia n E x ch a n g e
J a n . 22 1926, t h e ca p ita l o f th e la tter b eing in creased fr o m $ 2 ,0 0 0 ,0 0 0 t o S 2 ,0 50 ,00 0
in c o n n e ctio n th erew ith . A fu rth er in crease o f S100.000 w as m a d e J une 23 1926 in | I r v in g T ru s t C o . u n d er w a y . C a p ita l o f co n s o lid a te d in stitu tion t o b e $ 3 2 ,0 0 0 ,0 0 0 .
See V . 123, p . 1 9 6 0 ,2 4 8 1 . rePaid in J an . 1924 a n d 1925 ex tra d iv id e n d o f 1 % ea ch ;
co n n e ctio n w ith th e a b s o rp tio n o f th e F irst N a tion a l B a n k o f J a m a ica . V . 122,




RAILW AY AND INDUSTRIAL COMPENDIUM

258

J an . 1926, 2 % extra ; J u ly , 5 % reg . a n d 1 % extra; O c t . 1926, 6 % . o In clu d es
sp ecial d iv id e n d o f 7 1 4 % in 1924. p See V . 118, p . 1230, 1 203. q F irst d iv id e n d ,
3 % , pa id D e c . 31 1924. s In clu d e s ex tra d iv id en d o f 1 0 % . t P a id d iv id e n d on old
c o m p a n y ’s sto c k in 1924, 1 0 % (2 % q u a rterly a n d 2 % e x tra ), a n d in J a n . 1925, 2 %
a n d 1 % ex tra ; on L a w y ers T r u s t C o . s to c k , 6 % in 1925 (1 A % ea ch q u a r te r).
« P a id ex tra d iv id e n d 1 % in O c t . 1925 a n d J a n . 1926. v P a id extra d iv id e n d s o f
4% ea ch q u a rter in 1924, 1925, th e D e c . 1925 regular d iv id en d b ein g in crea sed t o
4 % . I n 1926 p a id ex tra d iv id e n d s o f 4 % ea ch in M a rch a n d J u n e , 5 % in S ep t,
a n d 5 % ex tra d ecla red fo r D e c . w P a id in J a n . 1925 extra d iv id e n d o f 4 % , a n d
In J a n . 1926, ex tra o f 5 % . z F orm erly B a n k o f E u rop e; ch a n g ed t o a tru st c o m p a n y
as o f F e b . 24 1926 (V . 122, p . 1 12 7); ca p ita l o f B a n k o f E u r o p e in crea sed from
$ 45 0,0 00 t o $ 1 ,0 0 0 ,0 0 0 as o f N o v . 19 1925. y P a id o n o ld ca p ita l in 1925, 8 % ;
ca p ita l in crea sed from $ 5 ,0 0 0 ,0 0 0 t o $ 1 0 ,0 0 0 ,0 0 0 as o f M a rc h 4 1925 a n d a d iv id en d
$2 66 fo r tw o m o n th s p e r io d t o A p ril 30 1924 p a id M a y 1 o n new ca p ita l; 4 % ea ch
p a id in A u g . a n d N o v . 1 925. z C a p ita l in crea sed t o $ 1 ,0 0 0 ,0 0 0 , e ffe ctiv e M a rc h 9
1925; p a id in 1925 on o ld ca p ita l In J a n . a sem i-a n n u al d iv . o f 5 % a n d 2 % extra;
d iv . p eriod ch a n g ed t o q u a r te rly , a first q u a rterly d iv . o f $1 89 p a id o n o ld ca p ita l
A p ril 1, a n d 61 cen ts a share o n n ew ca p ita l sam e tim e; 2 ) 4 % ea ch pa id in J u ly a n d
O c t . 1925 (V . 120, p . 2 9 2 ).
(1) P a id extra d iv id e n d o f 1 0 % in J u ly 1926.
(3) In ­
clu des extra d iv id e n d o f 2 A % p a id D e c . 3 1 . (4) P a id ex tra d iv id en d s as follow s:
J u n e 1925, 1 % ; D e c . 1925, 3 % ; J une 1926, 1 % . (5) E x tra d iv id e n d s o f 4 % each
p a id in J an . 1924, 1925 a n d 1926 o n o ld B a n k o f E u rop e s t o c k . F irst d iv id e n d on
B a n k o f E u r o p e & T ru s t s to c k , 2 A % A p ril 1 1926; sam e a m o u n t in J u ly a n d O ct.
( 6 ) F o rm e rly F ed era tion B a n k .
B e g a n business as a tru st co m p a n y A p ril 15 1926.
(7) C o a l & I ro n N a t . B a n k m erg ed in to th e F id e lity -In te rn a tio n a l T ru s t C o .; n am e
o f la tter ch a n g ed t o F id e lity T ru s t C o . a n d ca p ita l in crea sed fr o m $ 2 ,0 0 0 ,0 0 0 to
$ 4 ,0 0 0 ,0 0 0 all as o f F e b . 27 1926. (V . 122, p . 1716, 706; V . 121, p . 2 9 6 6 ).
(8) C a p ­
ital o f B r o o k ly n T r u s t C o . in crea sed from $ 1 ,5 0 0 ,0 0 0 to $ 2 ,0 0 0 ,0 0 0 , e ffe c tiv e M a y 1
1926 (V . 122, p . 1998, 1 41 1). (9) C a p ita l o f M id w o o d T r u s t C o . in crea sed from
$ 70 0,0 00 t o $ 1 ,0 0 0 ,0 0 0 , e ffe c t iv e J u ly 2 1926 (V . 122, p . 1 99 8). (10) C a p ita l o f
P eop les T r u s t C o . in crea sed fr o m $ 1 ,6 0 0 ,0 0 0 t o $ 2 ,0 0 0 ,0 0 0 as o f J a n . 15 1926 (V .
121, p . 2 60 0) a n d m erger w ith N a tio n a l C ity B a n k e ffe ctiv e a t clo se o f business
J u n e 26 1 929. V . 123, p . 3 56 2, 44; V . 122, p . 3041, 2292, 1998, 1410, 1264.
(11) See
V . 123, p . 1346, 1208; V . 122, p . 1266, 4 3 9 . (12) See V . 123, p . 1836, 1590, 946, 670;
V . 120, p . 2 77 2.
NEW Y O R K

AND BRO O K LYN
C a p it a l.

*6
a

C o m p a n ie s.

$

A m ount

$

F IR E IN S U R A N C E C O M P A N IE S .

N e t S u rp lu s
D e c . 31

1 925.

D iv id e n d s .

1925.

1924.

1 923. L a st P a id

%

$

A m erica n A llia n c e . . 100 2,000,000 3 ,2 7 8,2 36
16 g
20
20 O ct. ’ 26, 4
o A m E q u ita b le co m
5
200.000 1 1 .2 5 0,0 00 / R eca p it a liz ed in O ct. ’ 2 6 , « 7 5 c
O c t . 26, u l Y i
P r e fe r r e d . _
100
5 0 0 ,00 0 1
1 1926
N o v '2 6 ,
(l)A s s u r a n C o o f Am 100
2
8
8
605,624
5 0 0 ,0 0 0
(c)
O ct. ’26, 2 A
B a n k ers & S h ippers too
1,000,000 1 ,0 2 0,1 62 10
17 A
C it y o f N e w Y o r k . . aoo
12
12 Ju ly '2 6 , 6
1,000.000 1,14 5,5 87 12
C o m m o n w e a lth . . 100
10
500 000
2 ,2 7 9,0 67
10
10 J an. ’ 26, 20
J u ly ’ 26, 12
C o n tin e n ta l______
24
24
25 10,000,000 2 3,2 6 0 ,7 5 5
24
July 2 6 ,1 2 (2 )
(2) F id e lity -P h e n ix _ 25 5 ,0 0 0 ,0 0 0 19,0 01 ,46 2 24
24
24
24
G lo b e & R u t g e r s ___ 400
28
3 ,5 0 0 ,0 0 0 2 4 ,1 6 1 ,9 4 4
20 O ct. ’ 26, 92
O ct. ’ 26,
4
G re a t A m e r i c a n . . . 100 1 2 ,5 00 ,00 0 16,541,281
16
16
16
N o v ’ 26, 7r
15
H a m ilto n F ire ____
2 00 004
20
16
16
2 ,2 6 8 ,9 1 2
H a n o v e r ____________ 50
10
1,50 0 ,0 0 0 3 ,0 8 5,2 10 10
<
?10 O ct. ’26, 2 A
July ’ 26,
9
H o m e _________
_
10C 1 8,000 000 2 0 ,5 2 0 ,6 5 4 18
18
18
M e r ca n tile o f A m er 10C 1,000,000
10
10
10 J an . 2 6, 1 2 A
1 ,4 3 7,8 80
M e r c h F ir e Assur —
C o m m o n _________ 25 (3) 750.000 1 3 ,0 3 2,9 39 / Z28
V 22 A
(z) N o v ’ 26, 81
N o v ’ 26, 1%
P re fe r re d ________ 100 (3 )2 5 0 ,0 0 0 f
7
7
\ 7
N a tio n a l L i b e r t y . .
50
20 Ju ly ’ 26, 10
1 ,5 0 0,0 00
40 ft
s20
5 ,5 5 2,5 01
5
N ia g a ra F ir e _______ 50
16
3 ,0 0 0 ,0 0 0
5 ,0 9 9 ,9 6 9
(/) O ct. ’ 26,
Ju ly ’ 26,
5
( l ) N o r t h e r n ______ 100 (1) 1000,000
10
10
1,21 2,7 85
10
25
N o r t h R i v e r _____
12
2.0 0 0.0 C 0 163,801,653
n i l A D e c . 15'26 , 5D
O ct. '2 6 ,
6
P a c ific F ir e _________ 25 t’1 ,0 0 0 .0 0 0
r24
r2 0
1,025,886 r24
July ’26, (o)
Q u een o f A m e r ic a .. 100
3 ,0 0 0 ,0 0 0
6 ,1 3 7 ,1 6 5
(o)
(o)
(0 )
O ct. ’26,
6
R o s sia o f A m e r ica .
25 *1 ,6 0 0 .0 0 0
24
24
1 ,2 0 6.7 93
30
O ct. ’ 26, 1 A
S tu y v e s a n t___ ______ 100 41.000 000
446 ,13 3
6
6
6
N o v ’ 26,
7J
U n ite d S ta tes______ 20 2,000,000 7 ,0 4 5,2 67
24
20
15
N o v '2 6 , 6 m
W e s t c h e s t e r .. _
m2 5
10
1,5)00,000
m25
3 ,1 0 1 ,7 5 8 m 2 5
6 M a r c h 1926 d iv id e n d in crea sed t o 5 % . c C a pital in crea sed in 1923 fr o m
$ 20 0,0 00 t o $ 50 0,0 00 a n d d iv id e n d s o f 7 ) 4 % p a id on o ld ca p ita l a n d 4 % o n new
ca p ita l, d C a p ita l in crea sed fr o m $ 1 ,0 0 0 ,0 0 0 t o $ 1 ,5 0 0 ,0 0 0 , e ffe c t iv e A p ril 9 1923,
a sto c k d iv id e n d o f 5 2 % b ein g p a id A p ril 9 . e In crease d u e t o ch a n g e in d iv id e n d
p eriod . /N i a g a r a F ir e In su ra n ce C o . pa id a sto c k d iv id en d o f 5 0 % o n D e c . 29
1 922, in creasing sto c k fr o m $ 2 ,0 0 0 ,0 0 0 t o $ 3 ,0 0 0 ,0 0 0 ; In 1923 p a id in J a n . 1 0 % o n
o ld ca p ita l a n d 8 % o n new ca p ita l; d iv id e n d s sem i-a n n u al, ch a n g e d t o q u a rterly in
J u ly 1925, 5 % b e in g paid; sa m e a m o u n t in O c t . 1925. ? O n in crea sed ca p ita l o f
$ 2 ,0 0 0 ,0 0 0 . ft In clu d es ex tra d iv id e n d o f 2 0 % pa id D e c . 30 1 9 2 5 . i C a p ita l in ­
creased fr o m $ 70 0,0 00 t o $ 1 ,0 0 0 ,0 0 0 , e ffe c t iv e J a n . 29 1 92 6. j F e b . 1926 d iv id en d
in crea sed t o 7 % .
k C a p ita l in crea sed fr o m $ 1 ,2 00 ,00 0 t o $ 1 ,6 0 0 ,0 0 0 as o f J u ly 2
1925.
I F e b . 1926 d iv id en d In creased t o $2 ( 8 % ) . m D iv id e n d s are pa id as
fo llo w s ; 5 % e a ch q u a rter a n d 1 A % ex tra in F e b . a n d A u g . a n d 1 % e x tra M a y and
N o v . n M a rc h 15 1923 d iv id e n d , 2 A % : J u n e, S ep t, and D e c ., ea ch 3 % . o C a p ita l
Increased from $ 2 ,0 0 0 ,0 0 0 t o $ 3 ,0 0 0 ,0 0 0 in D e c . 1922, a 5 0 % sto c k d iv id e n d b ein g
p a id : a ca sh d iv id e n d o f 3 5 % w as p a id o n n ew ca p ita l o f $ 3 ,0 0 0 ,0 0 0 in M a r c h 1923; in
J u ly 1923 a n d sin ce p a id sem i-a nnual d iv id e n d s (J . & J .) a t th e ra te o f 2 3 .3 3 % per
a n n u m , q J a n . 1926 d iv id e n d in crea sed t o 9 % (8 & 1 e x t r a ). r F e b . 1926 d iv id en d
in crea sed t o 7 % . s In clu d es extra d iv id e n d s o f 2 % each in J a n . a n d J u ly 1924.
t P a id first d iv id e n d , 2 A % , in A p ril 1924, a n d sam e a m o u n t q u a rterly t o d a te.
u R e c a p ita liz e d in 1926 a s a b o v e .
D iv id e n d s pa id in 1926: o n o ld ca p ita l o f $50 0,0 00
2 5 c . re g . a n d 2 5 c . ex tra in J a n .; on n ew ca p ita l 7 5 c. on c o m m o n in A p ril, J u ly and
O c t o b e r , a n d I H % o n p referred in A p ril, J u ly a n d O cto b e r, v P a id in 1923 5 %
reg u lar ea ch J a n u a ry aDd J u ly a n d 5 % ex tra each A p ril a n d O cto b e r; In 1924 pa id
6 % reg u lar ea ch J a n u a ry a n d J u ly a n d 6 % ex tra ea ch A p ril a n d O cto b e r: in 1925
p a id 6 % reg u lar ea ch J an . a n d J u ly a n d 6 % ex tra each A p ril a n d O c t ., a n d in a d d i­
tio n a s t o c k d iv id e n d o f 1 5 0 % w as p a id D e c . 15 1925, in creasing sto c k fr o m $ 40 0,0 00
t o $ 1 ,0 0 0 ,0 0 0 ; p a id in 1926 t o d a te on n ew ca p ita l regular d iv id e n d , 6 % in b o th
J a n . a n d J u ly a n d 6 % extra in b o th A p ril a n d O c t . w In clu d es sp ecial reserv e and
g u a r a n ty surplus fu n d s, x C o m m o n s to c k in crea sed in 1923 from $ 60 0,0 00 (p ar $100)
t o $ 7 5 0 ,0 0 0 (p a r $ 2 5 ), a n d preferred from $ 10 0,0 00 (par $100) t o $ 25 0 ,0 0 0 (par
$ 1 0 0 ), p a id in 1923 on o ld co m m o n , F e b . a n d M a y , 6 % ea ch , a n d on n ew c o m m o n
(p a r $ 2 5 ), $1.3714 (5 1 4 % ) ea ch , A u g . a n d N o v .; preferred receiv ed 7 % per annum
(1 J £ % Q . - F .) . y P a id in 1924 o n co m m o n , $1.3714 (5 1 4 % ) ea ch F e b ., M a y and
A u g .; N o v . d iv . in crea sed t o $ 1 .5 0 ( 6 % ) . z In 1925 paid $1.7 5 ( 7 % ) each q u arter.
(1 ) S to ck h o ld e rs v o t e d D e c . 1 1926 on m erger o f A ssurance C o . o f A m erica w ith
N o r th e rn In su ra n ce C o ., ca p ita l o f la tter t o b e in creased t o $ 1 ,5 0 0 ,0 0 0 in con ­
n e ctio n th erew ith . (2 ) F id e lity -P h e n ix I n s. C o . decla red a stock d iv id e n d o f 1 0 0 % ,
p a y a b le J a n . 10 1927, in creasing sto c k from $ 5 ,0 0 0 ,0 0 0 to $ 1 0 ,0 0 0 ,0 0 0 . (3) C a p ita l
t o b e in crea sed , c o m m o n from $ 75 0 ,0 0 0 t o $ 1 ,5 0 0 ,0 0 0 a n d preferred fr o m $ 25 0,0 00
t o $ 5 0 0 ,0 0 0 .

Changes In Railroad Wages.
{C o n c lu d e d fr o m

P a o e 8-1

The strike was scheduled to begin in the various sections
of the country Oct. 30 to Nov. 5 1921 (V. 113, p. 1735), but it
was called off on Oct. 27 1921 after a hearing before the La­
bor Board, in view of the vote by the latter that it would not
take up the matter of wage decreases until all the questions
relating to national rules and regulations had been disposed
of by it. (V. 113, p. 1849 to 1852, 1943.)
In 1921-22 the national rules were rewritten by the Labor
Board on a somewhat more satisfactory basis for the shop
crafts and maintenance of way men, clerks and station
employees, signal men, supervisors, firemen and oilers, train
dispatchers, railway express employees, &c., but not for the
Brotherhood of Locomotive Engineers, Brotherhood of Loco­
motive Firemen and Enginemen, Order of Railroad Conduc­
tors, Brotherhood of Railroad Trainmen and Switchmen’s
Union of North America. The efforts of the railroads to
get these latter bodies to agree to a further wage reduction



[V ol. 123.

of about 10% and to submit to various changes in the rules
failed in April 1922.
The rules as revised for the other unions in general 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 $135,000,000 per annum, were announced by
the United States Railroad Labor Board in M ay 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 ay 1 1923 leaders of the strike of railroad shopmen
abandoned their case in defense against this injunction and
announced that their principal contentions in the case had
been upheld. (V. 116, p. 2086.) A final decree making
permanent the temporary injunction was entered July 12
1923 by Judge Wilkerson. The decree affected about
400.000 railroad employees and officers of the shop crafts
concerned in the strike. (V. 117, p. 169.)
The threatened strike of 400,000 maintenance of way men
had meanwhile been stayed, E. F. Grable, President of the
United Brotherhood of Maintenance of W ay Employees and
Railway Shop Laborers, having reached an agreement with
the Railroad Labor Board to withhold any strike order until
the Board could arrange for a rehearing (V. 115, p. 139,
395). After the rehearing the Labor Board (Oct. 14 1922)
granted the employees, represented by the United Brother­
hood of Maintenance of W ay 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 oo 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 ov. 1923 on a number of
roads. (V. 117, p. 2400.)
On April 24 1923 the Brotherhood of Maintenance of Way
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 emrloyees. On June 30 1923 the Board remanded the case
back to the roads for individual settlements. Failing this,
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 thenmen. A number of other carriers involved in the original
controversy had settled. (V. 117, p. 2508; V. 116, p. 1969.)

Nov., 1926.]

RAILW AY AND INDUSTRIAL COMPENDIUM

In Oct. 1923 the firemen, trainmen, conductors and en­
gineers, represented by the Big Four Brotherhoods, asked for
wage increases averaging approximately 12]^% . This in­
crease, it was computed, would cost the railroads about
$ 100 ,000,000 additional a year and bring wages up to the
schedules in effect as of M ay 1 1920. (V. 117, p. 2848,
1740, 1524, 750, 636.)
The first settlement growing out of negotiations with the
railroad brotherhoods over wage increases asked in Oct.
1923 was announced by the New York Central R R . on
Jan. 22 1924, when the road made known that it had reached
an agreement with engineers and firemen on practically all
divisions and subsidiary lines providing for an increase in
wages of api roximately 5% and changes in certain working
conditions. The agreement, which was to run for one year,
affected,
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 J. railroads, would cost, it
was figured, about $25,000,000. (V. 118, p. 394, 627.)
An increase of approximately 5% , affecting 44 Western
railroads and about 50 subsidiaries, was granted on April 8
1924 to approximately 80,000 conductors and trainmen.
(V. 118, p. 2003.)
The U. S. Railroad Labor Board handed down a decision
on Oct. 21 1923 awarding increases of 1 to 2 cents an hour to
clerks, station forces, dock, warehouse and platform freight
handlers and similar employees of 65 carriers. The opinion
found that 29 carriers and employees of the class involved
had negotiated agreements increasing pay for some of the
groups, but that there was no uniformity in the agreements.
The employees affected by the decision were represented by
the Brotherhood of Railway and Steamship Clerks, freight
handlers, express and station employees, by the Brotherhood
of Railway Station Employees, and by the Internationa]
Longshoremen’s Association. (V. 117, p. 1849.; This de­
cision followed close upon another denving an increase to
signalmen. The wage increases asked by signalman 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 No. 2 in July 1920. On July 1 1921 their wages
were cut from 6 to 8 cents an hour and a further decrease in
July 1922 of from 5 to 6 cents an hour brought the rates of
pay to approximately what they were under the Federal
Administration prior to decision No. 2. The Board decided
in denying the request that the cost of living and other
elements entering into consideration of the case bad not
changed sufficiently since the last decision of 1922 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 Ry.
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 Ry. Co., retroactive
to M ay 1. This action was in line with an increase given to
engineers and firemen. Wage increases amounting to 6 ^2 %
for all yardmen and trainmen, retroactive to M ay 1 1924,
were granted by the Texas & Pacific Ry. These illustrations
might be multiplied almost indefinitely.
The United States Railroad Labor Board, in a decision on
Jan. 19 1925, granted wage increases of from 1 to 2 cents an
hour, involving an annual expenditure of approximately
$3,700,000, to some 87,000 employees of forty-three rail­
roads. The classes affected were clerks, freight handlers,
express and station employees, janitors, elevator operators,
truckers, stevedores and storers (V. 120, p. 414). This wage
increase followed an advance of 5% granted by the Railroad
Labor Board at the beginning of December 1924, to more
than 75,000 members of the Brotherhood of Locomotive
Engineers and the Brotherhood of Locomotive Firemen and
Enginemen. Under a decision of the United States Railroad
Labor Board, 2,528 conductors and trainmen were awarded
■wage increases totaling $283,183 a year, effective from
Feb. 1 1925. This latter increase, it was stated, affected
17 railroads, which were not included under the agreement
reached through the efforts of the train service brotherhoods
in 1923-24. The award was understood to be on the basis
of the New York Central’s 5% increase. The railroads
affected included thp Denver & Rio Grande Western System
and its subsidiary, the Rio Grande Southern, the Ann Arbor
Railroad Co. and the Bangor & Aroostook Railroad Co.
(V. 120, p. 661.)



259

Effective Oct. 16 1926, the Pennsylvania R R . advanced
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 1J^ cents per hour
(effective July 15 1926) and by the Norfolk & Southern R R.
of 2 cents an hour: The Wabash R R . has granted an in­
crease of 2 ^ cents an hour to 3,500 employees in the me­
chanical department, effective Dec. 1 1926.
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 represents an
increase of about 2 0 % over the existing wages received by
the trainmen and conductors. (V. 122, p. 1506, 1559.)
In October of this year the demands of trainmen, conduc­
tors and firemen of the Eastern railroads for a 20% wage
increase were submitted to the board of arbitration (see be­
low). The hearing of testimony ended Nov. 10 and an early
decision is awaited. (V. 123, p. 1057, 803, 283.)
(The board of arbitration consists of: William D . Baldwin of New York
and Edgar E . Clark o f W ashington, D . C ., as “ neutral” members; E . P .
Curtis of Cedar Rapids, l a ., andDaniel L . Cease o f Cleveland, O ., labor
members; and Robert V . M assey, General M anager of the Pennsylvania
R R ., and W illiam A . Baldwin, Vice-President o f the Erie R R ., railroad
executive members.] (V . 123, p . 2218.)

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 rd .

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
T
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 out.”
In conclusion the opinion said:
The judgm ent It [the Labor Board] m ay render m ay be acceptable to
neither party, but each has the legal right to accept it or refuse to follow it.
If the parties refuse acquiescence all that the Board can then do is to give
publicity to its ruling, leaving the parties to their willingness to adjust
the dispute under the guidance and perhaps the stress of public opinion,
influenced, or it m ay be aroused, by the opinion o f 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 Shoperafts 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.
United States Railroad Labor Board Abolished—
President Appoints Board ^of Mediation.
President Coolidge on M ay 20 1926 signed the WatsonParker bill, which abolishes the Railroad Labor Board. See
text of bill in the “ Commercial & Financial Chronicle” of
May 29,1926, pp. 3038 to 3040. A board of mediation, com­
posed of five members (Samuel E. Winslow, Chairman;
Carl Williams, Edwin P. Morrow, G. Wallace W. Hangar
and Hymel Davies), was appointed by President Coolidge
to settle disputes between employees and the carriers. John
Marriman is Secretary of the board.

Association of Railway Executives.
For list of the 108 member roads and systems and names’of
Executive Committee and Law Committee, see pages 18
and 19 of “ Official Railway Guide” for N ov. 1926.

RAILW AY AND INDUSTRIAL COMPENDIUM

260

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:
Joseph B . Eastm an o f M assachusetts, Chairman: Richard V . Taylor of
Alabam a: Balthasar H . M eyer o f W isconsin; Frank M cM a n a m y o f the
District of Colum bia: Henry C . Hall o f Colorado: Clyde B . Aitenison of
Oregon; Thom as F . W oodlock o f New Y o rk; John J. Esch of Wisconsin;
E . I . Lewis o f Indiana; J. B . Cam pbell o f W ashington; Frederick I. Cox of
N ew Jersey; w ith George B . M cG in ty o f Georgia, Secretary; Thom as A .
Gillis o f Pennsylvania, Assistant Secretary; James L . M u rp h y, Assistant to
Secretary; T . Lao Haden of the District o f C olum bia, C hief Clerk and
Purchasing A gent. __________ __________________________

Equipment Trust Agreements of Jan. 15 1920.
Equipment trust agreements were executed early in 1920
by some 80 leading railroad companies with the DirectorGeneral of Railroads and the Guaranty Trust Co. of New
York as trustee, covering approximately $323,000,000 worth
of new rolling stock, built and building. This rolling stock
was ordered by the United States Railroad Administration
during the period of Federal control of railroads and has
been allocated to the railroad companies named below and
accepted by them. (Compare V. 109, p. 1668, 1955, 2406.)
The notes, while issuable from time to time as equipment
is delivered to the roads, are all dated Jan. 15 1920, payable,
both principal and interest, in gold of present standard.
Each issue will mature in 15 equal installments on Jan. 15
in each year, 1921 to 1935, both inclusive, and will bear
interest at 6% per annum, payable semi-annually, July 15
and Jan. 15 at the office of the trustee in New York City.
They will be subject to redemption at the option of the
maker prior to maturity at 103 and interest on any interest
date after 60 days’ notice, but only as entire issues.
The War Finance Corporation, in a statement issued by
Managing Director Eugene Meyer Jr., on Jan. 22 1922
announced that the Director-General had addressed a letter
to all railroads of which the U. S. Treasury still held issues of
equipment trust obligations no part of which had yet been
sold by it, asking [in order to increase the salability of its
holdings] that he be permitted to subordinate to the re­
mainder of the issue [which remainder he might then sell]
not alone the last five maturities, 1931 to 1935, or any one
or more of them, but such portion of the maturities of any
year as he might determine. The official statement said:
The amended clause will read as follows:
“ ‘ Eleventh: Upon request of the holder, or holders, of all the notes
which by their terms shall be due and payable in any year, and upon pre­
sentation of such notes for that purpose, the trustee shall stam p thereon,
or upon such part thereof as said holder, or holders, m ay designate and
request, the following words:
“ ‘For value received and as an inducement to purchases of unstamped
notes, the holder of this note has caused the same to be stamped pursuant
to Article Eleventh of the Equipm ent 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
m oneys received or collected by the Trustee under said Equipment Trust
Agreement, upon enforcement o f its rights or remedies in case of a default
of the carrier.’
“ For the present, it is the purpose of the Director-General, upon the
execution o f the supplemental agreements, making the amended clause
operative, to make sales of railroad equipment trust obligations under an
arrangement, to subordinate, on the part of the Government, approximately
33 1 -3 % o f the principal amount o f each m aturity; 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 m aturities.”
Statem ent o f Equipm ent Trust N o tes O riginally Issu ed to the U . S. Government
and A m ou n ts on H a n d as o f N o v . 1 1926.
a O r ig in a l
Issu e.
R oad—

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

A la G re a t S o u t h . .
A n n A r b o r ________
A t e h T o p & S F e __
A t l B irm & A t l ___
A t l C o a s t L (T r 4)
(T r u s t 4 A ) ______
A tl C o a s t L in e & [
L o u is v & N a sh ( 1 ,1 8 3 ,5 0 0
J o in t L essees o f |
G e o rg ia R R ___ i
B a lt & O h io _______ 1 7 ,8 0 0 ,5 0 0
B o s to n & M a i n e . . 6 ,8 1 3 ,0 0 0
B u f f R o e h & P it t s . 2 ,0 0 4 ,0 0 0
C a ro C lin c h & O h io 6 ,2 1 0 ,0 0 0
C en tra l R R o l N J 5 ,9 3 2 ,5 0 0
C h a rles & W C a r o .
8 1 7 ,5 0 0
C h & O h io (T r 13) 9 ,6 9 7 ,5 0 0
(T ru s t 1 3 A )____ 1 ,6 6 9 ,5 0 0
C h ica g o & A l t o n . . 1 ,8 1 6 ,5 0 0
C h ic & E a st Illin o is
7 4 1 ,0 0 0
C h ic & N o r th w e s t 9 ,9 7 3 ,5 0 0
C h ic & W e st I n d . .
2 7 9 ,0 0 0
C h ic B u rl & Q u in cy 6 ,0 6 0 ,0 0 0
C h ic G re a t W e s t . .
6 5 1 ,0 0 0
C h In d & L ou is v ille 1 ,0 3 9 ,5 0 0
C h ica g o J u n c t io n .
4 7 8 ,5 0 0
C h M ilw & St P a u l. 1 6 ,4 4 4 ,5 0 0
C h R I & P a c i f i c . . 8 ,1 1 7 ,2 5 0
C h ic S t P M & O m 2 ,3 5 2 ,0 0 0
C N O & T exas P ac
9 5 7 ,0 0 0
C C C & St L o u is . 5 ,2 0 0 ,5 0 0
C o lo & S o u th e r n . . 1 ,0 5 0 ,0 0 0
D e l & H u d s o n ____ 3 ,9 8 1 ,0 0 0
D e t & T o l Sh L in e
5 01 ,00 0
D e t T o l & Iro n to n
8 4 4 ,5 0 0
E rie.....................
4 ,5 0 1 ,5 0 0
F tW & D en v erC .
5 0 8 ,5 0 0
G r T ru n k o f C a n .
8 9 8 ,5 0 0
G r T ru n k W estern 3 ,0 9 7 ,5 0 0
G rea t N o r t h e r n .. 4 ,2 9 4 ,5 0 0
H o c k V a l (T r 3 2 ) . 1 ,3 4 5 ,5 0 0
T ru s t 3 2 A ) ____ 1 ,4 8 9 ,5 0 0
Illin ois C e n t r a l .. . 9 ,7 0 6 ,5 0 0
I n d H a rb o r B e l t . .
5 8 9 ,50 0
K a n a w h a & M i c h . 1 ,0 3 5 ,0 0 0
K a n C it y S ou th ern
9 5 4 ,0 0 0
K a n C it y T e rm in a l
187 ,50 0
L a k e E r ie & W e s t .
6 4 8 .0 0 0

a O r ig in a l

b S tillfo r
S a le .

$
...........
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______
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Issu e.
R oad—

$
L & N (T ru st 3 7 ) . 7 ,6 8 9 ,0 0 0
(T ru s t 3 7 A )____ 2 ,8 6 9 ,5 0 0
M a in e C e n tr a l____ 1 ,2 0 3 ,0 0 0
M ich ig a n C e n tr a l. 5 ,1 9 6 ,0 0 0
M in n & St L o u i s . . 1 ,5 1 2 ,0 0 0
M o K a n & T e x a s . 1 ,2 6 1 ,5 0 0
M o P a c ific (T r 41) 2 ,6 0 1 ,0 0 0
(T ru s t 4 1 A )____ 2 ,5 9 2 ,0 0 0
(T ru s t 4 1 B ) ____ 2 ,5 6 3 ,5 0 0
(T ru s t 4 1 C ) ____ 2 ,6 5 6 ,5 0 0
M o b ile & O h i o . . .
6 0 7 ,5 0 0
M o n o n g a h e la R y .
4 9 3 ,5 0 0
M o r g a n & K in g ’ d - 2 ,6 0 1 ,0 0 0
N a sh C h a tt & St L 1 ,2 9 7 ,5 0 0
N Y C e n tr a l_____ 1 3 ,8 4 0 ,5 0 0
N Y N H & H . . . 4 ,4 3 8 ,5 0 0
N o r fo lk & W estern 6 ,8 8 5 ,0 0 0
N o r fo lk S o u th e rn .
132 ,00 0
N o r th w e st P a c ific 2 7 1 ,5 0 0
P en n (N o te s 1 -1 4 ).5 4 ,5 1 6 ,0 0 0
(N o t e 1 5 ).......... . 3 ,8 9 6 ,0 0 0
P ere M a r q u e t t e . . 1 0,0 9 9 ,5 0 0
P it t s & L a k e E r ie .
5 82 ,00 0
P it t s M c K & Y o u g 2 ,8 2 4 ,5 0 0
R ic h F red & P o t ’ c .
9 84 ,00 0
R u t l a n d ___________
3 7 0 ,5 0 0
St L -S a n F ra n cisco
(T ru s t 7 1 A )____ 2 ,8 4 4 ,0 0 0
(T ru s t 7 1 B )____ 2 ,8 6 0 ,5 0 0
(T ru s t 7 1 C )____ 2 ,9 8 9 ,5 0 0
(T ru s t 7 1 D ) ______2 ,9 1 0 ,0 0 0
(T ru s t 7 1 E ) ____ 2 ,7 7 9 ,5 0 0
S ea b oa rd A ir L in e . 1 ,6 5 0 ,0 0 0
S ou th ern P a c i f i c . . 2 ,8 1 4 ,0 0 0
S ou th ern R a ilw a y - 1 0 , 2 9 3 , 0 0 0
S p o k P o r tl& S e a ttle
8 7 9 ,0 0 0
T e r m A ssn o f S t L .
3 4 2 ,0 0 0
T e x a s & P a c ific ___ 2 , 3 9 2 , 5 0 0
T o l & O h io C en tral 2 , 1 7 2 , 0 0 0
T o l S t L & W estern 1 , 1 8 2 , 0 0 0
V irg in ia n R a ilw a y 1 , 6 3 0 , 5 0 0
W a b a sh R a ilw a y . 1 1 , 3 3 1 , 0 0 0
W a sh S o u th e rn ___
4 2 1 ,5 0 0
W a sh T e r m in a l___
9 4 ,5 0 0
W e s t M a r y l a n d ..
8 5 6 ,5 0 0
W h e e l & L a k e E rie 4 , 5 8 7 , 0 0 0
T o t a l .................. 3 4 6 . 5 5 6 , 7 5 0

b S t ill f o r
S a le.

$
.
.
.............
_______
_______
*3 02 ,40 0
______
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________
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_______
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3 0 2 ,4 0 0

* One-third o f maturities from 1927 to 1935 incl., stamped as to subordi­
nation
a “ Original Issue,” represents the total authorized amount o f Equipment
Trust notes issued to the U . S. Government b y the companies against the
rolling stock allocated to them by the U . 8. R R . Administration, b “ Still
for Sale,” represents the present amount of Equipment Trust notes held
b y the U . S. Government, the remainder having been either sold or retired.




[V ol. 123.

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 Trans­
portation Act of 1920 and the Act incorporating the War
Finance Corporation, advances to a large amount were made
to the railroads by the U. S. Treasury, the Director-General
and the War Finance Corporation on account of additions
and improvements, the funding and refunding of loans and
in the case of the Boston & Maine for reorganization purposes.
The securities acquired on account of such advances by
the U. S. Treasury and still held by it on recent dates were:
(1) Obligations o f $25,9 5 0 ,0 0 0 H eld by U nited Stales A u g . 31 1926, und er
Sec. 7 o f Federal Control A c t o f 1918.
Boston & M aine R R ______________________________________________ x $ 2 5,95 0,00 0
x This am ount does not Include securities purchased by the DirectorGeneral of Railroads under the provisions o f Section 12 o f the Federal
Control A c t, approved M arch 21 1918.
N o te .— The above are securities issued during period of Federal control
for the purpose of providing funds requisite for maturing obligations or for
other legal and proper expenditures, or for reorganizing railroads in receiv­
erships.
(2) Indebtedness o f C arriers ($87,064,391) to the U nited States In cu rred f o r
A d d itio n s and Betterm ents, & c ., M a d e D u r in g F edeial C on trol, P u rsu a n t
to Sec. 207 o f T ran sp ortation A c t o f 1920 and H eld A u g . 31 1926.
A n n A r b o r R R ________________
$ 31 2,0 00
B o s to n & M a in e R R ________
1 ,0 3 0,0 00
C h ica g o M ilw & St P aul R y . 2 0 ,0 0 0 ,0 0 0
K a n sa s O k la h om a & G u lf R y .
1 ,6 2 2 .3 )1
M in n e a p o lis & St L o u is R R .
1 ,2 5 0 ,0 0 0

N Y N H & H a rtfo rd R R ____ $ 6 0 ,0 0 0 ,0 0 0
N Y Susq & W e st R R . ...........
1 0 0 ,0 0 0
N o r fo lk S ou th ern R R ________
2 0 0 ,0 0 0
W a sh . B r a n d y . & P . L . R R . .
5 0,0 00
W a t e r lo o C . F . & N o r . R y . .
5 0 0 ,0 0 0
W estern M a r y la n d R y ______ 2 ,0 0 0 ,0 0 0

(3) Obligations o f $ 350 ,60 0,66 7 A cqu ired by U nited States G overnm ent to
D e c . 31 1925 P u rsua nt to Section 210 o f T ran sp ortation A c t o f
1920 fo r L oa n s fro m $ 3 00 ,00 0,00 0 Revolving F u nd.
A la b a m a T en n essee & N o r ; I n te rn a tio n a l & G rea t W e s tt h e r n R R _______ __________x $ 4 8 9 ,0 0 0 00 I ern R y , R e c e iv e r o f ---------- x $ 1 9 4 ,3 0 0 0 0
A la b a m a & V ick s b u r g R y _ .x l ,3 9 4 ,0 0 0 00 D e s M o in e s & C en tra l Io w a
A k r o n C a n to n & Y o u n g s
R y , fo r m e rly th e In te rU r b a n R y ________________
6 3 3 ,5 0 0 0 0
to w n R y _________________
x 2 1 2 ,0 0 0 00
A n n A r b o r R R _____________
x 6 5 0 ,0 0 0 00 K an sas C it y M e x ic o & O ri­
e n t R R , R e c e iv e r o f th e .x 5 ,0 0 0 ,0 0 0 0 0
A ran sas H a rb o r T e rm R y . .
5 0 ,0 0 0 00
K an sas C it y T e rm in a l R y . . *5 8 0 ,0 0 0 0 0
A tla n ta B irm in gh a m & A t ­
L
la n tic R y _____________________ x 2 0 0 ,0 0 0 00 a k e E rie F ra n k lin & C la r­
io n R R ____________________
x 2 5 ,0 0 0 0 0
B a ltim o re & O h io R R ______x 3 ,0 0 0 ,0 0 0 00
*7 1 9 ,0 0 0 00
B a n g o r & A r o o s t o o k R R ___ x 2 0 0 ,000 00 L o n g Isla n d R R , T h e _____
B irm in g h a m & N o r th w e s t­
L ou is v ille & J e fferson v ille
B r id g e & R R ____________ x l6 2 ,0 0 0 00
ern R y ____________________
x7 5 ,0 0 0 00
B o s to n & M a in e R R _____ x 26 ,7 0 5 ,4 7 9 00 M a in e C en tra l R R ________ 2 ,3 7 3 ,0 0 0 00
M in n e a p & S t L ou is R R — 1 ,3 8 2 ,0 0 0 00
B u ffa lo R o c h e s te r & P it t s ­
bu rgh R y __________________x l , 0 0 0 ,0 0 0 00 M issou ri K a n sa s & T e x a s
R y o f T e x a s , R e c e iv e r o f . *4 5 0 ,0 0 0 00
C a m b r ia & In d ia n a R R ____ x 2 5 0 ,0 0 0 00
C a rolin a C lin ch & O R y . .x l 0 , 0 0 0 , 0 0 0 00 M issou ri & N o r t h A rk R y . 3 ,5 0 0 ,0 0 0 00
C en tra l o f G e org ia R y ____ x2 3 7 ,9 0 0 00 M issou ri P a c ific R R _____ x l0 ,0 7 1 ,7 6 0 0 0
C en tra l N ew E n g la n d R y . .
3 0 0 ,0 0 0 00 N a tio n a l R a ilw a y S erv ice
C o r p o r a t io n ____________ * 1 1 ,4 3 7 ,8 3 0 00
C en tra l V erm on t R y _______ x l9 3 ,0 0 0 00
C harles C it y W estern R y _ .
140,000 00 N e w O rleans T e x a s & M e x ­
ic o R y ____________________ *2 3 4 ,0 0 0 00
C h esa p ea k e & O h io R y ____ x 9 ,0 9 7 ,0 0 0 00
N e w Y o r k C en tra l R R ___ * 2 6 ,7 7 5 ,0 0 0 00
C h ica g o & E a stern Illin ois
R R R e c e iv e r ____________
7 8 5 ,0 0 0 00 N e w Y o r k N e w H a v e n &
H a r t fo r d R R ........ ............ * 2 7 ,5 3 0 ,0 0 0 00
C h ica g o G t W estern R R ..x 2 ,6 8 5 ,3 7 3 00
C h ica g o I n d & L ou is v R y . . x 2 0 0 ,000 00 N o r fo lk S ou th ern R R _____ * 1 ,6 6 6 ,0 0 0 00
C h ica g o M ilw & St P R y ..x 7 0 ,3 4 0 ,0 0 0 00 N o r th e rn P a c ific R y _______ * 6 ,0 0 0 ,0 0 0 00
C h ica g o R I & P a c R y ____ ,x 9 ,8 6 2 ,0 0 0 00 P e n n sy lv a n ia R R ________ * 1 2 ,4 8 0 ,0 0 0 00
C h ica g o & W e s t In d R R . . x 8 , 0 0 0 000 00 P eoria & P ek in U n io n R y . . * 1 ,7 9 9 ,0 0 0 00
* 6 1 ,0 0 0 00
C is c o & N orth ea stern R y . .
2 3 6 ,4 5 0 00 R u tla n d R R ________________
Salt L a k e & U ta h R R _____ * 1 ,0 0 0 ,0 0 0 00
C o w litz C h eh a lis & C a sca d e
x 4 5 ,0 0 0 00 S ea b oa rd A ir L in e R y ____ * 1 5 ,4 5 7 ,4 0 0 00
R y ________________________
T h e S e a b o a rd -B a y L in e C o .x 4 ,4 0 0 ,0 0 0 00
C u m b erla n d & M a n ch e ste r
2 9 ,0 0 0 00
R R ____________
3 7 5 ,0 0 0 00 S h ea rw ood R y _____________
E rie R R _____________________ 1 1 .5 7 4 ,4 5 0 00 T a m p a N o r th e rn R R --------- * 1 0 0 ,0 0 0 00
T en n essee C e n tr a l R y ______ 1 ,5 0 0 ,0 0 0 00
E v a n sv ille In d ia n a p o lis &
T e rre H a u te R y _________
*4 0 0 ,0 0 0 00 T e rm in a l R R A s so cia tio n o f
St L o u is ___________________ *8 9 6 ,9 2 5 00
F e rn w o o d C o lu m b ia & G u lf
R R __________________
*3 3 ,0 0 0 00 T o le d o S t L o u is & W estern
R R , R e c e iv e r o f . ............. . *6 9 2 ,0 0 0 00
F lem in gsbu rg & N o r R R . .
* 7 ,2 5 0 00
T ra n s-M is sis sip p i T e rm in a l
F o rt D o d g e D e s M o in e s &
RR Co
________________ * 1 ,0 0 0 ,0 0 0 0 0
S ou th ern R R . ....................
2 0 0 ,0 0 0 00
V irg in ia B lu e R id g e R y - - 1 06 ,00 0 0 0
F o r t S m ith & W e ste rn R R ,
3 8 ,0 0 0 0 0
R e c e iv e r o f t h e ___________ x l5 6 ,0 0 0 00 V irg in ia S ou th ern R R ____
G ain esv ille & N W R R ____
7 5 ,0 00 00 V irg in ia n R y , T h e _________ x 2 ,0 0 0 ,0 0 0 00
W a t e r lo o C F & N o r R y . . x l ,32 0 ,0 0 0 0 0
G e org ia & F lo r id a R y , R e ­
ceiv ers o f _________________
7 9 2 ,0 0 0 00 W e ste r n M a ry la n d R y ____ * 3 ,4 2 2 ,8 0 0 0 0
G ie a t N o r th e rn R y _______ * 3 3 ,4 9 6 ,0 0 0 00 W h eelin g & L a k e E r ie R y .x 3 .4 6 0 ,0 0 0 0 0
W
9 0 ,0 0 0 0 0
G reen e C o u n t y R R ___________
* 6 0 ,0 0 0 00 ilm in g to n B ru n s & S o R R
3 8 1 ,7 5 0 00
G u lf M o b ile & N o r R R ____ *1 ,4 3 3 ,5 0 0 00 W ich ita N o r th w e ste rn R y .
H o c k in g V a lley R R ___________ 1 ,6 6 5 ,0 0 0 00
Illin ois C en tra l R R ____________* 4 ,4 4 0 ,0 0 0 00
T o t a l ................................... $ 3 5 0 ,6 0 0 ,6 6 7 0 0
In d ia n a H a r b o r B e lt R R . . *5 7 9 ,0 0 0 00

x Repayments o f the foregoing loans under Section 210 have been made
to the extent shown below:
A la T e n n & N o r R R C o r p . . $ 11 0 .0 0 0 00
A lab a m a & V ick s b u rg R y _ _ 1 ,3 9 4,0 00 00
A k ron C a n to n & Y ’ g ’ t ’n R y
212 ,00 0 00
A n n A r b o r R R _____________
3 8 0 ,00 0 00
A tla n ta B irm & A t l R y ____
2 0 ,0 0 0 00
B a ltim o re & O h io R R _____
100 ,00 0 00
B a n g or & A r o o s t o o k R R . .
116,000 00
B irm . & N orth w estern R y .
75,0 00 00
B o s to n & M a in e R R _______ 5 ,0 0 0 ,0 0 0 00
B u ffa lo R o c h & P itts R y . . 1 ,0 0 0,0 00 00
C a m b r ia & In d ia n a R R ___
2 5 0 ,0 0 0 00
C arolin a C lin c h f & O h io R y . 1 0 ,0 0 0 ,0 0 0 00
C en tra l o f G e org ia R y _____
2 3 7 ,9 0 0 00
C en tra l V e r m o n t R y _______
5 2,0 00 00
C h esa p ea k e & O h io R y ____ 1 ,0 2 3 ,9 7 6 03
C h ica g o G rea t W estern R R
4 8 0 ,0 0 0 00
C h ica g o In d & L o u is v R y . .
4 5 ,0 0 0 00
C h ictgos M ilw & St P aul R y . 3 5 ,3 4 0 ,0 0 0 00
C h ica g o & W estern I n d R R
3 8 4 ,0 0 0 00
C h ica g o R o c k Isl & P a c R y . 2 ,0 0 0 ,0 0 0 00
C o w litz C h eh a lis & C a scad e
R y ______ __________________
4 5 ,0 0 0 00
E v a n sv I n d . & T H R y . .
4 00 ,00 0 00
F e rn w o o d C o l & G u lf R R .
1 3,0 00 00
F lem in gsb u rg & N o r R R _ _
7 ,2 5 0 00
F t . S m ith & W e ste r n R R . .
156 ,00 0 00
G re a t N o r th e rn R y ________ 3 3 ,4 9 6 ,0 0 0 00
G reen e C o u n t y R R ________
2 4 ,0 0 0 00
G u lf M o b ile & N o r . R R . . . 1 ,4 3 3 ,5 0 0 00
I n d ia n a H a r b o r B e lt R R . .
5 79 ,00 0 00
Illin ois C en tra l R R ________ 4 ,4 4 0 ,0 0 0 00
I n t & G r N o r R y , R e c e iv e r
1 94 ,30 0 00

K a n s a s C it y M e x & O rien t
R R , R e c e iv e r ____________$ 2 ,5 0 0 ,0 0 0 00
K a n s a s C it y T e rm in a l R y . .
5 8 0 ,0 0 0 00
L a k e E rie F r & C la r io n R R
10,0 00 0 0
L o n g Island R R . . . ............
7 1 9 ,0 0 0 0 0
L ou is v ille & J effe r so n v ille
B r id g e & R R C o ________
1 5 ,0 0 0 00
M o K an & T exas R y o f
T e x a s , R e c e iv e r __________
4 5 0 ,0 0 0 00
M issou ri P a c ific R R _______ 4 ,6 8 2 ,0 0 0 00
N a tio n a l R y S erv ice C o r p . 8 ,0 3 1 ,8 7 3 11
N O T e x a s & M e x ic o R y . . .
2 3 4 ,0 0 0 0 0
N ew Y o r k C e n tr a l R R ____ 2 6 ,8 7 5 ,0 0 0 00
N Y N H & H a r t fo r d R R . .
3 0 0 ,00 0 00
N o r fo lk S ou th ern R R ____
156 ,40 0 0 0
N o r th e rn P a c ific R y _______ 6 ,0 0 0 ,0 0 0 00
P en n sy lv a n ia R R __________ 1 2 ,4 80 ,00 0 00
P eoria & P e k in U n io n R y . . 1 ,7 9 9 ,0 0 0 00
R u tla n d R R . ............. .............
6 1,0 00 00
S a lt L a k e & U ta h R R ...........
127 ,40 0 00
S ea b oa rd A ir L in e R y ______ 1 ,0 0 3,5 00 00
S ea b oa rd B a y L in e C o ____
789,000 00
T a m p a N o r th e rn R R --------100 ,00 0 00
T erm in a l R R A s so c o f St L .
8 9 6 ,9 2 5 0 0
T o le d o S t L o u is & W estern
R R , R e c e iv e r ____________
184,000 00
T ra n s-M is s T e r m R R ____ 1 ,0 0 0 ,0 0 0 00
V irg in ian R y ________________ 2 ,0 0 0 ,0 0 0 00
W a te rlo o C F & N o r R y . . .
6 0 ,0 0 0 00
W estern M a r y la n d R y ____
7 00 ,00 0 00
W h e e lin g & L a k e E r ie R y . . 1 ,4 0 0 ,0 0 0 00
T o t a l............. — ................$17 2,1 62 ,02 4 14

The carriers which have paid into the Treasury excess earnings during
the guaranty period, pursuant to the provisions o f Section 209 (d) of the
Transportation A c t, 1920, as amended, and the am ounts severally paid by
them to the United States are as follows (to D ec. 31 192 5 ):

RAILW AY AND INDUSTRIAL COMPENDIUM

Nov., 1926.]

Ahnapee & W estern R ailway C o ---------------------------------------Barre & Chelsea Railroad C o ---------------------------------------------C am p bell’s Creek Railroad C o -------------------------------------------Carolina Railroad C o ------------------------------ - — - - - - — - - - - East Tennessee & W estern N orth Carolina Railroad Co
Ironton Railroad C o __________________ ; ---------- - ------------------Kewaunee Green B ay & W estern Railroad C o---------------Kishacoquillas Valley R R ---------------------------------------------------Lake Tahoe Railway & Transportation C o -----------------------Louisian W estern Railroad C o ------------------------------------------M assena Terminal Railroad C o -----------------------------------------M issouri & Illinois Bridge & B elt R R -------------------------------R osslyn Connecting R R -----------------------------------------------------Sandy Valley & Elkhorn R y -----------------------------------------------South M anchester Railroad C o --------------------------------------------

$2,9 4 0
2 5,391
3 ,5 6 0
910
10,473
1,932
260
2,7 0 7
5,004
168,397
7,3 9 9
2 0 ,3 9 5
5.6 7 7
189,944
1,079

39
33
52
78
42
77
50
79
23
58
44
56
03
79
16

T o ta l_______________________________________________________________ $446 ,07 5 29

The aforesaid securities are in addition to securities re­
ceived by the Director-General of Railroads as follows:
1 1926 ( T o t a l ,
$11 3 ,3 1 7 ,1 2 8 ).
(а) B o n d s — $ 2 6 ,9 8 0 ,0 0 0 —
M ortgage bonds o f Boston & M aine (Series “ C ,” D ’ ’ and “ L ” ) . $ 2 6 ,9 8 0 ,0 0 0
C o lla te r a l D e p o s i t e d ,
(б) C o lla te r a l N o t e s — $85,822 ,000
(A m o u n t o f
$ 1 1 0 ,6 2 3 ,0 0 0 )—

D e f i n i t i v e S e c u r it i e s o f C a r r ie r s H e l d b y D ir e c t o r -G e n e r a l N o v .

$312,000 N Y Susq & Western RR___
Ann Arbor RR ___________
Chicago Milw & St Paul Ry__ 20,000,000 Norfolk & Southern RR____
Kansas Okla & Gulf R y___ 1,410,000 Wash Brandyw & Pt L RR_.
Minneapolis & St Louis RR - . 1,250,000 Waterloo C F - Nor Ry___
N Y N H & Hartford RR ___ 60.000,000 Western Maryland Ry-------(c) E q u i p m e n t T r u s t O b lig a tio n s — (of which $ 3 4 6 ,25 4,35 0 have
been sold or paid at m aturity)------------------------------------------(id) Preferred stock_______________________________________________

S100.000
200,000
50,000
500,000
2,000,000
$ 302 ,40 0
212,728

The War Finance Corporation also aided in the financing
during Federal control. All the loans made by the Corpora­
tion to railroads, originally in the total amount of $206,794,520, have now been repaid in full.
R a ilr o a d L o a n s P a i d i n F u l l S in c e A u g . 1 1921.— -New Y o rk Central R R .,
$ 2 0 ,5 0 0 ,0 0 0 ; C hic. In d . & Louisville R R ., $ 1 ,4 0 0 ,0 0 0 : Southern R y .,
$ 7 ,3 5 5 ,2 7 0 : Ann Arbor R R ., $ 5 0 ,0 0 0 ; Chicago Rock Island & Pacific R y .,
$10 ,4 3 0 ,0 0 0 : Erie R R ., $ 1 2 ,7 6 8 ,4 2 0 ; total, $ 5 2 ,5 0 3 ,6 9 0 .

Settlements with Individual Carriers.
The United States Railroad Administration on M ay 14
1926 announced that all carriers formerly under Federal
Control have now been settled with. The payment of the
claims on final settlement was largely made up of balance of
compensation due, but included all other disputed items as
between the railroad companies and the Administration dur­
ing the 26 months of Federal control. The list of railroads
with which settlements had been concluded up to N ov. 14
1923 was given in the “ Chronicle” of Dec. 1 1923. Later
settlements will be found in our “ General Investment News”
Department, under the heading “ United States Railroad
Administration,” in V. 122, p. 2945; V. 119, p. 695; V. 118,
p. 1270 and 204, and V. 117, p. 2772, 1993.
Cost to Government of Federal Control of Railroads
$1,696,000,000.
According to the report of James C. Davis, Director-Gen­
eral of railroads, submitted to President Coolidge on Dec. 14
1925, the total cost to the Government of Federal control of
the railroads (during 32 months), including operating losses
during the period of Federal operation and the six months’
guarantee period, after relinquishment of control and the
payment of the deficit of the short lines, amounted to $1,696,000,000. In his report the Director-General, after detail­
ing the taking over of the railroads on Dec. 31 1917, said in
part:

261

W hen the property was returned to its owners, claims were presented by
the carriers, represented largely b y the items of unpaid compensation, un­
dermaintenance o f w ay and equipment, material and supplies and deprecia­
tion, in the sum o f $ 1 ,0 1 4 ,4 0 2 ,4 4 6 72. The Railroad Administration set
up claims against the railroads, largely for excess expenditures for main­
tenance, in the sum o f $440 ,3 5 3 ,7 1 5 08.
Congress directed the President, through his agent, as soon as practicable
to settle and adjust these and all other claims incident to Federal control.
Every one of the claims o f the carriers whose property was taken over has
been adjusted. The creditor roads were paid $ 243 ,65 2,19 6 91. There
was collected from the debtor roads $195 ,27 2,29 5 17. The balance paid
b y 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 adjustm ent: I t was
made without litigation, and well within the appropriation originally made
by Congress for this purpose.
The liquidation has involved the handling o f large sum s. A s an out­
growth o f Federal control the Government took definitive obligations o f the
railroads for advances, funding of additions and betterm ents, balance due
on settlement, and the like, aggregating $ 6 2 9 ,24 1,25 0. O f this amount
there has been collected, or disposed o f at par, $49 5 ,7 0 5 ,4 5 0 . This am ount
has been returned to the United States Treasury.
The Railroad Administration for a number o f years has been returning
large sums to the treasury. For the eleven m onths ended N o v . 30 1925
the receipts in excess o f expenditures were $50 ,6 9 0 ,4 9 9 .
( V . 121, p . 3082 .)

Settlement of Accounts with Director-General of
Railroads.
The following shows the account of the DirectorGeneral of Railroads with the carriers as of N ov. 1 1926.
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,
$516,136,850 have been sold or redeemed, leaving $113,317,128 on hand Nov. 1 1926. Details of this latter amount
appear in the article immediately preceding, entitled “ Loans,
&c., Made by Federal Authorities Under Control Act,
Act of 1920, &c.”
D e f i n it i v e R a ilr o a d S e c u r it ie s H e l d b y U n it e d S ta te s R a ilr o a d A d m i n i s t r a t i o n —
D ir e c to r -G e n e r a l o f R a ilr o a d s — N o v . 1 1926.

Definitive securities taken up to M a y 1 1925---------------------------$ 6 2 9 ,24 1,25 0
Additional securities taken up to and including N o v . 1 1926—
Preferred stock___________________________________________________
212,728
T o ta l______________________________________________________________ $ 629 ,45 3,97 8
Equipment trust certifs. sold (incl. paym ent o f notes at
m aturity), $ 3 4 6 ,25 4,35 0; bonds redeemed, $ 2 ,1 4 8 ,0 0 0 ; pay­
ments on, and sales o f, funding notes, $ 1 6 7 ,7 3 4 ,5 0 0 ----------- 5 1 6,136 ,850

L ess—

Definitive securities on hand N o v , 1 1926 --------------------------- $113 ,31 7,12 8
C l a i m s o f C a r r ie r s S ettled to N o v . 1 1926.
Total claims o f carriers settled [out of an estimated $ 8 0 0 ,0 0 0 ,0 0 0 ]------------------------------------------------------------------------------------------------- $768 ,98 1,29 9
N et amount paid [by United States] in settlements [being
6 .2 9 1 % of aforesaid amount originally claimed]___________ $48,379 ,902
241,194
M ileage o f roads settled [out o f a total o f 241,1 9 4 ]-------------------

The U. S. Treasury as of Jan. 1 1926 reported:
Total Paym ents by U . S. U nder Sections 204, 209, 210 and 212 o f T ra n sp orta ­
tio n A c t o f 1920, A g g r e g a t i n g $720 ,46 9,66 6 ( A f t e r R e p a y m e n t s on
L o a n s f r o m R e v o lv in g F u n d ) to
D e c . 31 1925.
(а) (Sec. 2 04, as amended by Sec. 212) For reimbursement o f deficits
during Federal control:
(1) Final paym ents, incl. partial paym ents previously m a d e .. $ 9 ,774,296
(2) Partial payments to carriers as to which a certificate for
final paym ent has not been received by the Treasury from the
I .-S . O . Com m ission_______________________________________________
334,047
(3) Paym ents due from carriers account of overcertification in
I .-S . C . Commission certificates________________________________
52,396
(б) (Sec. 209, as amended by Sec. 212) For guaranty in respect to railway
operating income for first six months after Federal control:
(1) Final paym ents, including advances and partial paym ents
previously m a d e _________________________________________________ 4 9 3,038 ,182
(2) Advances to carriers as to which a certificate for final p a y­
m ent has not been received b y the Treasury from the I .-S . O .
Com m ission_________________________________________________________ 25,455,411
(3) Partial payments to carriers as to which a certificate for final
paym ent has not been received, as stated above______________ 10,163,638
(4) Paym ents due from carriers account of overcertification
in I .-S . C . Commission certificates____________________________
3 ,213,052
(c) (Sec. 210) For loans from the revolving fund o f $ 3 0 0 ,0 0 0 ,000 therein provided (after repaym ent of $172 ,16 2,02 4 on
loans from R evolving F u n d )____________________________________ 178,438,643

Nine-Year Statement of United States Railroads— Property Investment, Revenues, Expenses,
Fixed Charges, Dividends, Traffic, Train and Wage Statistics.
The Bureau of Railway Economics, Washington, D. C., in a bulletin designed as a convenient reference for statistics
of railway operation in the United States, gave the following tabulations, which are based upon official summaries of the
Inter-State Commerce Commission for the calendar years ended Dec. 31 1917 to 1925. The tabulations cover the opera­
tions of railways of Class I only, namely, carriers with annual operating revenues above $1,000,000 (switching and terminal
company statistics are not included). Class I railways operate approximately 90% of the total railway mileage of the United
States and earn about 96% of the total revenues.
PROPERTY INVESTMENT AND OPERATING INCOME ACCOUNT OF CLASS I RAILWAYS IN THE UNITED STATES.
C a le n d a r Y e a r s —
P r o p e r ty I n v e s tm 'l

1917.

1918.

1919.

1920.

1921

1922.

1923.

1924.

1925.

as a t E n d o f Y ear.

Inv. In rd. & equip.
(Accts 701 & 702)
(see note)______ $17,762,152,127 $18,213,629,613 $18,529,749,653 $19,061,239,186 $19,578,545,638 $19,871,241,404 $20,657,166,329 $21,468,836,773 $22,025,279,562
Material & supplies
a629,274,660
a629,274,660
755,563,278
665,147,099
502,986,042
546,284,853
682,725.812
(Account 716)__
560,048,899
525,853,107
Total__________ $18,265,138,169 $18,842,904,273 $19,159,024,313 $19,816,802,464 $20,243,692,737 $20,417,526,257 $21,339,892,141 $22,028,885,672 $22,551,132,669
369,421,765
341,696,264
a355,559,015
a355,559,015
418,265,549
483,717,274
407,339,592
Cash (Account 708)
517,387,168
560,163,699
Grand total____ $18,606,834,433 $19,198,463,288 $19,514,583,328 $20,186,224,229 $20,661,958,286 $20,901,243,531 $21,747,231,733 $22,546,272,840 $23,111,296,368
O p e r a t in g I n c o m e

A cco u n t—
Av. miles represent,
234,668.34
233,808.87
233,203.72
234,419.24
232.198.99
234,825.47
235,185.43
by income acc't-235,500.62
236,578.95
Freight (Acc’ts 101
and 121)_______ $2,832,923,825 $3,453,935,308 $3,556,451,084 $4,328,297,621 $3,924,119,819 $4,005,558,722 S4,622,364,989 $4,345,538,231 $4,552,756,017
Passenger (Acc'ts
826,666,315 1,032,869,815 1,180,276,923 1,288,503,573 1,153,791,925 1,075,936,844 1,147,588,884 1,076,456,783 1,057,704,681
102 and 122)___
Mail (Acc'ts 106 &
bl51,565,942
57,510,421
53,537,403
95,609,962
58,805.723
90,991,024
92,920,296
97,961,371
125)___________
97,106,075
Express (Acc’ts 107
126,331,714
143,737,933
127,630.576
106,952,283
104,577,059
143,291,195
152,910,540
and 126) - ..........
143,388,606
145,377,429
266,333,390
214.279,240
222,926,150
238,499,477
188.794,601
243,314,923
273,795,318
All other revenue. 258,151,334
269,565,654
Total oper. rev.. $4,014,142,747 $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 S6,122,509,856




BAILW AY AND INDUSTKIAL COMPENDIUM

363
Calendar

Y ea rs —

Maint. way & struc.
Maint. ol equipm’tTraffic__________
Transportation (rail
and water)_____
General - - _______
All other expenses. .

1917.

1918.

1919

1920.

1921.

1922

1923

[Y ou 123,
1924.

1925.

$442,109,862
685,428,913
64,985,070

$649,794,953
1,103,031,350
48,713,289

$772,186,045 $1,032,540,381
1,226,532,195 1,590,364,640
47,673,883
74,530,997

$756,413,690
1,251,479,443
84,183,424

$728,663,534
1,252,517,250
86,506,907

$813,688,760
1,465,156,595
93,976,686

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

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

1,515,988,879
95,933,290
24,879,110

2,029,459,671
118,432,684
32,636,250

2,168,646.844
141,853,744
42,822,804

2,262,471,848 .2,149,763,823
166,515,125
156,705,481
41,604,772
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

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

Total oper. exps. $2,829,325,124 $3,982,068,197 §4,399,715,515 $5,827,591,146 $4,562,668,302 $4,414,522,334 $4,895,166,819 $4,507,885,037 $4,536,880,291
Oper. ratio, per cent
70.48
81.58
85,52
94.32
82.71
79.41
74.10
77.83
76.13
Net oper. revenue.. §1,184,817,623
$898,885,283
$745,079,639
$350,847,313
$953,929,940 §1,144,570,374 $1,394,413,208 $1,413,611,288 1,585,629,565
Ry. tax accruals__
213,920,095
223,175,379
232,601,396
272,061,453
275,875,990
301,034,923
331,915,459
358,516,046
340,336,686
Uncollectible ry .rev.
700,090
613,821
916,889
1,311,617
1,840,863
1,462,523
1,941,658
2,308,113
1,924,382
Ry. oper. income
$970,197,438
$675,096,083
$511,561,354
$77,474,243
$676,213,087
$842,072,928 $1,060,556,091 $1,070,968,489 $1,225,189,137
Hire ol equip., net
balance ( D r . ) ___
17,999,098
15,676,577
33,488,823
52,564,547
72,907,855
59,543,325
73,884,508
79,394,078
Joint facility rents,
net balance (D r .)
18,129,570
20,850,903
23,087,578
60,347,341
22,711,184
22,342,284
24,223,432
24,716,126
24,714,427
Net ry. oper. inc.
Rate ol return on:
Inv. in rd. & eq._
do incl. mat'l
& supplies
do incl. mat’l
& supplies
& cash___

$934,068,770

$638,568,603

$454,984,953

$17,226,902

$600,937,356

$760,187,319

$961,955,457

5.26%

3.51%

2.46%

0.09%

3.07%

3.83%

4.66%

4.54%

5.11%

3.39%

2.37%

0.09%

2.97%

3.72%

4.51%

4.42%

$973,837,202 $1,121,080,632
5.09%
’

4.97%

5.02%
3.33%
2.33%
0.09%
3.64%
4.42%
4.32%
2.91%
4.85%
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 ol mall pay applicable to the years 1917, 1918 and 1919, ol which $7,584,084 was
earned In 1917, approximately §30,000,000 in 1918, and §26,924,176 in 1919
N o te . —The figures ol "Investment in road and equipment” cover Class I roads and their non-operating subsidiaries. The figures ol "Investment” are those taken
from the annual reports ol the carriers and do not include investment ol 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. II these facts were taken into
account, the total shown lor 1919 would be increased by $265,525,964. Data lor the years 1918, 1919 and 1920 represent the combined results ol the Federal and Cor­
porate operations ol Class I roads under Federal control, also data lor Class I roads not under Federal control, but do not take into account the general administrative
expenses ol the United States Railroad Administration
FIXED CHARGES AND DIVIDENDS OF CLASS I RAILWAYS IN THE UNITED STATES.
Calendar Y ea rs —

Net ry. oper. inc-Other income (incl
misc. oper. inc.).

1917.

1918.

1919.

1920.

$934,068,770

$638,568,603

$454,984,953

$17,226,902

233,252,283

415,564,568

622,486,235

1,053,807,031

1921.

1922.

1923.

$600,937,356

$760,187,319

$961,955,457

375,000,544

265,032,855

260,655,476

1924.

1925.

$973,837,202 $1,121,080,632
269,187,830

268,209,057

Total income___ $1,167,321,053 $1,054,133,171 §1,077,471,188 §1,071,033,933
Rent lor leased rds_
132,082,177
126,977,239
123,276,608
127,209,762
Int. on funded debt.
403,305,438
396,465,997
404,089,456
427,825,418
Int. on unlund. debt
15,704,857
29,933,496
42,722,596
48,169,931
Other deductions..
23,197,975
114,211,187
60,553,271
37,310,866

$975,937,900 $1,025,220,174 $1,222,610,933 $1,243,025,032 $1,389,289,689
151,660,285
116,770,581
144,640,039
146,215,665
156,390,946
471,048,541
504,674,448
492,564,739
455,522,623
457,893,803
42,726,754
24,424,277
14,932,168
11,155,266
11,448,271
29,974,635
22,513,297
47,355,180
28,688,623
27,988,138

Total deductionsNet inc. avail, lor
add’ns to prop.,
res., divs., &c__
Divs. declared out
ol income______
Divs. declared out
ol surplus______

$574,290,447

§667,587,919

$630,641,931

$640,515,977

$662,375,138

$655,646,742

$667,615,629

$684,558,676

$593,030,606

$386,545,252

$446,829,257

$430,517,956

$313,562,762

$369,573,432

$554,995,304

$558,466,356

700,897,595

220,822,373

214,077,006

213,960,125

180,018,747

182,433,297

176,858,099

195,029,636

199,605,083

202,453,923

99,573,406

61,259,541

64,556,783

91,712,922

a218,298,581

94,715,652

bl51,514,812

120,824,684

cl41,666,962

$688,392,094

$278,516,908
Total divs. declared
$320,395,779
$275,336,547
$271,573,751 bS346.S44.44S
$320,429,767 0*344.129 885
$271,731,669 a$400.731,878
a Includes stock dividend declared by Delaware Lackawanna & Western RR. of §42,220,550; also stock dividend declared by Chicago Burlington < ttuincy RR.
s
amounting to $60,000,000 issued primarily to enlarge the outstanding capital stock in order to provide adequate basis lor Ref. Mtge. issued. These special dividends
were declared with the specific approval ol the Inter-State Commerce Commission, b Includes stock dividend declared by Louisville & Nashville RR. ol §45,000,000
and stock dividend obligation distributed by Richmond Fredericksburg & Potomac RR. of $5,417,000. both dividends declared with specific approval ol the InterState Commerce Commission, c Includes stock dividend ol §2,100,000 declared by Alabama & Vicksburg, with specific approval ol the Inter-State Commerce Com­
mission.
N o t e —-“ Net railway operating income” for the years 1918, 1919 and 1920 represents the combined results ol the Federal and corporate operations ol Class I roads
under Federal control, also data lor Class I roads not under Federal control, but does not take into account the general administrative expenses of the United States
Railroad Administration. Items 2 to 11 represent the corporations’ income or charges only. Rentals received by the corporations from the U. S. Government in con­
sideration of their lease, in excess ol their net railway operating income, are included above in other income.
EMPLOYEES AND THEIR COMPENSATION, AND FREIGHT AND PASSENGER TRAFFIC OF CLASS I RAILWAYS IN THE UNITED STATES.
Calendar Y ea rs —

1917.

1918.

1919.

1920.

1921.

1922.

1923.

1924.

1925.

E m plo yees and Th eir C om ven salio n —

1,857,674
1,626,834
1,751,362
No. of employees__
1,913,422
1,747,207
1,732,876
1,841,575
2,022,832
1,659,513
No. of hours worked
(hourly and daily
employees) .a___
5,437,976,803 5,701,417,385 5,032,493,422 5,446,740,533 4,147,318,574 4,311.097,145 4,928,651,132 4,534,878,818 4,531,270,271
Avge. No. ol hours
2,589.3
3,095.9
2,653.1
worked per empl.
2,630.1
2,692.6
2,593.4
3,138.1
2,499.1
2,650.0
Aggregate compensation ol empl— §1,739,482,142 §2,613,813,351 $2,843,128,432 $3,681,801,193 $2,765,218,079 $2,640,817,005 $3,004,071,882 §2,825,775,181 $2,860,607,183
Avge.compensation:
Per empl. per hr.
hourly and daily
$0,623
$0,610
$0,631
§0.458
$0,565
$0,610
§0.320
$0,676
employees).a _
$0,667
$1,613.47
$1,485.89
$1,820.12
$1,617.11
§1,419.34
$1,623.29
$1,637.25
$1,003.81
$1,666.28
Per empl. per year

F r 't & P a ss. T ra ffic —

Revenue tons originating on line:
Prod, of agrtcuL _
Animals & prod Products ol mines
Prod, of forests
Mlrs. & miscell-.
Merchandise—All
L. C. L. freight
Tons unassigned
astocommodity
Total tons origi­
nating on rd.
Rev. tons transported (incl.
tons Ir’m con
nections).

Mlrs. & misc-C. L. freight
Tons unassign’d
as to com­
modity ____
Tot. rev. tons
transp’ted.

104,629,258
31,858,146
732,652,519
100,838,196
240,268,981

116,050,505
35,776,736
734,796,460
97,256,399
226,076,989

115,033,319
35,493,662
589,950,958
94,075.639
210,256,077

110,839,554
26,594,856
712,154,458
100,765,537
251,864,290

114,068,706
24,263,008
511,270,449
76,419,241
172,169,145

111,787,032
26,230,230
532.997,597
89,059,248
220,441,687

109,317,655
28,254,446
713,734,824
115,617,993
267,766,748

116,586.794
27,747,010
637.582.265
108,094,066
256.736.58 •

109,313,068
26,324,004
678,336,561
107,390,916
285,291,690

53,768,625

53,386,904

51,301,616

53,202,296

41,992,011

43,229,213

44,338,556

40,549,023

40,586,944

1,264,015,725 b l,263,343,993 d l,096,449,305

1,255,420,991

940,182,560

1,023,745,007

1,279,030.222

1,187,295,744

1,247,243,183

217,284,954
55,252,681
1,215,324,890
203,366,179
486,936,993

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

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

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

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

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

220,489,536
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
500,275,841

215,294,193
46,389,566
1,212,972,985
210,274,044
553,623,817

91,869,356

98,368.439

93.939,796

89,901,495

67,048,130

69,948,534

73.585,432

68,072.787

68,422,101

338,034

5,944,927

2,270,035,053 c2,307,226,135 e2,044,730,481

2,259,983,278

1,690,762,695

1,840,954,570

2,333,600,764

2,171,718,70;

2,306,976,706

338,034

276,455,373
248,605,208
254,585,489
211,331,921
238,148,987
217,036,646
216,565,480
235,028,890
248,097,379
394,465,400,493 405,379,284,206 364,293,063,017 410.306,209,802 306,840,203,512 339,285,347,571 412,727,228,422 388,415,312,335 413,823,173,485
35,853,614,142 34,622,429,459 31,385,988,712 36,972.000.067 34,021,947,258 32,660,213,120 43,510,651,101 38,418,398,236 39,004,420,359
Non-rev. ton-miles.
Tot.net tonm. 430,319,014,635 440,001,713,665 395,679,051,729 447,278,209,869 340,862,150,770 371,945,560,691 456,237,879,523 426,833.710,571 452,827,593,844
932,678,462
986,913,075
888,389,515
967,409,205
1,066,638,474 1,084,997,896 1,177,820,454 1,234,862,048 1,035,496,329
Rev. pass, miles— 39,476,858,549 42,676,579,199 46,358,303,740 46,848,667,987 37,312,585,966 35,469,961,582 37,956,594,827 36,090,886,478 35,950,393,918
Rev. ton-miles per
m. olrd. (fr’ ght
1,649,318
1,754,901
1,749,197
1,444,840
1,738,305
1,558,081
1,748,451
1,308,938
1,698,825
density)_______
Rev. pass. m. per
m. ol rd. (pass.
153,618
161.777
151,959
151.410
183,066
198,345
199,708
159.551
170,088
density)_____
a D a y s worked by those employees on a daily basis, converted to hours on basis of 10 hours per day lor years 1916 to 1918, Incl., and 8 hours per day for years
subsequent to 1918. b Includes 722,939 tons carried by the Southern Pacific Steamship Lines lor which no ton-miles or freight revenue was reported, c Includes




263

RAILW AY AND INDUSTRIAL COMPENDIUM

Nov., 1926.]

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.
N o t e .—Data as shown above for “ number of employees” represent the average number at four counts In each year for calendar years 1916 to 1921, inch, and 12
counts for 1922 to 1925. 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.
C a le n d a r Y e a r s .—

1917.

191S.

1919.

1922.

1921.

1920.

1924.

1923.

1925.

Freight revenue (Acct. 101)-. $2,819,965,215 $3,440,741,9 0 $3,543,266,303 $4,317,440,080 $3,911,277,268 $3,992,441,331 $4,606,720,192 $4,333,585,195 $4,541,646,040
Passenger rev. (Acct. 102)__
825,211,593 1,031,563,016 1,178,453,860 1,286,613,273 1,151,770,842 1,074,108,060 1,145698,579 1,075,039,219 1,056,395,753
Passenger service train-rev.
(Accts. 102 to 109)_______ 1,025,373,353 1.247,637,547 1,400,613,589 1,635,616,895 1,408,490,584 1.364,592,013 1,451,895,438 1,378,297,734 1,360,427,609
T r a ffic A v era ges—
Avge. rev. rec. from each ton
$2.00
of freight (indiv. ry.)_____
SI .24
$2.17
$1.97
$1.91
$2.31
$1.97
$1.73
$1.49
Av. rec. per ton-mile (cents)..
1.052
1.177
1.116
1.116
1.275
0.715
0.973
1.097
0.849
Avge. haul per revenue ton
181.55
176.86
178.85
181.48
184.30
173.77
178.29
179.38
175.81
Avge. rev. rec. from each
$1.04
$1.11
$1.15
$0.77
$1.11
$1.16
$1.19
$1.00
$0.95
Avge. rec. per pass.-m. (cts.).
2.978
3.027
3.018
2.090
2.414
2.745
3.086
2.938
2.540
Avge. journey per passenger
37.94
38.46
36.03
36.66
38.70
39.36
37.01
39.33
40.47
P e r L o c o m o t i v e - M i l e A v g e s .:

5.91

6.23

6.28

6.20

6.26

6.34

6.42

6.59

31.00
550.91

32.95
560.76

32.61
575.58

34.20
515.42

34.19
543.07

35.32
569.01

37.18
576.87

38.88
599.81

$1.76
$4.31

Rev. ton-m. per fr. loco.-m..
P er T r a in -M ile A v era g es—
Pass .serv.tr.rev .per pass.tr.-m
Frt. rev. per frt. train-mile._
Total oper. rev. per transportation service train-mile.
Total oper. exp. per transportation service train-mile.
Net oper. rev. per transporta-

6.05

31.07
525.24

Pass.-tr. car-m. per loco.-m..
Frt.-tr. car.-m. (incl. caboose)

$2.32
$5.38

$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

$3.25

$4.60

$5.16

$5.06

$5.04

$5.21

$5.05

$5.16

$3.39

$3.94

$4.87

$4.18

$4.00

$4.05

$3.85

$3.82

$0.96
67.76
602.70

Rev. pass.-m. per pass, tr.-m.
Rev. ton-m. per frt. train-m_.
Employees 1,000 transporta-

$4.15

$2.29

$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.S7
610.56

$1.16
67.04
643.37

$1.20
63.20
646.55

$1.34
62.61
674.83

1.40

1.57

1.71

1.69

1.52

1.48

1.54

1.49

1.47

$1.41

Compensation of empl. per
transp. service train-mile..
P er C a r -M ile A vera ges—
Rev. pass .-miles per pass.

$2.22

$2.54

$3.08

$2.53

$2.40

$2.49

$2.41

$2.41

15.92
$0.48

16.28
$0.49

15.31
$0.46

14.79
$0.43

24.30
$0.29

25.16
$0.28

24.45
$0.27

24.55
$0.27

16.41
19.94
19.76
17.23
20.50
$0.54
Pass. rev. per pass, car-m a_.
$0.36
$0.52
$0.51
$0.48
Rev. ton-miles per loaded
24.59
24.76
26.71
freight car-mile______ __
26.98
25.45
$0.28
$0.31
Frt. rev. ner loaded frt. car-m.
$0.18
$0.23
$0.25
a Based on passenger car-miles of passenger, sleeping, parlor, and observation cars.
N o t e .—“ 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.

A

on train-miles and locomotive-miles, including pro­

TRAIN AND CAR MILEAGE OF CLASS I RAILWAYS IN THE UNITED STATES.
C a len d a r Y e a r s —
T ra in M ile a g e

1917.

1918.

1919.

1922.

1921.

1920.

1923.

1924.

1925.

620,875,219
10,312,637

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

584,347,015
7,337,962

$631,187,856
575,500,297
29,241,908
1,207,571

Freight—Ordinary -

$616,151,416
529,443,568
28,855,569
1,332,238

$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

579,571,262
566,012,544
25,598,510
629,243

591,684,977
569,349,789
25,759,717
625,239

Total transport’n
service train-m. $1,237,137,632 $1,175,782,791 $1,117,893,706 $1,196,619,153 $1,091,191,757 $1,102,494,234 $1,207,714,249 1,171,811,559 1,187,419,722
44,737,643
36,705,124
27,369,588
25,672,043
Work serv. train-m.
37,384,812
45,039,419
41,494,199
32,489,978
33,114,358
F r e i g h t - T r a i n C a r mixed & sp’l tr ains):
Loaded...... ........ . 15,932,049,759 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 16,859,384,967
6,763,694,744 7,161,805,262 6,532,524,351 7,262,029,587 7,316,311,513 6,802,902,257 8,533,173,994 8,517,732,768 9,315,824,417
Empty__________
Total (ld.&emp.) 22,695,744,503 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 26,175,209,384
63.04
67.24
P.C. load, to total65.78
70.20
67.72
65.09
68.66
67.90
64.41
544,215,619
519,755,576
591,136,252
637,770,645
621,445,254
630,109,720
621,619,396
558,961,893
603,518,546
a
Exel. work equip- a a
a
a
41,087,826
45,717,605
38,585,468
53,565,130
49,149,397
Tot. frt.-tr. car m. 23,333,515,148 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 26,827,877,327
Pass, train car miles
(in pass., mixed &
3,506,836,202 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 3,793,141,552
sp’l trains)_____
Total transport’n
serv. car-miles_ b26,840,358,349 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 30,621,018,87Q
Work serv. car miles
117,991,917
160,928,653
210,674,997
179,883,776
155,723,491
123,288,206
179,095,499
182,083,756
157,651,01 o
a Freight-train car miles, “ exclusive work equipment,” not reported separately prior to 1921. This Item represents special freight equipment cars, such as derrick
cars, &c. b Includes 6,999 unclassified.
DISTRIBUTION OF RAILWAY OPERATING REVENUES OF CLASS I RAILWAYS IN THE UNITED STATES.
C a le n d a r Y e a r s .—

1917.

1918.

1919.

1921.

1920.

1922.

1924.

1923.

1925.

Total operating revenues____ $4,014,142,747 $4,880;953,480 $5,144,795,154 $6,178,438,459 $5,516,598,242 $5,559,092,708 $6,289,580,027 $5,921,496,325 $6,122,509,856
Labor (salaries and wages)-a_ 1,617,718,392 2,430,846,416 2,644,109,442 3,424,075,109 2,589,716,833 2,468,454,036 2,785,238,264 2,624,618,637 2,645,842,686
Fuel (locomotive)_______ __
437,141,694
474,174,792
518,283,929
393,929,538
674,836,361
523,724,145
529,219,236
500,225,205
407,263,044
Material, supplies & miscell.b.
611,575,889
821,687,786 1,001,647,973 1,366,538,753 1,133,900,365 1,150,488,825 1,265,968,381 1,132,591,376 1,157,781,779
Loss and damage. Injuries to
persons, and insurance____
1 5 4 ,4 0 8 ,0 9 2
219,405,759
91,396,709
161,199,852
110,688,906
108,949,813
111,612,940
107,775,220
103,726,169
169,808,254
Depreciation and retirements.
126,292,105
144,046,781
155,967,970
115,404,686
119,233,705
205,069,656
208,064,223
224,190,995
Taxes ______
________
272,061,453
213,920,095
223,175,379
232,601,396
275,875,990
301,034,923
331,915,459
340,336,686
358,516,046
Hire of equipment and joint
60,247,341
facility net rentals_______
36,128,668
75,275,731
81,885,609
98,600,634
36,527,480
56,576,401
97,131,287
104,108,505
Total expenses and taxes__ $3,080,073,977 $4,242,384,877 $4,689,810,201 $6,161,211,557 $4,915,660,886 34,798,905,389 $5,327,624,570 $4,947,659,123 $5,001,429,224
Net railway operating income. $934,068,770 $638,568,603 $454,984,953
$17,226,902 $600,937,356 $760,187,319 $961,955,457 $973,837,202 $1,121,080,632
D is tr ib u tio n
E xp ressed
in
C e n ts p e r D o l l a r o f G ross
R even u e—

Total 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_______

100.0
40.3
9.8
15.2

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
6.7
18.9

2.3
2.9
5.3

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
3.6
5.9

0.9

0.7

1.1

1.0

1.4

1.5

1.6

1.7

1.7

Total expenses and taxes__
Net railway operating income.

76.7
23.3

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

a Labor expenditures do not Include that portion of payroll chargeable to capital account. Amount of employees’ compensation chargeable to operating expenses
for 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 revenue.
N o t e .—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.




264

A House
Founded on a Rock
APLE
form the best basis for staple
STbusiness.articlesthat reason, the packinga indus'
For




try enjoys the stability that comes from handling
a most necessary food article.
For over 60 years, Armour and Company has
provided an important part o f the nation’s meat
supply. Founded on a vital, economic necessity,
rendering an increasing national service, it is
natural that Armour and Company has attained
its present outstanding position.
It is an Armour aim that the value o f the com'
pany’s service, both to consumer and to producer,
may become ever greater and more worth while.

President

ARMOUR

COM PANY

AND
U .S .A .

B o n d s fo r In v e s tm e n t
We own and offer a comprehensive list of carefully selected
Government, Municipal, Railroad and Public Utility
Bonds which we recommend for investment. We shall be
pleased to send descriptive circulars to investors on
request.

H a r r i s , F o r b e s & Co
P in e S tre e t, C o rn e r W illia m
NEW Y O R K

1
^atjcvsxrtt, H . %

First National Bank

Q uick to serve

Statement at Close of Business June 30 1926.
A SS E T S —
T im e L o a n s _______________ - ____________$4,530,309.28
U S a n d O th e r B o n d s ............................ 2,785,821.05
---------------------- $7,316,130.33
C ash a n d B a la n ce s in B a n k s ________ $2,381,879.85
D u e fro m U S. T re a s u re r_____________
14,550.00
D em and L o a n s _______________________ 1,042,102.30
B a n k in g H o u s e _______________________
349,321.37
---------------------- 3,787,853.52
S a fe D e p o s it V a u lt s _________________________________
30,350.00
C u s to m e rs L ia b ilitie s A c c o u n t o f A c c e p t a n c e s ..
59,560.00

you at all times

$11,193,893.85
L IA B IL IT IE S —
C a p ita l S t o c k .........................................................................
S u rp lu s L u n d _____________________________________
U n d ivid ed P r o f i t s . . - ______ . . . . . . . . . ______ . . . . . .
D e p o s i t s -------------------------------------B ills P a v a h le ................................................
C ir c u la t io n ___________________________________________
D iv id e n d N o .182_____________________________________
A c c e p t a n c e s E x e cu te d f o r C u s to m e rs ____________

Corn E xch an ge
National Bank

$600,000.00
600,000.00
200,056.26
9,222,220.59
200,000.00
290,997.50
21,059.50
59,560.00

$11,193,893.85
O F F IC E R S .
W H IT F IE L D W . S M IT H , President. R O B E R T J. N E L D E N , Vice-Pras,
F R E D 'K D . B O G E R T , Cashier.
JO H N B . B R O W N , A sst. Cashier.
W I L F R E D E . R I L E Y . A sst.Cashier. JO H N T . D E IG H T O N , Asst.Oash

PhOadelphia

PROMPT ATTENTION GIVEN TO COLLECTIONS

THE

HANOVER

N A T IO N A L

BANK

OF THE CITY OF NEW YORK
ESTABLISHED 1851

CAPITAL, $5,000,000

SURPLUS & PROFITS, $26,000,000
ACTS AS

TRUSTEE, EXECUTOR, ETC.
INQUIRIES INVITED REGARDING SERVICE
IN E V E R Y F I D U C I A R Y C A P A C I T Y

SAFE DEPOSIT & TRUST CO.
OF BALTIMORE
C hartered 1864

Organized 1867

Capital $1,200,000 Surplus & Profits Over $4,000 000
Acts as Trustee of Corporation Mortgages, Fiscal
Agent for Corporations and Individuals, Transfer
Agent and Registrar. Depositary under plans of
reorganization.
Acts as Executor, Administrator, Guardian,
Trustee, Receiver, Attorney and Agent, being
especially organized for careful management and
settlement of estates of every character.
SECU RITIES HELD ON DEPOSIT FOR OUT-OF-TOWN
CORPORATIONS A N D PERSONS.
D IR E C T O R S
H . W A L T E R S . Chairman o f Board
J O H N J . N E L L I G A N , President
N O R M A N JAM ES
J O H N W . M A R S H A L L , Vice-Pres.
SAM UEL M . SH O EM AKER
BLAN CH ARD RANDALL
E L IS H A H . P E R K I N S
W ALDO NEW COM ER
ROBERT G AR RE TT
G E O R G E C . J E N K IN S
H OW ARD BRUCE
M O R R IS W H I T R I D G E

SEVENTY YEARS
BANKING EXPERIENCE
T h is b a n k h a s a fo r c e o f 400 t r a in e d t o t h e e x a c t in g n e e d s
o f b a n k in g .
W ith 7 0 y e a rs e x p e r ie n c e , t h e N a tio n a l B a n k o f C o m m erce
in S t. L o u is h a s a s tr e n g t h t h a t is n o t in d ic a t e d in its
C a p it a l, S u r p lu s a n d P r o fit s o f m ore t h a n $14,000,000.
T o »d a y w e o p e r a t e e ig h t d is t in c t a n d c o m p le te d e p a r t m e n ts
u n d e r t h e p r o t e c t io n o f n a t io n a l b a n k in g la w s , c o m b in in g
in o n e b u ild in g , a n d u n d e r o n e m a n a g e m e n t, C o m m e rc ia l,
B o n d , T r u s t , S a v in g s , L o a n s , F o r e ig n E x c h a n g e , S a fe t y
D e p o s it, a n d C r e d it D e p a rtm e n ts.
T h o s e s e e k in g a c c u r a t e , r a p id , s a t is fa c t o r y a n d in t e r e s te d
se rv ice c a n g e t i t h e r e .

?%
e

National BankgfCommerce
in St-Louis

A N D R E W P . S P A M E R , 2d V .-P res.
H . H . M . L E E , 3d Vice-President
JO SE P H B . K I R B Y , 4th Vice-Pres.




G E O . B . G A M M I E , Treasurer
C . R . T U C K E R , A sst. Treasurer
J O H N W . B O S L E Y , A sst. Treas.
E . H . C R O M W E L L , A sst. Treas.

2
R e p o r t o f C o n d it io n o f

T ra d e sm e n s N a tio n a l B a n The Anglo & London Paris National Bank
k
OF SAN FRANCISCO

Philadelphia, Pa.

At the Close of Business June 30 1926.
RESOURCES—

Report of Condition at the Close of Business June 30 1926.
RESOU RCES—
L o a n s a n d I n v e s tm e n ts ____________________________ $18,530,782.63
C u s to m e rs ’ L ia b ility u n d e r L e tte r s o f C re d it a n d
A c c e p t a n c e s _______________________________________ 5,105,255.86
2,904,280.59
D u e from B a n k s ____________________________________
E x ch a n g es fo r C lea rin g H o u s e _____________________ 1,634,450.95
1,620,235.47
C ash a n d R eserv e ___________________________________
26,825.96
A c c r u e d I n t e r e s t ___________________________________
$29,821,831.46
L IA B IL IT IE S —
C a p i t a l ______ ___________
$1,000,000.00
S u rp lu s , U n d iv id e d P r o fit s a n d R eserv es_________ 3,225,301.62
U n e a rn e d D is c o u n t ____ ____________________________
67,699.43
C ir c u la t io n __________________________________________
491,750.00
L e tte r s o f C re d it a n d A cce D ta n c e s ________________ 5,143,689.91
A c c e p t a n c e s o f O th e r B a n k s S o ld ___________
364,036.32
D e p o s its ___________________________________ _ _________ 19,529,354.18
$29,821,831.46
O F F IC E R S
t :O W A R D A . L O E B , President
H . D . M cC a r t h y , Vice-President
E . W I L L I A M S , Vice-President & Cashier
S. E . G U G G E N H E I M . Vice-President
H O W A R D E . D E I L Y , Assistant Cashier
J.
M . F R IZ Z E L L , Assistant Cashier
C L Y D E F . B R O W N . Assistant Cashier




D ue from Federal Reserve B ank, Cash and Sight
Exchange_______________________________________________ $ 2 6 ,507 ,325 .29
U . S. Bonds and Treasury Certificates_______________
1 5 ,259,183.10
Bonds and Securities___________________________________
7,3 6 9 ,2 1 9 .3 9
Stock in Federal Reserve B ank_______________________
2 4 0,000 .00
Banking H ouse, Vaults and Fixtures--------------------------2 ,5 5 5 ,2 6 8 .4 0
D ue from U . S. Treasurer, 5 % Redem ption F u n d -20 5 ,0 0 0 .0 0
6 ,3 5 7 ,9 2 6 .4 6
Custom ers’ Liability a|c Acceptances_________________
Loans and D iscounts___________________________________
68 ,5 6 7 ,8 2 9 .4 7
Interest Accrued— and other A ssets___________________
689,395 .91
$127 ,7 5 1 ,1 4 8 .0 2

L IA B IL IT IE S —
Capital S to c k -................................ ......... - .............. ...................
$ 5 ,0 0 0 ,0 0 0 .0 0
Surplus and Undivided Profits________________________
4 ,1 0 3 ,3 7 0 .6 1
Unearned Discount_____________________________________
119,931 .12
Circulation_______________________________________________
4 ,1 0 0 ,0 0 0 .0 0
Bills Payable with Federal Reserve B an k ------------------3 ,1 0 0 ,0 0 0 .0 0
Acceptances sold Federal Reserve B ank with our
20 0 ,0 0 0 .0 0
endorsement__________________
Other Liabilities_____________ ___ ______________________
1,477,6 2 5 .9 7
Bonds Borrowed_______________________________________ _
2 ,5 0 0 ,0 0 9 .0 0
Liability a le Acceptances executed fewcu stom ers..
6 .7 2 9 ,0 4 5 .1 6
Deposits - _______________________________________________ - 100,4 2 1 ,1 7 5 .1 6
$ 1 2 7 ,7 5 1 ,1 4 8 .0 2
Contingent Liability a |c Letters o f Credit Issued but
not yet drawn against_______________ $10,161 ,989 .61

D IR E C T O R S
RO BERT DOLLAR
K . R . K IN G S B U R Y
C H AS. C. MOORE
M. F L E IS H H A C K E R
R . D. R O B B IN S , J r.
ADOLFO STAH L
H E R B E R T F L E ICWH A C K E R
WM. F. H U M PH REY
M O SES A . G U N S T

S IG . S T E R N
A. W . FOSTER
J. J. MACK
J. C . M c K IN S T R Y
C . F. H U N T
M. M E Y E R F E L D , J r.
W A L T E R E. B U C K
P A U L SH O U P
W . E. W IL C O X

T H E F R A N K L IN -F O U R T H
ST R E E T N A T IO N A L B A N K
of Philadelphia has ample facilities
to meet all your requirem ents
and solicits your business.
Capital, Surplus and Profits over $24,000,000